{"id":70649,"date":"2026-08-20T11:53:27","date_gmt":"2026-08-20T09:53:27","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?post_type=informes&#038;p=70649"},"modified":"2026-11-04T12:01:30","modified_gmt":"2026-11-04T11:01:30","slug":"market-report-microsoft-partners-2026","status":"publish","type":"informes","link":"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/","title":{"rendered":"Microsoft Partner Market Report 2026"},"content":{"rendered":"<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-pdfemb-pdf-embedder-viewer\"><a href=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/MR_Microsoft_Preview.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\" data-toolbar=\"top\" data-toolbar-fixed=\"on\">MR_Microsoft_Preview<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Contents\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Mercado_de_partners_de_Microsoft_en_2026\" >Microsoft\u2019s partner market in 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Que_se_considera_un_partner_de_Microsoft_en_este_analisis\" >What is considered a Microsoft partner in this analysis?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Tres_mercados_distintos_dentro_del_programa_de_partners_de_Microsoft\" >Three distinct markets within the Microsoft Partner Programme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Tendencias_que_estan_redefiniendo_el_mercado_de_partners_de_Microsoft\" >Trends that are redefining the Microsoft partner market<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#El_capital_riesgo_propietario_por_defecto_en_Dynamics\" >Venture capital, the default owner in Dynamics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Los_partners_de_Dynamics_cotizan_por_debajo_de_la_mediana_sectorial\" >Dynamics partners are trading below the sector median<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#El_multiplicador_de_partner_como_argumento_de_marketing\" >The partner multiplier as a marketing argument<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#La_capa_transaccional_se_ha_revalorizado_a_la_baja\" >The transactional layer has been revalued downwards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#La_concentracion_de_clientes_como_variable_de_precio\" >Customer concentration as a pricing variable<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Adquisiciones_de_partners_de_Microsoft_entre_2015_y_2025\" >Acquisitions by Microsoft partners between 2015 and 2025<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Patrocinadores_financieros_frente_a_compradores_estrategicos\" >Financial backers versus strategic buyers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#La_geografia_fija_la_base_de_valoracion\" >Geography forms the basis for valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Que_deben_poseer_los_consolidadores\" >What consolidators must have<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Como_se_espera_que_evolucione_el_mercado_por_subecosistema\" >How the market is expected to evolve by sub-ecosystem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Que_implica_este_informe_para_fundadores_y_compradores\" >What does this report mean for founders and buyers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Market_Research_del_sector_partners_de_Microsoft_en_2026\" >Market Research on Microsoft\u2019s Partner Sector in 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#Preguntas_frecuentes_sobre_el_M_A_en_partners_de_Microsoft\" >Frequently asked questions about M&amp;A amongst Microsoft partners<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#%C2%BFCuantas_empresas_partner_de_Microsoft_se_han_vendido_en_los_ultimos_anos\" >How many Microsoft partner companies have been sold in recent years?+<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#%C2%BFCuanto_vale_un_partner_de_Microsoft_Dynamics\" >How much is a Microsoft Dynamics partner worth?+<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#%C2%BFQuien_compra_partners_de_Microsoft\" >Who buys Microsoft partners?+<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#%C2%BFEs_buen_momento_para_vender_un_partner_de_Microsoft_Dynamics\" >Is now a good time for a Microsoft Dynamics partner to sell?+<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-microsoft-2026\/#%C2%BFPor_que_los_partners_de_reventa_de_Microsoft_365_valen_menos\" >Why are Microsoft 365 reseller partners worth less?+<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mercado_de_partners_de_Microsoft_en_2026\"><\/span><strong>Microsoft\u2019s partner market in 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Access the form to download the full report and find out about the state of the market, the most significant corporate transactions and the sector\u2019s growth prospects.<\/p>\n\n\n\n<div style=\"height:33px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"#formulariodescarga\"><strong>DOWNLOAD<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:33px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The Microsoft partner market is not a single market, but comprises three: the Dynamics 365 channel, Azure services and Microsoft 365 reselling. Between 2015 and 2025, there were 316 acquisitions of Microsoft partner firms, accounting for 23 per cent of the 1,364 transactions covered by the study and the highest number associated with any single vendor. Dynamics partners are trading at a median of 8.63 times EBITDA, 1.8 points below the median for IT services (10.4x). Adjacent sectors such as data and analytics reach 16.3x, whilst those in cybersecurity stand at 16.1x.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This report by <strong>Baker Tilly\u2019s technology M&amp;A advisory team<\/strong> compiles data on companies, acquisitions and funding rounds within the ecosystem up to September 2026, and explains what this means for founders considering a sale and for buyers looking to enter the market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Que_se_considera_un_partner_de_Microsoft_en_este_analisis\"><\/span>What is considered a Microsoft partner in this analysis?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For the purposes of this report, a Microsoft partner is a legal entity with a verified relationship with Microsoft that generates revenue from resales, services or software built on the platform. Revenue from Azure licences and usage invoiced by Microsoft itself is excluded from this scope.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This distinction is important because Microsoft publishes a single aggregate figure \u2013 over 500,000 partners \u2013 which combines all types of partner. The analysis therefore breaks the ecosystem down into three sub-populations that behave differently, and highlights which figures are comparable with the ecosystems of other manufacturers and which are not.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tres_mercados_distintos_dentro_del_programa_de_partners_de_Microsoft\"><\/span>Three distinct markets within the Microsoft Partner Programme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The figure of over 500,000 partners is the least useful indicator within <a href=\"https:\/\/techma.bakertilly.es\/en\/companies\/enterprise-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">enterprise software ecosystems<\/a> for making investment decisions. Beneath this, three distinct economies operate, each with different stages of maturity, different types of buyers and different multiples.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Sub-ecosystem<\/th><th>Size and activity<\/th><th>Degree of consolidation<\/th><th>Valuation reference<\/th><\/tr><\/thead><tbody><tr><td>Dynamics 365 Channel<\/td><td>~1,400 specialist firms \u00b7 210 verified transactions<\/td><td>~15 per cent of the channel already acquired (maturity)<\/td><td>Median 8.63x EBITDA \u00b7 1.06x revenue<\/td><\/tr><tr><td>Azure Services<\/td><td>106 verified transactions<\/td><td>Density less than 0.1 per cent (delayed restricted access)<\/td><td>Ongoing consolidation, extensive buyer base<\/td><\/tr><tr><td>Microsoft 365 Resale<\/td><td>The bulk of the partner population<\/td><td>Transactional layer<\/td><td>Lower end of the range, 7.8x EBITDA<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The practical implication is clear: a buyer should not acquire a Microsoft partner without first deciding which of the three markets it operates in, and a seller should not use a published multiple as a benchmark without checking which sub-ecosystem it corresponds to.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tendencias_que_estan_redefiniendo_el_mercado_de_partners_de_Microsoft\"><\/span>Trends that are redefining the Microsoft partner market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_capital_riesgo_propietario_por_defecto_en_Dynamics\"><\/span>Venture capital, the default owner in Dynamics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the Dynamics sector, private equity is already the dominant force. Waterland backs 9altitudes, FSN Capital backs Fellowmind, Bain Capital backs HSO and Court Square backs Velosio. <strong>Bain Capital\u2019s investment in HSO<\/strong>, announced in August 2025, valued Dynamics\u2019 largest independent partner at around 1,000 million euros, according to the trade press.