Software Sector Summary Report

SOFTWARE SECTOR REPORT Q1 2021 EXECUTIVE SUMMARY Software Q1 2021 » In Q1 2021, M&A deal activity and private financing activity continued to grow whilst software performance in the public markets stagnated – Software sector performed below 2020 trends in Q1, with the IGV tech-software index underperforming the S&P 500 by 9.4% – Sales & Marketing has outperformed the other software segments, achieving 124% LTM growth as of Q1 2021 » Q1 ’21 saw ~$40Bn in financing deal value and ~$86Bn in M&A deal value

- 424 financings, 100.9% higher than Q1 ‘20

- 458 M&A transactions, 17.7% higher than Q1 ’20 » Significant M&A activity in Q1 includes acquisitions in the Security sector: Okta’s $6.5Bn acquisition of Auth0 and STG Partners’ $4.0Bn acquisition of McAfee’s enterprise business » Financial software had some of the largest financing deals in Q1 ‘21 led by the $600MM financing of Stripe and $1,290MM financing of Klarna » Overall outlook in software growth remains healthy, particularly in the private markets

Select Q1 Active Investors Select Q1 Active Acquirers

Notes: Sources: PitchBook, 451 Research, Capital IQ. 2 GCA OVERVIEW The GCA Software Team Sector Coverage GCA US Team VERTICAL SOFTWARE Automotive E-commerce & Retail Josh Wepman Chris Gough Education Food & Agriculture Managing Director Managing Director [email protected] [email protected] Industrial Insurance Media & Communications Real Estate Transportation & Logistics Travel & Hospitality HORIZONTAL SOFTWARE BI & Analytics Collaboration Software Kevin Walsh Glen Kruger Managing Director Managing Director CRM Enterprise Resource Planning [email protected] [email protected] Governance, Risk & Compliance Human Capital Management Marketing Supply Chain Management INFRASTRUCTURE SOFTWARE Cybersecurity Data Management & Analytics Rupert Sadler Saif Malik SaaS / Cloud-Enablement Workflow Automation Managing Director Director [email protected] [email protected] Key GCA Stats

GCA Executive Team 25 Offices Globally Software Transactions in 120 the Last Three Years Senior Bankers Todd Carter Geoff Baldwin 35 Covering Software Co-CEO, Co-CEO, Technology-Related Managing Director Managing Director 280+ Deals in the Last 3 Years [email protected] Head of M&A Senior Bankers [email protected] 65+ Covering Technology

3 GCA OVERVIEW Deep Software Sector Expertise with Demonstrated Success Advising Large-cap Public and Private Companies on Complex Assignments

sold to

Advisor to ShowingTime

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium, have advised on. Generally, GCA Advisors Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At 4 times, multiple GCA entities may be retained to advise on the same transaction. DEAL DASHBOARD Software Q1 2021

$40.2 Billion 424 458 $85.9 Billion 2021 YTD Financing Deal Value (1)(2) 2021 YTD Financing Transactions (1)(2) 2021 YTD M&A Transactions 2021 YTD M&A Deal Value Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3) $Bn $Bn $86 Company Amount ($MM) $76 Acquirer Target EV ($MM)

$1,290 $56 $6,500 $40 $39 $1,200 $30 $28 $4,000 $18 $22 $22 $19 $14 $15 $17 $18 $14 $16 $5 $1,000 $3,600

(5) Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 $750 $2,528 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

$600 424 532 $2,400 469 458 384 389 361 359 349 $525 284 315 $2,277 222 227 234 201 198 211 215 (6) $520 $2,250

$500 $2,000 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 LTM as of Q1 2021 Software Price Performance vs. S&P 500 (4) 100% SPX IGV

80% 70.5%

60% 60.8% Financing Activity by Quarter 40%

20%

(20%) Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market data as of 3/31/2021. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include software venture and private equity growth / expansion activity. 3) Software M&A transactions reflect select transactions in Q1 2021. M&A metrics are based on closed and announced transactions. 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM and INTU. 5 5) UiPath has since gone public through an IPO in April. 6) Series H financing round occurred in January prior to Roblox IPO in March. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

250.0%

200.0%

150.0%

124.1% 119.2% 100.0% 80.2% 75.9% 75.6% 73.3% 72.0% 62.7% 50.0% 59.7% 57.4% 53.7% 50.2% 44.5% 43.7% 0.0%

(50.0%) Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

S&M BI & Analytics SaaS(1) Technical ERP Development Security Infrastructure Content Vertical Platform Financial Nasdaq S&P 500

Low (14.0%) (9.4%) (8.6%) (8.8%) (9.1%) (8.0%) (3.4%) (7.1%) (8.0%) (5.3%) (3.5%) (6.9%) (4.4%) (4.4%)

Uptick from 138.1% 129.2% 88.8% 84.7% 84.7% 81.3% 66.1% 66.8% 65.4% 55.5% 48.0% 50.7% 76.5% 58.1% Low Performance 124.1% 119.8% 80.2% 75.9% 75.6% 73.3% 62.7% 59.7% 57.4% 50.2% 44.5% 43.7% 72.0% 53.7% since Jan-20 Notes: Sources: Capital IQ. Market data as of 3/31/21. List of companies in each sector can be found in the public comparable tables. 6 1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $2,567Bn Combined Market Cap: $283Bn Combined Market Cap: $347Bn 21E/20A Rev. Growth: 4.0% 21E/20A Rev. Growth: 18.5% 21E/20A Rev. Growth: 14.6% 21E EBITDA Margin: 30.8% 21E EBITDA Margin: 15.7% 21E EBITDA Margin: 19.0%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $331Bn Combined Market Cap: $101Bn Combined Market Cap: $470Bn 21E/20A Rev. Growth: 13.2% 21E/20A Rev. Growth: 16.2% 21E/20A Rev. Growth: 20.0% 21E EBITDA Margin: 19.7% 21E EBITDA Margin: 10.2% 21E EBITDA Margin: 21.0%

Notes: Sources: Capital IQ. Market data as of 3/31/21. 7 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $294Bn Combined Market Cap: $368Bn Combined Market Cap: $582Bn 21E/20A Rev. Growth: 11.5% 21E/20A Rev. Growth: 20.9% 21E/20A Rev. Growth: 15.1% 21E EBITDA Margin: 30.9% 21E EBITDA Margin: 17.0% 21E EBITDA Margin: 17.6%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $388Bn Combined Market Cap: $86Bn Combined Market Cap: $1,706Bn 21E/20A Rev. Growth: 23.0% 21E/20A Rev. Growth: 23.5% 21E/20A Rev. Growth: 24.5% 21E EBITDA Margin: 16.4% 21E EBITDA Margin: 12.2% 21E EBITDA Margin: 14.0%

Notes: Sources: Capital IQ. Market data as of 3/31/21. 8 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE STOCKS WINNERS & LOSERS Top and Bottom 20 Stock Price Performers in Q1 2021

Top 20 Performers 216.2%

71.5% 73.3% 74.7% 76.4% 65.4% 66.0% 58.4% 47.4% 36.2% 29.1% 31.4% 23.2% 23.5% 24.2% 24.8% 27.0% 27.2% 27.2% 27.6%

Bottom 20 Performers

(22.8%) (23.0%) (23.2%) (23.4%) (23.9%) (24.0%) (24.0%) (24.9%) (25.1%) (25.5%) (28.3%) (29.3%) (29.4%) (30.8%) (31.9%) (32.3%) (34.0%) (34.6%) (36.9%)

(52.5%)

Notes: Sources: Capital IQ as of 3/31/21. 9 TRADING COMPARABLES Valuation and Operational Metrics

EV / 2020A Revenue EV / 2021E Revenue

14.5x 17.7x 13.7x 13.0x 15.5x 15.2x Median: 11.9x 11.3x Median: 9.9x 12.6x 12.4x 10.4x 10.0x 11.9x 11.9x 11.8x 9.9x 9.6x 9.2x 8.4x 10.5x 10.0x 7.2x 8.6x

4.1x 4.3x

2020A / 2019A Revenue Growth 2021E / 2020A Revenue Growth

39.1% 24.5% 23.5% 33.2% 23.0% 20.9% 20.0% Median: 17.3% 27.2% 18.5% 16.2% 24.9% 15.1% 20.4% Median: 16.3% 14.6% 13.2% 16.3% 16.3% 16.2% 14.4% 11.5%

12.1% 10.8% 4.0% 1.6%

Notes: Sources: Capital IQ. Market data as of 3/31/21. Figures represent mean values of respective comp groups. 10 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2020A EBITDA EV / 2021E EBITDA

34.8x 34.0x 28.9x 26.7x 26.5x 26.0x 24.8x 24.5x 22.8x Median: 21.9x 23.8x 23.3x 22.9x Median: 21.8x 21.0x 19.9x 20.7x 19.5x 16.5x 15.5x 17.0x 14.7x 14.0x 13.9x 12.5x 11.8x

2020A EBITDA Margin 2021E EBITDA Margin

31.7% 30.7% 30.9% 30.8% Median: 19.1% Median: 17.3% 22.1% 21.0% 20.9% 20.0% 19.7% 19.0% 19.8% 18.1% 18.1% 18.5% 17.6% 17.0% 16.4% 15.7% 16.4% 13.1% 14.0% 12.1% 12.2% 10.2%

Notes: Sources: Capital IQ. Market data as of 3/31/21. Figures represent mean values of respective comp groups. 11 List of companies in each sector can be found in the public comparable tables. PUBLIC SAAS COMPANIES Valuation Correlation to Growth %

60.0x Low Growth Software(1) Medium Growth Software (2) High Growth Software(3)

50.0x

40.0x

R = 0.57 30.0x

20.0x

Enterprise Value / CY/ Value 2021E EnterpriseRevenue 10.0x

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40%

CY 2021E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 10.3% 20.3% 33.8%

Median EV / Rev. 5.0x 14.0x 18.7x

Notes: Sources: Capital IQ as of 3/31/21. 1) Defined as companies with annual revenue growth <= 15%. 12 2) Defined as companies with annual revenue growth >15% and <= 30%. 3) Defined as companies with annual revenue growth >30%. PUBLIC SAAS COMPANIES Valuation Correlation to Growth % & Free Cash Flow Margin %

60.0x Low Performance Software(1) Medium Performance Software (2) High Performance Software(3)

40.0x

R = 0.53

20.0x Enterprise Value / CY/ Value 2021E EnterpriseRevenue

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%

CY 2021E Revenue Growth % + CY 2021E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 11.3% 31.9% 50.6%

Median EV / Rev. 6.6x 11.4x 18.1x

Notes: Sources: Capital IQ as of 3/31/21. 1) Defined as companies with revenue growth % + FCF margin % <= 20%. 13 2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%. 3) Defined as companies with revenue growth % + FCF margin % >40%. PUBLIC SAAS COMPANIES Valuation Correlation to Returns on S&M Expense Efficiency

60.0x Low Efficiency Software(1) Medium Efficiency Software (2) High Efficiency Software(3)

50.0x

40.0x

30.0x R = 0.60

20.0x

10.0x Enterprise Value / CY/ Value 2021E EnterpriseRevenue

0.0x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x

CY 2021E Incremental Revenue / CY 2020A S&M Expense

Low Efficiency Medium Efficiency High Efficiency

Median Inc. Rev. / S&M Expense 0.4x 0.7x 1.3x

Median EV / Rev. 6.3x 16.9x 23.6x

Notes: Sources: Capital IQ as of 3/31/21. 1) Defined as companies with S&M expense efficiency <= 0.6x. 14 2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x. 3) Defined as companies with S&M expense efficiency >1.0x. SOFTWARE M&A UPDATE Q1 2021 Dashboard

Quarterly M&A Activity Select Q1 2021 M&A Transactions

($Bn) Number of Deals M&A Deal Value ($MM) Ann. Enterprise Acquirer Target EV/ LTM Rev. Date Value 532 3/29 $2,528 9.4x

469 458 3/29 $1,700 8.5x

3/22 $2,000 NA 384 389 361 359 349 3/10 $2,400 8.3x $86 315 $76 3/08 $4,000 3.0x

3/03 $6,500 43.3x $56 3/03 $3,600 6.0x $39 3/01 $1,637 43.9x $30 $28 $22 $19 2/10 $2,277 4.4x

$5 2/01 $1,600 NA

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 1/19 $2,250 16.1x

Notes: Sources: Capital IQ and 451 Research. 15 SOFTWARE FINANCINGS UPDATE Q1 2021 Dashboard

Quarterly Financing Activity Select Q1 2021 Financing Transactions

($Bn) Number of Deals Financing Deal Value ($MM)

Post- Deal Lead/Selected Amount Funding Company Money Date Investor Invested to Date Valuation 424

3/25 $500 $900 $8,300 $40 3/24 $470 $863 $6,970

3/23 $475 $1,047 $4,100 284 3/14 $600 $2,487 $95,000

234 222 227 211 215 $22 3/1 $1,290 $3,237 $31,000 201 198 $18 $18 2/1 $1,000 $1,897 $28,000 $17 $16 $14 $15 $14 2/1 $750 $2,480 $35,000

1/19 Undiscl. $1,200 $1,200 NA

1/7 $525 $600 $1,000

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 1/6 $520 $856 $28,520

Notes: Sources: PitchBook. 16 SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

3/25/2021 $1,512 $140 14.00 - 16.00 $14.00 $11.91 (14.9%)

3/24/2021 $4,475 $776 44.00 - 47.00 $47.00 $42.13 (10.4%)

3/18/2021 $13,994 $915 17.00 - 20.00 $21.00 $21.14 0.7%

3/17/2021 $4,935 $450 20.00 - 22.00 $25.00 $26.39 5.6%

2/3/2021 $3,150 $428 45.00 - 50.00 $50.00 $48.51 (3.0%)

2/3/2021 $8,211 $925 23.00 - 25.00 $25.00 $27.98 11.9%

1/28/2021 $22,877 $1,551 27.00 - 29.00 $30.00 $32.91 9.7%

12/16/2020 $2,135 $240 20.00 - 22.00 $20.00 $128.86 544.3%

12/9/2020 $1,408 $118 16.00 - 18.00 $20.00 $49.32 146.6%

12/9/2020 $8,865 $651 36.00 - 38.00 $42.00 $65.91 56.9% Median: 25.8%

11/19/2020 $1,214 $254 16.00 - 18.00 $17.00 $37.92 123.1%

10/28/2020 $5,395 $724 22.00 - 25.00 $27.00 $12.73 (52.9%)

10/28/2020 $32 $176 18.00 - 20.00 $19.00 $35.43 86.5%

10/22/2020 $3,094 $740 19.00 - 22.00 $20.00 $22.74 13.7%

Notes: Sources: Capital IQ and company filings. Market data as of 3/31/21. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 17 2) Reference price set by the New York Stock Exchange. 3) Reference price set by the Nasdaq SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings (Cont’d.)

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

10/21/2020 $4,260 $594 24.00 - 27.00 $27.00 $22.91 (15.1%)

(3) 10/1/2020 $341 $157 Direct Listing $10.17 $23.40 130.1%

(2) 9/30/2020 $4,452 $631 Direct Listing $21.00 $28.58 36.1%

(2) 9/30/2020 $15,673 $1,864 Direct Listing $7.25 $23.29 221.2%

9/23/2020 $8,749 $237 19.00 - 21.00 $22.00 $46.93 113.3%

9/18/2020 $18,001 $1,300 44.00 - 48.00 $52.00 $100.31 92.9%

9/17/2020 $2,653 $326 17.00 - 21.00 $22.00 $18.86 (14.3%) Median: 25.8%

9/16/2020 $70,261 $3,360 100.00 - 110.00 $120.00 $229.28 91.1%

9/16/2020 $5,745 $509 39.00 - 41.00 $44.00 $44.37 0.8%

8/14/2020 $5,133 $405 23.00 - 25.00 $27.00 $45.14 67.2%

8/5/2020 $4,759 $216 21.00 - 23.00 $24.00 $57.80 140.8%

8/5/2020 $3,263 $704 21.00 - 24.00 $21.00 $23.78 13.2%

7/29/2020 $2,886 $402 14.00 - 16.00 $19.00 $21.98 15.7%

7/22/2020 $4,561 $468 21.00 - 23.00 $26.00 $35.32 35.8%

MEDIAN: 25.8% MEAN: 66.0%

Notes: Sources: Capital IQ and company filings. Market data as of 3/31/21. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 18 2) Reference price set by the New York Stock Exchange. 3) Reference price set by the Nasdaq APPENDIX

19 PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM) Trading Metrics Operating Metrics CIQ Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin Revenue Company 3/31/2021 Cap ST. Invest. Debt Value (EV) CY20A CY21E CY22E CY20A CY21E CY22E 20A/19A 21E/20A 22E/21E CY20A CY21E CY22E CY20A CY21E CY22E

Platform

Microsoft Corporation $235.77 $1,775,719 $125,013 $81,260 $1,731,966 11.3x 10.0x 9.1x 24.0x 21.3x 18.2x 14% 13% 10% 67% 67% 67% 47% 47% 50% Oracle Corporation $70.17 $202,338 $35,874 $69,299 $236,500 6.0x 5.8x 5.7x 12.0x 11.5x 11.2x (0%) 4% 2% 80% 80% 80% 50% 50% 51% Cisco Systems $51.71 $218,309 $30,589 $15,622 $203,342 4.2x 4.0x 3.9x 11.3x 11.1x 11.3x (7%) 5% 3% 63% 63% 63% 37% 36% 35% International Business Machines Corporation$133.26 $119,071 $11,131 $61,120 $169,184 2.3x 2.3x 2.3x 11.0x 9.3x 9.5x (4%) 2% 1% 49% 50% 49% 21% 24% 24% SAP SE $122.56 $144,568 $13,785 $19,910 $152,192 4.6x 4.8x 4.6x 12.3x 13.6x 13.3x 8% (5%) 4% 73% 73% 71% 37% 35% 34% Dell Technologies Inc. $88.15 $67,318 $14,201 $50,207 $108,398 1.2x 1.1x 1.1x 8.5x 8.3x 8.0x 2% 4% 2% 33% 33% 31% 14% 13% 14% HP Inc. $31.75 $39,579 $4,163 $7,381 $42,797 0.7x 0.7x 0.7x 8.3x 7.7x 8.3x (2%) 4% (1%) 19% 19% 19% 9% 9% 9%

Mean 4.3x 4.1x 3.9x 12.5x 11.8x 11.4x 2% 4% 3% 55% 55% 54% 31% 31% 31% Median 4.2x 4.0x 3.9x 11.3x 11.1x 11.2x (0%) 4% 2% 63% 63% 63% 37% 35% 34%

Infrastructure

Zoom Video Communications $321.29 $94,607 $4,245 $106 $90,468 34.1x 23.7x 19.8x NM NM NM 326% 44% 20% 69% 70% 74% 38% 31% 32% Snowflake Inc. $229.28 $66,193 $3,908 $205 $62,490 NM NM 34.7x NM NM NM 124% 85% 65% 64% 67% 59% NM (17%) (10%) RingCentral $297.88 $27,069 $463 $1,441 $28,047 25.8x 18.9x 15.3x NM NM NM 33% 37% 24% 76% 77% 78% 15% 13% 15% Citrix Systems $140.36 $17,428 $498 $3,669 $20,599 6.4x 6.1x 5.6x 17.6x 17.8x 16.4x 8% 4% 9% 86% 86% 86% 36% 34% 34% Akamai Technologies $101.90 $16,609 $1,288 $2,814 $18,135 5.7x 5.3x 5.0x 13.0x 12.2x 11.2x 11% 7% 7% 64% 65% 65% 44% 44% 44% Five9 $156.33 $10,481 $643 $833 $10,670 24.5x 20.5x 17.4x NM NM NM 33% 20% 18% 64% 63% 61% 20% 16% 19% Amdocs Limited $70.15 $9,197 $1,164 $1,012 $9,089 2.2x 2.1x 2.1x 10.7x 8.9x 9.1x 2% 1% 4% 35% 35% 35% 20% 24% 23% Rackspace Technology $23.78 $4,939 $212 $4,190 $8,918 3.3x 2.9x 2.7x 11.7x 11.3x 10.5x 11% 12% 11% 38% 35% 39% 28% 26% 25% Juniper Networks $25.33 $8,302 $1,293 $1,851 $8,859 2.0x 1.9x 1.9x 9.8x 9.6x 8.8x (0%) 4% 3% 59% 60% 59% 20% 20% 21% Fastly $67.28 $7,784 $1,097 $1,022 $7,710 26.5x 20.2x 15.8x NM NM NM 45% 31% 28% 60% 63% 58% 1% (5%) 0% Everbridge $121.18 $4,631 $735 $656 $4,552 16.8x 13.3x 10.6x NM NM NM 35% 27% 25% 72% 72% 70% 3% 2% 5% Jamf Holding Corp. $35.32 $4,158 $196 $28 $3,990 14.8x 11.9x 9.9x NM NM NM 32% 24% 21% 81% 81% 79% 13% 10% 11% Verint Systems Inc. $45.49 $2,960 $715 $913 $3,174 2.5x 2.4x 2.2x 9.4x 13.7x 12.5x (2%) 6% 6% 70% 69% 68% 27% 17% 18% Software Aktiengesellschaft $42.18 $3,121 $620 $309 $2,810 2.8x 2.9x 2.7x 12.0x 15.5x 12.8x 2% (5%) 7% 76% 77% 77% 23% 19% 21% ON24 $48.51 $2,249 $392 $6 $1,863 11.9x 9.0x 7.4x NM NM NM 76% 32% 22% 79% 75% 74% 16% 2% 3% Extreme Networks $8.75 $1,103 $203 $402 $1,302 1.4x 1.3x 1.2x 18.2x 9.8x 7.8x (12%) 12% 7% 57% 57% 57% 8% 13% 16% Radware Ltd. $26.08 $1,188 $315 $28 $901 3.6x 3.4x 3.1x 26.7x 22.5x 17.7x (1%) 8% 9% 83% 83% 82% 13% 15% 17% A10 Networks $9.61 $743 $161 $27 $610 2.7x 2.5x 2.3x 13.4x 11.2x 9.3x 6% 7% 8% 77% 78% 78% 20% 23% 25% Limelight Networks $3.57 $449 $117 $134 $466 2.0x 2.1x 1.9x 19.0x 21.4x 15.4x 15% (2%) 7% 45% 41% 47% 11% 10% 13%

Mean 10.5x 8.4x 8.5x 14.7x 14.0x 12.0x 39% 18% 16% 66% 66% 66% 20% 16% 17% Median 4.6x 4.3x 5.0x 13.0x 12.2x 11.2x 11% 12% 9% 69% 69% 68% 20% 16% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 20 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security

CrowdStrike Holdings $182.51 $40,860 $1,919 $779 $39,721 45.4x 30.1x 22.6x NM NM NM 82% 51% 33% 75% 76% 72% 12% 11% 14% Okta $220.43 $33,726 $2,587 $1,969 $33,107 39.6x 30.4x 23.6x NM NM NM 43% 30% 29% 78% 78% 75% 5% (2%) 3% Palo Alto Networks $322.06 $31,318 $3,171 $3,473 $31,619 8.4x 6.9x 5.9x NM 30.4x 24.8x 21% 20% 18% 71% 71% 71% 1% 23% 24% Fortinet $184.42 $30,119 $2,937 $1,043 $28,226 10.9x 9.2x 8.0x 36.8x 32.1x 27.3x 20% 18% 15% 79% 79% 78% 30% 29% 29% Splunk Inc. $135.48 $22,206 $1,859 $2,698 $23,044 10.3x 9.1x 7.3x NM NM NM (5%) 14% 24% 79% 78% 79% NM 2% 10% VeriSign $198.76 $22,384 $1,181 $1,791 $22,994 18.2x 17.5x 16.3x 25.0x 25.3x 23.5x 3% 4% 8% 86% 86% 85% 73% 69% 69% Zscaler $171.67 $23,337 $1,445 $941 $22,833 42.6x 31.0x 23.8x NM NM NM 49% 37% 31% 79% 79% 79% 14% 14% 19% Cloudflare $70.26 $21,825 $1,035 $436 $21,225 49.2x 35.8x 27.0x NM NM NM 50% 38% 33% 77% 78% 77% 4% 7% 11% Citrix Systems $140.36 $17,428 $498 $3,669 $20,599 6.4x 6.1x 5.6x 17.6x 17.8x 16.4x 8% 4% 9% 86% 86% 86% 36% 34% 34% NortonLifeLock Inc. $21.26 $12,371 $1,073 $3,702 $15,000 5.9x 5.6x 5.4x 11.1x 10.1x 9.7x 2% 5% 4% 81% 82% 82% 53% 56% 56% McAfee Corp. $22.74 $3,759 $346 $4,080 $13,670 4.7x 4.5x 4.3x 12.9x 11.8x 10.5x 10% 4% 4% 79% 78% 72% 36% 38% 41% Check Point Software Technologies Ltd. $111.97 $15,148 $1,876 $31 $13,303 6.4x 6.2x 6.1x 12.5x 12.9x 12.5x 4% 3% 3% 90% 90% 90% 51% 48% 48% F5 Networks $208.62 $12,437 $643 $748 $12,541 5.2x 4.8x 4.5x 15.1x 13.6x 12.4x 6% 8% 8% 83% 83% 83% 35% 36% 36% Proofpoint $125.79 $7,213 $883 $1,117 $7,447 7.1x 6.2x 5.3x 38.1x 36.4x 29.1x 18% 14% 17% 80% 80% 76% 19% 17% 18% Trend Micro Incorporated $50.09 $6,978 $1,963 $0 $5,021 3.0x 3.0x 2.9x 8.3x 9.9x 9.5x 11% (2%) 4% 79% 81% 80% 36% 31% 31% Varonis Systems $51.34 $5,450 $824 $288 $4,914 16.8x 13.5x 11.1x NM NM NM 15% 25% 22% 86% 87% 87% 2% 5% 10% SailPoint Technologies Holdings $50.64 $4,675 $416 $421 $4,680 12.8x 11.4x 9.9x NM NM NM 27% 13% 15% 81% 79% 79% 22% 2% 4% CyberArk Software Ltd. $129.34 $5,056 $978 $507 $4,584 9.9x 9.3x 8.3x 42.9x NM NM 7% 6% 12% 85% 82% 84% 23% 8% 8% Rapid7 $74.61 $4,113 $606 $938 $4,446 10.8x 9.0x 7.6x NM NM NM 26% 20% 19% 74% 74% 72% 4% 6% 8% FireEye $19.57 $4,632 $1,301 $1,041 $4,372 4.6x 4.4x 4.0x 25.1x 28.8x 25.9x 6% 7% 7% 70% 71% 68% 19% 15% 16% Qualys $104.78 $4,101 $357 $55 $3,799 10.5x 9.5x 8.5x 22.4x 23.1x 20.9x 13% 10% 12% 81% 80% 79% 47% 41% 41% Tenable Holdings $36.19 $3,821 $340 $57 $3,538 8.0x 6.9x 5.8x NM NM 47.4x 24% 17% 19% 83% 83% 83% 8% 10% 12% Mimecast Limited $40.21 $2,596 $293 $250 $2,553 5.3x 4.7x 4.1x 21.7x 18.9x 14.8x 19% 13% 15% 74% 74% 74% 24% 25% 27% Telos Corporation $37.92 $2,498 $106 $17 $2,409 13.4x 8.4x 5.9x NM NM 32.6x 13% 60% 41% 33% 38% 35% 6% 12% 18% Ping Identity Holding Corp. $21.93 $1,799 $55 $59 $1,803 7.4x 6.9x 6.1x NM NM NM 0% 7% 14% 81% 80% 82% 12% 8% 9% Sumo Logic $18.86 $1,937 $404 $0 $1,533 7.6x 6.5x 5.4x NM NM NM 31% 16% 20% 75% 75% 73% (11%) (17%) (13%) SecureWorks Corp. $13.38 $1,118 $220 $29 $927 1.7x 1.7x 1.6x 27.9x NM NM 1% (4%) 4% 60% 61% 57% 6% (3%) 1% OneSpan Inc. $24.50 $985 $115 $14 $884 4.1x 4.0x 3.6x NM NM NM (15%) 2% 10% 70% 70% 69% 7% (0%) 7% F-Secure Oyj $4.74 $751 $55 $41 $737 2.7x 2.7x 2.5x 16.9x 17.6x 15.7x 10% 2% 6% 78% 78% 78% 16% 15% 16% Zix Corporation $7.55 $419 $24 $226 $621 2.8x 2.5x 2.2x 12.2x 11.2x 9.9x 26% 12% 13% 54% 52% 57% 23% 23% 22% A10 Networks $9.61 $743 $161 $27 $610 2.7x 2.5x 2.3x 13.4x 11.2x 9.3x 6% 7% 8% 77% 78% 78% 20% 23% 25% Absolute Software Corporation $13.87 $686 $133 $12 $566 5.1x 4.5x 4.0x 18.7x 20.7x 17.5x 10% 12% 14% 87% 87% 87% 27% 22% 23% Tufin Software Technologies Ltd. $10.50 $383 $87 $22 $318 3.2x 2.9x 2.6x NM NM NM (2%) 9% 13% 81% 81% 81% (17%) NM NM

Mean 11.9x 9.6x 8.0x 21.0x 19.5x 19.5x 16% 15% 15% 77% 77% 76% 20% 19% 21% Median 7.4x 6.5x 5.8x 18.2x 17.8x 16.4x 11% 12% 14% 79% 79% 78% 19% 15% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 21 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management

Adobe Inc. $475.37 $227,857 $4,963 $4,707 $227,601 17.7x 14.7x 12.9x 36.3x 29.6x 25.9x 15% 20% 14% 88% 89% 87% 49% 50% 50% DocuSign $202.45 $39,388 $774 $916 $39,530 27.2x 20.0x 15.7x NM NM NM 49% 36% 27% 78% 80% 76% 16% 17% 19% Open Text Corporation $47.71 $12,959 $1,476 $3,864 $15,349 4.6x 4.6x 4.6x 12.0x 12.4x 11.8x 12% 1% 0% 74% 74% 74% 39% 37% 39% NetApp $72.67 $16,176 $3,902 $2,758 $15,032 2.7x 2.6x 2.4x 11.4x 10.7x 9.5x (0%) 5% 5% 65% 65% 65% 24% 24% 26% Dropbox $26.66 $10,340 $1,916 $2,470 $10,894 5.7x 5.2x 4.7x 19.2x 14.9x 13.7x 15% 10% 9% 79% 80% 77% 30% 35% 35% Pure Storage $21.54 $6,102 $1,254 $908 $5,757 3.4x 3.0x 2.6x 49.6x 33.4x 23.2x 2% 15% 16% 70% 70% 69% 7% 9% 11% Nutanix $26.56 $5,426 $1,289 $1,161 $5,298 4.1x 3.7x 3.4x NM NM NM 5% 8% 11% 76% 76% 76% NM (17%) (18%) Varonis Systems $51.34 $5,450 $824 $288 $4,914 16.8x 13.5x 11.1x NM NM NM 15% 25% 22% 86% 87% 87% 2% 5% 10% Box $22.96 $3,735 $595 $649 $3,789 4.9x 4.5x 4.1x 19.5x 18.4x 15.8x 11% 10% 10% 73% 74% 72% 25% 24% 26% Commvault Systems $64.50 $2,969 $397 $23 $2,594 3.7x 3.5x 3.2x 44.9x 17.1x 13.2x 1% 7% 7% 84% 84% 84% 8% 20% 25% Brightcove Inc. $20.12 $812 $35 $8 $785 4.0x 3.6x 3.3x 38.3x 28.8x 23.1x 7% 9% 10% 62% 64% 61% 10% 13% 14%

Mean 8.6x 7.2x 6.2x 28.9x 20.7x 17.0x 12% 13% 12% 76% 77% 75% 21% 20% 21% Median 4.6x 4.5x 4.1x 27.9x 17.7x 14.8x 11% 10% 10% 76% 76% 76% 20% 20% 25%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 22 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics

Palantir Technologies Inc. $23.29 $43,709 $2,339 $453 $41,823 38.3x 28.6x 22.0x NM NM NM 47% 34% 30% 77% 81% 73% 19% 24% 26% NICE Ltd. $216.10 $13,641 $1,561 $794 $12,898 7.8x 7.1x 6.5x 22.4x 21.3x 19.4x 5% 9% 10% 71% 71% 68% 35% 34% 33% Elastic N.V. $111.20 $9,982 $396 $32 $9,618 17.3x 13.7x 11.1x NM NM NM 44% 26% 24% 72% 72% 72% (2%) (3%) (1%) MicroStrategy Incorporated $678.80 $6,615 $83 $1,754 $8,287 17.2x 16.4x 15.6x NM NM NM (1%) 5% 5% 80% 81% 80% 15% 18% 19% Alteryx $82.96 $5,569 $839 $803 $5,533 11.2x 9.9x 8.2x NM NM NM 19% 13% 21% 92% 92% 91% 17% 5% 10% Inovalon Holdings $28.78 $4,487 $129 $1,018 $5,376 8.1x 7.1x 6.4x 23.3x 19.8x 17.6x 4% 13% 10% 75% 75% 74% 35% 36% 37% Teradata Corporation $38.54 $4,224 $538 $688 $4,374 2.4x 2.3x 2.2x 10.9x 11.0x 10.2x (3%) 2% 6% 58% 62% 56% 22% 21% 22% Medallia $27.89 $4,382 $682 $517 $4,216 8.8x 7.5x 6.2x NM NM NM 19% 18% 20% 69% 69% 66% 8% 2% 7% Cloudera $12.17 $3,578 $596 $680 $3,661 4.2x 4.0x 3.7x 23.2x 15.6x 13.1x 9% 5% 9% 82% 83% 77% 18% 26% 28% Talend S.A. $63.64 $2,074 $173 $179 $2,080 7.2x 6.3x 5.5x NM NM NM 16% 15% 15% 80% 80% 78% (5%) (6%) 0% Domo $56.29 $1,783 $91 $105 $1,797 8.5x 7.3x 6.2x NM NM NM 21% 17% 19% 78% 79% 73% (17%) (13%) (8%) Veritone $23.98 $784 $127 $7 $663 11.5x 8.4x 6.8x NM NM NM 16% 36% 24% 71% 73% 73% NM (20%) (11%)

Mean 11.9x 9.9x 8.4x 19.9x 17.0x 15.1x 16% 16% 16% 75% 76% 73% 13% 10% 13% Median 8.7x 7.4x 6.5x 22.8x 17.7x 15.4x 16% 14% 17% 76% 77% 73% 17% 11% 14%

Technical Applications

Autodesk $277.15 $60,990 $1,857 $2,105 $61,238 16.7x 14.2x 12.0x NM 41.7x 31.4x 17% 18% 18% 92% 92% 93% 32% 34% 38% Dassault Systèmes SE $214.08 $55,986 $3,186 $4,925 $57,781 10.6x 10.3x 9.5x 30.9x 30.0x 26.8x 21% 3% 9% 83% 84% 84% 34% 34% 35% Cadence Design Systems $136.99 $38,120 $933 $495 $37,681 14.0x 13.0x 12.0x 34.6x 33.5x 29.9x 15% 8% 8% 90% 90% 89% 41% 39% 40% Synopsys $247.78 $37,755 $1,023 $656 $37,392 9.8x 9.1x 8.4x 29.9x 27.5x 23.4x 13% 8% 9% 80% 80% 80% 33% 33% 36% ANSYS $339.56 $29,593 $988 $931 $29,536 17.6x 16.0x 14.5x 39.0x 37.9x 32.9x 11% 10% 10% 90% 89% 90% 45% 42% 44% Unity Software Inc. $100.31 $28,028 $1,647 $135 $26,517 34.3x 27.4x 21.5x NM NM NM 43% 25% 28% 79% 79% 78% (3%) (6%) 2% PTC Inc. $137.65 $16,085 $326 $1,715 $17,474 11.4x 10.1x 8.9x 34.4x 32.4x 25.1x 20% 14% 13% 76% 76% 76% 33% 31% 35% Bentley Systems $46.93 $12,987 $570 $717 $13,134 16.4x 14.5x 13.2x 49.3x 45.0x 39.6x 9% 13% 10% 81% 79% 80% 33% 32% 33% Aspen Technology $144.33 $9,817 $317 $333 $9,833 14.4x 13.4x 12.9x 25.4x 23.8x 23.1x 12% 8% 4% 91% 91% 91% 57% 56% 56% Altair Engineering Inc. $62.57 $4,702 $243 $227 $4,685 10.1x 9.2x 8.5x NM NM NM 3% 10% 9% 74% 75% 74% 12% 13% 14%

Mean 15.5x 13.7x 12.1x 34.8x 34.0x 29.0x 16% 12% 12% 83% 84% 83% 32% 31% 34% Median 14.2x 13.2x 12.0x 34.4x 33.0x 28.4x 14% 10% 9% 82% 82% 82% 33% 34% 36%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 23 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications

Fidelity National Information Services $140.61 $87,196 $1,039 $19,439 $105,785 8.4x 7.8x 7.2x 20.1x 17.3x 15.6x 21% 9% 8% 34% 36% 35% 42% 45% 46% Intuit Inc. $383.06 $104,897 $2,738 $2,821 $104,980 13.6x 10.5x 9.7x 36.3x 29.6x 26.2x 8% 29% 8% 83% 83% 83% 37% 36% 37% Fiserv $119.04 $79,372 $831 $21,204 $100,739 6.8x 6.3x 5.9x 18.5x 16.0x 14.5x 46% 8% 7% 44% 52% 48% 37% 39% 41% MSCI Inc. $419.28 $34,558 $1,747 $4,038 $36,849 21.7x 18.9x 17.2x 37.9x 32.1x 28.8x 9% 15% 10% 83% 84% 82% 57% 59% 60% SS&C Technologies Holdings $69.87 $17,864 $254 $6,828 $24,439 5.2x 5.1x 4.9x 13.2x 12.5x 11.9x 1% 3% 4% 57% 58% 49% 40% 40% 41% Coupa Software Incorporated $254.48 $18,679 $606 $1,550 $19,622 36.2x 28.9x 23.1x NM NM NM 39% 25% 25% 71% 67% 66% 23% 14% 19% Fair Isaac Corporation $486.05 $13,987 $198 $1,024 $14,813 11.3x 11.0x 10.0x 29.7x 28.8x 25.4x 9% 3% 10% 71% 71% 71% 38% 38% 40% Xero Limited $96.30 $14,231 $776 $665 $14,120 18.8x 15.0x 12.3x NM NM NM 69% 25% 22% 85% 52% 54% 8% 16% 22% Jack Henry & Associates $151.72 $11,270 $70 $264 $11,464 6.7x 6.3x 5.9x 20.6x 19.8x 17.8x 5% 6% 7% 41% 41% 41% 32% 32% 33% Temenos AG $144.35 $10,478 $66 $930 $11,342 12.8x 11.5x 10.5x 24.2x 25.1x 22.9x (9%) 11% 10% 82% 83% 75% 53% 46% 46% Bill.com Holdings $145.50 $12,106 $1,736 $958 $11,328 NM 46.6x 34.5x NM NM NM 57% 42% 35% 83% 83% 83% (5%) (5%) (1%) Avalara $133.43 $11,471 $642 $65 $10,894 21.8x 17.2x 13.9x NM NM NM 31% 26% 25% 73% 74% 72% 3% 1% 7% Upstart Holdings $128.86 $9,910 $257 $61 $9,713 42.5x 19.4x 14.4x NM NM NM 43% 119% 34% 84% 84% 84% 14% 10% 11% BlackLine $108.40 $6,292 $1,157 $1,078 $6,231 17.7x 15.1x 12.4x NM NM NM 22% 18% 21% 82% 80% 80% 16% 12% 15% nCino $66.72 $6,296 $371 $16 $5,945 29.1x 24.1x 20.0x NM NM NM 48% 21% 21% 60% 60% 56% (5%) (5%) (1%) Q2 Holdings $100.20 $5,642 $529 $608 $5,721 14.2x 11.7x 9.6x NM NM NM 28% 22% 21% 54% 53% 50% 6% 7% 9% SimCorp A/S $123.95 $4,917 $65 $54 $4,906 8.8x 8.5x 7.7x 28.6x 28.3x 24.9x 9% 4% 10% 63% 63% 63% 31% 30% 31% Shift4 Payments $82.01 $4,241 $845 $1,116 $4,711 6.1x 4.1x 3.1x NM 29.5x 21.6x 5% 51% 33% 55% 62% 38% 11% 14% 14% Envestnet $72.23 $3,931 $372 $968 $4,526 4.5x 4.0x 3.6x 18.6x 18.8x 16.6x 11% 14% 10% 69% 67% 44% 24% 21% 22% Vertex $21.98 $3,233 $278 $32 $2,987 8.0x 7.4x 6.6x 38.1x 43.1x 38.1x 17% 8% 12% 71% 71% 66% 21% 17% 17% Asseco Poland S.A. $17.11 $1,420 $777 $799 $2,222 0.7x 0.7x 0.7x 4.3x 4.7x 4.6x 16% 4% (0%) 22% 22% 22% 16% 14% 14% Bottomline Technologies (de) $45.25 $2,054 $138 $168 $2,083 4.7x 4.2x 3.7x 21.2x 19.8x 16.7x 4% 12% 12% 58% 58% 58% 22% 21% 22% Zuora $14.80 $1,808 $187 $69 $1,691 5.5x 5.0x 4.4x NM NM NM 11% 10% 14% 62% 64% 57% 1% 2% 5% Ebix $32.03 $991 $130 $725 $1,633 2.6x 2.0x NA 11.5x NA NA 8% 32% NA 45% 41% NM 23% NA NA Iress Limited $6.99 $1,336 $50 $211 $1,496 3.6x 3.3x 3.1x 15.5x 14.2x 13.0x 17% 10% 5% 21% 21% 27% 23% 23% 24% Model N $35.23 $1,253 $148 $134 $1,239 7.5x 6.4x 5.7x NM NM 44.3x 14% 17% 12% 56% 56% 56% 15% 5% 13% Basware Oyj $43.02 $622 $51 $98 $669 3.6x 3.6x 3.2x 26.9x 27.0x 19.1x 11% (1%) 13% 56% 59% 55% 13% 13% 17%

Mean 12.4x 11.3x 9.7x 22.8x 22.9x 21.3x 20% 20% 15% 62% 61% 58% 22% 21% 23% Median 8.2x 7.8x 7.4x 20.9x 22.5x 19.1x 14% 14% 12% 62% 62% 57% 22% 17% 20%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 24 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $225.08 $160,545 $6,035 $22,178 $176,699 7.9x 6.7x 6.4x 29.4x 21.8x 20.5x 24% 18% 5% 56% 58% 57% 27% 31% 31% Roper Technologies $403.34 $42,447 $331 $9,074 $51,190 9.3x 8.1x 7.8x 25.8x 22.9x 21.6x 3% 14% 4% 64% 63% 64% 36% 35% 36% Veeva Systems Inc. $261.24 $39,918 $1,664 $63 $38,317 26.2x 21.7x 18.3x NM NM 47.0x 33% 20% 19% 74% 74% 73% 42% 39% 39% Amadeus IT Group $70.87 $31,910 $3,331 $7,082 $35,661 13.4x 9.4x 6.6x NM 34.5x 17.3x (57%) 43% 43% 82% 75% 63% 10% 27% 38% Cerner Corporation $71.88 $21,659 $1,474 $1,867 $22,052 4.0x 3.8x 3.6x 12.7x 11.8x 11.0x (3%) 6% 5% 83% 83% 83% 32% 32% 33% Tyler Technologies $424.53 $17,295 $1,310 $614 $16,599 14.9x 13.8x 12.6x NM 47.5x 42.3x 3% 8% 9% 52% 51% 49% 29% 29% 30% Sabre Corporation $14.81 $4,731 $1,285 $4,880 $8,333 6.2x 3.9x 2.6x NM NM 12.5x (66%) 60% 53% 63% 62% 59% NM 5% 20% Guidewire Software $101.63 $8,510 $1,159 $470 $7,821 10.3x 10.4x 9.4x NM NM NM 9% (1%) 11% 54% 54% 54% 14% 1% 6% CoreLogic $79.25 $5,834 $227 $1,885 $7,492 4.6x 4.5x 4.6x 11.7x 11.7x 12.4x 14% 1% (2%) 62% 64% 60% 39% 39% 37% Duck Creek Technologies $45.14 $5,940 $364 $23 $5,599 25.0x 21.6x 18.5x NA NM NM 24% 16% 17% 56% 56% 56% 0% 1% 4% AppFolio $141.41 $4,879 $148 $41 $4,772 15.4x 13.8x 11.6x NM NM NM 21% 12% 18% 62% 61% 61% 15% 16% 18% Lemonade $93.13 $5,719 $1,174 $0 $4,545 NM 39.4x 24.9x NM NM NM 17% 46% 58% 30% 38% 35% NM NM NM Blackbaud $71.08 $3,379 $28 $575 $3,927 4.3x 4.4x 4.3x 16.0x 17.5x 16.3x 1% (1%) 2% 59% 59% 56% 27% 25% 26% Olo Inc. $26.39 $3,893 $587 $0 $3,306 33.6x 23.4x 18.4x NM NM NM 94% 44% 27% 72% 80% 82% 17% 11% 10% 2U $38.23 $2,844 $487 $371 $2,729 3.5x 2.9x 2.5x NM 48.8x 31.6x 35% 20% 16% 71% 71% 72% 2% 6% 8% Root $12.73 $3,161 $1,109 $208 $2,260 6.5x 7.8x 5.0x NM NM NM 19% (17%) 57% 4% 18% 11% NM NM NM PROS Holdings $42.50 $1,881 $324 $336 $1,892 7.5x 7.5x 6.7x NM NM NM 1% (0%) 12% 61% 63% 61% (11%) (11%) (5%) Allscripts Healthcare Solutions $15.02 $2,120 $513 $280 $1,886 1.3x 1.3x 1.2x 6.0x 7.6x 7.1x (8%) 0% 3% 41% 40% 43% 21% 16% 17% HealthStream $22.34 $705 $56 $28 $677 2.8x 2.7x 2.5x 14.7x 18.4x 15.7x (4%) 1% 8% 63% 64% 62% 19% 15% 16% Castlight Health $1.51 $238 $57 $13 $195 1.3x 1.5x 1.4x 15.2x NM 17.3x 2% (9%) 3% 67% 66% 64% 9% 3% 8% Boxlight Corporation $2.53 $144 $10 $21 $154 2.8x 1.1x 1.0x NM 30.1x 17.7x 66% 159% 12% 21% 28% 25% (2%) 4% 5%

Mean 10.0x 10.0x 8.1x 16.5x 24.8x 20.7x 11% 21% 18% 57% 59% 57% 18% 17% 20% Median 7.0x 7.5x 6.4x 15.0x 21.8x 17.3x 9% 12% 12% 62% 62% 60% 18% 16% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 25 PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business

salesforce.com $211.87 $195,393 $11,966 $6,413 $189,840 8.9x 7.4x 6.2x 28.7x 24.8x 20.7x 24% 21% 19% 78% 78% 76% 31% 30% 30% Shopify Inc. $1,106.50 $137,570 $7,872 $1,079 $130,777 44.6x 32.0x 23.8x NM NM NM 86% 39% 35% 53% 53% 54% 17% 12% 13% Workday $248.43 $60,602 $3,536 $2,238 $59,305 13.7x 11.9x 10.1x NM NM 41.3x 19% 16% 18% 77% 76% 73% 27% 23% 24% Constellation Software Inc. $1,395.25 $29,567 $942 $1,245 $29,885 7.5x 6.3x 5.4x 24.3x 21.1x 19.0x 14% 20% 15% 37% 37% 37% 31% 30% 29% Slack Technologies $40.63 $23,632 $1,587 $912 $22,979 25.5x 19.7x 15.4x NM NM NM 43% 29% 28% 88% 88% 87% (0%) (4%) 5% Paycom Software $370.06 $21,387 $215 $47 $21,219 25.2x 21.0x 16.9x NM NM 41.7x 14% 20% 25% 86% 86% 87% 39% 39% 40% Zendesk $132.62 $15,735 $954 $1,183 $15,964 15.5x 12.3x 9.9x NM NM NM 26% 26% 25% 78% 79% 75% 11% 11% 12% Ceridian HCM Holding Inc. $84.27 $12,576 $340 $1,179 $13,416 15.9x 14.5x 12.4x NM NM NM 2% 10% 17% 42% 42% 45% 19% 17% 19% Paylocity Holding Corporation $179.83 $9,797 $182 $76 $9,691 16.8x 14.0x 11.4x NM NM 42.1x 16% 20% 22% 67% 67% 67% 29% 24% 27% The Sage Group plc $8.44 $9,091 $955 $1,112 $9,248 3.5x 3.6x 3.4x 13.6x 15.9x 14.7x 4% (4%) 7% 92% 93% 93% 25% 23% 23% Smartsheet Inc. $63.92 $7,961 $442 $89 $7,608 19.7x 15.1x 11.8x NM NM NM 42% 30% 28% 80% 80% 80% (6%) (6%) (2%) Anaplan $53.85 $7,786 $321 $52 $7,517 16.8x 13.6x 10.9x NM NM NM 29% 24% 24% 77% 78% 75% (3%) (4%) 2% Manhattan Associates $117.38 $7,467 $197 $32 $7,303 12.5x 11.9x 10.9x 46.7x NM 46.5x (5%) 4% 9% 55% 54% 55% 27% 22% 23% J2 Global $119.86 $5,411 $373 $1,698 $6,736 4.5x 4.1x 3.8x 10.9x 10.3x 9.5x 9% 11% 7% 84% 84% 84% 41% 40% 40% C3.ai $65.91 $6,652 $1,123 $4 $5,533 32.1x 25.0x 18.5x NA NM NM NA 29% 35% 75% 75% 75% 0% NM NM The Descartes Systems Group Inc $60.95 $5,151 $134 $13 $5,030 14.4x 12.8x 11.3x 35.4x 31.0x 27.3x 7% 13% 13% 74% 75% 74% 41% 41% 42% Workiva Inc. $88.26 $4,412 $541 $332 $4,204 12.0x 10.2x 8.8x NM NM NM 18% 17% 16% 75% 76% 74% 3% (2%) 2% Cornerstone OnDemand $43.58 $2,885 $129 $1,162 $3,918 5.3x 4.6x 4.3x 14.0x 13.2x 12.9x 29% 15% 8% 74% 75% 73% 38% 35% 33% BigCommerce Holdings $57.80 $4,063 $208 $15 $3,870 25.4x 20.3x 16.5x NM NM NM 36% 25% 23% 78% 77% 77% (16%) (16%) (8%) Datto Holding Corp. $22.91 $3,695 $148 $44 $3,591 6.9x 6.1x 5.3x 23.9x 26.8x 23.9x 13% 13% 16% 73% 73% 72% 29% 23% 22% SPS Commerce $99.31 $3,562 $208 $22 $3,375 10.8x 9.2x 8.3x 38.8x 33.4x 28.5x 12% 17% 11% 69% 69% 68% 28% 28% 29% Energy Harbor Corp. $26.85 $0 $1 $2,928 $2,927 NA NA NA NA NA NA NA NA NA NM NM NM NA NA NA Technology One Limited $7.11 $2,284 $90 $21 $2,215 9.2x 8.9x 8.1x 27.1x 23.5x 20.1x 18% 3% 10% 44% 44% 44% 34% 38% 40% Upland Software $47.19 $1,420 $187 $548 $1,781 6.1x 5.8x 5.6x 17.8x 18.3x 16.5x 31% 4% 5% 67% 68% 67% 34% 32% 34% QAD Inc. $66.58 $1,379 $143 $35 $1,272 4.1x 3.9x 3.6x 40.2x 42.8x 30.8x (1%) 7% 8% 58% 60% 57% 10% 9% 12% Opera Limited $10.00 $1,151 $143 $9 $1,017 6.2x 4.3x 3.6x 40.4x 47.3x 22.8x (51%) 44% 20% 92% 94% 94% 15% 9% 16% American Software $20.70 $677 $101 $2 $578 5.2x 5.0x 4.8x NM 45.2x 35.8x (0%) 4% 4% 54% 54% 54% 5% 11% 13% Benefitfocus $13.81 $458 $189 $272 $541 2.0x 2.1x 2.0x 12.3x 11.6x 10.7x (9%) (4%) 4% 52% 53% 52% 16% 18% 19% Synchronoss Technologies $3.57 $154 $30 $61 $198 0.7x 0.7x 0.7x 7.1x 6.5x 5.1x (6%) (5%) 6% 58% 58% 56% 10% 11% 13% ServiceSource International $1.47 $143 $34 $50 $159 0.8x 0.8x NA NM NM NA (10%) (3%) NA 30% 28% NM (5%) (6%) NA Park City Group $6.11 $120 $24 $6 $102 4.9x 4.5x 4.1x 34.7x 20.6x 15.7x 8% 8% 11% 67% 67% 67% 14% 22% 26%

Mean 12.6x 10.4x 8.9x 26.0x 24.5x 24.3x 14% 15% 16% 68% 68% 69% 18% 18% 21% Median 10.0x 9.1x 8.3x 25.7x 22.3x 21.7x 14% 15% 16% 73% 74% 73% 18% 22% 22%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 26 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management ServiceNow $500.11 $98,746 $3,456 $2,108 $97,398 21.6x 17.0x 13.6x NM NM 43.2x 31% 27% 25% 82% 82% 79% 32% 30% 32% VMware $150.45 $63,038 $4,715 $6,042 $64,365 5.5x 5.1x 4.7x 13.4x 14.6x 13.2x 9% 8% 9% 85% 85% 84% 41% 35% 35% Twilio Inc. $340.76 $58,355 $5,707 $1,508 $54,156 30.7x 22.3x 17.0x NM NM NM 55% 38% 31% 55% 56% 54% 11% 7% 9% Atlassian Corporation Plc $210.76 $52,939 $1,564 $787 $52,162 31.1x 25.2x 20.9x NM NM NM 28% 23% 21% 87% 87% 87% 27% 24% 28% Datadog $83.34 $25,701 $1,548 $796 $24,949 41.3x 29.9x 22.6x NM NM NM 66% 38% 33% 79% 78% 77% 13% 8% 11% MongoDB $267.43 $16,363 $958 $1,061 $16,467 27.9x 21.6x 16.9x NM NM NM 40% 29% 27% 72% 72% 71% (6%) (8%) (5%) Dynatrace $48.24 $13,658 $325 $440 $13,773 20.9x 16.8x 13.6x NM NM NM 29% 25% 23% 81% 81% 81% 31% 27% 27% Tuya Inc. $21.14 $11,833 $180 $12 $11,665 NM 34.5x 21.4x NM NM NM 70% 88% 61% 34% 42% 46% NM NM NM Appian Corporation $132.95 $9,419 $233 $58 $9,244 30.4x 26.1x 22.1x NM NM NM 17% 16% 18% 70% 72% 68% (6%) (10%) (7%) SolarWinds Corporation $17.44 $5,506 $374 $2,029 $7,161 7.0x 6.9x 6.3x 14.6x 15.7x 13.6x 9% 2% 9% 91% 91% 91% 48% 44% 46% Micro Focus International plc $7.62 $2,557 $737 $4,969 $6,789 2.3x 2.4x 2.5x 5.8x 6.6x 6.7x (9%) (5%) (5%) 76% 76% 76% 40% 36% 38% Asana $28.58 $4,672 $386 $586 $4,872 21.5x 15.7x 12.2x NM NM NM 59% 37% 29% 87% 88% 86% NM NM NM DigitalOcean Holdings $42.13 $4,490 $560 $0 $3,929 12.3x 9.6x 7.5x NM 31.1x 23.2x 25% 28% 28% 53% 75% 76% 15% 31% 32% New Relic $61.48 $3,922 $816 $517 $3,627 5.5x 5.3x 4.7x 43.6x NM NM 14% 5% 11% 80% 80% 80% 13% 1% 7% JFrog Ltd. $44.37 $4,149 $606 $21 $3,564 23.6x 17.7x 13.5x NM NM NM 44% 34% 31% 82% 82% 82% 11% 5% 5% Bandwidth Inc. $126.74 $3,180 $330 $486 $3,337 11.2x 7.2x 6.1x NM NM NM 51% 56% 18% 49% 50% 51% 9% 5% 7% PagerDuty $40.23 $3,362 $560 $249 $3,051 14.3x 11.4x 9.2x NM NM NM 28% 25% 24% 87% 85% 86% (7%) (5%) (0%) Progress Software Corporation $44.06 $1,939 $114 $404 $2,229 5.0x 4.2x 4.2x 14.6x 11.1x NA 7% 19% 2% 88% 87% 88% 35% 38% NA NetScout Systems $28.16 $2,068 $476 $424 $2,015 2.4x 2.4x 2.2x 14.0x NA NA (6%) (0%) 7% 73% 73% 73% 17% NA NA Axway Software SA $31.57 $679 $20 $95 $755 2.1x 2.1x 2.0x 14.5x 13.6x 12.3x 8% (2%) 4% 71% 71% 39% 14% 15% 16% Magic Software Enterprises Ltd. $15.21 $746 $99 $47 $727 2.0x 1.7x 1.5x 13.1x 12.2x NA 14% 14% 11% 31% 30% 31% 15% 14% NA Comarch S.A. $56.19 $457 $126 $69 $405 1.0x 1.0x 1.0x 5.6x 6.2x 6.2x 8% (1%) 5% 28% 28% 28% 18% 16% 15%

Mean 15.2x 13.0x 10.3x 15.5x 13.9x 16.9x 27% 23% 19% 70% 71% 70% 18% 16% 18% Median 12.3x 10.5x 8.4x 14.0x 12.9x 13.2x 27% 24% 19% 78% 77% 77% 15% 15% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 27 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Sales & Marketing Applications HubSpot $454.21 $21,223 $1,180 $741 $20,784 23.5x 17.8x 14.2x NM NM NM 31% 32% 25% 82% 83% 81% 12% 13% 13% Qualtrics International Inc. $32.91 $16,884 $587 $744 $17,042 22.3x 17.9x 14.9x NM NM NM 29% 25% 20% 76% 76% 74% (1%) (1%) 2% ZoomInfo Technologies Inc. $48.90 $9,069 $354 $787 $9,894 20.8x 15.1x 11.8x 42.1x 32.8x 25.0x 62% 37% 28% 88% 88% 85% 49% 46% 47% Pegasystems Inc. $114.34 $9,292 $442 $639 $9,489 9.3x 7.6x 6.4x NM NM NM 12% 22% 20% 71% 72% 69% (2%) 5% 10% TELUS International (Cda) Inc. $27.98 $7,429 $117 $1,236 $8,548 5.4x 4.0x 3.4x 25.7x 16.3x 13.5x 55% 36% 17% 26% 41% 26% 21% 24% 25% LivePerson $52.74 $3,637 $668 $567 $3,536 9.6x 7.6x 6.2x NM NM NM 26% 26% 23% 72% 71% 72% 10% 8% 11% Cardlytics $109.70 $3,607 $614 $191 $3,184 17.0x 11.9x 8.6x NM NM NM (11%) 43% 38% 34% 37% 36% (4%) 4% 10% Sprout Social $57.76 $3,095 $168 $26 $2,953 22.2x 17.1x 13.5x NM NM NM 29% 30% 27% 74% 74% 74% (13%) (9%) (3%) SurveyMonkey $18.32 $2,668 $247 $296 $2,717 7.2x 6.2x 5.1x NM NM 35.5x 22% 17% 20% 80% 81% 77% 12% 11% 14% PubMatic $49.32 $2,435 $110 $0 $2,325 15.6x 12.5x 10.4x 46.2x 46.9x 37.3x 31% 25% 20% 70% 68% 70% 34% 27% 28% Yext $14.48 $1,826 $230 $138 $1,733 4.9x 4.6x 4.0x NM NM NM 19% 7% 15% 77% 77% 76% (3%) (2%) 2% MediaAlpha $35.43 $1,368 $13 $183 $1,480 2.5x 2.0x 1.6x 25.5x 22.7x 16.0x 43% 24% 26% 15% 15% 15% 10% 9% 10% SEMrush Holdings $11.91 $1,613 $172 $0 $1,442 11.5x 8.2x 6.5x NM NM NM 36% 41% 27% 76% 77% 78% (4%) (4%) (1%) Thryv Holdings $23.40 $775 $2 $609 $1,382 1.2x 1.6x 1.9x 3.7x 5.0x 6.4x (22%) (20%) (16%) 67% 67% 66% 34% 31% 29% ChannelAdvisor Corporation $23.55 $700 $82 $10 $627 4.3x 4.0x 3.7x 17.3x 19.0x 15.5x 12% 7% 9% 80% 80% 79% 25% 21% 24%

Mean 11.8x 9.2x 7.5x 26.7x 23.8x 21.3x 25% 24% 20% 66% 67% 65% 12% 12% 15% Median 9.6x 7.6x 6.4x 25.6x 20.9x 16.0x 29% 25% 20% 74% 74% 74% 10% 9% 11%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 28 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS Adobe Inc. $475.37 $227,857 $4,963 $4,707 $227,601 17.7x 14.7x 12.9x 36.3x 29.6x 25.9x 15% 20% 14% 88% 89% 87% 49% 50% 50% salesforce.com $211.87 $195,393 $11,966 $6,413 $189,840 8.9x 7.4x 6.2x 28.7x 24.8x 20.7x 24% 21% 19% 78% 78% 76% 31% 30% 30% Shopify Inc. $1,106.50 $137,570 $7,872 $1,079 $130,777 44.6x 32.0x 23.8x NM NM NM 86% 39% 35% 53% 53% 54% 17% 12% 13% ServiceNow $500.11 $98,746 $3,456 $2,108 $97,398 21.6x 17.0x 13.6x NM NM 43.2x 31% 27% 25% 82% 82% 79% 32% 30% 32% Zoom Video Communications $321.29 $94,607 $4,245 $106 $90,468 34.1x 23.7x 19.8x NM NM NM 326% 44% 20% 69% 70% 74% 38% 31% 32% Snowflake Inc. $229.28 $66,193 $3,908 $205 $62,490 NM NM 34.7x NM NM NM 124% 85% 65% 64% 67% 59% NM (17%) (10%) Workday $248.43 $60,602 $3,536 $2,238 $59,305 13.7x 11.9x 10.1x NM NM 41.3x 19% 16% 18% 77% 76% 73% 27% 23% 24% Twilio Inc. $340.76 $58,355 $5,707 $1,508 $54,156 30.7x 22.3x 17.0x NM NM NM 55% 38% 31% 55% 56% 54% 11% 7% 9% Atlassian Corporation Plc $210.76 $52,939 $1,564 $787 $52,162 31.1x 25.2x 20.9x NM NM NM 28% 23% 21% 87% 87% 87% 27% 24% 28% Palantir Technologies Inc. $23.29 $43,709 $2,339 $453 $41,823 38.3x 28.6x 22.0x NM NM NM 47% 34% 30% 77% 81% 73% 19% 24% 26% DocuSign $202.45 $39,388 $774 $916 $39,530 27.2x 20.0x 15.7x NM NM NM 49% 36% 27% 78% 80% 76% 16% 17% 19% Veeva Systems Inc. $261.24 $39,918 $1,664 $63 $38,317 26.2x 21.7x 18.3x NM NM 47.0x 33% 20% 19% 74% 74% 73% 42% 39% 39% Okta $220.43 $33,726 $2,587 $1,969 $33,107 39.6x 30.4x 23.6x NM NM NM 43% 30% 29% 78% 78% 75% 5% (2%) 3% RingCentral $297.88 $27,069 $463 $1,441 $28,047 25.8x 18.9x 15.3x NM NM NM 33% 37% 24% 76% 77% 78% 15% 13% 15% Unity Software Inc. $100.31 $28,028 $1,647 $135 $26,517 34.3x 27.4x 21.5x NM NM NM 43% 25% 28% 79% 79% 78% (3%) (6%) 2% Datadog $83.34 $25,701 $1,548 $796 $24,949 41.3x 29.9x 22.6x NM NM NM 66% 38% 33% 79% 78% 77% 13% 8% 11% Splunk Inc. $135.48 $22,206 $1,859 $2,698 $23,044 10.3x 9.1x 7.3x NM NM NM (5%) 14% 24% 79% 78% 79% NM 2% 10% Slack Technologies $40.63 $23,632 $1,587 $912 $22,979 25.5x 19.7x 15.4x NM NM NM 43% 29% 28% 88% 88% 87% (0%) (4%) 5% Zscaler $171.67 $23,337 $1,445 $941 $22,833 42.6x 31.0x 23.8x NM NM NM 49% 37% 31% 79% 79% 79% 14% 14% 19% Cloudflare $70.26 $21,825 $1,035 $436 $21,225 49.2x 35.8x 27.0x NM NM NM 50% 38% 33% 77% 78% 77% 4% 7% 11% Paycom Software $370.06 $21,387 $215 $47 $21,219 25.2x 21.0x 16.9x NM NM 41.7x 14% 20% 25% 86% 86% 87% 39% 39% 40% HubSpot $454.21 $21,223 $1,180 $741 $20,784 23.5x 17.8x 14.2x NM NM NM 31% 32% 25% 82% 83% 81% 12% 13% 13% Coupa Software Incorporated $254.48 $18,679 $606 $1,550 $19,622 36.2x 28.9x 23.1x NM NM NM 39% 25% 25% 71% 67% 66% 23% 14% 19% Qualtrics International Inc. $32.91 $16,884 $587 $744 $17,042 22.3x 17.9x 14.9x NM NM NM 29% 25% 20% 76% 76% 74% (1%) (1%) 2% Zendesk $132.62 $15,735 $954 $1,183 $15,964 15.5x 12.3x 9.9x NM NM NM 26% 26% 25% 78% 79% 75% 11% 11% 12% NetApp $72.67 $16,176 $3,902 $2,758 $15,032 2.7x 2.6x 2.4x 11.4x 10.7x 9.5x (0%) 5% 5% 65% 65% 65% 24% 24% 26% Dynatrace $48.24 $13,658 $325 $440 $13,773 20.9x 16.8x 13.6x NM NM NM 29% 25% 23% 81% 81% 81% 31% 27% 27% McAfee Corp. $22.74 $3,759 $346 $4,080 $13,670 4.7x 4.5x 4.3x 12.9x 11.8x 10.5x 10% 4% 4% 79% 78% 72% 36% 38% 41% Bentley Systems $46.93 $12,987 $570 $717 $13,134 16.4x 14.5x 13.2x 49.3x 45.0x 39.6x 9% 13% 10% 81% 79% 80% 33% 32% 33% Tuya Inc. $21.14 $11,833 $180 $12 $11,665 NM 34.5x 21.4x NM NM NM 70% 88% 61% 34% 42% 46% NM NM NM Bill.com Holdings $145.50 $12,106 $1,736 $958 $11,328 NM 46.6x 34.5x NM NM NM 57% 42% 35% 83% 83% 83% (5%) (5%) (1%) Dropbox $26.66 $10,340 $1,916 $2,470 $10,894 5.7x 5.2x 4.7x 19.2x 14.9x 13.7x 15% 10% 9% 79% 80% 77% 30% 35% 35% Five9 $156.33 $10,481 $643 $833 $10,670 24.5x 20.5x 17.4x NM NM NM 33% 20% 18% 64% 63% 61% 20% 16% 19% ZoomInfo Technologies Inc. $48.90 $9,069 $354 $787 $9,894 20.8x 15.1x 11.8x 42.1x 32.8x 25.0x 62% 37% 28% 88% 88% 85% 49% 46% 47% Upstart Holdings $128.86 $9,910 $257 $61 $9,713 42.5x 19.4x 14.4x NM NM NM 43% 119% 34% 84% 84% 84% 14% 10% 11% Paylocity Holding Corporation $179.83 $9,797 $182 $76 $9,691 16.8x 14.0x 11.4x NM NM 42.1x 16% 20% 22% 67% 67% 67% 29% 24% 27% Smartsheet Inc. $63.92 $7,961 $442 $89 $7,608 19.7x 15.1x 11.8x NM NM NM 42% 30% 28% 80% 80% 80% (6%) (6%) (2%) Proofpoint $125.79 $7,213 $883 $1,117 $7,447 7.1x 6.2x 5.3x 38.1x 36.4x 29.1x 18% 14% 17% 80% 80% 76% 19% 17% 18% J2 Global $119.86 $5,411 $373 $1,698 $6,736 4.5x 4.1x 3.8x 10.9x 10.3x 9.5x 9% 11% 7% 84% 84% 84% 41% 40% 40%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 29 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) BlackLine $108.40 $6,292 $1,157 $1,078 $6,231 17.9x 15.1x 12.4x NM NM NM 20% 19% 21% 82% 80% 80% 16% 12% 15% nCino $66.72 $6,296 $371 $16 $5,945 29.1x 24.1x 20.0x NM NM NM 48% 21% 21% 60% 60% 56% (5%) (5%) (1%) Pure Storage $21.54 $6,102 $1,254 $908 $5,757 3.4x 3.0x 2.6x 49.6x 33.4x 23.2x 2% 15% 16% 70% 70% 69% 7% 9% 11% Q2 Holdings $100.20 $5,642 $529 $608 $5,721 14.2x 11.7x 9.6x NM NM NM 28% 22% 21% 54% 53% 50% 6% 7% 9% Duck Creek Technologies $45.14 $5,940 $364 $23 $5,599 25.0x 21.6x 18.5x NA NM NM 24% 16% 17% 56% 56% 56% 0% 1% 4% C3.ai $65.91 $6,652 $1,123 $4 $5,533 32.1x 25.0x 18.5x NA NM NM NA 29% 35% 75% 75% 75% 0% NM NM Varonis Systems $51.34 $5,450 $824 $288 $4,914 16.8x 13.5x 11.1x NM NM NM 15% 25% 22% 86% 87% 87% 2% 5% 10% Asana $28.58 $4,672 $386 $586 $4,872 21.5x 15.7x 12.2x NM NM NM 59% 37% 29% 87% 88% 86% NM NM NM AppFolio $141.41 $4,879 $148 $41 $4,772 15.4x 13.8x 11.6x NM NM NM 21% 12% 18% 62% 61% 61% 15% 16% 18% Everbridge $121.18 $4,631 $735 $656 $4,552 16.8x 13.3x 10.6x NM NM NM 35% 27% 25% 72% 72% 70% 3% 2% 5% Envestnet $72.23 $3,931 $372 $968 $4,526 4.5x 4.0x 3.6x 18.6x 18.8x 16.6x 11% 14% 10% 69% 67% 44% 24% 21% 22% Medallia $27.89 $4,382 $682 $517 $4,216 8.8x 7.5x 6.2x NM NM NM 19% 18% 20% 69% 69% 66% 8% 2% 7% Workiva Inc. $88.26 $4,412 $541 $332 $4,204 12.0x 10.2x 8.8x NM NM NM 18% 17% 16% 75% 76% 74% 3% (2%) 2% Jamf Holding Corp. $35.32 $4,158 $196 $28 $3,990 14.8x 11.9x 9.9x NM NM NM 32% 24% 21% 81% 81% 79% 13% 10% 11% DigitalOcean Holdings $42.13 $4,490 $560 $0 $3,929 12.3x 9.6x 7.5x NM 31.1x 23.2x 25% 28% 28% 53% 75% 76% 15% 31% 32% Cornerstone OnDemand $43.58 $2,885 $129 $1,162 $3,918 5.3x 4.6x 4.3x 14.0x 13.2x 12.9x 29% 15% 8% 74% 75% 73% 38% 35% 33% BigCommerce Holdings $57.80 $4,063 $208 $15 $3,870 25.4x 20.3x 16.5x NM NM NM 36% 25% 23% 78% 77% 77% (16%) (16%) (8%) Qualys $104.78 $4,101 $357 $55 $3,799 10.5x 9.5x 8.5x 22.4x 23.1x 20.9x 13% 10% 12% 81% 80% 79% 47% 41% 41% Box $22.96 $3,735 $595 $649 $3,789 4.9x 4.5x 4.1x 19.5x 18.4x 15.8x 11% 10% 10% 73% 74% 72% 25% 24% 26% Cloudera $12.17 $3,578 $596 $680 $3,661 4.2x 4.0x 3.7x 23.2x 15.6x 13.1x 9% 5% 9% 82% 83% 77% 18% 26% 28% New Relic $61.48 $3,922 $816 $517 $3,627 5.5x 5.3x 4.7x 43.6x NM NM 14% 5% 11% 80% 80% 80% 13% 1% 7% Datto Holding Corp. $22.91 $3,695 $148 $44 $3,591 6.9x 6.1x 5.3x 23.9x 26.8x 23.9x 13% 13% 16% 73% 73% 72% 29% 23% 22% JFrog Ltd. $44.37 $4,149 $606 $21 $3,564 23.6x 17.7x 13.5x NM NM NM 44% 34% 31% 82% 82% 82% 11% 5% 5% LivePerson $52.74 $3,637 $668 $567 $3,536 9.6x 7.6x 6.2x NM NM NM 26% 26% 23% 72% 71% 72% 10% 8% 11% SPS Commerce $99.31 $3,562 $208 $22 $3,375 10.8x 9.2x 8.3x 38.8x 33.4x 28.5x 12% 17% 11% 69% 69% 68% 28% 28% 29% Olo Inc. $26.39 $3,893 $587 $0 $3,306 33.6x 23.4x 18.4x NM NM NM 94% 44% 27% 72% 80% 82% 17% 11% 10% PagerDuty $40.23 $3,362 $560 $249 $3,051 14.3x 11.4x 9.2x NM NM NM 28% 25% 24% 87% 85% 86% (7%) (5%) (0%) Vertex $21.98 $3,233 $278 $32 $2,987 8.0x 7.4x 6.6x 38.1x 43.1x 38.1x 17% 8% 12% 71% 71% 66% 21% 17% 17% Sprout Social $57.76 $3,095 $168 $26 $2,953 22.2x 17.1x 13.5x NM NM NM 29% 30% 27% 74% 74% 74% (13%) (9%) (3%) Mimecast Limited $40.21 $2,596 $293 $250 $2,553 5.3x 4.7x 4.1x 21.7x 18.9x 14.8x 19% 13% 15% 74% 74% 74% 24% 25% 27% PubMatic $49.32 $2,435 $110 $0 $2,325 15.6x 12.5x 10.4x 46.2x 46.9x 37.3x 31% 25% 20% 70% 68% 70% 34% 27% 28% Talend S.A. $63.64 $2,074 $173 $179 $2,080 7.2x 6.3x 5.5x NM NM NM 16% 15% 15% 80% 80% 78% (5%) (6%) 0% ON24 $48.51 $2,249 $392 $6 $1,863 11.9x 9.0x 7.4x NM NM NM 76% 32% 22% 79% 75% 74% 16% 2% 3% Ping Identity Holding Corp. $21.93 $1,799 $55 $59 $1,803 7.4x 6.9x 6.1x NM NM NM 0% 7% 14% 81% 80% 82% 12% 8% 9% Zuora $14.80 $1,808 $187 $69 $1,691 5.5x 5.0x 4.4x NM NM NM 11% 10% 14% 62% 64% 57% 1% 2% 5% Sumo Logic $18.86 $1,937 $404 $0 $1,533 7.6x 6.5x 5.4x NM NM NM 31% 16% 20% 75% 75% 73% (11%) (17%) (13%) SEMrush Holdings $11.91 $1,613 $172 $0 $1,442 11.5x 8.2x 6.5x NM NM NM 36% 41% 27% 76% 77% 78% (4%) (4%) (1%) Thryv Holdings $23.40 $775 $2 $609 $1,382 1.2x 1.6x 1.9x 3.7x 5.0x 6.4x (22%) (20%) (16%) 67% 67% 66% 34% 31% 29% Veritone $23.98 $784 $127 $7 $663 11.5x 8.4x 6.8x NM NM NM 16% 36% 24% 71% 73% 73% NM (20%) (11%)

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 30 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.)

ChannelAdvisor Corporation $23.55 $700 $82 $10 $627 4.3x 4.0x 3.7x 17.3x 19.0x 15.5x 12% 7% 9% 80% 80% 79% 25% 21% 24% Zix Corporation $7.55 $419 $24 $226 $621 2.8x 2.5x 2.2x 12.2x 11.2x 9.9x 26% 12% 13% 54% 52% 57% 23% 23% 22% Benefitfocus $13.81 $458 $189 $272 $541 2.0x 2.1x 2.0x 12.3x 11.6x 10.7x (9%) (4%) 4% 52% 53% 52% 16% 18% 19% Park City Group $6.11 $120 $24 $6 $102 4.9x 4.5x 4.1x 34.7x 20.6x 15.7x 8% 8% 11% 67% 67% 67% 14% 22% 26%

Mean 17.7x 14.5x 11.9x 26.5x 23.3x 23.4x 33% 24% 21% 74% 74% 73% 16% 14% 17% Median 15.5x 13.3x 10.9x 22.8x 19.8x 20.9x 28% 23% 21% 77% 77% 75% 16% 13% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 3/31/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 31 RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides online reservations, takeout, and events management SaaS and related mobile applications for businesses in the hospitality 3/31/21 Squarespace Tock $400 NA NA NA NA sector. Software enables CRM and pricing capabilities.

Provides fleet, workforce, and data management SaaS for businesses in the US. Software provides features for predictive analytics, Donlen 3/30/21 Athene Holding $891 NA NA NA NA account planning, vehicle management, remarketing, reporting, scheduling, warehouse management, and workforce management. Corporation Also provides related administrative services.

Broadridge Provides securities trading software for the financial services markets. Itiviti Group Holding AB was formed when Nordic Capital 3/29/21 Financial Itiviti Group AB $2,528 9.4x NA NA NA combined Orc Group and CameronTec Group in February of 2016. Solutions

CM Life Sciences Provides proteomics reporting and discovery software for businesses in the life sciences sector. Offerings enable artificial intelligence 3/29/21 SomaLogic $1,920 22.4x NA NA NA II for diagnostics capabilities.

Vista Equity Provides advertising enablement SaaS that enable advertisers to run digital ad campaigns using advertisements that match a 3/29/21 Triple Lift $1,700 8.5x 5.7x 37.8x NA Partners publisher's property.

Provides ERP, HR and financial management software and SaaS for businesses, educational institutions and government agencies 3/22/21 TA Associates Unit4 NV $2,000 NA NA NA NA globally. Also provides related mobile applications. Unit4 was taken private on June 21, 2014.

LGL Systems Acq. IronNet Provides machine learning-based IT infrastructure cybersecurity software, SaaS, and related services for enterprises and government 3/15/21 $1,161 30.9x 21.5x NA NA Corp. Cybersecurity agencies. Offerings enable network detection and response capabilities.

Provides retail management SaaS, related development tools and applications, and hardware that enable payments processing, 3/11/21 Lightspeed POS Vend $277 10.4x NA NA NA inventory management, and customer loyalty marketing for retailers.

Provides open source data integration, data quality and master data management software and SaaS for businesses. Also provides 3/10/21 Thoma Bravo Talend $2,400 8.3x NA NM NA business process modeling software.

TOTVS Large RD Gesto E Provides CRM SaaS for small businesses. Software enables digital marketing automation and customer relationship management 3/9/21 Enterprise $327 9.0x NA NA NA Sistemas S.A. capabilities. Tecnologia

Provides document sharing, collaboration, and related customer analytics SaaS primarily for businesses, but also for consumers. 3/9/21 Dropbox DocSend $165 13.8x NA NA NA Software gathers feedback regarding sent documents, and also provides related workforce management features.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/21, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 32 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Symphony The Enterprise business of McAfee, which provides network anti-malware and PC security software for enterprises globally. Software 3/8/21 Technology McAfee $4,000 3.0x NA NA NA includes features for anti-virus, anti-spyware, anti-spam, intrusion prevention, secure messaging, web filtering and vulnerability Group management.

Priority Provides payments software and APIs for non-financial institutions to collect, store, and send money. Offerings enable integration of 3/8/21 Technology Finxera Holdings $425 NA NA NA NA banking services into applications. Software features include compliance management. Holdings

Provides customer relationship management (CRM) SaaS, related mobile application, and process consulting and training services for Snap-on 3/8/21 Dealer-FX Group $200 5.4x NA NA NA businesses, providing features for customer service automation, customer analytics, making and receiving payments, service Incorporated appointment, service schedule, and text and email marketing.

Decibel Insight Provides B2B and B2C web and customer analytics software and SaaS for businesses. Software identifies, scores and prioritizes online 3/4/21 Medallia $160 10.7x NA NA NA Limited user experiences impacting conversion, sales, and loyalty across websites and apps.

Provides cloud-based identity management SaaS to enterprises globally. Software provides features for identification and 3/3/21 Okta Auth0 $6,500 43.3x NA NA NA authentication of users by connecting to multi-tenant and single-tenant B2B application.

Provides open-source and Windows-based data integration software for businesses. Software provides features for data TA Associates / Precisely 3/3/21 $3,600 6.0x NA 12.0x NA management, integration and backup. Majority owner Clearlake Capital merged another portfolio company, backup and recovery Clearlake Capital Incorporated software provider Vision Solutions, with Syncsort in July 2017 before selling to Centerbridge Partners.

Schneider / AES Provides customer analytics and engagement SaaS for North American electric and gas utilities. Software enables power reporting and 3/3/21 / Huck Capital Uplight $1,500 NA NA NA NA demand-side management at the home or business, resulting in improved customer satisfaction and reduced costs and carbon Mgmt. emissions.

Public Sector Provides privileged access management (PAM) software and SaaS and related mobile application for businesses globally. Software Thycotic 3/2/21 Pension $1,400 15.6x 11.7x NA NA provides features for enterprise password and identity management, endpoint privilege and application control, and access control Software Ltd Investment and authentication.

NavSight Provides space-based data and analytics SaaS for businesses and government agencies. Software enables insights for making 3/1/21 Spire Global $1,637 43.9x 30.3x NA NA Holdings maritime, weather, aviation and other decisions based on satellite imagery.

Provides cloud-native businesses intelligence (BI) risk analytics SaaS for businesses globally. Software enables data integration, Tailwind Acq. 3/1/21 QOMPLX $1,448 12.2x 10.3x NA NA cybersecurity, quantitative finance, underwriting, cyber insurance, portfolio management, modeling, and prediction capabilities for Corp. risk and security management.

Provides transaction-based advertising enablement and customer analytics software for businesses in the US. Software provides 3/1/21 Cardlytics DOSH Holdings $275 NA NA NA NA features for quantifying marketing and attracting new customers. Also provides card-linked cash-back offers consumer mobile application.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/21, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 33 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Runtime 2/26/21 Cision $450 4.5x NA NA NA Provides AI-based social media monitoring and analytics SaaS for businesses and marketing agencies globally. Collective

Diligent Provides corporate audit analytics, security, risk management, compliance, data management and reporting SaaS and software for 2/24/21 ACL Services $1,000 NA NA NA NA Corporation businesses globally. Software enables corporate governance management and related collaboration capabilities.

Northern Star Apex Clearing Provides digital custody, clearing, real-time cryptocurrency, fractional share-trading and other digital financial infrastructure software 2/22/21 Investment $5,650 19.8x 19.5x NA NA Holdings and services to online brokerage firms, traditional wealth managers, professional traders and consumer brands. Corp. II

Osprey BlackSky Provides real-time geospatial intelligence SaaS and global monitoring services for businesses and government agencies. Offerings 2/18/21 Technology Acq. $1,477 NM 32.1x NA NA Holdings include AI-enabled SaaS that tracks satellites and distributes analytics and insights. Corp.

CrowdStrike Provides real-time observability log management software and SaaS for businesses. Software enables data aggregation, exploration, 2/18/21 Humio $392 NA NA NA NA Holdings reporting and analysis from a range of sources. Features include data storage and in-memory search/query engine capabilities.

Provides content management, audience measurement, and advertising enablement SaaS for digital audio broadcasters, podcasters, 2/17/21 iHeartMedia Triton Digital $230 NA NA NA NA online music services, and advertisers. Software enables streaming, monetization, metrics, and advertising.

Provides codified cloud infrastructure security SaaS for businesses globally. Software provides features for preventing cloud Palo Alto 2/16/21 Bridgecrew $156 NA NA NA NA misconfigurations, continuous infrastructure monitoring, real-time incident alerting, compliance benchmark reporting, and intuitive Networks logging.

Provides application security management and testing SaaS for businesses. Software provides features to detect, block and respond 2/11/21 Datadog Sqreen SAS $195 NA NA NA NA to application level attacks.

Tyler 2/10/21 NIC $2,277 4.4x NA 19.6x NA Provides government management SaaS for federal, state and local agencies. Also provides related transaction processing services. Technologies

Provides web-based real estate property listing SaaS for real estate agents. Software provides features for property showing 2/10/21 Zillow Group ShowingTime $500 NA NA NA NA scheduling and management, market analysis reporting, and call center support. Also provides a mobile application.

Provides secure access software defined perimeter (SDP), risk based authentication, threat protection, and penetration testing Newtown Lane Cyxtera 2/9/21 $158 NA 3.9x NA NA systems and services for hybrid, cloud or on-premises environments. Appgate was spun out of Cyxtera Technologies as a standalone Marketing Cybersecurity company in January 2020.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/21, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 34 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides SaaS log management, analytics and server monitoring SaaS for businesses to enable the simplification and acceleration of 2/9/21 SentinelOne Scalyr $155 NA NA NA NA data processing.

Provides AI-based 3D scanning and image-processing SaaS and hardware for businesses, real estate agencies and professionals. 2/8/21 Gores Holding VI Matterport $2,915 26.3x 23.7x NM NM Software enables users to capture and edit panoramic and 360-degree images and to create and share 3D models of physical spaces. Hardware includes 3D cameras and sensors.

Dragoneer CCC Information Provides auto collision claims and repair management SaaS to auto insurance companies and repair businesses. Software enables 2/3/21 Growth Opp. $6,542 NA NA NA NA Services insurance companies and auto repairers to estimate and track claims and repair processes. Corp.

Provides web and mobile application development and deployment SaaS for businesses globally. Software provides features for 2/3/21 Rocket Software Uniface B.V. $225 5.0x 4.5x 7.5x NA application lifecycle management, development, deployment, configuration, and software management.

Embracer Group Gearbox 2/2/21 $363 NA NA NA NA Develops mobile, PC, and console video games software for consumers in the US and Canada. AB Software

Tradeweb The U.S. fixed income electronic trading software, formerly known as eSpeed and belonging to NASDAQ, which enables fully 2/2/21 Nasdaq $190 NA NA NA NA Markets executable central limit order booking (CLOB) for electronic trading in on-the-run (OTR) U.S. Treasuries, for the finance sector globally.

Kismet Nexters Global Develops mobile and online social network-based video games for consumers globally. Titles include Hero Wars, Throne Rush, and 2/1/21 Acquisition One $2,050 6.0x 5.7x NA 14.9x Limited Island Experiment. Corp.

Provides interior design software and services for homebuilders in the US. Software provides features for interior design visualization, The Blackstone Interior Logic 2/1/21 $1,600 NA NA NA NA interior options selection, supply chain management, and data analytics. Also provides outsourced design and flooring, countertops, Group Group Holdings cabinets, and window coverings installation services.

Software Otonomo Provides automotive data management SaaS to government and businesses globally. Software provides features for fleet and vehicle 2/1/21 Acquisition $1,409 NM NM NM NM Technologies location data extraction, data cleaning and integration, integrated auditing and billing, data blurring, and consent management. Group II

Sangoma 1/29/21 Technologies StarBlue $437 NA NA NA NA Provides PBX systems and VoIP service for businesses in the US. Also distributes business telephone systems. Corporation

Provides identity and access management SaaS for businesses utilizing desktop, mobile and virtual environments in the US. Software Centrify 1/28/21 TPG Capital $900 8.6x 7.8x 20.0x 18.0x provides features for internal and external user verification and provisioning, mobile device validation and access and privilege Corporation restrictions.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/21, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 35 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides employee performance and engagement analytics SaaS for enterprises. Software enables HR data analysis and conversion 1/28/21 Workday Peakon ApS $700 23.3x NA NA NA into actionable insights.

Provides IT service management and asset management on-premises SaaS and related mobile application, providing features for no- Cherwell 1/26/21 Ivanti $450 6.4x NA NA NA code application configuration and deployment, help desk, enterprise service and facilities management, automation, patch Software management, reporting, and project and portfolio management.

Foley Trasimene Provides HR, benefits, wealth, and compliance management SaaS for businesses and the public sector, globally. Also provides hosted 1/25/21 Alight Solutions $5,385 2.7x 2.0x NA NA Acq. Corp. SAP and Oracle software.

1/19/21 Citrix Systems Wrike $2,250 16.1x 12.2x NA NA Provides project and document management, and enterprise work collaboration SaaS for businesses.

Provides wireless medical data capture and integration SaaS that enables businesses in the medical sector to remotely transmit data Koninklijke Capsule 1/19/21 $635 6.4x NA NA NA from medical devices to health records databases. Software enable patient monitoring and health surveillance capabilities as well as Philips N.V. Technologies workflow efficiencies and insights.

Crescent Acq. 1/14/21 LiveVox $896 8.2x 6.9x NA NA Provides predictive and automatic dialing, business intelligence and call recording SaaS for call center clients. Corp.

Provides fraud detection and related risk management SaaS for e-commerce businesses and payment processors. Software enables AI 1/8/21 Equifax Kount $640 12.8x NA NA NA to ensure identity protection and safe payments.

Provides networking and DevOps management SaaS for cloud-oriented environments in enterprises, telecommunications carriers, and 1/7/21 F5 Networks Volterra $440 NA 44.0x NA NA small businesses. Software enables the deployment, operation, and security of applications across multi-cloud and edge infrastructure.

Provides medical revenue cycle management SaaS for businesses in the healthcare sector globally. Software provides features for Change 1/6/21 OptumHealth $7,870 7.7x NA NM NA electronic information transmission, collaboration, billing, medical coding and electronic transaction, payments processing, and staff Healthcare scheduling.

1/5/21 Quest Software erwin $200 4.0x NA NA NA Provides data management, data governance, data sharing and data modeling SaaS for businesses.

All Software Median 8.8x 11.0x 19.6x 16.4x Mean 13.0x 15.1x 19.4x 16.4x

PE Acquirers Median 6.0x 5.7x 16.0x 18.0x Mean 6.0x 6.0x 19.3x 18.0x

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 3/31/21, where Enterprise Value is >$50MM. Transactions highlighted in light blue denote private equity transactions. 36 Multiples <0 and >50 considered NM. RECENT FINANCINGS Selected Software Private Financings

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an online payment platform intended to help clients to offer credit services, JS Capital Management, Soros Fund Management, Tybourne Capital Management, Wellington 3/31/21 Paidy $120 increase conversion, and sales. Management Andreessen Horowitz, Bolt Ventures, Coatue, Dreamers VC, Floem Capital, Sound Ventures, The 3/30/21 Dapper Labs $350 Provider of an online platform intended to offer games built upon blockchain technology. Chernin Group, Thirtyfive Ventures, Union Square Ventures, Venrock, Version One Ventures Operator of a fintech enterprise SaaS company aimed at leveraging artificial intelligence-based Craig Courtemanche, D1 Capital Partners, ICONIQ Capital, Susquehanna Growth Equity, Tiger 3/30/21 HighRadius $300 autonomous systems to help companies automate accounts receivable & treasury processes. Global Management Developer of an online content distribution platform intended to sell digital products with Alkeon Capital Management, General Atlantic, Government of Singapore Investment Corporation, 3/30/21 Hotmart $130 simplicity and security. Koolen & Partners, TCV

3/30/21 6Sense $125 Developer of a predictive intelligence platform intended to achieve revenue growth. D1 Capital Partners, Insight Partners, Sapphire Ventures, Tiger Global Management

3/30/21 Opswat $125 Developer of software intended to eliminate malware and zero-day attacks. Brighton Park Capital

Developer of an application designed to improve employee communication in large and 3/29/21 Staffbase $145 Capnamic Ventures, e.ventures, General Atlantic, Insight Partners, Kizoo Technology Capital international companies. Developer of a cryptocurrency investigation and compliance software intended to protect the 3/26/21 Chainalysis $100 Addition, Paradigm, Ribbit Capital, TIME Ventures junction between finance and the decentralized internet. Developer of a financial platform designed to specialize in bookkeeping and tax preparation American Express Ventures, Bezos Expeditions, Index Ventures, Sequoia Capital, Stripe, Whale 3/26/21 Pilot $100 services. Rock Capital Management, WndrCo Developer of cloud-based software built to accelerate the home and commercial service Arena Holdings, Battery, Bessemer, Dragoneer Investment, Durable Capital Partners, H.I.G. Growth 3/25/21 ServiceTitan $500 industries. Partners, ICONIQ, Index, Sequoia Capital, Tiger Global, T. Rowe Price Developer of a digital notarization platform designed to help people to get their documents Camber Creek, Canapi Ventures, CapitalG, Citi Ventures, Fifth Wall, Ludlow Ventures, Second 3/25/21 Notarize $130 legally notarized online. Century Ventures, TrueBridge Capital Partners, Wells Fargo Strategic Capital Developer of compensation insurance platform designed to transform small business insurance Acrew Capital, Allianz X, Elefund, Greycroft, Moxley Holdings, Sirius International Insurance Group, 3/25/21 Pie Insurance $118 starting with workers' compensation. SVB Capital Developer of a personalized mobile messaging platform designed to change the way businesses Base10 Partners, Coatue Management, D1 Capital Partners, Gutbrain Ventures, IVP, Tiger Global 3/24/21 Attentive $470 and consumers interact. Management Developer of a machine learning platform designed to process large volumes of data with low 3/24/21 Feedzai $200 Citi Ventures, Kohlberg Kravis Roberts, Sapphire Ventures latency producing actionable information in real time. Developer of a mobile-only travel booking application designed to revolutionize the way people 3/24/21 Hopper $170 Capital One Financial, Citi Ventures, Inovia Capital, The Goldman Sachs Group, WestCap Group book their travel. Developer of a predictive supply chain platform intended to track the shipment location and August Capital, Bain Capital Ventures, CEAS Investments, Hyde Park Angels, Hyde Park Venture 3/24/21 FourKites $100 proactively manage exceptions. Partners, Qualcomm Ventures, Thomas H. Lee Partners, Volvo Group, Zebra Technologies Developer of an AI platform designed to discover critical information from publicly available data ArrowMark Partners, DNS Capital, Eden Global, IVP, Lurra Capital, Moore Capital, Morgan Stanley, 3/23/21 Dataminr $475 sets and deliver real-time alerts. MSD Capital, Reinvent Capital, The Pritzker Organization, Valor Equity Partners

3/23/21 Rec Room $100 Operator of gaming platform dedicated to build a global gaming community. Index Ventures, Madrona Venture Group, Sequoia Capital

Developer of an online identity management software designed to reduce business fraud and 3/22/21 Jumio $150 Great Hill Partners increase revenue.

Notes: Sources: PitchBook. Reflects deal activity through 3/31/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 37 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of an e-commerce marketing platform designed to empower brands to grow their Bessemer Venture Partners, ClalTech, Coin Ventures, Hanaco Venture Capital, Shavit Capital, Tiger 3/18/21 Yotpo $230 direct-to-consumer business through customer loyalty. Global Management, Vertex Ventures Israel, Vintage Investment Partners BNY Mellon, Coatue Management, CyberStarts, Galaxy Digital Partners, Paradigm, Ribbit Capital, 3/18/21 Fireblocks $133 Developer of a block-chain security platform designed to protect digital assets on the network. Silicon Valley Bank, Stripes, Swisscom Ventures, Tenaya Capital BoxGroup, CapitalG, CounterPointe Ventures, Lead Edge Capital, Moonshots Capital, PSP Partners, 3/18/21 ID.me $100 Developer of an identity platform designed to make group affiliation verification easy and secure. Viking Global Investors, Willoughby Capital Holdings, Developer of a database and analytics platform designed to help innovation leaders analyze tech CITIC Capital, Sequoia Capital, Shunwei Capital, SoftBank Investment Advisers, Tencent Holdings, 3/17/21 PatSnap $300 trends, assess new opportunities, and classify patents. Vertex Ventures Southeast Asia & India Developer of a cloud security platform designed to help businesses to secure their cloud Advent International, Advent Venture Partners, CyberStarts, Index Ventures, Insight Partners, 3/17/21 Wiz $130 infrastructure at scale. Sequoia Capital

3/17/21 PayFit $108 Developer of payroll software designed to automate payroll and HR management tasks. Accel, Amaury Sepulchre, Bpifrance, Eurazeo, Frst Capital

Accel, D1 Capital Partners, Dragoneer Investment, Fidelity Management & Research, General 3/16/21 Squarespace $300 Squarespace is a developer of a cloud-based content management system. Atlantic, Spruce House Investment Management, Tiger Global Management, T. Rowe Price Developer of a digital investment platform designed to facilitate the buying and selling of 3/16/21 Bitpanda $170 DST Global, KK Incube Invest Management, Valar Ventures cryptocurrencies. Operator of a game studio intended to offer an endless universe of games to play and worlds to BITKRAFT Esports Ventures, Correlation Ventures, Epic Games, Levensohn Venture Partners, 3/16/21 Manticore Games $101 explore designed by a global community of creators. PROOF, SoftBank Investment Advisers, XN Appfire 3/16/21 $100 Provider of applications for software development teams. TA Associates Management Technologies Developer of a digital identity authentication technology and platform built to mitigate identity Accel, Citi Ventures, Commerce Ventures, Flint Capital, Scale Venture Partners, Sorenson Ventures, 3/16/21 Socure $100 fraud risks for financial institutions. Synchrony Ventures, Two Sigma Ventures, Wells Fargo Strategic Capital Provider of an all-in-one collaboration platform designed to democratize software creation by 3/15/21 Airtable $270 Caffeinated Capital, CRV, Greenoaks Capital Partners, Thrive Capital, WndrCo enabling anyone to build the tools that meet their needs. Developer of an online payments processing platform intended to integrate electronic payments Allianz X, AXA, Baillie Gifford, Durable Capital Partners, Fidelity Investments, Ireland Strategic 3/14/21 Stripe $600 and enable secure transactions for online businesses. Investment Fund, Sequoia Capital Developer of a wealth management platform designed to seamlessly manage crypto assets and Akuna Capital, Bain Capital Ventures, Bracket Capital, Breyer Capital, Hudson River Trading, Jump 3/11/21 BlockFi $350 maximize earning potential. Capital, Paradigm, ParaFi, PJC, Pomp Investments, Susquehanna, Tiger Global

3/11/21 Fadada $139 Operator of an electronic contracts service platform. Centurium Capital, Tencent Industry Win-Win Fund, ZWC Ventures

Accel, Addition, Alkeon Capital, Atlassian, Boldstart, Canaan Partners, Coatue, Franklin Templeton, 3/10/21 Snyk $300 Developer of security analysis tools designed to identify open-source vulnerabilities. Geodesic Capital, GV, Salesforce, Sands Capital, Stripes, Temasek, Tiger Global Developer of an end-to-end security platform designed to improve security for containerized and Acrew Capital, Greenspring Associates, Insight Partners, Ion Asset Management, Lightspeed 3/10/21 Aqua Security $135 cloud-native applications. Venture Partners, M12, TLV Partners Developer of a commercial insurance data platform designed to improve risk selection and .406 Ventures, Bain Capital Ventures, FinTLV Ventures, Hudson Structured Capital Management, 3/10/21 Corvus Insurance $111 management. Insight Partners, MTech Capital, Obvious Ventures, Telstra Ventures Developer of an intelligent automation platform designed to elevate the application of human 3/9/21 WorkFusion $220 Georgian intelligence by automating work.

Notes: Sources: PitchBook. Reflects deal activity through 3/31/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 38 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a SAAS cloud service platform designed to provide a decentralized network of data- 3/9/21 Shuming $155 For Future Capital centers. Developer of a cloud-based security platform designed to deliver comprehensive full-stack 3/8/21 Orca Security $210 CapitalG, GGV Capital, ICONIQ Capital, Redpoint Ventures, Silicon Valley CISO Investments visibility into cloud infrastructure. Developer of a security rating platform designed to empower every organization with Accomplice VC, AXA Venture, Boldstart, Evolution Equity Partners, Fitch Ratings, GV, Intel Capital, 3/5/21 SecurityScorecard $180 collaborative security intelligence. Kayne Anderson Rudnick, NGP Capital, Riverwood Capital, Silver Lake, T. Rowe Price

3/4/21 Jungle Scout $110 Provider of eCommerce digital marketing services designed to enhance business opportunities. Summit Partners

Developer of revenue operations platform built to improve efficiency, predictability and growth Bain Capital Ventures, B Capital Group, Madrona Venture Group, Sapphire Ventures, Sequoia 3/3/21 Clari $150 across the entire revenue process. Capital, Silver Lake, Tenaya Capital, Thomvest Ventures Provider of a global workforce management platform intended to connect companies with a Access Ventures, Alkeon Capital Management, Bessemer Venture Partners, Dynamic Loop Capital, 3/3/21 Papaya Global $100 global network of preferred suppliers. Insight Partners, IVP, New Era Capital, Scale Venture Partners, Workday Ventures Developer of a SaaS platform designed to automate the tax calculations and reporting on Angel Collective, Coinbase Ventures, Collaborative Fund, Galaxy Digital, Global Founders, Original, 3/2/21 TaxBit $100 cryptocurrency transactions. Paradigm, PayPal Ventures, Tiger Global Management, TTV Capital, Valar Ventures Developer of an online payment platform designed to facilitate cashless payments through 3/1/21 Klarna $1,290 Commonwealth Bank of Australia, GP Bullhound, Level One Fund, Republic Labs installments. Developer of a cloud-based end-to-end digital financial platform designed to simplify payment 9Yards Capital, Avenir Growth Capital, DST Global, Early Capital Berrywood, Green Visor Capital, 2/26/21 Flutterwave $170 infrastructure options. Greycroft, Insight Partners, PayPal Holdings, Salesforce Ventures, Tiger Global Developer of a coaching platform designed to boost the professional performance of working Anand Swaminathan, ICONIQ Capital, Lightspeed Venture Partners, Mubadala Capital-Ventures, 2/25/21 BetterUp $147 individuals through skill development. Plus Capital, Saki Georgiadis, Salesforce Ventures, Sapphire Ventures, Threshold Ventures Developer of a cybersecurity asset management platform designed to secure and manage Bessemer Venture Partners, Lightspeed Venture Partners, OpenView Venture Partners, Stripes, 2/25/21 Axonius $100 connected devices in use by businesses. Vertex Ventures Israel Developer of an e-learning platform designed to offer student-tailored daily news articles online Chan Zuckerberg Initiative, Franklin Templeton Investments, Owl Ventures, Tao Capital Partners, 2/25/21 Newsela $100 and digitally. TCV, Waycross Ventures Operator of a social network platform designed for people to dive into anything through 2/23/21 Reddit $368 Andreessen Horowitz, Raptor Group, Sequoia Capital, Tencent Holdings, Vy Capital experiences built around their interests, hobbies, and passions. Developer of a monitoring platform designed to simplify the task of managing information 2/23/21 ScienceLogic $105 Goldman Sachs Growth Equity, Intel Capital, NewView Capital, Silver Lake technology resources. Developer of SaaS experience platform designed to help Communications Service Providers 2/22/21 Plume $270 Insight Partners (CSPs) deliver personalized services to subscribers. Bain & Company, Eric Kang, ICONIQ Capital, Madrona Venture Group, OpenView Venture Partners, 2/22/21 Highspot $200 Developer of a sales engagement platform designed to improve content optimization. Salesforce Ventures, Sapphire Ventures, Shasta Ventures, Tiger Global Management Developer of an open-source cloud database software designed to serve all the database needs 2/22/21 Aiven $100 Atomico, Earlybird Venture Capital, IVP, Salesforce Ventures, World Innovation Lab wherever needed.

2/19/21 GoCardless $105 Developer of a payments platform designed to collect recurring payments from customers. Bain Capital Ventures, Nyca Partners

Developer of a social investing application designed to provide access to the stock market for a Accel, Aglaé Ventures, Dreamers VC, Greycroft, Inspired Capital, Intuition Capital, Lakestar, Mantis 2/17/21 Public.com $220 broader audience of investors. VC, Philip DeFranco, Tiger Global Management, Vine Capital Partners

Notes: Sources: PitchBook. Reflects deal activity through 3/31/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 39 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised

2/17/21 OutSystems $150 Developer of application development and delivery platform designed to integrate custom code. Abdiel Capital, Tiger Global Management

Developer of autonomous checkout technology intended to streamline operations for brick and 2/17/21 Standard Cognition $150 CRV, EQT Ventures, SK Networks, SoftBank Investment Advisers, TI Platform Management mortar retailers.

2/17/21 CrowdOut Capital $150 Developer of a debt syndication platform intended to underwrite and fund loans. Lontra Ventures

Developer of a real-time graph database platform designed to power real-time deep link analytics 2/17/21 TigerGraph $105 Tiger Global Management for enterprises. Developer of merchant payment application designed to promote and offer digital payment Amplo, BEENEXT Capital Management, Coatue Management, Insight Partners, Ribbit Capital, 2/11/21 BharatPe $108 services. Sequoia Capital India, Steadview Capital Management

2/10/21 CYE $120 Provider of cyber-security products and services intended to prevent the impact of cyberattacks. 83North, EQT

Provider of higher education teaching services intended to recreate an interactive in-class 2/4/21 Top Hat $130 Georgian experience online. Developer of unified endpoint management and security platform designed to simplify endpoint 2/2/21 Tanium $150 Fabrica Ventures, Ontario Teachers' Pension Plan security and configuration compliance. Amazon, Andreessen Horowitz, BlackRock, CapitalG, Coatue, Dragoneer, Fidelity, Franklin 2/1/21 Databricks $1,000 Developer of a unified data analytics platform designed to make big analytics data simple. Templeton, Microsoft, NEA, Octahedron, Salesforce, Tiger Global, T. Rowe Price, Whale Rock UiPath Inc creates an end-to-end platform that provides automation with user emulation at its Alkeon Capital, Altimeter Capital, Coatue, Dragoneer Investment Group, IVP, Late Stage 2/1/21 UiPath $750 core. Management, Rhea Fund, Sequoia Capital, Silver Lake, Tiger Global Management, T. Rowe Price

2/1/21 Coalition $175 Developer of a cyber risk platform designed to manage network threats. General Atlantic, Index Ventures, Valor Equity Partners

Developer of cloud data protection platform built to prevent and manage data loss and Innovation Endeavors, Insight Partners, Oryzn Capital, Salesforce Ventures, Sapphire Ventures, 1/28/21 OwnBackup $168 corruption crises. Vertex Ventures Israel

1/27/21 SparkPost $180 Developer of an email infrastructure platform designed to match email delivery needs. LLR Partners, NewSpring Capital, PNC

Developer of a subscription-based scheduling software designed to schedule meetings without 1/26/21 Calendly $350 ICONIQ Capital, OpenView Venture Partners the back-and-forth emails. Developer of cloud-based software designed to assist companies to increase their web traffic 1/26/21 BloomReach $150 Sixth Street Partners from organic or natural search results. Provider of online login and checkout solutions designed to provide users with a secure shopping 1/26/21 Fast $102 Addition, Index Ventures, Mahr Projects, Stripe, Sugar Capital, Susa Ventures experience. Provider of an online gaming platform intended to offer gambling-based games created by 1/26/21 PlayAmo $100 NA various developers. Operator of a professional video platform intended to create, manage and share high-quality 1/25/21 Vimeo $100 Oberndorf Enterprises, T. Rowe Price videos. Provider of an educational platform intended to offer personalized math education resources for 1/24/21 Spark Education $150 Tencent Holdings, Trustbridge Partners children.

Notes: Sources: PitchBook. Reflects deal activity through 3/31/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 40 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a voice chat application designed to offer a space for casual and drop-in audio Andreessen Horowitz, Foundation Capital, Kortschak Investments, SignalFire, Slow Ventures, TQ 1/24/21 Clubhouse $100 conversations. Ventures Developer of corporate travel management and payments platform intended to keep travelers Addition, Andreessen Horowitz, Greenoaks Capital Partners, Lightspeed Venture Partners, Zeev 1/21/21 TripActions $155 safe and control costs with actionable real-time data. Ventures Developer of a banking platform designed to help create, launch, and service loan and deposit Acton Capital, Arena Holdings, Bessemer Venture Partners, Runa Capital, TCV, Tiger Global 1/21/21 Mambu $134 products. Management Developer of a networking software designed to facilitate networking and communication in the 1/20/21 Drivenets $208 Atreides Management, Bessemer Venture Partners, D1 Capital Partners, Pitango Venture Capital cloud. Developer of content marketing and digital asset management software based in San Francisco, 1/19/21 Sitecore $1,200 NA California. Developer of an electronic payment software intended to meet the needs of both payment 1/19/21 PPRO Financial $180 Eurazeo, Sprints Capital, Wellington Management service providers and payment industry leaders. Provider of a global B2B services marketplace intended to match corporations with service 1/19/21 Globality $138 Sienna Capital, SoftBank Investment Advisers providers throughout the world.

1/14/21 Sennder $161 Developer of a digital platform designed to digitize the freight-forwarding process. Accel, HV Capital, Lakestar, Next47, Project A, Scania Growth Capital

Developer of a digital lending platform designed to simplify and fasten consumer finance 1/13/21 Blend $300 Coatue Management, LeFrak, Tiger Global Management processes. Developer of a digital transformation platform built for banks, credit unions, partners and Canapi Ventures, CapitalG, Cota Capital, Digital Garage, Geodesic Capital, Greycroft, Pelion Venture 1/13/21 MX $300 financial technology innovators. Partners, Point72 Ventures, Regions Financial, TPG Growth Developer of a digital fintech-as-a-service platform designed to order cash, exchange extra Avid Ventures, Coatue, Durable Capital, Entrée Capital, FJ Labs, General Catalyst, Latitude 1/13/21 Rapyd $300 foreign currency and send cash to friends. Investments, LVL1 Group, Spark Capital, Tiger Global Management, Vis Capital Accel, CapitalG, Meritech Capital Partners, Pipeline Capital Partners, Silversmith Capital Partners, 1/13/21 Webflow $140 Developer of a web-based drag and drop tool intended to help users build responsive websites. Unusual Ventures Developer and operator of an online payments platform intended to track and secure digital Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst, Greenoaks Capital Partners, 1/12/21 Checkout.com $450 payments across the Internet. Insight Partners, Tech Nation, Tiger Global Management Developer of an open-source database platform designed to build global, scalable cloud services Altimeter Capital Management, Benchmark (San Francisco), Bond Capital (San Francisco), 1/12/21 Cockroach Labs $160 that can survive disasters. FirstMark Capital, GV, Index Ventures, Lone Pine Capital, Tiger Global Management Developer of digital payments platform intended to enable financial access through digital 1/8/21 Mynt $175 Bow Wave Capital Management financial technology services. Developer of a unified cloud security platform designed to automate cloud security at scale so Altimeter Capital Management, Coatue Management, D1 Capital Partners, Dragoneer, Liberty 1/7/21 Lacework $525 that businesses can innovate with speed and safety. Global Ventures, Snowflake Ventures, Sutter Hill Ventures, Tiger Global Management Developer of a cross-device digital intelligence platform designed to identify high-value revenue 1/7/21 Quantum Metric $200 Insight Partners, Uncorrelated Ventures opportunities. Roblox Corp is an online entertainment platform, where users can interact with each other to Altimeter Capital Management, Altos Ventures, Dragoneer Investment Group, Investment Group 1/6/21 Roblox $520 explore and develop immersive, user-generated and 3D experiences. of Santa Barbara, Tiger Global Management, Warner Music Group Paycor is a developer of SaaS-based payroll and human capital management software for small Apax Partners, ClearBridge Advisors, Franklin Templeton Investments, Leumi Partners, Neuberger 1/4/21 Paycor $270 and medium-sized businesses. Berman, Qatar Investment Authority, Teca Capital

Notes: Sources: PitchBook. Reflects deal activity through 3/31/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM. 41 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services to Growth Companies and Market Leaders STOCKHOLM

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42 GCA operates as GCA in America and Asia and GCA Altium in Europe. GCA Advisors, LLC is the US entity of GCA, a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 locations across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

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