Software Sector Report Q1 2020 Covid-19 Statement

SOFTWARE SECTOR REPORT Q1 2020 COVID-19 STATEMENT

NOTE ABOUT THE We at GCA are closely monitoring the effects of the COVID-19 pandemic. First and CURRENT CLIMATE foremost, we are committed to ensuring our employees and families remain safe and healthy and we hope you, your employees, and your loved ones remain safe and healthy as well. We are also incredibly grateful for everyone in the medical community, as well as the numerous essential service providers keeping us safe and keeping our communities running in these difficult times.

While this is an unprecedented time, deals are continuing to take place. Each business—whether public or private, established or new, domestic or international—has a unique set of needs. With this in mind, we want to offer our expertise, insights, and perspectives to help you navigate this environment.

Please contact a member of our team on page 4 to discuss what we are seeing in the market and how you could best position your business at this time and in the future.

2 EXECUTIVE SUMMARY Software Q1 2020 » The global software sector remains one of the most active investment sectors, with ~$14Bn in financing deal value and ~$28Bn in M&A deal value during Q1 2020 - 211 financings, 5% higher than Q1 ‘19 - 389 M&A transactions, 8% higher than Q1 ‘19 » Significant M&A activity in Q1 includes major acquisitions in the cybersecurity sector: Symphony Technology Group’s $2.1Bn acquisition of RSA(1), Advent International’s $1.9Bn acquisition of Forescout Technologies, and Hellman & Friedman’s $1.2Bn acquisition of Checkmarx » Financial Software had some of the largest financing deals in Q1 ‘20 led by the $700MM financing of Chime and $500MM financing of Revolut; the Business Intelligence & Analytics sector also saw high financing volume » Software sector trading performance has experienced turmoil due to the effect of COVID-19 but performed better than the S&P 500, with the IGV tech- software index outperforming the S&P 500 by 8.3% LTM as of Q1 2020 – Infrastructure software index grew 42.9% LTM as of Q1 2020, outperforming all other software sub segments » Technical Application software companies traded at 7.7x and 23.9x for 2020E Revenue and EBITDA, respectively, among the highest in software » Overall outlook in software growth remains healthy despite continued uncertainty, with some sectors seeing decline

Select Q1 Active Investors Select Q1 Active Buyers

Notes: Sources: Pitchbook, 451 Research, Capital IQ. 1) Transaction includes the purchase of RSA Archer, RSA NetWitness Platform, RSA SecurID, RSA Fraud and Risk Intelligence, and RSA Conference. 3 GCA OVERVIEW The GCA Software Team Sector Coverage GCA US Team VERTICAL SOFTWARE Automotive eCommerce & Retail Josh Wepman Chris Gough Education Food & Agriculture Managing Director Managing Director [email protected] [email protected] Industrial Insurance Media & Communications Real Estate Transportation & Logistics Travel & Hospitality HORIZONTAL SOFTWARE BI & Analytics Collaboration Software Kevin Walsh Glen Kruger Managing Director Managing Director CRM Enterprise Resource Planning [email protected] [email protected] Governance, Risk & Compliance Human Capital Management Marketing Supply Chain Management INFRASTRUCTURE SOFTWARE Cybersecurity Data Management & Analytics Rupert Sadler Saif Malik SaaS / Cloud-Enablement Workflow Automation Managing Director Director [email protected] [email protected] Key GCA Stats

GCA Executive Team 25 Offices Globally Software Transactions in 115+ the Last Three Years Senior Bankers Todd Carter Geoff Baldwin 40 Covering Software Co-CEO, Co-CEO, Technology-Related Managing Director Managing Director 285+ Deals in the Last 3 Years [email protected] Head of M&A Senior Bankers [email protected] 100 Covering Technology

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

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA 5 entities may be retained to advise on the same transaction. DEAL DASHBOARD Software Q1 2020

$14.5 Billion 211 389 $28.4 Billion Q1 2020 Financing Deal Value (1)(2) Q1 2020 Financing Transactions (1)(2) Q1 2020 M&A Transactions Q1 2020 M&A Deal Value Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3) Company Amount ($MM) $Bn $Bn $82 Acquirer Target EV ($MM)

$700 $57 $5,300 $39 $32 $500 $30 $28 $5,000 $23 $19 $22 $19 $15 $14 $17 $14 $15 $17 $18 $14 $479 $2,075

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 $400 $1,900 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

363 375 384 389 $400 343 361 359 349 $1,892 298

$340 225 222 227 211 $1,395 187 201 198 155 167 $300 $1,330

$300 $1,300 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 LTM as of Q1 2020 Software Price Performance vs. S&P 500 (4) 30% SPX IGV 20%

10% Financing Activity by Quarter 0% (1.6%)

(10%) (9.9%)

(20%)

(30%) Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 03/31/2020. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 6 3) Software M&A transactions reflect select transactions in Q1 2020. M&A metrics are based on closed and announced transactions. 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

60.0%

50.0%

42.9% 40.0%

30.0%

20.0%

10.0% 9.3% 6.3% 5.2% 0.0% 1.7% (0.2%) (1.2%) (10.0%) (6.3%) (7.0%) (15.1%) (20.0%) (15.3%) (17.9%)

(30.0%)

(40.0%) Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

1) 2) Platform 3) SaaS(2) 4) Content & 5) Vertical 6) Financial 7) Technical 8) ERP & 9) Security 11) Sales & 10) 12) Business Infrastructure Storage Applications Applications General Marketing Development Intelligence Management Business and Operations & Analytics Management 42.9% 9.3% 6.3% 5.2% 1.7% (0.2%) (1.2%) (6.3%) (7.0%) (15.1%) (15.3%) (17.9%) Pre COVID-19(1): 41.1% 31.1% 31.1% 28.0% 22.0% 30.6% 25.0% 28.3% 10.1% 29.5% 8.3% 11.7%

Notes: Sources: Capital IQ. Market Data as of 03/31/20. List of companies in each sector can be found in the public comparable tables. 7 1) Pre COVID-19 figures reflect index performance as of 02/19/20. 2) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform. SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $1,806Bn Combined Market Cap: $123Bn Combined Market Cap: $205Bn 20E/19A Rev. Growth: 0.6% 20E/19A Rev. Growth: 13.3% 20E/19A Rev. Growth: 11.4% 20E EBITDA Margin: 29.9% 20E EBITDA Margin: 16.0% 20E EBITDA Margin: 15.1%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $211Bn Combined Market Cap: $32Bn Combined Market Cap: $307Bn 20E/19A Rev. Growth: 12.2% 20E/19A Rev. Growth: 13.9% 20E/19A Rev. Growth: 15.2% 20E EBITDA Margin: 17.2% 20E EBITDA Margin: 12.5% 20E EBITDA Margin: 22.0%

Notes: Sources: Capital IQ. Market Data as of 03/31/20. 8 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $146Bn Combined Market Cap: $208Bn Combined Market Cap: $314Bn 20E/19A Rev. Growth: 11.9% 20E/19A Rev. Growth: 8.9% 20E/19A Rev. Growth: 15.9% 20E EBITDA Margin: 34.1% 20E EBITDA Margin: 18.6% 20E EBITDA Margin: 15.6%

Development & Operations Sales & Marketing SaaS

(1)

Combined Market Cap: $200Bn Combined Market Cap: $18Bn Combined Market Cap: $779Bn 20E/19A Rev. Growth: 15.2% 20E/19A Rev. Growth: 19.5% 20E/19A Rev. Growth: 20.8% 20E EBITDA Margin: 15.1% 20E EBITDA Margin: 2.1% 20E EBITDA Margin: 13.0% Notes: Sources: Capital IQ. Market Data as of 03/31/20. 9 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. 1) LogMeIn (LOGM) has agreed to be acquired by Francisco Partners. SOFTWARE STOCKS WINNERS & LOSERS Top and Bottom 20 Performers in Q1 2020

Top 20 Performers 112.6%

37.9% 33.0% 36.4% 26.8% 28.6% 21.7% 22.3% 22.4% 16.6% 12.6% 14.5% 8.6% 9.0% 11.7% 3.7% 4.2% 4.4% 4.8% 6.4%

Bottom 20 Performers

(38.2%) (39.1%) (41.0%) (42.2%) (43.7%) (43.7%) (44.6%) (45.0%) (45.5%) (46.1%) (49.6%) (49.9%) (50.4%) (50.4%) (50.4%) (52.8%) (54.6%) (57.6%) (57.9%)

(65.9%)

Notes: Sources: Capital IQ as of 03/31/20. 10 TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019A Revenue EV / 2020E Revenue

10.4x 8.8x 8.0x 7.7x 8.6x 8.5x 7.1x 8.3x Median: 6.9x 6.7x Median: 6.0x 7.2x 7.2x 6.1x 6.0x 6.5x 5.2x 6.0x 4.7x 4.2x 5.4x 5.1x 4.0x 4.9x 3.3x 3.5x

2019A / 2018A Revenue Growth 2020E / 2019A Revenue Growth

32.8% 32.3% 20.8% 19.5% 24.9% 24.3% Median: 20.9% 22.2% 15.9% Median: 13.6% 21.4% 20.3% 15.2% 15.2% 13.9% 13.3% 15.9% 12.2% 11.9% 11.4% 12.8% 11.6% 10.1% 8.9%

3.3% 0.6%

Notes: Sources: Capital IQ. Market Data as of 03/31/20. Figures represent mean values of respective comp groups. 11 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019A EBITDA EV / 2020E EBITDA

26.5x 23.9x 22.9x 21.9x 21.8x 20.8x Median: 19.0x 21.6x 20.1x 19.4x 19.2x Median: 17.6x 17.9x 17.0x 17.9x 17.7x 17.4x 17.1x 14.7x 13.1x 11.7x 12.5x 10.0x 10.0x 8.4x 8.3x

2019A EBITDA Margin 2020E EBITDA Margin

35.2% 34.1% 30.3% 29.9% Median: 16.1% Median: 15.8% 21.7% 22.0% 18.6% 18.2% 17.2% 17.2% 16.5% 15.8% 14.6% 16.0% 15.6% 15.1% 15.1% 13.9% 12.2% 13.0% 12.5% 9.2%

2.1% 0.3%

Notes: Sources: Capital IQ. Market Data as of 03/31/20. Figures represent mean values of respective comp groups. 12 List of companies in each sector can be found in the public comparable tables. PUBLIC SAAS COMPANIES Valuation Correlation to Growth %

50.0x Low Growth Software(1) Medium Growth Software (2) High Growth Software(3)

45.0x

40.0x

35.0x R = 0.79 30.0x

25.0x

20.0x

15.0x

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

5.0x

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70%

CY 2020E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 9.4% 22.3% 36.3%

Median EV / Rev. 3.1x 7.4x 16.8x

Notes: Sources: Capital IQ as of 03/31/20. 1) Defined as companies with annual revenue growth <= 15%. 13 2) Defined as companies with annual revenue growth >15% and <= 30%. 3) Defined as companies with annual revenue growth >30%. PUBLIC SAAS COMPANIES Valuation Correlation to Growth % & Free Cash Flow Margin %

50.0x Low Performance Software(1) Medium Performance Software (2) High Performance Software(3)

45.0x

40.0x

35.0x

30.0x

25.0x R = 0.58

20.0x

15.0x

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

5.0x

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70%

CY 2020E Revenue Growth % + CY 2020E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 10.3% 31.0% 51.1%

Median EV / Rev. 4.0x 7.4x 12.5x

Notes: Sources: Capital IQ as of 03/31/20. 1) Defined as companies with revenue growth % + FCF margin % <= 20%. 14 2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%. 3) Defined as companies with revenue growth % + FCF margin % >40%. PUBLIC SAAS COMPANIES Valuation Correlation to Returns on S&M Expense Efficiency

