PRIVATE & CONFIDENTIAL
Technology, Media, Marketing, and Information Services Industry Sectors
December 2020
This is intended for client and institutionalDriven useby youronly, and success. may not be disseminated further 1. About Canaccord Genuity
2. Market Environment
3. Monthly M&A and Investment Activity by Industry Segment
4. Additional Information
Driven by your success. US Team Sanjay Chadda Jeff Barlow Dan Coyne Jen Pardi Andrew Pojani Co-Head of US Investment Banking President, Canaccord Genuity Co-Head of US Investment Banking Global Head of ECM Co-Head of US Technology Co-Head of US Technology Boston Boston Boston Boston New York +1 617 371 3713 +1 617 371 3887 +1 617 788 1554 +1 617 788 1635 +1 212 842 6022 [email protected] [email protected] [email protected] [email protected] [email protected]
Dudley Baker Lisa McClure Byrnes Scott Card Matthew Kratter Jed Laird Dylan Kearns Ben Lunka Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Nashville Boston Boston New York New York London Charlotte +1 615 490 8448 +1 617 371 3847 +1 617 371 3895 +1 212 842 6024 +1 212 842 7120 +1 212 842 6025 +1 212 514-4203 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Trevor Martin J.P. Michaud Tom O’Connor Jason Partenza Michael Petsky John Prunier Seth Rosenfield Managing Director Managing Director Co-Head of US Healthcare IB Managing Director Managing Director Managing Director Managing Director Boston Charlotte New York New York New York New York New York +1 617 788 1514 +1 980 237 0380 +1 212 842 5996 +1 212 849 3976 +1 212 842 6001 +1 212 842 6021 +1 212 842 6018 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Mark Young Christopher Heasman Matthew Kebel Anil Kuruganti Geoff Rhizor Lexia Schwartz Edin Trto Managing Director Director Director Director Director Director Director Boston New York New York New York San Francisco New York New York +1 617 788 1584 +1 212 842 6038 +1 212 842 5989 +1 212 842 7132 +1 415 229 0650 +1 212 842 7127 +1 212 842 6015 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Clayton Young Director New York +1 212 842 6009 [email protected] Global Team Europe Canada Israel M&A & Financial Sponsors
Simon Bridges Mike Lauzon Myles Hiscock Shachar Familia David Istock Amy LaBan, CFA Isaiah Knouff Head of European IB & Head of Canadian TMT Managing Director Vice Chairman Managing Director Managing Director Managing Director Head of European Technology Toronto Toronto Tel Aviv Head of US M&A US Financial Sponsor Coverage US Financial Sponsor Coverage London +1 416 869 7238 +1 416 869 7232 +972 58 7782139 San Francisco Chicago Nashville +1 415 229 0667 +44 20 7523 4606 [email protected] [email protected] [email protected] +1 212-842-7126 +1 615 490 8484 [email protected] [email protected] [email protected] [email protected]
Page 2 Driven by your success. ⚫ Advisory credentials across a wide range of outcomes AI CRM DevOps Infrastructure Internet Marketing ⚫ Executed transactions up to $1B+ in value Collaboration Data, Information HCM Services IOT Media Vertical ⚫ Deep, extensive strategic & sponsor relationships
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on acquisition of merger with acquisition by investment from investment from acquisition by recapitalization by acquisition of acquisition of
December 2020 December 2020 December 2020 December 2020 December 2020 December 2020 December 2020 December 2020 December 2020
Financial advisor on Financial advisor on Financial advisor on sale to Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on sale to sale to acquisition by acquisition of sale to recapitalization by acquisition of sale to
December 2020 December 2020 November 2020 November 2020 November 2020 October 2020 September 2020 September 2020 September 2020
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on recapitalization by sale to sale to sale to sale to investment in recapitalization by acquisition of sale to
September 2020 August 2020 August 2020 August 2020 August 2020 July 2020 July 2020 June 2020 June 2020
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on sale to sale to sale to sale to sale to merger with sale to sale to investment from
March 2020 February 2020 February 2020 February 2020 February 2020 February 2020 January 2020 January 2020 January 2020
Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) Page 3 Driven by your success. ⚫ 250+ completed transactions since 2012 AI CRM DevOps Infrastructure Internet Marketing ⚫ Raised $47B+ capital Collaboration Data, Information HCM ⚫ 110+ as bookrunner or lead manager Services IOT Media Vertical ⚫ Unique access to global growth investors
C$225,000,000 $60,000,000 $3,490,000,000 $651,000,000 $165,600,000 C$201,000,000 $352,000,000 $391,000,000 $60,000,006
Equity Offering Private Placement IPO IPO US IPO Equity Offering Equity Offering Equity Offering IPO
Joint Bookrunner Co-Lead Agent Co-Manager Co-Manager Joint Bookrunner Joint Bookrunner Co-Manager Co-Manager Joint Bookrunner
December 2020 December 2020 December 2020 December 2020 December 2020 November 2020 November 2020 November 2020 October 2020
$175,750,000 $60,000,000 $172,000,000 $1,913,600,000 $3,864,000,000 $635,627,995 $189,750,000 $136,850,000 $574,999,866
IPO IPO IPO Equity Offering IPO Equity Offering Equity Offering Equity Offering Equity Offering
Passive Bookrunner Joint Bookrunner Joint Bookrunner Passive Bookrunner Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager
October 2020 October 2020 October 2020 October 2020 September 2020 August 2020 August 2020 August 2020 August 2020
$248,940,000 $64,519,749 $538,200,000 C$150,000,000 A$40,00,000 $4,320,000 A$40,000,000 $1,840,000,000 A$100,00,000 Convertible Debt IPO Equity Offering IPO IPO Equity Offering Equity Offering Equity Offering Equity Offering Offering Co-Manager Joint Bookrunner Co-Manager Joint Bookrunner Sole Bookrunner Sole Placement Joint Bookrunner Co-Manager Joint Bookrunner Agent August 2020 August 2020 July 2020 July 2020 July 2020 July 2020 June 2020 June 2020 June 2020
$614,790,000 $1,074,675,000 $184,000,000 $650,000,000 A$70,000,000 $862,500,000 $862,500,000 $17,267,250 $1,150,000,000 Convertible Debt Convertible Debt Convertible Debt Equity Offering IPO Equity Offering Equity Offering Equity Offering Equity Offering Offering Offering Offering Co-Manager Co-Manager Co-Manager Co-Manager Joint Bookrunner Co-Manager Co-Manager Sole Bookrunner Co-Manager
June 2020 June 2020 May 2020 May 2020 May 2020 April 2020 February 2020 January 2020 January 2020
Represents lead-managed transactions. Sources: Dealogic. Page 4 Driven by your success. Rank Firm Name # of Transactions 2020 1 Canaccord Genuity 39 2 Raymond James 38 3 William Blair 23 4 Houlihan Lokey 19 5 Evercore 17 6 Goldman Sachs 16 7 Robert W. Baird 14 8 Piper Sandler 10 9 Moelis 9 9 Stifel Financial 9 9 DC Advisory 9
• Middle-Market TMT transaction totals represent US-based M&A/Control Transactions, all Buyout types, and Growth/Expansion transactions less than $500 million in the Technology, Media & Telecommunications industries as classified by PitchBook.
Source: Pitchbook Time Period: 1/1/2020-12/31/2020 Page 5 Data pulled : 1/12/2021 Driven by your success. Rank Firm Name # of Transactions 2020 1 Canaccord Genuity 35 2 Goldman Sachs 17 3 Morgan Stanley 15 3 Raymond James 15 5 J.P. Morgan 13 6 William Blair 12 6 Bank of America 12 6 Houlihan Lokey 12 6 RBC 12 10 Moelis 10 10 Piper Sandler 10 10 Wells Fargo 10
• The table includes Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions in the Media & Information Services industry as classified by PitchBook
Source: Pitchbook Time Period: 1/1/2020-12/31/2020 Page 6 Data pulled : 1/12/2021 Driven by your success. U.S. Mid-Market Healthcare Advisory 1
Rank Firm Name Deal Value ($M) # of Transactions
1 Piper Sandler $36,069 112
2 Stifel 15,613 70
3 Canaccord Genuity 12,305 70
4 William Blair 20,096 51
5 Raymond James 3,475 30
6 Cowen & Company 13,656 27
7 Oppenheimer 2,952 24
8 Robert W Baird 5,475 19
9 JMP Securities 1,793 15
10 Needham 151 4
1 Dealogic data since 2010 for mid-market healthcare transaction activity Page 7 Driven by your success. Total Roles Lead Manager Co-Manager Bank Rank Total Value No. Rank No. Rank No. ($M)
Goldman Sachs 1 730,516.4 1,044 1 1,018 69 26 JPMorgan 2 667,905.9 1,043 2 1,017 69 26 Morgan Stanley 3 710,491.3 1,039 3 1,000 50 39 Canaccord Genuity Corp 4 83,616.1 859 6 640 1 219 BofA Securities 5 611,240.3 847 4 810 53 37 Citi 6 566,068.6 793 5 762 61 31 Credit Suisse 7 418,941.2 655 7 619 55 36 UBS 8 312,963.8 502 8 477 72 25 Stifel 9 147,443.5 494 12 303 3 191 Barclays 10 331,181.5 456 10 412 43 45
$232,000,000 $34,410,350 $3,830,000,108 $22,247,161 $126,000,000 $165,600,000 Follow-On Offering Follow-On Offering IPO Follow-On Offering IPO US IPO Passive Bookrunner Sole Bookrunner Co-Manager Joint Bookrunner Passive Bookrunner Joint Bookrunner December 2020 December 2020 December 2020 December 2020 December 2020 December 2020
Source: Dealogic as of 1/5/2020 Includes all IPO, FO, & CONV Page 8 Driven by your success. • Top-ranked, global investment bank dedicated to the digital advertising and marketing, e-commerce, digital media, software, information, business services, and healthcare IT & services, among other areas ‒ Extensive sell-side M&A and capital raising expertise, with a transaction closing rate unmatched at our level of deal volume • Canaccord Genuity’s North American investment banking team has more than 100 focused professionals in offices in New York, Boston, San Francisco, Chicago, Nashville, Charlotte, and Toronto
• Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, VC groups, family offices, and lenders • Global reach enhanced through Canaccord Genuity’s international network of offices and practice groups • Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.
• M&A Advisory and Sell-Side Representation • Advertising & Marketing – Privately-Owned Companies • E-commerce – Entrepreneur-Led Businesses • Digital Media – Private Equity Portfolio Companies • Software – VC-Backed Companies • Information – Corporate Divestitures • Business & IT Services – Selected Buy-Side Engagements • Healthcare IT & Services • Capital Raising and Private Placements • FinTech
Page 9 Driven by your success. PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination 4,500 $584 $600 4,196
4,000 3,827 3,792 3,606 3,643 $500 3,507 3,398 3,510 3,398 3,500 $452 $451 3,327 3,265 3,146 3,082 $434
$450 3,000 $400 2,720 2,806 2,833
2,500 $303 $281 $300 $268 2,000 1,880 1,778 $239
1,422 $198 $194 1,500 $200 $169 $158 $145 $146
1,000 $116 $104 $100 $64 500 $54
0 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: The 451 Group, as of 12/31/20. Page 11 Driven by your success. $1B+ Deals Strategic vs Financial Sponsor Transactions 50 43 45 Strategic Financial Sponsor 40 300 238 35 250 232 28 30 192 41 39 200 25 22 19 144 149 147 18 18 150 136 20 115 # of of # Deals 14 20 25 25 22 15 9 11 of # Deals 100 197 193 170 10 124 124 4 50 122 114 106 5 0 -- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020
Consideration Mix(1) Median 30-Day Premium % Cash % Cash & Stock % Stock 50.0% 100% 7% 4% 11% 11% 8% 14% 6% 40.0% 36.2% 17% 22% 34.6% 80% 18% 32.1% 32.5% 31% 21% 30% 24% 29% 30.8% 27.6% 24% 30.0% 25.8% 60% 22.0% 20.0% 40% 79% %Premium 71% # of of # Deals 62% 66% 64% 65% 63% 54% 10.0% 20%
0% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020
# of Deals 117 95 119 111 96 104 221 167 # of Deals 17 19 13 12 12 4 14 16
Source: The 451 Group, as of 12/31/20. (1) For all deals with disclosed forms of consideration. Page 12 Driven by your success. Major Indices 2014 – December 2020 Major Indices December 2020, LTM 340.0% Summary Performance Summary Performance NASDAQ 211.1% NASDAQ 41.8% 310.0% S&P 500 105.0% 170.0% S&P 500 15.3% DJIA 86.2% DJIA 6.0% 280.0% Russell 2000 71.6% 150.0% Russell 2000 18.5% FTSE 100 (3.8%) FTSE 100 (15.0%) 250.0% 130.0% 220.0%
190.0% 110.0%
160.0% 90.0% 130.0% 70.0% 100.0%
70.0% 50.0%
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100 NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Major Indices December 2020, Last 3 Months VIX 2014 – December 2020 140.0% Summary Performance 90.00 NASDAQ 13.8% S&P 500 11.1% 80.00 130.0% DJIA 10.0% Russell 2000 29.0% 70.00 FTSE 100 9.9% 60.00 120.0% 50.00
40.00 110.0% 30.00
100.0% 20.00 10.00
90.0% -- 10/1/2020 11/1/2020 12/1/2020
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Sources: Capital IQ, as of 12/31/20. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future results. Page 13 Driven by your success. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 12/28/20 Vectrus Zenetex Business & IT Services 112 ND ND ND -- 12/23/20 Elbit Systems of America Sparton Technology 380 ND ND ND -- 12/22/20 Honeywell Sparta Systems Software 1,300 ND ND ND 100% 12/21/20 Viasat RigNet Software 130 1.0x 10.0x ND -- 12/18/20 Stillfront Group Sandbox Interactive Digital Media/Commerce 158 ND ND ND 77% 12/18/20 Stillfront Group Super Free Games Digital Media/Commerce 150 ND ND ND 47% 12/18/20 Globant BlueCap Management Consulting Business & IT Services 122 ND ND ND 71% 12/17/20 SPS Commerce Data Masons Software Business & IT Services 100 ND ND ND 100% 12/16/20 Ultra Clean Holdings Ham-Let Israel-Canada Technology 348 ND ND ND 100% 12/16/20 Nexstar BestReviews Digital Media/Commerce 160 ND ND ND -- 12/15/20 GoDaddy Poynt Digital Media/Commerce 320 ND ND ND 100% 12/15/20 Vroom Vast Digital Media/Commerce 120 ND ND ND 60% 12/14/20 Electronic Arts Codemasters Digital Media/Commerce 1,210 7.6x 23.0x 27.2% 100% 12/14/20 PTC Arena Solutions Software 715 ND ND ND 100% 12/14/20 Primoris Services Future Infrastructure Business & IT Services 620 1.8x 9.4x ND 100% 12/11/20 Hyundai Motor Boston Dynamics Technology 1,100 ND ND ND --
>$100M(1) 12/10/20 Wolters Kluwer eOriginal Software 280 ND ND ND 100% 12/10/20 Leidos Holdings 1901 Group Technology 215 ND ND ND 100% 12/10/20 TechTarget BrightTALK Marketing Technology 150 ND ND ND 100% 12/10/20 Electrocomponents Synovos Business & IT Services 145 ND ND ND 100% 12/10/20 CarGurus CarOffer Software 140 ND ND ND 50% 12/09/20 GlobalWafers Siltronic Software 4,546 3.0x 9.9x 37.4% 100% 12/09/20 Funimation Global Crunchyroll Digital Media/Commerce 1,175 ND ND ND 100% 12/07/20 NortonLifeLock Avira Software 360 ND ND ND -- 12/07/20 Mercury Systems Physical Optics Technology 310 ND ND ND 100% 12/06/20 Cisco Systems IMImobile Software 710 ND ND ND 100% 12/03/20 Affirm PayBright Software 262 ND ND ND -- 12/01/20 Salesforce Slack Software $28,445 36.4x ND 45.4% 58% 12/01/20 Lightspeed POS Upserve Software 430 10.8x ND ND 29% 12/01/20 Enad Global 7 Daybreak Game Company Software 300 3.9x ND ND 67%
Mean: $1,484 9.2x 13.1x 36.7% 65.3%
Median: $305 3.9x 10.0x 37.4% 88.5% (2) 12/16/20 Securitas FE Moran Security Solutions IT services & distribution $82 ND ND ND -- 12/15/20 Artlist Motion Array Internet content & commerce 65 ND ND ND --
$50-100M 12/08/20 AeroVironment Telerob Systems 55 ND ND ND 83.0%
Mean: $67 NA NA NA 0.3x Median: $65 NA NA NA --
Mean: $1,355 9.2x 13.1x 0.4x 0.6x Blended Median: $280 3.9x 10.0x 37.4% 77.0%
Sources: The 451 Group as of 12/31/20. (1) Transactions include deals with disclosed values over $100mm. Page 14 Driven by your success. (2) Transactions include deals with disclosed values between $50-100mm. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 12/21/20 Thoma Bravo RealPage Software $10,200 9.4x 64.9x 25.8% 100.0% 12/21/20 Gilde Buy Out Partners To-Increase Business & IT Services 138 ND ND ND -- 12/15/20 Apollo / Hudson Executive Capital Cardtronics Business & IT Services 1,557 2.0x 11.7x 34.6% 100.0% 12/15/20 Thunder Bridge Acquisition II indie Semiconductor Technology 1,447 ND ND ND 34.0%
12/14/20 Montagu Private Equity Capita (education software business) Software 529 ND ND ND -- (1) 12/14/20 FSN Capital Partners TASKING Technology 100 ND ND ND 100.0% 12/13/20 Vista Equity Pluralsight Digital Media/Commerce 2,952 8.9x ND 27.7% 100.0% >$100M 12/11/20 Collective Growth Innoviz Technologies Technology 1,403 ND ND ND 29.0% 12/11/20 Evercel ZAGG Software 125 0.2x 6.5x 26.5% 100.0% 12/09/20 Platinum Equity Ingram Micro Business & IT Services 7,200 ND ND ND -- 12/07/20 Foley Trasimene Acquisition II Paysafe Software 7,195 ND ND ND 48.0% 12/07/20 Veritas Capital Northrop Grumman (assets) Business & IT Services 3,400 ND ND ND 100.0%
Mean: $3,020 5.1x 27.7x 28.7% 59.3% Median: $1,502 5.5x 11.7x 27.1% 74.0%
Sources: The 451 Group as of 12/31/20. (1) Transactions include deals with disclosed values over $100mm. Page 15 Driven by your success. Observations: • Private markets remain active and open • Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions
Date of Latest Latest Round of Latest Total Funding Company Segment Funding Funding ($mm) Valuation ($mm) ($mm) Recent Lead Investor(s) Unqork Software 12/28/20 $258 $2,051 $416 BlackRock Udemy Software 12/25/20 22 3,300 273 Ben Jen Holdings, Mindrock Capital Starburst Data Software 12/23/20 118 1,600 181 Andreessen Horowitz Ironclad Software 12/21/20 100 950 182 Bond Capital Bolt Financial Software 12/21/20 75 1,000 214 General Atlantic, WestCap Lyra Software 12/18/20 175 2,250 460 Undisclosed Discord Software 12/17/20 100 7,000 594 Greenoaks Capital Partners ISN Software Software 12/17/20 500 2,000 500 Blackstone BigID Software 12/16/20 70 1,000 166 Salesforce Ventures, Tiger Global Zenoti Software 12/15/20 160 1,000 254 Advent International Clickup Software 12/15/20 100 1,000 135 Georgian Partners DataRobot Software 12/09/20 317 2,800 748 Altimeter Capital Calm Digital Media/Commerce 12/08/20 75 2,000 191 Lightspeed Venture Partners Scale AI Software 12/01/20 155 3,500 278 Tiger Global Olive Software 12/01/20 226 1,500 456 Tiger Global
Sources: PitchBook and CG LLC’s proprietary database as of 12/31/20. Note: List includes selected high profile financings with minimum Post Money Page 16 Driven by your success. Valuation of $800mm. ($USD in millions) Premium/Discount to: Aftermarket Performance Observations: Pricing Amount Mkt Cap % Mkt Cap % Issuer Date Offered at Offer @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current
GAN 12/17/20 $111.2 $497.9 22.3% 93.9% (7.1%) (1.9%) 14.8% 30.8% Napco Security 12/11/20 58.1 558.3 10.4% 0.0% (14.6%) (14.6%) 0.6% 0.8% • Follow-on market activities track Open Lending 12/09/20 305.9 3,810.1 8.0% 0.0% (5.8%) (1.1%) 19.1% 24.9% Sequans 12/08/20 16.0 185.2 8.6% 100.0% (10.0%) (10.0%) 5.5% 9.8% broader market direction Ondas 12/03/20 34.5 749.2 4.6% 100.0% (52.5%) 50.0% 2.5% 55.5% Shift4 Payments 12/03/20 510.6 1,676.8 30.5% 0.0% (0.6%) (10.0%) 0.0% 35.9% Cambium Networks 12/03/20 70.0 774.6 9.0% 0.0% (7.1%) 3.9% (9.8%) (10.4%) Veritone 12/03/20 63.8 674.2 9.5% 100.0% (23.9%) (23.9%) 0.0% 53.8% Docebo 12/02/20 165.6 1,536.9 10.8% 100.0% (9.0%) (4.0%) 0.0% 35.3% ZoomInfo 12/01/20 562.5 3,318.7 16.9% 0.0% (6.1%) (7.8%) (4.4%) 7.2% • Better known, more liquid issuers FuelCell Energy 12/01/20 258.0 2,667.1 9.7% 57.4% (28.2%) (28.2%) 11.4% 71.8% using accelerating formats EVO Payments 11/25/20 116.8 1,134.4 10.3% 100.0% (3.9%) (3.9%) (1.1%) 4.1% Jamf 11/18/20 352.0 3,850.0 9.1% 0.0% (3.1%) (7.7%) (1.9%) (6.5%) LendingTree 11/16/20 872.0 4,256.9 20.5% 0.0% (9.0%) (9.0%) (1.7%) (7.2%) BigCommerce 11/13/20 391.0 4,601.3 8.5% 20.0% (7.3%) (8.9%) (1.8%) (5.7%) Vertiv 11/12/20 306.0 5,684.8 5.4% 0.0% (1.8%) (1.8%) 5.8% 9.8% Duck Creek Technologies 11/10/20 328.0 5,573.5 5.9% 0.0% (3.8%) (13.1%) (2.4%) 5.6% • Average discount to last sale of Bandwidth 11/02/20 100.8 3,262.8 3.1% 0.0% (3.7%) (3.7%) 3.6% 1.1% Absolute Software 10/28/20 60.0 676.3 8.9% 100.0% (30.8%) (9.6%) 0.0% 8.1% (15.0%) for December deals vs. Phreesia 10/21/20 184.0 1,234.9 14.9% 100.0% (1.6%) (1.0%) 13.4% 69.6% (4.6%) for November deals. Accolade 10/21/20 221.4 1,963.2 11.3% 100.0% (3.3%) (6.9%) (0.3%) 13.0% Sapiens 10/16/20 100.0 1,547.1 6.5% 100.0% (4.2%) (9.2%) (1.5%) 3.8% nCino 10/07/20 555.3 6,954.7 8.0% 0.0% (5.6%) (4.8%) 9.3% 0.6% Intermex 09/30/20 66.5 546.5 12.2% 0.0% (6.0%) (14.6%) 0.0% 15.0% Par Technology 09/30/20 127.3 739.3 17.2% 100.0% (6.2%) (14.2%) 0.0% 65.2% FuelCell Energy 09/29/20 91.4 612.8 14.9% 100.0% (18.0%) (18.0%) 1.9% 431.9% Vroom 09/10/20 588.6 6,719.8 8.8% 100.0% (3.2%) (3.1%) (6.0%) (24.8%) Shift4 Payments 09/10/20 485.0 3,903.5 12.4% 20.0% (3.0%) (2.2%) (4.5%) 55.5% Lightspeed POS 09/10/20 397.7 2,516.2 15.8% 85.8% (4.9%) (6.4%) (0.8%) 131.2% i3 Verticals 09/10/20 87.8 699.4 12.6% 100.0% (7.6%) (12.5%) 1.7% 41.3% Repay 09/10/20 344.8 1,734.7 19.9% 0.0% (1.0%) (1.0%) (2.6%) 13.5% Mohawk Group 08/24/20 23.5 156.0 15.1% 100.0% (20.3%) (20.3%) 13.6% 145.9% Sabre 08/20/20 250.0 1,936.8 12.9% 100.0% (0.3%) (11.3%) (2.7%) 71.7% ZoomInfo 08/19/20 635.6 1,971.5 32.2% 0.0% (2.4%) (6.6%) 2.8% 30.4% Carparts.com 08/14/20 89.7 616.8 14.5% 66.7% (10.6%) (7.9%) 11.8% (4.7%) Sprout Social 08/12/20 189.8 1,206.7 15.7% 25.0% (6.7%) (0.9%) 11.0% 65.1% Vertiv 08/12/20 350.8 5,175.7 6.8% 0.0% (3.2%) (9.1%) 0.0% 22.4% Upland Software 08/11/20 136.9 879.6 15.6% 100.0% (1.9%) (14.7%) 0.0% 35.0% Overstock.com 08/11/20 204.1 3,715.0 5.5% 100.0% (8.2%) (8.2%) 5.2% (43.2%) Plug Power 08/11/20 314.4 3,928.0 8.0% 100.0% (9.4%) (9.4%) 3.7% 230.8% 2U 08/05/20 309.4 3,126.2 9.9% 100.0% (6.3%) (6.2%) (6.8%) (12.1%) Calix 07/30/20 64.4 1,169.9 5.5% 100.0% (0.5%) 4.5% 6.3% 48.8% Ping Identity 07/08/20 330.4 2,912.2 11.3% 0.0% (2.7%) (2.6%) 4.3% (10.5%) HealthEquity 07/08/20 257.6 4,227.5 6.1% 100.0% (5.4%) (3.6%) 0.1% 24.5%
Mean: $252.0 $2,401.9 11.9% 56.1% (8.4%) (6.7%) 2.3% 39.6% Median: $212.7 $1,835.8 10.3% 89.8% (5.9%) (7.7%) 0.0% 18.7% Indicates Canaccord Genuity Transaction Sources: Dealogic, Capital IQ as of 12/31/20. Past performance is no guarantee of future results. Page 17 Driven by your success. Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B. PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination Transaction Distribution
• A total of 772 deals was announced in December 2020, 378 of which were worth $46.9 billion in aggregate reported value
• Software accounted for 46 percent of transactions with 352 deals announced – 218 of which reported $20.9 billion in value
• Business Services was the second most valuable segment with 122 transactions– 23 of which were valued at $13.3 billion
• Strategic buyers announced 387 deals
• VC/Growth Capital investors completed 318 transactions
• Private Equity buyers announced 67 deals during the month
