Business Process Outsourcing (BPO) June 2018 Business Process Outsourcing (BPO) June 2018 Sector Dashboard [4] Public Basket Performance [5]

Sectorwatch: Business Process Outsourcing (BPO) June 2018 Business Process Outsourcing (BPO) June 2018 Sector Dashboard [4] Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

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

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

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

3 Dashboard

Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 0.01 average for last 3 years 34.2% Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 18.1%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 7.8% 1 - year gross profit % compared to gross profit % -0.5% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 20.2x 1 - year EBITDA % compared to EBITDA % average for -0.1% last 3 years Median TEV / LTM EBIT 14.9x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 12.7x

Median TEV / LTM Revenue 2.8x

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

4 Public Basket

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

WNS (Holdings) Limited 2,552 758 26% 34% 14% 3.4 23.3 36,540 21

Syntel, Inc. 2,971 943 -1% 38% 28% 3.1 11.4 22,114 43

MAXIMUS, Inc. 3,896 2,457 -1% 25% 15% 1.6 10.7 20,400 120

SYNNEX Corporation 5,985 18,077 25% 9% 4% 0.3 8.6 107,400 168

Genpact Limited 6,702 2,803 8% 38% 15% 2.4 16.1 78,000 36

Wipro Limited 15,026 8,373 -1% 29% 20% 1.9 9.4 163,827 51

Infosys Limited 35,743 10,939 7% 35% 27% 3.4 12.7 204,107 54

Cognizant Technology Solutions Corporation 42,346 15,176 10% 38% 21% 2.8 13.4 260,000 58

Automatic Data Processing, Inc. 60,765 13,072 7% 43% 21% 4.6 21.8 58,000 225

Accenture plc 102,209 37,126 10% 32% 16% 2.8 16.9 425,000 87 Average 27,820 10,972 9% 32% 18% 2.6 14.4 137,539 86 Median 10,864 9,656 8% 34% 18% 2.8 13.1 92,700 56 share price as of 20Jun18

5 Public Basket Valuation Trends

16x Public EBITDA Multiples over Time 14x 15x

10x 12x 12.2x 5x

10x 0x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mar-15 Mar-16 Mar-17 Mar-18 8x Mar-14 TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time 4x 3.0x 2.4x 2.5x 2.0x 2x 1.5x 1.0x 0.5x 0.0x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Dec-17 Dec-13 Dec-14 Dec-15 Dec-16

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 TEV/Revenue - Median TEV/Revenue - Average TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Automatic Data Processing, Inc. Syntel, Inc.

Cognizant Technology Solutions Corporation Infosys Limited

Syntel, Inc. Automatic Data Processing, Inc.

Genpact Limited Cognizant Technology Solutions Corporation

Infosys Limited Wipro Limited

WNS (Holdings) Limited Accenture plc

Accenture plc Genpact Limited

Wipro Limited MAXIMUS, Inc.

MAXIMUS, Inc. WNS (Holdings) Limited

SYNNEX Corporation SYNNEX Corporation

Median Median

- 10% 20% 30% 40% 50% - 10% 20% 30%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

WNS (Holdings) Limited SYNNEX Corporation

SYNNEX Corporation MAXIMUS, Inc.

Accenture plc Accenture plc Cognizant Technology Solutions Corporation Cognizant Technology Solutions Corporation Genpact Limited Infosys Limited Infosys Limited Wipro Limited Automatic Data Processing, Inc.

Syntel, Inc. MAXIMUS, Inc.

Genpact Limited Syntel, Inc.

Wipro Limited WNS (Holdings) Limited

Median Median

(10%) - 10% 20% 30% $- $50 $100 $150 $200

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

SYNNEX Corporation Wipro Limited

Automatic Data Genpact Limited Processing, Inc.

Syntel, Inc. Infosys Limited

Cognizant Technology WNS (Holdings) Limited Solutions Corporation

MAXIMUS, Inc. Accenture plc

Accenture plc MAXIMUS, Inc.

Cognizant Technology WNS (Holdings) Limited Solutions Corporation

Infosys Limited Syntel, Inc.

Automatic Data Genpact Limited Processing, Inc.

