M&A activity for North American based target companies in the Business Services sector for Q2 2017 included 590 closed deals, according to data published by industry data tracker FactSet.
One of the largest middle market deals of the quarter was announced in April when Belgacom International Carrier Services SA, a subsidiary of Proximus SA, ultimately owned by the Government of Belgium, entered into a definitive agreement to acquire TeleSign Corp, a portfolio company of Summit Partners LP, Adams Street Partners LLC, March Capital Partners and Telstra Ventures, for US$230 million in cash with an undisclosed amount in contingent payout. TeleSign provides internet, mobile and cloud authentication and verification services. The company was founded in 2005 and is headquartered in Marina del Rey, CA.
Industry Indicators
- US corporate profits, an indicator of corporate demand for business services, rose 3.7% in the first quarter of 2017 compared to the same period in 2016.
- Total US revenue for administration and support services rose 10.6% in the first quarter of 2017 compared to the previous year.
Posted by Brad Purifoy.
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