December 2020 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 352 46% $20,915.0 45% 128 $9,752.3 31 $3,617.2 193 $7,545.5 Business Services 122 16% $13,336.6 28% 92 $2,260.6 17 $9,775.8 13 $1,300.2 Marketing Technology 115 15% $5,284.2 11% 57 $2,072.0 6 $1,100.0 52 $2,112.2 Digital Media/Commerce 104 13% $4,043.4 9% 54 $2,429.5 6 $180.0 44 $1,433.9 Agency & Marketing Services 42 5% $1,855.5 4% 33 $501.5 3 $0.0 6 $1,354.0 Information 17 2% $194.0 0% 9 $31.0 3 $58.0 5 $105.0 Traditional Media 13 2% $1,200.0 3% 13 $1,200.0 1 $0.0 0 $0.0 Digital Advertising 7 1% $71.5 0% 1 $0.0 0 $0.0 5 $71.5 Total 772 100% 46,900.2 100% 387 18,246.9 67 14,731.0 318 13,922.3
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 19 Driven by your success. Transaction Distribution • M&A total deal volume in December 2020 was up 29 percent compared with December 2019 • The largest transactions recorded during the month were:
‒ The $3.4 billion purchase of healthcare management system HMS Holdings by Gainwell Technologies
‒ Veritas Capital’s acquisition of Northrop Grumman's federal IT and mission support services business for $3.4 billion
‒ The sale of online software developer training course provider Pluralsight to Vista Equity Partners for $2.95 billion
‒ The purchase of IT asset management company Flexera by Thoma Bravo from TA Associates and Ontario Teachers for $2.9 billion
‒ Apollo Global Management and Hudson Executive Capital’s acquisition of ATM transaction specialist Cardtronics for $1.6 billion
$100.0 $97.1 7000 $92.0 Nets/ $90.0 Real Page/ Nexi Thoma Bravo 6000 $80.0 Ingram Micro/ $70.0 Platinum Equity 5000 $63.0 IHS Markit/ $60.0 Ingenico/ Slack/ $56.0 Worldline $54.1 S&P Global 4000 $51.5 $49.8 Salesforce $50.0 Credit Karma/ Intuit ZeniMax/ Willis $41.3 Livongo Health/ Microsoft 3000 $40.0 E*TRADE/ Towers Teladoc Health Morgan Stanley Watson/ $35.0 $35.7 Aon 58.com/ Ebay Classifieds/
$30.0 Consortium Adevinta 2000 GrubHub/ CPA Global/ $20.0 JustEat Clarivate $14.1 $15.2 1000 $10.0 716 687 660 654 687 810 665 772 576 570 594 603
$- 0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include the the $13 billion acquisition of E*TRADE by Morgan Stanley, Worldline’s $8.4 billion purchase of Ingenico, and Credit Karma’s sale to Intuit for $7.1 billion, the $30 billion purchase of Willis Towers Watson by Aon, Just Eat’s $7.3 billion acquisition of GrubHub, and the $8.7 billion purchase of 58.com by Warburg Pincus, General Atlantic, and Ocean Link Partners, Ebay’s sale of its classifieds business to Adevinta for $9 billion, Clarivate’s $6.8 billion acquisition of CPA Global, Livongo’s pending $18.5 billion sale to Teladoc Health, Microsoft’s $7.5 billion purchase of ZeniMax, Nexi’s $9.2 billion purchase of Nets, the pending $44 billion acquisition of IHS Markit by S&P Global, the $27.7 billion acquisition of Slack by Salesforce, The $10.2 purchase of RealPage by ThomaBravo, and Platinum Equity’s acquisition of Ingram Micro *The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 20 Driven by your success. • Of the 104 transactions recorded in the Digital Media/Commerce segment in December, 50 were announced for $4 billion in reported value
• Transactions in the segment include: ‒ Northern Star Acquisition Corp.’s merger with online pet products company BarkBox (a Canaccord Genuity-led transaction) ‒ The sale of online furniture company Design Public Group to HNI (a Canaccord Genuity-led transaction) ‒ The $1.2 billion purchase of video games specialist Codemasters by Electronic Arts ‒ Enad Global 7’s purchase of gaming company Daybreak Game Company for $300 million ‒ MTG’s $275 million acquisition of mobile racing games publisher Hutch Games ‒ Red Venture’s purchase of travel resource company Lonely Planet
$20.0 110
$18.0 $17.5 100
$16.0 90
$14.0 80 $12.5 $12.0 70
$10.0 $9.1 60 $8.0 50 $6.1 $6.0 $5.4 $5.6 $5.1 40 $4.1 $4.0 $3.7 $4.0 $4.0 $3.7 30
$2.0 20 97 97 95 90 76 83 75 75 86 100 93 104 $0.0 10 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
DIGITAL MEDIA/COMMERCE 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 121 $12,342.8 148 $11,126.2 510 $33,949.1 54 $2,072.0 Private Equity - Buyout 19 12,349.3 18 1,102.0 58 14,781.5 6 1,100.0 Private Equity - VC/Growth Capital 118 7,023.0 131 7,969.1 503 32,093.6 44 2,112.2 Total 258 $31,715.1 297 $20,197.3 1,071 $80,824.2 104 $5,284.2
*The information contained on this page is sourced from CG LLC's proprietary Page 21 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)
US-Based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alphabet Inc. $1,752.64 -5% $ 1,185,281.0 $ 1,079,780.0 $ 171,704.0 $ 48,075.0 28.0% 10.7% 6.3x 22.5x Apple Inc. 132.69 -4% 2,255,969.1 2,186,417.1 274,515.0 77,344.0 28.2% 5.5% 8.0x 28.3x Facebook, Inc. 273.16 -10% 778,039.6 733,563.6 78,975.0 30,221.0 38.3% 18.7% 9.3x 24.3x Fitbit, Inc. 6.80 -7% 1,852.8 1,517.8 1,315.5 (311.0) NM -12.5% 1.2x NM GoPro, Inc. 8.28 -10% 1,248.2 1,321.5 1,062.5 46.1 4.3% 1.8% 1.2x 28.7x J2 Global, Inc. 97.69 -7% 4,453.9 5,471.7 1,425.9 554.8 38.9% 8.6% 3.8x 9.9x Leaf Group Ltd. 4.65 -38% 165.6 155.6 192.2 (10.9) NM 23.7% 0.8x NM Netflix, Inc. 540.73 -6% 238,891.8 248,636.6 23,819.0 4,201.1 17.6% 26.2% 10.4x 59.2x Pinterest, Inc. 65.90 -13% 40,730.8 39,231.9 1,386.9 (263.9) NM 36.5% 28.3x NM RealNetworks, Inc. 1.56 -30% 59.7 62.4 174.1 (12.1) NM 167.6% 0.4x NM Remark Holdings, Inc. 1.90 -47% 189.1 189.3 5.6 (15.7) NM -23.3% 33.6x NM Roku, Inc. 332.02 -9% 42,143.8 41,535.5 1,539.7 (53.7) NM 55.0% 27.0x NM Snap Inc. 50.07 -8% 74,603.3 73,856.7 2,156.2 (833.9) NM 39.6% 34.3x NM Twitter, Inc. 54.15 -3% 42,959.9 39,627.4 3,434.6 294.7 8.6% 2.2% 11.5x NM Upwork Inc. 34.52 -17% 4,214.0 4,095.8 347.8 (24.1) NM 20.9% 11.8x NM Zynga Inc. 9.87 -8% 10,649.7 10,627.3 1,763.3 315.9 17.9% 51.2% 6.0x 33.6x
Average 8.7x 25.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (35.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (44.6x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 22 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baidu, Inc. China $216.24 -4% $ 73,754.2 $ 64,841.4 $ 15,564.4 $ 3,358.4 21.6% 0.0% 4.2x 19.3x Bilibili Inc. * China 85.72 -10% 29,782.2 29,030.9 1,497.1 (179.5) NM 71.6% 19.4x NM CyberAgent, Inc. Japan 68.89 -4% 8,680.9 8,450.8 4,537.4 403.9 8.9% 5.5% 1.9x 20.9x DeNA Co., Ltd. Japan 17.82 -14% 2,198.4 1,641.0 1,184.5 248.6 21.0% 3.1% 1.4x 6.6x Fiverr International Ltd. * Israel 195.10 -15% 6,851.4 6,561.1 163.2 (10.8) NM 66.1% 40.2x NM G5 Entertainment AB (publ) Sweden 49.29 -20% 437.0 418.5 150.6 17.0 11.3% 8.3% 2.8x 24.6x GREE, Inc. Japan 5.86 -2% 1,300.2 469.4 588.8 40.3 6.8% -9.4% 0.8x 11.7x HolidayCheck Group AG * Germany 2.61 -25% 147.6 138.0 63.1 (44.8) NM -60.8% 2.2x NM HUYA Inc. China 19.93 -35% 4,689.5 3,113.3 1,530.2 106.4 7.0% 40.2% 2.0x 29.3x International Game Technology PLC United Kingdom 16.94 -1% 3,470.3 11,921.6 3,812.6 1,038.7 27.2% -20.5% 3.1x 11.5x iQIYI, Inc. China 17.48 -38% 12,996.0 14,840.3 4,380.3 1,548.2 35.3% 4.3% 3.4x 9.6x mixi, Inc. Japan 24.81 -22% 1,868.2 536.7 1,176.5 296.6 25.2% 3.6% 0.5x 1.8x Meitu, Inc. * China 0.19 -37% 801.2 469.6 151.7 (18.3) NM 15.8% 3.1x NM Ncsoft Corporation * South Korea 855.49 -7% 17,629.2 15,924.7 2,051.7 429.7 20.9% 52.4% 7.8x 37.1x NAVER Corporation South Korea 268.78 -16% 39,070.1 38,969.0 6,190.7 1,199.5 19.4% 0.0% 6.3x 32.5x NetEase, Inc. China 95.77 -7% 66,179.3 56,659.9 10,255.1 2,605.6 25.4% 36.4% 5.5x 21.7x NEXON Co., Ltd. Japan 30.81 -8% 27,291.9 22,498.5 2,615.7 1,135.5 43.4% 12.4% 8.6x 19.8x Opera Limited Norway 9.13 -21% 1,050.6 940.0 321.4 78.5 24.4% 25.8% 2.9x 12.0x Pacific Online Limited China 0.16 -29% 182.4 136.2 124.8 29.7 23.8% -17.1% 1.1x 4.6x Phoenix New Media Limited * China 1.20 -55% 87.3 (243.9) 213.6 (12.1) NM -0.6% NM 20.1x Renren Inc. * China 4.77 -42% 112.5 162.1 175.8 (103.5) NM -60.9% 0.9x NM Sea Limited * Singapore 199.05 -6% 101,749.2 100,380.7 3,586.3 (1,013.8) NM 113.3% 28.0x NM Sogou Inc. * China 8.15 -9% 3,158.9 2,125.0 1,036.2 (8.8) NM -11.4% 2.1x NM Spotify Technology S.A. * Luxembourg 314.66 -9% 59,655.2 58,367.0 8,885.6 (306.5) NM 18.2% 6.6x NM Tencent Music Entertainment * China 19.24 -5% 32,275.7 29,452.7 4,139.6 662.1 16.0% 19.4% 7.1x 44.5x Weibo Corporation China 40.99 -22% 9,282.7 8,531.8 1,644.7 506.1 30.8% -7.6% 5.2x 16.9x Wemade Co.,Ltd. * South Korea 35.38 -25% 580.2 507.6 89.1 (9.4) NM -14.9% 5.7x NM Yandex N.V. * Netherlands 69.58 -4% 24,518.9 22,907.3 2,555.6 423.8 16.6% 22.1% 9.0x 54.1x JOYY Inc. China 79.98 -26% 6,477.1 3,885.1 4,475.0 414.5 9.3% 82.1% 0.9x 9.4x
Average 6.7x 21.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (24.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 23 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
US-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 1-800-FLOWERS.COM, Inc. $26.00 -21% $ 1,680.7 $ 1,976.7 $ 1,586.1 $ 121.6 7.7% 25.2% 1.2x 16.3x Airbnb, Inc. 146.80 -16% 87,088.8 88,107.1 3,625.7 (538.5) NM 0.0% 24.3x NM Alphabet Inc. 1,752.64 -5% 1,185,281.0 1,079,780.0 171,704.0 48,075.0 28.0% 10.7% 6.3x 22.5x Amazon.com, Inc. 3,256.93 -8% 1,634,168.5 1,662,580.5 347,945.0 43,708.0 12.6% 31.1% 4.8x 38.0x Apple Inc. 132.69 -4% 2,255,969.1 2,186,417.1 274,515.0 77,344.0 28.2% 5.5% 8.0x 28.3x Blucora, Inc. 15.91 -40% 764.4 1,205.9 749.2 76.6 10.2% 11.9% 1.6x 15.7x Blue Apron Holdings, Inc. 5.59 -81% 98.9 119.3 439.5 (16.3) NM -12.3% 0.3x NM Booking Holdings Inc. 2,227.27 0% 91,217.6 92,471.6 8,897.0 2,292.0 25.8% -40.4% 10.4x 40.3x CarGurus, Inc. 31.73 -18% 3,593.0 3,420.6 558.1 94.1 16.9% 0.2% 6.1x 36.3x CDW Corporation 131.79 -10% 18,844.4 22,338.5 18,048.2 1,557.9 8.6% 2.7% 1.2x 14.3x Chegg, Inc. 90.33 -5% 11,635.5 11,938.9 564.1 81.4 14.4% 48.0% 21.2x NM Chewy, Inc. 89.89 -18% 37,092.8 36,927.9 6,457.8 (146.2) NM 41.0% 5.7x NM Copart, Inc. 127.25 -3% 30,047.9 29,968.1 2,244.1 956.2 42.6% 5.1% 13.4x 31.3x DoorDash, Inc. 142.75 -27% 45,345.5 46,986.5 2,214.0 (158.0) NM 0.0% 21.2x NM eBay Inc. 50.25 -18% 34,639.3 39,117.3 11,803.0 3,694.0 31.3% 27.2% 3.3x 10.6x Etsy, Inc. 177.91 -10% 22,432.8 22,018.4 1,378.3 328.2 23.8% 84.2% 16.0x 67.1x Expedia Group, Inc. 132.40 -1% 18,729.5 26,142.5 7,026.0 (541.0) NM -40.9% 3.7x NM Grubhub Inc. 74.27 -13% 6,888.9 7,039.5 1,657.5 (22.3) NM 31.7% 4.2x NM Lemonade, Inc. 122.50 -11% 6,932.3 6,356.9 97.4 (118.4) NM 88.4% 65.3x NM Liberty TripAdvisor Holdings, Inc. 4.34 -44% 400.1 3,212.1 823.0 (57.0) NM -47.6% 3.9x NM Liquidity Services, Inc. 15.91 -18% 543.3 478.9 205.9 0.5 0.2% -9.1% 2.3x NM Lyft, Inc. 49.13 -10% 15,599.9 14,171.5 2,811.9 (1,540.5) NM -14.0% 5.0x NM Match Group, Inc. 151.19 -5% 40,214.0 43,435.5 4,992.8 893.3 17.9% 91.4% 8.7x 48.6x Overstock.com, Inc. 47.97 -63% 2,051.4 1,655.0 2,236.6 19.0 0.8% 45.1% 0.7x 87.2x Peloton Interactive, Inc. 151.72 -9% 44,383.0 42,964.7 2,355.8 136.9 5.8% 128.5% 18.2x NM PetMed Express, Inc. 32.06 -25% 644.1 537.7 305.8 38.6 12.6% 11.4% 1.8x 13.9x Qurate Retail, Inc. 10.97 -13% 4,573.7 11,772.7 13,898.0 1,985.0 14.3% 1.7% 0.8x 5.9x Revolve Group, Inc. 31.17 -5% 2,188.4 2,044.7 587.5 61.0 10.4% 1.1% 3.5x 33.5x Shutterstock, Inc. 71.70 -3% 2,597.2 2,257.0 652.1 80.8 12.4% 0.9% 3.5x 27.9x SmileDirectClub, Inc. 11.94 -34% 1,355.7 1,386.2 618.8 (262.6) NM -3.7% 2.2x NM Spark Networks SE 5.32 -21% 138.6 224.8 228.9 18.2 8.0% 104.1% 1.0x 12.4x Stamps.com Inc. 196.19 -40% 3,577.7 3,275.1 712.9 198.5 27.9% 22.7% 4.6x 16.5x Stitch Fix, Inc. 58.72 -19% 6,157.5 5,935.0 1,757.3 (46.4) NM 6.1% 3.4x NM Uber Technologies, Inc. 51.00 -9% 89,952.2 93,979.2 12,982.0 (3,735.0) NM -0.5% 7.2x NM CarParts.com, Inc. 12.39 -28% 593.8 564.5 387.1 8.5 2.2% 37.1% 1.5x 66.5x Vroom, Inc. 40.97 -46% 5,336.0 4,438.9 1,307.5 (153.4) NM 0.0% 3.4x NM Wayfair Inc. 225.81 -35% 22,456.4 23,731.6 13,007.8 143.5 1.1% 51.1% 1.8x NM ContextLogic Inc. 18.24 -26% 10,706.6 11,190.6 2,323.0 (228.0) NM 0.0% 4.8x NM
