IT Consulting June 2018 IT Consulting June 2018 Sector Dashboard [4]

Sectorwatch: IT Consulting June 2018 IT Consulting June 2018 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics for • The most recently announced deals in the a basket of comparable public companies sector

3 Dashboard

Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 33.1% -0.01 average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 15.4%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 8.4% 1 - year gross profit % compared to gross profit % 0.6% average for last 3 years 0% 7% 14% 21% 28% 35% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 28.2x 1 - year EBITDA % compared to EBITDA % average for Median TEV / LTM EBIT -0.2% last 3 years 18.1x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 13.4x

Median TEV / LTM Revenue 2.5x

0x 10x 20x 30x

4 Public Basket

Rev TEV / LTM Rev Growth EBITDA TEV / EBITD Rev / Company TEV $m $m YoY GP % % Rev X A X # FTEs FTE $k

Perficient, Inc. 1,003 483 5% 35% 12% 2.1 17.9 3,024 160 Reply S.p.A. 2,429 1,083 13% 15% 13% 2.3 17.7 6,456 168 EPAM Systems, Inc. 6,074 1,550 27% 36% 14% 3.9 27.1 25,962 60 CGI Group Inc. 18,602 8,695 5% 29% 17% 2.2 13.3 71,000 122 NTT Data Corporation 19,765 19,935 22% 25% 13% 1.0 7.6 118,000 169 Capgemini SE 23,882 15,360 2% 26% 13% 1.6 12.7 199,698 77 Infosys Limited 35,743 10,939 7% 35% 27% 3.4 12.7 204,107 54 Cognizant Technology Solutions Corporation 42,346 15,176 10% 38% 21% 2.8 13.4 260,000 58 Tata Consultancy Services Limited 96,145 18,917 4% 44% 26% 5.3 20.1 394,998 48 Accenture plc 102,209 37,126 10% 32% 16% 2.8 16.9 425,000 87 Average 34,820 12,926 11% 31% 17% 2.7 16.0 170,825 100 Median 21,823 13,058 8% 33% 15% 2.5 15.2 158,849 82 share price as of 20Jun18

5 Public Basket Valuation Trends

16x Public EBITDA Multiples over Time 14x 20x 15x 12x 10x 12.1x 5x

10x 0x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mar-15 Mar-16 Mar-17 Mar-18 8x Mar-14 TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time 4x 3x 1.9x 2x 2x 2x 1x 1x 0x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Dec-16 Dec-13 Dec-14 Dec-15 Dec-17

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Jun-16 Jun-14 Jun-15 Jun-17 Jun-18

Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 TEV/Revenue - Median TEV/Revenue - Average TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Tata Consultancy Services Limited Infosys Limited

Cognizant Technology Solutions Tata Consultancy Corporation Services Limited

Cognizant Technology EPAM Systems, Inc. Solutions Corporation

Infosys Limited CGI Group Inc.

Perficient, Inc. Accenture plc

Accenture plc EPAM Systems, Inc.

CGI Group Inc. NTT Data Corporation

Capgemini SE Reply S.p.A.

NTT Data Corporation Capgemini SE

Reply S.p.A. Perficient, Inc.

Median Median

- 10% 20% 30% 40% 50% - 10% 20% 30%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

EPAM Systems, Inc. Reply S.p.A.

NTT Data Corporation Perficient, Inc.

Reply S.p.A. CGI Group Inc.

Accenture plc Accenture plc Cognizant Technology Solutions Corporation Capgemini SE Infosys Limited EPAM Systems, Inc. CGI Group Inc. Cognizant Technology Solutions Corporation Perficient, Inc.

Tata Consultancy Services Infosys Limited Limited Tata Consultancy Services Capgemini SE Limited

Median Median

- 10% 20% 30% $- $50 $100 $150 $200

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Accenture plc Reply S.p.A.

CGI Group Inc. Capgemini SE

Tata Consultancy Perficient, Inc. Services Limited

NTT Data Corporation Cognizant Technology Solutions Corporation Infosys Limited EPAM Systems, Inc. EPAM Systems, Inc. Infosys Limited Cognizant Technology Solutions Corporation NTT Data Corporation Perficient, Inc. Tata Consultancy Services Limited CGI Group Inc.

Capgemini SE Accenture plc

Median Median

0x 2x 4x 6x 8x 10x 0 50 100 150

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Tata Consultancy EPAM Systems, Inc. Services Limited

Infosys Limited Reply S.p.A.

Cognizant Technology Perficient, Inc. Solutions Corporation

Accenture plc Accenture plc

Reply S.p.A. Capgemini SE

Cognizant Technology CGI Group Inc. Solutions Corporation

Perficient, Inc. CGI Group Inc.

Capgemini SE Infosys Limited

NTT Data Corporation NTT Data Corporation

Median Median

0x 2x 4x 6x 8x 10x 0x 10x 20x 30x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

EPAM Systems, Inc. EPAM Systems, Inc.

Perficient, Inc. Perficient, Inc.

Tata Consultancy Cognizant Technology Services Limited Solutions Corporation

Reply S.p.A. NTT Data Corporation

Accenture plc Accenture plc

NTT Data Corporation Reply S.p.A.

Cognizant Technology Tata Consultancy Solutions Corporation Services Limited

Capgemini SE Capgemini SE

CGI Group Inc. CGI Group Inc.

Infosys Limited Infosys Limited

Median Median

0x 10x 20x 30x 40x 0x 20x 40x 60x 80x

11 Valuation

Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate

30x 50% 30x 30% 27.0% 43.9% 45% 25x 38.3% 25x 25% 40% 22.2% 34.8% 34.6% 31.5% 35% 20x 36.0% 20x 20% 30% 4.4% 29.4% 15x 25% 15x 15% 26.5% 12.7% 24.8% 20% 9.7% 10x 10x 10% 15% 5.3% 10.0% 14.8% 10% 5x 5x 2.0% 5% 5% 7.2% 4.9%

8x 13x 13x 13x 13x 17x 18x 18x 20x 27x 8x 13x 13x 13x 13x 17x 18x 18x 20x 27x

EBITDA(x) EBITDA(x) LTM GP% LTM

0x 0% 0x 0% LTMRGR%

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

22May18 Tranquilnet, Inc. Protel Communications, Inc. - - - - 21May18 Blue Chip Tek, Inc. Converge Technology Partners Inc. - - - - 16May18 Facilite Informatique Canada Inc CGI Group Inc. - - - - 2May18 Hedera Consulting BVBA Cognizant Technology Solutions Corporation - - - - 12Apr18 Actian Corporation HCL Technologies Limited; Sumeru Equity Partners, Inc. 330.00 107.10 3.1x 8.6x 5Apr18 Telerx Marketing Inc. HCL America, Inc. 60.00 199.00 0.3x - 2Apr18 Southport Services Group, LLC Perficient, Inc. 21.41 17.00 1.3x - 29Mar18 Element Solutions LLC Hinduja Global Solutions UK limited 5.00 8.40 1.0x - 21Mar18 Cynosure, Inc Zensar Technologies, Inc. 33.00 20.00 1.7x - 18Mar18 CSRA Inc. CACI International Inc 10,411.68 5,064.00 2.0x - 15Mar18 Edgewater Technology, Inc. Alithya Group Inc. - 106.19 - - 12Mar18 eTouch Systems Corp. Virtusa Corporation 132.08 86.96 1.3x 9.1x 15Feb18 Arrow Systems Integration, Inc. ConvergeOne, Inc. (nka:ConvergeOne Holdings, Inc.) 30.66 - - - 15Feb18 Financière Soft SAS Computer Task Group IT Solutions S.A. 20.42 31.20 0.5x - 18Jan18 Sysorex Arabia, LLC Sysorex Consulting, Inc. 1.04 - - - 3Jan18 knowledgeprice.com, Sabiedriba ar ierobezotu atbildibu Sapiens International Corporation N.V. - - - - 15Dec17 Alexander Open Systems, Inc. (nka:AOS, a ConvergeOne, Inc. (nka:ConvergeOne Holdings, Inc.) 65.86 - - - ConvergeOne Company) 15Dec17 Ningbo Baida Network Technology Co., Ltd Shanghai Fukong Interactive Entertainment Co.,Ltd 206.80 - - - 7Dec17 Paragon Solutions, Inc. CGI Group Inc. 60.58 - - - 16Nov17 Netserve365, LLC Magna5 LLC - - - - 30Oct17 Xavient Information Systems Inc. (nka:Xavient Digital) TELUS International, Inc. 130.00 - - - 11Oct17 Corus Group, LLC Converge Technology Partners Inc. - - - - 2Oct17 Forsythe Technology, Inc. Sirius Computer Solutions, Inc. - 1,000.00 - - 20Sep17 Lyons Consulting Group, LLC Capgemini SE - - - - 6Sep17 Interactive Broadband Consulting Group, LLC Accenture plc - - - - 22Aug17 Summa Technologies, Inc. CGI Group Inc. - - - - 14Jul17 Annese & Associates, Inc. ConvergeOne, Inc. (nka:ConvergeOne Holdings, Inc.) 28.50 - - - 7Jul17 InfoTrellis Inc. Mastech Digital, Inc. 55.00 22.00 - - 1Jul17 Tribridge, Inc. UXC Eclipse (USA) Inc. 152.00 - - - 2Jul17 NCI, Inc. H.I.G. Capital, LLC; HIG Middle Market LBO Fund II 289.24 325.44 0.9x 9.6x 27Jun17 Eveo Communication Group, Inc. LiquidHub, Inc. - - - - 13Jun17 TMG Health, Inc. Cognizant Technology Solutions Corporation - - - - 8Jun17 Elite Analytics LLC Aviana Global Technologies, Inc. - - - - 2Jun17 SolutionsIQ, Inc. Accenture plc - - - - 25May17 TriCore Solutions, LLC Rackspace Hosting, Inc. - - - - 16May17 OneCloud Consulting Inc. ePlus Technology, inc. 13.30 - - - 15May17 Media Hive Accenture plc - - - -

13 IT Consulting June 2018 APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 14 Revenue Multiples - Perficient, Inc. 3.0x Public Basket 2.4x 1.8x 1.2x 0.6x Perficient, Inc. 0.0x Perficient, Inc. provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using middleware software TEV/Revenue Average products developed by third-party vendors. Its solutions include portals and collaboration, such as searchable data systems, EBITDA Multiples - Perficient, Inc. collaborative systems for process improvement, transaction 25x processing, unified and extended reporting, and other services; 20x and platform implementations services, including application 15x server selection, architecture planning, installation and 10x configuration, clustering for availability, performance assessment 5x 0x and issue remediation, security, and technology migrations. The company also offers management consulting services in the areas of organizational change management, business analytics, project management, process excellence, and other; and cloud TEV/EBITDA Average services comprising architecture, business value and health checks assessments, strategy and road maps, and vendor P/E Multiples - Perficient, Inc. evaluation and selection services. In addition, it provides product 60x configuration digital marketing services, including search engine 45x marketing, user experience and design, and conversion rate optimization; commerce solutions; and content management 30x solutions. Perficient, Inc. was founded in 1997 and is 15x headquartered in St. Louis, Missouri. 0x

Date Key Development Headline 5/1/18 Perficient Seeks Acquisitions P/E Average

15 Revenue Multiples - Reply S.p.A. 2.5x Public Basket 2.0x 1.5x 1.0x 0.5x Reply S.p.A. 0.0x Reply S.p.A. provides consulting, system integration, application management, and business process outsourcing services in Italy TEV/Revenue Average and internationally. The company implements solutions based on communication channels and digital media. It provides Brick Reply, a manufacturing operations management platform for the EBITDA Multiples - Reply S.p.A. 20x management and control of a smart factory; Click Reply, a supply chain execution platform; Definio Reply, a technological 15x platform for collection, analysis, control, processing, and 10x distribution of financial data; Discovery Reply, a platform for the 5x digital media management projects; and Gaia Reply platform for use in the field of mobility and multimedia. The company also 0x offers Hi engage, a commercial contextual marketing solution; Pay Reply platform that provides mobile payment solutions, as well as helps banks, financial institutions and TEV/EBITDA Average telecommunications companies, utilities, and retailers to create and deliver remote and proximity payment services; SideUp P/E Multiples - Reply S.p.A. Reply, a software application for warehouse management; 35x Starbytes, an online employment service for freelancers and ICT 28x specialists; The company was founded in 1996 and is 21x headquartered in Turin, Italy. 14x 7x 0x Date Key Development Headline 4/9/18 Reply S.p.A. (BIT:REY) acquired a majority stake in Valorem Consulting Group, LLC. P/E Average

16 Revenue Multiples - EPAM Systems, Inc. 6x Public Basket 5x 4x 3x 2x 1x EPAM Systems, Inc. 0x EPAM Systems, Inc. provides software product development and digital platform engineering services primarily in North America, TEV/Revenue Average Europe, Asia, and Australia. It offers software product development services, including product research, customer experience design, prototyping, program management, EBITDA Multiples - EPAM Systems, Inc. 40x component design and integration, lifecycle software testing, 32x product deployment, end-user customization, performance 24x tuning, product support and maintenance, managed services, and porting and cross-platform migration. The company provides 16x custom application development services, such as business and 8x technical requirement analysis, user experience design, solution 0x architecture creation and validation, development, component design and integration, quality assurance and testing, deployment, performance tuning, support and maintenance, TEV/EBITDA Average legacy applications re-engineering/refactoring, porting and cross- platform migration, and documentation. It also offers application P/E Multiples - EPAM Systems, Inc. testing services, including software application testing, testing for 100x enterprise IT, and consulting services; The company was 80x founded in 1993 and is headquartered in Newtown, 60x Pennsylvania. 40x 20x 0x Date Key Development Headline 3/14/18 EPAM Systems, Inc. (NYSE:EPAM) acquired Continuum LLC. 1/11/18 Epam Systems and Black Box Create In-Store Dynamic Advertising Solution Using Instant Facial Recognition P/E Average

17 Revenue Multiples - CGI Group Inc. 3.0x Public Basket 2.4x 1.8x 1.2x 0.6x CGI Group Inc. 0.0x CGI Group Inc. provides information technology and business process services in Canada and internationally. It offers TEV/Revenue Average application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change EBITDA Multiples - CGI Group Inc. 20x management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business 15x consulting services; business-to-business and customer 10x operations support, purchase management, revenue 5x management, and supplier payment services; and data center facilities and management, technical service desk, printing and 0x document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file TEV/EBITDA Average sync and share as a service, as well as infrastructure solutions and consulting services. The company was founded in 1976 and P/E Multiples - CGI Group Inc. is headquartered in Montreal, Canada. 200x 160x 120x Date Key Development Headline 80x 5/15/18 CGI Group Inc. (TSX:GIB.A) acquired Facilite Informatique 40x Canada Inc. 5/2/18 CGI Seeks Acquisitions 0x 12/6/17 CGI Group Inc. (TSX:GIB.A) acquired Paragon Solutions, Inc. for 60.6 million. 11/8/17 CGI Group Seeks Acquisitions P/E Average 8/22/17 CGI Group Inc. (TSX:GIB.A) acquired Summa Technologies, Inc.

18 Revenue Multiples - NTT Data Corporation 2.0x Public Basket 1.6x 1.2x 0.8x 0.4x NTT Data Corporation 0.0x NTT DATA Corporation provides consulting, system development, and business information technology (IT) outsourcing services worldwide. The company operates through TEV/Revenue Average four segments: Public & Social Infrastructure, Financial, Enterprise & Solutions, and Global. It offers business consulting EBITDA Multiples - NTT Data Corporation 12x services, such as business strategy, business process optimization, and organizational change management; and IT 9x consulting services, including IT strategy and governance, 6x information and knowledge management, and program 3x management office consulting services. NTT DATA Corporation is a subsidiary of Nippon Telegraph and Telephone Corporation. 0x

TEV/EBITDA Average Date Key Development Headline 5/21/18 NTT DATA Corporation and MapmyIndia Partners to Develop First Large-Scale 3D Map Datasets, Named AW3D India P/E Multiples - NTT Data Corporation 4/2/18 NEXTY Electronics Corporation and NTT Data Corporation 80 (TSE:9613) agreed to acquire 71.5% stake in Cats Co., Ltd. from NTT Data MSE Corporation. 60 8/31/17 DigitalGlobe, Inc. and NTT Data Corporation Extends Strategic 40 Partnership to Use the DigitalGlobe GBDX Platform to Create AW3D Vector Building Models 20 7/30/17 NTT Data Corporation (TSE:9613) completed acquisition of 51% 0 stake in Mhi Information Systems Co., Ltd. from Mitsubishi Heavy Industries, Ltd. (TSE:7011). 7/26/17 DTS Corporation (TSE:9682) completed the acquisition of remaining 49.97% stake in DataLinks Corporation P/E Average (JASDAQ:2145) from a group of sellers.

19 Revenue Multiples - Capgemini SE 2.0x Public Basket 1.5x 1.0x 0.5x Capgemini SE 0.0x Capgemini SE provides consulting, technology, outsourcing, and other managed services. The company’s Consulting Services segment offers services to enhance the performance of TEV/Revenue Average organizations based on the knowledge of client industries and processes. Its Technology & Engineering Services segment EBITDA Multiples - Capgemini SE provides assistance and support to internal IT teams of client 15x companies. The company’s Application Services segment 12x designs, develops, implements, and maintains IT applications, 9x including system integration and application maintenance 6x services. Its Other Managed Services segment integrates, 3x manages, and/or develops client’s IT infrastructure systems, as 0x well as provides transaction, on-demand, and/or business process outsourcing services. Capgemini SE was founded in 1967 and is based in Paris, France. TEV/EBITDA Average

P/E Multiples - Capgemini SE Date Key Development Headline 30x 6/6/18 Capgemini SE (ENXTPA:CAP) entered into an agreement to 24x acquire Leidos Cyber, Inc. 18x 6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to 12x Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in Target Industries 6x 3/8/18 Indosuez Wealth Management and Capgemini Collaborate on 0x Wealth Platform 3/7/18 Capgemini Seeks Acquisitions 2/27/18 Capgemini Seeks Acquisitions P/E Average

20 Revenue Multiples - Infosys Limited 6x 5x Public Basket 4x 3x 2x 1x Infosys Limited 0x Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North TEV/Revenue Average America, Europe, India, and internationally. It provides business information technology services, including application EBITDA Multiples - Infosys Limited development and maintenance, independent validation, 18x infrastructure management, and business process management 15x services, as well as engineering services, such as engineering 12x and life cycle solutions; and consulting and systems integration 9x services comprising consulting, enterprise solutions, systems 6x integration, and advanced technologies. The company’s 3x products include Finacle, a banking solution that provides 0x analytics, core banking, consumer e-banking, corporate e- banking, Islamic banking, mobile banking, origination, payments, SME enable, treasury, wealth management, and youth banking TEV/EBITDA Average solutions. Its products also comprise Infosys Mana, a knowledge- based AI platform; Infosys Limited was founded in 1981 and is P/E Multiples - Infosys Limited headquartered in Bengaluru, India. 30x 25x 20x Date Key Development Headline 15x 5/29/18 Infosys Limited (NSEI:INFY) completed the acquisition of 10x Wongdoody Holding Company, Inc. 5x 5/2/18 Infosys and Astound Partner to Deliver Better Service Experience 0x Through an AI Enhanced Enterprise Service Management Café 4/18/18 Infosys Mulls Acquisitions 4/13/18 Infosys Seeks Sell Of Panaya and Skava 4/12/18 Infosys Limited (NSEI:INFY) entered into a definitive agreement P/E Average to acquire Wongdoody Holding Company, Inc. for $75 million.

21 Revenue Multiples - Cognizant Technology 6x Solutions Corporation Public Basket 5x 4x 3x 2x 1x Cognizant Technology Solutions Corporation 0x Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through TEV/Revenue Average four segments: Financial Services; Healthcare; Products and EBITDA Multiples - Cognizant Technology Resources; and Communications, Media and Technology. It 30x Solutions Corporation offers business, process, operations, and technology consulting 25x services; application design and development, and systems 20x integration services; application testing, consulting, and 15x engineering services; and enterprise information management 10x services. The company was founded in 1994 and is 5x headquartered in Teaneck, New Jersey. 0x

TEV/EBITDA Average Date Key Development Headline 5/6/18 Cognizant Technology Solutions Eyes Acquisition 5/1/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) P/E Multiples - Cognizant Technology acquired Hedera Consulting BVBA. 45x Solutions Corporation 4/18/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 36x completed the acquisition of Bolder Healthcare Solutions LLC 27x from Bolder Capital, LLC and The Edgewater Funds. 18x 3/11/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) agreed to acquire Bolder Healthcare Solutions LLC from Bolder 9x Capital, LLC and The Edgewater Funds. 0x 10/25/17 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) agreed to acquire Zone Ltd from Business Growth Fund plc and others. P/E Average

22 Revenue Multiples - Tata Consultancy 10x Services Limited Public Basket 8x 6x 4x 2x Tata Consultancy Services Limited 0x Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. It offers CHROMA, a cloud-based talent management platform for TEV/Revenue Average enterprises to drive next generation employee experiences across the requisition-to-retire employee lifecycle; ignio, a EBITDA Multiples - Tata Consultancy cognitive automation system for IT operations in enterprises; 30x Services Limited iON, an assessment solution; TAP, an accounts payable 24x platform; and TCS MasterCraft, a digital platform to automate 18x and manage IT processes. The company also provides customer 12x intelligence and insight solutions to deliver personalized retail, 6x banking, and communications experiences; Tata Consultancy 0x Services Limited is a subsidiary of Tata Sons Limited.

TEV/EBITDA Average Date Key Development Headline 6/19/18 NCR Corporation and Tata Consultancy Services Limited Enter into Strategic Alliance P/E Multiples - Tata Consultancy Services 45x 4/22/18 Tata Consultancy Services Open To Acquisitions In Digital Space Limited 3/5/18 Virgin Atlantic Extends Strategic Partnership with Tata 36x Consultancy Services Limited 27x 10/26/17 Tata Consultancy Services and ACORD Collaborate on Digital 18x Transformation Enhancements for the Insurance Industry 9x 10/25/17 National University Signs Pact with Tata Consultancy Services to Enhance Filipinos' Employability Skills 0x

P/E Average

23 Revenue Multiples - Accenture plc 4x Public Basket 3x 2x 1x Accenture plc 0x Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology TEV/Revenue Average segment provides professional services that help clients accelerate and deliver digital transformation, and enhance EBITDA Multiples - Accenture plc business results through industry-specific solutions for 20x communications, media, and high tech industries, as well as for 15x software platforms. The company’s Financial Services segment offers services that address profitability pressures, industry 10x consolidation, regulatory changes, and the need to continually 5x adapt to new digital technologies. This segment serves clients in 0x banking, capital markets, and insurance industries. Accenture plc was founded in 1989 and is based in Dublin, Ireland.

Date Key Development Headline TEV/EBITDA Average 6/7/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire acquire designaffairs GmbH. 6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to 40x P/E Multiples - Accenture plc to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in 32x Cloud in Target Industries 5/22/18 Accenture plc (NYSE:ACN) agreed to acquire HO 24x Communication. 16x 5/8/18 Accenture plc Teams with SAP SE to Help High-Tech Companies 8x Companies Create Digital As-A-Service Business Models Quickly 0x Quickly and Easily 5/7/18 Accenture plc (NYSE:ACN) completed the acquisition of Certus Certus Solutions. 5/3/18 Accenture plc (NYSE:ACN) completed the acquisition of Meredith P/E Average Meredith Xcelerated Marketing from Meredith Corporation (NYSE:MDP).

24 Contact Information 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close- knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC. Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected]

Jeff Stoecklein, Managing Director 312.373.3737 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected]

Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected] Sydney Larese, Associate 704.899.5960 [email protected]

Marty Johnson, Associate 704.899.5960 [email protected]

Rory Julyan, Associate 704.899.5960 [email protected] Garth Martin, Associate 704.899.5960 x 109 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected]