IT Consulting December 2019 IT Consulting December 2019 Sector Dashboard [4]

Sectorwatch: IT Consulting December 2019 IT Consulting December 2019 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [15]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview

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

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

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

3 Dashboard

Operating Metrics Revenue Growth 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 31.5% -0.5% average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 15.8%

Pricing / Gross Margin Median LTM Rev. Growth % 8.8% 1 - year gross profit % compared to gross profit % -0.5% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 24.0x 1 - year EBITDA % compared to EBITDA % average for 0.5% last 3 years Median TEV / LTM EBIT 18.2x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 16.0x

Median TEV / LTM Revenue 2.6x

0x 10x 20x 30x

4 Public Basket

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

Perficient, Inc. 1,476 552 10% 37% 13% 2.7 20.3 3,060 180 Reply S.p.A. 2,869 1,283 17% 15% 13% 2.3 18.1 7,606 169 EPAM Systems, Inc. 10,657 2,166 25% 35% 16% 4.9 31.4 30,156 72 Capgemini SE 22,648 15,632 8% 27% 13% 1.5 11.6 211,313 74 CGI Inc. 23,422 9,149 5% 31% 17% 2.6 14.8 77,500 118 NTT DATA Corporation 24,310 20,526 5% 25% 15% 1.2 8.0 123,884 166 Cognizant Technology Solutions Corporation 33,224 16,628 5% 37% 19% 2.0 10.5 281,600 59 Infosys Limited 39,077 12,386 9% 32% 24% 3.2 13.3 - NA Tata Consultancy Services Limited 101,955 21,584 14% 44% 27% 4.8 18.1 424,285 51 Accenture plc 119,203 43,215 5% 31% 16% 2.8 17.2 492,000 88 Average 37,884 14,312 10% 32% 17% 2.8 16.3 165,140 108 Median 23,866 14,009 9% 32% 16% 2.6 16.0 100,692 88 share price as of 25Nov19

5 Public Basket Valuation Trends

18x Public EBITDA Multiples over Time

20x 16x 15x 10x 14x 5x 0x

12x

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Mar-16 Mar-15 Mar-17 Mar-18 Mar-19

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Sep-16 Sep-17 Sep-18 Sep-19 10x 13.1x Sep-15 TEV/EBITDA - Median TEV/EBITDA - Average

8x Public Revenue Multiples over Time 6x 3x

4x 2.1x 2x 1x 2x 0x

Jun-19 Jun-15 Jun-16 Jun-17 Jun-18

Mar-18 Mar-15 Mar-16 Mar-17 Mar-19

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Jun-19 Jun-15 Jun-16 Jun-17 Jun-18

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Sep-16 Sep-17 Sep-18 Sep-19 Sep-15 TEV/Revenue - Median TEV/Revenue - Average

TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Tata Consultancy Services Tata Consultancy Services Limited Limited

Cognizant Technology Infosys Limited Solutions Corporation

Cognizant Technology Perficient, Inc. Solutions Corporation

EPAM Systems, Inc. CGI Inc.

Infosys Limited Accenture plc

Accenture plc EPAM Systems, Inc.

CGI Inc. NTT DATA Corporation

Capgemini SE Perficient, Inc.

NTT DATA Corporation Capgemini SE

Reply S.p.A. Reply S.p.A.

Median Median

- 20% 40% 60% - 10% 20% 30%

7 Operational Metrics

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

EPAM Systems, Inc. Perficient, Inc.

Reply S.p.A. Reply S.p.A.

Tata Consultancy Services NTT DATA Corporation Limited

Perficient, Inc. CGI Inc.

Infosys Limited Accenture plc

Capgemini SE Capgemini SE

Accenture plc EPAM Systems, Inc.

Cognizant Technology CGI Inc. Solutions Corporation

Cognizant Technology Infosys Limited Solutions Corporation

Tata Consultancy Services NTT DATA Corporation Limited

Median Median

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

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

CGI Inc. Infosys Limited

Accenture plc Capgemini SE

NTT DATA Tata Consultancy Corporation Services Limited

EPAM Systems, Inc. Reply S.p.A.

Cognizant Perficient, Inc. Technology…

Reply S.p.A. EPAM Systems, Inc.

Tata Consultancy NTT DATA Services Limited Corporation

Capgemini SE Accenture plc

Infosys Limited CGI Inc.

Median Median

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

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

EPAM Systems, Inc. EPAM Systems, Inc.

Tata Consultancy Perficient, Inc. Services Limited

Infosys Limited Reply S.p.A.

Accenture plc Accenture plc

Tata Consultancy Perficient, Inc. Services Limited

CGI Inc. CGI Inc.

Reply S.p.A. Infosys Limited

Cognizant Capgemini SE Technology…

NTT DATA NTT DATA Corporation Corporation

Median Median

0x 1x 2x 3x 4x 5x 6x 0x 10x 20x 30x 40x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

EPAM Systems, Inc. EPAM Systems, Inc.

Perficient, Inc. Perficient, Inc.

Accenture plc Accenture plc

Reply S.p.A. Reply S.p.A.

Tata Consultancy CGI Inc. Services Limited

NTT DATA Tata Consultancy Corporation Services Limited

CGI Inc. Capgemini SE

NTT DATA Infosys Limited Corporation

Capgemini SE Infosys Limited

Cognizant Cognizant Technology… Technology…

Median Median

0x 10x 20x 30x 40x 0x 10x 20x 30x 40x 50x

11 Valuation

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

35x 30% 35x 50%

44.3% 45% 30x 24.7% 30x 25% 37.2% 37.3% 40%

25x 25x 35% 32.2% 20% 30.8% 35.5% 17.4% 30% 20x 20x 30.6% 13.7% 15% 27.3% 25%

15x 15x 20% 8.1% 9.5% 10% 15% 10.4% 10x 10x 14.7% 10%

LTM GP% LTM EBITDA(x) EBITDA(x) 5x 5x 5.4% 5.1% 5.3% RGR% LTM 5%

10x 11x 14x 15x 17x 18x 18x 21x 32x 10x 11x 14x 15x 17x 18x 18x 21x 32x 0x 0% 0x 0%

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

12 Recent Transactions

Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

8Nov19 Virtual Clarity Limited DXC Technology Company - - - - 5Nov19 Naya Pai Technologies Ltd EPAM Systems, Inc. - - - - 31Oct19 Backbone Enterprises, Inc. CynergisTek, Inc. 11.00 - - - 30Oct19 Statêra, Inc Navint Partners, LLC - - - - 6Sep19 iC-1 Solutions, LLC Swift Group Holdings, LLC 25.50 - - - 24Oct19 DYNARDO (Dynamic Software and Engineering) GmbH ANSYS, Inc. 33.29 - - - 23Oct19 Global IT SOS SmartSource, Inc. - - - - 21Oct19 pernexas GmbH Alfresco Software, Inc. - - - - 14Oct19 PeopleWare ICT Solutions B.V. Proact IT Group AB (publ) 18.73 30.86 0.6x - 24Sep19 Locus Telecommunication Inc., Ltd. NTT DATA Asia Pacific Pte. Ltd. - - - - 10Sep19 Pragsis Technologies S.L. Accenture plc - - - - 26Aug19 Beijing Transtrue Technology Inc. Suzhou Longyue Holdings Co., Ltd. 62.54 117.23 1.3x 26.5x 28Aug19 BASS Systems S.R.L. S&T AG 6.36 - - - 9Aug19 Belatrix Global Corporation S.A. Globant S.A. 65.00 35.00 - - 1Jul19 Phoenix Austec Group Pty Ltd Spirit Telecom Limited 1.13 - - 4.3x 26Jun19 BCT Solutions Pty Ltd Accenture plc - - - - 26Jun19 Oxygen Systems Oracle Corporation - - - - 13Jun19 Sovereign CRM, LLC Ness Technologies Inc. - - - - 12Jun19 Cirruseo SAS Accenture plc - - - -

31Jan19 OOO Korklass IKS Corporation 9.87 - - - 27May19 FBC Technologies Ltd One Software Technologies Ltd 5.83 - - - 21May19 Alpha Solutions AG Bechtle AG - 1.16 - - 10May19 Syloé Digital Rural Informatique SARL - 0.90 - - 24Apr19 Adaptive Technologies Group, LLC Cyemptive Technologies, Inc. - - - -

10Apr19 Virteva LLC Crossfuze LLC - - - - 3Apr19 United Technology Group, LLC Coretelligent, LLC - - - -

13 IT Consulting December 2019 APPENDIX:

Public Basket

Constituents

Perficient, Inc. 0x Perficient, Inc. provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using middleware software TEV/Revenue Average products developed by third-party vendors. Its solutions include portals and collaboration, such as searchable data systems, EBITDA Multiples - Perficient, Inc. collaborative systems for process improvement, transaction 30x processing, unified and extended reporting, and other services; 20x and platform implementations services, including application server selection, architecture planning, installation and 10x configuration, clustering for availability, performance assessment and issue remediation, security, and technology migrations. 0x Perficient, Inc. was founded in 1997 and is headquartered in St. Louis, Missouri. TEV/EBITDA Average Date Key Development Headline 5/21/19 Perficient, Inc. (NasdaqGS:PRFT) completed the acquisition of P/E Multiples - Perficient, Inc. the assets of Sundog Interactive, Inc. 5/12/19 Perficient, Inc. (NasdaqGS:PRFT) entered into a purchase 60x agreement to acquire the assets of Sundog Interactive, Inc for $14 million. 45x 10/28/18 Perficient Inc. (NASDAQ:PRFT) acquired Elixiter Inc. for $11.7 30x million. 15x 7/15/18 Perficient, Inc. (NasdaqGS:PRFT) acquired substantially all of the assets of Substantially All of the Assets of Stone Temple 0x Consulting Corporation for $13.8 million.

P/E Average

15 Revenue Multiples - Reply S.p.A. Public Basket 3x 2x

Reply S.p.A. 0x Reply S.p.A. provides consulting, system integration, application management, and business process outsourcing services in Italy TEV/Revenue Average and internationally. The company implements solutions based on communication channels and digital media. It provides Brick Reply, a manufacturing operations management platform for the EBITDA Multiples - Reply S.p.A. 30x management and control of a smart factory; Click Reply, a supply chain execution platform; Definio Reply, a technological 20x platform for collection, analysis, control, processing, and distribution of financial data; Discovery Reply, a platform for the 10x digital media management projects; and Gaia Reply platform for use in the field of mobility and multimedia. The company also 0x offers Hi engage, a commercial contextual marketing solution; Pay Reply platform that provides mobile payment solutions, as well as helps banks, financial institutions and TEV/EBITDA Average telecommunications companies, utilities, and retailers to create and deliver remote and proximity payment services; SideUp P/E Multiples - Reply S.p.A. Reply, a software application for warehouse management; 40x Starbytes, an online employment service for freelancers and ICT 30x specialists; The company was founded in 1996 and is headquartered in Turin, Italy. 20x 10x

0x Date Key Development Headline 2/28/19 Deutsche Telekom Partners with Reply to Develop Open-Source Backhaul System 4/9/18 Reply S.p.A. (BIT:REY) acquired a majority stake in Valorem P/E Average Consulting Group, LLC.

16 Revenue Multiples - EPAM Systems, Inc. Public Basket 6x 4x

EPAM Systems, Inc. 0x EPAM Systems, Inc. provides software product development and digital platform engineering services primarily in North America, Europe, Asia, and Australia. It offers software product TEV/Revenue Average development services, including product research, customer experience design, prototyping, program management, EBITDA Multiples - EPAM Systems, Inc. 40x component design and integration, lifecycle software testing, product deployment, end-user customization, performance 30x tuning, product support and maintenance, managed services, 20x and porting and cross-platform migration. The company provides 10x custom application development services, such as business and technical requirement analysis, user experience design, solution 0x architecture creation and validation, development, component design and integration, quality assurance and testing, deployment, performance tuning, support and maintenance, TEV/EBITDA Average legacy applications re-engineering/refactoring, porting and cross- platform migration, and documentation. The company was P/E Multiples - EPAM Systems, Inc. founded in 1993 and is headquartered in Newtown, 120x Pennsylvania. 90x

60x Date Key Development Headline 11/4/19 EPAM Systems, Inc. (NYSE:EPAM) acquired NAYA 30x Technologies. 0x 7/1/19 EPAM Systems, Inc. acquired Competentum Group. 5/9/19 EPAM To Seek Investments 5/8/19 EPAM Systems, Inc. (NYSE:EPAM) acquired testCloud.de GmbH for approximately $17.3 million. P/E Average

17 Revenue Multiples - Capgemini SE Public Basket 3x 2x

Capgemini SE 0x Capgemini SE provides consulting, technology, outsourcing, and other managed services. The company’s Consulting Services segment offers services to enhance the performance of TEV/Revenue Average organizations based on the knowledge of client industries and processes. Its Technology & Engineering Services segment EBITDA Multiples - Capgemini SE 20x provides assistance and support to internal IT teams of client companies. The company’s Application Services segment 15x designs, develops, implements, and maintains IT applications, 10x including system integration and application maintenance services. Its Other Managed Services segment integrates, 5x manages, and/or develops client’s IT infrastructure systems, as 0x well as provides transaction, on-demand, and/or business process outsourcing services. Capgemini SE was founded in 1967 and is based in Paris, France. TEV/EBITDA Average

Date Key Development Headline P/E Multiples - Capgemini SE 6/24/19 Altran Technologies S.A., Capgemini SE - M&A Call 30x 2/20/19 Capgemini SE (ENXTPA:CAP) completed the acquisition of Leidos Cyber, Inc. from Leidos Intermediate Holdings, Inc. and 20x others. 2/14/19 Capgemini To Seek Acquisitions 10x

P/E Average

18 Revenue Multiples - CGI Inc. Public Basket 3x 2x

CGI Group Inc. 0x CGI Group Inc. provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio TEV/Revenue Average management, quality assurance and testing, modernization, and EBITDA Multiples - CGI Inc. migration services; agile, business transformation, change 20x management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business 15x consulting services; business-to-business and customer 10x operations support, purchase management, revenue 5x management, and supplier payment services; and data center facilities and management, technical service desk, printing and 0x document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file TEV/EBITDA Average sync and share as a service, as well as infrastructure solutions and consulting services. The company was founded in 1976 and P/E Multiples - CGI Inc. is headquartered in Montreal, Canada. 40x 30x

Date Key Development Headline 20x 9/2/19 CGI Inc. (TSX:GIB.A) acquired Annams Systems Corporation, Inc. 10x 4/15/19 CGI Inc. (TSX:GIB.A) completed the acquisition of 77.37% stake in Acando AB (publ.) (OM:ACAN B). 0x 4/15/19 CGI Inc. (TSX:GIB.A) completed the acquisition of 21.9% stake in Acando AB (publ.) (OM:ACAN B) from Svolder AB (publ) (OM:SVOL B), Svedulf Fastighets AB and Bjursund Invest AB. P/E Average 3/10/19 CGI Inc. (TSX:GIB.A) made an offer to acquire 77.37% stake in Acando AB (publ.) (OM:ACAN B) for SEK 3.3 billion.

19 Revenue Multiples - NTT DATA Corporation 2.0x Public Basket 1.5x 1.0x

0.5x

NTT DATA Corporation 0.0x NTT DATA Corporation provides consulting, system development, and business information technology (IT) outsourcing services worldwide. The company operates through TEV/Revenue Average four segments: Public & Social Infrastructure, Financial, Enterprise & Solutions, and Global. It offers business consulting EBITDA Multiples - NTT DATA Corporation 15x services, such as business strategy, business process optimization, and organizational change management; and IT 10x consulting services, including IT strategy and governance, information and knowledge management, and program 5x management office consulting services. NTT DATA Corporation is a subsidiary of Nippon Telegraph and Telephone Corporation. 0x

Date Key Development Headline TEV/EBITDA Average 9/23/19 Japan Exchange Group, Inc. (TSE:8697) completed the acquisition of 97.2% stake in Tokyo Commodity Exchange, Inc. P/E Multiples - NTT DATA Corporation from a group of sellers for ¥5.2 billion. 60x 6/3/19 MagicCube to Form Partnership with NTT DATA Corporation to Secure Next Generation Payments, Acceptance, and Accelerate PCI Certification for Their Joint Customers 40x 4/24/19 TRI-AD, Maxar Technologies and NTT DATA Corporation to Build High-Definition Maps for Autonomous Vehicles from Space 20x 4/2/19 CP ALL Public Company Limited (SET:CPALL) completed the acquisition of 27.36% stake in Thai Smart Card Co., Ltd. from 0x True Corporation Public Company Limited (SET:TRUE),Krungthai Card Public Company Limited (SET:KTC), Government Savings Bank, NTT DATA Corporation (TSE:9613), SVOA Public Company Limited (SET:SVOA) and Loxley Public Company P/E Average Limited.

20 Revenue Multiples - Cognizant Technology 5x Solutions Corporation Public Basket 4x 3x 2x 1x Cognizant Technology Solutions Corporation 0x Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through TEV/Revenue Average four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It EBITDA Multiples - Cognizant Technology Solutions Corporation offers business, process, operations, and technology consulting 30x services; application design and development, and systems integration services; application testing, consulting, and 20x engineering services; and enterprise information management 10x services. The company was founded in 1994 and is headquartered in Teaneck, New Jersey. 0x

Date Key Development Headline 10/15/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) TEV/EBITDA Average entered into an agreement to acquire Contino LTD from Columbia Capital, L.P., Top Tier Capital Partners, LLC and others. P/E Multiples - Cognizant Technology 8/12/19 Cognizant Technology Solutions To Seek Acquisitions 50x Solutions Corporation 7/30/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of Zenith Technologies Ltd. from GE 40x UK Group and other shareholders. 30x 6/17/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 20x agreed to acquire Zenith Technologies Ltd. from GE UK Group and other shareholders for approximately €140 million. 10x 5/7/19 AVEVA and Cognizant Expand R&D Partnership to Build Next- 0x Gen Industrial Software

P/E Average

21 Revenue Multiples - Infosys Limited 5x Public Basket 4x 3x 2x 1x Infosys Limited 0x Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally. It provides business TEV/Revenue Average information technology services, including application development and maintenance, independent validation, EBITDA Multiples - Infosys Limited infrastructure management, and business process management 20x services, as well as engineering services, such as engineering 15x and life cycle solutions; and consulting and systems integration 10x services comprising consulting, enterprise solutions, systems 5x integration, and advanced technologies. Infosys Limited was founded in 1981 and is headquartered in Bengaluru, India. 0x

Date Key Development Headline 10/9/19 Infosys Enters into Strategic Partnership with Eishtec TEV/EBITDA Average 8/22/19 Infosys and University of Illinois Urbana-Champaign Enter a Strategic Partnership for Precision Medicine P/E Multiples - Infosys Limited 7/12/19 Infosys To Seek Acquisitions 30x 5/9/19 Infosys Seeks Acquisitions 5/2/19 Infosys Seeks Acquisitions 20x

10x

P/E Average

22 Revenue Multiples - Accenture plc 4x Public Basket 3x 2x

1x Accenture plc 0x Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology TEV/Revenue Average segment provides professional services that help clients accelerate and deliver digital transformation, and enhance EBITDA Multiples - Accenture plc business results through industry-specific solutions for 30x communications, media, and high tech industries, as well as for software platforms. The company’s Financial Services segment 20x offers services that address profitability pressures, industry consolidation, regulatory changes, and the need to continually 10x adapt to new digital technologies. This segment serves clients in 0x banking, capital markets, and insurance industries. Accenture plc was founded in 1989 and is based in Dublin, Ireland. TEV/EBITDA Average

Date Key Development Headline 11/13/19 Accenture plc (NYSE:ACN) agreed to acquire Silveo. 40x P/E Multiples - Accenture plc 11/7/19 Ajinomoto Co., Inc. and Accenture plc Establishes Joint Venture in Japan 30x 10/20/19 Accenture plc (NYSE:ACN) completed the acquisition of Nytec 20x Inc. 10/16/19 Accenture plc (NYSE:ACN) acquired Happen Ltd. 10x 10/2/19 Accenture (NYSE: ACN) agreed to acquire Nytec Inc. 0x

P/E Average

23 Revenue Multiples - Tata Consultancy 10x Services Limited Public Basket 8x 6x 4x 2x Tata Consultancy Services Limited 0x Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. It offers TEV/Revenue Average CHROMA, a cloud-based talent management platform for enterprises to drive next generation employee experiences across the requisition-to-retire employee lifecycle; ignio, a EBITDA Multiples - Tata Consultancy 30x cognitive automation system for IT operations in enterprises; Services Limited iON, an assessment solution; TAP, an accounts payable 20x platform; and TCS MasterCraft, a digital platform to automate and manage IT processes. Tata Consultancy Services Limited is 10x a subsidiary of Tata Sons Limited. 0x

Date Key Development Headline 9/15/19 Tata Consultancy Services Limited (NSEI:TCS) entered into an TEV/EBITDA Average agreement to acquire Certain Assets of General Motors Technical Centre India Private Limited. 9/5/19 Posten Norge Expands Its Strategic Partnership with TCS to P/E Multiples - Tata Consultancy Services Enable Superior Customer Experience 40x Limited 4/14/19 Tata Consultancy Services To Seek Acquisitions 2/11/19 Tata Consultancy Services Announces Global Partnership with 30x JDA Software to Build Next-Generation Cognitive Solutions 20x 1/10/19 TCS Seeks Acquisitions 10x

P/E Average

24 CONTACT INFO 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC. Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Mark Landry, Managing Director 561.972.0609 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.796.9330 [email protected] John Cooper, Managing Director 704.973.3996 [email protected] Neil Churman, Director 281.742.9340 [email protected] Tim Frye, Director 704.973.3994 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Ben Garber, Vice President 412.626.7898 [email protected] Nicholas Prendergast, Vice President 704.973.3995 [email protected] Ariail Barker, Director, Sales & Marketing 704.981.2908 [email protected] Emily Halstenberg, Marketing & Sales Coordinator 704.409.9912 [email protected] Marty Johnson, Senior Associate 704.973.3999 [email protected] Sydney Scadden, Senior Associate 704.973.3998 [email protected] Garth Martin, Senior Associate 704.973.3997 [email protected] Steve Buffington, Associate 704.960.1828 [email protected] Dennis Fox, Associate 704.706.9168 [email protected] Rory Julyan, Associate 704.981.2520 [email protected]