Average 7.1x 30.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (30.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (53.3x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 24 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alibaba Group Holding Limited China $232.73 -27% $ 629,682.8 $ 607,429.0 $ 86,084.1 $ 20,905.5 24.3% 31.4% 7.1x 29.1x Cango Inc. China 7.00 -50% 1,056.8 1,030.1 199.7 35.3 17.7% -0.3% 5.2x 29.2x Cnova N.V. Netherlands 3.67 -16% 1,266.8 2,047.4 2,530.0 89.2 3.5% 2.1% 0.8x 22.9x Despegar.com, Corp. Argentina 12.81 -17% 896.0 687.9 542.1 70.8 13.1% -56.3% 1.3x 9.7x Farfetch Limited * United Kingdom 63.81 -3% 21,669.8 21,697.8 1,516.0 (335.2) NM 81.7% 14.3x NM JD.com, Inc. * China 87.90 -5% 136,234.2 126,952.7 101,925.8 2,462.3 2.4% 27.9% 1.2x 51.6x Jumia Technologies AG * Germany 40.35 -18% 3,271.6 3,108.3 172.8 (191.8) NM -4.1% 18.0x NM LightInTheBox Holding Co., Ltd. * China 2.54 -35% 283.9 250.6 340.1 6.0 1.8% 50.2% 0.7x 41.9x MercadoLibre, Inc. * Argentina 1,675.22 -3% 83,542.8 82,393.9 3,320.4 177.2 5.3% 62.0% 24.8x NM MOGU Inc. * China 2.17 -68% 234.5 116.4 93.3 (31.0) NM -38.6% 1.2x NM PChome Online Inc. Taiwan 3.20 -39% 378.9 313.6 1,474.2 17.0 1.2% 12.8% 0.2x 18.5x Pinduoduo Inc. * China 177.67 -3% 217,881.4 212,473.5 6,440.6 (1,284.7) NM 74.9% 33.0x NM Rakuten, Inc. * Japan 9.63 -21% 13,098.2 9,095.6 13,257.9 (309.8) NM 14.9% 0.7x NM Secoo Holding Limited China 2.30 -68% 162.5 281.5 839.6 21.9 2.6% -13.9% 0.3x 12.9x trivago N.V. * Germany 2.42 -21% 855.9 701.8 436.9 (20.6) NM -56.2% 1.6x NM Vipshop Holdings Limited China 28.11 -1% 19,039.6 17,706.6 14,048.8 992.4 7.1% 6.3% 1.3x 17.8x X Financial * China 2.00 -63% 107.0 109.6 315.4 (65.2) NM -35.4% 0.3x NM
Average 7.8x 28.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (26.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (39.6x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 25 **Source: S&P Capital IQ Driven by your success. • The Marketing Technology segment announced 115 transactions in December 2020
• Marketing Technology transactions included: ‒ Warner Media’s acquisition of You.i, a leading provider of cross-platform development tools for TV and media companies (a Canaccord Genuity-led transaction) ‒ The $715 million purchase of SaaS product lifecycle management (PLM) Arena Solutions by PTC ‒ Visma’s sale of e-tendering and e-procurement SaaS provider Visma Commerce to Mercell for $232 million ‒ The $150 million sale of virtual event company BrightTALK to TechTarget ‒ Cisco’s acquisition of communications solution Dashbase ‒ Kynetic’s sale of online shopping website and application provider ShopRunner to Fedex
$12.0 130
$9.8 $10.0 110
$8.0 90
$5.9 $6.0 $5.3 70
$3.8 $4.0 $3.3 50 $2.2 $1.6 $1.1 $1.3 $1.8 $2.0 $1.2 30 $0.7 84 98 107 90 115 76 68 75 64 89 $0.0 74 73 10 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Marketing Technology 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 134 $2,833.2 156 $10,625.0 429 $15,466.6 57 $2,429.5 Private Equity - Buyout 16 91.1 10 1,100.0 45 3,576.1 6 180.0 Private Equity - VC/Growth Capital 121 3,849.7 146 9,263.9 463 19,148.2 52 1,433.9 Total 271 $6,774.0 312 $20,988.9 937 $38,190.9 115 $4,043.4
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 26 Driven by your success. ($ in Millions, except stock price data)
US-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. $500.12 -7% $ 239,917.06 $ 238,633.06 $ 12,868.00 $ 4,993.00 38.8% 15.2% 18.5x 47.8x AppFolio, Inc. 180.04 -4% 6,180.4 6,038.5 305.0 21.3 7.0% 27.6% 19.8x 283.6x BigCommerce Holdings, Inc. 64.15 -61% 4,436.1 4,295.6 140.2 (31.5) NM 0.0% 30.6x NM Blackbaud, Inc. 57.56 -31% 2,778.9 3,302.9 908.5 113.8 12.5% 2.8% 3.6x 29.0x Brightcove Inc. 18.40 -5% 732.4 719.9 191.3 2.7 1.4% 7.6% 3.8x 262.2x Cardlytics, Inc. 142.77 -5% 3,921.1 3,818.0 189.1 (38.1) NM 0.1% 20.2x NM ChannelAdvisor Corporation 15.98 -28% 463.4 409.0 139.5 24.2 17.3% 7.4% 2.9x 16.9x Eventbrite, Inc. 18.10 -21% 1,658.8 1,337.2 162.0 (189.7) NM -49.4% 8.3x NM eBay Inc. 50.25 -18% 34,639.3 39,117.3 11,803.0 3,694.0 31.3% 27.2% 3.3x 10.6x Endurance International Group 9.45 0% 1,339.2 2,921.9 1,101.8 276.2 25.1% -1.5% 2.7x 10.6x Five9, Inc. 174.40 -7% 11,507.2 11,383.2 399.3 11.2 2.8% 29.6% 28.5x NM GoDaddy Inc. 82.95 -10% 13,927.6 16,794.9 3,223.2 491.9 15.3% 11.0% 5.2x 34.1x HubSpot, Inc. 396.44 -6% 18,191.7 17,794.9 817.1 (31.5) NM 29.2% 21.8x NM IBM Corporation 125.88 -21% 112,166.3 167,084.3 75,030.0 15,690.0 20.9% -2.7% 2.2x 10.6x LivePerson, Inc. 62.23 -9% 4,162.3 4,166.3 343.6 (48.0) NM 23.5% 12.1x NM Marin Software Incorporated 2.02 -65% 17.9 23.6 34.1 (13.6) NM -36.2% 0.7x NM Medallia, Inc. 33.22 -17% 4,997.9 4,807.1 459.3 (107.1) NM 21.3% 10.5x NM MicroStrategy Incorporated 388.55 -3% 3,600.7 3,653.7 482.9 60.4 12.5% -0.4% 7.6x 60.5x Nuance Communications, Inc. 44.09 -2% 12,561.1 13,861.3 1,478.9 244.4 16.5% -2.8% 9.4x 56.7x Oracle Corporation 64.69 -2% 190,449.6 223,457.6 39,403.0 17,271.0 43.8% -0.5% 5.7x 12.9x PayPal Holdings, Inc. 234.20 -4% 274,410.2 269,960.2 20,299.0 4,030.0 19.9% 19.1% 13.3x 67.0x PROS Holdings, Inc. 50.77 -26% 2,205.2 2,137.9 257.7 (53.3) NM 8.9% 8.3x NM salesforce.com, inc. 222.53 -22% 203,714.0 200,445.0 20,286.0 2,022.0 10.0% 28.0% 9.9x 99.1x SharpSpring, Inc. 16.28 -12% 205.1 204.0 27.8 (6.2) NM 27.8% 7.3x NM Sprout Social, Inc. 45.41 -20% 2,403.8 2,262.1 123.7 (47.9) NM 27.8% 18.3x NM SVMK Inc. 25.55 -3% 3,633.6 3,725.7 359.0 (61.7) NM 23.3% 10.4x NM Square, Inc. 217.64 -11% 98,141.9 97,929.0 7,652.0 14.9 0.2% 76.6% 12.8x NM GlobalData Plc 18.64 -22% 2,198.8 2,313.7 218.4 47.6 21.8% 3.1% 10.6x 48.6x Teradata Corporation 22.47 -19% 2,456.0 2,606.0 1,839.0 147.0 8.0% -7.7% 1.4x 17.7x Unity Software Inc. 153.47 -12% 41,556.1 39,923.0 710.2 (181.9) NM 0.0% 56.2x NM Verint Systems Inc. 67.18 -1% 4,416.2 4,889.2 1,263.8 187.4 14.8% -2.4% 3.9x 26.1x Veritone, Inc. 28.45 -21% 886.8 832.5 53.3 (43.3) NM 10.8% 15.6x NM Zendesk, Inc. 143.12 -1% 16,698.8 16,507.1 975.9 (93.0) NM 28.6% 16.9x NM ZoomInfo Technologies Inc. 48.23 -25% 8,130.4 9,071.0 427.6 61.4 14.4% 76.0% 21.2x 147.7x Zoom Video Communications, Inc. 337.32 -43% 96,475.9 94,674.3 1,957.1 448.3 22.9% 262.3% 48.4x 211.2x
Adjusted Weighted Average 14.0x 51.5x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (38.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (162.0x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 27 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baozun Inc. China $34.35 -28% $ 2,671.06 $ 2,370.47 $ 1,220.62 $ 95.57 7.8% 23.8% 1.9x 24.8x ChinaCache International Holdings China 0.13 -56% 3.5 76.0 131.9 (0.3) NM -0.4% 0.6x NM MercadoLibre, Inc. Argentina 1,675.22 -3% 83,542.8 82,393.9 3,320.4 177.2 5.3% 62.0% 24.8x NM Open Text Corporation Canada 45.46 -5% 12,318.8 14,935.7 3,216.9 976.5 30.4% 11.0% 4.6x 15.3x Shopify Inc. Canada 1,131.95 -12% 138,857.5 133,639.3 2,456.9 59.2 2.4% 73.4% 54.4x NM The Sage Group plc United Kingdom 7.95 -27% 8,689.7 8,906.8 2,460.9 717.7 29.2% -1.7% 3.6x 12.4x United Internet AG Germany 42.12 -22% 7,921.3 10,105.0 6,251.5 1,238.5 19.8% 3.5% 1.6x 8.2x Wix.com Ltd. Israel 249.96 -22% 13,907.8 13,282.2 910.8 (140.6) NM 26.4% 14.6x NM
Adjusted Weighted Average 8.5x 12.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (54.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (22.2x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 28 Driven by your success. **Source: S&P Capital IQ • There were seven transactions completed in the Digital Advertising segment in December 2020 • Select transactions in the segment include:
‒ Telenor’s sale of digital identity resolution platform Tapad to Experian for $280 million
‒ Entercom Communications’ purchase of IGaming affiliate platform QL Gaming Group for $32 million
‒ The $27 million round of funding local healthcare booking platform Solv raised from Acrew Capital, MultiCare Health System, Light Street Capital, Benchmark, and Greylock Partners
‒ The sale of predictive marketing platform Teemo to Near
30 26
24 25 22 20 20
15 18
16
# # deals of 10 14 5 12 10 25 20 11 15 17 12 12 5 9 10 0 7 10 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Note: Deal values are not included in chart, as the majority of Digital Advertising transactions were reported without a value
Digital Advertising 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 22 $2,833.2 14 $369.6 85 $2,312.1 1 $0.0 Private Equity - Buyout 2 91.1 2 0.0 9 1,100.0 1 0.0 Private Equity - VC/Growth Capital 11 3,849.7 11 290.6 59 1,814.8 5 71.5 Total 35 $6,774.0 27 $660.2 153 $5,226.9 7 $71.5
*The information contained on this page is sourced from CG LLC's proprietary Page 29 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alliance Data Systems Corporation $74.10 -36% $ 3,677.1 $ 18,192.4 $ 4,872.5 $ 705.5 14.5% -12.8% 3.7x 25.8x Alphabet Inc. 1,752.64 -5% 1,185,281.0 1,079,780.0 171,704.0 48,075.0 28.0% 10.7% 6.3x 22.5x ANGI Homeservices Inc. 13.20 -23% 6,594.8 6,454.6 1,430.1 144.6 10.1% 11.4% 4.5x 44.6x AutoWeb, Inc. 2.47 -59% 32.5 36.0 86.0 (3.7) NM -28.1% 0.4x NM CarGurus, Inc. 31.73 -18% 3,593.0 3,420.6 558.1 94.1 16.9% 0.2% 6.1x 36.3x DHI Group, Inc. 2.22 -29% 107.2 134.6 141.4 23.0 16.3% -5.5% 1.0x 5.8x EverQuote, Inc. 37.35 -41% 1,037.4 991.6 323.4 (6.0) NM 50.6% 3.1x NM Facebook, Inc. 273.16 -10% 778,039.6 733,563.6 78,975.0 30,221.0 38.3% 18.7% 9.3x 24.3x Fluent, Inc. 5.31 -18% 405.3 441.8 308.7 32.4 10.5% 13.3% 1.4x 13.6x GoHealth, Inc. 13.66 -48% 4,387.3 5,419.2 720.1 (8.4) NM 0.0% 7.5x NM GoodRx Holdings, Inc. * 40.34 -37% 15,744.0 15,402.3 510.4 79.1 15.5% 0.0% 30.2x 194.7x Groupon, Inc. 38.00 -40% 1,094.7 874.7 1,686.1 (16.8) NM -29.9% 0.5x NM Inuvo, Inc. 0.45 -59% 44.2 37.0 50.0 (5.1) NM -17.2% 0.7x NM LendingTree, Inc. 273.79 -26% 3,592.9 4,102.5 942.8 80.3 8.5% -10.6% 4.4x 51.1x QuinStreet, Inc. 21.44 -6% 1,134.0 1,049.5 503.0 17.8 3.5% 7.3% 2.1x 58.8x Quotient Technology Inc. * 9.42 -14% 857.3 842.1 421.9 3.8 0.9% -0.7% 2.0x 223.5x Redfin Corporation 68.63 -18% 7,023.9 6,803.3 874.8 (11.7) NM 30.4% 7.8x NM SelectQuote, Inc. 20.75 -28% 3,374.6 3,424.3 590.5 155.7 26.4% 87.6% 5.8x 22.0x Snap Inc. * 50.07 -8% 74,603.3 73,856.7 2,156.2 (833.9) NM 39.6% 34.3x NM Magnite, Inc. 30.71 -7% 3,438.3 3,379.9 188.1 (8.6) NM 25.9% 18.0x NM MediaAlpha, Inc. 39.07 -26% 2,293.6 2,487.0 520.8 46.7 9.0% 0.0% 4.8x 53.2x The Trade Desk, Inc. * 801.00 -18% 37,618.4 37,373.3 732.1 112.1 15.3% 20.9% 51.1x NM Travelzoo 9.44 -24% 106.8 81.6 72.9 (11.3) NM -31.6% 1.1x NM TripAdvisor, Inc. 28.78 -9% 3,871.6 3,942.6 823.0 (119.0) NM -47.6% 4.8x NM TrueCar, Inc. 4.20 -35% 437.2 296.4 318.4 11.5 3.6% -6.7% 0.9x 25.8x Twitter, Inc. 54.15 -3% 42,959.9 39,627.4 3,434.6 294.7 8.6% 2.2% 11.5x 134.5x Yelp Inc. 32.67 -13% 2,417.5 2,036.4 908.6 (5.6) NM -8.1% 2.2x NM Yext, Inc. 15.72 NA 1,922.0 1,843.5 343.8 (98.7) NM 22.3% 5.4x NM Zillow Group, Inc. 135.94 -9% 30,611.0 29,141.6 3,494.8 (39.5) NM 61.5% 8.3x NM
