Quarterly Enterprise Software Market Review 2Q 2019

Home , ABS Capital Partners, Adallom, AltspaceVR, TechnologyOne, VoloMetrix, Wave Financial

Boston San Francisco 200 Clarendon Street, Floor 45 601 Montgomery Street, Suite 2010 Boston, MA 02116 San Francisco, CA 94111

Peter M. Falvey Michael H.M. Shea Christopher J. Pingpank Michael S. Barker Managing Director Managing Director Managing Director Managing Director 617.896.2251 617.896.2255 617.896.2218 415.762.8101 [email protected] [email protected] [email protected] [email protected]

Jeffrey G. Cook Brad E. McCarthy Misha Cvetkovic Principal Principal Vice President 617.896.2252 617.896.2245 415.762.8104 [email protected] [email protected] [email protected]

1 2 24 15+ 80+ Firm focused exclusively Offices in Boston and San Professionals focused on Average years of Transactions completed on enterprise software Francisco the software industry experience amongst our representing billions of senior bankers dollars in value

Mergers & Acquisitions Private Placements & Capital Raising Corporate Strategy ■ Sell-side and buy-side M&A advisory ■ Late-stage venture, growth equity and buyouts ■ Corporate development advisory ■ Divestitures ■ Recapitalizations ■ Balance sheet and capital structure review ■ Restructuring ■ IPO advisory ■ Fairness opinions

Superior Outcomes has received an investment from has received an investment from has acquired has acquired Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with Clients in the U.S. as well as Shea & Company served as the financial Shea & Company served as the financial Shea & Company served as the financial Shea & Company served as the exclusive advisor to TCV advisor to Clearlake Canada, Europe and Israel advisor to Perforce and Clearlake financial advisor to Magnitude

Public Sector & Health Care has merged with has acquired has agreed to be acquired by a portfolio company of has been acquired by has been acquired by has been acquired by

a portfolio company of has merged with a portfolio company of a portfolio company of

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the financial Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Aptean and Vista financial advisor to Superion and Vista advisor to Rogue Wave financial advisor to YourCause financial advisor to Perfecto financial advisor to BC Partners financial advisor to Worksoft Equity Partners Equity Partners

a portfolio company of a portfolio company of a portfolio company of has made an investment in has been acquired by has acquired has received an investment from has received a strategic investment from has been acquired by has been acquired by a portfolio company of

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Doxim and Strattam financial advisor to Sovos Compliance financial advisor to BriefCam financial advisor to Clearlake financial advisor to EQT financial advisor to Gurobi financial advisor to MRI Software and GI Capital Partners and Vista Equity Partners

M&A Activity Software M&A Summary: 2014 – 2Q 2019 p. 3 Software Acquisitions: 3-Year Trend Analysis p. 4 Publicly Available Software M&A Transaction Data: 2Q 2019 p. 5 Announced Software Acquisitions: 2Q 2019 p. 7 Most Active Software Acquirers: 2014 – 2Q 2019 p. 12

Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices p. 17 Price Performance and Valuation Metrics by Segment p. 18 Equity Trading Multiples by Growth Tranche p. 19 Price Performance and Valuation Metrics of Selected Software Vendors p. 20 Equity Trading Multiples by Segment p. 21 Equity Trading Multiples by Comparable Subset p. 29

Equity Financing Activity Software IPOs: 2Q 2019 p. 33 Software IPO Pricing & Performance Data p. 34 Software IPO Pipeline p. 35 Software Private Capital Raise Activity: 2Q 2019 p. 36

$100 NASDAQ $81.4 $80 $72.6 $67.2 $56.6 $60 $49.6 $44.9 $37.8 $36.2 $36.7 $40 $28.4 $26.2 $24.0 $19.9 $22.0 $13.5 $16.7 $17.2 $20 $12.2 $12.4 $11.7 $9.7 $6.0 $-

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Announced Deal Value ($billions) Value Deal Announced 2014 2015 2016 2017 2018 2019

Transaction Count by Deal Size > $1bn 3 0 6 4 3 4 4 5 2 10 13 5 6 2 5 5 6 12 12 12 6 5 $500m - $1bn 3 2 3 7 2 4 5 5 3 6 5 8 3 2 5 3 3 0 4 7 9 3 $250m - $500m 2 4 4 6 5 4 3 13 5 7 6 3 6 5 10 4 7 4 7 5 7 8 < $250m 43 66 47 59 38 46 39 52 42 48 35 28 38 44 31 26 44 34 44 41 32 27 No Reported Value 113 157 154 129 159 130 108 145 169 198 172 146 170 186 178 141 183 155 155 170 208 176 Total 164 229 214 205 207 188 159 220 221 269 231 190 223 239 229 179 243 205 222 235 262 219

Notable Transactions: 2Q 2019 ($ millions)

Acquirer

Target Marketing Platform Date 4/4/2019 4/11/2019 4/14/2019 4/17/2019 5/3/2019 5/29/2019 5/30/2019 6/5/2019 6/6/2019 6/10/2019

Enterprise Value n/a $350 $4,400 $1,395 n/a $410 $780 $234 $2,600 $15,700

EV / LTM Rev n/a n/a 2.0x 4.5x n/a n/a n/a n/a n/a 13.2x

EV / LTM EBITDA n/a n/a 9.5x 10.5x n/a n/a n/a n/a n/a nm

Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright ©2019 Shea & Company 3 M&A Activity Software Acquisitions: 3-Year Trend Analysis

By Transaction Size (2017 – 2Q 2019)

180 163 # of Deals $160 Aggregate Deal Value ($ billions) $150 9.0x Median EV / LTM Rev 2017 7.9x 160 8.0x 7.5x 139 $140 6.7x 2018 6.3x 140 $120 7.0x 120 6.0x 2019 $100 $86 100 5.0x 4.3x $80 3.9x 4.0x 80 4.0x 59 3.2x3.1x $60 $45 2.6x 60 42 3.0x 2.1x $40 1.5x 40 25 2.0x 23 18 15 13 14 12 11 $10 $9 $9 20 $20 $8 $4 $9 $7 $5 $8 1.0x 0 $- 0.0x < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value) Deal Value (Enterprise Value) Deal Value (Enterprise Value)

By Target Segment (2017 – 2Q 2019)

450 415 # of Deals $90 Aggregate Deal Value ($ billions) 9.0x Median EV / LTM Rev 396 2017 $80 8.0x 400 $71 $65 6.4x 350 2018 $70 7.0x 6.4x $59 300 $60 6.0x 5.2x 248 2019 4.5x 250 $50 5.0x 4.4x 4.2x 4.0x 3.9x3.8x $40 4.0x 200 2.9x3.2x 131 143 150 128 $30 $22 3.0x 2.3x 2.3x 101 102 108 $16 1.8x 82 $14 100 69 64 $20 $11 $12 2.0x 1.3x $10 $8 $10 $8 42 35 $4 $6 50 25 $10 $4 1.0x 0 $- 0.0x Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Applications Management Applications Applications Management Applications Applications Management Applications

Notes: Business Applications includes: Advertising Technology; Communications; ERP & Business Applications; Marketing Applications; Technical & Embedded Applications Information Management includes: Business Intelligence; Content Management Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage Management Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 4 M&A Activity Publicly Available Software M&A Transaction Data: 2Q 2019

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr LTM Current yr Fwd yr

06/27/19 STEPcom Services Descartes Systems Group 100% - - $20 ------06/18/19 Viteos Intertrust 100% - - $330 6.3x - - 17.3x - - 06/12/19 Medidata Solutions Dassault Systemes 100% - $5,744 $5,818 8.8x 9.2x 7.9x nm nm 33.0x 06/11/19 Wave Financial H&R Block 100% - - $405 - - 9.5x - - - 06/10/19 Tableau Salesforce.com - 100% - $15,700 13.2x 13.6x 11.4x nm nm nm 06/10/19 Polystar OSIX Elisa Oyj - - - $79 1.9x - - - - - 06/10/19 Redland Business Solutions Ideagen - - - $20 3.8x - - - - - 06/06/19 AIM Software SimCorp - - - $68 3.8x - - - - - 06/06/19 Intelex Technologies Industrial Scientific - - - $570 ------06/06/19 Building Systems Design RIB Software - - - $42 - - 3.0x - - - 06/06/19 Looker Data Sciences Google 100% - - $2,600 ------06/05/19 Endgame Elastic - - - $234 5.9x - - - - - 05/30/19 Recorded Future Insight Venture Partners 100% - - $780 ------05/30/19 Microgen Financial Systems Silverfleet Capital 100% - - $65 2.8x - - - - - 05/30/19 Appsulate Zscaler - - - $13 ------05/29/19 PureSec Palo Alto Networks 100% - - $47 ------05/29/19 Twistlock Palo Alto Networks 100% - - $410 ------05/28/19 Verodin FireEye - - - $250 ------05/28/19 Daily Inches Upland Software 100% - - $45 - - 3.0x - - 6.4x 05/21/19 RPM Technologies Broadridge Financial Solutions - - - $300 ------05/17/19 Criteria Sumeru Equity Partners - - - $56 ------05/15/19 Call Dynamics Uniti Wireless 46% 54% - $1 ------05/13/19 CORE Transport Technologies Descartes Systems Group - - - $21 ------05/09/19 BankSight Software Bottomline Technologies 100% - - $3 ------05/08/19 Early Birds ATTRAQT Group 80% 20% $18 $17 6.4x - - - - - 05/08/19 Cirius Messaging Zix 100% - - $14 - - - - - 7.0x 05/07/19 Litera Microsystems HgCapital - - - $42 ------05/06/19 Meta Networks Proofpoint 93% 7% - $120 ------05/01/19 GitPrime Pluralsight 100% - - $170 ------05/01/19 Simplifile Intercontinental Exchange - - - $335 ------04/29/19 Web Benefits Design CNO Financial Group 100% - - $66 ------04/17/19 MYOB Technology Kohlberg Kravis Roberts & Co - - - $1,395 4.5x - - 10.5x - - 04/16/19 Exari Coupa 100% - - $215 ------04/14/19 Epsilon Publicis Groupe 100% - - $4,400 2.0x - - 9.5x - -

Includes only transactions for which data was publicly available. Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright ©2019 Shea & Company 5 M&A Activity Publicly Available Software M&A Transaction Data: 2Q 2019 continued

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr LTM Current yr Fwd yr

04/11/19 vwd Vereinigte Wirtschaftsdienste Infront 100% - - $146 2.0x - - 12.2x - - 04/11/19 Samanage SolarWinds 100% - - $350 ------04/10/19 Axioma Deutsche Borse 100% - - $850 8.5x - - - - - 04/08/19 NET Data i3 Verticals - - - $24 ------04/04/19 ClearStory Data Alteryx 100% - - $20 ------04/04/19 Akkroo Integrate.com - - - $34 ------04/02/19 NetFort Technologies Rapid7 100% - - $15 ------

Includes only transactions for which data was publicly available. Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright ©2019 Shea & Company 6 M&A Activity Announced Software Acquisitions: 2Q 2019

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

06/27/19 STEPcom Services Descartes Systems Group Content Management - Supply chain data exchange and document management $20 06/27/19 Zenopt RELEX Solutions ERP & Business Applications - Demand forecasting and workforce optimization n/a 06/26/19 Pricing Assistant Contentsquare ERP & Business Applications - Online pricing optimization and e-merchandising analytics n/a 06/26/19 EnterpriseDB Great Hill Partners Content Management - Open source PostgreSQL database extension n/a 06/25/19 KonaSearch Basis Technology Content Management - Universal enterprise data search and CRM business intelligence n/a 06/25/19 Cucumber SmartBear Software Platforms, Development Tools & Deployment - Open source software training and test automation n/a 06/25/19 Retrospect StorCentric Storage Management - Data backup, recovery and cloud storage integration n/a 06/25/19 AppBuddy Validity ERP & Business Applications - Salesforce-sourced customer analytics mapping n/a 06/24/19 Onventis Main Capital Partners ERP & Business Applications - SRM and vendor-managed procurement n/a 06/21/19 BlueTarp Financial Capital One Financial Applications - B2B credit and purchase-to-payment management n/a 06/21/19 Insurity GI Partners ERP & Business Applications - Property and casualty insurance claims management n/a 06/20/19 Dynamic Lead Solutions MRI Software ERP & Business Applications - Residential lead management and tracking SaaS n/a 06/20/19 ParallelM DataRobot IT Operations Management - Machine learning deployment and monitoring n/a 06/20/19 Cloudlanes Druva Storage Management - Cloud data transfer, backup and protection n/a 06/20/19 TripStack eTRAVELi ERP & Business Applications - API-based airfare optimization n/a 06/19/19 Capsenta data.world Content Management - Data migration, virtualization and modeling n/a 06/19/19 Acumatica IFS ERP & Business Applications - Distribution and manufacturing ERP with CRM and SCM capability n/a 06/19/19 Phoebus Software NorthEdge Capital ERP & Business Applications - Mortgage origination and account servicing management n/a 06/18/19 Viteos Intertrust Financial Applications - Investment and fund management solutions $330 06/18/19 Jibe iCIMS Marketing Applications - Recruitment CRM and marketing automation n/a 06/18/19 B601 V2 UserZoom Technologies Platforms, Development Tools & Deployment - UX design, research and testing n/a 06/17/19 Good Software GitHub Platforms, Development Tools & Deployment - GitHub project management review and collaboration n/a 06/17/19 Assessio Main Capital Partners ERP & Business Applications - Enterprise workforce assessment, evaluation and training n/a 06/14/19 CBIS Hub International Marketing Applications - Insurance CRM and lead generation n/a 06/13/19 MooD Enterprises CACI Platforms, Development Tools & Deployment - Development and operations platform and BI analytics n/a 06/13/19 Lattice Engines Dun & Bradstreet Marketing Applications - AI-enabled marketing automation with ABM capability n/a 06/13/19 i2i Infinity SGS ERP & Business Applications - Customs and border protection compliance management n/a 06/13/19 Avi Networks Vmware Network Infrastructure - Application delivery controller and analytics reporting n/a 06/13/19 RateFactory Zywave ERP & Business Applications - Small-group insurance ERP n/a 06/12/19 Medidata Solutions Dassault Systemes Platforms, Development Tools & Deployment - Clinical development SaaS $5,818 06/11/19 Jordan Lawrence Group Exterro Content Management - Data management and cybersecurity regulatory compliance n/a 06/11/19 Dynistics Glantus Business Intelligence - Education, retail, construction and finance sales and marketing BI n/a 06/11/19 Wave Financial H&R Block Financial Applications - Enterprise financial management and transaction processing $405 06/10/19 Polystar OSIX Elisa Oyj Network Infrastructure - Wireless carrier network monitoring, optimization and analytics $79 06/10/19 Redland Business Solutions Ideagen Financial Applications - Financial regulatory, compliance and performance management $20 06/10/19 Zoomdata Logi Analytics Business Intelligence - Real-time big data analytics, streaming analytics and visualization n/a 06/10/19 Tableau Salesforce.com Business Intelligence - BI analytics and data visualization $15,700 06/07/19 Mido Holdings Sony Semiconductor Solutions Network Infrastructure - Network reconfiguration and virtualization n/a 06/06/19 AIM Software SimCorp ERP & Business Applications - Data management business applications for capital providers $68 06/06/19 Sentryo Cisco Systems IT Security - Industrial IoT device visibilty and security management n/a 06/06/19 Vitech Systems Group CVC Capital Partners ERP & Business Applications - Cloud-based financial and benefits administration n/a 06/06/19 DonorTrends EveryAction ERP & Business Applications - AI-enabled fundraising predictive analytics and visualization reporting n/a 06/06/19 Intelex Technologies Industrial Scientific ERP & Business Applications - EHSQ management enabling regulatory compliance and incidence reporting $570 06/06/19 Encrypt.me j2 Global IT Security - Multi-platform VPN encryption n/a 06/06/19 Building Systems Design RIB Software ERP & Business Applications - Technical building modeling and building information management $42 06/06/19 Champion Healthcare Technologies The Riverside Company ERP & Business Applications - Surgical implant tracking and inventory management n/a 06/06/19 PARO Decision Support Waystar ERP & Business Applications - Charity care predictive analytics n/a 06/06/19 Looker Data Sciences Google Business Intelligence - Big data BI analytics, visualization and data modeling $2,600 06/05/19 Endgame Elastic IT Security - Hybrid network anti-ransomware and anti-malware endpoint security $234 06/05/19 MechanicNet Group Epicor Software ERP & Business Applications - CRM and retention services n/a Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 7 M&A Activity Announced Software Acquisitions: 2Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

