After months of speculation, Capgemini announced that it has entered into an agreement to  acquire WNS for US$3.3 billion. Under the definitive transaction agreement, Capgemini will pay  $76.50 per share, representing a 17% premium over WNS’s closing share price on Friday, July  4, 2025.    This Everest Group viewpoint highlights the key positives of the Capgemini–WNS combination,  particularly in terms of complementarity across industry verticals, geographies, and service  offerings, as well as enhanced business scalability. These benefits are expected to bolster the  combined entity’s competitive positioning against other leading broad-based IT-BPS providers.  The analysis also sheds light on potential challenges beyond integration, including timing,  cultural alignment, and value premium justification. Finally, it explores the implications for  enterprise clients, both existing and prospective, as well as the broader impact on the IT-BPS  industry. 

In March 2024, US-headquartered HR solution provider Deel, which started out as an Employer of Record (EOR), announced the acquisition of a prominent Africa-based payroll and HR software and services company, PaySpace. The acquisition holds significant market implications: it signals a shift in EOR providers’ ambitions to develop global payroll capabilities and could spur similar M&As in the market. Additionally, we anticipate that the acquisition will propel Deel closer to its goal of creating a full-suite HR platform that addresses employees' payroll, HR, performance, and compliance needs. In this report, we analyze the acquisition’s background and context and its benefits for Deel and PaySpace. We also explore its implications for the EOR and Multi-country Payroll (MCP) markets, including a rise in investments in global employment platforms and intensification of competition in the market. Scope All industries and geographies Contents In this report, we examine: Key trends in the HR outsourcing space Background and context of the acquisition Benefits of the acquisition for Deel Benefits of the acquisition for PaySpace Market implications of the acquisition Membership(s) Human Resources Outsourcing Excellence

Recognizing the increasing need for an integrated technology ecosystem in the rapidly evolving talent acquisition and management market, Avionté strategically acquired SimpleVMS. Historically, Vendor Management System (VMS) functioned as a distinct technology from staffing Applicant Tracking System (ATS) platforms, and a poorly integrated VMS and staffing ATS not only impacts the quality of service staffing agencies deliver but also increases administrative costs. The aim of this strategic acquisition is to eliminate the barriers between VMS and staffing ATS technologies. Everest Group anticipates that this acquisition will bring about a substantial transformation in the contingent talent acquisition process for both firms’ clients, enhancing efficiencies and accelerating job requisition fulfillment. While the acquisition will generate positive outcomes for employers, Managed Services Providers (MSPs), and talent alike, staffing agencies – operating at the intermediatory point of the talent acquisition process – are expected derive the most significant benefits including reduced time delays and eliminated extra effort associated with VMS interactions. Scope All industries and geographies Contents In this report, we examine: Avionte’s acquisition objectives The key acquisition drivers The impact on Avionté, SimpleVMS, and their respective stakeholders Implications for the broader market Membership(s) Contingent Workforce Management Contingent Staffing Outsourcing Excellence

In this Practitioner’s Perspective, Monika Mehrotra, Vice President of Global Operations at TransUnion, shares TransUnion’s Global Business Services (GBS) organization’s approach to integrating multiple acquisitions into its GBS model. TransUnion is a consumer credit reporting agency that has completed over 10 acquisitions in the last five years to enhance its product portfolio and broaden its geographic reach. With each acquisition, the scope and capabilities of its GBS organization also expand, creating new opportunities to integrate the acquired company from a GBS perspective. In this conversation, we discuss TransUnion’s key learnings and strategy, which are presented in this Practitioner’s Perspective.

On October 19, 2022, Beeline, a global extended workforce technology solutions provider, agreed to acquire Utmost, a next-generation extended workforce solutions provider, for an undisclosed amount. The acquisition is expected to accelerate Beeline’s extended workforce platform and digital transformation strategy and enable it to provide innovative solutions and drive greater value to its clients. The acquisition also has the potential to disrupt the Contingent Workforce Management (CWM) and Vendor Management System (VMS) space, with implications for all major market constituents – competitors, enterprises, and Beeline and Utmost. In this viewpoint, we outline the acquisition’s objectives, analyze the key drivers, examine the acquisition’s impact on Beeline and Utmost, and discuss major implications for the broader market. Scope Industry: Recruitment Process Outsourcing (RPO), CWM, and VMS Geography: global Contents In this report, we: Examine Beeline’s acquisition objectives Analyze the key acquisition drivers Study the key implications and outlook for enterprises, service providers, and technology providers Discuss the roadmap ahead Membership(s) Contingent Workforce Management Services Sourcing and Vendor Management

Workday has emerged as a leading enterprise management system, along with SAP and Oracle, by disrupting the Human Capital Management (HCM) space and adding finance, planning, and procurement capabilities to its portfolio. Over the last eight years, Workday has completed 17 acquisitions in various talent management areas, including employee engagement, learning, payroll, recruitment, and talent management. On November 18, 2021, Workday entered into a definitive agreement to acquire VNDLY, a cloud-based external workforce and vendor management technology provider, for US$510 million. The acquisition is expected to close in the first quarter of 2022. With VNDLY’s acquisition, Workday will be able to provide organizations with a unified talent management solution to help them manage all types of workers – permanent and contingent, including internal and external salaried, hourly, and outsourced workers. Scope: Industries: Human Resource Outsourcing (HRO) and Contingent Workforce Management (CWM) Geography: global Contents: In this viewpoint, we:: Outline the synergies between Workday and VNDLY Understand the acquisition’s implications on the market Membership(s) Contingent Workforce Management Services Human Resources Sourcing and Vendor Management

On August 17, 2021, PRO Unlimited, a leading vendor neutral Managed Service Provider (MSP) / Contingent Workforce Management (CWM) solutions provider, acquired Workforce Logiq, another leading vendor neutral MSP/CWM solutions provider. This acquisition makes good sense given their synergies – both vendor neutral providers leverage an integrated, platform-driven MSP/CWM approach with solutions spanning the entire contingent spectrum. It also comes at an important time for the industry, as the MSP/CWM market is changing significantly, triggered by the pandemic. With this acquisition, PRO Unlimited has taken a big step to becoming one of the strongest providers in the industry, with end-to-end integrated platform-driven capabilities. We believe that this acquisition has the potential to disrupt the contingent workforce management space, with implications for all major constituents in the market – competitors, enterprises, and, of course, these two companies. In this report, we explore the acquisition objectives, analyze the key drivers and rationale behind it, and discuss the major implications and considerations for all market stakeholders. Scope: Contingent Workforce Management (CWM) / Managed Services Provider (MSP) Industry:All Geography: Global Contents: In this report, we explore: PRO Unlimited’s stated acquisition objectives, as outlined by Kevin Akeroyd, CEO of PRO Unlimited Major drivers behind this acquisition Key implications, considerations, and outlook for market stakeholders Membership(s) Contingent Workforce Management Sourcing and Vendor Management

Ceridian – a global HCM provider – announced its intent to acquire Ascender – a payroll and HCM provider with roots in Asia Pacific (APAC). Ceridian is not new to acquisitions. It has been expanding its payroll and HCM business for several years through a largely inorganic strategy. Ceridian’s acquisition of Ascender puts it on the path to becoming a global giant with strong North American and APAC presence. It is expected to further intensify competition in the market. Furthermore, it will create value in the APAC payroll and HCM market by allowing buyers access to a global payroll and HCM provider with grassroot presence across multiple continents. Scope Industries: Payroll and HCM Geography: global Contents In this paper, we: Outline the synergies between the two providers Understand the acquisition’s implications on the market Membership(s) Human Resources Sourcing and Vendor Management

On January 6, 2021, UnitedHealth Group’s Optum acquired Tennessee-based healthcare technology company Change Healthcare for roughly US$13 billion (including about US$5 billion debt). Upon the deal’s completion in H2 2021, Change Healthcare will become a part of OptumInsight, Optum’s data and analytics arm. The acquisition promises to make Optum a partner of choice for enterprises, especially in areas where both Optum and Change Healthcare are dominant, such as payment integrity, Revenue Cycle Management (RCM), and data analytics. The acquisition is also expected to provide more mature, comprehensive, and end-to-end solutions; however, how the firms leverage their combined position in the future will be vital to serving enterprise clients. This viewpoint analyses the acquisition in detail, identifying the key drivers, the acquisition’s implications on healthcare industry stakeholders, post-acquisition considerations, and Everest Group’s views on the healthcare industry’s future course as consolidation continues in the market. Membership(s) Healthcare IT Services (ITS) Healthcare Payer and Provider Business Process Sourcing and Vendor Management

IBM caused a stir in the market when it announced its plan to spin off the managed infrastructure services business of its Global Technology Services (GTS) division. The move is in line with new CEO Arvind Krishna’s strategy for laser-sharp focus on the cloud and AI business – the cornerstone of IBM’s next phase of growth. With this move, IBM can position itself as partner of choice with complete focus on helping enterprises succeed in a post-digital transformation era through its hybrid cloud and AI capabilities. In this viewpoint, we explore developments in both the market and within IBM that led to this move and discuss potential impacts for IBM clients. Scope Industry: IT services Geography: Global Content In this viewpoint, we bring forward: Factors leading up to the spin-off IBM’s goal to create the highway for next phase of its growth Implications for IBM clients Membership(s) Application Services Cloud & Infrastructure Services Digital Services Enterprise Platform Services Banking & Financial Services ITS Healthcare ITS Insurance ITS Life Sciences ITS Sourcing and Vendor Management