SOFTWARE SECTOR REPORT November 2017 DEAL DASHBOARD Software $43.4 Billion 586 $41.8 Billion 95 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 $117 $10 $41 $3,903 $9 $6 $6 $24 $114 $6 $5 $1,917 $16 $15 $12 $12 $6 $5 $68 $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 $60 $713 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

$47 37% $614 156 160 159 8% 118 127 123 103 111 $40 94 29 29 29 29 $531 24 24 25 21 $25 14 $459

$25 $382 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)

50.0% SPX IGV 45.0% ` All Buyers Strategic Buyers PE Buyers Financing Activity by Quarter 40.0% 6.0x 36% 5.3x 35.0% 4.7x 4.9x 5.0x 4.5x 4.6x 4.2x 4.3x 30.0% 3.9x 3.9x 4.0x 4.1x 4.0x 3.6x 3.7x 25.0% 3.1x 2.9x 2.7x 2.9x 2.9x 2.9x 2.8x 20.0% 3.0x 19% 2.2x 15.0% 2.0x 10.0% 1.0x 5.0% 0.0% 0.0x Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 2011 2012 2013 2014 2015 2016 2017 YTD (5.0%) Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 12/5/2017. 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. M&A metrics are based on closed and announced transactions. 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

55% 80%

50% 70%

45% 60%

40% 50%

35% 40%

30% 30%

25% 20%

20% 10%

15% 0% Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 10% (10%)

5% (20%)

0% (30%) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 (5%) (40%)

(10%) (50%)

Notes: Sources: Capital IQ. Market Data as of 12/5/2017. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, 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. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA

7.0x 6.5x 40.0x 34.7x 33.5x 5.7x 5.7x Median: 5.4x 35.0x Median: 27.1x 6.0x 5.1x 30.0x 27.9x 26.2x 25.3x 5.0x 4.4x 4.2x 25.0x 4.0x 20.0x 3.0x 15.1x 15.0x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Infrastructure Platform Vertical BI & Analytics Security SaaS BI & Analytics Security Infrastructure Vertical Platform

2017E / 2016A Revenue Growth 2017E EBITDA Margin

40.0% 40.0% 37.8% 35.0% 35.0% 30.0% 26.9% 30.0% 24.7% Median: 22.7% Median: 17.3% 23.5% 25.0% 21.7% 25.0% 21.9% 19.0% 20.0% 15.7% 15.2% 20.0% 17.2% 14.0% 15.0% 12.5% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS Infrastructure BI & Analytics Security Vertical Platform Platform Infrastructure Vertical Security SaaS BI & Analytics

Notes: Sources: Capital IQ. Market Data as of 12/5/2017. Figures represent mean values of respective comp groups. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, 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, SEND, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV. 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 12/5/2017 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 Platform Microsoft Corporation $81.59 $629,433 ($44,660) $584,773 6.7x 5.8x 5.3x 20.0x 14.7x 13.2x 36.4x 23.9x 23.1x (1.0%) 16.1% 9.1% 33.5% 39.3% 40.1% Oracle Corporation $47.99 200,286 (13,606) 186,680 5.0 4.8 4.6 12.8 10.4 9.9 22.9 16.7 15.6 (0.6%) 4.7% 3.6% 39.2% 46.0% 46.6% International Business Machines Corporation $155.35 143,822 34,127 177,949 2.2 2.3 2.3 9.6 9.3 9.0 12.5 11.3 11.2 (2.2%) (1.6%) (0.1%) 23.2% 24.3% 25.3% SAP SE $111.41 133,573 683 134,257 5.8 4.8 NA 21.1 NA NA 34.7 NA NA 3.1% 19.7% NA 27.4% NA NA Adobe Systems Incorporated $167.54 82,588 (3,479) 79,108 13.5 10.9 9.1 43.4 26.1 20.3 72.2 39.7 30.4 22.1% 23.8% 20.3% 31.1% 41.8% 44.8%

Mean 6.6x 5.7x 5.3x 21.4x 15.1x 13.1x 35.7x 22.9x 20.1x 4.3% 12.5% 8.2% 30.9% 37.8% 39.2% Median 5.8 4.8 5.0 20.0 12.6 11.6 34.7 20.3 19.4 (0.6%) 16.1% 6.4% 31.1% 40.6% 42.4%

Infrastructure VMware, Inc. $114.54 $46,253 ($7,380) $38,873 5.5x 4.9x 4.5x 21.0x 13.4x 12.4x 41.2x 22.3x 20.5x 6.7% 11.1% 21.9% 26.1% 36.8% 36.2% Red Hat, Inc. $120.87 21,388 (903) 20,485 8.8 7.4 6.4 51.7 27.4 23.2 92.3 45.7 38.5 17.9% 18.8% 15.8% 17.0% 27.1% 27.6% ServiceNow, Inc. $116.20 20,069 (515) 19,553 14.1 10.2 7.8 NM 46.4 31.0 NM 97.1 64.7 38.3% 38.2% 30.9% NM 21.9% 25.1% Micro Focus International plc $33.27 14,483 1,411 15,894 11.7 6.7 3.8 30.4 15.6 9.8 44.7 19.1 16.1 9.3% 76.0% 76.8% 38.7% 42.7% 38.5% CA, Inc. $33.22 13,904 100 14,004 3.5 3.4 3.3 10.9 9.1 8.6 17.6 14.0 13.1 (0.1%) 2.7% 3.6% 31.8% 37.1% 38.2% Citrix Systems, Inc. $87.20 13,139 (87) 13,052 3.8 4.6 4.5 12.7 12.9 14.2 25.6 18.2 18.0 4.4% (17.4%) 2.1% 30.0% 35.9% 32.0% Splunk Inc. $78.01 10,921 (1,058) 9,862 10.4 7.9 6.3 NM 67.8 47.3 NM NM 91.8 42.1% 30.7% 25.4% NM 11.7% 13.4% Atlassian Corporation Plc $44.97 10,156 (614) 9,542 18.0 13.0 9.9 NM 48.8 35.7 NM NM 85.1 37.2% 37.9% 31.1% NM 26.7% 27.8% F5 Networks, Inc. $132.60 8,300 (1,017) 7,283 3.6 3.5 3.4 11.9 8.9 8.4 23.9 15.7 15.0 3.9% 3.6% 3.2% 30.2% 39.3% 40.0% LogMeIn, Inc. $113.90 5,995 (276) 5,719 5.5 5.6 4.9 NM 15.5 12.8 NM 27.1 23.1 23.7% 5.6% 14.5% 12.2% 36.3% 38.3% Nutanix, Inc. $34.10 5,447 (366) 5,081 8.4 5.2 4.2 NM NM NM NM NM NM 83.4% 61.8% 23.6% NM NM 1.7% Software Aktiengesellschaft $53.45 4,083 (53) 4,031 4.4 3.8 3.7 14.8 12.0 11.7 27.5 18.2 17.3 (2.9%) 14.1% 3.0% 29.5% 32.1% 31.9% Pure Storage, Inc. $17.04 3,604 (551) 3,052 4.2 3.0 2.3 NM NM 34.8 NM NM NM 65.3% 39.6% 31.3% NM 2.2% 6.6% New Relic, Inc. $56.11 3,090 (227) 2,862 11.8 8.7 6.9 NM NM 89.7 NM NM NM 49.6% 34.9% 27.0% NM 1.3% 7.7% MuleSoft, Inc. $21.16 2,750 (182) 2,568 13.7 8.8 6.5 NM NM NM NM NM NM 70.3% 55.0% 35.9% NM NM NM NetScout Systems, Inc. $30.25 2,636 (7) 2,629 2.3 2.3 2.1 13.7 9.8 8.0 NM 18.2 12.8 43.1% 0.1% 8.9% 17.0% 23.7% 26.6% Commvault Systems, Inc. $53.95 2,492 (495) 1,997 3.1 2.9 2.6 NM 22.9 18.0 NM 52.9 43.0 8.6% 8.2% 10.3% 2.7% 12.6% 14.6% Progress Software Corporation $41.15 1,967 (68) 1,899 4.7 4.8 4.7 17.4 10.4 10.4 NM 22.3 21.8 7.4% (2.2%) 1.1% 26.9% 46.1% 45.8% Altair Engineering Inc. $21.56 1,356 75 1,432 4.6 4.3 4.0 56.3 64.2 33.1 NM NM 62.7 6.5% 5.7% 8.4% 8.1% 6.7% 12.1% Appian Corporation $21.14 1,278 (72) 1,206 9.1 7.2 6.2 NM NM NM NM NM NM 19.5% 26.3% 16.4% NM NM NM SailPoint Technologies Holdings, Inc. $14.66 1,251 137 1,388 10.5 NA NA NM NA NA NM NA NA 38.9% NA NA 9.6% NA NA A10 Networks, Inc. $7.66 542 (124) 418 1.8 1.7 1.6 NM 34.6 27.4 NM NM 95.8 15.6% 4.5% 7.6% NM 5.0% 5.9%

Mean 7.4x 5.7x 4.7x 24.1x 26.2x 24.2x 39.0x 30.9x 40.0x 26.8% 21.7% 19.0% 21.5% 24.7% 24.7% Median 5.5 4.9 4.5 16.1 15.6 16.1 27.5 20.7 22.4 18.7% 14.1% 15.8% 26.1% 26.9% 27.6%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 12/5/2017. 6 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 12/5/2017 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 Security Symantec Corporation $27.44 $17,012 $4,183 $21,195 5.6x 4.3x 4.1x 24.7x 9.5x 8.6x NM 18.9x 14.5x 4.2% 30.9% 3.6% 22.7% 45.3% 48.0% Check Point Software Technologies Ltd. $103.59 16,931 (1,510) 15,421 8.9 8.3 7.8 17.8 14.8 14.0 24.8 19.7 18.1 6.8% 6.7% 6.3% 49.7% 56.0% 55.9% Palo Alto Networks, Inc. $142.82 13,124 (972) 12,151 7.8 6.2 5.1 NM 25.8 19.8 NM 46.7 38.1 36.3% 25.8% 20.3% NM 23.9% 25.9% Splunk Inc. $78.01 10,921 (1,058) 9,862 10.4 7.9 6.3 NM 67.8 47.3 NM NM 91.8 42.1% 30.7% 25.4% NM 11.7% 13.4% Trend Micro Incorporated $55.42 7,620 (1,257) 6,363 5.6 4.9 4.5 16.3 14.5 13.0 36.2 33.2 29.5 9.3% 15.7% 7.6% 34.5% 33.5% 34.7% Fortinet, Inc. $41.10 7,147 (1,276) 5,872 4.6 3.9 3.5 61.3 19.1 15.8 NM 40.5 34.6 26.4% 16.6% 14.0% 7.5% 20.7% 21.9% Proofpoint, Inc. $84.07 3,769 (78) 3,691 9.8 7.2 5.6 NM 56.4 40.7 NM NM 81.7 41.5% 35.7% 30.3% NM 12.8% 13.7% FireEye, Inc. $13.76 2,540 (109) 2,431 3.4 3.3 3.0 NM 27.8 23.9 NM NM NM 14.6% 4.0% 7.7% NM 11.8% 12.7% Qualys, Inc. $56.40 2,139 (303) 1,836 9.3 8.0 6.9 38.4 21.7 18.9 NM 53.6 48.2 20.5% 16.1% 16.4% 24.2% 36.8% 36.3% Mimecast Limited $28.04 1,607 (89) 1,519 8.9 6.4 5.2 NM 71.2 49.7 NM NM NM 26.1% 39.4% 23.2% NM 9.0% 10.4% Imperva, Inc. $40.55 1,379 (343) 1,036 3.9 3.2 2.7 NM 24.1 18.6 NM 43.6 39.6 12.9% 21.7% 17.3% NM 13.4% 14.8% CyberArk Software Ltd. $44.52 1,547 (274) 1,272 5.9 5.0 4.2 30.0 22.6 17.9 57.1 40.3 33.8 34.7% 18.6% 19.2% 19.6% 21.9% 23.2% Barracuda Networks, Inc. $27.58 1,478 (207) 1,272 3.7 3.4 3.2 36.5 19.5 16.1 NM 38.2 32.1 12.5% 7.0% 6.7% 10.0% 17.5% 20.0% SecureWorks Corp. $8.95 726 (98) 628 1.5 1.4 1.2 NM NM NM NM NM NM 26.5% 8.2% 9.9% NM NM 0.0% F-Secure Oyj $4.49 704 (96) 608 3.6 3.0 2.7 25.5 27.1 18.3 42.6 49.1 34.9 4.2% 21.5% 10.0% 14.3% 11.1% 14.9% Rapid7, Inc. $18.37 806 (84) 722 4.6 3.7 3.0 NM NM NM NM NM NM 42.4% 25.7% 20.5% NM NM NM VASCO Data Security International, Inc. $13.05 520 (159) 362 1.9 1.9 1.8 22.3 19.0 16.9 49.1 33.9 33.2 (20.4%) (1.7%) 9.0% 8.4% 10.1% 10.4% MobileIron, Inc. $3.95 379 (82) 297 1.8 1.7 1.6 NM NM NM NM NM NM 9.8% 6.5% 7.0% NM NM NM Zix Corporation $4.23 233 (33) 200 3.3 3.0 2.8 16.8 10.9 9.2 39.0 15.1 12.7 9.9% 9.1% 8.3% 19.8% 27.9% 30.7% Absolute Software Corporation $5.28 208 (33) 175 2.0 1.9 1.8 15.7 22.8 16.7 NM NM 54.6 (4.2%) 4.5% 6.8% 12.6% 8.3% 10.7% iPass Inc. $0.62 42 (7) 35 0.5 0.6 0.5 NM NM NM NM NM NM 1.1% (13.9%) 16.8% NM NM NM

Mean 5.1x 4.2x 3.7x 27.8x 27.9x 21.5x 41.5x 36.1x 39.8x 17.0% 15.7% 13.6% 20.3% 21.9% 22.1% Median 4.6 3.7 3.2 24.7 22.6 17.9 40.8 39.3 34.6 12.9% 16.1% 10.0% 19.6% 17.5% 17.4%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 12/5/2017. 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 12/5/2017 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. $100.69 $72,728 ($1,040) $71,688 8.5x 6.9x 5.7x NM 32.2x 26.2x NM 75.4x 58.4x 25.9% 24.4% 20.0% 6.0% 21.3% 21.8% Workday, Inc. $99.20 20,832 (1,738) 19,094 12.2 8.9 7.2 NM 55.3 42.8 NM NM 85.8 35.0% 36.0% 24.7% NM 16.2% 16.8% ServiceNow, Inc. $116.20 20,069 (515) 19,553 14.1 10.2 7.8 NM 46.4 31.0 NM 97.1 64.7 38.3% 38.2% 30.9% NM 21.9% 25.1% Shopify Inc. $95.28 9,461 (927) 8,535 21.9 12.9 8.9 NM NM NM NM NM NM 89.7% 69.6% 44.6% NM 2.8% 5.1% Veeva Systems Inc. $57.77 8,123 (758) 7,365 13.5 NA NA 60.5 NA 27.8 NM NA NA 32.9% NA NA 22.4% NA NA LogMeIn, Inc. $113.90 5,995 (276) 5,719 5.5 5.6 4.9 NM 15.5 12.8 NM 27.1 23.1 23.7% 5.6% 14.5% 12.2% 36.3% 38.3% The Ultimate Software Group, Inc. $208.05 6,216 (129) 6,087 7.8 6.5 5.5 90.1 28.4 22.2 NM 57.6 45.9 26.4% 19.6% 19.1% 8.7% 23.0% 24.6% Paycom Software, Inc. $76.26 4,443 (32) 4,411 13.4 10.2 8.1 64.9 33.2 26.5 NM 60.5 49.4 46.5% 31.3% 25.6% 20.7% 30.7% 30.7% Aspen Technology, Inc. $66.57 4,829 81 4,910 10.4 10.1 9.7 22.2 21.1 20.1 38.6 28.4 32.0 1.7% 3.1% 3.6% 46.7% 47.7% 48.3% Blackbaud, Inc. $95.80 4,502 321 4,823 6.6 6.1 5.5 38.7 24.8 22.5 NM 44.3 39.1 14.6% 8.1% 10.6% 17.1% 24.6% 24.5% RealPage, Inc. $43.50 3,605 288 3,894 6.9 5.8 4.8 47.8 24.1 18.4 NM 47.3 36.7 21.3% 18.0% 21.0% 14.3% 24.1% 26.1% j2 Global, Inc. $75.21 3,641 597 4,237 4.8 3.8 3.6 11.5 9.0 8.3 24.0 13.2 12.4 21.3% 28.4% 5.8% 42.3% 41.7% 43.2% Zendesk, Inc. $32.58 3,307 (227) 3,081 9.9 7.2 5.6 NM NM NM NM NM NM 49.4% 36.8% 29.6% NM 3.2% 4.8% RingCentral, Inc. $44.00 3,403 (172) 3,231 8.5 6.5 5.2 NM NM 71.8 NM NM NM 28.2% 31.2% 23.8% NM 6.5% 7.3% 2U, Inc. $58.75 3,068 (185) 2,883 14.0 10.1 7.3 NM NM NM NM NM NM 37.1% 38.5% 38.5% NM 3.8% 4.0% HubSpot, Inc. $77.45 2,894 (198) 2,696 9.9 7.3 5.7 NM NM 75.6 NM NM NM 48.9% 36.9% 27.5% NM 5.9% 7.5% MuleSoft, Inc. $21.16 2,750 (182) 2,568 13.7 8.8 6.5 NM NM NM NM NM NM 70.3% 55.0% 35.9% NM NM NM Box, Inc. $20.35 2,769 (88) 2,681 6.7 5.3 4.3 NM NM NM NM NM NM 31.7% 27.0% 23.4% NM NM 4.0% New Relic, Inc. $56.11 3,090 (227) 2,862 11.8 8.7 6.9 NM NM 89.7 NM NM NM 49.6% 34.9% 27.0% NM 1.3% 7.7% Okta, Inc. $28.36 2,711 (213) 2,498 15.6 10.2 7.5 NM NM NM NM NM NM 86.6% 52.6% 35.5% NM NM NM Paylocity Holding Corporation $44.78 2,352 (98) 2,254 8.5 6.8 5.5 NM 34.1 26.8 NM 58.8 46.3 40.8% 26.1% 22.2% 2.7% 19.9% 20.7% Cornerstone OnDemand, Inc. $35.66 2,065 (63) 2,002 4.7 4.1 3.9 NM 32.4 22.4 NM 84.5 48.6 24.6% 14.2% 5.6% NM 12.8% 17.5% Qualys, Inc. $56.40 2,139 (303) 1,836 9.3 8.0 6.9 38.4 21.7 18.9 NM 53.6 48.2 20.5% 16.1% 16.4% 24.2% 36.8% 36.3% Cloudera, Inc. $15.99 2,227 (395) 1,833 7.0 5.1 4.0 NM NM NM NM NM NM 57.2% 37.4% 26.4% NM NM NM Callidus Software Inc. $26.45 1,802 (176) 1,625 7.9 6.5 5.4 NM 51.5 35.0 NM 76.7 51.8 19.4% 20.5% 20.1% NM 12.7% 15.5% Coupa Software Incorporated $32.58 1,746 (219) 1,527 11.4 8.4 6.8 NM NM NM NM NM NM 59.9% 35.8% 24.0% NM NM NM Mimecast Limited $28.04 1,607 (89) 1,519 8.9 6.4 5.2 NM 71.2 49.7 NM NM NM 26.1% 39.4% 23.2% NM 9.0% 10.4% MongoDB, Inc. $26.15 1,281 (92) 1,188 11.7 8.1 6.0 NM NM NM NM NM NM 55.3% 44.3% 36.2% NM NM NM Five9, Inc. $22.96 1,278 (17) 1,260 7.8 6.4 5.4 NM 77.9 58.6 NM NM NM 25.8% 21.6% 17.5% 1.1% 8.2% 9.3% Appian Corporation $21.14 1,278 (72) 1,206 9.1 7.2 6.2 NM NM NM NM NM NM 19.5% 26.3% 16.4% NM NM NM Alteryx, Inc. $25.63 1,516 (157) 1,360 15.9 10.6 7.7 NM NM NM NM NM NM 59.4% 50.2% 36.3% NM NM NM Yext, Inc. $12.71 1,160 (113) 1,046 8.4 6.1 4.6 NM NM NM NM NM NM 38.5% 36.9% 32.4% NM NM NM Instructure, Inc. $32.55 985 (67) 918 8.3 5.9 4.6 NM NM NM NM NM NM 51.5% 41.0% 28.7% NM NM NM Workiva Inc. $20.80 872 (58) 814 4.6 3.9 3.5 NM NM NM NM NM NM 23.0% 16.3% 31.7% NM NM NM

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 12/5/2017. 8 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 12/5/2017 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 (Cont'd) Apptio, Inc. $21.85 $882 ($135) $747 4.7x 4.0x 3.5x NM NM NM NM NM NM 24.2% 17.4% 33.6% NM NM 2.7% SendGrid, Inc. $19.88 836 (21) 815 10.2 NA NA NM NA NA NM NA NA 36.7% NA NA 4.7% NA NA SPS Commerce, Inc. $48.34 833 (164) 669 3.5 3.0 2.7 35.5 21.0 17.4 NM 52.6 45.6 21.9% 13.8% 26.2% 9.8% 14.5% 15.8% Benefitfocus, Inc. $25.30 791 65 856 3.7 3.3 3.0 NM 45.2 30.8 NM NM NM 26.0% 9.7% 20.7% NM 7.4% 9.9% LivePerson, Inc. $11.05 658 (54) 603 2.7 2.8 2.6 67.5 33.3 27.1 NM NM 94.3 (6.8%) (2.1%) 5.0% 4.0% 8.3% 9.5% Carbonite, Inc. $22.85 639 (9) 629 3.0 2.6 2.4 44.5 13.3 10.6 NM 29.3 22.7 51.5% 18.6% 29.4% 6.8% 19.2% 22.2% Castlight Health, Inc. $3.70 495 (82) 413 4.1 3.2 2.5 NM NM NM NM NM NM 35.0% 29.0% 61.3% NM NM NM Brightcove Inc. $7.05 244 (22) 223 1.5 1.4 1.3 NM NM 41.2 NM NM NM 11.6% 3.3% 10.0% NM NM 3.3% ChannelAdvisor Corporation $8.45 225 (53) 171 1.5 1.4 1.3 NM 36.8 22.4 NM NM NM 12.5% 8.3% 19.1% NM 3.8% 5.7% Park City Group, Inc. $10.95 213 (10) 203 12.4 9.4 7.3 60.1 NA 21.6 NM 75.5 29.8 21.6% NA 70.6% 20.6% NA 33.6% Amber Road, Inc. $7.25 197 14 212 2.9 2.7 2.4 NM NM 63.1 NM NM NM 9.0% 8.5% 18.6% NM NM 3.9% Marin Software Incorporated $10.20 58 (27) 31 0.3 NA NA NM NA NA NM NA NA (8.0%) NA NA NM NA NA

Mean 8.5x 6.5x 5.2x 48.5x 34.7x 33.6x 31.3x 55.1x 46.4x 33.4% 26.9% 25.4% 15.5% 17.2% 17.4% Median 8.5 6.5 5.4 46.2 32.4 26.6 31.3 55.6 46.1 27.3% 26.7% 24.0% 12.2% 14.5% 15.6%

Business Intelligence & Analytics Splunk Inc. $78.01 $10,921 ($1,058) $9,862 10.4x 7.9x 6.3x NM 67.8x 47.3x NM NM 91.8x 42.1% 33.2% 64.0% NM 11.7% 13.4% Tableau Software, Inc. $69.87 5,572 (943) 4,628 5.6 5.3 4.9 NM 81.0 62.3 NM NM NM 26.5% 7.7% 14.2% NM 6.6% 7.9% Teradata Corporation $38.52 4,661 (299) 4,362 1.9 2.0 2.0 11.5 11.9 11.4 40.5 30.0 27.6 (8.2%) (5.3%) (7.2%) 16.4% 17.2% 17.7% Fair Isaac Corporation $155.59 4,666 499 5,165 5.7 5.5 5.1 25.0 22.6 19.4 39.3 31.4 27.4 6.1% 6.1% 12.0% 23.0% 24.1% 26.4% Verint Systems Inc. $42.95 2,737 395 3,132 2.9 2.7 2.6 32.1 12.1 10.5 NM 15.6 14.0 (6.0%) 6.9% 13.7% 9.2% 22.6% 24.8% Cloudera, Inc. $15.99 2,227 (395) 1,833 7.0 5.1 4.0 NM NM NM NM NM NM 57.2% NA 73.7% NM NM NM MicroStrategy Incorporated $134.56 1,540 (646) 894 1.7 1.8 1.8 7.7 8.7 13.0 17.1 26.8 35.0 (3.3%) (2.6%) (0.5%) 22.6% 20.5% 13.5% Alteryx, Inc. $25.63 1,516 (157) 1,360 15.9 10.6 7.7 NM NM NM NM NM NM 59.4% NA 104.7% NM NM NM Hortonworks, Inc. $18.66 1,316 (63) 1,253 6.8 4.9 3.8 NM NM NM NM NM NM 51.3% 42.5% 77.2% NM NM NM Gridsum Holding Inc. $8.25 254 (0) 253 4.4 2.7 1.7 NM NM 6.5 NM NM 14.7 59.4% 66.0% 159.1% NM 2.7% 26.0% Datawatch Corporation $9.00 110 (30) 80 2.5 2.1 1.9 NM NM NA NM NM 94.7 4.4% 19.1% 35.3% NM NM NA Attunity Ltd. $7.22 125 (7) 117 2.2 1.9 1.6 NM 30.3 23.4 NM NM 31.9 13.1% 16.3% 33.1% NM 6.2% 6.9%

Mean 5.6x 4.4x 3.6x 19.1x 33.5x 24.2x 32.3x 26.0x 42.1x 25.2% 19.0% 48.3% 17.8% 14.0% 17.1% Median 5.0 3.8 3.2 18.2 22.6 16.2 39.3 28.4 29.7 19.8% 12.0% 34.2% 19.5% 14.4% 15.6%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 12/5/2017. 9 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 12/5/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16E 18E/17E CY 16A CY 17E CY 18E Vertical Cerner Corporation $70.09 $23,299 ($317) $22,982 4.9x 4.5x 4.1x 17.5x 13.7x 12.5x 37.9x 29.0x 26.9x 8.2% 7.4% 18.6% 27.9% 32.5% 32.9% Constellation Software Inc. $605.81 12,838 (101) 12,737 6.0 5.2 4.5 31.3 19.9 17.2 62.1 28.2 23.6 15.6% 15.3% 31.8% 19.2% 26.0% 26.5% Veeva Systems Inc. $57.77 8,123 (758) 7,365 13.5 NA NA 60.5 NA 27.8 NM NA NA 32.9% NA NA 22.4% NA NA SS&C Technologies Holdings, Inc. $40.65 8,368 2,114 10,482 7.1 6.3 5.9 20.4 15.2 13.7 63.5 21.1 18.6 48.1% 10.4% 19.4% 34.7% 41.2% 43.3% Guidewire Software, Inc. $70.45 5,411 (561) 4,850 10.8 8.6 7.2 NM 41.0 36.8 NM 79.8 72.7 13.6% NA 50.1% 4.2% 20.9% 19.5% athenahealth, Inc. $133.85 5,356 154 5,510 5.1 4.6 4.1 51.4 20.8 16.2 NM 66.9 47.5 17.1% 10.2% 24.4% 9.9% 21.9% 25.3% Medidata Solutions, Inc. $64.99 3,801 (123) 3,678 7.9 6.7 5.7 56.1 27.5 22.2 NM 51.1 44.5 18.1% 17.6% 38.3% 14.1% 24.5% 25.8% Blackbaud, Inc. $95.80 4,502 321 4,823 6.6 6.1 5.5 38.7 24.8 22.5 NM 44.3 39.1 14.6% 8.2% 19.5% 17.1% 24.6% 24.5% CoreLogic, Inc. $44.52 3,667 1,648 5,315 2.7 2.9 2.8 12.7 11.2 10.8 36.2 19.1 18.1 27.8% (4.5%) (3.8%) 21.5% 25.6% 26.1% RealPage, Inc. $43.50 3,605 288 3,894 6.9 5.8 4.8 47.8 24.1 18.4 NM 47.3 36.7 21.3% 18.0% 42.8% 14.3% 24.1% 26.1% Ellie Mae, Inc. $86.36 2,983 (366) 2,616 7.3 6.3 5.3 35.7 21.9 19.1 75.1 56.4 52.8 41.9% 16.5% 37.1% 20.3% 28.9% 27.8% Allscripts Healthcare Solutions, Inc. $13.97 2,524 1,312 3,836 2.5 2.1 1.8 25.2 10.4 8.9 NM 22.6 18.5 11.8% 17.5% 38.0% 9.8% 20.2% 20.1% Inovalon Holdings, Inc. $15.30 2,232 (282) 1,950 4.6 4.3 4.0 26.3 17.7 15.7 85.2 48.2 42.0 (2.2%) 6.0% 15.4% 17.3% 24.4% 25.1% AppFolio, Inc. $41.05 1,394 (43) 1,350 12.8 9.5 7.5 NM 50.1 37.3 NM 99.3 69.6 40.8% 35.2% 71.3% NM 19.0% 20.0% Instructure, Inc. $32.55 985 (67) 918 8.3 5.9 4.6 NM NM NM NM NM NM 51.5% 42.0% 81.5% NM NM NM Silver Spring Networks, Inc. $16.24 879 (126) 753 2.4 2.4 2.2 NM 64.0 20.5 NM NM 55.7 (36.5%) 6.2% 8.6% NM 3.8% 10.9% HealthStream, Inc. $23.32 744 (123) 620 2.7 2.5 2.3 29.5 16.7 14.5 NM 96.5 78.4 8.1% 8.4% 17.6% 9.3% 15.0% 16.1% Castlight Health, Inc. $3.70 495 (82) 413 4.1 3.2 2.5 NM NM NM NM NM NM 35.0% 29.0% 61.3% NM NM NM

Mean 6.4x 5.1x 4.4x 34.9x 25.3x 19.6x 60.0x 50.7x 43.0x 20.4% 15.2% 33.6% 17.3% 23.5% 24.7% Median 6.3 5.2 4.5 31.3 20.8 17.8 62.8 47.8 42.0 17.6% 12.9% 31.8% 17.2% 24.4% 25.3%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 12/5/2017. 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 AZPN R = 0.55 AZPN R = 0.69 VEEV VEEV SHOP SHOP

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

BNFT Enterprise Value / CY / 2018E Revenue Value Enterprise SPSC CY / 2018E Revenue Value Enterprise SPSC LPSN AMBR CSLT LPSN CARB CARB AMBR CSLT 2.0x 2.0x

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 12/5/2017. Consensus Estimates used for CY2018E figures. 11 Estimates for MRIN and SEND 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

11/30/17 Application Software $200 NA NA NA NA Provides supply chain analytics and market intelligence SaaS for the energy sector

Provides employee anti-malware SaaS that separates personal and work-related Web browsing and email, and offers related 11/29/17 Security $60 NA NA NA NA protection

Provides firewall, spam-filter and anti-virus, Web application protection, SSL VPN, data backup and recovery, and message 11/27/17 Security $1,406 3.8x 3.6x 43.1x 18.9x archiving appliances and software for businesses globally

Provides online community and social network creation software SaaS, enabling businesses to advertise using customer 11/27/17 Information Management $459 2.2x 2.2x NM 19.8x testimonials

Provides finance-focused proposal generation and request-for-proposal (RFP) management, pitchbook building, sales 11/17/17 Application Software $50 2.6x NA NA NA presentation and compliance SaaS for enterprises globally

Provides software to retailers that allows them to capture images of home furnishings and decor items and display them in 11/16/17 Application Software $112 NA NA NA NA 3D for display to consumers on websites, digital advertising and social media

Provides software solutions (accounting and tax compliance) for small and medium businesses, larger businesses, 11/16/17 Application Software $137 5.6x NA NA NA accountants, bookkeepers, and lawyers

Provides cloud-based email and file archiving SaaS for businesses. Software provides features for instant message and file 11/8/17 Storage NA NA NA NA NA data archiving, search and info retrieval and related cloud storage services

11/7/17 Security $85 NA NA NA NA Provides vending management, scheduling, logistics and analytics SaaS for the retail sector

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

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

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/5/2017, 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

Provides hosted unified communications, VoIP and PBX services, as well as telecom management software and SaaS, for 10/23/177/25/17 Sage Group Intacct Corp. ApplicationHosted Services Software $1,917$850 5.3x9.7x 4.7xNA 80.7xNA 19.3xNA Provides accounting and financial management software as a service (SaaS) for businesses businesses and telecom service providers

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 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 and systems integration services for public sector agencies globally ( ( ) ) manufacturing industries to securely exchange documents and sync files 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 healthcare benefit and claims management SaaS, including online claims authorization and eligibility lookup, online content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content 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 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, risk dining, analysis healthcare, and analytics entertainment, SaaS to the travel insurance and educationindustry. Software sectors 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 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 a searchable online database of US federal, state and local government contracts and RFPs for the purposes of 10/5/17 Application Software $66 2.7x NA NM NA identifying sales leads 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 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 gasProvides sectors enterprise globally 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

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

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

9/26/176/5/17 ApplicationSecurity Software $392$69 1.0xNA NA NMNA NA Provides marketingidentity and automation access management and behavior SaaS, prediction as well analyticsas IoT application SaaS for the development automotive SaaS, dealership for businesses industry

TheProvides VelocityEHS transaction and BOLTand payment Solutions processing assets of software,Actua. VelocityEHS SaaS and servicesprovides forenvironment, businesses. health Also providesand safety related (EHS) in-store compliance 9/25/176/2/17 InfrastructureApplication Management Software $354$260 NA NA NA NA (VelocityEHS and BOLT andpayment incident terminals management software and SaaS for HR professionals Solutions assets) Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA 9/25/17 ( ) Application Software $195 NA 4.9x NA NA ProvidesAlso provides Web-based Windows wealth PowerShell management interactive SaaS developmentfor financial marketsenvironment (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 9/20/17 Security $225 6.4x NA NA NA Providesbusinesses authentication, single sign-on and user identity management SaaS for enterprises

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 e-commerce and order management software and services for retailers and businesses. Also provides web hosting, 9/6/17 Asure Software Inc. iSystems( LLC ) Application Software $475 NA NA NA NA design and integration services

5/11/17 Mobility $125 NA NA NA NA Provides (AI), conversation-based mobile user interface development software for developers 9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/5/2017, 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

7/25/179/5/17 Sage Group Intacct Corp. Application Software $713$850 2.7x9.7x NA 13.3xNA NA Provides manufacturingaccounting and plant financial project management management software and design as a servicesoftware (SaaS) for businesses for businesses in the industrial industries

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 8/31/17 ( ) Application Software $128 NA NA NA NA Providesand systems sales integration acceleration services and lead for publicmanagement sector agenciesSaaS for theglobally mortgage, insurance, technology and education industries

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 gift providescard sales grammar marketing editing, automation monitoring, for the scoring, restaurant analytics and retail reporting sectors. and Alsodevelopment provides toan writtenonline salesenterprise service content that 8/30/17 Application Software $175 5.1x 4.0x NA NA enables consumers to purchase gift cards 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, marketing dining, healthcare,automation entertainment,SaaS and digital travel marketing and education services tosectors businesses in the consumer products, retail, 8/28/17 Application Software $105 0.7x 1.0x NM 19.9x automotive, financial services, healthcare, telecommunications, marketing and entertainment 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 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 services for businesses in Scandinavia and Baltic nations 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 8/21/17 Application Software $323 9.6x NA 20.8x NA Provides insurance and reinsurance software solutions ( ) 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

8/15/17 Application Software $107 8.5x NA NA NA Provides loadinfrastructure tracking and as amanagement service (IaaS), SaaS backup for the and shipping recovery, and firewall, freight cloudsector storage in the US and remote monitoring and 6/14/17 ( ) Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses Symantec Corporation 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 6/14/17 Bravo] Hosted Services $135 2.3x 2.2x NM 148.3x consumersOperates as globally a domain name registry and provides domain name services to consumers and businesses ( ) business(Website Security assets) Business Assets)

The communities and sports divisions of Active Network, which provides administration, membership, donations and event 8/3/17 Global Payments Inc. Application Software $1,207 NA NA NA NA 6/5/17 ( ) Security $69 1.0x NA NM NA managementProvides identity SaaS and for accessnon-profit management organizations SaaS, as well as IoT application development SaaS, for businesses (Communities & Sports Divisions)

Provides propertytransaction management and payment software processing featuring software, document SaaS management,and services for electronic businesses. signatures, Also provides website related development, in-store 8/2/176/2/17 InfrastructureApplication Management Software $250$260 NA 5.0xNA NA NA backgroundpayment terminals screening, legal contract management, payment processing and cloud computing

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 customer service automation, billing, citation management, asset recovery, and transportation database systems 8/1/17 Application Software $80 1.5x NA NA NA Also provides Windows PowerShell interactive development environment (IDE) software ( ) and outsourced services for municipalities and toll authorities

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 7/27/17 Security $112 NA NA NA NA Providesbusinesses merchant risk intelligence software for the investment and financial industries

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 e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer 7/26/17 Asure Software Inc. iSystems( LLC ) Information Management $245 2.3x 2.1x NM 20.6x for businesses and law enforcement agencies globally

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers 7/25/17 Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/5/2017, 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

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/177/25/17 PartnersSage Group Group IntacctCivica Corp. pl Application Software $1,370$850 9.7xNA NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses ( ) and systems integration services for public sector agencies globally

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 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 and systems integration services for public sector agencies globally ( ) content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

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 real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content hospitality, dining, healthcare, entertainment, travel and education sectors 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, SCM dining, SaaS healthcare,for businesses entertainment, primarily within travel the and US, education UK and Europe. sectors Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis 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 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 ( ) 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 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 Providesmanagement, enterprise service IT deskautomation optimization, and workspace on-boarding management and off-boarding software and to workforce businesses. security 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 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 Providesmanagement infrastructure services for as businessesa 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

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 6/14/17 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 $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses

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

Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA ( ) Also provides Windows PowerShell interactive development environment (IDE) software All Software Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software Median$531 5.5x3.4x 3.8x4.7x 20.6xNM 19.8xNM Mean 3.9x 3.4x 54.8x 37.9x businesses

5/26/17 Application Software PE Acquirers$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 ) Median 3.6x 2.4x 31.5x 19.3x Mean 4.0x 2.7x 31.5x 19.3x 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 12/5/2017, 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 an open banking platform designed to connect banks and depositors across 11/30/17 Deposit Solutions $20 e.ventures, Greycroft Partners Europe

Developer of a farmer-to-farmer agronomic insights platform designed to create a better T. Rowe Price, Temasek Holdings, Acre Venture Partners, DBL Partners, GV, 11/30/17 Farmer's Business Network $110 farm economy Caufield & Byers

Provider of an open-source machine learning automation platform designed to help in big Aegon, Crane Ventures Partners, New York Life Investment Management, Nvidia, Wells Fargo, 11/30/17 H2O.ai $40 data analysis Nexus Venture Partners, Transamerica Ventures

Provider of a cloud-based connected car platform intended to offer secure connected car Innogy Venture Capital, Amazon Alexa Fund, BDC Capital IT Venture Fund, Deutsche Telekom 11/30/17 Mojio $24 services Strategic Investments, Kensington Capital Partners, Relay Ventures, Trend Forward Capital

Provider of a cloud-based log management and server monitoring platform designed to 11/30/17 Scalyr $26 Heroic Ventures, Shasta Ventures, Bloomberg Beta, Susa Ventures search terabytes of logs in seconds

Developer of a predictive analytics platform designed to transform data into measurable 11/30/17 Uptake $117 Baillie Gifford, GreatPoint Ventures, Revolution business value

Developer of a threat detection and analysis technologies designed to detect and analyze 11/29/17 ReversingLabs $25 JPMorgan Chase & Company, Trident Capital Cybersecurity cyber threat

Developer of a social engagement platform intended to provide an on-site community for 11/29/17 Spot.IM $25 Insight Venture Partners, Altair Capital, Norma Investments real-time conversations

Provider of a consumer wellness platform intended to end the stress and burnout epidemic Canvas Ventures, IVP, Marc Benioff, Michael Huffington, Phillip Fernandez, Advancit Capital, 11/29/17 Thrive Global $30 by offering companies and individuals sustainable, science-based services to enhance well- Blue Pool Capital, Female Founders Fund, Greycroft Partners, Heather Reisman, Lerer Hippeau being, performance, purpose and create a healthier relationship with technology Ventures, Sean Parker

Developer of quantum computing software designed to harness the quantum hardware Accenture, Allianz Global Investors, Fujitsu, Tiny Capital, CME Ventures, Royal Bank of 11/28/17 1QBit $36 technologies in order to solve intractable industry problems Scotland

Provider of an online tutoring platform created to connect young Chinese students to learn Legend Capital, Shanghai Guohe Capital, UG Investment, New Oriental Education & 11/28/17 Alo7 $38 English language Technology Group, Qualcomm Ventures, Vickers Venture Partners

Developer of a cloud based platform designed to simplify remote acquisition, cloud 11/28/17 Dejero $25 Intelsat, Kayne Anderson Capital Advisors management and multi-screen distribution of professional live videos

Global Founders Capital, Rise Capital, Big Sur Ventures (Spain), FJ Labs, FundersClub, 11/28/17 InstaCarro $23 Provider of an online platform intended to buy and sell used cars Hummingbird Ventures, Lumia Capital, Tekton Ventures

Operator of a cross-border e-commerce mobile platform intended to offer Japanese 11/24/17 Inagora $68 KDDI, SBI Holdings, ITOCHU products to global consumers

Founders Fund, Javelin Ventures, Meritech Capital Partners, NetEase, Spark Capital, You & Mr 11/24/17 Niantic $200 Developer of an augmented reality platform designed to enrich mobile gaming experiences Jones Brandtech Ventures

Notes: Source: Pitchbook. Reflects deal activity through 11/30/2017. 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

Developer of a Saas based development automation platform designed to transform the 11/22/17 Atomist $22 Accel, Matrix Partners way software is developed and delivered

Provider of an autonomous truck driving platform intended to provide driverless truck 11/21/17 TuSimple $55 Composite Capital Partners, Fuhe Capital, Trinity Investments, Sina, Zhiping Capital services

Provider of an electronic commerce logistics services intended to deliver customized e- 11/20/17 aCommerce $65 Emerald Media, Blue Sky Alternative Investments, DKSH Holding, MDI Ventures commerce platform for global brands

Developer of a Directory-as-a-Service (DaaS) platform intended to connect employee 11/20/17 JumpCloud $20 OpenView Venture Partners, Foundry Group identities to their systems, apps and networks

Shouqi 11/20/17 $106 Provider of a ride-booking application , NIO Capital Limousine & Chauffeur

Fidelity Management & Research, T. Rowe Price, Accel, DST Global, General Catalyst Partners, 11/17/17 $482 Provider of an online food delivery platform designed to order restaurant meals Index Ventures (UK)

11/17/17 FiTeq $47 Developer of a payment authentication platform created to automate cashless payments NA

Provider of a SaaS-based field execution management platform designed for enterprises 11/17/17 GoSpotCheck $22 who need real-time data and intelligence from the field in order to make quicker and Insight Venture Partners, Point Nine Capital better business decisions

Developer of a freight transportation application intended to offer efficient vehicle 11/17/17 Yunmanman $120 Tiger Global Management transportation and cargo management

AME Cloud Ventures, Coatue Management, Franklin Templeton Investments, GGV Capital, 11/16/17 LimeBike $50 Operator of a bike sharing platform Section 32, StartX, The Durant Company, Andreessen Horowitz, DCM Ventures

Provider of an on-demand lawn maintenance service platform designed for property River Cities Capital Funds, Access Venture Partners, Camber Creek, Delta Electronics, Grotech 11/16/17 TaskEasy $21 owners and contractors to easily book and manage yard care online Ventures, Moderne Ventures

Developer of a construction management software designed to make managing 11/15/17 Built Technologies $21 Index Ventures (UK), Nyca Partners, Scott Sohr construction loans easy

11/15/17 Health IQ $35 Developer of a health knowledge measurement application Andreessen Horowitz, Charles River Ventures, First Round Capital, Foundation Capital

Provider of an open-source log analytics platform designed to help companies of all sizes to 11/15/17 Logz.io $23 Vintage Investment Partners, 83North, Giza Venture Capital, OpenView Venture Partners derive more value from machine data

11/15/17 Maimai $75 Provider of a career-oriented social networking platform designed to chat at workplace DCM Ventures, Zhaopin, IDG Capital, Morningside Group

Notes: Source: Pitchbook. Reflects deal activity through 11/30/2017. 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

Provider of a satellite-powered data services intended to deliver deep insights into the 11/15/17 Spire $70 Luxembourg Future Fund parts of the world where collecting data is very difficult

Operator of an online cross-border e-commerce platform designed to facilitate 11/15/17 Ymatou $100 China Merchants Capital independent overseas shopping

Provider of a cloud based healthcare analytic platform intended to transform healthcare 11/14/17 LeanTaaS $26 Insight Venture Partners operations with data science and machine learning

Provider of a performance management platform designed to provide better visibility into 11/14/17 LightStep $20 Sequoia CapitalCowboy Ventures, Harrison Metal Capital, Redpoint Ventures production software systems

Operator of an online social commerce marketplace intended to help users buy, sell and Cross Creek Advisors, Temasek Holdings, GGV Capital, Inventus Capital Partners, Mayfield 11/14/17 Poshmark $88 share their personal style Fund, Menlo Ventures, Uncork Capital, Union Grove Venture Partners

11/14/17 Torque Therapeutics $25 Developer of an online platform for providing immunotherapy services Flagship Pioneering

Developer of an automated debt-recovery platform designed to fundamentally change the Arbor Ventures, Assurant, Caffeinated Capital, Felicis Ventures, Trusted Insight, Nyca Partners, 11/13/17 TrueAccord $22 debt collection process TenOneTen Ventures

Provider of online video technology and operation services intended to help in video could 11/10/17 CC Video $31 Jiawo Capital, NewQuest Capital Partners, Silk Road Fund Company computing

11/10/17 Malong Technologies $33 Provider of machine vision technologies intended for visual product recognition SB China Venture Capital

Provider of a mobile based fertility tracking application designed to empower woman with 11/9/17 Natural Cycles $30 EQT Ventures, Bonnier Growth Media, e.ventures, Sunstone Capital knowledge about her body, menstrual cycle and fertility

Provider of a mobile based car pooling services designed to share commute with nearby 11/9/17 Scoop Technologies $20 G2VP coworkers and neighbors

Compass 11/8/17 $100 Provider of a technology platform designed for real estate information and agent services Fidelity Investments, IVP, Wellington Capital Management (Real Estate Platform)

Developer of a mobile marketing platform designed to deliver meaningful user 11/8/17 Leanplum $47 Norwest Venture Partners, Canaan Partners, Kleiner Perkins Caufield & Byers, Shasta Ventures engagement across both messaging and the in-application experience

Harmony Partners, Singtel Innov8, Charles River Ventures, IVP, Lightspeed Venture Partners, 11/8/17 Qubole $25 Developer of a data management platform intended to provide data-driven insights Norwest Venture Partners

Provider of online mobile lending services intended to provide small consumer loans in 11/8/17 WeLab Holdings $220 Alibaba Entrepreneurs Fund, China Construction Bank, International Finance Corporation China and Hong Kong

Notes: Source: Pitchbook. Reflects deal activity through 11/30/2017. 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

Provider of an user-generated content marketing platform designed to help businesses Vertex Ventures Israel, 2B Angels, Access Industries, Bessemer Venture Partners, Blumberg 11/8/17 Yotpo $51 improve their user engagement through fan contributions, such as user-generated videos Capital, Marker, Rhodium, Vintage Investment Partners

Qualcomm Ventures, Soros Economic Development Fund, Agility, Oscar Salazar, The Goldman 11/7/17 CargoX $20 Provider of trucking marketplace created to connect truck drivers with corporations Sachs Group, Valor Capital Group

Provider of API integration platform designed to offer a smarter approach to business 11/7/17 Jitterbit $25 Kohlberg Kravis Roberts transformation

Provider of online advertising websites intended to connect consumers with local 11/6/17 elocal USA $25 LLR Partners businesses

Provider of a platform for e-commerce discovery and loyalty intended to offer a smarter 33 Capital, Aetius Capital, AppWorks, Blue Sky, Credit Saison, Intouch, East Ventures, Qualgro, 11/6/17 Shopback $25 way to shop Singtel Innov8, SoftBank Ventures Korea

Operator of an auto insurance search engine intended to provide direct sales price from 11/4/17 Cheche365.com $30 China Broadband Capital Partners, China Capital Group, Shunwei Capital insurance companies to users

11/3/17 CloudSense $114 Provider of services related to salesforce-native omnichannel commerce platform Vector Capital

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

Provider of a web and mobile based online tours and travels platform designed to facilitate Battery Ventures, Highland Capital Partners Europe, Kohlberg Kravis Roberts, NGP Capital, 11/2/17 GetYourGuide $75 the booking of guided international tours Spark Capital, Sunstone Capital

Singapore Technologies Telemedia, Andreessen Horowitz, Four Rivers Group, Geodesic Provider of an endpoint-aware application delivery technology designed to accelerate web 11/2/17 Logic $30 Capital, H. Barton Asset Management, Hermes Growth Partners, Kleiner Perkins Caufield & and mobile application performance Byers, StartX, 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 Operator of a global premium B2B services marketplace intended to make globalization 11/1/17 (Cross-Border Business $35 Albert Gore, Dennis Nally, John Danilovich, THK Private Equities, John Joyce, Raine Ventures work for more businesses and people Platform) Bank of China Investment Management Co., Beijing Jingxi Guigu Innovation Investment, Operator of an online car trading platform intended to offer a second-hand car sales Capital Today, CMB International Capital, Dragoneer Investment Group, DST Global, H Capital, 11/1/17 Guazi.com $580 platform Jingxin Venture Capital, BRV Aster and Lotus, Hike Capital, Matrix Partners China, Sequoia Capital China

Notes: Source: Pitchbook. Reflects deal activity through 11/30/2017. 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 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

11/1/17 Souche.com $335 Provider of an online platform designed to buy and sell pre-owned cars Alibaba Group, CMB International Capital, Primavera Capital Group, Warburg Pincus

IVP, Mitsui & Company, Old Mutual Global Investors, Sapphire Ventures, WiL (World 11/1/17 TransferWise $280 Provider of money transferring platform designed to send money abroad Innovation Lab), Andreessen Horowitz, Baillie Gifford, Richard Branson

Operator of checkout-free convenience stores and snack bars intended to provide drinks, China Renaissance Capital Investment, Sequoia Capital China, Vision Capital (China), 11/1/17 Xingbianli $57 biscuits and instant noodle to office workers Lightspeed Venture Partners China

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

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 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

Notes: Source: Pitchbook. Reflects deal activity through 11/30/2017. 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 Pricings

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

17-Nov-17 $1,110 $240 9.00 - 11.00 $12.00 20.0% 8.3% 25.3%

15-Nov-17 $734 $131 13.50 - 15.50 $16.00 10.3% 12.5% 31.8%

1-Nov-17 $1,106 $156 11.00 - 13.00 $13.00 8.3% 40.8% 80.5%

19-Oct-17 $1,570 $192 20.00 - 22.00 $24.00 14.3% 33.6% 15.8%

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 72.7%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 6.1%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 22.6%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 68.9%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 77.8%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 35.5%

Notes: Sources: Capital IQ and Company filings. Market Data as of 12/1/2017. 21 (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

200 195 6 (7) 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) 17 Fortinet (7) CDC Software 16 LogMeIn (6) 180 Medidata (9) SolarWinds (6) Rosetta Stone SciQuest (8) 9 RealPage (12) IntraLinks Jive Envestnet Imperva Qlik Workday Carbonite BroadSoft Fleetmatics 170 Tangoe Workiva Higher One Qualys Atlassian Responsys Mavenir Hortonworks Convio Eloqua Mimecast Cornerstone Barracuda New Relic SPS Commerce E2open Instructure Epocrates Wix.com HubSpot 10 SS&C ServiceNow Rapid7 (9) (11) Covisint CyberArk Twilio QuinStreet Exa Sophos RingCentral MobileIron SecureWorks Incadea AppFolio FireEye Kinaxis Talend Infloblox Alarm.Com Cvent Zendesk Everbridge 160 Proofpoint Xactly Gigamon Paycom Apptio Splunk Shopify Textura OPOWER Gridsum ExactTarget Apigee ChannelAdvisor Five9 Holding (7) Demandware Box Mulesoft Marketo 2U Nutanix 153 Bazaarvoice Alteryx Tableau Borderfree Coupa Greenway Okta Halogen BlackLine, Inc. Amber Road Yext AVG Rally 150 A10 Networks Cloudera Guidewire Marin Paylocity Appian Model N Varonis Systems MongoDB Altair Engineering SendGrid SailPoint 140 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 + 10 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 11 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7

Notes: Sources: Capital IQ, company filings. Market Data as of 12/5/2017. 22 VENTURE CAPITAL INDUSTRY TMT Transactions Since Q3 2002

$14 1,000

$12

800

$10

600

$8 $Bn

$6

400 Number Number of Investments

$4

200

$2

$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

Number of Deals Investment Amount (1)

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, , Media (Traditional), Mobile / Telecommunications, Risk & 23 Security Systems, and Software. GCA OVERVIEW Deep Software Sector Expertise

Minority Acquired by Acquired by Preferred Acquired by Acquired by Acquisition of Acquisition of investment from Acquired by Acquired by Stock Pending We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller

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

We Advised the Seller We Advised the Seller Financial Advisor WeWe Advised Advised the the Seller 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

Convertible Note Strategic Advisory Acquisition of Investment by Acquisition of Acquisition of Acquired by Acquired by Acquired by Acquired by Offering Services

Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

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

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

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 24 transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.