商业服务业行业并购策略报告

I N D U S T R YR E P O R TSpring|2026 Table of Contents Market Observations............................................................................... 3Transaction Highlights ............................................................................. 11Public Companies ....................................................................................14CFA Overview ............................................................................................24 Market Summary Business Services Market Based on early 2026 projections, the U.S. business services market is estimated at approximately $18.8 trillion, accounting for nearly 65% of GDP, andremains a key part of the economy. The sector has demonstrated steady growth, expanding by nearly 8% each year. This growth is supported by long-termchanges like digital transformation, increased offshoring, and the increasing demand for AI-enabled service delivery across different industries. NorthAmerica is still the largest market by revenue, but Asia Pacific is becoming the fastest-growing region, driven by rapid improvements in both back office andcustomer-facing operations. Several macro and structural factors influenced the market in Q1 2026. Interest rates rose from 3.50% to 3.75%, limitingleveraged buyouts and encouraging companies to outsource non-core activities instead of increasing fixed costs. At the same time, uncertainty aroundtariffs affected discretionary spending, particularly in advertising and marketing, leading to more careful budget allocations. Inflation in labor costs foremployment services, facility services, and waste management pushed companies to adopt automation to become more efficient and reduce reliance onhuman labor. In the broader business services market, tech-enabled segments like data processing and hosting remain the strongest subsectors, with cloud-based software spending expected to grow from about $721 billion in 2026 to over $1.52 trillion by 2034. Business support services are also projected to seesteady growth, reaching nearly $989.81 billion globally by 2030 at an 8.1% CAGR. Overall, the sector shows a mix of resilience and change, setting it up forcontinued growth in a technology-driven environment. Public Company Valuation The CFA Select Business Services Index decreased by 15.1% in the first quarter of 2026, and the 12-month return on the indexdecreased by 14.2%. The Services to Buildings and Dwellings Index saw the highest increase of 6.8% for the 12-month period.The Professional, Scientific, and Technical Services Index saw the highest decline of 27.2% in the 12-month period, andEmployment Services had the highest decline of 25.3% for the 3-month period. The Administrative and Support and WasteManagement and Remediation Services Index had the highest EBITDA multiple of 15.3x and had the highest revenue multipleof 4.6x. The Professional, Scientific and Technical Services Index had the lowest EBITDA multiple of 6.2x, and EmploymentServices had the lowest revenue multiple of 0.2x, respectively. The businessservices indexdecreased in thefirst quarter of2026... Mergers and Acquisitions In Q1 2026, M&A activity in Business Services saw consolidation focused on capabilities rather than volume. Globally, transactions valued at $100 million andabove surged by 224% in total value year-over-year in February 2026, although the number of deals fell by 9% as buyers remained selective. Private equitybuy activity increased by 9% month-over-month in February, as sponsors sought to take private assets with strong fundamentals amid public marketchallenges.Within the sector,BPO transactions concentrated on expanding nearshore delivery and integrating AI-enabled customer experiences.Advertising and Marketing Services deals targeted AI-powered measurement and connected TV capabilities. Waste Management activity focused on tuck-inacquisitions by regional players. In the M&A Trends Survey, over 80% of private equity and corporate dealmakers expect higherdeal volume in 2026compared to 2025, with middle-market assets in the $100 million to $500 million enterprise-value range seen as currently underserved by capital flows. Industry Trends Agentic AI is Redefining Service Delivery Economics Agentic AI is moving from experimentation to real‑world deployment, reshaping how businesses deliver and price services as providers embed autonomous AIsystems into customer operations, delivery models, and back‑office functions. According to BCG, adoption of agentic AI in BPO (Business Process Outsourcing), ITservices, and customer experience could create nearly $200 billion in new market opportunities by 2030. This includes projected sector growth of approximately 6%to 8% annually, supported by increasing adoption of AI-driven solutions. AI systems are now capable of executing multi-step workflows and coordinating acrossenterprise systems with limited human intervention, indicating that this shift is already underway. Over 40% of large