Average 9.6x 30.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (32.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (135.6x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 30 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA AcuityAds Holdings Inc. * Canada $11.21 -36% $ 598.3 $ 605.7 $ 81.3 $ 4.6 5.7% -4.5% 7.4x 130.3x Cliq Digital AG Germany 20.31 -15% 126.2 136.7 92.4 11.2 12.1% 46.9% 1.5x 12.2x Criteo S.A. France 20.51 -9% 1,235.6 924.8 2,064.0 223.6 10.8% -9.4% 0.4x 4.1x iClick Interactive Asia Group Limited Hong Kong 8.54 -16% 772.1 744.3 232.7 2.3 1.0% 27.7% 3.2x NM MakeMyTrip Limited India 29.53 -2% 3,049.1 2,873.2 279.2 (92.7) NM -44.7% 10.3x NM Metaps Inc. Japan 7.07 -40% 95.9 54.1 91.7 (2.1) NM 0.0% 0.6x NM Pacific Online Limited China 0.16 -29% 182.4 136.2 124.8 29.7 23.8% -17.1% 1.1x 4.6x Perion Network Ltd. Israel 12.73 -29% 343.3 327.8 288.1 15.4 5.3% 12.9% 1.1x 21.3x Rightmove plc * United Kingdom 8.89 -8% 7,733.0 7,680.0 297.4 209.5 70.4% -14.4% 25.8x 36.7x Septeni Holdings Co., Ltd. Japan 4.10 -10% 517.8 381.5 170.1 31.5 18.5% 6.8% 2.2x 12.1x Tencent Holdings Limited China 72.74 -11% 692,577.6 708,204.6 66,879.0 24,146.3 36.1% 27.4% 10.6x 29.3x TradeDoubler AB (publ) Sweden 0.36 -36% 16.1 27.9 135.0 2.6 1.9% 2.0% 0.2x 10.9x XLMedia PLC Cyprus 0.44 -36% 81.4 60.7 65.0 14.2 21.9% -26.8% 0.9x 4.3x Yandex N.V. * Netherlands 69.58 -4% 24,518.9 22,907.3 2,555.6 423.8 16.6% 22.1% 9.0x 54.1x
Average 5.1x 17.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.5x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current Page 31 Driven by your success. **Sourcethereafter:.S&P Capital IQ • A total of 42 transactions was announced in the Agency & Marketing Services segment
• Select Agency & Marketing Services transactions include:
‒ The investment New Mountain made in performance marketing firm Tinuiti (a Canaccord Genuity-led transaction)
‒ The investment digital performance marketing agency Acceleration Partners received from Mountaingate Capital (a Canaccord Genuity-led transaction)
‒ Bain Capital’s sale of life sciences data and research company Kantar Health to Cerner for $375 million
‒ Ascential’s $74 million purchase of China based e-commerce agency X Target
‒ The investment healthcare-focused marketing agency Fingerpaint received from Knox Lane
70 60 50 40
# # deals of 30 20 10 60 46 53 23 24 16 27 26 29 27 42 42 0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value
Agency & Marketing Services 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 77 $3,300.0 93 $647.1 357 $7,086.1 33 $501.5 Private Equity - Buyout 5 237.2 3 0.0 29 1,100.7 3 0.0 Private Equity - VC/Growth Capital 0 0.0 15 4,129.0 37 4,769.1 6 1,354.0 Total 82 $3,537.2 111 $4,776.1 423 $12,955.9 42 $1,855.5
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 32 Driven by your success. ($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Dentsu Group Inc. Japan $29.70 -20% $ 8,346.84 $ 12,355.67 $ 9,269.12 $ 1,562.86 16.9% NM 1.3x 7.9x Enero Group Limited Australia 1.64 -1% 141.7 119.9 186.3 18.0 9.6% 17.3% 0.6x 6.7x Hakuhodo DY Holdings Inc Japan 13.71 -20% 5,115.8 4,997.5 12,491.3 484.1 3.9% -10.1% 0.4x 10.3x M&C Saatchi plc United Kingdom 1.14 -37% 131.8 171.0 236.6 43.0 18.2% -55.0% 0.7x 4.0x Next Fifteen Communications Group United Kingdom 7.18 -7% 653.3 722.6 405.5 45.0 11.1% 6.5% 1.8x 16.1x Omnicom Group Inc. United States 62.37 -23% 13,407.9 17,756.9 13,555.3 2,086.2 15.4% -9.0% 1.3x 8.5x Digital Holdings, Inc. Japan 16.89 -19% 374.5 303.6 872.4 61.1 7.0% 7.3% 0.3x 5.0x Publicis Groupe S.A. France 49.86 -7% 12,237.1 18,752.1 12,841.5 2,190.0 17.1% 13.0% 1.5x 8.6x S4 Capital plc * United Kingdom 6.83 -8% 3,547.2 3,570.7 332.5 36.9 11.1% 0.0% 10.7x 96.9x The Interpublic Group of Companies, United States 23.52 -7% 9,173.6 13,435.5 8,213.1 1,295.5 15.8% -4.6% 1.6x 10.4x UDG Healthcare plc Ireland 10.65 -7% 2,674.0 2,814.8 1,279.2 185.9 14.5% -1.5% 2.2x 15.1x WPP plc United Kingdom 10.92 -26% 13,282.8 20,709.7 15,413.6 (1,834.4) NM 4.4% 1.3x NM
Adjusted Weighted Average 1.4x 9.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.9x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 33 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Aimia Inc. Canada $3.24 -3% $ 307.9 $ 172.8 $ 22.4 $ (110.3) NM NM 7.7x NM Dolphin Entertainment, Inc. United States 3.40 -73% 22.3 30.2 24.7 (0.1) NM 1.2% 1.2x NM Fluent, Inc. United States 5.31 -18% 405.3 441.8 308.7 32.4 10.5% 13.3% 1.4x 13.6x CSG Systems International, Inc. United States 45.07 -18% 1,428.0 1,692.6 984.8 164.3 16.7% -0.5% 1.7x 10.3x Deluxe Corporation United States 29.20 -42% 1,223.3 2,004.7 1,858.4 323.2 17.4% -7.6% 1.1x 6.2x Digital Media Solutions, Inc. United States 12.04 -7% 390.0 534.8 295.9 35.5 12.0% 0.0% 1.8x 15.0x Fair Isaac Corporation * United States 511.04 -4% 14,870.3 15,648.6 1,294.6 369.6 28.6% 11.6% 12.1x 42.3x Harte Hanks, Inc. United States 2.75 -26% 18.0 43.2 182.2 (0.8) NM -22.6% 0.2x NM High Co. SA France 5.86 -24% 121.8 63.6 179.3 16.9 9.4% -8.8% 0.4x 3.8x Kin and Carta plc United Kingdom 1.94 0% 327.3 397.5 180.9 25.1 13.9% 0.5% 2.2x 15.8x Pitney Bowes Inc. United States 6.16 -20% 1,066.3 3,074.9 3,357.0 314.4 9.4% 3.9% 0.9x 9.8x Points International Ltd. * Canada 14.62 -26% 186.1 153.1 268.0 3.6 1.3% -31.1% 0.6x 42.8x Viad Corp. United States 36.17 -48% 738.9 1,238.0 751.9 (17.8) NM -42.5% 1.6x NM
Adjusted Weighted Average 1.7x 10.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.3x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 34 Driven by your success. **Source: S&P Capital IQ • In December 2020, there were 13 Traditional Media transactions announced
• Select Traditional Media transactions included:
‒ AT&T’s sale of its Crunchyroll business to Funimation Global Group for $1.2 billion
‒ HW Media’s acquisition of real estate media company REAL Trends
‒ The acquisition of event marketing organization Corporate Event Marketing Association by PCMA
‒ JCDecaux’s purchase of France-based outdoor advertising company Abri Services Media
‒ Discovery’s acquisition of TV and radio company MediaWorks New Zealand
35 30 25 20 15 10 5 28 30 21 18 13 10 11 6 10 9 7 13 0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Traditional Media 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 22 $2,794.0 22 $5,208.5 144 $10,571.7 13 $1,200.0 Private Equity - Buyout 3 275.0 1 0.0 12 838.3 0 0.0 Private Equity - VC/Growth Capital 2 121.3 6 803.0 20 1,645.5 0 0.0 Total 27 $3,190.3 29 $6,011.5 176 $13,055.5 13 $1,200.0
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 35 Driven by your success. ($ in Millions, except stock price data)
Large Cap Diversified Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Discovery, Inc. United States $30.09 -9% $ 19,081.9 $ 34,368.9 $ 10,659.0 $ 4,286.0 40.2% -3.8% 3.2x 8.0x Fox Corporation United States 28.88 -26% 17,275.4 21,022.4 12,353.0 3,089.0 25.0% 7.3% 1.7x 6.8x The Walt Disney Company * United States 181.18 -1% 328,023.7 386,361.7 65,388.0 9,709.0 14.8% -6.1% 5.9x 39.8x ViacomCBS Inc. United States 37.26 -12% 23,027.9 42,316.9 25,931.0 4,436.0 17.1% -31.2% 1.6x 9.5x Adjusted Weighted Average 5.3x 35.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.9x)
($ in Millions, except stock price data)
B-to-B Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Ascential plc United Kingdom $5.24 -10% $ 2,109.6 $ 2,433.5 $ 401.5 $ 60.9 15.2% -18.1% 6.1x 39.9x Centaur Media Plc United Kingdom 0.41 -28% 58.5 53.9 52.9 (0.9) NM -14.6% 1.0x NM Emerald Holding, Inc. United States 5.42 -50% 387.2 601.8 160.1 (20.8) NM -57.1% 3.8x NM Euromoney Institutional Investor PLC United Kingdom 14.55 -22% 1,572.6 1,630.0 433.5 88.5 20.4% -16.5% 3.8x 18.4x Hyve Group Plc United Kingdom 1.54 -90% 408.1 557.4 135.9 (48.8) NM -52.4% 4.1x NM Informa plc United Kingdom 7.50 -37% 11,253.8 14,176.6 2,844.2 708.5 24.9% -18.5% 5.0x 20.0x MCH Group AG Switzerland 13.56 -54% 201.9 421.6 303.1 12.7 4.2% -33.5% 1.4x 33.1x TechTarget, Inc. * United States 59.11 -6% 1,660.9 1,650.1 138.3 28.6 20.7% 6.5% 11.9x 57.8x
Adjusted Weighted Average 4.9x 22.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (50.0x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Beasley Broadcast Group, Inc. * United States $1.49 -71% $ 43.6 $ 326.3 $ 209.8 $ 1.8 0.9% -20.8% 1.6x 176.5x Emmis Communications Corporation * United States 1.82 -57% 24.4 (3.2) 39.7 (12.1) NM -0.5% NM 0.3x Entercom Communications Corp. United States 2.47 -49% 340.8 2,237.8 1,155.5 127.0 11.0% -22.3% 1.9x 17.6x Salem Media Group, Inc. United States 1.04 -60% 27.8 296.8 236.4 24.2 10.3% -7.8% 1.3x 12.2x Sirius XM Holdings Inc. United States 6.37 -14% 27,069.3 35,346.3 7,913.0 2,290.0 28.9% 9.5% 4.5x 15.4x Townsquare Media, Inc. United States 6.66 -36% 126.4 646.5 374.9 57.9 15.4% -12.4% 1.7x 11.2x Urban One, Inc. United States 1.17 -83% 67.3 901.4 368.6 109.7 29.8% -17.1% 2.4x 8.2x
Adjusted Weighted Average 4.4x 15.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (97.3x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 36 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altice Europe N.V. Netherlands $6.52 -22% $ 7,774.0 $ 53,080.1 $ 17,570.5 $ 5,178.0 29.5% 4.0% 3.0x 10.3x AMC Networks Inc. United States $35.77 -16% 1,475.1 3,812.9 2,819.9 833.1 29.5% -7.5% 1.4x 4.6x CVC Limited * Australia 1.33 -21% 154.0 227.0 11.2 6.9 61.6% -25.4% 20.3x 32.9x Charter Communications, Inc. United States 661.55 -3% 132,227.4 218,751.4 47,234.0 17,523.0 37.1% 4.4% 4.6x 12.5x Comcast Corporation United States 52.40 0% 239,746.9 338,279.9 104,254.0 31,847.0 30.5% -3.8% 3.2x 10.6x Discovery, Inc. United States 30.09 -9% 19,081.9 34,368.9 10,659.0 4,286.0 40.2% -3.8% 3.2x 8.0x DISH Network Corporation United States 32.34 -24% 17,011.1 29,064.8 14,176.9 3,170.9 22.4% 10.1% 2.1x 9.2x Entravision Communications Corporation United States 2.75 -16% 231.5 349.1 243.2 41.5 17.1% -14.6% 1.4x 8.4x fuboTV Inc. * United States 28.00 -55% 1,891.8 2,481.9 111.1 (133.0) NM 1804.5% 22.3x NM Gray Television, Inc. United States 17.89 -22% 1,687.6 5,637.6 2,168.0 809.0 37.3% 15.9% 2.6x 7.0x Grupo Televisa, S.A.B. Mexico 1.68 -29% 4,719.0 11,133.5 4,432.1 1,632.7 36.8% -2.4% 2.5x 6.8x Liberty Global plc United Kingdom 24.22 -6% 13,904.8 20,641.6 11,535.4 4,590.4 39.8% 0.2% 1.8x 4.5x Nexstar Media Group, Inc. United States 109.19 -18% 4,809.3 12,523.5 4,224.7 1,591.4 37.7% 54.3% 3.0x 7.9x Sinclair Broadcast Group, Inc. United States 31.85 -7% 2,356.3 14,682.3 6,053.0 1,750.5 28.9% 72.4% 2.4x 8.4x TEGNA Inc. United States 13.95 -24% 3,058.4 6,915.3 2,694.2 827.7 30.7% 19.9% 2.6x 8.4x The E.W. Scripps Company United States 15.29 -10% 1,247.7 3,081.6 1,761.9 279.8 15.9% 35.9% 1.7x 11.0x ViacomCBS Inc. United States 37.26 -12% 23,027.9 42,316.9 25,931.0 4,436.0 17.1% -31.2% 1.6x 9.5x
Adjusted Weighted Average 3.4x 10.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.5x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cineplex Inc. Canada $7.28 -73% $ 460.8 $ 1,966.5 $ 607.2 $ (38.4) NM -51.0% 3.2x NM Lions Gate Entertainment Corp. United States 11.37 -1% 2,373.9 5,049.0 3,501.6 475.2 13.6% -7.7% 1.4x 10.6x Live Nation Entertainment, Inc. United States 73.48 -4% 15,681.9 20,208.8 4,513.2 (862.6) NM -59.9% 4.5x NM Fox Corporation United States 28.88 -26% 17,275.4 21,022.4 12,353.0 3,089.0 25.0% 7.3% 1.7x 6.8x Liberty Global plc United Kingdom 24.22 -6% 13,904.8 20,641.6 11,535.4 4,590.4 39.8% 0.2% 1.8x 4.5x Village Roadshow Limited Australia 2.31 -25% 443.1 1,030.9 508.9 (3.4) NM -25.2% 2.0x NM Warner Music Group Corp. * United States 37.99 -3% 19,376.1 22,321.1 4,463.0 157.0 3.5% -0.3% 5.0x 142.2x World Wrestling Entertainment, Inc. United States 48.05 -29% 3,738.0 3,902.0 1,058.8 339.7 32.1% 16.3% 3.7x 11.5x
Adjusted Weighted Average 3.3x 41.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (95.0x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 37 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Out-of-Home Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA APG|SGA SA Switzerland $223.11 -32% $ 669.5 $ 618.7 $ 291.1 $ 30.6 10.5% -11.3% 2.1x 20.2x Clear Channel Outdoor Holdings, Inc. United States 1.65 -47% 771.0 7,236.2 2,058.5 155.9 7.6% -23.4% 3.5x 46.4x Clear Media Limited * Hong Kong 0.92 -5% 497.5 801.0 151.9 14.2 9.3% -36.5% 5.3x 56.4x JCDecaux SA France 22.79 -33% 4,848.1 11,402.9 3,156.4 590.6 18.7% -17.1% 3.6x 19.3x Lamar Advertising Company (REIT) United States 83.22 -14% 8,392.6 12,496.8 1,603.0 654.0 40.8% -6.7% 7.8x 19.1x National CineMedia, Inc. United States 3.72 -62% 296.0 1,376.3 221.9 38.9 17.5% -49.0% 6.2x 35.4x NTN Buzztime, Inc. United States 2.24 -71% 6.6 8.3 9.8 (3.9) NM -52.4% 0.8x NM Outfront Media Inc. (REIT) United States 19.56 -37% 2,825.0 6,682.5 1,388.6 270.9 19.5% -20.5% 4.8x 24.7x Stingray Group Inc. Canada 5.17 -8% 383.3 664.2 199.9 78.0 39.0% -11.4% 3.3x 8.5x TOM Group Limited * Hong Kong 0.09 -55% 352.0 774.0 109.9 14.5 13.2% -7.9% 7.0x 53.2x
Adjusted Weighted Average 5.7x 21.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (49.9x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA A.H. Belo Corporation United States $1.51 -50% $ 32.3 $ 14.0 $ 160.3 $ (1.9) NM -15.4% 0.1x NM Daily Mail and General Trust plc United Kingdom 10.17 -12% 2,304.9 2,065.1 1,556.2 148.7 9.6% -10.0% 1.3x 13.9x Emmis Communications Corporation * United States 1.82 -57% 24.4 (3.2) 39.7 (12.1) NM -0.5% NM 0.3x Gannett Co., Inc. United States 3.36 -52% 463.1 2,236.8 3,229.5 351.9 10.9% 103.8% 0.7x 6.4x Glacier Media Inc. Canada 0.20 -57% 25.5 49.6 117.2 8.2 7.0% -16.4% 0.4x 6.0x John Wiley & Sons, Inc. United States 45.66 -8% 2,555.2 3,480.3 1,864.1 311.0 16.7% 1.8% 1.9x 11.2x Meredith Corporation United States 19.20 -46% 980.6 4,261.0 2,825.9 562.5 19.9% -10.0% 1.5x 7.6x News Corporation United States 17.97 -4% 10,578.4 12,430.4 8,785.0 832.0 9.5% 2.4% 1.4x 14.9x Pearson plc United Kingdom 9.18 -3% 6,965.7 8,675.0 4,373.2 537.4 12.3% -13.7% 2.0x 16.1x Scholastic Corporation United States 25.00 -35% 857.5 793.2 1,278.7 (1.8) NM -23.0% 0.6x NM The E.W. Scripps Company United States 15.29 -10% 1,247.7 3,081.6 1,761.9 279.8 15.9% 35.9% 1.7x 11.0x The New York Times Company * United States 51.77 -1% 8,656.8 7,858.5 1,751.6 219.3 12.5% -1.5% 4.5x 35.8x
Adjusted Weighted Average 1.6x 14.1x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.9x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 38 Driven by your success. **Source: S&P Capital IQ • A total of 352 transactions was announced in the Software segment, 218 of which were valued at $20.9 billion
• VC/Growth Capital transactions represented 54 percent of segment activity
• In addition to the sale of HMS to Gainwell and Apollo and Hudson Executive Capital’s purchase of Cardtronics, deals completed in the segment include:
‒ New Mountain Capital’s sale of compliance and quality management software and SaaS specialist Sparta Systems to Honeywell for $1.3 billion
‒ Thoma Bravo’s purchase of machine identity security management software maker Venafi for $1.2 billion
‒ The sale of customer satisfaction management platform Gainsight to Vista Equity Partners for $1.1 billion
‒ The acquisition of healthcare coordination SaaS specialist Collective Medical Technologies by PointClickCare Technologies for $650 million
$30.0 460 $26.5 410 $25.0 $23.6 360 $20.9 $20.0 $19.1 $19.3 310
260 $15.0 $14.0 $12.1 $13.2 210 $11.4 $10.5 $10.0 $8.2 160 $7.3 110 $5.0 314 60 329 418 288 268 277 294 269 286 358 292 314 352 $0.0 10 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Software 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 391 $23,077.3 446 $27,945.6 1,497 $83,011.2 128 $9,752.3 Private Equity - Buyout 57 2,575.8 54 6,148.7 197 20,151.5 31 3,617.2 Private Equity - VC/Growth Capital 487 17,179.8 584 23,644.8 2,077 74,193.8 193 7,545.5 Total 935 $42,832.9 1,084 $57,739.1 3,771 $177,356.5 352 $20,915.0
*The information contained on this page is sourced from CG LLC's proprietary Page 39 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)
Financial & Credit/Risk Management Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alfa Financial Software Holdings PLC United Kingdom $1.80 -12% $ 540.7 $ 471.9 $ 88.9 $ 22.8 25.6% 4.0% 5.3x 20.7x Anaplan, Inc. United States 71.85 -6% 10,194.9 9,953.1 423.5 (132.6) NM 32.7% 23.5x NM Avalara, Inc. United States 164.89 -11% 13,944.9 12,947.1 463.4 (40.8) NM 31.8% 27.9x NM Bill.com Holdings, Inc. United States 136.50 -11% 11,079.0 10,436.4 168.6 (37.5) NM 39.2% 61.9x NM BlackLine, Inc. United States 133.38 -6% 7,636.7 7,532.6 336.3 (1.7) NM 24.1% 22.4x NM Coupa Software Incorporated United States 338.91 -8% 24,461.2 24,618.2 489.6 (54.6) NM 38.6% 50.3x NM Donnelley Financial Solutions, Inc. United States 16.97 -17% 566.4 893.2 874.5 95.2 10.9% -1.2% 1.0x 9.4x Ebix, Inc. United States 37.97 -3% 1,175.6 1,841.3 549.7 143.2 26.1% -3.7% 3.3x 12.9x GreenSky, Inc. United States 4.63 -53% 330.7 940.0 520.3 75.9 14.6% 2.9% 1.8x 12.4x Guidewire Software, Inc. United States 128.73 -1% 10,781.7 10,090.6 755.1 9.7 1.3% 8.4% 13.4x NM i3 Verticals, Inc. United States 33.20 -12% 628.2 788.0 150.1 21.2 14.1% -60.1% 5.2x 37.3x Intuit Inc. United States 379.85 -2% 104,856.0 101,697.0 7,837.0 2,559.0 32.7% 13.0% 13.0x 39.7x Model N, Inc. United States 35.68 -20% 1,242.4 1,159.9 161.1 (1.1) NM 14.0% 7.2x NM Performant Financial Corporation United States 0.88 -59% 48.2 98.9 159.7 14.3 9.0% 9.1% 0.6x 6.9x Q2 Holdings, Inc. United States 126.53 -3% 6,817.8 6,905.8 380.6 (50.4) NM 28.7% 18.1x NM RealPage, Inc. United States 87.24 -2% 8,618.8 9,338.5 1,115.2 189.2 17.0% 16.1% 8.4x 49.3x SS&C Technologies Holdings, Inc. United States 72.75 -2% 18,621.4 25,574.8 4,668.0 1,732.0 37.1% 2.8% 5.5x 14.8x StoneCo Ltd. * Cayman Islands 83.92 -4% 25,908.1 25,125.9 248.6 (11.8) NM 36.4% 101.1x NM Tradeweb Markets Inc. United States 62.45 -10% 11,750.5 10,005.2 774.8 229.2 29.6% 13.2% 12.9x 43.7x Tyler Technologies, Inc. United States 436.52 -6% 17,603.5 17,047.9 1,122.2 219.7 19.6% 7.9% 15.2x 77.6x Upstart Holdings, Inc. * United States 40.75 -21% 2,952.8 3,177.5 220.6 18.3 8.3% 0.0% 14.4x 173.8x Zuora, Inc. United States 13.93 -22% 1,660.5 1,553.9 296.5 (64.4) NM 10.2% 5.2x NM
Adjusted Weighted Average 12.2x 41.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (63.8x)and EBITDA multiples that are 1.0 standard deviations ($ in Millions, except stock price data)
Healthcare Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Allscripts Healthcare Solutions, Inc. United States $14.44 -3% $ 2,281.3 $ 3,258.1 $ 1,676.0 $ 69.8 4.2% -4.9% 1.9x 46.7x Cegedim SA France 31.19 -23% 431.3 733.8 556.1 66.7 12.0% 1.7% 1.3x 11.0x Cerner Corporation United States 78.48 -3% 24,061.2 24,670.9 5,553.0 1,247.3 22.5% -1.1% 4.4x 19.8x Computer Programs and Systems, Inc. United States 26.84 -25% 378.3 463.1 268.3 34.5 12.9% -2.9% 1.7x 13.4x Craneware plc United Kingdom 31.40 -8% 831.3 781.8 71.5 20.1 28.0% 0.1% 10.9x 39.0x HealthEquity, Inc. United States 69.71 -21% 5,367.0 6,159.3 746.6 218.9 29.3% 83.6% 8.2x 28.1x McKesson Corporation United States 173.92 -7% 27,925.4 36,008.4 234,194.0 3,817.0 1.6% 5.5% 0.2x 9.4x NantHealth, Inc. United States 3.23 -51% 359.2 556.0 91.6 (16.7) NM 12.1% 6.1x NM NextGen Healthcare, Inc. United States 18.24 -6% 1,217.2 1,225.2 545.0 34.2 6.3% 2.5% 2.2x 35.8x Streamline Health Solutions, Inc. United States 1.56 -19% 47.6 47.3 19.9 (0.1) NM 36.3% 2.4x NM Veeva Systems Inc. * United States 272.25 -13% 41,236.5 39,705.1 1,379.8 371.6 26.9% 34.6% 28.8x 106.8x
Adjusted Weighted Average 2.8x 17.3x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (22.6x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 40 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
HR Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 51job, Inc. China $70.00 -24% $ 4,718.0 $ 3,270.4 $ 539.2 $ 145.1 26.9% -8.1% 6.1x 22.5x Benefitfocus, Inc. United States 14.48 -35% 466.3 638.7 279.1 5.1 1.8% -1.5% 2.3x 125.1x Castlight Health, Inc. United States 1.30 -20% 199.9 169.6 146.1 (15.7) NM -1.9% 1.2x NM Ceridian HCM Holding Inc. * United States 106.56 -5% 15,749.9 16,204.6 841.5 95.5 11.3% 5.6% 19.3x 169.7x Cornerstone OnDemand, Inc. United States 44.04 -32% 2,845.1 3,995.0 683.6 86.6 12.7% 21.0% 5.8x 46.1x DHI Group, Inc. United States 2.22 -29% 107.2 134.6 141.4 23.0 16.3% -5.5% 1.0x 5.8x Domo, Inc. United States 63.77 -12% 1,909.9 1,931.5 199.5 (81.1) NM 19.7% 9.7x NM Paycom Software, Inc. * United States 452.25 -4% 26,063.6 25,960.1 813.9 241.8 29.7% 17.2% 31.9x 107.4x Paylocity Holding Corporation United States 205.91 -6% 11,169.7 11,109.1 570.4 86.3 15.1% 15.5% 19.5x 128.7x Pluralsight, Inc. United States 20.96 -8% 2,507.3 2,714.4 375.7 (126.3) NM 27.2% 7.2x NM Workday, Inc. United States 239.61 -7% 57,702.9 56,984.8 4,162.6 51.3 1.2% 21.0% 13.7x NM
Adjusted Weighted Average 14.3x 99.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.9x)and EBITDA multiples that are 1.0 standard deviations
($ in Millions, except stock price data)
Security Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Check Point Software Technologies Ltd. Israel 132.91 -5% 18,634.0 14,737.6 2,045.1 922.7 45.1% 3.5% 7.2x 16.0x Cisco Systems, Inc. United States 44.75 -11% 189,091.8 174,668.8 48,071.0 15,220.0 31.7% -7.5% 3.6x 11.5x Cheetah Mobile Inc. China 1.80 -58% 251.7 33.2 279.7 (92.5) NM -56.4% 0.1x NM Cloudflare, Inc. * United States 75.99 -14% 23,351.8 22,718.3 389.1 (75.0) NM 50.5% 58.4x NM CrowdStrike Holdings, Inc. * United States 211.82 -7% 46,868.1 45,852.1 761.6 (77.5) NM 85.9% 60.2x NM CyberArk Software Ltd. Israel 161.59 -3% 6,258.6 5,635.2 449.6 24.1 5.4% 8.8% 12.5x NM FireEye, Inc. United States 23.06 -10% 5,210.7 5,298.2 928.2 (59.2) NM 6.5% 5.7x NM Fortinet, Inc. United States 148.53 -3% 24,111.2 22,502.7 2,457.7 506.5 20.6% 19.8% 9.2x 44.4x Juniper Networks, Inc. United States 22.51 -15% 7,422.4 7,447.7 4,430.6 686.0 15.5% 0.3% 1.7x 10.9x McAfee Corp. United States 16.69 -16% 2,625.8 7,177.8 2,811.0 891.0 31.7% 0.0% 2.6x 8.1x Mimecast Limited * United Kingdom 56.84 -4% 3,631.6 3,662.3 462.2 56.5 12.2% 20.9% 7.9x 64.8x Palo Alto Networks, Inc. United States 355.39 -5% 34,411.0 34,636.5 3,582.5 30.2 0.8% 18.8% 9.7x NM Proofpoint, Inc. United States 136.41 -1% 7,872.0 7,696.2 1,018.3 (3.4) NM 20.8% 7.6x NM Qualys, Inc. United States 121.87 -4% 4,755.0 4,363.2 352.8 122.1 34.6% 13.4% 12.4x 35.7x Rapid7, Inc. United States 90.16 -5% 4,673.8 4,813.9 390.0 (41.9) NM 28.3% 12.3x NM SecureWorks Corp. * United States 14.22 -22% 1,169.4 1,011.9 563.3 10.7 1.9% 4.0% 1.8x 94.1x Tenable Holdings, Inc. United States 52.26 -8% 5,388.8 5,181.7 419.2 (53.3) NM 26.0% 12.4x NM Trend Micro Incorporated Japan 57.55 -14% 7,971.4 6,143.3 1,624.0 549.2 33.8% 4.9% 3.8x 11.2x Tufin Software Technologies Ltd. Israel 12.48 -32% 446.7 368.9 100.0 (36.5) NM -2.3% 3.7x NM VeriSign, Inc. United States 216.40 -2% 24,693.4 25,337.5 1,255.3 864.7 68.9% 2.2% 20.2x 29.3x Varonis Systems, Inc. United States 163.61 -9% 5,190.8 5,139.0 270.1 (75.9) NM 0.3% 19.0x NM Zscaler, Inc. * United States 199.71 -6% 26,799.5 26,310.9 480.3 (101.5) NM 44.2% 54.8x NM
