Technology M&A Report

HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising

Overview Nationally recognized investment bank founded in 2000 Over 300 transactions completed, totaling more than $10 billion in transaction value Technology Extensive relationships with leading institutional lenders, PE investors, and strategic buyers M&A Report Proven ability to source quality buyers Q3 2020 and maximize deal value

Industry Expertise

. Technology . Healthcare

. Business Services . Industrial Services

. Financial Services . Consumer

Transaction Size . $25M - $500M

Investment Banking Services Mergers & acquisitions, recapitalizations, and management buyouts Capital raising of equity, mezzanine, and senior debt capital Financial advisory, analytical support, and fairness opinions Comprehensive and targeted sell-side marketing efforts

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview

Commentary Select Technology Public Offerings (Q3 2020)

Transaction Transaction Offer Date Issuer Industry Sector Type Value ($M)

. The S&P Global Information Technology Index increased 42.8% 09/22/20 Bentley Systems Application Software IPO $237 during the twelve-month period ended September 30, 2020, while the Nasdaq increased 39.6% and the S&P 500 increased 13.0%. 09/22/20 Corsair Gaming Technology Hardware IPO $238

09/18/20 Unity Software Application Software IPO $1,300 . IPO activity in the Technology industry increased significantly during Q3 2020 with 10 IPOs – up from one the previous quarter. 09/16/20 Jfrog Systems Software IPO $509 TheLargestIPOofQ32020beingSnowflake,aclouddataplatform, 09/16/20 Sumo Logic Application Software IPO $326 with an IPO value at $3.4B. 09/15/20 Snowflake IT Services IPO $3,360

. The Software‐as‐a‐Service (Saas), Application Software (Horizontal), 09/10/20 Switch IT Services Fixed-Income $600

and Data & Analytics sectors were the industry’s leaders with 09/01/20 BlackBerry Limited Application Software Fixed-Income $365 respect to valuation during Q3 2020, trading at revenue multiples of 10.8x, 6.8x, and 6.2x, respectively. 08/13/20 Apple Technology Hardware Fixed-Income $1,247

08/06/20 Twilio IT Services Follow-on Equity $1,250

160% Public Market Performance Market Performance by Sector Median 150% Change in Stock Price Enterprise Value / LTM

140% 42.8% Industry Sector 3 Months 12 months Revenue EBITDA Software Bellwethers 5.0% 29.2% 5.6x 13.2x 130% 39.6% Application Software (Horizontal) 19.5% 40.2% 6.8x 37.3x 120% Application Software (Vertical) 7.6% 17.9% 4.1x 25.9x

110% 13.0% Software-as-a-Service (SaaS) 38.8% 83.0% 10.8x 38.6x Data & Analytics 3.7% 40.8% 6.2x 19.8x 100% Infrastructure Software 4.0% 2.4% 5.6x 18.0x 90% Technology Hardware 33.2% 75.8% 0.8x 8.1x 80% IT Services 11.5% 28.6% 3.2x 14.7x

70% Internet 14.7% 47.8% 5.1x 20.3x Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Resellers & Wholesalers 6.0% 1.6% 0.3x 8.8x S&P 500 S&P Global Information Technology Index NASDAQ

Source: Capital IQ.

HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly Middle‐Market M&A Activity – Technology

Commentary Mid‐Market M&A Transactions by Deal Size – Technology

. M&A activity in the Technology industry decreased by 18% in Q3 2020 with 45 closed transactions; similarly, deal value was down ($ in billions) 30% to $7.9 billion compared to the prior year period. Q3 2019 Q3 2020 % Change Deal Size Volume Value Volume Value Volume Value . Transactions valued between $500 and $999M saw the most Less than $100M 33 $1.7 20 $0.9 (39%) (47%) $100 - $499M 13 $4.0 21 $4.3 62% 8% significant decrease in volume during Q3 2020 with 4 closed $500 - $999M 9 $5.6 4 $2.7 (56%) (52%) transactions compared to 9 closed during the prior year period. Total Middle Market 55 $11.3 45 $7.9 (18%) (30%)

. A drop in middle-market volume for all transactions (including % of Total Market those with undisclosed value) of roughly 20% reflects the Less than $100M 60% 15% 44% 11% $100 - $499M 24% 35% 47% 54% continuing implications the health crisis has had on the M&A $500 - $999M 16% 50% 9% 34% market as near-term outlook has materially changed given the Total Middle Market 100% 100% 100% 100% increase in market volatility and economic forecasts. Q3 2020 saw 373 deals compared to the prior year period’s 480 deals.

U.S. Mid‐Market M&A Activity –Quarterly Trend: VOLUME U.S. Mid‐Market M&A Activity –Quarterly Trend: VALUE billions)

in Total Transaction Volume Volume Total Transaction Total Transaction Value Total Transaction ($

Less than $100M $100 - $499M $500 - $999M Source: Capital IQ. Includes deals with disclosed values in between $10M and $1B. Note: Due to rounding, numbers may not sum precisely. HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Annual Middle‐Market M&A Activity – Technology

Commentary Mid‐Market M&A Transactions by Deal Size – Technology

. M&A activity in the Technology industry decreased by 24% with ($ in billions) 142 closed transactions during the year-to-date period ended YTD 2019 YTD 2020 % Change September 30, 2020; similarly, deal value was down 28% to Deal Size Volume Value Volume Value Volume Value $21.7B compared to $30B YTD 2019. Less than $100M 110 $4.5 78 $2.9 (29%) (36%) $100 - $499M 60 $15.3 55 $12.7 (8%) (17%) . Transactions valued $500 - $999M saw the most significant $500 - $999M 16 $10.2 9 $6.1 (44%) (40%) decrease in volume compared to the prior year period with 4 Total Middle Market 186 $30.0 142 $21.7 (24%) (28%) closed transactions compared to 16 closed during YTD 2019. % of Total Market Less than $100M 59% 15% 55% 13% . Similar to the trend in middle-market deal flow is deal volume for $100 - $499M 32% 51% 39% 59% all transactions (including those with undisclosed value) – down $500 - $999M 9% 34% 6% 28% 22% during YTD 2020 with 1,466 closed deals compared to the Total Middle Market 100% 100% 100% 100% prior year period’s 1,141 deals.

U.S. Mid‐Market M&A Activity – Annual Trend: VOLUME U.S. Mid‐Market M&A Activity – Annual Trend: VALUE billions)

in Total Transaction Volume Volume Total Transaction Total Transaction Value Total Transaction ($

Less than $100M $100 - $499M $500 - $999M Source: Capital IQ. Includes deals with disclosed values in between $10M and $1B. Note: Due to rounding, numbers may not sum precisely. HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Technology

Select Announced M&A Transactions (Q3 2020) EV / EV / Announced Date Target Buyer Industry TEV ($M) Revenue EBITDA

09/30/20 Vision Wireless Motus Data & Analytics N/A N/A N/A

09/28/20 Awake Security Arista Networks Application Software N/A N/A N/A

09/24/20 Pacific Star Communications Curtiss- Wright Technology Hardware $400 3.3x N/A

09/22/20 P5 Solutions Computer Design and Integration IT Services N/A N/A N/A

09/21/20 Rundeck PagerDuty Application Software $100 N/A N/A

09/17/20 Brightstar Brightstar Capital Partners Technology Distributors N/A N/A N/A

09/14/20 Scientific Games Caledonia Investments Casinos and Gaming $11,263 3.8x 13.7x

09/13/20 XCM Solutions Wolters Kluwer Application Software N/A N/A N/A

09/10/20 Virtusa Baring Private Equity IT Services $2,021 1.6x 16.8x

09/09/20 Sprinklr Hellman & Friedman Application Software N/A N/A N/A

08/31/20 Epicor Software Clayton, Dubilier & Rice Application Software $4,700 N/A N/A

08/27/20 Open Systems International Emerson Electric Application Software $1,600 9.6x N/A

08/24/20 Crypsis Palo Alto Networks IT Services $265 N/A 0.0x

08/06/20 Ellie Mae Intercontinental Exchange Application Software $11,019 N/A N/A

07/27/20 Optimal Blue Black Knight Application Software $1,800 N/A 38.7x

Source: Capital IQ.

HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Technology Sector

U.S. Deal Flow by Technology Sector % Change All reported deals:

213 24% Software 279

13 86% Internet 7

100 23% IT Services 130

38% 61 Hardware 99

0 50 100 150 200 250 300

U.S. Middle‐Market* Deal Flow by Technology Sector Q3 '19 Q3 '20 Deals with reported value: % Change

25 Software 36% 39

1 Internet 0% 1

8 IT Services 67% 24

12 20% Hardware 15

0 5 10 15 20 25 30 35 40 45

Source: Capital IQ. Hardware includes Semis and IT Services includes Tech. Distributors and Data Processing and Outsourced Services. *Includes closed deals with values between $10M and $1B.

HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Technology

Commentary Select Announced Private Equity Transactions (Q3 2020)

($ in millions) . Financial sponsor activity was slow in Q3 2020 compared to the prior year period as deal flow has just recently begin to pick back Announced Enterprise EV / EV / up after a slow Q2. Sponsors have spent a significant amount of Date Target Buyer Industry Value ($M) Revenue EBITDA time focusing on their existing portfolio companies at the expense 09/30/20 AirWire Alpha Sigma Capital Fund IT Services N/A N/A N/A of new deal activity; however, Hyde Park Capital has seen private equity new deal interest pick up in the latter half of Q3. 09/17/20 Brightstar Brightstar Capital Partners Wholesale N/A N/A N/A

. Several notable private equity-backed deals were announced 09/16/20 Sectigo GI Partners Software N/A N/A N/A during the quarter, including the Clayton, Dubilier & Rice’s 09/15/20 The Shipper TMS Accel-KKR Software N/A N/A N/A announced acquisition of Epicor Software, a human capital Insurance management software developer, for $4.7B. 09/14/20 Thomas H. Lee Partners Software N/A N/A N/A Technologies

. During Q3 2020, financial sponsors were most active in the 09/10/20 Virtusa Baring Private Equity IT Services $2,310 1.6x 16.8x Software sector announcing 24 deals. 09/09/20 Sprinklr Hellman & Friedman Software $300 N/A N/A Financial Sponsor Activity by Sector 09/02/20 Oversight Systems TCMI IT Services N/A N/A N/A

30 09/01/20 AHEAD Berkshire Partners IT Services N/A N/A N/A

24 08/31/20 Epicor Software Clayton, Dubilier & Rice Software $4,700 N/A N/A

Conseev (Hosting 08/24/20 Cloud Equity Group IT Services N/A N/A N/A Divison) 20

08/04/20 Foundation Software Thoma Bravo Software N/A N/A N/A

12 11 07/30/20 MSTS Corsair Captial Hardware $375 N/A N/A

10 07/28/20 Juvare Five Arrows Managers Software N/A N/A N/A Number of Transactions

5 07/20/20 Majesco Thoma Bravo Software $733 4.7x 35.6x

0 Software Internet IT Services Hardware Source: Capital IQ. Includes transactions with undisclosed transaction values. Financial sponsors include private & public investment firms, and corporate & financial service investment arms.

HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising Select Company Quotes & Sentiment – Technology

Select Quotes

Manhattan Associates CEO – Eddie Capel HP CEO – Enrique Lores Q3 2020 Earnings Call (October 22, 2020)

Q3 2020 Earnings Call (August 27, 2020) “Now, using our markets and our customer base as reference points. We're starting to see some modest improvement in the global macro economic “We are positioning ourselves to meet the evolving needs of our customers from situation. Whilst, clearly there is still a very long way to go in terms of reaching the essential role of the PC in an era of dispersed workforces and classrooms to back to a normal operating environment, we are encouraged by the level of the rise of subscription-based business model and more personalized solutions. I activity we're seeing in our pipeline.” consistently tell our teams that times like these are when strong companies get stronger. This quarter's results give me confidence in where we are headed. The strength of our strategy and operational capabilities will enable us to continue leading in both the print and PC category.” ServiceNow CFO –Gina Mastantuono

Q3 2020 Earnings Call (October 28, 2020) Analog Devices “[O]ur sales teams continued to win bigger deals in Q3, including our largest ever CEO –Vincent Roche $13 million ACV deal. We closed 41 deals greater than $1 million in ACV in the quarter, and what's more, nine of those were with net new customers. Our ability to land new logos despite the macro uncertainty that COVID has introduced is a Q3 2020 Earnings Call (August 19, 2020) testament to our amazing products…” “ADI executed exceptionally well in the third quarter despite the highly uncertain environment. Demand was resilient, surpassing our expectations, leading to stronger than expected results. We saw continued strength in communications Etsy across both wireless and wireline applications. Healthcare saw record demand, and other parts of our industrial portfolio such as instrumentation test also CEO –Josh Silverman performed well. Unsurprisingly, the main area of weakness was automotive, driven by global factory shutdowns and lower vehicle sales.” Q3 2020 Earnings Call (October 28, 2020) “[I]t was a very strong quarter across the board. And the headline is that the macro headwinds that we expected to see in the third quarter really didn't materialize. As a result, GMS and revenue were ahead of our own expectations, which meant that EBITDA margins were also significantly ahead of our expectations.” Sources: Capital IQ; Seeking Alpha; The Motley Fool.

HYDE PARK CAPITAL 8 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Software Bellwethers

160% . The charts included on the following pages detail the recent stock price performance by sector for the leading public companies 150%

within the Technology industry for the 12-month period ended 140%

September 30, 2020. The shaded section represents Q3 2020 and 39.6% 130% depicts the continued rise in stock prices from March lows. 120% 29.2%

. Over that period, 10 of the 10 sectors in the Technology industry 110% posted gains, led by Software‐As‐a‐Service, Technology Hardware, and Internet, which increased 83%, 75.8%, and 47.8% 100% respectively. 90%

80% . Value Added Resellers and Wholesalers sector had the lowest gain in 70% the Technology industry, only adding 1.6% of index value during Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

the period. NASDAQ Software Bellwethers

Application Software (Horizontal) Application Software (Vertical)

160% 160%

150% 150% 39.6% 40.2% 140% 140% 39.6% 130% 130% 17.9%

120% 120%

110% 110%

100% 100%

90% 90%

80% 80%

70% 70% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

NASDAQ Application Software (Horizontal) NASDAQ Application Software (Vertical)

Source: Capital IQ.

HYDE PARK CAPITAL 9 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Software‐as‐a‐Service (SaaS) Data & Analytics

220% 170% 83.0% 200% 160% 40.8% 150% 180% 140% 160% 39.6% 39.6% 130%

140% 120%

120% 110%

100% 100% 90% 80% 80%

60% 70% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 NASDAQ Software-as-a-Service (SaaS) NASDAQ Data & Analytics

Infrastructure Software Technology Hardware

160% 220%

150% 39.6% 200% 75.8% 140% 180% 130% 160% 120% 39.6%

110% 2.4% 140%

100% 120% 90% 100% 80% 80% 70%

60% 60% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

NASDAQ Infrastructure Software NASDAQ Technology Hardware

Source: Capital IQ.

HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

IT Services Internet

160% 180%

150% 170% 39.6% 160% 140% 47.8% 150% 130% 28.6% 140% 39.6% 120% 130%

110% 120%

100% 110% 100% 90% 90% 80% 80%

70% 70% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 NASDAQ IT Services NASDAQ Internet

Value Added Resellers and Wholesalers

160%

150% 39.6%

140%

130%

120%

110% 1.6% 100%

90%

80%

70%

60% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

NASDAQ VARs & Wholesalers

Source: Capital IQ.

HYDE PARK CAPITAL 11 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Software Bellwethers

($ in millions, except per share)

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Microsoft Corp. MSFT $210.33 90.3% $1,615,965 $1,561,583 $143,015 $96,937 $65,259 67.8% 45.6% 10.9x 23.9x Google, Inc. GOOG $1,469.60 84.8% $1,018,683 $913,746 $166,030 $89,907 $46,035 54.2% 27.7% 5.5x 19.8x salesforce.com, Inc. CRM $251.32 88.3% $229,204 $226,109 $19,380 $14,461 $2,093 74.6% 10.8% 11.7x 108.0x* Oracle Corp. ORCL $59.70 95.4% $192,130 $221,242 $39,217 $31,356 $16,789 80.0% 42.8% 5.6x 13.2x IBM Corp. IBM $121.67 76.6% $108,788 $164,586 $75,499 $36,059 $15,577 47.8% 20.6% 2.2x 10.6x Cisco Systems, Inc. CSCO $39.39 78.3% $167,565 $153,725 $49,301 $31,683 $15,822 64.3% 32.1% 3.1x 9.7x HP, Inc. HPQ $18.99 79.4% $27,573 $30,312 $56,788 $10,682 $4,892 18.8% 8.6% 0.5x* 6.2x*

Average 84.7% $479,987 $467,329 $78,461 $44,441 $23,781 58.2% 26.9% 6.5x 15.4x Median 84.8% $192,130 $221,242 $56,788 $31,683 $15,822 64.3% 27.7% 5.6x 13.2x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 12 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Horizontal)

($ in millions, except per share)

Communication Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Zoom Video Communications, Inc. ZM $470.11 88.7% $138,501 $137,092 $1,347 $987 $251 73.3% 18.7% 101.8x* NM Nuance Communications, Inc. NUAN $33.19 96.7% $9,705 $11,051 $1,815 $1,101 $376 60.6% 20.7% 6.1x 29.4x MobileIron, Inc. MOBL $7.01 96.0% $794 $719 $215 $170 ($31) 79.2% (14.3%) 3.3x NM Synchronoss Technologies, Inc. SNCR $3.01 46.2% $124 $385 $296 $153 ($36) 51.8% (12.0%) 1.3x NM

Average 81.9% $37,281 $37,312 $918 $603 $140 66.2% 3.3% 3.6x 29.4x Median 92.4% $5,250 $5,885 $821 $579 $110 67.0% 3.3% 3.3x 29.4x

Enterprise Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Adobe Systems, Inc. ADBE $490.43 91.3% $238,617 $238,079 $12,436 $10,691 $4,559 86.0% 36.7% 19.1x* 52.2x* Oracle Corp. ORCL $59.70 95.4% $192,130 $221,242 $39,217 $31,356 $16,789 80.0% 42.8% 5.6x 13.2x IBM Corp. IBM $121.67 76.6% $108,788 $164,586 $75,499 $36,059 $15,577 47.8% 20.6% 2.2x 10.6x Intuit, Inc. NASDAQGS:INTU $326.21 90.6% $86,119 $82,705 $7,679 $6,323 $2,372 82.3% 30.9% 10.8x 34.9x* Constellation Software, Inc. TSX:CSU $1,110.54 90.4% $23,534 $23,671 $3,700 $1,378 $644 37.2% 17.4% 6.4x 36.8x* Open Text Corp. OTEX $42.24 88.3% $11,482 $14,266 $3,110 $2,312 $911 74.3% 29.3% 4.6x 15.7x Sage Group plc LSE:SGE $9.32 90.7% $10,239 $10,536 $2,433 $2,268 $732 93.2% 30.1% 4.3x 14.4x PagerDuty, Inc. PD $27.11 72.8% $2,102 $1,745 $189 $163 ($51) 85.9% (27.0%) 9.2x NM

Average 87.0% $84,126 $94,604 $18,033 $11,319 $5,192 73.3% 22.6% 6.2x 13.4x Median 90.5% $54,827 $53,188 $5,690 $4,317 $1,641 81.1% 29.7% 5.6x 13.8x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 13 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Horizontal)

($ in millions, except per share)

Human Capital Management (HCM)

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Workday, Inc. WDAY $215.13 86.5% $49,910 $49,293 $3,995 $2,866 ($47) 71.7% (1.2%) 12.3x NM Paychex, Inc. PAYX $79.77 88.1% $28,797 $28,801 $4,041 $2,760 $1,670 68.3% 41.3% 7.1x 17.2x Paycom Software, Inc. PAYC $311.30 91.0% $18,173 $18,113 $792 $701 $256 88.4% 32.2% 22.9x* 70.6x* Paylocity Holding Corp. PCTY $161.42 96.3% $9,008 $8,904 $561 $379 $89 67.6% 15.8% 15.9x 100.6x* Cornerstone OnDemand, Inc. CSOD $36.36 56.4% $2,243 $3,426 $629 $454 $60 72.1% 9.5% 5.4x 57.3x Upwork Inc. UPWK $17.44 98.0% $1,982 $1,875 $329 $235 ($25) 71.3% (7.7%) 5.7x NM Benefitfocus, Inc. BNFT $11.20 43.9% $365 $543 $287 $144 ($2) 50.3% (0.8%) 1.9x NM

Average 80.0% $15,782 $15,851 $1,519 $1,077 $286 70.0% 12.7% 8.1x 37.3x Median 88.1% $9,008 $8,904 $629 $454 $60 71.3% 9.5% 6.4x 37.3x

Marketing Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA salesforce.com, Inc. CRM $251.32 88.3% $229,204 $226,109 $19,380 $14,461 $2,093 74.6% 10.8% 11.7x 108.0X* HubSpot, Inc. HUBS $292.23 91.1% $12,624 $12,261 $762 $616 ($31) 80.8% (4.0%) 16.1x NM Criteo SA CRTO $12.19 58.7% $776 $547 $2,116 $743 $232 35.1% 11.0% 0.3x* 2.4x ChannelAdvisor Corp. ECOM $14.47 64.8% $429 $378 $136 $108 $23 79.2% 16.9% 2.8x 16.4x

Average 75.7% $60,758 $59,824 $5,599 $3,982 $579 67.4% 8.7% 10.2x 9.4x Median 76.6% $6,700 $6,404 $1,439 $679 $128 76.9% 10.9% 11.7x 9.4x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 14 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Horizontal)

($ in millions, except per share)

PLM & Engineering Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Dassault Systèmes SE ENXTPA:DSY $187.59 97.3% $49,561 $52,100 $4,840 $4,032 $990 83.3% 20.5% 10.8x 52.6x Autodesk, Inc. ADSK $231.01 88.2% $51,365 $51,929 $3,541 $3,248 $630 91.7% 17.8% 14.7x 82.4x* Synopsys, Inc. SNPS $213.98 93.0% $33,189 $32,817 $3,511 $2,812 $758 80.1% 21.6% 9.3x 43.3x Cadence Design Systems, Inc. CDNS $106.63 90.7% $29,822 $29,329 $2,436 $2,152 $663 88.3% 27.2% 12.0x 44.2x Ansys, Inc. ANSS $327.23 92.2% $28,389 $28,191 $1,521 $1,358 $517 89.3% 34.0% 18.5x* 54.6x PTC, Inc. NASDAQGS:PTC $82.72 84.7% $9,635 $10,573 $1,402 $1,067 $290 76.1% 20.7% 7.5x 36.4x Aspen Technology, Inc. AZPN $126.59 88.6% $8,700 $8,880 $590 $529 $258 89.6% 43.8% 15.0x 34.4x

Average 90.7% $30,095 $30,546 $2,549 $2,171 $587 85.5% 26.5% 11.6x 44.2x Median 90.7% $29,822 $29,329 $2,436 $2,152 $630 88.3% 21.6% 11.4x 43.8x

Supply Chain & Logistics Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Manhattan Associates, Inc. MANH $95.49 93.9% $6,173 $6,084 $605 $321 $120 53.0% 19.8% 10.1x 50.8x The Descartes Systems Group, Inc. TSX:DSG $56.93 92.1% $4,868 $4,800 $335 $246 $125 73.4% 37.3% 14.3x 38.4x Kinaxis, Inc. TSX:KXS $147.12 87.1% $4,036 $3,790 $218 $157 $48 72.4% 22.0% 17.4x* 79.3x* SPS Commerce, Inc. SPSC $77.87 92.9% $2,803 $2,600 $293 $198 $62 67.6% 21.1% 8.9x 42.1x American Software, Inc. AMSW.A $14.04 65.4% $458 $367 $115 $63 $8 54.4% 7.0% 3.2x 45.5x Park City Group, Inc. PCYG $4.93 79.3% $98 $85 $20 $13 $2 65.1% 11.1% 4.2x 38.2x

Average 85.1% $3,073 $2,954 $264 $166 $61 64.3% 19.7% 8.1x 43.0x Median 89.6% $3,420 $3,195 $255 $178 $55 66.3% 20.4% 8.9x 42.1x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 15 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Horizontal)

($ in millions, except per share)

Transportation Technology

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Uber Technologies, Inc. UBER $36.48 87.1% $62,827 $65,603 $13,666 $4,752 ($4,316) 34.8% (31.6%) 4.8x NM Lyft, Inc. LYFT $27.55 50.6% $8,337 $6,613 $3,268 $1,390 ($1,654) 42.5% (50.6%) 2.0x NM

Average 68.8% $35,582 $36,108 $8,467 $3,071 ($2,985) 38.7% (41.1%) 3.4x NM Median 68.8% $35,582 $36,108 $8,467 $3,071 ($2,985) 38.7% (41.1%) 3.4x NM

Source: Capital IQ.

HYDE PARK CAPITAL 16 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Vertical)

($ in millions, except per share)

Financial Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Fidelity National Information Services, Inc. FIS $147.21 93.0% $88,326 $107,201 $12,203 $4,244 $4,285 34.8% 35.1% 8.8x 25.0x Fiserv, Inc. FISV $103.05 82.4% $68,621 $91,329 $14,407 $6,722 $4,523 46.7% 31.4% 6.3x 20.2x MSCI, Inc. MSCI $356.78 89.5% $30,415 $32,573 $1,627 $1,342 $888 82.4% 54.6% 20.0x* 36.7x SS&C Technologies Holdings, Inc. SSNC $60.52 90.7% $16,011 $22,984 $4,659 $2,090 $1,715 44.8% 36.8% 4.9x 13.4x* Jack Henry & Associates, Inc. JKHY $162.59 80.9% $12,509 $12,364 $1,697 $689 $446 40.6% 26.3% 7.3x 27.7x Envestnet, Inc. ENV $77.16 83.4% $4,076 $4,663 $958 $281 $131 29.4% 13.7% 4.9x 35.5x Q2 Holdings, Inc. QTWO $91.26 85.7% $4,468 $4,559 $357 $165 ($46) 46.3% (13.0%) 12.8x NM Bottomline Technologies, Inc. EPAY $42.16 73.7% $1,761 $1,769 $442 $253 $38 57.2% 8.7% 4.0x 46.0x*

Average 84.9% $28,273 $34,680 $4,544 $1,973 $1,498 47.8% 24.2% 7.0x 29.0x Median 84.6% $14,260 $17,674 $1,662 $1,015 $667 45.6% 28.8% 6.3x 27.7x

Healthcare IT

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Veeva Systems, Inc. VEEV $281.19 94.1% $44,788 $43,350 $1,283 $923 $347 72.0% 27.1% 33.8x* 124.8x* Cerner Corp. CERN $72.29 89.4% $22,645 $23,720 $5,614 $4,598 $1,170 81.9% 20.8% 4.2x 20.3x Inovalon Holdings, Inc. INOV $26.45 98.1% $3,952 $4,898 $656 $489 $180 74.5% 27.4% 7.5x 27.2x Allscripts Healthcare Solutions, Inc. MDRX $8.14 68.9% $1,331 $2,295 $1,718 $798 $70 46.5% 4.1% 1.3x 32.8x HMS Holdings Corp. HMSY $23.95 68.5% $2,151 $2,217 $624 $207 $108 33.1% 17.2% 3.6x 20.6x Quality Systems, Inc. NXGN $12.74 68.9% $839 $872 $539 $308 $33 57.0% 6.0% 1.6x 26.8x

Average 81.3% $12,618 $12,892 $1,739 $1,221 $318 60.8% 17.1% 3.6x 25.5x Median 79.1% $3,052 $3,597 $970 $644 $144 64.5% 19.0% 3.6x 26.8x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 17 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Vertical)

($ in millions, except per share)

Public Sector / Non‐Profit Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Constellation Software, Inc. TSX:CSU $1,110.54 90.4% $23,534 $23,671 $3,700 $1,378 $644 37.2% 17.4% 6.4x 36.8x* Tyler Technologies, Inc. TYL $348.56 91.0% $14,280 $13,896 $1,112 $533 $209 48.0% 18.8% 12.5x* 66.4x* Blackbaud, Inc. BLKB $55.83 58.8% $2,707 $3,276 $915 $488 $118 53.3% 12.9% 3.6x 27.9x 2U, Inc. TWOU $33.86 68.5% $2,155 $2,306 $675 $470 ($101) 69.6% (14.9%) 3.4x NM NIC, Inc. EGOV $19.70 75.9% $1,319 $1,110 $362 $139 $69 38.3% 19.1% 3.1x 16.0x K12, Inc. LRN $26.34 49.8% $1,071 $1,094 $1,041 $337 $59 32.4% 5.7% 1.1x 18.4x

Average 72.4% $7,511 $7,559 $1,301 $557 $167 46.5% 9.8% 3.5x 20.8x Median 72.2% $2,431 $2,791 $978 $479 $93 43.1% 15.1% 3.4x 18.4x

Energy Software

Average 33.7% $337 $211 $177 $99 $56 56.0% 31.5% 1.2x 3.8x Median 33.7% $337 $211 $177 $99 $56 56.0% 31.5% 1.2x 3.8x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 18 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Software‐as‐a‐Service (SaaS)

($ in millions, except per share) prise Value/ Closing Price % of 52 Equity Enterprise LTM LTM MarginsEnter LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA salesforce.com, Inc. CRM $251.32 88.3% $229,204 $226,109 $19,380 $14,461 $2,093 74.6% 10.8% 11.7x 108.0x Zoom Video Communications, Inc. ZM $470.11 88.7% $138,501 $137,092 $1,347 $987 $251 73.3% 18.7% 101.8x* NA ServiceNow, Inc. NOW $485.00 96.6% $99,636 $98,492 $3,955 $3,086 $491 78.0% 12.4% 24.9x 200.4x* Workday, Inc. WDAY $215.13 86.5% $49,910 $49,293 $3,995 $2,866 ($47) 71.7% (1.2%) 12.3x NM Atlassian Corporation Plc TEAM $181.79 91.1% $44,510 $43,508 $1,614 $1,345 $47 83.3% 2.9% 27.0x NA Veeva Systems, Inc. VEEV $281.19 94.1% $44,788 $43,350 $1,283 $923 $347 72.0% 27.1% 33.8x 124.8x RingCentral, Inc. RNG $274.61 86.4% $23,642 $23,962 $1,032 $755 ($17) 73.2% (1.7%) 23.2x NM HubSpot, Inc. HUBS $292.23 91.1% $12,624 $12,261 $762 $616 ($31) 80.8% (4.0%) 16.1x NM Zendesk, Inc. ZEN $102.92 95.5% $11,628 $11,781 $924 $682 ($102) 73.8% (11.0%) 12.7x NM Guidewire Software, Inc. GWRE $104.27 84.0% $8,639 $7,955 $742 $404 $17 54.5% 2.3% 10.7x NM RealPage, Inc. RP $57.64 82.6% $5,610 $6,303 $1,072 $654 $180 61.0% 16.8% 5.9x 35.0x Proofpoint, Inc. PFPT $105.55 79.0% $5,986 $5,849 $979 $719 ($11) 73.5% (1.2%) 6.0x NM Q2 Holdings, Inc. QTWO $91.26 85.7% $4,468 $4,559 $357 $165 ($46) 46.3% (13.0%) 12.8x NM Qualys, Inc. QLYS $98.01 78.3% $4,021 $3,727 $342 $271 $118 79.1% 34.4% 10.9x 31.7x CyberArk Software Ltd. CYBR $103.42 71.4% $4,004 $3,578 $451 $380 $46 84.3% 10.1% 7.9x 78.2x Cornerstone OnDemand, Inc. CSOD $36.36 56.4% $2,243 $3,426 $629 $454 $60 72.1% 9.5% 5.4x 57.3x Alarm.com Holdings, Inc. ALRM $55.25 74.0% $2,783 $2,748 $562 $355 $87 63.1% 15.5% 4.9x 31.5x SPS Commerce, Inc. SPSC $77.87 92.9% $2,803 $2,600 $293 $198 $62 67.6% 21.1% 8.9x 42.1x Upwork Inc. UPWK $17.44 98.0% $1,982 $1,875 $329 $235 ($25) 71.3% (7.7%) 5.7x NM PagerDuty, Inc. PD $27.11 72.8% $2,102 $1,745 $189 $163 ($51) 85.9% (27.0%) 9.2x NM Ebix, Inc. EBIX $20.60 46.4% $631 $1,300 $543 $328 $138 60.4% 25.4% 2.4x* 9.5x Benefitfocus, Inc. BNFT $11.20 43.9% $365 $543 $287 $144 ($2) 50.3% (0.8%) 1.8x* NM

Average 81.1% $31,822 $31,457 $1,867 $1,372 $164 70.5% 6.3% 13.2x 57.6x Median 86.1% $5,798 $6,076 $752 $535 $47 72.7% 6.2% 10.9x 42.1x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 19 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Data & Analytics

($ in millions, except per share)

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Verisk Analytics, Inc. VRSK $185.31 95.7% $30,753 $33,868 $2,698 $1,702 $1,141 63.1% 42.3% 12.6x 29.7x Splunk Inc. SPLK $188.13 83.3% $29,387 $29,997 $2,343 $1,847 ($471) 78.8% (20.1%) 12.8x NM Black Knight, Inc. BKI $87.05 97.6% $12,975 $13,991 $1,183 $539 $399 45.5% 33.7% 11.8x 35.1x Nielsen Holdings plc NLSN $14.18 63.5% $5,051 $13,763 $6,362 $3,549 $997 55.8% 15.7% 2.2x 13.8x Pegasystems Inc. PEGA $121.04 89.4% $9,643 $9,703 $986 $671 ($105) 68.1% (10.6%) 9.8x NM Alteryx, Inc. AYX $113.55 61.1% $7,402 $7,421 $465 $422 $25 90.9% 5.4% 16.0x NA CoreLogic, Inc. CLGX $67.67 96.9% $5,498 $7,029 $1,806 $943 $443 52.2% 24.5% 3.9x 15.9x Inovalon Holdings, Inc. INOV $26.45 98.0% $3,952 $4,898 $656 $489 $180 74.5% 27.4% 7.5x 27.2x Verint Systems Inc. VRNT $48.18 80.5% $3,181 $3,671 $1,260 $848 $178 67.2% 14.1% 2.9x 20.6x Rapid7, Inc. RPD $61.24 90.4% $3,054 $3,196 $368 $262 ($38) 71.3% (10.2%) 8.7x NM New Relic, Inc. NEWR $56.36 76.0% $3,331 $3,003 $621 $508 ($54) 81.8% (8.7%) 4.8x NM Teradata Corporation TDC $22.70 72.2% $2,528 $2,728 $1,844 $986 $138 53.5% 7.5% 1.5x 19.8x GlobalData Plc DATA $20.04 88.5% $2,546 $2,651 $218 $91 $48 41.5% 21.8% 12.1x 55.7x* Perficient, Inc. PRFT $42.74 79.5% $1,384 $1,540 $582 $219 $83 37.6% 14.3% 2.6x 18.5x PROS Holdings, Inc. PRO $31.94 46.4% $1,360 $1,285 $260 $151 ($50) 58.0% (19.0%) 4.9x NM MicroStrategy Incorporated MSTR $150.56 85.3% $1,520 $1,097 $475 $378 $39 79.6% 8.3% 2.3x 27.9x Fluent, Inc. FLNT $2.48 63.6% $196 $235 $295 $89 $24 30.1% 8.2% 0.8x* 9.7x Information Services Group, Inc. III $2.11 56.1% $102 $154 $255 $106 $20 41.5% 7.9% 0.6x* 7.7x

Average 79.1% $6,881 $7,791 $1,260 $767 $167 60.6% 9.0% 7.3x 20.5x Median 81.9% $3,256 $3,434 $639 $499 $43 60.5% 8.2% 6.2x 19.8x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 20 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Infrastructure Services

($ in millions, except per share)

IT Operation & Management

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA ServiceNow, Inc. NOW $485.00 96.6% $99,636 $98,492 $3,955 $3,086 $491 78.0% 12.4% 24.9x* 200.4x* VMware, Inc. VMW $143.67 82.9% $60,834 $63,563 $11,338 $9,438 $2,279 83.2% 20.1% 5.6x 27.9x Citrix Systems, Inc. CTXS $137.71 79.3% $17,903 $18,966 $3,203 $2,767 $804 86.4% 25.1% 5.9x 23.6x Arista Networks, Inc. ANET $206.93 77.4% $16,565 $13,858 $2,271 $1,456 $770 64.1% 33.9% 6.1x 18.0x Pegasystems, Inc. PEGA $121.04 89.4% $9,643 $9,703 $986 $671 ($105) 68.1% (10.6%) 9.8x NM SolarWinds Corporation SWI $20.34 92.3% $6,365 $8,068 $981 $895 $224 91.2% 22.8% 8.2x 36.0x F5 Networks, Inc. FFIV $122.77 78.5% $7,497 $7,188 $2,326 $1,940 $529 83.4% 22.7% 3.1x 13.6x New Relic, Inc. NEWR $56.36 76.0% $3,331 $3,003 $621 $508 ($54) 81.8% (8.7%) 4.8x NM Progress Software Corp. PRGS $36.68 69.9% $1,666 $1,749 $437 $384 $152 87.9% 34.9% 4.0x 11.5x NetScout Systems, Inc. NTCT $21.83 73.7% $1,614 $1,717 $890 $649 $143 73.0% 16.0% 1.9x 12.0x Radware Ltd. RDWR $24.24 89.8% $1,167 $966 $249 $204 $23 82.0% 9.2% 3.9x 42.2x

Average 82.4% $20,566 $20,661 $2,478 $2,000 $478 79.9% 16.2% 5.3x 23.1x Median 79.3% $7,497 $8,068 $986 $895 $224 82.0% 20.1% 5.2x 20.8x

Data Storage

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Iron Mountain, Inc. IRM $26.79 77.7% $7,718 $18,565 $4,193 $2,418 $1,439 57.7% 34.3% 4.4x 12.9x NetApp, Inc. NTAP $43.84 67.1% $9,985 $9,127 $5,479 $3,679 $1,110 67.1% 20.3% 1.7x 8.2x Dropbox, Inc. DBX $19.26 79.8% $8,006 $7,979 $1,797 $1,381 $176 76.9% 9.8% 4.4x 45.4x* Box, Inc. BOX $17.36 78.6% $2,627 $2,810 $737 $514 ($33) 69.8% (4.5%) 3.8x NM CommVault Systems, Inc. CVLT $40.80 78.6% $1,879 $1,538 $682 $569 $26 83.4% 3.9% 2.3x 58.5x*

Average 76.3% $6,043 $8,003 $2,153 $1,406 $379 71.0% 12.7% 3.3x 10.6x Median 79.0% $7,718 $7,979 $1,179 $907 $64 69.8% 9.8% 3.8x 10.6x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 21 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Infrastructure Services

($ in millions, except per share)

IT Security

pEnterrise Value/ Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cisco Systems, Inc. CSCO $39.39 78.3% $167,565 $153,725 $49,301 $31,683 $15,822 64.3% 32.1% 3.1x 9.7x VeriSign, Inc. VRSN $204.85 92.6% $23,992 $24,591 $1,246 $1,066 $864 85.5% 69.3% 19.7x* 28.5x Palo Alto Networks, Inc. PANW $244.75 89.0% $23,716 $23,447 $3,408 $2,409 $2 70.7% 0.1% 6.9x NA Fortinet, Inc. FTNT $117.81 77.5% $20,310 $18,827 $2,354 $1,826 $479 77.6% 20.4% 8.0x 39.3x Check Point Software Technologies Ltd. CHKP $120.34 91.9% $17,708 $16,116 $2,027 $1,813 $905 89.4% 44.6% 8.0x 17.8x Proofpoint, Inc. PFPT $105.55 79.0% $5,986 $5,849 $979 $719 ($11) 73.5% (1.2%) 6.0x NM Qualys, Inc. QLYS $98.01 78.3% $4,021 $3,727 $342 $271 $118 79.1% 34.4% 10.9x 31.7x CyberArk Software, Ltd. CYBR $103.42 71.4% $4,004 $3,578 $451 $380 $46 84.3% 10.1% 7.9x 78.2x* Varonis Systems, Inc. VRNS $115.42 90.6% $3,558 $3,509 $259 $220 ($77) 85.1% (29.7%) 13.5x* NM Rapid7, Inc. RPD $61.24 90.4% $3,054 $3,196 $368 $262 ($38) 71.3% (10.2%) 8.7x NM Mimecast Ltd. MIME $46.92 86.3% $2,948 $2,971 $443 $331 $47 74.6% 10.5% 6.7x 63.8x* FireEye, Inc. FEYE $12.35 67.3% $2,673 $2,780 $916 $593 ($78) 64.8% (8.5%) 3.0x NM

Average 82.7% $23,295 $21,860 $5,175 $3,464 $1,506 76.7% 14.3% 6.9x 25.4x Median 82.6% $5,003 $4,788 $947 $656 $46 76.1% 10.3% 7.4x 28.5x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 22 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Technology Hardware

($ in millions, except per share)

PCs, Servers, and Components

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Apple, Inc. AAPL $115.81 83.9% $2,053,828 $2,082,989 $273,857 $104,580 $78,671 38.2% 28.7% 7.6x 26.5x International Business Machines Corp. IBM $121.67 76.6% $108,788 $164,586 $75,499 $36,059 $15,577 47.8% 20.6% 2.2x 10.6x Hewlett-Packard Co. HPQ $18.99 79.4% $27,573 $30,312 $56,788 $10,682 $4,892 18.8% 8.6% 0.5x 6.2x Lenovo Group, Ltd. SEHK:992 $0.66 82.7% $8,418 $11,772 $51,552 $8,350 $2,240 16.2% 4.3% 0.2x 5.3x NCR Corp. NCR $22.14 61.7% $3,289 $7,165 $6,656 $1,816 $679 27.3% 10.2% 1.1x 10.6x Xerox Corp. XRX $18.77 47.6% $4,239 $6,529 $7,948 $3,164 $1,131 39.8% 14.2% 0.8x 5.8x Pitney Bowes, Inc. PBI $5.31 74.2% $909 $2,824 $3,255 $1,200 $337 36.9% 10.4% 0.9x 8.4x Diebold, Inc. DBD $7.64 58.5% $589 $2,780 $4,032 $1,033 $284 25.6% 7.0% 0.7x 9.8x ScanSource, Inc. SCSC $19.83 50.8% $503 $727 $3,048 $356 $100 11.7% 3.3% 0.2x 7.3x

Average 68.4% $245,348 $256,632 $53,626 $18,582 $11,546 29.1% 11.9% 1.6x 10.0x Median 74.2% $4,239 $7,165 $7,948 $3,164 $1,131 27.3% 10.2% 0.8x 8.4x

Electronic Manufacturing Services

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Flextronics International, Ltd. FLEX $11.14 79.6% $5,664 $7,970 $23,187 $1,441 $1,013 6.2% 4.4% 0.3x 7.9x Jabil Circuit, Inc. JBL $34.26 77.5% $5,320 $7,081 $27,266 $1,931 $1,451 7.1% 5.3% 0.3x 4.9x Plexus Corp. PLXS $70.63 81.6% $2,116 $2,200 $3,287 $301 $204 9.2% 6.2% 0.7x 10.8x TTM Technologies, Inc. TTMI $11.41 70.2% $1,222 $2,053 $2,694 $392 $321 14.5% 11.9% 0.8x 6.4x Sanmina-SCI Corp. SANM $27.05 77.4% $1,940 $1,886 $6,978 $515 $353 7.4% 5.1% 0.3x 5.3x Celestica, Inc. TSX:CLS $6.91 75.0% $889 $1,046 $5,821 $399 $205 6.9% 3.5% 0.2x 5.1x Benchmark Electronics, Inc. BHE $20.15 53.9% $751 $661 $2,070 $180 $90 8.7% 4.3% 0.3x 7.4x

Average 73.6% $2,557 $3,271 $10,186 $737 $519 8.6% 5.8% 0.4x 6.8x Median 77.4% $1,940 $2,053 $5,821 $399 $321 7.4% 5.1% 0.3x 6.4x

Source: Capital IQ.

HYDE PARK CAPITAL 23 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Technology Hardware

($ in millions, except per share)

Storage and Network Components Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Western Digital Corp. WDC $36.55 50.8% $10,892 $17,797 $16,736 $3,781 $1,934 22.6% 11.6% 1.1x 9.2x Pure Storage, Inc. PSTG $15.39 75.1% $4,010 $3,348 $1,691 $1,181 ($87) 69.8% (5.2%) 2.0x NM

Average 62.9% $7,451 $10,572 $9,214 $2,481 $923 46.2% 3.2% 1.5x 9.2x Median 62.9% $7,451 $10,572 $9,214 $2,481 $923 46.2% 3.2% 1.5x 9.2x

Communications Equipment

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cisco Systems, Inc. CSCO $39.39 78.3% $167,565 $153,725 $49,301 $31,683 $15,822 64.3% 32.1% 3.1x 9.7x QUALCOMM, Inc. QCOM $117.68 95.0% $137,038 $142,865 $19,999 $11,392 $4,890 57.0% 24.5% 7.1x* 29.2x* L3Harris Technologies, Inc. LHX $169.84 73.5% $46,315 $52,206 $24,004 $6,756 $4,426 28.1% 18.4% 2.2x 11.8x Juniper Networks, Inc. JNPR $21.50 81.2% $7,304 $7,323 $4,426 $2,597 $699 58.7% 15.8% 1.7x 10.5x Netgear, Inc. NTGR $30.82 88.2% $948 $726 $1,029 $294 $42 28.6% 4.1% 0.7x 17.2x ADTRAN, Inc. ADTN $10.26 77.7% $491 $419 $473 $199 ($20) 42.0% (4.2%) 0.9x NM

Average 82.3% $59,944 $59,544 $16,539 $8,820 $4,310 46.4% 15.1% 1.7x 12.3x Median 79.8% $26,809 $29,765 $12,212 $4,676 $2,562 49.5% 17.1% 1.7x 11.1x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 24 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

IT Services

($ in millions, except per share)

IT Consulting & Other Services

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Accenture plc ACN $225.99 91.2% $146,396 $141,869 $44,327 $13,976 $8,287 31.5% 18.7% 3.2x 17.1x Cognizant Technology Solutions Corp. CTSH $69.42 96.7% $37,973 $36,858 $16,757 $6,002 $3,294 35.8% 19.7% 2.2x 11.2x Cap Gemini S.A. ENXTPA:CAP $128.88 90.2% $22,162 $30,424 $16,542 $4,405 $2,085 26.6% 12.6% 1.8x 14.6x Wipro, Ltd. WIT $4.70 95.5% $27,106 $23,408 $8,104 $2,339 $1,577 28.9% 19.5% 2.9x 14.8x ACI Worldwide, Inc. DXC $17.85 46.5% $4,556 $13,108 $19,189 $4,281 $2,927 22.3% 15.3% 0.7x 4.5x CACI Intl., Inc. CACI $213.16 73.9% $5,432 $7,150 $5,720 $2,001 $571 35.0% 10.0% 1.3x 12.5x ManTech Intl. Corp. MANT $68.88 73.3% $2,789 $2,897 $2,427 $364 $220 15.0% 9.0% 1.2x 13.2x Syntel, Inc. SYNT $4.09 85.3% $1,743 $2,559 $1,771 $340 $204 19.2% 11.5% 1.4x 12.5x Unisys Corp. UIS $10.67 58.9% $657 $163 $2,779 $605 $151 21.8% 5.4% 0.1x* 1.1x Computer Task Group, Inc. CTG $4.97 76.7% $71 $69 $373 $75 $12 20.1% 3.1% 0.2x* 5.9x

Average 78.8% $24,888 $25,850 $11,799 $3,439 $1,933 25.6% 12.5% 1.8x 10.7x Median 81.0% $4,994 $10,129 $6,912 $2,170 $1,074 24.5% 12.1% 1.6x 12.5x

