SOFTWARE SECTOR REPORT Q4 2019 EXECUTIVE SUMMARY Software 2019

» The global software sector remains one of the most active sectors, with ~$63Bn in financing deal value and ~$110Bn in M&A deal value during 2019

- 848 financings, 16% higher than 2018 - 1,453 M&A transactions, 5% higher than 2018 » Significant M&A activity in Q4 includes major acquisitions in the cybersecurity sector: Thoma Bravo’s $3.8Bn acquisition of Sophos and F5 Network’s $1.0Bn acquisition of Shape Security » Financial Software had some of the largest financing deals in Q4 ‘19 led by the $1.7Bn financing of Paytm and $500MM financing of Chime; the Business Intelligence & Analytics sector saw high financing volume » Software sector trading performance remained healthy, as the IGV tech-software index outperformed the S&P 500 by 7.2% in 2019

– Sales & Marketing software index grew 49.7% LTM, outperforming all other software sub segments

» Technical Application software companies traded at 9.7x and 28.7x for 2019 Revenue and EBITDA, respectively, among the highest in software

» Momentum and growth rates remain healthy with the Business Intelligence & Analytics subsector leading 2019E/2018A revenue growth at 31.0%

Select Q4 Active Investors Select Q4 Active Buyers

Notes: Sources: Pitchbook, 451 Research, Capital IQ. 2 GCA OVERVIEW The GCA Software team

KEY GCA STATS SECTOR COVERAGE GCA US TEAM

AI / Machine Learning Josh Wepman Rupert Sadler Managing Director Managing Director 23 Offices Globally [email protected] [email protected] BI / Analytics

Collaboration Software Kevin Walsh Chris Gough Managing Director Managing Director Senior Bankers Covering [email protected] [email protected] 25 Software CRM

Cybersecurity Glen Kruger Saif Malik Managing Director Director Senior Bankers Covering Enterprise Content Management [email protected] [email protected] 60 Technology Enterprise Resource Planning

Infrastructure Management GCA EXECUTIVE TEAM 90+ Software Transactions in the Last Three Years Todd Carter Geoff Baldwin Marketing Technology Co-CEO, Managing Co-CEO, Managing Director Director Head of M&A SaaS / Cloud Enablement [email protected] [email protected] Technology-Related 220+ Deals in the Last 3 Years Supply Chain Management

Vertically Focused Software

3 GCA OVERVIEW Deep software sector expertise with demonstrated success advising large-cap public and private companies on complex assignments

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA 4 entities may be retained to advise on the same transaction. GCA OVERVIEW Selected 2019 Transactions

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA 5 entities may be retained to advise on the same transaction. DEAL DASHBOARD Software

$63.2 Billion 848 1,453 $109.8 Billion 2019 Financing Deal Value (1)(2) 2019 Financing Transactions (1)(2) 2019 M&A Transactions 2019 M&A Deal Value Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3) Company Amount ($MM) $Bn $Bn Acquirer Target EV ($MM) $23 $82 $1,660 $18 $4,201 $17 $17 $15 $14 $15 $57 $12 $14 $575 $39 $3,820 $32 $30 $22 $24 $19 $19 $500 $1,811

Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 $400 $1,484 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count $400 $1,028 225 201 222 227 375 384 349 187 198 343 363 361 359 161 155 167 298 $290 226 $720

$284 $580

$235 $540 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Last 12 Months Software Price Performance vs. S&P 500 (4) 40% SPY IGV 35% 36.2% 30% 29.0% 25% 20% Financing Activity by Quarter 15% 10% 5% 0% (5%) (10%) Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 12/31/2019. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 6 3) Software M&A transactions reflect select transactions in 2019 YTD. M&A metrics are based on closed and announced transactions. 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

70.0%

60.0%

50.0% 49.7% 47.3% 46.3% 44.3% 40.0% 39.5% 38.0% 37.5% 34.4% 30.0% 27.2% 24.8% 24.2% 20.0% 17.7%

10.0%

0.0%

(10.0%) Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20

1) Sales & 2) Financial 3) Technical 4) Vertical 5) Platform 6) SaaS 7) ERP & 8) Content & 9) 10) 11) Security 12) Business Marketing Applications Applications General Storage Infrastructure Development Intelligence Business Management and Operations & Analytics Management 49.7% 47.3% 46.3% 44.3% 39.5% 38.0% 37.5% 34.4% 27.2% 24.8% 24.2% 17.7%

Notes: Sources: Capital IQ. Market Data as of 12/31/19. List of companies in each sector can be found in the public comparable tables. 7 SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $1,922Bn Combined Market Cap: $98Bn Combined Market Cap: $228Bn 19/18 Rev. Growth: 2.7% 19/18 Rev. Growth: 16.3% 19/18 Rev. Growth: 19.1% 19 EBITDA Margin: 31.1% 19 EBITDA Margin: 16.1% 19 EBITDA Margin: 16.3%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $228Bn Combined Market Cap: $38Bn Combined Market Cap: $356Bn 19/18 Rev. Growth: 11.4% 19/18 Rev. Growth: 31.0% 19/18 Rev. Growth: 26.8% 19 EBITDA Margin: 16.7% 19 EBITDA Margin: 10.1% 19 EBITDA Margin: 22.0% Notes: Sources: Capital IQ. Market Data as of 1/03/20. 8 Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables. 1) Motive Partners has acquired the investment services business of Fiserv (FISV). SOFTWARE PUBLIC COMPANY LANDSCAPE Sub Sector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $167Bn Combined Market Cap: $234Bn Combined Market Cap: $367Bn 19/18 Rev. Growth: 14.5% 19/18 Rev. Growth: 9.1% 19/18 Rev. Growth: 21.3% 19 EBITDA Margin: 32.9% 19 EBITDA Margin: 18.9% 19 EBITDA Margin: 14.5%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $218Bn Combined Market Cap: $23Bn Combined Market Cap: $808Bn 19/18 Rev. Growth: 24.9% 19/18 Rev. Growth: 20.3% 19/18 Rev. Growth: 30.1% 19 EBITDA Margin: 12.9% 19 EBITDA Margin: 2.7% 19 EBITDA Margin: 12.9% Notes: Sources: Capital IQ. Market Data as of 1/03/20. 9 Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables. 1) LogMeIn (LOGM) is in active conversations to be acquired. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019E Revenue EV / 2020E Revenue

11.2x 8.9x 8.7x 9.7x 9.7x 8.2x 9.0x 8.8x Median: 7.6x 7.4x 7.1x Median: 6.4x 7.9x 6.7x 6.0x 7.3x 7.0x 5.7x 6.5x 5.6x 6.2x 5.9x 5.1x 5.1x 3.7x 3.9x

2019E / 2018A Revenue Growth 2020E / 2019E Revenue Growth

31.0% 30.1% 21.6% 21.6% 26.8% 24.9% Median: 19.7% 17.7% Median: 14.5% 16.2% 15.6% 21.3% 20.3% 15.3% 19.1% 13.8% 13.6% 13.3% 12.6% 16.3% 14.5% 11.3% 11.4% 9.1% 3.8% 2.7%

Notes: Sources: Capital IQ. Market Data as of 1/03/20. Figures represent mean values of respective comp groups. 10 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019E EBITDA EV / 2020E EBITDA

26.2x 26.2x 25.9x 28.7x 27.3x 26.8x 22.1x 24.4x 23.6x Median: 22.2x 20.4x 20.3x Median: 19.8x 22.6x 21.8x 19.4x 19.4x

17.3x 14.1x 14.8x 14.7x 12.8x 10.9x 12.1x 11.4x 10.3x

2019E EBITDA Margin 2020E EBITDA Margin

32.9% 31.1% 34.6% 30.8% Median: 16.2% 22.0% Median: 16.7% 23.2% 18.9% 16.7% 16.3% 16.1% 19.5% 18.9% 14.5% 17.2% 16.1% 16.2% 15.2% 14.6% 12.9% 12.9% 10.1% 11.6% 5.3% 2.7%

Notes: Sources: Capital IQ. Market Data as of 1/03/20. Figures represent mean values of respective comp groups. 11 List of companies in each sector can be found in the public comparable tables. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow

30.0x 25.0x

25.0x SHOPDDOGCOUP ZM 20.0x OKTA R = 0.52 COUP SHOPZMDDOG PAYC 20.0x TEAM OKTA R = 0.74 15.0x PAYC VEEV TEAM WORK RNG SMAR 15.0x DTNOW VEEV NET APPF ZS ADBE WORK DOCU RNG SMAR FIVN PCTY DT NOW ADBE APPFZSNET 10.0x DOCU QTWO FIVNPCTY TWLOWDAY 10.0x EVBG SPLK ZEN QTWO HUBS QLYS WDAY TWLO MDLA

SPLK ZEN CRM Enterprise Value / CY / 2020E Revenue Value Enterprise Enterprise Value / CY / 2020E Revenue Value Enterprise QLYS BL HUBS MDLA PFPT CRMCARB NEWR MIME PFPT 5.0x CSOD CSODNEWRMIME CARB RP 5.0x RP ENVJCOMDBX JCOM ENVDBX CLDR BOX LOGM LOGM CLDRBOX NTAP NTAP PSTG PSTG

0.0x 0.0x 0% 10% 20% 30% 40% 50% 60% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80%

CY2020E Revenue Growth CY 2020E Revenue Growth % + CY 2020E FCF Margin %

Notes: Sources: Capital IQ as of 1/03/20. Consensus estimates used for CY2020E figures. 12 UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

Cardlytics Zscaler Dropbox 210 Zuora PE Acquisitions Strategic Acquisitions IPO Pivotal Software Ceridian DocuSign Smartsheet Carbon Black 200 195 Pluralsight 6 (7) Avalara Domo 11 (11) Tenable Holdings (5) Opera Limited Endava PagerDuty 190 (11) (6) Tufin 7 SurveyMonkey (8) Zoom Video (4) 17 (9) (10) Upwork 17 11 Elastic Fastly 16 (7) Anaplan CrowdStrike Solarwinds Slack (6) Medallia 180 Fortinet (9) (6) Dynatrace CDC Software (8) 9 Cloudflare LogMeIn (12) Ping Medidata Datadog SolarWinds SciQuest Bill.com Rosetta Stone RealPage 170 IntraLinks Sprout Social Jive Envestnet Imperva Qlik 10 Carbonite (9) BroadSoft Workday Workiva (13) Tangoe Atlassian (16) Higher One Fleetmatics Hortonworks Responsys Mavenir Mimecast Convio Qualys New Relic 20 160 Cornerstone Barracuda Instructure SPS Commerce Eloqua HubSpot Epocrates Wix.com Rapid7 SS&C E2open CyberArk Covisint Sophos QuinStreet ServiceNow MobileIron Twilio RingCentral AppFolio (7) Exa Kinaxis SecureWorks FireEye Alarm.Com Incadea Zendesk Talend Cvent Xactly 13 150 Infloblox Paycom Everbridge (11) Gigamon Shopify Proofpoint OPOWER Apptio (17) Textura Apigee Mulesoft Splunk Five9 Gridsum Holding ChannelAdvisor Box Alteryx ExactTarget 2U Nutanix Marketo Okta Demandware Borderfree Coupa Tableau Yext Bazaarvoice Amber Road BlackLine, Inc. 140 Halogen Cloudera Greenway A10 Networks Rally Appian AVG Paylocity Marin MongoDB Guidewire Varonis Systems Model N Altair Engineering SendGrid (16) 130 SailPoint 124

120 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 20 + 13 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 16 - 17 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 11 - 16

Notes: Sources: Capital IQ, company filings. Market data as of 1/03/20. 13 Q4 2019 M&A DEAL DASHBOARD

Quarterly M&A Activity Select Q4 2019 M&A Transactions

($BN) Number of Deals M&A Deal Value ($MM) Ann. Enterprise EV/ LTM Acquirer Target Date Value Rev

$82 12/19 $1,028 16.7x 384 375 12/19 $364 4.4x

363 12/17 $4,201 3.4x 361 359 (1) 349 12/5 $510 NA 343 $57 12/4 $1,811 6.9x

12/4 $720 NA

11/25 $150 NA 298 $39 11/6 $580 11.6x $32 $30 11/4 $540 NA

$24 11/2 $225 NA $22 $19 $19 10/23 $470 NA

10/22 $1,484 3.6x

226 10/22 $215 5.4x

10/22 $150 3.3x Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 10/14 $3,820 5.5x

Notes: Sources: Capital IQ and 451 Research. 1) Investment services business. 14 Q4 2019 FINANCINGS DASHBOARD

Quarterly Financing Activity Select Q4 2019 Financing Transactions

($BN) Number of Deals Financing Deal Value ($MM) Post- Deal Lead/Selected Amount Funding Company Money Date Investor Invested to Date Valuation

12/20 $200 $295 $10,000

12/16 $575 $1,520 $4,000 227 225 222 12/12 $1,660 $5,283 $16,660 201 198 187 $23 12/11 $235 $274 $1,885 167 161 155 $18 12/5 $500 $807 $5,800 $17 $17 $15 $15 $14 $14 11/21 $290 $840 $6,800 $12 Arena 11/21 $284 $364 $2,575 Holdings

11/20 $400 $570 $1,550

10/22 $400 $897 $6,200

Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 10/2 $500 $872 $2,500

Notes: Sources: Pitchbook. 1) Financings include Software Venture and Private Equity Growth / Expansion activity. 15 SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings ($MM) % Change % Change Market Cap @ IPO % Change Current / Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price Offer / 1st Trading Day / Date Offer Price Midpoint Price Offer Price 12/13/2019 $795 $150 16.00 - 18.00 $17.00 $19.03 0.0% (2.4%) 11.9%

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $41.07 10.0% 61.4% 86.7%

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $39.27 31.7% 39.1% 45.4%

9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $27.50 0.0% 34.1% 83.3%

9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $18.70 15.4% 20.0% 24.7%

8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $27.79 14.3% 49.1% 73.7%

7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $32.50 23.5% 76.4% 54.8%

6/20/2019 $19,484 $4,560 Direct Listing $38.50 $22.28 NA 0.3% (42.1%)

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $59.24 17.2% 70.6% 74.2%

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $22.05 6.7% 49.9% 37.8%

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $73.16 5.9% 72.2% 103.2%

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $14.21 7.7% 36.4% 1.5%

4/11/2019 $2,816 $218 21.00 - 23.00 $24.00 $24.71 9.1% 59.4% 3.0%

10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $18.49 (3.2%) 0.2% 23.3%

10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 $54.35 6.3% 42.9% 219.7%

10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 $66.08 5.9% 94.4% 83.6%

10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 $10.09 15.4% 41.2% (32.7%)

Mean 10.4% 43.8% 50.1% Median 8.4% 42.9% 45.4%

Notes: Sources: Capital IQ and Company filings. Market data as of 1/03/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 16 APPENDIX

17 PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM) Trading Metrics Operating Metrics CIQ Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin Revenue Company 1/3/2020 Cap ST. Invest. Debt Value (EV) CY18A CY19E CY20E CY18A CY19E CY20E CY21E 18A/17A 19E/18A 20E/19E CY18A CY19E CY20E CY18A CY19E CY20E

Platform Microsoft Corporation $158.62 $1,210,081 $136,609 $85,570 $1,159,042 9.8x 8.7x 7.8x 23.2x 19.5x 17.8x 15.3x 16% 12% 11% 65% 66% 66% 42% 45% 44% Oracle Corporation $53.76 $172,443 $27,444 $53,922 $199,543 5.1x 5.0x 4.9x 10.7x 10.7x 10.6x 10.2x 2% 0% 2% 79% 80% 80% 47% 47% 46% Cisco Systems $47.63 $202,059 $28,036 $19,644 $193,667 3.8x 3.8x 3.8x 10.7x 10.3x 10.2x 9.9x 6% 1% (0%) 62% 63% 63% 36% 36% 37%

International Business Machines $134.34 $118,977 $10,829 $71,496 $179,783 2.3x 2.3x 2.3x 9.7x 9.9x 9.5x 9.0x 1% (1%) 3% 47% 47% 49% 24% 24% 24% Platform SAP SE $134.59 $160,656 $6,382 $17,926 $172,275 6.1x 5.6x 5.2x 17.6x 15.7x 14.5x 13.2x 0% 9% 7% 70% 72% 72% 35% 35% 36% Dell Technologies Inc. $50.57 $36,903 $8,555 $54,179 $88,208 1.0x 1.0x 0.9x 8.6x 7.6x 7.9x 7.4x 15% 2% 2% 28% 34% 33% 11% 13% 12% Hewlett Packard Enterprise $15.77 $20,389 $3,753 $13,820 $30,507 1.0x 1.1x 1.0x 5.6x 5.8x 6.0x 6.1x 4% (5%) 2% 31% 31% 31% 18% 18% 17%

Mean 4.1x 3.9x 3.7x 12.3x 11.4x 10.9x 10.2x 6% 3% 4% 55% 56% 56% 30% 31% 31% Median 3.8x 3.8x 3.8x 10.7x 10.3x 10.2x 9.9x 4% 1% 2% 62% 63% 63% 35% 35% 36%

Infrastructure Zoom Video Communications $67.28 $18,596 $811 $56 $17,841 NM 29.2x 20.6x NM NM NM NM 118% 85% 42% 82% 82% 81% 4% 19% 14% Citrix Systems $111.82 $14,561 $549 $1,011 $15,023 5.1x 5.0x 4.8x 12.7x 14.1x 15.1x 14.7x 5% 1% 3% 87% 86% 86% 40% 35% 32% Akamai Technologies $87.24 $14,098 $1,570 $2,207 $14,735 5.4x 5.1x 4.8x 13.5x 12.2x 11.2x 10.3x 9% 6% 7% 65% 66% 66% 40% 42% 43% RingCentral $170.50 $14,680 $583 $426 $14,524 23.7x 16.3x 13.3x NM NM NM NM 32% 45% 23% 84% 76% 77% 13% 13% 13% Amdocs Limited $72.65 $9,789 $472 $0 $9,360 2.3x 2.3x 2.2x 11.8x 11.3x 10.4x NA 3% 2% 4% 35% 35% 35% 20% 20% 21% Juniper Networks $24.34 $8,147 $2,252 $1,891 $7,786 1.7x 1.8x 1.7x 7.4x 8.3x 8.0x 8.0x (8%) (5%) 2% 59% 60% 60% 23% 21% 22% Verint Systems Inc. $58.08 $3,881 $427 $924 $4,394 3.6x 3.2x 3.0x 14.8x 13.3x 11.9x 10.6x 8% 11% 7% 66% 68% 68% 24% 24% 25% Five9 $67.01 $4,093 $321 $222 $3,994 15.5x 12.4x 10.7x NM NM NM 47.8x 29% 25% 16% 60% 63% 64% 18% 18% 18%

Everbridge $80.42 $2,717 $195 $114 $2,637 17.9x 13.2x 10.2x NM NM NM NM 41% 36% 29% 68% 71% 72% (2%) 3% 5% Infrastructure Software Aktiengesellschaft $34.39 $2,544 $574 $371 $2,342 2.4x 2.3x 2.3x 7.5x 7.8x 8.8x 8.8x (6%) 2% (1%) 78% 78% 77% 32% 30% 27% Fastly $21.76 $2,038 $208 $29 $1,859 12.9x 9.5x 7.2x NM NM NM NM 38% 36% 31% 55% 57% 59% (8%) (10%) (8%) Extreme Networks $7.33 $890 $161 $449 $1,179 1.1x 1.1x 1.1x 10.3x NA NA NA 34% (0%) 8% 56% 56% 56% 11% 0% 0% Radware Ltd. $25.68 $1,204 $222 $20 $1,002 4.3x 4.0x 3.6x 32.9x 22.8x 20.9x 17.3x 11% 8% 9% 82% 83% 83% 13% 17% 17% Limelight Networks $4.16 $485 $18 $15 $482 2.5x 2.4x 2.1x 14.8x 27.7x 15.9x 12.6x 6% 2% 12% 56% 49% 52% 17% 9% 13% A10 Networks $6.94 $533 $123 $4 $415 1.8x 2.0x 1.8x NM NA NA NA (1%) (9%) 8% 78% 77% 77% 3% 0% 0%

Mean 7.1x 7.3x 6.0x 14.0x 14.7x 12.8x 16.3x 21% 16% 13% 67% 67% 68% 16% 16% 16% Median 3.9x 4.0x 3.6x 12.7x 12.8x 11.5x 11.6x 9% 6% 8% 66% 68% 68% 17% 18% 17%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 18 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security VeriSign $200.88 $23,585 $1,230 $1,797 $24,152 19.9x 19.6x 18.7x 27.8x 27.1x 25.7x 22.7x 4% 1% 5% 84% 86% 86% 71% 72% 73% Splunk Inc. $152.06 $23,717 $1,822 $1,992 $23,887 13.2x 10.2x 8.3x NM NM 44.9x 31.8x 38% 30% 23% 81% 85% 85% 16% 17% 18% Palo Alto Networks $236.83 $23,199 $2,861 $1,879 $22,217 8.6x 7.1x 5.9x 31.5x 30.0x 25.4x 20.1x 30% 21% 20% 72% 72% 72% 27% 24% 23% NortonLifeLock Inc. $25.83 $16,098 $1,831 $4,637 $18,904 5.2x 4.5x 7.7x 8.6x 11.3x 24.9x 12.8x (23%) 16% (42%) 79% 79% 79% 60% 40% 31% Fortinet $111.21 $19,021 $1,940 $42 $17,122 9.5x 8.0x 6.9x 37.3x 29.4x 24.4x 21.4x 20% 19% 15% 75% 77% 77% 25% 27% 28% Check Point Software Technologies Ltd.$112.29 $17,095 $1,684 $0 $15,411 8.0x 7.7x 7.5x 14.9x 15.1x 14.6x 14.0x 3% 4% 3% 90% 90% 90% 54% 51% 52% Citrix Systems $111.82 $14,561 $549 $1,011 $15,023 5.1x 5.0x 4.8x 12.7x 14.1x 15.1x 14.7x 5% 1% 3% 87% 86% 86% 40% 35% 32% Okta $118.29 $14,337 $1,366 $1,096 $14,067 35.2x 24.5x 18.6x NM NM NM NM 56% 44% 32% 72% 77% 77% (9%) (7%) (5%) CrowdStrike Holdings $50.75 $10,431 $834 $0 $9,598 38.4x 20.6x 14.1x NA NM NM NM 110% 87% 46% 65% 71% 72% 0% (11%) (0%) F5 Networks $140.00 $8,511 $972 $0 $7,539 3.5x 3.3x 3.2x 8.8x 9.2x 8.7x NA 4% 4% 4% 83% 84% 84% 39% 36% 37% Proofpoint $118.15 $6,670 $1,052 $799 $6,417 9.0x 7.3x 6.1x NM 41.8x 34.2x 27.5x 38% 23% 20% 72% 79% 79% 16% 17% 18% Zscaler $47.38 $6,063 $378 $34 $5,719 23.5x 16.0x 12.2x NM NM NM NM 57% 47% 31% 80% 80% 80% 6% 10% 10% Trend Micro Incorporated $51.88 $7,213 $1,598 $0 $5,616 3.8x 3.7x 3.5x 11.9x 11.2x 10.9x 10.5x 11% 4% 6% 80% 80% 80% 32% 33% 32% Cloudflare $17.17 $5,154 $648 $11 $4,517 23.4x 16.0x 12.0x NA NM NM NM 43% 46% 33% 77% 77% 76% 0% (15%) (6%) CyberArk Software Ltd. $120.85 $4,578 $507 $0 $4,071 11.9x 9.5x 8.0x 40.5x 31.4x 28.1x 23.1x 31% 25% 19% 86% 88% 87% 29% 30% 28% FireEye $17.21 $3,673 $997 $1,090 $3,766 4.5x 4.3x 4.0x 34.2x 34.9x 31.1x 25.1x 7% 6% 8% 67% 72% 73% 13% 12% 13%

