July 2020 The Lighthouse

Software Online & Digital Tech Enabled Business Services

A Pharus Advisors Holdings, LLC Publication | www.pharus.com Pharus Observations

Cloud Applications Seek Lofty Valuations

The cloud application industry continues its ascent with robust M&A activity across a variety of cloud-based platforms and services. As companies around the globe continue to shift to the cloud, strategic and financial buyers are on the hunt for innovative cloud-based technology acquisitions. The global public cloud services market is estimated to be growing at 6.3% in 2020, bringing the total market size to $257.9 billion by the end of the year, up from $242.7 billion in 2019. Encumbered slightly during the first half of 2020 by the COVID-19 pandemic, cloud growth is still expected to increase to 19.0% in 2021 and 18.6% in 2022, with the overall market reaching an estimated $354.6 million in 2022.

On July 28, 2020, Network International announced the acquisition of The Direct Pay Online Group (DPO Group) for $288 million. The DPO Group operates a cloud-based eCommerce processing platform that supports multiple transaction types with online and offline capabilities for consumers. As a leader within the eCommerce enablement space in Africa, The DPO Group will help expand Network International’s regional footprint and digital commerce capabilities.

Also, in late July, ESW Capital announced its intention to acquire Optiva Inc. for an estimated $256 million. Optiva provides cloud-native revenue management software to communication service providers around the world. This acquisition adds to ESW Capital’s extensive portfolio of mature software companies across a range of verticals with cloud capabilities.

On July 20, 2020, Thoma Bravo announced a definitive agreement to acquire Majesco for approximately $590 million. Majesco is a global leader of cloud insurance software solutions for insurance business transformation. Thoma Bravo has a history of acquiring and working with cloud-based platforms, and this acquisition will add to their large portfolio of technology companies.

In mid-July, L&T Technology Services (LTTS) announced the acquisition of Orchestra Technology for $25 million. Orchestra Technology develops a cloud-based platform for wireless telecommunications network engineering, testing, and automation applications. This acquisition comes as LTTS looks to expand its technology suite and widen its reach into the telecom OEM and service provider space.

In early July, Damstra Holdings announced a takeover bid of Vault Intelligence for approximately $58 million. Vault Intelligence is a workforce SaaS provider that offers cloud- based and mobile software products. Damstra, a fellow workforce SaaS provider, aims to leverage Vault’s unique cloud technologies and product suite to grow its capabilities and create a larger, more diversified workplace management company.

Sources: Company filings, Press releases, Morgan Stanley, The Seattle Times, Tech Crunch, Gartner, Pharus research A Pharus Advisors Holdings, LLC Publication | www.pharus.com 2 Table of contents

I. Capital Market Trends ……….…...... 4

II. Public Market Valuations ……………… 6

III. M&A Transactions ……………………. 23

IV. Selected Transactions …………...... 32

V. Pharus Overview ………………...... 44

If you would like to be included on (or removed from) the distribution list for The Lighthouse, please contact Cole McCourt at [email protected].

The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors Holdings, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors Holdings, LLC. 2020 Copyright Pharus Advisors Holdings, LLC.

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 3 Capital market trends

A Pharus Advisors Holdings, LLC Publication | www.pharus.com Capital market trends

Relative Performance of Major Indices Through July 31, 2020 (Base = 100, 7/31/2019)

140.00

130.00

120.00

110.00

100.00

90.00 Russell 2000 Index (^RUT) 80.00 NASDAQ Composite Index (^COMP) Dow Jones Industrial Average (^DJI) 70.00 S&P 500 (^SPX) 60.00

Change %

Index As of 31-July-20 1 Year 3 Months 1 Month

Dow Jones 26,428.32 -1.62% 8.55% 2.38%

Nasdaq 10,745.27 31.43% 20.88% 6.82%

S&P 500 3,271.12 9.76% 12.32% 5.51%

Russell 2000 1,480.43 -5.98% 12.95% 2.71%

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 5 Public market valuations

A Pharus Advisors Holdings, LLC Publication | www.pharus.com Public market valuations

Historical Median TEV / Revenue Multiples

Application Software EMS / Infrastructure Software Financial Solutions Online & Digital Media Tech Enabled Business Services 8.0x

7.0x 6.7x 6.0x 6.1x 6.0x 5.0x

4.0x 3.3x 3.0x 2.3x 2.0x

1.0x Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Application Software Customer Relationship Management (CRM) & Customer Engagement 7.9x 6.2x 7.0x 8.4x 9.1x 9.5x Accounting & Enterprise Resource Planning (ERP) 6.7x 4.8x 5.3x 5.6x 5.6x 6.0x Supply Chain Management (SCM) & Logistics 6.8x 5.2x 7.2x 8.9x 9.5x 9.9x HR & Workforce Management 3.8x 2.9x 3.3x 4.2x 4.5x 4.5x Education Technology 1.6x 1.1x 1.5x 1.7x 1.6x 2.6x Industrial & Automation Software 2.4x 1.9x 2.4x 2.6x 2.5x 2.4x Business Intelligence & Data 6.2x 4.5x 5.3x 6.0x 7.1x 7.1x Design & Engineering Software 7.0x 6.7x 7.0x 8.0x 7.9x 8.0x

EMS / Infrastructure Software

Security Software 6.4x 5.9x 6.6x 7.0x 6.7x 7.5x System and Network Management Software 3.5x 2.3x 3.0x 3.6x 3.6x 3.4x Platform / OS 4.3x 5.9x 6.1x 6.3x 6.2x 5.8x Financial Solutions

Banking Solutions 8.4x 8.0x 8.4x 7.9x 7.7x 7.7x Capital Market & Investment Solutions 6.8x 6.6x 6.8x 5.9x 5.9x 6.0x Consumer Data & Analytics 6.6x 5.8x 6.1x 6.9x 7.0x 6.7x Payment Processing 4.2x 3.6x 3.9x 3.5x 3.5x 3.5x Insurance Solutions 3.6x 3.0x 4.0x 3.6x 4.3x 4.7x Online & Digital Media

Digital Advertising & Marketing 1.6x 1.4x 1.4x 1.5x 1.7x 2.0x Digital Media & Video 5.2x 4.1x 4.4x 6.9x 6.0x 4.0x Digital Advertising Agencies & Service Providers 1.0x 1.0x 1.0x 1.0x 1.1x 1.0x Online Retail & Marketplaces 2.8x 1.7x 2.3x 2.7x 3.8x 3.4x Digital Gaming 2.6x 3.2x 3.3x 3.0x 3.4x 3.3x Social Media 4.6x 4.1x 4.1x 5.1x 4.9x 5.4x Digital Commerce Solutions 1.0x 0.9x 1.3x 1.2x 1.2x 1.3x Other Digital Companies 4.1x 3.6x 3.9x 4.2x 4.5x 4.4x Tech Enabled Business Services

IT Services, Integration & Consulting 1.5x 1.4x 1.4x 1.5x 1.5x 1.5x Business Process Management (BPM) 4.7x 3.0x 3.5x 3.7x 4.2x 4.2x Data Center Hosting & Services 5.2x 5.1x 5.9x 6.1x 5.8x 6.0x Call Center 1.1x 1.1x 1.1x 1.1x 1.2x 1.2x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 7 Public market valuations

Current & Forward Market Multiples

Median TEV/Revenue Median TEV/EBITDA LTM NTM LTM NTM Application Software Customer Relationship Management (CRM) & Customer Engagement 9.4x 8.3x 27.6x 37.8x Accounting & Enterprise Resource Planning (ERP) 7.4x 5.8x 30.8x 21.4x Supply Chain Management (SCM) & Logistics 9.9x 10.4x 35.8x 33.6x HR & Workforce Management 4.5x 4.6x 54.7x 30.1x Education Technology 2.6x 3.2x 27.7x 16.4x Industrial & Automation Software 2.4x 2.5x 16.4x 17.8x Business Intelligence & Data 7.1x 7.9x 16.9x 26.0x Design & Engineering Software 8.0x 8.0x 38.4x 28.8x EMS / Infrastructure Software Security Software 7.5x 6.5x 36.7x 29.4x System and Network Management Software 4.5x 3.2x 12.8x 13.3x Platform / OS 5.8x 5.9x 15.5x 13.9x Financial Solutions Banking Solutions 7.7x 8.1x 28.0x 22.3x Capital Market & Investment Solutions 6.0x 7.5x 23.7x 24.3x Consumer Data & Analytics 6.7x 7.1x 24.3x 20.9x Payment Processing 3.5x 3.9x 16.2x 14.8x Insurance Solutions 4.7x 8.0x 19.8x 25.6x Online & Digital Media Digital Advertising & Marketing 2.0x 2.0x 13.2x 12.7x Digital Media & Video 5.1x 4.7x 25.2x 32.2x Digital Advertising Agencies & Service Providers 1.0x 1.2x 6.1x 7.2x Online Retail & Marketplaces 3.4x 3.4x 25.3x 18.9x Digital Gaming 3.3x 3.3x 15.0x 11.3x Social Media 5.7x 5.4x 19.3x 15.3x Digital Commerce Solutions 1.3x 1.3x 8.3x 9.2x Other Digital Companies 4.4x 4.4x 20.5x 18.5x Tech Enabled Business Services IT Services, Integration & Consulting 1.5x 1.5x 11.0x 11.5x Business Process Management (BPM) 4.4x 3.8x 12.7x 12.0x Data Center Hosting & Services 6.5x 5.9x 32.2x 26.2x Call Center 1.2x 1.2x 7.8x 9.8x

Medians Application Software 6.0x 5.8x 23.6x 22.3x EMS / Infrastructure Software 6.9x 5.9x 20.8x 17.2x Financial Solutions 6.1x 7.1x 23.7x 22.3x Online & Digital Media 3.5x 3.3x 18.3x 15.2x Tech Enabled Business Services 2.3x 2.3x 11.3x 11.9x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 8 Public market valuations

Application Software

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Customer Relationship Management (CRM) & Customer Engagement x Customer Relationship Management (CRM) & Customer Engagement Five9 NasdaqGM:FIVN $2,861 $2,946 9.9x 8.5x NM 48.7x LivePersonFive9 NasdaqGS:LPSNNasdaqGM:FIVN $1,979$2,000 $2,013$2,031 9.1x7.5x 8.0x6.3x NM 64.7xNM MedalliaLivePerson NYSE:MDLANasdaqGS:LPSN $1,117$3,981 $1,175$4,337 5.0x9.4x 4.5x8.3x NM 47.0xNM NICEMINDBODY Systems TASE:NICENasdaqGM:MB $12,827$1,667 $12,690$1,870 8.5x7.7x 6.2x7.7x 27.6xNM 23.3xNM PegasystemsNICE Systems NasdaqGS:PEGATASE:NICE $6,396$9,459 $6,414$9,400 4.9x9.6x 4.3x8.2x 20.9xNM 14.3xNM Salesforce.comPegasystems NYSE:CRMNasdaqGS:PEGA $171,970$4,605 $175,560$4,860 5.7x9.4x 4.7x8.3x 56.6xNM 28.0x26.8x SDL LSE:SDL $561 $553 1.1x 1.2x 9.2x 10.1x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x Veeva NYSE:VEEV $38,396 $39,724 32.1x 26.5x NM 71.5x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Zendesk NYSE:ZEN $10,674 $10,521 11.5x 9.6x NM 93.8x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x MedianZendesk NYSE:ZEN $5,545 $5,844 11.9x9.4x 9.1x8.3x 27.6xNM 37.8xNM

AccountingMedian & Enterprise Resource Planning (ERP) 8.4x 6.2x 40.3x 29.3x Avalara, Inc. NYSE:AVLR $10,163 $10,544 24.9x 21.1x NM NM Accounting & Enterprise Resource Planning (ERP) BasWare HLSE:BAS1V $652 $597 3.6x 3.5x 40.5x 26.4x BlacklineBasWare NasdaqGS:BLHLSE:BAS1V $4,810$643 $5,013$650 15.6x3.7x 13.7x3.8x 42.9xNM NM CoupaBlackline Software NasdaqGS:COUPNasdaqGS:BL $20,567$2,110 $20,555$2,224 10.8x48.1x 39.9x8.9x NM NM IntuitCoupa Software NasdaqGS:INTUNasdaqGS:COUP $76,585$2,773 $79,893$3,023 14.7x11.2x 12.0x9.1x 42.5xNM 22.2xNM KingdeeIntuit International SEHK:268NasdaqGS:INTU $50,242$8,796 $51,728$9,198 18.3x8.6x 17.4x7.8x 27.8xNM 20.9x96.6x LinxKingdee S.A. International NYSE:LINXSEHK:268 $3,416$822 $3,593$905 9.7x5.2x 7.8x5.0x 74.3x35.5x 26.4x20.6x Model N NYSE:MODN $1,303$547 $1,318$545 3.7x8.7x 3.7x8.1x NM 64.9x91.4x Oracle NYSE:ORCL $201,456$181,553 $190,726$170,158 4.6x5.2x 4.5x5.1x 11.7x11.9x 10.6x9.5x QAD NasdaqGS:QADA $660 $770 2.2x 2.1x 67.0x 41.6x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Sage LSE:SGE $10,766 $10,453 4.2x 4.3x 13.4x 17.3x Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x SAP DB:SAP $199,752 $188,464 6.0x 5.8x 21.5x 17.2x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Upland Software NasdaqGM:UPLD $1,342 $872 5.5x 5.1x 26.0x 15.0x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x Vertex NasdaqGM:VERX $3,368 $3,369 10.0x NA NM NA Median 4.9x7.4x 4.7x5.8x 27.8x30.8x 19.4x21.4x

Supply ChainChain ManagementManagement (SCM) (SCM) & &Logistics Logistics DescartesAmber Road Systems Group TSX:DSGNYSE:AMBR $4,721$260 $4,756$247 13.7x3.3x 13.6x3.0x 35.8xNM 90.3x33.6x ManhattanDescartes SystemsAssociates Group NasdaqGS:MANHTSX:DSG $2,304$5,996 $2,289$6,085 9.7x9.9x 10.4x8.2x 29.0x46.9x 23.8x42.2x SPSManhattan Commerce Associates NasdaqGS:SPSCNasdaqGS:MANH $2,789$2,437 $2,908$2,641 4.7x8.3x 5.1x7.7x 15.2x35.8x 20.8x27.8x MedianSPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x9.9x 10.4x4.5x 52.6x35.8x 24.5x33.6x Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 9 Public market valuations

