Technology Newsletter

June 2025

Agentic AI

Your Partners, Your Advisors

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 Contents

Hello Readers,

Welcome to the latest edition of the o3 Capital Technology Newsletter.

Cover Story: Agentic AI 03
AI has evolved rapidly from statistical models to systems capable of
reasoning, creativity, and interaction. We are now transitioning from
passive AI systems that respond to queries to agentic AI that proactively
execute complex tasks. Agentic AI works by understanding the user’s
requirement, breaking down the task/ problem into smaller
Key Technology Transactions 08
components and calling upon various tools/ APIs to execute those sub-
tasks

Recent years have seen a surge in investments and is expected to

continue accelerating as AI becomes a foundational technology across
industries, driven by strong investment, enterprise adoption, and Listed Market Landscape 11
strategic acquisitions often at premium valuations.

In May, KPIT Acquires Caresoft’s Engineering Business for USD 191 Mn.
In this edition, we have highlighted additional M&A and PE transactions
from May, along with an overall market analysis, to provide you with
deeper insights into the industry. o3 Capital Overview 25
Hope you enjoy reading the Newsletter.

o3 Capital | Technology Newsletter – June 2025 | 2

 Cover Story Key Transactions Market Landscape o3 Capital Overview

The New Wave of Artificial Intelligence

AI has evolved rapidly from statistical models to systems capable of reasoning, creativity, and interaction. We are now
transitioning from passive AI systems that respond to queries to agentic AI that proactively execute complex tasks

Present Technology Emerging Technology

Traditional LLM Chatbots – Generative AI powered chatbots Agentic AI – System designed not just to generate content
leverage technologies like machine learning to respond to but to autonomously pursue goals through a series of
queries/ prompts from the user coordinated actions over time

Reactive: Only reacts/ responds to the inputs fed into the Proactive: Understands the task and takes autonomous
Behaviour
system by the user decisions to complete the same

Session Based: Short-term memory that is pertinent only Persistent: Long-term memory that persists across
Memory
to the ongoing session sessions/ interactions with the agent

Single-Step: Once the user gives a prompt, the output is Multi-Step: The agent breaks down the task into sub-
Execution
a single answer tasks and performs them with tools, APIs or other agents

Limited: Installation of manual plugins and API usage in Extensive: Coordination with several tools and automatic
Tool Use
some cases API invocation

Key Products ACT-1

Generation of original content such as text, images, video, HR Application - Automated screening of CVs, emailing
Sample Output
audio, code, etc in response to a user’s prompt shortlisted candidates and scheduling interviews

Source: IBM, Nvidia o3 Capital | Technology Newsletter – June 2025 | 3

 Cover Story Key Transactions Market Landscape o3 Capital Overview

Agentic AI – Behind the Scenes

Agentic AI works by understanding the user’s requirement, breaking down the task/ problem into smaller components and
calling upon various tools/ APIs to execute those sub-tasks

Perception Processing Execution

Steps

Input Conversion Planning Reasoning Memory Tool Calling Action

Task Recall Past

User Prompt Raw Data Coordination
Decomposition Evaluation of Prompts Intimation
with Other
Different Solution to User
Tools
Paths Filter Relevant
Text Natural Language Processing
Mechanism

Instances
Object Interaction
User
Speech with API to
Key Factors Selection of Feedback
Data Extraction Techniques Perform Tasks
Others Action Plan
Logic Rules
Probabilities
Determining
Compiled Clean Data Past Behaviour Decision Making
Actions Required

Conversion of raw data into a The task/ problem is broken up into smaller, manageable sub- Various tools/ APIs are used to
standard data format tasks that have to be performed perform the task

Source: IBM, Nvidia o3 Capital | Technology Newsletter – June 2025 | 4

 Cover Story Key Transactions Market Landscape o3 Capital Overview

Agentic AI – Use Cases Across Industries

The use of agentic AI cuts across several industries and largely focuses on automating manual tasks, which are not only time
consuming but also prone to human error

Patient Monitoring Autonomous Driving

Tracking real-time patient vitals Navigating complex environments,
in ICUs and proactively obeying rules and making split-
suggesting interventions second decisions to ensure safety

Inventory
InventoryOptimization:
Optimization Healthcare Automotive PredictiveMaintenance:
Predictive Maintenance
Forecasting demand using historical Monitoring equipment health,
data/ market trends and automatically predicting failures and
placing purchase orders automatically scheduling repairs

Industrial
Customer
CustomerExperience:
Experience Retail Energy
EnergyUsage:
Usage
Analyzing customer preferences, Tracking energy consumption and
automatically sending emails, dynamically adjusting systems to
sentiment analysis, etc
Agentic AI reduce power costs
Applications

Loan
Loan Processing:
Processing Software Development
Automatic reviewing of loan BFSI IT Writing code, monitoring
applications, confirming user performance and automated
information and communication diagnosis and fixing of bugs

Fraud Detection
Fraud Detection ITSM
Tracking financial behavior like Reading employee requests, raising
unusual spending, strange locations, tickets and performing resolutions
etc to flag suspicious activity autonomously