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a property owner selling within this ecosystem, the question is not whether there is a buyer, but which of the platforms already familiar with the property offers the best terms. It is the most developed buyer-side component of all business software.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Los_partners_de_Dynamics_cotizan_por_debajo_de_la_mediana_sectorial\"><\/span>Dynamics partners are trading below the sector median<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The median for Dynamics firms stands at 8.63 times EBITDA and 1.06 times revenue, 1.8 points below the median for IT services (10.4x). The gap is not closed by selling more Dynamics licences, but by incorporating data capabilities, artificial intelligence and recurring annual revenue. That is the key factor that distinguishes a licence integrator from a services platform for which the market pays a premium.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_multiplicador_de_partner_como_argumento_de_marketing\"><\/span>The partner multiplier as a marketing argument<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Microsoft states, citing IDC, that for every dollar of its own revenue, service partners generate $8.45 and software partners $10.93. The figure comes from an IDC study commissioned by Microsoft and published in September 2024, based on a survey of 638 partners. Other estimates commissioned by the company put channel-related revenue at $1.2 trillion in 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The telling sign is the stability of the indicator: IDC estimated a multiplier of $8.70 in 2009. Fifteen years of radical platform shifts \u2013 from <em>on-premises<\/em> software to the cloud and AI \u2013 have barely affected it. For an investor, this is a sales pitch from the manufacturer, not a valuation metric.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_capa_transaccional_se_ha_revalorizado_a_la_baja\"><\/span>The transactional layer has been revalued downwards<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In July 2021, Microsoft reduced the commission on its commercial marketplace from 20 per cent to 3 per cent. Since then, a traditional resale margin of 15 per cent to 25 per cent has been competing with a 3 per cent listing fee.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The distribution sector is structurally low-margin. TD SYNNEX reported an operating margin of 2.3 per cent on revenue of $17,400 million in the fourth quarter of its 2025 financial year, whilst Ingram Micro operates with margins of between 1.6 per cent and 2.5 per cent on net sales of $52,560 million in 2025. That is why resellers are valued at the lower end of the range.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_concentracion_de_clientes_como_variable_de_precio\"><\/span>Customer concentration as a pricing variable<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Microsoft ecosystem is broad enough to support credible multi-vendor capabilities. In this context, low concentration among customers and manufacturers pushes firms towards the upper end of their range, at around 9.5 times EBITDA. Single-product resellers, by contrast, see their multiples squeezed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Adquisiciones_de_partners_de_Microsoft_entre_2015_y_2025\"><\/span>Acquisitions by Microsoft partners between 2015 and 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Microsoft accounts for 316 of the 1,364 verified acquisitions of partner firms between 2015 and 2025: 210 in Dynamics and 106 in Azure. This is the highest verified figure associated with a single manufacturer and represents 23 per cent of the study\u2019s total. The two sub-ecosystems are heading in opposite directions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dynamics<\/strong> is a mature market, consolidated at around 15 per cent. The seller is faced with a list of venture-capital-backed platforms that are actively seeking acquisitions, and the recommendation is to sell now.<\/li>\n\n\n\n<li><strong>Azure<\/strong> is a market with delayed restricted access, showing active consolidation but with a trading volume of less than 0.1 per cent.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Patrocinadores_financieros_frente_a_compradores_estrategicos\"><\/span>Financial backers versus strategic buyers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Venture capital funds drove more than 27 per cent of the transactions and paid higher multiples than those offered by industrial buyers.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Type of buyer<\/th><th>EV\/EBITDA multiple<\/th><th>EV\/revenue multiple<\/th><\/tr><\/thead><tbody><tr><td>Financial sponsor (private equity)<\/td><td>11,5x<\/td><td>1,3x<\/td><\/tr><tr><td>Strategic buyer<\/td><td>9,8x<\/td><td>1,0x<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Prices are disclosed in only a small minority of M&amp;A deals. Accenture, for example, discloses the purchase price in approximately 12 per cent of its 201 acquisitions. Notable examples where the multiple is known include <strong>EQT\u2019s acquisition of Perficient<\/strong> in 2024, with an enterprise value of around $3 billion and a multiple of approximately 18.5 times EBITDA, and <strong>CDW\u2019s acquisition of Sirius Computer Solutions<\/strong> for $2.5 billion, which serves as the benchmark exit strategy for the infrastructure resale sector.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_geografia_fija_la_base_de_valoracion\"><\/span>Geography forms the basis for valuation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Region<\/th><th>Median EV\/EBITDA<\/th><\/tr><\/thead><tbody><tr><td>Asia<\/td><td>11,2x<\/td><\/tr><tr><td>North America<\/td><td>10,9x<\/td><\/tr><tr><td>Europe<\/td><td>10,0x<\/td><\/tr><tr><td>Rest of the world<\/td><td>8,3x<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">North America also has the highest median transaction size, ranging from 73 to 85 million dollars. For a European partner, this means that a North American buyer can justify a higher price than a local consolidator.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Que_deben_poseer_los_consolidadores\"><\/span>What consolidators must have<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The key for a consolidator is to own the managed services and optimisation segments. These are the areas that generate recurring revenue, have the lowest risk of being replaced by artificial intelligence, and determine the exit multiple. Resale should be treated as a customer acquisition cost, not as a source of value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Como_se_espera_que_evolucione_el_mercado_por_subecosistema\"><\/span>How the market is expected to evolve by sub-ecosystem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The forecast for Microsoft\u2019s partner market should be broken down by sub-ecosystem, as they differ in terms of stage of development, buyer base and various EBITDA multiples.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dynamics 365 Channel.<\/strong> Some 1,400 specialist firms and 210 verified transactions, with around 15 per cent of the sector already acquired. A median of 8.63x EBITDA and a mature phase: the window for selling to private equity firms is open, but the number of buyers will not increase.<\/li>\n\n\n\n<li><strong>Azure Services Channel.<\/strong> 106 verified transactions and a density of less than 0.1 per cent of the aggregate programme. Late restricted access with active consolidation and a deep buyer pool.<\/li>\n\n\n\n<li><strong>Microsoft 365 resale tier.<\/strong> The bulk of the business, valued at 7.8x EBITDA, with the marketplace commission reduced from 20 per cent to 3 per cent.<\/li>\n\n\n\n<li><strong>Data and analytics.<\/strong> A ceiling of 16.3x EBITDA, with cybersecurity at 16.1x, compared with 8.1x for cloud services. It is the natural destination for capital seeking to drive up valuations.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Que_implica_este_informe_para_fundadores_y_compradores\"><\/span>What does this report mean for founders and buyers?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For the founder of a Microsoft partner, the first decision is to identify which sub-ecosystem they are competing in and what proportion of their turnover comes from resale, recurring services or intellectual property. This breakdown determines the valuation range more than the size of the business. Preparing the company for sale well in advance, by strengthening recurring revenue and reducing customer concentration, can push the multiple towards the upper end of the range.