Quarterly Competitor Intelligence Report – It Services

QUARTERLY COMPETITOR INTELLIGENCE REPORT – IT SERVICES

Sample Sample – Disguised & Abridged QUARTERLY COMPETITOR INTELLIGENCE REPORT

Introduction

Document Structure ❑ Scope ▪ This quarterly competitor intelligence report captures the financial results and recent developments for 22 peer companies of the company for Q3 2018.

❑ Peer Profile ▪ Of the 22 peers being benchmarked, 17 companies have a strong overlap in their service offerings and end markets. They have therefore been classified as Pure Play peers. ▪ The remaining 5 companies offer a wide range of services, including IT services comparable to the company, and have therefore been classified as Diversified peers.

❑ Data Presentation ▪ Out of a total of 22 peer companies, 10 publish quarterly financial results, 8 publish half-yearly results and 4 publish annual results ▪ The key financials for the last 3 years, along with the financials for the last 7 quarters, have been captured for peers who report their quarterly results. ▪ The list of 22 peers and their schedule of announcing results (quarterly/ half-yearly/ annual) have been included as part of the ‘Summary’ section along with the latest available annual and quarterly financials for Pure Play peers

Q3 2018 – Financial Performance

▪ Almost all the 10 companies (which released their Q3 financials), reported growth in revenue in Q3 2018 on year-on-year (YoY) basis, except Edgewater Technologies, whose revenues declined by 8.5% (vs Q3 of 2017) Revenue Growth ▪ The average YoY revenue growth rate for the 9 peer group companies was 15.2% with the exception of DXC Technologies which reported a 3x revenue growth in Q3 2018

▪ In Q3 2018, Acando, Be Think, Columbus, Comarch and Edgewater witnessed a decline in their Operating Profit and Margins, on a Operating Profit quarter-on-quarter (QoQ) basis ▪ DXC Technology Company, SAP and Accenture all witnessed growth in their Operating Profits and Margins

▪ Given below are a few highlights of the company’s peers from H1 2018 in France:

• 12% growth in revenue in H1 2018 (vs. H1 2017) Esker • Revenue from cloud-based process automation solutions increased by 20% on a YoY basis • Operating income increased by 12.4% and net profit by 17% in H1 2018 (vs. H1 2017)

• 6.8% growth in revenue in H1 2018 (vs. H1 2017) Peer Group Keyrus • Operating income increased by 20% and net profit by 19% in H1 2018. Throughout H1 2018, its revenue Companies HQ’d from large accounts grew by 10.1% on an organic basis with strong growth in North and South America in France • 26% growth in revenue in H1 2018 (vs. H1 2017) SQLI • Outside France, revenue increased 51% driven by strong organic growth and the successful integration of Star Republic (acquired in May 2017) and Osudio (acquired in September 2017)

• Revenue remained stable but the company continued to be in losses, mostly on account of an exodus of Sodifrance clients of Netapsys’ (acquired by Sodifrance in 2015). The group expects to return to profits by H2 2019

Q3 2018 – Recent Developments and M&A Deals

▪ Introduction of intelligent asset management solutions: New product and − Big players have been introducing Intelligent asset management solutions bringing collaborative asset intelligence, planning, service offerings prediction and simulation together. For instance, SAP launched the SAP Intelligent Asset Management solution in Nov 2018

▪ Opening offices in new geographies, regional collaboration and inorganic expansion: − Players like Sodifrance, Comarch and Sword Group have opened offices in new geographies. Esker has partnered with IBIZ Consulting Services in Dec 2018 to increase its presence in the Asia-Pacific region Expansion plan − Firms are also expanding inorganically by acquiring regional players and establishing their footprint in foreign countries. − RSM acquired PKF Frankfurt in Jan 2019 and a Chinese firm, Huapu Tianjian, in Dec 2018 and a Cyprus-based firm, RTBS, in Oct 2018

▪ Collaborating with niche players to offer new services and develop new technologies

− The last quarter saw many firms partnering with niche players to offer new products to their customers. Keyrus has collaborated with Snowflake Computing to offer its customers new cloud-based SaaS solutions. Oracle Retail collaborated with Partnerships One Door to help retailers improve their in-store merchandising − There were also firms who collaborated with institutes and digital agencies to develop new technologies. SAP joined forces with Technische Universität Darmstadt to investigate quantum-resistant security technologies for software development

▪ From a sample set of 18 transactions, where deal multiples were available, the median EV/Revenue was 2.2x and median EV/EBITDA was 16.2x

▪ DXC Technology’s acquisition of Luxoft for $2.1 billion, was the largest deal in Q3 2018. Other billion dollar plus deals during this M&A Deals period saw the acquisition of KMD, MINDBODY, Software Portfolio of IBM, ConvergeOne, SendGrid, MYOB Group and Hortonworks

▪ In France, Harvest S.A., a financial software provider, was acquired by Five Arrows Managers for $75.6 million in Dec 2018 and Contextor SAS, the French software integrator, was acquired by SAP for an undisclosed consideration in Nov 2018

I. Summary • List of 22 Peers • Financial Performance of 15 Pure Play Peers II. Peer Benchmarking III. Industry Updates

Peers Benchmarked

Schedule of Latest Available # Company Headquarter Business Focus Year Ending Results Financials 1 Acando AB Sweden Pure play December Quarterly Q3 (Jul-Sep'18) 2 Be Think, Solve, Execute S.p.A Italy Pure play December Quarterly Q3 (Jul-Sep'18) 3 Business & Decision SA France Pure play December Half-Yearly H1 (Jan-Jun'18) 4 Columbus A/S Denmark Pure play December Quarterly Q3 (Jul-Sep'18) 5 Comarch SA Poland Pure play December Quarterly Q3 (Jul-Sep'18) 6 DXC Technology Company US Pure play March Quarterly Q3 (Oct-Dec’18) 7 Edgewater Technology Inc. US Pure play December Quarterly Q3 (Jul-Sep'18) 8 Esker SA France Pure play December Half-Yearly H1 (Jan-Jun'18) 9 Keyrus S.A France Pure play December Half-Yearly H1 (Jan-Jun'18) 10 Ordina N.V Netherlands Pure play December Half-Yearly H1 (Jan-Jun'18) 11 SAP SE Germany Pure play December Quarterly Q3 (Jul-Sep'18) 12 Sodifrance SA France Pure play December Half-Yearly H1 (Jan-Jun'18) 13 SQLI Group France Pure play December Half-Yearly H1 (Jan-Jun'18) 14 Sword Group S.E Luxembourg Pure play December Half-Yearly H1 (Jan-Jun'18) 15 Visiativ SA France Pure play December Half-Yearly H1 (Jan-Jun'18) 16 Avanade (subsidiary of Accenture) US Pure play August Quarterly Q3 (Mar-May’18) 17 Hitachi Japan Diversified March Quarterly Q3 (Oct-Dec’18) 18 Oracle US Diversified May Quarterly Q3 (Dec'17-Feb’18) 19 RSM UK Diversified December Annual Annual (Jan-Dec’18) 20 BDO Belgium Diversified June Annual Annual (Jul'16-Jun'17) 21 KPMG Netherlands Diversified September Annual Annual (Oct'17-Sep'18) 22 PwC UK Diversified June Annual Annual (Jul'17-Jun'18)

Financial Performance of Pure Play Peer Companies in FY17

FY 2017, $ MILLION Acando Acando AB Be Think, Execute Solve, S.p.A & Business SA Decision Columbus A/S Comarch SA DXC Technology Company Edgewater Technology Inc. SA Esker S.A Keyrus N.V Ordina SAP SE SA Sodifrance SQLI Group SwordGroup S.E SA Visiativ

KEY FINANCIALS Revenue 286.4 144.3 255.5 185.1 292.7 7,607.0 111.8 97.6 309.0 414.1 26,503.4 133.0 254.5 208.3 147.8 Revenue Growth (YoY) 10.8% (5.8%) (7.0%) 2.2% (0.9%) 7.1% (11.7%) 14.8% 12.9% 0.4% 6.3% 6.4% 11.0% 8.3% 17.5% Operating Profit 28.5 10.2 2.8 16.2 9.5 441.0 (9.2) 12.3 16.3 15.4 5,509.7 5.1 13.1 25.1 9.0 Operating Profit Margin 10.0% 7.1% 1.1% 8.8% 3.2% 5.8% (8.2%) 12.6% 5.3% 3.7% 20.8% 3.8% 5.1% 12.0% 6.1% Net Profit 21.0 5.8 (13.1) 14.6 11.6 (100.0) (29.1) 8.1 9.3 3.7 4,582.2 1.9 2.4 13.5 5.8 Net Profit Margin 7.3% 4.0% (5.1%) 7.9% 4.0% (1.3%) (26.0%) 8.3% 3.0% 0.9% 17.3% 1.4% 0.9% 6.5% 3.9% Cash Flow from 22.2 2.5 7.4 15.7 16 978.0 (3.0) 18.2 1.7 17.5 5,699.5 7.5 9.8 19.7 10.0 Operations PROFITABILITY RATIO Return on Assets 9.7% 3.2% 0.9% 11.3% 2.9% 3.4% (32.3%) 8.5% 4.1% 3.5% 9.3% 2.9% 3.4% 5.8% 4.5% Return on Capital 14.4% 6.8% 1.7% 18.2% 4.3% 5.6% - 13.4% 12.4% 5.4% 12.7% 5.4% 6.3% 8.0% 9.6% Return on Equity 15.1% 8.7% (24.5%) 18.7% 4.9% (4.8%) (45.3%) 18.3% 16.3% 2.1% 15.5% 5.4% 2.5% 7.6% 17.1% Earnings per share 0.20 0.03 (1.71) 0.12 1.37 (0.88) (2.14) 1.54 0.54 0.04 3.80 0.56 0.62 1.31 1.44 (EPS) LIQUIDITY RATIO Current Ratio 1.2 1.0 1.1 1.0 2.0 1.1 1.7 2.0 1.0 0.9 1.2 0.9 1.3 1.7 1.3 MARKET STATSTICS 134,084. Market Capitalisation 350.1 161.1 74.5 286.5 445.0 21,177.9 87.6 365.5 137.0 209.6 80.0 177.2 421.8 190.0 9 Price Earnings ratio (PE) 16.1 33.1 - 18.5 36.8 - - - 17.3 41 27.8 20.8 40.2 31.7 31.3

Source: RocSearch subscribed databases

Peer Financial Performance – Latest Quarter (Q3, 2018)

Q3 2018, $ MILLION Acando Acando AB Be Think, Solve, Execute S.p.A Columbus A/S Comarch SA DXC Technology Company Edgewater Technology Inc. SAP SE Accenture Hitachi Oracle Q3 (Jul- (Dec'17- Period (Jul-Sep'18) (Jul-Sep'18) (Jul-Sep'18) (Jul-Sep'18) (Oct-Dec’18) (Jul-Sep'18) (Mar-May’18) (Oct-Dec’18) Sep'18) Feb’18) KEY FINANCIALS Revenue 66.0 39.4 63.0 93.3 6,186.0 25.3 6,999.3 10,838.9 4,009.4 8,777.0 Revenue Growth (YoY) 13.9% 14.7% 52.7% 30.8% 222.7% (7.4%) 7.7% 15.8% 2.0% 7% Operating Profit 3.5 1.9 0.8 7.3 803.0 (1.2) 1,619.7 374.0 - 1,436.1 Operating Profit Margin 5.3% 4.9% 1.3% 7.8% 17.4% (4.8%) 20.5% 14.9% 9.3% - Net Profit 3.6 - 2.5 4.9 779.0 (1.3) 1,043.0 - - 1,131.5 Net Profit Margin 5.4% - 4.0% 5.3% 12.5% (5.2%) 16.2% 9.6% - - Cash Flow from 4.5 (2.3) - 7.7 999.0 1.0 583.8 1,987.5 - - Operations PROFITABILITY RATIO - - Return on Assets 10.8% - 8.6% 3.9% 6.0% (36.0%) 9.8% 17.9% - - Return on Capital 16.1% - 15.6% - 9.4% - 13.5% 43.6% - - Return on Equity 17.9% - 18.2% 6.8% 24.2% (48.7%) 16.5% 44.1% - - Earnings per share 0.03 - 0.02 0.30 2.72 (0.09) 0.95 1.63 - - (EPS) LIQUIDITY RATIO - - Current Ratio 1.1 1.2 0.9 1.8 1.0 1.6 1.1 1.3 - - MARKET STATSTICS - - Market Capitalisation 439.7 138.3 312.6 368.3 27,708.9 73.4 151,324.8 100,304.2 - - Price Earnings ratio (PE) 18.2 - 19.6 28.2 NM - 29.8 23.5 - - Source: RocSearch subscribed databases

I. Summary II. Peer Benchmarking • Financial Benchmarking • Recent Developments III. Industry Updates

Acando AB

Business Description ▪ Established in 1981, Acando provides comprehensive consultancy services related to IT strategy execution and business transformation services ▪ Key product offerings include analytics, API and integration, application management, business technology management, cloud architecture and advisory, CRM, digital strategy and transformation, e-commerce, IT operating model, IT sourcing, IT strategy, performance management, SAP, sourcing and procurement, supply chain strategy and operations ▪ Caters to the public services, financial institution, manufacturing and healthcare sectors ▪ Headquartered in Stockholm, Sweden, with presence in five countries; and has over 2,100 employees

Key Financials

Particulars ($ million) FY Dec ‘15 FY Dec ‘16 FY Dec ‘17 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 ‘18 Q3 ‘18 Revenue 250.9 258.1 286.4 69.6 69.7 63.7 83.1 86.7 84.9 66.0 Revenue Growth (YoY, %) 14.0% 4.3% 10.8% 17.8% 6.1% 10.4% 9.2% 13.2% 20.1% 13.9% Operating Profit 19.9 24.6 28.5 8.4 6.2 3.3 10.5 9.4 8.5 3.5 Operating Profit Margin (%) 7.9% 9.5% 10.0% 12.1% 8.9% 5.2% 12.6% 10.8% 10.1% 5.3% Net Profit 15.5 21.0 21.0 6.1 4.7 2.1 8.1 7.3 6.5 3.6 Net Profit Margin (%) 6.2% 8.1% 7.3% 8.7% 6.7% 3.3% 9.7% 8.4% 7.6% 5.4% Cash Flow from Operations 23.2 14.6 22.2 4.3 6.6 2.3 9.0 5.5 3.5 4.5 Profitability Ratio Return on Assets 7.7% 10.8% 9.7% 12.4% 11.2% 10.4% 9.7% 9.6% 10.4% 10.8% Return on Capital - 15.8% 14.4% 17.4% 16.1% - 14.4% 13.9% 15.3% 16.1% Return on Equity 12.2% 16.1% 15.1% 18.2% 17.5% 15.9% 15.1% 14.7% 17.1% 17.9% EPS 0.15 0.20 0.20 0.06 0.05 0.02 0.08 0.07 0.06 0.03 Liquidity Ratio Current Ratio 1.2 1.3 1.2 1.4 1.2 1.1 1.2 1.2 1.1 1.1 Market Statistics Market Capitalisation 209.2 293.2 350.1 354.7 321.5 373.7 350.1 368.3 360.0 439.7 PE 13.5 14.8 16.1 15.0 14.3 16.9 16.1 16.7 16.4 18.2

Source: Company website, RocSearch subscribed databases Note: Growth rate is as per reported currency

Be Think, Solve, Execute S.p.A

Business Description ▪ Founded in 1987, Be Think, Solve, Execute S.p.A (Be) provides business consulting, information technology and professional services in Europe ▪ Key products and services include risk management solutions, transformation and digital solutions through robotic process automation, big data management, infrastructure solutions, process consulting and other related solutions ▪ Primarily caters to financial services and software companies ▪ Headquartered in Rome, Italy, with presence across Europe, and has more than 1,200 employees

Key Financials

Particulars ($ million) FY Dec ‘15 FY Dec ‘16 FY Dec ‘17 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 ‘18 Q3 ‘18 Revenue 126.8 150.1 144.3 32.8 33.9 34.7 43.1 41.0 41.8 39.4 Revenue Growth (YoY, %) 17.1% 18.7% (5.8%) (4.0%) (8.0%) (6.5%) (5.0%) 8.2% 13.9% 14.7% Operating Profit 9.0 10.2 10.2 3.1 2.5 2.2 2.2 4.4 3.7 1.9 Operating Profit Margin (%) 7.1% 6.8% 7.1% 9.5% 7.4% 6.3% 5.1% 10.7% 8.9% 4.9% Net Profit 4.2 5.1 5.8 2.6 0.4 - - - - - Net Profit Margin (%) 3.3% 3.4% 4.0% 7.9% 1.2% - - - - - Cash Flow from Operations 15.3 14.7 2.5 (13.8) 2.1 (1.6) 17.2 (12.3) (1.4) (2.3) Profitability Ratio Return on Assets 2.9% 3.2% 3.2% ------Return on Capital 6.4% 6.4% 6.8% ------Return on Equity 7.3% 8.6% 8.7% ------EPS 0.03 0.03 0.03 0.02 ------Liquidity Ratio Current Ratio 1.0 1.2 1.0 1.2 1.1 1.1 1.0 1.1 1.1 1.2 Market Statistics Market Capitalisation 126.8 150.1 144.3 154.1 128.5 147.3 161.1 151.3 139.9 138.3 PE 17.1% 18.7% (5.8%) 32.8 33.9 34.7 43.1 41.0 41.8 39.4

Source: Company website, RocSearch subscribed databases Note: Growth rate is as per reported currency

Business & Decision SA

Business Description ▪ Founded in 1992, Business & Decision SA provides management, strategy consulting and systems integration services ▪ Key product offerings include business management consulting, digital strategy, design, delivery, development, risk management, project management and risk governance of projects; digital transformation; data science support and marketing tasks and analytics ▪ Caters to government and public, life sciences, retail, hospitality, financial services, manufacturing, and healthcare sectors ▪ Headquartered in Paris, France, with presence in 11 countries; has over 2,400 employees

Key Financials*

Particulars ($ million) FY Dec ‘15 FY Dec ‘16 FY Dec ‘17 H1 ‘15 H2 ‘15 H3 ‘16 H4 ‘16 H1 ‘17 H2 ‘17 H1 ‘18

Revenue 248.9 252.0 239.5 126.6 122.4 130.7 121.3 117.6 121.7 133.4 Revenue Growth (YoY, %) 9.4% 1.5% (6.9%) 15.1% 4.1% 3.3% (0.3%) (7.3%) (6.4%) 1.5% Operating Profit 5.3 (0.4) (7.3) 4.7 0.6 (1.2) 0.7 1.1 (8.8) - Operating Profit Margin (%) 2.1% (0.2%) (3.1%) 3.7 0.5 (0.9) 0.6 1.0 (7.3) - Net Profit 1.1 (6.5) (12.7) 2.5 (1.4) (4.4) (2.1) (2.8) (10.2) (5.8) Net Profit Margin (%) 0.4% (2.6%) (5.3%) 2.0 (1.2%) (3.4%) (1.7%) (2.3%) (8.4%) (4.3%) Cash Flow from Operations 6.5 (4.1) 5.5 (2.4) 8.9 (1.2) (3.0) 0 5.7 - Profitability Ratio Return on Assets 0.6% (3.6%) (7.0%) 3.1% 0.6% (3.2%) (3.6%) (2.8%) (6.9%) - Return on Capital 1.1% (5.0%) (10.9%) 6.2% 1.1% (4.2%) (5.0%) (3.7%) (10.9%) - Return on Equity 1.6% (10.0%) (23.2%) 8.1% 1.6% (8.7%) (10.0%) (8.1%) (23.2%) - EPS 0.14 (0.82) (1.61) 0.32 (0.18) (0.56) (0.26) (0.35) (1.29) (0.74) Liquidity Ratio Current Ratio 1.2 1.2 1.1 1.3 1.2 1.2 1.2 1.2 1.1 - Market Statistics Market Capitalisation 48.2 58.2 74.9 57.1 48.2 44.3 58.2 70.6 74.9 73.1 PE 26.8 - - 10.5 26.9 - - - - - Note: Growth rate is as per reported currency; Source: Company website, RocSearch subscribed databases * 26th Oct 17, Orange agreed to acquire 63.98% stake of the capital of Business & Decision SA

KPMG & PwC

Business Description Business Description ▪ Established in 1987, KPMG provides auditing, accounting and ▪ Formed in 1998, PwC provides auditing, accounting and advisory advisory services services ▪ Advisory offerings include data and analytics solutions, digital ▪ Key advisory services offering include digital collaboration, cloud transformation services, cloud computing, machine learning and ERP development, artificial intelligence services, ERP, and digital solutions transformation ▪ Caters to asset management, automotive, financial institutions, retail, ▪ Caters to aerospace, defence and security, financial institutions, energy, public sector, healthcare and life sciences, manufacturing, healthcare and life sciences, transportation and logistics, infrastructure, media, real estate, technology, telecom, transportation infrastructure, construction, paper and packaging, hospitality and and logistics sectors leisure, pharmaceuticals, technology, automotive, retail and telecom ▪ Headquartered in Amstelveen, Netherlands, with global presence in sectors more than 155 countries; KPMG has over 207,000 employees ▪ Headquartered in London, UK, with presence in 158 countries; PwC has over 251,000 employees

KPMG International Revenue (Advisory segment) PwC International Revenue (Advisory segment) ($ million, year ending Sep’2013-2018) ($ million, year ending Jun’2013-2018) 13,778 12,253 11,470 11,358 10,488 9,700 10,180 9,030 8,892 8,240 8,300 8,083

2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018

Note: Growth rate is as per reported currency; Source: Company website, RocSearch subscribed databases * 26th Oct 17, Orange agreed to acquire 63.98% stake of the capital of Business & Decision SA

I. Summary II. Peer Benchmarking • Financial Benchmarking • Recent Developments III. Industry Updates

Recent Developments (1/16)

Peer Theme News

• 14 Nov 2018: Accenture & Avanade helped Carlsberg transition to the public cloud: Accenture and New client wins/ losses Avanade, along with Microsoft and SAP, helped Carlsberg transition its core infrastructure and business- critical applications to the Microsoft Azure public cloud • 31 Oct 2018: Avanade rolled out Microsoft stack for RSL Queensland: The Queensland branch of the New client wins/ losses Returned and Services League (RSL) selected Avanade to help its digital transformation with a suite of Microsoft products • 16 Oct 2018: Partnership with media company Studio 100 : Media company Studio 100 chose Avanade Partnership for the switch to the cloud and adoption of Microsoft Dynamics 365. The platform was expected to be used by the finance, procurement and sales departments of the company

Leadership • 16 Oct 2018: Appointed Mac Ghani as Executive General Manager, Australia: Mac Ghani appointed as appointment Executive General Manager to lead the acceleration of the growth of Avanade’s business in Australia

• 04 Oct 2018: Appointed Andreas Schindler as Managing Director, Switzerland: Andreas Schindler Leadership appointed as the new Managing Director for Avanade, Switzerland, to take over the operational and appointment strategic development of the company • 04 Dec 2018: Acando's subsidiary Brickmakers developed individual recruiting apps: The company New product/ service came up with recruitment mobile apps which could be developed for each employer to quickly and easily offering track the job applicants in job fairs • 09 Nov 2018: Brickmakers digitized street cleaning in Germany: The company developed an app for New product/ service Institut für Abfall, Abwasser und Infrastruktur-Management GmbH (INFA) to streamline the quality offering assurance of street maintenance • 29 Oct 2018: Acando/ ITCH signed framework agreement with eHälsomyndigheten: The company Partnership signed a 2-year agreement to provide strategic support and advice regarding the authority's digital presence and services • 09 Oct 2018: Acando built Kronfågel's new communication portal: The company implemented a tailor- New client wins/ losses made B2B business portal for Kronfågel, a subsidiary of Scandi Standard, to digitize communication with the chicken breeders

Source: Company Websites, RocSearch-subscribed databases

Recent Developments (2/16)

Peer Theme News

Strategic • 11 Dec 2018: BDO’s global revenues reached US$8.99 billion: The company recorded revenue of announcement US$8.99 billion for the year ended 30 September 2018 , a 10.7% increase over 2017

Strategic • 26 Nov 2018: BDO and Moore Stephens in advanced merger discussions: BDO in the UK and Moore announcement Stephens LLP were in advanced merger discussions to create a market-leading firm

• 20 Nov 2018: BDO won Global Investigations Review's 'Investigations Consultancy of the Year' Award award: BDO’s Global Forensic Services team received the Investigations Consultancy 2018 award at the Fourth Annual Global Investigations Review Awards

• 08 Nov 2018: BDO won trophies at 2018 STEP Private Client Awards: BDO won two awards presented Award at the STEP Private Client Awards 2018/19, winning the award for Accountancy Team of the Year (large firm) and STEP’s People’s Choice award for Trusted Adviser for the Year 2018

• 04 Oct 2018: BDO won IAB Network of the Year Award 2018: BDO was awarded the prestigious Award Network of the Year award by the International Accounting Bulletin (IAB)

• 03 Oct 2018: Partnership between BDO Singapore and Indonesia: BDO Singapore and BDO Indonesia Partnership signed a bilateral memorandum of understanding (MoU) to leverage regional opportunities for management consulting services

• 08 Jan 2019: Andreas Olldén appointed global Leader of Columbus’ Customer Experience (CX) Leadership Business: Andreas Olldén was appointed as the Global Leader of Columbus Customer Experience (CX) appointment Business with the responsibility to grow Columbus’ market share globally

• 07 Nov 2018: Recorded revenue growth of 52% & EBITDA growth of 22% in first 9 months: Recorded Strategic revenue growth of 52% and EBITDA growth of 22% (as reported by the company), driven by acquisition of announcement iStone and HiGH Software and the sale of Columbus Software in first 9 months of 2018

Source: Company Websites, RocSearch-subscribed databases

I. Summary II. Peer Benchmarking III. Industry Updates • Precedent Transactions • Industry Structure and Size • Industry Trends

