Quarterly Enterprise Software Market Review Q1 2020

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Peter M. Falvey Michael H.M. Shea Christopher J. Pingpank Michael S. Barker Managing Director Managing Director Managing Director Managing Director 617.896.2251 617.896.2255 617.896.2218 415.762.8101 [email protected] [email protected] [email protected] [email protected]

Jeffrey G. Cook Brad E. McCarthy William Broughton Misha Cvetkovic Principal Principal Vice President Vice President 617.896.2252 617.896.2245 617.896.2248 415.762.8104 [email protected] [email protected] [email protected] [email protected]

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Firm focused exclusively on Offices in Boston and San Professionals focused on the Advised transaction value in Average years of experience Transactions completed enterprise software Francisco software industry last 12 months amongst our senior bankers representing billions of dollars in value

Mergers & Acquisitions, Private Placements & Capital Raising Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with clients in the U.S. as well as Canada, Europe and Israel.

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Public Sector & Healthcare

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Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Aptean, Superion and financial advisor to BC Partners financial advisor to Clearlake financial advisor to EQT financial advisor to Gurobi financial advisor to BriefCam financial advisor to YourCause Vista Equity Partners

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Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Granicus and its owner financial advisor to Sovos Compliance and financial advisor to MRI Software and its financial advisor to MRI Software and its financial advisor to Bronto financial advisor to Mimecast financial advisor to ProfitLogic owner GI Partners K1 Investment Management its owner Vista Equity Partners owner Vista Equity Partners

1 Quarterly Enterprise Software Market Review Contents

M&A Activity Software M&A Summary: 2014 – Q1 2020 p. 3 Software Acquisitions: 3-Year Trend Analysis p. 4 Publicly Available Software M&A Transaction Data: Q1 2020 p. 5 Announced Software Acquisitions: Q1 2020 p. 6 Most Active Software Acquirers: 2014 – Q1 2020 p. 11

Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices p. 17 Price Performance and Valuation Metrics by Segment p. 18 Equity Trading Multiples by Growth Tranche p. 19 Price Performance and Valuation Metrics of Selected Software Vendors p. 20 Equity Trading Multiples by Segment p. 21 Equity Trading Multiples by Comparable Subset p. 29

Equity Financing Activity Software IPOs: H2 2019 p. 33 Software IPO Pricing & Performance Data p. 34 Software IPO Pipeline p. 35 Software Private Capital Raise Activity: Q1 2020 p. 36

2 M&A Activity Software M&A Summary: 2014 – Q1 2020

NASDAQ $100 $82.1 $80 $73.1

$56.6 $60 $49.1 $48.0 $37.8 $36.3 $40 $32.0 $35.3 $28.4 $26.2 $29.1 $21.4 $19.9 $20.8 $17.7 $18.0 $14.1 $16.5 $16.2 $20 $12.2 $12.4 $11.7 $9.7 $6.0 $-

Announced Deal Value ($ billions) ($ Value Deal Announced Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014 2015 2016 2017 2018 2019 2020

Transaction Count by Deal Size > $1bn 3 0 6 4 3 3 4 4 2 10 13 5 4 2 5 5 6 12 11 12 5 5 5 4 6 $500m - $1bn 3 2 3 7 2 3 4 5 3 6 4 8 4 2 5 3 2 0 4 7 9 3 2 3 2 $250m - $500m 2 4 4 6 4 3 3 13 4 6 5 3 6 4 11 5 7 4 6 5 7 8 1 1 3 < $250m 39 65 44 57 38 45 34 48 39 47 34 28 53 61 42 28 53 36 48 46 36 27 33 21 23 No Reported Value 113 153 153 126 157 129 106 144 168 194 172 145 150 167 161 129 164 151 148 164 204 179 192 150 195 Total 160 224 210 200 204 183 151 214 216 263 228 189 217 236 224 170 232 203 217 234 261 222 233 179 229

Notable Transactions: Q1 2020 ($ millions)

Acquirer

Target

Date 1/06/20 1/09/20 1/13/20 1/23/20 2/06/20 2/13/20 2/18/20 2/24/20 2/25/20 3/2/20

Enterprise Value $1,100 $5,000 $375 $700 $1,900 $350 $2,075 $1,395 $1,330 n/a

EV / LTM Rev n/a 5.0x n/a n/a 5.6x n/a n/a 5.4x n/a n/a

EV / LTM EBITDA n/a n/a n/a n/a nm n/a n/a n/a n/a n/a

Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Note: RSA, STG deal was led by STG but also included Ontario Teachers’ Pension Plan Board and Alpine Investors

3 M&A Activity Software Acquisitions: 3-Year Trend Analysis

By Transaction Size (2018 – Q1 2020)

200 183 # of Deals $180 Aggregate Deal Value ($ billions) 9.0x Median EV / LTM Rev 2018 $162 7.9x 180 $160 8.0x 7.0x 6.7x 160 2019 $140 7.0x 6.5x 140 117 $120 6.0x 5.4x 2020 120 4.7x $100 5.0x 4.3x 100 $77 3.8x $80 4.0x 80 2.6x $60 3.0x 2.2x 60 41 1.6x 40 $40 2.0x 23 22 19 17 13 17 $11 $11 $13 6 $20 $7 $7 $6 $9 1.0x 20 3 2 $1 $1 $1 n/a 0 $- 0.0x < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value) Deal Value (Enterprise Value) Deal Value (Enterprise Value)

By Target Segment (2018 – Q1 2020)

$80 Aggregate Deal Value ($ billions) 7.0x 500 460 # of Deals $75 Median EV / LTM Rev 6.4x 2018 $71 5.9x 450 418 $70 6.0x 5.5x 5.5x 5.3x 5.1x 400 2019 $60 5.0x 350 $50 3.9x 4.0x 2020 300 4.0x 3.6x 3.1x 250 $40 3.1x $29 3.0x $26 2.3x 200 161 $30 $22 144 1.9x 150 113 $16 2.0x 94 103 109 $20 $15 100 92 65 $10 $9 $8 38 34 46 $10 $4 $4 $5 1.0x 50 24 11 $1 $1 n/a n/a 0 $- 0.0x Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Applications Management Applications Applications Management Applications Applications Management Applications

Notes: Business Applications includes: Advertising Technology; Communications; ERP & Business Applications; Marketing Applications; Technical & Embedded Applications Information Management includes: Business Intelligence; Content Management Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage Management Sources: Company releases, Wall Street research

4 M&A Activity Publicly Available Software M&A Transaction Data: Q1 2020

($ millions)

Consideration Equity Enterprise EV / Revenue Revenue EV / EBITDA EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr Growth % LTM Current yr Fwd yr Margin %

03/26/20 Wavy Global Sinch 60% 40% - $116 1.3x - - - 12.4x - - 10% 03/24/20 TrackX FourKites 100% - - $3 ------03/12/20 Monidee Equiniti - - - $4 ------03/11/20 iBlocks Tracsis 100% - - $21 5.2x ------03/10/20 Blackboard Inc. Learning Technologies Group - - - $32 ------03/09/20 XMedius Solutions OpenText 100% - - $75 1.9x ------03/09/20 CNL Software Everbridge - - - $36 ------03/04/20 Azul Systems Vitruvian Partners - - - $340 ------03/02/20 ProShip Inc. Fog Software Group - - - $15 ------02/27/20 Seal Software DocuSign 100% - - $188 ------02/25/20 Vlocity Salesforce.com 100% - - $1,330 ------02/24/20 Peoplevox Descartes Systems Group 100% - - $24 ------02/24/20 Saba Software Cornerstone OnDemand 95% 5% - $1,395 5.4x ------02/18/20 RSA Security Symphony Technology/OTPP 100% - - $2,075 ------02/17/20 Cloud Explorers TargetEveryOne 80% 20% $6 $9 ------02/13/20 Docutech First American Financial 100% - - $350 ------02/11/20 RentPath CoStar Group 100% - - $588 2.6x - - - 12.5x - - - 02/07/20 Char Software Upland Software 100% - - $68 ------45% 02/06/20 ForeScout Technologies Advent International/Crosspoint 100% - - $1,900 5.6x 5.6x 5.0x 12% nm nm nm (7%) 02/06/20 Living Lens Enterprise Medallia 100% - - $26 ------02/03/20 Askida Alithya Group - - - $16 1.2x ------01/28/20 Passage AI ServiceNow 100% - - $33 ------01/23/20 Regulatory DataCorp Moodys Corporation - - - $700 ------01/22/20 Loom Systems ServiceNow 100% - - $58 ------01/21/20 Absolute Data Group Pennant International Group 91% 9% - $2 ------01/16/20 Clustree Cornerstone OnDemand 100% - - $19 ------01/16/20 Smart Sparrow (learning tech assets) Pearson - - - $25 ------01/13/20 ID Analytics LexisNexis Risk Solutions - - - $375 ------01/13/20 SCI Solutions R1 RCM 100% - - $190 ------01/09/20 Veeam Software Insight Partners - - - $5,000 5.0x ------01/08/20 SISA Studio Informatica WiseTech Global - - - $11 - - - - 30.6x - - - 01/06/20 Armis Insight Partners 100% - - $1,100 ------01/06/20 Delerrok Cubic - - $36 $44 ------01/06/20 PIXIA Cubic - - - $250 ------

Notes: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Includes only transactions for which data was publicly available Sources: Company releases, Wall Street research

5 M&A Activity Announced Software Acquisitions: Q1 2020

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price 03/31/20 Adaptavist Assets (TM4J) SmartBear Platforms, Development Tools & Deployment - Assets for test planning, authoring, execution, tracking and reporting n/a 03/31/20 MacPractice Valsoft ERP & Business Applications - Medical and dental practice management n/a 03/31/20 IdentityMind Acuant IT Security - AI-enabled digital identity management and verification n/a 03/31/20 Command Alkon Thoma Bravo ERP & Business Applications - Supplier collaboration for the construction sector n/a 03/31/20 Tavve Defiance Ventures Network Infrastructure - Network management and integration services for financial services n/a 03/31/20 Orchard Information Systems MRI Software ERP & Business Applications - Real estate ERP platform n/a 03/30/20 BroadVision Aurea Content Management - Portal integration and content management n/a 03/27/20 Keaz Wunder Mobility ERP & Business Applications - Fleet management, mobile keyless vehicle access and asset tracking n/a 03/26/20 Levit & James Litera Content Management - Document management for the legal sector n/a 03/26/20 MESEnter AVEVA Financial Applications - Production accounting reconciliation for businesses n/a 03/26/20 Wavy Global Sinch Marketing Applications - AI-based customer messaging that can be integrated into existing CRM systems $116 03/26/20 Queue-it GRO Capital ERP & Business Applications - Provides customer service automation and queuing for virtual waiting rooms n/a 03/26/20 Thematically SoloSegment Communications - AI-enabled text analytics for business data n/a 03/25/20 Tikit Advanced ERP & Business Applications - ERP & professional services automation for legal, accounting and professional services n/a 03/25/20 Assetic Dude Solutions ERP & Business Applications - Infrastructure asset management for asset managers globally n/a 03/24/20 TrackX FourKites ERP & Business Applications - IoT-enabled yard, dock and gate control management $3 03/24/20 Captricity SS&C Technologies Business Intelligence - Machine learning-based document imaging and optical character recognition n/a 03/24/20 Landria Technologies Brex Business Intelligence - Machine learning-backed information management for businesses n/a 03/19/20 Collab Volaris Group Communications - Microsoft Azure and SIP-based multi-media contact center n/a 03/19/20 Pondera Solutions Thomson Reuters ERP & Business Applications - Anti-fraud and related BPO analytics services for government agencies and the healthcare secton/a 03/18/20 Conversion Logic VideoAmp Marketing Applications - Cross-channel marketing attribution that leverages AI n/a 03/18/20 Holte EG ERP & Business Applications - Project management and training services for construction, building and real estate sectors n/a 03/17/20 ALMA Consulting VITEC Content Management - Product information and document management for the processing and energy sectors n/a 03/17/20 Monaeo Topia ERP & Business Applications - Business travel compliance management and audit protection n/a 03/17/20 Technology Services Group Alfresco Software Content Management - Enterprise content management for businesses in North America n/a 03/17/20 June.ai Nylas Marketing Applications - AI-enabled email and messaging to businesses in the US n/a 03/16/20 GER CIR ERP & Business Applications - Emergency status tracking & situational awareness applications and hardware n/a 03/16/20 Everwise Torch Leadership Labs ERP & Business Applications - Learning and development services for peer support, mentoring and facilitated learning. n/a 03/16/20 npm GitHub Platforms, Development Tools & Deployment - Package management and public registry website for JavaScript developers n/a 03/16/20 Xactium Riskonnect IT Security - AI-embedded and Salesforce-based risk, audit and compliance management n/a 03/16/20 Checkmarx Hellman & Friedman IT Security - DevOps code analysis to enable automated application vulnerability testing n/a 03/16/20 FusionCharts Idera Business Intelligence - JavaScript-based data visualization with interactive charts, maps and BI dashboards n/a 03/13/20 Werk Enterprises The Mom Project ERP & Business Applications - HR workforce management analytics n/a 03/12/20 Apility.io Auth0 IT Security - IP threat intelligence for developers and businesses n/a 03/12/20 Monidee Equiniti Financial Applications - Employee equity and cash incentive plans management for businesses and investors $4 03/12/20 coAction.com D&B ERP & Business Applications - B2B revenue cycle and invoice management for mid-sized businesses n/a 03/12/20 Madgex Wiley Content Management - Job board management and career center services to online recruitment businesses n/a 03/12/20 Apply Financial Accuity Financial Applications - Global bank payment validation and file management API n/a 03/11/20 WoodWing Software Main Capital Partners Content Management - Content management for all types of print media n/a 03/11/20 iBlocks Tracsis ERP & Business Applications - Smart ticketing and data integration $21 03/11/20 Authess Elsevier ERP & Business Applications - AI-based job competancy assessment management n/a 03/11/20 Business Collaborator Bently Systems ERP & Business Applications - Project and asset information management in construction n/a 03/11/20 Centri Technology AgilePQ IT Security - IoT device data communication security n/a 03/10/20 Blackboard Inc. Learning Technologies Group ERP & Business Applications - Open LMS platform for e-learning management $32 03/10/20 Containership Inc. Hitachi Vantara LLC Platforms, Development Tools & Deployment - Deployment and infrastructure management in cloud environments n/a 03/10/20 ClearBrain Inc. Amplitude ERP & Business Applications - AI-based predictive customer analytics n/a 03/10/20 InCube Group Finantix Holdings Financial Applications - AI-based wealth and insurance management n/a 03/09/20 HealthEdge Software The Blackstone Group Business Intelligence - BI for healthcare claims and benefits management n/a 03/09/20 Talon Storage NetApp Inc. Storage Management - Local file caching and data centralization n/a 03/09/20 GuideK12 Forecast5 Analytics ERP & Business Applications - Geovisual analytics for school campuses n/a

Sources: Company releases, Wall Street research

6 M&A Activity Announced Software Acquisitions: Q1 2020 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price 03/09/20 Panda Security WatchGuard Technologies IT Security - AI-based endpoint protection and detection n/a 03/09/20 XMedius Solutions OpenText Business Intelligence - Electronic data interchange $75 03/09/20 ControlExpert Allianz Group ERP & Business Applications - Business management and claims processing n/a 03/09/20 CNL Software Everbridge IT Security - Physical security information management $36 03/06/20 WinWorker Battery Ventures ERP & Business Applications - Business management for SMB contractors n/a 03/06/20 Encore Technology Group Identity Automation Systems IT Security - Identity and access management n/a 03/05/20 SwiftStack NVIDIA Storage Management - Open source data management n/a 03/05/20 Heimdal Security Marlin Equity Partners IT Security - Data security against malware and ransomware n/a 03/05/20 Paragon Software Aptean ERP & Business Applications - SCM and fleet management n/a 03/05/20 CoreHR The Access Group ERP & Business Applications - HCM and payroll management for HR n/a 03/04/20 Cobalt Strike HelpSystems IT Security - Threat emulation for penetration testing n/a 03/04/20 Managed by Q Eden Technologies ERP & Business Applications - Workplace management n/a 03/04/20 Azul Systems Vitruvian Partners Platforms, Development Tools & Deployment - Runtime solutions for Java and JVMs $340 03/04/20 Revelian Criteria Corporation ERP & Business Applications - HR assessments for prospective employees n/a 03/04/20 Tripleseat Vista Equity Partners ERP & Business Applications - Sales and event management n/a 03/03/20 Titan IC Systems Mellanox Technologies Network Infrastructure - Network traffic inspection and analytics n/a 03/03/20 NAS Recruitment Innovation M3 Inc. Marketing Applications - Digital advertising and marketing n/a 03/03/20 nGUVU Technologies Genesys Telecommunications ERP & Business Applications - Cloud-based employee engagement for business call centers n/a 03/03/20 OutMatch Rubicon Technology Partners ERP & Business Applications - Workforce management predictive analytics n/a 03/03/20 PlanPlus Global Morningstar Financial Applications - Financial planning and risk profiling n/a 03/03/20 Collateral Analytics Black Knight Inc. ERP & Business Applications - Real estate model analytics n/a 03/02/20 ProShip Inc. Fog Software Group ERP & Business Applications - Logistics and warehouse management $15 03/02/20 Smith Technologies Francisco Partners ERP & Business Applications - Business management for pharmacies n/a 03/02/20 We Got POP Entertainment Partners ERP & Business Applications - Workforce management for the production industry n/a 03/02/20 Scivantage Refinitiv Financial Applications - Wealth management tools n/a 03/02/20 Exxellence Main Capital Partners ERP & Business Applications - CRM and self-service for the public sector n/a 03/02/20 Avenue 81 Redbrick Technologies Marketing Applications - No-code website management and marketing automation n/a 03/02/20 Compuware BMC Software Network Infrastructure - Application mainframe server and network performance management n/a 02/28/20 TeamWORKS JDM Technology ERP & Business Applications - Maintenanance, asset and operations management n/a 02/28/20 Care Experience QuestionPro ERP & Business Applications - AI-based patient care experience maangement n/a 02/27/20 Instart (contracts & select IP assest) Akamai Technologies IT Security - Cloud, web and mobile application security n/a 02/27/20 Zepheira EBSCO Information Services Storage Management - Decentralized linked data infrastructure for libraries, archives and museums n/a 02/27/20 FamilyID ArbiterSports ERP & Business Applications - Program registration and payment management n/a 02/27/20 Seal Software DocuSign ERP & Business Applications - AI-based contract management $188 02/26/20 Praecipio Consulting (Turbo Kit app) Appfire Platforms, Development Tools & Deployment - Jira software project management and issue tracking n/a 02/26/20 AnsweriQ Freshdesk ERP & Business Applications - AI-based customer service automation n/a 02/26/20 MaritzCX Research InMoment Business Intelligence - Customer, employee and patient experience analytics n/a 02/25/20 Kontena Mirantis App. Delivery & Network Acceleration - Open source cloud containers for DevOps teams n/a 02/25/20 Router Limits Bark Technologies Network Infrastructure - Network management and monitoring n/a 02/25/20 Pacejet 3Gtms ERP & Business Applications - Shipping, freight and logistics platform n/a 02/25/20 Vlocity Salesforce.com Marketing Applications - Industry specific CRM platform $1,330 02/25/20 VisiumKMS Valsoft ERP & Business Applications - Compliance, risk assessment and reporting platform n/a 02/24/20 MiJourney Smith & Nephew ERP & Business Applications - Patient management and ERP for the healthcare sector n/a 02/24/20 Peoplevox Descartes Systems Group ERP & Business Applications - Warehouse management platform $24 02/24/20 Light Point Security McAfee IT Security - Anti-malware web browsing and access security n/a 02/24/20 Saba Software Cornerstone OnDemand ERP & Business Applications - Talent management platform for businesses $1,395 02/21/20 DataRow Amazon Web Services Storage Management - Relational database query and warehousing n/a 02/21/20 Adaptive Management Knoema Corporation Content Management - Data management and related services n/a 02/20/20 Hyphen Betterworks ERP & Business Applications - Employee engagement, feedback collection and analytics n/a 02/20/20 Synthio Vertify Storage Management - Contact data management for sales teams n/a

Sources: Company releases, Wall Street research

7 M&A Activity Announced Software Acquisitions: Q1 2020 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price 02/20/20 OnGuard Visma Group Financial Applications - AI-based order-to-cash and credit management for businesses n/a 02/20/20 NorthPoint Technology NEXT Investors Financial Applications - Reporting and portfolio management solutions for investment management firms n/a 02/20/20 AEGERUS Nexus AG ERP & Business Applications - Facility management for nursing homes n/a 02/20/20 CyGlass Nominet IT Security - AI-based network threat detection n/a 02/20/20 Longview Solutions insightsoftware.com ERP & Business Applications - Corporate performance management system n/a 02/19/20 Cornerstone Technology Google IT Operations Management - Mainframe and application migration n/a 02/19/20 Confirmit Zobito ERP & Business Applications - Market research data collection n/a 02/19/20 Usoft Holland Capital Management Platforms, Development Tools & Deployment - Back-end processes low-code development tools n/a 02/19/20 Virtual Observer Five9 ERP & Business Applications - Workforce optimization for contact centers n/a 02/18/20 RSA Security Symphony Technology/OTPP IT Security - Online identities and digital assets protection $2,075 02/18/20 EnergyIQ Quorum Software IT Operations Management - Master data management and analytics n/a 02/17/20 Cloud Explorers TargetEveryOne Storage Management - Big data analytics and management $9 02/17/20 Navitrans Valsoft ERP & Business Applications - Logistics and warehousing management platform n/a 02/17/20 Qopius SAS Trax Retail Business Intelligence - AI-enabled image recognition n/a 02/14/20 Grecom International Vendor Credentialing Service ERP & Business Applications - GRC management for hospitals and outpatient services providers n/a 02/13/20 Docutech First American Financial Financial Applications - Loan origination document generation and management $350 02/13/20 Big Switch Networks Arista Networks IT Security - Data center switching, monitoring, visibility and security for all cloud environments n/a 02/12/20 RS Energy Group Drillinginfo ERP & Business Applications - Oil and gas analytics and online technical and financial research n/a 02/11/20 North Star Systems SOS International Business Intelligence - Language-based data analytics for intelligence and law enforcement markets n/a 02/11/20 Mining Information Systems Ultimate Positioning Group Business Intelligence - Data monitoring and reporting management n/a 02/11/20 TROVE Predictive Data Science E Source Companies Business Intelligence - AI-based predictive analytics for the energy and utility industry n/a 02/11/20 AimBrain Solutions BioCatch IT Security - AI-based multi-modal digital identity authentication for businesses n/a 02/11/20 BlueWater OneTouchPoint Marketing Applications - AI-based digital marketing management for businesses n/a 02/11/20 RentPath CoStar Group ERP & Business Applications - US Rental digital marketing services $588 02/10/20 Askia Ipsos ERP & Business Applications - Market research for businesses n/a 02/10/20 IndustriOS Shoplogix ERP & Business Applications - ERP for small and medium sized-manufacturers n/a 02/10/20 Avesta Systems OnShift ERP & Business Applications - Talent acquisition and services to emergency medical services organizations n/a 02/10/20 Driver's Alert Smith System Driver Improvement Institute ERP & Business Applications - Online fleet driver safety training and risk management for vehicle fleet managers n/a 02/10/20 ByDesign Technologies Retail Success Storage Management - Sales management for businesses in the direct selling and retail industries n/a 02/10/20 LevelEleven Geopointe ERP & Business Applications - Performance management for sales, customer-facing teams and team leaders n/a 02/10/20 Doc-Tor.Com N. Harris Computer Corporation ERP & Business Applications - EHR and practice management for healthcare providers n/a 02/07/20 Arrow Solutions AlayaCare ERP & Business Applications - Business management for homecare agencies n/a 02/07/20 Char Software Upland Software Business Intelligence - Customer analytics that analyzes mobile application data for marketing $68 02/07/20 Dessa Square IT Security - Deep-fake detection AI and machine learning-enabled development tools n/a 02/06/20 Sysxnet FTV Management Financial Applications - Data compliance and security management n/a 02/06/20 Advanced Systems Consultants Fog Software Group Storage Management - SCM warehouse management, shipping, procurement, planning and accounting n/a 02/06/20 ForeScout Technologies Advent International/Crosspoint IT Security - Network security for businesses and government agencies $1,900 02/06/20 Axonite Mobius Solutions Marketing Applications - Marketing automation that enables unifcation of customer data n/a 02/06/20 Orpheus McKinsey & Company Storage Management - AI-based strategic procurement management and for businesses n/a 02/06/20 Living Lens Enterprise Medallia Business Intelligence - Customer analytics that analyzes and extracts insights from customers $26 02/05/20 Learning Machine Technologies Hyland Software Storage Management - Content and document credentialing for the public and private sectors n/a 02/05/20 Revulytics Flexera Software Business Intelligence - Product development, license compliance and usage analytics for developers n/a 02/04/20 Booke Seminars Sovos Compliance Financial Applications - Insurance accounting training for businesses and government entities n/a 02/04/20 Donesafe Health & Safety Institute ERP & Business Applications - Mobile application for safety and compliance management n/a 02/04/20 Kofile Audax Private Equity ERP & Business Applications - Document preservation and cloud storage for governments n/a 02/03/20 Evergage Salesforce.com Marketing Applications - Machine learning-based customer personalization for enterprise marketing n/a 02/03/20 OneReport Nasdaq Business Intelligence - ESG and EHS data analytics, reporting, corporate and data management n/a 02/03/20 Askida Alithya Group Platforms, Development Tools & Deployment - Application development and quality assurance tests $16 02/03/20 Simeio Solutions ZelnickMedia IT Security - Identity and access management, identity as a service, including authentication n/a 02/03/20 The EvalueX IO DoiT International Platforms, Development Tools & Deployment - Integrated Development Environment application development tool n/a

Sources: Company releases, Wall Street research

8 M&A Activity Announced Software Acquisitions: Q1 2020 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price 02/03/20 Scytale Incorporated Hewlett Packard Enterprise Platforms, Development Tools & Deployment - Service identity management for the cloud native enterprises n/a 02/03/20 Emailage Corporation LexisNexis Risk Solutions IT Security - Email-based fraud prevention and risk management n/a 01/30/20 Eyefreight Elemica ERP & Business Applications - Transportation management system for shippers n/a 01/30/20 SwiftIQ PDI Business Intelligence - ML-enabled retail analytics n/a 01/30/20 Visiolink VITEC Marketing Applications - Advertisement management and analytics n/a 01/30/20 4Cite Marketing Dentsu Marketing Applications - Visitor-focused marketing automation n/a 01/29/20 ClusterSeven Mitratech IT Operations Management - Database monitoring and compliance n/a 01/29/20 SL Corporation Partner One Capital IT Operations Management - Application and infrastructure monitoring n/a 01/28/20 Betterific IdeaScale ERP & Business Applications - Employee and customer feedback management n/a 01/28/20 GroundControl Solutions Imprivata IT Operations Management - Mobile device management n/a 01/28/20 Quid NetBase Solutions Business Intelligence - AI-enabled document analytics n/a 01/28/20 Passage AI ServiceNow ERP & Business Applications - AI-enabled chat bots $33 01/27/20 JAAS Systems Acumatica ERP & Business Applications - SMB-focused manufacturing automation n/a 01/27/20 SpeechIQ LiveVox Business Intelligence - AI-based speech recognition n/a 01/27/20 Chatter Research Stingray Group ERP & Business Applications - AI-enabled customer feedback platform n/a 01/24/20 Industrial Defender TELEO Capital Management IT Security - Security and compliance for infrastructure businesses n/a 01/23/20 Ontuitive Zeal Technology ERP & Business Applications - E-learning and employee training platform n/a 01/23/20 Regulatory DataCorp Moodys Corporation Financial Applications - Anti-fraud GRC platform $700 01/23/20 Ncontracts Gryphon Investors ERP & Business Applications - Compliance and risk management platform n/a 01/22/20 VisionTree Software Brainlab ERP & Business Applications - Healthcare data management n/a 01/22/20 Enviance Cority Software ERP & Business Applications - EHS compliance and data management n/a 01/22/20 Location CoreLogic Business Intelligence - GIS and location analytics n/a 01/22/20 Everteam KYOCERA Content Management - Enterprise content management n/a 01/22/20 Waterline Data Hitachi Vantara Business Intelligence - AI-enabled data cataloging n/a 01/22/20 BinaryEdge Coalition IT Security - Internet threat detection platform n/a 01/22/20 Loom Systems ServiceNow IT Operations Management - Log monitoring and analytics $58 01/22/20 ServiceBridge GPS Insight ERP & Business Applications - SMB field service management n/a 01/22/20 Modern Message RealPage ERP & Busines Applications - Resident rewards & engagement SaaS n/a 01/21/20 Centerfield Media Holdings Platinum Equity Marketing Applications - CRM and marketing automation n/a 01/21/20 TriVium Systems Provana Business Intelligence - Call management, recording and analytics n/a 01/21/20 Nyansa Vmware App. Delivery & Network Acceleration - Network monitoring and analysis n/a 01/21/20 XebiaLabs CollabNet VersionOne Platforms, Development Tools & Deployment - Application release orchestration and continuous delivery n/a 01/21/20 Absolute Data Group Pennant International Group ERP & Business Applications - Defense and manufacturing asset maintenance and e-learning platform $2 01/21/20 Symon AI Varicent Software Business Intelligence - Data transformation and analytics n/a 01/21/20 RoxAI Qlik Business Intelligence - Business intelligence and workflow automation n/a 01/21/20 Cloudvisory FireEye IT Security - Cloud infrastructure security management n/a 01/16/20 Cerasis GlobalTranz Enterprises ERP & Business Applications - Transportation and logistics management n/a 01/16/20 Clustree Cornerstone OnDemand ERP & Business Applications - AI-enabled internal hiring solution $19 01/16/20 Edcentric Holdings Veritas Capital ERP & Business Applications - Education planning and compliance platform n/a 01/16/20 Campus Management Corp. Veritas Capital ERP & Business Applications - Education administration and HCM platform n/a 01/16/20 Smart Sparrow (learning tech assets) Pearson ERP & Business Applications - Educational learning and assessment platform $25 01/16/20 CGE Risk Management Solutions Wolters Kluwer Network Infrastructure - Enterprise risk management for incidents and performance n/a 01/15/20 Fidelis Cybersecurity Skyview Capital IT Security - Anti-data leakage & anti-malware systems n/a 01/15/20 Mintsoft The Access Group ERP & Business Applications - Warehouse and order management system n/a 01/15/20 SpecFlow Tricentis Platforms, Development Tools & Deployment - Agile testing and collaboration platform n/a 01/15/20 BlackBag Technologies Cellebrite Business Intelligence - Device forensic and analysis platform for law enforcement n/a 01/14/20 Teem Technologies iOFFICE ERP & Business Applications - Meeting and workspace management platform for businesses n/a 01/14/20 Lanehub Transplace Business Intelligence - Shipping & transportation collaboration platform n/a 01/14/20 Star Lab Corp. Wind River IT Security - Aerospace & defense embedded cybersecurity system n/a 01/14/20 BIAS Software Springbrook Software Financial Applications - Local government accounting platform n/a

Sources: Company releases, Wall Street research

9 M&A Activity Announced Software Acquisitions: Q1 2020 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price 01/13/20 ID Analytics LexisNexis Risk Solutions IT Security - Fraud and identity theft monitoring system $375 01/13/20 Unomaly AB LogicMonitor Platforms, Development Tools & Deployment - AI-based log monitoring and analytics for ITOps and DevOps n/a 01/13/20 SCI Solutions R1 RCM ERP & Business Applications - Healthcare SaaS $190 01/10/20 Silvertrac Software Trackforce Valiant ERP & Business Applications - Security guard management and incident reporting platform n/a 01/10/20 Precima Nielsen Holdings Content Management - Retail customer analytics and transaction log management n/a 01/09/20 Iptor Bregal Unternehmerkapital ERP & Business Applications - SCM and ERP solution for businesses n/a 01/09/20 Veeam Software Insight Partners Storage Management - Virtual data backup platform $5,000 01/09/20 Kuebix Trimble Business Intelligence - Shipping transportation management system n/a 01/09/20 Innovise TEAM Software ERP & Business Applications - Workforce and compliance management platform n/a 01/09/20 Tinfoil Security Synopsys IT Security - Website security and vulnerability analysis system n/a 01/08/20 Herefish Bullhorn ERP & Business Applications - Recruiting automation and communication for staffing firms n/a 01/08/20 SISA Studio Informatica WiseTech Global Business Intelligence - Logistics management platform $11 01/08/20 Yaro Virgin Pulse ERP & Business Applications - Employee benefits navigation system n/a 01/08/20 Lindsey Software MRI Software ERP & Business Applications - Public and Section 8 property management platform n/a 01/08/20 Sequr Genea Energy Partners Network Infrastructure - Physical access control system n/a 01/07/20 RightSource Compliance Yardi Systems Business Intelligence - Affordable housing regulation compliance system n/a 01/07/20 S2 Systems Cloudflare Platforms, Development Tools & Deployment - Browser isolation platform for businesses n/a 01/07/20 Novayre Appian App. Delivery & Network Acceleration - Robotic process software development platform n/a 01/07/20 Evariant Healthgrades ERP & Business Applications - Healthcare CRM n/a 01/07/20 Auto/Mate DealerSocket ERP & Business Applications - Auto dealership management system n/a 01/07/20 Forecast Horizon Antuit.ai Marketing Applications - Retail merchandising and promotion system n/a 01/07/20 LiveQoS Adaptiv Networks App. Delivery & Network Acceleration - Network application performance monitoring and management n/a 01/07/20 Springbrook Software Accel-KKR ERP & Business Applications - Government focused financial and administrative protection n/a 01/06/20 Armis Insight Partners IT Security - Unmanaged and IoT device cybersecurity monitoring system $1,100 01/06/20 Lifecycle Software Volaris Group Financial Applications - Telecommunications billing system n/a 01/06/20 Segasec Mimecast IT Security - AI digital threat detection and protection system n/a 01/06/20 Delerrok Cubic ERP & Business Applications - Transit fare collection platform $44 01/06/20 PIXIA Cubic ERP & Business Applications - Geo-spatial data storage and scalability platform $250 01/03/20 Charter Software Constellation Software Business Intelligence - Microsoft-based dealership business management platform n/a

Sources: Company releases, Wall Street research

10 M&A Activity Most Active Strategic Acquirers: 2014 – Q1 2020

$70 80 Announced Deal Value [a] $64.0 Number of Deals 69 70 $60

60 $50

$44.0 50

$40 $39.0 42

$36.3 41 # of Deals 40 $31.2 34 $29.2 $30 32 31 Aggregate Deal Value ($ billions) ($ Value Deal Aggregate 29 27 30

$18.8 $20 $16.3 17 20 $14.4 15

10 $10 $7.4 10

$0.7

$- 0

[a] Includes only transactions for which data is publicly available Note: Broadcom includes acquisitions by CA Technologies and Symantec prior to acquisition by Broadcom; EMC acquisitions included prior to its acquisition by Dell

11 M&A Activity Most Active Strategic Software Acquirers

2014 – Q1 2020 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Broadcom Corporation Known acquired value (since 2014): $43,994 Cisco Systems (continued) 12/30/19 Bay Dynamics - - - - 08/21/17 Springpath 100% - - $320 Cisco 08/09/19 Symantec (enterprise security assets) 100% - - $10,700 07/13/17 Observable Networks - - - - 02/12/19 Luminate Security [b] - - - - 05/11/17 MindMeld - - - $125 11/05/18 Appthority [b] - - - - 05/04/17 Saggezza (assets) - - - - 11/05/18 Javelin Networks [b] - - - - 05/01/17 Viptela 100% - - $610 Dell 07/11/18 CA Technologies 100% - $18,900 $18,400 01/24/17 AppDynamics - - $3,700 $3,593 04/09/18 SourceClear [a] - - - - 10/17/16 Heroik Labs - - - - 11/06/17 SurfEasy [b] 100% - - $39 08/30/16 ContainerX - - - - 10/25/17 Outlier Security [b] - - - - 06/28/16 CloudLock - - - $293 IBM 09/28/17 Runscope [a] - - - - 03/08/16 Synata - - - - 07/11/17 Skycure [b] - - - $275 03/02/16 Leaba Semiconductor 100% - - $320 07/06/17 Fireglass [b] - - - - 03/01/16 CliQr Technologies 100% - - $260 06/15/17 zIT Consulting [a] - - - - 02/03/16 Jasper Technologies - - - $1,400 Intel 06/03/17 Watchful Software [b] - - - - 11/20/15 Acano 100% - - $700 03/07/17 Veracode [a] 100% - - $614 10/28/15 1 Mainstream - - - - 12/28/16 Mobile System 7 [a] - - - - 10/27/15 Lancope 100% - - $453 12/01/16 Automic Software [a] - - - $636 10/26/15 ParStream - - - - Intuit 11/20/16 LifeLock [b] 100% - $2,335 $2,300 10/13/15 Pawaa Software - - - - 11/02/16 Brocade Communications Systems 100% - $5,500 $5,900 09/30/15 Portcullis Computer Security - - - - 09/20/16 BlazeMeter [a] 100% - - - 07/07/15 MaintenanceNet - - - $139 06/12/16 Blue Coat Systems [b] 100% - - $4,650 06/30/15 OpenDNS 100% - - $635 Microsoft 08/20/15 Blackfin Security Group [b] - - - - 06/03/15 Piston Cloud Computing - - - - 08/04/15 Xceedium [a] - - - - 05/07/15 Tropo - - - - 06/08/15 IdMlogic [a] - - - - 04/01/15 Embrane - - - - 06/04/15 Grid Tools [a] - - - - 12/10/14 Neohapsis - - - - Oracle 05/27/15 Rally Software [a] 100% - - $480 09/18/14 Memoir Systems - - - - 01/12/15 Narus [b] - - - - 09/17/14 Metacloud - - - $149 10/28/14 Identropy (SCUID assets) [a] - - - - 06/27/14 Assemblage - - - - Salesforce 05/28/14 Nitrodesk [b] - - - - 06/17/14 Tail-f Systems - - - $175 05/21/14 ThreatGRID - - - - Cisco Systems Known acquired value (since 2014): $14,351 12/16/19 Exablaze - - - - Dell Known acquired value (since 2014): $63,978 SAP 08/26/19 CloudCherry - - - - 10/12/15 EMC 73% 27.0% $63,100 $62,778 06/06/19 Sentryo - - - - 05/26/15 Virtustream [a] 100% - - $1,200 01/30/19 Singularity Networks - - - - 04/16/15 Cloudlink Technologies [a] - - - - 12/18/18 Luxtera - - - $660 10/28/14 Maginatics [a] - - - - Symantec 11/21/18 Ensoft - - - - 10/28/14 Spanning Cloud Apps [a] - - - - 08/02/18 Duo Security 100% - - $2,350 10/13/14 Cloudscaling [a] - - - - 06/19/18 July Systems - - - - 07/08/14 Symplified (IP assets) [a] - - - - 05/01/18 Accompany 100% - - $270 07/08/14 TwinStrata [a] - - - - VMware 01/24/18 Skyport Systems - - - - 05/05/14 DSSD [a] - - - - 12/07/17 47Line Technologies - - - - 03/24/14 StatSoft - - - - 10/23/17 BroadSoft - - $1,737 $1,900 10/19/17 Perspica - - - - [a] Acquired by CA Technologies prior to its acquisition by Broadcom; acquired by EMC prior to its acquisition by Dell continued [b] Acquired by Symantec prior to its acquisitions by Broadcom Note: “Known acquired value” includes only transactions for which data is publicly available 12 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q1 2020 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

IBM Known acquired value (since 2014): $39,036 Intel (continued) 10/27/16 Sanovi Technologies - - - - 05/26/16 Itseez - - - - Cisco 06/01/16 EZ Legacy - - - - 04/05/16 Yogitech - - - - 03/31/16 Bluewolf - - - $240 03/09/16 Replay Technologies - - - - 03/18/16 Optevia - - - - 01/04/16 Ascending Technologies - - - - 02/29/16 Resilient Systems - - - - 10/26/15 Saffron Technology - - - - Dell 02/18/16 Truven Health Analytics 100% - - $2,600 10/01/15 VIA Telecom (assets) - - - - 02/03/16 Ecx International - - - - 08/24/15 Docea Power - - - - 02/02/16 Aperto - - - - 06/16/15 Recon Instruments - - - - 01/28/16 Resource/Ammirati - - - - 06/01/15 Altera 100% - $16,700 $15,817 IBM 01/21/16 Ustream 100% - - $130 03/25/15 Lemoptix - - - - 01/15/16 IRIS Analytics - - - - 02/02/15 Lantiq - - - - 12/08/15 Clearleap - - - - 01/20/15 Composyt Light Labs - - - - 11/03/15 Gravitant 100% - - - 12/01/14 PasswordBox - - - - Intel 10/28/15 The Weather Company (assets) - - - - 09/10/14 Powerwave - - - - 10/05/15 Cleversafe - - - - 08/13/14 LSI 100% - - $650 09/28/15 Meteorix 100% - - $120 05/09/14 Ginger Software (assets) - - - - 09/24/15 Advanced Application 100% - - $13 04/01/14 INSIDE Secure (assets) 100% - - $19 Intuit 09/10/15 StrongLoop - - - - 08/17/15 Appcore (cloud automation assets) - - - - Intuit Known acquired value (since 2014): $700 08/06/15 Merge Healthcare 100% - - $904 02/24/20 Credit Karma - - - - 07/23/15 Compose - - - - 11/18/19 Chronobooks - - - - Microsoft 06/03/15 Blue Box Group - - - - 05/28/19 Origami Logic - - - - 04/13/15 Phytel - - - - 01/29/18 Applatix - - - - 04/13/15 Explorys - - - - 12/05/17 TSheets 100% - - $340 03/27/15 Blekko (assets) - - - - 10/26/17 Exactor - - - - Oracle 03/04/15 AlchemyAPI - - - - 10/10/16 MTS Global - - - - 08/11/14 Lighthouse Security Group (assets) - - - - 03/24/15 Playbook HR - - - - 07/31/14 CrossIdeas - - - - 02/05/15 Porticor - - - - Salesforce 05/20/14 Cognea - - - - 01/21/15 ZeroPaper - - - - 04/10/14 Silverpop Systems - - - - 12/10/14 Acrede - - - - 02/24/14 Cloudant - - - - 08/13/14 Itrios - - - - 08/07/14 PaySuite - - - - SAP Intel Known acquired value (since 2014): $31,186 07/30/14 KDK Softwaress - - - - 12/16/19 Habana Labs - - - - 05/27/14 Check - - - $360 06/10/19 Barefoot - - - - 05/14/14 Invitco - - - - 04/16/19 Omnitek - - - - Symantec 02/18/19 Ineda Systems - - - - Microsoft Known acquired value (since 2014): $36,300 09/10/18 NetSpeed Systems - - - - 03/26/20 Affirmed Networks - - - - 08/16/18 Vertex.AI - - - - 03/16/20 npm - - - - 07/12/18 eASIC - - - - 10/21/19 Mover - - - - VMware 03/13/17 Mobileye 100% - - $14,700 09/18/19 Semmle [a] - - - - 11/03/16 Voke - - - - 09/04/19 Movere - - - - 09/05/16 Movidius - - - - 08/19/19 JClarity - - - - 08/10/16 Nervana Systems - - - - 08/05/19 PromoteIQ - - - - [a] Acquired by GitHub prior to its acquisition by Microsoft continued Note: “Known acquired value” includes only transactions for which data is publicly available

13 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q1 2020 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Microsoft (continued) Microsoft (continued) 07/29/19 BlueTalon - - - - 06/10/15 BlueStripe Software - - - - Cisco 06/17/19 Good Software [a] - - - - 06/02/15 6Wunderkinder GmbH - - - - 06/09/19 Double Fine Productions - 0% - - 04/14/15 Datazen Software - - - - 04/18/19 Express Logic - 0% - - 03/26/15 LiveLoop - - - - 02/04/19 BrightBytes - - - - 02/12/15 N-trig - - - - Dell 01/24/19 Citus Data - - - - 02/04/15 Sunrise Atelier - - - - 11/19/18 FSLogix - - - - 01/23/15 Revolution Analytics 100% - - - 11/14/18 XOXCO - - - - 01/20/15 Equivio - - - - 11/12/18 InXile Entertainment - - - - 12/11/14 Bit Stadium - - - - IBM 09/13/18 Lobe Artificial Intelligence - - - - 12/01/14 Acompli - - - - 06/20/18 Bonsai AI - - - - 11/13/14 Aorato - - - - 06/04/18 GitHub - 100.0% - $7,500 09/15/14 Mojang AB - - - $2,500 04/02/18 Forerunner Software (BI reporting software assets) - - - - 07/11/14 InMage Systems - - - - Intel 02/13/18 Chalkup - - - - 05/28/14 Capptain - - - - 01/29/18 PlayFab 100% - - - 05/01/14 GreenButton Limited - - - - 08/15/17 Cycle Computing - - - - 03/04/14 Junction Solutions (JunctionMCR) - - - - 06/29/17 Cloudyn 100% - - - 01/27/14 Epic Games (assets) - - - - Intuit 05/24/17 Hexadite - - - $100 01/07/14 Parature - - - - 04/18/17 Intentional Software - - - - 04/10/17 Deis - - - - Oracle Known acquired value (since 2014): $16,260 01/17/17 Donya Labs - - - - 10/02/19 CrowdTwist 100% - - - Microsoft 01/13/17 Maluuba - - - - 07/11/19 Speak Ai - - - - 11/08/16 Beam Interactive - - - - 06/26/19 Oxygen Systems - - - - 08/22/16 Genee - - - - 11/15/18 Talari Networks - - - - 06/16/16 Wand Labs - - - - 10/22/18 DataFox - - - - Oracle 06/13/16 LinkedIn 100% - - $26,200 10/17/18 goBalto - - - - 05/03/16 Solair - - - - 09/25/18 Iridize - - - - 02/24/16 Xamarin - - - - 05/16/18 Datascience - - - - Salesforce 02/09/16 Zikera (Groove assets) - - - - 04/30/18 Vocado - - - - 02/03/16 TouchType - - - - 02/15/18 Zenedge - - - - 01/19/16 Teacher Gaming (assets) - - - - 12/17/17 Aconex 100% - - $1,200 01/13/16 Event Zero (UC Commander assets) - - - - 04/18/17 Moat - - - - SAP 12/21/15 Talko (assets) - - - - 04/17/17 Wercker US - - - - 12/18/15 Metanautix - - - - 03/13/17 Webtrends (marketing analytics assets) - - - - 11/09/15 Secure Islands Technologies - - - - 01/19/17 Apiary - - - - 11/05/15 Mobile Data Labs - - - - 11/21/16 Dyn - - - - Symantec 10/02/15 Havok (assets) - - - - 09/18/16 Palerra - - - - 09/29/15 Sensei Project Solutions (assets) - - - - 09/07/16 LogFire - - - - 09/28/15 Adxstudio (assets) - - - - 07/28/16 NetSuite 100% - $9,300 $9,174 09/12/15 Double Labs - - - - 05/02/16 Opower 100% - - $532 VMware 09/08/15 Adallom - - - - 04/28/16 Textura 100% - - $663 09/03/15 VoloMetrix - - - - 04/14/16 Crosswise 100% - - $50 08/03/15 Incent Games - - - - 02/22/16 Ravello Systems - - - - 07/16/15 FieldOne - - - - 01/05/16 AddThis 100% - - - continued Note: “Known acquired value” includes only transactions for which data is publicly available

14 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q1 2020 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Oracle (continued) Salesforce.com (continued) 12/18/15 StackEngine - - - - 05/29/15 Tempo.ai - - - - Cisco 08/20/15 Maxymiser - - - - 04/01/15 Toopher - - - - 12/22/14 Datalogix - - - - 07/10/14 RelateIQ - 100% $392 $352 09/14/14 Front Porch Digital - - - - 07/31/14 TOA Technologies - - - - SAP Known acquired value (since 2014): $18,838 Dell 06/23/14 MICROS Systems 100% - $5,300 $4,642 11/19/18 Contextor - - - - 06/20/14 LiveLOOK - - - - 11/11/18 Qualtrics 100% - - $8,000 05/15/14 GreenBytes - - - - 06/05/18 Coresystems - - - - 02/24/14 BlueKai - - - - 01/30/18 CallidusCloud 100% - - $2,400 IBM 01/22/18 Recast.AI SAS - - - - Salesforce.com Known acquired value (since 2014): $29,187 09/24/17 Gigya - - - $325 03/02/20 C Level Club - - - - 12/14/16 Abakus - - - - 02/25/20 Vlocity 100% - - $1,330 09/28/16 PLAT.ONE - - - - Intel 08/07/19 ClickSoftware Technologies - - - $1,350 09/27/16 Altiscale - - - - 06/10/19 Tableau - 100% $15,080 $14,579 06/21/16 Fedem Technology - - - - 05/06/19 Bonobo - - - - 02/16/16 MeLLmo - - - - 04/17/19 MapAnything - - - - 10/13/15 Multiposting - - - - Intuit 01/28/19 Griddable.io - - - - 09/18/14 Concur Technologies - - $8,300 $8,113 01/14/19 roundCorner - - - - 05/20/14 SeeWhy - - - - 10/05/18 Rebel - - - - 03/26/14 Fieldglass - - - - 07/16/18 Datorama 16% 84% $744 $726 Microsoft 06/13/18 Empirical Systems [a] - - - - VMware Known acquired value (since 2014): $7,443 03/20/18 MuleSoft 80% 20% $6,580 $6,500 01/21/20 Nyansa - - - - 01/08/18 Attic Labs - - - - 08/22/19 Carbon Black 100% - $2,100 $2,053 08/09/17 Argo Technologies [a] - - - - 08/22/19 Pivotal Software - - - $3,300 Oracle 01/24/17 Sequence - - - $26 08/21/19 Intrinsic - - - - 01/13/17 Unity&Variety - - - - 08/14/19 Veriflow Systems - - - - 12/13/16 Twin Prime - - - - 07/25/19 Uhana - - - - Salesforce 10/04/16 Krux 50% 50% - $680 07/18/19 Bitfusion - - - - 09/15/16 Gravity Tank - - - - 06/13/19 Avi Networks - - - - 09/07/16 Heywire - - - - 05/15/19 BirRock - - - - 08/15/16 BeyondCore - - - $110 02/05/19 AetherPal - - - - SAP 08/01/16 Quip - 100% $410 $410 11/06/18 Heptio 100% - - $550 07/21/16 Coolan - - - - 08/27/18 CloudHealth Technologies - - - - 06/01/16 Demandware 100% - - $2,800 03/28/18 E8 Security - - - - 05/09/16 Implisit - - - - 02/22/18 CloudVelox (Talent and technology assets) - - - - Symantec 04/04/16 MetaMind - - - - 02/14/18 CloudCoreo - - - - 03/10/16 HyPer [a] - - - - 11/02/17 VeloCloud Networks 100% - - - 02/19/16 TappingStone - - - - 05/15/17 Apteligent 100% - - - 12/23/15 SteelBrick - 100% $360 $300 04/12/17 Wavefront - - - - VMware 12/14/15 MinHash - - - - 12/19/16 PLUMgrid - - - - 09/02/15 AKTA - - - - 06/13/16 Arkin Net - - - - 08/04/15 Infoactive Viz [a] - - - - 10/14/15 Boxer - - - - 06/25/15 Kerensen Consulting SAS 100% - - $24 02/03/15 Immidio - - - - [a] Acquired by Tableau prior to its acquisition by Salesforce continued Note: “Known acquired value” includes only transactions for which data is publicly available

15 M&A Activity Most Active Strategic Software Acquirers continued

2014 – Q1 2020 ($ millions)

Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value

Vmware (continued) 10/29/14 Continuent (assets) - - - - Cisco 08/20/14 CloudVolumes - - - - 08/04/14 Virtual System (cloud migration assets) - - - - 03/06/14 Third Sky - - - - 01/22/14 AirWatch 76% 24% - $1,540 Dell

IBM

Intel

Intuit

Microsoft

Oracle

Salesforce

SAP

Symantec

VMware

continued Note: “Known acquired value” includes only transactions for which data is publicly available

16 Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices

100% 350% 3 Year Relative Performance 1 Year Relative Performance 300% 250% 200% NASDAQ 75% 150% 100% Large Cap Software [a] 50% High Growth Software [b] 0% -50% High Profitability Software [c] -100% 50% Mar-17 Mar-18 Mar-19 Mar-20 Small Cap Software [d]

31% 25%

10% 6% 0% -2%

-25%

-40%

-50% Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High

16x 45x 41.3x 100% CY20E 14x 40x 35.7x 90% 12.0x 74% 76% CY21E 80% 71% 12x 35x 70% 61% 9.3x 30x 10x 60% 25x 8x 6.6x 50% 6.2x 20x 39% 15.2x 40% 6x 13.8x 12.6x 3.9x 3.7x 15x 11.2x 30% 4x 3.3x 3.2x 8.4x 8.5x 10x 8.0x 8.0x 20% 1.0x 2x 0.9x 5x 10% 0x 0x 0% Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Software Software Software Software

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research [a] Large Cap Software includes: MSFT, INTC, CSCO, ORCL, SAP, IBM, HPE, MCRO [b] High Growth Software includes: ZG, SHOP, ZM, ESTC, DDOG, SMAR, NET, CDLX, CRWD, OKTA, AYZ, PLAN, XRO, ZS, MDB, NTNX, TWLO, SPLK, ZEN, DOCU, TEAM, NOW, COUP, DT, EVBG, QTWO [c] High Profitability Software includes: RMV, VRSN, MSCI, AZPN, ORCL, CHKP, PRGS, SWI, ADBE, MSFT, INTC, FIS, ANSS, QLYS, AKAM, PAYC, SWX:TMN, PAYX, SSNC, JCOM, DSGX, UPLD, CSCO, VEEV, OTEX, SAP, INTU, FISV, MCRO, CDNS, DOTD, ROP, VMW [d] Small Cap Software includes: GTYH, MJCO, ZIXI, EGAN, ECOM, SNCR, ASPS, DHX, ASUR, SREV, VERI, CYRN, RHT, NTWK, TSX:NXJ, MRIN, BOXL [e] Highly Acquisitive Software includes: DHR, ROP, TSX:CSU, SSNC, OTEX, MCRO, JCOM, DSGX, EPAY, TSX:ENGH, UPLD, ASUR 17 Public Equity Market Valuations Price Performance and Valuation Metrics by Segment

14x CY20E CY21E 12.0x 12x 10.4x 9.9x Median CY20E Median CY21E 10x 9.3x

7.8x 8x 7.1x 7.0x 6.8x 6.6x 6.3x 6.3x 5.9x 6.1x 6.2x 5.7x 5.5x 5.6x 6x 5.4x 5.4x 4.7x 4.6x 4.6x 4.6x 4.4x 4.5x 3.9x 3.8x 3.9x 3.8x 3.9x 3.7x 4x 3.3x 3.2x 3.1x 2.5x 2.3x 2.1x 1.9x 2x 1.0x 1.0x 1.0x 0.9x

Median EV Revenue/ 0x

45x 41.3x 40x 35.7x 35x

30x 25.7x 24.4x 22.0x 24.4x 25x 22.8x 21.0x 20.7x 20.3x 20.7x 19.3x 17.7x 17.9x 18.5x 18.2x 17.6x 17.4x 20x 16.3x 16.7x 17.0x 15.6x 16.3x 16.0x 13.6x 13.9x 15.2x 13.3x 13.8x 15x 10.6x 11.7x 12.6x 12.6x 11.2x 8.4x 8.5x 10x 8.6x 8.0x 8.0x

5x nm nm nm 0x Median EV EBITDA/

90% 77% 77% 78% 80% 74% 74% 76% 71% 71% 72% 72% 71% 67% 67% 70% 65% 59% 62% 58% 61% 60% 51% 48% 50% 39% 40% 30% 20% 10% 0% Comm. Tech. HCM Financial Vertical eCommerce ERP & Sales & IT DevOps & IT BI Global App Storage Network High High SaaS Highly Small Cap

Median % of 52 Week High & Apps Apps & Supply General Marketing Ops. DevTools Security Diversified Delivery & Mgmt Infra. Growth Profitability Acquisitive Embedded Chain Business Apps Mgmt Network Apps Mgmt Apps Acceleration

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

18 Public Equity Market Valuations Equity Trading Multiples by Growth Tranche

Market Valuations of Publicly Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

EV / Revenue EV / EBITDA 12x Revenue Current Year Forward Year Current Year Forward Year > 25% Growth Date Mean Median Mean Median Mean Median Mean Median 10x 15% - 25% < 5% Q1 2020 2.8 x 2.4 x 2.7 x 2.4 x 10.2 x 8.9 x 8.9 x 8.0 x 5% - 15% Q4 2019 4.0 3.3 3.9 3.2 12.4 10.7 12.0 10.4 Q3 2019 3.3 2.3 3.2 2.3 13.1 10.7 12.6 10.2 8x < 5% Q2 2019 3.2 3.1 3.7 3.1 12.8 10.6 12.4 10.3 Q1 2019 3.8 3.5 3.6 3.3 12.1 10.5 11.6 10.4 Q4 2018 3.3 2.9 3.2 2.9 12.9 9.6 12.5 9.4 6x Q3 2018 3.5 2.6 3.4 2.6 13.0 10.8 12.0 10.4 Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5 Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5 4x Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4 Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2 2x Q2 2017 3.2 3.1 3.1 3.0 11.6 11.0 12.3 10.5 5% - 15% Q1 2020 4.6 x 3.8 x 4.2 x 3.5 x 17.8 x 17.0 x 16.2 x 14.6 x Q4 2019 5.6 5.1 5.1 4.7 23.0 22.1 20.5 18.4 - Q3 2019 5.1 4.6 4.7 4.1 19.9 20.0 17.5 17.5 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 5.4 4.7 4.9 4.3 20.5 19.6 18.2 17.2 Q1 2019 5.3 4.6 4.8 4.3 21.0 20.1 18.1 17.6 2017 2018 2019 2020 Q4 2018 4.7 4.2 4.3 3.9 21.2 19.9 18.9 17.7 Q3 2018 5.5 5.1 5.0 4.8 24.3 23.7 21.4 20.4 Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0 Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4 Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8 Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2 Forward Year Median EV / EBITDA by Growth Tranche Q2 2017 4.1 3.8 3.7 3.5 17.8 16.3 16.6 14.5 15% - 25% Q1 2020 7.1 x 5.7 x 5.9 x 4.8 x 27.0 x 25.7 x 23.1 x 21.9 x Q4 2019 8.4 8.5 7.2 6.9 32.3 31.3 27.9 26.4 50x Q3 2019 8.1 7.6 6.8 6.5 29.4 27.8 27.3 25.4 Q2 2019 7.7 7.8 6.6 6.4 30.6 28.4 28.2 26.7 Q1 2019 7.5 7.6 6.3 6.3 30.7 29.9 27.0 25.5 40x Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7 Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5 Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5 Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0 30x Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4 Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3 Q2 2017 5.4 5.6 4.5 4.6 28.6 25.9 22.9 22.1 20x > 25% Q1 2020 11.7 x 12.1 x 9.3 x 9.5 x 42.8 x 42.8 x 36.8 x 38.0 x Q4 2019 12.3 13.0 10.4 11.1 34.5 34.5 32.1 38.0 Q3 2019 10.0 10.6 9.3 10.0 29.8 21.0 28.2 25.8 10x Q2 2019 11.1 12.6 10.6 11.2 nm nm 41.0 39.6 Q1 2019 11.0 12.5 9.4 10.0 46.9 46.9 35.3 35.5 Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7 Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2 - Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 33.7 32.0 Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 29.0 35.6 2017 2018 2019 2020 Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 25.1 34.8 Q2 2017 7.1 7.3 5.5 5.8 28.0 27.8 33.3 34.5

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

19 Public Equity Market Valuations Price Performance and Valuation Metrics of Selected Software Vendors

14x 12.2x CY20E CY21E 11.8x 12x 10.2x Median CY20E Median CY21E 9.7x 10x 7.9x 7.5x 8x 6.9x 6.7x 6.1x 6.2x 5.8x 5.7x 5.2x 5.4x 6x 5.1x 4.6x 4.2x 4.8x 4.5x 4.5x

4.2x 3.8x 4x 3.5x 3.6x 3.4x 3.4x 2.6x 2.4x 2x

0x EV Revenue /

50x 42.8x 43.4x

40x

33.3x 30.9x

30x 25.7x 25.8x

21.8x 20.7x 20.9x 20.0x 17.4x 20.5x 18.8x 17.8x 20x 16.4x 15.1x 16.1x 13.3x 11.7x 12.1x 11.1x 9.4x 9.1x 10.2x 9.6x 10x 7.7x 7.4x

nm 0x EV EBITDA /

120%

97% 100% 89% 82% 79% 80% 78% 75% 80% 74% 72% 65% 57% 59% 58% 60% 49%

40%

20%

0% % of 52 Week High now adbe wday INTU crm splk vmw panw akam orcl upld ctxs intc feye

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

20 Public Equity Market Valuations Equity Trading Multiples by Segment

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Global Diversified Network Acceleration Microsoft $ 157.71 $ 1,199,550 $ 1,152,466 $ 149,078 $ 168,714 13% 7.7x 6.8x $ 67,870 46% $ 79,018 47% 17.0x 14.6x 27.4x 23.9x Business Intelligence Intel 54.12 231,662 248,090 72,495 73,873 2% 3.4x 3.4x 32,324 45% 33,445 45% 7.7x 7.4x 11.3x 11.0x Cisco Systems 39.31 166,709 156,718 50,361 52,395 4% 3.1x 3.0x 18,831 37% 19,347 37% 8.3x 8.1x 12.5x 11.6x Oracle 48.33 152,413 180,767 39,884 40,615 2% 4.5x 4.5x 19,239 48% 19,776 49% 9.4x 9.1x 12.0x 11.1x Communications SAP 112.97 134,524 146,037 32,266 34,663 7% 4.5x 4.2x 11,761 36% 12,996 37% 12.4x 11.2x 19.0x 17.0x IBM 110.93 98,551 157,985 77,530 79,152 2% 2.0x 2.0x 18,707 24% 19,859 25% 8.4x 8.0x 8.6x 8.0x eCommerce & Supply Chain Management HP Enterprise 9.71 12,510 24,414 27,534 28,257 3% 0.9x 0.9x 4,937 18% 4,866 17% 4.9x 5.0x 5.9x 5.4x Micro Focus 4.98 1,663 5,876 3,085 2,916 -5% 1.9x 2.0x 1,117 36% 1,108 38% 5.3x 5.3x 3.1x 3.7x ERP & General Business Applications Mean $249,698 $259,044 $56,529 $60,073 3% 3.5x 3.3x $21,848 36% $23,802 37% 9.2x 8.6x 12.5x 11.5x Median 143,468 157,352 45,123 46,505 2% 3.3x 3.2x 18,769 37% 19,562 38% 8.4x 8.0x 11.6x 11.1x Financial Applications

Application Delivery & Network Acceleration Human Capital Citrix Systems $ 141.55 $ 17,320 $ 17,730 $ 3,102 $ 3,277 6% 5.7x 5.4x $ 1,020 33% $ 1,100 34% 17.4x 16.1x 26.2x 22.9x Management Akamai Technologies 91.49 14,811 15,945 3,079 3,292 7% 5.2x 4.8x 1,321 43% 1,432 44% 12.1x 11.1x 18.8x 17.2x IT Operations F5 Networks 106.63 6,484 5,706 2,391 2,543 6% 2.4x 2.2x 825 35% n/a n/a 6.9x n/a 11.8x 10.4x Management Fastly 18.98 1,820 1,719 261 335 28% 6.6x 5.1x (19) -7% (2) -1% nm nm nm nm Radware 21.07 988 829 267 290 9% 3.1x 2.9x 43 16% 55 19% 19.3x 15.1x 24.9x 21.8x IT Security Limelight Networks 5.70 676 673 231 248 7% 2.9x 2.7x 30 13% 39 16% 22.6x 17.1x nm 50.3x A10 Networks 6.21 486 389 215 n/a n/a 1.8x n/a n/a n/a n/a n/a n/a n/a 29.9x nm Network Infrastructure Mean $6,083 $6,142 $1,364 $1,664 10% 4.0x 3.9x $537 22% $525 22% 15.7x 14.9x 22.3x 24.5x Median 1,820 1,719 267 1,439 7% 3.1x 3.8x 434 24% 55 19% 17.4x 15.6x 24.9x 21.8x DevOps and Software Development Tools

Business Intelligence Sales & Marketing Applications Alteryx $ 95.17 $ 6,225 $ 6,172 $ 557 $ 722 30% 11.1x 8.5x $ 86 15% $ 138 19% nm 44.7x nm 74.0x Inovalon 16.66 2,583 3,496 703 764 9% 5.0x 4.6x 234 33% 258 34% 14.9x 13.6x 28.2x 23.7x Storage Management Cloudera 7.87 2,323 2,174 865 952 10% 2.5x 2.3x 173 20% 214 23% 12.6x 10.1x 31.5x 20.3x MicroStrategy 118.10 1,193 741 528 n/a n/a 1.4x n/a 73 14% n/a n/a 10.2x n/a 38.6x 57.6x Technical & Talend 22.43 702 685 276 314 14% 2.5x 2.2x (32) -12% (17) -5% nm nm nm nm Embedded Apps Domo 9.94 277 279 190 215 13% 1.5x 1.3x (70) -37% (37) -17% nm nm nm nm Mean $2,217 $2,258 $520 $593 15% 4.0x 3.8x $77 6% $111 11% 12.5x 22.8x 32.8x 43.9x Vertical Applications Median 1,758 1,457 542 722 13% 2.5x 2.3x 79 15% 138 19% 12.6x 13.6x 31.5x 40.7x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Sources: Company releases, Wall Street research [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful

21 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Communications Network Acceleration Zoom $ 146.12 $ 40,768 $ 39,985 $ 921 $ 1,234 34% nm nm $ 187 20% $ 253 20% nm nm nm nm Business Intelligence RingCentral 211.91 18,458 18,544 1,121 1,392 24% 16.5x 13.3x 145 13% 184 13% nm nm nm nm Slack 26.84 14,945 14,418 855 1,127 32% 16.9x 12.8x (97) -11% (65) -6% nm nm nm nm Twilio 89.49 12,503 11,290 1,459 1,857 27% 7.7x 6.1x 76 5% 175 9% nm nm nm nm Communications Amdocs 54.97 7,398 7,236 4,243 n/a n/a 1.7x n/a 885 21% n/a n/a 8.2x n/a 12.0x 11.1x Five9 76.46 4,709 4,612 381 444 17% 12.1x 10.4x 69 18% 85 19% nm nm 90.9x 75.8x eCommerce & Supply Chain Management Everbridge 106.36 3,641 3,555 260 324 25% 13.7x 11.0x 6 2% 13 4% nm nm nm nm Verint Systems 43.00 2,757 3,345 1,456 1,539 6% 2.3x 2.2x 369 25% 409 27% 9.1x 8.2x 10.8x 9.8x ERP & General Bandwidth 67.29 1,584 1,424 272 325 19% 5.2x 4.4x 2 1% 11 3% nm nm nm nm Business Applications

Mean $11,862 $11,601 $1,219 $1,030 23% 9.5x 8.6x $182 11% $133 11% 8.6x 8.2x 37.9x 32.3x Financial Applications Median 7,398 7,236 921 1,181 24% 9.9x 10.4x 76 13% 130 11% 8.6x nm 12.0x 11.1x Human Capital eCommerce & Supply Chain Management Management Shopify $ 416.93 $ 48,808 $ 46,492 $ 2,163 $ 2,936 36% nm 15.8x $ 46 2% $ 110 4% nm nm nm nm IT Operations Manhattan Associates 49.82 3,165 3,094 651 694 7% 4.7x 4.5x 143 22% 160 23% 21.7x 19.3x 32.3x 28.3x Management Descartes Systems 34.39 2,874 2,845 358 395 10% 7.9x 7.2x 138 38% 156 40% 20.7x 18.2x 27.1x 23.6x SPS Commerce 46.51 1,629 1,439 307 336 10% 4.7x 4.3x 83 27% 96 29% 17.3x 15.0x 34.2x 29.3x IT Security American Software 14.21 457 363 117 125 7% 3.1x 2.9x 15 13% 18 15% 24.3x 19.8x 50.8x 38.0x ChannelAdvisor 7.26 205 169 131 138 5% 1.3x 1.2x 20 16% 24 17% 8.3x 7.1x 15.1x 13.0x Network Infrastructure Mean $9,523 $9,067 $621 $771 12% 4.4x 6.0x $74 20% $94 21% 18.5x 15.9x 31.9x 26.4x Median 2,251 2,142 332 366 8% 4.7x 4.4x 64 19% 103 20% 20.7x 18.2x 32.3x 28.3x DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

22 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

23 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Financial Applications Network Acceleration FIS $ 121.64 $ 74,969 $ 94,620 $ 13,437 $ 14,431 7% 7.0x 6.6x $ 5,883 44% $ 6,661 46% 16.1x 14.2x 19.7x 16.8x Business Intelligence Fiserv 94.99 64,508 88,135 16,005 16,952 6% 5.5x 5.2x 5,817 36% 6,365 38% 15.2x 13.8x 19.7x 16.7x Intuit 230.00 59,913 58,401 7,751 8,658 12% 7.5x 6.7x 2,819 36% 3,111 36% 20.7x 18.8x 30.2x 26.1x MSCI 288.96 24,566 26,318 1,710 1,873 10% 15.4x 14.0x 945 55% 1,054 56% 27.8x 25.0x 39.7x 34.5x Communications Jack Henry 155.24 11,910 11,908 1,748 1,883 8% 6.8x 6.3x 563 32% 618 33% 21.1x 19.3x 40.3x 34.9x SS&C Technologies 43.82 11,204 18,613 4,756 4,916 3% 3.9x 3.8x 1,891 40% 1,994 41% 9.8x 9.3x 10.7x 9.9x eCommerce & Supply Chain Management Temenos Group 131.70 9,449 10,472 1,131 1,270 12% 9.3x 8.2x 464 41% 533 42% 22.6x 19.6x 33.3x 28.9x Coupa Software 139.73 9,058 9,074 489 614 25% 18.5x 14.8x 54 11% 94 15% nm nm nm nm ERP & General Fair Isaac 307.69 8,969 9,881 1,251 1,326 6% 7.9x 7.5x 418 33% 477 36% 23.6x 20.7x 36.0x 30.3x Business Applications Xero 41.66 5,890 5,879 487 631 30% 12.1x 9.3x 105 21% 155 24% nm 38.0x nm nm Financial Applications Avalara 74.60 5,820 5,419 468 577 23% 11.6x 9.4x (2) 0% 27 5% nm nm nm nm SimCorp 84.20 3,343 3,387 524 584 11% 6.5x 5.8x 150 29% 184 32% 22.6x 18.4x 32.5x 25.7x Human Capital BlackLine 52.61 2,966 2,763 347 416 20% 8.0x 6.6x 37 11% 55 13% nm nm nm 84.6x Management Q2 Holdings 59.06 2,860 3,197 410 511 25% 7.8x 6.3x 18 4% 39 8% nm nm nm nm Envestnet 53.78 2,845 3,429 1,003 1,104 10% 3.4x 3.1x 215 21% 244 22% 15.9x 14.1x 24.5x 21.7x IT Operations Management Bottomline Technologies 36.65 1,613 1,651 469 512 9% 3.5x 3.2x 106 23% 117 23% 15.6x 14.1x 25.8x 22.3x Asseco Poland 13.99 1,161 1,810 2,646 2,772 5% 0.7x 0.7x 388 15% 406 15% 4.7x 4.5x 13.6x 13.3x IT Security IRESS 6.39 1,109 1,263 342 362 6% 3.7x 3.5x 86 25% 97 27% 14.6x 13.1x 23.0x 20.4x Zuora 8.05 926 833 301 358 19% 2.8x 2.3x (17) -6% 13 4% nm nm nm nm Network Model N 22.21 740 735 158 174 10% 4.7x 4.2x 13 9% 20 11% nm 37.1x 88.8x 58.1x Infrastructure Ebix 15.18 463 1,198 660 821 24% 1.8x 1.5x 191 29% 252 31% 6.3x 4.8x 3.8x 2.9x DevOps and Software Mean $14,490 $17,095 $2,671 $2,893 13% 7.1x 6.1x $959 24% $1,072 26% 16.9x 17.8x 29.4x 27.9x Development Tools Median 5,820 5,419 660 821 10% 6.8x 6.3x 191 25% 244 27% 16.0x 16.3x 25.8x 24.0x Sales & Marketing Applications Human Capital Management Automatic Data Processing $ 136.68 $ 59,012 $ 59,974 $ 15,239 $ 16,479 8% 3.9x 3.6x $ 4,013 26% $ 4,315 26% 14.9x 13.9x 22.3x 18.9x Storage Management Workday 130.22 30,211 29,836 4,318 5,131 19% 6.9x 5.8x 965 22% 1,155 23% 30.9x 25.8x 59.7x 47.1x Paychex 62.92 22,570 22,707 3,995 4,127 3% 5.7x 5.5x 1,604 40% 1,676 41% 14.2x 13.5x 21.9x 20.5x Technical & Paycom Software 202.01 11,645 11,573 902 1,101 22% 12.8x 10.5x 380 42% 468 42% 30.5x 24.7x 48.7x 39.0x Embedded Apps Ceridian HCM 50.07 7,143 7,578 890 1,017 14% 8.5x 7.5x 181 20% 219 22% 41.8x 34.6x nm 75.3x Vertical Applications Paylocity 88.32 4,735 4,674 610 722 18% 7.7x 6.5x 173 28% 212 29% 27.1x 22.0x 49.9x 39.4x Cornerstone OnDemand 31.75 1,946 1,896 621 688 11% 3.1x 2.8x 154 25% 188 27% 12.3x 10.1x 22.0x 17.0x Pluralsight 10.98 1,157 1,285 387 482 24% 3.3x 2.7x (55) -14% (34) -7% nm nm nm nm Software-as-a-Service Benefitfocus 8.91 292 445 313 344 10% 1.4x 1.3x 24 8% 34 10% 18.5x 12.9x nm nm Mean $15,412 $15,552 $3,031 $3,343 14% 5.9x 5.1x $826 22% $915 24% 23.8x 19.7x 37.4x 36.7x Small Cap Median 7,143 7,578 890 1,017 14% 5.7x 5.5x 181 25% 219 26% 22.8x 17.9x 35.5x 39.0x Highly Acquisitive

High Growth

High Profitability

24 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & IT Operations Management Network Acceleration ServiceNow $ 286.58 $ 54,393 $ 53,833 $ 4,425 $ 5,569 26% 12.2x 9.7x $ 1,259 28% $ 1,615 29% 42.8x 33.3x 68.1x 52.4x Business Intelligence VMware 121.10 50,621 54,368 11,741 13,038 11% 4.6x 4.2x 4,089 35% 4,630 36% 13.3x 11.7x 19.0x 16.2x Splunk 126.23 20,023 20,262 2,580 3,277 27% 7.9x 6.2x 112 4% 467 14% nm 43.4x nm 86.1x Datadog 35.98 10,689 9,975 538 715 33% 18.6x 13.9x (7) -1% 15 2% nm nm nm nm Communications OpenText 34.92 9,426 12,551 3,370 3,434 2% 3.7x 3.7x 1,237 37% 1,336 39% 10.1x 9.4x 11.9x 10.3x SolarWinds 15.67 4,879 6,726 1,025 1,139 11% 6.6x 5.9x 476 46% 541 47% 14.1x 12.4x 17.9x 15.6x eCommerce & Supply Chain Management Elastic 55.81 4,561 4,301 522 699 34% 8.2x 6.2x (64) -12% (94) -13% nm nm nm nm LogMeIn 83.28 4,047 4,226 1,321 1,402 6% 3.2x 3.0x 398 30% 440 31% 10.6x 9.6x 16.7x 14.7x ERP & General Netscout Systems 23.67 1,748 1,933 922 956 4% 2.1x 2.0x 183 20% n/a n/a 10.6x n/a 14.9x 11.4x Business Applications PagerDuty 17.28 1,345 993 208 254 22% 4.8x 3.9x (17) -8% (8) -3% nm nm nm nm Financial Applications MobileIron 3.80 439 361 200 222 11% 1.8x 1.6x (11) -5% n/a n/a nm n/a nm nm Magic Software 8.04 393 374 341 373 9% 1.1x 1.0x n/a n/a n/a n/a n/a n/a 12.2x 10.8x Human Capital Comarch 44.86 365 354 389 417 7% 0.9x 0.8x 56 14% 59 14% 6.3x 6.0x 14.2x 13.2x Management Mean $12,533 $13,097 $2,122 $2,423 16% 5.8x 4.8x $643 16% $900 20% 15.4x 18.0x 21.9x 25.6x IT Operations Median 4,561 4,301 922 956 11% 4.6x 3.9x 148 17% 453 22% 10.6x 11.7x 15.8x 14.7x Management

IT Security

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Note: LogMeIn announced acquisition to be acquired by Francisco Partners and Evergreen Coast Capital Sources: Company releases, Wall Street research [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful

25 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & IT Security Network Acceleration Verisign $ 180.09 $ 20,966 $ 21,544 $ 1,240 $ 1,399 13% 17.4x 15.4x $ 916 74% $ 1,014 72% 23.5x 21.3x 32.5x 28.3x Business Intelligence Fortinet 101.17 17,453 15,434 2,518 2,913 16% 6.1x 5.3x 665 26% 822 28% 23.2x 18.8x 37.7x 32.2x Palo Alto Networks 163.96 16,348 15,083 3,632 4,306 19% 4.2x 3.5x 753 21% 1,002 23% 20.0x 15.1x 33.0x 25.4x Okta 122.26 15,010 14,712 771 1,002 30% 19.1x 14.7x (44) -6% 26 3% nm nm nm nm Communications Check Point 100.54 14,629 13,049 2,033 2,100 3% 6.4x 6.2x 978 48% 1,005 48% 13.3x 13.0x 15.7x 14.9x Crowdstrike 55.68 11,872 10,960 725 949 31% 15.1x 11.5x 6 1% 97 10% nm nm nm nm eCommerce & Supply Chain Management NortonLifeLock 18.71 11,233 3,057 412 590 43% 7.4x 5.2x (119) -29% (67) -11% nm nm 19.4x 12.8x Zscaler 60.86 7,872 7,522 476 616 30% 15.8x 12.2x 34 7% 64 10% nm nm nm nm ERP & General Cloudflare 23.48 7,106 6,477 386 509 32% 16.8x 12.7x (29) -7% 1 0% nm nm nm nm Business Applications Trend Micro 49.63 6,906 5,303 1,614 1,691 5% 3.3x 3.1x 500 31% 522 31% 10.6x 10.2x 26.4x 22.5x Financial Applications Proofpoint 102.59 5,848 5,763 1,058 1,253 18% 5.4x 4.6x 141 13% 205 16% 40.8x 28.1x 71.5x 47.4x Qualys 86.99 3,401 3,154 364 416 14% 8.7x 7.6x 156 43% 181 43% 20.2x 17.4x 33.8x 30.5x Human Capital CyberArk 85.56 3,262 2,707 502 591 18% 5.4x 4.6x 116 23% 146 25% 23.4x 18.5x 38.3x 31.4x Management FireEye 10.58 2,320 2,380 931 999 7% 2.6x 2.4x 116 12% 145 15% 20.5x 16.4x 54.4x 34.2x Blackberry 4.07 2,256 2,083 1,135 1,249 10% 1.8x 1.7x 168 15% 171 14% 12.4x 12.2x 23.4x 25.4x IT Operations Management Mimecast 35.30 2,207 2,258 486 570 17% 4.6x 4.0x 93 19% 116 20% 24.3x 19.5x 59.5x 51.4x Rapid7 43.33 2,176 2,201 397 480 21% 5.5x 4.6x 20 5% 39 8% nm nm nm nm IT Security Tenable 21.86 2,173 2,007 436 533 22% 4.6x 3.8x (27) -6% (8) -1% nm nm nm nm Varonis Systems 63.67 1,949 1,893 282 330 17% 6.7x 5.7x (20) -7% (2) 0% nm nm nm nm Network Ping Identity 20.02 1,596 1,580 265 314 18% 6.0x 5.0x 29 11% 48 15% nm 33.2x 72.0x 43.1x Infrastructure ForeScout Technologies 31.59 1,547 1,495 384 438 14% 3.9x 3.4x (14) -4% 14 3% nm nm nm nm DevOps and Software SailPoint 15.22 1,370 1,278 314 357 14% 4.1x 3.6x 6 2% 23 7% nm nm nm nm Development Tools Secureworks 11.51 938 786 555 595 7% 1.4x 1.3x 8 1% 20 3% nm 39.4x nm nm Sales & Marketing OneSpan 18.15 729 633 259 286 11% 2.4x 2.2x 27 10% 38 13% 23.5x 16.6x 38.0x 26.4x Applications F-Secure 2.61 412 430 254 271 7% 1.7x 1.6x 35 14% 48 18% 12.3x 9.0x 26.4x 21.6x Tufin 8.78 312 218 113 136 20% 1.9x 1.6x (28) -24% (18) -14% nm nm nm nm Storage Management ZixCorp 4.31 232 518 215 240 12% 2.4x 2.2x 50 23% 54 23% 10.3x 9.5x 7.9x 6.9x Mean $6,005 $5,353 $806 $931 17% 6.7x 5.5x $168 12% $211 16% 19.9x 18.6x 36.9x 28.4x Technical & Median 2,320 2,380 476 590 17% 5.4x 4.6x 34 11% 54 14% 20.3x 17.0x 33.4x 27.4x Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: Broadcom acquired the Enterprise Security software division of Symantec and the company subsequently changed its name to NortonLifeLock Sources: Company releases, Wall Street research [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful

26 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Network Infrastructure Network Acceleration Juniper Networks $ 19.14 $ 6,326 $ 6,256 $ 4,342 $ 4,504 4% 1.4x 1.4x $ 932 21% $ 970 22% 6.7x 6.5x 12.0x 10.5x Business Intelligence Extreme Networks 3.09 366 668 1,015 1,042 3% 0.7x 0.6x n/a n/a n/a n/a n/a n/a 7.3x 4.8x Mean $3,346 $3,462 $2,678 $2,773 3% 1.0x 1.0x $932 21% $970 22% 6.7x 6.5x 9.7x 7.6x Communications Median 3,346 3,462 2,678 2,773 3% 1.0x 1.0x nm nm nm nm nm nm 9.7x 7.6x

eCommerce & Supply DevOps and Software Development Tools Chain Management Atlassian $ 137.26 $ 33,687 $ 32,907 $ 1,775 $ 2,234 26% 18.5x 14.7x $ 455 26% n/a n/a nm n/a nm 89.6x ERP & General MongoDB 136.54 7,860 7,860 515 661 28% 15.3x 11.9x (54) -11% (35) -5% nm nm nm nm Business Applications Dynatrace 23.84 6,694 7,046 624 780 25% 11.3x 9.0x 177 28% 218 28% 39.8x 32.3x 75.4x 57.2x Pegasystems 71.23 5,674 5,674 1,090 1,273 17% 5.2x 4.5x 55 5% 84 7% nm nm nm nm Financial Applications New Relic 46.24 2,740 2,496 665 787 18% 3.8x 3.2x 79 12% 102 13% 31.6x 24.4x nm 57.2x Appian 40.23 2,715 2,607 296 341 15% 8.8x 7.7x (35) -12% (22) -7% nm nm nm nm Human Capital Progress Software 32.00 1,433 1,576 434 434 0% 3.6x 3.6x 205 47% 208 48% 7.7x 7.6x 11.6x 11.3x Management Axway Software 17.03 361 417 335 343 2% 1.2x 1.2x 33 10% n/a n/a 12.5x n/a 19.5x 12.9x IT Operations Mean $7,645 $7,573 $717 $857 16% 8.5x 7.0x $114 13% $92 14% 22.9x 21.4x 35.5x 45.6x Management Median 4,207 4,141 570 720 18% 7.0x 6.1x 67 11% 93 10% 22.0x 24.4x 19.5x 57.2x IT Security Sales & Marketing Applications Network Adobe $ 318.24 $ 153,328 $ 153,868 $ 13,006 $ 15,089 16% 11.8x 10.2x $ 5,997 46% $ 7,058 47% 25.7x 21.8x 32.6x 28.4x Infrastructure Hubspot 133.19 5,766 5,412 830 1,011 22% 6.5x 5.4x 89 11% 130 13% nm 41.5x nm 72.6x Medallia 20.04 2,683 2,348 474 570 20% 5.0x 4.1x 20 4% 41 7% nm nm nm nm DevOps and Software Development Tools Teradata 20.49 2,265 2,457 1,870 1,968 5% 1.3x 1.2x 323 17% 388 20% 7.6x 6.3x 17.3x 12.3x SurveyMonkey 13.51 1,844 2,020 378 455 20% 5.3x 4.4x 44 12% 62 14% 46.3x 32.6x nm nm Sales & Marketing LivePerson 22.75 1,461 1,483 348 428 23% 4.3x 3.5x (2) -1% 17 4% nm nm nm nm Applications Yext 10.19 1,180 1,048 366 452 24% 2.9x 2.3x (46) -12% (28) -6% nm nm nm nm Cardlytics 34.96 934 829 256 337 31% 3.2x 2.5x 13 5% 34 10% nm 24.4x nm 60.0x Storage Management Mean $21,183 $21,183 $2,191 $2,539 20% 5.0x 4.2x $805 10% $963 14% 26.5x 25.3x 25.0x 43.3x Technical & Median 2,055 2,184 426 512 21% 4.6x 3.8x 32 8% 51 12% 25.7x 24.4x 25.0x 44.2x Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

27 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Storage Management Network Acceleration NetApp $ 41.69 $ 9,221 $ 8,193 $ 5,494 $ 5,660 3% 1.5x 1.4x $ 1,333 24% $ 1,450 26% 6.1x 5.7x 9.9x 9.0x Business Intelligence Dropbox 18.10 7,581 7,429 1,886 2,107 12% 3.9x 3.5x 509 27% 573 27% 14.6x 13.0x 26.2x 21.2x Pure Storage 12.30 3,284 2,583 1,808 2,114 17% 1.4x 1.2x 125 7% 173 8% 20.7x 14.9x nm 37.4x Nutanix 15.80 3,076 2,892 1,464 1,869 28% 2.0x 1.5x (459) -31% (386) -21% nm nm nm nm Communications Box 14.04 2,134 2,363 767 845 10% 3.1x 2.8x 113 15% 146 17% 20.9x 16.1x 35.8x 22.5x CommVault Systems 40.48 1,886 1,566 687 721 5% 2.3x 2.2x n/a n/a n/a n/a n/a n/a 26.7x 22.7x eCommerce & Supply Chain Management Mean $4,530 $4,171 $2,017 $2,220 12% 2.4x 2.1x $324 8% $391 12% 15.6x 12.4x 24.6x 22.6x Median 3,180 2,737 1,636 1,988 11% 2.1x 1.9x 125 15% 173 17% 17.7x 13.9x 26.4x 22.5x ERP & General Business Applications

Technical & Embedded Applications Financial Applications Dassault Systemes $ 148.35 $ 38,575 $ 41,553 $ 5,303 $ 5,846 10% 7.8x 7.1x $ 1,677 32% $ 1,913 33% 24.8x 21.7x 32.4x 28.7x Autodesk 156.10 34,267 34,968 3,906 4,667 19% 9.0x 7.5x 1,292 33% 1,725 37% 27.1x 20.3x 36.6x 26.1x Human Capital ANSYS 232.47 19,973 19,709 1,659 1,832 10% 11.9x 10.8x 721 43% 822 45% 27.3x 24.0x 36.5x 32.5x Management Synopsys 128.79 19,348 19,512 3,752 3,959 6% 5.2x 4.9x 1,185 32% 1,288 33% 16.5x 15.1x 23.1x 21.5x IT Operations Cadence Design 66.04 18,502 18,249 2,556 2,741 7% 7.1x 6.7x 919 36% 1,005 37% 19.8x 18.2x 27.1x 24.8x Management Parametric Technology 61.21 7,069 8,153 1,506 1,704 13% 5.4x 4.8x 469 31% 611 36% 17.4x 13.3x 25.3x 19.1x Aspen Technology 95.07 6,456 6,757 627 677 8% 10.8x 10.0x 322 51% 350 52% 21.0x 19.3x 23.9x 22.6x IT Security Mean $20,599 $21,271 $2,758 $3,061 11% 8.2x 7.4x $941 37% $1,102 39% 22.0x 18.8x 29.3x 25.1x Network Median 19,348 19,512 2,556 2,741 10% 7.8x 7.1x 919 33% 1,005 37% 21.0x 19.3x 27.1x 24.8x Infrastructure

Vertical Applications DevOps and Software Development Tools Danaher $ 138.41 $ 96,457 $ 100,682 $ 20,726 $ 22,747 10% 4.9x 4.4x $ 5,499 27% $ 6,329 28% 18.3x 15.9x 26.6x 23.2x Roper Industries 311.81 33,086 37,928 5,583 5,790 4% 6.8x 6.6x 1,973 35% 2,081 36% 19.2x 18.2x 23.8x 22.6x Sales & Marketing Veeva 156.37 23,339 22,307 1,390 1,660 19% 16.0x 13.4x 514 37% 632 38% 43.4x 35.3x 62.6x 51.6x Applications Tyler Technologies 296.56 11,683 11,434 1,199 1,311 9% 9.5x 8.7x 333 28% 374 29% 34.4x 30.5x 53.0x 48.2x Guidewire Software 79.31 6,574 5,945 735 873 19% 8.1x 6.8x 94 13% 165 19% nm 36.1x 92.7x 53.8x Storage Management RealPage 52.93 4,895 5,977 1,170 1,298 11% 5.1x 4.6x 322 27% 367 28% 18.6x 16.3x 27.1x 23.4x Technical & Appfolio 110.95 3,790 3,836 320 391 22% 12.0x 9.8x 51 16% 70 18% nm nm nm nm Embedded Apps Blackbaud 55.55 2,657 3,209 934 991 6% 3.4x 3.2x 175 19% 192 19% 18.3x 16.7x 25.7x 23.2x Sapiens 19.02 952 983 373 405 9% 2.6x 2.4x 64 17% 73 18% 15.4x 13.5x 22.2x 19.2x Vertical Applications Majesco 5.46 236 195 145 172 19% 1.3x 1.1x 15 10% 21 12% 13.0x 9.2x nm nm

Mean $18,367 $19,250 $3,258 $3,564 13% 7.0x 6.1x $904 23% $1,030 25% 22.6x 21.3x 41.7x 33.2x Software-as-a-Service Median 5,734 5,961 1,052 1,145 10% 5.9x 5.6x 248 23% 279 24% 18.5x 16.7x 26.8x 23.3x

Small Cap

Highly Acquisitive

High Growth

High Profitability

28 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Software-as-a-Service Network Acceleration Salesforce.com $ 143.98 $ 128,862 $ 127,168 $ 20,891 $ 24,877 19% 6.1x 5.1x $ 6,092 29% $ 7,162 29% 20.9x 17.8x 45.9x 37.1x Business Intelligence ServiceNow 286.58 54,393 53,833 4,425 5,569 26% 12.2x 9.7x 1,259 28% 1,615 29% 42.8x 33.3x 68.1x 52.4x Shopify 416.93 48,808 46,492 2,163 2,936 36% nm 15.8x 40 2% 110 4% nm nm nm nm Atlassian 137.26 33,687 32,907 1,775 2,234 26% 18.5x 14.7x 455 26% n/a n/a nm n/a nm 89.6x Communications Workday 130.22 30,211 29,836 4,318 5,131 19% 6.9x 5.8x 965 22% 1,155 23% 30.9x 25.8x 59.7x 47.1x Splunk 126.23 20,023 20,262 2,580 3,277 27% 7.9x 6.2x 108 4% 467 14% nm 43.4x nm 86.1x eCommerce & Supply Chain Management RingCentral 211.91 18,458 18,544 1,121 1,392 24% 16.5x 13.3x 145 13% 184 13% nm nm nm nm Twilio 89.49 12,503 11,290 1,459 1,857 27% 7.7x 6.1x 76 5% 175 9% nm nm nm nm ERP & General Paycom Software 202.01 11,645 11,573 902 1,101 22% 12.8x 10.5x 380 42% 468 42% 30.5x 24.7x 48.7x 39.0x Business Applications Dropbox 18.10 7,581 7,429 1,886 2,107 12% 3.9x 3.5x 509 27% 573 27% 14.6x 13.0x 26.2x 21.2x Financial Applications Zendesk 64.01 7,256 7,361 1,045 1,325 27% 7.0x 5.6x 88 8% 144 11% nm nm nm 89.4x Hubspot 133.19 5,766 5,412 830 1,011 22% 6.5x 5.4x 89 11% 130 13% nm 41.5x nm 72.6x Human Capital RealPage 52.93 4,895 5,977 1,170 1,298 11% 5.1x 4.6x 322 27% 367 28% 18.6x 16.3x 27.1x 23.4x Management Paylocity 88.32 4,735 4,674 609 722 18% 7.7x 6.5x 173 28% 212 29% 27.1x 22.0x 49.9x 39.4x Five9 76.46 4,709 4,612 381 444 17% 12.1x 10.4x 69 18% 85 19% nm nm 90.9x 75.8x IT Operations Management LogMeIn 83.28 4,047 4,226 1,321 1,402 6% 3.2x 3.0x 398 30% 440 31% 10.6x 9.6x 16.7x 14.7x Appfolio 110.95 3,790 3,836 320 391 22% 12.0x 9.8x 51 16% 70 18% nm nm nm nm IT Security Everbridge 106.36 3,641 3,555 260 324 25% 13.7x 11.0x 6 2% 13 4% nm nm nm nm Pure Storage 12.30 3,284 2,583 1,808 2,114 17% 1.4x 1.2x 125 7% 173 8% 20.7x 14.9x nm 37.4x Network Q2 Holdings 59.06 2,860 3,197 410 511 25% 7.8x 6.3x 18 4% 39 8% nm nm nm nm Infrastructure Envestnet 53.78 2,845 3,429 1,003 1,104 10% 3.4x 3.1x 215 21% 244 22% 15.9x 14.1x 24.5x 21.7x DevOps and Software New Relic 46.24 2,740 2,496 665 787 18% 3.8x 3.2x 79 12% 102 13% 31.6x 24.4x nm 57.2x Development Tools Mimecast 35.30 2,207 2,258 486 570 17% 4.6x 4.0x 93 19% 116 20% 24.3x 19.5x 59.5x 51.4x Sales & Marketing Box 14.04 2,134 2,363 767 845 10% 3.1x 2.8x 113 15% 146 17% 20.9x 16.1x 35.8x 22.5x Applications Varonis Systems 63.67 1,949 1,893 282 330 17% 6.7x 5.7x (20) -7% (2) 0% nm nm nm nm Cornerstone OnDemand 31.75 1,946 1,896 621 688 11% 3.1x 2.8x 154 25% 188 27% 12.3x 10.1x 22.0x 17.0x Storage Management SPS Commerce 46.51 1,629 1,439 307 336 10% 4.7x 4.3x 83 27% 96 29% 17.3x 15.0x 34.2x 29.3x Workiva 32.33 1,521 1,352 341 395 16% 4.0x 3.4x (33) -10% (19) -5% nm nm nm nm Technical & Talend 22.43 702 685 276 314 14% 2.5x 2.2x (32) -12% (17) -5% nm nm nm nm Embedded Apps Benefitfocus 8.91 292 445 313 344 10% 1.4x 1.3x 24 8% 34 10% 18.5x 12.9x nm nm ZixCorp 4.31 232 518 215 240 12% 2.4x 2.2x 50 23% 54 23% 10.3x 9.5x 7.9x 6.9x Vertical Applications ChannelAdvisor 7.26 205 169 131 138 5% 1.3x 1.2x 20 16% 24 17% 8.3x 7.1x 15.1x 13.0x Mean $13,424 $13,241 $1,721 $2,066 18% 6.8x 6.0x $379 15% $469 17% 20.9x 19.6x 39.5x 42.9x Software-as-a-Service Median 3,918 4,031 799 928 18% 6.1x 5.2x 91 16% 144 17% 19.6x 16.2x 35.0x 38.2x Small Cap

