Software Sector Report

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SOFTWARE SECTOR REPORT Q2 2020 EXECUTIVE SUMMARY Software Q2 2020 » Global software sector trading performance remained stable, but the impact of COVID-19 has tempered M&A activity » Q2 ’20 saw ~$16Bn in financing deal value and ~$5Bn in M&A deal value - 234 financings, 6.6% higher than Q2 ‘19 - 315 M&A transactions, 12.3% lower than Q2 ’19 » Many companies have not yet reported Q2 earnings, the first full quarter of COVID-19, so we expect some realignment to occur in Q3 » Significant M&A activity in Q2 includes acquisitions in the Infrastructure sector: Verizon’s $400MM acquisition of BlueJeans, KeySight Technologies’ $330MM acquisition of Eggplant, and NetApp’s $325MM acquisition of Spot » Financial Software had some of the largest financing deals in Q2 ‘20 led by the $850MM financing of Stripe and $251MM financing of Paidy; the Infrastructure sector also saw high financing volume » Software sector performed well in Q2 with the IGV tech-software index outperforming the S&P 500 by 23.6% LTM as of Q2 2020 – Infrastructure software index grew 84.8% LTM as of Q2 2020, outperforming all other software sub segments » Technical Application software companies traded at 10.4x and 30.5x for 2020E Revenue and EBITDA, respectively, among the highest in software » Overall outlook in software growth remains healthy despite continued uncertainty, with most sectors seeing notable growth

Select Q2 Active Investors Select Q2 Active Acquirers

Notes: Sources: Pitchbook, 451 Research, Capital IQ. 2 GCA OVERVIEW The GCA Software Team Sector Coverage GCA US Team VERTICAL SOFTWARE Automotive E-commerce & 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 105+ the Last Three Years Senior Bankers Todd Carter Geoff Baldwin 35 Covering Software Co-CEO, Co-CEO, Technology-Related Managing Director Managing Director 245+ Deals in the Last 3 Years [email protected] Head of M&A Senior Bankers [email protected] 70 Covering Technology

3 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 4 entities may be retained to advise on the same transaction. DEAL DASHBOARD Software Q2 2020

$30.2 Billion 445 704 $33.6 Billion 2020 YTD Financing Deal Value (1)(2) 2020 YTD Financing Transactions (1)(2) 2020 YTD M&A Transactions 2020 YTD M&A Deal Value Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3) Company Amount ($MM) $Bn $Bn $82 Acquirer Target EV ($MM)

$850 $57 $985(5) $39 $32 $500 $30 $28 $400 $23 $22 $19 $14 $17 $14 $15 $17 $18 $14 $16 $5 $251 $365

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 $250 $330 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

363 375 384 389 $250 343 361 359 349 $325 315

234 $241 225 222 227 211 $250 187 201 198 (Digital Assets) 167 $230 $225

$210 $165 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 LTM as of Q2 2020 Software Price Performance vs. S&P 500 (4) 40% SPX IGV 30% 28.1%

20%

10% Financing Activity by Quarter 4.6% 0%

(10%)

(20%)

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

Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 06/30/2020. 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. 3) Software M&A transactions reflect select transactions in Q2 2020. M&A metrics are based on closed and announced transactions. 5 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. 5) Includes potential $160MM earn-out. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

100.0%

84.8% 80.0%

60.0%

47.9% 38.6% 40.0% 38.1% 31.0% 25.1% 24.7% 20.0% 24.3% 23.9% 23.3% 20.4% 0.0% 18.7% 8.9% 4.6%

(20.0%)

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

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

Low (5.0%) (17.4%) (11.1%) (32.3%) (24.2%) (13.6%) (24.4%) (20.5%) (29.5%) (29.7%) (21.2%) (25.8%) (15.2%) (24.5%) Uptick from 89.8% 65.3% 49.7% 70.4% 55.2% 38.7% 49.1% 44.3% 52.8% 50.2% 39.9% 34.7% 39.5% 29.1% Low Performance 84.8% 47.9% 38.6% 38.1% 31.0% 25.1% 24.7% 23.9% 23.3% 20.4% 18.7% 8.9% 24.3% 4.6% since Jul-19 Notes: Sources: Capital IQ. Market Data as of 06/30/20. List of companies in each sector can be found in the public comparable tables. 6 1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform. SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $2,249Bn Combined Market Cap: $178Bn Combined Market Cap: $271Bn 20E/19A Rev. Growth: (1.3%) 20E/19A Rev. Growth: 21.5% 20E/19A Rev. Growth: 9.5% 20E EBITDA Margin: 29.8% 20E EBITDA Margin: 17.2% 20E EBITDA Margin: 16.6%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $291Bn Combined Market Cap: $46Bn Combined Market Cap: $378Bn 20E/19A Rev. Growth: 8.0% 20E/19A Rev. Growth: 9.3% 20E/19A Rev. Growth: 10.3% 20E EBITDA Margin: 16.4% 20E EBITDA Margin: 12.6% 20E EBITDA Margin: 20.2%

Notes: Sources: Capital IQ. Market Data as of 06/30/20. 7 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: $198Bn Combined Market Cap: $297Bn Combined Market Cap: $469Bn 20E/19A Rev. Growth: 8.4% 20E/19A Rev. Growth: (1.3%) 20E/19A Rev. Growth: 11.3% 20E EBITDA Margin: 32.6% 20E EBITDA Margin: 16.1% 20E EBITDA Margin: 16.3%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $294Bn Combined Market Cap: $37Bn Combined Market Cap: $1,199Bn 20E/19A Rev. Growth: 15.4% 20E/19A Rev. Growth: 17.8% 20E/19A Rev. Growth: 22.1% 20E EBITDA Margin: 14.5% 20E EBITDA Margin: 6.0% 20E EBITDA Margin: 13.9%

Notes: Sources: Capital IQ. Market Data as of 06/30/20. 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 STOCKS WINNERS & LOSERS Top and Bottom 20 Stock Price Performers in Q2 2020

Top 20 Performers

383.4%

248.5%

184.1% 158.4% 143.0% 146.8% 149.3% 115.5% 117.0% 122.7% 99.7% 100.9% 104.6% 107.7% 110.5% 85.5% 87.0% 90.3% 94.5% 97.9%

Bottom 20 Performers

13.8% 13.5% 12.9% 12.1% 11.9% 10.9% 10.9% 10.2% 9.3% 9.1% 9.1% 7.3% 6.3% 5.7% 5.4% 4.3% 2.8% 0.9%

(3.3%)

(7.1%)

Notes: Sources: Capital IQ as of 06/30/20. 9 TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019A Revenue EV / 2020E Revenue

15.2x 13.8x 11.7x Median: 10.9x 11.5x 11.3x 11.1x 11.4x 11.1x 10.9x 10.9x 10.7x 10.4x Median: 9.2x 9.2x 9.4x 9.1x 8.3x 7.9x 7.5x 8.0x 7.2x 7.0x 6.8x

4.2x 4.1x

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

22.1% 21.5% 34.0% 32.8% 30.5% 17.8% 25.4% 25.3% Median: 22.0% 15.4% 22.6% 21.4% Median: 9.9% 11.3% 10.3% 15.9% 9.5% 9.3% 12.8% 11.6% 10.6% 8.4% 8.0%

3.3% (1.3%) (1.3%)

Notes: Sources: Capital IQ. Market Data as of 06/30/20. Figures represent mean values of respective comp groups. 10 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

27.9x 27.4x 27.2x 25.2x 30.5x 29.5x 22.8x 22.6x Median: 21.4x 25.5x Median: 24.0x 20.2x 24.6x 24.4x 24.2x 23.8x 19.6x 19.0x 21.8x 17.6x 15.1x 16.9x 16.1x 11.8x 12.0x 11.4x

2019A EBITDA Margin 2020E EBITDA Margin

32.6% 35.2% 29.8% 30.3% Median: 16.4% Median: 16.5% 20.2% 21.5% 17.2% 16.6% 16.4% 16.3% 17.8% 17.2% 16.1% 16.5% 16.5% 15.9% 14.5% 13.9% 12.6% 13.0% 12.9% 9.2% 6.8% 6.0%

Notes: Sources: Capital IQ. Market Data as of 06/30/20. Figures represent mean values of respective comp groups. 11 List of companies in each sector can be found in the public comparable tables. PUBLIC SAAS COMPANIES Valuation Correlation to Growth %

80.0x Low Growth Software(1) Medium Growth Software (2) High Growth Software(3)

70.0x

60.0x

50.0x R = 0.63

40.0x

30.0x

20.0x Enterprise Value / CY / 2020E Revenue Value Enterprise 10.0x

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 % 5.9% 20.7% 36.4%

Median EV / Rev. 4.8x 10.4x 24.9x

Notes: Sources: Capital IQ as of 06/30/20. 1) Defined as companies with annual revenue growth <= 15%. 12 2) Defined as companies with annual revenue growth >15% and <= 30%. 3) Defined as companies with annual revenue growth >30%. PUBLIC SAAS COMPANIES Valuation Correlation to Growth % & Free Cash Flow Margin %

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

50.0x

40.0x

30.0x

20.0x R = 0.52

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

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 % 10.8% 30.7% 53.8%

Median EV / Rev. 6.4x 12.5x 23.3x

Notes: Sources: Capital IQ as of 06/30/20. 1) Defined as companies with revenue growth % + FCF margin % <= 20%. 13 2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%. 3) Defined as companies with revenue growth % + FCF margin % >40%. PUBLIC SAAS COMPANIES Valuation Correlation to Returns on S&M Expense Efficiency

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

50.0x

40.0x R = 0.68

30.0x

20.0x

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

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 0.3x 0.7x 1.4x

Median EV / Rev. 8.8x 18.0x 24.6x

Notes: Sources: Capital IQ as of 06/30/20. 1) Defined as companies with S&M expense efficiency <= 0.6x. 14 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 Q2 2020 Dashboard

Quarterly M&A Activity Select Q2 2020 M&A Transactions

($Bn) Number of Deals M&A Deal Value ($MM) Ann. Enterprise EV/ LTM Acquirer Target Date Value Rev. $82 389 6/29 $128 NA 384 (1) 375 6/23 $985 NA

363 6/23 $140 4.7x 361 359 349 6/22 $165 11.0x 343 $57 6/04 $160 6.4x

6/03 $325 10.8x 315 6/02 $365 7.2x $39 5/27 $330 8.7x $32 $30 5/05 $250 0.7x $28 (Digital Interconnect Assets) $22 4/30 $120 20.0 $19 4/28 $145 14.5x

4/16 $400 4.0x

$5 4/15 $225 5.6x

4/15 $103 0.3x Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 4/09 $180 NA

Notes: Sources: Capital IQ and 451 Research. 1) Includes potential $160MM earn-out. 15 SOFTWARE FINANCINGS UPDATE Q2 2020 Dashboard

Quarterly Financing Activity Select Q2 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

6/25 $500 NA NA 234 227 225 222 6/23 $210 $692 $3,280 211 201 198 187 6/10 $230 $350 NA

167 $23 6/3 $241 $419 NA

$18 5/19 $189 $256 $772 $17 $17 $16 $15 $14 $14 $14 5/1 $185 $255 $835

4/21 $250 $456 $4,500

4/16 $850 $1,885 $36,000

4/9 $251 $281 NA

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 4/9 $250 $661 $2,500

Notes: Sources: Pitchbook. 16 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

6/22/2020(2) In IPO Registration

6/5/2020 $1,382 $345 19.00 - 21.00 $23.00 $35.50 54.3%

6/4/2020 $1,513 $935 19.00 - 20.00 $21.00 $51.03 143.0%

12/13/2019 $795 $150 16.00 - 18.00 $17.00 $27.00 58.8%

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $90.21 310.0%

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $86.95 222.0%

9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $32.09 113.9%

9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $35.95 139.7%

8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $40.60 153.8%

7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $25.24 20.2%

(3) 6/20/2019 $19,484 $4,560 Direct Listing $26.00 $31.09 19.6% Median: 141.3%

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $100.29 195.0%

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $85.13 432.1%

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $253.54 604.1%

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $9.55 (31.8%)

MEDIAN: 141.3% MEAN: 173.9%

Notes: Sources: Capital IQ and Company filings. Market data as of 06/30/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 17 2) Filing Date. 3) Reference price set by the New York Stock Exchange. APPENDIX

18 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 6/30/2020 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 $203.51 $1,543,306 $137,642 $84,025 $1,489,689 11.1x 10.1x 9.0x 24.3x 22.1x 19.6x 13% 10% 12% 66% 66% 66% 46% 45% 46% Oracle Corporation $55.27 $169,606 $43,057 $73,712 $200,904 5.1x 5.2x 5.1x 10.7x 10.5x 10.5x 0% (1%) 1% 80% 80% 80% 47% 49% 49% Cisco Systems $46.64 $196,928 $28,583 $17,082 $185,427 3.6x 3.8x 3.7x 9.8x 10.6x 10.5x 1% (6%) 5% 63% 63% 63% 37% 36% 35% SAP SE $139.91 $166,603 $8,982 $19,395 $177,095 5.7x 5.6x 5.2x 15.7x 15.9x 14.2x 9% 3% 8% 72% 72% 71% 37% 35% 36% International Business Machines Corporation$120.77 $107,231 $11,865 $69,453 $164,948 2.2x 2.2x 2.2x 9.0x 9.5x 8.6x (3%) (3%) 3% 47% 48% 48% 24% 24% 25% Dell Technologies Inc. $54.94 $40,700 $12,229 $58,481 $91,806 1.0x 1.0x 1.0x 7.8x 9.0x 8.4x 2% (3%) 2% 34% 33% 31% 13% 11% 12% HP Inc. $17.43 $24,924 $4,054 $6,641 $27,511 0.5x 0.5x 0.5x 5.3x 6.2x 6.0x (0%) (9%) 4% 19% 19% 19% 9% 8% 8%

Mean 4.2x 4.1x 3.8x 11.8x 12.0x 11.1x 3% (1%) 5% 54% 54% 54% 30% 30% 30% Median 3.6x 3.8x 3.7x 9.8x 10.5x 10.5x 1% (3%) 4% 63% 63% 63% 37% 35% 35%

Infrastructure Zoom Video Communications $253.54 $71,524 $1,105 $72 $70,491 NM 39.1x 30.8x NM NM NM 88% 190% 27% 82% 71% 78% 17% 26% 27% RingCentral $285.01 $25,053 $762 $1,084 $25,375 31.0x 22.7x 18.3x NM NM NM 33% 37% 24% 76% 77% 79% 15% 13% 13% Citrix Systems $147.91 $18,260 $551 $1,982 $19,691 6.5x 6.2x 6.0x 17.2x 18.4x 18.0x 1% 5% 3% 86% 86% 87% 38% 34% 33% Akamai Technologies $107.09 $17,378 $1,249 $2,671 $18,800 6.5x 6.1x 5.7x 15.5x 14.1x 13.0x 7% 7% 7% 66% 65% 65% 42% 43% 44% Fastly $85.13 $8,848 $117 $31 $8,763 43.7x 30.6x 23.8x NM NM NM 39% 43% 29% 57% 58% 56% (9%) 2% 4% Amdocs Limited $60.88 $8,127 $763 $628 $8,036 2.0x 1.9x 1.9x 9.8x 9.2x 8.7x 3% 0% 4% 35% 35% 35% 20% 21% 22% Juniper Networks $22.86 $7,575 $1,928 $1,867 $7,513 1.7x 1.7x 1.7x 7.9x 8.6x 8.1x (4%) (3%) 4% 60% 60% 60% 21% 20% 21% Five9 $110.67 $7,166 $326 $228 $7,067 21.5x 18.5x 15.8x NM NM NM 27% 17% 17% 63% 63% 61% 19% 16% 18% Everbridge $138.36 $4,754 $498 $456 $4,711 23.5x 18.0x 14.2x NM NM NM 37% 30% 26% 71% 69% 69% 3% 2% 6% Verint Systems Inc. $45.18 $2,915 $576 $1,102 $3,456 2.7x 2.8x 2.5x 10.6x 11.0x 9.7x 6% (4%) 8% 68% 68% 66% 25% 25% 26% Software Aktiengesellschaft $40.40 $2,989 $566 $268 $2,692 2.7x 2.8x 2.7x 8.7x 12.8x 12.0x 1% (3%) 3% 77% 77% 77% 31% 22% 23% Radware Ltd. $23.59 $1,093 $169 $25 $949 3.8x 3.8x 3.5x 22.4x 29.7x 22.6x 8% (2%) 9% 83% 83% 82% 17% 13% 16% Limelight Networks $7.36 $881 $21 $15 $874 4.4x 3.8x 3.4x 48.3x 29.4x 22.5x 3% 16% 10% 49% 48% 52% 9% 13% 15% Extreme Networks $4.34 $522 $196 $489 $814 0.8x 0.9x 0.9x NA 11.7x 8.4x (1%) (15%) 7% 56% 56% 56% 0% 8% 10% A10 Networks $6.81 $538 $143 $32 $427 2.0x 1.9x NA NA NA NA (8%) 5% NA 77% 77% NM 0% 0% NA

Mean 10.9x 10.7x 9.4x 17.6x 16.1x 13.7x 16% 22% 13% 67% 66% 66% 16% 17% 20% Median 4.1x 3.8x 4.6x 13.1x 12.8x 12.0x 6% 5% 9% 68% 68% 66% 17% 16% 19%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 19 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security Splunk Inc. $198.70 $31,567 $1,757 $2,158 $31,968 13.6x 13.2x 10.5x NM NM NM 31% 3% 25% 85% 80% 81% 17% 1% 13% Okta $200.23 $24,951 $1,447 $1,161 $24,665 42.1x 31.7x 24.4x NM NM NM 47% 33% 30% 76% 77% 73% (6%) (3%) 0% VeriSign $206.83 $23,897 $1,139 $1,792 $24,551 19.9x 19.5x 18.8x 27.2x 27.5x 25.9x 1% 2% 4% 86% 86% 85% 73% 71% 72% Palo Alto Networks $229.67 $22,155 $2,039 $1,879 $21,995 7.0x 6.0x 5.1x 29.1x 27.2x 23.0x 20% 17% 18% 72% 72% 72% 24% 22% 22% Fortinet $137.27 $22,189 $1,401 $43 $20,831 9.7x 8.3x 7.2x 35.3x 30.0x 25.4x 20% 16% 16% 77% 78% 76% 27% 28% 28% CrowdStrike Holdings $100.29 $21,662 $1,005 $40 $20,698 43.0x 26.9x 20.4x NM NM NM 93% 60% 32% 72% 74% 67% (9%) 4% 10% Citrix Systems $147.91 $18,260 $551 $1,982 $19,691 6.5x 6.2x 6.0x 17.2x 18.4x 18.0x 1% 5% 3% 86% 86% 87% 38% 34% 33% Zscaler $109.50 $14,292 $391 $41 $13,941 38.7x 28.6x 22.2x NM NM NM 48% 36% 29% 80% 80% 80% 11% 9% 10% NortonLifeLock Inc. $19.83 $11,680 $2,263 $4,322 $13,739 2.9x 5.6x 5.5x 7.6x 12.0x 9.8x 56% (49%) 3% 81% 81% 81% 38% 47% 56% Check Point Software Technologies Ltd.$107.43 $15,062 $1,743 $0 $13,318 6.7x 6.6x 6.4x 13.1x 13.5x 13.2x 4% 1% 3% 90% 90% 89% 51% 49% 48% Cloudflare $35.95 $10,916 $592 $51 $10,376 36.1x 26.5x 20.3x NM NM NM 49% 36% 31% 77% 77% 78% (15%) (5%) 2% F5 Networks $139.48 $8,494 $821 $802 $8,475 3.7x 3.6x 3.4x 10.2x 10.7x 9.9x 4% 3% 6% 83% 83% 83% 37% 34% 35% Trend Micro Incorporated $55.84 $7,772 $1,469 $0 $6,311 4.2x 3.9x 3.7x 12.8x 12.5x 11.9x 4% 6% 5% 80% 80% 80% 32% 31% 31% Proofpoint $111.12 $6,368 $946 $815 $6,237 7.0x 6.1x 5.2x 39.7x 43.7x 29.5x 24% 15% 17% 79% 79% 75% 18% 14% 18% Qualys $104.02 $4,053 $332 $50 $3,770 11.7x 10.5x 9.3x 26.8x 24.8x 21.5x 15% 11% 13% 80% 80% 79% 44% 42% 43% CyberArk Software Ltd. $99.27 $3,845 $1,090 $489 $3,244 7.5x 7.1x 5.9x 24.2x 35.3x 25.2x 26% 5% 20% 88% 86% 86% 31% 20% 24% FireEye $12.18 $2,673 $980 $1,110 $2,803 3.2x 3.1x 2.9x 24.3x 33.8x 26.4x 7% 0% 7% 72% 70% 68% 13% 9% 11% Tenable Holdings $29.81 $2,983 $227 $45 $2,802 7.9x 6.6x 5.5x NM NM NM 33% 21% 20% 84% 83% 84% (11%) (3%) 0% Varonis Systems $88.48 $2,784 $126 $63 $2,721 10.7x 10.7x 9.0x NM NM NM (6%) 0% 19% 87% 86% 88% (8%) (10%) (1%) Mimecast Limited $41.66 $2,623 $174 $230 $2,679 6.6x 5.8x 5.0x 38.4x 28.5x 25.0x 26% 15% 16% 74% 74% 74% 17% 20% 20% Rapid7 $51.02 $2,577 $241 $268 $2,604 8.0x 6.7x 5.6x NM NM NM 34% 20% 18% 75% 74% 73% 4% 3% 6% Ping Identity Holding Corp. $32.09 $2,581 $169 $169 $2,581 10.6x 10.6x 8.7x NM NM NM 21% 1% 21% 84% 82% 84% 21% 11% 15% SailPoint Technologies Holdings $26.47 $2,387 $461 $354 $2,280 7.9x 7.2x 6.4x NM NM NM 16% 9% 13% 80% 80% 78% 10% 5% 7% OneSpan Inc. $27.93 $1,123 $105 $16 $1,033 4.1x 4.0x 3.7x 31.4x 40.2x 25.5x 20% 1% 9% 67% 70% 69% 13% 10% 14% SecureWorks Corp. $11.43 $939 $156 $29 $812 1.5x 1.4x 1.4x NM NM 40.6x 7% 1% 6% 57% 58% 55% 2% 3% 3% Zix Corporation $6.90 $377 $16 $198 $559 3.2x 2.6x 2.4x 14.2x 11.0x 10.3x 146% 23% 11% 61% 55% 66% 23% 24% 23% F-Secure Oyj $3.23 $511 $29 $44 $526 2.2x 2.1x 2.0x 20.2x 18.8x 14.6x 12% 0% 7% 77% 77% 79% 11% 11% 14% MobileIron $4.93 $569 $99 $14 $484 2.4x 2.4x 2.3x NM NM NM 6% (3%) 5% 82% 79% 81% (3%) (6%) (5%) A10 Networks $6.81 $538 $143 $32 $427 2.0x 1.9x NA NA NA NA (8%) 5% NA 77% 77% NM 0% 0% NA Absolute Software Corporation $10.15 $431 $39 $10 $403 4.0x 3.8x 3.4x 16.8x 17.3x 15.7x 6% 6% 9% 86% 86% 86% 24% 22% 22% Tufin Software Technologies Ltd. $9.55 $340 $118 $23 $246 2.4x 2.5x 2.1x NM NM NM 22% (5%) 20% 83% 78% 82% (14%) NM NM

Mean 10.9x 9.1x 7.8x 22.8x 23.8x 20.6x 25% 9% 15% 79% 78% 78% 17% 17% 20% Median 7.0x 6.2x 5.5x 24.2x 24.8x 22.3x 20% 5% 15% 80% 79% 79% 17% 11% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 20 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management Adobe Inc. $435.31 $208,803 $4,351 $4,697 $209,149 18.7x 16.4x 14.2x 41.1x 34.7x 29.4x 24% 14% 16% 88% 88% 87% 46% 47% 48% DocuSign $172.21 $31,602 $758 $674 $31,518 32.4x 23.9x 18.7x NM NM NM 39% 35% 28% 78% 79% 76% 10% 11% 14% Open Text Corporation $42.48 $11,503 $1,453 $4,470 $14,522 4.9x 4.4x 4.3x 13.0x 12.9x 11.5x 3% 11% 3% 73% 73% 73% 38% 34% 37% Dropbox $21.77 $8,996 $1,101 $1,084 $8,979 5.4x 4.7x 4.3x 23.7x 17.8x 14.6x 19% 14% 11% 76% 78% 74% 23% 27% 29% NetApp $44.37 $9,842 $2,888 $1,812 $8,766 1.6x 1.7x 1.7x 6.5x 7.7x 6.8x (10%) (8%) 3% 64% 64% 64% 24% 22% 25% Nutanix $23.71 $4,731 $732 $640 $4,639 3.7x 3.5x 2.9x NM NM NM 1% 7% 21% 71% 71% 71% NM NM NM Pure Storage $17.33 $4,593 $1,274 $610 $3,928 2.4x 2.3x 2.0x 27.0x 31.2x 22.6x 21% 5% 16% 70% 71% 68% 9% 7% 9% Box $20.76 $3,186 $268 $470 $3,388 4.9x 4.4x 4.0x 49.3x 24.5x 19.9x 14% 10% 10% 71% 73% 72% 10% 18% 20% Varonis Systems $88.48 $2,784 $126 $63 $2,721 10.7x 10.7x 9.0x NM NM NM (6%) 0% 19% 87% 86% 88% (8%) (10%) (1%) Mimecast Limited $41.66 $2,623 $174 $230 $2,679 6.6x 5.8x 5.0x 38.4x 28.5x 25.0x 26% 15% 16% 74% 74% 74% 17% 20% 20% Commvault Systems $38.70 $1,793 $332 $17 $1,477 2.1x 2.3x 2.2x 13.2x NA 16.3x (4%) (6%) 4% 85% 85% 85% 16% 0% 13% Brightcove Inc. $7.88 $307 $32 $26 $301 1.6x 1.6x 1.5x 34.1x 39.4x 17.8x 12% (1%) 10% 61% 62% 60% 5% 4% 8%

Mean 7.9x 6.8x 5.8x 27.4x 24.6x 18.2x 12% 8% 13% 75% 75% 74% 17% 16% 20% Median 4.9x 4.4x 4.1x 27.0x 26.5x 17.8x 13% 8% 13% 74% 74% 74% 16% 18% 20%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 21 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics NICE Ltd. $186.44 $11,634 $482 $588 $11,765 7.5x 7.1x 6.6x 23.8x 21.8x 20.0x 9% 5% 8% 71% 71% 68% 31% 33% 33% Alteryx $164.28 $10,836 $763 $754 $10,828 25.9x 21.5x 16.5x NM NM NM 65% 20% 31% 91% 91% 89% 19% 14% 19% Elastic N.V. $92.21 $7,864 $299 $35 $7,600 19.8x 14.8x 11.8x NM NM NM 60% 33% 26% 72% 72% 72% (16%) (10%) (7%) Inovalon Holdings $19.26 $2,993 $183 $1,137 $3,946 6.1x 5.8x 5.3x 18.7x 17.5x 15.6x 22% 6% 10% 74% 74% 72% 33% 33% 34% Cloudera $12.72 $3,757 $412 $212 $3,558 4.5x 4.2x 3.9x NM 20.3x 15.8x 65% 5% 9% 76% 80% 72% (3%) 21% 25% Medallia $25.24 $3,562 $408 $52 $3,206 8.0x 6.9x 5.8x NM NM NM 28% 15% 19% 67% 69% 65% 3% 6% 9% Teradata Corporation $20.80 $2,257 $394 $695 $2,558 1.3x 1.4x 1.4x 7.7x 8.4x 6.8x (12%) (6%) 5% 54% 56% 51% 18% 17% 20% Talend S.A. $34.66 $1,086 $178 $157 $1,066 4.3x 3.9x 3.5x NM NM NM 20% 10% 13% 77% 79% 77% (7%) (10%) (4%) Domo $32.17 $927 $88 $114 $953 5.5x 4.8x 4.4x NM NM NM 22% 14% 11% 76% 74% 68% NM NM (15%) MicroStrategy Incorporated $118.29 $1,155 $539 $110 $726 1.5x 1.5x NA 28.0x 16.7x NA (2%) (2%) NA 80% 80% NM 5% 9% NA Veritone $14.86 $403 $49 $0 $354 7.1x 7.0x 6.0x NM NM NM 84% 2% 16% 65% 69% 74% NM NM NM

Mean 8.3x 7.2x 6.5x 19.6x 16.9x 14.5x 33% 9% 15% 73% 74% 71% 9% 13% 13% Median 6.1x 5.8x 5.6x 21.3x 17.5x 15.7x 22% 6% 12% 74% 74% 72% 5% 14% 19%

Technical Applications Autodesk $239.19 $52,430 $1,467 $2,084 $53,046 16.9x 14.2x 12.0x NM 45.9x 33.6x 29% 19% 18% 91% 92% 93% 27% 31% 36% Dassault Systèmes SE $172.86 $45,023 $2,465 $5,073 $47,688 10.6x 9.3x 8.4x 29.5x 29.5x 25.5x 13% 14% 10% 85% 84% 85% 36% 31% 33% Synopsys $195.00 $29,404 $856 $770 $29,324 8.7x 7.8x 7.3x 31.5x 24.4x 21.9x 6% 11% 7% 79% 79% 79% 28% 32% 33% Cadence Design Systems $95.96 $26,949 $946 $696 $26,699 11.4x 10.4x 9.7x 30.6x 28.2x 25.8x 9% 9% 8% 90% 90% 89% 37% 37% 38% ANSYS $291.73 $24,971 $718 $549 $24,802 16.4x 15.6x 14.0x 34.7x 37.7x 32.4x 17% 5% 11% 91% 90% 90% 47% 42% 43% PTC Inc. $77.79 $9,000 $861 $1,855 $9,994 7.8x 6.9x 6.1x 17.9x 22.3x 17.6x 1% 13% 13% 74% 74% 74% 44% 31% 35% Aspen Technology $103.61 $7,004 $192 $471 $7,283 12.1x 12.6x 11.7x 23.5x 25.3x 23.2x 11% (4%) 7% 90% 90% 90% 51% 50% 51% Altair Engineering Inc. $39.75 $2,896 $247 $208 $2,857 6.3x 6.3x 5.8x NM NM NM 16% 0% 9% 72% 72% 71% 11% 8% 10%

Mean 11.3x 10.4x 9.4x 27.9x 30.5x 25.7x 13% 8% 10% 84% 84% 84% 35% 33% 35% Median 11.0x 9.9x 9.1x 30.1x 28.2x 25.5x 12% 10% 10% 87% 87% 87% 37% 32% 35%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 22 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications Fidelity National Information Services $134.09 $82,845 $1,373 $20,377 $102,039 9.9x 8.2x 7.6x 24.3x 19.4x 16.7x 23% 20% 9% 35% 36% 35% 41% 42% 45% Fiserv $97.62 $65,355 $896 $21,968 $88,130 8.7x 5.9x 5.6x 18.0x 15.8x 14.1x 75% 46% 6% 47% 55% 49% 48% 37% 39% Intuit Inc. $296.19 $77,238 $3,971 $663 $73,930 10.4x 9.8x 8.9x 29.0x 27.3x 23.9x 13% 6% 11% 83% 83% 83% 36% 36% 37% MSCI Inc. $333.82 $27,906 $1,067 $3,353 $30,192 19.4x 18.2x 16.7x 35.5x 32.8x 29.8x 9% 7% 9% 81% 83% 81% 55% 55% 56% SS&C Technologies Holdings $56.48 $14,473 $374 $7,638 $21,737 4.7x 4.7x 4.6x 11.9x 12.3x 11.6x 35% (1%) 3% 54% 57% 49% 39% 38% 39% Coupa Software Incorporated $277.04 $18,582 $706 $718 $18,594 47.7x 37.8x 30.1x NM NM NM 50% 26% 25% 72% 72% 69% 9% 15% 18% Jack Henry & Associates $184.03 $14,100 $110 $123 $14,113 8.7x 8.1x 7.6x 26.4x 25.4x 24.6x 7% 7% 7% 42% 42% 42% 33% 32% 31% Fair Isaac Corporation $418.04 $12,125 $109 $1,054 $13,069 10.9x 10.7x 10.3x 34.8x 33.4x 30.7x 16% 2% 4% 70% 70% 70% 31% 32% 33% Temenos AG $155.38 $11,187 $121 $1,118 $12,184 12.5x 12.8x 11.3x 33.3x 29.5x 26.5x 16% (2%) 13% 83% 81% 74% 38% 43% 43% Avalara $133.09 $10,437 $451 $70 $10,056 26.3x 21.9x 17.7x NM NM NM 41% 20% 24% 72% 71% 71% 0% (1%) 4% Xero Limited $62.21 $8,823 $319 $296 $8,799 19.9x 17.3x 13.9x NM NM NM 32% 15% 24% 84% 84% 84% 19% 21% 24% Bill.com Holdings $90.21 $6,938 $382 $2 $6,558 NM 40.4x 32.1x NA NM NM NA 49% 26% 74% 74% 74% 0% (14%) (10%) Q2 Holdings $85.79 $4,565 $113 $473 $4,925 15.6x 12.5x 10.1x NM NM NM 31% 25% 24% 53% 52% 50% 6% 4% 7% Envestnet $73.54 $3,935 $69 $697 $4,562 5.1x 4.8x 4.3x 23.6x 22.4x 19.4x 11% 6% 10% 69% 70% 45% 21% 21% 22% BlackLine $82.91 $4,675 $614 $404 $4,472 15.5x 13.1x 11.0x NM NM NM 27% 18% 19% 82% 81% 80% 9% 11% 14% SimCorp A/S $107.92 $4,280 $54 $98 $4,324 8.5x 8.5x 7.6x 27.0x 31.5x 23.9x 16% (0%) 12% 63% 61% 62% 31% 27% 32% Bottomline Technologies (de) $50.77 $2,230 $182 $212 $2,259 5.2x 5.0x 4.5x 23.1x 23.9x 19.9x 6% 4% 11% 57% 57% 57% 23% 21% 23% Shift4 Payments $35.50 $1,463 $70 $709 $2,102 2.9x 3.6x 2.1x NA 37.6x 15.6x 30% (21%) 78% 39% 66% 39% 0% 10% 13% Asseco Poland S.A. $16.71 $1,387 $639 $775 $2,098 0.7x 0.7x 0.7x 4.9x 5.3x 5.0x 13% 5% 2% 22% 21% 21% 15% 13% 14% IRESS Limited $7.56 $1,442 $24 $200 $1,619 4.5x 4.1x 3.7x 17.2x 17.8x 16.2x 9% 9% 13% 27% 23% 29% 26% 23% 23% Ebix $22.36 $682 $71 $731 $1,391 2.4x 2.7x 2.1x 8.0x NA NA 17% (10%) 28% 64% 61% 64% 30% 0% 0% Zuora $12.75 $1,478 $173 $76 $1,382 5.0x 4.6x 4.2x NM NM NM 17% 8% 10% 57% 61% 55% (10%) (3%) 3% Model N $34.76 $1,191 $61 $45 $1,176 8.1x 7.5x 6.7x NM NM NM (4%) 9% 11% 56% 56% 56% 10% 9% 11% Basware Oyj $33.59 $484 $39 $92 $537 3.2x 3.3x 2.9x NM 28.3x 20.4x 3% (1%) 13% 51% 55% 52% 3% 11% 14%

Mean 11.1x 11.1x 9.4x 22.6x 24.2x 19.9x 21% 10% 16% 60% 61% 58% 21% 20% 22% Median 8.7x 8.2x 7.6x 23.9x 25.4x 19.9x 16% 7% 12% 60% 61% 56% 22% 21% 23%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 23 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $176.83 $125,022 $4,368 $26,832 $147,498 8.2x 7.2x 6.4x 33.1x 27.9x 23.5x 5% 15% 12% 56% 56% 56% 25% 26% 27% Roper Technologies $388.26 $40,533 $1,000 $5,277 $44,810 8.3x 8.3x 7.9x 23.3x 23.5x 22.3x 3% 1% 5% 64% 64% 63% 36% 35% 35% Veeva Systems Inc. $234.42 $35,197 $1,381 $53 $33,869 30.7x 24.4x 20.4x NM NM NM 28% 26% 20% 75% 74% 72% 40% 38% 38% Amadeus IT Group $52.19 $23,483 $748 $4,078 $26,813 4.3x 7.7x 5.2x 10.6x 28.4x 13.8x 11% (44%) 48% 69% 68% 55% 40% 27% 37% Cerner Corporation $68.55 $20,863 $399 $1,518 $21,983 3.9x 3.9x 3.7x 13.3x 12.8x 11.3x 6% (1%) 6% 82% 82% 82% 29% 31% 33% Tyler Technologies $346.88 $13,793 $340 $22 $13,474 12.4x 11.7x 10.6x 44.4x 42.8x 38.5x 16% 6% 10% 52% 50% 49% 28% 27% 28% Guidewire Software $110.85 $9,220 $1,043 $436 $8,613 12.3x 11.8x 10.4x NA NM NM (4%) 4% 13% 55% 55% 55% 0% 13% 18% RealPage $65.01 $6,436 $184 $1,283 $7,534 7.6x 6.6x 5.9x 26.7x 25.5x 21.5x 14% 15% 12% 63% 62% 62% 29% 26% 28% CoreLogic $67.22 $5,338 $153 $1,819 $7,004 4.0x 4.0x 4.1x 14.1x 13.3x 13.5x (1%) (2%) (1%) 50% 53% 50% 28% 30% 30% AppFolio $162.71 $5,573 $65 $134 $5,642 22.0x 17.9x 14.6x NM NM NM 35% 23% 22% 60% 61% 61% 14% 15% 16% Sabre Corporation $8.06 $2,221 $684 $3,824 $5,370 1.4x 2.8x 1.8x 5.7x NM 11.4x 3% (51%) 54% 35% 24% 28% 24% (3%) 16% Blackbaud $57.08 $2,757 $25 $648 $3,380 3.8x 3.8x 3.7x 18.1x 19.7x 19.7x 6% (1%) 2% 60% 58% 56% 21% 19% 19% 2U $37.96 $2,428 $138 $326 $2,616 4.6x 3.6x 3.1x NM NM NM 40% 26% 16% 72% 71% 74% (4%) (1%) 3% Allscripts Healthcare Solutions $6.77 $1,100 $204 $1,181 $2,077 1.2x 1.2x 1.2x 7.0x 7.4x 6.6x 1% (4%) 4% 43% 42% 45% 17% 17% 18% PROS Holdings $44.43 $1,923 $252 $141 $1,813 7.2x 7.0x 6.1x NM NM NM 27% 3% 16% 63% 61% 61% (5%) (12%) (3%) HealthStream $22.13 $708 $142 $30 $596 2.3x 2.6x 2.7x 12.7x 16.2x 16.9x 10% (8%) (5%) 59% 62% 60% 18% 16% 16% Castlight Health $0.83 $124 $44 $19 $99 0.7x 0.8x 0.7x NM NM NM (8%) (9%) 3% 61% 61% 62% (11%) (10%) (5%) Boxlight Corporation $0.92 $29 $1 $7 $35 0.9x 1.2x 1.0x NM NM NM 1% (22%) 21% 30% 29% 27% (8%) (3%) 1%

Mean 7.5x 7.0x 6.1x 19.0x 21.8x 18.1x 11% (1%) 14% 58% 57% 57% 18% 16% 20% Median 4.4x 5.3x 4.6x 14.1x 21.6x 16.9x 6% (0%) 12% 60% 61% 58% 22% 18% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 24 PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business salesforce.com $187.33 $168,784 $9,802 $6,212 $165,194 9.7x 8.2x 7.0x 33.0x 27.6x 23.3x 29% 17% 18% 78% 78% 76% 29% 30% 30% Shopify Inc. $949.20 $114,002 $2,361 $141 $111,783 NM NM 38.1x NM NM NM 47% 37% 35% 55% 54% 55% 5% 3% 4% Workday $187.36 $44,061 $2,599 $2,100 $43,562 12.0x 10.4x 8.9x NM 44.9x 38.0x 29% 16% 17% 75% 76% 73% 21% 23% 23% Constellation Software Inc. $1,126.92 $23,881 $372 $598 $24,107 6.9x 6.1x 5.2x 25.8x 22.5x 18.9x 14% 14% 18% 37% 37% 37% 27% 27% 27% Paycom Software $309.73 $17,789 $182 $54 $17,661 23.9x 21.4x 17.7x NM NM 42.0x 30% 12% 21% 85% 86% 86% 43% 40% 42% Slack Technologies $31.09 $17,525 $1,525 $840 $16,857 26.7x 19.3x 14.8x NM NM NM 57% 38% 31% 87% 88% 87% (17%) (9%) (4%) Ceridian HCM Holding Inc. $79.27 $11,949 $255 $716 $12,410 15.1x 14.6x 12.7x NM NM NM 11% 3% 15% 46% 45% 46% 22% 19% 20% Zendesk $88.53 $10,112 $468 $598 $10,242 12.5x 10.1x 8.1x NM NM NM 36% 24% 25% 75% 77% 73% 8% 9% 11% The Sage Group plc $8.32 $9,072 $1,135 $1,432 $9,368 3.6x 4.1x 4.2x 14.8x 16.2x 16.2x 8% (11%) (3%) 93% 93% 93% 25% 25% 26% Paylocity Holding Corporation $145.89 $7,832 $181 $83 $7,735 15.5x 13.3x 11.4x NM NM 42.4x 23% 17% 17% 65% 65% 65% 29% 25% 27% Anaplan $45.31 $6,232 $303 $52 $5,981 17.2x 13.8x 11.1x NM NM NM 45% 24% 25% 76% 78% 74% (11%) (9%) (2%) Manhattan Associates $94.20 $5,981 $75 $37 $5,943 9.6x 10.7x 9.6x 38.2x 43.6x 40.7x 11% (10%) 11% 55% 54% 55% 25% 25% 24% Smartsheet Inc. $50.92 $6,098 $544 $75 $5,628 20.8x 15.4x 11.9x NM NM NM 52% 35% 29% 82% 80% 81% (19%) (13%) (7%) The Descartes Systems Group Inc $52.69 $4,451 $56 $22 $4,417 13.6x 13.0x 11.6x 36.0x 32.3x 28.4x 18% 5% 11% 74% 74% 73% 38% 40% 41% J2 Global $63.21 $3,016 $527 $1,578 $4,067 3.0x 2.9x 2.8x 7.4x 7.6x 7.0x 14% 1% 6% 83% 82% 83% 40% 39% 39% Enghouse Systems Limited $53.30 $2,946 $121 $28 $2,853 9.2x 7.1x 6.1x 30.3x 22.1x 19.1x 19% 30% 17% 70% 70% 70% 30% 32% 32% SPS Commerce $75.12 $2,624 $215 $23 $2,432 8.7x 8.1x 7.4x 34.9x 29.9x 26.0x 12% 8% 9% 68% 68% 67% 25% 27% 28% Cornerstone OnDemand $38.56 $2,461 $456 $367 $2,372 4.1x 3.2x 2.6x 18.2x 11.0x 8.5x 7% 29% 23% 76% 74% 73% 23% 29% 31% Workiva Inc. $53.49 $2,521 $496 $324 $2,350 7.9x 7.0x 6.1x NM NM NM 22% 12% 15% 72% 73% 72% (2%) (7%) (4%) Pluralsight $18.05 $1,905 $406 $491 $2,046 6.5x 5.4x 4.5x NM NM NM 37% 19% 22% 78% 80% 76% (13%) (12%) (6%) Technology One Limited $6.07 $1,938 $51 $18 $1,905 9.3x 9.3x 8.1x 33.1x 28.6x 22.6x 14% 0% 14% 38% 38% 38% 28% 32% 36% Upland Software $34.76 $880 $99 $569 $1,350 6.1x 5.1x 4.9x 16.4x 14.9x 13.9x 49% 19% 4% 71% 70% 68% 37% 34% 36% Opera Limited $9.00 $1,073 $219 $58 $913 2.7x 2.4x 1.6x 20.0x 35.9x 9.9x 94% 14% 46% 81% 82% 71% 14% 7% 17% QAD Inc. $41.28 $844 $140 $31 $734 2.4x 2.4x 2.2x NM 44.7x 31.8x (7%) (2%) 10% 55% 56% 54% 4% 5% 7% Benefitfocus $10.76 $345 $115 $292 $523 1.8x 2.0x 1.8x 27.5x 18.7x 14.2x 14% (12%) 11% 54% 52% 51% 6% 11% 13% American Software $15.76 $511 $94 $2 $419 3.7x 3.6x 3.5x 26.6x 29.6x 26.8x 1% 3% 4% 54% 54% 54% 14% 12% 13% Synchronoss Technologies $3.53 $146 $31 $78 $205 0.7x 0.7x 0.6x 7.4x 8.1x 5.1x (5%) (1%) 6% 52% 56% 53% 9% 8% 12% ServiceSource International $1.58 $150 $47 $69 $172 0.8x 0.9x 0.9x 40.6x NM 26.5x (9%) (11%) 4% 30% 32% 31% 2% 0% 3% Park City Group $4.23 $82 $18 $7 $71 3.7x 3.7x 3.3x 18.6x 20.5x 14.8x (16%) (0%) 11% 70% 70% 70% 20% 18% 23%

Mean 9.2x 8.0x 7.9x 25.2x 25.5x 22.7x 23% 11% 16% 67% 67% 66% 16% 16% 19% Median 8.3x 7.1x 6.1x 26.6x 25.1x 22.6x 18% 12% 15% 71% 70% 70% 21% 19% 23%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 25 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management ServiceNow $405.06 $77,246 $1,859 $1,203 $76,591 22.1x 17.6x 14.1x NM NM 46.8x 33% 26% 25% 81% 82% 78% 29% 31% 30% VMware $154.86 $64,894 $5,946 $8,674 $67,622 6.3x 5.9x 5.3x 16.4x 16.9x 15.1x 12% 7% 10% 87% 85% 85% 38% 35% 35% Atlassian Corporation Plc $180.27 $44,499 $2,072 $1,151 $43,578 33.3x 24.9x 19.9x NM NM NM 36% 34% 25% 86% 86% 86% 31% 25% 26% Twilio Inc. $219.42 $30,730 $1,843 $648 $29,535 26.0x 19.4x 15.6x NM NM NM 75% 34% 25% 59% 57% 55% 10% 6% 8% Datadog $86.95 $26,031 $795 $59 $25,296 NM 44.9x 33.5x NM NM NM 83% 55% 34% 75% 78% 77% 2% 4% 5% MongoDB $226.34 $13,156 $977 $1,019 $13,199 31.3x 24.9x 19.5x NM NM NM 58% 26% 28% 72% 72% 72% (10%) (10%) (5%) Dynatrace $40.60 $11,411 $213 $510 $11,708 22.9x 19.0x 15.7x NA NM NM NA 21% 20% 79% 79% 79% 0% 26% 26% SolarWinds Corporation $17.67 $5,510 $237 $2,019 $7,292 7.8x 7.2x 6.5x 16.1x 15.6x 13.9x 12% 8% 10% 92% 91% 92% 49% 46% 47% Micro Focus International plc $5.35 $1,790 $808 $5,215 $6,198 1.8x 2.1x 2.2x 4.8x 5.8x 5.8x 9% (13%) (5%) 78% 78% 78% 38% 36% 38% New Relic $68.90 $4,151 $805 $493 $3,840 6.7x 5.9x 5.2x 39.7x NM 42.6x 28% 14% 14% 83% 83% 83% 17% 11% 12% Appian Corporation $51.25 $3,575 $149 $52 $3,477 13.4x 12.5x 11.0x NM NM NM 15% 7% 13% 65% 66% 65% (11%) (14%) (10%) Bandwidth Inc. $127.00 $3,030 $492 $292 $2,830 14.3x 10.0x 8.6x NM NM NM 20% 43% 16% 48% 48% 51% (1%) 4% 5% NetScout Systems $25.56 $1,846 $386 $531 $1,991 2.2x 2.3x 2.2x NA 10.4x NA (1%) (3%) 6% 72% 72% 72% 0% 22% 0% PagerDuty $28.62 $2,253 $351 $35 $1,937 11.6x 9.3x 7.6x NM NM NM 41% 25% 22% 85% 86% 85% (16%) (8%) (3%) Progress Software Corporation $38.75 $1,745 $204 $325 $1,867 4.5x 4.2x 4.2x 10.9x 10.5x 10.4x 9% 7% (0%) 85% 88% 87% 41% 40% 41% Magic Software Enterprises Ltd. $11.30 $553 $87 $34 $530 1.6x 1.5x 1.4x NA NA NA 15% 7% 9% 32% 31% 32% 0% 0% 0% MobileIron $4.93 $569 $99 $14 $484 2.4x 2.4x 2.3x NM NM NM 6% (3%) 5% 82% 79% 81% (3%) (6%) (5%) Axway Software SA $20.03 $426 $24 $81 $483 1.4x 1.5x 1.5x 11.4x 13.7x NA 4% (4%) 2% 71% 73% 39% 13% 11% 0% Comarch S.A. $53.16 $432 $96 $66 $406 1.1x 1.0x 1.0x 6.4x 6.7x 6.7x 3% 3% 6% 32% 28% 28% 17% 15% 15%

Mean 11.7x 11.4x 9.3x 15.1x 11.4x 20.2x 25% 15% 14% 72% 72% 70% 13% 14% 14% Median 7.3x 7.2x 6.5x 11.4x 10.5x 13.9x 15% 8% 13% 78% 78% 78% 10% 11% 8%

Sales & Marketing Applications HubSpot $224.35 $9,788 $969 $610 $9,430 14.0x 11.7x 9.7x NM NM NM 32% 20% 21% 82% 82% 81% 12% 9% 12% ZoomInfo Technologies Inc. $51.03 $7,663 $63 $1,283 $8,882 30.3x 20.2x 15.9x NM 43.1x 32.6x 103% 50% 27% 84% 88% 84% 59% 47% 49% Pegasystems Inc. $101.17 $8,103 $538 $568 $8,133 8.9x 7.6x 6.4x NM NM NM 2% 17% 19% 68% 71% 68% (4%) 4% 7% SurveyMonkey $23.54 $3,250 $145 $301 $3,407 11.1x 9.1x 7.6x NM NM NM 21% 21% 21% 77% 80% 75% 13% 11% 13% LivePerson $41.43 $2,743 $171 $200 $2,772 9.5x 8.0x 6.5x NM NM NM 17% 19% 23% 74% 73% 74% (5%) 2% 6% Yext $16.61 $1,955 $249 $132 $1,838 6.2x 5.2x 4.3x NM NM NM 31% 19% 22% 75% 76% 75% (16%) (13%) (5%) Cardlytics $69.98 $1,887 $102 $13 $1,798 8.5x 9.6x 6.5x NM NM NM 40% (11%) 48% 38% 35% 37% 3% (8%) 4% Sprout Social $27.00 $1,360 $137 $25 $1,248 12.1x 9.7x 7.6x NM NM NM 30% 25% 28% 74% 73% 74% (17%) (18%) (8%) ChannelAdvisor Corporation $15.84 $449 $56 $15 $408 3.1x 3.1x 3.0x 20.2x 16.0x 13.9x (1%) 1% 5% 78% 79% 78% 16% 19% 21%

Mean 11.5x 9.4x 7.5x 20.2x 29.5x 23.3x 31% 18% 24% 72% 73% 72% 7% 6% 11% Median 9.5x 9.1x 6.5x 20.2x 29.5x 23.3x 30% 19% 22% 75% 76% 75% 3% 4% 7%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 26 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS Adobe Inc. $435.31 $208,803 $4,351 $4,697 $209,149 18.7x 16.4x 14.2x 41.1x 34.7x 29.4x 24% 14% 16% 88% 88% 87% 46% 47% 48% salesforce.com $187.33 $168,784 $9,802 $6,212 $165,194 9.7x 8.2x 7.0x 33.0x 27.6x 23.3x 29% 17% 18% 78% 78% 76% 29% 30% 30% Shopify Inc. $949.20 $114,002 $2,361 $141 $111,783 NM NM 38.1x NM NM NM 47% 37% 35% 55% 54% 55% 5% 3% 4% ServiceNow $405.06 $77,246 $1,859 $1,203 $76,591 22.1x 17.6x 14.1x NM NM 46.8x 33% 26% 25% 81% 82% 78% 29% 31% 30% Zoom Video Communications $253.54 $71,524 $1,105 $72 $70,491 NM 39.1x 30.8x NM NM NM 88% 190% 27% 82% 71% 78% 17% 26% 27% Atlassian Corporation Plc $180.27 $44,499 $2,072 $1,151 $43,578 33.3x 24.9x 19.9x NM NM NM 36% 34% 25% 86% 86% 86% 31% 25% 26% Workday $187.36 $44,061 $2,599 $2,100 $43,562 12.0x 10.4x 8.9x NM 44.9x 38.0x 29% 16% 17% 75% 76% 73% 21% 23% 23% Veeva Systems Inc. $234.42 $35,197 $1,381 $53 $33,869 30.7x 24.4x 20.4x NM NM NM 28% 26% 20% 75% 74% 72% 40% 38% 38% Splunk Inc. $198.70 $31,567 $1,757 $2,158 $31,968 13.6x 13.2x 10.5x NM NM NM 31% 3% 25% 85% 80% 81% 17% 1% 13% DocuSign $172.21 $31,602 $758 $674 $31,518 32.4x 23.9x 18.7x NM NM NM 39% 35% 28% 78% 79% 76% 10% 11% 14% Twilio Inc. $219.42 $30,730 $1,843 $648 $29,535 26.0x 19.4x 15.6x NM NM NM 75% 34% 25% 59% 57% 55% 10% 6% 8% RingCentral $285.01 $25,053 $762 $1,084 $25,375 31.0x 22.7x 18.3x NM NM NM 33% 37% 24% 76% 77% 79% 15% 13% 13% Datadog $86.95 $26,031 $795 $59 $25,296 NM 44.9x 33.5x NM NM NM 83% 55% 34% 75% 78% 77% 2% 4% 5% Okta $200.23 $24,951 $1,447 $1,161 $24,665 42.1x 31.7x 24.4x NM NM NM 47% 33% 30% 76% 77% 73% (6%) (3%) 0% Coupa Software Incorporated $277.04 $18,582 $706 $718 $18,594 47.7x 37.8x 30.1x NM NM NM 50% 26% 25% 72% 72% 69% 9% 15% 18% Paycom Software $309.73 $17,789 $182 $54 $17,661 23.9x 21.4x 17.7x NM NM 42.0x 30% 12% 21% 85% 86% 86% 43% 40% 42% Slack Technologies $31.09 $17,525 $1,525 $840 $16,857 26.7x 19.3x 14.8x NM NM NM 57% 38% 31% 87% 88% 87% (17%) (9%) (4%) Zscaler $109.50 $14,292 $391 $41 $13,941 38.7x 28.6x 22.2x NM NM NM 48% 36% 29% 80% 80% 80% 11% 9% 10% Dynatrace $40.60 $11,411 $213 $510 $11,708 22.9x 19.0x 15.7x NA NM NM NA 21% 20% 79% 79% 79% 0% 26% 26% Cloudflare $35.95 $10,916 $592 $51 $10,376 36.1x 26.5x 20.3x NM NM NM 49% 36% 31% 77% 77% 78% (15%) (5%) 2% Zendesk $88.53 $10,112 $468 $598 $10,242 12.5x 10.1x 8.1x NM NM NM 36% 24% 25% 75% 77% 73% 8% 9% 11% HubSpot $224.35 $9,788 $969 $610 $9,430 14.0x 11.7x 9.7x NM NM NM 32% 20% 21% 82% 82% 81% 12% 9% 12% Dropbox $21.77 $8,996 $1,101 $1,084 $8,979 5.4x 4.7x 4.3x 23.7x 17.8x 14.6x 19% 14% 11% 76% 78% 74% 23% 27% 29% ZoomInfo Technologies Inc. $51.03 $7,663 $63 $1,283 $8,882 30.3x 20.2x 15.9x NM 43.1x 32.6x 103% 50% 27% 84% 88% 84% 59% 47% 49% NetApp $44.37 $9,842 $2,888 $1,812 $8,766 1.6x 1.7x 1.7x 6.5x 7.7x 6.8x (10%) (8%) 3% 64% 64% 64% 24% 22% 25% Paylocity Holding Corporation $145.89 $7,832 $181 $83 $7,735 15.5x 13.3x 11.4x NM NM 42.4x 23% 17% 17% 65% 65% 65% 29% 25% 27% RealPage $65.01 $6,436 $184 $1,283 $7,534 7.6x 6.6x 5.9x 26.7x 25.5x 21.5x 14% 15% 12% 63% 62% 62% 29% 26% 28% Five9 $110.67 $7,166 $326 $228 $7,067 21.5x 18.5x 15.8x NM NM NM 27% 17% 17% 63% 63% 61% 19% 16% 18% Bill.com Holdings $90.21 $6,938 $382 $2 $6,558 NM 40.4x 32.1x NA NM NM NA 49% 26% 74% 74% 74% 0% (14%) (10%) Proofpoint $111.12 $6,368 $946 $815 $6,237 7.0x 6.1x 5.2x 39.7x 43.7x 29.5x 24% 15% 17% 79% 79% 75% 18% 14% 18% AppFolio $162.71 $5,573 $65 $134 $5,642 22.0x 17.9x 14.6x NM NM NM 35% 23% 22% 60% 61% 61% 14% 15% 16% Smartsheet Inc. $50.92 $6,098 $544 $75 $5,628 20.8x 15.4x 11.9x NM NM NM 52% 35% 29% 82% 80% 81% (19%) (13%) (7%) Q2 Holdings $85.79 $4,565 $113 $473 $4,925 15.6x 12.5x 10.1x NM NM NM 31% 25% 24% 53% 52% 50% 6% 4% 7% Everbridge $138.36 $4,754 $498 $456 $4,711 23.5x 18.0x 14.2x NM NM NM 37% 30% 26% 71% 69% 69% 3% 2% 6% Envestnet $73.54 $3,935 $69 $697 $4,562 5.1x 4.8x 4.3x 23.6x 22.4x 19.4x 11% 6% 10% 69% 70% 45% 21% 21% 22% BlackLine $82.91 $4,675 $614 $404 $4,472 15.5x 13.1x 11.0x NM NM NM 27% 18% 19% 82% 81% 80% 9% 11% 14% J2 Global $63.21 $3,016 $527 $1,578 $4,067 3.0x 2.9x 2.8x 7.4x 7.6x 7.0x 14% 1% 6% 83% 82% 83% 40% 39% 39%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 27 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) Pure Storage $17.33 $4,593 $1,274 $610 $3,928 2.4x 2.3x 2.0x 27.0x 31.2x 22.6x 21% 5% 16% 70% 71% 68% 9% 7% 9% New Relic $68.90 $4,151 $805 $493 $3,840 6.7x 5.9x 5.2x 39.7x NM 42.6x 28% 14% 14% 83% 83% 83% 17% 11% 12% Qualys $104.02 $4,053 $332 $50 $3,770 11.7x 10.5x 9.3x 26.8x 24.8x 21.5x 15% 11% 13% 80% 80% 79% 44% 42% 43% Cloudera $12.72 $3,757 $412 $212 $3,558 4.5x 4.2x 3.9x NM 20.3x 15.8x 65% 5% 9% 76% 80% 72% (3%) 21% 25% Box $20.76 $3,186 $268 $470 $3,388 4.9x 4.4x 4.0x 49.3x 24.5x 19.9x 14% 10% 10% 71% 73% 72% 10% 18% 20% Medallia $25.24 $3,562 $408 $52 $3,206 8.0x 6.9x 5.8x NM NM NM 28% 15% 19% 67% 69% 65% 3% 6% 9% LivePerson $41.43 $2,743 $171 $200 $2,772 9.5x 8.0x 6.5x NM NM NM 17% 19% 23% 74% 73% 74% (5%) 2% 6% Varonis Systems $88.48 $2,784 $126 $63 $2,721 10.7x 10.7x 9.0x NM NM NM (6%) 0% 19% 87% 86% 88% (8%) (10%) (1%) Mimecast Limited $41.66 $2,623 $174 $230 $2,679 6.6x 5.8x 5.0x 38.4x 28.5x 25.0x 26% 15% 16% 74% 74% 74% 17% 20% 20% Ping Identity Holding Corp. $32.09 $2,581 $169 $169 $2,581 10.6x 10.6x 8.7x NM NM NM 21% 1% 21% 84% 82% 84% 21% 11% 15% SPS Commerce $75.12 $2,624 $215 $23 $2,432 8.7x 8.1x 7.4x 34.9x 29.9x 26.0x 12% 8% 9% 68% 68% 67% 25% 27% 28% Cornerstone OnDemand $38.56 $2,461 $456 $367 $2,372 4.1x 3.2x 2.6x 18.2x 11.0x 8.5x 7% 29% 23% 76% 74% 73% 23% 29% 31% Workiva Inc. $53.49 $2,521 $496 $324 $2,350 7.9x 7.0x 6.1x NM NM NM 22% 12% 15% 72% 73% 72% (2%) (7%) (4%) PagerDuty $28.62 $2,253 $351 $35 $1,937 11.6x 9.3x 7.6x NM NM NM 41% 25% 22% 85% 86% 85% (16%) (8%) (3%) Zuora $12.75 $1,478 $173 $76 $1,382 5.0x 4.6x 4.2x NM NM NM 17% 8% 10% 57% 61% 55% (10%) (3%) 3% Sprout Social $27.00 $1,360 $137 $25 $1,248 12.1x 9.7x 7.6x NM NM NM 30% 25% 28% 74% 73% 74% (17%) (18%) (8%) Talend S.A. $34.66 $1,086 $178 $157 $1,066 4.3x 3.9x 3.5x NM NM NM 20% 10% 13% 77% 79% 77% (7%) (10%) (4%) Zix Corporation $6.90 $377 $16 $198 $559 3.2x 2.6x 2.4x 14.2x 11.0x 10.3x 146% 23% 11% 61% 55% 66% 23% 24% 23% Benefitfocus $10.76 $345 $115 $292 $523 1.8x 2.0x 1.8x 27.5x 18.7x 14.2x 14% (12%) 11% 54% 52% 51% 6% 11% 13% ChannelAdvisor Corporation $15.84 $449 $56 $15 $408 3.1x 3.1x 3.0x 20.2x 16.0x 13.9x (1%) 1% 5% 78% 79% 78% 16% 19% 21% Veritone $14.86 $403 $49 $0 $354 7.1x 7.0x 6.0x NM NM NM 84% 2% 16% 65% 69% 74% NM NM NM Park City Group $4.23 $82 $18 $7 $71 3.7x 3.7x 3.3x 18.6x 20.5x 14.8x (16%) (0%) 11% 70% 70% 70% 20% 18% 23%

Mean 15.2x 13.8x 11.7x 27.2x 24.4x 23.5x 34% 22% 20% 74% 74% 73% 13% 14% 16% Median 11.7x 10.6x 9.0x 26.8x 24.5x 21.5x 29% 17% 20% 76% 77% 74% 13% 14% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 28 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

Singapore BidFX Systems Provides foreign exchange trading SaaS for institutional investors globally. Software enables multi-asset trading execution 6/29/20 Exchange $128 NA NA NA NA Limited management and workflow efficiencies. Limited

Mastercard (1) Provides financial management and data aggregation software for the finance sector. Offerings enable credit decisioning, account 6/23/20 Finicity Corp. $985 NA NA NA NA International Inc. authentication, and transaction aggregation capabilities.

Maxar Provides 3D geodata and visualization software that enables representational imagery display for the defense, security, 6/23/20 Technologies Vricon Inc. $140 4.7x NA NA NA telecommunications, and wireless infrastructure markets. Inc.

Microsoft Provides IoT-focused ICS network security management SaaS to businesses. Software provides features for network topology discovery 6/22/20 CyberX Inc. $165 11.0x NA NA NA Corporation and asset monitoring, network segmentation, risk and vulnerability management, anti-malware, and governance and compliance.

Provides case, practice and process management SaaS for law firms, charitable organizations, corporations, and local governmental Eclipse 6/19/20 Access UK Ltd. $71 NA NA NA NA entities worldwide. Software enables document and workflow management, accounting, workforce management and scheduling from Hardware Ltd a single user web interface.

ACL Mobile Provides cloud communications SaaS to businesses in India and Southeast Asia. Software enables users to to communicate with 6/15/20 Sinch AB $71 1.1x NA NA NA Limited customers over multiple-channels including SMS, voice, email, IP messaging, and WhatsApp.

Rubikloud Provides AI-enabled business analytics SaaS to retail and consumer packaged goods (CPG) industries globally. Software provides 6/15/20 Kinaxis Inc. Technologies $60 0.9x NA 9.4x NA features for demand forecasting, promotion, pricing, and assortment optimization. Inc.

Provides AI-based anti-malware software and SaaS that detects and prevents advanced persistent threats. Software also protects 6/4/20 VMware Inc. Lastline Inc. $160 6.4x NA NA NA against zero-day attacks and phishing.

Provides multi-cloud infrastructure management and automation SaaS for Amazon Web Services (AWS), Google Cloud, and Microsoft 6/3/20 NetApp Inc. Spot $325 10.8x NA NA NA Azure users. Software provides features for managing application performance through predictive algorithms, data migration ,and application scaling automation.

National Provides supply chain analytics software for the semiconductor, automotive, and electronics sectors. Software uses machine learning 6/2/20 Instruments OptimalPlus Ltd. $365 7.2x NA NA NA to enable real-time analysis of supply chain management and manufacturing processes. Corp.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/30/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM. 29 1) Includes potential $160MM earn-out. 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 outpatient pharmacy management SaaS for pharmacies and health systems in North America. Software includes features for Change 6/1/20 PDX Inc. $208 NA NA NA NA data analytics, revenue cycle management, inventory management, prescriptions processing, healthcare records management, and Healthcare Inc. point of sale solutions.

OneVue 6/1/20 Iress Ltd. $71 NA NA NA NA Provides financial and investment management software and SaaS for accountants and bankers in Australia. Holdings Limited

Keysight 5/27/20 Technologies Eggplant Ltd. $330 8.7x NA NA NA Provides mobile and web automated application testing and quality assurance software for businesses. Inc.

Revance 5/19/20 Hint Inc. $180 NM NA NA NA Provides customer payment SaaS for the aesthetics sector. Therapeutics Inc.

CyberArk Provides AI-based identity and access management SaaS for enterprises globally. Software includes features for single sign-on, multi- 5/13/20 IDaptive LLC $70 3.5x NA NA NA Software Ltd. factor authentication, identity lifecycle management, directory services, and user behavior analytics.

The SAP Digital Interconnect assets of SAP which provides mobile customer engagement SaaS for businesses globally. Software 5/5/20 Sinch AB SAP SE $250 0.7x NA NA NA enables communication via SMS, push notifications, email, voice, and chat.

Change Healthcare's Analytics Explorer, Performance Manager and other data assets, collectively referred to as Connected Analytics, Kaufman, Hall & Change 5/4/20 $55 NA NA NA NA which provides medical revenue cycle management software and SaaS, including electronic information transmission, collaboration, Associates LLC Healthcare billing, medical coding and electronic transaction and payments processing.

SS&C Innovest Systems Provides accounting and reporting SaaS to trust companies, banks, private banks, wealth management firms, and retirement plan 4/30/20 Technologies $120 20.0x NA NA NA LLC administrators. Inc.

Divvy Cloud Provides cloud security posture management (CSPM) and compliance SaaS for enterprises. Software provides features for unified cloud 4/28/20 Rapid7 Inc. $145 14.5x NA NA NA Corporation visibility and monitoring, risk assessment and auditing, and identity and access management (IAM) governance.

Voci Provides AI-backed speech recognition and transcription SaaS for businesses. Software enables the near real-time conversion of 4/22/20 Medallia Inc. Technologies $59 NA NA NA NA speech to text. Inc.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/30/20, 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

Verizon Blue Jeans Provides videoconferencing, webinar, and online event management SaaS for businesses. Software provides features for integration 4/16/20 Communications $400 4.0x NA NA NA Network Inc. with existing ERP systems and is accessible through multiple web browser platforms and on mobile devices. Inc.

Arxan 4/15/20 CollabNet Inc. Technologies $225 5.6x NA NA NA Provides web, desktop, and mobile application anti-tampering, anti-malware, and code protection software for businesses globally. Inc.

MRI Software Castleton Provides housing management software, SaaS, and related managed and IT services for the social housing sector in the U.K., Ireland, 4/15/20 $103 0.3x NA NA NA LLC Technology plc and Australia. Offerings enable customer, property, and finance management as well as mobile workforce capabilities.

Investcorp Provides desktop and mobile anti-virus, anti-malware, and anti-spam software and SaaS for businesses and consumers globally. 4/9/20 Technology Avira GmbH $180 NM NA NA NA Software provides features for sending suspicious files to the company's cloud database to back check against a possible threat, and Partners returning the information to the device when considered safe.

All Software Median 5.6x NA 9.4x NA Mean 6.6x NA 9.4x NA

PE Acquirers Median NA NA NA NA Mean 3.0x NA NA NA

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/30/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 31 Multiples <0 and >50 considered NM. RECENT FINANCINGS Selected Software Private Financings

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an online gaming chat application designed to connect gamers in real-time 6/30/20 Discord $100 Index Ventures, IVP seamlessly. Developer of an automated data integration platform designed to centralize data into cloud 6/30/20 Fivetran $100 Andreessen Horowitz, CEAS Investments, General Catalyst, Matrix Partners warehouses. Provider of an API-based Banking-as-a-Platform (BaaP) designed to integrate banking services ABN AMRO Ventures, Global Brain, Hegus, HV Holtzbrinck Ventures, Lakestar, Samsung Catalyst 6/30/20 solarisBank $67 for emerging digital-first companies. Fund, SBI Holdings, Storm Ventures, Vulcan Capital, Yabeo Capital Global Tone 6/30/20 $51 Provider of fintech and research data analytical solutions. China Electronics Corporation Data, Shanghai Shibei Hi-Tech Comm. Tech Provider of a mobile collaboration and workflow platform designed to transform assembly 6/30/20 Parsable $50 Glade Brook Capital Partners lines into an end-to-end digital execution environment. FountainVest Partners, Qatar Investment Authority, SB China Venture Capital, Sequoia Capital 6/29/20 Zuoyebang $750 Provider of a web and mobile learning platform designed to assist K12 students. China, Tiantu Capital, Tiger Global Management, Xiang He Capital Syntellis 6/25/20 $500 Developer of enterprise performance management software based in Chicago, Illinois. Madison Dearborn Partners, Thoma Bravo Performance Provider of reservation and guest management platform intended to deliver an intuitive 6/25/20 Sevenrooms $50 Providence Equity Partners reservation, seating and guest management functions. Provider of a real-time communications platform intended to make things easy for customers 6/24/20 UJET $55 Citi Ventures, DCM Ventures, GV, Kleiner Perkins, Resolute Ventures, Sapphire Ventures and businesses to instantly connect so they can resolve problems faster. Developer of an ownership management and compliance platform designed to consolidate 6/23/20 Carta $210 Finsight Ventures, Lightspeed Venture Partners, Tribe Capital company ownership data onto one common electronic registry. Provider of an online payments platform intended to track and secure digital payments across Blossom Capital, Coatue Management, DST Global, Government of Singapore Investment 6/22/20 Checkout.com $150 the Internet. Corporation (GIC), Insight Partners Provider of a patient payment platform intended to offer a smarter way for hospitals, health Andreessen Horowitz, Founders Fund, Jeff Vacirca, Jerod Mayo, Kaiser Permanente Ventures, 6/22/20 Cedar $102 systems, and medical groups to manage the patient payment ecosystem. Kinnevik, Lakestar, Thrive Capital ABN AMRO Ventures, Accel, HSBC Holdings, HSBC Strategic Innovation Investments, IQ Capital 6/22/20 Privitar $87 Developer of a data privacy platform designed to offer enterprise-wide privacy protection. Partners, Partech, Salesforce Ventures, Warburg Pincus Developer of an all-in-one payments platform designed to connect millions of customers Aioi Nissay Dowa Insurance Company, SCB 10X, SMBC Venture Capital, SPARX Group Company, 6/22/20 SYNQA $80 across the world. Sumitomo Mitsui Banking, Toyota Financial Services Porvider of a meal ordering platform intended to reinvent the experience of lunch breaks with 6/22/20 Swile $78 Bpifrance, Daphni, Idinvest Partners, Index Ventures, Kima Ventures colleagues. Developer of pricing management and optimization software intended to fulfill the needs of a 6/22/20 Pricefx $65 Apax Partners, Bain & Company, Credo Ventures, Digital+ Partners, Talis Capital holistic pricing process. Blackbird Ventures, Bond Capital (San Francisco), Felicis Ventures, General Catalyst, Sequoia 6/22/20 Canva $60 Developer of an online graphic design platform designed to create beautiful documents. Capital China Developer of an identity-verification software designed to protect against identity theft and Andrew Prozes, Apax Partners, Blue Venture Fund, MassMutual Ventures, Ralph Vega, Sandbox 6/18/20 Payfone $100 social engineering attacks from professional attackers. Insurtech Ventures, Synchrony Ventures, Wellington Management

6/17/20 Contentful $80 Developer of a content platform intended to build digital experiences at scale. General Catalyst, Salesforce Ventures, Sapphire Ventures

Notes: Sources: Pitchbook. Reflects deal activity through 06/30/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 32 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an end-to-end travel management platform designed to offer complete 6/16/20 TripActions $125 Greenoaks Capital Partners, Vista Equity Partners corporate travel planning and support. Developer of a semiautomated sales engagement platform designed to automate repetitive Lone Pine Capital, Mayfield Fund, Meritech Capital Partners, Operator Collective, Salesforce 6/16/20 Outreach $50 sales tasks on behalf of coworkers while prioritizing key customer touchpoints. Ventures, Sands Capital Ventures, Sapphire Ventures, Spark Capital, Trinity Ventures

6/11/20 Postman $150 Provider of a collaboration platform designed to offer application program interface. CRV, Insight Partners, Nexus Venture Partners

Duck Creek Apax Partners, Dragoneer Investment Group, Insight Partners, Kayne Anderson Rudnick 6/10/20 $230 Developer of insurance SaaS software. Technologies Investment Management, Neuberger Berman, Temasek Holdings, Whale Rock Capital Mgmt. Provider of a fraud prevention platform that combines behavioral analytics, real-time scoring, 6/10/20 NS8 $123 AXA Venture Partners, Lightspeed Venture Partners and global monitoring to help businesses minimize risk. Developer of a next-generation security data platform intended to offer efficient data-centric 6/9/20 JSonar $50 Goldman Sachs Merchant Banking Division audit and protection. Provider of a self-drive vehicle rental platform designed to offer rented cars, motorbikes and 6/8/20 Drivezy $100 SoftBank Group, Sony, Yamaha Motor scooters for trips. Battery Ventures, Bessemer Venture Partners, Felicis Ventures, FirstMark Capital, Gaingels 6/4/20 HyperScience $60 Developer of an AI-based enterprise software designed to automate office work. Syndicate, Penna & Company, Stripes, Third Kind Venture Capital, Tiger Global Management Gallatin Point Capital, HarbourVest Partners, Jeffrey Skoll, Paul Hewson, Progressive Casualty 6/3/20 Varo $241 Developer of a financial platform intended to improve their mobile banking experience. Insurance Company, PROOF Fund, The Rise Fund, Warburg Pincus

6/2/20 XLG $97 Developer of new energy vehicle rental platform. Ningbo Yincheng Group

Developer of a data-driven investment platform designed to offer online lending and online Aflac Ventures, GF Capital Management & Advisors, Harvey Golub, Oak HC/FT, Poalim Capital 6/1/20 Pagaya $102 credit marketplaces. Markets, Siam Commercial Bank, Viola Ventures Developer of an API payment platform designed to offer card issuing and payment processing 5/28/20 Marqeta $150 Undisclosed Investors services. Developer of a crowdsourced security testing platform that delivers penetration testing to B Capital Group, C5 Capital, GGV Capital, GV, Hewlett Packard Pathfinder, Icon Ventures, Intel 5/28/20 Synack $52 security teams who need a scalable, efficient way to test their attack surfaces. Capital, Kleiner Perkins, M12, Rashmi Gopinath, Singtel Innov8 Developer of a lab collaboration platform intended to make life science research faster and Alkeon Capital Management, Benchmark (San Francisco), ICONIQ Capital, Lux Capital 5/28/20 Benchling $50 more collaborative. Management, Menlo Ventures, Spark Capital, Thrive Capital Bertelsmann Asia Investments, China Merchants Venture Capital, Chuxin Capital, Hillhouse 5/28/20 DEEPEXI $50 Developer of a cloud-based customer relationship management (CRM) platform. Capital Group, IDG Capital, Lighthouse Capital, Morningside Venture Capital Developer of a virtual voice calling software designed to facilitate remote communication Adams Street Partners, Balderton Capital, Draper Esprit, DTCP, eFounders, Next World Capital, 5/27/20 Aircall $65 between the customers, partners and employees. Swisscom Ventures

5/27/20 Smava $62 Developer of online loan comparison platform. Earlybird Venture Capital, Runa Capital, Verdane, Vitruvian Partners

Operator of a cash flow management platform utilizing machine learning to facilitate business 9Yards Capital, Allianz X, Arbor Ventures, Blumberg Capital, General Catalyst, HarbourVest 5/26/20 Fundbox $200 payments and credit network solutions. Partners, Khosla Ventures, SEB Private Equity, Spark Capital, Synchrony Ventures Developer of a mobile-based ride-hailing platform intended to provide a convenient mode of 5/26/20 Bolt $109 Naya Capital transportation.

Notes: Sources: Pitchbook. Reflects deal activity through 06/30/20. 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 Developer of a platform designed to source, structure, and enrich quality training data for Balderton Capital, Bynd Venture Capital, EDP Ventures, Evolution Equity Partners, Hermes GPE, 5/26/20 DefinedCrowd $51 machine learning. Ironfire Ventures, Kibo Ventures Partners, Portugal Ventures, Semapa Next Developer of a decision making platform designed to empower commerce organizations to 5/26/20 Bluecore $50 FirstMark Capital, Georgian Partners, Norwest Venture Partners discover their customers and keep them for life. Developer of machine intelligence technologies intended to remove the friction in residential Bloomberg Beta, Eminence Capital, Fifth Wall, Foundation Capital, Greenspring Associates, 5/21/20 States Title $123 real estate, making the process simple and efficient. Horizons Ventures, Hudson Structured Capital Management, Lennar, Scor Developer of a cloud-based data platform designed to simplify mainframe and relational Accel, Adams Street Partners, Glynn Capital, GPI Capital, Mayfield Fund, North Bridge Venture 5/21/20 Couchbase $105 databases. Partners, Sorenson Capital Developer of a digital therapeutic platform intended to address personal, societal, and 8VC, ARCH Venture Partners, Bezos Expeditions, Foresite Capital Management, General 5/21/20 Mindstrong $100 economic problems. Catalyst, Optum Ventures, What If Ventures Developer of a mobile analytics platform designed to track user behavior and build better Battery Ventures, Benchmark (San Francisco), Government of Singapore Investment 5/21/20 Amplitude $50 products. Corporation (GIC), IVP, Lead Edge Capital, Sequoia Capital, Sorenson Capital Developer of a software development platform intended to connect developers with public 5/21/20 RapidAPI $50 Andreessen Horowitz, CLF Partners, DNS Capital, Green Bay Ventures, Grove Ventures, M12 APIs. Provider of an online education platform designed to offer video-based online vocational 01 Advisors, Atomico, Fidelity Management & Research, IVP, New Enterprise Associates, 5/20/20 MasterClass $100 courses taught by celebrities, athletes, and business executives. NextEquity Partners, Owl Ventures Felicis Ventures, Greenoaks Capital Partners, Greyhound Capital, Hillhouse Capital Group, 5/20/20 Coalition $90 Developer of a cyber risk platform intended to manage network threats. Ribbit Capital, Valor Equity Partners, Vy Capital Developer of an operations management platform intended to empower IT to define, Accel, Bain Capital Ventures, e.ventures, Flybridge Capital Partners, Greycroft, New Amsterdam 5/20/20 BetterCloud $75 remediate and enforce management and security policies for SaaS applications. Growth Capital, Warburg Pincus Developer of a smartphone-based application designed to help entrepreneurs manage their B Capital Group, DST Global, Falcon Edge Capital, GGV Capital, Hummingbird Ventures, RTP 5/20/20 KhataBook $60 business and personal credits. Global, Sequoia Capital India, Tencent Holdings, Unilever Ventures Developer of a digital experience insights optimization platform designed to help businesses BlackRock Private Equity Partners, Bpifrance, Canaan Partners, Eurazeo, Hermes GPE, Highland 5/19/20 ContentSquare $189 understand how users are interacting. Europe, Holding14, Kohlberg Kravis Roberts, Sapiance Capital Bertelsmann Asia Investments, GGV Capital, Jeneration Capital, Morningside Venture Capital, 5/19/20 Keep $80 Developer of an fitness application designed to offer fitness guidelines to fitness enthusiasts. Sunrise Capital, Tencent Industry Win-Win Fund Developer of insurance technology designed to solve traditional underserved existing 5/18/20 Zing Health $150 Newlight Partners healthcare plans. JD Industrial 5/15/20 $230 Developer of an Industrial Products E-commerce Platform. CITIC Capital, GGV Capital, Sequoia Capital China Products Cloudwalk Developer of an AI facial recognition technology designed for financial, public security and China Internet Investment Fund, Guxin Capital, Nansha Financial Holding, Qingdao Haier 5/13/20 $254 Technology aviation sectors in China. Venture Capital, Shanghai Guosheng (Group) Company Developer of a managed security platform designed to identify and eliminate security risks in Battery Ventures, CapitalG, Greycroft, Index Ventures, Paladin Capital Group, Scale Venture 5/13/20 Expel $50 the cybersecurity space. Partners

5/12/20 EIS Group Software $52 Developer of the multi-line multi-channel cloud-native core system for insurance carriers. Undisclosed Investors

Developer of a cloud-based software intended to offer end-to-end services for the residential 5/8/20 ServiceTitan $74 Undisclosed Investors home services industry.

Notes: Sources: Pitchbook. Reflects deal activity through 06/30/20. 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 a barcode scanning platform intended to change the way businesses and 5/8/20 Scandit $70 Atomico, G2VP, GV, Kreos Capital, NGP Capital, Salesforce Ventures, Swisscom Ventures consumers interact with everyday objects. Developer of a cloud-based platform and mobile app designed to help in bookkeeping, 5/7/20 Huisuanzhang $60 Gaocheng Capital, Sunshine Insurance Group, Xiaomi Technology invoicing, tax planning and other financial services. Provider of a debt collection platform intended to transform the consumer experience of debt BDC Capital, Ignition Partners, Impression Ventures, Inovia Capital, Markus Frind, Mistral 5/7/20 Symend $52 resolution for telcos, banks and utilities. Venture Partners, Réseau Capital, TELUS Ventures Corcentric is the provider of process automation, procurement, and asset management 5/6/20 Corcentric $80 Bregal Sagemount solutions. Developer of a machine learning software intended to make customer experiences more Emergence Capital Partners, Euclidean Capital, HOF Capital (New York), Joe Tucci, John 5/1/20 Asapp $185 productive. Chambers, John Doerr, March Capital Partners, Telstra Ventures, Vast Ventures Developer of a cloud-based project-management platform intended to manage construction 4/30/20 Procore $150 Bessemer Venture Partners, D1 Capital Partners and real-estate projects. Andreessen Horowitz, Durable Capital Partners, Founders Fund, Greylock Partners, Henry 4/30/20 Figma $50 Developer of a cloud-based screen design tool intended to create digital products. Ellenbogen, Index Ventures, Kleiner Perkins, Sequoia Capital Developer of a personal finance and investment application intended to make saving and Breyer Capital, Goodwater Capital, Greenspring Associates, LendingTree, Union Square 4/29/20 Stash $112 investment accessible to everyone. Ventures

4/28/20 o9 Solutions $100 Developer of a cloud-based business planning and management platform. Kohlberg Kravis Roberts

Developer of visual collaboration platform designed for cross-functional teams with tools 4/23/20 Miro $50 Accel, ICONIQ Capital geared towards decentralized workforces in particular to collaborate. Provider of an enterprise-ready event streaming platform intended to help organizations to Altimeter Capital Management, Coatue Management, Franklin Templeton Investments, Index 4/21/20 Confluent $250 benefit from scalability, security and flexibility with offices globally. Ventures, Sequoia Capital Developer of a digital identity management platform designed to facilitate secure Accel, Accenture Ventures, Foundation Capital, Kohlberg Kravis Roberts, Meritech Capital 4/21/20 ForgeRock $93 organizational access controls. Partners, Riverwood Capital

4/17/20 Didi Bike $150 Operator of a bike sharing platform intended to provide bikeshare services. Legend Capital, SB China Venture Capital

4/17/20 Trade Republic $73 Developer of trading platform intended to allow users to freely trade in capital market. Accel, Creandum, Founders Fund, Project A

Developer of an online payment platform designed to integrate electronic payments and 4/16/20 Stripe $850 Andreessen Horowitz, General Catalyst, GV, Novator Partners, Sequoia Capital enable secure transactions. Provider of collaborative diagramming and brand management software designed to improve 4/16/20 Lucid $52 Cross Creek, ICONIQ Capital, Meritech Capital Partners, Spectrum Equity clarity, communication and productivity. Developer of cross-border payments and foreign exchange platform designed to make and ANZi Ventures, DST Global, Hillhouse Capital Group, Horizons Ventures, Salesforce Ventures, 4/15/20 Airwallex $160 receive international payments. Sequoia Capital China, Tencent Holdings Developer of a biometric technology created to recognize a wide range of human and non- American Express Ventures, Bain Capital, Blumberg Capital, CreditEase, Decacorn Capital, 4/15/20 BioCatch $145 human cybersecurity threats. Industry Ventures, Maverick Ventures, NexStar Partners Developer of a personalized mobile messaging platform designed to change the way Bain Capital Ventures, Coatue Management, Eniac Ventures, Felicis Ventures, High Alpha, IVP, 4/15/20 Attentive $110 businesses and consumers interact. NextView Ventures, Sequoia Capital

Notes: Sources: Pitchbook. Reflects deal activity through 06/30/20. 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

4/15/20 Onfido $100 Developer of a verification platform intended to automate the identity verification process. More Capital, Phoenician Funds, TPG Growth

Provider of an online payment platform and loan service designed to give consumers peace of Goldman Sachs Growth, Itochu, JS Capital Management, PayPal Ventures, Soros Capital, 4/9/20 Paidy $251 mind and increase conversion and sales. Tybourne Capital Management, Unusual Ventures, Visa Ventures Developer of a web-scale platform designed to simplify the way companies protect, manage Cisco Investments, DFJ Growth, Foundation Capital, Greenspring Associates, Hewlett Packard 4/9/20 Cohesity $250 and extract value from their data. Pathfinder, Oryx Ventures, Sequoia Capital, SoftBank, Sozo Ventures, Wing Venture Capital Podium Provider of an enterprise-class customer review management platform designed to change the Accel, Album VC, Alkeon Capital Management, GV, IVP, Recruit Strategic Partners, Sapphire 4/7/20 $125 Corporation way businesses communicate with their customers. Ventures, Summit Partners, Y Combinator Developer of a cloud-based cybersecurity platform intended to prevent data breaches and 4/7/20 Accellion $120 Bregal Sagemount compliance violations from third-party cyber risk. Developer of a continuous delivery automation platform designed to offer automated testing 4/7/20 CircleCI $100 IVP, Sapphire Ventures, Scale Venture Partners and continuous integration tools. Developer of intelligent voice interaction technology designed to improve human-machine 4/7/20 AI Speech $58 Beijing Automotive Group Industrial Investment, Gold Stone Investment interaction. Voyager International Finance Corporation, Kohlberg Kravis Roberts, Philippine Long Distance 4/6/20 $120 Developer of digital payments and digital finance platforms in the Philippines. Innovations Telephone, Tencent Holdings Developer of an employee engagement platform designed to extend existing systems to Blumberg Capital, Claridge, Fonds de solidarité FTQ, Harmony Partners, Inovia Capital, Lerer 4/6/20 WorkJam $50 motivate, communicate & connect businesses with their front line workforce. Hippeau Developer of a digital banking application designed to facilitate online money transfer and Chr. Augustinus Fabriker, David Helgason, Greyhound Capital, Seed Capital (Denmark), Socii 4/3/20 Lunar $51 payments. Capital

4/2/20 4Paradigm $230 Provider of artificial intelligence technology and data science services. China CITIC Bank, Cisco Investments, Co-Stone Capital, Green Pine Capital Partners, Lenovo

Developer of a cloud-based enterprise security platform intended to offer a secure enterprise Aspect Ventures, Greylock Partners, Lightspeed Venture Partners, Singtel Innov8, US Venture 4/2/20 Cato Networks $77 network connection to all enterprise locations, people and data. Partners Operator of an industrial internet platform intended for intelligent manufacturing and China Merchants Securities, China Structural Reform Fund, Cowin Capital, Jifu Ventures, SAIF 4/1/20 Cosmoplat $135 information technology. Partners, Shanghai SMI Holding Company, TopoScend Capital Developer of an online work collaboration platform designed to boost productivity between 4/1/20 Notion $50 Index Ventures, Permian Bank Capital teams.

Notes: Sources: Pitchbook. Reflects deal activity through 06/30/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 36 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services to Growth Companies and Market Leaders STOCKHOLM

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

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

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