Security Software

Infrastructure Software Taxonomy

SOFTWARE DEVELOPMENT / DEVOPS IT OPERATIONS MANAGEMENT SECURITY

Solutions that enable the Solutions that help to manage Solutions that protect software software development lifecycle, the provisioning, capacity, and systems against malicious including planning, creating, performance, and availability of attacks, unauthorized access and testing, and deploying software an organization’s IT resource use, and other external applications and systems infrastructure and internal risks Infrastructure / Application IT GRC and Service and Identity and Continuous Integration Version Test App / Database Operations Network / App / Advanced Threat SIEM / Security Lifecycle Asset Support Access / Continuous Delivery Management Management Performance Analytics Data Security Protection Analysis Management Management Management Management Monitoring Select Market Participants Select Market Participants Select Market Participants

DATA MANAGEMENT CLOUD MANAGED SERVICES COLLABORATION / COMMUNICATION

Solutions that manage cloud Solutions that enable groups and Solutions that integrate, cleanse, security, computing, storage, teams to communicate, share, migrate, and manage data across network operations, and coordinate, cooperate, and solve platforms to produce accurate application stacks to automate problems for the purpose of and consistent information and enhance business operations completing a task

Project Business Data Quality and Database Data PaaS / aPaaS / Managed Hosting Managed Backup and Communications Agile Project Data Integration Portfolio Process Governance Management Analytics iPaaS and Applications Security Disaster Recovery PaaS Management Management Management Select Market Participants Select Market Participants Select Market Participants

1 Case Study: SentryOne

HW’s Technology Group advised SentryOne on its acquisition by SolarWinds.

TRANSACTION OVERVIEW

SentryOne provides mission-critical Database Performance Management (“DPM”) and DataOps software. The Company’s solutions enable customers to monitor, document, test, build, and Closed October 29, 2020 migrate their mission-critical workloads in on-premises, hybrid, and multi-cloud environments.

The Company has built a strong, well-respected product portfolio guided by a customer-centric model well-aligned to SolarWinds’ mission and commitment to the IT professional community. The SentryOne offering complements the on-premises and cloud-native DBM offerings SolarWinds has today to serve the full needs of the mid-market and better serve larger organizations.

a portfolio company of SolarWinds is a leading provider of powerful and affordable IT management software. Its products give organizations worldwide the power to monitor and manage their IT services, infrastructures, and applications, whether on-premises, in the cloud, or via hybrid models. The Company continuously engages with technology professionals to understand the challenges they face in maintaining high-performing and highly available IT infrastructures and applications.

has been acquired by RELEVANT SUB-SECTORS

INFRASTRUCTURE DEVOPS SAAS SOFTWARE

DATA MANAGEMENT MICROSOFT AZURE / AWS

2 Case Study: Learn on Demand Systems

HW’s Technology Group advised Learn on Demand Systems on its sale to Shamrock Capital.

TRANSACTION OVERVIEW Learn on Demand Systems provides cloud-based virtual labs, tools, and proprietary content that power hands-on learning environments for leading technology and IT training organizations. The Closed March 16, 2021 Company’s solutions help train, certify, and upskill the global IT community on new technologies faster and more effectively than traditional learning methods.

Learn on Demand Systems’ full-service platform enables organizations to create and deliver high- impact, hands-on learning experiences that address a broad spectrum of IT focus areas. Their proprietary, feature-rich technology delivers superior learning outcomes and creates substantial barriers to entry. LODS has a large and expanding market opportunity underpinned by a growing IT skills gap and favorable trends in personalized learning. a portfolio company of Shamrock Capital is a Los Angeles-based investment firm with approximately $3.5 billion of assets under management. Shamrock was originally founded in 1978 as the family investment company for the late Roy E. Disney, and has since evolved into an institutional money manager with a leading group of investors, including endowment and pension funds. Shamrock partners with strong management teams and takes an active, collaborative approach to creating value in each has received an investment. investment from RELEVANT SUB-SECTORS

VIRTUAL LABS E-LEARNING / CERTIFICATIONS IT TRAINING

DEVOPS IN-APP TRAINING SIMULATION

3 Select Infrastructure Software M&A Transactions1,2

Microsoft’s acquisition of The Marsden Group – Announced March 16, 2020 • The Marsden Group is a provider of industrial technology and digital solutions for heavy asset industries Enterprise Value: NA EV / Revenue: NA • The Marsden Group helps customers rapidly envision, prototype, and implement innovative technology solutions Revenue: NA EV / EBITDA: NA • The acquisition will accelerate Microsoft’s penetration into asset-intensive industries that face unique challenges in adopting new technologies, bringing speed, agility and technical creativity together with cloud, IoT, and AI capabilities

Accel’s investment in Snyk – Announced March 11, 2021 • Snyk provides cloud native application security software Enterprise Value: $4.7B EV / Revenue: NA • The transaction included both primary and secondary offerings, resulting in $175 million of new capital into the business Revenue: NA EV / EBITDA: NA • The $300M investment, led by Accel and Tiger, and with participation from new investors, including Atlassian Ventures and Temasek, is expected to help Snyk continue its rapid growth as it likely heads for a public exit

Thoma Bravo’s acquisition of Talend – Announced March 10, 2021 • Talend is a provider of open-source data integration and data integrity solutions across big data and cloud environments Enterprise Value: $2.4B EV / Revenue: 7.4x • The transaction price represents a 29% premium to the March 9 closing price, and an 81% premium to the 12-month average Revenue: $325M EV / EBITDA: NA • The acquisition will better enable Talend to continue investing in its cloud transition, and to develop more robust data solutions for its customers

Clearlake and TA Associates’ investment in Precisely – Announced March 3, 2021 • Precisely provides data management and quality software, including data integration, location intelligence, and data enrichment Enterprise Value: $3.5B EV / Revenue: NA • Precisely serves about 12,000 customers, including banks, telecom companies, healthcare businesses, and the government Revenue: NA EV / EBITDA: NA • The investment brings new capital infusion into the business, and will enable the company to continue executing on its consolidation strategy across data management and integration

Okta’s acquisition of Auth0 – Announced March 3, 2021 • Auth0 provides a developer-focused identity and authentication platform designed to verify users and tackle identify fraud Enterprise Value: $6.5B EV / Revenue: NA • Auth0’s platform enables developers to eliminate the friction of authentication and authorization of their applications Revenue: NA EV / EBITDA: NA • Auth0 will continue to operate as an independent unit within Okta following the close of the transaction • The acquisition increases Okta’s coverage of identity solutions and unlocks significant cross-sell opportunities across customers

TPG’s combination of Thycotic and Centrify – Announced March 2, 2021 • Centrify and Thycotic are providers of cloud-based identity and privileged access management (PAM) solutions Enterprise Value: NA EV / Revenue: NA • PAM is one of the fastest-growing areas of cybersecurity solutions, and is expected to double from $2.2B currently to $5.4 by Revenue: NA EV / EBITDA: NA 2025 as organizations struggle to keep up with the complexity of protecting the ever-growing number of privileged accounts • The combined entity, ThycoticCentrify, will provide one of the most extensive privileged identity platforms in the market

4 Public Market Performance1

EV / NTM REVENUE MULTIPLES

As of March 31, 2021 Median EV / NTM Revenue 10 Year 5 Year 3 Year Mar-21 Infrastructure Software 3.9x 5.1x 5.6x 7.0x Security Software 4.7x 5.3x 5.7x 6.9x 10.0x

8.0x

6.0x

4.0x

2.0x

- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

NASDAQ Composite Index Infrastructure Software Security Software

EV / NTM CASH EBITDA MULTIPLES

As of March 31, 2021 Median EV / NTM Cash EBITDA 10 Year 5 Year 3 Year Mar-21 Infrastructure Software 11.6x 14.8x 16.0x 28.3x 35.0x Security Software 11.6x 13.5x 14.6x 16.9x

30.0x

25.0x

20.0x

15.0x

10.0x

5.0x

- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

NASDAQ Composite Index Infrastructure Software Security Software

Note: see pages 7-11 for companies comprising Infrastructure Software and Security Software buckets. 5 Key Performance Metrics for Recent Infrastructure and Security Software IPOs1

316.6%

300.0%

163.9% 200.0% 151.5% 136.1% 101.2% 83.5% 74.0% 75.1% 79.8% 100.0% 59.8% 12.7% 3.5% 30.6%

14.4% 24.6% 24.9% % Revenue Growth Revenue % 0.0%

(100.0%)

550.0% 436.8%

500.0% 368.4% 450.0% 335.3% 400.0%

350.0%

300.0% 201.5% 208.7% 200.8% 250.0%

200.0% N/A

150.0% 91.1% 56.9% 100.0% 46.2% 35.8%

Stock Performance (Offer to Current) to (Offer Performance Stock 13.2% 13.7% 50.0% 0.8%

0.0% (14.3%) (10.4%) (50.0%) Circle Size Denotes Revenue ($)