50.0x Low Efficiency Software(1) Medium Efficiency Software (2) High Efficiency Software(3)

45.0x

40.0x

35.0x

30.0x

25.0x R = 0.59

20.0x

15.0x

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

5.0x

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

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

Low Efficiency Medium Efficiency High Efficiency

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

Median EV / Rev. 4.8x 12.8x 14.7x

Notes: Sources: Capital IQ as of 03/31/20. 1) Defined as companies with S&M expense efficiency <= 0.6x. 15 2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x. 3) Defined as companies with S&M expense efficiency >1.0x. SOFTWARE M&A UPDATE Q1 2020 Dashboard

Quarterly M&A Activity Select Q1 2020 M&A Transactions

($Bn) Number of Deals M&A Deal Value ($MM) Ann. Enterprise EV/ LTM Acquirer Target Date Value Rev

$82 389 3/31 $420 NA 384 375 3/16 $1,150 NA

363 3/4 $417 NA 361 359 349 2/25 $1,330 NA 343 $57 2/24 $1,395 5.4x

2/18 $2,075 2.6x

2/6 $1,900 5.5x 298 $39 1/23 $700 10.0x $32 $30 1/21 $625 NA $28 1/16 $1,892 5.4x $22 $19 $19 1/13 $5,300 NA

1/13 $375 NA

1/9 $5,000 5.0x

1/6 $1,300 NA Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 1/6 $1,100 18.3x

Notes: Sources: Capital IQ and 451 Research. 16 SOFTWARE FINANCINGS UPDATE Q1 2020 Dashboard

Quarterly Financing Activity Select Q1 2020 Financing Transactions

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

3/19 $400 $659 $1,900

3/13 $300 $483 $740 227 225 222 211 3/5 $700 $1,007 $6,000 201 198 187 (1) $23 2/20 $210 $410 $2,700 167 155 (2) $18 2/14 $400 $897 $4,900 $17 $17 $15 $15 $14 $14 $14 2/7 (3) $479 $1,402 $12,400

2/6 $340 $744 $2,800

2/5 $500 $845 $5,500

1/24 $300 $507 $1,300

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 1/17 $260 $866 $2,000

Notes: Sources: Pitchbook. 1) Coatue Management was additional lead investor. 17 2) Bessemer Venture Partners, Greenoaks Capital Partners, and Tiger Global Management were additional lead investors. 3) Salesforce Ventures was additional lead investor. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings ($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

(2) 2/28/2020 In IPO Registration

2/27/2020(2) In IPO Registration

12/13/2019 $795 $150 16.00 - 18.00 $17.00 $15.96 (6.1%)

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $34.20 55.5%

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $35.98 33.3%

9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $20.02 33.5%

9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $23.48 56.5%

8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $23.84 49.0%

7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $20.04 (4.6%)

(3) 6/20/2019 $19,484 $4,560 Direct Listing $26.00 $26.84 3.2%

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $55.68 63.8%

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $18.98 18.6%

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $146.12 305.9%

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $8.78 (37.3%) Median: 25.9%

4/11/2019 $2,816 $218 21.00 - 23.00 $24.00 $17.28 (28.0%)

10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $15.67 4.5%

MEDIAN: 25.9% Notes: Sources: Capital IQ and Company filings. Market data as of 03/31/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. MEAN: 39.1% 18 2) Filing Date. 3) Reference price set by the New York Stock Exchange. APPENDIX

19 PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM) Trading Metrics Operating Metrics CIQ Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin Revenue Company 3/31/2020 Cap ST. Invest. Debt Value (EV) CY19A CY20E CY21E CY19A CY20E CY21E 19A/18A 20E/19A 21E/20E CY19A CY20E CY21E CY19A CY20E CY21E

Platform Microsoft Corporation $157.71 $1,199,550 $134,231 $87,147 $1,152,466 8.6x 7.7x 6.8x 18.8x 17.0x 14.6x 13% 11% 13% 66% 66% 66% 46% 46% 47% Oracle Corporation $48.33 $152,413 $25,858 $53,566 $180,767 4.6x 4.5x 4.5x 9.6x 9.4x 9.1x 0% 1% 2% 80% 80% 80% 47% 48% 49% International Business Machines Corporation$110.93 $98,551 $8,868 $68,158 $157,985 2.1x 2.1x 2.0x 8.7x 10.3x 8.0x (3%) (2%) 7% 47% 49% 48% 24% 21% 25% Cisco Systems $39.31 $166,709 $27,062 $17,071 $156,718 3.0x 3.1x 3.0x 8.3x 8.3x 8.1x 1% (2%) 4% 63% 63% 63% 37% 37% 37% SAP SE $112.97 $134,524 $6,081 $17,753 $146,281 4.7x 4.5x 4.2x 12.9x 12.4x 11.3x 9% 4% 7% 72% 72% 71% 37% 36% 37% Dell Technologies Inc. $39.55 $29,246 $9,302 $53,848 $78,521 0.9x 0.9x 0.9x 6.7x 7.4x 6.9x 2% (3%) 3% 34% 34% 31% 13% 12% 12% HP Inc. $17.36 $24,821 $4,493 $6,030 $26,358 0.4x 0.5x 0.5x 5.0x 5.3x 5.2x (0%) (4%) 1% 19% 19% 19% 9% 9% 9%

Mean 3.5x 3.3x 3.1x 10.0x 10.0x 9.0x 3% 1% 5% 54% 55% 54% 30% 30% 31% Median 3.0x 3.1x 3.0x 8.7x 9.4x 8.1x 1% (2%) 4% 63% 63% 63% 37% 36% 37%

Infrastructure Zoom Video Communications $146.12 $40,768 $855 $72 $39,985 NM 43.4x 32.4x NM NM NM 88% 48% 34% 82% 81% 81% 17% 20% 20% RingCentral $211.91 $18,458 $344 $430 $18,544 22.7x 16.5x 13.3x NM NM NM 33% 37% 24% 76% 76% 79% 15% 13% 13% Citrix Systems $141.55 $17,320 $589 $999 $17,730 5.9x 5.7x 5.4x 15.5x 17.4x 16.1x 1% 3% 6% 86% 85% 86% 38% 33% 34% Akamai Technologies $91.49 $14,865 $1,537 $2,671 $16,000 5.5x 5.2x 4.9x 13.2x 12.1x 11.2x 7% 6% 7% 66% 66% 66% 42% 43% 44% Amdocs Limited $54.97 $7,398 $486 $281 $7,236 1.8x 1.7x NA 8.8x 8.2x NA 3% 3% NA 35% 35% NM 20% 21% NA Juniper Networks $19.14 $6,336 $1,958 $1,887 $6,265 1.4x 1.4x 1.4x 6.6x 6.7x 6.5x (4%) (2%) 4% 60% 60% 60% 21% 21% 22% Five9 $76.46 $4,740 $320 $223 $4,643 14.2x 12.2x 10.4x NM NM NM 27% 16% 17% 63% 63% 61% 19% 18% 19% Everbridge $106.36 $3,653 $532 $446 $3,567 17.8x 13.7x 11.0x NM NM NM 37% 29% 25% 71% 70% 69% 3% 2% 4% Verint Systems Inc. $43.00 $2,757 $399 $973 $3,345 2.6x 2.3x 2.2x 10.3x 9.1x 8.2x 6% 12% 6% 68% 68% 66% 25% 25% 27% Software Aktiengesellschaft $30.00 $2,219 $579 $333 $1,974 2.0x 2.1x 2.0x 6.4x 10.0x 8.5x 1% (4%) 3% 77% 77% 77% 31% 21% 23% Fastly $18.98 $1,823 $131 $30 $1,721 8.6x 6.6x 5.1x NM NM NM 39% 30% 28% 57% 58% 56% (9%) (7%) (1%) Radware Ltd. $21.07 $976 $178 $19 $818 3.2x 3.1x 2.8x 19.3x 19.0x 14.9x 8% 6% 9% 83% 83% 82% 17% 16% 19% Limelight Networks $5.70 $676 $18 $16 $673 3.4x 2.9x 2.7x 37.2x 22.6x 17.1x 3% 15% 7% 49% 50% 53% 9% 13% 16% Extreme Networks $3.09 $366 $140 $442 $668 0.7x 0.7x 0.6x NA NA NA (1%) (1%) 3% 56% 56% 56% 0% 0% 0% A10 Networks $6.21 $486 $130 $33 $389 1.8x 1.8x NA NA NA NA (8%) 1% NA 77% 77% NM 0% 0% NA

Mean 6.5x 8.0x 7.3x 14.7x 13.1x 11.8x 16% 13% 13% 67% 67% 69% 16% 16% 18% Median 3.3x 3.1x 4.9x 11.8x 11.0x 11.2x 6% 6% 7% 68% 68% 66% 17% 18% 19%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 20 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security VeriSign $180.09 $20,847 $1,218 $1,797 $21,426 17.4x 17.3x 15.3x 23.7x 23.4x 21.1x 1% 1% 13% 86% 86% 85% 73% 74% 72% Splunk Inc. $126.23 $20,023 $1,755 $1,995 $20,262 8.6x 7.9x 6.2x NM NM 43.4x 31% 9% 27% 85% 82% 82% 17% 4% 14% Citrix Systems $141.55 $17,320 $589 $999 $17,730 5.9x 5.7x 5.4x 15.5x 17.4x 16.1x 1% 3% 6% 86% 85% 86% 38% 33% 34% Fortinet $101.17 $17,453 $2,066 $46 $15,434 7.2x 6.1x 5.3x 26.1x 23.2x 18.8x 20% 17% 16% 77% 78% 76% 27% 26% 28% Palo Alto Networks $163.96 $16,348 $3,134 $1,870 $15,083 4.8x 4.2x 3.5x 19.9x 20.0x 15.1x 20% 16% 19% 72% 72% 72% 24% 21% 23% Okta $122.26 $15,010 $1,403 $1,104 $14,712 25.1x 19.1x 14.7x NM NM NM 47% 32% 30% 76% 77% 73% (6%) (6%) 3% Check Point Software Technologies Ltd.$100.54 $14,629 $1,579 $29 $13,078 6.6x 6.4x 6.2x 12.8x 13.4x 13.0x 4% 2% 3% 90% 90% 89% 51% 48% 48% CrowdStrike Holdings $55.68 $11,872 $912 $0 $10,960 22.8x 15.1x 11.5x NM NM NM 93% 51% 31% 72% 73% 67% (9%) 1% 10% Zscaler $60.86 $7,872 $385 $34 $7,522 20.9x 15.8x 12.2x NM NM NM 48% 32% 30% 80% 80% 80% 11% 7% 10% Cloudflare $23.48 $7,106 $640 $11 $6,477 22.6x 16.8x 12.7x NM NM NM 49% 34% 32% 77% 77% 78% (15%) (7%) 0% Proofpoint $102.59 $5,848 $891 $806 $5,763 6.5x 5.4x 4.6x 36.7x 40.8x 28.1x 24% 19% 18% 79% 79% 75% 18% 13% 16% F5 Networks $106.63 $6,484 $1,162 $385 $5,706 2.5x 2.4x 2.2x 6.8x 6.9x NA 4% 5% 6% 84% 84% 84% 37% 35% 0% Trend Micro Incorporated $49.63 $6,906 $1,588 $0 $5,319 3.5x 3.3x 3.1x 10.8x 10.6x 10.2x 4% 6% 5% 80% 80% 80% 32% 31% 31% Qualys $86.99 $3,401 $299 $52 $3,154 9.8x 8.7x 7.6x 22.4x 20.2x 17.4x 15% 13% 14% 80% 80% 79% 44% 43% 43% NortonLifeLock Inc. $18.71 $11,233 $12,768 $4,592 $3,057 0.6x 1.2x 1.2x 1.7x 4.3x 2.2x 56% (49%) 3% 79% 79% 79% 38% 29% 55% CyberArk Software Ltd. $85.56 $3,262 $1,065 $510 $2,707 6.2x 5.4x 4.6x 20.2x 23.4x 18.5x 26% 16% 18% 88% 87% 86% 31% 23% 25% FireEye $10.58 $2,321 $1,040 $1,099 $2,381 2.7x 2.6x 2.4x 20.7x 20.5x 16.4x 7% 5% 7% 72% 71% 68% 13% 12% 15% Mimecast Limited $35.30 $2,207 $190 $241 $2,258 5.6x 4.6x 4.0x 32.3x 24.3x 19.5x 26% 20% 17% 74% 74% 74% 17% 19% 20% Rapid7 $43.33 $2,176 $240 $265 $2,201 6.7x 5.5x 4.6x NM NM NM 34% 21% 21% 75% 75% 73% 4% 5% 8% Tenable Holdings $21.86 $2,173 $212 $46 $2,007 5.7x 4.6x 3.8x NM NM NM 33% 23% 22% 84% 82% 84% (11%) (6%) (1%) Varonis Systems $63.67 $1,949 $121 $65 $1,893 7.4x 6.7x 5.7x NM NM NM (6%) 11% 17% 87% 88% 88% (8%) (7%) (0%) Ping Identity Holding Corp. $20.02 $1,596 $68 $51 $1,580 6.5x 6.0x 5.0x 31.6x NM 33.2x 21% 9% 18% 84% 82% 84% 21% 11% 15% Forescout Technologies (1) $31.59 $1,547 $98 $46 $1,495 4.4x 3.9x 3.4x NM NM NM 13% 14% 14% 78% 78% 77% (8%) (4%) 3% SailPoint Technologies Holdings $15.22 $1,370 $444 $351 $1,278 4.4x 4.1x 3.6x 45.4x NM NM 16% 9% 14% 80% 80% 78% 10% 2% 7% SecureWorks Corp. $11.51 $938 $182 $30 $786 1.4x 1.4x 1.3x NM NM 39.4x 7% 0% 7% 57% 58% 55% 2% 1% 3% OneSpan Inc. $18.15 $729 $110 $14 $633 2.5x 2.4x 2.2x 19.3x 23.5x 16.6x 20% 2% 11% 67% 70% 69% 13% 10% 13% F-Secure Oyj $2.61 $413 $29 $46 $430 1.8x 1.7x 1.6x 16.5x 12.3x 9.0x 12% 4% 7% 77% 79% 79% 11% 14% 18% Zix Corporation $4.31 $232 $13 $193 $412 2.4x 1.9x 1.7x 10.4x 8.2x 7.6x 146% 24% 12% 61% 58% 67% 23% 23% 23% A10 Networks $6.21 $486 $130 $33 $389 1.8x 1.8x NA NA NA NA (8%) 1% NA 77% 77% NM 0% 0% NA MobileIron $3.80 $439 $94 $16 $361 1.8x 1.8x 1.6x NM NM NA 6% (3%) 11% 82% 80% 81% (3%) (5%) 0% Absolute Software Corporation $6.08 $257 $39 $9 $228 2.2x 2.1x 1.9x 9.5x 11.5x 9.2x 6% 6% 8% 86% 86% 86% 24% 18% 21% Tufin Software Technologies Ltd. $8.78 $312 $119 $25 $218 2.1x 1.9x 1.6x NM NM NM 22% 10% 20% 83% 82% 83% (14%) NM (14%)

Mean 7.2x 6.1x 5.2x 20.1x 17.9x 18.7x 25% 11% 15% 79% 78% 78% 16% 15% 18% Median 5.6x 4.6x 4.0x 19.9x 20.0x 16.6x 20% 10% 14% 80% 79% 79% 15% 12% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 21 1) Forescout Technologies (FSCT) has agreed to be acquired by Advent International. PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management Adobe Inc. $318.24 $153,328 $4,171 $4,711 $153,868 13.8x 11.8x 10.2x 30.3x 25.7x 21.8x 24% 16% 16% 88% 87% 87% 46% 46% 47% DocuSign $92.40 $16,767 $656 $648 $16,759 17.2x 13.3x 10.5x NM NM NM 39% 29% 26% 78% 79% 77% 10% 13% 15% Open Text Corporation $34.92 $9,456 $675 $3,799 $12,581 4.3x 3.7x 3.7x 11.3x 10.2x 9.4x 3% 15% 2% 73% 73% 73% 38% 37% 39% NetApp $41.69 $9,221 $3,016 $1,988 $8,193 1.5x 1.5x 1.4x 6.1x 6.1x 5.7x (10%) (2%) 3% 64% 64% 64% 24% 24% 26% Dropbox $18.10 $7,754 $1,159 $1,007 $7,602 4.6x 4.0x 3.6x 20.1x 14.9x 13.3x 19% 13% 12% 76% 77% 73% 23% 27% 27% Nutanix $15.80 $3,076 $819 $635 $2,892 2.3x 2.0x 1.5x NM NM NM 1% 17% 28% 70% 70% 70% NM NM NM Pure Storage $12.30 $3,284 $1,299 $597 $2,583 1.6x 1.4x 1.2x 17.8x 20.7x 14.9x 21% 10% 17% 70% 69% 68% 9% 7% 8% Box $14.04 $2,134 $196 $425 $2,363 3.4x 3.1x 2.8x 34.4x 20.9x 16.1x 14% 10% 10% 71% 72% 71% 10% 15% 17% Mimecast Limited $35.30 $2,207 $190 $241 $2,258 5.6x 4.6x 4.0x 32.3x 24.3x 19.5x 26% 20% 17% 74% 74% 74% 17% 19% 20% Varonis Systems $63.67 $1,949 $121 $65 $1,893 7.4x 6.7x 5.7x NM NM NM (6%) 11% 17% 87% 88% 88% (8%) (7%) (0%) Commvault Systems $40.48 $1,886 $337 $17 $1,566 2.3x 2.3x 2.2x 14.0x NA NA (4%) (0%) 5% 84% 84% 84% 16% 0% 0% Brightcove Inc. $6.97 $272 $23 $18 $267 1.4x 1.4x 1.3x 30.3x 16.6x 16.0x 12% 5% 9% 61% 63% 60% 5% 8% 8%

Mean 5.4x 4.7x 4.0x 21.8x 17.4x 14.6x 12% 12% 13% 75% 75% 74% 17% 17% 19% Median 3.8x 3.4x 3.2x 20.1x 18.6x 15.5x 13% 12% 14% 74% 74% 73% 16% 15% 17%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 22 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics NICE Ltd. $147.64 $9,212 $439 $590 $9,363 5.9x 5.5x 5.1x 18.9x 17.1x 15.6x 9% 7% 8% 71% 71% 68% 31% 32% 33% Alteryx $95.17 $6,260 $787 $734 $6,208 14.9x 11.1x 8.6x NM NM 45.0x 65% 33% 30% 91% 91% 90% 19% 15% 19% Elastic N.V. $55.81 $4,561 $296 $36 $4,301 11.2x 8.2x 6.2x NM NM NM 60% 36% 34% 71% 71% 71% (16%) (12%) (13%) Inovalon Holdings $16.66 $2,583 $93 $1,006 $3,496 5.4x 5.0x 4.6x 16.6x 14.9x 13.6x 22% 9% 9% 74% 74% 72% 33% 33% 34% Teradata Corporation $20.49 $2,265 $494 $686 $2,457 1.3x 1.3x 1.2x 7.4x 7.6x 6.3x (12%) (2%) 5% 54% 57% 51% 18% 17% 20% Medallia $20.04 $2,683 $344 $9 $2,348 5.8x 5.0x 4.1x NM NM NM 28% 18% 20% 67% 71% 66% 3% 4% 7% Cloudera $7.87 $2,323 $361 $212 $2,174 2.7x 2.5x 2.3x NM 12.6x 10.1x 65% 9% 10% 76% 78% 71% (3%) 20% 23% MicroStrategy Incorporated $118.10 $1,193 $566 $113 $741 1.5x 1.4x NA 28.6x 10.2x NA (2%) 8% NA 80% 80% NM 5% 14% NA Talend S.A. $22.43 $702 $177 $160 $685 2.8x 2.5x 2.2x NM NM NM 20% 11% 14% 77% 78% 77% (7%) (12%) (5%) Domo $9.94 $282 $99 $101 $284 1.6x 1.5x 1.3x NM NM NM 22% 10% 13% 71% 73% 67% NM NM (17%) Veritone $2.33 $63 $44 $0 $19 0.4x 0.3x 0.3x NM NM NM 84% 12% 15% 65% 69% 74% NM NM NM

Mean 4.9x 4.0x 3.6x 17.9x 12.5x 18.1x 33% 14% 16% 73% 74% 71% 9% 13% 11% Median 2.8x 2.5x 3.2x 17.8x 12.6x 13.6x 22% 10% 13% 71% 73% 71% 5% 15% 19%

Technical Applications Dassault Systèmes SE $148.35 $38,575 $2,183 $5,164 $41,617 9.2x 7.8x 7.1x 25.8x 24.8x 21.8x 13% 18% 10% 85% 85% 85% 36% 32% 33% Autodesk $156.10 $34,267 $1,844 $2,545 $34,968 11.1x 9.0x 7.5x 40.8x 27.1x 20.3x 29% 24% 19% 91% 92% 92% 27% 33% 37% ANSYS $232.47 $19,973 $872 $608 $19,709 13.0x 11.9x 10.8x 27.5x 27.3x 24.0x 17% 9% 10% 91% 90% 90% 47% 43% 45% Synopsys $128.79 $19,348 $700 $859 $19,512 5.8x 5.2x 4.9x 20.9x 16.5x 15.1x 6% 11% 6% 79% 79% 79% 28% 32% 33% Cadence Design Systems $66.04 $18,546 $710 $456 $18,293 7.8x 7.2x 6.7x 21.0x 19.9x 18.2x 9% 9% 7% 90% 90% 89% 37% 36% 37% PTC Inc. $61.21 $7,069 $266 $1,350 $8,153 6.4x 5.4x 4.8x 14.6x 17.4x 13.3x 1% 18% 13% 74% 74% 74% 44% 31% 36% Aspen Technology $95.07 $6,456 $80 $381 $6,757 11.2x 11.6x 10.0x 21.8x 21.0x 19.3x 11% (3%) 16% 90% 91% 90% 51% 55% 52% Altair Engineering Inc. $26.50 $1,930 $223 $208 $1,915 4.3x 3.9x 3.6x 39.4x 37.6x 29.1x 16% 8% 9% 72% 72% 71% 11% 10% 12%

Mean 8.6x 7.7x 6.9x 26.5x 23.9x 20.1x 13% 12% 11% 84% 84% 84% 35% 34% 35% Median 8.5x 7.5x 6.9x 23.8x 22.9x 19.8x 12% 10% 10% 87% 87% 87% 37% 32% 36%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 23 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications Fidelity National Information Services $121.64 $74,969 $1,152 $20,787 $94,620 9.2x 7.0x 6.6x 22.5x 16.1x 14.2x 23% 30% 7% 35% 39% 35% 41% 44% 46% Fiserv $94.99 $64,245 $893 $22,642 $87,872 8.6x 5.5x 5.2x 17.9x 15.1x 13.8x 75% 57% 6% 47% 53% 49% 48% 36% 38% Intuit Inc. $230.00 $59,913 $2,266 $754 $58,401 8.2x 7.5x 6.7x 22.9x 20.7x 18.8x 13% 9% 12% 84% 84% 84% 36% 36% 36% MSCI Inc. $288.96 $24,566 $1,507 $3,258 $26,318 16.9x 15.4x 14.0x 30.9x 27.8x 25.0x 9% 10% 10% 81% 82% 80% 55% 55% 56% SS&C Technologies Holdings $43.82 $11,204 $153 $7,562 $18,613 4.0x 3.9x 3.8x 10.2x 9.8x 9.3x 35% 3% 3% 54% 53% 48% 39% 40% 41% Jack Henry & Associates $155.24 $11,910 $73 $71 $11,908 7.3x 6.8x 6.3x 22.3x 21.1x 19.3x 7% 7% 8% 42% 42% 42% 33% 32% 33% Temenos AG $131.70 $9,460 $103 $1,108 $10,465 10.8x 9.3x 8.2x 28.6x 22.6x 19.6x 16% 16% 12% 83% 83% 76% 38% 41% 42% Fair Isaac Corporation $307.69 $8,969 $111 $1,023 $9,881 8.3x 7.9x 7.5x 26.3x 23.6x 20.7x 16% 5% 6% 70% 70% 70% 31% 33% 36% Coupa Software Incorporated $139.73 $9,312 $767 $783 $9,328 23.9x 19.1x 15.2x NM NM NM 50% 26% 25% 72% 73% 69% 9% 11% 14% Xero Limited $41.66 $5,892 $311 $298 $5,880 14.8x 12.1x 9.3x NM NM 38.0x 18% 23% 30% 84% 84% 84% 4% 21% 24% Avalara $74.60 $5,820 $467 $67 $5,419 14.2x 11.6x 9.4x NM NM NM 41% 22% 23% 72% 72% 71% 0% (0%) 5% Envestnet $53.78 $2,861 $83 $668 $3,445 3.8x 3.4x 3.1x 17.8x 16.0x 14.1x 11% 11% 10% 69% 69% 44% 21% 21% 22% SimCorp A/S $84.20 $3,343 $36 $80 $3,387 6.6x 6.5x 5.8x 21.2x 22.6x 18.4x 16% 3% 11% 63% 61% 62% 31% 29% 32% Q2 Holdings $59.06 $2,860 $132 $470 $3,197 10.1x 7.8x 6.3x NM NM NM 31% 30% 25% 53% 53% 51% 6% 4% 8% BlackLine $52.61 $2,966 $608 $400 $2,763 9.6x 8.0x 6.6x NM NM NM 27% 20% 20% 82% 81% 79% 9% 11% 13% Bill.com Holdings $34.20 $2,474 $383 $0 $2,091 19.2x 13.3x 10.3x NA NM NM NA 44% 29% 74% 74% 74% 0% (15%) (11%) Asseco Poland S.A. $13.99 $1,161 $600 $724 $1,871 0.7x 0.7x 0.7x 4.4x 4.8x 4.6x 13% (6%) 5% 22% 22% 22% 15% 15% 15% Bottomline Technologies (de) $36.65 $1,613 $91 $129 $1,651 3.8x 3.5x 3.2x 16.9x 15.6x 14.1x 6% 9% 9% 57% 57% 57% 23% 23% 23% IRESS Limited $6.39 $1,109 $24 $200 $1,285 3.6x 3.8x 3.5x 13.7x 14.9x 13.3x 9% (4%) 6% 27% 27% 30% 26% 25% 27% Ebix $15.18 $463 $78 $763 $1,198 2.1x 1.8x 1.5x 6.9x 6.3x 4.8x 17% 14% 24% 64% 65% 65% 30% 29% 31% Zuora $8.05 $926 $172 $79 $833 3.0x 2.8x 2.3x NM NM NM 17% 9% 19% 57% 61% 55% (10%) (6%) 4% Model N $22.21 $740 $56 $51 $735 5.1x 4.7x 4.2x 49.0x NM 37.1x (4%) 9% 10% 55% 55% 55% 10% 9% 11% Basware Oyj $20.77 $299 $36 $87 $351 2.1x 2.0x 1.8x NM 19.7x 13.3x 3% 4% 10% 51% 54% 51% 3% 10% 14%

Mean 8.5x 7.1x 6.2x 20.8x 17.1x 17.6x 20% 15% 14% 61% 61% 59% 22% 22% 24% Median 8.2x 6.8x 6.3x 21.2x 16.1x 14.2x 16% 10% 10% 63% 61% 57% 23% 23% 24%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 24 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $138.41 $96,457 $19,912 $22,526 $99,082 5.5x 4.8x 4.4x 22.2x 18.0x 15.7x 5% 16% 10% 56% 56% 56% 25% 27% 28% Roper Technologies $311.81 $33,086 $710 $5,552 $37,928 7.1x 6.8x 6.6x 19.7x 19.2x 18.2x 3% 4% 4% 64% 64% 63% 36% 35% 36% Veeva Systems Inc. $156.37 $23,339 $1,087 $55 $22,307 20.2x 16.0x 13.4x NM 43.4x 35.3x 28% 26% 19% 75% 74% 73% 40% 37% 38% Cerner Corporation $62.99 $19,164 $542 $1,190 $19,812 3.5x 3.4x 3.2x 12.0x 10.7x 9.9x 6% 3% 5% 82% 82% 82% 29% 31% 33% Tyler Technologies $296.56 $11,789 $272 $23 $11,540 10.6x 9.6x 8.8x 38.0x 34.7x 30.8x 16% 10% 9% 52% 51% 49% 28% 28% 29% RealPage $52.93 $4,895 $197 $1,279 $5,977 6.0x 5.1x 4.6x 21.2x 18.6x 16.3x 14% 18% 11% 63% 62% 62% 29% 27% 28% Guidewire Software $79.31 $6,574 $1,065 $436 $5,945 8.5x 8.1x 6.8x NA NM 36.1x (4%) 5% 19% 56% 56% 56% 0% 13% 19% CoreLogic $30.54 $2,413 $106 $1,817 $4,125 2.3x 2.4x 2.4x 8.3x 8.0x 8.0x (1%) (3%) (0%) 50% 53% 50% 28% 30% 30% AppFolio $110.95 $3,792 $39 $85 $3,839 15.0x 12.0x 9.8x NM NM NM 35% 25% 22% 60% 61% 61% 14% 16% 18% Blackbaud $55.55 $2,657 $32 $584 $3,209 3.6x 3.4x 3.2x 11.2x 18.3x 16.7x 6% 4% 6% 60% 59% 56% 32% 19% 19% Allscripts Healthcare Solutions $7.04 $1,140 $130 $1,034 $2,044 1.2x 1.2x 1.1x 6.9x 6.6x 6.2x 1% 0% 3% 43% 42% 45% 17% 18% 18% 2U $21.22 $1,350 $171 $321 $1,500 2.6x 2.1x 1.8x NM NM NM 40% 27% 16% 72% 70% 74% (4%) (0%) 3% HealthStream $23.95 $767 $173 $34 $628 2.5x 2.5x 2.7x 13.4x 14.5x 16.0x 10% (1%) (6%) 59% 62% 59% 18% 17% 17% Castlight Health $0.72 $108 $59 $21 $69 0.5x 0.5x 0.5x NM NM NM (8%) (8%) 9% 61% 61% 61% (11%) (12%) (3%) Boxlight Corporation $0.57 $8 $1 $9 $16 0.4x 0.4x 0.3x NM NM NM 2% 6% 13% 30% 30% 27% (7%) (6%) (0%)

Mean 6.0x 5.2x 4.6x 17.0x 19.2x 19.0x 10% 9% 9% 59% 59% 58% 18% 19% 21% Median 3.6x 3.4x 3.2x 13.4x 18.2x 16.3x 6% 5% 9% 60% 61% 59% 25% 19% 19%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 25 PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business salesforce.com $143.98 $128,862 $7,947 $6,253 $127,168 7.4x 6.1x 5.1x 25.4x 20.9x 17.8x 29% 22% 19% 78% 79% 76% 29% 29% 29% Shopify Inc. $416.93 $48,808 $2,468 $152 $46,492 29.5x 21.5x 15.8x NM NM NM 47% 37% 36% 55% 53% 55% 5% 2% 4% Workday $130.22 $30,211 $1,945 $1,570 $29,836 8.2x 6.9x 5.8x 39.2x 30.9x 25.8x 29% 19% 19% 75% 76% 73% 21% 22% 23% Constellation Software Inc. $902.35 $19,122 $326 $744 $19,540 5.6x 4.8x 4.1x 20.9x 17.7x 15.0x 14% 18% 16% 37% 37% 37% 27% 27% 27% Slack Technologies $26.84 $14,945 $769 $227 $14,418 22.9x 16.9x 12.8x NM NM NM 57% 36% 32% 87% 87% 87% (17%) (11%) (6%) Paycom Software $202.01 $11,645 $134 $61 $11,573 15.7x 12.8x 10.5x 36.4x 30.5x 24.7x 30% 22% 22% 85% 85% 86% 43% 42% 42% The Sage Group plc $7.37 $8,034 $456 $941 $8,518 3.3x 3.5x 3.3x 13.3x 14.0x 13.0x 8% (6%) 7% 93% 93% 93% 25% 25% 25% Ceridian HCM Holding Inc. $50.07 $7,143 $281 $716 $7,578 9.2x 8.5x 7.4x 41.1x 41.8x 34.6x 11% 8% 14% 46% 46% 46% 22% 20% 21% Zendesk $64.01 $7,295 $484 $589 $7,400 9.1x 7.1x 5.6x NM NM NM 36% 28% 27% 75% 76% 72% 8% 8% 11% Paylocity Holding Corporation $88.32 $4,735 $146 $85 $4,674 9.4x 7.7x 6.5x 32.1x 27.1x 22.0x 23% 22% 18% 65% 65% 65% 29% 28% 29% j2 Global $74.85 $3,648 $576 $1,582 $4,654 3.4x 3.2x 3.0x 8.5x 8.0x 7.4x 14% 7% 6% 83% 83% 83% 40% 40% 40% Smartsheet Inc. $41.51 $4,933 $566 $65 $4,431 16.4x 11.9x 9.0x NM NM NM 52% 37% 32% 82% 82% 81% (19%) (12%) (5%) Anaplan $30.26 $4,140 $310 $56 $3,885 11.2x 8.5x 6.5x NM NM NM 45% 32% 30% 76% 78% 74% (11%) (8%) 0% Manhattan Associates $49.82 $3,165 $111 $39 $3,094 5.0x 4.7x 4.5x 19.9x 21.7x 19.3x 11% 5% 7% 55% 54% 56% 25% 22% 23% The Descartes Systems Group Inc $34.15 $2,874 $44 $13 $2,843 8.7x 7.9x 7.2x 23.2x 20.6x 18.2x 18% 10% 10% 74% 74% 73% 38% 38% 40% Cornerstone OnDemand $31.75 $1,946 $417 $368 $1,896 3.3x 3.1x 2.8x 14.5x 12.3x 10.1x 7% 8% 11% 76% 76% 74% 23% 25% 27% Enghouse Systems Limited $30.71 $1,689 $88 $30 $1,631 5.3x 4.5x 3.9x 17.3x 14.9x 12.8x 19% 17% 15% 70% 70% 70% 30% 30% 31% Technology One Limited $4.91 $1,564 $71 $0 $1,493 7.3x 7.7x 6.9x 25.9x 24.7x 20.0x (3%) (6%) 12% 41% 41% 41% 28% 31% 35% SPS Commerce $46.51 $1,629 $214 $24 $1,439 5.2x 4.7x 4.3x 20.6x 17.3x 15.0x 12% 10% 10% 68% 68% 67% 25% 27% 29% Workiva Inc. $32.33 $1,521 $488 $319 $1,352 4.5x 4.0x 3.4x NM NM NM 22% 14% 16% 72% 73% 72% (2%) (10%) (5%) Pluralsight $10.98 $1,157 $423 $487 $1,285 4.1x 3.3x 2.7x NM NM NM 37% 22% 24% 78% 80% 76% (13%) (14%) (7%) PROS Holdings $31.03 $1,343 $306 $140 $1,177 4.7x 4.1x 3.5x NM NM NM 27% 14% 19% 63% 63% 61% (5%) (4%) 1% Upland Software $26.82 $677 $175 $534 $1,035 4.6x 3.8x 3.6x 12.5x 10.2x 9.6x 49% 22% 6% 71% 72% 69% 37% 37% 37% QAD Inc. $39.93 $813 $137 $32 $708 2.3x 2.3x 2.1x NM NM 28.4x (7%) 1% 10% 55% 57% 54% 4% 4% 7% Opera Limited $5.37 $639 $183 $57 $512 1.5x 0.9x 0.8x 11.3x 7.0x 5.3x 94% 62% 22% 81% 76% 70% 14% 14% 14% Benefitfocus $8.91 $292 $131 $283 $445 1.5x 1.4x 1.3x 23.4x 18.5x 12.9x 14% 6% 10% 54% 53% 51% 6% 8% 10% American Software $14.21 $457 $96 $2 $363 3.2x 3.1x 2.9x 23.0x 24.3x 19.8x 1% 4% 7% 54% 54% 54% 14% 13% 15% Synchronoss Technologies $3.05 $126 $39 $69 $169 0.5x 0.5x 0.5x 6.1x 5.9x 3.9x (5%) 7% 9% 52% 57% 53% 9% 9% 12% ServiceSource International $0.88 $83 $27 $45 $101 0.5x 0.5x 0.5x 23.8x 25.3x 9.9x (9%) (9%) 5% 30% 30% 30% 2% 2% 5% Park City Group $3.80 $74 $19 $7 $62 3.2x 3.0x 2.6x NA 13.3x 9.9x (16%) 8% 13% 70% 70% 70% 0% 22% 27%

