Technology Report Q1 2018

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Technology Report Q1 2018 Deal Count TEV (Reported, Millions) 12 12000 $12,000 10 10000 $10,000 8 8000 $8,000 6 6000 $6,000 4 4000 $4,000 2 2000 $2,000 0 0 $- Oracle SAP Oracle SAP Oracle SAP Oracle SAP Oracle SAP Oracle SAP Oracle SAP 2012 2013 2014 2015 2016 2017 2018 Oracle Deal Count SAP Deal Count Financial 72 80 11% 70 60 50 33 40 27 30 21 19 15 19 19 20 14 10 2 - Strategic - 89% Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 3/20/2018 MuleSoft, Inc. salesforce.com Marketing Software 5,790.91 19.53x - 3/7/2018 ABILITY Network, Inc. Inovalon Holdings, Inc. Healthcare IT 1,194.24 - - 3/6/2018 CommerceHub, Inc. GTCR LLC Financial Technology 969.93 8.73x 26.37x 2/15/2018 Zenedge, Inc. Oracle Corp. IT Security - - - 2/15/2018 Flatiron Health, Inc. Roche Holding AG Healthcare IT 2,173.91 - - 2/12/2018 CSRA, Inc. General Dynamics Corp. IT Services 9,632.68 1.90x 11.83x 1/29/2018 Callidus Software, Inc. SAP America, Inc. Marketing Software 2,242.08 8.86x - 1/22/2018 WorkMarket, Inc. Automatic Data Processing, Inc. Other SaaS 125.00 20.83x - 1/16/2018 Blackhawk Network Holdings, Inc. Silver Lake Management Co. LLC Financial Technology 1,997.62 0.90x 9.09x 1/11/2018 DST Systems, Inc. SS&C Technologies Holdings, Inc. IT Services 5,523.11 2.49x 12.63x Strategic Buyer Inv. Date Select Corporate Acquisitions Alphabet Inc. (NasdaqGS:GOOGL) 3/27/2018 ▪ Tenor, Inc. 9/26/2017 ▪ Bitium, Inc. 8/13/2017 ▪ Senosis Health Inc. 5/10/2017 ▪ Owlchemy Labs, Inc. Cisco Systems, Inc. (NasdaqGS:CSCO) 1/24/2018 ▪ Skyport Systems, Inc. 10/23/2017 ▪ BroadSoft, Inc. 10/19/2017 ▪ Perspica Networks, Inc. 5/11/2017 ▪ MindMeld, Inc. 5/1/2017 ▪ Viptela, Inc. Microsoft Corporation (NasdaqGS:MSFT) 11/6/2017 ▪ Swing Technologies, Inc. 10/3/2017 ▪ AltspaceVR, Inc. 8/15/2017 ▪ Cycle Computing LLC 4/19/2017 ▪ Intentional Software Corp. 4/10/2017 ▪ Deis, Inc. Asure Software, Inc. 1/2/2018 ▪ TelePayroll, Inc. 10/2/2017 ▪ Associated Data Services, Inc. 5/26/2017 ▪ iSystems LLC 5/26/2017 ▪ Compass HRM, Inc. 1/3/2017 ▪ Payroll Specialties NW, Inc. The Descartes Systems Group, Inc. 2/2/2018 ▪ Aljex Software, Inc. 8/15/2017 ▪ Macropoint LLC 6/2/2017 ▪ PCSTrac Inc 5/19/2017 ▪ Z-Firm LLC Financial Buyer Inv. Date Select Corporate Investments Vista Equity Partners 1/31/2018 ▪ Performance Matters LLC (via PeopleAdmin) 10/26/2017 ▪ Datto, Inc. 10/11/2017 ▪ JAMF Software LLC 8/23/2017 ▪ Applause APP Quality, Inc. 8/16/2017 ▪ SecureLink, Inc. 6/29/2017 ▪ Scoutit, Inc. Insight Venture Management LLC 3/13/2018 ▪ Talent Rover LLC 2/16/2018 ▪ Webdam Solutions, Inc. 2/12/2018 ▪ Amber Road, Inc. 1/25/2018 ▪ Entomo, Inc. 10/23/2017 ▪ Bullhorn, Inc. 7/25/2017 ▪ Lecorpio LLC Providence Equity Partners LLC 1/22/2018 ▪ eGovernment Solutions LLC 10/27/2017 ▪ Payline Data Services LLC 10/16/2017 ▪ SeatAdvisor, Inc. 7/10/2017 ▪ SignUpGenius, Inc. Thoma Bravo LLC 3/23/2018 ▪ MDS Lavastorm Analytics, Inc. (via Infogix) 01/22/2018 ▪ AlphaTrust (via Internet Pipeline) 01/17/2018 ▪ Runzheimer International 01/17/2018 ▪ Motus 01/02/2108 ▪ The Computer Partnership (via Internet Pipeline) 11/27/2017 ▪ Barracuda Networks, Inc. 11/08/2017 ▪ ABC Financial Services, Inc. 15% 10% 5% 0% -5% -10% -15% Enterprise Software Other SaaS Data Analytics IT Services IT Security Hosting Data Center Tech Conglomerates S&P 500 15% 10% 5% 0% -5% -10% Financial Technology Supply Chain Software Human Capital Management Marketing Software Healthcare IT Hosting Data Center S&P 500 Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Microsoft Corp. MSFT-US $ 702,760 $ 91.27 6.7% 6.7% 93.9% 20.1% 41.3% 6.6x 16.7x 5.7x 14.1x Oracle Corp. ORCL-US 186,766 45.75 -3.2% -3.2% 85.5% 4.4% 42.3% 4.5x 10.5x 4.4x 9.4x SAP SE SAP-US 128,379 105.16 -6.4% -6.4% 90.0% 13.3% 28.0% 4.8x 17.8x 4.2x 13.0x Adobe Systems, Inc. ADBE-US 106,413 216.08 23.3% 23.3% 93.4% 22.1% 36.4% 13.3x 37.7x 11.1x 24.6x Intuit, Inc. INTU-US 44,397 173.35 9.9% 9.9% 96.7% 12.2% 0.9% 8.2x 27.2x 7.3x 19.6x MuleSoft, Inc. MULE-US 4,077 43.98 89.1% 89.1% 98.7% 50.0% (31.4%) 19.4x NM 10.1x NM Yext, Inc. YEXT-US 1,191 12.65 5.2% 5.2% 83.7% NM (35.9%) 6.3x NM 3.7x NM 20.4% 11.6% 9.0x 22.0x 6.6x 16.1x 16.7% 28.0% 6.6x 17.8x 5.7x 14.1x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Visa, Inc. V-US $ 263,572 $ 119.62 4.9% 4.9% 94.3% 12.3% 69.2% 14.9x 21.6x 13.7x 19.3x Mastercard, Inc. MA-US 181,684 175.16 15.7% 15.7% 95.3% 17.5% 61.2% 14.5x 24.8x 12.4x 21.2x American Express Co. AXP-US 80,234 93.28 -6.1% -6.1% 91.1% 1.8% 36.8% 3.0x 8.1x 2.9x NM Fidelity National Information Services, Inc. FIS-US 31,893 96.30 2.3% 2.3% 92.9% (0.2%) 34.5% 4.4x 13.1x 4.7x 12.8x Fiserv, Inc. FISV-US 29,466 71.31 8.8% 8.8% 95.8% 7.3% 34.1% 6.0x 17.4x 6.0x 16.5x MSCI, Inc. MSCI-US 13,444 149.47 18.1% 18.1% 93.4% 13.7% 52.3% 11.5x 22.2x 10.2x 18.6x Jack Henry & Associates, Inc. JKHY-US 9,345 120.95 3.4% 3.4% 95.0% 7.7% 35.2% 6.4x 18.3x 5.9x 17.2x The Western Union Co. WU-US 8,857 19.23 1.2% 1.2% 86.6% 2.1% 24.1% 2.0x 8.4x 1.9x 8.0x Black Knight, Inc. BKI-US 7,071 47.10 6.7% 6.7% 88.9% 10.6% 46.7% 8.1x 17.6x 7.6x 15.6x Envestnet, Inc. ENV-US 2,563 57.30 14.9% 14.9% 95.1% 19.7% 11.3% 4.0x 34.6x 3.2x 16.7x Q2 Holdings, Inc. QTWO-US 1,914 45.55 23.6% 23.6% 93.4% 30.1% (3.7%) 9.3x NM 7.1x 74.8x Bottomline Technologies, Inc. EPAY-US 1,576 38.75 11.7% 11.7% 96.9% 9.8% 12.6% 4.5x 37.2x 3.9x 16.4x 11.0% 34.5% 7.4x 20.3x 6.6x 21.6x 10.2% 34.9% 6.2x 18.3x 5.9x 16.7x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Manhattan Associates, Inc. MANH-US $ 2,847 $ 41.88 -15.5% -15.5% 77.3% (6.4%) 34.9% 4.6x 13.7x 5.1x 19.7x SPS Commerce, Inc. SPSC-US 1,105 64.07 31.9% 31.9% 98.1% 14.2% 10.3% 4.3x 46.6x 3.8x 20.9x American Software, Inc. AMSWA-US 367 13.00 11.8% 11.8% 95.0% 8.1% 17.3% 2.9x 16.3x 2.7x 14.6x 5.3% 20.8% 8.1% 17.3% Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Paychex, Inc. PAYX-US $ 22,128 $ 61.59 -9.5% -9.5% 84.3% 7.2% 44.3% 6.6x 15.5x 6.2x 15.0x Workday, Inc. WDAY-US 17,414 127.11 24.9% 24.9% 90.8% 30.7% (8.4%) 11.8x NM 8.8x 48.1x The Ultimate Software Group, Inc. ULTI-US 7,623 243.70 11.7% 11.7% 94.5% 23.4% 9.7% 7.6x 91.4x 6.3x 25.2x Paycom Software, Inc. PAYC-US 6,343 107.39 33.7% 33.7% 93.0% 33.2% 16.1% 14.3x 63.2x 11.0x 27.4x Paylocity Holding Corp. PCTY-US 2,695 51.23 8.6% 8.6% 89.6% 29.8% 8.8% 7.7x 69.0x 6.3x 29.0x Cornerstone OnDemand, Inc. CSOD-US 2,242 39.11 10.7% 10.7% 84.7% 9.8% (2.5%) 4.6x NM 4.3x 23.8x Benefitfocus, Inc. BNFT-US 764 24.40 -9.6% -9.6% 65.8% 10.8% 0.5% 3.2x NM 3.1x 64.0x 20.7% 9.8% 23.4% 8.8% Market Stats Operating Stats LTM Multiples NTM Multiples Est.
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