Software Sector Summary Report

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SOFTWARE SECTOR REPORT Q3 2020 EXECUTIVE SUMMARY Software Q3 2020 » In Q3 2020, the software sector continued to show its resiliency. M&A deal activity and overall M&A deal value witnessed a sharp rebound, and private financing activity continued at a healthy pace. Investors have shown a strong desire for software business models amidst greater cloud adoption and remote work environments, evidenced by favorable performances in public markets and heavy IPO activity with subsequent pops in share price value – Software sector performed well in Q3 with the IGV tech-software index outperforming the S&P 500 by 34.1% LTM as of Q3 2020 – Infrastructure software index grew 148.8% LTM as of Q3 2020, outperforming all other software subsegments » Q3 ’20 saw ~$18Bn in financing deal value and ~$56Bn in M&A deal value - 215 financings, 3.2% lower than Q3 ‘19 - 469 M&A transactions, 22.1% higher than Q3 ’19 » Significant M&A activity in Q3 includes acquisitions in the Security sector: Ivanti’s $930MM acquisition of MobileIron and Fastly’s $775MM acquisition of Signal Sciences » Financial software had some of the largest financing deals in Q3 ‘20 led by the $660MM financing of Robinhood and $650MM financing of Klarna; the Security sector also saw high financing volume » Overall outlook in software growth remains healthy, with most sectors seeing notable growth

Select Q3 Active Investors Select Q3 Active Acquirers

Notes: Sources: PitchBook, 451 Research, Capital IQ. 2 GCA OVERVIEW The GCA Software Team Sector Coverage US Team VERTICAL SOFTWARE Josh Wepman Chris Gough Automotive E-commerce & Retail Managing Director Managing Director Education Food & Agriculture [email protected] [email protected] Industrial Insurance Media & Communications Real Estate Kevin Walsh Glen Kruger Managing Director Managing Director Transportation & Logistics Travel & Hospitality [email protected] [email protected] HORIZONTAL SOFTWARE BI & Analytics Collaboration Software Rupert Sadler Saif Malik CRM Enterprise Resource Planning Managing Director Director [email protected] [email protected] Governance, Risk & Compliance Human Capital Management Marketing Supply Chain Management Europe Team INFRASTRUCTURE SOFTWARE Cybersecurity Data Management & Analytics Sascha Pfeiffer Raiko Stelten Managing Director Managing Director SaaS / Cloud-Enablement Workflow Automation [email protected] [email protected] Key GCA Stats Adrian Reed James Craven Offices Globally 25 Software Transactions in Managing Director Managing Director 110 the Last 3 Years [email protected] [email protected] Senior Bankers 30+ Covering Software Technology-Related Kristoffer Källeskog Raymond Fröjd 260+ Deals in the Last 3 Years Managing Director Managing Director Senior Bankers [email protected] [email protected] 65+ Covering Technology

3 GCA OVERVIEW Deep Software Sector Expertise with Demonstrated Success Advising Large-cap Public and Private Companies on Complex Assignments

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium, have advised on. Generally, GCA Advisors Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At 4 times, multiple GCA entities may be retained to advise on the same transaction. DEAL DASHBOARD Software Q3 2020

$48.5 Billion 660 1,173 $90.0 Billion 2020 YTD Financing Deal Value (1)(2) 2020 YTD Financing Transactions (1)(2) 2020 YTD M&A Transactions 2020 YTD M&A Deal Value Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3)

Company Amount ($MM) $Bn $Bn $82 Acquirer Target EV ($MM)

$660 $57 $56 $11,000 $39 $650 $30 $28 $7,500 $23 $18 $22 $19 $17 $14 $15 $17 $18 $14 $16 $5 $580 $6,800

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 $550 $5,350 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count $500 469 $5,000 375 384 389 363 361 359 349 234 315 $500 225 222 227 211 215 $4,700 187 201 198 $450 $1,800

$300 $1,600 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 LTM as of Q3 2020 Software Price Performance vs. S&P 500 (4) 80% SPX IGV 60% 48.5% 40% Financing Activity by Quarter 20% 14.4%

(20%)

(40%) Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market data as of 09/30/2020. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include software venture and private equity growth / expansion activity. 5 3) Software M&A transactions reflect select transactions in Q3 2020. M&A metrics are based on closed and announced transactions. 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. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

200.0%

150.0% 148.8%

100.0% 92.2% 69.6% 69.3% 66.9% 53.5% 48.6% 43.8% 50.0% 41.2% 33.2% 27.9% 27.1% 21.5% 14.4% 0.0%

(50.0%) Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

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

Low (1.6%) (8.2%) (28.4%) (2.7%) (16.8%) (18.7%) (12.0%) (17.9%) (10.7%) (28.8%) (22.4%) (21.4%) (13.3%) (23.9%)

Uptick from 150.4% 100.4% 98.0% 72.0% 83.7% 72.1% 60.6% 61.8% 43.9% 56.7% 49.5% 42.9% 54.5% 38.3% Low Performance 148.8% 92.2% 69.6% 69.3% 66.9% 53.5% 48.6% 43.8% 33.2% 27.9% 27.1% 21.5% 41.2% 14.4% since Oct-19 Notes: Sources: Capital IQ. Market data as of 09/30/20. List of companies in each sector can be found in the public comparable tables. 6 1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $2,309Bn Combined Market Cap: $319Bn Combined Market Cap: $291Bn 20E/19A Rev. Growth: 0.1% 20E/19A Rev. Growth: 33.1% 20E/19A Rev. Growth: 13.1% 20E EBITDA Margin: 30.2% 20E EBITDA Margin: 19.3% 20E EBITDA Margin: 18.9%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $322Bn Combined Market Cap: $65Bn Combined Market Cap: $414Bn 20E/19A Rev. Growth: 8.7% 20E/19A Rev. Growth: 13.0% 20E/19A Rev. Growth: 14.2% 20E EBITDA Margin: 19.3% 20E EBITDA Margin: 9.9% 20E EBITDA Margin: 20.8%

Notes: Sources: Capital IQ. Market data as of 09/30/20. 7 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $243Bn Combined Market Cap: $342Bn Combined Market Cap: $554Bn 20E/19A Rev. Growth: 14.3% 20E/19A Rev. Growth: 1.9% 20E/19A Rev. Growth: 12.5% 20E EBITDA Margin: 29.1% 20E EBITDA Margin: 15.1% 20E EBITDA Margin: 16.9%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $331Bn Combined Market Cap: $42Bn Combined Market Cap: $1,566Bn 20E/19A Rev. Growth: 20.7% 20E/19A Rev. Growth: 19.5% 20E/19A Rev. Growth: 28.4% 20E EBITDA Margin: 14.8% 20E EBITDA Margin: 8.0% 20E EBITDA Margin: 14.4%

Notes: Sources: Capital IQ. Market data as of 09/30/20. 8 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE STOCKS WINNERS & LOSERS Top and Bottom 20 Stock Price Performers in Q3 2020

Top 20 Performers

247.1%

157.0%

109.2% 92.4% 81.4% 84.0% 67.8% 68.3% 71.4% 42.7% 42.9% 43.4% 44.7% 33.2% 33.4% 35.9% 37.1% 39.2% 39.3% 42.2%

Bottom 20 Performers

(13.5%) (14.0%) (14.5%) (14.9%) (15.0%) (15.3%) (15.4%) (15.7%) (16.8%) (18.2%) (19.9%) (21.5%) (21.5%) (22.5%) (22.7%) (27.1%) (28.6%)

(35.2%)

(41.7%) (44.3%)

Notes: Sources: Capital IQ as of 09/30/20. 9 TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019A Revenue EV / 2020E Revenue

17.2x 15.3x 15.2x 13.2x 13.8x 12.2x 13.0x 12.6x Median: 10.1x Median: 10.9x 10.9x 10.7x 11.4x 10.3x 10.0x 10.5x 9.9x 9.3x 8.9x 9.7x 9.2x 9.2x 7.7x 7.6x

4.1x 4.3x

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

37.0% 33.1% 32.1% 28.4% 30.5% 30.4% Median: 23.2% 25.0% 23.7% 20.7% 22.7% 22.4% 19.5% 20.5% Median: 13.7% 14.3% 14.2% 15.1% 13.1% 13.0% 12.5% 10.3% 8.7% 3.3% 1.9% 0.1%

Notes: Sources: Capital IQ. Market data as of 09/30/20. Figures represent mean values of respective comp groups. 10 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019A EBITDA EV / 2020E EBITDA

33.2x 30.5x 31.4x 28.9x 26.4x 26.3x 24.3x Median: 23.5x 25.1x 24.9x 24.6x 22.8x 22.7x 23.3x Median: 22.0x 22.3x 21.8x 21.4x 19.2x 18.4x 16.0x 14.0x 14.4x 14.2x 12.1x 11.9x

2019A EBITDA Margin 2020E EBITDA Margin

30.3% 30.2% 28.7% 29.1% Median: 17.7% Median: 17.9% 21.4% 20.8% 18.9% 18.7% 18.3% 19.3% 19.3% 18.9% 17.2% 16.9% 15.4% 15.1% 14.8% 14.2% 14.4% 12.3% 9.2% 9.9% 6.8% 8.0%

Notes: Sources: Capital IQ. Market data as of 09/30/20. Figures represent mean values of respective comp groups. 11 List of companies in each sector can be found in the public comparable tables. PUBLIC SAAS COMPANIES Valuation Correlation to Growth %

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

50.0x

40.0x

R = 0.61 30.0x

20.0x

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

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70%

CY 2020E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 9.3% 23.5% 40.9%

Median EV / Rev. 4.4x 14.5x 31.3x

Notes: Sources: Capital IQ as of 09/30/20. 1) Defined as companies with annual revenue growth <= 15%. 12 2) Defined as companies with annual revenue growth >15% and <= 30%. 3) Defined as companies with annual revenue growth >30%. PUBLIC SAAS COMPANIES Valuation Correlation to Growth % & Free Cash Flow Margin %

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

60.0x

40.0x R = 0.52

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

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85%

CY 2020E Revenue Growth % + CY 2020E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 11.7% 29.2% 52.7%

Median EV / Rev. 4.4x 12.2x 24.9x

Notes: Sources: Capital IQ as of 09/30/20. 1) Defined as companies with revenue growth % + FCF margin % <= 20%. 13 2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%. 3) Defined as companies with revenue growth % + FCF margin % >40%. PUBLIC SAAS COMPANIES Valuation Correlation to Returns on S&M Expense Efficiency

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

70.0x

60.0x

50.0x R = 0.51

40.0x

30.0x

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

0.0x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x 2.2x 2.4x

CY 2020E Incremental Revenue / CY 2019A S&M Expense

Low Efficiency Medium Efficiency High Efficiency

Median Inc. Rev. / S&M Expense 0.4x 0.7x 1.3x

Median EV / Rev. 8.6x 21.1x 28.2x

Notes: Sources: Capital IQ as of 09/30/20. 1) Defined as companies with S&M expense efficiency <= 0.6x. 14 2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x. 3) Defined as companies with S&M expense efficiency >1.0x. SOFTWARE M&A UPDATE Q3 2020 Dashboard

QuarterlyQuarterly M&AM&A ActivityActivity Select Q3 2020 M&A Transactions

($Bn) Number of Deals M&A Deal Value ($MM) Ann. Enterprise EV/ LTM Acquirer Target $82 Date Value Rev. $82 9/28 $930 3.9x 469469 9/21 $7,500 NA

8/31 $4,700 5.9x

8/31 $792 4.0x $57 $56 $57 $56 8/27 $1,600 9.6x 389389 384384 375375 8/27 $1,120 NA 363363 361361 359359 8/27 $775 31.0x $39 349349 $39 8/25 $5,000 10.2x

8/13 $5,350 NA $30$30 315315 $28$28 8/07 $11,000 NA $22$22 $19$19 8/03 $1,102 NA

7/29 $6,800 12.1x

$5$5 7/27 $1,800 NA 7/20 $729 4.7x

Q3'18Q3'18 Q4'18Q4'18 Q1'19Q1'19 Q2'19Q2'19 Q3'19Q3'19 Q4'19Q4'19 Q1'20Q1'20 Q2'20Q2'20 Q3'20Q3'20 7/13 $925 7.0x

Notes: Sources: Capital IQ and 451 Research. 15 SOFTWARE FINANCINGS UPDATE Q3 2020 Dashboard

Quarterly Financing Activity Select Q3 2020 Financing Transactions

($Bn) Number of Deals Financing Deal Value ($MM) Post- Deal Lead/Selected Amount Funding Company Money Date Investor Invested to Date Valuation

234 9/28 $225 $378 $1,700 227 225 222 215 211 9/23 $660 $2,172 $11,700 201 198 187 9/17 $500 $500 NA

9/16 $450 $614 $1,857 $23 9/15 $650 $1,947 $10,650 $18 $18 $17 $17 $16 8/25 $300 $330 NA $14 $15 $14

8/11 $200 $475 $1,000

8/4 $500 $3,693 $4,000

7/24 $580 $920 $5,500

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 7/1 $550 $3,352 $21,000

Notes: Sources: PitchBook. 16 SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

(2) 9/30/2020 $4,452 $631 Direct Listing $21.00 $28.80 37.1%

9/30/2020 $15,673 $1,864 Direct Listing $7.25 (2) $9.50 31.0%

9/23/2020 $8,749 $237 19.00 - 21.00 $22.00 $31.40 42.7%

9/18/2020 $18,001 $1,300 44.00 - 48.00 $52.00 $87.28 67.8%

9/17/2020 $2,653 $326 17.00 - 21.00 $22.00 $21.80 (0.9%)

9/16/2020 $70,261 $3,360 100.00 - 110.00 $120.00 $251.00 109.2%

9/16/2020 $5,745 $509 39.00 - 41.00 $44.00 $84.65 92.4%

8/14/2020 $5,133 $405 23.00 - 25.00 $27.00 $45.43 68.3%

8/5/2020 $4,759 $216 21.00 - 23.00 $24.00 $83.30 247.1%

8/5/2020 $3,263 $704 21.00 - 24.00 $21.00 $19.29 (8.1%) Median: 98.6%

7/29/2020 $2,886 $402 14.00 - 16.00 $19.00 $23.00 21.1%

7/22/2020 $4,561 $468 21.00 - 23.00 $26.00 $37.61 44.7%

7/14/2020 $8,210 $250 28.00 - 29.00 $31.00 $79.68 157.0%

7/2/2020 $3,810 $319 26.00 - 28.00 $29.00 $49.72 71.4%

Notes: Sources: Capital IQ and company filings. Market data as of 09/30/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 17 2) Reference price set by the New York Stock Exchange. SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings (Cont.)

