PRIVATE & CONFIDENTIAL
Technology, Media, Marketing, and Information Services Industry Sectors
November 2020
This is intended for client and institutionalDriven useby youronly, and success. may not be disseminated further 1. About Canaccord Genuity
2. Market Environment
3. Monthly M&A and Investment Activity by Industry Segment
4. Additional Information
Driven by your success. US Team Sanjay Chadda Jeff Barlow Dan Coyne Jen Pardi Andrew Pojani Co-Head of US Investment Banking President, Canaccord Genuity Co-Head of US Investment Banking Head of U.S. ECM Co-Head of US Technology Co-Head of US Technology Boston Boston Boston Boston New York +1 617 371 3713 +1 617 371 3887 +1 617 788 1554 +1 617 788 1635 +1 212 842 6022 [email protected] [email protected] [email protected] [email protected] [email protected]
Dudley Baker Lisa McClure Byrnes Scott Card Matthew Kratter Jed Laird Dylan Kearns Trevor Martin Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Nashville Boston Boston New York New York London Boston +1 615 490 8448 +1 617 371 3847 +1 617 371 3895 +1 212 842 6024 +1 212 842 7120 +1 212 842 6025 +1 617 788 1514 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
J.P. Michaud Tom O’Connor Jason Partenza Michael Petsky John Prunier Seth Rosenfield Mark Young Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Charlotte New York New York New York New York New York Boston +1 980 237 0380 +1 212 842 5996 +1 212 849 3976 +1 212 842 6001 +1 212 842 6021 +1 212 842 6018 +1 617 788 1584 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Christopher Heasman Matthew Kebel Anil Kuruganti Geoff Rhizor Lexia Schwartz Edin Trto Clayton Young Director Director Director Director Director Director Director New York New York New York San Francisco New York New York New York +1 212 842 6038 +1 212 842 5989 +1 212 842 7132 +1 415 229 0650 +1 212 842 7127 +1 212 842 6015 +1 212 842 6009 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Global Team Europe Canada Israel M&A & Financial Sponsors
Simon Bridges Mike Lauzon Myles Hiscock Shachar Familia David Istock Amy LaBan, CFA Isaiah Knouff Head of European IB & Head of Canadian TMT Managing Director Vice Chairman Managing Director Managing Director Managing Director Head of European Technology Toronto Toronto Tel Aviv Head of US M&A US Financial Sponsor Coverage US Financial Sponsor Coverage London +1 416 869 7238 +1 416 869 7232 +972 58 7782139 San Francisco Chicago Nashville +1 415 229 0667 +44 20 7523 4606 [email protected] [email protected] [email protected] +1 212-842-7126 +1 615 490 8484 [email protected] [email protected] [email protected] [email protected]
Page 2 Driven by your success. ⚫ Advisory credentials across a wide range of outcomes AI CRM DevOps Infrastructure Internet Marketing ⚫ Executed transactions up to $1B+ in value Collaboration Data, Information HCM Services IOT Media Vertical ⚫ Deep, extensive strategic & sponsor relationships
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on debt Financial advisor on sale to sale to sale to acquisition of investment in sale to acquisition of recapitalization by investment from
November 2020 November 2020 November 2020 November 2020 October 2020 October 2020 October 2020 October 2020 September 2020
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on acquisition of sale to recapitalization by sale to sale to sale to sale to investment in recapitalization by
September 2020 September 2020 September 2020 August 2020 August 2020 August 2020 August 2020 July 2020 July 2020
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on acquisition of sale to sale to sale to sale to sale to sale to merger with sale to
June 2020 June 2020 March 2020 February 2020 February 2020 February 2020 February 2020 February 2020 January 2020
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on sale to investment from sale to acquisition of sale to investment from acquisition of acquisition of sale to
January 2020 January 2020 January 2020 January 2020 January 2020 December 2019 December 2019 December 2019 December 2019
Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) Page 3 Driven by your success. ⚫ 250+ completed transactions since 2012 AI CRM DevOps Infrastructure Internet Marketing ⚫ Raised $47B+ capital Collaboration Data, Information HCM ⚫ 110+ as bookrunner or lead manager Services IOT Media Vertical ⚫ Unique access to global growth investors
C$201,000,000 $xx $391,000,000 $60,000,006 $175,750,000 $60,000,000 $172,000,000 $1,913,600,000 $3,864,000,000
Equity Offering Equity Offering Equity Offering IPO IPO IPO IPO Equity Offering IPO
Joint Bookrunner Co-Manager Co-Manager Joint Bookrunner Passive Bookrunner Joint Bookrunner Joint Bookrunner Passive Bookrunner Co-Manager
November 2020 November 2020 November 2020 October 2020 October 2020 October 2020 October 2020 October 2020 September 2020
$635,627,995 $189,750,000 $136,850,000 $574,999,866 $248,940,000 $64,519,749 $538,200,000 C$150,000,000 A$40,00,000
Equity Offering Equity Offering Equity Offering Equity Offering IPO Equity Offering IPO IPO Equity Offering
Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Joint Bookrunner Co-Manager Joint Bookrunner Sole Bookrunner
August 2020 August 2020 August 2020 August 2020 August 2020 August 2020 July 2020 July 2020 July 2020
$4,320,000 A$40,000,000 $1,840,000,000 A$100,00,000 $614,790,000 $1,074,675,000 $184,000,000 $650,000,000 A$70,000,000 Convertible Debt Convertible Debt Equity Offering Equity Offering Equity Offering Equity Offering IPO Equity Offering Equity Offering Offering Offering Sole Placement Joint Bookrunner Co-Manager Joint Bookrunner Co-Manager Co-Manager Co-Manager Co-Manager Joint Bookrunner Agent July 2020 June 2020 June 2020 June 2020 June 2020 June 2020 May 2020 May 2020 May 2020
$862,500,000 $862,500,000 $17,267,250 $1,150,000,000 $160,703,261 $248,535,276 $782,718,750 $65,110,000 A$23,200,000 Convertible Debt Convertible Debt Equity Offering Equity Offering IPO IPO Equity Offering IPO Equity Offering Offering Offering Co-Manager Co-Manager Sole Bookrunner Co-Manager Co-Manager Co-Manager Co-Manager Joint Bookrunner Joint Bookrunner
April 2020 February 2020 January 2020 January 2020 December 2019 December 2019 December 2019 October 2019 September 2019
Represents lead-managed transactions. Sources: Dealogic. Page 4 Driven by your success. # of Transactions # of Transactions Rank Firm Name 2019 Rank Firm Name 2017-2019 1 Canaccord Genuity 42 1 Canaccord Genuity 137 1 Raymond James 42 2 William Blair 133 3 William Blair 41 3 Raymond James 132 4 Goldman Sachs 36 4 Goldman Sachs 118 5 Jefferies 31 5 Houlihan Lokey 104 5 Piper Jaffray 31 6 J.P. Morgan 102 7 Bank of America 26 7 Morgan Stanley 95 8 Robert W. Baird 25 8 Jefferies 80 9 Morgan Stanley 23 9 Bank of America 79 9 Needham 23 10 Piper Sandler 78 11 JP Morgan 21 10 Needham 78 12 Houlihan Lokey 20 12 Stifel Financial 73 12 Stifel Financial 20 13 Robert W. Baird 67
• Numbers for Canaccord Genuity represent total transactions in Technology, Media & Telecommunications as tracked by PitchBook completed for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019 • The table includes US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions less than $500 million in the Technology, Media & Telecommunications industries as classified by PitchBook
Source: Pitchbook Page 5 Driven by your success. # of Transactions # of Transactions Rank Firm Name 2019 Rank Firm Name 2017-2019 1 Canaccord Genuity 21 1 Canaccord Genuity 65 2 Goldman Sachs 10 2 Goldman Sachs 28 3 JEGI 8 2 Houlihan Lokey 28 4 Raymond James 7 4 JEGI 26 4 GP Bullhound 7 5 Bank of America 23 6 Morgan Stanley 5 6 Raymond James 22 6 Bank of America 5 6 GP Bullhound 22 6 Houlihan Lokey 5 8 Morgan Stanley 20 6 Lincoln International 5 9 JP Morgan 15 6 Needham 5 9 RBC 15 6 Robert W. Baird 5 9 Credit Suisse 15 6 Stifel Financial 5 9 KPMG 15 13 Moelis 4 13 Deutsche Bank 14 13 JP Morgan 4 13 Moelis 14 13 Evercore 4 13 GCA Advisors 14 • Numbers for Canaccord Genuity represent total transactions in Media & Information Services as tracked by PitchBook completed for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019 • The table includes Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions in the Media & Information Services industry as classified by PitchBook
Source: Pitchbook Page 6 Driven by your success. U.S. Mid-Market Healthcare Advisory 1
Rank Firm Name Deal Value ($M) # of Transactions
1 Piper Sandler $33,353 104
2 Canaccord Genuity 10,055 59
3 Stifel Financial 10,228 52
4 William Blair 15,783 45
5 Raymond James 2,916 27
6 Cowen & Company 9,173 20
7 Oppenheimer 2,702 19
8 Robert W Baird 4,972 17
9 JMP Securities 1,544 14
10 Needham 151 4
1 Dealogic data since 2010 for mid-market healthcare transaction activity Page 7 Driven by your success. Total Roles Lead Manager Co-Manager Bank Rank Total Value No. Rank No. Rank No. ($M)
Goldman Sachs 1 692,527.0 999 1 973 67 26 JPMorgan 2 631,960.3 993 2 968 70 25 Morgan Stanley 3 679,750.7 988 3 949 48 39 Canaccord Genuity Corp 4 76,962.8 824 6 611 1 213 BofA Securities 5 578,836.7 799 4 766 56 33 Citi 6 541,917.3 759 5 729 61 30 Credit Suisse 7 396,247.2 618 7 583 53 35 UBS 8 299,031.6 478 8 453 70 25 Stifel 9 135,927.8 470 12 285 3 185 Barclays 10 310,865.3 440 10 399 46 42
$112,125,000 $240,350,000 $68,999,997 $202,112,500 $57,500,000 $1,913,600,000 Follow-On Offering IPO US IPO IPO Follow-On Offering Follow-On Offering Passive Bookrunner Passive Bookrunner Joint Bookrunner Passive Bookrunner Joint Bookrunner Passive Bookrunner November 2020 November 2020 October 2020 October 2020 October 2020 October 2020
Source: Dealogic as of 12/2/2020 Includes all IPO, FO, & CONV Page 8 Driven by your success. • Top-ranked, global investment bank dedicated to the digital advertising and marketing, e-commerce, digital media, software, information, business services, healthcare IT & services, and the Fintech industries ‒ Extensive sell-side M&A and capital raising expertise, with a transaction closing rate unmatched at our level of deal volume • Canaccord Genuity’s North American investment banking team has more than 100 focused professionals in offices in New York, Boston, San Francisco, Chicago, Nashville, Charlotte, Las Vegas, and Toronto
• Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, VC groups, family offices, and lenders • Global reach enhanced through Canaccord Genuity’s international network of offices and practice groups • Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.
• M&A Advisory and Sell-Side Representation • Advertising & Marketing – Privately-Owned Companies • E-commerce – Entrepreneur-Led Businesses • Digital Media – Private Equity Portfolio Companies • Software – VC-Backed Companies • Information – Corporate Divestitures • Business & IT Services – Selected Buy-Side Engagements • Healthcare IT & Services • Capital Raising and Private Placements • FinTech
Page 9 Driven by your success. PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination 4,500 $600 4,196 $548(1)
4,000 3,827 3,792 $501 3,606 3,643 $500 3,507 3,398 3,398 3,500 $452 $451 3,481(1) 3,327 3,265 3,146 3,082 $434 3,185 $450 3,000 $400 2,720 2,806 2,833
2,500 $303 $281 $300 $268 2,000 1,880 1,778 $239
1,422 $198 $194 1,500 $200 $169 $158 $145 $146
1,000 $116 $104 $100 $64 500 $54
0 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: The 451 Group, as of 11/30/20. (1) Represents YTD 2020 and 2020 on a run-rate basis. Page 11 Driven by your success. $1B+ Deals 44(2) Strategic vs Financial Sponsor Transactions 35 29 Strategic Financial Sponsor 30 28 300 25 238 250 233(2) 18 18 19 192 41 20 200 22 155 14 144 149 147 15 150 136 11 115 26 # of of # Deals 20 25 25 22 10 9 # of of # Deals 100 197 170 4 124 124 129 5 50 122 114 106
0 -- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020
Consideration Mix(1) Median 30-Day Premium % Cash % Cash & Stock % Stock 50.0% 100% 7% 4% 6% 11% 11% 9% 14% 40.0% 36.2% 17% 22% 34.6% 80% 18% 32.1% 32.5% 32.7% 31% 21% 30% 24% 29% 30.8% 24% 30.0% 25.8% 60% 22.0% 20.0% 40% 79% %Premium 71% # of of # Deals 62% 66% 64% 65% 62% 54% 10.0% 20%
0% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020
# of Deals 117 95 119 111 96 104 221 161(2) # of Deals 17 19 13 12 12 4 14 8
Source: The 451 Group, as of 11/30/20. (1) For all deals with disclosed forms of consideration. Page 12 Driven by your success. (2) Represents Q4’20 deals on a run-rate basis. Major Indices 2014 – November 2020 Major Indices November 2020, LTM 310.0% Summary Performance Summary Performance NASDAQ 194.4% NASDAQ 42.4% 280.0% S&P 500 97.7% 160.0% S&P 500 16.3% DJIA 80.3% DJIA 6.7% 250.0% Russell 2000 58.1% Russell 2000 13.2% FTSE 100 (6.7%) 140.0% FTSE 100 (14.0%) 220.0% 120.0% 190.0%
160.0% 100.0%
130.0% 80.0% 100.0%
70.0% 60.0%
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100 NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Major Indices November 2020, Last 3 Months VIX 2014 – November 2020 135.0% Summary Performance 90.00 NASDAQ 2.2% S&P 500 2.7% 80.00 125.0% DJIA 3.5% Russell 2000 15.3% 70.00 FTSE 100 6.9% 60.00 115.0% 50.00
40.00 105.0% 30.00
95.0% 20.00 10.00
85.0% -- 9/1/2020 10/1/2020 11/1/2020
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Sources: Capital IQ, as of 11/30/20. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future results. Page 13 Driven by your success. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 11/30/20 S&P Global IHS Markit Information $39,397 10.3x 29.7x NA -- 11/30/20 Jacobs Engineering Group PA Consulting Group Business & IT Services 995 ND ND ND 100% 11/24/20 TransDigm Group Cobham Aero Connectivity Technology 965 ND ND ND 100% 11/23/20 HelloFresh Factor75 Digial Media/Commerce 177 ND ND ND 100% 11/22/20 CoStar Homesnap Marketing Technology 250 ND ND ND 100% 11/19/20 Nasdaq Verafin Software 2,750 ND ND ND 100% 11/19/20 Experian Tapad Digital Advertising 280 ND ND ND 100% 11/19/20 FireEye Respond Software Software 186 ND ND ND 59% 11/18/20 Koch Media Flying Wild Hog Digital Media/Commere 137 ND ND ND 100% 11/17/20 Autodesk Spacemaker AI Software 240 ND ND ND 100% 11/16/20 Baidu JOYY (live streaming business) Digial Media/Commerce 3,600 0.9x ND ND 100% 11/16/20 GAN Coolbet Digital Media/Commere 176 ND ND ND 100%
(1) 11/16/20 Banco Santander Wirecard (assets) Software 118 ND ND ND 100% 11/15/20 Nexi Payments Nets Software 7,091 ND 16.4x ND --
11/12/20 Cellnex Telecom CK Hutchison (tower assets) Technology 11,817 ND ND ND 86% >$100M 11/12/20 KYOCERA SLD Laser Technology 450 ND ND ND 100% 11/10/20 Take-Two Interactive Software Codemasters Digital Media/Commere 994 ND ND ND -- 11/10/20 MultiPlan HST Business & IT Services 140 ND ND ND 100% 11/10/20 PKWARE Dataguise Software 135 13.5x ND ND 100% 11/09/20 Adobe Workfront Software 1,500 6.3x ND ND 100% 11/09/20 Everstream Solutions Uniti Group (fiber network assets) Technology 135 ND ND ND 100% 11/06/20 TELUS International Lionbridge AI Business & IT Services 935 4.0x 21.1x ND 100% 11/05/20 American Tower Corporation InSite Wireless Technology 3,500 ND ND ND 100% 11/05/20 Lightspeed POS ShopKeep Software 440 8.8x ND ND 33% 11/02/20 Coupa LLamasoft Software 1,500 ND ND ND 100% 11/02/20 Ocado Group Kindred Systems Technology 262 ND ND ND 100% 11/02/20 CM Group Selligent Software 135 ND 67.5x ND 100%
Mean: $2,900 7.3x 33.7x NA 84.4% Median: $440 7.6x 25.4x NA 100.0%
11/30/20 HealthStream Change Healthcare (scheduling business) Software $68 ND ND ND 100.0% 11/25/20 Square Credit Karma (Credit Karma Tax asset) Digital Media/Commerce 50 ND ND ND 100.0% 11/17/20 Stride MedCerts Business & IT Services 70 3.7x ND ND 100.0%
(2) 11/16/20 Pacific Architects and Engineers METIS Solutions Business & IT Services 92 ND ND ND 100.0% 11/16/20 Richtek Intel (Enpirion Power Solutions business) Technology 85 ND ND ND 100.0% 11/11/20 Palo Alto Networks Expanse Software 80 ND ND ND 100.0%
$50-100M 11/10/20 ConnectWise Perch Security Software 75 12.5x ND ND 100.0% 11/09/20 Sapiens TIA Technology Software 78 ND ND ND 100.0% 11/05/20 Avalara Business Licenses (operational assets) Software 97 ND ND ND 100.0% 11/05/20 ZoomInfo EverString Technology Software 65 5.4x ND ND 100.0%
Mean: $76 7.2x NA NA 1.0x Median: $77 5.4x NA NA 1.0x
$2,137 7.3x 33.7x NA 0.9x Blended Mean: Median: $186 6.3x 25.4x NA 100.0% Sources: The 451 Group and CG LLC proprietary database, as of 11/30/20. (1) Transactions include deals with disclosed values over $100mm. Page 14 Driven by your success. (2) Transactions include deals with disclosed values between $50-100mm. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 11/30/20 Francisco Partners CDK Global (int'l business segment) Software $1,450 ND ND ND 100.0% 11/30/20 CF Finance Acquisition Corp. II View Business & IT Services 800 ND ND ND 63.0% 11/23/20 Apex Technology Acquisition Corp. AvePoint Software 1,990 ND ND 100.0% 28.0% 11/20/20 Longview Acquisition Corp. Butterfly Network Technology 2,037 ND ND ND 29.0%
(1) 11/17/20 Audax Jitterbit Software 150 ND ND ND 100.0% 11/10/20 TPG Capital / TA Associates Planview Software 1,600 ND ND ND 100.0%
>$100M 11/03/20 Clearlake Capital Endurance International Marketing Technology 1,337 2.6x 9.7x 37.9% 100.0% 11/03/20 V99 Telenav Technology 241 0.5x 32.6x 10.6% 100.0% 11/02/20 InterPrivate Acquisition Corp. Aeva Technology 2,131 ND ND ND 17.0% 11/01/20 Advent International Corp. Nielsen (Nielsen Global Connect business) Agency & Marketing Services 2,700 0.9x ND ND 100.0% 11/13/20 Viking Venture TimeLog Software 13 ND ND ND 100.0%
Mean: $1,314 1.3x 21.2x 49.5% 76.1% Median: $1,450 0.9x 21.2x 37.9% 100.0%
Sources: The 451 Group and CG LLC proprietary database, as of 11/30/20. (1) Transactions include deals with disclosed values over $100mm. Page 15 Driven by your success. Observations: • Private markets remain active and open • Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions
Date of Latest Latest Round of Latest Total Funding Company Segment Funding Funding ($mm) Valuation ($mm) ($mm) Recent Lead Investor(s) Hippo Insurance Software 11/24/20 $350 $2,000 $710 MS&AD Ventures Chainalysis Software 11/20/20 100 1,000 167 Addition Forter Software 11/19/20 125 1,300 225 Bessemer, Felix Capital Duolingo Software 11/18/20 35 2,400 183 General Atlantic, Durable Capital Udemy Software 11/18/20 50 3,300 251 Tencent Klaviyo Marketing Technology 11/17/20 200 4,150 359 Summit Partners DataRobot Software 11/17/20 270 2,700 701 Altimeter Capital Menlo Security Software 11/12/20 100 800 260 Vista Equity SentinelOne Software 11/11/20 267 3,000 697 Tiger Global Nuro Software 11/09/20 500 5,000 1,532 T. Rowe Price
Sources: PitchBook and CG LLC’s proprietary database as of 11/30/20. Note: List includes selected high profile financings with minimum Post Money Page 16 Driven by your success. Valuation of $800mm. ($USD in millions) Pricing Amount Mkt Cap % Mkt Cap % Premium/Discount to: Aftermarket Performance Observations: Issuer Date Offered at Offer @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current
EVO Payments 11/25/20 $116.8 $1,134.4 10.3% 100.0% (3.9%) (3.9%) (1.1%) (3.1%) Jamf 11/18/20 352.0 3,850.0 9.1% 0.0% (3.1%) (7.7%) (1.9%) (0.9%) LendingTree 11/16/20 872.0 4,256.9 20.5% 0.0% (9.0%) (9.0%) (1.7%) (13.4%) • BigCommerce 11/13/20 391.0 4,601.3 8.5% 20.0% (7.3%) (8.9%) (1.8%) 18.6% Follow-on market activities track Vertiv 11/12/20 306.0 5,684.8 5.4% 0.0% (1.8%) (1.8%) 5.8% 10.1% broader market direction Duck Creek Technologies 11/10/20 328.0 5,573.5 5.9% 0.0% (3.8%) (13.1%) (2.4%) (3.0%) Bandwidth 11/02/20 100.8 3,262.8 3.1% 0.0% (3.7%) (3.7%) 3.6% (0.1%) Absolute Software 10/28/20 60.0 676.3 8.9% 100.0% (30.8%) (9.6%) 0.0% (6.4%) Phreesia 10/21/20 184.0 1,234.9 14.9% 100.0% (1.6%) (1.0%) 13.4% 38.0% Accolade 10/21/20 221.4 1,963.2 11.3% 100.0% (3.3%) (6.9%) (0.3%) 34.8% Sapiens 10/16/20 100.0 1,547.1 6.5% 100.0% (4.2%) (9.2%) (1.5%) 1.2% nCino 10/07/20 555.3 6,954.7 8.0% 0.0% (5.6%) (4.8%) 9.3% 13.2% • Better known, more liquid issuers Intermex 09/30/20 66.5 546.5 12.2% 0.0% (6.0%) (14.6%) 0.0% 16.6% Par Technology 09/30/20 127.3 739.3 17.2% 100.0% (6.2%) (14.2%) 0.0% 42.1% using accelerating formats FuelCell Energy 09/29/20 91.4 612.8 14.9% 100.0% (18.0%) (18.0%) 1.9% 385.7% Vroom 09/10/20 588.6 6,719.8 8.8% 100.0% (3.2%) (3.1%) (6.0%) (34.2%) Shift4 Payments 09/10/20 485.0 3,903.5 12.4% 20.0% (3.0%) (2.2%) (4.5%) 27.1% Lightspeed POS 09/10/20 397.7 2,516.2 15.8% 85.8% (4.9%) (6.4%) (0.8%) 70.4% i3 Verticals 09/10/20 87.8 699.4 12.6% 100.0% (7.6%) (12.5%) 1.7% 18.7% Repay 09/10/20 344.8 1,734.7 19.9% 0.0% (1.0%) (1.0%) (2.6%) 0.5% Mohawk Group 08/24/20 23.5 156.0 15.1% 100.0% (20.3%) (20.3%) 13.6% 0.9% • Average discount to last sale of Sabre 08/20/20 250.0 1,936.8 12.9% 100.0% (0.3%) (11.3%) (2.7%) 60.7% (4.6%) for November deals vs. ZoomInfo 08/19/20 635.6 1,971.5 32.2% 0.0% (2.4%) (6.6%) 2.8% 38.5% Carparts.com 08/14/20 89.7 616.8 14.5% 66.7% (10.6%) (7.9%) 11.8% 15.9% (9.1%) for October deals. Sprout Social 08/12/20 189.8 1,206.7 15.7% 25.0% (6.7%) (0.9%) 11.0% 86.8% Vertiv 08/12/20 350.8 5,175.7 6.8% 0.0% (3.2%) (9.1%) 0.0% 22.7% Upland Software 08/11/20 136.9 879.6 15.6% 100.0% (1.9%) (14.7%) 0.0% 34.6% Overstock.com 08/11/20 204.1 3,715.0 5.5% 100.0% (8.2%) (8.2%) 5.2% (20.1%) Plug Power 08/11/20 314.4 3,928.0 8.0% 100.0% (9.4%) (9.4%) 3.7% 157.5% 2U 08/05/20 309.4 3,126.2 9.9% 100.0% (6.3%) (6.2%) (6.8%) (29.0%) Calix 07/30/20 64.4 1,169.9 5.5% 100.0% (0.5%) 4.5% 6.3% 18.4% Ping Identity 07/08/20 330.4 2,912.2 11.3% 0.0% (2.7%) (2.6%) 4.3% (29.7%) HealthEquity 07/08/20 257.6 4,227.5 6.1% 100.0% (5.4%) (3.6%) 0.1% 28.0% Bill.com 06/10/20 614.8 5,434.5 11.3% 54.0% (1.0%) 9.4% (2.6%) 65.3% Pluralsight 06/09/20 228.4 2,187.7 10.4% 0.0% (2.7%) (11.9%) (0.3%) (16.0%) AudioCodes 06/04/20 91.0 1,068.3 8.5% 100.0% (2.5%) (8.1%) (5.8%) (20.1%) Globant 06/04/20 310.5 5,263.0 5.9% 100.0% (4.4%) (10.5%) 2.4% 39.8% Arco Platform 06/03/20 265.4 1,389.6 19.1% 0.0% (5.5%) (5.5%) (0.0%) (8.3%) Glu Mobile 06/03/20 159.6 971.1 16.4% 100.0% (3.2%) (7.0%) 2.5% 9.3% Appian 05/29/20 141.3 2,059.8 6.9% 100.0% (4.7%) (4.7%) 0.8% 147.8% Repay 05/28/20 160.0 833.1 19.2% 100.0% (3.0%) (9.2%) 15.2% 20.7% Fiverr 05/28/20 120.0 1,939.9 6.2% 100.0% (1.2%) (3.8%) 8.5% 233.9% Fastly 05/21/20 286.4 4,089.1 7.0% 100.0% (2.4%) 6.3% 6.6% 104.3% RealPage 05/20/20 345.0 5,935.5 5.8% 100.0% (4.3%) (9.4%) 7.3% 16.9% Alarm.com 05/20/20 266.8 2,430.2 11.0% 0.0% (4.7%) (4.7%) 0.1% 59.8% Carvana 05/19/20 465.0 6,316.0 7.4% 100.0% (5.7%) (5.7%) (4.4%) 169.0% Q2 05/13/20 362.2 3,854.4 9.4% 100.0% (2.8%) (6.1%) 2.2% 48.2% Ping Identity 05/13/20 234.6 1,946.9 12.0% 0.0% (1.4%) (15.4%) (3.2%) (6.3%) Sequans 05/12/20 25.0 141.8 17.6% 100.0% (13.0%) (13.0%) 0.2% (8.5%) eHealth 03/03/20 238.1 2,812.3 8.5% 100.0% (4.1%) (7.2%) 27.0% (33.9%) Clarivate Analytics 02/05/20 558.9 6,303.2 8.9% 100.0% (1.4%) (1.5%) 5.6% 35.5% Rada Electronic Industries 01/08/20 22.0 241.9 9.1% 100.0% (16.5%) (16.5%) 14.5% 42.3%
Mean: $265.9 $2,777.9 11.3% 64.8% (5.6%) (7.2%) 2.6% 36.5% Median: $244.0 $2,123.8 10.1% 100.0% (4.0%) (7.1%) 0.1% 18.5% Indicates Canaccord Genuity Transaction Sources: Dealogic, Capital IQ as of 11/30/20. Past performance is no guarantee of future results. Page 17 Driven by your success. Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B. PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination Transaction Distribution
• A total of 665 deals was announced in November 2020, 299 of which were worth $43.9 billion in aggregate reported value
• Software accounted for 47 percent of transactions with 314 deals announced – 165 of which reported $13.2 billion in value
• Digital Media/Commerce was the second most valuable segment with 93 transactions– 50 of which were valued at $12.5 billion
• Strategic buyers announced 375 deals
• VC/Growth Capital investors completed 250 transactions
• Private Equity buyers announced 40 deals during the month
November 2020 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 314 47% $13,246.4 30% 144 $5,159.8 16 $1,818.0 154 $6,268.6 Business Services 96 14% $2,408.0 5% 80 $1,968.0 10 $0.0 6 $440.0 Digital Media/Commerce 93 14% $12,471.0 28% 53 $8,487.7 4 $1,474.0 36 $2,509.3 Marketing Technology 90 14% $9,780.1 22% 47 $4,333.0 5 $4,513.1 38 $934.0 Agency & Marketing Services 42 6% $2,870.6 7% 34 $95.6 2 $2,700.0 6 $75.0 Information 13 2% $320.0 1% 8 $249.0 0 $0.0 5 $71.0 Digital Advertising 10 2% $530.6 1% 6 $318.0 0 $0.0 4 $212.6 Traditional Media 7 1% $2,300.0 5% 3 $2,000.0 3 $300.0 1 $0.0 Total 665 100% 43,926.7 100% 375 22,611.1 40 10,805.1 250 10,510.5
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 19 Driven by your success. Transaction Distribution • M&A total deal volume in November 2020 was up 11 percent compared with November 2019 • The largest transactions recorded during the month were:
‒ The $3.6 billion purchase of JOYY's domestic China-based live streaming business by Baidu
‒ Clearlake Capital’s acquisition of web hosting solutions company Endurance International Group for $3 billion
‒ The sale of anti-financial crime management software Verafin to Nasdaq for $2.8 billion
‒ Nielsen’s $2.7 billion sale of its consumer goods sales tracking business division Global Connect to Advent International
‒ ViacomCBS’ $2 billion sale of publisher Simon & Schuster to Bertelsmann
$100.0‒ The acquisition of UK-based content management platform Pipedrive by Vista Equity partners for $1.5 billion $97.1 7000
$90.0 Nets/ Nexi 6000 $80.0
$70.0 5000 $63.0 $60.0 Ingenico/ IHS Markit/ $56.0 Worldline S&P Global 4000 $54.1 $51.5 Credit Karma/ $49.8 $50.0 Intuit ZeniMax/ Willis Livongo Health/ Microsoft $41.3 3000 $40.0 $38.5 E*TRADE/ Towers Teladoc Health Morgan Stanley Watson/ $35.0 $35.7 Aon 58.com/ Ebay Classifieds/ Adevinta $30.0 Consortium 2000 GrubHub/ CPA Global/ JustEat Clarivate $20.0 $14.1 $15.2
1000 810 $10.0 716 687 660 594 654 603 687 665 549 576 570
$- 0 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include the $6 billion acquisition of The Stars Group by Flutter Entertainment, the $13 billion acquisition of E*TRADE by Morgan Stanley, Worldline’s $8.4 billion purchase of Ingenico, and Credit Karma’s sale to Intuit for $7.1 billion, the $30 billion purchase of Willis Towers Watson by Aon, Just Eat’s $7.3 billion acquisition of GrubHub, and the $8.7 billion purchase of 58.com by Warburg Pincus, General Atlantic, and Ocean Link Partners, Ebay’s sale of its classifieds business to Adevinta for $9 billion, Clarivate’s $6.8 billion acquisition of CPA Global, Livongo’s pending $18.5 billion sale to Teladoc Health, Microsoft’s $7.5 billion purchase of ZeniMax, Nexi’s $9.2 billion purchase of Nets, and the pending $44 billion acquisition of IHS Markit by S&P Global
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 20 Driven by your success. • Of the 93 transactions recorded in the Digital Media/Commerce segment in November, 50 were announced for $12.5 billion in reported value
• In addition to Baidu’s purchase of JOYY’s China-based live streaming business, transactions in the segment include: ‒ The acquisition of streetwear brand Supreme by VF for $2.1 billion ‒ The $1.1 billion investment e-commerce company Farfetch received from Alibaba and Richemont ‒ Take-Two Interactive Software’s purchase of game developer Codemasters for $994 million ‒ Nestle’s acquisition of online meal ordering service Freshly for $950 million ‒ The acquisition of fresh meal delivery company Factor75 by HelloFresh for $277 million ‒ The $175 million round of funding customer product brand acceleration platform Heyday raised from General Catalyst, Khosla Ventures, Abor Ventures, and private investors
$20.0 110
$18.0 $17.5 100
$16.0 90
$14.0 80 $12.5 $12.0 70 $10.2 $10.0 $9.1 60
$8.0 50 $6.1 $6.0 $5.4 $5.6 40 $4.1 $5.1 $3.7 $4.0 $3.7 $4.0 30
$2.0 100 20 90 86 97 93 81 97 95 76 83 75 75 $0.0 10 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
DIGITAL MEDIA/COMMERCE 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 108 $5,079.9 121 $12,342.8 493 $35,827.8 53 $8,487.7 Private Equity - Buyout 10 722.2 19 12,349.3 58 18,377.1 4 1,474.0 Private Equity - VC/Growth Capital 116 7,936.6 118 7,023.0 497 32,825.5 36 2,509.3 Total 234 $13,738.7 258 $31,715.1 1,048 $87,030.4 93 $12,471.0
*The information contained on this page is sourced from CG LLC's proprietary Page 21 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)
US-Based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alphabet Inc. $1,754.40 -3% $ 1,188,813.6 $ 1,083,312.6 $ 171,704.0 $ 48,075.0 28.0% 10.7% 6.3x 22.5x Apple Inc. 119.05 -14% 2,024,064.5 1,954,512.5 274,515.0 77,344.0 28.2% 5.5% 7.1x 25.3x Facebook, Inc. 276.97 -9% 788,891.6 744,415.6 78,975.0 30,221.0 38.3% 18.7% 9.4x 24.6x Fitbit, Inc. 7.18 -1% 1,956.3 1,621.3 1,315.5 (311.0) NM -12.5% 1.2x NM GoPro, Inc. 6.99 -21% 1,053.7 1,127.0 1,062.5 46.1 4.3% 1.8% 1.1x 24.4x J2 Global, Inc. 89.61 -14% 4,085.5 5,103.3 1,425.9 554.8 38.9% 8.6% 3.6x 9.2x Leaf Group Ltd. 5.64 -24% 154.5 144.5 192.2 (10.9) NM 23.7% 0.8x NM Netflix, Inc. 490.70 -15% 216,788.8 226,533.6 23,819.0 4,201.1 17.6% 26.2% 9.5x 53.9x Pinterest, Inc. 70.02 0% 43,277.3 41,778.3 1,386.9 (263.9) NM 36.5% 30.1x NM RealNetworks, Inc. 1.56 -30% 59.7 62.4 174.1 (12.1) NM 167.6% 0.4x NM Remark Holdings, Inc. 1.58 -56% 157.2 157.5 5.6 (15.7) NM -23.3% 27.9x NM Roku, Inc. 293.57 3% 37,263.3 36,655.0 1,539.7 (53.7) NM 55.0% 23.8x NM Snap Inc. 44.42 -6% 66,184.9 65,438.3 2,156.2 (833.9) NM 39.6% 30.3x NM Twitter, Inc. 46.51 -12% 36,898.7 33,566.2 3,434.6 294.7 8.6% 2.2% 9.8x NM Upwork Inc. 32.72 -11% 3,994.2 3,876.0 347.8 (24.1) NM 20.9% 11.1x NM Zynga Inc. 8.25 -23% 8,901.7 8,879.3 1,763.3 315.9 17.9% 51.2% 5.0x 28.1x
Average 8.2x 24.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (32.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (40.3x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 22 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baidu, Inc. China $138.99 -8% $ 47,406.1 $ 38,493.3 $ 15,564.4 $ 3,358.4 21.6% 0.0% 2.5x 11.5x Bilibili Inc. * China 62.86 -4% 21,839.8 21,088.5 1,497.1 (179.5) NM 71.6% 14.1x NM CyberAgent, Inc. Japan 70.34 2% 8,642.3 8,183.7 4,537.4 403.9 8.9% 5.5% 1.8x 20.3x DeNA Co., Ltd. Japan 17.99 -12% 2,165.7 1,613.9 1,184.5 248.6 21.0% 3.1% 1.4x 6.5x Fiverr International Ltd. * Israel 200.33 -5% 7,035.0 6,744.8 163.2 (10.8) NM 66.1% 41.3x NM G5 Entertainment AB (publ) Sweden 41.34 -30% 365.7 348.0 150.6 17.0 11.3% 8.3% 2.3x 20.5x GREE, Inc. Japan 5.58 -3% 1,254.6 432.1 588.8 40.3 6.8% -9.4% 0.7x 10.7x HolidayCheck Group AG * Germany 2.44 -28% 140.2 130.8 63.1 (44.8) NM -60.8% 2.1x NM HUYA Inc. China 20.69 -32% 4,868.3 3,292.2 1,530.2 106.4 7.0% 40.2% 2.2x 30.9x International Game Technology PLC United Kingdom 12.59 -19% 2,579.1 11,030.5 3,812.6 1,038.7 27.2% -20.5% 2.9x 10.6x iQIYI, Inc. China 22.36 -20% 16,404.3 18,145.5 4,380.3 1,711.1 39.1% 4.3% 4.1x 10.6x mixi, Inc. Japan 25.44 -20% 2,059.0 740.8 1,176.5 296.6 25.2% 3.6% 0.6x 2.5x Meitu, Inc. * China 0.19 -34% 829.0 497.4 151.7 (18.3) NM 15.8% 3.3x NM Ncsoft Corporation South Korea 772.62 -14% 15,066.1 13,391.8 2,051.7 429.7 20.9% 52.4% 6.5x 31.2x NAVER Corporation South Korea 256.79 -18% 36,409.4 36,310.1 6,190.7 1,199.5 19.4% 53.6% 5.9x 30.3x NetEase, Inc. China 90.37 -13% 62,447.8 52,928.4 10,255.1 2,605.6 25.4% 36.4% 5.2x 20.3x NEXON Co., Ltd. Japan 30.43 -1% 26,787.0 22,041.6 2,615.7 1,135.5 43.4% 12.4% 8.4x 19.4x Opera Limited Norway 8.52 -26% 980.4 869.8 326.9 84.0 25.7% 28.0% 2.7x 10.4x Pacific Online Limited China 0.15 -38% 170.7 124.5 124.8 29.7 23.8% -17.1% 1.0x 4.2x Phoenix New Media Limited * China 2.51 -26% 182.7 (148.6) 213.6 (12.1) NM -0.6% NM 12.3x Renren Inc. * China 5.70 -30% 134.4 185.3 349.8 (106.5) NM -29.8% 0.5x NM Sea Limited * Singapore 180.37 -4% 89,096.2 87,727.7 3,586.3 (1,050.2) NM 113.3% 24.5x NM Sogou Inc. * China 8.82 -1% 3,418.6 2,384.6 1,036.2 (8.8) NM -11.4% 2.3x NM Spotify Technology S.A. * Luxembourg 291.37 -3% 55,239.7 53,951.6 8,885.6 (310.0) NM 18.2% 6.1x NM Tencent Music Entertainment * China 16.76 -7% 28,115.5 25,292.4 4,139.6 662.1 16.0% 19.4% 6.1x 38.2x Weibo Corporation China 42.25 -19% 9,568.0 8,922.1 1,646.7 513.8 31.2% -7.1% 5.4x 17.4x Wemade Co.,Ltd. * South Korea 37.14 -20% 606.9 535.7 89.1 (9.4) NM -14.9% 6.0x NM Yandex N.V. * Netherlands 68.96 -2% 24,300.4 22,688.8 2,555.6 423.8 16.6% 22.1% 8.9x 53.5x JOYY Inc. China 89.07 -18% 7,213.2 4,621.2 4,475.0 414.5 9.3% 82.1% 1.0x 11.1x
Average 5.8x 19.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (23.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (31.3x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 23 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
US-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 1-800-FLOWERS.COM, Inc. $23.44 -28% $ 1,515.2 $ 1,811.2 $ 1,586.1 $ 121.6 7.7% 25.2% 1.1x 14.9x Alphabet Inc. 1,754.40 -3% 1,188,813.6 1,083,312.6 171,704.0 48,075.0 28.0% 10.7% 6.3x 22.5x Amazon.com, Inc. 3,168.04 -11% 1,589,567.8 1,617,979.8 347,945.0 43,708.0 12.6% 31.1% 4.7x 37.0x Apple Inc. 119.05 -14% 2,024,064.5 1,954,512.5 274,515.0 77,344.0 28.2% 5.5% 7.1x 25.3x Blucora, Inc. 13.04 -51% 626.5 1,068.0 749.2 76.6 10.2% 11.9% 1.4x 13.9x Blue Apron Holdings, Inc. 7.67 -73% 135.7 156.1 439.5 (16.3) NM -12.3% 0.4x NM Booking Holdings Inc. 2,028.45 -5% 83,075.0 84,329.0 8,897.0 2,292.0 25.8% -40.4% 9.5x 36.8x CarGurus, Inc. 25.05 -38% 2,836.6 2,664.1 558.1 94.1 16.9% 0.2% 4.8x 28.3x CDW Corporation 130.49 -11% 18,658.5 22,152.6 18,048.2 1,557.9 8.6% 2.7% 1.2x 14.2x Chegg, Inc. 77.93 -13% 10,038.2 10,341.7 564.1 81.4 14.4% 48.0% 18.3x NM Chewy, Inc. 77.58 4% 31,942.0 32,065.7 5,905.6 (194.5) NM 39.7% 5.4x NM Copart, Inc. 115.45 -12% 27,261.5 27,181.7 2,244.1 956.2 42.6% 5.1% 12.1x 28.4x eBay Inc. 50.43 -17% 34,763.3 39,241.3 11,803.0 3,694.0 31.3% 27.2% 3.3x 10.6x Etsy, Inc. 160.70 0% 20,262.8 19,848.4 1,378.3 328.2 23.8% 84.2% 14.4x 60.5x Expedia Group, Inc. 124.49 -5% 17,610.5 25,023.5 7,026.0 (541.0) NM -40.9% 3.6x NM Grubhub Inc. 70.34 -18% 6,524.4 6,675.0 1,657.5 (22.3) NM 31.7% 4.0x NM Lemonade, Inc. 69.27 -28% 3,920.0 3,344.6 97.4 (118.4) NM 88.4% 34.3x NM Liberty TripAdvisor Holdings, Inc. 2.75 -65% 295.9 3,107.9 823.0 (57.0) NM -47.6% 3.8x NM Liquidity Services, Inc. 9.51 -16% 323.8 261.3 208.8 (7.1) NM -5.3% 1.3x NM Lyft, Inc. 38.17 -30% 12,119.9 10,691.5 2,811.9 (1,522.4) NM -14.0% 3.8x NM Match Group, Inc. 139.21 -3% 37,027.5 40,249.0 4,992.8 893.3 17.9% 91.4% 8.1x 45.1x Overstock.com, Inc. 67.49 -47% 2,886.2 2,489.8 2,236.6 19.0 0.8% 45.1% 1.1x NM Peloton Interactive, Inc. 116.35 -17% 34,036.1 32,617.8 2,355.8 136.9 5.8% 128.5% 13.8x NM PetMed Express, Inc. 30.70 -28% 616.7 510.4 305.8 38.6 12.6% 11.4% 1.7x 13.2x Qurate Retail, Inc. 10.47 -17% 4,377.1 11,576.1 13,898.0 1,985.0 14.3% 1.7% 0.8x 5.8x Revolve Group, Inc. 23.60 -3% 1,656.9 1,513.2 587.5 61.0 10.4% 1.1% 2.6x 24.8x Shutterstock, Inc. 68.76 -4% 2,490.7 2,150.5 652.1 80.8 12.4% 0.9% 3.3x 26.6x SmileDirectClub, Inc. 12.30 -34% 1,396.6 1,427.1 618.8 (262.6) NM -3.7% 2.3x NM Spark Networks SE 4.57 -32% 119.1 205.3 228.9 18.2 8.0% 104.1% 0.9x 11.3x Stamps.com Inc. 187.46 -42% 3,418.5 3,115.9 712.9 198.5 27.9% 22.7% 4.4x 15.7x Stitch Fix, Inc. 40.50 -3% 4,233.9 4,112.0 1,711.7 (29.0) NM 8.5% 2.4x NM Uber Technologies, Inc. 49.66 -5% 87,588.7 91,615.7 12,982.0 (4,111.0) NM -0.5% 7.1x NM CarParts.com, Inc. 15.07 -8% 722.3 692.9 387.1 8.5 2.2% 37.1% 1.8x 81.6x Vroom, Inc. 35.86 -52% 4,670.5 3,773.4 1,307.5 (153.4) NM 0.0% 2.9x NM Wayfair Inc. 254.36 -27% 25,295.6 26,570.9 13,007.8 143.5 1.1% 51.1% 2.0x NM
Average 6.2x 28.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (46.1x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 24 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alibaba Group Holding Limited China $263.36 -18% $ 712,556.5 $ 690,302.7 $ 86,084.1 $ 20,905.5 24.3% 31.4% 8.0x 33.0x Cango Inc. China 8.58 -39% 1,295.4 1,268.7 199.7 35.3 17.7% -0.3% 6.4x 35.9x Cnova N.V. Netherlands 2.94 -31% 1,015.0 1,777.6 2,530.0 89.2 3.5% 2.1% 0.7x 19.9x Despegar.com, Corp. Argentina 11.04 -28% 772.2 429.3 542.1 70.8 13.1% -56.3% 0.8x 6.1x Farfetch Limited * United Kingdom 54.65 1% 18,559.1 18,587.1 1,516.0 (335.2) NM 81.7% 12.3x NM JD.com, Inc. China 85.35 -8% 132,282.0 123,000.5 101,925.8 2,462.3 2.4% 27.9% 1.2x 50.0x Jumia Technologies AG * Germany 32.17 -21% 2,608.4 2,445.0 172.8 (191.8) NM -4.1% 14.2x NM LightInTheBox Holding Co., Ltd. * China 3.12 -20% 348.7 310.3 300.0 3.6 1.2% 42.1% 1.0x 85.3x MercadoLibre, Inc. * Argentina 1,553.33 2% 77,319.5 76,170.6 3,320.4 177.2 5.3% 62.0% 22.9x NM MOGU Inc. * China 2.31 -66% 249.6 131.5 93.3 (31.7) NM -38.6% 1.4x NM PChome Online Inc. Taiwan 3.08 -40% 364.3 300.1 1,474.2 17.0 1.2% 12.8% 0.2x 17.7x Pinduoduo Inc. * China 138.81 -11% 170,226.3 164,818.5 6,440.6 (1,284.7) NM 74.9% 25.6x NM Rakuten, Inc. * Japan 10.81 -11% 15,250.0 11,287.5 13,257.9 (309.8) NM 14.9% 0.9x NM Secoo Holding Limited China 3.12 -57% 220.4 285.1 887.5 27.4 3.1% 0.3% 0.3x 10.4x trivago N.V. * Germany 2.19 -29% 774.5 620.5 436.9 (20.6) NM -56.2% 1.4x NM Uxin Limited * China 1.38 -55% 471.2 779.1 97.1 (416.4) NM -81.3% 8.0x NM Vipshop Holdings Limited China 25.54 -2% 17,298.8 15,965.8 14,048.8 992.4 7.1% 6.3% 1.1x 16.1x X Financial * China 2.50 -58% 133.8 138.4 344.9 (14.8) NM -25.7% 0.4x NM
Average 6.8x 35.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (21.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (55.2x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 25 **Source: S&P Capital IQ Driven by your success. • The Marketing Technology segment announced 90 transactions in November 2020
• In addition to Clearlake’s purchase of Endurance International and Vista Equity’s acquisition of Piperdrive, Marketing Technology transactions included: ‒ Shuttershock’s acquisition of AI-based music content creation SaaS provider Amper Music (A Canaccord Genuity-led transaction). ‒ Adobe’s $1.5 billion purchase of marketing workflow management company Workfront ‒ Facebook’s $1 billion acquisition of CRM company Kustomer ‒ The acquisition of podcast advertising and publishing tool Megaphone by Spotify for $235 million ‒ The sale of marketing automation company Klaviyo to Accel and Summit Partners for $200 million ‒ Eventbrite’s purchase of social marketing platform ToneDen
$12.0 130
$9.8 $10.0 110
$8.0 90
$6.0 $5.9 70
$3.8 $4.0 50 $3.3 $2.2 $1.8 $2.0 $1.6 $1.3 30 $1.1 $1.2 $1.0 $0.7 78 37 76 75 74 73 64 89 84 98 107 90 $0.0 10 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Marketing Technology 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 81 $100.1 134 $2,833.2 415 $14,112.6 47 $4,333.0 Private Equity - Buyout 13 35.0 16 91.1 42 3,583.1 5 4,513.1 Private Equity - VC/Growth Capital 117 3,749.1 121 3,849.7 457 18,001.4 38 934.0 Total 211 $3,884.2 271 $6,774.0 914 $35,697.1 90 $9,780.1
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 26 Driven by your success. ($ in Millions, except stock price data)
US-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. $478.47 -11% $ 229,531.14 $ 228,993.14 $ 12,436.30 $ 4,558.89 36.7% 16.8% 18.4x 50.2x AppFolio, Inc. 162.93 -10% 5,593.1 5,451.2 305.0 21.3 7.0% 27.6% 17.9x 256.0x BigCommerce Holdings, Inc. 80.66 -50% 5,577.8 5,437.3 140.2 (31.5) NM 0.0% 38.8x NM Blackbaud, Inc. 55.09 -35% 2,659.7 3,183.7 908.5 115.5 12.7% 2.8% 3.5x 27.6x Brightcove Inc. 16.70 4% 664.8 652.2 191.3 2.7 1.4% 7.6% 3.4x 237.6x Cardlytics, Inc. 118.68 -5% 3,259.5 3,156.3 189.1 (38.1) NM 0.1% 16.7x NM ChannelAdvisor Corporation 14.75 -34% 427.8 373.3 139.5 24.2 17.3% 7.4% 2.7x 15.4x Eventbrite, Inc. 16.77 -27% 1,536.9 1,215.3 162.0 (189.7) NM -49.4% 7.5x NM eBay Inc. 50.43 -17% 34,763.3 39,241.3 11,803.0 3,694.0 31.3% 27.2% 3.3x 10.6x Endurance International Group 9.48 0% 1,342.9 2,925.5 1,101.8 276.2 25.1% -1.5% 2.7x 10.6x Five9, Inc. 155.20 -7% 10,240.3 10,116.3 399.3 11.2 2.8% 29.6% 25.3x NM GoDaddy Inc. 79.54 -11% 13,355.1 16,222.4 3,223.2 491.9 15.3% 11.0% 5.0x 33.0x HubSpot, Inc. 394.33 -1% 18,094.9 17,698.0 817.1 (31.5) NM 29.2% 21.7x NM IBM Corporation 123.52 -22% 110,063.4 164,981.4 75,030.0 15,690.0 20.9% -2.7% 2.2x 10.5x LivePerson, Inc. 58.42 -9% 3,907.4 3,911.5 343.6 (48.0) NM 23.5% 11.4x NM Marin Software Incorporated 2.12 -63% 18.8 24.5 34.1 (13.6) NM -36.2% 0.7x NM Medallia, Inc. 34.99 -13% 5,146.4 4,860.6 441.4 (121.3) NM 23.7% 11.0x NM MicroStrategy Incorporated 342.77 22% 3,176.4 3,229.5 482.9 60.4 12.5% -0.4% 6.7x 53.4x Nuance Communications, Inc. 43.13 0% 12,203.8 13,504.0 1,478.9 244.4 16.5% -2.8% 9.1x 55.2x Oracle Corporation 57.72 -8% 173,788.5 202,900.5 39,217.0 16,789.0 42.8% -0.8% 5.2x 12.1x PayPal Holdings, Inc. 214.12 -1% 250,882.7 246,432.7 20,299.0 4,030.0 19.9% 19.1% 12.1x 61.1x PROS Holdings, Inc. 42.89 -38% 1,862.9 1,795.7 257.7 (53.3) NM 8.9% 7.0x NM salesforce.com, inc. 245.80 -14% 223,678.0 220,583.0 19,380.0 2,093.0 10.8% 31.6% 11.4x 105.4x SharpSpring, Inc. 15.52 -15% 180.0 178.9 27.8 (6.2) NM 27.8% 6.4x NM Sprout Social, Inc. 51.38 -2% 2,719.8 2,578.1 123.7 (47.9) NM 27.8% 20.8x NM SVMK Inc. 21.28 -19% 3,026.3 3,118.5 359.0 (61.7) NM 23.3% 8.7x NM Square, Inc. 210.96 -2% 95,129.6 94,916.8 7,652.0 14.9 0.2% 76.6% 12.4x NM GlobalData Plc 20.01 -14% 2,360.8 2,473.2 218.4 47.6 21.8% 3.1% 11.3x 52.0x Teradata Corporation 21.93 -21% 2,396.9 2,546.9 1,839.0 147.0 8.0% -7.7% 1.4x 17.3x Unity Software Inc. 151.98 3% 41,152.7 39,519.5 710.2 (181.9) NM 0.0% 55.6x NM Verint Systems Inc. 56.96 -5% 3,725.2 4,215.6 1,260.5 178.3 14.1% -1.0% 3.3x 23.6x Veritone, Inc. 26.61 24% 738.0 683.7 53.3 (43.3) NM 10.8% 12.8x NM Zendesk, Inc. 133.50 -4% 15,576.3 15,384.6 975.9 (93.0) NM 28.6% 15.8x NM ZoomInfo Technologies Inc. 51.25 -20% 8,242.2 9,182.8 427.6 61.4 14.4% 76.0% 21.5x 149.6x Zoom Video Communications, Inc. 478.36 -19% 136,055.6 134,646.5 1,957.1 438.5 22.4% 262.3% 68.8x NM
Adjusted Weighted Average 14.3x 52.3x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (43.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (138.7x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 27 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baozun Inc. China $37.16 -22% $ 2,889.56 $ 2,588.98 $ 1,220.62 $ 95.57 7.8% 23.8% 2.1x 27.1x ChinaCache International Holdings China 0.10 -67% 2.6 75.1 131.9 (0.3) NM -0.4% 0.6x NM MercadoLibre, Inc. Argentina 1,553.33 2% 77,319.5 76,170.6 3,320.4 177.2 5.3% 62.0% 22.9x NM Open Text Corporation Canada 44.17 -8% 11,969.3 14,586.1 3,216.9 976.5 30.4% 11.0% 4.5x 14.9x Shopify Inc. Canada 1,090.38 -5% 132,964.3 127,746.2 2,456.9 59.2 2.4% 73.4% 52.0x NM The Sage Group plc United Kingdom 8.07 -24% 8,819.7 9,031.8 2,460.9 817.3 33.2% -1.7% 3.7x 11.1x United Internet AG Germany 39.95 -24% 7,480.7 9,604.7 6,251.5 1,238.5 19.8% 3.5% 1.5x 7.8x Wix.com Ltd. Israel 255.43 -20% 14,212.2 13,586.6 910.8 (140.6) NM 26.4% 14.9x NM
Adjusted Weighted Average 8.3x 11.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (51.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (23.7x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 28 Driven by your success. **Source: S&P Capital IQ • There were ten transactions completed in the Digital Advertising segment in November 2020 • Select transactions in the segment include:
‒ Telenor’s sale of digital identity resolution platform Tapad to Experian for $280 million
‒ Entercom Communications’ purchase of IGaming affiliate platform QL Gaming Group for $32 million
‒ The $27 million round of funding local healthcare booking platform Solv raised from Acrew Capital, MultiCare Health System, Light Street Capital, Benchmark, and Greylock Partners
‒ The sale of predictive marketing platform Teemo by Near
30 26
24 25 22 20 20
15 18
16 # # deals of 10 14 5 12 25 17 11 16 20 12 12 5 9 15 10 10 0 10 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Note: Deal values are not included in chart, as the majority of Digital Advertising transactions were reported without a value
Digital Advertising 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 19 $100.1 22 $79.2 96 $3,234.5 6 $318.0 Private Equity - Buyout 2 35.0 2 0.0 8 1,100.0 0 0.0 Private Equity - VC/Growth Capital 8 3,749.1 11 356.4 58 1,755.8 4 212.6 Total 29 $3,884.2 35 $435.6 162 $6,090.3 10 $530.6
*The information contained on this page is sourced from CG LLC's proprietary Page 29 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alliance Data Systems Corporation $73.14 -37% $ 3,490.4 $ 18,005.7 $ 4,872.5 $ 705.5 14.5% -12.8% 3.7x 25.5x Alphabet Inc. 1,754.40 -3% 1,188,813.6 1,083,312.6 171,704.0 48,075.0 28.0% 10.7% 6.3x 22.5x ANGI Homeservices Inc. 12.36 -28% 6,177.5 6,037.2 1,430.1 144.6 10.1% 11.4% 4.2x 41.8x AutoWeb, Inc. 3.22 -46% 42.4 45.9 86.0 (3.7) NM -28.1% 0.5x NM CarGurus, Inc. 25.05 -38% 2,836.6 2,664.1 558.1 94.1 16.9% 0.2% 4.8x 28.3x DHI Group, Inc. 1.92 -45% 92.7 120.1 141.4 23.0 16.3% -5.5% 0.8x 5.2x EverQuote, Inc. 37.66 -41% 1,046.1 1,000.2 323.4 (6.0) NM 50.6% 3.1x NM Facebook, Inc. 276.97 -9% 788,891.6 744,415.6 78,975.0 30,221.0 38.3% 18.7% 9.4x 24.6x Fluent, Inc. 3.44 -12% 262.6 299.0 308.7 32.4 10.5% 13.3% 1.0x 9.2x GoHealth, Inc. 10.54 -60% 3,385.2 4,417.1 720.1 (8.4) NM 0.0% 6.1x NM GoodRx Holdings, Inc. * 37.70 -41% 14,713.6 14,372.0 510.4 79.1 15.5% 0.0% 28.2x 181.7x Groupon, Inc. 30.16 -52% 869.0 649.0 1,686.1 (16.8) NM -29.9% 0.4x NM Inuvo, Inc. 0.37 -67% 35.7 28.5 50.0 (5.1) NM -17.2% 0.6x NM LendingTree, Inc. 255.10 -31% 3,353.9 3,863.6 942.8 80.3 8.5% -10.6% 4.1x 48.1x QuinStreet, Inc. 17.85 -4% 943.9 859.4 503.0 17.8 3.5% 7.3% 1.7x 48.2x Quotient Technology Inc. * 7.45 -35% 678.0 662.8 421.9 3.8 0.9% -0.7% 1.6x 175.9x Redfin Corporation 47.89 -15% 4,901.3 4,680.7 874.8 (11.7) NM 30.4% 5.4x NM SelectQuote, Inc. 21.45 -26% 3,488.5 3,538.1 590.5 155.7 26.4% 87.6% 6.0x 22.7x Snap Inc. 44.42 -6% 66,184.9 65,438.3 2,156.2 (833.9) NM 39.6% 30.3x NM Magnite, Inc. 19.00 -5% 2,127.2 2,068.8 188.1 (8.6) NM 25.9% 11.0x NM MediaAlpha, Inc. 37.75 -29% 2,245.2 2,315.7 479.6 48.5 10.1% 0.0% 4.8x 47.7x The Trade Desk, Inc. * 901.07 2% 42,318.1 42,073.0 732.1 112.1 15.3% 20.9% 57.5x NM Travelzoo 9.45 -24% 106.9 81.7 72.9 (11.3) NM -31.6% 1.1x NM TripAdvisor, Inc. 26.10 -18% 3,511.1 3,582.1 823.0 (119.0) NM -47.6% 4.4x NM TrueCar, Inc. 4.08 -37% 424.7 283.9 318.4 11.5 3.6% -6.7% 0.9x 24.7x Twitter, Inc. 46.51 -12% 36,898.7 33,566.2 3,434.6 294.7 8.6% 2.2% 9.8x 113.9x Yelp Inc. 31.94 -15% 2,363.4 1,982.3 908.6 (5.6) NM -8.1% 2.2x NM Yext, Inc. 19.01 NA 2,273.8 2,181.5 331.2 (116.5) NM 25.7% 6.6x NM Zillow Group, Inc. 110.35 -8% 25,254.1 23,784.7 3,494.8 (39.5) NM 61.5% 6.8x NM
Average 10.9x 28.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (32.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (116.5x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 30 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA AcuityAds Holdings Inc. Canada $5.93 -2% $ 301.7 $ 308.9 $ 81.3 $ 4.6 5.7% -4.5% 3.8x 66.4x Cliq Digital AG Germany 22.23 -4% 137.5 147.8 92.4 11.2 12.1% 46.9% 1.6x 13.2x Criteo S.A. France 19.37 -4% 1,166.9 856.1 2,064.0 223.6 10.8% -9.4% 0.4x 3.8x iClick Interactive Asia Group Limited * Hong Kong 7.19 -30% 650.1 622.3 232.7 2.3 1.0% 27.7% 2.7x 271.5x MakeMyTrip Limited India 24.81 -18% 2,561.8 2,385.8 279.2 (92.7) NM -44.7% 8.5x NM Metaps Inc. Japan 7.80 -33% 104.0 62.6 91.7 (2.1) NM 0.0% 0.7x NM Pacific Online Limited China 0.15 -38% 170.7 124.5 124.8 29.7 23.8% -17.1% 1.0x 4.2x Perion Network Ltd. Israel 7.59 -22% 204.7 189.2 288.1 15.4 5.3% 12.9% 0.7x 12.3x Rightmove plc * United Kingdom 8.34 -12% 7,256.1 7,204.3 297.4 209.5 70.4% -14.4% 24.2x 34.4x Septeni Holdings Co., Ltd. Japan 4.45 3% 528.4 393.5 170.1 30.9 18.2% 6.8% 2.3x 12.7x Tencent Holdings Limited China 74.62 -9% 690,918.8 706,547.4 66,879.0 24,146.3 36.1% 27.4% 10.6x 29.3x TradeDoubler AB (publ) Sweden 0.33 -38% 14.9 26.3 135.0 2.6 1.9% 2.0% 0.2x 10.3x XLMedia PLC Cyprus 0.52 -40% 95.4 75.2 65.0 14.2 21.9% -26.8% 1.2x 5.3x Yandex N.V. Netherlands 68.96 -2% 24,300.4 22,688.8 2,555.6 423.8 16.6% 22.1% 8.9x 53.5x
Average 4.7x 37.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (119.0x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current Page 31 Driven by your success. **Sourcethereafter:.S&P Capital IQ • A total of 42 transactions was announced in the Agency & Marketing Services segment
• In addition to Nielsen’s sale of its Global Connect division to Advent International, select Agency & Marketing Services transactions include:
‒ Halyard Capital’s sale of marketing solutions provider Aberdeen to J2-owned Spiceworks Ziff Davis (A Canaccord Genuity-led transaction)
‒ The $70 million sale of Australia-based digital marketing and technology consulting services company RXP to Capgemini
‒ Just Global’s acquisition of digital agency Enigma Marketing
‒ The sale of Turkey-based market research agency Wizsight to YouGov
‒ Saber Interactive’s purchase of PR and gamer relations agency Sandbox Strategies
‒ The acquisition of medical marketing and communications company Nucleus Global by Clayton, Dubilier & Rice-owned Huntsworth
70 60 50 40
# # deals of 30 20 10 39 60 54 53 23 24 16 27 26 29 27 42 0 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value
Agency & Marketing Services 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 52 $79.0 77 $3,300.0 351 $11,006.8 35 $95.6 Private Equity - Buyout 5 235.0 5 237.2 31 1,134.3 2 2,700.0 Private Equity - VC/Growth Capital 6 269.0 0 0.0 38 3,900.1 6 75.0 Total 63 $583.0 82 $3,537.2 420 $16,041.2 43 $2,870.6
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 32 Driven by your success. ($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Dentsu Group Inc. Japan $33.01 -19% $ 9,166.46 $ 13,135.16 $ 9,269.12 $ 1,571.86 17.0% NM 1.4x 8.4x Enero Group Limited Australia 1.43 -9% 123.5 102.7 186.3 18.0 9.6% 17.3% 0.6x 5.7x Hakuhodo DY Holdings Inc Japan 14.71 -16% 5,404.7 5,287.5 12,491.3 484.1 3.9% -10.1% 0.4x 10.9x M&C Saatchi plc United Kingdom 0.77 -67% 86.0 123.3 236.6 43.0 18.2% -55.0% 0.5x 2.9x Next Fifteen Communications Group United Kingdom 6.62 -13% 601.9 669.6 405.5 45.0 11.1% 6.5% 1.7x 14.9x Omnicom Group Inc. United States 63.00 -24% 13,543.3 17,892.3 13,555.3 2,086.2 15.4% -9.0% 1.3x 8.6x Digital Holdings, Inc. Japan 18.24 -4% 397.1 327.0 872.4 61.1 7.0% 7.3% 0.4x 5.3x Publicis Groupe S.A. France 45.52 -13% 11,173.1 17,538.6 12,841.5 2,190.0 17.1% 13.0% 1.4x 8.0x S4 Capital plc * United Kingdom 6.38 1% 3,297.5 3,320.5 332.5 36.9 11.1% 0.0% 10.0x 90.1x The Interpublic Group of Companies, United States 22.28 -12% 8,690.0 12,951.9 8,213.1 1,295.5 15.8% -4.6% 1.6x 10.0x UDG Healthcare plc Ireland 10.55 -6% 2,649.4 2,786.9 1,279.2 185.9 14.5% -1.5% 2.2x 15.0x WPP plc United Kingdom 9.68 -33% 11,771.3 19,027.8 15,413.6 (1,834.4) NM 4.4% 1.2x NM
Adjusted Weighted Average 1.3x 9.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.1x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 33 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Aimia Inc. Canada $3.02 -8% $ 286.3 $ 153.7 $ 22.4 $ (110.3) NM NM 6.9x NM Dolphin Entertainment, Inc. United States 3.26 -74% 21.4 29.3 24.7 (0.1) NM 1.2% 1.2x NM Fluent, Inc. United States 3.44 -12% 262.6 299.0 308.7 32.4 10.5% 13.3% 1.0x 9.2x CSG Systems International, Inc. United States 43.38 -25% 1,374.5 1,639.1 984.8 164.3 16.7% -0.5% 1.7x 10.0x Deluxe Corporation United States 25.74 -51% 1,078.4 1,859.7 1,858.4 323.2 17.4% -7.6% 1.0x 5.8x Digital Media Solutions, Inc. United States 6.90 -35% 223.5 368.3 295.9 35.5 12.0% 0.0% 1.2x 10.4x Fair Isaac Corporation * United States 472.78 -4% 13,757.0 14,535.3 1,294.6 369.6 28.6% 11.6% 11.2x 39.3x Harte Hanks, Inc. United States 2.40 -35% 15.7 40.9 182.2 (0.8) NM -22.6% 0.2x NM High Co. SA France 5.95 -21% 123.8 66.9 179.3 16.9 9.4% -8.8% 0.4x 4.0x Kin and Carta plc United Kingdom 1.43 -4% 241.9 310.4 180.9 25.1 13.9% 0.5% 1.7x 12.4x Pitney Bowes Inc. United States 5.70 -26% 986.7 2,995.3 3,357.0 314.4 9.4% 3.9% 0.9x 9.5x Points International Ltd. * Canada 12.01 -38% 153.0 120.6 268.0 3.6 1.3% -31.1% 0.5x 33.7x Viad Corp. United States 29.97 -57% 612.2 1,111.3 751.9 (18.7) NM -42.5% 1.5x NM
Adjusted Weighted Average 1.5x 8.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.5x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 34 Driven by your success. **Source: S&P Capital IQ • In November 2020, there were seven Traditional Media transactions announced
• In addition to ViacomCBS’s pending sale of Simon & Shuster to Bertelsmann, select Traditional Media transactions included:
‒ Shamrock Capital’s acquisition of Big Machine Label Group, which owns the master recordings of Taylor Swift's first six albums, for $300 million from Ithaca Holdings
‒ The purchase of advertising trade association Marketing Science Institute by Advertising Research Foundation
‒ The sale of digital out-of-home video networking systems and services firm Lightbox OOH Video Network to CATTRI
‒ Transom Capital’s acquisition of B-to-B media company BridgeTower Media
‒ The acquisition of events company Quartz Events by Clarion Events
35 30 25 20 15 10 5 28 28 30 21 18 13 10 11 6 10 9 7 0 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Traditional Media 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 34 $364.5 22 $2,794.0 155 $10,765.2 3 $2,000.0 Private Equity - Buyout 3 37.3 3 275.0 15 1,033.3 3 300.0 Private Equity - VC/Growth Capital 4 413.0 2 121.3 21 1,645.5 1 0.0 Total 41 $814.8 27 $3,190.3 191 $13,444.0 7 $2,300.0
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 35 Driven by your success. ($ in Millions, except stock price data)
Large Cap Diversified Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Discovery, Inc. United States $26.91 -20% $ 17,280.4 $ 32,567.4 $ 10,659.0 $ 4,286.0 40.2% -3.8% 3.1x 7.6x Fox Corporation United States 28.38 -27% 17,052.0 20,799.0 12,353.0 3,089.0 25.0% 7.3% 1.7x 6.7x The Walt Disney Company * United States 148.01 -3% 267,969.9 326,307.9 65,388.0 9,709.0 14.8% -6.1% 5.0x 33.6x ViacomCBS Inc. United States 35.28 -18% 21,839.2 41,128.2 25,931.0 4,436.0 17.1% -31.2% 1.6x 9.3x Adjusted Weighted Average 4.5x 29.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.2x)
($ in Millions, except stock price data)
B-to-B Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Ascential plc United Kingdom $4.48 -21% $ 1,803.6 $ 2,120.0 $ 401.5 $ 60.9 15.2% -18.1% 5.3x 34.8x Centaur Media Plc United Kingdom 0.38 -31% 54.3 49.8 52.9 (0.9) NM -14.6% 0.9x NM Emerald Holding, Inc. United States 4.26 -61% 304.3 518.9 160.1 (20.8) NM -57.1% 3.2x NM Euromoney Institutional Investor PLC United Kingdom 13.61 -25% 1,470.2 1,526.3 433.5 86.8 20.0% 30.9% 3.5x 17.6x Hyve Group Plc United Kingdom 1.11 -92% 293.5 562.6 260.4 (156.5) NM 0.5% 2.2x NM Informa plc United Kingdom 7.07 -39% 10,619.2 13,475.0 2,844.2 708.5 24.9% -18.5% 4.7x 19.0x MCH Group AG Switzerland 15.89 -51% 95.4 309.6 303.1 12.7 4.2% -33.5% 1.0x 24.3x TechTarget, Inc. * United States 52.50 -9% 1,475.2 1,464.4 138.3 28.6 20.7% 6.5% 10.6x 51.3x
Adjusted Weighted Average 4.6x 20.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.4x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Beasley Broadcast Group, Inc. * United States $1.51 -71% $ 44.2 $ 326.9 $ 209.8 $ 1.8 0.9% -20.8% 1.6x 176.8x Emmis Communications Corporation * United States 1.85 -60% 24.8 (2.8) 39.7 (12.1) NM -0.5% NM 0.2x Entercom Communications Corp. United States 2.43 -53% 335.3 2,232.3 1,155.5 127.0 11.0% -22.3% 1.9x 17.6x Salem Media Group, Inc. United States 1.07 -59% 28.6 297.6 236.4 24.2 10.3% -7.8% 1.3x 12.3x Sirius XM Holdings Inc. United States 6.49 -12% 27,579.3 35,856.3 7,913.0 2,290.0 28.9% 9.5% 4.5x 15.7x Townsquare Media, Inc. United States 6.70 -35% 127.2 647.2 374.9 57.9 15.4% -12.4% 1.7x 11.2x Urban One, Inc. United States 1.46 -79% 84.3 918.3 368.6 109.7 29.8% -17.1% 2.5x 8.4x
Adjusted Weighted Average 4.5x 15.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (97.5x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 36 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altice Europe N.V. Netherlands $5.28 -36% $ 6,305.7 $ 50,572.2 $ 17,570.5 $ 5,178.0 29.5% 4.0% 2.9x 9.8x AMC Networks Inc. United States $32.97 -23% 1,359.7 3,697.4 2,819.9 833.1 29.5% -7.5% 1.3x 4.4x CVC Limited * Australia 1.27 -23% 148.8 219.2 11.2 6.9 61.6% -25.4% 19.6x 31.8x Charter Communications, Inc. United States 651.99 -2% 130,316.6 216,840.6 47,234.0 17,523.0 37.1% 4.4% 4.6x 12.4x Comcast Corporation United States 50.24 -4% 229,864.2 328,397.2 104,254.0 31,847.0 30.5% -3.8% 3.1x 10.3x Discovery, Inc. United States 26.91 -20% 17,280.4 32,567.4 10,659.0 4,286.0 40.2% -3.8% 3.1x 7.6x DISH Network Corporation United States 35.87 -16% 18,866.4 30,920.1 14,176.9 3,170.9 22.4% 10.1% 2.2x 9.8x Entravision Communications Corporation United States 2.90 -3% 244.1 361.7 243.2 41.5 17.1% -14.6% 1.5x 8.7x fuboTV Inc. * United States 27.70 -1% 1,871.5 2,461.6 111.1 (133.0) NM 1804.5% 22.2x NM Gray Television, Inc. United States 17.66 -23% 1,660.3 5,610.3 2,168.0 809.0 37.3% 15.9% 2.6x 6.9x Grupo Televisa, S.A.B. Mexico 1.61 -32% 4,533.6 10,869.2 4,432.1 1,632.7 36.8% -2.4% 2.5x 6.7x Liberty Global plc United Kingdom 22.52 -7% 12,790.0 19,526.8 11,535.4 4,590.4 39.8% 0.2% 1.7x 4.3x Nexstar Media Group, Inc. United States 105.25 -21% 4,635.7 12,350.0 4,224.7 1,591.4 37.7% 54.3% 2.9x 7.8x Sinclair Broadcast Group, Inc. United States 27.26 -22% 2,016.7 14,342.7 6,053.0 1,680.5 27.8% 72.4% 2.4x 8.5x TEGNA Inc. United States 14.41 -21% 3,159.3 7,016.2 2,694.2 804.6 29.9% 19.9% 2.6x 8.7x The E.W. Scripps Company United States 12.76 -25% 1,041.2 2,875.2 1,761.9 279.8 15.9% 35.9% 1.6x 10.3x ViacomCBS Inc. United States 35.28 -18% 21,839.2 41,128.2 25,931.0 4,436.0 17.1% -31.2% 1.6x 9.3x
Adjusted Weighted Average 3.4x 10.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.0x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cineplex Inc. Canada $8.00 -70% $ 507.0 $ 1,983.7 $ 607.2 $ (38.4) NM -51.0% 3.3x NM Lions Gate Entertainment Corp. United States 9.74 -15% 2,045.7 4,720.8 3,501.6 475.2 13.6% -7.7% 1.3x 9.9x Live Nation Entertainment, Inc. United States 65.65 -14% 14,010.8 18,537.7 4,513.2 (862.6) NM -59.9% 4.1x NM Fox Corporation United States 28.38 -27% 17,052.0 20,799.0 12,353.0 3,089.0 25.0% 7.3% 1.7x 6.7x Liberty Global plc United Kingdom 22.52 -7% 12,790.0 19,526.8 11,535.4 4,590.4 39.8% 0.2% 1.7x 4.3x Village Roadshow Limited Australia 2.15 -29% 420.5 991.6 508.9 (3.4) NM -25.2% 1.9x NM Warner Music Group Corp. * United States 29.73 -14% 15,163.2 18,108.2 4,463.0 167.0 3.7% -0.3% 4.1x 108.4x World Wrestling Entertainment, Inc. United States 43.04 -36% 3,348.3 3,512.2 1,058.8 339.7 32.1% 16.3% 3.3x 10.3x
Adjusted Weighted Average 2.8x 28.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (73.0x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 37 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Out-of-Home Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA APG|SGA SA Switzerland $220.69 -31% $ 661.4 $ 611.8 $ 291.1 $ 30.6 10.5% -11.3% 2.1x 20.0x Clear Channel Outdoor Holdings, Inc. United States 1.51 -51% 705.6 7,170.8 2,058.5 155.9 7.6% -23.4% 3.5x 46.0x Clear Media Limited * Hong Kong 0.92 -5% 497.5 801.0 151.9 14.2 9.3% -36.5% 5.3x 56.4x JCDecaux SA France 22.52 -32% 4,790.2 11,194.7 3,156.4 590.6 18.7% -17.1% 3.5x 19.0x Lamar Advertising Company (REIT) United States 79.61 -18% 8,028.5 12,132.8 1,603.0 654.0 40.8% -6.7% 7.6x 18.6x National CineMedia, Inc. United States 3.37 -66% 268.2 1,348.5 221.9 38.9 17.5% -49.0% 6.1x 34.7x NTN Buzztime, Inc. United States 2.04 -74% 6.0 7.7 9.8 (3.9) NM -52.4% 0.8x NM Outfront Media Inc. (REIT) United States 18.94 -39% 2,735.5 6,593.0 1,388.6 270.9 19.5% -20.5% 4.7x 24.3x Stingray Group Inc. Canada 5.00 -10% 380.4 655.9 199.9 78.0 39.0% -11.4% 3.3x 8.4x TOM Group Limited * Hong Kong 0.11 -43% 443.9 865.9 109.9 14.5 13.2% -7.9% 7.9x 59.6x
Adjusted Weighted Average 5.6x 20.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (50.7x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA A.H. Belo Corporation United States $1.51 -54% $ 32.3 $ 14.0 $ 160.3 $ (1.9) NM -15.4% 0.1x NM Daily Mail and General Trust plc United Kingdom 9.11 -21% 2,064.6 1,830.3 1,556.2 148.7 9.6% -10.0% 1.2x 12.3x Emmis Communications Corporation * United States 1.85 -60% 24.8 (2.8) 39.7 (12.1) NM -0.5% NM 0.2x Gannett Co., Inc. United States 2.84 -60% 380.5 2,154.2 3,229.5 351.9 10.9% 103.8% 0.7x 6.1x Glacier Media Inc. Canada 0.22 -53% 27.5 51.1 117.2 8.2 7.0% -16.4% 0.4x 6.2x John Wiley & Sons, Inc. United States 34.54 -31% 1,933.4 2,856.0 1,839.3 299.2 16.3% 1.5% 1.6x 9.5x Meredith Corporation United States 20.35 -45% 1,027.2 4,307.6 2,825.9 562.5 19.9% -10.0% 1.5x 7.7x News Corporation United States 17.65 -3% 10,460.3 12,312.3 8,785.0 832.0 9.5% 2.4% 1.4x 14.8x Pearson plc United Kingdom 8.61 -2% 6,470.7 8,140.9 4,373.2 537.4 12.3% -13.7% 1.9x 15.1x Scholastic Corporation United States 23.72 -48% 811.3 777.3 1,469.7 49.8 3.4% -11.9% 0.5x 15.6x The E.W. Scripps Company United States 12.76 -25% 1,041.2 2,875.2 1,761.9 279.8 15.9% 35.9% 1.6x 10.3x The New York Times Company * United States 42.91 -11% 7,175.3 6,377.0 1,751.6 219.3 12.5% -1.5% 3.6x 29.1x
Adjusted Weighted Average 1.5x 13.6x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.0x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 38 Driven by your success. **Source: S&P Capital IQ • A total of 314 transactions was announced in the Software segment, 165 of which were valued at $13.2 billion
• VC/Growth Capital transactions represented 49 percent of segment activity
• In addition to the sale of Verafin to Nasdq, deals completed in the segment include:
‒ The sale of project management software Planview to TPG Capital and TA Associates from Thoma Bravo for $1.6 billion
‒ Coupa Software’s acquisition of analytics platform Llamasoft for $1.5 billion
‒ The $800 million acquisition of cybersecurity software Expanse by Palo Alto Networks
‒ Infobip’s purchase of mobile payments platform OpenMarket for $300 million
‒ The $241 million take-private of connected car and location-based services provider Telenav by V99
$30.0 460
$26.5 410 $25.0 $23.6 360
$20.0 $19.1 $19.3 310
$15.7 260 $14.0 $15.0 $13.2 210 $11.4 $12.1 $10.5 $10.0 160 $8.2 $7.3 110 $5.0 288 60 329 418 200 268 277 294 269 286 358 314 292 314 $0.0 10 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Software 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 294 $8,002.7 391 $23,077.3 1,461 $83,717.7 144 $5,159.8 Private Equity - Buyout 33 267.0 57 2,575.8 176 25,334.3 16 1,818.0 Private Equity - VC/Growth Capital 586 17,663.9 487 17,179.8 1,982 68,783.2 154 6,268.6 Total 913 $25,933.6 935 $42,832.9 3,619 $177,835.2 314 $13,246.4
*The information contained on this page is sourced from CG LLC's proprietary Page 39 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)
Financial & Credit/Risk Management Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alfa Financial Software Holdings PLC United Kingdom $1.76 -12% $ 528.3 $ 461.0 $ 88.9 $ 22.8 25.6% 4.0% 5.2x 20.2x Anaplan, Inc. United States 69.99 -2% 9,782.6 9,525.2 423.5 (130.1) NM 32.7% 22.5x NM Avalara, Inc. United States 171.75 -2% 14,525.0 13,527.2 463.4 (40.8) NM 31.8% 29.2x NM Bill.com Holdings, Inc. United States 122.71 2% 9,959.7 9,317.1 168.6 (37.5) NM 39.2% 55.3x NM BlackLine, Inc. United States 122.90 2% 7,036.6 6,932.6 336.3 (1.7) NM 24.1% 20.6x NM Coupa Software Incorporated United States 328.91 -7% 23,435.5 23,583.7 458.4 (42.7) NM 43.8% 51.5x NM Donnelley Financial Solutions, Inc. United States 16.29 -1% 543.7 870.5 874.5 95.2 10.9% -1.2% 1.0x 9.1x Ebix, Inc. United States 34.01 -13% 1,053.0 1,718.7 549.7 143.2 26.1% -3.7% 3.1x 12.0x GreenSky, Inc. United States 4.26 -57% 304.3 913.5 520.3 75.9 14.6% 2.9% 1.8x 12.0x Guidewire Software, Inc. United States 122.48 -1% 10,262.8 9,578.8 742.3 17.4 2.3% 3.2% 12.9x NM i3 Verticals, Inc. United States 27.90 -26% 527.9 687.7 150.1 21.2 14.1% -60.1% 4.6x 32.5x Intuit Inc. United States 352.02 -7% 92,491.8 89,332.8 7,837.0 2,559.0 32.7% 13.0% 11.4x 34.9x Model N, Inc. United States 34.46 -23% 1,199.9 1,117.4 161.1 (1.1) NM 14.0% 6.9x NM Performant Financial Corporation United States 0.78 -64% 42.8 93.4 159.7 14.3 9.0% 9.1% 0.6x 6.5x Q2 Holdings, Inc. United States 113.37 -3% 6,108.7 6,196.7 380.6 (50.4) NM 28.7% 16.3x NM RealPage, Inc. United States 68.99 -1% 6,815.8 7,535.5 1,115.2 189.2 17.0% 16.1% 6.8x 39.8x SS&C Technologies Holdings, Inc. United States 68.89 -2% 17,633.3 24,586.7 4,668.0 1,732.0 37.1% 2.8% 5.3x 14.2x StoneCo Ltd. * Cayman Islands 73.22 -1% 22,604.8 21,822.5 248.6 (11.8) NM 36.4% 87.8x NM Tradeweb Markets Inc. United States 59.65 -14% 11,223.7 10,005.2 774.8 229.2 29.6% 13.2% 12.9x 43.7x Tyler Technologies, Inc. * United States 427.60 -1% 17,243.8 16,688.2 1,122.2 219.7 19.6% 7.9% 14.9x 75.9x Zuora, Inc. United States 11.39 -36% 1,346.3 1,241.5 291.1 (68.8) NM 12.6% 4.3x NM
Adjusted Weighted Average 11.1x 32.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (57.4x)and EBITDA multiples that are 1.0 standard deviations ($ in Millions, except stock price data)
Healthcare Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Allscripts Healthcare Solutions, Inc. United States $13.68 -6% $ 2,161.2 $ 3,138.0 $ 1,676.0 $ 69.8 4.2% -4.9% 1.9x 45.0x Cegedim SA France 31.91 -20% 441.2 736.8 556.1 66.7 12.0% 1.7% 1.3x 11.0x Cerner Corporation United States 74.84 -7% 22,945.2 23,554.9 5,553.0 1,247.3 22.5% -1.1% 4.2x 18.9x Computer Programs and Systems, Inc. United States 28.43 -21% 400.7 485.6 268.3 34.5 12.9% -2.9% 1.8x 14.1x Craneware plc United Kingdom 29.35 -15% 777.4 728.1 71.5 21.0 29.3% 0.1% 10.2x 34.7x HealthEquity, Inc. United States 71.69 -19% 5,510.3 6,341.8 724.4 202.8 28.0% 126.4% 8.8x 31.3x McKesson Corporation United States 179.91 -4% 28,887.1 36,970.1 234,194.0 3,817.0 1.6% 5.5% 0.2x 9.7x NantHealth, Inc. United States 2.30 -64% 255.8 452.6 91.6 (16.7) NM 12.1% 4.9x NM NextGen Healthcare, Inc. United States 17.74 -5% 1,183.9 1,191.9 545.0 34.2 6.3% 2.5% 2.2x 34.8x Streamline Health Solutions, Inc. * United States 1.54 -17% 46.4 43.5 20.8 0.5 2.3% 26.3% 2.1x 92.2x Veeva Systems Inc. * United States 276.87 -12% 41,759.3 40,321.1 1,283.2 347.4 27.1% 32.5% 31.4x 116.1x
Adjusted Weighted Average 2.7x 17.0x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (24.1x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 40 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
HR Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 51job, Inc. China $70.50 -24% $ 4,751.7 $ 3,304.1 $ 539.2 $ 145.1 26.9% -8.1% 6.1x 22.8x Benefitfocus, Inc. United States 14.39 -41% 463.4 635.8 279.1 5.1 1.8% -1.5% 2.3x 124.5x Castlight Health, Inc. United States 1.26 -23% 193.8 163.5 146.1 (15.7) NM -1.9% 1.1x NM Ceridian HCM Holding Inc. * United States 96.42 -4% 14,251.2 14,705.9 841.5 96.5 11.5% 5.6% 17.5x 152.4x Cornerstone OnDemand, Inc. United States 44.15 -31% 2,852.2 4,002.1 683.6 86.6 12.7% 21.0% 5.9x 46.2x DHI Group, Inc. United States 1.92 -45% 92.7 120.1 141.4 23.0 16.3% -5.5% 0.8x 5.2x Domo, Inc. United States 37.99 -20% 1,112.0 1,143.0 190.6 (89.1) NM 20.1% 6.0x NM Paycom Software, Inc. * United States 417.08 -1% 24,036.8 23,933.2 813.9 241.8 29.7% 17.2% 29.4x 99.0x Paylocity Holding Corporation United States 196.60 -6% 10,664.7 10,604.1 570.4 86.3 15.1% 15.5% 18.6x 122.8x Pluralsight, Inc. United States 16.37 -28% 1,959.5 2,166.6 375.7 (126.3) NM 27.2% 5.8x NM Workday, Inc. United States 224.79 -10% 54,134.0 53,415.9 4,162.6 51.3 1.2% 21.0% 12.8x NM
Adjusted Weighted Average 13.3x 93.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (27.6x)and EBITDA multiples that are 1.0 standard deviations
($ in Millions, except stock price data)
Security Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Check Point Software Technologies Ltd. Israel 117.68 -10% 16,498.7 12,602.3 2,045.1 922.7 45.1% 3.5% 6.2x 13.7x Cisco Systems, Inc. United States 43.02 -14% 181,781.6 167,358.6 48,071.0 15,220.0 31.7% -7.5% 3.5x 11.0x Cheetah Mobile Inc. China 2.38 -44% 332.7 114.3 279.7 (92.5) NM -56.4% 0.4x NM Cloudflare, Inc. * United States 75.08 0% 23,072.2 22,438.7 389.1 (75.0) NM 50.5% 57.7x NM CrowdStrike Holdings, Inc. * United States 153.28 0% 33,637.1 32,618.2 654.3 (98.3) NM 86.4% 49.9x NM CyberArk Software Ltd. * Israel 114.87 -21% 4,449.1 3,825.6 449.6 24.1 5.4% 8.8% 8.5x 158.8x FireEye, Inc. United States 15.03 -18% 3,396.2 3,483.7 928.2 (59.2) NM 6.5% 3.8x NM Fortinet, Inc. United States 123.23 -19% 20,004.2 18,395.7 2,457.7 506.5 20.6% 19.8% 7.5x 36.3x Juniper Networks, Inc. United States 21.77 -18% 7,178.4 7,203.7 4,430.6 686.0 15.5% 0.3% 1.6x 10.5x McAfee Corp. United States 16.05 -19% 2,525.1 7,077.1 2,811.0 891.0 31.7% 0.0% 2.5x 7.9x Mimecast Limited United Kingdom 44.98 -17% 2,873.9 2,904.6 462.2 56.5 12.2% 20.9% 6.3x 51.4x Palo Alto Networks, Inc. United States 293.92 -2% 27,984.6 28,210.1 3,582.5 30.2 0.8% 18.8% 7.9x NM Proofpoint, Inc. United States 103.49 -22% 5,972.2 5,796.5 1,018.3 (3.4) NM 20.8% 5.7x NM Qualys, Inc. United States 95.01 -24% 3,707.0 3,315.2 352.8 122.1 34.6% 13.4% 9.4x 27.2x Rapid7, Inc. United States 74.94 0% 3,884.8 4,024.9 390.0 (41.9) NM 28.3% 10.3x NM SecureWorks Corp. * United States 11.29 -38% 927.9 775.2 563.0 6.3 1.1% 5.6% 1.4x 123.6x Tenable Holdings, Inc. United States 36.01 -15% 3,713.2 3,506.0 419.2 (53.3) NM 26.0% 8.4x NM Trend Micro Incorporated Japan 54.82 -17% 7,532.0 5,722.2 1,624.0 549.2 33.8% 4.9% 3.5x 10.4x Tufin Software Technologies Ltd. Israel 7.79 -60% 278.9 201.0 100.0 (36.5) NM -2.3% 2.0x NM VeriSign, Inc. United States 200.72 -9% 22,904.1 23,548.2 1,255.3 864.7 68.9% 2.2% 18.8x 27.2x Varonis Systems, Inc. United States 120.64 -13% 3,827.5 3,775.7 270.1 (75.9) NM 0.3% 14.0x NM Zscaler, Inc. * United States 155.75 -5% 20,897.3 20,431.9 431.3 (77.3) NM 42.4% 47.4x NM
Adjusted Weighted Average 5.8x 15.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (45.7x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 41 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Engineering Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altair Engineering Inc. * United States $53.90 1% $ 3,970.1 $ 3,975.6 $ 460.4 $ 29.1 6.3% 5.1% 8.6x 136.4x ANSYS, Inc. * United States 338.06 -6% 29,034.0 28,734.7 1,543.8 506.9 32.8% 6.8% 18.6x 56.7x Dassault Systèmes SE France 185.31 -6% 48,312.1 50,861.4 5,185.7 1,174.0 22.6% 13.8% 9.8x 43.3x PTC Inc. United States 107.85 -1% 12,582.1 13,467.9 1,458.4 305.1 20.9% 16.1% 9.2x 44.1x Synopsys, Inc. United States 227.50 -8% 34,525.8 34,154.7 3,510.9 758.1 21.6% 6.2% 9.7x 45.1x Trimble Inc. United States 59.87 -2% 14,978.0 16,577.0 3,142.0 645.6 20.5% -2.6% 5.3x 25.7x
Adjusted Weighted Average 11.1x 41.6x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.3x)and EBITDA multiples that are 1.0 standard deviations
($ in Millions, except stock price data)
Infrastructure Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $478.47 -11% $ 229,531.1 $ 228,993.1 $ 12,436.3 $ 4,558.9 36.7% 16.8% 18.4x 50.2x Atlassian Corporation Plc Australia 225.05 0% 56,082.9 55,057.0 1,710.3 60.5 3.5% 30.9% 32.2x NM Appian Corporation United States 140.00 -35% 9,806.8 9,616.8 291.6 (35.3) NM 15.7% 33.0x NM Alteryx, Inc. United States 119.84 -35% 7,979.3 8,036.5 491.2 23.5 4.8% 40.1% 16.4x NM Bandwidth Inc. United States 151.78 -24% 3,676.4 3,443.7 292.1 6.4 2.2% 31.0% 11.8x NM Cloudera, Inc. United States 11.68 -18% 3,612.0 3,249.6 834.8 (148.3) NM 28.9% 3.9x NM Commvault Systems, Inc. United States 47.76 -8% 2,250.9 1,877.1 685.2 28.3 4.1% -1.5% 2.7x 66.2x Datadog, Inc. United States 98.92 -16% 30,124.3 29,262.0 539.6 6.9 1.3% 73.6% 54.2x NM Elastic N.V. United States 123.80 -3% 10,743.9 10,425.7 466.8 (127.0) NM 53.2% 22.3x NM Endurance International Group Holdings, Inc. United States 9.48 0% 1,342.9 2,925.5 1,101.8 276.2 25.1% -1.5% 2.7x 10.6x Fastly, Inc. United States 84.77 -38% 9,621.4 9,251.2 267.2 (39.2) NM 46.5% 34.6x NM Filinvest Development Corporation Philippines 0.19 -32% 1,644.6 3,124.5 1,596.4 537.9 33.7% -7.0% 2.0x 5.8x IBM Corporation United States 123.52 -22% 110,063.4 164,981.4 75,030.0 15,690.0 20.9% -2.7% 2.2x 10.5x Jamf Holding Corp. United States 31.70 -38% 3,696.1 3,518.6 250.0 26.6 10.7% 0.0% 14.1x 132.1x JFrog Ltd. United States 70.36 -26% 6,416.4 5,838.3 138.9 (2.1) NM 0.0% 42.0x NM MongoDB, Inc. United States 287.31 4% 16,913.7 16,979.4 501.6 (155.0) NM 45.0% 33.9x NM Nutanix, Inc. United States 27.39 -28% 5,644.2 5,475.3 1,305.7 (707.3) NM 5.5% 4.2x NM Okta, Inc. United States 245.04 -2% 31,386.8 30,814.0 703.7 (176.4) NM 44.6% 43.8x NM PagerDuty, Inc. United States 34.42 -8% 2,734.1 2,377.7 189.2 (51.2) NM 32.5% 12.6x NM Rapid7, Inc. United States 74.94 0% 3,884.8 4,024.9 390.0 (41.9) NM 28.3% 10.3x NM Resonance Health Limited Australia 0.11 -45% 52.3 47.3 2.5 (0.7) NM 1.2% 18.7x NM SailPoint Technologies Holdings, Inc. United States 46.56 -7% 4,232.9 4,109.9 350.9 31.3 8.9% 25.3% 11.7x 131.3x salesforce.com, inc. United States 245.80 -14% 223,678.0 220,583.0 19,380.0 2,093.0 10.8% 31.6% 11.4x 105.4x ServiceNow, Inc. * United States 534.55 -1% 104,264.0 103,515.5 4,220.9 525.1 12.4% 30.9% 24.5x 197.1x Smartsheet Inc. United States 58.03 -5% 6,999.0 6,524.9 326.8 (102.5) NM 48.6% 20.0x NM Snowflake Inc. * United States 325.84 -3% 91,526.8 92,552.4 402.7 (343.4) NM 0.0% 229.9x NM Splunk Inc. United States 204.18 -10% 32,749.2 33,359.0 2,343.3 (471.4) NM 14.6% 14.2x NM Sumo Logic, Inc. United States 26.20 -8% 2,643.8 2,910.5 181.4 (88.2) NM 0.0% 16.0x NM Synchronoss Technologies, Inc. United States 2.96 -55% 124.8 386.9 312.9 (7.2) NM 4.2% 1.2x NM GlobalData Plc United Kingdom 20.01 -14% 2,360.8 2,473.2 218.4 47.6 21.8% 3.1% 11.3x 52.0x Talend S.A. France 37.53 -20% 1,192.1 1,209.7 276.0 (55.5) NM 16.2% 4.4x NM Twilio Inc. United States 320.09 -6% 48,337.4 45,700.5 1,544.9 (274.4) NM 53.3% 29.6x NM Varonis Systems, Inc. United States 120.64 -13% 3,827.5 3,775.7 270.1 (75.9) NM 0.3% 14.0x NM
Adjusted Weighted Average 19.1x 65.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (102.9x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 42 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
SaaS/Cloud Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $478.47 -11% $ 229,531.1 $ 228,993.1 $ 12,436.3 $ 4,558.9 36.7% 16.8% 18.4x 50.2x Anaplan, Inc. United States 69.99 -2% 9,782.6 9,525.2 423.5 (130.1) NM 32.7% 22.5x NM Asure Software, Inc. United States 7.74 -16% 123.1 141.5 66.7 (5.9) NM 22.1% 2.1x NM AppFolio, Inc. United States 162.93 -10% 5,593.1 5,451.2 305.0 21.3 7.0% 27.6% 17.9x NM Avalara, Inc. United States 171.75 -2% 14,525.0 13,527.2 463.4 (40.8) NM 31.8% 29.2x NM Benefitfocus, Inc. United States 14.39 -41% 463.4 635.8 279.1 5.1 1.8% -1.5% 2.3x 124.5x BigCommerce Holdings, Inc. United States 80.66 -50% 5,577.8 5,437.3 140.2 (31.5) NM 0.0% 38.8x NM BlackLine, Inc. United States 122.90 2% 7,036.6 6,932.6 336.3 (1.7) NM 24.1% 20.6x NM Box, Inc. United States 18.69 -15% 2,925.8 3,108.2 736.6 (33.4) NM 12.4% 4.2x NM Carbacid Investments plc Kenya 0.11 10% 27.4 20.0 6.3 2.7 42.8% 8.3% 3.2x 7.4x Ceridian HCM Holding Inc. * United States 96.42 -4% 14,251.2 14,705.9 841.5 96.5 11.5% 5.6% 17.5x 152.4x ChannelAdvisor Corporation United States 14.75 -34% 427.8 373.3 139.5 24.2 17.3% 7.4% 2.7x 15.4x Coupa Software Incorporated United States 328.91 -7% 23,435.5 23,583.7 458.4 (42.7) NM 43.8% 51.5x NM DocuSign, Inc. United States 227.88 -21% 42,195.4 42,208.7 1,163.6 (133.0) NM 40.6% 36.3x NM Dropbox, Inc. United States 19.97 -17% 8,259.9 8,156.2 1,855.8 224.5 12.1% 16.6% 4.4x 36.3x Everbridge, Inc. United States 126.94 -23% 4,437.3 4,433.9 252.6 (45.0) NM 36.1% 17.5x NM HubSpot, Inc. United States 394.33 -1% 18,094.9 17,698.0 817.1 (31.5) NM 29.2% 21.7x NM LivePerson, Inc. United States 58.42 -9% 3,907.4 3,911.5 343.6 (48.0) NM 23.5% 11.4x NM Paycom Software, Inc. United States 417.08 -1% 24,036.8 23,933.2 813.9 241.8 29.7% 17.2% 29.4x 99.0x Paylocity Holding Corporation United States 196.60 -6% 10,664.7 10,604.1 570.4 86.3 15.1% 15.5% 18.6x 122.8x Pluralsight, Inc. United States 16.37 -28% 1,959.5 2,166.6 375.7 (126.3) NM 27.2% 5.8x NM Q2 Holdings, Inc. United States 113.37 -3% 6,108.7 6,196.7 380.6 (50.4) NM 28.7% 16.3x NM RealPage, Inc. United States 68.99 -1% 6,815.8 7,535.5 1,115.2 189.2 17.0% 16.1% 6.8x 39.8x RingCentral, Inc. United States 297.05 -7% 26,625.1 27,343.0 1,102.0 (26.8) NM 31.4% 24.8x NM salesforce.com, inc. United States 245.80 -14% 223,678.0 220,583.0 19,380.0 2,093.0 10.8% 31.6% 11.4x 105.4x Shopify Inc. Canada 1,090.38 -5% 132,964.3 127,746.2 2,456.9 59.2 2.4% 73.4% 52.0x NM Smartsheet Inc. United States 58.03 -5% 6,999.0 6,524.9 326.8 (102.5) NM 48.6% 20.0x NM SolarWinds Corporation United States 22.88 -1% 7,185.3 8,791.8 1,001.4 229.4 22.9% 10.5% 8.8x 38.3x SPS Commerce, Inc. United States 103.07 -1% 3,639.3 3,399.1 302.1 65.2 21.6% 11.2% 11.3x 52.1x Veeva Systems Inc. United States 276.87 -12% 41,759.3 40,321.1 1,283.2 347.4 27.1% 32.5% 31.4x 116.1x Workday, Inc. United States 224.79 -10% 54,134.0 53,415.9 4,162.6 51.3 1.2% 21.0% 12.8x NM Workiva Inc. United States 74.99 -2% 3,614.2 3,416.5 338.0 (42.7) NM 19.8% 10.1x NM Yext, Inc. United States 19.01 -9% 2,273.8 2,181.5 331.2 (116.5) NM 25.7% 6.6x NM Zendesk, Inc. United States 133.50 -4% 15,576.3 15,384.6 975.9 (93.0) NM 28.6% 15.8x NM Zuora, Inc. United States 11.39 -36% 1,346.3 1,241.5 291.1 (68.8) NM 12.6% 4.3x NM
Adjusted Weighted Average 23.6x 48.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (102.9x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 43 Driven by your success. **Source: S&P Capital IQ • The Information segment had 13 transactions in November 2020
• Select transactions from the segment included:
‒ The $20 million round of funding health data platform Human API raised from Samsung Ventures, CNO Financial Group, Allianz Life Ventures and Moneta VC
‒ The $32 million round of funding Sweden-based product information management solution inRiver raised from Lugard Road Capital, Zobito and RoosGruppen
‒ Diversis Capital’s investment in financial data insights company RFi Group
‒ Red Ventures’ sale of supply chain information software CNET Content Solutions to Battery Ventures-backed 1WorldSync
35 30 25
20 # # deals of
15 # deals of 10 5 14 30 19 9 15 7 10 19 12 11 22 13 0 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value
Information 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 18 $885.0 23 $135.0 107 $5,488.5 8 $249.0 Private Equity - Buyout 0 0.0 2 0.0 6 10.0 0 0.0 Private Equity - VC/Growth Capital 14 156.5 17 365.4 68 1,365.0 5 71.0 Total 32 $1,041.5 42 $500.4 181 $6,863.5 13 $320.0
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 44 Driven by your success. ($ in Millions, except stock price data)
Financial & Credit/Risk Management Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Broadridge Financial Solutions, Inc. United States $146.88 -4% $ 16,982.2 $ 18,710.7 $ 4,597.8 $ 932.3 20.3% 6.0% 4.1x 20.1x Computershare Limited Australia 10.55 -22% 5,675.9 7,400.5 2,280.4 553.4 24.3% -3.2% 3.2x 13.4x CoreLogic, Inc. United States 77.50 -2% 6,027.8 7,418.7 1,848.9 459.8 24.9% 24.0% 4.0x 16.1x CoStar Group, Inc. * United States 910.57 -3% 35,892.9 33,148.1 1,589.4 442.8 27.9% 18.6% 20.9x 74.9x Envestnet, Inc. United States 80.26 -13% 4,330.0 4,813.4 974.3 140.9 14.5% 12.0% 4.9x 34.2x Equifax Inc. United States 166.90 -8% 20,302.2 23,181.8 3,914.9 1,040.7 26.6% 13.9% 5.9x 22.3x Experian plc Ireland 35.30 -17% 32,238.6 36,597.0 5,171.0 1,563.0 30.2% 3.6% 7.1x 23.4x FactSet Research Systems Inc. United States 333.76 -8% 12,680.2 12,956.4 1,494.1 497.3 33.3% 4.1% 8.7x 26.1x Fair Isaac Corporation United States 472.78 -4% 13,757.0 14,535.3 1,294.6 369.6 28.6% 11.6% 11.2x 39.3x Fidelity National Information Services, Inc. United States 148.41 -6% 92,089.7 110,102.7 12,578.0 4,451.0 35.4% 37.3% 8.8x 24.7x IHS Markit Ltd. United Kingdom 99.46 5% 39,620.7 44,814.2 4,301.0 1,414.2 32.9% -1.4% 10.4x 31.7x Moody's Corporation United States 282.34 -8% 53,034.2 57,536.2 5,314.0 2,691.0 50.6% 14.1% 10.8x 21.4x Morningstar, Inc. United States 200.10 -7% 8,570.9 8,857.9 1,341.5 266.1 19.8% 20.9% 6.6x 33.3x MSCI Inc. * United States 409.42 -6% 33,938.9 36,176.1 1,658.3 914.7 55.2% 9.6% 21.8x 39.6x S&P Global Inc. United States 351.78 -7% 84,638.3 88,832.3 7,310.0 4,046.0 55.3% 12.4% 12.2x 22.0x SEI Investments Company United States 52.75 -24% 7,626.1 6,901.6 1,663.6 471.6 28.4% 2.0% 4.1x 14.6x SS&C Technologies Holdings, Inc. United States 68.89 -2% 17,633.3 24,586.7 4,668.0 1,732.0 37.1% 2.8% 5.3x 14.2x Thomson Reuters Corporation Canada 79.23 -11% 39,356.8 41,753.4 5,951.0 1,443.0 24.2% 1.7% 7.0x 28.9x TransUnion United States 91.09 -10% 17,334.4 20,622.0 2,703.5 972.8 36.0% 4.6% 7.6x 21.2x Verisk Analytics, Inc. United States 198.31 -4% 32,243.2 35,456.4 2,748.0 1,226.9 44.6% 8.0% 12.9x 28.9x Workiva Inc. United States 74.99 -2% 3,614.2 3,416.5 338.0 (42.7) NM 19.8% 10.1x NM
Adjusted Weighted Average 9.1x 25.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.1x) ($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA comScore, Inc. United States $2.55 -54% $ 185.6 $ 420.8 $ 361.2 $ 12.0 3.3% -10.3% 1.2x 35.1x Dun & Bradstreet Holdings, Inc. United States 26.81 -9% 11,336.2 14,461.2 1,690.7 410.3 24.3% 18.0% 8.6x 35.2x Ebiquity plc United Kingdom 0.27 -52% 21.0 41.6 74.5 5.0 6.8% -13.2% 0.6x 8.2x INTAGE HOLDINGS Inc. Japan 10.21 -3% 396.1 316.4 515.3 45.9 8.9% 0.0% 0.6x 6.9x Ipsos SA France 32.15 -16% 1,415.7 2,159.0 2,122.3 180.8 8.5% 1.0% 1.0x 11.9x LiveRamp Holdings, Inc. United States 58.51 -27% 3,879.9 3,246.1 412.0 (99.8) NM 24.5% 7.9x NM Nielsen Holdings plc United States 16.17 -28% 5,772.7 14,250.7 6,309.0 954.0 15.1% -2.4% 2.3x 14.9x SVMK Inc. United States 21.28 -19% 3,026.3 3,118.5 359.0 (61.7) NM 23.3% 8.7x NM System1 Group PLC United Kingdom 2.33 -42% 29.6 27.1 28.3 (0.6) NM -20.3% 1.0x NM YouGov plc United Kingdom 11.94 -15% 1,315.8 1,280.2 200.3 37.1 18.5% 11.7% 6.4x 34.5x ZoomInfo Technologies Inc. * United States 51.25 -20% 8,242.2 9,182.8 427.6 61.4 14.4% 76.0% 21.5x 149.6x
Adjusted Weighted Average 6.5x 27.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (84.2x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 45 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Forrester Research, Inc. United States $41.40 -17% $ 785.11 $ 908.35 $ 452.73 $ 48.23 10.7% 3.8% 2.0x 18.8x Gartner, Inc. United States 152.00 -8% 13,571.6 15,984.5 4,190.1 654.6 15.6% 1.4% 3.8x 24.4x HealthStream, Inc. United States 18.68 -37% 591.7 470.7 245.7 36.3 14.8% -2.2% 1.9x 13.0x IQVIA Holdings Inc. * United States 168.99 -7% 32,399.7 44,177.7 10,956.0 1,772.0 16.2% 0.7% 4.0x 24.9x Informa plc United Kingdom 7.07 -39% 10,619.2 13,475.0 2,844.2 708.5 24.9% -18.5% 4.7x 19.0x National Research Corporation * United States 51.31 -28% 1,296.1 1,308.6 131.1 47.4 36.2% 4.1% 10.0x 27.6x NIC Inc. United States 23.44 -10% 1,570.9 1,347.2 406.4 81.1 20.0% 17.5% 3.3x 16.6x Premier, Inc. United States 35.42 -11% 4,324.8 4,862.7 1,344.1 508.5 37.8% 9.5% 3.6x 9.6x Proofpoint, Inc. United States 103.49 -22% 5,972.2 5,796.5 1,018.3 (3.4) NM 20.8% 5.7x NM Reed Elsevier plc(1) United Kingdom 23.31 -17% 44,880.1 55,086.4 9,270.2 2,638.6 28.5% -3.1% 5.9x 20.9x Wolters Kluwer N.V. Netherlands 84.02 -10% 22,123.0 24,816.9 5,291.5 1,564.3 29.6% 5.8% 4.7x 15.9x
Adjusted Weighted Average 4.8x 19.4x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.7x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 46 Driven by your success. **Source: S&P Capital IQ • The Business & IT Services segment had 96 transactions
‒ Valero Capital Partners’ sale of electronic product development services company Emphysys to Altaris-backed Paramit (A Canaccord Genuity-led transaction)
‒ PAE’s $92 million acquisition of security IT consulting services firm METIS Solutions
‒ The sale of online healthcare and IT training services provider MedCerts to Stride (formerly K12) for $70 million
‒ PWC’s acquisition of digital transformation company EagleDream Technologies
‒ IBM’s purchase of SAP development partner TruQua Enterprises
‒ The acquisition of SAP-focused software integrator and developer Boyum IT Solutions by Volpi Capital
$14.0 150
$12.0 $11.7 130
$10.0 110
$8.0 90
$6.0 70 $4.4 $4.4 $4.6 $4.0 50 $3.2 $2.4 $1.8 $2.0 $1.1 $1.2 30 $0.9 $0.7 132 117 101 117 98 89 72 $0.1 110 98 96 $0.0 86 10 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-2056 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Business & IT Services 2Q20 3Q20 LTM Nov-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 155 $754.5 214 $2,729.2 861 $19,291.4 80 $1,968.0 Private Equity - Buyout 19 0.0 36 2,605.0 110 11,743.0 10 0.0 Private Equity - VC/Growth Capital 43 156.5 44 986.5 201 5,437.7 6 440.0 Total 217 $911.0 294 $6,320.7 1,172 $36,472.1 96 $2,408.0
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 47 Driven by your success. ($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $249.09 -1% $ 157,814.94 $ 153,289.45 $ 44,327.04 $ 7,235.36 16.3% 2.6% 3.5x 21.2x CRA International, Inc. United States 45.85 -21% 356.5 526.3 490.2 48.1 9.8% 11.2% 1.1x 10.9x FTI Consulting, Inc. United States 105.02 -27% 3,642.2 3,849.8 2,436.9 310.1 12.7% 8.0% 1.6x 12.4x Information Services Group, Inc. United States 3.02 -20% 145.0 189.5 248.2 17.2 6.9% -7.4% 0.8x 11.0x ICF International, Inc. United States 72.43 -24% 1,366.3 1,900.0 1,469.2 129.1 8.8% 0.6% 1.3x 14.7x Huron Consulting Group Inc. United States 44.07 -38% 950.0 1,205.6 878.0 93.7 10.7% 3.3% 1.4x 12.9x The Hackett Group, Inc. United States 14.08 -26% 421.9 387.0 239.3 25.8 10.8% -7.5% 1.6x 15.0x
Adjusted Weighted Average 1.5x 13.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.0x)and EBITDA multiples that are 1.0 ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Automatic Data Processing, Inc. United States $173.88 -5% $ 74,562.18 $ 75,366.48 $ 14,564.80 $ 3,808.80 26.2% 1.9% 5.2x 19.8x Barrett Business Services, Inc. United States 66.71 -29% 510.1 390.7 892.8 44.6 5.0% -4.5% 0.4x 8.8x Capita plc United Kingdom 0.57 -77% 938.0 2,617.4 4,345.1 401.9 9.2% -6.6% 0.6x 6.5x DHI Group, Inc. United States 1.92 -45% 92.7 120.1 141.4 23.0 16.3% -5.5% 0.8x 5.2x Edenred SA * France 57.28 -7% 14,081.5 16,212.5 1,684.7 624.6 37.1% 4.3% 9.6x 26.0x Insperity, Inc. United States 85.50 -11% 3,279.3 3,306.8 4,305.8 238.0 5.5% 2.4% 0.8x 13.9x Marsh & McLennan Companies, Inc. United States 114.64 -5% 58,144.3 70,902.3 17,072.0 4,734.0 27.7% 6.0% 4.2x 15.0x Paychex, Inc. United States 93.15 -2% 33,487.5 33,519.3 3,980.7 1,601.8 40.2% 2.0% 8.4x 20.9x TriNet Group, Inc. United States 75.00 -6% 4,997.5 5,035.5 3,989.0 437.0 11.0% 6.2% 1.3x 11.5x
Adjusted Weighted Average 5.5x 18.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.6x)and EBITDA multiples that are 1.0
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 48 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
IT Consulting Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $249.09 -1% $ 157,814.94 $ 153,289.45 $ 44,327.04 $ 7,235.36 16.3% 2.6% 3.5x 21.2x Amdocs Limited United States 65.81 -15% 8,754.0 8,845.7 4,169.0 792.9 19.0% 2.0% 2.1x 11.2x Bechtle AG Germany 218.36 -3% 9,171.0 9,309.0 6,616.3 367.5 5.6% 9.8% 1.4x 25.3x Booz Allen Hamilton Holding Corporation United States 86.79 -3% 11,968.4 13,459.6 7,794.7 795.9 10.2% 10.0% 1.7x 16.9x Capgemini SE France 139.00 -4% 23,518.9 32,292.7 16,541.8 2,085.3 12.6% 7.0% 2.0x 15.5x Cerner Corporation United States 74.84 -7% 22,945.2 23,554.9 5,553.0 1,247.3 22.5% -1.1% 4.2x 18.9x CGI Inc. Canada 73.82 -16% 19,022.5 21,186.6 9,129.8 1,575.7 17.3% 0.4% 2.3x 13.4x Cognizant Technology Solutions Corporation United States 78.13 -1% 41,771.5 40,679.5 16,752.0 3,133.0 18.7% 0.7% 2.4x 13.0x Digi International Inc. United States 17.16 -9% 501.8 527.3 279.3 33.4 12.0% 9.9% 1.9x 15.8x DXC Technology Company United States 21.91 -43% 5,574.2 14,166.2 18,892.0 2,743.0 14.5% -6.5% 0.7x 5.2x Endava plc * United Kingdom 62.79 -10% 3,414.3 3,390.5 470.4 41.6 8.9% 19.7% 7.2x 81.4x EPAM Systems, Inc. * United States 322.33 -10% 18,046.9 17,095.8 2,568.8 411.1 16.0% 18.6% 6.7x 41.6x Globant S.A. * Luxembourg 188.68 -11% 7,464.2 7,220.6 765.8 114.3 14.9% 24.5% 9.4x 63.2x Hexaware Technologies Limited India 6.36 1% 1,896.3 1,900.3 846.7 133.9 15.8% 17.3% 2.2x 14.2x IBEX Limited United States 19.90 -2% 352.0 387.6 418.6 29.3 7.0% 0.0% 0.9x 13.2x International Business Machines Corporation United States 123.52 -22% 110,063.4 164,981.4 75,030.0 15,690.0 20.9% -2.7% 2.2x 10.5x Infosys Limited India 14.86 -7% 63,037.6 60,195.0 12,873.0 3,274.0 25.4% 3.9% 4.7x 18.4x Larsen & Toubro Limited India 15.07 -19% 21,164.5 35,727.4 18,395.8 2,204.3 12.0% -10.2% 1.9x 16.2x NTT DATA Corporation Japan 13.44 -12% 18,655.3 23,368.7 21,513.8 1,332.0 6.2% 2.3% 1.1x 17.5x Parsons Corporation United States 32.70 -28% 3,293.8 3,549.4 3,992.1 246.0 6.2% 3.8% 0.9x 14.4x Perficient, Inc. United States 45.53 -15% 1,502.9 1,681.6 594.7 88.6 14.9% 7.7% 2.8x 19.0x Reply S.p.A. Italy 111.99 -11% 4,189.2 4,047.1 1,403.2 174.8 12.5% 10.6% 2.9x 23.2x SQLI SA France 22.17 -24% 100.9 168.6 254.4 15.8 6.2% -5.4% 0.7x 10.7x Synthomer plc United Kingdom 5.74 -3% 2,439.3 3,318.4 1,770.7 204.2 11.5% -7.6% 1.9x 16.3x Tata Consultancy Services Limited India 36.20 -7% 135,819.0 130,622.6 21,523.2 5,706.3 26.5% 3.8% 6.1x 22.9x Wipro Limited India 4.73 -8% 26,954.9 22,680.9 8,324.5 1,657.2 19.9% 2.2% 2.7x 13.7x
Adjusted Weighted Average 3.6x 17.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.9x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 49 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 11/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA AMREP Corporation United States $5.94 -13% $ 44.05 $ 32.48 $ 18.22 $ (3.97) NM NM 1.8x NM Cimpress plc Ireland 89.63 -32% 2,330.7 3,901.3 2,433.9 304.1 12.5% -13.0% 1.6x 12.8x Clairvest Group Inc. Canada 36.75 -14% 558.0 252.2 100.7 76.3 75.8% -7.3% 2.5x 3.3x CSG Systems International, Inc. United States 43.38 -25% 1,374.5 1,639.1 984.8 164.3 16.7% -0.5% 1.7x 10.0x Donnelley Financial Solutions, Inc. United States 16.29 -1% 543.7 870.5 874.5 95.2 10.9% -1.2% 1.0x 9.1x Elanders AB (publ) Sweden 9.67 -10% 341.9 760.7 1,235.6 51.6 4.2% -1.5% 0.6x 14.7x Eniro AB (publ) Sweden 0.11 -71% 7.6 1.5 102.3 10.8 10.6% -19.2% 0.0x 0.1x ExlService Holdings, Inc. United States 83.26 -3% 2,815.0 2,788.1 966.4 141.0 14.6% -0.3% 2.9x 19.8x Firstsource Solutions Limited India 1.07 -1% 746.7 837.6 596.2 74.7 12.5% 11.9% 1.4x 11.2x Genpact Limited Bermuda 40.65 -10% 7,697.0 8,898.8 3,699.5 575.6 15.6% 8.3% 2.4x 15.5x J2 Global, Inc. United States 89.61 -14% 4,085.5 5,103.3 1,425.9 554.8 38.9% 8.6% 3.6x 9.2x Maximus, Inc. United States 71.81 -11% 4,412.9 4,554.8 3,461.5 383.5 11.1% 19.9% 1.3x 11.9x Quad/Graphics, Inc. United States 3.10 -56% 166.3 1,207.0 3,156.2 277.7 8.8% -20.7% 0.4x 4.3x IQVIA Holdings Inc. United States 168.99 -7% 32,399.7 44,177.7 10,956.0 1,772.0 16.2% 0.7% 4.0x 24.9x R. R. Donnelley & Sons Company United States 1.40 -68% 100.0 1,960.0 5,649.9 369.6 6.5% -2.7% 0.3x 5.3x Serco Group plc United Kingdom 1.52 -34% 1,861.8 2,538.0 4,451.4 258.8 5.8% 22.0% 0.6x 9.8x Steel Connect, Inc. United States 0.90 -54% 56.2 452.1 782.8 82.8 10.6% -4.5% 0.6x 5.5x SYNNEX Corporation United States 160.31 -3% 8,263.1 10,387.3 23,842.9 1,277.3 5.4% 4.9% 0.4x 8.1x Sykes Enterprises, Incorporated United States 37.63 -8% 1,483.8 1,559.6 1,685.0 185.2 11.0% 5.0% 0.9x 8.4x Teleperformance SE France 333.69 -6% 19,596.9 22,599.8 6,134.4 932.5 15.2% 10.5% 3.7x 24.2x TTEC Holdings, Inc. United States 67.66 -2% 3,162.1 3,581.5 1,839.6 267.3 14.5% 14.9% 1.9x 13.4x transcosmos inc. Japan 26.30 -14% 1,073.1 943.2 3,068.7 176.7 5.8% 8.3% 0.3x 5.3x Transcontinental Inc. Canada 14.84 0% 1,274.9 2,030.4 2,018.9 360.2 17.8% -12.0% 1.0x 5.6x
Adjusted Weighted Average 1.5x 18.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.2x)
*The stock prices shown are as of 11/30/2020 and should not be relied upon as current thereafter. Page 50 Driven by your success. **Source: S&P Capital IQ PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination • All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public announcements by companies and investors.
• All trading data related to publicly-traded companies has been sourced from Capital IQ.
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 52 Driven by your success. Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, and Canaccord Genuity, a division of Canaccord Genuity Group Inc. Canaccord Genuity Group Inc. is listed on the TSX and LSE. Research Policy: Decisions regarding initiation and termination of research coverage will be made exclusively by research management. Investment banking is not able to request or have input into specific company coverage decisions. It is, however, our general practice to continue to provide coverage for companies for which we act as lead or co-manager in an equity offering. The information contained in this document has been compiled by Canaccord Genuity from sources believed to be reliable, but no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinions and other information contained in this document constitute Canaccord Genuity's judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility or liability. Canaccord Genuity and its affiliates may choose to provide specific disclosures of the subject companies by reference, as well as its policies and procedures regarding the dissemination of investment research. To access this material or for more information, please send a request to Canaccord Genuity Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or [email protected]. Canaccord Genuity and its affiliates may have a relationship with the company that is contained herein and may trade in any of the securities mentioned herein either for their own account or the accounts of their customers. Accordingly, Canaccord Genuity or their affiliates may at any time have a long or short position in any such securities, related securities or in options, futures or other derivative instruments based thereon. This document is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the securities discussed in this document may not be eligible for sale in some jurisdictions. This document is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, neither Canaccord Genuity, nor its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of the information contained in this document. For Canadian Residents This document has been approved by Canaccord Genuity Group Inc., which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of Canaccord Genuity in their particular jurisdiction. For United Kingdom Residents: This material is not for distribution in the United Kingdom to retail customers, as defined under the rules of the Financial Conduct Authority. Canaccord Genuity Limited accepts responsibility for this presentation and its dissemination in the United Kingdom. The information contained in this presentation is only intended for distribution in the UK to persons who qualify as professional clients or eligible counterparties as defined under the rules of the Financial Conduct Authority. This publication is not directed at private individuals in the United Kingdom or Continental Europe, and has not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended. Within the United Kingdom, it is directed only at persons falling within Article 19 (Investment Professionals) or Article 49 (High Net Worth Companies) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005. Any other person or persons who receive a copy of this presentation should not act upon it and Canaccord Genuity accepts no liability or responsibility whatsoever for any actions taken by such persons in reliance on this publication. The distribution of this publication in jurisdictions other than the United Kingdom may be restricted by law and, therefore, persons into whose possession this publication comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdictions. This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information is available on request.
Copyright © Canaccord Genuity Corp. 2020 – Member IIROC/Canadian Investor Protection Fund Copyright © Canaccord Genuity Limited. 2020 – Member LSE, authorized and regulated by the Financial Conduct Authority. Copyright © Canaccord Genuity LLC 2020 – Member FINRA/SIPC Copyright © Canaccord Genuity (Australia) Limited. 2020 – Participant of ASX Group, Chi-x Australia and of the NSX. Authorized and regulated by ASIC. All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity, a division of Canaccord Genuity Group Inc., Canaccord Genuity Limited, and Canaccord Genuity LLC None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of the entities listed above.
Driven by your success.Page 53