Sectorwatch: IT Services - Western Europe January 2020 IT Services - Western Europe January 2020 Sector Dashboard [4]

Home , ALTEN, Atos, Capgemini, Engineering consulting, Sopra Steria, TietoEVRY

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

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

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

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

3 Dashboard

Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM Rev. Growth % 16.7% 5.3% average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM GP Margin % 15.8%

Pricing / Gross Margin Momentum Median LTM EBITDA Margin % 9.4% 1 - year gross profit % compared to gross profit % 0.01% average for last 3 years 0% 10% 20% 30% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 25.2x 1 - year EBITDA % compared to EBITDA % average for 0.03% last 3 years Median TEV / LTM EBIT 17.7x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 14.7x

Median TEV / LTM Revenue 1.1x

0x 5x 10x 15x 20x 25x 30x

4 Public Basket

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

Capgemini SE 24,189 15,632 8% 27% 13% 1.6 11.5 211,313 74 Atos SE 13,848 14,521 14% 14% 14% 1.0 7.1 113,278 128 Bechtle AG 6,473 5,594 27% 15% 6% 1.1 20.1 10,005 559 Altran Technologies S.A. 5,934 3,571 25% 31% 12% 1.7 14.1 45,872 78 Alten SA 4,412 2,802 18% 21% 10% 1.6 16.0 33,700 83 Sopra Steria Group SA 4,353 4,880 8% 14% 9% 0.9 10.4 42,526 115 TietoEVRY Oyj 4,165 1,759 2% 26% 10% 2.3 21.6 15,190 116 SoftwareONE Holding AG 3,582 5,862 0% 4% 3% 0.6 24.3 2,759 2,125 Reply S.p.A. 3,099 1,283 17% 15% 13% 2.5 19.6 7,606 169 Indra Sistemas, S.A. 2,938 3,600 6% 26% 8% 0.8 9.8 43,707 82 Computacenter plc 2,797 6,062 16% 13% 3% 0.5 13.6 16,056 378 Endava plc 2,407 374 28% 35% 16% 6.4 41.5 5,754 65 Cancom SE 2,298 1,742 21% 27% 7% 1.3 18.1 3,403 512 Econocom Group SE 1,257 3,245 6% 13% 5% 0.4 7.8 10,812 300 Devoteam SA 871 818 25% 15% 12% 1.1 9.2 6,975 117 Allgeier SE 589 841 17% 17% 5% 0.7 15.3 9,437 89 Capgemini SE 24,189 15,632 8% 27% 13% 1.6 11.5 211,313 74 Average 5,201 4,536 15% 20% 9% 1.5 16.3 36,150 312 Median 3,340 3,408 17% 16% 9% 1.1 14.7 13,001 117 share price as of 29Jan20

5 Public Basket Valuation Trends

15x Public EBITDA Multiples over Time

20x

12x 15x 10x 5x 11.5x 0x

Jul-15 Jul-16 Jul-17 Jul-18 Jul-19

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Apr-15 Apr-16 Apr-17 Apr-18 Apr-19

TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time

1.5x 3x 1.0x 0.9x 0.5x 0.0x

Jul-15 Jul-16 Jul-17 Jul-18 Jul-19

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Apr-15 Apr-16 Apr-17 Apr-18 Apr-19

Jul-15 Jul-16 Jul-17 Jul-18 Jul-19

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 TEV/Revenue - Median TEV/Revenue - Average TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Endava plc Endava plc

Altran Technologies S.A. Atos SE

Capgemini SE Capgemini SE

Cancom SE Reply S.p.A.

TietoEVRY Oyj Altran Technologies S.A.

Indra Sistemas, S.A. Devoteam SA

Alten SA TietoEVRY Oyj

Allgeier SE Alten SA

Devoteam SA Sopra Steria Group SA

Reply S.p.A. Indra Sistemas, S.A.

Bechtle AG Cancom SE

Atos SE Bechtle AG

Sopra Steria Group SA Econocom Group SE

Econocom Group SE Allgeier SE

Computacenter plc Computacenter plc

SoftwareONE Holding AG SoftwareONE Holding AG

Median Median

- 10% 20% 30% 40% - 5% 10% 15% 20%

7 Operational Metrics

LTM Revenue Growth %

Endava plc

Bechtle AG

Altran Technologies S.A.

Devoteam SA

Cancom SE

Alten SA

Reply S.p.A.