Data & Transaction Processing

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA PayPal Holdings, Inc. PYPL $197.03 92.7% $233,776 $230,446 $19,218 $8,620 $3,660 44.9% 19.0% 12.0x 63.0x* Fidelity National Information Services, Inc. FIS $147.21 93.0% $88,326 $107,201 $12,203 $4,244 $4,285 34.8% 35.1% 8.8x 25.0x Fiserv, Inc. FISV $103.05 82.4% $68,621 $91,329 $14,407 $6,722 $4,523 46.7% 31.4% 6.3x 20.2x Global Payments, Inc. GPN $177.58 84.7% $48,051 $56,232 $6,669 $3,432 $2,499 51.5% 37.5% 8.4x 22.5x Broadridge Financial Solutions, Inc. BR $132.00 91.3% $15,444 $17,078 $4,529 $1,264 $924 27.9% 20.4% 3.8x 18.5x Jack Henry & Associates, Inc. JKHY $162.59 80.9% $12,509 $12,364 $1,697 $689 $446 40.6% 26.3% 7.3x 27.7x ACI Worldwide, Inc. ACIW $26.13 66.4% $3,095 $4,365 $1,346 $688 $251 51.1% 18.7% 3.2x 17.4x

Average 84.5% $67,117 $74,145 $8,581 $3,666 $7,100 42.5% 26.9% 7.1x 21.9x Median 84.7% $48,051 $56,232 $6,669 $3,432 $2,499 44.9% 19.0% 7.3x 21.3x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 25 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Internet

($ in millions, except per share)

Online Content & Search

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Google, Inc. GOOG $1,469.60 84.8% $1,018,683 $913,746 $166,030 $89,907 $46,035 54.2% 27.7% 5.5x 19.8x Facebook, Inc. FB $261.90 86.0% $753,617 $706,381 $75,157 $61,222 $34,084 81.5% 45.4% 9.4x 20.7x Twitter, Inc. TWTR $44.50 95.0% $34,668 $31,035 $3,322 $2,155 $281 64.9% 8.4% 9.3x 110.6x* Pinterest, Inc. PINS $41.51 97.5% $23,588 $22,036 $1,224 $837 ($392) 68.4% (32.0%) 18.0x NM Yelp, Inc. YELP $20.09 53.6% $1,433 $1,128 $950 $888 ($6) 93.5% (0.6%) 1.2x* (184.6)x*

Average 83.4% $366,398 $334,865 $49,337 $31,002 $16,000 72.5% 9.8% 10.6x 20.3x Median 86.0% $34,668 $31,035 $3,322 $2,155 $281 68.4% 8.4% 9.4x 20.3x

Software & Services

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Akamai Technologies, Inc. AKAM $110.54 92.1% $18,154 $19,467 $3,041 $1,991 $936 65.5% 30.8% 6.4x 20.8x Box, Inc. BOX $17.36 78.6% $2,627 $2,810 $737 $514 ($33) 69.8% (4.5%) 3.8x NM

Average 85.4% $10,391 $11,138 $1,889 $1,253 $451 67.6% 13.1% 5.1x 20.8x Median 85.4% $10,391 $11,138 $1,889 $1,253 $451 67.6% 13.1% 5.1x 20.8x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 26 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Internet

($ in millions, except per share)

E‐Commerce

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Amazon.com, Inc. AMZN $3,148.73 88.6% $1,594,832 $1,614,842 $321,782 $129,586 $39,575 40.3% 12.3% 5.0x 40.8x Netflix, Inc. NFLX $500.03 86.9% $226,185 $236,740 $22,628 $8,821 $3,865 39.0% 17.1% 10.5x 61.3x* Booking Holdings, Inc. BKNG $1,710.68 81.7% $71,430 $73,338 $11,297 $11,481 $3,735 101.6% 33.1% 6.5x 19.6x eBay, Inc. EBAY $52.10 85.3% $40,612 $44,400 $11,203 $8,663 $3,334 77.3% 29.8% 4.0x 13.3x Expedia, Inc. EXPE $91.69 65.5% $13,151 $20,263 $9,080 $6,889 $58 75.9% 0.6% 2.2x 349.4x* Etsy, Inc. ETSY $121.63 86.0% $15,460 $15,277 $1,125 $771 $223 68.6% 19.8% 13.6x 68.6x* GODaddy, Inc. GDDY $75.97 85.4% $13,022 $14,949 $3,139 $2,037 $491 64.9% 15.6% 4.8x 30.5x Cimpress N.V. CMPR $75.16 51.8% $2,087 $3,743 $2,481 $1,232 $298 49.7% 12.0% 1.5x 12.6x Eventbrite, Inc. EB $10.85 47.4% $928 $598 $222 $117 ($191) 52.5% (85.9%) 2.7x NM

Average 75.4% $219,745 $224,906 $42,551 $18,844 $5,710 63.3% 6.0% 5.6x 23.4x Median 85.3% $15,460 $20,263 $9,080 $6,889 $491 64.9% 15.6% 4.8x 19.6x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 27 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Resellers & Wholesalers

($ in millions, except per share)

Technology Value‐Added Resellers

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA CDW Corp. CDW $119.53 81.8% $17,421 $20,980 $18,200 $3,098 $1,488 17.0% 8.2% 1.2x 14.1x Insight Enterprises, Inc. NSIT $56.58 77.3% $2,016 $2,653 $8,322 $1,264 $325 15.2% 3.9% 0.3x 8.1x ePlus, Inc. PLUS $73.20 73.5% $981 $1,123 $1,562 $379 $119 24.3% 7.6% 0.7x 9.4x PC Connection, Inc. CNXN $41.06 72.9% $1,085 $935 $2,708 $437 $107 16.1% 4.0% 0.3x 8.7x

Average 76.4% $5,376 $6,423 $7,698 $1,294 $510 18.2% 5.9% 0.6x 10.1x Median 75.4% $1,551 $1,888 $5,515 $850 $222 16.6% 5.8% 0.5x 9.1x

Technology Wholesalers

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/20 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Arrow Electronics, Inc. ARW $78.66 91.7% $6,380 $8,575 $27,404 $3,101 $959 11.3% 3.5% 0.3x 8.9x SYNNEX Corp. SNX $140.06 91.5% $7,162 $8,564 $23,843 $2,819 $1,163 11.8% 4.9% 0.4x 7.4x Avnet, Inc. AVT $25.84 59.0% $2,596 $3,851 $17,634 $2,063 $404 11.7% 2.3% 0.2x 9.5x ScanSource, Inc. SCSC $19.83 50.8% $503 $727 $3,048 $356 $100 11.7% 3.3% 0.2x 7.3x

Average 73.2% $4,161 $5,429 $17,982 $2,085 $1,443 11.6% 2.7% 0.3x 8.3x Median 75.2% $4,488 $6,208 $20,739 $2,441 $682 11.7% 2.6% 0.3x 8.2x

Source: Capital IQ.

HYDE PARK CAPITAL 28 Investment Banking | Mergers & Acquisitions | Capital Raising HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising Overview Nationally recognized investment bank founded in 2000 Recent Transactions Over 300 transactions completed, totaling more than $10 billion in transaction value

Extensive relationships with leading Branded Consumer institutional lenders, PE investors, Food Company and strategic buyers Proven ability to source quality buyers and maximize deal value

Industry Expertise

. Technology . Healthcare

. Business Services . Industrial Services

. Financial Services . Consumer

Transaction Size . $25M - $500M

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com HYDE PARK CAPITAL Member FINRA/SIPC Investment Banking | Mergers & Acquisitions | Capital Raising