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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IT Services M&A trends

By Ramone Param, Associate Director, Equiteq.

We recently ran a series of webinars exploring the themes within our Global Consulting M&A report 2017, which reviews the key M&A and equity market trends within the consulting industry across five of Equiteq’s industry specialisms: Management Consulting, Media agencies, Engineering consulting, IT services and HR

In this week’s blog, we outline some of the key topics discussed in our IT Services webinar, which provides vital insight for IT Services firm owners considering selling, including average deal size and valuation multiples, drivers for deal activity, top buyers and M&A activity by region.

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Global consulting M&A mixed in the second quarter, after a strong start to the year


By 
Ramone Param, Associate Director, Equiteq.

Equiteq’s quarterly market updates provide an indicative guide to current M&A market conditions in the consulting industry. However, it should be noted that we typically observe large variations between quarterly M&A volumes, which are not always reflective of longer term trends.

M&A activity was mixed in the second quarter after a strong start to the year. Overall global deal activity in the consulting sector fell by 12% quarter-on-quarter. Deal volumes fell by just 2% on the same quarter last year. The Equiteq Consulting Share Price Index rallied in the second quarter, achieving similar returns to the S&P 500.

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Equiteq named Boutique Investment Banking Firm of the Year


We are delighted to announce that Equiteq has won the Boutique Investment Banking Firm of the Year at the 9th Annual International M&A Advisor Awards. This recognition from The M&A Advisor comes hot on the heels of the 15th Annual American Business Awards, where Equiteq was awarded Bronze winner for Company of the Year – Banking & Financial Services – Small.

The Co-CEO and President of The M&A Advisor, David Fergusson, said “The 2017 International M&A Award winners represent the best of international M&A industry in 2016 who earned these honors by standing out in a group of very impressive finalists.”

Commenting upon the award, our CEO, David Jorgenson, said “I’m thrilled that for the second year in a row, an independent judging committee of top M&A industry experts determined that Equiteq should receive another highly acclaimed award. Equiteq has built a unique global boutique model that is 100% focused on helping owners of knowledge-intensive business services firms achieve their exit goals through sale preparation and transaction execution. We are very proud that our individuality and expertise has set us apart.”

To see all of our awards, please click here.

Are you a member of Equiteq Edge? It’s full of content to help consulting firm owners prepare for sale and sell their business. Register here to gain full access.

Equiteq sells behavioural assessment and development consultancy to PSI Services LLC


Equiteq, a global consulting and IT services sector M&A specialist, is pleased to announce the sale of the UK based A&DC Group (“a&dc”) to PSI Services LLC headquartered in California. As leaders in behavioural assessment and development, a&dc provides consultancy services and a comprehensive range of ready-to-use, tailored and bespoke products across the talent management spectrum.

Equiteq acted as exclusive financial advisor to a&dc. The transaction completed on June 5, 2017.

The acquisition of a&dc strengthens PSI’s core Talent Assessment offering.

Nigel Povah, CEO of a&dc commented “When I started a&dc 30 years ago, I was passionate about providing great assessment and development content. The a&dc portfolio – with over 250 assessments – will continue its journey alongside PSI’s assessment technology, which will drive the delivery of our robust assessment content into the digital era.”

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Artificial Intelligence developments are transforming customer experience

By Ramone Param, Associate Director, Equiteq.

We were pleased to recently attend the Salesforce World Tour in London and Boston, where we listened to speeches from Salesforce President, Keith Block, along with senior members of IBM Watson and Amazon Web Services. These talks focused on the transformation of customer experience as part of the so-called ‘fourth industrial revolution’. This revolution is being characterized by the convergence of cloud, social, mobile and technologies like the Internet of Things (IoT) and Artificial Intelligence (AI).

This trend is notably being observed through the development of eCommerce and smart devices, which now utilize predictive marketing and advanced data analytics. This technology is expected to become increasingly sophisticated with the rapid advances in AI.

Percentage of surveyed companies using or planning to use AI in the following ways

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Creating a C-suite to build equity value

If you own a knowledge-led services firm in a sector such as consulting, IT services or media and you want to grow revenues to, say, $30m, it is unlikely that the expertise of the founders will be able to drive this. What you need is a team of specialist C-suite executives on board.

However, at some stage a founders-only team will put a break on growth. Here are three reasons why founders maintain the status quo and fail to see the damage it may be doing to their business:

  1. Growth creeps up on you so you don’t notice the degree to which the requirements have changed

During the start-up phase your main focus will be delivering on your particular domain expertise, but as time goes by you’ll spend more time on anything from finances to dealing with people issues.

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