Data Science and Analytics

Industry Overview and Insights

July 2024
Introduction to Data Science and Analytics
The growing market demand for data science and analytics is driving strategic investments in advanced
data tools and platforms.
Overview
Table of Contents
The ascent of data science and analytics holds pivotal importance in today’s digital landscape, enabling organizations to
Navigating the Rapid Evolution of Data Platforms 3
harness the power of data to gain valuable insights, make informed decisions, and drive innovations. This heightened
emphasis on data-driven strategies empowers businesses to gain competitive advantages, enhance customer experiences, The Modern Data Stack 4
and foster innovation amid a rapidly evolving business environment.
Emerging Data Trends: “The Big Four” 5
Currently, the global data and analytics market is witnessing remarkable growth, with its size projected to soar from
$61.9 billion in 2023 to $502.4 billion by 2032, reflecting a CAGR of 26.2% from 2024 to 2032. This expansion is Advancing in the Age of AI 6
primarily attributed to the escalating demand for unstructured and structured data storage, real-time data analysis, and
Market Landscape and Leading Partners in Data 7
predictive analytics capabilities, enabling companies to make data-driven decisions and drive innovation forward.
Furthermore, as innovative technologies like AI/ML and data lake houses continue to emerge, the importance of robust data Buyer Interest and Recent M&A Activity 10
capabilities will further amplify, becoming increasingly indispensable for operational success. With a notable shift toward
maximizing the benefits of digital transformation, companies poised for prominence will be those adept at facilitating or Company Spotlights 16
advising on the optimal utilization of data and analytics while concurrently optimizing cloud consumption to bolster
Houlihan Lokey’s Data Science and Analytics Team 25
efficiency and cost-effectiveness.
As we move into 2024, companies will look to invest and leverage data tools and platforms such as Snowflake, Databricks,
Microsoft, Google, Alteryx, Datadog, Fivetran, Looker, Matillion, Perfect, and Tableau. These tools and platforms provide The Experts: Key Sources and Additional Reading
essential functionalities for data integration, data storage, advanced analytics, and visualization, empowering organizations to
extract actionable insights, optimize operations, and stay ahead in the competitive landscape of the digital age.

Why We Are Paying Attention

Participating Companies
Data infrastructure is the building block for all artificial intelligence and machine learning solutions. By leveraging insights
from vast datasets, companies can gain a significant edge, optimize processes, and predict future trends. According to
Houlihan Lokey’s IT Services team, data science and analytics capabilities consistently rank as one of the top
priorities across all strategic buyers and investors, with many parties expressing interest in data technologies such
as Databricks, Snowflake, Google, and Microsoft.

Source: Dataintelo.
2
Navigating the Rapid Evolution of Data Platforms
Transitioning from legacy on-premises data storage and systems to cloud-based data platforms offers scalability, flexibility, and advanced analytics capabilities.

Legacy On-Premise Data to Cloud Data Platforms The Evolution of Legacy Data Warehouses to Unified Data Clouds
On-Prem Enterprise First Generation Cloud Data Data Data
Transition Drivers Data Warehouse (EDW) Data Lake Platform Lakehouse Mesh
Late 1980s Late 2000s Mid 2010s 2020–Present Trending
Data Variety Data Velocity Data Volume
A centralized repository that A centralized repository that A solution hosted on a cloud A unified platform merging Decentralized data
stores structured and can store vast volumes of infrastructure that enables the storage flexibility of a architecture and framework
Legacy on-premise Real-time data The explosive
unstructured data within an structured, semi-structured, organizations to store, data lake with the structured that effectively unites the
databases struggle streams require growth of data
organization’s physical and unstructured data due access, manage, process, processing of a data disparate data sources and
to handle diverse rapid ingestion and volume challenges
infrastructure, offering direct to its open and scalable and analyze large amounts warehouse, aiming to links them together through
data types efficiently processing that on-premises storage
control over data architecture, allowing for of data generated from provide a comprehensive centrally managed data
legacy systems could infrastructure
management and analysis data to be processed and multiple sources, largely solution for storing, sharing and governance
not handle
without relying on external used for a variety of analytic replacing on-prem managing, and analyzing guidelines
cloud services needs databases diverse data types
Transition Challenges
Benefits Benefits Benefits Benefits Benefits
Data Security and Legacy System Service Disruption and • Enhanced control • Flexible data ingestion • Scalable and flexible • Reduced data • Democratic data
Privacy Compatibility Downtime • Performance and storage storage redundancy processing
Migrating data to Legacy systems may Transitioning from optimization • Data discovery • Ease of management • Wide variety of • Cost efficiency
the cloud can not be fully on-premises to the • Data governance • Support for advanced • Anytime global workloads • Improved data
expose it to new compatible with cloud involves analytics accessibility • Improved data discovery
vulnerabilities, cloud environments, downtime, so governance
making robust which could lead to ensuring minimal
security measures data loss during the disruption to Challenges Challenges Challenges Challenges Challenges
paramount migration process business operations
is critical • High initial costs • Lack of predefined • Data governance and • Integration complexity • Organizational and
• Ongoing maintenance structure security • Performance change management
Transition Benefits needs • Data validation and • Data integration optimization • Infrastructure and
• Data backup and quality enforcement complexities • Specific tool adoption tooling
Innovation and Scalability and Collaboration and recovery • Security and • Data sovereignty • Data governance
Time-to-Market Flexibility Accessibility compliance concerns regulations
Organizations can Organizations can Real-time
experiment with new seamlessly expand collaboration tools,
technologies, storage, compute, shared dashboards,
machine learning, and use other and APIs facilitate
and analytics resources as their efficient data sharing
data grows and decision-making
Centralization Decentralization

Sources: Amazon, Cognizant, Databricks, Microsoft, and Mastechinfotrellis

3
The Modern Data Stack
The modern data stack enables organizations to harness the power of data, gain insights, make informed decisions, and drive innovation.

The modern data stack encompasses a suite of software tools integrated into a cloud-based platform for collecting, processing, and storing data. This enables companies to extract valuable insights for
informed, data-driven decision-making. Overall, utilizing a modern data stack brings advantages such as heightened scalability, enhanced flexibility, improved efficiency, and the cultivation of a
more robust data culture within an organization.

