Reflecting on 2024: a landmark year for Equiteq

2024 was an extraordinary year for Equiteq. As we prepare to celebrate our 20th anniversary, we have not only achieved record-breaking results but also strengthened our position as the leading global sector boutique, delivering exceptional M&A outcomes in the tech services and consulting industries across all our regions.

Looking back, I am filled with immense pride in what the Equiteq team has accomplished during this pivotal year for our business. 

Here are some key highlights and insights from the year:

A global success story

In the past 12 months, the Equiteq team repeatedly showcased their expertise as we completed 28 M&A transactions across the tech services and consulting industries - a new record for the firm. In total, we advised on nearly $1.5bn of realized enterprise value in the knowledge economy. We are proud of our trusted role in helping growing firms in our sector realize the value that they have built.

The success we have seen is due to our global expertise and global footprint that allows us to navigate the nuances of diverse markets, each with their own unique dynamics. This includes strong demand for digital transformation and specialty consulting in North America, growth in analytics and IT service management in Europe, rapid cloud adoption and advanced engineering in APAC, and innovation in healthcare technology and consulting in ANZ.

These achievements underscore the dedication of our growing team, the strength of our client relationships and the increasing recognition of Equiteq as a globally recognized trusted partner in the knowledge economy M&A landscape.

Milestones of continued success

Our growth is not just measured in transactions.

In 2024, we added four Managing Directors (from a combination of promotion and hiring) and welcomed a total of 20 new colleagues, expanding our capabilities and reinforcing our culture of excellence and collaboration. Additionally, 12 internal promotions demonstrate our commitment to developing leadership from within, ensuring that our clients benefit from a blend of fresh perspectives and seasoned expertise. These milestones represent the foundation of our continued success.

We also saw unparalleled activity across specialty consulting, software engineering, data & AI, digital transformation, and managed services. Our team worked closely with entrepreneurs and private equity owners of high-growth and innovative firms to achieve transformative results, connecting them with the optimal strategic buyers and investors. 
Each transaction presented unique challenges and opportunities, but time and again, the Equiteq team demonstrated their ability to navigate complexities, deliver value and create pathways to growth for our clients. 

In short, it was a year in which we witnessed remarkable activity across several high-growth markets that exemplify the rapid transformation of the tech services and consulting industries. 

Specialty consulting

Specialty Consulting was a standout area in 2024, with the 10 transactions completed in this space reflecting a growing demand for high added-value consultancy expertise. 

Key deals included advising the procurement consulting specialists, Treya Partners, on its platform investment by VSS Capital Partners and helping Malk Partners secure its deal with SLR Consulting to expand the reach of its ESG advisory services. Both reflect the significant role that Equiteq can play in unlocking transformative growth opportunities.

Digital transformation

As businesses focus more on data security, compliance, and AI as enablers of long-term value creation, especially in and around the office of the CFO, we have seen this reflected in robust interest in ongoing digital transformation and the nine deals that Equiteq advised upon in 2024.

Deals of note include Lane Four receiving investment from VSS Capital Partners, enhancing its Salesforce related RevOps services, as well as Equiteq’s role as the exclusive financial advisor in the sale of a controlling stake of Rolling Arrays, Southeast Asia's largest SAP SuccessFactors consulting and implementation firm, to Skyform, the Temasek-backed platform with a vision to become APAC’s number one digital transformation player.

Software engineering, data and AI

We completed six deals in Enterprise SaaS and data space, reflecting a demand for innovation in order to unlock cost savings, operational efficiencies, and customer-centric transformations.

Highlights include advising Niveus Solutions, a 1000-strong Google Cloud Platform leader, on its sales to NTT Data, greatly expanding NTT’s global cloud integration capabilities. Likewise, the sale of Analysis Prime to CEN IT Group will expand the latter’s SAP offering, unlocking cross-selling opportunities in North America and Europe.

Managed services and ITSM

Finally, Equiteq completed a number of transactions in the managed services space as demand for secure, scalable digital infrastructure soared. 

Plat4mation’s partnership with Keensight Capital accelerates its global presence as a ServiceNow leader, while JDS’s acquisition by AC3 enhances the latter’s secure cloud services in Australia, especially for the public sector. These deals reflect the sector’s resilience, combining visibility of future revenue with growth potential, attracting both private equity and strategic buyers.

The role of private equity in 2024

Private equity has continued to be a critical driver in our deal activity, with more than two-thirds of our transactions in 2024 involving financial investors, whether directly or by backing a strategic buyer. 

Notable examples include the expert advisory of the Equiteq team on Superstep Capital’s majority investment in Tru Consulting, a leading Anaplan partner specializing in financial solutions for the public sector, as well as on the sale of Aware Group to HSO, a Microsoft ecosystem leader backed by Carlyle, and the aforementioned acquisition of Plat4mation by Keensight Capital.

Private equity’s appetite for high-growth, tech-enabled businesses remains robust and as we move deeper into the AI era, this will no doubt continue to grow. With financial investors still sitting on record levels of dry powder, I believe Equiteq is well placed to align with investors looking to drive transformational change through acquisitions and unlock a win-win situation for all stakeholders.

Looking ahead to 2025

The Knowledge Economy continues to evolve at an unprecedented pace and 2025 promises to bring new opportunities and challenges. We will consider this at length in our soon-to-be-published 2025 Buyers Report, which shines a light on the key trends we anticipate in the coming 12 months:

• An increased focus on AI-readiness as buyers prioritize innovation to gain a competitive edge
• The continued growth in digital transformation and RevOps as businesses seek scalable, tech-enabled solutions
• An accelerating interest in generative AI, automation and analytics and the role they can play in redefining industry landscapes.

Despite residual macroeconomic uncertainties in some markets, I remain optimistic about the resilience of the market and the adaptability of buyers and sellers alike. At Equiteq, we are ready to help our clients navigate this landscape, unlocking value and driving growth.

2024 was a year of milestones for Equiteq, but we are just getting started.

As we enter 2025, we do so with a clear vision: to continue delivering exceptional outcomes for our clients, expanding our global reach and leading the way in M&A for tech services and consulting.

To our clients, partners, and team - thank you for an incredible year. Together, we look forward to shaping the future of this dynamic industry.