Quarterly Enterprise Software Market Review 1Q 2019

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Boston San Francisco 200 Clarendon Street, Floor 45 601 Montgomery Street, Suite 2010 Boston, MA 02116 San Francisco, CA 94111

Peter M. Falvey Michael H.M. Shea Christopher J. Pingpank Michael S. Barker Managing Director Managing Director Managing Director Managing Director 617.896.2251 617.896.2255 617.896.2218 415.762.8101 [email protected] [email protected] [email protected] [email protected]

Jeffrey G. Cook Brad E. McCarthy Misha Cvetkovic Principal Principal Vice President 617.896.2252 617.896.2245 415.762.8104 [email protected] [email protected] [email protected]

1 2 24 15+ >70 Firm focused exclusively Offices in Boston and San Professionals focused on Years of experience Transactions completed on enterprise software Francisco the software industry amongst our senior representing billions of bankers dollars in value

Mergers & Acquisitions Private Placements & Capital Raising Corporate Strategy ■ Sell-side and buy-side M&A advisory ■ Late-stage venture, growth equity and buyouts ■ Corporate development advisory ■ Divestitures ■ Recapitalizations ■ Balance sheet and capital structure review ■ Restructuring ■ IPO advisory ■ Fairness opinions

has received an investment from has received an investment from Superior Outcomes has been acquired by has acquired Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with Clients in the U.S. as well as Shea & Company served as the financial Shea & Company served as the financial Shea & Company served as the exclusive Shea & Company served as the exclusive advisor to Clearlake advisor to Perforce and Clearlake Canada, Europe and Israel financial advisor to Magnitude financial advisor to Worksoft

Public Sector & Health Care has merged with has acquired has agreed to be acquired by a portfolio company of has been acquired by has been acquired by has been acquired by

a portfolio company of has merged with a portfolio company of a portfolio company of

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as financial Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Aptean and Vista financial advisor to Superion and Vista advisor to Rogue Wave financial advisor to YourCause financial advisor to Perfecto financial advisor to BC Partners financial advisor to BriefCam Equity Partners Equity Partners

a portfolio company of a portfolio company of a portfolio company of has made an investment in has acquired has received an investment from has been acquired by has received a strategic investment from has been acquired by has been acquired by a portfolio company of

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Doxim and Strattam financial advisor to Sovos Compliance financial advisor to Clearlake Capital financial advisor to EQT financial advisor to Gurobi financial advisor to MRI Software and GI financial advisor to Secure Islands Capital Partners and Vista Equity Partners

M&A Activity Software M&A Summary: 2014 – 1Q 2019 p. 3 Software Acquisitions: 3-Year Trend Analysis p. 4 Publicly Available Software M&A Transaction Data: 1Q 2019 p. 5 Announced Software Acquisitions: 1Q 2019 p. 7 Most Active Software Acquirers: 2014 – 1Q 2019 p. 13

Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices p. 18 Price Performance and Valuation Metrics by Segment p. 19 Equity Trading Multiples by Growth Tranche p. 20 Price Performance and Valuation Metrics of Selected Software Vendors p. 21 Equity Trading Multiples by Segment p. 22 Equity Trading Multiples by Comparable Subset p. 29

Equity Financing Activity Software IPOs: 1Q 2019 p. 33 Software IPO Pricing & Performance Data p. 34 Software IPO Pipeline p. 35 Software Private Capital Raise Activity: 1Q 2019 p. 36

$100 $81.4 NASDAQ $80 $72.6

$56.6 $60 $49.1 $43.4 $44.9 $36.1 $40 $28.4 $26.2 $28.8 $20.7 $21.6 $19.9 $16.7 $17.2 $20 $12.2 $12.4 $11.7 $13.3 $6.0 $9.7 $-

AnnouncedDeal Value ($billions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 2015 2016 2017 2018 2019

Transaction Count by Deal Size > $1bn 4 4 5 3 0 6 4 3 4 5 5 2 10 13 5 7 2 5 5 6 12 12 12 5

$500m - $1bn 5 5 2 3 2 3 7 2 4 5 5 3 6 4 8 3 2 5 3 3 0 4 7 9

$250m - $500m 3 1 4 2 4 4 6 5 4 3 13 5 7 6 3 6 5 10 4 6 4 7 5 7

< $250m 32 33 50 43 66 47 59 38 45 38 51 41 48 35 28 37 43 31 26 44 33 44 41 34

No Reported Value 118 124 117 113 157 154 129 159 130 108 145 170 198 172 146 171 187 178 140 182 156 155 168 206

Total 162 167 178 164 229 214 205 207 187 159 219 221 269 230 190 224 239 229 178 241 205 222 233 261

Notable Transactions: 1Q 2019 ($ millions)

Acquirer

Target

Date 01/14/19 01/21/19 01/22/19 01/22/19 01/28/19 02/04/19 02/11/19 02/12/19 03/11/19 03/22/19

Enterprise Value $1,100 n/a $1,034 $724 $250 $10,867 $732 $3,566 $670 $1,300

EV / LTM Rev 8.8x n/a 6.5x n/a n/a 9.9x 7.0x 7.5x nm n/a

EV / LTM EBITDA 20.0x n/a n/a n/a n/a nm nm nm n/a n/a

Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright ©2019 Shea & Company 3 M&A Activity Software Acquisitions: 3-Year Trend Analysis

By Transaction Size (2017 – 1Q 2019)

$150 180 162 # of Deals $160 Aggregate Deal Value ($ billions) 9.0x Median EV / LTM Rev 8.1x 2017 7.9x 160 $140 8.0x 137 2018 6.4x 140 $120 7.0x 120 6.0x 5.3x 2019 $100 100 5.0x 4.3x $80 3.9x 3.7x 80 4.0x 3.2x 3.1x $60 $42 60 42 3.0x 2.1x 34 $40 1.5x 40 25 2.0x 1.7x 22 19 $18 13 14 9 $20 $8 $10 $9 $9 $9 20 7 5 $3 $7 $3 $6 1.0x 0 $- 0.0x < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value) Deal Value (Enterprise Value) Deal Value (Enterprise Value)

By Target Segment (2017 – 1Q 2019)

$80 14.0x 450 414 # of Deals Aggregate Deal Value ($ billions) Median EV / LTM Rev 395 2017 $71 11.5x 400 $70 $64 12.0x 2018 350 $60 10.0x 300 2019 $50 8.0x 250 $40 200 6.0x 4.9x 5.2x 141 $30 4.2x 4.5x 150 139 130 128 $20 4.0x 3.9x 101 102 107 4.0x 2.9x $20 $16 $14 $11 2.1x 2.3x 100 64 $10 $12 2.3x 1.7x 39 $6 2.0x 1.3x 24 39 35 $10 $4 $5 $4 1.1x 50 13 $2 $1 $1 n/a 0 $- 0.0x Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Applications Management Applications Applications Management Applications Applications Management Applications

Notes: Business Applications includes: Advertising Technology; Communications; ERP & Business Applications; Marketing Applications; Technical & Embedded Applications Information Management includes: Business Intelligence; Content Management Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage Management Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 4 M&A Activity Publicly Available Software M&A Transaction Data: 1Q 2019

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr LTM Current yr Fwd yr

03/25/19 Tax Systems Bowmark Capital - - - $150 ------03/22/19 eFront BlackRock 100% - - $1,300 ------03/19/19 Magnitude Software 3i Group - - - $340 ------03/18/19 AgileCraft Atlassian 93% 7% - $166 ------03/14/19 Stantive Technologies Bridgeline Digital 100% - - $5 ------03/14/19 PIEtech Envestnet 59% 41% - $500 ------03/11/19 NGINX F5 Networks 100% - - $670 25.8x - - - - - 03/10/19 Figure Eight Appen - - - $175 ------03/07/19 Azuqua Okta 100% - - $53 ------03/05/19 Usabilla SurveyMonkey 67% 33% - $80 ------03/05/19 PrescribeWellness Tabula Rasa HealthCare 100% - - $150 5.2x - 4.3x nm - 30.0x 03/04/19 Mist Systems Juniper Networks - - - $405 ------03/02/19 C-Square Info Solutions Reliance Industries 100% - - $3 1.6x - - nm - - 03/01/19 Kforce Government Solutions ManTech International 100% - - $115 1.2x - - - - - 02/26/19 Container Chain WiseTech Global 100% - - $66 6.4x - - - - - 02/21/19 Silversheet AMN Healthcare Services 100% - - $360 ------02/21/19 Attunity QlikTech 100% - $560 $548 6.4x 6.4x 5.2x 40.6x 40.6x 32.9x 02/19/19 Demisto Palo Alto Networks - - - $560 nm - - - - - 02/12/19 Ellie Mae Thoma Bravo 100% - $3,700 $3,566 7.5x 7.4x 7.0x 29.1x 29.1x 26.0x 02/11/19 Determine Corcentric 100% - $32 $34 1.2x - - nm - - 02/11/19 Idology GB Group 100% - - $300 7.9x - - 18.4x - - 02/11/19 Solium Capital Morgan Stanley Private Equity 100% - $828 $732 7.0x - - nm - - 02/07/19 Webroot Software Carbonite 100% - - $619 2.9x - - - - - 02/06/19 SignifAI New Relic 68% 32% - $37 ------02/04/19 Ultimate Software Hellman & Friedman 100% - $11,000 $10,867 9.9x 9.5x 7.9x 38.4x 38.4x 33.5x 02/04/19 Top Image Systems Kofax - - $16 $22 0.8x - - - - - 02/04/19 Innovizant R Systems International - - - $4 1.3x - - - - - 02/04/19 Anova Data Ribbon Communications - 100% - $18 ------02/01/19 Dynacommerce Holding Tech Mahindra 28% - - $18 1.7x - - - - - 02/01/19 PCSYS Tecsys 100% - - $10 0.9x - - 7.3x - - 02/01/19 MicroPact Tyler Technologies 100% - - $185 2.6x - - - - - 01/31/19 CarrierWeb Services I.D. Systems 100% - - $4 ------01/31/19 Catalyst Repository Systems OpenText Corporation 100% - - $75 1.7x - - - - - 01/30/19 LGS Innovations CACI International - - - $750 ------01/28/19 Management Systems Resources Descartes Systems Group 96% 4% - $250 ------01/28/19 HelloSign Dropbox 100% - - $230 ------01/25/19 Telefonica America Movil - - - $648 - - - 9.7x - - 01/24/19 Get BoxSuite ELMO Software - - - $1 14.2x - - - - -

Includes only transactions for which data was publicly available. Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright ©2019 Shea & Company 5 M&A Activity Publicly Available Software M&A Transaction Data: 1Q 2019 continued

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr LTM Current yr Fwd yr

01/23/19 TrendKite Cision 42% 58% - $225 8.9x - - - - - 01/22/19 Prisma Medios de Pago Advent International - - - $724 ------01/22/19 TomTom (telematics assets) Bridgestone 100% - - $1,034 6.5x - - - - - 01/22/19 Keyfactor Insight Venture Partners - - - $77 ------01/22/19 Repay Holdings Thunder Bridge Acquisition 63% 37% - $600 4.6x - 3.8x - - - 01/15/19 The Sage Group (payroll solutions) iSolved HCM 100% - - $94 1.9x - - - - - 01/15/19 AppRiver Zix 100% - - $275 2.8x - - 23.6x - - 01/14/19 Scannell Solutions Ideagen 100% - - $4 3.9x - - - - - 01/14/19 QuickBase Vista Equity Partners - - - $1,100 8.8x - - 20.0x - 16.9x 01/11/19 Axxerion Nemetschek - - - $86 6.2x - - - - - 01/11/19 Planning Next Fifteen Communications Group 86% 14% $8 $4 ------01/10/19 Providigm HealthStream 100% - - $18 ------01/10/19 Imaginatik Planbox 100% - $2 $2 0.4x - - nm - - 01/08/19 Solacom Technologies Comtech Telecommunications - - - $33 ------01/07/19 VaaS International Holdings Motorola Solutions 54% 46% - $445 ------01/03/19 Falcon.io Cision 50% 50% - $126 4.7x - - - - - 01/02/19 Oasis Auto Complete Systems Quorum Information Technologies 83% 17% - $0 0.6x - - - - -

Includes only transactions for which data was publicly available. Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright ©2019 Shea & Company 6 M&A Activity Announced Software Acquisitions: 1Q 2019

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

03/28/19 BizNet Software insightsoftware ERP & Business Applications - Excel reporting and analytics software n/a 03/26/19 Criticall F24 ERP & Business Applications - Inbound and outbound call automation n/a 03/26/19 Entertainment Partners TPG Capital ERP & Business Applications - Production payroll and accounting n/a 03/26/19 Intuo Unit4 ERP & Business Applications - Employee onboarding, training and performance feedback n/a 03/25/19 Tax Systems Bowmark Capital Financial Applications - Tax compliance and reporting $150 03/25/19 NHGateway Constellation HomeBuilder Systems ERP & Business Applications - Web-based real estate listing n/a 03/25/19 UNIT4 Oakley Capital ERP & Business Applications - ERP, HR and financial management for small businesses n/a 03/25/19 PlanSource Vista Equity Partners ERP & Business Applications - Benefit administration and payroll management n/a 03/22/19 eFront BlackRock Financial Applications - Investment portfolio, risk and compliance management $1,300 03/21/19 Stamplay Apple Marketing Applications - Social media data and web analytics n/a 03/21/19 Streamdata.io Axway Software Platforms, Development Tools & Deployment - Web-based back end application development n/a 03/21/19 Sweetspot Data Solutions ClickDimensions Platforms, Development Tools & Deployment - Application development, management and integration n/a 03/20/19 Sentient Technologies Evolv Technology Marketing Applications - Mobile apps design testing and consumer interaction analysis n/a 03/19/19 Magnitude Software 3i Group ERP & Business Applications - Unified application data management $340 03/18/19 AgileCraft Atlassian App. Delivery & Network Acceleration - Software delivery optimization and BI reporting $166 03/18/19 NexDefense Dragos IT Security - Cyber security and system monitoring n/a 03/18/19 Ctrl MUIS Software Financial Applications - Financial data collaboration and reporting n/a 03/18/19 LightYear Dealer Technologies ParkerGale ERP & Business Applications - Dealer inventory management, sales reporting and accounting n/a 03/15/19 NoPassword LogMeIn IT Security - Domain identity authentication and email encryption n/a 03/14/19 Kallidus Apse Capital ERP & Business Applications - Workforce training and performance management n/a 03/14/19 Stantive Technologies Bridgeline Digital Content Management - Salesforce content creation and management $5 03/14/19 Arxspan Bruker Content Management - Scientific and research data collaboration n/a 03/14/19 PIEtech Envestnet Financial planning software - Financial planning software $500 03/14/19 Blue Dot Omnitracs ERP & Business Applications - Fleet routing, driver time monitoring and back office automation n/a 03/13/19 WEBfactory HMS Industrial Networks Technical & Embedded Applications - Production data and industrial systems monitoring n/a 03/13/19 Hotify Sonasoft ERP & Business Applications - Data monitoring, analysis and process automation n/a 03/13/19 ADVIZOR The Pursuant Group Business Intelligence - Data visualization and predictive modeling n/a 03/13/19 Data Management Zucchetti ERP & Business Applications - Budgeting, travel expense management and payroll automation n/a 03/12/19 Outlyer Bitrise IT Operations Management - Open source IT services management and performance monitoring n/a 03/12/19 SIS GFI Informatique ERP & Business Applications - Emergency call management and performance analysis n/a 03/11/19 NGINX F5 Networks Marketing Applications - CRM, customer analytics and marketing automation $670 03/11/19 Green 4 Solutions Gary Jonas Computing App. Delivery & Network Acceleration - Open source web architecture management n/a 03/11/19 Cecile Park Publishing OneTrust Financial Applications - Regulatory compliance implementation and monitoring n/a 03/10/19 Figure Eight Appen ERP & Business Applications - Process manufacturing supplier quality management and compliance $175 03/08/19 EMNS Elemica ERP & Business Applications - Data annotation, labeling and video object tracking n/a 03/08/19 Synoptos Ignite Technologies Marketing Applications - Social media influencer identification and campaign monitoring n/a 03/08/19 Cetus Labs Navis ERP & Business Applications - Vessel planning, cargo tracking and terminal data visualization n/a 03/07/19 Shoffr Affle Holdings Marketing Applications - Online-to-offline marketing and traffic conversion n/a 03/07/19 Inventia CRIF App. Delivery & Network Acceleration - Application, data and workflow integration n/a 03/07/19 Azuqua Okta IT Security - Customer onboarding, document scanning and identity recognition $53 03/07/19 Collabspot SugarCRM Platforms, Development Tools & Deployment - CRM and email data integration n/a 03/07/19 SnappyData TIBCO Business Intelligence - Sales communication platform within Gmail n/a 03/06/19 Clearview Logix Ceridian Corp. Storage Management - Datacenter storage optimization n/a 03/06/19 APTARE Veritas ERP & Business Applications - Outsourced healthcare analytics and software development n/a 03/05/19 Chrome River Certify ERP & Business Applications - Expense reporting and supplier invoice automation n/a 03/05/19 IntaForensics CYBER1 ERP & Business Applications - Forensic case workflow management n/a 03/05/19 Liftupp ExamSoft Worldwide ERP & Business Applications - Student performance assessment and curriculum mapping n/a 03/05/19 Nvoicepay FleetCor ERP & Business Applications - B2B payments and invoice automation n/a 03/05/19 WhiteHat Security NTT Security Platforms, Development Tools & Deployment - Software composition analysis and application testing n/a 03/05/19 Usabilla SurveyMonkey Marketing Applications - Customer feedback analysis $80 Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 7 M&A Activity Announced Software Acquisitions: 1Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

03/05/19 PrescribeWellness Tabula Rasa HealthCare ERP & Business Applications - Pharmacy management software $150 03/05/19 Volcanic The Access Group Platforms, Development Tools & Deployment - Recruitment website development and management n/a 03/04/19 BluVector Comcast IT Security - Machine learning based network threat detection n/a 03/04/19 eSyncTraining CoSo Cloud ERP & Business Applications - E-learning management n/a 03/04/19 indoo.rs Environmental Systems Research Institute Platforms, Development Tools & Deployment - Indoor positioning and navigation SDK n/a 03/04/19 iGov Solutions i3 Verticals ERP & Business Applications - Regulatory license application process automation n/a 03/04/19 Mist Systems Juniper Networks Network Infrastructure - AI-based self-learning wireless network $405 03/04/19 Currency Technologies World First UK ERP & Business Applications - ERP and business intelligence n/a 03/04/19 Golden Hour Data Systems ZOLL Medical Corporation Financial Applications - Foreign exchange risk management n/a 03/02/19 C-Square Info Solutions Reliance Industries ERP & Business Applications - Patient charting and revenue management $3 03/01/19 Kforce Government Solutions ManTech International ERP & Business Applications - Government data management, analytics and corporate performance management $115 03/01/19 Transatel NTT Communications Network Infrastructure - Mobile virtual network enabler and aggregator n/a 03/01/19 ProtectWise Verizon Communications Network Infrastructure - Network security and threat detection n/a 02/28/19 AllSight Informatica Marketing Applications - Customer data analytics, reporting and management n/a 02/27/19 Contactually Compass.com Marketing Applications - Real estate AI-based CRM n/a 02/27/19 Bedrock Data Formstack IT Operations Management - Cloud data integration and API n/a 02/27/19 ClearDB Remote DBA Experts ERP & Business Applications - MySQL DBaaS n/a 02/27/19 Mantica TAS Tecnologia Avanzata dei Sistemi Business Intelligence - Machine learning and data analytics n/a 02/27/19 Trilldata Technologies WalmartLabs Business Intelligence - Machine learning data annotation n/a 02/26/19 Cursor Data DataRobot Business Intelligence - Enterprise data search n/a 02/26/19 Exact Software Kohlberg Kravis Roberts & Co ERP & Business Applications - ERP, SCM, CRM and project management n/a 02/26/19 ZeedSecurity Ricoh Spain IT Security - AI-based network security n/a 02/26/19 Zinc ServiceMax Communications - Mobile communication and information sharing n/a 02/26/19 Container Chain WiseTech Global ERP & Business Applications - Real time container tracker and logistics management $66 02/25/19 Thermopylae Sciences and Technology Hexagon Business Intelligence - Geospatial intelligence n/a 02/25/19 Bear Cloud Software Host Compliance ERP & Business Applications - Real estate rental licensing and compliance n/a 02/25/19 El Pescador Softwares KnowBe4 IT Security - Phishing and security awareness training n/a 02/25/19 Worksoft Marlin Equity Partners Platforms, Development Tools & Deployment - SAP automated functional testing n/a 02/25/19 ConnectWise Thoma Bravo Content Management - Environmental health regulatory content and documentation n/a 02/25/19 SAP (CaaS assets) Verisk Analytics Content Management - Business management suite n/a 02/25/19 Aspectiva Walmart Business Intelligence - AI-based online product review analytics n/a 02/22/19 nCipher Corporation Entrust Datacard IT Security - Data security and compliance hardware security n/a 02/22/19 Euclid Technology Fullsteam Operations Marketing Applications - Association management n/a 02/21/19 Silversheet AMN Healthcare Services Content Management - Energy exploration industry subsurface well and seismic data $360 02/21/19 petroWEB EnergyIQ ERP & Business Applications - Medical credentialing and workforce management n/a 02/21/19 HomeFront Software Hyphen Solutions ERP & Business Applications - Construction ERP and CRM n/a 02/21/19 Shippable Jfrog Platforms, Development Tools & Deployment - Software content delivery n/a 02/21/19 Attunity QlikTech Storage Management - Data integration and warehousing $548 02/21/19 VisBook Standout Capital ERP & Business Applications - Property management n/a 02/20/19 Donseed UK Causeway Technologies ERP & Business Applications - Construction, railway and retail biometric workforce management n/a 02/20/19 Enhanced BDM Causeway Technologies ERP & Business Applications - Construction bidding management n/a 02/20/19 NJW Causeway Technologies ERP & Business Applications - Workplace management data acceleration n/a 02/20/19 Delivery Biz Pro GetSwift ERP & Business Applications - Recurring delivery logistics management n/a 02/20/19 Web Software GetSwift ERP & Business Applications - Automated workforce scheduling n/a 02/20/19 Htrunk Software Solutions Temenos Business Intelligence - Banking data & analytics application development n/a 02/19/19 Alooma Alphabet Storage Management - Extract, transform and load data integration and warehousing n/a 02/19/19 Certona Kibo Software ERP & Business Applications - AI-based virtual driver assistant n/a 02/19/19 Newton Transportation Technologies Nauto Marketing Applications - Omnichannel personalization and content targeting n/a 02/19/19 NSO Group Technologies Novalpina Capital IT Security - Cyber intelligence and mobile device surveillance n/a 02/19/19 Demisto Palo Alto Networks IT Security - Security orchestration, automation and response $560 Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 8 M&A Activity Announced Software Acquisitions: 1Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

02/15/19 Interset Micro Focus International IT Security - Machine learning predictive endpoint security analytics n/a 02/14/19 Cyfe Alpine Investors Marketing Applications - Social media monitoring and marketing analytics n/a 02/14/19 Reputation Loop Alpine Investors Marketing Applications - Online reputation management n/a 02/14/19 Reputology Holdings Alpine Investors Marketing Applications - Online reputation monitoring and management n/a 02/14/19 Social Report Alpine Investors Marketing Applications - Social media marketing automation n/a 02/14/19 DataTiger Apple Platforms, Development Tools & Deployment - Open-source marketing software development n/a 02/14/19 BROWZ Avetta ERP & Business Applications - SRM, logistics and compliance management n/a 02/14/19 ProOpti Enghouse Systems IT Operations Management - Technology optimization management n/a 02/14/19 Assima Partner One Capital ERP & Business Applications - Enterprise software training n/a 02/14/19 Enterworks STG Partners Content Management - Master data management and product information management n/a 02/13/19 Anaqua Astorg Partners IT Operations Management - IT asset and patent management n/a 02/13/19 Happen Business Gary Jonas Computing ERP & Business Applications - ERP and document management n/a 02/13/19 STR Grants GCR ERP & Business Applications - Grants management and disaster recovery services n/a 02/12/19 RazorSync Celero Commerce ERP & Business Applications - Field service, workforce, payroll and invoice management n/a 02/12/19 Netsend Corcentric Communications - Electronic invoicing, billing and document distribution n/a 02/12/19 Madumbo Datadog Platforms, Development Tools & Deployment - AI-based application testing of web products n/a 02/12/19 Digital Ware H.I.G. Capital ERP & Business Applications - Enterprise management, business intelligence and data management n/a 02/12/19 SaveOnResorts.com International Cruise & Excursions Gallery ERP & Business Applications - Travel and hospitality management n/a 02/12/19 Jinfonet Software Logi Analytics Business Intelligence - Java-based data visualization and reporting n/a 02/12/19 Slideworx mTAB Marketing Applications - Market research and customer experience data analytics n/a 02/12/19 Adya Qualys ERP & Business Applications - Manage administration, licensing, auditing and data security n/a 02/12/19 Luminate Security Symantec IT Security - Cloud-based zero trust solutions n/a 02/12/19 Ellie Mae Thoma Bravo Financial Applications - Mortgage loan origination $3,566 02/11/19 Determine Corcentric ERP & Business Applications - Contract and compliance management $34 02/11/19 Idology GB Group IT Security - Digital identity verification and authentication $300 02/11/19 Canvas Talent Jobvite ERP & Business Applications - Text-based recruiting management n/a 02/11/19 RolePoint Jobvite ERP & Business Applications - Diverse industry employee referral n/a 02/11/19 Talemetry Jobvite ERP & Business Applications - Recruiting marketing, talent acquisition and resume parsing n/a 02/11/19 Jobvite K1 Investment Management ERP & Business Applications - Analytics-based recruitment management n/a 02/11/19 Solium Capital Morgan Stanley Private Equity ERP & Business Applications - ESOP plan administration $732 02/11/19 Bwise SAI Global ERP & Business Applications - Governance, risk and compliance management n/a 02/08/19 Lobster International Ecolab ERP & Business Applications - Employee training delivery and administration n/a 02/08/19 GrokStyle Facebook Marketing Applications - AI-enabled image capture and customer analytics n/a 02/07/19 Webroot Software Carbonite IT Security - Cloud-based threat intelligence and mobile security $619 02/07/19 Stacks EBSCO Information Services IT Security - Cybersecurity and threat intelligence n/a 02/07/19 Solutions AGEman EquiSoft Financial Applications - Insurance operation management, financial needs analysis and CRM n/a 02/07/19 OneStream Software Kohlberg Kravis Roberts & Co. ERP & Business Applications - Corporate performance management n/a 02/07/19 CTM Software MRI Software Content Management - Real estate transaction management and digital document storage n/a 02/07/19 in4mo Solera Holdings ERP & Business Applications - Insurance and real estate claims management n/a 02/07/19 Aucerna Thoma Bravo ERP & Business Applications - Oil & gas project management n/a 02/07/19 Civic Tyler Technologies ERP & Business Applications - Citizen engagement mobile application n/a 02/06/19 Indix Corporation Avalara Business Intelligence - Machine learning technology assets n/a 02/06/19 Fleet Trax GPSTrackIt ERP & Business Applications - GPS fleet and truck tracking n/a 02/06/19 Tracking Solutions Corporation GPSTrackIt ERP & Business Applications - Logistics and GPS vehicle tracking and management n/a 02/06/19 SecureAuth HelpSystems IT Security - Identity administration, penetration testing and threat detection n/a 02/06/19 SignifAI New Relic IT Operations Management - Machine learning IT event analytics $37 02/06/19 Qaravan OTC Markets Group Business Intelligence - Banking and finance risk and performance analytics n/a 02/05/19 Infruid Labs Pegasystems Business Intelligence - Big data analytics and data visualization n/a 02/05/19 Lightning Bolt Solutions PerfectServe ERP & Business Applications - AI-enabled physician shift scheduling n/a 02/05/19 AetherPal Vmware ERP & Business Applications - Mobile device support n/a Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 9 M&A Activity Announced Software Acquisitions: 1Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

02/04/19 RSAM ACL Services ERP & Business Applications - Governance, risk and compliance management n/a 02/04/19 Adaffix Calldorado Marketing Applications - Call identifier and place relevant advertising n/a 02/04/19 Ultimate Software Hellman & Friedman ERP & Business Applications - Human capital management $10,867 02/04/19 Top Image Systems Kofax ERP & Business Applications - Human resources, payroll management and workforce management $22 02/04/19 BrightBytes Microsoft Content Management - Education industry data integration and management n/a 02/04/19 MCP Networks Minim App. Delivery & Network Acceleration - Home network performance management n/a 02/04/19 Innovizant R Systems International Communications - Radio Access Network usage analytics monitoring and reporting $4 02/04/19 Anova Data Ribbon Communications IT Security - Remote management anti-virus, anti-spam and firewall monitoring $18 02/01/19 Avast Software Barracuda Networks Business Intelligence - Finance industry data analytics and management service n/a 02/01/19 Dynacommerce Holding Tech Mahindra ERP & Business Applications - Sales and order management $18 02/01/19 PCSYS Tecsys Technical & Embedded Applications - Warehouse and transport management $10 02/01/19 MicroPact Tyler Technologies ERP & Business Applications - Case management and business process management $185 01/31/19 Alluvium Augury Content Management - Case management and business process management n/a 01/31/19 PivotData Broadridge Financial Solutions Financial Applications - Reporting, compliance, portfolio management and data warehousing n/a 01/31/19 Prime Clerk Duff & Phelps ERP & Business Applications - Bankruptcy claim administration n/a 01/31/19 CarrierWeb Services I.D. Systems ERP & Business Applications - Fleet management, shipping and freight analytics $4 01/31/19 Catalyst Repository Systems OpenText Corporation Content Management - Litigation support, compliance, and document management $75 01/30/19 Technicolor AirTies Network Infrastructure - In-home WiFi performance management n/a 01/30/19 LGS Innovations CACI International ERP & Business Applications - Invoice, payroll and document management $750 01/30/19 Ximantix Software Cegedim Group Platforms, Development Tools & Deployment - Software testing services n/a 01/30/19 Singularity Networks Cisco Systems Network Infrastructure - Network data collection, analytics and visualization n/a 01/30/19 Funderful Ruffalo Noel Levitz ERP & Business Applications - Fundraiser engagement and communication management n/a 01/29/19 Transporeon HgCapital ERP & Business Applications - Retail and shipping industry transport and logistics management n/a 01/29/19 Simply Migrate Mimecast Storage Management - Data archiving migration and integration n/a 01/29/19 SOMA Analytics Prenetics ERP & Business Applications - Employee wellness management n/a 01/29/19 BoldLeads.com Propertybase Marketing Applications - Residential real estate marketing automation n/a 01/29/19 DarkBytes Sophos IT Security - Endpoint protection, threat detection and incident response n/a 01/28/19 Intellectual Technology Arlington Capital Partners ERP & Business Applications - Department of motor vehicle management n/a 01/28/19 Satori Software BCC Software Content Management - Postal address verification and direct mailing n/a 01/28/19 Management Systems Resources Descartes Systems Group ERP & Business Applications - Foreign trade compliance $250 01/28/19 HelloSign Dropbox Content Management - E-signature automation, e-fax and document workflow management $230 01/28/19 Griddable.io salesforce.com Storage Management - Data integration and cloud migration n/a 01/28/19 SER Solutions International The Carlyle Group Content Management - Enterprise content management, SAP and systems integration n/a 01/25/19 Telefonica America Movil Financial Applications - Billing automation and invoicing $648 01/25/19 Paid Labs Auction Mobility Platforms, Development Tools & Deployment - Software testing services n/a 01/25/19 SQLstream Guavus Business Intelligence - Big data stream analytics, log and security information management n/a 01/24/19 Mariana Systems Black Mountain Systems Financial Applications - Credit portfolio management, report generation and data warehousing n/a 01/24/19 Get BoxSuite ELMO Software ERP & Business Applications - Workplace rostering and attendance management <$1 01/24/19 Citus Data Microsoft Platforms, Development Tools & Deployment - Open source PostgreSQL database extension n/a 01/24/19 nextSource [H.I.G./Prudenial] nextSource [management] ERP & Business Applications - Workforce management, payroll, compliance and services procurement n/a 01/24/19 Abe AI Yodlee Marketing Applications - Develops financial institution marketing automation software n/a 01/23/19 TrendKite Cision Business Intelligence - AI-based digital PR management and analytics $225 01/22/19 Unbotify Adjust IT Security - AI-enabled biometric bot detection n/a 01/22/19 Prisma Medios de Pago Advent International Marketing Applications - Market research data $724 01/22/19 TomTom (telematics assets) Bridgestone Platforms, Development Tools & Deployment - Software testing services $1,034 01/22/19 Reimagine Holdings Group Dynata ERP & Business Applications - Fleet management and SCM software n/a 01/22/19 Keyfactor Insight Venture Partners IT Security - PKI encryption and identity management $77 01/22/19 Rogue Wave Software Perforce Platforms, Development Tools & Deployment - Cross-platform software development tools and embedded components n/a 01/22/19 CrunchBot QlikTech Platforms, Development Tools & Deployment - C++ application development and software debugging and prototyping n/a 01/22/19 Precognitive ShopRunner IT Security - Machine learning online fraud and account takeover prevention n/a Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 10 M&A Activity Announced Software Acquisitions: 1Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

01/22/19 Lifeyo.com SpotOn Transact Platforms, Development Tools & Deployment - Web development n/a 01/22/19 Repay Holdings Thunder Bridge Acquisition Platforms, Development Tools & Deployment - Vertically-integrated payment solutions $600 01/21/19 Recy Systems AMCS Group ERP & Business Applications - Recycling and waste industry ERP and SCM n/a 01/18/19 Scanmarket Verdane Capital ERP & Business Applications - Procurement, spend analysis, price negotiation and contract management n/a 01/17/19 j5 International Hexagon ERP & Business Applications - Industrial operations management, shift scheduling and reporting n/a 01/17/19 RatchetSoft KnowledgeLake Business Intelligence - Robotic process automation n/a 01/17/19 Image Vision Labs Two Hat Security Content Management - AI-based image and video recognition n/a 01/16/19 Our Freight Guy GlobalTranz Enterprises ERP & Business Applications - Web-based freight brokerage and logistic n/a 01/16/19 Opentree Graitec Innovation Content Management - Enterprise-level document management n/a 01/16/19 SR Solutions Integrate.com Marketing Applications - Account-based marketing and web content customization n/a 01/16/19 Virtual Forge Onapsis IT Security - SAP security SaaS n/a 01/16/19 Accengage Urban Airship Marketing Applications - Mobile customer relationship management n/a 01/15/19 TSO Logic Amazon Web Services Network Infrastructure - Cloud network analysis and performance improvement n/a 01/15/19 Sailthru Campaign Monitor Business Intelligence - Big data analytics and visualization software n/a 01/15/19 Centrifuge Systems Culmen International Marketing Applications - Email marketing and marketing automation n/a 01/15/19 PV Waggle Houghton Mifflin Harcourt ERP & Business Applications - Adaptive learning progressions of student n/a #N/A #N/A #N/A #N/A #N/A 01/15/19 ThoughtTrace Konica Minolta Business Solutions ERP & Business Applications - Workforce compliance, monitoring and reporting n/a 01/15/19 Compli KPA Content Management - AI-based document management n/a 01/15/19 TernPro Smartsheet Content Management - Content project collaboration n/a 01/15/19 List TA Associates ERP & Business Applications - CGR and compliance n/a 01/15/19 AppRiver Zix IT Security - Email security and managed messaging $275 01/14/19 ForceNock Security Check Point Software Technologies Marketing Applications - API data integration for sales, digital marketers and HR recruiters n/a 01/14/19 Grafly Coinbase IT Operations Management - Machine learning web application and API protection n/a 01/14/19 OmniVere Driven Business Intelligence - E-discovery, compliance management, data hosting and legal staffing n/a 01/14/19 Scannell Solutions Ideagen ERP & Business Applications - Quality, health and safety compliance, training and incident management $4 01/14/19 Connect First RingCentral Marketing Applications - CRM, social network management and marketing automation n/a 01/14/19 roundCorner Salesforce.org ERP & Business Applications - Outbound call center user interface and productivity analytics n/a 01/14/19 QuickBase Vista Equity Partners Platforms, Development Tools & Deployment - Application development and online database building $1,100 01/11/19 Axxerion Nemetschek Platforms, Development Tools & Deployment - Low-code application development $86 01/11/19 Planning Next Fifteen Communications Group ERP & Business Applications - Integrated workplace management system and ERP SaaS $4 01/11/19 Wellit Norvestor Equity ERP & Business Applications - Oil and gas logistics management n/a 01/10/19 Influence Health Healthgrades Operating Company Marketing Applications - Healthcare CRM and content management n/a 01/10/19 Providigm HealthStream ERP & Business Applications - Healthcare performance management $18 01/10/19 LiquidFrameworks Luminate Capital Partners ERP & Business Applications - Mobile field service operations, quote-to-cash and field ticket processing n/a 01/10/19 Imaginatik Planbox ERP & Business Applications - Employee engagement, training, enterprise crowdsourcing and idea management $2 01/09/19 Rental History Reports MRI Software Business Intelligence - Tenant screening, reporting and analytics n/a 01/09/19 BOARD International Nordic Capital ERP & Business Applications - Corporate performance management, predictive analytics and reporting n/a 01/09/19 Wepow OutMatch ERP & Business Applications - Job candidate pre-recorded video interview n/a 01/08/19 Data Artisans Alibaba Group Holding Business Intelligence - Open source data stream processing and application management n/a 01/08/19 ORSOFT Alpina Partners ERP & Business Applications - Healthcare SCM, scheduling, logistics and master data management n/a 01/08/19 Dynasty Marketplace AppFolio ERP & Business Applications - AI-based leasing and customer service management n/a 01/08/19 Solacom Technologies Comtech Telecommunications Communications - Public safety emergency call handling and management $33 01/08/19 BrightGauge Software Continuum Managed Services Business Intelligence - Business intelligence reporting for managed service providers n/a 01/08/19 Quovo Plaid Network Infrastructure - Financial application integration n/a 01/08/19 SensioLabs Smile Platforms, Development Tools & Deployment - PHP framework, application development, testing and code check n/a 01/08/19 Avid Secure Sophos IT Security - AI-based cloud security analytics, compliance, governance and DevSecOps n/a 01/08/19 Petrotechnics Sphera Solutions ERP & Business Applications - Hazardous industries operational risk management n/a 01/08/19 Callback Staffing Solutions Vector-Solutions.com ERP & Business Applications - Employee resourcing and human capital management n/a 01/07/19 Janrain Akamai Technologies Marketing Applications - Internet SSO identity and tracking n/a Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 11 M&A Activity Announced Software Acquisitions: 1Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

01/07/19 CloudEndure Amazon Web Services Storage Management - Cloud disaster recovery and cloud migration n/a 01/07/19 EdgeAQ Gladson ERP & Business Applications - Product content network and home improvement configuration n/a 01/07/19 VaaS International Holdings Motorola Solutions Content Management - License plate, vehicle recognition and facial recognition $445 01/07/19 Kaalbi Technologies Radware IT Security - Machine learning-based website, mobile app and API bot mitigation n/a 01/07/19 Synchrony Global Rizing ERP & Business Applications - SAP based payroll, HR management and consulting services n/a 01/04/19 Payer Compass Spectrum Equity Management ERP & Business Applications - Healthcare reimbursement and contract management n/a 01/03/19 Falcon.io Cision Marketing Applications - Social media marketing, analytics, publishing, and customer engagement $126 01/03/19 Avitru Deltek Marketing Applications - Social media marketing and customer data analytics n/a 01/03/19 HealthLine Solutions Medsphere Systems ERP & Business Applications - Construction specification software n/a 01/03/19 E-Risk Services Nationwide Mutual Insurance ERP & Business Applications - Insurance underwriting, rating management, API integration and data management n/a 01/03/19 Magique Galileo Software Sword Group ERP & Business Applications - GRC management n/a 01/02/19 YourCause Blackbaud ERP & Business Applications - Non-profit donation tracking and management n/a 01/02/19 Oasis Auto Complete Systems Quorum Information Technologies ERP & Business Applications - Corporate social responsibility platform <$1 01/02/19 Aspect Software Vector Capital ERP & Business Applications - Customer service management, workforce and employee performance management n/a 01/01/19 Z Option Magnitude Software Financial Applications - SAP-based financial data entry n/a

$70 70 Announced Deal Value [a] Number of Deals $64.0 61 $60 60

$50 50

41 40 $40 $39.0 40

$36.3 Deals# of

31 $31.8 $30 30 27 $26.0 26 Aggregate Deal Value ($ billions)

$20 18 $18.8 20 $16.3 15 $14.4 14 14 13 $11.9 10 $10 10 $7.0

$2.1 $0.7

$- 0

2014 – 1Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Broadcom Corporation Known acquired value (since 2014): $26,030 Cisco Systems (continued) 07/11/18 CA Technologies 100% - $18,900 $18,400 10/13/15 Pawaa Software - - - - Cisco 04/09/18 SourceClear [a] - - - - 09/30/15 Portcullis Computer Security - - - - 09/28/17 Runscope [a] - - - - 07/07/15 MaintenanceNet - - - $139 06/15/17 zIT Consulting [a] - - - - 06/30/15 OpenDNS 100% - - $635 03/07/17 Veracode [a] 100% - - $614 06/03/15 Piston Cloud Computing - - - - Dell 12/28/16 Mobile System 7 [a] - - - - 05/07/15 Tropo - - - - 12/01/16 Automic Software [a] - - - $636 04/01/15 Embrane - - - - 11/02/16 Brocade Communications Systems 100% - $5,500 $5,900 12/10/14 Neohapsis - - - - 09/20/16 BlazeMeter [a] 100% - - - 09/18/14 Memoir Systems - - - - IBM 08/04/15 Xceedium [a] - - - - 09/17/14 Metacloud - - - $149 06/08/15 IdMlogic [a] - - - - 06/27/14 Assemblage - - - - 06/04/15 Grid Tools [a] - - - - 06/17/14 Tail-f Systems - - - $175 05/27/15 Rally Software [a] 100% - - $480 Intel 10/28/14 Identropy (SCUID assets) [a] - - - - Dell Known acquired value (since 2014): $63,978 10/12/15 EMC 73% 27.0% $63,100 $62,778 Cisco Systems Known acquired value (since 2014): $14,351 05/26/15 Virtustream [a] 100% - - $1,200 01/30/19 Singularity Networks - - - - 04/16/15 Cloudlink Technologies [a] - - - - Intuit 12/18/18 Luxtera - - - $660 10/28/14 Maginatics [a] - - - - 11/21/18 Ensoft - - - - 10/28/14 Spanning Cloud Apps [a] - - - - 08/02/18 Duo Security 100% - - $2,350 10/13/14 Cloudscaling [a] - - - - 06/19/18 July Systems - - - - 07/08/14 Symplified (IP assets) [a] - - - - Microsoft 05/01/18 Accompany 100% - - $270 07/08/14 TwinStrata [a] - - - - 01/24/18 Skyport Systems - - - - 05/05/14 DSSD [a] - - - - 12/07/17 47Line Technologies - - - - 03/24/14 StatSoft - - - - 10/23/17 BroadSoft - - $1,737 $1,900 10/19/17 Perspica - - - - IBM Known acquired value (since 2014): $39,019 Oracle 08/21/17 Springpath 100% - - $320 01/11/19 Deutsche Telekom (T-Systems) - - - $986 07/13/17 Observable Networks - - - - 10/28/18 Red Hat 100% - $33,435 $34,026 05/11/17 MindMeld - - - $125 06/15/18 Oniqua - - - - 05/04/17 Saggezza (assets) - - - - 05/03/18 Armanta - - - - Salesforce 05/01/17 Viptela 100% - - $610 10/04/17 Vivant Digital - - - - 01/24/17 AppDynamics - - $3,700 $3,593 09/14/17 Cloudigo - - - - 10/17/16 Heroik Labs - - - - 05/31/17 TIMETOACT GROUP - - - - 08/30/16 ContainerX - - - - 05/02/17 Verizon (assets) - - - - SAP 06/28/16 CloudLock - - - $293 01/23/17 Agile 3 Solutions - - - - 03/08/16 Synata - - - - 11/01/16 Fluid (assets) - - - - 03/02/16 Leaba Semiconductor 100% - - $320 10/27/16 Sanovi Technologies - - - - 03/01/16 CliQr Technologies 100% - - $260 06/01/16 EZ Legacy - - - - Symantec 02/03/16 Jasper Technologies - - - $1,400 03/31/16 Bluewolf - - - $240 11/20/15 Acano 100% - - $700 03/18/16 Optevia - - - - 10/28/15 1 Mainstream - - - - 02/29/16 Resilient Systems - - - - 10/27/15 Lancope 100% - - $453 02/18/16 Truven Health Analytics 100% - - $2,600 VMware 10/26/15 ParStream - - - - 02/03/16 Ecx International - - - -

[a] Acquired by CA Technologies prior to its acquisition by Broadcom; acquired by EMC prior to its acquisition by Dell continued Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 14 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 1Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

IBM (continued) Intel (continued) 02/02/16 Aperto - - - - 06/01/15 Altera 100% - $16,700 $15,817 Cisco 01/28/16 Resource/Ammirati - - - - 03/25/15 Lemoptix - - - - 01/21/16 Ustream 100% - - $130 02/02/15 Lantiq - - - - 01/15/16 IRIS Analytics - - - - 01/20/15 Composyt Light Labs - - - - 12/08/15 Clearleap - - - - 12/01/14 PasswordBox - - - - Dell 11/03/15 Gravitant 100% - - - 09/10/14 Powerwave - - - - 10/28/15 The Weather Company (assets) - - - - 08/13/14 LSI 100% - - $650 10/05/15 Cleversafe - - - - 04/01/14 INSIDE Secure (assets) 100% - - $19 09/28/15 Meteorix 100% - - $120 03/04/14 BASIS Science - - - - IBM 09/24/15 Advanced Application 100% - - $13 09/10/15 StrongLoop - - - - Intuit Known acquired value (since 2014): $700 08/17/15 Appcore (cloud automation assets) - - - - 01/29/18 Applatix - - - - 08/06/15 Merge Healthcare 100% - - $904 12/05/17 TSheets 100% - - $340 Intel 07/23/15 Compose - - - - 10/26/17 Exactor - - - - 06/03/15 Blue Box Group - - - - 10/10/16 MTS Global - - - - 04/13/15 Phytel - - - - 03/24/15 Playbook HR - - - - 04/13/15 Explorys - - - - 02/05/15 Porticor - - - - 03/27/15 Blekko (assets) - - - - 01/21/15 ZeroPaper - - - - Intuit 03/04/15 AlchemyAPI - - - - 12/10/14 Acrede - - - - 08/11/14 Lighthouse Security Group (assets) - - - - 08/13/14 Itrios - - - - 07/31/14 CrossIdeas - - - - 08/07/14 PaySuite - - - - 05/20/14 Cognea - - - - 07/30/14 KDK Softwaress - - - - Microsoft 04/10/14 Silverpop Systems - - - - 05/27/14 Check - - - $360 02/24/14 Cloudant - - - - 05/14/14 Invitco - - - - 05/08/14 Lettuce - - - - Intel Known acquired value (since 2014): $31,786 Oracle 02/18/19 Ineda Systems - - - - Microsoft Known acquired value (since 2014): $36,255 09/10/18 NetSpeed Systems - - - - 02/04/19 BrightBytes - - - - 08/16/18 Vertex.AI - - - - 01/24/19 Citus Data - - - - 07/12/18 eASIC - - - - 11/19/18 FSLogix - - - - Salesforce 03/08/18 TunnelBear [a] - - - - 11/14/18 XOXCO - - - - 03/13/17 Mobileye 100% - $14,700 $15,300 11/12/18 InXile Entertainment - - - - 11/03/16 Voke - - - - 09/13/18 Lobe Artificial Intelligence - - - - 09/05/16 Movidius - - - - 06/20/18 Bonsai AI - - - - SAP 08/10/16 Nervana Systems - - - - 06/04/18 GitHub - 100% - $7,500 05/26/16 Itseez - - - - 04/02/18 Forerunner Software (BI reporting software assets) - - - - 04/05/16 Yogitech - - - - 02/13/18 Chalkup - - - - 03/09/16 Replay Technologies - - - - 01/29/18 PlayFab 100% - - - Symantec 01/04/16 Ascending Technologies - - - - 01/03/18 Avere Systems - - - - 10/26/15 Saffron Technology - - - - 11/06/17 Swing Technologies (assets) - - - - 10/01/15 VIA Telecom (assets) - - - - 10/03/17 AltspaceVR - - - - 08/24/15 Docea Power - - - - 08/15/17 Cycle Computing - - - - VMware 06/16/15 Recon Instruments - - - - 06/29/17 Cloudyn 100% - - $55

[a] Acquired by McAfee following its acquisition by Intel continued Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 15 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 1Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Microsoft (continued) Oracle Known acquired value (since 2014): $16,260 05/24/17 Hexadite - - - - 11/15/18 Talari Networks - - - - Cisco 04/18/17 Intentional Software - - - - 10/22/18 DataFox - - - - 04/10/17 Deis - - - - 10/17/18 goBalto - - - - 01/17/17 Donya Labs - - - - 09/25/18 Iridize - - - - 01/13/17 Maluuba - - - - 05/16/18 Datascience - - - - Dell 11/08/16 Beam Interactive - - - - 04/30/18 Vocado - - - - 08/22/16 Genee - - - - 02/15/18 Zenedge - - - - 06/16/16 Wand Labs - - - - 12/17/17 Aconex 100% - - $1,200 06/13/16 LinkedIn 100% - - $26,200 04/18/17 Moat - - - - IBM 05/03/16 Solair - - - - 04/17/17 Wercker US - - - - 02/24/16 Xamarin - - - - 03/13/17 Webtrends (marketing analytics assets) - - - - 02/09/16 Zikera (Groove assets) - - - - 01/19/17 Apiary - - - - 02/03/16 TouchType - - - - 11/21/16 Dyn - - - - Intel 01/19/16 Teacher Gaming (assets) - - - - 09/18/16 Palerra - - - - 01/13/16 Event Zero (UC Commander assets) - - - - 09/07/16 LogFire - - - - 12/21/15 Talko (assets) - - - - 07/28/16 NetSuite 100% - $9,300 $9,174 12/18/15 Metanautix - - - - 05/02/16 Opower 100% - - $532 11/09/15 Secure Islands Technologies - - - - 04/28/16 Textura 100% - - $663 Intuit 11/05/15 Mobile Data Labs - - - - 04/14/16 Crosswise 100% - - $50 10/02/15 Havok (assets) - - - - 02/22/16 Ravello Systems - - - - 09/29/15 Sensei Project Solutions (assets) - - - - 01/05/16 AddThis 100% - - - 09/28/15 Adxstudio (assets) - - - - 12/18/15 StackEngine - - - - Microsoft 09/12/15 Double Labs - - - - 08/20/15 Maxymiser - - - - 09/08/15 Adallom - - - - 12/22/14 Datalogix - - - - 09/03/15 VoloMetrix - - - - 09/14/14 Front Porch Digital - - - - 08/03/15 Incent Games - - - - 07/31/14 TOA Technologies - - - - Oracle 07/16/15 FieldOne - - - - 06/23/14 MICROS Systems 100% - $5,300 $4,642 06/10/15 BlueStripe Software - - - - 06/20/14 LiveLOOK - - - - 06/02/15 6Wunderkinder GmbH - - - - 05/15/14 GreenBytes - - - - 04/14/15 Datazen Software - - - - 02/24/14 BlueKai - - - - Salesforce 03/26/15 LiveLoop - - - - 01/07/14 Corente - - - - 02/12/15 N-trig - - - - 02/04/15 Sunrise Atelier - - - - Salesforce.com Known acquired value (since 2014): $11,928 01/23/15 Revolution Analytics 100% - - - 01/28/19 Griddable.io - - - - SAP 01/20/15 Equivio - - - - 01/14/19 roundCorner - - - - 12/11/14 Bit Stadium - - - - 10/05/18 Rebel - - - - 12/01/14 Acompli - - - - 07/16/18 Datorama 16% 84% $744 $726 11/13/14 Aorato - - - - 03/20/18 MuleSoft 80% 20% $6,580 $6,500 Symantec 09/15/14 Mojang AB - - - $2,500 01/08/18 Attic Labs - - - - 07/11/14 InMage Systems - - - - 01/24/17 Sequence - - - $26 05/28/14 Capptain - - - - 01/13/17 Unity&Variety - - - - 05/01/14 GreenButton Limited - - - - 12/13/16 Twin Prime - - - - VMware 03/04/14 Junction Solutions (JunctionMCR) - - - - 10/04/16 Krux 50% 50% - $680

continued Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 16 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 1Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Salesforce.com (continued) Symantec (continued) 09/15/16 Gravity Tank - - - - 06/03/17 Watchful Software - - - - Cisco 09/07/16 Heywire - - - - 11/20/16 LifeLock 100% - $2,335 $2,300 08/15/16 BeyondCore - - - $110 06/12/16 Blue Coat Systems 100% - - $4,650 08/01/16 Quip - 100% $410 $410 08/20/15 Blackfin Security Group - - - - 07/21/16 Coolan - - - - 01/12/15 Narus - - - - Dell 06/01/16 Demandware 100% - - $2,800 05/09/16 Implisit - - - - VMware Known acquired value (since 2014): $2,090 04/04/16 MetaMind - - - - 02/05/19 AetherPal - - - - 02/19/16 TappingStone - - - - 11/06/18 Heptio 100% - - $550 IBM 12/23/15 SteelBrick - 100% $360 $300 08/27/18 CloudHealth Technologies - - - - 12/14/15 MinHash - - - - 03/28/18 E8 Security - - - - 09/02/15 AKTA - - - - 02/22/18 CloudVelox (Talent and technology assets) - - - - 06/25/15 Kerensen Consulting SAS 100% - - $24 02/14/18 CloudCoreo - - - - Intel 05/29/15 Tempo.ai - - - - 11/02/17 VeloCloud Networks 100% - - - 04/01/15 Toopher - - - - 05/15/17 Apteligent 100% - - - 07/10/14 RelateIQ - 100% $392 $352 04/12/17 Wavefront - - - - 12/19/16 PLUMgrid - - - - SAP Known acquired value (since 2014): $18,838 06/13/16 Arkin Net - - - - Intuit 11/19/18 Contextor - - - - 10/14/15 Boxer - - - - 11/11/18 Qualtrics 100% - - $8,000 02/03/15 Immidio - - - - 06/05/18 Coresystems - - - - 10/29/14 Continuent (assets) - - - - 01/30/18 CallidusCloud 100% - - $2,400 08/20/14 CloudVolumes - - - - Microsoft 01/22/18 Recast.AI SAS - - - - 08/04/14 Virtual System (cloud migration assets) - - - - 09/24/17 Gigya - - - $325 03/06/14 Third Sky - - - - 12/14/16 Abakus - - - - 01/22/14 AirWatch 76% 24% - $1,540 09/28/16 PLAT.ONE - - - - Oracle 09/27/16 Altiscale - - - - 06/21/16 Fedem Technology - - - - 02/16/16 MeLLmo - - - - 10/13/15 Multiposting - - - - Salesforce 09/18/14 Concur Technologies - - $8,300 $8,113 05/20/14 SeeWhy - - - - 03/26/14 Fieldglass - - - - SAP Symantec Known acquired value (since 2014): $6,989 02/12/19 Luminate Security - - - - 11/05/18 Appthority - - - - 11/05/18 Javelin Networks - - - - Symantec 11/06/17 SurfEasy 100% - - $39 10/25/17 Outlier Security - - - - 07/11/17 Skycure - - - - 07/06/17 Fireglass - - - - VMware

Note: “Known acquired value” includes only transactions for which data was publicly available Copyright ©2019 Shea & Company 17 Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices

125% 350% 300% 3 Year Relative Performance 1 Year Relative Performance 100% 250% NASDAQ 200% Large Cap Software [a] 150% High Growth Software [b] 86% 100% 75% High Profitability Software [c] 50% Small Cap Software [d] 0% 50% -50% -100% Apr-16 Apr-17 Apr-18

25% 36% 29% 24% 0%

-25% -7%

-50%

-75% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High

14x 12.7x 40x 120% CY19E 35.5x 12x 35x 95% 94% 97% 10.0x CY20E 100% 86% 10x 30x 80% 7.3x 25x 8x 6.8x 17.1x 60% 50% 20x 16.2x 15.7x 6x 4.7x 14.2x 4.2x 4.1x 4.2x 15x 10.8x 10.4x 10.2x 9.6x 40% 4x 10x 20% 2x 1.0x 0.9x 5x nm 0x 0x 0% Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Software Software Software Software Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research [a] Large Cap Software includes: MSFT, ORCL, INTC, CSCO, IBM, SAP, HPE [b] High Growth Software includes: CDLX, SMAR, TWLO, PS, ZG, AYX, SHOP, ZS, MDB, NTNX, OKTA, YEXT, ZEN, PLAN, NOW, XRO, VERI, TEAM, NEWR, COUP, EVBG [c] High Profitability Software includes: RMV, VRSN, MSCI, CHKP, AZPN, PRGS, SWI, ORCL, INTC, ANSS, ADBE, SYMC, MSFT, MCRO, AKAM, PAYX, PAYC, JCOM, SSNC, VMW, FFIV, FIS, QLYS, FISV, OTEX, SWX:TEMN, VEEV, UPLD, CSGP, TSX:DSG, INTU, CSCO, CTXS [d] Small Cap Software includes: TISA, TSX:NXJ, MRIN, BOXL, NTWK, SREV, ASUR, VERI, CYRN, DHX, SNCR, AMBR Highly Acquisitive Software includes: DHR, ROP, TSX:CSU, SSNC, OTEX, MCRO, JCOM, EPAY, TSX:DSG, TSX:ENGH, UPLD, ASUR Copyright ©2019 Shea & Company 18 Public Equity Market Valuations Price Performance and Valuation Metrics by Segment

14x 12.7x CY19E CY20E 12x 10.0x Median CY19E Median CY20E 10.0x 10x 9.3x 8.4x 8.5x 7.9x 7.5x 7.7x 7.2x 7.3x 7.3x 8x 6.8x 6.8x 6.9x 6.8x 6.5x 6.6x 6.2x 6.2x 6.2x 5.9x 6.1x 5.9x 5.6x 5.4x 5.3x 5.2x 5.1x 5.0x 6x 4.8x 4.7x 4.3x 4.2x 4.1x 4.2x 3.6x 3.4x 3.3x 4x 3.0x

Median EV / Revenue / EV Median 2x 0.9x 0.8x 1.0x 0.9x

45x 40x 35.5x 32.7x 35x 31.4x 29.3x 27.5x 30x 26.6x 24.6x 24.9x 25.2x 23.0x22.6x 23.3x 25x 22.2x 21.5x 21.6x 21.9x 20.0x 20.2x 18.5x 18.5x 19.2x 18.8x 20x 17.3x 16.5x 17.1x 15.9x 16.1x 15.9x 16.2x 15.7x 14.7x 14.2x 15x 10.6x 10.8x10.4x 10.4x 10.2x 9.8x 9.3x 9.8x 9.6x 10x 8.2x 8.0x Median EV / EBITDAEV Median 5x nm 0x

120%

97% 96% 97% 96% 94% 94% 95% 95% 95% 94% 91% 93% 92% 92% 100% 88% 86% 86% 86% 84% 83% 80% 65%

60% 50%

40%

20%

0% Median % of 52 Week High 52 Week % of Median Comm. Content Tech. HCM Vertical Financial IT Sales & eCommercePlatforms, IT ERP & BI Global App Storage Network High SaaS High Highly Small Cap Mgmt & Apps Apps Security Marketing & Supply Dev Ops. General Diversified Delivery & Mgmt Infra. Growth ProfitabilityAcquisitive Embedded Apps Chain Tools Mgmt Business Network Apps Mgmt & Apps Acceleration Deployment

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 19 Public Equity Market Valuations Equity Trading Multiples by Growth Tranche

Market Valuations of Publicly Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

EV / Revenue EV / EBITDA Revenue Current Year Forward Year Current Year Forward Year 12x > 25% Growth Date Mean Median Mean Median Mean Median Mean Median 10x 15% - 25% < 5% Q1 2019 3.8 x 3.5 x 3.6 x 3.3 x 12.1 x 10.5 x 11.6 x 10.4 x Q4 2018 3.3 3.1 3.2 3.0 13.0 9.7 12.6 9.6 5% - 15% Q3 2018 3.6 3.1 3.5 3.0 13.1 11.0 12.1 10.5 8x < 5% Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5 Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5 6x Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4 Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2 Q2 2017 3.2 3.1 3.1 3.0 11.6 11.0 12.3 10.5 4x Q1 2017 2.9 3.0 2.9 2.9 10.6 10.5 9.9 9.5 Q4 2016 2.8 2.4 2.7 2.4 12.4 10.1 12.0 10.6 Q3 2016 3.0 2.7 2.9 2.6 11.4 9.8 11.4 9.8 2x Q2 2016 2.6 2.2 2.5 2.2 10.5 8.4 9.3 8.6 5% - 15% Q1 2019 5.3 x 4.6 x 4.8 x 4.3 x 21.0 x 20.1 x 18.1 x 17.6 x 0x Q4 2018 4.7 4.2 4.3 3.9 21.3 20.5 19.0 17.9 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 2018 5.5 5.2 5.0 4.8 24.4 24.1 21.6 20.6 Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0 2016 2017 2018 2019 Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4 Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8 Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2 Q2 2017 4.1 3.8 3.7 3.5 17.8 16.3 16.6 14.5 Q1 2017 3.8 3.8 3.5 3.4 17.3 15.7 15.2 14.1 Q4 2016 3.9 3.4 3.5 3.1 17.3 16.7 15.5 14.9 Q3 2016 3.8 3.5 3.5 3.3 17.0 14.9 14.6 13.2 Forward Year Median EV / EBITDA by Growth Tranche Q2 2016 3.5 2.8 3.2 2.6 15.2 14.2 13.9 12.3 15% - 25% Q1 2019 7.6 x 7.6 x 6.3 x 6.3 x 30.7 x 29.9 x 27.0 x 25.5 x Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7 50x Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5 > 25% Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5 15% - 25% Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0 40x Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4 5% - 15% Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3 Q2 2017 5.4 5.6 4.5 4.6 28.6 25.9 22.9 22.1 30x < 5% Q1 2017 4.7 4.8 3.9 4.1 24.8 23.7 20.6 20.1 Q4 2016 4.5 4.5 3.8 3.8 23.5 21.6 19.4 17.5 Q3 2016 4.7 5.2 3.9 4.2 24.7 23.6 19.2 19.3 Q2 2016 4.3 4.0 3.6 3.4 21.2 17.4 18.2 15.6 20x > 25% Q1 2019 11.0 x 12.5 x 9.4 x 10.0 x 46.9 x 46.9 x 35.3 x 35.5 x Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7 Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2 10x Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7 Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 33.7 32.0 Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 29.0 35.6 0x Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 31.7 34.8 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 7.1 7.3 5.5 5.8 28.0 27.8 33.3 34.5 Q1 2017 6.4 6.5 5.0 4.9 39.2 39.2 33.3 34.9 2016 2017 2018 2019 Q4 2016 6.3 6.1 4.9 4.7 25.2 24.2 29.0 20.9 Q3 2016 8.3 8.6 6.4 6.1 28.7 34.9 25.1 27.6 Q2 2016 6.7 6.9 5.0 5.3 35.7 34.0 24.2 26.0

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 20 Public Equity Market Valuations Price Performance and Valuation Metrics of Selected Software Vendors

14x 12.7x 11.9x 11.7x CY19E CY20E 12x

9.9x 9.7x 10.0x Median CY19E Median CY20E 10x 8.1x 7.9x 7.5x 7.5x 7.3x 8x 6.9x 6.8x 6.9x 6.5x 6.3x 6.1x 5.8x 6x 5.0x 4.9x 4.5x 4.0x 3.7x 4.3x 3.6x 3.6x 3.5x 3.5x EV / RevenueEV 4x 3.4x 3.3x

60x CY19E CY20E

47.8x 50x 46.9x 46.4x 46.0x Median CY19E Median CY20E

36.1x 40x 34.9x 34.0x 29.7x 30.1x 26.0x 30x 25.3x 24.7x 25.5x 25.4x 20.7x 21.5x 19.2x 21.7x 20x 17.7x 12.8x 12.0x

EV / EBITDAEV 10.8x 10.4x 9.8x 8.8x 8.0x 10x 7.9x 7.4x 7.5x

nm 0x

120% 100% 98% 96% 96% 96% 99% 100% 95% 93% 93% 93% 87% 85% 86% 81% 79% 80%

60%

40%

% of 52 Week High 20%

0% now wday adbe rht splk crm vmw data panw orcl ctxs akam feye intc symc

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 21 Public Equity Market Valuations Equity Trading Multiples by Segment

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Global Diversified Network Acceleration Microsoft $ 117.94 $ 904,861 $ 862,671 $ 129,963 $ 142,806 10% 6.6x 6.0x $ 55,492 43% $ 63,508 44% 15.5x 13.6x 25.7x 22.4x Intel 53.70 241,489 256,198 71,086 74,050 4% 3.6x 3.5x 32,463 46% 34,396 46% 7.9x 7.4x 11.9x 11.3x Business Intelligence Cisco Systems 53.99 237,665 222,940 52,537 54,478 4% 4.2x 4.1x 18,762 36% 19,482 36% 11.9x 11.4x 16.7x 15.5x Oracle 53.71 183,562 200,421 39,689 40,619 2% 5.0x 4.9x 18,526 47% 19,324 48% 10.8x 10.4x 14.7x 13.8x Communications SAP 115.49 137,852 140,540 30,456 32,834 8% 4.6x 4.3x 10,425 34% 11,571 35% 13.5x 12.1x 21.5x 19.3x IBM 141.10 125,560 159,580 78,210 78,390 0% 2.0x 2.0x 18,627 24% 19,062 24% 8.6x 8.4x 10.1x 10.0x Content Management HP Enterprise 15.43 21,145 29,954 30,875 30,845 0% 1.0x 1.0x 5,220 17% 5,309 17% 5.7x 5.6x 9.5x 8.7x Mean $264,591 $267,472 $61,831 $64,860 4% 3.9x 3.7x $22,788 35% $24,665 36% 10.6x 9.9x 15.7x 14.4x eCommerce & Supply Median 183,562 200,421 52,537 54,478 4% 4.2x 4.1x 18,627 36% 19,324 36% 10.8x 10.4x 14.7x 13.8x Chain Management ERP & General Application Delivery & Network Acceleration Business Applications Citrix Systems $ 99.66 $ 13,128 $ 13,823 $ 3,085 $ 3,226 5% 4.5x 4.3x $ 1,079 35% $ 1,170 36% 12.8x 11.8x 16.6x 15.0x Akamai Technologies 71.71 11,704 11,372 2,842 3,041 7% 4.0x 3.7x 1,165 41% 1,289 42% 9.8x 8.8x 17.4x 15.5x Financial Applications F5 Networks 156.93 9,328 8,196 2,236 2,316 4% 3.7x 3.5x 871 39% 912 39% 9.4x 9.0x 14.7x 13.6x Radware 26.13 1,218 901 255 280 10% 3.5x 3.2x 36 14% 47 17% 25.4x 19.3x 43.6x 31.9x Human Capital A10 Networks 7.09 532 404 239 262 9% 1.7x 1.5x 7 3% 27 10% nm 15.1x nm 33.0x Management Limelight Networks 3.23 369 319 213 242 14% 1.5x 1.3x 33 16% 45 19% 9.6x 7.0x 26.5x 15.3x IT Operations Mean $6,046 $5,836 $1,479 $1,561 8% 3.1x 2.9x $532 25% $581 27% 13.4x 11.9x 23.8x 20.7x Management Median 5,273 4,549 1,246 1,298 8% 3.6x 3.4x 453 25% 479 27% 9.8x 10.4x 17.4x 15.4x IT Security Business Intelligence Network Tableau Software $ 127.28 $ 10,957 $ 9,935 $ 1,367 $ 1,627 19% 7.3x 6.1x $ 216 16% $ 292 18% 46.0x 34.0x 74.4x 58.2x Infrastructure Elastic $ 79.87 $ 5,854 $ 5,547 $ 340 $ 455 34% 16.3x 12.2x $ (73) nm $ (74) nm nm nm nm nm Alteryx 83.87 5,182 5,026 350 461 32% 14.4x 10.9x 45 13% 58 13% nm nm nm nm Platforms, Dev Tools Cloudera 10.94 2,942 2,462 845 1,030 22% 2.9x 2.4x (61) nm 157 15% nm 15.7x nm 55.7x & Deployment Inovalon 12.43 1,897 2,751 633 681 8% 4.3x 4.0x 202 32% 221 32% 13.6x 12.5x 29.9x 24.0x Sales & Marketing Talend 50.57 1,533 1,500 249 305 23% 6.0x 4.9x (19) nm (1) nm nm nm nm nm Applications MicroStrategy 144.25 1,482 906 519 554 7% 1.7x 1.6x 26 5% 56 10% 34.7x 16.0x nm 71.6x Domo 40.33 1,062 982 174 214 23% 5.7x 4.6x (89) nm (53) nm nm nm nm nm Storage Management Attunity 0.00 514 470 106 128 21% 4.4x 3.7x 17 16% n/a n/a 28.2x n/a nm nm Technical & Mean $3,492 $3,287 $509 $606 21% 7.0x 5.6x $29 16% $82 18% 30.6x 19.5x 52.1x 52.4x Embedded Apps Median 1,897 2,462 350 461 22% 5.7x 4.6x 17 16% 57 15% 31.4x 15.9x 52.1x 57.0x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 22 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Communications Network Acceleration RingCentral $ 107.80 $ 8,758 $ 8,558 $ 855 $ 1,055 23% 10.0x 8.1x $ 107 13% $ 141 13% nm nm nm nm Business Intelligence Amdocs 54.11 7,522 7,110 4,105 n/a n/a 1.7x n/a 869 21% n/a n/a 8.2x n/a 12.5x 11.7x Verint Systems 59.86 3,911 4,307 1,368 1,487 9% 3.1x 2.9x 330 24% 379 25% 13.0x 11.4x 16.6x 14.7x Five9 52.83 3,130 3,046 301 353 17% 10.1x 8.6x 50 17% 64 18% nm 47.3x 85.4x 65.5x Communications Everbridge 75.01 2,461 2,450 196 245 25% 12.5x 10.0x 4 2% 12 5% nm nm nm nm Mean $5,156 $5,094 $1,365 $785 19% 7.5x 7.4x $272 15% $149 16% 10.6x 29.3x 38.1x 30.6x Content Management Median 3,911 4,307 855 704 20% 10.0x 8.4x 107 17% 103 16% 10.6x 29.3x 16.6x 14.7x eCommerce & Supply Chain Management Content Management Adobe $ 266.49 $ 130,034 $ 130,944 $ 11,170 $ 13,157 18% 11.7x 10.0x $ 5,029 45% $ 6,101 46% 26.0x 21.5x 34.1x 27.6x ERP & General Business Applications OpenText 38.43 10,297 12,321 2,972 3,025 2% 4.1x 4.1x 1,129 38% 1,187 39% 10.9x 10.4x 13.7x 12.7x DocuSign 51.84 8,808 8,478 914 1,134 24% 9.3x 7.5x 74 8% 135 12% nm nm nm nm Financial Applications Mean $49,713 $50,581 $5,019 $5,772 15% 8.4x 7.2x $2,078 30% $2,474 32% 18.5x 15.9x 23.9x 20.1x Median 10,297 12,321 2,972 3,025 18% 9.3x 7.5x 1,129 38% 1,187 39% 18.5x 15.9x 23.9x 20.1x Human Capital Management eCommerce & Supply Chain Management IT Operations Shopify $ 206.62 $ 22,968 $ 20,989 $ 1,490 $ 1,963 32% 14.1x 10.7x $ 56 4% $ 112 6% nm nm nm nm Management Manhattan Associates 55.11 3,560 3,459 570 588 3% 6.1x 5.9x 130 23% 135 23% 26.7x 25.6x 39.4x 37.8x Descartes Systems 36.35 2,805 2,803 328 361 10% 8.5x 7.8x 118 36% 134 37% 23.7x 21.0x 23.9x 24.4x IT Security SPS Commerce 106.06 1,884 1,705 275 300 9% 6.2x 5.7x 64 23% 74 25% 26.8x 22.9x 50.8x 43.6x American Software 11.95 372 289 115 123 7% 2.5x 2.3x 16 14% 20 16% 18.2x 14.8x 41.2x 33.2x Network Infrastructure Mean $6,318 $5,849 $556 $667 12% 7.5x 6.5x $77 20% $95 21% 23.8x 21.1x 38.8x 34.8x Median 2,805 2,803 328 361 9% 6.2x 5.9x 64 23% 112 23% 25.2x 21.9x 40.3x 35.5x Platforms, Dev Tools & Deployment Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 23 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

IT Security

Network Infrastructure Platforms, Dev Tools & Deployment Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 24 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Financial Applications Network Acceleration Intuit $ 261.41 $ 67,724 $ 66,804 $ 6,904 $ 7,646 11% 9.7x 8.7x $ 2,483 36% $ 2,799 37% 26.9x 23.9x 39.5x 33.1x FIS 113.10 36,546 44,835 8,406 8,725 4% 5.3x 5.1x 3,264 39% 3,481 40% 13.7x 12.9x 15.2x 14.3x Business Intelligence Fiserv 88.28 34,569 40,113 6,183 6,491 5% 6.5x 6.2x 2,375 38% 2,518 39% 16.9x 15.9x 25.6x 22.8x MSCI 198.84 16,835 18,506 1,535 1,677 9% 12.1x 11.0x 834 54% 930 55% 22.2x 19.9x 32.8x 28.4x Communications SS&C Technologies 63.69 16,056 24,145 4,745 4,952 4% 5.1x 4.9x 1,869 39% 2,009 41% 12.9x 12.0x 16.8x 15.1x Jack Henry 138.74 10,707 10,681 1,614 1,729 7% 6.6x 6.2x 541 33% 598 35% 19.8x 17.9x 38.1x 33.3x Content Management Temenos Group 147.45 10,227 10,741 988 1,097 11% 10.9x 9.8x 374 38% 429 39% 28.7x 25.1x 42.8x 36.6x Fair Isaac 271.63 7,897 8,649 1,145 1,230 7% 7.6x 7.0x n/a n/a n/a n/a n/a n/a 37.8x 34.1x eCommerce & Supply Coupa Software 90.98 5,554 5,407 328 411 25% 16.5x 13.1x 19 6% 47 11% nm nm nm nm Chain Management Xero 34.54 4,833 5,072 466 592 27% 10.9x 8.6x 92 20% 140 24% nm 36.2x nm 94.6x Avalara 55.79 3,876 3,733 333 402 21% 11.2x 9.3x (17) nm 9 2% nm nm nm nm ERP & General SimCorp 96.60 3,835 3,782 477 514 8% 7.9x 7.4x 138 29% 149 29% 27.4x 25.4x 38.4x 35.4x Business Applications Envestnet 65.39 3,148 3,318 884 1,018 15% 3.8x 3.3x 179 20% 215 21% 18.5x 15.4x 30.7x 25.7x Financial Applications Q2 Holdings 69.26 3,018 3,024 308 377 23% 9.8x 8.0x 21 7% 40 11% nm nm nm nm BlackLine 46.32 2,549 2,421 278 338 22% 8.7x 7.2x 21 8% 33 10% nm nm nm nm Human Capital Zuora 20.03 2,173 2,011 292 365 25% 6.9x 5.5x (36) nm (13) nm nm nm nm nm Management Bottomline Technologies 50.09 2,041 2,054 436 484 11% 4.7x 4.2x 105 24% 119 25% 19.6x 17.3x 35.6x 29.5x IRESS 9.28 1,596 1,719 353 375 6% 4.9x 4.6x 98 28% 107 28% 17.6x 16.1x 27.0x 24.2x IT Operations Ebix 49.37 1,508 2,131 604 735 22% 3.5x 2.9x 202 34% 240 33% 10.5x 8.9x 11.1x 9.0x Management Asseco Poland 13.53 1,123 1,601 2,466 2,545 3% 0.6x 0.6x 303 12% 303 12% 5.3x 5.3x 13.9x 13.2x Model N 17.54 553 555 143 160 12% 3.9x 3.5x 9 7% 14 9% nm 38.4x nm 63.4x IT Security

Mean $ 11,256 $12,443 $1,852 $1,994 13% 7.5x 6.5x $644 26% $708 26% 18.5x 19.4x 28.9x 32.0x Network Median 3,876 3,782 604 735 11% 6.9x 6.2x 159 28% 182 28% 18.5x 17.3x 31.8x 28.9x Infrastructure

Human Capital Management Platforms, Dev Tools & Deployment Automatic Data Processing $ 159.74 $ 69,587 $ 70,007 $ 14,649 $ 15,695 7% 4.8x 4.5x $ 3,533 24% $ 3,976 25% 19.8x 17.6x 28.4x 24.9x Workday 192.85 42,813 42,239 3,555 4,360 23% 11.9x 9.7x 677 19% 909 21% nm 46.4x nm 87.7x Sales & Marketing Paychex 80.20 28,824 28,945 4,040 4,278 6% 7.2x 6.8x 1,646 41% 1,760 41% 17.6x 16.5x 27.0x 24.8x Applications Paycom Software 189.13 10,809 10,798 712 871 22% 15.2x 12.4x 290 41% 365 42% 37.2x 29.6x 59.8x 47.2x Ceridian HCM 51.30 7,208 7,661 814 919 13% 9.4x 8.3x 185 23% 226 25% 41.4x 33.9x nm 76.2x Storage Management Paylocity 89.19 4,720 4,616 504 604 20% 9.2x 7.6x 145 29% 181 30% 31.8x 25.5x 62.0x 49.8x Pluralsight 31.74 4,318 4,083 312 412 32% 13.1x 9.9x (27) nm 8 2% nm nm nm nm Technical & Cornerstone OnDemand 54.78 3,238 3,184 564 641 14% 5.6x 5.0x 121 21% 161 25% 26.3x 19.8x 56.2x 38.4x Embedded Apps Benefitfocus 49.52 1,587 1,634 305 355 17% 5.4x 4.6x 18 6% 34 9% nm 48.7x nm nm Vertical Applications Mean $19,234 $19,241 $2,828 $3,126 17% 9.1x 7.6x $732 25% $847 24% 29.0x 29.7x 46.7x 49.9x Median 7,208 7,661 712 871 17% 9.2x 7.6x 185 23% 226 25% 29.1x 27.5x 56.2x 47.2x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 25 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & IT Operations Management Network Acceleration VMware $ 180.51 $ 74,089 $ 75,482 $ 10,039 $ 11,022 10% 7.5x 6.8x $ 3,929 39% $ 4,257 39% 19.2x 17.7x 27.7x 24.6x ServiceNow 246.49 44,491 43,655 3,428 4,392 28% 12.7x 9.9x 931 27% 1,252 29% 46.9x 34.9x 79.3x 57.5x Business Intelligence Splunk 124.60 18,699 17,639 2,220 2,698 22% 7.9x 6.5x 369 17% 489 18% 47.8x 36.1x 74.4x 56.1x New Relic 98.70 5,661 5,342 568 713 26% 9.4x 7.5x 82 14% 116 16% nm 46.1x nm 84.1x Communications LogMeIn 80.10 4,072 4,124 1,255 1,320 5% 3.3x 3.1x 409 33% 394 30% 10.1x 10.5x 16.2x 16.3x Netscout Systems 28.07 2,185 2,310 933 963 3% 2.5x 2.4x n/a n/a n/a n/a n/a n/a 17.3x 15.2x Content Management MobileIron 5.47 584 479 211 232 10% 2.3x 2.1x 4 2% 15 6% nm 32.7x nm 76.0x Comarch 48.35 393 389 390 413 6% 1.0x 0.9x 58 15% 62 15% 6.7x 6.3x 17.2x 14.2x eCommerce & Supply Mean $18,772 $18,677 $2,381 $2,719 14% 5.8x 4.9x $826 21% $941 22% 26.1x 26.3x 38.7x 43.0x Chain Management Median 4,866 4,733 1,094 1,141 10% 5.4x 4.8x 369 17% 394 18% 19.2x 32.7x 22.5x 40.4x ERP & General Business Applications IT Security Palo Alto Networks $ 242.88 $ 22,766 $ 21,492 $ 3,121 $ 3,684 18% 6.9x 5.8x $ 842 27% $ 1,036 28% 25.5x 20.7x 42.0x 35.1x Financial Applications Verisign 181.56 21,735 22,251 1,229 1,281 4% 18.1x 17.4x 895 73% 923 72% 24.9x 24.1x 35.1x 33.1x Check Point 126.49 19,759 18,008 1,996 2,061 3% 9.0x 8.7x 1,037 52% 1,091 53% 17.4x 16.5x 20.9x 19.5x Human Capital Symantec 22.99 14,696 17,162 4,911 5,149 5% 3.5x 3.3x 2,148 44% 2,303 45% 8.0x 7.5x 13.5x 12.0x Management Fortinet 83.97 14,328 12,679 2,088 2,366 13% 6.1x 5.4x 546 26% 630 27% 23.2x 20.1x 40.3x 35.6x IT Operations Okta 82.73 9,284 8,992 534 698 31% 16.8x 12.9x (52) nm (17) nm nm nm nm nm Management Zscaler 70.93 8,806 8,466 336 443 32% 25.2x 19.1x 29 9% 52 12% nm nm nm nm Trend Micro 48.64 6,760 5,156 1,531 1,631 7% 3.4x 3.2x 492 32% 529 32% 10.5x 9.8x 25.3x 23.0x IT Security Proofpoint 121.43 6,721 6,489 873 1,056 21% 7.4x 6.1x 132 15% 178 17% 49.0x 36.5x 73.4x 54.0x CyberArk 119.05 4,428 4,001 414 492 19% 9.7x 8.1x 105 25% 131 27% 38.1x 30.6x 59.7x 49.1x Network FireEye 16.79 3,354 3,200 886 952 7% 3.6x 3.4x 126 14% 147 15% 25.4x 21.7x 90.2x 53.8x Infrastructure Qualys 82.74 3,258 2,971 322 375 16% 9.2x 7.9x 124 39% 149 40% 23.9x 20.0x 44.3x 37.7x Platforms, Dev Tools Tenable 31.66 3,006 2,733 342 426 25% 8.0x 6.4x (48) nm (37) nm nm nm nm nm & Deployment Mimecast 47.35 2,861 2,893 398 484 22% 7.3x 6.0x 67 17% 84 17% 43.0x 34.3x nm 78.6x SailPoint 28.72 2,542 2,471 297 352 19% 8.3x 7.0x 34 11% 47 13% nm nm nm 73.5x Sales & Marketing Rapid7 50.61 2,428 2,344 309 375 22% 7.6x 6.2x 10 3% 31 8% nm nm nm nm Applications Sophos 3.92 1,885 2,016 731 821 12% 2.8x 2.5x 141 19% 151 18% 14.3x 13.3x 35.6x 20.5x ForeScout Technologies 41.91 1,866 1,767 370 445 20% 4.8x 4.0x (6) nm 20 5% nm nm nm nm Storage Management Varonis Systems 59.63 1,788 1,629 301 339 13% 5.4x 4.8x 10 3% 18 5% nm nm nm nm Technical & Secureworks 18.40 1,495 1,366 569 620 9% 2.4x 2.2x 4 1% 12 2% nm nm nm nm Embedded Apps Carbon Black 13.95 987 827 243 287 18% 3.4x 2.9x (38) nm (27) nm nm nm nm nm OneSpan 19.22 768 669 234 259 11% 2.9x 2.6x 25 11% 33 13% 27.0x 20.0x 42.0x 31.4x Vertical Applications F-Secure 2.74 433 443 248 269 9% 1.8x 1.6x 17 7% 33 12% 25.5x 13.5x nm 30.6x ZixCorp 6.88 366 339 166 205 24% 2.0x 1.6x 32 19% 49 24% 10.6x 7.0x 21.7x 15.0x Software-as-a-Service Mean $6,513 $6,265 $935 $1,045 16% 7.3x 6.2x $278 22% $315 23% 24.4x 19.7x 41.8x 37.7x Median 3,132 2,932 406 488 17% 6.5x 5.6x 50 18% 68 17% 24.9x 20.0x 40.3x 34.1x Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 26 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Infrastructure Network Acceleration Juniper Networks $ 26.47 $ 9,210 $ 7,838 $ 4,490 $ 4,648 4% 1.7x 1.7x $ 969 22% $ 1,038 22% 8.1x 7.5x 14.9x 13.1x Presidio 14.80 1,222 2,169 2,993 3,083 3% 0.7x 0.7x 240 8% 257 8% 9.1x 8.4x 9.2x 8.5x Business Intelligence Extreme Networks 7.49 875 917 1,034 1,084 5% 0.9x 0.8x 112 11% n/a n/a 8.2x n/a 13.4x 10.0x Mean $3,769 $3,641 $2,839 $2,938 4% 1.1x 1.1x $440 13% $648 15% 8.4x 8.0x 12.5x 10.5x Communications Median 1,222 2,169 2,993 3,083 4% 0.9x 0.8x 240 11% 648 15% 8.2x 8.0x 13.4x 10.0x Content Management Platforms, Development Tools & Deployment Red Hat $ 182.70 $ 32,294 $ 30,419 $ 3,743 $ 4,377 17% 8.1x 6.9x $ 1,023 27% $ 1,203 27% 29.7x 25.3x 45.8x 41.4x eCommerce & Supply Atlassian 112.39 26,918 26,110 1,357 1,708 26% 19.2x 15.3x 343 25% 432 25% nm nm nm 97.3x Chain Management Twilio 129.18 15,964 15,653 1,075 1,426 33% 14.6x 11.0x 45 4% 82 6% nm nm nm nm ERP & General Micro Focus 26.00 10,670 15,013 3,525 3,316 -6% 4.3x 4.5x 1,471 42% 1,500 45% 10.2x 10.0x 11.6x 10.9x Business Applications MongoDB 147.02 7,986 7,737 370 487 32% 20.9x 15.9x (45) nm (26) nm nm nm nm nm Pivotal 20.85 5,547 4,846 803 986 23% 6.0x 4.9x (17) nm 43 4% nm nm nm nm Financial Applications Pegasystems 65.00 5,099 4,891 966 1,080 12% 5.1x 4.5x 55 6% 69 6% nm nm nm 88.4x Appian 34.43 2,212 2,117 261 308 18% 8.1x 6.9x (20) nm (14) nm nm nm nm nm Human Capital Progress Software 44.37 2,003 1,985 423 438 4% 4.7x 4.5x 209 49% 231 53% 9.5x 8.6x 17.7x 16.3x Management Bandwidth 66.96 1,503 1,444 233 276 19% 6.2x 5.2x (10) nm 0 0% nm nm nm nm IT Operations Magic Software 8.36 409 355 314 346 10% 1.1x 1.0x n/a n/a n/a n/a n/a n/a 14.0x 12.4x Management Axway Software 13.56 286 298 321 326 1% 0.9x 0.9x 35 11% 42 13% 8.6x 7.2x 15.0x 13.3x Mean $9,241 $9,239 $1,116 $1,256 16% 8.3x 6.8x $281 23% $324 20% 14.5x 12.8x 20.8x 40.0x IT Security Median 5,323 4,869 613 736 17% 6.1x 5.1x 45 25% 69 13% 9.8x 9.3x 15.0x 16.3x Network Sales & Marketing Applications Infrastructure Hubspot $ 166.21 $ 6,843 $ 6,570 $ 652 $ 805 24% 10.1x 8.2x $ 79 12% $ 113 14% nm nm nm nm Platforms, Dev Tools Teradata 43.65 5,135 4,964 2,038 2,080 2% 2.4x 2.4x 375 18% 445 21% 13.2x 11.2x 29.2x 21.9x & Deployment Yext 21.86 2,388 2,245 299 388 30% 7.5x 5.8x (36) nm (27) nm nm nm nm nm SurveyMonkey 18.21 2,306 2,462 294 347 18% 8.4x 7.1x 52 18% 63 18% 47.5x 38.8x nm nm Sales & Marketing Applications LivePerson 29.02 1,855 1,789 288 343 19% 6.2x 5.2x 11 4% 29 8% nm nm nm nm Cardlytics 16.54 372 379 189 266 40% 2.0x 1.4x (6) nm 16 6% nm 23.8x nm 57.0x Storage Management ChannelAdvisor 12.18 339 295 138 147 7% 2.1x 2.0x 14 10% 18 12% 21.6x 16.6x 49.2x 32.9x Mean $2,748 $2,672 $557 $625 20% 5.5x 4.6x $70 12% $94 13% 27.5x 22.6x 39.2x 37.3x Technical & Median 2,306 2,245 294 347 19% 6.2x 5.2x 14 12% 29 13% 21.6x 20.2x 39.2x 32.9x Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 27 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Storage Management Network Acceleration NetApp $ 69.34 $ 17,125 $ 14,777 $ 6,337 $ 6,573 4% 2.3x 2.2x $ 1,648 26% $ 1,824 28% 9.0x 8.1x 14.4x 13.0x Dropbox 21.80 8,966 8,043 1,639 1,881 15% 4.9x 4.3x 367 22% 463 25% 21.9x 17.4x 54.7x 38.0x Business Intelligence Nutanix 37.74 6,872 6,351 1,372 1,801 31% 4.6x 3.5x (271) nm (108) nm nm nm nm nm Pure Storage 21.79 5,337 4,589 1,767 2,182 23% 2.6x 2.1x 185 10% 273 13% 24.8x 16.8x 59.3x 34.5x Communications CommVault Systems 64.74 2,971 2,513 760 825 8% 3.3x 3.0x 152 20% 200 24% 16.5x 12.6x 29.0x 22.0x Box 19.31 2,787 2,682 702 814 16% 3.8x 3.3x 47 7% 80 10% nm 33.3x nm nm Content Management Carbonite 24.81 853 773 491 579 18% 1.6x 1.3x 131 27% 162 28% 5.9x 4.8x 13.9x 11.5x Mean $6,416 $5,676 $1,867 $2,094 17% 3.3x 2.8x $323 19% $413 21% 15.6x 15.5x 34.3x 23.8x eCommerce & Supply Median 5,337 4,589 1,372 1,801 16% 3.3x 3.0x 152 21% 200 24% 16.5x 14.7x 29.0x 22.0x Chain Management ERP & General Technical & Embedded Applications Business Applications Dassault Systemes $ 148.99 $ 38,568 $ 36,609 $ 4,373 $ 4,762 9% 8.4x 7.7x $ 1,488 34% $ 1,646 35% 24.6x 22.2x 38.5x 34.5x Autodesk 155.82 34,208 35,342 3,283 3,995 22% 10.8x 8.8x 888 27% 1,385 35% 39.8x 25.5x 55.0x 32.6x Financial Applications Cadence Design 63.51 17,858 17,766 2,291 2,436 6% 7.8x 7.3x 789 34% 809 33% 22.5x 21.9x 31.3x 28.9x Synopsys 115.15 17,235 17,191 3,363 3,584 7% 5.1x 4.8x 900 27% 974 27% 19.1x 17.6x 26.6x 23.6x Human Capital ANSYS 182.71 15,306 14,529 1,444 1,593 10% 10.1x 9.1x 655 45% 732 46% 22.2x 19.8x 31.3x 28.0x Management Parametric Technology 92.18 10,935 11,411 1,344 1,552 15% 8.5x 7.4x 390 29% 476 31% 29.2x 24.0x 51.2x 33.1x IT Operations Aspen Technology 104.26 7,261 7,427 558 614 10% 13.3x 12.1x 278 50% 317 52% 26.8x 23.4x 30.4x 27.6x Management Mean $20,196 $20,039 $2,379 $2,648 11% 9.1x 8.2x $770 35% $906 37% 26.3x 22.1x 37.7x 29.8x Median 17,235 17,191 2,291 2,436 10% 8.5x 7.7x 789 34% 809 35% 24.6x 22.2x 31.3x 28.9x IT Security

Vertical Applications Network Danaher $ 132.02 $ 94,486 $ 103,451 $ 20,461 $ 21,476 5% 5.1x 4.8x $ 4,955 24% $ 5,368 25% 20.9x 19.3x 27.6x 25.4x Infrastructure Roper Industries 341.97 35,431 40,008 5,344 5,527 3% 7.5x 7.2x 1,860 35% 1,953 35% 21.5x 20.5x 27.8x 26.4x Platforms, Dev Tools Veeva 126.86 18,576 17,485 1,031 1,219 18% 17.0x 14.3x 384 37% 462 38% 45.5x 37.9x 66.0x 56.7x & Deployment Guidewire Software 97.16 7,910 7,147 772 903 17% 9.3x 7.9x 184 24% 231 26% 38.8x 30.9x 70.5x 59.0x Tyler Technologies 204.40 7,827 7,649 1,090 1,211 11% 7.0x 6.3x 315 29% 355 29% 24.3x 21.5x 38.7x 34.5x Sales & Marketing RealPage 60.69 5,539 5,908 992 1,101 11% 6.0x 5.4x 281 28% 328 30% 21.0x 18.0x 34.6x 29.6x Applications Blackbaud 79.73 3,772 4,128 891 938 5% 4.6x 4.4x 177 20% 193 21% 23.3x 21.4x 36.0x 32.5x Appfolio 79.40 2,692 2,651 252 312 24% 10.5x 8.5x 52 21% 74 24% nm 36.0x 80.5x 57.1x Storage Management Sapiens 15.28 764 779 319 344 8% 2.4x 2.3x 54 17% 60 18% 14.5x 12.9x 22.9x 18.9x Technical & Majesco 7.05 302 302 145 172 19% 2.1x 1.8x 15 10% 21 12% 20.2x 14.3x nm nm Embedded Apps Mean $17,730 $18,951 $3,130 $3,320 12% 7.1x 6.3x $828 25% $904 26% 25.5x 23.3x 45.0x 37.8x Median 6,683 6,528 941 1,019 11% 6.5x 5.8x 233 24% 279 25% 21.5x 20.9x 36.0x 32.5x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 28 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Software-as-a-Service Network Acceleration Salesforce.com $ 158.37 $ 122,103 $ 121,128 $ 16,062 $ 19,209 20% 7.5x 6.3x $ 4,030 25% $ 4,912 26% 30.1x 24.7x 57.3x 45.9x Business Intelligence ServiceNow 246.49 44,491 43,655 3,428 4,392 28% 12.7x 9.9x 931 27% 1,252 29% 46.9x 34.9x 79.3x 57.5x Workday 192.85 42,813 42,239 3,555 4,360 23% 11.9x 9.7x 677 19% 909 21% nm 46.4x nm 87.7x Atlassian 112.39 26,918 26,110 1,357 1,708 26% 19.2x 15.3x 343 25% 432 25% nm nm nm 97.3x Communications Shopify 206.62 22,968 20,989 1,490 1,963 32% 14.1x 10.7x 56 4% 112 6% nm nm nm nm Splunk 124.60 18,699 17,639 2,220 2,698 22% 7.9x 6.5x 369 17% 489 18% 47.8x 36.1x 74.4x 56.1x Content Management Twilio 129.18 15,964 15,653 1,075 1,426 33% 14.6x 11.0x 45 4% 82 6% nm nm nm nm Paycom Software 189.13 10,809 10,798 712 871 22% 15.2x 12.4x 290 41% 365 42% 37.2x 29.6x 59.8x 47.2x eCommerce & Supply Zendesk 85.00 9,211 9,242 803 1,040 30% 11.5x 8.9x 57 7% 103 10% nm nm nm nm Chain Management RingCentral 107.80 8,758 8,558 855 1,055 23% 10.0x 8.1x 107 13% 141 13% nm nm nm nm ERP & General Hubspot 166.21 6,843 6,570 652 805 24% 10.1x 8.2x 79 12% 113 14% nm nm nm nm Business Applications New Relic 98.70 5,661 5,342 568 713 26% 9.4x 7.5x 82 14% 116 16% nm 46.1x nm 84.1x RealPage 60.69 5,539 5,908 992 1,101 11% 6.0x 5.4x 281 28% 328 30% 21.0x 18.0x 34.6x 29.6x Financial Applications Pure Storage 21.79 5,337 4,589 1,767 2,182 23% 2.6x 2.1x 185 10% 273 13% 24.8x 16.8x 59.3x 34.5x Paylocity 89.19 4,720 4,616 504 604 20% 9.2x 7.6x 145 29% 181 30% 31.8x 25.5x 62.0x 49.8x Human Capital Management LogMeIn 80.10 4,072 4,124 1,255 1,320 5% 3.3x 3.1x 409 33% 394 30% 10.1x 10.5x 16.2x 16.3x Cornerstone OnDemand 54.78 3,238 3,184 564 641 14% 5.6x 5.0x 121 21% 161 25% 26.3x 19.8x 56.2x 38.4x IT Operations Envestnet 65.39 3,148 3,318 884 1,018 15% 3.8x 3.3x 179 20% 215 21% 18.5x 15.4x 30.7x 25.7x Management Five9 52.83 3,130 3,046 301 353 17% 10.1x 8.6x 50 17% 64 18% nm 47.3x 85.4x 65.5x Q2 Holdings 69.26 3,018 3,024 308 377 23% 9.8x 8.0x 21 7% 40 11% nm nm nm nm IT Security Mimecast 47.35 2,861 2,893 398 484 22% 7.3x 6.0x 67 17% 84 17% 43.0x 34.3x nm 78.6x Network Box 19.31 2,787 2,682 702 814 16% 3.8x 3.3x 47 7% 80 10% nm 33.3x nm nm Infrastructure Appfolio 79.40 2,692 2,651 252 312 24% 10.5x 8.5x 52 21% 74 24% nm 36.0x 80.5x 57.1x Everbridge 75.01 2,461 2,450 196 245 25% 12.5x 10.0x 4 2% 12 5% nm nm nm nm Platforms, Dev Tools Workiva 50.70 2,246 2,166 284 328 16% 7.6x 6.6x (11) nm (4) nm nm nm nm nm & Deployment SPS Commerce 106.06 1,884 1,705 275 300 9% 6.2x 5.7x 64 23% 74 25% 26.8x 22.9x 50.8x 43.6x Sales & Marketing Varonis Systems 59.63 1,788 1,629 301 339 13% 5.4x 4.8x 10 3% 18 5% nm nm nm nm Applications Benefitfocus 49.52 1,587 1,634 305 355 17% 5.4x 4.6x 18 6% 34 9% nm 48.7x nm nm Talend 50.57 1,533 1,500 249 305 23% 6.0x 4.9x (19) nm (1) nm nm nm nm nm Storage Management ZixCorp 6.88 366 339 166 205 24% 2.0x 1.6x 32 19% 49 24% 10.6x 7.0x 21.7x 15.0x ChannelAdvisor 12.18 339 295 138 147 7% 2.1x 2.0x 14 10% 18 12% 21.6x 16.6x 49.2x 32.9x Technical & Embedded Apps Mean $12,516 $12,248 $1,375 $1,667 20% 8.5x 7.0x $282 17% $359 18% 28.3x 28.5x 54.5x 50.7x Median 4,072 4,124 652 805 22% 7.9x 6.6x 67 17% 112 18% 26.6x 27.5x 57.3x 47.2x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 29 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Highly Acquisitive Human Capital Danaher $ 132.02 $ 94,486 $ 103,451 $ 20,461 $ 21,476 5% 5.1x 4.8x $ 4,955 24% $ 5,368 25% 20.9x 19.3x 27.6x 25.4x Management Roper Industries 341.97 35,431 40,008 5,344 5,527 3% 7.5x 7.2x 1,860 35% 1,953 35% 21.5x 20.5x 27.8x 26.4x IT Operations Constellation Software 847.32 17,956 17,731 3,554 4,067 14% 5.0x 4.4x 942 27% 1,098 27% 18.8x 16.1x 25.6x 21.9x Management SS&C Technologies 63.69 16,056 24,145 4,745 4,952 4% 5.1x 4.9x 1,869 39% 2,009 41% 12.9x 12.0x 16.8x 15.1x OpenText 38.43 10,297 12,321 2,972 3,025 2% 4.1x 4.1x 1,129 38% 1,187 39% 10.9x 10.4x 13.7x 12.7x IT Security Micro Focus 26.00 10,670 15,013 3,525 3,316 -6% 4.3x 4.5x 1,471 42% 1,500 45% 10.2x 10.0x 11.6x 10.9x j2 Global 86.60 4,222 5,026 1,302 1,396 7% 3.9x 3.6x 529 41% 572 41% 9.5x 8.8x 12.7x 11.8x Network Descartes Systems 36.35 2,805 2,803 328 361 10% 8.5x 7.8x 118 36% 134 37% 23.7x 21.0x 23.9x 24.4x Infrastructure Bottomline Technologies 50.09 2,041 2,054 436 484 11% 4.7x 4.2x 105 24% 119 25% 19.6x 17.3x 35.6x 29.5x Platforms, Dev Tools Enghouse Systems 25.39 1,387 1,245 269 303 13% 4.6x 4.1x 83 31% 93 31% 15.0x 13.4x 28.0x 24.2x & Deployment Upland Software 42.36 911 1,174 197 206 5% 6.0x 5.7x 72 37% 78 38% 16.3x 15.0x 20.0x 19.2x Asure Software 6.11 94 191 105 113 8% 1.8x 1.7x 23 22% 26 23% 8.2x 7.4x 9.9x 7.9x Sales & Marketing Applications Mean $1,910 $2,082 $440 $477 9% 4.9x 4.5x $155 32% $170 32% 15.4x 13.8x 21.7x 19.5x Median 1,714 1,650 298 332 9% 4.7x 4.2x 94 33% 106 34% 15.7x 14.2x 22.0x 21.7x Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 30 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 31 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & High Profitability (>=35% CY19E EBITDA Margin) Network Acceleration Rightmove $ 6.64 $ 5,901 $ 5,892 $ 377 $ 405 8% 15.6x 14.5x $ 289 77% $ 311 77% 20.4x 19.0x 25.4x 23.2x Business Intelligence Verisign 181.56 21,735 22,251 1,229 1,281 4% 18.1x 17.4x 895 73% 923 72% 24.9x 24.1x 35.1x 33.1x MSCI 198.84 16,835 18,506 1,535 1,677 9% 12.1x 11.0x 834 54% 930 55% 22.2x 19.9x 32.8x 28.4x Check Point 126.49 19,759 18,008 1,996 2,061 3% 9.0x 8.7x 1,037 52% 1,091 53% 17.4x 16.5x 20.9x 19.5x Communications Aspen Technology 104.26 7,261 7,427 558 614 10% 13.3x 12.1x 278 50% 317 52% 26.8x 23.4x 30.4x 27.6x Progress Software 44.37 2,003 1,985 423 438 4% 4.7x 4.5x 209 49% 231 53% 9.5x 8.6x 17.7x 16.3x Content Management SolarWinds 19.52 6,050 7,591 929 1,034 11% 8.2x 7.3x 451 49% 505 49% 16.8x 15.0x 24.6x 21.3x Oracle 53.71 183,562 200,421 39,689 40,619 2% 5.0x 4.9x 18,526 47% 19,324 48% 10.8x 10.4x 14.7x 13.8x eCommerce & Supply Intel 53.70 241,489 256,198 71,086 74,050 4% 3.6x 3.5x 32,463 46% 34,396 46% 7.9x 7.4x 11.9x 11.3x Chain Management ANSYS 182.71 15,306 14,529 1,444 1,593 10% 10.1x 9.1x 655 45% 732 46% 22.2x 19.8x 31.3x 28.0x ERP & General Adobe 266.49 130,034 130,944 11,170 13,157 18% 11.7x 10.0x 5,029 45% 6,101 46% 26.0x 21.5x 34.1x 27.6x Business Applications Symantec 22.99 14,696 17,162 4,911 5,149 5% 3.5x 3.3x 2,148 44% 2,303 45% 8.0x 7.5x 13.5x 12.0x Microsoft 117.94 904,861 862,671 129,963 142,806 10% 6.6x 6.0x 55,492 43% 63,508 44% 15.5x 13.6x 25.7x 22.4x Financial Applications Micro Focus 26.00 10,670 15,013 3,525 3,316 -6% 4.3x 4.5x 1,471 42% 1,500 45% 10.2x 10.0x 11.6x 10.9x Akamai Technologies 71.71 11,704 11,372 2,842 3,041 7% 4.0x 3.7x 1,165 41% 1,289 42% 9.8x 8.8x 17.4x 15.5x Human Capital Paychex 80.20 28,824 28,945 4,040 4,278 6% 7.2x 6.8x 1,646 41% 1,760 41% 17.6x 16.5x 27.0x 24.8x Management Paycom Software 189.13 10,809 10,798 712 871 22% 15.2x 12.4x 290 41% 365 42% 37.2x 29.6x 59.8x 47.2x IT Operations j2 Global 86.60 4,222 5,026 1,302 1,396 7% 3.9x 3.6x 529 41% 572 41% 9.5x 8.8x 12.7x 11.8x Management SS&C Technologies 63.69 16,056 24,145 4,745 4,952 4% 5.1x 4.9x 1,869 39% 2,009 41% 12.9x 12.0x 16.8x 15.1x VMware 180.51 74,089 75,482 10,039 11,022 10% 7.5x 6.8x 3,929 39% 4,257 39% 19.2x 17.7x 27.7x 24.6x IT Security F5 Networks 156.93 9,328 8,196 2,236 2,316 4% 3.7x 3.5x 871 39% 912 39% 9.4x 9.0x 14.7x 13.6x FIS 113.10 36,546 44,835 8,406 8,725 4% 5.3x 5.1x 3,264 39% 3,481 40% 13.7x 12.9x 15.2x 14.3x Network Qualys 82.74 3,258 2,971 322 375 16% 9.2x 7.9x 124 39% 149 40% 23.9x 20.0x 44.3x 37.7x Infrastructure Fiserv 88.28 34,569 40,113 6,183 6,491 5% 6.5x 6.2x 2,375 38% 2,518 39% 16.9x 15.9x 25.6x 22.8x OpenText 38.43 10,297 12,321 2,972 3,025 2% 4.1x 4.1x 1,129 38% 1,187 39% 10.9x 10.4x 13.7x 12.7x Platforms, Dev Tools & Deployment Temenos Group 147.45 10,227 10,741 988 1,097 11% 10.9x 9.8x 374 38% 429 39% 28.7x 25.1x 42.8x 36.6x Veeva 126.86 18,576 17,485 1,031 1,219 18% 17.0x 14.3x 384 37% 462 38% 45.5x 37.9x 66.0x 56.7x Sales & Marketing Upland Software 42.36 911 1,174 197 206 5% 6.0x 5.7x 72 37% 78 38% 16.3x 15.0x 20.0x 19.2x Applications CoStar 466.42 17,002 15,901 1,380 1,583 15% 11.5x 10.0x 503 36% 597 38% 31.6x 26.7x 46.8x 39.7x Descartes Systems 36.35 2,805 2,803 328 361 10% 8.5x 7.8x 118 36% 134 37% 23.7x 21.0x 23.9x 24.4x Storage Management Intuit 261.41 67,724 66,804 6,904 7,646 11% 9.7x 8.7x 2,483 36% 2,799 37% 26.9x 23.9x 39.5x 33.1x Cisco Systems 53.99 237,665 222,940 52,537 54,478 4% 4.2x 4.1x 18,762 36% 19,482 36% 11.9x 11.4x 16.7x 15.5x Technical & Embedded Apps Mean $ 67,962 $68,145 $11,750 $12,540 8% 8.3x 7.6x $4,990 44% $5,458 45% 18.9x 16.8x 26.9x 23.8x Median 15,681 16,532 2,116 2,188 7% 7.3x 6.8x 966 41% 1,011 42% 17.1x 16.2x 25.0x 22.6x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth Notes: [a] Wall Street consensus estimates High Profitability [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research Copyright ©2019 Shea & Company 32 Equity Financing Activity Software IPOs: Trailing Nine Months

$7,000 $6,050 $5,854 $6,000 $4,975 $5,000 $4,574 $3,876 $4,000 At IPO $3,006 $3,000 At 03/31/19 $2,306 $2,250 $2,132 $2,068 $2,000 $1,587 $1,494

Market Value ($ millions) $1,000

18.0x 16.3x 16.0x 14.9x 14.0x Median at IPO 12.0x 11.2x 10.1x Median at 03/31/19 10.0x 8.8x 8.2x 8.0x 8.4x 8.2x 7.5x 7.8x 8.0x 6.4x

CY EV/Rev 6.0x 4.0x 2.0x 0.0x

IPO Pricing IPO Date 06/14/18 07/26/18 09/25/18 10/04/18 10/11/18 10/18/18 Original Range $19 - $21 $17 - $19 $9 - $11 $26 - $29 $13 - $15 $17 - $19 Pricing $24.00 $23.00 $12.00 $36.00 $17.00 $15.00 vs. Midpoint 20% 28% 20% 31% 21% (17%) Current $55.79 $31.66 $18.21 $79.87 $39.36 $19.52 vs. Pricing 132% 38% 52% 122% 132% 30%

Operating Statistics at IPO ($ millions) CY Revenue $256 $258 $249 $218 $226 $834 CY+1 Revenue $305 $328 $282 $296 $290 $925 Growth 19% 27% 13% 36% 28% 11%

Initial Equity Issuances from 2016 – 1Q 2019 ($ millions)

Current Trading Data Valuation at IPO Share Price Market Enterprise EV / Revenue Performance Share Amount Market Enterprise EV / Revenue Company 3/31/19 Value Value CY19E CY20E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY + 1

SolarWinds $ 19.52 $ 6,050 $ 7,591 8.2x 7.4x 30% 10/18/18 $ 15.00 $ 375 $ 4,574 $ 6,532 8.1x 7.8x 7.1x Anaplan 39.36 4,975 4,653 14.9x 11.5x 132% 10/11/18 17.00 264 2,068 1,981 9.9x 8.8x 6.8x Elastic 79.87 5,854 5,547 16.3x 12.2x 122% 10/04/18 36.00 252 2,250 2,197 11.9x 10.1x 7.4x SurveyMonkey 18.21 2,306 2,462 8.4x 7.1x 52% 09/25/18 12.00 180 1,494 1,860 8.0x 7.5x 6.6x Tenable 31.66 3,006 2,733 8.0x 6.4x 38% 07/26/18 23.00 251 2,132 2,121 9.4x 8.2x 6.5x Avalara 55.79 3,876 3,733 11.2x 9.3x 132% 06/14/18 24.00 180 1,587 1,631 7.2x 6.4x 5.4x Pluralsight 31.74 4,318 4,083 13.1x 9.9x 112% 05/16/18 15.00 311 2,026 2,137 11.9x 9.9x 7.6x Carbon Black 13.95 987 827 3.4x 2.9x -27% 05/03/18 19.00 152 1,273 1,240 7.2x 6.1x 5.0x Ceridian HCM 51.30 7,208 7,661 9.4x 8.3x 133% 04/26/18 22.00 462 3,037 4,095 5.9x 5.6x 5.2x DocuSign 51.84 8,808 8,478 9.3x 7.5x 79% 04/26/18 29.00 629 4,582 4,325 8.3x 6.9x 5.7x Smartsheet 40.79 4,282 4,075 15.9x 11.7x 172% 04/26/18 15.00 175 1,510 1,458 13.1x 9.4x 6.7x Pivotal 20.85 5,547 4,846 6.0x 4.9x 39% 04/20/18 15.00 555 3,838 3,785 7.4x 6.1x 4.9x Zuora 20.03 2,173 2,011 6.9x 5.5x 43% 04/11/18 14.00 154 1,472 1,440 8.6x 6.7x 5.3x Dropbox 21.80 8,966 8,043 4.9x 4.3x 4% 03/22/18 21.00 756 8,550 8,329 7.5x 6.2x 5.4x Zscaler 70.93 8,806 8,466 25.2x 19.1x 343% 03/15/18 16.00 192 1,906 1,835 11.9x 9.0x 6.8x Cardlytics 16.54 372 379 2.0x 1.4x 27% 02/08/18 13.00 70 264 300 2.3x 1.9x 1.3x Boxlight 3.20 34 36 0.8x 0.6x -54% 11/28/17 7.00 7 66 70 2.8x n/a n/a SailPoint 28.72 2,542 2,471 8.3x 7.0x 139% 11/16/17 12.00 240 1,052 1,188 7.3x 6.8x 5.5x SendGrid 1.46 106 373 0.2x 0.1x -91% 03/21/16 15.75 256 683 1,138 0.7x n/a n/a Bandwidth 66.96 1,503 1,444 6.2x 5.2x 235% 11/09/17 20.00 80 364 397 2.5x 2.5x 2.2x ForeScout Technologies 41.91 1,866 1,767 4.8x 4.0x 91% 10/26/17 22.00 116 832 784 3.7x 3.7x 3.1x MongoDB 147.02 7,986 7,737 20.9x 15.9x 513% 10/18/17 24.00 192 1,204 1,112 8.9x 7.6x 5.6x Appian 34.43 2,212 2,117 8.1x 6.9x 187% 05/24/17 12.00 75 716 701 5.2x 4.5x 3.8x Veritone 5.20 102 51 1.0x 0.8x -65% 05/11/17 15.00 38 208 215 21.6x 11.9x 5.6x Cloudera 10.94 2,942 2,462 2.9x 2.4x -27% 04/27/17 15.00 225 1,955 1,720 6.3x 5.1x 4.1x Yext 21.86 2,388 2,245 7.5x 5.8x 99% 04/12/17 11.00 116 958 938 7.6x 5.7x 4.2x Okta 82.73 9,284 8,992 16.8x 12.9x 387% 04/06/17 17.00 187 1,571 1,533 9.5x 6.8x 4.9x Alteryx 83.87 5,182 5,026 14.4x 10.9x 499% 03/23/17 14.00 126 807 755 8.8x 6.4x 4.6x Presidio 14.80 1,222 2,169 0.7x 0.7x 6% 03/09/17 14.00 233 1,276 2,425 0.9x 0.8x 0.8x BlackLine 46.32 2,549 2,421 8.7x 7.2x 172% 10/27/16 17.00 146 861 907 8.1x 7.6x 5.7x Coupa Software 90.98 5,554 5,407 16.5x 13.1x 405% 10/05/16 18.00 133 886 806 7.4x 6.5x 5.1x Nutanix 37.74 6,872 6,351 4.6x 3.5x 136% 09/29/16 16.00 238 2,232 2,120 4.2x n/a 2.1x Everbridge 75.01 2,461 2,450 12.5x 10.0x 525% 09/15/16 12.00 90 337 351 5.2x 4.7x 3.7x Talend 50.57 1,533 1,500 6.0x 4.9x 181% 07/28/16 18.00 95 512 515 5.8x 5.0x 3.8x Mean $3,937 $3,841 8.9x 7.1x $222 $1,738 $1,851 7.5x 6.5x 4.9x Median 2,974 2,602 8.2x 6.9x 184 1,374 1,449 7.5x 6.5x 5.3x

Historical IPO Filing Trends

(11) 13

7 (7) 13 (15) (3) 12 (12)

(3) 6 5 2

2015 IPO New Filings Priced Withdrawn 2016 IPO New Filings Priced Withdrawn 2017 IPO New Filings Priced Withdrawn 2018 IPO New Filings Priced Withdrawn 2019 IPO Backlog Backlog Backlog Backlog Backlog

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market Copyright ©2019 Shea & Company 35 Equity Financing Activity Software Private Capital Raise Activity: 1Q 2019

($ millions)

Close Date Company Participating Investor(s) Description Amount

03/27/19 MineralTree .406 Ventures, Eight Roads, Great Hill Partners Cloud-based accounts payable and payment automation $50 03/27/19 CB4 Octopus Ventures, Pereg Ventures, Sequoia Capital Israel, Sonae IM AI-based brick and mortar retail prescriptive analytics $16 03/27/19 Amenify Real Estate Technology Ventures Multifamily real estate amenity service $3 03/27/19 TVision n/a Real-time TV advertisement performance tracking $3 03/26/19 SentiLink Andreessen Horowitz, Caffeinated Capital, Felicis Ventures, Goldcrest Capital, Max Levchin, Nyca Partners, SciFi VC, StartX Real time fraudulent identity detection $15 03/26/19 Lola.com Accel, Charles River Ventures, General Catalyst, GV, Tenaya Capital Machine learning based travel booking $37 03/26/19 Vlocity Accenture, Bessemer Venture Partners, New York Life Ventures, Salesforce Ventures, Sutter Hill Ventures Industry specific customer experience management $60 03/25/19 CyberX Flint Capital, Glilot Capital Partners, Inven Capital, Norwest Venture Partners, OurCrowd, Qualcomm Ventures Real-time threat and behavioral analytics $18 03/21/19 Attivo Networks Bain Capital Ventures, Energy Impact Partners, ForgePoint Capital, Singtel Innov8 Deception-based threat detection $5 03/21/19 Amify CincyTech, Dundee Venture Capital, Mercury Fund, SaaS Ventures Amazon product listing optimization $6 03/21/19 Guesty Kingfisher Investment Advisors, La Maison, Magma Venture Partners, TLV Partners, Vertex Ventures US, Viola Growth Vacation rental management $35 03/21/19 Evolv Technologies Horizons Ventures Website performance testing automation $10 03/21/19 UiPath n/a Robotic process automation $568 03/21/19 Jitjatjo Morningside Group Mobile based temporary hospitality staffing $11 03/21/19 LogRocket Battery, Matrix Partners Mobile application development and bug fixing $11 03/21/19 FieldPulse Apple Core Holdings, Capria Ventures Mobile CRM, invoicing and billing and admin management $2 03/20/19 Iterable Blue Cloud Ventures, Charles River Ventures, Harmony Partners, Index Ventures, Stereo Capital Omnichannel customized e-mail marketing $50 03/20/19 Workboard Floodgate Fund, GGV Capital, M12, Opus Capital, Workday Ventures Strategy and result management $23 03/19/19 Marketing Evolution Energy Impact Partners, Insight Venture Partners, Zetta Venture Partners Marketing campaigns ROI management $26 03/19/19 Peakon Atomico, Balderton Capital, EQT Ventures, Heartcore Capital, Idinvest Partners, Sunstone Life Science Ventures Employee feedback collection automation and analysis $35 03/19/19 EaseCentral Centana Growth Partners, Compound, Freestyle Capital, Propel Venture Partners, Upside Partnership New hire on-boarding and benefit management $19 03/19/19 Blue Cedar Benhamou Global Ventures, C5 Capital, Generation Ventures, Grayhawk Capital, Sway Ventures Cloud-based application security $17 03/18/19 GO1 Larsen Ventures, M12, Seek, Y Combinator Corporate training content procurement marketplace $30 03/18/19 LeanData Correlation Ventures, Industry Ventures, Sapphire Ventures, Shasta Ventures, Tenaya Capital Online revenue operations platform $28 03/18/19 NS8 Edison Partners, Hanna Ventures, Lytical Ventures, Sorenson Ventures, TDF Ventures Online business fraud detection and protection $26 03/18/19 AmplifAI Capital Factory, LiveOak Venture Partners, Naya Ventures Employee skill development and personalized coaching $4 03/18/19 ThirdEye Labs Episode 1 Ventures, Octopus Ventures, True Retail theft behaviour tracking $3 03/15/19 ArangoDB Bow Capital, Target Partners Open source multi-model database system $10 03/15/19 Mio n/a No-code messaging application integration $4 03/15/19 Cygilant n/a Integrated secutiry and risk management $1 03/14/19 Capital Markets Gateway Franklin Templeton Investments, Shea Ventures, StagedotO Capital market data analytics and workflow management $11 03/14/19 Buoyant A.Capital Ventures, Benchmark Capital, GV Open sourc web and application hosting $10 03/14/19 Percolate Capital IP Investment Partners, GGV Capital, Lightspeed Venture Partners, Sequoia Capital Enterprise content marketing $32 03/14/19 Skedulo Blackbird Ventures, Costanoa Ventures, M12 Field service workforce scheduling and management $27 03/14/19 Alcatraz AI Hardware Club, Hemi Ventures, JCI Ventures, Ray Stata, Ruvento Ventures Facial access point authentication $6 03/14/19 Marqeta n/a API issuer payment processor $250 03/13/19 RiskLimiter Argo Group Food inspection and quality control $4 03/13/19 Xeneta Alden AS, Alliance Venture, Creandum, Investinor, Smedvig Capital Ocean freight pricing intelligence $8 03/13/19 Adthena Updata Partners AI-based brand protection and competitor analysis $14 03/13/19 LaunchDarkly Bessemer Venture Partners, Redpoint Ventures, Threshold Ventures, Uncork Capital, Vertex Ventures US Software development code management $44

($ millions)

Close Date Company Participating Investor(s) Description Amount

03/13/19 Glia Grassy Creek, Insight Venture Partners, Tola Capital, Wildcat Capital Management AI-based omnichannel customer support $20 03/13/19 Cymulate Dell Technologies Capital, Susquehanna Growth Equity, Vertex Ventures Israel Cyber security simulation platform $8 03/13/19 DirectScale n/a Marketing creativity and corporate brand management $4 03/13/19 Teckst n/a CRM integrated text messaging $3 03/13/19 Determined AI Amplify Partners, GV, Haystack, SV Angel Deep learning based model development $11 03/13/19 VANTIQ n/a Application development and deployment $6 03/13/19 Igneous Systems Madrona Venture Group, New Enterprise Associates, Redpoint Ventures, Vulcan Capital, WestRiver Group Cloud backup and storage system $26 03/13/19 Automation Hero Atomico, Baidu Ventures, Cherry Ventures Management Sales lead and process automation $15 03/12/19 Bidtellect n/a Multi format marketing campaign $9 03/12/19 Cloudflare Franklin Templeton Investments DNS attack prevention and data center request routing $150 03/12/19 Impact Tech Providence Equity Partners, Silversmith Capital Partners SaaS-based marketing platform $75 03/12/19 Folloze Cervin Ventures Online content curation and account analytics $7 03/12/19 Whatfix Cisco Investments, Eight Roads, F-Prime Capital Partners, Helion Venture Partners, Stellaris Venture Partners In-app guidance and performance support $13 03/12/19 Voatz n/a Blockchain enabled voting application $6 03/12/19 Sharpen Technologies Allos Ventures, Collina Ventures, Cultivation Capital, Elevate Ventures, F&M Investment Office, Jupiter Peak Capital, Lightchain Omnichannel contact center performance monitoring $15 03/12/19 Admiral Birchmere Ventures, Capitol Broadcasting Company, Florida Gulfshore Capital, Mosley Ventures, New World Angels Adblock detection, measurement and analytics $3 03/11/19 Flexe n/a On-demand warehousing space marketplace $43 03/11/19 Salesfusion n/a Online consumer behavior prediction and marketing automation $1 03/11/19 Vintra Bonfire Ventures, London Venture Partners, Vertex Ventures Visual content mining and marketing spend optimization $5 03/08/19 Kerauno The Joan Hanley Trust API Integration and contact center workflow optimization $25 03/08/19 IgnitionOne n/a Digital marketing and customer engagement platform $5 03/07/19 BetterWorks 8VC, AME Ventures, Correlation Ventures, Emergence Capital, ff Capital, Formation 8, Kleiner Perkins, North Coast Investors, Pear Workforce feedback and performance management $51 03/07/19 ChannelSight ACT Venture Capital, ConnectedCapital, Enterprise Ireland, Nauta Capital Channel budget and sales optimization $10 03/07/19 Transposit SignalFire, Sutter Hill Ventures, Unusual Ventures API composition and application deployment $12 03/07/19 Knock Madrona Venture Group Multifamily property tour scheduling and CRM $10 03/06/19 Trilio Data .406 Ventures Cloud data backup and recovery $8 03/06/19 Brodmann17 AI Alliance, Maniv Mobility, OurCrowd, Samsung NEXT Ventures, Sony Innovation Fund, UL Ventures Artificial visual intelligence platform $11 03/06/19 OpenMartech Elevate Ventures, Indiana University Philanthropic Venture Fund, Innovate Indiana Fund Consumer shopping pattern identification and sales prediction $2 03/05/19 Pantheon Foundry Group, Industry Ventures, Sageview Capital, Scale Venture Partners Cloud-based web hosting and development $40 03/05/19 Zinier Accel, Founders Fund, Newfund, NGP Capital, Qualcomm Ventures Field service workflow automation $22 03/05/19 Wade & Wendy ff Venture Capital, Indicator Ventures, JAZZ Venture Partners, Randstad Innovation Fund Hiring recommendation and chat-driven recruitment platform $8 03/05/19 Rippling Kleiner Perkins Employee onboarding, payroll and information directory $30 03/05/19 Device42 n/a Data center infrastructure and network management $34 03/05/19 Functionize Canvas Ventures, Pascal Tremblay Web application testing automation $15 03/04/19 Ikos Innovation Works Real estate rental data and investment management $3 03/04/19 KnowBe4 Kohlberg Kravis Roberts, Ten Eleven Ventures Simulated phishing and security awareness training $50 03/04/19 Mocana ForgePoint Capital, Shasta Ventures, Sway Ventures Industrial IoT control system threat detection $15 03/04/19 Shift Technology Accel, Bessemer Venture Partners, Elaia Partners, General Catalyst, Iris Capital Insurance claim processing and fraud identification $60 03/04/19 Scytale.io Bain Capital Ventures, Bessemer Venture Partners, TechOperators, Work-Bench Infrastructure identity management and service authentication $5 03/04/19 Jupiter Data Collective, Energize Ventures, Ignition Partners, MS&AD Insurance Group, Nephila Capital, QBE Ventures, SystemiQ Climate change and weather prediction $23

($ millions)

Close Date Company Participating Investor(s) Description Amount

03/04/19 Paradox.Ai n/a Candidate resume screening and interview scheduling $13 03/04/19 Prevedere n/a Consumer behavior and business performance forecasting $6 03/04/19 BookingPal Altabix, Amadeus Ventures, PAR Capital Management, Plug and Play Tech Center, Thayer Ventures, Valor Capital Group Vacation rental marketing and inventory management $12 03/01/19 Smartvid.io Building Ventures Industrial image and video analysis $2 03/01/19 Obo TDF Ventures, Wildcat Venture Partners Product decision system and plan validation $4 02/28/19 P97 Accenture Ventures, FleetCor Technologies Digital marketing and mobile payment for retail fueling industry $20 02/28/19 FirstCut n/a On-demand corporate video production system $2 02/28/19 Odaseva Partech Partners, Salesforce Ventures, Serena Capital Salesforce cloud data management $12 02/28/19 Mirakl 83North, Bain Capital Ventures, Elaia Partners, Felix Capital E-commerce seller onboarding and product management $70 02/28/19 Datical Mercury Fund, River Cities Capital Funds, S3 Ventures Application release process automation $10 02/28/19 Contrast Security Acero Capital, AXA Venture Partners, Battery, General Catalyst, M12, Warburg Pincus Cyber security assessment and application protection $65 02/28/19 Ceros CNF Investments, Greenspring Associates, Greycroft,Grotech Ventures, Sigma Prime Ventures, Silicon Valley Bank, StarVest Digital content creation, project publishing and collaboration $14 02/28/19 Mintigo Glilot Capital Partners, JAL Ventures Predictive lead scoring and prospective buyer identification $7 02/28/19 Socure Cane Partners, Commerce Ventures, Emerald, Flint Capital, Scale Venture Partners, Sorenson Capital, Two Sigma Ventures User identity authentication and fraud risk prediction $30 02/28/19 Medallia n/a Unstructured customer feedback data analysis $70 02/27/19 Obsidian Security Greylock Partners, GV, Wing Venture Partners Data center and cloud infrastructure threat protection $20 02/27/19 Ionic Security Alphabet, GV, Icon Ventures, JPMorgan Chase, Kleiner Perkins, Meritech Capital Partners, TechOperators, Ten Eleven Ventures Access control, IP monitoring and contextual analytics $40 02/27/19 Jobcase Providence Equity Partners Professional profile creation, networking and job sourcing $100 02/27/19 Cequence Security Dell Technologies Capital, Shasta Ventures Web, mobile and API application security threat analysis $17 02/27/19 SpyCloud Altos Ventures, M12, March Capital Partners, Silverton Partners Account breach prevention and account identification $21 02/27/19 Anitian ForgePoint Capital Disaster recovery and business continuity planning $11 02/27/19 Threads Sequoia Capital Idea and feedback sharing platform $11 02/26/19 Ordr Ten Eleven Ventures, Unusual Ventures, Wing Venture Partners IoT security and device behavior analytics $17 02/26/19 Kryon Systems Aquiline Technology Growth, Oak HC/FT, Vertex Ventures Israel Digital transformation and business process automation $40 02/26/19 Cmd Amplify Partners, Expa Labs, GV Server security and enterprise environment protection $15 02/26/19 Botify Idinvest Partners, Ventech Search engine optimization for Googlebot $20 02/26/19 VAST Data 83North, Dell Technologies Capital, Goldman Sachs Private Ventures, Norwest Venture Partners, TPG Capital Tiering based data storage system $40 02/26/19 Stella Cyber Digital Hearts, Northern Light Venture Capital, Valley Capital Partners Critical data system attack prevention $13 02/26/19 Cloud Elements Access Partners, American Express, Grotech Ventures, Harbert Partners, Mercato Partners, Rally Ventures, Upslope Ventures CRM and marketing automation platform integration $25 02/26/19 VNDLY Battery, Bowery Capital, Cintrifuse, EPIC Ventures, Hyde Park Venture Partners Talent sourcing and acquisition and HR workflow automation $12 02/25/19 Zededa Almaz Capital, Barton Capital, Energize Ventures, Lux Capital, Wild West Capital Edge application monitoring and visualization $16 02/25/19 Sideqik Atlanta Technology Angels, Bee Partners, Bonfire Ventures, Fuqua Capital, Jackson Square Ventures, Rincon Venture Partners Brand social campaign impact analysis $5 02/25/19 Funnel Balderton Capital, Industrifonden, Oxx, Zobito Marketing data collection automation $8 02/25/19 TheGuarantors Alven Capital Partners, Global Founders Capital, Partech Partners, Silvertech Ventures, White Star Capital Tenant risk mitigation platform $15 02/25/19 Tulip New Enterprise Associates, Pitango Venture Capital, Vertex Ventures US IoT-enabled app development and production data analysis $18 02/25/19 MixMode n/a Network monitoring, forensic analysis and incident response $2 02/22/19 EnTouch REVTECH Accelerator Smart building and energy intelligence $4 02/21/19 Flexport Cherubic Ventures, DST Global, Founders Fund, SF Express, SoftBank Group, Susa Ventures Inventory management and transportation route optimization $1,000 02/21/19 Beamery Workday Ventures Recruitment CRM and marketing automation $5 02/21/19 Lytics Comcast Ventures, JMI Equity, Rembrandt Venture Partners, Two Sigma Ventures, Voyager Capital Strategic marketing performance optimization $35

($ millions)

Close Date Company Participating Investor(s) Description Amount

02/21/19 Imagen Cambridge Innovation Capital, Downing Ventures, Guinness Asset Management Media asset management and content distribution $8 02/21/19 Stratifyd Arsenal Growth Unstructured data categorization, analysis and visualization $4 02/20/19 Moj.io Amazon Alexa Fund, Assurant Growth, BDC Capital, Deutsche Telekom Partners, Innogy Venture Capital, Iris Capital, T-Mobile Cloud-based connected vehicle platform $31 02/20/19 Rabbet Digitech Venture Capital Fund, FoundersGuild, Goldman Sachs, QED Investors, Temerity Capital Construction lending and lien tracking $8 02/20/19 Armorblox A.Capital Ventures, General Catalyst, Point72 Ventures Cyber attack prevention and automated policy creation $17 02/20/19 ThousandEyes GV, Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures, Tenaya Capital, Thomvest Ventures Network impact analysis and data visualization $50 02/20/19 Splice Machine Accenture Ventures, Allen Miner, Concur Technologies, GreatPoint Ventures, Salesforce Commerce Cloud Big data application deployment $16 02/20/19 RapidAPI Green Bay Ventures Third party API integration $25 02/20/19 K2 Cyber Security Embark Ventures, GreatPoint Ventures Real-time cyber threat detection $6 02/20/19 Opiniion BitWealth Customer review monitoring and analysis $1 02/20/19 Avnos n/a Network firewall and application whitelisting automation $10 02/19/19 Redis Labs Bain Capital Ventures, Dell Technologies Capital, Francisco Partners, Goldman Sachs, Viola Ventures In-memory database provider $60 02/19/19 SendBird August Capital, FundersClub, ICONIQ Capital, Shasta Ventures, Y Combinator Chat and messaging infrastructure integration $52 02/19/19 Nasuni Flybridge Capital Partners, Goldman Sachs, North Bridge Venture Partners, Sigma Partners, Telstra Ventures Cloud storage and file sharing platform $25 02/19/19 Pointivo BIP Capital 3D models and analytics for roofing industry $7 02/19/19 ParkHub Arrowroot Capital, Jerry Jones Parking management software $13 02/19/19 BetterWorks n/a Employee goal measurement and performance management $20 02/19/19 Claro Beta Bayview, G-Bar Ventures, Kline Hill Partners Passive job seeker identification and workforce planning $1 02/14/19 Figma Coatue Management, Founders Fund, Greylock Partners, Index Ventures, Kleiner Perkins, Sequoia Capital Screen design prototyping and collaboration $40 02/14/19 Influitive Comerica Bank, Export Development Canada, Georgian Partners, Relay Ventures Advocacy and engagement marketing platform $10 02/14/19 Drivenets Bessemer Venture Partners, Pitango Venture Capital Software-defined networking operation automation $110 02/13/19 Stae ff Venture Capital Civic data management and collaboration $4 02/13/19 DeepCrawl Beringea Webiste technical issue monitoring and SEO $3 02/13/19 Affinity Advance Venture Partners, Lars Dalgaard, MassMutual Ventures, Pear, Sway Ventures CRM analytics and pipeline automation $27 02/13/19 Elevate Security Costanoa Ventures, Defy Employee behavior testing and security breach prevention $8 02/12/19 ShiftLeft Bain Capital Ventures, Mayfield Fund, SineWave Ventures, Thomvest Ventures Application protection and sensitive data flow automation $20 02/12/19 Mode Analytics Foundation Capital, REV Venture Partners, Tribe Capital, Valor Equity Partners Web-based collaborative data analysis $23 02/12/19 Chainalysis Accel, Benchmark Capital, Sozo Ventures Cryptocurrency transaction compliance and data analysis $30 02/12/19 Second Measure Bessemer Venture Partners, Citi, FundersClub, Goldman Sachs, Haystack, Jefferies, Norwest Venture Partners, Y Combinator Consumer purchasing behavior analytics $20 02/12/19 InfluxData Battery, Harmony Partners, Mayfield Fund, Norwest Venture Partners, Sapphire Ventures, Sorenson Capital, Trinity Ventures IoT time-series database monitoring and analytics $60 02/12/19 Wurk Altitude Investment Management, Arcadian Fund, Phyto Partners, Poseidon Asset Management, Salveo Capital, The ArcView Group Cannabis business workforce scheduling and payroll $11 02/12/19 Microshare Motley Fool Ventures IoT device data filtering and business process automation $5 02/11/19 Unific Rev1 Ventures ERP and marketing automation platform integration $1 02/11/19 Castle F-Prime Capital, First Round Capital, FundersClub, Index Ventures, SparkLabs, UpHonest Capital, Walking Ventures, Y Combinator User account protection and recovery process automation $12 02/11/19 PerimeterX Adams Street Partners, Canaan Partners, Data Collective, Scale Venture Partners, Vertex Ventures Automated cyber attack prevention and predictive security $43 02/11/19 Administrate Archangel Investors, NVM Private Equity, Scottish Enterprise Training operation and education delivery automation $5 02/11/19 C2A Security Israel Cleantech Ventures, Labs/02, Maniv Mobility Vehicle intrusion prevention and cyber attack detection $7 02/11/19 RapidDeploy GreatPoint Ventures, Samsung NEXT Ventures Emergency dispatch and incident management $12 02/11/19 Remine Stripes Group Real estate property record analysis $30 02/11/19 Socrates.Ai n/a Enterprise service request automation $10

($ millions)

Close Date Company Participating Investor(s) Description Amount

02/08/19 Dixa Project A, SEED Capital AI-based multi channel customer service $14 02/08/19 Potloc n/a Web based hyperlocal intelligence $5 02/08/19 Metabase New Enterprise Associates Open source data and trend analysis $13 02/07/19 Acorns Bain Capital Ventures, BlackRock, Comcast Ventures, DST Global, Inside Capital, MSD Capital, NBCUniversal, The Rise Fund Sub-dollar amount investment and portfolio management $180 02/07/19 Kensci Ignition Partners, Mindset Ventures, Osage University Partners, Polaris Partners, UL Ventures Healthcare risk prediction and factor identification $22 02/07/19 Kmesh March Capital Partners Multi cloud data transition $3 02/07/19 Deepomatic Alven Capital Partners, Hi Inov Image-based dataset optimization $6 02/07/19 Gong.io Battery, Cisco Investments, Next World Capital, Norwest Venture Partners, Wing Venture Partners Automated call recording, transcribing and analysis $40 02/07/19 Illumio JP Morgan Asset Management Communication control and server data protection $65 02/07/19 Centage TVC Capital Financial planning and business budgeting $9 02/07/19 Zoovu Beringea, Target Global Digital assistance and conversational marketing $14 02/07/19 Luminance Technologies Invoke Capital, Slaughter and May, Talis Capital Legal document processing and progress tracking $10 02/06/19 RELEX TCV Retail space planning and workforce optimization $200 02/06/19 vArmour AllegisCyber, Citi Ventures, Highland Capital Partners, NightDragon Security, Redline Capital Management, Telstra Ventures Data and critical application protection $44 02/06/19 Crayon Baseline Ventures, Bedrock, BoxGroup, Converge, Oyster Investment Funds Competitor product and pricing analysis $6 02/06/19 Transform Alliance of Angels, Keiretsu Capital, Keiretsu Forum, Wildcat Venture Partners, Wisemont Capital Revenue growth prediction and recommendation $3 02/05/19 Databricks Andreessen Horowitz, Coatue Management, Geodesic Capital, Green Bay Ventures, Microsoft, New Enterprise Associates Application deployment and data and workflow integration $250 02/05/19 Mattermost Redpoint Ventures, S28 Capital, Smith Family Circle, TTV Capital, Y Combinator Open source secure messaging system $20 02/05/19 Blue Hexagon Altimeter Capital, Benchmark Capital Network security, malware detection and attack prevention $31 02/05/19 FourKites August Capital, Bain Capital, Harvard Business School Alumni Angels of Chicago, Hyde Park, Otter Consulting, Slojo Investments Shipment location tracking and arrival prediction $50 02/05/19 Komprise Canaan Partners, Top Tier Capital Partners, Walden International, Western Digital Capital Multi-vendor data storage and analytics $24 02/05/19 Signal Sciences Charles River Ventures, Harrison Metal Capital, Index Ventures, Lead Edge Capital, O'Reilly AlphaTech Ventures Web application attack protection $35 02/05/19 Axonius Bessemer Venture Partners, Emerge, Vertex Ventures Israel, WTI, YL Ventures Device security and information integration $13 02/05/19 TeleStax n/a Communication application deployment $2 02/04/19 productboard Credo Ventures, Index Ventures, Kleiner Perkins, Reflex Capital, Rockaway Capital Product feature planning and feedback sharing $10 02/04/19 2nd Address Amicus Capital, Foundation Capital, GV Furnished apartment booking platform $10 02/01/19 Logical Buildings n/a Building meter, sensor and IoT device moniting $4 02/01/19 SmarterHQ n/a Cross channel marketing automation $2 02/01/19 Webalo n/a Application generation infrastructure $3 01/31/19 Augury Eclipse Ventures, Insight Venture Partners, Lerer Hippeau Ventures, Munich Re/HSB Ventures, Pritzker Group Venture Capital Energy usage monitoring and predictive maintenance $25 01/31/19 GoCo ATX Venture Partners, UpCurve Employee benefit enrollment and document management $7 01/31/19 Zingle Bonfire Ventures, PeakSpan Capital Service ticket creation and automated text message response $11 01/31/19 iCiX n/a Food supply chain compliance and safety $2 01/31/19 Medical Informatics Data Collective, Texas Children's Hospital Remote monitoring and predictive medicine $11 01/31/19 Lumere n/a Patient care, drug selection and device utilization $5 01/30/19 Aporeto Comcast Ventures, National Grid Partners, Telia Company, Wing Venture Partners Cloud application deployment and protection $20 01/30/19 ComplyAdvantage Balderton Capital, Index Ventures Compliance and financial risk process automation $30 01/30/19 Returnly Alma Mundi Ventures, Bonsai Partners, CoVenture, Novel TMT Ventures, TheVentureCity CRM and reverse logistic automation $8 01/30/19 Simplus Cross Creek, EPIC Ventures, Kensington Capital, Salesforce Ventures, Savano Capital, University Growth Fund Salesforce data and workflow integration $27 01/30/19 Zestful Bessemer Venture Partners, Day One Ventures, Kokopelli Capital, Matchstick Ventures, Shrug Capital Employee productivity and engagement $1

($ millions)

Close Date Company Participating Investor(s) Description Amount

01/30/19 Verbit ClalTech, HV Holtzbrinck Ventures, Oryzn Capital, Vertex Ventures, Vintage Investment Partners, Viola Ventures Speech-to-text transcription and captioning $23 01/30/19 Ironclad Accel, Sequoia Capital, Y Combinator Legal workflow and approval automation $23 01/29/19 Timescale Benchmark Capital, Icon Ventures, New Enterprise Associates, Two Sigma Ventures Time-series and machine data analysis and query optimization $27 01/29/19 Medigate Blumberg Capital, US Venture Partners, YL Ventures Medical device identity and threat protection $15 01/29/19 District M Fonds de solidarité FTQ, Investissement Québec Publisher and advertiser marketplace $9 01/29/19 Loansnap Baseline Ventures, Core Innovation Capital, Liquid 2 Ventures, OVO Fund, Thomvest Ventures, Transmedia, True Ventures, Virgin Financial situation analysis and recommendation $5 01/29/19 BipSync Edison Partners, FINTOP Capital Research management and hedge fund compliance $7 01/29/19 Fiix BuildGroup, Georgian Partners Maintenance scheduling and tracking $40 01/29/19 Filevine Peak Ventures, Signal Peak Ventures Legal project management and operational analytics $7 01/29/19 RigUp Bedrock, Founders Fund, Global Reserve Group, Quantum Energy Partners Oil and gas workforce hiring and contractor compliance $60 01/29/19 Salt Sequoia Capital API threat protection and vulnerability identification $10 01/29/19 Cato Networks Aspect Ventures, Greylock Partners, Lightspeed Venture Partners, Singtel Innov8, US Venture Partners Network and cloud security $55 01/29/19 Suzy n/a Brand opinion reward platform $9 01/29/19 Billd LL Funds Construction project financing $60 01/29/19 Liftit IFC, Jaguar Ventures, MercadoLibre Meli Fund, Monashees Capital, NXTP Labs Logistics operations management and service tracking $14 01/28/19 Decision Cloud n/a Future outcome prediction and decision quantification $4 01/28/19 Traxo n/a Travel spend tracking and itinerary data aggregation $2 01/28/19 Featurespace Highland Europe, Insight Venture Partners, Invoke Capital, IP Group, MissionOG, TTV Capital Customer data monitoring and anomaly detection $33 01/28/19 Intelity LLR Partners Hotel back-end operation automation $44 01/28/19 ContentSquare Canaan Partners, Eurazeo, Highland Europe, Holding14 Consumer decision analysis and automatic recommendation $60 01/28/19 NumberAI Costanoa Ventures, Gradient Ventures, Threshold Ventures Customer conversation analysis and automatic text routing $12 01/28/19 ViriCiti Energy Impact Partners, Mainport Innovation Fund II Transport route and operation monitoring and vehicle diagnosis $7 01/28/19 Kite Nat Friedman, Trinity Ventures Python programming code editor $17 01/28/19 Knotch New Enterprise Associates Content performance and impact analysis $20 01/28/19 SIGNiX n/a Document tracking and digital signature $1 01/25/19 Obo TDF Ventures, Wildcat Venture Partners Product decision and plan validation $8 01/25/19 Hive9 LiveOak Venture Partners, Silverton Partners, Trousdale Ventures Marketing activity ROI analysis $2 01/24/19 Disco Bessemer Venture Partners, Comerica Bank, Georgian Partners, LiveOak Venture Partners, The Stephens Group Automatic legal document reviewing $83 01/24/19 7shifts Napier Park Financial Partners, Relay Ventures, Teamworthy Ventures Restaurant employee scheduling and performance evaluation $10 01/24/19 GeoPhy Hearst Ventures, Index Ventures, Inkef Capital Commercial real estate property valuation $33 01/24/19 Jyve Crosscut Ventures, New Enterprise Associates, Ridge Ventures, SignalFire In-store job talent sourcing $35 01/24/19 Kustomer Battery, Boldstart Ventures, Canaan Partners, Cisco Investments, Redpoint Ventures Omnichannel customer support platform $35 01/24/19 FactGem n/a Data integration and analytics $1 01/24/19 PreciseTarget n/a Shopping behavior analysis and personalized recommendation $8 01/24/19 Riivos n/a Business and financial performance analysis and prediction $5 01/23/19 Confluent Benchmark Capital, Index Ventures, Sequoia Capital Event streaming and messaging system $125 01/23/19 Electric AI Bessemer Venture Partners, GGV Capital, Silicon Badia IT assistance and system monitoring $25 01/23/19 Vistex Accel-KKR Pricing, incentive and royalty management $105 01/22/19 conDati n/a Marketing data collection and analysis $2 01/22/19 Beeswax Amasia, Foundry Group, RRE Ventures, You & Mr Jones Brandtech Ventures Programmatic advertisement controling and traffic filtering $15

($ millions)

Close Date Company Participating Investor(s) Description Amount

01/22/19 Keyfactor Insight Venture Partners Identity and access management $77 01/22/19 REX n/a Real estate property identification and rating $45 01/22/19 Nexiot Credit Suisse Entrepreneur Capital, Die Mobiliar, Investiere Fleet usage monitoring and route management $15 01/18/19 AutoGrid ClearSky, Clearvision, Energy Impact Partners, Envision Energy, Foundation Capital, National Grid Partners, Shell, Tenaska Capital Energy storage and distribution management $32 01/18/19 Zipwhip Goldman Sachs, M12, OpenView Venture Partners, Voyager Capital Carrier-grade text messaging $52 01/18/19 States Title n/a Title insurance policy underwriting $240 01/17/19 Alation Costanoa Ventures, Data Collective, Harmony Partners, Icon Ventures, Salesforce Ventures, Sapphire Ventures Automatic information capturing and data indexing $50 01/17/19 Alluxio Andreessen Horowitz, Seven Seas Partners Open-source virtual distributed file system $9 01/17/19 Limelight Health Aflac Ventures, AXA Venture Partners, Launchpad Digital Health, MassMutual, Principal Financial Group, Transamerica Ventures Insurance underwriting and pre-sales processing automation $34 01/17/19 Innovu n/a Business and population risk mitigation $4 01/17/19 Motista n/a Customer emotion prediction and customer identification $3 01/17/19 ScaleFactor Bessemer Venture Partners, Broadhaven Capital Partners, Canaan Partners, Firebrand Ventures Financial transaction and bookkeeping automation $30 01/16/19 RADAR Align Ventures, Colle Capital Partners, Startupbootcamp Physical store checkout technology $13 01/16/19 Aduro ABRY Partners Employee wellness, goal setting and progress monitoring $22 01/16/19 Veeam Canada Pension Plan Investment Board, Insight Venture Partners Multi-cloud data backup and workload management $500 01/16/19 Infor Global Solutions Golden Gate Capital, Kayne Anderson Capital Advisors, Koch Equity Development ERP and business process management $1,500 01/16/19 HyperScience Battery, Felicis, FirstMark Capital, Flatiron, Global Founders Capital, QBE Ventures, Spins, Stripes Group, TD Ameritrade, Upwork Document processing automation and reconciliation $30 01/16/19 Tessian Accel, Balderton Capital, LocalGlobe, Sequoia Capital Email data security and threat protection $42 01/15/19 Cargo Chief BootstrapLabs, Plug and Play Tech Center Trucking demand and supply matching platform $3 01/15/19 Avora Albion Capital, Crane Ventures Partners Data consolidation and automatic anomaly and trend detection $7 01/15/19 Sonrai Security New Brunswick Innovation Foundation, Polaris Partners, Ten Eleven Ventures Cloud data security and compliance $19 01/15/19 Rubrik Bain Capital Ventures, Greylock Partners, IVP, Khosla Ventures, Lightspeed Venture Partners Cloud data management, backup and workflow automation $261 01/15/19 Bringg Aleph, Cambridge Capital, Coca-Cola Ventures, Ituran Location & Control, Next47, O.G. Tech Ventures, Pereg Ventures, Salesforce Last mile delivery tracking and performance reporting $25 01/15/19 Orchestrated Radian Capital Beverage manufacturing production management $14 01/15/19 Contabilizei e.Bricks Ventures, Endeavor Global, FinTech Collective, International Finance Corporation, Point72, Quadrant, Quona Capital Tax reporting and accounting automation $20 01/15/19 FaceMe Alium Capital Management, Beachhead Capital, Richard Socher AI-based digital human platform $10 01/14/19 Authenteq Capital 300, Draper Associates, Pioneers Ventures Digital transaction identity verification $5 01/14/19 Immersive Labs Goldman Sachs Cyber skill development and assessment $7 01/12/19 Appvance.ai n/a AI-based application testing automation $5 01/11/19 FreightVerify GM Ventures, MadDog Ventures Supply chain predictive intelligence and location optimization $10 01/10/19 Mutualink n/a Emergency response communication routing $72 01/10/19 Instamojo AnyPay, Beenext, Gunosy, Kalaari Capital Digital item marketplace and sales tracking $10 01/10/19 Polyverse n/a Cyber attack protection and moving-target defense $4 01/10/19 OneLogin Charles River Ventures, Greenspring Associates, Scale Venture Partners, Silver Lake Management High risk login attempt detection and access management $100 01/10/19 Piano Updata Partners Digital content monetization and data control $22 01/09/19 Enmotus n/a Storage virtualization and application performance optimization $2 01/09/19 Vena Centana Growth Partners, JMI Equity Excel based reporting and analytics $115 01/09/19 TalentSoft Bpifrance, Francisco Partners, Tempo Capital Partners, Goldman Sachs Talent identification, recruitment, evaluation and development $50 01/09/19 GAN Integrity Aquiline Technology Growth, Edison Partners Compliance training, policy and case management $15 01/09/19 TaxJar Insight Venture Partners Sales tax returns filing and reporting $60

($ millions)

Close Date Company Participating Investor(s) Description Amount

01/09/19 TrackTik Caisse de dépôt et placement du Québec, Georgian Partners, Resilience Equity Partners Security guard operations management and incident reporting $20 01/09/19 Zapata Computing n/a Quantum computing $5 01/09/19 CompStak n/a Commercial lease comp analysis $18 01/09/19 LitiGate Brighteye Ventures, Rhodium, Shibolet & Company, TheTime Legal research and argument assessment automation $2 01/08/19 Managed by Q Array Ventures, Blisce, DivcoWest, Eastward Capital Partners, GV, Hemisphere Ventures, Oxford Properties Group, RRE Ventures Office management platform $59 01/08/19 Demand Driven Technologies n/a Inventory and production planning $2 01/08/19 Smartology Committed Capital Financial Services Machine learning advertisement content matching platform $4 01/08/19 Onit K1 Investment Management Legal process automation $200 01/07/19 Bowery Builders VC, Camber Creek, Corigin Ventures, Fika Ventures, Navitas Capital Commercial real estate appraisal platform $13 01/07/19 Innovid Goldman Sachs Video advertising platform $30 01/07/19 EmployStream n/a New hire onboarding automation $2 01/07/19 Grabango Abstract Ventures, Comet Labs, Commerce Ventures, Propel Ventures, Ridge Ventures, UpHonest Capital, Vela Partners, Visary Automated store checkout and processing $18 01/07/19 gradient A.I. MassMutual Ventures Insurance pricing and underwriting $5 01/07/19 Outline Risk Founders Fund, SciFi VC Insurance-tech platform $6 01/04/19 Utilant Aquiline Technology Growth Insurance workflow management and process automation $8 01/03/19 Spell Blossom Capital, Eclipse Ventures, Level.VC, Two Sigma Ventures, Yes VC Hybrid cloud code management $15 01/03/19 GirnarSoft Aquila Capital, Axis Bank, CapitalG, Dentsu, Hillhouse Capital Group, Sequoia Capital India, Times Internet, Tybourne Capital Software development and testing automation $110 01/03/19 AlertMedia JMI Equity Employee safety mass communication and threat monitoring $25 01/03/19 VisitPay n/a Medical billing automation and patient account management $8 01/03/19 Gravy Analytics n/a Location-based consumer intelligence $5 01/02/19 Fadel B&Y Venture Partners, Kafalat, Middle East Venture Partners Intellectual property and content rights management $7 01/02/19 Sevenrooms Amazon Alexa Fund, BoxGroup Restaurant reservation and cross promotion $10 01/02/19 Tidelift Foundry Group, General Catalyst, Matthew Szulik Open source software development code management $25 01/02/19 Radar n/a Location detection, tracking and geofencing $8 01/02/19 OnScale Band of Angels, Cultivation Capital, Palo Alto Networks, Stage 2 Capital, Sun Microsystems Autonomous vehicle engineering simulation $15 01/01/19 Bold Commerce Round 13 Capital, Whitecap Venture Partners E-commerce application development $17 01/01/19 Blameless Accel, Lightspeed Venture Partners Incident management and root cause analysis $17

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