Adjusted Weighted Average 6.8x 16.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (51.4x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 41 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Engineering Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altair Engineering Inc. * United States $58.18 -3% $ 4,285.4 $ 4,290.9 $ 460.4 $ 29.1 6.3% 5.1% 9.3x 147.2x ANSYS, Inc. * United States 363.80 -2% 31,244.6 30,945.3 1,543.8 506.9 32.8% 6.8% 20.0x 61.0x Dassault Systèmes SE France 203.24 -1% 53,106.4 55,715.6 5,185.7 1,174.0 22.6% 13.8% 10.7x 47.5x PTC Inc. United States 119.61 -2% 13,954.0 14,839.8 1,458.4 305.1 20.9% 16.1% 10.2x 48.6x Synopsys, Inc. United States 259.24 -1% 39,672.1 39,104.9 3,685.3 814.6 22.1% 9.7% 10.6x 48.0x Trimble Inc. United States 66.77 -2% 16,704.2 18,303.2 3,142.0 645.6 20.5% -2.6% 5.8x 28.4x
Adjusted Weighted Average 12.0x 45.2x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (21.9x)and EBITDA multiples that are 1.0 standard deviations
($ in Millions, except stock price data)
Infrastructure Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $500.12 -7% $ 239,917.1 $ 238,633.1 $ 12,868.0 $ 4,993.0 38.8% 15.2% 18.5x 47.8x Atlassian Corporation Plc Australia 233.87 -6% 58,280.9 57,255.0 1,710.3 60.5 3.5% 30.9% 33.5x NM Appian Corporation United States 162.09 -25% 11,354.2 11,164.2 291.6 (35.3) NM 15.7% 38.3x NM Alteryx, Inc. United States 121.79 -34% 8,109.2 8,166.3 491.2 23.5 4.8% 40.1% 16.6x NM Bandwidth Inc. United States 153.67 -23% 3,722.2 3,489.5 292.1 6.4 2.2% 31.0% 11.9x NM Cloudera, Inc. United States 13.91 -10% 4,350.4 3,991.9 854.4 (79.1) NM 17.5% 4.7x NM Commvault Systems, Inc. United States 55.37 -5% 2,609.6 2,235.7 685.2 28.3 4.1% -1.5% 3.3x 78.9x Datadog, Inc. United States 98.44 -17% 29,978.2 29,115.8 539.6 6.9 1.3% 73.6% 54.0x NM Elastic N.V. United States 146.13 -9% 12,772.3 12,454.0 510.6 (115.2) NM 49.2% 24.4x NM Endurance International Group Holdings, Inc. United States 9.45 0% 1,339.2 2,921.9 1,101.8 276.2 25.1% -1.5% 2.7x 10.6x Fastly, Inc. United States 87.37 -36% 9,916.5 9,546.3 267.2 (39.2) NM 46.5% 35.7x NM Filinvest Development Corporation Philippines 0.20 -30% 1,699.4 3,183.4 1,596.4 537.9 33.7% -7.0% 2.0x 5.9x IBM Corporation United States 125.88 -21% 112,166.3 167,084.3 75,030.0 15,690.0 20.9% -2.7% 2.2x 10.6x Jamf Holding Corp. * United States 29.92 -41% 3,488.6 3,311.1 250.0 26.6 10.7% 0.0% 13.2x 124.3x JFrog Ltd. United States 62.83 -34% 5,729.7 5,151.6 138.9 (2.1) NM 0.0% 37.1x NM MongoDB, Inc. United States 359.04 -10% 21,638.0 21,720.0 542.9 (174.4) NM 41.5% 40.0x NM Nutanix, Inc. United States 31.87 -16% 6,423.3 6,254.4 1,305.7 (709.8) NM 5.5% 4.8x NM Okta, Inc. United States 254.26 -12% 32,918.0 32,334.7 768.0 (176.1) NM 43.8% 42.1x NM PagerDuty, Inc. United States 41.70 -14% 3,416.6 3,107.5 200.2 (50.7) NM 29.8% 15.5x NM Rapid7, Inc. United States 90.16 -5% 4,673.8 4,813.9 390.0 (41.9) NM 28.3% 12.3x NM Resonance Health Limited Australia 0.19 -26% 82.9 77.6 2.5 (0.7) NM 1.2% 30.6x NM SailPoint Technologies Holdings, Inc. * United States 53.24 -11% 4,840.2 4,717.2 350.9 31.3 8.9% 25.3% 13.4x 150.7x salesforce.com, inc. United States 222.53 -22% 203,714.0 200,445.0 20,286.0 2,022.0 10.0% 28.0% 9.9x 99.1x ServiceNow, Inc. United States 550.43 -3% 107,361.4 106,612.9 4,220.9 525.1 12.4% 30.9% 25.3x NM Smartsheet Inc. United States 69.29 -8% 8,470.6 8,119.6 354.2 (104.5) NM 44.8% 22.9x NM Snowflake Inc. * United States 281.40 -34% 79,664.3 75,116.3 489.3 (420.8) NM 0.0% 153.5x NM Splunk Inc. United States 169.89 -25% 27,474.8 28,160.5 2,275.5 (589.1) NM 3.9% 12.4x NM Sumo Logic, Inc. United States 28.58 -20% 2,924.3 2,516.8 192.8 (87.4) NM 36.6% 13.1x NM Synchronoss Technologies, Inc. United States 4.70 -28% 198.1 460.2 312.9 (7.2) NM 4.2% 1.5x NM GlobalData Plc United Kingdom 18.64 -22% 2,198.8 2,313.7 218.4 47.6 21.8% 3.1% 10.6x 48.6x Talend S.A. France 38.34 -18% 1,217.8 1,235.4 276.0 (55.5) NM 16.2% 4.5x NM Twilio Inc. United States 338.50 -10% 51,117.5 48,480.6 1,544.9 (274.4) NM 53.3% 31.4x NM Varonis Systems, Inc. United States 163.61 -9% 5,190.8 5,139.0 270.1 (75.9) NM 0.3% 19.0x NM
Adjusted Weighted Average 19.5x 58.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (77.5x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 42 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
SaaS/Cloud Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $500.12 -7% $ 239,917.1 $ 238,633.1 $ 12,868.0 $ 4,993.0 38.8% 15.2% 18.5x 47.8x Anaplan, Inc. United States 71.85 -6% 10,194.9 9,953.1 423.5 (132.6) NM 32.7% 23.5x NM Asure Software, Inc. United States 7.10 -23% 131.9 150.2 66.7 (5.9) NM 22.1% 2.3x NM AppFolio, Inc. United States 180.04 -4% 6,180.4 6,038.5 305.0 21.3 7.0% 27.6% 19.8x NM Avalara, Inc. United States 164.89 -11% 13,944.9 12,947.1 463.4 (40.8) NM 31.8% 27.9x NM Benefitfocus, Inc. * United States 14.48 -35% 466.3 638.7 279.1 5.1 1.8% -1.5% 2.3x 125.1x BigCommerce Holdings, Inc. United States 64.15 -61% 4,436.1 4,295.6 140.2 (31.5) NM 0.0% 30.6x NM BlackLine, Inc. United States 133.38 -6% 7,636.7 7,532.6 336.3 (1.7) NM 24.1% 22.4x NM Box, Inc. United States 18.05 -18% 2,863.5 3,013.0 755.4 4.1 0.5% 11.7% 4.0x NM Carbacid Investments plc Kenya 0.11 -7% 28.2 20.7 6.3 2.7 42.8% 8.3% 3.3x 7.7x Ceridian HCM Holding Inc. * United States 106.56 -5% 15,749.9 16,204.6 841.5 95.5 11.3% 5.6% 19.3x 169.7x ChannelAdvisor Corporation United States 15.98 -28% 463.4 409.0 139.5 24.2 17.3% 7.4% 2.9x 16.9x Coupa Software Incorporated United States 338.91 -8% 24,461.2 24,618.2 489.6 (54.6) NM 38.6% 50.3x NM DocuSign, Inc. United States 222.30 -23% 41,471.6 41,558.9 1,297.0 (130.7) NM 44.3% 32.0x NM Dropbox, Inc. United States 22.19 -12% 9,178.2 9,074.5 1,855.8 224.5 12.1% 16.6% 4.9x 40.4x Everbridge, Inc. United States 149.07 -10% 5,210.9 5,207.5 252.6 (45.0) NM 36.1% 20.6x NM HubSpot, Inc. United States 396.44 -6% 18,191.7 17,794.9 817.1 (31.5) NM 29.2% 21.8x NM LivePerson, Inc. United States 62.23 -9% 4,162.3 4,166.3 343.6 (48.0) NM 23.5% 12.1x NM Paycom Software, Inc. United States 452.25 -4% 26,063.6 25,960.1 813.9 241.8 29.7% 17.2% 31.9x 107.4x Paylocity Holding Corporation * United States 205.91 -6% 11,169.7 11,109.1 570.4 86.3 15.1% 15.5% 19.5x 128.7x Pluralsight, Inc. United States 20.96 -8% 2,507.3 2,714.4 375.7 (126.3) NM 27.2% 7.2x NM Q2 Holdings, Inc. United States 126.53 -3% 6,817.8 6,905.8 380.6 (50.4) NM 28.7% 18.1x NM RealPage, Inc. United States 87.24 -2% 8,618.8 9,338.5 1,115.2 189.2 17.0% 16.1% 8.4x 49.3x RingCentral, Inc. United States 378.97 -7% 33,967.7 34,685.6 1,102.0 (26.8) NM 31.4% 31.5x NM salesforce.com, inc. United States 222.53 -22% 203,714.0 200,445.0 20,286.0 2,022.0 10.0% 28.0% 9.9x 99.1x Shopify Inc. Canada 1,131.95 -12% 138,857.5 133,639.3 2,456.9 59.2 2.4% 73.4% 54.4x NM Smartsheet Inc. United States 69.29 -8% 8,470.6 8,119.6 354.2 (104.5) NM 44.8% 22.9x NM SolarWinds Corporation United States 14.95 -39% 4,694.9 6,301.4 1,001.4 229.4 22.9% 10.5% 6.3x 27.5x SPS Commerce, Inc. United States 108.59 -3% 3,834.2 3,594.0 302.1 65.2 21.6% 11.2% 11.9x 55.1x Veeva Systems Inc. United States 272.25 -13% 41,236.5 39,705.1 1,379.8 371.6 26.9% 34.6% 28.8x 106.8x Workday, Inc. United States 239.61 -7% 57,702.9 56,984.8 4,162.6 51.3 1.2% 21.0% 13.7x NM Workiva Inc. United States 91.62 -2% 4,415.7 4,218.1 338.0 (42.7) NM 19.8% 12.5x NM Yext, Inc. United States 15.72 -25% 1,922.0 1,843.5 343.8 (98.7) NM 22.3% 5.4x NM Zendesk, Inc. United States 143.12 -1% 16,698.8 16,507.1 975.9 (93.0) NM 28.6% 16.9x NM Zuora, Inc. United States 13.93 -22% 1,660.5 1,553.9 296.5 (64.4) NM 10.2% 5.2x NM
Adjusted Weighted Average 24.0x 45.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (77.5x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 43 Driven by your success. **Source: S&P Capital IQ • The Information segment had 17 transactions in December 2020
• Select transactions from the segment included:
‒ Falfurrias Capital’s acquisition of policy insights company Ballast Research (a Canaccord Genuity-led transaction)
‒ The $61 million investment Germany-based indices and index provider Solactive received from Summit Partners
‒ Iteris’ $16 million purchase of GPS-based traffic analytics systems maker TrafficCast
‒ Euromoney Institutional Investor’s acquisition of wealth research SaaS and services vendor WealthEngine for $15 million
‒ The sale of health-focused resource platform HealthEconomics.com to Scientist.com
35 30 25 20
# # deals of 15 # # deals of 10 5 30 19 9 15 7 10 19 12 11 22 13 17 0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value
Information 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 23 $135.0 31 $1,098.0 107 $5,519.5 9 $31.0 Private Equity - Buyout 2 0.0 4 58.0 9 68.0 3 58.0 Private Equity - VC/Growth Capital 17 365.4 17 289.9 68 1,413.0 5 105.0 Total 42 $500.4 52 $1,445.9 184 $7,000.5 17 $194.0
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 44 Driven by your success. ($ in Millions, except stock price data)
Financial & Credit/Risk Management Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Broadridge Financial Solutions, Inc. United States $146.88 -4% $ 16,982.2 $ 18,710.7 $ 4,597.8 $ 932.3 20.3% 6.0% 4.1x 20.1x Computershare Limited Australia 10.55 -22% 5,675.9 7,400.5 2,280.4 553.4 24.3% -3.2% 3.2x 13.4x CoreLogic, Inc. United States 77.50 -2% 6,027.8 7,418.7 1,848.9 459.8 24.9% 24.0% 4.0x 16.1x CoStar Group, Inc. * United States 910.57 -3% 35,892.9 33,148.1 1,589.4 442.8 27.9% 18.6% 20.9x 74.9x Envestnet, Inc. United States 80.26 -13% 4,330.0 4,813.4 974.3 140.9 14.5% 12.0% 4.9x 34.2x Equifax Inc. United States 166.90 -8% 20,302.2 23,181.8 3,914.9 1,040.7 26.6% 13.9% 5.9x 22.3x Experian plc Ireland 35.30 -17% 32,238.6 36,597.0 5,171.0 1,563.0 30.2% 3.6% 7.1x 23.4x FactSet Research Systems Inc. United States 333.76 -8% 12,680.2 12,956.4 1,494.1 497.3 33.3% 4.1% 8.7x 26.1x Fair Isaac Corporation United States 472.78 -4% 13,757.0 14,535.3 1,294.6 369.6 28.6% 11.6% 11.2x 39.3x Fidelity National Information Services, Inc. United States 148.41 -6% 92,089.7 110,102.7 12,578.0 4,451.0 35.4% 37.3% 8.8x 24.7x IHS Markit Ltd. United Kingdom 99.46 5% 39,620.7 44,814.2 4,301.0 1,414.2 32.9% -1.4% 10.4x 31.7x Moody's Corporation United States 282.34 -8% 53,034.2 57,536.2 5,314.0 2,691.0 50.6% 14.1% 10.8x 21.4x Morningstar, Inc. United States 200.10 -7% 8,570.9 8,857.9 1,341.5 266.1 19.8% 20.9% 6.6x 33.3x MSCI Inc. * United States 409.42 -6% 33,938.9 36,176.1 1,658.3 914.7 55.2% 9.6% 21.8x 39.6x S&P Global Inc. United States 351.78 -7% 84,638.3 88,832.3 7,310.0 4,046.0 55.3% 12.4% 12.2x 22.0x SEI Investments Company United States 52.75 -24% 7,626.1 6,901.6 1,663.6 471.6 28.4% 2.0% 4.1x 14.6x SS&C Technologies Holdings, Inc. United States 68.89 -2% 17,633.3 24,586.7 4,668.0 1,732.0 37.1% 2.8% 5.3x 14.2x Thomson Reuters Corporation Canada 79.23 -11% 39,356.8 41,753.4 5,951.0 1,443.0 24.2% 1.7% 7.0x 28.9x TransUnion United States 91.09 -10% 17,334.4 20,622.0 2,703.5 972.8 36.0% 4.6% 7.6x 21.2x Verisk Analytics, Inc. United States 198.31 -4% 32,243.2 35,456.4 2,748.0 1,226.9 44.6% 8.0% 12.9x 28.9x Workiva Inc. United States 74.99 -2% 3,614.2 3,416.5 338.0 (42.7) NM 19.8% 10.1x NM
