Quarterly Enterprise Software Market Review Q2 2020

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

Jeffrey G. Cook Brad E. McCarthy William Broughton Misha Cvetkovic Principal Principal Vice President Vice President 617.896.2252 617.896.2245 617.896.2248 415.762.8104 [email protected] [email protected] [email protected] [email protected]

1 2 29 $10Bn+ 15+ 90+

Firm focused exclusively on Offices in Boston and San Professionals focused on the Advised transaction value in Average years of experience Transactions completed enterprise software Francisco software industry last 18 months amongst our senior bankers representing billions of dollars in value

Mergers & Acquisitions, Private Placements & Capital Raising Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with clients in the U.S. as well as Canada, Europe and Israel.

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Public Sector & Healthcare

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Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Granicus and its owner financial advisor to Sovos Compliance and financial advisor to MRI Software and its financial advisor to MRI Software and its financial advisor to Bronto financial advisor to Mimecast financial advisor to ProfitLogic owner GI Partners K1 Investment Management its owner Vista Equity Partners owner Vista Equity Partners

1 Quarterly Enterprise Software Market Review Contents

M&A Activity Software M&A Summary: 2014 – Q2 2020 p. 3 Software Acquisitions: 3-Year Trend Analysis p. 4 Publicly Available Software M&A Transaction Data: Q2 2020 p. 5 Announced Software Acquisitions: Q2 2020 p. 6 Most Active Software Acquirers: 2014 – Q2 2020 p. 10

Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices p. 16 Price Performance and Valuation Metrics by Segment p. 17 Equity Trading Multiples by Growth Tranche p. 18 Price Performance and Valuation Metrics of Selected Software Vendors p. 19 Equity Trading Multiples by Segment p. 20 Equity Trading Multiples by Comparable Subset p. 28

Equity Financing Activity Software IPOs: Q2 2020 p. 32 Software IPO Pricing & Performance Data p. 33 Software IPO Pipeline p. 34 Software Private Capital Raise Activity: Q2 2020 p. 35

2 M&A Activity Software M&A Summary: 2014 – Q2 2020

$100 NASDAQ $82.1 $80 $72.9

$56.6 $60 $49.3 $48.0 $37.8 $36.3 $40 $32.1 $35.5 $28.7 $26.2 $29.6 $21.8 $22.5 $19.9 $20.8 $18.0 $14.3 $17.7 $16.6 $20 $12.2 $12.4 $12.4 $9.7 $6.0 $2.6 $-

Announced Deal Value ($billions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2014 2015 2016 2017 2018 2019 2020

Transaction Count by Deal Size > $1bn 3 0 6 4 3 3 4 4 2 10 13 5 4 2 5 5 6 12 11 12 5 5 5 4 8 0

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

$250m - $500m 2 4 5 6 4 3 3 13 4 6 5 3 6 4 11 5 7 4 6 4 8 8 1 1 3 2

< $250m 39 65 44 57 38 45 35 48 39 47 36 28 53 62 42 28 55 36 48 48 36 29 36 22 23 24

No Reported Value 113 153 153 126 157 129 106 144 168 194 172 145 151 167 161 131 164 152 149 164 204 182 193 152 199 131

Total 160 224 211 200 204 184 152 214 216 263 230 189 218 237 224 172 234 204 218 235 262 227 237 182 235 158

Notable Transactions: Q2 2020 ($ millions)

Acquirer

Target

Date 4/15/20 4/28/20 4/30/20 5/13/20 5/13/20 5/27/20 6/2/20 6/19/20 6/23/20 6/25/20

Enterprise Value $104 $145 $120 $70 $190 $330 $365 $71 $825 $37

EV / LTM Rev 3.6x 14.5x n/a 3.5x 3.3x 8.7x 7.2x n/a n/a 3.3x

EV / LTM EBITDA n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

3 M&A Activity Software Acquisitions: 3-Year Trend Analysis

By Transaction Size (2018 – Q2 2020)

# of Deals Aggregate Deal Value ($ billions) Median EV / LTM Rev 200 187 $180 9.0x 2018 $162 7.9x 7.9x 180 $160 8.0x 7.0x 6.7x 160 2019 $140 7.0x 6.5x 140 123 $120 6.0x 5.4x 2020 120 4.7x 4.7x $100 5.0x 100 $77 3.8x $80 4.0x 80 2.6x $60 3.0x 2.3x 60 46 41 1.5x 40 $40 2.0x 21 18 17 19 $19 13 8 $20 $11 $8 $7 $9 $11 1.0x 20 5 3 $2 $7 $2 $2 - $- - < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn

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

By Target Segment (2018 – Q2 2020)

# of Deals Aggregate Deal Value ($ billions) Median EV / LTM Rev 473 $80 $74 7.0x 500 $71 6.4x 2018 422 5.9x 450 $70 5.5x 6.0x 5.5x 5.3x 5.0x 5.1x 400 2019 $60 5.0x 350 $50 4.0x 2020 3.6x 300 4.0x 3.3x $40 3.2x 250 $30 178 $26 3.0x 2.3x 200 161 $30 $22 145 1.7x 150 113 $16 2.0x 1.5x 103 92 109 $20 $15 $11 $10 100 66 65 $9 $8 48 46 46 $10 $4 $6 1.0x 50 21 $0 $2 nm - $- - Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Applications Management Applications Applications Management Applications Applications Management Applications

Notes: Business Applications includes: Advertising Technology; Communications; ERP & Business Applications; Marketing Applications; Technical & Embedded Applications Information Management includes: Business Intelligence; Content Management Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage Management Sources: Company releases, Wall Street research

4 M&A Activity Publicly Available Software M&A Transaction Data: Q2 2020

($ millions)

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

06/25/20 Boldon James HelpSystems - - - $37 3.3x - - - 06/23/20 Finicity Corp. Mastercard - - - $825 - - - - 06/19/20 Eclipse Legal Systems Access Group - - - $71 - - - - 06/15/20 Rubikloud Technologies Kinaxis 100% - - $60 - - - - 06/11/20 Kontainers Descartes Systems 100% - - $6 - - - - 06/10/20 Finjan Holdings Fortress Investment Group 100% - $44 $25 1.5x - nm - 06/10/20 PortalGuard BIO-Key International 100% - - $3 1.5x - - - 06/09/20 Webdunia.com RWS Group 100% - - $21 1.5x - - - 06/02/20 OptimalPlus National Instruments 100% - - $365 7.2x - - - 05/30/20 VTScada Delta Electronics - - - $33 - - - - 05/27/20 Eggplant Keysight Technologies - - - $330 8.7x - - - 05/26/20 CX Company CM.com N.V. 74% 26% - $17 - - - - 05/19/20 Cyberbit Charlesbank Capital Partners - - - $48 - - - - 05/19/20 VIZIYA Prometheus Group 100% - - $35 - - - - 05/18/20 Darwin CX (assets) Studio Media 83% 17% - $5 - - - - 05/13/20 Idaptive CyberArk Software 100% - - $70 - - - - 05/13/20 Ten-X Commercial CoStar Group 100% - - $190 3.3x - - - 04/30/20 Innovest Systems SS&C Technologies 83% 17% - $120 - - - - 04/28/20 DivvyCloud Rapid7 94% 6% - $145 - - - - 04/24/20 CEO Image Systems Intellinetics 100% - - $0 0.6x - - - 04/22/20 Information Strategies Sylogist 100% - - $2 0.6x - - - 04/20/20 OCL Technologies Oculus VisionTech - 100% - $2 - - - - 04/15/20 Etransmedia Technology MTBC 100% - - $2 - - - - 04/15/20 Castleton Technology MRI Software 100% - $97 $104 3.6x - - - 04/08/20 Wealth Systems Informtica TOTVS S.A. 100% - - $5 1.0x - - - 04/02/20 Emersion Software Systems Novatti Group 38% 62% - $2 1.5x - 8.7x -

Notes: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Includes only transactions for which data was publicly available Sources: Company releases, Wall Street research

5 M&A Activity Announced Software Acquisitions: Q2 2020

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

06/30/20 Integris Software OneTrust IT Security - AI-enabled data privacy management SaaS for enterprises n/a 06/29/20 Unison Software The Carlyle Group Content Management - AI-enabled contract lifecycle management software and SaaS for government n/a 06/29/20 it kompetenz GmbH ALVARA Cash Management Group Financial Applications - Cash logistics management software n/a 06/25/20 Titus HelpSystems IT Security - Data classification security SaaS n/a 06/25/20 Boldon James HelpSystems IT Security - Data classification and secure messaging software $37 06/25/20 Epic-Premier Insurance Solutions Insurity Business Intelligence - Software for managing and automating data workflows for insurance businesses n/a 06/24/20 Redash Databricks Business Intelligence - Open source dashboarding and data query editor SaaS for data scientists and analysts n/a 06/24/20 WorkWise Aptean ERP & Business Applications - ERP and CRM software and SaaS for the manufacturing sector n/a 06/24/20 Citra Health Solutions Cedar Gate Technologies ERP & Business Applications - ERP SaaS for U.S. healthcare organizations n/a 06/24/20 IDX Broker Elm Street Technology Marketing Applications - Search and marketing SaaS and related managed services n/a 06/23/20 Finicity Corp. Mastercard Financial Applications - Financial management and data aggregation software $825 06/23/20 Botron Software Solution Appfire Technologies Platforms, Development Tools & Deployment - Atlassian-based configuration management software and services for IT teams n/a 06/23/20 Triblio IDG Communications Marketing Applications - AI-enabled account-based marketing SaaS for brands and businesses n/a 06/23/20 Hatch Loyalty Stuzo Marketing Applications - Customer loyalty and rewards SaaS and services for retailers n/a 06/23/20 ActivePDF PDFTron Content Management - Server-side PDF automation software and developer tools n/a 06/22/20 Comsave B.V. Expereo Network Infrastructure - Network intelligence and connectivity software for European telecommunications n/a 06/22/20 CMPG Mitratech Holding Business Intelligence - Enterprise and vendor risk management analytics SaaS for businesses n/a 06/22/20 Sweagle ServiceNow Platforms, Development Tools & Deployment - Configuration data management SaaS to DevOps teams n/a 06/22/20 CyberX Microsoft IT Security - IoT-focused ICS network security management SaaS n/a 06/19/20 Eclipse Legal Systems Access Group ERP & Business Applications - Case, practice and process management SaaS $71 06/18/20 ADRM Software Microsoft Business Intelligence - Industry-specific data modeling software for businesses n/a 06/17/20 Synthesis Technology Blue Horizon Software Financial Applications - Content automation SaaS to businesses in the investment management industry n/a 06/17/20 Counterpoint Software Banyan Software ERP & Business Applications - Insurance automation SaaS to businesses n/a 06/16/20 Engagio Demandbase Marketing Applications - B2B account-based marketing management SaaS for businesses n/a 06/16/20 Experitest Digital.ai Platforms, Development Tools & Deployment - Manual and automated mobile app and cross-browser testing end-to-end SaaS n/a 06/16/20 Crafty SAS Talentsoft SA ERP & Business Applications - AI-based talent matching SaaS to businesses n/a 06/16/20 Totara Learning Solutions Five V Capital ERP & Business Applications - Workplace learning and performance management SaaS for HR teams n/a 06/16/20 Numerify Digital.ai App. Delivery & Network Acceleration - AI-enabled IT business analytics SaaS to enterprises n/a 06/16/20 O P Solutions Anaqua ERP & Business Applications - Intellectual property (IP) management and practice automation software and services n/a 06/15/20 Rubikloud Technologies Kinaxis Business Intelligence - AI-enabled business analytics SaaS $60 06/11/20 Kontainers Descartes Systems ERP & Business Applications - Freight execution and logistics management SaaS for the shipping and freight sector $6 06/11/20 Fuzzit GitLab Platforms, Development Tools & Deployment - Continuous fuzzing testing SaaS and custom fuzzing and vulnerability research training n/a 06/10/20 Finjan Holdings Fortress Investment Group IT Security - Unified threat management (UTM) intellectual property and related mobile applications for businesses $25 06/10/20 PortalGuard BIO-Key International IT Security - Authentication and access control software and SaaS (IDaaS) for businesses $3 06/10/20 Flash Networks Volaris Group Communications - Mobile internet optimization software for wireless telecom service providers n/a 06/10/20 Qualtera Synopsys Business Intelligence - Collaborative, big data analytics SaaS for semiconductor test and manufacturing companies n/a 06/09/20 Webdunia.com RWS Group Content Management - Translation and localization management software for businesses $21 06/09/20 Robocom CAI Software ERP & Business Applications - Supply chain warehouse inventory and billing management software n/a 06/09/20 Boston Consulting Group (SOURCE AI technology asset) DataRobot Business Intelligence - AI software coding and analysis software for data scientists n/a 06/08/20 Scrive Vitruvian Partners Content Management - Electronic signature and identification authentication management SaaS n/a 06/08/20 Frontin Group Inergy B.V. ERP & Business Applications - Multi-tenant planning and control SaaS for municipalities n/a 06/08/20 GRIT Infibeam Avenues ERP & Business Applications - ERP expense management SaaS, a mobile application, and physical and virtual payment cards n/a 06/08/20 Prosperity Computer Solutions ECi Software Solutions ERP & Business Applications - On-premise ERP management software n/a 06/08/20 Liram Financial Software Formula Systems Financial Applications - Taxation, accounting, invoicing and related compliance software for accounting firms n/a 06/05/20 Zim Corp. (database technology business) Zim Corp. staff Platforms, Development Tools & Deployment - Development of enterprise databases for businesses n/a 06/04/20 Lastline Vmware IT Security - AI-based anti-malware software and SaaS n/a 06/04/20 Guardian Analytics NICE Financial Applications - AI-based financial crime risk management and analytics SaaS n/a 06/04/20 SO1 Wirecard AG Marketing Applications - Customer analytics and related marketing automation software n/a 06/03/20 Trapets AB Monterro Financial Applications - Transaction surveillance, financial crime management and regulatory compliance SaaS n/a 06/03/20 Vizendo AB Siemens AG ERP & Business Applications - Virtual training SaaS for operators of industrial companies n/a

Sources: Company releases, Wall Street research

6 M&A Activity Announced Software Acquisitions: Q2 2020 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

06/03/20 Spot NetApp Network Infrastructure - Multi-cloud infrastructure management n/a 06/02/20 Exostar Thoma Bravo IT Security - Business collaboration identity access and management SaaS n/a 06/02/20 Trade Alert CBOE Global Markets Financial Applications - Securities intelligence SaaS for financial professionals n/a 06/02/20 Onion ID Thycotic Software IT Security - Identity and access control SaaS for businesses n/a 06/02/20 SovLabs CloudBolt Software Network Infrastructure - Hybrid cloud infrastructure codeless integration software for IT teams n/a 06/02/20 OptimalPlus National Instruments ERP & Business Applications - Supply chain analytics $365 05/30/20 VTScada Delta Electronics Business Intelligence - Industrial IoT process monitoring software for the manufacturing sectors $33 05/29/20 Beneficy TeamSystem ERP & Business Applications - Corporate employee benefits management Saas for small to medium-sized business n/a 05/28/20 Knowbly Learning Systems Turning Technologies ERP & Business Applications - e-learning content authoring SaaS for the education sector n/a 05/28/20 ThousandEyes Cisco App. Delivery & Network Acceleration - Application performance analytics SaaS for enterprise IT teams and service providers n/a 05/28/20 Edgewise Networks Zscaler IT Security - Zero trust, micro-segmentation premises and cloud network security software n/a 05/28/20 Leverance (LandDev assets) Constellation Software ERP & Business Applications - Land development and project management SaaS and software n/a 05/27/20 Blendo RudderStack Business Intelligence - Data integration SaaS for businesses n/a 05/27/20 Inductiv Apple Content Management - AI-based data correction software n/a 05/27/20 Carrom Oyster ERP & Business Applications - HR management and workforce collaboration SaaS for businesses n/a 05/27/20 Eggplant Keysight Technologies Platforms, Development Tools & Deployment - Testing platform $330 05/26/20 CX Company CM.com N.V. Marketing Applications - AI and cloud-based customer service automation SaaS $17 05/26/20 WorkFlowWise Onventis ERP & Business Applications - ERP workflow automation SaaS primarily for small- to medium-sized businesses n/a 05/26/20 AIWare.ai Cleareye.ai ERP & Business Applications - AI-enabled CRM software for businesses n/a 05/25/20 Synapplix control.IT ERP & Business Applications - Asset and property management ERP software n/a 05/25/20 ID-ware Committed Capital IT Security - Smart card, identification management, and authentication SaaS n/a 05/21/20 Cytegic Mastercard Business Intelligence - Cybersecurity risk management for the insurance sector n/a 05/21/20 FMG Suite Aurora Capital Partners Marketing Applications - Marketing automation SaaS to financial advisors n/a 05/21/20 Entreda Smarsh IT Security - Cybersecurity compliance and risk analytics SaaS for the wealth management n/a 05/20/20 GorillaStack SoftwareONE Business Intelligence - AWS cost management & monitoring SaaS n/a 05/20/20 Topicus B.V. Total Specific Solutions ERP & Business Applications - ERP software for the education, finance, healthcare, and public sectors n/a 05/19/20 Cyberbit Charlesbank Capital Partners IT Security - Cyber-security training and simulation SaaS and software $48 05/19/20 TUNE Perseus Operating Group Marketing Applications - Analytics-focused advertising campaign management SaaS for marketers n/a 05/19/20 VIZIYA Prometheus Group ERP & Business Applications - Asset and facilities maintenance management $35 05/19/20 Checkout Technologies Standard Cognition ERP & Business Applications - Retail store automation n/a 05/18/20 Darwin CX (assets) Studio Media ERP & Business Applications - AI-enabled subscription and customer management SaaS $5 05/18/20 Byte Prophecy Accenture Business Intelligence - Enterprise and big data analytics as well as insight reporting SaaS n/a 05/18/20 Spyro Total Specific Solutions ERP & Business Applications - Integrated management, supply chain, and e-commerce software n/a 05/18/20 Napp Templafy Marketing Applications - Sales enablement and marketing automation SaaS n/a 05/15/20 Secucial Responsible Cyber Financial Applications - Mobile digital identity wallet application for businesses and consumers n/a 05/14/20 Reply.ai Kustomer ERP & Business Applications - AI-enabled customer service automation SaaS for brands and e-commerce businesses n/a 05/14/20 SpaceIQ ARCHIBUS ERP & Business Applications - Workplace management SaaS and integrated workplace management system (IWMS) software n/a 05/14/20 Opening iCIMS ERP & Business Applications - Machine learning and AI-based recruitment and talent matching SaaS n/a 05/14/20 Jetstack Venafi IT Security - Open-source machine identity protection software n/a 05/14/20 SpaceIQ ARCHIBUS + Serraview ERP & Business Applications - Workplace management system n/a 05/13/20 Idaptive CyberArk Software IT Security - AI-based identity and access management SaaS for enterprises $70 05/13/20 Payrun.io Payescape Financial Applications - Accounting SaaS and related managed services for businesses n/a 05/13/20 RIPS Technologies SonarSource Platforms, Development Tools & Deployment - Source-code security testing SaaS and software for businesses n/a 05/13/20 Zedonk Dedagroup ERP & Business Applications - Enterprise resource planning (ERP) SaaS for small and medium enterprises n/a 05/13/20 PKWARE Thompson Street Capital Partners IT Security - Secure file compression, encryption, key management and data security software n/a 05/13/20 Octarine Vmware IT Security - Cloud security SaaS for Kubernetes-based cloud-native applications n/a 05/13/20 Ten-X Commercial CoStar Group ERP & Business Applications - CRE transaction and listing platform $190 05/12/20 TimeTrade Systems Clearhaven Partners ERP & Business Applications - Online customer appointment scheduling and virtual meeting SaaS n/a 05/12/20 Nomis Solutions STG Partners Business Intelligence - Pricing optimization SaaS for small financial institutions n/a 05/12/20 Zetech Visma Group Content Management - Digital signature and document management SaaS for HR departments n/a

Sources: Company releases, Wall Street research

7 M&A Activity Announced Software Acquisitions: Q2 2020 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

05/12/20 Halp Atlassian Platforms, Development Tools & Deployment - Message-based conversational ticketing SaaS for IT and DevOps teams n/a 05/11/20 avedos GRC GBTEC ERP & Business Applications - Governance, risk and compliance (GRC) software n/a 05/11/20 VisTracks Omnitracs Business Intelligence - Driver log management SaaS and compliance services to fleets and businesses n/a 05/11/20 BuildTools ECI Software Solutions ERP & Business Applications - Construction and project management system n/a 05/08/20 Panzura Profile Capital Management Storage Management - Cloud-based NAS and on-premise storage file systems n/a 05/08/20 Amplero (IP & assets) Novantas Marketing Applications - AI-enabled marketing optimization SaaS for businesses n/a 05/07/20 Conga Apttus Content Management - Contract and document automation and management SaaS n/a 05/07/20 Brennus Analytics Pricefx Marketing Applications - Pricing optimization, big data and predictive analytics, and market intelligence SaaS n/a 05/06/20 WaterSmart VertexOne ERP & Business Applications - Water utilities billing and management n/a 05/05/20 Total Computing Solutions Zumasys Content Management - POS and payment processing software for businesses n/a 05/05/20 ConnXus Coupa Software ERP & Business Applications - Supplier relationship management and procurement SaaS n/a 05/05/20 App4mation (4Facility assets) ServiceNow ERP & Business Applications - Facility management system n/a 05/04/20 Personali Namogoo Technologies Marketing Applications - Customer behavioural analytics and marketing SaaS for retailers n/a 05/04/20 Sensor Tower Riverwood Capital Management Marketing Applications - Mobile application marketing intelligence and performance metrics SaaS n/a 05/04/20 SiPM Levine Leichtman Capital Partners ERP & Business Applications - Employee training SaaS and e-learning videos pertaining to procurement, SCM, and sales n/a 05/04/20 LifeGuard Solutions ComplianceQuest ERP & Business Applications - Salesforce-based quality, health, safety and environmental (QHSE) management SaaS n/a 04/30/20 incapptic Connect MobileIron Platforms, Development Tools & Deployment - Enterprise mobile application deployment automation software n/a 04/30/20 Ramble Chat Terminus Software Marketing Applications - Marketing live chat and messaging SaaS and software for sales and marketing teams n/a 04/30/20 Innovest Systems SS&C Technologies ERP & Business Applications - Accounting and wealth management technology platform $120 04/29/20 CloudJumper NetApp Platforms, Development Tools & Deployment - Agile WaaS & DaaS for IT service departments n/a 04/29/20 Taxweb Sovos Compaliance ERP & Business Applications - Tax determination for enterprises in Brazil n/a 04/28/20 RAMM Software thinkproject ERP & Business Applications - Maintenance SaaS to local governments, road controlling authorities, consultants n/a 04/28/20 Knowledgelink eLearning Brothers ERP & Business Applications - Online education course creation SaaS to businesses n/a 04/28/20 Trivantis Corporation eLearning Brothers ERP & Business Applications - On-premise and cloud-based authoring e-learning SaaS for enterprises n/a 04/28/20 RAMM thinkproject ERP & Business Applications - Asset management for governments n/a 04/28/20 DivvyCloud Rapid7 IT Security - Cloud security posture management $145 04/24/20 CEO Image Systems Intellinetics Content Management - Document management and scanning, and record management software <$1 04/23/20 ROIKOI Terminal ERP & Business Applications - Talent referral and acquisition SaaS for businesses n/a 04/23/20 ProLeiT Schneider Electric ERP & Business Applications - Industrial automation, process control, and manufacturing execution software n/a 04/22/20 Tri-Cura People Power ERP & Business Applications - ERP SaaS and related mobile applications for home care agencies n/a 04/22/20 WorkTech Prometheus Group ERP & Business Applications - Contractor management, time and attendance, scheduling, and contractor cost tracking SaaS n/a 04/22/20 Medical PRM Symplast ERP & Business Applications - Lead management SaaS for practices in the US n/a 04/22/20 Information Strategies Sylogist ERP & Business Applications - ERP and CRM systems integration services for federal and state government agencies a $2 04/20/20 OCL Technologies Oculus VisionTech IT Security - Data privacy management SaaS for businesses $2 04/18/20 SecHard Nebula IT Security - Network access control and monitoring software n/a 04/16/20 Syncurity Corporation Swimlane IT Security - Cyber-security incident response and case management software n/a 04/16/20 Closers' Choice AccuTitle ERP & Business Applications - Real estate transaction closing and title management n/a 04/15/20 Etransmedia Technology MTBC ERP & Business Applications - Healthcare ERP and revenue cycle management software $2 04/15/20 PerfectMind Transaction Services Group ERP & Business Applications - Membership and events management SaaS n/a 04/15/20 Aliya (Vetter technology suite) Data Center Inc. Marketing Applications - Digital marketing and customer acquisition SaaS for banks n/a 04/15/20 U-WFM Puzzel AS ERP & Business Applications - Workforce management and optimization SaaS n/a 04/15/20 Castleton Technology MRI Software ERP & Business Applications - Social housing management system $104 04/15/20 Arxan Technologies CollabNet VersionOne IT Security - Web, desktop & mobile application security n/a 04/14/20 Namirial S.p.A. AMBIENTA SGR S.p.A. Content Management - Electronic document management, e-invoicing, payroll, time and attendance software n/a 04/14/20 Kwantek TEAM Software ERP & Business Applications - Applicant tracking and recruitment management SaaS n/a 04/14/20 SuperOffice ASA Axcel ERP & Business Applications - On-site, hosted and cloud-based customer relationship management (CRM) SaaS n/a 04/11/20 Rival Ticketmaster ERP & Business Applications - Ticketing management, sales and customer service management SaaS n/a 04/09/20 Cloudneeti Corp. Zscaler IT Security - Cloud security posture management SaaS n/a 04/09/20 QueTel Corporation The Riverside Company ERP & Business Applications - Digital and physical evidence management and asset tracking software n/a 04/08/20 Wealth Systems Informtica TOTVS S.A. Marketing Applications - Salesforce automation, sales performance management and related BI analytics $5

Sources: Company releases, Wall Street research

8 M&A Activity Announced Software Acquisitions: Q2 2020 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

04/07/20 Double First Education Horizons Group ERP & Business Applications - K-12 school management SaaS for the education sector n/a 04/07/20 KeyNexus StorMagic Storage Management - Universal key storage and management SaaS for developers n/a 04/07/20 Converlytics ManyChat Marketing Applications - Digital marketing customer attribution analytics SaaS for businesses n/a 04/02/20 Emersion Software Systems Novatti Group ERP & Business Applications - Business process integration and payments management SaaS $2 04/02/20 Connectis Signicat AS IT Security - Identification, authentication and authorization SaaS n/a 04/02/20 DropModel HouseCanary ERP & Business Applications - Property valuation tools n/a 04/02/20 Virtual Properties Constellation Software ERP & Business Applications - Real estate transaction management n/a 04/01/20 Neighborland Nextdoor ERP & Business Applications - Public engagement management SaaS for government agencies n/a

Sources: Company releases, Wall Street research

9 M&A Activity Most Active Strategic Acquirers: 2014 – Q2 2020

$70 80 Announced Deal Value [a] 73 $64.0 Number of Deals

70 $60

60 $50

$44.0 50 45 $39.0 $40 42

$36.3 # of Deals

$31.2 40 35 34 $29.2 $30 32

Aggregate Deal Value ($ billions) ($ Value Deal Aggregate 29 29 30

$18.8 $20 $16.3 20 17 $14.4 15

$10 10 $7.4 10

$0.7

$- 0

[a] Includes only transactions for which data is publicly available Note: Broadcom includes acquisitions by CA Technologies and Symantec prior to acquisition by Broadcom; EMC acquisitions included prior to its acquisition by Dell

10 M&A Activity Most Active Strategic Software Acquirers

2014 – Q2 2020 ($ millions)

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

Broadcom Corporation Known acquired value (since 2014): $43,994 Cisco Systems (continued) 12/30/19 Bay Dynamics - - - - 10/23/17 BroadSoft - - $1,737 $1,900 Cisco 08/09/19 Symantec (enterprise security assets) 100% - - $10,700 10/19/17 Perspica - - - - 02/12/19 Luminate Security [b] - - - - 08/21/17 Springpath 100% - - $320 11/05/18 Appthority [b] - - - - 07/13/17 Observable Networks - - - - 11/05/18 Javelin Networks [b] - - - - 05/11/17 MindMeld - - - $125 Dell 07/11/18 CA Technologies 100% - $18,900 $18,400 05/04/17 Saggezza (assets) - - - - 04/09/18 SourceClear [a] - - - - 05/01/17 Viptela 100% - - $610 11/06/17 SurfEasy [b] 100% - - $39 01/24/17 AppDynamics - - $3,700 $3,593 10/25/17 Outlier Security [b] - - - - 10/17/16 Heroik Labs - - - - IBM 09/28/17 Runscope [a] - - - - 08/30/16 ContainerX - - - - 07/11/17 Skycure [b] - - - $275 06/28/16 CloudLock - - - $293 07/06/17 Fireglass [b] - - - - 03/08/16 Synata - - - - 06/15/17 zIT Consulting [a] - - - - 03/02/16 Leaba Semiconductor 100% - - $320 Intel 06/03/17 Watchful Software [b] - - - - 03/01/16 CliQr Technologies 100% - - $260 03/07/17 Veracode [a] 100% - - $614 02/03/16 Jasper Technologies - - - $1,400 12/28/16 Mobile System 7 [a] - - - - 11/20/15 Acano 100% - - $700 12/01/16 Automic Software [a] - - - $636 10/28/15 1 Mainstream - - - - Intuit 11/20/16 LifeLock [b] 100% - $2,335 $2,300 10/27/15 Lancope 100% - - $453 11/02/16 Brocade Communications Systems 100% - $5,500 $5,900 10/26/15 ParStream - - - - 09/20/16 BlazeMeter [a] 100% - - - 10/13/15 Pawaa Software - - - - 06/12/16 Blue Coat Systems [b] 100% - - $4,650 09/30/15 Portcullis Computer Security - - - - Microsoft 08/20/15 Blackfin Security Group [b] - - - - 07/07/15 MaintenanceNet - - - $139 08/04/15 Xceedium [a] - - - - 06/30/15 OpenDNS 100% - - $635 06/08/15 IdMlogic [a] - - - - 06/03/15 Piston Cloud Computing - - - - 06/04/15 Grid Tools [a] - - - - 05/07/15 Tropo - - - - Oracle 05/27/15 Rally Software [a] 100% - - $480 04/01/15 Embrane - - - - 01/12/15 Narus [b] - - - - 12/10/14 Neohapsis - - - - 10/28/14 Identropy (SCUID assets) [a] - - - - 09/18/14 Memoir Systems - - - - Salesforce 05/28/14 Nitrodesk [b] - - - - 09/17/14 Metacloud - - - $149 06/27/14 Assemblage - - - - Cisco Systems Known acquired value (since 2014): $14,351 06/17/14 Tail-f Systems - - - $175 05/28/20 ThousandEyes - - - - 05/21/14 ThreatGRID - - - - SAP 04/06/20 Fluidmesh Networks - - - - 12/16/19 Exablaze - - - - Dell Known acquired value (since 2014): $63,978 08/26/19 CloudCherry - - - - 10/12/15 EMC 73% 27.0% $63,100 $62,778 06/06/19 Sentryo - - - - 05/26/15 Virtustream [a] 100% - - $1,200 Symantec 01/30/19 Singularity Networks - - - - 04/16/15 Cloudlink Technologies [a] - - - - 12/18/18 Luxtera - - - $660 10/28/14 Maginatics [a] - - - - 11/21/18 Ensoft - - - - 10/28/14 Spanning Cloud Apps [a] - - - - 08/02/18 Duo Security 100% - - $2,350 10/13/14 Cloudscaling [a] - - - - VMware 06/19/18 July Systems - - - - 07/08/14 TwinStrata [a] - - - - 05/01/18 Accompany 100% - - $270 07/08/14 Symplified (IP assets) [a] - - - - 01/24/18 Skyport Systems - - - - 05/05/14 DSSD [a] - - - - 12/07/17 47Line Technologies - - - - 03/24/14 StatSoft - - - - [a] Acquired by CA Technologies prior to its acquisition by Broadcom; acquired by EMC prior to its acquisition by Dell continued [b] Acquired by Symantec prior to its acquisitions by Broadcom Note: “Known acquired value” includes only transactions for which data is publicly available 11 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q2 2020 ($ millions)

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

IBM Known acquired value (since 2014): $39,036 Intel Known acquired value (since 2014): $31,186 06/05/20 Spanugo - - - - 05/20/20 Rivet Networks - - - - Cisco 01/11/19 Deutsche Telekom (T-Systems) - - - $986 05/04/20 Moovit - - - - 10/28/18 Red Hat 100% - $33,435 $34,026 12/16/19 Habana Labs - - - - 06/15/18 Oniqua - - - - 06/10/19 Barefoot - - - - 05/03/18 Armanta - - - - 04/16/19 Omnitek - - - - Dell 10/04/17 Vivant Digital - - - - 02/18/19 Ineda Systems - - - - 09/14/17 Cloudigo - - - - 09/10/18 NetSpeed Systems - - - - 05/31/17 TIMETOACT GROUP 100% - - $3 08/16/18 Vertex.AI - - - - 05/02/17 Verizon (assets) - - - - 07/12/18 eASIC - - - - IBM 01/23/17 Agile 3 Solutions 100% - - $14 03/13/17 Mobileye 100% - - $14,700 11/01/16 Fluid (assets) - - - - 11/03/16 Voke - - - - 10/27/16 Sanovi Technologies - - - - 09/05/16 Movidius - - - - 06/01/16 EZ Legacy - - - - 08/10/16 Nervana Systems - - - - Intel 03/31/16 Bluewolf - - - $240 05/26/16 Itseez - - - - 03/18/16 Optevia - - - - 04/05/16 Yogitech - - - - 02/29/16 Resilient Systems - - - - 03/09/16 Replay Technologies - - - - 02/18/16 Truven Health Analytics 100% - - $2,600 01/04/16 Ascending Technologies - - - - Intuit 02/03/16 Ecx International - - - - 10/26/15 Saffron Technology - - - - 02/02/16 Aperto - - - - 10/01/15 VIA Telecom (assets) - - - - 01/28/16 Resource/Ammirati - - - - 08/24/15 Docea Power - - - - 01/21/16 Ustream 100% - - $130 06/16/15 Recon Instruments - - - - Microsoft 01/15/16 IRIS Analytics - - - - 06/01/15 Altera 100% - $16,700 $15,817 12/08/15 Clearleap - - - - 03/25/15 Lemoptix - - - - 11/03/15 Gravitant 100% - - - 02/02/15 Lantiq - - - - 10/28/15 The Weather Company (assets) - - - - 01/20/15 Composyt Light Labs - - - - Oracle 10/05/15 Cleversafe - - - - 12/01/14 PasswordBox - - - - 09/28/15 Meteorix 100% - - $120 09/10/14 Powerwave - - - - 09/24/15 Advanced Application 100% - - $13 08/13/14 LSI 100% - - $650 Salesforce 09/10/15 StrongLoop - - - - 05/09/14 Ginger Software (assets) - - - - 08/17/15 Appcore (cloud automation assets) - - - - 04/01/14 INSIDE Secure (assets) 100% - - $19 08/06/15 Merge Healthcare 100% - - $904 03/04/14 BASIS Science - - - - 07/23/15 Compose - - - - SAP 06/03/15 Blue Box Group - - - - Intuit Known acquired value (since 2014): $700 04/13/15 Phytel - - - - 02/24/20 Credit Karma - - - - 04/13/15 Explorys - - - - 11/18/19 Chronobooks - - - - 03/27/15 Blekko (assets) - - - - 05/28/19 Origami Logic - - - - Symantec 03/04/15 AlchemyAPI - - - - 01/29/18 Applatix - - - - 08/11/14 Lighthouse Security Group (assets) - - - - 12/05/17 TSheets 100% - - $340 07/31/14 CrossIdeas - - - - 10/26/17 Exactor - - - - 05/20/14 Cognea - - - - 10/10/16 MTS Global - - - - VMware 04/10/14 Silverpop Systems - - - - 03/24/15 Playbook HR - - - - 02/24/14 Cloudant - - - - 02/05/15 Porticor - - - - 12/19/13 Aspera - - - - 01/21/15 ZeroPaper - - - - 12/10/14 Acrede - - - - [a] Acquired by GitHub prior to its acquisition by Microsoft continued Note: “Known acquired value” includes only transactions for which data is publicly available

12 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q2 2020 ($ millions)

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

Intuit (continued) Microsoft (continued) 08/13/14 Itrios - - - - 06/13/16 LinkedIn 100% - - $26,200 Cisco 08/07/14 PaySuite - - - - 05/03/16 Solair - - - - 07/30/14 KDK Softwaress - - - - 02/24/16 Xamarin - - - - 05/27/14 Check - - - $360 02/09/16 Zikera (Groove assets) - - - - 05/14/14 Invitco - - - - 02/03/16 TouchType - - - - Dell 05/08/14 Lettuce - - - - 01/19/16 Teacher Gaming (assets) - - - - 01/13/16 Event Zero (UC Commander assets) - - - - Microsoft Known acquired value (since 2014): $36,300 12/21/15 Talko (assets) - - - - 06/22/20 CyberX - - - - 12/18/15 Metanautix - - - - IBM 06/18/20 ADRM Software - - - - 11/09/15 Secure Islands Technologies - - - - 05/19/20 Softomotive [a] - - - - 11/05/15 Mobile Data Labs - - - - 05/14/20 Metaswitch Networks - 0% - - 10/02/15 Havok (assets) - - - - 03/26/20 Affirmed Networks - - - - 09/29/15 Sensei Project Solutions (assets) - - - - Intel 03/16/20 npm - - - - 09/28/15 Adxstudio (assets) - - - - 10/21/19 Mover - - - - 09/12/15 Double Labs - - - - 09/18/19 Semmle - - - - 09/08/15 Adallom - - - - 09/04/19 Movere - - - - 09/03/15 VoloMetrix - - - - Intuit 08/19/19 JClarity - - - - 08/03/15 Incent Games - - - - 08/05/19 PromoteIQ - - - - 07/16/15 FieldOne - - - - 07/29/19 BlueTalon - - - - 06/10/15 BlueStripe Software - - - - 06/17/19 Good Software - - - - 06/02/15 6Wunderkinder GmbH - - - - Microsoft 06/09/19 Double Fine Productions - - - - 04/14/15 Datazen Software - - - - 04/18/19 Express Logic - - - - 03/26/15 LiveLoop - - - - 02/04/19 BrightBytes - - - - 02/12/15 N-trig - - - - 11/12/18 InXile Entertainment - - - - 02/04/15 Sunrise Atelier - - - - Oracle 09/13/18 Lobe Artificial Intelligence - - - - 01/23/15 Revolution Analytics 100% - - - 06/20/18 Bonsai AI - - - - 01/20/15 Equivio - - - - 06/04/18 GitHub - 100.0% - $7,500 12/11/14 Bit Stadium - - - - Salesforce 04/02/18 Forerunner Software (BI reporting software assets) - - - - 12/01/14 Acompli - - - - 02/13/18 Chalkup - - - - 11/13/14 Aorato - - - - 01/29/18 PlayFab 100% - - - 09/15/14 Mojang AB - - - $2,500 01/03/18 Avere Systems - - - - 07/11/14 InMage Systems - - - - SAP 11/06/17 Swing Technologies (assets) - - - - 05/28/14 Capptain - - - - 10/03/17 AltspaceVR - - - - 05/01/14 GreenButton Limited - - - - 08/15/17 Cycle Computing - - - - 03/04/14 Junction Solutions (JunctionMCR) - - - - 06/29/17 Cloudyn 100% - - - 01/27/14 Epic Games (assets) - - - - Symantec 05/24/17 Hexadite - - - $100 01/07/14 Parature - - - - 04/18/17 Intentional Software - - - - 04/10/17 Deis - - - - Oracle Known acquired value (since 2014): $16,260 01/17/17 Donya Labs - - - - 05/06/20 Sauce Video - - - - VMware 01/13/17 Maluuba - - - - 10/02/19 CrowdTwist 100% - - - 11/08/16 Beam Interactive - - - - 07/11/19 Speak Ai - - - - 08/22/16 Genee - - - - 06/26/19 Oxygen Systems - - - - 06/16/16 Wand Labs - - - - 11/15/18 Talari Networks - - - - continued Note: “Known acquired value” includes only transactions for which data is publicly available

13 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q2 2020 ($ millions)

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

Oracle (continued) Salesforce.com (continued) 10/22/18 DataFox - - - - 01/08/18 Attic Labs - - - - Cisco 10/17/18 goBalto - - - - 08/09/17 Argo Technologies [a] - - - - 09/25/18 Iridize - - - - 01/24/17 Sequence - - - $26 05/16/18 Datascience - - - - 01/13/17 Unity&Variety - - - - 04/30/18 Vocado - - - - 12/13/16 Twin Prime - - - - Dell 02/15/18 Zenedge - - - - 10/04/16 Krux 50% 50% - $680 12/17/17 Aconex 100% - - $1,200 09/15/16 Gravity Tank - - - - 04/18/17 Moat - - - - 09/07/16 Heywire - - - - 04/17/17 Wercker US - - - - 08/15/16 BeyondCore - - - $110 IBM 03/13/17 Webtrends (marketing analytics assets) - - - - 08/01/16 Quip - 100% $410 $410 01/19/17 Apiary - - - - 07/21/16 Coolan - - - - 11/21/16 Dyn - - - - 06/01/16 Demandware 100% - - $2,800 09/18/16 Palerra - - - - 05/09/16 Implisit - - - - Intel 09/07/16 LogFire - - - - 04/04/16 MetaMind - - - - 07/28/16 NetSuite 100% - $9,300 $9,174 03/10/16 HyPer - - - - 05/02/16 Opower 100% - - $532 02/19/16 TappingStone - - - - 04/28/16 Textura 100% - - $663 12/23/15 SteelBrick - 100% $360 $300 Intuit 04/14/16 Crosswise 100% - - $50 12/14/15 MinHash - - - - 02/22/16 Ravello Systems - - - - 09/02/15 AKTA - - - - 01/05/16 AddThis 100% - - - 08/04/15 Infoactive Viz - - - - 12/18/15 StackEngine - - - - 06/25/15 Kerensen Consulting SAS 100% - - $24 Microsoft 08/20/15 Maxymiser - - - - 05/29/15 Tempo.ai - - - - 12/22/14 Datalogix - - - - 04/01/15 Toopher - - - - 09/14/14 Front Porch Digital - - - - 07/10/14 RelateIQ - 100% $392 $352 07/31/14 TOA Technologies - - - - Oracle 06/23/14 MICROS Systems 100% - $5,300 $4,642 SAP Known acquired value (since 2014): $18,838 06/20/14 LiveLOOK - - - - 11/19/18 Contextor - - - - 05/15/14 GreenBytes - - - - 11/11/18 Qualtrics 100% - - $8,000 Salesforce 02/24/14 BlueKai - - - - 06/05/18 Coresystems - - - - 01/07/14 Corente - - - - 01/30/18 CallidusCloud 100% - - $2,400 01/22/18 Recast.AI SAS - - - - Salesforce.com Known acquired value (since 2014): $29,187 09/24/17 Gigya - - - $325 SAP 03/02/20 C Level Club - - - - 12/14/16 Abakus - - - - 02/25/20 Vlocity 100% - - $1,330 09/28/16 PLAT.ONE - - - - 08/07/19 ClickSoftware Technologies - - - $1,350 09/27/16 Altiscale - - - - 06/10/19 Tableau - 100% $15,080 $14,579 06/21/16 Fedem Technology - - - - Symantec 05/06/19 Bonobo - - - - 02/16/16 MeLLmo - - - - 04/17/19 MapAnything - - - - 10/13/15 Multiposting - - - - 01/28/19 Griddable.io - - - - 09/18/14 Concur Technologies - - $8,300 $8,113 01/14/19 roundCorner - - - - 05/20/14 SeeWhy - - - - VMware 10/05/18 Rebel - - - - 03/26/14 Fieldglass - - - - 07/16/18 Datorama 16% 84% $744 $726 06/13/18 Empirical Systems [a] - - - - VMware Known acquired value (since 2014): $7,443 03/20/18 MuleSoft 80% 20% $6,580 $6,500 06/04/20 Lastline - - - - [a] Acquired by Tableau prior to its acquisition by Salesforce continued Note: “Known acquired value” includes only transactions for which data is publicly available

14 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q2 2020 ($ millions)

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

Vmware (continued) 05/13/20 Octarine - - - - Cisco 01/21/20 Nyansa - - - - 08/22/19 Pivotal Software - - - $3,300 08/22/19 Carbon Black 100% - $2,100 $2,053 08/21/19 Intrinsic - - - - Dell 08/14/19 Veriflow Systems - - - - 07/25/19 Uhana - - - - 07/18/19 Bitfusion - - - - 06/13/19 Avi Networks - - - - IBM 05/15/19 BirRock - - - - 02/05/19 AetherPal - - - - 11/06/18 Heptio 100% - - $550 08/27/18 CloudHealth Technologies - - - - Intel 03/28/18 E8 Security - - - - 02/22/18 CloudVelox (Talent and technology assets) - - - - 02/14/18 CloudCoreo - - - - 11/02/17 VeloCloud Networks 100% - - - Intuit 05/15/17 Apteligent 100% - - - 04/12/17 Wavefront - - - - 12/19/16 PLUMgrid - - - - 06/13/16 Arkin Net - - - - Microsoft 10/14/15 Boxer - - - - 02/03/15 Immidio - - - - 10/29/14 Continuent (assets) - - - - 08/20/14 CloudVolumes - - - - Oracle 08/04/14 Virtual System (cloud migration assets) - - - - 03/06/14 Third Sky - - - - 01/22/14 AirWatch 76% 24% - $1,540 Salesforce

SAP

Symantec

VMware

continued Note: “Known acquired value” includes only transactions for which data is publicly available

15 Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices

100% 1 Year Relative Performance 94% 700% 3 Year Relative Performance 600% 500% NASDAQ 75% 400% Large Cap Software [a] 300% 200% High Growth Software [b] 100% 0% High Profitability Software [c] 50% -100% Small Cap Software [d] Jun-17 Jun-18 Jun-19 Jun-20

28% 25% 24%

(22%) -25% (32%)

-50% Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

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

16x 20x 18.3x 18.5x 100% 94% 14.3x 88% CY20E 18x 90% 14x 13.0x 16.9x 16.4x 78% CY21E 16x 80% 12x 13.2x 67% 14x 70% 10x 12x 10.5x 60% 51% 7.2x 7.6x 8x 8.8x 50% 10x 8.4x 5.1x 8x 40% 6x 4.7x 6x 30% 4x 3.0x 2.9x 4x 20% 1.4x 2x 1.0x 2x nm nm 10% 0x 0x 0% Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Software Software Software Software

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research [a] Large Cap Software includes: MSFT, INTC, CSCO, ORCL, SAP, IBM, HPE, MCRO [b] High Growth Software includes: ZG, SHOP, ZM, ESTC, DDOG, SMAR, NET, CDLX, CRWD, OKTA, AYX, PLAN, ZS, MDB, TWLO, SPLK, ZEN, DOCU, TEAM, NOW, COUP, EVBG [c] High Profitability Software includes: RMV, VRSN, MSCI, AZPN, ORCL, CHKP, PRGS, SWI, ADBE, MSFT, INTC, FIS, ANSS, QLYS, AKAM, PAYC, SWX:TEMN, PAYX, SSNC, JCOM, DSGX, CSCO, VEEV, INTU, FISV, MCRO, CDNS, DOTD, ROP, VMW [d] Small Cap Software includes: GTYH, SNCR, ASPS, DHX, ASUR, SREV, CYRN, RHT, NTWK, TSX:NXJ, MRIN, BOXL [e] Highly Acquisitive Software includes: DHR, ROP, TSX:CSU, SSNC, OTEX, MCRO, JCOM, DSGX, EPAY, TSX:ENGH, UPLD, ASUR 16 Public Equity Market Valuations Price Performance and Valuation Metrics by Segment

20x 18.0x CY20E CY21E 18x Median CY20E Median CY21E 16x 14.5x 14.3x 14x 13.0x

12x 10.4x 9.7x 10x 8.6x 8.7x 8.1x 7.3x 8.1x 7.5x 7.4x 8x 6.8x 7.6x 7.4x 7.0x 7.0x6.8x 6.2x 6.5x 6.5x 6.7x 6.1x 6.1x 5.2x 4.8x 4.1x 4.4x 5.1x 4.7x 6x 5.2x 3.8x 3.7x 3.8x 3.5x 4x 2.9x 2.5x 1.3x 1.3x 2x 1.3x 1.0x

Median EV Revenue/ 0x

45x

40x

35x 29.9x 28.2x 30x 26.6x 26.3x 27.4x 25.5x 23.9x 23.5x 24.6x 23.4x 22.6x 19.1x 18.5x 25x 18.7x 17.2x 19.9x 21.5x 21.6x 18.4x 18.0x 21.2x 22.1x 16.4x 16.4x 20x 18.1x 17.5x 17.0x 12.7x 15.5x 16.2x 14.8x 15x 10.1x 11.7x 12.0x 10.0x 10.2x 10.3x 9.2x 8.2x 10x 9.5x

5x nm nm 0x Median EV EBITDA/

120%

96% 97% 99% 100% 92% 92% 92% 94% 93% 89% 89% 90% 87% 88% 83% 84% 82% 83% 79% 80% 67% 67%

60% 49%

40%

20%

0% Comm. Tech. HCM Financial Vertical eCommerce ERP & Sales & IT DevOps & IT BI Global App Storage Network High SaaS High Highly Small Cap

Median % of 52 Week High & Apps Apps & Supply General Marketing Ops. DevTools Security Diversified Delivery & Mgmt Infra. Growth ProfitabilityAcquisitive Embedded Chain Business Apps Mgmt Network Apps Mgmt Apps Acceleration

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

17 Public Equity Market Valuations Equity Trading Multiples by Growth Tranche

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

EV / Revenue EV / EBITDA 14x Revenue Current Year Forward Year Current Year Forward Year > 25% Growth Date Mean Median Mean Median Mean Median Mean Median 12x 15% - 25% < 5% Q2 2020 4.3 x 3.8 x 4.1 x 3.7 x 14.2 x 12.9 x 14.0 x 12.6 x Q1 2020 2.8 2.4 2.7 2.4 10.2 8.9 8.9 8.0 10x 5% - 15% Q4 2019 4.0 3.3 3.9 3.2 12.4 10.7 12.0 10.4 Q3 2019 3.3 2.3 3.2 2.3 13.1 10.7 12.6 10.2 < 5% 8x Q2 2019 3.2 3.1 3.7 3.1 12.8 10.6 12.4 10.3 Q1 2019 3.8 3.5 3.6 3.3 12.1 10.5 11.6 10.4 Q4 2018 3.3 2.9 3.2 2.9 12.9 9.6 12.5 9.4 6x Q3 2018 3.5 2.6 3.4 2.6 13.0 10.8 12.0 10.4 Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5 4x Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5 Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4 Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2 2x 5% - 15% Q2 2020 6.3 x 5.0 x 5.7 x 4.5 x 22.7 x 22.3 x 20.3 x 19.9 x Q1 2020 4.6 3.8 4.2 3.5 17.8 17.0 16.2 14.6 - Q4 2019 5.6 5.1 5.1 4.7 23.0 22.1 20.5 18.4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 5.1 4.6 4.7 4.1 19.9 20.0 17.5 17.5 Q2 2019 5.4 4.7 4.9 4.3 20.5 19.6 18.2 17.2 2017 2018 2019 2020 Q1 2019 5.3 4.6 4.8 4.3 21.0 20.1 18.1 17.6 Q4 2018 4.7 4.2 4.3 3.9 21.2 19.9 18.9 17.7 Q3 2018 5.5 5.1 5.0 4.8 24.3 23.7 21.4 20.4 Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0 Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4 Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8 Forward Year Median EV / EBITDA by Growth Tranche Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2 15% - 25% Q2 2020 9.5 x 8.2 x 8.6 x 7.4 x 31.1 x 30.0 x 28.3 x 25.3 x Q1 2020 7.1 5.7 5.9 4.8 27.0 25.7 23.1 21.9 50x Q4 2019 8.4 8.5 7.2 6.9 32.3 31.3 27.9 26.4 > 25% Q3 2019 8.1 7.6 6.8 6.5 29.4 27.8 27.3 25.4 15% - 25% Q2 2019 7.7 7.8 6.6 6.4 30.6 28.4 28.2 26.7 40x Q1 2019 7.5 7.6 6.3 6.3 30.7 29.9 27.0 25.5 5% - 15% Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7 Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5 < 5% Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5 30x Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0 Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4 Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3 20x > 25% Q2 2020 10.1 x 11.4 x 11.8 x 11.9 x 35.8 x 35.8 x 19.3 x 19.3 x Q1 2020 11.7 12.1 9.3 9.5 42.8 42.8 36.8 38.0 Q4 2019 12.3 13.0 10.4 11.1 34.5 34.5 32.1 38.0 10x Q3 2019 10.0 10.6 9.3 10.0 29.8 21.0 28.2 25.8 Q2 2019 11.1 12.6 10.6 11.2 nm nm 41.0 39.6 Q1 2019 11.0 12.5 9.4 10.0 46.9 46.9 35.3 35.5 Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7 - Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7 Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 29.0 32.0 2017 2018 2019 2020 Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 25.1 35.6 Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 31.7 34.8

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

18 Public Equity Market Valuations Price Performance and Valuation Metrics of Selected Software Vendors

20x 17.6x CY20E CY21E 18x 16.4x 16x 14.1x 14.2x Median CY20E Median CY21E 13.2x 14x

12x 10.5x 10.4x 9.8x 8.9x 10x 8.8x 8.2x 8x 7.0x 6.2x 6.0x 6.0x 5.9x 5.7x 5.3x 5.4x 5.2x 6x 5.1x 5.1x 5.1x 4.9x 3.7x 3.7x 3.1x 4x 2.9x 2x 0x EV Revenue /

50x 47.3x 44.9x CY20E CY21E Median CY20E Median CY21E 40x 38.0x 34.7x 33.8x 29.4x 27.3x 27.6x 27.2x 30x 26.4x 23.9x 23.0x 23.3x 18.4x 20x 18.0x 16.6x 14.8x 14.9x 13.3x12.4x 13.9x 10.7x 10.6x 8.2x 8.1x 10x

nm nm nm 0x EV EBITDA /

120%

99% 100% 99% 98% 97% 96% 95% 100% 91% 91% 86% 83% 84% 80% 71% 66%

60%

40%

20%

0% % of 52 Week High now adbe splk wday INTU crm ctxs panw vmw akam orcl upld intc feye

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

19 Public Equity Market Valuations Equity Trading Multiples by Segment

($ millions)

Application Delivery & Network Acceleration Human Capital Citrix Systems $ 147.91 $ 18,260 $ 19,691 $ 3,176 $ 3,276 3% 6.2x 6.0x $ 1,069 34% $ 1,097 33% 18.4x 18.0x 26.3x 24.0x Management Akamai Technologies 107.09 17,378 17,839 3,107 3,311 7% 5.7x 5.4x 1,337 43% 1,444 44% 13.3x 12.4x 21.7x 20.0x IT Operations Fastly 85.13 8,848 8,763 286 368 29% nm nm 6 2% 14 4% nm nm nm nm Management F5 Networks 139.48 8,494 8,475 2,341 2,473 6% 3.6x 3.4x 795 34% 854 35% 10.7x 9.9x 15.9x 14.2x Radware 23.59 1,093 949 247 270 9% 3.8x 3.5x 32 13% 42 16% 29.7x 22.6x 37.2x 28.7x IT Security Limelight Networks 7.36 881 874 232 255 10% 3.8x 3.4x 30 13% 39 15% 29.4x 22.5x nm 64.7x A10 Networks 6.81 538 427 222 n/a n/a 1.9x n/a n/a n/a n/a n/a n/a n/a 32.6x nm Network Infrastructure Mean $7,927 $8,145 $1,373 $1,659 10% 4.2x 4.4x $545 23% $582 24% 20.3x 17.1x 26.7x 30.3x Median 8,494 8,475 286 1,420 8% 3.8x 3.5x 413 23% 448 25% 18.4x 18.0x 26.3x 24.0x DevOps and Software Development Tools

Business Intelligence Sales & Marketing Applications Alteryx $ 164.28 $ 10,836 $ 10,828 $ 503 $ 658 31% nm 16.5x $ 72 14% $ 122 19% nm nm nm nm Cloudera 12.72 3,757 3,454 838 915 9% 4.1x 3.8x 176 21% 225 25% 19.7x 15.3x 45.7x 30.9x Storage Management Inovalon 19.26 2,993 3,946 681 750 10% 5.8x 5.3x 226 33% 253 34% 17.5x 15.6x 34.4x 28.7x MicroStrategy 118.29 1,155 726 475 n/a n/a 1.5x n/a 44 9% n/a n/a 16.7x n/a 56.3x 45.4x Technical & Talend 34.66 1,086 1,066 274 309 13% 3.9x 3.5x (28) (10%) (11) (4%) nm nm nm nm Embedded Apps Domo 32.17 927 953 197 218 11% 4.8x 4.4x (43) (22%) (32) (15%) nm nm nm nm Mean $3,459 $3,495 $495 $570 15% 4.0x 6.7x $74 8% $111 12% 17.9x 15.5x 45.5x 35.0x Vertical Applications Median 2,074 2,260 489 658 11% 4.1x 4.4x 58 12% 122 19% 17.5x 15.5x 45.7x 30.9x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Sources: Company releases, Wall Street research [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful

20 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Mean $18,981 $18,706 $1,292 $1,496 20% 12.8x 11.5x $210 12% $256 13% 10.1x 9.2x 14.0x 12.7x Financial Applications Median 8,127 8,036 1,120 1,359 24% 18.0x 14.5x 97 13% 159 13% 10.1x 9.2x 14.0x 12.7x Human Capital eCommerce & Supply Chain Management Management Shopify $ 949.20 $ 113,303 $ 111,083 $ 2,169 $ 2,937 35% nm nm $ 68 3% $ 122 4% nm nm nm nm IT Operations Manhattan Associates 94.20 5,981 5,943 554 616 11% 10.7x 9.6x 136 25% 146 24% 43.6x 40.7x 61.3x 57.1x Management Descartes Systems 52.90 4,434 4,400 341 380 11% 12.9x 11.6x 137 40% 156 41% 32.2x 28.3x 39.3x 34.6x SPS Commerce 75.12 2,624 2,432 302 330 9% 8.1x 7.4x 81 27% 94 28% 29.9x 26.0x 55.4x 49.2x IT Security American Software 15.76 507 416 116 121 4% 3.6x 3.4x 14 12% 16 13% 29.4x 26.6x 71.6x 55.3x ChannelAdvisor 15.84 449 408 132 138 5% 3.1x 3.0x 25 19% 29 21% 16.0x 13.9x 23.6x 21.5x Network Infrastructure Mean $21,216 $20,780 $602 $754 13% 7.7x 7.0x $77 21% $94 22% 30.2x 27.1x 50.3x 43.5x Median 3,529 3,416 321 355 10% 8.1x 7.4x 75 22% 108 22% 29.9x 26.6x 55.4x 49.2x DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

21 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

22 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Financial Applications Network Acceleration FIS $ 134.09 $ 82,845 $ 102,039 $ 12,384 $ 13,511 9% 8.2x 7.6x $ 5,324 43% $ 6,204 46% 19.2x 16.4x 24.6x 20.1x Business Intelligence Intuit 296.19 77,238 73,930 7,527 8,333 11% 9.8x 8.9x 2,704 36% 3,095 37% 27.3x 23.9x 41.6x 35.8x Fiserv 97.62 65,355 88,130 14,967 15,890 6% 5.9x 5.5x 5,561 37% 6,228 39% 15.8x 14.1x 22.2x 18.3x MSCI 333.82 27,906 30,192 1,663 1,812 9% 18.2x 16.7x 921 55% 1,015 56% 32.8x 29.8x 47.6x 42.4x Communications Coupa Software 277.04 18,582 18,594 492 617 25% nm nm 73 15% 109 18% nm nm nm nm eCommerce & Supply SS&C Technologies 56.48 14,473 21,737 4,597 4,752 3% 4.7x 4.6x 1,767 38% 1,873 39% 12.3x 11.6x 14.5x 13.4x Chain Management Jack Henry 184.03 14,100 14,113 1,741 1,869 7% 8.1x 7.6x 555 32% 573 31% 25.4x 24.6x 47.2x 43.0x Fair Isaac 418.04 12,125 13,069 1,221 1,271 4% 10.7x 10.3x 391 32% 426 33% 33.4x 30.7x 51.5x 46.7x ERP & General Temenos Group 155.38 11,187 12,209 953 1,075 13% 12.8x 11.4x 414 43% 461 43% 29.5x 26.5x 43.8x 39.4x Business Applications Avalara 133.09 10,437 10,056 460 569 24% nm 17.7x (4) (1%) 23 4% nm nm nm nm Financial Applications Xero 62.21 8,817 8,791 509 631 24% 17.3x 13.9x 106 21% 151 24% nm nm nm nm BlackLine 82.91 4,675 4,472 340 406 19% 13.1x 11.0x 37 11% 56 14% nm nm nm nm Human Capital Q2 Holdings 85.79 4,565 4,925 396 489 24% 12.5x 10.1x 17 4% 34 7% nm nm nm nm Management SimCorp 107.92 4,280 4,325 508 571 12% 8.5x 7.6x 137 27% 181 32% 31.5x 23.9x 47.7x 34.2x Envestnet 73.54 3,935 4,562 953 1,051 10% 4.8x 4.3x 204 21% 235 22% 22.4x 19.4x 35.6x 30.8x IT Operations Management Bottomline Technologies 50.77 2,230 2,259 449 499 11% 5.0x 4.5x 95 21% 113 23% 23.9x 19.9x 45.1x 33.5x Zuora 12.75 1,478 1,382 298 328 10% 4.6x 4.2x (10) (3%) 8 3% nm nm nm nm IT Security IRESS 7.56 1,424 1,598 391 441 13% 4.1x 3.6x 91 23% 100 23% 17.6x 16.0x 27.9x 25.6x Asseco Poland 16.71 1,387 2,133 2,960 3,009 2% 0.7x 0.7x 399 13% 418 14% 5.3x 5.1x 14.6x 14.2x Network Model N 34.76 1,191 1,176 157 175 11% 7.5x 6.7x 14 9% 19 11% nm nm nm 95.5x Infrastructure Ebix 22.36 682 1,391 522 668 28% 2.7x 2.1x n/a n/a n/a n/a n/a n/a 7.7x 5.6x DevOps and Software Mean $17,567 $20,052 $2,547 $2,760 13% 8.4x 7.9x $940 24% $1,066 26% 22.8x 20.2x 33.7x 33.2x Development Tools Median 8,817 8,791 522 668 11% 8.1x 7.6x 171 22% 208 23% 23.9x 19.9x 38.6x 33.5x Sales & Marketing Applications Human Capital Management Automatic Data Processing $ 148.89 $ 63,989 $ 64,745 $ 14,339 $ 15,054 5% 4.5x 4.3x $ 3,427 24% $ 3,771 25% 18.9x 17.2x 27.5x 23.9x Storage Management Workday 187.36 44,061 43,562 4,194 4,923 17% 10.4x 8.8x 971 23% 1,146 23% 44.9x 38.0x 83.0x 68.4x Paychex 75.75 27,173 27,309 3,907 4,025 3% 7.0x 6.8x 1,567 40% 1,615 40% 17.4x 16.9x 26.9x 25.7x Technical & Paycom Software 309.73 17,789 17,661 830 998 20% nm 17.7x 333 40% 421 42% nm 42.0x 86.7x 67.9x Embedded Apps Ceridian HCM 79.27 11,949 12,410 850 976 15% 14.6x 12.7x 165 19% 198 20% nm nm nm nm Vertical Applications Paylocity 145.89 7,832 7,735 583 681 17% 13.3x 11.4x 146 25% 182 27% nm 42.4x 98.1x 79.0x Cornerstone OnDemand 38.56 2,461 2,372 741 915 23% 3.2x 2.6x 215 29% 279 31% 11.0x 8.5x 33.5x 17.0x Pluralsight 18.05 1,905 2,046 378 459 22% 5.4x 4.5x (46) (12%) (27) (6%) nm nm nm nm Software-as-a-Service Benefitfocus 10.76 345 523 259 287 11% 2.0x 1.8x 28 11% 37 13% 18.7x 14.2x nm nm Mean $19,723 $19,818 $2,898 $3,146 15% 7.6x 7.8x $756 22% $847 24% 22.2x 25.6x 59.3x 47.0x Small Cap Median 11,949 12,410 830 976 17% 6.2x 6.8x 215 24% 279 25% 18.7x 17.2x 58.2x 46.8x Highly Acquisitive

High Growth

High Profitability

23 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

IT Security

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Note: LogMeIn announced acquisition to be acquired by Francisco Partners and Evergreen Coast Capital Sources: Company releases, Wall Street research [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful

24 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & IT Security Network Acceleration Okta $ 200.23 $ 24,951 $ 24,665 $ 777 $ 1,013 30% nm nm $ (22) (3%) $ 3 0% nm nm nm nm Business Intelligence Verisign 206.83 23,897 24,551 1,258 1,306 4% 19.5x 18.8x 893 71% 946 72% 27.5x 25.9x 32.1x 34.3x Fortinet 137.27 22,189 20,831 2,500 2,899 16% 8.3x 7.2x 695 28% 820 28% 30.0x 25.4x 48.7x 41.8x Palo Alto Networks 229.67 22,155 21,995 3,644 4,284 18% 6.0x 5.1x 807 22% 955 22% 27.2x 23.0x 44.8x 35.6x Communications Crowdstrike 100.29 21,662 20,698 770 1,016 32% nm nm 30 4% 97 10% nm nm nm nm Check Point 107.43 15,062 13,318 2,014 2,074 3% 6.6x 6.4x 989 49% 1,005 48% 13.5x 13.2x 16.9x 16.0x eCommerce & Supply Chain Management Zscaler 109.50 14,292 13,941 488 628 29% nm nm 45 9% 66 10% nm nm nm nm NortonLifeLock 19.83 11,680 13,739 412 590 43% nm nm (119) (29%) (67) (11%) nm nm 18.4x 13.7x ERP & General Cloudflare 35.95 10,916 10,376 391 512 31% nm nm (21) (5%) 9 2% nm nm nm nm Business Applications Trend Micro 55.84 7,772 6,314 1,614 1,691 5% 3.9x 3.7x 505 31% 529 31% 12.5x 11.9x 29.2x 26.0x Proofpoint 111.12 6,368 6,237 1,021 1,200 17% 6.1x 5.2x 143 14% 211 18% 43.7x 29.5x 73.8x 54.6x Financial Applications Qualys 104.02 4,053 3,667 358 405 13% 10.3x 9.1x 152 42% 175 43% 24.2x 20.9x 41.8x 37.5x Human Capital CyberArk 99.27 3,845 3,179 456 545 20% 7.0x 5.8x 92 20% 129 24% 34.6x 24.6x 53.7x 41.8x Management Tenable 29.81 2,983 2,802 427 513 20% 6.6x 5.5x (11) (3%) 0 0% nm nm nm nm Varonis Systems 88.48 2,784 2,721 254 302 19% 10.7x 9.0x (26) (10%) (2) (1%) nm nm nm nm IT Operations Blackberry 4.87 2,705 2,538 978 1,054 8% 2.6x 2.4x 119 12% 124 12% 21.3x 20.5x 37.4x 41.5x Management FireEye 12.18 2,673 2,803 890 954 7% 3.1x 2.9x 83 9% 106 11% 33.8x 26.4x nm 57.8x IT Security Mimecast 41.66 2,623 2,679 466 540 16% 5.8x 5.0x 94 20% 107 20% 28.5x 25.0x 66.7x 54.4x Rapid7 51.02 2,577 2,604 391 464 18% 6.7x 5.6x 10 3% 27 6% nm nm nm nm Network Ping Identity 32.09 2,567 2,566 245 296 21% 10.5x 8.7x 27 11% 43 15% nm nm nm 80.3x Infrastructure SailPoint 26.47 2,387 2,280 315 358 13% 7.2x 6.4x 16 5% 25 7% nm nm nm nm OneSpan 27.93 1,123 1,033 258 282 9% 4.0x 3.7x 26 10% 41 14% 40.2x 25.5x 62.3x 38.7x DevOps and Software Development Tools Secureworks 11.43 939 812 561 596 6% 1.4x 1.4x 16 3% 20 3% nm 40.6x nm nm F-Secure 3.23 511 526 245 262 7% 2.1x 2.0x 28 11% 36 14% 18.8x 14.6x 71.8x 35.9x Sales & Marketing ZixCorp 6.90 377 668 213 236 11% 3.1x 2.8x 51 24% 54 23% 13.2x 12.3x 12.1x 10.8x Applications Tufin 9.55 340 246 98 117 20% 2.5x 2.1x (35) (36%) (27) (23%) nm nm nm nm Storage Management Mean $8,209 $7,992 $810 $928 17% 6.4x 5.7x $176 12% $209 15% 26.3x 22.6x 43.5x 38.8x Median 3,414 2,991 461 568 17% 6.1x 5.2x 38 11% 60 13% 27.4x 24.6x 43.3x 38.1x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: Broadcom acquired the Enterprise Security software division of Symantec and the company subsequently changed its name to NortonLifeLock Sources: Company releases, Wall Street research [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful

25 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

eCommerce & Supply DevOps and Software Development Tools Chain Management Atlassian $ 180.27 $ 44,499 $ 43,512 $ 1,749 $ 2,190 25% nm 19.9x $ 432 25% $ 570 26% nm nm nm nm ERP & General MongoDB 226.34 13,156 13,199 530 676 28% nm 19.5x (51) (10%) (34) (5%) nm nm nm nm Business Applications Dynatrace 40.60 11,403 11,700 617 743 20% 19.0x 15.7x 159 26% 190 26% nm nm nm 89.2x Pegasystems 101.17 8,103 8,133 1,065 1,264 19% 7.6x 6.4x 47 4% 93 7% nm nm nm nm Financial Applications New Relic 68.90 4,123 3,813 652 743 14% 5.8x 5.1x 70 11% 90 12% nm 42.2x nm nm Appian 51.25 3,575 3,477 279 316 13% 12.5x 11.0x (40) (14%) (31) (10%) nm nm nm nm Human Capital Progress Software 38.75 1,736 1,850 441 441 0% 4.2x 4.2x 179 40% 180 41% 10.4x 10.3x 14.4x 14.2x Management

Axway Software 20.03 426 483 323 328 2% 1.5x 1.5x 35 11% n/a n/a 13.7x n/a 30.0x 19.8x IT Operations Mean $10,878 $10,771 $707 $838 15% 8.4x 10.4x $104 12% $151 14% 12.0x 26.3x 22.2x 41.1x Management Median 6,113 5,973 573 710 16% 6.7x 8.7x 58 11% 93 12% 12.0x 26.3x 22.2x 19.8x IT Security Sales & Marketing Applications Network Adobe $ 435.31 $ 208,803 $ 209,149 $ 12,748 $ 14,701 15% 16.4x 14.2x $ 6,030 47% $ 7,122 48% 34.7x 29.4x 44.6x 39.2x Infrastructure Hubspot 224.35 9,788 9,430 807 975 21% 11.7x 9.7x 76 9% 116 12% nm nm nm nm Medallia 25.24 3,562 3,206 462 549 19% 6.9x 5.8x 30 6% 47 9% nm nm nm nm DevOps and Software Development Tools SurveyMonkey 23.54 3,250 3,407 373 450 21% 9.1x 7.6x 41 11% 59 13% nm nm nm nm LivePerson 41.43 2,743 2,772 347 426 23% 8.0x 6.5x 6 2% 24 6% nm nm nm nm Sales & Marketing Teradata 20.80 2,257 2,558 1,784 1,871 5% 1.4x 1.4x 304 17% 377 20% 8.4x 6.8x 22.2x 15.3x Applications Yext 16.61 1,955 1,838 354 432 22% 5.2x 4.3x (47) (13%) (22) (5%) nm nm nm nm Cardlytics 69.98 1,887 1,798 187 276 48% 9.6x 6.5x (15) (8%) 12 4% nm nm nm nm Storage Management

Mean $29,281 $29,270 $2,133 $2,460 22% 8.5x 7.0x $803 9% $967 13% 21.6x 18.1x 33.4x 27.3x Technical & Median 2,996 2,989 418 499 21% 8.6x 6.5x 35 8% 53 10% 21.6x 18.1x 33.4x 27.3x Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

26 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Technical & Embedded Applications Financial Applications Autodesk $ 239.19 $ 52,430 $ 53,046 $ 3,736 $ 4,419 18% 14.2x 12.0x $ 1,155 31% $ 1,580 36% 45.9x 33.6x 63.3x 44.4x Dassault Systemes 172.86 44,997 47,726 5,139 5,661 10% 9.3x 8.4x 1,614 31% 1,872 33% 29.6x 25.5x 41.0x 35.4x Human Capital Synopsys 195.00 29,404 29,324 3,749 4,005 7% 7.8x 7.3x 1,200 32% 1,340 33% 24.4x 21.9x 34.4x 31.1x Management Cadence Design 95.96 26,949 26,699 2,557 2,749 8% 10.4x 9.7x 945 37% 1,033 38% 28.2x 25.8x 39.1x 35.7x IT Operations ANSYS 291.73 24,971 24,802 1,586 1,766 11% 15.6x 14.0x 658 42% 764 43% 37.7x 32.4x 49.3x 42.4x Management Parametric Technology 77.79 9,000 9,971 1,444 1,630 13% 6.9x 6.1x 448 31% 568 35% 22.3x 17.6x 32.8x 25.6x Aspen Technology 103.61 7,004 7,283 579 620 7% 12.6x 11.7x 288 50% 314 51% 25.3x 23.2x 30.1x 26.9x IT Security Mean $27,822 $28,407 $2,684 $2,979 11% 11.0x 9.9x $901 36% $1,067 38% 30.5x 25.7x 41.4x 34.5x Network Median 26,949 26,699 2,557 2,749 10% 10.4x 9.7x 945 32% 1,033 36% 28.2x 25.5x 39.1x 35.4x Infrastructure

Vertical Applications DevOps and Software Development Tools Danaher $ 176.83 $ 125,022 $ 149,097 $ 20,518 $ 22,956 12% 7.3x 6.5x $ 5,286 26% $ 6,272 27% 28.2x 23.8x 35.6x 30.0x Roper Industries 388.26 40,533 44,810 5,394 5,679 5% 8.3x 7.9x 1,903 35% 2,005 35% 23.5x 22.3x 31.8x 29.4x Sales & Marketing Veeva 234.42 35,197 33,869 1,390 1,664 20% nm nm 530 38% 634 38% nm nm 92.0x 77.1x Applications Tyler Technologies 346.88 13,793 13,474 1,151 1,267 10% 11.7x 10.6x 315 27% 350 28% 42.8x 38.5x 65.7x 60.5x Guidewire Software 110.85 9,220 8,613 732 827 13% 11.8x 10.4x 96 13% 148 18% nm nm nm 87.7x Storage Management RealPage 65.01 6,436 7,534 1,137 1,269 12% 6.6x 5.9x 295 26% 350 28% 25.5x 21.5x 37.0x 31.2x Technical & Appfolio 162.71 5,573 5,642 316 385 22% 17.9x 14.6x 46 15% 62 16% nm nm nm nm Embedded Apps Blackbaud 57.08 2,757 3,380 893 909 2% 3.8x 3.7x 172 19% 172 19% 19.7x 19.7x 27.1x 25.7x Sapiens 27.98 1,405 1,454 373 408 9% 3.9x 3.6x 66 18% 74 18% 22.2x 19.7x 32.7x 28.3x Vertical Applications Majesco 7.86 340 292 145 172 19% 2.0x 1.7x 15 10% 21 12% 19.5x 13.8x nm nm

Mean $24,028 $26,817 $3,205 $3,554 12% 8.1x 7.2x $872 23% $1,009 24% 25.9x 22.8x 46.0x 46.2x Software-as-a-Service Median 7,828 8,074 1,015 1,088 12% 7.3x 6.5x 234 22% 261 23% 23.5x 21.5x 35.6x 30.6x

Small Cap

Highly Acquisitive

High Growth

High Profitability

27 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Software-as-a-Service Network Acceleration Salesforce.com $ 187.33 $ 168,784 $ 165,194 $ 20,077 $ 23,647 18% 8.2x 7.0x $ 5,977 30% $ 7,079 30% 27.6x 23.3x 63.3x 52.3x Business Intelligence Shopify 949.20 113,303 111,083 2,169 2,937 35% nm nm 68 3% 122 4% nm nm nm nm ServiceNow 405.06 77,246 76,591 4,351 5,439 25% 17.6x 14.1x 1,310 30% 1,620 30% nm 47.3x 95.7x 75.4x Atlassian 180.27 44,499 43,512 1,749 2,190 25% nm 19.9x 432 25% 570 26% nm nm nm nm Communications Workday 187.36 44,061 43,562 4,194 4,923 17% 10.4x 8.8x 971 23% 1,146 23% 44.9x 38.0x 83.0x 68.4x eCommerce & Supply Splunk 198.70 31,567 31,968 2,426 3,034 25% 13.2x 10.5x 19 1% 391 13% nm nm nm nm Chain Management Twilio 219.42 30,730 29,535 1,521 1,897 25% 19.4x 15.6x 97 6% 159 8% nm nm nm nm RingCentral 285.01 25,053 25,375 1,120 1,390 24% nm 18.3x 145 13% 188 13% nm nm nm nm ERP & General Paycom Software 309.73 17,789 17,661 830 998 20% nm 17.7x 333 40% 421 42% nm 42.0x 86.7x 67.9x Business Applications Zendesk 88.53 10,090 10,220 1,009 1,261 25% 10.1x 8.1x 95 9% 144 11% nm nm nm nm Financial Applications Hubspot 224.35 9,788 9,430 807 975 21% 11.7x 9.7x 76 9% 116 12% nm nm nm nm Dropbox 21.77 8,996 8,979 1,893 2,108 11% 4.7x 4.3x 503 27% 615 29% 17.8x 14.6x 29.8x 24.8x Human Capital Paylocity 145.89 7,832 7,735 583 681 17% 13.3x 11.4x 146 25% 182 27% nm 42.4x 98.1x 79.0x Management Five9 110.67 7,166 7,067 383 447 17% 18.5x 15.8x 62 16% 81 18% nm nm nm nm IT Operations RealPage 65.01 6,436 7,534 1,137 1,269 12% 6.6x 5.9x 295 26% 350 28% 25.5x 21.5x 37.0x 31.2x Management Appfolio 162.71 5,573 5,642 316 385 22% 17.9x 14.6x 46 15% 62 16% nm nm nm nm Everbridge 138.36 4,754 4,711 262 331 26% 18.0x 14.2x 6 2% 19 6% nm nm nm nm IT Security Pure Storage 17.33 4,593 3,928 1,725 2,009 16% 2.3x 2.0x 126 7% 174 9% 31.2x 22.6x 74.5x 47.3x Q2 Holdings 85.79 4,565 4,925 396 489 24% 12.5x 10.1x 17 4% 34 7% nm nm nm nm Network LogMeIn 0.00 4,134 4,252 1,318 1,401 6% 3.2x 3.0x 407 31% 444 32% 10.5x 9.6x nm nm Infrastructure New Relic 68.90 4,123 3,813 652 743 14% 5.8x 5.1x 70 11% 90 12% nm 42.2x nm nm DevOps and Software Envestnet 73.54 3,935 4,562 953 1,051 10% 4.8x 4.3x 204 21% 235 22% 22.4x 19.4x 35.6x 30.8x Development Tools Box 20.76 3,186 3,388 765 841 10% 4.4x 4.0x 138 18% 170 20% 24.5x 19.9x 41.4x 31.2x Sales & Marketing Varonis Systems 88.48 2,784 2,721 254 302 19% 10.7x 9.0x (26) (10%) (2) (1%) nm nm nm nm Applications SPS Commerce 75.12 2,624 2,432 302 330 9% 8.1x 7.4x 81 27% 94 28% 29.9x 26.0x 55.4x 49.2x Mimecast 41.66 2,623 2,679 466 540 16% 5.8x 5.0x 94 20% 107 20% 28.5x 25.0x 66.7x 54.4x Storage Management Workiva 53.49 2,521 2,350 335 385 15% 7.0x 6.1x (22) (7%) (17) (4%) nm nm nm nm Cornerstone OnDemand 38.56 2,461 2,372 741 915 23% 3.2x 2.6x 215 29% 279 31% 11.0x 8.5x 33.5x 17.0x Technical & Talend 34.66 1,086 1,066 274 309 13% 3.9x 3.5x (28) (10%) (11) (4%) nm nm nm nm Embedded Apps ChannelAdvisor 15.84 449 408 132 138 5% 3.1x 3.0x 25 19% 29 21% 16.0x 13.9x 23.6x 21.5x ZixCorp 6.90 377 668 213 236 11% 3.1x 2.8x 51 24% 54 23% 13.2x 12.3x 12.1x 10.8x Vertical Applications Benefitfocus 10.76 345 523 259 287 11% 2.0x 1.8x 28 11% 37 13% 18.7x 14.2x nm nm Mean $20,421 $20,184 $1,675 $1,996 18% 8.9x 8.6x $374 16% $468 18% 23.0x 24.6x 55.8x 44.1x Software-as-a-Service Median 5,163 5,284 786 945 17% 7.5x 7.4x 94 17% 151 19% 23.4x 22.1x 55.4x 47.3x Small Cap

Highly Acquisitive

High Growth

High Profitability

28 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Highly Acquisitive IT Operations Management Danaher $ 176.83 $ 125,022 $ 149,097 $ 20,518 $ 22,956 12% 7.3x 6.5x $ 5,286 26% $ 6,272 27% 28.2x 23.8x 35.6x 30.0x Roper Industries 388.26 40,533 44,810 5,394 5,679 5% 8.3x 7.9x 1,903 35% 2,005 35% 23.5x 22.3x 31.8x 29.4x IT Security Constellation Software 1,126.92 23,881 24,117 3,972 4,675 18% 6.1x 5.2x 1,069 27% 1,275 27% 22.6x 18.9x 32.3x 26.5x SS&C Technologies 56.48 14,473 21,737 4,597 4,752 3% 4.7x 4.6x 1,767 38% 1,873 39% 12.3x 11.6x 14.5x 13.4x Network OpenText 42.48 11,503 14,522 3,267 3,375 3% 4.4x 4.3x 1,126 34% 1,257 37% 12.9x 11.5x 15.7x 13.2x Infrastructure Descartes Systems 52.90 4,434 4,400 341 380 11% 12.9x 11.6x 137 40% 156 41% 32.2x 28.3x 39.3x 34.6x DevOps and Software j2 Global 63.21 3,016 4,067 1,388 1,477 6% 2.9x 2.8x 538 39% 581 39% 7.6x 7.0x 9.1x 8.4x Development Tools Enghouse Systems 53.30 2,945 2,850 402 470 17% 7.1x 6.1x 129 32% 149 32% 22.0x 19.1x 35.9x 33.4x Bottomline Technologies 50.77 2,230 2,259 449 499 11% 5.0x 4.5x 95 21% 113 23% 23.9x 19.9x 45.1x 33.5x Sales & Marketing Micro Focus 5.35 1,790 5,980 2,939 2,791 (5%) 2.0x 2.1x 1,071 36% 1,063 38% 5.6x 5.6x 3.6x 3.7x Applications Upland Software 34.76 880 1,350 264 274 4% 5.1x 4.9x 91 34% 97 36% 14.9x 13.9x 16.8x 16.7x Storage Management Asure Software 6.43 101 113 63 67 6% 1.8x 1.7x 9 13% 11 16% 13.2x 10.7x 18.8x 23.6x

Mean $ 19,234 $22,942 $3,633 $3,949 8% 5.6x 5.2x $1,102 31% $1,238 33% 18.2x 16.1x 24.9x 22.2x Technical & Median 3,725 5,190 2,163 2,134 6% 5.1x 4.7x 804 34% 822 35% 18.5x 16.4x 25.3x 25.1x Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

29 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

30 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (06/30/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & High Profitability (>=35% CY20E EBITDA Margin) Network Acceleration Verisign $ 206.83 $ 23,897 $ 24,551 $ 1,258 $ 1,306 4% 19.5x 18.8x $ 893 71% $ 946 72% 27.5x 25.9x 32.1x 34.3x Rightmove 6.76 5,882 5,853 243 351 44% nm 16.7x 164 67% 263 75% 35.8x 22.2x 45.5x 28.2x Business Intelligence MSCI 333.82 27,906 30,192 1,663 1,812 9% 18.2x 16.7x 921 55% 1,015 56% 32.8x 29.8x 47.6x 42.4x Aspen Technology 103.61 7,004 7,283 579 620 7% 12.6x 11.7x 288 50% 314 51% 25.3x 23.2x 30.1x 26.9x Communications Check Point 107.43 15,062 13,318 2,014 2,074 3% 6.6x 6.4x 989 49% 1,005 48% 13.5x 13.2x 16.9x 16.0x Oracle 55.27 169,606 200,904 39,007 39,508 1% 5.2x 5.1x 18,823 48% 18,973 48% 10.7x 10.6x 13.9x 13.1x eCommerce & Supply Adobe 435.31 208,803 209,149 12,748 14,701 15% 16.4x 14.2x 6,030 47% 7,122 48% 34.7x 29.4x 44.6x 39.2x Chain Management SolarWinds 17.67 5,510 7,292 1,010 1,115 10% 7.2x 6.5x 468 46% 525 47% 15.6x 13.9x 20.4x 18.0x ERP & General Microsoft 203.51 1,543,306 1,489,689 148,141 165,601 12% 10.1x 9.0x 67,305 45% 75,864 46% 22.1x 19.6x 35.0x 30.8x Business Applications Intel 59.83 253,320 272,106 73,788 74,449 1% 3.7x 3.7x 33,346 45% 33,655 45% 8.2x 8.1x 12.6x 12.3x Temenos Group 155.38 11,187 12,209 953 1,075 13% 12.8x 11.4x 414 43% 461 43% 29.5x 26.5x 43.8x 39.4x Financial Applications Akamai Technologies 107.09 17,378 17,839 3,107 3,311 7% 5.7x 5.4x 1,337 43% 1,444 44% 13.3x 12.4x 21.7x 20.0x FIS 134.09 82,845 102,039 12,384 13,511 9% 8.2x 7.6x 5,324 43% 6,204 46% 19.2x 16.4x 24.6x 20.1x Human Capital Qualys 104.02 4,053 3,667 358 405 13% 10.3x 9.1x 152 42% 175 43% 24.2x 20.9x 41.8x 37.5x Management ANSYS 291.73 24,971 24,802 1,586 1,766 11% 15.6x 14.0x 658 42% 764 43% 37.7x 32.4x 49.3x 42.4x IT Operations Progress Software 38.75 1,736 1,850 441 441 (0%) 4.2x 4.2x 179 40% 180 41% 10.4x 10.3x 14.4x 14.2x Management Paycom Software 309.73 17,789 17,661 830 998 20% nm 17.7x 333 40% 421 42% nm 42.0x 86.7x 67.9x Paychex 75.75 27,173 27,309 3,907 4,025 3% 7.0x 6.8x 1,567 40% 1,615 40% 17.4x 16.9x 26.9x 25.7x IT Security Descartes Systems 52.90 4,434 4,400 341 380 11% 12.9x 11.6x 137 40% 156 41% 32.2x 28.3x 39.3x 34.6x j2 Global 63.21 3,016 4,067 1,388 1,477 6% 2.9x 2.8x 538 39% 581 39% 7.6x 7.0x 9.1x 8.4x Network SS&C Technologies 56.48 14,473 21,737 4,597 4,752 3% 4.7x 4.6x 1,767 38% 1,873 39% 12.3x 11.6x 14.5x 13.4x Infrastructure dotdigital 1.26 376 355 60 65 9% 6.0x 5.5x 23 38% 25 39% 15.6x 14.2x 26.0x 25.1x DevOps and Software Veeva 234.42 35,197 33,869 1,390 1,664 20% nm nm 530 38% 634 38% nm nm 92.0x 77.1x Development Tools Fiserv 97.62 65,355 88,130 14,967 15,890 6% 5.9x 5.5x 5,561 37% 6,228 39% 15.8x 14.1x 22.2x 18.3x Cadence Design 95.96 26,949 26,699 2,557 2,749 8% 10.4x 9.7x 945 37% 1,033 38% 28.2x 25.8x 39.1x 35.7x Sales & Marketing Cisco Systems 46.64 196,928 185,427 48,348 50,699 5% 3.8x 3.7x 17,633 36% 17,726 35% 10.5x 10.5x 15.3x 14.4x Applications Micro Focus 5.35 1,790 5,980 2,939 2,791 (5%) 2.0x 2.1x 1,071 36% 1,063 38% 5.6x 5.6x 3.6x 3.7x Intuit 296.19 77,238 73,930 7,527 8,333 11% 9.8x 8.9x 2,704 36% 3,095 37% 27.3x 23.9x 41.6x 35.8x Storage Management VMware 154.86 64,894 67,622 11,518 12,781 11% 5.9x 5.3x 4,081 35% 4,575 36% 16.6x 14.8x 25.3x 21.6x Roper Industries 388.26 40,533 44,810 5,394 5,679 5% 8.3x 7.9x 1,903 35% 2,005 35% 23.5x 22.3x 31.8x 29.4x Technical & Embedded Apps SAP 139.91 166,603 177,348 31,819 34,237 8% 5.6x 5.2x 11,140 35% 12,431 36% 15.9x 14.3x 24.8x 21.6x

Mean $104,044 $105,918 $14,520 $15,575 9% 8.2x 8.2x $6,211 42% $6,714 43% 20.1x 18.6x 32.0x 27.8x Vertical Applications Median 25,960 25,750 2,748 2,770 8% 7.0x 6.8x 1,030 40% 1,048 42% 17.0x 16.4x 26.4x 25.4x

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

31 Equity Financing Activity Software IPOs: Q2 2020

$9,000 $8,263 At IPO $7,663 $8,000 At 06/30/20 $7,000 $6,000 $5,000 $4,000 $3,000 $1,850 $2,000 $1,463 $1,000

Market Value ($ millions) $0

25.0x Median at IPO 21.5x 20.6x Median at 06/30/20 20.0x

15.0x

10.0x

4.3x 5.0x 3.7x EV / CY20E Revenue 0.0x

IPO Pricing IPO Date 06/04/20 06/03/20 Original Range $19 - $21 $16 - $18 Pricing $23.00 $21.00 vs. Midpoint 15% 24% Current $35.50 $51.03 vs. Pricing 54% 143%

Operating Statistics at IPO ($ millions) CY2020E Revenue $577 $441 CY2021E Revenue $1,025 $560 Growth 78% 27%

Sources: Company releases, Wall Street research

32 Equity Financing Activity Software IPOs Pricing & Performance Data

Initial Equity Issuances from 2016 – Q2 2020 ($ millions)

Current Trading Data Valuation at IPO Share Price Market Enterprise Revenue EV / Revenue Performance Share Amount Market NYSE:NET Enterprise EV / Revenue Company 6/30/20 Value Value CY20E CY21E CY20E CY21E Since IPO IPO Date Price Raised [a] Value Debt Value LTM CY CY + 1 Shift4 Payments $ 35.50 $ 1,463 $ 2,145 $ 577 $ 1,025 3.7x 2.1x 54% 06/04/20 $ 23.00 $ 345 $ 1,850 638.40 $ 2,488 3.2x 4.3x 2.4x ZoomInfo Technologies 51.03 7,663 9,088 441 560 20.6x 16.2x 143% 06/03/20 21.00 935 8,263 1,225.50 9,488 27.8x 21.5x 17.0x Sprout Social 27.00 1,360 1,248 128 164 9.7x 7.6x 59% 12/12/19 17.00 150 497 8.58 506 5.2x 5.0x 3.8x Bill.com 90.21 6,938 6,558 162 204 40.4x 32.1x 310% 12/11/19 22.00 216 1,154 (157.64) 996 8.2x 8.0x 6.5x Ping Identity 32.09 2,567 2,566 245 296 10.5x 8.7x 114% 09/19/19 15.00 188 1,165 159.73 1,324 6.2x 5.7x 5.1x Datadog 86.95 26,031 25,296 563 756 44.9x 33.5x 222% 09/18/19 27.00 648 7,826 (3.92) 7,822 29.4x 23.7x 16.7x Cloudflare 35.95 10,916 10,376 391 512 26.5x 20.3x 140% 09/13/19 15.00 525 4,348 (116.74) 4,231 18.0x 15.4x 11.6x Dynatrace 40.60 11,403 11,700 617 743 19.0x 15.7x 154% 07/31/19 16.00 570 4,503 1,545.54 6,049 13.3x 12.3x 10.1x Medallia 25.24 3,562 3,206 462 549 6.9x 5.8x 20% 07/18/19 21.00 326 2,588 (125.85) 2,462 7.3x 6.5x 5.4x Slack 31.09 17,525 16,857 872 1,142 19.3x 14.8x 20% 07/07/19 26.00 117 13,108 (792.66) 12,315 27.1x 20.6x 14.8x Crowdstrike 100.29 21,662 20,698 770 1,016 26.9x 20.4x 195% 06/11/19 34.00 612 6,687 (175.06) 6,512 21.8x 15.8x 11.0x Fastly 85.13 8,848 8,763 286 368 30.6x 23.8x 432% 05/16/19 16.00 180 1,451 (14.90) 1,436 9.1x 7.5x 5.7x Zoom 253.54 71,524 70,491 1,804 2,285 39.1x 30.8x 604% 04/17/19 36.00 751 9,230 (161.54) 9,068 27.4x 17.3x 12.0x PagerDuty 28.62 2,253 1,937 208 254 9.3x 7.6x 19% 04/10/19 24.00 218 1,767 (127.88) 1,639 13.9x 10.5x 8.1x Tufin 9.55 340 246 98 117 2.5x 2.1x (32%) 04/10/19 14.00 108 454 (10.75) 443 5.0x 4.2x 3.4x SolarWinds 17.67 5,510 7,292 1,010 1,115 7.2x 6.5x 18% 10/18/18 15.00 375 4,574 1,957.84 6,532 8.1x 7.8x 7.1x Anaplan 45.31 6,232 5,981 432 540 13.8x 11.1x 167% 10/11/18 17.00 264 2,068 (86.96) 1,981 9.9x 8.8x 6.8x Elastic 92.21 7,864 7,600 512 644 14.8x 11.8x 156% 10/04/18 36.00 252 2,250 (52.53) 2,197 11.9x 10.1x 7.4x SurveyMonkey 23.54 3,250 3,407 373 450 9.1x 7.6x 96% 09/25/18 12.00 180 1,494 366.60 1,860 8.0x 7.5x 6.6x Tenable 29.81 2,983 2,802 427 513 6.6x 5.5x 30% 07/26/18 23.00 251 2,132 (11.85) 2,121 9.4x 8.2x 6.5x Avalara 133.09 10,437 10,056 460 569 21.9x 17.7x 455% 06/14/18 24.00 180 1,587 44.87 1,631 7.2x 6.4x 5.4x Pluralsight 18.05 2,580 2,741 378 459 7.3x 6.0x 20% 05/16/18 15.00 311 2,026 110.63 2,137 11.9x 9.9x 7.6x Ceridian HCM 79.27 11,949 12,410 850 976 14.6x 12.7x 260% 04/26/18 22.00 462 3,037 1,058.30 4,095 5.9x 5.6x 5.2x DocuSign 172.21 31,602 31,518 1,316 1,686 23.9x 18.7x 494% 04/26/18 29.00 629 4,582 (256.87) 4,325 8.3x 6.9x 5.7x Smartsheet 50.92 6,098 5,628 365 473 15.4x 11.9x 239% 04/26/18 15.00 175 1,510 (51.61) 1,458 13.1x 9.4x 6.7x Zuora 12.75 1,478 1,382 298 328 4.6x 4.2x (9%) 04/11/18 14.00 154 1,472 (32.33) 1,440 8.4x 6.7x 5.3x Dropbox 21.77 8,996 8,979 1,893 2,108 4.7x 4.3x 4% 03/22/18 21.00 756 8,550 (221.20) 8,329 7.5x 6.2x 5.4x Zscaler 109.50 14,292 13,941 488 628 28.6x 22.2x 584% 03/15/18 16.00 192 1,906 (71.57) 1,835 11.9x 9.0x 6.8x Cardlytics 69.98 1,887 1,798 187 276 9.6x 6.5x 438% 02/08/18 13.00 70 264 35.75 300 2.3x 1.9x 1.3x Boxlight 0.92 29 35 30 36 1.2x 1.0x (87%) 11/28/17 7.00 7 66 3.88 70 2.8x n/a n/a SailPoint 26.47 2,387 2,280 315 358 7.2x 6.4x 121% 11/16/17 12.00 240 1,052 136.65 1,188 7.3x 6.8x 5.5x Bandwidth 127.00 3,030 2,830 282 328 10.0x 8.6x 535% 11/09/17 20.00 80 364 32.98 397 2.5x 2.5x 2.2x MongoDB 226.34 13,156 13,199 530 676 24.9x 19.5x 843% 10/18/17 24.00 192 1,204 (92.45) 1,112 8.9x 7.6x 5.6x Appian 51.25 3,575 3,477 279 316 12.5x 11.0x 327% 05/24/17 12.00 75 716 (14.76) 701 5.2x 4.5x 3.8x Veritone 14.86 403 354 50 59 7.0x 6.0x (1%) 05/11/17 15.00 38 208 6.54 215 21.6x 11.9x 5.6x Cloudera 12.72 3,757 3,454 838 915 4.1x 3.8x (15%) 04/27/17 15.00 225 1,955 (255.67) 1,699 6.2x 5.0x 4.1x Yext 16.61 1,955 1,838 354 432 5.2x 4.3x 51% 04/12/17 11.00 116 958 (19.42) 938 7.6x 5.7x 4.2x Okta 200.23 24,951 24,665 777 1,013 31.7x 24.4x 1078% 04/06/17 17.00 187 1,571 (37.67) 1,533 9.5x 6.8x 4.9x Alteryx 164.28 10,836 10,828 503 658 21.5x 16.5x 1073% 03/23/17 14.00 126 807 (52.37) 755 8.8x 6.4x 4.6x BlackLine 82.91 4,675 4,472 340 406 13.1x 11.0x 388% 10/27/16 17.00 146 861 46.24 907 8.1x 7.6x 5.7x Coupa Software 277.04 18,582 18,594 492 617 37.8x 30.1x 1439% 10/05/16 18.00 133 886 (79.94) 806 7.4x 6.5x 5.1x Nutanix 23.71 4,731 4,639 1,335 1,619 3.5x 2.9x 48% 09/29/16 16.00 238 2,232 (111.94) 2,120 4.2x n/a 2.1x Everbridge 138.36 4,754 4,711 262 331 18.0x 14.2x 1053% 09/15/16 12.00 90 337 14.41 351 5.2x 4.7x 3.7x Talend 34.66 1,086 1,066 274 309 3.9x 3.5x 93% 07/28/16 18.00 95 512 3.77 515 5.8x 5.0x 3.8x Mean $9,253 $9,162 $529 $655 15.8x 12.5x $276 $2,638 $64 $2,735 10.4x 8.7x 6.5x Median 5,132 5,170 430 526 12.8x 11.0x 192 1,579 (17) 1,635 8.2x 7.2x 5.6x

Sources: Company releases, Wall Street research [a] Primary shares only

33 Equity Financing Activity Software IPO Pipeline

Historical IPO Filing Trends

7 (7) 13 (15) 15 (15) 13 (13)

(3) 5 3 2 (2) 1

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies), an amended version of the S-1 following comments from the SEC and pricing the offering and issuing shares to the public market

34 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020

($ millions)

Close Date Company Participating Investor(s) Description Amount 06/30/20 Fivetran Andreessen Horowitz, CEAS Investments, General Catalyst, Matrix Partners Automated data integration platform $100 06/30/20 Hunter Blumberg Capital, M12, Okta Ventures, US Venture Partners, YL Ventures Cybersecurity platform intended for extended threat detection $15 06/30/20 Material Security Andreessen Horowitz, Harpoon, South Park Commons, WndrCo Data-driven cloud software $22 06/30/20 NexHealth n/a Management platform designed to automate patient appointments $15 06/30/20 Parsable Glade Brook Capital Partners Mobile collaboration and workflow platform $50 06/30/20 Pattern89 Break Trail Ventures, Elevate Ventures, F&M Investments, High Alpha, VitalizeVC Cloud-based marketing platform designed to help digital marketers $3 06/30/20 Qualio n/a Quality management software $11 06/30/20 Scalefast Adara Ventures, Benhamou Global Ventures, Crédit Mutuel Equity, FJ Labs, Stereo Capital, Xplorer Capital Digital commerce platform to streamline shopping experience $22 06/30/20 Upsolver Jerusalem Venture Partners, Vertex Ventures US, Wing Venture Capital Database platform for developers $13 06/29/20 Area 1 Security ForgePoint Capital, Icon Ventures, Kleiner Perkins, Top Tier Capital Partners Threat intelligence products $25 06/29/20 CodeFresh CEIIF, Hillsven, M12, Red Dot Capital Partners, Shasta Ventures, Vertex Ventures Israel, Viola Ventures Kubernetes-native continuous integration and delivery platform $27 06/29/20 Cynet BlueRed Partners, DTCP, Ibex Investors, Merlin International, Norwest Venture Partners Threat detection and response platform $18 06/29/20 Emissary Castor Ventures, Converge Venture Partners, G20 Ventures, PBJ Capital Sales intelligence knowledge platform $6 06/29/20 HighQA n/a Manufacturing, quality management and supply chain system $2 06/29/20 Lukka n/a Accounting, tax compliance and reporting software $6 06/29/20 Nacelle Accomplice VC, Index Ventures Headless e-commerce solution $5 06/29/20 Spiketrap n/a AI-driven platform designed to analyze customer behavior $4 06/26/20 ChoiceWORX IDEA Fund Partners, Tech Council Ventures End-user IT support automation and RPA operations management $4 06/26/20 Element Analytics ABB Technology Ventures, Activate Capital Partners, Forté Ventures, Honeywell Ventures Industrial analytics software $18 06/26/20 KGS Buildings n/a Automated diagnostics and building performance software $7 06/26/20 Prisma Amplify Partners Tools for application development $12 06/26/20 Spiff Album VC, EPIC Ventures, Kickstart Seed Fund, Nextworld Evergreen, Norwest Venture Partners, Peterson Partners Commission planning platform designed to motivate sales teams $10 06/26/20 Tugboat Logic Inovia Capital, WestWave Capital Information security platform $9 06/25/20 Capital Markets Gateway Barclays, Canaccord Genuity, Citigroup, Fidelity Investments, Franklin Templeton Investments, JPMorgan Chase, Morgan Stanley Workflow management and data analytics platform $25 06/25/20 FireStart 3VC Partners, A-KAP 10/18 Beteiligungs, AlternInvest, Capital300, JRPP Beteiligungs Professional process planning and management tool $4 06/25/20 Syntellis Performance Solutions Madison Dearborn Partners, Thoma Bravo CPM solution spun off from Kaufman Hall $500 06/24/20 AdWallet n/a Advertisement monetization application $1 06/24/20 Clickup Craft Ventures, Georgian Partners Cloud-based collaboration and project management tool $35 06/24/20 Derivative Path FTV Capital Cloud-based derivatives trading technology for financial institutions $35 06/24/20 Fasetto n/a File sharing platform to facilitate seamless connectivity between devices $10 06/24/20 OJO Home Breyer Capital, LiveOak Venture Partners, Northwestern Mutual Future Ventures, Royal Bank of Canada Virtual real estate assistance platform $63 06/24/20 SQream Alibaba Group, Blumberg Capital, Charles and Lynn Schusterman Family Foundation, Hanaco Venture Capital Big data analytics $39 06/24/20 UJET Citi Ventures, DCM Ventures, GV, Kleiner Perkins, Resolute Ventures, Sapphire Ventures Real-time communications platform $55 06/23/20 Carta Finsight Ventures, Lightspeed Venture Partners, Tribe Capital Ownership management and compliance platform $210 06/23/20 Immuta Citi Ventures, Dell Technologies Capital, DFJ Growth, Drive Capital, Greycroft, Intel Capital, Ten Eleven Ventures Data management platform intended to securely connect data $40 06/23/20 Ngdata HPE Growth Customer data platform designed to improve customer experience $1 06/23/20 Nylas 8VC, Citi Ventures, Great Oaks Venture Capital, Industrial Investors Group, Industry Ventures, Round 13 Capital Cloud-based API platform designed to streamline communications $25 06/23/20 Rasa Technologies 468 Capital, Accel, Andreessen Horowitz, Basis Set Ventures, Mango Capital Open-source platform to develop AI assistants and chatbots $26 06/23/20 Trivie Cottonwood Venture Partners Adaptive learning platform to help employees $5 06/23/20 Velox ETFS Capital Front-office sales & trading automation $3

Sources: Company releases, Wall Street research

35 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 06/23/20 VNDLY Madrona Venture Group, Okta Ventures Cloud-based vendor management technology platform $9 06/22/20 Checkout.com Blossom Capital, Coatue Management, DST Global, Government of Singapore Investment Corporation, Insight Partners Online payments platform intended to secure digital payments $150 06/22/20 CitrusAd Moelis Australia Scalable, auction-based digital advertising platform $7 06/22/20 Privitar ABN AMRO Ventures, Accel, HSBC Holdings, IQ Capital Partners, Partech, Salesforce Ventures, Warburg Pincus Data privacy platform $87 06/22/20 Realife Tech Ironbridge Capital Partners, Stadia Ventures, Superfly Productions, Virgo Investment Group Experience automation platform to analyze data $7 06/22/20 Wise Systems E14 Fund Management, Gradient Ventures, Prologis Ventures, Valo Ventures Automated dispatching and routing software $15 06/20/20 Lucidity n/a Blockchain-based marketing analytics platform $1 06/19/20 Auryc n/a Visual intelligence platform $9 06/18/20 Certik Eden Block Verification software for smart contracts and blockchain ecosystems $7 06/18/20 Payfone Apax Partners, Blue Venture Fund, MassMutual Ventures, Sandbox Insurtech Ventures, Synchrony Ventures Mobile identity-verification software for enhanced customer experience $100 06/18/20 Satelytics BP Ventures Satellite image algorithms and characterization technology $5 06/17/20 Cloudtenna Blazar Ventures File transfer, cross-silo communication and collaboration services $3 06/17/20 Contentful General Catalyst, Salesforce Ventures, Sapphire Ventures Content platform intended to build digital experiences at scale $80 06/17/20 Onna Atomico, Dawn Capital, Glynn Capital, Nauta Capital, Slack Fund Data integration platform intended to connect to emerging apps $27 06/17/20 Outreach Lone Pine Capital, Mayfield Fund, Meritech Capital Partners, Operator Collective, Salesforce Ventures Semiautomated sales engagement platform $50 06/17/20 StreetLight Data n/a Big data analytics platform $15 06/17/20 Uptycs Comcast Ventures, ForgePoint Capital, Sapphire Ventures Security analytics platform $30 06/16/20 Brightside Andreessen Horowitz, Comcast Ventures, Trinity Ventures Employer-based financial care platform $35 06/16/20 Degreed Owl Ventures Learning platform designed to help individuals and organizations $32 06/16/20 Kasada Main Sequence Ventures, Reinventure Group, Ten Eleven Ventures Cybersecurity platform designed to detect and mitigate threats $10 06/16/20 Losant n/a Enterprise internet of things platform $4 06/16/20 Open Raven Kleiner Perkins, Upfront Ventures Data security software designed for preventing cybercrime $15 06/16/20 Salt Tenaya Capital API interface threat protection platform $20 06/16/20 Sorcero Leawood Venture Capital, WorldQuant Ventures Cognitive technology platform $4 06/16/20 Starburst Data Coatue Management, Index Ventures SQL query engine designed to work with diverse data sets $41 06/16/20 TowerIQ n/a Broker first platform intended to bring transparency in insurance $4 06/15/20 Darktrace KKR, Summit Partners Cyber threat defense platform $100 06/15/20 Linkfluence 360 Capital Partners, BNP Paribas Développement, Kreaxi, Ring Capital, Sigma Gestion, Tikehau Capital Social media intelligence intended to analyze consumer trends $9 06/15/20 MainStreet Work Alumni Ventures Group, Backend Capital, BaseCamp Ventures, Basement Fund, Gradient Ventures Platform to help startups identify, file and claim government incentives $2 06/15/20 Sift Media n/a Big data platform designed to sift through mobile ad requests $3 06/15/20 zenloop Better Venture Group, Nauta Capital, Piton Capital, Signals Venture Capital CRM platform $7 06/11/20 Alkemics Cathay Innovation, Highland Europe, Index Ventures, SEB Alliance, Serena Capital Online marketing platform designed to help businesses digitize data $23 06/11/20 CareAcademy ECMC Foundation, Impact America Fund, Rethink Education Management, Rethink Impact, Revolution Online specialized training platform to provide education $10 06/11/20 Codat Index Ventures Financial software integration services $10 06/11/20 Ethyca Abstract Ventures, IA Ventures, SciFi VC Data privacy platform to automate user data privacy management $14 06/11/20 HeadLight Viking Global Investors Software intelligence platform designed to help construction teams $26 06/11/20 Jiffy.ai Nexus Venture Partners, Rebright Partners, W250 Ventures Data analytics platform intended to optimize business functions $18 06/11/20 Ocient In-Q-Tel, OCA Ventures, TechNexus Venture Collaborative Big data platform intended to offer a rapid analysis of larger datasets $25 06/11/20 Postman CRV, Insight Partners, Nexus Venture Partners Collaboration platform designed to offer application program interface $150 06/11/20 Veros Systems Austin Ventures, Chevron Technology Ventures, LiveOak Venture Partners, Shell Ventures Industrial monitoring platform $2

Sources: Company releases, Wall Street research

36 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 06/11/20 Wellsheet BioAdvance, Newark Venture Partners, Springtide Investments Cloud-based electronic health record platform $4 06/10/20 Aware n/a Enterprise social security platform $2 06/10/20 Domino Data Lab Coatue Management, Dell Technologies Capital, Highland Capital Partners, Highland Europe, Sequoia Capital Data science platform $43 06/10/20 Duck Creek Technologies Accenture, Altamir, Apax Partners, Dragoneer Investment Group, Insight Partners Developer of insurance SaaS software $230 06/10/20 InOrbit ANIMO Ventures Cloud-based robotics management platform $3 06/10/20 NS8 AXA Venture Partners, Lightspeed Venture Partners Fraud prevention platform $123 06/10/20 OThot n/a Cloud-based software for predictive analytic services $1 06/10/20 Planck Arbor Ventures, Eight Roads, Hannover Digital Investments, Nationwide Insurance Company of America, Team8 AI-based data platform to offer real-time insurance-related data $16 06/10/20 RapidSOS C5 Capital, Energy Impact Partners, Laerdal Million Lives Fund, Playground Global, Transformation Capital Partners Advanced emergency technology platform $21 06/10/20 Transcend Accel, Index Ventures, South Park Commons Data privacy infrastructure dashboard $25 06/10/20 Vendr Craft Ventures Procurement platform designed to buy and renew software $4 06/10/20 Viaduct BoxGroup, EXOR Seeds, Innovation Endeavors Machine learning platform to enhance vehicle data collection $11 06/09/20 Appfire Technologies Silversmith Capital Partners Portfolio of applications that streamline product development $49 06/09/20 Cast AI TA Ventures Cloud management platform to provide multi-cloud automation $8 06/09/20 Concourse 83North, Capria Ventures, ForgePoint Capital Enterprise cloud governance software $15 06/09/20 JSonar Goldman Sachs Merchant Banking Division Next-generation security data platform $50 06/09/20 NYMBUS Insight Partners, Vensure Digital transformation and automation tools for financial institutions $12 06/08/20 AgencyKPI n/a Business intelligence platform $5 06/08/20 Chargeback FINTOP Capital, Kickstart Seed Fund, Next Coast Ventures, Next Frontier Capital SaaS-based dispute management platform $7 06/08/20 Hiretual Haisong Capital AI sourcing tools for recruiting employees $14 06/08/20 Modumate n/a 3D design software intended to build structures easily $4 06/05/20 Infinite Devices bmp Ventures, BSC-Partner Open source IoT platform $1 06/04/20 2nd Watch n/a Systems integrator for AWS $5 06/04/20 HyperScience Battery Ventures, Bessemer Venture Partners, Felicis Ventures, FirstMark Capital, Gaingels Syndicate AI-based enterprise software designed to automate office work $60 06/04/20 Inky Insight Partners AI-based anti-phishing platform $20 06/04/20 Keelvar Elephant Partners, Mosaic Ventures, Paua Ventures Automation and optimization software for procurement $18 06/04/20 OpenExchange n/a Open-source collaboration software $4 06/04/20 Proformex n/a Life insurance policy management software $3 06/03/20 1touch.io Connecticut Innovations, Jerusalem Venture Partners, Mindset Ventures, National Grid Partners, Ocean Azul Partners Data discovery platform to facilitate automated real-time discovery $14 06/03/20 Anvil 122 West Ventures, Citi Ventures, Financial Venture Studio, Gradient Ventures, Menlo Ventures Paperwork automation platform $5 06/03/20 Belvo Founders Fund, Kaszek Ventures Connectivity platform to secure financial transactions $13 06/03/20 Digibee GAA Investments, Laércio Albuquerque Codeless platform to connect businesses to the digital world $5 06/03/20 RiskIQ Battery Ventures, Georgian Partners, MassMutual Ventures, National Grid Partners, Summit Partners Digital threat management $15 06/03/20 Stedi n/a EDI platform designed to support various distribution system $21 06/02/20 Cortex Intelligence Endeavor Catalyst, Redpoint eventures, SoftBank Group Data intelligence marketing and sales decision enablement $22 06/02/20 MySky Global Trading Group, GMF Capital Spend management platform $5 06/02/20 Pitchly Ames Seed Capital, Twelve19 Ventures Platform to aggregate disjointed databases and data sources $1 06/02/20 Poka Caisse de dépôt et placement du Québec, Robert Bosch Venture Capital, SE Ventures, The Leclercq's Family Office Social industrial communication and employee training platform $5 06/02/20 Prodly Norwest Venture Partners, Shasta Ventures Automates the full lifecycle of low-code development $7 06/02/20 Saagie BNP Paribas Développement, C Entrepreneurs, CapHorn Invest, Crédit Mutuel Innovation Toolbox that includes the latest open-source technologies $27

Sources: Company releases, Wall Street research

37 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 06/02/20 Vention Bain Capital Ventures, Georgian Partners, White Star Capital Browser-based digital manufacturing platform $27 06/02/20 Vetty 3Lines Venture Capital Automated onboarding and background system $4 05/31/20 Ecwid Morgan Stanley Expansion Capital, PeakSpan Capital, Trestle Partnres E-commerce platform for small businesses $42 05/29/20 Accountify HDI Seguros México, Redpoint eventures Financial analysis and planning platform $7 05/29/20 Auryc n/a Visual intelligence and engagement data platform $2 05/29/20 Loom n/a Work communication tools $23 05/28/20 Commerce Layer Benchmark, DAXN, Mango Capital , NVInvestments, Prime Set, SV Angel Headless e-commerce and order management system $6 05/28/20 Decibel Insight Draper Esprit, Eight Roads, Perwyn Advisors, Ventureforgood Heat-mapping and visual website analytics $40 05/27/20 AWM Smart Shelf n/a Retail management platform with automated inventory intelligence $5 05/27/20 CaptivateIQ Amity Ventures, S28 Capital, Sequoia Capital, Y Combinator Sales commission management platform $13 05/27/20 Flatfile Afore Capital, Basecamp Fund, Designer Fund, Gradient Ventures, GV, HNVR Technology Investment Management Database tools to import, map and normalize customer data $8 05/27/20 FullStory n/a Tools to capture customer experience data $10 05/27/20 Kentik August Capital, Data Collective, Tahoma Ventures, Third Point Ventures, Vistara Capital Partners Cloud-based network traffic intelligence platform $24 05/27/20 Tugboat Logic Inovia Capital, WestWave Capital Information security management $8 05/26/20 Baton Technologies Activant Capital, Global Founders Capital Management and automation of software implementation $10 05/26/20 Bluecore FirstMark Capital, Georgian Partners, Norwest Venture Partners Decision making platform for commerce organizations $50 05/26/20 Cinchy Business Development Bank of Canada, Information Venture Partners, Manulife Investment Management, ScaleUP Ventures Web-based data management platform $10 05/26/20 Civis Analytics n/a Big data and predictive analytics $15 05/26/20 D-ID AI Alliance, AXA Venture Partners, Hyundai CRADLE, Maverick Ventures, Mindset Ventures, Omron Ventures Identity and privacy protection $14 05/26/20 DefinedCrowd Bynd Venture Capital, EDP Ventures, Evolution Equity Partners, Hermes GPE, Ironfire Ventures, Kibo Ventures Partners Machine learning to manage data collection and enrichment $51 05/26/20 DialogTech n/a Voice-based marketing platform for call analytics and automation $2 05/26/20 Mabl n/a Automated software testing platform $6 05/26/20 Spectrm Runa Capital Conversational marketing platform $3 05/21/20 Clara Analytics Aspen Capital Group, Oak HC/FT Worker's compensation management system $25 05/21/20 Couchbase Accel, Adams Street Partners, Glynn Capital, GPI Capital, Mayfield Fund, North Bridge Venture Partners, Sorenson Capital Cloud-based data platform to simplify relational databases $105 05/21/20 Deel Andreessen Horowitz Payroll management platform $14 05/21/20 DEVCON n/a Cybersecurity tools to detect, fix and monitor vulnerabilities $1 05/21/20 RapidAPI Andreessen Horowitz, CLF Partners, DNS Capital, Green Bay Ventures, Grove Ventures, M12 Software development tools for API tracking and management $50 05/21/20 VergeSense Allegion Ventures, JLL Spark, MetaProp NYC, Pathbreaker Ventures, West, Y Combinator AI-enabled facility management platform $9 05/21/20 VU Security n/a Cybersecurity for identity safeguards, fraud prevention and IoT security $2 05/20/20 Aqua Security Greenspring Associates, Insight Partners, Lightspeed Venture Partners, TLV Partners Security platform for containerized and cloud-native applications $30 05/20/20 BetterCloud Accel, Bain Capital Ventures, e.ventures, Flybridge Capital Partners, Greycroft, New Amsterdam Growth Capital, Warburg Pincus Secure user interactions across digital workspace $75 05/20/20 Coalition Felicis Ventures, Greenoaks Capital Partners, Greyhound Capital, Hillhouse Capital Group, Ribbit Capital, Valor Equity Partners Cyber risk platform to manage network threats $90 05/20/20 Directly Software Avidbank, Costanoa Ventures, Industry Ventures, Keeler Investments Group, M12, Northgate Capital, Samsung NEXT Ventures Community-powered customer service chatbots $31 05/20/20 Mission Secure n/a Control system cybersecurity platform for endpoint protection $4 05/20/20 Strapi Index Ventures API prototyping and creation platform $12 05/20/20 ThoughtTrace Altira Group, Chevron Technology Ventures, McRock Capital Insight extraction from large sets of unstructured data $10 05/19/20 Bevy Accel, Ryan Smith, Upfront Ventures Event creation and management platform using ditital tools $15 05/19/20 ContentSquare BlackRock Private Equity Partners, Bpifrance, Canaan Partners, Eurazeo, Hermes GPE, Highland Europe, Holding14 Digital experience insights and optimization platform $189 05/19/20 Encamp Allos Ventures, High Alpha, Indiana Philanthropic Venture Fund End-to-end compliance platform for EHS professionals $3

Sources: Company releases, Wall Street research

38 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 05/19/20 Happeo DN Capital, Inkef Capital, Maki.vc, Vendep Capital Digital workplace management platform $12 05/19/20 Source Defense AllegisCyber, Capital One Ventures, Global Brain, Jerusalem Venture Partners, NightDragon Security Cloud-based website management of third-party integrations $11 05/18/20 GO1 M12, Madrona Venture Group, Our Innovation Fund, Salesforce Ventures, Seek Employee onboarding, compliance and professional development $40 05/18/20 Sift Media n/a Advanced machine learning to optimize marketing campaigns $2 05/15/20 Carta Finsight Ventures, Lightspeed Venture Partners, Tribe Capital Ownership management and compliance platform $180 05/14/20 DigitalOcean Access Technology Ventures, Andreessen Horowitz Cloud hosting and application management platform $50 05/14/20 Envoy Biz Stone, TriplePoint Capital Visitor and guest registration system $30 05/14/20 LeadIQ Draper Associates, Eight Roads, Launch Fund Sales enablement platform for lead management $10 05/14/20 Liongard Integr8d Capital, TDF Ventures, Updata Partners Automation platform for documentation and management of IT assets $17 05/14/20 Neocase Software Entrepreneur Venture, Iris Capital, Sofiouest Human capital management and customer service applications $7 05/13/20 Altr John Stafford, Kevin Gainer, Roger Farley Data security platform for accessing and storing data $15 05/13/20 Dathena CapHorn Invest, CerraCap Ventures, Jungle Ventures, MS&AD Ventures, SEEDs Capital AI-powered data protection and privacy management tools $12 05/13/20 Expel Battery Ventures, CapitalG, Greycroft, Index Ventures, Paladin Capital Group, Scale Venture Partners Managed security platform to identify cybersecurity threats $50 05/13/20 Featurespace Highland Europe, Invoke Capital, IP Group, Merian Chrysalis Investment, MissionOG, TTV Capital Adaptive behavioural analytics technology $37 05/13/20 Semperis Insight Partners Identity protection through GRC applications $40 05/13/20 SirionLabs Avatar Growth Capital, Tiger Global Management Contract and supplier management platform $44 05/13/20 Virtana Benhamou Global Ventures, HighBAR Partners Infrastructure performance management $15 05/12/20 Infoworks New Enterprise Associates Data engineering platform that automates big data workflows $20 05/12/20 Intricately Bloomberg Beta, Counterpart Ventures, Singtel Innov8, Susa Ventures Data plaform to power cloud sales and marketing $4 05/12/20 LawGeex Aleph, Corner Ventures, lool Ventures, Thomas Glocer, UBS La Maison de Gestion Contract review automation platform $20 05/12/20 Lilt In-Q-Tel, Intel Capital, Redpoint Ventures, Sequoia Capital, XSeed Capital, Zetta Venture Partners Machine-assisted platform to automate language translation $25 05/12/20 Malbek Osage Venture Partners Cloud-based contract management system $3 05/12/20 Northspyre Craft Ventures, Tamarisc Ventures Cloud-based intelligence and real estate project management $8 05/12/20 Resilia Callais Capital Management, Cultivation Capital, Mucker Capital, Tech Square Venture Partners Fully-automated non-profit certification platform $8 05/12/20 UpKeep Battery Ventures, Emergence Capital Partners, FundersClub, Insight Partners, Mucker Capital, Y Combinator Maintenance management system to streamline work orders $36 05/11/20 Code Climate Foundry Group, Lerer Hippeau, NextView Ventures, Trinity Ventures, Union Square Ventures Static analysis tools of software coding $9 05/11/20 Cognism AXA Venture Partners, Investiere, London Co-Investment Fund, Newable, Oliver Wyman, PeakSpan Capital Sales acceleration platform to scale lead prospecting $22 05/11/20 EvolutionIQ n/a AI-enabled fraud detection platform $2 05/11/20 MemberHub Angel Investor Management Group, VentureSouth Communication and parent engagement platform $2 05/11/20 Onna Technologies n/a Data integration platform $25 05/11/20 Paradox.ai Brighton Park Capital Recruitment assistant that screens candidates $40 05/11/20 Sales Layer Global Omnium, Sonae IM, Swanlaab Venture Factory Product information management in the cloud $4 05/11/20 Segmint n/a Data-driven marketing platform $6 05/08/20 Electric AI 01 Advisors IT support, security, network and device management $20 05/07/20 Coder Bessemer Venture Partners, GGV Capital, In-Q-Tel, Redpoint Ventures, Uncork Capital Remote server software development platform $30 05/07/20 Diib n/a Data analytics of prescriptive insights for website optimization $4 05/07/20 Dtrex Systems Four Rivers Group, Northgate Capital, Norwest Venture Partners Insider threat protection to prevent data breaches $18 05/07/20 Groove Capital One Ventures, Level Equity, Quest Venture Partners, Uncork Capital Sales engagement platform $12 05/06/20 Corcentric Bregal Sagemount Financial process automation, procurement and asset management $80 05/06/20 Emtrain Education Growth Partners Training and e-learning platform $10

Sources: Company releases, Wall Street research

39 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 05/06/20 Ermetic Glilot Capital Partners, Norwest Venture Partners, Target Global Secure cloud access platform $10 05/06/20 Qrvey The Center for Innovative Technology AWS business data collection and analytics $8 05/06/20 Scoota Angel CoFund, Notion, VentureFounders Media advertising and interactive video-based content $2 05/06/20 StreamSets n/a Multi-cloud data management platform $9 05/06/20 Xtiva Recurring Capital Partners Sales performance and incentive compensation management $10 05/05/20 Auterion Costanoa Ventures, In-Q-Tel, Lakestar, Mosaic Ventures, Tectonic Ventures Drone tracking platform $25 05/05/20 Boosted.ai Dunamu & Partners, Polar Equity Partners, Portag3 Ventures Portfolio construction AI for investment professionals $8 05/05/20 Clear Skye Inner Loop Capital, ServiceNow Ventures, Toba Capital Identity governance platform $5 05/05/20 Cockroach Labs Altimeter Capital Management, Benchmark, Bond Capital , GV, Index Ventures, Redpoint Ventures, Sequoia Capital Open source database for scalable cloud services $87 05/05/20 eLearning Brothers Eagle Marsh Holdings, HCAP Partners, RLG Capital, Trinity Private Equity Group Online e-learning platform $38 05/05/20 Finite State Energy Impact Partners, Zetta Venture Partners IoT security for enterprise networks $13 05/05/20 GigaSpaces Technologies BRM Group, Claridge, Fortissimo Capital Cloud orchestration and data scalability platform $12 05/05/20 Jellyfish Accel, First Star Ventures, Half Court Ventures, Pillar VC, Wing Venture Capital Workflow management for software engineering teams $12 05/05/20 Knock Lead Edge Capital, Madrona Venture Group, Seven Peaks Ventures Marketing and sales performance and CRM platform $12 05/05/20 Orca Security GGV Capital, Silicon Valley CISO Investments, YL Ventures Cloud-based security platform for cloud infrastructure $21 05/05/20 Payment Works n/a Payment information security platform $2 05/05/20 Tehama BDC Industrial, Clean and Energy Technology Venture Fund, OMERS Ventures IT security infrastructure $10 05/05/20 ThreatX n/a Cloud-enabled cybersecurity platform $3 05/05/20 VNDLY Madrona Venture Group Vendor management and talent sourcing and acquisition $9 05/05/20 Workstream Basis Set Ventures, CRV, Founders Fund, Heartland Ventures Automated hiring and HR processing platform $10 05/05/20 Zeitgold AXA Konzern, Battery Ventures, b-to-v Partners, Deutsche Bank, HV Holtzbrinck Ventures, Kreos Capital AI-enabled financial mangaement technology platform $40 05/04/20 Ambidextrous Laboratories Vertex Ventures US AI-based robotic software for logistics and warehouse order fulfillment $2 05/04/20 ApplyBoard Anthos Capital, Artiman Ventures, Business Development Bank of Canada, Candou Ventures, Drive Capital Online platform to empower students $71 05/04/20 Canvas GFX n/a Technical illustration tools $2 05/04/20 Digital Guardian n/a Data protection platform $35 05/04/20 Instabug Accel Crowd-sourced code feedback platform $5 05/04/20 Knocking n/a Sales calls analytics tools $2 05/04/20 LogDNA n/a Log management platform $22 05/04/20 postal.io Mayfield Fund Direct mail automation platform $9 05/04/20 Sensor Tower Riverwood Capital Mobile application data analytics platform $45 05/04/20 Sonder Fidelity Investments, WestCap Group Short-term rental platform $163 05/04/20 Tripgrid n/a Workflow management platform $2 05/04/20 TrueHome Class 5 Global Real estate purchasing platform $1 05/01/20 Asapp Emergence Capital Partners, Euclidean Capital, HOF Capital Customer experience platform $185 05/01/20 Data Gumbo n/a Oil and gas contract automation $2 05/01/20 Hypersonix Intel Capital Data analytics platform $12 05/01/20 Klearnow Argean Capital, Autotech Ventures, GreatPoint Ventures, Monta Vista Capital Document management for the shipping industry $16 05/01/20 Numetric n/a Traffic safety data analytics platform $5 05/01/20 TransparentBusiness n/a Remote workforce management platform $10 04/30/20 Figma Andreessen Horowitz, Durable Capital Partners, Founders Fund, Greylock Partners, Index Ventures Vector graphics editor and prototyping tool $50

Sources: Company releases, Wall Street research

40 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 04/30/20 Procore D1 Capital Partners Construction management platform $150 04/30/20 Vizetto Florida Funders, Hudson Valley Equity Group, Margaret Atwood Society Presentation collaboration tools $3 04/29/20 Bigstream Cota Capital, Samsung Electronics, SK Hynix, Xilinx Big data and machine learning workflows acceleration $19 04/29/20 InsideBoard AXA Venture Partners, Entrepreneur Venture, ISAI, Orange Digital Ventures Employee engagement platform $27 04/29/20 Via n/a Operations management for asset management companies $3 04/28/20 Glofox Notion, Octopus Ventures, Partech, Silicon Valley Bank, Tribal.vc Fitness center management platform $20 04/28/20 o9 Solutions KKR Business planning platform $100 04/28/20 Pattern89 n/a Digital marketing platform $1 04/28/20 Paytronix Great Hill Partners Customer experience tools for restaurants and convenience stores $10 04/28/20 Secret Double Octopus Benhamou Global Ventures, Global Brain, Iris Capital, Jerusalem Venture Partners, KDDI Ventures Program Security authentication platform $15 04/28/20 Tecton Andreessen Horowitz, Bucky Moore, Fathom Capital, Liquid 2 Ventures, Lux Capital Management, Sequoia Capital Machine learning-driven data platform $20 04/28/20 Topia NewView Capital, Notion, Workday Ventures Talent mobility platform $15 04/27/20 Brain Corp ClearBridge Advisors, Qualcomm Ventures, Satwik Ventures, SoftBank Investment Advisers AI technology designed to serve the robotics industry $36 04/27/20 Codota e.ventures, Hetz Ventures, Khosla Ventures, TPY Capital Code search engine $12 04/27/20 Knockri Amplify Capital, Bertelsmann Digital Media Investments, Differential Ventures, MaRS Investment Accelerator Fund Soft-skills assessment tools $2 04/27/20 ReversingLabs ForgePoint Capital, JPMorgan Chase Threat detection and analysis $10 04/27/20 Templafy Global Ventures Capital Management, Insight Partners Enterprise branding tools $25 04/27/20 Walrus.ai Felicis Ventures, Homebrew, Leadout Capital Application testing tools $4 04/23/20 Creel REach Accelerator Marketing intelligence platform $4 04/23/20 Miro Accel, ICONIQ Capital Collaboration tools for cross-functional teams $50 04/23/20 Peak Cmostores.com, MMC Ventures, Praetura Capital Data analytics platform $13 04/23/20 Seamless.AI n/a Sales automation tools $2 04/23/20 SimpliRoute TheVentureCity Delivery route optimization $3 04/23/20 SingleOps Five Elms Capital CRM and field service management platform $6 04/22/20 Auditoria Engineering Capital, Firebolt Ventures, Neotribe Ventures Automation tools for finance departments $6 04/22/20 Comet.ml Founders' Co-op, Trilogy Equity Partners, Two Sigma Ventures Meta machine learning platform $5 04/22/20 Granulate Benny Sneider, Hetz Ventures, Insight Partners, TLV Partners Application performance management $12 04/22/20 Signal Vine n/a Enterprise messaging platform $1 04/22/20 Tethr Falmouth Ventures, Grotech Ventures, IAG Capital Partners, MissionOG, Purple Arch Ventures Communications intelligence platform $19 04/22/20 TrueAccord n/a Automated debt-collection platform $49 04/21/20 Confluent Altimeter Capital Management, Coatue Management, Franklin Templeton Investments, Index Ventures, Sequoia Capital Enterprise event streaming platform $250 04/21/20 ForgeRock Accel, Accenture Ventures, Foundation Capital, Kohlberg Kravis Roberts, Meritech Capital Partners, Riverwood Capital Identity management platform $93 04/21/20 Profitero Conviction Investment Partners, Scaleworks Ecommerce intelligence platform $20 04/20/20 Adverity aws Gründerfonds, Felix Capital, Mangrove Capital Partners, SAP.iO Foundry, Sapphire Ventures Online marketing platform $30 04/20/20 Avrios Columbia Lake Partners, Edenred Capital Partners, Investiere, Lakestar, Notion, Swisscom Ventures Fleet management platform $14 04/20/20 Cribl n/a Big data and log analytics tools $7 04/20/20 Guru Accel Knowledge management and verification platform $30 04/20/20 Shoptimize n/a Ecommerce technical solution platform $3 04/17/20 RefineRE n/a Real estate data management platform $1 04/16/20 Alluxio Andreessen Horowitz, Bin Zhao, Mark Leslie, Seven Seas Partners, Sujal Patel, Volcanics Venture Data orchestration platform $16

Sources: Company releases, Wall Street research

41 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 04/16/20 Anodot Aleph, Disruptive Technologies Venture Capital, Intel Capital, La Maison Investments, Redline Capital Management Analytics and anomaly detection system $35 04/16/20 Everee Origin Ventures, Rainfall Ventures, Signal Peak Ventures Payroll management platform $10 04/16/20 Greenbits Casa Verde Capital, DNS Capital, Tiger Global Management POS and store operations platform $23 04/16/20 Lucid Cross Creek, ICONIQ Capital, Meritech Capital Partners, Spectrum Equity Organizational tools for remote teams $52 04/16/20 MindsDB Amber Atherton, Berkeley SkyDeck, OpenOcean, Rogue Capital, SCM Advisors Machine learning facilitation tools $3 04/16/20 Natterbox Octopus Investments Telephony for Salesforce $9 04/16/20 RevJet n/a Advertisement experience platform $4 04/16/20 SafeBreach DNX Ventures, DTCP, Emerald Development Managers, HP Pathfinder, OCV Partners, PayPal Ventures Breach-and-attack simulation platform $19 04/16/20 VAST Data 83North, Commonfund, Dell Technologies Capital, Goldman Sachs Private Ventures, Greenfield Partners Data storage platform $100 04/16/20 Yellow Messenger Lightspeed India Partners Advisors AI-driven customer engagement platform $20 04/15/20 Attentive Bain Capital Ventures, Coatue Management, Eniac Ventures, High Alpha, IVP, NextView Ventures, Sequoia Capital Data-driven customer engagement platform $110 04/15/20 Awake Security Bain Capital Ventures, Energize Ventures, Evolution Equity Partners, Greylock Partners, Liberty Global Ventures Network security and analytics platform $36 04/15/20 Edited Beringea, Hermes GPE, Migration Capital, Wavecrest Growth Partners Product pricing for retailers $27 04/15/20 FarEye Eight Roads, Honeywell Ventures, M12, SAIF Partners Mobile field workforce management platform $24 04/15/20 Groundhog iSigma Capital Mobility intelligence solutions $7 04/15/20 Onfido More Capital, Phoenician Funds, TPG Growth Identity verification solutions $100 04/15/20 Push Technology Guinness Asset Management, Maven Capital Partners, Stephens Data distribution platform $12 04/15/20 Slite eFounders, Index Ventures, Spark Capital, Y Combinator Collaborative document collection $11 04/14/20 AI.Reverie Compound, In-Q-Tel, Resolute Ventures, SGInnovate, TechNexus Venture Collaborative, Triphammer Ventures Synthetic data for machine learning algorithms $6 04/14/20 Beyond Identity Koch Disruptive Technologies, New Enterprise Associates Passwordless identity management $30 04/14/20 Clarify Health Solutions n/a Real-time analytics and care guidance platform $13 04/14/20 Megh Computing n/a Real-time streaming analytics with AI+ acceleration $2 04/14/20 meQuilibrium n/a Employee performance platform $4 04/14/20 TransparentBusiness Wayra Workforce management platform $6 04/10/20 Building Intelligence n/a Facility management system $2 04/10/20 Fly Elysium Venture Capital, FUEL Capital, Initialized Capital Management, Liquid 2 Ventures, SV Angel, Y Combinator Application delivery network $4 04/10/20 Gupy Maya Capital, Oria Capital Employee recruitment platform $7 04/10/20 Metadata.io Acorn Pacific Ventures, Hillsven Marketing data analytics $3 04/09/20 Airbrake Elsewhere Partners Code debugging tools $11 04/09/20 Alchemy Cloud n/a Lab management platform $1 04/09/20 AmpliFund n/a Grant management platform $5 04/09/20 Cohesity Baillie Gifford, Cisco Investments, DFJ Growth, Foundation Capital, Greenspring Associates, Oryx Ventures, Sequoia Capital Data extraction tools $250 04/09/20 Double Atelier Daphni, Index Ventures Task management tools $6 04/09/20 IronNet n/a Cybersecurity platform $46 04/08/20 CargoX Farallon Capital Management, LGT Impact Ventures, The Goldman Sachs Group, Valor Capital Group Digital freight truck broker $80 04/08/20 Living Security Active Capital, Rain Capital, SaaS Ventures, Silverton Partners Data security platform $5 04/08/20 PredictiveHire Capital Zed, Hudson Global Resources, Rampersand Employee recruitment and hiring platform $3 04/08/20 Tonkean Foundation Capital, Lightspeed Venture Partners, Magma Venture Partners, Slow Ventures Business operations platform $24 04/07/20 Accellion Bregal Sagemount Cybersecurity and compliance platform $120 04/07/20 AlertMedia JMI Equity, Next Coast Ventures, Silverton Partners Emergency alerts platform $15

Sources: Company releases, Wall Street research

42 Equity Financing Activity Software Private Capital Raise Activity: Q2 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 04/07/20 Bringg GLP, Next47, OG Tech Ventures, Salesforce Ventures, Viola Growth Last mile delivery tools $30 04/07/20 CircleCI IVP, Sapphire Ventures, Scale Venture Partners Application delivery platform $100 04/07/20 CyberMDX Pitango Venture Capital, Qure Ventures, Sham Cybersecurity platform for hospitals $20 04/07/20 Decusoft FINTOP Capital Compensation and benefits management $7 04/07/20 Glassbox Alicorn, Brighton Park Capital, CEIIF, Gefen Capital, Ibex Investors, Updata Partners Ecommerce customer analytics $40 04/07/20 Node ArtCo, Canaan Partners, Galaxy Ventures, GingerBread Capital, NewView Capital Networking analytics platform $6 04/07/20 Okera Bessemer Venture Partners, ClearSky, Felicis Ventures Data access optimization platform $15 04/07/20 Podium Corporation Accel, Album VC, Alkeon Capital Management, GV, IVP, Recruit Strategic Partners, Sapphire Ventures Customer review management platform $125 04/07/20 SafetyCulture Blackbird Ventures, Skip Capital, TDM Growth Partners Workplace inspection and compliance platform $36 04/07/20 Shippo Bessemer Venture Partners, D1 Capital Partners, Uncork Capital, Union Square Ventures, Version One Ventures Shipping management tools $30 04/07/20 SourceDay ATX Venture Partners, Baird Capital, Draper Associates, Silverton Partners Purchase order management platform $13 04/07/20 StorySlab Armory Square Ventures, Doug Pinckney, Martin Babinec, RiverPark Ventures, TIA Ventures Sales enablement tools $3 04/06/20 Kryon n/a Business process automation $15 04/06/20 Orchestra Delta Capita, Prytek, Target Global Cybersecurity policy automation $8 04/06/20 Privitar ABN AMRO Investment Solutions, Accel, IQ Capital Partners, Partech, Salesforce Ventures, Warburg Pincus Enterprise privacy protection $80 04/06/20 Stellar Health Point72 Ventures, Primary Venture Partners Workflow tools for primary care providers $10 04/06/20 WorkJam Blumberg Capital, Claridge, Fonds de solidarité FTQ, Harmony Partners, Inovia Capital, Lerer Hippeau Employee engagement platform $50 04/03/20 Frame.ai G20 Ventures, Greycroft Collaborative messaging platform for the workplace $6 04/03/20 OctoML Amplify Partners, Madrona Venture Group Automated ML code generation and optimization $16 04/02/20 Cato Networks Aspect Ventures, Greylock Partners, Lightspeed Venture Partners, Singtel Innov8, US Venture Partners Enterprise network security platform $77 04/02/20 Mynd Property Management Wells Fargo Property management system for SMBs $40 04/02/20 PingThings n/a Predictive analytics and data analytics platform $2 04/01/20 Clearblade n/a IoT network management $7 04/01/20 Cloud4Wi n/a AI-driven application platform for location services $2 04/01/20 Mulberry n/a Product warranty tool for ecommerce $10

Sources: Company releases, Wall Street research

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