Analysis of recent transactions in BPO Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data.

1. page A L P S V E N T U R E P A R T N E R S 1
BPO
Services!
2019 M&A Summary!
This report is intended solely for informational
purposes and is not intended to be and should not be
used by any other person or entity. No other person
or entity is entitled to rely, in any manner or for any
purpose, on this report.

2. page A L P S V E N T U R E P A R T N E R S 2
Merger & Acquisition Summary – Data Processing and Outsourced Services
Valuation Summary
Total Deal Value ($mm) 82,712
Average Deal Value ($mm) 795
Average TEV/Revenue 3.7x
Average TEV/EBITDA 11.7x
Average Day Prior Premium (%) 3%
Average Week Prior Premium (%) 6%
Average Month Prior Premium (%) 11%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jan 1, 2013 – March 25, 2019
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Transaction Ranges
Greater than $1 billion 19
$500 - $999.9 mm 4
$100 - $499.9 mm 17
Less than $100 mm 64

3. page A L P S V E N T U R E P A R T N E R S 3
Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis
1.8x
3.0x
3.7x 4.2x
4.7x
2.2x
10.1x
11.0x
12.4x 12.2x
13.5x
5.1x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2014 2015 2016 2017 2018 2019
Transaction Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2014 2015 2016 2017 2018 2019 5 Year
Average TEV/Revenue 1.8x 3.0x 3.7x 4.2x 4.7x 2.2x 3.5x
Average TEV/EBITDA 10.1x 11.0x 12.4x 12.2x 13.5x 5.1x 11.8x
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4. page A L P S V E N T U R E P A R T N E R S 4
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis
2
1
4 4
5
1
12
11
9
20
12
-
-
5
10
15
20
25
2014 2015 2016 2017 2018 2019
Number of Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2014 2015 2016 2017 2018 2019 5 Year
Average Deal Value $583.2 $122.6 $896.3 $550.2 $1,566.6 $138.5 $743.8
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5. page A L P S V E N T U R E P A R T N E R S 5
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions
Asia Pacific – 51.8% Americas – 37.7% Europe/MENA/Africa – 10.4%
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Region / Transactions Number Total Value Average Size
Asia Pacific 60 $42,874 $715
Europe/MENA/Africa 20 $8,625 $431
Americas 24 $31,214 $1,301

6. page A L P S V E N T U R E P A R T N E R S 6
Investment Focus
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Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
United States 30 4.2x $1,336.0
United Kingdom 13 3.9x $1,934.7
India 8 6.6x $13.5
China 8 6.2x $100.9
Japan 6 0.8x $13.4
Cyprus 5 2.0x $26.5
Canada 4 2.4x $961.2
South Korea 4 0.9x $16.8
Netherlands 3 1.8x $409.7
France 3 1.0x $192.3
Sweden 2 12.0x $1,154.1
Denmark 2 3.0x $3,360.1
Finland 2 1.9x $15.2
Israel 2 2.5x $18.7
Malaysia 2 2.0x $8.7
Others 10 2.1x $152.2
*Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis

7. page A L P S V E N T U R E P A R T N E R S 7
Largest Transactions
Target companies Deal Value ($mm)
DST Systems, Inc. $5,751.6
Heartland Payment Systems, Inc. $4,449.0
Black Knight InfoServ, LLC $4,056.1
Atos Syntel $3,670.1
Comdata Network, Inc. $3,639.8
Verizon Communications Inc., $3,600.0
Blackhawk Network Holdings, Inc. $3,294.6
Convergys Corporation $2,744.1
TransFirst Holdings Corp. $2,419.4
CenturyLink, Inc., Data Centers And Colocation Business $2,277.0
IO Data Centers, LLC $1,340.0
Stream Global Services, Inc. $820.0
Sentinel NC-1, LLC and 800 Cottontail, LLC $490.0
*Source – CapitalIQ, AlpsVP Analysis
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8. page A L P S V E N T U R E P A R T N E R S 8
IND UST RY INSIG HT S

9. page A L P S V E N T U R E P A R T N E R S 9
Industry Outlook (1/4)
[1] Source: Business Process Outsourcing Services in US published by IBISWorld, Oct 2018
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Business Process Outsourcing Services in US1
Business process outsourcing (BPO) is a form of subcontracting that involves the delegation of specific business
functions to third-party service providers. Outsourcing functions through the process of hiring another company to
handle business activities to achieve maximum savings, increased efficiency and a greater return on investment. BPO
services are distinct from information technology (IT) outsourcing, which hires a third-party business to conduct IT-
related activities such as application management and data center operations. Moreover, BPO is often divided into two
main categories. The first category is back office outsourcing, which includes internal business functions such as billing
or purchasing. The second category is front office outsourcing, which includes customer-related services such as
marketing or tech support.
59.3%
17.8%
14.6%
8.3%
Industry-specific
Customer relationship management
HR
Financial and accounting
The Business Process Outsourcing Services industry has fared
well over the five years to 2018, supported by an improving
economy and rising revenue in the human resource, finance
and accounting, customer relations management and
insurance sectors, which collectively generate a large portion
of BPO business. Additionally, rising wages and increased
operating costs associated with the passage of Patient
Protection and Affordable Care Act (PPACA) prior to the
current period helped drive employers to BPO companies as a
method of cost control. As a result of these factors, industry
revenue is forecast to increase at an annualized rate of 2.9%
over the five years to 2018, to reach $126.1 billion, including a
2.0% boost in 2018 alone. Over the next five years, minimum
wages at the state level will continue to rise. According to the
National Conference of State Legislators, as of January 2018,
18 states boosted minimum wage rates. As a result, 29 states
and the District of Columbia currently have a minimum wage
higher than the federal minimum wage of $7.25 per hour.

10. page A L P S V E N T U R E P A R T N E R S 10
Industry Outlook (2/2)
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Business Process Outsourcing Services in US1
Moreover, the healthcare sector will encounter an upsurge in costs due to the continued aging of the population as
seniors compose a larger portion of the domestic population. In response to these trends, companies will continue to
pursue outsourcing to reduce personnel expenditures and offset escalating back office costs. This is expected to
encourage a 1.0% annualized increase in industry revenue over the five years to 2023, leading revenue for the industry
to reach $132.7 billion.
118.6 121.1 123.6 126.1 128.2 128.5 129.5 130.9 132.7
3.7%
2.1%
2.0%
2.0%
1.6%
0.3%
0.8%
1.1%
1.4%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
110
115
120
125
130
135
2015 2016 2017 2018 2019 2020 2021 2022 2023
BusinessProcessOutsourcingServicesinUS
Revenue($B)
Market Size ($B) Growth (%age)
[1] Source: Business Process Outsourcing Services in US published by IBISWorld, Oct 2018

11. page A L P S V E N T U R E P A R T N E R S 11
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12. page A L P S V E N T U R E P A R T N E R S 12
Corporate Finance Services
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We provide clients with high quality
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