Application Software (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM HR & Workforce Management AtlassianCustomer Corporation Relationship ManagementNasdaqGS:TEAM (CRM) & Customer Engagement $42,603 $43,605 26.4x 22.2x NM 87.0x BenefitFive9 Focus NasdaqGM:BNFTNasdaqGM:FIVN $1,979$553 $2,013$376 9.1x1.9x 8.0x2.1x NM 64.7x19.9x CastLightLivePerson Health NYSE:CSLTNasdaqGS:LPSN $1,117$138 $1,175$166 5.0x0.9x 4.5x1.1x NM 47.0xNM CeridianMINDBODY HCM NYSE:CDAYNasdaqGM:MB $12,262$1,667 $11,801$1,870 14.5x8.5x 14.2x6.2x 96.5xNM 74.8xNM Cornerstone OnDemand NASDAQ: CSOD $2,186 $2,275 3.7x 2.7x 54.7x 8.8x NICE Systems TASE:NICE $6,396 $6,414 4.9x 4.3x 20.9x 14.3x DHI Group NYSE:DHX $150 $122 1.0x 1.1x 5.0x 5.2x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x Paycom NYSE:PAYC $16,205 $16,332 20.8x 18.9x 56.0x 46.7x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x Paylocity NasdaqGS:PCTY $7,053 $7,151 12.8x 11.8x 68.2x 48.1x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x TriNet Group NYSE:TNET $4,401 $4,442 1.1x 4.5x 9.3x 11.3x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Upwork NasdaqGS:UPWK $1,641 $1,729 5.2x 4.7x NM NM VerintZendesk Systems NasdaqGS:VRNTNYSE:ZEN $5,545$3,437 $5,844$2,897 11.9x2.7x 9.1x2.7x 18.5xNM 10.4xNM WorkdayMedian NasdaqGS:WDAY $42,048 $42,547 11.0x8.4x 6.2x9.7x 40.3xNM 29.3x40.2x Median 4.5x 4.6x 54.7x 30.1x Accounting & Enterprise Resource Planning (ERP) Industrial & Automation Software BasWare HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM 3MBlackline NYSE:MMMNasdaqGS:BL $103,883$2,110 $86,674$2,224 10.8x3.3x 8.9x3.2x 11.7xNM 12.3xNM ABBCoupa Software SWX:ABBNNasdaqGS:COUP $63,275$2,773 $53,338$3,023 14.7x2.3x 12.0x2.5x 16.4xNM 18.7xNM AmericanIntuit Software NasdaqGS:AMSW.ANasdaqGS:INTU $50,242$443 $51,728$534 8.6x3.8x 7.8x3.8x 27.8x44.6x 20.9x31.1x AspenKingdee Technology International NasdaqGS:AZPNSEHK:268 $3,416$6,853 $3,593$6,575 11.7x9.7x 11.6x7.8x 74.3x25.9x 26.4x22.9x Dassault ENXTPA:DSY $50,246 $47,576 9.9x 8.9x 44.5x 26.7x Model N NYSE:MODN $547 $545 3.7x 3.7x NM 64.9x Endava NYSE:DAVA $2,667 $2,713 6.4x 5.4x 55.1x 25.4x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x Emerson NYSE:EMR $42,714 $37,049 2.4x 2.6x 10.8x 13.1x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Fanuc Corporation TSE:6954 $27,487 $32,139 6.0x 5.7x 23.0x 23.2x Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x General Electric NYSE:GE $117,097 $53,132 1.3x 1.5x 11.7x 16.2x HollySysSAP Automation Tech NasdaqGS:HOLIDB:SAP $133,511$194 $133,922$732 4.9x0.4x 4.7x0.3x 18.1x1.7x 13.4x1.4x HoneywellUpland Software NYSE:HONNasdaqGM:UPLD $112,773$898 $104,825$770 8.2x3.3x 6.5x3.5x 44.4x13.6x 18.0x14.4x JohnsonMedian Controls NYSE:JCI $36,593 $28,631 4.9x1.6x 4.7x1.6x 27.8x11.6x 19.4x11.2x KUKA DB:KU2 $2,217 $1,755 0.6x 0.6x 17.8x 29.9x MaterialiseSupply Chain Management (SCM) & NasdaqGS:MTLSLogistics $1,190 $1,192 5.7x 5.9x 53.7x 41.1x Metso Outotec HLSE:MOCORP $6,249 $5,394 1.8x 1.3x 13.8x 10.2x Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x OMRON Corp TSE:6645 $12,828 $14,370 2.0x 2.1x 16.4x 16.9x ParametricDescartes SystemsTechnology Group NasdaqGS:PTCTSX:DSG $10,804$2,304 $2,289$9,899 9.7x7.7x 8.2x7.2x 29.0x32.5x 23.8x21.8x RockwellManhattan Automation Associates NYSE:ROKNasdaqGS:MANH $27,442$2,789 $25,297$2,908 4.7x4.2x 5.1x4.3x 15.2x19.6x 20.8x22.3x SchneiderSPS Commerce Electric ENXTPA:SUNasdaqGS:SPSC $69,692$1,126 $62,220$1,292 4.9x2.3x 4.5x2.3x 52.6x12.8x 24.5x13.2x SiemensMedian DB:SIE $147,351 $101,816 4.8x1.4x 4.8x2.2x 29.0x12.5x 24.1x15.4x YASKAWA Electric Corp TSE:6506 $8,957 $8,620 2.4x 2.4x 23.2x 21.6x Yokogawa Electric Corp. TSE:6841 $3,704 $4,049 1.0x 1.0x 7.0x 7.4x Median 2.4x 2.5x 16.4x 17.8x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 10 Public market valuations

Application Software (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Education Technology Customer Relationship Management (CRM) & Customer Engagement Blackbaud NasdaqGS:BLKB $3,562 $3,018 3.9x 3.9x 24.7x 16.4x K12Five9 NYSE:LRNNasdaqGM:FIVN $1,979$1,900 $2,013$1,805 9.1x1.8x 8.0x1.7x 30.7xNM 64.7x13.1x RosettaLivePerson Stone NYSE:RSTNasdaqGS:LPSN $1,117$629 $1,175$658 5.0x3.4x 4.5x3.2x NM 47.0x81.6x SunlandsMINDBODY Online Education Group NYSE:STGNasdaqGM:MB $1,667$225 $1,870$313 8.5x0.7x 6.2xNA NM NMNA MedianNICE Systems TASE:NICE $6,396 $6,414 4.9x2.6x 4.3x3.2x 20.9x27.7x 14.3x16.4x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x BusinessSalesforce.com Intelligence & Data NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x AlteryxSDL NYSE:AYXLSE:SDL $11,567$462 $11,576$493 25.7x1.2x 21.8x1.2x 13.7xNM 11.4xNM AppFolioVeeva NasdaqGM:APPFNYSE:VEEV $10,157$4,838 $11,075$4,768 14.0x17.8x 11.8x13.6x 59.6xNM 35.5x74.8x CardyliticsZendesk NasdaqGM:CDLXNYSE:ZEN $5,545$1,702 $5,844$1,791 11.9x7.7x 9.1x8.6x NM NM Cloudera NYSE:CLDR $3,129 $3,329 3.8x 3.7x NM 17.8x Median 8.4x 6.2x 40.3x 29.3x Corelogic NYSE:CLGX $6,995 $5,416 3.9x 3.7x 15.0x 11.9x CoStar Group NasdaqGS:CSGP $30,793 $33,453 20.3x 17.5x 64.6x 53.7x Accounting & Enterprise Resource Planning (ERP) Datadog NasdaqGS:DDOG $27,364 $28,100 64.5x 45.2x NM NM Domo,BasWare Inc. NasdaqGM:DOMOHLSE:BAS1V $953$643 $927$650 3.7x5.3x 3.8xNM 42.9xNM NM Blackline NasdaqGS:BL $2,110 $2,224 10.8x 8.9x NM NM Elastic N.V. NYSE:ESTC $7,940 $8,203 18.6x NM NM NM Coupa Software NasdaqGS:COUP $2,773 $3,023 14.7x 12.0x NM NM Gridsum Holding NasdaqGS:GSUM $103 $26 2.2x NA NM NA Intuit NasdaqGS:INTU $50,242 $51,728 8.6x 7.8x 27.8x 20.9x Health Catalyst NasdaqGS:HCAT $1,174 $1,326 7.1x NM NM NM InovalonKingdee HoldingsInternational NASDAQ:INOVSEHK:268 $3,416$4,602 $3,593$3,655 9.7x7.0x 7.8x6.4x 74.3x23.9x 26.4x18.6x MicroStrategyModel N NasdaqGS:MSTRNYSE:MODN $778$547 $1,200$545 3.7x1.6x 3.7xNA 13.6xNM 64.9xNA MMTECOracle NasdaqCM:MTCNYSE:ORCL $181,553$23 $190,726$26 115.7x4.6x 4.5xNA 11.7xNM 9.5xNA MongoDBQAD NasdaqGM:MDBNasdaqGS:QADA $13,358$833 $13,315$964 28.9x2.5x 24.2x2.5x NM 47.1xNM NantHealthSage NasdaqGS:NHLSE:SGE $10,410$669 $9,538$498 4.4x7.1x 4.1x8.8x 16.8xNM 14.2xNA NewSAP Relic NYSE:NEWRDB:SAP $133,511$3,961 $133,922$4,272 4.9x6.6x 4.7x5.9x 18.1xNM 13.4x60.4x OpenUpland Text Software NasdaqGS:OTEXNasdaqGM:UPLD $15,213$898 $12,194$770 8.2x5.0x 6.5x4.6x 44.4x15.7x 18.0x13.0x PROS Holdings NYSE:PRO $1,340 $1,414 5.1x 5.3x NM NM Median 4.9x 4.7x 27.8x 19.4x Sabre NasdaqGS:SABR $5,232 $2,083 1.5x 2.9x 16.9x NM Splunk NasdaqGS:SPLK $33,735 $33,334 14.2x 13.3x NM NM TrueCarSupply Chain Management (SCM) & NasdaqGS:TRUELogistics $261 $403 0.7x 1.1x NM NM VaronisAmber RoadSystems NasdaqGS:VRNSNYSE:AMBR $3,346$260 $3,410$247 13.3x3.3x 11.5x3.0x NM 90.3xNM WorkivaDescartes Systems Group NYSE:WKTSX:DSG $2,304$2,464 $2,289$2,635 9.7x7.9x 8.2x7.1x 29.0xNM 23.8xNM YextManhattan Associates NYSE:YEXTNasdaqGS:MANH $2,789$1,863 $2,908$1,980 4.7x5.9x 5.1x5.1x 15.2xNM 20.8xNM ZoomInfoSPS Commerce Technologies NasdaqGS:ZINasdaqGS:SPSC $1,126$7,557 $1,292$6,137 22.2x4.9x 16.3x4.5x 52.6x74.4x 24.5x33.4x Median 7.1x 7.9x 16.9x 26.0x Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 11 Public market valuations

Application Software (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Design & Engineering Software Customer Relationship Management (CRM) & Customer Engagement Ansys NasdaqGS:ANSS $26,417 $26,586 17.6x 16.2x 49.8x 37.1x AltairFive9 Engineering NasdaqGS:ALTRNasdaqGM:FIVN $1,979$2,897 $2,013$2,937 9.1x6.3x 8.0x6.4x 76.8xNM 64.7x83.7x AuroraLivePerson Mobile NasdaqGM:JGNasdaqGS:LPSN $1,117$191 $1,175$212 5.0x1.7x 4.5xNA NM 47.0xNA AutodeskMINDBODY NasdaqGS:ADSKNasdaqGM:MB $52,441$1,667 $51,825$1,870 15.3x8.5x 13.6x6.2x 78.7xNM 43.4xNM AvevaNICE SystemsGroup LSE:AVVTASE:NICE $6,396$8,717 $6,414$8,775 4.9x8.0x 4.3x8.3x 20.9x38.4x 14.3x28.8x CadencePegasystems Design Systems NasdaqGS:CDNSNasdaqGS:PEGA $29,965$4,605 $30,458$4,860 12.3x5.7x 11.1x4.7x 43.9xNM 28.0x31.0x HexagonSalesforce.com OM:HEXANYSE:CRM B $92,910$26,277 $96,081$23,930 8.4x5.8x 6.7x5.7x 86.1x20.2x 29.3x15.4x Progress Software NasdaqGS:PRGS $1,692 $1,570 3.9x 3.8x 11.1x 9.7x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x RIB Software AG DB:RIB $1,313 $1,431 4.4x 3.8x 20.7x 15.4x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Synopsys NasdaqGS:SNPS $29,960 $30,040 8.8x 7.8x 38.0x 23.8x Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM Twilio NYSE:TWLO $37,658 $38,853 29.7x 23.5x NM NM Median 8.4x8.0x 6.2x8.0x 40.3x38.4x 29.3x28.8x

Accounting & Enterprise Resource Planning (ERP) BasWare HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM Blackline NasdaqGS:BL $2,110 $2,224 10.8x 8.9x NM NM Coupa Software NasdaqGS:COUP $2,773 $3,023 14.7x 12.0x NM NM Intuit NasdaqGS:INTU $50,242 $51,728 8.6x 7.8x 27.8x 20.9x Kingdee International SEHK:268 $3,416 $3,593 9.7x 7.8x 74.3x 26.4x Model N NYSE:MODN $547 $545 3.7x 3.7x NM 64.9x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x

Median 4.9x 4.7x 27.8x 19.4x

Supply Chain Management (SCM) & Logistics Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x

Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 12 Public market valuations

