Human Capital Insight

INVESTMENT BANKING AUGUST 2021

IN THIS ISSUE

HUMAN CAPITAL INSIGHT HCM Introduction 2 Human Capital Market Update 4 MERGERS AND ACQUISITIONS, PUBLIC AND PRIVATE FINANCINGS About Us 21 & FINANCIAL ADVISORY SERVICES

For Institutional Use Only HUMAN CAPITAL INSIGHT AUGUST 2021

Premier HCM Investment Banking Team

CHIP KELSO JON STEELE ZACH SAYERS Managing Director Group Co-Head Vice President [email protected] [email protected] [email protected] +1.404.312.0786 +1.617.519.7114 +1.678.464.8335

EXPERIENCE EXPERIENCE EXPERIENCE

EDUCATION EDUCATION EDUCATION

PHILIP STEIN EMANUEL BISCHOFBERGER Managing Director, Director, Raymond James Europe Raymond James Europe [email protected] [email protected] +49.89.23.23.77.50 +49.89.23.23.77.47

EXPERIENCE EXPERIENCE

EDUCATION EDUCATION

RAYMOND JAMES INVESTMENT BANKING 2 HUMAN CAPITAL INSIGHT AUGUST 2021

Representative Transactions

Private Equity Transactions Strategic Buyer Transactions

August 2021 June 2021 July 2021 March 2021

April 2021 April 2021 December 2020 July 2020

Payroll February 2021 January 2021 April 2020 September 2019

September 2020 June 2020 February 2019 June 2018

February 2020 October 2019 June 2018 October 2017

August 2019 September 2019 October 2017 June 2017 HUMAN CAPITAL INSIGHT

HUMAN CAPITAL MARKET UPDATE HUMAN CAPITAL INSIGHT AUGUST 2021

Human Capital Market Update Trading Multiples as of 8/31/2021 TEV / 2021E Revenue TEV / 2021E EBITDA P/E 2021E

22.9x 40x 36.8x 9x 24x 7.7x 35x 8x 18.9x 6.7x 20x 7x 30x 27.1x 24.6x 6x 16x 25x 5x 12.6x 20x 17.2x 12x 9.6x 4x 2.9x 15x 3x 8x 2x 10x 0.5x 1x 4x 5x 0x 0x 0x Software / Outsourcing Transaction Staffing / Software / Outsourcing Transaction Staffing / Software / Outsourcing Transaction Staffing / Internet Services / Data Recruiting Internet Services / Data Recruiting Internet Services / Data Recruiting Processing Services Processing Services Processing Services

1-Year Historical Composite Stock Performance (%) as of 8/31/2021

Staffing / Recruiting Services 55.9% HCM Transaction / Data Processing 46.0% HCM Outsourcing Services 41.2% Staffing / Recruiting Services HCM Software / Internet 31.0% Euro Stoxx 30.4% HCM Transaction / Data Nasdaq 29.6% Processing S&P 500 29.2% Indexed to 100 as of 8/31/2021 HCM Outsourcing Services HCM Software / Internet EuroStoxx Nasdaq S&P 500

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 5 HUMAN CAPITAL INSIGHT AUGUST 2021

Human Capital Market Update

Operating / Trading Statistics as of 8/31/2021

Software / Outsourcing Transaction / Staffing / Internet Services Data Processing Recruiting Services

2021E Revenue Growth 5.7% 7.2% 7.5% 10.7% 2022E Revenue Growth 8.4% 5.3% 6.1% 6.5% 2021E EBITDA Margin 22.7% 25.1% 34.1% 5.5% 2022E EBITDA Margin 26.5% 25.8% 37.1% 5.8% % 52 Week High 96.1% 96.8% 96.0% 92.2% Debt / 2021E EBITDA 1.5x 1.4x 2.6x 1.1x

Top 3 Performers, by Stock Performance as of 8/31/2021

Software / Outsourcing Transaction / Staffing / Internet Services Data Processing Recruiting Services

Last Month Paycor HCM, Inc. 34.4% Alight Inc. 16.8% Gartner, Inc. 16.6% Cross Country Healthcare, Inc. 32.5%

Paylocity Holding Corporation 29.8% Insperity, Inc. 11.4% First Advantage Corporation 15.7% RCM Technologies, Inc. 22.4%

Docebo Inc. 26.0% TriNet Group, Inc. 11.0% Verisk Analytics, Inc. 6.2% Pasona Group Inc. 20.2%

Last 3 Months Docebo Inc. 59.5% TriNet Group, Inc. 22.2% Gartner, Inc. 33.2% Pasona Group Inc. 39.9%

Paylocity Holding Corporation 58.5% Insperity, Inc. 19.7% Verisk Analytics, Inc. 16.7% Cross Country Healthcare, Inc. 39.0%

Paycom Software, Inc. 48.3% Aon plc 13.2% Equifax Inc. 15.8% RCM Technologies, Inc. 35.3%

Last 12 Months Docebo Inc. 121.4% Insperity, Inc. 63.8% Gartner, Inc. 137.8% Gattaca plc 319.2%

DHI Group, Inc. 85.6% Automatic Data Processing, Inc. 50.3% Equifax Inc. 61.8% Volt Information Sciences, Inc. 267.5%

Paylocity Holding Corporation 82.8% Paychex, Inc. 49.7% Automatic Data Processing, Inc. 50.3% Cross Country Healthcare, Inc. 240.4%

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 6 HUMAN CAPITAL INSIGHT AUGUST 2021

HCM Software / Internet: Detailed Valuation Multiples & Metrics

Current Balance Sheet Total TEV TEV Price % of 52 Market Enterprise 2021E 2022E 2021E 2022E Market Price 2021E P/E Company 8/31/2021 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA 2021E EPS 2022E EPS Growth Rate

Oracle Corporation $ 89.13 97.1 % $ 248,851.0 $ 290,035.0 7.0 x 6.7 x 14.3 x 14.2 x 18.7 x 18.4 x 6.2 SAP SE 150.14 88.7 177,466.0 187,000.0 5.8 5.5 16.6 16.2 20.7 23.5 NA Intuit Inc. 566.11 97.1 154,694.8 153,304.8 14.1 13.2 NM NM NM 48.7 3.3 Workday, Inc. 273.16 96.6 67,743.7 66,583.6 13.0 11.0 NM NM NM NM 2.9 Wolters Kluwer N.V. 114.99 98.6 29,880.1 32,745.9 5.9 5.7 19.0 17.9 29.9 28.3 5.0 Paycom Software, Inc. 488.90 99.5 28,315.8 28,214.2 27.1 21.8 NM NM NM NM 3.8 Ceridian HCM Holding Inc. 112.35 99.5 16,837.0 17,680.0 17.4 14.9 NM NM NM NM NA Xero Limited 110.93 96.1 16,463.5 16,352.0 23.9 18.1 NM NM NM NM NA Paylocity Holding Corporation 269.20 99.7 14,698.7 14,566.7 20.5 16.7 NM NM NM NM 5.8 The Sage Group plc 10.21 98.3 10,761.4 10,918.4 4.3 4.0 18.9 17.6 32.0 28.7 NM SEEK Limited 23.78 95.3 8,408.9 9,105.1 10.1 12.0 30.6 28.3 NM NM 2.0 Paycor HCM, Inc. 36.95 93.1 6,432.2 6,989.8 20.0 17.9 81.3 82.2 NM NM NM 51job, Inc. 76.80 95.4 5,799.9 4,262.4 6.7 6.2 20.6 18.3 24.3 22.1 NA ZipRecruiter, Inc. 25.19 78.7 2,899.6 2,772.8 4.1 3.5 NM 33.0 NM NM NA Docebo Inc. 83.85 99.8 2,743.9 2,531.2 24.7 17.9 NM NM NM NM NA ATOSS Software AG 214.59 89.6 1,706.7 1,678.5 14.7 13.0 NM NM NM NM 7.1 New Work SE 289.78 83.8 1,628.7 1,601.4 4.8 4.3 14.3 12.8 34.4 31.5 1.7 HealthStream, Inc. 30.39 97.7 958.9 930.7 3.6 3.4 18.8 18.5 NA NM 19.6 Benefitfocus, Inc. 12.07 68.7 402.5 564.4 2.2 2.2 12.5 13.1 NM NM NA Castlight Health, Inc. 1.81 66.8 290.1 240.3 1.7 1.7 NM 27.7 NM NM NM DHI Group, Inc. 4.51 99.3 210.9 227.3 2.0 1.8 9.2 8.1 NM 41.0 3.4 Asure Software, Inc. 9.05 92.8 173.5 172.6 2.4 2.2 26.5 22.1 NM NM 4.9 Limeade, Inc. 0.56 35.4 141.0 114.5 2.2 2.0 NM NM NM NM NA

Mean 10.4 x 9.0 x 23.6 x 23.6 x 26.7 x 30.3 x 5.5 Median 6.7 6.2 18.9 18.1 27.1 28.5 4.3

1-Year Historical Stock Performance as of 8/31/2021 HCM Software / Internet 31.0% Euro Stoxx 30.4% Nasdaq 29.6% HCM Software / Internet S&P 500 29.2% Euro Stoxx Indexed to 100 as of 8/31/2021 NASDAQ

S&P 500

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 7 HCM Software / Internet Composite: ASUR, ASX:SEK, ASX:LME, BNFT, CSLT, DCBO, DHX, HSTM,INTU, JOBS, LSE:SGE, NZSE:XRO, ORCL, PAYC, PCTY, PYCR, SAP, WDAY, WKL, ETR:AOF, CDAY, ETR:NOW, ZIP HUMAN CAPITAL INSIGHT AUGUST 2021

HCM Software / Internet Sector Growth and Trading Multiples as of 6/30/2021 Quarterly Revenue Growth Historical TEV / LTM Revenue Multiples

5-Year Median = 5.3x

Historical TEV / LTM EBITDA Multiples Historical LTM P/E Multiples

5-Year Median = 21.0x 5-Year Median = 37.1x

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 8 HCM Software / Internet Composite: ASUR, ASX:SEK, ASX:LME, BNFT, CSLT, CSOD, DCBO, DHX, HSTM, INTU, JOBS, LSE:SGE, NZSE:XRO, ORCL, PAYC, PCTY, SAP, WDAY, WKL, ETR:AOF, CDAY, ETR:NOW, ZIP HUMAN CAPITAL INSIGHT AUGUST 2021

Software / Internet: Selected M&A and Capital Markets Activity DATE TRANSACTION TEV / TYPE ACQUIRER / INVESTOR TARGET / ISSUER ANNOUNCED VALUE ($MM) REVENUE EBITDA 8/31/2021 PP Golub Capital Harri $30 NA NA 8/30/2021 PP Spark Capital Zeal 13 NA NA 8/26/2021 PP BOND and Coatue Workstream 48 NA NA 8/25/2021 PP NextPhase Capital Selerix Systems ND NA NA 8/25/2021 PP Two Sigma Ventures Sora 14 NA NA 8/25/2021 PP Silverton Partners AllVoices 10 NA NA 8/24/2021 PP Wing Venture Capital Tango 6 NA NA 8/23/2021 M&A Paradox Traitify ND NA NA 8/20/2021 PP Level Structured Capital WeSpire 13 NA NA 8/20/2021 PP PSG Vault Verify ND NA NA 8/18/2021 PP Animo Ventures, Bonfire Ventures Prospr 3 NA NA 8/16/2021 PP Square Peg, Hetz Ventures, TechAviv retrain.ai 7 NA NA 8/12/2021 PP Rethink Education Anthill 3 NA NA 8/11/2021 M&A XpertHR Gapsquare ND NA NA 8/10/2021 PP T. Rowe Price Associates Gusto 175 NA NA 8/5/2021 M&A Clearlake Capital Cornerstone OnDemand 5,217 6.3x 27.0x 8/4/2021 PP Level Equity Chronus 78 NA NA 8/3/2021 PP Silver Lake Waterman WorkJam 35 NA NA 8/2/2021 PP Eileses Capital Talview 15 NA NA 8/2/2021 PP Crosslink Capital Catch 12 NA NA 7/30/2021 PP TDM Growth Partners Culture Amp 100 NA NA 7/22/2021 M&A Veritone Pandologic 150 NA NA 7/21/2021 PP Madrona Venture Group Paro 25 NA NA 7/20/2021 PP Tiger Global Dover 20 NA NA 7/20/2021 PP Silverlake Waterman SmartRecruiters 110 NA NA 7/20/2021 PP Insight Partners Employment Hero 100 NA NA 7/20/2021 M&A Bullhorn Sirenum ND NA NA 7/15/2021 PP Tola Capital Simpplr 32 NA NA 7/13/2021 PP Sequoia Remote 150 NA NA 7/8/2021 PP Softbank Vision Fund 2 Skedulo 75 NA NA 7/8/2021 PP Marbruck Investments Censia 21 NA NA 7/8/2021 PP Norwest Venture Partners AbsenceSoft ND NA NA 6/30/2021 M&A Skillsoft Pluma 22 NA NA 6/29/2021 PP Goldman Sachs Asset Management Visier 125 NA NA 6/29/2021 PP Vista Equity Partners Schoox ND NA NA 6/22/2021 PP Stripes Oyster 50 NA NA Type Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration, RAYMOND JAMES INVESTMENT BANKING 9 IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible Debt HUMAN CAPITAL INSIGHT AUGUST 2021

Outsourcing Services: Detailed Valuation Multiples & Metrics

Total TEV TEV Price % of 52 Market Enterprise 2021E 2022E 2021E 2022E Market Price 2021E P/E Company 8/31/2021 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA 2021E EPS 2022E EPS Growth Rate

Automatic Data Processing, Inc. $ 209.04 96.3 % $ 88,440.8 $ 89,312.0 5.7 x 5.4 x 22.9 x 21.1 x 33.7 x 30.1 x 2.4 Aon plc 286.86 99.5 64,757.8 71,999.8 3.4 3.3 12.2 11.4 24.6 22.2 NA Paychex, Inc. 114.47 96.8 41,189.8 41,083.9 1.9 1.9 7.0 6.5 35.0 33.1 4.7 Willis Towers Watson 220.72 81.2 28,482.1 32,422.1 3.3 3.1 11.9 11.9 16.3 15.5 1.4 TriNet Group, Inc. 92.08 99.2 6,064.1 6,022.1 5.5 5.2 12.6 12.5 19.9 19.2 NA Alight Inc. 10.99 96.2 4,910.2 4,909.7 1.1 1.2 10.8 12.3 11.8 18.2 NA Insperity, Inc. 110.34 98.2 4,259.4 4,208.6 0.9 0.8 15.3 13.5 25.4 22.3 1.4 LifeWorks Inc. 27.68 93.2 1,906.9 2,375.1 2.9 2.7 14.6 13.5 44.9 38.5 NA CBIZ, Inc. 34.11 97.0 1,785.0 2,121.1 2.0 1.9 14.5 13.3 20.8 18.8 1.5 Zalaris ASA 6.51 76.1 142.1 162.4 NA NA NA NA NA NA NA

Mean 3.0 x 2.8 x 13.5 x 12.9 x 25.8 x 24.2 x 2.3 Median 2.9 2.7 12.6 12.5 24.6 22.2 1.5

1-Year Historical Stock Performance as of 8/31/2021 HCM Outsourcing Services 41.2% Euro Stoxx 30.4% Nasdaq 29.6% S&P 500 29.2% HCM Outsourcing Indexed to 100 as of 8/31/2021 Euro Stoxx

NASDAQ

S&P 500

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 10 HCM Outsourcing Services Composite: ADP, AON, CBZ, NSP, PAYX, TNET, TSX:LWRK, WLTW, OB:ZAL HUMAN CAPITAL INSIGHT AUGUST 2021

Outsourcing Services Sector Growth and Trading Multiples as of 6/30/2021 Quarterly Revenue Growth Historical TEV / LTM Revenue Multiples

5-Year Median = 2.2x

Historical TEV / LTM EBITDA Multiples Historical LTM P/E Multiples

5-Year Median = 15.1x 5-Year Median = 29.5x

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 11 HCM Outsourcing Services Composite: ADP, AON, CBZ, NSP, PAYX, TNET, TSX:LWRK, WLTW, OB:ZAL HUMAN CAPITAL INSIGHT AUGUST 2021

Outsourcing Services: Selected M&A & Capital Markets Activity

DATE TRANSACTION TEV / TYPE ACQUIRER / INVESTOR TARGET / ISSUER ANNOUNCED VALUE ($MM) REVENUE EBITDA

8/31/2021 M&A Udemy CorpU ND NA NA 8/7/2021 M&A Equifax Health e(fx) ND NA NA 6/28/2021 M&A EQT Partners PRO Unlimited NA NA NA 6/1/2021 M&A UKG EverythingBenefits NA NA NA 5/11/2021 M&A Voya Financial Benefit Strategies NA NA NA 4/26/2021 M&A Jobvite NXTThing NA NA NA 4/14/2021 M&A WEX Benefitexpress 275 5.0x NA 4/6/2021 PP FFL Partners Velocity Global 100 NA NA 2/25/2021 M&A RFE Investment Partners Congruity HR NA NA NA 2/23/2021 M&A Undisclosed FlexHR NA NA NA 2/16/2021 M&A 3i Group WilsonHCG NA NA NA 2/11/2021 M&A WEX Inc. Certain HAS Assets of HealthcareBank 250 NA NA 2/10/2021 M&A CNO Financial DirectPath 50 NA NA 1/28/2021 PP Shore Capital Tandem NA NA NA 1/27/2021 M&A Shamrock Capital Bayard Advertising NA NA NA 1/25/2021 SPAC Foley Trasimene Acquisition Corp Alight 7,300 2.7x 13.3x 12/3/2020 M&A Cielo Talent Function Group NA NA NA 11/16/2020 M&A Ernst & Young Spotmentor Technologies NA NA NA 11/3/2020 M&A Workforce Insight Hive Tech HR NA NA NA 10/2/2020 M&A Benefit Resource 121 Benefits NA NA NA 7/26/2020 M&A TriNet Little Bird HR NA NA NA 7/16/2020 M&A Universal Background Screening Openonline NA NA NA 6/24/2020 M&A Harbour Benefit Holdings Benefits Administration NA NA NA 5/27/2020 M&A Oyster Carrom NA NA NA 5/6/2020 M&A Ceridian HCM Excelity Global NA NA NA 5/5/2020 M&A G&A Partners Ignite PEO NA NA NA

Type Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration, RAYMOND JAMES INVESTMENT BANKING 12 IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible Debt HUMAN CAPITAL INSIGHT AUGUST 2021

Transaction / Data Processing: Detailed Valuation Multiples & Metrics

Automatic Data Processing, Inc. $ 209.04 96.3 % $ 88,440.8 $ 89,312.0 5.7 x 5.4 x 22.9 x 21.1 x 33.7 x 30.1 x 2.4 Paychex, Inc. 114.47 96.8 41,189.8 41,083.9 9.7 9.2 22.9 21.7 35.0 33.1 4.7 Verisk Analytics, Inc. 201.76 95.8 32,554.1 35,694.1 11.9 11.2 24.6 22.8 39.1 33.9 3.3 Equifax Inc. 272.26 99.6 33,171.4 36,633.0 7.6 7.2 22.3 19.3 36.7 30.5 2.7 Gartner, Inc. 308.74 98.7 25,825.7 28,404.2 6.2 5.4 24.1 28.1 39.6 46.1 3.4 Edenred SA 56.66 92.8 14,115.3 16,046.8 8.6 7.6 21.1 18.5 37.0 31.8 2.1 HealthEquity, Inc. 64.17 68.8 5,351.1 5,654.0 7.7 7.3 24.0 22.0 43.2 37.0 3.5 First Advantage Corporation 22.69 92.0 3,468.3 3,765.8 5.8 5.4 19.9 18.5 29.9 29.1 1.7

Mean 7.9 x 7.3 x 22.7 x 21.5 x 36.8 x 34.0 x 3.0 Median 7.7 7.2 22.9 21.4 36.8 32.4 3.0

1-Year Historical Stock Performance as of 8/31/2021 HCM Transaction / Data Processing 46.0% Euro Stoxx 30.4% Nasdaq 29.6% S&P 500 29.2% HCM Transaction / Indexed to 100 as of 8/31/2021 Data Processing

Euro Stoxx

NASDAQ

S&P 500

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 13 HCM Transaction / Data Processing Composite: ADP, EFX, ENXTPA: EDEN, FA, IT, HQY, PAYX, VRSK HUMAN CAPITAL INSIGHT AUGUST 2021

Transaction / Data Processing Sector Growth and Trading Multiples as of 6/30/2021 Quarterly Revenue Growth Historical TEV / LTM Revenue Multiples

5-Year Median = 6.6x

Historical TEV / LTM EBITDA Multiples Historical LTM P/E Multiples

5-Year Median = 18.8x 5-Year Median = 32.0x

Source: CapitalIQ RAYMOND JAMES INVESTMENT BANKING 14 HCM Transaction / Data Processing Composite: ADP, EFX, ENXTPA: EDEN, FA, IT, HQY, PAYX, VRSK HUMAN CAPITAL INSIGHT AUGUST 2021

Transaction / Data Processing: Selected M&A & Capital Markets Activity

DATE TRANSACTION TEV / TYPE ACQUIRER / INVESTOR TARGET / ISSUER ANNOUNCED VALUE ($MM) REVENUE EBITDA

8/31/2021 PP Durable Capital Checkr $250 NA NA 8/10/2021 M&A Equifax Appris Insights 1,825 NA 23.0x 6/2/2021 PP Coatue Management Pinwheel 20 NA NA 5/6/2021 M&A Abry Partners Reward Gateway NA NA NA 4/30/2021 M&A PrimePay SyncHR ND NA NA 4/23/2021 PP YC Continuity Fund Deel 156 NA NA 4/13/2021 M&A iSolved Givful ND NA NA 4/8/2021 M&A HealthEquity Further 500 8.3x 41.7x 4/5/2021 M&A Aquiline Capital Partners PrimePay ND NA NA 4/1/2021 M&A First Advantage Corporation GB Group Background Screening Business ND NA NA 4/1/2021 M&A TA Associates Navia Benefit Solutions ND NA NA 4/1/2021 M&A Equifax i2Verify 100 NA NA 3/10/2021 M&A Equifax HIREtech ND NA NA 3/9/2021 PP Andreessen Horowitz Wrapbook ND NA NA 3/4/2021 PP GreenOaks Capital Partners Papaya Global 100 NA NA 2/1/2021 M&A Ceridian Ascender ND NA NA 1/8/2021 M&A Paychex Emply ND NA NA 12/8/2020 PP General Catalyst Finch 4 NA NA 11/10/2020 PP Index Ventures Remote Technology 35 NA NA 9/30/2020 PP Scale Venture Partners Papaya Global 40 NA NA 9/8/2020 PP Spark Capital Deel 30 NA NA 8/6/2020 M&A Russell Reynolds Workplace Analytics ND NA NA 8/5/2020 PP Runway Growth Capital CloudPay 35 NA NA 7/21/2020 M&A Perceptyx Kantar’s Employee Insights Business ND NA NA 5/22/2020 PP Andreesen Horowitz Deel 14 NA NA 5/15/2020 PP Voyager Capital Syndio 8 NA NA 5/14/2020 PP JMI Holdings Traitify 12 NA NA 5/6/2020 PP Access Venture Partners Bonusly 7 NA NA 4/23/2020 PP Harlem Capital Partners Compt.io 2 NA NA 4/17/2020 PP Origin Ventures Everee 100 NA NA 3/3/2020 M&A Criteria Corp. Revelian ND NA NA 2/14/2020 M&A Cast & Crew Entertainment Services Media Services ND NA NA

Type Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration, RAYMOND JAMES INVESTMENT BANKING 15 IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible Debt HUMAN CAPITAL INSIGHT AUGUST 2021

Staffing / Recruiting Services: Detailed Valuation Multiples & Metrics

General Staffing Recruit Holdings Co., Ltd. $ 59.10 99.8 % $ 96,599.6 $ 95,177.3 4.0 x 3.7 x 27.3 x 25.1 x 43.7 x 42.3 x 2.0 Randstad N.V. 73.54 93.2 13,527.3 14,054.4 0.5 0.5 9.2 8.3 15.5 13.8 0.4 Adecco Group AG 55.63 76.0 8,964.7 10,149.2 0.4 0.4 7.9 7.1 11.9 10.7 0.4 ManpowerGroup Inc. 121.42 97.1 6,585.0 6,609.4 0.3 0.3 9.8 8.6 17.2 14.2 0.6 Persol Holdings Co., Ltd. 23.39 94.7 5,382.0 5,362.6 0.6 0.6 10.8 9.3 26.8 21.7 1.6 Synergie SE 43.14 88.7 1,034.8 920.0 0.3 0.3 5.3 4.9 14.0 11.8 NA Kelly Services, Inc. 19.44 72.1 768.9 791.3 0.2 0.1 NM NM 13.4 9.5 0.8 Groupe CRIT SA 79.20 90.1 879.0 654.1 0.3 0.3 5.2 4.4 23.2 17.5 NA TrueBlue, Inc. 27.33 91.1 970.3 930.4 0.4 0.4 NM NM 15.8 12.7 0.8 Pasona Group Inc. 24.26 98.5 949.5 866.5 0.3 0.3 3.9 3.7 14.4 12.4 NA Barrett Business Services, Inc. 77.50 97.2 585.8 503.9 0.5 0.5 11.4 11.1 16.4 16.1 1.4

Mean 0.7 x 0.7 x 10.1 x 9.2 x 19.3 x 16.6 x 1.0 Median 0.4 0.4 9.2 8.3 15.8 13.8 0.8

1-Year Historical Stock Performance as of 8/31/2021 Staffing / Recruiting Services 55.9% Euro Stoxx 30.4% Nasdaq 29.6% S&P 500 29.2% Staffing / Recruiting Services Indexed to 100 as of 8/31/2021 Euro Stoxx

NASDAQ

S&P 500

Source: CapitalIQ HCM Staffing / Recruiting Services Composite: TSE:6098, ENXTAM:RAND, SWX:ADEN, MAN, TSE:2181, ENXTPA:SDG, KELYA, ENXTPA:CEN, TSE:2168, TBI, BBSI RAYMOND JAMES INVESTMENT BANKING 16 HUMAN CAPITAL INSIGHT AUGUST 2021

Staffing / Recruiting Services: Detailed Valuation Multiples & Metrics (Cont.)

Professional Staffing Robert Half International, Inc. $ 103.40 98.7 % $ 11,396.0 $ 11,134.3 1.8 x 1.6 x 13.4 x 12.9 x 20.6 x 19.8 x 1.0 Hays plc 2.19 87.9 3,672.5 3,383.2 0.4 0.4 12.9 10.2 31.3 21.2 NA Kforce, Inc. 58.42 90.7 1,196.4 1,200.3 0.8 0.8 10.6 10.1 17.8 16.6 1.2 SThree plc 7.17 98.3 940.9 923.5 0.5 0.5 10.3 9.8 20.2 17.9 NA Brunel International N.V. 13.20 95.2 665.1 571.6 0.5 0.5 9.0 7.4 25.2 19.1 0.7 Robert Walters plc 9.63 87.8 701.7 621.1 0.4 0.4 6.8 6.2 20.9 17.6 NA Resources Connection, Inc. 15.80 95.8 519.6 519.2 0.8 0.7 7.8 7.1 9.8 11.6 0.8 Impellam Group plc 4.72 97.7 214.4 252.5 NA NA NA NA NA NA NA BGSF, Inc. 13.14 77.7 135.9 181.8 0.6 0.6 9.4 7.7 12.9 10.6 0.6 Computer Task Group, Inc. 8.60 73.6 131.8 125.7 0.3 0.3 NA NA 15.1 12.5 0.7 Volt Information Sciences, Inc. 4.19 76.2 91.1 91.1 0.1 NA NA NA NM NA NA Gattaca plc 3.11 78.5 100.4 78.8 0.1 0.1 8.0 5.5 22.6 13.3 NA RCM Technologies, Inc. 5.14 41.2 56.8 69.0 0.4 0.3 9.9 8.2 16.1 12.2 NA

Mean 0.6 x 0.6 x 9.8 x 8.5 x 19.3 x 15.7 x 0.8 Median 0.5 0.5 9.6 7.9 20.2 16.6 0.7

Healthcare Staffing AMN Healthcare Services, Inc. $ 113.52 99.9 % $ 5,365.2 $ 6,154.4 1.9 x 2.1 x 12.7 x 15.1 x 19.6 x 24.8 x 1.9 Cross Country Healthcare, Inc. 21.75 99.5 826.6 941.0 0.7 0.9 11.1 16.1 13.6 28.9 2.5

Mean 1.3 x 1.5 x 11.9 x 15.6 x 16.6 x 26.8 x 2.2 Median 1.3 1.5 11.9 15.6 16.6 26.8 2.2

Execuitve and Retained Search Korn Ferry $ 70.69 94.5 % $ 3,933.7 $ 3,818.0 1.8 x 1.7 x 9.5 x 9.5 x 17.2 x 17.2 x 1.0 PageGroup plc 8.67 98.2 2,739.0 2,638.6 1.2 1.1 10.6 9.2 22.3 18.2 NA Heidrick & Struggles International, Inc. 43.22 92.2 844.1 709.8 0.8 0.7 5.7 5.7 12.2 12.7 0.9

Mean 1.2 x 1.2 x 8.6 x 8.1 x 17.2 x 16.0 x 0.9 Median 1.2 1.1 9.5 9.2 17.2 17.2 0.9

Overall Staffing / Recruiting Services Mean 0.7 x 0.7 x 9.9 x 9.3 x 18.9 x 16.9 x 1.1 Median 0.5 0.5 9.6 8.5 17.2 16.1 0.8

Source: CapitalIQ HCM Staffing / Recruiting Services Composite: RHI, LSE:HAS, KFRC, LSE:STEM, ENXTAM:BRNL, LSE:RWA, RGP, ISE:DQ5, AIM:IPEL, BGSF, CTG, NYSEAM:VOLT, RAYMOND JAMES INVESTMENT BANKING 17 AIM:GATC, RCMT, AMN, CCRN, KFY, LSE:PAGE, HSII HUMAN CAPITAL INSIGHT AUGUST 2021

Staffing / Recruiting Services Sector Growth and Trading Multiples as of 6/30/2021 Quarterly Revenue Growth Historical TEV / LTM Revenue Multiples

5-Year Median = 0.4x

Historical TEV / LTM EBITDA Multiples Historical LTM P/E Multiples

5-Year Median = 9.2x 5-Year Median = 17.8x

Source: CapitalIQ HCM Staffing / Recruiting Services Composite: TSE:6098, ENXTAM:RAND, SWX:ADEN, MAN, TSE:2181, ENXTPA:SDG, KELYA, ENXTPA:CEN, TSE:2168, TBI, BBSI, RHI, RAYMOND JAMES INVESTMENT BANKING 18 LSE:HAS, KFRC, LSE:STEM, ENXTAM:BRNL, LSE:RWA, RGP, ISE:DQ5, AIM:IPEL, BGSF, CTG, NYSEAM:VOLT, AIM:GATC, RCMT, AMN, CCRN, KFY, LSE:PAGE, HSII HUMAN CAPITAL INSIGHT AUGUST 2021

Staffing / Recruiting Services: Selected M&A & Capital Markets Activity

DATE TRANSACTION TEV / TYPE ACQUIRER / INVESTOR TARGET / ISSUER ANNOUNCED VALUE ($MM) REVENUE EBITDA 8/31/2021 M&A Recruiter.com Novo Group ND NA NA 8/5/2021 M&A Adecco BPI Group ND NA NA 6/25/21 PP Tenex Capital Management BELAY ND NA NA 6/3/2021 M&A Apollo Global Management EmployBridge ND NA NA 4/1/2021 M&A Kelly Services Softworld $215 NA NA 2/12/2021 M&A Epic Staffing Group TalentMine ND NA NA 2/1/2021 M&A HireQuest Snelling Staffing 17 NA NA 11/23/2020 M&A Adecco Hired ND NA NA 11/17/2020 M&A The Planet Group Interactive Business Systems ND NA NA 11/6/2020 M&A Arthur J. Gallagher Optimum Talent ND NA NA 10/16/2020 M&A Harvey Nash Group Latitude 36 ND NA NA 10/2/2020 M&A Hudson Global Coit Group 9 NA NA 9/2/2020 M&A ASGN Incorporated LeapFrog Systems 72 2.2x NA 8/31/2020 M&A Job.com HireVergence ND NA NA 8/21/2020 M&A GI Group Kelly Services Brazil ND NA NA 7/9/2020 M&A Randstad Muhlenhoff & Partner ND NA NA 6/30/2020 M&A Advanced Resources Group St. Louis Staffing ND NA NA 3/10/2020 M&A HealthStream NurseGrid 25 NA NA 2/25/2020 M&A Express Employment Professionals Frontline Recruitment Group ND NA NA 2/6/2020 M&A CHG Healthcare Services LocumsMart ND NA NA 2/4/2020 M&A BG Staffing EdgeRock 22 NA NA 1/14/2020 M&A Kelly Services Insight Workforce Solutions ND NA NA 1/13/2020 M&A Kellermeyer Bergensons Hospitality Staffing Solutions ND NA NA 1/8/2020 M&A Virgin Pulse Yaro ND NA NA 1/9/2020 M&A Spencer Stuart Cambria Consulting ND NA NA 1/8/2020 M&A Bullhorn Herefish ND NA NA 1/7/2020 M&A NSC Technologies Staff Matters ND NA NA 1/1/2020 M&A AMN Healthcare b4Health ND NA NA 12/3/2019 M&A Msouth Equity Partners Trace Staffing Solutions ND NA NA 11/20/2019 M&A WinterWyman Planet Group ND NA NA 11/13/2019 M&A Eliassen Group Weber Consulting Group ND NA NA

Type Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration, RAYMOND JAMES INVESTMENT BANKING 19 IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible Debt HUMAN CAPITAL INSIGHT AUGUST 2021

Recent News & Events

DATE COMPANY NEWS

8/23 PlanSource PlanSource announced the appointment of Tom Signorello to CEO. Signorello was most recently the CEO of Arcserve, a global top five data protection vendor (Private) where he established the company’s global strategy. Signorello joins the executive team to lead PlanSource through the next phase of growth. Current CEO Dayne Williams will transition into the role of Executive Chairman. PlanSource has experienced significant growth, with more than 350 new team members hired globally in 2021 and has recently announced new partnerships with companies such as Sage People, Voluntary Benefit Advisors and Prepare Benefits.

DATE COMPANY NEWS

8/19 iCIMS iCIMS has announced that the firm has filed with the SEC for a proposed initial offering of common stock. The number of shares and initial price range for the (TLNT) proposed offering have not been determined. iCIMS intends to list their common stock under the ticker symbol “TLNT”. Morgan Stanley, J.P Morgan and Citigroup are acting as lead-book running managers with Barclays and Credit Suisse acting as the joint book running managers.

DATE COMPANY NEWS

8/6 Velocity Global Velocity Global has announced the addition of technology operations veteran Eric Schroeder as COO. Schroeder is an industry veteran who has over two decades of (Private) experience. Schroeder has demonstrated a track record of growth and brings deep expertise at a global scale. Schroeder most recently led safety operations for Uber. Schroeder will take on a new role at Velocity Global where he will lead the customer experience and delivery team, global payroll and benefits, and worldwide operations.

DATE COMPANY NEWS

8/4 Wonolo Wonolo has announced the appointment of Margot Moellenberg as the firm’s first CFO. Moellenberg will join an experienced executive team and will work (Private) alongside CEO Yong Kim. Moellenberg brings decades of experience and was most recently the President and COO of Four Winds Interactive. Moellenberg has completed numerous strategic partnerships with technology-focused firms and served on the Board of Directors where she was responsible for all go-to-market functions along with finance and human resources.

DATE COMPANY NEWS

8/2 Staffing 360 Solutions Staffing 360 Solutions has announced the appointment of Vincent J. Cebula to the Board of Directors. Cebula will also serve on the Compensation and Human (STAF) Resources Committee, the Nominating and Corporate Governance Committee and the Audit Committee. Cebula presently is an Operating Advisor for Solace Capital Partners and was previously the COO and Co-Founder of a bi-coastal alternative asset manager.

RAYMOND JAMES INVESTMENT BANKING 20 HUMAN CAPITAL INSIGHT

ABOUT US HUMAN CAPITAL INSIGHT

If you have any questions about the Technology & Services Investment Banking data in this newsletter, please contact

As the leading Technology & Services Investment Banking practice in the market with CHIP KELSO over 330 transactions since 2010, our team is committed to delivering innovative Managing Director, solutions and optimal results for our clients across…. Technology & Services, North America +1.404.312.0786 [email protected]

JON STEELE Group Co-Head, Technology & Services, North America +1.617.519.7114 Software Financial Tech-Enabled Services Infrastructure [email protected] Technology Services ZACH SAYERS Vice President, By the Numbers Technology & Services, North America +1.678.464.8335 75+ 9+ 180+ [email protected] Investment Banking Global Offices Public Equity and Debt Offerings Raising over Professionals (U.S.) (North America, Europe, Asia) $100 BILLION in Proceeds Since February 2010 PHILIP STEIN Managing Director, Technology & Services, Europe 25+ 20+ 255+ +49.89.23.23.77.50 Senior Bankers (U.S.) Year Track Record M&A Advisory and Private Placement Services [email protected] Transactions Representing a Total Value of Over $60 BILLION Since January 2015 EMANUEL BISCHOFBERGER Director, Investment Banking Capabilities Technology & Services, Europe +49.89.23.23.77.47 ADVISORY CAPITAL RAISING [email protected] • Sales / Recaps • Private Placements • Acquisitions • Initial Public Offerings • Divestitures • Follow-On Offerings • Strategic Advisory • Debt Capital • Fairness Opinions • Restructuring

RAYMOND JAMES INVESTMENT BANKING 22 HUMAN CAPITAL INSIGHT AUGUST 2021

Notes & Disclosures

Sources of data include Capital IQ, FactSet and other news organizations. This report includes logos or other words or devices that June be Information obtained from third-party sources is considered reliable, but registered trademarks of their respective owners. Such use is solely for we do not guarantee that the information herein is accurate or complete. purposes of convenience in referring to the trademark owners and their This report was prepared within Raymond James & Associates’ Investment products/services. This report and its contents are not endorsed, Banking Department and is for information purposes only. This report is sponsored or affiliated with any trademark owner. Raymond James & not a product of Raymond James & Associates’ Research Department; Associates, Inc. and its affiliates are not affiliated with any trademark recipients of this report should not interpret the information herein as owner but June provide certain financial services to one or more sufficient grounds for an investment decision or any other decision. The trademark owners or their affiliates. report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not Additional information is available upon request. guarantee future results. Any performance mentioned does not include transaction fees and costs which would reduce an investor’s return. An investment cannot be made directly in a market index.

ATLANTA INVESTMENT BANKING OFFICE 3414 PEACHTREE RD. NE // SUITE 500 // ATLANTA, GA 30326 // 404.442.5800 EBIT: Earnings Before Interest and Taxes EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization BOSTON INVESTMENT BANKING OFFICE EPS: Earnings per Share 225 FRANKLIN STREET // SUITE 2200 // BOSTON, MA 02110 // 617.624.7000 LTM: Last Twelve Months MUNICH INVESTMENT BANKING OFFICE NA: Not Applicable THERESIENSTRASSE 1 // MUNICH, GERMANY 80333 // 49.89.23.23.77.70 NM: Not Meaningful PE: Price Earnings Ratio SAN FRANCISCO INVESTMENT BANKING OFFICE TEV: Total Enterprise Value ONE EMBARCADERO CTR. // SUITE 650 // SAN FRANCISCO, CA 94111 // 415.616.8900

ST. PETERSBURG INVESTMENT BANKING OFFICE 880 CARILLON PARKWAY // ST. PETERSBURG, FL 33716 // 727.567.1000

INVESTMENT BANKING