The firms that built Salesforce businesses by acquisition mostly did it before 2023, and the buyers of today are a different set. We counted 197 acquisitions of Salesforce consultancies and AppExchange product businesses between 2015 and 2025. Accenture and Capgemini lead the eleven-year table at eight deals each, and almost all of that buying predates 2023; the current market belongs to Tata Consultancy Services, which entered at the top in late 2025, to Inetum, and to a set of sponsor-backed platforms consolidating the mid-market. Around 158 different acquirers appear across the 197 deals, and most bought once.
The ranking below shows who built this market, and the recent-buyer section shows who is in it now. The two lists barely overlap. The partner ecosystem lifecycle places this market firmly in maturity: the builders of the last decade have mostly finished, and today’s buyers work through what remains.
The Most Active Acquirers of Salesforce Consultancies
Thirteen corporate families made at least two acquisitions over the eleven years, and the table shows when each of them bought.
| Acquirer | 2015-19 | 2020-22 | 2023-25 | Total | Type and ownership |
|---|---|---|---|---|---|
 Accenture (incl. Cloud Sherpas) |
5 | 2 | 1 | 8 | Global integrator; listed (NYSE) |
 Capgemini (incl. LiquidHub) |
6 | 2 | 0 | 8 | Global integrator; listed (Euronext Paris) |
| Infosys (incl. Simplus) | 6 | 1 | 0 | 7 | Global integrator; listed (NYSE, NSE) |
 Cognizant |
2 | 3 | 0 | 5 | Global integrator; listed (NASDAQ) |
| PwC | 3 | 2 | 0 | 5 | Big Four; partnership |
 Inetum |
0 | 0 | 3 | 3 | European integrator; Bain Capital and NB Renaissance since 2022 |
| OSF Digital | 0 | 2 | 1 | 3 | Salesforce specialist; growth equity from Sunstone Partners, 2022 |
| Valtech | 0 | 3 | 0 | 3 | Digital agency group; BC Partners since 2021 |
| Wipro (incl. Appirio, 4C) | 3 | 0 | 0 | 3 | Global integrator; listed (NYSE, NSE) |
 Atos |
0 | 2 | 0 | 2 | Global integrator; listed (Euronext Paris) |
 IBM |
0 | 2 | 0 | 2 | Global integrator; listed (NYSE) |
 NTT DATA |
1 | 1 | 0 | 2 | Global integrator; subsidiary of NTT |
| Unaric | 0 | 0 | 2 | 2 | Salesforce ISV rollup; venture and growth-debt funded |
Nine of the thirteen families here made their most recent purchase before 2023.
Why Salesforce Consultancies Are Being Bought
Salesforce is a set of clouds on a common platform: Sales, Service, Marketing, Commerce, Experience, Field Service, Revenue Cloud, Data Cloud, Agentforce, and the acquired platforms MuleSoft, Tableau and Slack. Each carries its own credentials, its own delivery patterns and its own scarcity of qualified people, and the acquisition rationales name a specific cloud almost every time.
A few deals show the pattern.
- Capgemini bought Lyons Consulting Group for Commerce Cloud (2017).
- Cognizant bought Advanced Technology Group for quote-to-cash (2018).
- NTT DATA bought Apisero for MuleSoft (2022).
- PwC bought Grupa Outbox, then the largest Salesforce partner in Poland (2016).
A Salesforce consulting partner earns its money on services alone, while SAP and Microsoft partners also earn a license resale margin and a maintenance annuity. All of the value here sits in services backlog, managed-service annuity and the alliance relationship with Salesforce itself. That is the reason this market prices above the wider IT services band.
What buyers have been paying up for is Data Cloud, Agentforce and agentic implementation with delivered references, Revenue Cloud migration work, MuleSoft integration, and Industries and Vlocity depth in communications, health, financial services and the public sector. What they discount is a bench built entirely on Marketing Cloud Engagement while the platform rebuilds around Data Cloud, classic CPQ configuration, and general Sales Cloud administration, which offshore delivery and the platform itself are steadily absorbing.
Who Is Buying Now
The three years 2023 to 2025 hold 53 acquisitions across roughly 50 buyers, with Inetum leading at three and almost every other buyer appearing once.
