Software Sector Report

SOFTWARE SECTOR REPORT October 2017 DEAL DASHBOARD Software $40.4 Billion 537 $39.2 Billion 86 Financing Volume YTD (1)(2) Financing Transactions YTD (1)(2) M&A Volume YTD (3) M&A Transactions YTD (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) $Bn $Bn (61%) Company Amount ($MM) 38% Target Acquirer EV ($MM) $14 $50 $12 $11 $460 $10 $41 $3,903 $9 $6 $6 $24 $166 $6 $5 $1,913 $16 $15 $12 $12 $6 $5 $100 $1,125 ( ) Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 $93 $713 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

$70 37% $614 156 160 159 8% 118 127 123 103 111 $60 94 29 29 29 29 $531 24 24 25 21 $50 14 $382

$40 $344 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

45.0% SPX IGV All Buyers Strategic Buyers PE Buyers 40.0% ` Financing Activity by Quarter 38% 6 5.3x 35.0% 4.7x 4.9x 5 4.5x 4.6x 4.2x 4.3x 30.0% 3.9x 3.9x 4.0x 4.1x 4 3.6x 3.7x 25.0% 3.1x 2.9x 2.9x 2.9x 2.9x 2.7x 22% 3 2.7x 20.0% 2.2x 15.0% 2 10.0% 1 5.0% 0 0.0% 2011 2012 2013 2014 2015 2016 2017 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 (5.0%) Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 11/6/2017. 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. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017. 2 5) 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. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected]

Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected]

John Lambros JT Herman Peter Bang Sean Minnihan Managing Director Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology Financial Services FinTech [email protected] [email protected] Financial Software Financial Software [email protected] [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter *Adrian Reed *Phil Adams **Raiko Stelten ***Akikazu Ida ***Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander **Sascha Pfeiffer *Stephen Georgiadis **Tobias Schultheiss Sameer Jindal ***Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected]

*Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. **Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors/Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. 3 ***Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

40% 60%

35% 45% 30%

25% 30%

20% 15%

15% 0% 10% Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17

5% (15%)

0% Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 (30%) (5%)

(10%) (45%)

Sector 3 Months 1 Year 3 Years

Platform 11.7% 31.8% 51.7% Security 5.1% 17.3% 23.3% Infrastructure 15.6% 28.9% 36.5% BI & Analytics 8.0% 28.8% (5.2%) Vertical 3.3% 20.4% 40.1% SaaS / On Demand 10.7% 38.6% 58.1%

Notes: Sources: Capital IQ. Market Data as of 11/6/2017. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: ADBE, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA

7.0x 6.7x 35.0x 33.3x 33.0x 29.1x 6.0x 5.9x Median: 5.8x 29.5x Median: 29.3x 6.0x 5.6x 30.0x

5.0x 25.0x 24.0x 4.4x 4.2x 4.0x 20.0x 15.6x 3.0x 15.0x

2.0x 10.0x 1.0x 5.0x

0.0x 0.0x SaaS Platform Infrastructure Vertical Security BI & Analytics SaaS BI & Analytics Security Vertical Infrastructure Platform

2017E / 2016A Revenue Growth 2017E EBITDA Margin

40.0% 40.0% 37.2% 35.0% 35.0%

30.0% 25.9% 30.0% 25.7% 25.0% 22.5% Median: 17.0% 25.0% 23.0% 21.8% Median: 22.4% 18.7% 20.0% 15.4% 15.2% 20.0% 17.4% 13.9% 15.0% 12.0% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS Infrastructure BI & Analytics Vertical Security Platform Platform Infrastructure Vertical Security SaaS BI & Analytics

Notes: Sources: Capital IQ. Market Data as of 11/6/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: ADBE, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 7.0x 6.0x 5.4x 22.4x 15.6x 13.8x 37.5x 24.0x 21.2x 4.3% 12.0% 7.9% 30.9% 37.2% 38.1% Median 5.9 5.1 4.9 20.8 14.6 13.9 35.7 23.9 22.1 (0.6%) 16.1% 6.6% 31.1% 39.3% 39.6%

Infastructure VMware, Inc. $119.21 $48,028 ($6,485) $41,543 5.9x 5.3x 5.0x 22.5x 13.9x 13.6x 42.9x 23.5x 21.6x 6.7% 10.4% 18.2% 26.1% 38.2% 36.5% ServiceNow, Inc. $124.73 21,542 (515) 21,026 15.1 11.0 8.4 NM 49.9 33.6 NM NM 69.8 38.3% 38.1% 30.9% NM 22.0% 24.9% Red Hat, Inc. $121.08 21,425 (903) 20,522 8.8 7.4 6.4 51.7 27.4 23.2 92.5 45.8 38.6 17.9% 18.8% 15.7% 17.0% 27.1% 27.6% Micro Focus International plc $34.76 15,128 1,411 16,538 12.2 6.6 3.9 31.6 16.3 10.0 46.7 19.1 17.0 9.3% 85.5% 67.9% 38.7% 40.5% 39.3% CA, Inc. $32.45 13,582 100 13,682 3.4 3.3 3.2 10.7 8.9 8.4 17.2 13.7 12.8 (0.1%) 2.7% 3.6% 31.8% 37.1% 38.2% Citrix Systems, Inc. $84.34 12,708 (87) 12,621 3.7 4.5 4.4 12.3 12.5 13.7 24.7 17.6 17.4 4.4% (17.4%) 2.1% 30.0% 35.9% 32.0% Atlassian Corporation Plc $52.06 11,757 (614) 11,143 21.0 15.2 11.6 NM 57.0 41.7 NM NM 98.5 37.2% 37.9% 31.1% NM 26.7% 27.8% Splunk Inc. $68.41 9,577 (1,003) 8,574 9.0 7.1 5.6 NM 61.3 42.2 NM NM 83.6 42.1% 28.0% 25.5% NM 11.5% 13.3% F5 Networks, Inc. $120.20 7,524 (1,017) 6,507 3.2 3.1 3.0 10.7 7.9 7.5 21.7 14.2 13.6 3.9% 3.6% 3.2% 30.2% 39.3% 40.0% LogMeIn, Inc. $125.25 6,593 (276) 6,317 5.5 6.2 5.4 NM 17.1 14.1 NM 29.8 25.4 23.7% 5.6% 14.5% 12.2% 36.3% 38.6% Nutanix, Inc. $28.48 4,550 (349) 4,200 7.0 4.3 3.1 NM NM NM NM NM NM 83.4% 60.2% 38.7% NM NM NM Software Aktiengesellschaft $51.11 3,905 (53) 3,852 4.2 3.8 3.6 14.2 11.7 11.5 26.3 17.7 17.1 (2.9%) 11.5% 3.3% 29.5% 32.1% 31.7% Pure Storage, Inc. $16.57 3,504 (523) 2,981 4.1 3.0 2.3 NM NM 32.8 NM NM NM 65.3% 38.4% 30.7% NM 1.5% 6.9% MuleSoft, Inc. $23.49 3,053 (182) 2,871 15.3 9.9 7.3 NM NM NM NM NM NM 70.3% 55.0% 35.9% NM NM NM New Relic, Inc. $51.90 2,829 (227) 2,602 10.7 8.0 6.3 NM NM 80.3 NM NM NM 49.6% 34.0% 27.6% NM 0.8% 7.8% NetScout Systems, Inc. $29.35 2,628 (7) 2,621 2.3 2.3 2.1 13.7 9.8 8.0 NM 17.7 12.6 43.1% 0.1% 8.9% 17.0% 23.7% 26.6% Commvault Systems, Inc. $53.30 2,462 (495) 1,967 3.1 2.9 2.6 NM 22.7 18.6 NM 52.4 42.8 8.6% 8.2% 10.2% 2.7% 12.6% 13.9% Progress Software Corporation $42.18 2,017 (68) 1,948 4.8 4.9 4.9 17.9 10.7 10.6 NM 22.8 22.6 7.4% (2.2%) 1.1% 26.9% 46.1% 45.8% Appian Corporation $22.47 1,355 (72) 1,283 9.7 7.6 6.6 NM NM NM NM NM NM 19.5% 26.3% 16.4% NM NM NM Altair Engineering Inc. $18.97 1,146 54 1,199 3.8 NA NA 47.2 NA NA 27.1 NA NA 6.5% NA NA 8.1% NA NA A10 Networks, Inc. $7.40 524 (124) 400 1.7 1.7 1.5 NM 33.1 26.2 NM NM 92.5 15.6% 4.5% 7.6% NM 5.0% 5.9%

Mean 7.4x 5.9x 4.9x 23.2x 24.0x 23.3x 37.4x 24.9x 39.1x 26.2% 22.5% 19.7% 22.5% 25.7% 26.9% Median 5.5 5.1 4.6 16.0 16.3 14.1 26.7 19.1 22.6 17.9% 15.1% 16.1% 26.5% 27.1% 27.8%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 11/6/2017. 6 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.2x 4.4x 3.8x 28.0x 29.5x 22.2x 43.6x 37.2x 41.1x 17.0% 15.2% 13.6% 20.3% 21.8% 22.2% Median 4.4 3.7 3.3 25.8 22.6 18.1 47.0 36.8 34.2 12.9% 16.1% 10.3% 19.6% 17.5% 17.5%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 11/6/2017. 7 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 11/6/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E SaaS Salesforce.com, inc. $102.42 $73,609 ($919) $72,690 8.7x 7.0x 5.8x NM 32.3x 26.5x NM 77.8x 60.1x 25.9% 23.9% 19.8% 6.0% 21.6% 22.0% Workday, Inc. $108.42 22,551 (1,549) 21,002 13.4 10.0 8.0 NM 65.8 46.8 NM NM 98.2 35.0% 34.0% 25.6% NM 15.2% 17.0% ServiceNow, Inc. $124.73 21,542 (515) 21,026 15.1 11.0 8.4 NM 49.9 33.6 NM NM 69.8 38.3% 38.1% 30.9% NM 22.0% 24.9% Shopify Inc. $99.84 9,914 (927) 8,987 23.1 13.6 9.4 NM NM NM NM NM NM 89.7% 69.6% 44.5% NM 2.8% 5.1% Veeva Systems Inc. $61.35 8,627 (725) 7,902 14.5 11.7 9.8 64.9 36.1 29.8 NM 70.9 60.7 32.9% 23.8% 19.4% 22.4% 32.5% 33.0% LogMeIn, Inc. $125.25 6,593 (276) 6,317 5.5 6.2 5.4 NM 17.1 14.1 NM 29.8 25.4 23.7% 5.6% 14.5% 12.2% 36.3% 38.6% The Ultimate Software Group, Inc. $201.88 6,022 (129) 5,893 7.5 6.3 5.3 87.2 27.5 21.5 NM 55.9 44.5 26.4% 19.6% 19.1% 8.7% 23.0% 24.6% Paycom Software, Inc. $81.87 4,770 (32) 4,738 14.4 11.0 8.7 69.7 35.7 28.4 NM 65.0 53.1 46.5% 31.3% 25.6% 20.7% 30.7% 30.7% Aspen Technology, Inc. $65.66 4,763 81 4,844 10.2 9.9 9.6 21.9 20.5 19.7 38.0 28.7 31.4 1.7% 3.1% 3.7% 46.7% 48.5% 48.5% Blackbaud, Inc. $99.77 4,688 321 5,009 6.9 6.3 5.7 40.2 25.7 23.4 NM 46.1 40.7 14.6% 8.1% 10.6% 17.1% 24.6% 24.5% RealPage, Inc. $43.65 3,629 288 3,917 6.9 5.8 4.9 48.1 24.3 19.0 NM 47.6 37.0 21.3% 17.9% 19.2% 14.3% 24.1% 25.8% j2 Global, Inc. $74.07 3,580 597 4,177 4.8 3.7 3.5 11.3 8.9 8.1 23.7 13.0 12.2 21.3% 28.4% 5.8% 42.3% 41.7% 43.2% Zendesk, Inc. $34.55 3,507 (227) 3,281 10.5 7.7 5.9 NM NM NM NM NM NM 49.4% 36.8% 29.6% NM 3.3% 5.2% RingCentral, Inc. $44.25 3,391 (172) 3,219 8.5 6.5 5.3 NM NM 68.8 NM NM NM 28.2% 29.7% 22.2% NM 6.3% 7.8% 2U, Inc. $63.96 3,325 (185) 3,140 15.3 11.0 8.0 NM NM NM NM NM NM 37.1% 38.1% 37.3% NM 3.7% 3.9% HubSpot, Inc. $83.45 3,119 (198) 2,920 10.8 7.9 6.2 NM NM 84.5 NM NM NM 48.9% 36.9% 26.8% NM 5.9% 7.4% MuleSoft, Inc. $23.49 3,053 (182) 2,871 15.3 9.9 7.3 NM NM NM NM NM NM 70.3% 55.0% 35.9% NM NM NM Box, Inc. $21.73 2,907 (82) 2,825 7.1 5.6 4.5 NM NM NM NM NM NM 31.7% 26.8% 23.3% NM NM 3.9% New Relic, Inc. $51.90 2,829 (227) 2,602 10.7 8.0 6.3 NM NM 80.3 NM NM NM 49.6% 34.0% 27.6% NM 0.8% 7.8% Okta, Inc. $28.94 2,766 (213) 2,553 15.9 10.4 7.7 NM NM NM NM NM NM 86.6% 52.6% 35.5% NM NM NM Paylocity Holding Corporation $48.92 2,569 (1,040) 1,530 5.8 4.6 3.8 NM 23.1 18.2 NM 64.2 50.6 40.8% 26.1% 22.2% 2.7% 19.9% 20.7% Cornerstone OnDemand, Inc. $37.79 2,176 (63) 2,113 5.0 4.4 3.8 NM 32.8 23.3 NM 96.8 51.2 24.6% 13.7% 15.6% NM 13.4% 16.3% Qualys, Inc. $57.35 2,175 (303) 1,872 9.5 8.1 7.0 39.1 22.1 19.3 NM 54.5 49.0 20.5% 16.1% 16.4% 24.2% 36.8% 36.3% Cloudera, Inc. $15.59 2,172 (395) 1,777 6.8 5.0 3.9 NM NM NM NM NM NM 57.2% 37.4% 26.4% NM NM NM Callidus Software Inc. $28.70 1,941 (176) 1,765 8.5 7.1 5.9 NM 55.9 38.0 NM 83.6 56.4 19.4% 20.5% 20.1% NM 12.7% 15.5% Coupa Software Incorporated $35.21 1,887 (208) 1,679 12.6 9.4 7.5 NM NM NM NM NM NM 59.9% 33.4% 25.0% NM NM NM Mimecast Limited $31.77 1,806 (98) 1,708 10.0 7.3 5.9 NM 84.2 54.9 NM NM NM 26.1% 36.9% 24.6% NM 8.7% 10.7% MongoDB, Inc. $30.61 1,499 (92) 1,406 13.9 9.4 6.7 NM NA NA NM NM NM 55.3% 48.0% 39.1% NM NA NA Five9, Inc. $25.54 1,408 (17) 1,390 8.6 7.1 6.1 NM NM 72.0 NM NM NM 25.8% 20.2% 17.6% 1.1% 6.5% 8.4% Appian Corporation $22.47 1,355 (72) 1,283 9.7 7.6 6.6 NM NM NM NM NM NM 19.5% 26.3% 16.4% NM NM NM Alteryx, Inc. $22.05 1,295 (153) 1,142 13.3 9.1 6.7 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM Yext, Inc. $12.00 1,083 (127) 956 7.7 5.6 4.2 NM NM NM NM NM NM 38.5% 36.8% 32.8% NM NM NM Instructure, Inc. $34.30 1,021 (67) 954 8.6 6.1 4.7 NM NM NM NM NM NM 51.5% 41.0% 28.7% NM NM NM Workiva Inc. $22.85 956 (58) 898 5.0 4.4 3.8 NM NM NM NM NM NM 23.0% 15.6% 31.5% NM NM NM

