06/05/2026
The 267 acquisitions in our dataset don't distribute randomly across multiples. They cluster into five productization tiers, each with a defined multiple range grounded in disclosed deal data.
Tier 1: Pure Body Shop T&M staff augmentation, no platform IP Exit: 4-6x EBITDA / 1.0-1.5x revenue Comp: SMC Squared (Hexaware, $120M)
Tier 2: Certified Implementation Shop Platform-certified, project-based, unproductized delivery Exit: 6-9x EBITDA / 1.5-2.5x revenue Where most mid-market agencies currently sit
Tier 3: Productized Service Lines Fixed-fee repeatable packages, vertical specialization Exit: 8-12x EBITDA / 2.5-3.5x revenue Comp: Torrent Consulting (ZS Associates), TopBloc (ASGN)
Tier 4: Productized + Recurring Revenue Managed-services layer on top of Tier 3 Exit: 10-15x EBITDA / 3-4x revenue Comp: Hakkoda (IBM), 3Cloud (Cognizant)
Tier 5: Productized + Recurring + Proprietary IP Own adapters, connectors, or accelerators alongside services Exit: 12-20x EBITDA / 4-6x revenue Comp: Coastal Cloud (TCS, $700M), Advantco (Argano)
Moving from Tier 2 to Tier 4 over 24 months produces a 3-4x improvement in exit value at the same top-line revenue. Want to see where your agency sits on the spectrum? Link in comments.