The freshest activity comes from the buyers’ own announcements. These are the firms an owner would be talking to now.
- Tata Consultancy Services bought Coastal Cloud, a 400-person Summit partner in Florida, for $700m in December 2025, and ListEngage for $72.8m in October 2025. It entered this market at the top in the space of three months.
- Perficient, itself owned by EQT, bought Kelley Austin in October 2025.
- NTT DATA bought EXAH in South Africa, ZS bought Torrent Consulting, and TELUS Digital bought Gerent, a 400-consultant Summit partner.
- Four sponsor-backed platforms are consolidating the mid-market, each with two or more acquisitions in eighteen months: FormativGroup behind Rockbridge Growth Equity, Cloud for Good behind Tailwind Capital, Kicksaw behind Rallyday Partners, and Accordion behind Charlesbank and Motive Partners.
- Two Salesforce units were carved out of firms that decided to exit: the Forvis Mazars team went to Eigen X, and Kavaliro’s 19-person Salesforce division went to Accordion.
Four types of buyer account for most acquisitions: global integrators, accounting and advisory firms, sponsor-backed platforms, and a rollup buying AppExchange product businesses.
Global Integrators
Accenture
Overview: Accenture is the world’s largest listed IT services and consulting firm, listed in New York, and runs a dedicated Salesforce Business Group.
Acquisition pace: It has made eight acquisitions, from Cloud Sherpas and T’quila in 2015 through to NeuraFlash in 2025, the widest span of any buyer here and a global integrator buying again in 2025.
Typical target: It buys a strong independent Salesforce firm in a country it wants to serve, or a specialist in a capability it wants to deliver.
Select transactions: Its purchases include Cloud Sherpas (US, roughly 1,100 staff, EV $406.6M, 2015), the Salesforce and MuleSoft units of Sierra-Cedar (US, 2020), and NeuraFlash (US, Service Cloud, Field Service and Agentforce, roughly 510 professionals, 2025).
Accenture has made 201 acquisitions across all sectors since 2015, and we cover how it prices, sources and negotiates them in Accenture acquisitions: what it buys and what it pays.
Capgemini (including LiquidHub)
Overview: Capgemini is a French listed IT services group on Euronext Paris. Its Salesforce capability was built through European and Asia-Pacific acquisitions alongside LiquidHub, the US customer-engagement firm it acquired in 2018.
Acquisition pace: It has made eight acquisitions, five directly and three through LiquidHub, concentrated between 2015 and 2022.
Typical target: It buys Commerce Cloud and MuleSoft specialists, and national Salesforce firms in Europe and Asia-Pacific.
Select transactions: Its purchases include Lyons Consulting Group (US, Commerce Cloud, 2017), LiquidHub (US, EV $497.3M, 2018), and WhiteSky Labs (Australia, MuleSoft, 2020).
Infosys (including Simplus)
Overview: Infosys is an Indian listed IT services group on the NYSE and NSE. Its Salesforce business is anchored on Simplus, the US partner it acquired in 2020.
Acquisition pace: It has made seven acquisitions, two directly and five through Simplus, between 2017 and 2020.
Typical target: It buys quote-to-cash and CPQ specialists, and established Salesforce partners in national markets.
Select transactions: Its purchases include Fluido (Finland, the largest Nordic Salesforce partner, EV $52.5M, sold by CapMan, 2018), CirrusOne (US, CPQ, via Simplus, 2018), and Simplus (US, EV $180M, 2020).
Cognizant, Wipro, IBM, Atos and NTT DATA
The other five global integrators in the table built their positions in short bursts, and for all five the most recent Salesforce acquisition predates 2023. Cognizant made five acquisitions between August 2018 and March 2020, weighted to quote-to-cash and Marketing Cloud. Wipro ran the Appirio brand until March 2021 and then folded the business into itself. Atos has since been through a financial restructuring, and NTT DATA returned to the market in October 2025.
One deal from each shows what they bought.
- Cognizant bought Levementum (US, Marketing Cloud, 2020).
- Wipro bought Appirio (US, EV $500M, 2016).
- IBM bought Waeg (Belgium, EV $61.0M, 2021).
- Atos bought EdifiXio (France, 2020).
- NTT DATA bought Apisero (US, MuleSoft, EV $201M, 2022).
Accounting and Advisory Firms
PwC
Overview: PwC is one of the Big Four professional-services firms and a partnership. Its Salesforce acquisitions were made by national member firms, so a seller in conversation with PwC is in conversation with a national partnership and its own investment approval.
Acquisition pace: It has made five acquisitions between 2015 and 2022.
Typical target: It buys country-level Salesforce consultancies, in Poland, Canada, Belgium and India so far.
Select transactions: Its purchases include Grupa Outbox (Poland, the leading Polish Salesforce partner, 2016), ABSI (Belgium, a self-described “100% Salesforce” integrator, 2019), and Stratus360 (Canada, 2022).
KPMG is the other Big Four firm to have bought here. It acquired iCom Business Services in France in 2023.
Sponsor-Backed Platforms
A new sponsor changes check size and puts an acquisition facility in place. The program usually predates it: Valtech bought eight agencies under Verlinvest before BC Partners invested.
A sponsor-backed platform moves faster than a global integrator and competes on speed, certainty and rollover equity. It is also the more disciplined bidder on price, because a platform has to buy below the multiple at which it is itself held for the acquisition to work. A listed strategic can pay more in cash, because it prices your business against its own revenue synergies where a platform prices it against a return target.
OSF Digital
Overview: OSF Digital is a Canadian-headquartered Salesforce specialist with delivery in Romania, built around Commerce Cloud and extended into Marketing Cloud and Revenue Cloud. Sunstone Partners led a $100M Series C of preferred stock in April 2022, with Delta-v Capital and Salesforce Ventures participating. The founder remains chief executive.
Acquisition pace: It has made three acquisitions between 2022 and 2023.
Typical target: It buys small national Salesforce partners across four continents, assembling global Commerce Cloud coverage.
Select transactions: Its purchases include Aarin (US, 2022), Oegen (UK, 2022), and Original Shift (US, CPQ, 2023).
Valtech
Overview: Valtech is a digital agency group. BC Partners invested at a $1.4bn valuation in July 2021, becoming the largest shareholder, with Verlinvest and management reinvesting.
Acquisition pace: It has made three acquisitions, all in 2022.
Typical target: It buys Latin American and Benelux Salesforce partners, priced on retained client revenue as much as on delivery capacity.
Select transactions: Its purchases include Wings IT (Brazil, 2022), CloudCo (Mexico, 2022), and Appsolutely (Netherlands, 2022).
Inetum
Overview: Inetum is a French IT services group. Bain Capital, with NB Renaissance and management, completed the acquisition of 99 percent in July 2022 at an enterprise value of EUR 1.85bn.
Acquisition pace: It has made three acquisitions from 2023 onward, which makes Inetum the most active buyer in this market over the last three years.
Typical target: It buys French and Spanish Salesforce integrators of 50 to 100 people.
Select transactions: Its purchases include 47 QUAI (France, 50 certified consultants, 2023), Nubika (Spain, 2024), and Manao (France, 2024).
Unaric: The Salesforce ISV Rollup
Overview: Unaric is a UK platform that buys Salesforce ISVs, meaning AppExchange product businesses, which is a different market from consulting. It raised a $35M seed in June 2023 led by LocalGlobe, alongside Concentric, FJ Labs and the growth lender Atempo Growth, and stated a plan of 30 to 40 acquisitions in three years.
Acquisition pace: It has made two acquisitions, in 2023 and 2025.
Typical target: It buys small founder-owned AppExchange product businesses, rebranded into the Unaric suite.
Select transactions: Its purchases include Mirage Computer Systems (Germany, Salesforce telephony, 2023) and DESelect (Belgium, Marketing Cloud segmentation, EV $11.6M, 2025).
If you run a Salesforce app business the buyer set is different, and it includes Salesforce itself, which acquired Vlocity for $1.33bn in 2020 and Informatica for $8bn in 2025. Salesforce Ventures also holds stakes in partners and ISVs, which is a live consideration in any sale where it sits on your cap table.
Where the Deals Happen
The United States accounts for 92 deals, close to half, then the UK at 14 and Australia at 11.
The 14 UK transactions show the pattern a mid-market seller should expect. Accenture bought T’quila in 2015, the last UK Salesforce acquisition by a global integrator. Seven different buyers made the UK acquisitions of the last three years, and every one of them bought once. Three of those deals show the range.
- Collabera bought Pracedo (2023).
- Synechron bought Cloobees (EV $66.4M, 2024).
- Roller bought BookNow (2025).
See who is buying SAP consultancies for a market with a different footprint.
Deal Volume and Timing
Volume peaked at 32 deals in 2021 and has run between 16 and 24 a year since. Cheap capital drove the 2021 high and the rate rises of 2022 ended it.
The biggest wave is over.
A good business still sells, and it still sells well. The largest price ever paid for a Salesforce consultancy was agreed in December 2025, and 2025 was busier than 2024 on our own count. In 2021 a general Salesforce consultancy drew interest on its own. Almost every acquisition rationale we have recorded since names a specific cloud, industry or country.
On the market itself, IT services multiples have repriced since 2022 and private valuations follow the public market with a lag. A sustained recovery in listed multiples reaching private transactions lands in 2027 or 2028 on the current path. Two things cut against waiting for it. Depth in Data Cloud, Agentforce or Revenue Cloud migration faces its strongest demand right now. And the 2021 and 2022 sponsor-backed platforms are entering their own exit windows, which puts competing firms on the market and gives those platforms a reason to close acquisitions early enough to show a full year of results.
What Happens to Your Salesforce Relationship When You Sell
Your tier and your specializations are held at entity level and earned on trailing metrics. They stay with the legal entity that earned them, and after integration the acquirer’s own partner agreement governs. A buyer that already holds a higher tier gains little from yours; a buyer below your tier may value it, and will still have to earn its own.
Partner-sourced pipeline rests on relationships held by individuals. If a meaningful share of your bookings arrives through Salesforce account executives, a buyer will want to know how many people that depends on, in which region, and what happens to those relationships when your firm becomes part of a group that already has an alliance team covering the same territory.
Channel conflict feeds straight into whether an earn-out pays. Where the acquirer already runs a Salesforce arm in your country or your cloud, your leaders end up competing internally for the same opportunities and your alliance relationships get rationalized, so raise it early with any buyer that overlaps you.
Change of control needs handling in three places: the partner agreement itself, your AppExchange listings and security reviews if you publish an app, and the change-of-control and assignment clauses in your client contracts.
What Salesforce Consultancies Sell For
Prices reach the public record on a minority of these transactions: an enterprise value on 26 of the 197 deals, a target revenue figure on 14, and both together on six.
| Measure | Sample (n) | Median |
|---|---|---|
| EV/Revenue | 6 | 1.97x |
| Enterprise value | 26 | $35.3M |
| Target revenue | 14 | $11.4M |
On six deals this is a direction. Salesforce consultancies price above the 1.0x to 1.5x revenue range we see across most IT services lines, and above the 1.2x median we record for SAP partners. Wipro’s purchase of Appirio in 2016, the largest disclosed price before December 2025, was priced at 2.55x revenue.
Two times revenue means different things at different margins. Our IT services valuation multiples research puts the median IT services deal at 1.1x revenue and 10.4x EBITDA across 1,051 transactions, which implies a margin of about 11 percent. At that margin, 2x revenue works out at roughly 19x EBITDA. At a 10 percent margin the same 2x revenue implies 20x. Either figure sits above the 10.4x median and well above the 8.8x in our most recent quarterly update, so the Salesforce deals where a price was disclosed were priced above the IT services market. A buyer will negotiate your business on EBITDA whatever the revenue comparables say, and Salesforce-specific EBITDA disclosures are too few to publish a multiple.
What You Receive, and How It Is Paid
Offers here arrive structured. Deals in this market commonly combine cash at close with an earn-out over two or three years, a holdback against warranty claims, and retention arrangements for the founders and for the qualified consultants who are the asset being bought. Where the buyer is sponsor-backed, part of the consideration may be rollover equity in the platform, which gives you a second realization when the sponsor exits and also exposes you to that platform’s leverage.
Establish three things ahead of the headline number: what share of the total is payable at close, what the earn-out measures and whether the buyer controls that number once group costs are allocated to your business, and what happens to the earn-out if the buyer reorganizes, is itself sold, or comes under financial strain. Atos bought two Salesforce partners in fifteen months and subsequently went through a financial restructuring.
Who Buys Next
The builders above have mostly finished, and today’s buyers pay for different things: the integrators for scale, the platforms for mid-market coverage, the specialists for certified depth. Who acts next is our judgment, and it rests on four signals: the pace of a buyer’s recent deals, the date its sponsor invested, the plans it has stated, and the capabilities it still lacks.
Ten buyers and one wider pool show those signals in mid-2026.
| Buyer | Why next | What they would buy |
|---|---|---|
| Tata Consultancy Services | Coastal Cloud in December 2025 and ListEngage in October 2025, an entry at the top in three months | Summit partners with scale in the United States |
| Accenture | NeuraFlash in 2025, the only global integrator to buy since 2022 | National Salesforce firms and Agentforce specialists |
| Inetum | Three purchases since 2023, the most active buyer of the last three years | French and Spanish Salesforce integrators of 50 to 100 people |
| NTT DATA | A return in October 2025 with EXAH in South Africa | National Salesforce partners and MuleSoft specialists |
| Perficient | Kelley Austin in October 2025, with EQT as owner | Mid-market Salesforce consultancies |
| FormativGroup, Cloud for Good, Kicksaw and Accordion | Two or more purchases each in eighteen months, sponsors behind all four | Mid-market consultancies and carved-out Salesforce units |
| Unaric | A stated plan of 30 to 40 acquisitions, with DESelect added in 2025 | Small founder-owned AppExchange product businesses |
| The next first-time buyer | Most acquirers of the last three years were new names that bought once | A strong firm in a specific cloud, industry or country |
The list is up to date as of the time of writing.
Why You Need an M&A Advisor When Selling a Salesforce Consultancy
Three features of this market make a sale harder to run alone.
Disclosed prices are rare, so public information carries too little to benchmark an offer against. Most of the record stays private, and an advisor who tracks the sector holds more of it.
Buyer types price on different logic, so which of them you approach sets the range you negotiate within.
Most buyers here bought once, so a second bidder has to be found.
Our view, and the reason we advise a competitive process, is that competition produces both a better price and a choice of buyer. The choice matters because earn-outs and retention arrangements are standard in deals of this size, so who you end up working for shapes your outcome for two or three years after closing.
Aventis Advisors is an M&A advisor for technology and IT services companies. We believe the world would be better off with fewer but better quality M&A deals, done at the right moment for the company and its owners. Our research on how software partner ecosystems consolidate puts this market in its wider cycle. Get in touch to discuss what your business could be worth and how the process works.
Method and Sources
Figures come from our deal database, sourced from Mergermarket, covering announced acquisitions of Salesforce consultancies and AppExchange product businesses between 2015 and 2025, where Salesforce was the defining focus of the business or of the division sold. Every figure on this page, including the ranking, comes from the same set of 197 deals, with corporate families consolidated: LiquidHub’s acquisitions sit under Capgemini, Simplus’s under Infosys and Appirio’s under Wipro. Deals announced in 2025 and 2026 and verified from acquirer announcements are named in the text and sit outside every count, so the true market total runs higher than 197. Some buyers, OSF Digital and Unaric among them, announce more acquisitions than our records hold, and the counts on this page use our records throughout. SAP partner multiples quoted on this page follow the August 2026 sample published in our SAP article: 1.2x revenue on 31 disclosed deals. The IT services benchmark follows the current cut of that research, 1.1x revenue and 10.4x EBITDA on 1,051 transactions. Most transactions keep their valuations private, and the multiples above rest on the six deals that disclosed both value and revenue. The Who Buys Next section is our judgment from the signals named there, not a count from the database, and it is up to date as of the time of writing.
