{"id":70711,"date":"2026-09-29T16:51:19","date_gmt":"2026-09-29T14:51:19","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?post_type=informes&#038;p=70711"},"modified":"2026-11-11T12:00:00","modified_gmt":"2026-11-11T11:00:00","slug":"adobe-partners-market-report-2026","status":"publish","type":"informes","link":"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-adobe-2026\/","title":{"rendered":"Adobe 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_Adobe_Preview.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\" data-toolbar=\"top\" data-toolbar-fixed=\"on\">MR_Adobe_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-adobe-2026\/#Mercado_de_partners_de_ADobe_en_2026\" >Adobe\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-adobe-2026\/#Informe_sectorial_de_partners_de_Adobe_2026\" >Adobe Partner Sector Report 2026<\/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-adobe-2026\/#%C2%BFQue_es_el_ecosistema_de_partners_de_Adobe\" >What is the Adobe partner ecosystem?<\/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-adobe-2026\/#5_tendencias_del_mercado_de_partners_de_Adobe\" >5 trends in the Adobe 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-adobe-2026\/#La_pureza_como_descuento_no_como_prima\" >Purity as a discount, not as a premium<\/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-adobe-2026\/#Produccion_creativa_frente_a_ingenieria\" >Creative production versus engineering<\/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-adobe-2026\/#La_IA_generativa_absorbe_la_capacidad_de_produccion\" >Generative AI is taking over production capacity<\/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-adobe-2026\/#Un_centro_de_compra_de_presupuesto_discrecional\" >A procurement centre with discretionary funding<\/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-adobe-2026\/#La_escala_vale_seis_puntos_de_multiplo\" >The scale is worth six times the score<\/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-adobe-2026\/#Multiplos_de_valoracion_de_un_partner_de_Adobe\" >Valuation multiples for an Adobe partner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-adobe-2026\/#Adquisiciones_de_partners_de_Adobe_y_operaciones_de_referencia\" >Acquisitions by Adobe\u2019s partners and referral schemes<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-adobe-2026\/#Perficient_el_caso_de_referencia\" >Perficient: a case study<\/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-adobe-2026\/#Operaciones_adyacentes_que_fijan_el_rango\" >Adjacent operations that determine the range<\/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-adobe-2026\/#%C2%BFComo_evolucionara_el_mercado_de_partners_de_Adobe\" >How will Adobe\u2019s partner market develop?<\/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-adobe-2026\/#Asesoramiento_en_la_venta_de_un_partner_de_Adobe\" >Advice on selling from an Adobe partner<\/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-adobe-2026\/#Market_Research_del_sector_partners_de_Workday_en_2026\" >Market Research on Workday\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-17\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-adobe-2026\/#Preguntas_frecuentes_sobre_el_M_A_en_partners_de_Adobe\" >Frequently asked questions about M&amp;A amongst Adobe partners<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-adobe-2026\/#%C2%BFCuanto_vale_una_agencia_partner_de_Adobe\" >How much is an Adobe partner agency worth?+<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/techma.bakertilly.es\/en\/informes\/informe-mercado-partners-adobe-2026\/#%C2%BFPor_que_una_agencia_especializada_solo_en_Adobe_vale_menos\" >Why is an agency specialising solely in Adobe worth less?+<\/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-adobe-2026\/#%C2%BFQuien_compra_partners_de_Adobe\" >Who buys Adobe partners?+<\/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-adobe-2026\/#%C2%BFComo_afecta_la_IA_generativa_al_valor_de_un_partner_de_Adobe\" >How does generative AI affect the value of an Adobe partner?+<\/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-adobe-2026\/#%C2%BFEs_buen_momento_para_vender_un_partner_de_Adobe\" >Is now a good time to sell an Adobe partner?+<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mercado_de_partners_de_ADobe_en_2026\"><\/span><strong>Adobe\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\"><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\">Adobe\u2019s partner market is maturing. The number of independent agencies and consultancies is falling, and those that are being acquired are increasingly doing so as practice groups within multi-platform digital services platforms. The Baker Tilly Tech M&amp;A report, with data updated to September 2026, tracks <strong>52 verified acquisitions<\/strong> of partner firms. It puts the median valuation at between <strong>6.7 times EBITDA<\/strong> for firms with an enterprise value of less than $5 million and <strong>12.7 times<\/strong> times for those valued at over $500 million. The key conclusion runs counter to intuition: in the Adobe ecosystem, specialising in a single vendor detracts from value rather than adding to it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Informe_sectorial_de_partners_de_Adobe_2026\"><\/span>Adobe Partner Sector Report 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The report analyses the agencies and consultancies that work with Adobe technology. The unit of analysis is the partner firm, not Adobe or the end customer; consequently, the manufacturer\u2019s subscription revenue falls outside the scope of the report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There is a methodological decision that warrants explanation. Adobe does not have a verifiable count of partners, so the 52 transactions are presented <strong>without a density ratio<\/strong> (transactions per hundred partners). Inventing a denominator to obtain a percentage is precisely the error that the methodology seeks to avoid. What can be established using the data, however, is the stage of the cycle at which the ecosystem finds itself and its pattern of concentration. Both of these factors determine how an Adobe asset should be valued in a process involving the <a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">acquisition and sale of technology companies<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFQue_es_el_ecosistema_de_partners_de_Adobe\"><\/span>What is the Adobe partner ecosystem?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Adobe\u2019s partner ecosystem brings together agencies, consultancies and integrators who implement, integrate and operate Adobe technology for their clients. Their work ranges from implementing Adobe Experience Cloud to producing content at scale using creative tools.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It has two features that set it apart from other enterprise software ecosystems:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The buyer is in marketing, not IT.<\/strong> Projects are commissioned by the marketing and digital department, which manages more discretionary and cyclical budgets.<\/li>\n\n\n\n<li><strong>The value chain includes content production.<\/strong> Alongside consultancy, implementation, data integration and managed services, there is a creative production element that no other studio ecosystem offers.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_tendencias_del_mercado_de_partners_de_Adobe\"><\/span>5 trends in the Adobe 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=\"La_pureza_como_descuento_no_como_prima\"><\/span>Purity as a discount, not as a premium<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Adobe is the counterexample to <a href=\"https:\/\/techma.bakertilly.es\/en\/reports\/market-report-on-servicenow-partners-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\">ServiceNow<\/a>. At ServiceNow, focusing on a single vendor increases the multiple. At Adobe, it reduces it. The reason is structural: work on Experience Cloud coexists with content, commerce, data and creative operations within the same procurement centre. That is why firms with broad cross-platform capabilities come out on top. An Adobe capability is acquired as a practice within a broader digital services platform, not as a standalone asset.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Produccion_creativa_frente_a_ingenieria\"><\/span>Creative production versus engineering<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Adobe\u2019s partners are categorised along a spectrum that other ecosystems do not have. According to the report:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>agencies with significant production output<\/strong> are valued at between <strong>7.8 and 9.8 times EBITDA<\/strong> and have the highest exposure to generative artificial intelligence of any in the study.<\/li>\n\n\n\n<li>The <strong>leading engineering firms<\/strong> are trading at a digital engineering multiple of <strong>12.1 times EBITDA<\/strong>.<\/li>\n\n\n\n<li>Those that have incorporated <strong>customer data<\/strong> are trading at up to <strong>16.3 times EBITDA<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_IA_generativa_absorbe_la_capacidad_de_produccion\"><\/span>Generative AI is taking over production capacity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The content-generation capability built into the platform itself represents work that a production-focused partner is no longer able to bill for. Furthermore, this process progresses more quickly in creative tools than in management software (ERP). High-volume content production is the channel\u2019s largest source of work and, at the same time, the activity most amenable to automation in the entire report. The economies of scale that define this ecosystem represent the market putting a price on that risk.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Un_centro_de_compra_de_presupuesto_discrecional\"><\/span>A procurement centre with discretionary funding<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">An Adobe partner\u2019s client is the marketing department, not the IT department. Marketing budgets are more discretionary and cyclical, with shorter contracts and more frequent competitive reviews. That is why <strong>recurring revenue from managed services<\/strong> carries greater weight here than the headline multiples suggest. It distinguishes the firm that has to win back the business in every planning cycle from the one that does not.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_escala_vale_seis_puntos_de_multiplo\"><\/span>The scale is worth six times the score<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The median EV\/EBITDA multiple rises from 6.7 times for enterprise values below US$5 million to 12.7 times for those above US$500 million. This represents a difference of around six points attributable solely to size, regardless of the mix of services. A boutique agency and a <a href=\"https:\/\/techma.bakertilly.es\/en\/companies\/digital-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">digital services<\/a> platform are distinct assets, even if they both hold the same Adobe accreditation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Multiplos_de_valoracion_de_un_partner_de_Adobe\"><\/span>Valuation multiples for an Adobe partner<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The value of an Adobe partner depends more on the nature of its business and its size than on the accreditation itself. These are the benchmark categories set out in the report:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Firm type<\/th><th>EV\/EBITDA multiple<\/th><th>A factor that explains it<\/th><\/tr><\/thead><tbody><tr><td>An agency with a strong track record in production<\/td><td>7,8x \u2013 9,8x<\/td><td>Greater exposure to generative AI<\/td><\/tr><tr><td>A leading name in engineering<\/td><td>12,1x<\/td><td>Platform roll-out<\/td><\/tr><tr><td>Integration and customer data<\/td><td>Up to 16.3x<\/td><td>Premium proximity to the ecosystem<\/td><\/tr><tr><td>A scalable cross-platform platform<\/td><td>~18.5x (estimated)<\/td><td>Purchasing vehicle; Perficient reference<\/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 overall landscape of IT services has also changed. According to the report, the median multiple for private IT services transactions fell to <strong>8.8 times EBITDA by the end of 2025<\/strong>, compared with <strong>13.6 times in 2023<\/strong>. An Adobe partner seeking a valuation today is operating in a less favourable services market than three years ago. Therefore, before initiating a sale process, it is advisable to obtain an independent <a href=\"https:\/\/techma.bakertilly.es\/en\/business-valuation\/\" target=\"_blank\" rel=\"noreferrer noopener\">company valuation<\/a> that positions the firm within the correct valuation range.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Adquisiciones_de_partners_de_Adobe_y_operaciones_de_referencia\"><\/span>Acquisitions by Adobe\u2019s partners and referral schemes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With 52 verified acquisitions of partner firms, Adobe ranks in the middle of the twelve ecosystems analysed in the study:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Ecosystem<\/th><th class=\"has-text-align-center\" data-align=\"center\">Tracked partner acquisitions<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Google Cloud<\/td><td class=\"has-text-align-center\" data-align=\"center\">55<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Adobe<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>52<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">IBM<\/td><td class=\"has-text-align-center\" data-align=\"center\">46<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Workday<\/td><td class=\"has-text-align-center\" data-align=\"center\">38<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">NetSuite<\/td><td class=\"has-text-align-center\" data-align=\"center\">29<\/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\">What sets Adobe apart is not the volume, but the form. Assets change hands as practices within cross-platform digital services businesses, because that is how the concentration discount affects their valuation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Perficient_el_caso_de_referencia\"><\/span>Perficient: a case study<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In 2024, EQT delisted Perficient in a deal valued at around $3,000 million in enterprise value. The report estimates the multiple at <strong>18.5 times EBITDA<\/strong>. Perficient is a large-scale, multi-platform asset that counts Adobe amongst its technology partners: the type of vehicle within which an Adobe practice is housed and sold.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operaciones_adyacentes_que_fijan_el_rango\"><\/span>Adjacent operations that determine the range<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The following transactions are not acquisitions of Adobe partners. We have included them because they highlight the valuations and capabilities that buyers of digital services currently value:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Operation<\/th><th>Buyer<\/th><th>Asset profile<\/th><th>Why it is a benchmark<\/th><\/tr><\/thead><tbody><tr><td>Faculty (2026)<\/td><td>Accenture<\/td><td>AI implemented using in-house software; over 400 employees<\/td><td>Around $1,000 million for AI capacity (<a href=\"https:\/\/www.consultancy.uk\/news\/42712\/accenture-swoops-for-uk-start-up-faculty-amid-ai-services-pivot\" target=\"_blank\" rel=\"noopener\">Consultancy.uk<\/a>)<\/td><\/tr><tr><td>Keepler Data Tech (2026)<\/td><td>Accenture<\/td><td>Cloud-native data engineering; Spanish, over 240 professionals<\/td><td>It represents a data adjacency of 16.3x (<a href=\"https:\/\/www.idealista.com\/news\/node\/892110\" target=\"_blank\" rel=\"noopener\">Idealista\/Europa Press<\/a>)<\/td><\/tr><tr><td>Coastal Cloud (2025)<\/td><td>TCS<\/td><td>Partner Summit de Salesforce<\/td><td>700 million dollars in cash for a multi-cloud partner (<a href=\"https:\/\/www.consultingmag.com\/amp\/2025\/12\/23\/tcs-to-acquire-coastal-cloud-for-700-million\/\" target=\"_blank\" rel=\"noopener\">Consulting Magazine<\/a>)<\/td><\/tr><tr><td>NeuraFlash<\/td><td>Accenture<\/td><td>AI consultancy for Salesforce offering managed services<\/td><td>Agent-based AI and recurrence premium<\/td><\/tr><tr><td>Fuji Soft (2025)<\/td><td>KKR<\/td><td>IT services listed in Japan<\/td><td>~24.4x estimated EBITDA, compared with a median of 11.5x for the funds<\/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\">Keepler is the closest benchmark for the Spanish market. A digital experience practice that incorporates customer data engineering could move out of the production bands and approach the 16.3-times band.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFComo_evolucionara_el_mercado_de_partners_de_Adobe\"><\/span>How will Adobe\u2019s partner market develop?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As the market matures, the number of independent firms declines. That is why the key consideration is not how many transactions there will be, but <strong>how much leeway a property owner has between valuation bands before selling<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Agencies with a high proportion of production work (7.8x \u2013 9.8x).<\/strong> These are the ones most exposed to generative AI. Their scope for improvement lies in reducing the proportion of production work in their turnover.<\/li>\n\n\n\n<li><strong>Leading engineering firms (12.1x).<\/strong> This is the natural arena for a practice driven by platform implementation.<\/li>\n\n\n\n<li><strong>Integration and customer data (up to 16.3x).<\/strong> This is the premium adjacency that an Adobe practice should aim for.<\/li>\n\n\n\n<li><strong>Multi-platform scaling output (~18.5x).<\/strong> This is the platform through which an Adobe application is sold.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The levers are specific: increasing recurring revenue from managed services, incorporating customer data capabilities, and expanding the offering to other platforms within the same buying centre. Identifying and working on these before going to market is the aim of the Ready4Exit method. The report\u2019s recommendation to owners is clear: sell, and sell on a large scale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Asesoramiento_en_la_venta_de_un_partner_de_Adobe\"><\/span>Advice on selling from an Adobe partner<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The value of an Adobe partner depends on where it sits on the production\u2013engineering\u2013data spectrum, its size and the recurring nature of its revenue, rather than on its accreditation. If you run an Adobe agency or consultancy and are considering a transaction, Baker Tilly\u2019s team of technology M&amp;A advisers can help you <a href=\"https:\/\/techma.bakertilly.es\/en\/exit-readiness\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/techma.bakertilly.es\/preparacion-para-la-venta\/\" rel=\"noreferrer noopener\">prepare for the sale<\/a>, estimate its value and identify buyers who will pay for the breadth of your offering.<\/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_Workday_en_2026\"><\/span>Market Research on Workday\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--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/MR_Adobe.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=\"600\" height=\"412\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/Mockup_MR_Adobe-removebg_webp.webp\" alt=\"\" class=\"wp-image-70722\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/Mockup_MR_Adobe-removebg_webp.webp 600w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/11\/Mockup_MR_Adobe-removebg_webp-480x330.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 600px, 100vw\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/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_Adobe\"><\/span>Frequently asked questions about M&amp;A amongst Adobe 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-2&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_una_agencia_partner_de_Adobe\"><\/span><button aria-expanded=\"false\" aria-controls=\"accordion-item-2-panel\" data-wp-bind--aria-expanded=\"state.isOpen\" data-wp-on--click=\"actions.toggle\" id=\"accordion-item-2\" type=\"button\" class=\"wp-block-accordion-heading__toggle\"><span class=\"wp-block-accordion-heading__toggle-title\">How much is an Adobe partner agency 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-2\" data-wp-bind--hidden=\"state.isHidden\" data-wp-on--beforematch=\"actions.handleBeforeMatch\" id=\"accordion-item-2-panel\" role=\"region\" class=\"wp-block-accordion-panel is-layout-flow wp-block-accordion-panel-is-layout-flow\">\n<p class=\"wp-block-paragraph\">An Adobe partner agency is typically valued at between 6.7 and 12.7 times EBITDA, depending on its size. This is the range of median figures set out in the Baker Tilly Tech M&amp;A report, covering firms with an enterprise value of less than $5 million up to those worth over $500 million. Within that range, the type of business activity influences the multiple: creative production agencies are valued at between 7.8 and 9.8 times, engineering agencies at around 12.1 times, and those specialising in customer data analysis reach 16.3 times.<\/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-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%BFPor_que_una_agencia_especializada_solo_en_Adobe_vale_menos\"><\/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\">Why is an agency specialising solely in Adobe 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-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\">Because at Adobe, specialisation in a single vendor acts as a discount rather than a premium. Unlike at ServiceNow, work on the Adobe Experience Cloud shares a budget with content, commerce, data and creative operations, all within the same marketing department. Buyers pay more for firms with broad cross-platform capabilities, which can cover the entire procurement function. An isolated Adobe capability is purchased as part of a larger platform, not as a standalone asset.<\/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%BFQuien_compra_partners_de_Adobe\"><\/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\">Who buys Adobe 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-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\">Adobe\u2019s partners are primarily cross-platform digital service providers \u2013 often backed by private equity funds \u2013 and global integrators. A prime example is Perficient, which was taken private by EQT in 2024 for around $3 billion, at an estimated multiple of 18.5 times EBITDA. These buyers integrate the Adobe business into a broader offering of expertise, data and technology. That is why they place greater value on scale and recurring revenue than on certification.<\/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%BFComo_afecta_la_IA_generativa_al_valor_de_un_partner_de_Adobe\"><\/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\">How does generative AI affect the value of an Adobe partner?<\/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\">Generative AI is reducing the value of partners specialising in content production. The generative capabilities built into Adobe\u2019s tools now cover work that these agencies used to bill for, and are advancing more rapidly in creative tools than in management software. That is why agencies with a strong focus on production are valued at the lower end of the range, between 7.8 and 9.8 times EBITDA. Engineering and customer data firms are less exposed and are valued at between 12.1 and 16.3 times.<\/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_Adobe\"><\/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 to sell an Adobe partner?<\/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\">The Adobe ecosystem is maturing, with fewer and fewer independent firms and buyers prioritising cross-platform reach. The recommendation in the Baker Tilly Tech M&amp;A report is to sell, and to do so with a comprehensive offering: recurring managed services, customer data and a presence across multiple platforms. Before selling, it is advisable to prepare the company to move from one valuation band to another, as the difference between the production band and the customer data band exceeds six times EBITDA.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"author":4,"featured_media":70712,"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-70711","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\/70711","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\/70712"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=70711"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=70711"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=70711"}],"curies":[{"name":"well played","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}