06/05/19 Crispy Mountain Heidelberger Druckmaschinen IT Operations Management - Cloud-based web mobile information management n/a 06/05/19 HT2 Learning Pool ERP & Business Applications - Continuous education analytics and open-source learning record store n/a 06/05/19 Prattle Analytics Liquidnet Content Management - ML-based analysis of corporate communications n/a 06/05/19 Mindseye Solutions Reveal Data IT Operations Management - E-discovery data management and analysis n/a 06/04/19 IntelliEngines Alogent Financial Applications - Lending management ad loan origination automation n/a 06/04/19 SAFE-BioPharma CertiPath IT Security - Digital identity security for cyber-transactions n/a 06/04/19 bouw7 Exact ERP & Business Applications - Cloud-based construction management n/a 06/04/19 RISC Networks Flexera Software IT Operations Management - IT environment assessment enabling transition to cloud-based business models n/a 06/04/19 Distil Imperva IT Security - Cloud and appliance-based bot detection n/a 06/04/19 Decisions Silverbear ERP & Business Applications - CRM, application development, consulting and business intelligence services n/a 06/04/19 CIQUAL TEOCO Marketing Applications - QoE, mobile service analytics and reporting n/a 06/03/19 Teleopti Calabrio ERP & Business Applications - Team-centric workforce management system n/a 06/03/19 Averetek E2open Marketing Applications - Through-channel digital marketing automation n/a 06/03/19 Cooladata Medallia Marketing Applications - Customer behavioral analytics using SQL-based query language n/a 06/03/19 Fabula AI Twitter Business Intelligence - AI-enabled geometric algorithmic analysis of large data sets n/a 05/31/19 irth Solutions Gauge Capital ERP & Business Applications - Web-based and mobile field service, workforce and process management n/a 05/31/19 Advantage 360 Software Volaris Group Communications - Tier 3 and Tier 4 emerging market carrier operational support n/a 05/30/19 Microgen Financial Systems Silverfleet Capital Financial Applications - Wealth management and financial accounting $65 05/30/19 Prometheus Group Enterprises Genstar Capital ERP & Business Applications - SAP-based project, plant and asset management ERP n/a 05/30/19 Recorded Future Insight Venture Partners IT Security - ML-enabled real-time threat intelligence $780 05/30/19 Appsulate Zscaler IT Security - Corporate endpoint isolation and web-based attack prevention $13 05/29/19 PureSec Palo Alto Networks IT Security - Serverless web application security $47 05/29/19 Twistlock Palo Alto Networks IT Security - Enterprise container and cloud native cybersecurity management platform $410 05/29/19 Eagle Technology Management Sovos Compliance Financial Applications - Insurance sector reporting and compliance management n/a 05/29/19 Black Mountain Systems Vista Equity Partners Financial Applications - Financial compliance and portfolio management n/a 05/28/19 Prometheus Development Absorb Software Content Management - Learning management systems n/a 05/28/19 Pacific Alliance Capital BOXX Technologies Storage Management - Storage distribution and integration of data storage systems n/a 05/28/19 Verodin FireEye IT Security - Automated security attack simulation $250 05/28/19 Origami Logic Intuit Marketing Applications - AI-powered marketing performance analytics n/a 05/28/19 Cority Thoma Bravo ERP & Business Applications - EHSQ compliance services and workforce management n/a 05/28/19 Daily Inches Upland Software Marketing Applications - B2B content marketing management $45 05/27/19 One Voice F24 Business Intelligence - Risk assessment and crisis management services n/a 05/27/19 Cognigo NetApp IT Security - ML-based data privacy and compliance n/a 05/23/19 OnePlace Intapp Marketing Applications - Salesforce-based client lifecycle management and marketing automation n/a 05/22/19 Tellus Safety Solutions CentralSquare Technologies ERP & Business Applications - Integration of CAD systems enabling real-time information sharing n/a 05/22/19 instaGiv ClearCourse Partnership Marketing Applications - Fundraising campaign management n/a 05/22/19 PowWow Mobile Magic Software Enterprises Platforms, Development Tools & Deployment - Application transformation into native mobile apps n/a 05/22/19 CVM Solutions supplier.io ERP & Business Applications - Diversity-focused supply chain analytics and risk management n/a 05/22/19 Smooch Technologies Zendesk Marketing Applications - Omni-channel cloud-based customer messaging and automated communication n/a 05/21/19 RPM Technologies Broadridge Financial Solutions Financial Applications - Client investment portfolio management software $300 05/21/19 Visual Next Computer Generated Solutions ERP & Business Applications - ERP, PLM, and e-commerce capabilities n/a 05/21/19 Natero Freshworks Marketing Applications - ML-powered customer predicitve analytics and customer intelligence n/a 05/21/19 CLTRe KnowBe4 IT Security - Security analytics and enterprise security management reporting n/a 05/21/19 Nimble Software Systems Paycor ERP & Business Applications - Workforce management and employee scheduling with mobile capability n/a 05/20/19 TimelinePI ABBYY Business Intelligence - AI-based process analytics and real-time operational data monitoring n/a 05/20/19 ICS Learning Group Acendre ERP & Business Applications - Continuous training and content creation services n/a 05/20/19 Boomerang Commerce Loweâs Companies Marketing Applications - AI-based retail market intelligence, pricing optimization and analytics n/a 05/20/19 EditShare ParkerGale Storage Management - MAM, content management and networked shared storage systems n/a 05/20/19 CStorePro Technologies Professional Datasolutions ERP & Business Applications - Retail and SMB supply chain management n/a 05/20/19 Progress Software (Rollbase assets) Queue in the Cloud Platforms, Development Tools & Deployment - Low-code cloud-based application development n/a Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 8 M&A Activity Announced Software Acquisitions: 2Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

05/20/19 Spiramid VelocityEHS ERP & Business Applications - EHS safety and records management n/a 05/20/19 Profitect Zebra Technologies Business Intelligence - Consumer packaged goods and retail data analytics n/a 05/17/19 Caliber Software Community Investors ERP & Business Applications - Homeowners associations accounting and association management n/a 05/17/19 Criteria Sumeru Equity Partners ERP & Business Applications - Pre-employment testing and screening $56 05/17/19 Quill Content Webedia Content Management - E-commerce digital content creation n/a 05/16/19 Cloudability Apptio Network Infrastructure - Cloud expense tracking, monitoring and analysis n/a 05/16/19 Rollout CloudBees Platforms, Development Tools & Deployment - Software feature management and flagging n/a 05/16/19 Brand Embassy NICE Communications - Social media monitoring n/a 05/16/19 Salesfusion SugarCRM Marketing Applications - B2B marketing automation and collaboration n/a 05/16/19 Computer Solutions & Software International Vertafore ERP & Business Applications - Insurance distribution management n/a 05/15/19 InMoment Madison Dearborn Partners Marketing Applications - Customer and employee analytics and engagement n/a 05/15/19 Veriforce PEC Safety Operations ERP & Business Applications - Workforce safety, training and compliance n/a 05/15/19 Call Dynamics Uniti Wireless Communications - Phone call, digital call and web engagement tracking <$1 05/15/19 BirRock Vmware Platforms, Development Tools & Deployment - Application virtualization and cloud application marketplace n/a 05/14/19 Vuture CM Group Marketing Applications - Legal and professional services marketing automation n/a 05/14/19 Periscope Sisense Business Intelligence - Cloud data teams BI and data analytics n/a 05/13/19 CORE Transport Technologies Descartes Systems Group ERP & Business Applications - Transportation SCM management $21 05/13/19 ICONICS Mitsubishi Electric ERP & Business Applications - Industrial automation and mobile applications n/a 05/13/19 InTheChat Communications Pegasystems Communications - Customer service automation and related contact center n/a 05/13/19 iContracts RLDatix Content Management - Contract compliance and revenue management n/a 05/13/19 Appsee ServiceNow Platforms, Development Tools & Deployment - Mobile application analytics n/a 05/13/19 Lighthouse.io TEAM Software ERP & Business Applications - Mobile workforce management and related applications n/a 05/13/19 CLM Matrix Wolters Kluwer ELM Solutions ERP & Business Applications - Contract lifecycle and business process management n/a 05/10/19 ParkMyCloud Turbonomic Storage Management - Microsoft Azure and AWS cloud provisioning management n/a 05/09/19 GRIDS Information Technologies Avenu Insights & Analytics Content Management - Government records management n/a 05/09/19 BankSight Software Bottomline Technologies Marketing Applications - AI-based banking customer engagement and insight $3 05/08/19 Mautic Acquia Marketing Applications - Open-source marketing automation and related campaign management n/a 05/08/19 Early Birds ATTRAQT Group Business Intelligence - E-commerce customer behavior analytics $17 05/08/19 Imanis Data Cohesity Storage Management - AI-based data management and recovery software n/a 05/08/19 Strikedeck Medallia Communications - Customer success management n/a 05/08/19 Cirius Messaging Zix IT Security - Email encryption and file security $14 05/07/19 Zego PayLease ERP & Business Applications - IoT apartment utility management SaaS n/a 05/07/19 Litera Microsystems HgCapital Content Management - Document management $42 05/07/19 Bowtie Labs MINDBODY Communications - Virtual recepionist chatbot n/a 05/07/19 Eloquent Labs Square Communications - Conversational AI and automated response delivery engine n/a 05/07/19 iWRITER Templafy Content Management - Document creation and corporate identity compliance n/a 05/06/19 Nexenta Systems DataDirect Networks Storage Management - Open-source software-defined storage n/a 05/06/19 ID Agent Kaseya IT Security - Identity theft prevention and anti-malware n/a 05/06/19 Puzzel Marlin Equity Partners Communications - AI-enabled omni-channel contact center n/a 05/06/19 Meta Networks Proofpoint IT Security - Zero trust network access and authentication $120 05/06/19 Bonobo salesforce.com ERP & Business Applications - Customer analytics conversational AI n/a 05/03/19 Crafty Clicks ClearCourse Partnership Marketing Applications - Postcode lookup and validation n/a 05/03/19 Dude Solutions Clearlake Capital ERP & Business Applications - Operations & facility management SaaS n/a 05/03/19 EnergySavvy Tendril Networks ERP & Business Applications - Utility service provider customer engagement and analytics management n/a 05/02/19 OPTIWARE Aptean Inc ERP & Business Applications - EAM and production monitoring n/a 05/02/19 Venga Booking Holdings Marketing Applications - Restaurant and fitness studio guest management n/a 05/02/19 Jet Global Data Technologies insightsoftware.com Business Intelligence - Microsoft Dynamics reporting, analytics, and budgeting n/a 05/02/19 Artefact Product Group Smartsheet ERP & Business Applications - Project and resource manegement n/a 05/01/19 GitPrime Pluralsight ERP & Business Applications - Software engineering management software $170 05/01/19 Simplifile Intercontinental Exchange Content Management - Real estate record and document management $335 Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 9 M&A Activity Announced Software Acquisitions: 2Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

05/01/19 StreamMosaic PDF Solutions Business Intelligence - AI-based semiconductor fabrication failure prediction n/a 05/01/19 Return Path Validity Business Intelligence - Email BI and marketing campaign intelligence n/a 04/30/19 Rideau Engage2Excel ERP & Business Applications - Employee recognition and engagement n/a 04/30/19 Quest2travel.com MakeMyTrip ERP & Business Applications - Corporate travel management n/a 04/30/19 Webtrekk Mapp Digital Marketing Applications - German marketing and customer analytics n/a 04/30/19 PA-4tune Techedge Content Management - Disclosure, regulatory reporting and collaboration management n/a 04/30/19 Autodata Solutions Thoma Bravo Marketing Applications - Automotive marketing automation and sales management n/a 04/29/19 management systems adesso ERP & Business Applications - German billing and accounting software n/a 04/29/19 Web Benefits Design CNO Financial Group ERP & Business Applications - Employee benefits management $66 04/26/19 Passportal SolarWinds IT Security - Secure password and IT document management n/a 04/25/19 eCore Software ESO Solutions ERP & Business Applications - Public service industry workforce management n/a 04/25/19 parlamind Machine 4tune ERP & Business Applications - Customer service chat, email and voice mechanism n/a 04/24/19 Lendesk Technologies Rock Holdings Content Management - Mortgage application management SaaS n/a 04/24/19 Keypasco Lydsec Digital Technology IT Security - User identity authentication n/a 04/24/19 Screener Technologies Sauce Labs Platforms, Development Tools & Deployment - Automated visual and functional testing n/a 04/23/19 TORCHx Constellation Software Marketing Applications - Real Estate Marketing SaaS n/a 04/23/19 Acuity Scheduling Squarespace ERP & Business Applications - Calendar management, messaging and payment processing n/a 04/22/19 Qijian Software Beijing ByteDance Technology Storage Management - AI-based database storage and retrieval n/a 04/22/19 AbsenceSoft Bow River Capital Partners ERP & Business Applications - Employee leave compliance management n/a 04/22/19 zipLogix Lone Wolf Technologies Content Management - Real estate transaction document management n/a 04/18/19 Electric Cloud CloudBees Platforms, Development Tools & Deployment - Continuous delviery and application release automation n/a 04/18/19 OptiView Software omNovos Platforms, Development Tools & Deployment - Product development, billing and inventory management n/a 04/18/19 ApexSQL Quest Software Platforms, Development Tools & Deployment - Database development, management and monitoring n/a 04/18/19 Infraware SoftwareONE ERP & Business Applications - Governance, risk and compliance management n/a 04/17/19 SafeSend j2 Global Content Management - Email and document management n/a 04/17/19 MYOB Technology Kohlberg Kravis Roberts & Co ERP & Business Applications - Accounting, payroll and retail management $1,395 04/17/19 Breezy HR Learning Technologies Group ERP & Business Applications - Recruitment management and employment website extensions n/a 04/17/19 CloudIO Xoriant Business Intelligence - Mobile application development and user interface design n/a 04/16/19 SaGo.ai Congruity360 Content Management - Document, compliance and mail room management and information governance n/a 04/16/19 Exari Group Coupa Software ERP & Business Applications - Contract lifecycle management and related document creation $215 04/16/19 WebMerge Formstack Content Management - Document and contract management n/a 04/16/19 Skuid Marlin Equity Partners Platforms, Development Tools & Deployment - Application design and deployment n/a 04/15/19 Oyez Professional Services Advanced Computer Software Group Content Management - Legal and HR document management n/a 04/15/19 SamePage Group Vision Blue Ireland Financial Applications - Loan origination and IT consulting n/a 04/14/19 Epsilon Publicis Groupe Marketing Applications - Marketing automation, analytics and reporting $4,400 04/11/19 vwd Vereinigte Wirtschaftsdienste Infront Financial Applications - Accounting and asset management $146 04/11/19 Declara Futuryng ERP & Business Applications - Information sharing and discovery n/a 04/11/19 Signicat Nordic Capital IT Security - Digital identity verification and authentication n/a 04/11/19 Samanage SolarWinds IT Operations Management - IT asset and help desk management $350 04/10/19 Axioma Deutsche Borse Financial Applications - Risk and investment portfolio software $850 04/10/19 RedSeal STG Partners IT Security - Security risk management SaaS n/a 04/10/19 Interaqt Aluf Holdings Network Infrastructure - Data center infastructure sourcing n/a 04/10/19 Good Software Atlassian Content Management - Confluence-based content management amd team activity monitoring n/a 04/10/19 Astute Audax Private Equity ERP & Business Applications - Contact center management and customer service automation n/a 04/10/19 TrackVia Primus Capital ERP & Business Applications - Business process management and application design n/a 04/10/19 SAB Ingenierie Informatique Sopra Banking Software Financial Applications - Banking and transaction processing services n/a 04/09/19 Quinto Technologies Netcore Solutions ERP & Business Applications - B2B customer service chat and voice platforms n/a 04/09/19 Content Analytics Syndigo Content Management - e-Commerce content management and brand data analytics n/a 04/08/19 Kirona Solutions Advanced Computer Software Group ERP & Business Applications - Field service and resource management n/a 04/08/19 NET Data i3 Verticals ERP & Business Applications - Government management and tax collection $24 Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 10 M&A Activity Announced Software Acquisitions: 2Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

04/08/19 HYPE Softwaretechnik Main Capital Partners ERP & Business Applications - Workforce management and analytics n/a 04/08/19 JRD Group Propertyfinder ERP & Business Applications - Real estate CRM, software and web development and online classified portals n/a 04/05/19 Banyas Celonis IT Operations Management - Process identification and analytics n/a 04/04/19 ClearStory Data Alteryx Business Intelligence - Business intelligence and analytics $20 04/04/19 IBM (marketing assets) Centerbridge Partners Marketing Applications - Campaign automation and customer marketing analytics n/a 04/04/19 Integration Objects Emerson Electric Business Intelligence - Process automation and data analytics n/a 04/04/19 Firmstep Granicus ERP & Business Applications - Customer service automation n/a 04/04/19 Akkroo Integrate.com Marketing Applications - Event lead capture, analytics and business card scanning $34 04/03/19 The Devine Group OutMatch ERP & Business Applications - Employee assessment, hiring and training management n/a 04/02/19 Integrated Time Systems Ascentis ERP & Business Applications - Workforce time management and recording systems n/a 04/02/19 Attendee Interactive Community Brands HoldCo ERP & Business Applications - Event and conference management n/a 04/02/19 AgileHR PrismHR ERP & Business Applications - Talent and onboarding document management and employee analytics n/a 04/02/19 Compuverde Pure Storage Storage Management - Data storage and desktop virtualization n/a 04/02/19 NetFort Technologies Rapid7 Network Infrastructure - Network and security analytics and optimization $15 04/01/19 Mailgun Thoma Bravo ERP & Business Applications - Managed email services n/a 04/01/19 BSV Electronic Publishing Cegedim e-business Content Management - Document and invoice management n/a 04/01/19 Mortgage Builder Constellation Real Estate Group ERP & Business Applications - Mortgage loan origination and lifecycle management n/a 04/01/19 gwabbit Intapp Marketing Applications - Marketing automation and AI-based CRM n/a 04/01/19 KEMP Technologies Mill Point Capital Network Infrastructure - Network performance and load balancing n/a 04/01/19 Septa Communications Perion Network Marketing Applications - Marketing automation and spending analytics n/a

$70 70 Announced Deal Value [a] 63 Number of Deals $64.0

$60 60

$50 50

41 41 $40 $39.0 40

$36.3 Deals # of

32 $31.8 29 29 $30 30

$26.5 Aggregate Deal Value ($ ($ billions) Value Deal Aggregate

20 $20 $18.8 20 $16.3 15 15 $14.4 14 13 10 $10 10 $7.0

$1.7 $2.1 $0.7

$- 0

2014 – 2Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Broadcom Corporation Known acquired value (since 2014): $26,030 Cisco Systems (continued) 07/11/18 CA Technologies 100% - $18,900 $18,400 10/26/15 ParStream - - - - Cisco 04/09/18 SourceClear [a] - - - - 10/13/15 Pawaa Software - - - - 09/28/17 Runscope [a] - - - - 09/30/15 Portcullis Computer Security - - - - 06/15/17 zIT Consulting [a] - - - - 07/07/15 MaintenanceNet - - - $139 03/07/17 Veracode [a] 100% - - $614 06/30/15 OpenDNS 100% - - $635 Dell 12/28/16 Mobile System 7 [a] - - - - 06/03/15 Piston Cloud Computing - - - - 12/01/16 Automic Software [a] - - - $636 05/07/15 Tropo - - - - 11/02/16 Brocade Communications Systems 100% - $5,500 $5,900 04/01/15 Embrane - - - - 09/20/16 BlazeMeter [a] 100% - - - 12/10/14 Neohapsis - - - - IBM 08/04/15 Xceedium [a] - - - - 09/18/14 Memoir Systems - - - - 06/08/15 IdMlogic [a] - - - - 09/17/14 Metacloud - - - $149 06/04/15 Grid Tools [a] - - - - 06/27/14 Assemblage - - - - 05/27/15 Rally Software [a] 100% - - $480 Intel 10/28/14 Identropy (SCUID assets) [a] - - - - Dell Known acquired value (since 2014): $63,978 10/12/15 EMC 73% 27% $63,100 $62,778 Cisco Systems Known acquired value (since 2014): $14,351 05/26/15 Virtustream [a] 100% - - $1,200 06/06/19 Sentryo - - - - 04/16/15 Cloudlink Technologies [a] - - - - 01/30/19 Singularity Networks - - - - 10/28/14 Maginatics [a] - - - - Intuit 12/18/18 Luxtera - - - $660 10/28/14 Spanning Cloud Apps [a] - - - - 11/21/18 Ensoft - - - - 10/13/14 Cloudscaling [a] - - - - 08/02/18 Duo Security 100% - - $2,350 07/08/14 Symplified (IP assets) [a] - - - - 06/19/18 July Systems - - - - 07/08/14 TwinStrata [a] - - - - Microsoft 05/01/18 Accompany 100% - - $270 05/05/14 DSSD [a] - - - - 01/24/18 Skyport Systems - - - - 03/24/14 StatSoft - - - - 12/07/17 47Line Technologies - - - - 10/23/17 BroadSoft - - $1,737 $1,900 IBM Known acquired value (since 2014): $39,019 Oracle 10/19/17 Perspica - - - - 01/11/19 Deutsche Telekom (T-Systems) - - - $986 08/21/17 Springpath 100% - - $320 10/28/18 Red Hat 100% - $33,435 $34,026 07/13/17 Observable Networks - - - - 06/15/18 Oniqua - - - - 05/11/17 MindMeld - - - $125 05/03/18 Armanta - - - - Salesforce 05/04/17 Saggezza (assets) - - - - 10/04/17 Vivant Digital - - - - 05/01/17 Viptela 100% - - $610 09/14/17 Cloudigo - - - - 01/24/17 AppDynamics - - $3,700 $3,593 05/31/17 TIMETOACT GROUP - - - - 10/17/16 Heroik Labs - - - - 05/02/17 Verizon (assets) - - - - SAP 08/30/16 ContainerX - - - - 01/23/17 Agile 3 Solutions - - - - 06/28/16 CloudLock - - - $293 11/01/16 Fluid (assets) - - - - 03/08/16 Synata - - - - 10/27/16 Sanovi Technologies - - - - 03/02/16 Leaba Semiconductor 100% - - $320 06/01/16 EZ Legacy - - - - Symantec 03/01/16 CliQr Technologies 100% - - $260 03/31/16 Bluewolf - - - $240 02/03/16 Jasper Technologies - - - $1,400 03/18/16 Optevia - - - - 11/20/15 Acano 100% - - $700 02/29/16 Resilient Systems - - - - 10/28/15 1 Mainstream - - - - 02/18/16 Truven Health Analytics 100% - - $2,600 VMware 10/27/15 Lancope 100% - - $453 02/03/16 Ecx International - - - -

[a] Acquired by CA Technologies prior to its acquisition by Broadcom; acquired by EMC prior to its acquisition by Dell continued Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 13 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 2Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

IBM (continued) Intel (continued) 02/02/16 Aperto - - - - 08/24/15 Docea Power - - - - Cisco 01/28/16 Resource/Ammirati - - - - 06/16/15 Recon Instruments - - - - 01/21/16 Ustream 100% - - $130 06/01/15 Altera 100% - $16,700 $15,817 01/15/16 IRIS Analytics - - - - 03/25/15 Lemoptix - - - - 12/08/15 Clearleap - - - - 02/02/15 Lantiq - - - - Dell 11/03/15 Gravitant 100% - - - 01/20/15 Composyt Light Labs - - - - 10/28/15 The Weather Company (assets) - - - - 12/01/14 PasswordBox - - - - 10/05/15 Cleversafe - - - - 09/10/14 Powerwave - - - - 09/28/15 Meteorix 100% - - $120 08/13/14 LSI 100% - - $650 IBM 09/24/15 Advanced Application 100% - - $13 09/10/15 StrongLoop - - - - Intuit Known acquired value (since 2014): $700 08/17/15 Appcore (cloud automation assets) - - - - 05/28/19 Origami Logic - - - - 08/06/15 Merge Healthcare 100% - - $904 01/29/18 Applatix - - - - Intel 07/23/15 Compose - - - - 12/05/17 TSheets 100% - - $340 06/03/15 Blue Box Group - - - - 10/26/17 Exactor - - - - 04/13/15 Phytel - - - - 10/10/16 MTS Global - - - - 04/13/15 Explorys - - - - 03/24/15 Playbook HR - - - - 03/27/15 Blekko (assets) - - - - 02/05/15 Porticor - - - - Intuit 03/04/15 AlchemyAPI - - - - 01/21/15 ZeroPaper - - - - 08/11/14 Lighthouse Security Group (assets) - - - - 12/10/14 Acrede - - - - 07/31/14 CrossIdeas - - - - 08/13/14 Itrios - - - - 05/20/14 Cognea - - - - 08/07/14 PaySuite - - - - Microsoft 04/10/14 Silverpop Systems - - - - 07/30/14 KDK Softwaress - - - - 02/24/14 Cloudant - - - - 05/27/14 Check - - - $360 05/14/14 Invitco - - - - Intel Known acquired value (since 2014): $31,767 Oracle 06/10/19 Barefoot - - - - Microsoft Known acquired value (since 2014): $36,255 04/16/19 Omnitek - - - - 06/09/19 Double Fine Productions - - - - 02/18/19 Ineda Systems - - - - 04/18/19 Express Logic - - - - 09/10/18 NetSpeed Systems - - - - 02/04/19 BrightBytes - - - - Salesforce 08/16/18 Vertex.AI - - - - 01/24/19 Citus Data - - - - 07/12/18 eASIC - - - - 11/19/18 FSLogix - - - - 03/08/18 TunnelBear [a] - - - - 11/14/18 XOXCO - - - - 03/13/17 Mobileye 100% - $14,700 $15,300 11/12/18 InXile Entertainment - - - - SAP 11/03/16 Voke - - - - 09/13/18 Lobe Artificial Intelligence - - - - 09/05/16 Movidius - - - - 06/20/18 Bonsai AI - - - - 08/10/16 Nervana Systems - - - - 06/04/18 GitHub - 100% - $7,500 05/26/16 Itseez - - - - 04/02/18 Forerunner Software (BI reporting software assets) - - - - Symantec 04/05/16 Yogitech - - - - 02/13/18 Chalkup - - - - 03/09/16 Replay Technologies - - - - 01/29/18 PlayFab 100% - - - 01/04/16 Ascending Technologies - - - - 01/03/18 Avere Systems - - - - 10/26/15 Saffron Technology - - - - 11/06/17 Swing Technologies (assets) - - - - VMware 10/01/15 VIA Telecom (assets) - - - - 10/03/17 AltspaceVR - - - -

[a] Acquired by McAfee following its acquisition by Intel continued Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 14 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 2Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Microsoft (continued) Oracle Known acquired value (since 2014): $16,260 08/15/17 Cycle Computing - - - - 06/26/19 Oxygen Systems - - - - Cisco 06/29/17 Cloudyn 100% - - $55 11/15/18 Talari Networks - - - - 05/24/17 Hexadite - - - - 10/22/18 DataFox - - - - 04/18/17 Intentional Software - - - - 10/17/18 goBalto - - - - 04/10/17 Deis - - - - 09/25/18 Iridize - - - - Dell 01/17/17 Donya Labs - - - - 05/16/18 Datascience - - - - 01/13/17 Maluuba - - - - 04/30/18 Vocado - - - - 11/08/16 Beam Interactive - - - - 02/15/18 Zenedge - - - - 08/22/16 Genee - - - - 12/17/17 Aconex 100% - - $1,200 IBM 06/16/16 Wand Labs - - - - 04/18/17 Moat - - - - 06/13/16 LinkedIn 100% - - $26,200 04/17/17 Wercker US - - - - 05/03/16 Solair - - - - 03/13/17 Webtrends (marketing analytics assets) - - - - 02/24/16 Xamarin - - - - 01/19/17 Apiary - - - - Intel 02/09/16 Zikera (Groove assets) - - - - 11/21/16 Dyn - - - - 02/03/16 TouchType - - - - 09/18/16 Palerra - - - - 01/19/16 Teacher Gaming (assets) - - - - 09/07/16 LogFire - - - - 01/13/16 Event Zero (UC Commander assets) - - - - 07/28/16 NetSuite 100% - $9,300 $9,174 12/21/15 Talko (assets) - - - - 05/02/16 Opower 100% - - $532 Intuit 12/18/15 Metanautix - - - - 04/28/16 Textura 100% - - $663 11/09/15 Secure Islands Technologies - - - - 04/14/16 Crosswise 100% - - $50 11/05/15 Mobile Data Labs - - - - 02/22/16 Ravello Systems - - - - 10/02/15 Havok (assets) - - - - 01/05/16 AddThis 100% - - - Microsoft 09/29/15 Sensei Project Solutions (assets) - - - - 12/18/15 StackEngine - - - - 09/28/15 Adxstudio (assets) - - - - 08/20/15 Maxymiser - - - - 09/12/15 Double Labs - - - - 12/22/14 Datalogix - - - - 09/08/15 Adallom - - - - 09/14/14 Front Porch Digital - - - - Oracle 09/03/15 VoloMetrix - - - - 07/31/14 TOA Technologies - - - - 08/03/15 Incent Games - - - - 06/23/14 MICROS Systems 100% - $5,300 $4,642 07/16/15 FieldOne - - - - 06/20/14 LiveLOOK - - - - 06/10/15 BlueStripe Software - - - - 05/15/14 GreenBytes - - - - Salesforce 06/02/15 6Wunderkinder GmbH - - - - 02/24/14 BlueKai - - - - 04/14/15 Datazen Software - - - - 03/26/15 LiveLoop - - - - Salesforce.com Known acquired value (since 2014): $26,507 02/12/15 N-trig - - - - 06/10/19 Tableau - 100% $15,080 $14,579 SAP 02/04/15 Sunrise Atelier - - - - 05/06/19 Bonobo - - - - 01/23/15 Revolution Analytics 100% - - - 04/17/19 MapAnything - - - - 01/20/15 Equivio - - - - 01/28/19 Griddable.io - - - - 12/11/14 Bit Stadium - - - - 01/14/19 roundCorner - - - - Symantec 12/01/14 Acompli - - - - 10/05/18 Rebel - - - - 11/13/14 Aorato - - - - 07/16/18 Datorama 16% 84% $744 $726 09/15/14 Mojang AB - - - $2,500 03/20/18 MuleSoft 80% 20% $6,580 $6,500 07/11/14 InMage Systems - - - - 01/08/18 Attic Labs - - - - VMware 05/28/14 Capptain - - - - 01/24/17 Sequence - - - $26

continued Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 15 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 2Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Salesforce.com (continued) Symantec (continued) 01/13/17 Unity&Variety - - - - 06/03/17 Watchful Software - - - - Cisco 12/13/16 Twin Prime - - - - 11/20/16 LifeLock 100% - $2,335 $2,300 10/04/16 Krux 50% 50% - $680 06/12/16 Blue Coat Systems 100% - - $4,650 09/15/16 Gravity Tank - - - - 08/20/15 Blackfin Security Group - - - - 09/07/16 Heywire - - - - 01/12/15 Narus - - - - Dell 08/15/16 BeyondCore - - - $110 08/01/16 Quip - 100% $410 $410 VMware Known acquired value (since 2014): $2,090 07/21/16 Coolan - - - - 06/13/19 Avi Networks - - - - 06/01/16 Demandware 100% - - $2,800 05/15/19 BirRock - - - - IBM 05/09/16 Implisit - - - - 02/05/19 AetherPal - - - - 04/04/16 MetaMind - - - - 11/06/18 Heptio 100% - - $550 02/19/16 TappingStone - - - - 08/27/18 CloudHealth Technologies - - - - 12/23/15 SteelBrick - 100% $360 $300 03/28/18 E8 Security - - - - Intel 12/14/15 MinHash - - - - 02/22/18 CloudVelox (Talent and technology assets) - - - - 09/02/15 AKTA - - - - 02/14/18 CloudCoreo - - - - 06/25/15 Kerensen Consulting SAS 100% - - $24 11/02/17 VeloCloud Networks 100% - - - 05/15/17 Apteligent 100% - - - Intuit SAP Known acquired value (since 2014): $18,838 04/12/17 Wavefront - - - - 11/19/18 Contextor - - - - 12/19/16 PLUMgrid - - - - 11/11/18 Qualtrics 100% - - $8,000 06/13/16 Arkin Net - - - - 10/14/15 Boxer - - - - 06/05/18 Coresystems - - - - Microsoft 01/30/18 CallidusCloud 100% - - $2,400 02/03/15 Immidio - - - - 01/22/18 Recast.AI SAS - - - - 10/29/14 Continuent (assets) - - - - 09/24/17 Gigya - - - $325 08/20/14 CloudVolumes - - - - 08/04/14 Virtual System (cloud migration assets) - - - - 12/14/16 Abakus - - - - Oracle 09/28/16 PLAT.ONE - - - - 09/27/16 Altiscale - - - - 06/21/16 Fedem Technology - - - - 02/16/16 MeLLmo - - - - Salesforce 10/13/15 Multiposting - - - - 09/18/14 Concur Technologies - - $8,300 $8,113 05/20/14 SeeWhy - - - - 03/26/14 Fieldglass - - - - SAP

Symantec Known acquired value (since 2014): $6,989 02/12/19 Luminate Security - - - - 11/05/18 Appthority - - - - Symantec 11/05/18 Javelin Networks - - - - 11/06/17 SurfEasy 100% - - $39 10/25/17 Outlier Security - - - - 07/11/17 Skycure - - - - VMware 07/06/17 Fireglass - - - -

Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 16 Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices

125% 350% 3 Year Relative Performance 300% 1 Year Relative Performance 100% 250% NASDAQ 200% Large Cap Software [a] 150% High Growth Software [b] 81% 100% 75% High Profitability Software [c] 50% Small Cap Software [d] 0% 50% -50% -100% Jun-16 Jun-17 Jun-18 Jun-19 29% 25% 22%

7% 0%

-25%

-38% -50%

-75% Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High

45x 100% 94% 94% 17x 16.1x 39.6x 90% 40x 90% 81% 15x CY19E 35x 80% 13x 12.0x CY20E 30x 70% 11x 60% 25x 47% 9x 7.4x 17.7x 50% 6.7x 20x 16.5x 7x 16.5x 40% 4.7x 14.6x 4.2x 4.1x 4.4x 15x 11.1x 10.7x 30% 5x 8.3x 9.3x 10x 20% 3x 1.5x 1.4x 5x 10% 1x nm 0x 0% -1x Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Software Software Software Software Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research [a] Large Cap Software includes: MSFT, ORCL, INTC, CSCO, IBM, SAP, HPE [b] High Growth Software includes: ZG, CDLX, SMAR, PS, ZS, TWLO, SHOP, AYX, OKTA, MDB, ZEN, YEXT, PLAN, NOW, COUP, VERI, XRO, TEAM, NTNX, EVBG, NEWR, ZM, FSLY [c] High Profitability Software includes: RMV, VRSN, MSCI, CHKP, AZPN, PRGS, SWI, ORCL, INTC, ANSS, ADBE, SYMC, MSFT, MCRO, AKAM, PAYX, PAYC, JCOM, SSNC, VMW, FFIV, FIS, QLYS, FISV, OTEX, SWX:TEMN, VEEV, UPLD, CSGP, TSX:DSG, INTU, CSCO [d] Small Cap Software includes: TSX:NXJ, MRIN, BOXL, NTWK, SREV, ASUR, VERI, CYRN, DHX, ECOM Highly Acquisitive Software includes: DHR, ROP, TSX:CSU, SSNC, OTEX, MCRO, JCOM, EPAY, TSX:DSG, TSX:ENGH, UPLD, ASUR Copyright ©2019 Shea & Company 17 Public Equity Market Valuations Price Performance and Valuation Metrics by Segment

17x 16.1x 15x CY19E CY20E 13x Median CY19E Median CY20E 12.0x 10.7x 11x 9.2x 9.3x 8.7x 8.8x 9x 8.1x 7.9x 8.2x 7.5x 7.5x 7.3x 7.4x 6.8x 6.7x 7.2x 7.0x 6.6x 6.7x 7x 6.1x 6.4x 6.2x 6.2x 5.9x 6.3x 6.2x 5.4x 5.0x 5.3x 4.7x 4.2x 4.7x 4.4x 5x 3.9x 4.1x 3.4x 3.1x 2.8x 3x 2.4x 1.5x 0.8x 1.4x

Median EV Revenue / EV Median 0.8x 1x -1x

45x 39.6x 40x

35x 30.6x 27.8x 30x 28.7x 26.5x 26.7x 25.3x 25.9x 25.2x 23.2x 23.3x 23.4x 25x 23.0x 21.8x 21.4x 20.0x 20.6x 19.6x 17.8x 17.7x 16.5x 20x 17.2x 18.3x 17.6x 16.5x 16.5x 16.4x 16.5x 13.7x 14.6x 15x 13.8x 11.4x 10.6x 10.1x 11.1x 9.3x 10.7x 10.9x 10x 9.0x 8.7x 7.8x 8.3x Median EV EBITDA / EV Median 5x nm nm 0x

120% 98% 97% 95% 95% 94% 94% 100% 93% 93% 90% 90% 89% 89% 86% 89% 83% 84% 81% 79% 77% 80% 74% 64%

