Software Sector Summary Report

SOFTWARE SECTOR REPORT January 2018 DEAL DASHBOARD Software $5.8 Billion 50 $3.7 Billion 5 YTD 2018 Financing Volume (1)(2) YTD 2018 Financing Transactions (1)(2) YTD 2018 M&A Volume (3) YTD 2018 M&A Transactions (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) Company Amount ($MM) $Bn $Bn (62%) Target Acquirer EV ($MM) 54% $14 $50 $12 $12 $263 $10 $11 $41 $3,903 $9 $6 $6 $100 $5 $15 $2,334 $12 $12 $13 $6 $5 $4 $75 $1,917 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 TD TD $65 $1,235 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

$58 40% $1,125 156 160 159 161 2% ( ) 127 123 111 29 29 30 $47 94 25 $713 24 21 22 50 14 $38 5 $614

$35 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 $459 TD TD Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6) 50.0% SPX IGV 46% All Buyers Strategic Buyers PE Buyers 45.0% 6.0x ` Financing Activity by Quarter 40.0% 5.3x 4.9x 35.0% 5.0x 4.6x 4.5x 4.6x 4.2x 4.3x 4.0x 4.1x 30.0% 3.9x 3.9x 4.0x 3.6x 3.7x 3.7x 3.3x 25.0% 24% 3.1x 2.9x 2.9x 2.8x 3.0x 2.7x 20.0% 2.2x 15.0% 2.0x 10.0% 1.0x 5.0% 0.0% 0.0x Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 2011 2012 2013 2014 2015 2016 2017 Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 2/1/2018. 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. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in 2017 and 2018 YTD. M&A metrics are based on closed and announced transactions. 2 5) 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. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected]

Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected]

John Lambros JT Herman Sean Minnihan Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology FinTech [email protected] [email protected] Financial Software [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter *Adrian Reed *Phil Adams **Raiko Stelten ***Akikazu Ida ***Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander **Sascha Pfeiffer *Stephen Georgiadis **Tobias Schultheiss Sameer Jindal ***Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected]

*Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. **Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. 3 ***Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

55% 100% 90% 50% 80% 45% 70% 40% 60% 35% 50%

30% 40%

25% 30% 20% 20% 10% 15% 0% Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 10% (10%) 5% (20%)

0% (30%) Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 (5%) (40%)

Sector 3 Months 1 Year 3 Years

Platform 8.5% 34.7% 75.6% Security 4.9% 17.6% 28.1% Infrastructure 10.2% 39.6% 58.7% SaaS / On Demand 11.8% 49.3% 88.8% BI & Analytics 19.0% 40.4% 19.0% Vertical 5.9% 36.0% 42.0%

Notes: Sources: Capital IQ. Market Data as of 2/1/2018. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SEND, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV. TRADING COMPARABLES Valuation and Operational Metrics EV / 2018E Revenue EV / 2018E EBITDA

7.0x 45.0x 6.1x 39.2x 5.7x 40.0x 6.0x 5.5x 5.1x Median: 5.3x 35.0x 28.5x 5.0x 30.0x 27.5x Median: 25.8x 4.2x 4.2x 24.0x 4.0x 25.0x 20.5x 20.0x 3.0x 14.4x 15.0x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Platform Infrastructure Vertical Security BI & Analytics SaaS BI & Analytics Infrastructure Security Vertical Platform

2018E / 2017E Revenue Growth 2018E EBITDA Margin

40.0% 40.0% 38.1% 35.0% 35.0%

30.0% 30.0% 26.0% Median: 23.4% 23.5% 23.2% 25.0% 21.3% Median: 16.4% 25.0% 19.2% 20.0% 17.3% 15.5% 13.7% 20.0% 17.6% 15.0% 15.0% 13.8% 9.9% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS BI & Analytics Infrastructure Vertical Security Platform Platform Vertical Infrastructure Security SaaS BI & Analytics

Notes: Sources: Capital IQ. Market Data as of 2/1/2018. Figures represent mean values of respective comp groups. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SEND, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 6.5x 5.7x 5.2x 19.8x 14.4x 13.0x 42.4x 21.2x 19.3x 11.4% 9.9% 7.5% 31.6% 38.1% 38.8% Median 5.2 5.0 4.8 16.1 12.9 12.0 27.8 20.5 18.6 7.6% 7.7% 6.9% 34.2% 40.6% 42.7%

