Monthly Market Update November 2026

Education & Training monthly market update

A data-first snapshot of public market trading, sector performance, and M&A activity across Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development, all as of October 30, 2026.

Education & Training October 2026 data Published November 2026

Navagant Education & Training Monthly Market Update - November 2026

This update is prepared by Navagant’s Education, Training & Workforce Development Practice. For questions, contact Jacob Voorhees or Shawn Keenan.

Sector valuations spread out at the October close, with harmonic-mean TEV/EBITDA multiples ranging from 5.4× (EdTech) to 9.1× (Workforce Development). Workforce Development held the top spot at 88% of 52-week highs, while EdTech (53%) and PreK-12 (59%) continued to trade well below their peaks. The month’s biggest shift came in Corporate Training, which moved from 70% to 79% of 52-week highs as Accenture closed at 88.7% of its high, up from 63.0% a month earlier. Corporate Training also carries the highest TEV/Revenue multiple in our coverage at 1.4×. October deal flow featured K-12 curriculum and writing platforms, with IXL Learning acquiring NoRedInk and Carnegie Learning acquiring Ethiqly, while EQT acquired Plena Education and Atlas Partners acquired HMP Global.

This monthly update summarizes key trading statistics, historical valuation trends, and notable M&A transactions across our five coverage sub-sectors, Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development, as of October 30, 2026. Data is sourced from PitchBook.

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Sector Overview Corporate Training EdTech PreK-12 Higher Education Workforce Development

Sector overview

As of October 30, 2026 · Source PitchBook

Trading multiples across all five education and training sub-sectors at month-end, showing TEV/Revenue, TEV/EBITDA, and P/E ranges.

Multiple

TEV / Revenue

Harmonic means. Source: PitchBook.

Multiple

TEV / EBITDA

Harmonic means. Source: PitchBook.

Multiple

P/E Ratio

Harmonic means. Source: PitchBook.

Operating Trading Statistics

Metric	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Development
2026E Revenue Growth	9%	2%	5%	10%	2%
2026E EBITDA Margin	9%	4%	19%	17%	19%
% of 52-Week High	53%	59%	79%	68%	88%
Debt / 2026E EBITDA	1.5×	2.0×	0.4×	1.0×	0.7×

Data as of October 30, 2026. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Docebo+31.5% Blackbaud+22.4% D2L+8.0%	Scholastic+9.8% Bright Horizons Family Solutions+4.2% Stride+2.0%	Thinkific+86.8% Accenture+32.6% RELX+14.8%	Barnes & Noble Education+15.2% Universal Technical Institute+8.5% D2L+8.0%	Wolters Kluwer+20.7% HealthStream+17.3% Randstad+8.2%
Last 3 Months	Blackbaud+69.8% Docebo+52.5% D2L+17.3%	Bright Horizons Family Solutions-3.8% Stride-4.9% Scholastic-16.2%	Thinkific+92.2% Accenture+73.7% RELX+17.2%	D2L+17.3% Covista+12.9% Grand Canyon Education+12.6%	Wolters Kluwer+36.3% HealthStream+25.4% DHI Group+17.4%
Last 12 Months	Docebo+9.7% Blackbaud-18.6% ReadyTech Holdings-36.5%	Scholastic+38.7% Bright Horizons Family Solutions-32.4% Stride-47.5%	John Wiley & Sons+33.9% Pearson+16.0% Thinkific+9.5%	Barnes & Noble Education+41.4% Laureate Education+23.0% American Public Education+22.9%	DHI Group+140.1% HealthStream+25.7% Randstad+12.6%

Data as of October 30, 2026. Source: PitchBook.

Corporate Training

Comp set 9 companies · Harmonic mean 1.4× TEV/Rev, 7.4× TEV/EBITDA

Corporate Training traded at 79% of 52-week highs, carried by Pearson (93.5%), John Wiley & Sons (89.1%), Wilmington (88.8%), and Accenture (88.7%), while SkillSoft (35.1%) and FranklinCovey (67.5%) remained the deepest discounts. Thinkific, Accenture, and RELX led the group over both the last month and the last three months, and John Wiley & Sons is the twelve-month leader at +33.9%. At 1.4× TEV/Revenue and 7.4× TEV/EBITDA, the comp set carries the highest revenue multiple across our five sub-sectors. October M&A centered on leadership development and consulting, including BTS Group’s acquisition of Edward Lynx, Anderson Group’s acquisition of Zenger Folkman, and NIIT’s purchase of Bluewater Learning.

