Industry Update: Business Services
VRC is proud to release its latest industry report. The report provides a concise, insightful update on the Business Services industry including recent transactions, market multiples, company performance and purchase price allocation percentages.
- On August 10, 2023, IBM announced it completed its $4.6 billion acquisition of Apptio Inc. after receiving all required regulatory approvals. Apptio, Inc. designs and develops cloud-based technology business management (TBM) solutions for enterprises. With AI and foundation models top of mind for clients and partners, IBM will also augment its watsonx AI and data platform with Apptio’s $450 billion in anonymized IT spend data, unlocking new innovation, insight, and value.
- On July 6, 2023, Private equity firm GTCR LLC agreed to buy a 55% stake in Worldpay, the merchant services business of Fidelity National Information Services, in a deal that values the unit at $18.5 billion. As part of the deal, which is the largest ever for GTCR, FIS will receive upfront proceeds of $11.7 billion and keep a 45% stake in the new entity.
Past Industry Updates
Business Services: June 2023
Business Services: February 2023
Business Services: November 2022
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