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  "documentTitle": "m and a trends and outlook in the technology services sector",
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      "text": "Inorganic strategy is likely to remain a key lever for growth as service providers across segments (IT/ER&D/BPM) capture value from adjacencies and transform into end-to-end solutions providers.",
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      "text": "Note: 1. Since the completion of spin-off in Nov'21 and announcement of IBM Watson Health (now Merative) sale to Francisco Partners in Jan'22, IBM's valuation has increased from ~10x in 2020-2021 to 11-12x LTM EBITDA",
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      "text": "Deal activity for mid-sized companies is expected to remain resilient; Inorganic strategy is likely to remain a key lever for growth; Barring valuations for 'best-in-breed' assets, valuations could be under pressure; Differentiated digital assets will remain decoupled; Spin offs/divestitures of non-core or legacy businesses will create opportunities",
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      "text": "Visible slowdown in deal activity: Over 150 deals were announced in Q1 CY23 compared with 270+ in Q1 CY22 and 220+ in Q1 CY21. Soft guidance by Large IT Services players: Alludes to a cautious outlook in the near-term precipitated by delayed client decision-making and an uncertain environment compounded by the recent banking crisis.",
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