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a buyer or a fund, the opportunity lies in the areas surrounding data, analytics and cybersecurity, and in building managed service platforms on Azure, where consolidation is still ongoing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Microsoft\u2019s partner market is best understood as comprising three distinct markets, each with its own dynamics. Dynamics currently offers a clear sales opportunity for established financial buyers; Azure remains open to consolidation; and the resale of Microsoft 365 only generates value when integrated into a managed services offering. In all cases, the valuation multiple depends more on the composition of revenue than on its size.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you run a Microsoft partner business and would like to know what your company\u2019s valuation range might be, or which buyers would be a good fit for your profile, Baker Tilly\u2019s team of technology M&amp;A advisers can help you analyse this. Find out more about our services for the <a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">sale of businesses<\/a>, <a href=\"https:\/\/techma.bakertilly.es\/en\/business-valuation\/\" target=\"_blank\" rel=\"noreferrer noopener\">business valuation<\/a> and <a href=\"https:\/\/techma.bakertilly.es\/en\/exit-readiness\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ready4Exit<\/a>, or, if you\u2019re looking to acquire a business, our service for <a href=\"https:\/\/techma.bakertilly.es\/en\/acquiere-a-company-2\/\">Acquiring companies<\/a>.<\/p>\n\n\n\n<hr id=\"formulariodescarga\" style=\"max-width:100%;\">\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Market Research<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_Research_del_sector_partners_de_Microsoft_en_2026\"><\/span>Market Research on Microsoft\u2019s Partner Sector in 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Download the full report here and stay informed about the financial status and latest news of the most important companies in the market.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/MR_Microsoft.pdf\" target=\"_blank\" rel=\"noopener\"><strong>DOWNLOAD<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"606\" height=\"411\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/Mockup_MR_Microsoft-removebg_webp.webp\" alt=\"\" class=\"wp-image-70656\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/Mockup_MR_Microsoft-removebg_webp.webp 606w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/Mockup_MR_Microsoft-removebg_webp-480x270.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 606px, 100vw\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<hr id=\"formulariodescarga\" style=\"max-width:100%;\">\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Preguntas_frecuentes_sobre_el_M_A_en_partners_de_Microsoft\"><\/span>Frequently asked questions about M&amp;A amongst Microsoft partners<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div data-wp-context=\"{ &quot;autoclose&quot;: false, &quot;accordionItems&quot;: [] }\" data-wp-interactive=\"core\/accordion\" role=\"group\" class=\"wp-block-accordion is-layout-flow wp-block-accordion-is-layout-flow\">\n<div data-wp-class--is-open=\"state.isOpen\" data-wp-context=\"{ &quot;id&quot;: &quot;accordion-item-3&quot;, &quot;openByDefault&quot;: false }\" data-wp-init=\"callbacks.initAccordionItems\" data-wp-on-window--hashchange=\"callbacks.hashChange\" class=\"wp-block-accordion-item is-layout-flow wp-block-accordion-item-is-layout-flow\">\n<h3 class=\"wp-block-accordion-heading has-icon has-icon-right\"><span class=\"ez-toc-section\" id=\"%C2%BFCuantas_empresas_partner_de_Microsoft_se_han_vendido_en_los_ultimos_anos\"><\/span><button aria-expanded=\"false\" aria-controls=\"accordion-item-3-panel\" data-wp-bind--aria-expanded=\"state.isOpen\" data-wp-on--click=\"actions.toggle\" id=\"accordion-item-3\" type=\"button\" class=\"wp-block-accordion-heading__toggle\"><span class=\"wp-block-accordion-heading__toggle-title\">How many Microsoft partner companies have been sold in recent years?<\/span><span class=\"wp-block-accordion-heading__toggle-icon\" aria-hidden=\"true\">+<\/span><\/button><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div aria-labelledby=\"accordion-item-3\" data-wp-bind--hidden=\"state.isHidden\" data-wp-on--beforematch=\"actions.handleBeforeMatch\" id=\"accordion-item-3-panel\" role=\"region\" class=\"wp-block-accordion-panel is-layout-flow wp-block-accordion-panel-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Between 2015 and 2025, there were 316 acquisitions of Microsoft partner firms: 210 in the Dynamics 365 channel and 106 in Azure services. These account for 23 per cent of the 1,364 partner transactions analysed in the study, the highest number associated with a single manufacturer. The Dynamics channel, comprising some 1,400 specialist firms, now has nearly 15 per cent of its companies acquired.