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Technology Investment Banking Q4 2020 Update

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Technology Investment Banking Q4 2020 Update Technology Investment Banking Q4 2020 Update INTRODUCTION Technology Investment Banking Cassel Salpeter & Co., LLC (“CS”) is a boutique investment banking firm focused on providing independent and objective advice to middle-market and emerging growth companies. Below is a sample of technology companies that we have worked with, including their ecosystems in horizontal and vertical applications and professional services. Our experience and services include: Mergers & Acquisitions Capital Raising Other Services Financial advisory Financial advisory Fairness opinions Sales to strategic and private Equity and debt private Solvency opinions equity buyers placements Valuations Divestitures to strategic and Growth capital Restructuring, refinancing, and private equity buyers PIPEs distressed M&A transactions Buy-side acquisition programs Recapitalizations Debtor and creditor Leveraged & management representations buyouts §363 sales & plans of Going private transactions reorganization 1 OUR TEAM Technology Investment Banking James S. Cassel Scott E. Salpeter Chairman President [email protected] [email protected] 305-438-7701 305-438-7702 Relevant Experience: Relevant Experience: Investment banking for over 24 years Investment banking for over 24 years Representative Assignments: Representative Assignments: Bankruptcy Application Bankruptcy Vertical Vertical Application M&A Sale Valuation §363 Sale Software §363 Sale Software Software Software Vertical Vertical Fairness Capital Raise M&A Sale E-Commerce M&A Sale E-Commerce Software Software Opinion B2B Capital Raise E-Commerce M&A Sale IT Consulting Valuation IT Consulting M&A Sale Advertising Philip Cassel Ira Leiderman Deborah Aghib Margery Fischbein Joseph Smith Managing Director Managing Director Managing Director Managing Director Director Marcus Wai Chris Mansueto Laura Salpeter Julian Astrove Edward Kropf Tahz Rashid Vice President Vice President Vice President Associate Associate Analyst Includes projects by our professionals at prior firms. 2 Technology Investment Banking I Q4 TECHNOLOGY DEALS II M&A REVIEW III PUBLIC MARKETS REVIEW 3 Q4 2020 SELECTED MERGERS AND ACQUISITIONS Technology Investment Banking Selected Transactions Review ($ in millions) Transaction Metrics Valuation Benchmarks Date Enterprise Target TTM Implied EV / Stock Price Premiums Annc. Closed Target Acquirer Value Revenue EBITDA % Revenue EBITDA 1-Day 1-Month 22-Dec-20 na Sparta Systems, Inc. Honeywell International Inc. $ 1,300.0 na na na na na na 21-Dec-20 na RealPage, Inc. Thoma Bravo, LLC 9,858.1 1,115.2 18.4% 8.84x 47.97x 30.8% 36.0% 21-Dec-20 na HMS Holdings Corp. Gainwell 3,415.8 642.7 19.1% 5.31x 27.79x 9.5% 21.8% 17-Dec-20 16-Dec-20 Data Masons Software, LLC SPS Commerce, Inc. 100.0 na na na na na na 14-Dec-20 na Arena Solutions, Inc. PTC Inc. 715.0 na na na na na na 13-Dec-20 na Pluralsight, Inc. Vista Equity; Partners Group Holding 3,943.6 375.7 -30.7% 10.50x na 6.7% 27.7% 10-Dec-20 16-Dec-20 Paperless Transaction Management Wolters Kluwer N.V. 281.3 na na na na na na 10-Dec-20 na 1901 Group LLC Leidos Holdings, Inc. 215.0 na na na na na na 8-Dec-20 8-Dec-20 Panopta LLC Fortinet, Inc. 34.0 na na na na na na 3-Dec-20 3-Dec-20 Verata Health, Inc. Olive AI, Inc. 120.0 na na na na na na 1-Dec-20 na Slack Technologies, Inc. salesforce.com, inc. 26,445.0 833.9 -23.5% 31.71x na 7.0% 79.3% 1-Dec-20 1-Dec-20 Upserve, Inc. Lightspeed POS Inc. 430.3 40.0 na 10.76x na na na 1-Dec-20 na Acumen Solutions, Inc. salesforce.com, inc. 570.0 na na na na na na 19-Nov-20 24-Nov-20 Sinefa Inc Palo Alto Networks, Inc. 44.0 na na na na na na 19-Nov-20 19-Nov-20 Tapad, Inc. Experian plc 280.0 na na na na na na 19-Nov-20 18-Nov-20 Respond Software, Inc. FireEye, Inc. 186.7 na na na na na na 13-Nov-20 4-Dec-20 Minim Inc. Zoom Telephonics, Inc. 30.9 na na na na na na 11-Nov-20 15-Dec-20 Expanse, Inc. Palo Alto Networks, Inc. 800.0 na na na na na na 10-Nov-20 na OpenMarket Inc. Infobip Limited 300.0 na na na na na na 10-Nov-20 10-Nov-20 TITAN School Solutions, Inc. EMS LINQ, Inc. 75.0 na na na na na na 10-Nov-20 9-Nov-20 HSTechnology Solutions, Inc. MultiPlan Corporation 140.0 na na na na na na 9-Nov-20 7-Dec-20 Workfront, Inc. Adobe Inc. 1,500.0 na na na na na na 6-Nov-20 19-Aug-20 AFS Technologies, Inc. TELUS Corporation 239.4 na na na na na na 5-Nov-20 4-Nov-20 Infomart2000 Corp. Shift4 Payments, Inc. 58.3 na na na na na na 2-Nov-20 2-Nov-20 LLamasoft, Inc. Coupa Software Incorporated 1,438.5 na na na na na na 2-Nov-20 na Endurance International Group Clearlake Capital Group, L.P. 3,078.3 1,101.8 27.4% 2.79x 10.18x 63.5% 66.1% 30-Oct-20 18-Dec-20 UA Connected Fitness, Inc. Francisco Partners Management, L.P. 345.0 na na na na na na 27-Oct-20 2-Nov-20 CPS Payment Services, LLC Repay Holdings, LLC na na na na na na na 26-Oct-20 na Analytical Graphics, Inc. ANSYS, Inc. 724.3 na na na na na na 26-Oct-20 na Forcepoint LLC Francisco Partners Management, L.P. 1,100.0 658.0 na 1.67x na na na 19-Oct-20 na 128 Technology, Inc. Juniper Networks, Inc. 450.0 na na na na na na 13-Oct-20 31-Dec-20 CarePort Health, LLC WellSky Corporation 1,350.0 103.8 61.9% 13.00x 21.00x na na 12-Oct-20 2-Nov-20 Segment.io, Inc. Twilio Inc. 2,656.5 na na na na na na 12-Oct-20 12-Oct-20 ShiftWizard, Inc. HealthStream, Inc. 32.0 na na na na na na 9-Oct-20 na Liquidnet Holdings, Inc. TP ICAP plc na 339.2 18.9% na na na na 2-Oct-20 na Telenav, Inc. V99, Inc. 145.3 243.3 4.6% 0.60x 12.85x 30.8% 3.4% Sources of information: S&P Capital IQ. 4 Technology Investment Banking I Q4 TECHNOLOGY DEALS II M&A REVIEW III PUBLIC MARKETS REVIEW 5 SOFTWARE Technology Investment Banking Selected Transactions Review ($ in millions) Transaction Metrics Valuation Benchmarks Date Enterprise Target TTM Implied EV / Stock Price Premiums Annc. Closed Target Acquirer Value Revenue EBITDA % Revenue EBITDA 1-Day 1-Month Application Software 13-Dec-20 na Pluralsight, Inc. Vista Equity; Partners Group Holding $ 3,943.6 $ 375.7 -30.7% 10.50x na 6.7% 27.7% 1-Dec-20 na Slack Technologies, Inc. salesforce.com, inc. 26,445.0 833.9 -23.5% 31.71x na 7.0% 79.3% 4-Jun-20 4-Jun-20 Mathway, LLC Chegg, Inc. 116.0 13.0 na 8.92x na na na 19-May-20 23-Jul-20 Hint Inc. Revance Therapeutics, Inc. 170.7 1.4 na nm na na na 30-Apr-20 15-May-20 Innovest Systems, LLC SS&C Technologies, Inc. 119.5 na na na na na na 8-Apr-20 15-May-20 NextVR, Inc. Apple Inc. 100.0 na na na na na na 27-Mar-20 19-May-20 BroadVision, Inc. ESW Capital, LLC 20.0 4.4 -126.4% 4.51x na na na 17-Dec-19 31-Aug-20 LogMeIn, Inc. Francisco Partners; Evergreen Coast 4,422.4 1,312.7 29.9% 3.37x 11.27x 4.4% 6.2% 4-Dec-19 20-Mar-20 Instructure, Inc. Thoma Bravo, LLC 1,951.5 258.5 -23.7% 7.55x na -7.5% 5.4% 22-Oct-19 31-Jan-20 Cision Ltd. MJ23 UK Acquisition Limited 2,782.8 748.3 33.5% 3.72x 11.10x 18.3% 35.0% 11-Sep-19 1-Nov-19 Livermore Software Technology Corp. ANSYS, Inc. 778.8 na na na na na na 5-Sep-19 10-Oct-19 Assurance IQ, Inc. Prudential Financial, Inc. 3,500.0 na na na na na na 22-Aug-19 30-Dec-19 Pivotal Software, Inc. VMware, Inc. 2,972.1 746.2 -11.2% 3.98x na 9.7% 51.5% 26-Jul-19 11-Oct-19 Monotype Imaging Holdings Inc. HGGC, LLC 858.3 244.0 24.4% 3.52x 14.44x 22.8% 18.3% 10-Jun-19 31-Jul-19 Tableau Software, Inc. salesforce.com, inc. 15,884.8 1,231.4 -6.2% 12.90x na 42.1% 43.5% 6-Jun-19 31-Dec-19 Looker Data Sciences, Inc. Google LLC 2,400.0 na na na na na na 13-May-19 1-Jul-19 Amber Road, Inc. E2open, LLC 424.0 86.2 -4.2% 4.92x na 26.7% 45.5% 9-May-19 1-Aug-19 Control4 Corporation Wirepath Home Systems, LLC 625.0 273.7 11.7% 2.28x 19.46x 39.7% 41.7% 2-Jan-19 2-Jan-19 YourCause, LLC Blackbaud, Inc. 157.7 na na na na na na 11-Nov-18 10-Jan-19 Apptio, Inc. Vista Equity Partners LLC 1,867.2 224.7 -6.2% 8.31x na 52.9% 24.9% 11-Nov-18 23-Jan-19 Qualtrics International Inc. SAP America, Inc.
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