Software Sector Report — Q2 2019

SOFTWARE SECTOR REPORT Q2 2019 EXECUTIVE SUMMARY Q2 2019 Software

» The global software sector remains one of the most active sectors, with ~$15Bn in financing volume and ~$39Bn in M&A volume during Q2 ’19

- 198 financings in Q2 ‘19 is 19% higher than the number of financings in the same period in ’18

- 359 M&A transactions in Q2 ‘19 is 5% higher than the 343 deals consummated during the same period in ’18

- Q2 ‘19 M&A volume was bolstered by Salesforce’s $15Bn acquisition of Tableau Software resulting in a 22% M&A volume growth over Q2 last year

» Business / Productivity Software had one of the highest financing volume and deal counts in Q2 ‘19 led by the $500MM financing of Kaseya and $300MM financing of Carta; the Financial Software sector also saw a high volume of financings

» Financial Software companies trade at the highest average revenue multiple at 11.5x EV/ ’19E Revenue compared to other software; the Technical Applications sector trades at the highest average EBITDA multiple at 31.7x EV/ ’19E EBITDA compared to other software

- Security software had the highest average 2019E/2018A revenue growth at 30% compared to other software

- Development and Operations Management software stock performance outperformed other software sectors with LTM growth over 33%

Select Q2 Active Investors Select Q2 Active Strategic Buyers

Notes: Source: Pitchbook, 451 Research, Capital IQ. 2 GCA OVERVIEW The GCA Software Team

KEY GCA STATS SECTOR COVERAGE GCA US TEAM

AI / Machine Learning Paul DiNardo Rupert Sadler Managing Director Managing Director 21 Offices Globally [email protected] [email protected] BI / Analytics

Collaboration Software Josh Wepman Chris Gough Managing Director Managing Director Senior Bankers Covering [email protected] [email protected] 25 Software CRM

CyberSecurity Kevin Walsh Saif Malik Managing Director Director Senior Bankers Covering Enterprise Content Management [email protected] [email protected] 60 Technology Enterprise Resource Planning Glen Kruger Infrastructure Management Director Software Transactions in [email protected] 60+ the Last Three Years Marketing Technology GCA EXECUTIVE TEAM SaaS / Cloud Enablement Technology-Related Todd Carter Geoff Baldwin 190+ Deals in the Last 3 Years Supply Chain Management Co-CEO Co-CEO [email protected] [email protected]

Vertically Focused Software

3 GCA OVERVIEW Deep Software Sector Expertise

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA 4 entities may be retained to advise on the same transaction. DEAL DASHBOARD Software $28.7 Billion 399 720 $69.3 Billion 2019 Financing Volume (1)(2) 2019 Financing Transactions (1)(2) 2019 M&A Transactions 2019 M&A Volume Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume Select M&A Transactions (3) Company Amount ($MM) $Bn $Bn Acquirer Target EV ($MM) $23 $82 $1,100 $15,080 $17 $15 $14 $14 $15 $57 $12 $12 $575 $11 $39 $5,744 $32 $30 $20 $19 $568 $12 $13 $4,400

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 $500 $2,600 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count $227 $1,116 225 201 363 375 361 359 187 198 343 287 291 298 160 159 161 155 167 268 $200 $1,000

$200 $425

$165 $350 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)

25% SPX IGV All Buyers Strategic Buyers PE Buyers 8.0x ` 7.6x Financing Activity by Quarter 20% 7.1x 6.9x 15% 7.0x 19.0% 10% 6.0x 5.3x 5.4x 5.0x 4.9x 4.7x 5% 5.0x 4.6x 7.6% 4.0x 4.2x 4.3x 4.1x 4.1x 3.9x 3.9x3.7x 3.7x 3.8x 0% 4.0x 3.6x 3.1x 3.3x 2.7x 2.9x 2.9x 2.8x (5%) 3.0x 2.2x (10%) 2.0x (15%) 1.0x (20%) 0.0x Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 2011 2012 2013 2014 2015 2016 2017 2018 2019 Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 6/30/2019. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Software M&A transactions reflect select transactions in 2019 YTD. M&A metrics are based on closed and announced transactions. 5 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 5) Criteria based on global public target software M&A deals. SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $1,862Bn Combined Market Cap: $108Bn Combined Market Cap: $186Bn 19/18 Rev. Growth: 3.5% 19/18 Rev. Growth: 13.0% 19/18 Rev. Growth: 22.3% 19 EBITDA Margin: 30.8% 19 EBITDA Margin: 15.5% 19 EBITDA Margin: 14.3%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $236Bn Combined Market Cap: $41Bn Combined Market Cap: $263Bn 19/18 Rev. Growth: 20.5% 19/18 Rev. Growth: 29.6% 19/18 Rev. Growth: 14.5% 19 EBITDA Margin: 13.1% 19 EBITDA Margin: 12.3% 19 EBITDA Margin: 22.4%

Notes: Sources: Capital IQ. Market Data as of 7/24/19. 6 Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables. SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $162Bn Combined Market Cap: $229Bn Combined Market Cap: $351Bn 19/18 Rev. Growth: 13.6% 19/18 Rev. Growth: 11.3% 19/18 Rev. Growth: 19.2% 19 EBITDA Margin: 32.8% 19 EBITDA Margin: 20.3% 19 EBITDA Margin: 15.5%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $249Bn Combined Market Cap: $21Bn Combined Market Cap: $768Bn 19/18 Rev. Growth: 21.3% 19/18 Rev. Growth: 17.6% 19/18 Rev. Growth: 29.7% 19 EBITDA Margin: 14.0% 19 EBITDA Margin: 4.2% 19 EBITDA Margin: 14.0%

Notes: Sources: Capital IQ. Market Data as of 7/24/19. 7 Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

35% 32.8% 31.7% 31.3% 31.1% 30.8% 25.9% 25% 25.5% 25.2% 23.1% 22.2%

15%

5% 4.5% 1.9%

(5%)

(15%)

(25%) Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19

1) Development and 2) Vertical 3) ERP & General 4) Business 5) SaaS 6) Platform 7) Financial 8) Sales & Marketing 9) Technical 10) Security 11) Content & 12) Infrastructure Operations Business Intelligence Applications Applications Storage Management & Analysis Management 32.8% 31.7% 31.3% 31.1% 30.8% 25.9% 25.5% 25.2% 23.1% 22.2% 4.5% 1.9%

Notes: Sources: Capital IQ. Market Data as of 7/15/2019. 8 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019E Revenue EV / 2019E EBITDA

31.7x 11.5x Median: 7.9x Median: 22.0x 27.4x 9.9x 24.9x 24.6x 9.4x 9.2x 23.4x 23.0x 8.4x 8.4x 20.9x 20.3x 7.3x 7.3x 6.5x 6.4x 15.0x 5.1x 12.1x 11.3x 11.1x 3.8x

2019E / 2018E Revenue Growth 2019E EBITDA Margin

32.8% 30.8% 29.7% 29.6% Median: 18.4% Median: 14.9%

22.3% 22.4% 21.3% 20.5% 19.2% 20.3% 17.6% 15.5% 15.5% 14.3% 14.0% 14.0% 13.1% 12.3% 14.5% 13.6% 13.0% 11.3%

3.5% 4.2%

Notes: Sources: Capital IQ. Market Data as of 7/24/19. Figures represent mean values of respective comp groups. 9 List of companies in each sector can be found in the public comparable tables. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM) Trading Metrics Operating Metrics CIQ Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin Revenue Company 7/24/2019 Cap ST. Invest. Debt Value (EV) CY18A CY19E CY20E CY18A CY19E CY20E 18A/17A 19E/18A 20E/19E CY18A CY19E CY20E CY18A CY19E CY20E

Platform Microsoft Corporation $140.72 $1,075,523 $133,819 $85,947 $1,027,651 8.7x 7.8x 7.0x 20.6x 17.8x 15.9x 16% 12% 11% 65% 65% 65% 42% 44% 44% Cisco Systems $57.23 $244,986 $34,643 $23,709 $234,052 4.6x 4.4x 4.3x 12.9x 12.4x 11.9x 6% 4% 4% 62% 62% 62% 36% 36% 36% Oracle Corporation $58.11 $193,844 $37,827 $56,397 $212,992 5.3x 5.3x 5.2x 11.5x 11.3x 10.9x 3% (0%) 3% 80% 80% 80% 47% 47% 48%

International Business Machines Corporation$150.03 $133,023 $46,273 $78,304 $165,185 2.1x 2.1x 2.1x 8.9x 9.0x 8.7x 1% (1%) 1% 47% 48% 48% 24% 24% 25% Platform SAP SE $127.26 $151,909 $6,338 $2,064 $147,704 5.2x 4.8x 4.5x 15.1x 13.3x 12.4x 0% 8% 8% 70% 72% 72% 35% 36% 36% Dell Technologies Inc. $56.22 $43,335 $9,040 $55,078 $94,176 1.0x 1.0x 1.0x 9.1x 8.6x 7.4x 15% 4% 4% 28% 32% 32% 11% 12% 13% Hewlett Packard Enterprise Company $14.74 $19,739 $3,585 $12,581 $28,778 1.0x 1.0x 1.0x 5.3x 5.6x 5.5x 4% (2%) 1% 31% 31% 31% 18% 17% 17%

Mean 4.0x 3.8x 3.6x 11.9x 11.1x 10.4x 6% 3% 4% 55% 56% 56% 30% 31% 31% Median 4.6x 4.4x 4.3x 11.5x 11.3x 10.9x 4% 4% 4% 62% 62% 62% 35% 36% 36%

Infrastructure Zoom Video Communications $95.94 $26,139 $737 $52 $25,454 NM 46.6x 33.5x NA NM NM 118% 65% 39% 82% 80% 80% 0% 7% 10% Akamai Technologies $83.42 $13,689 $1,119 $1,279 $13,849 5.1x 4.9x 4.6x 12.7x 11.9x 10.8x 9% 5% 7% 65% 66% 66% 40% 41% 42% Citrix Systems $100.72 $13,260 $563 $943 $13,639 4.6x 4.4x 4.2x 11.6x 12.3x 11.7x 5% 4% 5% 87% 87% 87% 40% 36% 36% RingCentral $124.94 $10,237 $549 $407 $10,096 16.5x 11.7x 9.5x NM NM NM 32% 41% 23% 84% 77% 77% 13% 13% 13% Juniper Networks $27.15 $9,348 $2,800 $1,958 $8,506 1.8x 1.9x 1.8x 8.1x 9.1x 8.4x (8%) (4%) 3% 59% 60% 61% 23% 21% 22% Amdocs Limited $64.00 $8,776 $450 $0 $8,369 2.1x 2.0x 2.0x 10.5x 9.6x NA 3% 3% 3% 35% 35% 35% 20% 21% 0% F5 Networks $148.67 $8,939 $986 $0 $7,953 3.6x 3.5x 3.4x 9.3x 9.6x 9.1x 4% 3% 4% 83% 83% 83% 39% 37% 37% Verint Systems Inc. $57.64 $3,791 $453 $903 $4,255 3.5x 3.1x 2.8x 14.3x 12.7x 11.2x 8% 12% 9% 66% 68% 69% 24% 24% 25% Everbridge $99.55 $3,278 $258 $112 $3,132 21.3x 15.9x 12.6x NM NM NM 41% 34% 26% 68% 71% 72% (2%) 2% 5%

Five9 $48.46 $2,892 $299 $217 $2,810 10.9x 9.2x 7.8x NM NM 42.5x 29% 19% 17% 60% 63% 64% 18% 16% 18% Infrastructure Presidio $13.95 $1,154 $29 $940 $2,066 0.7x 0.7x 0.7x 9.1x 9.1x 8.1x 9% (0%) 4% 20% 21% 21% 8% 8% 8% Fastly $22.00 $1,995 $67 $52 $1,980 13.7x 10.4x 8.0x NA NM NM 38% 32% 30% 55% 57% 60% 0% (13%) (10%) Software Aktiengesellschaft $28.47 $2,106 $589 $425 $1,943 2.0x 2.0x 1.9x 6.2x 7.1x 7.1x (6%) (1%) 2% 78% 77% 78% 32% 28% 27% Extreme Networks $7.25 $861 $157 $181 $885 0.9x 0.9x 0.9x 7.7x NA NA 34% (4%) 2% 56% 56% 56% 11% 0% 0% Radware Ltd. $25.01 $1,174 $313 $21 $883 3.8x 3.5x 3.2x 29.0x 26.0x 18.4x 11% 8% 9% 82% 83% 83% 13% 13% 17% A10 Networks $7.55 $571 $123 $6 $454 2.0x 1.9x 1.7x NM NA NA (1%) 3% 11% 78% 78% 79% 3% 0% 0% Limelight Networks $2.34 $272 $29 $3 $246 1.3x 1.2x 1.1x 7.6x 13.7x 8.1x 6% 1% 12% 56% 50% 52% 17% 9% 14%

Mean 5.8x 7.3x 5.9x 11.5x 12.1x 13.5x 20% 13% 12% 65% 65% 66% 18% 15% 16% Median 3.6x 3.5x 3.2x 9.3x 10.8x 10.0x 9% 4% 9% 66% 68% 69% 17% 13% 14%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 10 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security VeriSign $216.84 $25,844 $1,225 $1,795 $26,414 21.7x 21.4x 20.5x 30.4x 29.7x 28.6x 4% 1% 5% 84% 85% 85% 71% 72% 72% Palo Alto Networks $225.02 $21,596 $3,048 $1,573 $20,121 7.8x 6.4x 5.4x 28.5x 24.7x 19.6x 30% 22% 18% 72% 72% 72% 27% 26% 27% CrowdStrike Holdings $87.46 $17,929 $175 $0 $17,754 NM 40.9x 28.8x NA NM NM 110% 74% 42% 65% 71% 69% 0% (20%) (8%) Symantec Corporation $22.69 $14,027 $2,043 $4,452 $16,436 3.5x 3.4x 3.4x 7.5x 8.0x 7.4x 0% 1% 2% 78% 78% 78% 46% 43% 45% Check Point Software Technologies Ltd.$113.25 $17,241 $1,615 $0 $15,626 8.2x 7.8x 7.6x 15.1x 15.5x 14.9x 3% 4% 3% 90% 90% 90% 54% 51% 51% Okta $137.02 $15,639 $547 $435 $15,527 38.9x 28.3x 21.6x NM NM NM 56% 37% 31% 72% 76% 77% (9%) (9%) (2%) Fortinet $86.58 $14,784 $1,802 $39 $13,022 7.2x 6.2x 5.5x 28.4x 24.0x 20.2x 20% 16% 13% 75% 76% 77% 25% 26% 27% Zscaler $86.69 $10,894 $353 $0 $10,541 43.4x 30.5x 22.8x NM NM NM 57% 42% 34% 80% 80% 80% 6% 10% 12% Proofpoint $127.19 $7,128 $183 $57 $7,002 9.8x 8.0x 6.6x NM NM 38.4x 38% 22% 21% 72% 78% 78% 16% 15% 17% CyberArk Software Ltd. $144.86 $5,467 $466 $0 $5,001 14.6x 11.9x 10.0x 49.7x 44.3x 36.9x 31% 22% 19% 86% 88% 88% 29% 27% 27% Trend Micro Incorporated $44.78 $6,217 $1,417 $0 $4,800 3.3x 3.1x 2.9x 10.2x 9.3x 8.8x 11% 7% 6% 80% 80% 80% 32% 33% 33% FireEye $15.85 $3,331 $1,130 $1,064 $3,265 3.9x 3.6x 3.3x 29.6x 26.5x 20.7x 7% 8% 10% 67% 75% 75% 13% 14% 16% Qualys $88.81 $3,478 $298 $42 $3,221 11.5x 10.0x 8.6x 28.7x 25.8x 22.0x 21% 16% 16% 76% 79% 79% 40% 39% 39%

Rapid7 $64.56 $3,112 $251 $199 $3,059 12.5x 9.7x 7.9x NM NM NM 21% 29% 23% 71% 75% 76% (6%) 4% 8% Security Mimecast Limited $48.33 $2,985 $174 $138 $2,950 9.2x 7.4x 6.1x NM 45.6x 32.6x 33% 24% 21% 73% 73% 73% 14% 16% 19% Sophos Group plc $5.46 $2,645 $172 $300 $2,772 4.0x 4.0x 3.4x 26.4x 23.3x 14.5x 16% (2%) 18% 79% 79% 79% 15% 17% 24% Tenable Holdings $31.32 $3,022 $299 $11 $2,734 10.2x 7.9x 6.3x NM NM NM 42% 29% 25% 84% 83% 81% (16%) (14%) (8%) Varonis Systems $70.51 $2,133 $164 $56 $2,026 7.5x 7.4x 6.8x NM NM NM 25% 1% 9% 90% 88% 89% 5% (3%) 2% SailPoint Technologies Holdings $22.02 $1,953 $86 $43 $1,910 7.7x 6.8x 5.9x 48.4x NM NM 34% 12% 16% 78% 79% 80% 16% 8% 10% Forescout Technologies $39.68 $1,795 $127 $42 $1,710 5.7x 4.6x 3.8x NM NM NM 33% 25% 21% 77% 79% 80% (3%) (2%) 4% Carbon Black $18.69 $1,337 $153 $19 $1,202 5.7x 4.9x 4.2x NM NM NM 30% 16% 18% 78% 79% 78% NM (15%) (9%) SecureWorks Corp. $12.51 $1,020 $111 $28 $937 1.8x 1.7x 1.6x NM NM NM 11% 4% 7% 53% 56% 56% 2% 0% 2% Tufin Software Technologies Ltd. $22.76 $738 $26 $15 $727 8.6x 6.8x 5.5x NA NM NM 32% 26% 24% 84% 83% 83% 0% (11%) (6%) Zix Corporation $8.97 $486 $17 $179 $648 9.2x 3.9x 3.2x 32.2x 18.5x 13.2x 7% 138% 21% 78% 62% 62% 29% 21% 24% OneSpan Inc. $15.90 $638 $75 $7 $570 2.7x 2.5x 2.2x 26.4x 24.9x 15.4x 10% 9% 11% 69% 69% 71% 10% 10% 14% F-Secure Oyj $3.04 $480 $29 $53 $504 2.3x 2.0x 1.9x 25.3x 20.8x 16.9x 7% 13% 6% 79% 76% 78% 9% 10% 11% Absolute Software Corporation $5.85 $243 $35 $0 $208 2.2x 2.1x 1.9x 15.5x 10.5x 10.2x 4% 5% 8% 86% 86% 86% 14% 20% 19%

Mean 10.1x 9.4x 7.7x 26.8x 23.4x 20.0x 26% 22% 17% 77% 78% 78% 17% 14% 17% Median 7.7x 6.8x 5.5x 28.4x 24.0x 18.3x 21% 16% 18% 78% 79% 78% 14% 14% 16%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 11 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management Adobe Inc. $310.27 $150,617 $3,479 $4,137 $151,275 16.8x 13.5x 11.5x 38.1x 30.2x 24.8x 24% 24% 18% 87% 87% 88% 44% 45% 46% Open Text Corporation $43.71 $11,755 $765 $2,616 $13,608 4.8x 4.6x 4.5x 12.8x 12.0x 11.2x 8% 4% 3% 74% 73% 73% 37% 38% 40% NetApp $58.82 $14,118 $3,905 $1,793 $12,006 1.9x 2.0x 1.8x 7.7x 7.7x 6.6x 8% (1%) 7% 64% 63% 63% 25% 25% 28% Dropbox $24.68 $10,148 $915 $693 $9,926 7.1x 6.0x 5.3x 29.5x 26.0x 21.4x 26% 18% 15% 72% 75% 76% 24% 23% 25% DocuSign $54.35 $9,446 $752 $617 $9,311 13.3x 10.1x 8.1x NM NM NM 35% 31% 24% 73% 79% 80% 8% 9% 11% Nutanix $24.55 $4,565 $941 $451 $4,076 3.3x 3.3x 2.6x NM NM NM 22% 0% 26% 74% 70% 70% (5%) NM (14%) Pure Storage $15.96 $4,039 $1,166 $583 $3,456 2.5x 2.0x 1.6x 28.4x 23.6x 15.7x 33% 27% 23% 66% 67% 67% 9% 8% 10% Qualys $88.81 $3,478 $298 $42 $3,221 11.5x 10.0x 8.6x 28.7x 25.8x 22.0x 21% 16% 16% 76% 79% 79% 40% 39% 39% Rapid7 $64.56 $3,112 $251 $199 $3,059 12.5x 9.7x 7.9x NM NM NM 21% 29% 23% 71% 75% 76% (6%) 4% 8% Mimecast Limited $48.33 $2,985 $174 $138 $2,950 9.2x 7.4x 6.1x NM 45.6x 32.6x 33% 24% 21% 73% 73% 73% 14% 16% 19% Tenable Holdings $31.32 $3,022 $299 $11 $2,734 10.2x 7.9x 6.3x NM NM NM 42% 29% 25% 84% 83% 81% (16%) (14%) (8%) Box $16.79 $2,460 $231 $395 $2,623 4.3x 3.8x 3.4x NM 49.6x 30.9x 20% 13% 13% 71% 71% 72% 5% 8% 11% Sophos Group plc $5.46 $2,645 $172 $300 $2,772 4.0x 4.0x 3.4x 26.4x 23.3x 14.5x 16% (2%) 18% 79% 79% 79% 15% 17% 24% Varonis Systems $70.51 $2,133 $164 $56 $2,026 7.5x 7.4x 6.8x NM NM NM 25% 1% 9% 90% 88% 89% 5% (3%) 2% SailPoint Technologies Holdings $22.02 $1,953 $86 $43 $1,910 7.7x 6.8x 5.9x 48.4x NM NM 34% 12% 16% 78% 79% 80% 16% 8% 10% Commvault Systems $50.77 $2,289 $458 $0 $1,830 2.6x 2.6x 2.4x 15.8x 16.7x 12.7x 5% (0%) 6% 84% 85% 85% 16% 15% 19%

Content Content Storage & Management Forescout Technologies $39.68 $1,795 $127 $42 $1,710 5.7x 4.6x 3.8x NM NM NM 33% 25% 21% 77% 79% 80% (3%) (2%) 4% Carbonite $24.27 $836 $83 $645 $1,398 4.7x 2.9x 2.4x 13.3x 10.4x 8.6x 24% 63% 20% 76% 81% 81% 35% 28% 28% Carbon Black $18.69 $1,337 $153 $19 $1,202 5.7x 4.9x 4.2x NM NM NM 30% 16% 18% 78% 79% 78% NM (15%) (9%) SecureWorks Corp. $12.51 $1,020 $111 $28 $937 1.8x 1.7x 1.6x NM NM NM 11% 4% 7% 53% 56% 56% 2% 0% 2% Zix Corporation $8.97 $486 $17 $179 $648 9.2x 3.9x 3.2x 32.2x 18.5x 13.2x 7% 138% 21% 78% 62% 62% 29% 21% 24% OneSpan Inc. $15.90 $638 $75 $7 $570 2.7x 2.5x 2.2x 26.4x 24.9x 15.4x 10% 9% 11% 69% 69% 71% 10% 10% 14% F-Secure Oyj $3.04 $480 $29 $53 $504 2.3x 2.0x 1.9x 25.3x 20.8x 16.9x 7% 13% 6% 79% 76% 78% 9% 10% 11% Brightcove Inc. $11.70 $448 $21 $18 $445 2.7x 2.4x 2.2x NM NM 32.7x 6% 12% 9% 60% 62% 62% 1% 4% 7% Absolute Software Corporation $5.85 $243 $35 $0 $208 2.2x 2.1x 1.9x 15.5x 10.5x 10.2x 4% 5% 8% 86% 86% 86% 14% 20% 19%