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

6/5/2020 $1,229 $345 19.00 - 21.00 $23.00 $48.36 110.3%

6/4/2020 $1,513 $935 19.00 - 20.00 $21.00 $42.99 104.7%

12/13/2019 $795 $150 16.00 - 18.00 $17.00 $38.50 126.5%

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $100.31 356.0%

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $102.16 278.4%

9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $31.21 108.1%

9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $41.06 173.7%

8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $41.02 156.4%

7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $27.42 30.6% Median: 98.6%

(2) 6/20/2019 $19,484 $4,560 Direct Listing $26.00 $26.86 3.3%

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $137.32 303.9%

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $93.68 485.5%

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $470.11 1205.9%

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $8.25 (41.1%)

MEDIAN: 98.6% MEAN: 156.5%

Notes: Sources: Capital IQ and company filings. Market data as of 09/30/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 18 2) Reference price set by the New York Stock Exchange. APPENDIX

19 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 9/30/2020 Cap ST. Invest. Debt Value (EV) CY19A CY20E CY21E CY19A CY20E CY21E 19A/18A 20E/19A 21E/20E CY19A CY20E CY21E CY19A CY20E CY21E

Platform

Microsoft Corporation $210.33 $1,591,704 $136,492 $82,110 $1,537,322 11.5x 10.3x 9.4x 25.1x 22.4x 19.9x 13% 11% 10% NM NM 66% 46% 46% 47% Oracle Corporation $59.70 $179,750 $42,303 $70,766 $208,862 5.3x 5.3x 5.2x 11.1x 10.7x 10.6x 0% (0%) 2% NM NM 80% 47% 49% 49% SAP SE $155.89 $185,643 $8,580 $19,218 $196,382 6.4x 5.9x 5.5x 17.4x 16.7x 15.0x 9% 7% 8% 72% 72% 71% 37% 36% 37% International Business Machines Corporation$121.67 $108,357 $14,104 $69,765 $164,155 2.2x 2.2x 2.2x 9.0x 9.3x 8.6x (3%) (2%) 2% 47% 49% 48% 24% 24% 25% Cisco Systems $39.39 $166,755 $29,425 $15,585 $152,915 3.0x 3.2x 3.1x 8.1x 8.8x 8.7x 1% (8%) 4% NM NM 63% 37% 36% 36% Dell Technologies Inc. $67.69 $50,545 $11,221 $55,771 $100,072 1.1x 1.1x 1.1x 8.5x 8.8x 8.3x 2% (3%) 2% 34% 33% 31% 13% 13% 13% HP Inc. $18.99 $26,083 $4,679 $7,418 $28,822 0.5x 0.5x 0.5x 5.5x 6.5x 6.1x (0%) (5%) 1% NM NM 18% 9% 8% 8%

Mean 4.3x 4.1x 3.8x 12.1x 11.9x 11.0x 3% 0% 4% 51% 51% 54% 30% 30% 31% Median 3.0x 3.2x 3.1x 9.0x 9.3x 8.7x 1% (2%) 2% 47% 49% 63% 37% 36% 36%

Infrastructure Zoom Video Communications $470.11 $133,709 $1,482 $73 $132,300 NM NM 43.6x NM NM NM 88% 285% 27% 82% 72% 78% 17% 33% 29% Snowflake Inc. $251.00 $70,505 $591 $201 $70,115 NM NM NM NM NM NM 174% 114% 90% 56% 63% 67% NM NM NM RingCentral $274.61 $24,429 $774 $1,094 $24,749 30.3x 21.7x 17.6x NM NM NM 33% 39% 23% 76% 76% 78% 15% 13% 13% Akamai Technologies $110.54 $17,985 $1,373 $2,685 $19,298 6.7x 6.1x 5.7x 15.9x 14.1x 13.1x 7% 9% 7% 66% 65% 65% 42% 43% 44% Citrix Systems $137.71 $17,012 $868 $1,930 $18,074 6.0x 5.6x 5.5x 15.8x 16.3x 16.9x 1% 7% 2% 86% 86% 86% 38% 34% 33% Fastly $93.68 $9,840 $384 $30 $9,486 47.3x 32.0x 24.0x NM NM NM 39% 48% 33% 57% 60% 56% (9%) 5% 6% Five9 $129.68 $8,473 $686 $655 $8,442 25.7x 21.1x 18.0x NM NM NM 27% 22% 17% 63% 64% 61% 19% 17% 18% Rackspace Technology $19.29 $3,841 $161 $4,683 $8,362 3.4x 3.1x 2.9x 14.0x 11.0x 10.4x (1%) 9% 7% NM 38% 39% 24% 29% 28% Amdocs Limited $57.41 $7,637 $1,194 $1,040 $7,525 1.8x 1.8x 1.7x 9.2x 9.1x 8.1x 3% 1% 4% NM NM 35% 20% 20% 22% Juniper Networks $21.50 $7,133 $1,865 $1,885 $7,152 1.6x 1.6x 1.6x 7.5x 8.0x 7.5x (4%) (1%) 3% 60% 59% 60% 21% 20% 21% Jamf Holding Corp. $37.61 $4,380 $38 $202 $4,543 22.3x 17.7x 14.8x NM NM NM 39% 26% 20% NM 80% 77% 9% 10% 9% Everbridge $125.73 $4,348 $483 $461 $4,326 21.5x 16.3x 13.0x NM NM NM 37% 32% 26% 71% 70% 69% 3% 3% 5% Verint Systems Inc. $48.18 $3,151 $814 $1,087 $3,441 2.6x 2.7x 2.5x 10.6x 10.6x 9.6x 6% (2%) 8% 68% 69% 67% 25% 26% 26% Software Aktiengesellschaft $49.41 $3,656 $580 $251 $3,327 3.3x 3.3x 3.2x 10.8x 14.6x 13.7x 1% 1% 3% 77% 77% 77% 31% 23% 23% Radware Ltd. $24.24 $1,119 $226 $25 $918 3.6x 3.7x 3.4x 21.6x 28.7x 21.3x 8% (2%) 9% 83% 83% 82% 17% 13% 16% Extreme Networks $4.02 $494 $194 $482 $783 0.8x 0.9x 0.8x NA 13.6x 7.3x (1%) (14%) 7% NM NM 56% NA 7% 11% Limelight Networks $5.76 $703 $18 $15 $700 3.5x 3.0x 2.7x 38.6x 20.6x 16.8x 3% 18% 10% 49% 51% 53% 9% 14% 16% A10 Networks $6.37 $496 $143 $31 $384 1.8x 1.7x 1.6x NA 9.3x 7.4x (8%) 6% 9% NM 78% 78% NA 18% 21%

Mean 11.4x 8.9x 9.6x 16.0x 14.2x 12.0x 25% 33% 17% 69% 68% 66% 19% 19% 20% Median 3.6x 3.5x 3.4x 14.0x 13.6x 10.4x 6% 9% 9% 68% 70% 67% 19% 18% 21%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 20 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security Splunk Inc. $188.13 $30,175 $2,057 $2,666 $30,785 13.1x 13.2x 10.5x NM NM NM 31% (2%) 26% 85% 79% 81% 17% 0% 9% CrowdStrike Holdings $137.32 $30,135 $1,065 $45 $29,116 NM 35.3x 25.9x NM NM NM 93% 71% 37% 72% 75% 68% (9%) 7% 11% Okta $213.85 $27,392 $2,515 $1,942 $26,819 45.8x 33.3x 25.5x NM NM NM 47% 37% 31% 76% 78% 74% (6%) 0% 1% VeriSign $204.85 $23,528 $1,195 $1,794 $24,127 19.6x 19.1x 18.0x 26.7x 27.6x 25.7x 1% 2% 6% 86% 86% 85% 73% 69% 70% Palo Alto Networks $244.75 $23,587 $3,748 $3,479 $23,318 7.5x 6.3x 5.4x 30.8x 26.5x 23.6x 20% 19% 17% NM NM 71% 24% 24% 23% Zscaler $140.69 $18,699 $1,371 $905 $18,233 NM 35.8x 27.2x NM NM NM 48% 41% 32% NM NM 79% 11% 11% 14% Citrix Systems $137.71 $17,012 $868 $1,930 $18,074 6.0x 5.6x 5.5x 15.8x 16.3x 16.9x 1% 7% 2% 86% 86% 86% 38% 34% 33% Fortinet $117.81 $19,065 $1,527 $43 $17,582 8.2x 6.9x 6.0x 29.8x 24.0x 20.9x 20% 18% 15% 77% 79% 76% 27% 29% 29% Check Point Software Technologies Ltd. $120.34 $16,872 $1,592 $0 $15,280 7.7x 7.4x 7.2x 15.0x 15.0x 14.9x 4% 3% 3% 90% 90% 89% 51% 50% 48% NortonLifeLock Inc. $20.84 $12,317 $1,131 $3,691 $14,877 6.0x 6.0x 5.8x 8.2x 11.6x 10.7x (18%) (1%) 3% NM NM 81% 73% 52% 55% Cloudflare $41.06 $12,553 $1,072 $414 $11,895 41.4x 29.2x 22.1x NM NM NM 49% 42% 32% 77% 77% 78% (15%) (1%) 4% F5 Networks $122.77 $7,510 $1,094 $785 $7,202 3.2x 3.0x 2.9x 8.6x 9.1x 8.3x 4% 4% 5% NM NM 83% 37% 34% 35% Trend Micro Incorporated $60.77 $8,422 $1,718 $0 $6,711 4.4x 4.1x 3.9x 13.6x 12.9x 12.4x 4% 8% 5% 80% 81% 80% 32% 32% 31% Proofpoint $105.55 $6,084 $973 $836 $5,947 6.7x 5.7x 4.9x 37.9x 35.9x 27.8x 24% 17% 17% 79% 80% 75% 18% 16% 18% Tenable Holdings $37.75 $3,823 $242 $54 $3,635 10.3x 8.4x 7.1x NM NM NM 33% 22% 19% 84% 83% 84% (11%) 4% 5% Varonis Systems $115.42 $3,641 $326 $277 $3,592 14.1x 13.3x 11.1x NM NM NM (6%) 6% 20% 87% 86% 88% (8%) (6%) 0% CyberArk Software Ltd. $103.42 $4,006 $920 $494 $3,580 8.2x 7.7x 6.5x 26.7x 38.7x 29.8x 26% 6% 19% 88% 86% 85% 31% 20% 22% Qualys $98.01 $3,847 $348 $54 $3,553 11.0x 9.9x 8.8x 25.2x 22.4x 19.9x 15% 12% 12% 80% 81% 79% 44% 44% 44% SailPoint Technologies Holdings $39.57 $3,588 $471 $357 $3,475 12.0x 10.1x 9.1x NM NM NM 16% 19% 11% 80% 81% 79% 10% 6% 3% Rapid7 $61.24 $3,124 $316 $458 $3,266 10.0x 8.1x 6.8x NM NM NM 34% 23% 19% 75% 74% 73% 4% 3% 6% Mimecast Limited $46.92 $2,970 $199 $222 $2,993 7.4x 6.3x 5.4x 42.9x 29.9x 27.1x 26% 17% 16% NM NM 74% 17% 21% 20% FireEye $12.35 $2,762 $914 $1,022 $2,870 3.2x 3.1x 3.0x 24.9x 21.7x 21.8x 7% 3% 6% 72% 71% 68% 13% 14% 14% Ping Identity Holding Corp. $31.21 $2,517 $177 $168 $2,508 10.3x 10.2x 8.8x NM NM NM 21% 1% 16% 84% 81% 84% 21% 11% 16% Sumo Logic $21.80 $2,200 $98 $24 $2,126 13.7x NA NA NM NA NA 50% NA NA 71% NM NM NM NA NA SecureWorks Corp. $11.39 $936 $181 $29 $783 1.4x 1.4x 1.3x NM 24.8x 27.5x 7% 1% 5% 57% 59% 55% 2% 6% 5% MobileIron $7.01 $831 $88 $13 $756 3.7x 3.6x 3.5x NM NM NM 6% 2% 4% 82% 80% 81% (3%) (2%) (3%) OneSpan Inc. $20.96 $843 $111 $14 $747 2.9x 3.2x 2.8x 22.7x 36.6x 23.2x 20% (8%) 13% 67% 69% 69% 13% 9% 12% F-Secure Oyj $3.96 $626 $45 $56 $637 2.6x 2.5x 2.3x 24.5x 17.0x 16.4x 12% 5% 6% 77% 77% 79% 11% 15% 14% Zix Corporation $5.84 $321 $14 $198 $505 2.9x 2.3x 2.1x 12.8x 9.9x 9.0x 146% 24% 10% 61% 55% 65% 23% 24% 24% Absolute Software Corporation $12.14 $517 $47 $10 $480 4.7x 4.4x 3.9x 20.0x 16.8x 16.7x 6% 8% 11% NM NM 86% 24% 26% 24% A10 Networks $6.37 $496 $143 $31 $384 1.8x 1.7x 1.6x NA 9.3x 7.4x (8%) 6% 9% NM 78% 78% NA 18% 21% Tufin Software Technologies Ltd. $8.25 $295 $95 $23 $223 2.2x 2.3x 2.0x NM NM NM 22% (7%) 17% 83% 80% 82% (14%) NM NM

