Software Sector Summary Report

SOFTWARE SECTOR REPORT Q1 2019 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders

LEEDS PARIS FRANKFURT MANCHESTER MUNICH

ZURICH NAGOYA TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA

TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross- 21 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 400 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies

2 GCA operates as GCA in America and Asia, and GCA Altium in Europe GCA OVERVIEW The GCA Software Team

US Team

Paul DiNardo Daniel Avrutsky Rupert Sadler Josh Wepman Managing Director Managing Director Managing Director Managing Director Software HCM Software Software, Travel & Telematics Software & Digital Media [email protected] [email protected] [email protected] [email protected]

James Orozco Clark Callander Chris Gough Kevin Walsh Managing Director Managing Director Managing Director Managing Director Financial Sponsors Technology Real Estate Tech Software & Digital Media [email protected] [email protected] [email protected] [email protected]

Glen Kruger Saif Malik Director Director Commerce Software Software [email protected] [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter Geoff Baldwin *Phil Adams **Sascha Pfeiffer ***Akikazu Ida ***Ryuichi Kanemaki Co-CEO Co-CEO CEO of GCA Altium Co-Head of European Co-Head of Asian Managing Director [email protected] [email protected] [email protected] Technology & Media Technology & Media [email protected] [email protected] [email protected]

John Lambros Alex Vitale *Stephen Georgiadis *Adrian Reed Sameer Jindal Tomohiko Kubota President of GCA US Head of San Francisco Office Managing Director Managing Director Managing Director Representative Director at Head of New York Office Auto Tech [email protected] [email protected] Head of Indian Operations GCA Technovation Head of Digital Media [email protected] Co-Head of Asia [email protected] [email protected] [email protected] **Tobias Schultheiss **Raiko Stelten Managing Director Director [email protected] [email protected]

*Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. **Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. 3 ***Akikazu Ida and Ryuichi Kanemaki are Managing Directors at GCA Corporation. GCA OVERVIEW Deep Software Sector Expertise

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA 4 entities may be retained to advise on the same transaction. DEAL DASHBOARD Software $14.0 Billion 201 $30.1 Billion 361 2019 Financing Volume (1)(2) 2019 Financing Transactions (1)(2) 2019 M&A Volume 2019 M&A Transactions Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume Select M&A Transactions (3) Company Amount ($MM) $Bn $Bn Acquirer Target EV ($MM) $23 $82 $500 $17 $10,822 $57 $14 $15 $14 $14 $11 $300 $12 $12 $3,381 $32 $30 $20 $13 $19 $261 $13 $12 $1,100

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 $250 $1,000 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count $245 $767 225 363 375 361 201 289 291 298 343 187 287 268 156 160 159 161 155 167 $200 $619

$179 $516

$150 $560 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)

35% SPX IGV 8.0x All Buyers Strategic Buyers PE Buyers 7.6x ` Financing Activity by Quarter 30% 7.0x 6.5x 25% 6.0x 5.3x 5.4x 5.5x 20% 27.1% 5.0x 4.9x 4.6x 4.7x 5.0x 4.3x 4.0x 4.2x 4.1x 4.1x 15% 3.9x 3.9x 3.8x 4.0x 3.6x 3.7x 3.7x 10% 3.1x 3.3x 2.9x 2.9x 2.8x 3.0x 2.7x 5% 9.8% 2.2x 0% 2.0x (5%) 1.0x (10%) 0.0x Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 2011 2012 2013 2014 2015 2016 2017 2018 2019 Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 3/31/2019. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Software M&A transactions reflect select transactions in 2019 YTD. M&A metrics are based on closed and announced transactions. 5 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 5) Criteria based on global public target software M&A deals. SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $1,693Bn Combined Market Cap: $78Bn Combined Market Cap: $162Bn 19/18 Rev. Growth: 3.5% 19/18 Rev. Growth: 8.2% 19/18 Rev. Growth: 20.5% 19 EBITDA Margin: 30.3% 19 EBITDA Margin: 19.6% 19 EBITDA Margin: 22.2%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $200Bn Combined Market Cap: $44Bn Combined Market Cap: $240Bn 19/18 Rev. Growth: 19.0% 19/18 Rev. Growth: 30.0% 19/18 Rev. Growth: 13.9% 19 EBITDA Margin: 20.7% 19 EBITDA Margin: 19.2% 19 EBITDA Margin: 24.9%

Notes: Sources: Capital IQ. Market Data as of 4/12/19. 6 Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables. SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $151Bn Combined Market Cap: $210Bn Combined Market Cap: $299Bn 19/18 Rev. Growth: 12.1% 19/18 Rev. Growth: 11.3% 19/18 Rev. Growth: 17.6% 19 EBITDA Margin: 32.5% 19 EBITDA Margin: 22.6% 19 EBITDA Margin: 21.5%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $240Bn Combined Market Cap: $14Bn Combined Market Cap: $644Bn 19/18 Rev. Growth: 16.4% 19/18 Rev. Growth: 22.9% 19/18 Rev. Growth: 27.6% 19 EBITDA Margin: 23.7% 19 EBITDA Margin: 11.2% 19 EBITDA Margin: 18.4%

Notes: Sources: Capital IQ. Market Data as of 4/12/19. 7 Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

60%

55.8%

50%

42.7% 40.7% 40% 39.8% 39.4%

34.0% 31.3% 30% 26.9% 25.7% 24.6%

20% 17.1%

11.1% 10%

(10%) Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19

1) Development and 2) ERP & General 3) SaaS 4) Sales & 5) Business 6) Security 7) Financial 8) Technical 9) Vertical 10) Platform 11) Content & 12) Infrastructure Operations Business Marketing Intelligence Applications Applications Storage Management Applications & Analysis Management 55.8% 42.7% 40.7% 39.8% 39.4% 34.0% 31.3% 26.9% 25.7% 24.6% 17.1% 11.1%

Notes: Sources: Capital IQ. Market Data as of 3/31/2019. 8 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019E Revenue EV / 2019E EBITDA

64.2x 9.0x 8.7x Median: 6.8x Median: 27.5x 7.4x 7.3x 7.3x 7.0x 6.7x 6.2x 6.0x 38.4x 4.7x 34.9x 31.6x 4.2x 27.7x 29.2x 27.2x 25.4x 24.8x 3.6x 24.7x 22.9x

10.7x

2019E / 2018E Revenue Growth 2019E EBITDA Margin

32.5% 30.0% 30.3% 27.6% Median: 17.0% 24.9% Median: 21.8% 22.9% 23.7% 20.5% 22.6% 22.2% 21.5% 20.7% 19.6% 19.2% 18.4% 19.0% 17.6% 16.4% 13.9% 12.1% 11.3% 11.2% 8.2% 3.5%

Notes: Sources: Capital IQ. Market Data as of 4/12/19. Figures represent mean values of respective comp groups. 9 List of companies in each sector can be found in the public comparable tables. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

International Business Machines Corporation $144.35 $128,452 $36,874 $165,326 2.1x 2.1x 2.1x 9.9x 9.0x 8.7x 15.2x 10.4x 10.2x 0.6% (1.7%) 0.4% 21.0% 23.6% 24.1% Platform SAP SE $112.58 $134,385 $2,691 $137,076 4.8x 4.5x 4.1x 17.7x 12.9x 11.6x 28.8x 20.8x 18.6x 0.4% 8.5% 7.7% 27.4% 34.7% 35.8% Dell Technologies Inc. $63.51 $45,634 $43,845 $89,479 1.0x 0.9x 0.9x 11.2x 8.0x 6.9x NM 10.0x 8.6x 14.7% 4.6% 4.1% 8.8% 11.8% 13.2% Hewlett Packard Enterprise Company $16.40 $22,474 $8,767 $31,241 1.0x 1.0x 1.0x 6.3x 6.0x 6.0x 34.5x 10.1x 9.3x 3.7% 0.3% (0.0%) 16.1% 16.8% 16.9%

Mean 3.7x 3.6x 3.4x 13.0x 10.7x 9.9x 30.2x 15.7x 14.3x 6.2% 3.5% 4.0% 26.4% 30.3% 31.1% Median 4.6x 4.4x 4.1x 12.7x 10.9x 10.5x 28.4x 15.0x 14.1x 3.7% 3.4% 3.7% 27.4% 34.7% 35.8%

Infrastructure Citrix Systems, Inc. $102.27 $13,472 $695 $14,166 4.8x 4.6x 4.4x 16.9x 13.1x 12.3x 26.0x 17.0x 15.4x 5.3% 3.8% 4.5% 28.1% 35.0% 35.7% Akamai Technologies, Inc. $77.05 $12,626 ($331) $12,294 4.5x 4.3x 4.0x 17.1x 10.6x 9.5x 43.8x 18.7x 16.7x 9.1% 4.7% 6.9% 26.5% 41.0% 42.4% F5 Networks, Inc. $167.01 $9,927 ($1,133) $8,795 4.0x 3.9x 3.8x 13.0x 10.1x 9.6x 20.7x 15.6x 14.5x 4.0% 2.5% 3.5% 31.0% 39.0% 39.5% RingCentral, Inc. $105.73 $8,654 ($200) $8,454 12.6x 9.9x 8.0x NM 78.9x 59.9x NM NM NM 33.8% 26.9% 23.4% 1.4% 12.5% 13.4% Juniper Networks, Inc. $27.80 $9,695 ($1,371) $8,324 1.8x 1.9x 1.8x 10.5x 8.6x 8.0x 17.4x 15.7x 13.8x (7.6%) (3.5%) 3.5% 17.1% 21.6% 22.4% Amdocs Limited $54.35 $7,555 ($459) $7,097 1.8x 1.7x NA 9.6x 8.2x NA 22.8x 12.6x 11.8x 3.1% 2.4% NA 18.4% 21.2% NA Verint Systems Inc. $63.81 $4,169 $385 $4,554 3.7x 3.3x 3.1x 26.0x 13.8x 12.0x 63.8x 17.7x 15.7x 8.3% 11.2% 8.7% 14.2% 24.2% 25.5% Five9, Inc. $52.30 $3,099 ($84) $3,015 11.7x 10.0x 8.5x NM 60.0x 46.8x NM 84.5x 64.9x 28.7% 16.8% 17.3% 6.9% 16.7% 18.3%