60% 47%

40%

20%

Median % of 52 Week High 52 % Week of Median Comm. Content Tech. HCM Vertical Financial IT Sales & eCommercePlatforms, IT ERP & BI Global App Storage Network High SaaS High Highly Small Cap Mgmt & Apps Apps Security Marketing & Supply Dev Ops. General Diversified Delivery & Mgmt Infra. Growth ProfitabilityAcquisitive Embedded Apps Chain Tools Mgmt Business Network Apps Mgmt & Apps Acceleration Deployment

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 18 Public Equity Market Valuations Equity Trading Multiples by Growth Tranche

Market Valuations of Publicly Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

EV / Revenue EV / EBITDA 12x Revenue Current Year Forward Year Current Year Forward Year > 25% Growth Date Mean Median Mean Median Mean Median Mean Median 10x 15% - 25% < 5% Q2 2019 3.2 x 3.0 x 3.7 x 3.1 x 13.0 x 10.7 x 12.6 x 10.5 x Q1 2019 3.8 3.5 3.6 3.3 12.1 10.5 11.6 10.4 5% - 15% Q4 2018 3.3 3.1 3.2 3.0 13.0 9.7 12.6 9.6 8x < 5% Q3 2018 3.6 3.1 3.5 3.0 13.1 11.0 12.1 10.5 Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5 6x Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5 Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4 Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2 4x Q2 2017 3.2 3.1 3.1 3.0 11.6 11.0 12.3 10.5 Q1 2017 2.9 3.0 2.9 2.9 10.6 10.5 9.9 9.5 Q4 2016 2.8 2.4 2.7 2.4 12.4 10.1 12.0 10.6 2x Q3 2016 3.0 2.7 2.9 2.6 11.4 9.8 11.4 9.8 5% - 15% Q2 2019 5.3 x 4.6 x 4.9 x 4.3 x 20.5 x 19.9 x 18.3 x 17.4 x 0x Q1 2019 5.3 4.6 4.8 4.3 21.0 20.1 18.1 17.6 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q4 2018 4.7 4.2 4.3 3.9 21.3 20.5 19.0 17.9 Q3 2018 5.5 5.2 5.0 4.8 24.4 24.1 21.6 20.6 2016 2017 2018 2019 Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0 Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4 Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8 Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2 Q2 2017 4.1 3.8 3.7 3.5 17.8 16.3 16.6 14.5 Q1 2017 3.8 3.8 3.5 3.4 17.3 15.7 15.2 14.1 Q4 2016 3.9 3.4 3.5 3.1 17.3 16.7 15.5 14.9 Forward Year Median EV / EBITDA by Growth Tranche Q3 2016 3.8 3.5 3.5 3.3 17.0 14.9 14.6 13.2 15% - 25% Q2 2019 7.7 x 7.8 x 6.6 x 6.4 x 30.6 x 28.4 x 28.2 x 26.7 x Q1 2019 7.6 7.6 6.3 6.3 30.7 29.9 27.0 25.5 50x Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7 > 25% Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5 15% - 25% Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5 40x Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0 5% - 15% Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4 Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3 30x < 5% Q2 2017 5.4 5.6 4.5 4.6 28.6 25.9 22.9 22.1 Q1 2017 4.7 4.8 3.9 4.1 24.8 23.7 20.6 20.1 Q4 2016 4.5 4.5 3.8 3.8 23.5 21.6 19.4 17.5 Q3 2016 4.7 5.2 3.9 4.2 24.7 23.6 19.2 19.3 20x > 25% Q2 2019 11.1 x 12.6 x 10.6 x 11.2 x nm nm 41.0 x 39.6 x Q1 2019 11.0 12.5 9.4 10.0 46.9 46.9 35.3 35.5 Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7 10x Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2 Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7 Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 33.7 32.0 0x Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 29.0 35.6 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 31.7 34.8 Q2 2017 7.1 7.3 5.5 5.8 28.0 27.8 33.3 34.5 2016 2017 2018 2019 Q1 2017 6.4 6.5 5.0 4.9 39.2 39.2 29.0 34.9 Q4 2016 6.3 6.1 4.9 4.7 25.2 24.2 25.1 20.9 Q3 2016 8.3 8.6 6.4 6.1 28.7 34.9 27.3 27.6 Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 19 Public Equity Market Valuations Price Performance and Valuation Metrics of Selected Software Vendors

16x 14.6x CY19E CY20E 14x 12.9x 12.8x Median CY19E Median CY20E 12x 11.4x 10.9x 10.5x 10x 9.3x 8.4x 8.0x 7.3x 8x 6.6x 7.0x 6.7x 6.1x 6.3x 6.2x 5.7x 5.3x 6x 4.7x 5.1x 4.4x 4.8x 4.3x 4.1x EV Revenue / EV 3.4x 3.4x 4x 3.1x 3.2x 3.3x 3.2x 2x 0x

60x CY19E CY20E 49.2x 50x 47.2x Median CY19E Median CY20E 39.6x 40x 34.4x 28.7x 28.1x 30x 25.8x 24.7x 23.6x 22.9x 22.6x 22.2x 17.8x 17.6x 18.3x 19.3x 20x 16.4x 12.0x 16.6x 11.4x 11.1x EV EBITDA / EV 10.7x 10.4x 11.4x 7.7x 10x 7.4x 7.0x 7.1x nm nm 0x

120% 97% 99% 94% 93% 96% 93% 100% 88% 91% 88% 84% 83% 81% 78% 80% 80% 72%

60%

40%

% of 52 Week High Week 52 % of 20%

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Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 20 Public Equity Market Valuations Equity Trading Multiples by Segment

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Acceleration Global Diversified Microsoft $ 133.96 $ 1,026,511 $ 981,318 $ 131,240 $ 145,710 11% 7.5x 6.7x $ 56,198 43% $ 65,779 45% 17.5x 14.9x 28.0x 24.8x Business Intelligence Cisco Systems 54.73 234,285 223,351 52,864 54,853 4% 4.2x 4.1x 18,931 36% 19,632 36% 11.8x 11.4x 16.8x 15.5x Intel 47.87 214,314 231,383 68,604 71,430 4% 3.4x 3.2x 31,257 46% 32,836 46% 7.4x 7.0x 11.2x 10.7x Communications Oracle 56.97 190,042 209,190 39,844 41,072 3% 5.3x 5.1x 18,853 47% 19,601 48% 11.1x 10.7x 15.2x 14.1x SAP 137.07 163,618 171,427 31,236 33,584 8% 5.5x 5.1x 10,571 34% 11,988 36% 16.2x 14.3x 24.7x 22.0x IBM 137.90 122,268 159,491 77,252 77,839 1% 2.1x 2.0x 18,833 24% 19,037 24% 8.5x 8.4x 9.9x 9.7x Content Management HP Enterprise 14.95 20,020 29,059 29,997 30,262 1% 1.0x 1.0x 5,157 17% 5,202 17% 5.6x 5.6x 8.9x 8.4x eCommerce & Supply Mean $281,580 $286,460 $61,577 $64,964 4% 4.1x 3.9x $22,829 35% $24,868 36% 11.2x 10.3x 16.4x 15.0x Chain Management Median 190,042 209,190 52,864 54,853 4% 4.2x 4.1x 18,853 36% 19,601 36% 11.1x 10.7x 15.2x 14.1x ERP & General Business Applications Application Delivery & Network Acceleration Akamai Technologies $ 80.14 $ 13,151 $ 13,311 $ 2,848 $ 3,044 7% 4.7x 4.4x $ 1,166 41% $ 1,285 42% 11.4x 10.4x 19.2x 17.2x Financial Applications Citrix Systems 98.14 12,920 13,288 3,090 3,227 4% 4.3x 4.1x 1,112 36% 1,165 36% 12.0x 11.4x 16.4x 14.9x F5 Networks 145.63 8,693 7,380 2,256 2,345 4% 3.3x 3.1x 844 37% n/a n/a 8.7x n/a 14.2x 13.3x Human Capital Fastly 20.28 1,839 2,048 192 251 31% 10.7x 8.2x (28) nm (24) nm nm nm nm nm Management Radware 24.73 1,161 869 254 278 9% 3.4x 3.1x 34 13% 48 17% 25.6x 18.1x 37.5x 29.0x IT Operations A10 Networks 6.82 516 399 239 265 11% 1.7x 1.5x n/a n/a n/a n/a n/a n/a nm 68.2x Management Limelight Networks 2.70 310 275 210 235 12% 1.3x 1.2x 29 14% 40 17% 9.6x 6.9x 35.5x 16.1x IT Security Mean $5,513 $5,367 $1,298 $1,378 11% 4.2x 3.7x $526 28% $503 28% 13.5x 11.7x 24.6x 26.5x Median 1,839 2,048 254 278 9% 3.4x 3.1x 439 36% 48 27% 11.4x 10.9x 19.2x 16.7x Network Infrastructure Business Intelligence Platforms, Dev Tools Alteryx $ 109.12 $ 6,825 $ 6,661 $ 361 $ 477 32% 18.5x 14.0x $ 40 11% $ 66 14% nm nm nm nm & Deployment Elastic 74.66 5,626 5,327 362 499 38% 14.7x 10.7x (76) nm (97) nm nm nm nm nm Sales & Marketing Inovalon 14.51 2,224 3,125 639 692 8% 4.9x 4.5x 204 32% 227 33% 15.3x 13.8x 32.1x 27.1x Applications MicroStrategy 143.31 1,467 1,032 498 538 8% 2.1x 1.9x 27 5% 59 11% 38.3x 17.4x nm 79.5x Cloudera 5.26 1,442 1,241 752 849 13% 1.6x 1.5x 53 7% 117 14% 23.4x 10.6x nm nm Storage Management Talend 38.59 1,172 1,175 249 302 21% 4.7x 3.9x (23) nm (9) nm nm nm nm nm Domo 27.32 748 692 174 212 22% 4.0x 3.3x (86) nm (52) nm nm nm nm nm Technical & Embedded Apps Mean $2,786 $2,750 $434 $510 20% 7.2x 5.7x $20 14% $44 18% 25.7x 13.9x 32.1x 53.3x Median 1,467 1,241 362 499 21% 4.7x 3.9x 27 9% 59 14% 23.4x 13.8x nm 53.3x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 21 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

eCommerce & Supply Chain Management IT Security Shopify $ 300.15 $ 33,694 $ 31,801 $ 1,513 $ 2,017 33% 21.0x 15.8x $ 62 4% $ 112 6% nm nm nm nm Manhattan Associates 69.33 4,478 4,416 588 615 5% 7.5x 7.2x 133 23% 139 23% 33.3x 31.7x 48.1x 45.8x Network Descartes Systems 37.04 3,116 3,346 326 361 11% 10.3x 9.3x 120 37% 136 38% 27.8x 24.7x 25.6x 23.1x Infrastructure SPS Commerce 102.21 1,831 1,667 276 301 9% 6.0x 5.5x 66 24% 76 25% 25.2x 21.9x 46.3x 40.8x Platforms, Dev Tools American Software 13.15 409 323 110 115 5% 2.9x 2.8x 14 13% 17 15% 22.4x 19.1x 42.4x 37.6x & Deployment Mean $8,706 $8,311 $563 $682 12% 9.6x 8.1x $79 20% $96 21% 27.2x 24.3x 40.6x 36.8x Sales & Marketing Median 3,116 3,346 326 361 9% 7.5x 7.2x 66 23% 112 23% 26.5x 23.3x 44.4x 39.2x Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 22 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

IT Security

Network Infrastructure Platforms, Dev Tools & Deployment Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 23 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Acceleration Financial Applications Intuit $ 261.33 $ 67,748 $ 64,850 $ 7,007 $ 7,709 10% 9.3x 8.4x $ 2,513 36% $ 2,826 37% 25.8x 22.9x 38.2x 32.8x Business Intelligence FIS 122.68 39,703 48,794 8,461 8,818 4% 5.8x 5.5x 3,303 39% 3,541 40% 14.8x 13.8x 16.5x 15.3x Fiserv 91.16 35,775 41,580 6,180 6,495 5% 6.7x 6.4x 2,347 38% 2,489 38% 17.7x 16.7x 26.4x 23.7x Communications MSCI 238.79 20,220 22,345 1,546 1,693 9% 14.5x 13.2x 847 55% 941 56% 26.4x 23.7x 38.1x 33.3x SS&C Technologies 57.61 14,575 22,941 4,708 4,923 5% 4.9x 4.7x 1,878 40% 2,033 41% 12.2x 11.3x 15.1x 13.6x Temenos Group 178.98 12,414 12,974 988 1,104 12% 13.1x 11.8x 382 39% 434 39% 34.0x 29.9x 51.3x 44.2x Content Management Jack Henry 133.92 10,339 10,339 1,601 1,715 7% 6.5x 6.0x 520 32% 559 33% 19.9x 18.5x 37.9x 33.6x eCommerce & Supply Fair Isaac 314.02 9,103 9,849 1,160 1,266 9% 8.5x 7.8x 355 31% 404 32% 27.8x 24.4x 41.5x 36.0x Chain Management Coupa Software 126.61 7,821 7,680 346 441 27% 22.2x 17.4x 22 6% 42 10% nm nm nm nm Xero 42.03 5,914 5,902 458 580 27% 12.9x 10.2x 88 19% 131 23% nm 45.1x nm nm ERP & General Avalara 72.20 5,310 5,163 350 430 23% 14.8x 12.0x 1 0% 21 5% nm nm nm nm Business Applications SimCorp 96.82 3,838 3,817 495 533 8% 7.7x 7.2x 147 30% 158 30% 26.0x 24.1x 37.4x 34.9x Financial Applications Q2 Holdings 76.36 3,567 3,622 311 380 22% 11.7x 9.5x 21 7% 41 11% nm nm nm nm Envestnet 68.37 3,546 3,850 906 1,057 17% 4.2x 3.6x 194 21% 241 23% 19.9x 16.0x 32.1x 25.7x Human Capital BlackLine 53.51 2,946 2,832 278 341 22% 10.2x 8.3x 22 8% 34 10% nm nm nm nm Management Bottomline Technologies 44.24 1,926 1,948 434 475 10% 4.5x 4.1x 101 23% 108 23% 19.4x 18.0x 33.0x 29.9x IT Operations Zuora 15.32 1,702 1,536 274 326 19% 5.6x 4.7x (38) nm (26) nm nm nm nm nm Management IRESS 9.77 1,686 1,807 351 378 8% 5.1x 4.8x 96 27% 106 28% 18.8x 17.0x 28.4x 25.5x Ebix 50.22 1,533 2,266 616 708 15% 3.7x 3.2x 213 35% 225 32% 10.6x 10.1x 11.5x 9.4x IT Security Asseco Poland 14.28 1,186 1,944 2,696 2,785 3% 0.7x 0.7x 403 15% 414 15% 4.8x 4.7x 12.0x 12.7x Model N 19.50 633 628 141 159 13% 4.4x 3.9x 11 7% 14 9% nm 43.6x nm 72.2x Network Infrastructure Mean $ 11,975 $13,175 $1,872 $2,015 13% 8.4x 7.3x $639 25% $702 27% 19.9x 21.2x 30.0x 29.5x Median 5,310 5,163 616 708 10% 6.7x 6.4x 194 29% 225 29% 19.6x 18.3x 32.6x 29.9x Platforms, Dev Tools & Deployment Human Capital Management Sales & Marketing Automatic Data Processing $ 165.33 $ 71,956 $ 72,125 $ 14,589 $ 15,649 7% 4.9x 4.6x $ 3,579 25% $ 4,025 26% 20.2x 17.9x 29.0x 25.4x Applications Workday 205.58 46,542 46,179 3,568 4,401 23% 12.9x 10.5x 701 20% 939 21% nm 49.2x nm 92.0x Paychex 82.29 29,567 29,640 4,031 4,254 6% 7.4x 7.0x 1,628 40% 1,768 42% 18.2x 16.8x 28.4x 25.5x Storage Management Paycom Software 226.72 13,039 13,006 720 885 23% 18.1x 14.7x 297 41% 372 42% 43.7x 35.0x 69.0x 54.9x Technical & Ceridian HCM 50.20 7,070 7,580 812 917 13% 9.3x 8.3x 184 23% 224 24% 41.1x 33.8x nm 73.5x Embedded Apps Paylocity 93.82 4,970 4,831 510 612 20% 9.5x 7.9x 147 29% 181 30% 32.9x 26.7x 64.1x 51.3x Pluralsight 30.32 4,198 3,963 316 427 35% 12.5x 9.3x (45) nm (4) nm nm nm nm nm Vertical Applications Cornerstone OnDemand 57.93 3,456 3,442 568 647 14% 6.1x 5.3x 122 21% 161 25% 28.3x 21.4x 55.6x 40.0x Benefitfocus 27.15 883 1,014 304 355 17% 3.3x 2.9x 17 6% 33 9% nm 30.6x nm nm Software-as-a-Service Mean $20,187 $20,198 $2,824 $3,127 18% 9.3x 7.8x $737 26% $855 27% 30.7x 28.9x 49.2x 51.8x Median 7,070 7,580 720 885 17% 9.3x 7.9x 184 24% 224 25% 30.6x 28.7x 55.6x 51.3x Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 24 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

IT Security

Network Infrastructure Platforms, Dev Tools & Deployment Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 25 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Acceleration IT Security Verisign $ 209.16 $ 24,928 $ 25,469 $ 1,232 $ 1,289 5% 20.7x 19.8x $ 888 72% $ 923 72% 28.7x 27.6x 40.0x 37.6x Business Intelligence Palo Alto Networks 203.76 19,556 18,081 3,166 3,750 18% 5.7x 4.8x 816 26% 1,026 27% 22.2x 17.6x 36.2x 30.0x Check Point 115.61 17,600 15,842 1,995 2,075 4% 7.9x 7.6x 1,013 51% 1,059 51% 15.6x 15.0x 19.1x 18.0x Okta 123.51 14,097 13,972 548 717 31% 25.5x 19.5x (50) nm (12) nm nm nm nm nm Communications Crowdstrike 68.29 13,616 13,983 412 590 43% 33.9x 23.7x (119) nm (67) nm nm nm nm nm Symantec 21.76 13,452 15,861 4,799 4,899 2% 3.3x 3.2x 2,064 43% 2,222 45% 7.7x 7.1x 13.5x 12.1x Content Management Fortinet 76.83 13,120 11,357 2,089 2,370 13% 5.4x 4.8x 543 26% 644 27% 20.9x 17.6x 35.9x 31.8x Zscaler 76.64 9,631 9,278 346 463 34% 26.8x 20.0x 33 10% 53 12% nm nm nm nm eCommerce & Supply Chain Management Proofpoint 120.25 6,695 6,497 877 1,063 21% 7.4x 6.1x 134 15% 182 17% 48.4x 35.6x 81.5x 59.9x Trend Micro 44.58 6,189 4,733 1,568 1,660 6% 3.0x 2.9x 515 33% 550 33% 9.2x 8.6x 22.9x 21.2x ERP & General CyberArk 127.84 4,825 4,358 419 498 19% 10.4x 8.8x 113 27% 136 27% 38.6x 32.2x 59.2x 50.3x Business Applications BlackBerry 7.46 4,088 4,032 1,082 1,229 14% 3.7x 3.3x 147 14% 216 18% 27.5x 18.6x 54.0x 44.3x Qualys 87.08 3,410 3,153 322 375 16% 9.8x 8.4x 125 39% 147 39% 25.2x 21.5x 45.1x 39.2x Financial Applications FireEye 14.81 3,112 3,046 895 982 10% 3.4x 3.1x 123 14% 158 16% 24.7x 19.3x nm 47.8x Human Capital Mimecast 46.71 2,865 2,830 399 484 21% 7.1x 5.9x 65 16% 90 19% 43.7x 31.3x nm 78.8x Management Rapid7 57.84 2,788 2,735 315 389 23% 8.7x 7.0x 11 4% 33 8% nm nm nm nm Tenable 28.54 2,753 2,466 346 434 25% 7.1x 5.7x (48) nm (36) nm nm nm nm nm IT Operations Management Sophos 5.02 2,422 2,546 685 790 15% 3.7x 3.2x 119 17% 191 24% 21.4x 13.3x 51.2x 38.6x Varonis Systems 61.94 1,874 1,767 274 300 9% 6.4x 5.9x (8) nm 5 2% nm nm nm nm IT Security SailPoint 20.04 1,777 1,734 279 324 16% 6.2x 5.4x 22 8% 33 10% nm nm nm 72.8x ForeScout Technologies 33.86 1,531 1,447 371 449 21% 3.9x 3.2x (6) nm 19 4% nm nm nm nm Network Carbon Black 16.72 1,196 1,061 243 287 18% 4.4x 3.7x (37) nm (26) nm nm nm nm nm Infrastructure Secureworks 13.29 1,083 1,000 540 577 7% 1.9x 1.7x 3 0% 13 2% nm nm nm nm Platforms, Dev Tools Tufin 25.89 840 856 107 133 24% 8.0x 6.4x (12) nm (9) nm nm nm nm nm & Deployment OneSpan 14.17 566 482 232 257 11% 2.1x 1.9x 23 10% 37 14% 21.1x 13.1x 36.5x 21.1x ZixCorp 9.09 493 754 168 204 21% 4.5x 3.7x 35 21% 49 24% 21.5x 15.3x 22.4x 17.9x Sales & Marketing Applications F-Secure 2.82 445 474 251 268 6% 1.9x 1.8x 25 10% 30 11% 18.7x 15.6x nm 37.8x

Mean $6,480 $6,289 $887 $995 17% 8.6x 7.1x $242 23% $284 23% 24.7x 19.3x 39.8x 38.8x Storage Management Median 3,112 3,046 412 498 16% 6.2x 5.4x 35 17% 53 18% 21.8x 17.6x 36.5x 37.8x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 26 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Platforms, Development Tools & Deployment eCommerce & Supply Atlassian $ 130.84 $ 31,541 $ 30,614 $ 1,370 $ 1,733 26% 22.3x 17.7x $ 322 24% $ 431 25% nm nm nm nm Chain Management Twilio 136.35 18,143 17,850 1,109 1,483 34% 16.1x 12.0x 74 7% 114 8% nm nm nm nm ERP & General Micro Focus 26.23 9,004 13,242 3,493 3,336 -4% 3.8x 4.0x 1,443 41% 1,505 45% 9.2x 8.8x 12.5x 10.3x Business Applications MongoDB 152.09 8,415 8,237 382 499 31% 21.6x 16.5x (52) nm (37) nm nm nm nm nm Pegasystems 71.21 5,619 5,475 924 1,033 12% 5.9x 5.3x 42 5% 70 7% nm nm nm nm Financial Applications Pivotal 10.56 2,871 2,164 761 889 17% 2.8x 2.4x (24) nm 51 6% nm 42.5x nm nm Appian 36.07 2,334 2,258 257 300 17% 8.8x 7.5x (25) nm (15) nm nm nm nm nm Human Capital Progress Software 43.62 1,941 2,111 424 437 3% 5.0x 4.8x 209 49% 231 53% 10.1x 9.1x 17.1x 16.0x Management Bandwidth 75.02 1,725 1,527 235 280 19% 6.5x 5.5x (7) nm (2) nm nm nm nm nm IT Operations Magic Software 8.97 439 404 310 328 6% 1.3x 1.2x n/a n/a n/a n/a n/a n/a 15.1x 13.7x Management Axway Software 14.79 313 325 322 324 1% 1.0x 1.0x 31 10% 43 13% 10.5x 7.6x 20.3x 16.8x IT Security Mean $7,486 $7,655 $872 $967 15% 8.6x 7.1x $201 22% $239 22% 9.9x 17.0x 16.3x 14.2x Median 2,871 2,258 424 499 17% 5.9x 5.3x 36 17% 61 13% 10.1x 9.0x 16.1x 14.9x Network Infrastructure Sales & Marketing Applications Platforms, Dev Tools Hubspot $ 170.52 $ 7,179 $ 6,722 $ 658 $ 814 24% 10.2x 8.3x $ 81 12% $ 116 14% nm nm nm nm & Deployment Teradata 35.85 4,181 4,091 1,988 2,041 3% 2.1x 2.0x 384 19% 464 23% 10.7x 8.8x 24.2x 17.6x Yext 20.09 2,232 1,985 300 390 30% 6.6x 5.1x (37) nm (27) nm nm nm nm nm Sales & Marketing Applications SurveyMonkey 16.51 2,148 2,288 302 359 19% 7.6x 6.4x 39 13% 53 15% nm 43.0x nm nm LivePerson 28.04 1,716 1,668 289 344 19% 5.8x 4.9x 11 4% 26 7% nm nm nm nm Storage Management Cardlytics 25.98 586 597 188 263 40% 3.2x 2.3x (7) nm 12 4% nm nm nm 44.0x Mean $ 3,007 $2,892 $621 $702 22% 5.9x 4.8x $79 12% $107 13% 10.7x 25.9x 24.2x 30.8x Technical & Median 2,190 2,136 301 375 21% 6.2x 5.0x 25 13% 39 14% nm 25.9x nm 30.8x Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 27 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Acceleration Storage Management NetApp $ 61.70 $ 14,809 $ 12,697 $ 6,144 $ 6,551 7% 2.1x 1.9x $ 1,555 25% $ 1,814 28% 8.2x 7.0x 13.3x 11.4x Business Intelligence Dropbox 25.05 10,300 10,078 1,642 1,883 15% 6.1x 5.4x 381 23% 465 25% 26.4x 21.7x 58.8x 43.3x Nutanix 25.94 4,824 4,334 1,246 1,570 26% 3.5x 2.8x (327) nm (214) nm nm nm nm nm Communications Pure Storage 15.27 3,865 3,282 1,733 2,122 22% 1.9x 1.5x 146 8% 221 10% 22.4x 14.9x 65.2x 31.5x Box 17.61 2,580 2,743 690 779 13% 4.0x 3.5x 53 8% 85 11% nm 32.3x nm 76.7x CommVault Systems 49.62 2,267 1,808 713 754 6% 2.5x 2.4x 110 15% 145 19% 16.5x 12.5x 29.9x 24.2x Content Management Carbonite 26.04 897 1,356 484 580 20% 2.8x 2.3x 134 28% 162 28% 10.1x 8.4x 13.9x 11.7x eCommerce & Supply Mean $5,649 $5,186 $1,807 $2,034 15% 3.3x 2.8x $293 18% $382 20% 16.7x 16.1x 36.2x 33.1x Chain Management Median 3,865 3,282 1,246 1,570 15% 2.8x 2.4x 134 19% 162 22% 16.5x 13.7x 29.9x 27.8x ERP & General Business Applications Technical & Embedded Applications Dassault Systemes $ 159.65 $ 41,397 $ 39,309 $ 4,480 $ 4,868 9% 8.8x 8.1x $ 1,553 35% $ 1,711 35% 25.3x 23.0x 39.9x 36.4x Financial Applications Autodesk 162.90 35,776 37,092 3,284 4,013 22% 11.3x 9.2x 873 27% 1,386 35% 42.5x 26.8x 57.6x 34.3x Cadence Design 70.81 19,900 19,861 2,323 2,479 7% 8.6x 8.0x 820 35% 838 34% 24.2x 23.7x 33.9x 31.2x Human Capital Management Synopsys 128.69 19,291 18,957 3,369 3,622 8% 5.6x 5.2x 894 27% 1,024 28% 21.2x 18.5x 29.1x 25.7x ANSYS 204.82 17,190 16,685 1,459 1,603 10% 11.4x 10.4x 661 45% 740 46% 25.2x 22.5x 34.4x 31.0x IT Operations Parametric Technology 89.76 10,326 10,745 1,327 1,534 16% 8.1x 7.0x 384 29% 528 34% 28.0x 20.3x 50.4x 32.8x Management Aspen Technology 124.28 8,571 8,725 563 595 6% 15.5x 14.7x 281 50% 301 51% 31.1x 29.0x 36.0x 34.3x IT Security Mean $21,779 $21,625 $2,401 $2,674 11% 9.9x 8.9x $781 35% $933 38% 28.2x 23.4x 40.2x 32.2x Median 19,291 18,957 2,323 2,479 9% 8.8x 8.1x 820 35% 838 35% 25.3x 23.0x 36.0x 32.8x Network Infrastructure Vertical Applications Platforms, Dev Tools Danaher $ 142.92 $ 102,321 $ 110,504 $ 20,658 $ 24,531 19% 5.3x 4.5x $ 4,998 24% $ 6,408 26% 22.1x 17.2x 29.9x 25.2x & Deployment Roper Industries 366.26 38,033 42,422 5,416 5,622 4% 7.8x 7.5x 1,925 36% 2,056 37% 22.0x 20.6x 28.3x 27.1x Sales & Marketing Veeva 162.11 23,873 22,563 1,050 1,245 19% 21.5x 18.1x 403 38% 478 38% nm 47.2x 80.0x 68.9x Applications Guidewire Software 101.38 8,294 7,595 745 863 16% 10.2x 8.8x 160 21% 210 24% 47.5x 36.2x 80.4x 69.8x Tyler Technologies 216.02 8,283 8,316 1,084 1,198 11% 7.7x 6.9x 307 28% 346 29% 27.1x 24.0x 40.8x 36.6x Storage Management RealPage 58.85 5,431 5,894 991 1,102 11% 5.9x 5.3x 281 28% 328 30% 21.0x 18.0x 33.5x 28.5x Blackbaud 83.50 4,002 4,680 893 936 5% 5.2x 5.0x 178 20% 194 21% 26.3x 24.2x 38.1x 34.6x Technical & Appfolio 102.27 3,478 3,516 254 319 25% 13.8x 11.0x 41 16% 58 18% nm nm nm nm Embedded Apps Sapiens 16.62 831 871 320 349 9% 2.7x 2.5x 54 17% 61 18% 16.1x 14.2x 23.9x 20.5x Vertical Applications Majesco 9.31 400 362 145 172 19% 2.5x 2.1x 15 10% 21 12% 24.2x 17.1x nm nm Mean $19,494 $20,672 $3,156 $3,634 14% 8.3x 7.2x $836 24% $1,016 25% 25.8x 24.3x 44.3x 38.9x Software-as-a-Service Median 6,857 6,744 942 1,019 14% 6.8x 6.1x 230 23% 269 25% 23.2x 20.6x 35.8x 31.5x

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 28 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Acceleration Software-as-a-Service Salesforce.com $ 151.73 $ 117,825 $ 118,214 $ 16,259 $ 19,455 20% 7.3x 6.1x $ 4,213 26% $ 5,231 27% 28.1x 22.6x 52.5x 44.5x Business Intelligence ServiceNow 274.57 50,937 50,368 3,448 4,429 28% 14.6x 11.4x 953 28% 1,273 29% nm 39.6x 86.3x 64.1x Workday 205.58 46,542 46,179 3,568 4,401 23% 12.9x 10.5x 701 20% 939 21% nm 49.2x nm 92.0x Communications Shopify 300.15 33,694 31,801 1,513 2,017 33% 21.0x 15.8x 62 4% 112 6% nm nm nm nm Atlassian 130.84 31,541 30,614 1,370 1,733 26% 22.3x 17.7x 322 24% 431 25% nm nm nm nm Content Management Splunk 125.75 18,884 18,080 2,265 2,753 22% 8.0x 6.6x 383 17% 526 19% 47.2x 34.4x 70.0x 53.4x Twilio 136.35 18,143 17,850 1,109 1,483 34% 16.1x 12.0x 74 7% 114 8% nm nm nm nm eCommerce & Supply Paycom Software 226.72 13,039 13,006 720 885 23% 18.1x 14.7x 297 41% 372 42% 43.7x 35.0x 69.0x 54.9x Chain Management Zendesk 89.03 9,755 9,889 808 1,055 30% 12.2x 9.4x 53 7% 100 9% nm nm nm nm ERP & General RingCentral 114.92 9,416 9,275 864 1,063 23% 10.7x 8.7x 110 13% 139 13% nm nm nm nm Business Applications Hubspot 170.52 7,179 6,722 658 814 24% 10.2x 8.3x 81 12% 116 14% nm nm nm nm RealPage 58.85 5,431 5,894 991 1,102 11% 5.9x 5.3x 281 28% 328 30% 21.0x 18.0x 33.5x 28.5x Financial Applications New Relic 86.51 5,028 4,692 574 718 25% 8.2x 6.5x 82 14% 122 17% nm 38.3x nm 90.9x Paylocity 93.82 4,970 4,831 510 612 20% 9.5x 7.9x 147 29% 181 30% 32.9x 26.7x 64.1x 51.3x Human Capital Management Pure Storage 15.27 3,865 3,282 1,733 2,122 22% 1.9x 1.5x 146 8% 221 10% 22.4x 14.9x 65.2x 31.5x LogMeIn 73.68 3,671 3,840 1,258 1,322 5% 3.1x 2.9x 412 33% 397 30% 9.3x 9.7x 14.8x 15.2x IT Operations Q2 Holdings 76.36 3,567 3,622 311 380 22% 11.7x 9.5x 21 7% 41 11% nm nm nm nm Management Envestnet 68.37 3,546 3,850 906 1,057 17% 4.2x 3.6x 194 21% 241 23% 19.9x 16.0x 32.1x 25.7x IT Security Appfolio 102.27 3,478 3,516 254 319 25% 13.8x 11.0x 41 16% 58 18% nm nm nm nm Cornerstone OnDemand 57.93 3,456 3,442 568 647 14% 6.1x 5.3x 122 21% 161 25% 28.3x 21.4x 55.6x 40.0x Network Five9 51.29 3,061 2,979 306 358 17% 9.7x 8.3x 50 16% 66 18% nm 45.0x 80.0x 62.1x Infrastructure Everbridge 89.42 2,944 2,798 197 248 26% 14.2x 11.3x 5 2% 13 5% nm nm nm nm Platforms, Dev Tools Mimecast 46.71 2,865 2,830 399 484 21% 7.1x 5.9x 65 16% 90 19% 43.7x 31.3x nm 78.8x & Deployment Workiva 58.09 2,623 2,551 285 332 16% 8.9x 7.7x (11) nm (6) nm nm nm nm nm Sales & Marketing Box 17.61 2,580 2,743 690 779 13% 4.0x 3.5x 53 8% 85 11% nm 32.3x nm 76.7x Applications Varonis Systems 61.94 1,874 1,767 274 300 9% 6.4x 5.9x (8) nm 5 2% nm nm nm nm SPS Commerce 102.21 1,831 1,667 276 301 9% 6.0x 5.5x 66 24% 76 25% 25.2x 21.9x 46.3x 40.8x Storage Management Talend 38.59 1,172 1,175 249 302 21% 4.7x 3.9x (23) nm (9) nm nm nm nm nm Benefitfocus 27.15 883 1,014 304 355 17% 3.3x 2.9x 17 6% 33 9% nm 30.6x nm nm Technical & ZixCorp 9.09 493 754 168 204 21% 4.5x 3.7x 35 21% 49 24% 21.5x 15.3x 22.4x 17.9x Embedded Apps ChannelAdvisor 8.76 244 216 132 141 6% 1.6x 1.5x 16 12% 19 14% 13.7x 11.4x 26.5x 20.2x Vertical Applications Mean $13,372 $13,208 $1,386 $1,683 20% 9.3x 7.6x $289 17% $372 18% 27.5x 27.0x 51.3x 49.4x Median 3,671 3,840 658 779 21% 8.2x 6.6x 74 16% 114 18% 25.2x 26.7x 54.0x 47.9x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 29 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Highly Acquisitive Human Capital Management Danaher $ 142.92 $ 102,321 $ 110,504 $ 20,658 $ 24,531 19% 5.3x 4.5x $ 4,998 24% $ 6,408 26% 22.1x 17.2x 29.9x 25.2x Roper Industries 366.26 38,033 42,422 5,416 5,622 4% 7.8x 7.5x 1,925 36% 2,056 37% 22.0x 20.6x 28.3x 27.1x IT Operations Constellation Software 943.57 19,996 19,819 3,525 4,053 15% 5.6x 4.9x 926 26% 1,087 27% 21.4x 18.2x 30.7x 25.6x Management SS&C Technologies 57.61 14,575 22,941 4,708 4,923 5% 4.9x 4.7x 1,878 40% 2,033 41% 12.2x 11.3x 15.1x 13.6x IT Security OpenText 41.20 11,080 12,933 2,963 3,029 2% 4.4x 4.3x 1,132 38% 1,203 40% 11.4x 10.7x 14.6x 13.5x Micro Focus 26.23 9,004 13,242 3,493 3,336 -4% 3.8x 4.0x 1,443 41% 1,505 45% 9.2x 8.8x 12.5x 10.3x Network j2 Global 88.89 4,350 5,213 1,343 1,450 8% 3.9x 3.6x 547 41% 595 41% 9.5x 8.8x 12.6x 11.6x Infrastructure Descartes Systems 37.04 3,116 3,346 326 361 11% 10.3x 9.3x 120 37% 136 38% 27.8x 24.7x 25.6x 23.1x Platforms, Dev Tools Bottomline Technologies 44.24 1,926 1,948 434 475 10% 4.5x 4.1x 101 23% 108 23% 19.4x 18.0x 33.0x 29.9x & Deployment Enghouse Systems 26.47 1,447 1,290 312 354 13% 4.1x 3.6x 88 28% 103 29% 14.7x 12.6x 29.3x 23.2x Upland Software 45.53 1,151 1,421 211 228 8% 6.7x 6.2x 78 37% 86 38% 18.3x 16.6x 21.6x 20.6x Sales & Marketing Applications Asure Software 8.23 127 239 105 113 8% 2.3x 2.1x 23 22% 26 23% 10.2x 9.3x 14.2x 12.0x Mean $ 17,261 $19,610 $3,624 $4,039 8% 5.3x 4.9x $1,105 33% $1,279 34% 16.5x 14.7x 22.3x 19.7x Storage Management Median 6,677 9,073 2,153 2,239 8% 4.7x 4.4x 737 36% 841 37% 16.5x 14.6x 23.6x 21.9x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 30 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 31 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Acceleration High Profitability (>=35% CY19E EBITDA Margin) Rightmove $ 6.79 $ 6,025 $ 6,016 $ 367 $ 396 8% 16.4x 15.2x $ 282 77% $ 304 77% 21.4x 19.8x 26.7x 24.3x Business Intelligence Verisign 209.16 24,928 25,469 1,232 1,289 5% 20.7x 19.8x 888 72% 923 72% 28.7x 27.6x 40.0x 37.6x MSCI 238.79 20,220 22,345 1,546 1,693 9% 14.5x 13.2x 847 55% 941 56% 26.4x 23.7x 38.1x 33.3x Communications Check Point 115.61 17,600 15,842 1,995 2,075 4% 7.9x 7.6x 1,013 51% 1,059 51% 15.6x 15.0x 19.1x 18.0x Aspen Technology 124.28 8,571 8,725 563 595 6% 15.5x 14.7x 281 50% 301 51% 31.1x 29.0x 36.0x 34.3x Progress Software 43.62 1,941 2,111 424 437 3% 5.0x 4.8x 209 49% 231 53% 10.1x 9.1x 17.1x 16.0x Content Management SolarWinds 18.34 5,619 7,106 941 1,055 12% 7.6x 6.7x 449 48% 512 49% 15.8x 13.9x 22.6x 19.7x eCommerce & Supply Oracle 56.97 190,042 209,190 39,844 41,072 3% 5.3x 5.1x 18,853 47% 19,601 48% 11.1x 10.7x 15.2x 14.1x Chain Management Intel 47.87 214,314 231,383 68,604 71,430 4% 3.4x 3.2x 31,257 46% 32,836 46% 7.4x 7.0x 11.2x 10.7x ANSYS 204.82 17,190 16,685 1,459 1,603 10% 11.4x 10.4x 661 45% 740 46% 25.2x 22.5x 34.4x 31.0x ERP & General Business Applications Adobe 294.65 143,035 143,692 11,190 13,189 18% 12.8x 10.9x 5,012 45% 6,089 46% 28.7x 23.6x 37.7x 30.2x Symantec 21.76 13,452 15,861 4,799 4,899 2% 3.3x 3.2x 2,064 43% 2,222 45% 7.7x 7.1x 13.5x 12.1x Financial Applications Microsoft 133.96 1,026,511 981,318 131,240 145,710 11% 7.5x 6.7x 56,198 43% 65,779 45% 17.5x 14.9x 28.0x 24.8x Paycom Software 226.72 13,039 13,006 720 885 23% 18.1x 14.7x 297 41% 372 42% 43.7x 35.0x 69.0x 54.9x Human Capital Micro Focus 26.23 9,004 13,242 3,493 3,336 -4% 3.8x 4.0x 1,443 41% 1,505 45% 9.2x 8.8x 12.5x 10.3x Management Akamai Technologies 80.14 13,151 13,311 2,848 3,044 7% 4.7x 4.4x 1,166 41% 1,285 42% 11.4x 10.4x 19.2x 17.2x IT Operations j2 Global 88.89 4,350 5,213 1,343 1,450 8% 3.9x 3.6x 547 41% 595 41% 9.5x 8.8x 12.6x 11.6x Management Paychex 82.29 29,567 29,640 4,031 4,254 6% 7.4x 7.0x 1,628 40% 1,768 42% 18.2x 16.8x 28.4x 25.5x SS&C Technologies 57.61 14,575 22,941 4,708 4,923 5% 4.9x 4.7x 1,878 40% 2,033 41% 12.2x 11.3x 15.1x 13.6x IT Security FIS 122.68 39,703 48,794 8,461 8,818 4% 5.8x 5.5x 3,303 39% 3,541 40% 14.8x 13.8x 16.5x 15.3x VMware 167.21 68,424 69,966 10,048 11,038 10% 7.0x 6.3x 3,923 39% 4,274 39% 17.8x 16.4x 25.6x 22.8x Network Infrastructure Qualys 87.08 3,410 3,153 322 375 16% 9.8x 8.4x 125 39% 147 39% 25.2x 21.5x 45.1x 39.2x Temenos Group 178.98 12,414 12,974 988 1,104 12% 13.1x 11.8x 382 39% 434 39% 34.0x 29.9x 51.3x 44.2x Platforms, Dev Tools Veeva 162.11 23,873 22,563 1,050 1,245 19% 21.5x 18.1x 403 38% 478 38% nm 47.2x 80.0x 68.9x & Deployment OpenText 41.20 11,080 12,933 2,963 3,029 2% 4.4x 4.3x 1,132 38% 1,203 40% 11.4x 10.7x 14.6x 13.5x Sales & Marketing Fiserv 91.16 35,775 41,580 6,180 6,495 5% 6.7x 6.4x 2,347 38% 2,489 38% 17.7x 16.7x 26.4x 23.7x Applications F5 Networks 145.63 8,693 7,380 2,256 2,345 4% 3.3x 3.1x 844 37% 867 37% 8.7x 8.5x 14.2x 13.3x Upland Software 45.53 1,151 1,421 211 228 8% 6.7x 6.2x 78 37% 86 38% 18.3x 16.6x 21.6x 20.6x Storage Management Descartes Systems 37.04 3,116 3,346 326 361 11% 10.3x 9.3x 120 37% 136 38% 27.8x 24.7x 25.6x 23.1x Technical & CoStar 554.06 20,246 19,159 1,380 1,585 15% 13.9x 12.1x 498 36% 595 38% 38.4x 32.2x 55.1x 46.5x Embedded Apps Intuit 261.33 67,748 64,850 7,007 7,709 10% 9.3x 8.4x 2,513 36% 2,826 37% 25.8x 22.9x 38.2x 32.8x Cisco Systems 54.73 234,285 223,351 52,864 54,853 4% 4.2x 4.1x 18,931 36% 19,632 36% 11.8x 11.4x 16.8x 15.5x Vertical Applications Mean $ 71,970 $72,330 $11,731 $12,579 8% 9.1x 8.2x $4,987 44% $5,494 45% 19.4x 18.4x 29.0x 25.6x Median 15,883 16,273 2,126 2,210 7% 7.4x 6.7x 951 41% 1,000 42% 17.7x 16.5x 25.6x 22.9x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 32 Equity Financing Activity Software IPOs: 2Q 2019

$30,000 $24,191 At IPO $25,000 At 06/30/19 $18,919 $20,000

$15,000 $13,616 $13,108 $9,230 $10,000 $6,687

$5,000 $3,580

Market Value Market Value millions) ($ $1,451 $1,839 $1,767 $454 $840 $0

50.0x 44.8x 45.0x Median at IPO 40.0x 33.9x Median at 06/30/19 35.0x 32.6x 30.0x 25.0x 20.6x 20.8x

20.0x 15.8x 17.3x CYEV/Rev 15.0x 10.7x 10.5x 8.1x 10.0x 7.5x 4.2x 5.0x 0.0x

IPO Pricing IPO Date 06/11/19 06/07/19 05/16/19 04/17/19 04/10/19 04/10/19 Original Range $19 - $23 $21 - $32 $14 - $16 $28 - $32 $19 - $21 $12 - $14 Pricing $34.00 $26.00 $16.00 $36.00 $24.00 $14.00 vs. Midpoint 62% (1%) 7% 20% 20% 8% Current $68.29 $37.50 $20.28 $88.79 $47.05 $25.89 vs. Pricing 101% 44% 27% 147% 96% 85%

Operating Statistics at IPO ($ millions) CY Revenue $412 $599 $192 $524 $156 $106 CY+1 Revenue $590 $820 $251 $753 $202 $132 Growth 43% 37% 31% 44% 30% 25%

Initial Equity Issuances from 2016 – 2Q 2019 ($ millions)

Current Trading Data Valuation at IPO Share Price Market Enterprise Revenue EV / Revenue Performance Share Amount Market Enterprise EV / Revenue Revenue at IPO Company 6/30/19 Value Value CY19E CY20E CY19E CY20E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY + 1

Crowdstrike $ 68.29 $ 13,616 $ 13,983 $ 412 $ 590 33.9x 23.7x 101% 06/11/19 $ 34.00 $ 612 $ 6,687 $ 6,496 26.0x 15.8x 11.0x Slack 37.50 18,919 19,530 599 820 32.6x 23.8x 44% 06/07/19 26.00 117 13,108 12,315 27.1x 20.6x 15.0x Fastly 20.28 1,839 2,048 192 251 10.7x 8.2x 27% 05/16/19 16.00 180 1,451 1,436 9.1x 7.5x 5.7x Zoom 88.79 24,191 23,506 524 753 44.8x 31.2x 147% 04/17/19 36.00 751 9,230 9,068 27.4x 17.3x 12.0x PagerDuty 47.05 3,580 3,242 156 202 20.8x 16.0x 96% 04/10/19 24.00 218 1,767 1,639 13.9x 10.5x 8.1x Tufin 25.89 840 856 106 132 8.1x 6.5x 85% 04/10/19 14.00 108 454 443 5.0x 4.2x 3.4x SolarWinds 18.34 5,619 7,106 925 1,029 7.7x 6.9x 22% 10/18/18 15.00 375 4,574 6,532 8.1x 7.8x 7.1x Anaplan 50.47 6,519 6,240 330 426 18.9x 14.7x 197% 10/11/18 17.00 264 2,068 1,981 9.9x 8.8x 6.8x Elastic 74.66 5,626 5,327 362 499 14.7x 10.7x 107% 10/04/18 36.00 252 2,250 2,197 11.9x 10.1x 7.4x SurveyMonkey 16.51 2,148 2,288 302 359 7.6x 6.4x 38% 09/25/18 12.00 180 1,494 1,860 8.0x 7.5x 6.6x Tenable 28.54 2,753 2,466 346 434 7.1x 5.7x 24% 07/26/18 23.00 251 2,132 2,121 9.4x 8.2x 6.5x Avalara 72.20 5,310 5,163 350 430 14.8x 12.0x 201% 06/14/18 24.00 180 1,587 1,631 7.2x 6.4x 5.4x Pluralsight 30.32 4,198 3,963 316 427 12.5x 9.3x 102% 05/16/18 15.00 311 2,026 2,137 11.9x 9.9x 7.6x Carbon Black 16.72 1,196 1,061 243 287 4.4x 3.7x -12% 05/03/18 19.00 152 1,273 1,240 7.2x 6.1x 5.0x Ceridian HCM 50.20 7,070 7,580 812 917 9.3x 8.3x 128% 04/26/18 22.00 462 3,037 4,095 5.9x 5.6x 5.2x DocuSign 49.71 8,640 8,505 920 1,138 9.2x 7.5x 71% 04/26/18 29.00 629 4,582 4,325 8.3x 6.9x 5.7x Smartsheet 48.40 5,629 5,480 264 361 20.8x 15.2x 223% 04/26/18 15.00 175 1,510 1,458 13.1x 9.4x 6.7x Pivotal 10.56 2,871 2,164 761 889 2.8x 2.4x -30% 04/20/18 15.00 555 3,838 3,785 7.4x 6.1x 4.9x Zuora 15.32 1,702 1,536 274 326 5.6x 4.7x 9% 04/11/18 14.00 154 1,472 1,440 8.6x 6.7x 5.3x Dropbox 25.05 10,300 10,078 1,642 1,883 6.1x 5.4x 19% 03/22/18 21.00 756 8,550 8,329 7.5x 6.2x 5.4x Zscaler 76.64 9,631 9,278 346 463 26.8x 20.0x 379% 03/15/18 16.00 192 1,906 1,835 11.9x 9.0x 6.8x Cardlytics 25.98 586 597 188 263 3.2x 2.3x 100% 02/08/18 13.00 70 264 300 2.3x 1.9x 1.3x Boxlight 3.07 33 33 47 58 0.7x 0.6x -56% 11/28/17 7.00 7 66 70 2.8x n/a n/a SailPoint 20.04 1,777 1,734 279 324 6.2x 5.4x 67% 11/16/17 12.00 240 1,052 1,188 7.3x 6.8x 5.5x Bandwidth 75.02 1,725 1,527 235 280 6.5x 5.5x 275% 11/09/17 20.00 80 364 397 2.5x 2.5x 2.2x ForeScout Technologies 33.86 1,531 1,447 371 449 3.9x 3.2x 54% 10/26/17 22.00 116 832 784 3.7x 3.7x 3.1x MongoDB 152.09 8,415 8,237 382 499 21.6x 16.5x 534% 10/18/17 24.00 192 1,204 1,112 8.9x 7.6x 5.6x Appian 36.07 2,334 2,258 257 300 8.8x 7.5x 201% 05/24/17 12.00 75 716 701 5.2x 4.5x 3.8x Veritone 8.36 170 119 51 64 2.3x 1.9x -44% 05/11/17 15.00 38 208 215 21.6x 11.9x 5.6x Cloudera 5.26 1,442 1,241 752 849 1.6x 1.5x -65% 04/27/17 15.00 225 1,955 1,720 6.3x 5.1x 4.1x Yext 20.09 2,232 1,985 300 390 6.6x 5.1x 83% 04/12/17 11.00 116 958 938 7.6x 5.7x 4.2x Okta 123.51 14,097 13,972 548 717 25.5x 19.5x 627% 04/06/17 17.00 187 1,571 1,533 9.5x 6.8x 4.9x Alteryx 109.12 6,825 6,661 361 477 18.5x 14.0x 679% 03/23/17 14.00 126 807 755 8.8x 6.4x 4.6x Presidio 13.67 1,131 2,042 2,980 3,114 0.7x 0.7x -2% 03/09/17 14.00 233 1,276 2,425 0.9x 0.8x 0.8x BlackLine 53.51 2,946 2,832 278 341 10.2x 8.3x 215% 10/27/16 17.00 146 861 907 8.1x 7.6x 5.7x Coupa Software 126.61 7,821 7,680 346 441 22.2x 17.4x 603% 10/05/16 18.00 133 886 806 7.4x 6.5x 5.1x Nutanix 25.94 4,824 4,334 1,246 1,570 3.5x 2.8x 62% 09/29/16 16.00 238 2,232 2,120 4.2x n/a 2.1x Everbridge 89.42 2,944 2,798 197 248 14.2x 11.3x 645% 09/15/16 12.00 90 337 351 5.2x 4.7x 3.7x Talend 38.59 1,172 1,175 249 302 4.7x 3.9x 114% 07/28/16 18.00 95 512 515 5.8x 5.0x 3.8x SendGrid 0.86 65 335 2,330 2,524 0.1x 0.1x -95% 03/21/16 15.75 256 683 1,138 0.7x n/a n/a Mean $5,107 $5,060 $539 $646 12.0x 9.2x $238 $2,294 $2,358 9.1x 7.5x 5.6x Notes: Median 2,945 2,815 346 432 8.5x 7.2x 184 1,483 1,496 7.8x 6.8x 5.4x [a] Primary shares only Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 34 Equity Financing Activity Software IPO Pipeline

Historical IPO Filing Trends

(11) 13

7 (7) 13 (15) 15 (15) (3) (6) (3) 8 6 5 2 2

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market Copyright ©2019 Shea & Company 35 Equity Financing Activity Software Private Capital Raise Activity: 2Q 2019

($ millions)

Close Date Company Participating Investor(s) Description Amount 06/28/19 NowSecure Baird Capital, ForgePoint Capital, Jump Capital, Math Venture Partners Open source automated mobile application security testing $15 06/27/19 Aera Technology DFJ Growth, Georgian Co-Investment Fund, NewView Capital Supply chain BI with AI autonomy and predictive analytics $80 06/27/19 BlueConic n/a ML-powered customer data aggregation and analysis $2 06/27/19 Clause DocuSign, EOS Ventures, Galaxy Digital Ventures, Lerer Hippeau, Raptor Group, Seedcamp Automated document and contract updating $6 06/27/19 Fungible Battery Ventures, Mayfield Fund, Norwest Venture, Redline Capital, SoftBank Investment Advisers, WRV Capital Full stack cloud infrastructure optimization $200 06/27/19 TripActions Andreessen Horowitz, Greenspring Associates, Lightspeed Venture Partners, SGVC, Zeev Ventures End-to-end corporate travel management $250 06/26/19 eSmart Systems Energy Impact Partners, Equinor, Innogy Venture Capital, Kongsberg Digital, Nysnø Klimainvesteringer Visual asset inspection analytics and issue prevention $34 06/26/19 GreatHorn .406 Ventures, RRE Ventures, Techstars, Uncork Capital, V1.vc Automated and adaptive email cybersecurity $13 06/26/19 MentorcliQ Ohio Tech Angels, Pixel Perfect Ventures, Plymouth Growth Partners, Rev1 Ventures Cloud-based employee mentoring and training enablement $6 06/26/19 Skubana Advancit Capital, Defy, FJ Labs E-commerce process synchronization and acceleration $5 06/26/19 Vulcan Cyber Ten Eleven Ventures, YL Ventures Cybersecurity vulnerability remediation platform $10 06/25/19 Cloudleaf n/a Cloud-based assets-in-motion intelligence and analytics $33 06/25/19 G2Lytics de Anda Capital Cloud-based sales tax fraud prevention $1 06/25/19 Orderful Andreessen Horowitz Automated supply chain network facilitation and optimization $10 06/25/19 ReviewTrackers PeakSpan Customer review data management platform $10 06/25/19 Showpad Dawn Capital, Hummingbird Ventures, Insight Partners, Korelya Capital Sales enablement platform $70 06/24/19 Button Capital One Growth Ventures, DCM Ventures, Icon Ventures, Norwest Venture, Redpoint Ventures Mobile commerce brand partnership platform $2 06/24/19 KnowBe4 Elephant Venture Capital, Kohlberg Kravis Roberts, Ten Eleven Ventures Integrated security awareness and simulated phishing security $309 06/21/19 Digital Guardian Brookline Venture Partners, Golub Capital, LLR Partners, MassMutual Ventures, Siemens Financial Services End-to-end network and cloud security with real time analytics $154 06/21/19 Navigator #Angels, Charles River Ventures, Designer Fund, SV Angel Autobot calendar planner, meeting organizer and assistant $12 06/20/19 Druva Atreides Capital, Neuberger Berman, Nexus Venture Partners, Riverwood Capital, Tenaya Capital, Viking Global Investors Cloud data protection and management $130 06/20/19 Engage3 Black Diamond Ventures, NewRoad Capital Partners, Pereg Ventures, The March Fund Cloud-based retail marketing personalization $12 06/20/19 MakerSights Forerunner Ventures AI-powered predictive analysis of product design $9 06/20/19 Procurify Technologies HarbourVest Partners, Information Venture Partners, Kensington Capital Partners, Manulife Financial, Runa Capital Cloud-based enterprise spending management $20 06/20/19 Rhumbix Blackhorn Ventures, Glynn Capital, Greylock Partners, S28, South Park Ventures, Tenfore Holdings Mobile construction activity optimization platform $14 06/20/19 TrueFort Emerald Development Managers, Evolution Equity Partners, Lytical Ventures Infrastructure and critical application cybersecurity $14 06/20/19 ValueBlue Newion Investment Enterprise architecture and business process management $2 06/19/19 Expel Battery Ventures, Greycroft, Index Ventures, New Enterprise Associates, Paladin Capital Group, Scale Venture Partners Managed cybersecurity PaaS $40 06/19/19 Mattermost Battery Ventures, Redpoint, S28, Y Combinator Open source secure workforce messaging platform $50 06/19/19 Postman Charles River Ventures, Nexus Venture Collaboration enablement in application development $50 06/19/19 Text IQ FirstMark Capital, Sierra Ventures AI-powered document management $13 06/19/19 ValiMail Insight Partners E-mail fraud protection $45 06/19/19 Valtix Trinity Ventures, Vertex Ventures, Wing Venture Capital Cloud-native network security $14 06/18/19 Bricata n/a Multi-service integrated cyber security $1 06/18/19 FoodLogiQ n/a Food safety supplier compliance and management $10 06/18/19 Optimizely Accenture Ventures, Goldman Sachs Private Capital, Omega Venture Partners Digital experience testing platform $50 06/17/19 Clockwise Accel, Greylock Partners, Slack, SV Angel ML-powered calendar assistant $11 06/17/19 Spate avrhm capital, Initialized Capital Management, Kima Ventures, Lightspeed, Y Combinator Trend-analyzing machine intelligence system $2 06/14/19 OThot Activate Venture Partners, Innovation Works, Leading Edge Ventures Cloud-based predictive analytics $4 06/13/19 Commerce Signals n/a Big data management and use case facilitation $6

($ millions)

Close Date Company Participating Investor(s) Description Amount 06/13/19 Dstillery Contour Venture Partners, NewSpring Capital, Venture Partners Digital intelligence-based consumer behavior analysis $6 06/13/19 MadKudu n/a Predictive lead scoring of trial-to-paid service conversions $1 06/13/19 MindBridge Innovation, National Bank of Canada, PeakSpan, Real Ventures, Reciprocal Ventures, Science and Economic Development Canada Financial analytics and anomaly detection $30 06/13/19 Remediant n/a Real-time monitoring and JITA cyber security $9 06/13/19 SecurityScorecard Accomplice VC, AXA Venture Partners, Evolution Equity Partners, Intel Capital, Riverwood Capital, Two Sigma Enterprise IT security rating system $50 06/13/19 VidMob Acadia Woods, BuildGroup, Herington LLC, Interlock Partners, Macanta Investments, Manifest Investment Full-stack ad creation, analysis and optimization platform $25 06/12/19 adjust Eurazeo, Highland Europe, Morgan Stanley, Sofina Mobile marketing fraud prevention and BI $227 06/12/19 CreatorIQ Affinity Group, Evolution Media, TPG Growth, TVC Capital, Unilever Ventures End-to-end brand influencer campaign optimization $12 06/12/19 CredSimple Primary Venture Partners, Questa Capital, Windham Venture Partners Credential verification management $14 06/12/19 KnowBe4 Elephant Venture Capital, Kohlberg Kravis Roberts, Ten Eleven Ventures Integrated security simulation platform $300 06/12/19 Meteor Development Group Andreessen Horowitz, Matrix Partners, Trinity Ventures, Webb Investment Network Open source development platform $22 06/12/19 SignalFx Andreessen Horowitz, Charles River Ventures, General Catalyst, Tiger Global ML-based real-time cloud anomaly monitoring $75 06/12/19 Symphony Communication BNP Paribas, Goldman Sachs, J.P. Morgan, MUFG Innovation Partners, Standard Chartered Cloud-based open source workflow platform $165 06/12/19 Testim Lightspeed, Meron Capital, NHN Ventures, SignalFire, Spider Capital Automated application testing $10 06/11/19 Edgewise Networks .406 Ventures, Accomplice VC, Pillar Companies Data infrastructure protection with ML $11 06/11/19 Jump Software n/a Automated online presence and engagement management $3 06/11/19 Pryon Attic, BootstrapLabs, Breyer, Digital Alpha, Engage, Full Tilt, Good Growth, Greycroft, Revolution, Sequoia, Two Sigma Internal enterprise communication AI platform $25 06/11/19 RapidAPI Andreessen Horowitz, DNS Capital, Green Bay Ventures, M12 Code-free back end development and integration $25 06/11/19 SpotOn Dragoneer Investment, Franklin Templeton Investments Cloud-based marketing tool set $40 06/10/19 ALICE Technologies Cantos Ventures, Creative Ventures, Lightspeed, Merus Capital AI-powered resource allocation and optimization $11 06/10/19 Hazelcast Bain Capital, C5 Capital, Capital One Growth Ventures, Earlybird Venture Capital Open source in-memory data grid $22 06/10/19 Immedis Scottish Equity Partners Cloud-based payroll and employment tax solutions $29 06/10/19 Privitar 24Haymarket, Accel, IQ Capital Partners, Partech Partners, Salesforce Privacy protection and data asset safeguarding $40 06/10/19 Skupos Dynamo, Insight Partners, Loup Ventures, Tao Capital, Toba Capital, Unilever Ventures Data-driven automation of inventory management $26 06/10/19 Vectra Accel, AME Cloud Ventures, Atlantic Bridge, DAG, IA, Ireland Strategic Investment Fund, Khosla Ventures, Nissho Electronics, TCV AI-powered network intrusion detection $100 06/09/19 Spacemaker Atomico, Construct Venture, Northzone Ventures, NREP, OBOS, Round Hill Ventures AI optimization of real estate and building data $25 06/07/19 Osaro n/a Materials-handling machine intelligence $11 06/07/19 Swiftly 1776, Aster, Elemental Excelerator, Millennium Strategic, RATP, Renewal Funds, Samsung NEXT, StartX, Via ID, Wind Capital Data-driven urban mobility optimization $11 06/07/19 Venuetize n/a Sports and entertainment mobile fan engagement $2 06/06/19 Cylus Cerca Partners, Cyient , Follow [the] Seed, GlenRock Israel, Magma Venture Partners, SBI Holdings, Vertex Ventures Rail system cybersecurity $12 06/06/19 Cypress.io Bessemer, Las Olas Venture Capital Open source automated front-end testing $9 06/06/19 Lucinity Crowberry Capital, Preceptor Capital AI-powered financial surveillance and security $2 06/06/19 Semantic Research Osage Venture Partners Optimization of data visualization $5 06/06/19 SocialChorus n/a Workforce communication and engagement $7 06/06/19 WorkRamp Bow Capital, Initialized Capital Management, Slack, Susa Ventures Employee training and onboarding analytics $8 06/06/19 Zyper Forerunner Ventures, Talis Capital, Y Combinator NLP-based brand engagement with customers $7 06/05/19 AllyO Bain Capital, Cervin Ventures, Gradient VC, Randstad Innovation Fund, Sapphire Ventures, Scale Venture Partners, Square 1 Bank End-to-end AI-based recruiting solution $45 06/05/19 COR n/a Project management and workflow automation $2 06/05/19 FormAssembly Level Equity Data collection and survey platform $13 06/05/19 Litify Tiger Global Generalized business process automation $50

($ millions)

Close Date Company Participating Investor(s) Description Amount 06/05/19 TransparentBusiness n/a Freelance workforce management $2 06/05/19 Yellowbrick Data BMW i Ventures, DFJ Growth, GV, IVP, Menlo, Next47, Third Point, Threshold Ventures Data warehousing, analysis and management $81 06/04/19 Anyroad Andreessen Horowitz, Precursor Ventures, Rally Ventures Cloud-based management and optimization of offline CX $9 06/04/19 EnSilo Jerusalem Venture, Lightspeed, O.G. Tech Ventures, Rembrandt Venture Partners Endpoint security with automated incident response $28 06/04/19 Hatch Dragon Capital SMB sales enablement $2 06/04/19 Highspot ICONIQ Capital, Madrona Venture, OpenView Venture Partners, Salesforce, Sapphire Ventures, Shasta Ventures Cloud-based sales engagement and content optimization $60 06/04/19 Kukui SSM Partners Marketing platform with POS integration and visibility analysis $27 06/04/19 Matillion Battery Ventures, Sapphire Ventures, Scale Venture Partners Cloud-based data integration $35 06/04/19 SentinelOne Data Collective, Granite Hill, Insight Partners, NextEquity, Redpoint, Samsung, SineWave, Sound Ventures, Third Point, Tiger Global Advanced endpoint protection and remediation $120 06/04/19 Troops Aspect Ventures, Chicago Ventures, CSC UpShot Ventures, Felicis Ventures, First Round, Hone Capital, Slack, Susa Ventures AI-powered customizable sales enablement $12 06/03/19 Actio Analytics n/a BI dashboard and ERP data analysis $20 06/03/19 AdHawk Accomplice VC, Entrée Capital, FJ Labs, Table Management Advertising analytics and digital marketing data optimization $13 06/03/19 aPriori n/a Product cost management and assessment $5 06/03/19 Onna Technologies Dawn Capital, Dropbox, Slack Emerging app data integration $11 06/03/19 Rafay n/a Containerized app lifecycle management $8 06/03/19 WorkSpan M12, Mayfield Fund, Redline Capital Joint marketing campaign management $27 05/30/19 BigTime Software MassMutual Ventures, Migration Capital, Wavecrest Growth Partners Time and billing management $14 05/30/19 Dashlane Bessemer, FirstMark Capital, Rho Ventures, Sequoia Login, password and payment information management $110 05/30/19 Ocrolus n/a Bank statement review automation $17 05/30/19 PERQ n/a AI-based marketing analytics $5 05/30/19 Swimlane Energy Impact Partners Incident response and security automation $23 05/30/19 Weights & Biases Coatue Management Model analytics and training automation $15 05/29/19 AttackIQ Index Ventures, Salesforce, Telstra Ventures Security assessment validation and automation $18 05/29/19 Equalum GE Ventures, Innovation Endeavors, Planven Investments, United Ventures Real-time operational data beaming $18 05/29/19 Feedtrail Dioko Ventures Self-service feedback management $1 05/29/19 Kustomer Battery Ventures, Tiger Global Service and support CRM $40 05/29/19 Liongard Gestalt Theory Venture Partners, Integr8d Capital, Richard Yoo, TDF Ventures IT asset documentation and management $6 05/29/19 Logz.io General Catalyst, Next47 AI and ML-based open-source log analytics $52 05/29/19 Riffyn Merck Ventures, O'Reilly AlphaTech Ventures, Plug and Play Tech Center, Waters Scientific process design and data analytics $15 05/29/19 Sitetracker Energize Ventures, National Grid Partners, New Enterprise Associates, Salesforce, The Dcode Group, Wells Fargo Project management and workflow automation $38 05/29/19 SmartRecruiters Insight Partners, Mayfield Fund, Rembrandt Venture Partners Recruitment marketing and collaborative hiring platform $50 05/29/19 Vupulse BRIDGE Angel Investors, Florida Funders, New World Angels, Westlake Ventures Digital marketing intelligence $2 05/28/19 3CLogic Berg Capital Group Contact center management and user activity automation $2 05/28/19 InfoSum n/a Customer data security analytics $3 05/28/19 JetStream Software Digital Alpha, Illuminate Ventures Data protection and workload management $8 05/28/19 OpenSesame Altos Ventures, FTV Capital eLearning catalogue and course search platform $28 05/24/19 BigML n/a Customer behavior and predictive analytics application $2 05/24/19 DecisionNext Dalus Capital Market model analytics and profit margin maximization $7 05/24/19 Indico n/a Workflow automation and document analytics $4 05/24/19 Talview n/a Cognitive assessment and video interview platform $6

($ millions)

Close Date Company Participating Investor(s) Description Amount 05/23/19 Cogniac Autotech Ventures, Gradient Ventures, Plug and Play Tech Center Visual task automation and performance management $10 05/23/19 Crosscode n/a IT mapping and process automation $9 05/23/19 Demand Driven Technologies n/a Materials, inventory and production control planning $4 05/23/19 JumpCloud Foundry Group, General Atlantic, OpenView Venture Partners Identity management centralization $50 05/23/19 Planetscale Andreessen Horowitz, SignalFire Database management and performance platform $22 05/22/19 eSUB Catalyst Investors, Revolution Ventures Construction project and document management $12 05/22/19 Mantl Plug and Play Tech Center, Sinai Ventures Financial institution customer management $9 05/21/19 FI Navigator Commerce Ventures Financial data research and analytics platform $3 05/21/19 GuardiCore 83North, Battery Ventures, ClalTech, Dell, Deutsche Telekom, Greenfield Partners, Partech Partners, Qumra Capital, TPG Growth Data breach detection and response $60 05/21/19 Ivalua Ardian, Tiger Global Procurement value management $60 05/21/19 MistNet Foundation Capital, WestWave Capital Cybersecurity threat detection and management $7 05/21/19 People.ai Andreessen Horowitz, GGV Capital, ICONIQ Capital, Lightspeed, Y Combinator Sales and marketing automation $60 05/21/19 Pliant.io Leading Edge Ventures, New Stack Ventures, Newfund Workflow automation and visual abstraction $3 05/21/19 Quentic Morgan Stanley Expansion Capital, One Peak Partners Health, safety and sustainability management $17 05/20/19 Auth0 Bessemer, K9 Ventures, Meritech, Sapphire Ventures, Telstra Ventures, Trinity Ventures, WiL Login and identity authentication $103 05/20/19 Clinc DFJ Growth, Drive Capital, Hyde Park Venture Partners, Insight Partners AI-based conversational analytics $52 05/20/19 LogicHub Nexus Venture, Storm Ventures Security intelligence automation $16 05/20/19 Omniscience Plug and Play Tech Center, Prado SV Commercialized and distributed data-mining systems $30 05/20/19 Prowler.io Amadeus Capital, Atlantic Bridge, Cambridge Innovation Capital, Mandatum Life, Passion Capital, Pearson, RB Capital, SGInnovate AI-based dynamic decision making $28 05/20/19 Siemplify 83North, G20 Ventures, Georgian Partners, Jump Capital Security orchestration and automation $30 05/17/19 Clypd Accomplice VC, RTL Group Audience-based sales advertising technology platform $11 05/17/19 Nuvolo n/a Facility, clinic and lab asset management $12 05/17/19 Prevailion n/a Cyberdefense and third-party risk analytics $2 05/16/19 Boomtown Capital One Growth Ventures, Commerce Ventures, NHN Ventures, Nyca Partners, Spider Capital, Telstra Ventures Support communication management $12 05/16/19 JumpCrew Hinsdale, Nashville Capital Network Sales-based acquisition marketing $7 05/16/19 Maxex AGNC Investment, Moore Asset Backed Fund Residential mortgage exchange platform $38 05/16/19 PDFTron Silversmith Capital Partners Document processing and application development $71 05/16/19 Retail Zipline Emergence Capital Partners, Serena Ventures Sales promotion and product launch management $10 05/16/19 Revenue Analytics Blue Lagoon Capital, Noro-Moseley Partners Pricing, product and promotion analytics $11 05/15/19 Coder n/a Coding practice enhancement $10 05/15/19 ENGAGE Talent Engage, Grand Ventures, High Alpha, Silicon Valley Bank, Tech Square Venture Partners AI-based talent recruitment platform $4 05/15/19 Karat 8VC, Norwest Venture, Tiger Global Technical interview and hiring platform $28 05/15/19 Starchive n/a Digital media management and information sharing $1 05/15/19 Tealium ABN AMRO Bank, Bain Capital, Declaration Partners, Georgian Partners, Industry Ventures, Parkwood, Silver Lake Management Turnkey integration management $55 05/14/19 ClickSWITCH Commerce Ventures, Point72 Ventures Payment method automated account switching $13 05/14/19 Respond Software Charles River Ventures, ClearSky, Foundation Capital Security analyst analytics $20 05/14/19 SeekOut Madrona Venture, Mayfield Fund Diversity hiring platform $6 05/13/19 Liveoak Technologies Broadhaven Capital, Northwestern Mutual, S3 Ventures, Seven Peaks Ventures, Star Farm Ventures, Wild Basin Investments Document management and workflow efficiency improvement $8 05/13/19 Locus Blume Venture Advisors, Exfinity Venture Partners, Falcon Edge Capital, Tiger Global Delivery logistics management $26 05/13/19 Mutualink n/a Secure cross-domain interoperability system $3

