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Technology-Enabled Business Services (TEBS) Quarterly Update – 2020 Q2 C O N F I D E N T I a L

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Technology-Enabled Business Services (TEBS) Quarterly Update – 2020 Q2 C O N F I D E N T I a L Technology-Enabled Business Services (TEBS) Quarterly Update – 2020 Q2 C O N F I D E N T I A L 301 Carlson Parkway, #103 | Minnetonka, MN 55305 | Tel: 952.893.9012 | www.cherrytree.com TEBS Overview Cherry Tree has been tracking trends and activity in the Technology Enabled Business Services (TEBS) space for more than 15 years, including the TEBS 100 index TEBS companies are defined as those that: • Offer a solution, product or service that is delivered or enhanced via technology • Generate revenue primarily from other businesses (“B2B”) • Use their own intellectual property to differentiate their solution The TEBS 100 is a broad index of 100 publicly-traded companies. The four segments of the TEBS 100 align with the open architecture framework: • Business Process Services • Software • Information Services • Infrastructure Services Cherry Tree Research, The Open Group TEBS companies are consistently valued at a premium to the overall Valuation Multiples – 6/30/2020 market due to fundamental business advantages TEBS Segment EV/Revenue EV/EBITDA • Recurring Revenue Software 7.1x 24.3x • Operating Leverage Information Services 8.2x 23.3x 1.9x 15.5x • High Switching Costs Business Process Services Infrastructure Services 4.1x 15.8x S&P 500 3.4x 13.5x Source: Cherry Tree Research, Capital IQ: 6/30/2020 2 CONFIDENTIAL | Q2 2020 TEBS 100 An Index of 100 Publicly-Traded Technology Enabled Business Services Companies 3 TEBS 100 Index Performance 3-Year TEBS 100 Performance vs. S&P 500 • The TEBS 100 index continues to outperform the overall market over a three-year period (112% return 220 vs. 27% return for the S&P 500) 200 • Over the last twelve months the TEBS 100 had a 25% 180 return, which outperformed the S&P 500 (4% return) 160 140 120 S&P 500 TEBS 100 100 80 Jul-17 Jul-18 Jul-19 Jul-20 1-Year TEBS 100 Performance vs. S&P 500 3-Month TEBS 100 Performance vs. S&P 500 150 140 140 130 130 120 120 110 100 110 90 100 80 70 90 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Apr-20 May-20 Jun-20 Jul-20 Source: Cherry Tree Research, Capital IQ: 6/30/2020 4 TEBS 100 Segment Operating Metrics • The annual revenue growth of the TEBS 100 index Annual Revenue Growth and all four of its segments continue to outperform 6/30/2018 6/30/2019 6/30/2020 the S&P 500 Software 15.6% 15.2% 16.1% Information Services 12.6% 9.1% 10.4% • Gross margins for the TEBS 100 are much higher than Business Process Services 7.1% 6.7% 4.5% the median S&P 500 company, allowing for greater Infrastructure Services 24.7% 13.3% 6.0% operating leverage and potential for higher overall profitability TEBS 100 13.4% 11.2% 10.6% • However, EBITDA margins continue to lag in S&P 500 7.7% 6.0% 2.3% comparison to the S&P 500, which is likely due to reinvestment of profits to drive revenue growth EBITDA Margin Gross Margin 6/30/2018 6/30/2019 6/30/2020 6/30/2018 6/30/2019 6/30/2020 Software 10.5% 8.0% 8.9% Software 66.5% 67.2% 67.0% Information Services 27.0% 26.3% 25.8% Information Services 63.0% 63.2% 62.5% Business Process Services 14.6% 15.0% 15.1% Business Process Services 34.8% 34.9% 34.5% Infrastructure Services 23.3% 22.9% 22.1% Infrastructure Services 58.4% 59.8% 60.8% TEBS 100 14.2% 14.9% 15.8% TEBS 100 62.2% 61.9% 60.9% S&P 500 22.8% 22.6% 22.3% S&P 500 43.9% 43.3% 44.9% Source: Cherry Tree Research, Capital IQ: 6/30/2020 5 CONFIDENTIAL | Q2 2020 TEBS 100 SEGMENT PERFORMANCE Software Information Services Business Process Services Infrastructure Services 6 TEBS 100 Companies – Software Enterprise LTM Gross EBITDA EV/ Revenue Enterprise LTM Gross EBITDA EV/ Revenue Company Value Revenue Margin Margin Revenue EBITDA Growth Company Value Revenue Margin Margin Revenue EBITDA Growth 8x8, Inc. $1,880 $446 54.9% -31.3% 4.2x n/m 26.6% Okta, Inc. $24,665 $644 73.2% -27.6% 38.3x n/m 46.0% ACI Worldwide, Inc. $4,442 $1,344 50.3% 16.2% 3.3x 20.4x 33.5% Oracle Corporation $200,904 $39,068 79.7% 41.8% 5.1x 12.3x -1.1% Adobe Inc. $209,149 $12,045 85.6% 36.1% 17.4x n/m 19.3% Paycom Software, Inc. $17,661 $780 88.6% 35.8% 22.6x n/m 27.4% Allscripts Healthcare Solutions, $2,077 $1,756 46.4% 4.8% 1.2x 24.7x 0.5% Inc. Pegasystems Inc. $8,133 $964 67.3% -11.0% 8.4x n/m 11.0% American Software, Inc. $416 $115 54.7% 12.3% 3.6x 29.4x 6.2% Proofpoint, Inc. $6,237 $935 73.3% -3.5% 6.7x n/m 23.4% Appian Corporation $3,477 $279 66.3% -13.7% 12.5x n/m 18.5% PROS Holdings, Inc. $1,813 $261 58.9% -17.9% 7.0x n/m 26.9% Asure Software, Inc. $113 $72 56.2% -6.2% 1.6x n/m 10.7% Q2 Holdings, Inc. $4,925 $337 47.0% -13.2% 14.6x n/m 30.7% Atlassian Corporation Plc $43,578 $1,518 82.9% 1.1% 28.7x n/m 35.3% QAD Inc. $690 $307 55.9% 0.7% 2.2x n/m -5.5% Benefitfocus, Inc. $523 $294 50.6% -4.0% 1.8x n/m 10.9% RealPage, Inc. $7,534 $1,031 60.9% 16.9% 7.3x n/m 14.2% Blackbaud, Inc. $3,380 $908 53.4% 11.7% 3.7x 31.9x 5.6% salesforce.com, inc. $165,194 $18,226 74.9% 11.3% 9.1x n/m 30.1% BlackLine, Inc. $4,472 $307 80.0% -3.5% 14.5x n/m 27.8% ServiceNow, Inc. $76,591 $3,718 77.6% 10.2% 20.6x n/m 32.4% Bottomline Technologies, Inc. $2,259 $440 57.2% 8.3% 5.1x n/m 4.7% Shopify Inc. $111,083 $1,728 54.5% -7.7% 64.3x n/m 46.5% Citrix Systems, Inc. $19,691 $3,152 86.6% 24.6% 6.2x 25.4x 5.2% Splunk Inc. $31,968 $2,368 80.5% -14.0% 13.5x n/m 23.6% Commvault Systems, Inc. $1,472 $671 82.5% 1.8% 2.2x n/m -5.6% SPS Commerce, Inc. $2,432 $286 67.0% 20.8% 8.5x n/m 11.8% Cornerstone OnDemand, Inc. $2,372 $587 73.2% 4.9% 4.0x n/m 7.6% SS&C Technologies Holdings $21,737 $4,669 44.6% 36.7% 4.7x 12.7x 12.9% Ebix, Inc. $1,391 $576 62.4% 25.8% 2.4x 9.4x 8.1% Tecsys Inc. $261 $74 47.6% 7.1% 3.5x n/m 40.1% Enghouse Systems Limited $2,850 $333 70.5% 27.4% 8.6x 31.3x 32.9% Teradata Corporation $2,558 $1,865 51.7% 7.0% 1.4x 19.7x -12.3% FireEye, Inc. $2,803 $903 64.7% -11.7% 3.1x n/m 7.2% The Descartes Systems Group $4,400 $331 73.5% 36.7% 13.3x 36.2x 15.8% Inc Fiserv, Inc. $88,130 $12,454 46.8% 32.2% 7.1x 22.0x 111.6% Tyler Technologies, Inc. $13,474 $1,116 47.5% 18.3% 12.1x n/m 16.1% Five9, Inc. $7,067 $349 58.8% 3.9% 20.3x n/m 27.5% Upland Software, Inc. $1,350 $242 68.4% 20.2% 5.6x 27.6x 45.2% Fortinet, Inc. $20,831 $2,261 76.9% 19.3% 9.2x n/m 20.6% Veeva Systems Inc. $33,869 $1,196 72.2% 27.4% 28.3x n/m 31.3% HealthStream, Inc. $596 $250 61.1% 13.7% 2.4x 17.3x 3.5% VMware, Inc. $67,622 $11,095 83.3% 19.6% 6.1x 31.1x 10.3% HubSpot, Inc. $9,430 $722 80.8% -4.7% 13.1x n/m 31.2% Workday, Inc. $43,562 $3,821 70.9% -4.1% 11.4x n/m 26.1% Intuit Inc. $73,930 $6,857 80.8% 25.4% 10.8x n/m 3.1% Workiva Inc. $2,350 $314 72.0% -13.8% 7.5x n/m 23.3% Jack Henry & Associates, Inc. $14,113 $1,680 40.9% 28.1% 8.4x 29.8x 9.3% Zendesk, Inc. $10,242 $872 72.7% -13.3% 11.7x n/m 34.1% Manhattan Associates, Inc. $5,943 $623 53.1% 19.3% 9.5x n/m 8.1% Mimecast Limited $2,679 $427 74.4% 8.9% 6.3x n/m 25.4% 25th Percentile $2,168 $335 54.6% (4.1%) 3.7x 18.4x 6.7% NextGen Healthcare, Inc. $766 $540 57.1% 5.8% 1.4x 24.3x 2.1% Median $4,925 $780 67.0% 8.9% 7.1x 24.3x 16.1% NIC Inc. $1,330 $360 38.2% 19.0% 3.7x 19.5x 4.9% 75th Percentile $21,284 $1,811 75.9% 20.5% 12.3x 29.6x 28.9% NortonLifeLock Inc. $13,739 $2,490 84.2% 33.0% 5.5x 16.7x 1.4% Source: Cherry Tree Research, Capital IQ: 6/30/2020 7 $ in millions Segment Performance – Software 1-Year Stock Performance vs.
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