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. S&P 500 Top Performers (1-Yr)

150 211.5% 140 130 112.5% 120 110 109.4% 100 90 80 77.8% 70 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 73.9%

3-Month Stock Performance vs. S&P 500 (41.9%)

150 140 (43.4%) 130

120 (46.2%) 110 100 (55.7%) 90 80 70 (58.6%) Mar-20 Apr-20 May-20 Jun-20 Bottom Performers (1-Yr) S&P 500 TEBS Software

Source: Cherry Tree Research, Capital IQ: 6/30/2020 8 Segment Valuation – Software

Enterprise Value / LTM Revenue 8.0x 7.0x 7.3x 7.3x 7.1x 6.9x 7.0x 6.8x 6.0x 6.5x 6.5x 5.0x 5.8x 5.8x 5.4x 5.5x 5.3x 4.0x 3.0x 2.0x 1.0x 0.0x Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Enterprise Value / LTM EBITDA 30.0x

25.0x 25.8x 25.9x 25.2x 25.2x 24.6x 24.3x 23.6x 22.5x 20.0x 21.3x 22.1x 20.1x 20.5x 15.0x

10.0x

5.0x

0.0x Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Source: Cherry Tree Research, Capital IQ: 6/30/2020 9 TEBS 100 Companies – Information Services

Enterprise LTM Gross EBITDA EV/ Revenue Company Value Revenue Margin Margin Revenue EBITDA Growth Alteryx, Inc. $10,828 $451 90.6% 7.5% 24.0x n/m 61.4% CoreLogic, Inc. $7,004 $1,788 51.0% 23.2% 3.9x 16.9x 1.5% CoStar Group, Inc. $26,689 $1,463 79.7% 29.5% 18.2x n/m 17.4% Equifax Inc. $24,045 $3,619 57.2% 24.5% 6.6x 27.2x 6.7% FactSet Research Systems Inc. $12,839 $1,475 53.9% 34.6% 8.7x 25.1x 4.1% Fair Isaac Corporation $13,069 $1,226 71.1% 25.8% 10.7x n/m 16.5% Forrester Research, Inc. $723 $467 58.3% 9.5% 1.5x 16.3x 22.8% Gartner, Inc. $13,793 $4,294 64.0% 15.1% 3.2x 21.3x 7.8% IHS Markit Ltd. $35,542 $4,340 61.7% 34.5% 8.2x 23.8x 2.1% Moody's Corporation $56,849 $4,977 72.2% 48.2% 11.4x 23.7x 11.6% Morningstar, Inc. $6,386 $1,244 58.6% 20.2% 5.1x 25.4x 20.2% Nielsen Holdings plc $14,074 $6,494 56.1% 17.1% 2.2x 12.7x 0.4% S&P Global Inc. $84,420 $6,914 73.3% 53.2% 12.2x 22.9x 10.4% TransUnion $20,115 $2,724 67.3% 37.2% 7.4x 19.9x 13.6% Verisk Analytics, Inc. $30,743 $2,672 62.5% 40.9% 11.5x 28.1x 9.6%

25th Percentile $11,833 $646 57.8% 18.7% 4.5x 19.1x 4.1% Median $14,074 $1,244 62.5% 25.8% 8.2x 23.3x 10.4% 75th Percentile $28,716 $2,724 71.6% 35.9% 11.5x 25.2x 17.4%

Source: Cherry Tree Research, Capital IQ: 6/30/2020 10 $ in millions Segment Performance – Information Services

1-Year Stock Performance vs. S&P 500 (40.0%) (20.0%)Top Performers0.0% 20.0% (140.0%-Yr) 60.0% 80.0%

150 58.9%

140

130 51.5% 120

110 41.9% 100

90 38.5% 80

70 32.0% Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

3-Month Stock Performance vs. S&P 500 14.6% 150

140 (2.8%)

130 (25.9%) 120

110 (31.7%)

100

(33.7%) 90 Mar-20 Apr-20 May-20 Jun-20 Bottom Performers (1-Yr) S&P 500 TEBS Information Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 11 Segment Valuation – Information Services

Enterprise Value / LTM Revenue 9.0x 8.0x 8.2x 7.0x 7.4x 7.7x 7.0x 7.3x 6.0x 6.6x 6.6x 6.0x 6.0x 5.0x 5.6x 5.8x 5.2x 5.5x 4.0x 3.0x 2.0x 1.0x 0.0x Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Enterprise Value / LTM EBITDA 25.0x

23.1x 23.3x 20.0x 21.9x 21.5x 20.2x 20.3x 19.2x 20.1x 15.0x 17.9x 17.7x 17.5x 15.7x 16.4x 10.0x

5.0x

0.0x Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Source: Cherry Tree Research, Capital IQ: 6/30/2020 12 TEBS 100 Companies – Business Process Services

Enterprise LTM Gross EBITDA EV/ Revenue Company Value Revenue Margin Margin Revenue EBITDA Growth Amdocs Limited $8,036 $4,145 34.8% 19.0% 1.9x 10.2x 2.7% Automatic Data Processing, Inc. $64,745 $14,757 45.2% 25.0% 4.4x 17.6x 5.8% Broadridge Financial Solutions, Inc. $17,187 $4,378 27.1% 19.5% 3.9x 20.1x -2.1% Cass Information Systems, Inc. $407 $162 43.6% 32.5% 2.5x 7.7x 4.5% Cimpress plc $3,687 $2,727 49.6% 13.3% 1.4x 10.2x 0.7% Conduent Incorporated $2,214 $4,360 21.6% 10.6% 0.5x 4.8x -15.0% CSG Systems International, Inc. $1,659 $998 47.1% 16.6% 1.7x 10.0x 8.7% Exela Technologies, Inc. $1,647 $1,523 20.8% 6.6% 1.1x 16.3x -4.6% ExlService Holdings, Inc. $2,256 $998 33.8% 14.2% 2.3x 15.9x 9.0% Genpact Limited $8,489 $3,635 34.5% 15.1% 2.3x 15.5x 16.5% Global Payments Inc. $59,305 $5,932 55.4% 38.5% 10.0x 26.0x 71.7% InnerWorkings, Inc. $233 $1,152 22.9% 3.3% 0.2x 6.1x 3.4% Paychex, Inc. $27,309 $4,041 68.3% 41.3% 6.8x 16.4x 7.1% PFSweb, Inc. $196 $244 31.3% 4.9% 0.8x 16.5x -5.3% TTEC Holdings, Inc. $2,596 $1,682 27.6% 12.4% 1.5x 12.4x 10.0%

