While M&A in consulting has taken a hit from the Covid-19-induced downturn, a new report from Boxington Corporate Finance says that deal making activity has recovered over the past months, as the sector emerges as a counter-intuitive beneficiary of the global pandemic.

As Covid-19 arrived, valuations across the consulting sector were particularly hard hit, with investors expecting the sector to be exposed to the pandemic given the service-based nature of consulting work and its reliance on onsite meetings and delivery.

Despite the fears, the sector has proven resilient and its valuations are now well on the road to recovery, with average quoted company share valuations increasing by circa 31% in the past six months to 30th September 2020, and in some cases even surpassing pre-Covid valuations. To come to its finding, Boxington Corporate Finance analysed a cross-section of 20 global listed consulting firms, including Accenture, Booz Allen Hamilton, Capgemini, FTI Consulting, Wavestone and Wipro.