($ millions)

Close Date Company Participating Investor(s) Description Amount 05/13/19 SlashNext n/a Anti-phishing and data protection platform $6 05/13/19 Unravel Data GGV Capital, Harmony Partners, M12, Menlo, Point72 Ventures AI-guided big data operations and full stack visibility $35 05/13/19 Webscale Networks Benhamou Global Ventures, Grotech Ventures, Mohr Davidow Ventures Web application delivery platform $14 05/10/19 Dispersive Networks Berg Capital Group Network and data storage management $87 05/09/19 Coalition Greenoaks Capital Partners, Hillhouse Capital Group, Ribbit Capital Cyber risk management solutions $40 05/09/19 Evident Aspect Ventures, Blue Cloud Ventures, New Enterprise Associates Identity verification and background check cyber security $20 05/09/19 HumanPredictions Hyde Park Angels, M25, Nameless Ventures, Network Ventures, SaaS Ventures Recruiting prospect analysis and prioritization $1 05/09/19 Shibumi n/a Strategic problem strategy execution $2 05/09/19 VanillaSoft Canada Economic Development for Quebec Regions, Fonds de solidarité FTQ Sales engagement and management platform $3 05/09/19 You.i TV Causeway Media Partners, Kayne Anderson Capital, Sky Startup Investments, Vistara Capital, WarnerMedia Investments Cross-platform application development $23 05/08/19 Copper DHVC, GV, H. Barton Asset Management, Industry Ventures, Next World Capital, Norwest Venture, Storm Ventures, True Ventures Cloud-based customer relationship management $66 05/08/19 Degreed n/a Employee learning, tracking and management platform $14 05/08/19 Sumo Logic Battery Ventures, Franklin Templeton Investments, Tiger Global Cloud-based machine data analytics platform $110 05/07/19 Acquia n/a Cloud-based content management platform $10 05/07/19 Exabeam 3737 North Capital, Aspect Ventures, Cisco Investments, Icon Ventures, Lightspeed, Norwest Venture, Sapphire Ventures Security intelligence platform to detect data breaches $75 05/07/19 Flexe Activate Capital Partners, Madrona Venture, Prologis, Redpoint, Tiger Global On-demand inventory overflow management $43 05/07/19 Kasada Main Sequence Ventures, Reinventure Group Malicious web traffic detection and threat mitigation $7 05/07/19 PriceWaiter Chattanooga Renaissance Fund, The Lighthouse Fund E-commerce pricing and price negotiation $2 05/06/19 Carta Alumni Ventures, Andreessen Horowitz, Goldman Sachs, Lava Walk, Lightspeed, Menlo, Meritech, SGH, Thrive, Tiger Global Enterprise ownership data consolidation $300 05/03/19 Aiven Earlybird Venture Capital, First Fellow Partners, Lifeline Ventures Open-source cloud database hub $9 05/03/19 Kaseya Insight Partners, TPG Capital Centrally structured IT management and monitoring $500 05/03/19 Parabola n/a No-code process automation analytics $8 05/02/19 Confiant River Bay Investments, Rubicon Venture Capital Enterprise protection from harmful advertisements $4 05/02/19 Sense Talent Labs Accel, GV Talent engagement and management platform $14 05/02/19 ShieldX Networks Thomvest Ventures Cloud-native network security platform $8 05/02/19 Tala Security Capitoria, Firebolt Ventures Data breach and fraud protection $5 05/02/19 Tempered Networks Ignition Partners Network security and segmentation $7 05/01/19 Aryaka Deutsche Telekom, Goldman Sachs Private Capital, InterWest Partners, Mohr Davidow Ventures, Nexus Venture, Presidio Ventures Network optimization and application acceleration platform $50 05/01/19 DivvyCloud MissionOG, Providence Equity Partners, RTP Ventures IT resource life cycle management $20 05/01/19 Flexport Cherubic Ventures, DST Global, Founders Fund, SF Express, SoftBank Group , Susa Ventures Freight forwarding and supply chain management $1,000 04/30/19 Allganize Bass Investment, Fast Investment, Global Brain, Laguna Investment, SparkLabs NLP-based customer engagement solution $3 04/30/19 Divvy Insight Partners, New Enterprise Associates, Pelion Venture Partners Payments and expense management modernization $200 04/30/19 Kerv n/a Sports and entertainment video monetization $11 04/30/19 Red Canary Access Venture Partners, Noro-Moseley Partners, Summit Partners Cloud-based security and threat management $34 04/30/19 Technisys Riverwood Capital Cyberbank digital platform and financial channel integration $50 04/30/19 UiPath Accel, CapitalG, Coatue Management, Dragoneer Investment, IVP, Madrona, Sands Capital, Sequoia, Wellington Drive Technologies Robotic process automation $568 04/29/19 A Cloud Guru AirTree Ventures, Elephant Venture Capital, Summit Partners Cloud computing training platform $33 04/29/19 Pana Bessemer, Hemisphere Ventures, Matchstick Ventures, MergeLane, RMR Capital, Techstars Travel planning organization and services $10 04/29/19 ZeroNorth Blue Sky Management & Research, ClearSky, Crosslink Capital, Petrillo Capital, Rally Ventures Automated and containerized risk management solutions $10 04/27/19 Altizon Lumis Partners, The Hive, TVS Motor, Wipro Ventures Big data-focused digital transformation enhancement $7

($ millions)

Close Date Company Participating Investor(s) Description Amount 04/26/19 AskNicely Blackbird Ventures, K1W1, Nexus Venture Real-time customer feedback collection and response $10 04/26/19 Babel Health Bilgola Capital, Draper Triangle Ventures, Mark Pacala, Strategic Healthcare Investment Partners Health administration ETL data management $7 04/26/19 Lattice Khosla Ventures, Shasta Ventures, Thrive, Y Combinator Employee performance management platform $15 04/25/19 Aptology Core Capital Partners, Handshake Ventures, WestWave Capital Sales management and sales analysis $8 04/25/19 SalesLoft HarbourVest Partners, Insight Partners Cloud-based personalized sales intelligence $70 04/24/19 Brodmann17 AI Alliance, Maniv Mobility, OurCrowd, Samsung NEXT, Sony Innovation Fund, UL Ventures Computer vision deep-learning $11 04/24/19 Digital Guardian Brookline Venture Partners, Golub Capital, LLR Partners, MassMutual Ventures, Siemens Financial Services Data protection and management $30 04/24/19 Eightfold.ai Foundation Capital, IVP, Lightspeed Candidate talent management $28 04/24/19 FullStory Dell, GV, Kleiner Perkins, Salesforce, Stripes Group Customer experience data collection $32 04/24/19 Metabase New Enterprise Associates Open source business intelligence and analytics $8 04/24/19 Omiexperience Riverwood Capital MSE business process management $20 04/24/19 VDOO 83North, Dell, GGV Capital, MS&AD Ventures, NTT DoCoMo, WRVI Capital End-to-end IoT security platform $32 04/24/19 Viral Launch Mentors Fund, Tenfore Holdings, UpOver Ventures Amazon sales enablement $7 04/23/19 Astound March Capital Partners, Moment Ventures, Pelion Venture Partners, Slack, Vertex Ventures Customer service and support automation $15 04/23/19 BlueShift Nexus Venture, SoftBank Ventures Asia, Storm Ventures CRM engagement and personalization platform $15 04/23/19 Brightback Index Ventures, Matrix Partners, Point Nine Capital, Rembrandt Venture Partners Process automation software to improve customer retention $11 04/23/19 ChurnZero Baird Capital, Center for Innovative Technology Gap Funds, Charlottesville Angel Network, Grotech Ventures, Middleland Capital Consumer subscription demand management and retention $7 04/23/19 Decisions Aldrich Capital Partners Process automation and data handling $40 04/23/19 Sight Machine E.ON Strategic Co-Investments, Jump Capital, LS Holdings, Mercury Fund, O'Reilly AlphaTech Ventures Quality and productivity management for manufacturing $29 04/23/19 Tray.io GGV Capital, Meritech, Mosaic Ventures, Spark Capital, True Ventures General automation platform $37 04/23/19 VCV 500 Startups, Talent Equity Ventures, Will Group AI-assisted recruiting management $2 04/23/19 ZAGENO Capnamic Ventures, General Catalyst, Grazia Equity Research materials and reagents online marketplace $20 04/22/19 CI Security East Seattle Partners Cyber security monitoring and response $10 04/22/19 ClickFox n/a Customer journey analytics platform $5 04/22/19 Intellimize Amplify Partners, CSC UpShot Ventures, Homebrew, Hone Capital, Pear, Precursor Ventures Automated website personalization tool $10 04/18/19 Virtuous Math Venture Partners Nonprofit CRM $3 04/17/19 360Learning Bpifrance, EduCapital, Hi Inov, ISAIXAnge Private Equity Online employee training and LMS $41 04/17/19 Bizzabo Maor Investments, Next47, Pilot Growth Equity, Viola Growth Enterprise and mid-market event management $27 04/17/19 Ceipal Mistral Venture Partners, Resolve Growth Partners Talent, workforce and document management $8 04/17/19 Innovapptive Tiger Global Code-free connected workforce platform $16 04/17/19 Moveworks Bain Capital, Lightspeed AI-driven enterprise IT support $30 04/17/19 Payfone MassMutual Ventures, Synchrony Financial, TransUnion, Wellington Management Enterprise level identity-verification $24 04/17/19 Pilot Index Ventures, Stripe Bookkeeping platform designed to reduce reporting errors $40 04/17/19 Software Development Apps 8VC, Next47 Software development activity tracking $7 04/17/19 Unqork Bradford Brown Capital Partners, Broadridge Financial Solutions, Goldman Sachs No-code client acquisition and onboarding $22 04/16/19 6Sense Bain Capital, Battery Ventures, Costanoa Ventures, Industry Ventures, Salesforce, Simplexity, Venrock AI-driven sales and marketing $27 04/16/19 Flowspace 1984 Ventures, Canvas Ventures, Moment Ventures, Y Combinator Online warehousing platform for managing temporary locations $12 04/16/19 Jivox Fortisure Ventures, You & Mr Jones Brandtech Ventures Interactive advertising technology platform $9 04/16/19 Leapwork DN Capital, e.ventures No-code software development process automation $10 04/16/19 Outreach DFJ Growth, Four Rivers Group, Lemonade Capital, Lone Pine Capital, Mayfield Fund, Meritech, Sapphire Ventures, Spark Capital AI-driven sales engagement $114

($ millions)

Close Date Company Participating Investor(s) Description Amount 04/15/19 Trovares n/a Scalable property graph analytics tools $2 04/14/19 Built Technologies Canapi, Goldman Sachs Investment Partners, Index Ventures, Nine Four Ventures, Nyca Partners, Regions Financial, Tishman Speyer Construction risk mitigation and loan management $24 04/12/19 Casetext n/a AI-driven legal research platform $10 04/12/19 Hireology Bain Capital, Baird Capital, Blue Cloud Ventures, Silicon Valley Bank Enterprise talent management and recruitment $27 04/11/19 Armis Bain Capital, Insight Partners, Intermountain Ventures, Red Dot Capital Partners, Sequoia, Tenaya Capital Agentless IoT security $65 04/11/19 CloudEngage n/a Personalized online marketing platform $2 04/11/19 FenestraPro Applied Software Technology, Enterprise Ireland, Pi Labs Architect design process optimization and compliance $1 04/11/19 Mavenlink Carrick Capital Partners, ORIX Growth Capital, The Goldman Sachs Group Professional services project management $48 04/11/19 Platform Science 8VC, NewRoad Capital Partners Fleet management system $13 04/11/19 Rasa Accel, Basis Set Ventures Open source AI assistant and chatbot development $13 04/11/19 Trint Associated Press, Horizons Ventures, TechNexus Venture Collaborative Automated transcription platform $5 04/10/19 CleverTap Accel, Sequoia India, Tiger Global Marketing engagement and analytics $26 04/10/19 Perspectium TVC Capital Enterprise integration, replication and monitoring $8 04/10/19 UBIqube Solutions NTT COMWARE End-to-end network and security orchestration $23 04/09/19 Avail Cultivation Capital DIY landlord property management $3 04/09/19 Expanse Founders Fund, IVP, MSD Capital, New Enterprise Associates, TPG Growth Internet IT operations management $70 04/09/19 Labelbox First Round Capital, Gradient Ventures, Kleiner Perkins Computer vision ML data training $10 04/09/19 Leadfeeder Endeit Capital, Superhero Capital, Vendep Capital Sales intelligence platform $4 04/09/19 Leal Empresas Públicas de Medellín, FCP Innovacion SP POS integrated customer relations solution $3 04/09/19 PubNub Cisco Investments, Ericsson Ventures, HP Pathfinder, Relay Ventures, Robert Bosch Venture Capital, Sapphire Ventures Provider of cloud infrastructure to build and scale applications $23 04/08/19 Bitglass Australia Future Fund, New Enterprise Associates, Norwest Venture, Quadrille Capital, Singtel Innov8 Enterprise cloud security and regulatory compliance $70 04/08/19 Canoe Software n/a Investment document management and data extraction $1 04/08/19 Jebbit Castor Ventures, K1 Investment Management, Manifest Investment, The Yard Ventures Mobile marketing and consumer experience personalization $12 04/08/19 Klaviyo Acadian Software, Summit Partners E-commerce data and marketing platform $150 04/08/19 UserIQ BIP Capital Customer growth platform built to engage and anticipate users $4 04/07/19 RiskLens Dell, F-Prime Capital Partners, MassMutual Ventures, Osage Venture Partners, Paladin Capital Group Cyber risk management $21 04/05/19 Brightflag Enterprise Ireland, Frontline Ventures, Sands Capital, Tribal.vc Enterprise legal management platform $9 04/05/19 Fleetsmith Harrison Metal Capital, Menlo, Tiger Global, Upfront Ventures Cloud-based device management platform $30 04/04/19 Keen Decision Systems Spring Mountain Capital Data-driven marketing optimization $4 04/04/19 SingleOps Atlanta Ventures, CreativeCo Ventures, David Cummings CRM and mobile field service hybrid to coordinate workforce $2 04/03/19 Aqua Security Insight Partners, Lightspeed, M12, Shlomo Kramer, TLV Partners Containerized and cloud-native end-to-end security platform $62 04/03/19 deepwatch ABS Capital Partners Managed security services provider $23 04/03/19 Fungible n/a Full-stack infrastructure software development $350 04/03/19 Onfido Fin Venture Capital, Kairos Society, M12, Salesforce, SBI Investment, SoftBank Group AI-driven identify verification automation $65 04/03/19 Rippling Draper Fisher Jurvetson Management, Initialized Capital Management, Kleiner Perkins, Palm Drive Capital, S28, Y Combinator Department and HR service automation $45 04/03/19 Run:AI S Capital, TLV Partners AI-driven data science platform $10 04/03/19 Squelch Correlation Ventures, Shasta Ventures, Tenaya Capital Customer satisfaction, retention and loyalty management $12 04/03/19 Torch Leadership Labs Initialized Capital Management, Norwest Venture, Refinery Ventures, Soma Capital, UpHonest Capital, West, Y Combinator Virtual coaching platform assisting managers in planning $10 04/02/19 HammerTech Arrowroot Capital Cloud-based construction optimization and safety $7 04/02/19 Lavelle Networks ASM Technologies, Ideaspring Capital, KAAJ Ventures, YourNest Venture Capital SDN network solving enterprise challenges in the WAN $2

($ millions)

Close Date Company Participating Investor(s) Description Amount

04/02/19 Memverge Banyan, Brain Robotics Capital, Gaorong Capital, Ironfire, iSeed Ventures, Jerusalem Venture, Kairos, LDV Partners, Lightspeed Memory storage convergence $25 04/02/19 Segment Accel, e.ventures, Meritech, Sapphire Ventures, Thriive Capital, Y Combinator Customer data collection and management $175 04/02/19 Shyft n/a Corporate relocation and moving logistics $1 04/02/19 Sqreen 122 West Ventures, Alven Capital Partners, Blossom Capital, Greylock Partners, Point Nine Capital, Y Combinator Web application and cloud infrastructure security management $14 04/01/19 OnScale Cultivation Capital, Gradient Ventures, Intel Capital, Stage 2 Capital, Thornton Tomasetti Computer-aided engineering optimization $10 04/01/19 ProteanTecs Intel Capital, ITI Venture Capital Partners, Mitsubishi UFJ Capital, Nili Capital Partners, Redline Capital, Viola Ventures Electronic systems performance and reliability management $35 04/01/19 SambaNova Systems Atlantic Bridge, GV, Intel Capital, Redline Capital, Walden International ML-enabled data analytics platform $150

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