TEV / Revenue

1.4×

TEV / EBITDA

7.4×

2026E Rev. Growth

2026E EBITDA Margin

19%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$258.24	88.7%	158,028	160,277	74,183	32%	14,652	17%	6%	2.2×	10.9×
FranklinCovey	NYS: FC	18.10	67.5%	204	192	263	75%	28	6%	-6%	0.7×	6.9×
John Wiley & Sons	NYS: WLY	51.17	89.1%	2,597	3,866	1,666	75%	437	23%	0%	2.3×	8.8×
Pearson	LON: PSON	17.39	93.5%	10,453	12,371	4,876	52%	1,636	29%	3%	2.5×	7.6×
RELX	LON: REL	40.03	86.7%	69,469	81,111	13,042	66%	5,273	39%	2%	6.2×	15.4×
SkillSoft	NYS: SKIL	4.75	35.1%	43	527	452	78%	119	13%	-4%	1.2×	4.4×
Stride	NYS: LRN	78.36	75.6%	3,295	3,125	2,537	37%	621	23%	2%	1.2×	5.0×
Thinkific	TSE: THNC	1.51	88.4%	102	51	75	72%	2	-3%	5%	0.7×	NM
Wilmington	LON: WIL	3.75	88.8%	336	411	161	81%	43	20%	34%	2.6×	9.6×
Harmonic Mean											1.4×	7.4×

$USD in millions. NM = not meaningful. Data as of October 30, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
29-Oct-2026	Bluewater Learning	NIIT	Provider of consulting and managed services intended to maximize the value of learning and talent management technology.
15-Oct-2026	Zenger Folkman	Anderson Group	Provider of leadership development services, including 360-degree assessments, coaching, certifications, and talent management.
12-Oct-2026	Edward Lynx	BTS Group	Provider of management consulting and leadership development services intended to serve international enterprises and executive teams.
09-Oct-2026	Constellation Academy	Constellation Capital	Operator of a consultation academy intended to serve individual and commercial clients.
07-Oct-2026	Generational Performance Solutions	FGP International	Provider of workforce consulting services intended to bridge generational gaps in the workplace.
06-Oct-2026	Avado	Knovia Group	Operator of a professional academy intended to help people and businesses through interactive learning experiences.
06-Oct-2026	Gesta	Strategic Management Partners	Provider of strategic consulting and corporate training services intended for sustainable business growth and regulatory compliance.
06-Oct-2026	Vectornex Group	The Transformation Club	Provider of tailored event experiences, executive audience acquisition services, and team training programs to connect business leaders with service providers.
02-Oct-2026	IFG Executive Education	Undisclosed	Provider of executive education and professional training services intended for managers and business leaders.
02-Oct-2026	Prosper Company	Arrowfly	Provider of leadership development services intended for the foodservice and hospitality industries.
01-Oct-2026	Skilled Futures	Arcwing Partners	Provider of vocational training and employability services intended for the local labor market.
01-Oct-2026	Kakeru	Maya Staffing	Provider of recruitment services intended to support career transitions and professional development.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 0.6× TEV/Rev, 5.4× TEV/EBITDA

EdTech remained the most discounted sub-sector at 53% of 52-week highs. Docebo (94.8%) and Blackbaud (81.7%) were the exceptions, while Nerdy (28.1%), Cogna Educação (32.6%), and Coursera (39.0%) sat furthest from their peaks. Duolingo still commands the premium at 4.3× revenue on 29% growth, and Coursera’s 23% growth stands out against a 0.2× revenue multiple. Docebo (+31.5%) and Blackbaud (+22.4%) led in October, and over three months Blackbaud is up 69.8% and Docebo 52.5%. At 5.4×, the group now carries the lowest TEV/EBITDA harmonic mean in our coverage. Deal flow was led by K-12 instructional platforms, including IXL Learning’s acquisition of NoRedInk, Carnegie Learning’s purchase of Ethiqly, and Activate Learning’s acquisition of Open Up Resources.