Mean 7.2x 6.0x 5.0x 21.9x 19.4x 16.2x 22% 16% 16% 67% 67% 66% 15% 16% 18% Median 5.1x 4.6x 4.0x 22.0x 18.5x 15.0x 19% 14% 15% 70% 71% 70% 18% 21% 22%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 26 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management VMware $121.10 $50,621 $2,915 $6,662 $54,368 5.0x 4.6x 4.2x 13.2x 13.3x 11.7x 12% 9% 11% 87% 86% 85% 38% 35% 36% ServiceNow $286.58 $54,393 $1,691 $1,131 $53,833 15.6x 12.2x 9.7x NM 42.8x 33.3x 33% 28% 26% 81% 82% 78% 29% 28% 29% Atlassian Corporation Plc $137.26 $33,687 $1,937 $1,157 $32,907 25.1x 18.5x 14.7x NM NM NA 36% 36% 26% 85% 85% 85% 31% 26% 0% Twilio Inc. $89.49 $12,503 $1,853 $640 $11,290 10.0x 7.7x 6.1x NM NM NM 75% 29% 27% 59% 57% 55% 10% 5% 9% Datadog $35.98 $10,689 $774 $60 $9,975 27.5x 18.6x 13.9x NM NM NM 83% 48% 33% 75% 76% 76% 2% (1%) 2% MongoDB $136.54 $7,860 $987 $987 $7,860 18.6x 15.3x 11.9x NM NM NM 58% 22% 28% 72% 72% 72% (10%) (11%) (5%) Dynatrace $23.84 $6,694 $189 $540 $7,046 13.8x 11.3x 9.0x NA 39.8x 32.3x NA 22% 25% 78% 78% 78% 0% 28% 28% SolarWinds Corporation $15.67 $4,886 $173 $2,020 $6,733 7.2x 6.6x 5.9x 14.8x 14.2x 12.5x 12% 10% 11% 92% 92% 92% 49% 46% 47% Micro Focus International plc $4.98 $1,666 $356 $4,731 $6,043 1.8x 2.0x 2.1x 4.6x 5.4x 5.5x 9% (8%) (5%) 78% 78% 78% 39% 36% 38% LogMeIn (1) $83.28 $4,047 $128 $307 $4,226 3.4x 3.2x 3.0x 10.2x 10.6x 9.6x 5% 5% 6% 82% 81% 79% 33% 30% 31% Appian Corporation $40.23 $2,715 $160 $52 $2,607 10.0x 8.8x 7.7x NM NM NM 15% 14% 15% 65% 65% 64% (11%) (12%) (7%) New Relic $46.24 $2,740 $737 $490 $2,496 4.4x 3.8x 3.2x 25.8x 31.6x 24.4x 28% 16% 18% 83% 83% 83% 17% 12% 13% NetScout Systems $23.67 $1,748 $344 $529 $1,933 2.2x 2.1x 2.0x NA 10.6x NA (1%) 3% 4% 72% 72% 72% 0% 20% 0% Progress Software Corporation $32.00 $1,433 $177 $326 $1,582 3.8x 3.6x 3.6x 9.3x 7.7x 7.6x 9% 5% 0% 85% 88% 87% 41% 47% 48% Bandwidth Inc. $67.29 $1,584 $184 $25 $1,424 7.2x 5.2x 4.4x NM NM NM 20% 38% 19% 48% 48% 51% (1%) 1% 3% PagerDuty $17.28 $1,345 $351 $0 $993 6.0x 4.8x 3.9x NM NM NM 41% 25% 22% 85% 85% 85% (16%) (8%) (3%) Axway Software SA $17.03 $361 $24 $81 $418 1.2x 1.2x 1.2x 9.9x 12.5x NA 4% (0%) 2% 71% 72% 50% 13% 10% 0% Magic Software Enterprises Ltd. $8.04 $393 $96 $38 $374 1.1x 1.1x 1.0x NA NA NA 15% 5% 9% 32% 33% 32% 0% 0% 0% MobileIron $3.80 $439 $94 $16 $361 1.8x 1.8x 1.6x NM NM NA 6% (3%) 11% 82% 80% 81% (3%) (5%) 0% Comarch S.A. $44.86 $365 $86 $70 $353 0.9x 0.9x 0.8x 5.6x 6.3x 5.9x 4% 3% 7% 32% 28% 28% 17% 14% 14%

Mean 8.3x 6.7x 5.5x 11.7x 17.7x 15.9x 24% 15% 15% 72% 72% 71% 14% 15% 14% Median 5.5x 4.7x 4.0x 10.0x 12.5x 11.7x 15% 12% 13% 78% 78% 78% 11% 13% 6%

Sales & Marketing Applications Pegasystems Inc. $71.23 $5,674 $68 $68 $5,674 6.2x 5.2x 4.5x NM NM NM 2% 20% 17% 68% 71% 68% (4%) 5% 7% HubSpot $133.19 $5,766 $962 $608 $5,412 8.0x 6.5x 5.4x NM NM 41.5x 32% 23% 22% 82% 82% 81% 12% 11% 13% SurveyMonkey $13.51 $1,844 $131 $307 $2,020 6.6x 5.3x 4.4x NM NM 32.6x 21% 23% 20% 77% 78% 74% 13% 12% 14% LivePerson $22.75 $1,461 $177 $198 $1,483 5.1x 4.3x 3.5x NM NM NM 17% 19% 23% 74% 74% 74% (5%) (1%) 4% Yext $10.19 $1,180 $256 $124 $1,048 3.5x 2.9x 2.3x NM NM NM 31% 22% 24% 75% 75% 75% (16%) (12%) (6%) Cardlytics $34.96 $934 $104 $0 $829 3.9x 3.2x 2.5x NM NM 24.4x 40% 22% 31% 38% 37% 38% 3% 5% 10% Sprout Social $15.96 $780 $135 $21 $665 6.5x 5.1x 4.0x NM NM NM 30% 26% 30% 74% 73% 74% (17%) (18%) (9%) ChannelAdvisor Corporation $7.26 $205 $52 $15 $169 1.3x 1.3x 1.2x 8.4x 8.3x 7.1x (1%) 1% 5% 78% 79% 78% 16% 16% 17%

Mean 5.1x 4.2x 3.5x 8.4x 8.3x 26.4x 21% 19% 22% 71% 71% 70% 0% 2% 6% Median 5.7x 4.7x 3.7x 8.4x 8.3x 28.5x 26% 22% 22% 75% 75% 74% (0%) 5% 8%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 27 1) LogMeIn (LOGM) has agreed to be acquired by Francisco Partners. PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS Adobe Inc. $318.24 $153,328 $4,171 $4,711 $153,868 13.8x 11.8x 10.2x 30.3x 25.7x 21.8x 24% 16% 16% 88% 87% 87% 46% 46% 47% salesforce.com $143.98 $128,862 $7,947 $6,253 $127,168 7.4x 6.1x 5.1x 25.4x 20.9x 17.8x 29% 22% 19% 78% 79% 76% 29% 29% 29% ServiceNow $286.58 $54,393 $1,691 $1,131 $53,833 15.6x 12.2x 9.7x NM 42.8x 33.3x 33% 28% 26% 81% 82% 78% 29% 28% 29% Shopify Inc. $416.93 $48,808 $2,468 $152 $46,492 29.5x 21.5x 15.8x NM NM NM 47% 37% 36% 55% 53% 55% 5% 2% 4% Zoom Video Communications $146.12 $40,768 $855 $72 $39,985 NM 43.4x 32.4x NM NM NM 88% 48% 34% 82% 81% 81% 17% 20% 20% Atlassian Corporation Plc $137.26 $33,687 $1,937 $1,157 $32,907 25.1x 18.5x 14.7x NM NM NA 36% 36% 26% 85% 85% 85% 31% 26% 0% Workday $130.22 $30,211 $1,945 $1,570 $29,836 8.2x 6.9x 5.8x 39.2x 30.9x 25.8x 29% 19% 19% 75% 76% 73% 21% 22% 23% Veeva Systems Inc. $156.37 $23,339 $1,087 $55 $22,307 20.2x 16.0x 13.4x NM 43.4x 35.3x 28% 26% 19% 75% 74% 73% 40% 37% 38% Splunk Inc. $126.23 $20,023 $1,755 $1,995 $20,262 8.6x 7.9x 6.2x NM NM 43.4x 31% 9% 27% 85% 82% 82% 17% 4% 14% RingCentral $211.91 $18,458 $344 $430 $18,544 22.7x 16.5x 13.3x NM NM NM 33% 37% 24% 76% 76% 79% 15% 13% 13% DocuSign $92.40 $16,767 $656 $648 $16,759 17.2x 13.3x 10.5x NM NM NM 39% 29% 26% 78% 79% 77% 10% 13% 15% Okta $122.26 $15,010 $1,403 $1,104 $14,712 25.1x 19.1x 14.7x NM NM NM 47% 32% 30% 76% 77% 73% (6%) (6%) 3% Slack Technologies $26.84 $14,945 $769 $227 $14,418 22.9x 16.9x 12.8x NM NM NM 57% 36% 32% 87% 87% 87% (17%) (11%) (6%) Paycom Software $202.01 $11,645 $134 $61 $11,573 15.7x 12.8x 10.5x 36.4x 30.5x 24.7x 30% 22% 22% 85% 85% 86% 43% 42% 42% Twilio Inc. $89.49 $12,503 $1,853 $640 $11,290 10.0x 7.7x 6.1x NM NM NM 75% 29% 27% 59% 57% 55% 10% 5% 9% Datadog $35.98 $10,689 $774 $60 $9,975 27.5x 18.6x 13.9x NM NM NM 83% 48% 33% 75% 76% 76% 2% (1%) 2% Coupa Software Incorporated $139.73 $9,312 $767 $783 $9,328 23.9x 19.1x 15.2x NM NM NM 50% 26% 25% 72% 73% 69% 9% 11% 14% NetApp $41.69 $9,221 $3,016 $1,988 $8,193 1.5x 1.5x 1.4x 6.1x 6.1x 5.7x (10%) (2%) 3% 64% 64% 64% 24% 24% 26% Zscaler $60.86 $7,872 $385 $34 $7,522 20.9x 15.8x 12.2x NM NM NM 48% 32% 30% 80% 80% 80% 11% 7% 10% Dropbox $18.10 $7,754 $1,159 $1,007 $7,602 4.6x 4.0x 3.6x 20.1x 14.9x 13.3x 19% 13% 12% 76% 77% 73% 23% 27% 27% Zendesk $64.01 $7,295 $484 $589 $7,400 9.1x 7.1x 5.6x NM NM NM 36% 28% 27% 75% 76% 72% 8% 8% 11% Dynatrace $23.84 $6,694 $189 $540 $7,046 13.8x 11.3x 9.0x NA 39.8x 32.3x NA 22% 25% 78% 78% 78% 0% 28% 28% Cloudflare $23.48 $7,106 $640 $11 $6,477 22.6x 16.8x 12.7x NM NM NM 49% 34% 32% 77% 77% 78% (15%) (7%) 0% RealPage $52.93 $4,895 $197 $1,279 $5,977 6.0x 5.1x 4.6x 21.2x 18.6x 16.3x 14% 18% 11% 63% 62% 62% 29% 27% 28% Proofpoint $102.59 $5,848 $891 $806 $5,763 6.5x 5.4x 4.6x 36.7x 40.8x 28.1x 24% 19% 18% 79% 79% 75% 18% 13% 16% HubSpot $133.19 $5,766 $962 $608 $5,412 8.0x 6.5x 5.4x NM NM 41.5x 32% 23% 22% 82% 82% 81% 12% 11% 13% Paylocity Holding Corporation $88.32 $4,735 $146 $85 $4,674 9.4x 7.7x 6.5x 32.1x 27.1x 22.0x 23% 22% 18% 65% 65% 65% 29% 28% 29% j2 Global $74.85 $3,648 $576 $1,582 $4,654 3.4x 3.2x 3.0x 8.5x 8.0x 7.4x 14% 7% 6% 83% 83% 83% 40% 40% 40% Five9 $76.46 $4,740 $320 $223 $4,643 14.2x 12.2x 10.4x NM NM NM 27% 16% 17% 63% 63% 61% 19% 18% 19% Smartsheet Inc. $41.51 $4,933 $566 $65 $4,431 16.4x 11.9x 9.0x NM NM NM 52% 37% 32% 82% 82% 81% (19%) (12%) (5%) LogMeIn(1) $83.28 $4,047 $128 $307 $4,226 3.4x 3.2x 3.0x 10.2x 10.6x 9.6x 5% 5% 6% 82% 81% 79% 33% 30% 31% AppFolio $110.95 $3,792 $39 $85 $3,839 15.0x 12.0x 9.8x NM NM NM 35% 25% 22% 60% 61% 61% 14% 16% 18% Everbridge $106.36 $3,653 $532 $446 $3,567 17.8x 13.7x 11.0x NM NM NM 37% 29% 25% 71% 70% 69% 3% 2% 4% Envestnet $53.78 $2,861 $83 $668 $3,445 3.8x 3.4x 3.1x 17.8x 16.0x 14.1x 11% 11% 10% 69% 69% 44% 21% 21% 22% Q2 Holdings $59.06 $2,860 $132 $470 $3,197 10.1x 7.8x 6.3x NM NM NM 31% 30% 25% 53% 53% 51% 6% 4% 8% Qualys $86.99 $3,401 $299 $52 $3,154 9.8x 8.7x 7.6x 22.4x 20.2x 17.4x 15% 13% 14% 80% 80% 79% 44% 43% 43% BlackLine $52.61 $2,966 $608 $400 $2,763 9.6x 8.0x 6.6x NM NM NM 27% 20% 20% 82% 81% 79% 9% 11% 13% Pure Storage $12.30 $3,284 $1,299 $597 $2,583 1.6x 1.4x 1.2x 17.8x 20.7x 14.9x 21% 10% 17% 70% 69% 68% 9% 7% 8%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 28 1) LogMeIn (LOGM) has agreed to be acquired by Francisco Partners. PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) New Relic $46.24 $2,740 $737 $490 $2,496 4.4x 3.8x 3.2x 25.8x 31.6x 24.4x 28% 16% 18% 83% 83% 83% 17% 12% 13% Box $14.04 $2,134 $196 $425 $2,363 3.4x 3.1x 2.8x 34.4x 20.9x 16.1x 14% 10% 10% 71% 72% 71% 10% 15% 17% Medallia $20.04 $2,683 $344 $9 $2,348 5.8x 5.0x 4.1x NM NM NM 28% 18% 20% 67% 71% 66% 3% 4% 7% Mimecast Limited $35.30 $2,207 $190 $241 $2,258 5.6x 4.6x 4.0x 32.3x 24.3x 19.5x 26% 20% 17% 74% 74% 74% 17% 19% 20% Cloudera $7.87 $2,323 $361 $212 $2,174 2.7x 2.5x 2.3x NM 12.6x 10.1x 65% 9% 10% 76% 78% 71% (3%) 20% 23% Bill.com Holdings $34.20 $2,474 $383 $0 $2,091 19.2x 13.3x 10.3x NA NM NM NA 44% 29% 74% 74% 74% 0% (15%) (11%) Cornerstone OnDemand $31.75 $1,946 $417 $368 $1,896 3.3x 3.1x 2.8x 14.5x 12.3x 10.1x 7% 8% 11% 76% 76% 74% 23% 25% 27% Varonis Systems $63.67 $1,949 $121 $65 $1,893 7.4x 6.7x 5.7x NM NM NM (6%) 11% 17% 87% 88% 88% (8%) (7%) (0%) Ping Identity Holding Corp. $20.02 $1,596 $68 $51 $1,580 6.5x 6.0x 5.0x 31.6x NM 33.2x 21% 9% 18% 84% 82% 84% 21% 11% 15% LivePerson $22.75 $1,461 $177 $198 $1,483 5.1x 4.3x 3.5x NM NM NM 17% 19% 23% 74% 74% 74% (5%) (1%) 4% SPS Commerce $46.51 $1,629 $214 $24 $1,439 5.2x 4.7x 4.3x 20.6x 17.3x 15.0x 12% 10% 10% 68% 68% 67% 25% 27% 29% Workiva Inc. $32.33 $1,521 $488 $319 $1,352 4.5x 4.0x 3.4x NM NM NM 22% 14% 16% 72% 73% 72% (2%) (10%) (5%) PagerDuty $17.28 $1,345 $351 $0 $993 6.0x 4.8x 3.9x NM NM NM 41% 25% 22% 85% 85% 85% (16%) (8%) (3%) Zuora $8.05 $926 $172 $79 $833 3.0x 2.8x 2.3x NM NM NM 17% 9% 19% 57% 61% 55% (10%) (6%) 4% Talend S.A. $22.43 $702 $177 $160 $685 2.8x 2.5x 2.2x NM NM NM 20% 11% 14% 77% 78% 77% (7%) (12%) (5%) Sprout Social $15.96 $780 $135 $21 $665 6.5x 5.1x 4.0x NM NM NM 30% 26% 30% 74% 73% 74% (17%) (18%) (9%) Benefitfocus $8.91 $292 $131 $283 $445 1.5x 1.4x 1.3x 23.4x 18.5x 12.9x 14% 6% 10% 54% 53% 51% 6% 8% 10% Zix Corporation $4.31 $232 $13 $193 $412 2.4x 1.9x 1.7x 10.4x 8.2x 7.6x 146% 24% 12% 61% 58% 67% 23% 23% 23% ChannelAdvisor Corporation $7.26 $205 $52 $15 $169 1.3x 1.3x 1.2x 8.4x 8.3x 7.1x (1%) 1% 5% 78% 79% 78% 16% 16% 17% Park City Group $3.80 $74 $19 $7 $62 3.2x 3.0x 2.6x NA 13.3x 9.9x (16%) 8% 13% 70% 70% 70% 0% 22% 27% Veritone $2.33 $63 $44 $0 $19 0.4x 0.3x 0.3x NM NM NM 84% 12% 15% 65% 69% 74% NM NM NM

Mean 10.4x 8.8x 7.1x 22.9x 21.6x 19.7x 32% 21% 20% 74% 74% 73% 12% 13% 15% Median 7.7x 6.7x 5.6x 22.4x 20.2x 16.9x 28% 20% 19% 76% 76% 74% 12% 13% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 29 RECENT ACQUISITIONS Select Software M&A Transactions

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

Palo Alto Provides enterprise networking WAN software and appliances for businesses. Offerings enable automated creation and monitoring of 3/31/20 CloudGenix Inc. $420 NA NA NA NA Networks Inc. cloud-delivered, software-defined wide area networks.

Wavy Global Provides AI-based customer messaging SaaS and APIs to businesses that can be integrated into existing CRM systems. Software 3/26/20 Sinch AB $116 1.3x NA 12.4x NA Holdings BV provides features for personalized chatbot messaging and surveys for clients via WhatsApp or SMS for lead generation.

Hellman & Provides DevOps source code analysis software and SaaS to enable automated application vulnerability testing for businesses 3/16/20 Checkmarx Ltd. $1,150 11.5x 7.7x NA NA Friedman LLC globally.

Jiangsu Jiayi Lvjing Holding Education Provides K-12 extracurricular education software and services for primary and secondary schools in China and the UK. Services include 3/16/20 $171 NA NA NA NA Co. Ltd Technology Co. software and content development, teacher training, and extra-curricular tutoring. Ltd Provides prescription medication management and analytics SaaS to healthcare providers. Software provides features for analyzing a Invitae 3/11/20 YouScript Inc. $79 NA NA NA NA patient's genetic data with recent clinical knowledge on drug metabolism to help predict which prescription medications will work best Corporation for each patient.

Provides AI-enabled genetic disorder sequencing SaaS for healthcare providers and geneticists. Software provides features for Invitae 3/10/20 Diploid $95 NA NA NA NA analyzing and diagnosing rare genetic disorders from NGS data and patients' symptoms, gender, and age of onset using proprietary Corporation A.I. algorithms and proprietary disorder models.

XMedius Provides electronic data interchange (EDI) software and SaaS that enable businesses to capture, authenticate, and exchange secure 3/9/20 Open Text Corp. $75 1.9x NA NA NA Solutions Inc. information. Software also enables unified communications.

Provides dental computer-aided design (CAD), scanning, and 3-D printing computer-aided machinery (CAM) software to enable dental Align Technology exocad Global 3/4/20 $417 NA NA NA NA implant and dentures design, imaging, manufacturing and fitting for dentists, dental technicians, and dental labs globally. Software Inc. Holdings GmbH integrates with existing dental scanning devices.

Vitruvian Provides subscription-based Java virtual machines (JVM) for enterprise applications and an open source development software for 3/4/20 Azul Systems Inc. $340 NA NA NA NA Partners LLP embedded systems, IoT and IIoT edge devices, gateways, and dedicated applications.

Seal Software Provides AI-based contract management SaaS to businesses. Software provides features for machine learning-based contract discovery 2/27/20 DocuSign Inc. $188 5.9x 4.5x NA NA Ltd. of any file type across networks, data extraction, and analytics of potential risks or opportunities within existing contracts.

Provides Salesforce-based omni-channel customer relationship management (CRM) SaaS to businesses and government agencies. salesforce.com 2/25/20 Vlocity Inc. $1,330 NA NA NA NA Software also provides features for data migration, back-office integration, mobile application development, sales performance Inc. management, and analytics.