Security Qualys $83.57 $3,239 $298 $38 $2,980 10.7x 9.3x 8.1x 26.5x 21.5x 19.1x 16.5x 21% 15% 14% 76% 80% 80% 40% 43% 42% Rapid7 $58.70 $2,899 $247 $262 $2,914 11.9x 9.0x 7.3x NM NM NM NM 21% 32% 23% 71% 75% 75% (6%) 3% 6% Mimecast Limited $44.79 $2,777 $199 $243 $2,821 8.8x 7.0x 5.8x NM 41.6x 30.7x 26.7x 33% 25% 21% 73% 74% 74% 14% 17% 19% Varonis Systems $78.47 $2,392 $131 $66 $2,327 8.6x 9.2x 8.3x NM NM NM NA 25% (6%) 11% 90% 87% 88% 5% (9%) (3%) Tenable Holdings $24.69 $2,424 $297 $42 $2,169 8.1x 6.2x 5.0x NM NM NM NM 42% 32% 24% 84% 84% 82% (16%) (11%) (8%) SailPoint Technologies Holdings $23.98 $2,139 $464 $346 $2,021 8.1x 7.1x 6.2x NM NM NM NM 34% 15% 15% 78% 80% 80% 16% 8% 9% Ping Identity Holding Corp. $24.43 $1,945 $82 $76 $1,939 9.6x 8.1x 7.3x NA 40.5x NM 40.3x 17% 19% 11% 85% 84% 81% 0% 20% 11% Forescout Technologies $32.48 $1,532 $94 $49 $1,487 5.0x 4.4x 3.8x NM NM NM NM 33% 14% 14% 77% 78% 79% (3%) (8%) (3%) SecureWorks Corp. $17.27 $1,403 $139 $30 $1,294 2.5x 2.4x 2.2x NM NM NM NM 11% 6% 6% 53% 57% 58% 2% 2% 2% OneSpan Inc. $17.39 $695 $81 $14 $628 3.0x 2.5x 2.4x 29.1x 22.7x 18.9x 15.0x 10% 18% 6% 69% 67% 70% 10% 11% 13% F-Secure Oyj $3.39 $534 $27 $49 $556 2.5x 2.3x 2.1x 27.9x 18.6x 17.2x 9.9x 7% 13% 8% 79% 77% 78% 9% 12% 12% Zix Corporation $6.84 $367 $10 $192 $549 7.8x 6.8x 5.7x 27.3x 13.7x 10.6x 9.2x 7% 15% 20% 78% NM NM 29% 49% 53% Tufin Software Technologies Ltd. $17.99 $627 $123 $25 $529 6.2x 4.8x 3.9x NM NM NM NM 32% 28% 23% 84% 83% 83% 3% (9%) (9%) MobileIron $4.68 $524 $96 $16 $444 2.3x 2.2x 2.0x NM NM NM 22.2x 7% 7% 6% 82% 82% 81% (0%) (1%) 4% A10 Networks $6.94 $533 $123 $4 $415 1.8x 2.0x 1.8x NM NA NA NA (1%) (9%) 8% 78% 77% 77% 3% 0% 0% Absolute Software Corporation $6.70 $283 $39 $9 $253 2.6x 2.5x 2.3x 18.9x 11.0x 12.7x NA 4% 6% 7% 86% 86% 86% 14% 23% 18%

Mean 10.1x 7.9x 6.7x 23.9x 23.6x 22.1x 19.3x 23% 19% 14% 78% 79% 79% 17% 16% 17% Median 8.1x 7.0x 6.0x 27.3x 22.1x 21.8x 18.3x 21% 16% 14% 79% 80% 80% 14% 14% 13%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 19 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management Adobe Inc. $331.81 $160,045 $4,177 $4,138 $160,006 17.7x 14.3x 12.1x 40.3x 31.8x 26.1x 22.6x 24% 24% 18% 87% 88% 87% 44% 45% 47% Open Text Corporation $44.20 $11,910 $999 $2,852 $13,764 4.8x 4.7x 4.6x 12.9x 12.4x 11.7x NA 8% 3% 2% 74% 73% 73% 37% 38% 39% DocuSign $75.56 $13,560 $654 $628 $13,534 19.3x 14.0x 11.2x NM NM NM NM 35% 38% 25% 73% 79% 80% 8% 8% 10% NetApp $61.70 $14,082 $2,996 $1,794 $12,880 2.1x 2.3x 2.2x 8.3x 9.4x 9.0x 7.9x 8% (8%) 3% 64% 64% 64% 25% 24% 24% Dropbox $18.00 $7,476 $1,031 $901 $7,346 5.3x 4.4x 3.9x 21.8x 19.7x 15.8x 13.9x 26% 19% 15% 72% 76% 76% 24% 22% 24% Nutanix $32.45 $6,238 $889 $615 $5,964 4.8x 4.8x 3.8x NM NM NM NM 22% 0% 27% 74% 70% 70% (5%) NM NM Pure Storage $17.42 $4,536 $1,241 $597 $3,891 2.9x 2.4x 2.0x 32.0x 27.1x 17.7x 11.0x 33% 21% 18% 66% 70% 69% 9% 9% 11% Mimecast Limited $44.79 $2,777 $199 $243 $2,821 8.8x 7.0x 5.8x NM 41.6x 30.7x 26.7x 33% 25% 21% 73% 74% 74% 14% 17% 19% Box $16.94 $2,535 $201 $426 $2,759 4.5x 4.0x 3.6x NM 47.4x 27.3x 20.4x 20% 14% 11% 71% 71% 72% 5% 8% 13% Varonis Systems $78.47 $2,392 $131 $66 $2,327 8.6x 9.2x 8.3x NM NM NM NA 25% (6%) 11% 90% 87% 88% 5% (9%) (3%)

Content Content Storage & Management Commvault Systems $45.18 $2,065 $475 $18 $1,608 2.3x 2.4x 2.3x 13.9x 14.9x 15.1x 12.5x 5% (4%) 2% 84% 84% 84% 16% 16% 15% Brightcove Inc. $8.69 $337 $23 $16 $331 2.0x 1.8x 1.6x NM 37.0x 21.3x NA 6% 12% 10% 60% 61% 62% 1% 5% 8%

Mean 6.9x 5.9x 5.1x 21.5x 26.8x 19.4x 16.4x 20% 11% 14% 74% 75% 75% 15% 17% 19% Median 4.8x 4.6x 3.8x 17.8x 27.1x 17.7x 13.9x 23% 13% 13% 73% 74% 74% 12% 16% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 20 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics NICE Ltd. $156.78 $9,741 $447 $593 $9,887 6.8x 6.3x 5.8x 22.6x 19.6x 17.7x 16.3x 8% 9% 8% 66% 71% 71% 30% 32% 33% Alteryx $106.83 $6,952 $874 $727 $6,805 26.8x 17.4x 13.1x NM NM NM 48.5x 93% 55% 32% 91% 91% 91% (0%) 14% 16% Elastic N.V. $66.08 $5,333 $307 $42 $5,069 21.1x 13.4x 9.6x NM NM NM NM NA 57% 40% 72% 71% 71% (12%) (17%) (19%) Inovalon Holdings $18.41 $2,853 $134 $1,061 $3,781 7.2x 5.9x 5.4x 24.9x 17.8x 16.0x 14.6x 17% 21% 10% 73% 74% 74% 29% 33% 33% Medallia $29.96 $3,845 $319 $0 $3,526 11.2x 8.9x 7.3x NM NM NM NM 20% 27% 21% 63% 67% 68% NM 2% 3% Teradata Corporation $26.34 $2,963 $528 $675 $3,110 1.4x 1.7x 1.6x 9.1x 9.7x 8.7x 7.1x 0% (13%) 1% 48% 54% 58% 16% 17% 19% Cloudera $11.31 $3,248 $406 $227 $3,068 6.4x 3.9x 3.5x NM NM NM 21.4x 29% 63% 11% 72% 76% 77% (12%) 6% 6% Talend S.A. $41.18 $1,268 $172 $154 $1,251 6.1x 5.1x 4.2x NM NM NM NM 38% 21% 20% 76% 77% 78% (7%) (6%) (2%) MicroStrategy Incorporated $143.57 $1,474 $578 $115 $1,010 2.0x 2.1x 1.9x 45.3x 22.0x 14.1x NA (1%) (3%) 8% 80% 80% 80% 4% 10% 14%

Domo $21.50 $599 $116 $100 $583 4.1x 3.4x 3.0x NM NM NM NM 31% 21% 14% 65% 70% 71% NM NM NM Business Intelligence Intelligence Business Analytics & Veritone $2.56 $63 $49 $0 $14 0.5x 0.3x 0.2x NM NM NM NM 88% 82% 14% 76% 65% 67% NM NM NM

Mean 8.5x 6.2x 5.1x 25.5x 17.3x 14.1x 21.6x 32% 31% 16% 71% 72% 73% 6% 10% 12% Median 6.4x 5.1x 4.2x 23.7x 18.7x 15.0x 16.3x 24% 21% 14% 72% 71% 71% 2% 10% 14%

Technical Applications Autodesk $184.95 $40,695 $1,025 $2,044 $41,714 17.1x 12.8x 10.5x NM 47.6x 31.9x 24.1x 29% 34% 22% 94% 91% 92% 15% 27% 33% Dassault Systèmes SE $165.87 $43,121 $6,386 $3,969 $40,768 10.2x 9.0x 7.4x 30.5x 25.6x 21.6x 18.8x 3% 14% 21% 85% 85% 85% 34% 35% 34% ANSYS $256.97 $21,992 $733 $108 $21,367 16.5x 14.2x 12.8x 33.6x 31.8x 28.3x 25.4x 18% 16% 11% 90% 91% 90% 49% 45% 45% Synopsys $141.76 $21,340 $729 $138 $20,755 6.5x 6.2x 5.5x 26.4x 22.7x 18.3x 16.3x 12% 6% 12% 79% 79% 79% 25% 27% 30% Cadence Design Systems $70.42 $19,759 $655 $464 $19,568 9.2x 8.4x 7.8x 25.6x 23.4x 22.5x 20.3x 10% 9% 7% 88% 90% 90% 36% 36% 35% PTC Inc. $75.43 $8,711 $297 $669 $9,083 7.2x 6.9x 6.0x 25.2x 22.3x 16.9x NA 7% 4% 15% 75% 74% 74% 28% 31% 36%

Aspen Technology $124.55 $8,495 $58 $355 $8,793 16.8x 14.3x 14.1x 37.2x 27.2x 27.4x 25.0x 10% 18% 2% 90% 90% 90% 45% 53% 51% Technical Technical Applications Altair Engineering Inc. $36.81 $2,642 $247 $204 $2,599 6.7x 5.8x 5.2x NM NM 43.0x 29.8x 19% 15% 12% 74% 72% 72% 13% 10% 12%

Mean 11.3x 9.7x 8.7x 29.7x 28.7x 26.2x 22.8x 14% 15% 13% 84% 84% 84% 31% 33% 35% Median 9.7x 8.7x 7.6x 28.4x 25.6x 24.9x 24.1x 11% 15% 12% 87% 87% 87% 31% 33% 35%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 21 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications Fidelity National Information Services $139.02 $85,442 $1,305 $20,747 $104,901 12.5x 10.2x 7.7x 33.5x 24.9x 17.3x 15.4x (3%) 23% 31% 34% 36% 40% 37% 41% 45% Fiserv $116.37 $79,119 $1,028 $23,214 $102,488 17.6x 6.5x 6.2x 46.7x 18.4x 16.6x 15.7x 2% 171% 5% 47% 47% 48% 38% 35% 37% Intuit Inc. $264.38 $68,820 $2,255 $775 $67,340 10.8x 9.5x 8.6x 27.3x 26.8x 23.8x 21.4x 11% 14% 10% 83% 84% 84% 40% 35% 36% MSCI Inc. $260.75 $22,087 $881 $2,763 $23,969 16.7x 15.4x 14.1x 31.0x 28.5x 25.4x 23.0x 13% 8% 10% 80% 81% 81% 54% 54% 55% SS&C Technologies Holdings $61.14 $15,451 $158 $8,036 $23,329 6.8x 5.0x 4.9x 18.2x 13.0x 12.2x 11.5x 104% 35% 3% 41% 58% 58% 37% 39% 40% Temenos AG $158.20 $11,225 $77 $1,218 $12,366 14.7x 12.6x 10.5x 39.6x 31.2x 25.9x 22.4x 14% 16% 21% 73% 83% 83% 37% 40% 40% Fair Isaac Corporation $381.92 $11,061 $106 $831 $11,785 11.1x 10.0x 9.3x 44.0x 31.2x 28.1x 24.9x 12% 11% 7% 71% 70% 70% 25% 32% 33% Jack Henry & Associates $145.72 $11,211 $97 $74 $11,189 7.3x 6.9x 6.5x 20.2x 21.2x 20.4x 18.5x 5% 6% 6% 42% 42% 42% 36% 33% 32% Coupa Software Incorporated $159.58 $10,181 $842 $771 $10,109 38.8x 26.5x 20.8x NM NM NM NM 39% 46% 28% 68% 72% 73% 9% 13% 15% Xero Limited $55.50 $7,828 $311 $298 $7,816 23.2x 16.9x 13.4x NM NM NM 40.7x 28% 37% 27% 85% 84% 84% 15% 19% 23% Avalara $78.86 $6,068 $447 $0 $5,621 20.7x 15.0x 12.0x NM NM NM NM 28% 38% 25% 71% 72% 73% (14%) 1% 1% SimCorp A/S $114.30 $4,526 $29 $74 $4,571 10.4x 9.0x 8.3x 36.5x 28.5x 26.7x 22.9x 6% 16% 7% 61% 63% 62% 29% 31% 31% Envestnet $71.54 $3,754 $72 $670 $4,351 5.4x 4.8x 4.2x 27.6x 22.7x 18.6x 15.9x 19% 11% 14% 29% 69% 70% 19% 21% 23% Q2 Holdings $84.04 $4,047 $637 $457 $3,868 16.0x 12.2x 9.3x NM NM NM NM 24% 32% 31% 49% 53% 55% 8% 6% 5% Financial Financial Applications BlackLine $52.81 $2,938 $597 $395 $2,742 12.0x 9.6x 7.9x NM NM NM NM 30% 26% 21% 78% 83% 81% 6% 10% 11% Bill.com Holdings $38.01 $2,682 $158 $0 $2,524 38.9x 23.3x 18.0x NA NA NA NA NA 67% 30% 73% 76% 75% 0% 0% 0% Bottomline Technologies (de) $53.88 $2,369 $95 $140 $2,414 5.9x 5.6x 5.1x 24.2x 24.7x 21.5x 20.1x 13% 6% 9% 57% 56% 56% 24% 23% 24% Asseco Poland S.A. $16.90 $1,403 $488 $725 $2,192 0.9x 0.8x 0.8x 6.5x 5.4x 5.3x 5.2x 11% 11% 3% 21% 22% 22% 13% 15% 15% IRESS Limited $9.43 $1,629 $20 $199 $1,808 5.5x 5.1x 4.7x 21.8x 19.7x 17.9x 15.8x (2%) 9% 8% 34% 27% 28% 25% 26% 26% Ebix $33.18 $1,012 $129 $772 $1,704 3.4x 2.9x 2.4x 10.2x 9.4x 8.9x NA 37% 18% 21% 66% 64% 63% 34% 31% 27% Zuora $14.77 $1,671 $170 $12 $1,513 6.4x 5.4x 4.6x NM NM NM NM 40% 18% 17% 50% 57% 60% (17%) (11%) (6%) Model N $35.00 $1,167 $61 $44 $1,150 7.6x 8.0x 7.3x NM NM NM NM 6% (5%) 9% 57% 55% 55% 8% 9% 9% Basware Oyj $26.70 $384 $33 $82 $433 2.7x 2.6x 2.4x NM NM 22.5x 16.0x (10%) 2% 7% 51% 52% 57% (3%) 3% 11%

Mean 12.8x 9.7x 8.2x 27.7x 21.8x 19.4x 19.3x 19% 27% 15% 57% 61% 62% 20% 22% 23% Median 10.8x 9.0x 7.7x 27.4x 23.7x 20.4x 18.5x 13% 16% 10% 57% 63% 62% 24% 23% 24%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 22 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $154.15 $111,003 $14,252 $18,668 $116,112 5.8x 6.3x 5.4x 24.6x 25.1x 20.3x 17.8x 9% (7%) 15% 56% 56% 57% 24% 25% 27% Roper Technologies $363.03 $37,776 $323 $6,484 $43,937 8.5x 8.2x 7.7x 24.3x 23.0x 20.8x 20.1x 13% 3% 7% 63% 64% 64% 35% 36% 37% Cerner Corporation $73.83 $23,190 $633 $1,172 $23,729 4.4x 4.2x 4.0x 15.1x 14.4x 12.6x 11.4x 4% 6% 4% 83% 82% 82% 29% 29% 32% Veeva Systems Inc. $142.51 $21,175 $1,495 $27 $19,707 22.9x 18.1x 14.2x NM 46.0x 38.6x 31.2x 25% 26% 27% 72% 75% 75% 37% 39% 37% Tyler Technologies $306.67 $11,956 $194 $25 $11,786 12.6x 10.8x 9.7x 42.9x 39.0x 34.1x 29.7x 11% 17% 11% 47% 52% 51% 29% 28% 29% Guidewire Software $110.29 $9,108 $1,021 $432 $8,519 11.6x 12.3x 10.4x 46.7x NM NM NA 28% (6%) 19% 55% 56% 56% 25% 20% 18% RealPage $54.58 $5,051 $270 $737 $5,518 6.3x 5.6x 4.8x 23.9x 19.6x 17.6x 15.4x 30% 13% 17% 62% 63% 63% 27% 29% 27% CoreLogic $43.73 $3,477 $89 $1,866 $5,253 2.9x 3.0x 3.0x 10.7x 10.7x 10.3x 10.0x (3%) (2%) (2%) 48% 50% 52% 28% 28% 30% Blackbaud $78.75 $3,774 $29 $625 $4,370 5.1x 4.9x 4.7x 21.5x 24.1x 24.7x 21.9x 8% 6% 5% 55% 60% 60% 24% 20% 19%

AppFolio $112.27 $3,824 $40 $72 $3,856 20.3x 15.1x 11.9x NM NM NM NM 32% 34% 27% 62% 60% 61% 21% 14% 17% Vertical Vertical Applications Allscripts Healthcare Solutions $9.63 $1,564 $129 $1,038 $2,473 1.4x 1.4x 1.3x 6.1x 8.3x 7.5x 7.1x 17% 2% 4% 47% 43% 43% 23% 17% 18% 2U $23.21 $1,473 $154 $312 $1,631 4.0x 2.8x 2.2x NM NM NM NM 44% 39% 27% 78% 72% 72% 4% (4%) (1%) HealthStream $27.04 $876 $173 $34 $737 3.2x 2.9x 3.0x 17.7x 16.2x 17.3x 20.7x 8% 10% (2%) 59% 59% 60% 18% 18% 17% Castlight Health $1.20 $175 $56 $20 $140 0.9x 1.0x 1.0x NM NM NM NA 18% (9%) (5%) 62% 62% 63% (4%) (8%) (6%) Boxlight Corporation $1.10 $12 $1 $9 $20 0.5x 0.5x 0.4x NM NM NM NM 47% 3% 15% 23% 30% 30% (10%) (7%) (6%)

Mean 7.4x 6.5x 5.6x 23.4x 22.6x 20.4x 18.5x 19% 9% 11% 58% 59% 59% 21% 19% 20% Median 5.1x 4.9x 4.7x 22.7x 21.3x 18.9x 19.0x 17% 6% 11% 59% 60% 60% 24% 20% 19%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 23 PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business salesforce.com $166.17 $147,393 $6,529 $6,493 $147,357 11.1x 8.7x 7.0x 45.7x 30.0x 24.8x 21.7x 26% 28% 23% 74% 78% 78% 24% 29% 28% Shopify Inc. $404.29 $47,184 $2,667 $111 $44,628 41.6x 28.7x 21.1x NM NM NM NM 59% 45% 36% 56% 56% 55% 4% 4% 5% Workday $168.44 $38,741 $2,105 $1,552 $38,189 13.5x 10.6x 8.8x NM NM 41.1x 35.2x 32% 28% 20% 70% 75% 76% 17% 21% 21% Constellation Software Inc. $973.03 $20,620 $243 $690 $21,067 6.9x 6.0x 5.2x 26.9x 22.6x 19.3x 16.0x 23% 14% 17% 37% 67% 67% 26% 27% 27% Paycom Software $272.71 $15,724 $108 $60 $15,675 27.7x 21.3x 17.3x NM NM 40.6x 32.7x 31% 30% 24% 87% 85% 85% 43% 42% 42% Slack Technologies $22.46 $12,362 $774 $0 $11,603 29.0x 18.6x 13.6x NM NM NM NM 82% 56% 37% 87% 87% 87% NM (19%) (14%) The Sage Group plc $9.67 $10,549 $456 $941 $11,034 4.6x 4.3x 4.2x 16.5x 17.1x 16.6x 15.6x 1% 8% 1% 93% 93% 93% 28% 25% 26% Ceridian HCM Holding Inc. $69.51 $10,008 $271 $711 $10,448 14.1x 12.7x 11.3x NM NM 48.4x 40.2x 10% 11% 13% 47% 48% 49% 21% 23% 23% Zendesk $78.35 $8,789 $435 $586 $8,941 14.9x 11.0x 8.5x NM NM NM NM 39% 36% 30% 70% 75% 76% 7% 8% 10% Anaplan $54.35 $7,262 $311 $55 $7,005 29.1x 20.2x 15.2x NM NM NM NM 43% 44% 33% 72% 76% 77% NM (13%) (8%) Paylocity Holding Corporation $125.67 $6,725 $130 $84 $6,679 16.5x 12.9x 10.8x NM 45.7x 37.4x 30.4x 23% 28% 20% 66% 64% 64% 25% 28% 29% j2 Global $95.56 $4,657 $92 $1,246 $5,810 4.8x 4.3x 4.0x 11.9x 10.6x 9.8x 9.0x 8% 13% 7% 83% 83% 83% 41% 40% 41% Manhattan Associates $80.44 $5,140 $114 $40 $5,067 9.1x 8.3x 7.8x 31.2x 34.1x 35.6x 30.8x (6%) 10% 6% 57% 55% 54% 29% 24% 22% Smartsheet Inc. $45.81 $5,382 $563 $65 $4,883 27.5x 18.1x 13.0x NM NM NM NM 60% 52% 39% 81% 82% 81% (18%) (15%) (11%) The Descartes Systems Group Inc $43.83 $3,688 $29 $23 $3,682 13.4x 11.3x 10.2x 39.2x 30.1x 26.7x 23.7x 16% 18% 10% 73% 74% 74% 34% 38% 38% Cornerstone OnDemand $58.40 $3,546 $376 $375 $3,544 6.6x 6.2x 5.4x 35.9x 27.8x 21.3x 18.8x 12% 7% 14% 73% 76% 76% 18% 22% 25% PROS Holdings $61.80 $2,740 $319 $182 $2,603 13.2x 10.5x 8.9x NM NM NM NM 17% 26% 18% 61% 63% 64% (10%) (4%) (1%) Enghouse Systems Limited $39.04 $2,139 $114 $1 $2,025 7.7x 6.4x 5.2x 24.9x 21.7x 17.8x NA (3%) 21% 24% 70% 69% 69% 31% 29% 29%

ERP &General Business Pluralsight $16.92 $1,722 $449 $502 $1,843 7.9x 5.8x 4.7x NM NM NM NM 39% 36% 26% 73% 78% 79% (20%) (16%) (15%) Workiva Inc. $43.20 $2,007 $485 $318 $1,840 7.5x 6.3x 5.4x NM NM NM NM 18% 20% 16% 73% 72% 73% (4%) (3%) (3%) Technology One Limited $5.88 $1,873 $71 $0 $1,802 8.5x 8.8x 8.2x 34.9x 32.0x 25.5x 21.3x (2%) (3%) 7% 41% 41% 41% 24% 27% 32% SPS Commerce $55.88 $1,947 $201 $20 $1,765 7.1x 6.3x 5.7x 34.4x 25.5x 21.5x 18.9x 13% 12% 10% 67% 68% 68% 21% 25% 27% Instructure $47.99 $1,836 $127 $49 $1,758 8.4x 6.8x 5.8x NM NM NM NM 30% 23% 18% 70% 71% 72% (6%) (3%) (2%) Upland Software $38.78 $980 $113 $348 $1,214 8.1x 5.5x 4.6x 22.9x 14.9x 12.1x 11.6x 53% 46% 19% 68% 71% 71% 35% 37% 38% QAD Inc. $51.50 $1,048 $134 $31 $945 2.8x 3.0x 2.8x 36.9x NM 42.7x 30.3x 9% (7%) 8% 53% 55% 56% 8% 4% 7% Opera Limited $9.31 $1,107 $216 $36 $927 5.4x 3.0x 2.3x 14.1x 22.6x 11.2x 11.1x 34% 78% 32% 68% 82% 83% 38% 13% 20% Benefitfocus $20.53 $672 $131 $282 $823 3.2x 2.8x 2.4x NM NM 30.2x 18.9x 9% 14% 14% 50% 54% 56% 4% 5% 8% American Software $15.06 $481 $94 $3 $390 3.5x 3.5x 3.4x 24.7x 28.0x 25.4x 19.5x 2% (2%) 5% 53% 54% 54% 14% 13% 13% Synchronoss Technologies $5.61 $233 $20 $71 $297 0.9x 1.0x 0.9x 21.2x 11.5x 10.2x 7.6x (19%) (5%) 11% 51% 52% 56% 4% 8% 8% ServiceSource International $1.69 $160 $23 $46 $182 0.8x 0.9x 0.9x 12.8x NM 45.6x 17.5x (0%) (10%) (5%) 31% 30% 31% 6% 1% 2% Park City Group $5.16 $102 $18 $7 $90 3.9x 4.6x 4.0x 15.0x 16.6x 13.6x 11.1x 13% (15%) 16% 71% 71% 71% 26% 28% 29%

Mean 11.6x 9.0x 7.4x 26.4x 24.4x 26.2x 21.0x 22% 21% 18% 65% 68% 68% 16% 14% 16% Median 8.1x 6.4x 5.7x 24.9x 24.1x 25.1x 18.9x 17% 20% 17% 70% 71% 71% 21% 21% 21%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 24 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management VMware $154.02 $63,134 $2,025 $5,641 $66,750 7.4x 6.6x 5.9x 18.2x 17.0x 16.2x 14.4x 14% 13% 12% 86% 87% 87% 41% 39% 37% ServiceNow $291.10 $54,890 $1,471 $1,124 $54,543 20.9x 15.8x 12.4x NM NM 42.9x 33.0x 36% 32% 28% 76% 81% 82% 26% 28% 29% Atlassian Corporation Plc $123.04 $30,042 $1,775 $1,145 $29,412 30.7x 21.1x 16.7x NM NM NM NA 38% 46% 26% 88% 85% 85% 31% 26% 26% Twilio Inc. $103.52 $14,198 $1,882 $624 $12,940 19.9x 11.6x 8.8x NM NM NM NM 63% 72% 31% 54% 59% 58% 5% 5% 7% Datadog $37.42 $11,070 $761 $62 $10,371 NM 29.5x 20.6x NA NM NM NM 97% 77% 43% 77% 75% 76% 0% (2%) (3%) Dynatrace $26.32 $7,384 $212 $570 $7,742 NA 15.2x 12.4x NA NA 47.3x 37.3x NA NA 23% NM 78% 78% NA 0% 26% MongoDB $135.29 $7,677 $426 $305 $7,556 28.3x 18.5x 14.3x NM NM NM NM 61% 53% 29% 72% 72% 72% (18%) (11%) (6%) SolarWinds Corporation $18.49 $5,677 $221 $1,916 $7,372 8.8x 7.8x 7.0x 18.1x 16.3x 15.3x 13.5x 14% 13% 12% 92% 92% 92% 49% 48% 46% Micro Focus International plc $14.42 $4,786 $2,666 $4,674 $6,795 2.2x 2.0x 2.1x 4.8x 5.1x 5.2x 5.4x 21% 9% (5%) 75% 77% 77% 46% 40% 41% LogMeIn $85.56 $4,156 $119 $309 $4,346 3.6x 3.5x 3.3x 9.7x 10.5x 10.9x 10.0x 22% 5% 5% 77% 82% 81% 37% 33% 30% New Relic $67.69 $3,979 $771 $486 $3,696 8.3x 6.5x 5.6x 49.0x 38.7x 37.5x 28.4x 35% 28% 17% 84% 83% 83% 17% 17% 15% Appian Corporation $38.13 $2,561 $166 $4 $2,399 10.6x 9.0x 7.8x NM NM NM NM 28% 17% 16% 63% 65% 68% (13%) (10%) (5%) NetScout Systems $24.69 $1,848 $300 $529 $2,076 2.3x 2.3x 2.2x NA NA NA NA (15%) (2%) 4% 71% 72% 72% 0% 0% 0% Progress Software Corporation $42.23 $1,891 $145 $296 $2,042 5.1x 4.8x 4.7x 10.4x 12.2x 11.3x 10.9x (0%) 7% 2% 89% 85% 85% 50% 39% 42% PagerDuty $24.38 $1,883 $346 $0 $1,537 13.0x 9.3x 7.3x NM NM NM NM 48% 40% 27% 85% 85% 85% NM (16%) (9%)

Bandwidth Inc. $65.12 $1,530 $192 $0 $1,337 8.1x 5.8x 5.0x NM NM NM NM 25% 39% 17% 58% 47% 48% 10% (2%) (0%) Development Development Operations & Management Magic Software Enterprises Ltd. $9.98 $488 $96 $38 $466 1.6x 1.5x 1.3x NA NA NA NA 10% 12% 11% 31% 32% 32% 0% 0% 0% MobileIron $4.68 $524 $96 $16 $444 2.3x 2.2x 2.0x NM NM NM 22.2x 7% 7% 6% 82% 82% 81% (0%) (1%) 4% Comarch S.A. $51.50 $419 $61 $65 $427 1.2x 1.1x 1.0x 9.1x 6.3x 6.9x 6.5x 13% 7% 9% 26% 32% 28% 13% 17% 15% Axway Software SA $13.85 $293 $37 $83 $340 1.0x 1.1x 1.1x 8.1x 12.1x 9.3x NA (10%) (2%) (0%) 18% 71% 72% 13% 9% 11%

Mean 9.8x 8.8x 7.1x 15.9x 14.8x 20.3x 18.2x 27% 25% 16% 69% 72% 72% 17% 13% 15% Median 7.8x 6.6x 5.7x 10.1x 12.1x 13.3x 14.0x 22% 13% 14% 76% 78% 78% 13% 7% 13%

Sales & Marketing Applications HubSpot $164.00 $7,023 $949 $576 $6,650 13.0x 9.9x 8.0x NM NM NM 45.3x 37% 31% 24% 80% 82% 83% 11% 13% 13% Pegasystems Inc. $80.78 $6,408 $113 $73 $6,369 7.1x 6.9x 6.1x NM NM NM NM 0% 4% 13% 66% 68% 70% 8% 3% 4% SurveyMonkey $18.38 $2,474 $116 $309 $2,667 10.5x 8.7x 7.2x 46.0x NM NM 40.6x 16% 21% 22% 69% 77% 78% 23% 13% 13% LivePerson $36.95 $2,346 $205 $195 $2,335 9.3x 8.0x 6.6x NM NM NM NM 14% 17% 21% 75% 74% 74% 8% (5%) 3% Cardlytics $63.30 $1,628 $95 $0 $1,532 10.2x 7.7x 5.8x NM NM NM 40.7x 16% 33% 33% 36% 37% 37% (4%) 0% 5% Yext $14.25 $1,636 $245 $118 $1,510 6.6x 5.1x 4.0x NM NM NM NM 34% 30% 28% 75% 75% 75% (11%) (17%) (10%) Sales Sales & Marketing Sprout Social $16.58 $794 $13 $21 $803 10.2x 7.9x 6.1x NA NA NA NA 76% 29% 29% 73% 74% 73% 0% 0% 0% ChannelAdvisor Corporation $9.02 $253 $48 $16 $221 1.7x 1.7x 1.6x 22.6x 12.1x 10.3x 8.5x 7% (1%) 5% 78% 78% 79% 7% 14% 16%

Mean 8.6x 7.0x 5.7x 34.3x 12.1x 10.3x 33.8x 25% 20% 22% 69% 71% 71% 5% 3% 5% Median 9.8x 7.8x 6.1x 34.3x 12.1x 10.3x 40.6x 16% 25% 23% 74% 75% 75% 8% 2% 4%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 25 1) LogMeIn (LOGM) is in active conversations to be acquired. PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS Adobe Inc. $331.81 $160,045 $4,177 $4,138 $160,006 17.7x 14.3x 12.1x 40.3x 31.8x 26.1x 22.6x 24% 24% 18% 87% 88% 87% 44% 45% 47% salesforce.com $166.17 $147,393 $6,529 $6,493 $147,357 11.1x 8.7x 7.0x 45.7x 30.0x 24.8x 21.7x 26% 28% 23% 74% 78% 78% 24% 29% 28% ServiceNow $291.10 $54,890 $1,471 $1,124 $54,543 20.9x 15.8x 12.4x NM NM 42.9x 33.0x 36% 32% 28% 76% 81% 82% 26% 28% 29% Shopify Inc. $404.29 $47,184 $2,667 $111 $44,628 41.6x 28.7x 21.1x NM NM NM NM 59% 45% 36% 56% 56% 55% 4% 4% 5% Workday $168.44 $38,741 $2,105 $1,552 $38,189 13.5x 10.6x 8.8x NM NM 41.1x 35.2x 32% 28% 20% 70% 75% 76% 17% 21% 21% Atlassian Corporation Plc $123.04 $30,042 $1,775 $1,145 $29,412 30.7x 21.1x 16.7x NM NM NM NA 38% 46% 26% 88% 85% 85% 31% 26% 26% Splunk Inc. $152.06 $23,717 $1,822 $1,992 $23,887 13.2x 10.2x 8.3x NM NM 44.9x 31.8x 38% 30% 23% 81% 85% 85% 16% 17% 18% Veeva Systems Inc. $142.51 $21,175 $1,495 $27 $19,707 22.9x 18.1x 14.2x NM 46.0x 38.6x 31.2x 25% 26% 27% 72% 75% 75% 37% 39% 37% Zoom Video Communications $67.28 $18,596 $811 $56 $17,841 NM 29.2x 20.6x NM NM NM NM 118% 85% 42% 82% 82% 81% 4% 19% 14% Paycom Software $272.71 $15,724 $108 $60 $15,675 27.7x 21.3x 17.3x NM NM 40.6x 32.7x 31% 30% 24% 87% 85% 85% 43% 42% 42% RingCentral $170.50 $14,680 $583 $426 $14,524 23.7x 16.3x 13.3x NM NM NM NM 32% 45% 23% 84% 76% 77% 13% 13% 13% Okta $118.29 $14,337 $1,366 $1,096 $14,067 35.2x 24.5x 18.6x NM NM NM NM 56% 44% 32% 72% 77% 77% (9%) (7%) (5%) DocuSign $75.56 $13,560 $654 $628 $13,534 19.3x 14.0x 11.2x NM NM NM NM 35% 38% 25% 73% 79% 80% 8% 8% 10% Twilio Inc. $103.52 $14,198 $1,882 $624 $12,940 19.9x 11.6x 8.8x NM NM NM NM 63% 72% 31% 54% 59% 58% 5% 5% 7% NetApp $61.70 $14,082 $2,996 $1,794 $12,880 2.1x 2.3x 2.2x 8.3x 9.4x 9.0x 7.9x 8% (8%) 3% 64% 64% 64% 25% 24% 24% Slack Technologies $22.46 $12,362 $774 $0 $11,603 29.0x 18.6x 13.6x NM NM NM NM 82% 56% 37% 87% 87% 87% NM (19%) (14%) Datadog $37.42 $11,070 $761 $62 $10,371 NM 29.5x 20.6x NA NM NM NM 97% 77% 43% 77% 75% 76% 0% (2%) (3%) Coupa Software Incorporated $159.58 $10,181 $842 $771 $10,109 38.8x 26.5x 20.8x NM NM NM NM 39% 46% 28% 68% 72% 73% 9% 13% 15%

SaaS Zendesk $78.35 $8,789 $435 $586 $8,941 14.9x 11.0x 8.5x NM NM NM NM 39% 36% 30% 70% 75% 76% 7% 8% 10% Dynatrace $26.32 $7,384 $212 $570 $7,742 NA 15.2x 12.4x NA NA 47.3x 37.3x NA NA 23% NM 78% 78% NA 0% 26% Dropbox $18.00 $7,476 $1,031 $901 $7,346 5.3x 4.4x 3.9x 21.8x 19.7x 15.8x 13.9x 26% 19% 15% 72% 76% 76% 24% 22% 24% Paylocity Holding Corporation $125.67 $6,725 $130 $84 $6,679 16.5x 12.9x 10.8x NM 45.7x 37.4x 30.4x 23% 28% 20% 66% 64% 64% 25% 28% 29% HubSpot $164.00 $7,023 $949 $576 $6,650 13.0x 9.9x 8.0x NM NM NM 45.3x 37% 31% 24% 80% 82% 83% 11% 13% 13% Proofpoint $118.15 $6,670 $1,052 $799 $6,417 9.0x 7.3x 6.1x NM 41.8x 34.2x 27.5x 38% 23% 20% 72% 79% 79% 16% 17% 18% j2 Global $95.56 $4,657 $92 $1,246 $5,810 4.8x 4.3x 4.0x 11.9x 10.6x 9.8x 9.0x 8% 13% 7% 83% 83% 83% 41% 40% 41% Zscaler $47.38 $6,063 $378 $34 $5,719 23.5x 16.0x 12.2x NM NM NM NM 57% 47% 31% 80% 80% 80% 6% 10% 10% RealPage $54.58 $5,051 $270 $737 $5,518 6.3x 5.6x 4.8x 23.9x 19.6x 17.6x 15.4x 30% 13% 17% 62% 63% 63% 27% 29% 27% Smartsheet Inc. $45.81 $5,382 $563 $65 $4,883 27.5x 18.1x 13.0x NM NM NM NM 60% 52% 39% 81% 82% 81% (18%) (15%) (11%) Cloudflare $17.17 $5,154 $648 $11 $4,517 23.4x 16.0x 12.0x NA NM NM NM 43% 46% 33% 77% 77% 76% 0% (15%) (6%) Envestnet $71.54 $3,754 $72 $670 $4,351 5.4x 4.8x 4.2x 27.6x 22.7x 18.6x 15.9x 19% 11% 14% 29% 69% 70% 19% 21% 23% LogMeIn $85.56 $4,156 $119 $309 $4,346 3.6x 3.5x 3.3x 9.7x 10.5x 10.9x 10.0x 22% 5% 5% 77% 82% 81% 37% 33% 30% Five9 $67.01 $4,093 $321 $222 $3,994 15.5x 12.4x 10.7x NM NM NM 47.8x 29% 25% 16% 60% 63% 64% 18% 18% 18% Pure Storage $17.42 $4,536 $1,241 $597 $3,891 2.9x 2.4x 2.0x 32.0x 27.1x 17.7x 11.0x 33% 21% 18% 66% 70% 69% 9% 9% 11% Q2 Holdings $84.04 $4,047 $637 $457 $3,868 16.0x 12.2x 9.3x NM NM NM NM 24% 32% 31% 49% 53% 55% 8% 6% 5% AppFolio $112.27 $3,824 $40 $72 $3,856 20.3x 15.1x 11.9x NM NM NM NM 32% 34% 27% 62% 60% 61% 21% 14% 17% New Relic $67.69 $3,979 $771 $486 $3,696 8.3x 6.5x 5.6x 49.0x 38.7x 37.5x 28.4x 35% 28% 17% 84% 83% 83% 17% 17% 15% Cornerstone OnDemand $58.40 $3,546 $376 $375 $3,544 6.6x 6.2x 5.4x 35.9x 27.8x 21.3x 18.8x 12% 7% 14% 73% 76% 76% 18% 22% 25%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 26 1) LogMeIn (LOGM) is in active conversations to be acquired. PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) Medallia $29.96 $3,845 $319 $0 $3,526 11.2x 8.9x 7.3x NM NM NM NM 20% 27% 21% 63% 67% 68% NM 2% 3% Cloudera $11.31 $3,248 $406 $227 $3,068 6.4x 3.9x 3.5x NM NM NM 21.4x 29% 63% 11% 72% 76% 77% (12%) 6% 6% Qualys $83.57 $3,239 $298 $38 $2,980 10.7x 9.3x 8.1x 26.5x 21.5x 19.1x 16.5x 21% 15% 14% 76% 80% 80% 40% 43% 42% Mimecast Limited $44.79 $2,777 $199 $243 $2,821 8.8x 7.0x 5.8x NM 41.6x 30.7x 26.7x 33% 25% 21% 73% 74% 74% 14% 17% 19% Box $16.94 $2,535 $201 $426 $2,759 4.5x 4.0x 3.6x NM 47.4x 27.3x 20.4x 20% 14% 11% 71% 71% 72% 5% 8% 13% BlackLine $52.81 $2,938 $597 $395 $2,742 12.0x 9.6x 7.9x NM NM NM NM 30% 26% 21% 78% 83% 81% 6% 10% 11% Everbridge $80.42 $2,717 $195 $114 $2,637 17.9x 13.2x 10.2x NM NM NM NM 41% 36% 29% 68% 71% 72% (2%) 3% 5% Bill.com Holdings $38.01 $2,682 $158 $0 $2,524 38.9x 23.3x 18.0x NA NA NA NA NA 67% 30% 73% 76% 75% 0% 0% 0% LivePerson $36.95 $2,346 $205 $195 $2,335 9.3x 8.0x 6.6x NM NM NM NM 14% 17% 21% 75% 74% 74% 8% (5%) 3% Varonis Systems $78.47 $2,392 $131 $66 $2,327 8.6x 9.2x 8.3x NM NM NM NA 25% (6%) 11% 90% 87% 88% 5% (9%) (3%) Ping Identity Holding Corp. $24.43 $1,945 $82 $76 $1,939 9.6x 8.1x 7.3x NA 40.5x NM 40.3x 17% 19% 11% 85% 84% 81% 0% 20% 11% Workiva Inc. $43.20 $2,007 $485 $318 $1,840 7.5x 6.3x 5.4x NM NM NM NM 18% 20% 16% 73% 72% 73% (4%) (3%) (3%)

SaaS SaaS (Cont.) SPS Commerce $55.88 $1,947 $201 $20 $1,765 7.1x 6.3x 5.7x 34.4x 25.5x 21.5x 18.9x 13% 12% 10% 67% 68% 68% 21% 25% 27% Instructure $47.99 $1,836 $127 $49 $1,758 8.4x 6.8x 5.8x NM NM NM NM 30% 23% 18% 70% 71% 72% (6%) (3%) (2%) PagerDuty $24.38 $1,883 $346 $0 $1,537 13.0x 9.3x 7.3x NM NM NM NM 48% 40% 27% 85% 85% 85% NM (16%) (9%) Zuora $14.77 $1,671 $170 $12 $1,513 6.4x 5.4x 4.6x NM NM NM NM 40% 18% 17% 50% 57% 60% (17%) (11%) (6%) Talend S.A. $41.18 $1,268 $172 $154 $1,251 6.1x 5.1x 4.2x NM NM NM NM 38% 21% 20% 76% 77% 78% (7%) (6%) (2%) Benefitfocus $20.53 $672 $131 $282 $823 3.2x 2.8x 2.4x NM NM 30.2x 18.9x 9% 14% 14% 50% 54% 56% 4% 5% 8% Sprout Social $16.58 $794 $13 $21 $803 10.2x 7.9x 6.1x NA NA NA NA 76% 29% 29% 73% 74% 73% 0% 0% 0% Zix Corporation $6.84 $367 $10 $192 $549 7.8x 6.8x 5.7x 27.3x 13.7x 10.6x 9.2x 7% 15% 20% 78% NM NM 29% 49% 53% ChannelAdvisor Corporation $9.02 $253 $48 $16 $221 1.7x 1.7x 1.6x 22.6x 12.1x 10.3x 8.5x 7% (1%) 5% 78% 78% 79% 7% 14% 16% Park City Group $5.16 $102 $18 $7 $90 3.9x 4.6x 4.0x 15.0x 16.6x 13.6x 11.1x 13% (15%) 16% 71% 71% 71% 26% 28% 29% Veritone $2.56 $63 $49 $0 $14 0.5x 0.3x 0.2x NM NM NM NM 88% 82% 14% 76% 65% 67% NM NM NM

Mean 14.1x 11.2x 8.9x 27.0x 27.3x 25.9x 23.2x 35% 30% 22% 72% 74% 75% 13% 13% 15% Median 11.1x 9.3x 8.0x 26.9x 26.3x 24.8x 21.4x 31% 28% 21% 73% 76% 76% 9% 13% 13%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/03/20. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 27 RECENT ACQUISITIONS Select Software M&A Transactions ($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides server virtualization and cloud management SaaS for the retail sector. Software automates front and back office 12/23/19 NCR Corp. Zynstra Ltd. $131 NA NA NA NA operations and adheres to PCI-DSS compliance.

Provides AI-enabled web and mobile application fraud protection software for banks, airlines, retailers, and government Shape Security 12/19/19 F5 Networks Inc. $1,028 17.1x NA NA NA agencies. Software includes features for analysis of transactions, devices and user behaviors in real-time, user credential Inc. defense, and imitation attack protection.

Provides video advertising management SaaS for publishers and advertisers globally. Software enables users to manage, analyze, The Rubicon 12/19/19 Telaria Inc. $364 5.3x NA NM NA and monetize their video advertising inventory across internet-connected devices and platforms, including mobile devices, Project Inc. computers, and connected TVs.

Francisco Provides remote access SaaS that enables businesses and consumers to access remote PCs and Mac computers through the 12/17/19 Partners/Evergre LogMeIn Inc. $4,201 3.4x NA 9.3x NA Internet or mobile devices; also provides Web conferencing and team collaboration SaaS. en Coast Capital

Great Hill VersaPay Provides invoice management and related payment processing SaaS to enable businesses to sync with accounting information 12/13/19 $95 NA NA NA NA Partners LLC Corporation and save on related costs.

Church Pushpay Provides administrative management and payments SaaS for U.S. churches. Software enables member communication, records 12/12/19 Community $88 NA NA NA NA Holdings Limited management, payments, and other administrative capabilities. Builder LLC

Provides database performance monitoring SaaS for IT Ops and DevOps teams globally. Software includes features for open 12/11/19 SolarWinds Corp. VividCortex Inc. $118 NA NA NA NA source databases performance monitoring, including MySQL, PostgreSQL, Amazon Aurora, MongoDB, and Redis; also includes anomaly detection, query analytics, alerts, dashboard, and data retention. Fiserv Inc. The investment services business of Fiserv, which provides wealth and asset management software for broker-dealers and asset Motive Partners (Investment 12/5/19 $510 NA NA NA NA managers in the US. Software includes features for portfolio financial advice, trading, accounting, performance and reporting, GP LLC services billing, and model management. business)

Provides learning management SaaS for schools and employee training SaaS to businesses. Software provides features for 12/4/19 Thoma Bravo LLC Instructure Inc. $1,811 7.4x NA NM NA managing school assessments, analytics, registration, video learning, employee training, and development.

Innovative Provides finance and insurance (F&I) management SaaS and vehicle warranties products and services for vehicle dealerships and iA Financial 12/4/19 Aftermarket $720 NA NA NA NA agents in the US. Software includes features for finance and insurance management, marketing and CRM, and reporting and Corporation Inc. Systems LP analytics in real-time.

Provides operational technology (OT) network cybersecurity risk management software for industrial control system (ICS) Tenable 12/2/19 Indegy Ltd. $78 15.6x NA NA NA environments in the automotive, pharmaceutical, energy, water, electric and industrial organizations globally. Software includes Holdings Inc. features for threat detection, vulnerability management, OT asset inventory, and remediation.

Provides open sourced cloud workload security and micro-segmentation SaaS to businesses. Software provides features for Palo Alto 11/25/19 Aporeto Inc. $150 NA NA NA NA protecting cloud-based web applications through distributed firewall, compliance auditing, encryption, and identity and access Networks Inc. management.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/19, where Enterprise Value is >$50MM. Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM. 28 RECENT ACQUISITIONS Select Software M&A Transactions ($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Kape London Trust Provides multi-platform virtual private network (VPN) encryption SaaS for businesses and consumers globally. Software enables 11/19/19 $128 NA NA NA NA Technologies Plc Media Inc. users to encrypt data when connecting to the internet.

Provides property management SaaS for residential property managers, community associations, and landlords. Software enables 11/6/19 RealPage Inc. Buildium LLC $580 11.6x 8.3x NA NA property managers to market vacancies, track income and expenses, process online payments, and coordinate maintenance requests; also provides website development and data security services.

Provides sourcing and supplier management SaaS for procurement teams globally. Software includes features for sourcing and 11/4/19 Workday Inc. ScoutRFP Inc. $540 NA NA NA NA reverse auction, managing supplier contract, collaboration, spend, and policy compliance.

Provides insider threat management software for businesses and governments. Licensed software enables monitoring, detection, 11/2/19 Proofpoint Inc. ObserveIT Ltd. $225 NA NA NA NA prevention, and investigation of IT security risks.

Supplier Provides virtual white label B2B credit card processing SaaS to finance receivables for businesses in Brazil. Software includes 10/28/19 TOTVS S.A. Participacoes $114 NA 2.1x NA NA features for B2B transactions and application and approval of credit between industrial partners. S.A.

Provides product design and development SaaS for enterprises. Features include data management, computer-aided design 10/23/19 PTC Inc. Onshape Inc. $470 NA NA NA NA (CAD), workflow, real-time collaboration, design analytics, and integration to business applications.

Platinum Equity Provides businesses with a PR and marketing campaign management SaaS called C3. The Company also operates PR Newswire, 10/22/19 Cision Ltd. $1,484 2.0x NA 9.4x NA LLC which distributes press releases globally and provides a database of press releases.

Provides cloud-based loyalty marketing automation SaaS for retailers that delivers personalized, real-time offers based on Mastercard 10/22/19 SessionM Inc. $215 5.4x NA NA NA individual customer data and machine learning algorithms. Software provides features for advertising campaign management, International Inc. real-time customer engagement, and audience analytics and reporting.

Provides demand-side marketing SaaS to enable marketers to plan, bid, buy and measure digital video advertising campaigns 10/22/19 Roku Inc. dataxu Inc. $150 3.3x NA NA NA programmatically. Software also provides audience data management applications.

Insight Venture commercetools Provides multi-channel e-commerce SaaS that enables merchants to build and connect shopping experiences on the web, 10/21/19 $145 9.7x 4.1x NA NA Partners LLC GmbH smartphone, tablet, and point-of-sale (POS) systems.

Sabre Radixx Provides airline passenger service, e-commerce, merchandising, and departure control SaaS to enable airlines to maximize profits 10/16/19 $110 NA 5.5x NA NA Corporation International Inc. online, at call centers, and at airports. Software also provides related online booking system for passengers.

Provides cybersecurity SaaS for consumers, businesses, and government agencies globally. Software leverages AI to enable anti- 10/14/19 Thoma Bravo LLC Sophos Plc $3,820 5.3x NA 46.5x NA virus, endpoint security, anti-spam, and encryption. The Company also provides related managed services.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/19, where Enterprise Value is >$50MM. Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM. 29 RECENT ACQUISITIONS Select Software M&A Transactions ($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description The workspace management business of Asure Software which provides room booking management SaaS and IoT sensors for Asure Software 10/7/19 FM:Systems Inc. $120 4.3x NA NA NA businesses globally. Software includes features for room scheduling, asset and move management, mobile-digital workspace, Inc. and workspace utilization analytics.

Upland Software Provides sales performance management, customer revenue optimization (CRO), sales automation, and account management 10/7/19 Altify Inc. $84 NA 3.5x NA NA Inc. software for businesses.

Oracle 10/2/19 CrowdTwist Inc. $130 8.7x NA NA NA Provides loyalty and reward-based marketing automation, customer analytics, and related consulting services for businesses. Corporation

Lender Provides lending sales automation and performance management, customer analytics, and pricing SaaS for the commercial 10/1/19 Q2 Holdings Inc. Performance $510 25.5x 14.6x NA NA banking sector globally. Group LLC

All Software Median 6.4x 4.8x 9.4x NA Mean 8.9x 6.4x 21.7x NA

PE Acquirers Median 5.3x 4.1x 9.4x NA Mean 5.6x 4.1x 21.7x NA

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/19, where Enterprise Value is >$50MM. Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM. 30 SELECTED PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Provider of web and mobile-based e-learning platform designed to easily access teachers and 12/26/19 Ruangguru $150 EV Growth, General Atlantic, GGV Capital contents through various digital platforms. Developer of global financial settlement services designed for banks to transact directly, 12/20/19 Ripple $200 Route 66 Ventures, SBI Holdings, Tetragon Financial Group instantly and with a certainty of settlemen. Developer of a financial management platform designed to estimate the income level, saving Bharat Inclusion Seed Fund, Blume Venture Advisors, Flourish Ventures, Oikocredit Ecumenical 12/19/19 Kaleidofin $360 capacity and financial health of customers. Development Cooperative Society, Omidyar Network, Shlomo Ben-Haim Developer of an on-demand delivery application designed to order and deliver things within Black River Ventures, Drake Enterprises, Idinvest Partners, Lakestar, Mubadala Investment 12/19/19 Glovo $166 the city. Company

12/19/19 Satellogic $50 Developer of a platform designed to provide vertically integrated geospatial analytics. Fundo Pitanga, IDB Lab, Tencent Holdings

Provider of all-in-one management software designed to provide a range of easy to use 12/17/19 Odoo $90 Noshaq, Société Régionale d'Investissement de Wallonie, Summit Partners business applications that form a complete suite of tools to accompany any business need. Zenvia Mobile 12/17/19 $54 Operator of a mobile services company in Brazil. Oria Capital Serviços Digitais

12/16/19 Snyk $125 Developer of security analysis tools designed to identify open-source vulnerabilities. Undisclosed Investors

Amazon.com, Fidelity Investments, Greenoaks Capital Partners, The Strand Partners, T. Rowe 12/16/19 Deliveroo $575 Developer of an online food delivery platform intended to help users order restaurant meals. Price Bull Capital Partners, Chengwei Capital, China Capital Investment Group, DST Global, Source 12/16/19 Baibu $300 Provider of a business-to-business (B2B) trading platform designed to supply textile. Code Capital, Tiger Global Management, Yunqi Partners Provider of a cloud based customer interaction analytics platform designed to improve contact 12/16/19 CallMiner $75 Goldman Sachs Private Capital Investing Group center performance. Developer of a human resource management and recruiting platform designed to foster the 12/16/19 Personio $66 Accel digitization of human resources departments in small and medium-sized enterprises. Operator of a mobile payment and e-commerce platform designed to provide bill payment 12/12/19 Paytm $1,660 Ant Financial, Discovery Capital, SoftBank Investment Advisers, T. Rowe Price services. Developer of an online fitness information platform designed to offer fitness guidance and 12/12/19 iFit $200 Pamplona Capital Management tips. Developer of a web-based service platform intended to view, adjust and complete insurance Alma Mundi Fund, Cascade Investment Fund, CreditEase, GR Capital, Merian Chrysalis 12/11/19 Wefox $235 contracts anytime, anywhere in the world. Investment, Mubadala Ventures, OMERS Ventures, Salesforce Ventures, Samsung Catalyst Duck Creek 12/9/19 $120 Developer of insurance SaaS software. Dragoneer Investment Group, Insight Partners, Neuberger Berman, Temasek Holdings Technologies

12/9/19 WalkMe $90 Developer of digital adoption platform designed to simplify the user experience. Insight Partners, Vitruvian Partners

Chime (Financial Access Technology Ventures, Coatue Management, Dragoneer Investment Group, DST Global, 12/5/19 $500 Developer of a mobile platform designed to offer banking services on the go. Software) General Atlantic, ICONIQ Capital, Menlo Ventures Developer of data analytics technology intended to create a seamless title and escrow process 12/5/19 States Title $100 Undisclosed Investors to increase profit margins. Provider of advanced AI solutions to empower and upgrade vertical industries in the retail 12/5/19 Aibee $74 Chow Tai Fook, ClearVue Partners, GSR Ventures, Sequoia Capital China sector.

12/3/19 Kingsoft Cloud $50 Provider of cloud computing services intended to offer data center and storage facilities. China Internet Investment Fund

Provider of an application based banking platform intended to simplify financial products 11/28/19 KOHO $52 Drive Capital, Greyhound Capital, National Bank of Canada, Portag3 Ventures available to everyone. Developer of pricing management and optimization software intended to fulfill the needs of a 11/26/19 Price f(x) $53 Bain & Company, Credo Ventures, Digital+ Partners, Talis Capital holistic pricing process. Developer of an energy management and transportation digital platform designed to 11/25/19 Chezhubang $110 Joy Capital (Beijing), Korea Investment Partners, NIO Capital streamline the energy supply chain management. Provider of advertising technology services designed to help enterprises solve their challenging ARM, Hopu Investment Management, Insignia Venture Partners, JAFCO Investments Asia, 11/25/19 Appier $80 business problems. Pavilion Capital, TGVest Capital, UMC Capital Provider of online payment processing services intended to help companies to accept 11/25/19 2C2P $52 Arbor Ventures, Cento Ventures, International Finance Corporation payments from banked and unbanked transactions. Developer of a video review and collaboration platform designed to streamline video creation 11/25/19 Frame.io $50 Accel, FirstMark Capital, Insight Partners, Shasta Ventures, SignalFire process. Acko General Operator of a general insurance platform intended to disrupt India's insurance industry by Accel, Amazon.com, Ascent Capital, Binny Bansal, Intact Ventures, RPS Ventures, SAIF Partners, 11/23/19 $65 Insurance leveraging technology. Techpro Ventures Automation Provider of robotic process automation (RPA) software designed to augment the human 11/21/19 $290 Goldman Sachs Merchant Banking Division, Salesforce Ventures, SoftBank Investment Advisers Anywhere workforce by automating repetitive business processes. Developer of an intelligent big data technology designed to analyze and visualize every 11/21/19 Celonis $284 83North, Accel, Arena Holdings, Craig Courtemanche, Ryan Smith process in a business. Developer of an investment management software intended to transform the real estate 11/21/19 Juniper Square $75 Felicis Ventures, Redpoint Ventures, Ribbit Capital, Zigg Capital investment experience. Developer of an alert correlation platform designed to centralize and correlate enterprise IT Battery Ventures, Greenfield Partners (Israel), Insight Partners, Mayfield Fund, S Capital VC, 11/21/19 BigPanda $50 alerts. Sequoia Capital Israel Developer of engagement and analytical tools designed to empower mobile and digital 11/20/19 ironSource $400 CVC Capital Partners businesses.

11/20/19 Kustomer $60 Developer of a CRM platform designed to offer proactive customer service and support. Battery Ventures, Coatue Management, Tiger Global Management

Notes: Sources: Pitchbook. Reflects deal activity through 12/31/19. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 32 SELECTED PRIVATE FINANCINGS ($MM) Amount Deal Date Company Brief Description Investors Raised Operator of a digital bank intended to free its customers from the bureaucracy of traditional Banco Votorantim Empreendimentos e Participacoes, General Atlantic, Monashees Capital, 11/19/19 Neon $98 banks. Omidyar Network, Propel Venture Partners, Quona Capital Perfios Software Provider of a product technology platform intended to help in real-time decision making, 11/19/19 $50 Bessemer Venture Partners, Warburg Pincus Solutions analysis and credit underwriting. Developer of a mobile payment application intended to send and receiving money from any Bertelsmann Asia Investments, Gaorong Capital, GSR Ventures, IDG Capital, Redpoint China 11/18/19 OPay $120 bank in Nigeria. Ventures, Sequoia Capital China, SoftBank Ventures Asia, Source Code Capital Provider of a financial technology designed to create disruptive and meaningful products in Cathay Innovation, DST Partners, InterVest Company, Kejora, Mirae Asset Capital, Mirae Asset 11/15/19 FinAccel $90 retail credit. Securities (HK), Naver, Reinventure Capital, Singtel Innov8, Square Peg Capital Developer of an earthquake intelligence platform designed to help public agencies make more 11/15/19 One Concern $70 New Enterprise Associates, Pear, Sozo Ventures, Think + informed decisions rapidly during any incident. Accel, Gerhard Eschelbeck, Jay Simons, Michael Cannon-Brookes, Scott Farquhar, Slack (US), 11/14/19 1Password $200 Developer of password management software designed to save and remember passwords. WndrCo Bain Capital Ventures, Comerica Bank, ICONIQ Capital, John Thompson, Kleiner Perkins, 11/14/19 Moveworks $75 Developer of an cloud-based artificial intelligence platform designed to solve IT issues. Lightspeed Venture Partners, Sapphire Ventures Developer of an online payment software designed to create new opportunities for merchants, 11/13/19 Spreedly $75 Spectrum Equity platforms and payment providers to work together. Provider of a verification technology platform designed to make eligibility verification instant, 11/13/19 SheerID $64 Centana Growth Partners, CVC Capital Partners, Voyager Capital easy and secure for all enterprises. Developer of a cloud-based real estate transaction management software designed to simplify 11/13/19 Qualia $55 8VC, Bienville Capital Management, Menlo Ventures, Tiger Global Management the real estate closing process. Developer of an online auction platform designed to help dealers to purchase wholesale Bain Capital Ventures, Bessemer Venture Partners, Fidelity Investments, Tribeca Venture 11/12/19 ACV Auctions $150 vehicles. Partners, Wellington Management

11/12/19 ONE Store $85 Operator of an application store designed for android devices. Kiwoom Investment

Battery Ventures, Geodesic Capital, Norwest Venture Partners, Redpoint Ventures, Storm 11/11/19 Workato $70 Developer of an integration platform designed to automate businesses. Ventures

11/7/19 Sysdig $80 Provider of container intelligence platform. Undisclosed Investors

Developer of software for retail management applications for the retail and wholesale 11/7/19 CitiXsys Americas $60 Goldman Sachs Merchant Banking Division distribution supply chain markets. Developer of commercial real estate (CRE) data and analytics platform designed to help CRE Bain Capital Ventures, Citi Ventures, Georgian Partners, Primary Venture Partners, Sapphire 11/7/19 Reonomy $60 professionals source their future deals. Ventures, SoftBank Investment Advisers, Untitled Investments, Wells Fargo Strategic Capital Developer of intelligent enterprise search and predictive insights platform designed to help Elliott Management, Evergreen Coast Capital, Fonds de solidarité FTQ, Investissement Québec, 11/6/19 Coveo $172 businesses to unlock the power of search to maximize performance. IQ Venture Capital, OMERS Growth Equity Developer of an e-commerce fraud-prevention technology designed to turn fraud Entrée Capital, Fidelity Management & Research, General Atlantic, Pitango Venture Capital, 11/5/19 Riskified $165 management into a growth engine for online retailers. Qumra Capital, Winslow Capital Management Provider of a customer engagement software intended to bring enterprises suite with a 11/4/19 Freshworks $150 Accel, CapitalG, Sequoia Capital India complete customer engagement experience. Provider of a customized e-mail marketing platform intended to empower the world's leading 11/4/19 Iterable $60 Blue Cloud Ventures, CRV, Harmony Partners, Stereo Capital, Viking Global Investors brands to achieve true omnichannel relevance at scale.

10/31/19 Pollinate Networks $76 Developer of a cloud-based services platform empowering banking systems. EFM Asset Management, MasterCard, Motive Partners, Royal Bank of Scotland

10/31/19 3vjia $70 Developer of a 3D interior design platform utilizing virtual reality technology. Alibaba Group

Developer of an esports infrastructure platform intended to equip partners with services and 10/30/19 Vindex $60 Joel Greenblatt, J Ventures technology to scale to a mainstream global audience. Provider of an interactive entertainment platform intended to create and publish a diverse Baillie Gifford, BlackRock, Canada Pension Plan Investment Board, Greycroft, NewView Capital, 10/29/19 Scopely $200 portfolio of immersive content. Revolution, Sands Capital Ventures, Velvet Sea Ventures Alpha Square Group, Andreessen Horowitz, Colchis Capital Management, Thomvest Ventures, 10/28/19 PeerStreet $60 Provider of an investment platform designed to democratize access to real estate debt. WiL (World Innovation Lab) Provider of artificial intelligence based machine learning software intended to optimize Alameda Ventures, Andrew Liveris, Ann-Kristin Achleitner, Blue Horizon Capital, Boeing 10/25/19 SparkCognition $100 operations and find new solutions to old problems. HorizonX, Dalus Capital, Founders Equity Partners, Hearst Ventures

10/25/19 GO-JEK $50 Developer of an on-demand mobile application designed to offer ride-hailing services. Cool Japan Fund

Transwarp (Big 10/24/19 $70 Developer of big data software technologies for enterprises. China Capital Investment Group, Gold Stone Investment Data) Developer of a customer experience management (CXM) platform designed to meet the needs Bessemer Venture Partners, Catalyst Investors, Crosslink Capital, Lead Edge Capital, Pelion 10/24/19 Weave $70 of patients and to build better business and clinical outcomes. Venture Partners, Tiger Global Management

10/23/19 Sisu Data $53 Developer of software intended to empower people to make better decisions with data. Andreessen Horowitz, Green Bay Ventures, New Enterprise Associates

Alkeon Capital Mgmt., Andreessen Horowitz, BlackRock, Coatue Mgmt., Dragoneer Investment 10/22/19 Databricks $400 Developer of a unified data analytics platform designed to make big analytics data simple. Group, Geodesic Capital, Microsoft, NEA, Tiger Global Mgmt., T. Rowe Price Developer of an enterprise reimbursement management platform designed to manage DCM Ventures, Future Capital Discovery Fund, Sequoia Capital China, Tiger Global 10/22/19 Ekuaibao $50 corporate claims and business expenses. Management

10/21/19 Commercetools $145 Developer of cloud-based e-commerce services platform. Insight Partners

Developer of a computing platform designed to advance the state of the art by building tools Andreessen Horowitz, Glynn Capital, Greylock Partners, Index Ventures, New Enterprise 10/21/19 Instabase $105 that help people and organizations solve important problems and create new breakthroughs. Associates, SC Ventures, Spark Capital, Tribe Capital CDH Investments, Dalian Wanda Group, Hillhouse Capital Group, IDG Capital, Prometheus 10/18/19 Fapiaoer $140 Developer of a digital invoicing and transaction record-keeping platform in China. Capital, Shenzhen Capital Group, Tencent Industry Win-Win Fund Developer of a customer engagement analytics platform designed to improve the world's Battery Ventures, Cross Creek, FirstMark Capital, General Atlantic, Geodesic Capital, Meritech 10/17/19 Pendo $100 experiences with software.T Capital Partners, Sapphire Ventures, Tiger Global Management Developer of a cloud-based call tracking and analytics platform designed to help marketers to 10/17/19 Invoca $56 Accel, H.I.G. Growth Partners, Morgan Stanley Investment Management, Upfront Ventures drive inbound calls and turn them into sales. MyGate (Mobile Developer of a security management platform designed to help guards to keep track of visitors 10/17/19 $56 JS Capital Management, Prime Venture Partners, Tencent Holdings, Tiger Global Management Application) and relevant developments.

10/17/19 Corelight $50 Developer of a network visibility software platform intended to solve cybersecurity problems. Accel, Insight Partners

WTOIP Developer of an entrepreneurial resource sharing and trading platform with focus on 10/16/19 $225 Dark Horse Venture International intellectual property, designed to facilitate IP commercialization. Bessemer Venture Partners, Blackbird Ventures, Bond Capital (San Francisco), General Catalyst, 10/16/19 Canva $85 Developer of an online graphic design platform designed to create beautiful documents. Sequoia Capital China

10/15/19 Layer1 $50 Developer of crypto assets platform designed to streamline investment. Peter Thiel, Shasta Ventures

Provider of automating invoice and payment processes platform designed to provide accounts 10/14/19 AvidXchange $150 Undisclosed Investors payable and on-demand invoice management services.

10/12/19 E-sign China $91 Provider of third-party electronic signature platform. Ant Financial, Eminence Ventures, Gobi Ventures, Withinlink

Developer of Radio Area Network (RNA) software intended to improve and enhance the 10/11/19 Altiostar $118 Qualcomm Ventures, Rakuten, Tech Mahindra, Telefónica quality of telecommunication network.

10/10/19 XforcePlus $100 Developer of enterprise collaborative SaaS solutions. Eastern Bell Venture Capital, Hillhouse Capital Group, Temasek Holdings

Developer of revenue operations platform designed to drive pipeline, improve productivity, Bain Capital Ventures, Madrona Venture Group, Sapphire Ventures, Sequoia Capital, Tenaya 10/10/19 Clari $60 forecast revenue and reduce churn. Capital Developer of an advanced emergency technology platform designed to link Internet of Things Avanta Ventures, Energy Impact Partners, Forté Ventures, Highland Capital Partners, M12, 10/8/19 RapidSOS $55 (IoT) devices directly to 9-1-1 communications and first responders. Playground Global, Ralph Vega, The Westly Group, Two Sigma Ventures Developer of an enterprise application platform created for enterprise insurance and financial 10/3/19 Unqork $80 BlackRock, CapitalG, Summerfield Capital Management services. Provider of a network centric B2B trade platform intended to make online trading simple, safe Altimeter Capital Management, Citi Ventures, DST Global, Footpath Ventures, GGV Capital, 10/2/19 Udaan $500 and convenient. Hillhouse Capital Group, Lightspeed Venture Partners, Tencent Holdings Provider of a unified data and application integration platform intended to connect 10/2/19 SnapLogic $72 Arrowroot Capital, Golub Capital applications and data across the enterprise. Developer of a general automation platform designed to help build and maintain enterprise- 10/2/19 Tray.io $50 GGV Capital, Meritech Capital Partners, Spark Capital, True Ventures wide integrations. Developer of a digital wallet platform designed to order cash, exchange extra foreign currency Coatue Management, Entrée Capital, General Catalyst, Oak HC/FT, Stripe, Target Global, Tiger 10/1/19 Rapyd $104 and send cash to friends. Global Management Provider of a mobile banking platform designed to ease the administrative burden faced by 10/1/19 Tide $55 Augmentum (London), Rabo Frontier Ventures, SBI Holdings small businesses.

Notes: Sources: Pitchbook. Reflects deal activity through 12/31/19. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM. 35 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders

LEEDS MANCHESTER PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA

TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross- 23 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 450 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies

36 GCA operates as GCA in America and Asia, and GCA Altium in Europe. GCA is a global investment bank that provides strategic M&A, capital markets and private funds advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 450 professionals in 23 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third- party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any 37 trademark owner but may provide financial services to one or more trademark owners or their affiliates.