TEV / Revenue

0.6×

TEV / EBITDA

5.4×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$53.55	81.7%	2,409	3,418	1,160	60%	425	27%	2%	2.9×	8.0×
Cogna Educação	BVMF: COGN3	0.29	32.6%	588	1,565	1,479	65%	541	31%	16%	1.1×	2.9×
Coursera	NYS: COUR	3.47	39.0%	917	142	885	56%	83	-13%	23%	0.2×	1.7×
D2L	TSE: DTOL	7.69	59.3%	404	308	223	68%	20	4%	3%	1.4×	15.4×
Docebo	TSE: DCBO	29.71	94.8%	741	790	259	79%	48	9%	12%	3.1×	16.5×
Duolingo	NAS: DUOL	131.59	47.0%	6,157	4,929	1,145	73%	325	15%	29%	4.3×	15.2×
Nerdy	NYS: NRDY	6.29	28.1%	53	43	178	61%	(9)	-22%	0%	0.2×	NM
ReadyTech Holdings	ASX: RDY	0.96	51.6%	118	143	85	93%	24	22%	3%	1.7×	6.1×
Sylogist	TSE: SYZ	1.98	40.9%	46	58	43	58%	4	5%	-7%	1.3×	16.1×
Harmonic Mean											0.6×	5.4×

$USD in millions. NM = not meaningful. Data as of October 30, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
21-Oct-2026	MathU Teaching Emporium	Advtech	Developer of an education technology platform intended for schools, communities, and workplaces.
19-Oct-2026	NoRedInk	IXL Learning	Developer of a web-based learning platform designed to improve the grammar and writing skills of students.
15-Oct-2026	Open Up Resources	Activate Learning	Provider of educational curriculum and professional learning services intended for the PreK-12 sector.
09-Oct-2026	Ethiqly	Carnegie Learning	Operator of a digital writing platform intended to enhance writing instruction.
02-Oct-2026	StudyStash	Kortext	Developer of an AI-powered adaptive learning platform intended to serve the higher education sector.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.6× TEV/Rev, 7.1× TEV/EBITDA

PreK-12 traded at 59% of 52-week highs, up from 54% a month earlier. Scholastic (81.7%) and Stride (75.6%) closed nearest their peaks, while Bright Horizons (50.0%) and Nerdy (28.1%) remained deeply discounted. Scholastic led the group in October (+9.8%) and remains the twelve-month leader at +38.7%, though every constituent in the top-performer table is still down over the last three months. At 0.6× TEV/Revenue, the group sits at the low end of our coverage alongside EdTech, while its 7.1× TEV/EBITDA is mid-range. Private consolidation stayed active: Kindred Nurseries added three nursery operators, TZP Group acquired Building Kidz Worldwide, and Investcorp took Crown American Private School.

TEV / Revenue

0.6×

TEV / EBITDA

7.1×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$54.98	50.0%	2,635	4,625	3,067	23%	428	3%	7%	1.5×	10.8×
Nerdy	NYS: NRDY	6.29	28.1%	53	43	178	61%	(9)	-22%	0%	0.2×	NM
Scholastic	NAS: SCHL	39.29	81.7%	723	1,107	1,573	56%	144	11%	-3%	0.7×	7.7×
Stride	NYS: LRN	78.36	75.6%	3,295	3,125	2,537	37%	621	23%	2%	1.2×	5.0×
Harmonic Mean											0.6×	7.1×

$USD in millions. NM = not meaningful. Data as of October 30, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
23-Oct-2026	Daisy Maises Day Nursery	Graphite Capital Management	Provider of early years childcare and educational services designed for children from infancy through preschool age.
23-Oct-2026	Little Pumpkins Nursery	Kindred Nurseries	Provider of early years education services intended for children and families.
22-Oct-2026	Goalsetter	Harlem Children’s Zone	Operator of a goal-based savings and gifting platform intended to help kids and teens learn finance.
15-Oct-2026	Open Up Resources	Activate Learning	Provider of educational curriculum and professional learning services intended for the PreK-12 sector.
15-Oct-2026	Westfield House Childcare	Innervation Capital Partners	Provider of childcare services intended to support early childhood development in a homely environment.
13-Oct-2026	Clarecroft Day Nursery	Kindred Nurseries	Provider of childcare services intended to provide early learning experiences for children.
13-Oct-2026	Dragonflies Day Nursery	Kindred Nurseries	Provider of a nursery intended to offer early years childcare and education.
06-Oct-2026	Forest Park Day Nursery & Pre-School	Kids Planet Day Nursery	Operator of a day nursery and preschool designed for early years education and childcare.
06-Oct-2026	UpTodd Care	Hoola Health	Developer of an early childhood development platform designed to nurture infant brain growth and support parents.
01-Oct-2026	Building Kidz Worldwide	TZP Group	Provider of kids education services intended to create a local community for intellectually challenged children.
01-Oct-2026	Crown American Private School	Investcorp	Operator of an educational institution intended to provide an American and international curriculum.
01-Oct-2026	Mulberry Bush Nursery Group	Foresight Group	Provider of childcare services intended to support early childhood development.
01-Oct-2026	Wayfinder	Lemnis	Provider of training and education support intended to help schools build belonging, purpose, and life readiness skills.

