HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill Senior Managing Director [email protected] (813) 383-0205 Technology

John McDonald Senior Managing Director M&A Report [email protected] (813) 383-0206 Q2 2018

Keith Hodgdon Managing Director [email protected] (813) 383-0208

Charlie Hendrick Vice President [email protected] (813) 383-0207

Jeffrey Hendricks Vice President [email protected] (678) 523-3073

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

Commentary Select Technology Public Offerings (Q2 2018)

Transaction Transaction  The S&P Global Information Technology Index increased 26.6% Offer Date Issuer Industry Sector Type Value ($mm)

during the twelve month period ended June 30, 2018, while the 07/26/18 Tenable Holdings, Inc. Software IPO $251 Nasdaq and the S&P 500 increased 22.9% and 11.9%, respectively. 06/28/18 Domo, Inc. Software IPO $193 06/20/18 i3 Verticals, Inc. Data & Analytics IPO $86  IPO activity in the Technology industry increased during Q2 2018 after a slower Q1 2018. GreenSky, Inc. (Nasdaq:GSKY) 06/14/18 Avalara, Inc. Software IPO $180

raised $874 million in the largest IPO of the quarter, valuing the 05/23/18 GreenSky, Inc. Data & Analytics IPO $874 company at $1.6 billion. 05/22/18 EVO Payments, Inc. Data & Analytics IPO $224  The Software-as-a-Service (SaaS) and Application Software 05/17/18 Adaptive Insights, Inc. Internet IPO $123 (Horizontal and Vertical) sectors were the industry’s leaders with respect to valuation during Q2 2018, trading at revenue 05/16/18 Pluralsight, Inc. Software IPO $311 multiples of 7.9x, 5.9x, and 5.1x, respectively. 05/03/18 Carbon Black, Inc. Software IPO $152 Public Market Performance (LTM) Market Performance by Sector

140% Median Change in Stock Price Enterprise Value / LTM

130% 26.6% Industry Sector 3 Months 12 months Revenue EBITDA Software Bellwethers 9.8% 24.5% 4.8x 12.8x

Application Software (Horizontal) 6.8% 17.4% 5.9x 23.8x 120% 22.9% Application Software (Vertical) 10.8% 23.9% 5.1x 22.6x

110% Software-as-a-Service (SaaS) 15.5% 48.2% 7.9x 37.1x 11.9% Data & Analytics 6.6% 32.6% 4.9x 27.8x

100% Infrastructure Software 9.7% 35.4% 4.5x 14.2x Technology Hardware 5.0% 16.9% 1.1x 9.1x

90% IT Services 9.3% 31.4% 2.9x 15.7x Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Internet 22.6% 43.8% 4.7x 19.2x S&P 500 NASDAQ S&P Global Information Technology Index Resellers & Wholesalers 9.4% 5.3% 0.3x 8.7x Source: S&P Capital IQ.

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

Commentary Middle-Market M&A Transactions by Deal Size – Technology

 U.S. middle-market M&A activity in the Technology industry decreased 22% to 107 closed transactions during the first half ($ in billions) of 2018, down from 137 during the first half of 2017. 1H 2017 1H 2018 % Change Deal Size Volume Value Volume Value Volume Value  M&A activity for transactions valued between $100 and $500 Less than $100M 86 $2.9 58 $1.9 (33%) (32%) million experienced an uptick compared to the prior year $100 - $499M 35 $7.5 40 $8.3 14% 11% $500 - $1,000M 16 $11.7 9 $7.1 (44%) (39%) period, with transactions volume and value increasing 14% and Total Middle Market 137 $22.0 107 $17.3 (22%) (21%) 11% respectively. % of Total Market Less than $100M 63% 13% 54% 11%  Despite the downward trends, the software sector continues to $100 - $499M 25% 34% 37% 48% be a bright spot as deal volume jumped 12% in 1H 2018 and $500 - $1,000M 12% 53% 9% 41% completed deal value rose 65%. We expect the trend will Total Middle Market 100% 100% 100% 100% continue as more companies move to the cloud and the proliferation of SaaS businesses.

U.S. Middle-Market M&A Activity – Annual Trends: VOLUME U.S. Middle-Market M&A Activity – Annual Trends: VALUE

500 $60

$51.7 $49.7 $50 $47.3 $47.6 400 384 382 $45.5 366 351 356

$39.0 $40.0 $40 304 $37.5 285 300 279 249 $30

200 $22.0 $19.4 $20 $17.3 Total Transaction Volume Transaction Total 137 107 100 Value in billions) ($ Transaction Total $10

0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2017 1H 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2017 1H 2018

Less than $100M $100 - $499M $500 - $1,000M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion).

HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly Middle-Market M&A Activity – Technology

Commentary Middle-Market M&A Transactions by Deal Size – Technology

 Middle-market M&A activity in the Technology industry decreased ($ in billions) significantly in Q2 2018 compared to Q2 2017, with reported deal Q2 2017 Q2 2018 % Change volume down 43% to 46 completed transactions and deal value Deal Size Volume Value Volume Value Volume Value down 48% to $7 billion. Less than $100M 49 $1.7 24 $0.8 (51%) (53%) $100 - $499M 21 $3.9 19 $3.7 (10%) (3%)  Transactions valued at less than $100 million saw the largest drop $500 - $1,000M 11 $7.7 3 $2.4 (73%) (69%) in both volume and value, falling 51% and 53% respectively. Total Middle Market 81 $13.3 46 $7.0 (43%) (48%) % of Total Market  However, the investment activity by PE firms in the Technology Less than $100M 60% 13% 52% 11% industry has propped up deal volume. Deal volume for all $100 - $499M 26% 29% 41% 54% transactions less than $1 billion (including those with undisclosed $500 - $1,000M 14% 58% 7% 35% values) was down only 4% in Q2 2018 compared to the prior year Total Middle Market 100% 100% 100% 100% period.

U.S. Middle-Market M&A Activity – Quarterly Trends: VOLUME U.S. Middle-Market M&A Activity – Quarterly Trends: VALUE

90 $18 84 84 81 $16.6 80 $16 $15.3 71 $14.8 70 67 $14 64 $13.3 62 $12.2 60 57 56 $12 $11.4

inbillions) $10.9 $10.2 $10.4 50 46 $10 $8.9

40 $8 $7.0

30 $6 Total Transaction Volume Transaction Total

20 $4 Total Transaction Value Value ($ Transaction Total

10 $2

0 $0 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Less than $100M $100 - $499M $500 - $1,000M

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion). HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Technology

Select Announced M&A Transactions (Q2 2018)

EV / EV / Announced Date Target Buyer Industry TEV ($mm) Revenue EBITDA

06/28/18 Convergys Corp. Concentrix Corp. IT Services $2,545 0.9x 7.4x

06/28/18 Gatan, Inc. Thermo Fisher Scientific Inc. Hardware $925 NA NA

06/21/18 Web.com Group, Inc. Siris Capital Group Internet $2,023 2.7x 14.3x

06/12/18 MeridianLink, Inc. Thoma Bravo Internet NA NA NA

06/11/18 Adaptive Insights, Inc. Workday, Inc. Internet NA NA NA

06/04/18 GitHub, Inc. Microsoft Corp. Internet $7,500 NA NA

05/29/18 BMC Software, Inc. KKR & Co. Software NA NA NA

05/25/18 Fairway Payments, Inc. i3 Verticals, Inc. IT Services NA NA NA

05/22/18 Pulse Electronics Corp. Yageo Corp. Hardware $740 1.8x NA

Canada Pension Plan 05/21/18 GlobalLogic Inc. IT Services $2,000 NA NA Investment Board

05/21/18 Ipreo Holdings LLC Markit North America, Inc. Software $1,855 NA NA

05/21/18 Magento, Inc. Adobe Systems Inc. Internet $1,680 11.2x NA

05/21/18 PowerPlan, Inc. Roper Technologies, Inc. Software $1,110 NA NA

05/08/18 Xcerra Corp. Cohu, Inc. Hardware $621 1.3x 9.0x

Source: S&P Capital IQ.

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

U.S. Middle-Market M&A Activity by Technology Sector: VALUE % Change ($ in millions)

$7.7 Software $4.7 65%

$4.8 Internet $7.0 32%

$1.1 IT Services $3.1 64%

$4.4 Hardware $7.2 39%

$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 1H '17 1H '18

U.S. Middle-Market M&A Activity by Technology Sector: VOLUME % Change

37 Software 12% 33

34 Internet 13% 39

14 IT Services 39% 23

24 Hardware 43% 42

0 5 10 15 20 25 30 35 40 45

Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion). Hardware sector includes Semiconductors, and IT Services includes Technology Distributors and Data Processing and Outsourced Services.

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

Commentary Select Announced Private Equity Transactions (Q2 2018)

 Financial sponsors were active across many sectors of the Announced Enterprise Technology industry during Q2 2018, as shown in the table to the Date Target Buyer Industry Value ($mm) right. As valuation multiples in the Technology industry have 06/21/18 Web.com Group, Inc. Siris Capital Group Internet $2,053 risen, many private equity firms have moved down market to find more attractive valuations, particularly for businesses with high 06/19/18 Drillinginfo, Inc. Genstar Capital Internet NA recurring revenue.

06/12/18 MeridianLink, Inc. Thoma Bravo Internet NA  Several notable private equity backed deals were announced MDU Enterprises, Inc./ during the quarter, including the Canadaian Pension Plan 06/11/18 Marlin Equity Partners Internet NA DCI Design Communications Inc. Investment Board’s announced acquisition of GlobalLogic, Inc. for

$2 billion and Siris Capital’s proposed purchase of Web.com 05/29/18 BMC Software, Inc. KKR & Co. Software NA Group, Inc. for nearly $2 billion.

Canada Pension Plan 05/21/18 GlobalLogic Inc. IT Services $2,000 Investment Board  During Q2 2018, financial sponsors were most active in the Software sector announcing 22 deals. 05/18/18 Arecont Vision Holdings, LLC Turnspire Capital Partners Hardware $10 Financial Sponsors Industry Transactions 05/17/18 Sageworks, Inc. Apax Partners Software NA

25 22 05/15/18 FrontStream Holdings, LLC Marlin Equity Partners Internet NA

20 04/17/18 LogicMonitor, Inc. Vista Equity Partners Internet NA

17

04/12/18 SiteLock, LLC ABRY Partners Software NA 15

12 Francisco Partners 04/03/18 Bomgar Corp. Software NA Management 10 8

06/07/18 RedZone Robotics, Inc. Milestone Partners Hardware NA Number Number Transactions of

5 04/12/18 Salsa Labs, Inc. Accel-KKR Internet NA

04/03/18 Wind River Systems, Inc. TPG Capital Software NA 0 Software Internet IT Services Hardware

Source: S&P Capital IQ. Graphic includes transactions with undisclosed transaction values. Financial sponsors include private and public investment firms, and corporate and financial service investment arms.

HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Software Bellwethers

130%  The charts included on the following pages detail the recent stock price performance by sector for the leading public companies within the Technology industry for the 12-month period ended 24.5% June 30, 2018. The shaded section represents Q2 2018. 120%

 During the 12-month period ending June 30, 2018, all sectors in the Technology industry had a positive performance, led by 110% 11.9% Software-as-a-Service (SaaS), Internet, and Infrastructure Software which increased 48.2%, 43.8% and 35.4%, respectively. 100%

 All of the sectors within the Technology industry posted positive gains during Q2 2018. The Internet, Software-as-a-Service (SaaS), 90% and Application Software (Vertical) sectors increased the most, Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 rising 22.6%, 15.5% and 10.8%, respectively. S&P 500 Software Bellwethers

Application Software (Horizontal) Application Software (Vertical)

130% 130%

23.9% 120% 17.4% 120%

110% 11.9% 110% 11.9%

100% 100%

90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 Application Software (Horizontal) S&P 500 Application Software (Vertical)

Source: S&P Capital IQ.

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

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

160% 150%

150% 140% 48.2% 140% 130% 35.0% 130% 120% 120%

110% 110% 11.9% 11.9%

100% 100%

90% 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 Software-as-a-Service (SaaS) S&P 500 Data & Analytics

Infrastructure Software Technology Hardware

150% 130%

140%

120% 16.9% 28.3% 130%

120% 110% 11.9%

110% 11.9% 100%

100%

90% 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 Infrastructure Software S&P 500 Technology Hardware

Source: S&P Capital IQ.

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

IT Services Internet

140% 160%

150% 130% 31.4% 140% 43.8%

120% 130%

120% 110% 11.9%

110% 11.9% 100% 100%

90% 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 IT Services S&P 500 Internet

Value Added Resellers & Wholesalers

130%

120%

11.9%

110%

5.3% 100%

90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 VARs & Wholesalers

Source: S&P Capital IQ.

HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Software Bellwethers

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Microsoft Corp. MSFT $98.61 96.0% $768,566 $722,405 $110,360 $72,007 $44,958 65.2% 40.7% 6.5x 16.1x Google, Inc. GOOG $1,115.65 94.0% $785,746 $687,473 $123,898 $71,133 $38,205 57.4% 30.8% 5.5x 18.0x Cisco Systems, Inc. CSCO $43.03 92.8% $211,611 $185,318 $48,619 $30,263 $14,494 62.2% 29.8% 3.8x 12.8x Oracle Corp. ORCL $44.06 82.4% $186,726 $180,740 $39,831 $31,750 $16,346 79.7% 41.0% 4.5x 11.1x IBM Corp. IBM $139.70 81.6% $129,465 $163,467 $80,771 $36,761 $17,033 45.5% 21.1% 2.0x 9.6x SAP AG DB:SAP $115.48 94.1% $138,059 $141,335 $27,599 $19,343 $7,244 70.1% 26.2% 5.1x 19.5x salesforce.com, Inc. CRM $136.40 96.0% $101,290 $98,119 $11,089 $8,199 $1,045 73.9% 9.4% 8.8x 93.9x* HP, Inc. HPQ $22.69 91.7% $37,960 $38,764 $55,507 $10,231 $4,647 18.4% 8.4% 0.7x 8.3x

Average 91.1% $294,928 $277,203 $62,209 $34,961 $17,996 59.1% 25.9% 4.6x 13.6x Median 93.4% $162,393 $172,104 $52,063 $31,007 $15,420 63.7% 28.0% 4.8x 12.8x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Application Software (Horizontal)

($ in millions, except per share)

Communication Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Nuance Communications, Inc. NUAN $13.89 74.1% $4,037 $5,726 $1,968 $1,152 $288 58.5% 14.6% 2.9x 19.9x Synchronoss Technologies, Inc. SNCR $6.17 36.1% $272 $377 $400 $220 ($21) 55.0% (5.2%) 0.9x NA MobileIron, Inc. MOBL $4.45 67.9% $436 $338 $181 $150 ($47) 83.0% (25.9%) 1.9x NA

Average 59% $1,582 $2,147 $850 $507 $73 65.5% (5.5%) 1.9x 19.9x Median 67.9% $436 $377 $400 $220 ($21) 58.5% (5.2%) 1.9x 19.9x

Enterprise Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Oracle Corp. ORCL $44.06 82.4% $186,726 $180,740 $39,831 $31,750 $16,346 79.7% 41.0% 4.5x 11.1x IBM Corp. IBM $139.70 81.6% $129,465 $163,467 $80,771 $36,761 $17,033 45.5% 21.1% 2.0x 9.6x SAP SE DB:SAP $115.48 94.1% $138,059 $141,335 $27,599 $19,343 $7,244 70.1% 26.2% 5.1x 19.5x Adobe Systems, Inc. ADBE $243.81 94.2% $121,951 $117,501 $8,122 $7,048 $2,913 86.8% 35.9% 14.5x* 40.3x* Intuit, Inc. NASDAQGS:INTU $204.31 94.3% $53,170 $51,684 $5,818 $4,902 $1,808 84.3% 31.1% 8.9x 28.6x Constellation Software, Inc. TSX:CSU $775.15 94.8% $16,427 $16,370 $2,795 $1,029 $427 36.8% 15.3% 5.9x 38.4x* Open Text Corp. OTEX $35.19 87.3% $9,413 $11,352 $2,815 $2,050 $806 72.8% 28.6% 4.0x 14.1x Sage Group plc LSE:SGE $8.29 76.2% $8,991 $9,912 $2,490 $2,319 $654 93.1% 26.3% 4.0x 15.2x

Average 88.1% $83,025 $86,545 $21,280 $13,150 $5,904 71.1% 28.2% 4.9x 16.3x Median 90.7% $87,561 $84,593 $6,970 $5,975 $2,360 76.3% 27.4% 4.5x 14.6x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Application Software (Horizontal)

($ in millions, except per share)

Human Capital Management (HCM)

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Paychex, Inc. PAYX $68.35 93.5% $24,709 $24,284 $3,381 $2,363 $1,426 69.9% 42.2% 7.2x 17.0x Workday, Inc. WDAY $121.12 86.5% $25,445 $23,589 $2,282 $1,611 ($170) 70.6% (7.5%) 10.3x NA The Ultimate Software Group, Inc. ULTI $257.31 91.1% $7,992 $7,817 $1,035 $648 $110 62.6% 10.6% 7.5x 71.1x* Paycom Software, Inc. PAYC $98.83 83.4% $5,808 $5,788 $498 $428 $118 85.9% 23.6% 11.6x 49.2x* Paylocity Holding Corp. PCTY $58.86 91.7% $3,214 $3,084 $357 $213 $31 59.8% 8.7% 8.6x 99.3x* Cornerstone OnDemand, Inc. CSOD $47.43 88.2% $2,725 $2,644 $504 $358 ($27) 71.0% (5.3%) 5.3x NA Benefitfocus, Inc. BNFT $33.60 90.9% $1,055 $1,130 $267 $143 $1 53.4% 0.2% 4.2x NA

Average 89.3% $10,135 $9,763 $1,189 $823 $212 67.6% 10.4% 7.8x 17.0x Median 90.9% $5,808 $5,788 $504 $428 $31 69.9% 8.7% 7.5x 17.0x

Marketing Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA salesforce.com, Inc. CRM $136.40 96.0% $101,290 $98,119 $11,089 $8,199 $1,045 73.9% 9.4% 8.8x 93.9x* HubSpot, Inc. HUBS $125.40 87.7% $4,722 $4,480 $441 $354 ($35) 80.2% (8.0%) 10.2x NA Criteo SA CRTO $32.85 61.1% $2,225 $1,767 $2,339 $860 $255 36.8% 10.9% 0.8x 6.9x ChannelAdvisor Corp. ECOM $14.05 89.9% $373 $318 $126 $100 ($5) 79.6% (4.0%) 2.5x NA

Average 83.7% $27,153 $26,171 $3,499 $2,378 $315 67.6% 2.1% 5.6x 6.9x Median 88.8% $3,474 $3,124 $1,390 $607 $125 76.8% 2.7% 5.7x 6.9x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Application Software (Horizontal)

($ in millions, except per share)

PLM & Engineering Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Dassault Systèmes SE ENXTPA:DSY $140.01 94.1% $36,367 $33,984 $3,860 $3,307 $1,051 85.7% 27.2% 8.8x 32.3x Autodesk, Inc. ADSK $131.09 91.7% $28,732 $29,025 $2,131 $1,854 ($229) 87.0% (10.7%) 13.6x NA Ansys, Inc. ANSS $174.18 94.2% $15,082 $14,192 $1,125 $1,008 $458 89.6% 40.8% 12.6x 31.0x Synopsys, Inc. SNPS $85.57 90.3% $13,206 $13,164 $2,938 $2,316 $532 78.8% 18.1% 4.5x 24.7x Cadence Design Systems, Inc. CDNS $43.31 94.2% $12,193 $12,012 $2,023 $1,786 $467 88.3% 23.1% 5.9x 25.7x PTC, Inc. NASDAQGS:PTC $93.81 93.1% $11,162 $11,566 $1,236 $905 $141 73.2% 11.4% 9.4x 81.9x* Aspen Technology, Inc. AZPN $92.74 92.9% $6,825 $6,924 $497 $448 $216 90.0% 43.5% 13.9x 32.0x Nemetschek SE XTRA:NEM $120.29 92.9% $4,631 $4,600 $489 $262 $116 53.6% 23.7% 9.4x 39.7x

Average 92.9% $16,025 $15,684 $1,787 $1,486 $344 80.8% 22.1% 9.8x 30.9x Median 93.0% $12,699 $12,588 $1,629 $1,397 $337 86.3% 23.4% 9.4x 31.5x

Supply Chain & Logistics Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Manhattan Associates, Inc. MANH $47.01 86.7% $3,200 $3,116 $569 $331 $167 58.1% 29.3% 5.5x 18.7x The Descartes Systems Group, Inc. TSX:DSG $32.56 99.7% $2,519 $2,534 $250 $182 $80 72.8% 32.2% 10.1x 31.5x Kinaxis, Inc. TSX:KXS $67.29 96.7% $1,792 $1,631 $144 $102 $34 70.8% 23.4% 11.3x 48.5x SPS Commerce, Inc. SPSC $73.48 93.5% $1,265 $1,092 $235 $157 $25 66.7% 10.5% 4.7x 44.2x American Software, Inc. AMSW.A $14.57 88.6% $444 $365 $113 $63 $16 55.6% 14.2% 3.2x 22.8x Amber Road, Inc. AMBR $9.41 91.4% $259 $272 $81 $43 ($7) 53.1% (8.8%) 3.4x NA Park City Group, Inc. PCYG $7.90 52.7% $160 $150 $21 $15 $4 70.2% 17.8% 7.2x 40.5x

Average 87.0% $1,377 $1,309 $202 $127 $45 63.9% 16.9% 6.5x 34.4x Median 91.4% $1,265 $1,092 $144 $102 $25 66.7% 17.8% 5.5x 36.0x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Application Software (Vertical)

($ in millions, except per share)

Energy Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Pason Systems, Inc. TSX:PSI $16.36 98.0% $1,397 $1,270 $202 $124 $69 61.4% 34.0% 6.3x 18.5x

Average 98.0% $1,397 $1,270 $202 $124 $69 61.4% 34.0% 6.3x 18.5x Median 98.0% $1,397 $1,270 $202 $124 $69 61.4% 34.0% 6.3x 18.5x

Financial Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Fidelity National Information Services, Inc. FIS $106.03 98.2% $35,626 $43,940 $8,889 $2,891 $2,558 32.5% 28.8% 4.9x 17.2x Fiserv, Inc. FISV $74.09 96.2% $31,336 $35,794 $5,776 $2,754 $1,849 47.7% 32.0% 6.2x 19.4x SS&C Technologies Holdings, Inc. SSNC $51.90 93.9% $11,282 $17,407 $2,174 $896 $659 41.2% 30.3% 8.0x 26.4x MSCI, Inc. MSCI $165.43 95.0% $15,240 $16,446 $1,371 $1,091 $726 79.5% 53.0% 12.0x 22.6x Jack Henry & Associates, Inc. JKHY $130.36 97.7% $10,130 $10,177 $1,503 $649 $470 43.2% 31.3% 6.8x 21.6x Envestnet, Inc. ENV $54.95 91.2% $2,455 $2,834 $724 $209 $85 28.8% 11.8% 3.9x 33.2x Q2 Holdings, Inc. QTWO $57.05 89.8% $2,373 $2,255 $204 $101 ($13) 49.2% (6.4%) 11.0x NA Bottomline Technologies, Inc. EPAY $49.83 97.5% $1,892 $1,940 $381 $209 $46 54.9% 11.9% 5.1x 42.6x*

Average 94.9% $13,792 $16,349 $2,628 $1,100 $798 47.1% 24.1% 7.2x 23.4x Median 95.6% $10,706 $13,312 $1,437 $773 $565 45.4% 29.5% 6.5x 22.1x

Source: S&P Capital IQ.

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

Application Software (Vertical)

($ in millions, except per share)

Healthcare IT

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cerner Corp. CERN $59.79 81.0% $20,152 $19,708 $5,149 $4,348 $1,312 84.5% 25.5% 3.8x 15.0x Veeva Systems, Inc. VEEV $76.86 90.4% $11,856 $10,938 $721 $499 $170 69.1% 23.6% 15.2x* 64.2x* athenahealth, Inc. ATHN $159.14 97.1% $6,533 $6,574 $1,287 $698 $243 54.2% 18.8% 5.1x 27.1x Medidata Solutions, Inc. MDSO $80.56 93.8% $4,876 $4,850 $587 $449 $91 76.5% 15.5% 8.3x* 53.4x* Allscripts Healthcare Solutions, Inc. MDRX $12.00 74.4% $2,172 $4,168 $2,006 $990 $117 49.4% 5.8% 2.1x 35.6x Inovalon Holdings, Inc. INOV $9.93 55.8% $1,410 $2,295 $476 $328 $78 68.9% 16.5% 4.8x 29.2x HMS Holdings Corp. HMSY $21.62 91.5% $1,832 $1,984 $562 $211 $116 37.5% 20.6% 3.5x 17.1x Quality Systems, Inc. QSII $19.50 94.7% $1,244 $1,263 $533 $291 $41 54.6% 7.6% 2.4x 31.2x Press Ganey Holdings, Inc. PGND $59.15 54.7% $268 $287 $185 $89 $19 47.8% 10.0% 1.5x 15.4x

Average 81.5% $5,594 $5,785 $1,279 $878 $243 60.3% 16.0% 3.3x 24.4x Median 90.4% $2,172 $4,168 $587 $449 $116 54.6% 16.5% 3.5x 27.1x

Public Sector / Non-Profit Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Constellation Software, Inc. TSX:CSU $775.15 94.8% $16,427 $16,370 $2,795 $1,029 $427 36.8% 15.3% 5.9x 38.4x Tyler Technologies, Inc. TYL $222.10 92.4% $8,832 $8,679 $889 $421 $199 47.4% 22.4% 9.8x 43.7x Blackbaud, Inc. BLKB $102.45 88.3% $4,917 $5,368 $830 $457 $142 55.1% 17.1% 6.5x 37.8x 2U, Inc. TWOU $83.56 84.8% $4,367 $3,902 $347 $271 ($27) 78.1% (7.7%) 11.3x* NA Instructure, Inc. INST $42.55 90.6% $1,347 $1,231 $184 $130 ($49) 70.5% (26.6%) 6.7x NA NIC, Inc. EGOV $15.55 78.8% $1,033 $860 $347 $142 $86 40.8% 24.9% 2.5x 9.9x K12, Inc. LRN $16.37 87.1% $669 $469 $895 $321 $40 35.8% 4.5% 0.5x 11.8x

Average 88.1% $5,370 $5,268 $898 $396 $117 52.1% 7.1% 5.3x 28.3x Median 88.3% $4,367 $3,902 $830 $321 $86 47.4% 15.3% 6.2x 37.8x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Software-as-a-Service (SAAS)

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA salesforce.com, Inc. CRM $136.40 96.0% $101,290 $98,119 $11,089 $8,199 $1,045 73.9% 9.4% 8.8x 93.9x* ServiceNow, Inc. NOW $172.47 91.5% $30,112 $29,219 $2,276 $1,718 $38 75.5% 1.7% 12.8x NA Workday, Inc. WDAY $121.12 86.5% $25,445 $23,589 $2,282 $1,611 ($170) 70.6% (7.5%) 10.3x NA Atlassian Corporation Plc TEAM $62.52 90.9% $14,454 $13,540 $874 $701 $4 80.2% 0.5% 15.5x* NA Veeva Systems, Inc. VEEV $76.86 90.4% $11,856 $10,938 $721 $499 $170 69.1% 23.6% 15.2x* 64.2x The Ultimate Software Group, Inc. ULTI $257.31 91.1% $7,992 $7,817 $1,035 $648 $110 62.6% 10.6% 7.5x 71.1x* athenahealth, Inc. ATHN $159.14 97.1% $6,533 $6,574 $1,287 $698 $243 54.2% 18.8% 5.1x 27.1x Guidewire Software, Inc. GWRE $88.78 92.3% $6,870 $6,178 $594 $331 $17 55.8% 2.9% 10.4x NA Paycom Software, Inc. PAYC $98.83 83.4% $5,808 $5,788 $498 $428 $118 85.9% 23.6% 11.6x 49.2x Proofpoint, Inc. PFPT $115.31 88.5% $5,516 $5,586 $612 $437 ($36) 71.5% (5.9%) 9.1x NA LogMeIn, Inc. LOGM $103.25 76.6% $5,571 $5,572 $1,130 $884 $341 78.3% 30.2% 4.9x 16.3x RingCentral, Inc. RNG $70.35 86.6% $5,431 $5,232 $540 $410 ($8) 76.0% (1.6%) 9.7x NA RealPage, Inc. RP $55.10 88.9% $4,697 $4,922 $774 $469 $132 60.6% 17.1% 6.4x 37.2x Medidata Solutions, Inc. MDSO $80.56 93.8% $4,876 $4,850 $587 $449 $91 76.5% 15.5% 8.3x 53.5x HubSpot, Inc. HUBS $125.40 87.7% $4,722 $4,480 $441 $354 ($35) 80.2% (8.0%) 10.2x NA Qualys, Inc. QLYS $84.30 86.2% $3,499 $3,176 $255 $196 $67 76.8% 26.2% 12.4x 47.5x Ebix, Inc. EBIX $76.25 87.1% $2,413 $2,758 $393 $249 $132 63.4% 33.7% 7.0x 20.8x Q2 Holdings, Inc. QTWO $57.05 89.8% $2,373 $2,255 $204 $101 ($13) 49.2% (6.4%) 11.0x NA Cornerstone OnDemand, Inc. CSOD $38.06 87.7% $2,084 $2,051 $389 $265 ($54) 67.9% (13.9%) 5.3x NA Alarm.com Holdings, Inc. ALRM $40.38 81.6% $1,990 $1,963 $357 $240 $67 67.0% 18.8% 5.5x 29.2x CyberArk Software Ltd. CYBR $62.96 93.1% $2,283 $1,958 $274 $231 $27 84.0% 10.0% 7.1x 71.4x* Zendesk, Inc. ZEN $31.86 64.3% $1,456 $1,624 $608 $338 $133 55.6% 21.8% 2.7x 12.2x Benefitfocus, Inc. BNFT $33.60 90.9% $1,055 $1,130 $267 $143 $1 53.4% 0.2% 4.2x NA SPS Commerce, Inc. SPSC $73.48 93.5% $1,265 $1,092 $235 $157 $25 66.7% 10.5% 4.7x 44.2x

Average 88.2% $10,816 $10,434 $1,155 $823 $102 69.0% 9.7% 8.0x 36.5x Median 89.4% $5,153 $5,077 $590 $419 $52 69.9% 10.3% 7.9x 37.2x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Data & Analytics

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Splunk, Inc. SPLK $99.11 81.5% $14,005 $13,126 $1,356 $1,079 ($230) 79.6% (16.9%) 9.7x NA Tableau Software, Inc. DATA $97.75 92.4% $7,889 $6,977 $993 $865 ($124) 87.1% (12.5%) 7.0x NA Teradata Corp. NYSE:TDC $40.15 90.7% $4,874 $4,489 $2,202 $1,034 $134 47.0% 6.1% 2.0x 33.5x Pegasystems, Inc. PEGA $54.80 80.6% $4,263 $4,009 $819 $532 $5 65.0% 0.7% 4.9x NA Verint Systems, Inc. VRNT $44.35 95.5% $2,824 $3,218 $1,163 $749 $122 64.4% 10.5% 2.8x 26.4x Inovalon Holdings, Inc. INOV $9.93 55.8% $1,410 $2,295 $476 $328 $78 68.9% 16.5% 4.8x 29.2x PROS Holdings, Inc. PRO $36.57 95.3% $1,178 $1,255 $184 $110 ($45) 59.6% (24.4%) 6.8x NA MicroStrategy, Inc. MSTR $127.75 65.1% $1,463 $763 $507 $407 $41 80.4% 8.0% 1.5x 18.7x

Average 82.1% $4,738 $4,517 $962 $638 ($2) 69.0% (1.5%) 4.9x 27.0x Median 86.1% $3,544 $3,613 $906 $641 $23 66.9% 3.4% 4.9x 27.8x

Source: S&P Capital IQ.

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

Infrastructure Services

($ in millions, except per share)

IT Operations & Management

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA VMware, Inc. VMW $146.97 89.1% $60,639 $52,245 $8,165 $7,017 $2,194 85.9% 26.9% 6.4x 23.8x ServiceNow, Inc. NOW $172.47 91.5% $30,112 $29,219 $2,276 $1,718 $38 75.5% 1.7% 12.8x* NA Red Hat, Inc. RHT $134.37 75.6% $25,105 $23,757 $3,057 $2,603 $599 85.2% 19.6% 7.8x 39.6x* Arista Networks, Inc. ANET $257.49 82.6% $20,672 $18,848 $1,898 $1,225 $606 64.5% 31.9% 9.9x 31.1x Citrix Systems, Inc. CTXS $104.84 95.8% $15,699 $16,337 $2,908 $2,526 $891 86.9% 30.6% 5.6x 18.3x CA, Inc. NASDAQGS:CA $35.65 95.4% $14,795 $14,310 $4,235 $3,635 $1,323 85.8% 31.2% 3.4x 10.8x Micro Focus International plc LSE:MCRO $17.46 48.1% $6,614 $10,952 $3,209 $2,508 $980 78.2% 30.5% 3.4x 11.2x F5 Networks, Inc. FFIV $172.45 94.1% $10,795 $9,711 $2,137 $1,778 $650 83.2% 30.4% 4.5x 14.9x New Relic, Inc. NEWR $100.59 90.1% $5,514 $5,266 $355 $292 ($30) 82.3% (8.4%) 14.8x* NA Pegasystems, Inc. PEGA $54.80 80.6% $4,263 $4,009 $819 $532 $5 65.0% 0.7% 4.9x NA Software AG XTRA:SOW $46.56 80.1% $3,444 $3,353 $1,001 $762 $301 76.2% 30.1% 3.3x 11.1x NetScout Systems, Inc. NTCT $29.70 80.7% $2,541 $2,682 $966 $698 $149 72.2% 15.4% 2.8x 18.0x Progress Software Corp. PRGS $38.82 72.4% $1,845 $1,820 $404 $357 $147 88.6% 36.4% 4.5x 12.4x Radware Ltd. RDWR $25.28 98.5% $1,145 $893 $223 $182 $5 81.5% 2.3% 4.0x NA

Average 83.9% $14,513 $13,814 $2,261 $1,845 $561 79.4% 20.0% 5.0x 16.9x Median 85.8% $8,704 $10,331 $2,017 $1,471 $450 81.9% 28.5% 4.5x 14.9x

Data Storage

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA NetApp, Inc. NTAP $78.53 98.5% $21,674 $18,203 $5,911 $3,699 $1,069 62.6% 18.1% 3.1x 17.0x Iron Mountain, Inc. IRM $35.01 84.3% $9,717 $17,711 $4,060 $2,325 $1,376 57.3% 33.9% 4.4x 12.9x Dropbox, Inc. DBX $32.42 74.5% $12,806 $12,130 $1,175 $779 ($377) 66.3% (32.0%) 10.3x* NA Box, Inc. BOX $24.99 83.9% $3,391 $3,264 $529 $388 ($108) 73.3% (20.4%) 6.2x NA CommVault Systems, Inc. CVLT $65.85 90.6% $2,984 $2,523 $710 $606 $16 85.3% 2.3% 3.6x NA Carbonite, Inc. CARB $34.90 84.6% $1,014 $1,138 $265 $189 $32 71.5% 11.9% 4.3x 36.1x

Average 86.1% $8,598 $9,162 $2,108 $1,331 $437 69.4% (3.2%) 4.3x 22.0x Median 84.5% $6,554 $7,697 $942 $692 $58 68.9% 7.1% 4.3x 17.0x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Infrastructure Services

($ in millions, except per share)

IT Security Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cisco Systems, Inc. CSCO $43.03 92.8% $211,611 $185,318 $48,619 $30,263 $14,494 62.2% 29.8% 3.8x 12.8x Palo Alto Networks, Inc. PANW $205.47 94.5% $18,739 $17,661 $2,124 $1,525 ($20) 71.8% (1.0%) 8.3x NA VeriSign, Inc. VRSN $137.42 94.4% $17,009 $17,621 $1,190 $999 $785 84.0% 66.0% 14.8x* 22.5x Symantec Corp. SYMC $20.65 60.4% $13,872 $16,579 $4,827 $3,803 $1,234 78.8% 25.6% 3.4x 13.4x Check Point Software Technologies Ltd. CHKP $97.68 81.9% $15,917 $14,236 $1,881 $1,680 $945 89.3% 50.3% 7.6x 15.1x Fortinet, Inc. FTNT $62.43 94.1% $10,918 $9,484 $1,631 $1,222 $216 74.9% 13.2% 5.8x 44.0x* Trend Micro, Inc. TSE:4704 $57.02 94.2% $7,923 $6,572 $1,427 $1,165 $489 81.6% 34.3% 4.6x 13.4x Gemalto NV ENXTAM:GTO $58.13 87.8% $5,225 $6,050 $3,568 $1,208 $427 33.9% 12.0% 1.7x 14.2x Proofpoint, Inc. PFPT $115.31 88.5% $5,516 $5,586 $612 $437 ($36) 71.5% (5.9%) 9.1x NA Qualys, Inc. QLYS $84.30 86.2% $3,499 $3,176 $255 $196 $67 76.8% 26.2% 12.4x* 47.5x* FireEye, Inc. FEYE $15.39 79.5% $2,841 $2,705 $776 $506 ($145) 65.2% (18.7%) 3.5x NA Mimecast Ltd. MIME $41.21 87.9% $2,360 $2,296 $262 $192 $13 73.4% 5.0% 8.8x NA CyberArk Software, Ltd. CYBR $62.96 93.1% $2,283 $1,958 $274 $231 $27 84.0% 10.0% 7.1x 71.4x* Varonis Systems, Inc. VRNS $74.50 89.7% $2,102 $1,944 $244 $220 ($19) 90.1% (7.7%) 8.0x NA Imperva, Inc. IMPV $48.25 89.4% $1,656 $1,262 $344 $274 $5 79.8% 1.6% 3.7x NA Rapid7, Inc. RPD $28.22 83.2% $1,235 $1,105 $210 $149 ($46) 70.9% (21.9%) 5.3x NA Cheetah Mobile, Inc. CMCM $9.56 52.6% $1,370 $976 $786 $531 $116 67.6% 14.7% 1.2x 8.4x

Average 85.3% $19,063 $17,325 $4,061 $2,624 $1,091 73.9% 13.7% 5.5x 14.3x Median 88.5% $5,225 $5,586 $786 $531 $67 74.9% 12.0% 5.3x 13.4x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Technology Hardware

($ in millions, except per share) PCs, Servers & Components

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Apple, Inc. AAPL $185.11 95.3% $941,121 $984,751 $255,274 $97,686 $78,533 38.3% 30.8% 3.9x 12.5x International Business Machines Corp. IBM $139.70 81.6% $129,465 $163,467 $80,771 $36,761 $17,033 45.5% 21.1% 2.0x 9.6x Hewlett-Packard Co. HPQ $22.69 91.7% $37,960 $38,764 $55,507 $10,231 $4,647 18.4% 8.4% 0.7x 8.3x Xerox Corp. XRX $24.00 64.1% $6,175 $10,387 $10,189 $4,014 $1,381 39.4% 13.6% 1.0x 7.5x Lenovo Group, Ltd. SEHK:992 $0.54 84.0% $6,126 $9,307 $45,350 $6,272 $1,357 13.8% 3.0% 0.2x 6.9x NCR Corp. NCR $29.98 69.3% $3,602 $7,220 $6,499 $1,870 $884 28.8% 13.6% 1.1x 8.2x Pitney Bowes, Inc. PBI $8.57 53.1% $1,611 $4,439 $3,819 $1,807 $646 47.3% 16.9% 1.2x 6.9x Diebold, Inc. DBD $11.95 41.9% $905 $2,980 $4,542 $1,003 $290 22.1% 6.4% 0.7x 10.3x ScanSource, Inc. SCSC $40.30 88.9% $1,033 $1,280 $3,770 $424 $135 11.2% 3.6% 0.3x 9.5x

Average 74.4% $125,333 $135,844 $51,747 $17,785 $11,656 29.4% 13.0% 1.2x 8.8x Median 81.6% $6,126 $9,307 $10,189 $4,014 $1,357 28.8% 13.6% 1.0x 8.3x

Electronic Manufacturing Services

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Flextronics International, Ltd. FLEX $14.11 71.6% $7,560 $9,226 $25,857 $1,636 $1,064 6.3% 4.1% 0.4x 8.7x Jabil Circuit, Inc. JBL $27.66 87.1% $4,941 $6,724 $21,347 $1,690 $1,366 7.9% 6.4% 0.3x 4.9x TTM Technologies, Inc. TTMI $17.63 89.9% $2,353 $3,745 $2,787 $434 $365 15.6% 13.1% 1.3x 10.2x Sanmina-SCI Corp. SANM $29.30 68.2% $2,090 $2,311 $6,989 $467 $293 6.7% 4.2% 0.3x 7.9x Plexus Corp. PLXS $59.54 89.2% $1,986 $1,840 $2,772 $263 $176 9.5% 6.3% 0.7x 10.5x Celestica, Inc. TSX:CLS $11.88 87.6% $1,709 $1,663 $6,266 $406 $245 6.5% 3.9% 0.3x 6.8x Benchmark Electronics, Inc. BHE $29.15 81.4% $1,441 $972 $2,517 $238 $142 9.5% 5.6% 0.4x 6.9x

Average 82.1% $3,154 $3,783 $9,791 $734 $522 8.8% 6.2% 0.5x 8.0x Median 87.1% $2,090 $2,311 $6,266 $434 $293 7.9% 5.6% 0.4x 7.9x

Source: S&P Capital IQ.

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

Technology Hardware

($ in millions, except per share) Storage and Network Components

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Western Digital Corp. WDC $77.41 72.4% $23,765 $29,932 $20,647 $7,698 $5,881 37.3% 28.5% 1.4x 5.1x Pure Storage, Inc. PSTG $23.88 93.2% $5,161 $4,493 $1,096 $716 ($127) 65.4% (11.6%) 4.1x NA

Average 82.8% $14,463 $17,212 $10,872 $4,207 $2,877 51.3% 8.4% 2.8x 5.1x Median 82.8% $14,463 $17,212 $10,872 $4,207 $2,877 51.3% 8.4% 2.8x 5.1x

Communications Equipment

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cisco Systems, Inc. CSCO $43.03 92.8% $211,611 $185,318 $48,619 $30,263 $14,494 62.2% 29.8% 3.8x 12.8x QUALCOMM, Inc. QCOM $56.12 81.0% $82,931 $69,502 $22,832 $13,228 $6,911 57.9% 30.3% 3.0x 10.1x Harris Corp. HRS $144.54 84.8% $17,504 $21,006 $6,182 $2,251 $1,381 36.4% 22.3% 3.4x 15.2x Juniper Networks, Inc. JNPR $27.42 90.5% $10,112 $9,127 $4,784 $2,844 $919 59.5% 19.2% 1.9x 9.9x Netgear, Inc. NTGR $62.50 87.5% $1,972 $1,616 $1,464 $421 $94 28.7% 6.4% 1.1x 17.2x ADTRAN, Inc. ADTN $14.85 59.2% $714 $633 $561 $238 ($3) 42.4% (0.6%) 1.1x NA

Average 82.6% $54,141 $47,867 $14,074 $8,207 $3,966 47.9% 17.9% 2.4x 13.0x Median 86.1% $13,808 $15,067 $5,483 $2,548 $1,150 50.2% 20.8% 2.5x 12.8x

Source: S&P Capital IQ.

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

IT Services

($ in millions, except per share) IT Consulting & Other Services

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Accenture plc ACN $163.59 98.8% $107,384 $103,836 $38,574 $12,106 $6,276 31.4% 16.3% 2.7x 16.5x Cognizant Technology Solutions Corp. CTSH $78.99 92.8% $46,525 $43,027 $15,512 $5,997 $3,203 38.7% 20.6% 2.8x 13.4x ACI Worldwide, Inc. DXC $80.61 74.7% $23,358 $29,439 $24,556 $6,612 $5,019 26.9% 20.4% 1.2x 5.9x Cap Gemini S.A. ENXTPA:CAP $134.41 96.9% $23,065 $25,884 $15,143 $3,980 $1,883 26.3% 12.4% 1.7x 13.7x Wipro, Ltd. WIT $4.79 74.8% $22,386 $19,405 $8,008 $2,330 $1,483 29.1% 18.5% 2.4x 13.1x CACI Intl., Inc. CACI $168.55 96.4% $4,250 $5,277 $4,435 $1,471 $410 33.2% 9.2% 1.2x 12.9x Syntel, Inc. SYNT $32.09 93.9% $2,677 $2,816 $966 $362 $264 37.5% 27.4% 2.9x 10.7x ManTech Intl. Corp. MANT $53.64 86.2% $2,121 $2,144 $1,849 $268 $149 14.5% 8.1% 1.2x 14.3x Unisys Corp. UIS $12.90 92.8% $797 $892 $2,787 $647 $271 23.2% 9.7% 0.3x 3.3x Computer Task Group, Inc. CTG $7.74 80.5% $116 $113 $324 $62 $7 19.2% 2.2% 0.3x 15.7x

Average 88.8% $23,268 $23,283 $11,215 $3,384 $1,897 28.0% 14.5% 1.7x 12.0x Median 92.8% $13,318 $12,341 $6,222 $1,901 $947 28.0% 14.4% 1.5x 13.3x

Data & Transaction Processing

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA PayPal Holdings, Inc. PYPL $83.27 95.1% $101,381 $92,994 $14,525 $6,775 $2,638 46.6% 18.2% 6.4x 35.3x Fidelity National Information Services, Inc. FIS $106.03 98.2% $35,626 $43,940 $8,889 $2,891 $2,558 32.5% 28.8% 4.9x 17.2x First Data Corp. FDC $20.93 94.5% $18,820 $39,795 $8,540 $5,450 $2,997 63.8% 35.1% 4.7x 13.3x Fiserv, Inc. FISV $74.09 96.2% $31,336 $35,794 $5,776 $2,754 $1,849 47.7% 32.0% 6.2x 19.4x Global Payments, Inc. GPN $111.49 93.1% $17,699 $21,659 $3,721 $2,201 $1,222 59.2% 32.8% 5.8x 17.7x Total System Services, Inc. TSS $84.52 93.1% $15,602 $19,217 $4,516 $1,447 $1,032 32.0% 22.8% 4.3x 18.6x Broadridge Financial Solutions, Inc. BR $115.10 95.9% $13,818 $14,669 $4,355 $1,146 $822 26.3% 18.9% 3.4x 17.9x Jack Henry & Associates, Inc. JKHY $130.36 97.7% $10,130 $10,177 $1,503 $649 $470 43.2% 31.3% 6.8x 21.6x ACI Worldwide, Inc. ACIW $24.67 90.8% $2,931 $3,552 $996 $549 $147 55.1% 14.7% 3.6x 24.2x

Average 95.0% $27,483 $31,311 $5,869 $2,651 $1,827 45.2% 26.1% 5.1x 20.6x Median 95.1% $17,699 $21,659 $4,516 $2,201 $1,222 46.6% 20.9% 4.9x 18.6x

Source: S&P Capital IQ.

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

Internet

($ in millions, except per share) Online Content and Search Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Google, Inc. GOOG $1,115.65 94.0% $785,746 $687,473 $123,898 $71,133 $38,205 57.4% 30.8% 5.5x 18.0x Facebook, Inc. FB $194.32 95.5% $573,341 $531,153 $48,497 $41,297 $27,395 85.2% 56.5% 11.0x 19.4x Twitter, Inc. TWTR $43.67 91.4% $32,939 $29,974 $2,697 $1,816 $586 67.3% 21.7% 11.1x 51.1x* IAC/InterActiveCorp. IAC $152.49 91.5% $13,259 $14,226 $3,541 $2,834 $405 80.0% 11.4% 4.0x 35.1x Yelp, Inc. YELP $39.18 81.0% $3,454 $2,639 $872 $803 $39 92.2% 4.5% 3.0x 67.2x*

Average 90.7% $281,748 $253,093 $35,901 $23,577 $13,326 76.4% 25.0% 6.9x 24.2x Median 91.5% $32,939 $29,974 $3,541 $2,834 $586 80.0% 21.7% 5.5x 19.4x

Software & Services Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Akamai Technologies, Inc. AKAM $73.23 88.1% $12,569 $12,242 $2,628 $1,703 $671 64.8% 25.5% 4.7x 18.2x Box, Inc. BOX $24.99 83.9% $3,391 $3,264 $529 $388 ($108) 73.3% (20.4%) 6.2x NA TiVo Corp. TIVO $13.45 66.7% $1,630 $2,330 $811 $604 $209 74.6% 25.7% 2.9x 11.2x

Average 79.6% $5,863 $5,946 $1,323 $898 $257 70.9% 10.3% 4.6x 14.7x Median 83.9% $3,391 $3,264 $811 $604 $209 73.3% 25.5% 4.7x 14.7x

e-Commerce Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Amazon.com, Inc. AMZN $1,699.80 96.4% $844,801 $863,540 $208,125 $80,715 $20,631 38.8% 9.9% 4.1x 41.9x Netflix, Inc. NFLX $391.43 92.5% $175,894 $180,329 $13,879 $5,292 $1,440 38.1% 10.4% 13.0x* 125.2x* Booking Holdings, Inc. BKNG $2,027.09 90.9% $100,846 $102,968 $13,190 $13,008 $5,114 98.6% 38.8% 7.8x 20.1x eBay, Inc. EBAY $36.26 77.2% $37,148 $42,382 $10,065 $7,761 $3,001 77.1% 29.8% 4.2x 14.1x Expedia, Inc. EXPE $120.19 74.7% $18,789 $20,062 $10,673 $8,792 $1,158 82.4% 10.8% 1.9x 17.3x GODaddy, Inc. GDDY $70.60 93.9% $12,576 $14,363 $2,469 $1,630 $378 66.0% 15.3% 5.8x 38.0x Cimpress N.V. CMPR $144.96 84.4% $4,671 $5,642 $2,593 $1,313 $294 50.6% 11.4% 2.2x 19.2x Etsy, Inc. ETSY $42.19 92.0% $5,265 $4,937 $465 $308 $63 66.3% 13.6% 10.6x* 78.3x* Shutterfly, Inc. SFLY $90.03 89.7% $3,048 $3,219 $1,198 $568 $175 47.4% 14.6% 2.7x 18.4x

Average 88.0% $133,671 $137,494 $29,184 $13,265 $4,475 62.8% 14.2% 4.1x 24.2x Median 90.9% $18,789 $20,062 $10,065 $5,292 $1,158 66.0% 10.8% 4.1x 19.2x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

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

Resellers and Wholesalers

($ in millions, except per share)

Technology Value Added Resellers

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA CDW Corp. CDW $80.79 94.1% $12,518 $16,046 $15,836 $2,555 $1,199 16.1% 7.6% 1.0x 13.4x Presidio, Inc. PSDO $13.10 66.4% $1,303 $2,164 $2,821 $586 $217 20.8% 7.7% 0.8x 10.0x Insight Enterprises, Inc. NSIT $48.93 95.4% $1,768 $1,986 $7,142 $963 $260 13.5% 3.6% 0.3x 7.6x ePlus, Inc. PLUS $94.10 94.3% $1,314 $1,360 $1,411 $309 $102 21.9% 7.2% 1.0x 13.4x PC Connection, Inc. CNXN $33.20 98.1% $893 $824 $2,823 $400 $97 14.2% 3.4% 0.3x 8.5x

Average 89.7% $3,559 $4,476 $6,007 $963 $375 17.3% 5.9% 0.7x 10.6x Median 94.3% $1,314 $1,986 $2,823 $586 $217 16.1% 7.2% 0.8x 10.0x

Technology Wholesalers

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Arrow Electronics, Inc. ARW $75.28 86.3% $6,708 $10,232 $28,922 $3,574 $1,301 12.4% 4.5% 0.4x 7.9x Avnet, Inc. AVT $42.89 95.6% $5,221 $6,306 $18,584 $2,499 $703 13.4% 3.8% 0.3x 9.0x SYNNEX Corp. SNX $96.51 68.0% $3,844 $5,297 $19,114 $1,680 $712 8.8% 3.7% 0.3x 7.4x Tech Data Corp. TECD $82.12 73.9% $3,161 $4,435 $38,300 $2,182 $628 5.7% 1.6% 0.1x 7.1x ScanSource, Inc. SCSC $40.30 88.9% $1,033 $1,280 $3,770 $424 $135 11.2% 3.6% 0.3x 9.5x

Average 82.5% $3,993 $5,510 $21,738 $2,072 $1,466 10.3% 2.9% 0.3x 8.2x Median 86.3% $3,844 $5,297 $19,114 $2,182 $703 11.2% 2.9% 0.3x 7.9x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 25 Investment Banking | Mergers & Acquisitions | Capital Raising HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill Senior Managing Director [email protected] Recent Transactions (813) 383-0205

John McDonald Senior Managing Director [email protected] (813) 383-0206

Keith Hodgdon Managing Director [email protected] (813) 383-0208

Charlie Hendrick Vice President [email protected] (813) 383-0207

Jeffrey Hendricks Vice President [email protected] (678) 523-3073

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com

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