IPO DATE 6/11/19 7/31/19 9/13/19 9/18/19 9/19/19 9/16/20 7/21/20 9/16/20 9/15/20 8/4/20 9/30/20 9/30/20 10/20/20 10/21/20 12/8/20 3/23/21 OFFER PRICE PER SHARE $34.00 $16.00 $15.00 $27.00 $15.00 $44.00 $26.00 $22.00 $120.00 $21.00 $5.35 $9.50 $27.00 $20.00 $42.00 $47.00 MARKET CAP AT OFFER ($M) $703.8 $4,486.6 $1,299.2 $745.2 $1,192.7 $3,901.7 $3,095.6 $2,220.0 $4,849.0 $4,180.2 $16,400.0 $3,990.0 $4,342.9 $3,308.8 $3,976.3 $4,949.3 OFFERING SIZE ($M) $612.0 $569.8 $525.0 $648.0 $187.5 $509.0 $468.0 $325.6 $3,360.0 $703.5 $0.0 $0.0 $594.0 $740.0 $651.0 $775.5 OFFER TO CURRENT 436.8% 201.5% 368.4% 208.7% 46.2% 0.8% 35.8% (14.3%) 91.1% 13.2% 335.3% 200.8% 141.2% 13.7% 56.9% (10.4%)

6 Infrastructure Software – Trading Comparables Metrics1

Revenue Growth Enterprise Value / Revenue Enterprise Value / EBITDA Enterprise Market % of 52 1-Year Stock 3-Year Stock LTM EBITDA Pre-COVID Pre-COVID Price / Company Ticker LTM NTM LTM NTM LTM NTM Value ($mm) Cap ($mm) Week High Performance Performance Margin (Dec. 2019) (Dec. 2019) Earnings DIVERSIFIED INFRASTRUCTURE SOFTWARE

Microsoft MSFT $1,729,021 $1,778,228 95.8% 49.5% 158.3% 14.2% 12.6% 46.8% 8.6x 11.3x 10.0x 18.8x 24.1x 21.3x 34.7x Oracle ORCL 236,500 202,338 95.3% 45.2% 53.4% (0.2%) 3.7% 44.5% 5.0x 6.0x 5.7x 12.2x 13.4x 11.5x 15.8x IBM CSCO 203,342 218,309 97.7% 31.5% 20.6% (6.8%) 5.2% 31.7% 3.8x 4.2x 4.0x 12.0x 13.3x 11.1x 21.6x Cisco Systems IBM 171,866 119,080 97.2% 20.1% (13.1%) (3.6%) 0.6% 22.2% 2.3x 2.3x 2.3x 10.7x 10.5x 9.5x 22.2x SAP SAP 154,906 144,568 85.5% 1.6% 22.9% 8.2% (4.5%) 27.7% 5.6x 4.6x 4.9x 23.0x 16.7x 13.8x 23.0x Micro Focus MCRO 7,056 2,556 127.8% 38.3% (53.5%) (10.4%) (5.8%) 26.8% 2.6x 2.4x 2.5x 8.3x 8.8x 6.9x NM Software AG SOW 2,860 3,121 94.8% 31.6% (15.5%) 2.2% (5.1%) 20.1% 2.4x 2.8x 3.0x 8.5x 13.9x 15.8x 26.7x Median $171,866 $144,568 95.8% 31.6% 20.6% (0.2%) 0.6% 27.7% 3.8x 4.2x 4.0x 12.0x 13.4x 11.5x 22.6x CLOUD / SAAS INFRASTRUCTURE SOFTWARE

ServiceNow NOW $97,115 $98,072 83.6% 74.5% 202.3% 30.6% 26.8% 11.8% 15.3x 21.5x 16.9x 179.7x 181.4x 55.3x NM Atlassian TEAM 51,811 52,703 80.3% 53.5% 290.9% 27.3% 14.8% 2.8% 20.3x 28.7x 25.0x NM NM 101.5x NM Okta OKTA 28,305 28,923 75.0% 80.3% 453.1% 42.5% 30.3% NM 25.7x 33.9x 26.0x NM NM NM NM MongoDB MDB 16,467 16,363 62.3% 95.9% 516.2% 40.0% 29.4% NM 19.1x 27.9x 21.6x NM NM NM NM Zendesk ZEN 15,394 15,617 79.6% 107.2% 177.0% 26.1% 26.0% NM 10.2x 15.0x 11.9x NM NM 109.1x NM Smartsheet SMAR 7,578 7,931 74.8% 54.0% NA 42.3% 30.5% NM 19.5x 19.7x 15.1x NM NM NM NM Proofpoint PFPT 7,300 7,220 89.3% 22.6% 10.7% 18.2% 14.2% 0.1% 7.0x 7.0x 6.1x NM NM 35.7x NM Nutanix NTNX 5,298 5,426 74.6% 68.1% (45.9%) 4.5% 8.3% NM 4.6x 4.1x 3.7x NM NM NM NM Qualys QLYS 3,711 4,108 70.4% 20.5% 44.0% 12.9% 10.3% 35.7% 8.9x 10.2x 9.3x 27.8x 28.7x 22.5x 44.9x New Relic NEWR 3,605 3,877 75.8% 33.0% (17.1%) 14.5% 5.3% NM 6.3x 5.5x 5.2x NM NM NM NM Mimecast MIME 2,576 2,589 67.6% 13.9% 13.5% 19.0% 13.5% 13.8% 6.7x 5.3x 4.7x 82.0x 38.7x 19.0x 97.7x Median $7,578 $7,931 75.0% 54.0% 110.5% 26.1% 14.8% 11.8% 10.2x 15.0x 11.9x 82.0x 38.7x 45.5x 71.3x

Median $15,930 $15,990 81.9% 41.7% 22.9% 14.3% 11.5% 24.5% 6.9x 6.5x 5.9x 15.5x 15.3x 19.0x 24.8x

As of March 31, 2021 ($ in millions) 7 Infrastructure Software – Trading Comparables Metrics by Sector1

ServiceNow NOW $97,115 $98,072 83.6% 74.5% 202.3% 30.6% 26.8% 11.8% 15.3x 21.5x 16.9x 179.7x 181.4x 55.3x NM Zendesk ZEN $15,394 $15,617 79.6% 107.2% 177.0% 26.1% 26.0% NM 10.2x 15.0x 11.9x NM NM 109.1x NM PagerDuty PD $3,030 $3,341 68.9% 132.8% NA 28.4% 25.2% NM 9.5x 14.2x 11.3x NM NM NM NM IT OPERATIONS MANAGEMENT

SolarWinds SWI $7,169 $5,504 71.7% 11.3% NA 9.3% 2.3% 20.1% 7.9x 7.0x 6.9x 32.9x 35.0x 15.7x 34.7x Sumo Logic SUMO $1,533 $1,937 40.7% NA NA 30.7% 15.5% NM NA 7.6x 6.5x NM NM NM NM CONNECTIVITY AND COLLABORATION

Atlassian TEAM $51,811 $52,703 80.3% 53.5% 290.9% 27.3% 14.8% 2.8% 20.3x 28.7x 25.0x NM NM 101.5x NM Twilio TWLO $55,659 $58,092 74.5% 280.8% 792.5% 55.3% 38.1% NM 10.8x 31.6x 22.9x NM NM NM NM Dropbox DBX $11,055 $11,056 94.1% 47.3% (14.7%) 15.2% 10.2% 14.7% 4.4x 5.8x 5.2x 77.8x 39.4x 15.1x NM Smartsheet SMAR $7,578 $7,931 74.8% 54.0% NA 42.3% 30.5% NM 19.5x 19.7x 15.1x NM NM NM NM Asana ASAN $4,860 $4,660 65.4% NA NA 59.2% 36.9% NM NA 21.4x 15.6x NM NM NM NM LogMeIn LOGM NA NA NA NA NA 5.9% NM 26.2% 3.5x NA NM 13.7x NA NM NA CORPORATE PERFORMANCE MANAGEMENT (“CPM”) / PLANNING

Anaplan PLAN $7,469 $7,738 62.5% 78.0% NA 28.7% 23.6% NM 21.1x 16.7x 13.5x NM NM NM NM VIRTUALIZATION / CLIENT COMPUTING

Vmware VMW $64,401 $63,074 92.9% 24.2% 24.1% 8.8% 8.2% 23.6% 6.1x 5.5x 5.1x 31.8x 23.2x 14.6x 30.6x Citrix Systems CTXS $18,359 $17,259 80.9% (0.8%) 51.3% 7.5% 4.2% 22.3% 5.0x 5.7x 5.4x 21.4x 25.4x 15.9x 34.2x Nutanix NTNX $5,298 $5,426 74.6% 68.1% (45.9%) 4.5% 8.3% NM 4.6x 4.1x 3.7x NM NM NM NM MOBILE DEVICE MANAGEMENT

Jamf JAMF $3,954 $4,149 69.3% NA NA 32.1% 23.9% 10.3% NA 14.7x 11.8x NA 141.9x 118.8x NM APPLICATION PERFORMANCE MANAGEMENT

Datadog DDOG $24,669 $25,543 69.8% 131.6% NA 66.3% 38.2% 0.1% 28.9x 40.9x 29.6x NM NM NM NM Dynatrace DT $13,832 $13,632 84.7% 102.3% NA 28.6% 24.8% 18.9% 14.6x 21.0x 16.8x NM 111.6x 63.1x 142.8x New Relic NEWR $3,605 $3,877 75.8% 33.0% (17.1%) 14.5% 5.3% NM 6.3x 5.5x 5.2x NM NM NM NM BUSINESS PROCESS MANAGEMENT

