06/17/2026
267 acquisitions. Two populations. One variable.
The premium population clears 10-20x EBITDA.
The discount population clears 4-8x. The variable separating them is not size. TCS paid $700 million for Coastal Cloud and $40 million equivalent pricing is available for agencies a fraction of that size. It is not platform ecosystem. Premium and discount deals exist in every ecosystem in the dataset. It is not geography or team quality or client tenure.
It is whether the services are productized.
Productized means: fixed-fee packages with known delivery scope. Pre-built connectors or accelerators that compress engineering time and expand gross margin. A managed-services layer that converts go-live into an annuity.
Documented delivery methodology that a buyer's due diligence team can read and underwrite to.
Agencies that have those four things get valued as product businesses. Agencies that don't get valued as service businesses. The multiple difference between those two valuations, across 267 deals, is 2-3x on the same revenue base.
The micro-app in the link in comments runs the diagnostic for your specific agency in about five minutes.