Investec – IT Services Report Benelux

Early 2026 was a difficult period for listed IT Services companies. Concerns that AI would erode traditional service models pushed average valuations from around 10.4x to a low of 8.0x NTM EBITDA. Since then, multiples have recovered to 8.8x, and private equity has continued to invest through the downturn.

Investec’s new IT Services Report for the Benelux analyses 4,609 European transactions between 2021 and H1 2026. The Netherlands ranks fourth in Europe by deal count, and US buyers account for the largest share of foreign acquirers of Dutch targets. The clearest trend is the rise of buy-and-build: sponsor-backed strategic buyers made 48% of acquisitions in H1 2026, up from 38% in 2021. The report also argues that AI creates a significant opportunity for IT services providers.