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div data-wp-context=\"{ &quot;autoclose&quot;: false, &quot;accordionItems&quot;: [] }\" data-wp-interactive=\"core\/accordion\" role=\"group\" class=\"wp-block-accordion is-layout-flow wp-block-accordion-is-layout-flow\">\n<div data-wp-class--is-open=\"state.isOpen\" data-wp-context=\"{ &quot;id&quot;: &quot;accordion-item-4&quot;, &quot;openByDefault&quot;: false }\" data-wp-init=\"callbacks.initAccordionItems\" data-wp-on-window--hashchange=\"callbacks.hashChange\" class=\"wp-block-accordion-item is-layout-flow wp-block-accordion-item-is-layout-flow\">\n<h3 class=\"wp-block-accordion-heading has-icon has-icon-right\"><span class=\"ez-toc-section\" id=\"%C2%BFCuanto_vale_un_partner_de_Microsoft_Dynamics\"><\/span><button aria-expanded=\"false\" aria-controls=\"accordion-item-4-panel\" data-wp-bind--aria-expanded=\"state.isOpen\" data-wp-on--click=\"actions.toggle\" id=\"accordion-item-4\" type=\"button\" class=\"wp-block-accordion-heading__toggle\"><span class=\"wp-block-accordion-heading__toggle-title\">How much is a Microsoft Dynamics partner worth?<\/span><span class=\"wp-block-accordion-heading__toggle-icon\" aria-hidden=\"true\">+<\/span><\/button><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div aria-labelledby=\"accordion-item-4\" data-wp-bind--hidden=\"state.isHidden\" data-wp-on--beforematch=\"actions.handleBeforeMatch\" id=\"accordion-item-4-panel\" role=\"region\" class=\"wp-block-accordion-panel is-layout-flow wp-block-accordion-panel-is-layout-flow\">\n<p class=\"wp-block-paragraph\">The median valuation for a Microsoft Dynamics partner is 8.63 times EBITDA and 1.06 times revenue, below the median for IT services, which stands at 10.4x. Firms with a low concentration of clients and multi-vendor capabilities are close to 9.5x. Those combining data, artificial intelligence and recurring revenue can aspire to higher multiples, as the data and analytics sectors reach 16.3x.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div data-wp-context=\"{ &quot;autoclose&quot;: false, &quot;accordionItems&quot;: [] }\" data-wp-interactive=\"core\/accordion\" role=\"group\" class=\"wp-block-accordion is-layout-flow wp-block-accordion-is-layout-flow\">\n<div data-wp-class--is-open=\"state.isOpen\" data-wp-context=\"{ &quot;id&quot;: &quot;accordion-item-5&quot;, &quot;openByDefault&quot;: false }\" data-wp-init=\"callbacks.initAccordionItems\" data-wp-on-window--hashchange=\"callbacks.hashChange\" class=\"wp-block-accordion-item is-layout-flow wp-block-accordion-item-is-layout-flow\">\n<h3 class=\"wp-block-accordion-heading has-icon has-icon-right\"><span class=\"ez-toc-section\" id=\"%C2%BFQuien_compra_partners_de_Microsoft\"><\/span><button aria-expanded=\"false\" aria-controls=\"accordion-item-5-panel\" data-wp-bind--aria-expanded=\"state.isOpen\" data-wp-on--click=\"actions.toggle\" id=\"accordion-item-5\" type=\"button\" class=\"wp-block-accordion-heading__toggle\"><span class=\"wp-block-accordion-heading__toggle-title\">Who buys Microsoft partners?<\/span><span class=\"wp-block-accordion-heading__toggle-icon\" aria-hidden=\"true\">+<\/span><\/button><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div aria-labelledby=\"accordion-item-5\" data-wp-bind--hidden=\"state.isHidden\" data-wp-on--beforematch=\"actions.handleBeforeMatch\" id=\"accordion-item-5-panel\" role=\"region\" class=\"wp-block-accordion-panel is-layout-flow wp-block-accordion-panel-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Venture capital is the most active buyer. Financial investors were involved in over 27 per cent of transactions and paid a median of 11.5 times EBITDA, compared with 9.8x for strategic buyers. In the Dynamics sector, platforms such as 9altitudes (Waterland), Fellowmind (FSN Capital), HSO (Bain Capital) and Velosio (Court Square) make regular acquisitions. Global integrators such as Accenture are also frequent buyers.