Wipro Limited SYNNEX Corporation

Median Median

0x 2x 4x 6x 8x 10x 0 20 40 60 80 100

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Automatic Data WNS (Holdings) Limited Processing, Inc.

Automatic Data Infosys Limited Processing, Inc.

WNS (Holdings) Limited Accenture plc

Syntel, Inc. Genpact Limited

Cognizant Technology Cognizant Technology Solutions Corporation Solutions Corporation

Accenture plc Infosys Limited

Genpact Limited Syntel, Inc.

Wipro Limited MAXIMUS, Inc.

MAXIMUS, Inc. Wipro Limited

SYNNEX Corporation SYNNEX Corporation

Median Median

0x 2x 4x 6x 0x 10x 20x 30x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

Automatic Data WNS (Holdings) Limited Processing, Inc.

Cognizant Technology Genpact Limited Solutions Corporation

Accenture plc Accenture plc

Cognizant Technology Genpact Limited Solutions Corporation

Infosys Limited MAXIMUS, Inc.

MAXIMUS, Inc. Infosys Limited

Syntel, Inc. SYNNEX Corporation

Wipro Limited Syntel, Inc.

SYNNEX Corporation Wipro Limited

Median Median

0x 10x 20x 30x 40x 0x 10x 20x 30x 40x

11 Valuation

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

25x 42.8% 45% 25x 30% 25.8% 38.1% 38.3% 25.0% 37.8% 40% 25% 20x 20x 35% 20% 29.3% 34.8% 33.6% 30% 15x 31.5% 15x 25% 15% 25.0% 9.7% 10.0% 20% (1.0%) 10% 10x 10x 7.2% 15% 8.5% (0.8%) 7.0% 5% 10% 5x 5x (0.5%) 9.0% 0% 5%

9x 9x 11x 11x 13x 13x 16x 17x 22x 23x 9x 9x 11x 11x 13x 13x 16x 17x 22x 23x

EBITDA(x)

EBITDA(x) LTM GP% LTM

0x 0% 0x -5% RGR% LTM

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

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

14Jun18 Intelenet Global Services Private Ltd. Teleperformance SE - 449.00 2.2x 12.0x 1Jun18 Millennium Process Group Inc. Merchants Sa (pty) Ltd. - - - - 9May18 Dansk Retail Services ApS Baker Tilly Denmark Godkendt Revisionspartnerselskab - - - - 6Apr18 RJ Globus Solutions Inc. Datamatics Global Services Corp. - 3.87 - - 5Apr18 Telerx Marketing Inc. HCL America, Inc. 60.00 199.00 0.3x - 4Apr18 Client Network Services, Inc. A&M Capital Advisors, LLC - - - - 14Mar18 StarTek, Inc. Aegis Limited - 292.60 - - 12Mar18 Bolder Healthcare Solutions LLC Cognizant Technology Solutions Corporation - - - - 8Feb18 Integrity Payment Systems, LLC Payroc LLC - - - - 7Feb18 Fiserv Solutions, LLC Warburg Pincus LLC 419.00 - - - 31Jan18 dinCloud, Inc. Premier BPO, Inc. - - - - 2Feb18 FSK L&S Co., Ltd. SK Telecom Co., Ltd. 16.56 - - - 26Jan18 DM (3000) Engineering Ltd. AFCON Holdings Ltd. 11.94 - - - 17Jan18 Paymark Limited Ingenico Group - GCS 138.45 53.75 2.2x 5.1x 20Dec17 Computer Age Management Services Pvt. Ltd. Great Terrain Investment Limited 26.12 73.69 6.9x - 30Oct17 Xavient Information Systems Inc. (nka:Xavient TELUS International, Inc. 130.00 - - - Digital) 20Oct17 BluePay, Inc. First Data Corporation 760.00 - - - 11Oct17 NeoSystems Corp. Novume Solutions, Inc. 22.20 29.82 0.7x - 9Aug17 Symphony Ventures Limited Livingbridge 4.55 - - - 4Aug17 Automatic Data Processing, Inc. Pershing Square Capital Management, L.P. - 12,379.80 - - 5Jun17 Westcon Group, Inc. SYNNEX Corporation 830.00 4,532.08 0.2x 15.8x 3Apr17 Connextions, Inc. TeleTech Healthcare Solutions, Inc. 80.00 - - - 12Dec16 Lionbridge Technologies, Inc. H.I.G. Capital, LLC 459.13 556.65 0.8x 11.2x 1Sep16 Emric AB Tieto Oyj - 21.62 - - 22Aug16 RedCore Pty Ltd. Accenture plc - - - - 28Jul16 Idea Couture, Inc. Cognizant Technology Solutions Corporation - - - - 28Jul16 A Cunning Plan, SL Accenture plc - 4.55 - - 18Jul16 MobGen Holding B.V. Accenture plc - - - - 11Jul16 Aditya Birla Minacs Worldwide Ltd. Concentrix Corporation 420.00 - - - 22Apr16 ReD Associates U.S., Inc. Cognizant Technology Solutions Corporation - - - - 20Apr16 INTERSHOP Communications Shareholder Value Management AG - 45.35 - - Aktiengesellschaft 18Apr16 Duck Creek Technologies LLC Apax Partners LLP - - - - 14Apr16 Copier Source, Inc. Visual Edge Technology, Inc. - - - - 7Apr16 CSU Cardsystem S.A. SulAmérica Investimentos DTVM S.A.; Sul America Expertise FIA; Sul - 130.42 - - América Expertise Equities Long Only Fund, LLC 6Apr16 BHS Hire, LLC Hire Velocity, LLC - - - - 4Apr16 Mphasis Limited The Blackstone Group L.P. 0.01 912.44 1.1x 6.9x 1Apr16 Softbank Technology Corp. - - 402.34 - -

