What changed in this filing

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Item 1. Business

2026-03-06 compared with 2025-03-13 · 117 added, 148 removed, 82 unchanged (76% of the section changed)

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III) is a global AI-centered technology research and advisory firm.

A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services sourcing that is now focused on leveraging AI to help organizations achieve operational excellence and faster growth.

The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its more than 1,300 professionals worldwide working together to help clients maximize the value of their technology investments.

A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth.

The firm, founded in 2006, is known for its proprietary market data and research, in-depth knowledge and governance of provider ecosystems, and the expertise of its approximately 1,500 professionals worldwide working together to help clients maximize the value of their technology investments.

For more information, visit www.isg-one.com.

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It should not be relied upon for investment purposes, nor is it incorporated by reference into this Annual Report on Form 10 K or any other filings.

Our Company was founded with the strategic vision to become a high-growth, leading provider of information-based advisory services.

Our Company was founded with the strategic vision to become a leading, high-growth provider of information-based advisory services.

We continue to believe that our vision will be realized through the acquisition, integration and successful operation of market-leading brands within the data, analytics and advisory industry.

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Our telephone number is (203) 517-3100.

ISG specializes in digital transformation services, including sourcing advisory, cloud and data analytics;

managed governance and risk services;

network carrier services;

technology strategy and operations design;

change management;

market intelligence and technology research and analysis.

ISG supports both private and public sector organizations to transform and optimize their operational environments.

During periods of expansion or contraction, our services have helped organizations of all sizes across the globe address their most complex operational issues.

The functional domain experience of our experts and deep empirical data resources allows clients to better understand their strategic options.

The Company’s operating model is aimed at extending our market leadership, enhancing growth opportunities and driving significant value for all stakeholders.

We provide services that address our clients’ most pressing business challenges in two areas we believe are most important to them—their continuing digital transformation and getting the most from their digital investments.

To meet these needs, we formed two global client solution areas:

ISG Digital, focused on developing technology, transformation, sourcing and digital solutions for clients, and ISG Enterprise, focused on helping clients manage change and optimize operations in such areas as finance, human resources (“HR”) and training.

Our core solutions are supported by ISG Research, with its extensive market analyses and provider evaluations, our ISG Network and Software Advisory services and our software platforms, including ISG GovernX® and ISG Tango.

We also continue to build more industry-specific capabilities in such areas as banking, insurance and smart manufacturing.

Every client engagement passes through our dedicated Solution Hub to bring the best thinking, tools and capabilities to bear to solve client challenges.

Integrated solutions are then delivered through our ISG iFlex™ global delivery model, which enables us to rapidly deploy our resources to support clients, regardless of geography or time zone.

ISG is a leading global provider of digital transformation and technology advisory services, helping organizations optimize performance, reduce costs, and accelerate innovation.

Our expertise spans sourcing advisory, cloud and data analytics, managed governance and risk services, network and software advisory, technology strategy and operations design, change management, and market intelligence.

We serve both private- and public-sector clients across the globe, supporting them through periods of expansion, consolidation, and transformation.

By combining functional domain expertise with extensive empirical data and proprietary market intelligence, we enable clients to make informed strategic decisions and achieve measurable business outcomes.

The Company’s operating model is designed to extend our market leadership, enhance growth opportunities, and deliver long-term value to all stakeholders.

We believe that our services address clients’ most critical priorities—advancing their digital transformation journeys and maximizing the return on their digital investments.

To meet these needs, ISG operates through two global client solution areas:

ISG Digital , which focuses on developing technology, transformation, sourcing, and digital solutions;

and ISG Enterprise , which helps clients manage change and optimize core operations across information technology, finance, human resources, and training.

Our core solutions are supported by ISG Research , which provides extensive market analyses, provider evaluations, and data-driven insights;

the ISG Network and Software Advisory portfolio;

and our proprietary digital platforms— ISG GovernX® , ISG Inform™ , and ISG Tango —that enable clients to improve supplier management, benchmark operational performance, and accelerate sourcing decisions.

These offerings are increasingly enhanced with AI capabilities that deliver automation, analytics, and decision support across engagements.

We continue to expand our industry-specific expertise in areas such as banking, insurance, and smart manufacturing.

Every client engagement leverages our Solution Hub , which integrates ISG’s global knowledge base, tools, and intellectual property to deliver tailored solutions.

Engagements are executed through our ISG iFlex™ global delivery model, which enables the efficient deployment of resources worldwide, ensuring consistent quality, scalability, and responsiveness across time zones and geographies.

Our Competitive Advantages

We believe that the following strengths differentiate us from our competition:

Independence and Objectivity .

We are not an information technology or business process outsourcing service provider.

Rather, we are an independent, fact-based data, analytics and advisory firm with no material conflicting financial or other interests.

This enables us to maintain a trusted advisor relationship with our clients through our unbiased focus and ability to align our interests with those of our clients.

Proprietary Data Assets and Market Intelligence.

We have assembled a comprehensive and unique set of data, analytics and market intelligence built over more than 30 years of data collection and analysis, providing insight into the comparative cost and quality of a variety of operational alternatives.

● Domain Expertise.

Averaging over 20 years of experience, our strategic consulting teams bring a wealth of industry and domain-specific knowledge and expertise to address our clients’ most complex transformational needs.

Strong Brand Recognition.

ISG continues to gain marketplace awareness as a leading brand in our industry.

ISG offers integrated solutions to our clients.

Global Reach.

We possess practical experience in global business operations, and we understand the significance of interconnected economies and companies.

Our resources in the Americas, Europe and Asia Pacific make us a truly global advisory firm able to consistently serve the strategic and implementation needs of our clients.

We believe that ISG’s long-term strategy is supported by the following set of durable competitive advantages that reinforce our market position and ability to execute effectively:

● Independence and Objectivity ISG operates solely as a technology and business advisory firm, maintaining independence from vendors and service providers.

This objectivity allows us to deliver unbiased, fact-based advice that aligns with client interests and supports long-term trusted-advisor relationships .

● Proprietary Data Assets and Market Intelligence With over 30 years of benchmarking and sourcing experience, ISG has built a proprietary data repository encompassing millions of real-world data points.

These assets inform our advisory, research, and platform solutions, enabling clients to make informed, data-driven decisions and benchmark performance against industry peers.

● Deep Domain and Industry Expertise Our consultants bring an average of more than 20 years of experience across technology, operations, and industry domains.

This depth of expertise allows ISG to address complex digital transformation challenges and deliver customized, high-impact solutions.

● Recognized Brand and Integrated Solutions ISG is recognized globally as a leading advisory firm in digital transformation and technology research.

Our integrated service portfolio—spanning sourcing, strategy, analytics, governance, and change management—strengthens our client relationships and enhances our brand equity.

● Global Reach and Scalable Delivery Model Through our presence across the Americas, Europe, and Asia-Pacific, ISG delivers consistent, high-quality service worldwide.

Our iFlex™ delivery model and Solution Hub enable scalable execution, agile resourcing, and seamless collaboration across geographies and time zones.

We believe the above strengths are central to our ability to successfully advise and support our clients to address any business challenge.

We intend to use our competitive strengths to develop new services and products, sustain our growth and strengthen our existing market position by pursuing the following strategies:

● Preserve and Expand Our Market Share Positions.

We expect the trend toward operational efficiency led by the accelerating adoption of AI-based technologies to play an increasing role in the demand for our services.

We plan to leverage our proprietary operating platform (Tango) to serve the growing number of private and public sector organizations utilizing outside advisors when undertaking cost optimization and transformation programs.

We are focused on growing our existing client base by offering integrated solutions that combine our multiple services and capabilities.

In addition, we will seek to continue to expand our products and services, and the geographic markets we serve opportunistically as global competition spurs demand for cost savings and value creation.

● Preserve Our Financial Positions.

In our pursuit of the Company’s growth initiatives, we are committed to maintaining a strong financial position with flexibility and liquidity.

The priorities for uses of available cash include funding growth, payment of dividends, share repurchases and debt reduction.

We expect our cash flow generation and solid balance sheet to support the firm’s current operating strategy .

● Strengthen Our Industry Expertise.

We plan to continue to invest in and strengthen our market-facing organization to drive increased revenue targeting nine global industries:

Banking and Financial Services, Consumer Services, Energy and Utilities, Health Sciences, Insurance, Manufacturing, Media and Technology Software and Services, Private Equity and Public Sector.

● Expand Our Offering Focus.

We seek to drive our service portfolio and relationships with clients further into AI-centered Technology Advisory Services, including Business Advisory Services, AI-Centered Technology Strategy, Data & Analytics, IT Transition Services, Organizational Change Management (OCM) and Network & Software Advisory.

These are all areas in which we are investing in an attempt to drive increased revenue and expand client relationships.

ISG plans to expand resources and intellectual property around AI-centered technologies.

Our purpose in the marketplace is to be a trusted advisor, guiding our clients through their AI and technology transformations toward practical innovation of their business models, leveraging strategic partners, emerging technology and thought leadership.

Our digital services now span a volume of offerings and have become embedded as part of our traditional transaction services.

We are now leveraging the advancements of AI into our digital services.

For example, we continue to modernize our traditional sourcing services

to leverage AI, data and analytics to bring agility and nimbleness to the process of sourcing, RFPs and contracting.

Our ISG Tango sourcing platform is a unique, AI embedded, comprehensive solution that enables enterprises and public sector organizations to quickly evaluate their business requirements, identify desired outcomes, fast-track the provider identification and selection process, collaborate with providers on developing the right solution, get to a signed contract and transition operations faster than before.

ISG continues to expand our Supplier and Contract Management capabilities powered by our GovernX® platform, a market leading vendor compliance and risk management digital solution.

This offering provides clients a strategic and disciplined approach to supplier relationship and large contract management.

Our suite of offerings includes supplier performance improvement, reducing spend, third-party risk mitigation, and supplier-based management.

Based on ISG’s 25 years of managing relationships on behalf of our clients, we have a unique and robust dataset that enables ISG to partner with clients to deliver improvements to their business processes and to benchmark the performance of their operations to the broader market.

ISG GovernX leverages AI to automate the management of third-party supplier relationships, including contract and project lifecycles and risk management.

ISG’s current strategy is to extend our global market leadership in digital transformation advisory by deepening our data, platform, and AI-enabled capabilities while broadening our recurring revenue base.

Key priorities are as follows :

Continue to Build on our Proprietary Data Sets and Market Intelligence.

Our key strength lies in the information, data, analytics, methods, and other intellectual property that we own.

This foundation ensures our operational assessments, strategy planning, deal structuring, negotiations, and other advisory services remain truly independent.

With each project, we aim to expand and refine our intellectual property, offering an ever-growing and distinctive source of information, data, and analytics for our clients.

We use nearly 10 million real-world data points from benchmarking and sourcing contracts to enhance our advisory, benchmarking, and platform processes, giving us a unique advantage that's hard to duplicate.

Our proprietary intellectual property is safeguarded by various legal and contractual measures.

We are committed to protecting its value and enforcing our rights whenever necessary.

Consequently, we have established rigorous policies and procedures for the ownership, usage, and protection of intellectual property across all parties, including our employees.

In today's AI-driven digital marketplace, ISG Research assists enterprises in addressing emerging challenges, preparing for future opportunities, and maintaining a competitive advantage.

ISG Research specializes in facilitating connections between technology buyers and sellers, including major services, cloud, and software providers.

Our advisory services provide ISG Research with a comprehensive

view of the technology and sourcing landscape.

Our research encompasses traditional analyst coverage as well as direct feedback from market practitioners working with some of the largest enterprise clients on their transformation initiatives.

ISG monitors over 180,000 unique technology service contracts and annually evaluates more than 4,000 service and software providers, offering valuable insights into pricing, capabilities, and provider stability.

When large organizations seek to assess potential partners, they rely on ISG Research for thorough evaluations of capabilities, pricing structures, breadth of offerings, and historical performance.

With rapid advancements in technology, particularly artificial intelligence, ISG Research is well-equipped to guide enterprises in avoiding trends driven by hype and focusing on meaningful outcomes.

Additionally, ISG Research supports providers in navigating the marketplace through market intelligence, client retention programs, pursuit assessments, and client satisfaction benchmarking.

Continue to Invest in and Scale “Platform-Enabled” Solutions.

We continue to develop and enhance our portfolio of platforms, namely ISG GovernX, ISG Tango and ISG Inform, which are critical to our delivery model.

ISG GovernX®.

We continue to expand our Supplier and Contract Management capabilities powered by our GovernX® platform, a recognized vendor compliance and risk management solution.

This offering provides clients with a strategic and disciplined approach to supplier relationships and large contract management.

Our suite of offerings includes supplier performance improvement, reducing spending, third-party risk mitigation and supplier-based management.

Based on ISG’s 25 years of managing relationships on behalf of clients, we have a robust dataset that enables us to partner with clients to deliver improvements to their business processes and to benchmark the performance of their operations against the broader market.

GovernX leverages AI to support automation across the management of third-party supplier relationships, including contract and project lifecycles and risk management.

Enterprises leverage the platform to deliver more value from their outsourcing spend.

ISG GovernX users can easily manage new contracts and proactive renewals, make timely amendments and handle contract terminations—all on one platform.

The platform allows for integration with other enterprise applications, such as ServiceNow, and is tightly connected to ISG Research offerings, such as contract benchmarks, assessments and total-cost-of-ownership evaluations.

Additionally, ISG GovernX clients can mitigate supply chain risks and ensure business continuity by reviewing and validating their providers’ business and IT continuity plans and procedures.

ISG GovernX includes real-time third-party risk management capabilities, including integrated data feeds and real-time alerts, which are increasingly important as provider ecosystems grow more complex, introducing more risk to the enterprise, and threats against supply-chain integrity become more diverse.

In addition to monitoring the operational performance and financial viability of their suppliers, ISG GovernX helps enterprises address a range of other internal and external risks, from data security and regulatory issues, to adverse environmental, health and geopolitical events, to social responsibility, diversity and inclusion considerations.

GovernX users can manage new contracts and proactive renewals, make timely amendments and handle contract terminations on one platform.

The platform integrates with enterprise applications, such as ServiceNow, and is connected to ISG Research offerings, including contract benchmarks, assessments and total-cost-of-ownership evaluations.

Additionally, GovernX clients can mitigate supply chain risks and support business continuity through integrated data feeds and real-time alerts.

Our ISG Tango sourcing platform is an AI-embedded solution that enables enterprises and public sector organizations to quickly evaluate business requirements, identify desired outcomes, accelerate provider identification and selection, collaborate with providers on developing the right solution.

Through our advisory and platform-enabled sourcing work, we influence billions of total contract value each year across services, software and cloud.

We continue to invest in ISG Inform™ 2.0, an enhanced version of our data-as-a-service solution that provides benchmarking capability to track digital transformation and application development maturity and performance against industry peers.

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Data and insights are drawn from the ISG total cost of ownership and sourcing databases.

AI is fundamentally reshaping the way businesses work.

It will allow companies to automate “high touch” functions and processes historically requiring human focus.

ISG offers clients AI assessments and strategy.

● Expand Emerging Services .

The focus will be on creating repeatable methods used to drive growth of emerging services, including AI, ISG Training-as-a-Service, ISG Network Select™, HR Technology & Transformations and ISG Research.

ISG is focused on influencing how our clients adopt Artificial Intelligence.

As companies transform into AI-powered enterprises, ISG provides crucial buying advice, access to diverse AI technologies and niche implementors via a marketplace, and impartial governance solutions.

By offering a comprehensive understanding of various AI providers and platforms, ISG helps companies make informed decisions that align with their specific needs.

This strategic advice is essential in an ever-evolving AI landscape.

ISG also assists clients in adapting to these changes by helping them reassess the value of their traditional IT operations and contracts with partners — in the context of AI-enhanced productivity.

We believe that this reassessment or ‘marking to market’ is crucial for companies to realize the full benefits of AI integration.

Training-as-a-Service (TaaS):

ISG offers training-as-a-service (TaaS) and outsourced managed learning services for organizations with limited resources and growing demand for custom learning content and digital learning platforms.

These organizations are typically looking for longer-term training support to address the needs of an evolving workforce.

ISG TaaS uses an agile approach with rapid content development tools to accelerate training content and digital adoption platforms (DAP) to integrate learning into the daily flow of work.

Services include training advisory, analysis, strategy, custom development, delivery support, learning software subscription models, learning administration and learning assessment.

ISG Network Select:

This offering helps streamline and simplify how enterprises build their network solutions.

It enables ISG to address the growing demand for such leading-edge networking solutions as software-defined networking (SD-WAN, SD-LAN), SD security services, 5G mobility, unified communications-as-a-service (UCaaS) and call center-as-a-

service (CCaaS) — which are all critical to enterprise transformation.

Client demand for networks that are secure, interconnected, interoperable and profitable is rising, as are concerns over security, scale, cost and the complexity of the expanding Internet of Things landscape.

ISG Network Select is designed to help clients find the best solutions, faster, to power their digital transformation initiatives.

Clients get access to detailed and current data on their vendor and technology options and insights to help negotiate better pricing.

HR Technology & Transformations:

Advances in AI-centric technologies are transforming the business of HR.