EMS / Infrastructure Software

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Security Software x CheckCustomer Point Relationship Software ManagementNasdaqGS:CHKP (CRM) & Customer Engagement $15,982 $17,574 7.9x 7.7x 17.4x 15.7x CheetahFive9 Mobile NYSE:CMCMNasdaqGM:FIVN $1,979$29 $2,013$342 9.1x0.1x 8.0x0.1x NM 64.7xNA CrowdStrikeLivePerson NasdaqGS:CRWDNasdaqGS:LPSN $23,486$1,117 $24,450$1,175 41.7x5.0x 28.5x4.5x NM 47.0xNM CyberArkMINDBODY Software NasdaqGS:CYBRNasdaqGM:MB $1,667$3,964 $1,870$4,564 8.5x8.9x 6.2x8.0x 64.4xNM 38.8xNM Everbridge NasdaqGM:EVBG $4,864 $4,906 22.4x 17.5x NM NM NICE Systems TASE:NICE $6,396 $6,414 4.9x 4.3x 20.9x 14.3x FireEye NasdaqGS:FEYE $3,486 $3,379 3.8x 3.8x NM 24.0x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x ForeScout NasdaqGM:FSCT $1,397 $1,438 4.4x 4.1x NM NM Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x Fortinet NasdaqGS:FTNT $20,998 $22,356 9.3x 8.1x 45.8x 29.2x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Mimecast NasdaqGS:MIME $3,026 $2,970 7.1x 5.9x 37.7x 30.1x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x MobileIron NasdaqGS:MOBL $653 $728 3.0x 3.2x NM NM OktaZendesk NasdaqGS:OKTANYSE:ZEN $27,250$5,545 $27,536$5,844 11.9x42.3x 33.0x9.1x NM NM OneSpanMedian NasdaqCM:OSPN $1,162 $1,252 8.4x4.4x 6.2x4.5x 40.3x34.2x 29.3x46.0x Palo Alto Networks NYSE:PANW $24,528 $24,688 7.5x 6.5x NM 29.1x Ping Identity Holding NYSE:PING $2,764 $2,764 10.9x 10.7x NM 97.8x Accounting & Enterprise Resource Planning (ERP) Proofpoint NasdaqGM:PFPT $6,531 $6,667 6.7x 5.9x NM 38.1x QualysBasWare NasdaqGS:QLYSHLSE:BAS1V $4,528$643 $4,811$650 13.6x3.7x 12.3x3.8x 42.9x36.7x 29.4xNM Rapid7Blackline NasdaqGM:RPDNasdaqGS:BL $2,110$3,036 $2,224$3,008 10.8x8.7x 8.9x7.5x NM NM SecureWorksCoupa Software NasdaqGS:SCWXNasdaqGS:COUP $2,773$855 $3,023$982 14.7x1.5x 12.0x1.5x 63.9xNM 61.2xNM TenableIntuit NasdaqGS:TENBNasdaqGS:INTU $50,242$3,248 $51,728$3,436 8.6x8.1x 7.8x7.0x 27.8xNM 20.9xNM TrendKingdee Micro International TSE:4704SEHK:268 $3,416$6,614 $3,593$8,101 9.7x4.2x 7.8x4.0x 74.3x12.7x 26.4x12.7x TufinModel Software N NYSE:TUFNNYSE:MODN $243$547 $337$545 3.7x2.4x 3.7x2.4x NM 64.9xNM ZixOracle NasdaqGS:ZIXINYSE:ORCL $181,553$679 $190,726$388 4.6x3.5x 4.5x3.1x 11.7x14.9x 13.0x9.5x ZscalerQAD NasdaqGS:ZSNasdaqGS:QADA $16,597$833 $16,948$964 42.4x2.5x 31.9x2.5x NM 47.1xNM MedianSage LSE:SGE $10,410 $9,538 4.4x7.5x 4.1x6.5x 16.8x36.7x 14.2x29.4x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x SystemUpland Software and Network Management SoftwareNasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x

A10Median Networks NYSE:ATEN $517 $630 4.9x2.4x 4.7x2.2x 27.8x20.0x 19.4x12.8x Anaplan NYSE:PLAN $5,995 $6,246 15.9x 13.2x NM NM CloudflareSupply Chain Management (SCM) & NYSE:NETLogistics $12,097 $12,638 38.2x 28.8x NM NM CommVault Systems NasdaqGS:CVLT $1,704 $2,045 2.5x 2.5x 45.4x 14.2x Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Jamf Holding Corp. NasdaqGS:JAMF $4,903 $4,724 22.3x NA NM NA MicroDescartes Focus Systems Group LSE:MCROTSX:DSG $2,304$5,815 $2,289$1,218 9.7x1.8x 8.2x2.0x 29.0x5.6x 23.8x5.4x NetscoutManhattan Systems Associates NasdaqGS:NTCTNasdaqGS:MANH $2,789$1,949 $2,908$1,845 4.7x2.2x 5.1x2.2x 15.2x11.7x 20.8x9.7x NutanixSPS Commerce NasdaqGS:NTNXNasdaqGS:SPSC $1,126$4,336 $1,292$4,428 4.9x3.4x 4.5x3.2x 52.6xNM 24.5xNM OneMedian Stop Systems NasdaqCM:OSS $34 $36 4.8x0.6x 4.8x0.6x 29.0x11.3x 24.1x9.9x Parsons Corporation NYSE:PSN $3,990 $3,506 1.0x 1.0x 12.8x 11.3x SailPoint NYSE:SAIL $2,734 $2,841 9.0x 8.4x NM NM ServiceNow NYSE:NOW $83,095 $84,239 21.0x 17.0x NM 54.4x Software XTRA:SOW $3,129 $3,466 3.0x 3.2x 11.3x 13.3x SolarWinds NYSE:SWI $7,507 $5,725 7.8x 7.3x 31.1x 15.7x Vmware NYSE:VMW $61,483 $58,755 5.5x 5.2x 26.2x 15.6x Dynatrace NYSE:DT $12,066 $11,757 20.8x 17.6x NM 66.1x

Median 4.5x 3.2x 12.8x 13.3x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 13 Public market valuations

EMS / Infrastructure Software (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Platform / OS x Customer Relationship Management (CRM) & Customer Engagement Citrix Systems NasdaqGS:CTXS $18,698 $17,635 5.8x 5.9x 21.6x 18.7x Hewlett-PackardFive9 NYSE:HPQNasdaqGM:FIVN $27,726$1,979 $25,139$2,013 9.1x0.5x 8.0x0.5x 5.0xNM 64.7x6.3x FastlyLivePerson NYSE:FSLYNasdaqGS:LPSN $1,117$9,943 $10,029$1,175 45.6x5.0x 32.2x4.5x NM 47.0xNM IBMMINDBODY NYSE:IBMNasdaqGM:MB $165,286$1,667 $109,488$1,870 8.5x2.2x 6.2x2.2x 9.3xNM 9.2xNM MicrosoftNICE Systems Corp. NasdaqGS:MSFTTASE:NICE $1,497,749$6,396 $1,552,131$6,414 10.5x4.9x 4.3x9.6x 20.9x22.3x 14.3x20.5x MedianPegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x5.8x 4.7x5.9x 15.5xNM 28.0x13.9x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM

Median 8.4x 6.2x 40.3x 29.3x

Accounting & Enterprise Resource Planning (ERP) BasWare HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM Blackline NasdaqGS:BL $2,110 $2,224 10.8x 8.9x NM NM Coupa Software NasdaqGS:COUP $2,773 $3,023 14.7x 12.0x NM NM Intuit NasdaqGS:INTU $50,242 $51,728 8.6x 7.8x 27.8x 20.9x Kingdee International SEHK:268 $3,416 $3,593 9.7x 7.8x 74.3x 26.4x Model N NYSE:MODN $547 $545 3.7x 3.7x NM 64.9x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x

Median 4.9x 4.7x 27.8x 19.4x

Supply Chain Management (SCM) & Logistics Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x

Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 14 Public market valuations

Financial Solutions

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Banking Solutions x BlackCustomer Knight Relationship ManagementNYSE:BKI (CRM) & Customer Engagement $13,261 $11,643 11.2x 11.1x 38.3x 22.5x BottomlineFive9 Technologies NasdaqGS:EPAYNasdaqGM:FIVN $1,979$2,149 $2,013$2,120 9.1x4.9x 8.0x4.7x 46.4xNM 64.7x22.3x FidelityLivePerson National NYSE:FISNasdaqGS:LPSN $109,589$1,117 $90,395$1,175 5.0x9.7x 4.5x8.3x 28.0xNM 47.0x19.0x FiservMINDBODY NasdaqGS:FISVNasdaqGM:MB $89,583$1,667 $66,808$1,870 8.5x7.2x 6.2x5.8x 22.2xNM 15.2xNM GreenSkyNICE Systems NasdaqGS:GSKYTASE:NICE $6,396$397 $6,414$361 4.9x0.7x 4.3x0.8x 20.9x2.6x 14.3x6.3x Jack Henry & Associates NasdaqGS:JKHY $13,674 $13,661 8.1x 7.8x 28.0x 24.8x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x Pintec Technology NasdaqGM:PT $176 $51 1.0x NA NM NA Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x Q2 Holdings NYSE:QTWO $5,365 $5,004 15.9x 12.9x NM NM SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Senmiao Technology Limited NasdaqCM:AIHS $25 $20 1.6x NA NM NA TemenosVeeva Group SWX:TEMNNYSE:VEEV $10,157$11,703 $11,075$10,666 14.0x12.1x 11.8x12.4x 59.6x41.2x 35.5x26.8x Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM Median 7.7x 8.1x 28.0x 22.3x Median 8.4x 6.2x 40.3x 29.3x Capital Market & Investment Solutions

EnvestnetAccounting & Enterprise Resource PlanningNYSE:ENV (ERP) $4,972 $4,345 5.3x 5.1x 38.7x 23.7x FactSetBasWare Research Systems NYSE:FDSHLSE:BAS1V $13,562$643 $13,157$650 3.7x9.2x 3.8x8.8x 42.9x23.7x 25.1xNM IRESSBlackline ASX:IRENasdaqGS:BL $2,110$1,584 $2,224$1,404 10.8x4.3x 8.9x3.9x 17.5xNM 16.9xNM MoodysCoupa Software NYSE:MCONasdaqGS:COUP $57,683$2,773 $52,799$3,023 14.7x11.1x 12.0x11.5x 21.5xNM 24.9xNM MorningstarIntuit NasdaqGS:MORNNasdaqGS:INTU $50,242$7,475 $51,728$7,191 8.6x5.8x 7.8xNA 27.8x23.3x 20.9xNA MSCIKingdee International NYSE:MSCISEHK:268 $33,604$3,416 $31,446$3,593 20.7x9.7x 19.2x7.8x 74.3x36.2x 26.4x34.3x SimCorpModel N CPSE:SIMNYSE:MODN $4,680$547 $4,633$545 3.7x8.6x 3.7x8.7x 29.4xNM 64.9x33.3x SS&C Technologies Holdings NasdaqGS:SSNC $21,707 $14,734 4.7x 4.7x 12.2x 11.9x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x Thomson Reuters TSX:TRI $37,663 $34,643 6.0x 6.3x 49.6x 19.9x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x MedianSage LSE:SGE $10,410 $9,538 4.4x6.0x 4.1x7.5x 16.8x23.7x 14.2x24.3x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Consumer Data & Analytics Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x Equifax NYSE:EFX $22,813 $19,744 6.1x 6.0x 24.3x 17.3x Median 4.9x 4.7x 27.8x 19.4x Experian LSE:EXPN $36,403 $31,917 6.7x 7.1x 21.0x 20.9x Fair Isaac NYSE:FICO $13,643 $12,736 11.1x 10.8x 39.9x 31.8x Supply Chain Management (SCM) & Logistics Median 6.7x 7.1x 24.3x 20.9x Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x

Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 15 Public market valuations

Financial Solutions (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Payment Processing x ACICustomer Worldwide Relationship ManagementNasdaqGS:ACIW (CRM) & Customer Engagement $4,418 $3,106 3.3x 3.2x 18.4x 12.7x CieloFive9 BOVESPA:CIEL3NasdaqGM:FIVN $1,979$4,263 $2,013$2,805 9.1x2.0x 8.0x1.9x 11.0xNM 64.7x14.1x EuronetLivePerson Worldwide NasdaqGS:EEFTNasdaqGS:LPSN $1,117$5,014 $1,175$5,019 5.0x1.9x 4.5x2.0x 7.9xNM 47.0x14.9x EVOMINDBODY Payments NasdaqGM:EVOPNasdaqGM:MB $1,667$1,830 $1,870$939 8.5x3.8x 6.2x4.2x 14.0xNM 13.2xNM GlobalNICE Systems Payments NYSE:GPNTASE:NICE $61,818$6,396 $53,247$6,414 10.4x4.9x 4.3x8.6x 20.9x26.7x 14.3x18.3x i3 Verticals, Inc. NasdaqGS:IIIV $549 $364 1.9x 3.7x 20.0x 14.7x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x Net 1 Ueps Technologies NasdaqGS:UEPS $27 $176 0.1x 0.2x NM NM Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x PagSeguro Digital NYSE:PAGS $11,851 $12,531 16.4x 9.3x NM 25.4x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Square NYSE: SQ $56,715 $57,050 11.0x 10.5x NM NM Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x StoneCo Ltd. NasdaqGS:STNE $13,692 $13,219 60.0x 22.1x NM 36.8x Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM Median 3.5x 3.9x 16.2x 14.8x Median 8.4x 6.2x 40.3x 29.3x Insurance Solutions CorVelAccounting & Enterprise Resource PlanningNasdaqGS:CRVL (ERP) $1,446 $1,431 2.4x NA 14.7x NA EbixBasWare NasdaqGS:EBIXHLSE:BAS1V $1,382$643 $673$650 3.7x2.4x 3.8x2.5x 42.9x7.5x NMNA GuidewireBlackline Software NYSE:GWRENasdaqGS:BL $2,110$9,180 $2,224$9,787 10.8x13.0x 12.3x8.9x NM 90.3xNM Sapiens International NasdaqCM:SPNS $1,583 $1,535 4.7x 4.0x 24.9x 22.5x Coupa Software NasdaqGS:COUP $2,773 $3,023 14.7x 12.0x NM NM Verisk NasdaqGS:VRSK $33,746 $30,620 12.6x 12.1x 29.6x 25.6x Intuit NasdaqGS:INTU $50,242 $51,728 8.6x 7.8x 27.8x 20.9x Median 4.7x 8.0x 19.8x 25.6x Kingdee International SEHK:268 $3,416 $3,593 9.7x 7.8x 74.3x 26.4x Model N NYSE:MODN $547 $545 3.7x 3.7x NM 64.9x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x

Median 4.9x 4.7x 27.8x 19.4x

Supply Chain Management (SCM) & Logistics Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x

Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 16 Public market valuations

Online & Digital

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Digital Advertising & Marketing

AlphabetCustomer Relationship ManagementNasdaqGS:GOOG.L (CRM) & Customer Engagement $905,448 $1,010,385 5.5x 4.8x 18.6x 14.0x BaiduFive9 NasdaqGS:BIDUNasdaqGM:FIVN $32,239$1,979 $41,153$2,013 9.1x2.2x 8.0x2.0x 7.8xNM 64.7x11.0x CriteoLivePerson NasdaqGS:CRTONasdaqGS:LPSN $1,117$593 $1,175$822 5.0x0.3x 4.5x0.8x 1.7xNM 47.0x3.3x HubspotMINDBODY NYSE:HUBSNasdaqGM:MB $1,667$9,877 $10,235$1,870 13.7x8.5x 11.8x6.2x NM NM iClickNICE InteractiveSystems NasdaqGM:ICLKTASE:NICE $6,396$631 $6,414$592 4.9x3.0x 4.3x2.5x 20.9xNM 14.3x72.2x Marin Software NasdaqGM:MRIN $15 $10 0.3x NA NM NA Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x Perion Network NasdaqGS:PERI $142 $159 0.5x 0.5x 6.4x 6.5x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x QuinStreet NasdaqGS:QNST $524 $607 1.1x 1.0x 21.0x 12.7x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x SINA Corp NasdaqGS:SINA $3,208 $2,638 1.5x 1.5x 6.0x 7.2x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Sogou NYSE:SOGO $2,243 $3,373 1.9x 1.9x 19.3x 31.9x Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM The Rubicon Project NasdaqGS:MGNI $594 $645 3.7x 3.0x NM NM YandexMedian NasdaqGS:YNDX $18,391 $20,089 8.4x7.1x 6.2x4.9x 40.3x36.5x 29.3x25.2x Median 2.0x 2.0x 13.2x 12.7x Accounting & Enterprise Resource Planning (ERP) DigitalBasWare Media & Video HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM NetflixBlackline NasdaqGS:ADBENasdaqGS:BL $213,471$2,110 $213,125$2,224 10.8x17.7x 15.7x8.9x 47.8xNM 32.2xNM BilibiliCoupa Software NasdaqGS:BILINasdaqGS:COUP $14,634$2,773 $15,141$3,023 14.7x13.4x 12.0x8.6x NM NM BlucoraIntuit NasdaqGS:BCORNasdaqGS:INTU $50,242$867 $51,728$564 8.6x1.1x 7.8x1.1x 27.8x10.0x 20.9x6.6x BrightcoveKingdee International NasdaqGS:BCOVSEHK:268 $3,416$409 $3,593$417 9.7x2.2x 7.8x2.1x 74.3x43.6x 26.4x45.5x DigimarcModel N NasdaqGS:DMRCNYSE:MODN $148$547 $171$545 3.7x6.2x 3.7x5.7x NM 64.9xNA HUYA Inc. NYSE:HUYA $3,895 $5,338 3.0x 2.3x 56.4x 21.7x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x IAC/Interactive NasdaqGS:IAC $9,938 $11,273 3.6x 3.3x NM 55.9x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x iQIYI NasdaqGS:IQ $16,707 $15,480 4.0x 3.7x 13.8x NM Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x Leaf Group NYSE:LEAF $134 $138 0.8x 0.7x NM 41.0x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Netflix NasdaqGS:NFLX $226,159 $215,604 10.0x 8.4x 56.4x 42.3x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x Pluralsight NasdaqGS:PS $2,579 $2,369 7.2x 6.3x NM NM QutoutiaoMedian NasdaqGS:QTT $918 $822 4.9x1.1x 4.7x1.0x 27.8xNM 19.4xNM Roku NasdaqGS:ROKU $18,610 $18,698 15.0x 11.7x NM NM SonicSupply Foundry Chain Management (SCM) & OTCPK:SOFOLogistics $37 $33 1.0x NA 9.9x NA VeriSign NasdaqGS:VRSN $24,911 $24,312 20.0x 19.4x 28.8x 27.4x Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Xperi NasdaqGS:XPER $2,328 $2,121 6.8x 2.7x 21.5x 6.5x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Xunlei NasdaqGS:XNET $12 $251 0.1x NA 0.5x NA ZoomManhattan Video Associates Communications Nasdaq:ZMNasdaqGS:MANH $70,595$2,789 $71,629$2,908 85.2x4.7x 35.7x5.1x 15.2xNM 20.8xNM SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x Median 5.1x 4.7x 25.2x 32.2x Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 17 Public market valuations

Online & Digital (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Digital Advertising Agencies & Service Providers

DentsuCustomer Relationship ManagementTSE:4324 (CRM) & Customer Engagement $10,082 $6,088 1.0x 1.1x 6.1x 6.8x IPGFive9 NYSE:IPGNasdaqGM:FIVN $11,716$1,979 $2,013$7,033 9.1x1.4x 8.0x1.5x 7.3xNM 64.7x9.4x M&CLivePerson Saatchi AIM:SAANasdaqGS:LPSN $1,117$133 $1,175$85 5.0x0.2x 4.5x0.4x 3.1xNM 47.0x2.6x MDCMINDBODY Partners NasdaqGS:MDCANasdaqGM:MB $1,667$1,445 $1,870$165 8.5x1.0x 6.2xNA 6.7xNM NMNA OmnicomNICE Systems NYSE:OMCTASE:NICE $15,788$6,396 $11,545$6,414 4.9x1.1x 4.3x1.2x 20.9x6.7x 14.3x7.7x Publiclis ENXTPA:PUB $13,748 $7,648 1.0x 1.2x 4.8x 5.5x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x WPP LSE:WPP $14,542 $9,076 0.8x 1.2x 5.7x 7.6x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x MedianSDL LSE:SDL $462 $493 1.2x1.0x 1.2x 13.7x6.1x 11.4x7.2x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Online Retail & Marketplaces Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM 1-800-Flowers.com NasdaqGS:FLWS $1,751 $1,816 1.3x 1.1x 14.1x 13.0x Median 8.4x 6.2x 40.3x 29.3x Alibaba NYSE:BABA $664,694 $678,925 9.2x 7.0x 34.4x 23.9x Amazon NasdaqGS:AMZN $1,605,515 $1,585,505 5.0x 4.1x 36.0x 27.2x ASOSAccounting & Enterprise Resource PlanningAIM:ASC (ERP) $5,028 $4,390 1.3x 1.1x 33.1x 18.6x BlueBasWare Apron NYSE:APRNHLSE:BAS1V $206$643 $162$650 3.7x0.5x 3.8x0.4x 42.9xNM 18.7xNM boohoo.comBlackline AIM:BOONasdaqGS:BL $2,110$3,707 $2,224$3,979 10.8x2.3x 8.9x1.8x 25.0xNM 19.3xNM BookingCoupa Software Holding NasdaqGS:BKNGNasdaqGS:COUP $70,057$2,773 $68,032$3,023 14.7x4.8x 12.0x10.4x 11.9xNM 79.8xNM CangoIntuit NYSE:CANGNasdaqGS:INTU $50,242$783 $51,728$847 8.6x4.2x 7.8x3.4x 27.8x20.1x 20.9xNA CarGurusKingdee International NasdaqGS:CARGSEHK:268 $3,416$3,176 $3,593$3,255 9.7x5.2x 7.8x6.1x 74.3x53.7x 26.4x48.6x CarvanaModel N NYSE:CVNANYSE:MODN $12,473$547 $10,716$545 3.7x2.9x 3.7x2.2x NM 64.9xNM Dada Nexus NasdaqGS:DADA $6,065 $5,145 11.7x 6.3x NM NM Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x Ebay NasdaqGS:EBAY $42,477 $38,689 3.8x 3.9x 11.9x 10.6x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Eventbrite NYSE:EB $423 $773 1.4x 3.2x NM NM Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x Expedia NasdaqGS:EXPE $18,552 $11,440 2.0x 2.8x 78.3x 30.6x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Fiverr NYSE:FVRR $3,144 $3,281 26.8x 19.8x NM NM Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x Groupon NasdaqGS:GRPN $287 $440 0.1x 0.3x 5.0x 13.3x GrubhubMedian NYSE:GRUB $6,750 $6,663 4.9x4.5x 4.7x3.7x 27.8xNM 19.4x56.1x EverQuote, Inc. NasdaqGM:EVER $1,421 $1,472 5.1x 4.1x NM 80.9x OcadoSupply Group Chain Management (SCM) & LSE:OCDOLogistics $19,658 $19,884 7.6x 6.5x NM NM Overstock NasdaqGM:OSTK $2,860 $3,049 1.5x 1.3x NM NM Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Pinduoduo Inc. NasdaqGS:PDD $105,068 $109,942 23.2x 12.8x NM NM Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Quotient Technology NYSE:QUOT $702 $720 1.6x 1.5x 91.4x 14.2x RakutenManhattan Associates TSE:4755NasdaqGS:MANH $14,369$2,789 $12,396$2,908 4.7x1.2x 5.1x1.0x 15.2xNM 20.8x12.9x RumbleONSPS Commerce NasdaqCM:RMBLNasdaqGS:SPSC $1,126$142 $1,292$49 4.9x0.2x 4.5x0.3x 52.6xNM 24.5xNM ShutterstockMedian NYSE:SSTK $1,673 $1,940 4.8x2.6x 4.8x2.5x 29.0x25.6x 24.1x15.2x So-Young International NasdaqGM:SY $1,157 $1,522 7.3x 4.2x 66.0x 17.9x Stamps.com NasdaqGS:STMP $4,313 $4,447 7.3x 7.0x 34.0x 27.8x The Trade Desk NasdaqGM:TTD $20,711 $20,787 29.6x 28.8x NM NM TripAdvisor NasdaqGS:TRIP $2,642 $2,715 1.8x 4.5x 12.3x NM Wayfair NYSE:W $26,801 $25,181 2.8x 1.9x NM NM JMU NasdaqCM:MFH $27 $28 15.7x NA 13.9x NA Yelp NYSE:YELP $1,546 $1,796 1.5x 2.0x 17.7x 18.9x Median 3.4x 3.4x 25.3x 18.9x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 18 Public market valuations

Online & Digital (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Digital Gaming

ActivisionCustomer Relationship ManagementNasdaqGS:ATVI (CRM) & Customer Engagement $60,360 $63,665 9.4x 8.4x 29.4x 20.9x CapcomFive9 TSE:9697NasdaqGM:FIVN $1,979$3,626 $2,013$4,172 9.1x4.7x 8.0x4.8x 15.0xNM 64.7x11.3x DouYuLivePerson International NasdaqGS:DOYUNasdaqGS:LPSN $1,117$3,163 $1,175$4,273 5.0x2.8x 4.5x2.1x 84.4xNM 47.0x20.3x ElectronicMINDBODY Arts NasdaqGS:EANasdaqGM:MB $35,924$1,667 $40,888$1,870 8.5x6.2x 6.2x6.3x 21.8xNM 18.5xNM GreeNICE Systems TSE:3632TASE:NICE $6,396$124 $6,414$938 4.9x0.2x 4.3x0.2x 20.9x2.5x 14.3x2.6x Konami TSE:9766 $3,114 $4,053 1.3x 1.4x 5.7x 6.3x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x NetDragon WebSoft SEHK:777 $1,349 $1,608 1.6x 1.4x 7.1x 6.2x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x Net Entertainment OM:NET B $2,383 $2,149 10.4x 9.1x 26.5x 15.8x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Nintendo TSE:7974 $40,838 $52,350 3.3x 3.3x 11.7x 10.9x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Playtech LSE:PTEC $1,556 $1,165 0.9x 1.0x 4.7x 4.7x SciPlayZendesk NasdaqGS:SCPLNYSE:ZEN $5,545$468 $5,844$333 11.9x0.9x 9.1x0.8x 3.2xNM 2.6xNM SquareMedian Enix TSE:9684 $5,200 $6,367 8.4x2.1x 6.2x1.8x 40.3x13.7x 29.3x11.3x Take-Two Interactive NasdaqGS:TTWO $16,929 $18,754 5.5x 6.4x 32.2x 35.3x UbisoftAccounting & Enterprise Resource PlanningENXTPA:UBI (ERP) $10,634 $10,218 5.6x 3.5x 70.9x 6.9x Zynga NasdaqGS:ZNGA $10,006 $10,548 6.9x 4.9x 48.7x 19.1x BasWare HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM Median 3.3x 3.3x 15.0x 11.3x Blackline NasdaqGS:BL $2,110 $2,224 10.8x 8.9x NM NM Coupa Software NasdaqGS:COUP $2,773 $3,023 14.7x 12.0x NM NM Social Media Intuit NasdaqGS:INTU $50,242 $51,728 8.6x 7.8x 27.8x 20.9x BlueCityKingdee HoldingsInternational NasdaqGM:BLCTSEHK:268 $3,416$662 $3,593$566 9.7x5.7x 7.8xNA 74.3xNM 26.4xNA FacebookModel N NasdaqGS:FBNYSE:MODN $675,423$547 $722,659$545 3.7x9.0x 3.7x7.6x 19.0xNM 64.9x15.3x LINEOracle TSE:3938NYSE:ORCL $181,553$12,906 $190,726$12,697 4.6x5.8x 4.5x5.1x 11.7xNM 73.3x9.5x Mail.ru Group LSE:MAIL $6,044 $5,767 4.1x 4.0x 19.5x 14.0x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Match Group NasdaqGS: MTCH $28,414 $26,595 5.8x 12.2x 36.1x 33.1x Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x MeetMe NasdaqCM:MEET $456 $447 2.1x 2.0x 14.5x 12.4x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Mixi TSE:2121 $314 $1,466 0.3x 0.3x 1.7x 1.9x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x Momo NasdaqGS:MOMO $2,406 $3,855 1.0x 1.0x 4.0x 4.5x PinterestMedian NYSE:PINS $18,558 $20,110 15.2x4.9x 11.2x4.7x 27.8xNM 19.4xNM Renren NYSE:RENN $115 $64 0.3x NA NM NA SnapSupply Chain Management (SCM) & NYSE:SNAPLogistics $32,057 $32,940 16.7x 12.7x NM NM Twitter NYSE:TWTR $24,873 $28,506 7.5x 6.9x 38.9x 25.3x Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x New Work XTRA:NWO $1,786 $1,842 5.0x 5.4x 21.6x 17.2x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Median 5.7x 5.4x 19.3x 15.3x Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x Digital Commerce Solutions Median 4.8x 4.8x 29.0x 24.1x Gk Software AG DB:GKS $191 $161 1.3x 1.3x NM 8.1x Intershop XTRA:ISHA $57 $63 1.5x 1.5x 43.5x 10.3x NCR NYSE:NCR $6,242 $2,366 0.9x 1.0x 7.4x 6.5x PFS Web NasdaqCM:PFSW $220 $154 0.9x 0.7x 8.3x 11.6x Shopify NYSE:SHOP $119,151 $122,999 57.3x 41.0x NM NM Diebold Nixdorf NYSE:DBD $2,732 $541 0.7x 0.7x 6.7x 5.9x Worldline S.A ENXTPA:WLN $16,578 $15,777 6.0x 5.8x 29.7x 22.3x Median 1.3x 1.3x 8.3x 9.2x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 19 Public market valuations