13 Business Process Outsourcing (BPO) June 2018 APPENDIX: Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 14 Revenue Multiples - WNS (Holdings) 5x Limited Public Basket 4x 3x 2x 1x WNS (Holdings) Limited 0x WNS (Holdings) Limited, a business process management company, provides data, voice, analytical, and business transformation services worldwide. It operates through two TEV/Revenue Average segments, WNS Global BPM and WNS Auto Claims BPM. The company offers industry-specific services to clients primarily in EBITDA Multiples - WNS (Holdings) Limited the insurance; travel and leisure; diversified businesses, 30x including manufacturing, retail, consumer packaged goods, 24x media and entertainment, and telecommunications; utilities; 18x consulting and professional services; healthcare; banking and 12x financial services; and shipping and logistics industries. It also 6x provides a range of services in the areas of customer interaction, 0x finance and accounting, research and analytics, technology, legal, and human resources outsourcing services across various industries. In addition, the company offers transformation TEV/EBITDA Average services designed to help its clients to modify their business processes to enhance productivity, and manage changes in the P/E Multiples - WNS (Holdings) Limited business environment and leverage business knowledge to 60x increase market competitiveness. Further, it provides claims 45x handling and repair management services for automobile repairs through a network of third party repair centers; and a suite of 30x accident management services, such as credit hire and credit 15x repair. WNS (Holdings) Limited was founded in 1996 and is 0x based in Mumbai, India.

Date Key Development Headline P/E Average 10/20/17 WNS (Holdings) Limited Mulls Acquisitions

15 Revenue Multiples - Syntel, Inc. 5x Public Basket 4x 3x 2x 1x Syntel, Inc. 0x Syntel, Inc. provides digital transformation, information technology (IT), and knowledge process outsourcing (KPO) TEV/Revenue Average services worldwide. The company operates through Banking and Financial Services; Healthcare and Life Sciences; Insurance; Manufacturing; and Retail, Logistics, and Telecom segments. It EBITDA Multiples - Syntel, Inc. 20x provides end-to-end, integrated application, and infrastructure management services; develops software applications; and 15x offers legacy modernization services, such as software analysis, 10x language conversion, reverse engineering, database migration, 5x code optimization, cloud onboarding and migration, ecosystem migration, testing, and management. The company also provides 0x consulting, implementation, and management services for enterprise architecture, data warehousing, business intelligence, and enterprise application integration, as well as mobility, big TEV/EBITDA Average data, analytics, and Internet of Things technologies. In addition, it offers KPO services that provide outsourced solutions for P/E Multiples - Syntel, Inc. knowledge and business processes. The company offers its 30x products to various companies in the banking and financial 24x services, healthcare and life sciences, insurance, manufacturing, 18x retail, logistics, and telecom industries. Syntel, Inc. was founded 12x in 1980 and is headquartered in Troy, Michigan. 6x 0x Date Key Development Headline 4/9/18 Syntel, Inc. Partners with Esko for Life Sciences Labeling and Packaging Solutions P/E Average