Adjusted Weighted Average 9.1x 25.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.1x) ($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA comScore, Inc. United States $2.55 -54% $ 185.6 $ 420.8 $ 361.2 $ 12.0 3.3% -10.3% 1.2x 35.1x Dun & Bradstreet Holdings, Inc. United States 26.81 -9% 11,336.2 14,461.2 1,690.7 410.3 24.3% 18.0% 8.6x 35.2x Ebiquity plc United Kingdom 0.27 -52% 21.0 41.6 74.5 5.0 6.8% -13.2% 0.6x 8.2x INTAGE HOLDINGS Inc. Japan 10.21 -3% 396.1 316.4 515.3 45.9 8.9% 0.0% 0.6x 6.9x Ipsos SA France 32.15 -16% 1,415.7 2,159.0 2,122.3 180.8 8.5% 1.0% 1.0x 11.9x LiveRamp Holdings, Inc. United States 58.51 -27% 3,879.9 3,246.1 412.0 (99.8) NM 24.5% 7.9x NM Nielsen Holdings plc United States 16.17 -28% 5,772.7 14,250.7 6,309.0 954.0 15.1% -2.4% 2.3x 14.9x SVMK Inc. United States 21.28 -19% 3,026.3 3,118.5 359.0 (61.7) NM 23.3% 8.7x NM System1 Group PLC United Kingdom 2.33 -42% 29.6 27.1 28.3 (0.6) NM -20.3% 1.0x NM YouGov plc United Kingdom 11.94 -15% 1,315.8 1,280.2 200.3 37.1 18.5% 11.7% 6.4x 34.5x ZoomInfo Technologies Inc. * United States 51.25 -20% 8,242.2 9,182.8 427.6 61.4 14.4% 76.0% 21.5x 149.6x
Adjusted Weighted Average 6.5x 27.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (84.2x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 45 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Forrester Research, Inc. United States $41.40 -17% $ 785.11 $ 908.35 $ 452.73 $ 48.23 10.7% 3.8% 2.0x 18.8x Gartner, Inc. United States 152.00 -8% 13,571.6 15,984.5 4,190.1 654.6 15.6% 1.4% 3.8x 24.4x HealthStream, Inc. United States 18.68 -37% 591.7 470.7 245.7 36.3 14.8% -2.2% 1.9x 13.0x IQVIA Holdings Inc. * United States 168.99 -7% 32,399.7 44,177.7 10,956.0 1,772.0 16.2% 0.7% 4.0x 24.9x Informa plc United Kingdom 7.07 -39% 10,619.2 13,475.0 2,844.2 708.5 24.9% -18.5% 4.7x 19.0x National Research Corporation * United States 51.31 -28% 1,296.1 1,308.6 131.1 47.4 36.2% 4.1% 10.0x 27.6x NIC Inc. United States 23.44 -10% 1,570.9 1,347.2 406.4 81.1 20.0% 17.5% 3.3x 16.6x Premier, Inc. United States 35.42 -11% 4,324.8 4,862.7 1,344.1 508.5 37.8% 9.5% 3.6x 9.6x Proofpoint, Inc. United States 103.49 -22% 5,972.2 5,796.5 1,018.3 (3.4) NM 20.8% 5.7x NM Reed Elsevier plc(1) United Kingdom 23.31 -17% 44,880.1 55,086.4 9,270.2 2,638.6 28.5% -3.1% 5.9x 20.9x Wolters Kluwer N.V. Netherlands 84.02 -10% 22,123.0 24,816.9 5,291.5 1,564.3 29.6% 5.8% 4.7x 15.9x
Adjusted Weighted Average 4.8x 19.4x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.7x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 46 Driven by your success. **Source: S&P Capital IQ • The Business & IT Services segment had 122 transactions
• In addition to the Veritas’ acquisition of Northrop Grumman's federal IT and mission support services business, the sale of Pluralsight to Vista Equity Partners, and the acquisition of Flexera by Thoma Bravo, deals completed in the segment include:
‒ ABRY Partners’ purchase of hybrid cloud services provider GreenPages (a Canaccord Genuity-led transaction)
‒ The Carlyle Group’s sale of consulting firm PA Consulting to Jacobs Engineering Group for $1 billion
‒ Primoris Services’ purchase of infrastructure installation services firm Future Infrastructure from Tower Arch Capital
‒ The $515 million in funding China-based logistics company Lalamovie raised from Sequoia Capital China, Hillhouse Capital, and Shunwei Capital
‒ The $450 million acquisition of BPO company Everise by Brookfield Business Partners
$16.0 150 $13.3 $14.0 130
$12.0 $11.7 110 $10.0 90 $8.0 70 $6.0 $4.4 $4.4 $4.6 50 $4.0 $1.8 $0.9 $2.4 $1.1 30 $2.0 $1.2 132 $0.7 117 122 117 98 89 $0.1 110 98 96 $0.0 72 86 10 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-2056 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Business & IT Services 3Q20 4Q20 LTM Dec-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 214 $2,729.2 261 $5,103.3 880 $20,886.4 92 $2,260.6 Private Equity - Buyout 36 2,605.0 32 12,685.8 117 19,500.8 17 9,775.8 Private Equity - VC/Growth Capital 44 365.4 42 2,545.2 196 6,226.2 13 1,300.2 Total 294 $5,699.6 335 $20,334.3 1,193 $46,613.4 122 $13,336.6
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 47 Driven by your success. ($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $249.09 -1% $ 157,814.94 $ 153,289.45 $ 44,327.04 $ 7,235.36 16.3% 2.6% 3.5x 21.2x CRA International, Inc. United States 45.85 -21% 356.5 526.3 490.2 48.1 9.8% 11.2% 1.1x 10.9x FTI Consulting, Inc. United States 105.02 -27% 3,642.2 3,849.8 2,436.9 310.1 12.7% 8.0% 1.6x 12.4x Information Services Group, Inc. United States 3.02 -20% 145.0 189.5 248.2 17.2 6.9% -7.4% 0.8x 11.0x ICF International, Inc. United States 72.43 -24% 1,366.3 1,900.0 1,469.2 129.1 8.8% 0.6% 1.3x 14.7x Huron Consulting Group Inc. United States 44.07 -38% 950.0 1,205.6 878.0 93.7 10.7% 3.3% 1.4x 12.9x The Hackett Group, Inc. United States 14.08 -26% 421.9 387.0 239.3 25.8 10.8% -7.5% 1.6x 15.0x
Adjusted Weighted Average 1.5x 13.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.0x)and EBITDA multiples that are 1.0 ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Automatic Data Processing, Inc. United States $173.88 -5% $ 74,562.18 $ 75,366.48 $ 14,564.80 $ 3,808.80 26.2% 1.9% 5.2x 19.8x Barrett Business Services, Inc. United States 66.71 -29% 510.1 390.7 892.8 44.6 5.0% -4.5% 0.4x 8.8x Capita plc United Kingdom 0.57 -77% 938.0 2,617.4 4,345.1 401.9 9.2% -6.6% 0.6x 6.5x DHI Group, Inc. United States 1.92 -45% 92.7 120.1 141.4 23.0 16.3% -5.5% 0.8x 5.2x Edenred SA * France 57.28 -7% 14,081.5 16,212.5 1,684.7 624.6 37.1% 4.3% 9.6x 26.0x Insperity, Inc. United States 85.50 -11% 3,279.3 3,306.8 4,305.8 238.0 5.5% 2.4% 0.8x 13.9x Marsh & McLennan Companies, Inc. United States 114.64 -5% 58,144.3 70,902.3 17,072.0 4,734.0 27.7% 6.0% 4.2x 15.0x Paychex, Inc. United States 93.15 -2% 33,487.5 33,519.3 3,980.7 1,601.8 40.2% 2.0% 8.4x 20.9x TriNet Group, Inc. United States 75.00 -6% 4,997.5 5,035.5 3,989.0 437.0 11.0% 6.2% 1.3x 11.5x
Adjusted Weighted Average 5.5x 18.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.6x)and EBITDA multiples that are 1.0
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 48 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
IT Consulting Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $249.09 -1% $ 157,814.94 $ 153,289.45 $ 44,327.04 $ 7,235.36 16.3% 2.6% 3.5x 21.2x Amdocs Limited United States 65.81 -15% 8,754.0 8,845.7 4,169.0 792.9 19.0% 2.0% 2.1x 11.2x Bechtle AG Germany 218.36 -3% 9,171.0 9,309.0 6,616.3 367.5 5.6% 9.8% 1.4x 25.3x Booz Allen Hamilton Holding Corporation United States 86.79 -3% 11,968.4 13,459.6 7,794.7 795.9 10.2% 10.0% 1.7x 16.9x Capgemini SE France 139.00 -4% 23,518.9 32,292.7 16,541.8 2,085.3 12.6% 7.0% 2.0x 15.5x Cerner Corporation United States 74.84 -7% 22,945.2 23,554.9 5,553.0 1,247.3 22.5% -1.1% 4.2x 18.9x CGI Inc. Canada 73.82 -16% 19,022.5 21,186.6 9,129.8 1,575.7 17.3% 0.4% 2.3x 13.4x Cognizant Technology Solutions Corporation United States 78.13 -1% 41,771.5 40,679.5 16,752.0 3,133.0 18.7% 0.7% 2.4x 13.0x Digi International Inc. United States 17.16 -9% 501.8 527.3 279.3 33.4 12.0% 9.9% 1.9x 15.8x DXC Technology Company United States 21.91 -43% 5,574.2 14,166.2 18,892.0 2,743.0 14.5% -6.5% 0.7x 5.2x Endava plc * United Kingdom 62.79 -10% 3,414.3 3,390.5 470.4 41.6 8.9% 19.7% 7.2x 81.4x EPAM Systems, Inc. * United States 322.33 -10% 18,046.9 17,095.8 2,568.8 411.1 16.0% 18.6% 6.7x 41.6x Globant S.A. * Luxembourg 188.68 -11% 7,464.2 7,220.6 765.8 114.3 14.9% 24.5% 9.4x 63.2x Hexaware Technologies Limited India 6.36 1% 1,896.3 1,900.3 846.7 133.9 15.8% 17.3% 2.2x 14.2x IBEX Limited United States 19.90 -2% 352.0 387.6 418.6 29.3 7.0% 0.0% 0.9x 13.2x International Business Machines Corporation United States 123.52 -22% 110,063.4 164,981.4 75,030.0 15,690.0 20.9% -2.7% 2.2x 10.5x Infosys Limited India 14.86 -7% 63,037.6 60,195.0 12,873.0 3,274.0 25.4% 3.9% 4.7x 18.4x Larsen & Toubro Limited India 15.07 -19% 21,164.5 35,727.4 18,395.8 2,204.3 12.0% -10.2% 1.9x 16.2x NTT DATA Corporation Japan 13.44 -12% 18,655.3 23,368.7 21,513.8 1,332.0 6.2% 2.3% 1.1x 17.5x Parsons Corporation United States 32.70 -28% 3,293.8 3,549.4 3,992.1 246.0 6.2% 3.8% 0.9x 14.4x Perficient, Inc. United States 45.53 -15% 1,502.9 1,681.6 594.7 88.6 14.9% 7.7% 2.8x 19.0x Reply S.p.A. Italy 111.99 -11% 4,189.2 4,047.1 1,403.2 174.8 12.5% 10.6% 2.9x 23.2x SQLI SA France 22.17 -24% 100.9 168.6 254.4 15.8 6.2% -5.4% 0.7x 10.7x Synthomer plc United Kingdom 5.74 -3% 2,439.3 3,318.4 1,770.7 204.2 11.5% -7.6% 1.9x 16.3x Tata Consultancy Services Limited India 36.20 -7% 135,819.0 130,622.6 21,523.2 5,706.3 26.5% 3.8% 6.1x 22.9x Wipro Limited India 4.73 -8% 26,954.9 22,680.9 8,324.5 1,657.2 19.9% 2.2% 2.7x 13.7x
Adjusted Weighted Average 3.6x 17.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.9x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 49 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA AMREP Corporation United States $5.94 -13% $ 44.05 $ 32.48 $ 18.22 $ (3.97) NM NM 1.8x NM Cimpress plc Ireland 89.63 -32% 2,330.7 3,901.3 2,433.9 304.1 12.5% -13.0% 1.6x 12.8x Clairvest Group Inc. Canada 36.75 -14% 558.0 252.2 100.7 76.3 75.8% -7.3% 2.5x 3.3x CSG Systems International, Inc. United States 43.38 -25% 1,374.5 1,639.1 984.8 164.3 16.7% -0.5% 1.7x 10.0x Donnelley Financial Solutions, Inc. United States 16.29 -1% 543.7 870.5 874.5 95.2 10.9% -1.2% 1.0x 9.1x Elanders AB (publ) Sweden 9.67 -10% 341.9 760.7 1,235.6 51.6 4.2% -1.5% 0.6x 14.7x Eniro AB (publ) Sweden 0.11 -71% 7.6 1.5 102.3 10.8 10.6% -19.2% 0.0x 0.1x ExlService Holdings, Inc. United States 83.26 -3% 2,815.0 2,788.1 966.4 141.0 14.6% -0.3% 2.9x 19.8x Firstsource Solutions Limited India 1.07 -1% 746.7 837.6 596.2 74.7 12.5% 11.9% 1.4x 11.2x Genpact Limited Bermuda 40.65 -10% 7,697.0 8,898.8 3,699.5 575.6 15.6% 8.3% 2.4x 15.5x J2 Global, Inc. United States 89.61 -14% 4,085.5 5,103.3 1,425.9 554.8 38.9% 8.6% 3.6x 9.2x Maximus, Inc. United States 71.81 -11% 4,412.9 4,554.8 3,461.5 383.5 11.1% 19.9% 1.3x 11.9x Quad/Graphics, Inc. United States 3.10 -56% 166.3 1,207.0 3,156.2 277.7 8.8% -20.7% 0.4x 4.3x IQVIA Holdings Inc. United States 168.99 -7% 32,399.7 44,177.7 10,956.0 1,772.0 16.2% 0.7% 4.0x 24.9x R. R. Donnelley & Sons Company United States 1.40 -68% 100.0 1,960.0 5,649.9 369.6 6.5% -2.7% 0.3x 5.3x Serco Group plc United Kingdom 1.52 -34% 1,861.8 2,538.0 4,451.4 258.8 5.8% 22.0% 0.6x 9.8x Steel Connect, Inc. United States 0.90 -54% 56.2 452.1 782.8 82.8 10.6% -4.5% 0.6x 5.5x SYNNEX Corporation United States 160.31 -3% 8,263.1 10,387.3 23,842.9 1,277.3 5.4% 4.9% 0.4x 8.1x Sykes Enterprises, Incorporated United States 37.63 -8% 1,483.8 1,559.6 1,685.0 185.2 11.0% 5.0% 0.9x 8.4x Teleperformance SE France 333.69 -6% 19,596.9 22,599.8 6,134.4 932.5 15.2% 10.5% 3.7x 24.2x TTEC Holdings, Inc. United States 67.66 -2% 3,162.1 3,581.5 1,839.6 267.3 14.5% 14.9% 1.9x 13.4x transcosmos inc. Japan 26.30 -14% 1,073.1 943.2 3,068.7 176.7 5.8% 8.3% 0.3x 5.3x Transcontinental Inc. Canada 14.84 0% 1,274.9 2,030.4 2,018.9 360.2 17.8% -12.0% 1.0x 5.6x
Adjusted Weighted Average 1.5x 18.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.2x)
*The stock prices shown are as of 12/31/2020 and should not be relied upon as current thereafter. Page 50 Driven by your success. **Source: S&P Capital IQ PRIVATE & CONFIDENTIAL
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• All trading data related to publicly-traded companies has been sourced from Capital IQ.
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