{"id":1717,"date":"2026-07-31T09:01:00","date_gmt":"2026-07-31T09:01:00","guid":{"rendered":"https:\/\/aventis.local\/?p=1717"},"modified":"2026-10-23T18:03:14","modified_gmt":"2026-10-23T18:03:14","slug":"mnozniki-wyceny-uslug-it","status":"publish","type":"post","link":"https:\/\/aventis-advisors.com\/pl\/mnozniki-wyceny-uslug-it\/","title":{"rendered":"Mno\u017cniki wyceny us\u0142ug IT: 2015-2026"},"content":{"rendered":"\n

IT services companies have historically commanded higher valuation multiples than other industries due to the secular growth of the IT sector and firms\u2019 ongoing digital transformations. The underlying tailwinds of the market made IT services comapnies highly attractive targets. Yet recently the investors’ sentiment have been shifting with the rise of AI coding assistants and founders and investors are asking the old question again: what are IT services businesses worth?<\/p>\n\n\n\n

The answer to that questions is not straightforward and not all IT companies are created equal. Multiple factors, such as business size, segment, revenue growth, profitablity, location and risk of AI disruption.<\/p>\n\n\n\n

If you want to improve the exit valuation of your business, you must take the time to understand what determines valuation multiples of IT services companies in today’s environment. You can then optimize critical metrics of your business to achieve a higher sale price for your business. At Aventis, we see that revenue growth continues to be the most important driver of valuation, alongside healthy EBITDA margins in the 10% to 15% range, for IT services firms.<\/p>\n\n\n\n

In this article, we delve into the valuations in IT Services M&A<\/a> transactions and provide a roadmap that shows buyers and sellers what multiples to expect in this industry. We also examine the valuation of public IT Services companies, including what has driven their impressive boom and bust cycle over the past nine years.<\/p>\n\n\n\n

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IT Services Valuation in M&A Transactions<\/strong><\/h2>\n\n\n\n

Our starting point is a database of tens of thousands of M&A transactions announced between 1 January 2015 and 30 June 2026, covering deals in both public and private markets.<\/p>\n\n\n\n

From there we keep the transactions that are meaningful for valuation: control deals only, where the buyer acquired 50% or more. Just over 1,000 of these disclose at least one valuation multiple: 1,051 with EV\/Revenue, 520 with EV\/EBITDA and 528 with EV\/EBIT. We exclude outliers.<\/p>\n\n\n\n

Our focus is on how multiples have moved over time and on the four factors that shape them: subcategory, deal size, geography, and the point in the market cycle.<\/p>\n\n\n\n

We significantly updated this analysis on July 30, 2026, rebuilding the dataset to improve quality and widen the sample.<\/p>\n\n\n\n

EV\/EBITDA vs EV\/Revenue Multiples for IT services<\/strong><\/h3>\n\n\n\n

The most common valuation method found when analyzing IT services companies is the EV\/EBITDA multiple. This is because IT services companies don\u2019t require significant upfront investments and are expected to generate positive cash flows early on. In our practice, we almost never see IT services businesses being valued on a revenue multiple. <\/p>\n\n\n\n

Sometimes, the revenue multiple is used in a supporting role. For example, if a company hasn’t reached a normalized level of profit or is experiencing temporary earnings instability distorting the underlying profitability of the business.<\/p>\n\n\n\n

Below is a summary of disclosed valuation multiples paid in IT Services M&A transactions between January 2015 and June 2026.<\/p>\n\n\n\n

IT Services M&A Multiples: Quartiles by Metric<\/caption>
Multiple<\/th>Sample (n)<\/th>1st Quartile<\/th>Median<\/th>3rd Quartile<\/th><\/tr><\/thead>
EV\/Revenue<\/td>1,051<\/td>0.6x<\/td>1.1x<\/td>1.9x<\/td><\/tr>
EV\/EBITDA<\/td>520<\/td>6.9x<\/td>10.4x<\/td>15.9x<\/td><\/tr>
EV\/EBIT<\/td>528<\/td>8.3x<\/td>13.1x<\/td>22.0x<\/td><\/tr>
Total<\/td>1,069<\/td><\/td><\/td><\/td><\/tr><\/tbody><\/table>
Search criteria: Sector is “IT Services”, deal value disclosed, majority transactions only. Period: 01.01.2015 \u2013 30.06.2026. N=1,069 transactions. Source: Mergermarket and Aventis Advisors analysis.<\/figcaption><\/figure>\n\n\n\n

A median EV\/Revenue multiple of 1.1x and EV\/EBITDA of 10.4x implies a margin of approximately 10%, consistent with most listed professional services firms (more on this further).<\/p>\n\n\n\n