Mean 9.7x 10.0x 8.3x 22.7x 21.4x 18.9x 24% 13% 14% 78% 78% 78% 18% 19% 20% Median 7.4x 6.3x 5.8x 24.5x 21.7x 19.9x 20% 7% 13% 80% 80% 79% 17% 15% 17%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 21 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management

Adobe Inc. $490.43 $235,269 $5,264 $4,726 $234,731 21.0x 18.3x 15.9x 46.2x 38.0x 32.4x 24% 15% 15% 88% 88% 87% 46% 48% 49% DocuSign $215.24 $39,855 $674 $687 $39,868 40.9x 28.8x 22.1x NM NM NM 39% 42% 30% 78% 79% 76% 10% 13% 15% Open Text Corporation $42.24 $11,458 $1,693 $4,476 $14,242 4.9x 4.4x 4.5x 12.8x 12.1x 11.9x 3% 10% (1%) NM NM 74% 38% 36% 38% NetApp $43.84 $9,733 $3,780 $2,922 $8,875 1.6x 1.7x 1.6x 6.6x 7.5x 6.8x (10%) (4%) 3% NM NM 64% 24% 22% 24% Dropbox $19.26 $7,961 $1,118 $1,090 $7,934 4.8x 4.2x 3.8x 21.0x 15.2x 12.8x 19% 14% 11% 76% 78% 74% 23% 27% 29% Nutanix $22.18 $4,595 $720 $644 $4,518 3.6x 3.5x 3.3x NM NM NM 1% 3% 8% NM NM 71% NM NM NM Varonis Systems $115.42 $3,641 $326 $277 $3,592 14.1x 13.3x 11.1x NM NM NM (6%) 6% 20% 87% 86% 88% (8%) (6%) 0% Pure Storage $15.39 $4,128 $1,293 $630 $3,465 2.1x 2.1x 1.8x 23.9x 35.0x 23.0x 21% 0% 16% 70% 70% 68% 9% 6% 8% Box $17.36 $2,718 $272 $454 $2,900 4.2x 3.8x 3.4x 42.2x 17.9x 15.4x 14% 10% 10% 71% 73% 72% 10% 21% 22% Commvault Systems $40.80 $1,893 $356 $15 $1,551 2.3x 2.3x 2.2x 13.9x NA 13.2x (4%) (2%) 4% NM NM 85% 16% NA 17% Brightcove Inc. $10.24 $404 $28 $19 $395 2.1x 2.1x 2.0x 44.8x 37.4x 24.8x 12% 1% 8% 61% 61% 60% 5% 6% 8%

Mean 9.2x 7.7x 6.5x 26.4x 23.3x 17.5x 10% 9% 11% 76% 76% 74% 17% 19% 21% Median 4.2x 3.8x 3.4x 22.4x 17.9x 14.3x 12% 6% 10% 76% 78% 74% 13% 21% 19%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 22 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics

Palantir Technologies Inc. $9.50 $15,673 $1,498 $298 $14,473 19.5x 13.6x 10.0x NM NM NM 25% 43% 36% NM NM 71% NM NM NM NICE Ltd. $226.13 $14,186 $1,103 $588 $13,696 8.7x 8.3x 7.7x 27.7x 26.2x 24.0x 9% 4% 9% 71% 71% 68% 31% 32% 32% Elastic N.V. $107.89 $9,308 $352 $34 $8,990 23.4x 17.2x 13.8x NM NM NM 60% 36% 24% NM NM 72% (16%) (9%) (6%) Alteryx $113.55 $7,514 $736 $754 $7,533 18.0x 16.2x 12.7x NM NM NM 65% 11% 27% 91% 91% 90% 19% 12% 16% Inovalon Holdings $26.45 $4,109 $96 $1,042 $5,055 7.9x 7.4x 6.7x 24.0x 21.8x 19.5x 22% 7% 11% 74% 75% 73% 33% 34% 34% Medallia $27.42 $4,033 $348 $62 $3,747 9.3x 8.0x 6.8x NM NM NM 28% 16% 17% 67% 69% 65% 3% 6% 8% Cloudera $10.89 $3,368 $432 $203 $3,139 4.0x 3.7x 3.4x NM 16.9x 13.8x 65% 7% 9% 76% 81% 72% (3%) 22% 25% Teradata Corporation $22.70 $2,474 $494 $694 $2,674 1.4x 1.5x 1.4x 8.0x 7.2x 6.3x (12%) (5%) 3% 54% 57% 52% 18% 20% 23% Talend S.A. $39.04 $1,232 $165 $159 $1,227 4.9x 4.4x 3.9x NM NM NM 20% 12% 13% 77% 79% 77% (7%) (9%) (4%) Domo $38.33 $1,122 $83 $114 $1,153 6.6x 5.6x 5.0x NM NM NM 22% 18% 12% 76% 78% 70% NM (19%) (13%) MicroStrategy Incorporated $150.56 $1,393 $531 $108 $971 2.0x 2.1x NA 37.5x 19.6x NA (2%) (4%) NA NM NM NM 5% 11% NA Veritone $9.16 $253 $50 $0 $203 4.1x 3.7x 3.2x NM NM NM 84% 10% 16% 65% 69% 74% NM NM NM

Mean 9.2x 7.6x 6.8x 24.3x 18.4x 15.9x 32% 13% 16% 72% 74% 71% 9% 10% 13% Median 7.3x 6.5x 6.7x 25.8x 19.6x 16.6x 23% 10% 13% 74% 75% 72% 5% 11% 16%

Technical Applications

Dassault Systèmes SE $187.59 $48,902 $2,701 $5,186 $51,442 11.4x 9.6x 8.8x 31.8x 29.8x 26.3x 13% 18% 10% 85% 84% 84% 36% 32% 33% Autodesk $231.01 $50,656 $1,520 $2,083 $51,219 16.3x 13.6x 11.7x NM 44.1x 31.8x 29% 20% 17% 91% 92% 93% 27% 31% 37% Synopsys $213.98 $32,474 $1,050 $673 $32,103 9.5x 8.4x 7.9x 34.5x 25.7x 23.6x 6% 13% 6% NM NM 79% 28% 33% 34% Cadence Design Systems $106.63 $29,728 $1,189 $696 $29,235 12.5x 11.2x 10.5x 33.5x 29.8x 27.4x 9% 11% 7% 90% 90% 89% 37% 38% 38% ANSYS $327.23 $28,073 $745 $546 $27,874 18.4x 17.3x 15.6x 38.9x 41.1x 35.6x 17% 6% 11% 91% 89% 90% 47% 42% 44% Unity Software Inc. $87.28 $23,314 $453 $257 $23,118 42.7x 30.6x 24.3x NM NM NM 42% 39% 26% 78% 80% 79% (19%) (6%) (1%) PTC Inc. $82.72 $9,605 $403 $1,341 $10,543 8.3x 7.3x 6.5x 18.9x 23.5x 19.8x 1% 13% 12% NM NM 74% 44% 31% 33% Aspen Technology $126.59 $8,573 $288 $467 $8,752 14.5x 13.5x 12.1x 28.2x 25.8x 21.6x 11% 7% 12% NM NM 90% 51% 53% 56% Bentley Systems $31.40 $8,203 $126 $257 $8,334 11.3x NA NA 46.3x NA NA 6% NA NA NM NM NM 24% NA NA Altair Engineering Inc. $41.98 $3,069 $251 $218 $3,036 6.7x 6.7x 6.2x NM NM NM 16% 0% 8% 72% 74% 72% 11% 8% 10%

Mean 15.2x 13.2x 11.5x 33.2x 31.4x 26.6x 15% 14% 12% 85% 85% 83% 29% 29% 32% Median 12.0x 11.2x 10.5x 33.5x 29.8x 26.3x 12% 13% 11% 88% 86% 84% 32% 32% 34%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 23 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications

Fidelity National Information Services $147.21 $91,212 $1,183 $19,868 $110,087 10.7x 8.7x 8.0x 26.2x 20.9x 17.8x 23% 22% 8% 35% 35% 34% 41% 42% 45% Fiserv $103.05 $69,007 $869 $21,874 $91,715 9.0x 6.1x 5.8x 18.7x 16.2x 14.1x 75% 47% 6% 47% 47% 47% 48% 38% 41% Intuit Inc. $326.21 $85,404 $7,050 $3,636 $81,990 11.5x 10.4x 9.5x 32.1x 28.3x 25.6x 13% 10% 10% NM NM 84% 36% 37% 37% MSCI Inc. $356.78 $29,840 $1,385 $3,543 $31,998 20.5x 19.0x 17.3x 37.6x 33.7x 30.3x 9% 8% 10% 81% 83% 81% 55% 56% 57% SS&C Technologies Holdings $60.52 $15,589 $262 $7,235 $22,562 4.9x 4.9x 4.7x 12.3x 12.5x 12.0x 35% (0%) 3% 54% 58% 49% 39% 39% 40% Coupa Software Incorporated $274.24 $18,881 $1,342 $1,490 $19,029 48.8x 38.2x 30.3x NM NM NM 50% 28% 26% 72% 72% 69% 9% 17% 20% Fair Isaac Corporation $425.38 $12,336 $126 $1,032 $13,242 11.1x 10.7x 10.1x 35.3x 31.3x 29.5x 16% 4% 6% NM NM 70% 31% 34% 34% Jack Henry & Associates $162.59 $12,410 $213 $69 $12,265 7.5x 7.1x 6.7x 23.0x 22.9x 21.2x 7% 6% 6% NM NM 42% 33% 31% 32% Temenos AG $135.23 $9,782 $124 $1,118 $10,776 11.1x 11.4x 10.1x 29.4x 25.5x 23.2x 16% (3%) 13% 83% 82% 75% 38% 45% 44% Xero Limited $72.22 $10,292 $319 $296 $10,269 23.2x 19.7x 15.9x NM NM NM 32% 18% 24% NM NM 84% 19% 21% 24% Avalara $127.34 $10,634 $475 $67 $10,227 26.7x 21.8x 17.8x NM NM NM 41% 22% 22% 72% 72% 72% 0% (0%) 3% Bill.com Holdings $100.31 $8,043 $698 $2 $7,348 NM 43.5x 35.1x NA NM NM NA 55% 24% NM NM 75% NA (9%) (2%) nCino $79.68 $7,263 $388 $0 $6,879 49.8x 35.6x 28.8x NM NM NM 51% 40% 23% NM 59% 53% (17%) (9%) (6%) SimCorp A/S $131.80 $5,223 $45 $79 $5,257 10.3x 9.8x 8.8x 32.9x 35.2x 28.0x 16% 5% 12% 63% 62% 62% 31% 28% 31% Q2 Holdings $91.26 $4,881 $389 $479 $4,971 15.8x 12.4x 10.2x NM NM NM 31% 27% 22% 53% 54% 50% 6% 6% 7% BlackLine $89.63 $5,100 $626 $409 $4,889 16.9x 14.5x 12.2x NM NM NM 27% 17% 19% 82% 82% 80% 9% 12% 12% Envestnet $77.16 $4,149 $92 $682 $4,736 5.3x 4.8x 4.3x 24.5x 21.1x 18.8x 11% 9% 11% 69% 69% 45% 21% 23% 23% Vertex $23.00 $3,376 $47 $174 $3,503 10.9x 9.6x 9.0x NM 47.3x NM 18% 13% 8% NM 70% 65% 15% 20% 18% Asseco Poland S.A. $18.01 $1,495 $633 $807 $2,262 0.8x 0.7x 0.7x 5.3x 5.2x 4.9x 13% 10% 6% 22% NM 21% 15% 14% 14% Shift4 Payments $48.36 $1,764 $244 $440 $2,170 3.0x 2.9x 2.1x NA 26.8x 14.9x 30% 3% 37% NM 54% 35% NA 11% 14% Bottomline Technologies (de) $42.16 $1,884 $205 $213 $1,891 4.4x 4.2x 3.8x 19.3x 19.7x 17.0x 6% 4% 11% NM NM 57% 23% 21% 22% IRESS Limited $6.86 $1,308 $69 $146 $1,385 3.9x 3.5x 3.2x 14.7x 15.1x 14.1x 9% 11% 10% 27% 22% 29% 26% 23% 23% Ebix $20.60 $637 $109 $729 $1,306 2.2x 2.6x 2.1x 7.5x NA NA 17% (14%) 23% 64% 57% 63% 30% NA NA Model N $35.28 $1,219 $192 $116 $1,143 7.9x 7.0x 6.4x NM NM 47.4x (4%) 13% 10% NM NM 57% 10% 12% 13% Zuora $10.34 $1,222 $179 $74 $1,117 4.0x 3.8x 3.4x NM NM NM 17% 7% 10% 57% 62% 55% (10%) (2%) 2% Basware Oyj $44.50 $642 $39 $92 $694 4.2x 3.9x 3.6x NM 32.6x 24.8x 3% 7% 10% 51% 56% 52% 3% 12% 14%

Mean 13.0x 12.2x 10.4x 22.8x 24.6x 21.5x 22% 14% 14% 58% 61% 58% 21% 21% 22% Median 10.3x 9.2x 8.4x 23.7x 24.2x 20.0x 17% 10% 11% 60% 60% 57% 22% 21% 22%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 24 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $215.33 $152,757 $5,539 $23,281 $170,510 9.5x 8.0x 7.1x 38.2x 29.5x 25.0x 5% 19% 13% 56% 56% 56% 25% 27% 28% Roper Technologies $395.11 $41,372 $1,871 $5,866 $45,368 8.5x 8.1x 7.2x 23.6x 22.9x 19.7x 3% 4% 13% 64% 64% 63% 36% 35% 37% Veeva Systems Inc. $281.19 $42,411 $1,495 $57 $40,973 37.1x 28.9x 24.1x NM NM NM 28% 29% 20% 75% 74% 72% 40% 40% 39% Amadeus IT Group $55.88 $25,135 $2,752 $5,779 $28,174 4.5x 8.9x 5.7x 11.2x 47.5x 15.6x 11% (50%) 56% 69% 72% 55% 40% 19% 37% Cerner Corporation $72.29 $22,076 $441 $1,517 $23,152 4.1x 4.2x 4.0x 14.0x 13.4x 12.2x 6% (3%) 5% 82% 83% 82% 29% 31% 33% Tyler Technologies $348.56 $14,026 $404 $20 $13,643 12.6x 12.0x 11.1x 45.0x 42.4x 38.1x 16% 4% 9% 52% 51% 49% 28% 28% 29% Guidewire Software $104.27 $8,704 $1,145 $461 $8,020 11.4x 10.7x 10.6x NM NM NM (4%) 6% 2% NM NM 56% 20% 11% 3% CoreLogic $67.67 $5,379 $137 $1,668 $6,910 3.9x 3.6x 3.6x 13.9x 11.0x 11.6x (1%) 10% (2%) 50% 55% 51% 28% 32% 31% RealPage $57.64 $5,698 $639 $1,331 $6,390 6.5x 5.6x 5.0x 22.7x 20.9x 18.0x 14% 16% 11% 63% 63% 62% 29% 27% 28% Duck Creek Technologies $45.43 $5,937 $15 $31 $5,953 33.0x 27.6x 23.7x NA NM NM NA 20% 17% NM NM 56% NA 3% (0%) Sabre Corporation $6.51 $2,063 $1,306 $4,808 $5,575 1.4x 3.8x 2.1x 5.9x NM 16.2x 3% (63%) 80% 35% 10% 23% 24% (17%) 13% AppFolio $141.81 $4,864 $74 $133 $4,922 19.2x 15.4x 12.9x NM NM NM 35% 25% 20% 60% 63% 62% 14% 16% 18% Blackbaud $55.83 $2,696 $31 $599 $3,264 3.6x 3.6x 3.6x 17.4x 14.7x 14.7x 6% 1% (0%) 60% 58% 56% 21% 24% 24% 2U $33.86 $2,411 $195 $345 $2,561 4.5x 3.4x 2.9x NM NM NM 40% 29% 17% 72% 70% 74% (4%) 1% 4% Lemonade $49.72 $2,813 $288 $0 $2,525 37.5x 28.8x 24.3x NM NM NM 199% 30% 18% 32% 23% 35% NM NM NM Allscripts Healthcare Solutions $8.14 $1,327 $199 $1,163 $2,291 1.3x 1.4x 1.3x 7.8x 7.8x 7.1x 1% (5%) 2% 43% 41% 45% 17% 17% 19% PROS Holdings $31.94 $1,384 $220 $146 $1,310 5.2x 5.2x 4.8x NM NM NM 27% 1% 7% 63% 60% 60% (5%) (13%) (6%) HealthStream $20.07 $642 $145 $29 $527 2.1x 2.2x 2.4x 11.2x 12.6x 15.2x 10% (7%) (7%) 59% 63% 60% 18% 18% 16% Castlight Health $1.13 $170 $44 $17 $143 1.0x 1.1x 1.1x NM NM NM (8%) (7%) (1%) 61% 63% 62% (11%) (8%) (4%) Boxlight Corporation $1.61 $81 $6 $7 $82 2.1x 2.7x 2.1x NM NM NM 1% (21%) 27% 30% 31% 27% (8%) (6%) 2%

Mean 10.5x 9.3x 8.0x 19.2x 22.3x 17.6x 21% 2% 15% 57% 56% 55% 19% 15% 18% Median 4.9x 5.4x 4.9x 14.0x 17.8x 15.6x 6% 4% 12% 60% 61% 56% 22% 18% 19%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 25 PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business

salesforce.com $251.32 $228,701 $9,283 $6,188 $225,606 13.2x 10.8x 9.2x 45.0x 36.2x 30.8x 29% 22% 18% 78% 78% 76% 29% 30% 30% Shopify Inc. $1,022.97 $124,677 $4,001 $153 $120,830 NM 46.2x 35.3x NM NM NM 47% 66% 31% 55% 53% 55% 5% 11% 10% Workday $215.13 $51,020 $2,754 $2,137 $50,404 13.9x 11.8x 10.0x NM 47.2x 40.3x 29% 18% 18% 75% 76% 73% 21% 25% 25% Constellation Software Inc. $1,110.54 $23,534 $593 $730 $23,671 6.8x 6.1x 5.3x 25.3x 21.3x 18.8x 14% 10% 17% NM NM 37% 27% 29% 28% Paycom Software $311.30 $17,932 $114 $53 $17,872 24.2x 21.6x 18.1x NM NM 46.3x 30% 12% 19% 85% 86% 86% 43% 38% 39% Slack Technologies $26.86 $15,324 $1,533 $846 $14,654 23.2x 16.7x 12.9x NM NM NM 57% 39% 29% 87% 88% 87% (17%) (6%) (3%) Ceridian HCM Holding Inc. $82.65 $12,151 $527 $1,012 $12,636 15.3x 15.1x 13.1x NM NM NM 11% 2% 16% 46% 43% 46% 22% 19% 20% Zendesk $102.92 $11,880 $997 $1,150 $12,033 14.7x 11.9x 9.6x NM NM NM 36% 24% 24% 75% 77% 73% 8% 10% 11% The Sage Group plc $9.32 $10,186 $1,135 $1,432 $10,482 4.1x 4.3x 4.3x 16.4x 17.0x 16.9x 8% (5%) (0%) NM NM 93% 25% 25% 25% Paylocity Holding Corporation $161.42 $8,687 $285 $181 $8,583 17.2x 14.8x 12.6x NM NM 49.4x 23% 16% 18% NM NM 64% 29% 25% 26% Anaplan $62.58 $8,747 $305 $53 $8,495 24.4x 19.4x 15.4x NM NM NM 45% 26% 25% 76% 78% 74% (11%) (6%) (2%) Manhattan Associates $95.49 $6,066 $124 $35 $5,977 9.7x 10.5x 9.6x 38.4x 43.3x 39.6x 11% (8%) 10% 55% 54% 56% 25% 24% 24% BigCommerce Holdings $83.30 $5,632 $25 $88 $5,695 NM 39.8x 33.7x NM NM NM 22% 28% 18% NM 77% 77% NM NM (15%) Smartsheet Inc. $49.42 $5,961 $546 $72 $5,486 20.3x 14.8x 11.5x NM NM NM 52% 37% 29% 82% 81% 81% (19%) (12%) (9%) The Descartes Systems Group Inc $56.93 $4,809 $82 $14 $4,741 14.6x 13.8x 12.3x 38.7x 34.4x 30.4x 18% 5% 12% 74% 74% 73% 38% 40% 41% J2 Global $69.22 $3,295 $617 $1,582 $4,261 3.1x 3.1x 2.9x 7.7x 7.6x 7.2x 14% 1% 5% 83% 83% 83% 40% 40% 40% Cornerstone OnDemand $36.36 $2,339 $136 $1,320 $3,523 6.1x 4.9x 4.3x 27.0x 15.6x 12.9x 7% 25% 14% 76% 74% 73% 23% 31% 33% Energy Harbor Corp. $23.51 $0 $1 $2,928 $2,927 NA NA NA NA NA NA NA NA NA NM NM NM NA NA NA SPS Commerce $77.87 $2,735 $226 $22 $2,532 9.1x 8.3x 7.6x 36.3x 30.6x 26.8x 12% 9% 9% 68% 68% 67% 25% 27% 28% Workiva Inc. $55.76 $2,663 $509 $325 $2,479 8.3x 7.2x 6.3x NM NM NM 22% 15% 14% 72% 74% 73% (2%) (2%) (1%) Pluralsight $17.13 $1,917 $406 $568 $2,127 6.7x 5.6x 4.8x NM NM NM 37% 21% 17% 78% 81% 76% (13%) (6%) (2%) Technology One Limited $5.69 $1,817 $51 $18 $1,784 8.7x 8.4x 7.3x 31.0x 25.8x 20.3x 14% 4% 15% NM NM 38% 28% 32% 36% Upland Software $37.70 $1,108 $88 $571 $1,591 7.1x 5.7x 5.5x 19.3x 16.9x 16.2x 49% 25% 3% 71% 68% 68% 37% 34% 34% Opera Limited $9.78 $1,150 $162 $8 $996 3.0x 3.3x 5.0x 21.9x NM 20.4x 94% (9%) (34%) 81% 81% 71% 14% 5% 24% QAD Inc. $42.20 $873 $141 $34 $766 2.5x 2.5x 2.3x NM 34.9x 25.3x (7%) (3%) 8% 55% 58% 55% 4% 7% 9% Benefitfocus $11.20 $361 $183 $283 $461 1.6x 1.7x 1.6x 24.2x 12.8x 11.7x 14% (10%) 9% 54% 52% 51% 6% 14% 14% American Software $14.04 $456 $92 $2 $366 3.3x 3.2x 3.1x 23.2x 26.3x 22.3x 1% 0% 6% NM NM 54% 14% 12% 14% Synchronoss Technologies $3.01 $131 $43 $73 $174 0.6x 0.6x 0.6x 6.3x 7.7x 5.1x (5%) (4%) 5% 52% 58% 53% 9% 8% 11% ServiceSource International $1.47 $141 $41 $60 $160 0.7x 0.8x 0.8x 37.7x NM 24.6x (9%) (10%) 3% 30% 28% 30% 2% 1% 3% Park City Group $4.93 $96 $20 $7 $83 4.3x 4.1x 3.8x 21.8x 23.9x 17.0x (16%) 6% 8% NM NM 69% 20% 17% 22%