Allgeier SE

Computacenter plc

Atos SE

Sopra Steria Group SA

Capgemini SE

Econocom Group SE

Indra Sistemas, S.A.

TietoEVRY Oyj

SoftwareONE Holding AG

Median

- 10% 20% 30%

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Bechtle AG Indra Sistemas, S.A.

Computacenter plc Econocom Group SE

Cancom SE Alten SA

Allgeier SE Devoteam SA

Endava plc Sopra Steria Group SA

Atos SE TietoEVRY Oyj

Altran Technologies S.A. Capgemini SE

Reply S.p.A. Reply S.p.A.

Capgemini SE Altran Technologies S.A.

TietoEVRY Oyj Atos SE

Sopra Steria Group SA Endava plc

Devoteam SA Allgeier SE

Alten SA Cancom SE

Econocom Group SE Computacenter plc

Indra Sistemas, S.A. Bechtle AG

Median Median

0x 2x 4x 6x 8x 10x 0x 50x 100x 150x 200x

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Endava plc Endava plc

Reply S.p.A. SoftwareONE Holding AG

TietoEVRY Oyj TietoEVRY Oyj

Altran Technologies S.A. Bechtle AG

Alten SA Reply S.p.A.

Capgemini SE Cancom SE

Cancom SE Alten SA

Bechtle AG Allgeier SE

Devoteam SA Altran Technologies S.A.

Atos SE Computacenter plc

Sopra Steria Group SA Capgemini SE

Indra Sistemas, S.A. Sopra Steria Group SA

Allgeier SE Indra Sistemas, S.A.

SoftwareONE Holding AG Devoteam SA

Computacenter plc Econocom Group SE

Econocom Group SE Atos SE

Median Median

0x 2x 4x 6x 8x 0x 10x 20x 30x 40x 50x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

Endava plc Allgeier SE

Cancom SE Endava plc

TietoEVRY Oyj Altran Technologies S.A.

SoftwareONE Holding AG Cancom SE

Allgeier SE Bechtle AG

Bechtle AG Reply S.p.A.

Reply S.p.A. Computacenter plc

Computacenter plc Capgemini SE

Alten SA Alten SA

Altran Technologies S.A. TietoEVRY Oyj

Capgemini SE Sopra Steria Group SA

Sopra Steria Group SA Devoteam SA

Indra Sistemas, S.A. Indra Sistemas, S.A.

Atos SE Atos SE

Devoteam SA Econocom Group SE

Econocom Group SE SoftwareONE Holding AG

Median Median

0x 20x 40x 60x 0x 30x 60x 90x 120x

11 Valuation

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

45x 40% 45x 30%

40x 35% 40x 25% 35x 35x 30%

30x 30x 20% 25%

25x 25x 20% 15% 20x 20x 15% 15x 15x 10%

10% 10x 10x 5% 5%

5x 5x

LTM GP% LTM

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

0x 0% 0x 0%

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

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

24Jan20 Indizen Technologies, S.L. Scalian SAS - - - - 22Jan20 Nautas Technologies SA BALEÀRIA EUROLINEAS MARITIMAS, S.A. - - - - 22Jan20 Certain Assets of Onwerk GmbH NFON AG - - - - 21Jan20 Data One GmbH ORBIS AG - - - - 20Jan20 pro!vision GmbH diva-e Digital Value Excellence GmbH - - - - 16Jan20 Excitech Ltd Symetri AB - 65.33 - - 15Jan20 Hart Square Limited ClearCourse Partnership LLP - - - - 14Jan20 Appex Consulting VINCI Energies S.A. - - - - 14Jan20 ACI CLB OSLO - - - - 13Jan20 Wide Technology Partners AG Bechtle Schweiz AG - 4.43 - - 13Jan20 Team vision S.A. Sabio Ltd - - - - 13Jan20 Business and Assets of 3 Step IT (UK) Limited BNP Paribas 3 Step IT - - - - 8Jan20 Poplatek/ Poplapay Nets A/S - 5.55 - - 9Jan20 DC Networks Limited Calligo Limited - - - - 8Jan20 Sistemas Informáticos Abiertos, S.A. Indra Sistemas, S.A. - - - - 8Jan20 Timmermans IT bv Becs IT Services Zuid B.V. - - - - 8Jan20 Kofschip BV Capital A Investment Partners - - - - 7Jan20 B-Critical B.V. Solimas Groep B.V. - - - - 7Jan20 SAPBASIS ApS Trifork Holding AG - - - - 1Jan20 MThree Corporate Consulting Limited John Wiley & Sons, Inc. 129.00 - - - 6Jan20 Alpix Management, SAS Cyllene SAS - 1.19 - - 3Jan20 One World AS ÅF Advansia AS - 1.60 - - 30Nov19 Serval Systems Ltd entrustIT Limited - - - - 23Dec19 Kpar3 XEFI Software - - - - 20Dec19 Altran Technologies S.A. Goldman Sachs International - 3,475.60 - - 19Dec19 ISG technology Limited Allvotec Limited - - - - 19Dec19 Quantic SA Aubay Société Anonyme - 17.80 - - 19Dec19 Bcame s.r.l. Triboo S.p.A. - - - - 17Dec19 Trilogy Technologies Ltd Arkphire Ireland Limited - 8.36 - - 17Dec19 PiNTeam Holding GmbH DENSO Corporation - - - - 13Dec19 Proact IT Group AB (publ) Carey Trustees Ltd - 359.87 - - 13Dec19 Lansrod Technologies Audensiel Technologies SAS - - - - 11Dec19 Finaptix HPD Software Limited - - - - 10Dec19 Planeum, SARL Groupe PASàPAS-KPF - - - - 4Dec19 Infocentric Research AG Valtech SE - - - - 3Dec19 Mehrwerk AG NETGO Unternehmensgruppe GmbH - - - -

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

3Dec19 Necsia IT Consulting CyberProof Inc. - - - - 3Dec19 Ebiznext SAS Umanis SA - 8.87 - - 2Dec19 Agilityworks Limited (nka:EY AgilityWorks) Ernst & Young Global Limited - - - - 26Nov19 QDOS-sbl Group Ridgewall Limited - - - - 25Nov19 Nell'armonia Isatis Capital SA 5.50 - - - 22Nov19 Webstep ASA Embro Eiendom AS 0.75 71.91 1.0x 10.3x 14Nov19 Codalis SA Bechtle AG - 10.13 - - 6Nov19 Software Design Spa Société Internationale de Télécommunications Aeronautiques - - - - 6Nov19 Amicus ITS Ltd. Aura Technology Ltd. - - - - 30Oct19 Xevit Gmbh Conscia A/S - 44.49 - - 24Oct19 DYNARDO (Dynamic Software and Engineering) ANSYS, Inc. 33.29 - - - GmbH 30Sep19 Calculo Sa Sapiens International Corporation N.V. - - - - 14May19 Advansys SpA Lynx S.p.A. 9.88 - - - 17Sep19 OYEZ SAS ALTAVIA S.A. - - - - 10Sep19 Nalys Group Sparring Capital - 27.62 - - 6Sep19 MoGi Group, Ltd. TransPerfect Translations International Inc. - - - - 3Sep19 SOGET S.A Union Portuaire Rouennaise - - - - 2Sep19 Sonlinc A/S EG A/S - - - - 26Aug19 PYLADES B.V Waterland Private Equity Investments BV - - - - 21Aug19 Syscom AS DXC Technology Company - - - - 19Aug19 Mirus IT Solutions Ltd. IT Lab Limited - - - - 19Aug19 ]init[ Aktiengesellschaft fur digitale Kommunikation EMERAM Capital Partners GmbH; Emeram Capital Partners - - - - Fund I 5Aug19 Complete I.T Ltd Sharp Business Systems UK Plc - 17.85 - - 5Aug19 Ultima Business Solutions Limited Apse Capital Limited - 133.59 - - 2Aug19 Plan-Net Limited Acora Holdings Limited - - - - 1Aug19 Sanderson Group plc Aptean Limited 111.18 42.02 2.5x 14.5x 19Jul19 Odin Groep BV Fortino Capital - 92.01 - - 17Jul19 MDS Global Ltd Volaris Group Inc. - - - - 3Dec19 Necsia IT Consulting CyberProof Inc. - - - - 3Dec19 Ebiznext SAS Umanis SA - 8.87 - - 2Dec19 Agilityworks Limited (nka:EY AgilityWorks) Ernst & Young Global Limited - - - - 26Nov19 QDOS-sbl Group Ridgewall Limited - - - - 25Nov19 Nell'armonia Isatis Capital SA 5.50 - - - 22Nov19 Webstep ASA Embro Eiendom AS 0.75 71.91 1.0x 10.3x 14Nov19 Codalis SA Bechtle AG - 10.13 - - 6Nov19 Software Design Spa Société Internationale de Télécommunications Aeronautiques - - - - 6Nov19 Amicus ITS Ltd. Aura Technology Ltd. - - - -

14 IT Services - Western Europe January 2020 APPENDIX:

Public Basket

Constituents

Public Basket 1.5x

1.0x

0.5x

Capgemini SE 0.0x Capgemini SE provides consulting, technology, and digital transformation services. It addresses clients’ opportunities in the world of cloud, digital, and platforms, as well as enables TEV/Revenue Average organizations to realize business ambitions through an array EBITDA Multiples - Capgemini SE of services from strategy to operations. The company’s 20x Consulting Services segment offers strategy and transformation consulting services, including strategy, 15x technology, data science, and creative design to support 10x various companies and organizations in creating models, and 5x products and services within the digital economy. Its Technology and Engineering Services segment provides 0x assistance and support to internal IT and engineering teams within clients’ organizations in the cloud, cybersecurity, quality assurance, testing, and new technologies fields. The TEV/EBITDA Average company was founded in 1967 and is headquartered in Paris, France. P/E Multiples - Capgemini SE Date Key Development Headline 40x 6/24/19 Altran Technologies S.A., Capgemini SE - M&A Call 30x 6/23/19 Capgemini SE (ENXTPA:CAP) entered into an agreement to 20x acquire Altran Technologies S.A. (ENXTPA:ALT) from Altamir SCA (ENXTPA:LTA), Apax Partners SAS, Elliott Management 10x Corporation and others for €3.6 billion. 4/3/19 Capgemini to Enter into Alliance Partnership with Autodesk, 0x Inc. for the Deployment of a Comprehensive BIM Platform

P/E Average

16 Revenue Multiples - Atos SE 1.5x Public Basket 1.2x 0.9x 0.6x 0.3x Atos SE 0.0x Atos SE provides information technology services and solutions worldwide. It offers infrastructure and data management services, including cloud services and digital TEV/Revenue Average workplace services, business and platform solutions, big data, and cybersecurity products and services, as well as EBITDA Multiples - Atos SE 20x transactional services. The company’s solutions include automated help and interaction centers, cloud and mobile 15x solutions, unified communications and collaboration tools; 10x Atos Codex, a suite of business-driven analytics and IOT 5x solutions and services; business process outsourcing; business and platform solutions for mobile apps and devices, 0x as well as SaaS integration; and computing platforms, security solutions, software appliances, and services. It also offers payments and transactional services.. Atos SE was TEV/EBITDA Average incorporated in 1982 and is headquartered in Bezons, France. P/E Multiples - Atos SE Date Key Development Headline 40x 12/17/19 Atos SE (ENXTPA:ATO) entered into an agreement to acquire 30x to acquire Maven Wave Partners LLC. 10/23/19 Atos SE (ENXTPA:ATO) agreed to acquire X-Perion Consulting 20x Ag. 9/30/19 Atos SE (ENXTPA:ATO) completed the acquisition of 10x Keynectis S.A., from Euro Information Services SAS, IDEMIA 0x France SAS, Thales Group, Banque des Territoires and Thierry Dassault Holding.

P/E Average

17 Revenue Multiples - Bechtle AG 1.5x Public Basket 1.2x 0.9x 0.6x 0.3x Bechtle AG 0.0x Bechtle AG provides information technology services primarily in Europe. The company operates in two segments, IT System House & Managed Services, and IT E- TEV/Revenue Average Commerce. The IT System House & Managed Services segment offers IT strategy consulting, hardware and EBITDA Multiples - Bechtle AG 30x software, project planning and implementation, system integration, maintenance and training, IT, cloud, and IT 20x operation services. It provides applications for customer relationship management, enterprise resource planning, 10x computer-aided design/comptuer-aided manufacturing, product life-cycle management, collaboration, enterprise 0x content management, and business intelligence; and modern workplace solutions. This segment also offers data center, networking, security, managed, professional, TEV/EBITDA Average financial, and remarketing services. Bechtle AG was founded in 1983 and is headquartered in Neckarsulm, Germany. P/E Multiples - Bechtle AG Date Key Development Headline 40x 11/13/19 Bechtle AG (XTRA:BC8) acquired Codalis SA. 30x 11/6/19 Bechtle AG (XTRA:BC8) acquired ABISSA Informatique Geneve. 20x 5/20/19 Bechtle AG (XTRA:BC8) acquired Alpha Solutions AG from 10x Daniel Popp and others. 1/31/19 Bechtle AG (XTRA:BC8) completed the acquisition of COFFEE 0x GmbH. 1/27/19 Bechtle AG (XTRA:BC8) completed the acquisition of R. Bucker Edv-Beratung Datentechnik GmbH from Rosemarie and Peter Bücker. P/E Average

18 Revenue Multiples - Altran Technologies S.A. Public Basket 3x 2x

Altran Technologies S.A. 0x Altran Technologies S.A. offers engineering consulting services in France, other European countries, the Americas, and Asia. The company provides consulting services in TEV/Revenue Average fundamental transformations, innovation and design, and disruptive technologies and solutions; and digital EBITDA Multiples - Altran Technologies S.A. 20x transformation services, such as digital experience, Internet of Things, analytics and artificial intelligence, and digital 15x applications, as well as cybersecurity, infrastructure, and 10x cloud. It also provides product and systems engineering, industrial optimization and management, and engineering 5x strategy and risk management services. The company 0x serves the automotive; aeronautics; space, defense, and naval; rail, infrastructure, and transportation; energy; industrials and electronics; life sciences; telecom and media; TEV/EBITDA Average finance and public; and semiconductors sectors. Altran Technologies S.A. was founded in 1970 and is headquartered P/E Multiples - Altran Technologies S.A. in Neuilly-sur-Seine, France. 50x Date Key Development Headline 40x 12/19/19 Goldman Sachs International acquired 7.06% stake in Altran 30x Technologies S.A. (ENXTPA:ALT). 20x 10/24/19 Altran Collaborates with Baicells to Create Multi-Platform 5G Ran Solution 10x 6/28/19 Altran, ArrayComm and NXP Semiconductors N.V. Unveil 0x Flexible Software-Defined 5G Ran Solution 6/24/19 Altran Technologies S.A., Capgemini SE - M&A Call

P/E Average

19 Revenue Multiples - Alten SA 2.0x Public Basket 1.5x 1.0x

0.5x

Alten SA 0.0x Alten SA operates as an engineering and technology consultancy company primarily in France, North America, Germany, Scandinavia, Spain, the United Kingdom, Italy, TEV/Revenue Average Belgium, the Netherlands, and the Asia-Pacific. The company carries out design and research projects for the EBITDA Multiples - Alten SA 20x technical and information systems divisions in the industrial, telecommunications, and service sectors. It offers 15x engineering and technology consulting services, including 10x study and design of technological products; services for telecoms and multimedia networks comprising product 5x design, architecture, deployment, and operation of 0x networks; and information systems architecture, software development, third-party application acceptance, support, and operation services. The company serves customers in TEV/EBITDA Average automotive, rail and naval, energy and life sciences, finance and services, telecom, multimedia, defense and security, P/E Multiples - Alten SA aerospace, and other industries. Alten SA was founded in 50x 1988 and is headquartered in Boulogne-Billancourt, France. 40x 30x 20x Date Key Development Headline 8/6/19 Alten SA (ENXTPA:ATE) acquired Quick Release (Automotive) 10x Ltd. 0x

P/E Average

20 Revenue Multiples - Sopra Steria Group SA 2.0x Public Basket 1.5x 1.0x

0.5x

Sopra Steria Group SA 0.0x Sopra Steria Group provides consulting, systems integration, software, and other solutions in France and internationally. The company operates in fives segments: France, United TEV/Revenue Average Kingdom, Other Europe, Sopra Banking Software, and Other EBITDA Multiples - Sopra Steria Group SA Solutions. It offers consulting services, including customer 20x excellence, human resource, and information technology consulting services for large companies and public 15x institutions; systems integration services from the 10x consultancy stage through to designing and deploying 5x solutions; and cybersecurity services, such as end-to-end security for the transformation ranging from business 0x processes to infrastructures by constantly anticipating emerging threats and risks. The company also provides software for banks and financial institutions, human TEV/EBITDA Average resources, and property management; business process services; and infrastructure management services. It serves P/E Multiples - Sopra Steria Group SA aerospace, insurance and social welfare, banking, defense, 30x retail, energy utilities, homeland security, and transport industries, as well as telecommunications, media, and 20x entertainment industries; and the public sector. Sopra Steria Group was founded in 1968 and is headquartered in Paris, 10x France. Date Key Development Headline 0x 8/7/19 Cisco Systems, Inc. (NasdaqGS:CSCO) completed the acquisition of Sentryo SAS from a group of investors. 6/5/19 Cisco Systems, Inc. (NasdaqGS:CSCO) agreed to acquire Sentryo SAS from a group of investors. P/E Average

21 Revenue Multiples - TietoEVRY Oyj 2.5x Public Basket 2.0x 1.5x 1.0x 0.5x TietoEVRY Corporation 0.0x Tieto Oyj operates as a software and services company. The company operates through Technology Services and Modernization, Business Consulting and Implementation, TEV/Revenue Average Industry Solutions, and Product Development Services EBITDA Multiples - TietoEVRY Oyj segments. The Technology Services and Modernization 30x segment provides life cycle management services of customer application and IT infrastructure, including cloud 20x and other emerging services, and security services, as well as software application development and management 10x services for enterprises. The Business Consulting and Implementation segment offers IT architecture consulting, 0x customer experience management, business process and change management, and transformation and system integration services. The Industry Solutions segment TEV/EBITDA Average provides industry solutions for oil and gas, payments, and forest sectors. Tieto Oyj was founded in 1968 and is P/E Multiples - TietoEVRY Oyj headquartered in Espoo, Finland. 100x 80x Date Key Development Headline 60x 12/19/19 Solidium Oy completed the acquisition of additional 3.75% stake in Tieto Oyj (HLSE:TIETO) from funds managed by 40x Apax Partners LLP. 20x 12/4/19 Tieto Oyj (HLSE:TIETO) completed the acquisition of EVRY 0x ASA (OB:EVRY) from Apax Partners LLP and other shareholders. 6/18/19 Solidium Oy signed a conditional share sale and purchase agreement to acquire an additional 3.75% stake in Tieto Oyj P/E Average (HLSE:TIETO) from funds managed by Apax Partners LLP. 6/18/19 EVRY ASA, Tieto Oyj - M&A Call

22 Public Basket

SoftwareONE Holding AG SoftwareONE Holding AG provides software and services worldwide. It operates as an account reseller and enterprise software advisor mainly focuses on software licensing and related services. The company also develops innovative services that support management and leverage software products; and provides managed services and infrastructure services. The company is based in Stans, Switzerland.

Date Key Development Headline 11/4/19 SoftwareONE Holding AG (SWX:SWON) acquired BNW Consulting Pty Ltd from Stefan Baumann and others. 10/31/19 SoftwareONE Holding AG (SWX:SWON) acquired the business of Massive R&D.

23 Revenue Multiples - Reply S.p.A. Public Basket 3x 2x

Reply S.p.A. 0x Reply S.p.A. provides consulting, system integration, application management, and business process outsourcing TEV/Revenue Average services in Italy and internationally. The company implements solutions based on communication channels and digital media. It provides Brick Reply, a manufacturing EBITDA Multiples - Reply S.p.A. 20x operations management platform for the management and control of a smart factory; Click Reply, a supply chain 15x execution platform; Definio Reply, a technological platform 10x for collection, analysis, control, processing, and distribution 5x of financial data; Discovery Reply, a platform for the digital 0x media management projects; and Gaia Reply platform for use in the field of mobility and multimedia. The company also offers Hi engage, a commercial contextual marketing TEV/EBITDA Average solution; Pay Reply platform that provides mobile payment solutions, as well as helps banks, financial institutions and telecommunications companies, utilities, and retailers to P/E Multiples - Reply S.p.A. create and deliver remote and proximity payment services; 40x SideUp Reply, a software application for warehouse 30x management; Starbytes, an online employment service for 20x freelancers and ICT specialists; TamTamy, a software solution to create and develop enterprise social networks and 10x communities; and Ticuro Reply platform that measures and 0x interprets personal health information and daily activities. The company was founded in 1996 and is headquartered in Turin,Date ItalyKey. Development Headline P/E Average 2/28/19 Deutsche Telekom Partners with Reply to Develop Open- Source Backhaul System

24 Revenue Multiples - Indra Sistemas, S.A. 1.5x

Public Basket 1.0x

0.5x

Indra Sistemas, S.A. 0.0x Indra Sistemas, S.A. operates as a technology and consulting company worldwide. The company designs, TEV/Revenue Average develops, produces, integrates, and maintains systems, solutions, and services based on the use of information EBITDA Multiples - Indra Sistemas, S.A. technologies, electronics, and communication; and for 60x surveillance and security control of facilities. It also researches, engineers, designs, manufactures, develops, 40x markets, installs, maintains, and repairs devices, 20x equipment, and systems for data communication, encryption systems, encryption, beacon, and command and control 0x center; manages, executes, commercializes, and sells system engineering services for the defense industry; and provides engineering and maintenance services for air TEV/EBITDA Average defense systems and other related systems, as well as architectural and engineering technical services. Indra Sistemas, S.A. was founded in 1921 and is headquartered in 40x P/E Multiples - Indra Sistemas, S.A. Alcobendas, Spain. 30x

Date Key Development Headline 20x 1/7/20 Indra Sistemas, S.A. (BME:IDR) acquired Sistemas Informáticos Abiertos, S.A. 10x 8/13/19 Indra Sistemas, S.A. (BME:IDR) cancelled the acquisition of 0x Assets of CredibanCo from Asociacion Gremial De Instituciones Financieras Credibanco. 7/23/19 Indra Sistemas, S.A. (BME:IDR) cancelled the acquisition of a majority stake in Industria de Turbo Propulsores S.A. from P/E Average Rolls-Royce Holdings plc (LSE:RR.).

25 Revenue Multiples - Computacenter plc 0.5x Public Basket 0.4x 0.3x 0.2x 0.1x Computacenter plc 0.0x Computacenter plc provides information technology (IT) infrastructure services in the United Kingdom, Germany, TEV/Revenue Average France, and internationally. The company offers endpoint, infrastructure, cyber security, information security EBITDA Multiples - Computacenter plc management, and identity and access management 15x solutions; network solutions, including local area and datacenter network, smart infrastructure, and audio-visual 10x solutions; and datacenter solutions, such as enterprise 5x computing, hybrid cloud, data and storage management, and analytics and big data. It also provides workplace 0x solutions comprising client computing, virtual desktop, enterprise mobility, and print; office and online, video and voice communication, messaging, and collaboration TEV/EBITDA Average solutions; global and next generation service desk solutions; smart supply, supply chain, lifecycle management, and e- business services; change and consulting services; and 30x P/E Multiples - Computacenter plc managed, and support and maintenance services. In addition, the company offers property investment, 20x international call center, and employee share scheme trustee services. It provides its solutions for customers in 10x the financial services, public, retail, utility, pharmaceutical, professional services, oil and gas, and e-gaming sectors. 0x Computacenter plc was founded in 1981 and is headquartered in Hatfield, the United Kingdom. P/E Average

26 Revenue Multiples - Endava plc Public Basket 8x 6x

Endava plc 0x Endava plc provides technology services for clients in the consumer products, healthcare, logistics, and retail verticals in Europe, Latin America, and the United States. It offers TEV/Revenue Average strategy, creative and user experience, insights through EBITDA Multiples - Endava plc data, mobile and Internet of Things, architecture, smart 60x automation, software engineering, test automation and engineering, continuous delivery, cloud, applications 40x management, and smart desk services across the digital 20x evolution, agile transformation, and automation solution areas. The company was founded in 2000 and is 0x headquartered in London, United Kingdom. Date Key Development Headline TEV/EBITDA Average 12/16/19 Endava plc (NYSE:DAVA) acquired Exozet Berlin GmbH from German Startups Group GmbH & Co. KGaA (XTRA:GSJ) and others. 11/3/19 Endava plc (NYSE:DAVA) acquired of Intuitus Limited. 100x P/E Multiples - Endava plc 8/30/19 WorldPay (UK) Limited completed the acquisition of Endava Technology SRL from Endava plc (NYSE:DAVA). 80x 6/2/19 WorldPay (UK) Limited agreed to acquire Endava Technology 60x SRL from Endava plc (NYSE:DAVA) for £6 million. 40x 20x 0x

P/E Average

27 Revenue Multiples - Cancom SE 2.0x Public Basket 1.5x 1.0x

0.5x Cancom SE 0.0x CANCOM SE provides information technology (IT) infrastructure and services in Germany, Austria, Belgium, TEV/Revenue Average Switzerland, the United States, and the United Kingdom. The company operates through Cloud Solutions and IT EBITDA Multiples - Cancom SE Solutions segments. The Cloud Solutions segment provides 20x cloud and shared managed services, including project- 15x related cloud hardware, software, and services. The IT Solutions segment offers a range of services related to IT 10x infrastructure and applications. Its services include IT 5x strategy consulting, project planning and implementation, 0x system integration, and IT procurement via e-procurement services, as well as professional IT services and support. The company also distributes hardware and software. It TEV/EBITDA Average serves commercial end-users ranging from small and medium enterprises to large enterprises and groups, as well as public institutions. CANCOM SE was founded in 1992 and 50x P/E Multiples - Cancom SE is headquartered in Munich, Germany. 40x Date Key Development Headline 30x 4/9/19 Cancom SE (XTRA:COK) completed the acquisition of 20x remaining 4.9% stake in Pironet AG (HMSE:PNG). 10x 0x

P/E Average

28 Revenue Multiples - Econocom Group SE 2.0x Public Basket 1.5x 1.0x

0.5x Econocom Group SE 0.0x Econocom Group SE provides digital transformation solutions. It operates through three segments: Technology TEV/Revenue Average Management & Financing, Products & Solutions, and Services. The Technology Management & Financing segment EBITDA Multiples - Econocom Group SE offers financing solutions for the administrative and financial 30x management of a business's ICT and digital assets. The Products & Solutions segment provides design and rollout 20x services of architecture solutions; and sells hardware and 10x software, PCs, tablets, servers, printers, licenses, digital devices and signage, video-conference rooms, smart 0x buildings, etc., as well as offers systems integration services. The Services segment provides consultancy, infrastructure management, application development, and TEV/EBITDA Average digital solution integration services. It also offers Wi-Fi and professional mobility solutions for retail and logistics sectors. The company serves healthcare, B2C, education, and 50x P/E Multiples - Econocom Group SE industry sectors. It operates in 19 countries, including 40x Europe, Morocco, Brazil, Mexico, Canada, and the United 30x States. The company sells its products and services under 20x the Econocom brand name. Econocom Group was founded in 1982 and is headquartered in Puteaux, France. 10x 0x

P/E Average

29 Revenue Multiples - Devoteam SA 2.0x Public Basket 1.5x 1.0x

0.5x Devoteam SA 0.0x Devoteam SA provides technology consulting and cloud solutions in Europe and the Middle East. It offers TEV/Revenue Average transformation management, agile IT, cyber security, digital workplace, data as a service, business process excellence, EBITDA Multiples - Devoteam SA and customer experience services. The company was 20x founded in 1995 and is headquartered in Levallois-Perret, 15x France. 10x

TEV/EBITDA Average

50x P/E Multiples - Devoteam SA 40x 30x 20x 10x 0x

P/E Average

30 Revenue Multiples - Allgeier SE 1.0x Public Basket 0.8x 0.6x 0.4x 0.2x Allgeier SE 0.0x Allgeier SE provides information technology (IT) solutions and services in Germany. It offers flexible personnel TEV/Revenue Average services; and software lifecycle services, including business analysis, application development, software product EBITDA Multiples - Allgeier SE engineering, enterprise application integration, business 20x intelligence and data warehouse, testing and QA, verification 15x and validation, application management, helpdesk, support, and software training services, as well as implementation of 10x packaged solutions. The company also provides near 5x shore/offshore delivery services; big data/business 0x intelligence services; industry solutions and cloud services; managed and application management services; mobile enterprise/application services; and process and IT TEV/EBITDA Average consulting services, such as operational assessment, identification of optimization and cost-savings potentials in organizational and process structures, business process 200x P/E Multiples - Allgeier SE redesign, investigating and strategizing IT integration and implementation, business process implementation, strategic 150x IT management, strategy and change, risk management, 100x and project/program management and PMO. Allgeier SE was 50x founded in 1977 and is headquartered in Munich, Germany. 0x

P/E Average

31 CONTACT INFO 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Mark Landry, Managing Director 561.972.0609 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Ben Garber, Vice President 412.626.7898 [email protected] Nicholas Prendergast, Vice President 704.973.3995 [email protected] Ariail Barker, Director, Sales & Marketing 704.981.2908 [email protected]

Emily Halstenberg, Marketing & Sales Coordinator 704.409.9912 [email protected] Marty Johnson, Senior Associate 704.973.3999 [email protected] Sydney Scadden, Senior Associate 704.973.3998 [email protected] Garth Martin, Senior Associate 704.973.3997 [email protected] Steve Buffington, Associate 704.960.1828 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Rory Julyan, Associate 704.981.2520 [email protected] Daniel Kim, Associate 704.912.4584 [email protected] Olufunke Abass, Associate 704.285.8171 [email protected]