Appian APPN $9,235 $9,399 51.1% 230.5% 428.0% 17.0% 16.3% NM 9.2x 30.3x 26.1x NM NM NM NM Pegasystems PEGA $9,303 $9,250 76.8% 60.5% 88.5% 11.6% 22.1% NM 6.9x 9.1x 7.5x NM NM 145.8x NM RAPID APPLICATION DEVELOPMENT

C3 AI AI $5,533 $6,652 35.8% NA NA 88.4% 28.5% NM NA 32.1x 25.0x NM NM NM NM Appian APPN $9,235 $9,399 51.1% 230.5% 428.0% 17.0% 16.3% NM 9.2x 30.3x 26.1x NM NM NM NM DigitalOcean DOCN $4,718 $4,436 93.3% NA NA NM NM 14.6% NA 14.8x NM NA 101.4x NM NM Progress Software PRGS $2,223 $1,939 89.5% 37.7% 14.6% 4.7% 16.1% 33.7% 4.9x 4.9x 4.2x 15.6x 14.5x NM 25.0x

As of March 31, 2021 ($ in millions) 8 Infrastructure Software – Trading Comparables Metrics by Sector1

Snowflake SNOW $61,324 $66,193 53.4% NA NA 123.6% 84.7% NM NA 103.6x 56.1x NM NM NM NM Palantir PLTR $40,886 $42,441 51.8% NA NA 47.2% 33.8% NM NA 37.4x 28.0x NM NM 115.7x NM Splunk SPLK $23,036 $22,197 60.0% 7.3% 37.7% (5.5%) 13.8% NM 10.7x 10.3x 9.1x NM NM NM NM Alteryx AYX $5,603 $5,564 44.7% (12.8%) 143.0% 18.5% 13.1% 2.1% 15.2x 11.3x 10.0x 137.5x NM NM NM Datto MSP $3,521 $3,690 68.5% NA NA 13.1% 13.2% 22.0% NA 6.8x 6.0x NA 30.9x 26.3x 164.0x Cloudera CLDR $3,456 $3,546 62.9% 54.6% (43.6%) 9.5% 5.5% NM 4.2x 4.0x 3.8x NM NM 14.7x NM Domo DOMO $1,700 $1,686 71.3% 466.3% NA 21.2% 16.8% NM 3.5x 8.1x 6.9x NM NM NM NM Talend TLND $2,082 $2,059 96.6% 183.7% 32.3% 16.0% 14.7% NM 4.8x 7.2x 6.3x NM NM NM NM ENTERPRISE DATA SEARCH

Elastic ESTC $9,618 $9,982 63.0% 99.2% NA 44.2% 26.2% NM 14.4x 17.3x 13.7x NM NM NM NM HADOOP

Cloudera CLDR $3,456 $3,546 62.9% 54.6% (43.6%) 9.5% 5.5% NM 4.2x 4.0x 3.8x NM NM 14.7x NM DATABASE SYSTEM

MongoDB MDB $16,467 $16,363 62.3% 95.9% 516.2% 40.0% 29.4% NM 19.1x 27.9x 21.6x NM NM NM NM APPLICATION LIFECYCLE MANAGEMENT / COLLABORATION

Atlassian TEAM $51,811 $52,703 80.3% 53.5% 290.9% 27.3% 14.8% 2.8% 20.3x 28.7x 25.0x NM NM 101.5x NM JFrog FROG $3,542 $4,140 46.6% NA NA 44.0% 33.6% NM NA 23.5x 17.6x NM NM NM NM PAAS

Salesforce.com CRM $189,579 $195,132 74.5% 47.2% 82.2% 24.3% 21.1% 14.7% 9.1x 8.9x 7.4x 59.2x 60.7x 24.8x 47.9x IAAS

Amazon AMZN $1,574,903 $1,558,070 87.1% 58.7% 113.8% 37.6% 22.5% 12.5% 3.4x 4.1x 3.3x 26.2x 32.7x 21.7x 73.0x IT TRAINING

Pluralsight PS $2,974 $2,757 98.5% 103.5% NA 23.7% 14.5% NM 5.9x 7.6x 6.6x NM NM NM NM DIGITAL / CLOUD / AGILE SERVICES

EPAM Systems EPAM $21,142 $22,257 97.5% 113.7% 246.4% 15.9% 23.9% 16.6% 4.8x 7.9x 6.4x 31.8x 47.9x 33.4x 68.0x Globant GLOB $8,100 $8,284 84.8% 136.2% 302.8% 23.5% 30.4% 15.7% 6.0x 9.9x 7.6x 34.0x 63.6x 38.9x 152.8x Rackspace RXT $8,934 $4,887 92.3% NA NA 11.0% 11.7% 23.7% NA 3.3x 3.0x NA 13.9x 11.3x NM Endava DAVA $4,560 $4,605 93.1% 140.9% NA 24.2% 23.9% 15.5% 5.7x 8.7x 7.0x 61.8x 56.4x 29.4x 95.8x EDGE COMPUTING / WEB PERFORMANCE

Cloudflare NET $21,090 $21,698 73.4% 199.2% NA 50.2% 37.5% NM 15.6x 48.9x 35.6x NM NM NM NM Akamai AKAM $16,912 $16,632 81.6% 11.4% 43.6% 10.5% 6.6% 31.9% 4.8x 5.3x 5.0x 16.4x 16.6x 11.4x 29.9x

As of March 31, 2021 ($ in millions) 9 Security Software – Trading Comparables Metrics by Sector1

Crowdstrike CRWD $39,721 $40,860 72.6% 227.8% NA 81.6% 51.0% NM 23.0x 45.4x 30.1x NM NM NM NM NortonLifeLock NLOK $15,000 $12,371 87.1% 13.6% (17.8%) NA 7.1% 39.6% 7.5x 6.0x 5.6x 28.0x 15.2x 10.1x 20.9x Check Point Software CHKP $11,732 $15,698 80.4% 11.4% 12.7% 3.5% 3.3% 44.8% 6.4x 5.7x 5.5x 14.3x 12.7x 11.4x 18.5x Avast AVST $7,193 $6,463 103.9% 15.9% NA 2.5% 6.5% 46.7% 8.2x 8.1x 7.6x 16.9x 17.3x 13.5x 38.1x McAfee MCFE $12,509 $3,691 91.0% NA NA 10.3% 4.2% 15.6% NA 4.3x 4.1x NA 27.6x 10.8x NM Trend Micro 4704 $5,065 $6,977 0.7% 3.7% (12.8%) 11.0% (1.7%) 35.7% 3.7x 3.0x 3.1x 11.3x 8.4x 9.9x 26.8x FireEye FEYE $4,753 $4,634 76.7% 85.0% 15.6% 5.8% 6.8% NM 4.1x 5.1x 4.7x NM NM 31.3x NM ENTERPRISE NETWORK FIREWALL

Palo Alto Networks PANW $31,619 $31,318 79.9% 96.4% 77.4% 21.2% 20.5% 0.7% 7.2x 8.4x 6.9x NM NM 30.4x NM Fortinet FTNT $28,311 $30,096 95.1% 82.3% 244.2% 19.9% 17.8% 21.6% 7.6x 10.9x 9.3x 39.7x 50.5x 32.2x 61.6x Check Point Software CHKP $11,732 $15,698 80.4% 11.4% 12.7% 3.5% 3.3% 44.8% 6.4x 5.7x 5.5x 14.3x 12.7x 11.4x 18.5x WEB SECURITY / SECURE WEB GATEWAY

Zscaler ZS $22,833 $23,337 74.4% 182.1% 511.6% 48.9% 37.2% NM 16.8x 42.6x 31.0x NM NM NM NM IDENTITY AND ACCESS MANAGEMENT

Okta OKTA $28,305 $28,923 75.0% 80.3% 453.1% 42.5% 30.3% NM 25.7x 33.9x 26.0x NM NM NM NM CyberArk Software CYBR $4,426 $5,056 76.2% 51.2% 153.5% 7.0% 6.0% 5.4% 8.9x 9.5x 9.0x 52.9x 178.0x 109.4x NM SailPoint Technologies SAIL $4,511 $4,657 78.9% 232.7% 144.8% 26.6% 12.5% 6.6% 6.9x 12.3x 11.0x NM 185.7x NM NM Ping PING $1,811 $1,786 58.0% 9.5% NA 0.3% 7.1% NM 7.9x 7.4x 6.9x 80.4x NM 85.7x NM PRIVILEGED ACCESS MANAGEMENT

CyberArk Software CYBR $4,426 $5,056 76.2% 51.2% 153.5% 7.0% 6.0% 5.4% 8.9x 9.5x 9.0x 52.9x 178.0x 109.4x NM EMAIL / MESSAGING SECURITY

Proofpoint PFPT $7,300 $7,220 89.3% 22.6% 10.7% 18.2% 14.2% 0.1% 7.0x 7.0x 6.1x NM NM 35.7x NM Mimecast MIME $2,576 $2,589 67.6% 13.9% 13.5% 19.0% 13.5% 13.8% 6.7x 5.3x 4.7x 82.0x 38.7x 19.0x 97.7x VULNERABILITY MANAGEMENT

Tenable TENB $3,531 $3,765 61.9% 65.5% NA 24.2% 17.1% NM 5.9x 8.0x 6.8x NM NM 65.9x NM Rapid7 RPD $4,082 $3,931 78.9% 72.2% 191.8% 25.9% 20.0% NM 8.5x 9.9x 8.3x NM NM 138.5x NM Qualys QLYS $3,711 $4,108 70.4% 20.5% 44.0% 12.9% 10.3% 35.7% 8.9x 10.2x 9.3x 27.8x 28.7x 22.5x 44.9x SECURITY INCIDENT RESPONSE

FireEye FEYE $4,753 $4,634 76.7% 85.0% 15.6% 5.8% 6.8% NM 4.1x 5.1x 4.7x NM NM 31.3x NM ADVANCED THREAT PROTECTION

As of March 31, 2021 ($ in millions) 10 Security Software – Trading Comparables Metrics by Sector1

SecureWorks SCWX $920 $1,111 82.0% 16.2% 65.6% 1.5% (3.6%) 1.6% 2.3x 1.6x 1.7x NM 104.8x NM NM UNIFIED THREAT MANAGEMENT / SMB

Fortinet FTNT $28,311 $30,096 95.1% 82.3% 244.2% 19.9% 17.8% 21.6% 7.6x 10.9x 9.3x 39.7x 50.5x 32.2x 61.6x Tufin TUFN $305 $383 52.2% 19.6% NA (2.4%) 8.7% NM 5.0x 3.0x 2.8x NM NM NM NM WEB APPLICATION FIREWALL

Cloudflare NET $21,090 $21,698 73.4% 199.2% NA 50.2% 37.5% NM 15.6x 48.9x 35.6x NM NM NM NM Akamai AKAM $16,912 $16,632 81.6% 11.4% 43.6% 10.5% 6.6% 31.9% 4.8x 5.3x 5.0x 16.4x 16.6x 11.4x 29.9x

As of March 31, 2021 ($ in millions) 11 Infrastructure Software – Select Recent M&A Transactions1,2

Enterprise Implied EV / Implied EV / Closed Date Target Buyer(s) Description Value USDm Revenue EBITDA

Pending RSA Security Clearlake Provider of integrated risk management solutions * * *

Pending McAfee Symphony Provider of device-to-cloud cybersecurity solutions 4,000 3 *

Pending Mesh7 Vmware Provider of a distributed micro API firewall with gateway to secure cloud-native applications * * *

Pending IncrediBuild Insight Provider of software acceleration technology solutions * * *

Pending DF Labs Sumo Logic Provider of a security orchestration, automation, and response platform * * *

Pending Easemob Agora Provider of enterprise software services * * *

Pending Talend Thoma Bravo Provider of data integration and integrity solutions 2,575 9 *

05/11/2021 Ivanti Charlesbank Provider of information technology management software solutions * * *

05/07/2021 xMatters Everbridge Provider of intelligent communications platform to accelerate business processes 240 * *

05/03/2021 Auth0 Okta Provider of a cloud-based identity platform for developers and security professionals 6,408 * *

04/26/2021 Alsid Tenable Provider of cybersecurity solutions to protect directory infrastructures 98 * *

04/16/2021 Intellibot ServiceNow Provider of an AI-enabled robotic process automation platform * * *

04/13/2021 Thycotic Thoma Bravo Provider of secure enterprise password and privileged access management solutions * * *

04/12/2021 Sqreen Datadog Provider of an application security management platform 216 * *

04/08/2021 Nuxeo Hyland Provider of enterprise content management platform * * *

04/07/2021 Comply QualiTest Provider of quality assurance technology solutions for the life sciences sector 15 * *

04/01/2021 Logi Analytics InsightSoftware Provider of business intelligence solutions to software providers * * *

03/30/2021 Applitools Thoma Bravo Provider of cloud-based automatic visual testing tools * * *

03/25/2021 transformAI BP3 Provider of automated implementation solutions * * *

03/25/2021 Cherwell Ivanti Provider of SaaS and on-premises business technology and IT service management * * *

* Unpublished information. 12 Infrastructure Software – Select Recent M&A Transactions1,2

Enterprise Implied EV / Implied EV / Closed Date Target Buyer(s) Description Value USDm Revenue EBITDA

03/24/2021 Feedzai KKR Provider of a risk management platform designed to prevent financial crime * * *

03/23/2021 Jumio Great Hill Provider of digital identity verification and scanning solutions * * *

03/22/2021 Camunda Insight Provider of information technology consulting and training services * * *

03/22/2021 ID.me Viking Provider of identity proofing and authentification solutions * * *

03/22/2021 DocSend Dropbox Provider of document sharing and attachment tracking solutions 165 * *

03/16/2021 Marsden Group Microsoft Provider of advanced analytics that support IoT solutions * * *

03/16/2021 Appfire TA Associates Provider of software, add-ons, and enterprise products and services * * *

03/15/2021 ERP Maestro SailPoint Provider of cloud-based access control, security auditing, and risk reporting solutions for SAP systems * * *

03/12/2021 Unite USA ICONIQ Provider of a software platform to address the social determinants of health * * *

03/10/2021 BitDam Datto Provider of protection solutions from email attachment cyber attacks 45 * *

03/10/2021 DataGrail Felicis Ventures Provider of a privacy management platform to ensure compliance with privacy laws * * *

03/10/2021 Snyk Accel Provider of a cloud application security platform to address open-source vulnerabilities * * *

03/09/2021 Sauce Labs TPG Provider of a cloud-based testing platform * * *

03/02/2021 PreEmptive IDERA Provider of application analytics and protection solutions * * *

03/02/2021 Centrify TPG Capital Provider of unified identity management software * * *

02/28/2021 Scalyr SentinelOne Provider of cloud-based server log monitoring tools 155 * *

02/26/2021 Inverse Akamai Provider of information system consulting and integration solutions 20 * *

02/25/2021 Chart.io Atlassian Provider of cloud-based business intelligence and analytics * * *

02/24/2021 Bolo Appfire Provider of confluence publishing applications * * *

02/23/2021 Atera K1 Provider of IT monitoring and management solutions * * *

* Unpublished information. 13 Infrastructure Software – Select Recent M&A Transactions1,2

Enterprise Implied EV / Implied EV / Closed Date Target Buyer(s) Description Value USDm Revenue EBITDA

02/22/2021 Intello SailPoint Provider of an end-to-end SaaS optimization management platform 43 * *

02/18/2021 QA InfoTech QualiTest Provider of engineering enabled software testing services * * *

02/17/2021 Red Canary Summit Provider of endpoint security and cyber threat detection solutions * * *

02/11/2021 Kount Equifax Provider of fraud prevention solutions 640 * *

02/08/2021 Ashling Thomas H. Lee Provider of intelligent automation consulting services * * *

02/03/2021 Digital Defense HelpSystems Provider of cloud-based managed IT services * * *

02/01/2021 Targetprocess Apptio Provider of agile project management software * * *

01/26/2021 Creatio Volition Provider of cloud-based software for business process automation and CRM * * *

01/14/2021 HyTrust Entrust Provider of cloud security automation solutions * * *

01/12/2021 HubStor Veritas Provider of data protection, availability, and insights * * *

* Unpublished information. 14 Select HW Technology Transactions

Pending Pending

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15 Our Firm

Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

Aerospace, Defense & Building Products Business Consumer Energy, Power Healthcare Industrials Specialty Technology, Transportation Government Services & Materials Services & Infrastructure & Life Sciences Distribution Media & Telecom & Logistics

Harris Williams Office Locations

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16 Harris Williams Overview

HARRIS WILLIAMS (“HW”) HW TECHNOLOGY GROUP • 25+ years and more than 1,000 closed transactions • 35+ dedicated professionals • 350+ professionals across eight offices globally • Technology offices include Boston, San Francisco, and London • 170+ closed transactions in the past 24 months • 10 industry groups KEY TECHNOLOGY THEMES ✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning

FOCUSED ADVISORY SERVICES HORIZONTAL FOCUS SECTORS VERTICAL FOCUS SECTORS • Mergers and acquisitions (M&A) • Application Software • Architecture, Engineering, and Construction Software • Capital raises • Cloud Managed Services and Hosting Solutions • Education Technology and Services • Corporate divestitures • Compliance Solutions • Energy Technology • CRM and Marketing Automation • Facilities and Real Estate Software • Human Capital Management • Financial Technology and Payments CONSISTENT RECOGNITION FOR QUALITY • Infrastructure and Security Software • Government Technology • IT and Tech-Enabled Services • Healthcare IT • Marketing, Research, and Insights Software • Industrial and Supply Chain Technology • Internet and eCommerce • Retail Technology

HW INFRASTRUCTURE TECHNOLOGY TEAM OTHER TECHNOLOGY GROUP LEADERSHIP

Thierry Monjauze Julien Oussadon Priyanka Naithani Sam Hendler Erik Szyndlar Managing Director Managing Director Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] [email protected] Office: +44 20 7518 8901 Office: +44 20 7518 8909 Office: (617) 654-2115 Office: (617) 654-2117 Office: (415) 217-3418

SELECT HW has received a majority pending acquisition by has been acquired by has been acquired by has been acquired by has acquired has been acquired by has acquired has been acquired by TECHNOLOGY investment from TRANSACTIONS A Fortune 25 Company Sources & Disclosures

Sources

1. S&P Capital IQ.

2. PitchBook.

Disclosures and Disclaimers

Investment banking services are provided by Harris Williams LLC (“Harris Williams”). Harris Williams is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales, registration number 07078852. Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: [email protected]). Geschäftsführers/Directors: Jeffery H. Perkins, Paul Poggi, VAT No. DE321666994. Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

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