Sectorwatch: Healthcare IT Q3 2018 Healthcare IT Q3 2018 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

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

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

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

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

3 Dashboard

Operating Metrics Revenue Growth Momentum One year revenue growth percentage compared to Median LTM Gross Profit Margin % 56.9% -3.1% revenue growth average percentage for last 3 years. Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening, but the average growth rate is still Median LTM Revenue Growth % 19%. 14.4%

Pricing / Gross Margin Momentum Median LTM EBITDA Margin % 14.3% One year gross profit percentage compared to gross -0.33% profit percentage average for last 3 years. 0% 10% 20% 30% 40% 50% 60% Current gross profit margin is less than the average of the last 3 years gross profit margins by this amount. Valuation Profitability Momentum Median Price / LTM Earnings 64.6x One year EBITDA percentage compared to EBITDA 0.5% percentage average for last 3 years. Median TEV / LTM EBITDA 27.5x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants. Median TEV / LTM EBIT 22.5x Median TEV / LTM Revenue 4.8x

0x 20x 40x 60x 80x

4 Public Basket

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

Cerner Corporation 19,655 5,073 5% 85% 26% 3.9 14.8 26,000 195 M3, Inc. 12,733 890 21% 57% 30% 15.2 50.9 5,165 172 Veeva Systems Inc. 11,075 721 24% 69% 24% 15.4 65.0 2,171 332 , Inc. 6,514 1,264 14% 54% 17% 5.2 30.7 5,156 245 Medidata Solutions, Inc. 4,946 567 16% 77% 15% 8.7 56.4 1,680 338 HealthEquity, Inc. 4,788 244 29% 60% 31% 19.6 63.0 1,027 238 Cotiviti Holdings, Inc. 4,714 738 15% 66% 39% 6.4 16.3 3,300 224 Teladoc, Inc. 4,494 280 101% 73% -13% 16.0 0.0 1,231 227 Allscripts Healthcare Solutions, Inc. 4,224 1,907 18% 50% 8% 2.2 29.1 8,900 214 CompuGroup Medical Societas Europaea 3,064 769 8% 38% 19% 4.2 22.0 4,572 168 Winning Health Technology Group Co., Ltd. 2,855 198 26% 52% 25% 15.6 62.0 3,613 55 Omnicell, Inc. 2,274 750 12% 46% 9% 3.0 35.6 2,350 319 HMS Holdings Corp. 2,161 549 13% 37% 20% 3.9 20.0 2,500 220 Web.com Group, Inc. 1,900 751 0% 68% 20% 2.5 13.0 3,600 209 Evolent Health, Inc. 1,702 468 51% 39% -5% 3.6 0.0 2,600 180 Inovalon Holdings, Inc. 1,330 434 0% 66% 13% 3.1 23.9 1,758 247 Tabula Rasa HealthCare, Inc. 1,297 151 48% 30% 7% 8.6 125.8 536 281 Benefitfocus, Inc. 1,264 261 11% 53% 0% 4.8 0.0 1,450 180 Quality Systems, Inc. 1,262 531 4% 55% 8% 2.4 28.4 2,830 188 Vocera Communications, Inc. 880 166 21% 60% -3% 5.3 0.0 590 282 Pharmagest Interactive SA 879 176 14% 28% 25% 5.2 20.8 907 194 Agfa-Gevaert NV 849 2,962 -5% 33% 7% 0.3 4.4 9,840 301 HealthStream, Inc. 734 251 12% 57% 11% 2.9 26.7 955 262 NNIT A/S 671 475 2% 18% 14% 1.5 10.5 3,031 157 Computer Programs and Systems, Inc. 593 284 8% 56% 13% 2.1 15.9 2,000 142 Pro Medicus Limited 593 26 16% 99% 47% 24.5 52.3 - NA Castlight Health, Inc. 557 140 31% 61% -38% 4.0 0.0 527 266 NantHealth, Inc. 494 90 12% 59% -59% 5.5 0.0 494 182 Simulations Plus, Inc. 298 29 34% 73% 41% 10.2 25.2 83 352 Average 3,407 729 19% 56% 12% 7.1 35.3 3,531 227 Median 1,702 468 14% 57% 14% 4.8 26.7 2,261 222 share price as of 19Jul18

5 Public Basket Valuation Trends

30x Public EBITDA Multiples over Time 22.7x 25x 30x 25x 20x 15x 20x 10x 5x 0x

15x TEV/EBITDA - Median TEV/EBITDA - Average

10x Public Revenue Multiples over Time 4.5x 8x 6x 5x 4x 2x

0x 0x

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

6 Operational Metrics

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

Teladoc, Inc. Omnicell, Inc. Evolent Health, Inc. Agfa-Gevaert NV Tabula Rasa HealthCare, Inc. Vocera Communications, Inc. Simulations Plus, Inc. Tabula Rasa HealthCare, Inc. Castlight Health, Inc. Castlight Health, Inc. HealthEquity, Inc. Winning Health Technology… HealthStream, Inc. Veeva Systems Inc. Inovalon Holdings, Inc. M3, Inc. athenahealth, Inc. Vocera Communications, Inc. HealthEquity, Inc. Allscripts Healthcare Solutions,… Teladoc, Inc. Medidata Solutions, Inc. Cotiviti Holdings, Inc. Pro Medicus Limited Cotiviti Holdings, Inc. HMS Holdings Corp. Pharmagest Interactive SA Allscripts Healthcare Solutions,… athenahealth, Inc. Web.com Group, Inc. HMS Holdings Corp. Corporation NantHealth, Inc. Pharmagest Interactive SA Omnicell, Inc. Quality Systems, Inc. HealthStream, Inc. Benefitfocus, Inc. NantHealth, Inc. Computer Programs and… Benefitfocus, Inc. CompuGroup Medical Societas… Evolent Health, Inc. Cerner Corporation M3, Inc. Quality Systems, Inc. CompuGroup Medical Societas… NNIT A/S NNIT A/S Inovalon Holdings, Inc. Computer Programs and… Web.com Group, Inc. Agfa-Gevaert NV Winning Health Technology… Median Median -20% 10% 40% 70% 100% 130% $- $70 $140 $210 $280 $350

7 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Pro Medicus Limited Pro Medicus Limited Cerner Corporation Simulations Plus, Inc. Medidata Solutions, Inc. Cotiviti Holdings, Inc. Simulations Plus, Inc. HealthEquity, Inc. Teladoc, Inc. M3, Inc. Veeva Systems Inc. Cerner Corporation Web.com Group, Inc. Winning Health Technology… Inovalon Holdings, Inc. Pharmagest Interactive SA Cotiviti Holdings, Inc. Veeva Systems Inc. Castlight Health, Inc. HMS Holdings Corp. Vocera Communications, Inc. Web.com Group, Inc. HealthEquity, Inc. CompuGroup Medical Societas… NantHealth, Inc. athenahealth, Inc. HealthStream, Inc. Medidata Solutions, Inc. M3, Inc. NNIT A/S Computer Programs and… Computer Programs and… Quality Systems, Inc. Inovalon Holdings, Inc. athenahealth, Inc. HealthStream, Inc. Benefitfocus, Inc. Omnicell, Inc. Winning Health Technology… Quality Systems, Inc. Allscripts Healthcare Solutions,… Allscripts Healthcare Solutions,… Omnicell, Inc. Agfa-Gevaert NV Evolent Health, Inc. Tabula Rasa HealthCare, Inc. CompuGroup Medical Societas… Vocera Communications, Inc. HMS Holdings Corp. Evolent Health, Inc. Agfa-Gevaert NV Tabula Rasa HealthCare, Inc. Teladoc, Inc. Pharmagest Interactive SA Castlight Health, Inc. NNIT A/S NantHealth, Inc. Median Median 0% 30% 60% 90% 120% -80% -50% -20% 10% 40% 70%

8 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Tabula Rasa HealthCare, Inc. HealthEquity, Inc. Veeva Systems Inc. HealthEquity, Inc. Winning Health… Winning Health Technology… M3, Inc. Medidata Solutions, Inc. Pro Medicus Limited Medidata Solutions,… M3, Inc. Cotiviti Holdings, Inc. Omnicell, Inc. athenahealth, Inc. Vocera… Allscripts Healthcare Solutions,… athenahealth, Inc. Quality Systems, Inc. HealthStream, Inc. CompuGroup Medical… Simulations Plus, Inc. HMS Holdings Corp. Inovalon Holdings, Inc. CompuGroup Medical Societas… Evolent Health, Inc. Pharmagest Interactive SA Omnicell, Inc. HMS Holdings Corp. Cotiviti Holdings, Inc. Web.com Group, Inc. Computer Programs and… Allscripts Healthcare… Cerner Corporation Web.com Group, Inc. NNIT A/S NNIT A/S Median Median 0x 10x 20x 30x 0x 50x 100x 150x

9 Valuation

Price / LTM Earnings Historical Valuation Multiples versus Revenue Growth Rate Medidata Solutions, Inc. 140x 60% Inovalon Holdings, Inc. HealthEquity, Inc. 120x 50% Pro Medicus Limited Veeva Systems Inc. 100x 40% Winning Health Technology… HealthStream, Inc. 80x 30% athenahealth, Inc. M3, Inc. 60x 20% CompuGroup Medical Societas… Omnicell, Inc. 40x 10% HMS Holdings Corp. Simulations Plus, Inc. 20x 0%

Pharmagest Interactive SA EBITDA(x) Cotiviti Holdings, Inc. RGR% LTM 0x -10% Web.com Group, Inc. Cerner Corporation NNIT A/S Agfa-Gevaert NV Median

0x 30x 60x 90x 120x EBITDA(x) LTM RGR%

10 Merger & Acquisition Statistics Valuation Summary Recent Transactions Total Deal Value($mm): $23,825.68 Average Deal Value: $297.82 Summary Average TEV/Revenue: 6.86x Average TEV/EBITDA: 31.16x In the last twelve months there were transactions totaling Average Day Prior Premium(%): 284.56% $23.8b transactions in the healthcare IT sector. 7 Mile Average Week Prior Premium(%): 281.18% Advisors tracked 1,114 transactions in the sector, Average Month Prior Premium(%): 306.58% including 293 M&A transactions.

All Transactions by Type All Transactions by Region M&A Transaction Ranges by Value

Latin Greater than $500 - Merger/Acquisition, 293 America and Europe, 192 $1 billion, 6 $999.9mm, 1 Caribbean, 8 $100 - Me Private Placement, $499.9mm, 821 Asia / Pacific, 13 United States 161 Less than and Canada, $100mm, 60 731 Africa / Middle East, Undisclosed, 22 213

Most Active Buyers/Investors by Number of Transactions Most Active Buyers/Investors by Total Transaction Size Number Of Transaction Company Name Company Name Transactions Size ($mm) Khosla Ventures 7 Elliott Management Corporation 6,884.24 Bessemer Venture Partners 6 Verscend Technologies, Inc. 5,118.08 New Enterprise Associates 6 Oz Parent, Inc. 3,600.0 F-Prime Capital Partners 5 Roche Holding AG (SWX:ROG) 1,900.0 Koninklijke Philips N.V. (ENXTAM:PHIA) 5 SoftBank Investment Advisers 1,550.0 Merck Global Health Innovation Fund, LLC 5 Inovalon Holdings, Inc. (NasdaqGS:INOV) 1,200.0 500 Startups 4 SBI Holdings, Inc. (TSE:8473) 1,150.0 Amgen Ventures 4 SBI Investment Co., Ltd. 1,150.0 Ben Franklin Technology Partners of Southeastern Pennsylvania, Investment4 ArmVeritas Capital Fund Management, LLC 1,050.0 Bpifrance Investissement 4 China Investment Corporation 650.8

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

16Jul18 viaDirect Solutions PlayMaker, Inc. (nka:PlayMaker Health) - - - - 11Jul18 Datix Limited RadicaLogic Technologies, Inc. - - - - 10Jul18 Certain assets of Medical Columbus AG Global Healthcare Exchange, LLC - - - - 9Jul18 Technologies, Inc. ADP AdvancedMD, Inc. - - - - 2Jul18 ADS Data Systems, Inc. Consolo Services Group, LLC - - - - 22Jun18 AcuStream, Inc./CloudMed Solutions Revint Solutions - - - - 19Jun18 Cotiviti Holdings, Inc. Verscend Technologies, Inc. 5,118.08 737.56 6.7x 17.1x 13Jun18 Caradigm USA LLC Inspirata, Inc. - - - - 13Jun18 Life Account, LLC Alight Solutions - - - - 11Jun18 SHYFT Analytics, Inc. Medidata Solutions, Inc. - - - - 11Jun18 FairWarning, Inc. Mainsail Partners 60.00 - - - 11Jun18 Commonwealth Informatics Inc. Genpact Limited - - - - 11Jun18 Jobson Healthcare Information LLC WebMD Health Corp. - - - - 29May18 HEALTHCAREfirst Inc. ResMed Inc. - - - - 7May18 athenahealth, Inc. Elliott Management Corporation 6,879.97 1,264.30 5.4x 32.2x 27Apr18 HealthGrid Allscripts Healthcare, LLC 110.00 - - - 6Apr18 MedFORCE Technologies, Inc. Ideagen plc 9.00 4.70 1.9x - 2Apr18 Value-Based Care Division of GE Healthcare LLC Veritas Capital Fund Management, LLC 1,050.00 - - - 12Mar18 Bolder Healthcare Solutions LLC Cognizant Technology Solutions Corporation 477.00 - - - 1Mar18 Evolent Health, Inc. - 41.65 434.95 2.2x NM 5Jan18 , Inc. Allscripts Healthcare, LLC 100.00 - - - 14Dec17 Brighter, Inc. Cigna Corporation - - - - 13Dec17 Connect Healthcare Health Platforms, Inc. - - - - 8Dec17 VitalHealth Software B.V. Koninklijke Philips N.V. - - - - 24Oct17 Montentia, LLC Bracket Global LLC - - - - 11Oct17 Prognosis Innovation Healthcare Azalea Health Innovations, Inc. - - - - 10Oct17 MedHelp International, Inc. The Staywell Company, LLC - - - - 10Oct17 Carena, Inc. Avizia, Inc. - - - - 3Oct17 Tea Leaves Health, LLC Welltok, Inc. 90.00 - - - 25Sep17 CareLinx Incorporated Generali Global Assistance - - - - 13Sep17 Diabeto, Inc. Livongo Health, Inc. - - - - 6Sep17 SinfoníaRx, Inc. Tabula Rasa HealthCare, Inc. 131.54 27.10 4.9x - 31Aug17 ACAExpress.com, Inc. and Benefit Geek Vimo, Inc. - - - - 14Aug17 Senosis Health Inc. Alphabet Inc. - - - - 3Aug17 Curoverse, Inc. Veritas Genetics International Ltd. - - - - 31Jul17 EagleDream Health, Inc. NextGen Healthcare Information Systems, LLC 26.00 - - - 24Jul17 WebMD Health Corp. MH SUB I, LLC 3,751.26 708.99 3.7x 14.3x

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

Kristina Sergueeva, Director 704.899.5149 [email protected]

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

Sydney Larese, Associate 704.899.5960 [email protected] Marty Johnson, Associate 704.899.5960 [email protected]

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

13