Mean 9.9x 10.9x 9.3x 26.3x 25.1x 24.1x 23% 12% 13% 68% 69% 66% 15% 17% 18% Median 8.3x 8.3x 7.3x 24.8x 24.9x 21.4x 18% 10% 14% 74% 74% 71% 20% 18% 22%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 26 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management

ServiceNow $485.00 $93,023 $2,343 $1,198 $91,879 26.6x 20.9x 16.7x NM NM NM 33% 27% 25% 81% 82% 78% 29% 32% 31% VMware $143.67 $60,360 $4,703 $7,432 $63,089 5.8x 5.4x 4.9x 15.3x 14.5x 13.4x 12% 7% 10% 87% 85% 85% 38% 38% 37% Atlassian Corporation Plc $181.79 $45,077 $2,156 $1,154 $44,075 33.7x 25.0x 20.9x NM NM NM 36% 35% 20% NM NM 86% 31% 25% 25% Twilio Inc. $247.09 $36,618 $1,903 $695 $35,410 31.2x 22.2x 17.7x NM NM NM 75% 41% 25% 59% 56% 55% 10% 8% 9% Datadog $102.16 $30,989 $1,466 $627 $30,150 NM NM 39.1x NM NM NM 83% 57% 35% 75% 79% 77% 2% 8% 9% MongoDB $231.51 $13,629 $975 $1,041 $13,694 32.5x 24.7x 19.5x NM NM NM 58% 31% 27% 72% 72% 72% (10%) (11%) (4%) Dynatrace $41.02 $11,530 $250 $559 $11,838 23.1x 18.7x 15.5x NA NM NM NA 24% 21% NM NM 81% NA 29% 27% SolarWinds Corporation $20.34 $6,354 $331 $2,035 $8,057 8.6x 7.9x 7.2x 17.8x 17.0x 15.5x 12% 9% 10% 92% 91% 92% 49% 47% 47% JFrog Ltd. $84.65 $7,653 $171 $0 $7,483 NM NM 38.8x NM NM NM 65% 41% 31% 81% 82% 82% (3%) 6% 3% Micro Focus International plc $3.18 $1,065 $808 $5,215 $5,474 1.6x 1.8x 1.9x 4.2x 4.8x 5.2x 9% (12%) (5%) NM NM 77% 39% 38% 37% Asana $28.80 $4,452 $456 $477 $4,473 31.4x 21.0x 16.5x NM NM NM 86% 49% 27% NM 87% 87% NM NM NM Appian Corporation $64.75 $4,523 $256 $53 $4,319 16.6x 15.0x 13.3x NM NM NM 15% 11% 13% 65% 68% 65% (11%) (11%) (8%) Bandwidth Inc. $174.57 $4,219 $522 $295 $3,992 20.2x 13.4x 11.7x NM NM NM 20% 50% 15% 48% 48% 51% (1%) 5% 6% New Relic $56.36 $3,395 $829 $500 $3,068 5.4x 4.7x 4.2x 31.7x 37.1x 38.1x 28% 14% 12% NM NM 82% 17% 13% 11% PagerDuty $27.11 $2,153 $602 $245 $1,797 10.8x 8.6x 7.2x NM NM NM 41% 25% 20% 85% 86% 85% (16%) (7%) (4%) Progress Software Corporation $36.68 $1,654 $230 $321 $1,745 4.2x 3.8x 3.4x 10.2x NA NA 9% 10% 13% 85% 88% 87% 41% NA NA NetScout Systems $21.83 $1,582 $427 $530 $1,686 1.9x 2.0x 1.9x NA 8.5x 8.5x (1%) (4%) 4% NM NM 72% NA 23% 22% MobileIron $7.01 $831 $88 $13 $756 3.7x 3.6x 3.5x NM NM NM 6% 2% 4% 82% 80% 81% (3%) (2%) (3%) Magic Software Enterprises Ltd. $13.13 $643 $89 $49 $628 1.9x 1.8x 1.6x NA NA NA 15% 9% 8% 32% 31% 31% NA NA NA Axway Software SA $22.31 $474 $27 $78 $525 1.6x 1.5x 1.5x 12.4x 11.7x NA 4% 3% 2% 71% 71% 38% 13% 13% NA Comarch S.A. $55.44 $451 $98 $68 $425 1.1x 1.1x 1.0x 6.7x 7.0x 6.8x 3% 6% 5% 32% NM 28% 17% 15% 15%

Mean 13.8x 10.7x 11.8x 14.0x 14.4x 14.6x 30% 21% 15% 70% 74% 71% 14% 15% 15% Median 8.6x 7.9x 7.2x 12.4x 11.7x 11.0x 18% 14% 13% 75% 80% 78% 13% 13% 11%

Sales & Marketing Applications

HubSpot $292.23 $13,315 $1,136 $773 $12,952 19.2x 15.6x 12.9x NM NM NM 32% 23% 20% 82% 82% 81% 12% 11% 12% Pegasystems Inc. $121.04 $9,733 $512 $572 $9,793 10.7x 9.2x 7.7x NM NM NM 2% 17% 19% 68% 72% 69% (4%) 4% 7% ZoomInfo Technologies Inc. $42.99 $6,453 $259 $799 $7,451 25.4x 16.4x 12.9x 43.0x 33.1x 26.1x 103% 55% 27% NM 88% 83% 59% 50% 50% LivePerson $51.99 $3,440 $173 $201 $3,469 11.9x 9.6x 7.9x NM NM NM 17% 23% 22% 74% 72% 73% (5%) 5% 7% SurveyMonkey $22.11 $3,102 $177 $301 $3,226 10.5x 8.6x 7.2x NM NM NM 21% 22% 20% 77% 80% 75% 13% 11% 12% Sprout Social $38.50 $2,025 $129 $25 $1,921 18.7x 14.8x 11.6x NM NM NM 30% 26% 27% 74% 74% 74% (17%) (17%) (8%) Cardlytics $70.57 $1,926 $98 $14 $1,841 8.7x 10.8x 7.4x NM NM NM 40% (19%) 46% 38% 35% 37% 3% (9%) 3% Yext $15.18 $1,816 $223 $131 $1,723 5.8x 4.9x 4.0x NM NM NM 31% 19% 22% 75% 76% 75% (16%) (8%) (4%) ChannelAdvisor Corporation $14.47 $415 $64 $13 $364 2.8x 2.6x 2.5x 18.0x 10.5x 9.5x (1%) 9% 5% 78% 80% 78% 16% 25% 26%