Everbridge, Inc. $73.12 $2,404 ($11) $2,393 16.3x 12.2x 9.8x NM NM NM NM NM NM 41.0% 33.1% 25.1% NM 2.3% 5.0% Infrastructure Software Aktiengesellschaft $34.58 $2,558 ($170) $2,389 2.4x 2.3x 2.3x 8.3x 8.1x 7.9x 13.6x 12.1x 12.4x (6.1%) 4.0% 1.7% 29.2% 28.7% 28.7% Presidio, Inc. $14.72 $1,216 $946 $2,162 0.7x 0.7x 0.7x 10.1x 9.0x 8.4x 39.3x 9.3x 8.4x 9.4% (0.1%) 3.0% 7.2% 8.0% 8.3% Extreme Networks, Inc. $7.72 $901 $42 $944 0.9x 0.9x 0.9x 11.7x 8.4x NA NM 13.8x 10.3x 34.0% 0.1% 4.9% 7.8% 10.9% NA Radware Ltd. $26.24 $1,223 ($316) $907 3.9x 3.6x 3.2x 50.6x 25.5x 19.4x NM 43.8x 32.0x 10.9% 8.9% 9.7% 7.7% 13.9% 16.7% A10 Networks, Inc. $6.94 $521 ($128) $392 1.7x 1.6x 1.5x NM 57.7x 14.7x NM NM 32.3x (1.4%) 3.1% 9.3% NM 2.8% 10.2% Limelight Networks, Inc. $3.08 $352 ($50) $301 1.5x 1.4x 1.2x 18.1x 9.1x 6.7x 38.5x 25.3x 14.6x 6.1% 8.7% 13.6% 8.5% 15.6% 18.7%

Mean 4.8x 4.2x 3.8x 17.4x 22.9x 17.9x 31.8x 23.9x 20.2x 11.9% 8.2% 9.7% 15.7% 19.6% 21.9% Median 3.7x 3.3x 3.2x 13.0x 10.3x 10.8x 26.0x 16.4x 14.6x 8.3% 4.0% 7.8% 14.2% 16.7% 18.7%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 10 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 4/12/2019 Value Debt Value CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E 18A/17A 19E/18A 20E/19E CY 18A CY 19E CY 20E Security VeriSign, Inc. $189.60 $22,698 $515 $23,213 19.1x 18.9x 18.1x 28.5x 25.9x 25.2x 39.9x 36.7x 34.6x 4.3% 1.1% 4.2% 67.1% 72.8% 72.1% Palo Alto Networks, Inc. $244.66 $23,359 ($1,274) $22,085 8.5x 7.1x 6.0x NM 26.2x 21.3x NM 42.4x 35.2x 30.4% 20.4% 18.0% 3.2% 27.0% 28.1% Check Point Software Technologies Ltd. $130.40 $20,370 ($1,752) $18,618 9.7x 9.3x 9.0x 20.0x 18.0x 17.1x 25.3x 21.6x 20.1x 3.3% 4.1% 3.3% 48.6% 51.9% 52.9% Symantec Corporation $23.96 $15,316 $2,466 $17,782 3.7x 3.6x 3.5x 17.9x 8.3x 7.7x NM 14.0x 12.5x 0.3% 3.3% 4.9% 20.9% 43.8% 44.7% Fortinet, Inc. $92.71 $15,819 ($1,650) $14,170 7.9x 6.8x 6.0x 49.4x 26.0x 22.5x 48.5x 44.5x 39.3x 20.5% 16.0% 13.3% 15.9% 26.1% 26.6% Okta, Inc. $95.24 $10,688 ($560) $10,129 25.4x 19.0x 14.5x NM NM NM NM NM NM 55.6% 33.8% 30.8% NM NM NM Zscaler, Inc. $66.64 $8,273 ($340) $7,933 32.7x 23.6x 17.9x NM NM NM NM NM NM 57.4% 38.5% 31.6% NM 8.6% 11.8% Proofpoint, Inc. $122.55 $6,783 ($232) $6,551 9.1x 7.5x 6.2x NM 49.6x 36.5x NM 74.0x 54.3x 38.0% 21.8% 21.0% NM 15.1% 17.0% Trend Micro Incorporated $49.03 $6,815 ($1,620) $5,195 3.6x 3.4x 3.2x 11.0x 10.7x 9.9x 26.6x 25.7x 23.5x 10.7% 4.0% 6.6% 32.3% 32.0% 32.4% CyberArk Software Ltd. $121.41 $4,516 ($427) $4,089 11.9x 9.9x 8.3x 70.9x 38.9x 31.3x 95.6x 60.9x 50.1x 31.1% 20.7% 18.7% 16.8% 25.4% 26.6% FireEye, Inc. $16.09 $3,215 ($154) $3,061 3.7x 3.5x 3.2x NM 24.3x 20.8x NM 86.0x 51.5x 6.6% 6.7% 7.4% NM 14.2% 15.5% Mimecast Limited $49.70 $3,003 $32 $3,035 9.4x 7.6x 6.3x NM 44.7x 35.9x NM NM 82.5x 33.5% 23.7% 21.7% 8.0% 17.1% 17.4%

Qualys, Inc. $82.58 $3,252 ($288) $2,964 10.6x 9.2x 7.9x 37.4x 23.9x 19.9x 60.3x 44.2x 37.7x 20.8% 15.4% 16.5% 28.4% 38.6% 39.7% Security Tenable Holdings, Inc. $32.82 $3,157 ($273) $2,885 10.8x 8.4x 6.8x NM NM NM NM NM NM 42.4% 27.9% 24.7% NM NM NM Rapid7, Inc. $52.42 $2,515 ($84) $2,431 10.0x 7.9x 6.5x NM NM 79.1x NM NM NM 21.5% 26.4% 21.6% NM 3.4% 8.2% SailPoint Technologies Holdings, Inc. $28.04 $2,482 ($71) $2,411 9.7x 8.1x 6.8x NM 71.9x 51.4x NM 99.2x 71.8x 33.8% 19.3% 18.6% 8.7% 11.3% 13.3% Sophos Group plc $4.68 $2,254 $131 $2,385 3.5x 3.3x 2.9x 26.9x 16.9x 15.7x 52.0x 42.5x 24.4x 14.2% 5.9% 12.3% 12.8% 19.3% 18.5% Forescout Technologies, Inc. $40.87 $1,820 ($99) $1,721 5.8x 4.7x 3.9x NM NM 84.7x NM NM NM 32.6% 24.2% 20.3% NM NM 4.6% Varonis Systems, Inc. $62.68 $1,879 ($159) $1,720 6.4x 5.7x 5.1x NM NM 97.7x NM NM NM 25.5% 11.2% 12.6% NM 3.3% 5.2% SecureWorks Corp. $17.89 $1,454 ($130) $1,324 2.6x 2.3x 2.1x NM NM NM NM NM NM 10.9% 9.6% 9.0% NM 0.6% 2.0% Carbon Black, Inc. $13.24 $937 ($161) $777 3.7x 3.2x 2.7x NM NM NM NM NM NM 30.4% 15.7% 18.4% NM NM NM OneSpan Inc. $18.19 $727 ($99) $628 3.0x 2.7x 2.4x 65.1x 25.4x 18.8x NM 39.7x 29.7x 9.8% 10.1% 10.8% 4.5% 10.6% 12.9% F-Secure Oyj $3.02 $477 $11 $487 2.2x 1.9x 1.8x 48.6x 27.9x 14.7x NM NM 33.5x 7.1% 14.4% 8.7% 4.6% 7.0% 12.2% Zix Corporation $7.58 $403 ($27) $376 5.3x 2.3x 1.8x 26.6x 11.7x 7.7x 26.1x 23.9x 16.5x 7.3% 134.9% 24.0% 20.1% 19.4% 23.7% Absolute Software Corporation $6.71 $278 ($34) $244 2.5x 2.4x 2.2x 25.4x 13.2x 11.9x 41.9x 43.3x 34.8x 4.0% 4.5% 9.5% 10.0% 18.4% 18.6%

Mean 8.8x 7.3x 6.2x 35.6x 27.3x 31.5x 46.2x 46.6x 38.4x 22.1% 20.5% 15.6% 20.1% 22.2% 22.9% Median 7.9x 6.8x 6.0x 27.7x 25.4x 21.0x 41.9x 42.5x 34.8x 20.8% 15.7% 16.5% 15.9% 18.4% 18.0%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 11 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Content Content Storage & Management Carbonite, Inc. $25.36 $872 ($80) $792 2.7x 1.6x 1.4x 26.4x 6.0x 4.9x NM 14.2x 11.7x 23.8% 65.0% 18.8% 10.1% 26.8% 27.9% Brightcove Inc. $8.61 $325 ($29) $296 1.8x 1.7x 1.6x NM 50.5x 21.9x NM NM 42.0x 5.7% 2.9% 8.9% NM 3.5% 7.3%

Mean 5.7x 4.7x 4.1x 29.9x 25.4x 21.8x 37.4x 32.2x 25.7x 19.0% 19.0% 15.4% 20.5% 20.7% 23.1% Median 4.4x 3.9x 3.4x 26.4x 23.5x 18.3x 40.0x 28.5x 24.8x 21.7% 15.4% 16.0% 21.1% 21.2% 24.3%

Business Intelligence & Analytics Tableau Software, Inc. $124.00 $10,686 ($1,022) $9,664 8.4x 7.1x 5.9x NM 44.8x 33.0x NM 72.5x 56.7x 31.7% 18.3% 19.0% NM 15.8% 18.0% NICE Ltd. $125.55 $7,799 ($30) $7,769 5.4x 4.9x 4.6x 21.8x 15.9x 14.6x 49.8x NA NA 8.4% 8.9% 8.5% 24.6% 31.1% 31.2% Elastic N.V. $82.34 $6,035 ($307) $5,728 23.8x 16.8x 12.7x NM NM NM NM NM NM NA 41.4% 32.8% NM NM NM Alteryx, Inc. $83.38 $5,208 ($156) $5,052 19.9x 14.4x 10.9x NM NM 73.7x NM NM NM 92.7% 37.9% 32.1% 13.5% 12.8% 14.8% Teradata Corporation $44.02 $5,178 ($171) $5,007 2.3x 2.5x 2.4x 40.7x 13.2x 11.2x NM 29.4x 22.0x 0.4% (5.8%) 2.1% 5.7% 18.6% 21.4% Inovalon Holdings, Inc. $11.70 $1,786 $853 $2,640 5.0x 4.2x 3.9x 22.5x 13.1x 11.9x NM 28.1x 22.6x 17.4% 20.0% 7.5% 22.3% 31.9% 32.5% Cloudera, Inc. $11.55 $3,106 ($481) $2,626 5.5x 3.1x 2.5x NM NM 16.1x NM NM 58.7x 28.9% 76.0% 21.9% NM NM 15.8% Talend S.A. $52.00 $1,576 ($33) $1,543 7.6x 6.2x 5.1x NM NM NM NM NM NM 37.5% 21.6% 22.9% NM NM NM MicroStrategy Incorporated $150.65 $1,548 ($576) $972 2.0x 1.9x 1.8x NM 37.2x 17.2x 76.5x NM 74.8x (1.2%) 4.2% 6.9% 1.0% 5.0% 10.2%

Domo, Inc. $38.31 $1,009 ($80) $929 6.5x 5.3x 4.3x NM NM NM NM NM NM 31.3% 22.0% 23.3% NM NM NM Business Intelligence Intelligence Business Analytics & Gridsum Holding Inc. $3.59 $111 $45 $156 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Veritone, Inc. $6.21 $122 ($51) $71 2.6x 1.4x 1.1x NM NM NM NM NM NM 87.7% 85.6% 27.5% NM NM NM

Mean 8.1x 6.2x 5.0x 28.3x 24.8x 25.4x 63.1x 43.3x 47.0x 33.5% 30.0% 18.6% 13.4% 19.2% 20.6% Median 5.5x 4.9x 4.3x 22.5x 15.9x 16.1x 63.1x 29.4x 56.7x 30.1% 21.6% 21.9% 13.5% 17.2% 18.0%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 12 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 4/12/2019 Value Debt Value CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E 18A/17A 19E/18A 20E/19E CY 18A CY 19E CY 20E Financial Applications Intuit Inc. $260.06 $67,375 ($920) $66,455 10.7x 9.6x 8.7x 37.4x 26.8x 23.7x 54.7x 39.1x 32.6x 10.7% 11.1% 10.8% 28.5% 35.9% 36.5% Fidelity National Information Services, Inc. $113.16 $36,566 $8,282 $44,848 5.3x 5.3x 5.1x 18.8x 13.7x 12.9x 44.4x 15.3x 14.4x (2.8%) (0.2%) 3.8% 28.3% 38.8% 39.9% Fiserv, Inc. $86.30 $33,837 $5,544 $39,381 6.8x 6.4x 6.1x 20.7x 16.7x 15.7x 30.1x 25.0x 22.3x 2.2% 6.3% 5.1% 32.6% 38.1% 38.5% SS&C Technologies Holdings, Inc. $65.29 $16,497 $8,089 $24,586 7.2x 5.2x 5.0x 22.3x 13.2x 12.2x NM 17.3x 15.5x 104.2% 38.7% 4.4% 32.2% 39.4% 40.6% MSCI Inc. $217.99 $18,456 $1,671 $20,128 14.0x 13.1x 11.9x 26.4x 23.7x 21.4x 38.5x 35.5x 30.7x 12.5% 7.5% 9.5% 53.2% 55.0% 55.8% Temenos AG $157.55 $10,928 $549 $11,477 13.6x 11.6x 10.4x 47.5x 30.2x 26.4x 68.2x 45.7x 39.1x 14.3% 17.5% 11.5% 28.8% 38.5% 39.4% Jack Henry & Associates, Inc. $144.12 $11,123 ($26) $11,097 6.9x 6.9x 6.4x 22.6x 20.9x 18.8x 37.2x 39.5x 34.3x 9.7% 1.1% 7.1% 30.7% 32.8% 34.0% Fair Isaac Corporation $279.11 $8,114 $752 $8,866 8.3x 7.7x 7.2x 35.9x 33.3x 29.3x 57.6x 37.7x 33.9x 12.4% 8.0% 7.6% 23.2% 23.2% 24.5% Coupa Software Incorporated $96.59 $5,924 ($147) $5,777 22.2x 17.6x 14.1x NM NM NM NM NM NM 39.4% 25.9% 25.4% NM 5.7% 11.5% Xero Limited $37.41 $5,238 $243 $5,481 15.7x 11.8x 9.3x NM 60.1x 39.4x NM NM NM 30.3% 33.1% 27.0% 13.0% 19.7% 23.7% Avalara, Inc. $57.08 $3,965 ($143) $3,823 14.0x 11.5x 9.5x NM NM NM NM NM NM 27.7% 22.1% 20.9% NM NM 1.6% SimCorp A/S $97.56 $3,873 ($54) $3,819 8.7x 7.9x 7.4x 31.3x 27.4x 25.4x 44.1x 38.5x 35.3x 6.2% 9.8% 8.0% 27.8% 29.0% 29.0% Envestnet, Inc. $68.82 $3,355 $171 $3,526 4.3x 4.0x 3.4x 40.5x 19.4x 15.9x NM 32.0x 26.6x 18.8% 9.9% 15.8% 10.7% 20.3% 21.5%

Financial Financial Applications Q2 Holdings, Inc. $68.74 $2,996 $5 $3,001 12.4x 9.8x 8.0x NM NM 76.4x NM NM NM 24.3% 27.6% 22.5% NM 6.8% 10.4% BlackLine, Inc. $46.97 $2,585 ($133) $2,452 10.8x 8.8x 7.2x NM NM 74.9x NM NM NM 29.7% 21.9% 21.9% NM 7.6% 9.7% Ebix, Inc. $50.50 $1,543 $557 $2,099 4.2x 3.5x 2.8x 12.9x 10.4x 8.7x 17.1x 11.4x 9.2x 36.8% 21.6% 21.7% 32.7% 33.4% 32.6% Bottomline Technologies (de), Inc. $47.53 $1,936 $13 $1,950 4.7x 4.5x 4.0x 45.8x 18.6x 16.4x NM 33.8x 28.1x 13.3% 5.3% 10.8% 10.3% 24.0% 24.5% Zuora, Inc. $19.34 $2,098 ($162) $1,936 8.2x 6.6x 5.3x NM NM NM NM NM NM 40.1% 24.1% 24.9% NM NM NM IRESS Limited $9.84 $1,694 $122 $1,816 5.5x 5.1x 4.8x 23.5x 18.4x 16.9x 37.4x 28.3x 25.4x (2.5%) 8.9% 6.3% 23.6% 27.7% 28.4% Asseco Poland S.A. $14.30 $1,187 ($30) $1,157 0.5x 0.4x 0.4x 3.5x 3.3x 3.6x 13.3x 12.8x 13.7x 10.6% 6.3% (1.8%) 13.4% 13.2% 12.3% Model N, Inc. $17.69 $558 $1 $559 3.7x 3.9x 3.5x NM 59.8x 38.7x NM NM 63.9x 6.0% (5.4%) 12.1% NM 6.6% 9.0% Basware Oyj $23.37 $336 $19 $355 2.2x 2.1x 1.9x 46.9x NM NM NM NM NM (9.6%) 4.2% 9.4% 4.7% 1.5% 1.8%

Mean 8.6x 7.4x 6.5x 29.1x 24.7x 26.5x 40.2x 29.4x 28.3x 19.7% 13.9% 12.9% 24.6% 24.9% 25.0% Median 7.7x 6.8x 6.2x 26.4x 20.2x 20.1x 38.5x 32.9x 28.1x 12.9% 9.8% 10.8% 28.1% 25.8% 24.5%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 13 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Technical Technical Applications Aspen Technology, Inc. $109.67 $7,638 $166 $7,804 14.9x 14.0x 12.7x 33.7x 28.1x 24.6x NM 32.1x 29.1x 9.9% 6.5% 10.2% 44.4% 49.9% 51.8% Altair Engineering Inc. $36.51 $2,586 ($4) $2,583 6.5x 5.4x 4.8x 65.7x 40.8x 30.7x NM 66.5x 49.6x 18.9% 20.7% 13.4% 9.9% 13.2% 15.5%

Mean 10.2x 9.0x 8.1x 43.2x 29.2x 23.9x 45.8x 43.0x 33.4x 12.9% 12.1% 11.7% 22.8% 32.5% 34.3% Median 9.5x 8.7x 7.8x 34.6x 26.4x 23.5x 45.8x 35.6x 32.1x 10.8% 9.0% 10.2% 21.1% 31.8% 33.9%

Vertical Applications Danaher Corporation $131.63 $94,207 $8,953 $103,159 5.2x 5.0x 4.8x 21.4x 20.8x 19.2x 35.2x 27.6x 25.0x 8.5% 2.9% 5.0% 24.2% 24.2% 25.0% Roper Technologies, Inc. $351.26 $36,393 $4,577 $40,971 7.9x 7.7x 7.4x 23.2x 21.9x 20.9x 38.8x 28.5x 27.1x 12.7% 3.1% 3.4% 34.0% 34.9% 35.5% Cerner Corporation $62.80 $20,370 ($332) $20,038 3.7x 3.5x 3.3x 16.6x 11.8x 10.6x 33.2x 23.8x 20.9x 4.4% 7.0% 7.1% 22.5% 29.6% 30.7% Veeva Systems Inc. $134.75 $19,731 ($1,090) $18,641 21.6x 18.1x 15.3x 78.7x 48.5x 40.4x 91.7x 70.1x 60.1x 24.9% 19.6% 18.3% 27.5% 37.3% 37.9% Tyler Technologies, Inc. $217.00 $8,322 ($179) $8,144 8.7x 7.5x 6.7x 42.4x 25.8x 22.9x 59.0x 41.1x 36.6x 11.2% 16.5% 11.1% 20.5% 28.9% 29.3% Guidewire Software, Inc. $103.09 $8,393 ($763) $7,630 10.3x 9.9x 8.5x NM 41.4x 33.0x NM 74.8x 62.6x 28.0% 4.6% 16.9% 8.8% 23.9% 25.6% RealPage, Inc. $63.65 $5,810 $369 $6,178 7.1x 6.2x 5.6x 43.9x 22.0x 18.9x NM 36.3x 31.1x 29.6% 14.1% 11.0% 16.2% 28.4% 29.8% CoreLogic, Inc. $40.19 $3,220 $1,709 $4,929 2.8x 3.0x 2.9x 12.6x 10.6x 9.8x 27.0x 16.5x 14.3x (3.4%) (7.1%) 1.5% 21.8% 28.0% 29.7% Blackbaud, Inc. $82.80 $3,917 $356 $4,273 5.0x 4.8x 4.5x 32.0x 24.1x 22.1x 89.0x 37.4x 33.5x 7.6% 4.9% 5.6% 15.7% 19.9% 20.6%

2U, Inc. $65.46 $3,827 ($451) $3,375 8.2x 6.2x 4.7x NM NM NM NM NM NM 43.6% 33.0% 31.3% NM 2.5% 3.3% Vertical Vertical Applications AppFolio, Inc. $82.70 $2,807 ($41) $2,766 14.6x 11.0x 8.9x NM 52.8x 39.4x NM 83.8x 59.5x 32.2% 32.8% 23.6% 12.9% 20.7% 22.5% Allscripts Healthcare Solutions, Inc. $9.57 $1,590 $495 $2,085 1.2x 1.2x 1.1x 29.9x 6.9x 6.4x 98.0x 14.3x 12.7x 16.8% 2.9% 4.0% 4.0% 16.8% 17.4% HealthStream, Inc. $28.46 $922 ($169) $753 3.3x 3.0x 2.9x 25.0x 19.6x 17.3x 69.4x 95.9x 74.9x 7.8% 9.6% 0.8% 13.0% 15.1% 17.0% Castlight Health, Inc. $3.74 $537 ($72) $465 3.0x 3.0x 2.6x NM 54.3x 27.2x NM NM 54.4x 18.5% (0.4%) 13.9% NM 5.5% 9.6% Boxlight Corporation $3.49 $37 $2 $39 1.0x 0.8x 0.7x NM NM NM NM NM NM 47.0% 25.9% 22.2% NM NM NM

Mean 6.9x 6.0x 5.3x 32.6x 27.7x 22.2x 60.1x 45.8x 39.4x 19.3% 11.3% 11.7% 18.4% 22.6% 23.8% Median 5.2x 5.0x 4.7x 27.4x 22.0x 20.9x 59.0x 36.8x 33.5x 16.8% 7.0% 11.0% 18.3% 24.0% 25.3%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 14 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 4/12/2019 Value Debt Value CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E 18A/17A 19E/18A 20E/19E CY 18A CY 19E CY 20E ERP & General Business salesforce.com, inc. $160.71 $124,530 ($975) $123,555 9.3x 7.7x 6.4x 81.1x 30.7x 25.2x NM 58.2x 46.5x 26.0% 20.9% 19.6% 11.5% 25.1% 25.6% Workday, Inc. $195.75 $43,457 ($574) $42,883 15.2x 12.1x 9.8x NM 63.3x 47.2x NM NM 89.1x 31.7% 26.0% 22.6% NM 19.1% 20.9% Shopify Inc. $214.83 $23,948 ($1,979) $21,969 20.5x 14.7x 11.2x NM NM NM NM NM NM 59.4% 38.9% 31.8% NM 3.7% 5.6% Constellation Software Inc. $897.64 $19,022 ($220) $18,802 6.1x 5.3x 4.6x 32.3x 20.0x 17.1x 50.2x 27.1x 23.2x 23.4% 16.1% 14.4% 19.0% 26.5% 27.0% Paycom Software, Inc. $188.76 $11,038 ($11) $11,026 19.5x 15.5x 12.7x 57.8x 38.0x 30.2x 80.8x 59.7x 47.1x 30.8% 25.8% 22.3% 33.7% 40.7% 41.9% The Sage Group plc $9.25 $10,050 $847 $10,897 4.6x 4.2x 3.9x 16.2x 16.3x 15.1x 22.3x 23.0x 21.0x (0.3%) 10.6% 7.1% 28.7% 25.7% 26.0% Zendesk, Inc. $83.20 $9,090 $31 $9,122 15.2x 11.4x 8.8x NM NM 88.4x NM NM NM 39.2% 34.0% 29.6% NM 7.1% 9.9% Ceridian HCM Holding Inc. $51.48 $7,234 $453 $7,686 10.3x 9.4x 8.3x 65.9x 41.6x 33.9x NM NM 76.0x 11.3% 9.1% 13.1% 15.6% 22.7% 24.6% j2 Global, Inc. $89.19 $4,348 $804 $5,152 4.3x 4.0x 3.7x 11.4x 9.7x 9.0x 34.4x 13.1x 12.2x 8.0% 7.9% 7.2% 37.3% 40.6% 41.0% Paylocity Holding Corporation $87.91 $4,652 ($104) $4,548 10.9x 9.0x 7.5x NM 31.4x 25.1x 91.9x 61.1x 49.1x 25.1% 20.6% 20.0% 10.4% 28.8% 30.0% Medidata Solutions, Inc. $74.93 $4,521 ($147) $4,374 6.9x 5.9x 5.1x 50.8x 24.2x 20.2x 88.2x 42.0x 35.3x 16.8% 16.3% 15.1% 13.5% 24.5% 25.5% Anaplan, Inc. $35.69 $4,511 ($322) $4,189 17.4x 13.4x 10.4x NM NM NM NM NM NM 42.9% 30.1% 28.9% NM NM NM Smartsheet Inc. $40.38 $4,262 ($207) $4,055 22.8x 15.9x 11.6x NM NM NM NM NM NM 59.7% 43.8% 36.4% NM NM NM Manhattan Associates, Inc. $57.03 $3,684 ($101) $3,583 6.4x 6.3x 6.1x 25.1x 27.6x 26.5x 36.1x 40.7x 39.1x (6.0%) 2.0% 3.2% 25.5% 22.8% 23.0% Cornerstone OnDemand, Inc. $54.36 $3,213 ($53) $3,159 5.9x 5.6x 4.9x NM 26.1x 19.7x NM 55.8x 38.1x 11.6% 4.8% 13.7% 2.5% 21.5% 25.1% The Descartes Systems Group Inc $37.81 $2,918 ($2) $2,916 10.6x 8.9x 8.1x 32.4x 24.7x 21.9x 94.5x 24.9x 25.4x 15.9% 19.2% 10.0% 32.7% 35.9% 37.0% Workiva Inc. $51.75 $2,293 ($80) $2,213 9.1x 7.8x 6.7x NM NM NM NM NM NM 17.5% 16.1% 15.7% NM NM NM Pluralsight, Inc. $32.05 $2,385 ($179) $2,207 9.5x 7.1x 5.4x NM NM NM NM NM NM 39.1% 34.5% 32.2% NM NM 2.0%

ERP ERP General & Business Technology One Limited $6.17 $1,956 ($76) $1,881 9.1x 7.8x 7.0x 36.5x 31.0x 26.8x 54.8x 44.4x 38.5x (3.9%) 16.2% 11.1% 24.9% 25.2% 26.2% SPS Commerce, Inc. $104.27 $1,822 ($178) $1,643 6.6x 6.0x 5.5x 41.7x 25.9x 22.1x 76.7x 49.9x 42.9x 12.8% 10.7% 9.3% 15.9% 23.1% 24.8% Instructure, Inc. $47.37 $1,717 ($153) $1,564 7.5x 6.1x 5.0x NM NM NM NM NM NM 30.2% 22.7% 21.3% NM NM NM PROS Holdings, Inc. $42.93 $1,633 ($70) $1,563 7.9x 6.7x 5.8x NM NM NM NM NM NM 16.7% 17.9% 16.5% NM NM NM Benefitfocus, Inc. $41.51 $1,330 $47 $1,377 5.3x 4.5x 3.9x NM 75.7x 40.5x NM NM NM 9.2% 17.9% 16.7% NM 6.0% 9.6% Enghouse Systems Limited $24.53 $1,340 ($144) $1,196 4.6x 4.4x 3.9x 16.6x 14.4x 12.9x 26.8x 27.0x 23.4x (3.1%) 3.1% 12.6% 27.6% 30.9% 30.6% Upland Software, Inc. $41.49 $892 $264 $1,155 7.7x 5.9x 5.6x 33.5x 16.0x 14.8x NM 19.6x 18.8x 53.0% 31.3% 4.6% 23.0% 36.6% 38.0% QAD Inc. $44.50 $873 ($127) $746 2.2x 2.2x 2.1x 49.5x 48.6x 29.1x 90.8x NM 56.8x 9.2% (0.4%) 7.0% 4.5% 4.6% 7.2% Opera Limited $7.95 $877 ($174) $702 4.1x 2.8x 2.4x 12.1x 10.8x 8.0x 23.7x 18.1x 11.5x 33.7% 43.4% 20.2% 33.7% 26.3% 29.6% American Software, Inc. $12.79 $398 ($83) $315 2.8x 2.8x 2.6x 31.8x 20.1x 16.1x 63.5x 42.6x 34.6x 2.0% 1.9% 6.7% 8.9% 13.7% 16.1% Amber Road, Inc. $8.97 $255 $14 $269 3.2x 3.0x 2.8x NM 43.5x 33.1x NM NM NM 7.7% 5.7% 6.2% NM 6.9% 8.5% Synchronoss Technologies, Inc. $5.55 $222 ($9) $213 0.7x 0.6x 0.6x NM 6.1x 4.8x NM NM NM (19.0%) 5.6% 4.9% NM 10.1% 12.2% Park City Group, Inc. $7.94 $158 ($12) $146 6.3x 5.3x 4.3x 29.5x 17.9x 13.7x 41.7x 26.0x 17.2x 13.4% 18.2% 24.2% 21.4% 29.8% 31.5% ServiceSource International, Inc. $0.91 $85 ($24) $60 0.3x 0.3x 0.3x NM 94.7x 12.1x NM NM NM (0.3%) (6.2%) 2.9% NM 0.3% 2.2%

Mean 8.5x 7.0x 5.8x 36.7x 31.6x 24.5x 58.4x 37.2x 37.3x 19.2% 17.6% 15.9% 20.5% 21.5% 22.3% Median 7.2x 6.0x 5.4x 32.4x 26.0x 21.9x 54.8x 40.7x 36.7x 16.3% 17.1% 14.8% 21.4% 23.8% 25.1%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 15 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 4/12/2019 Value Debt Value CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E 18A/17A 19E/18A 20E/19E CY 18A CY 19E CY 20E Development & Operations Management VMware, Inc. $192.81 $79,137 $1,393 $80,530 9.0x 8.0x 7.3x 33.2x 20.5x 18.9x 33.0x 29.6x 26.3x 14.1% 11.9% 9.8% 27.1% 39.1% 38.6% ServiceNow, Inc. $244.30 $44,096 ($836) $43,260 16.6x 12.6x 9.8x NM 46.5x 34.6x NM 78.4x 57.0x 36.0% 31.4% 28.1% 4.1% 27.2% 28.5% Atlassian Corporation Plc $112.68 $26,987 ($808) $26,179 25.4x 19.3x 15.3x NM 76.3x 60.6x NM NM 97.8x 38.4% 31.8% 25.8% 2.8% 25.3% 25.3% Splunk Inc. $134.94 $20,251 ($1,061) $19,190 10.6x 8.6x 7.1x NM 52.0x 39.3x NM 80.6x 60.8x 37.7% 23.1% 21.6% NM 16.6% 18.1% Twilio Inc. $125.72 $15,537 ($312) $15,225 23.4x 14.2x 10.7x NM NM NM NM NM NM 62.9% 65.3% 32.6% NM 3.9% 5.7% Micro Focus International plc $25.41 $10,428 $4,253 $14,682 3.7x 4.2x 4.4x 10.5x 10.0x 9.8x 16.1x 11.3x 10.6x 53.4% (10.6%) (5.9%) 35.4% 41.7% 45.2% MongoDB, Inc. $142.81 $7,853 ($249) $7,604 28.5x 20.5x 15.6x NM NM NM NM NM NM 60.8% 38.7% 31.5% NM NM NM SolarWinds Corporation $18.73 $5,805 $1,541 $7,347 8.8x 7.9x 7.1x 37.4x 16.3x 14.5x 7.3x 23.6x 20.4x 14.4% 11.5% 11.4% 23.6% 48.6% 48.8% New Relic, Inc. $99.34 $5,697 ($321) $5,376 12.1x 9.5x 7.5x NM 65.5x 46.4x NM NM 84.6x 35.0% 27.5% 25.6% NM 14.4% 16.2% Pegasystems Inc. $69.32 $5,438 ($207) $5,230 5.9x 5.4x 4.8x NM 95.8x 75.5x NM NM 94.3x 0.4% 8.3% 11.8% 0.9% 5.7% 6.4% Pivotal Software, Inc. $19.84 $5,279 ($702) $4,577 7.0x 5.7x 4.6x NM NM NM NM NM NM 29.1% 22.1% 22.8% NM NM 4.3% LogMeIn, Inc. $80.38 $4,018 $51 $4,069 3.4x 3.2x 3.1x 11.5x 9.9x 10.3x 56.6x 16.3x 16.6x 21.6% 4.3% 5.1% 29.4% 32.6% 29.9% NetScout Systems, Inc. $28.27 $2,200 $125 $2,325 2.6x 2.6x 2.5x 22.8x NA NA NM 17.5x 16.0x (15.0%) 0.1% 3.1% 11.2% NA NA Progress Software Corporation $45.90 $2,042 ($19) $2,023 5.1x 4.8x 4.6x 14.5x 9.7x 8.8x 33.3x 18.3x 16.9x (0.1%) 6.5% 3.5% 35.1% 49.4% 52.8% Appian Corporation $32.57 $2,093 ($95) $1,998 8.8x 7.7x 6.5x NM NM NM NM NM NM 28.3% 15.0% 18.0% NM NM NM

Development Development Operations & Management Bandwidth Inc. $70.98 $1,631 ($59) $1,572 7.7x 6.8x 5.7x NM NM NM 83.5x NM NM 25.3% 14.0% 18.8% 5.4% NM 0.1% MobileIron, Inc. $5.55 $593 ($106) $487 2.5x 2.3x 2.1x NM NM NA NM NM 82.2x 7.5% 9.4% 9.2% NM 2.0% NA Comarch S.A. $48.00 $390 ($9) $382 1.0x 1.0x 0.9x 8.1x 6.5x 6.1x 28.3x 16.8x 13.9x 14.9% 8.6% 5.9% 13.0% 14.9% 15.0% Magic Software Enterprises Ltd. $9.30 $455 ($86) $369 1.3x 1.2x 1.1x 8.3x NA NA 23.8x 15.6x 13.8x 10.2% 10.4% 10.2% 15.6% NA NA Axway Software SA $15.96 $337 $12 $349 1.1x 1.1x 1.1x 8.6x 10.1x 8.3x 27.3x 18.3x 16.5x (9.7%) (0.5%) 1.1% 12.5% 10.7% 12.8%

Mean 9.2x 7.3x 6.1x 17.2x 34.9x 27.8x 34.4x 29.7x 41.9x 23.3% 16.4% 14.5% 16.6% 23.7% 23.2% Median 7.3x 6.2x 5.3x 11.5x 18.4x 16.7x 28.3x 18.3x 20.4x 23.4% 11.7% 11.6% 13.0% 20.9% 18.1%

Sales & Marketing Applications HubSpot, Inc. $166.00 $6,834 ($273) $6,561 12.8x 10.1x 8.2x NM 83.4x 58.1x NM NM NM 36.6% 27.0% 23.5% NM 12.1% 14.0% SVMK Inc. $17.12 $2,168 $156 $2,324 9.1x 7.9x 6.7x NM 44.9x 36.6x NM NM NM 16.3% 15.4% 18.3% NM 17.6% 18.3% Yext, Inc. $21.58 $2,358 ($143) $2,215 9.7x 7.4x 5.7x NM NM NM NM NM NM 34.1% 31.0% 29.9% NM NM NM LivePerson, Inc. $29.40 $1,880 ($66) $1,813 7.3x 6.3x 5.3x NM NM 62.4x NM NM NM 14.1% 15.3% 19.0% 1.0% 3.9% 8.5%

Cardlytics, Inc. $15.49 $349 $7 $356 2.4x 1.9x 1.3x NM NM 22.3x NM NM 53.4x 15.6% 25.7% 40.4% NM NM 6.0% Sales Sales & Marketing ChannelAdvisor Corporation $12.04 $335 ($44) $291 2.2x 2.1x 2.0x NM 21.3x 16.3x NM 48.6x 32.5x 7.1% 5.0% 6.5% NM 9.9% 12.1%

Mean 8.2x 6.7x 5.4x NM 64.2x 44.9x NM NM 53.4x 23.3% 22.9% 26.2% NM 11.2% 11.7% Median 9.1x 7.4x 5.7x NM 64.2x 47.3x NM NM 53.4x 16.3% 25.7% 23.5% NM 12.1% 11.3%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 16 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 4/12/2019 Value Debt Value CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E 18A/17A 19E/18A 20E/19E CY 18A CY 19E CY 20E SaaS Adobe Inc. $271.86 $132,654 $910 $133,564 14.8x 12.0x 10.2x 41.9x 26.6x 21.9x 52.3x 34.8x 28.1x 23.7% 23.7% 17.8% 35.3% 45.0% 46.4% salesforce.com, inc. $160.71 $124,530 ($975) $123,555 9.3x 7.7x 6.4x 81.1x 30.7x 25.2x NM 58.2x 46.5x 26.0% 20.9% 19.6% 11.5% 25.1% 25.6% ServiceNow, Inc. $244.30 $44,096 ($836) $43,260 16.6x 12.6x 9.8x NM 46.5x 34.6x NM 78.4x 57.0x 36.0% 31.4% 28.1% 4.1% 27.2% 28.5% Workday, Inc. $195.75 $43,457 ($574) $42,883 15.2x 12.1x 9.8x NM 63.3x 47.2x NM NM 89.1x 31.7% 26.0% 22.6% NM 19.1% 20.9% Atlassian Corporation Plc $112.68 $26,987 ($808) $26,179 25.4x 19.3x 15.3x NM 76.3x 60.6x NM NM 97.8x 38.4% 31.8% 25.8% 2.8% 25.3% 25.3% Shopify Inc. $214.83 $23,948 ($1,979) $21,969 20.5x 14.7x 11.2x NM NM NM NM NM NM 59.4% 38.9% 31.8% NM 3.7% 5.6% Splunk Inc. $134.94 $20,251 ($1,061) $19,190 10.6x 8.6x 7.1x NM 52.0x 39.3x NM 80.6x 60.8x 37.7% 23.1% 21.6% NM 16.6% 18.1% Veeva Systems Inc. $134.75 $19,731 ($1,090) $18,641 21.6x 18.1x 15.3x 78.7x 48.5x 40.4x 91.7x 70.1x 60.1x 24.9% 19.6% 18.3% 27.5% 37.3% 37.9% NetApp, Inc. $75.63 $18,679 ($2,348) $16,331 2.6x 2.6x 2.5x 12.5x 9.9x 9.0x 20.0x 15.7x 14.2x 7.5% 2.4% 3.7% 21.1% 26.0% 27.7% Twilio Inc. $125.72 $15,537 ($312) $15,225 23.4x 14.2x 10.7x NM NM NM NM NM NM 62.9% 65.3% 32.6% NM 3.9% 5.7% Paycom Software, Inc. $188.76 $11,038 ($11) $11,026 19.5x 15.5x 12.7x 57.8x 38.0x 30.2x 80.8x 59.7x 47.1x 30.8% 25.8% 22.3% 33.7% 40.7% 41.9% Okta, Inc. $95.24 $10,688 ($292) $10,396 26.0x 19.5x 14.9x NM NM NM NM NM NM 55.6% 33.8% 30.8% NM NM NM Zendesk, Inc. $83.20 $9,090 $31 $9,122 15.2x 11.4x 8.8x NM NM 88.4x NM NM NM 39.2% 34.0% 29.6% NM 7.1% 9.9% DocuSign, Inc. $55.25 $9,387 ($330) $9,057 12.9x 9.9x 8.0x NM NM 67.3x NM NM NM 35.2% 30.3% 24.1% NM 8.1% 11.9% Dropbox, Inc. $22.34 $9,520 ($923) $8,597 6.2x 5.2x 4.6x NM 23.5x 18.7x NM 56.1x 38.9x 25.7% 17.8% 14.8% NM 22.4% 24.4% RingCentral, Inc. $105.73 $8,654 ($200) $8,454 12.6x 9.9x 8.0x NM 78.9x 59.9x NM NM NM 33.8% 26.9% 23.4% 1.4% 12.5% 13.4% Zscaler, Inc. $66.64 $8,273 ($340) $7,933 32.7x 23.6x 17.9x NM NM NM NM NM NM 57.4% 38.5% 31.6% NM 8.6% 11.8%

SaaS HubSpot, Inc. $166.00 $6,834 ($273) $6,561 12.8x 10.1x 8.2x NM 83.4x 58.1x NM NM NM 36.6% 27.0% 23.5% NM 12.1% 14.0% Proofpoint, Inc. $122.55 $6,783 ($232) $6,551 9.1x 7.5x 6.2x NM 49.6x 36.5x NM 74.0x 54.3x 38.0% 21.8% 21.0% NM 15.1% 17.0% RealPage, Inc. $63.65 $5,810 $369 $6,178 7.1x 6.2x 5.6x 43.9x 22.0x 18.9x NM 36.3x 31.1x 29.6% 14.1% 11.0% 16.2% 28.4% 29.8% Coupa Software Incorporated $96.59 $5,924 ($147) $5,777 22.2x 17.6x 14.1x NM NM NM NM NM NM 39.4% 25.9% 25.4% NM 5.7% 11.5% New Relic, Inc. $99.34 $5,697 ($321) $5,376 12.1x 9.5x 7.5x NM 65.5x 46.4x NM NM 84.6x 35.0% 27.5% 25.6% NM 14.4% 16.2% j2 Global, Inc. $89.19 $4,348 $804 $5,152 4.3x 4.0x 3.7x 11.4x 9.7x 9.0x 34.4x 13.1x 12.2x 8.0% 7.9% 7.2% 37.3% 40.6% 41.0% Pure Storage, Inc. $22.92 $5,614 ($748) $4,866 3.6x 2.8x 2.2x NM 26.5x 17.8x NM 62.2x 36.0x 32.7% 30.0% 23.5% NM 10.4% 12.5% Paylocity Holding Corporation $87.91 $4,652 ($104) $4,548 10.9x 9.0x 7.5x NM 31.4x 25.1x 91.9x 61.1x 49.1x 25.1% 20.6% 20.0% 10.4% 28.8% 30.0% Medidata Solutions, Inc. $74.93 $4,521 ($147) $4,374 6.9x 5.9x 5.1x 50.8x 24.2x 20.2x 88.2x 42.0x 35.3x 16.8% 16.3% 15.1% 13.5% 24.5% 25.5% LogMeIn, Inc. $80.38 $4,018 $51 $4,069 3.4x 3.2x 3.1x 11.5x 9.9x 10.3x 56.6x 16.3x 16.6x 21.6% 4.3% 5.1% 29.4% 32.6% 29.9% Smartsheet Inc. $40.38 $4,262 ($207) $4,055 22.8x 15.9x 11.6x NM NM NM NM NM NM 59.7% 43.8% 36.4% NM NM NM Envestnet, Inc. $68.82 $3,355 $171 $3,526 4.3x 4.0x 3.4x 40.5x 19.4x 15.9x NM 32.0x 26.6x 18.8% 9.9% 15.8% 10.7% 20.3% 21.5% Cornerstone OnDemand, Inc. $54.36 $3,213 ($53) $3,159 5.9x 5.6x 4.9x NM 26.1x 19.7x NM 55.8x 38.1x 11.6% 4.8% 13.7% 2.5% 21.5% 25.1% Mimecast Limited $49.70 $3,003 $32 $3,035 9.4x 7.6x 6.3x NM 44.7x 35.9x NM NM 82.5x 33.5% 23.7% 21.7% 8.0% 17.1% 17.4% Five9, Inc. $52.30 $3,099 ($84) $3,015 11.7x 10.0x 8.5x NM 60.0x 46.8x NM 84.5x 64.9x 28.7% 16.8% 17.3% 6.9% 16.7% 18.3% Q2 Holdings, Inc. $68.74 $2,996 $5 $3,001 12.4x 9.8x 8.0x NM NM 76.4x NM NM NM 24.3% 27.6% 22.5% NM 6.8% 10.4% Qualys, Inc. $82.58 $3,252 ($288) $2,964 10.6x 9.2x 7.9x 37.4x 23.9x 19.9x 60.3x 44.2x 37.7x 20.8% 15.4% 16.5% 28.4% 38.6% 39.7% AppFolio, Inc. $82.70 $2,807 ($41) $2,766 14.6x 11.0x 8.9x NM 52.8x 39.4x NM 83.8x 59.5x 32.2% 32.8% 23.6% 12.9% 20.7% 22.5%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 17 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

SPS Commerce, Inc. $104.27 $1,822 ($178) $1,643 6.6x 6.0x 5.5x 41.7x 25.9x 22.1x 76.7x 49.9x 42.9x 12.8% 10.7% 9.3% 15.9% 23.1% 24.8% SaaS Instructure, Inc. $47.37 $1,717 ($153) $1,564 7.5x 6.1x 5.0x NM NM NM NM NM NM 30.2% 22.7% 21.3% NM NM NM Talend S.A. $52.00 $1,576 ($33) $1,543 7.6x 6.2x 5.1x NM NM NM NM NM NM 37.5% 21.6% 22.9% NM NM NM Benefitfocus, Inc. $41.51 $1,330 $47 $1,377 5.3x 4.5x 3.9x NM 75.7x 40.5x NM NM NM 9.2% 17.9% 16.7% NM 6.0% 9.6% Carbonite, Inc. $25.36 $872 ($80) $792 2.7x 1.6x 1.4x 26.4x 6.0x 4.9x NM 14.2x 11.7x 23.8% 65.0% 18.8% 10.1% 26.8% 27.9% Zix Corporation $7.58 $403 ($27) $376 5.3x 2.3x 1.8x 26.6x 11.7x 7.7x 26.1x 23.9x 16.5x 7.3% 134.9% 24.0% 20.1% 19.4% 23.7% ChannelAdvisor Corporation $12.04 $335 ($44) $291 2.2x 2.1x 2.0x NM 21.3x 16.3x NM 48.6x 32.5x 7.1% 5.0% 6.5% NM 9.9% 12.1% Amber Road, Inc. $8.97 $255 $14 $269 3.2x 3.0x 2.8x NM 43.5x 33.1x NM NM NM 7.7% 5.7% 6.2% NM 6.9% 8.5% Park City Group, Inc. $7.94 $158 ($12) $146 6.3x 5.3x 4.3x 29.5x 17.9x 13.7x 41.7x 26.0x 17.2x 13.4% 18.2% 24.2% 21.4% 29.8% 31.5% Veritone, Inc. $6.21 $122 ($51) $71 2.6x 1.4x 1.1x NM NM NM NM NM NM 87.7% 85.6% 27.5% NM NM NM

Mean 11.1x 8.7x 7.1x 39.4x 38.4x 35.7x 60.1x 48.9x 44.9x 30.0% 27.6% 20.3% 15.9% 18.4% 20.2% Median 9.3x 7.7x 6.4x 40.5x 31.0x 33.1x 58.4x 49.9x 40.9x 29.6% 23.1% 21.7% 13.2% 17.1% 18.2%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 4/12/19. 18 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow

25.0x 25.0x ZS ZS

R = 0.59 R = 0.66 20.0x OKTA 20.0x OKTA TEAM TEAM COUP VEEV VEEV COUP SMAR PAYC PAYC SMAR 15.0x 15.0x TWLO SHOP SHOP TWLO

EVBG WDAY WDAY NOWAPPF EVBG NOW ADBE ZEN APPF ZEN ADBE HUBS HUBS 10.0x FIVN 10.0x QTWO QLYS DOCU RNG FIVN DOCUNEWR RNG NEWRQTWO SPLK PCTY PCTY QLYS CRMBLSPLK BL CRM PFPT PFPT

MIME MIME Enterprise Value / CY2019E / Revenue Value Enterprise Enterprise Value / CY / 2019E Revenue Value Enterprise RP CSOD RP MDSO MDSO DBX 5.0x 5.0x CSOD DBX JCOM BOX BOX ENV ENV JCOM NTAP NTAPLOGM LOGM PSTG PSTG

0.0x 0.0x 0% 10% 20% 30% 40% 50% 60% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

CY2019E Revenue Growth CY 2019E Revenue Growth % + CY 2019E FCF Margin %

Notes: Source: Capital IQ as of 4/12/2019. Consensus Estimates used for CY2019E figures. 19 RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

Provides financial product planning and research SaaS for financial advisers, banks and insurers, fund managers, insurance 3/27/19 Application Software $94 5.5x 5.0x 13.4x 11.6x brokers and comparison websites in the UK. Software enables users to perform research across funds, life, protection, pension and investment products and platforms, make comparisons based on ratings, and build portfolios.

Provides machine learning-based enterprise customer personalization SaaS. Software allows businesses to provide 3/25/19 Application Software $300 NA NA NA NA customized and personalized information and marketing materials to customers via email, mobile, web and advertisements based on customer analytics.

3/25/19 Application Software $150 NA NA NA NA Provides corporation tax compliance software and services to accounting firms.

Provides private equity and real-estate fund portfolio management software and software as a service (SaaS) for the 3/22/19 Application Software $1,300 9.3x NA NA NA investment and finance sector globally. Also provides related CRM, governance, risk and compliance (GRC) management, and Web application development software.

Provides AI-enabled project and portfolio management (PPM) SaaS for enterprises. Software includes features for agile 3/18/19 Infrastructure Management $166 NA NA NA NA project portfolio management, software delivery optimization and business intelligence (BI) reporting.

Provides tactical data link (TDL) processing software for critical military communications systems in the aerospace and defense markets globally. Software enables users to validate links, analyze, simulate and visualize the network data, and 3/18/19 Application Software $50 3.3x NA NA NA integrate tactical information into weapons, control systems, surveillance platforms, ground vehicles, and dismounted soldiers in real-time.

Provides collaborative financial planning SaaS for financial advisors across enterprise, institutional and independent firms. 3/14/19 Application Software $500 10.0x NA NA NA Also provides related client acquisition SaaS.

Provides training data-focused machine learning-based text, NLP, video and image processing SaaS for businesses globally. 3/10/19 Information Management $300 10.3x NA NA NA Software provides features for data annotation and labeling and video object tracking for data transcription, autonomous vehicles, facial recognition, chatbots, active learning, internet search relevance and semantic segmentation.

The Blackboard Transact business unit of Blackboard, which provides campus engagement and transaction processing 3/7/19 Application Software $720 NA NA NA NA software for the higher-education sector.

Provides cloud application integration SaaS for businesses. Software allows enterprises to secure identities and connect 3/7/19 Infrastructure Management $53 NA NA NA NA applications, employees, data and workflows among SaaS applications.

3/5/19 Application Software $1,000 NA NA NA NA Provides expense reporting and supplier invoice automation SaaS to businesses.

Provides enterprise web and mobile application security SaaS. Software features include software composition analysis, 3/5/19 Security $315 5.3x 4.5x NA NA mobile application testing, and security e-learning.

Provides pharmacy engagement management SaaS for community pharmacies in the US, Canada, and Puerto Rico. Software 3/5/19 Application Software $150 5.2x 4.3x NM 30.0x enables users to analyze patient data, manage medication pickups and anticipate demand, integrate with pharmacy management and ERM systems, and collaborate with patients, payers, providers and pharmaceutical companies.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/19, where Enterprise Value is >$50MM. 20 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

3/5/19 Application Software $80 NA NA NA NA Provides customer analytics based on customer experience and feedback captured in websites, apps and emails.

2/21/19 Information Management $516 6.0x 4.9x 57.2x 30.9x Provides data integration, replication and warehousing software for enterprises.

2/19/19 Security $560 46.7x 13.3x NA NA Provides security orchestration, automation and response (SOAR) SaaS and software for businesses.

2/15/19 Security $100 14.3x NA NA NA Provides machine learning-based predictive endpoint security analytics SaaS to businesses.

2/12/19 Application Software $3,381 7.0x 6.9x 59.6x 24.7x Provides mortgage loan origination SaaS for the financial sector.

2/12/19 Security $170 NA NA NA NA Provides zero-trust cloud-based security management IaaS and SaaS for businesses.

2/11/19 Application Software $767 7.1x 6.1x 86.8x 34.0x Provides employee stock option purchase plan administration and related BI SaaS for businesses globally.

2/11/19 Security $300 7.9x NA 18.4x NA Provides digital identity verification and authentication software for use in fraud prevention.

2/11/19 Application Software $135 3.4x 3.0x NA NA Provides analytics-based recruitment management SaaS for businesses.

Offers anti-malware and firewall software and SaaS for managed service providers (MSP), small and medium businesses 2/7/19 Security $619 2.9x NA NA NA (SMBs) and consumers.

2/4/19 Application Software $10,822 9.5x 8.3x 88.0x 34.8x Provides human capital management (HCM) SaaS for businesses.

2/1/19 Infrastructure Management $185 2.6x NA NA NA Provides case management and business process management (BPM) SaaS for enterprises and federal government agencies.

1/31/19 Information Management $75 1.7x NA NA NA Provides data processing and e-discovery SaaS for law firms and corporate legal departments.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/19, where Enterprise Value is >$50MM. 21 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

1/28/19 Application Software $250 NA NA NA NA Provides foreign trade compliance software for businesses.

1/28/19 Information Management $230 19.2x NA NA NA Provides e-signature automation, e-fax and document workflow management SaaS to businesses.

1/25/19 Infrastructure Management $305 6.4x NA NA NA Provides cross-border payment software and services to businesses and financial institutions.

1/23/19 Application Software $225 8.9x NA NA NA Provides AI-based digital PR management and analytics SaaS for brands and media companies globally.

1/22/19 Application Software $1,034 6.5x NA NA NA The telematics business of TomTom, which provides fleet management and SCM SaaS for businesses.

Telematics Business

1/22/19 Infrastructure Management $724 NA NA NA NA Provides payment processing and fraud prevention SaaS to businesses in Latin America.

Thunder Bridge Provides loan payment management SaaS, related app and services for personal finance companies and auto lenders in the 1/22/19 Application Software $600 4.6x 3.8x NA NA Acquisition Ltd US.

1/22/19 Infrastructure Management $480 4.0x 3.7x 9.6x 8.7x Provides C++ application development software for businesses globally.

Provides digital certificate-based public key infrastructure (PKI) and encryption SaaS to enable identity management for 1/22/19 Security $77 NA NA NA NA businesses.

1/15/19 Security $275 2.8x NA 23.6x NA Provides Microsoft-based email security and managed messaging SaaS and services for enterprises.

1/15/19 Application Software $94 1.9x NA NA NA The Sage Payroll Solutions business of The Sage Group, which provides payroll processing SaaS to businesses.

Payroll Solutions Business

1/14/19 Infrastructure Management $1,100 8.8x 7.9x 20.0x 16.9x Provides low-code application development SaaS for businesses.

Provides integrated workplace management system (IWMS) and ERP SaaS for the facilities management and real estate 1/11/19 Application Software $86 6.2x NA NA NA sectors globally.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/19, where Enterprise Value is >$50MM. 22 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

1/8/19 Information Management $103 NA NA NA NA Provides Apache Flink-based open source, in-memory data stream processing software for businesses.

Provides enterprise software that allows financial software and mobile app providers to connect their software with users' 1/7/19 Infrastructure Management $200 NA NA NA NA accounts at financial institutions.

1/7/19 Information Management $445 NA 4.5x NA NA Provides license plate and vehicle recognition software to government agencies and businesses.

Provides Internet customer SSO identity and tracking SaaS to enable targeted social media and online marketing and 1/7/19 Security $125 5.0x NA NA NA promotions for businesses.

Provides social media marketing SaaS to businesses, with features that include customer data management, analytics, 1/3/19 Application Software $126 4.7x NA NA NA publishing, and customer engagement.

1/2/19 Application Software $157 NA NA NA NA Provides SaaS for enterprises to organize and track charitable donations and volunteer activities by employees.

1/2/19 Application Software $100 NA NA NA NA Provides unified communications-based customer service management software and SaaS for businesses.

All Software Median 6.1x 4.9x 23.6x 27.4x Mean 7.9x 5.9x 41.8x 24.0x

PE Acquirers Median 7.9x 7.4x 59.6x 24.7x Mean 7.2x 6.5x 55.9x 25.5x

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/19, where Enterprise Value is >$50MM. 23 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a restaurant management platform designed to simplify and streamline 3/29/19 Toast $250 TCV, Tiger Global Management, Bessemer Venture Partners, T. Rowe Price restaurant operations. Developer of a cloud-based mobile payment platform designed to bring speed and simplicity 3/28/19 PayIt $100 Insight Venture Partners to the government payment processing experience.

3/27/19 Shuidichou $74 Operator of a crowdfunding platform intended to serve the healthcare sector in China. Tencent Holdings, IDG Capital, Gaorong Capital, Yuri Milner

Provider of a cloud-based automation software designed to automate Accounts Payable and 3/27/19 MineralTree $50 Great Hill Partners, Eight Roads, .406 Ventures business to business payments. Developer of a cloud based software intended to deliver industry-specific customer Salesforce Ventures, Sutter Hill Ventures, Accenture, New York Life Ventures, Bessemer Venture 3/26/19 Vlocity $60 experiences. Partners Developer of a cloud-based continuous mobile and web-testing platform intended to test 3/26/19 Sauce Labs $50 Riverwood Capital software and applications in real-time. Developer of a cross-border payments and foreign exchange platform designed to make and DST Global, Tencent Holdings, Sequoia Capital, Square Peg Capital, Hillhouse Capital Group, 3/25/19 Airwallex $100 receive international payments. Horizons Ventures, Gobi Ventures Developer of a trading platform designed to connect the existing market and merchant 3/22/19 Bakkt $182 Starbucks, Microsoft, Galaxy Digital Ventures, Pantera Capital infrastructure to the blockchain. Provider of an online healthcare platform designed for patients to choose doctors and make 3/20/19 Doctolib $175 General Atlantic, Eurazeo, Kernel Investissements, Accel, Bpifrance appointments. Developer of a music creation platform designed for musicians to create music, connect and Union Square Ventures, True Ventures, Lerer Hippeau Ventures, Flybridge Capital Partners, DFJ 3/20/19 Splice $58 collaborate easily. Growth, LionTree Partners, Founders Circle Capital Provider of a customized e-mail marketing platform intended to empower the world's leading 3/20/19 Iterable $50 Charles River Ventures, Index Ventures (UK), Blue Cloud Ventures brands to achieve true omnichannel relevance at scale. Magnitude 3/19/19 $179 Developer of enterprise information management software. 3i Group Software Developer of an online ride-hailing platform designed to connect passengers with drivers 3/18/19 Ola $300 J3T Ventures, Lyons Asset Management, Hyundai across India. Acko General Operator of a general insurance platform intended to disrupt India's insurance industry by 3/15/19 $65 Amazon.com, Intact Ventures, SAIF Partners Insurance leveraging technology. Provider of a payment platform intended to offer the world's first fully documented, open API 3/14/19 Marqeta $250 Undisclosed issuer payment processor. Developer of an e-learning platform designed to offer student-tailored daily news articles 3/13/19 Newsela $50 Technology Crossover Ventures, New Ground Ventures online. Developer of a web performance and security platform designed to stop large attacks on the 3/12/19 Cloudflare $150 Franklin Templeton Investments DNS system. Developer of a personal finance and investment application intended to make saving and Entrée Capital, Union Square Ventures, Coatue Management, Breyer Capital, Goodwater 3/12/19 Stash $65 investment accessible to everyone. Capital, Valar Ventures Developer of NVMe/TCP solution designed to separate storage and compute without touching Dell EMC, Cisco Investments, Micron Ventures, Square Peg Capital, Walden International, WRV 3/12/19 lightbits $54 the network infrastructure or data center clients. Capital Developer of an e-commerce platform intended to offer finance for the consumption of 3/11/19 Pagantis $75 Prime Ventures, Rinkelberg Capital, Credit Suisse electronic commerce.

Notes: Source: Pitchbook. Reflects deal activity through 3/31/19. 24 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. RECENT PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised

3/11/19 Hunliji $70 Provider of a wedding service platform based in Hangzhou, China. Orchid Asia Group Management, Matrix China Partners, Fosun RZ Capital

DST Global, General Atlantic, Dragoneer Investment Group, Forerunner Ventures, Cathay 3/5/19 Chime Bank $200 Developer of a mobile banking platform designed to offer banking services. Innovation, Menlo Ventures, Coatue Management, ICONIQ Capital Developer of a web-based service platform intended to view, adjust and complete insurance 3/5/19 Wefox $125 Mubadala Investment Company contracts anytime, anywhere in the world. Shift Developer of a cloud based data security platform designed to improve the insurance claims 3/4/19 $60 Bessemer Venture Partners, Iris Capital, Accel, Elaia Partners, General Catalyst Technology process. Developer of an online subscription based podcast platform designed to transform listeners 3/4/19 Luminary $60 New Enterprise Associates, Sinai Ventures experience. Developer of an integrated security awareness training and simulated phishing platform 3/4/19 KnowBe4 $50 Kohlberg Kravis Roberts, Ten Eleven Ventures designed to train employees to make smarter security decisions.

3/1/19 OLA Electric $56 Developer of a platform intended to provide electric mobility system. Matrix Partners India, Tiger Global Management

Developer of a marketplace platform designed to plug directly into an e-commerce tech 2/28/19 Mirakl $70 Bain Capital, Elaia Partners, 83North, Felix Capital ecosystem. Contrast Developer of a security software platform designed to protect applications against cyber- 2/28/19 $65 Warburg Pincus, M12, AXA Venture Partners, Acero Capital, General Catalyst, Battery Ventures Security attacks. Provider of a professional social media platform designed to connect the world's workforce to 2/27/19 Jobcase $100 Providence Equity Partners empower them in their vocational, professional and volunteering pursuits. Horizon Provider of embedded Artificial Intelligence technologies designed to create the brain of 2/26/19 $600 SK Group, SK Hynix Robotics things, for safety, convenience and fun. Developer of a digital wealth management platform designed to change the way wealth is 2/26/19 YieldStreet $62 Edison Partners, Raine Ventures, Greenspring Associates created. Developer of a food delivery application intended to provide on-demand food-ordering and Dragoneer Investment Group, Temasek Holdings, SoftBank Group, Sequoia Capital, DST Global, 2/21/19 DoorDash $400 delivery services. Y Combinator, GIC Private, Coatue Management Provider of an on-demand logistics platform created to connect drivers with customers and Hillhouse Capital Group, Sequoia Capital China, MindWorks Ventures, Xiang He Capital, 2/21/19 Lalamove $300 SME businesses to fulfill same day deliveries. Shunwei Capital, Eastern Bell Venture Capital

2/20/19 Bynk $56 Developer of an online platform intended to offer personal loans in a data-driven manner. Schibsted Growth, LMK Industri

Developer of a network intelligence platform designed to provide data visualizations and GV, Salesforce Ventures, Tenaya Capital, Thomvest Ventures, Sequoia Capital, Sutter Hill 2/20/19 ThousandEyes $50 insights on application delivery and cloud-based services. Ventures Provider of an in-memory database platform for applications and services designed for Francisco Partners, Dell Technologies Capital, Viola Ventures, Bain Capital Ventures, The 2/19/19 Redis Labs $60 transactional, analytics and hybrid deployments. Goldman Sachs Group Developer of messaging and chat API for mobile applications and websites designed to digitize 2/19/19 SendBird $52 ICONIQ Capital, FundersClub, Shasta Ventures, August Capital, Y Combinator human interactions for businesses. Provider of an online-payment platform intended to turn payments into a competitive GV, Salesforce Ventures, Adams Street Partners, Accel, Passion Capital, Balderton Capital, 2/18/19 GoCardless $75 advantage. Notion Provider of network management software tools designed to facilitate networking and 2/14/19 Drivenets $110 Bessemer Venture Partners, Pitango Venture Capital communication in the cloud.

Notes: Source: Pitchbook. Reflects deal activity through 3/31/19. 25 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. RECENT PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a time series database monitoring and analytics platform designed to manage Norwest Venture Partners, Sorenson Capital, Mayfield Fund, Trinity Ventures, Battery Ventures, 2/12/19 InfluxData $60 IoT time-series data at scale. Sapphire Ventures, Harmony Partners Developer of a social content and media sharing platform designed to bridge share ideas, Tencent Holdings, Andreessen Horowitz, Sequoia Capital, Vy Capital, Quiet Capital, Snoop 2/11/19 Reddit $300 latest digital trends and breaking news. Dogg, Fidelity Investments, VentureSouq Developer of a live video streaming platform designed to provide on-demand factual 2/11/19 CuriosityStream $140 Blum Capital Partners, TimesSquare Capital Management entertainment. Developer of a mobile application designed to automate micro investments into exchange NBCUniversal, Comcast Ventures, MSD Capital, DST Global, The Rise Fund, Bain Capital 2/7/19 Acorns $180 traded funds (ETF). Ventures, Blackrock, Inside Capital Developer of an online payment platform designed to integrate electronic payments and 1/29/19 Stripe $100 Tiger Global Management enable secure transactions. Developer of a cloud-based enterprise security platform intended to offer a secure enterprise Lightspeed Venture Partners, Singtel Innov8, Aspect Ventures, US Venture Partners, Greylock 1/29/19 Cato Networks $55 network connection to all enterprise locations, people and data. Partners Developer of a mobile application designed to automate micro investments into exchange 1/28/19 Acorns $105 NBCUniversal, Comcast Ventures, MSD Capital, DST Global, The Rise Fund, Blackrock traded funds (ETF). Developer of virtual reality technology designed to offer virtual reality-based entertainment 1/28/19 Sandbox VR $68 Andreessen Horowitz services. Developer of a digital experience insights optimization platform designed to help businesses 1/28/19 ContentSquare $60 Eurazeo, Highland Europe, Canaan Partners, Holding14 understand how and why users are interacting with their app, mobile and web sites. Developer of a cloud-based eDiscovery software for law firms designed to automate and Georgian Partners, Comerica Bank, LiveOak Venture Partners, Bessemer Venture Partners, The 1/24/19 Disco $83 simplify error-prone tasks. Stephens Group

1/23/19 Vistex (Illinois) $65 Provider of business software. Accel-KKR

Developer of a SaaS software editor designed to create and manage sales channels, in-store 1/22/19 Wynd $84 Sodexo Ventures, Bnf Capital Limited, Caisse d'Epargne and out-of-store. Provider of an information security platform intended to offer identity and access 1/22/19 Keyfactor $77 Insight Venture Partners management services. Tencent Holdings, Didi Chuxing, Robert Bosch Venture Capital, Advantech Capital Partners, NIO 1/21/19 AutoAI $104 Developer of an in-vehicle platform intended to connect transport to the internet. Capital Developer of data analytics technology intended to create a seamless title and escrow process 1/18/19 States Title $240 Undisclosed to increase profit margins.

1/18/19 DadaABC $225 Provider of an online education platform intended to help children's to learn English easily. Warburg Pincus, Tal Education Group, Yonghua Capital Momo Provider of an online mobile payment application designed to offer enhanced payment 1/18/19 (Application $100 Warburg Pincus services. Software) Developer of a carrier-grade texting platform designed to provide landline and toll-free texting Goldman Sachs Private Capital Investing Group, M12, OpenView Venture Partners, Voyager 1/18/19 Zipwhip $52 services. Capital Developer of an enterprise collaborative data platform designed to find, understand and use 1/17/19 Alation $50 Salesforce Ventures, Sapphire Ventures the right data. Provider of intelligent data management software intended to automatically anticipate the 1/16/19 Veeam $500 Insight Venture Partners, Canada Pension Plan Investment Board need and meet demand and move securely across multi-cloud infrastructures.

Notes: Source: Pitchbook. Reflects deal activity through 3/31/19. 26 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. RECENT PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Provider of cloud data management platform designed to index massive amounts of data 1/15/19 Rubrik $261 Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, IVP while globally executing tasks in an efficient manner. Applied Data 1/15/19 $163 Developer of consumer financial platform intended for lending money. Victory Park Capital, MAI Capital Management, Park Cities Asset Management Finance

1/14/19 Varo Money $65 Developer of a financial technology-based banking platform. Barclays Investment Bank

Provider of mobile banking services intended to redesign banking for the people, making it 1/10/19 N26 $300 Insight Venture Partners, GIC Private simple, fast and contemporary. Developer of an identity and access management platform designed to secure cloud Silver Lake Management, Greenspring Associates, Charles River Ventures, Scale Venture 1/10/19 OneLogin $100 applications and data. Partners Provider of Interoperable Response and Preparedness Platform (IRAPP) Network designed to 1/10/19 Mutualink $72 Undisclosed deliver secure multimedia communications to keep communities safe. 360 Enterprise Developer of an internet security platform designed to help defend and protect against cyber 1/9/19 $131 Undisclosed Security Group vulnerabilities. Provider of a spreadsheet process management software intended to change the world by 1/9/19 Vena $115 JMI Equity, Centana Growth Partners changing the way companies manage their business.

1/9/19 TaxJar $60 Developer of a cloud-based sales tax automation platform designed to manage tax easily. Insight Venture Partners

1/9/19 TalentSoft $50 Provider of a cloud-based platform designed to provide integrated talent management. Francisco Partners, Bpifrance, The Goldman Sachs Group

Provider of enterprise legal management (ELM) software intended to transform best practices 1/8/19 Onit $200 K1 Investment Management into smarter workflows.

1/8/19 Postmates $100 Developer of an on-demand delivery platform designed to enhance the delivery experience. G Squared, BlackRock, Tiger Global Management

Provider of an online application intended to revolutionize and transform the auto parts DCM Ventures, Jeneration Capital, Access Technology Ventures, XVC, Susquehanna Asia 1/7/19 Haoqipei $60 industry in China. Investments Provider of software and web development services intended to create business value and 1/3/19 GirnarSoft $110 CapitalG, Sequoia Capital India, Hillhouse Capital Group giving end-to-end solutions. IVP, Samsung Venture Investment, aXiomatic, Frontier Venture Capital, Breyer Capital, Bonfire 1/2/19 Niantic $245 Developer of an augmented reality platform designed to enrich mobile gaming experiences. Ventures

Notes: Source: Pitchbook. Reflects deal activity through 3/31/19. 27 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings ($MM) % Change % Change Market Cap @ IPO % Change Current / Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price Offer / 1st Trading Day / Offer Date Offer Price Midpoint Price Price 10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $18.84 (3.2%) 0.2% 25.6%

10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 $35.87 6.3% 42.9% 111.0%

10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 $82.89 5.9% 94.4% 130.3%

10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 $19.73 15.4% 41.2% 31.5%

9/26/2018 $2,107 $180 9.00 - 11.00 $12.00 $17.93 20.0% 43.7% 49.4%

7/27/2018 $1,336 $127 17.00 - 19.00 $20.00 $27.60 11.1% 26.0% 38.0%

7/27/2018 $1,438 $115 10.00 - 12.00 $12.00 $7.87 9.1% 9.3% (34.4%)

7/26/2018 $2,755 $251 17.00 - 19.00 $23.00 $32.07 27.8% 31.5% 39.4%

6/29/2018 $681 $193 19.00 - 21.00 $21.00 $38.31 5.0% 30.0% 82.4%

6/15/2018 $2,933 $180 21.00 - 23.00 $24.00 $55.64 9.1% 87.3% 131.8%

5/17/2018 $1,196 $311 12.00 - 14.00 $15.00 $30.36 15.4% 33.3% 102.4%

5/4/2018 $1,576 $152 15.00 - 17.00 $19.00 $13.72 18.8% 26.0% (27.8%)

4/27/2018 $1,928 $175 12.00 - 14.00 $15.00 $38.52 15.4% 30.0% 156.8%

4/27/2018 $6,043 $629 26.00 - 28.00 $29.00 $56.29 7.4% 37.0% 94.1%

4/26/2018 $4,156 $462 19.00 - 21.00 $22.00 $51.38 10.0% 41.9% 133.5%

4/20/2018 $3,938 $555 14.00 - 16.00 $15.00 $20.04 0.0% 4.9% 33.6%

4/12/2018 $2,070 $154 11.00 - 13.00 $14.00 $20.12 16.7% 42.9% 43.7%

3/23/2018 $11,161 $756 16.00 - 18.00 $21.00 $22.31 23.5% 35.6% 6.2%

3/16/2018 $3,872 $192 10.00 - 12.00 $16.00 $66.63 45.5% 106.3% 316.4%

2/9/2018 $261 $70 13.00 - 15.00 $13.00 $15.49 (7.1%) 2.8% 19.2%

Mean 12.6% 38.4% 74.2% Median 10.6% 34.5% 46.6%

Notes: Sources: Capital IQ and Company filings. Market data as of 4/10/19. IPO pricings include public registrations only. 28 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO Cardlytics Zscaler Dropbox Zuora Pivotal Software 200 Ceridian 195 DocuSign 6 (7) Smartsheet Carbon Black 11 (11) Pluralsight (5) Avalara 190 (6) Domo 7 (11) Tenable Holdings (4) (8) Opera Limited 17 (9) 11 (10) Endava SurveyMonkey Fortinet 17 16 (7) Upwork CDC Software Elastic LogMeIn (6) 180 Anaplan Medidata (9) (6) Solarwinds SolarWinds SciQuest (8) 9 Rosetta Stone RealPage (12) IntraLinks Jive Envestnet Imperva Workday Qlik Carbonite Fleetmatics 170 BroadSoft Workiva Tangoe Qualys Mavenir Higher One Hortonworks Atlassian Responsys Eloqua Barracuda Convio New Relic Mimecast Cornerstone E2open Wix.com (9) 10 SPS Commerce HubSpot Instructure Twilio Epocrates ServiceNow Covisint (13) SS&C CyberArk Rapid7 SecureWorks Exa RingCentral (16) QuinStreet MobileIron Sophos Talend Incadea FireEye 20 Kinaxis AppFolio Everbridge 160 Infloblox Cvent Zendesk Alarm.Com Apptio Proofpoint Gigamon Paycom Xactly Gridsum Holding Splunk Textura OPOWER Shopify Nutanix Mulesoft ExactTarget ChannelAdvisor (7) Five9 Apigee Coupa Alteryx Demandware Marketo 2U Box BlackLine, Inc. Okta Bazaarvoice Tableau Borderfree Yext 150 Greenway Halogen (11) Amber Road Cloudera AVG Rally A10 Networks Appian Guidewire Marin 0 Paylocity MongoDB Model N Varonis Systems Altair Engineering (2) SendGrid 140 140 SailPoint (2)

130 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 20 + 0 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 16 - 2 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 11 - 2

Notes: Sources: Capital IQ, company filings. Market data as of 3/31/2019. 29 US FINANCING AND DEAL SHARE BY SECTOR

US Financing Trend

1,639 1,561 1,524 $38.7 1,473 1,434 1,427 1,328 1,279 $28.9 $22.8 $24.5 $24.6 $19.6 $20.8 $20.0

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Investments ($Bn) Deals

US Deal Share by Sector

16% 15% 14% 18% 17% 15% 18% 15%

4% 5% 5% 4% 5% 6% 4% 3% 8% 7% 8% 9% 8% 10% 11% 8% 13% 15% 13% 15% 15% 14% 14% 15% 13% 15% 12% 12% 12% 12% 12% 11%

44% 46% 42% 46% 44% 44% 45% 44%

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Consumer Products & Services Other

Notes: Source: PwC CB Insights MoneyTree Report Q1 2019. 30