Source: o3 Analysis o3 Capital | Technology Newsletter – June 2025 | 5

 Cover Story Key Transactions Market Landscape o3 Capital Overview

Deal Making in the Artificial Intelligence Ecosystem

AI deal making is rapidly growing and is expected to continue accelerating as AI becomes a foundational technology across
industries, driven by strong investment, enterprise adoption, and strategic acquisitions

Acquirer Target Target Description Deal Value

US based developer of cloud-based AI solutions for enterprises to autonomously

2,850
resolve employee IT support services

Finland based artificial intelligence lab developing human-machine workflows utilizing

665
machine learning, computer vision, and natural language processing

US based developer of enterprise PostgreSQL solutions, artificial intelligence, spatial

250
analytics, and internal database-as-a-Service solutions

US based SaaS provider for automated machine learning, enabling users to upload
250
their models to the service for optimization

India based firm specializing in generative-AI based software product development

NA
services to health-tech, retail-tech, and supply chain-tech sectors

US based AI agents and generative AI data platform, providing data layering solutions
NA
and prompt/response data interactions

US based designer and developer of independent cloud-native data platform to

NA
automate the maintenance and optimization of data

US based operator of data plane security platform specializing in data protection and
NA
governance AI applications

Source: Capital IQ, Public filings, Market Screener; All figures in USD Mn o3 Capital | Technology Newsletter – June 2025 | 6
 Cover Story Key Transactions Market Landscape o3 Capital Overview

KPIT Acquires Caresoft’s Engg Business for USD 191 Mn

USD 191 Mn
Deal Value

Acquired
13%
Initial payout
India based global technology partner US based company offering
providing automotive and mobility engineering solutions to Earnout
solutions mobility segment 87%

Deal Rationale 3.74x

EV/ Revenue
The acquisition enhances KPIT's position in the commercial vehicle segment by (2024)
integrating Caresoft’s established expertise in trucks and off-highway vehicles
50 51
44
The deal facilitates KPIT’s expansion into the Chinese mobility market by
leveraging Caresoft’s local presence and long-standing relationships with
Chinese OEMs and suppliers

The acquisitions also enhances cost engineering capabilities of KPIT, supporting 2022 2023 2024
full vehicle cost optimization across key mobility segments such as passenger
cars, trucks and off-highway segments Caresoft's Engineering Solutions Business Revenue
(USD Mn)

Engg = Engineering
Source: Mergermarket, CapitalIQ, Company Filings o3 Capital | Technology Newsletter – June 2025 | 7
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Key M&A Deals in the Month of May

Acquirer Target Target Description Deal Value

US based company engaged in cybersecurity services 300

US based company offering ad-tech and digital experience services NA

US based Salesforce consulting and implementation partner NA

US based company engaged in product engineering, cloud and data solutions NA

US based company offering planning and forecasting solutions on Anaplan NA

US based Microsoft Dynamics 365 finance and supply chain implementation partner NA

US based Salesforce Summit partner offering implementation services NA

US based company offering management services for IBM Power Systems,

NA
managed IT services and network security services

Source: Capital IQ, MergersMarket; All figures in USD Mn o3 Capital | Technology Newsletter – June 2025 | 8
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Key Private Equity Deals in the Month of May

Acquirer Target Target Description Deal Value

UK based company offering management consulting and cost optimization services 94

India based company engaged in data science and enterprise cloud implementation
15
services

UK based company engaged in managed cybersecurity services NA

Germany based company offering agile software development and app

NA
management services

US based company specializing in IT consulting services NA

US based digital transformation and cloud security company NA

US based company offering Salesforce CRM implementation services NA

UK based company offering data analytics and AI solutions NA

Source: Capital IQ, MergersMarket, Public Filings; All figures in USD Mn o3 Capital | Technology Newsletter – June 2025 | 9
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Listed Market Multiples – Segment Snapshot

Large Cap IT Services - India Large Cap IT Services - RoW Mid & Small Cap India

Median EV/Revenue Median EV/Revenue Median EV/Revenue

4.9x
4.4x
4.0x
3.7x
3.5x 3.3x
3.1x
2.9x
2.5x
1.9x 2.0x 1.9x 2.1x
1.7x 1.8x

Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25

Median EV/EBITDA Median EV/EBITDA Median EV/EBITDA

24.4x
22.8x
21.4x 21.1x 21.7x
19.2x 19.2x 19.3x
16.2x
12.9x
11.5x 11.8x
10.7x 10.6x 10.0x

Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25

Source: Capital IQ o3 Capital | Technology Newsletter – June 2025 | 10

 Cover Story Key Transactions Market Landscape o3 Capital Overview

Listed Market Multiples – Segment Snapshot

ER&D - India ER&D - RoW Enterprise Software

11.0x
Median EV/Revenue 11.0x
Median EV/Revenue Median EV/Revenue
8.5x
10.0x

9.0x 9.0x

6.9x 6.9x 8.0x

7.0x
5.8x 7.0x
5.7x 5.4x
5.2x 6.0x
5.3x
5.0x 5.0x
3.9x 3.8x
4.0x

3.0x 3.0x

1.4x 1.3x 1.3x 1.0x 1.1x 2.0x

1.0x 1.0x

0.0x

-1.0x

Jun-24 Sep-24 Dec-24 Mar-25 May-25

-1.0x

Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25

Median EV/EBITDA Median EV/EBITDA Median EV/EBITDA

33.3x 34.5x 33.8x

31.1x 30.3x 30.6x 31.4x
29.1x
20.0x
20.7x

11.8x 12.1x 13.1x

10.4x 10.0x

Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25

Source: Capital IQ o3 Capital | Technology Newsletter – June 2025 | 11

 Cover Story Key Transactions Market Landscape o3 Capital Overview

Listed Market Multiples – Segment Snapshot

Analytics & BPO - India Analytics & BPO - RoW Staffing

Median EV/Revenue Median EV/Revenue Median EV/Revenue

5.4x 6.0x 6.0x

5.0x 5.0x
4.5x
3.5x 4.0x 4.0x

1.9x 1.8x 1.8x 2.0x 1.7x

2.0x 2.0x

0.4x 0.4x 0.4x 0.4x 0.3x

0.0x 0.0x

Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25

Median EV/EBITDA Median EV/EBITDA Median EV/EBITDA

27.3x
25.0x
23.2x
21.3x
18.8x

12.0x 11.5x 11.4x

9.7x 10.1x 10.1x 10.7x 10.5x
9.4x 9.6x

Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25 Jun-24 Sep-24 Dec-24 Mar-25 May-25

Source: Capital IQ o3 Capital | Technology Newsletter – June 2025 | 12

 Cover Story Key Transactions Market Landscape o3 Capital Overview

Large Cap - India Mid & Small Cap India ER&D - India Analytics BPO - India Large Cap - RoW ER&D - RoW Analytics BPO RoW Enterprise Software

EV / Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV
EV Q-o-Q Q-o-Q
Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
TCS 146,515 142,953 3% 5.8x 4.8x 7,350 7,475 7,546 1% 28,912 29,881 3%
Infosys 75,728 72,135 (7%) 4.8x 3.7x 4,565 4,939 4,730 (4%) 18,562 19,277 4%
HCL 51,837 49,212 6% 4.4x 3.6x 3,430 3,533 3,498 (1%) 13,270 13,840 4%
Wipro 30,566 26,601 (8%) 3.2x 2.6x 2,665 2,608 2,634 1% 10,773 10,426 (3%)
Tech Mahindra 16,285 15,702 7% 2.8x 2.5x 1,545 1,552 1,566 1% 6,241 6,201 (1%)
LTIMindtree 17,563 16,570 11% 4.3x 3.7x 1,067 1,129 1,144 1% 4,263 4,448 4%
Persistent 9,839 9,716 9% 8.8x 7.0x 315 358 379 6% 1,183 1,397 18%
Mphasis 6,121 5,944 26% 3.9x 3.6x 410 416 434 4% 1,594 1,665 4%
Coforge 6,687 6,920 20% 6.5x 4.9x 283 388 399 3% 1,102 1,410 28%
Hexaware 6,104 5,947 NA NA 4.1x 330 369 375 2% 1,269 1,455 15%
Mean 7% 4.9x 4.0x
Median 7% 4.4x 3.7x

EV / EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV
EV Q-o-Q Margin Margin Institutions + Individuals / Public &
Dec'24 May'25 Mar'25 Pvt Corps
Mar'24 Mar'25 Public Corps Insider Other
TCS 146,515 142,953 3% 21.6x 18.1x 26% 7,676 26% 88% 0% 0% 12%
Infosys 75,728 72,135 (7%) 20.0x 16.3x 23% 4,424 23% 63% 0% 13% 24%
HCL 51,837 49,212 6% 20.4x 16.4x 21% 2,906 21% 26% 61% 0% 13%
Wipro 30,566 26,601 (8%) 16.5x 12.6x 18% 2,032 19% 27% 56% 5% 12%
Tech Mahindra 16,285 15,702 7% 25.5x 19.2x 9% 818 13% 80% 11% 0% 9%
LTIMindtree 17,563 16,570 11% 25.1x 22.2x 17% 701 16% 87% 0% 0% 13%
Persistent 9,839 9,716 9% 53.9x 40.4x 16% 241 17% 39% 0% 33% 28%
Mphasis 6,121 5,944 26% 22.8x 19.2x 15% 310 19% 45% 37% 1% 17%
Coforge 6,687 6,920 20% 48.5x 34.1x 14% 203 14% 15% 0% 0% 5%
Hexaware 6,104 5,947 NA NA 25.3x NA 223 15% 8% 75% 2% 15%
Mean 7% 28.2x 22.4x
Median 7% 22.8x 19.2x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 13
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Large Cap - India Mid & Small Cap India ER&D - India Analytics BPO - India Large Cap - RoW ER&D - RoW Analytics BPO RoW Enterprise Software

% Revenue from Geography % Revenue from Vertical Employee Count ('000) Revenue/
Revenue
Name Emp
(USD Mn) USA Europe RoW BFSI HC/ LS TMT Industrial Other Mar'24 Mar'25 (USD)
19%
TCS 29,881 50% 31% 11% 14% 9% 35% 615+ 606+ 49,309
31%
12%
Infosys 19,277 31% 57% 28% 7% 20% 16% 29% 317+ 323+ 59,681
7%
HCL 13,840 29% 64% 21% 15% 27% 19% 18% 227+ 223+ 62,063
33%
Wipro 10,426 41% 26%
34% 14% 15% 17% 19% 234+ 233+ 44,748
26%
Tech Mahindra 6,201 25% 49% 17% 7% 46% 17% 13% 145+ 148+ 41,901
12%
LTIMindtree 4,448 14% 74% 37% 6% 23% 20% 14% 81+ 84+ 52,954
11%
Persistent 1,397 8% 81% 32% 27% 41% 23+ 24+ 58,217
8%
Mphasis 1,665 11% 81% 60% 17% 13% 11% 31+ 31+ 53,721
12%
Coforge 1,410 34% 54% 48% 19% 33% 25+ 33+ 42,737
6%
Hexaware 1,455 18% 76% 38% 21% 17% 24% 30+ 31+ 46,939

NIFTY 50 and Large Cap Indian IT Services Companies

250%

200% 1

150%
2
100%

3
50% 4
5
6
0% 7 8
9 10

-50%
Jun-22 Aug-22 Oct-22 Jan-23 Mar-23 Jun-23 Aug-23 Oct-23 Jan-24 Mar-24 Jun-24 Aug-24 Nov-24 Jan-25 Mar-25

1 Persistent 2 Coforge 3 HCL 4 Nifty 50 5 Tech Mahindra 6 LTIMindtree 7 Wipro 8 Infosys 9 TCS 10 Mphasis
Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 14
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Large Cap - India Mid & Small Cap India ER&D - India Analytics BPO - India Large Cap - RoW ER&D - RoW Analytics BPO RoW Enterprise Software

EV / Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV Q-o-Q
EV Q-o-Q Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
Sonata Software 1,327 1,307 13% 1.8x 1.1x 263 332 306 -8% 1,034 1,189 15%
Birlasoft 1,301 1,097 (7%) 2.6x 1.7x 164 159 154 -3% 633 629 -1%
Zensar 2,217 1,998 14% 3.1x 3.2x 148 155 159 3% 588 618 5%
Happiest Minds 1,038 1,029 2% 6.0x 4.3x 50 62 64 3% 195 241 24%
Aurionpro 835 797 0% 8.7x 5.8x 30 36 38 7% 107 137 29%
R Systems 507 521 18% 3.3x 2.5x 50 52 52 -1% 204 207 2%
Saksoft 302 288 25% 3.2x 2.8x 23 27 28 6% 91 103 13%
Kellton Tech 147 165 22% 1.5x 1.3x 30 33 34 3% 118 128 9%
Mastek 842 838 3% 2.9x 2.1x 94 102 106 4% 367 404 10%
Mean 10% 3.7x 2.8x
Median 13% 3.1x 2.5x

EV/ EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV Margin Margin Institutions + Public &
EV Q-o-Q Dec'24 May'25 Mar'25 Pvt Corps Individuals
Mar'24 Mar'25 Public Corps Other
Sonata Software 1,327 1,307 13% 22.1x 16.2x 9% 81 7% 30% 3% 38% 29%
Birlasoft 1,301 1,097 (7%) 17.7x 13.4x 15% 82 13% 38% 39% 1% 22%
Zensar 2,217 1,998 14% 19.3x 20.9x 17% 96 15% 40% 38% 0% 22%
Happiest Minds 1,038 1,029 2% 32.4x 24.8x 19% 41 17% 16% 12% 34% 38%
Aurionpro 835 797 0% 41.4x 27.7x 21% 29 21% 16% 10% 48% 26%
R Systems 507 521 18% 22.4x 15.8x 15% 33 16% 59% 1% 21% 15%
Saksoft 302 288 25% 18.9x 16.8x 17% 17 17% 0% 49% 28% 23%
Kellton Tech 147 165 22% 13.8x 11.0x 10% 15 12% 1% 39% 3% 58%
Mastek 842 838 3% 17.9x 13.1x 16% 64 16% 14% 3% 57% 25%
Mean 10% 22.9x 17.8x
Median 13% 19.3x 16.2x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 15
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Large Cap - India Mid & Small Cap India ER&D - India Analytics BPO - India Large Cap - RoW ER&D - RoW Analytics BPO RoW Enterprise Software

% Revenue from Geography % Revenue from Vertical Employee Count ('000) Revenue/
Revenue
Name Emp
(USD Mn) USA Europe RoW BFSI HC/ LS TMT Industrial Other Mar'24 Mar'25 (USD)
18%
Sonata Software* 1,189 77% 5% 17% 12% 30% 36% 5% 6+ 6+ 198,121
13%
Birlasoft 629 87% 24% 19% 40% 17% 12+ 12+ 52,423
12%
Zensar 618 21% 67% 41% 11% 22% 27% 10+ 10+ 57,746
31%
Happiest Minds 241 62% 27% 16% 31% 18% 9% 5+ 7+ 36,367
7%
7%
Aurionpro 137 92% 1% 34% 30% 36% 2+ 3+ 50,842
17%
R Systems 207 9% 74% 15% 13% 39% 13% 20% 4+ 4+ 48,107
Saksoft 103 35% 42% 30% 46% 13% 11% 2+ 2+ 41,336
23%
14%
Kellton Tech 128 4% 82% 9% 14% 37% 7% 27% 2+ 2+ 64,240
14% 26%
Mastek 404 60%
12% 24% 65% 5+ 5+ 80,875

NIFTY 50 and Mid & Small Cap Indian IT Services Companies

1050%

830%
1

610%

390%

170% 2 3
4 5
6 7
8 9
-50% 10
Jun-22 Aug-22 Oct-22 Jan-23 Mar-23 Jun-23 Aug-23 Oct-23 Jan-24 Mar-24 Jun-24 Aug-24 Nov-24 Jan-25 Mar-25

1 Aurionpro 2 Saksoft 3 Zensar 4 Kellton Tech 5 Sonata 6 R Systems 7 Nifty 50 8 Birlasoft 9 Mastek 10 Happiest Minds
Source: Capital IQ ; All figures are in USD Mn, wherever applicable
* High concentration of Software business leading to higher Revenue / Emp and higher concentration in India; o3 Capital | Technology Newsletter – June 2025 | 16
Vertical split is only for International business
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Large Cap - India Mid & Small Cap India ER&D - India Analytics BPO - India Large Cap - RoW ER&D - RoW Analytics BPO RoW Enterprise Software

EV/ Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV Q-o-Q
EV Q-o-Q Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
Tata Elxsi 4,687 4,523 21% 11.1x 10.3x 110 110 110 0% 428 440 3%
L&T Tech 5,407 5,181 (2%) 4.8x 4.2x 305 310 349 13% 1,158 1,249 8%
KPIT Tech 4,242 4,107 13% 7.2x 6.0x 158 173 179 4% 585 684 17%
Tata Tech 3,669 3,524 16% 6.9x 5.8x 156 154 150 -2% 614 605 -2%
Cyient 1,746 1,687 9% 2.8x 2.0x 223 225 223 -1% 858 861 0%
Axiscades 519 533 49% 2.9x 4.4x 31 32 31 -2% 115 121 5%
Sasken 270 247 (9%) 6.8x 3.8x 13 17 17 3% 49 64 32%
Moschips 421 417 23% 10.6x 7.6x 9 15 16 7% 35 55 55%
ASM Tech 338 345 118% 7.5x 9.9x 6 8 14 75% 24 35 42%
Mean 26% 6.7x 6.0x
Median 16% 6.9x 5.8x

EV / EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV Margin Margin Institutions + Public &
EV Q-o-Q Dec'24 May'25 Mar'25 Pvt Corps Individuals
Mar'24 Mar'25 Public Corps Other
Tata Elxsi 4,687 4,523 21% 39.0x 38.7x 28% 111 25% 60% 0% 0% 40%
L&T Tech 5,407 5,181 (2%) 25.4x 23.6x 18% 202 16% 89% 0% 1% 11%
KPIT Tech 4,242 4,107 13% 36.8x 28.5x 18% 144 21% 30% 33% 7% 30%
Tata Tech 3,669 3,524 16% 38.1x 32.8x 17% 101 17% 73% 0% 1% 30%
Cyient 1,746 1,687 9% 16.5x 12.7x 17% 134 16% 49% 19% 5% 27%
Axiscades 519 533 49% 21.7x 32.0x 12% 17 14% 64% 0% 3% 32%
Sasken 270 247 (9%) NM NM 7% 3 4% 18% 9% 42% 31%
Moschips 421 417 23% NM NM 6% 7 12% 3% 48% 10% 39%
ASM Tech 338 345 118% NM NM 1% 7 19% 0% 5% 69% 27%
Mean 26% 29.6x 28.1x
Median 16% 31.1x 30.3x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 17
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Large Cap - India Mid & Small Cap India ER&D - India Analytics BPO - India Large Cap - RoW ER&D - RoW Analytics BPO RoW Enterprise Software

% Revenue from Geography % Revenue from Vertical Employee Count ('000) Revenue/
Revenue
Name Emp
(USD Mn) Europe BFSI HC/ LS TMT Industrial Other Mar'24 Mar'25
USA RoW (USD)
28% 31%
Tata Elxsi 440 41% 12% 33% 55% 13+ 12+ 36,674
32% 51%
L&T Tech 1,249 17% 42% 29% 29% 23+ 24+ 52,031
22%
KPIT Tech 684 39% 39% 100% 12+ 12+ 56,978
25%
Tata Tech 605 40% 35% NA 12+ 12+ 50,406
18%
Cyient 861 31% 51% 30% 70% 15+ 14+ 61,529
27%
Axiscades 121 37%
36%
12% 88% 3+ 3+ 41,725
Sasken 64 35% 44% NA 1+ 1+ 34,041
21%

Moschips 55 NA 77% 20% 3% 1+ 1+ 54,635

ASM Tech 35 NA NA 1+ 1+ 34,830

NIFTY 50 and Indian ER&D Companies

650% 1

500%

350%

3
200%
4
5
50% 6 7
8
9
10
-100%
Jun-22 Aug-22 Oct-22 Jan-23 Mar-23 Jun-23 Aug-23 Nov-23 Jan-24 Mar-24 Jun-24 Aug-24 Nov-24 Jan-25 Mar-25

1 Axiscades 2 ASM Tech 3 Moschip 4 KPIT Tech 5 Sasken 6 Cyient 7 Nifty 50 8 L&T Tech 9 Tata Elxsi 10 Tata Tech

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 18
 Cover Story Key Transactions Market Landscape o3 Capital Overview

Large Cap - India Mid & Small Cap India ER&D - India Analytics BPO - India Large Cap - RoW ER&D - RoW Analytics BPO RoW Enterprise Software

EV/ Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV Q-o-Q
EV Q-o-Q Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
Firstsource 3,004 3,278 11% 4.0x 3.5x 200 246 253 3% 760 934 23%
BLS International 1,955 1,925 25% 10.4x 7.5x 54 60 81 35% 201 257 28%
eClerx 1,947 1,869 28% 5.0x 4.7x 92 100 105 5% 351 394 12%
Latent View 1,004 952 13% 13.2x 9.6x 21 27 27 2% 77 99 29%
Hinduja Global 279 24 (66%) NM NM 132 124 136 9% 554 515 -7%
Datamatics 418 397 15% 2.2x 2.0x 50 50 58 17% 186 202 8%
MPS Ltd. 518 506 13% 5.1x 6.0x 18 22 21 -2% 65 85 30%
Ceinsys 308 295 14% 10.2x 6.0x 9 13 17 28% 30 49 61%
Mean 7% 7.1x 5.6x
Median 13% 5.1x 6.0x

EV / EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV Margin Margin Institutions + Public &
EV Q-o-Q Dec'24 May'25 Mar'25 Pvt Corps Individuals
Mar'24 Mar'25 Public Corps Other
Firstsource 3,004 3,278 11% 27.3x 23.2x 13% 141 15% 79% 0% 0% 21%
BLS International 1,955 1,925 25% 40.5x 26.2x 20% 74 29% 8% 44% 28% 20%
eClerx 1,947 1,869 28% 19.2x 19.8x 26% 95 24% 30% 0% 55% 15%
Latent View 1,004 952 13% 59.5x 41.6x 21% 23 23% 4% 0% 73% 24%
Hinduja Global 279 24 (66%) NM NM 2% 30 6% 12% 70% 7% 11%
Datamatics 418 397 15% 15.6x 14.7x 15% 27 13% 1% 18% 51% 30%
MPS Ltd. 518 506 13% 18.2x 20.5x 30% 25 29% 1% 69% 4% 25%
Ceinsys 308 295 14% 46.5x 28.5x 17% 9 19% 3% 34% 31% 32%
Mean 7% 32.4x 24.9x
Median 13% 27.3x 23.2x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 19
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EV / Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV Q-o-Q
EV Q-o-Q Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
Accenture 198,338 198,838 (9%) 3.3x 3.0x 15,800 17,690 16,659 -6% 64,574 67,221 4%
IBM 235,588 285,030 3% 4.0x 4.5x 14,462 17,553 14,541 -17% 62,070 62,832 1%
Cognizant 39,923 39,110 (3%) 2.0x 1.9x 4,760 5,082 5,115 1% 19,301 20,091 4%
Capgemini 28,203 31,982 7% 1.4x 1.3x 6,008 5,672 NA NA 24,143 22,876 -5%
NTT Data 38,793 61,988 28% 1.6x 1.9x 7,876 7,427 8,220 11% 28,874 30,977 7%
CGI 23,823 26,226 7% 2.5x 2.4x 2,763 2,631 2,799 6% 10,689 10,534 -1%
EPAM System 9,885 8,870 (16%) 2.5x 1.8x 1,165 1,248 1,302 4% 4,645 4,864 5%
DXC Technology 2,755 5,767 (9%) 0.6x 0.4x 3,386 3,225 3,169 -2% 13,667 12,871 -6%
Sopra Steria 4,223 5,208 28% 0.8x 0.8x 1,591 1,464 NA NA 6,410 5,981 -7%
Mean 4% 2.1x 2.0x
Median 3% 2.0x 1.9x

EV / EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV Margin Margin Institutions + Public &
EV Q-o-Q Dec'24 May'25 Mar'25 Pvt Corps Individuals
Mar'24 Mar'25 Public Corps Other
Accenture 198,338 198,838 (9%) 18.0x 16.0x 17% 11,473 17% 79% 0% 0% 21%
IBM 235,588 285,030 3% 18.8x 18.7x 21% 13,950 22% 66% 0% 0% 34%
Cognizant 39,923 39,110 (3%) 9.9x 10.3x 18% 3,595 18% 99% 0% 0% 1%
Capgemini 28,203 31,982 7% 9.6x 8.8x 13% 3,018 13% 58% 0% 0% 42%
NTT Data 38,793 61,988 28% 10.6x 12.9x 15% 4,601 15% 78% 0% 0% 22%
CGI 23,823 26,226 7% 13.6x 12.8x 18% 1,873 18% 41% 0% 1% 58%
EPAM System 9,885 8,870 (16%) 15.8x 11.8x 14% 690 14% 93% 0% 3% 3%
DXC Technology 2,755 5,767 (9%) 4.1x 2.4x 10% 1,993 15% 95% 0% 1% 8%
Sopra Steria 4,223 5,208 28% 6.7x 6.1x 10% 667 11% 42% 21% 7% 30%
Mean 4% 11.9x 11.1x
Median 3% 10.6x 11.8x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 20
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EV / Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV Q-o-Q
EV Q-o-Q Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
Fujitsu 40,894 42,087 16% 1.4x 1.7x 7,361 5,882 NA NA 24,833 23,707 -5%
Globant SA 4,321 4,675 (33%) 4.0x 1.9x 571 642 611 -5% 2,195 2,456 12%
Alten SA 2,890 2,984 (9%) 0.7x 0.6x 1,137 1,054 NA NA 4,422 4,290 -3%
Endava 917 1,068 (32%) 2.0x 1.1x 220 245 252 3% 930 1,008 8%
Grid Dynamics 1,059 745 (41%) 5.0x 2.0x 80 100 100 0% 313 371 19%
AFRY 2,003 2,640 3% 0.9x 0.9x 644 640 672 5% 2,521 2,692 7%
Assystem SA 681 780 21% 1.2x 1.1x 163 160 NA NA 633 633 0%
Bertrandt 228 411 (13%) 0.3x 0.3x 344 276 270 -2% 1,307 1,163 -11%
Expleo Solutions 192 169 28% 1.9x 1.4x 31 30 30 -1% 116 120 4%
Etteplan 319 416 13% 0.9x 1.0x 105 95 103 8% 391 388 -1%
Mean (5%) 1.8x 1.2x
Median (3%) 1.3x 1.1x

EV/ EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV Margin Margin Institutions + Public &
EV Q-o-Q Dec'24 May'25 Mar'25 Pvt Corps Individuals
Mar'24 Mar'25 Public Corps Other
Fujitsu 40,894 42,087 16% 11.5x 14.0x 12% 2,845 12% 50% 5% 0% 46%
Globant SA 4,321 4,675 (33%) 23.7x 11.2x 15% 380 15% 90% 0% 2% 0%
Alten SA 2,890 2,984 (9%) 6.3x 5.9x 9% 388 9% 48% 10% 5% 37%
Endava 917 1,068 (32%) 23.6x 9.9x 10% 91 9% 60% 0% 27% 14%
Grid Dynamics 1,059 745 (41%) NM 25.2x 3% 23 6% 99% 0% 6% 0%
AFRY 2,003 2,640 3% 8.2x 8.8x 8% 227 8% 70% 3% 2% 26%
Assystem SA 681 780 21% 28.0x 46.2x 6% 28 4% 15% 64% 0% 21%
Bertrandt 228 411 (13%) 24.1x NM 7% -52 -4% 54% 25% 10% 11%
Expleo Solutions 192 169 28% 12.1x 8.6x 14% 20 16% 3% 71% 0% 25%
Etteplan 319 416 13% 8.0x 10.1x 10% 28 7% 11% 67% 14% 8%
Mean (5%) 16.2x 15.5x
Median (3%) 12.1x 10.1x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 21
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EV / Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV Q-o-Q
EV Q-o-Q Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
Telus Digital 24,922 46,976 6% 2.9x 3.2x 3,593 3,705 3,491 -6% 14,730 14,117 -4%
Genpact 7,528 8,407 (16%) 1.8x 1.7x 1,131 1,249 1,215 -3% 4,519 4,851 7%
ExlService 7,482 7,539 (4%) 4.1x 4.0x 437 481 501 4% 1,667 1,903 14%
Teleperformance 5,976 10,396 7% 1.0x 0.9x 2,738 2,694 NA NA 9,605 10,643 11%
Concentrix 3,575 9,008 9% 0.9x 0.9x 2,403 2,448 2,372 -3% 7,881 9,588 22%
WNS (Holdings) 2,529 2,703 3% 1.7x 2.1x 337 333 336 1% 1,323 1,315 -1%
Teradata 2,099 2,319 (4%) 1.8x 1.4x 465 409 418 2% 1,822 1,703 -7%
Verint Systems 1,056 1,727 (18%) 2.6x 1.9x 221 254 NA NA 910 909 0%
TaskUs 1,475 1,585 15% 1.7x 1.5x 227 274 278 1% 917 1,045 14%
Capita 347 900 23% 0.2x 0.3x 781 741 NA NA 3,403 3,032 -11%
Ttec 235 1,229 4% 0.6x 0.6x 577 567 534 -6% 2,406 2,165 -10%
Mean 2% 1.8x 1.7x
Median 4% 1.7x 1.5x

EV / EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV Margin Margin Institutions + Public &
EV Q-o-Q Dec'24 May'25 Mar'25 Pvt Corps Individuals
Mar'24 Mar'25 Public Corps Other
Telus Digital 24,922 46,976 6% 11.8x 11.2x 29% 3,687 26% 99% 0% 0% 45%
Genpact 7,528 8,407 (16%) 10.1x 9.6x 16% 814 17% 94% 0% 2% 0%
ExlService 7,482 7,539 (4%) 23.1x 21.5x 17% 324 17% 48% 0% 3% 0%
Teleperformance 5,976 10,396 7% 5.3x 5.0x 16% 1,634 15% 98% 8% 2% 34%
Concentrix 3,575 9,008 9% 4.5x 4.8x 16% 1,439 15% 84% 0% 3% 0%
WNS (Holdings) 2,529 2,703 3% 8.4x 9.6x 17% 233 18% 90% 0% 2% 0%
Teradata 2,099 2,319 (4%) 10.1x 7.4x 14% 311 18% 93% 0% 1% 0%
Verint Systems 1,056 1,727 (18%) 16.7x 11.1x 13% 144 16% 98% 0% 1% 0%
TaskUs 1,475 1,585 15% 8.6x 8.0x 18% 178 17% 80% 0% 28% 0%
Capita 347 900 23% 4.8x 3.8x 5% 183 6% 90% 0% 1% 7%
Ttec 235 1,229 4% 5.6x 5.5x 9% 182 8% 33% 0% 59% 8%
Mean 2% 9.9x 8.9x
Median 4% 8.6x 8.0x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 22
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EV / Rev (LTM) Revenue (Quarter) Revenue (LTM)

% Change in
Name Mkt Cap EV Q-o-Q
EV Q-o-Q Dec'24 May'25 Mar'24 Dec'24 Mar'25 Mar'24 Mar'25 Growth
Growth
Oracle 8,593 7,902 11% 15.4x 9.9x 197 200 201 0% 765 801 5%
Affle 2,849 2,680 27% 11.5x 10.1x 61 70 70 0% 221 265 20%
Newgen Software 2,028 1,926 34% 16.8x 11.1x 45 45 50 13% 149 174 17%
Intellect Design 1,905 1,855 80% 5.4x 6.3x 74 71 85 19% 301 293 -3%
RateGain 612 477 (13%) 7.2x 3.8x 31 33 31 -6% 115 126 10%
Tanla 975 880 42% 2.1x 1.9x 121 117 120 3% 471 471 0%
Nucleus Software 395 353 60% 2.9x 3.6x 25 24 27 11% 99 97 -2%

Accelya Solutions 244 229 12% 4.1x 3.7x 16 16 16 3% 61 61 1%

Subex 94 85 7% 3.8x 2.5x 10 8 8 -3% 37 33 -10%
Mean 29% 7.7x 5.9x
Median 27% 5.4x 3.8x

EV / EBITDA (LTM) EBITDA (LTM) Shareholding

% Change in
Name Mkt Cap EV Margin Margin Institutions + Public &
EV Q-o-Q Dec'24 May'25 Mar'25 Pvt Corps Individuals
Mar'24 Mar'25 Public Corps Other
Oracle 8,593 7,902 11% 33.2x 22.0x 43% 360 45% 85% 0% 0% 14%
Affle 2,849 2,680 27% 67.3x 47.4x 16% 57 21% 27% 55% 0% 17%
Newgen Software 2,028 1,926 34% 71.0x 43.8x 22% 44 25% 22% 0% 54% 24%
Intellect Design 1,905 1,855 80% 34.4x 30.1x 17% 62 21% 26% 23% 14% 38%
RateGain 612 477 (13%) 39.7x 17.6x 17% 27 22% 37% 0% 48% 14%
Tanla 975 880 42% 12.3x 10.9x 18% 81 17% 9% 7% 48% 36%
Nucleus Software 395 353 60% 14.3x 17.9x 26% 20 20% 5% 45% 30% 21%

Accelya Solutions 244 229 12% 11.3x 10.7x 35% 20 33% 3% 76% 1% 19%
Subex 94 85 7% NM NM -7% -2 -5% 4% 4% 0% 92%
Mean 29% 35.4x 25.1x
Median 27% 33.8x 20.0x

Source: Capital IQ
All figures are in USD Mn, wherever applicable o3 Capital | Technology Newsletter – June 2025 | 23
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Recent Technology Transactions

z z z z z z z z z

Intelliswift TAO Digital raised Excelsoft raised People Tech Invecas TriGeo Merilytics Sryas acquired AXISCADES raised
acquired by LTTS growth funding funding from Group acquired by acquired by Technologies acquired by by Orion debt funding for
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Company Systems Digital Solutions Partners (backed by One acquisition of
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