Cornerstone Saba Software Provides HR management SaaS to businesses and government agencies globally. Software provides features for employee training, 2/24/20 $1,395 5.4x NA 14.0x NA OnDemand Inc. performance management, learning and assessment management, compensation management, collaboration, and web conferencing.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 03/31/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 30 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

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

Ultimate 2/20/20 Software Group, Kronos Inc. NA(1) NA NA NA NA Provides human resources, payroll, scheduling, and time and labor management software to enterprises. Inc.

Embracer Group Develops interactive casino and video games for Xbox, PlayStation, Nintendo, PC, and mobile devices to consumers in the United 2/19/20 Saber Interactive $150 1.4x NA NA NA AB States, Spain, Russia, and Ukraine.

STG/Ontario Provides network identity authentication, access control, and management security software and related systems integration services 2/18/20 Teachers/AlpInv RSA Security Inc.(2) $2,075 2.6x NA 11.5x NA for businesses. est Partners

First American Provides loan origination document generation and management SaaS and related implementation and delivery services for 2/13/20 Docutech LLC $350 NA NA NA NA Financial Corp businesses in the mortgage lending industry.

Upland Software Char Software 2/7/20 $68 3.3x 3.4x NA 7.6x Provides customer analytics SaaS for businesses that analyzes mobile application data used in marketing personalization. Inc. Inc.

Advent ForeScout Provides network security software for businesses and government agencies globally. Software enables users to discover and classify International/Cro 2/6/20 Technologies $1,900 5.6x NA NM NA IP-based devices in real time as the devices connect to the network and continuously monitor security threats. Software also includes sspoint Capital Inc. features for mobile network access control, policy monitoring, enforcement and remediation, and behavioral analysis. Partners Cerner Corp. The Germany and Spain-based assets of Cerner, which provides healthcare management software and SaaS for businesses in the CompuGroup 2/5/20 (Germany and $249 3.0x NA 17.1x NA medical sector in Germany and Spain. Software provides features for billing, electronic healthcare records (EHR) management, and Medical SE Spain assets) EDI.

Moodys Regulatory Provides governance, risk and compliance (GRC) and related BI analytics SaaS to enable financial institutions to prevent money 1/23/20 $700 10.0x NA NA NA Corporation DataCorp Inc. laundering, bribery, and other financial crimes.

Provides AI-based log monitoring and analytics software and SaaS for ITOps and DevOps teams globally. Software enables users to Loom Systems 1/22/20 ServiceNow Inc. $58 NA NA NA NA monitor log data from host machines, log servers, cloud services or other applications, detect and visualize parameter changes, and Ltd. manage incidents in real-time.

Centerfield Platinum Equity Provides CRM SaaS and related digital marketing services for businesses. Software enables marketing and advertising automation as 1/21/20 Media Holdings $625 NA NA 12.5x 8.3x LLC well as customer measurement. LLC

Provides B2B investment fund selection and CRM SaaS and services for fund providers and distributors in Europe, Switzerland, and Clearstream 1/21/20 Fondcenter AG $402 NA NA NA NA Asia. Software enables users to search, compare, and analyze funds, match client requirements with product features, and manage Banking S.A. sales agreements and relationships with customers.

Provides tax-free shopping refund and transaction processing software, mobile applications and services for merchants, international Far Point 1/16/20 Global Blue AG $1,892 4.0x NA 9.3x NA shoppers, and customs authorities globally. Software enables users to issue tax free reclaim forms, capture traveller data, track refund Acquisition Corp. transactions, conduct export validation, and process tax refunds.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 03/31/20, where Enterprise Value is >$50MM. Multiples <0 and >50 considered NM. Transactions highlighted in light blue denote private equity transactions. 31 1) Enterprise Value is estimated to be in excess of $50MM. 2) Transaction includes the purchase of RSA Archer, RSA NetWitness Platform, RSA SecurID, RSA Fraud and Risk Intelligence, and RSA Conference. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

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

Provides transaction processing and application and data integration APIs for financial software and mobile application developers. 1/13/20 Visa Inc. Plaid Inc. $5,300 NA NA NA NA APIs provide features for linking consumer bank accounts and facilitating financial transactions within existing applications and online services.

LexisNexis Risk Provides online fraud and identity theft monitoring software and credit risk assessment services for businesses in the US. Software 1/13/20 ID Analytics LLC $375 NA NA NA NA Solutions enables users to verify consumer identity, identify potential fraud, and make lending decisions based on consumer behaviour.

1/13/20 R1 RCM Inc. SCI Solutions Inc. $190 NA NA NA NA Provides patient management SaaS for healthcare institutions. Software enables patient scheduling, referral, admission, and analytics.

Insight Venture Provides cloud data management SaaS to businesses globally. Software provides features for data backup and replication, disaster 1/9/20 Management Veeam Software $5,000 5.0x NA NA NA recovery, and for use with virtualization management software. LLC

Springbrook Provides financial management, administrative management, payroll management, and bill payment SaaS for government agencies 1/7/20 Accel-KKR LLC $150 6.0x NA 13.0x NA Software Inc. and municipalities in North America.

Nebula Open Lending Provides vehicle lending enablement SaaS for businesses in the automotive industry. Software features include risk management 1/6/20 Acquisition $1,300 NA NA NA 11.9x LLC analytics and lending compliance for financial institutions and insurers. Corporation

Insight Venture Provides unmanaged and IoT devices cybersecurity monitoring software for businesses globally. Software enables users to discover 1/6/20 Management Armis Inc. $1,100 18.3x 11.0x NA NA managed, unmanaged, and IoT devices on or off a network, analyze endpoint behavior, detect threats, and recommend remediation LLC actions.

Provides geographical information systems, imagery, and data management SaaS for the defense, intelligence, and oil and gas 1/6/20 Cubic Corp. PIXIA Corp. $200 NA NA NA NA sectors.

All Software Median 5.0x 6.1x 12.5x 8.3x Mean 5.7x 6.6x 12.8x 9.3x

PE Acquirers Median 5.8x 9.3x 12.5x 10.1x Mean 8.2x 9.3x 12.4x 10.1x

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 03/31/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 32 Multiples <0 and >50 considered NM. RECENT FINANCINGS Selected Software Private Financings

($MM) Amount Deal Date Company Brief Description Investors Raised Provider of a cybersecurity asset management platform designed to secure and manage Bessemer Venture Partners, Lightspeed Venture Partners, OpenView Venture Partners, Vertex 3/31/20 Axonius $58 connected devices in use by businesses. Ventures Israel, WTI, YL Ventures

3/27/20 MiningLamp $300 Provider of a big data application solution with a focus on relational data mining. Kuaishou, Temasek Holdings, Tencent Industry Win-Win Fund

Provider of a Data-as-a-Service Platform designed to create a new approach to data analytics Cisco Investments, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, 3/26/20 Dremio $70 that prioritizes users experience, simplicity and scalability. Redpoint Ventures Developer of intelligent payment software intended for businesses to pay or accept payment Accomplice VC, B Capital Group, Fission Ventures, Khosla Ventures, Kleiner Perkins, Top Tier 3/25/20 Plastiq $75 via a credit card for virtually any expense. Capital Partners Affiliated Managers Group, BlackRock, BNY Mellon, Hamilton Lane, The Blackstone Group, The 3/23/20 iCapital Network $146 Developer of a financial technology platform designed to democratize alternative investments. Goldman Sachs Group, UBS Financial Services, WestCap Group Developer of a fitness-based online platform designed to address preventive healthcare Accel, Ascent Equity Group, Castle Investments, Chiratae Ventures, Epiq Capital, GableHorn 3/20/20 CureFit $113 techniques. Investments, McGovern Capital, Temasek Holdings, Unilever Ventures Provider of an interactive entertainment platform intended to create and publish a diverse Advance Publications, BlackRock, Canada Pension Plan Investment Board, Greycroft, NewView 3/19/20 Scopely $400 portfolio of immersive content. Capital, Revolution, Sands Capital Ventures, The Chernin Group, Velvet Sea Ventures Developer of an online platform designed to offer efficient and customized financial solutions 3/18/20 Vivriti Capital $50 LGT Lightstone Aspada for individuals, enterprises and institutions. Developer of cloud infrastructure automation platform designed to solve development, Cisco Systems, Franklin Templeton Investments, Geodesic Capital, GGV Capital, IVP, Mayfield 3/16/20 HashiCorp $175 operations and security challenges in infrastructure. Fund, Redpoint Ventures, T. Rowe Price, True Ventures Provider of an empathetic AI platform designed to use deep psychology to drive deep machine 3/16/20 Infibond $100 Undisclosed Investors learning and apply it to powerful predictive algorithms. Developer of a trading platform designed to connect the existing market and merchant BCG Digital Ventures, CMT Digital, Goldfinch Partners, Intercontinental Exchange, M12, Pantera 3/13/20 Bakkt $300 infrastructure to the blockchain. Capital, PayU, SGH Capital Superlogic 3/13/20 $67 Developer of business development software based in Campinas, Brazil. Warburg Pincus Technologies Developer of a healthcare technology designed to offer analytics and screening tools to Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, IVP, Meritech Capital 3/11/20 Lyra Health $75 identify people who can benefit from behavioural health care. Partners, Providence Ventures, Tenaya Capital, Venrock Arctic Wolf Australia Future Fund, Blue Cloud Ventures, Delta-v Capital, NextEquity Partners, Sonae IM, 3/11/20 $60 Developer of a cloud security platform intended to offer network security services. Networks Stereo Capital Developer of a cloud-based financial platform designed to give businesses an unparalleled set 3/11/20 SpotOn $50 01 Advisors, Dragoneer Investment Group, EPIQ Capital Group, Franklin Templeton Investments of growth-driving tools. Provider of predictive surveillance technology with the purpose of protecting critical package 3/10/20 ParcelShield $78 Excellere Partners deliveries. Provider of a collaborative litigation platform designed to offer intuitive software for 3/10/20 Everlaw $62 Andreessen Horowitz, CapitalG, K9 Ventures, Menlo Ventures document analysis.

3/10/20 Zumper $60 Provider of an end to end marketplace designed to make renting apartments easy. e.ventures

Developer of a hospitality management software designed to simplify the working life of Counterpart Ventures, Cultivation Capital, PeakSpan Capital, Recruit Holdings, Viking Global 3/9/20 Cloudbeds $82 hoteliers. Investors

Notes: Sources: Pitchbook. Reflects deal activity through 03/31/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 33 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Access Technology Ventures, Coatue Management, Dragoneer Investment Group, DST Global, 3/5/20 Chime $700 Developer of a mobile platform designed to offer banking services on the go. General Atlantic, ICONIQ Capital, Menlo Ventures Developer of a vehicle-charging information platform focusing on the development of CDH Investments, China Reform Holdings Corporation, China Structural Reform Fund, Jinhui 3/5/20 TELD New Energy $193 intelligent charging internet systems for electric vehicle groups. Xingye Investment, ZhongChuang QianHai Capital

3/4/20 Netlify $53 Developer of web development tool intended to design and host websites. Andreessen Horowitz, EQT Ventures, Kleiner Perkins, Preston-Werner Ventures

3/3/20 Edjing $56 Developer of a music-mixing application designed to offer editing and mixing of songs. Aglaé Ventures, Blisce, Bpifrance, Idinvest Partners, Xavier Niel

Developer of a cloud-based core banking platform intended to bring machine learning and big 3/1/20 Thought Machine $83 Backed VC, Draper Esprit, IQ Capital Partners, Lloyds Banking Group, Playfair Capital data together to develop a next-generation operating system for banks. Developer of cloud-based security software designed to detect mobile threats and improve 3/1/20 Lookout $50 Abu Dhabi Catalyst Partners mobile security. Developer of an ultra-lean banking technology intended to deliver progressive financial 2/27/20 Jumo $55 Leapfrog Investments, Odey Asset Management, The Goldman Sachs Group choices to customers in emerging markets across Africa and Asia. Blumberg Capital, Comcast Ventures, Mercato Partners, Napier Park Financial Partners, Runa 2/27/20 Lendio $55 Developer of a financial application designed to offer online loan service. Capital, Stereo Capital Operator of a real-time social platform intended to bring people together through multiple Altos Ventures, Andreessen Horowitz, Meritech Capital Partners, Temasek Holdings, Tencent 2/26/20 Roblox $150 platform games. Holdings, Tiger Global Management Developer of a health care management platform designed to solve the care challenges and 2/26/20 Cera+ $69 Guinness Asset Management, Kairos Society, Yabeo Capital provide people with modern care. Provider of a mobile optimization platform designed to accelerate the world's transition to Alpha Square Group, Dell Technologies Capital, Evolution VC Partners, ICONIQ Capital, Reshape 2/25/20 HeadSpin $60 mobile. Holdings, Tiger Global Management Provider of Commerce-as-a-Service (CaaS) application services intended to drive client growth 2/25/20 Digital River $50 Siris Capital through our global commerce expertise. Developer of a people analytics platform designed to search and interrogate huge amounts of 2/24/20 Behavox $100 SoftBank Investment Advisers employee-generated data in real-time.