From intuitive and mobile self-service software to predictive analytics and integrated talent management suites, technological solutions are changing the way leaders acquire, develop and engage their employees.

New applications, enhanced functionality and competition among software providers make it difficult to stay on top of this ever-evolving space.

ISG combines deep subject matter expertise, market data and financial frameworks, along with sourcing of technology and service providers, to help organizations develop and execute HR technology strategies that are right for them.

ISG Research:

In today’s digital marketplace, ISG helps large enterprises confront emerging challenges, prepare for new opportunities and ensure they stay ahead of competitors.

With a powerful mix of advisory, digital transformation and research capabilities, ISG helps close the gap between where enterprises are and where they need to be.

ISG Research has a focus on bringing buyers and sellers of technology together, including large service, cloud and software providers.

Our advisory business gives ISG Research a unique perspective on the overall technology and sourcing market.

Our research not only incorporates what a traditional analyst firm might cover, but also actual feedback and perspectives from practitioners in the market who are helping some of the largest enterprise clients transform their business.

ISG tracks over 180,000 unique technology service contracts and measures and writes about more than 4,000 service and software providers each year.

This gives us valuable insights into pricing, capabilities and stability.

When large enterprises need to evaluate providers, they reach out to ISG Research for a deep understanding of capabilities, pricing, breadth of coverage and past experience.

With the rapid pace of technological evolution including AI, we believe that ISG Research is ready and well-positioned with enterprises to ensure our clients avoid the hype and capitalize on outcomes.

In addition to serving enterprises, ISG research also helps providers navigate the marketplace through market intelligence, client retention programs, pursuit assessments and client satisfaction benchmarking.

● Expand “Recurring Revenue Streams.” These include such annuity-based ISG offerings as ISG GovernX, ISG Research Lens, ISG Inform and multi-year Public Sector contracts.

Preserve and Expand Our Market Share Positions.

We expect the trend toward operational efficiency led by accelerating adoption of AI-based technologies to play an increasing role in the demand for our services.

We are focused on growing our existing client base by offering integrated solutions that combine our multiple services and capabilities.

In addition, leveraging Tango and our iFlex global delivery capability, we will continue to expand our market reach to address the underserved, middle-market clients.

Expand “Recurring Revenue Streams.”

Our recurring revenue streams include such annuity-based ISG offerings as ISG GovernX, ISG Research Lens, ISG Inform and multi-year Public Sector contracts.

All are characterized by subscriptions (i.e., renewal-centric as opposed to project-centric revenue streams) or multi-year contracts.

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We will continue to pursue opportunities to leverage our experience to make research and managed services an even greater revenue generator for us.

public sector, particularly state governments, local municipalities and higher education, presents a significant opportunity to ISG.

public sector, particularly state governments, local municipalities and higher education, presents a significant opportunity for ISG.

Systems are typically outdated, maintenance is expensive and the workforce charged with maintenance is aging.

There is a need to refurbish systems to reduce the cost of operations (particularly because governments’ tax revenues are under pressure).

We believe we are well-positioned as a third party, objective advisor with no affiliation to the software providers.

believe we are well positioned as a third-party, objective advisor with no affiliation to the software providers.

ISG will continue to invest in the evolution of these services, with an aim to drive increased AI adoption, greater profitability and even more value for our clients.

Scale Our Emerging Services.

We seek to evolve our capabilities and offerings to align to the constantly evolving technology landscape and the future needs of our clients.

ISG invests in a portfolio of future offerings with the objective of evolving our service portfolio and relationships with clients further into AI-centered Advisory, Organizational Change Management (OCM), Training-as-a-Service (TaaS) and Software Advisory.

These are all areas in which we are investing in an attempt to drive increased revenue and expand client relationships.

AI Advisory Services:

ISG partners with clients throughout their AI adoption journey, providing comprehensive assessments of opportunities and readiness across data, talent, operating models, security, and responsible-AI frameworks.

We develop multi-year strategic roadmaps encompassing governance, milestones, and value objectives.

ISG’s AI Advisory offers unbiased procurement guidance and access to a targeted network of AI platforms and specialized implementation partners, as well as optimization of legacy services and external contracts for enhanced AI-driven efficiency.

Implementation is overseen through rigorous program management that monitors key performance indicators (KPIs), risks, and controls;

progress, realized value, and recommended next steps are communicated to management via regular dashboards and board-level updates.