DataOps and Data Orchestration Data Uses

Data Sources Business Intelligence

Systems/Databases Automating the data pipeline, from data ingestion to model

deployment, ensuring efficient and scalable data operations
Data Workspaces
Data Integration / ETL Data Warehouse / Lake / Lakehouse
Unstructured Data

CRMs
Reverse ETL
Automating the extraction, transformation, and loading of data Centralized storage system to house structured, semi-
from data sources into centralized repositories structured, and unstructured data at scale

Event Streams
Data Transformation Data Prep / AI / ML

Mobile/Internet/Email
Cleansing and joining to ready data for analysis, utilizing tools
and frameworks before it undergoes analytical processes

Data Governance and Monitoring

Enforcing policies to ensure compliant data management, access, and utilization, covering privacy, access controls, audits, and lineage

Cloud Hyperscalers / Physical Remote Infrastructure

Offer diverse services tailored for storage, compute, analytics, and machine learning, seamlessly integrating with the data stack

Sources: Alation, Jelvix

4
Emerging Data Trends: “The Big Four”
Companies are quickly adapting and implementing several practices to transform data uncertainty into opportunity.

1 2 3 4
Artificial Intelligence /
Generative AI Data Management and Governance Data Privacy and Security
Machine Learning

Generative AI has emerged as the The demand for data management and Data privacy and security are Natural language processing (NLP) and
leading trend across the data governance is increasing as data experiencing heightened scrutiny due to automated machine learning (AutoML)
ecosystem. Powered by machine remains a core element of business the growing popularity of generative AI continue to be popular data trends.
learning models capable of identifying operations, analytics, machine learning, and that tool’s ability to share data from Interest in NLP continues to rise due to
patterns, predicting outcomes, and and artificial intelligence. According to many sources. As companies question its direct correlation with generative AI.
extracting key features from vast Dataversity, ~60% of corporate leaders how to use their data safely, Houlihan Specifically, Python has surged as the
datasets, it has propelled itself to the have prioritized data governance; it Lokey anticipates an increase in data preferred NLP tool for Snowflake due to
forefront of data-driven innovation, remains a focus for chief development privacy safeguards to prevent breaches, its usability. In Snowpark, enhancing
revolutionizing industries across the officers and surpasses AI by 80% for the reduction of data security Snowflake’s programmability, Python
board. According to estimates by the data platforms and security vulnerabilities in remote and hybrid saw a remarkable surge in usage last
McKinsey Global Institute, generative AI practitioners. Houlihan Lokey anticipates work environments, and the protection fiscal year, increasing by 571%. As
is projected to add between $2.6 trillion more and more companies striving to and encryption of sensitive data. companies continue to accumulate
and $4.4 trillion in annual value to the enhance their data governance, According to Gartner, by the end of more data, understanding its
global economy, thereby increasing the promote responsible usage, and 2024, 75% of the world’s population will relationship with desired outcomes
overall economic impact of AI by 15% to leverage the benefits that data offers to have their personal data covered under becomes crucial. NLP transforms data
40%. their bottom line. modern privacy regulations. into usable formats, while AutoML
identifies correlations.

In today’s business landscape, data reigns supreme, shaping every facet of decision-making. With enterprises amassing unprecedented volumes of data, the imperative to swiftly process, store, and
extract insights has never been more crucial. Consequently, investments in advanced data capabilities are soaring, driven by technological advancements and the expertise of data consultancies. The
future of data holds immense promise, propelled by continual innovation in AI/ML, data governance, data privacy, big data analytics, and a unified data cloud. As organizations embrace these
advancements, they are poised to revolutionize decision-making, empowering stakeholders at all levels with data-driven insights and gaining a competitive edge in an increasingly digital world.

Sources: Alteryx, Gartner, Dataversity, and Snowflake.

5
Advancing in the Age of AI
According to IDC, global revenue associated with AI is expected to reach a staggering $900 billion by 2026.

Unleashing Innovation: Four Dynamic Trends in AI Application Scaling Establishment of AI Tools and Infrastructure
The Democratization The Boom of Large The Rise of A Unified Data
1 of AI 2 Language Models (LLM) 3 Chatbots 4 Platform

AI democratization allows AI to be LLMs continue to emerge as The adoption of chatbots is on a Enterprises want apps and data The integration of Azure AI capabilities with Microsoft Fabric allows
developers to build their own custom AI apps and models over
accessible to any individual dynamic and transformative tools meteoric rise, with businesses within a unified data platform for
OneLake, a unified multi-cloud data lake. This offers many
without specialized AI or technical for companies utilizing them for from various sectors incorporating better security and governance.
opportunities for generative AI use cases across various industries.
knowledge, allowing companies code generation, sentiment chatbots into their operations. In Snowflake has been at the
to create accurate models, analysis, text classification, content 2024, the chatbot market is forefront of this trend through its
facilitate sentiment analysis, cut creation, summarization, expected to reach $1.4 billion, native apps, which let its user
down costs, and reduce barriers of translation, and virtual assistants. showcasing broad acceptance. deploy applications within the
entry. According to a study Over the past nine months, Moreover, chatbots boast a data cloud, leveraging the In March and April 2023, Databricks released Dolly and Dolly 2.0,
conducted by Dataiku and Snowflake’s Streamlit developer remarkable potential ROI of up Snowflake data platform to run on an open-source LLM costing less than $30, showcasing ChatGPT-
Databricks, ~79% of community witnessed 20,076 to 1,275%, driven mainly by all three layers. The number of like conversational abilities and aimed at democratizing access to
organizations are either unique developers working on support cost reductions. Snowflake Native Apps grew generative AI by enabling affordable customization of tools for
establishing, expanding, or 33,143 LLM-powered apps. 311%, and the use of those apps companies.
embedding AI tools and is up 96%.
support.

Snowflake’s Native App Framework, available on AWS and public

AI Adoption by Industry AI Business Use Cases preview on Azure, enables developers to build, deploy, and
monetize apps to all Snowflake customers through the Snowflake
Marketplace.
15% 13% 19%
24% Information Technology 57%

25% 27%
37% Operations 52%
36%

36% 35% Marketing & Sales 49%

28% 24%
Research and Development 45%
21% 24% 1% 19%
3% 1% 17% 1%
Customer Service 42% Databricks Data
CPG/Retail Manufacturing, Financial Services, Healthcare/Life Snowflake Cortex AI
Industrials, Oil & Banking, Insurance Sciences integrated with NVIDIA AI Intelligence partnered
Accounting & Finance 29% Enterprise with NVIDIA CUDA
Gas
None Exploring Establishing Expanding Embedding

Sources: Alteryx, Botpress Blog, Databricks, and Snowflake.

6
Data Partnerships and Market Map
Major data science and analytics technologies are reinforced by a large and growing partnership ecosystem.

DataOps and Data Warehouse /

Data Integration / ETL Data Transformation Data Uses Data Prep / AI / ML
Data Orchestration Lake / Lakehouse
Technology Partners

2,500+
Data Science and Analytics Market Map

500 –
(By Employee Count)

2,500
Please contact Andy Johnston (Andy.Johnston@HL.com),
Malte Abrams (Malte.Abrams@HL.com), or
Ilia Ulianchuk (Ilia.Ulianchuk@HL.com) for page details.
200 – 500

<200

7 *Denotes private-equity-backed company.

Leaders of Data: Snowflake and Databricks
Snowflake and Databricks expand their partner programs via acquisitions, making their acquired technology partners automatically Snowflake/Databricks partners.

45 58 334 16 19 1,285
Elite Premier Selected Elite & Global Selected Registered
Partners Partners Partners Partners Partners Partners

Industry Specialization Key Capabilities Revenue Growth Industry Specialization Key Capabilities Revenue Growth
• Media • AI/ML • Communications • Sharing
$2.8B $1.6B
• Financial Services • Applications • Financial Services • Governance
• Healthcare • Collaboration • Healthcare • Artificial Intelligence
• Manufacturing • Cybersecurity • Manufacturing • Data Management
$2.1B $1.0B
• Public Sector • Data Engineering • Media • Data Warehousing
• Retail • Data Lake • Public Sector • Real-Time Analytics
• Technology • Data Warehouse • Retail • Data Engineering
• Telecom • Unistore 2023 2024 • Data Science 2022 2023

Acquisition Timeline: Acquisition Timeline:

February 2023 October 2023 May 2024 June 2023 January 2024 June 2024
SnowConvert further Further enhances Python large language model and Increases accessibility of Adds NLP capabilities to gen An independent storage
accelerates legacy capabilities in the data machine learning generative AI across more AI features within data platform that connects to
migrations to the data cloud cloud observability organizations intelligence platform any compute layer

May 2023 December 2023 October 2023 March 2024

Simplifies and accelerates
Accelerates search in the Simplifies building Simplifies unstructured
ingesting data from
data cloud through interoperable data clean data evaluation for
enterprise databases to
generative AI rooms in the data cloud generative AI
the lakehouse

Sources: Databricks, Pitchbook, Snowflake

8 Note Snowflake financials are based on FY 2024 ending on January 31, 2024.
Snowflake and Databricks Summit Recap
Houlihan Lokey’s Data Science and Analytics sector team learned the following trends and lessons after attending both summits.

Snowflake is seeking partners who can align with and specialize in serving specific client industry Databrick’s partner ecosystem continues to evolve and remains fragmented with no service

1 1
verticals rather than being generalists with broad technical skills. This approach emphasizes the partner-level designation or focus on specific verticals compared to its competitors. Currently,
importance of deep industry knowledge and expertise, allowing partners to better understand the company has more than 1,200+ partners globally that provide data analytics, AI solutions, and
and address sectors’ unique challenges and requirements. other related services.

Snowflake announced a collaboration with NVIDIA to enhance AI applications. The integration Databricks has expanded its partnership with NVIDIA to integrate NVIDIA CUDA accelerated

2 2
of NVIDIA AI Enterprise software into Snowflake’s Cortex AI platform will enable precise data computing into its Databricks Data Intelligence Platform. This integration aims to boost
responses. This partnership aims to help businesses quickly develop customized AI solutions, efficiency, accuracy, and performance across AI development pipelines, covering tasks such as
leveraging NVIDIA’s computing power and Snowflake’s AI capabilities. data preparation, curation, and processing for generative AI applications.

Snowflake has unveiled significant advancements to its Snowflake Cortex AI. These innovations Databricks introduced Databricks AI/BI, a novel business intelligence product aimed at

3 3
aim to enhance enterprise AI by offering efficient and secure tools for developing AI-powered democratizing analytics and insights across organizations. Additionally, Databricks enhanced
applications. Key features include chat experiences; no-code customization; ML integration; Mosaic AI with advancements in building compound AI systems, improving model quality, and
document AI, AI, and ML studio; Cortex fine-tuning; security and governance; and MLOps. introducing new AI governance tools.

Snowflake introduced Polaris Catalog, an open and vendor-neutral catalog for Apache Iceberg, Databricks has announced the open sourcing of Unity Catalog. It provides unified governance for

4 4
aimed at simplifying data management across diverse systems. It will offer enterprises and the tabular data, non-tabular data, and AI assets like ML models, simplifying management at scale.
Iceberg community enhanced flexibility, control, and security, with interoperability across AWS, The company aims to set new standards for open catalog solutions with support from AWS,
Confluent, Dremio, Google Cloud, Microsoft Azure, and Salesforce. Google Cloud, Microsoft, NVIDIA, and Salesforce.

2024 Global Snowflake Service Partners of the Year 2024 Consulting and System Integrator Partner Award Winners

9
Increasing Deal Activity and Buyer Interest
Strategic and private equity interest in data science and analytics services companies has fueled the increase in recent M&A activity in the IT services space.

Notable Private Equity Platforms Successful Private Equity Platform Exists

1
November 2022

The acquisition added 230 data advisors and technologists to NTT DATA, further bolstering the platform’s digital
transformation services team and strengthening its data engineering capabilities across key data partners such as
Azure, AWS, Databricks, and Snowflake.

2
January 2020

The acquisition added 350 employees with deep data science, artificial intelligence, and machine learning expertise,
along with a strong portfolio of accelerators, to Accenture’s Applied Intelligence business.

2024 Buyer M&A Focus by Technology 2024 Buyer M&A Focus by Capability

75.3%
70.1%

55.8%
46.8% 44.2%

27.3%

Data Analytics Enterprise Cloud Digital Engineering CX / Marketing Cybersecurity

Applications

Data analytics consistently ranks as a top priority when surveyed across a group of the most highly
acquisitive buyers. From 90+ surveyed strategic acquirers, the vast majority expressed interest in companies
specializing in Snowflake and Databricks, followed by Microsoft. In addition, many groups expressed
interest in companies that have onshore delivery models.

10
Featured Data and Analytics M&A Activity (1 of 5)
There has been a proliferation of deal activity within the data science and analytics space, with a particular focus on bolstering AI/ML capabilities.

Target Acquirer Date Commentary

• The growth capital will allow Continuus to continue to deepen its presence within the Snowflake market and support its ability to meet the
June 2024
dynamic and growing needs of its clients.

• The combined company will be one of the first to connect the components of the value chain across data and AI solutions to deliver an end-to-
June 2024
end service offering for clients seeking to capture the transformative value of AI.

• With its new capital partners, XponentL will further enhance its suite of data solutions and support the integration of the Databricks Data
May 2024
Intelligence Platform within XponentL’s client base.

• This strategic acquisition bolsters Hexaware’s data and analytics capabilities, enabling the company to offer clients a comprehensive suite of
May 2024
services to drive marketing and customer journeys through data and technology.

• The acquisition of Decision Point will bolster LatentView’s existing expertise in data engineering, data science, and data visualization, as well as
Mar. 2024
consulting and advisory services for analytics and GenAI readiness.

Feb. 2024 • This acquisition enhances Globant’s current operations in Brazil by adding top local digital capabilities and an impressive client roster.

• The acquisition furthers SoftwareOne’s growth strategy in the attractive APAC region, bringing a differentiated portfolio and delivery capabilities
Feb. 2024
to serve multi-national clients on the Microsoft Cloud.

• The acquisition helps to bolster and scale Accenture’s application and infrastructure managed services capabilities to help clients across North
Jan. 2024
America modernize their IT for the AI era.

• This strategic acquisition will augment Xoriant’s core strengths in the areas of platform engineering and add to its capabilities in product ideation,
Jan. 2024
design and development, and maintenance of complex, cloud native applications.

Dec. 2023 • The acquisition further accelerates Marlab’s growth in AI and the data analytics space.

Source: PitchBook.

11 Note: The denotes a Houlihan Lokey deal.

Featured Data and Analytics M&A Activity (2 of 5)
There has been a proliferation of deal activity within the data science and analytics space, with a particular focus on bolstering AI/ML capabilities.

Target Acquirer Date Commentary

• The acquisition enhances Accenture’s strategy and architecture capabilities, with a particular emphasis on central government, defense and
Dec. 2023
security, and financial services.

• The acquisition will expand Accenture’s data capabilities to help clients accelerate transformation with modern data platforms that unlock the
Dec. 2023
power of AI across the enterprise.

• The addition of Ocelot Consulting expands Accenture’s AWS engineering skills in the Midwest to help clients in North America accelerate cloud
Nov. 2023
transformation—including making cloud the data backbone of the enterprise and the engine for AI-driven business reinvention

• The acquisition strengthens CGI’s position in the key U.S. growth market of Miami, building on its proximity-based business model that blends
Oct. 2023
the company’s worldwide network of experts and capabilities with local accountability and end-to-end services for clients.

• The investment will strengthen its foothold in existing markets across North America, India, and the Asia-Pacific as well as fuel its expansion in
Sept. 2023 new territories across Europe, the Middle East, and Japan. Some of the funds would be utilized toward increasing delivery capacity and building
industry-focused solution accelerators.

• The acquisition expands Encora’s delivery centers in Europe, enabling the company to deliver nearshore services to clients in the Americas, the
Sept. 2023
Asia-Pacific, Australia, and now Europe.

• The strategic acquisition will bolster Mastek’s global data services and generative AI capabilities and grant access to a talented pool of qualified
Aug. 2023
data architects and scientists.

• This investment will accelerate the growth of Lovelytics’ team and expand its technical offerings related to enterprise data environment creation,
June 2023
AI and LLMs, business intelligence, data science, and cloud infrastructure.

• The funds will be used to increase Hakkoda’s presence in North America and Costa Rica, to expand its team of data engineers in Latin America,
May 2023
and to build vertical-specific solutions that integrate with the Snowflake platform.

• This acquisition expands Velir’s existing data capabilities and bolsters its presence as a leading, national, integrated agency creating digital
Mar. 2023
experiences that connect people and elevate brands.

Source: PitchBook.
12
Featured Data and Analytics M&A Activity (3 of 5)
There has been a proliferation of deal activity within the data science and analytics space, with a particular focus on bolstering AI/ML capabilities.

Target Acquirer Date Commentary

• The investment from KKR will help support Ness’ ability to further scale its digital-first platform, achieve its global ambitions, and better enable its
Dec. 2022
customers to compete in the digital economy.

• The investment from Align Capital Partners will allow the company to scale operations in the Americas, invest in strategic partnerships, and
Dec. 2022
broaden its deep technical and domain expertise.

• The acquisition of Aspirent will add more than 230 data advisors and technologists to NTT Data’s digital transformation services team and bolster
Nov. 2022
its data engineering capabilities with partners such as Azure, AWS, Databricks, and Snowflake.

• The acquisition of Mashey furthers Analytics8’s growth strategy and expands partnership opportunities with more industry vendors. Mashey
Sept. 2022
brings additional capabilities around modern data technology, including dbt, Fivetran, Snowflake, Looker, Qlik, Airbyte, and others.

• The strategic investment form Abry Partners will be used to accelerate USEReady’s plans of practice growth, geography expansion, and global
May 2022
delivery.

• The addition of the Intellify team will add further scale and depth of capability to Deloitte’s market-leading practice of more than 600
May 2022
professionals nationally who offer high value AI, data, and ML business and public sector client solutions.

• Combining Evolytics’ dominance in the marketing analytics space with Concord’s exceptional data practice will continue to transform the way
Mar. 2022
enterprise organizations understand and utilize actionable data.

• The strategic acquisition will bolster HCL’s capability in digital engineering driven by data engineering and increase its presence in Central and
Jan. 2022
Eastern Europe.

• The acquisition reinforces Rackspace’s focus on growing professional services as well as brings market-leading cloud-based data, analytics, and AI
Jan. 2022 capabilities to the Rackspace platform. Additionally, the acquisition brings with it strong APJ regional ties, a talented employee base, and natural
evolution up the IT services stack.

• In addition to expanding S4 Capital’s capabilities within its data and digital media practice, the acquisition also augments its global analytics
Jan. 2022
capabilities and expands its client base.

Source: PitchBook.

13 Note: The denotes a Houlihan Lokey deal.

Featured Data and Analytics M&A Activity (4 of 5)
There has been a proliferation of deal activity within the data science and analytics space, with a particular focus on bolstering AI/ML capabilities.

Target Acquirer Date Commentary

• The acquisition allows 2nd Watch to expand its reach within specific verticals, such as media and entertainment, healthcare, and retail and provide
Dec. 2021
comprehensive data and analytics solutions using cloud-native platforms and tools.

• With the acquisition of CCG Analytics, 3 Cloud will continue its growth trajectory and strengthen its position as the largest Azure pure-play
Nov. 2021
services firm in the U.S.

• The acquisition will enhance Atos’ AI/ML and Computer Vision portfolio with new AI-intensive products and data science capabilities and
Oct. 2021
welcome a highly skilled team of approximately 100 AI/ML data scientists and engineers.

• Exadel’s acquisition of Coppei’s complementary capabilities in strategic digital consulting will allow the firm to offer full lifecycle software
Sept. 2021
engineering services from strategy to platform and product development.

• The acquisition enhances Atos’ ability to address customers’ increasing need for BI and analytics in cloud environments. Atos will also benefit
Aug. 2021
from the expertise of Visual BI’s 180+ employees worldwide, based in the United States, Canada, and India.

• The investment from Carlyle allows the private equity group to gain exposure to the growth potential and the lucrative opportunities offered by
Aug. 2021
the Indian IT market.

• The investment from M/C Partners will afford DAS42 the resources needed to keep up with increasing demand by hiring more data experts,
May 2021
making an even deeper commitment to the partner ecosystem, and strengthening the company’s operations foundation to scale the firm.

Apr. 2021 • The investment broadens AHEAD’s existing portfolio of solutions across cloud, automation, security, and application development.

Mar. 2021 • The investment reinforces Concord’s mission to grow and help clients overcome their business and technology challenges.

Feb. 2021 • The acquisition strengthens and expands the cloud delivery and engineering capabilities of Accenture Cloud First in the U.K.

Source: PitchBook.

14 Note: The denotes a Houlihan Lokey deal.

Featured Data and Analytics M&A Activity (5 of 5)
There has been a proliferation of deal activity within the data science and analytics space, with a particular focus on bolstering AI/ML capabilities.

Target Acquirer Date

• The acquisition expands NTT Data’s data analytics, artificial intelligence, and machine learning expertise as well as expands the company’s
Jan. 2021
Snowflake and Databricks partnership.

• The acquisition further bolsters Mphasis’ next-gen data engineering, data ops, and master data management solutions on Snowflake and Talend
Nov. 2020
environments to clients globally.

Jan. 2019 • The acquisition expands Cervello’s global reach and technological expertise.

• The investment from Trinity Hunt will allow Improving to further accelerate its growth and advance its ambition of improving the perception of
July 2018
the IT professional.

Source: PitchBook.
15
01
C O M PA N Y S P OT L I G H T S
Company Spotlight: Amplifi

Business Description Key Technology Partnerships

Amplifi is a global data consultancy that solves modern data challenges. Its delivery capabilities
are defined by six key practices: Data & Analytics Strategy, Data Management & Governance,
Data Integration & Engineering, Analytics & Data Science, AI & LLMs, and Data Culture. It also has Microsoft Fabric, Purview, Azure 2023 Stibo Systems Delivery Select Partner
strategic, long-standing partnerships with data technology vendors recognized by leaders by Data Factory, and Power BI Partner of the Year
analysts such as Gartner and Forrester.

500+ 5 2
Years Consecutively Recognized featured 2x in Inc. 5000 fastest-
Satisfied Customers
by Gartner growing private companies Silver Partner Certified as Architect Associates

Relevant Information Specialties

Headquarters: Dallas, TX # of Employees: 190

U.S. Locations: Atlanta, Chicago, Los Angeles Industries: Distribution, Manufacturing, Retail
Data Data AI & LLMs Data Data Mesh & Analytics &
EU Locations: Leamington Spa, Copenhagen PE Investment: June 2022 Strategy Management for data Integration Data Fabric Data Science

Notable Clients Recent Acquisition

March 2021: The acquisition allows Amplifi and Comma Group to extend
global reach, enhance services, and provide client-focused digital
transformations worldwide. Furthermore, Comma Group enriches Amplifi's
U.S.-based consultancy by offering expanded services in data quality,
migration, and R&D while also strengthening tech services through key
partnerships.

Source: Amplifi.
17
Company Spotlight: Amplifi

Q: How have the data science and analytics solutions evolved for Amplifi over the past three years? What role
Corey Mellick, Founder & CEO does AI play in your services today? How do you introduce your clients to AI solutions?

As CEO of Amplifi, Corey focuses his energies on evolving the company’s A: The entire data landscape has evolved rapidly, and we’ve kept pace with that by evolving our services, led
by our Chief Innovation Officer and his exceptional R&D team.
vision and growth strategy and ensuring the company is providing the best
services and most measurable results to its clients. Corey has established
The introduction and adoption of approaches like data mesh and data fabric are forcing organizations to
Amplifi as an industry leader in information management, delivering data-
question not only the way they manage data, but how it’s used and accessed across their entire enterprise,
driven strategies and solutions that are changing the industry. and we’ve already delivered multiple data mesh engagements.

When it comes to AI, it’s safe to say that it’s ubiquitous in every conversation about data these days. Our
approach is three-fold: How do we accelerate Amplifi’s delivery capabilities with AI, how do we use AI to
deliver better solutions to our clients from our existing service catalog, and how do we architect, design, and
implement innovative solutions that aren’t currently part of our offering?
Q: Tell us about Amplifi and what sets your firm apart from competitors in the data science and analytics
universe. What is your unique value proposition?
A: The breadth of knowledge and expertise in our team is what sets us apart. Amplifi is a full-stack data Q: How do you ensure your solutions are scalable and adaptable in the ever-changing digital landscape?
consultancy; we don’t just look at data science and analytics in a silo. We look at the bigger picture and A: We’re clear in our view that there are very few data initiatives that have a definitive destination. Most of the
consider how all the other elements of the data value chain—from management and governance of data time, data initiatives are an ongoing journey that has twisting, winding roads. That outlook’s healthy for both
through to integration and engineering—can be optimized so that any data science and analytics initiative is us and our clients as we don’t get tied to one way of working or committed to any rigid approaches. We can
built on a solid foundation of trusted data. adapt and deliver the right solution at the right time to suit the requirements of our clients.

Q: How do you assist clients in their data journeys? Do you focus on one-time implementations and strategy Q: What is your vision for the future of your firm and its role in the evolving digital landscape?
solutions, or do you also introduce managed services/support engagements to your clients? A: We have a set of long-term goals, and one of those is to establish Amplifi as the world’s leading AI-driven
A: We’re in it for the long haul. In fact, we’re proud to count some of the world’s most recognizable brands as data consultancy. Our whole team is rallied around that objective. Our vision is to continue to embrace
long-term clients, and we do that by being focused on their unique requirements and outcomes. change and innovative new ways of thinking, so we help our clients cut through the noise as their trusted,
long-term data partner. And I’m proud to say we’re on track to deliver that objective thanks to the
outstanding team we have here at Amplifi.
Our initial engagement might be designing a long-term data strategy, or it might be a tactical technology
implementation. Either way, our team is set up to deliver outstanding account management and focus on the
long-term objectives of our customers. Once we understand their requirements, we deliver a phased roadmap
focused on initiatives that make the biggest impact in the shortest amount of time.

Q: How do you stay up to date with the latest trends and technologies, and how do you incorporate them
into your client solutions?
A: We invest heavily in research and development to make sure we stay ahead of the curve. Our Chief
Innovation Officer works closely with analysts like Gartner to ensure we’re aligned with their thinking, and our
internal team constantly works with new and emerging technologies to understand if and how they can
deliver value.

18
Company Spotlight: Hakkōda

Business Description Technology Partners

Hakkōda is a modern data consultancy and engineering firm specializing in Snowflake along with
several strong partnerships with many top data technology partners, such as Matillion, Fivetran,
Coalesce, and Dataiku. The company offers proprietary solutions and accelerators in Data Elite Partner, Financial Services & Gold Partner Solution Partner
Governance, Financial Services, Healthcare, and Snowflake Optimization while also integrating Healthcare Competencies
generative AI capabilities to enhance competitiveness and client outcomes. Furthermore, Hakkōda
offers nine Data Modernization Services alongside ongoing Managed Services like Snowflake
Concierge, Managed Data Ops, and Data Science, facilitating post-initial implementation
monetization.
Relevant Information Data Modernization Services

Headquarters: New York, NY Industries: Healthcare and Life Sciences,

Other Locations: U.S., U.K., Costa Rica, Mexico, Financial Services, Supply Chain, and Public
Data Data Data Data Business Data Data Data
Argentina, Portugal, and India Sector
Strategy Engineering Governance Quality Intelligence Science Sharing Apps
# of Employees: 300+ Growth Investment: April 2023

Notable Clients Recent Awards

2024 Americas 2024 Healthcare and 2024 Americas 2023 Americas

Innovation Partner of Life Sciences Data Innovation Partner of Innovation
the Year Cloud Services Partner the Year Partner
of the Year

Source: Hakkōda.
19
Company Spotlight: Hakkōda

Q: How have the data science and analytics solutions evolved for Hakkōda over the past three years? What
role does AI play in your services today? How do you introduce your clients to AI solutions?
Erik Duffield, Co-Founder & CEO A: Just as AI capabilities have sped up with GenAI, so have our engagements. Hakkōda combines both a
Education: University of Oklahoma strategic approach (where to play, how to win) and our industry expertise to give focus and intent to AI
technologies. An example of this is designing and building an intelligent contract management solution that
Experience: GM of Experience Management Platform at helps a large asset manager speed up operations while giving important insights to better manage risk. AI is a
Deloitte, CEO at Appirio, Managing Director of Business part of nearly all our conversations, even if much of the work is helping get our clients’ data house in order so
Analytics at Perficient they can effectively use AI to build the next big thing.

Q: What is your approach to building and maintaining long-term client relationships, and how do you ensure
client satisfaction?
Q: Tell us about Hakkōda and what sets your firm apart from competitors in the data science and analytics
universe. What is your unique value proposition? A: It starts with picking the right clients. We are focused on Fortune 1000/Global 2000. Our clients have big
opportunities to attack, complex organizations to navigate, and plenty of legacy technology to move past.
A: Hakkōda is an industry-focused data engineering and consulting firm with a laser focus on modernizing Our goal and therefore ways of working are centered around a roadmap with milestones to advance
data platforms for the Fortune 1000. Historically, companies of this profile have relied on large global systems capabilities and achieve greater and greater outcomes. This lends itself to long-term relationships. We aren’t
integrators for this capability and scale but have increasingly been looking for more purpose-built partners. built to simply implement software. We partner with our clients to address challenges and opportunities
We are financial services, healthcare and life sciences, supply chain, and public sector specialists who have specific to their industry.
deep expertise in the modern data stack, with an emphasis on the Snowflake platform. Hakkōda is an AI-
enabled consultancy with global delivery teams across LATAM, Iberia, and India, combining human scale with
advanced tooling and AI copilots ushering in the next generation of data services. Q: What emerging technologies or trends in data science and analytics do you see as particularly promising or
impactful in the near future?
A: We are having great success building industry-specific AI solutions in healthcare and financial services. This
Q: How do you assist clients in their data journeys? Do you focus on one-time implementations and strategy allows us to focus the power and scale of this technology on very specific use cases and deliver accurate and
solutions, or do you also introduce managed services/support engagements to your clients? intelligent insights. For example, we are modernizing healthcare clinical analytics by combining EMR data with
A: It all starts with our rapid strategy framework, known as The Data Innovation Journey, to understand what supply chain and scheduling, and HR data.
economic outcomes an organization is trying to drive with its data. This process leverages our proprietary
research and expertise drawn from hundreds of data engagements. Once we anchor on an outcome, the
framework helps make critical decisions on what to do now and what to do next. The result is a pragmatic Q: How important is it to be focused on one specific technology/partnership (Snowflake) versus being a tech-
roadmap. As a company, we are involved in both transformational projects that have a beginning and an end, agnostic solutions firm?
as well as long-term managed services where we provide an innovative and highly advantageous talent model A: It’s incredibly important. Our focus on Snowflake has enabled us to build leading capabilities quickly and
called Scalable Teams that helps our clients be agile and responsive to changing needs. offer a broad set of skills from data engineering, AI, and app development—all of which are Snowflake
Certified. It’s an informed bias backed by 30 years of experience in building data solutions. We recognize not
only the technology advantage Snowflake has but the organizational and field (sales) advantage. Most
Q: How do you stay up to date with the latest trends and technologies, and how do you incorporate them importantly, we are philosophically aligned in the belief that our joint customers (C level at Fortune 1000)
into your client solutions? chose Snowflake because it makes the complex simple. It’s not about turning “all the knobs” and playing with
From day 1, Hakkōda built a leading L&D function. We are a learning organization that can spot trends and technology.
skills (certifications and practical capstones) our team up on the technologies that are moving our customers
forward. Our delivery teams are organized into Capability Studios and chartered with training and tooling.
Our industry teams harness these capabilities to address large opportunities in the marketplace.

20
Company Spotlight: Lovelytics

Business Description Premier Technology Partners

Lovelytics is a premier data, analytics, and AI consulting firm, offering services in data advisory,
enterprise data environment design and implantation, data science and machine learning,
generative AI, data visualization, and training to organizations worldwide. By collaborating with Select Partner Preferred Partner
leading technology solution providers such as Databricks, Microsoft Azure, and Amazon Web
Services, Lovelytics empowers businesses to effectively manage and leverage both structured and
unstructured datasets for actionable insights.
Data & AI (Azure) and Cloud Preferred Partner
Solutions Partner

Relevant Information Services

Headquarters: Arlington, VA Industries: Financial Services; Life Sciences;

Other Locations: Cleveland, Toronto Retail; Manufacturing; Communications, Media,
and Entertainment Data Data Data Cloud Data Data Managed
# of Employees: 77 Strategy Governance Management Migration Science Visualization Services
PE Investment: June 2023

Notable Clients Recent Awards

2024 AMER Emerging Partner 2023 CME Partner 2022 Innovation Partner
of the Year of the Year of the Year

Source: Lovelytics.
21
Company Spotlight: Lovelytics

Q: How do you assist clients in their data journeys? Do you focus on one-time implementations and strategy
Scott Love, Founder & CEO solutions, or do you also introduce managed services/support engagements to your clients?

Education: Purdue University A: At Lovelytics, we believe that flexibility is key to being the best partner for our customers. We provide a
comprehensive range of end-to-end services, including business and data strategy, hands-on implementation,
Experience: Head of Business Development at Data and full-scale managed services. However, we understand different organizations have different needs. Some
Meaning, Enterprise Account Executive at Cox Business clients may have large-scale data science teams and simply require additional capacity to increase their ability
to deliver to their business customers for a specific project, or experience and skill sets to reduce the risk of
Other Relevant Experience: Tableau Desktop Qualified implementing a brand-new solution. In these cases, we provide the necessary expertise and support to
Associate and Tableau Product Sales Certification augment their capabilities. On the other hand, some clients choose Lovelytics as their data agency of record,
entrusting us with their entire data journey. For these clients, we offer continuous support, from data and AI
strategy development to ensure that the technology and data products being developed are aimed at driving
impact for their business, to execution and ongoing managed services. Our goal is to provide the right level of
support for each client, ensuring they achieve their data and analytics objectives efficiently and effectively.

Q: Tell us about Lovelytics and what sets your firm apart from competitors in the data science and analytics
universe. What is your unique value proposition? Q: How do you measure the success of your solutions, both in terms of client outcomes and the growth of
your own business?
A: At Lovelytics, we have built our entire business around enabling our customers’ business transformation
and data modernization journey on Databricks. We are a leading Databricks data and AI services provider, A: Success isn’t a simple metric that we measure; it’s a comprehensive process that begins with defining
specializing in complex data challenges. We differentiate ourselves through our exceptional team, focused success metrics before we implement a solution. We work closely with our clients to establish these metrics,
expertise, and innovative IP. Our success begins with our top-tier talent. We’ve built a culture that attracts and ensuring they reflect both business and technology perspectives. We aim to ensure that the solution works as
retains the best professionals, ensuring our team feels valued and engaged with challenging projects. As intended and delivers the cost, performance, and business impact our clients need. Broadly speaking, we
Databricks’ first pure-play consulting partner and the first to receive investment from Databricks Ventures, invest in bringing new solutions to the market, collaborating with our customers and partners to drive value
our deep focus on this platform sets us apart. We align our entire business around enabling our clients’ and innovation. We focus on developing differentiated, industry-specific, and Databricks-specific solutions
transformation and data modernization journeys on Databricks. Our specialized expertise drives significant and regularly assess our ability to drive their adoption. Additionally, we measure success through our ability
business impact, supported by heavy investment in IP to accelerate projects and add value—for example, to maintain and grow long-term partnerships with our clients. We believe that delivering high-quality
utilizing LLMs to automate and accelerate migrations to Databricks, or developing a GenAI solution in the solutions and providing valuable, unique experiences will encourage clients to continue partnering with us on
manufacturing space around warranty administration. their data and AI modernization initiatives. This ongoing collaboration is a key indicator of our success and
impact.

Q: What is your approach to building and maintaining long-term client relationships, and how do you ensure
client satisfaction? Q: How do you ensure your solutions are scalable and adaptable in the ever-changing digital landscape?
A: At Lovelytics, building and maintaining long-term client relationships is at the core of everything we do. A: Ensuring our solutions are scalable and adaptable involves two key components: technology architecture
Our approach centers on three key principles: delivery success via proven approaches and top-tier technical recommendations and enablement and change management. First, we design architectures that leverage the
talent, demonstrating rapid value, and providing business insights and experiences. We prioritize advanced features of the Databricks Data Intelligence Platform. This approach ensures our solutions are
understanding our clients’ unique market and business needs and tailor our solutions to deliver exceptional technically scalable and adaptable, capable of evolving with the rapidly changing digital landscape. Second,
results. By consistently exceeding expectations and fostering open, transparent communication, we ensure our delivery approach focuses on comprehensive customer enablement and change management. We
client satisfaction. This approach helps us create lasting partnerships built on trust, mutual success, and a prioritize training and empowering the future administrators and operators of our data solutions as well as
deep commitment to our clients’ goals. the end users. By providing them with the necessary skills and knowledge, we ensure they can effectively
manage, adapt, and scale the solutions to meet their ongoing needs. This dual focus on robust architecture
and user empowerment allows our clients to stay ahead in an ever-changing environment.

22
Company Spotlight: MathCo

Business Description MathCo’s Platform: NucliOS

MathCo is a global AI and analytics firm that collaborates with Fortune 500 companies to enhance Key Features Use Cases
their analytics capabilities. Leveraging IP-led assets, talent, and streamlined processes, the
company delivers accelerated, human-centric solutions. Its services encompass data engineering,  Scalable solutions
 End-to-end  Supply Chain  Marketing Analytics
 Range of Modules Automation Planning  Retail Media
science, and custom product building. Moreover, MathCo crafts bespoke data products using an
innovative hybrid model, transferring intellectual property ownership to clients. NucliOS, the  Generative AI  Revenue Marketing
Management
company's proprietary platform featuring pre-built workflows and reusable plug-and-play
Technology Partners
modules, facilitates the realization of connected intelligence at a reduced total cost of ownership.

Relevant Information

Headquarters: Chicago, IL Industries: CPG, Retail, Healthcare & Life Offerings

Other Locations: Amsterdam, Bengaluru, Texas, Sciences, Automotive
Ontario PE Investment: January 2023
# of Employees: 1,240
Generative Data & Analytics
Engineering Custom Products
AI Consulting
Proprietary AI Platform
Recent Awards
NucliOs is an AI-powered platform with fully customizable
frameworks to build data products for powerful business
integration. With NucliOS, enterprises can build apps that are
scalable, customizable, and easy to integrate with their existing
business ecosystem.

Source: MathCo.
23
Company Spotlight: MathCo

Q: How do you introduce your solutions/offerings to your clients? What specific technology solutions do you
Sayandeb Banerjee, Co-Founder & CEO lead your engagements with?

Education: Indian Statistical Institute, M.S. Quantitative A: Our offering is to build custom, nuanced applications focused on the business problems of enterprise
clients. While such an approach may take an extended development period, we leverage our business and
Economics function-specific accelerators to drive efficiency in development. In addition, we also have the capability to
Experience: 25+ years in Data and Analytics incorporate context from stakeholders on nuances. To make this process seamless, we follow a technology-
agnostic approach. Our accelerators and solutions are based on open-source philosophy and are easily
Relevant Experience: Mu Sigma, GECIS (Now Known as integrated with existing cloud, on-premises infrastructure. This ensures avoidance of high investment and
Genpact), GE Capital rethinking of strategic priorities already made by the enterprises.

Q: What is your approach to building and maintaining long-term client relationships, and how do you ensure
client satisfaction?
A: We are driven to be a true innovation partner for our clients and to do what we believe in the “outcome
Q: Tell us about MathCo and what sets your firm apart from competitors in the data analytics and AI universe. first” approach. In addition to effective execution, we focus on driving consumption and adoption of the
What is your unique value proposition? solutions by our clients. We curate personalized training and marketing collaterals to drive momentum within
A: MathCo is a custom AI application and solution development firm. Our core philosophy is to build the organization. We also set up a feedback council to proactively identify points of performance
intelligence that would be owned by enterprises, making them self-sufficient in today’s competitive improvements to ensure the business objectives are met in an effective manner. Our core philosophy is
landscape. NucliOS, our proprietary platform, powers our solutions through a repository of customizable, AI- enabling our clients to own their intelligence and, hence, our relationship is not driven by renewing the same
integrated accelerators. As a true Innovation Partner, we bring with us proven and experienced professionals problem but rather by continuously identifying ways to enhance the collective business objectives.
to support our customer’s journey from design to development and deployment. This hybrid approach
enables efficiency and quality at scale as we build truly connected solutions that power critical decisions
Q: What is your vision for the future of your firm and its role in the evolving digital landscape?
within global enterprises.
A: Our vision is to develop “Connected Systems of Intelligence” for enterprises. Today, enterprises have
multiple data sources and analytical solutions, but they lack the ability to interact with each other. The
Q: How do you ensure your solutions are scalable and adaptable in the ever-changing digital landscape? solution to overcome this challenge is not simple but rather requires an integrated thinking approach around
A: Solutions developed by MathCo are modularized and built for scale. All our solutions and accelerators form data, technology, business decisions, and how they are connected with each other. We are working towards
three baseline layers: front-end business application, back-end data and algorithm layer, solution and product the creation of such a connected system for functions within an enterprise, which would eventually lead to an
management layer. Instead of adopting “a one size fits all” approach, the three baseline layers are customized enterprise-level Connected System of Intelligence.
for specific markets/categories. While the solution remains standard, specific customizations are enabled (e.g.,
availability of data across markets could be different) based on the nuances enabling a curated scaling
Q: How have you integrated GenAI as a part of your offerings?
approach. The Solution Product management layer constantly measures the solution performance drift and
change in data variance to identify optimal points for refreshing and rebuilding the solution. Additionally, A: GenAI has been the most significant disruption in the past few years. Our approach to GenAI is two-
new data sources could be plugged into the three layers in an incremental manner, and only the required pronged. One is to develop accelerators for solutions to solve problems that would have otherwise been
processes within the layers would require customizations. improbable to solve within GenAI. The second pillar is to integrate GenAI features within existing business
problems and solutions (e.g., the creation of intelligent synthesis of KPIs, reports of existing dashboards,
development of a data discoverability co-pilot on top of existing data systems, etc.). Based on the need and
value, we have been able to incorporate GenAI across these two pillars across enterprises.

24
Houlihan Lokey’s Data Science and Analytics Team Leadership Houlihan
Lokey’s Global
IT Services – Footprint
The Data Science and Analytics team comprises financial
Data Science
professionals within the firm’s IT Services practice.
and Analytics
Andy Johnston Malte Abrams
55+
Team IT Services
Houlihan Lokey’s Leading M&A Platform Managing Director Managing Director
Charlotte Frankfurt Financial
2023 M&A Advisory Rankings 2023 M&A Advisory Rankings Andy.Johnston@HL.com Malte.Abrams@HL.com Professionals
All Global Business Services Transactions All Global Transactions +1 704.247.1958 +49 (0) 69 20 434 6425 Across the Globe
Advisor Deals Advisor Deals

1 Houlihan Lokey 63 1 Houlihan Lokey 352

2
3
Rothschild & Co
Lincoln International
46
32
2
3
Rothschild & Co
Goldman Sachs & Co
349
300
36
Locations
4 Clearwater International 31 3 JP Morgan 300
Worldwide
Tim Frye R.B. McCutcheon
5 Goldman Sachs & Co 27 5 Morgan Stanley 253
Director Director
Source: LSEG (formerly Refinitiv). Source: LSEG (formerly Refinitiv).
Excludes accounting firms and brokers. Excludes accounting firms and brokers. Charlotte Atlanta

2,000+
Tim.Frye@HL.com RMcCutcheon@HL.com
+1 704.303.8182 +1 404.495.7059
Featured Tombstones
Total Financial
a portfolio company of
Professionals
has sold its stake in
has been acquired by
has been acquired by has been acquired by

to has acquired

2,000+
Sellside Advisor Buyside Advisor* Sellside Advisor* Sellside Advisor Sellside Advisor*

Ilia Ulianchuk Nic Anderle

Vice President Associate Clients Served
Annually
has been acquired by has been acquired by an affiliate of

Charlotte Charlotte
has been acquired by

Ilia.Ulianchuk@HL.com Nic.Anderle@HL.com
Sellside Advisor* Sellside Advisor* Sellside Advisor
+1 704.247.1866 +1 704.303.8258

Tombstones included herein represent transactions closed from 2018 forward.

25 *Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.
Disclaimer

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