2/24/20 ServiceMax $80 Provider of a field-service management platform. Salesforce, Silver Lake Management

Developer of a mobile payment technology designed to make mobile payments cost-effective 2/24/20 PayRange $70 Undisclosed Investors and easy-to-use. Developer of merchants payment application intended to promote and offer digital payment Amplo (Spring), Coatue Management, Insight Partners, Ribbit Capital, Steadview Capital 2/23/20 BharatPe $75 services. Management

2/20/20 OneTrust $210 Developer of a technology platform designed for privacy management. Coatue Management, Insight Partners

Developer of enterprise social risk management platform designed to protects companies from Core Capital, Hercules Capital, Highland Capital Partners, Intel Capital, New Enterprise 2/20/20 ZeroFox $74 cyber attacks. Associates, Redline Capital Management Developer of an endpoint protection software designed to protect devices and servers against Accel, Insight Partners, Qualcomm Ventures, Redpoint Ventures, Samsung Venture Invst., The 2/19/20 SentinelOne $200 malware and threats. Westly Group, Third Point Ventures, Tiger Global Mgmt., UpWest Labs, Vista Equity Partners

Notes: Sources: Pitchbook. Reflects deal activity through 03/31/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 34 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an online learning platform designed to help students to learn from expert 2/19/20 Udemy $50 Benesse Holdings instructors. Developer of a restaurant management platform designed to simplify and streamline Alta Park Capital, Bessemer Venture Partners, Durable Capital Partners, Greenoaks Capital, G- 2/14/20 Toast POS $400 restaurant operations. Squared, Light Street Capital Mgmt., TCV, Tiger Global Mgmt., TPG Capital, T. Rowe Price Operator of vertical payments intended to enable the global payment and receivables process 2/13/20 Flywire $120 Adage Capital Management, The Goldman Sachs Group, Tiger Management through seamless transaction experiences. Developer of an enterprise regulatory software designed to manage client onboarding 2/12/20 Fenergo $80 ABN AMRO AAH.AS, DXC Technology lifecycle. Provider of an open source in-memory data grid platform designed to modernize existing Bain Capital Ventures, C5 Capital, Capital One Ventures, Comerica Bank, DEG, Earlybird 2/11/20 Hazelcast $50 applications. Venture Capital, European Bank for Reconstruction and Development Developer of a SaaS-based cloud data warehousing platform designed to safely and efficiently Altimeter Capital Mgmt., Dragoneer Investment Group, ICONIQ Capital, Redpoint Ventures, 2/7/20 Snowflake $479 store, transform and analyze business data. Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures, Wing Venture Capital Developer of a cloud-analytic service platform designed to understand activities, protect data, Accel, Base Partners, Canada Pension Plan, Dell Tech. Capital, Geodesic Capital, ICONIQ Capital, 2/6/20 Netskope $340 stop threats and respond to incidents. Lightspeed Venture Partners, Sapphire Ventures, Sequoia Capital, Social Capital Provider of an online payment platform intended to pay stores and friends from a 2/6/20 Satispay $55 Undisclosed Investors smartphone. Provider of a mobile foreign exchange and money transferring application designed to help in 2/5/20 Revolut $500 Bond Capital (San Francisco), FG2 Capital, GP Bullhound, G Squared, Ribbit Capital, TCV global money transfer. Provider of a digital workplace application designed to integrate multiple operational systems Alpana Ventures, Edenred Capital Partners, Energize Ventures, HighSage Ventures, Keen 2/5/20 Beekeeper $50 and communication channels in one secure hub. Venture Partners, Samsung NEXT Ventures, Swisscanto, Swisscom Ventures, Thayer Ventures BECO Capital, Global Ventures (Dubai), Knollwood Investment Advisory, Lumia Capital, Magic 2/4/20 Kitopi $60 Provider of a cloud kitchen platform intended to offer catering services. Stone Alternative Investment, Reshape Holdings, Rise Capital, Wilshire Lane Partners Provider of a web based digital teaching platform designed to connect professors with Emergence Capital Partners, Georgian Partners, Inovia Capital, Leaders Fund, Union Square 2/4/20 Top Hat $55 students. Ventures Developer of an online payment platform designed to facilitate cashless payments through 1/30/20 Klarna $200 Commonwealth Bank of Australia installments. Developer of a personalized mobile messaging platform designed to change the way 1/29/20 Attentive Mobile $70 Eniac Ventures, IVP, NextView Ventures, Sequoia Capital businesses and consumers interact.

1/29/20 Whip Media $50 Provider of an online platform created to share clips of television shows. Eminence Capital, Kima Ventures, Raine Ventures

1/28/20 ActiveCampaign $100 Provider of intelligence-driven marketing and sales automation services. Silversmith Capital Partners, Susquehanna Growth Equity

Provider of traffic management services intended for in-house and outsourced traffic data 1/28/20 Miovision $92 McRock Capital, TELUS Ventures collection and advanced traffic signal operations. Developer of a foreign exchange payments automation platform designed to remit cross Accomplice VC, Anthemis Group, BNP Paribas, Goldman Sachs Investment Partners, GV, Notion, 1/26/20 CurrencyCloud $122 border payments through API. Sapphire Ventures, SBI Holdings, Siam Commercial Bank, Visa Developer of an online payment and loyalty platform intended to convert point of sale to 1/24/20 Pine Labs $300 Advent Capital Management, MasterCard point of service.

Notes: Sources: Pitchbook. Reflects deal activity through 03/31/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 35 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Operator of a cloud-native visibility and security platform intended to confidently run cloud- 1/22/20 Sysdig $80 Accel, Bain Capital Ventures, Glynn Capital, Insight Partners, The Goldman Sachs Group native workloads in production. Provider of web-based social intranet services intended to serve as a central hub for 1/22/20 LumApps $70 Bpifrance, Famille C, Idinvest Partners, Iris Capital, The Goldman Sachs Group personalized content, social communications, work tools and enterprise applications. Developer of a multi-channel inbox designed to centralize communication channels into one Anthos Capital, Eric Yuan, Frederic Kerrest, Initialized Capital Management, Jared Smith, Jay 1/22/20 FrontApp $59 place. Simons, Michael Cannon-Brookes, Ryan Smith, Sequoia Capital, Tribe Capital Developer of an artificial intelligence powered cybersecurity and data protection platform 1/22/20 Securiti.ai $50 General Catalyst, Mayfield Fund intended to protect privacy. Developer of a mobile attribution and marketing analytics intended to make the marketing DTCP, General Atlantic, Goldman Sachs Growth, Magma Venture Partners, Pitango Venture 1/21/20 AppsFlyer $210 industry more measurable. Capital, Qumra Capital Provider of banking solutions designed to help businesses and freelancers run their finances Alven Capital Partners, DST Global, Hedosophia, Ingo Uytdehaage, Taavet Hinrikus, Tencent 1/21/20 Qonto $116 efficiently. Holdings, Valar Ventures Developer of a human resource management and recruitment platform designed to foster the Accel, Global Founders Capital, Index Ventures, Lars Dalgaard, Lightspeed Venture Partners, 1/21/20 Personio $75 digitization of human resources departments in small and medium-sized enterprises. Northzone Ventures, Picus Capital ABN AMRO Digital Impact fund, Dawn Capital, Heartcore Capital, HMI Capital, Insight Partners, 1/20/20 Tink Sweden $100 Developer of an open banking platform intended to offer data-driven financial services. Opera Tech Ventures, Poste Italiane

1/20/20 scoutbee $60 Developer of an AI-powered discovery suite intended to improve buying decisions. 42CAP, Atomico, Dieter von Holtzbrinck Ventures, Lakestar, Next47, Toba Capital

1/18/20 YunXueTang $100 Provider of a online corporate training platform. Centurium Capital, Susquehanna Asia Investments, Yunfeng Capital

Provider of automating invoice and payment processes platform designed to provide accounts 1/17/20 AvidXchange $260 TPG Sixth Street Partners payable and on-demand invoice management services. Provider of an online hotel distribution and connectivity platform designed to help hotels to 1/16/20 SiteMinder $70 AustralianSuper, BlackRock, Ellerston Capital, Pendal Group lower costs to acquire and retain guests. Developer of a feature management platform designed to eliminate risk for developers and Bessemer Venture Partners, Bloomberg Beta, Redpoint Ventures, Threshold Ventures, Uncork 1/16/20 LaunchDarkly $54 operations teams from the software development cycle. Capital, Vertex Ventures US

1/15/20 Flash Parking $60 Developer of a cloud-based system designed to perfect the parking experience. L Catterton

1/14/20 Tradeshift $240 Developer of a financial platform intended to facilitate digital trade transactions. Gray Swan

Developer of an online learning platform intended to deliver high quality, engaging and 1/9/20 Byju's $400 General Atlantic, Tiger Global Management accessible education. Developer of data and business analytics software designed to improve data processing 1/9/20 Sisense $100 Battery Ventures, Bessemer Venture Partners, ClalTech, DFJ Growth, Insight Partners capabilities through technological innovation. Developer of a partner automation platform designed to help the leading brands build 1/9/20 Partnerize $50 Accel-KKR powerful business partnerships that drive business growth.

1/8/20 AvePoint $200 Developer of enterprise-class big data management, governance and compliance software. Goldman Sachs Merchant Banking Division, TPG Sixth Street Partners

Notes: Sources: Pitchbook. Reflects deal activity through 03/31/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 36 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of artificial intelligence solutions intended to protect online businesses from 1/7/20 ishumei $73 Baidu Ventures, Crystal Stream Capital, Shunwei Capital, Tencent Holdings, Xiang He Capital various risk issues. Developer of a cloud-based integrated receivables software designed to automate manually- 1/6/20 HighRadius $125 Citi Ventures, ICONIQ Capital, Susquehanna Growth Equity intensive tasks, streamline communication, and allow standardization of processes. Developer of data-driven protection and privacy compliance platform designed to transform 1/6/20 BigID $50 Scale Venture Partners, Tiger Global Management how enterprises protect and manage the privacy of personal data. Provider of finance and tax management software intended to offer integrated and automatic 1/3/20 Yunzhangfang.com $85 Vitruvian Partners finance and taxation management tools.

1/3/20 Receipt Bank $73 Developer of bookkeeping automation software. Augmentum (London), Canadian Imperial Bank of Commerce, Insight Partners, Kennet Partners

1/2/20 Nayax $60 Developer of technology for the unattended payments industry. Undisclosed Investors

Notes: Sources: Pitchbook. Reflects deal activity through 03/31/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 37 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services to Growth Companies and Market Leaders

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

TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross- 25 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 500 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies

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

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third- party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any 39 trademark owner but may provide financial services to one or more trademark owners or their affiliates.