Infrastructure VMware, Inc. $125.71 $50,678 ($6,485) $44,193 5.6x 5.1x 4.7x 15.5x 14.2x 12.4x 24.4x 22.5x 20.4x 11.1% 9.8% 7.9% 36.2% 36.1% 38.0% ServiceNow, Inc. $152.81 26,391 (606) 25,785 13.3 10.1 7.9 NM 39.8 27.9 NM 77.0 52.2 39.0% 32.2% 28.4% 0.6% 25.4% 28.2% Red Hat, Inc. $130.62 23,120 (954) 22,167 8.0 6.8 6.0 41.7 24.7 20.2 70.6 40.3 35.8 19.4% 16.9% 13.6% 19.1% 27.7% 29.7% CA, Inc. $35.38 14,751 (45) 14,706 3.5 3.4 3.4 12.1 8.9 8.7 35.0 13.2 12.8 3.2% 2.9% 1.3% 29.3% 38.5% 38.9% Citrix Systems, Inc. $93.43 14,078 380 14,457 5.1 5.1 4.9 17.0 15.1 14.5 NM 19.0 16.8 (17.4%) 1.3% 3.4% 30.2% 33.4% 33.8% Micro Focus International plc $30.32 13,220 4,152 17,372 7.0 4.2 4.3 17.4 10.9 10.0 15.5 12.7 11.0 84.7% 67.3% (2.5%) 40.0% 38.0% 42.5% Splunk Inc. $92.35 13,064 (981) 12,083 9.7 7.8 6.1 82.7 57.5 38.3 NM NM 71.9 30.7% 25.5% 27.4% 11.8% 13.5% 15.9% Atlassian Corporation Plc $53.26 12,369 (679) 11,690 15.8 12.0 9.5 NM 42.3 35.2 NM 97.6 68.2 39.4% 31.3% 27.1% NM 28.5% 26.9% F5 Networks, Inc. $145.03 8,969 (1,005) 7,965 3.8 3.7 3.6 12.6 9.5 NA 22.4 15.1 13.9 3.7% 3.3% 3.1% 30.2% 38.6% NA LogMeIn, Inc. $126.45 6,656 (276) 6,380 6.3 5.6 5.2 17.2 14.5 13.2 30.1 25.8 22.6 5.6% 12.4% 6.4% 36.3% 38.4% 39.7% Nutanix, Inc. $32.11 5,151 (366) 4,785 4.9 4.2 3.4 NM NM 67.1 NM NM NM 56.2% 17.8% 22.7% NM 1.4% 5.1% Pure Storage, Inc. $20.30 4,401 (551) 3,849 3.8 2.9 2.3 NM 43.3 23.5 NM NM 63.0 39.6% 31.4% 26.8% 2.1% 6.7% 9.7% Software Aktiengesellschaft $55.99 4,142 (98) 4,044 3.8 3.6 3.5 13.0 11.6 10.9 24.8 17.5 16.4 14.7% 6.5% 3.8% 29.5% 30.9% 31.9% New Relic, Inc. $59.88 3,297 (227) 3,070 9.4 7.4 5.9 NM 96.2 51.6 NM NM NM 34.9% 27.2% 24.3% 1.2% 7.7% 11.5% MuleSoft, Inc. $24.67 3,206 (182) 3,025 10.4 7.6 5.8 NM NM NM NM NM NM 55.2% 36.2% 30.8% NM NM NM NetScout Systems, Inc. $28.43 2,481 (80) 2,401 2.2 2.4 2.3 11.9 11.9 10.8 30.2 19.3 17.3 (5.2%) (6.1%) 2.4% 18.8% 20.2% 21.6% Commvault Systems, Inc. $53.55 2,407 (445) 1,961 2.9 2.6 2.3 NM 18.4 14.0 NM 38.8 30.1 7.7% 10.1% 11.0% 0.7% 14.1% 16.7% Progress Software Corporation $49.66 2,304 (62) 2,242 5.6 5.6 5.5 16.0 11.7 11.6 64.5 21.3 20.4 (1.9%) 1.6% 1.3% 35.2% 47.6% 47.2% Appian Corporation $29.80 1,802 (72) 1,730 10.3 8.8 7.4 NM NM NM NM NM NM 26.3% 16.9% 19.3% NM NM NM Altair Engineering Inc. $27.49 1,729 75 1,805 5.4 5.0 4.4 81.0 42.0 28.9 NM 78.0 50.6 5.7% 8.5% 13.5% 6.7% 11.9% 15.3% SailPoint Technologies Holdings, Inc. $15.87 1,355 137 1,491 8.6 6.9 5.5 68.5 NM 69.3 NM NM NM 31.3% 24.5% 25.2% 12.5% 6.8% 7.9% A10 Networks, Inc. $6.00 425 (124) 301 1.3 1.3 1.1 24.5 22.5 15.1 NM 72.7 35.3 0.5% 3.7% 10.0% 5.3% 5.6% 7.5%