Online & Digital (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Other Digital Companies

AkamaiCustomer Relationship ManagementNasdaqGS:AKAM (CRM) & Customer Engagement $19,559 $18,246 6.4x 6.0x 18.0x 14.0x CooTekFive9 (Cayman) NYSE:CTKNasdaqGM:FIVN $1,979$318 $2,013$379 9.1x1.3x 8.0x0.5x NM 64.7x4.9x EnduranceLivePerson International NasdaqGS:EIGINasdaqGS:LPSN $1,117$2,400 $1,175$796 5.0x2.2x 4.5x2.2x 7.8xNM 47.0x8.1x GoDaddyMINDBODY NYSE:GDDYNasdaqGM:MB $13,448$1,667 $11,615$1,870 8.5x4.4x 6.2x4.0x 25.3xNM 15.8xNM JustNICE Eat Systems Takeaway.com ENXTAM:TKWYTASE:NICE $16,404$6,396 $16,144$6,414 33.3x4.9x 4.3x7.0x 20.9xNM 14.3x59.0x Limelight Networks NasdaqGS:LLNW $762 $765 3.4x 3.1x 40.5x 22.0x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x Moneysupermarket.com LSE:MONY $2,109 $2,073 4.3x 4.4x 13.7x 13.2x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x NetEase NasdaqGS:NTES $57,174 $63,356 6.5x 5.5x 23.0x 20.0x SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Opera NasdaqGS:OPRA $1,024 $1,184 2.4x 2.4x 15.0x 18.5x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Otello Corporation OB:OTELLO $190 $190 0.7x 0.7x 32.6x 8.1x Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM Phoenix New Media NYSE:FENG -$50 $108 NM -0.2x 1.9x NM RedfinMedian Corporation NasdaqGS:RDFN $3,957 $4,136 8.4x4.5x 6.2x4.4x 40.3xNM 29.3xNM Sea NYSE:SE $56,790 $57,798 22.4x 11.9x NM NM SurveyMonkeyAccounting & Enterprise Resource PlanningNasdaqGS:SVMK (ERP) $3,468 $3,311 10.6x 8.9x NM 72.8x Tencent Holdings SEHK:700 $668,110 $654,854 11.8x 9.2x 32.2x 26.1x BasWare HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM United Internet DB:UTDI $10,645 $8,521 1.7x 1.7x 7.4x 7.1x WixBlackline NasdaqGS:WIXNasdaqGS:BL $14,851$2,110 $15,130$2,224 10.8x18.5x 14.6x8.9x NM 84.9xNM YayYoCoupa Software OTCPK:YAYONasdaqGS:COUP $2,773$16 $3,023$11 14.7x2.3x 12.0xNA NM NMNA ZillowIntuit NasdaqGS:ZGNasdaqGS:INTU $50,242$14,807 $51,728$15,089 8.6x4.3x 7.8x4.3x 27.8xNM 20.9xNM ZoomInfoKingdee International Technologies Nasdaq:ZISEHK:268 $3,416$7,557 $3,593$6,137 22.2x9.7x 16.3x7.8x 74.3x74.4x 26.4x33.4x Model N NYSE:MODN $547 $545 3.7x 3.7x NM 64.9x Median 4.4x 4.4x 20.5x 18.5x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x

Median 4.9x 4.7x 27.8x 19.4x

Supply Chain Management (SCM) & Logistics Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x

Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 20 Public market valuations

Tech Enabled Business Services

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM IT Services, Integration & Consulting AccentureCustomer Relationship ManagementNYSE:ACN (CRM) & Customer Engagement $140,540 $143,004 3.2x 3.1x 17.3x 17.3x AtosFive9 Origin ENXTPA:ATONasdaqGM:FIVN $11,763$1,979 $2,013$9,294 9.1x0.9x 8.0x0.9x 5.7xNM 64.7x6.2x BechtleLivePerson XTRA:BC8NasdaqGS:LPSN $1,117$8,500 $1,175$8,193 5.0x1.3x 4.5x1.2x 22.5xNM 47.0x20.7x CACIMINDBODY International NYSE:CACINasdaqGM:MB $1,667$7,074 $1,870$5,213 8.5x1.3x 6.2x1.2x 11.3xNM 11.6xNM Cancom XTRA:COK $1,952 $2,323 1.0x 1.0x 11.1x 12.6x NICE Systems TASE:NICE $6,396 $6,414 4.9x 4.3x 20.9x 14.3x Cap Gemini ENXTPA:CAP $23,844 $21,919 1.4x 1.3x 9.7x 8.7x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x CGI Group TSX:GIB.A $20,877 $18,435 2.3x 2.2x 12.2x 11.4x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x CLPS Incorporation NasdaqGM:CLPS $31 $40 0.4x NA NM NA SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x Cognizant Technology NasdaqGS:CTSH $35,931 $37,046 2.1x 2.2x 10.2x 11.8x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x ComputaCenter LSE:CCC $2,917 $2,944 0.4x 0.4x 10.4x 9.9x DXCZendesk Technology NYSE:DXCNYSE:ZEN $12,708$5,545 $5,844$4,550 11.9x0.6x 9.1x0.7x 3.1xNM 4.6xNM ePlusMedian NasdaqGS:PLUS $1,137 $1,010 8.4x0.7x 6.2x0.8x 40.3x9.3x 29.3x11.0x FDM Group LSE:FDM $1,287 $1,334 3.5x 3.8x 17.5x 19.7x Fujitsu TSE:6702 $26,274 $26,756 0.7x 0.7x 5.9x 8.2x Accounting & Enterprise Resource Planning (ERP) HCL Technologies NSEI:HCLTECH $25,278 $25,542 2.5x 2.5x 9.7x 10.5x InfosysBasWare NSEI:INFYHLSE:BAS1V $52,333$643 $54,686$650 3.7x4.1x 3.8x3.9x 42.9x16.2x 15.7xNM ManTechBlackline International NasdaqGS:MANTNasdaqGS:BL $2,110$2,915 $2,224$2,806 10.8x1.2x 8.9x1.1x 11.0xNM 12.6xNM MAXIMUSCoupa Software NYSE:MMSNasdaqGS:COUP $2,773$4,771 $3,023$4,550 14.7x1.5x 12.0x1.6x 9.8xNM 12.5xNM NCCIntuit Group LSE:NCCNasdaqGS:INTU $50,242$687 $51,728$619 8.6x2.0x 7.8x2.1x 27.8x11.5x 20.9x13.3x nCino,Kingdee Inc. International NasdaqGS:NCNOSEHK:268 $3,416$6,996 $3,593$7,091 45.7x9.7x 7.8xNA 74.3xNM 26.4xNA NomuraModel N Research Institute TSE:4307NYSE:MODN $15,787$547 $15,700$545 3.7x3.1x 3.7x3.0x 15.0xNM 64.9x14.2x NSDOracle TSE:9759NYSE:ORCL $181,553$1,214 $190,726$1,454 4.6x2.0x 4.5x1.8x 11.7x12.1x 11.0x9.5x OBICQAD TSE:4684NasdaqGS:QADA $14,679$833 $15,917$964 19.1x2.5x 17.7x2.5x 31.7xNM 47.1x30.5x PerficientSage NasdaqGS:PRFTLSE:SGE $10,410$1,453 $9,538$1,297 4.4x2.5x 4.1x2.3x 16.8x15.4x 14.2x12.6x SCSKSAP Corporation TSE:9719DB:SAP $133,511$4,990 $133,922$5,258 4.9x1.4x 4.7x1.4x 18.1x9.1x 13.4x9.4x SopraUpland Group Software ENXTPA:SOPNasdaqGM:UPLD $4,020$898 $3,034$770 8.2x0.8x 6.5x0.8x 44.4x7.1x 18.0x7.0x Talend NasdaqGM:TLND $1,087 $1,108 4.2x 3.9x NM NM TataMedian Consultancy Services NSEI:TCS $110,182 $114,258 4.9x5.3x 4.7x5.1x 27.8x19.6x 19.4x19.6x The Hackett Group NasdaqGS:HCKT $399 $413 1.5x 1.6x 9.3x 11.1x TietoSupply Chain Management (SCM) & HLSE:TIETOLogistics $4,656 $3,489 1.7x 1.4x 15.4x 8.4x UnisysAmber Road NYSE:UISNYSE:AMBR $685$260 $749$247 3.3x0.2x 3.0x0.3x 2.3xNM 90.3x1.9x VirtusaDescartes Systems Group NasdaqGS:VRTUTSX:DSG $2,304$1,544 $2,289$1,228 9.7x1.2x 8.2x1.2x 29.0x12.9x 23.8x10.7x Wipro BSE:507685 $17,673 $21,401 2.2x 2.2x 10.6x 10.5x Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x Xerox NYSE:XRX $5,837 $3,547 0.7x 0.8x 4.4x 6.3x SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x Median 1.5x 1.5x 11.0x 11.1x Median 4.8x 4.8x 29.0x 24.1x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 21 Public market valuations

Tech Enabled Business Services (continued)

TEV/Revenue TEV/EBITDA ($ in millions) TEV Market Cap LTM NTM LTM NTM Business Process Management (BPM)

AppianCustomer Relationship ManagementAPPN (CRM) & Customer Engagement $3,451 $3,548 12.4x 12.6x NM NM BroadridgeFive9 Financial Solutions NYSE:BRNasdaqGM:FIVN $17,429$1,979 $15,425$2,013 9.1x4.0x 8.0x3.8x 19.0xNM 64.7x16.7x CardtronicsLivePerson NasdaqGS:CATMNasdaqGS:LPSN $1,117$1,784 $1,175$993 5.0x1.3x 4.5x1.6x 5.6xNM 47.0x8.1x CassMINDBODY Information Systems NasdaqGS:CASSNasdaqGM:MB $1,667$361 $1,870$517 8.5x2.3x 6.2xNA 7.2xNM NMNA ChangeNICE Systems Healtchare NasdaqGS:CHNGTASE:NICE $6,396$8,168 $6,414$3,542 41.5x4.9x 4.3x2.7x 20.9xNM 14.3x9.9x Computershare ASX:CPU $6,981 $5,205 2.9x 3.1x 10.9x 11.5x Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x CSG Systems International NasdaqGS:CSGS $1,683 $1,345 1.7x 1.8x 8.6x 8.4x Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x DocuSign NasdaqGS:DOCU $39,706 $39,790 37.6x 28.3x NM NM SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x EVERTEC NYSE:EVTC $2,645 $2,184 5.4x 5.6x 13.1x 12.7x Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x Exlservice Holdings NasdaqGS:EXLS $2,279 $2,198 2.3x 2.4x 13.5x 16.5x Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM Genpact NYSE:G $9,117 $7,583 2.5x 2.5x 14.5x 14.7x PagerDutyMedian NYSE:PD $2,083 $2,399 11.6x8.4x 6.2x9.6x 40.3xNM 29.3xNM Smartsheet NYSE:SMAR $5,247 $5,717 17.5x 13.6x NM NM SS&CAccounting Technologies & Enterprise Resource PlanningNasdaqGS:SSNC (ERP) $21,707 $14,734 4.7x 4.7x 12.2x 11.9x Tabula Rasa Healthcare NasdaqGM:TRHC $1,438 $1,220 4.8x 4.1x NM 28.9x BasWare HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM Trans Cosmos TSE:9715 $856 $1,002 0.3x 0.3x 6.0x 5.6x WEXBlackline NYSE:WEXNasdaqGS:BL $2,110$8,505 $2,224$6,892 10.8x5.1x 8.9x5.2x 15.7xNM 12.0xNM WirecardCoupa Software XTRA:WDINasdaqGS:COUP -$2,068$2,773 $3,023$280 14.7xNM 12.0x-0.5x NM NM WNSIntuit NYSE:WNSNasdaqGS:INTU $50,242$3,160 $51,728$3,186 8.6x3.4x 7.8x3.6x 27.8x17.6x 20.9x16.4x ZuoraKingdee International NYSE:ZUOSEHK:268 $3,416$1,253 $3,593$1,350 9.7x4.4x 7.8x4.1x 74.3xNM 26.4xNM Model N NYSE:MODN $547 $545 3.7x 3.7x NM 64.9x Median 4.4x 3.8x 12.7x 12.0x Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x Data Center Hosting & Services Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x BoxSAP NYSE:BOXDB:SAP $133,511$2,957 $133,922$2,754 4.9x4.1x 4.7x3.8x 18.1xNM 13.4x20.8x Dropbox NasdaqGS:DBX $9,384 $9,401 5.4x 4.8x 40.6x 17.7x Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x Equinix NasdaqGS:EQIX $80,245 $69,560 14.2x 12.9x 30.6x 27.0x DigitalMedian Realty Trust NYSE:DLR $58,580 $43,089 17.7x4.9x 14.4x4.7x 27.8x33.7x 19.4x26.2x Pure Storage NYSE:PSTG $4,069 $4,733 2.4x 2.3x NM 32.6x SwitchSupply Chain Management (SCM) & NYSE:SWCHLogistics $3,131 $1,856 6.5x 5.9x 14.5x 11.8x

MedianAmber Road NYSE:AMBR $260 $247 3.3x6.5x 3.0x5.9x 32.2xNM 90.3x26.2x Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x CallManhattan Center Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x

SykesSPS Commerce Enterprises NasdaqGS:SYKENasdaqGS:SPSC $1,126$1,278 $1,292$1,109 4.9x0.8x 4.5x0.8x 52.6x5.6x 24.5x7.7x TTECMedian Holdings NasdaqGS:TTEC $2,638 $2,211 4.8x1.6x 4.8x1.6x 29.0x10.0x 24.1x12.0x Median 1.2x 1.2x 7.8x 9.8x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 22 M&A transactions

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 23 M&A transactions

Application Software

Date Enterprise Revenue Announced Period Target Buyer Value Multiple

Jul-20 Q3'2020 Reflexis Systems, Inc. Zebra Technologies Corporation $575.0 8.7x

Jul-20 Q3'2020 Optiva Inc. ESW Capital, LLC $256.6 3.1x

Jul-20 Q3'2020 Delphi Technology, Inc. Sapiens International Corporation N.V. $19.5 1.3x

Jul-20 Q3'2020 Openet Telecom Limited Amdocs Limited $180.0 2.6x

Jul-20 Q3'2020 Dunstan Thomas Group Limited Curtis Banks Group plc $35.0 2.6x

Jul-20 Q3'2020 Majesco Thoma Bravo, LLC $587.4 3.7x

Jul-20 Q3'2020 Société Maghrébine de Monétique SA MEDTECH $12.4 0.9x

Jul-20 Q3'2020 Orchestra Technology, Inc. L&T Technology Services Limited $25.0 1.7x

Industrial and Financial Systems, IFS TA Associates Management, L.P.; EQT Jul-20 Q3'2020 $3,419.2 4.3x AB Partners AB

Jul-20 Q3'2020 Vault Intelligence Limited Damstra Holdings Limited $43.1 14.1x

Jul-20 Q3'2020 AusSpec International Limited Imdex Limited $5.9 5.6x

Jul-20 Q3'2020 EFS Technology Ltd Formpipe Software AB $7.5 1.5x

Jun-20 Q2'2020 Eggplant Keysight Technologies, Inc. $330.0 8.7x

Jun-20 Q2'2020 Vricon, Inc. Maxar Technologies Inc. $140.0 4.7x

Jun-20 Q2'2020 Iconic Translation Machines Ltd. RWS Holdings plc $20.0 16.7x

May-20 Q2'2020 CX Company CM.com $17.0 2.6x

Beijing Yitian Xindong Network Shenzhen Shenghuayu Energy Conservation May-20 Q2'2020 $44.1 3.0x Technology Service

May-20 Q2'2020 SAP Digital Interconnect Sinch $243.9 0.7x

Shanghai Zhaoxin Software Apr-20 Q2'2020 Shenzhen Diruishi Jewelry $5.8 58.8x Technology

Apr-20 Q2'2020 Velocimetrics Beeks Trading Corporation $5.7 4.0x

Shenzhen Zhongying Weirong Apr-20 Q2'2020 Lakala Payment Corporation $29.5 0.7x Technology

Apr-20 Q2'2020 Wealth Systems Informatica Bematech SA $5.2 1.3x

Mar-20 Q1'2020 Chatlayer Sinch $7.4 8.6x

Mar-20 Q1'2020 Open LMS business of Blackboard Inc Learning Technologies $31.7 2.0x

Mar-20 Q1'2020 XMedius Solutions Inc. Open Text Corporation $75.0 1.9x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 24 M&A transactions

Application Software (continued)

Date Enterprise Revenue Announced Period Target Buyer Value Multiple First Credit Union; CRX Investments; Police Mar-20 Q1'2020 Finzsoft Solutions Limited (NZSE:FIN) $8.1 1.2x and Families Credit Union

Feb-20 Q1'2020 RIB Software SE (XTRA:RIB) Rheingoldhöhe 50 $1,429.1 6.8x

Feb-20 Q1'2020 Qumu Corporation (NasdaqCM:QUMU) Synacor, Inc. (NasdaqGM:SYNC) $39.8 1.2x

Jan-20 Q1'2020 FireMate Software Pty. Ltd. Halma plc (LSE:HLMA) $12.3 9.3x

Jan-20 Q1'2020 Shanghai Pantosoft Company Limited. Retech Technology Co., Limited (ASX:RTE) $11.0 4.1x

Jan-20 Q1'2020 BlackBag Technologies Inc. Cellebrite Mobile Synchronization Ltd. $33.0 2.7x

Jan-20 Q1'2020 AutoEnginuity, L.L.C. Drew Technologies, Inc. $20.0 5.0x

Dec-19 Q4'2019 LogMeIn, Inc. (NasdaqGS:LOGM) Francisco Partners; Evergreen Coast Capital $4,677.0 3.7x

Dec-19 Q4'2019 TiVo Corporation (NasdaqGS:TIVO) Xperi Corporation (NasdaqGS:XPER) $2,177.7 2.9x

Dec-19 Q4'2019 Instructure, Inc. (NYSE:INST) Thoma Bravo, LLC $2,011.0 7.7x

Dec-19 Q4'2019 Telaria, Inc. (NYSE:TLRA) The Rubicon Project, Inc. (NYSE:RUBI) $441.4 5.5x

Nov-19 Q4'2019 The Apri Group of Companies People Corporation (TSXV:PEO) $33.8 2.7x

Dec-19 Q4'2019 Commerce21 Corporation Estore Corporation (JASDAQ:4304) $11.9 0.6x

Xcelerator Machine Translation Dec-19 Q4'2019 Keywords Studios plc (AIM:KWS) $7.9 8.8x Solutions Ltd.

Dec-19 Q4'2019 Brocante Inc. en-japan inc. (TSE:4849) $5.5 8.2x

P&I Personal & Informatik Dec-19 Q4'2019 HgCapital LLP - 15.1x Aktiengesellschaft Dutch Star Companies One Dec-19 Q4'2019 CM.Com B.V. - 2.4x (ENXTAM:DSC1)

Dec-19 Q4'2019 Woowa Brothers Corp. Delivery Hero SE (XTRA:DHER) - 14.9x

Nov-19 Q4'2019 The Apri Group of Companies People Corporation (TSXV:PEO) $33.8 2.7x

Nov-19 Q4'2019 Buildium, LLC RealPage, Inc. (NasdaqGS:RP) $580.0 11.6x

Nov-19 Q4'2019 Novabase Digital S.A. VINCI Energies Portugal, SGPS, S.A. $40.1 1.0x

Nov-19 Q4'2019 Netalogue Technologies plc Truecommerce Holdings Limited $7.4 3.7x

Oct-19 Q4'2019 Shenzhen HAWK Internet Co., Ltd. TCL Electronics (Huizhou) Co., Ltd $28.4 1.3x

Business Operating Software Solution Oct-19 Q4'2019 - $38.1 11.1x Limited

Oct-19 Q4'2019 Gauddi BV ZetaDisplay AB (publ) (OM:ZETA) $7.2 1.5x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 25 M&A transactions

Application Software (continued)

Date Enterprise Revenue Announced Period Target Buyer Value Multiple

Oct-19 Q4'2019 Astea International Inc. (OTCPK:ATEA) IFS Americas, Inc. $74.8 2.8x

Oct-19 Q4'2019 Fenix Media Limited / Face US Inc. Access Intelligence Plc (AIM:ACC) $5.8 0.7x

Sep-19 Q3'2019 myelefant SAS Sinch AB (publ) (OM:SINCH) $23.5 2.1x

Sep-19 Q3'2019 Mitrais Pte. Ltd. CAC Holdings Corporation (TSE:4725) $26.9 1.7x

Sep-19 Q3'2019 StatPro Group plc (AIM:SOG) Confluence Technologies, Inc. $244.4 3.4x

Enterprise Security assets Of Aug-19 Q3'2019 Broadcom Inc. (NasdaqGS:AVGO) - 4.6x Symantec Corporation

Aug-19 Q3'2019 Pivotal Software, Inc. (NYSE:PVTL) VMware, Inc. (NYSE:VMW) $3,428.1 4.4x

Aug-19 Q3'2019 Carbon Black, Inc. (NasdaqGS:CBLK) VMware, Inc. (NYSE:VMW) $1,816.8 9.0x

Jiangsu Share-sun Information Shanghai Guao Electronic Technology Co., Aug-19 Q3'2019 - 6.0x Technology Co., Ltd. Ltd. (SZSE:300551)

Aug-19 Q3'2019 Cxense ASA (OB:CXENSE) Piano Software B.V. $35.0 2.0x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 26 M&A transactions

EMS / Infrastructure Software

Date Enterprise Revenue Announced Period Target Buyer Value Multiple

Jul-20 Q3'2020 GlobalSCAPE, Inc. HelpSystems, LLC $233.2 5.5x

Shanghai Qianyun Information Apr-20 Q2'2020 Shanghai Guao Electronic Technology $3.4 8.1x Technology

Apr-20 Q2'2020 Neighbor System MAXROTEC $12.2 0.5x

Mar-20 Q1'2020 BroadVision, Inc. ESW Capital $17.2 4.6x

Mar-20 Q1'2020 iBlocks Limited Tracsis plc $27.0 7.0x

Mar-20 Q1'2020 Vayavya Labs KPIT Technologies $5.7 4.6x

Forescout Technologies, Inc. Advent International Corporation; Crosspoint Feb-20 Q1'2020 $1,884.2 5.3x (NasdaqGM:FSCT) Capital Partners, LP

Feb-20 Q1'2020 Ruro, Inc. Brooks Life Science Systems $15.0 3.0x

Jan-20 Q1'2020 GASTROFIX GmbH Lightspeed POS Inc. (TSX:LSPD) $126.3 10.1x

Dec-19 Q4'2019 Nasstar plc (AIM:NASA) GCI Managed Services Group Limited $101.5 2.8x

Dec-19 Q4'2019 Glosfer Co., Ltd. Glosfer Labs, Inc. (KOSDAQ:A032860) $22.3 57.2x

Nov-19 Q4'2019 Carbonite, Inc. (NasdaqGM:CARB) Open Text Corporation (NasdaqGS:OTEX) $1,494.4 3.4x

Race Roster Business Operation of Oct-19 Q4'2019 ASICS Corporation (TSE:7936) $28.1 5.4x Fast North Corporation

Oct-19 Q4'2019 CSG Limited (ASX:CSV) Fuji Xerox Asia Pacific Pte Ltd. $253.2 1.7x

Oct-19 Q4'2019 Cision Ltd. (NYSE:CISN) MJ23 UK Acquisition Limited $2,818.0 3.8x

Oct-19 Q4'2019 PowerupCloud Technologies Pvt. Ltd. Larsen & Toubro Infotech Limited (NSEI:LTI) $15.0 4.3x

Converge Technology Solutions Corp. Oct-19 Q4'2019 Datatrend Technologies, Inc. $17.5 0.2x (TSXV:CTS)

Sep-19 Q3'2019 Dynatech Inc. ValueCommerce Co., Ltd. (TSE:2491) $25.4 1.6x

Sep-19 Q3'2019 Wise lausnir ehf Centara ehf $7.3 0.6x

Endurance International Group Holdings, Inc. Sep-19 Q3'2019 Substantially all Assets of Ecomdash $9.6 6.0x (NasdaqGS:EIGI)

Sep-19 Q3'2019 REGISTER S.p.A. team.blue $441.9 3.8x

MAM Software Group, Inc. Kerridge Commercial Systems Group Sep-19 Q3'2019 $158.8 4.1x (NasdaqCM:MAMS) Limited

Aug-19 Q3'2019 HCL Insys Pte. Ltd. PCCW Solutions Limited - 0.5x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 27 M&A transactions

Tech Enabled Services

Date Enterprise Revenue Announced Period Target Buyer Value Multiple

Jul-20 Q3'2020 The Direct Pay Online Group Network International Holdings plc $288.0 18.0x

Jul-20 Q3'2020 Techedge S.p.A. OEP 14 Coöperatief U.A. $174.2 0.7x

Jul-20 Q3'2020 EASY SOFTWARE AG Battery Ventures $103.2 1.5x

Jul-20 Q3'2020 Weare4C UK Limited Wipro Limited $78.8 2.1x

Jul-20 Q3'2020 Seer Security Pty Ltd Tesserent Limited $10.7 2.0x

IVIA Comércio e Serviços de Jul-20 Q3'2020 Wipro Limited $22.4 1.7x Informática Ltda.

Jul-20 Q3'2020 Mac Solutions SA TXT e-solutions S.p.A. $7.0 1.4x

Jul-20 Q3'2020 CITYCOMP Service GmbH S&T AG $6.8 0.3x

Jun-20 Q2'2020 Boldon James Ltd HelpSystems, LLC $37.2 3.3x

Jun-20 Q2'2020 Productora De Software S.A.S. Perficient, Inc. $70.9 2.2x

Jun-20 Q2'2020 Fortumo OU Boku, Inc. $45.0 6.2x

Jun-20 Q2'2020 Finjan Holdings, Inc. Fortress Investment Group LLC $46.0 0.8x

Jun-20 Q2'2020 Infraxis AG TAS International S.A. $20.3 3.8x

Jun-20 Q2'2020 Mathway, LLC Chegg, Inc. $110.8 8.5x

Jun-20 Q2'2020 OptimalPlus Ltd. National Instruments Israel Ltd. $365.0 7.2x

Jun-20 Q2'2020 Creative Knowledge Pte. Ltd. Wangsu Science & Technology Co.,Ltd. $116.5 5.3x

Beijing Yousheng Tengfei Information May-20 Q2'2020 Jinzhou Cihang Group Co., Ltd. $70.1 1.4x Technology Co., Ltd.

Apr-20 Q2'2020 GSX Participations SA Martello Technologies Corporation $13.4 2.8x

Apr-20 Q2'2020 Castleton Technology plc (AIM:CTP) MRI Software Limited $105.2 3.3x

Mar-20 Q1'2020 KEN FIRST Financial Products Group $5.2 1.1x

Mar-20 Q1'2020 Collab Netadmin System i Sverige $6.4 0.9x

Mar-20 Q1'2020 Workrite Ltd Ideagen $8.9 4.0x

International Finance Corp; Prime Ventures; Mar-20 Q1'2020 Terra Payment Services $22.8 9.9x Partech Africa Fawry for Banking Technology and Responsability Participations; Egyptian- Mar-20 Q1'2020 $233.7 5.7x Electronic Payments American Enterprise Fund and others Bain Capital Private Equity, LP; NB Feb-20 Q1'2020 Engineering Ingegneria Informatica $1,760.6 1.2x Renaissance Partners

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 28 M&A transactions

Tech Enabled Services (continued)

Date Enterprise Revenue Announced Period Target Buyer Value Multiple

Feb-20 Q1'2020 ICO Group Limited - $40.6 0.5x

Feb-20 Q1'2020 EdgeRock Technologies, LLC BG Staffing $21.6 0.5x

Feb-20 Q1'2020 Askida Inc. Alithya Group $12.1 1.2x

IT Business Domain Of Chiyoda Feb-20 Q1'2020 TIS Inc $3.7 0.1x System Technologies

Jan-20 Q1'2020 KSNET Stonebridge Capital $237.2 1.3x

Jan-20 Q1'2020 sum.cumo GmbH Sapiens International $31.6 1.7x

Dec-19 Q4'2019 Allat Corporation KG Mobilians $448.9 2.0x

Dec-19 Q4'2019 Data Respons AKKA Technologies $428.8 2.1x

Dec-19 Q4'2019 VersaPay Corporation 1233518 B.C. Ltd. $104.0 17.1x

Dec-19 Q4'2019 ChinaSoft Kingsoft Technology Beijing Chinasoft IP Investment $18.3 0.9x

Dec-19 Q4'2019 Prop Tech plus Inc. MINKABU THE INFONOID $11.8 2.3x

Nov-19 Q4'2019 SpireMedia, Inc. Kin and Carta $34.9 3.7x

Nov-19 Q4'2019 CYCL AG LiveTiles Limited $22.8 2.4x

Nov-19 Q4'2019 VSS Holdings, LLC Converge Technology Solutions $29.2 0.4x

Oct-19 Q4'2019 Intrinsyc Technologies Lantronix, Inc. $24.0 1.0x

Oct-19 Q4'2019 InterXion Digital Realty Trust $9,077.3 13.6x

Oct-19 Q4'2019 BroadenGate Software Services Infore Investment Holding Group $21.3 1.4x

Oct-19 Q4'2019 PeopleWare ICT Solutions Proact IT Group AB $18.7 0.6x

Oct-19 Q4'2019 Sophos Group plc Thoma Bravo, LLC $3,914.6 5.5x

Oct-19 Q4'2019 Brady plc Abalone Asset Management Limited $15.3 0.5x

American Securities LLC; Lindsay Goldberg Oct-19 Q4'2019 AECOM Management Services $2,405.0 0.7x LLC Substantially All Assets of First Source Commercial Vehicle Group, Inc. Sep-19 Q3'2019 $44.8 1.0x Electronics, LLC (NasdaqGS:CVGI)

Sep-19 Q3'2019 1Strategy, LLC TEKsystems Global Services, LLC $3.7 1.8x

Shanghai Xinnanyang Only Education & Sep-19 Q3'2019 Shanghai Yulun Education Technology $11.9 13.5x Technology

Aug-19 Q3'2019 Presidio, Inc. (NasdaqGS:PSDO) BC Partners $2,244.2 0.8x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 29 M&A transactions

Tech Enabled Services (continued)

Date Enterprise Revenue Announced Period Target Buyer Value Multiple Computer Task Group, Incorporated Aug-19 Q3'2019 Assurance Global Services LLC $96.1 0.3x (NasdaqGS:CTG)

Aug-19 Q3'2019 Sanderson Group plc (AIM:SND) Aptean Limited $107.9 2.5x

Aug-19 Q3'2019 NCXX Solutions Co., Ltd. Jitsugyo no Nihon Sha, Ltd. - 0.2x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 30 M&A transactions

Online & Digital

Date Enterprise Revenue Announced Period Target Buyer Value Multiple Kydon Learning Systems Institute Pte. Jul-20 Q3'2020 Alpha Energy Holdings Limited $8.6 1.6x Ltd.

Jul-20 Q3'2020 Stitcher, Inc. Sirius XM Holdings Inc. $325.0 4.5x

Jul-20 Q3'2020 Webcentral Group Limited Web.com Group, Inc. $65.3 1.0x

May-20 Q2'2020 Hint Inc. Revance Therapeutics, Inc. $180.0 128.6x

Webtoon Business and Web Novel Apr-20 Q2'2020 StoryWiz Inc. $6.6 0.3x Platform of KT Corporation Digital Applications International Mar-20 Q1'2020 Dematic Limited $133.8 3.0x Limited Mamezou Holdings Co.,Ltd. Jan-20 Q1'2020 Integral Corporation $332.2 1.0x (TSE:3756)

Jan-20 Q1'2020 Blackstone Federal ECS Federal, LLC $85.0 1.9x

Jan-20 Q1'2020 Incentive Technology Group, LLC ICF Incorporated, L.L.C. $255.0 2.8x

Dec-19 Q4'2019 Nantong Qiyun Technology Shanghai Donghui Network Technology $18.6 10.4x

Oct-19 Q4'2019 Virtual Access (Ireland) Ltd. Westermo Teleindustri AB $20.0 1.5x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 31 Selected transactions

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 32 Selected transactions

Accenture acquires Bow & Arrow, a U.K.- based digital ventures consultancy

Transaction Summary Key Profiles

• Pharus is pleased to announce our role as the • Bow & Arrow is a digital ventures consultancy that exclusive financial advisor to Bow & Arrow in its works with clients to identify and create new digital sale to Accenture. Bow & Arrow has built its products and services that fulfill unmet customer success on its ability to blend analytics with needs. Its expertise is in the emerging category of creativity, and vision with execution. The “white space” identification — finding opportunities consultancy works with clients across a variety of for businesses to grow in new market sectors and to industries, with a focus on communications, media offer new experiences. and technology. Bow & Arrow sits at the center of • Accenture is a leading global professional services the disruption and innovation agenda for clients. company, providing a broad range of services and They work in cross-functional ‘Start Up’ teams, solutions in strategy, consulting, digital, technology which combine strategists with commercial, and operations. Combining unmatched experience research, creative thinking and analytical skills. and specialized skills across more than 40 They also incorporate creatives who have industries and all business functions — commercial, strategic, customer and product underpinned by the world’s largest delivery network understanding to design transformational — Accenture works at the intersection of business experiences. and technology to help clients improve their • About the transaction with Accenture Interactive, performance and create sustainable value for their Bow & Arrow CEO and Founder Ben Slater stakeholders. With 492,000 people serving clients in commented, “We work with clients when there is more than 120 countries, Accenture drives an urgent need for fast growth outside of their innovation to improve the way the world works and core business, but they don’t know what to do lives. Accenture Interactive helps the world’s next. Working with Accenture Interactive leading brands transform their customer dramatically increases our capacity to provide experiences across the entire customer journey. game-changing implementation too for these Through its connected offerings in design, clients.” marketing, content and commerce, Accenture Interactive creates new ways to win in today’s experience-led economy.

has been acquired by On working with Pharus, Bow & Arrow CEO and Founder Ben Slater commented “…Firstly, Ken and Suhail are not brokers, they are strategic geniuses, with deep emotional intelligence and intellect. Secondly, they speak your language not someone The undersigned acted as the exclusive else’s, and they care so much about your world inside financial advisor to Bow & Arrow in and outside of the process. Most importantly, they are connection with the transaction of a size where they are your day to day guys from the very first meeting to the final execution. Pharus took our business to the next level… they made damn sure that we set ourselves up for success for many years to come.”

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 33 Selected transactions

Accenture Acquires UK-Based Innovation Firm Happen

Transaction Summary Key Profiles

• Pharus is pleased to announce our role as the • Happen is a global innovation agency that brings exclusive financial advisor to Happen GP Ltd. world-class talent, technologies and expertise (Happen) in its sale to Accenture. Happen will together to grow and protect businesses and become part of Accenture’s Products Industry X.0 brands. Happen’s worldwide team, across offices in business, which helps clients use advanced digital London, Amsterdam and New York, possess a wide technologies to reinvent their products, services range of innovation skills, including strategy, design, and business models to achieve higher efficiency ideation, insight and research. Happen’s work, and growth in operations across the enterprise — powered in part by proprietary technology and data- including design and engineering, manufacturing, gathering platforms, drives measurable and supply chain management, logistics and customer meaningful business impact for organizations support. across the consumer landscape. • About the transaction with Accenture, Happen co- • Accenture is a leading global professional services founder Mark Cowan commented, “Joining company, providing a broad range of services and Accenture will enable us to scale our offerings and solutions in strategy, consulting, digital, technology capabilities and deliver our services to an even and operations. Combining unmatched experience greater range of clients. We’re excited to become and specialized skills across more than 40 part of one of the world’s truly great companies.” industries and all business functions — underpinned by the world’s largest delivery network • Happen’s shareholders retained Pharus because — Accenture works at the intersection of business of our broad expertise in advising market-leading and technology to help clients improve their digital transformation and innovation services performance and create sustainable value for their companies, our comprehensive knowledge of the stakeholders. With 492,000 people serving clients in innovation, strategy, branding and product more than 120 countries, Accenture drives development services competitive landscape, and innovation to improve the way the world works and our bespoke, high-impact approach to M&A lives. advisory.

On working with Pharus, Happen co-founder David has been acquired by Walker, added “having a seasoned and experienced advisor by our side was critical, which enabled us to secure a perfect and high-calibre match for our next chapter of growth, along with providing high-quality support to see the transaction through.” The undersigned acted as the exclusive financial advisor to Happen Group in connection with the transaction

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 34 Selected transactions

Trax Retail Acquires Planorama, leading provider of image recognition solutions for CPG and retail execution

Transaction Summary Key Profiles

• Pharus is pleased to announce our role as the • Planorama is a leading pioneer in image recognition exclusive financial advisor to Planorama in its sale solutions providing Artificial Intelligence powered to Trax. Transaction terms were not disclosed. retail execution and space planning solutions to Smollan and WPP were minority shareholders of major CPG companies. Based on shelf pictures Planorama. from any source, its image recognition solutions can instantly analyze and recognize millions of product • The transaction will strengthen Trax’s position in items and deliver immediate actional retail insights image recognition technology and services, for clients and its teams. Today, Planorama powers enhancing retail execution and space planning multinational companies such as Unilever, solutions, while extending its global presence with Mondelez and Coca Cola as it operates across 6 longstanding high-profile clients. continents with 5 offices worldwide. • The shareholders of Planorama retained Pharus • Trax is the global provider of computer vision due to our deep expertise in enterprise software solutions and analytics for retail. The company (particularly SaaS) and data analytics pertaining enables tighter execution controls in-store and to retail technology sectors, our longstanding provides clients with the ability to leverage success in cross-border transaction completions, competitive insights through its in-store execution and our bespoke approach to M&A advisory. We tools, market measurement and analytics services executed a comprehensive M&A process that to unlock revenue opportunities at all points of sale. involved identifying and approaching a broad set Many of the world’s top brands and retailers of strategic and financial buyers, spearheading leverage Trax globally in more than 50 countries to marketing activities, leading due-diligence, and manage in-store execution and increase revenues negotiating transaction terms. at the shelf.

Vincent Jacques, Chairman of Planorama, said about has been acquired by Pharus, “Excellent work Pharus! Way to sprint over the finish line and truly bring in immense value from the initial stages of go-to-market preparation to the very end of negotiation and diligence. The Pharus team has seamlessly helped us through each step of the The undersigned acted as the exclusive process, providing a systematic approach and clear financial advisor to CVDM Solutions insights to ensure a successful transaction. I’m SAS (dba Planorama) in connection impressed with their vast industry knowledge, business with the transaction acumen, and dedication working around the clock accommodating different time zones – fantastic job Pharus.”

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 35 Selected transactions

Tata Consultancy Services Acquires W12 Studios, award-winning digital design agency

Transaction Summary Key Profiles

• Pharus is pleased to announce our role as the • Founded in 2012 and based in London, W12 exclusive financial advisor to W12 Studios Limited imagines and builds iconic products and (W12) in its sale to Tata Consultancy Services. experiences for renowned media and technology W12 will become part of TCS Interactive, the brands worldwide. With industry-leading expertise in digital design division within TCS’ Business & visual, interaction, motion, sonic and creative Technology Services organization. The technology, W12’s competencies span the full transaction, TCS’ first in the digital space, will range of the service journey, from developing further strengthen TCS Interactive’s array of innovative brand strategies to building expectation- creative and experience service offerings. exceeding product ideas and prototypes. W12 has defined, designed, and prototyped digital products • The shareholders of W12 retained Pharus for leading media services and technology because of our broad expertise in marketing companies across 14 countries. digital transformation services companies, our comprehensive knowledge of the design and • Tata Consultancy Services is an IT services, strategy services competitive landscape, and our consulting and business solutions organization that bespoke approach to M&A advisory. We executed has been partnering with many of the world's a targeted M&A process that involved identifying largest businesses in their transformation journeys and approaching a customized universe of for the last fifty years. TCS offers a consulting-led, strategic buyers, spearheading marketing cognitive powered, integrated portfolio of IT, activities, leading due-diligence, and negotiating Business & Technology Services, and engineering. transaction terms. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development. • Tata Consultancy Services was founded in 1968 and is based in Mumbai, India. Tata Consultancy Services Limited is a subsidiary of Tata Sons Limited.

Fabian Birgfeld, Co-Founder and Chief Executive has been acquired by Officer of W12, said about Pharus, “We are very grateful to the Pharus team for working tirelessly and supporting us throughout the exploratory process and due diligence stage. Their availability and expertise were absolutely essential in bringing TCS and us together and completing this transaction.” The undersigned acted as the exclusive financial advisor to W12 Studios Limited in connection with the transaction

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 36 Selected transactions

Infosys Acquires Fluido, Largest Salesforce Consulting Partner in the Nordics

Transaction Summary Key Profiles

• Pharus served as the exclusive financial advisor • Fluido is the leading Salesforce Consultancy and to Fluido Oy in their sale to Infosys Limited Partner in the Nordics. Fluido offers consulting, (NSEI:INFY). development and integration services tailored for customer needs to make customer data meaningful • Executing on its strategy to help clients navigate in the moments that matter the most. Fluido’s the next in their digital transformation journey, this headquarters are in Espoo, Finland, with additional acquisition strengthens Infosys’ position as a offices in Denmark, Norway, Slovakia and Sweden. leading Salesforce enterprise cloud services provider, and enhances its ability to provide • Infosys is a global leader in next-generation digital clients an unparalleled cloud-first transformation. services and consulting. They provides business information technology services, including • Pharus was mandated by Fluido’s shareholders to application development and maintenance, execute a comprehensive process, that involved independent validation, infrastructure management, identifying and approaching a targeted set of and business process management services, as strategic and financial buyers, spearheading well as engineering services, such as engineering marketing and due-diligence, and negotiating the and life cycle solutions; and consulting and systems terms of the transaction. integration services comprising consulting, • Infosys acquired Fluido for all-cash purchase price enterprise solutions, systems integration, and of up to €65 million ($76 million), including earn- advanced technologies. out and bonuses. • Infosys was founded in 1981 and is headquartered in Bengaluru, India.

Kai Mäkelä, Chief Executive Officer of Fluido, said about Pharus, “The Pharus team is amazing. They were by our side through every step of the process, has been acquired by providing keen insights, thorough preparation and a depth of relationships in our market. Most important the Pharus team worked tirelessly for the best interests of our shareholders and employees. We are confident that the transaction with Infosys provides our shareholders The undersigned acted as the exclusive with the greatest value combined with the best platform financial advisor to Fluido Oy in for our continued growth. THANKS TO THE PHARUS connection with the transaction TEAM!!”

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 37 Selected transactions

Domino Media Group Acquired by Multiply Media

Transaction Summary Key Profiles

• Pharus served as the exclusive strategic advisor to • Domino is a Millennial-focused women’s lifestyle Domino Media Group, Inc. in its transaction with media and eCommerce company with roots in home, Multiply Media. Transaction terms were not design, DIY, and entertaining. Established in 2005, disclosed. the company quickly solidified its position as an editorial leader in the home décor space through its • With this transaction, Multiply reinforces its focus on publications. Domino relaunched in 2013, introducing creating and cultivating enduring, digital-first brands their expanded content across print, digital and in its sizeable lifestyle categories. Domino joins commerce platforms. Multiply’s family of brands, which includes FashionBeans, HealthyWay, and Urbo. The Domino • Multiply is a premium digital publisher fluent in brand stands to expand its core audience with technology and analytics platforms built to support additional support centered on analytics and and invest in editorial leaders in high value consumer- technology. centric content categories. The Company operates a number of notable digital properties including • Pharus was retained by the shareholders of Domino FashionBeans, HealthyWay, and Urbo. (including Launch Capital and iNovia) due to our extensive knowledge of and M&A experience in the digital media and eCommerce sectors. • In its role as an advisor, Pharus was mandated to execute a comprehensive M&A process, that involved identifying and approaching a targeted set of strategic buyers, spearheading marketing activities, leading due-diligence, and negotiating transaction terms.

has been acquired by

The undersigned acted as the exclusive financial advisor to Domino Media Group, Inc. in connection with the transaction

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 38 Selected transactions

Idean Enterprises OY Acquired By Capgemini

Transaction Summary Key Profiles

• Pharus served as the exclusive financial advisor to • Idean Enterprises, a fast-growing digital strategy and Idean Enterprises Oy in its sale to Capgemini. experience design consultancy focuses primarily on Transaction terms were not disclosed. digital user experience (UX), customer experience (CX), and digital strategy. Their client list extends from • This transaction will reinforce Capgemini’s user- disruptive Bay Area start-ups, global tech leaders to centered and digital-first experience design and prominent brands in automotive and consumer strategy services, particularly in North America, electronics, looking to reinvent themselves for the and extend its network of Digital studios. This digital era. Clients include LG, Mercedes-Benz, Sony, transaction is geared to meet growing customer Volkswagen, 23andMe, Airbus, Cole Haan, Ericsson, demand for the Group's end to end digital services. IBM, Intel, and Kesko. • The shareholders of Idean retained Pharus due to • Capgemini provides consulting, technology, and our knowledge of the design and strategy services outsourcing services. Its consulting services include sector, as well as our M&A advisory experience strategy and transformation, finance and technology with digital, innovation and cloud services transformation, human resources consulting, supply businesses. We executed a comprehensive M&A chain management, solutions environment, and process that involved identifying and approaching innovation. It serves manufacturing, retail, consumer a broad set of strategic buyers, spearheading products, distribution and transportation, aerospace marketing activities, leading due-diligence, and and defense, and financial services industries across negotiating transaction terms. the world.

Risto Lähdesmäki, Chief Executive Officer of Idean, said about Pharus: “These guys just rock! I could not be happier with having chosen Pharus as our investment banking advisor. Since I knew this would be once-in-a-lifetime has been acquired by deal for me and whole team, I wanted to set multiple records and Pharus accepted the challenge - and boy we set many. At every step Pharus added immense value and astutely guided us to the most optimal outcome for the shareholders and for everyone in Idean. The undersigned acted as the exclusive I'm very pleased with their experience, dedication, and financial advisor to Idean Enterprises diligence - working hard 24/7 as one team, we were able Oy in connection with the transaction to get a complicated deal closed in a compressed time frame. Pharus was with us right from beginning to end to ensure a successful process. The way they guided me and the team with a human touch was just amazing – I truly felt they had our back all the time. We could not have achieved these results without Pharus - a deal that worked like a dream for all the stakeholders.”

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 39 Selected transactions

Capgemini US Acquires Fahrenheit 212, a Leading Innovation and Design Consultancy

Transaction Summary Key Profiles

• Pharus served as the exclusive financial advisor • Fahrenheit 212, an innovation and design to Fahrenheit 212 LLC in its sale to Capgemini. consultancy, focuses on defining innovation Transaction terms were not disclosed. strategies and develops new products, services, and experiences that create sustainable, profitable • This transaction will augment the capabilities of growth for global clients such as The Coca-Cola Capgemini’s global strategy and transformation Company, Marriott, and Citi. consulting organization, Capgemini Consulting, to provide new innovation, business transformation • Capgemini provides consulting, technology, and and digital customer experiences solutions. This outsourcing services. Its consulting services include bolt on acquisition fits into Capgemini’s digital strategy and transformation, finance and technology innovation growth strategy. transformation, human resources consulting, supply chain management, solutions environment, and • The shareholders of Fahrenheit 212 retained innovation. It serves manufacturing, retail, Pharus due to our knowledge of the innovation consumer products, distribution and transportation, services sector, as well as out M&A advisory aerospace and defense, and financial services experience with digital and cloud services industries across the world. businesses. We executed a comprehensive M&A process that involved identifying and approaching a broad set of strategic and private equity buyers, spearheading marketing activities, leading due- diligence, and negotiating transaction terms.

has been acquired by

The undersigned acted as the exclusive financial advisor to Fahrenheit 212 LLC in connection with the transaction

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 40 Selected transactions

SPS Commerce (NasdaqGS:SPSC) Acquires Toolbox Solutions, a Leading Provider of Retail Solutions in North America

Transaction Summary Key Profiles

• Pharus served as the exclusive financial advisor • ToolBox Solutions is a leading provider of point-of- to Toolbox Solutions, Inc. in their sale to SPS sale analytics, retail and loyalty software solutions, Commerce, Inc. (NasdaqGS:SPSC) and category management services to retailers and consumer packaged goods suppliers across the US • The acquisition serves to strengthen SPS and Canada. The company has established Commerce’s retail analytics portfolio, and further relationships with many leading retailers and CPG broadens their network of more than 60,000 suppliers in the convenience, grocery and drug organizations in 60 countries to include leading store segments. The employees will continue to be retailers and CPG suppliers in the North American based in Toronto. convenience, grocery, and drug store segments. • SPS Commerce provides cloud-based supply chain • Pharus was mandated by Toolbox Solutions’ management solutions worldwide through their shareholders to execute a comprehensive platform which improves the way suppliers, process, that involved identifying and approaching retailers, distributors, and other customers manage a targeted set of strategic and financial buyers, and fulfill orders. The company is headquartered in spearheading marketing and due-diligence, and Minneapolis. negotiating the terms of the transaction. • SPS Commerce acquired all of the shares of ToolBox Solutions for approximately $18.4 million in cash and $4.5 million in stock which represents approximately 65,000 shares.

has been acquired by

The undersigned acted as the exclusive financial advisor to Toolbox Solutions, Inc. in connection with the transaction

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 41 Selected transactions

Ziff Davis Acquires Offers.com, a Leader in the Digital Coupon and Deal Space

Transaction Summary Key Profiles

• Pharus served as the exclusive financial advisor • Offers.com operates a leading online marketplace to Offers.com, LLC in their sale to Ziff Davis, LLC, that connects millions of consumers with coupons, a subsidiary of j2 Global (NasdaqGS:JCOM). promo codes, deals, and discounts from thousands of leading merchants. Offers.com is headquartered • The acquisition further expands Ziff Davis’ in Austin, TX. portfolio of market leading digital properties, and strengthens their position in the growing online • Ziff Davis is a digital media company that engages deals and offers segment. in the digital publishing of content in gaming, technology, and men’s lifestyle categories. It • Pharus was mandated by Offers.com’s operates PCMag.com, IGN.com, and AskMen.com. shareholders to execute a comprehensive Ziff Davis is headquartered in New York, NY. process, that involved identifying and approaching a targeted set of strategic and financial buyers, • Ziff Davis is owned by J2 Global. J2 Global spearheading marketing and due-diligence, and operates through two segments: negotiating the terms of the transaction. − Business Cloud Services – Offers cloud • Transaction terms were not disclosed. services to sole proprietors, small to medium- sized businesses and enterprises, and • Pharus had also served as the exclusive financial government organizations; provides eFax, advisor to Offers.com in 2010, when it received KeepItSafe, LiveDrive, eVoice and Onebox. $7M in a round of funding from Susquehanna Growth Equity. − Digital Media – Operates a portfolio of Web properties, including PCMag.com, IGN.com, Speedtest.net, AskMen.com, and TechBargains.com.

has been acquired by

The undersigned acted as the exclusive financial advisor to Offers.com, LLC in connection with the transaction

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 42 Selected transactions

PHARUS SECURITIES

has merged with

to form

The undersigned acted as the exclusive financial advisor to Control Group, Inc., and its affiliates, in connection with the transactions Pharus Securities, LLC

Innovation Retail Online Digital Services Solutions Marketing Agency

PHARUS SECURITIES PHARUS SECURITIES PHARUS SECURITIES PHARUS SECURITIES

Completed a growth financing with Received Series A financing of $8 million from has been acquired by has been acquired by

The undersigned acted as the exclusive The undersigned acted as the exclusive The undersigned acted as the exclusive The undersigned acted as the exclusive financial financial advisor to RoyaltyShare, Inc. in its financial to Teachers Synergy Inc. in advisor to AmberFin Ltd., in its sale to Dalet S.A. sale to The Orchard Enterprises, Inc. financial advisor to P97 Networks, Inc. in connection with the transaction (ENXTPA:DLT) connection with the transaction Pharus Securities Pharus Securities Pharus Securities April 2014 November 2014 Pharus Securities May 2014

Digital Revenue Fuel Payment Education Broadcast Management & Coupon Technology Technology

Remote DBA Business

has been acquired by has been acquired by has been acquired by

The undersigned acted as financial advisor to Bluewolf Inc., in the sale of its Remote DBA business to Datavail Corporation, Inc. The undersigned acted as financial advisor to Principals of the undersigned acted as financial ExperTune Inc., in its sale to Metso Corporation advisor to SocialGuide, Inc. in its sale to Nielsen Holdings N.V. and NM Incite, LLC, a joint venture between Nielsen and Mckinsey & Company, Inc. Pharus Advisors, LLC Pharus Advisors, LLC Pharus Advisors, LLC December 2012 November 2012 November 2012

IT Social Industrial Retail Services TV Software Software Software

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 43 Pharus overview

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 44 Pharus overview

Introduction to Pharus We are committed to providing clients a high level of attention, independent and objective advice, and creative solutions in challenging environments

Strong Industry Network of Key Specialization Relationships Extensive & Experience Founded Advisory & 110+ Digital Media & Successful in 2001 Capital Market Advertising Transactions Completed Capabilities Software / SaaS Education Technology 900+ Mergers & Acquisitions Global Reach / Strategic Buyer Digital & Creative Valuation & Relationships Cross-border Services Fairness Opinions Expertise Performance Marketing Corporate Advisory 1,500+ Venture Capital New York headquarters, Data & Analytics Private Placements & Private Equity with offices and affiliates Industrial Technology Relationships in major technology Principal Investments Consumer hubs across the globe Recapitalizations

Contact Information

Michael E. Goodman Kenneth M. Harrell Co-Founder & Sr. Managing Director Co-Founder & Sr. Managing Director 212.904.0102 212.904.0101 [email protected] [email protected]

New York Headquarters 244 Fifth Avenue 12th Floor | New York, NY 10001 | 212.904.0100

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 45 Disclaimer

The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors Holdings, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors Holdings, LLC. 2020 Copyright Pharus Advisors Holdings, LLC.

If you would like to be included on (or removed from) the distribution list for The Lighthouse, please contact Cole McCourt at [email protected].

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 46