Mean 6.2x 5.1x 4.4x 24.9x 23.0x 18.1x 20% 20% 15% 75% 75% 75% 14% 13% 15% Median 4.8x 4.0x 3.4x 26.4x 23.3x 15.6x 21% 13% 16% 76% 76% 78% 12% 10% 11%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 12 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics NICE Ltd. $149.39 $9,302 $571 $592 $9,323 6.5x 5.9x 5.5x 21.3x 19.3x 17.4x 8% 9% 8% 66% 69% 70% 30% 31% 31% Alteryx $120.61 $7,543 $367 $203 $7,379 29.1x 20.5x 15.5x NM NM NM 93% 42% 32% 91% 91% 91% (0%) 11% 14% Elastic N.V. $99.18 $7,474 $299 $0 $7,174 29.8x 19.8x 14.4x NM NM NM NA 51% 38% 72% 71% 71% (12%) NM (19%) Medallia $40.54 $4,996 $133 $0 $4,863 15.5x 12.6x 10.4x NA NM NM 20% 23% 21% 63% 66% 67% 0% 3% 5% Teradata Corporation $36.66 $4,275 $723 $633 $4,185 1.9x 2.1x 2.1x 12.3x 11.0x 9.3x 0% (8%) 2% 48% 54% 58% 16% 19% 22% Inovalon Holdings $15.05 $2,306 $122 $1,023 $3,208 6.1x 5.0x 4.6x 21.1x 15.7x 14.1x 17% 21% 8% 73% 74% 75% 29% 32% 33% Cloudera $5.88 $1,612 $445 $244 $1,411 2.9x 1.9x 1.7x NM 26.6x 12.1x 29% 57% 13% 72% 76% 77% (12%) 7% 14% Talend S.A. $33.99 $1,032 $29 $32 $1,035 5.1x 4.2x 3.4x NM NM NM 38% 22% 21% 76% 77% 78% (7%) (9%) (3%) MicroStrategy Incorporated $122.73 $1,257 $551 $116 $821 1.7x 1.7x 1.5x 36.8x 32.0x 13.9x (1%) (0%) 8% 80% 79% 80% 4% 5% 11%

Business Intelligence Intelligence Business Analytics & Domo $29.21 $800 $154 $98 $744 5.2x 4.3x 3.5x NM NM NM 31% 22% 22% 65% 71% 73% NM NM NM Veritone $7.65 $156 $51 $0 $105 3.9x 2.1x 1.6x NM NM NM 88% 88% 27% 76% 68% 69% NM NM NM

Mean 9.8x 7.3x 5.8x 22.9x 20.9x 13.4x 32% 30% 18% 71% 72% 73% 5% 12% 12% Median 5.2x 4.3x 3.5x 21.2x 19.3x 13.9x 24% 22% 21% 72% 71% 73% 0% 9% 14%

Technical Applications Autodesk $173.51 $38,106 $972 $2,288 $39,422 16.2x 12.0x 9.8x NM 45.1x 28.4x 29% 35% 22% 94% 91% 91% 15% 27% 35% Dassault Systèmes SE $157.05 $40,839 $3,520 $1,138 $38,523 9.7x 8.7x 8.0x 28.8x 24.3x 22.9x 3% 11% 9% 85% 85% 86% 34% 36% 35% Cadence Design Systems $75.79 $21,233 $633 $467 $21,066 9.9x 9.1x 8.5x 27.5x 25.2x 24.5x 10% 9% 7% 88% 90% 90% 36% 36% 35% Synopsys $137.62 $20,629 $631 $292 $20,296 6.4x 6.0x 5.6x 25.8x 22.7x 19.8x 12% 6% 8% 79% 79% 79% 25% 27% 28% ANSYS $214.95 $18,040 $608 $103 $17,535 13.6x 12.0x 10.9x 27.6x 26.5x 23.7x 18% 13% 10% 90% 90% 90% 49% 45% 46% PTC Inc. $91.60 $10,538 $322 $699 $10,914 8.6x 8.2x 7.0x 30.3x 28.3x 20.5x 7% 4% 17% 75% 74% 74% 28% 29% 34%

Technical Technical Applications Aspen Technology $136.71 $9,428 $66 $220 $9,582 18.4x 17.0x 16.1x 40.5x 34.1x 31.9x 10% 8% 6% 90% 90% 90% 45% 50% 51% Altair Engineering Inc. $42.60 $3,034 $40 $47 $3,041 7.8x 6.4x 5.6x NM 47.5x 37.2x 19% 22% 14% 74% 73% 74% 13% 13% 15%

Mean 11.3x 9.9x 8.9x 30.1x 31.7x 26.1x 14% 14% 12% 84% 84% 84% 31% 33% 35% Median 9.8x 8.9x 8.2x 28.2x 27.4x 24.1x 11% 10% 10% 87% 87% 88% 31% 32% 35%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 13 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications Intuit Inc. $281.36 $72,941 $3,346 $448 $70,043 11.2x 10.0x 9.1x 28.4x 27.9x 24.8x 11% 12% 10% 83% 84% 84% 40% 36% 37% Fidelity National Information Services $130.12 $42,111 $576 $9,660 $51,202 6.1x 6.1x 5.8x 16.3x 15.5x 14.4x (3%) 0% 4% 34% 35% 36% 37% 39% 40% Fiserv $94.17 $36,956 $8,441 $13,756 $42,271 7.3x 6.9x 6.5x 19.3x 18.0x 16.9x 2% 6% 5% 47% 47% 48% 38% 38% 38% SimCorp A/S $94.17 $3,731 $79 $59 $3,711 8.5x 7.6x 7.0x 29.7x 25.9x 24.0x 6% 11% 8% 61% 61% 61% 29% 29% 29% SS&C Technologies Holdings $59.07 $14,944 $155 $8,521 $23,311 6.8x 5.0x 4.7x 18.2x 12.3x 11.5x 104% 38% 4% 41% 53% 54% 37% 40% 41% MSCI Inc. $232.25 $19,667 $643 $2,767 $21,791 15.2x 14.1x 12.9x 28.2x 26.0x 23.2x 13% 8% 9% 80% 80% 80% 54% 54% 56% Temenos AG $175.07 $12,143 $87 $654 $12,710 15.1x 12.9x 11.5x 40.7x 34.0x 28.7x 14% 17% 12% 73% 81% 84% 37% 38% 40% Fair Isaac Corporation $344.88 $9,998 $77 $822 $10,744 10.1x 9.3x 8.5x 40.1x 30.0x 26.1x 12% 9% 9% 71% 70% 70% 25% 31% 33% Jack Henry & Associates $136.49 $10,538 $35 $35 $10,537 6.6x 6.6x 6.1x 19.0x 20.3x 18.9x 10% 0% 7% 43% 43% 43% 35% 32% 33% Xero Limited $44.20 $6,223 $312 $300 $6,211 18.5x 13.6x 10.7x NM NM 47.3x 28% 36% 27% 85% 84% 84% 15% 19% 23% Coupa Software Incorporated $141.58 $8,746 $346 $206 $8,605 33.1x 24.8x 19.5x NM NM NM 39% 33% 27% 68% 72% 74% 9% 6% 10% Avalara $82.98 $6,103 $147 $0 $5,956 21.9x 17.0x 13.8x NM NM NM 28% 29% 23% 71% 72% 73% (14%) 0% 5% Asseco Poland S.A. $15.12 $1,255 $492 $687 $1,993 0.8x 0.8x 0.7x 5.9x 5.0x 4.8x 11% 6% 6% 21% 22% 22% 13% 15% 15%

Financial Financial Applications Envestnet $73.16 $3,795 $246 $551 $4,098 5.0x 4.5x 3.9x 26.0x 21.1x 17.0x 19% 12% 17% 29% 69% 70% 19% 21% 23% Q2 Holdings $79.70 $3,723 $165 $220 $3,778 15.7x 12.2x 9.9x NM NM NM 24% 29% 22% 49% 52% 54% 8% 7% 11% BlackLine $48.35 $2,662 $135 $17 $2,548 11.2x 9.2x 7.5x NM NM NM 30% 22% 22% 78% 81% 81% 6% 7% 9% IRESS Limited $9.77 $1,686 $22 $144 $1,808 5.5x 5.0x 4.6x 21.8x 18.9x 16.7x (2%) 10% 10% 34% 34% 34% 25% 26% 27% Ebix $43.88 $1,345 $96 $765 $2,078 4.2x 3.4x 2.8x 12.4x 9.7x 9.2x 37% 23% 21% 66% 68% 68% 34% 35% 30% Bottomline Technologies (de) $43.50 $1,894 $88 $110 $1,916 4.7x 4.4x 4.0x 19.2x 19.1x 17.7x 13% 6% 10% 57% 56% 56% 24% 23% 23% Zuora $15.39 $1,710 $179 $13 $1,544 6.6x 5.6x 4.7x NM NM NM 40% 17% 19% 50% 56% 60% (17%) (14%) (8%) Model N $20.98 $681 $54 $49 $676 4.5x 4.8x 4.2x NM NM 46.9x 6% (6%) 13% 57% 56% 56% 8% 7% 9% Basware Oyj $18.92 $272 $39 $79 $312 1.9x 1.9x 1.8x NM NM 16.6x (10%) 1% 7% 51% 52% 58% (3%) 1% 11%

Mean 10.0x 8.4x 7.3x 23.2x 20.3x 21.5x 20% 15% 13% 57% 60% 61% 21% 22% 24% Median 7.0x 6.7x 6.3x 20.5x 19.7x 17.7x 13% 11% 10% 57% 59% 60% 25% 25% 25%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 14 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $142.69 $102,361 $5,434 $11,272 $108,212 5.4x 5.2x 4.5x 23.0x 21.9x 17.6x 9% 4% 17% 56% 56% 57% 24% 24% 25% Roper Technologies $374.64 $38,903 $321 $4,721 $43,303 8.3x 8.0x 7.6x 24.0x 22.3x 20.7x 13% 5% 4% 63% 64% 64% 35% 36% 37% Cerner Corporation $72.21 $23,499 $954 $1,039 $23,584 4.4x 4.1x 3.9x 15.0x 14.0x 12.3x 4% 7% 7% 83% 82% 82% 29% 29% 32% Veeva Systems Inc. $166.06 $24,455 $1,330 $19 $23,145 26.8x 22.1x 18.6x NM NM 48.3x 25% 22% 19% 72% 75% 75% 37% 39% 39% Tyler Technologies $223.72 $8,578 $76 $110 $8,611 9.2x 7.9x 7.2x 31.4x 28.1x 24.9x 11% 16% 11% 47% 52% 52% 29% 28% 29% Guidewire Software $101.31 $8,289 $1,014 $314 $7,589 10.3x 10.2x 8.8x 41.6x 47.5x 36.2x 29% 1% 16% 56% 56% 56% 25% 21% 24% RealPage $64.08 $5,913 $253 $716 $6,377 7.3x 6.4x 5.8x 27.6x 22.7x 19.4x 30% 14% 11% 62% 62% 62% 27% 28% 30% CoreLogic $47.20 $3,782 $82 $1,854 $5,554 3.1x 3.3x 3.2x 11.3x 11.7x 11.0x (3%) (5%) 1% 48% 50% 52% 28% 28% 30% Blackbaud $86.21 $4,131 $25 $704 $4,810 5.7x 5.4x 5.1x 23.7x 27.0x 24.8x 8% 5% 5% 55% 60% 60% 24% 20% 21%