25th Percentile $1,653 $1,075 27.3% 11.5% 1.2x 10.1x -2.1% Median $2,596 $2,727 34.5% 15.1% 1.9x 15.5x 4.5% 75th Percentile $12,838 $4,252 46.2% 22.3% 3.2x 16.4x 9.0%

Source: Cherry Tree Research, Capital IQ: 6/30/2020 13 $ in millions Segment Performance – Business Process Services

1-Year Stock Performance vs. S&P 500 Top Performers (1-Yr)

140 62.5%

130

120 4.3%

110 100 1.0% 90

80 (1.6%)

70 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 (2.5%)

3-Month Stock Performance vs. S&P 500 (15.5%)

140

130 (18.0%)

120

110 (65.8%)

100

90 (73.5%)

80 70 (75.5%) Mar-20 Apr-20 May-20 Jun-20

Bottom Performers (1-Yr) S&P 500 TEBS Business Process Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 14 Segment Valuation – Business Process Services

Enterprise Value / LTM Revenue 2.5x

2.3x 2.3x 2.3x 2.3x 2.0x 2.2x 2.2x 2.2x 2.1x 2.0x 1.9x 1.5x 1.8x 1.8x 1.6x 1.0x

0.5x

0.0x Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Enterprise Value / LTM EBITDA 20.0x

18.3x 15.0x 16.2x 15.8x 15.5x 15.4x 15.5x 14.7x 15.1x 15.3x 14.6x 13.6x 12.8x 10.0x 10.9x

5.0x

0.0x Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Source: Cherry Tree Research, Capital IQ: 6/30/2020 15 TEBS 100 Companies – Infrastructure Services

Enterprise LTM Gross EBITDA EV/ Revenue Company Value Revenue Margin Margin Revenue EBITDA Growth Akamai Technologies, Inc. $18,800 $2,951 65.6% 29.5% 6.4x 21.6x 7.2% Boingo Wireless, Inc. $705 $257 33.0% 28.6% 2.7x 9.6x -0.7% Box, Inc. $3,388 $717 69.2% -9.1% 4.7x n/m 13.6% Cogent Communications Holdings, Inc. $4,203 $538 61.6% 33.6% 7.8x 23.3x 4.8% CyrusOne Inc. $11,650 $1,002 60.8% 50.1% 11.6x 23.2x 17.9% Endurance International Group Holdings, Inc. $2,228 $1,105 56.8% 24.5% 2.0x 8.2x -2.6% Equinix, Inc. (REIT) $74,072 $5,565 48.5% 42.6% 13.3x 31.2x 6.0% F5 Networks, Inc. $8,475 $2,307 83.9% 23.3% 3.7x 15.8x 5.1% GoDaddy Inc. $13,952 $3,070 65.2% 15.3% 4.5x 29.6x 12.2% Gogo Inc. $1,269 $821 47.4% 17.2% 1.5x 9.0x -4.7% GTT Communications, Inc. $4,087 $1,702 44.9% 22.1% 2.4x 10.9x 1.3% Limelight Networks, Inc. $874 $214 49.6% 4.2% 4.1x n/m 14.7% Pure Storage, Inc. $3,928 $1,684 69.8% -5.4% 2.3x n/m 17.7% Tucows Inc. $718 $342 33.4% 14.7% 2.1x 14.2x 4.0% Wix.com Ltd. $12,924 $803 72.7% -9.1% 16.1x n/m 25.4%

25th Percentile $1,749 $627 48.0% 9.4% 2.4x 10.2x 1.3% Median $4,087 $1,002 60.8% 22.1% 4.1x 15.8x 6.0% 75th Percentile $12,287 $2,004 67.4% 29.0% 7.1x 23.2x 14.7%

Source: Cherry Tree Research, Capital IQ: 6/30/2020 16 $ in millions Segment Performance – Infrastructure Services

1-Year Stock Performance vs. S&P 500 Top Performers (1-Yr)

150 161.0% 140

130 79.1% 120

110 39.1% 100

90 33.2% 80

70 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 30.8%

3-Month Stock Performance vs. S&P 500 (6.4%)

150 (15.7%) 140

130 (23.5%) 120

110 (27.5%)

100 (56.6%) 90 Mar-20 Apr-20 May-20 Jun-20 Bottom Performers (1-Yr) S&P 500 TEBS Infrastructure Services Source: Cherry Tree Research, Capital IQ: 6/30/2020 17 Segment Valuation – Infrastructure Services

Enterprise Value / LTM Revenue 6.0x

5.0x 5.0x 4.0x 4.5x 4.4x 4.3x 4.1x 4.3x 4.1x 3.0x 3.4x 3.6x 3.4x 3.4x 3.1x 2.8x 2.0x

1.0x

0.0x Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Enterprise Value / LTM EBITDA 20.0x

17.5x 18.0x 15.0x 17.3x 16.2x 15.8x 15.0x 15.6x 15.6x 12.7x 12.9x 10.0x 11.8x 11.9x 12.4x

5.0x

0.0x Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

Source: Cherry Tree Research, Capital IQ: 6/30/2020 18 CONFIDENTIAL | Q2 2020

M&A ACTIVITY

19 Select M&A Transactions

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 6/26/2020 CoreLogic, Inc. (NYSE:CLGX) Cannae Holdings, Inc. (NYSE:CNNE) $6,351.5 3.6x 14.5x $1,788.4 $437.4 24.5% Information Services 6/25/2020 1Rivet Xalles Financial Services Inc $0.2 - - - - - Business Process Services 6/25/2020 Boldon James Ltd HelpSystems, LLC $37.4 3.3x - $11.4 - - Software 6/25/2020 Eggplant Keysight Technologies, Inc. (NYSE:KEYS) $330.0 8.7x - $38.0 - - Software 6/25/2020 Enhanced Telecommunications Corporation Great Plains Communications LLC ------Infrastructure Services 6/25/2020 PenBay Solutions LLC CarteGraph Systems, Inc. ------Software 6/25/2020 Titus International Inc. HelpSystems, LLC ------Business Process Services 6/25/2020 Vricon, Inc. Maxar Technologies Inc. (NYSE:MAXR) $255.0 4.7x 7.5x $54.0 $34.0 63.0% Software 6/24/2020 Benefits Administration Corporation, Inc. Zenith American Holding, Inc. ------Business Process Services 6/24/2020 Fleetsmith, Inc. Apple Inc. (NasdaqGS:AAPL) ------Software 6/24/2020 IDX, LLC Elm Street Technology, LLC ------Software 6/24/2020 Redash, Ltd. Databricks Inc. ------Software 6/24/2020 WorkWise, LLC Aptean, Inc. ------Software 6/23/2020 ActivePDF, Inc. PDFTron Systems Inc. ------Software 6/23/2020 Analytic.li, LLC Novi Group LLC ------Software 6/23/2020 Finicity Corporation Mastercard Incorporated (NYSE:MA) $985.0 - - - - - Information Services 6/23/2020 Hatch Loyalty Inc. Stuzo Inc. ------Software 6/23/2020 Triblio, Inc. IDG Communications, Inc. ------Software 6/22/2020 American Safety Council, Inc. Ridgemont Equity Partners ------Information Services 6/22/2020 CMPG, LLC Mitratech Holdings, Inc. ------Software 6/22/2020 Cyber X, Inc. Microsoft Corporation (NasdaqGS:MSFT) ------Software 6/22/2020 Ecrion Software, Inc. MHC Software, LLC ------Software 6/22/2020 NuWave Solutions, LLC AE Industrial Partners, LP ------Business Process Services 6/22/2020 Sweagle ServiceNow, Inc. (NYSE:NOW) ------Software 6/19/2020 Botron Software Solution Ltd Appfire Technologies, Inc. ------Software 6/18/2020 iTexico LLC Improving Holdings, LLC ------Business Process Services 6/18/2020 National Payment Card Association Professional Datasolutions, Inc. ------Business Process Services 6/18/2020 Flightdocs, Inc. Aircraft Technical Publishers, Inc. ------Software 6/17/2020 Applications Technology, Inc. SOS International LLC ------Software 6/17/2020 Counterpoint Software, Inc. Banyan Software Inc ------Software 6/17/2020 Keste, LLC Trinity Hunt Partners, L.P. ------Business Process Services 6/17/2020 LUX Fund Technology & Solutions, Inc. NorthPoint Technology, LLC ------Software 6/17/2020 Productora De Software S.A.S. Perficient, Inc. (NasdaqGS:PRFT) $70.9 2.1x - $33.0 - Business Process Services 6/17/2020 Synthesis Technology Corp. Blue Horizon Software Holdings LLC ------Software 6/16/2020 Engagio Inc. DEMANDBASE, INC. ------Software 6/16/2020 Farelogix Inc. Accelya Solutions India Limited (NSEI:ACCELYA) ------Software

Source: Cherry Tree Research, Capital IQ: 6/30/2020 20 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 6/16/2020 O P Solutions, Inc. Anaqua, Inc. ------Software 6/16/2020 Roo, LLC RevGroup Holdings, LLC ------Information Services 6/16/2020 Stack Fintech Inc. Credit Sesame, Inc. ------Software 6/16/2020 Staple Health Inc. Unite US, Inc. ------Software 6/15/2020 Assets of Spanugo Inc. International Business Machines Corporation ------Business Process Services 6/15/2020 CareJourney Onyx Technology LLC ------Software 6/15/2020 Rubikloud Technologies Inc. Kinaxis Inc. (TSX:KXS) $60.0 - - - - - Software 6/15/2020 WaveStrike, LLC Novetta Solutions, LLC ------Business Process Services 6/15/2020 Net Element, Inc. (NasdaqCM:NETE) Mullen Technologies, Inc. ------Business Process Services 6/12/2020 BELLIN Treasury International GmbH Coupa Software Incorporated (NasdaqGS:COUP) ------Software 6/11/2020 Cracking Logistics Limited The Descartes Systems Group Inc (TSX:DSG) $12.0 - - - - - Software 6/11/2020 Infinidat LTD. Goldman Sachs Private Capital; Ion; TPG Growth ------Infrastructure Services 6/11/2020 Peach Fuzzer, LLC GitLab Inc. ------Software 6/11/2020 SuperFi, LLC Bloom Intelligence LLC ------Business Process Services 6/11/2020 ValueNet Fiber, LLC Cable One, Inc. (NYSE:CABO) ------Infrastructure Services 6/11/2020 XOR 10 LTD GitLab Inc. ------Software 6/10/2020 Client Outlook Inc. Mach7 Technologies Limited (ASX:M7T) $28.3 - - - - - Software 6/10/2020 Finjan Holdings, Inc. (NasdaqCM:FNJN) Fortress Investment Group LLC $46.0 2.7x 16.7x $17.0 $2.8 16.3% Business Process Services 6/10/2020 Flash Networks Ltd. Volaris Group Inc. ------Software 6/10/2020 Interpreting Technology Cyemptive Technologies, Inc. ------Business Process Services 6/10/2020 PistolStar, Inc. BIO-key International, Inc. (NasdaqCM:BKYI) $2.5 1.5x 5.4x $1.7 $0.5 27.9% Software 6/10/2020 Qualtera SAS Synopsys, Inc. (NasdaqGS:SNPS) ------Software 6/10/2020 RetireUp, LLC Tegra118 ------Software 6/10/2020 Agile Data Centres in Maryland and Pennsylvania eSite Systems, LLC ------Infrastructure Services 6/9/2020 Apex Digital Manufacturing Solutions, Inc. Saratech, Inc. ------Software 6/9/2020 EndoVantage, LLC RapidAI ------Software 6/9/2020 Juris Medicus, LLC Trinity Hunt Partners, L.P. ------Business Process Services 6/9/2020 Moore Communications Systems, Inc. CloudScale365, Inc. ------Infrastructure Services 6/9/2020 Proof Network Ventures, Inc. SevenFifty Technologies, Inc. ------Software 6/9/2020 TruePath Technologies, Inc. TVC Albany, Inc. ------Software 6/9/2020 Mapcom Systems LLC VertiGIS Ltd. ------Software 6/8/2020 Lucid Perspectives LLC E3 Federal Solutions, LLC ------Business Process Services 6/8/2020 Robocom US LLC CAI Software LLC ------Software 6/8/2020 Zodiac Systems Inc. Orion Systems Integrators, LLC ------Software 6/8/2020 Target Data, Inc. Aisle Rocket, Inc. ------Software 6/4/2020 Easy Storage Solutions, LLC Storable, Inc. ------Software

Source: Cherry Tree Research, Capital IQ: 6/30/2020 21 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 6/4/2020 Guardian Analytics, Inc. Actimize Inc. ------Software 6/4/2020 Lastline, Inc. VMware, Inc. (NYSE:VMW) ------Infrastructure Services 6/4/2020 United States Appraisals, LLC Stewart Information Services Corporation ------Information Services 6/3/2020 BestWeb Corporation TVC Albany, Inc. ------Infrastructure Services 6/3/2020 Cerner RevWorks, LLC R1 RCM Inc. (NasdaqGS:RCM) $30.0 - - - - - Business Process Services 6/3/2020 Five Talent Software, Inc. Effectual Inc. ------Business Process Services 6/3/2020 NoteVault Inc. Bentley Systems, Incorporated ------Software 6/3/2020 Privo Corporation Navisite, LLC ------Business Process Services 6/3/2020 Spotinst LTD. NetApp, Inc. (NasdaqGS:NTAP) ------Infrastructure Services 6/3/2020 VIncodo, LLC HomeServe USA Corp. ------Business Process Services 6/2/2020 Blue Stream Fiber GI Partners, LLC ------Infrastructure Services 6/2/2020 Exostar LLC Thoma Bravo, LLC ------Software 6/2/2020 MyPurchasingCenter Buyers Meeting Point, LLC. ------Information Services 6/2/2020 Onion ID, Inc. Thycotic Software Ltd. ------Software 6/2/2020 Paraleap Technologies, LLC Netreo, Inc. ------Software 6/2/2020 PastureMap, Inc. Soilworks Natural Capital ------Software 6/2/2020 Quality In Real Time, Inc. McBee Associates, Inc. ------Business Process Services 6/2/2020 ScanData Systems, Inc. Transplace Inc. ------Software 6/2/2020 SovLabs, LLC CloudBolt Software, Inc. ------Infrastructure Services 6/2/2020 Statistical Solutions Ltd. Insightful Science, LLC ------Software 6/2/2020 Trade Alert, LLC Cboe Global Markets, Inc. (BATS:CBOE) ------Information Services 6/2/2020 QuadPay, Inc. Zip Co Limited (ASX:Z1P) $375.0 - - - - - Business Process Services 6/1/2020 AgileRates, LLC Excel Impact, LLC ------Information Services 6/1/2020 IV4, Inc. ProArch IT Solutions Ltd ------Business Process Services 6/1/2020 Portfolio of 13 Data Centers Across Canada Equinix, Inc. (REIT) (NasdaqGS:EQIX) $765.5 - - - - - Infrastructure Services 6/1/2020 Virtual Enterprises, Inc. Sirius Computer Solutions, Inc. ------Infrastructure Services 5/30/2020 Tel West Network Services Corporation Intermax Networks ------Infrastructure Services 5/29/2020 Advocate Solutions, LLC KSM Consulting, LLC ------Business Process Services 5/29/2020 Aptys Solutions, LLC Catalyst Corporate Federal Credit Union ------Software 5/29/2020 Cutter Information Corp. Dehon, Inc. ------Information Services 5/29/2020 Homebot, Inc. ASG II, LLC ; ASG, LLC ------Software 5/29/2020 Level 11 LLC Launch Consulting Group ------Business Process Services 5/29/2020 Truelearn, LLC LLR Partners Inc. ------Information Services 5/28/2020 Blockgraph, LLC Charter Communications, Inc.; ViacomCBS Inc. ------Infrastructure Services 5/28/2020 DoubleBeam Inc. The OLB Group, Inc. (OTCPK:OLBG) ------Business Process Services 5/28/2020 Edgewise Networks, Inc. Zscaler, Inc. (NasdaqGS:ZS) $31.0 - - - - - Infrastructure Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 22 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 5/28/2020 Skimbit Ltd Connexity, Inc. ------Software 5/28/2020 ThousandEyes, Inc. Cisco Systems, Inc. (NasdaqGS:CSCO) ------Software 5/27/2020 Apirise, Inc. RudderStack, Inc. ------Infrastructure Services 5/27/2020 Merchant accounts of LucentPay Base Commerce, LLC ------Business Process Services 5/26/2020 Atsource Solutions Inc. Dye & Durham Corporation ------Software 5/26/2020 Managed Detection Business of UnitedLex Ankura Consulting Group, LLC ------Business Process Services 5/26/2020 NG-911 Inc. Comtech Telecommunications Corp. $1.2 - - - - - Infrastructure Services 5/26/2020 Pointman LLC ServiceTitan, Inc. ------Software 5/25/2020 T4G Limited MNP LLP ------Business Process Services 5/21/2020 Connexas Group Limited AddSecure ------Software 5/21/2020 Cyber Fusion Services LLC Exelegent ------Business Process Services 5/21/2020 Cytegic Ltd Mastercard Incorporated (NYSE:MA) ------Software 5/21/2020 Entreda Corporation, Inc. Smarsh, Inc. ------Software 5/21/2020 Faulkner Media Group, LLC Aurora Capital Partners ------Software 5/21/2020 we.trade Innovation DAC International Business Machines Corporation ------Business Process Services 5/20/2020 Arctic MSP, Inc. Saalex Information Technology, Inc. ------Infrastructure Services 5/20/2020 Assets of Communications Products, Inc. Avtex Solutions, LLC ------Business Process Services 5/20/2020 Born In The Cloud LLC Open Systems ------Infrastructure Services 5/20/2020 Remodeling.com LLC PaySimple, Inc. ------Information Services 5/20/2020 Rivet Networks LLC Intel Corporation (NasdaqGS:INTC) ------Infrastructure Services 5/19/2020 Cyberbit Ltd. Charlesbank Capital Partners, LLC $48.0 - - - - - Software 5/19/2020 Pixel Labs, LLC Assembly ------Software 5/19/2020 Softomotive Ltd. Microsoft Corporation (NasdaqGS:MSFT) ------Software 5/19/2020 SwervePay Health Ontario Systems, LLC ------Business Process Services 5/19/2020 Time Rack, Inc. Timecentric Inc. ------Software 5/19/2020 Triact Canada Marketplace LP Cboe Global Markets, Inc. (BATS:CBOE) ------Information Services 5/19/2020 TUNE, Inc. Perseus Operating Group ------Software 5/19/2020 VIZIYA Corp. Prometheus Group Enterprises, LLC $35.9 - - - - - Software 5/18/2020 Enterprise Information Services, Inc. Cognosante, LLC ------Business Process Services 5/18/2020 Substantially All of the Assets of Darwin CX Inc. Irish Studio, LLC $5.4 - - - - - Software 5/18/2020 Trade Area Systems, Inc. Kalibrate Technologies Limited ------Software 5/16/2020 AstraQube Technologies LLC Taazaa Inc. ------Business Process Services 5/15/2020 Logical Images, Inc. Coverys Inc. $12.8 - - - - - Software 5/14/2020 Ecessa Corporation Communications Systems, Inc. (NasdaqGM:JCS) $4.0 - - - - - Infrastructure Services 5/14/2020 Inviacom, Inc. Single Digits, Inc. ------Infrastructure Services 5/14/2020 Metaswitch Networks Ltd. Microsoft Corporation (NasdaqGS:MSFT) ------Infrastructure Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 23 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 5/14/2020 Reply, Inc. Kustomer, Inc. ------Software 5/13/2020 Assets of Artivest Holdings, Inc. Institutional Capital Network, Inc. ------Information Services 5/13/2020 Denim Labs, Inc. Gremln, Inc. (nka:Denim Social) ------Software 5/13/2020 IDaptive, LLC CyberArk Software Ltd. (NasdaqGS:CYBR) $70.0 - - - - - Infrastructure Services 5/13/2020 Octarine, Inc. VMware, Inc. (NYSE:VMW) ------Infrastructure Services 5/13/2020 PKWARE, Inc. Thompson Street Capital Partners ------Software 5/13/2020 SpaceIQ LLC ARCHIBUS, Inc. ; Serraview Australia Pty Ltd ------Software 5/12/2020 Fiber Assets of Resurgence Infrastructure Group Interconnect Miami LLC ------Infrastructure Services 5/12/2020 Halp, Inc. Atlassian, Inc. ------Software 5/12/2020 IdeaConnection Ltd. Planbox Inc. ------Software 5/12/2020 SharesPost, Inc. Forge Global, Inc. $160.0 - - - - - Information Services 5/12/2020 StanSource Inc. Stellar IT Solutions, Inc. ------Business Process Services 5/12/2020 TimeTrade Systems, Inc. Clearhaven Partners LP ------Software 5/11/2020 Alternative Communication Services Access Innovation Media Pty Limited ------Infrastructure Services 5/11/2020 BuildTools, Inc. ECi Software Solutions, Inc. ------Software 5/11/2020 Riptide Software, Inc. Phoenix Logistics, Inc. ------Software 5/11/2020 SeniorHousingNet.com Caring, LLC ------Information Services 5/11/2020 Sequential Technology International, LLC AP Capital Partners, L.L.C. ------Business Process Services 5/11/2020 Sonru Limited Modern Hire, Inc. ------Software 5/11/2020 Swissbit AG Ardian ------Infrastructure Services 5/11/2020 VisTracks, Inc. Omnitracs, LLC ------Software 5/8/2020 Integrated Computer Solutions, Inc. ClearLight Partners LLC ------Business Process Services 5/8/2020 Panzura, Inc. Profile Capital Management LLC ------Infrastructure Services 5/7/2020 A4D, Inc. The Social Chain AG (DB:PU11) ------Business Process Services 5/7/2020 AppExtremes, LLC Apttus Corporation ------Software 5/7/2020 Business operations of Jump Neutron Holdings, Inc. ------Infrastructure Services 5/7/2020 Certain Assets of Hostlabs HostPapa, Inc. ------Infrastructure Services 5/7/2020 Jeeng Ltd PowerInbox, Inc. ------Software 5/7/2020 Keybase, Inc. Zoom Video Communications, Inc. (NasdaqGS:ZM) ------Software 5/7/2020 Pilot Power Group, LLC Boyne Capital Partners, LLC ------Business Process Services 5/7/2020 Project-Management.com TechnologyAdvice, LLC ------Business Process Services 5/7/2020 Rootworks, LLC Right Networks, LLC ------Business Process Services 5/7/2020 VennScience LLC PUREFACTS FINANCIAL SOLUTIONS INC. ------Software 5/6/2020 AdvisorEngine, Inc. Franklin Resources, Inc. (NYSE:BEN) $20.0 - - - - - Software 5/6/2020 DartPoints, LLC Astra Capital Management LLC ------Infrastructure Services 5/6/2020 Excelity Global Solutions Pte Ltd. Ceridian HCM Holding Inc. (NYSE:CDAY) ------Business Process Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 24 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 5/6/2020 HarvestMark Business of Trimble Inc. iFoodDecisionSciences, Inc. ------Software 5/6/2020 PPC Scope LLC Canopy Management, LLC ------Software 5/6/2020 WaterSmart Software, Inc. The Vertex Group ------Software 5/6/2020 SUPPLY CHAIN SERVICES LLC Sole Source Capital LLC ------Software 5/5/2020 Callisto Integration Corporation Accenture plc (NYSE:ACN) ------Business Process Services 5/5/2020 Collaborative Solutions, LLC Cognizant Technology Solutions Corporation $385.0 - - - - - Business Process Services 5/5/2020 Covideo LLC Triangle Digital Ventures ------Software 5/5/2020 Foster Moore Limited Teranet Inc. ------Information Services 5/5/2020 On-Time Payroll Services LLC Divirgilio Insurance Agency, Inc. ------Business Process Services 5/5/2020 SAP Digital Interconnect Sinch AB (publ) (OM:SINCH) $243.1 0.7x 14.6x $367.4 $16.6 4.5% Business Process Services 5/5/2020 Taxweb Software De Compliance Fiscal S/A Sovos Compliance Desenvolvimento de Sistemas ------Software 5/5/2020 Total Computing Solutions, LLC Zumasys, Inc. ------Software 5/5/2020 V2P2 LLC Strategic Pharmaceutical Solutions Inc. ------Software 5/4/2020 Catena Technologies Pte Ltd. IHS Markit Ltd. (NYSE:INFO) ------Information Services 5/4/2020 ConnXus, Inc. Coupa Software Incorporated (NasdaqGS:COUP) ------Software 5/4/2020 Cumulus Networks, Inc. NVIDIA Corporation (NasdaqGS:NVDA) ------Infrastructure Services 5/4/2020 eRx Network, LLC Change Healthcare Inc. (NasdaqGS:CHNG) $212.9 - - - - - Business Process Services 5/4/2020 Intel365, Inc. Xalles Technology Inc. ------Information Services 5/4/2020 Lifeguard Solutions, Inc. ComplianceQuest, Inc. ------Software 5/4/2020 Moovit App Global Ltd. Mobileye N.V. $900.0 - - - - - Software 5/4/2020 Personali Ltd. Namogoo Technologies Ltd. ------Software 5/4/2020 Pixology ltd. Oracle Corporation (NYSE:ORCL) $0.9 - - - - - Software 5/4/2020 Street Smart LLC FivePoint Solutions LLC ------Software 5/4/2020 ClearAg and ClearPath Weather of Iteris, Inc Telvent DTN, LLC $12.0 - - - - - Software 5/1/2020 Corcentric, LLC Bregal Sagemount $80.0 - - - - - Software 5/1/2020 Risk Assessment Business of Pendulum BRP Group, Inc. (NasdaqGS:BRP) ------Software 5/1/2020 Vergent, LLC Meriplex Communications Ltd. ------Infrastructure Services 4/30/2020 BrandVerity, Inc. Performance Horizon Group Limited ------Software 4/30/2020 Innovest Systems, LLC SS&C Technologies, Inc. $120.0 - - - - - Software 4/30/2020 Kalkomey Enterprises, LLC Cove Hill Partners, L.P. ------Software 4/30/2020 SYAXL LLC Pear Metrics Solutions Corp. ------Business Process Services 4/29/2020 Aimia's Loyalty Solutions business Kognitiv Corporation ------Business Process Services 4/29/2020 Cloud Jumper Corporation NetApp, Inc. (NasdaqGS:NTAP) ------Infrastructure Services 4/29/2020 Imperial Marketing, Inc. Banyan Technologies Group ------Business Process Services 4/29/2020 incapptic Connect GmbH MobileIron, Inc. (NasdaqGS:MOBL) $5.9 - - - - - Software 4/28/2020 Armadillo Insight, LLC Financial Information Technologies, LLC ------Information Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 25 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 4/28/2020 Avalution Consulting LLC Assurance Software, Inc. ------Infrastructure Services 4/28/2020 Channel Blend Inc. Delaware Nation Investments ------Business Process Services 4/28/2020 DivvyCloud Corporation Rapid7 LLC $145.0 - - - - - Software 4/28/2020 Docupace Technologies, Inc. FTV Capital ------Software 4/28/2020 Dolphin Debit, LLC Euronet Worldwide, Inc. (NasdaqGS:EEFT) ------Business Process Services 4/28/2020 Ebates, Inc. eCommerce enablers Pte Ltd ------Business Process Services 4/28/2020 GSX Participations SA Martello Technologies Corporation $13.3 2.8x 11.2x $4.7 $1.2 25.2% Business Process Services 4/28/2020 Neutrona Networks International LLC Transtelco Holding, Inc. ------Infrastructure Services 4/28/2020 RxPrep, Inc. UWorld, LLC ------Information Services 4/28/2020 Tekmark Global Solutions LLC Orion Systems Integrators, LLC ------Business Process Services 4/27/2020 Axxa Fintech Solutions, UAB Lock Trust, Inc. ------Business Process Services 4/27/2020 Computex Technology Solutions American Virtual Cloud Technologies, Inc. ------Infrastructure Services 4/27/2020 Flueid Software Corporation Aquiline Capital Partners LLC ------Software 4/27/2020 TrueCoach Transaction Services Holdings Limited ------Software 4/27/2020 Money Mailer Local Marketing Solutions Group Inc. ------Business Process Services 4/25/2020 BaseHealth, Inc. Genalyte, Inc. ------Software 4/24/2020 Aquario Design FOG Software Group ------Software 4/23/2020 Empyr, Inc. Augeo CLO, Inc. ; Valor Siren Ventures I LP ------Software 4/23/2020 iTeract Inc Cogeco Communications Inc. (TSX:CCA) ------Infrastructure Services 4/23/2020 RANIOT Technologies Oy (Ltd) Skylo Technologies, Inc. ------Software 4/23/2020 RoiKoi Terminal Inc. ------Information Services 4/23/2020 StorExcel, LLC Chesapeake Systems, Inc. ------Business Process Services 4/23/2020 Valeo Networks Inc. Saalex Corp ------Business Process Services 4/22/2020 AdStage, Inc. TapClicks, Inc. ------Software 4/22/2020 Assets and Operations of Gateway Payments, LLC Payroc LLC ------Business Process Services 4/22/2020 Information Strategies, Inc. Sylogist Ltd. (TSXV:SYZ) $2.5 0.6x - $3.9 - - Business Process Services 4/22/2020 Interwork Technologies Inc. Lifeboat Distribution, Inc. $6.1 - - - - - Business Process Services 4/22/2020 Leading Edge Payroll and HR Solutions, LLC G&A Partners, Inc. ------Business Process Services 4/22/2020 Miner & Kasch LLC Atos SE (ENXTPA:ATO) ------Business Process Services 4/22/2020 Voci Technologies Incorporated Medallia, Inc. (NYSE:MDLA) $59.0 - - - - - Software 4/22/2020 Work Technology Corporation Prometheus Group Enterprises, LLC ------Software 4/21/2020 20|20 Research, Inc. Schlesinger Group, Inc. ------Software 4/21/2020 Alligator Computer Systems, Inc. HealthChampion Partners, LLC ------Software 4/21/2020 NextIOT ApS (nka:ei3 Denmark ApS) ei3 Corporation ------Infrastructure Services 4/21/2020 Sustainalytics B.V. Morningstar, Inc. (NasdaqGS:MORN) $186.9 - - - - - Information Services 4/21/2020 ObjectSharp Corporation CentriLogic, Inc. ------Business Process Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 26 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 4/20/2020 Glow Networks, Inc. Altruist Technologies Private Limited ------Business Process Services 4/20/2020 nexVortex, Inc. BCM One, Inc. ------Infrastructure Services 4/20/2020 Prolog Partners, LLC Century Park Capital Partners, LLC ------Business Process Services 4/17/2020 OptiTex Ltd. FOG Software Group ------Software 4/17/2020 Paladin, LLC MVB Bank, Inc. ------Information Services 4/17/2020 Reaction Commerce, Inc. The Rocket Science Group, LLC ------Software 4/17/2020 Substantially All of the Assets of Cascadeo Globe Telecom, Inc. (PSE:GLO) $200.0 - - - - - Business Process Services 4/16/2020 Accelalpha Inc. Century Park Capital Partners, LLC ------Business Process Services 4/16/2020 Aurigo Software Technologies, Inc. Autodesk, Inc. (NasdaqGS:ADSK) ------Software 4/16/2020 Blue Jeans Network, Inc. Verizon Enterprise Solutions, LLC ------Infrastructure Services 4/16/2020 Closers’ Choice LLC AccuTitle, LLC ------Software 4/16/2020 Syncurity Corporation Swimlane, Inc. ------Infrastructure Services 4/15/2020 Arxan Technologies, Inc. Digital.ai Software, Inc. ------Infrastructure Services 4/15/2020 PerfectMind Inc. Transaction Services Holdings Limited ------Software 4/14/2020 Knight Enterprises, Inc. Mill Point Capital LLC ------Infrastructure Services 4/14/2020 Kwantek, LLC TEAM Software, Inc. ------Software 4/14/2020 RocketBuild LLC Recruit Rooster ------Business Process Services 4/9/2020 Avira Holding GmbH & Co. KG Investcorp Technology Partners IV L.P. $180.0 - - - - - Business Process Services 4/9/2020 Breadware, Inc. StoneAge Inc. ------Information Services 4/8/2020 Atavium, Inc. Quantum Corporation (NasdaqGM:QMCO) ------Infrastructure Services 4/8/2020 CIGNA Software Sciences Fidelity Information Services, LLC ------Software 4/8/2020 Freeparking Domain Registrars Inc. Namesco Limited ------Infrastructure Services 4/8/2020 IdealSeat, Inc. BandwagonFanClub Inc. ------Software 4/8/2020 Impressed Inc. Link-Asia International Co. Ltd. (SEHK:1143) ------Software 4/8/2020 Performance Livestock Analytics, Inc. Zoetis Inc. (NYSE:ZTS) ------Software 4/8/2020 Skysis, LLC Fishawack Limited ------Business Process Services 4/8/2020 SVM, LP Blackhawk Network Holdings, Inc. ------Business Process Services 4/7/2020 DBS DX, LLC Employer Management Solutions, Inc. ------Business Process Services 4/7/2020 Duo Consulting, Incorporated Mediacurrent LLC ------Business Process Services 4/7/2020 Farmington Company Aon Plc (NYSE:AON) ------Business Process Services 4/7/2020 FlashBanc, LLC Celero Commerce LLC ------Business Process Services 4/7/2020 Forty 7 Ronin, Inc. Waterfield Technologies, Inc. ------Business Process Services 4/7/2020 Galileo Processing, Inc. Social Finance, Inc. $1,200.0 - - - - - Software 4/7/2020 KeyNexus Inc. StorMagic Ltd. ------Infrastructure Services 4/7/2020 Meelogic Consulting AG GlobalLogic Inc. ------Business Process Services 4/7/2020 Mintz Group, Inc. ICV Partners, LLC ------Business Process Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 27 $ in millions Select M&A Transactions (Cont’d)

Enterprise EV/ EBITDA Date Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment 4/7/2020 Next Generation Data Ltd Vantage Data Centers, LLC ------Infrastructure Services 4/7/2020 Revolutionary Security LLC Accenture plc (NYSE:ACN) ------Business Process Services 4/6/2020 Excivity, Inc. The Aegis Technologies Group, Inc. ------Software 4/6/2020 Factual Inc. Foursquare Labs, Inc. ------Information Services 4/6/2020 Fluidmesh Networks LLC Cisco Systems, Inc. (NasdaqGS:CSCO) ------Infrastructure Services 4/6/2020 Registry Business of Neustar, Inc. GoDaddy Inc. (NYSE:GDDY) ------Infrastructure Services 4/6/2020 VidGrid Inc. Paylocity Holding Corporation (NasdaqGS:PCTY) ------Software 4/3/2020 DataFile Technologies LLC ScanSTAT Technologies, LLC ------Software 4/3/2020 Lead Docket LLC Filevine, LLC ------Software 4/3/2020 Voysis Limited Apple Inc. (NasdaqGS:AAPL) ------Software 4/2/2020 Agosto, Inc. Pythian Services Inc. ------Infrastructure Services 4/2/2020 Dropmodel HouseCanary, Inc. ------Software 4/2/2020 Echo Daily, Inc. VizyPay, LLC ------Business Process Services 4/2/2020 Lixoft SAS Simulations Plus, Inc. (NasdaqCM:SLP) $16.5 - - - - - Software 4/2/2020 Virtual Properties, Inc. Constellation Web Solutions, Inc. ------Software 4/2/2020 Yesler, Inc. Accenture plc (NYSE:ACN) ------Business Process Services 4/2/2020 Collabtech Group Knox Capital Management LLC ------Infrastructure Services 4/1/2020 Evans Communications Inc. ON Advertising, Inc. ------Infrastructure Services 4/1/2020 Linearhub Inc. Smile Family, Inc. ------Infrastructure Services 4/1/2020 MassDeploy, LLC Business Technology Partners, Inc. ------Business Process Services 4/1/2020 SRDS, Inc. Adwanted SAS ------Information Services 4/1/2020 UpCounsel, Inc. Enduring Ventures ------Information Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020 28 $ in millions CONFIDENTIAL | Q2 2020

ABOUT CHERRY TREE & ASSOCIATES

29 Cherry Tree & Associates Overview

Cherry Tree & Associates provides a broad array of M&A advisory services to owner-operators, private equity firms, corporations, management teams and public companies. M&A Services Highlights . Sell-side Advisory . Based on over 30 years of growing and advising hundreds of entrepreneurial companies . Recapitalizations . Been advisor or principal in more than 300 transactions . Non-core Divestitures . Completed over $3 billion in transactions in the past 10 years . Management-led Buyouts . Expertise in multiple industries . Buy-side Advisory . Experience completing transactions globally . Cherry Tree professionals have closed deals with leading private equity and venture capital firms . 13 M&A professionals

RECENT M&A ENGAGEMENTS Non-core Management-led Sell-side Advisory Recapitalizations Divestitures Buyouts Buy-side Advisory

30 TEBS Expertise

SELECT TRANSACTIONS Cherry Tree has been tracking trends and activity in the Technology Enabled Business Services (TEBS) space for more than 15 years. 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

31 Cherry Tree TEBS Team

Each of our senior investment bankers has many years of transaction experience as either an operating executive or private equity professional, in addition to deep investment banking experience.

. Joined Cherry Tree & Associates in 2007 . Over 10 years of middle market investment banking experience Mik Gusenius . Completed more than 30 M&A transactions totaling more than $1 billion of transaction value Director . B.A., Economics, Gustavus Adolphus College . M.B.A., University of Minnesota – Carlson School of Management

. Joined Cherry Tree & Associates in 2015 Elmer Baldwin . Previously the President and CEO of five information technology companies (20 years) Senior Executive . Strategic advisor and consultant to over 100 companies over last 30+ years Director . Experience working with publicly-traded companies, private-equity syndicates, and owner-operator situations . B.B.A., Finance, Loyola Marymount University

. Joined Cherry Tree & Associates in 2007 . Previously the CFO for two publicly-traded enterprise software companies (13 years) Dave Latzke . Previously with Arthur Andersen (11 years) Managing Partner . B.A., Accounting, University of Northern Iowa . Certified Public Accountant (inactive)

. Joined Cherry Tree & Associates in 2019 Merritt Jackley . Has 7 years of investment banking experience and has completed over 20 M&A transactions Vice President . Previously with Vermillion Capital in Minneapolis and Keefe, Bruyette & Woods (A Stifel Company) in New York . B.A., History, Colgate University

. Joined Cherry Tree & Associates in 2019 Tom Astrup . Previous audit and transaction advisory experience with PricewaterhouseCoopers and Dixon Hughes Goodman Associate . B.S., Finance and Accounting, University of Minnesota – Carlson School of Management . Certified Public Accountant (inactive)

32 Important Disclosures

The information included in this publication has been obtained from public sources, and is not based upon private or confidential Cherry Tree information. Cherry Tree gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authors and are subject to change. Cherry Tree makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. Officers, directors, partners of Cherry Tree and Cherry Tree proprietary investment funds may have positions in the securities of the companies discussed, and certain affiliates of Cherry Tree may recommend to specific clients the purchase and sale of securities discussed in the publication. This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not be construed as such. Cherry Tree or its affiliates may from time to time provide investment banking or related services to these companies. Like all Cherry Tree employees, the authors of this publication receive compensation that is affected by overall firm profitability. We undertake no obligation to update any information in this publication.

The TEBS 100 Index is a hypothetical index, and does not reflect an actual investment portfolio. Comparisons between the TEBS 100 Index and other indices are for illustrative purposes only. Correlations in performance information for the TEBS 100 Index and other indices should not be relied upon as indicative of risks involved in owning or holding a portfolio of securities similar to the TEBS 100 Index. Past performance should not be relied upon as indicative of future performance.