Organizational Change Management (OCM):

ISG offers OCM services designed to help clients align their organizations with the overall transformation journey, a role that becomes even more vital as AI-enabled change expands the scope of business process and workforce transformation.

Our approach reduces uncertainty, resistance and costly turnover by focusing on stakeholder management, targeted communications, organizational alignment, and training enablement.

We establish a clear organizational baseline—mapping structure, spans, layers, and roles—then design the target operating model to support technology programs, clarifying changes to structure, roles, decision rights, incentives and performance measures.

Our comprehensive change plans cover stakeholder engagement, communications, leadership alignment, capability building, training and adoption support.

We drive adoption with ISG’s change pillars:

leadership alignment, stakeholder management, targeted communications, customized learning and training (including TaaS), culture and employee experience work, and disciplined project delivery—supported by a digital OCM platform and change analytics to monitor sentiment and risk.

Adoption and behavior change are tracked against defined KPIs and milestones, with resistance addressed early, and we provide periodic dashboards and board-level communications on progress, outcomes and next steps.

Training-as-a-Service (TaaS):

ISG provides TaaS and outsourced managed learning services designed for organizations that need custom learning content and digital learning platforms but have limited resources.

These organizations often require ongoing training solutions to support a workforce that is constantly changing.

ISG’s TaaS uses agile methods and rapid content development tools to quickly produce training materials, while digital adoption platforms (DAP) help integrate learning into daily work routines.

Services on offer include training advice, analysis, strategic planning, custom content creation, delivery support, learning software subscriptions, administration, and assessment.

Software Advisory:

ISG Software Advisory partners with clients to optimize their strategic software suppliers and ecosystem by leveraging market insights, research analytics, and deep expertise to validate architecture, requirements, bill of materials, utilization, and compliance.

We advise across the full software lifecycle—including strategy and architecture validation, provider selection and contracting, deployment and adoption, renewals and governance.

Our approach helps reduce costs, manage software assets, mitigate compliance risks, and resolve audit issues.

We support major independent software vendor (ISV) negotiations and enterprise resource planning (ERP) modernization, optimize IaaS/PaaS commitments and cloud financials, and reduce audit exposure through robust software asset management.

Additionally, our advisory connects clients to buyer guides presenting a point of view on top providers by subsegment, enabling faster, lower-risk decisions and sustained value realization from software investments.

ISG streamlines enterprise network solutions, addressing growing demands for technologies like SD-WAN, SD-LAN, SD security, 5G, UCaaS, and CCaaS that are essential for digital transformation.

As clients seek secure, scalable, and efficient networks amid rising complexity and Internet of Things (IoT) expansion, ISG Network Select helps them quickly identify optimal solutions with up-to-date vendor data and insights for better pricing negotiations.

Preserve Our Financial Positions.

As the Company pursues new growth strategies, we remain committed to maintaining a strong financial foundation with both flexibility and liquidity.

Our main priorities for available cash are investing in growth, paying dividends, buying back shares, and lowering debt.

We expect our healthy cash flow and stable balance sheet to continue supporting the firm's long-term business strategy.

Deepen Industry Expertise.

We remain committed to enhancing our market-facing organization through continued investment, aiming to drive revenue growth while delivering comprehensive services to clients spanning approximately 20 industries.

We have designated nine global sectors—Banking and Financial Services, Consumer Services, Energy and Utilities, Health Sciences, Insurance, Manufacturing, Media and Technology Software and Services, Public Sector, and Private Equity—as priorities for focused account leadership and in-depth solutions.

Consider Acquisitions and Other Growth Opportunities.

The business services, information and advisory market is highly fragmented.

We believe we are well-positioned to leverage our leading market positions and strong brand recognition to expand through acquisitions and other growth opportunities.

Acquiring firms with complementary services and products would allow us to further develop and broaden our service offerings and domain expertise.

We will consider and may pursue opportunities to enter joint ventures and to buy or combine with other businesses.

The business services, information, and advisory market is characterized by considerable fragmentation.

Our established market leadership and strong brand recognition position us advantageously to grow through strategic acquisitions and other expansion opportunities.

Integrating firms that offer complementary services and products would enable us to enhance and diversify our service portfolio as well as deepen our domain expertise.

We will evaluate and may actively pursue joint ventures, mergers, and acquisitions with other organizations.

Our Proprietary Data Assets and Market Intelligence

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ISG strives to employ the brightest, most innovative people in the industry, so that we can provide world-class solutions to our clients.

