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ILLUMpulse

by ILLUM Partners

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Research & Insights

M&A intelligence for TMT founders

Market data, valuation research, and M&A insights built from ILLUM Partners' 22 years and 600+ TMT transactions. Free to read — no signup required.

Market outlook2026Free

2026 TMT Mid-Market M&A Outlook

Market context, multiple bands, and six strategic themes driving buyer conviction in 2026. Covers Software, Services, Telecom, Cyber and Media sectors across the $15M–$500M enterprise value range.

What's inside
✓Mid-market deal value + volume trends
✓Indicative multiple bands by sector
✓Six strategic themes for 2026
✓Software vs Services valuation spread
✓Buyer conviction signals
M&A AnalysisIT ServicesMay 2026

The Three Valuation Archetypes in IT Services M&A

Why Coforge paid 3.9× revenue for Encora while a major Indian IT firm paid 0.3× revenue for a European consulting business — and what this means for founders considering a sale.

What you will learn
✓Three distinct valuation archetypes
✓Coforge/Encora — 3.9× EV/Sales verified
✓Why access deals price at 0.3× revenue
✓How to move from Access to Hybrid Platform
✓What buyers are actually acquiring
Intelligence ReportH1 2026Free

ILLUM Pulse — H1 2026 M&A Intelligence Report

$19.9B in disclosed deal value. One pattern dominates: AI-native businesses command 10–15× revenue. Everything else fights for 1–3×. Covers Software, GovTech, Federal IT — with confirmed transaction data from primary sources.

What's inside
✓15.0× confirmed ceiling — AI-native Shopify SaaS
✓0.4× confirmed floor — no AI narrative
✓$6.4B OneStream at 10× NTM revenue
✓GovTech valuation framework — clearance-driven
✓H2 2026 outlook and signal map
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