In the first quarter of 2018, the global commercial combined market saw an 11% year-over-year increase in annual contract value (ACV), totaling €9.8 billion, driven by a 40% increase in as-a-service offerings, while traditional sourcing experienced a decline of 6%. The Americas performed strongly with a 32% ACV increase, whereas the EMEA region faced challenges with a 20% decline, particularly in the UK and DACH markets. Asia Pacific showcased significant growth, with a 62% increase in ACV and as-a-service surpassing €0.8 billion for the first time.

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Proprietary and Confidential. No part of this document may be reproduced in any form or by any electronic
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EMEA Sourcing and
As-a-Service Market Insights
Hosted by:
Kunal Tayal, Bank of America, Merrill Lynch
April 16, 2018
FIRST QUARTER 2018

2. ISG Confidential. © 2018 Information Services Group, Inc. All Rights Reserved 2
EMEA 1Q 2018
Steve Hall
Partner and
President ISG
Covering the state of the
combined Traditional Sourcing
and As-a-Service industry for
the global commercial market.
Welcome
to the 62nd
Quarterly
ISG Index
Barry Matthews
Partner, EMEA
Wayne Butterfield
Director, Cognitive
& AI Innovation
and Automation

3. ISG Confidential. © 2018 Information Services Group, Inc. All Rights Reserved 3
EMEA 1Q 2018
*Contracts with ACV ≥ $5M from the ISG Contracts Knowledgebase™
At a GlanceCommercial Combined Market ACV,
up 11% Y/Y, reaching €9.6B
Traditional Sourcing declines moderately at 6% Y/Y,
while As-a-Service increases 40% Y/Y
Americas ACV up 32% Y/Y as both Traditional Sourcing
and As-a-Service generates strong results
EMEA ACV down 20% Y/Y; Traditional Sourcing weighs
down results with weakness in UK and DACH
Asia Pacific ACV up 62% Y/Y versus a soft 1Q17;
As-a-Service ACV breaks through €0.8B for the first time
Scorecard 1Q18 1Q Y/Y TTM TTM
ACV
(€B)*
Change ACV
(€B)*
Change
Global Commercial Combined Market € 9.8 11% € 34.7 13%
By Type Traditional Sourcing € 5.0 -6% € 19.6 1%
As-a-Service € 4.7 40% € 15.0 32%
By Region Americas Combined € 5.5 32% € 18.6 24%
EMEA Combined € 3.0 -20% € 11.4 -9%
Asia-Pacific Combined € 1.2 62% € 4.6 46%

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EMEA 1Q 2018
€ 4.5 € 5.3 € 4.7 € 6.0 € 5.3 € 4.6 € 4.8 € 4.6 € 5.4 € 4.7 € 4.9 € 5.0 € 5.0
€ 2.0 € 1.8 € 2.2
€ 2.2 € 2.2 € 2.2 € 2.6 € 3.2
€ 3.3
€ 3.0 € 3.5 € 3.8 € 4.7
€ 6.5 € 7.0 € 7.0
€ 8.2
€ 7.5 € 6.9 € 7.4 € 7.8
€ 8.7
€ 7.8 € 8.4 € 8.7
€ 9.8
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Traditional Sourcing As-a-Service
Combined Market up 11% Y/Y, reaching €9.8B in ACV; Traditional Sourcing remains strong but pulls back slightly Y/Y;
As-a-Service ACV breaks through the €4 billion level for the first time with stepped-up activity in the Public Cloud market segment.
Global Combined Market Quarterly ACV (€B)
€ 21.3 € 19.4 € 19.7
€ 8.5 € 11.4
€ 15.0
€ 29.8 € 30.7
€ 34.7
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
Traditional Sourcing As-a-Service
Global Commercial Sector TTM ACV (€B) Global Commercial Sector TTM ACV by Type (€B)
€ 15.8
€ 5.6
€ 3.3
€ 5.1
€ 13.9
€ 5.4
€ 3.5
€ 7.8
€ 15.2
€ 4.4 € 3.7
€ 11.4
ITO BPO Saas IaaS
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
Global Commercial Sector Contracting Trends

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EMEA 1Q 2018
ITO Award Trends – ADM/Infrastructure
ADM shows strength across all three regions as ACV and number of awards are up 22% and 49% Y/Y, respectively; at the same time,
Infrastructure Outsourcing ACV and number of awards fall 17% and 27% Y/Y, respectively, with weakness in EMEA and Asia/Pacific.
166
112 97 110 137 164 149 149
204
163 176 172
127
180 191
140 142 132
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Applications Infrastructure
Traditional Sourcing – Quarterly ADM/Infrastructure (Number of Awards)
€ 1.7
€ 1.2 € 1.0 € 1.1
€ 1.4 € 1.4 € 1.4 € 1.6 € 1.8
€ 2.2 € 2.2
€ 2.7
€ 1.8
€ 2.6 € 2.6 € 2.3 € 2.1 € 2.1
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Applications Infrastructure
Traditional Sourcing – Quarterly ADM/Infrastructure ACV (€B)

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EMEA 1Q 2018
€ 10.5 € 9.4 € 7.2
€ 2.2 € 3.1
€ 4.2
€ 12.6 € 12.5 € 11.4
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
Traditional Sourcing As-a-Service
Combined Market ACV in EMEA retracts 20% Y/Y as Traditional Sourcing sees its third straight weaker quarterly result on tepid activity
in the UK and DACH; As-a-Service ACV remains on slow but steady journey upward but not enough to make up for slowing sourcing results.
EMEA Commercial Sector TTM ACV (€B)
€ 2.0
€ 2.4 € 2.2
€ 3.2
€ 2.6
€ 1.9
€ 2.4
€ 2.2
€ 2.9
€ 2.2
€ 1.4
€ 1.8 € 1.7
€ 0.6
€ 0.5 € 0.6
€ 0.6
€ 0.6
€ 0.6
€ 0.7 € 0.9
€ 1.0
€ 0.9
€ 1.0
€ 1.1 € 1.4
€ 2.6
€ 2.9 € 2.9
€ 3.8
€ 3.1
€ 2.5
€ 3.1 € 3.0
€ 3.8
€ 3.0
€ 2.4
€ 3.0 € 3.0
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Traditional Sourcing As-a-Service
EMEA Commercial Sector Quarterly ACV (€B)
€ 7.8
€ 2.6 € 0.8
€ 1.4
€ 6.6
€ 2.7 € 0.8 € 2.3
€ 5.8
€ 1.4 € 0.9
€ 3.4
ITO BPO SaaS IaaS
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
EMEA Commercial Sector TTM ACV by Type (€B)
EMEA Commercial Sector Contracting Trends

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EMEA 1Q 2018
EMEA Commercial Sector Industry Award Trends
All industry sectors registered growth in As-A-Service; Traditional Sourcing declined in all industries in the last period, except for the Consumer
Packaged Goods sector, which grew 40%.
€ 0.51€ 0.55€ 0.48
€ 0.28€ 0.19€ 0.30
€ 1.46€ 1.45€ 1.34
€ 2.30
€ 2.58
€ 2.17
€ 0.53
€ 0.28€ 0.53
€ 2.39
€ 1.53
€ 1.12
€ 0.40€ 0.29€ 0.28
€ 1.15
€ 1.61
€ 0.63
€ 1.44
€ 0.89
€ 0.64
€ 0.44
€ 0.67€ 0.86
€ 0.15€ 0.21
€ 0.29
€ 0.12€ 0.17€ 0.22
€ 0.34
€ 0.49
€ 0.71
€ 0.19
€ 0.29€ 0.36
€ 0.36
€ 0.45
€ 0.62
€ 0.16€ 0.25€ 0.34
€ 0.23
€ 0.31
€ 0.41
€ 0.22
€ 0.31
€ 0.44
€ 0.95
€ 1.22
€ 1.34
€ 0.43€ 0.40
€ 0.59
€ 1.57€ 1.62€ 1.56
€ 2.63
€ 3.07
€ 2.88
€ 0.71
€ 0.57€ 0.59
€ 2.75
€ 1.98
€ 1.75
€ 0.56€ 0.54€ 0.62
€ 1.37
€ 1.91
€ 1.04
€ 1.66
€ 1.21
€ 1.07
Traditional Sourcing As-a-Service
EMEA Commercial Industries Trailing Twelve Months ACV (€B)
Financial
Services
Healthcare
& Pharma
Business
Services
Energy Telecom & MediaRetailConsumer
Packaged Goods
Travel, Transport
& Leisure
Manufacturing

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EMEA 1Q 2018
EMEA Sub-Regions - Traditional Sourcing Only
Traditional Sourcing ACV in the UK , DACH and Southern Europe slumped ; France and the Nordics grew by both ACV and number of deals
€ 3.20 € 3.16
€ 1.37
€ 0.77
€ 0.45
€ 0.89
€ 0.29
€ 0.25
€ 3.39
€ 2.72
€ 0.79
€ 0.33
€ 0.54
€ 1.11
€ 0.38
€ 0.13
€ 2.24
€ 1.91
€ 0.90
€ 0.23
€ 0.68
€ 0.35
€ 0.74
€ 0.16
UK & Ireland DACH Nordics Africa & Middle East France Southern Europe Benelux Eastern Europe
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
EMEA Commercial Sector Full Year ACV by Type (€B)

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EMEA 1Q 2018
Our Contracts Knowledgebase™
is used to determine placements
based on the annual value of
commercial contracts
awarded in the past 12 months.
The Building 15 The Breakthrough 15The Big 15
Co. Revenues > $10 B
Sourcing Standouts
EMEA Co. Revenues $1 -10 B Co. Revenues < $1 B
Providers in alphabetical order; no rankings implied. Revenues sourced from Hoovers and individual company financial fillings.
the
ISG15
* New to leaderboard
Traditional Sourcing Market
Adare Group
Comparex AG *
EXL *
GFT Technologies
Hexaware
Ibermatica SA *
Maykor *
Mindtree *
NNIT A/S
Reply SpA *
Verifone *
Virtusa
As-a-Service Market
Interxion
LogMeIn
OVH
Traditional Sourcing Market
Axians IT Solutions *
Bechtle *
Computacenter *
Diebold Nixdorf
HCL
Interserve
Orange Business Services *
Sopra Steria
Tech Mahindra
Teleperformance *
Unisys
Wipro
As-a-Service Market
Adobe Systems
Equinix
United Internet
Traditional Sourcing Market
Accenture
AT&T
Atos
BT
Capgemini
Cognizant
DXC Technology
IBM
Infosys
TCS
T-Systems
As-a-Service Market
Amazon Web Services
Google
Microsoft
Oracle

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EMEA 1Q 2018
Americas Commercial Sector Contracting Trends
Combined Market ACV up 32% Y/Y as the Americas registers strong results in both Traditional Sourcing and As-a-Service ACV; robust
applications contracting and gains in many BPO functional areas; Public Cloud growth remains on a high trajectory
€ 1.8
€ 2.3
€ 1.9
€ 2.3 € 2.3 € 2.2
€ 1.9 € 2.1 € 2.2 € 2.0
€ 2.9 € 2.6
€ 3.0€ 1.2
€ 1.0 € 1.4
€ 1.4 € 1.4 € 1.4 € 1.5
€ 1.8 € 1.9
€ 1.7
€ 1.9 € 2.1
€ 2.6
€ 3.0
€ 3.4 € 3.3
€ 3.7 € 3.7 € 3.6 € 3.4
€ 3.9 € 4.2
€ 3.7
€ 4.8 € 4.7
€ 5.5
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Traditional Sourcing As-a-Service
Americas Commercial Sector Quarterly ACV (€B)
€ 6.6
€ 2.3 € 2.2
€ 2.9
€ 6.1
€ 2.3 € 2.4
€ 4.2
€ 7.9
€ 2.5 € 2.4
€ 5.8
ITO BPO SaaS IaaS
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
Americas Commercial Sector TTM ACV by Type (€B)
€ 9.0 € 8.4 € 10.4
€ 5.1 € 6.6
€ 8.2
€ 14.1
€ 15.0
€ 18.6
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
Traditional Sourcing As-a-Service
Americas Commercial Sector TTM ACV (€B)

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EMEA 1Q 2018
Asia Pacific Commercial Sector Contracting Trends
Combined Market up 62% versus a soft 1Q17; As-a-Service ACV passes €.8B for the first time and now accounts for nearly 70% of market
activity; Traditional Sourcing sees stepped-up activity in Applications contracting as well the China and Southeast Asia regions.
AP Commercial Sector TTM ACV (€B)
€ 0.7
€ 0.6
€ 0.5 € 0.4 € 0.4
€ 0.5
€ 0.4 € 0.4
€ 0.3
€ 0.6
€ 0.6
€ 0.5
€ 0.4
€ 0.3
€ 0.2
€ 0.3 € 0.3 € 0.4
€ 0.3 € 0.4 € 0.4
€ 0.5
€ 0.5
€ 0.6
€ 0.6 € 0.8
€ 0.9
€ 0.8 € 0.8 € 0.8 € 0.8 € 0.8 € 0.8 € 0.8
€ 0.7
€ 1.1
€ 1.2
€ 1.1
€ 1.2
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Traditional Sourcing As-a-Service
AP Commercial Sector Quarterly ACV (€B)
€ 1.2
€ 0.6
€ 0.3 € 0.9
€ 1.2
€ 0.4
€ 0.3
€ 1.2
€ 1.5
€ 0.5
€ 0.4
€ 2.2
ITO BPO SaaS IaaS
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
AP Commercial Sector TTM ACV by Type (€B)
€ 1.9 € 1.6 € 2.0
€ 1.2 € 1.6
€ 2.6
€ 3.1 € 3.1
€ 4.6
2Q15-1Q16 2Q16-1Q17 2Q17-1Q18
Traditional Sourcing As-a-Service

12. EMEA 1Q 2018
Blockchain
1Q18 Index Inside Track from
Wayne Butterfield
Director, Cognitive & AI
Innovation and Automation

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EMEA 1Q 2018
Blockchain EcoStack
Distributed Nodes
Individual computers that participate
in the blockchain network, providing
transaction recording and cryptographic
effort to validate transactions
Level
Blockchain Enabled
Applications
Cryptocurrencies, Smart Contracts, Transaction
Processing, Settlement, Supply Chain
Transparency, Digital Rights Management
Level
Blockchain Platforms
Public, Federated,
Private
Bitcoin, Ethereum, Microsoft, Corda R3, IBM
Level

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EMEA 1Q 2018
Blockchain Market Size Blockchain As-a-Service Players Blockchain Across Industries
$400-800M
$10-50B
potentialcurrent
Enterprise use cases increasingly
focused on supply chain, logistics
and smart contracts.
Verified
Blockchain Market
Blockchain Ecosystem
2,000 startups
1,000 investors

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EMEA 1Q 2018
Blockchain Market
Blockchain Deployment Phases Maturation Will Parallel Cloud Market
1. Primarily BFSI use cases such as payment
systems and transaction settlement
2. Pilots outside of financial services,
including supply chain, point of sale
and smart contracts
3. Pilots realize value and move into
production while technology and
operating model matures
• Massive As-a-Service platforms
democratize access
• Developers leading the charge in
building next generation applications
• Will require operating model re-think
within enterprises, resulting in need
for new type of managed service

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EMEA 1Q 2018
1Q 2018 ISG Index – Global Summary and Outlook
● Combined Commercial Market ACV continued to see double-digit Y/Y growth, reaching €9.8B for the
first time
● Regional results were uneven as the Americas generated strong growth in both Traditional Sourcing
and As-a-Service, while Asia Pacific generated very high growth but against a soft Y/Y compare
● EMEA saw its third straight weaker quarter in Traditional Sourcing, and even though As-a-Service
activity continued to rise, it wasn’t enough to offset the pullback in key markets like the UK and DACH
● Continue to forecast As-a-Service growth of 20%+ being led by growth in Public Cloud (30%+)
and SaaS growth of 15%
● Traditional Sourcing growth forecast of 2% with uneven results across both the regions and industries
Summary
Outlook

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EMEA 1Q 2018
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Partner, Chief Research Officer
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Steven Hall
President, ISG EMEA
and Partner, ISG Digital Services
+1 303 748 6599
steven.hall@isg-one.com
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Americas Media Contact
+1 203 517 3119
will.thoretz@isg-one.com
Denise Colgan
EMEA and AP Media Contact
+44 1737 371523
denise.colgan@isg-one.com

18. GLOBAL 4Q16
EMEA 1Q 2018
Appendix: Score Card for TCV
FIRST QUARTER 2018

19. ISG Confidential. © 2018 Information Services Group, Inc. All Rights Reserved 19
EMEA 1Q 2018
1Q 2018 TCV Scorecard
The ISG Index has moved to ACV as the primary measure of the Broader Market.
We will continue to provide a high-level TCV view of the market via a Scorecard analysis.
*Contracts with TCV ≥ €20M from the ISG Contracts Knowledgebase™
Scorecard 1Q18 1Q Y/Y 1Q Q/Q
TCV (€B)* Change Change
Global Combined Market € 25.4 2% -2%
By Type Outsourcing € 18.6 -6% -8%
As-a-Service € 6.8 32% 22%
ITO € 13.6 3% -5%
BPO € 5.0 -23% -16%
IaaS € 3.7 48% 26%
SaaS € 3.1 18% 18%
By Region Americas € 14.3 41% 10%
EMEA € 8.6 -35% -13%
Asia Pacific € 2.5 68% -14%

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Proprietary and Confidential. No part of this document may be reproduced in any form or by any electronic
or mechanical means, including information storage and retrieval devices or systems, without prior written
permission from Information Services Group, Inc.
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