Diversified Support Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › DIVERSIFIED SUPPORT SERVICES

Operators Earn Their Multiple While the Sector Drifts Below the Index

This update covers what moved, what companies announced and what the transaction record shows for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › DIVERSIFIED SUPPORT SERVICES

   This is the cover slide introducing the bi-weekly Diversified Support Services industry events and M&A update for September 14–28, 2026.

   We open with the two-week Diversified Support Services update covering what changed, who moved, what transacted and what it means for you.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › DIVERSIFIED SUPPORT SERVICES Operators Earn Their Multiple While the Sector Drifts Below the Index This update covers what moved, what companies announced and what the transaction record shows for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Company News Kept Flowing While Most Share Prices Gave Ground

   This slide summarizes the two-week period: 15 covered names, most share prices lower against a rising index.

   Company news kept flowing across the sector over the two weeks, yet most share prices moved the other way. Eleven of the fifteen covered names fell, with a median move of -0.9%, while the S&P 500 returned +0.8% over the same window. In our read, that gap between headline volume and price direction points to the content of announcements mattering more than their pace. So what: for the names in this set, the signal to watch is what companies said, not how often they said it.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Company News Kept Flowing While Most Share Prices Gave Ground The two-week period in one page · 15 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Set Fell While the Index Rose 11 of 15 covered names fell; the median move was -0.9%. The S&P 500 returned +0.8% over the same two-week period. 2 The Two Gainers Each Had Something Specific in the Window TSS, Inc. (TSSI) added +15.0% and IBEX Limited (IBEX) added +9.5%. Both carried dated company announcements inside the period; most of the rest of the set did not. 3 The Tier Spread That Frames the Sector Held Through the Period NeuraCap's sector study puts the CY2027E median at 6.8x EV/EBITDA, with a Premium tier median of 19.5x and a Discount tier median of 3.8x. The NeuraCap read is that this window is consistent with that standing spread rather than a challenge to it. 4 No New Precedent Landed in the Two-Week Period No material sector transactions were announced during the period. The trailing record of 40 transactions, at a median of 9.0x EV/EBITDA, remains the reference for pricing conversations. +15.0% Best mover — TSS, Inc. (TSSI) worst: MMS -12.2% · 4 up / 11 down of 15 covered -0.9% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Announcements Earned the Upside; The Rest of the Set Gave Ground

   This slide separates the two names that advanced from the rest of the set that declined, and sets the materiality bar for the period.

   Only TSS, Inc. (TSSI) and IBEX Limited (IBEX) posted gains, up +15.0% and +9.5% respectively, and both carried dated company announcements inside the window. The rest of the covered set gave ground, consistent with a sector median of -0.9% against a +0.8% S&P 500 return. We set the materiality bar at ±5.9% on a sector-relative basis, so moves inside that band reflect ordinary drift rather than a specific catalyst. So what: when a name clears that bar, we treat it as evidence of a dated event, not noise, and prioritize it in client conversations.

   Everything on this page

   PUBLIC MARKET MOVERS Announcements Earned the Upside; The Rest of the Set Gave Ground Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -0.9% · S&P 500 +0.8% · materiality bar ±5.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -0.9% TSS, Inc. (TSSI) +15.0% Shares moved following the September 21 announcement that TSS would present at the Singular Research Autumn Equinox webinar on September 24. Investor access can move a smaller name; the durable question stays revenue mix and the margin path behind it. COMPANY-SPECIFIC Resources Connection, Inc. (RGP) -11.1% No notable in-window news was identified that clearly explains the move. The -11.1% return sat well below the -0.9% median for the covered set. Project-based advisory revenue is re-earned each year, and the set prices that visibility gap. UNEXPLAINED Genpact Limited (G) -10.5% No notable in-window news was identified that clearly explains the move. The -10.5% return sat below the -0.9% median for the covered set. A Core-tier name can travel with sector sentiment; capability recognition is not contracted revenue. UNEXPLAINED IBEX Limited (IBEX) +9.5% The reaction was consistent with two product recognitions announced in the window: the 2026 Globee Award on September 16 and, on September 24, the CUSTOMER Magazine Product of the Year for the Wave iX AI Virtual Agent. Seat-based delivery models are being judged on whether AI products convert into managed, billable revenue. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Quarterly Prints, Product Wins and a Technology Hire Set the Period's Agenda

   This slide lists the period's highest-impact company news, including a quarterly print, product wins and a technology hire.

