Research & Analysis by NKP | M&A Insights

February 26, 2026

Testing, Inspection, Certification & Compliance (TICC) platforms: valuation outcomes and consolidation dynamics

Across transactions between 2018 and 2026, EV/EBITDA outcomes for Testing, Inspection, Certification & Compliance (TICC) platforms have ranged from approximately 6x to the high-20s. This dispersion reflects structural positioning rather than market timing - with asset-intensive industrial inspection businesses trading very differently from embedded, recurring compliance ecosystems built around regulatory mandates, accreditation barriers and disciplined buy-and-build strategies.

February 10, 2026

Fund administration platforms: valuation outcomes and consolidation logic

Fund administration platforms have become a core area of focus for private equity and strategic buyers, yet valuation outcomes vary far more than the headline “fund services” label suggests. Based on recent transactions across Europe and the US, this analysis examines where fund administrators have actually traded, why dispersion is structural rather than cyclical, and what buyers are really paying for.

February 6, 2026

GRC SaaS platforms: transaction multiples and consolidation trends

A valuation deep dive into GRC SaaS platforms, analysing historical transactions and what drives EV/Sales and EV/EBITDA outcomes across governance, risk and compliance software.

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