Precedent Transactions* - EV/Revenue and EV/EBITDA

55.0x EV/Revenue EV/EBITDA 49.4x

28.6x 20.6x 5.6x 7.0x 20.2x 21.4x 3.7x Median: 16.2x

14.7x 17.7x 7.4x 3.8x 3.3x 3.7x 3.3x 4.9x 8.6x 9.0x Median: 2.2x 2.2x 1.2x 1.4x 0.3x 0.5x

Bringspring Cortex Lighthouse Luxoft The Learning Science and IFS Global Advantech Target ConvergeOne MYOB Group KMD Triton Digital Harvest S.A. Business Computer Holding House Technology Holdings Technologies Solutions Services Co Acquisition Jan 2019 Nov 2018 Oct 2018 Dec 2018 Oct 2018 Oct 2018 Dec 2018 Dec 2018 Oct 2018 Dec 2018 Dec 2018 Dec 2018 Date Deal Value 2,078.4 1,651.5 1,438.5 1,222.6 200.0 150.0 82.7 75.6 39.2 33.3 23.2 13.2 Revenue 910.7 1,401.3 318.8 861.6 59.8 - 78.0 31.9 5.6 9.6 82.0 27.4 ($mn) EV/Revenue 2.2x 1.2x 5.6x 1.4x 3.3x 3.7x 3.7x 3.8x 7.0x 3.3x 0.3x 0.5x

EV/EBITDA 20.2x 14.7x 17.7x 7.4x 28.6x 9.0x 49.4x 20.6x 55.0x 21.4x 4.9x 8.6x

Note: * Only the top 12 deals (with deal multiples) based on deal value were considered for the illustration

Source: RocSearch subscribed databases

Precedent Transactions October’18-January’19 (1/8)

Announcement Revenue Deal Value EV/Revenue EV/EBITDA Target HQ Employees Acquirer Seller Date ($m) ($m) (x) (x) Next Fifteen 11-Jan-2019 Planning-Inc Ltd. UK - - Communications - 27.3 - - Group Main Capital 11-Jan-2019 Axxerion B.V. Netherlands - - MCS Solutions 86.0 - - Partners B.V. 09-Jan-2019 IT-Grad 1 Cloud LLC Russia - - Vostok Mobile B.V. - 37.3 - - Dynasty Marketplace, 08-Jan-2019 US - - AppFolio, Inc. - 60.0 - - Inc. Alibaba Group InterGlobe 07-Jan-2019 Data Artisans GmbH Germany - - 103.2 - - Holding Ltd. Enterprises Ltd. InterGlobe 07-Jan-2019 Technologies Private India - 3,569 Group of Acquirers1 Group of Sellers3 22.9 - - Ltd. Karp-Kneip DXC Technology 07-Jan-2019 Luxoft Holding, Inc. Switzerland 910.7 12,897 Participations 2,078.4 2.2x 20.2x Company S.A. Computer Task 03-Jan-2019 Tech-IT PSF S.A. Luxembourg - 35 Group IT Solutions - 10.3 - - S.A. GS ITM Co.,Ltd. TMT Investments 03-Jan-2019 South Korea - 477 Group of Acquirers2 97.4 - - (66.7% Stake) PLC Vista Equity Partners 02-Jan-2019 Wrike, Inc. US - - Group of Sellers4 22.6 - - LLC 27-Dec-2018 KMD A/S Denmark 861.6 3,200 NEC Corporation - 1,222.6 1.4x 7.4x Sandz Solutions Kronologi Asia InterGlobe 27-Dec-2018 Singapore 21.2 25 18.0 0.8x - (Singapore) Pte Ltd. Berhad Enterprises Ltd. Note: 1) Apollo Global Management, LLC (NYSE:APO); ICICI Venture Funds Management Company Limited 2) IMM Investment Corp.; JKL Partners Inc. 3) IBS Group Holding Limited; Codeffroy Ltd.; Awosting Ltd. 4) Advent International Corporation; Sampension

I. Summary II. Peer Benchmarking III. Industry Updates • Precedent Transactions • Industry Structure and Size • Industry Trends

The ERP, CRM and related software market is part of the larger Application Software sector within the Global IT industry

IT Industry

Hardware Software IT Services

System Application Application Infrastructure Development Software Software and Deployment

Comprises structured data management Comprises system and network Comprises software to automate specific software; application development management software; security software; sets of business processes in an industry software; quality and life-cycle tools; storage software and system software or business function integration and process automation middleware; along with delivery software

Customer Enterprise Project and Web Relationship Resource Business Content Creation Supply Chain Portfolio Conferencing & Management Planning (ERP) Intelligence and Management Management Management Office Suites (CRM) Software

Key Vendors

Source: Gartner; IDC

The Global Enterprise Software market has been forecast to grow at ~9% during 2015-19, driven primarily by the evolution of digital business in the SaaS market

Global IT Spending ($ billion, 2015-2019) Global IT Spending - By Market Global Enterprise Software Market (%, 2018) Spending ($ billion, 2015- 2019) 38.5%

5.2% 439 3,816 405 369 3,699 Total IT 314 326 11.0% 3,539 Spending: $3,699 3,413 3,394 26.7% billion

18.6%

Data Center Systems 2015 2016 2017 2018 2019 Enterprise Software 2015 2016 2017 2018 2019 Devices

Global IT Market Overview • According to Gartner, Global IT spending is projected to reach $3.7 trillion in 2018, an increase of 4.5% compared to the previous year. IT spending globally is in line with expected global economic growth

• Global IT spending growth began to turn around in 2017, with continued growth expected over the next few years. However, there is the threat of uncertainty as organisations consider the potential impact of trade wars and currency fluctuations

• Despite these uncertainties, businesses will continue to invest in IT as they anticipate revenue growth, but their spending patterns will shift. Projects in digital business, Blockchain, IoT, and progression from Big Data to algorithms to machine learning to AI will continue to be the main drivers of growth

• Enterprise software market is expected to contribute 11% of the total IT spending in 2018, and is expected to grow at 8.4% in 2019 compared to the previous year, to reach $439 billion. Barring any unexpected disruptions, the software industry is expected to continue capitalizing on the evolution of digital businesses

• Organizations are expected to increase spending on enterprise application software in 2018, with more of the budget shifting to SaaS. The growing availability of SaaS-based solutions is encouraging new adoption and spending across many subcategories, such as Financial Management Systems (FMS), HCM and analytics applications

Source: Gartner; IDC

I. Summary II. Peer Benchmarking III. Industry Updates • Precedent Transactions • Industry Structure and Size • Industry Trends

Evolution of public cloud services over the last five years has created diverse service models, however, SaaS has emerged as the dominant model

1 Evolution of cloud-based service models • Prevailing cloud-based service models: The public cloud services market has evolved mainly in the last five years. Currently, the overall market for public cloud services comprises diverse cloud service models, including infrastructure as a service (IaaS), Platform as a service (PaaS), SaaS and business process as a Cloud Provider Competitive Positioning service (BPaaS) (IaaS, PaaS, Hosted Private Cloud - Q2 2018) • SaaS is the dominant model and is expanding to new business areas: • Forrester forecasts the SaaS market to account for over 80% of the total market for public cloud 100% Gaining market share, but a long way to go… services by 2020, far outpacing the growth of other cloud service delivery models Alibaba • SaaS has affected four key business areas: CRM, enterprise content management, productivity and Google Microsoft collaboration, and HCM, but is now expanding to other areas such as supply chain management Amazon • Bolt-on acquisitions by major players: IBM • SAP and Oracle are pursuing strategic acquisitions to improve their competitiveness in high-growth Overall Market segments Rackspace Growth Rate • SAP has acquired an HCM and talent solutions company, SuccessFactors; likewise, Oracle has acquired a CRM and customer service solutions firm, RightNow, and talent management solutions Salesforce In a league of provider, Taleo Rate Growth Annual its own… Oracle Strong niche players • Development of Quantum Computing: • Global tech giants Microsoft, IBM, Google and Intel are working rigorously to build the first quantum computer that can deliver seamless data encryption, solve complex medical problems, predict weather, 0% Worldwide Market Share 35% carry out real conversations with AI and improve financial modeling • Last year, IBM established a landmark in computing with the release of a 5-qubit and a 20-qubit version, Cloud Market Growth & Segment Leaders - 2018 and also began to offer quantum computing as a cloud-based service offering Amazon, IaaS & PaaS Microsoft,

Total Public Cloud Market ($ billion) Cloud Google Services Hosted Private IBM, Rackspace, NTT

Infrastructure Infrastructure Cloud Enterprise SaaS Microsoft, Salesforce, Adobe

Other Other Cloud RingCentral, Mitel, 8X8

Services UCaaS Public Cloud Cisco, Dell, EMC, HPE

Private Cloud Dell, EMC, HPE, Microsoft VMare, BMC, Hardware Hardware

& Software Hybrid Cloud SW Micro Focus Infrastructure Infrastructure 0% 20% 40% 60% Growth from 2017 *Unified communications as a service (UCaaS) Source: IDC, Gartner, Deloitte, Synergy Research Group

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