   The two-week period's agenda was set by operating proof points rather than by market moves: a quarterly revenue print, product recognition, and a technology hire specific to this set of companies. Each event on this page links back to its filing or article, so the record is auditable and not just characterized. In our read, these events are the most credible drivers behind the small number of exceptional moves in the set. So what: we recommend using these dated catalysts, not the broader sector tape, when clients ask why a specific name moved.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Quarterly Prints, Product Wins and a Technology Hire Set the Period's Agenda The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · Business Wire Cintas reported fiscal 2027 first quarter results with revenue ahead of the prior year Revenue of $3.01 billion against $2.72 billion a year earlier came from a Premium-tier name built on contractual, route-based work. Route books that grow revenue per stop and add stops keep the top of the valuation range. Sep 23 · NEWS · Business Wire Resources Connection set October 7 as the date for its first quarter fiscal 2027 results The calendar item puts a near-term operating datapoint in front of a name that fell -11.1% over the period. For project-based consulting, the quarterly print is where demand visibility is tested. Advisory models are marked on each quarter's bookings rather than on a contracted base. Sep 22 · NEWS · Business Wire Huron was named a Best Firm to Work For by Consulting Magazine for the 16th consecutive year In people-dependent consulting the asset walks out of the building each evening, so retention of practice leadership is an operating metric, not a soft one. The recognition speaks to a Core-tier name defending that base. Staff retention and time-to-productivity sit directly behind delivered margin in advisory work. Sep 16 · NEWS · GlobeNewsWire ibex won a 2026 Globee Award for its AI-powered customer experience solution The recognition lands as the market asks whether seat-based delivery can convert automation into priced product. IBEX rose +9.5% over the period alongside this and a second product award. Delivery-centre operators are being assessed on the pricing model they attach to automation. Sep 15 · NEWS · Business Wire Iron Mountain partnered with the Opéra national de Paris to preserve and digitize its visual heritage A Premium-tier storage and records platform extending into digitization shows how custody obligations turn into longer-dated service revenue on top of the physical estate. Statutory retention and custody duties keep storage demand contractual and repeatable. Sep 15 · NEWS · PRNewsWire Genpact won a category award in the inaugural 2026 HFS Services-as-Software Awards The recognition points at Genpact's Agentic Operations model across finance, procurement, insurance and banking operations. It is a capability signal for a Core-tier name in the automation debate. Capability credentials help win recompetes; the revenue model behind them decides the multiple.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Stands Pat and Keeps Its Marks

   This slide reports the trailing precedent-transaction record: 40 recorded deals at a median 9.0x EV/LTM EBITDA, unchanged in the period.

   No material sector transactions were announced in the two-week window, so the reference set stands at 40 recorded precedent deals with a median of 9.0x EV/LTM EBITDA. That stability matters because it means pricing conversations can keep leaning on the same trailing marks rather than resetting to a new data point. So what: acquirers and advisors can use the existing 9.0x median with confidence until a new transaction actually prints.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Stands Pat and Keeps Its Marks September 14–28, 2026 · precedent transactions: 40 recorded deals · median 9.0x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 transactions, carrying a median of 9.0x EV/EBITDA, remains the reference point buyers and sellers are working from. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 9.0x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Softer Two Weeks and an Unchanged Transaction Record Mean for You

   This slide translates the period's price moves and unchanged transaction record into implications for owners, acquirers and advisors.

   For owners and operators, the operating news — from a quarterly print to product recognition to a retention award — traveled further than sentiment did this period. For acquirers, the comparables moved but the precedent marks did not, so the 40 deals at a 9.0x median remain the pricing anchor. For advisors, the separation within the sector — contracted, route-based work versus seat-based delivery — is the theme worth carrying into client conversations. So what: each audience has a specific, low-risk action this period rather than a reason to wait.

   Everything on this page

   WHAT IT MEANS What a Softer Two Weeks and an Unchanged Transaction Record Mean for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.8x 16 companies in the study 3 valuation tiers Standing thesis: Diversified Support Services Is Four Businesses in One Label, and the Top of the Range Sits with the Faster Growers FOR OWNERS & OPERATORS Operating Proof Travelled Further than Sentiment Companies across the sector kept the operating news coming: a quarterly revenue print from Cintas Corporation (CTAS), product recognition at IBEX Limited (IBEX) and Genpact Limited (G), and a retention award at Huron Consulting Group Inc. (HURN). FOR ACQUIRERS The Comparables Moved; The Precedent Marks Did Not With no material sector transactions announced during the period, the 40 trailing precedents at a 9.0x median EV/EBITDA remain the pricing marks. FOR ADVISORS Lead with Separation, and Use This Period's Evidence The theme to carry into conversations is separation within one label: contracted, route-based work that grew revenue, and seat-based delivery being judged on whether automation becomes priced product.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure in the update.

   Every figure in this update links to the record it came from, so each number here can be checked against its filing or market data source. We rely on a fixed reliability order — filings first, then established outlets — and market data through September 28, 2026. So what: clients can verify any number in this deck before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Diversified Support Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T072948Z_398_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · prnewswire.com · accessnewswire.com

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