Mean 6.7x 5.5x 4.8x 30.8x 27.5x 25.4x 35.3x 38.0x 32.9x 22.0% 17.3% 14.0% 19.2% 23.5% 24.6% Median 5.6 5.1 4.8 17.1 16.8 15.1 30.1 22.5 22.6 17.0% 14.6% 12.3% 19.0% 26.5% 26.9%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 2/1/2018. 6 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 4.9x 4.2x 3.8x 33.3x 24.0x 19.7x 43.6x 39.3x 37.4x 17.0% 13.7% 13.5% 19.5% 23.2% 22.4% Median 4.4 4.0 3.5 25.7 19.6 15.3 43.4 35.8 27.1 16.4% 12.3% 12.8% 13.5% 20.0% 18.4%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 2/1/2018. 7 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 2/1/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E SaaS Salesforce.com, inc. $112.74 $81,432 ($1,040) $80,392 7.7x 6.4x 5.4x 36.1x 29.7x 23.7x 84.4x 65.2x 51.0x 24.4% 20.1% 19.3% 21.3% 21.6% 22.7% ServiceNow, Inc. $152.81 26,391 (606) 25,785 13.3 10.1 7.9 NM 39.8 27.9 NM 77.0 52.2 39.0% 32.2% 28.4% 0.6% 25.4% 28.2% Workday, Inc. $119.03 24,996 (1,738) 23,259 10.9 8.7 7.1 67.2 51.4 38.0 NM NM 75.1 36.0% 24.9% 22.9% 16.2% 17.0% 18.7% Shopify Inc. $126.28 12,647 (927) 11,720 17.7 12.2 9.0 NM NM NM NM NM NM 69.6% 44.9% 35.9% 2.8% 5.1% 9.0% Veeva Systems Inc. $61.02 8,625 (758) 7,867 11.6 9.8 8.3 34.7 30.2 25.1 66.8 60.0 49.9 25.1% 18.5% 18.1% 33.3% 32.3% 32.9% The Ultimate Software Group, Inc. $224.69 6,713 (129) 6,584 7.0 5.9 5.0 30.7 24.0 19.8 62.2 49.3 40.8 19.6% 19.1% 18.3% 23.0% 24.6% 25.3% LogMeIn, Inc. $126.45 6,656 (276) 6,380 6.3 5.6 5.2 17.2 14.5 13.2 30.1 25.8 22.6 5.6% 12.4% 6.4% 36.3% 38.4% 39.7% Aspen Technology, Inc. $77.52 5,577 102 5,679 11.6 11.3 10.6 26.1 23.2 21.4 35.4 31.6 27.9 3.8% 2.3% 6.6% 44.3% 48.7% 49.6% Paycom Software, Inc. $90.17 5,254 (32) 5,221 12.1 9.6 7.7 39.3 31.4 24.7 71.6 57.0 44.8 31.3% 25.6% 24.2% 30.7% 30.7% 31.4% Blackbaud, Inc. $95.80 4,502 321 4,823 6.1 5.5 5.0 24.8 23.0 20.2 44.3 39.1 34.6 8.1% 10.7% 9.5% 24.6% 24.0% 25.0% RingCentral, Inc. $54.35 4,204 (172) 4,032 8.1 6.6 5.3 NM 89.2 62.8 NM NM NM 31.2% 23.2% 23.0% 6.5% 7.4% 8.5% RealPage, Inc. $49.65 4,115 288 4,403 6.5 5.3 4.7 27.1 20.2 17.1 53.8 38.9 32.1 18.3% 24.5% 11.0% 24.1% 26.0% 27.7% Zendesk, Inc. $38.83 3,942 (227) 3,715 8.7 6.7 5.2 NM NM 81.3 NM NM NM 36.7% 29.8% 28.4% 3.2% 4.7% 6.4% j2 Global, Inc. $79.38 3,843 597 4,439 4.0 3.7 3.4 9.5 8.7 7.7 14.0 13.1 11.5 28.3% 6.3% 9.3% 41.8% 42.7% 44.4% 2U, Inc. $73.53 3,840 (185) 3,655 12.8 9.3 6.9 NM NM NM NM NM NM 38.5% 38.5% 33.2% 3.8% 3.8% 5.1% HubSpot, Inc. $96.35 3,601 (198) 3,402 9.2 7.2 5.8 NM 95.4 60.2 NM NM NM 36.9% 27.6% 24.0% 5.9% 7.5% 9.6% New Relic, Inc. $59.88 3,297 (227) 3,070 9.4 7.4 5.9 NM 96.2 51.6 NM NM NM 34.9% 27.2% 24.3% 1.2% 7.7% 11.5% MuleSoft, Inc. $24.67 3,206 (182) 3,025 10.4 7.6 5.8 NM NM NM NM NM NM 55.2% 36.2% 30.8% NM NM NM Box, Inc. $22.39 3,048 (88) 2,960 5.8 4.7 3.8 NM NM 55.1 NM NM NM 27.0% 23.7% 22.9% NM 3.8% 7.0% Okta, Inc. $29.86 3,043 (224) 2,820 11.1 8.4 6.3 NM NM NM NM NM NM 57.8% 32.4% 32.7% NM NM NM Paylocity Holding Corporation $51.46 2,703 (98) 2,605 7.8 6.4 5.3 39.4 30.9 24.5 67.4 52.9 44.8 26.0% 22.3% 21.8% 19.9% 20.7% 21.4% Cloudera, Inc. $18.77 2,651 (390) 2,261 6.2 4.9 4.0 NM NM NM NM NM NM 39.0% 26.9% 23.6% NM NM NM Callidus Software Inc. $35.98 2,450 (176) 2,274 9.1 7.6 6.3 72.0 49.0 35.2 NM 69.9 49.7 20.5% 20.1% 20.6% 12.7% 15.5% 17.9% Qualys, Inc. $63.00 2,389 (303) 2,086 9.1 7.8 6.8 24.7 21.4 18.7 59.9 53.8 46.9 16.1% 16.4% 14.8% 36.8% 36.5% 36.3% Cornerstone OnDemand, Inc. $40.74 2,359 (63) 2,296 4.7 4.5 4.1 35.2 24.7 20.4 97.2 54.6 35.7 14.2% 4.6% 10.4% 13.5% 18.4% 20.1% Coupa Software Incorporated $38.93 2,143 (219) 1,924 10.6 8.5 6.9 NM NM NM NM NM NM 35.8% 24.5% 23.9% NM NM 0.7% Appian Corporation $29.80 1,802 (72) 1,730 10.3 8.8 7.4 NM NM NM NM NM NM 26.3% 16.9% 19.3% NM NM NM Mimecast Limited $30.94 1,773 (89) 1,685 7.1 5.7 4.8 78.3 55.1 44.3 NM NM NM 39.5% 24.1% 18.4% 9.0% 10.3% 10.8% Alteryx, Inc. $28.22 1,670 (157) 1,513 11.8 8.6 6.5 NM NM NM NM NM NM 49.5% 36.9% 32.5% NM NM NM Five9, Inc. $25.90 1,441 (17) 1,424 7.2 6.2 5.2 88.1 67.0 45.7 NM NM 90.2 21.6% 17.4% 18.1% 8.2% 9.2% 11.4% MongoDB, Inc. $27.45 1,388 (289) 1,100 7.2 5.3 4.0 NM NM NM NM NM NM 50.0% 35.8% 34.7% NM NM NM Instructure, Inc. $36.25 1,097 (67) 1,030 6.6 5.1 4.1 NM NM NM NM NM NM 41.1% 28.3% 26.2% NM NM NM Yext, Inc. $11.95 1,090 (113) 977 5.7 4.3 3.3 NM NM NM NM NM NM 36.9% 32.4% 32.6% NM NM NM Apptio, Inc. $26.17 1,057 (135) 921 5.0 4.3 3.7 NM NM 51.0 NM NM NM 15.9% 16.3% 16.6% NM 3.0% 7.2%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 2/1/2018. 8 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 7.6x 6.1x 5.1x 40.7x 39.2x 31.8x 55.8x 46.3x 46.6x 27.4% 21.3% 20.4% 16.7% 17.6% 18.9% Median 7.2 5.9 5.2 35.7 30.2 24.6 59.9 49.5 44.8 27.0% 23.2% 20.0% 13.5% 15.6% 16.8%

Business Intelligence & Analytics Splunk Inc. $92.35 $13,064 ($981) $12,083 9.7x 7.8x 6.1x 82.7x 57.5x 38.3x NM NM 71.9x 30.7% 25.5% 27.4% 11.8% 13.5% 15.9% Tableau Software, Inc. $77.09 6,147 (855) 5,293 6.0 5.6 5.0 NM 71.0 42.2 NM NM NM 6.1% 7.2% 12.3% NM 7.9% 11.9% Fair Isaac Corporation $172.84 5,198 570 5,767 6.1 5.7 5.3 26.7 20.9 19.4 47.0 27.2 23.4 5.2% 7.0% 7.0% 22.8% 27.1% 27.4% Teradata Corporation $41.37 5,006 (299) 4,707 2.2 2.2 2.2 12.7 12.2 11.9 32.2 29.1 26.8 (7.8%) 0.9% 1.0% 17.3% 17.8% 18.2% Cloudera, Inc. $18.77 2,651 (390) 2,261 6.2 4.9 4.0 NM NM NM NM NM NM 39.0% 26.9% 23.6% NM NM NM Verint Systems Inc. $41.20 2,628 451 3,079 2.7 2.5 2.4 12.1 10.9 9.4 15.0 13.5 12.3 7.5% 7.1% 5.8% 22.3% 23.1% 25.4% Alteryx, Inc. $28.22 1,670 (157) 1,513 11.8 8.6 6.5 NM NM NM NM NM NM 49.5% 36.9% 32.5% NM NM NM MicroStrategy Incorporated $139.14 1,593 (675) 918 1.8 1.8 1.8 10.6 14.3 12.4 90.9 56.4 44.0 (1.5%) (0.5%) 1.2% 17.2% 12.8% 14.5% Hortonworks, Inc. $19.81 1,397 (63) 1,334 5.2 4.1 3.3 NM NM NM NM NM NM 39.5% 27.5% 23.5% NM NM NM Gridsum Holding Inc. $13.39 412 (0) 411 4.2 2.6 1.8 NM 19.9 7.3 NM 39.9 13.1 70.6% 60.9% 41.4% NM 13.0% 25.2% Datawatch Corporation $11.35 140 (30) 110 2.9 2.6 NA NM NM NA NM NM NA 18.9% 12.1% NA NM 2.4% NA Attunity Ltd. $6.73 135 (29) 106 1.7 1.4 1.2 NM 21.2 NA NM 74.8 38.5 14.0% 19.2% 18.3% NM 6.8% NA