Source: PitchBook.

Higher Education

Comp set 14 companies · Harmonic mean 0.8× TEV/Rev, 5.7× TEV/EBITDA

Higher Education traded at 68% of 52-week highs, with a wide spread inside the comp set. Pearson (93.5%), Graham Holdings (92.6%), Covista (87.5%), and Barnes & Noble Education (85.9%) closed near peak levels, while Cogna Educação (32.6%), Lincoln Technical Institute (36.7%), Coursera (39.0%), and Universal Technical Institute (44.1%) finished under half their highs. Barnes & Noble Education led in October (+15.2%) and over twelve months (+41.4%), ahead of Laureate Education (+23.0%) and American Public Education (+22.9%). Estimated 2026 revenue growth of 10% is the highest in our coverage. October’s notable deals included EQT’s acquisition of Plena Education, Kortext’s purchase of StudyStash, and MSM Unify’s acquisitions of RJ Vision and KickEdu.

TEV / Revenue

0.8×

TEV / EBITDA

5.7×

2026E Rev. Growth

10%

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
American Public Education	NAS: APEI	$40.56	65.9%	742	674	668	56%	93	12%	4%	1.0×	7.3×
Barnes & Noble Education	NYS: BNED	12.67	85.9%	439	705	1,717	21%	79	4%	5%	0.4×	9.0×
Cogna Educação	BVMF: COGN3	0.29	32.6%	588	1,565	1,479	65%	541	31%	16%	1.1×	2.9×
Coursera	NYS: COUR	3.47	39.0%	917	142	885	56%	83	-13%	23%	0.2×	1.7×
Covista	NYS: CVSA	124.33	87.5%	4,135	4,666	2,003	57%	520	24%	9%	2.3×	9.0×
D2L	TSE: DTOL	7.69	59.3%	404	308	223	68%	20	4%	3%	1.4×	15.4×
Graham Holdings	NYS: GHC	1,168.51	92.6%	4,871	4,982	5,116	30%	770	16%	4%	1.0×	6.5×
Grand Canyon Education	NAS: LOPE	147.88	70.8%	3,854	3,684	1,142	53%	383	28%	7%	3.2×	9.6×
Laureate Education	NAS: LAUR	33.22	81.2%	4,509	5,103	1,915	29%	711	33%	21%	2.7×	7.2×
Lincoln Technical Institute	NAS: LINC	20.68	36.7%	656	840	571	60%	74	10%	22%	1.5×	11.3×
Pearson	LON: PSON	17.39	93.5%	10,453	12,371	4,876	52%	1,636	29%	3%	2.5×	7.6×
Perdoceo Education	NAS: PRDO	29.81	77.4%	1,865	1,245	859	77%	290	29%	12%	1.5×	4.3×
Strategic Education	NAS: STRA	72.96	81.3%	1,620	1,598	1,286	49%	280	18%	4%	1.2×	5.7×
Universal Technical Institute	NYS: UTI	22.64	44.1%	1,247	1,437	884	48%	96	12%	9%	1.6×	14.9×
Harmonic Mean											0.8×	5.7×

$USD in millions. NM = not meaningful. Data as of October 30, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
26-Oct-2026	Admit Beacon	The Red Pen	Provider of admissions consulting and career coaching services intended to support business school applicants.
17-Oct-2026	RJ Vision	MSM Unify	Provider of competitive coaching services intended to prepare students for medical and engineering entrance examinations.
17-Oct-2026	KickEdu	MSM Unify	Provider of study abroad program selection and support services intended for students seeking international education.
14-Oct-2026	Experience Education	Rockaway Capital	Provider of educational travel experiences intended for schools and groups.
05-Oct-2026	Testbusters	Smart Capital	Provider of educational training services intended to assist students with university admissions tests.
02-Oct-2026	StudyStash	Kortext	Developer of an AI-powered adaptive learning platform intended to serve the higher education sector.
01-Oct-2026	Plena Education	EQT	Operator of a higher education platform aimed at building different types of schools.
01-Oct-2026	Renew	I-plug	Operator of a long-term internship recruitment platform intended to connect university students with paid internship opportunities.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.1× TEV/Rev, 9.1× TEV/EBITDA

Workforce Development remained the strongest sub-sector at 88% of 52-week highs. Randstad (96.7%), HealthStream (94.6%), Korn Ferry (87.5%), and DHI Group (87.1%) all finished close to their peaks, and Wolters Kluwer recovered to 76.1% from 56.2% a month earlier. Wolters Kluwer led the group in October (+20.7%) and over three months (+36.3%), with HealthStream second over both periods. The group carries the highest TEV/EBITDA harmonic mean in our coverage at 9.1×, alongside a 19% estimated 2026 EBITDA margin. October M&A leaned toward safety and technical training, including RelyOn Holding’s acquisitions of Windhunter Academy and Energy Innovation and Celnor Group’s purchase of Safety Solutions Group, plus Atlas Partners’ acquisition of HMP Global.

TEV / Revenue

1.1×

TEV / EBITDA

9.1×

2026E Rev. Growth

2026E EBITDA Margin

19%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$4.52	87.1%	196	233	125	84%	36	14%	-7%	1.9×	6.5×
HealthStream	NAS: HSTM	33.66	94.6%	1,031	978	321	65%	79	22%	9%	3.0×	12.4×
Korn Ferry	NYS: KFY	76.55	87.5%	4,284	4,067	2,988	88%	506	17%	7%	1.4×	8.0×
Randstad	AMS: RAND	45.80	96.7%	8,036	9,803	27,120	18%	982	3%	0%	0.4×	10.0×
Wolters Kluwer	AMS: WKL	97.28	76.1%	21,640	26,041	7,123	74%	2,355	37%	0%	3.7×	11.1×
Harmonic Mean											1.1×	9.1×

$USD in millions. NM = not meaningful. Data as of October 30, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
23-Oct-2026	GIT Academy	Day1 Academy	Provider of IT and design vocational training intended to serve adult students and government agencies.
22-Oct-2026	Windhunter Academy	RelyOn Holding	Provider of industrial training services intended to provide safety and technical certifications for the wind energy sector.
20-Oct-2026	AeronautX	Affinity Activation Group	Provider of professional pilot education and type-rating services intended for the regional and business aviation sectors.
16-Oct-2026	Frandson Safety	Williams Safety and Rescue	Provider of industrial safety services intended to ensure workplace compliance.
16-Oct-2026	HMP Global	Atlas Partners	Provider of healthcare education services intended to improve patient care.
16-Oct-2026	TD Markets	Chicago Extruded Metals	Provider of online brokerage and financial education services intended for the retail and institutional trading sectors.
08-Oct-2026	Horus	Sienna Private Equity	Provider of professional consulting services intended to ensure regulatory compliance and workplace safety.
05-Oct-2026	Energy Innovation	RelyOn Holding	Operator of a training institute intended to spread awareness about renewable energy.
05-Oct-2026	Global AeroSports	TechnoSchool	Provider of aerospace education intended to provide students with practical knowledge and technical skills.
05-Oct-2026	Safety Solutions Group	Celnor Group	Provider of safety training services intended to maintain workplace health and compliance standards.
02-Oct-2026	Hatsoff Helicopter Training	Hindustan Aeronautics	Provider of helicopter training services intended to enhance safety and mission readiness.
02-Oct-2026	Prosper Company	Arrowfly	Provider of leadership development services intended for the foodservice and hospitality industries.
01-Oct-2026	Aspiration Training	Carson Private Capital	Provider of apprenticeships and vocational training services intended for the dental, care, and education sectors.
01-Oct-2026	ESI Employee Assistance Group	Horace Mann Educators	Provider of employee and employer assistance services catering to government and public safety, health care, education and non-profit organizations.
01-Oct-2026	Media Financial Management Association	Financial Executives International	Provider of professional networking and educational services intended for financial professionals in the media and entertainment industry.
01-Oct-2026	Proteko	Fremman Capital	Provider of security management and training services intended for the industrial sector.
01-Oct-2026	Skilled Futures	Arcwing Partners	Provider of vocational training and employability services intended for the local labor market.

Source: PitchBook.

Navagant Senior Team

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caleb@navagant.com · 774-994-3248

6+ years of financial advisory experience · 2026 M&A Atlas Rising Star Dealmaker

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