Average EV\/EBITDA Multiples for IT Services Companies<\/strong><\/h3>\n\n\n\n

From the 520 deals in our sample for which the EV\/EBITDA multiple was available, the median EV\/EBITDA amounted to 10.4x. This number has fluctuated between 8.5x  and 12.7x in the last ten years.<\/p>\n\n\n\n

In 2023, the median multiple for transactions reached a peak at 12.7x, up from 8.5x in 2020. In 2025, the median EV\/EBITDA multiple was 9.5x.<\/p>\n\n\n\n

For H1 2026, while there have been IT Services M&A deals, less than 10 have a disclosed EV\/EBITDA valuation multiple in Mergermarket.<\/p>\n\n\n\n

M&A Transactions: EBITDA multiple (2015-2026)<\/p><\/clipPath><\/clipPath><\/clipPath><\/clipPath><\/defs><\/g><\/g><\/g>Source:<\/text>Mergermarket<\/text><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g>10.3x<\/text><\/g>9.8x<\/text><\/g>9.3x<\/text><\/g>11.2x<\/text><\/g>9.6x<\/text><\/g>8.5x<\/text><\/g>12.0x<\/text><\/g>10.3x<\/text><\/g>12.7x<\/text><\/g>12.2x<\/text><\/g>9.5x<\/text><\/g>0.0x<\/text><\/g>2.0x<\/text><\/g>4.0x<\/text><\/g>6.0x<\/text><\/g>8.0x<\/text><\/g>10.0x<\/text><\/g>12.0x<\/text><\/g>14.0x<\/text><\/g>16.0x<\/text><\/g>18.0x<\/text><\/g>20.0x<\/text><\/g>2015<\/text><\/g>2016<\/text><\/g>2017<\/text><\/g>2018<\/text><\/g>2019<\/text><\/g>2020<\/text><\/g>2021<\/text><\/g>2022<\/text><\/g>2023<\/text><\/g>2024<\/text><\/g>2025<\/text><\/g>2026<\/text><\/g><\/g>1st and 3rd Quartile<\/text><\/g><\/g><\/g>Median<\/text><\/g>2026:<\/text>Small<\/text>sample<\/text><\/g><\/svg><\/figure>\n\n\n\n

Average EV\/Revenue Multiples for IT Services Companies<\/strong><\/h3>\n\n\n\n

Between 2015 and 2020, median revenue multiples remained stable, hovering between 1.1x and 1.8x. They steadily rose from the end of 2020 and throughout 202. By 2023, however, they decreased back to pre-pandemic levels at 1.2x. In 2025, the median revenue multiple paid in IT Services M&A transactions was 1.0x.<\/p>\n\n\n\n

Between 2015 and 2020, median revenue multiples were stable in a narrow band of 0.9x to 1.3x, with the low point in 2017 at 0.9x. The multiples rose from the end of 2020, reaching 1.4x in 2021-2022, supported by low-interest rate environment and strong growth of IT services businesses. By 2023, the multiples had fallen back to pre-pandemic levels at 1.0x, and stayed there since. <\/p>\n\n\n\n

The first half of 2026 points to a partial recovery, with a median of 1.3x. This rests on 22 transactions announced through 30 June, so it is better read as an early indication than as an established trend<\/p>\n\n\n\n

M&A Transactions: Revenue multiple (2015-2026)<\/p><\/clipPath><\/defs><\/g><\/g><\/g>Source:<\/text>Mergermarket<\/text><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g>1.1x<\/text><\/g>1.0x<\/text><\/g>0.9x<\/text><\/g>1.0x<\/text><\/g>1.3x<\/text><\/g>1.1x<\/text><\/g>1.4x<\/text><\/g>1.4x<\/text><\/g>1.0x<\/text><\/g>1.0x<\/text><\/g>1.0x<\/text><\/g>1.3x<\/text><\/g>0.0x<\/text><\/g>0.5x<\/text><\/g>1.0x<\/text><\/g>1.5x<\/text><\/g>2.0x<\/text><\/g>2.5x<\/text><\/g>3.0x<\/text><\/g>2015<\/text><\/g>2016<\/text><\/g>2017<\/text><\/g>2018<\/text><\/g>2019<\/text><\/g>2020<\/text><\/g>2021<\/text><\/g>2022<\/text><\/g>2023<\/text><\/g>2024<\/text><\/g>2025<\/text><\/g>2026<\/text><\/g><\/g>1st and 3rd Quartile<\/text><\/g><\/g><\/g>Median<\/text><\/g><\/g><\/svg><\/figure>\n\n\n\n