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 11/6/2017. 8 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 8.6x 6.7x 5.4x 49.9x 33.3x 33.9x 30.8x 57.1x 46.0x 32.6% 25.9% 25.2% 16.2% 17.4% 17.7% Median 8.5 6.5 5.7 47.1 29.9 26.5 30.8 55.9 46.0 26.2% 26.2% 24.6% 13.3% 14.5% 15.6%

Business Intelligence & Analytics

Splunk Inc. $68.41 $9,577 ($1,003) $8,574 9.0x 7.1x 5.6x NM 61.3x 42.2x NM NM 83.6x 42.1% 30.5% 60.7% NM 11.5% 13.3% Tableau Software, Inc. $71.40 5,647 (943) 4,704 5.7 5.4 5.0 NM 81.9 62.0 NM NM NM 26.5% 7.8% 14.3% NM 6.6% 8.0% Teradata Corporation $35.53 4,299 (299) 4,000 1.7 1.9 1.9 10.5 10.8 10.4 37.4 27.7 25.8 (8.2%) (5.3%) (7.5%) 16.4% 17.2% 17.9% Fair Isaac Corporation $151.16 4,630 499 5,129 5.7 5.4 5.1 24.8 22.5 19.3 38.1 30.5 26.6 6.1% 6.1% 12.0% 23.0% 24.1% 26.4% Verint Systems Inc. $42.10 2,683 395 3,078 2.9 2.7 2.5 31.6 11.9 10.3 NM 15.3 13.7 (6.0%) 6.9% 13.7% 9.2% 22.6% 24.8% Cloudera, Inc. $15.59 2,172 (395) 1,777 6.8 5.0 3.9 NM NM NM NM NM NM 57.2% NA 73.7% NM NM NM MicroStrategy Incorporated $134.30 1,537 (646) 891 1.7 1.8 1.7 7.7 8.7 13.0 17.0 26.8 34.9 (3.3%) (2.6%) (0.5%) 22.6% 20.5% 13.5% Alteryx, Inc. $22.05 1,295 (153) 1,142 13.3 9.1 6.7 NM NM NM NM NM NM 59.4% NA 98.9% NM NM NM Hortonworks, Inc. $18.66 1,295 (63) 1,232 6.7 4.8 3.8 NM NM NM NM NM NM 51.3% 42.4% 76.4% NM NM NM Gridsum Holding Inc. $8.76 269 (16) 253 4.4 2.7 1.7 NM NM 6.5 NM NM 13.5 59.4% 65.6% 158.5% NM 2.7% 26.0% Datawatch Corporation $10.40 127 (30) 96 3.0 2.6 2.3 NM NM NA NM NM NM 4.4% 19.1% 35.3% NM NM NA Attunity Ltd. $8.03 138 (7) 130 2.4 2.1 1.8 NM 33.7 26.0 NM NM 35.4 13.1% 16.3% 33.1% NM 6.2% 6.9% Datapoints 12 12 12 4 7 8 3 4 7 12 10 12 4 8 8

Mean 5.3x 4.2x 3.5x 18.6x 33.0x 23.7x 30.9x 25.1x 33.4x 25.2% 18.7% 47.4% 17.8% 13.9% 17.1% Median 5.0 3.8 3.2 17.7 22.5 16.1 37.4 27.2 26.6 19.8% 12.1% 34.2% 19.5% 14.4% 15.7%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 11/6/2017. 9 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Vertical Cerner Corporation $65.71 $21,843 ($317) $21,526 4.6x 4.2x 3.9x 16.4x 12.9x 11.7x 35.5x 27.2x 25.3x 8.2% 7.4% 18.6% 27.9% 32.5% 32.9% Constellation Software Inc. $569.03 12,059 (101) 11,958 5.6 4.9 4.3 29.4 18.7 16.2 58.3 26.4 22.2 15.6% 15.4% 31.8% 19.2% 26.0% 26.4% Veeva Systems Inc. $61.35 8,627 (725) 7,902 14.5 11.7 9.8 64.9 36.1 29.8 NM 70.9 60.7 32.9% 24.8% 47.8% 22.4% 32.5% 33.0% SS&C Technologies Holdings, Inc. $40.77 8,392 2,114 10,506 7.1 6.3 5.9 20.4 15.2 13.7 63.7 21.2 18.6 48.1% 10.4% 19.4% 34.7% 41.2% 43.3% Guidewire Software, Inc. $81.54 6,116 (573) 5,543 12.3 10.1 8.3 NM 50.9 37.4 NM 96.3 75.1 13.6% 23.8% 48.0% 4.3% 19.8% 22.3% athenahealth, Inc. $127.20 5,090 154 5,244 4.8 4.3 3.9 49.0 19.8 15.4 NM 63.6 45.2 17.1% 10.2% 24.4% 9.9% 21.9% 25.3% Medidata Solutions, Inc. $70.88 4,146 (123) 4,023 8.7 7.4 6.3 61.4 30.1 24.5 NM 55.7 48.5 18.1% 17.7% 38.3% 14.1% 24.5% 25.6% Blackbaud, Inc. $99.77 4,688 321 5,009 6.9 6.3 5.7 40.2 25.7 23.4 NM 46.1 40.7 14.6% 8.2% 19.5% 17.1% 24.6% 24.5% CoreLogic, Inc. $46.84 3,858 1,648 5,506 2.8 3.0 2.9 13.1 11.6 11.1 38.1 20.1 18.8 27.8% (4.5%) (3.4%) 21.5% 25.6% 26.3% RealPage, Inc. $43.65 3,629 288 3,917 6.9 5.8 4.9 48.1 24.3 19.0 NM 47.6 37.0 21.3% 17.9% 40.6% 14.3% 24.1% 25.8% Ellie Mae, Inc. $86.83 2,998 (366) 2,632 7.3 6.4 5.3 35.9 22.1 18.9 75.5 56.7 52.1 41.9% 16.5% 37.1% 20.3% 28.9% 28.2% Allscripts Healthcare Solutions, Inc. $12.64 2,283 1,312 3,595 2.3 2.0 1.7 23.6 9.8 8.4 NM 20.4 16.7 11.8% 17.5% 38.0% 9.8% 20.2% 20.0% Inovalon Holdings, Inc. $15.25 2,225 (282) 1,943 4.5 4.3 3.9 26.2 17.6 15.7 84.9 48.1 41.9 (2.2%) 6.0% 15.4% 17.3% 24.4% 25.1% AppFolio, Inc. $46.45 1,577 (43) 1,534 14.5 11.0 8.7 NM 64.7 49.2 NM NM NM 40.8% 33.1% 67.0% NM 17.0% 17.7% Instructure, Inc. $34.30 1,021 (67) 954 8.6 6.1 4.7 NM NM NM NM NM NM 51.5% 42.0% 81.5% NM NM NM Silver Spring Networks, Inc. $16.13 873 (118) 755 2.4 2.5 2.3 NM 64.2 20.6 NM NM 58.9 (36.5%) 3.6% 7.5% NM 3.8% 11.0% HealthStream, Inc. $23.86 761 (123) 638 2.8 2.6 2.4 30.3 17.2 14.9 NM 98.7 80.2 8.1% 8.4% 17.6% 9.3% 15.0% 16.1% Castlight Health, Inc. $4.10 548 (82) 467 4.6 3.6 2.8 NM NM NM NM NM NM 35.0% 29.0% 61.3% NM NM NM Exa Corporation $24.23 366 (17) 349 4.8 4.6 4.1 78.1 53.2 35.8 NM NM NM 10.9% 4.6% 17.6% 6.2% 8.6% 11.4%

Mean 6.6x 5.6x 4.8x 38.3x 29.1x 21.5x 59.3x 49.9x 42.8x 19.9% 15.4% 33.0% 16.6% 23.0% 24.4% Median 5.6 4.9 4.3 33.1 22.1 18.9 61.0 47.9 41.9 17.1% 15.4% 31.8% 17.1% 24.4% 25.3%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 11/6/2017. 10 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow

10.0x 10.0x VEEV R = 0.59 VEEV AZPN AZPN R = 0.70 SHOP SHOP

PAYC TWOU MDB PAYC NOW TWOU MDB WDAY NOW 8.0x OKTA WDAY OKTA 8.0x PCYG COUP MULE MULE QLYS AYX QLYS AYX APPN HUBS APPN NEWR NEWR HUBS 6.0x FIVN CALD 6.0x FIVN ZEN ZEN BLKB CRM MIME BLKB CALD MIME CRM ULTI RNG RNG LOGM LOGM ULTI RP INST RP BOX INST BOX CSOD PCTY YEXT YEXT 4.0x CLDR 4.0x CLDR WK PCTY JCOM WK APTI APTI CSOD JCOM BNFT BNFT CSLT

SPSC CSLT Enterprise Value / CY / 2018E Revenue Value Enterprise LPSN CY / 2018E Revenue Value Enterprise LPSN SPSC AMBR CARB CARB AMBR 2.0x 2.0x BV BV ECOM BCOV BCOV ECOM

0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50% 60% CY2018E Revenue Growth CY 2018E Revenue Growth % + CY 2018E FCF Margin %

Notes: Source: Capital IQ as of 11/6/2017. Consensus Estimates used for CY2018E figures. 11 Estimates for MRIN are not available. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides electronic design automation (EDA) software used to design system on chip (SoC), analog and embedded 11/2/17 Infrastructure Management $548 NA NA NA NA semiconductors for semiconductor designers and OEMs

Provides energy exchange trade execution, order routing, reporting, market data and risk management software, SaaS and 10/27/17 Infrastructure Management $726 NA NA NA NA services for financial services brokers, exchanges and clearing houses

Develops and delivers solution that delivers visibility and control of data-in-motion traversing enterprise, federal, and service 10/26/17 Enterprise Networking $1,321 4.4x 3.7x NM 17.4x provider networks

Provides international payment and transaction processing, and multi-currency processing services and offers payment 10/26/17 Infrastructure Management $246 4.6x 4.0x 18.6x 12.8x processing services that enable the authorization and settlement of payment transactions

10/24/17 Application Software $400 NA NA NA NA Develops self-driving vehicle and automated mobile robot vehicle software for businesses

The Virtu BondPoint asset of Virtu Financial, which provides trade execution software of fixed income securities for brokers 10/24/17 Infrastructure Management $400 NA NA NA NA and advisors globally

Provides hosted unified communications, VoIP and PBX services, as well as telecom management software and SaaS, for 10/23/17 Hosted Services $1,913 5.3x 4.7x 80.5x 19.3x businesses and telecom service providers

Provides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and 10/17/17 Information Management $977 3.4x NA NA NA ( ) manufacturing industries to securely exchange documents and sync files

Provides healthcare benefit and claims management SaaS, including online claims authorization and eligibility lookup, online 10/10/17 Application Software $3,600 NA NA NA NA payments, records management, medical practice assessment and client information Web portal, for healthcare providers, hospitals and patients

Provides risk analysis and analytics SaaS to the insurance industry. Software provides features for analyzing the financial 10/6/17 Security $275 NA NA NA NA impact of cyber risk through real-time data collection and market analytics

Provides a searchable online database of US federal, state and local government contracts and RFPs for the purposes of 10/5/17 Application Software $64 2.6x NA NM NA identifying sales leads for businesses.

Provides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and 9/28/17 Application Software $386 5.3x 4.8x 260.9x 43.3x gas sectors globally

9/27/17 Application Software $180 4.0x NA NA NA Provides marketing cross-channel attribution SaaS that enables media and video ad performance analytics and optimization

9/26/17 Application Software $807 NA NA NA NA Provides online and mobile commerce logistics software for shipping companies globally

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 11/6/2017, where Enterprise Value is > $50MM. 12 Transactions highlighted in yellow denote Private Equity acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

9/26/177/25/17 Sage Group Intacct Corp. Application Software $392$850 9.7xNA NA NA NA Provides marketingaccounting automation and financial and management behavior prediction software analytics as a service SaaS (SaaS) for the for automotive businesses dealership industry

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA The VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance 9/25/17 Application Software $354 NA NA NA NA and systems integration services for public sector agencies globally (VelocityEHS( and BOLT) and incident management software and SaaS for HR professionals Solutions assets) Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content 9/25/17 Application Software $195 NA 4.9x NA NA Provides Web-based wealth management SaaS for financial markets

Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA hospitality, dining, healthcare, entertainment, travel and education sectors 9/20/17 Security $225 6.4x NA NA NA Provides authentication, single sign-on and user identity management SaaS for enterprises Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis Provides e-commerce and order management software and services for retailers and businesses. Also provides web hosting, 9/6/17 Application Software $475 NA NA NA NA design and integration services Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Information Management $1,260 NA NA NA NA ( ) integration and backup 9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the United States Provides enterprise IT automation and workspace management software to businesses. Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA management, service desk optimization, on-boarding and off-boarding and workforce security

9/5/17 Application Software $713 2.7x NA 13.3x NA Provides manufacturing plant project management and design software for businesses in the industrial industries Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/17 Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses

8/31/17 Application Software $128 NA NA NA NA Provides sales acceleration and lead management SaaS for the mortgage, insurance, technology and education industries 6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses

Provides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that 8/30/17 Application Software $175 5.1x 4.0x NA NA 6/5/17 Security $69 1.0x NA NM NA enablesProvides consumers identity and to access purchase management gift cards SaaS, as well as IoT application development SaaS, for businesses

Provides marketingtransaction automation and payment SaaS processing and digital software, marketing SaaS services and services to businesses for businesses. in the consumer Also provides products, related retail, in-store 8/28/176/2/17 InfrastructureApplication Management Software $105$260 0.7xNA 1.0xNA NMNA 19.9xNA automotive,payment terminals financial services, healthcare, telecommunications, marketing and entertainment industries

Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA Provides business intelligence document and knowledge management, and GIS SaaS, hosting and software development 8/22/17 Application Software $118 0.8x NA 15.5x NA ( ) servicesAlso provides for businesses Windows inPowerShell Scandinavia interactive and Baltic development nations environment (IDE) software

Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM 8/21/17 Application Software $323 9.6x NA 20.8x NA Providesbusinesses insurance and reinsurance software solutions ( ) 5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses 8/15/17 Asure Software Inc. iSystems( LLC ) Application Software $107 8.5x NA NA NA Provides load tracking and management SaaS for the shipping and freight sector in the US ( ) 5/11/17 Symantec Corporation Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers DigiCert Inc. [Thoma The Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and 8/3/17 (Website Security Application Software $950 NA 2.4x NA NA Bravo] consumers globally ( ) business(Website Security assets) Business Assets)

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 11/6/2017, where Enterprise Value is > $50MM. 13 Transactions highlighted in yellow denote Private Equity acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

The communities and sports divisions of Active Network, which provides administration, membership, donations and event 7/25/178/3/17 GlobalSage Payments Group Inc. Intacct Corp. Application Software $1,207$850 9.7xNA NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses ( ) management SaaS for non-profit organizations (Communities & Sports Divisions) Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA Provides property management software featuring document management, electronic signatures, website development, 8/2/17 Application Software $250 NA 5.0x NA NA and systems integration services for public sector agencies globally ( ) background screening, legal contract management, payment processing and cloud computing

Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA Providescontent and customer provides service grammar automation, editing, billing,monitoring, citation scoring, management, analytics assetreporting recovery, and development and transportation to written database enterprise systems content 8/1/17 Application Software $80 1.5x NA NA NA and outsourced services for municipalities and toll authorities Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA hospitality, dining, healthcare, entertainment, travel and education sectors 7/27/17 Security $112 NA NA NA NA Provides merchant risk intelligence software for the investment and financial industries Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis Provides e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer 7/26/17 Information Management $245 2.3x 2.1x NM 20.6x for businesses and law enforcement agencies globally Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Information Management $1,260 NA NA NA NA ( ) integration and backup 7/25/17 Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses Provides enterprise IT automation and workspace management software to businesses. Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA management, service desk optimization, on-boarding and off-boarding and workforce security Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/17 ( ) Hosted Services $200 2.0x NA 20.0x NA and systems integration services for public sector agencies globally ( ) management services for businesses Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA 6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x contentOperates and as providesa domain grammar name registry editing, and monitoring, provides domain scoring, name analytics services reporting to consumers and development and businesses to written enterprise content

Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA 6/5/17 Security $69 1.0x NA NM NA hospitality,Provides identity dining, and healthcare, access management entertainment, SaaS, travel as well and aseducation IoT application sectors development SaaS, for businesses

Provides SCMtransaction SaaS for and businesses payment primarilyprocessing within software, the US, SaaS UK andand servicesEurope. Softwarefor businesses. provides Also features provides for related procurement, in-store SRM, 7/7/176/2/17 InfrastructureApplication Management Software $133$260 3.3xNA NA 20.6xNA NA contractpayment management terminals and spend analysis

Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 ( ) Information Management $1,260 NA NA NA NA Also provides Windows PowerShell interactive development environment (IDE) software ( ) integration and backup Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM Provides enterprise IT automation and workspace management software to businesses. Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA businesses management, service desk optimization, on-boarding and off-boarding and workforce security

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/17 Asure Software Inc. iSystems( LLC ) Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses 5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers 6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 11/6/2017, where Enterprise Value is > $50MM. 14 Transactions highlighted in yellow denote Private Equity acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

7/25/176/5/17 Sage Group Intacct Corp. ApplicationSecurity Software $850$69 1.0x9.7x NA NMNA NA Provides identityaccounting and and access financial management management SaaS, software as well as as IoT a service application (SaaS) development for businesses SaaS, for businesses

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store 6/2/17 Infrastructure Management $260 NA NA NA NA and systems integration services for public sector agencies globally ( ) payment terminals

Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content ( ) Also provides Windows PowerShell interactive development environment (IDE) software Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA Provideshospitality, sales dining, performance healthcare, and entertainment, compensation travel management, and education analytics sectors and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM businesses Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis 5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses ( ) Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Information Management $1,260 NA NA NA NA ( ) integration and backup 5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers Provides enterprise IT automation and workspace management software to businesses. Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA management, service desk optimization, on-boarding and off-boarding and workforce security Provides customer address verification software as a service (SaaS) to e-commerce companies and other businesses. Also 5/9/17 Information Management $96 5.6x NA 16.5x NA Providesprovides verificationinfrastructure SaaS as afor service other customer(IaaS), backup data andsuch recovery, as phone firewall, numbers cloud and emailstorage addresses and remote monitoring and 6/14/17 Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses

5/3/17 Infrastructure Management $490 6.1x 5.2x 14.0x NA Provides software, Web application and API code review, testing and quality assurance (QA) software for businesses 6/14/17 ( ) Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses

6/5/17 Security All Software$69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses Median 4.4x 4.0x 18.6x 19.9x Mean 4.2x 3.7x 51.2x 40.2x Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store 6/2/17 Infrastructure Management $260 NA NA NA NA payment terminals PE Acquirers Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure ManagementMedian$1,125 5.5xNA 4.2xNA 14.0xNA NA17.4x Also provides Windows PowerShell interactive development environment (IDE) software ( ) Mean 5.1x 4.0x 14.0x 17.4x

Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM businesses

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses Asure Software Inc. iSystems( LLC )

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 11/6/2017, where Enterprise Value is > $50MM. 15 Transactions highlighted in yellow denote Private Equity acquirers. RECENT PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised

Developer of a machine learning automation platform designed to deploy accurate 11/3/17 DataRobot $68 Open Field Capital, New Enterprise Associates predictive models

Provider of a real-time employee engagement platform designed to measure and improve Bessemer Venture Partners, Meritech Capital Partners, Norwest Venture Partners, Shasta 11/3/17 Glint $20 employee retention rates Ventures

Provider of a a cloud platform-as-a-service (PaaS) connectivity platform designed to 11/2/17 Ayla Networks $60 provide the flexibility and modularity to enable rapid changes to practically any type of Run Liang Tai Fund, Sunsea Telecommunications device, cloud or app environment Singapore Technologies Telemedia, Andreessen Horowitz, Four Rivers Group, Geodesic Prvider of an endpoint-aware application delivery technology designed to accelerate web 11/2/17 Instart Logic $30 Capital, H. Barton Asset Management, Hermes Growth Partners, Kleiner Perkins Caufield & and mobile application performance Byers, StartX, Telstra Ventures, Tenaya Capital

Developer of Saas based artificial intelligence chatbot platform designed to use for 11/2/17 Zhuiyi $21 GGV Capital, Sinovation Ventures, Banyan Capital, Morningside Group customer services

Globality (Cross-Border Operator of a global premium B2B services marketplace intended to make globalization 11/1/17 $35 Albert Gore, Dennis Nally, John Danilovich, THK Private Equities, John Joyce, Raine Ventures Business Platform) work for more businesses and people

Developer of a SaaS prototyping, collaboration & workflow platform designed to help Battery Ventures, Geodesic Capital, Spark Capital, Accel, FirstMark Capital, ICONIQ Capital, 11/1/17 InVisionApp $100 companies unlock the power of design-driven product development Tiger Global Management

Developer of cloud-based open source database designed for information technology Alibaba Group, California Technology Ventures, Finnish Industry Investment, Intel Capital, 11/1/17 MariaDB $27 infrastructure needs of enterprises Open Ocean Partners, SmartFin Capital

Converge Venture Partners, ACI Worldwide, Dassault Systemes, Hummer Winblad Venture 11/1/17 NuoDB $22 Provider of client or cloud relational database technology Partners, Longworth Venture Partners, Morgenthaler Ventures

ClearVue Partners, Frees Fund, IDG Capital, Sequoia Capital, Tal Education Group, Trustbridge 10/31/17 ChangingEdu $55 Provider of online platform designed to help parents find a suitable tutor for their children Partners

Ant Financial, CCB International Asset Management, China State-Owned Assets Supervision & Provider of a facial recognition technology designed to aim at providing compact, powerful Admn Commission, Foxconn Technology Group, Lenovo Capital and Incubator Group, Russia- 10/31/17 Face++ $460 and cross-platform vision service China Investment Fund, SK Group, Sunshine Insurance Group Co., Comet Labs, Legend Star, Qiming Venture Partners, Sinovation Ventures 360 Capital Partners, Delphi Automotive, Glory Ventures (China), Naver, Samsung Strategy and Provider of LiDAR-based (Light Detection and Ranging) remote sensing sensors and systems 10/31/17 Innoviz Technologies $73 Innovation Center, SoftBank Ventures Korea, Amiti Ventures, Delek Group, Gil Agmon, Magma designed to offer accurate mapping and localization Venture Partners, Startup Autobahn, Vertex Ventures Israel

Developer of a threat intelligence analytics platform intended to significantly lower risk of 10/31/17 Recorded Future $25 Insight Venture Partners cyber attacks

Provider of a multi-carrier API and dashboard designed to help business succeed through Bessemer Venture Partners, 500 Startups, SoftTech VC, Union Square Ventures, Version One 10/31/17 Shippo $20 shipping Ventures

Operator of a bike sharing platform designed to change the way people travel within AME Cloud Ventures, Coatue Management, Franklin Templeton Investments, GGV Capital, 10/27/17 LimeBike $50 blocks Section 32, StartX, The Durant Company, Andreessen Horowitz, DCM Ventures

Notes: Source: Pitchbook. Reflects deal activity through 11/6/2017. 16 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Provider of a credit and loan management platform intended to change the way SF Capital, Globespan Capital Partners, IA Capital Group, Inventus Capital Partners, Menlo 10/25/17 Credit Sesame $27 consumers apply for and manage their credit Ventures

Provider of travel tours and activities booking platform designed to connect travelers with 10/25/17 Klook $60 The Goldman Sachs Group, Matrix Partners China, Sequoia Capital China the experiences they want and need

Provider of an online food ordering platform created to help restaurants effectively 10/24/17 ChowNow $20 Catalyst Investors, Steadfast Venture Capital improve and maintain customer relations

10/24/17 GTreasury $42 Provider of installed as well as SaaS treasury management services Mainsail Partners

Provider of cloud infrastructure automation tools designed to solve development, 10/24/17 HashiCorp $40 GGV Capital, Mayfield Fund, Redpoint Ventures, True Ventures operations and security challenges in infrastructure

Provider of a real-time customer engagement platform designed to manage online 10/24/17 iAdvize $38 IdInvest Partners, Quadrille Capital, Bpifrance customer relations

Developer of an integrated security awareness training and simulated phishing platform 10/24/17 KnowBe4 $30 Goldman Sachs Merchant Banking Division, Elephant Partners designed to train employees to make smarter security decisions

ResMan (Property Provider of a leading next-generation property management software intended to 10/24/17 $36 Mainsail Partners Management Software) streamline multifamily management

Provider of an online video creation platform designed to publish short videos using text Associated Press, Bertelsmann Digital Media Investments, TF1 Group, The Weather Channel, 10/24/17 Wibbitz $20 content Horizons Ventures, lool Ventures, NantWorks

Developer of a SaaS enterprise customer data platform designed to solve the flow and 10/23/17 ActionIQ $30 Andreessen Horowitz, Shutterstock, FirstMark Capital, Sequoia Capital scale of data, analytics and marketing campaigns

10/23/17 Shift Technology $28 Developer of a data security platform intended to improve the insurance claims process General Catalyst Partners, Accel, Elaia Partners, Iris Capital Management

SmartDrive (Driver Safety Developer of a Web-based driver safety and risk management software designed to help Michelin North America Pension Arm, New Enterprise Associates, Oak Investment Partners, 10/22/17 $40 Software) fleet managers reduce risk by coaching operators to be safer drivers Wabco

Provider of mobile-first, design-first fleet and field service management services intended 10/19/17 Automile $34 Insight Venture Partners, Dawn Capital, Point Nine Capital, SaaStr, Salesforce Ventures to connect vehicle drivers to fleet managers

Developer of an adaptable business documents platform intended to actively adapt to the General Catalyst Partners, Greylock Partners, Khosla Ventures, Kleiner Perkins Caufield & Byers, 10/19/17 Coda.io $60 way teams naturally work together New Enterprise Associates,

Developer of a cloud-based cybersecurity platform designed to prevent, detect, and 10/19/17 CrowdStrike $25 NA respond to attacks in real-time

Notes: Source: Pitchbook. Reflects deal activity through 11/6/2017. 17 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

10/19/17 Huajuan Mall $40 Provider of an online video and m-commerce platform designed for online shopping Sinovation Ventures, Zhiping Capital, Ventech, Vertex Ventures China

Provider of an on-demand ride hailing platform designed to connect passengers with local 10/19/17 Lyft $1,000 CapitalG drivers

10/18/17 Contrast Security $30 Developer of application security software designed to protect against cyber-attacks Battery Ventures, Acero Capital, General Catalyst Partners

Provider of cloud-based internet security services designed to protect organizations against Geodesic Capital, Index Ventures (UK), Meritech Capital Partners, Workday, Lead Edge Capital, 10/18/17 Duo $70 data breaches Redpoint Ventures, True Ventures

Operator of an online financial control and advisory platform intended to transform Endeavor Global, Vostok Emerging Finance, International Finance Corporation, Omidyar 10/18/17 GuiaBolso $39 relationship with money Network, QED Investors, Ribbit Capital

10/18/17 MapR $61 Provider of a converged data platform designed to offer real-time database capabilities Quadrille Capital, Lightspeed Venture Partners

Developer of beauty applications dedicated to transform how consumers, content creators 10/18/17 Perfect $25 China Creation Ventures, CyberLink, Extol Capital, Yuanta Financial Holding and beauty brands interact together

10/17/17 Auto Amigo $30 Developer and provider of online automotive buying platform NA

Provider of online loan marketplace designed to provide customized rate quotes on loans 10/17/17 BankBazaar.com $30 Experian and insurance products

Provider of machine learning platform designed to help processing large volumes of data 10/17/17 Feedzai $50 Sapphire Ventures with low latency producing actionable information in real time

Silicon Valley Bank, Caisse de dépôt et placement du Québec, iNovia Capital, Investissement 10/17/17 Lightspeed POS $166 Developer of point of sale and e-commerce services designed to manage businesses Québec

Provider of an online life insurance and general insurance comparison portal designed to IDG Ventures India, True North (Managers), Wellington Management, Premji Invest, Temasek 10/13/17 PolicyBazaar $77 analyze financial products Holdings, Tiger Global Management

Provider of a cloud-based business-management platform designed to connect data, SharesPost, The Yard Ventures, BlackRock, GGV Capital, Glynn Capital Management, The 10/12/17 Domo $112 people, and expertise that are needed to improve business results Capital Group Companies

Developer of an online educational platform created to help students and teachers better 10/12/17 KnowBox $30 Baidu Capital, Bertelsmann Asia Investments, Haoweilai, New World Development manage homework

Provider of a security rating platform designed to empower every organization with AXA Strategic Ventures, Intel Capital, Moody's, Nokia Growth Partners, Boldstart Ventures, 10/12/17 SecurityScorecard $28 collaborative security intelligence Evolution Equity Partners, GV, Sequoia Capital, Two Sigma Ventures

Notes: Source: Pitchbook. Reflects deal activity through 11/6/2017. 18 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Developer of a deception technology designed to detect, analyze and accelerate response 10/11/17 Attivo Networks $21 Bain Capital Ventures, Omidyar Technology Ventures, Trident Capital Cybersecurity to cyber-attacks

10/11/17 Baxter Planning Systems $25 Provider of a Software-as-a-service (SaaS) based supply chain application suite Polaris Partners

Developer of a cap table management platform designed to consolidate private company 10/11/17 Carta $42 ownership onto one common electronic registry and bring a wealth of financial services to Menlo Ventures, Social Capital all privately held companies

10/11/17 Huishoubao $45 Provider of a mobile phone recycling platform intended to refurbish used mobile phones STRAIT Capital Corp, Chengwei Capital, CITIC Capital Partners, SM Capital, Source Code Capital

Provider of a cloud-based business payments network designed to simplify business JPMorgan Chase & Company, Temasek Holdings, August Capital, DCM Ventures, Emergence 10/10/17 Bill.com $100 payments Capital Partners, Icon Ventures, Napier Park Financial Partners, Scale Venture Partners

Developer of anti-theft and fraud management software designed to provide security 10/10/17 Tongdun $73 China Cinda Asset Management, Temasek Holdings, Tiantu Capital, Xindahanshi Capital services in the financial sector

Provider of an open-source, code-collaboration platform designed to unify issues, code 10/9/17 Gitlab $20 GV review, CI and CD into a single UI

Developer of a machine learning (ML) infrastructure platform designed to make even the 10/7/17 Petuum (Artificial Intelligence) $93 SoftBank Group, Advantech Capital Partners most advanced AI technology accessible and affordable by everyone who needs it

Provider of predictive advertising management software designed to offer intelligent 10/5/17 QuanticMind $20 Foundation Capital, Cervin Ventures, Safeguard Scientifics marketing services

Provider of a real-time sourcing platform and digital marketplace designed for private and 10/5/17 Stellar Labs $26 Columbia Equity Partners, Expa Labs, Global Jet Capital business aviation needs

Honeywell Ventures, Intel Capital, Darling Ventures, Dell Technologies Capital, GE Ventures, Developer of edge intelligence software designed to deliver the power of real time 10/4/17 FogHorn $30 March Capital Partners, Robert Bosch Venture Capital, Saudi Aramco Energy Ventures, The industrial grade analytics to resource constrained edge devices Hive, Yokogawa Electric

Canvas Ventures, FJ Labs, Bain Capital Ventures, Khosla Ventures, Lightspeed Venture 10/4/17 Roofstock $35 Operator of an online marketplace designed to buy & sell tenant-occupied rental property Partners, Nyca Partners, QED Investors

Operator of a professional networking platform designed to connect workers with jobs, 10/4/17 Seasoned $20 TPG Growth talent and career development opportunities

Developer of an online corporate and business travel management platform designed to 10/4/17 TripActions $27 help business travel managers and travelers in booking hotels and flights at a discounted Zeev Ventures, Lightspeed Venture Partners price

Provider of a business intelligence platform designed to make business analytics work on Atlantic Bridge Capital, Industry Ventures, UCLA Ventures, Wells Fargo Securities, Comcast 10/3/17 AtScale $25 big data Ventures, Storm Ventures, UMC Capital, XSeed Capital

Notes: Source: Pitchbook. Reflects deal activity through 11/6/2017. 19 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Developer of a video review and collaboration platform designed to streamline video 10/3/17 Frame.io $20 Accel, FirstMark Capital, Shasta Ventures, SignalFire creation process

Developer of communication APIs designed to connect companies with their customers on 10/3/17 MessageBird $62 Accel, Atomico, Y Combinator billions of devices around the world

Developer of a SaaS financial supply chain platform designed help companies strengthen 9/28/17 Taulia $20 NA supplier relationships

Provider of productivity platforms for data analysis intended to leverage innovative 9/28/17 Trifacta $33 DB1 Ventures, Ericsson Ventures research in human-computer interaction, scalable data management and machine learning

Provider of a cloud-based treasury and cash management software designed to help in Sumeru Equity Partners, Bpifrance, Daher Capital, HSBC Innovation Investments, Iris Capital 9/27/17 Kyriba $45 supply chain finance and risk management operations Management

Provider of global immigration and workforce management technology and services 9/26/17 Envoy Global $21 designed to make it easier for employers and workers to pursue opportunity across the Catalyst Investors, General Catalyst Partners global marketplace

Fidelity Management & Research, T. Rowe Price, Accel, DST Global, General Catalyst Partners, 9/24/17 Deliveroo $385 Provider of an online food delivery platform designed to order restaurant meals Index Ventures (UK)

Developer of a mobile application designed to give people access to their pay any time 9/21/17 Earnin $39 Andreessen Horowitz, March Capital Partners, Matrix Partners, Ribbit Capital they want

9/28/17 Feidee $200 Developer of a mobile application for personal finance Kohlberg Kravis Roberts

Provider of a stock market investment platform designed to make it simple for young and 9/28/17 Stockpile $30 Eight Roads Ventures, Hanna Ventures, Wang Ventures, Arbor Ventures, Mayfield Fund first-time investors to save and invest for their future

Provider of a big data analytics platform designed to provide a complete and unified view Atlantic Bridge Capital, Insight Venture Partners, Kibo Ventures Partners, Investing Profit 9/27/17 Logtrust $35 of business operations Wisely

Developer of a conversation-driven marketing and sales platform designed to 9/26/17 Drift $32 HubSpot, Sequoia Capital, Charles River Ventures, General Catalyst Partners automatically turn website traffic into qualified sales meetings

9/25/17 Ritual $44 Provider of a mobile application for local lunch and coffee ordering Insight Venture Partners, Mistral Venture Partners

9/22/17 Apttus $55 Provider of a cloud-based software designed to offer quote-to-cash automation services Premji Invest, ICONIQ Capital, K1 Capital, Salesforce Ventures

9/22/17 Prosper $50 Developer of a marketplace lending platform designed to facilitate peer to peer lending FinEX Asia, LPG Capital

Notes: Source: Pitchbook. Reflects deal activity through 11/6/2017. 20 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Registrations

($MM) LTM Last Financing Initial Filing Initial Offering Funding Issuer Primary Industry EBIT Amount Post Money Date Amount Revenue (1) Rev Growth (2) EBIT (3) Date (4) TD (5) Margin Raised Valuation

Application Software 20-Oct-17 $100 $150 38.9% $8 5.6% 30-Sep-16 $54 NA $55

Communications 18-Oct-17 $100 $103 43.4% $0 0.3% 17-Nov-16 $33 $578 $82 Software

Notes: Sources: Capital IQ, Pitchbook and Company filings. Offering amounts $20MM or greater. (1) LTM as of 6/30/2017 for SailPoint and 9/30/2017 for SendGrid. (2) Reflects revenue growth from CY2015 to CY2016 for SailPoint and SendGrid. (3) Reflects LTM Non-GAAP EBIT. Calculated as EBIT plus stock-based compensation. LTM as of 6/30/2017 for SailPoint and 9/30/2017 for SendGrid. (4) Reflects last financing > $25MM. 21 (5) Represents latest VC financing greater than $25MM. SendGrid funding TD includes later stage VC financing of $1.2MM on 3/14/2017. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings

( $M M ) % Change % Change Market Cap Amount % Change Current / (1) Name Pre IPO Filing Range Offer Price Offer / 1st Trading Day / Offer Date @ IPO Date Raised Offer Price Midpoint Price Offer Price

1-Nov-17 $1,106 $156 11.00 - 13.00 $13.00 8.3% 40.8% 45.9%

19-Oct-17 $1,570 $192 20.00 - 22.00 $24.00 14.3% 33.6% 27.5%

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 87.3%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 3.9%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 9.1%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 70.2%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 57.5%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 38.2%

Notes: Sources: Capital IQ and Company filings. Market Data as of 11/6/2017. 22 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 6 195 (7) 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) Fortinet 17 CDC Software (7) LogMeIn 16 Medidata (6) 180 SolarWinds (9) Rosetta Stone SciQuest (6) RealPage (8) 9 IntraLinks (12) Envestnet Jive Workday Qlik Imperva Fleetmatics BroadSoft Carbonite Qualys Workiva Higher One Tangoe Eloqua Mavenir Hortonworks Convio New Relic Responsys E2open Barracuda Atlassian 170 SPS Commerce HubSpot Cornerstone ServiceNow Wix.com Mimecast SS&C CyberArk Epocrates Exa Covisint Instructure QuinStreet MobileIron Incadea RingCentral Rapid7 Kinaxis Infloblox FireEye Sophos Zendesk Twilio (9) Proofpoint Cvent AppFolio 8 Paycom SecureWorks Splunk Gigamon Alarm.Com OPOWER Talend (11) ExactTarget Textura Xactly Five9 Everbridge Demandware ChannelAdvisor Shopify 2U Apptio Bazaarvoice Marketo Apigee 160 Borderfree Gridsum Holding Greenway Tableau Box Mulesoft Amber Road Nutanix AVG Halogen Alteryx A10 Networks Coupa Guidewire Rally Okta Paylocity BlackLine, Inc. Marin Yext Varonis Systems (5) Model N Cloudera 153 Appian MongoDB 150 Altair Engineering 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017

2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 8 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 11 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 5

Notes: Sources: Capital IQ, company filings. Market Data as of 11/6/2017. 23 VENTURE CAPITAL INDUSTRY TMT Transactions Since Q2 2002

$14 1,000

$12

800

$10

600

$8 $Bn

400 Number Number of Investments

200

$0 0 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Quarter - Year

(1) Number of Deals Investment Amount

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & 24 Security Systems, and Software. GCA OVERVIEW Deep Software Sector Expertise

Minority Acquisition of Acquired by Acquired by Acquired by Preferred Acquired by Acquired by Acquisition of investment from Acquired by Stock

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Preferred Acquired by Acquired by Acquired by Acquired by Acquired by Acquisition of Acquired by Acquired by Acquired by Stock

Fairness Opinion to Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller Buddy Media

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Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based 25 transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.