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The 267 acquisitions in our dataset don't distribute randomly across multiples. They cluster into five productization ti...
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.

One North American SI or integration agency was acquired every 3.3 days between May 2024 and May 2026. Those aren’t rook...
06/04/2026

One North American SI or integration agency was acquired every 3.3 days between May 2024 and May 2026. Those aren’t rookie numbers.

And the pace didn’t slow down in the second half of 2025 either.

Private equity dry powder globally hit $4.63 trillion at the end of Q2 2025. In the US alone, PE firms were sitting on roughly $1 trillion in uninvested capital with fund deployment deadlines bearing down. Argano closed nine North American agency acquisitions in 2025 alone. TCS acquired Coastal Cloud and ListEngage within 60 days of each other.

The buyers are capitalized, disciplined, and competing hard for quality assets.

What they are not doing is paying premium multiples across the board. Across 267 deals in CRM, ERP, Cloud/Data, and ServiceNow ecosystems, disclosed multiples fall into two distinct populations. The variable separating them is not size, geography, or platform ecosystem.

Full findings are in the link in comments.

06/03/2026

Rodney Fullmer published the final article in the OT/IT Integration Series this week.

Part 3 covers the real cost of a disconnected shop floor, and why it never shows up on the balance sheet.

Four cost categories that most manufacturers absorb without connecting them to the integration gap:
Unplanned downtime from equipment signals that never reached a system that could act on them.
Labor doing nothing but moving data between systems that should be connected.
ERP ROI that was paid for but never realized.
The competitive distance from manufacturers who are closing their gaps.

The full series (three articles) is linked in the comments.

Most integration ROI conversations start with: "Here's what the solution costs."Our calculator flips that around.The OT/...
06/01/2026

Most integration ROI conversations start with: "Here's what the solution costs."

Our calculator flips that around.

The OT/IT Integration Gap Cost Calculator starts with eight questions about your operation: floor headcount, shifts, minutes per shift on manual entry, downtime hours, revenue per production hour, ERP investment.

90 seconds later, it produces four numbers.

Annual labor waste: what your operation spends on manual data transfer.

Addressable downtime exposure: the portion of your downtime attributable to missing device data.

ERP ROI drag: the value you're not getting from the system you already paid for.

Total annual gap cost: the running cost of the integration gap, calculated for your operation specifically.

The conversation is different when the number is yours rather than an industry average.

Link to the calculator in the comments.

05/29/2026

Rodney Fullmer published Part 2 of the OT/IT Integration Series this week.

The article covers the business model reason the major iPaaS platforms — Boomi, MuleSoft, Workato, Informatica — consistently decline to solve OT device connectivity.

The short version: their economics require building once and selling to thousands of customers. OT device integration can't be built once. Every deployment is different. The model breaks.

So they call it "out of scope." Rationally.

The article explains the full picture — including what the right category of solution looks like.

Part 2 of 3. Link in the first comment.

Manufacturers have spent the last decade modernizing.ERP systems upgraded, WMS platforms implemented, analytics tools de...
05/25/2026

Manufacturers have spent the last decade modernizing.

ERP systems upgraded, WMS platforms implemented, analytics tools deployed, cloud migrations completed. Seventy percent of them still enter operational data manually.

That's a symptom, not a contradiction.

The modernization wave addressed the enterprise systems layer. The factory floor device layer — the origin point of the actual operational data — was treated as someone else's problem. Device vendors owned a piece. Middleware tools owned a piece. IT contractors owned a piece. Nobody owned the whole connection.

So the rest of the stack modernized around the gap. The ERP got better. The analytics got smarter. The data feeding both stayed manual.

The integration layer survived modernization intact. The question is why.

Link to our breakdown in the comments.

05/18/2026

Siemens publishes an annual report on the cost of unplanned downtime.
The 2024 number: $1.4 trillion. Annually. Across the world's 500 largest manufacturers. Equivalent to 11% of their revenues.
That's unfortunately a structural condition that the industry has adapted to.
The average large plant now loses $129 million annually to downtime, up 65% since 2019. The per-incident cost has risen because labor costs more, materials cost more, and supply chains operating at higher capacity have less slack to absorb a stoppage.
The technology to reduce this significantly has existed for years. Real-time device data, fed into predictive maintenance systems, consistently reduces unplanned downtime by 35–50%.
The integration layer is what turns potential into practice. Device data that doesn't flow into analytics systems can't trigger predictive interventions.
Here's the link to our OT/IT Integration Cost Calculator:

McKinsey studied why Industry 4.0 initiatives stall.70% of pilots demonstrate value at small scale. 70% of those same pi...
05/04/2026

McKinsey studied why Industry 4.0 initiatives stall.
70% of pilots demonstrate value at small scale. 70% of those same pilots fail to reach full deployment.
The failure point is almost never the technology at the top or the bottom of the stack. ERP systems work. Advanced analytics platforms work. The devices on the floor generate data reliably.
The failure is in the middle. The integration layer that should connect shop floor devices to enterprise systems — the layer every vendor treats as someone else's problem.
McKinsey called it "the last-mile IT/OT problem."
The manufacturer who ran a successful pilot on one line can't replicate it across five lines because the integration work multiplies — different device generations, different protocols, different ERP configurations per site. The connection that worked at small scale breaks at real scale.
This is the problem nobody owns. It's also the only one worth solving.
Link to our breakdown of why it persists in the comments.

Your ERP knows everything about your business.Except what's actually happening on your factory floor right now.The avera...
04/27/2026

Your ERP knows everything about your business.
Except what's actually happening on your factory floor right now.
The average manufacturer loses $129 million annually to unplanned downtime. Not because the equipment fails without warning. Because the warning signals — vibration anomalies, temperature drift, cycle time deviations — live in devices that have no path to the systems that could act on them.
The ERP shows what was planned. The floor shows what's happening.
Every shift that gap widens, it compounds.
Comment "Calculator" and we'll send you a tool that puts your specific numbers to this. Takes 90 seconds.

Big update for integration builders!  and OpenAI are now available as connectors inside Lumino.That means you can bring ...
04/22/2026

Big update for integration builders!

and OpenAI are now available as connectors inside Lumino.

That means you can bring leading directly into your integration workflows, without duct-taping APIs together or over-engineering logic outside the platform. Use them to enrich data in-flight, interpret logs, automate decisioning, or add intelligence exactly where your integrations need it.

Lumino isn’t just moving data anymore, it’s allowing your integrations to function more intelligently.

Powered by and Anthropic, embedded directly into the integration layer—where this stuff actually belongs.

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