Software Sector Summary Report

SOFTWARE SECTOR REPORT Q4 2020 2020 WRAP-UP

» The COVID-19 pandemic caused a significant downturn in the market in March of 2020. Across the board, valuations dropped substantially. Since that initial drop, however, the software sector has emerged as one of the strongest performing sectors and has consistently tracked well above the S&P 500.

» The M&A, IPO, financing and overall public markets activity in 2H 2020 highlights the attractiveness of the software sector given its: — Stickiness and ubiquity — Recurring revenue — Mission-critical use cases » Some significant trends include: — Deeper focus on security and automation — Overall digital transformation of multiple industries and processes — Shift towards machine learning, cloud, AI, augmented reality, digital payments and enhanced infrastructure » Infrastructure software continues to be at the forefront, leading most of the development in the sector

» Significant M&A activity in 2020 include: Salesforce’s $28.4Bn acquisition of Slack, Thoma Bravo’s $10.2Bn acquisition of RealPage, ICE’s $11.0Bn acquisition of Ellie Mae, Microsoft’s $985MM acquisition of ZeniMax and Mastercard’s $985MM acquisition of Finicity » Significant financing activity in 2020 include: $668MM and $600M financings of Robinhood, $700M and $534MM financings of Chime, $550MM financing of Palantir, $850MM financing of Stripe and $479MM financing of Snowflake » Significant IPOs activity in 2020 include: Root Insurance (ROOT), McAfee (MCFE), Datto (MSP), Asana (ASAN), Palantir (PLTR), Unity (U), Snowflake (SNOW), BigCommerce (BIGC), Lemonade (LMND) » 2021 outlook for the software sector is promising, with most subsectors poised to see continued growth

2 EXECUTIVE SUMMARY Software Q4 2020 » In Q4 2020, M&A deal activity and overall M&A deal value continued its aggressive growth, and private financing activity grew at an accelerating pace. Investors continue to show a strong desire for software business models amidst greater cloud adoption and remote work environments, evidenced by another quarter of favorable performances in public markets – Software sector performed well in Q4 with the IGV tech-software index outperforming the S&P 500 by 35.7% LTM as of Q4 2020 – Infrastructure software index grew 118.7% LTM as of Q4 2020, outperforming all other software subsegments » Q4 ’20 saw ~$22Bn in financing deal value and ~$76Bn in M&A deal value - 284 financings, 25.1% higher than Q4 ‘19 - 532 M&A transactions, 52.4% higher than Q4 ’19 » Significant M&A activity in Q4 includes acquisitions in the ERP & General Business sector: Salesforce’s $28.4Bn acquisition of Slack and Adobe’s $1.5Bn acquisition of Workfront » Financial software had some of the largest financing deals in Q4 ‘20 led by the $668MM financing of Robinhood, $534MM financing of Chime and $343MM financing of Molo » Overall outlook in software growth remains healthy, with most sectors seeing notable growth

Select Q4 Active Investors Select Q4 Active Acquirers

Notes: Sources: PitchBook, 451 Research, Capital IQ. 3 GCA OVERVIEW The GCA Software Team Sector Coverage US Team VERTICAL SOFTWARE Josh Wepman Chris Gough Automotive E-commerce & Retail Managing Director Managing Director Education Food & Agriculture [email protected] [email protected] Industrial Insurance Media & Communications Real Estate Kevin Walsh Glen Kruger Managing Director Managing Director Transportation & Logistics Travel & Hospitality [email protected] [email protected] HORIZONTAL SOFTWARE BI & Analytics Collaboration Software Rupert Sadler Saif Malik CRM Enterprise Resource Planning Managing Director Director [email protected] [email protected] Governance, Risk & Compliance Human Capital Management Marketing Supply Chain Management Europe Team INFRASTRUCTURE SOFTWARE Cybersecurity Data Management & Analytics Sascha Pfeiffer Raiko Stelten Managing Director Managing Director SaaS / Cloud-Enablement Workflow Automation [email protected] [email protected] Key GCA Stats Adrian Reed James Craven Offices Globally 25 Software Transactions in Managing Director Managing Director 115 the Last 3 Years [email protected] [email protected] Senior Bankers 35 Covering Software Technology-Related Kristoffer Källeskog Raymond Fröjd 265+ Deals in the Last 3 Years Managing Director Managing Director Senior Bankers [email protected] [email protected] 65+ Covering Technology

4 GCA OVERVIEW Deep Software Sector Expertise with Demonstrated Success Advising Large-cap Public and Private Companies on Complex Assignments

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium, have advised on. Generally, GCA Advisors Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At 5 times, multiple GCA entities may be retained to advise on the same transaction. DEAL DASHBOARD Software Q4 2020

$70.9 Billion 944 1,705 $166.5 Billion 2020 YTD Financing Deal Value (1)(2) 2020 YTD Financing Transactions (1)(2) 2020 YTD M&A Transactions 2020 YTD M&A Deal Value Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3)

Company Amount ($MM) $Bn $Bn $82 Acquirer Target EV ($MM) $76

$668 $56 $28,445 $39 $534 $30 $28 $10,200 $23 $18 $22 $22 $19 $14 $15 $17 $18 $14 $16 $5 $500 $3,200

Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 $343 $2,750 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

$340 532 $2,227 469 384 389 $317 375 361 359 349 $2,065 284 315 225 222 227 234 201 198 211 215 $300 $1,600

$267 $1,500 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 LTM as of Q4 2020 Software Price Performance vs. S&P 500 (4) 80% SPX IGV 60% 52.0% 40% Financing Activity by Quarter 20% 16.3%

(20%)

(40%) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market data as of 12/31/2020. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include software venture and private equity growth / expansion activity. 6 3) Software M&A transactions reflect select transactions in Q4 2020. M&A metrics are based on closed and announced transactions. 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM and INTU. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

200.0%

150.0%

118.7%

100.0% 89.9% 88.9% 85.6% 66.9% 61.7% 58.6% 57.3% 50.0% 50.2% 41.8% 29.6% 26.1% 25.4% 15.3% 0.0%

(50.0%) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Infrastructure BI & Analytics S&M SaaS(1) Development Technical Security ERP Content Vertical Financial Platform Nasdaq S&P 500

Low (2.1%) (31.4%) (35.8%) (19.3%) (23.2%) (24.4%) (27.0%) (26.5%) (18.7%) (27.6%) (28.3%) (20.0%) (24.5%) (31.3%)

Uptick from 120.8% 121.3% 124.7% 104.9% 90.1% 86.1% 85.5% 83.7% 68.9% 57.2% 54.4% 45.4% 66.3% 46.6% Low Performance 118.7% 89.9% 88.9% 85.6% 66.9% 61.7% 58.6% 57.3% 50.2% 29.6% 26.1% 25.4% 41.8% 15.3% since Jan-20 Notes: Sources: Capital IQ. Market data as of 12/31/20. List of companies in each sector can be found in the public comparable tables. 7 1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $2,416Bn Combined Market Cap: $306Bn Combined Market Cap: $369Bn 21E/20E Rev. Growth: 3.1% 21E/20E Rev. Growth: 17.1% 21E/20E Rev. Growth: 15.0% 21E EBITDA Margin: 30.5% 21E EBITDA Margin: 19.7% 21E EBITDA Margin: 20.2%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $342Bn Combined Market Cap: $102Bn Combined Market Cap: $481Bn 21E/20E Rev. Growth: 11.5% 21E/20E Rev. Growth: 15.6% 21E/20E Rev. Growth: 16.1% 21E EBITDA Margin: 21.9% 21E EBITDA Margin: 14.2% 21E EBITDA Margin: 20.6%

Notes: Sources: Capital IQ. Market data as of 12/31/20. 8 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $309Bn Combined Market Cap: $382Bn Combined Market Cap: $608Bn 21E/20E Rev. Growth: 12.4% 21E/20E Rev. Growth: 18.9% 21E/20E Rev. Growth: 12.5% 21E EBITDA Margin: 31.5% 21E EBITDA Margin: 18.9% 21E EBITDA Margin: 18.7%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $385Bn Combined Market Cap: $58Bn Combined Market Cap: $1,762Bn 21E/20E Rev. Growth: 17.1% 21E/20E Rev. Growth: 19.1% 21E/20E Rev. Growth: 20.5% 21E EBITDA Margin: 13.3% 21E EBITDA Margin: 14.2% 21E EBITDA Margin: 16.1%

Notes: Sources: Capital IQ. Market data as of 12/31/20. 9 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE STOCKS WINNERS & LOSERS Top and Bottom 20 Stock Price Performers in Q4 2020

Top 20 Performers 230.4% 214.4%

160.8% 148.9% 138.0% 142.9%

103.8% 105.6% 94.0% 99.5% 80.8% 81.5% 82.6% 86.2% 72.0% 73.1% 75.7% 76.7% 77.9% 61.7%

Bottom 20 Performers

(6.5%) (8.3%) (8.5%) (10.7%) (11.8%) (12.2%) (14.6%) (14.7%) (16.5%) (16.6%) (16.8%) (17.3%) (18.2%) (20.5%)

(27.3%) (28.1%) (30.2%) (31.2%) (32.1%)

(41.8%)

Notes: Sources: Capital IQ as of 12/31/20. 10 TRADING COMPARABLES Valuation and Operational Metrics

EV / 2020E Revenue EV / 2021E Revenue

18.0x 17.2x 15.7x 15.2x 13.9x Median: 11.9x 12.3x 13.2x 12.9x 12.8x Median: 10.6x 12.5x 10.9x 10.8x 11.4x 11.1x 10.4x 9.3x 10.6x 8.9x 8.4x 9.4x 8.8x 7.5x

3.9x 4.1x

2020E / 2019A Revenue Growth 2021E / 2020E Revenue Growth

35.9% 20.5% 19.1% 29.1% 18.9% Median: 15.8% 17.1% 17.1% 16.1% 24.4% 15.6% 15.0% Median: 17.0% 18.9% 12.5% 12.4% 17.6% 17.5% 16.4% 11.5% 14.7% 14.4% 10.6%

4.8% 3.1% 1.2%

Notes: Sources: Capital IQ. Market data as of 12/31/20. Figures represent mean values of respective comp groups. 11 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2020E EBITDA EV / 2021E EBITDA

31.9x 33.8x

27.3x 24.8x Median: 21.6x 25.6x 25.6x 23.0x 22.5x 22.3x 21.9x 23.8x Median: 22.3x 21.3x 20.9x 22.3x 22.2x 19.0x 16.4x 18.4x 17.2x 14.4x 12.4x 11.4x 12.2x 9.7x

2020E EBITDA Margin 2021E EBITDA Margin

31.5% 29.9% 29.5% 30.5% Median: 18.7% Median: 19.3%

21.0% 21.9% 20.5% 19.5% 20.6% 20.2% 19.7% 19.1% 18.3% 17.9% 18.9% 18.7% 16.1% 16.2% 12.9% 14.2% 13.3% 13.7% 11.7% 14.2%

Notes: Sources: Capital IQ. Market data as of 12/31/20. Figures represent mean values of respective comp groups. 12 List of companies in each sector can be found in the public comparable tables. PUBLIC SAAS COMPANIES Valuation Correlation to Growth %

60.0x Low Growth Software(1) Medium Growth Software (2) High Growth Software(3)

50.0x

40.0x

R = 0.74 30.0x

20.0x

Enterprise Value / CY / 2021E Revenue Value Enterprise 10.0x

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40%

CY 2021E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 10.6% 20.4% 32.6%

Median EV / Rev. 4.5x 15.2x 30.1x

Notes: Sources: Capital IQ as of 12/31/20. 1) Defined as companies with annual revenue growth <= 15%. 13 2) Defined as companies with annual revenue growth >15% and <= 30%. 3) Defined as companies with annual revenue growth >30%. PUBLIC SAAS COMPANIES Valuation Correlation to Growth % & Free Cash Flow Margin %

60.0x Low Performance Software(1) Medium Performance Software (2) High Performance Software(3)

40.0x

R = 0.54

20.0x Enterprise Value / CY / 2021E Revenue Value Enterprise

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%

CY 2021E Revenue Growth % + CY 2021E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 17.4% 28.5% 51.6%

Median EV / Rev. 5.2x 10.8x 22.0x

Notes: Sources: Capital IQ as of 12/31/20. 1) Defined as companies with revenue growth % + FCF margin % <= 20%. 14 2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%. 3) Defined as companies with revenue growth % + FCF margin % >40%. PUBLIC SAAS COMPANIES Valuation Correlation to Returns on S&M Expense Efficiency

60.0x Low Efficiency Software(1) Medium Efficiency Software (2) High Efficiency Software(3)

50.0x

40.0x

30.0x R = 0.60

20.0x

10.0x Enterprise Value / CY / 2020E Revenue Value Enterprise

0.0x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x

CY 2020E Incremental Revenue / CY 2019A S&M Expense

Low Efficiency Medium Efficiency High Efficiency

Median Inc. Rev. / S&M Expense 0.4x 0.7x 1.4x

Median EV / Rev. 6.6x 16.9x 22.6x

Notes: Sources: Capital IQ as of 12/31/20. 1) Defined as companies with S&M expense efficiency <= 0.6x. 15 2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x. 3) Defined as companies with S&M expense efficiency >1.0x. SOFTWARE M&A UPDATE Q4 2020 Dashboard

Quarterly M&A Activity Select Q4 2020 M&A Transactions

($Bn) Number of Deals M&A Deal Value ($MM) Ann. Enterprise EV/ LTM Acquirer Target 532 Date Value Rev. 12/22 $1,300 NA

469 12/21 $10,200 9.4x

12/14 $1,210 7.6x

12/01 $28,445 36.4x 384 389 375 361 359 11/30 $1,450 NA 349

$82 315 11/19 $2,750 NA $76 11/11 $800 NA

11/10 $1,600 NA $56 11/09 $1,500 6.3x

$39 10/26 $1,000 1.4x

$30 $28 10/14 $2,065 8.4x $22 $19 10/13 $1,350 13.0x 10/12 $3,200 NA $5 10/04 $2,227 NA

Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 10/01 $940 7.2x

Notes: Sources: Capital IQ and 451 Research. 16 SOFTWARE FINANCINGS UPDATE Q4 2020 Dashboard

Quarterly Financing Activity Select Q4 2020 Financing Transactions

($Bn) Number of Deals Financing Deal Value ($MM) Post- Deal Lead/Selected Amount Funding Company Money Date Investor Invested to Date 284 Valuation

12/28 $258 $416 $2,051

234 12/21 $300 $710 $5,100 227 225 222 211 215 12/17 $500 $500 $2,000 201 198

12/9 $317 $748 $2,817 $23 $22 11/11 $267 $697 $3,000 $18 $18 $17 $16 10/28 $340 $799 $3,300 $14 $15 $14

10/15 $534 $1,541 $14,549

10/8 $200 $300 $3,000

10/5 $343 $361 $383

10/1 $668 NA $11,708 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Notes: Sources: PitchBook. 17 SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

12/16/2020 $2,135 $240 20.00 - 22.00 $20.00 $40.75 103.8%

12/9/2020 $1,408 $118 16.00 - 18.00 $20.00 $27.96 39.8%

12/9/2020 $8,865 $651 36.00 - 38.00 $42.00 $138.75 230.4%

11/19/2020 $1,214 $254 16.00 - 18.00 $17.00 $32.98 94.0%

10/28/2020 $6,622 $724 22.00 - 25.00 $27.00 $15.71 (41.8%)

10/28/2020 $32 $176 18.00 - 20.00 $19.00 $39.07 105.6%

10/22/2020 $3,094 $740 19.00 - 22.00 $20.00 $16.69 (16.6%)

10/21/2020 $4,260 $594 24.00 - 27.00 $27.00 $27.00 0.0%

(3) 10/1/2020 $341 $157 Direct Listing $10.17 $13.50 32.7%

(2) 9/30/2020 $4,452 $631 Direct Listing $21.00 $29.55 40.7% Median: 98.9%

(2) 9/30/2020 $15,673 $1,864 Direct Listing $7.25 $23.55 224.8%

9/23/2020 $8,749 $237 19.00 - 21.00 $22.00 $40.51 84.1%

9/18/2020 $18,001 $1,300 44.00 - 48.00 $52.00 $153.47 195.1%

9/17/2020 $2,653 $326 17.00 - 21.00 $22.00 $28.58 29.9%

Notes: Sources: Capital IQ and company filings. Market data as of 12/31/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 18 2) Reference price set by the New York Stock Exchange. 3) Reference price set by the Nasdaq SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings (Cont’d.)

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

9/16/2020 $70,261 $3,360 100.00 - 110.00 $120.00 $281.40 134.5%

9/16/2020 $5,745 $509 39.00 - 41.00 $44.00 $62.83 42.8%

8/14/2020 $5,133 $405 23.00 - 25.00 $27.00 $43.30 60.4%

8/5/2020 $4,759 $216 21.00 - 23.00 $24.00 $64.15 167.3%

8/5/2020 $3,263 $704 21.00 - 24.00 $21.00 $19.06 (9.2%)

7/29/2020 $2,886 $402 14.00 - 16.00 $19.00 $34.85 83.4%

7/22/2020 $4,561 $468 21.00 - 23.00 $26.00 $29.92 15.1% Median: 98.9%

7/14/2020 $8,210 $250 28.00 - 29.00 $31.00 $72.41 133.6%

7/2/2020 $3,810 $319 26.00 - 28.00 $29.00 $122.50 322.4%

(2) 6/5/2020 $1,229 $345 19.00 - 21.00 $23.00 $75.40 227.8%

6/4/2020 $1,513 $935 19.00 - 20.00 $21.00 $48.23 129.7%

12/13/2019 $795 $150 16.00 - 18.00 $17.00 $45.41 167.1%

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $136.50 520.5%

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $98.44 264.6%

MEDIAN: 98.9% MEAN: 120.8%

Notes: Sources: Capital IQ and company filings. Market data as of 12/31/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 19 2) Reference price set by the New York Stock Exchange. APPENDIX

20 PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM) Trading Metrics Operating Metrics CIQ Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin Revenue Company 12/31/2020 Cap ST. Invest. Debt Value (EV) CY19A CY20E CY21E CY19A CY20E CY21E 19A/18A 20E/19A 21E/20E CY19A CY20E CY21E CY19A CY20E CY21E

Platform

Microsoft Corporation $222.42 $1,681,606 $137,949 $83,216 $1,626,873 12.1x 10.8x 9.8x 26.5x 23.5x 21.6x 13% 12% 10% 66% 66% 66% 46% 46% 45% Oracle Corporation $64.69 $190,450 $38,610 $70,919 $223,458 5.6x 5.7x 5.5x 11.9x 11.5x 11.0x 0% (0%) 3% 80% 80% 80% 47% 49% 50% Cisco Systems $44.75 $189,092 $30,016 $15,593 $174,669 3.4x 3.6x 3.5x 9.3x 9.9x 9.8x 1% (7%) 4% 63% 63% 63% 37% 37% 36% International Business Machines Corporation$125.88 $112,166 $15,593 $70,385 $167,084 2.2x 2.3x 2.2x 9.2x 11.0x 8.8x (3%) (2%) 1% 47% 49% 48% 24% 21% 25% SAP SE $131.16 $156,184 $9,742 $17,302 $163,743 5.3x 4.9x 4.9x 14.5x 14.0x 14.0x 9% 8% 1% 72% 72% 71% 37% 35% 35% Dell Technologies Inc. $73.29 $54,953 $11,304 $52,114 $100,819 1.1x 1.1x 1.1x 8.6x 8.1x 7.7x 2% 1% 2% 34% 33% 31% 13% 13% 14% HP Inc. $24.59 $31,712 $5,142 $7,399 $33,969 0.6x 0.6x 0.6x 6.5x 7.1x 6.7x (0%) (3%) 1% 18% 18% 18% 9% 8% 9%

Mean 4.3x 4.1x 3.9x 12.3x 12.2x 11.4x 3% 1% 3% 54% 55% 54% 30% 30% 31% Median 3.4x 3.6x 3.5x 9.3x 11.0x 9.8x 1% (0%) 2% 63% 63% 63% 37% 35% 35%

Infrastructure Zoom Video Communications $337.32 $98,212 $1,872 $70 $96,411 NM 37.4x 27.6x NM NM NM 88% 314% 36% 82% 69% 76% 17% 35% 29% Snowflake Inc. $281.40 $79,664 $4,754 $206 $75,116 NM NM NM NM NM NM 174% 114% 90% 56% 63% 67% NM NM NM RingCentral $378.97 $33,968 $746 $1,463 $34,686 42.4x 29.7x 24.2x NM NM NM 33% 43% 23% 76% 76% 78% 15% 13% 14% Akamai Technologies $104.99 $17,092 $1,444 $2,709 $18,356 6.3x 5.8x 5.4x 15.2x 13.2x 12.4x 7% 10% 7% 66% 64% 65% 42% 44% 44% Citrix Systems $130.10 $16,018 $925 $1,927 $17,021 5.7x 5.3x 5.1x 14.9x 14.6x 15.1x 1% 7% 4% 86% 86% 86% 38% 36% 34% Five9 $174.40 $11,507 $781 $657 $11,383 34.7x 27.0x 22.8x NM NM NM 27% 29% 18% 63% 64% 61% 19% 18% 16% Fastly $87.37 $9,916 $402 $32 $9,546 47.6x 32.9x 25.0x NM NM NM 39% 45% 31% 57% 60% 57% (9%) (0%) (0%) Amdocs Limited $70.93 $9,300 $984 $1,033 $9,391 2.3x 2.2x 2.1x 11.4x 11.2x 9.5x 3% 2% 6% 35% 35% 35% 20% 20% 22% Rackspace Technology $19.06 $3,818 $253 $4,157 $7,722 3.2x 2.9x 2.6x 13.0x 10.1x 9.6x (1%) 11% 9% 39% 38% 39% 24% 28% 28% Juniper Networks $22.51 $7,422 $1,848 $1,873 $7,448 1.7x 1.7x 1.6x 7.8x 8.2x 8.0x (4%) (1%) 3% 60% 59% 60% 21% 20% 20% Everbridge $149.07 $5,211 $469 $465 $5,207 25.9x 19.4x 15.5x NM NM NM 37% 33% 26% 71% 71% 70% 3% 3% 5% Verint Systems Inc. $67.18 $4,416 $631 $886 $4,689 3.6x 3.7x 3.5x 14.4x 14.1x 13.4x 6% (2%) 5% 68% 70% 67% 25% 26% 26% Jamf Holding Corp. $29.92 $3,489 $177 $0 $3,311 16.2x 12.6x 10.5x NM NM NM 39% 29% 20% 78% 81% 78% 9% 12% 9% Software Aktiengesellschaft $40.78 $3,017 $638 $365 $2,745 2.7x 2.7x 2.7x 8.9x 12.4x 11.9x 1% 2% 0% 77% 76% 77% 31% 22% 23% Extreme Networks $6.89 $848 $193 $455 $1,109 1.1x 1.2x 1.1x NA 15.8x 9.6x (1%) (12%) 7% 56% 56% 56% 0% 8% 12% Radware Ltd. $27.75 $1,281 $291 $29 $1,019 4.0x 4.1x 3.8x 24.0x 29.1x 22.2x 8% (1%) 8% 83% 83% 82% 17% 14% 17% A10 Networks $9.86 $756 $159 $30 $627 2.9x 2.8x 2.6x NA 14.1x 11.6x (8%) 6% 7% 78% 78% 78% 0% 20% 22% Limelight Networks $3.99 $491 $125 $114 $480 2.4x 2.0x 1.9x 26.5x 15.7x 12.8x 3% 18% 9% 49% 47% 52% 9% 13% 15%

Mean 12.7x 11.4x 9.3x 15.1x 14.4x 12.4x 25% 36% 17% 65% 65% 66% 16% 20% 20% Median 3.8x 4.1x 3.8x 14.4x 14.1x 11.9x 6% 10% 8% 67% 67% 67% 17% 20% 20%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 21 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security

CrowdStrike Holdings $211.82 $46,868 $1,060 $43 $45,852 NM NM 38.1x NM NM NM 93% 78% 40% 72% 75% 68% (9%) 11% 10% Palo Alto Networks $355.39 $34,411 $3,218 $3,443 $34,636 11.1x 9.2x 7.7x 45.7x 36.6x 34.0x 20% 20% 19% 71% 71% 71% 24% 25% 23% Okta $254.26 $32,918 $2,536 $1,953 $32,335 NM 39.3x 30.1x NM NM NM 47% 40% 30% 76% 78% 74% (6%) 3% 3% Splunk Inc. $169.89 $27,475 $1,994 $2,679 $28,160 11.9x 13.0x 10.8x NM NM NM 31% (8%) 21% 85% 79% 80% 17% (4%) 5% Zscaler $199.71 $26,799 $1,416 $927 $26,311 NM 50.0x 37.6x NM NM NM 48% 46% 33% 79% 79% 79% 11% 13% 15% VeriSign $216.40 $24,693 $1,150 $1,794 $25,337 20.6x 20.0x 18.8x 28.1x 29.1x 26.9x 1% 3% 7% 86% 86% 85% 73% 69% 70% Cloudflare $75.99 $23,352 $1,055 $421 $22,718 NM NM 40.2x NM NM NM 49% 48% 34% 77% 77% 78% (15%) 2% 6% Fortinet $148.53 $24,111 $1,657 $48 $22,503 10.4x 8.8x 7.6x 38.1x 29.8x 25.9x 20% 19% 16% 77% 79% 77% 27% 29% 29% Check Point Software Technologies Ltd. $132.91 $18,634 $1,607 $0 $17,027 8.5x 8.3x 8.0x 16.7x 16.2x 16.0x 4% 3% 3% 90% 90% 89% 51% 51% 50% Citrix Systems $130.10 $16,018 $925 $1,927 $17,021 5.7x 5.3x 5.1x 14.9x 14.6x 15.1x 1% 7% 4% 86% 86% 86% 38% 36% 34% NortonLifeLock Inc. $20.78 $12,299 $1,049 $3,712 $14,962 6.0x 6.0x 5.9x 8.2x 11.0x 10.3x (18%) (0%) 3% 81% 81% 81% 73% 55% 57% F5 Networks $175.94 $10,838 $1,210 $773 $10,402 4.6x 4.3x 4.1x 12.5x 12.9x 11.4x 4% 5% 6% 83% 83% 83% 37% 34% 36% Proofpoint $136.41 $7,872 $1,020 $844 $7,696 8.7x 7.4x 6.5x 49.0x 41.7x 40.1x 24% 18% 14% 79% 80% 75% 18% 18% 16% McAfee Corp. $16.69 $2,626 $348 $4,900 $7,178 2.7x 2.5x 2.4x 10.5x 6.3x 6.2x 9% 9% 4% 70% 78% 70% 26% 40% 39% Trend Micro Incorporated $57.55 $7,979 $1,800 $0 $6,188 4.1x 3.7x 3.5x 12.6x 11.9x 11.1x 4% 10% 5% 80% 79% 80% 32% 31% 32% CyberArk Software Ltd. $161.59 $6,259 $884 $498 $5,872 13.5x 13.1x 12.1x 43.8x NM NM 26% 3% 8% 88% 85% 85% 31% 20% 14% FireEye $23.06 $5,211 $942 $1,030 $5,298 6.0x 5.7x 5.4x 46.0x 39.1x 36.4x 7% 5% 6% 72% 70% 68% 13% 15% 15% Tenable Holdings $52.26 $5,389 $269 $62 $5,182 14.6x 11.9x 10.0x NM NM NM 33% 23% 19% 84% 83% 84% (11%) 7% 9% Varonis Systems $163.61 $5,191 $326 $274 $5,139 20.2x 18.2x 15.2x NM NM NM (6%) 11% 20% 87% 86% 88% (8%) (1%) 0% Rapid7 $90.16 $4,674 $321 $461 $4,814 14.7x 11.8x 9.9x NM NM NM 34% 25% 19% 75% 74% 72% 4% 4% 6% SailPoint Technologies Holdings $53.24 $4,840 $484 $361 $4,717 16.3x 13.2x 11.8x NM NM NM 16% 23% 12% 80% 81% 79% 10% 9% 4% Qualys $121.87 $4,755 $319 $60 $4,496 14.0x 12.4x 11.0x 31.9x 26.7x 24.3x 15% 13% 13% 80% 81% 79% 44% 46% 45% Mimecast Limited $56.84 $3,632 $231 $261 $3,662 9.0x 7.6x 6.7x NM 32.7x 32.8x 26% 18% 15% 74% 74% 74% 17% 23% 20% Sumo Logic $28.58 $2,924 $407 $0 $2,517 16.2x NA NA NM NA NA 50% NA NA 71% NM NM NM NA NA Ping Identity Holding Corp. $28.64 $2,323 $173 $170 $2,320 9.5x 9.3x 8.0x 46.4x NM NM 21% 3% 16% 84% 81% 84% 21% 13% 14% Telos Corporation $32.98 $2,133 $10 $180 $2,312 14.5x 12.9x 8.4x NM NM NM 15% 13% 53% 36% 33% 36% 5% 4% 11% SecureWorks Corp. $14.22 $1,169 $188 $30 $1,012 1.8x 1.8x 1.7x NM 30.0x 33.0x 7% 1% 3% 57% 60% 56% 2% 6% 5% F-Secure Oyj $4.69 $742 $50 $58 $750 3.1x 2.8x 2.6x 28.8x 16.3x 16.9x 12% 10% 6% 77% 78% 79% 11% 17% 16% OneSpan Inc. $20.68 $838 $113 $15 $740 2.9x 3.6x 3.3x 22.5x NM 34.8x 20% (19%) 10% 67% 70% 69% 13% 4% 9% Zix Corporation $8.63 $474 $24 $196 $647 3.7x 3.0x 2.7x 16.4x 12.5x 11.2x 146% 25% 12% 61% 54% 65% 23% 24% 24% A10 Networks $9.86 $756 $159 $30 $627 2.9x 2.8x 2.6x NA 14.1x 11.6x (8%) 6% 7% 78% 78% 78% 0% 20% 22% Absolute Software Corporation $11.89 $583 $58 $10 $534 5.3x 4.8x 4.3x 22.3x 18.5x 19.1x 6% 9% 12% 86% 86% 86% 24% 26% 23% Tufin Software Technologies Ltd. $12.48 $447 $84 $23 $385 3.7x 4.0x 3.5x NM NM NM 22% (6%) 13% 83% 81% 83% (14%) NM (18%)

Mean 9.2x 10.6x 10.8x 27.5x 22.2x 21.9x 24% 14% 15% 77% 77% 76% 18% 21% 20% Median 8.7x 8.0x 7.7x 25.3x 17.4x 19.1x 20% 10% 12% 79% 79% 79% 17% 18% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 22 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management

Adobe Inc. $500.12 $239,917 $5,992 $4,708 $238,633 21.4x 18.6x 15.7x 46.9x 38.6x 31.7x 24% 15% 19% 88% 88% 87% 46% 48% 50% DocuSign $222.30 $41,472 $599 $686 $41,559 42.7x 29.1x 22.0x NM NM NM 39% 47% 32% 78% 78% 76% 10% 14% 15% Open Text Corporation $45.46 $12,319 $1,846 $4,461 $14,936 5.1x 4.6x 4.6x 13.4x 12.0x 11.9x 3% 11% 0% 74% 74% 74% 38% 38% 38% NetApp $66.24 $14,797 $3,653 $2,767 $13,911 2.5x 2.5x 2.4x 10.3x 10.9x 10.2x (10%) (1%) 3% 64% 64% 64% 24% 23% 24% Dropbox $22.19 $9,178 $1,227 $1,123 $9,074 5.5x 4.8x 4.3x 24.0x 16.3x 13.8x 19% 15% 11% 76% 79% 74% 23% 29% 31% Nutanix $31.87 $6,423 $1,318 $1,149 $6,254 5.0x 4.9x 4.7x NM NM NM 1% 3% 4% 71% 71% 71% NM NM NM Pure Storage $22.61 $6,168 $1,201 $904 $5,871 3.6x 3.5x 3.1x 40.4x NM 37.6x 21% 1% 15% 70% 70% 68% 9% 6% 8% Varonis Systems $163.61 $5,191 $326 $274 $5,139 20.2x 18.2x 15.2x NM NM NM (6%) 11% 20% 87% 86% 88% (8%) (1%) 0% Box $18.05 $2,864 $275 $425 $3,013 4.3x 3.9x 3.6x 43.8x 16.2x 15.1x 14% 10% 9% 71% 73% 72% 10% 24% 24% Commvault Systems $55.37 $2,610 $394 $20 $2,236 3.3x 3.3x 3.1x 20.0x NA 16.8x (4%) (0%) 4% 85% 85% 85% 16% 0% 19% Brightcove Inc. $18.40 $732 $30 $18 $720 3.9x 3.7x 3.4x NM 39.7x 33.3x 12% 5% 10% 61% 62% 60% 5% 9% 10%

Mean 10.7x 8.8x 7.5x 28.4x 22.3x 21.3x 10% 11% 12% 75% 76% 75% 17% 19% 22% Median 5.0x 4.6x 4.3x 24.0x 16.3x 15.9x 12% 10% 10% 74% 74% 74% 13% 18% 21%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 23 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics

Palantir Technologies Inc. $23.55 $41,025 $1,800 $198 $39,423 NM 36.8x 27.9x NM NM NM 25% 44% 32% 71% 76% 71% NM 14% 18% NICE Ltd. $279.96 $17,562 $1,543 $1,011 $17,055 10.8x 10.3x 9.4x 34.5x 30.9x 28.4x 9% 5% 9% 71% 71% 68% 31% 33% 33% Elastic N.V. $146.13 $12,772 $351 $33 $12,454 32.4x 22.9x 18.6x NM NM NM 60% 41% 23% 72% 72% 72% (16%) (8%) (5%) Alteryx $121.79 $8,109 $723 $780 $8,166 19.5x 16.9x 14.3x NM NM NM 65% 16% 18% 91% 92% 90% 19% 14% 16% Medallia $33.22 $4,998 $654 $463 $4,807 11.9x 10.1x 8.7x NM NM NM 28% 18% 17% 67% 69% 65% 3% 7% 8% Cloudera $13.91 $4,350 $395 $206 $4,161 5.2x 4.8x 4.4x NM 19.2x 16.9x 65% 9% 9% 76% 82% 73% (3%) 25% 26% Inovalon Holdings $18.17 $2,824 $120 $1,040 $3,744 5.8x 5.7x 5.0x 17.8x 16.4x 14.1x 22% 3% 13% 74% 75% 73% 33% 35% 36% MicroStrategy Incorporated $388.55 $3,601 $53 $106 $3,654 7.5x NA NA NM NA NA (2%) NA NA 80% NM NM 5% NA NA Teradata Corporation $22.47 $2,456 $533 $683 $2,606 1.4x 1.4x 1.4x 7.8x 7.0x 6.2x (12%) (4%) 2% 54% 58% 52% 18% 20% 23% Domo $63.77 $1,910 $84 $105 $1,931 11.1x 9.3x 8.1x NM NM NM 22% 20% 15% 76% 78% 70% NM (18%) (9%) Talend S.A. $38.34 $1,218 $161 $178 $1,235 5.0x 4.4x 3.8x NM NM NM 20% 14% 13% 77% 80% 77% (7%) (6%) (3%) Veritone $28.45 $887 $54 $0 $833 16.8x 14.6x 12.1x NM NM NM 84% 15% 20% 65% 71% 75% NM NM NM

Mean 11.6x 12.5x 10.4x 20.0x 18.4x 16.4x 32% 16% 16% 73% 75% 71% 9% 12% 14% Median 10.8x 10.1x 8.7x 17.8x 17.8x 15.5x 23% 15% 15% 73% 75% 72% 5% 14% 17%

Technical Applications

Autodesk $305.34 $67,141 $1,616 $2,099 $67,624 21.5x 18.0x 15.7x NM NM 44.5x 29% 20% 15% 91% 92% 93% 27% 32% 35% Dassault Systèmes SE $203.24 $53,027 $2,943 $5,394 $55,532 12.3x 10.2x 9.3x 34.4x 31.7x 28.0x 13% 21% 9% 85% 83% 84% 36% 32% 33% Unity Software Inc. $153.47 $41,556 $1,759 $126 $39,923 NM NM 41.9x NM NM NM 42% 39% 26% 78% 80% 79% (19%) (6%) (1%) Synopsys $259.24 $39,672 $1,236 $663 $39,105 11.6x 10.3x 9.5x 42.0x 31.4x 28.1x 6% 13% 8% 79% 79% 79% 28% 33% 34% Cadence Design Systems $136.43 $38,055 $1,307 $697 $37,445 16.0x 14.1x 13.2x 42.9x 37.0x 34.1x 9% 14% 7% 90% 90% 89% 37% 38% 39% ANSYS $363.80 $31,245 $845 $546 $30,945 20.4x 19.0x 16.9x 43.2x 43.7x 37.4x 17% 8% 12% 91% 90% 90% 47% 43% 45% PTC Inc. $119.61 $13,954 $304 $1,220 $14,871 11.6x 10.0x 9.2x 26.7x 31.9x 29.3x 1% 16% 9% 75% 75% 75% 44% 31% 31% Bentley Systems $40.51 $11,002 $138 $638 $11,502 15.6x NA NA NM NA NA 6% NA NA 81% NM NM 24% NA NA Aspen Technology $130.25 $8,828 $318 $462 $8,973 14.8x 14.6x 12.3x 28.9x 27.5x 21.4x 12% 2% 18% 90% 90% 90% 51% 53% 57% Altair Engineering Inc. $58.18 $4,285 $245 $251 $4,291 9.5x 9.5x 8.8x NM NM NM 16% 0% 8% 72% 74% 72% 11% 9% 9%

Mean 14.8x 13.2x 15.2x 36.3x 33.8x 31.9x 15% 15% 12% 83% 83% 83% 29% 30% 32% Median 14.8x 12.2x 12.3x 38.2x 31.8x 29.3x 13% 14% 9% 83% 83% 84% 32% 32% 34%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 24 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications

Fidelity National Information Services $141.46 $87,777 $2,366 $20,189 $105,790 10.2x 8.4x 7.7x 25.2x 20.0x 17.1x 23% 22% 9% 35% 35% 34% 41% 42% 45% Intuit Inc. $379.85 $104,856 $5,793 $2,634 $101,697 14.3x 12.6x 10.6x 39.8x 32.6x 29.6x 13% 14% 19% 84% 84% 84% 36% 39% 36% Fiserv $113.86 $76,336 $937 $21,259 $97,655 9.6x 6.5x 6.1x 19.9x 17.8x 15.5x 75% 47% 6% 47% 44% 47% 48% 36% 40% MSCI Inc. $446.53 $37,015 $1,303 $3,540 $39,252 25.2x 23.2x 21.0x 46.2x 40.4x 36.2x 9% 9% 10% 81% 83% 81% 55% 57% 58% SS&C Technologies Holdings $72.75 $18,621 $185 $7,172 $25,608 5.5x 5.5x 5.4x 14.0x 14.0x 13.4x 35% 0% 3% 54% 57% 49% 39% 40% 40% Coupa Software Incorporated $338.91 $24,461 $1,354 $1,511 $24,618 NM 47.0x 36.9x NM NM NM 50% 34% 27% 72% 71% 68% 9% 17% 15% Xero Limited $113.27 $16,576 $379 $330 $16,527 37.3x 28.8x 24.6x NM NM NM 32% 29% 17% 84% 84% 84% 19% 21% 29% Fair Isaac Corporation $511.04 $14,870 $157 $936 $15,649 13.1x 11.9x 11.6x 41.7x 32.6x 35.8x 16% 10% 3% 70% 70% 70% 31% 37% 32% Avalara $164.89 $13,945 $1,064 $66 $12,947 33.9x 26.5x 20.9x NM NM NM 41% 28% 26% 72% 73% 72% 0% 1% (0%) Jack Henry & Associates $161.99 $12,362 $195 $70 $12,237 7.5x 7.1x 6.7x 22.9x 22.4x 21.1x 7% 6% 6% 42% 42% 42% 33% 32% 32% Temenos AG $139.76 $10,119 $113 $1,114 $11,119 11.4x 12.4x 11.2x 30.4x 28.2x 25.6x 16% (8%) 10% 83% 82% 75% 38% 44% 44% Bill.com Holdings $136.50 $11,079 $700 $58 $10,436 NM NM 47.2x NA NM NM NA 62% 25% 75% 75% 75% 0% (7%) (6%) BlackLine $133.38 $7,637 $526 $413 $7,533 26.1x 21.6x 18.3x NM NM NM 27% 20% 18% 82% 82% 80% 9% 14% 12% Q2 Holdings $126.53 $6,818 $396 $484 $6,906 21.9x 17.1x 14.1x NM NM NM 31% 28% 21% 53% 54% 50% 6% 6% 7% nCino $72.41 $6,683 $379 $0 $6,309 45.7x 31.4x 25.5x NM NM NM 51% 45% 23% 53% 60% 53% (17%) (6%) (6%) SimCorp A/S $148.81 $5,899 $38 $54 $5,915 11.6x 10.4x 9.5x 37.0x 34.7x 30.4x 16% 12% 10% 63% 63% 62% 31% 30% 31% Envestnet $82.29 $4,440 $363 $848 $4,923 5.5x 5.0x 4.5x 25.5x 21.7x 20.0x 11% 10% 10% 69% 69% 45% 21% 23% 22% Vertex $34.85 $5,092 $270 $2 $4,823 15.0x 13.1x 12.1x NM NM NM 18% 15% 8% 64% 71% 64% 15% 21% 18% Shift4 Payments $75.40 $3,404 $329 $440 $3,763 5.1x 4.8x 3.5x NA 41.2x 23.7x 30% 7% 39% 35% 55% 35% 0% 12% 15% Upstart Holdings $40.75 $2,953 $53 $115 $3,015 15.8x 13.7x 8.4x NM NM NM 52% 16% 63% 72% 84% 84% 12% 10% 7% Bottomline Technologies (de) $52.74 $2,379 $197 $213 $2,395 5.6x 5.3x 4.9x 24.5x 24.5x 22.1x 6% 4% 10% 57% 57% 57% 23% 22% 22% Asseco Poland S.A. $18.23 $1,513 $621 $785 $2,292 0.8x 0.7x 0.7x 5.4x 5.0x 4.8x 13% 13% 7% 22% 22% 22% 15% 14% 14% Ebix $37.97 $1,176 $113 $730 $1,841 3.2x 3.3x 2.7x 10.6x NA NA 17% (3%) 24% 64% 50% 60% 30% 0% 0% IRESS Limited $8.19 $1,561 $69 $146 $1,639 4.6x 3.9x 3.5x 17.4x 16.7x 15.4x 9% 19% 11% 27% 21% 29% 26% 23% 23% Zuora $13.93 $1,660 $179 $72 $1,554 5.6x 5.1x 4.7x NM NM NM 17% 9% 10% 57% 62% 56% (10%) 0% 3% Model N $35.68 $1,250 $200 $118 $1,168 8.1x 7.2x 6.6x NM NM NM (4%) 13% 8% 57% 57% 57% 10% 13% 12% Basware Oyj $51.38 $741 $45 $97 $792 4.8x 4.3x 3.9x NM 32.5x 27.1x 3% 12% 9% 51% 56% 52% 3% 13% 14%

Mean 13.9x 12.9x 12.3x 25.7x 25.6x 22.5x 24% 18% 16% 60% 62% 59% 19% 20% 21% Median 10.2x 9.4x 8.4x 24.8x 24.5x 22.1x 17% 13% 10% 63% 62% 57% 19% 21% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 25 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $222.14 $157,803 $5,688 $22,761 $174,888 9.8x 8.0x 6.9x 39.2x 28.5x 23.2x 5% 23% 15% 56% 56% 56% 25% 28% 30% Roper Technologies $431.09 $45,209 $302 $9,704 $54,611 10.2x 9.8x 8.7x 28.4x 27.7x 24.2x 3% 4% 13% 64% 64% 63% 36% 35% 36% Veeva Systems Inc. $272.25 $41,237 $1,590 $59 $39,705 36.0x 27.4x 23.1x NM NM NM 28% 31% 19% 75% 74% 72% 40% 41% 39% Amadeus IT Group $72.86 $32,804 $3,467 $6,933 $36,270 5.8x 13.1x 8.2x 14.4x NM 26.3x 11% (56%) 60% 69% 78% 55% 40% 12% 31% Cerner Corporation $78.48 $24,061 $892 $1,502 $24,671 4.3x 4.5x 4.3x 14.9x 14.2x 13.2x 6% (3%) 4% 82% 83% 83% 29% 32% 33% Tyler Technologies $436.52 $17,604 $574 $19 $17,048 15.7x 15.1x 14.1x NM NM 47.7x 16% 4% 7% 52% 52% 49% 28% 29% 30% Guidewire Software $128.73 $10,782 $1,162 $471 $10,091 14.4x 13.4x 13.3x NM NM NM (4%) 7% 1% 56% 56% 56% 20% 13% 3% RealPage $87.24 $8,619 $612 $1,332 $9,339 9.5x 8.1x 7.3x 33.2x 29.3x 25.7x 14% 17% 11% 63% 63% 62% 29% 28% 28% CoreLogic $77.32 $6,014 $302 $1,693 $7,405 4.2x 4.3x 4.5x 14.9x 11.8x 12.0x (1%) (3%) (4%) 50% 59% 52% 28% 37% 38% Sabre Corporation $12.02 $3,814 $1,668 $4,791 $6,945 1.7x 5.2x 2.9x 7.3x NM 25.7x 3% (66%) 80% 35% 63% 39% 24% NM 11% Lemonade $122.50 $6,932 $590 $0 $6,342 NM NM NM NM NM NM 199% 30% 18% 32% 23% 35% NM NM NM AppFolio $180.04 $6,180 $177 $35 $6,039 23.6x 19.4x 17.2x NM NM NM 35% 22% 13% 60% 62% 62% 14% 17% 18% Duck Creek Technologies $43.30 $5,669 $361 $24 $5,332 29.6x 24.1x 20.5x NA NM NM NA 23% 18% 55% 55% 55% NA 4% 1% Root $15.71 $3,940 $220 $220 $3,940 13.6x 11.4x 15.7x NM NM NM NA 19% (27%) (11%) 4% 4% NM NM NM Blackbaud $57.56 $2,779 $31 $555 $3,303 3.7x 3.7x 3.7x 17.6x 14.4x 14.9x 6% (0%) (1%) 60% 59% 56% 21% 26% 25% Allscripts Healthcare Solutions $14.44 $2,281 $219 $1,196 $3,258 1.8x 2.0x 2.1x 11.0x 11.1x 12.9x 1% (9%) (3%) 43% 41% 45% 17% 18% 16% 2U $40.01 $2,883 $481 $353 $2,755 4.8x 3.6x 3.0x NM NM NM 40% 34% 19% 72% 70% 74% (4%) 1% 4% PROS Holdings $50.77 $2,205 $322 $255 $2,138 8.5x 8.5x 8.4x NM NM NM 27% 0% 2% 63% 61% 61% (5%) (12%) (7%) HealthStream $21.84 $692 $150 $29 $571 2.2x 2.4x 2.5x 12.2x 12.8x 14.5x 10% (5%) (5%) 59% 63% 61% 18% 18% 17% Castlight Health $1.30 $200 $47 $17 $170 1.2x 1.2x 1.3x NM 20.8x NM (8%) (1%) (7%) 61% 66% 63% (11%) 6% 1% Boxlight Corporation $1.53 $78 $10 $22 $91 2.4x 1.8x 0.7x NM NM 10.6x 1% 31% 166% 30% 22% 25% (8%) (3%) 6%

Mean 10.1x 9.4x 8.4x 19.3x 19.0x 20.9x 21% 5% 19% 54% 56% 54% 19% 18% 19% Median 7.2x 8.0x 7.1x 14.9x 14.4x 19.1x 6% 4% 11% 59% 61% 56% 22% 18% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 26 PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business salesforce.com $222.53 $203,714 $9,492 $6,223 $200,445 11.7x 9.5x 7.9x 40.0x 31.6x 28.3x 29% 23% 20% 78% 78% 76% 29% 30% 28% Shopify Inc. $1,131.95 $138,863 $6,121 $903 $133,645 NM 46.8x 35.3x NM NM NM 47% 81% 33% 55% 53% 55% 5% 15% 13% Workday $239.61 $57,703 $2,948 $2,230 $56,985 15.7x 13.2x 11.3x NM NM 45.9x 29% 19% 17% 75% 77% 73% 21% 26% 25% Constellation Software Inc. $1,297.22 $27,490 $574 $645 $27,561 7.9x 7.0x 6.0x 29.5x 22.9x 20.8x 14% 12% 18% 37% 37% 37% 27% 31% 29% Paycom Software $452.25 $26,064 $156 $53 $25,960 35.2x 31.1x 25.8x NM NM NM 30% 13% 20% 85% 86% 86% 43% 39% 39% Slack Technologies $42.24 $24,339 $1,575 $905 $23,690 37.6x 26.7x 20.7x NM NM NM 57% 41% 29% 87% 88% 87% (17%) (4%) (1%) Zendesk $143.12 $16,699 $943 $1,158 $16,914 20.7x 16.5x 13.3x NM NM NM 36% 25% 24% 75% 78% 74% 8% 11% 11% Ceridian HCM Holding Inc. $106.56 $15,750 $555 $1,009 $16,205 19.7x 19.4x 16.9x NM NM NM 11% 2% 15% 46% 43% 46% 22% 19% 20% C3.ai $138.75 $13,299 $290 $0 $13,008 NM NM NM NM NM NM NA 71% 13% 67% 75% 75% NM NM NM Paylocity Holding Corporation $205.91 $11,170 $240 $179 $11,109 22.3x 19.1x 16.0x NM NM NM 23% 17% 19% 64% 64% 64% 29% 27% 25% Anaplan $71.85 $10,195 $297 $55 $9,953 28.6x 22.4x 18.1x NM NM NM 45% 28% 24% 76% 77% 74% (11%) (4%) (2%) The Sage Group plc $7.95 $8,708 $1,075 $1,280 $8,914 3.5x 3.4x 3.4x 14.0x 13.6x 15.4x 8% 0% (0%) 93% 93% 93% 25% 25% 22% Smartsheet Inc. $69.29 $8,471 $420 $69 $8,120 30.0x 21.5x 16.6x NM NM NM 52% 40% 29% 82% 80% 80% (19%) (10%) (8%) Manhattan Associates $105.18 $6,682 $166 $34 $6,550 10.6x 11.3x 10.8x 42.1x 45.0x 49.6x 11% (7%) 5% 55% 55% 56% 25% 25% 22% J2 Global $97.69 $4,454 $568 $1,586 $5,472 4.0x 3.8x 3.4x 9.9x 9.1x 8.3x 14% 6% 12% 83% 84% 84% 40% 41% 40% The Descartes Systems Group Inc $58.43 $4,936 $114 $13 $4,835 14.8x 14.0x 12.5x 39.4x 34.6x 30.7x 18% 6% 13% 74% 74% 73% 38% 40% 41% Datto Holding Corp. $27.00 $4,336 $99 $581 $4,819 10.5x 9.4x 8.4x NM 32.4x 33.9x 18% 12% 12% 71% 73% 71% 16% 29% 25% BigCommerce Holdings $64.15 $4,436 $179 $38 $4,296 38.3x 29.1x 24.5x NM NM NM 22% 32% 19% 77% 78% 77% NM (18%) (14%) Workiva Inc. $91.62 $4,416 $524 $326 $4,218 14.2x 12.1x 10.5x NM NM NM 22% 17% 16% 72% 75% 73% (2%) 2% (0%) Cornerstone OnDemand $44.04 $2,845 $171 $1,321 $3,995 6.9x 5.5x 4.8x 30.6x 15.6x 14.4x 7% 27% 14% 76% 74% 73% 23% 35% 33% SPS Commerce $108.59 $3,834 $261 $21 $3,594 12.9x 11.6x 10.1x NM 42.1x 37.0x 12% 11% 15% 68% 69% 68% 25% 28% 27% Energy Harbor Corp. $25.50 $0 $1 $2,928 $2,927 NA NA NA NA NA NA NA NA NA NM NM NM NA NA NA Pluralsight $20.96 $2,549 $405 $575 $2,757 8.7x 7.1x 6.2x NM NM NM 37% 23% 15% 78% 81% 76% (13%) (2%) 1% Technology One Limited $6.33 $2,032 $90 $21 $1,963 9.6x 8.5x 7.8x 34.1x 26.6x 20.4x 14% 12% 9% 40% 40% 40% 28% 32% 38% Upland Software $45.89 $1,352 $233 $569 $1,688 7.6x 5.9x 5.9x 20.5x 17.4x 18.5x 49% 28% 1% 71% 67% 68% 37% 34% 32% QAD Inc. $63.18 $1,308 $143 $33 $1,197 3.9x 3.9x 3.7x NM 44.3x 37.7x (7%) (2%) 7% 55% 58% 55% 4% 9% 10% Opera Limited $9.13 $1,051 $120 $9 $940 2.8x 2.8x 4.6x 20.6x 48.7x 17.5x 94% (1%) (39%) 81% 87% 71% 14% 6% 27% Benefitfocus $14.48 $466 $176 $269 $560 1.9x 2.1x 2.0x 29.4x 14.6x 13.1x 14% (10%) 7% 54% 53% 51% 6% 14% 15% American Software $17.17 $560 $94 $2 $467 4.2x 4.2x 4.0x 29.6x 34.7x 31.8x 1% (0%) 5% 54% 54% 54% 14% 12% 13% Synchronoss Technologies $4.70 $198 $46 $68 $232 0.8x 0.8x 0.8x 8.4x 9.5x 7.9x (5%) (6%) (3%) 52% 58% 55% 9% 8% 10% ServiceSource International $1.76 $170 $39 $55 $186 0.9x NA NA 43.7x NA NA (9%) NA NA 30% NM NM 2% NA NA Park City Group $4.79 $94 $21 $7 $80 4.1x 3.8x 3.5x 20.8x 21.9x 15.8x (16%) 8% 7% 69% 69% 69% 20% 17% 22%

Mean 13.4x 12.8x 10.9x 27.5x 27.3x 24.8x 23% 18% 13% 67% 69% 68% 15% 18% 19% Median 10.5x 9.5x 8.4x 29.5x 26.6x 20.6x 18% 13% 14% 71% 74% 72% 20% 19% 22%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 27 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management

ServiceNow $550.43 $107,361 $2,952 $2,203 $106,613 30.8x 23.8x 19.1x NM NM NM 33% 29% 25% 81% 82% 78% 29% 32% 31% VMware $140.26 $58,878 $3,898 $6,053 $61,033 5.6x 5.2x 4.8x 14.8x 13.3x 13.4x 12% 8% 9% 87% 85% 84% 38% 39% 36% Atlassian Corporation Plc $233.87 $58,281 $2,184 $1,159 $57,255 43.8x 32.3x 28.5x NM NM NM 36% 36% 14% 86% 86% 86% 31% 25% 25% Twilio Inc. $338.50 $51,117 $3,299 $662 $48,481 42.7x 29.1x 22.0x NM NM NM 75% 47% 32% 59% 55% 55% 10% 9% 6% Datadog $98.44 $29,978 $1,495 $632 $29,116 NM 49.4x 36.3x NM NM NM 83% 63% 36% 75% 79% 77% 2% 11% 10% MongoDB $359.04 $21,638 $966 $1,048 $21,720 NM 37.7x 29.5x NM NM NM 58% 37% 28% 72% 72% 72% (10%) (8%) (7%) Dynatrace $43.27 $12,206 $248 $528 $12,486 24.4x 19.3x 16.1x NA NM NM NA 27% 20% 83% 83% 83% 0% 30% 27% Appian Corporation $162.09 $11,354 $251 $61 $11,164 42.9x 37.6x 32.9x NM NM NM 15% 14% 14% 65% 70% 66% (11%) (8%) (8%) Micro Focus International plc $5.79 $1,939 $808 $5,215 $6,347 1.9x 2.1x 2.2x 4.8x 5.6x 6.0x 9% (12%) (5%) 77% 77% 77% 39% 38% 38% SolarWinds Corporation $14.95 $4,695 $425 $2,031 $6,301 6.8x 6.2x 5.7x 13.9x 12.9x 12.1x 12% 9% 9% 92% 91% 91% 49% 48% 47% JFrog Ltd. $62.83 $5,730 $578 $0 $5,152 49.2x 34.9x 26.7x NM NM NM 65% 41% 31% 81% 82% 82% (3%) 6% 3% Asana $29.55 $4,703 $424 $502 $4,782 33.5x 22.5x 17.6x NM NM NM 86% 49% 27% 85% 87% 87% NM NM NM New Relic $65.40 $4,094 $840 $505 $3,760 6.6x 5.8x 5.2x 38.8x 49.1x NM 28% 14% 10% 82% 82% 82% 17% 12% 10% Bandwidth Inc. $153.67 $3,722 $531 $298 $3,490 17.6x 10.7x 7.7x NM NM NM 20% 65% 38% 48% 48% 51% (1%) 7% 6% PagerDuty $41.70 $3,417 $556 $247 $3,107 18.7x 14.7x 11.9x NM NM NM 41% 27% 23% 85% 87% 85% (16%) (8%) (4%) Progress Software Corporation $45.19 $2,038 $106 $416 $2,349 5.7x 5.2x 4.6x 13.8x NA NA 9% 10% 13% 85% 88% 87% 41% 0% 0% NetScout Systems $27.42 $2,017 $428 $528 $2,118 2.4x 2.5x 2.5x NA NA NA (1%) (6%) 1% 72% 72% 72% 0% 0% 0% Magic Software Enterprises Ltd. $15.65 $767 $83 $52 $766 2.4x 2.1x 2.0x NA NA NA 15% 11% 8% 32% 31% 31% 0% 0% 0% Axway Software SA $33.03 $703 $27 $78 $754 2.2x 2.1x 2.0x 17.8x 15.9x 10.7x 4% 8% 5% 71% 71% 38% 13% 13% 18% Comarch S.A. $52.07 $424 $105 $66 $389 1.0x 0.9x 0.9x 6.2x 6.2x 6.1x 3% 11% 4% 32% 28% 28% 17% 15% 15%

Mean 18.8x 17.2x 13.9x 15.7x 17.2x 9.7x 32% 24% 17% 73% 73% 71% 13% 14% 13% Median 12.2x 12.7x 9.8x 13.9x 13.1x 10.7x 20% 20% 14% 79% 80% 78% 10% 11% 10%

Sales & Marketing Applications

HubSpot $396.44 $18,192 $1,185 $788 $17,795 26.4x 20.5x 16.8x NM NM NM 32% 29% 22% 82% 82% 81% 12% 12% 12% Pegasystems Inc. $133.26 $10,754 $468 $582 $10,868 11.9x 10.5x 9.0x NM NM NM 2% 13% 17% 68% 71% 69% (4%) 1% 5% ZoomInfo Technologies Inc. $48.23 $8,130 $305 $799 $9,071 30.9x 19.4x 15.1x NM 38.9x 30.5x 103% 60% 29% 83% 88% 83% 59% 50% 49% LivePerson $62.23 $4,162 $199 $203 $4,166 14.3x 11.5x 9.3x NM NM NM 17% 25% 23% 74% 73% 73% (5%) 8% 9% Cardlytics $142.77 $3,921 $288 $185 $3,818 18.1x 21.1x 14.9x NM NM NM 40% (14%) 42% 38% 34% 36% 3% (5%) 4% SurveyMonkey $25.55 $3,634 $206 $299 $3,726 12.1x 9.9x 8.3x NM NM NM 21% 22% 20% 77% 80% 75% 13% 11% 12% MediaAlpha $39.07 $2,294 $12 $205 $2,487 6.1x 4.5x 3.5x NM 45.4x 40.3x 37% 37% 27% 16% 15% 16% 7% 10% 9% Sprout Social $45.41 $2,404 $167 $26 $2,262 22.0x 17.2x 13.5x NM NM NM 30% 28% 27% 74% 74% 74% (17%) (15%) (10%) Yext $15.72 $1,922 $209 $130 $1,843 6.2x 5.2x 4.5x NM NM NM 31% 18% 17% 75% 76% 75% (16%) (6%) (2%) PubMatic $27.96 $1,337 $55 $0 $1,282 11.3x 9.2x 7.6x NM 28.7x 28.7x 15% 23% 20% 69% 70% 68% 14% 32% 27% Thryv Holdings $13.50 $419 $2 $673 $1,091 0.8x 1.0x 1.2x 2.8x 3.0x 4.0x (20%) (23%) (20%) 64% 67% 64% 27% 33% 31% ChannelAdvisor Corporation $15.98 $463 $66 $12 $409 3.1x 2.9x 2.7x 20.3x 12.0x 11.3x (1%) 10% 5% 78% 80% 78% 16% 24% 24%

Mean 13.6x 11.1x 8.9x 11.6x 25.6x 23.0x 26% 19% 19% 67% 68% 66% 9% 13% 14% Median 12.0x 10.2x 8.6x 11.6x 28.7x 28.7x 26% 22% 21% 74% 73% 74% 10% 10% 10%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 28 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS

Adobe Inc. $500.12 $239,917 $5,992 $4,708 $238,633 21.4x 18.6x 15.7x 46.9x 38.6x 31.7x 24% 15% 19% 88% 88% 87% 46% 48% 50% salesforce.com $222.53 $203,714 $9,492 $6,223 $200,445 11.7x 9.5x 7.9x 40.0x 31.6x 28.3x 29% 23% 20% 78% 78% 76% 29% 30% 28% Shopify Inc. $1,131.95 $138,863 $6,121 $903 $133,645 NM 46.8x 35.3x NM NM NM 47% 81% 33% 55% 53% 55% 5% 15% 13% ServiceNow $550.43 $107,361 $2,952 $2,203 $106,613 30.8x 23.8x 19.1x NM NM NM 33% 29% 25% 81% 82% 78% 29% 32% 31% Zoom Video Communications $337.32 $98,212 $1,872 $70 $96,411 NM 37.4x 27.6x NM NM NM 88% 314% 36% 82% 69% 76% 17% 35% 29% Snowflake Inc. $281.40 $79,664 $4,754 $206 $75,116 NM NM NM NM NM NM 174% 114% 90% 56% 63% 67% NM NM NM Atlassian Corporation Plc $233.87 $58,281 $2,184 $1,159 $57,255 43.8x 32.3x 28.5x NM NM NM 36% 36% 14% 86% 86% 86% 31% 25% 25% Workday $239.61 $57,703 $2,948 $2,230 $56,985 15.7x 13.2x 11.3x NM NM 45.9x 29% 19% 17% 75% 77% 73% 21% 26% 25% Twilio Inc. $338.50 $51,117 $3,299 $662 $48,481 42.7x 29.1x 22.0x NM NM NM 75% 47% 32% 59% 55% 55% 10% 9% 6% DocuSign $222.30 $41,472 $599 $686 $41,559 42.7x 29.1x 22.0x NM NM NM 39% 47% 32% 78% 78% 76% 10% 14% 15% Unity Software Inc. $153.47 $41,556 $1,759 $126 $39,923 NM NM 41.9x NM NM NM 42% 39% 26% 78% 80% 79% (19%) (6%) (1%) Veeva Systems Inc. $272.25 $41,237 $1,590 $59 $39,705 36.0x 27.4x 23.1x NM NM NM 28% 31% 19% 75% 74% 72% 40% 41% 39% Palantir Technologies Inc. $23.55 $41,025 $1,800 $198 $39,423 NM 36.8x 27.9x NM NM NM 25% 44% 32% 71% 76% 71% NM 14% 18% RingCentral $378.97 $33,968 $746 $1,463 $34,686 42.4x 29.7x 24.2x NM NM NM 33% 43% 23% 76% 76% 78% 15% 13% 14% Okta $254.26 $32,918 $2,536 $1,953 $32,335 NM 39.3x 30.1x NM NM NM 47% 40% 30% 76% 78% 74% (6%) 3% 3% Datadog $98.44 $29,978 $1,495 $632 $29,116 NM 49.4x 36.3x NM NM NM 83% 63% 36% 75% 79% 77% 2% 11% 10% Splunk Inc. $169.89 $27,475 $1,994 $2,679 $28,160 11.9x 13.0x 10.8x NM NM NM 31% (8%) 21% 85% 79% 80% 17% (4%) 5% Zscaler $199.71 $26,799 $1,416 $927 $26,311 NM 50.0x 37.6x NM NM NM 48% 46% 33% 79% 79% 79% 11% 13% 15% Paycom Software $452.25 $26,064 $156 $53 $25,960 35.2x 31.1x 25.8x NM NM NM 30% 13% 20% 85% 86% 86% 43% 39% 39% Coupa Software Incorporated $338.91 $24,461 $1,354 $1,511 $24,618 NM 47.0x 36.9x NM NM NM 50% 34% 27% 72% 71% 68% 9% 17% 15% Slack Technologies $42.24 $24,339 $1,575 $905 $23,690 37.6x 26.7x 20.7x NM NM NM 57% 41% 29% 87% 88% 87% (17%) (4%) (1%) Cloudflare $75.99 $23,352 $1,055 $421 $22,718 NM NM 40.2x NM NM NM 49% 48% 34% 77% 77% 78% (15%) 2% 6% HubSpot $396.44 $18,192 $1,185 $788 $17,795 26.4x 20.5x 16.8x NM NM NM 32% 29% 22% 82% 82% 81% 12% 12% 12% Zendesk $143.12 $16,699 $943 $1,158 $16,914 20.7x 16.5x 13.3x NM NM NM 36% 25% 24% 75% 78% 74% 8% 11% 11% NetApp $66.24 $14,797 $3,653 $2,767 $13,911 2.5x 2.5x 2.4x 10.3x 10.9x 10.2x (10%) (1%) 3% 64% 64% 64% 24% 23% 24% C3.ai $138.75 $13,299 $290 $0 $13,008 NM NM NM NM NM NM NA 71% 13% 67% 75% 75% NM NM NM Dynatrace $43.27 $12,206 $248 $528 $12,486 24.4x 19.3x 16.1x NA NM NM NA 27% 20% 83% 83% 83% 0% 30% 27% Bentley Systems $40.51 $11,002 $138 $638 $11,502 15.6x NA NA NM NA NA 6% NA NA 81% NM NM 24% NA NA Five9 $174.40 $11,507 $781 $657 $11,383 34.7x 27.0x 22.8x NM NM NM 27% 29% 18% 63% 64% 61% 19% 18% 16% Paylocity Holding Corporation $205.91 $11,170 $240 $179 $11,109 22.3x 19.1x 16.0x NM NM NM 23% 17% 19% 64% 64% 64% 29% 27% 25% Bill.com Holdings $136.50 $11,079 $700 $58 $10,436 NM NM 47.2x NA NM NM NA 62% 25% 75% 75% 75% 0% (7%) (6%) RealPage $87.24 $8,619 $612 $1,332 $9,339 9.5x 8.1x 7.3x 33.2x 29.3x 25.7x 14% 17% 11% 63% 63% 62% 29% 28% 28% Dropbox $22.19 $9,178 $1,227 $1,123 $9,074 5.5x 4.8x 4.3x 24.0x 16.3x 13.8x 19% 15% 11% 76% 79% 74% 23% 29% 31% ZoomInfo Technologies Inc. $48.23 $8,130 $305 $799 $9,071 30.9x 19.4x 15.1x NM 38.9x 30.5x 103% 60% 29% 83% 88% 83% 59% 50% 49% Smartsheet Inc. $69.29 $8,471 $420 $69 $8,120 30.0x 21.5x 16.6x NM NM NM 52% 40% 29% 82% 80% 80% (9%) (10%) (8%) Proofpoint $136.41 $7,872 $1,020 $844 $7,696 8.7x 7.4x 6.5x 49.0x 41.7x 40.1x 24% 18% 14% 79% 80% 75% 18% 18% 16% BlackLine $133.38 $7,637 $526 $413 $7,533 26.3x 21.6x 18.3x NA NM NM 26% 21% 18% 82% 82% 80% NA 14% 12% McAfee Corp. $16.69 $2,626 $348 $4,900 $7,178 2.7x 2.5x 2.4x 10.5x 6.3x 6.2x 9% 9% 4% 70% 78% 70% 26% 40% 39% Q2 Holdings $126.53 $6,818 $396 $484 $6,906 21.9x 46.8x 35.8x NM NM NM 31% (53%) 31% 27% 82% 82% (1%) 6% 3% nCino $72.41 $6,683 $379 $0 $6,309 45.7x 31.4x 25.5x NA NM NM 51% 45% 23% 53% 60% 53% 0% (6%) (6%)

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 29 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) AppFolio $180.04 $6,180 $177 $35 $6,039 23.6x 19.4x 17.2x NM NM NM 35% 22% 13% 60% 62% 62% 14% 17% 18% Pure Storage $22.61 $6,168 $1,201 $904 $5,871 3.6x 3.5x 3.1x 40.4x NM 37.6x 21% 1% 15% 70% 70% 68% 9% 6% 8% J2 Global $97.69 $4,454 $568 $1,586 $5,472 4.0x 3.8x 3.4x 9.9x 9.1x 8.3x 14% 6% 12% 83% 84% 84% 40% 41% 40% Duck Creek Technologies $43.30 $5,669 $361 $24 $5,332 29.4x 24.1x 20.5x NA NM NM NA 22% 18% 55% 55% 55% 0% 4% 1% Everbridge $149.07 $5,211 $469 $465 $5,207 25.9x 19.4x 15.5x NM NM NM 37% 33% 26% 71% 71% 70% 3% 3% 5% JFrog Ltd. $62.83 $5,730 $578 $0 $5,152 49.2x 34.4x 26.4x NA NM NM 65% 43% 31% 82% 82% 82% 0% 11% 3% Varonis Systems $163.61 $5,191 $326 $274 $5,139 20.2x 18.2x 15.2x NM NM NM (6%) 11% 20% 87% 86% 88% (8%) (1%) 0% Envestnet $82.29 $4,440 $363 $848 $4,923 5.5x 5.0x 4.5x 25.5x 21.7x 20.0x 11% 10% 10% 69% 69% 45% 21% 23% 22% Vertex $34.85 $5,092 $270 $2 $4,823 15.0x 13.1x 12.1x NM NM NM 18% 15% 8% 64% 71% 64% 15% 21% 18% Datto Holding Corp. $27.00 $4,336 $99 $581 $4,819 10.5x 9.4x 8.4x NM 32.4x 33.9x 18% 12% 12% 71% 73% 71% 16% 29% 25% Medallia $33.22 $4,998 $654 $463 $4,807 11.9x 10.1x 8.7x NM NM NM 28% 18% 17% 67% 69% 65% 3% 7% 8% Asana $29.55 $4,703 $424 $502 $4,782 33.5x 22.5x 17.6x NM NM NM 86% 49% 27% 85% 87% 87% NM NM NM Qualys $121.87 $4,755 $319 $60 $4,496 14.0x 12.4x 11.0x 31.9x 26.7x 24.3x 15% 13% 13% 80% 81% 79% 44% 46% 45% BigCommerce Holdings $64.15 $4,436 $179 $38 $4,296 38.3x 29.1x 24.5x NM NM NM 22% 32% 19% 77% 78% 77% NM (18%) (14%) Workiva Inc. $91.62 $4,416 $524 $326 $4,218 14.2x 12.1x 10.5x NM NM NM 22% 17% 16% 72% 75% 73% (2%) 2% (0%) LivePerson $62.23 $4,162 $199 $203 $4,166 14.3x 11.5x 9.3x NM NM NM 17% 25% 23% 74% 73% 73% (5%) 8% 9% Cloudera $13.91 $4,350 $395 $206 $4,161 5.2x 4.8x 4.4x NM 19.2x 16.9x 65% 9% 9% 76% 82% 73% (3%) 25% 26% Cornerstone OnDemand $44.04 $2,845 $171 $1,321 $3,995 6.9x 5.5x 4.8x 30.6x 15.6x 14.4x 7% 27% 14% 76% 74% 73% 23% 35% 33% New Relic $65.40 $4,094 $840 $505 $3,760 6.6x 5.8x 5.2x 38.8x 49.1x NM 28% 14% 10% 82% 82% 82% 17% 12% 10% Mimecast Limited $56.84 $3,632 $231 $261 $3,662 9.0x 7.6x 6.7x NM 32.7x 32.8x 26% 18% 15% 74% 74% 74% 17% 23% 20% SPS Commerce $108.59 $3,834 $261 $21 $3,594 12.9x 11.6x 10.1x NM 42.1x 37.0x 12% 11% 15% 68% 69% 68% 25% 28% 27% Jamf Holding Corp. $29.92 $3,489 $177 $0 $3,311 16.2x 12.6x 10.5x NM NM NM 39% 29% 20% 78% 81% 78% 9% 12% 9% PagerDuty $41.70 $3,417 $556 $247 $3,107 18.7x 14.7x 11.9x NM NM NM 41% 27% 23% 85% 87% 85% (16%) (8%) (4%) Upstart Holdings $40.75 $2,953 $53 $115 $3,015 15.8x 13.7x 8.4x NM NM NM 52% 16% 63% 72% 84% 84% 12% 10% 7% Box $18.05 $2,864 $275 $425 $3,013 4.3x 3.9x 3.6x 43.8x 16.2x 15.1x 14% 10% 9% 71% 73% 72% 10% 24% 24% Sumo Logic $28.58 $2,924 $407 $0 $2,517 16.2x NA NA NM NA NA 50% NA NA 71% NM NM NM NA NA Ping Identity Holding Corp. $28.64 $2,323 $173 $170 $2,320 9.5x 9.3x 8.0x 46.4x NM NM 21% 3% 16% 84% 81% 84% 21% 13% 14% Sprout Social $45.41 $2,404 $167 $26 $2,262 22.0x 17.2x 13.5x NM NM NM 30% 28% 27% 74% 74% 74% (17%) (15%) (10%) Zuora $13.93 $1,660 $179 $72 $1,554 5.6x 5.1x 4.7x NM NM NM 17% 9% 10% 57% 62% 56% (10%) 0% 3% PubMatic $27.96 $1,337 $55 $0 $1,282 11.3x 9.2x 7.6x NM 28.7x 28.7x 15% 23% 20% 69% 70% 68% 14% 32% 27% Talend S.A. $38.34 $1,218 $161 $178 $1,235 5.0x 4.4x 3.8x NM NM NM 20% 14% 13% 77% 80% 77% (7%) (6%) (3%) Thryv Holdings $13.50 $419 $2 $673 $1,091 0.8x 1.0x 1.2x 2.8x 3.0x 4.0x (20%) (23%) (20%) 64% 67% 64% 27% 33% 31% Veritone $28.45 $887 $54 $0 $833 16.8x 14.6x 12.1x NM NM NM 84% 15% 20% 65% 71% 75% NM NM NM Zix Corporation $8.63 $474 $24 $196 $647 3.7x 3.0x 2.7x 16.4x 12.5x 11.2x 146% 25% 12% 61% 54% 65% 23% 24% 24% Benefitfocus $14.48 $466 $176 $269 $560 1.9x 2.1x 2.0x 29.4x 14.6x 13.1x 14% (10%) 7% 54% 53% 51% 6% 14% 15% ChannelAdvisor Corporation $15.98 $463 $66 $12 $409 3.1x 2.9x 2.7x 20.3x 12.0x 11.3x (1%) 10% 5% 78% 80% 78% 16% 24% 24% Park City Group $4.79 $94 $21 $7 $80 4.1x 3.8x 3.5x 20.8x 21.9x 15.8x (16%) 8% 7% 69% 69% 69% 20% 17% 22%

Mean 18.6x 18.0x 15.7x 28.6x 23.8x 22.3x 35% 29% 20% 73% 75% 73% 13% 16% 16% Median 15.7x 14.6x 13.3x 30.0x 21.8x 20.0x 29% 23% 19% 75% 77% 74% 14% 14% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 30 RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

The software products business of 3i Infotech, which provides ERP, compliance, and transaction security management SaaS and 12/28/20 Azentio Software 3i Infotech $136 NA NA NA NA related mobile application to businesses in banking, financial, and insurance sectors globally.

Honeywell Provides on-site and AI-based enterprise quality management software (EQMS) and SaaS, as well as supply chain regulatory 12/22/20 Sparta Systems $1,300 NA NA NA NA International compliance and collaboration software to businesses in the life science industry.

Provides property management software and SaaS for the multifamily property (MFP) real estate sector. Software enables web 12/21/20 Thoma Bravo RealPage $10,200 9.4x NA NM NA development, market intelligence, revenue management and utility billing. Also provides related customer care services.

Stillfront Group Super Free 12/18/20 $150 NA NA NA NA Provides computer and mobile-based casual and mash-up games, including trivia and social casino genres for consumers globally. AB Games

The Develops and publishes driving and racing PC, console and mobile video games for consumers globally. The company began trading 12/14/20 Electronic Arts Codemasters $1,210 7.6x NA 24.3x NA on the London Stock Exchange under the stock ticker CDM in June 2018. Software Co.

12/14/20 PTC Arena Solutions $715 NA 14.3x NA NA Provides product lifecycle management and SCM SaaS for businesses in the electronics and medical device sectors.

The education software solutions assets of Capita, which provides management information system (MIS) and administrative SaaS for Montagu Private 12/14/20 Capita plc $529 NA NA NA NA the education sector globally. Software provides features for records management, revenue and benefits management and contact Equity center management.

Dye & Durham Provides legal practice and document management SaaS for legal professionals in Canada. Software provides features for 12/10/20 DoProcess LP $414 NA NA NA NA Limited conveyancing, corporate entity management, estate planning and estate administration management.

Provides financial document management software and SaaS for businesses, including banks, mortgage lenders, consumer lenders 12/10/20 Wolters Kluwer eOriginal $280 NA 7.5x NA NA and auto and equipment finance lenders. Software enables digital transaction management of financial documents.

Provides automated instant vehicle trade management SaaS for businesses in the automotive industry in the US. Software provides 12/10/20 CarGurus CarOffer $140 NA NA NA NA features for real-time offers, inventory management, marketing and selling vehicles, CRM integrations and data management.

Provides desktop and mobile anti-virus, anti-malware and anti-spam software and SaaS for businesses and consumers globally. Norton 12/7/20 Avira GmbH $360 NA NA NA NA Software provides features for sending suspicious files to the company's cloud database to back check against a possible threat and LifeLock returning the information to the device when considered safe.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 31 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Dye & Durham The property division of Sai Global which provide property settlement and conveyancing software and services for businesses in 12/4/20 SAI Global Pty. $67 NA NA NA NA Limited Australia. Software provides features for retrieving property, commercial and business information.

New Mountain Provides multi-channel e-commerce search engine marketing software and related digital marketing services for businesses. Offerings 12/2/20 Tinuiti $575 NA NA 18.0x NA Capital focus on optimizing marketing capabilities across Google, Amazon and Facebook digital properties.

Provides team collaboration SaaS to enable employees to upload, edit and manage documents collaboratively and across devices, as Slack 12/1/20 Salesforce.com $28,445 36.4x NA NM NA well as send and receive real-time messages. Software integrates with third-party applications, news feeds and hosted storage Technologies providers.

Enad Global 7 Daybreak Game 12/1/20 $300 3.9x NA NA NA Provides multi-player online (MMO), console and mobile video games for consumers in the US. AB Company

Francisco The International business segment of CDK Global, which provides auto dealership management SaaS for businesses in EMEA and 11/30/20 CDK Global $1,450 NA NA NA NA Partners Asia.

The staff scheduling business and related assets of Change Healthcare, which provides staff scheduling and patient tracking SaaS for Change 11/30/20 HealthStream $68 NA 3.8x NA 17.5x businesses in the healthcare sector globally. Software provides features for schedule management, trend analysis and variance Healthcare intervention, patient tracking and predictive analytics.

Provides cloud-based e-tendering and e-procurement SaaS to municipalities and businesses in Sweden. Software provides features for Mercell Holding Visma 11/25/20 $232 10.6x NA 21.3x NA public procurement information and monitoring, donation analysis, agreement follow-up and purchasing and invoice management. AS Commerce AB Also includes Visma Commerce AS based in Norway.

Provides big-data management, governance and compliance SaaS for enterprises and service providers. Offerings enable the 11/23/20 Apex Technology AvePoint $1,990 NA 13.4x NA NA migration, management and protection of data in Microsoft 365.

Provides financial anti-fraud, anti-money laundering, crime detection, reporting and regulatory compliance automation SaaS for 11/19/20 Nasdaq Verafin $2,750 NA 19.6x NA NA financial institutions, banks and credit unions. Software features include Big Data analytics, visual storytelling, and collaborative investigation capabilities.

Provides cross-screen, targeted advertising software, customer analytics and advertising delivery software and related digital 11/19/20 Experian plc Tapad $280 NA 5.1x NA NA marketing campaign management services for marketers and advertising professionals globally.

Provides AI-enabled automated, unified cybersecurity threat investigation and response software for services providers, enterprises Respond 11/19/20 FireEye $186 NA NA NA NA and government agencies. Software integrates and unifies control points, security data, analytics and operations to accelerate Software detection, response and engineering efforts.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 32 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Koch Media Flying Wild Hog 11/18/20 $137 NA NA NA NA Develops PC and console-based video games for consumers worldwide. GmbH Sp. z o.o

Provides AI-enabled urban and generative design SaaS for architects, urban designers and real estate developers. Software also 11/17/20 Autodesk Spacemaker AS $240 NA NA NA NA provides features for site evaluation, space utilization, 3D visualization and testing.

Audax Provides data and cloud integration platform as a service (iPaaS) for businesses. Service provides API creation used to connect SaaS on- 11/17/20 Jitterbit $150 NA 4.3x NA NA Management Co. premise and cloud applications.

Provides cloud-based cybersecurity management SaaS for businesses and government agencies globally. Software provides features Palo Alto 11/11/20 Expanse $800 NA 11.9x NA NA for automated tracking and monitoring of Internet assets, attack surface and vulnerability management, inventory management, real- Networks time risk assessment and network security monitoring.

TPG Capital / TA Provides project and portfolio management SaaS, software and related systems integration services for enterprises. Software includes 11/10/20 Planview $1,600 NA NA NA NA Associates features for plan design, agile project portfolio management and cost analysis and control.

Provides data discovery and protection security software and SaaS for businesses to automate information security and data privacy 11/10/20 PKWARE Dataguise $135 13.5x 6.8x NA NA management processes. Software enables risk and cost management, data analytics, compliance and governance capabilities.

Provides enterprise work management SaaS for businesses globally. Software provides features for project management, team 11/9/20 Adobe Workfront $1,500 6.3x NA NA NA collaboration and enterprise performance management.

Sapiens TIA Technology Provides insurance agency management software and related SaaS for the insurance sector globally. Software provides features for 11/9/20 $78 NA NA NA NA International A/S CRM, policy administration, claims and event management, real-time pricing and compliance and risk management.

The operational assets of Business Licenses, which provides license registration, compliance management and filling SaaS for Business 11/5/20 Avalara $97 NA NA NA NA businesses in the United States. Software provides features for research, acquisition and management of business licenses and Licenses LLC permits.

Provides AI-enabled customer analytics and sales, marketing and enterprise data management SaaS for businesses and government ZoomInfo EverString 11/5/20 $65 5.4x NA NA NA agencies. Software enables customer segmentation, purchase intent, insights and compliance based on online and offline cataloging Technologies Technology and integration of company and contact data.

Provides enterprise supply chain management (SCM) systems optimization software and SaaS that enable data modeling, design and 11/2/20 Coupa Software LLamasoft $1,500 NA NA NA NA simulation of supply chain networks to improve operational and cost efficiency. Also provides related outsourced project staffing, training and consulting services.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 33 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides AI-enabled marketing automation SaaS to businesses. Software provides features for customer engagement management 11/2/20 CM Group Selligent $135 NA NA NM NA through advertisement personalization, behavioral targeting and monitoring audience engagement.

Inference Provides AI-enabled intelligent virtual agent (IVA) design and deployment SaaS for businesses and the public sector in North America, 10/29/20 Five9 $148 NA NA NA NA Solutions Australia, New Zealand and the UK. Software enables self-service across voice, chat and messaging.

Provides sports data analytics and management software and related services to sport leagues, federations and betting markets dMY Technology Genius Sports 10/27/20 $1,500 11.5x 10.3x NA NA across the globe. Software enables users to collect, manage, analyze and distribute game data in real-time, publish statistics and Group II Group Ltd identify anomalous and suspicious patterns in data to prevent betting-related corruption.

Teleperformance Provides ERP HR healthcare benefits and workforce management SaaS, mobile applications and related outsourced business process 10/27/20 Health Advocate $690 4.9x NA NA NA SE services for enterprises.

Francisco Provides hosted anti-data leakage, intrusion detection and access control SaaS to enterprises. Software protects network users and 10/26/20 Forcepoint $1,000 1.4x NA 7.7x NA Partners cloud access, prevents confidential data from leaving the corporate network, and eliminates breaches caused by insiders.

Analytical Provides simulation, modeling, testing and analysis SaaS for the aerospace and defense sector. Software enables spatial system 10/26/20 ANSYS $700 NA NA NA NA Graphics design, operations and analysis.

SolarWinds Provides database performance monitoring SaaS for businesses. Software enables diagnosis, optimization and management of 10/23/20 SQL Sentry $142 4.1x NA NA NA Worldwide Microsoft SQL Server and Azure SQL relational and other databases.

Information Provides embedded BI data management and analytics SaaS and software for businesses. Software enables data integration, 10/22/20 TIBCO Software $550 2.3x 2.4x 22.0x 18.3x Builders management and governance as well as automated analytics, visualization and reporting.

Provides accounts receivable and payments automation SaaS and related outsourced transaction processing services for businesses. South Mountain 10/19/20 Billtrust $1,493 12.8x 14.2x NA NA Offerings enable cash flow management by automating credit decisioning and monitoring, invoice delivery, payment capture, cash Merger application and collections.

Juniper Provides AI-enabled WAN routing and network management software for businesses, including enterprises and service providers. 10/19/20 128 Technology $450 NA NA NA NA Networks Software provides features for secure application and service performance optimization and network automation capabilities.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 34 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

CC Neuberger 10/14/20 Principal E2open $2,065 8.4x 6.2x NA NA Provides inventory, order and supply chain management (SCM) SaaS for enterprises. Holdings I

WellSky Provides patient care management SaaS to businesses in the healthcare sector in the U.S. Software provides features for patient 10/13/20 CarePort Health $1,350 13.0x NA NA NA Corporation alerting, referral management and acute and post-acute EHR data management.

Provides customer data collection and analytics, as well as related data management SaaS, for businesses globally. Software 10/12/20 Twilio Segment.io $3,200 NA NA NA NA standardizes data collection, unifies user records and routes customer data into systems as needed.

Provides NoSQL, non-relational data integration and management software and SaaS for businesses and government agencies. 10/7/20 Vector Capital MarkLogic $250 1.7x NA NA NA Software ingests data as-is from any source and enables search, semantics and analytics capabilities as well as operational efficiencies of applications.

Provides open-source data management software for Kubernetes-based cloud-native applications in containers. Software provides 10/6/20 Veeam Software Kasten $150 NA NA NA NA features for data backup, disaster recovery and application mobility migration and management.

Provides financial management SaaS and BPO services to banks, wealth managers and investment firms globally. Software provides 10/4/20 NEC Corporation Avaloq group AG $2,227 NA NA NA NA features for client management, payment processing, CRM, risk management, accounting and reporting.

Provides AI-enabled financial management SaaS for businesses. Software automates the accounts receivable process so as to control 10/2/20 BlackLine Rimilia Holdings $120 NA NA NA NA cash flow and cash collection in real time.

Emarsys Provides email, mobile, social, web and AI-based marketing automation and analytics SaaS for businesses in the e-commerce, retail, 10/1/20 SAP SE eMarketing $940 7.2x 5.9x NM NA travel and cross-industry sectors globally. Software provides features for the analysis of customer behavior and the delivery of Systems AG machine learning-enabled actionable insights in omnichannel marketing campaigns.

Provides Kubernetes-native application security software for businesses. Software enables automated security for DevOps as well as 10/1/20 Cisco Systems Portshift $80 40.0x NA NA NA vulnerability and configuration management and compliance.

Provides advertising enablement and related customer analytics SaaS that enable businesses to engage customers via OTT streaming 10/1/20 TransUnion Tru Optik Data $80 8.0x NA NA NA services.

All Software Median 7.8x 7.1x 21.3x 17.9x Mean 10.4x 9.0x 18.7x 17.9x

PE Acquirers Median 9.4x 4.6x 18.0x 18.3x Mean 7.9x 4.6x 15.9x 18.3x

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 35 Multiples <0 and >50 considered NM. RECENT FINANCINGS Selected Software Private Financings

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a no-code application development platform designed to help organizations build Aquiline Capital Partners, BlackRock, Broadridge Financial Solutions, CapitalG, Eldridge Industries, 12/28/20 Unqork $258 custom software. Fin Venture Capital, Goldman Sachs Growth Equity, Hewlett Packard Enterprise

12/23/20 UnionTech $168 Developer of Unity Operating System compatible software solutions. E-Town International Investment

12/21/20 OneTrust $300 Developer of a technology platform designed for tackling privacy management. Coatue Management, Insight Partners, TCV

Developer of a digital contracting platform intended to transform contract processes for legal, 12/21/20 Ironclad $100 Bond Capital sales and operations teams by automating workflows and approvals. Developer of an online payment and loyalty platform intended to convert point of sale to point 12/21/20 Pine Labs $100 Lone Pine Capital of service. Developer of a checkout experience platform designed to drive e-commerce businesses with 12/21/20 Bolt Financial $75 Activant Capital, General Atlantic, Optus Capital Partners, Tribe Capital, WestCap Group newfound revenue. Developer of a real estate transaction management platform designed to simplify the real estate 12/21/20 Qualia $65 8VC, Menlo Ventures, Tiger Global Management closing process. 83North, Hetz Ventures, Morrag Investments, Red Dot Capital Partners, Tesco, Vertex Ventures 12/21/20 Trigo $60 Developer of an automation platform designed to help streamline the retail operations. Israel Developer of a financial technology platform intended to connect independent financial advisors 12/21/20 CAIS Capital $50 Eldridge Industries with alternative investments. Argonautic Ventures, E-Mart, Fall Line Capital, GS Group, GV, iSelect Fund, LDC Innovations, 12/18/20 Benson Hill $159 Developer of crop design platform intended to develop healthier and more sustainable crops. Mercury Fund, Prelude Ventures, Prolog Ventures, S2G Ventures, Wheatsheaf Group

12/18/20 Very Good Security $60 Developer of a data security platform designed to transfer data without any security breach. Andreessen Horowitz, Brighter Capital, Goldman Sachs Growth Equity, Vertex Ventures US

12/17/20 ISN Software $500 Developer of third-party contractor and supplier management software. The Blackstone Group

Operator of consumer and business information platform intended to make public records easy, Morgan Stanley, Morgan Stanley Credit Partners, Morgan Stanley Expansion Capital, ROCA 12/17/20 BeenVerified $150 affordable and accessible to everyone. Partners Accel, Founders Future, Hedosophia, NewAlpha Asset Management, Open CNP, Siparex XAnge 12/17/20 Lydia Solutions $131 Developer of a peer-to-peer payments application designed to make payments easier. Venture, Tencent Holdings Developer of cloud commerce operating system designed to reach customers across all digital 12/17/20 Spryker $130 One Peak Partners, Project A, TCV touchpoints easily. Developer of an instant messaging and digital distribution platform designed to offer VoIP and 12/17/20 Discord $100 Ben Jen Holdings, Greenoaks Capital Partners, Index Ventures texting services among friends or as part of gaming communities. Developer of an online payment platform designed to collect recurring payments from 12/17/20 GoCardless $95 Bain Capital Ventures customers. Developer of an electronic learning platform designed to make learning effective outside the 12/17/20 Brainly $81 General Catalyst, Learn Capital, Manta Ray Ventures, Prosus Ventures, Runa Capital class. Developer of financial technologies designed to buy, sell, trade and manage assets in the global Alua Capital, Declaration Partners, Ken Moelis, Liberty City Ventures, Mithril Capital Management, 12/16/20 Paxos $142 economy. PayPal Holdings, RIT Capital Partners, RRE Ventures, Senator Investment Group

Notes: Sources: PitchBook. Reflects deal activity through 12/31/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 36 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of data-driven protection and privacy compliance platform designed to transform how Bessemer Venture Partners, Boldstart Ventures, Glynn Capital, Salesforce Ventures, Scale Venture 12/16/20 BigID $70 enterprises protect and manage the privacy of personal data. Partners, Tiger Global Management

12/16/20 Microblink $60 Developer of smartphone camera application to pay bills. Silversmith Capital Partners

Developer of cloud-based enterprise software designed to empower the beauty and wellness Advent International, Steadview Capital Management, Sunley House Capital Management, Tiger 12/15/20 Zenoti $160 industry. Global Management

12/15/20 Clickup $100 Developer of a project management application designed to increase team productivity. Craft Ventures, Georgian Partners

Developer of a social investing application designed to provide access to the stock market for a 12/15/20 Public.com $65 Accel, Advancit Capital, Dick Parsons, Greycroft, Lakestar, Mantis VC, Tony Hawk broader audience of investors. ABN AMRO Ventures, BNP Paribas, Dawn Capital, Eurazeo, Heartcore Capital, HMI Capital, Opera 12/11/20 Tink $102 Developer of an open banking platform intended to offer data-driven financial services. Tech Ventures, PayPal Holdings, Poste Italiane Developer of an artificial intelligence-powered conversational automation platform designed to 12/10/20 Uniphore $93 NA offer speech analytics and change the way enterprises engage their consumers. Developer of a cloud-based human resource and benefits platform designed to transform the Arbor Ventures, Battery Ventures, Bessemer Venture Partners, Cerca Partners, Eight Roads, Entrée 12/10/20 Hibob $70 way modern businesses understand, interact and manage their talent. Capital, Israel Growth Partners, Perpetual Ventures, Presidio Ventures, Seek (Communications) Developer of financial indices software intended to create exchange-traded funds and other 12/10/20 Solactive $60 Summit Partners index-based products. Developer of an enterprise AI platform designed to accelerate data science by automating the BlackRock, HP Tech Ventures, New Enterprise Associates, Salesforce Ventures, Sapphire Ventures, 12/9/20 DataRobot $317 end-to-end journey from data to value. Silver Lake Management, Snowflake Ventures, Tiger Global Management, T. Rowe Price Operator of a cloud security company intended to help companies to secure their cloud 12/9/20 Wiz $100 CyberStarts, Index Ventures, Insight Partners, Sequoia Capital infrastructure at scale. Developer of a bitcoin exchange platform designed to enable the seamless trade of 12/9/20 Bitso $62 Coinbase Ventures, Kaszek Ventures, Pantera Capital, QED Investors cryptocurrencies. Cambridge Operator of independent quantum computing software company intended to build tools for the Alvarium Investments, Honeywell Ventures, IBM Ventures, JSR, Serendipity Capital, Talipot 12/9/20 $50 Quantum commercialization of quantum technologies whose long-term impact will be profound. Holdings Accel, Anchorage, Dell Technologies Capital, Glynn Capital, GV, Hercules Capital, Insight Partners, 12/8/20 SingleStore $80 Developer of a real-time analytics platform designed to ingest data and produce time to insight. REVIV Developer of passwordless identity management systems designed to provide secure, 12/8/20 Beyond Identity $75 Koch Disruptive Technologies, New Enterprise Associates passwordless authentication that integrates with SSO and customer application. Operator of a cloud-based security platform intended to deliver comprehensive full-stack 12/8/20 Orca Security $55 GGV Capital, ICONIQ Capital, Silicon Valley CISO Investments, YL Ventures visibility into cloud infrastructure.

12/7/20 Catawiki $179 Developer of an online marketplace intended for rare, precious and vintage objects. Accel, Peak Capital, Permira

Provider of multi-country payroll and employment tax solutions offered to provide global 12/6/20 Immedis $50 Lead Edge Capital mobility tax advice.

12/3/20 Sourcegraph $50 Provider of a search engine that enables its users to search for codes. Sequoia Capital

Notes: Sources: PitchBook. Reflects deal activity through 12/31/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 37 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a cloud-based event management platform designed to simplify the process of 12/2/20 Bizzabo $138 Insight Partners, OurCrowd, Viola Growth marketing events. Developer of a financial platform intended to help banks and financial institutions to digitize their August Capital, DFJ Growth, Goldman Sachs Growth Equity, Hanaco Venture Capital, Invus 12/2/20 Amount $81 retail product offerings. Opportunities

12/2/20 Step $50 Developer of a mobile banking platform designed to provide financial tools for modern banking. Charli D'Amelio, Coatue Management, Collaborative Fund, Crosslink Capital, Dreamers VC, Stripe

12/1/20 Scale AI $155 Developer of a data platform designed to accelerate the development of AI applications. Tiger Global Management

12/1/20 NerdWallet $54 Developer of a financial platform designed to provide clarity for life's financial decisions. Fox Ventures

11/25/20 Aurora Solar $50 Developer of a 3D-modelling platform intended to help automate solar panel installation. Energize Ventures, Fifth Wall, ICONIQ Capital, Pear

Developer of a cryptocurrency investigation and compliance software intended to protect the 11/23/20 Chainalysis $100 Accel, Addition, Benchmark (San Francisco), Ribbit Capital junction between finance and the decentralized internet. Developer of an on-demand freight marketplace designed to help shippers move their freight and Blackrock Innovation Capital Group, Bramalea Partners, Chromo Invest, Maersk Growth, Perry 11/20/20 Loadsmart $90 carriers keep their trucks full. Capital Partners, TFI International Provider of a decision as a service-based online fraud prevention tool designed to help online Bessemer Venture Partners, Commerce Ventures, Felix Capital, Itai Tsiddon, March Capital, 11/19/20 Forter $125 retailers detect and eliminate transaction risks. NewView Capital, Scale Venture Partners, Sequoia Capital Israel Developer of an online payment platform intended to pay at stores and friends from a 11/19/20 Satispay $80 LGT Impact Ventures, Square, Tencent Holdings, Tim Ventures smartphone. Developer of transcription and captioning platform designed to generate detailed speech-to-text 11/19/20 Verbit $60 ClalTech, HV Capital, Sapphire Ventures, Stripes, Vertex Growth, Vertex Ventures Israel files. Developer of a wealth management platform designed to aggregate portfolio, market and client 11/18/20 Addepar $117 8VC, Sway Ventures, WestCap Group data all in one place.

11/18/20 Abnormal Security $50 Developer of a cloud email security platform designed to prevent cyber-crimes easily. Greylock Partners, Menlo Ventures

Operator of a learning platform intended to connect students all over the world to the best 11/18/20 Udemy $50 Gaingels Syndicate, Learn Capital, Mindrock Capital, Tencent Holdings instructors. Developer of a secure access service edge (SASE) platform intended to offer a secure enterprise Acrew Capital, Aspect Ventures, Coatue Management, Greylock Partners, Lightspeed Venture 11/17/20 Cato Networks $130 network connection to all enterprise locations, people and data. Partners, Singtel Innov8 Developer of a revenue delivery platform designed for B2B SaaS companies to power growth 11/17/20 Paddle $68 83North, BGF, FTV Capital, Kindred Capital, Notion across acquisition, renewals and expansion. Developer of a computer vision and 3D mapping technology designed to generate accurate 3D Alsop Louie Partners, Guidewire Software, GV, Menlo Ventures, Nationwide Insurance Company of 11/17/20 HOVER $60 models by simply taking photos with smartphones. America, Nationwide Ventures, Standard Industries, State Farm Ventures, Travelers Companies Developer of workforce productivity and analytics platform designed to provide visibility and 11/17/20 ActivTrak $50 Elsewhere Partners, Sapphire Ventures insights into how teams work - in office or remote environment. Dragoneer Investment Group, Go4it, Jackson Square Ventures, Madrone Capital Partners, Sequoia 11/16/20 Strava $110 Developer of a social application designed to connect athletes worldwide. Capital, TCV

Notes: Sources: PitchBook. Reflects deal activity through 12/31/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 38 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a data-driven sales readiness platform designed to maximize business impact across Canaan Partners, NewView Capital, Norwest Venture Partners, Qualcomm Ventures, SoftBank 11/16/20 MindTickle $100 pre- and post-sales teams. Group, SoftBank Investment Advisers Developer of a customer intelligence platform designed to help companies better understand Capnamic Ventures, Coelius Capital, Coparion, Flight Ventures, Here IONIQ, Iris Capital, 11/16/20 Zeotap $61 their customers and predict behaviors. MathCapital, NeueCapital Partners, New Science Ventures, SignalFire, Singtel Innov8 Developer of a cybersecurity platform designed to eliminate the threat of malware from the web 11/12/20 Menlo Security $100 General Catalyst, JP Morgan Asset Management, Neuberger Berman, Vista Equity Partners and email. Developer of an automated cybersecurity software designed to protect devices and servers Insight Partners, Qualcomm Ventures, Sequoia Capital, Third Point Ventures, Tiger Global 11/11/20 SentinelOne $267 against malware and threats. Management Developer of a Directory-as-a-Service (DaaS) platform intended to centralize and simplify identity 11/10/20 JumpCloud $75 Blackrock Innovation Capital Group, General Atlantic management. Developer of a drone technology designed to protect service members and civilians with 11/10/20 Shield AI $53 NA artificially intelligent systems. Operator of professional video platform and community intended to create, manage and share 11/5/20 Vimeo $150 Government of Singapore, Thrive Capital high-quality videos. Developer of a cloud-based speech recognition platform intended to support voice-enabled 10/29/20 nVoq $56 NA workflow automation. Developer of an interactive entertainment platform intended to create and publish a diverse Battery Ventures, BlackRock, D1 Capital Partners, Declaration Partners, NewView Capital, 10/28/20 Scopely $340 portfolio of immersive content. Revolution Group, Sands Capital Ventures, TSG Consumer Developer of a talent intelligence platform designed to help companies find, recruit and retain 10/27/20 Eightfold.ai $125 Capital One Ventures, Foundation Capital, General Catalyst, IVP, Lightspeed Venture Partners workers. Developer of an online ordering management platform designed to help restaurants manage 10/27/20 OrderMark $120 Act One Ventures, MicroVentures, SoftBank Group, SoftBank Investment Advisers online orders and other management operations. Developer of data management platform built for industries like oil and gas, shipping, 10/27/20 Cognite $75 Accel manufacturing and power and utilities. Developer of an online investment platform designed to help private investors participate in new ABN AMRO Ventures, Draper Esprit, Fidelity International Strategic Ventures, Hambro Perks, 10/27/20 PrimaryBid $50 share placings by listed companies. London Stock Exchange Group, OMERS Ventures, Outward Venture Capital, Pentech Ventures

10/22/20 Applied Intuition $125 Developer of advanced simulation infrastructure software designed for autonomous vehicles. Andreessen Horowitz, General Catalyst, Lux Capital Management

Provider of marketing services intended to transform the customer buying experience by 10/22/20 Rokt $80 Square Peg Capital, TDM Growth Partners bringing marketing to e-commerce through the transaction moment.

10/21/20 Tekion $150 Developer of a cloud-built platform intended to connect digital experiences to automotive retail. Advent International, Airbus Ventures, Exor, FM Capital, Index Ventures, Joe Serra

10/20/20 LearnUpon $56 Developer of a corporate learning platform designed to train employees, partners and customers. Summit Partners

Provider of a tool development platform intended to help build custom business tools without Andrew Miklas, Elad Gil, Henrique Dubugras, John Collison, Nat Friedman, Patrick Collison, Paul 10/20/20 Retool $50 having any programming language knowledge. Graham, Pedro Franceschi, Peter Reinhart, Sequoia Capital, Tomer London Bessemer Venture Partners, Bond, Schoeneck & King, FirstMark Capital, Government of Singapore, 10/16/20 HyperScience $80 Developer of an AI-based enterprise software designed to automate office work. Nathaniel Turner, PROOF, Stripes, Tiger Global Management

Notes: Sources: PitchBook. Reflects deal activity through 12/31/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 39 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an essential early learning program designed to provide kids a personalized learning 3one4 Capital, Amanat Holdings, Gymboree Play & Music, Interlock Partners, LEGO Ventures, 10/16/20 HOMER $55 journey that grows with them as they build skills for school and life. Sesame Workshop, TrustBridge Partners, Vaidya Capital Partners Coatue Management, Dragoneer Investment Group, DST Global, Flourish Ventures, General 10/15/20 Chime $534 Developer of a mobile platform designed to offer banking services on the go. Atlantic, ICONIQ Capital, Tiger Global Management, Whale Rock Capital Management Bessemer Venture Partners, Breyer Capital, Georgian Partners, LiveOak Venture Partners, The 10/14/20 Disco $60 Operator of a legal technology company intended to provide SaaS solutions for law firms. Stephens Group Developer of a digital closing platform designed to simplify mortgage loan closings and enhance Ben Smith, Coyne Lloyd, David Eisenberg, David Vivero, DocuSign, Founders Fund, F-Prime Capital, 10/13/20 SnapDocs $60 the borrower experience. Kyle Vogt, Lachy Groom, Maverick Ventures, Sequoia Capital, Y Combinator, Zigg Capital

10/12/20 Triller $100 Developer of a social video sharing platform designed to create engaging media content. Intersect VC, Pegasus Tech Ventures, UBS

Developer of an online payment platform designed to provide an affordable and secure way for Government of Singapore Investment Corporation (GIC), Matrix Partners India, Ribbit Capital, 10/11/20 Razorpay $100 online transactions. Sequoia Capital India, Tiger Global Management, Titan Capital, Y Combinator Developer of communication APIs designed to connect companies with their customers on Accel, Atomico, Bonnier, Glynn Capital, LGT Lightstone Aspada, Longbow Capital, Mousse Partners, 10/8/20 MessageBird $200 billions of devices around the world. NewView Capital, Spark Capital, Y Combinator AEGIS Hedging Developer of a fintech software and provider of hedge advisory services intended to deploy, grow 10/8/20 $50 Trilantic North America Solutions and protect capital through commodity and rate hedges. Developer of a cloud-based automation software designed to automate accounts payable and 10/7/20 MineralTree $54 .406 Ventures, Eight Roads, Great Hill Partners business to business payments. Provider of a cloud-based automation platform designed to eliminate mass payment workload 10/6/20 Tipalti $150 01 Advisors, Durable Capital Partners, Greenoaks Capital Partners and reduce automation payment risk. Developer of a business communications platform intended to offer cloud-based solutions for Andreessen Horowitz, Felicis Ventures, GV, ICONIQ Capital, OMERS Growth Equity, Section 32, 10/6/20 Dialpad $100 businesses to communicate effectively. TriplePoint Venture Growth, Work-Bench Developer of SaaS-based subscription management and recurring billing platform designed to 10/6/20 ChargeBee $55 Insight Partners, Steadview Capital Management, Tiger Global Management offer subscription management services. Developer of a digital lending platform designed to offer mortgages without papers and 10/5/20 Molo $343 Andenes Investments, GPS Ventures, Yabeo Capital appointments. Developer of unified endpoint management and security platform designed to simplify endpoint Baillie Gifford, Fidelity Management & Research, Salesforce Ventures, T. Rowe Price, TrueBridge 10/5/20 Tanium $151 security and configuration compliance. Capital Partners Developer of a cloud-based banking platform intended to unlock the power of payments and EFM Asset Management, MasterCard, Motive Partners, National Australia Bank, National 10/5/20 Pollinate $90 data. Westminster Bank Developer of a retail point of sale platform designed to transform retail cooler surfaces into IoT- 10/5/20 Cooler Screens $80 GreatPoint Ventures, M12, Verizon Ventures based screens. Developer of an investment platform intended to help teach people to invest in the stock 9Yards Capital, Andreessen Horowitz, D1 Capital Partners, DST Global, Founders Circle Capital, Iron 10/1/20 Robinhood $668 market. Edge VC, IVP, John-Paul Gallo, Michael Kogan, Redalpine Venture Partners, Sequoia Capital Developer of a cloud-based banking platform intended to make banking more efficient, strategic D1 Capital Partners, Fidelity Management & Research, Franklin Templeton Investments, 10/1/20 Alkami Technology $140 and successful. Stockbridge Investors

10/1/20 Payrix $50 Developer of a flexible payment facilitator platform intended to unlock more revenue potential. Blue Star Innovation Partners, Providence Strategic Growth

Notes: Sources: PitchBook. Reflects deal activity through 12/31/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 40 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services to Growth Companies and Market Leaders STOCKHOLM

MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK LAUSANNE MILAN NEW DELHI OSAKA

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41 GCA operates as GCA in America and Asia and GCA Altium in Europe. GCA Advisors, LLC is the US entity of GCA, a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 locations across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

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