March 2018: Knowledge Economy M&A and Equity Market Update

By Ramone Param, Director, Equiteq

  • Major deals included Apax’ acquisition of Business Integration Partners (Bip), Duff & Phelps’ acquisition of Kroll, Accenture’s acquisition of MXM (Meredith Xcelerated Marketing) and the completion of Altran’s acquisition of Aricent.
  • Equiteq advised Bip on its sale to Apax, c3 consulting on its sale to Ankura and 8works on its sale to Oliver Wyman.
  • The Equiteq Knowledge Economy Share Price Index dipped slightly over the period.

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Equiteq’s Consulting Sector M&A Deals: Q4 2017

  • The BioTech Quality Group joins Assystem S.A.
  • ShiftIN Partners sold to Sia Partners
  • Livingbridge invests in TSA Management
  • Pathway to Your Potential completes strategic alliance with Mercer Australia

Last quarter proved to be a busy one for Equiteq and its clients with consulting deals closing around the world. The following recaps the sale and investment opportunities completed for clients in Q4 2017.


The BioTech Quality Group joins Assystem S.A.
Industry: Life sciences consulting Date: 1 December 2017 Geography: Central Europe

Equiteq facilitated the sale of Life sciences consulting client, The Biotech Quality Group (BQG), to international engineering group, Assystem S.A.

BQG specializes in performance management and regulatory compliance in Europe’s pharmaceutical and biotech industries, and has developed a range of bespoke methods and tools aimed at increasing the maturity and transforming the practices of the (bio)pharmaceutical industry.

The strategic acquisition of BQG significantly moves Assystem forward in the implementation of its Life sciences strategy of becoming a European leader in the areas of commissioning, certification, validation and regulatory compliance in the European pharmaceutical and biotech industries.

The deal is also indicative of the growing volume of life sciences M&A expected to take place in 2018. Recent reports by EY and law firm Baker McKenzie predict a significant increase in deals, with EY estimating 2018 total deal values exceeding $200 billion. According to EY’s report, 60 percent of life sciences executives surveyed in October 2017 plan to actively pursue M&A in the next 12 months, compared with 46 percent in April.

To read our case study on this deal, please click here.

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How to attract the buyer that is right for you

Ramone Param, Associate Director, Equiteq recently led a webinar looking at how to attract the type of buyer that best aligns with a seller’s business strategy and future growth trajectory.

In the consulting sector, the majority of deals are undertaken by strategic buyers. One of the most prolific buyers, Accenture, completed seven deals in Q3 2017 alone. The involvement of private equity firms in the consulting sector has traditionally been cyclical, although recently there are many actively acquiring private equity investors within the sector.

When considering a sale, it is important to understand the differences in the way these two buyer groups approach transactions to ensure you are partnering with a buyer whose business strategy aligns with yours.

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2017 M&A trends

Steven Einstein, Equiteq’s newly appointed Vice Chairman, offers his thoughts on the trends experienced in the M&A market in 2017.

Despite a politically-charged global environment and the increasing number of regulatory hurdles, the high levels of M&A experienced in 2016 have been resilient in 2017 and we have also seen the continuation and evolution of a number of trends.

Looking at M&A broadly, we are seeing that regional differences are no longer as prevalent. In an increasingly global economy, acquirers from Europe and North America alike are taking an active role, canvassing the global market place for M&A opportunities that support their non-organic growth ambitions.

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September 2017: Consulting M&A Update

By Ramone Param, Associate Director, Equiteq

Over September, we observed high-profile deals from prolific knowledge-intensive services acquirers across a variety of transforming spaces of the consulting market, including digital transformation, Salesforce consulting, real estate advisory, benefits consulting and traditional business consulting. In the last month, Equiteq advised four of its clients on the sale of their business to the practice of a larger group.

Selected Consulting M&A announced in September:

Note 1: Based on 2016 LFY Revenue

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Equiteq’s Consulting Sector M&A Deals: September 2017

  • EOH acquires AFON Pte Ltd.
  • GNC Group merges with Grant Thornton Australia
  • Investit joins Accenture
  • Certeco merges with P2 Consulting

“We are seeing an increasing trend of well-managed consulting firms joining the practice of a larger group to deliver a joint growth strategy. Over the past month, the deals Equiteq has completed highlight this growing trend.”

Pierre Briand, Managing Director, Head of M&A and Strategic Advisory, Australia – New Zealand, Equiteq

EOH acquires AFON Pte Ltd.
Deal Size: Undisclosed Industry: IT services Date: September 13 2017 

Equiteq advised EOH, Africa’s largest technology and services provider, on its acquisition of AFON Pte Ltd, a Singapore-based IT services firm specializing in the delivery of ERP solutions.

Established in 1999, AFON Pte provides enterprise resource planning solutions to SMEs, based on a select group of platforms from partners such as SAP and Microsoft. AFON Pte’s offering is a combination of end-to-end ERP solutions to help SMEs boost efficiency, visibility and control, and advisory services by qualified accountants and IT professionals for successful ERP implementation.

For EOH, the deal signifies the company’s intention to expand its global presence into South-East Asia and builds on its international presence in over 50 countries.

EOH’s global technology service offering is anchored in market-driven insights and industry-specific solutions which is best secured by understanding their clients’ culture. Expanding its global presence into South-East Asia with the acquisition of AFON Pte EOH has established an important bridgehead in the region and remains closely connected to the communities it seeks to serve.

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August 2017: Consulting M&A Update

By Ramone Param, Associate Director, Equiteq

Accenture acquires marketing agency Wire Stone

Accenture acquired creative agency Wire Stone, which provides a range of strategy and marketing campaign services that develop digital consumer experiences. Wire Stone was founded in 2000 in San Francisco and has built a reputation for the use of technology and data to improve marketing campaign return on investment. The business has worked with a number of blue-chip clients including, Microsoft, HP, PayPal and eBay.

As highlighted in our latest quarterly M&A update, Accenture continues to be highly acquisitive and is developing Accenture Interactive’s capabilities and talent across marketing and consulting. According to a recent report by Adweek, Accenture Interactive’s projected 2017 revenue of $6bn places it above Havas Worldwide, although it is not a holding company and therefore does not rank among the “Big Six” of WPP, Omnicom, Publicis, Havas, IPG and Dentsu.

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