Mean 5.1x 4.2x 3.6x 29.0x 28.5x 20.1x 46.3x 40.2x 32.9x 22.6% 19.2% 17.6% 18.3% 13.8% 19.8% Median 4.7 3.3 3.3 12.7 20.4 12.4 39.6 34.5 26.8 16.4% 15.7% 18.3% 17.3% 13.0% 18.2%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 2/1/2018. 9 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.9x 5.1x 4.4x 25.1x 20.5x 18.4x 52.1x 45.4x 37.6x 17.1% 15.5% 13.7% 24.9% 26.0% 25.6% Median 6.1 5.1 4.2 24.0 18.3 16.0 48.8 39.1 34.7 15.6% 17.6% 11.2% 24.3% 25.8% 26.4%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 2/1/2018. 10 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

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

12.0x 12.0x R = 0.52 R = 0.68 AZPN AZPN

10.0x NOW NOW VEEV 10.0x VEEV PAYC TWOU PAYC TWOU WDAY AYX WDAY APPN APPN AYX COUP OKTA OKTA COUP 8.0x 8.0x MULE QLYS NEWR QLYS MULE NEWR HUBS RNG HUBS ZEN CRM ZEN RNG CRM FIVN PCTY FIVN PCTY 6.0x LOGM BLKB PCYG 6.0x ULTI PCYG ULTI MIME MDB BLKB LOGM MDB MIME RP INST CLDR RP CSOD CLDR INST APTI BOX CSOD BOX YEXT APTI YEXT 4.0x 4.0x

JCOM WK WK JCOM Enterprise Value / CY / 2018E Revenue Value Enterprise BNFT CY / 2018E Revenue Value Enterprise SPSC SPSC LPSN BNFT CARB CSLT LPSN CARB AMBR AMBR CSLT 2.0x 2.0x ECOM BCOV BCOV ECOM

0% 5% 10% 15% 20% 25% 30% 35% 40% 0% 10% 20% 30% 40% 50% 60% 70%

CY2018E Revenue Growth CY 2018E Revenue Growth % + CY 2018E FCF Margin %

Notes: Source: Capital IQ as of 2/1/2018. Consensus Estimates used for CY2018E figures. 11 Excludes CALD due to acquisition. Estimates for MRIN and SEND are not available. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

1/30/18 Application Software $2,308 9.6x 8.1x NM 55.7x Provides sales performance management SaaS and related services for businesses globally

Provides Linux kernel-based open source operating systems and container management software tools for servers used in 1/30/18 Systems Software $250 16.7x NA NA NA data center and clustered deployment environments

1/29/18 Security $821 11.7x NA NA NA Provides online transaction anti-fraud software and SaaS

1/11/18 Information Management $188 2.7x NA NA NA Provides data and content management, imaging and regulatory compliance software to medical markets

1/8/18 Application Software $100 NA NA NA NA Provides online electronic healthcare records (EHR) management software

12/18/17 Application Software $1,235 10.0x 8.6x NM 84.4x Provides cloud-based and semi-integrated payment processing software

Provides web conferencing, team collaboration and content management SaaS, enabling sales teams to present materials to 12/12/17 Information Management $60 1.7x NA NA NA clients through online sales presentations and track customer engagement

12/5/17 Application Software $340 NA NA NA NA Provides time-tracking and scheduling SaaS for small and medium-sized businesses, and the self-employed

11/30/17 Application Software $200 NA NA NA NA Provides supply chain analytics and market intelligence SaaS for the energy sector

Provides employee anti-malware SaaS that separates personal and work-related Web browsing and email, and offers related 11/29/17 Security $60 NA NA NA NA protection

Provides firewall, spam-filter and anti-virus, Web application protection, SSL VPN, data backup and recovery, and message 11/27/17 Security $1,405 3.8x 3.6x 43.1x 18.9x archiving appliances and software for businesses globally

Provides online community and social network creation software SaaS, enabling businesses to advertise using customer 11/27/17 Information Management $456 2.2x 2.2x NM 19.6x testimonials

Provides finance-focused proposal generation and request-for-proposal (RFP) management, pitchbook building, sales 11/17/17 Application Software $50 2.6x NA NA NA presentation and compliance SaaS for enterprises globally

Provides software to retailers that allows them to capture images of home furnishings and decor items and display them in 11/16/17 Application Software $112 NA NA NA NA 3D for display to consumers on websites, digital advertising and social media

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 2/1/2018, where Enterprise Value is >$50MM. 12 Transactions highlighted in yellow denote Private Equity acquirers. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

Provides software solutions (accounting and tax compliance) for small and medium businesses, larger businesses, 11/16/177/25/17 Sage Group Intacct Corp. Application Software $137$850 5.6x9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses accountants, bookkeepers, and lawyers

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA 11/8/17 ( ) Storage NA NA NA NA NA Providesand systems cloud-based integration email services and file for archiving public sector SaaS agencies for businesses globally

Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content 11/7/17 Security $85 NA NA NA NA Provides vending management, scheduling, logistics and analytics SaaS for the retail sector

Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA Provideshospitality, electronic dining, healthcare,design automation entertainment, (EDA) software travel and used education to design sectors system on chip (SoC), analog and embedded 11/2/17 Infrastructure Management $548 NA NA NA NA semiconductors for semiconductor designers and OEMs Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis Provides energy exchange trade execution, order routing, reporting, market data and risk management software, SaaS and 10/27/17 Infrastructure Management $726 NA NA NA NA services for financial services brokers, exchanges and clearing houses Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Information Management $1,260 NA NA NA NA ( ) integration and backup Provides international payment and transaction processing, and multi-currency processing services and offers payment 10/26/17 Infrastructure Management $250 4.7x 4.1x 18.9x 13.0x processingProvides enterprise services ITthat automation enable the and authorization workspace andmanagement settlement software of payment to businesses. transactions Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA management, service desk optimization, on-boarding and off-boarding and workforce security

10/24/17 Application Software $400 NA NA NA NA Develops self-driving vehicle and automated mobile robot vehicle software for businesses Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/17 Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses The Virtu BondPoint asset of Virtu Financial, which provides trade execution software of fixed income securities for brokers 10/24/17 Infrastructure Management $400 NA NA NA NA 6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x andOperates advisors as aglobally domain name registry and provides domain name services to consumers and businesses

Provides hosted unified communications, VoIP and PBX services, as well as telecom management software and SaaS, for 10/23/17 Hosted Services $1,917 5.3x 4.7x 80.7x 19.3x 6/5/17 Security $69 1.0x NA NM NA businessesProvides identity and telecom and access service management providers SaaS, as well as IoT application development SaaS, for businesses

Provides teamtransaction collaboration and payment SaaS enabling processing businesses software, globally SaaS and in theservices life science, for businesses. financial, Also oil andprovides gas, technologyrelated in-store and 10/17/176/2/17 InfrastructureInformation Management Management $977$260 3.4xNA NA NA NA ( ) manufacturingpayment terminals industries to securely exchange documents and sync files

Provides healthcareenterprise SQLbenefit Server and administration, claims management performance SaaS, including management, online backup claims andauthorization recovery, and eligibilitycompliance lookup, software. online 5/31/17 Infrastructure Management $1,125 NA NA NA NA 10/10/17 ( ) Application Software $3,600 NA NA NA NA payments,Also provides records Windows management, PowerShell medical interactive practice development assessment environment and client information(IDE) software Web portal, for healthcare providers, hospitals and patients Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM Provides risk analysis and analytics SaaS to the insurance industry. Software provides features for analyzing the financial 10/6/17 Security $275 NA NA NA NA businesses impact of cyber risk through real-time data collection and market analytics

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses Provides a searchable online database of US federal, state and local government contracts and RFPs for the purposes of 10/5/17 Asure Software Inc. iSystems( LLC ) Application Software $66 2.7x NA NM NA identifying sales leads for businesses

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers Provides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and 9/28/17 Application Software $386 5.3x 4.8x 260.9x 43.3x gas sectors globally

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 2/1/2018, where Enterprise Value is >$50MM. 13 Transactions highlighted in yellow denote Private Equity acquirers. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

Provides software and hardware products, based on IP technology, for monitoring and managing energy consumption to the 9/28/177/25/17 Sage Group Intacct Corp. Application Software $839$850 1.9x9.7x 2.6xNA NMNA 24.8xNA Provides accounting and financial management software as a service (SaaS) for businesses utilities markets

Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content 9/26/17 Application Software $807 NA NA NA NA Provides online and mobile commerce logistics software for shipping companies globally

Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA hospitality, dining, healthcare, entertainment, travel and education sectors 9/26/17 Application Software $392 NA NA NA NA Provides marketing automation and behavior prediction analytics SaaS for the automotive dealership industry Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis The VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance 9/25/17 Application Software $354 NA NA NA NA (VelocityEHS and BOLT and incident management software and SaaS for HR professionals Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Solutions assets) Information Management $1,260 NA NA NA NA ( ) integration and backup 9/25/17 Application Software $195 NA 4.9x NA NA Provides Web-based wealth management SaaS for financial markets Provides enterprise IT automation and workspace management software to businesses. Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA management, service desk optimization, on-boarding and off-boarding and workforce security

9/20/17 Security $225 6.4x NA NA NA Provides authentication,infrastructure as single a service sign-on (IaaS), and backup user identity and recovery, management firewall, SaaS cloud for enterprisesstorage and remote monitoring and 6/14/17 Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses Provides e-commerce and order management software and services for retailers and businesses. Also provides web hosting, 9/6/17 Application Software $475 NA NA NA NA 6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x designOperates and as integration a domain nameservices registry and provides domain name services to consumers and businesses

9/5/176/5/17 ApplicationSecurity Software $200$69 1.0xNA NA NMNA NA Provides clinicalidentity documentation and access management and document SaaS, management as well as IoT software application for the development emergency SaaS,medical for sectorbusinesses in the United States

Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store 6/2/17 Infrastructure Management $260 NA NA NA NA 9/5/17 Application Software $713 2.7x NA 13.3x NA Providespayment manufacturingterminals plant project management and design software for businesses in the industrial industries

Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA 8/31/17 ( ) Application Software $128 NA NA NA NA ProvidesAlso provides sales Windows acceleration PowerShell and lead interactive management development SaaS for the environment mortgage, (IDE)insurance, software technology and education industries

Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM Provides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that 8/30/17 Application Software $175 5.1x 4.0x NA NA businesses enables consumers to purchase gift cards

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses Provides marketing automation SaaS and digital marketing services to businesses in the consumer products, retail, 8/28/17 Asure Software Inc. iSystems( LLC ) Application Software $105 0.7x 1.0x NM 19.9x automotive, financial services, healthcare, telecommunications, marketing and entertainment industries

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers Provides business intelligence document and knowledge management, and GIS SaaS, hosting and software development 8/22/17 Application Software $118 0.8x NA 15.5x NA services for businesses in Scandinavia and Baltic nations

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 2/1/2018, where Enterprise Value is >$50MM. 14 Transactions highlighted in yellow denote Private Equity acquirers. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

8/21/177/25/17 Sage Group Intacct Corp. Application Software $323$850 9.6x9.7x NA 20.8xNA NA Provides insuranceaccounting and and reinsurance financial management software solutions software as a service (SaaS) for businesses ( )

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA 8/15/17 ( ) Application Software $107 8.5x NA NA NA Providesand systems load integration tracking and services management for public SaaS sector for the agencies shipping globally and freight sector in the US ( ) Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG SymantecAcrolinx Corporation GmbH Information Management $60 NA NA NA NA DigiCert Inc. [Thoma contentThe Website and provides Security grammarbusiness editing,and PKI assetsmonitoring, of Symantec scoring, provides analytics security reporting SaaS and and development services for to businesses written enterprise and consumers content 8/3/17 (Website Security Application Software $950 NA 2.4x NA NA Bravo] globally ( ) business(Website Security assets) Business Assets) Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA Thehospitality, communities dining, and healthcare, sports divisions entertainment, of Active travel Network, and educationwhich provides sectors administration, membership, donations and event 8/3/17 Global Payments Inc. Application Software $1,207 NA NA NA NA ( ) management SaaS for non-profit organizations (Communities & Sports Divisions) Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis Provides property management software featuring document management, electronic signatures, website development, 8/2/17 Application Software $250 NA 5.0x NA NA background screening, legal contract management, payment processing and cloud computing Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Information Management $1,260 NA NA NA NA ( ) integration and backup Provides customer service automation, billing, citation management, asset recovery, and transportation database systems 8/1/17 Application Software $80 1.5x NA NA NA Providesand outsourced enterprise services IT automation for municipalities and workspace and toll management authorities software to businesses. Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA management, service desk optimization, on-boarding and off-boarding and workforce security

Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/17 Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses All Software Median 4.0x 4.1x 20.8x 19.9x 6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses Mean 5.2x 4.3x 64.8x 33.3x

6/5/17 Security PE Acquirers$69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses Median 3.4x 2.4x 43.1x 19.3x Mean 3.7x 2.7x 43.1x 19.3x Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store 6/2/17 Infrastructure Management $260 NA NA NA NA payment terminals

Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA ( ) Also provides Windows PowerShell interactive development environment (IDE) software

Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM businesses

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses Asure Software Inc. iSystems( LLC )

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 2/1/2018, where Enterprise Value is >$50MM. 15 Transactions highlighted in yellow denote Private Equity acquirers. Multiples <0 and >100 considered NM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

1/31/18 Asana $75 Developer of task management software designed to help teams track their work Generation Investment Management, 8VC, Founders Fund, Sam Altman

Alphabet, Columbia Pacific Management, DB1 Ventures, Deutsche Börse Group, Ericsson Provider of productivity platforms for data analysis in human-computer interaction, 1/31/18 Trifacta $48 Ventures, New York Life Ventures, Accel, Cathay Innovation, Greylock Partners, Ignition scalable data management and machine learning Venture Partners, Ridge Ventures

1/30/18 BrowserStack $50 Developer of a SaaS based web and mobile browser testing platform Accel

Developer of an online trucking marketplace and application designed to streamline the 1/30/18 Next Trucking $21 Sequoia Capital shipping process

1/29/18 ContentSquare $42 Developer of an experience optimization platform for online and mobile businesses Canaan Partners, Eurazeo, Highland Capital Partners Europe, Holding14

Developer of a computer vision and 3D mapping technology designed to generate accurate 1/29/18 Hover $25 GV, Standard Industries, The Home Depot 3D models with a smartphone

1/29/18 Logikcull $25 Provider of a cloud-based e-discovery automation platform New Enterprise Associates, OpenView Venture Partners, Storm Ventures

CK Hutchison Holdings, Spring Lake Equity Partners, Sutter Hill Ventures, Adams Street 1/29/18 MATRIXX Software $40 Provider of a digital commerce platform Partners, Greylock Partners, Swisscom Ventures, Telstra Ventures

Operator of an e-lending platform intended to provide access to funding at any hour of the 1/26/18 Ezbob $20 Da Vinci Capital Management day

Provider of a cloud-based and edge-enabled software for the deployment and 1/25/18 Arundo Analytics $25 Canica, Horizon Ventures, Stokke Industri, Strømstangen, Sundt, Northgate Capital, StartX management of enterprise-scale industrial data science solutions

Sequoia Capital, Altimeter, Capital One Growth Ventures, ICONIQ Capital, Madrona Venture 1/25/18 Snowflake $263 Developer of a SaaS based cloud data warehousing platform Group, Redpoint Ventures, Sutter Hill Ventures, Wing Venture Partners

Operator of a point-of-sale technology company designed for the sports and 1/24/18 Appetize Technologies $27 Silicon Valley Bank, Oak View Group, Shamrock Capital Advisors entertainment, education, and professional industries

Provider of a cloud-based financial platform designed to advise small and mid-sized 1/24/18 ForUsAll $22 Ribbit Capital, Foundation Capital businesses on their 401(k) plans

1/24/18 Front $66 Developer of a multi-channel inbox designed to centralize communication channels Draper Fisher Jurvetson, Sequoia Capital

Canada Pension Plan Investment Board, DivcoWest, Navitas Capital, SoftBank Group, Tavistock 1/24/18 Katerra $865 Developer of a construction technology platform Group

Notes: Source: Pitchbook. Reflects deal activity through 1/31/2018. 16 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Developer of a mobile application designed to detect driving hazards and help prevent car Alibaba Innovation Ventures, GE Ventures, Ibex Investors, Nationwide Financial Services, 1/24/18 Nexar $30 accidents Aleph, Mosaic Ventures, Slow Ventures, True Ventures, Tusk Ventures

1/24/18 Showpad $25 Provider of a sales enablement platform Insight Venture Partners

Developer of a common network operating system designed to bring web-scale networking Telstra Ventures, Andreessen Horowitz, Battery Ventures, Diane Greene, Peter Wagner, 1/23/18 Cumulus Networks $43 to the enterprise cloud Sequoia Capital, SV Angel, Top Tier Capital Partners, Wing Venture Partners

CITIC CLSA Capital Markets, GIC Private, Marathon Venture Partners, Orix Corporation Europe, 1/23/18 Dianrong $290 Provider of a peer to peer lending platform designed to lend and borrow money online Simone Investment Managers, China Minsheng Investment

1/23/18 Dremio $25 Developer of self-service data analytics Norwest Venture Partners, Lightspeed Venture Partners, Redpoint Ventures

1/22/18 Paytronix Systems $65 Developer of a SaaS based customer experience management systems Echo Health Ventures, HealthQuest Capital

Provider of an online health analytics platform designed to forecast costs, measure 1/22/18 Springbuk $20 Echo Health Ventures, HealthQuest Capital, Elevate Ventures, Lewis & Clark Ventures performance and improve health

Developer of medical practice software, clinical management systems, physician 1/18/18 Bio-Optronics $30 Dentsu Ventures, LINE, Mitsui & Company, SMBC Venture Capital scheduling and patient ID systems

Dentsu Ventures, LINE, Mitsui & Company, SMBC Venture Capital, DCM Ventures, Draper 1/18/18 Folio $63 Developer of a stock trading application Nexus

1/18/18 InsideSales.com $35 Provider of a SaaS sales automation and predictive analytics platform Microsoft

Provider of a network connectivity management platform designed to deliver coast to 1/18/18 PacketFabric $25 NantWorks coast connectivity across North America

Provider of a cloud-based restaurant-specific software platform intended to combine 1/18/18 Restaurant365 $20 Bessemer Venture Partners restaurant modules with an integrated accounting system

1/18/18 Varo Money $45 Developer of a financial technology based banking platform The Rise Fund, Warburg Pincus

Provider of a threat intelligence platform designed to help organizations find and respond Deutsche Telekom Capital Partners, Lumia Capital, Sozo Ventures, Telstra, General Catalyst 1/17/18 Anomali $40 to cyber threats Partners, GV, IVP, Paladin Capital Group

Provider of a cloud-based enterprise Platform-as-a-Service (PaaS) designed to rapidly 1/17/18 C3 IoT $100 The Rise Fund, Thomas Siebel, Breyer Capital, Sutter Hill Ventures, TPG Growth deploy big data, AI and IoT applications

Notes: Source: Pitchbook. Reflects deal activity through 1/31/2018. 17 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Provider of a continuous integration platform that offers automated testing and Industry Ventures, Top Tier Capital Partners, Baseline Ventures, Draper Fisher Jurvetson, 1/17/18 Circleci $31 continuous integration tools Harrison Metal Capital, Heavybit, Scale Venture Partners

1/17/18 Usermind $24 Provider of a customer engagement hub platform Northgate Capital, Andreessen Horowitz, Charles River Ventures, Menlo Ventures

Aditya Birla Capital, Alchemy Venture Capital, BNP Paribas, Forefront Capital, Malabar 1/15/18 Newgen Software $20 Provider of business process management and document management software Investments, SBI Mutual Fund, Société Générale, The Goldman Sachs Group

1/11/18 DadaABC $100 Provider of an online education platform intended to help children learn English Tal Education Group, Tiger Global Management

Provider of an on demand ride-hailing platform created to offer booking services for taxis, 1/11/18 Grab $2,500 GPI Capital, Hyundai Motor, Macquarie Group, Toyota Tsusho, Didi Chuxing, SoftBank Capital private cars and motorbikes across Southeast Asia

Provider of an artificial intelligence powered human translation platform created to build Microsoft Ventures, Salesforce Ventures, Samsung NEXT Ventures, Scale Venture Partners, 1/11/18 Unbabel $23 multilingual understanding between companies and their customers Caixa Capital, FundersClub, Notion

Provider of cloud-based educational platform intended to provide personalized, adaptive 1/10/18 Area9 Lyceum $30 Vækstfonden online learning modules for schoolchildren, students and professionals

Fullcent Capital, Gobi Ventures, JAFCO Investments Asia, Lightspeed Venture Partners China, 1/10/18 Black Fish $22 Developer of a consumer finance platform Morningside Group, Tao Zhang

Developer of SaaS digital workplace platform designed to help companies design and build 1/9/18 IGLOO $47 Frontier Capital digital destinations

1/9/18 Zhangmen.com $120 Developer of an online education technology platform Genesis Capital, Warburg Pincus

1/8/18 Collibra $58 Provider of cross-organizational data governance software platform Battery Ventures, Dawn Capital, ICONIQ Capital, Index Ventures (UK), Newion Investment

Provider of an online payment getway that enables small businesses to start accepting 1/5/18 Razorpay $20 Apoletto Managers, Matrix Partners India, Tiger Global Management, Y Combinator online payments

1/5/18 Touna $46 Operator of a peer to peer lending platform China Merchants Securities

1/4/18 AImotive $38 Developer of an artificial intelligence-based software for self-driving vehicles B Capital Group, Cisco Investments, PortfoLion, Prime Ventures, Samsung Catalyst

1/4/18 Jopari Solutions $28 Provider of SaaS based integrated payment and compliance services WestView Capital Partners

Notes: Source: Pitchbook. Reflects deal activity through 1/31/2018. 18 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Danhua Capital, Greenspring Associates, Edison Partners, FinTech Collective, Grupo de 1/4/18 MoneyLion $42 Provider of a mobile personal finance platform Inversiones Suramericana

1/4/18 Quartet Health $40 Provider of a cloud based behavioral healthcare platform Deerfield Management, F-Prime Capital Partners, GV, Oak HC/FT, Polaris Partners

Provider of a robo-advisor that offers a combination of automated financial planning, Tiger Global Management, Benchmark Capital, DAG Ventures, Greylock Partners, Index 1/4/18 Wealthfront $75 investment management and banking-related services through a mobile application Ventures (UK), Ribbit Capital, Social Capital, Spark Capital

1/3/18 AlgoSec $36 Provider of business-driven security management software Claridge Israel

1/3/18 Sigma Computing $20 Developer of analytics tools designed to offer visual interface for data warehouse NA

12/28/17 NextCapital $30 Provider of a digital advice platform that delivers portfolio services to investors Oak HC/FT, Manulife, Route 66 Ventures, Transamerica Ventures, VCET Capital

Developer of a healthcare analytics platform that optimizes benefit programs and 12/22/17 Artemis Health $23 F-Prime Capital Partners, Kickstart Seed Fund, Maverick Ventures (San Francisco) minimizes spending

Provider of an advanced payroll service intended to deliver cost-effective and configurable 12/20/17 Ascender Group $100 HarbourVest Partners human capital management services

Provider of a parking, transportation and transit management platform that centralizes 12/20/17 Passport $43 Bain Capital Ventures, Grotech Ventures, MK Capital, Relevance Capital and controls parking and transit systems

12/19/17 ACL Services $50 Developer of SaaS based governance, risk management and compliance (GRC) software Norwest Venture Partners

12/19/17 Anodot $23 Developer of SaaS real time analytics and automated anomaly detection system Aleph, Redline Capital Management, Disruptive

Provider of SaaS based corporate compliance management tools that facilitate the design 12/19/17 Convercent $25 Rho Ventures, Sapphire Ventures, Tola Capital and implementation of compliance programs

Provider of a cloud-based business-management platform that connects data, people and Castor Ventures, SharesPost, The Yard Ventures, BlackRock, GGV Capital, Glynn Capital 12/19/17 Domo $115 expertise that are needed to improve business results Management, The Capital Group Companies

Provider of a peer-to-peer insurance platform that offers home insurance and coverage SoftBank Group, Aleph, Allianz X, General Catalyst Partners, GV, Sequoia Capital Israel, Thrive 12/19/17 Lemonade $120 products Capital, Tusk Ventures, XL Innovate

Accenture Ventures, China International Capital Corporation, Eight Square Capital, Sino 12/19/17 Maana $28 Provider of a knowledge platform graph search engine Capital Group, Chevron Technology Ventures, GE Ventures, Intel Capital, Saudi Aramco Energy Ventures, Shell Technology Ventures

Notes: Source: Pitchbook. Reflects deal activity through 1/31/2018. 19 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

David Petraeus, Deep Fork Capital, Geodesic Capital, New Enterprise Associates, New 12/19/17 One Concern $20 Developer of an earthquake intelligence platform Ventures, Ronald Conway, CrunchFund, Pear Ventures, Urban.Us

iNovia Capital, Intel Capital, OpenText Enterprise Apps Fund, Access Industries, Horizons 12/19/17 Rubikloud Technologies $37 Developer of retail intelligence platforms Ventures

12/15/17 YapStone $71 Provider of a web and mobile based payments platform NA

Provider of a Big Data and micro-services architecture monitoring platform that automates 12/14/17 Instana $20 Accel, Target Partners all aspects of application performance management (APM)

12/14/17 Leadspace $21 Developer of a SaaS audience management platform Arrowroot Capital, Jerusalem Venture Partners

12/14/17 Splice $35 Provider of a technology platform designed to enhance the music-creation process DFJ Growth, Flybridge Capital Partners, True Ventures, Union Square Ventures

AMC Theatres, Image Nation, UTA Ventures, Viacom, VRSense Solutions, 21st Century Fox, 12/13/17 Dreamscape Immersive $30 Developer of virtual reality technology Bold Capital Partners, Warner Bros. Entertainment

Provider of a digital freight forward and shipment management platform that manages Mittal Investments, Northzone Ventures, Cavalry Ventures, Cherry Ventures Management, 12/13/17 FreightHub $20 logistics Global Founders Capital, La Famiglia

Grupo Coppel, LEAP Global Partners, Colchis Capital Management, FirstMark Capital, 12/13/17 Insikt $50 Provider of an online lending as a service (LaaS) loan origination and investing platform Revolution

Provider of cloud computing services intended to provide cloud services for domestic game China Minsheng Investment, Forebright Capital Management, Liyue Investment, Shunwei 12/13/17 Kingsoft Cloud $300 developers Capital, Kingsoft Corporation

12/13/17 OTA Insight $20 Provider of a revenue management platform Eight Roads Ventures, F-Prime Capital Partners

Developer of a mobile gaming platform designed to connect mobile gamers through Andy Miller, Bridge Bank, Liberty Global Ventures, Telstra, Accomplice VC, Wildcat Capital 12/13/17 Skillz $25 competition Management

Provider of a data-driven sales readiness platform designed for businesses to prepare and 12/12/17 Mindtickle $27 Canaan Partners, Accel, New Enterprise Associates, Qualcomm Ventures train their sales teams

Caffeinated Capital, GIC Private, Ribbit Capital, Founders Fund, Khosla Ventures, Lightspeed 12/11/17 Affirm $200 Provider of an online alternative lending platform Venture Partners, Spark Capital

Developer of a multi-signature secure digital wallet created to make digital currencies 12/11/17 BitGo $43 David Sacks, DRW Venture Capital, Valor Equity Partners, Bill Lee usable for businesses in a regulated economy

Notes: Source: Pitchbook. Reflects deal activity through 1/31/2018. 20 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings

($MM) % Change % Change Market Cap @ % Change Current / Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Offer / 1st Trading Day / Offer IPO Date Offer Price Midpoint Price Price

17-Nov-17 $1,110 $240 9.00 - 11.00 $12.00 20.0% 8.3% 25.3%

15-Nov-17 $734 $131 13.50 - 15.50 $16.00 10.3% 12.5% 31.8%

1-Nov-17 $1,106 $156 11.00 - 13.00 $13.00 8.3% 40.8% 80.5%

19-Oct-17 $1,570 $192 20.00 - 22.00 $24.00 14.3% 33.6% 15.8%

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 72.7%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 6.1%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 22.6%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 68.9%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 77.8%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 35.5%

Notes: Sources: Capital IQ and Company filings as of 2/1/2018. IPO pricings include public registrations only. 21 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 6 195 (7) 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) 17 Fortinet 16 (7) CDC Software 180 LogMeIn (6) Medidata (9) (6) SolarWinds SciQuest (8) 9 Rosetta Stone RealPage (12) IntraLinks Jive Envestnet Imperva Workday Qlik Carbonite Fleetmatics 170 BroadSoft Workiva Tangoe Qualys Mavenir Atlassian Higher One Hortonworks Responsys Eloqua Barracuda Mimecast Convio New Relic Cornerstone E2open Wix.com Instructure 10 SPS Commerce HubSpot (9) Epocrates ServiceNow Covisint Rapid7 Twilio (13) SS&C CyberArk Exa RingCentral Sophos SecureWorks QuinStreet MobileIron FireEye Talend 160 Incadea Kinaxis AppFolio Cvent Everbridge Infloblox Zendesk Alarm.Com Gigamon Apptio Proofpoint Paycom Xactly Textura Gridsum Holding Splunk OPOWER Shopify ChannelAdvisor Nutanix Mulesoft (7) ExactTarget Five9 Apigee Marketo Coupa Alteryx Demandware 2U Box 150 Tableau BlackLine, Inc. Okta Bazaarvoice Borderfree (1) 150 Halogen Yext Greenway Amber Road Rally Cloudera AVG A10 Networks Marin Appian Guidewire Paylocity Model N MongoDB Varonis Systems Altair Engineering SendGrid 140 SailPoint

130 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2018

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2018 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 0 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 1 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 0

Notes: Sources: Capital IQ, company filings. Market data as of 2/1/2018. 22 VENTURE CAPITAL INDUSTRY TMT Transactions Since Q3 2002

$14 1,000

$12

800

$10

600

$8 $Bn

400 Number Number of Investments

200

$0 0 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Quarter - Year

Number of Deals Investment Amount (1)

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & 23 Security Systems, and Software. GCA OVERVIEW Deep Software Sector Expertise

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Fairness Opinion to We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller Buddy Media

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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 24 transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.