AppFolio $105.14 $3,575 $34 $73 $3,613 19.0x 14.2x 11.3x NM NM NM 32% 34% 26% 62% 60% 61% 21% 16% 18% Vertical Vertical Applications Allscripts Healthcare Solutions $10.80 $1,798 $137 $906 $2,567 1.5x 1.4x 1.4x 6.4x 8.4x 7.6x 17% 2% 4% 47% 43% 44% 23% 17% 18% 2U $37.34 $2,355 $424 $62 $1,994 4.8x 3.7x 3.0x NM NM NM 44% 29% 26% 78% 78% 78% 4% 2% 3% HealthStream $27.02 $875 $162 $32 $746 3.2x 2.9x 3.0x 17.9x 17.6x 19.2x 8% 10% (1%) 59% 58% 59% 18% 17% 15% Castlight Health $2.87 $413 $66 $24 $371 2.4x 2.4x 2.1x NM 49.4x 21.6x 18% (1%) 12% 62% 67% 70% (4%) 5% 10% Boxlight Corporation $2.83 $30 $3 $4 $31 0.8x 0.7x 0.5x NA NM NM 47% 24% 23% 23% 27% 28% 0% (6%) (1%)

Mean 7.5x 6.5x 5.7x 22.2x 24.6x 22.0x 19% 11% 12% 58% 59% 60% 21% 20% 22% Median 5.4x 5.2x 4.5x 23.3x 22.3x 20.1x 17% 7% 11% 59% 60% 60% 24% 21% 24%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 15 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business salesforce.com $159.75 $124,053 $6,379 $6,768 $124,442 9.4x 7.7x 6.4x 38.6x 29.5x 23.8x 26% 22% 20% 74% 77% 77% 24% 26% 27% Workday $214.59 $48,582 $1,892 $1,529 $48,219 17.1x 13.5x 11.0x NM NM NM 32% 26% 23% 70% 76% 76% 17% 20% 21% Shopify Inc. $329.57 $37,088 $1,997 $104 $35,195 32.8x 23.2x 17.4x NM NM NM 59% 41% 33% 56% 56% 56% 4% 4% 6% Constellation Software Inc. $976.01 $20,683 $717 $544 $20,510 6.7x 5.8x 5.0x 26.2x 22.1x 18.6x 23% 15% 16% 37% 66% 66% 26% 26% 27% Slack Technologies $34.10 $17,204 $793 $0 $16,423 41.0x 27.4x 19.8x NA NM NM 82% 49% 39% 87% 86% 86% 0% NM (15%) Paycom Software $235.13 $13,522 $91 $59 $13,490 23.8x 18.7x 15.2x NM 45.4x 36.3x 31% 27% 23% 87% 84% 85% 43% 41% 42% Zendesk $93.47 $10,241 $444 $579 $10,375 17.3x 12.8x 9.8x NM NM NM 39% 35% 30% 70% 74% 75% 7% 7% 9% The Sage Group plc $10.20 $11,086 $457 $1,007 $11,635 4.9x 4.8x 4.5x NA 18.2x 17.0x 1% 2% 6% 93% 93% 93% 0% 26% 26% Ceridian HCM Holding Inc. $51.42 $7,242 $206 $716 $7,751 10.4x 9.5x 8.5x 49.3x 42.0x 34.8x 11% 9% 13% 48% 49% 51% 21% 23% 24% Anaplan $58.49 $7,555 $333 $54 $7,276 30.2x 22.1x 17.0x NM NM NM 43% 37% 29% 72% 75% 77% NM (17%) (9%) Smartsheet Inc. $53.10 $6,176 $209 $59 $6,026 33.9x 22.8x 16.7x NM NM NM 60% 49% 37% 81% 81% 80% (18%) (15%) (10%) Medidata Solutions $91.00 $5,483 $206 $193 $5,470 8.6x 7.4x 6.4x 36.8x 30.6x 25.5x 17% 16% 15% 75% 74% 75% 23% 24% 25% Paylocity Holding Corporation $105.48 $5,588 $139 $0 $5,449 13.5x 10.7x 8.9x NM 37.2x 30.1x 23% 26% 20% 66% 64% 64% 25% 29% 30% Manhattan Associates $85.75 $5,516 $119 $36 $5,432 9.7x 9.0x 8.6x 33.5x 40.4x 37.1x (6%) 7% 5% 57% 54% 55% 29% 22% 23% j2 Global $91.03 $4,455 $227 $1,090 $5,318 4.4x 4.0x 3.7x 10.9x 9.7x 8.9x 8% 11% 8% 83% 83% 83% 41% 41% 41% The Descartes Systems Group Inc $37.58 $3,162 $30 $253 $3,386 12.3x 10.4x 9.4x 36.1x 28.4x 25.1x 16% 18% 11% 73% 74% 75% 34% 37% 37% Cornerstone OnDemand $61.47 $3,667 $392 $378 $3,653 6.8x 6.4x 5.6x 37.0x 30.0x 22.7x 12% 6% 14% 73% 77% 76% 18% 21% 25% Pluralsight $30.35 $2,892 $737 $501 $2,742 11.8x 8.7x 6.4x NM NM NM 39% 36% 35% 73% 76% 78% (20%) (14%) (1%)

Workiva Inc. $59.21 $2,674 $114 $42 $2,601 10.6x 9.1x 7.8x NM NM NM 18% 17% 16% 73% 74% 75% (4%) (4%) (2%) ERP ERP General & Business PROS Holdings $67.85 $2,570 $330 $244 $2,484 12.6x 10.3x 8.7x NM NM NM 17% 23% 18% 61% 65% 65% (10%) (4%) (0%) Technology One Limited $5.55 $1,763 $48 $0 $1,715 8.1x 8.4x 7.3x NA 30.7x 25.0x (2%) (4%) 16% 41% 41% 41% 0% 27% 29% Enghouse Systems Limited $26.93 $1,472 $153 $1 $1,320 5.0x 4.3x 3.8x 16.2x 15.1x 12.9x (3%) 18% 14% 70% 70% 70% 31% 28% 29% SPS Commerce $103.36 $1,852 $199 $20 $1,673 6.7x 6.1x 5.6x 32.6x 25.3x 21.9x 13% 11% 9% 67% 68% 69% 21% 24% 25% Instructure $41.77 $1,528 $91 $49 $1,486 7.1x 5.7x 4.8x NM NM NM 30% 23% 21% 70% 72% 73% (6%) (5%) (1%) Upland Software $45.93 $1,161 $14 $284 $1,431 9.5x 6.8x 6.3x 26.9x 18.4x 16.7x 53% 41% 8% 68% 70% 70% 35% 37% 38% Opera Limited $11.05 $1,219 $177 $18 $1,060 6.2x 4.4x 3.5x 16.1x 31.2x 14.1x 34% 39% 26% 68% 77% 78% 38% 14% 25% Benefitfocus $27.15 $883 $144 $275 $1,014 3.9x 3.3x 2.9x NM NM 30.8x 9% 17% 17% 50% 53% 55% 4% 6% 9% QAD Inc. $43.65 $857 $152 $29 $734 2.2x 2.2x 2.1x 28.6x 46.0x 29.3x 9% (1%) 7% 53% 53% 54% 8% 5% 7% Synchronoss Technologies $7.86 $318 $108 $171 $393 1.2x 1.1x 1.1x 28.0x 11.8x 9.4x (19%) 6% 6% 51% 56% 57% 4% 10% 12% American Software $13.38 $420 $86 $0 $334 3.0x 3.0x 2.9x 21.1x 23.2x 19.7x 2% (1%) 5% 53% 53% 53% 14% 13% 15% ServiceSource International $0.91 $85 $25 $42 $102 0.4x 0.4x 0.4x 7.2x NM 20.3x (0%) (5%) 2% 31% 29% 29% 6% 0% 2% Park City Group $5.11 $102 $18 $5 $88 3.8x 4.1x 3.3x 14.7x 13.8x 9.6x 13% (6%) 23% 71% 72% 72% 26% 29% 34%

Mean 11.7x 9.2x 7.5x 27.0x 27.4x 22.3x 22% 19% 18% 66% 68% 68% 14% 16% 17% Median 9.0x 7.5x 6.4x 28.0x 29.0x 22.3x 17% 18% 16% 70% 72% 72% 17% 21% 24%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 16 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management VMware $180.57 $73,891 $3,311 $4,853 $75,433 8.4x 7.5x 6.8x 20.5x 19.2x 17.6x 14% 12% 10% 86% 88% 88% 41% 39% 39% ServiceNow $297.21 $55,137 $1,653 $1,107 $54,591 20.9x 15.8x 12.3x NM NM 43.1x 36% 32% 28% 76% 81% 82% 26% 28% 29% Atlassian Corporation Plc $135.35 $32,628 $1,713 $854 $31,768 33.2x 23.2x 18.3x NM NM NM 38% 43% 26% 88% 85% 85% 31% 24% 27% Splunk Inc. $139.96 $21,018 $2,675 $1,872 $20,214 11.2x 8.9x 7.3x NM NM 38.5x 38% 26% 22% 81% 84% 84% 16% 17% 19% Twilio Inc. $147.61 $19,641 $919 $625 $19,348 29.8x 17.4x 13.1x NM NM NM 63% 71% 33% 54% 57% 57% 5% 7% 8% MongoDB $156.02 $8,632 $476 $298 $8,454 31.7x 22.1x 17.0x NM NM NM 61% 43% 31% 72% 70% 71% (18%) (14%) (7%) Micro Focus International plc $21.24 $7,282 $2,666 $4,674 $9,290 3.0x 2.7x 2.8x 6.5x 6.4x 6.3x 21% 11% (4%) 75% 77% 77% 46% 42% 45% SolarWinds Corporation $18.01 $5,518 $434 $1,921 $7,005 8.4x 7.4x 6.6x 17.2x 15.6x 13.7x 14% 13% 12% 92% 92% 92% 49% 48% 49% New Relic $92.44 $5,398 $745 $406 $5,062 11.4x 8.8x 7.1x NM NM 41.7x 35% 29% 25% 84% 83% 83% 17% 14% 17% LogMeIn $73.50 $3,662 $112 $312 $3,862 3.2x 3.1x 2.9x 8.7x 9.4x 9.7x 22% 4% 5% 77% 82% 82% 37% 33% 30% PagerDuty $44.94 $3,419 $338 $0 $3,081 26.2x 19.0x 14.7x NA NM NM 48% 38% 29% 85% 85% 85% 0% (15%) (7%) Appian Corporation $39.89 $2,581 $75 $0 $2,506 11.1x 9.8x 8.4x NM NM NM 28% 13% 17% 63% 65% 68% (13%) (10%) (5%) Progress Software Corporation $42.61 $1,906 $129 $298 $2,075 5.2x 4.9x 4.8x 10.6x 10.1x 8.9x (0%) 7% 2% 89% 87% 87% 50% 48% 54% NetScout Systems $26.32 $1,998 $486 $550 $2,062 2.3x 2.3x 2.2x NA NA NA (15%) (1%) 3% 71% 72% 72% 0% 0% 0% Pivotal Software $9.88 $2,687 $854 $146 $1,979 3.0x 2.6x 2.2x NM NM 38.9x 29% 16% 17% 63% 70% 73% (8%) (3%) 6%

Development Development Operations & Management Bandwidth Inc. $79.18 $1,821 $198 $0 $1,623 9.9x 6.9x 5.8x NM NM NM 25% 43% 19% 58% 47% 48% 10% (3%) (1%) Comarch S.A. $46.74 $380 $87 $72 $370 1.0x 0.9x 0.9x 7.8x 6.7x 6.3x 13% 11% 6% 26% 28% 27% 13% 14% 14% MobileIron $6.88 $748 $107 $18 $659 3.4x 3.1x 2.8x NM NM NM 7% 9% 11% 82% 82% 82% (0%) 2% 5% Magic Software Enterprises Ltd. $9.12 $446 $107 $40 $411 1.4x 1.3x 1.3x NA NA NA 10% 9% 6% 31% 31% 31% 0% 0% 0% Axway Software SA $14.60 $309 $37 $83 $355 1.1x 1.1x 1.1x 8.5x 11.8x 8.5x (10%) (3%) 1% 18% 71% 72% 13% 10% 13%

Mean 11.3x 8.4x 6.9x 11.4x 11.3x 21.2x 24% 21% 15% 69% 72% 72% 16% 14% 17% Median 8.4x 7.2x 6.2x 8.7x 10.1x 13.7x 23% 13% 14% 76% 79% 79% 13% 12% 13%

Sales & Marketing Applications HubSpot $183.70 $7,734 $969 $511 $7,277 14.2x 11.1x 8.9x NM NM NM 37% 28% 24% 80% 82% 83% 11% 12% 14% Pegasystems Inc. $77.64 $6,126 $202 $58 $5,982 6.7x 6.5x 5.8x NM NM NM 0% 4% 12% 66% 69% 69% 8% 5% 7% SurveyMonkey $17.68 $2,300 $166 $306 $2,440 9.6x 8.1x 6.8x 42.0x NM 45.9x 16% 19% 19% 69% 76% 78% 23% 13% 15% Yext $20.98 $2,331 $284 $37 $2,084 9.1x 7.0x 5.3x NM NM NM 34% 31% 30% 75% 76% 76% (11%) (12%) (7%) LivePerson $32.75 $2,004 $238 $190 $1,956 7.8x 6.8x 5.7x NM NM NM 14% 16% 19% 75% 74% 75% 8% 4% 7%

Sales Sales & Marketing Cardlytics $29.76 $672 $36 $47 $682 4.5x 3.6x 2.6x NM NM NM 16% 25% 38% 36% 42% 43% (4%) (4%) 5% ChannelAdvisor Corporation $9.48 $264 $48 $20 $236 1.8x 1.8x 1.7x 24.1x 15.0x 12.4x 7% 1% 6% 78% 78% 79% 7% 12% 14%

Mean 7.7x 6.4x 5.3x 33.1x 15.0x 29.2x 18% 18% 21% 69% 71% 72% 6% 4% 8% Median 7.8x 6.8x 5.7x 33.1x 15.0x 29.2x 16% 19% 19% 75% 76% 76% 8% 5% 7%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 17 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS Adobe Inc. $310.27 $150,617 $3,479 $4,137 $151,275 16.8x 13.5x 11.5x 38.1x 30.2x 24.8x 24% 24% 18% 87% 87% 88% 44% 45% 46% salesforce.com $159.75 $124,053 $6,379 $6,768 $124,442 9.4x 7.7x 6.4x 38.6x 29.5x 23.8x 26% 22% 20% 74% 77% 77% 24% 26% 27% ServiceNow $297.21 $55,137 $1,653 $1,107 $54,591 20.9x 15.8x 12.3x NM NM 43.1x 36% 32% 28% 76% 81% 82% 26% 28% 29% Workday $214.59 $48,582 $1,892 $1,529 $48,219 17.1x 13.5x 11.0x NM NM NM 32% 26% 23% 70% 76% 76% 17% 20% 21% Shopify Inc. $329.57 $37,088 $1,997 $104 $35,195 32.8x 23.2x 17.4x NM NM NM 59% 41% 33% 56% 56% 56% 4% 4% 6% Atlassian Corporation Plc $135.35 $32,628 $1,713 $854 $31,768 33.2x 23.2x 18.3x NM NM NM 38% 43% 26% 88% 85% 85% 31% 24% 27% Zoom Video Communications $95.94 $26,139 $737 $52 $25,454 NM 46.6x 33.5x NA NM NM 118% 65% 39% 82% 80% 80% 0% 7% 10% Veeva Systems Inc. $166.06 $24,455 $1,330 $19 $23,145 26.8x 22.1x 18.6x NM NM 48.3x 25% 22% 19% 72% 75% 75% 37% 39% 39% Splunk Inc. $139.96 $21,018 $2,675 $1,872 $20,214 11.2x 8.9x 7.3x NM NM 38.5x 38% 26% 22% 81% 84% 84% 16% 17% 19% Twilio Inc. $147.61 $19,641 $919 $625 $19,348 29.8x 17.4x 13.1x NM NM NM 63% 71% 33% 54% 57% 57% 5% 7% 8% Slack Technologies $34.10 $17,204 $793 $0 $16,423 41.0x 27.4x 19.8x NA NM NM 82% 49% 39% 87% 86% 86% 0% NM (15%) Okta $137.02 $15,639 $547 $435 $15,527 38.9x 28.3x 21.6x NM NM NM 56% 37% 31% 72% 76% 77% (9%) (9%) (2%) Paycom Software $235.13 $13,522 $91 $59 $13,490 23.8x 18.7x 15.2x NM 45.4x 36.3x 31% 27% 23% 87% 84% 85% 43% 41% 42% NetApp $58.82 $14,118 $3,905 $1,793 $12,006 1.9x 2.0x 1.8x 7.7x 7.7x 6.6x 8% (1%) 7% 64% 63% 63% 25% 25% 28% Zscaler $86.69 $10,894 $353 $0 $10,541 43.4x 30.5x 22.8x NM NM NM 57% 42% 34% 80% 80% 80% 6% 10% 12% Zendesk $93.47 $10,241 $444 $579 $10,375 17.3x 12.8x 9.8x NM NM NM 39% 35% 30% 70% 74% 75% 7% 7% 9% RingCentral $124.94 $10,237 $549 $407 $10,096 16.5x 11.7x 9.5x NM NM NM 32% 41% 23% 84% 77% 77% 13% 13% 13% Dropbox $24.68 $10,148 $915 $693 $9,926 7.1x 6.0x 5.3x 29.5x 26.0x 21.4x 26% 18% 15% 72% 75% 76% 24% 23% 25%

DocuSign $54.35 $9,446 $752 $617 $9,311 13.3x 10.1x 8.1x NM NM NM 35% 31% 24% 73% 79% 80% 8% 9% 11% SaaS Coupa Software Incorporated $141.58 $8,746 $346 $206 $8,605 33.1x 24.8x 19.5x NM NM NM 39% 33% 27% 68% 72% 74% 9% 6% 10% HubSpot $183.70 $7,734 $969 $511 $7,277 14.2x 11.1x 8.9x NM NM NM 37% 28% 24% 80% 82% 83% 11% 12% 14% Proofpoint $127.19 $7,128 $183 $57 $7,002 9.8x 8.0x 6.6x NM NM 38.4x 38% 22% 21% 72% 78% 78% 16% 15% 17% RealPage $64.08 $5,913 $253 $716 $6,377 7.3x 6.4x 5.8x 27.6x 22.7x 19.4x 30% 14% 11% 62% 62% 62% 27% 28% 30% Smartsheet Inc. $53.10 $6,176 $209 $59 $6,026 33.9x 22.8x 16.7x NM NM NM 60% 49% 37% 81% 81% 80% (18%) (15%) (10%) Paylocity Holding Corporation $105.48 $5,588 $139 $0 $5,449 13.5x 10.7x 8.9x NM 37.2x 30.1x 23% 26% 20% 66% 64% 64% 25% 29% 30% j2 Global $91.03 $4,455 $227 $1,090 $5,318 4.4x 4.0x 3.7x 10.9x 9.7x 8.9x 8% 11% 8% 83% 83% 83% 41% 41% 41% New Relic $92.44 $5,398 $745 $406 $5,062 11.4x 8.8x 7.1x NM NM 41.7x 35% 29% 25% 84% 83% 83% 17% 14% 17% Medallia $40.54 $4,996 $133 $0 $4,863 15.5x 12.6x 10.4x NA NM NM 20% 23% 21% 63% 66% 67% 0% 3% 5% Envestnet $73.16 $3,795 $246 $551 $4,098 5.0x 4.5x 3.9x 26.0x 21.1x 17.0x 19% 12% 17% 29% 69% 70% 19% 21% 23% LogMeIn $73.50 $3,662 $112 $312 $3,862 3.2x 3.1x 2.9x 8.7x 9.4x 9.7x 22% 4% 5% 77% 82% 82% 37% 33% 30% Q2 Holdings $79.70 $3,723 $165 $220 $3,778 15.7x 12.2x 9.9x NM NM NM 24% 29% 22% 49% 52% 54% 8% 7% 11% Cornerstone OnDemand $61.47 $3,667 $392 $378 $3,653 6.8x 6.4x 5.6x 37.0x 30.0x 22.7x 12% 6% 14% 73% 77% 76% 18% 21% 25% AppFolio $105.14 $3,575 $34 $73 $3,613 19.0x 14.2x 11.3x NM NM NM 32% 34% 26% 62% 60% 61% 21% 16% 18% Pure Storage $15.96 $4,039 $1,166 $583 $3,456 2.5x 2.0x 1.6x 28.4x 23.6x 15.7x 33% 27% 23% 66% 67% 67% 9% 8% 10% Qualys $88.81 $3,478 $298 $42 $3,221 11.5x 10.0x 8.6x 28.7x 25.8x 22.0x 21% 16% 16% 76% 79% 79% 40% 39% 39% Everbridge $99.55 $3,278 $258 $112 $3,132 21.3x 15.9x 12.6x NM NM NM 41% 34% 26% 68% 71% 72% (2%) 2% 5% PagerDuty $44.94 $3,419 $338 $0 $3,081 26.2x 19.0x 14.7x NA NM NM 48% 38% 29% 85% 85% 85% 0% (15%) (7%) Mimecast Limited $48.33 $2,985 $174 $138 $2,950 9.2x 7.4x 6.1x NM 45.6x 32.6x 33% 24% 21% 73% 73% 73% 14% 16% 19%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 18 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) Five9 $48.46 $2,892 $299 $217 $2,810 10.9x 9.2x 7.8x NM NM 42.5x 29% 19% 17% 60% 63% 64% 18% 16% 18% Box $16.79 $2,460 $231 $395 $2,623 4.3x 3.8x 3.4x NM 49.6x 30.9x 20% 13% 13% 71% 71% 72% 5% 8% 11% Workiva Inc. $59.21 $2,674 $114 $42 $2,601 10.6x 9.1x 7.8x NM NM NM 18% 17% 16% 73% 74% 75% (4%) (4%) (2%) BlackLine $48.35 $2,662 $135 $17 $2,548 11.2x 9.2x 7.5x NM NM NM 30% 22% 22% 78% 81% 81% 6% 7% 9% Varonis Systems $70.51 $2,133 $164 $56 $2,026 7.5x 7.4x 6.8x NM NM NM 25% 1% 9% 90% 88% 89% 5% (3%) 2% LivePerson $32.75 $2,004 $238 $190 $1,956 7.8x 6.8x 5.7x NM NM NM 14% 16% 19% 75% 74% 75% 8% 4% 7% SPS Commerce $103.36 $1,852 $199 $20 $1,673 6.7x 6.1x 5.6x 32.6x 25.3x 21.9x 13% 11% 9% 67% 68% 69% 21% 24% 25% Zuora $15.39 $1,710 $179 $13 $1,544 6.6x 5.6x 4.7x NM NM NM 40% 17% 19% 50% 56% 60% (17%) (14%) (8%) Instructure $41.77 $1,528 $91 $49 $1,486 7.1x 5.7x 4.8x NM NM NM 30% 23% 21% 70% 72% 73% (6%) (5%) (1%)

SaaS SaaS (Cont.) Cloudera $5.88 $1,612 $445 $244 $1,411 2.9x 1.9x 1.7x NM 26.6x 12.1x 29% 57% 13% 72% 76% 77% (12%) 7% 14% Carbonite $24.27 $836 $83 $645 $1,398 4.7x 2.9x 2.4x 13.3x 10.4x 8.6x 24% 63% 20% 76% 81% 81% 35% 28% 28% Talend S.A. $33.99 $1,032 $29 $32 $1,035 5.1x 4.2x 3.4x NM NM NM 38% 22% 21% 76% 77% 78% (7%) (9%) (3%) Benefitfocus $27.15 $883 $144 $275 $1,014 3.9x 3.3x 2.9x NM NM 30.8x 9% 17% 17% 50% 53% 55% 4% 6% 9% Zix Corporation $8.97 $486 $17 $179 $648 9.2x 3.9x 3.2x 32.2x 18.5x 13.2x 7% 138% 21% 78% 62% 62% 29% 21% 24% ChannelAdvisor Corporation $9.48 $264 $48 $20 $236 1.8x 1.8x 1.7x 24.1x 15.0x 12.4x 7% 1% 6% 78% 78% 79% 7% 12% 14% Veritone $7.65 $156 $51 $0 $105 3.9x 2.1x 1.6x NM NM NM 88% 88% 27% 76% 68% 69% NM NM NM Park City Group $5.11 $102 $18 $5 $88 3.8x 4.1x 3.3x 14.7x 13.8x 9.6x 13% (6%) 23% 71% 72% 72% 26% 29% 34%

Mean 14.3x 11.5x 9.1x 24.9x 24.9x 24.4x 33% 30% 21% 72% 74% 74% 14% 14% 16% Median 11.0x 9.1x 7.5x 28.0x 25.3x 22.4x 30% 26% 21% 73% 76% 76% 12% 13% 14%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 19 Margins <(20%) considered NM. Multiples <0 or >50 considered NM. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

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

35.0x 35.0x

ZS ZS 30.0x WORK 30.0x WORK OKTA R = 0.79 OKTA R = 0.54 25.0x COUP 25.0x COUP

SHOPTEAMSMAR SMARSHOP TEAM VEEV VEEV 20.0x 20.0x PAYC PD PD PAYC

NOWEVBG EVBG NOW 15.0x 15.0x APPF APPF ADBEWDAY WDAY ADBE MDLA ZEN MDLA ZEN QTWO RNG QTWO RNG PCTYHUBS HUBS PCTY

10.0x QLYS DOCU 10.0x DOCU QLYS Enterprise Value / CY / 2019E Revenue Value Enterprise Enterprise Value / CY / 2019E Revenue Value Enterprise WKFIVNBL SPLKNEWR WK BLFIVN SPLK NEWR VRNS MDSOCRMPFPTMIME VRNS MDSO MIME CRMPFPT CSOD RPLPSN LPSN CSOD RP SPSC ZUODBX INST ZUO INST SPSC DBX 5.0x ENV 5.0x ENV JCOMBOX TLND TLNDBOX PCYG JCOM LOGM BNFT BNFT LOGM ECOM PSTG ECOM NTAP PSTG 0.0x 0.0x 0% 10% 20% 30% 40% 50% 60% 70% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

CY2019E Revenue Growth CY 2019E Revenue Growth % + CY 2019E FCF Margin %

Notes: Source: Capital IQ as of 7/24/2019. Consensus Estimates used for CY2019E figures. 20 RECENT ACQUISITIONS Select Software M&A Transactions ($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides television and video advertising analytics software that enables brands, agencies, cable operators, streaming TV services and 6/24/19 $150 NA NA NA NA networks to measure advertising effectiveness.

Provides AI-based virtual workforce automation SaaS for businesses globally. Software enables users to replicate human work, processes 6/19/19 $101 7.9x NA NA NA and decisions in existing applications and systems.

6/18/19 $330 6.3x NA 17.3x NA Provides investment and fund management SaaS for financial markets in the US, Europe and Asia.

Provides clinical development and data management SaaS for the pharmaceutical and life sciences industry. Software enables clinicians 6/12/19 $5,744 8.7x NA NM NA to capture and analyze data and design clinical trials.

6/11/19 $405 NA 9.5x NA NA Provides financial management, accounting, payroll, invoice management and transaction processing SaaS for small businesses globally.

Provides payment processing software, SaaS and services for businesses and consumers in Turkey. Also provides related mobile payment 6/11/19 $165 NA NA NA NA applications.

Provides business intelligence (BI) analytics and data visualization software for businesses, government agencies and educational 6/10/19 $15,080 12.7x 10.8x NM NA institutions globally. Also provides visual analytics SaaS that enables businesses to create, publish and share interactive dashboards and data stories on the Web. Tableau Software went public in May 2013 on the NYSE under the ticker symbol DATA.

6/6/19 $2,600 NA 17.3x NA NA Provides big data business intelligence (BI) analytics and visualization, data modeling and discovery SaaS for businesses.

Provides environmental, health, safety and quality management (EHSQ) SaaS that enables regulatory compliance and incidence reporting 6/6/19 $570 NA NA NA NA for businesses.

Provides financial data management software, SaaS and services for the capital markets industry globally. Software enables users to 6/6/19 $68 3.8x NA NA NA aggregate, manage and process market and reference data, corporate actions, portfolio pricing, and legal entity data.

Provides endpoint security software and SaaS for the military, government entities and commercial enterprises. Software provides 6/5/19 $234 NA NA NA NA features for autonomous detection and prevention of targeted attacks, phishing, ransomware and malware in hybrid network environments.

Provides cloud and appliance-based bot detection and mitigation software and SaaS to prevent malicious website traffic, data mining, 6/4/19 $100 5.0x NA NA NA account hijacking, spam and click fraud for businesses.

Provides transaction integration and online and mobile payment processing software and services primarily to customers in the 6/3/19 $53 1.8x NA NA NA educational and public sectors.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/19, where Enterprise Value is >$50MM. 21 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions ($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides features for scheduling, 5/30/19 $1,000 NA NA NA NA project planning, workforce management and analytics reporting, accessible on desktop systems and mobile devices.

Provides machine learning-enabled threat intelligence SaaS for enterprises. Software provides features for the aggregation and 5/30/19 $780 12.0x 7.8x NA NA immediate reporting of of web-based threats in real-time.

Provides wealth management and financial accounting software, EDI and transaction processing services, for businesses in the financial 5/30/19 $65 2.8x NA NA NA and energy sectors globally. Also provides ERP and big data business application management SaaS for enterprises.

Provides enterprise container and cloud native cybersecurity management PaaS that enables businesses to deploy and protect 5/29/19 $410 27.3x NA NA NA applications, firewalls, and test vulnerabilities. Software has capabilities for use on the AWS, Docker, IBM Cloud, Rancher, Azure, Google Cloud Platform, Kubernetes and Pivotal platforms.

Provides automated security attack simulation SaaS for enterprises, enabling the preventative assessment of the effectiveness of 5/28/19 $250 NA NA NA NA existing security controls.

Provides machine learning-based data privacy and compliance SaaS for enterprises. Software provides features for data protection, 5/27/19 $70 NA NA NA NA classification and breach detection.

5/21/19 $300 NA NA NA NA Provides client investment portfolio management software for the financial sector.

Provides E-discovery and document review software, SaaS and related outsourced services for law firms, corporations and government 5/20/19 $625 2.1x 2.0x NA NA entities globally.

Provides pre-employment testing and screening SaaS that enables businesses to test prospective employees in aptitude, personality, and 5/17/19 $56 NA NA NA NA skills.

Provides cloud expense tracking, monitoring and analysis SaaS for businesses. Software enables businesses to aggregate costs of 5/16/19 $160 5.7x 4.0x NA NA operating cloud systems for proficiency analysis and budget forecasting.

Provides global trade management (GTM) and related SCM management SaaS, including tariff and import/export regulatory compliance, 5/13/19 $425 4.9x NA NM NA shipping, logistics, and contract management, for businesses and enterprises globally. Also provides international trade regulations consulting services. Amber Road completed its IPO and began trading on the NYSE under the ticker symbol AMBR in March of 2014.

Provides zero trust network access (ZTNA) and authentication SaaS for enterprises. SaaS enables businesses to connect people, 5/6/19 $120 NA NA NA NA applications, clouds, datacenters and offices, and secure them with a software-defined perimeter.

Provides operations and facilities management SaaS for the education, senior living and healthcare industries, government agencies and 5/3/19 $525 5.3x 4.2x 17.5x 13.1x membership organizations.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/19, where Enterprise Value is >$50MM. 22 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions ($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides record and document management, e-recording and transaction software and SaaS for the real estate sector and county 5/1/19 $335 NA NA NA NA governments in the US.

Provides software engineering management and data visualization SaaS to software developers. Software provides features for code 5/1/19 $170 NA NA NA NA reviewing and monitoring team collaboration and dynamics.

Provides employee benefits management SaaS to businesses. Software enables employees to enroll in corporate benefit programs online 4/29/19 $66 NA NA NA NA while also providing features for call center assistance, Consolidated Omnibus Budget Reconciliation Act (COBRA) disbursements, Affordable Care Act (ACA) compliance and reporting, document management and discrepancy reporting.

Provides accounting, payroll and retail management, point of sale (PoS) transaction processing and CRM software for small to medium- 4/17/19 $1,116 3.6x NA 8.4x NA sized businesses in Australia and New Zealand. Also provides Web and email hosting and domain name registration services.

4/16/19 $215 NA NA NA NA Provides enterprise contract lifecycle management and related document creation SaaS for businesses globally.

Provides online marketing SaaS and services for businesses in the US. Software provides features for customer insight reporting, loyalty 4/14/19 $4,400 2.0x NA 9.5x NA rewards programs, email marketing, analytics and customer data reporting, Also includes the business of Conversant, which was acquired by Alliance Data Systems and merged under Epsilon in 2014.

Provides IT asset and help desk management SaaS for businesses. Software also provides features for AI-based ticket routing, workflow 4/11/19 $350 17.5x 11.7x NA NA automation, reporting, license compliance management and risk management.

Provides risk and investment portfolio management software and SaaS, including portfolio construction, optimization and analytics as 4/10/19 $850 8.5x NA NA NA well as portfolio risk modeling, for financial institutions, asset managers and hedge funds.

Provides security risk management (SRM) and related analytics SaaS for businesses and government entitites. Software enables risk 4/10/19 $100 NA NA NA NA modeling for public cloud, private cloud and physical network environments.

The marketing and commerce software and SaaS assets of IBM, which provides features for campaign automation, customer analytics, AI- 4/4/19 $500 1.8x NA 33.3x NA based content management, search engine optimization and payments processing. Marketing & Commerce Assets

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/19, where Enterprise Value is >$50MM. 23 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM. SELECTED PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an end-to-end travel management platform designed to offer complete 6/27/19 TripActions $250 Andreessen Horowitz, Lightspeed Venture Partners, SGVC and Zeev Ventures corporate travel planning and support. Developer of full-stack infrastructure software application designed to leverage the standard SoftBank Investment Advisers, Mayfield Fund, WRV Capital, Battery Ventures, Redline Capital 6/27/19 Fungible $200 components, protocols and interfaces of data centers. Management and Norwest Venture Partners Provider of a cloud-based restaurant-specific software platform intended to combine 6/27/19 Restaurant365 $88 ICONIQ Capital, Bessemer Venture Partners and Tiger Global Management restaurant modules with an integrated accounting system.

6/27/19 Aera Technology $80 Developer of a self-driving supply chain for businesses designed for self-driving enterprise. DFJ Growth, Georgian Partners, NewView Capital

Y Combinator, Orange Digital Ventures, Stripe, General Catalyst, Accel, LocalGlobe, Goodwater 6/25/19 Monzo $147 Developer of a mobile banking application designed to offer banking service. Capital,Latitude Investments, Passion Capital and Thrive Capital Battery Ventures, USAA Ventures, Sorenson Ventures, Washington Federal Bank for Savings, 6/25/19 MX $100 Developer of a data platform intended to improve financial management. National Bank of Canada, H.I.G. Growth Partners, Point72 Ventures, TTV Capital Provider of a sales enablement platform designed to deliver the perfect buying experience for 6/25/19 Showpad $70 Insight Partners, Dawn Capital, Hummingbird Ventures, Korelya Capital, Silicon Valley Bank the buyers. Developer and provider of an online platform designed to create the most personalized and Kleiner Perkins, The Chernin Group, Bain Capital, Lightspeed Venture Partners and Spark 6/25/19 Cameo $50 authentic fan experiences. Capital Developer of an integrated security awareness training and simulated phishing platform 6/24/19 KnowBe4 $309 Kohlberg Kravis Roberts, Ten Eleven Ventures and Elephant Venture Capital designed to train employees to make smarter security decisions. Developer of a digital lending platform intended to simplify and fasten consumer finance General Atlantic, Temasek Holdings, Lightspeed Venture Partners, Founders Fund, Greylock 6/24/19 Blend $130 processes. Partners, and 8VC Provider of a data protection platform designed to safeguards sensitive data from both LLR Partners, MassMutual Ventures, Brookline Venture Partners, Siemens Financial Services, 6/21/19 Digital Guardian $154 insiders and external adversaries. Golub Capital, The Goldman Sachs Group and Golub Capital BDC Developer of a cloud data protection and management platform designed to advance Viking Global Investors, Riverwood Capital, Atreides Capital, Nexus Venture Partners, Tenaya 6/20/19 Druva $130 protection and compliance. Capital and Neuberger Berman Standard Chartered Private Equity, Affirma Capital and Dalian Finance Industry Investment 6/20/19 Dianrong $100 Developer of a peer to peer lending platform designed to lend and borrow money online. Group Developer of camera-based computer vision technology intended to provide self-driving truck 6/20/19 TuSimple $100 CDH Investments, Sina, Composite Capital Partners solutions. Provider of an open source messaging platform designed to facilitate secure team 6/19/19 Mattermost $50 Y Combinator, S28 Capital, Redpoint Ventures and Battery Ventures collaboration.

6/19/19 Postman $50 Provider of a collaboration platform designed to offer application program interface. Charles River Ventures and Nexus Venture Partners

Developer of an experimentation platform designed to test, learn and deploy digital 6/18/19 Optimizely $50 Goldman Sachs Private Capital Investing Group, Accenture Ventures, Bridge Bank experiences. Hejun Group, Galaxy Holdings, Dingxing Quantum, Hua Xu Investment, Matrix Partners China, 6/17/19 RootCloud $219 Provider of an Industrial IoT platform which provides IoT and big data services globally. Zhongwei Capital, Matrix Partners China, SDIC Innovation Investment Management Developer of cloud-based self-insurance platform designed to evolve the way in which health SoftBank Investment Advisers, GV, Sun Life Financial, DFJ Growth, Maverick Ventures, Founders 6/17/19 Collective Health $205 benefits work. Fund, New Enterprise Associates, G Squared

6/17/19 Unily $70 Provider of cloud-based IT services in United Kingdom. Silversmith Capital Partners and Farview Equity Partners

Notes: Source: Pitchbook. Reflects deal activity through 6/30/19. 24 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. SELECTED PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised

6/16/19 PayFit $82 Developer of enterprise software designed to digitize payroll and HR management. Eurazeo, Bpifrance, Otium Venture (France), Accel and Xavier Niel

Provider of a security rating platform designed to empower every organization with Riverwood Capital, Intel Capital, Evolution Equity Partners, Two Sigma Ventures, AXA Venture 6/13/19 SecurityScorecard $50 collaborative security intelligence. Partners, Accomplice VC Developer of a business intelligence platform designed to track mobile application marketing 6/12/19 adjust $227 Eurazeo, Highland Europe, Morgan Stanley and Sofina fraud prevention. Developer of a cloud-based open-source, secure communication and workflow platform that Standard Chartered, MUFG Innovation Partners, BNP Paribas, Goldman Sachs Principal Strategic 6/12/19 Symphony $165 aims to improve workplace productivity and connects users to their community. Investments, J.P. Morgan Developer of cloud monitoring platform designed to accelerate problem detection and 6/12/19 SignalFx $75 Tiger Global Management, Andreessen Horowitz, Charles River Ventures and General Catalyst troubleshooting in real-time.

6/10/19 Yanolja $180 Operator of an online motel-booking application. Booking Holdings, GIC Private, Agoda Company

Developer of a network intrusion detection platform designed to automate real-time threat TCV, Wipro Ventures, Nissho Electronics, Atlantic Bridge Capital, DAG Ventures, IA Ventures, 6/10/19 Vectra $100 detection and response. Khosla Ventures, AME Cloud Ventures, Accel and Ireland Strategic Investment Fund Sumitomo Corporation, DCM Ventures, China Merchants Group, Coatue Management, Source 6/10/19 YunQuNa $70 Provider of a B2B logistics platform designed to make shipping from China simple and easy. Capital, Sumitomo Corporation Operator of a mobile marketplace intended to discover fashion from the most inspiring General Atlantic, HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, 6/7/19 Depop $62 community. Tempo Capital Partners and Sebastian Siemiatkowski DFJ Growth, GV, BMW i Ventures, IVP, Threshold Ventures, Next47, Third Point Ventures and 6/5/19 Yellowbrick Data $81 Developer and provider of data warehouse intended for business decision making. Menlo Ventures Developer of a productivity platform designed to automate business processes to offer greater 6/5/19 Litify $50 Tiger Global Management insights and transparency. Developer of an endpoint protection software designed to protect devices and servers against Insight Partners, Samsung Venture Investment, NextEquity Partners, Data Collective, The Westly 6/4/19 SentinelOne $120 malware and threats. Group, SineWave Ventures, Granite Hill Capital Partners, Third Point Ventures, Sound Ventures ICONIQ Capital, Salesforce Ventures, OpenView Venture Partners, Sapphire Ventures, Madrona 6/4/19 Highspot $60 Provider of a sales engagement platform designed to improve content optimization. Venture Group and Shasta Ventures Provider of an online digital money transfer platform intended to help people to send money 6/3/19 WorldRemit $175 Leapfrog Investments, Accel and TCV to friends and family living abroad. BangSun Developer of a real-time financial risk management platform created to provide risk 6/3/19 $51 Legend Capital, Xinhu Zhongbao Company, SDIC Venture Capital and VT Ventures Technology management products for areas including ticketing, transport, telecom and public security. Provider of cloud-based field service management software designed to maximize business 5/31/19 irth Solutions $100 Gauge Capital, Bregal Sagemount growth. Developer of a location technology platform intended to enrich consumer experiences and 5/30/19 Foursquare $150 The Raine Group inform business decisions. Developer of an online educational platform created to help students and teachers better 5/30/19 KnowBox $150 Alibaba Group manage their assignments. Provider of identity management application designed to make identity and payments simple 5/30/19 Dashlane $110 Sequoia Capital, Rho Ventures, FirstMark Capital and Bessemer Venture Partners and secure. Wiseco SinoOcean Capital, HuaDing Capital, China Growth Capital, WeiMingBoYa Investment, Green 5/30/19 $95 Provider of financial services focusing on credit score analysis. Technology Pine Capital Partners, Huagai Capital, iPinYou Interactive, WeiMingBoYa Investment

Notes: Source: Pitchbook. Reflects deal activity through 6/30/19. 25 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. SELECTED PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Provider of an open-source log analytics platform designed to help companies of all sizes to 5/29/19 Logz.io $52 General Catalyst and Next47 derive more value from machine data. Operator of an online therapy platform intended to eliminate the stigmas associated with Revolution Group, Nomura Capital Partners, Spark Capital, Compound, Norwest Venture 5/29/19 Talkspace $50 mental illness and make therapy more available. Partners, Qumra Capital and Hanaco Venture Capital Developer of a Directory-as-a-Service (DaaS) platform intended to centralize and simplify 5/23/19 JumpCloud $50 General Atlantic, Foundry Group and OpenView Venture Partners identity management. KaiOS 5/22/19 $50 Developer of an operating system designed to fit them in smart features phones. Cathay Innovation, Alphabet and TCL Multimedia Technology Holdings Technologies Provider of a payment platform intended to offer a fully documented and open API issuer Coatue Management, CommerzVentures, Visa Ventures, Vitruvian Partners, Spark Capital, 5/21/19 Marqeta $260 payment processor. CreditEase, Granite Ventures, 83North, Goldman Sachs Investment Partners, Lone Pine Capital Provider of internal data center security tool designed to detect and stop advanced threats Qumra Capital, Dell Technologies Capital, Deutsche Telekom Capital Partners, TPG Growth, 5/21/19 GuardiCore $60 through real-time breach detection and response. Greenfield Partners (Israel), Battery Ventures, 83North, Partech Partners and ClalTech Developer of web based spend management software services intended to unlock maximum 5/21/19 Ivalua $60 Ardian and Tiger Global Management procurement value through realizing savings. Developer of a revenue intelligence platform designed to solve solving the problem of sales ICONIQ Capital, Lightspeed Venture Partners, GGV Capital, Andreessen Horowitz, and Y 5/21/19 People.ai $60 and marketing alignment. Combinator Amazon.com, Fidelity Investments, Greenoaks Capital Partners, The Strand Partners and T. 5/20/19 Deliveroo $575 Developer of an online food delivery platform intended to help users order restaurant meals. Rowe Price Developer of an identity and authentication platform intended to verify users and tackle Sapphire Ventures, Telstra Ventures, WiL (World Innovation Lab), Bessemer Venture Partners, 5/20/19 Auth0 $103 identity fraud. K9 Ventures, Trinity Ventures and Meritech Capital Partners Developer of a conversational AI platform designed to understand human speech and deliver 5/20/19 Clinc $52 Insight Partners, Hyde Park Venture Partners, Drive Capital and DFJ Growth insights. Digital Training 5/16/19 $291 Operator of an online learning company. The Growth Company (Manchester) and Northern Powerhouse Investment Fund Solutions Operator of a mobile application intended to offer on-demand access to deals on last-minute 5/16/19 TodayTix $73 Great Hill Partners theater tickets.

5/16/19 PDFTron $71 Provider of document processing tools intended for software developers, based in Canada. Silversmith Capital Partners

Provider of a turnkey integration ecosystem designed to make data actionable, in real-time, Silver Lake Management, Presidio Ventures, Georgian Partners, Bain Capital Ventures, Industry 5/15/19 Tealium $55 across every customer experience touch point. Ventures, Parkwood, ABN AMRO Bank and Declaration Partners Riverwood Capital, Benchmark (San Francisco), Hercules Capital, Kleiner Perkins and Tiger 5/14/19 Nextdoor $123 Developer of a private social networking platform designed to connect neighbors. Global Management Dispersive Developer of virtualized dispersive networking technologies intended to revolutionize the way 5/10/19 $87 Berg Capital Group Networks people, businesses and things connect. Developer of Radio Area Network (RNA) software intended to improve the and enhance the 5/8/19 Altiostar $114 Tech Mahindra, Qualcomm Ventures and Rakuten quality of telecommunication network. Provider of a cloud based machine data analytics platform designed to deliver real-time 5/8/19 Sumo Logic $110 Battery Ventures, Tiger Global Management and Franklin Templeton Investments continuous intelligence and data across the entire application lifecycle and stack. Provider of a learning platform designed to help individuals and organizations discover, track 5/8/19 Degreed $75 Signal Peak Ventures, Jump Capital, GSV AcceleraTE, Owl Ventures and AllianceBernstein and measure all learning.

Notes: Source: Pitchbook. Reflects deal activity through 6/30/19. 26 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. SELECTED PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Copper Developer of a cloud-based customer relationship management software designed to identify, Norwest Venture Partners, GV, Vela Partners, Digital Horizon Capital, Next World Capital, Storm 5/8/19 $66 (Software) track and optimize sales. Ventures, Industry Ventures, True Ventures and H. Barton Asset Management

5/8/19 ArchiveSocial $53 Developer of software for record-keeping regulations and mitigate risk related to social media. Level Equity, David Gardner, Dennis McKenna and Steve Case

Developer of an e-commerce platform that connects customers, shop owners and suppliers, IDG Capital, Xiang He Capital, Hillhouse Capital Group, Sequoia Capital China, Sinovation 5/7/19 Beidan $125 allowing consumers to find high quality products at reasonable prices. Ventures, Capital Today and Gaorong Capital Developer of messaging and chat API for mobile applications and websites designed to digitize ICONIQ Capital, Tiger Global Management, FundersClub, Shasta Ventures, August Capital, and 5/7/19 SendBird $102 human interactions for businesses. Y Combinator The company's platform provides brokers and owners with real-time access to everything Brookfield Ventures, Fifth Wall Ventures, GLP, Tishman Speyer (Ventures), Tishman Speyer 5/7/19 VTS $90 happening throughout their portfolio, enabling users to interact with data and identify trends Properties Lightspeed Venture Partners, Sapphire Ventures, Cisco Investments, 3737 North Capital, 5/7/19 Exabeam $75 Provider of an analytics-led security intelligence platform designed to detect data breaches. Norwest Venture Partners, Aspect Ventures, Icon Ventures and Shlomo Kramer Developer of an ownership management and compliance platform designed to consolidate Andreessen Horowitz, Goldman Sachs Principal Strategic Investments, SGH Capital, Thrive 5/6/19 Carta $300 company ownership data onto one common electronic registry. Capital, Lava Walk Ventures, Union Square Ventures, Menlo Ventures Developer of a mobile health coaching software designed to provide intelligent nutrition and Sequoia Capital, Samsung Venture Investment, Aglaé Ventures, Tony Xu, Joshua Kushner, 5/6/19 Noom $58 exercise coaching. Scooter Braun and Jan Koum

5/3/19 Kaseya $500 Provider of IT management and monitoring software services. Insight Partners and TPG Capital

Provider of an online payments platform intended to track and secure digital payments across 5/2/19 Checkout.com $230 Insight Partners, DST Global, Blossom Capital, Endeavor Catalyst and GIC Private the Internet. Provider of a network optimization and application acceleration platform created to address Goldman Sachs Private Capital Investing Group, Presidio Ventures, Deutsche Telekom Capital 5/1/19 Aryaka $50 the connectivity needs of modern global enterprises. Partners, InterWest Partners, Third Point Ventures, Trinity Ventures, Mohr Davidow Ventures Provider of an all-in-one, cloud-based software solution for the spa, salon and med spa 5/1/19 Zenoti $50 Tiger Global Management, Accel and Norwest Venture Partners industries. Developer of robotic process automation software designed to deliver fast and reliable RPA Coatue Management, CapitalG, Wellington Drive Technologies, Dragoneer Investment Group, 4/30/19 UiPath $568 that enhances business performance at unlimited scale. Accel, Sands Capital Ventures, Sequoia Capital, IVP and Madrona Venture Group Developer of a secure expense management platform designed to automate the entire New Enterprise Associates, Insight Partners and Pelion Venture Partners, Waterfall Asset 4/30/19 Divvy $200 expense report process. Management Developer of a proctoring platform designed to enhance the level of authenticity for 4/30/19 Examity $90 Great Hill Partners educational institutions.

4/30/19 Technisys $50 Developer of financial software products designed to cater to the financial services industry. Riverwood Capital

Developer of a cloud-based sales intelligence software designed to gather relevant news and 4/25/19 SalesLoft $70 Insight Partners, HarbourVest Partners data. Developer of a continuous delivery-as-a-service platform created to simplify the software 4/23/19 Harness $60 GV, ServiceNow Ventures, IVP, Menlo Ventures, Unusual Ventures and BIG Labs delivery process for software engineers. Developer of a sales engagement platform designed to drive deeper engagement with Lone Pine Capital, M12, Four Rivers Group, DFJ Growth, Spark Capital, Sapphire Ventures, 4/16/19 Outreach $114 prospects. Meritech Capital Partners, Lemonade Capital, Mayfield Fund and Trinity Ventures Developer of an agentless IoT security platform for enterprises created to identify unmanaged Sequoia Capital, Insight Venture Partners, Intermountain Ventures, Tenaya Capital, Red Dot 4/11/19 Armis $65 devices or networks. Capital Partners and Bain Capital Ventures

Notes: Source: Pitchbook. Reflects deal activity through 6/30/19. 27 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. SELECTED PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a mobile application designed to scan, save and share a digital copy of key and 4/10/19 KeyMe $50 BlackRock order copies shipped to door. Developer of internet IT operations management platform intended to discover, manage and TPG Growth, Founders Fund, New Enterprise Associates, IVP, Sam Palmisano, Peter Thiel and 4/9/19 Expanse $70 secure global internet assets. MSD Capital Singtel Innov8, New Enterprise Associates, Norwest Venture Partners, Quadrille Capital and 4/8/19 Bitglass $70 Developer of an enterprise security software created to help enterprises to work on the cloud. Australia Future Fund

4/8/19 Upstart Network $50 Operator of an online lending marketplace intended to provide personal loans. Progressive Investments, Healthcare of Ontario Pension Plan and First National Bank of Omaha

Developer of an identity verification platform intended to automate the identity verification 4/3/19 Onfido $65 Salesforce Ventures, SBI Investment, M12, SoftBank Group and Fin Venture Capital process. Developer of an end-to-end security platform intended to improve security for containerized 4/3/19 Aqua Security $62 Insight Venture Partners, M12, Lightspeed Venture Partners, TLV Partners, and Shlomo Kramer and cloud-native applications. Provider of a cloud-based payment management platform designed to make it simple to FleetCor Technologies, MasterCard, Fidelity Investments, Cross Creek, Kayne Anderson Rudnick 4/2/19 Bill.com $88 connect and do business. Investment Management, Franklin Templeton Investments and Temasek Holdings SoftBank Group, Airbnb, Grab, Didi Chuxing, Greenoaks Capital Partners, Sequoia Capital India 4/1/19 OYO Rooms $1,100 Operator of a branded network of hotels designed to offer standardized stay experiences. and Lightspeed India Partners Advisors

Notes: Source: Pitchbook. Reflects deal activity through 6/30/19. 28 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings ($MM) % Change % Change Market Cap @ IPO % Change Current / Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price Offer / 1st Trading Day / Date Offer Price Midpoint Price Offer Price 7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $41.50 23.5% 76.4% 97.6%

6/20/2019 $19,484 $4,560 Direct Listing $38.50 $33.72 NA 0.3% (12.4%)

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $92.28 17.2% 70.6% 171.4%

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $22.97 6.7% 49.9% 43.6%

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $97.11 5.9% 72.2% 169.8%

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $21.79 7.7% 36.4% 55.6%

4/11/2019 $2,816 $218 21.00 - 23.00 $24.00 $43.50 9.1% 59.4% 81.3%

10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $17.92 (3.2%) 0.2% 19.5%

10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 $59.38 6.3% 42.9% 249.3%

10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 $98.24 5.9% 94.4% 172.9%

10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 $16.84 15.4% 41.2% 12.3%

9/26/2018 $2,107 $180 9.00 - 11.00 $12.00 $17.79 20.0% 43.7% 48.3%

7/27/2018 $1,336 $127 17.00 - 19.00 $20.00 $38.60 11.1% 26.0% 93.0%

7/27/2018 $1,438 $115 10.00 - 12.00 $12.00 $10.99 9.1% 9.3% (8.4%)

7/26/2018 $2,755 $251 17.00 - 19.00 $23.00 $31.43 27.8% 31.5% 36.7%

6/29/2018 $681 $193 19.00 - 21.00 $21.00 $29.12 5.0% 30.0% 38.7%

6/15/2018 $2,933 $180 21.00 - 23.00 $24.00 $84.79 9.1% 87.3% 253.3%

5/17/2018 $1,196 $311 12.00 - 14.00 $15.00 $30.02 15.4% 33.3% 100.1%

Mean 11.3% 44.7% 90.1% Median 9.1% 42.1% 68.4% Notes: Sources: Capital IQ and Company filings. Market data as of 7/25/19. IPO pricings include public registrations only. 29 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 Cardlytics PE Acquisitions Strategic Acquisitions IPO Zscaler Dropbox Zuora Pivotal Software Ceridian 200 DocuSign 195 6 (7) Smartsheet Carbon Black 11 (11) Pluralsight Avalara (5) Domo 190 (11) (6) Tenable Holdings 7 (8) Opera Limited (4) 17 (9) (10) Endava 17 11 SurveyMonkey 16 (7) Upwork Fortinet Elastic 180 CDC Software (6) Anaplan LogMeIn (9) (6) Solarwinds Medidata (8) 9 SolarWinds SciQuest (12) Rosetta Stone RealPage IntraLinks Jive Envestnet Imperva 170 Qlik Carbonite Workday BroadSoft Workiva Tangoe Fleetmatics Atlassian Higher One Mavenir Hortonworks PagerDuty Responsys Qualys Mimecast Convio Barracuda New Relic 10 Tufin Cornerstone Eloqua Instructure (9) SPS Commerce Wix.com HubSpot (13) Zoom Video Epocrates E2open Rapid7 SS&C Covisint CyberArk (16) Fastly ServiceNow Sophos Twilio QuinStreet RingCentral MobileIron 20 CrowdStrike Exa AppFolio SecureWorks 160 FireEye Kinaxis Slack Incadea Alarm.Com Talend Cvent Zendesk Medallia Infloblox Xactly Everbridge Gigamon Paycom Proofpoint Shopify Apptio Textura OPOWER Splunk Apigee Gridsum Holding Mulesoft (7) ChannelAdvisor Five9 ExactTarget Box Nutanix Alteryx Marketo 2U Demandware Coupa Okta 150 Tableau Borderfree Bazaarvoice BlackLine, Inc. Yext (11) Halogen Amber Road (5) Greenway Cloudera 7 Rally A10 Networks AVG Appian Marin Paylocity 144 Guidewire MongoDB (2) Model N Varonis Systems Altair Engineering SendGrid 140 SailPoint

130 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 20 + 7 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 16 - 5 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 11 - 2

Notes: Sources: Capital IQ, company filings. Market data as of 7/25/2019. 30 US FINANCING AND DEAL SHARE BY SECTOR

US Financing Trend

1,683 1,587 1,573 $39.0 1,465 1,484 1,362 1,409 $29.3 $28.7 1,378 $26.1 $23.1 $24.6 $20.7 $20.2

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Investments ($Bn) Deals

US Deal Share by Sector

16% 14% 18% 17% 15% 18% 15% 15%

4% 5% 4% 4% 4% 5% 3% 8% 6% 8% 9% 8% 10% 11% 9% 8% 15% 12% 13% 15% 15% 14% 14% 15%

13% 12% 12% 12% 12% 12% 16% 11%

46% 42% 46% 44% 44% 45% 44% 44%

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Consumer Products & Services Other

Notes: Source: PwC CB Insights MoneyTree Report Q2 2019. 31 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders

LEEDS PARIS FRANKFURT MANCHESTER MUNICH

ZURICH NAGOYA TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA

TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross- 21 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 400 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies

32 GCA operates as GCA in America and Asia, and GCA Altium in Europe