Quarterly Enterprise Software Market Review Q4 2019

Boston San Francisco 200 Clarendon Street, Floor 45 601 Montgomery Street, Suite 2010 Boston, MA 02116 San Francisco, CA 94111

Peter M. Falvey Michael H.M. Shea Christopher J. Pingpank Michael S. Barker Managing Director Managing Director Managing Director Managing Director 617.896.2251 617.896.2255 617.896.2218 415.762.8101 [email protected] [email protected] [email protected] [email protected]

Jeffrey G. Cook Brad E. McCarthy William Broughton Misha Cvetkovic Principal Principal Vice President Vice President 617.896.2252 617.896.2245 617.896.2248 415.762.8104 [email protected] [email protected] [email protected] [email protected]

1 2 24 $10Bn+ 15+ 80+

Firm focused exclusively on Offices in Boston and San Professionals focused on the Advised transaction value in Average years of experience Transactions completed enterprise software Francisco software industry last 12 months amongst our senior bankers representing billions of dollars in value

Mergers & Acquisitions, Private Placements & Capital Raising Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with clients in the U.S. as well as Canada, Europe and Israel.

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Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the financial Shea & Company served as the exclusive Shea & Company served as the financial Shea & Company served as the financial financial advisor to XebiaLabs financial advisor to OpenGov financial advisor to TCV advisor to Clearlake financial advisor to Magnitude advisor to Perforce and Clearlake advisor to Rogue Wave

Public Sector & Healthcare

has been acquired by have been merged with has acquired has acquired has acquired has been acquired by has been acquired by

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Aptean, Superion and financial advisor to BC Partners financial advisor to Clearlake financial advisor to EQT financial advisor to Gurobi financial advisor to BriefCam financial advisor to YourCause Vista Equity Partners

has received an investment from has received an investment from has been acquired by has received an investment from has been acquired by has received an investment from has been acquired by

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Granicus and its owner financial advisor to Sovos Compliance and financial advisor to MRI Software and its financial advisor to MRI Software and its financial advisor to Bronto financial advisor to Mimecast financial advisor to ProfitLogic owner GI Partners K1 Investment Management its owner Vista Equity Partners owner Vista Equity Partners

1 Quarterly Enterprise Software Market Review Contents

M&A Activity Software M&A Summary: 2014 – Q4 2019 p. 3 Software Acquisitions: 3-Year Trend Analysis p. 4 Publicly Available Software M&A Transaction Data: Q4 2019 p. 5 Announced Software Acquisitions: Q4 2019 p. 6 Most Active Software Acquirers: 2014 – Q4 2019 p. 10

Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices p. 16 Price Performance and Valuation Metrics by Segment p. 17 Equity Trading Multiples by Growth Tranche p. 18 Price Performance and Valuation Metrics of Selected Software Vendors p. 19 Equity Trading Multiples by Segment p. 20 Equity Trading Multiples by Comparable Subset p. 28

Equity Financing Activity Software IPOs: Q4 2019 p. 32 Software IPO Pricing & Performance Data p. 33 Software IPO Pipeline p. 34 Software Private Capital Raise Activity: Q4 2019 p. 35

2 M&A Activity Software M&A Summary: 2014 – Q4 2019

$100 NASDAQ $82.1 $80 $73.1

$56.6 $60 $49.1 $48.0 $37.8 $36.3 $40 $32.0 $35.3 $28.4 $26.2 $29.1 $19.9 $20.8 $17.7 $18.0 $20.9 $17.8 $14.1 $20 $12.2 $12.4 $11.7 $9.7 $6.0 $-

Announced Deal Value ($billions) Value Deal Announced Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2014 2015 2016 2017 2018 2019

Transaction Count by Deal Size > $1bn 3 0 6 4 3 3 4 4 2 10 13 5 4 2 5 5 6 12 11 12 5 5 5 5 $500m - $1bn 3 2 3 7 2 3 4 5 3 6 4 8 4 2 5 3 2 0 4 7 9 3 1 3 $250m - $500m 2 4 4 6 4 3 3 13 4 6 5 3 6 4 11 5 7 4 6 5 7 8 1 1 < $250m 39 65 44 57 38 45 34 48 39 47 34 28 53 61 42 28 53 36 48 46 35 27 32 21 No Reported Value 113 153 153 126 157 129 106 144 168 194 172 145 150 167 161 129 164 151 147 163 205 177 191 150 Total 160 224 210 200 204 183 151 214 216 263 228 189 217 236 224 170 232 203 216 233 261 220 230 180

Notable Transactions: Q4 2019 ($ millions)

Acquirer

Target

Date 10/01/19 10/14/19 10/22/19 11/02/19 11/04/19 11/06/19 11/11/19 12/04/19 12/17/19 12/19/19

Enterprise Value $450 $3,948 $2,683 $225 $540 $580 $1,297 $1,689 $4,252 $1,000

EV / LTM Rev 7.0x 5.4x 3.6x n/a n/a 11.6x 3.2x 6.9x 3.4x 16.7x

EV / LTM EBITDA 28.1x 46.9x 17.0x n/a n/a n/a 12.7x nm 13.3x n/a

Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

3 M&A Activity Software Acquisitions: 3-Year Trend Analysis

By Transaction Size (2017 – Q4 2019)

200 184 183 # of Deals $180 Aggregate Deal Value ($ billions) $162 9.0x Median EV / LTM Rev 2017 7.9x 180 $160 8.0x 7.0x 6.7x 160 2018 $140 7.0x 6.0x 140 $120 6.0x 115 2019 120 4.7x 4.8x $100 5.0x 4.3x 100 $79 3.8x $80 4.0x 3.5x 80 $60 3.0x 2.7x $41 2.2x 60 41 1.8x 40 26 $40 2.0x 22 17 20 14 13 16 16 $10 $11 $10 $11 20 $20 $7 $9 $7 $6 $9 1.0x 0 $- 0.0x < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value) Deal Value (Enterprise Value) Deal Value (Enterprise Value)

By Target Segment (2017 – Q4 2019)

Aggregate Deal Value ($ billions) 500 $80 $75 7.0x7.0x MedianMedian EV / LTM Rev 459 # of Deals $71 6.2x6.3x 417 5.9x 450 $70 5.5x5.7x5.7x 397 6.0x6.0x 5.5x 5.4x 5.3x5.3x 400 5.1x $60 5.1x 4.5x4.5x 350 5.0x5.0x 4.0x4.0x 4.0x4.0x $50 3.7x 300 4.0x4.0x 3.6x 3.1x 250 $40 $35 3.1x 3.0x3.0x2.5x2.5x 200 2.3x2.3x 144160 $30 $22 131 129 $20 1.8x1.8x 150 103 113 $17 $16 2.0x2.0x 101 108 $20 $15 1.2x1.2x 91 $12 $12 100 65 $10 $9 $8 35 45 $10 $5 $4 1.0x1.0x 50 0 $- 0.0x0.0x Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial BusinessBusiness ITIT Security Security InformationInformation InfrastructureInfrastructure FinancialFinancial Applications Management Applications Applications Management Applications Applications Management Applications Applications Management Applications

Notes: Business Applications includes: Advertising Technology; Communications; ERP & Business Applications; Marketing Applications; Technical & Embedded Applications Information Management includes: Business Intelligence; Content Management Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage Management Sources: Company releases, Wall Street research

4 M&A Activity Publicly Available Software M&A Transaction Data: Q4 2019

($ millions)

Consideration Equity Enterprise EV / Revenue Revenue EV / EBITDA EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr Growth % LTM Current yr Fwd yr Margin %

12/23/19 Zynstra NCR - - - $131 ------12/19/19 Shape Security F5 Networks 100% - - $1,000 16.7x ------12/17/19 Sonar Technologies Marchex 68% 32% - $13 ------12/17/19 LogMeIn Francisco Partners / Evergreen Coast Capital 100% - $4,201 $4,252 3.4x - 3.2x 5% 13.3x - - 25% 12/12/19 CyberSponse Fortinet 100% - - $28 ------12/12/19 Church Community Builder Pushpay 100% - - $88 ------12/11/19 VividCortex SolarWinds 100% - - $118 ------12/04/19 Instructure Thoma Bravo 100% - $1,811 $1,689 6.9x - - - nm - - (27%) 12/02/19 Indegy Tenable Holdings 100% - - $78 ------11/26/19 Push Holdings Weyland Tech - - - $25 ------11/25/19 Aporeto Palo Alto Networks 100% - - $150 ------11/22/19 Frankly Media Torque Esports - 100% - $35 ------11/21/19 Perfect Audience SharpSpring 100% - - $5 ------11/19/19 Private Internet Access Kape Technologies - - - $128 ------11/19/19 Unique Software Industries Formula Systems 100% - - $14 ------11/13/19 kCentric Technologies Mediagrif 91% 9% - $13 ------11/11/19 Carbonite OpenText Corporation 100% - $805 $1,297 3.2x - - - 12.7x - - 25% 11/08/19 Xitron Global Graphics 100% - - $5 - - - - 9.6x - - - 11/07/19 AccSys PAR Technology Corporation 31% 69% - $42 ------11/06/19 Buildium RealPage 100% - - $580 11.6x ------11/04/19 Scout RFP Workday 100% - - $540 ------11/02/19 ObserveIT Proofpoint 100% - - $225 ------10/28/19 enSilo Fortinet - - - $20 ------10/22/19 Cision Platinum Equity 100% - $1,484 $2,683 3.6x - - - 17.0x - - 21% 10/22/19 dataxu Roku 50% 50% - $150 ------10/16/19 Orkus SailPoint - - - $17 ------10/16/19 OverWatchID SailPoint - - - $21 ------10/14/19 Sophos Thoma Bravo 100% - $3,820 $3,948 5.4x - 5.2x 4% 46.9x - - 11% 10/11/19 Pulsar Access Intelligence - - - $6 0.6x ------10/10/19 Gauddi ZetaDisplay 100% - - $5 - - - - 5.8x - - - 10/09/19 Zefyr Frontier Financial - - - $15 ------10/07/19 Asure (workspace management business) FM:Systems 100% - - $120 4.3x ------10/07/19 Altify Upland Software 100% - - $84 - - 3.5x - - - - - 10/01/19 STR CoStar Group 100% - - $450 7.0x - - - 28.1x - - 25% 10/01/19 InGenius Software Upland Software 100% - - $29 ------

Includes only transactions for which data was publicly available. Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

5 M&A Activity Announced Software Acquisitions: Q4 2019

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

12/30/19 Bay Dynamics Broadcom IT Security - Security information and event management n/a 12/23/19 ePath Learning Absorb Software ERP & Business Applications - Employee training course development n/a 12/23/19 RiskRecon Mastercard IT Security - Third-party cybersecurity for businesses n/a 12/23/19 qilo Technologies PeopleStrong ERP & Business Applications - Project portfolio management platform n/a 12/23/19 WorldAPP Diversis Content Management - BPM, data collection and workflow optimization n/a 12/23/19 Zynstra NCR Network Infrastructure - Retail server virtualization and cloud management $131 12/23/19 Personal & Informatik HgCapital ERP & Business Applications - HR management ERP in Europe n/a 12/20/19 Flow Hospitality Training MAPAL ERP & Business Applications - Online learning and development management n/a 12/19/19 Shape Security F5 Networks IT Security - AI-enabled web and mobile application fraud protection $1,000 12/18/19 Relay Network LLR Partners Marketing Applications - Mobile customer service and marketing automation n/a 12/18/19 Bridgevine Updater Marketing Applications - Business marketing automation and communications n/a 12/17/19 Sonar Technologies Marchex Marketing Application - Marketing automation and prospecting for real estate industry $13 12/17/19 JINSPIRED Instana Platforms, Development Tools & Deployment - Application development and performance monitoring n/a 12/17/19 Unifi Software Dell Storage Management - AI-enabled data discovery, cataloging, search and data management n/a 12/17/19 LogMeIn Francisco Partners / Evergreen Coast ERP & Business Applications - Remote access, web conferencing and team collaboration $4,252 12/16/19 Insite Software Solutions EPiServer ERP & Business Applications - Domestic and international supply chain management n/a 12/12/19 CyberSponse Fortinet IT Security - Security orchestration, automation and response and incident management $28 12/12/19 AlgoTrace Qualitest Business Intelligence - AI-based analytics and corporate performance management n/a 12/12/19 Impulse Point OPSWAT ERP & Business Applications - SDP and network access control n/a 12/12/19 Church Community Builder Pushpay ERP & Business Applications - Church administrative management and payments $88 12/12/19 Paxata DataRobot Storage Management - AI-enabled self-service data preparation n/a 12/11/19 WhistleB Whistleblowing Centre NAVEX Global ERP & Business Applications - Whistleblowing reporting and case management n/a 12/11/19 Investor Management Services RealPage Communications - Real estate investor management n/a 12/11/19 VividCortex SolarWinds Storage Management - Database performance monitoring $118 12/11/19 AgilOne Acquia Marketing Applications - AI-based customer analytics n/a 12/11/19 StreetSmart Technologies Think3 ERP & Business Applications - Mobile workforce management solutions n/a 12/10/19 NCG Jonas Software ERP & Business Applications - Field service ERP n/a 12/10/19 5nine Software Acronis International Network Infrastructure - Cloud infrastructure management n/a 12/10/19 Midoco LEA Partners ERP & Business Applications - German travel agency ERP and CRM n/a 12/09/19 Data Liberation Ipsos Storage Management - Market research portals and dashboards n/a 12/05/19 InSight Mobile Data Accel-KKR ERP & Business Applications - Mobile workforce and fleet and asset management n/a 12/05/19 Meercat VelocityEHS ERP & Business Applications - Supplier relationship management and risk analytics n/a 12/04/19 Plass Data Software KMD A/S Business Intelligence - Disaster victim identification n/a 12/04/19 Instructure Thoma Bravo ERP & Business Applications - Learning management and employee training $1,689 12/04/19 Indio Technologies Applied Systems Content Management - Insurance agency document management n/a 12/04/19 MiEdge Zywave Business Intelligence - Insurance CRM and analytics n/a 12/04/19 Rekener Brainshark ERP & Business Applications - Sales CRM and scorecard analytics n/a 12/03/19 Commercial Business Systems ServiceTitan ERP & Business Applications - Water treatment industry ERP n/a 12/03/19 Nanigans Sprinklr Marketing Applications - Advertising data and predictive analytics n/a 12/03/19 Caliper Management PSI Services Business Intelligence - Talent and behavioral assessment management n/a 12/03/19 Embotics Snow Software Network Infrastructure - Hybrid cloud application management n/a 12/02/19 Protego Labs Check Point Software IT Security - Serverless and cloud-based application security n/a 12/02/19 Roser ConSys Prometheus Group ERP & Business Applications - Energy sector ERP and plant management n/a 12/02/19 Indegy Tenable Holdings IT Security - Operational technology network security $78 11/28/19 CakeHR The Sage Group ERP & Business Applications - Cloud-native HR and employee engagement platform n/a 11/28/19 Clinch Technology PageUp People ERP & Business Applications - Candidate recruitment and marketing n/a 11/26/19 Push Holdings Weyland Tech Marketing Applications - AI-enabled e-commerce marketing and services $25 11/26/19 EleVia Software Newforma Financial Applications - Architectural and engineering sector ERP n/a 11/26/19 Empyrean Benefit Solutions Securian Financial ERP & Business Applications - HR benefits administration n/a 11/25/19 First Advantage Silver Lake Business Intelligence - Pre-employment background checks n/a

Sources: Company releases, Wall Street research

6 M&A Activity Announced Software Acquisitions: Q4 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

11/25/19 Aporeto Palo Alto Networks IT Security - Cloud workload security and micro-segmentation $150 11/25/19 Varicent Software Great Hill Partners ERP & Business Applications - Sales performance management and analytics n/a 11/22/19 Frankly Media Torque Esports Marketing Applications - Sales document generation and analytics $35 11/21/19 Multifamily Insurance Partners MRI Software Content Management - Optical character recognition and data entry automation n/a 11/21/19 CyntrX Radius Payment Solutions ERP & Business Applications - GPS-based fleet tracking and analytics n/a 11/21/19 Perfect Audience SharpSpring Marketing Applications - Targeted advertising and marketing $5 11/20/19 People Apps The Access Group ERP & Business Applications - Small and medium business HR management n/a 11/20/19 Wax Digital Limited Medius ERP & Business Applications - Contract and invoice management and analytics n/a 11/20/19 ManagerPlus Solutions iOFFICE ERP & Business Applications - Asset management and ERP n/a 11/20/19 Nymity TrustArc ERP & Business Applications - CPM and privacy management n/a 11/19/19 Private Internet Access Kape Technologies IT Security - Multi-platform VPN encryption for businesses $128 11/19/19 Detectica Urban Compass Business Intelligence - AI-enabled BI n/a 11/19/19 Market Data Services Limited Calero Software ERP & Business Applications - Telecom expense and data management n/a 11/19/19 OneStop Reporting Visma Group Business Intelligence - BI reporting and financial analysis n/a 11/19/19 Unique Software Industries Formula Systems ERP & Business Applications - Payroll and pension ERP $14 11/18/19 idio EPiServer AB Marketing Applications - B2B AI-based content and analytics n/a 11/18/19 CloudSimple Alphabet Platforms, Development Tools & Deployment - Iaas to deploy and migrate workloads to public cloud n/a 11/18/19 Loxysoft Group (workforce management assets) Serenova Business Intelligence - Workforce management assets of Loxysoft desinged to forecast employee schedules n/a 11/18/19 Chronobooks Intuit Financial Applications - Cloud-based accounting data back-up for accountants and SMBs n/a 11/18/19 Sonatype Vista Equity Partners Platforms, Development Tools & Deployment - Open source and application quality assurance integration iPaas n/a 11/18/19 Mercator Group Vista Equity Partners ERP & Business Applications - ERP, CRM, payments and logistics for travel industry n/a 11/18/19 n2y Providence Equity Partners ERP & Business Applications - E-learning for educational institutions n/a 11/14/19 Cymplify Check Point Software IT Security - Device agnostic IoT embedded security n/a 11/14/19 Great Bay Software Plixer IT Security - Endpoint security management, network access control n/a 11/14/19 DMARC Analyzer Mimecast IT Security - Domain-based email message reporting and authentification n/a 11/14/19 GatherUp Alpine Marketing Applications - Customer experience automation for digital agencies n/a 11/13/19 kCentric Technologies Mediagrif ERP & Business Applications - Education registration and records management $13 11/13/19 Sogelink Keensight Capital Marketing Applications - Mobile messaging campaign management n/a 11/13/19 Docker (enterprise technology assets) Mirantis Platforms, Development Tools & Deployment - Enterprise technology assets of Docker n/a 11/13/19 Gryphone Networks Sverica Capital Marketing Applications - Sales performance management and analytics n/a 11/12/19 Imprev MoxiWorks Marketing Applications - Health and pharmaceutical customer analytics and market intelligence n/a 11/12/19 Host Compliance Granicus ERP & Business Applications - Business management, payment processing and marketing n/a 11/12/19 Komiko ZoomInfo ERP & Business Applications - AI-based CRM automation to businesses n/a 11/12/19 CloudSploit Aqua Security Platforms, Development Tools & Deployment - Open source cloud and commercial infrastructure management n/a 11/12/19 T-Base Communications Thompson Street Capital Partners Content Management - Financial document conversion software n/a 11/12/19 Kylie.ai Directly Software Communications - AI-based customer communication automation n/a 11/12/19 Whendu (iPaas assets) Five9 Platforms, Development Tools & Deployment - Call center iPaas assets of Whendu, no-code, visual workflow n/a 11/11/19 Schouw Informatisering Aptean ERP & Business Applications - Microsoft Dynamics ERP n/a 11/11/19 Form Automation Solutions SFK Group Business Intelligence - Asset inspection task and data management n/a 11/11/19 Carbonite OpenText Corporation Storage Management - Backup and recovery $1,297 11/08/19 Xitron Global Graphics Content Management - Prepress image processing $5 11/07/19 SnapRoute Infoblox Network Infrastructure - Cloud native network operating system for networking teams n/a 11/07/19 GrowthZone Greenridge Investment Partners ERP & Business Applications - Association membership management and marketing automation n/a 11/07/19 Boxx.ai Netcore Solutions Business Intelligence - AI-based customer analytics and online advertising n/a 11/07/19 SchoolCircle Konstella Communications - Education-focused stakeholder communication n/a 11/07/19 AccSys PAR Technology Corporation ERP & Business Applications - Workforce management, reporting and SCM $42 11/06/19 Snylio Building Engines Content Management - Content automation, document management and OCR data capture n/a 11/06/19 Ubimo Quotient Technology Business Intelligence - AI-based mobile location intelligence marketing n/a 11/06/19 EZMCOM Fair Isaac Corporation IT Security - AI-enabled unified authentification security and access n/a 11/06/19 Buildium RealPage ERP & Business Applications - Property management for managers and landlords $580

Sources: Company releases, Wall Street research

7 M&A Activity Announced Software Acquisitions: Q4 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

11/06/19 Synlio Building Engines Storage Management - AI-based RFP and bidding process management n/a 11/06/19 Dojo-Labs (assets) ForeScout Technologies IT Security - Specific Dojo assets, provides mobile IoT security for devices n/a 11/05/19 Custora Amperity Marketing Applications - AI-based customer analytics n/a 11/05/19 Percolate Industries Seismic Software Marketing Applications - Marketing campaign planning and project management n/a 11/05/19 Hippo CMMS iOFFICE Financial Applications - Assets and preventative maintenance management n/a 11/05/19 ComplyUSA UST Global ERP & Business Applications - GDPR data compliance automation solution n/a 11/05/19 UE.co Digital Media Solutions Marketing Applications - Marketing automation, customer analytics and report n/a 11/05/19 Collage Technologies People Corporation ERP & Business Applications - Cloud-based digital human resource, benefits and payroll services n/a 11/05/19 Cortexica Vision Systems Zebra Technologies Content Management - AI-based image recognition, capture and search n/a 11/05/19 CoreMedia OpenGate Capital Content Management - Web content mangement for marketers n/a 11/04/19 SevOne Turbonomic Network Infrastructure - Network performance management n/a 11/04/19 SmashFly Technologies Symphony Talent Marketing Applications - AI-based marketing automation and talent recruiting n/a 11/04/19 Prolific Virtue Blue Ridge Solutions ERP & Business Applications - Supply chain optimization n/a 11/04/19 JASK Sumo Logic IT Security - AI and machine learning-based security management n/a 11/04/19 PieSync HubSpot ERP & Business Applications - Two-way customer data synchronization iPaas n/a 11/04/19 Scout RFP Workday ERP & Business Applications - Sourcing and supplier management $540 11/04/19 ThreatLandscape Cyber Solutions NetEnrich IT Security - AI-enabled cybersecurity for businesses and governments n/a 11/04/19 Costello SalesLoft ERP & Business Applications - AI-enabled CRM for businesses n/a 11/02/19 ObserveIT Proofpoint IT Security - Insider threat management solution for businesses and governments $225 11/01/19 Iopipe (assets) New Relic Platforms, Development Tools & Deployment - Technology and key personnel DevOps n/a 10/31/19 Space connect Smartspace Software ERP & Business Applications - AI and IoT backed workplace space management n/a 10/31/19 Conclude think project! ERP & Business Applications - Construction project management to businesses n/a 10/30/19 Courthouse Technologies Tyler Technologies ERP & Business Applications - Jury management for governments n/a 10/30/19 ENGAGE Talent Workforce Logiq Business Intelligence - Predictive analytic AI-enabled recruiting for businesses n/a 10/30/19 Airim Whatfix ERP & Business Applications - AI-powered embeddable widget CRM n/a 10/30/19 Megalytic TapClicks Marketing Applications - Marketing analytics and campaign reporting n/a 10/30/19 OmniUpdate Destiny Solutions Platforms, Development Tools & Deployment - Web content management and development tools for higher education n/a 10/30/19 ITBoost ConnectWise Content Management - IT document, password and customer management BI n/a 10/29/19 Alpin CoreView IT Security - Authentication platform for corporate systems n/a 10/29/19 Schoolzilla Renaissance Learning Content Management - Data management and warehousing for schools n/a 10/28/19 Capsilon Ellie Mae Content Management - Mortgage process automation and document management n/a 10/28/19 enSilo Fortinet IT Security - Managed endpoint security and services $20 10/28/19 algacom Bechtle IT Security - Identity management solution n/a 10/28/19 datapine RIB Software Business Intelligence - Data visualization, analytics and reporting tool n/a 10/25/19 Engica Prometheus Group ERP & Business Applications - Work process, maintenance and safety management n/a 10/24/19 Schoology PowerSchool ERP & Business Applications - E-learning software for K-12 schools n/a 10/24/19 Infintus Data Dynamics ERP & Business Applications - AI-enabled CRM and ERP solution for insurance companies n/a 10/24/19 Unmetric Falcon.io Marketing Applications - Social media analytics, benchmarking and engagement tool n/a 10/23/19 Attivio (cognitive search platform) ServiceNow Business Intelligence - AI and NLP-enabled enterprise search and analytics n/a 10/22/19 Cision Platinum Equity Marketing Applications - Customer engagement messaging automation $2,683 10/22/19 dataxu Roku IT Operations Management - Wireless expense and mobile device management $150 10/22/19 OwnerIQ Inmar Business Intelligence - Online shopping behavior data management and marketplace n/a 10/22/19 Eptica Enghouse Systems Communications - Customer service automation n/a 10/22/19 CHSI Connections Bow River Capital ERP & Business Applications - Insurance and risk management solution n/a 10/22/19 SessionM Mastercard Marketing Applications - Loyalty marketing automation tool n/a 10/22/19 Ericsson (enterprise and cloud billing assets) Kansys Financial Applications - Charging, pricing, billing, settlement and customer care n/a 10/21/19 Mover Microsoft IT Operations Management - Cloud storage migration solution n/a 10/21/19 Natural Insight Movista ERP & Business Applications - Workforce management tool n/a 10/21/19 Cloud Conformity Trend Micro IT Security - AWS cloud infrastructure security n/a 10/21/19 Streamlio Splunk Content Management - Data streaming processing tool n/a

Sources: Company releases, Wall Street research

8 M&A Activity Announced Software Acquisitions: Q4 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

10/17/19 Code Barrel Atlassian IT Operations Management - Jira visual rule builder for development, marketing and HR n/a 10/17/19 WolfePak Software Charlesbank Capital ERP & Business Applications - Software and managed services for the oil and gas industry n/a 10/16/19 PropertyCapsule View the Space Marketing Applications - Real estate marketing automation n/a 10/16/19 Orkus SailPoint IT Security - Cloud computing access control and authorization $17 10/16/19 SUALAB Cognex ERP & Business Applications - ML vision tool that enables automation of industrial tasks n/a 10/16/19 PropertyCapsule VTS Marketing Applications - Marketing automation and prospecting tool for retail landlords and brokerages n/a 10/16/19 OverWatchID SailPoint IT Security - Identity access management solution $21 10/16/19 Dopamine Labs Thrive Global Business Intelligence - Behavior prediction and engineering tool n/a 10/15/19 wiko Bausoftware TSS ERP & Business Applications - Construction project management tool n/a 10/15/19 Atiim Workfront ERP & Business Applications - Enterprise goal management solution n/a 10/15/19 ProcessGold UiPath Content Management - Business process data mining tool n/a 10/14/19 Sophos Thoma Bravo IT Security - Communication endpoint, encryption, network, email, mobile and unified threat management $3,948 10/11/19 Pulsar Access Intelligence Business Intelligence - Audience intelligence tool to analyze conversational and behavioral data $6 10/11/19 Data Blue AHEAD Storage Management - Storage, backup and server virtualization services n/a 10/11/19 SeeClickFix CivicPlus ERP & Business Applications - Request and work management tool for local governments n/a 10/10/19 Gauddi ZetaDisplay IT Operations Management - Cloud and event monitoring, performance management and visualization $5 10/10/19 DeepMagic (assets) Standard Cognition ERP & Business Applications - Automated retail checkout n/a 10/09/19 Pacific Technology Solutions MSX International ERP & Business Applications - Web-based training and development to the automotive industry n/a 10/09/19 Zefyr Frontier Financial Business Intelligence - Big data market analysis $15 10/09/19 ChameleonX Akamai Technologies IT Security - Web application security n/a 10/08/19 Astea IFS ERP & Business Applications - Customer, asset, logistics and mobile workforce management optimization n/a 10/08/19 OPtimAIze Sonasoft IT Security - AI-based risk management solution n/a 10/07/19 Asure (workspace management business) FM:Systems ERP & Business Applications - Room booking management platform $120 10/07/19 Presenso SFK Group Business Intelligence - Predictive maintenance for manufacturers and production plants n/a 10/07/19 Beck Consulting Aptean ERP & Business Applications - Microsoft Dynamics-based ERP for business in the food industry n/a 10/07/19 Crowdicity Medallia Communications - Crowdsourced collaborative idea management n/a 10/07/19 Altify Upland Software Marketing Applications - Sales performance management, CRO, sales automation and account management $84 10/04/19 Feature Labs Alteryx Platforms, Development Tools & Deployment - Data science, open-source development tools n/a 10/03/19 Wove Technologies Samba TV Marketing Applications - AI-enabled marketing automation n/a 10/03/19 Olono InsightSquared Marketing Applications - AI-based sales assistant and analytics n/a 10/03/19 TEG Silver Lake Marketing Applications - Live event ticketing, customer analytics and marketing automation platform n/a 10/02/19 Workframe Newmark Group Business Intelligence - AI-enabled HR analytics, market intelligence and career platform n/a 10/02/19 Optimum Solutions Kronos ERP & Business Applications - Payroll, HR and time and attendance solution n/a 10/02/19 J-Screen HireRight ERP & Business Applications - Due diligence and employee background screening solution n/a 10/02/19 Hazel Rise People ERP & Business Applications - Virtual coaching and employee analytics solution n/a 10/02/19 Threatcare ReliaQuest IT Security - Cyber defense and risk assessment tool n/a 10/02/19 Insomnia Kong Platforms, Development Tools & Deployment - Open source API testing solution n/a 10/02/19 Meteor Tiny Capital Platforms, Development Tools & Deployment - Web application development platform n/a 10/02/19 CrowdTwist Oracle Marketing Applications - Loyalty and reward-based marketing automation and customer analytics n/a 10/02/19 RealSavvy OJO Labs ERP & Business Applications - Realtor CRM and SEO n/a 10/01/19 STR CoStar Group Marketing Applications - LiveOps gaming application management and marketing optimization $450 10/01/19 Lunar Litify Marketing Applications - Salesforce-based marketing solution n/a 10/01/19 IDnomic Atos IT Security - PKI-based encryption solution n/a 10/01/19 1 EDI Source Epicor Network Infrastructure - EDI data integration solution n/a 10/01/19 Erecruit Bullhorn ERP & Business Applications - Job applicant tracking and payments n/a 10/01/19 InGenius Software Upland Software Marketing Applications - Enterprise telephony and CRM platform integration $29

Sources: Company releases, Wall Street research

9 M&A Activity Most Active Strategic Acquirers: 2014 – Q4 2019

$70 80 Announced Deal Value [a] $64.0 Number of Deals

68 70 $60

60 $50

$36.7 $40 $39.0 42

$36.3 of# Deals 40 40 $31.2 34 $27.9 $30 30 Aggregate ValueDeal ($ billions) 28 30 26 $18.8 $20 $16.3 20 16 16 $14.4 15 13 11 $10 $7.4 $7.3 10

$0.7 $- 0

[a] Includes only transactions for which data is publicly available

10 M&A Activity Most Active Strategic Software Acquirers

2014 – Q4 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Broadcom Corporation Known acquired value (since 2014): $36,730 Cisco Systems (continued) 12/30/19 Bay Dynamics - - - - 10/28/15 1 Mainstream - - - - Cisco 08/09/19 Symantec (enterprise security assets) 100% - - $10,700 10/27/15 Lancope 100% - - $453 07/11/18 CA Technologies 100% - $18,900 $18,400 10/26/15 ParStream - - - - 04/09/18 SourceClear [a] - - - - 10/13/15 Pawaa Software - - - - 09/28/17 Runscope [a] - - - - 09/30/15 Portcullis Computer Security - - - - Dell 06/15/17 zIT Consulting [a] - - - - 07/07/15 MaintenanceNet - - - $139 03/07/17 Veracode [a] 100% - - $614 06/30/15 OpenDNS 100% - - $635 12/28/16 Mobile System 7 [a] - - - - 06/03/15 Piston Cloud Computing - - - - 12/01/16 Automic Software [a] - - - $636 05/07/15 Tropo - - - - IBM 11/02/16 Brocade Communications Systems 100% - $5,500 $5,900 04/01/15 Embrane - - - - 09/20/16 BlazeMeter [a] 100% - - - 12/10/14 Neohapsis - - - - 08/04/15 Xceedium [a] - - - - 09/18/14 Memoir Systems - - - - 06/08/15 IdMlogic [a] - - - - 09/17/14 Metacloud - - - $149 Intel 06/04/15 Grid Tools [a] - - - - 06/27/14 Assemblage - - - - 05/27/15 Rally Software [a] 100% - - $480 06/17/14 Tail-f Systems - - - $175 10/28/14 Identropy (SCUID assets) [a] - - - - 05/21/14 ThreatGRID - - - - Intuit Cisco Systems Known acquired value (since 2014): $14,351 Dell Known acquired value (since 2014): $63,978 08/26/19 CloudCherry - - - - 12/17/19 Unifi Software - - - - 06/06/19 Sentryo - - - - 10/12/15 EMC 73% 27.0% $63,100 $62,778 01/30/19 Singularity Networks - - - - 05/26/15 Virtustream [a] 100% - - $1,200 Microsoft 12/18/18 Luxtera - - - $660 04/16/15 Cloudlink Technologies [a] - - - - 11/21/18 Ensoft - - - - 10/28/14 Maginatics [a] - - - - 08/02/18 Duo Security 100% - - $2,350 10/28/14 Spanning Cloud Apps [a] - - - - 06/19/18 July Systems - - - - 10/13/14 Cloudscaling [a] - - - - Oracle 05/01/18 Accompany 100% - - $270 07/08/14 TwinStrata [a] - - - - 01/24/18 Skyport Systems - - - - 07/08/14 Symplified (IP assets) [a] - - - - 12/07/17 47Line Technologies - - - - 05/05/14 DSSD [a] - - - - 10/23/17 BroadSoft - - $1,737 $1,900 03/24/14 StatSoft - - - - Salesforce 10/19/17 Perspica - - - - 08/21/17 Springpath 100% - - $320 IBM Known acquired value (since 2014): $38,050 07/13/17 Observable Networks - - - - 10/28/18 Red Hat 100% - $33,435 $34,026 SAP 05/11/17 MindMeld - - - $125 06/15/18 Oniqua - - - - 05/04/17 Saggezza (assets) - - - - 05/03/18 Armanta - - - - 05/01/17 Viptela 100% - - $610 10/04/17 Vivant Digital - - - - 01/24/17 AppDynamics - - $3,700 $3,593 09/14/17 Cloudigo - - - - Symantec 10/17/16 Heroik Labs - - - - 05/31/17 TIMETOACT GROUP 100% - - $3 08/30/16 ContainerX - - - - 05/02/17 Verizon (assets) - - - - 06/28/16 CloudLock - - - $293 01/23/17 Agile 3 Solutions 100% - - $14 03/08/16 Synata - - - - 11/01/16 Fluid (assets) - - - - VMware 03/02/16 Leaba Semiconductor 100% - - $320 10/27/16 Sanovi Technologies - - - - 03/01/16 CliQr Technologies 100% - - $260 06/01/16 EZ Legacy - - - - 02/03/16 Jasper Technologies - - - $1,400 03/31/16 Bluewolf - - - $240 11/20/15 Acano 100% - - $700 03/18/16 Optevia - - - -

[a] Acquired by CA Technologies prior to its acquisition by Broadcom; acquired by EMC prior to its acquisition by Dell continued Note: “Known acquired value” includes only transactions for which data is publicly available

11 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q4 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

IBM (continued) Intel (continued) 02/29/16 Resilient Systems - - - - 08/24/15 Docea Power - - - - Cisco 02/18/16 Truven Health Analytics 100% - - $2,600 06/16/15 Recon Instruments - - - - 02/03/16 Ecx International - - - - 06/01/15 Altera 100% - $16,700 $15,817 02/02/16 Aperto - - - - 03/25/15 Lemoptix - - - - 01/28/16 Resource/Ammirati - - - - 02/02/15 Lantiq - - - - Dell 01/21/16 Ustream 100% - - $130 01/20/15 Composyt Light Labs - - - - 01/15/16 IRIS Analytics - - - - 12/01/14 PasswordBox - - - - 12/08/15 Clearleap - - - - 09/10/14 Powerwave - - - - 11/03/15 Gravitant 100% - - - 08/13/14 LSI 100% - - $650 IBM 10/28/15 The Weather Company (assets) - - - - 05/09/14 Ginger Software (assets) - - - - 10/05/15 Cleversafe - - - - 04/01/14 INSIDE Secure (assets) 100% - - $19 09/28/15 Meteorix 100% - - $120 03/04/14 BASIS Science - - - - 09/24/15 Advanced Application 100% - - $13 Intel 09/10/15 StrongLoop - - - - Intuit Known acquired value (since 2014): $700 08/17/15 Appcore (cloud automation assets) - - - - 11/18/19 Chronobooks - - - - 08/06/15 Merge Healthcare 100% - - $904 05/28/19 Origami Logic - - - - 07/23/15 Compose - - - - 01/29/18 Applatix - - - - Intuit 06/03/15 Blue Box Group - - - - 12/05/17 TSheets 100% - - $340 04/13/15 Phytel - - - - 10/26/17 Exactor - - - - 04/13/15 Explorys - - - - 10/10/16 MTS Global - - - - 03/27/15 Blekko (assets) - - - - 03/24/15 Playbook HR - - - - Microsoft 03/04/15 AlchemyAPI - - - - 02/05/15 Porticor - - - - 08/11/14 Lighthouse Security Group (assets) - - - - 01/21/15 ZeroPaper - - - - 07/31/14 CrossIdeas - - - - 12/10/14 Acrede - - - - 05/20/14 Cognea - - - - 08/13/14 Itrios - - - - Oracle 04/10/14 Silverpop Systems - - - - 08/07/14 PaySuite - - - - 07/30/14 KDK Softwaress - - - - Intel Known acquired value (since 2014): $31,186 05/27/14 Check - - - $360 06/10/19 Barefoot - - - - 05/14/14 Invitco - - - - Salesforce 04/16/19 Omnitek - - - - 05/08/14 Lettuce - - - - 02/18/19 Ineda Systems - - - - 09/10/18 NetSpeed Systems - - - - Microsoft Known acquired value (since 2014): $36,300 SAP 08/16/18 Vertex.AI - - - - 10/21/19 Mover - - - - 07/12/18 eASIC - - - - 09/04/19 Movere - - - - 03/13/17 Mobileye 100% - - $14,700 08/19/19 JClarity - - - - 11/03/16 Voke - - - - 08/05/19 PromoteIQ - - - - Symantec 09/05/16 Movidius - - - - 07/29/19 BlueTalon - - - - 08/10/16 Nervana Systems - - - - 06/09/19 Double Fine Productions - - - - 05/26/16 Itseez - - - - 04/18/19 Express Logic - 0% - - 04/05/16 Yogitech - - - - 02/04/19 BrightBytes - - - - VMware 03/09/16 Replay Technologies - - - - 01/24/19 Citus Data - - - - 01/04/16 Ascending Technologies - - - - 11/19/18 FSLogix - - - - 10/26/15 Saffron Technology - - - - 11/14/18 XOXCO - - - - 10/01/15 VIA Telecom (assets) - - - - 11/12/18 InXile Entertainment - - - -

continued Note: “Known acquired value” includes only transactions for which data is publicly available

12 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q4 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Microsoft (continued) Microsoft (continued) 09/13/18 Lobe Artificial Intelligence - - - - 01/23/15 Revolution Analytics 100% - - - Cisco 06/20/18 Bonsai AI - - - - 01/20/15 Equivio - - - - 06/04/18 GitHub - 100.0% - $7,500 12/11/14 Bit Stadium - - - - 04/02/18 Forerunner Software (BI reporting assets) - - - - 12/01/14 Acompli - - - - 02/13/18 Chalkup - - - - 11/13/14 Aorato - - - - Dell 01/29/18 PlayFab 100% - - - 09/15/14 Mojang AB - - - $2,500 01/03/18 Avere Systems - - - - 07/11/14 InMage Systems - - - - 11/06/17 Swing Technologies (assets) - - - - 05/28/14 Capptain - - - - 10/03/17 AltspaceVR - - - - 05/01/14 GreenButton Limited - - - - IBM 08/15/17 Cycle Computing - - - - 03/04/14 Junction Solutions (JunctionMCR) - - - - 06/29/17 Cloudyn 100% - - - 01/27/14 Epic Games (assets) - - - - 05/24/17 Hexadite - - - $100 01/07/14 Parature - - - - 04/18/17 Intentional Software - - - - Intel 04/10/17 Deis - - - - Oracle Known acquired value (since 2014): $16,260 01/17/17 Donya Labs - - - - 10/02/19 CrowdTwist 100% - - - 01/13/17 Maluuba - - - - 07/11/19 Speak Ai - - - - 11/08/16 Beam Interactive - - - - 06/26/19 Oxygen Systems - - - - Intuit 08/22/16 Genee - - - - 11/15/18 Talari Networks - - - - 06/16/16 Wand Labs - - - - 10/22/18 DataFox - - - - 06/13/16 LinkedIn 100% - - $26,200 10/17/18 goBalto - - - - 05/03/16 Solair - - - - 09/25/18 Iridize - - - - Microsoft 02/24/16 Xamarin - - - - 05/16/18 Datascience - - - - 02/09/16 Zikera (Groove assets) - - - - 04/30/18 Vocado - - - - 02/03/16 TouchType - - - - 02/15/18 Zenedge - - - - 01/19/16 Teacher Gaming (assets) - - - - 12/17/17 Aconex 100% - - $1,200 Oracle 01/13/16 Event Zero (UC Commander assets) - - - - 04/18/17 Moat - - - - 12/21/15 Talko (assets) - - - - 04/17/17 Wercker US - - - - 12/18/15 Metanautix - - - - 03/13/17 Webtrends (marketing analytics assets) - - - - 11/09/15 Secure Islands Technologies - - - - 01/19/17 Apiary - - - - Salesforce 11/05/15 Mobile Data Labs - - - - 11/21/16 Dyn - - - - 10/02/15 Havok (assets) - - - - 09/18/16 Palerra - - - - 09/29/15 Sensei Project Solutions (assets) - - - - 09/07/16 LogFire - - - - SAP 09/28/15 Adxstudio (assets) - - - - 07/28/16 NetSuite 100% - $9,300 $9,174 09/12/15 Double Labs - - - - 05/02/16 Opower 100% - - $532 09/08/15 Adallom - - - - 04/28/16 Textura 100% - - $663 09/03/15 VoloMetrix - - - - 04/14/16 Crosswise 100% - - $50 Symantec 08/03/15 Incent Games - - - - 02/22/16 Ravello Systems - - - - 07/16/15 FieldOne - - - - 01/05/16 AddThis 100% - - - 06/10/15 BlueStripe Software - - - - 12/18/15 StackEngine - - - - 06/02/15 6Wunderkinder GmbH - - - - 08/20/15 Maxymiser - - - - VMware 04/14/15 Datazen Software - - - - 12/22/14 Datalogix - - - - 03/26/15 LiveLoop - - - - 09/14/14 Front Porch Digital - - - - 02/12/15 N-trig - - - - 07/31/14 TOA Technologies - - - - 02/04/15 Sunrise Atelier - - - - 06/23/14 MICROS Systems 100% - $5,300 $4,642

continued Note: “Known acquired value” includes only transactions for which data is publicly available

13 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q4 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Oracle (continued) SAP (continued) 06/20/14 LiveLOOK - - - - 12/14/16 Abakus - - - - Cisco 05/15/14 GreenBytes - - - - 09/28/16 PLAT.ONE - - - - 02/24/14 BlueKai - - - - 09/27/16 Altiscale - - - - 01/07/14 Corente - - - - 06/21/16 Fedem Technology - - - - 02/16/16 MeLLmo - - - - Dell Salesforce.com Known acquired value (since 2014): $27,857 10/13/15 Multiposting - - - - 08/07/19 ClickSoftware Technologies - - - $1,350 09/18/14 Concur Technologies - - $8,300 $8,113 06/10/19 Tableau - 100.0% $15,080 $14,579 05/20/14 SeeWhy - - - - 05/06/19 Bonobo - - - - 03/26/14 Fieldglass - - - - IBM 04/17/19 MapAnything - - - - 01/28/19 Griddable.io - - - - Symantec Known acquired value (since 2014): $7,264 01/14/19 roundCorner - - - - 02/12/19 Luminate Security - - - - 10/05/18 Rebel - - - - 11/05/18 Appthority - - - - Intel 07/16/18 Datorama 16% 84% $744 $726 11/05/18 Javelin Networks - - - - 03/20/18 MuleSoft 80% 20% $6,580 $6,500 11/06/17 SurfEasy 100% - - $39 01/08/18 Attic Labs - - - - 10/25/17 Outlier Security - - - - 01/24/17 Sequence - - - $26 07/11/17 Skycure - - - $275 Intuit 01/13/17 Unity&Variety - - - - 07/06/17 Fireglass - - - - 12/13/16 Twin Prime - - - - 06/03/17 Watchful Software - - - - 10/04/16 Krux 50% 50% - $680 11/20/16 LifeLock 100% - $2,335 $2,300 09/15/16 Gravity Tank - - - - 06/12/16 Blue Coat Systems 100% - - $4,650 Microsoft 09/07/16 Heywire - - - - 08/20/15 Blackfin Security Group - - - - 08/15/16 BeyondCore - - - $110 01/12/15 Narus - - - - 08/01/16 Quip - 100% $410 $410 05/28/14 Nitrodesk - - - - 07/21/16 Coolan - - - - Oracle 06/01/16 Demandware 100% - - $2,800 VMware Known acquired value (since 2014): $7,443 05/09/16 Implisit - - - - 08/22/19 Carbon Black 100% - $2,100 $2,053 04/04/16 MetaMind - - - - 08/22/19 Pivotal Software - - - $3,300 02/19/16 TappingStone - - - - 08/21/19 Intrinsic - - - - Salesforce 12/23/15 SteelBrick - 100% $360 $300 08/14/19 Veriflow Systems - - - - 12/14/15 MinHash - - - - 07/25/19 Uhana - - - - 09/02/15 AKTA - - - - 07/18/19 Bitfusion - - - - SAP 06/25/15 Kerensen Consulting SAS 100% - - $24 06/13/19 Avi Networks - - - - 05/29/15 Tempo.ai - - - - 05/15/19 BirRock - - - - 04/01/15 Toopher - - - - 02/05/19 AetherPal - - - - 07/10/14 RelateIQ - 100% $392 $352 11/06/18 Heptio 100% - - $550 Symantec 08/27/18 CloudHealth Technologies - - - - SAP Known acquired value (since 2014): $18,838 03/28/18 E8 Security - - - - 11/19/18 Contextor - - - - 02/22/18 CloudVelox (Talent and technology assets) - - - - 11/11/18 Qualtrics 100% - - $8,000 02/14/18 CloudCoreo - - - - VMware 06/05/18 Coresystems - - - - 11/02/17 VeloCloud Networks 100% - - - 01/30/18 CallidusCloud 100% - - $2,400 05/15/17 Apteligent 100% - - - 01/22/18 Recast.AI SAS - - - - 04/12/17 Wavefront - - - - 09/24/17 Gigya - - - $325 12/19/16 PLUMgrid - - - -

continued Note: “Known acquired value” includes only transactions for which data is publicly available

14 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q4 2019 ($ millions)

Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value

VMare (continued) 06/13/16 Arkin Net - - - - Cisco 10/14/15 Boxer - - - - 02/03/15 Immidio - - - - 10/29/14 Continuent (assets) - - - - 08/20/14 CloudVolumes - - - - Dell 08/04/14 Virtual System (cloud migration assets) - - - - 03/06/14 Third Sky - - - - 01/22/14 AirWatch 76% 24% - $1,540 IBM

Intel

Intuit

Microsoft

Oracle

Salesforce

SAP

Symantec

VMware

Note: “Known acquired value” includes only transactions for which data is publicly available

15 Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices

125% 350% 1 Year Relative Performance 300% 3 Year Relative Performance

250% NASDAQ 200% 101% 100% 150% Large Cap Software [a] 100% High Growth Software [b] 50%

0% High Profitability Software [c] 75% -50% Small Cap Software [d] -100% Dec-16 Dec-17 Dec-18 Dec-19

50%

40% 35% 34% 25%

0% -4%

-25% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High

38.0x 93% 16x 40x 100% 89% 91% CY19E 34.5x 14x 13.0x 35x 90% 80% CY20E 80% 12x 11.1x 30x 70% 10x 25x 20.9x 60% 7.6x 7.3x 19.0x 18.6x 46% 8x 20x 16.6x 15.7x 50% 5.4x 40% 6x 5.0x 15x 11.6x 3.8x 3.8x 10.2x 9.9x 30% 4x 10x 20% 2x 0.8x 0.9x 5x 10% 0x 0x 0% Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Software Software Software Software Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research [a] Large Cap Software includes: MSFT, INTC, CSCO, ORCL, SAP, IBM, HPE, MCRO [b] High Growth Software includes: ZG, GTYH, CRWD, DDOG, ZM, ESTC, SMAR, SHOP, NET, PLAN, CDLX, AYX, OKTA, TWLO, FIS, ZS, QTWO, ZEN, MDB, EVBG, XRO, NOW, YEXT, COUP, PD, NTNX, VEEV, APPF, TEAM, PS, DOCU, AVLR [c] High Profitability Software includes: RMV, VRSN, MSCI, AZPN, CHKP, SWI, ORCL, ADBE, INTC, MSFT, ANSS, QLYS, FIS, PAYC, AKAM, PAYX, SWX:TEMN, JCOM, MCRO, PRGS, VEEV, SSNC, VMW, OTEX, DSGX, UPLD, CSCO, FFIV, CDNS, CSGP, FISV, ROP, CTXS, SAP, INTU, CISN, DSY, DOTD [d] Small Cap Software includes: SNCR, SREV, DHX, ASUR, CYRN, VERI, NTWK, TSX:NXJ, BOXL, MRIN [e] Highly Acquisitive Software includes: DHR, ROP, TSX:CSU, SSNC, OTEX, MCRO, JCOM, DSGX, EPAY, TSX:ENGH, UPLD, ASUR 16 Public Equity Market Valuations Price Performance and Valuation Metrics by Segment

14x CY19E CY20E 13.0x

11.5x 12x Median CY19E Median CY20E 11.1x

10x 9.1x 8.9x 8.4x 8.2x 7.7x 7.7x 7.6x 7.6x 7.2x 7.1x 7.3x 7.3x 8x 6.9x 6.8x 6.9x 6.9x 6.5x 6.8x 6.3x 6.1x 5.7x 5.6x 5.9x 6x 5.5x 5.4x 5.2x 4.4x 5.0x 4.0x 3.8x 3.8x 3.8x 3.7x 4x 3.1x 2.9x

1.5x 1.4x 2x 0.8x 0.9x

Median EV Revenue/ 0x

45x

40x 38.0x 35.9x 33.9x 34.5x 35x

30x 27.6x 27.0x 27.9x 25.3x 25.0x 25.7x 23.4x 23.7x 23.4x 25x 22.1x 22.9x 20.4x 20.6x 20.7x 20.9x 19.3x 19.2x 19.9x 19.6x 19.0x 20x 17.4x 15.4x 15.1x 14.9x 15.7x 16.6x 18.6x 15.7x 14.0x 15x 12.0x 12.4x 12.1x 11.6x 10.9x 10.2x 9.9x 10x

5x nm nm 0x Median EV EBITDA/

95% 95% 94% 100% 91% 93% 90% 89% 91% 88% 87% 86% 86% 90% 83% 82% 81% 80% 82% 80% 75% 75% 67% 70% 60% 46% 50% 40% 30% 20% 10% 0% Comm. Tech. HCM Financial Vertical eCommerce ERP & Sales & IT DevOps & IT BI Global App Storage Network High High SaaS Highly Small Cap

Median % of 52 Week High & Apps Apps & Supply General Marketing Ops. DevTools Security Diversified Delivery & Mgmt Infra. Growth Profitability Acquisitive Embedded Chain Business Apps Mgmt Network Apps Mgmt Apps Acceleration

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

17 Public Equity Market Valuations Equity Trading Multiples by Growth Tranche

Market Valuations of Publicly Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

EV / Revenue EV / EBITDA 12x Revenue Current Year Forward Year Current Year Forward Year > 25% Growth Date Mean Median Mean Median Mean Median Mean Median 10x 15% - 25% < 5% Q4 2019 4.0 x 3.3 x 3.9 x 3.2 x 12.4 x 10.7 x 12.0 x 10.4 x Q3 2019 3.3 2.3 3.2 2.3 13.1 10.7 12.6 10.2 5% - 15% Q2 2019 3.2 3.1 3.7 3.1 12.8 10.6 12.4 10.3 8x Q1 2019 3.8 3.5 3.6 3.3 12.1 10.5 11.6 10.4 < 5% Q4 2018 3.3 2.9 3.2 2.9 12.9 9.6 12.5 9.4 Q3 2018 3.5 2.6 3.4 2.6 13.0 10.8 12.0 10.4 6x Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5 Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5 Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4 4x Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2 Q2 2017 3.2 3.1 3.1 3.0 11.6 11.0 12.3 10.5 2x Q1 2017 2.9 3.0 2.9 2.9 10.6 10.5 9.9 9.5 5% - 15% Q4 2019 5.6 x 5.1 x 5.1 x 4.7 x 23.0 x 22.1 x 20.5 x 18.4 x Q3 2019 5.1 4.6 4.7 4.1 19.9 20.0 17.5 17.5 - Q2 2019 5.4 4.7 4.9 4.3 20.5 19.6 18.2 17.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 5.3 4.6 4.8 4.3 21.0 20.1 18.1 17.6 Q4 2018 4.7 4.2 4.3 3.9 21.2 19.9 18.9 17.7 2017 2018 2019 Q3 2018 5.5 5.1 5.0 4.8 24.3 23.7 21.4 20.4 Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0 Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4 Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8 Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2 Q2 2017 4.1 3.8 3.7 3.5 17.8 16.3 16.6 14.5 Forward Year Median EV / EBITDA by Growth Tranche Q1 2017 3.8 3.8 3.5 3.4 17.3 15.7 15.2 14.1 15% - 25% Q4 2019 8.4 x 8.5 x 7.2 x 6.9 x 32.3 x 31.3 x 27.9 x 26.4 x 16x Q3 2019 8.1 7.6 6.8 6.5 29.4 27.8 27.3 25.4 > 25% Q2 2019 7.7 7.8 6.6 6.4 30.6 28.4 28.2 26.7 14x Q1 2019 7.5 7.6 6.3 6.3 30.7 29.9 27.0 25.5 15% - 25% Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7 Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5 12x 5% - 15% Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5 Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0 10x < 5% Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4 Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3 8x Q2 2017 5.4 5.6 4.5 4.6 28.6 25.9 22.9 22.1 Q1 2017 4.7 4.8 3.9 4.1 24.8 23.7 20.6 20.1 6x > 25% Q4 2019 12.3 x 13.0 x 10.4 x 11.1 x 34.5 x 34.5 x 32.1 x 38.0 x Q3 2019 10.0 10.6 9.3 10.0 29.8 21.0 28.2 25.8 4x Q2 2019 11.1 12.6 10.6 11.2 nm nm 41.0 39.6 Q1 2019 11.0 12.5 9.4 10.0 46.9 46.9 35.3 35.5 2x Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7 Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2 - Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7 Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 33.7 32.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 29.0 35.6 Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 29.0 34.8 2017 2018 2019 Q2 2017 7.1 7.3 5.5 5.8 28.0 27.8 25.1 34.5 Q1 2017 6.4 6.5 5.0 4.9 39.2 39.2 33.3 34.9

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

18 Public Equity Market Valuations Price Performance and Valuation Metrics of Selected Software Vendors

18x 15.3x CY19E CY20E 16x 14.3x 14x Median CY19E Median CY20E 12.0x 12.1x 12x 10.3x 10.0x 9.4x 10x 8.6x 8.5x 8.5x 8.2x

8x 6.9x 6.5x 6.9x 5.8x 5.7x 6x 5.1x 4.7x 5.0x 4.9x 5.2x 5.0x 4.8x 4.3x 3.9x 3.8x 4.1x 3.8x 4x

0x EV Revenue /

60x

49.7x 50x 44.2x 41.6x 40.1x 40x 33.5x 31.6x 29.4x 29.3x 29.9x 30x 25.9x 26.5x 23.6x 24.3x 24.8x

20x 16.8x 16.0x 13.9x 14.0x 14.9x 12.1x 11.1x 10.6x 10.5x 11.3x 8.7x 8.3x 10x

nm nm 0x EV EBITDA /

120%

99% 97% 97% 97% 99% 100% 93% 93% 89% 89% 88% 89%

80% 72% 73% 65%

60%

40%

20%

0% % of 52 Week High now adbe wday INTU crm splk vmw panw akam orcl upld ctxs intc feye

19 Public Equity Market Valuations Equity Trading Multiples by Segment

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Global Diversified Network Acceleration Microsoft $ 157.70 $ 1,203,063 $ 1,152,024 $ 133,025 $ 148,029 11% 8.7x 7.8x $ 59,445 45% $ 65,033 44% 19.4x 17.7x 30.2x 28.1x Intel 59.85 260,348 277,803 70,983 72,164 2% 3.9x 3.8x 31,994 45% 33,281 46% 8.7x 8.3x 13.0x 12.9x Business Intelligence Cisco Systems 47.96 203,459 195,067 51,521 51,432 0% 3.8x 3.8x 18,765 36% 18,933 37% 10.4x 10.3x 14.9x 14.6x Oracle 52.98 169,941 197,041 39,628 40,449 2% 5.0x 4.9x 18,612 47% 18,749 46% 10.6x 10.5x 14.2x 13.0x Communications SAP 135.02 161,172 173,130 30,975 33,284 7% 5.6x 5.2x 10,987 35% 11,934 36% 15.8x 14.5x 24.1x 21.7x IBM 134.04 118,711 179,517 77,045 79,523 3% 2.3x 2.3x 18,120 24% 18,888 24% 9.9x 9.5x 10.5x 10.1x eCommerce & Supply HP Enterprise 15.86 20,506 30,624 28,817 29,254 2% 1.1x 1.0x 5,245 18% 5,059 17% 5.8x 6.1x 8.8x 8.4x Chain Management Micro Focus 14.09 4,677 6,720 3,376 3,193 -5% 2.0x 2.1x 1,338 40% 1,312 41% 5.0x 5.1x 7.7x 6.4x ERP & General Mean $267,734 $276,491 $54,421 $57,166 3% 4.0x 3.9x $20,563 36% $21,649 36% 10.7x 10.3x 15.4x 14.4x Business Applications Median 165,556 187,292 45,574 45,940 2% 3.8x 3.8x 18,366 38% 18,819 39% 10.2x 9.9x 13.6x 13.0x Financial Applications Application Delivery & Network Acceleration Citrix Systems $ 110.90 $ 14,441 $ 14,903 $ 3,003 $ 3,106 3% 5.0x 4.8x $ 1,066 35% $ 998 32% 14.0x 14.9x 19.6x 20.1x Human Capital Management Akamai Technologies 86.38 13,959 14,596 2,879 3,084 7% 5.1x 4.7x 1,206 42% 1,318 43% 12.1x 11.1x 19.6x 18.0x F5 Networks 139.65 8,490 7,518 2,264 2,364 4% 3.3x 3.2x 823 36% 871 37% 9.1x 8.6x 13.8x 13.4x IT Operations Fastly 20.07 1,880 1,701 196 256 31% 8.7x 6.6x (19) -10% (20) -8% nm nm nm nm Management Radware 25.78 1,209 1,007 252 276 9% 4.0x 3.7x 44 17% 48 17% 22.9x 21.0x 30.3x 27.4x A10 Networks 6.87 528 410 210 227 8% 1.9x 1.8x n/a n/a n/a n/a n/a n/a nm 27.9x IT Security Limelight Networks 4.08 475 473 200 226 13% 2.4x 2.1x 17 9% 31 14% 27.1x 15.1x nm 51.0x Network Mean $5,855 $5,801 $1,287 $1,363 11% 4.3x 3.8x $523 22% $541 23% 17.0x 14.1x 20.8x 26.3x Infrastructure Median 1,880 1,701 252 276 8% 4.0x 3.7x 434 26% 459 25% 14.0x 14.9x 19.6x 23.8x DevOps and Software Development Tools Business Intelligence Alteryx $ 100.07 $ 6,512 $ 6,365 $ 392 $ 519 32% 16.2x 12.3x $ 56 14% $ 84 16% nm nm nm nm Sales & Marketing Cloudera 11.63 3,340 3,160 784 868 11% 4.0x 3.6x 49 6% 55 6% nm nm nm nm Applications Inovalon 18.82 2,917 3,844 641 706 10% 6.0x 5.4x 213 33% 236 33% 18.1x 16.3x 36.6x 32.4x MicroStrategy 142.63 1,464 1,001 483 521 8% 2.1x 1.9x 46 10% 72 14% 21.7x 13.9x 47.9x 38.6x Storage Management Talend 39.11 1,205 1,187 247 297 20% 4.8x 4.0x (16) -6% (5) -2% nm nm nm nm Domo 21.72 605 589 173 198 14% 3.4x 3.0x (88) -51% (50) -25% nm nm nm nm Technical & Embedded Apps Mean $2,674 $2,691 $453 $518 16% 6.1x 5.0x $43 1% $65 7% 19.9x 15.1x 42.3x 35.5x Median 2,191 2,174 438 520 12% 4.4x 3.8x 48 8% 64 10% 19.9x 15.1x 42.3x 35.5x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

20 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Communications Network Acceleration Zoom $ 68.04 $ 18,806 $ 18,051 $ 611 $ 867 42% nm nm $ 114 19% $ 123 14% nm nm nm nm RingCentral 168.67 14,523 14,367 889 1,095 23% 16.2x 13.1x 117 13% 137 13% nm nm nm nm Business Intelligence Twilio 98.28 13,479 12,221 1,116 1,467 31% 10.9x 8.3x 55 5% 98 7% nm nm nm nm Slack 22.48 12,373 11,614 623 856 37% 18.6x 13.6x (118) -19% (117) -14% nm nm nm nm Communications Amdocs 72.19 9,727 9,298 4,108 4,255 4% 2.3x 2.2x 827 20% 897 21% 11.2x 10.4x 16.5x 15.6x Five9 65.58 4,006 3,906 323 373 16% 12.1x 10.5x 58 18% 67 18% nm nm 84.6x 76.5x eCommerce & Supply Verint Systems 55.36 3,699 4,212 1,363 1,461 7% 3.1x 2.9x 329 24% 370 25% 12.8x 11.4x 15.2x 13.8x Chain Management Everbridge 78.08 2,638 2,558 200 258 29% 12.8x 9.9x 6 3% 14 5% nm nm nm nm ERP & General Bandwidth 64.05 1,505 1,312 229 267 17% 5.7x 4.9x (5) -2% (1) 0% nm nm nm nm Business Applications Mean $8,973 $8,615 $1,051 $1,211 23% 10.2x 8.2x $154 9% $176 10% 12.0x 10.9x 38.7x 35.3x Median 9,727 9,298 623 867 23% 11.5x 9.1x 58 13% 98 13% 12.0x 10.9x 16.5x 15.6x Financial Applications

eCommerce & Supply Chain Management Human Capital Management Shopify $ 397.58 $ 46,086 $ 43,530 $ 1,555 $ 2,116 36% nm nm $ 67 4% $ 106 5% nm nm nm nm Manhattan Associates 79.75 5,096 5,023 613 650 6% 8.2x 7.7x 149 24% 142 22% 33.8x 35.3x 48.6x 51.9x IT Operations Descartes Systems 42.72 3,601 3,595 326 360 10% 11.0x 10.0x 122 38% 138 38% 29.4x 26.0x 31.5x 27.6x Management SPS Commerce 55.42 1,931 1,749 279 307 10% 6.3x 5.7x 69 25% 82 27% 25.3x 21.3x 45.2x 40.5x American Software 14.88 475 384 110 115 5% 3.5x 3.3x 14 13% 15 13% 27.6x 25.0x 50.4x 48.8x IT Security ChannelAdvisor 9.04 254 222 130 136 5% 1.7x 1.6x 18 14% 21 16% 12.2x 10.3x 22.1x 17.3x Network Mean $9,574 $9,084 $502 $614 12% 6.1x 5.7x $73 20% $84 20% 25.6x 23.6x 39.6x 37.2x Infrastructure Median 2,766 2,672 302 334 8% 6.3x 5.7x 68 19% 94 19% 27.6x 25.0x 45.2x 40.5x DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

21 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

22 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Financial Applications Network Acceleration FIS $ 139.09 $ 85,485 $ 104,944 $ 10,325 $ 13,550 31% 10.2x 7.7x $ 4,430 43% $ 6,288 46% 23.7x 16.7x 25.2x 21.9x Fiserv 115.63 78,616 101,985 14,756 16,203 10% 6.9x 6.3x 5,292 36% 6,179 38% 19.3x 16.5x 28.9x 23.5x Business Intelligence Intuit 261.93 68,182 66,702 7,113 7,832 10% 9.4x 8.5x 2,514 35% 2,827 36% 26.5x 23.6x 38.0x 33.8x MSCI 258.18 21,870 23,751 1,553 1,701 10% 15.3x 14.0x 841 54% 944 55% 28.2x 25.2x 40.5x 35.7x Communications SS&C Technologies 61.40 15,516 23,395 4,623 4,775 3% 5.1x 4.9x 1,800 39% 1,910 40% 13.0x 12.2x 16.5x 15.1x Temenos Group 158.18 11,224 12,399 978 1,181 21% 12.7x 10.5x 396 40% 477 40% 31.3x 26.0x 45.7x 39.5x eCommerce & Supply Jack Henry 145.67 11,207 11,185 1,622 1,723 6% 6.9x 6.5x 529 33% 549 32% 21.1x 20.4x 40.3x 38.3x Chain Management Fair Isaac 374.68 10,851 11,576 1,183 1,270 7% 9.8x 9.1x 378 32% 419 33% 30.6x 27.6x 47.5x 42.7x ERP & General Coupa Software 146.25 9,331 9,259 381 487 28% nm 19.0x 49 13% 75 15% nm nm nm nm Business Applications Xero 56.20 7,927 7,914 462 592 28% 17.1x 13.4x 90 19% 137 23% nm nm nm nm Avalara 73.25 5,636 5,189 375 469 25% 13.8x 11.1x 2 1% 5 1% nm nm nm nm Financial Applications SimCorp 113.76 4,505 4,551 510 550 8% 8.9x 8.3x 160 31% 172 31% 28.4x 26.5x 41.6x 39.5x Q2 Holdings 81.08 3,904 3,725 318 415 31% 11.7x 9.0x 18 6% 20 5% nm nm nm nm Human Capital Envestnet 69.63 3,654 4,251 903 1,031 14% 4.7x 4.1x 192 21% 233 23% 22.1x 18.2x 32.5x 26.8x Management BlackLine 51.56 2,869 2,672 287 347 21% 9.3x 7.7x 28 10% 37 11% nm nm nm 99.3x IT Operations Bottomline Technologies 53.60 2,357 2,402 432 471 9% 5.6x 5.1x 98 23% 112 24% 24.6x 21.4x 41.5x 35.5x Management Zuora 14.33 1,622 1,463 278 326 17% 5.3x 4.5x (29) -11% (21) -6% nm nm nm nm IRESS 9.16 1,582 1,761 355 388 9% 5.0x 4.5x 92 26% 102 26% 19.2x 17.2x 30.8x 26.6x IT Security Asseco Poland 16.80 1,394 2,229 2,749 2,831 3% 0.8x 0.8x 402 15% 415 15% 5.5x 5.4x 14.7x 14.8x Model N 35.07 1,157 1,141 143 157 9% 8.0x 7.3x 13 9% 15 9% nm nm nm nm Network Ebix 33.41 1,019 1,711 588 713 21% 2.9x 2.4x 181 31% 192 27% 9.5x 8.9x 9.9x 7.7x Infrastructure Mean $16,662 $19,248 $2,378 $2,715 15% 8.5x 7.8x $832 24% $1,004 25% 21.7x 19.0x 32.4x 33.4x DevOps and Software Median 5,636 5,189 588 713 10% 8.4x 7.7x 181 26% 192 26% 22.9x 19.3x 35.2x 33.8x Development Tools

Human Capital Management Sales & Marketing Applications Automatic Data Processing $ 170.50 $ 73,775 $ 75,255 $ 14,535 $ 15,475 6% 5.2x 4.9x $ 3,609 25% $ 4,082 26% 20.9x 18.4x 29.9x 26.2x Workday 164.45 37,824 37,271 3,616 4,353 20% 10.3x 8.6x 750 21% 930 21% 49.7x 40.1x 91.3x 75.2x Storage Management Paychex 85.06 30,484 30,835 4,031 4,261 6% 7.6x 7.2x 1,642 41% 1,759 41% 18.8x 17.5x 29.2x 26.6x Paycom Software 264.76 15,265 15,217 735 908 24% nm 16.8x 312 42% 386 42% 48.8x 39.4x 77.5x 61.8x Technical & Ceridian HCM 67.88 9,773 10,214 823 927 13% 12.4x 11.0x 186 23% 217 23% nm 47.2x nm nm Embedded Apps Paylocity 120.82 6,465 6,420 517 618 20% 12.4x 10.4x 146 28% 179 29% 43.9x 35.9x 75.7x 65.6x Cornerstone OnDemand 58.55 3,555 3,553 573 654 14% 6.2x 5.4x 127 22% 166 25% 27.9x 21.4x 53.9x 37.8x Vertical Applications Pluralsight 17.21 1,752 1,873 315 396 26% 5.9x 4.7x (49) -16% (58) -15% nm nm nm nm Benefitfocus 21.94 718 869 296 339 14% 2.9x 2.6x 15 5% 27 8% nm 31.9x nm nm Software-as-a-Service Mean $19,957 $20,167 $2,827 $3,103 16% 7.9x 7.9x $749 21% $854 23% 35.0x 31.5x 59.6x 48.9x Median 9,773 10,214 735 908 14% 6.9x 7.2x 186 23% 217 25% 35.9x 33.9x 64.8x 49.8x Small Cap

Highly Acquisitive

High Growth

High Profitability Notes: [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

23 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & IT Operations Management Network Acceleration VMware $ 151.79 $ 62,220 $ 65,836 $ 10,110 $ 11,297 12% 6.5x 5.8x $ 3,918 39% $ 4,124 37% 16.8x 16.0x 23.1x 21.6x ServiceNow 282.32 53,234 52,887 3,449 4,414 28% 15.3x 12.0x 970 28% 1,270 29% nm 41.6x 87.0x 67.1x Business Intelligence Splunk 149.77 23,360 23,530 2,350 2,880 23% 10.0x 8.2x 390 17% 532 18% nm 44.2x 80.5x 64.0x OpenText 44.07 11,875 13,729 2,918 2,988 2% 4.7x 4.6x 1,107 38% 1,173 39% 12.4x 11.7x 15.8x 15.1x Communications Datadog 37.78 11,176 10,477 352 503 43% nm nm (7) -2% (17) -3% nm nm nm nm SolarWinds 18.55 5,695 7,390 941 1,051 12% 7.9x 7.0x 451 48% 481 46% 16.4x 15.4x 22.4x 20.9x eCommerce & Supply Elastic 64.30 5,190 4,925 379 529 40% 13.0x 9.3x (65) -17% (99) -19% nm nm nm nm Chain Management LogMeIn 85.74 4,165 4,355 1,259 1,317 5% 3.5x 3.3x 412 33% 399 30% 10.6x 10.9x 16.7x 17.1x ERP & General PagerDuty 23.39 1,806 1,460 165 211 27% 8.8x 6.9x (27) -16% (19) -9% nm nm nm nm Business Applications Netscout Systems 24.07 1,801 2,030 888 923 4% 2.3x 2.2x n/a n/a n/a n/a n/a n/a 15.1x 14.7x MobileIron 4.86 544 464 206 218 6% 2.3x 2.1x (3) -1% 8 4% nm nm nm nm Financial Applications Magic Software 9.78 479 457 318 352 11% 1.4x 1.3x n/a n/a n/a n/a n/a n/a 16.4x 14.5x Comarch 49.36 401 410 392 427 9% 1.0x 1.0x 68 17% 62 15% 6.0x 6.6x 13.1x 14.3x Human Capital Mean $13,996 $14,458 $1,825 $2,085 17% 6.4x 5.3x $656 17% $720 17% 12.4x 20.9x 32.2x 27.7x Management Median 5,190 4,925 888 923 12% 5.6x 5.2x 390 17% 399 18% 12.4x 15.4x 16.7x 17.1x IT Operations Management

IT Security

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: LogMeIn announced acquisition to be acquired by Francisco Partners and Evergreen Coast Capital [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

24 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & IT Security Network Acceleration Palo Alto Networks $ 231.25 $ 22,653 $ 21,670 $ 3,146 $ 3,789 20% 6.9x 5.7x $ 740 24% $ 873 23% 29.3x 24.8x 46.7x 41.2x Verisign 192.68 22,622 23,190 1,233 1,292 5% 18.8x 17.9x 893 72% 939 73% 26.0x 24.7x 35.4x 33.7x Business Intelligence Fortinet 106.76 18,260 16,361 2,145 2,471 15% 7.6x 6.6x 582 27% 701 28% 28.1x 23.4x 44.4x 39.4x Check Point 110.96 16,892 15,208 1,993 2,052 3% 7.6x 7.4x 1,018 51% 1,058 52% 14.9x 14.4x 18.1x 17.2x Communications Symantec 25.52 15,905 18,711 412 590 43% nm nm (119) -29% (67) -11% nm nm 18.8x 35.8x Okta 115.37 13,983 13,713 575 756 32% nm 18.1x (42) -7% (39) -5% nm nm nm nm eCommerce & Supply Crowdstrike 49.87 10,251 9,417 467 681 46% nm 13.8x (53) -11% (0) 0% nm nm nm nm Chain Management Trend Micro 51.53 7,165 5,576 1,516 1,590 5% 3.7x 3.5x 500 33% 510 32% 11.2x 10.9x 26.8x 25.3x ERP & General Proofpoint 114.78 6,480 6,227 884 1,060 20% 7.0x 5.9x 154 17% 188 18% 40.5x 33.2x 66.3x 59.8x Business Applications Zscaler 46.50 5,950 5,607 358 469 31% 15.7x 12.0x 34 10% 45 10% nm nm nm nm Cloudflare 17.06 5,121 4,484 282 376 33% 15.9x 11.9x (44) -15% (23) -6% nm nm nm nm Financial Applications CyberArk 116.58 4,416 3,909 431 511 19% 9.1x 7.6x 129 30% 145 28% 30.2x 26.9x 44.7x 41.9x Sophos 7.39 3,639 3,788 692 817 18% 5.5x 4.6x 102 15% 143 18% 37.2x 26.4x 54.7x 32.6x Human Capital Blackberry 6.44 3,554 3,440 1,061 1,161 9% 3.2x 3.0x 142 13% 171 15% 24.2x 20.1x 47.2x 44.9x Management FireEye 16.53 3,528 3,621 881 951 8% 4.1x 3.8x 108 12% 121 13% 33.5x 29.9x nm nm IT Operations Qualys 83.37 3,232 2,972 322 367 14% 9.2x 8.1x 138 43% 156 42% 21.5x 19.1x 36.5x 33.3x Management Rapid7 56.02 2,767 2,782 323 398 23% 8.6x 7.0x 11 3% 26 6% nm nm nm nm Mimecast 43.38 2,689 2,733 403 487 21% 6.8x 5.6x 68 17% 92 19% 40.3x 29.7x nm 68.3x IT Security Varonis Systems 77.71 2,369 2,304 254 281 11% 9.1x 8.2x (22) -9% (8) -3% nm nm nm nm Tenable 23.96 2,353 2,098 352 436 24% 6.0x 4.8x (38) -11% (36) -8% nm nm nm nm Network SailPoint 23.60 2,105 1,987 285 329 15% 7.0x 6.0x 23 8% 30 9% nm nm nm nm Infrastructure Ping Identity 24.30 1,935 1,929 240 266 11% 8.0x 7.3x 48 20% 30 11% 40.3x nm 50.4x 79.6x ForeScout Technologies 32.80 1,547 1,502 340 386 14% 4.4x 3.9x (27) -8% (13) -3% nm nm nm nm DevOps and Software Development Tools Secureworks 16.66 1,353 1,245 550 580 6% 2.3x 2.1x 11 2% 14 2% nm nm nm nm OneSpan 17.12 684 617 250 264 6% 2.5x 2.3x 28 11% 33 13% 22.3x 18.5x 37.1x 28.3x Sales & Marketing Tufin 17.59 613 515 109 134 23% 4.7x 3.8x (10) -9% (12) -9% nm nm nm nm Applications F-Secure 3.42 539 562 247 269 9% 2.3x 2.1x 30 12% 32 12% 18.8x 17.3x 87.0x 35.8x ZixCorp 6.78 364 651 173 213 23% 3.8x 3.1x 40 23% 52 24% 16.3x 12.6x 15.2x 12.2x Storage Management Mean $6,535 $6,315 $712 $821 18% 7.2x 6.9x $159 12% $184 14% 27.2x 22.1x 41.9x 39.3x Technical & Median 3,541 3,530 408 499 17% 6.9x 5.9x 37 12% 39 12% 27.0x 23.4x 44.4x 35.8x Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: Broadcom acquired the Enterprise Security software division of Symantec and the company subsequently changed its name to NortonLifeLock Sophos announced acquisition to be acquired by Thoma Bravo [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

25 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Infrastructure Network Acceleration Juniper Networks $ 24.63 $ 8,244 $ 7,883 $ 4,421 $ 4,496 2% 1.8x 1.8x $ 937 21% $ 977 22% 8.4x 8.1x 14.4x 13.2x Extreme Networks 7.37 896 1,184 1,032 1,115 8% 1.1x 1.1x n/a n/a n/a n/a n/a n/a 20.8x 9.4x Business Intelligence Mean $4,570 $4,534 $2,727 $2,806 5% 1.5x 1.4x $937 21% $977 22% 8.4x 8.1x 17.6x 11.3x Median 4,570 4,534 2,727 2,806 5% 1.5x 1.4x nm nm nm nm nm nm 17.6x 11.3x Communications

DevOps and Software Development Tools eCommerce & Supply Chain Management Atlassian $ 120.34 $ 29,383 $ 28,753 $ 1,396 $ 1,762 26% nm 16.3x $ 365 26% $ 456 26% nm nm nm nm MongoDB 131.61 7,468 7,347 409 527 29% 18.0x 13.9x (44) -11% (30) -6% nm nm nm nm ERP & General Dynatrace 25.30 7,098 7,456 508 623 23% 14.7x 12.0x n/a n/a 164 26% n/a 45.6x nm 88.2x Business Applications Pegasystems 79.65 6,319 6,279 925 1,042 13% 6.8x 6.0x 28 3% 41 4% nm nm nm nm New Relic 65.71 3,863 3,580 568 665 17% 6.3x 5.4x 96 17% 99 15% 37.4x 36.3x 96.0x nm Financial Applications Appian 38.21 2,566 2,405 266 308 16% 9.1x 7.8x (28) -10% (15) -5% nm nm nm nm Progress Software 41.55 1,861 2,012 427 435 2% 4.7x 4.6x 168 39% 181 42% 12.0x 11.1x 15.7x 14.7x Human Capital Axway Software 13.92 295 340 320 321 0% 1.1x 1.1x 28 9% 37 11% 12.1x 9.3x 22.5x 16.3x Management Mean $7,356 $7,271 $602 $711 16% 8.7x 8.4x $88 10% $117 14% 20.5x 25.6x 44.7x 39.7x IT Operations Median 5,091 4,929 468 575 17% 6.8x 6.9x 28 9% 70 13% 12.1x 23.7x 22.5x 16.3x Management

Sales & Marketing Applications IT Security Adobe $ 329.81 $ 159,080 $ 159,042 $ 11,154 $ 13,170 18% 14.3x 12.1x $ 5,038 45% $ 6,131 47% 31.6x 25.9x 42.1x 33.6x Hubspot 158.50 6,787 6,415 670 829 24% 9.6x 7.7x 84 13% 105 13% nm nm nm 97.6x Network Infrastructure Medallia 31.11 3,992 3,673 397 480 21% 9.3x 7.7x 8 2% 15 3% nm nm nm nm Teradata 26.77 3,012 3,159 1,880 1,889 1% 1.7x 1.7x 321 17% 358 19% 9.8x 8.8x 27.2x 17.3x DevOps and Software SurveyMonkey 17.87 2,406 2,598 307 373 22% 8.5x 7.0x 39 13% 47 13% nm nm nm nm Development Tools LivePerson 37.00 2,349 2,339 291 352 21% 8.0x 6.7x (14) -5% 10 3% nm nm nm nm Sales & Marketing Yext 14.42 1,656 1,529 298 381 28% 5.1x 4.0x (49) -17% (37) -10% nm nm nm nm Applications Cardlytics 62.86 1,616 1,521 200 265 33% 7.6x 5.7x 1 0% 12 5% nm nm nm nm Mean $22,612 $22,534 $1,900 $2,217 21% 8.0x 6.6x $678 9% $830 11% 20.7x 17.4x 34.6x 49.5x Storage Management Median 2,709 2,878 352 430 21% 8.2x 6.8x 23 7% 31 9% 20.7x 17.4x 34.6x 33.6x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

26 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Storage Management Network Acceleration NetApp $ 62.25 $ 14,207 $ 13,005 $ 5,665 $ 5,837 3% 2.3x 2.2x $ 1,369 24% $ 1,428 24% 9.5x 9.1x 15.0x 13.3x Dropbox 17.91 7,438 7,309 1,658 1,901 15% 4.4x 3.8x 372 22% 466 24% 19.6x 15.7x 37.6x 30.3x Business Intelligence Nutanix 31.26 6,010 5,735 1,244 1,582 27% 4.6x 3.6x (384) -31% (428) -27% nm nm nm nm Pure Storage 17.11 4,455 3,810 1,641 1,936 18% 2.3x 2.0x 144 9% 220 11% 26.5x 17.3x 68.7x 44.5x Communications Box 16.78 2,511 2,735 694 774 11% 3.9x 3.5x 58 8% 101 13% 47.0x 27.1x nm 58.3x CommVault Systems 44.64 2,041 1,584 684 696 2% 2.3x 2.3x 108 16% 107 15% 14.7x 14.9x 27.8x 27.1x eCommerce & Supply Mean $6,110 $5,696 $1,931 $2,121 13% 3.3x 2.9x $278 8% $316 10% 23.5x 16.8x 37.3x 34.7x Chain Management Median 5,232 4,773 1,442 1,742 13% 3.1x 2.9x 126 12% 164 14% 19.6x 15.7x 32.7x 30.3x ERP & General Business Applications Technical & Embedded Applications Dassault Systemes $ 164.46 $ 42,738 $ 40,316 $ 4,552 $ 5,530 21% 8.9x 7.3x $ 1,593 35% $ 1,899 34% 25.3x 21.2x 41.0x 35.5x Financial Applications Autodesk 183.46 40,367 41,386 3,267 3,976 22% 12.7x 10.4x 877 27% 1,309 33% 47.2x 31.6x 65.7x 41.4x ANSYS 257.41 22,029 21,404 1,505 1,675 11% 14.2x 12.8x 672 45% 755 45% 31.9x 28.4x 40.8x 37.8x Human Capital Synopsys 139.20 20,954 20,369 3,362 3,751 12% 6.1x 5.4x 914 27% 1,137 30% 22.3x 17.9x 31.6x 24.8x Management Cadence Design 69.36 19,462 19,271 2,332 2,498 7% 8.3x 7.7x 837 36% 871 35% 23.0x 22.1x 31.7x 29.7x IT Operations Parametric Technology 74.89 8,649 9,021 1,316 1,507 15% 6.9x 6.0x 406 31% 536 36% 22.2x 16.8x 45.9x 31.7x Management Aspen Technology 120.93 8,248 8,546 614 624 2% 13.9x 13.7x 324 53% 321 51% 26.4x 26.7x 29.2x 30.9x Mean $23,207 $22,902 $2,421 $2,794 13% 10.1x 9.0x $803 36% $975 38% 28.3x 23.5x 40.8x 33.1x IT Security Median 20,954 20,369 2,332 2,498 12% 8.9x 7.7x 837 35% 871 35% 25.3x 22.1x 40.8x 31.7x Network Infrastructure Vertical Applications Danaher $ 153.48 $ 110,521 $ 117,229 $ 18,647 $ 21,359 15% 6.3x 5.5x $ 4,578 25% $ 5,737 27% 25.6x 20.4x 34.0x 28.2x DevOps and Software Roper Industries 354.23 36,860 43,022 5,372 5,739 7% 8.0x 7.5x 1,912 36% 2,114 37% 22.5x 20.3x 27.2x 25.8x Development Tools Veeva 140.66 20,900 19,433 1,090 1,387 27% 17.8x 14.0x 428 39% 511 37% 45.4x 38.0x 64.7x 55.8x Sales & Marketing Tyler Technologies 300.02 11,697 11,527 1,092 1,210 11% 10.6x 9.5x 302 28% 346 29% 38.1x 33.3x 56.6x 50.8x Applications Guidewire Software 109.77 9,065 8,476 691 820 19% 12.3x 10.3x 138 20% 147 18% nm nm nm 78.7x RealPage 53.75 4,974 5,441 985 1,152 17% 5.5x 4.7x 282 29% 314 27% 19.3x 17.3x 30.7x 28.0x Storage Management Blackbaud 79.60 3,815 4,410 896 938 5% 4.9x 4.7x 182 20% 177 19% 24.3x 24.9x 35.6x 35.3x Appfolio 109.95 3,745 3,777 255 324 27% 14.8x 11.6x 37 14% 54 17% nm nm nm nm Technical & Sapiens 23.00 1,151 1,203 324 362 12% 3.7x 3.3x 55 17% 65 18% 21.8x 18.4x 30.0x 26.3x Embedded Apps Majesco 8.25 355 325 145 172 19% 2.2x 1.9x 15 10% 21 12% 21.7x 15.3x nm nm Mean $20,308 $21,484 $2,950 $3,346 16% 8.6x 7.3x $793 24% $949 24% 27.4x 23.5x 39.8x 41.1x Vertical Applications Median 7,019 6,959 941 1,045 16% 7.1x 6.5x 232 22% 245 23% 23.4x 20.4x 34.0x 31.8x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

27 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Software-as-a-Service Network Acceleration Salesforce.com $ 162.64 $ 144,262 $ 144,226 $ 17,002 $ 20,911 23% 8.5x 6.9x $ 4,905 29% $ 5,937 28% 29.4x 24.3x 56.1x 52.3x ServiceNow 282.32 53,234 52,887 3,449 4,414 28% 15.3x 12.0x 970 28% 1,270 29% nm 41.6x 87.0x 67.1x Business Intelligence Shopify 397.58 46,086 43,530 1,555 2,116 36% nm nm 67 4% 106 5% nm nm nm nm Workday 164.45 37,824 37,271 3,616 4,353 20% 10.3x 8.6x 750 21% 930 21% 49.7x 40.1x 91.3x 75.2x Communications Atlassian 120.34 29,383 28,753 1,396 1,762 26% nm 16.3x 365 26% 456 26% nm nm nm nm Splunk 149.77 23,360 23,530 2,350 2,880 23% 10.0x 8.2x 390 17% 532 18% nm 44.2x 80.5x 64.0x eCommerce & Supply Paycom Software 264.76 15,265 15,217 735 908 24% nm 16.8x 312 42% 386 42% 48.8x 39.4x 77.5x 61.8x Chain Management RingCentral 168.67 14,523 14,367 889 1,095 23% 16.2x 13.1x 117 13% 137 13% nm nm nm nm ERP & General Twilio 98.28 13,479 12,221 1,116 1,467 31% 10.9x 8.3x 55 5% 98 7% nm nm nm nm Business Applications Zendesk 76.63 8,596 8,748 814 1,058 30% 10.7x 8.3x 62 8% 106 10% nm nm nm nm Hubspot 158.50 6,787 6,415 670 829 24% 9.6x 7.7x 84 13% 105 13% nm nm nm 97.6x Financial Applications Paylocity 120.82 6,465 6,420 517 618 20% 12.4x 10.4x 146 28% 179 29% 43.9x 35.9x 75.7x 65.6x RealPage 53.75 4,974 5,441 985 1,152 17% 5.5x 4.7x 282 29% 314 27% 19.3x 17.3x 30.7x 28.0x Human Capital Pure Storage 17.11 4,455 3,810 1,641 1,936 18% 2.3x 2.0x 144 9% 220 11% 26.5x 17.3x 68.7x 44.5x Management LogMeIn 85.74 4,165 4,355 1,259 1,317 5% 3.5x 3.3x 412 33% 399 30% 10.6x 10.9x 16.7x 17.1x IT Operations Five9 65.58 4,006 3,906 323 373 16% 12.1x 10.5x 58 18% 67 18% nm nm 84.6x 76.5x Management Q2 Holdings 81.08 3,904 3,725 318 415 31% 11.7x 9.0x 18 6% 20 5% nm nm nm nm New Relic 65.71 3,863 3,580 568 665 17% 6.3x 5.4x 96 17% 99 15% 37.4x 36.3x 96.0x nm IT Security Appfolio 109.95 3,745 3,777 255 324 27% 14.8x 11.6x 37 14% 54 17% nm nm nm nm Envestnet 69.63 3,654 4,251 903 1,031 14% 4.7x 4.1x 192 21% 233 23% 22.1x 18.2x 32.5x 26.8x Network Cornerstone OnDemand 58.55 3,555 3,553 573 654 14% 6.2x 5.4x 127 22% 166 25% 27.9x 21.4x 53.9x 37.8x Infrastructure Mimecast 43.38 2,689 2,733 403 487 21% 6.8x 5.6x 68 17% 92 19% 40.3x 29.7x nm 68.3x Everbridge 78.08 2,638 2,558 200 258 29% 12.8x 9.9x 6 3% 14 5% nm nm nm nm DevOps and Software Development Tools Box 16.78 2,511 2,735 694 774 11% 3.9x 3.5x 58 8% 101 13% 47.0x 27.1x nm 58.3x Varonis Systems 77.71 2,369 2,304 254 281 11% 9.1x 8.2x (22) -9% (8) -3% nm nm nm nm Sales & Marketing Workiva 42.05 1,954 1,787 293 341 16% 6.1x 5.2x (10) -3% (11) -3% nm nm nm nm Applications SPS Commerce 55.42 1,931 1,749 279 307 10% 6.3x 5.7x 69 25% 82 27% 25.3x 21.3x 45.2x 40.5x Talend 39.11 1,205 1,187 247 297 20% 4.8x 4.0x (16) -6% (5) -2% nm nm nm nm Storage Management Benefitfocus 21.94 718 869 296 339 14% 2.9x 2.6x 15 5% 27 8% nm 31.9x nm nm ZixCorp 6.78 364 651 173 213 23% 3.8x 3.1x 40 23% 52 24% 16.3x 12.6x 15.2x 12.2x Technical & Embedded Apps ChannelAdvisor 9.04 254 222 130 136 5% 1.7x 1.6x 18 14% 21 16% 12.2x 10.3x 22.1x 17.3x

Mean $14,588 $14,412 $1,416 $1,733 20% 8.2x 7.4x $317 15% $393 17% 30.5x 26.7x 58.4x 50.6x Vertical Applications Median 4,006 3,906 670 774 20% 7.6x 7.3x 69 17% 105 17% 27.9x 25.7x 62.4x 55.3x

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

28 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Mean $ 17,804 $20,014 $3,429 $3,758 8% 5.6x 5.2x $1,052 32% $1,200 33% 18.4x 16.4x 24.4x 21.5x Storage Management Median 4,622 6,220 2,139 2,221 8% 5.4x 5.0x 740 36% 842 38% 20.9x 18.6x 24.4x 22.3x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

29 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & High Growth (>=25% CY20E Revenue Growth) Network Acceleration Zillow $ 45.74 $ 9,517 $ 9,643 $ 2,614 $ 4,560 74% 3.7x 2.1x $ 10 0% $ (42) -1% nm nm nm nm GTY Holdings 5.89 308 299 41 60 49% 7.4x 4.9x n/a n/a n/a n/a n/a n/a nm nm Business Intelligence Crowdstrike 49.87 10,251 9,417 467 681 46% nm 13.8x (53) -11% (0) 0% nm nm nm nm Datadog 37.78 11,176 10,477 352 503 43% nm nm (7) -2% (17) -3% nm nm nm nm Communications Zoom 68.04 18,806 18,051 611 867 42% nm nm 114 19% 123 14% nm nm nm nm Elastic 64.30 5,190 4,925 379 529 40% 13.0x 9.3x (65) -17% (99) -19% nm nm nm nm eCommerce & Supply Smartsheet 44.92 5,277 4,779 270 376 39% 17.7x 12.7x (41) -15% (41) -11% nm nm nm nm Chain Management Shopify 397.58 46,086 43,530 1,555 2,116 36% nm nm 67 4% 106 5% nm nm nm nm ERP & General Cloudflare 17.06 5,121 4,484 282 376 33% 15.9x 11.9x (44) -15% (23) -6% nm nm nm nm Business Applications Anaplan 52.40 7,001 6,745 347 460 33% 19.4x 14.7x (44) -13% (39) -8% nm nm nm nm Cardlytics 62.86 1,616 1,521 200 265 33% 7.6x 5.7x 1 0% 12 5% nm nm nm nm Financial Applications Alteryx 100.07 6,512 6,365 392 519 32% 16.2x 12.3x 56 14% 84 16% nm nm nm nm Okta 115.37 13,983 13,713 575 756 32% nm 18.1x (42) -7% (39) -5% nm nm nm nm Human Capital Twilio 98.28 13,479 12,221 1,116 1,467 31% 10.9x 8.3x 55 5% 98 7% nm nm nm nm Management FIS 139.09 85,485 104,944 10,325 13,550 31% 10.2x 7.7x 4,430 43% 6,288 46% 23.7x 16.7x 25.2x 21.9x IT Operations Zscaler 46.50 5,950 5,607 358 469 31% 15.7x 12.0x 34 10% 45 10% nm nm nm nm Management Q2 Holdings 81.08 3,904 3,725 318 415 31% 11.7x 9.0x 18 6% 20 5% nm nm nm nm Zendesk 76.63 8,596 8,748 814 1,058 30% 10.7x 8.3x 62 8% 106 10% nm nm nm nm IT Security MongoDB 131.61 7,468 7,347 409 527 29% 18.0x 13.9x (44) -11% (30) -6% nm nm nm nm Everbridge 78.08 2,638 2,558 200 258 29% 12.8x 9.9x 6 3% 14 5% nm nm nm nm Network Xero 56.20 7,927 7,914 462 592 28% 17.1x 13.4x 90 19% 137 23% nm nm nm nm Infrastructure ServiceNow 282.32 53,234 52,887 3,449 4,414 28% 15.3x 12.0x 970 28% 1,270 29% nm 41.6x 87.0x 67.1x Yext 14.42 1,656 1,529 298 381 28% 5.1x 4.0x (49) -17% (37) -10% nm nm nm nm DevOps and Software Development Tools Coupa Software 146.25 9,331 9,259 381 487 28% nm 19.0x 49 13% 75 15% nm nm nm nm PagerDuty 23.39 1,806 1,460 165 211 27% 8.8x 6.9x (27) -16% (19) -9% nm nm nm nm Sales & Marketing Nutanix 31.26 6,010 5,735 1,244 1,582 27% 4.6x 3.6x (384) -31% (428) -27% nm nm nm nm Applications Veeva 140.66 20,900 19,433 1,090 1,387 27% 17.8x 14.0x 428 39% 511 37% 45.4x 38.0x 64.7x 55.8x Appfolio 109.95 3,745 3,777 255 324 27% 14.8x 11.6x 37 14% 54 17% nm nm nm nm Storage Management Atlassian 120.34 29,383 28,753 1,396 1,762 26% nm 16.3x 365 26% 456 26% nm nm nm nm Pluralsight 17.21 1,752 1,873 315 396 26% 5.9x 4.7x (49) -16% (58) -15% nm nm nm nm Technical & Embedded Apps DocuSign 74.11 13,299 13,273 965 1,212 25% 13.7x 11.0x 80 8% 122 10% nm nm nm nm Avalara 73.25 5,636 5,189 375 469 25% 13.8x 11.1x 2 1% 5 1% nm nm nm nm Vertical Applications Mean $13,220 $13,443 $1,001 $1,345 33% 12.3x 10.4x $194 3% $279 5% 34.5x 32.1x 59.0x 48.3x Median 7,235 7,046 386 523 31% 13.0x 11.1x 10 3% 14 5% 34.5x 38.0x 64.7x 55.8x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

30 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (12/31/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & High Profitability (>=35% CY19E EBITDA Margin) Network Acceleration Rightmove $ 8.39 $ 7,342 $ 7,287 $ 384 $ 413 8% 19.0x 17.6x $ 294 77% $ 316 76% 24.8x 23.1x 32.2x 29.3x Verisign 192.68 22,622 23,190 1,233 1,292 5% 18.8x 17.9x 893 72% 939 73% 26.0x 24.7x 35.4x 33.7x Business Intelligence MSCI 258.18 21,870 23,751 1,553 1,701 10% 15.3x 14.0x 841 54% 944 55% 28.2x 25.2x 40.5x 35.7x Aspen Technology 120.93 8,248 8,546 614 624 2% 13.9x 13.7x 324 53% 321 51% 26.4x 26.7x 29.2x 30.9x Communications Check Point 110.96 16,892 15,208 1,993 2,052 3% 7.6x 7.4x 1,033 52% 1,072 52% 14.7x 14.2x 18.1x 17.2x SolarWinds 18.55 5,695 7,390 941 1,051 12% 7.9x 7.0x 451 48% 481 46% 16.4x 15.4x 22.4x 20.9x eCommerce & Supply Oracle 52.98 169,941 197,041 39,628 40,449 2% 5.0x 4.9x 18,612 47% 18,749 46% 10.6x 10.5x 14.2x 13.0x Chain Management Adobe 329.81 159,080 159,042 11,154 13,170 18% 14.3x 12.1x 5,038 45% 6,131 47% 31.6x 25.9x 42.1x 33.6x ERP & General Intel 59.85 260,348 277,803 70,982 72,170 2% 3.9x 3.8x 31,994 45% 33,281 46% 8.7x 8.3x 13.0x 12.9x Business Applications Microsoft 157.70 1,203,063 1,152,024 133,025 148,029 11% 8.7x 7.8x 59,445 45% 65,033 44% 19.4x 17.7x 30.2x 28.1x ANSYS 257.41 22,029 21,404 1,505 1,675 11% 14.2x 12.8x 672 45% 755 45% 31.9x 28.4x 40.8x 37.8x Financial Applications Qualys 83.37 3,232 2,972 322 367 14% 9.2x 8.1x 138 43% 156 42% 21.5x 19.1x 36.5x 33.3x FIS 139.09 85,485 104,944 10,325 13,550 31% 10.2x 7.7x 4,430 43% 6,288 46% 23.7x 16.7x 25.2x 21.9x Human Capital Paycom Software 264.76 15,265 15,217 735 908 24% nm 16.8x 312 42% 386 42% 48.8x 39.4x 77.5x 61.8x Management Akamai Technologies 86.38 13,959 14,596 2,879 3,084 7% 5.1x 4.7x 1,206 42% 1,318 43% 12.1x 11.1x 19.6x 18.0x IT Operations Paychex 85.06 30,484 30,835 4,031 4,261 6% 7.6x 7.2x 1,642 41% 1,759 41% 18.8x 17.5x 29.2x 26.6x Management Temenos Group 158.18 11,224 12,399 978 1,181 21% 12.7x 10.5x 396 40% 477 40% 31.3x 26.0x 45.7x 39.5x j2 Global 93.71 4,567 5,720 1,361 1,455 7% 4.2x 3.9x 548 40% 590 41% 10.4x 9.7x 13.3x 12.3x IT Security Micro Focus 14.09 4,677 6,720 3,376 3,193 -5% 2.0x 2.1x 1,338 40% 1,312 41% 5.0x 5.1x 7.7x 6.4x Progress Software 41.55 1,861 2,012 427 435 2% 4.7x 4.6x 168 39% 181 42% 12.0x 11.1x 15.7x 14.7x Network Veeva 140.66 20,900 19,433 1,090 1,387 27% 17.8x 14.0x 428 39% 511 37% 45.4x 38.0x 64.7x 55.8x Infrastructure SS&C Technologies 61.40 15,516 23,395 4,623 4,775 3% 5.1x 4.9x 1,800 39% 1,910 40% 13.0x 12.2x 16.5x 15.1x VMware 151.79 62,220 65,836 10,110 11,297 12% 6.5x 5.8x 3,918 39% 4,124 37% 16.8x 16.0x 23.1x 21.6x DevOps and Software Development Tools OpenText 44.07 11,875 13,729 2,918 2,988 2% 4.7x 4.6x 1,107 38% 1,173 39% 12.4x 11.7x 15.8x 15.1x Descartes Systems 42.72 3,601 3,595 326 360 10% 11.0x 10.0x 122 38% 138 38% 29.4x 26.0x 31.5x 27.6x Sales & Marketing Upland Software 35.71 902 1,137 219 262 19% 5.2x 4.3x 82 37% 101 38% 13.9x 11.3x 14.6x 13.4x Applications Cisco Systems 47.96 203,459 195,067 51,521 51,432 0% 3.8x 3.8x 18,765 36% 18,933 37% 10.4x 10.3x 14.9x 14.6x F5 Networks 139.65 8,490 7,518 2,264 2,364 4% 3.3x 3.2x 823 36% 871 37% 9.1x 8.6x 13.8x 13.4x Storage Management Cadence Design 69.36 19,462 19,271 2,332 2,498 7% 8.3x 7.7x 837 36% 871 35% 23.0x 22.1x 31.7x 29.7x CoStar 598.30 21,919 20,667 1,389 1,654 19% 14.9x 12.5x 498 36% 533 32% 41.5x 38.7x 59.9x 57.6x Technical & Embedded Apps Fiserv 115.63 78,616 101,985 14,756 16,203 10% 6.9x 6.3x 5,292 36% 6,179 38% 19.3x 16.5x 28.9x 23.5x Roper Industries 354.23 36,860 43,022 5,372 5,739 7% 8.0x 7.5x 1,912 36% 2,114 37% 22.5x 20.3x 27.2x 25.8x Vertical Applications Citrix Systems 110.90 14,441 14,903 3,003 3,106 3% 5.0x 4.8x 1,066 35% 998 32% 14.0x 14.9x 19.6x 20.1x SAP 135.02 161,172 173,130 30,975 33,285 7% 5.6x 5.2x 10,988 35% 11,935 36% 15.8x 14.5x 23.8x 21.8x Intuit 261.93 68,182 66,702 7,113 7,832 10% 9.4x 8.5x 2,514 35% 2,827 36% 26.5x 23.6x 38.0x 33.8x Software-as-a-Service Cision 9.97 1,480 2,735 765 816 7% 3.6x 3.4x 268 35% 288 35% 10.2x 9.5x 12.2x 10.9x Dassault Systemes 164.46 42,738 40,316 4,552 5,530 21% 8.9x 7.3x 1,593 35% 1,899 34% 25.3x 21.2x 41.0x 35.5x Small Cap dotdigital 1.27 379 353 61 70 15% 5.8x 5.1x 21 35% 24 35% 16.8x 14.6x 26.3x 22.9x

Mean $74,739 $76,339 $11,338 $12,175 10% 8.6x 8.0x $4,784 42% $5,156 42% 20.7x 18.6x 28.7x 25.9x Highly Acquisitive Median 18,177 19,352 2,298 2,431 8% 7.6x 7.3x 963 39% 971 40% 19.0x 16.6x 26.8x 23.2x

High Growth

High Profitability

31 Equity Financing Activity Software IPOs: Q4 2019

$3,000 At IPO $2,685 At 12/31/19 $2,500

$2,000

$1,500 $1,154

$1,000 $769 $497 $500 Market Value ($ millions) $0

25.0x 22.5x Median at IPO Median at 12/31/19 20.0x

15.0x

10.0x 8.0x 8.6x

5.0x

EV / CY19E Revenue 5.0x

0.0x

IPO Pricing IPO Date 12/12/19 12/11/19 Original Range $16 - $18 $16 - $18 Pricing $17.00 $22.00 vs. Midpoint 0% 29% Current $16.05 $38.05 vs. Pricing (6%) 73%

Operating Statistics at IPO ($ millions) CY Revenue $102 $124 CY+1 Revenue $131 $153 Growth 29% 23%

Sources: Company releases, Wall Street research

32 Equity Financing Activity Software IPOs Pricing & Performance Data

Initial Equity Issuances from 2016 – Q4 2019 ($ millions)

Current Trading Data Valuation at IPO Share Price Market Enterprise Revenue EV / Revenue Performance Share Amount Market Enterprise EV / Revenue Company 12/31/19 Value Value CY19E CY20E CY19E CY20E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY + 1

Sprout Social $ 16.05 $ 769 $ 880 n/a n/a n/a n/a -6% 12/12/19 $ 17.00 $ 150 $ 497 $ 506 5.2x 5.0x 3.8x Bill.com 38.05 2,685 2,804 n/a n/a n/a n/a 73% 12/11/19 22.00 216 1,154 996 8.2x 8.0x 6.5x Ping Identity 24.30 1,935 1,929 231 259 8.3x 7.5x 62% 09/19/19 15.00 188 1,165 1,324 6.2x 5.7x 5.1x Datadog 37.78 11,176 10,477 330 468 31.7x 22.4x 40% 09/18/19 27.00 648 7,826 7,822 29.4x 23.7x 16.7x Cloudflare 17.06 5,121 4,484 274 364 16.3x 12.3x 14% 09/13/19 15.00 525 4,348 4,231 18.0x 15.4x 11.6x Dynatrace 25.30 7,098 7,456 492 599 15.2x 12.5x 58% 07/31/19 16.00 570 4,503 6,049 13.3x 12.3x 10.1x Medallia 31.11 3,992 3,673 381 460 9.6x 8.0x 48% 07/18/19 21.00 326 2,588 2,462 7.3x 6.5x 5.4x Slack 22.48 12,373 11,614 600 830 19.4x 14.0x -14% 07/07/19 26.00 117 13,108 12,315 27.1x 20.6x 14.8x Crowdstrike 49.87 10,251 9,417 412 590 22.8x 16.0x 47% 06/11/19 34.00 612 6,687 6,512 21.8x 15.8x 11.0x Fastly 20.07 1,880 1,701 192 251 8.9x 6.8x 25% 05/16/19 16.00 180 1,451 1,436 9.1x 7.5x 5.7x Zoom 68.04 18,806 18,051 524 753 34.4x 24.0x 89% 04/17/19 36.00 751 9,230 9,068 27.4x 17.3x 12.0x PagerDuty 23.39 1,806 1,460 156 202 9.4x 7.2x -3% 04/10/19 24.00 218 1,767 1,639 13.9x 10.5x 8.1x Tufin 17.59 613 515 106 132 4.9x 3.9x 26% 04/10/19 14.00 108 454 443 5.0x 4.2x 3.4x SolarWinds 18.55 5,695 7,390 925 1,029 8.0x 7.2x 24% 10/18/18 15.00 375 4,574 6,532 8.1x 7.8x 7.1x Anaplan 52.40 7,001 6,745 347 460 19.4x 14.7x 208% 10/11/18 17.00 264 2,068 1,981 9.9x 8.8x 6.8x Elastic 64.30 5,190 4,925 379 529 13.0x 9.3x 79% 10/04/18 36.00 252 2,250 2,197 11.9x 10.1x 7.4x SurveyMonkey 17.87 2,406 2,598 307 373 8.5x 7.0x 49% 09/25/18 12.00 180 1,494 1,860 8.0x 7.5x 6.6x Tenable 23.96 2,353 2,098 352 436 6.0x 4.8x 4% 07/26/18 23.00 251 2,132 2,121 9.4x 8.2x 6.5x Avalara 73.25 5,636 5,189 375 469 13.8x 11.1x 205% 06/14/18 24.00 180 1,587 1,631 7.2x 6.4x 5.4x Pluralsight 17.21 2,420 2,485 315 396 7.9x 6.3x 15% 05/16/18 15.00 311 2,026 2,137 11.9x 9.9x 7.6x Carbon Black 0.00 0 0 0 0 n/a n/a -100% 05/03/18 19.00 152 1,273 1,240 7.2x 6.1x 5.0x Ceridian HCM 67.88 9,773 10,214 823 927 12.4x 11.0x 209% 04/26/18 22.00 462 3,037 4,095 5.9x 5.6x 5.2x DocuSign 74.11 13,299 13,273 965 1,212 13.7x 11.0x 156% 04/26/18 29.00 629 4,582 4,325 8.3x 6.9x 5.7x Smartsheet 44.92 5,277 4,779 270 376 17.7x 12.7x 199% 04/26/18 15.00 175 1,510 1,458 13.1x 9.4x 6.7x Zuora 14.33 1,622 1,463 278 326 5.3x 4.5x 2% 04/11/18 14.00 154 1,472 1,440 8.6x 6.7x 5.3x Dropbox 17.91 7,438 7,309 1,658 1,901 4.4x 3.8x -15% 03/22/18 21.00 756 8,550 8,329 7.5x 6.2x 5.4x Zscaler 46.50 5,950 5,607 358 469 15.7x 12.0x 191% 03/15/18 16.00 192 1,906 1,835 11.9x 9.0x 6.8x Cardlytics 62.86 1,616 1,521 200 265 7.6x 5.7x 384% 02/08/18 13.00 70 264 300 2.3x 1.9x 1.3x Boxlight 1.11 12 20 39 45 0.5x 0.4x -84% 11/28/17 7.00 7 66 70 2.8x n/a n/a SailPoint 23.60 2,105 1,987 285 329 7.0x 6.0x 97% 11/16/17 12.00 240 1,052 1,188 7.3x 6.8x 5.5x Bandwidth 64.05 1,505 1,312 229 267 5.7x 4.9x 220% 11/09/17 20.00 80 364 397 2.5x 2.5x 2.2x ForeScout Technologies 32.80 1,547 1,502 340 386 4.4x 3.9x 49% 10/26/17 22.00 116 832 784 3.7x 3.7x 3.1x MongoDB 131.61 7,468 7,347 409 527 18.0x 13.9x 448% 10/18/17 24.00 192 1,204 1,112 8.9x 7.6x 5.6x Appian 38.21 2,566 2,405 266 308 9.1x 7.8x 218% 05/24/17 12.00 75 716 701 5.2x 4.5x 3.8x Veritone 2.49 61 12 49 56 0.2x 0.2x -83% 05/11/17 15.00 38 208 215 21.6x 11.9x 5.6x Cloudera 11.63 3,340 3,160 784 868 4.0x 3.6x -22% 04/27/17 15.00 225 1,955 1,720 6.3x 5.1x 4.1x Yext 14.42 1,656 1,529 298 381 5.1x 4.0x 31% 04/12/17 11.00 116 958 938 7.6x 5.7x 4.2x Okta 115.37 13,983 13,713 575 756 23.9x 18.1x 579% 04/06/17 17.00 187 1,571 1,533 9.5x 6.8x 4.9x Alteryx 100.07 6,512 6,365 392 519 16.2x 12.3x 615% 03/23/17 14.00 126 807 755 8.8x 6.4x 4.6x BlackLine 51.56 2,869 2,672 287 347 9.3x 7.7x 203% 10/27/16 17.00 146 861 907 8.1x 7.6x 5.7x Coupa Software 146.25 9,331 9,259 381 487 24.3x 19.0x 713% 10/05/16 18.00 133 886 806 7.4x 6.5x 5.1x Nutanix 31.26 6,010 5,735 1,244 1,582 4.6x 3.6x 95% 09/29/16 16.00 238 2,232 2,120 4.2x n/a 2.1x Everbridge 78.08 2,638 2,558 200 258 12.8x 9.9x 551% 09/15/16 12.00 90 337 351 5.2x 4.7x 3.7x Talend 39.11 1,205 1,187 247 297 4.8x 4.0x 117% 07/28/16 18.00 95 512 515 5.8x 5.0x 3.8x Mean $5,084 $4,932 $411 $512 11.8x 9.1x $256 $2,534 $2,593 10.1x 8.4x 6.3x Notes: Median 3,666 3,417 335 416 9.3x 7.7x 187 1,540 1,582 8.1x 6.9x 5.5x [a] Primary shares only Sources: Company releases, Wall Street research 33 Equity Financing Activity Software IPO Pipeline

Historical IPO Filing Trends

(11) 13

7 (7) 13 (15) 15 (15) (3) 13 (13)

(3) 6 5 2 0

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market

34 Equity Financing Activity Software Private Capital Raise Activity: Q4 2019

($ millions)

Close Date Company Participating Investor(s) Description Amount 12/30/19 Street Smarts VR n/a Virtual reality-based training platform for police training $2 12/28/19 Swim.AI ARM, Cambridge Innovation, H. Barton, Silver Creek Ventures Operational and business data processing and analytics $18 12/27/19 Sayari n/a Finance data discovery and network analytics $7 12/26/19 OnSiteIQ n/a Construction site visual documentation platform $5 12/23/19 Openprise n/a Sales and marketing cloud-based data automation platform $10 12/23/19 Seeq n/a Industrial process analytics $24 12/22/19 EnvO n/a On-demand cloud environment creation platform $3 12/20/19 ActionIQ n/a SaaS enterprise customer data platform $32 12/20/19 Filevine n/a Cloud-based legal case management $20 12/20/19 GoSpotCheck n/a Field execution management platform $25 12/20/19 Quantiphi Multiples Alternate Big data and machine learning $20 12/20/19 Returnalyze n/a E-commerce analytics platform $2 12/20/19 ThirdPartyTrust Capital Midwest Vendor risk management platform $5 12/19/19 Appnomic Systems Avataar Venture Machine-learning enabled analytics technology for IT departments $22 12/19/19 Axiado Orbit Venture Cybersecurity developer designed to secure digital infrastructure $10 12/19/19 CloudZero n/a Enterprise platform for cloud adoption life-cycle $2 12/19/19 DemandJump BIP Capital Cloud-based customer acquisition platform $7 12/19/19 Evisort Amity, M12, Serra Ventures Contract management platform for legal documents $15 12/19/19 Leapfin Bowery Finance operations automation platform $5 12/19/19 SaaSOptics n/a Platform for automating financial operations $9 12/19/19 Toro Data Labs n/a Data monitoring for improving the quality of data $4 12/17/19 Anyscale 11.2 Capital, Amplify, Andreessen Horowitz, Ant Financial, Intel, New Enterprise, House Application development platform to build distributed applications $21 12/17/19 LogicGate Greenspring, High Alpha, Jump Capital, Silicon Valley Bank Online platform for mission-critical risk and compliance activities $25 12/17/19 ProdPerfect aCrew, Anthos, Eniac, Entrepreneurs Roundtable, Fika Web app testing toolkit designed to automate development $13 12/17/19 VNDLY Battery, Bowery, Cintrifuse, EPIC, Hyde Park, Insight, ServiceNow Vendor management SaaS platform $35 12/16/19 AllCloud Discount, Eastside, Hallett, Jesselson, Salesforce, Weil Family Provider of computing platform to accelerate customers' growth $18 12/16/19 CallMiner Goldman Sachs Private Capital Cloud-based customer interaction analytics platform $75 12/16/19 Machfu Blu Venture, CSL Capital, Texas Halo, Texas Ventures Connectivity platform for Industrial Internet of Things (IIoT) $4 12/12/19 RackWare n/a Enterprise-grade hybrid cloud management software $4 12/11/19 Avertra Cypress Growth IT solutions and consulting services $4 12/11/19 LeanDNA Next Coast, S3 Cloud-based supply chain intelligence analytics $15 12/11/19 Riversand Crestline Cloud-native master data management platform $12 12/11/19 ScreenMeet n/a Online support platform for enterprise issues $2 12/11/19 SpiderOak n/a Web and mobile based messaging data protection $9 12/10/19 Embrace AV8 Ventures, FundersClub, Greycroft, Pritzker, Y Combinator Debugging platform for mobile applications $8 12/10/19 Observe.AI 01 Advisors, Emergent, Nexus, Scale Venture, Steadview Quality assurance engine for actionable intelligence $26 12/10/19 Thundra n/a Software designed for insight into serverless environment $4 12/09/19 Duck Creek Dragoneer, Insight, Neuberger Berman, Temasek Property and casualty insurance software $120 12/09/19 LinkSquares n/a Contract management analysis platform $3 12/06/19 RunSafe Security n/a Cybersecurity company intended to harden vulnerable systems $6

Sources: Company releases, Wall Street research

35 Equity Financing Activity Software Private Capital Raise Activity: Q4 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 12/05/19 States Title n/a Title and escrow data analytics $100 12/05/19 SyncApp n/a Enterprise open messaging platform $5 12/05/19 Tamigo Viking Venture Cloud-based workforce management platform $10 12/04/19 Canopy NewView, Pelion Venture, Tenaya Online tax workflow management $13 12/04/19 Cerebri AI Arcis Capital Customer success and interaction measuring platform $7 12/04/19 Panorays Aleph, Lane Bess, Oak HC/FT Third-party security management automation $15 12/03/19 BotRx SIG Susquehanna Automated fraud protection $5 12/03/19 Gong.io Battery, Cisco, Next World, Norwest Venture, Sequoia, Shlomo Kramer, Wing Venture AI-based CRM and revenue intelligence platform $65 12/03/19 Highspot ICONIQ, Madrona Venture, OpenView, Salesforce, Sapphire, Shasta Content optimization and sales engagement platform $143 12/03/19 Lucideus MS&AD, Western Technology Cyber risk assessment platform $7 12/03/19 ZeroTier Anorak Network virtualization platform $1 12/02/19 AllVoices.co n/a Anonymous reporting tool for employee harassment $3 11/28/19 Iotic Labs Breed Reply, IQ Capital, Talis Cloud-based virtual Internet of Things platform $8 11/28/19 Toucan Toco Balderton SaaS based business management and data visualization $13 11/27/19 Rossum LocalGlobe, Miton CZ, Seedcamp, StartupYard Platform designed to extract data from documents $3 11/27/19 WealthHub Ben Franklin Technology Partner, Rittenhouse Cloud-based platform to streamline business workflow $7 11/27/19 Wellspring Worldwide n/a Web-based research and technology commercialization $1 11/26/19 Buguroo Conexo, Inveready Technology, Seaya, Ten Eleven Anti-fraud solutions for protection against current cyber threats $23 11/26/19 Cognigy DN Capital, Global Inventures, Nordic Makers Conversational AI platform $7 11/26/19 Coralogix 2B Angels, Aleph, JANVEST, StageOne Delivery and maintenance process data analytics platform $10 11/26/19 Cymulate Dell Technologies, Eyal Gruner, Susquehanna, Vertex Growth, Vertex Ventures SaaS-based cyber security simulation platform $15 11/26/19 Forest Admin Notion, Runa Universal administrative interface for client application data $7 11/26/19 Gorgias Alven, Amplify, CRV, Eric Yuan, Flex, SaaStr Helpdesk services designed for e-commerce $14 11/26/19 Price f(x) Bain & Company, Credo, Digital+ Partners, Talis Pricing management and optimization $53 11/26/19 Widget Brain Volta Workforce optimization and predictive maintenance management $2 11/25/19 Detectify Balderton, Insight, Inventure, Paua Cloud-based online website security scanner $23 11/25/19 Ordr Battery, Ten Eleven, Unusual, Wing IoT security and risk management $28 11/25/19 Orion Labs n/a Real-time mobile communication and workflow platform $12 11/22/19 Board Management n/a Cloud-based board and committee management platform $3 11/22/19 Ceterus n/a Bookkeeping and accounting automation $7 11/22/19 InsightSquared n/a Sales performance and business intelligence $7 11/21/19 Automation Anywhere GS Merchant Banking, Salesforce, SoftBank Robotic process automation $290 11/21/19 BanyanOps Shasta, Unusual Security platform for highly networked environments $17 11/21/19 BigPanda Battery, Greenfield, Insight, Mayfield, Sequoia Alert correlation to centralize and correlate enterprise IT alerts $50 11/21/19 Celonis 83North, Accel, Arena, Craig Courtemanche, Ryan Smith Intelligent big data and visualization $284 11/21/19 CyberGRX AllegisCyber, Bessemer, ClearSky ICONIQ, MassMutual, Scale, Telstra, Ten Eleven, Blackstone Third-party cyber risk protection $40 11/21/19 Loom Systems Flint Capital, Global Brain, Jerusalem, Meron AI-powered log analysis for digital transformation $10 11/20/19 Active Navigation Mobeus Equity File analysis and content discovery $11 11/20/19 Audigent Broadscale, Galaxy Digital, Gao Xiaosong, Raised In Space, SVK Crypto, Warner Music Targeted advertising data platform $7 11/20/19 CHEQ Battery, MizMaa Advertisement enforcement and detection $16

Sources: Company releases, Wall Street research

36 Equity Financing Activity Software Private Capital Raise Activity: Q4 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 11/20/19 CloudFactory FTV, Weatherford On-demand digital workforce in the cloud network $65 11/20/19 EdCast Avathon, National Grid, REV, State Street Global AI-powered knowledge cloud $35 11/20/19 Kustomer Battery, Coatue, Tiger Global Proactive customer service and support platform $60 11/20/19 Leankor Hedgewood, Incubic Management Visual collaboration and management tools $4 11/20/19 Movista n/a Cloud-based labor and workforce management solution $6 11/20/19 NetraDyne n/a Fleet management technology $11 11/19/19 Abnormal Security Greylock Cloud email security platform to prevent cyber crimes $24 11/19/19 CyCognito Lightspeed Ventures, Sorenson Ventures, UpWest Labs Cloud-based network secuirty analysis platform $18 11/19/19 IntSights Qumra Captial Subscrption-based intelligence platform $30 11/18/19 Aerospike Alsop Louie Partners, Eastward Capital, Migration Capital, NewView Capital, Triangle Peak Partners Online database scaling platform $32 11/18/19 Bigstream n/a Big data and machine learning platform $14 11/18/19 Clumio Altimeter Capital Management, Index Ventures, Sutter Hill Ventures Backup as a service cloud platform to protect workloads $135 11/18/19 Dokkio n/a Database and content management platform $2 11/18/19 Tidio Inovo Cloud-based live chat platform $1 11/18/19 TransparentBusiness n/a Freelancer workforce management platform $5 11/18/19 Turbonomic n/a AI-powered application to improve performance $42 11/18/19 Wedge Networks Flow Capital Corp Content security and compliance platform $4 11/15/19 Tethr Falmouth Ventures, Grotech Ventures, IAG Capital Partners, MissionOG, Purple Arch Ventures Communications intelligence platform $15 11/14/19 1Password Accel, Slack, WndrCo Password mangement solution $200 11/14/19 Corsa Security Roadmap Capital Network security virtualization platform $8 11/14/19 DadeSystems Fifth Third Bank, Napier Park Financial Partners, Ocean Azul Partners SaaS-based receivable automation platform $9 11/14/19 Eigen Technologies Dawn Capital, Goldman Sachs Principal Strategic Investments, Lakestar, Temasek Holdings Complex document reading platform $37 11/14/19 Impartner Vector Capital SaaS-based marketing automation PRM $20 11/14/19 Moveworks Bain Capital Ventures, Comerica Bank, ICONIQ Capital, John Thompson, Kleiner Perkins, Lightspeed Ventures Cloud-based AI platform for IT issues $75 11/13/19 Allbound n/a PRM solution for onboarding and marketing $2 11/13/19 Cutover Contour Venture Partners, Index Ventures, Outrun Ventures, Partnership Fund, Sussex Place Ventures Business event project management platform $17 11/13/19 Cybrary Arthur Ventures, BuildGroup, Gula Tech Adventures Open-source certification preparation platform $15 11/13/19 Docker Benchmark, Insight Partners Solution container platform for code collaborators $35 11/13/19 Fonteva KCA Partners Enterprise solution for cloud migration $4 11/13/19 Guild Education Bessemer Venture Partners, General Catalyst, ICONIQ Capital, Lead Edge Capital, Redpoint Ventures, Salesforce Ventures Education benefit and tuition reimbursement platform $157 11/13/19 Pcysys AWZ HLS Fund, Blackstone Group Cybersecurity solution to detect and warn of system bugs $10 11/13/19 Qualia 8VC, Bienville Capital Management, Menlo Ventures, Tiger Global Management Cloud-based real estate transaction management solution $55 11/13/19 SheerID Centana Growth Partners, CVC Capital Partners, Voyager Capital Verificiation technology platform for enterprises $64 11/13/19 Sigma Computing Altimeter Capital Management, Index Ventures, Sutter Hill Ventures Data analytics solution desinged to visualize data $30 11/12/19 Avis-Verifies Providence Equity Partners E-commerce review platform for retailers to publish reviews $32 11/12/19 Diib n/a SMB data management platform $1 11/12/19 Loop FirstMark Capital, Lerer Hippeau, Ridge Ventures E-commerce return management solution to drive customer loyalty $10 11/12/19 Promoboxx n/a Brand-compliant digital marketing solution platform $2 11/12/19 Stradigi AI Cossette Lab, Fonds de solidarité FTQ, Holdun Family Office, Investissement Québec AI-based business revenue optimization platform $40 11/12/19 Styra A.Capital Ventures, Accel, Unusual Ventures Enterprise tools to codify and enforce data access $14

Sources: Company releases, Wall Street research

37 Equity Financing Activity Software Private Capital Raise Activity: Q4 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 11/12/19 Xendoo Deepwork Capital Accounting solution for SMB $4 11/11/19 Inky n/a AI-based anti-phishing platform designed to block threats $10 11/11/19 Tevec Gávea Angel Group, IndicatorCapital Supply chain management platform for logistic planning $1 11/11/19 Workato Battery Ventures, Geodesic Capital, Norwest Venture Partners, Redpoint Ventures, Storm Ventures Cloud-native business automation integration platform $70 11/08/19 Anonos Edison Partners Data management and protection platform $12 11/08/19 Lambdatest Blume Venture Advisors, Leo Capital Holdings Cloud-based interactive cross-browser testing platform $2 11/08/19 Stedi n/a US distribution EDI platform $14 11/08/19 Zenoss ORIX Growth Capital Monitoring and analytic solution for IT environments $8 11/07/19 CitiXsys GS Merchant Banking Retail management supply chain application $60 11/07/19 Gravitational Kleiner Perkins, S28 Capital, Y Combinator Cloud-based customer infrastructure solution $25 11/07/19 Nightfall Bain Capital Ventures, Pear, Venrock Machine learning-based application for business-critical data $20 11/07/19 Reonomy Bain Capital Ventures, Citi Ventures, Georgian Partners, Primary Venture Partners, Sapphire Ventures, SoftBank CRE data and analytics platform $60 11/07/19 Replenium GLP Open subscription platform for retailer, shoppers $13 11/07/19 Sepio Systems EDP Ventures, Hanaco Venture Capital, Merlin International, Mindset Ventures, Pico Partners SaaS solution designed to protect against hardware-based threats $7 11/07/19 Sysdig n/a Container intelligence platform that monitors containers $80 11/06/19 Coveo Elliott Management, Evergreen Coast Capital, Fonds de solidarité FTQ, IQ Venture Capital, OMERS Growth Equity Intelligent enterprise search platform to maximize performance $172 11/06/19 Cultivate Technology Bloomberg Beta, SAP.iO Foundry, Silicon Valley Data Capital, Trinity Ventures AI-powered leadership development platform $8 11/06/19 Immersive Labs Goldman Sachs Principal Strategic Investments, Summit Partners Cyber skills assessment platform $40 11/06/19 Productiv Accel, Norwest Venture Partners, Okta Ventures Cloud-based analytics platform to track enterprise solution use $20 11/06/19 Quartic.ai WRVI Capital AI-based enterprise platform to scale IOT technology $5 11/05/19 Chronosphere Greylock, Lee Fixel, Lux Capital Management End-to-end monitoring and storage data platform $11 11/05/19 DataGrail American Express Ventures, Basis Set Ventures, Cloud Apps Capital, Okta Ventures Personal private data management platform $5 11/05/19 Infocyte n/a Forensics-based threat hunting platform to stop network attacks $3 11/05/19 LeaseQuery Goldman Sachs Group, Valor Ventures Lease accounting management solution $40 11/05/19 Papaya Global Bessemer Venture Partners, Dynamic Loop Capital, Insight Partners, New Era Capital Global supplier workforce management platform $45 11/05/19 RedMarlin Crosslink Capital, Cyber Mentor Fund, Nexxus Ventures, Rain Capital, Thomvest Ventures AI-based cyber-security platform built to detect fraud $10 11/05/19 Riskified Entrée Capital, Fidelity Management, General Atlantic, Pitango Venture Capital, Qumra Capital, Winslow Capital Management E-commerce fraud-prevention technology for online retailers $165 11/05/19 SponsorUnited Volta Global Algorithm-based sponsorship sale marketplace $15 11/05/19 VOIQ 10XCapital, LEAP Global Partners, Schlossstein Capital, Vamos Ventures On-demand sales agent platform designed for S&M calls $2 11/04/19 Ascent Technologies Alsop Louie Partners, Drive Capital, ING Group, University of Chicago Endowment, Wells Fargo Regulatory compliance risk management platform $19 11/04/19 Aviatrix CRV, Formation 8, Ignition Partners, Liberty Global Ventures Cloud native networking solution designed to setup VPN $46 11/04/19 Freshworks Accel, CapitalG, Sequoia Capital India Customer engagement solution designed to increase collaboration $150 11/04/19 Iterable Blue Cloud Ventures, CRV, Harmony Partners, Stereo Capital, Viking Global Investors Customized e-mail marketing platform $60 11/04/19 Volterra ITOCHU Technology Ventures, Khosla Ventures, M12, Mayfield Fund, Samsung NEXT Ventures Edge computing platform designed to solve computing problems $25 11/01/19 Datawire n/a Microservice development tools code deployment solution $4 11/01/19 Forecast Crane Venture Partners, Heartcore Capital, Seed Capital Cloud-based intelligent agile project management solution $6 11/01/19 HeadSpin Reshape Holdings Global testing platform to accelerate transition to mobile $75 11/01/19 Relay Network LLR Partners Customer messaging network $30 10/31/19 Crunchbase Cowboy Ventures, Emergence Capital Partners, Mayfield Fund, OMERS Ventures, Verizon Media Group Data-driven business information platform $30 10/31/19 Folloze Benhamou Global Ventures, Canvas Ventures, Cervin Ventures, Grayhawk Capital, Silicon Valley Bank Marketing and sales platform $11

Sources: Company releases, Wall Street research

38 Equity Financing Activity Software Private Capital Raise Activity: Q4 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 10/31/19 Modus 500 Startups, Cascadia Venture Forum, Felicis Ventures, Hustle Fund, Liquid 2 Ventures, Mucker Capital Home closing real estate technology platform $13 10/30/19 Apploi n/a Customizable job search application $4 10/30/19 Datanomix Alumni Ventures Group, Argonaut Ventures, CRV, Wasabi Ventures, Worcester Polytechnic Institute Endowment Online data visualization and insight platform $3 10/30/19 DimensionalMechanics Keiretsu Forum Cloud-based enterprise platform designed to creat AI applications $1 10/30/19 Particle Bonfire Ventures, Counterpart Ventures, Energy Impact Partners, Green D Ventures, Qualcomm Ventures IoT platform designed to help businesses manage their devices $40 10/30/19 Stampli Bloomberg Beta, Hillsven, Next World Capital, SignalFire Cloud-based interactive invoice management solution $25 10/30/19 Workiz Easy Aleph, Magent Venture Partners Field service mangement solution for business owners $5 10/29/19 ALICE Technologies Blackhorn Ventures, Cantos Ventures, Creative Ventures, Foundamental, Lightspeed Venture Partners, Merus Capital AI platform that produces schedules and resource allocations $13 10/29/19 Fountain 51job, DCM Ventures, Origin Ventures, Uncork Capital Hiring automation solution to simplify workforce management $23 10/28/19 Revolution Insurance n/a Cloud-based platform that offers streamlined distribution process $2 10/28/19 Skytap n/a Public cloud designed to modernize enterprise applications $10 10/28/19 Stardog Boulder Ventures, Core Capital Partners, Grotech Ventures, Tenfore Holdings Knowledge graph platform intended to unify enterprise data $9 10/28/19 Upskill n/a Augmented reality for industrial workforce $8 10/25/19 GiveGab Cayuga, RevIthaca Online fundraising and supporter engagement platform $9 10/25/19 SparkCognition Blue Horizon, Boeing HorizonX, Dalus Capital, Founders Equity, Hearst Ventures, MSD Capital, National Grid Partners AI-based ML operation optimization tool $100 10/24/19 Ally Accel, Founders' Co-op, Lee Fixel, Tiger Global Management, Vulcan Capital Execution management solution $15 10/24/19 Shipwell Aspect Ventures, BoxGroup, Fifth Wall, Georgian Partners, Global Founders Freight shipping platform $35 10/24/19 Sofdesk BDC Capital, Desjardins, EnerTech Capital, Generac Power Systems Sales acceleration platform $6 10/24/19 Total Expert Emergence Capital, Georgian Partners, Rally Ventures Marketing, sales and compliance platform $52 10/23/19 Integris Software Amplify, Aspect Ventures, Madrona Venture, Workday Ventures Automated data compliance $3 10/23/19 LeaseAccelerator n/a Enterprise lease accounting services $5 10/23/19 Ople Hack VC, Triage Ventures, Upscale Strategies Fund Data science process automation and optimization $15 10/23/19 Sisu Data Andreessen Horowitz, Green Bay Ventures, New Enterprise Associates Data-driven insights $53 10/23/19 WellAware Holdings District 5, InCube Ventures Machine-to-machine data networks $13 10/22/19 Antecipa Redpoint eventures Receivables anticipation platform $1 10/22/19 Benevity General Atlantic, JMI Employee engagement solution $40 10/22/19 Databricks Alkeon Capital, Andreessen Horowitz, BlackRock, Green Bay Ventures, Microsoft, New Enterprise Associates, T. Rowe Price Unified data analytics platform $400 10/22/19 Ryvit Dragon Capital, Dreampact Ventures, Hermann Companies, Serra Ventures, St. Louis Arch Angels Integration software for construction businesses $4 10/22/19 Signal AI GMG Ventures, Hearst Ventures, MMC Ventures, Redline Capital Reputation BI and media monitoring platform $25 10/21/19 BryterCX n/a Customer journey analytics platform $8 10/21/19 Instabase Andreessen Horowitz, Glynn Capital, Greylock, Index Ventures, New Enterprise Associates, SC Ventures, Spark Capital Business operations automation platform $105 10/21/19 Spiff Album VC, Kickstart Seed Fund, Peterson Partners, Pipeline Capital Commission planning platform $6 10/21/19 Traxo Airlines Reporting Corp Traveler data aggregation platform $5 10/21/19 Upstream Security Alliance Ventures, Glilot Capital, Hyundai Motor, Maniv Mobility, Nationwide Ventures, Renault Venture Cloud-based cybersecurity platform $30 10/20/19 DataVisor n/a Security analysis $20 10/18/19 Shyft n/a Corporate relocation and moving platform $14 10/18/19 Springbot n/a E-commerce marketing platform $4 10/17/19 Convercent n/a Compliance management tool $2 10/17/19 Corelight Accel, Insight Partners Network visibility platform $50 10/17/19 Invoca Accel, H.I.G. Growth, Morgan Stanley, Upfront Ventures Call tracking and analytics platform $56

Sources: Company releases, Wall Street research

39 Equity Financing Activity Software Private Capital Raise Activity: Q4 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 10/17/19 Kahua n/a Collaborative project management solution $3 10/17/19 Pendo Battery Ventures, Cross Creek, FirstMark Capital, General Atlantic, Geodesic, Meritech Capital, Sapphire Ventures, Tiger Customer engagement analytics platform $100 10/16/19 Flashpoint n/a Business risk intelligence platform $34 10/16/19 Minit Earlybird Venture, OTB Ventures, Salesforce Ventures, Target Global Process mining solution $8 10/16/19 Rombit InvestLink, Vic Swerts Database security platform $11 10/16/19 SharpCloud YFM Equity Partners Business collaboration solution $6 10/16/19 Tasktop n/a Application-based integration tools $7 10/15/19 CleverTap Sequoia, Tiger Marketing engagement and analytics platform $35 10/15/19 Trackonomy 8VC, HP Tech Ventures Package tracking application $10 10/14/19 AvidXchange n/a Invoice and payment processes platform $150 10/14/19 Building Engines Camber Creek, MassMutual Ventures, River Cities Capital, Wavecrest Growth Partners Property management solution $13 10/11/19 Cobli Fifth Wall, GLP, Hans Tung, NXTP Ventures, Sheel Tyle, Valor Corporate fleet tracking tool $10 10/11/19 Upshift n/a Digital platform created for on-demand labor $3 10/11/19 Verif-y n/a Credential data management platform $10 10/11/19 Whisbi Active Venture, Bertelsmann Digital Media, Cipio Partners Conversational sales and marketing platform $6 10/10/19 Avrios Columbia Lake, Edenred Capital, Lakestar, Notion, Swisscom Ventures Fleet management platform $14 10/10/19 Clari Bain Capital, Madrona Venture, Sapphire Ventures, Sequoia, Tenaya Capital Revenue operations platform $60 10/10/19 DarkOwl Five Elms Capital Threat intelligence platform $8 10/10/19 Emplify Allos Ventures, Cultivation Capital, Edison Partners Employee analytics platform $15 10/10/19 Lattice Pulse Burst Capital, Tiger Employee performance management platform $25 10/10/19 NGD Systems Alcor Micro, Benhamou Global Ventures, Plug and Play Tech Center Intelligent storage platform $27 10/10/19 Signifyd n/a Risk and fraud-prevention platform $10 10/09/19 Grin Bullpen Capital Online marketing platform $7 10/09/19 RecargaPay ATW Partners Mobile payment solution $34 10/08/19 Attila Security n/a Endpoint security solution $2 10/08/19 Codacy Armilar Venture, Caixa Capital, EQT, Faber Ventures, Join Capital Automated code review tool $8 10/08/19 RapidSOS Avanta Ventures, Energy Impact Partners, Forté Ventures, Highland Capital, M12, Playground, Ralph Vega, Westly Group Emergency technology platform $55 10/08/19 Razberi Technologies Chartline Capital, LiveOak Venture Digital surveillance solution $6 10/08/19 Scala Computing HardHill Cloud-based HPC platform $5 10/08/19 Shujinko Defy, Unusual Ventures Cloud compliance tool $8 10/08/19 Tenfold Andreessen Horowitz, Geekdom Fund, Next Coast, Salesforce Ventures Customer engagement solution $8 10/08/19 Utmost Greylock, Workday Ventures Extended workforce management platform $11 10/07/19 Authenticity.AI Knox Capital Legal and compliance surveillance solution $3 10/07/19 Defendify Maine Venture Fund Cybersecurity platform $1 10/04/19 Forward Networks A.Capital Ventures, Andreessen Horowitz, Goldman Sachs, Threshold Ventures Network assurance platform $35 10/04/19 Momentum Learning Clarkston Consulting Software development learning platform $2 10/04/19 UnionCrate 1517 Fund, Bay Grove Capital, Founders Fund, Gradient Ventures, Laconia Capital, Susa Ventures Demand planning and SCM platform $9 10/03/19 Bacon Hall Venture Partners On-demand staffing platform $3 10/03/19 Compellon n/a Prescriptive analytics solution $1 10/03/19 Imply Andreessen Horowitz, Geodesic Capital, Khosla Ventures Sub-second query and operational database analysis $30

Sources: Company releases, Wall Street research

40 Equity Financing Activity Software Private Capital Raise Activity: Q4 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 10/03/19 Osaro Alpha Intelligence Capital, Founders Fund, GiTV, iRobot Ventures, King River Capital, Pegasus Tech Ventures Machine intelligence tool for industrial automation $16 10/03/19 Roger 9Yards Capital, BootstrapLabs, Financial Venture Studio, QED Investors, Silicon Valley Bank Bill payment process automation $10 10/03/19 Unqork BlackRock, CapitalG, Summerfield Capital Enterprise application platform for insurance and financial services $80 10/02/19 ironSource CVC Capital Mobile and digital engagement solution $450 10/02/19 SnapLogic Arrowroot Capital, Golub Capital Unified data and application integration platform $72 10/02/19 Tray.io GGV Capital, Meritech Capital, Spark Capital, True Ventures Automation platform for enterprise-wide integrations $50 10/02/19 X1 Palisades Growth Enterprise compliance and eDiscovery platform $5 10/01/19 OnCorps n/a Decision guidance platform $2 10/01/19 SenSat Sistema Venture Capital, Tencent Holdings Data capture and drone mapping tool $10

Sources: Company releases, Wall Street research

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