Mean 12.6x 10.3x 8.2x 30.5x 21.8x 17.8x 31% 19% 23% 71% 73% 72% 7% 8% 12% Median 10.7x 9.6x 7.7x 30.5x 21.8x 17.8x 30% 22% 22% 75% 76% 75% 3% 5% 7%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 27 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS Adobe Inc. $490.43 $235,269 $5,264 $4,726 $234,731 21.0x 18.3x 15.9x 46.2x 38.0x 32.4x 24% 15% 15% 88% 88% 87% 46% 48% 49% salesforce.com $251.32 $228,701 $9,283 $6,188 $225,606 13.2x 10.8x 9.2x 45.0x 36.2x 30.8x 29% 22% 18% 78% 78% 76% 29% 30% 30% Zoom Video Communications $470.11 $133,709 $1,482 $73 $132,300 NM NM 43.6x NM NM NM 88% 285% 27% 82% 72% 78% 17% 33% 29% Shopify Inc. $1,022.97 $124,677 $4,001 $153 $120,830 NM 46.2x 35.3x NM NM NM 47% 66% 31% 55% 53% 55% 5% 11% 10% ServiceNow $485.00 $93,023 $2,343 $1,198 $91,879 26.6x 20.9x 16.7x NM NM NM 33% 27% 25% 81% 82% 78% 29% 32% 31% Snowflake Inc. $251.00 $70,505 $591 $201 $70,115 NM NM NM NM NM NM 174% 114% 90% 56% 63% 67% NM NM NM Workday $215.13 $51,020 $2,754 $2,137 $50,404 13.9x 11.8x 10.0x NM 47.2x 40.3x 29% 18% 18% 75% 76% 73% 21% 25% 25% Atlassian Corporation Plc $181.79 $45,077 $2,156 $1,154 $44,075 33.7x 25.0x 20.9x NM NM NM 36% 35% 20% NM NM 86% 31% 25% 25% Veeva Systems Inc. $281.19 $42,411 $1,495 $57 $40,973 37.1x 28.9x 24.1x NM NM NM 28% 29% 20% 75% 74% 72% 40% 40% 39% DocuSign $215.24 $39,855 $674 $687 $39,868 40.9x 28.8x 22.1x NM NM NM 39% 42% 30% 78% 79% 76% 10% 13% 15% Twilio Inc. $247.09 $36,618 $1,903 $695 $35,410 31.2x 22.2x 17.7x NM NM NM 75% 41% 25% 59% 56% 55% 10% 8% 9% Splunk Inc. $188.13 $30,175 $2,057 $2,666 $30,785 13.1x 13.2x 10.5x NM NM NM 31% (2%) 26% 85% 79% 81% 17% 0% 9% Datadog $102.16 $30,989 $1,466 $627 $30,150 NM NM 39.1x NM NM NM 83% 57% 35% 75% 79% 77% 2% 8% 9% Okta $213.85 $27,392 $2,515 $1,942 $26,819 45.8x 33.3x 25.5x NM NM NM 47% 37% 31% 76% 78% 74% (6%) 0% 1% RingCentral $274.61 $24,429 $774 $1,094 $24,749 30.3x 21.7x 17.6x NM NM NM 33% 39% 23% 76% 76% 78% 15% 13% 13% Unity Software Inc. $87.28 $23,314 $453 $257 $23,118 42.7x 30.6x 24.3x NM NM NM 42% 39% 26% 78% 80% 79% (19%) (6%) (1%) Coupa Software Incorporated $274.24 $18,881 $1,342 $1,490 $19,029 48.8x 38.2x 30.3x NM NM NM 50% 28% 26% 72% 72% 69% 9% 17% 20% Zscaler $140.69 $18,699 $1,371 $905 $18,233 NM 35.8x 27.2x NM NM NM 48% 41% 32% NM NM 79% 11% 11% 14% Paycom Software $311.30 $17,932 $114 $53 $17,872 24.2x 21.6x 18.1x NM NM 46.3x 30% 12% 19% 85% 86% 86% 43% 38% 39% Slack Technologies $26.86 $15,324 $1,533 $846 $14,654 23.2x 16.7x 12.9x NM NM NM 57% 39% 29% 87% 88% 87% (17%) (6%) (3%) Palantir Technologies Inc. $9.50 $15,673 $1,498 $298 $14,473 19.5x 13.6x 10.0x NM NM NM 25% 43% 36% NM NM 71% NM NM NM HubSpot $292.23 $13,315 $1,136 $773 $12,952 19.2x 15.6x 12.9x NM NM NM 32% 23% 20% 82% 82% 81% 12% 11% 12% Zendesk $102.92 $11,880 $997 $1,150 $12,033 14.7x 11.9x 9.6x NM NM NM 36% 24% 24% 75% 77% 73% 8% 10% 11% Cloudflare $41.06 $12,553 $1,072 $414 $11,895 41.4x 29.2x 22.1x NM NM NM 49% 42% 32% 77% 77% 78% (15%) (1%) 4% Dynatrace $41.02 $11,530 $250 $559 $11,838 23.1x 18.7x 15.5x NA NM NM NA 24% 21% NM NM 81% NA 29% 27% NetApp $43.84 $9,733 $3,780 $2,922 $8,875 1.6x 1.7x 1.6x 6.6x 7.5x 6.8x (10%) (4%) 3% NM NM 64% 24% 22% 24% Paylocity Holding Corporation $161.42 $8,687 $285 $181 $8,583 17.2x 14.8x 12.6x NM NM 49.4x 23% 16% 18% NM NM 64% 29% 25% 26% Five9 $129.68 $8,473 $686 $655 $8,442 25.7x 21.1x 18.0x NM NM NM 27% 22% 17% 63% 64% 61% 19% 17% 18% Bentley Systems $31.40 $8,203 $126 $257 $8,334 11.3x NA NA 46.3x NA NA 6% NA NA NM NM NM 24% NA NA Dropbox $19.26 $7,961 $1,118 $1,090 $7,934 4.8x 4.2x 3.8x 21.0x 15.2x 12.8x 19% 14% 11% 76% 78% 74% 23% 27% 29% JFrog Ltd. $84.65 $7,653 $171 $0 $7,483 NM NM 38.8x NM NM NM 65% 41% 31% 81% 82% 82% (3%) 6% 3% ZoomInfo Technologies Inc. $42.99 $6,453 $259 $799 $7,451 25.4x 16.4x 12.9x 43.0x 33.1x 26.1x 103% 55% 27% NM 88% 83% 59% 50% 50% Bill.com Holdings $100.31 $8,043 $698 $2 $7,348 NM 43.5x 35.1x NA NM NM NA 55% 24% NM NM 75% NA (9%) (2%) nCino $79.68 $7,263 $388 $0 $6,879 49.8x 35.6x 28.8x NM NM NM 51% 40% 23% NM 59% 53% (17%) (9%) (6%) RealPage $57.64 $5,698 $639 $1,331 $6,390 6.5x 5.6x 5.0x 22.7x 20.9x 18.0x 14% 16% 11% 63% 63% 62% 29% 27% 28% Duck Creek Technologies $45.43 $5,937 $15 $31 $5,953 33.0x 27.6x 23.7x NA NM NM NA 20% 17% NM NM 56% NA 3% (0%) Proofpoint $105.55 $6,084 $973 $836 $5,947 6.7x 5.7x 4.9x 37.9x 35.9x 27.8x 24% 17% 17% 79% 80% 75% 18% 16% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 28 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) BigCommerce Holdings $83.30 $5,632 $25 $88 $5,695 NM 39.8x 33.7x NM NM NM 22% 28% 18% NM 77% 77% NM NM (15%) Smartsheet Inc. $49.42 $5,961 $546 $72 $5,486 20.3x 14.8x 11.5x NM NM NM 52% 37% 29% 82% 81% 81% (19%) (12%) (9%) Q2 Holdings $91.26 $4,881 $389 $479 $4,971 15.8x 12.4x 10.2x NM NM NM 31% 27% 22% 53% 54% 50% 6% 6% 7% AppFolio $141.81 $4,864 $74 $133 $4,922 19.2x 15.4x 12.9x NM NM NM 35% 25% 20% 60% 63% 62% 14% 16% 18% BlackLine $89.63 $5,100 $626 $409 $4,889 16.9x 14.5x 12.2x NM NM NM 27% 17% 19% 82% 82% 80% 9% 12% 12% Envestnet $77.16 $4,149 $92 $682 $4,736 5.3x 4.8x 4.3x 24.5x 21.1x 18.8x 11% 9% 11% 69% 69% 45% 21% 23% 23% Jamf Holding Corp. $37.61 $4,380 $38 $202 $4,543 22.3x 17.7x 14.8x NM NM NM 39% 26% 20% NM 80% 77% 9% 10% 9% Asana $28.80 $4,452 $456 $477 $4,473 31.4x 21.0x 16.5x NM NM NM 86% 49% 27% NM 87% 87% NM NM NM Everbridge $125.73 $4,348 $483 $461 $4,326 21.5x 16.3x 13.0x NM NM NM 37% 32% 26% 71% 70% 69% 3% 3% 5% J2 Global $69.22 $3,295 $617 $1,582 $4,261 3.1x 3.1x 2.9x 7.7x 7.6x 7.2x 14% 1% 5% 83% 83% 83% 40% 40% 40% Medallia $27.42 $4,033 $348 $62 $3,747 9.3x 8.0x 6.8x NM NM NM 28% 16% 17% 67% 69% 65% 3% 6% 8% Varonis Systems $115.42 $3,641 $326 $277 $3,592 14.1x 13.3x 11.1x NM NM NM (6%) 6% 20% 87% 86% 88% (8%) (6%) 0% Qualys $98.01 $3,847 $348 $54 $3,553 11.0x 9.9x 8.8x 25.2x 22.4x 19.9x 15% 12% 12% 80% 81% 79% 44% 44% 44% Cornerstone OnDemand $36.36 $2,339 $136 $1,320 $3,523 6.1x 4.9x 4.3x 27.0x 15.6x 12.9x 7% 25% 14% 76% 74% 73% 23% 31% 33% Vertex $23.00 $3,376 $47 $174 $3,503 10.9x 9.6x 9.0x NM 47.3x NM 18% 13% 8% NM 70% 65% 15% 20% 18% LivePerson $51.99 $3,440 $173 $201 $3,469 11.9x 9.6x 7.9x NM NM NM 17% 23% 22% 74% 72% 73% (5%) 5% 7% Pure Storage $15.39 $4,128 $1,293 $630 $3,465 2.1x 2.1x 1.8x 23.9x 35.0x 23.0x 21% 0% 16% 70% 70% 68% 9% 6% 8% Cloudera $10.89 $3,368 $432 $203 $3,139 4.0x 3.7x 3.4x NM 16.9x 13.8x 65% 7% 9% 76% 81% 72% (3%) 22% 25% New Relic $56.36 $3,395 $829 $500 $3,068 5.4x 4.7x 4.2x 31.7x 37.1x 38.1x 28% 14% 12% NM NM 82% 17% 13% 11% Mimecast Limited $46.92 $2,970 $199 $222 $2,993 7.4x 6.3x 5.4x 42.9x 29.9x 27.1x 26% 17% 16% NM NM 74% 17% 21% 20% Box $17.36 $2,718 $272 $454 $2,900 4.2x 3.8x 3.4x 42.2x 17.9x 15.4x 14% 10% 10% 71% 73% 72% 10% 21% 22% SPS Commerce $77.87 $2,735 $226 $22 $2,532 9.1x 8.3x 7.6x 36.3x 30.6x 26.8x 12% 9% 9% 68% 68% 67% 25% 27% 28% Ping Identity Holding Corp. $31.21 $2,517 $177 $168 $2,508 10.3x 10.2x 8.8x NM NM NM 21% 1% 16% 84% 81% 84% 21% 11% 16% Workiva Inc. $55.76 $2,663 $509 $325 $2,479 8.3x 7.2x 6.3x NM NM NM 22% 15% 14% 72% 74% 73% (2%) (2%) (1%) Sumo Logic $21.80 $2,200 $98 $24 $2,126 13.7x NA NA NM NA NA 50% NA NA 71% NM NM NM NA NA Sprout Social $38.50 $2,025 $129 $25 $1,921 18.7x 14.8x 11.6x NM NM NM 30% 26% 27% 74% 74% 74% (17%) (17%) (8%) PagerDuty $27.11 $2,153 $602 $245 $1,797 10.8x 8.6x 7.2x NM NM NM 41% 25% 20% 85% 86% 85% (16%) (7%) (4%) Talend S.A. $39.04 $1,232 $165 $159 $1,227 4.9x 4.4x 3.9x NM NM NM 20% 12% 13% 77% 79% 77% (7%) (9%) (4%) Zuora $10.34 $1,222 $179 $74 $1,117 4.0x 3.8x 3.4x NM NM NM 17% 7% 10% 57% 62% 55% (10%) (2%) 2% Zix Corporation $5.84 $321 $14 $198 $505 2.9x 2.3x 2.1x 12.8x 9.9x 9.0x 146% 24% 10% 61% 55% 65% 23% 24% 24% Benefitfocus $11.20 $361 $183 $283 $461 1.6x 1.7x 1.6x 24.2x 12.8x 11.7x 14% (10%) 9% 54% 52% 51% 6% 14% 14% ChannelAdvisor Corporation $14.47 $415 $64 $13 $364 2.8x 2.6x 2.5x 18.0x 10.5x 9.5x (1%) 9% 5% 78% 80% 78% 16% 25% 26% Veritone $9.16 $253 $50 $0 $203 4.1x 3.7x 3.2x NM NM NM 84% 10% 16% 65% 69% 74% NM NM NM Park City Group $4.93 $96 $20 $7 $83 4.3x 4.1x 3.8x 21.8x 23.9x 17.0x (16%) 6% 8% NM NM 69% 20% 17% 22%

Mean 17.2x 15.3x 13.8x 28.9x 24.9x 22.5x 37% 28% 20% 74% 74% 73% 12% 14% 16% Median 13.9x 13.3x 11.3x 25.2x 22.4x 19.3x 29% 23% 20% 76% 77% 74% 13% 13% 14%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 09/30/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 29 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

Pipeworks Develops and provides videogames for businesses, the public sector and consumers. Offerings enable AI capabilities and include PC 9/30/20 Sumo Digital $60 3.1x NA NA NA Studios and console games.

Provides secure mobile device and application management SaaS and software for businesses and government agencies. Software 9/28/20 Ivanti MobileIron $930 3.9x NA NM NA enables cybersecurity, unified endpoint management and passwordless multi-factor authentication capabilities.

Provides adaptive threat prevention security SaaS and software for businesses. Software continuously analyzes, adapts and responds 9/23/20 CrowdStrike Preempt Security $96 NA NA NA NA to potential cyber-security breaches based on identity, behavior and risk to auto-resolve insider threats and targeted attacks.

9/21/20 Microsoft ZeniMax Media $7,500 NA NA NA NA Develops PC, console, mobile, online and virtual reality (VR) video games for consumers globally.

Provides open-source DevOps automation SaaS for businesses. Software enables front-line incident response teams to run automated 9/21/20 PagerDuty Rundeck $100 NA NA NA NA machine-centric workflows that prevent, diagnose and resolve incidents at the push of a button.

9/16/20 Koch Media Vertigo Games $59 NA NA NA NA Develops virtual reality games for use on PCs and consoles and in arcades.

Provides workflow automation and scheduling SaaS to tax, accounting and financial sectors in the United States and Canada, as well 9/14/20 Wolters Kluwer XCM Solutions $161 NA NA NA NA as provides features for automated workflow and accountability, compliance, assessment and monitoring of team performance, benchmarking and outsourced client accounting services (CAS).

Acts as a Medicare Secondary Payer (MSP) compliance firm that provides related insurance claim management software and services 9/11/20 Verisk Analytics Franco Signor $160 NA NA NA NA for employers, insurers and third party administrators in the US.

Progress Provides IT systems configuration automation SaaS for enterprises that enables the automated creation, deployment and 9/8/20 Chef Software $220 3.1x NA NA NA Software management of infrastructure tasks based on the storage and analysis of reusable definitions stored on the network server.

Provides law practice and case management SaaS for the legal industry in the United States as well as features for team collaboration, 9/8/20 Apax Partners MyCase $193 6.7x NA NA NA client communication, contact and task management, time and expense management, client billing and invoicing, document management, and reporting.

Provides customer service automation SaaS for businesses. Software enables real-time feedback, coaching and quality management 9/3/20 Medallia StellaService $100 NA NA NA NA for customer service teams.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/30/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 30 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Oversight Provides AI-based audit and risk management SaaS to businesses and government organizations globally as well as features for 9/2/20 TCV $185 7.4x NA NA NA Systems automated monitoring and analysis of spending to prevent fraud, waste and error.

Clayton Dubilier 8/31/20 Epicor Software $4,700 5.9x NA 18.8x NA Provides ERP, CRM and SCM software and SaaS for businesses globally. & Rice

Cambium Provides foreign language instructional and tutoring SaaS and software for consumers, businesses, government agencies and 8/31/20 Rosetta Stone $792 4.0x NA NM NA Learning Group educational institutions globally.

Provides open automation and industrial operations management SaaS for utility businesses in the electric, oil and gas, transport and Open Systems 8/27/20 Emerson Electric $1,600 9.6x NA NA NA water industries as well as features for real-time management, monitoring, scheduling and optimization of production, transportation International and delivery network operations.

Provides translation and web content management SaaS, software and hosted services for use in transmitting content for businesses 8/27/20 RWS SDL $1,120 NA NA NA NA globally.

Provides web application, wide area file services (WAFS) and API security SaaS to businesses as well as features for monitoring 8/27/20 Fastly Signal Sciences $775 31.0x 22.1x NA NA anomalies, Denial of Service (DDoS) attacks and addressing cyber attacks in real time such as account takeovers, malicious bots and API authorization.

Provides business process data collection and management software, SaaS and services for the public and private sectors 8/25/20 AVEVA OSIsoft $5,000 10.2x NA 31.2x NA globally.These offerings enable system monitoring, data security and asset management.

Provides digital asset management SaaS for businesses, enabling organization, discovery, control, distribution and measurement of 8/24/20 Smartsheet Brandfolder $150 NA NA NA NA digital content to strengthen brand engagement.

Provides both property and casualty insurance agency management and policy administration software and SaaS for businesses in the 8/13/20 Roper Vertafore $5,350 NA 9.1x NA 18.4x insurance sector and related content management, product lifecycle management (PLM) and billing software.

Pharmaceutical 8/12/20 Omnicell $225 NA NA NA NA Provides pharmacy pricing optimization and compliance software for hospitals, health systems and clinics. Strategies

8/11/20 Health Catalyst Vitalware $120 NA NA NA NA Provides revenue cycle management and optimization, documentation and related analytics SaaS for the healthcare sector.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/30/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 31 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides quoting and underwriting SaaS for employees benefits industry. Software provides elimination of duplicate entries, 8/10/20 FINEOS Limelight Health $75 5.2x NA NA NA automated enforcement of underwriting rules, rule based quoting, rating engine, document management, data analysis and reporting.

8/11/20 Health Catalyst Vitalware $120 NA NA NA NA Provides revenue cycle management and optimization, documentation and related analytics SaaS for the healthcare sector.

American Virtual Kandy Provides cloud-based unified communications as a service (UCaaS), communications platform as a service (CPaaS) and contact center 8/5/20 Cloud $59 NA NA NA NA Communications as a service (CCaaS) for service providers, partners and enterprises. Technologies

FinTech Provides payment management SaaS for businesses globally. Software includes features for online, in-store or on-the-go transactions 8/3/20 Acquisition Paya $1,102 NA 4.6x NA NA and payments processing, cash flow, and transaction reporting. Corp. III

Francisco Consignor Group Provides multi-carrier delivery management and logistics SaaS for businesses globally. Software supports customers’ delivery 7/31/20 $165 NA NA NA NA Partners AS processes and connects shippers’ websites and warehouses with their customers.

7/30/20 Strata Decision EPSi LLC $365 NA NA NA NA Provides financial decision support, planning, budgeting and forecasting, and analytics SaaS for hospitals and health systems.

Provides both business-to-business (B2B) payment, credit and A/R management SaaS and services for businesses in the 7/30/20 Corsair Capital MSTS $300 NA NA NA NA transportation, manufacturing, retail and e-commerce industries.

Clarivate Provides intellectual property (IP) workflow management software, including patent portfolio optimization, patent search and 7/29/20 CPA Global $6,800 12.1x NA NA NA Analytics analytics, contract management, trademark renewals, and document review.

Zebra Provides AI-enabled workforce management and business intelligence SaaS for corporate performance monitoring, reporting and 7/28/20 Reflexis Systems $575 NA NA NA NA Technologies business optimization.

Network 7/28/20 Direct Pay $288 NA NA NA NA Provides online payment processing SaaS for retail businesses. International

Provides mortgage pricing and eligibility, mortgage sales, mortgage rate quoting and marketing automation SaaS, for banks, mortgage 7/27/20 Black Knight Optimal Blue $1,800 NA NA 38.7x NA lenders and loan officers.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/30/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 32 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

EASY SOFTWARE 7/24/20 deltus 36. AG $86 1.5x NA 7.4x NA Provides enterprise content management, document capture and email archiving software and SaaS for businesses globally. AG

Provides graphics and design SaaS for businesses. Software enables content creation and interactive design without the need for 7/23/20 Sumeru Equity Ceros $100 NA NA NA NA traditional coding or web development skills.

Provides property, casualty, life, annuity and group insurance management SaaS and related integration services for the insurance 7/20/20 Thoma Bravo Majesco $729 4.7x NA 42.4x NA sector globally.

Dedalus Italia (1) Provides software assets that provide patient treatment history and mobile electronic medical record (EMR) management software 7/20/20 DXC Technology $525 NA NA NA NA S.p.A. for the healthcare industry.

Provides employee engagement and business communication SaaS for organizations with large distributed workforces. Software 7/15/20 Sumeru Equity SocialChorus $100 NA NA NA NA provides features for planning, creating and publishing mass communications to employees via mobile application, digital signage, email, desktop, intranet or collaboration tools such as Microsoft Teams.

Provides software-defined wide area network (SD-WAN) optimization and management SaaS to businesses as well as features for 7/13/20 Hewlett Packard Silver Peak $925 7.0x NA NA NA application performance management, WAN edge security and routing, and VoIP.

Provides advertising performance analytics SaaS for advertisers and marketers globally and enables users to measure and plan 7/13/20 Mediaocean 4C Insights $180 4.0x NA NA NA targeted advertising across social media, online, mobile apps and television channels, and analyze audience behavior and demographics.

Provides open source Kubernetes management SaaS for DevOps teams and businesses as well as features for managing on-premise or 7/8/20 SUSE Rancher Labs $600 24.0x 13.3x NA NA hybrid data clusters, container installation and block storage.

Provides built-in backup storage system SaaS for businesses and government agencies that enables disaster recovery and instant 7/1/20 Vmware Datrium $150 NA NA NA NA recovery time capabilities.

All Software Median 5.9x 11.2x 31.2x 18.4x Mean 8.4x 12.3x 27.7x 18.4x

PE Acquirers Median 6.3x NA 30.6x NA Mean 6.2x NA 30.6x NA

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/30/20, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM. 33 1) Healthcare provider software business. RECENT FINANCINGS Selected Software Private Financings

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an online education technology platform in China designed to let children take Canada Pension Plan Investment Board, Chinese Culture Group, Genesis Capital (Hong Kong), 9/30/20 Zhangmen.com $450 classes online. International Finance Corporation, SB China Venture Capital Developer of a biometric technology designed to recognize a wide range of human and non- American Express Ventures, Bain Capital Tech Opportunities, Barclays, Blumberg Capital, Citigroup, 9/30/20 BioCatch $168 human cybersecurity threats. CreditEase, HSBC, Industry Ventures, Janvest Capital Partners, Maverick Ventures Developer of a digital marketing platform designed to help businesses grow through stronger 9/30/20 SendinBlue $160 BlackRock, Bpifrance, Bridgepoint Advisers, Partech customer relationships. Developer of an essential early learning program designed to provide kids a personalized learning 3one4 Capital, Amanat Holdings, Gymboree Play & Music, Interlock Partners, LEGO Ventures, 9/30/20 HOMER $50 journey that grows with them as they build skills for school and life. Liquidity Capital, Sesame Workshop, TrustBridge Partners, Vaidya Capital Partners Developer of an end-to-end sales enablement platform designed to help marketing and sales Ameriprise Financial, EDBI, Jackson Square Ventures, Lightspeed Venture Partners, Permira, T. 9/29/20 Seismic $92 teams fulfill their promises of driving revenue. Rowe Price Provider of a digital investment platform intended to offer users a portal to buy and sell digital 9/29/20 Bitpanda $52 Speedinvest, UNIQA Ventures, Valar Ventures assets and cryptocurrencies. Developer of a cloud-based e-commerce platform intended to help companies to future proof Constellation Asset Management, Endeavor Catalyst, Lone Pine Capital, SoftBank Group, Tiger 9/28/20 VTEX $225 their businesses and free them from software updates. Global Management Operator of a virtual engagement platform intended for healthcare professionals to collaborate 9/24/20 Within3 $100 Insight Partners, Silversmith Capital Partners with patients. Provider of a cloud-based automation software designed to automate Accounts Payable and 9/24/20 MineralTree $50 .406 Ventures, Eight Roads, Great Hill Partners business to business payments. Developer of an investment platform intended to help teach people to invest in the stock 9Yards Capital, Andreessen Horowitz, D1 Capital Partners, DST Global, Founders Circle Capital, IVP, 9/23/20 Robinhood $660 market. Redalpine Venture Partners, Ribbit Capital, Sequoia Capital, Sung Capital Partners Developer of a personalized mobile messaging platform designed to change the way businesses Atomico, Bain Capital Ventures, Coatue Management, D1 Capital Partners, IVP, NextView 9/23/20 Attentive $230 and consumers interact. Ventures, Sapphire Ventures, Sequoia Capital, Tiger Global Management, Wellington Mgmt. Developer of a product experience management platform designed to drive online products and 9/23/20 Salsify $155 Venrock, Warburg Pincus increase sales. Shangxian Provider of advertising and precision marketing services intended for gaming, e-commerce and IT 9/23/20 $100 Bain Capital Technology services companies. Developer of a cloud-based financial platform designed to give businesses an unparalleled set of 9/23/20 SpotOn $60 Dragoneer Investment Group, DST Global, Franklin Templeton Investments growth-driving tools. Developer of a marketplace platform designed to plug directly into an e-commerce tech 9/22/20 Mirakl $300 83North, Bain Capital Ventures, Elaia Partners, Felix Capital, Permira ecosystem. Provider of an online platform designed to provide business solutions for road freight logistics 9/22/20 Nucarf $50 Eastern Bell Venture Capital industry. Cathay Capital Private Equity, F&G Ventures, Ningbo Gaofa Automotive Control System Company, 9/21/20 JoyNext $105 Developer of intelligent solutions for networked vehicles. Platinum VC, State Development and Investment Corporation Operator of an instant-play gaming company intended to create games that people can play Bragiel Brothers, Caffeinated Capital, Digital Garage, Dreamers VC, Good AI Capital, Joshua Buckley, 9/21/20 Playco $100 together. KSK Angel Fund, Makers Fund, Mistletoe, Sequoia Capital, Sozo Ventures Developer of an API platform designed for individuals to share or aggregate their financial Anthemis Group, Connect Ventures, Mouro Capital, Northzone Ventures, Temasek Holdings, 9/21/20 TrueLayer $60 information from different providers. Tencent Holdings, Visa Ventures

Notes: Sources: PitchBook. Reflects deal activity through 09/30/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 34 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Mobile Premier Bae Growth, Base Partners, Go-Ventures, GV Games, MDI Ventures, Pegasus Tech Ventures, RTP 9/18/20 $90 Developer of an eSports platform designed to offer cash prizes while playing games. League Global, Sequoia Capital India, SIG Susquehanna Developer of a travel search engine platform designed to make finding and booking vacation Chris Hitchen, Coparion, EQT Ventures, Kees Koolen, Mairdumont Ventures, Prime Ventures, 9/18/20 Holidu $53 rentals easy. Senovo, Venture Stars

9/17/20 Ki Insurance $500 Operator of a digital and algorithmically-driven insurance syndicate platform. Brit, The Blackstone Group

Developer of an automated invoice and payment processing platform designed to offer accounts 9/17/20 AvidXchange $66 Undisclosed Investors payable and on-demand invoice management services. Provider of an interactive fitness platform intended to transform monotonous solo indoor cycling Amazon Alexa Fund, Causeway Media Partners, Highland Europe, Ilkka Paananen, Kohlberg Kravis 9/16/20 Zwift $450 and running workouts into dynamic and social adventures. Roberts, Novator Partners, Permira, Specialized Bicycle Components, Zone 5 Ventures Developer of an end-to-end cloud commerce platform designed to make it easy for customers to 9/16/20 AppDirect $185 Caisse de dépôt et placement du Québec, Mithril Capital Management find, buy and use any recurring digital service.

9/16/20 Internetware $102 Developer of a DaaaS (Data as a Service) platform. Changchun Financial Holding Group

Developer of a flexible credit line platform intended to help small and medium-sized businesses 9/16/20 Factris $65 AB Ventures (Arabia), Optima Investments, Speedinvest meet their cash requirements and financing needs. Developer of an online payment platform designed to facilitate cashless payments through Ant Group, BlackRock, Bonnier, Government of Singapore Investment Corporation (GIC), HMI 9/15/20 Klarna $650 installments. Capital, Merian Chrysalis Investment, Northzone Ventures, Silver Lake Management, TCV

9/15/20 Snyk $200 Developer of security analysis tools designed to identify open-source vulnerabilities. Addition

Developer of a data analytics platform intended to provide a complete and unified view of 9/15/20 Devo $60 Bessemer Venture Partners, Georgian Partners, Insight Partners business operations. Developer of a quality assurance engine designed to turn customer conversations into actionable 9/15/20 Observe.AI $54 Menlo Ventures, Next47, NGP Capital intelligence. Developer of an online fantasy sports platform designed to play various fantasy league games 9/14/20 Dream11 $225 ChrysCapital, Footpath Ventures, Tiger Global Management, TPG Growth such as cricket, football, kabaddi, basketball, hockey, volleyball, baseball and handball. Provider of an all-in-one collaboration platform designed to democratize software creation by Benchmark (San Francisco), Caffeinated Capital, Coatue Management, CRV, D1 Capital Partners, 9/14/20 Airtable $185 enabling anyone to build the tools that meet their needs. Thrive Capital Provider of on-demand digital healthcare services intended to provide access to board-certified 9/11/20 MDLive $75 Sixth Street Partners doctors via phone, video and application. Developer of a cloud-based litigation platform intended to offer corporate counsels, litigators and 9/10/20 Everlaw $78 Andreessen Horowitz, CapitalG, K9 Ventures, Menlo Ventures, OVO Fund government attorneys. Developer of payment application designed to simplify the entire process of setting up an online 9/8/20 Mollie $106 TCV store and accepting payments. Blume Ventures, Facebook, General Atlantic, Nexus Venture Partners, Sequoia Capital India, 9/2/20 Unacademy $150 Provider of an online learning platform designed to prepare students for competitive exams. SoftBank Investment Advisers Developer of a digital banking platform designed to uniting technology and design to simplify BlackRock Innovation Capital Group, Endeavor Catalyst, Flourish Ventures, General Atlantic, 9/1/20 Neon $300 users' financial experience. Monashees, PayPal Ventures, Propel Venture Partners, Vulcan Capital

Notes: Sources: PitchBook. Reflects deal activity through 09/30/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 35 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a patronage platform designed to monetize the creator's work through a direct DFJ Growth, Glade Brook Capital Partners, Index Ventures, Lone Pine Capital, New Enterprise 9/1/20 Patreon $90 relationship with their fans. Associates, Thrive Capital, Wellington Management Anorak Ventures, Colopl Next, Insight Partners, Iskra Ventures, Kakao Ventures, Liquid 2 Ventures, 8/27/20 Restream $50 Developer of a platform designed to distribute and monetize the live video content. Mana Ventures, Sapphire Ventures, Silverton Partners Developer of an online learning platform designed to facilitate students with access to course- 8/26/20 Course Hero $80 NewView Capital, SharesPost specific study resources contributed by a community of students and educators.

8/26/20 Kaikeba $79 Operator of an online education platform intended to provide courses in the IT and digital fields. Gaorong Capital, Hillhouse Capital Group

Developer of a B2B payment processing platform designed for businesses to own, manage and Acrew Capital, Activant Capital, American Express Ventures, Bain Capital Ventures, Inspired Capital 8/26/20 Finix $75 monetize their payments. (New York), Lightspeed Venture Partners, PSP Partners, Sequoia Capital

8/25/20 ReliaQuest $300 Provider of information technology security services. Kohlberg Kravis Roberts, Ten Eleven Ventures

Developer of a visual collaboration tool created to enable innovative teams to think and Allison Pickens, Athene Partners, Bill Veghte, Gradient Ventures, Insight Partners, Ryan Smith, 8/25/20 MURAL $118 collaborate visually. Slack Fund, Tiger Global Management, World Innovation Lab Provider of an in-memory database platform for applications and services designed for Bain Capital Ventures, Dell Technologies Capital, Francisco Partners, Goldman Sachs Growth 8/25/20 Redis Labs $100 transactional, analytics and hybrid deployments. Equity, TCV, Viola Ventures Developer of centralized data platform intended to help businesses in their data journey from Battery Ventures, CapitalG, Dawn Capital, FirstMark Capital, ICONIQ Capital, Stripes, Tiger Global 8/24/20 Dataiku $100 analytics at scale to enterprise AI. Management

8/18/20 BillGO $60 Developer of a B2B payment engine created to advance payment systems in a secure manner. Undisclosed Investors

8/17/20 Palfish $120 Developer of an online education platform designed to connect students with English tutors. FutureX Capital, Susquehanna Asia Investments, Whales Capital

Developer of a virtual reality multimedia platform designed to provide users with access to a 8/17/20 Sensorium $100 Undisclosed Investors digital alternative universe. Developer of a password management software designed to help users protect their passwords 8/17/20 Keeper Security $60 Insight Partners and sensitive digital assets.

8/17/20 Stedi $50 Provider of a structured messaging platform designed for B2B trade. Addition, Stripe, Union Square Ventures

Developer of a performance monitoring platform intended to collect, store and analyze data 8/17/20 Grafana $50 Lead Edge Capital, Lightspeed Venture Partners about the infrastructure.

8/14/20 Wildlife $120 Operator of a gaming studio intended to develop mobile games. Human Capital (San Francisco), Vulcan Capital

Developer of an automated invoice and payment processing platform designed to offer accounts 8/13/20 AvidXchange $119 Undisclosed Investors payable and on-demand invoice management services.

8/13/20 PayActiv $100 Developer of a financial wellness platform intended for employees to improve their finances. Eldridge Industries, Generation Partners, Link-age

Developer of a revenue intelligence platform leveraging artificial intelligence to go beyond Battery Ventures, Coatue Management, Index Ventures, Next World Capital, Norwest Venture 8/12/20 Gong $200 traditional CRM and transform revenue teams. Partners, Salesforce Ventures, Sequoia Capital, Thrive Capital, Wing Venture Capital

Notes: Sources: PitchBook. Reflects deal activity through 09/30/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 36 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a digital lending platform intended to simplify and fasten consumer finance 8VC, Canapi Ventures, Emergence Capital Partners, General Atlantic, Greylock Partners, SciFi VC, 8/12/20 Blend $75 processes. Temasek Holdings Developer of an electronic trading platform designed to bring efficiency to credit trading through 8/11/20 Trumid $200 BlackRock, Dragoneer Investment Group, TPG, T. Rowe Price data, technology and innovative products. Developer of an adaptable business documents platform intended to actively adapt to the way 9Yards Capital, General Catalyst, Greylock Partners, Hawk Equity, Khosla Ventures, Kleiner Perkins, 8/11/20 Coda $80 teams naturally work together. Madrona Venture Group, NGP Capital, Renegade Partners, Underscore VC Provider of electronic payment services intended to meet the needs of both payment service 8/5/20 PPRO Financial $50 Citi Ventures, HPE Growth, Sprints Capital providers and payment industry leaders.

8/4/20 Diligent $500 Developer of secure corporate governance and collaboration software. Clearlake Capital Group, Insight Partners, The Blackstone Group

Provider of an educational platform intended to offer personalized math education resources for 8/4/20 Spark Education $150 GGV Capital, GSR Ventures, Kohlberg Kravis Roberts children. Developer of an employee management platform designed to eliminate the administrative work Bedrock Ventures, Coatue Management, Founders Fund, Greenoaks Capital Partners, Initialized 8/4/20 Rippling $145 of running a company. Capital Management, Kleiner Perkins, Y Combinator Provider of an e-commerce platform service designed to enable the transition from brick and Anatole Investment, Bain Capital Tech Opportunities, PayPal Ventures, The Goldman Sachs Group, 8/4/20 hey $83 mortar business model to e-commerce. World Innovation Lab, YJ Capital Developer of a B2B payments platform designed to provide small businesses with digital payment Accel, Aleph, American Express Ventures, Bessemer Venture Partners, Coatue Management, 8/1/20 Melio Payments $80 tools. Corner Ventures, General Catalyst, LocalGlobe Provider of a mobile collaboration and workflow platform designed to transform assembly lines Activate Capital Partners, Alumni Ventures Group, B37 Ventures, Cisco Investments, Downing 7/31/20 Parsable $60 into an end-to-end digital execution environment. Ventures, Evolv Ventures, Honeywell Ventures, Lightspeed Venture Partners Developer of digital entertainment platform intended to create and distribute inspiring and 7/30/20 Moonbug $120 Blue Coast Capital, Felix Capital, Fertitta Capital, Goldman Sachs Growth Equity, The Raine Group engaging stories to expand kids' worlds and minds. Developer of an esports infrastructure platform intended to equip partners with services and 7/29/20 Vindex $300 Undisclosed Investors technology to scale to a mainstream global audience. Developer of a mobile payment platform intended to send money electronically to friends and DN Capital, Generation Investment Management, Owl Rock Capital Group, PayU, Princeville 7/29/20 Remitly $85 family. Capital, Stripes, Threshold Ventures, Top Tier Capital Partners Developer of a microservice API architecture platform intended to provide a cloud-native core Backed VC, British Patient Capital, Draper Esprit, Eurazeo, IQ Capital Partners, Lloyds Banking 7/28/20 Thought Machine $106 banking solution capable of being configured easily to suit the needs of any bank. Group, Playfair Capital, Skandinaviska Enskilda Banken Provider of an online community built intended to help developers learn and share their Andreessen Horowitz, Government of Singapore Investment Corporation (GIC), Index Ventures, 7/28/20 Stack Overflow $85 knowledge. Silver Lake Management, Spark Capital, Union Square Ventures Provider of a mobile foreign exchange and money transferring application designed to help in AdTay Ventures, Bond Capital (San Francisco), Crux Capital (Menlo Park), FG2 Capital, GP 7/24/20 Revolut $580 global money transfer. Bullhound, G Squared, Nyca Partners, Ribbit Capital, TCV, TSG Consumer, United First Partners Developer of an immersive 3D media platform designed to establish 3D and Virtual Reality (VR) 7/24/20 Matterport $52 Undisclosed Investors models as a primary medium for experiencing, sharing and re-imagining the world. Abu Dhabi Capital Group, CICC Capital, Goldman Sachs Growth Equity, ICBC International Holdings, 7/23/20 Miss Fresh $495 Developer of an application platform designed to offer fresh food to customers across China. Tencent Industry Win-Win Fund, Tiger Global Management Developer of cloud-based call center software designed to help growing businesses to improve Franklin Templeton Investments, Lead Edge Capital, Skip Capital, Threshold Ventures, Top Tier 7/23/20 Talkdesk $143 customer satisfaction while reducing costs. Capital Partners, Viking Global Investors, Willoughby Capital Holdings

Notes: Sources: PitchBook. Reflects deal activity through 09/30/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 37 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Provider of an interactive content creation software designed to create rich, engaging content, 7/23/20 Ceros $100 Sumeru Equity Partners without without code or traditional web development. Developer of entity resolution and network analytics technology designed to improve the quality ABN AMRO Ventures, Accenture Ventures, AlbionVC, British Patient Capital, Dawn Capital, 7/23/20 Quantexa $63 of data-driven decisions. Evolution Equity Partners, HSBC Strategic Innovation Investments Developer of an online education and learning platform designed to offer courses to empower Arctic Ventures, GEM Capital, G Squared, Kleiner Perkins, Learn Capital, New Enterprise Associates, 7/17/20 Coursera $130 learners around the world. Seek, SuRo Capital, Troy Capital Partners Developer of an analytics-driven cybersecurity platform intended to protect against agile and well- 7/16/20 BlueVoyant $68 Temasek Holdings financed cyber attackers. Developer of a serialized fiction application platform designed to gather the great serial fiction Daekyo Investment, KakaoPage, Mirae Asset Capital, Mirae Asset Venture Investment, Partners 7/16/20 Radish $63 and capitalizing on the shift to mobile. Investment, SoftBank Ventures Asia Developer of an electronic trading platform designed to bring efficiency to credit trading through 7/15/20 Trumid $75 Undisclosed Investors data, technology and innovative products. Developer of a cloud-based enterprise data storage platform designed to manage and store Amity Ventures, BlackRock Private Equity Partners, Highland Capital Partners, Kleiner Perkins, 7/14/20 Qumulo $125 numerous digital asset data through real-time analytics. Madrona Venture Group, TriplePoint Capital Developer of identity and authentication platform designed to verify users and tackle identity Bessemer Venture Partners, DTCP, Founders Circle Capital, K9 Ventures, Meritech Capital Partners, 7/14/20 Auth0 $120 fraud. Salesforce Ventures, Sapphire Ventures, Telstra Ventures, Trinity Ventures Developer of a checkout experience platform designed to drive e-commerce businesses with Activant Capital, Formic Ventures, Glynn Capital, Human Capital, LionTree Partners, Magic Fund, 7/14/20 Bolt $50 newfound revenue. Tribe Capital, WestCap Group, WestCap Partners Developer of an investment platform intended to help teach people to invest in the stock 10X Capital, 9Yards Capital, IVP, New Enterprise Associates, Pegasus Tech Ventures, Ribbit Capital, 7/13/20 Robinhood $600 market. Sequoia Capital, TSG Consumer, Unusual Ventures Developer of an energy management and transportation digital platform designed to streamline 7/10/20 NewLink Group $127 CICC Capital, Joy Capital, Korea Investment Partners, NIO Capital, Xiaomi Technology the energy supply chain. Developer of a digital workplace application designed to integrate multiple operational systems Alpana Ventures, Edenred Capital Partners, Energize Ventures, Fyrfly Venture Partners, HighSage 7/10/20 Beekeeper $60 and communication channels in one secure hub. Ventures,Keen Venture Partners, Samsung NEXT Ventures, Thayer Ventures Alibaba Group, California Technology Ventures, Capital Factory, Finnish Industry Investment, GP 7/9/20 MariaDB $52 Developer of an open-source database intended to support continuity and open collaboration. Bullhound, HighBAR Ventures, Intel Capital, OpenOcean, ServiceNow Ventures, SmartFin

7/7/20 Kuaidian $100 Developer of a mobile application intended to offer novel reading content. 5Y Capital, GGV Capital, Sequoia Capital China

ACE & Company, B Capital Group, BRI Ventures, Insignia Venture Partners, Magic Fund, Quiet 7/5/20 Payfazz $53 Developer of a financial platform designed to offer a payment alternative to Indonesian people. Capital, Tiger Global Management, Y Combinator

7/3/20 jss.com.cn $72 Developer of an online financial service platform. Ant Group

Palantir Palantir Technologies provides organizations with solutions to manage large disparate data sets 7/1/20 $550 Nelstone Ventures, Rafael Pinedo, Sompo Japan Nipponkoa Holdings, TrueBridge Capital Partners Technologies in an attempt to gain insight and drive operational outcomes. Developer of a social broadcasting platform intended for gaming, entertainment and creative arts 7/1/20 Caffeine $113 Andreessen Horowitz, Cox Enterprises, Fox Corporation, Greylock Partners, Sanabil Investments broadcasts.

Notes: Sources: PitchBook. Reflects deal activity through 09/30/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 38 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services to Growth Companies and Market Leaders STOCKHOLM

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

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

Global platform: Sector expertise: Exceptional cross- 25 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 500 employees and deep ~50% of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading conglomerates, Geographically High number of top private equity balanced, synergistic repeat clients and firms and emerging and complementary referrals high-growth focus areas companies

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

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