Employees at ISG are anchored in our core values, which include trust, integrity, respect, diversity, passion, entrepreneurship, balance and mentorship.

Our more than 1,300 employees, located in over 20 countries with more than one-fourth in the United States, perform a variety of different roles.

Employees at ISG are anchored in our core values, which include trust, integrity, respect, passion, entrepreneurship, balance and mentorship.

Our almost 1,300 employees, located in over 20 countries with more than one-fourth in the United States, perform a variety of different roles.

We are participants in the competitive research and advisory industries.

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To make this happen, we have certain programs, training, policies and practices in place, including the following:

Diversity/Inclusion

ISG believes a key to our success is our value of diverse backgrounds, experiences and cultures.

Our employees function within a collaborative community that welcomes varied ideas and styles.

We believe that these diverse perspectives produce enhanced results for our clients and result in a preferred place to work.

We exhibit our commitment to diversity and inclusion through our hiring practices, opportunities for learning and advancement and the distribution of rewards.

Through efforts such as our Inclusion, Diversity, Equity and Awareness (IDEA) team and Women-In-Digital industry group, we are able to help in the identification and advancement of diverse talent.

We strive to provide a culture where each employee is able to bring their whole self to work.

While we have made progress in our workforce diversity representation, we seek to continually improve in this area.

We have also introduced ISG WorkLife, which is a series of progressive, best practice, Next-Gen HR offerings designed to improve the quality of our employees’ work-life experience, while helping us achieve our firm-wide objectives.

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This allows us to attract and retain productive employees and enhance diverse perspectives.

Environmental Social and Governance (ESG)

The ISG Environmental Social and Governance program was developed with corporate commitment and accountability on a global level in mind.

The program has oversight and executive support to drive real, positive change in alignment with our value and policies, ultimately enabling us to maximize impact and value.

Our ISG Go Green program speaks to the Environmental pillar of ESG.

This program seeks to reduce our carbon footprint via awareness and education initiatives that share green practices for ISG employees in both virtual and physical offices.

Additionally, ISG is developing measurable carbon reduction best practices that align with our goals for sustainable business operations.

Since 2021, we have offset the carbon generated by ISG employee travel and continue to seek ways to pivot to green energy for our physical locations.

Our environmental work is centered around three core concepts:

compliance with eco-friendly laws and best practices, prevention of waste, pollution and carbon emissions and continuous, measurable improvement.

The IDEA (Inclusion, Diversity, Equity and Awareness) program is the foundation for our social pillar.

Beyond our core Diversity, Equity and Inclusion (DEI) activities, ISG has sub-groups that devote focus to uplifting women in digital, maintaining equitable recruitment, building our supplier diversity and volunteering through our global ISG Cares team.

At ISG, we do not just accept difference — we celebrate it, and we thrive on it for the benefit of our employees, our clients and our communities.

We commit to building a team that represents a variety of backgrounds, perspectives and skills.

ISG is proud to be an equal opportunity workplace, and we are committed to creating an inclusive environment for all employees.

Our work in the social pillar is based on ISG values of trust, integrity, respect and diversity, made tangible in our business practices, modern slavery statement and fair labor policies.

For the Governance pillar, ISG has a well-established set of policies, governing bodies and independent validation measures.

ISG is governed on a day-to-day basis by our internal international executive board, which meets weekly.

ISG also receives governance and support from an external board of directors (the “Board of Directors”).

We maintain procedures, policies and codes of conduct around ethical business practices, whistleblowing, suppliers, data protection, information security, privacy, confidentiality, employee comportment and travel.

With regard to cybersecurity, we regularly provide training, reporting and scans in compliance with our ISO-27001 certifications and

best practices.

Every year, our employees attest to reviewing our global policies via digital signature, including in 2023 a new policy regarding the acceptable use of generative automated intelligence.

ISG’s success depends on the knowledge and productivity of our employees.

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Our ISG Academy is robust in offering learning in such topics specific to the employee’s industry and functional areas, leadership and people management, certifications and software and technical skills, among others.

In 2024, most learning was virtual;

there were over 1,300 digital certified professionals that participated in various sessions, which average 12 hours of training per professional that has been devoted to learning and development.

In 2025, substantially all learning and development activities were delivered virtually.

Our digital certified professionals participated in more than 20,000 aggregate training hours across various programs, representing an average of approximately 15 hours of training per professional devoted to learning and development during the year.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business