Identity Software – May 2021 EXECUTIVE SUMMARY Identity Software Sector Update

SECTOR SNAPSHOT: Identity Software – May 2021 EXECUTIVE SUMMARY Identity Software Sector Update

 The pandemic has driven digital transformation into overdrive with retailers and financial institutions rapidly adopting to consumer demand shifting from offline to online transactions, and enterprises accelerating migration to cloud to manage millions of workers working remotely.

 This unprecedented growth in digital activity saw a corresponding increase in intensity and regularity of identity fraud and data breaches on an almost daily basis.

 Advanced persistent threats are fueling rapid innovation and adoption of identity security and data protection solutions across different market verticals, which in turn have catalyzed some of the most significant M&A and funding activities in recent history

 Recent M&A activity has been robust across multiple sub categories especially in IAM, highlighted by: Select M&A Transactions ($MM)

$28,940 $1,400

$6,408 $850

 Financing and investment volume in the overall identity sector has continued unabated with sponsors making bold bets to unleash growth and create new unicorns: Select Financing Transactions ($MM)

$210 $205 $150 $100 $100 $100

 GCA expects these trends to continue with even stronger identity related market activity excepted in the remainder of 2021

2 I. GCA OVERVIEW

II. IDENTITY SOFTWARE MARKET OBSERVATIONS

III. APPENDIX

3 GCA’S DEDICATED SECTOR KNOWLEDGE AND EXECUTION EXCELLENCE

GCA’s Identity Software Leadership Team

Chris Gough Saif Malik Managing Director / Head of Cybersecurity Executive Committee Phone: (415) 318‐3658 Phone: (212) 537‐4533 [email protected] [email protected]

GCA Identity Software Focus

Behavioral Bot and Malware Data Management Fraud Detection Authentication Analytics Detection and Governance and Prevention

Identity Access Identity Data Identity Proofing Identity Theft Regulatory Management Aggregation and Verification Protection Compliance

GCA Overview

25 >500 500+ 245 80% Offices Around M&A Transactions In PE Deals In The Repeat Or The World Professionals Last 3 Years Last 3 Years Referred Clients

4 OUR GLOBAL INVESTMENT BANKING PLATFORM Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders STOCKHOLM

MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK LAUSANNE MILAN NEW DELHI OSAKA TEL AVIV SAN FRANCISCO FUKUOKA TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross‐ 25 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 500 employees and deep ~50% of all America, Asia and across the globe specialization transactions Europe Strong reputation Broad spectrum Diversified and track record: of clients: High number of business model: Leading repeat clients and Geographically conglomerates, top referrals with 189 balanced, synergistic private equity firms deals announced or and complementary and emerging high‐ closed in last 12 focus areas months growth companies

5 GCA operates as GCA in America and Asia, and GCA Altium in Europe OUR RECENT SOFTWARE TRANSACTION EXPERIENCE Deep software sector expertise with demonstrated success advising public and private companies

sold to

strategic investment from

Advisor to ShowingTime

acquired by

6 I. GCA OVERVIEW

II. IDENTITY SOFTWARE MARKET OBSERVATIONS

III. APPENDIX

7 CONVERGENCE OF VERIFICATION AND FRAUD DETECTION TECHNOLOGIES

Increased Digital Activity Driving Need For Sophisticated Fraud Protection Solutions  Covid‐19 accelerated the shift toward digital identity and triggered changes in online shopping behaviors, pushing retailers and financial Ecommerce… institutions to adopt eCommerce strategies penetration incr’d over 2.0x YoY, from 15% in CY19 to 35% in CY20  This drastic rise in online sales saw a corresponding increase in the volume and sophistication of fraudulent activity, especially ATO fraud involving bots, phishing, social engineering, credential stuffing and brute‐force attacks to infiltrate systems $861 billion… was spent via online channels in  Steep costs of such attacks have fueled a stronger desire for KYC the US; 44% increase from 2019 onboarding and identity verification solutions, while enabling an inclusive frictionless experience for customers

 To prevent fraud, a robust multi‐layered and risk‐based identity 72% increase… solution is required to differentiate a trusted user from a fraudster in account takeover (ATO) fraud and combat all types of fraud, beginning with account origination to reported in 2020 from 2019 the transactions that follow

 Mastercard’s latest acquisition of Ekata, for example, brings the integration of identity verification data, fraud prevention and digital $4.2 billion… identity programs to help their customers ensure trust in real‐time in reported loses to US consumers during online account opening, payments and every other digital due to internet fraud interaction

 Investors are betting on continued growth of fraud prevention outside of ecommerce to other market verticals as evidenced by recent 12.8% CAGR… fundings of Signifyd ($205MM), Veriff ($69MM), Sift ($50MM), Jumio projected from 2020‐2025 in the ($150MM), Socure ($100MM), and Id.me ($100MM) global fraud prevention market

Notes: Source: DigitalCommerce360, Federal Bureau of Investigation. 8 EXTENDING AUTHENTICATION AND AUTHORIZATION FOR DATA PROTECTION

Implementation of Zero Trust Data Security Principles  Rise in consumer online activity has also led to ever growing What companies have now amounts of personally identifiable information (PII), which must Lengthy Manual and ad‐ Incomplete Infrequent or retention hoc data be properly consumed, measured, tracked, and protected. identification decentralized policies and retention data disposal of data schedules processes  Organizations lacking proper implementation of data security, What is the need privacy, governance and compliance are increasingly at risk, and Clarity on data assets Next‐gen governance Investment in the right have been subjected to a significant level of security breaches and retention methods of data retention technologies and tools recently

 Legacy architectures remain ill‐equipped to handle sprawling sensitive data as it transitions to distributed multi cloud Why

environments. To address this, a redefined zero trust approach Enables Realizes value of Minimizes risks Gains consumer that works seamlessly across networks is required sustainable, data in including and stakeholder efficient privacy intelligence and compliance risk trust operations busines growth  Identity layer is at the heart of securing these networks and endpoints, with authentication and authorization as the core Cumulative Data Breaches

components of zero trust information access control 10,000 9.5 8.1 8.5 9,000 7.2

7.5 8,000 7,270  Recent acquisition of Auth0 by Okta, delivers the critical identity 7,000 4.9 6,162 5.5 solutions needed to streamline processes, maintain high security, 6,000 2.9 4,800 and improve customer experiences for growth 5,000 3.5

4,000 3,520

1.5

3,000 0.3  With continued recent large investments in BigID ($100MM) and 1,889 2,000 785 ‐0.5

Securiti.ai ($50MM) in data management and privacy, Biocatch 1,000

($168MM) in behavioral biometrics / continuous authentication, 0 ‐2.5 and Hypr ($35MM) in passwordless authentication 2015A 2016A 2017A 2018A 2019A 2020A

Cum. Data Breaches Cum. Individuals Impacted (B)

Notes: Source: Identity Theft Research Center (2021), PwC Insights. 9 OVERVIEW OF THE END‐TO‐END IDENTITY SOFTWARE ECOSYSTEM

Identity Theft Protection

 Provide software and services to reduce the risk of ID theft from online or electronic media Identity Theft Password Personal Identity Self‐Sovereign  Utilize monitoring software to track unauthorized Protection Managers Products Identity (SSI) use of credit and other personal information Fraud Detection

 Provide tools to monitor user behavior and transactions in real‐time to detect suspicious activity and prevent account fraud User & Entity Fraud Prevention & Regulatory Compliance & Behavioral Biometrics Endpoint Malware Behavior Analytics Risk Management Transaction Monitoring & Bot Detection Detection Identity Access Management (IAM)

 Define and manage the roles and access privileges of individual network users and the circumstances in which users are granted (or denied) those Privileged Access Identity‐as‐ Identity Governance Customer Identity & Access Management a‐Service SSO & Administration Management (CIAM) privileges Identity Authentication

 Provide recognition technology for a user’s identity by associating an incoming request with a set of identifying credentials Multi‐factor Mobile Identity & FIDO Authentication Token Access Authentication Device Management Identity Proofing

 Verify and affirm the true identity of an individual interacting with an organization for the first time, based on document verification, digital attributes, Know Your Customer & Identity & Document Identity Background Data – Prevention – Detection – Remediation Entity Verification Verification Proofing Screening and national identity systems

Data Aggregation

 Identity data gathered from multiple sources for combination into a summary analysis and to present a single view of an individual Credit Data Alternative Credit & Master Data & Scoring Aggregators Financial History Consent Management

10 IDENTITY SOFTWARE LANDSCAPE

Proofing Fraud Detection IAM Identity Theft Protection KYC & Entity Verification User & Entity Behavior Analytics Privileged Access Mgmt. Identity Theft Protection * * * * * * * * * Identity & Document Verification * *** *

* Identity‐as‐a‐Service Password Managers Identity Proofing * * * Fraud Prevention & Risk Mgmt. * * Background Screening * * * * * Identity Gov. & Administration Personal Identity Products * Identity Data Reg. Compliance & Txn Monitoring Credit Scoring & Data Aggregators *

Customer Identity & Access Mgmt. Self‐Sovereign Identity * * * * * Identity Resolution * * ** * * * * Authentication Alt. Credit & Financial Identity Behavioral Biometrics & Bot Det Authentication Mobile Identity & Device Mgmt. * * * * * Data Mgmt. & Governance * * * Endpoint Malware Detection *

* Indicates acquired / subsidiary Notes: Source: Company filings, GCA research, Gartner, One World Identity. 11 IDENTITY SOFTWARE M&A TIMELINE Highlighted transactions

Sep‐18: Cisco acquires May‐19: Mastercard Mar‐20: LexisNexis Dec‐20: Intuit acquires Sep‐17: Google acquires May‐21: Okta acquires Duo Security acquires Ethoca (Fraud acquires Emailage (Fraud Credit Karma (Identity Bitium (IAM) Auth0 (IAM) (Authentication) Detection) Detection) Theft)

Mar‐17: Mastercard Jul‐18: Transunion Feb‐19: GB Group Nov‐19: FICO acquires Apr‐20: Foursquare Apr‐21: Mastercard acquires NuData (Fraud acquires Iovation (Fraud acquires Idology EZMCOM acquires Factual announced acquisition of Detection) Detection) (Proofing) (Authentication) (Authentication) Ekata (Proofing)

Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21

Feb‐17: Symantec Feb‐18: LexisNexis Jan‐20: F5 acquires Nov‐20: Nasdaq Jan‐19: Akamai acquires Sep‐19: Visa acquires acquires Lifelock (Identity acquires ThreatMetrix Shape Security (Fraud announced acquisition of Janrain (IAM) Verifi (Fraud Detection) Theft) (Fraud Detection) Detection) Verafin (Fraud Detection)

Nov‐18: Broadcom Jul‐19: Imperva acquires Jan‐20: LexisNexis Nov‐20: Mastercard Jan‐21: London Stock Nov‐17: SAP acquires acquires CA Technologies Distil Networks (Fraud acquires IDAnalytics acquires Finicity Exchange acquires Gigya (IAM) (IAM) Detection) (Proofing) (Proofing) Refinitiv (Identity Data)

Notes: Source: Capital IQ, Pitchbook. 12 IDENTITY SOFTWARE DEAL DASHBOARD (2021 YTD)

Select Recent M&A Transactions ($MM) Select Recent Financing Transactions ($MM)

Notes: Source: Capital IQ, Pitchbook. 13 TRANSACTION HIGHLIGHTS – M&A Mastercard To Acquire Ekata Transaction Overview Company Synopsis  On April 19th, Mastercard Headquarters: Seattle, WA (NYSE: MA) announced it had entered into an agreement to Founded: 2019 acquire Ekata for $850 million Employees: 214  Ekata’s global identity To be acquired by verification solutions will join Description: Ekata Inc. develops global identity verification solutions Mastercard’s Cyber and designed to prevent fraudulent transactions. The Intelligence business company uses insights to deliver unique scores, data  The acquisition will help attributes and risk indicators services in real‐time during Mastercard deliver a more online account opening, payments and variety of other comprehensive identity service digital interactions $850 million that can power real‐time decision‐making needs Selected Transaction Commentary

Product Solutions “The shift to a more digital “The acceleration of online Fake Account Prevention world requires real solutions to transactions has thrust global secure every transaction and digital identity verification to  Detect creation of fraudulent user accounts and instill trust in every the forefront as one of the stop bad actors from abusing loyalty programs interaction…with the addition biggest opportunities to build of Ekata, we will advance our digital trust and combat global Manual Reviews identity capabilities and create fraud…Becoming part of the  Cross‐verify customer information with credible a safer, seamless way for Mastercard Identity family data and improve confidence in risk control consumers to prove who they ensures a broader, collective say they are in the new digital approach to meeting the Payment Risk Reduction economy. ” growing demands of the digital  Fight payment fraud and make accurate risk economy. ” decisions pre, post, and during authorization

Transaction Fraud Anjay Bhalla Rob Ekevekd  Fight payment fraud and make accurate risk President of Cyber and Intelligence Chief Executive Officer decisions pre, post, and during authorization Mastercard Inc. (NYSE: MA) Ekata, Inc.

Notes: Source: Capital IQ, Pitchbook, Press Releases, and Company Website. 14 TRANSACTION HIGHLIGHTS – M&A Mastercard (NYSE: MA) Annotated Stock Chart

 Mastercard has been an active investor across the Fintech space, with recent emphasis in the Identity Proofing landscape  The Company’s most recent quarter was highlighted by recent corporate / business development endeavors, most notably its acquisition of Ekata, one of the most pivotal recent integrations in the identity verification data vertical

$450.00 Announces 16MM 23.7% acquisition of Ekata MARKET CAP APPRECIATION Announces acquisition of Warmeja 14MM (1/1/2020 – 5/9/2021) Announces $400.00 acquisition of Announces Completes acquisition of Finicity Airtel 12MM acquisition of Finicity 10MM $350.00

8MM

$300.00 Stock Price: $374.40 6MM Stock Price: $303.39 Mkt Cap: $372 billion Mkt Cap: $306 billion 4MM $250.00

2MM

$200.00 0 1/1/20 3/1/20 5/1/20 7/1/20 9/1/20 11/1/20 1/1/21 3/1/21 5/1/21

Notes: Source: Capital IQ, Pitchbook, Press Releases, and Company Website. 15 TRANSACTION HIGHLIGHTS – M&A Okta Acquires Auth0 Transaction Overview Company Synopsis

 On May 3rd, Okta (NASDAQ: Headquarters: Bellevue, WA OKTA) completed its acquisition Founded: 2013 of Auth0, Inc. for $6.5 billion  Combination is accretive to Employees: 935 revenue growth, and Description: Auth0, Inc. develops identity and authentication Has been acquired by complements Okta’s enterprise platform designed to verify users and tackle identity focused strength with Auth0’s fraud. The company's platform provides login and developer first capabilities authentication for a bevy of device types in a variety of  Accelerates penetration into formats, including single‐sign‐on, multi‐factor combined $25Bn customer and authentication, and passwordless logins, enabling third‐ $6.5 billion $30Bn workforce identity party websites to securely verify the users markets Selected Transaction Commentary

Product Solutions “Combining Auth0’s developer‐ “Together, we can offer our Access Management centric identity platform with customers workforce and the Okta Identity Cloud will customer identity solutions  Enables developers to eliminate the friction of drive tremendous value to with exceptional speed, authentication and authorization both current and future simplicity, security, reliability, customers. Okta’s and Auth0’s and scalability. By joining Security shared vision for the identity forces, we will accelerate our  Threat intelligence tools with capabilities to market, rooted in customer customers’ innovation and protect customers from identity attacks success, will accelerate our ability to meet the needs and innovation, opening up new demands of consumers, Multi‐Factor Authentication ways for our customers to businesses, and employees  Reduces risk and increases productivity to allow leverage identity to meet their everywhere. ” authentication of users across applications business needs.” User Management Todd McKinnon Eugenio Pace  Supports importing users from external Co‐Founder & CEO Co‐Founder & CEO applications using custom database connections Okta Inc. (NASDAQ: OKTA) Auth0, Inc.

Notes: Source: Capital IQ, Pitchbook, Press Releases, and Company Website. 16 TRANSACTION HIGHLIGHTS – M&A Okta (NASDAQ: OKTA) Annotated Stock Chart

 Amongst recent events, Okta’s acquisition was a defensive deal resulting from the Company’s challenges in expanding its product suite to include customer‐facing access management and developer tools  Okta’s price declined following Auth0 acquisition over concerns of core growth slowing and distraction from entering adjacent markets such as PAM, IGA and CIAM via Auth0

$330.00 10MM Completes 102.3% acquisition of MARKET CAP APPRECIATION Auth0 9MM (1/1/2020 – 5/9/2021) $280.00 8MM

7MM

$230.00 Announces 6MM Stock Price: $117.31 acquisition of Mkt Cap: $14 billion Auth0 5MM Oktane 21 Conference $180.00 held targeting 4MM PAM and IGA Stock Price: $237.27 3MM Mkt Cap: $36 billion $130.00 2MM

1MM

$80.00 0 1/1/20 3/1/20 5/1/20 7/1/20 9/1/20 11/1/20 1/1/21 3/1/21 5/1/21

Notes: Source: Capital IQ, Pitchbook, Press Releases, and Company Website. 17 TRANSACTION HIGHLIGHTS – FUND RAISING Jumio Receives PE Growth Financing From Great Hill Partners – Verification Transaction Overview Company Synopsis  On March 22nd, Jumio Headquarters: Palo Alto, CA Corporation received $150 million of development capital Founded: 2010 from Great Hill Partners Employees: ~1,500  Jumio will use the proceeds to Received equity growth accelerate its significant global Description: Jumio Corporation develops online identity management financing from lead in the digital identity space software designed to reduce business fraud through  The company is focused on biometric and machine learning technologies. The expanding the breadth of the company develops image‐recognition technology for Jumio KYX Platform and grow mobile phones protecting the ecosystems of businesses its suite of AML compliance through cutting‐edge online identity verification and $150 million services and to fuel innovation authentication services and automation Selected Transaction Commentary

Product Solutions “Jumio has established itself as “Jumio’s innovations helped Comprehensive Verification the de facto global leader in establish the identity online identity verification, verification market, and the  Detects digital manipulation of identification fraud detection and need to establish someone’s images and content compliance…Organizations digital identity remotely has must digitally transform their never been greater…Great Hill Authentication onboarding, KYC and AML team bring tremendous  Establishes digital identities of users through monitoring processes, which expertise and a strong track selfies and protection against spoofing have become even more vital record of innovation and as the volume of online and strategic leadership, so we are Screening mobile payments reaches excited to partner with them  Protects against online financial crime with AI‐ historic highs. ” as we continue to scale.” powered AML screening

Transaction Monitoring Nick Cayer Robert Prigge  Detects suspicious activity and manages Partner Chief Executive Officer investigations Great Hill Partners Jumio Corporation

Notes: Source: Capital IQ, Pitchbook, Press Releases, and Company Website. 18 TRANSACTION HIGHLIGHTS – FUND RAISING Signifyd Receives Investment From Owl Rock Capital – Fraud Detection Transaction Overview Company Synopsis  On April 21st, Signifyd, Inc. Headquarters: San Jose, CA raised $205 million through a combination of debt and Series Founded: 2011 E venture funding in a deal led Employees: 342 by Owl Rock Capital Received an investment  The funds will be used to Description: Signifyd, Inc. develops standalone risk and fraud‐ from expand the company's prevention platform designed to make commerce safer Commerce Protection Platform for online retailers. The company's platform leverages and identity graph globally big data, machine learning, and expert manual reviews  Signifyd’s latest investors point to provide a financial guarantee against fraud on to strong pre‐IPO credibility and approved orders that turn out to be fraudulent $205 million momentum Selected Transaction Commentary

Product Solutions “Signifyd is mission‐critical “Last year we saw ecommerce End‐to‐End Commerce Protection infrastructure for a growing sales and influence propelled number of retail’s biggest and into 2025. And yet the online  Automate customer experience and eliminate best‐known brands. They are checkout experience is stuck in fraud and customer abuse for retailers poised to expand their position 2015…With this latest as the market leader in investment, Signifyd has the Abuse Prevention commerce protection just as roadmap, the resources and  Manage abuse beyond payment fraud from rapidly shifting consumer technical talent to enable consumers who participate in digital transactions preferences are driving an merchants to push the ecommerce inflection point we customer experience to that Payments Optimization didn’t think we’d see for future state — and to keep  Ensure PSD2 compliance without friction and several years. ” pushing it forward for years to allow traffic routed to banks for authorization come. ” Revenue Protection Kurt Tenenbaum Raj Ramanand  Evaluate the effectiveness of processes and Managing Director Chief Executive Officer identify focus areas for revenue optimization Owl Rock Capital Signifyd, Inc.

Notes: Source: Capital IQ, Pitchbook, Press Releases, and Company Website. 19 TRANSACTION HIGHLIGHTS – FUND RAISING BigID Receives Series D Venture From Salesforce Ventures and Tiger Global Management – Data Management Transaction Overview Company Synopsis  On April 22nd, BigID, Inc. raised Headquarters: New York, NY $100 million of Series D venture funding in a deal led by Advent Founded: 2016 International, Salesforce Employees: ~300 Ventures and Tiger Global Management Received an investment Description: BigID, Inc. develops data‐driven protection and privacy from  The funds will be used to compliance platform designed to transform how accelerate the company's enterprises protect and manage the privacy of personal investment in data intelligence data. The company's platform uses advanced machine for privacy, protection and learning and identity intelligence to help enterprises perspective safeguard and assure the privacy of their sensitive data, $100 million  BigID’s valuation was placed at reduce breach risk and meet compliance standards $1.25 billion by investors post Selected Transaction Commentary transaction Product Solutions “Data powers the modern “The boom in data continues to Privacy enterprise and has become present multiple challenges for indispensable for customer enterprises – especially with  Data‐centric privacy compliance and innovation and value the new tech stack. We believe automation governance creation…it has also come our unified data intelligence under greater scrutiny given platform is uniquely positioned Protection the sensitivity and increase in to ensure businesses tackle  Data protection and remediation with broad global privacy regulators. BigID their data management pain coverage in data access and breach notification has pioneered the ability for points by providing increased organizations to find and know knowledge and visibility of Data Management their data in a way that helps their data, enabling them to  Automatically inventory enterprise data via them take action and meet regulatory requirements, machine learning across siloed data assets automate critical privacy. ” ensure their data is secure. ” Data Classification Matthew Garratt Dimitri Sirota  Pattern & ML based classification to Managing Partner Co‐Founder and CEO automatically classify data elements Salesforce Ventures BigID, Inc.

Notes: Source: Capital IQ, Pitchbook, Press Releases, and Company Website. 20 IDENTITY SOFTWARE PUBLIC COMPANY VALUATION

LTM Share Price Performance

Public Identity Ecosystem Cyber Security Data Aggregation FinTech

20% 38% 37%

LTM Share Price Performance

Notes: Darktrace and KnowBe4 are excluded from LTM Share Price Performance Source: Capital IQ as of 5/18/2021. 21 IDENTITY SOFTWARE PUBLIC COMPANY VALUATION

EV / 2021E Revenue EV / 2021E EBITDA 2021E Revenue Growth 2021E EBITDA Margin

Public Identity Ecosystem Cyber Security Data Aggregation FinTech

7.3x / 12.4x / 10.5% / 7.9% 7.3x / 20.4x / 9.6% / 35.2% 10.7x / 29.6x / 20.2% / 46.0%

2021E Revenue / 2021E EBITDA Multiple / 2021E Revenue Growth / 2021E EBITDA Margin

Notes: Source: Capital IQ as of 5/18/2021. 22 I. GCA OVERVIEW

II. IDENTITY SOFTWARE MARKET OBSERVATIONS

III. APPENDIX

23 SELECTED PUBLIC COMPANY DETAIL $MMs, except per share data Financial Metrics Operating Metrics Stock Price Equity Enterprise EV / Revenue EV / EBITDA CY Rev. Growth Gross Margin EBITDA Margin Company 5/18/2021 Value Value CY 21E CY 22E CY 21E CY 22E 21E/20A 22E/21E CY 21E CY 22E CY 21E CY 22E Cyber Security Okta, Inc. $227.35 $34,784 $34,166 31.2x 24.0x NM NM 31% 30% 60% 61% (2%) 3% Splunk Inc. $115.41 $18,916 $19,741 7.7x 6.3x NM NM 15% 22% 68% 64% 2% 7% Akamai Technologies, Inc. $112.74 $18,376 $18,736 5.5x 5.1x 12.4x 11.4x 7% 8% 60% 61% 44% 45% NortonLifeLock Inc. $26.49 $15,415 $18,157 6.6x 6.1x 12.0x 11.1x 10% 7% NA NA 55% 55% NICE Ltd. $222.71 $14,058 $13,291 7.3x 6.6x 21.6x 19.6x 10% 11% 65% 65% 34% 34% CyberArk Software Ltd. $119.85 $4,685 $4,008 8.2x 7.3x NM NM 6% 13% 79% 73%8%7% Rapid7, Inc. $79.17 $4,365 $4,686 9.3x 7.8x NM NM 23% 19% 60% 62% 6% 8% SailPoint Technologies Holdings, Inc. $44.50 $4,108 $4,113 10.1x 8.7x NM NM 12% 16% 70% 68% (1%) 4% Darktrace plc $4.90 $3,367 $3,398 NM NM NM NM NM NA NA NA NA NA KnowBe4, Inc. $19.35 $3,285 $3,212 14.4x 11.5x NM NM NM NA NA NA 6% 11% Micro Focus International plc $7.14 $2,397 $6,628 2.3x 2.4x 6.5x 6.5x (3%) (3%) NA NA 36% 37% Ping Identity Holding Corp. $23.71 $1,945 $1,949 7.2x 6.4x NM NM 11% 13% 72% 71% 9% 10% OneSpan Inc. $25.36 $1,020 $919 4.2x 3.8x NM NM 2% 10% 69% 66% (0%) 6% Mitek Systems, Inc. $16.63 $716 $621 5.0x 4.4x 17.4x 13.7x 18% 14% NA NA 29%32% Mean 9.1x 7.7x 14.0x 12.4x 12% 13% 67% 66% 17% 20% Median 7.3x 6.4x 12.4x 11.4x 11% 13% 68% 65% 8% 10%

Data Aggregation RELX PLC $26.19 $50,466 $59,581 5.7x 5.3x 15.6x 14.1x 7% 8% 60% 60% 37% 38% Experian plc $37.32 $34,091 $37,911 6.7x 6.2x 20.4x 17.5x 9% 9% NA NA 33% 35% Equifax Inc. $233.66 $28,437 $32,051 6.9x 6.5x 20.4x 17.6x 13% 6% 52% 56% 34% 37% TransUnion $106.86 $20,442 $23,355 7.8x 7.3x 19.9x 18.1x 10% 7% 61% 62% 39% 40% Fair Isaac Corporation $489.92 $14,098 $14,924 11.0x 10.0x 27.2x 24.1x 4% 10% NA NA 40% 41% Dun & Bradstreet Holdings, Inc. $21.79 $9,400 $12,880 6.0x 5.7x 15.2x 14.2x 24% 4% 55% 65% 39% 40% GlobalData Plc $22.21 $2,620 $2,754 10.1x 9.6x 31.8x 28.8x 12% 5% 37% NA 32%33% GB Group plc $12.44 $2,442 $2,448 8.0x 7.5x 31.8x 29.9x 5% 7% NA NA 25% 25% Mean 7.8x 7.3x 22.8x 20.5x 11% 7% 53% 61% 35% 36% Median 7.3x 6.9x 20.4x 17.9x 10% 7% 55% 61% 35% 37%

FinTech Visa Inc. $225.57 $481,094 $483,406 19.6x 16.7x 28.7x 23.3x 15% 18% NA NA 68% 71% Mastercard Incorporated $363.07 $359,820 $364,650 19.8x 16.6x 34.5x 27.1x 20% 19% 55% 55% 57% 61% PayPal Holdings, Inc. $243.21 $285,706 $276,339 10.7x 8.8x 35.9x 29.0x 20% 21% 46% 43% 30% 30% American Express Company $154.99 $124,504 $106,113 2.7x 2.4x NM NM 44% 13% 7% 9% NA NA Intuit Inc. $417.43 $114,309 $114,351 11.2x 10.5x 30.6x 28.0x 32% 7% NA NA 37% 37% Fidelity National Information Services, In $148.21 $91,909 $110,119 8.0x 7.4x 17.9x 16.1x 9% 8% 33% 34% 45% 46% Global Payments Inc. $195.56 $57,732 $65,857 8.6x 7.9x 18.3x 16.3x 3% 10% 69% 65% 47% 49% Mean 11.5x 10.0x 27.7x 23.3x 20% 14% 42% 41% 47% 49% Median 10.7x 8.8x 29.6x 25.2x 20% 13% 46% 43% 46% 47%

Notes: Source: Capital IQ as of 5/18/2021. Sorted by equity value. 24 SELECTED M&A ACTIVITY

Announced Enterprise EV / LTM EV / NTM Date Acquirer Target Value Revenue EBITDA Revenue EBITDA Target Description

Notes: $ in millions Source: Capital IQ and Pitchbook. 25 SELECTED M&A ACTIVITY (CONT’D)

Announced Enterprise EV / LTM EV / NTM Date Acquirer Target Value Revenue EBITDA Revenue EBITDA Target Description

Notes: $ in millions Source: Capital IQ and Pitchbook. 26 SELECTED M&A ACTIVITY (CONT’D)

Announced Enterprise EV / LTM EV / NTM Date Acquirer Target Value Revenue EBITDA Revenue EBITDA Target Description

Notes: $ in millions Source: Capital IQ and Pitchbook. 27 SELECTED M&A ACTIVITY (CONT’D)

Announced Enterprise EV / LTM EV / NTM Date Acquirer Target Value Revenue EBITDA Revenue EBITDA Target Description

Notes: $ in millions Source: Capital IQ and Pitchbook. 28 SELECTED FINANCING ACTIVITY