16 Revenue Multiples - MAXIMUS, Inc. Public Basket 3x 2x

MAXIMUS, Inc. 0x MAXIMUS, Inc. provides business process services (BPS) to government health and human services programs in the United TEV/Revenue Average States, the United Kingdom, Australia, Canada, Singapore, and Saudi Arabia. The company’s Health Services segment offers various BPS, appeals, and assessments, as well as related EBITDA Multiples - MAXIMUS, Inc. 20x consulting services for state, provincial, and national government programs comprising Medicaid, Children's Health Insurance 15x Program, the Affordable Care Act, Health Insurance British 10x Columbia, the Health Assessment Advisory Service, and 5x Preadmission Screening and Resident Reviews. Its services include health insurance exchange customer contact center 0x operations and support; health insurance program eligibility and enrollment; beneficiary outreach and education; application assistance and independent health plan enrollment counseling; TEV/EBITDA Average premium payment processing and administration; eHealth solutions; independent disability, long-term sick, and health P/E Multiples - MAXIMUS, Inc. assessments; occupational health clinical assessments; and 45x specialized program consulting services. MAXIMUS, Inc. was 36x founded in 1975 and is headquartered in Reston, Virginia. 27x 18x 9x 0x

Date Key Development Headline 5/10/18 MAXIMUS Seeks Acquisitions P/E Average

17 0.5x Revenue Multiples - SYNNEX Corporation Public Basket 0.4x 0.3x 0.2x 0.1x SYNNEX Corporation 0.0x SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It TEV/Revenue Average operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage EBITDA Multiples - SYNNEX Corporation 20x solutions; system components; software; networking/communications/security equipment; consumer 15x electronics; and complementary products. It also provides systems 10x design and integration solutions, build-to-order, and configure-to- 5x order assembly capabilities; logistics services that include outsourced fulfillment, virtual distribution, and direct ship to end-users; online 0x services; and financing services comprising net terms, third party leasing, floor plan financing, and letters of credit backed financing and arrangements. SYNNEX Corporation was founded in 1980 and is TEV/EBITDA Average headquartered in Fremont, California.

30x P/E Multiples - SYNNEX Corporation Date Key Development Headline 24x 2/21/18 MCJ Co., Ltd. (TSE:6670) agreed to acquire remaining stake in 18x Tekwind Co., Ltd. from SYNNEX Corporation (NYSE:SNX) and 12x Dream Incubator Inc. (TSE:4310) for approximately ?640 million. 6x 8/31/17 SYNNEX Corporation (NYSE:SNX) completed the acquisition of Westcon Group, Inc. from Datatec PLC. 0x 8/31/17 SYNNEX Corporation (NYSE:SNX) completed the acquisition of 10% of Westcon Emerging Markets Group (Pty) Limited and 10% of Westcon Group European Holdings, Limited from Datatec Limited (JSE:DTC) and Datatec PLC. P/E Average

18 Revenue Multiples - Genpact Limited 4x Public Basket 3x 2x 1x Genpact Limited 0x Genpact Limited provides business process outsourcing and information technology (IT) services North and Latin America, TEV/Revenue Average India, rest of Asia, and Europe. Its finance and accounting services include accounts payable, such as document management, invoice processing, approval and resolution EBITDA Multiples - Genpact Limited 20x management, and travel and expense processing; over-the counter services, including customer master data management, 15x credit and contract management, fulfillment, billing, collections, 10x and dispute management services; record to report services 5x comprising accounting, treasury, tax, product cost accounting, and closing and reporting services; enterprise performance 0x management consisting of budgeting, forecasting, and business performance reporting; and enterprise risk and compliance services, including operational risks and controls. Genpact TEV/EBITDA Average Limited was founded in 1997 and is based in Hamilton, Bermuda. P/E Multiples - Genpact Limited 40x 30x Date Key Development Headline 6/10/18 Genpact Limited (NYSE:G) signed a definitive agreement to 20x acquire Commonwealth Informatics Inc. 2/28/18 An unknown buyer acquired non-strategic portion of legacy IT 10x support business in Europe from Genpact Limited (NYSE:G). 0x 2/12/18 Genpact Mulls Acquisitions 11/17/17 Bain Capital And GIC To Sell 10 Million Shares In Genpact 11/8/17 Genpact Limited (NYSE:G) acquired certain assets comprising a portion of IT business of Birlasoft (India) Ltd. P/E Average

19 Revenue Multiples - Wipro Limited 5x Public Basket 4x 3x 2x 1x Wipro Limited 0x Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. TEV/Revenue Average The company’s IT Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, EBITDA Multiples - Wipro Limited customer centric design, technology consulting, IT consulting, 20x custom application design, development, re-engineering and maintenance, systems integration, package implementation, 15x infrastructure services, analytics services, business process 10x services, research and development, and hardware and software 5x design services to enterprises. The company was founded in 1945 and is headquartered in Bengaluru, India. 0x

Date Key Development Headline TEV/EBITDA Average 4/5/18 Antariksh Softtech Private Limited acquired 63% stake in Wipro Airport IT Services Limited from Wipro Limited (BSE:507685) for INR 31.5 million. P/E Multiples - Wipro Limited 30x 3/14/18 Trintech and Wipro Limited Announces Strategic Partnership to Deliver Digital Solutions to Simplify and Automate Business 24x Finance Functions at Enterprises 18x 3/13/18 Ensono Holdings, LLC signed a definitive agreement to acquire 12x Wipro Data Centre and Cloud Services, Inc. and Portion of Datacenter Business In Germany and UK from Wipro Limited 6x (BSE:507685) for approximately $410 million. 0x 1/29/18 Harte Hanks, Inc. and Wipro LLC Announces Joint Go-To-Market Strategy 7/4/17 Wipro Limited and Ramot at Tel Aviv University Collaborate for P/E Average Joint Research in Emerging Technologies

20 Revenue Multiples - Infosys Limited 6x 5x Public Basket 4x 3x 2x 1x Infosys Limited 0x Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North TEV/Revenue Average America, Europe, India, and internationally. It provides business information technology services, including application EBITDA Multiples - Infosys Limited development and maintenance, independent validation, 20x infrastructure management, and business process management services, as well as engineering services, such as engineering 15x and life cycle solutions; and consulting and systems integration 10x services comprising consulting, enterprise solutions, systems 5x integration, and advanced technologies. The company’s products include Finacle, a banking solution that provides 0x analytics, core banking, consumer e-banking, corporate e- banking, Islamic banking, mobile banking, origination, payments, SME enable, treasury, wealth management, and youth banking TEV/EBITDA Average solutions. Infosys Limited was founded in 1981 and is headquartered in Bengaluru, India. P/E Multiples - Infosys Limited 30x 24x Date Key Development Headline 18x 5/29/18 Infosys Limited (NSEI:INFY) completed the acquisition of Wongdoody Holding Company, Inc. 12x 5/2/18 Infosys and Astound Partner to Deliver Better Service Experience 6x Through an AI Enhanced Enterprise Service Management Café 0x 4/18/18 Infosys Mulls Acquisitions 4/13/18 Infosys Seeks Sell Of Panaya and Skava 4/12/18 Infosys Limited (NSEI:INFY) entered into a definitive agreement to acquire Wongdoody Holding Company, Inc. for $75 million. P/E Average

21 Revenue Multiples - Cognizant Technology 5x Solutions Corporation Public Basket 4x 3x 2x 1x Cognizant Technology Solutions Corporation 0x Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through TEV/Revenue Average four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It EBITDA Multiples - Cognizant Technology offers business, process, operations, and technology consulting 30x Solutions Corporation services; application design and development, and systems 24x integration services; application testing, consulting, and 18x engineering services; and enterprise information management 12x services. The company was founded in 1994 and is 6x headquartered in Teaneck, New Jersey. 0x

TEV/EBITDA Average Date Key Development Headline 5/6/18 Cognizant Technology Solutions Eyes Acquisition 5/1/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) P/E Multiples - Cognizant Technology acquired Hedera Consulting BVBA. 45x Solutions Corporation 4/18/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 36x completed the acquisition of Bolder Healthcare Solutions LLC 27x from Bolder Capital, LLC and The Edgewater Funds. 3/11/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 18x agreed to acquire Bolder Healthcare Solutions LLC from Bolder 9x Capital, LLC and The Edgewater Funds. 0x 10/25/17 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) agreed to acquire Zone Ltd from Business Growth Fund plc and others. P/E Average

22 Revenue Multiples - Automatic Data 6x Processing, Inc. Public Basket 5x 4x 3x 2x 1x Automatic Data Processing, Inc. 0x Automatic Data Processing, Inc. provides business process outsourcing services worldwide. The company operates through two segments, Employer Services and Professional Employer TEV/Revenue Average Organization (PEO) Services. The Employer Services segment offers various human resources (HR) business process EBITDA Multiples - Automatic Data outsourcing and technology-enabled human capital management 30x Processing, Inc. solutions. Its offerings include payroll services, benefits 24x administration, talent management, HR management, time and 18x attendance management, insurance, retirement, and tax and 12x compliance services. This segment provides solutions via a 6x software-and service-based delivery model, which businesses of 0x various types and sizes can use to recruit, pay, manage, and retain employees; and serves approximately 570,000 clients via the company’s cloud-based strategic software as a service TEV/EBITDA Average offering. The company was founded in 1949 and is headquartered in Roseland, New Jersey. P/E Multiples - Automatic Data Processing, 50x Inc. Date Key Development Headline 40x 5/2/18 Automatic Data Processing Seeks Acquisitions 30x 2/6/18 Financial Engines and ADP Form Strategic Relationship 20x 1/21/18 Automatic Data Processing, Inc. (NasdaqGS:ADP) acquired 10x WorkMarket from Union Square Ventures, Spark Capital, Foundry Group, Accenture Ventures and other shareholders. 0x 10/4/17 Automatic Data Processing, Inc. (NasdaqGS:ADP) acquired Global Cash Card Inc. 9/28/17 KPMG LLP and Automatic Data Processing, Inc. Announce A P/E Average Joint Service

23 Revenue Multiples - Accenture plc 4x Public Basket 3x 2x 1x Accenture plc 0x Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology TEV/Revenue Average segment provides professional services that help clients accelerate and deliver digital transformation, and enhance EBITDA Multiples - Accenture plc business results through industry-specific solutions for 30x communications, media, and high tech industries, as well as for 24x software platforms. The company’s Financial Services segment 18x offers services that address profitability pressures, industry 12x consolidation, regulatory changes, and the need to continually 6x adapt to new digital technologies. Accenture plc was founded in 0x 1989 and is based in Dublin, Ireland.

Date Key Development Headline TEV/EBITDA Average 6/7/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire acquire designaffairs GmbH. 6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to 40x P/E Multiples - Accenture plc to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in Cloud in Target Industries 30x 5/22/18 Accenture plc (NYSE:ACN) agreed to acquire HO 20x Communication. 5/8/18 Accenture plc Teams with SAP SE to Help High-Tech Companies 10x Companies Create Digital As-A-Service Business Models Quickly Quickly and Easily 0x 5/7/18 Accenture plc (NYSE:ACN) completed the acquisition of Certus Solutions. 5/3/18 Accenture plc (NYSE:ACN) completed the acquisition of Meredith P/E Average Meredith Xcelerated Marketing from Meredith Corporation (NYSE:MDP).

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

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected]

Jeff Stoecklein, Managing Director 312.373.3737 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected]

Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected] Sydney Larese, Associate 704.899.5960 [email protected]

Marty Johnson, Associate 704.899.5960 [email protected]

Rory Julyan, Associate 704.899.5960 [email protected] Garth Martin, Associate 704.899.5960 x 109 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected]