Scale is not the same thing as value, and nowhere in IT services is that clearer than in systems integration. Deals in this sector run larger than in most IT services lines, yet revenue multiples sit lower, because much of an integrator’s revenue is labor and pass-through, the resold third-party licenses and hardware that carry almost no margin; buyers pay premiums for managed-service annuities, proprietary accelerators and blue-chip framework accounts rather than for scale alone. Buyers do this for a living and tend to anchor their first offer low, so knowing where systems integrators actually trade gives you the context to push back. This page benchmarks the EV/Revenue and EV/EBITDA (enterprise value, the deal price adjusted for debt and cash) multiples systems integrators change hands at, what drives the number, and who is buying. It is part of our IT services valuation multiples research.
Systems integrators build, connect and run the software that enterprises depend on. They implement the enterprise platforms a company runs its business on, from the SAP system of record to Salesforce, Microsoft and ServiceNow, migrate workloads to the hyperscalers, and knit together applications, data and infrastructure into working systems. It is a people-intensive, project-led business, and the label covers everything from small certified partners to global delivery networks.
The gap between the cheapest and most expensive deals in this sector is wide, and it tracks revenue quality more than size. An integrator whose revenue is mostly renewable managed-service and support contracts trades near the top of the range, while a pure project shop that re-wins its pipeline every year sits near the bottom.
For systems integrators specifically, disclosed deals show a median of about 1.0x revenue and 8.5x EBITDA. The quartile range around those medians is broad, which is why two similar-looking firms can sell for very different multiples.
How much do systems integrators sell for
The table below shows enterprise-value multiples for disclosed acquisitions of systems integrators between 2015 and 2025. Every figure is an enterprise-value multiple, computed on a like-for-like basis so it reflects what the whole business was valued at rather than the cash that changed hands.
| Multiple | Deals (n) | 1st Quartile | Median | 3rd Quartile | Median deal size |
|---|---|---|---|---|---|
| EV/Revenue | 237 | 0.5x | 1.0x | 2.0x | $28M |
| EV/EBITDA | 124 | 6.2x | 8.5x | 12.4x | $48M |
Source: Mergermarket and Aventis Advisors deal database, disclosed multiples 2015 to 2025.
How to read the table: the first quartile (Q1) is the multiple a quarter of the way up the distribution, the median is the midpoint, and the third quartile (Q3) is three quarters of the way up. Half of all deals fall between Q1 and Q3, so the wider that range, the more valuations vary within the sector, and the more growth, margins and recurring revenue decide where a business lands. At the median, a systems integrator with $10 million of EBITDA would be worth about $85 million.
What drives a systems integration valuation
Within the sector the gap between the first and third quartile is large, and that spread is not random. A short list of factors explains most of why one business clears the top quartile while another lands at the bottom.
Managed-service annuities versus project backlog is the strongest lever. Recurring application-management, support and hosting contracts renew each year and are valued far more highly than one-off implementation fees, so an integrator whose revenue is mostly annuity clears the top quartile while a pure project shop that must re-win its pipeline every year sits at the bottom.
Proprietary accelerators and intellectual property separate a business from commodity delivery. Pre-built connectors, industry templates, migration tooling and reusable code shorten delivery and raise gross margin, and buyers pay a premium for that, rather than for staff-augmentation headcount that has to be rebilled on every engagement.
Vendor certifications and partner-tier status gate both the multiple and the buyer pool. A top-tier SAP, Salesforce, Microsoft or ServiceNow badge, and the certified consultants behind it, is scarce and hard to replicate, which is exactly what platform-focused acquirers pay up for when they buy that capacity to accelerate ERP and cloud migrations, above all the shift to S/4HANA and RISE with SAP.
Blue-chip client base and multi-year framework agreements de-risk the transaction. A diversified base of large, long-tenured enterprise and public-sector clients on multi-year frameworks signals durable demand, whereas heavy reliance on one or two accounts is the most common reason a multiple is discounted.
Onshore, nearshore and offshore delivery mix drives the EBITDA margin that sets the multiple. A blended model that pairs onshore client-facing teams with lower-cost offshore or nearshore delivery centers expands margin as the business scales, and firms that show rising margin attract both strategic and private-equity interest.
Backlog visibility and revenue predictability underpin every other factor. A contracted backlog and a book of renewable business give a buyer confidence in next year’s revenue, and that visibility is what supports a premium valuation over an integrator whose numbers reset to zero at the start of each year.
Recent systems integration deals
The largest transaction in our data is the roughly $8.5bn combination of CSC with Hewlett Packard Enterprise’s Enterprise Services business, announced in 2016 and completed in April 2017, which created DXC Technology. DXC did not exist before that merger. It was formed by spinning HPE’s services arm out of HPE and combining it with the standalone CSC, so the deal is a carve-out and merger of two legacy services businesses rather than a straight acquisition. On the private-equity side, H.I.G. Capital acquired Mainline Information Systems, a US IT solutions provider with revenue above $1bn, for about $1.59bn in December 2023. Among capability deals, Accenture bought Germany’s Camelot Management Consultants, an SAP and supply-chain focused consultancy, for about $152M in 2024, moving more than 700 consultants across, and Inetum, then trading as Gfi, acquired Spain’s Informatica El Corte Ingles (IECISA) for about $377M in 2019.
Who is buying systems integrators
The buyer pool in systems integration is broader than in most IT services lines, and deal sizes run larger. Global integrators such as Accenture, Capgemini and IBM buy capability and certified consultants, often a whole platform practice at a time, national and regional groups roll up local integrators, platform specialists consolidate certified partners, and private-equity platforms back a champion in a fragmented niche. For a full ranking of the most active acquirers, see who is buying systems integrators, and for how this sector sits within the wider market see our pillar on IT services valuation multiples.
Methodology
The data covers disclosed acquisitions of systems integrators worldwide between 2015 and 2025, sourced from Mergermarket and the Aventis Advisors deal database of more than 125,000 transactions. We report only vendor-reported enterprise-value multiples, and we show the full distribution, the first quartile, the median and the third quartile, rather than a single average, because averages are distorted by a handful of premium deals. Most private deals close at undisclosed valuations, so the disclosed sample skews slightly toward larger transactions and listed buyers.
If you are weighing a sale of your systems integration business, or responding to an inbound offer, a first conversation with our team carries no obligation. Contact us at contact@aventis-advisors.com.
Related reading
- IT services valuation multiples, the wider benchmark across every subsector.
- Who is buying systems integrators, the most active acquirers and private equity investors.
- IT Consulting Valuation Multiples and Cloud Services Valuation Multiples.
- How to sell an IT services business.
- Strategic vs financial buyers and M&A in IT services.
