Our Latest Insights

Emerging Opportunities in Legal Technology

Someday, robots may replace lawyers. In the meantime, law firms and corporations are embracing a growing array of technologies that help human lawyers be more effective. See our view on the opportunities this creates on the heels of our recent visit to LegalTech, the largest legal technology event of the year.

Key Insights

  • Interest is especially high in technologies that help lawyers address increasingly critical issues of data security, privacy and information governance.
  • Solutions that address labor-intensive processes, such as e-discovery, are also attracting great interest.
  • Leading legal tech companies are redesigning how work gets done, how data gets stored and protected, and how regulatory compliance is achieved.

Click here for Derek Lewis and Anthony Basmajian’s full takeaways.

What We’ve Been Reading

Humans Wanted: Robots Need You

"Robot workers replacing human jobs – the debate of the decade. In reality, the opposite looks true. Our research shows more employers than ever - 87% - plan to increase or maintain headcount as a result of automation for the third consecutive year. Rather than reducing employment opportunities, organizations are investing in digital, shifting tasks to robots and creating jobs. At the same time, companies are scaling their upskilling so their human workforce can perform new and complementary roles to those done by machines. The Skills Revolution is in full flow."

Read more here.

Rewiring for Success

"While historically, managed services programs have been focused on cost savings and tactical execution, the emphasis has expanded from tick-box compliance to data-driven insights that power innovative approaches to modern talent challenges.

“The evolution has been a long time coming,” admits Brian Salkowski, president, Americas at Guidant Global. “Our tone and tenor have shifted from ‘thou shalt’ to mutual cooperation and working together toward outcomes that benefit everyone.”

Essentially, data analysis has become the centerpiece of an updated model that features widespread sharing of information, strategic decision-making and inclusive relationships with suppliers."

Read more here.

Apax Sells Majority Stake in Insurance Brokerage AssuredPartners Back to GTCR

"Apax Partners’ Apax VIII fund will sell its entire stake in AssuredPartners to an investor group led by GTCR. The deal, slated to close in the second quarter of the year, will yield a return of approximately three- times multiple of invested capital for investors in Apax’s VIII fund, according to a person familiar with the situation."

Read more here.

What We’ve Been Hearing

Excerpts from Recent Earnings Calls

screen_shot_2019-03-15_at_3.32.46_pm.png“We believe M&A, particularly around capability-led kind of growth, is a good use of our cash. We have a strong pipeline at this point in time, it's across some very core areas that have we've been identifying over the past few quarters. We're looking at assets, which are capability-led and at the same time accretive to all our numbers of WNS. For us, I think the focus is right time, right size and fit and right value that want to make sure that it only adds to the overall momentum of the company.” – Keshav Murugesh, CEO & Director, WNS

screen_shot_2019-03-15_at_3.33.34_pm.png“Now making acquisitions continues to be a key strategic element to our growth model, as we seek to strengthen our core business and complement the organic growth of our business. With strong cash flow from operations combined with approximately $250 million of unused financing capacity, there is plenty of capital to continue an aggressive acquisition program. As we have done over a long period of time, we fully expect to close at least three to five acquisitions in the year ahead. ” – Ware Grove, CFO & SVP, CBIZ

screen_shot_2019-03-15_at_3.34.02_pm.png“From an M&A side, if there are things that will help accelerate that, we have a lot of the tools and we're going to have this capability in the near term. So there are certain verticals in the M&A that we think, from an M&A side, that can accelerate us into some new verticals and keep us ahead of the market. So like we said, we're -- we are actually -- we're -- because of the way we've been able to delever, get to our target, we're going to be deploying capital this year back in the market with M&A -- or M&A or returning to shareholder there. So we're back in the M&A market for 2019. And it's more strategic products that will help accelerate us in the Technology Solution areas.” – Charles Drucker, Executive Chairman & CEO, Worldpay

Equity Trading Overview

Key Trading Statistics1,2

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As of December 31, 2018

Public Company Sector Performance1,2​

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As of March 14, 2019

Economic Trends

A Snapshot of Key Economic Indicators

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M&A Market Trends

Select Recent M&A Transactions2

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Business Services M&A Volume (By Year)4*

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As of March 14, 2019
* Represents all announced or closed M&A transactions in the United States and Canada
* No transaction value provided for undisclosed deals

Public Comparables

Public Company Performance1,2

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1. Thomson Reuters
2. FactSet
3. U.S. Bureau of Economic Analysis
4. The Conference Board
5. U.S. Bureau of Labor Statistics
6. U.S. Department of Labor
7. Institute for Supply Management

 

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