IT Services Multiples Over Time<\/strong><\/h3>\n\n\n\n

Valuation multiples in IT services M&A<\/a> transactions were remarkably stable over the analyzed period. Changes in EV\/EBITDA multiples were minimal and even the 1st and 3rd quartile figures barely moved, except for the boom-and-bust years of 2021 and 2022.<\/p>\n\n\n\n

EV\/Revenue multiples followed a similar pattern but continued to rise throughout 2022 increasing from the previous 0.9-1.3x level to 1.4x. They steeply declined in 2023, however, reaching 1.0x and staying there for a longer period of time.<\/p>\n\n\n\n

Our combined data shows that the jump in private transactions wasn\u2019t as strong as in the public markets, where the one-year increase in average revenue multiple exceeded 100%. Nevertheless, there was a big difference in the median revenue multiple between 2020 and 2022: +0.3x or roughly 25%. The valuations in the 1st and 3rd quartiles also rose markedly.<\/p>\n\n\n\n

One crucial factor is the rise in private equity activity. Of the transactions in our sample, over 27% involved a financial sponsor as a buyer or as a backer for a buy-and-build platform. Sponsors consistently pay more: a median of 11.5x EBITDA and 1.3x revenue, against 9.8x and 1.0x for strategic acquirers. Recent examples include EQT and GIC’s acquisition of Perficient in 2024 at 18.5x EBITDA, KKR’s purchase of Fuji Soft the same year at 24.4x, and Carlyle’s 2022 acquisition of ManTech International at 16.2x.<\/p>\n\n\n\n

However, financial investors are not only targeting large-scale transactions. Many buyers also look for smaller companies. In our sample, we found the median size of a PE\/VC deal to be $91 million with a quarter of deals not exceeding $25 million.<\/p>\n\n\n\n\n\n

Size Effect on Valuation Multiples<\/strong><\/h3>\n\n\n\n

Company size is a critical factor in determining the valuations of IT services companies. Although professional services companies tend to have similar business models, regardless of their size, their valuation multiples vary widely.<\/p>\n\n\n\n

Our data reveals that small companies (deal size under $5 million) trade at significantly lower multiples, with a median of 0.6x revenue and 6.7x EBITDA. In contrast, deals between $50 million and $100 million command multiples nearly twice as high, reflecting greater investor confidence and scale advantages.<\/p>\n\n\n\n

IT Services M&A Multiples by Deal Size<\/caption>
Deal Size, m USD<\/th>Number of Deals<\/th>Median EV\/Revenue<\/th>Median EV\/EBITDA<\/th><\/tr><\/thead>
<5<\/td>173<\/td>0.6x<\/td>6.7x<\/td><\/tr>
5-20<\/td>349<\/td>1.0x<\/td>7.9x<\/td><\/tr>
20-50<\/td>165<\/td>1.3x<\/td>10.0x<\/td><\/tr>
50-100<\/td>125<\/td>1.1x<\/td>11.7x<\/td><\/tr>
100-500<\/td>169<\/td>1.3x<\/td>11.3x<\/td><\/tr>
500+<\/td>85<\/td>1.6x<\/td>12.7x<\/td><\/tr>
Total<\/td>1,066<\/td>1.1x<\/td>10.4x<\/td><\/tr><\/tbody><\/table>
Source: Mergermarket, Aventis Advisors<\/figcaption><\/figure>\n\n\n\n

Usually, larger professional services businesses carry lower risk profiles. Big companies can serve larger enterprise accounts and have enough staff and  software to manage complex, large-scale projects. Their development and HR processes are more advanced. Because their customer base is more diverse, losing a single large account does not cause a significant revenue decline. A large company\u2019s team \u2013 one of the crucial intangible assets of a company \u2013 is less vulnerable to disruptions from key personnel departures. <\/p>\n\n\n\n

Moreover, potential buyers usually have a defined investment mandate. Private equity investors<\/a> typically have a minimum revenue threshold or deal size, leading to more intense competition for larger transactions. Meanwhile, strategic investors look for deals where the combination of value and potential strategic impact justifies the acquisition.<\/p>\n\n\n\n

Location Effect on Valuation Multiple<\/strong><\/h3>\n\n\n\n

The geographic location of a company\u2019s headquarters can significantly impact its valuation. <\/p>\n\n\n\n

Our analysis shows that IT services companies based in Europe, North America, and Asia tend to command EV\/EBITDA multiples typically ranging from 9.6x to 13.9x. However, for companies headquartered outside these regions, particularly in emerging markets, the difference becomes more pronounced. These businesses were valued substantially lower, at a median of 7.6x EV\/EBITDA.<\/p>\n\n\n\n

Several factors contribute to this gap: <\/p>\n\n\n\n