Salesforce.Com Partners

Sectorwatch: Salesforce Partners July 2018 Salesforce Partners July 2018 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

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

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

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

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

3 Dashboard

Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 0.005 average for last 3 years 34.7% Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 20.8%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 7.7% 1 - year gross profit % compared to gross profit % -0.1% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 25.8x 1 - year EBITDA % compared to EBITDA % average for -0.3% last 3 years Median TEV / LTM EBIT 16.0x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 13.5x

Median TEV / LTM Revenue 2.6x

0x 10x 20x 30x

4 Public Basket

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

Perficient, Inc. 1,005 483 5% 35% 12% 2.1 18.0 3,024 160

HCL Technologies Limited 18,369 7,838 12% 34% 23% 2.5 10.9 120,081 65

Capgemini SE 24,468 15,360 2% 26% 13% 1.6 12.9 199,698 77

Infosys Limited 38,812 11,119 7% 35% 27% 3.5 13.1 204,107 54

Cognizant Technology Solutions Corporation 43,817 15,176 10% 38% 21% 2.9 13.9 260,000 58

Accenture plc 104,155 38,574 13% 31% 16% 2.7 16.6 425,000 91

Tata Consultancy Services Limited 105,545 18,660 8% 44% 27% 5.7 21.2 394,998 47

International Business Machines Corporation 167,679 80,056 1% 46% 21% 2.1 10.1 366,600 218

Average 62,981 23,408 7% 36% 20% 2.9 14.6 246,689 96 Median 41,314 15,268 8% 35% 21% 2.6 13.5 232,054 71 share price as of 16Jul18

5 Public Basket Valuation Trends

16x Public EBITDA Multiples over Time 14x 3.0x 2.5x 2.0x 12x 1.5x 1.0x 12.4x 0.5x

10x 0.0x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-15 Apr-16 Apr-17 Apr-18 8x Apr-14 TEV/Revenue - Median TEV/Revenue - Average

6x Public Revenue Multiples over Time 4x 15x 2.5x 10x 2x 5x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 TEV/EBITDA - Median TEV/EBITDA - Average TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

International Business Machines Corporation Infosys Limited

Tata Consultancy Services Tata Consultancy Limited Services Limited

Cognizant Technology Solutions HCL Technologies Corporation Limited

Cognizant Technology Infosys Limited Solutions Corporation

International Business Perficient, Inc. Machines Corporation

HCL Technologies Limited Accenture plc

Accenture plc Capgemini SE

Capgemini SE Perficient, Inc.

Median Median

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

7 Operational Metrics

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

International Business Machines Accenture plc Corporation

HCL Technologies Limited Perficient, Inc.

Cognizant Technology Solutions Accenture plc Corporation

Tata Consultancy Services Capgemini SE Limited

Infosys Limited HCL Technologies Limited

Cognizant Technology Solutions Perficient, Inc. Corporation

Capgemini SE Infosys Limited

International Business Machines Tata Consultancy Services Corporation Limited

Median Median

- 4% 8% 12% 16% 20% $- $100 $200 $300

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

International Business Tata Consultancy Machines Corporation Services Limited

Accenture plc Capgemini SE

Perficient, Inc. Infosys Limited

Cognizant Technology HCL Technologies Solutions Corporation Limited

Cognizant Technology HCL Technologies Limited Solutions Corporation

Infosys Limited Perficient, Inc.

Capgemini SE Accenture plc

Tata Consultancy International Business Services Limited Machines Corporation

Median Median

0x 2x 4x 6x 8x 10x 0 20 40 60 80 100

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Tata Consultancy Tata Consultancy Services Limited Services Limited

Infosys Limited Perficient, Inc.

Cognizant Technology Accenture plc Solutions Corporation

HCL Technologies Infosys Limited Limited

International Business Capgemini SE Machines Corporation

HCL Technologies Perficient, Inc. Limited

International Business Capgemini SE Machines Corporation

Median Median

0x 2x 4x 6x 8x 10x 0x 10x 20x 30x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

Perficient, Inc. Perficient, Inc.

Tata Consultancy Services Limited Cognizant Technology Solutions Corporation

Accenture plc Tata Consultancy Services Limited Cognizant Technology Solutions Corporation Accenture plc

Capgemini SE

Capgemini SE Infosys Limited

International Business International Business Machines Corporation Machines Corporation

HCL Technologies Infosys Limited Limited

Median Median

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

11 Valuation

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

25x 50% 25x 14% 45.6% 12.8% 44.2% 12.4% 45% 12% 20x 38.3% 40% 20x 34.8% 9.7% 35% 10% 8.1% 15x 34.3% 30% 15x 7.3% 31.4% 34.6% 8% 25% 26.5% 6% 10x 20% 10x 0.8% 15% 4.9% 4% 5x 10% 5x 2% 5% 2.0%

10x 11x 13x 13x 14x 17x 18x 21x 10x 11x 13x 13x 14x 17x 18x 21x

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

0x 0% 0x 0% RGR% LTM

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

12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

10Jul18 SWC Technology Partners, Inc. BDO USA, LLP - - - - 28Jun18 RO Innovation, Inc. Qvidian Corporation 14.25 6.00 2.4x - 28Jun18 Sybit GmbH itelligence AG - - - - 12Jun18 Gap Consulting Ltd Incremental Group Limited - - - - 6Jun18 Scribe Software Corporation TIBCO Software Inc. - - - - 5Jun18 Third Wave Consulting Inc. Deloitte Digital - - - - 1Jun18 Information Systems Management, Inc. SWK Technologies, Inc. - - - - 8Apr18 Red Sky Solutions FMT Consultants, LLC - - - - 1Mar18 Sonnick Partners LLC Pamlico Capital - - - - 13Nov17 cDecisions Limited PricewaterhouseCoopers LLP - - - - 20Sep17 Pierry, Inc. Wunderman Limited - 14.50 - - 8Sep17 Apttus Corporation PremjiInvest; International Business Machines Corp., Investment Arm; - - - - K1 Investment Management, LLC; ICONIQ Capital, LLC; Salesforce Ventures 22Aug17 Summa Technologies, Inc. CGI Group Inc. - - - - 26Jul17 Crma Holdings LLC Virsys12, LLC - - - - 18Jul17 Appiphony, LLC Salesforce Ventures; SI Trailblazer Fund - - - - 18Jul17 PatronManager, LLC Providence Equity Partners LLC - - - - 7Jul17 InfoTrellis Inc. Mastech Digital, Inc. 55.00 22.00 - - 6Jul17 Pendo.io, Inc. Battery Ventures; MeriTech Capital Partners; Core Capital Partners; 25.00 - - - Spark Capital Partners, LLC; IDEA Fund Partners; Contour Venture Partners; Salesforce Ventures 7Jun17 Phase One Consulting Group, Inc. Accenture Federal Services LLC - - - - 15May17 Media Hive Accenture plc - - - - 8May17 Perspectium Corporation TVC Capital, LLC 8.00 - - - 5May17 Terminus Software, LLC Edison Partners; HubSpot, Inc.; Knoll Ventures Inc.; Arthur Ventures; 10.30 - - - Hyde Park Venture Partners; Vine Street Ventures; Atlanta Ventures; Atlanta Student Fund; High Alpha 26Apr17 VanDamme Associates, Inc. Community Brands - - - - 20Apr17 Spanning Cloud Apps, LLC Insight Venture Partners LLC - - - - 12Apr17 Govenda, LLC Digital Evolution Group LLC - - - - 3Apr17 Blue Acorn, LLC Beringer Capital; Beringer Capital Fund III L.P. - - - - 27Mar17 Day1 Solutions LLC Deloitte Digital - - - - 23Mar17 ITELIOS SAS Cap Gemini S.A. (nka:Capgemini SE) - - - - 2Feb17 MapAnything, Inc. Columbus Nova; Greycroft; Harbert Venture Partners, LLC; Salesforce 33.10 - - - Ventures; ServiceNow Ventures 24Jan17 Sequence LLC salesforce.com, inc. 26.00 - - - 20Oct16 Appirio Inc. Wipro Limited 500.00 196.00 2.6x - 4Oct16 ACF Solutions, LLC (nka:ACF Solutions, An Attain, LLC - - - - Attain Company)

13 Salesforce Partners July 2018 APPENDIX:

Public Basket

Constituents

Perficient, Inc. 0x Perficient, Inc. provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using middleware software TEV/Revenue Average products developed by third-party vendors. Its solutions include portals and collaboration, such as searchable data systems, EBITDA Multiples - Perficient, Inc. collaborative systems for process improvement, transaction 30x processing, unified and extended reporting, and other services; 20x and platform implementations services, including application server selection, architecture planning, installation and 10x configuration, clustering for availability, performance assessment and issue remediation, security, and technology migrations. The 0x company also offers management consulting services in the areas of organizational change management, business analytics, project management, process excellence, and other; and cloud TEV/EBITDA Average services comprising architecture, business value and health checks assessments, strategy and road maps, and vendor P/E Multiples - Perficient, Inc. evaluation and selection services. Perficient, Inc. was founded in 60x 1997 and is headquartered in St. Louis, Missouri. 40x

20x

Date Key Development Headline 0x 7/15/18 Perficient, Inc. (NasdaqGS:PRFT) acquired Stone Temple Consulting Corporation. P/E Average

15 Revenue Multiples - HCL Technologies 8x Limited Public Basket 6x 4x 2x HCL Technologies Limited 0x HCL Technologies Limited provides software, business process outsourcing, and information technology (IT) infrastructure TEV/Revenue Average services worldwide. The company offers IT infrastructure management, cloud computing, data center, managed mainframe and maintenance, network, service integration and EBITDA Multiples - HCL Technologies Limited 20x management, and workplace services, as well as autonomics and orchestration services, products, and platforms. It also 15x provides digital consulting, application development and platform 10x engineering, platforms, business analytics, business assurance 5x and testing, and application maintenance services; SAP landscape transformation, system conversion, and new 0x implementations of on-premises and cloud platform solutions; Oracle business consulting, implementation, upgrades, managed, and migration services; and Microsoft customer TEV/EBITDA Average relationship management, cloud, analytics, infrastructure, and workplace innovation services. HCL Technologies Limited was founded in 1976 and is headquartered in Noida, India.

Date Key Development Headline 6/26/18 HCL Technologies Limited (NSEI:HCLTECH) signed a definitive agreement to acquire Hönigsberg & Düvel Datentechnik GmbH for €30 million. 6/1/18 JDA and HCL Technologies Announce Alliance Agreement for JDA Commerce, SofTechnics, and PRM Solutions 5/2/18 HCL Seeks Acquisitions

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

Capgemini SE 0x Capgemini SE provides consulting, technology, and digital transformation services. It addresses clients’ opportunities in the TEV/Revenue Average world of cloud, digital, and platforms, as well as enables organizations to realize business ambitions through an array of services from strategy to operations. The company’s Consulting EBITDA Multiples - Capgemini SE 20x Services segment offers strategy and transformation consulting services primarily in digital transformation that enhance the 15x performance of organizations based on intimate client 10x relationships, and the knowledge of client industries and 5x processes. Its Technology & Engineering Services segment provides assistance and support to internal IT teams of client 0x companies. The company’s Application Services segment designs, develops, implements, and maintains IT applications, including system integration and application maintenance TEV/EBITDA Average services. Its Other Managed Services segment integrates, manages, and/or develops client’s IT infrastructure systems, as P/E Multiples - Capgemini SE well as provides transaction, on-demand, and/or business 30x process outsourcing services. Capgemini SE was founded in 24x 1967 and is based in Paris, France. 18x 12x 6x 0x Date Key Development Headline 6/21/18 Capgemini Seeks Acquisitions in India 6/6/18 Capgemini SE (ENXTPA:CAP) entered into an agreement to acquire Leidos Cyber, Inc. P/E Average

17 Revenue Multiples - Infosys Limited 5x Public Basket 4x 3x 2x 1x Infosys Limited 0x Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North TEV/Revenue Average America, Europe, India, and internationally. It provides business information technology services, including application development and maintenance, independent validation, EBITDA Multiples - Infosys Limited 20x infrastructure management, and business process management services, as well as engineering services, such as engineering 15x and life cycle solutions; and consulting and systems integration 10x services comprising consulting, enterprise solutions, systems 5x integration, and advanced technologies. The company’s products include Finacle, a banking solution that provides 0x analytics, core banking, consumer e-banking, corporate e- banking, Islamic banking, mobile banking, origination, payments, SME enable, treasury, wealth management, and youth banking TEV/EBITDA Average solutions. Infosys Limited was founded in 1981 and is headquartered in Bengaluru, India. 40x P/E Multiples - Infosys Limited 30x Date Key Development Headline 7/5/18 Infosys Limited Partners with Siemens to Develop Advanced IoT 20x Engineering Solutions on MindSphere 10x 5/29/18 Infosys Limited (NSEI:INFY) completed the acquisition of Wongdoody Holding Company, Inc. 0x 5/2/18 Infosys and Astound Partner to Deliver Better Service Experience Through an AI Enhanced Enterprise Service Management Café 4/18/18 Infosys Mulls Acquisitions P/E Average 4/13/18 Infosys Seeks Sell Of Panaya and Skava

18 Revenue Multiples - Cognizant Technology 10x Solutions Corporation Public Basket 8x 6x 4x 2x Cognizant Technology Solutions Corporation 0x Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and TEV/Revenue Average outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It EBITDA Multiples - Cognizant Technology 40x offers business, process, operations, and technology consulting Solutions Corporation services; application design and development, and systems 30x integration services; application testing, consulting, and 20x engineering services; and enterprise information management 10x services. The company was founded in 1994 and is headquartered in Teaneck, New Jersey. 0x

TEV/EBITDA Average

Date Key Development Headline P/E Multiples - Cognizant Technology 60x 5/6/18 Cognizant Technology Solutions Eyes Acquisition Solutions Corporation 5/1/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 45x acquired Hedera Consulting BVBA. 4/18/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 30x completed the acquisition of Bolder Healthcare Solutions LLC from Bolder Capital, LLC and The Edgewater Funds. 15x 3/11/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 0x agreed to acquire Bolder Healthcare Solutions LLC from Bolder Capital, LLC and The Edgewater Funds. 11/29/17 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of Netcentric AG. P/E Average

19 Revenue Multiples - Accenture plc 4x Public Basket 3x 2x 1x Accenture plc 0x Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology TEV/Revenue Average segment provides professional services that help clients accelerate and deliver digital transformation, and enhance EBITDA Multiples - Accenture plc business results through industry-specific solutions for 30x communications, media, and high tech industries, as well as for 25x software platforms. The company’s Financial Services segment 20x offers services that address profitability pressures, industry 15x consolidation, regulatory changes, and the need to continually 10x adapt to new digital technologies. This segment serves clients in 5x banking, capital markets, and insurance industries. Its Health & 0x Public Service segment provides research-based insights and offerings, including consulting services and digital solutions to help clients deliver social, economic, and health outcomes. TEV/EBITDA Average Accenture plc was founded in 1989 and is based in Dublin, Ireland. P/E Multiples - Accenture plc 45x

Date Key Development Headline 30x 7/11/18 Accenture plc (NYSE:ACN) acquired Kogentix Inc. 6/30/18 Accenture Reportedly Seeks Acquisitions 15x 6/7/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire designaffairs GmbH. 0x 6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in Target Industries 5/22/18 Accenture plc (NYSE:ACN) agreed to acquire HO P/E Average Communication.

20 Revenue Multiples - Tata Consultancy 10x Services Limited Public Basket 8x 6x 4x 2x Tata Consultancy Services Limited 0x Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. The TEV/Revenue Average company offers CHROMA, a cloud-based talent management solution that enables organizations to drive transformational EBITDA Multiples - Tata Consultancy employee experiences; ignio, a cognitive automation system; 40x iON, an assessment solution; TAP, a cloud solution, including Services Limited TAP contract management, purchasing, accounts payable, and 30x supplier management solutions; and TCS MasterCraft, a digital 20x platform to automate and manage IT processes. It also provides 10x customer intelligence and insight solutions to deliver personalized retail, banking, and communications experiences; 0x Intelligent Urban Exchange, an enterprise software to accelerate smart city transportation, water, and energy programs for cities; OPTUMERA, a digital merchandising suite. Tata Consultancy TEV/EBITDA Average Services Limited is a subsidiary of Tata Sons Limited. P/E Multiples - Tata Consultancy Services 50x Limited 40x Date Key Development Headline 6/19/18 NCR Corporation and Tata Consultancy Services Limited Enter 30x into Strategic Alliance 20x 6/15/18 TCS Seeks Acquisitions 10x 4/22/18 Tata Consultancy Services Open To Acquisitions In Digital Space 0x 3/5/18 Virgin Atlantic Extends Strategic Partnership with Tata Consultancy Services Limited 10/26/17 Tata Consultancy Services and ACORD Collaborate on Digital Transformation Enhancements for the Insurance Industry P/E Average

21 Revenue Multiples - International Business 5x Machines Corporation Public Basket 4x 3x 2x 1x International Business Machines Corporation 0x International Business Machines Corporation operates as an integrated technology and services company worldwide. Its Cognitive Solutions segment offers Watson, a cognitive TEV/Revenue Average computing platform that interacts in natural language, processes big data, and learns from interactions with people and EBITDA Multiples - International Business computers. This segment also offers data and analytics 30x Machines Corporation solutions, including analytics and data management platforms, 24x cloud data services, enterprise social software, talent 18x management solutions, and solutions tailored by industry; and 12x transaction processing software that runs mission-critical 6x systems in banking, airlines, and retail industries. International 0x Business Machines Corporation was founded in 1911 and is headquartered in Armonk, New York. TEV/EBITDA Average

Date Key Development Headline P/E Multiples - International Business 7/16/18 IBM, Banca Carige Launches Dock a USD 500 Million US Joint 50x Machines Corporation Venture 6/14/18 International Business Machines Corporation (NYSE:IBM) 40x acquired Oniqua Pty Ltd. from ASCO Holdings Limited. 30x 6/7/18 Intellect Design Arena Limited and International Business 20x Machines Corporation to Deliver Seamless Digital Transformation 10x Transformation to the Large Banks with IBM Cloud 4/26/18 Host Hotels & Resorts, Inc. Announces Joint Development 0x Agreement with IBM Research 2/22/18 Industrial Realty Group, LLC completed the acquisition of the Rochester, Minnesota technology campus of International P/E Average Business Machines Corporation (NYSE:IBM) for $33.9 million.

22 Contact Information 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close- knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC. Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.373.3737 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected] Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected]

Sydney Larese, Associate 704.899.5960 [email protected]

Marty Johnson, Associate 704.899.5960 [email protected]

Rory Julyan, Associate 704.899.5960 [email protected] Garth Martin, Associate 704.899.5960 x 109 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected]