This is a post about the uses of relative valuation more than it is about these two businesses in particular.
Harvey Nash and Matchtech do the same things on the same scale – they are specialist recruitment agents with small sidelines in outsourcing.
There doesn’t seem to be any clear reason why one would prefer to hold Harvey Nash rather than Matchtech.
Matchtech is worth a look. The margins in its growth businesses are 3x the margins in its legacy business.