bubble

Analysis

Business and financial services M&A update: Q1 2024

Banks are evolving in their use of cloud technology, shifting from a basic understanding and utilization to a more sophisticated application.¹

Business and financial services trends

  • Business process outsourcing (BPO)
    In Q1 2024, the accounting and finance BPO market faced a transformative phase, marked by digitalization and increased entrepreneurship, propelling demand for accessible solutions.2
  • Consulting
    In Q1 2024, the consulting sector saw robust M&A activity, specifically targeting firms specializing in digital transformation, AI, and cloud technologies.3
  • Education and training (E&T)
    The global LXP market size might even reach $15.96 billion by 2028, with a CAGR of 15.7% from 2021 to 2028.4
  • Insurance, legal, and risk services
    The total value of global announced mergers and acquisitions (M&A) of law firms in Q1 2024 was $797.6 billion, a 38% increase compared to Q1 2023.5
  • Staffing and recruiting
    The expected economic recovery and the use of technology to optimize sales and recruitment processes are seen as key to overcoming challenges and achieving industry goals.6

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Endnotes

1 S&P Capital IQ, select public comparables set in Q1 2024, accessed April 16, 2024.

2 MCF Corporate Finance, “Business services M&A: Accounting and finance BPO – Q1 2024,” March 26, 2024.

IBISWorld, Global Management Consultants, March 2024.

IBISWorld, Business coaching in the US, February 2024.

David Thomas, “US law firms ride rising M&A wave in Q1,” Reuters, April 3, 2024.

6 Dave Anderson, “The top staffing industry trends that will define 2024,” Sense, updated May 30, 2024.

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