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div data-wp-context=\"{ &quot;autoclose&quot;: false, &quot;accordionItems&quot;: [] }\" data-wp-interactive=\"core\/accordion\" role=\"group\" class=\"wp-block-accordion is-layout-flow wp-block-accordion-is-layout-flow\">\n<div data-wp-class--is-open=\"state.isOpen\" data-wp-context=\"{ &quot;id&quot;: &quot;accordion-item-6&quot;, &quot;openByDefault&quot;: false }\" data-wp-init=\"callbacks.initAccordionItems\" data-wp-on-window--hashchange=\"callbacks.hashChange\" class=\"wp-block-accordion-item is-layout-flow wp-block-accordion-item-is-layout-flow\">\n<h3 class=\"wp-block-accordion-heading has-icon has-icon-right\"><span class=\"ez-toc-section\" id=\"%C2%BFEs_buen_momento_para_vender_un_partner_de_Microsoft_Dynamics\"><\/span><button aria-expanded=\"false\" aria-controls=\"accordion-item-6-panel\" data-wp-bind--aria-expanded=\"state.isOpen\" data-wp-on--click=\"actions.toggle\" id=\"accordion-item-6\" type=\"button\" class=\"wp-block-accordion-heading__toggle\"><span class=\"wp-block-accordion-heading__toggle-title\">Is now a good time for a Microsoft Dynamics partner to sell?<\/span><span class=\"wp-block-accordion-heading__toggle-icon\" aria-hidden=\"true\">+<\/span><\/button><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div aria-labelledby=\"accordion-item-6\" data-wp-bind--hidden=\"state.isHidden\" data-wp-on--beforematch=\"actions.handleBeforeMatch\" id=\"accordion-item-6-panel\" role=\"region\" class=\"wp-block-accordion-panel is-layout-flow wp-block-accordion-panel-is-layout-flow\">\n<p class=\"wp-block-paragraph\">According to Baker Tilly\u2019s analysis, yes. The Dynamics channel is in a mature phase, with around 15 per cent of specialist firms already acquired and several venture-capital-backed platforms actively making acquisitions. As consolidation progresses, there will be fewer independent buyers. Azure partners, on the other hand, are in a market undergoing active consolidation and still have a deep pool of buyers.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div data-wp-context=\"{ &quot;autoclose&quot;: false, &quot;accordionItems&quot;: [] }\" data-wp-interactive=\"core\/accordion\" role=\"group\" class=\"wp-block-accordion is-layout-flow wp-block-accordion-is-layout-flow\">\n<div data-wp-class--is-open=\"state.isOpen\" data-wp-context=\"{ &quot;id&quot;: &quot;accordion-item-7&quot;, &quot;openByDefault&quot;: false }\" data-wp-init=\"callbacks.initAccordionItems\" data-wp-on-window--hashchange=\"callbacks.hashChange\" class=\"wp-block-accordion-item is-layout-flow wp-block-accordion-item-is-layout-flow\">\n<h3 class=\"wp-block-accordion-heading has-icon has-icon-right\"><span class=\"ez-toc-section\" id=\"%C2%BFPor_que_los_partners_de_reventa_de_Microsoft_365_valen_menos\"><\/span><button aria-expanded=\"false\" aria-controls=\"accordion-item-7-panel\" data-wp-bind--aria-expanded=\"state.isOpen\" data-wp-on--click=\"actions.toggle\" id=\"accordion-item-7\" type=\"button\" class=\"wp-block-accordion-heading__toggle\"><span class=\"wp-block-accordion-heading__toggle-title\">Why are Microsoft 365 reseller partners worth less?<\/span><span class=\"wp-block-accordion-heading__toggle-icon\" aria-hidden=\"true\">+<\/span><\/button><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div aria-labelledby=\"accordion-item-7\" data-wp-bind--hidden=\"state.isHidden\" data-wp-on--beforematch=\"actions.handleBeforeMatch\" id=\"accordion-item-7-panel\" role=\"region\" class=\"wp-block-accordion-panel is-layout-flow wp-block-accordion-panel-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Partners specialising in the resale of Microsoft 365 are valued at the lower end of the range, at around 7.8 times EBITDA, because their margin is structurally narrow. In 2021, Microsoft reduced its marketplace commission from 20 per cent to 3 per cent, putting pressure on a historical resale margin of between 15 per cent and 25 per cent. Large distributors, such as TD SYNNEX and Ingram Micro, operate with operating margins of between 1.6 per cent and 2.5 per cent.<\/p>\n<\/div>\n<\/div>\n<\/div>","protected":false},"author":4,"featured_media":70652,"menu_order":0,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":""},"tags":[],"sectores":[2212],"class_list":["post-70649","informes","type-informes","status-publish","has-post-thumbnail","hentry","sectores-enterprise-software"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/informes\/70649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/informes"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/informes"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/70652"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=70649"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=70649"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=70649"}],"curies":[{"name":"well played","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}