Highly Acquisitive

High Growth

High Profitability

29 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & Small Cap (<$250m Market Value) Network Acceleration GTY Holdings $ 4.52 $ 239 $ 238 $ 60 n/a n/a 3.9x n/a n/a n/a n/a n/a n/a n/a nm nm Business Intelligence Majesco 5.46 236 195 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm ZixCorp 4.31 232 518 215 240 12% 2.4x 2.2x 50 23% 54 23% 10.3x 9.5x 7.9x 6.9x eGain 7.33 225 188 75 85 13% 2.5x 2.2x 3 4% 5 6% nm 35.9x nm 74.8x Communications ChannelAdvisor 7.26 205 169 131 138 5% 1.3x 1.2x 20 16% 24 17% 8.3x 7.1x 15.1x 13.0x Synchronoss Technologies 3.05 126 369 330 359 9% 1.1x 1.0x 29 9% 44 12% 12.9x 8.5x nm nm eCommerce & Supply Chain Management Altisource 7.67 119 316 476 423 -11% 0.7x 0.7x 46 10% 62 15% 6.9x 5.1x nm 18.7x DHI Group 2.16 109 133 151 161 7% 0.9x 0.8x 31 20% 38 24% 4.3x 3.5x 10.5x 7.2x ERP & General Asure Software 5.96 94 99 72 78 8% 1.4x 1.3x 11 16% 13 17% 8.8x 7.5x 11.5x 10.4x Business Applications ServiceSource 0.88 83 101 197 206 5% 0.5x 0.5x 4 2% 10 5% 25.3x 9.9x nm 43.8x Financial Applications Veritone 2.33 63 19 55 64 15% 0.3x 0.3x (26) -47% (21) -33% nm nm nm nm CYREN 0.79 47 55 39 n/a n/a 1.4x n/a n/a n/a n/a n/a n/a n/a nm nm Human Capital Red Hat 0.07 30 28 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm Management NetSol 2.50 29 27 64 n/a n/a 0.4x n/a 10 15% n/a n/a 2.9x n/a 7.1x nm NexJ Systems 0.42 9 7 13 n/a n/a 0.5x n/a (2) -16% n/a n/a nm n/a nm nm IT Operations Management Marin Software 1.22 8 7 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm Boxlight 0.57 6 14 41 46 13% 0.3x 0.3x (3) -6% (0) 0% nm nm nm nm IT Security Mean $109 $146 $137 $180 7% 1.3x 1.1x $14 4% $23 8% 10.0x 10.9x 10.4x 25.0x Median 94 101 74 149 9% 1.0x 0.9x 10 9% 18 13% 8.5x 8.0x 10.5x 13.0x Network Infrastructure

Highly Acquisitive DevOps and Software Danaher $ 138.41 $ 96,457 $ 100,682 $ 20,726 $ 22,747 10% 4.9x 4.4x $ 5,499 27% $ 6,329 28% 18.3x 15.9x 26.6x 23.2x Development Tools Roper Industries 311.81 33,086 37,928 5,583 5,790 4% 6.8x 6.6x 1,973 35% 2,081 36% 19.2x 18.2x 23.8x 22.6x Sales & Marketing Constellation Software 902.35 19,122 19,505 4,113 4,790 16% 4.7x 4.1x 1,106 27% 1,305 27% 17.6x 14.9x 25.1x 21.0x Applications SS&C Technologies 43.82 11,204 18,613 4,756 4,916 3% 3.9x 3.8x 1,891 40% 1,994 41% 9.8x 9.3x 10.7x 9.9x OpenText 34.92 9,426 12,551 3,370 3,434 2% 3.7x 3.7x 1,237 37% 1,336 39% 10.1x 9.4x 11.9x 10.3x Storage Management j2 Global 74.85 3,648 4,654 1,473 1,567 6% 3.2x 3.0x 582 40% 627 40% 8.0x 7.4x 10.0x 9.2x Descartes Systems 34.39 2,874 2,845 358 395 10% 7.9x 7.2x 138 38% 156 40% 20.7x 18.2x 27.1x 23.6x Technical & Enghouse Systems 30.71 1,689 1,635 364 417 15% 4.5x 3.9x 109 30% 128 31% 15.0x 12.8x 29.1x 23.4x Embedded Apps Micro Focus 4.98 1,663 5,876 3,085 2,916 -5% 1.9x 2.0x 1,117 36% 1,108 38% 5.3x 5.3x 3.1x 3.7x Vertical Applications Bottomline Technologies 36.65 1,613 1,651 469 512 9% 3.5x 3.2x 106 23% 117 23% 15.6x 14.1x 25.8x 22.3x Upland Software 26.82 677 1,035 271 288 6% 3.8x 3.6x 101 37% 108 37% 10.2x 9.6x 11.8x 11.5x Asure Software 5.96 94 99 72 78 8% 1.4x 1.3x 11 16% 13 17% 8.8x 7.5x 11.5x 10.4x Software-as-a-Service Mean $ 15,129 $17,256 $3,720 $3,988 7% 4.2x 3.9x $1,156 32% $1,275 33% 13.2x 11.9x 18.0x 15.9x Median 3,261 5,265 2,279 2,241 7% 3.9x 3.7x 844 36% 868 37% 12.6x 11.2x 17.8x 16.3x Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

30 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & High Growth (>=25% CY21E Revenue Growth) Network Acceleration Zillow $ 33.97 $ 7,405 $ 7,496 $ 3,698 $ 5,708 54% 2.0x 1.3x $ (48) -1% $ 25 0% nm nm nm nm Business Intelligence Shopify 416.93 48,808 46,492 2,163 2,936 36% nm 15.8x 46 2% 110 4% nm nm nm nm Zoom 146.12 40,768 39,985 921 1,234 34% nm nm 187 20% 253 20% nm nm nm nm Elastic 55.81 4,561 4,301 522 699 34% 8.2x 6.2x (64) -12% (94) -13% nm nm nm nm Communications Datadog 35.98 10,689 9,975 538 715 33% 18.6x 13.9x (7) -1% 15 2% nm nm nm nm Smartsheet 41.51 4,933 4,431 372 492 32% 11.9x 9.0x (43) -12% (26) -5% nm nm nm nm eCommerce & Supply Chain Management Cloudflare 23.48 7,106 6,477 386 509 32% 16.8x 12.7x (29) -7% 1 0% nm nm nm nm Cardlytics 34.96 934 829 256 337 31% 3.2x 2.5x 13 5% 34 10% nm 24.4x nm 60.0x ERP & General Crowdstrike 55.68 11,872 10,960 725 949 31% 15.1x 11.5x 6 1% 97 10% nm nm nm nm Business Applications Okta 122.26 15,010 14,712 771 1,002 30% 19.1x 14.7x (44) -6% 26 3% nm nm nm nm Financial Applications Alteryx 95.17 6,225 6,172 557 722 30% 11.1x 8.5x 86 15% 138 19% nm 44.7x nm 74.0x Anaplan 30.26 4,140 3,885 459 595 30% 8.5x 6.5x (36) -8% 1 0% nm nm nm nm Human Capital Xero 41.66 5,890 5,879 487 631 30% 12.1x 9.3x 105 21% 155 24% nm 38.0x nm nm Management Zscaler 60.86 7,872 7,522 476 616 30% 15.8x 12.2x 34 7% 64 10% nm nm nm nm MongoDB 136.54 7,860 7,860 515 661 28% 15.3x 11.9x (54) -11% (35) -5% nm nm nm nm IT Operations Management Nutanix 15.80 3,076 2,892 1,464 1,869 28% 2.0x 1.5x (459) -31% (386) -21% nm nm nm nm Twilio 89.49 12,503 11,290 1,459 1,857 27% 7.7x 6.1x 76 5% 175 9% nm nm nm nm IT Security Splunk 126.23 20,023 20,262 2,580 3,277 27% 7.9x 6.2x 112 4% 467 14% nm 43.4x nm 86.1x Zendesk 64.01 7,256 7,361 1,045 1,325 27% 7.0x 5.6x 88 8% 144 11% nm nm nm 89.4x Network DocuSign 92.40 16,767 16,759 1,260 1,593 26% 13.3x 10.5x 167 13% 233 15% nm nm nm nm Infrastructure Atlassian 137.26 33,687 32,907 1,775 2,234 26% 18.5x 14.7x 455 26% n/a n/a nm n/a nm 89.6x DevOps and Software ServiceNow 286.58 54,393 53,833 4,425 5,569 26% 12.2x 9.7x 1,259 28% 1,615 29% 42.8x 33.3x 68.1x 52.4x Development Tools Coupa Software 139.73 9,058 9,074 489 614 25% 18.5x 14.8x 54 11% 94 15% nm nm nm nm Sales & Marketing Dynatrace 23.84 6,694 7,046 624 780 25% 11.3x 9.0x 177 28% 218 28% 39.8x 32.3x 75.4x 57.2x Applications Everbridge 106.36 3,641 3,555 260 324 25% 13.7x 11.0x 6 2% 13 4% nm nm nm nm Q2 Holdings 59.06 2,860 3,197 410 511 25% 7.8x 6.3x 18 4% 39 8% nm nm nm nm Storage Management Mean $13,616 $13,275 $1,101 $1,452 30% 11.6x 9.3x $81 4% $135 8% 41.3x 36.0x 71.7x 72.7x Median 7,632 7,509 590 751 30% 12.0x 9.3x 26 4% 64 9% 41.3x 35.7x 71.7x 74.0x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

31 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E Application Delivery & High Profitability (>=35% CY20E EBITDA Margin) Network Acceleration Rightmove $ 6.07 $ 5,279 $ 5,249 $ 346 $ 399 15% 15.2x 13.1x $ 259 75% $ 303 76% 20.2x 17.3x 26.5x 21.9x Business Intelligence Verisign 180.09 20,966 21,544 1,240 1,399 13% 17.4x 15.4x 916 74% 1,014 72% 23.5x 21.3x 32.5x 28.3x MSCI 288.96 24,566 26,318 1,710 1,873 10% 15.4x 14.0x 945 55% 1,054 56% 27.8x 25.0x 39.7x 34.5x Aspen Technology 95.07 6,456 6,757 627 677 8% 10.8x 10.0x 322 51% 350 52% 21.0x 19.3x 23.9x 22.6x Communications Oracle 48.33 152,413 180,767 39,884 40,615 2% 4.5x 4.5x 19,239 48% 19,776 49% 9.4x 9.1x 12.0x 11.1x Check Point 100.54 14,629 13,049 2,033 2,100 3% 6.4x 6.2x 978 48% 1,005 48% 13.3x 13.0x 15.7x 14.9x eCommerce & Supply Chain Management Progress Software 32.00 1,433 1,576 434 434 0% 3.6x 3.6x 205 47% 208 48% 7.7x 7.6x 11.6x 11.3x SolarWinds 15.67 4,879 6,726 1,025 1,139 11% 6.6x 5.9x 476 46% 541 47% 14.1x 12.4x 17.9x 15.6x ERP & General Adobe 318.24 153,328 153,868 13,006 15,089 16% 11.8x 10.2x 5,997 46% 7,058 47% 25.7x 21.8x 32.6x 28.4x Business Applications Microsoft 157.71 1,199,550 1,152,466 149,078 168,714 13% 7.7x 6.8x 67,870 46% 79,018 47% 17.0x 14.6x 27.4x 23.9x Financial Applications Intel 54.12 231,662 248,090 72,495 73,873 2% 3.4x 3.4x 32,324 45% 33,445 45% 7.7x 7.4x 11.3x 11.0x FIS 121.64 74,969 94,620 13,437 14,431 7% 7.0x 6.6x 5,883 44% 6,661 46% 16.1x 14.2x 19.7x 16.8x Human Capital ANSYS 232.47 19,973 19,709 1,659 1,832 10% 11.9x 10.8x 721 43% 822 45% 27.3x 24.0x 36.5x 32.5x Management Qualys 86.99 3,401 3,154 364 416 14% 8.7x 7.6x 156 43% 181 43% 20.2x 17.4x 33.8x 30.5x Akamai Technologies 91.49 14,811 15,945 3,079 3,292 7% 5.2x 4.8x 1,321 43% 1,432 44% 12.1x 11.1x 18.8x 17.2x IT Operations Management Paycom Software 202.01 11,645 11,573 902 1,101 22% 12.8x 10.5x 380 42% 468 42% 30.5x 24.7x 48.7x 39.0x Temenos Group 131.70 9,449 10,472 1,131 1,270 12% 9.3x 8.2x 464 41% 533 42% 22.6x 19.6x 33.3x 28.9x IT Security Paychex 62.92 22,570 22,707 3,995 4,127 3% 5.7x 5.5x 1,604 40% 1,676 41% 14.2x 13.5x 21.9x 20.5x SS&C Technologies 43.82 11,204 18,613 4,756 4,916 3% 3.9x 3.8x 1,891 40% 1,994 41% 9.8x 9.3x 10.7x 9.9x Network j2 Global 74.85 3,648 4,654 1,473 1,567 6% 3.2x 3.0x 582 40% 627 40% 8.0x 7.4x 10.0x 9.2x Infrastructure Descartes Systems 34.39 2,874 2,845 358 395 10% 7.9x 7.2x 138 38% 156 40% 20.7x 18.2x 27.1x 23.6x DevOps and Software Upland Software 26.82 677 1,035 271 288 6% 3.8x 3.6x 101 37% 108 37% 10.2x 9.6x 11.8x 11.5x Development Tools Cisco Systems 39.31 166,709 156,718 50,361 52,395 4% 3.1x 3.0x 18,831 37% 19,347 37% 8.3x 8.1x 12.5x 11.6x Sales & Marketing Veeva 156.37 23,339 22,307 1,390 1,660 19% 16.0x 13.4x 514 37% 632 38% 43.4x 35.3x 62.6x 51.6x Applications OpenText 34.92 9,426 12,551 3,370 3,434 2% 3.7x 3.7x 1,237 37% 1,336 39% 10.1x 9.4x 11.9x 10.3x SAP 112.97 134,524 146,037 32,266 34,663 7% 4.5x 4.2x 11,761 36% 12,996 37% 12.4x 11.2x 19.0x 17.0x Storage Management Intuit 230.00 59,913 58,401 7,751 8,658 12% 7.5x 6.7x 2,819 36% 3,111 36% 20.7x 18.8x 30.2x 26.1x Fiserv 94.99 64,508 88,135 16,005 16,952 6% 5.5x 5.2x 5,817 36% 6,365 38% 15.2x 13.8x 19.7x 16.7x Technical & Micro Focus 4.98 1,663 5,876 3,085 2,916 -5% 1.9x 2.0x 1,117 36% 1,108 38% 5.3x 5.3x 3.1x 3.7x Embedded Apps Cadence Design 66.04 18,502 18,249 2,556 2,741 7% 7.1x 6.7x 919 36% 1,005 37% 19.8x 18.2x 27.1x 24.8x dotdigital 1.11 330 309 65 75 15% 4.7x 4.1x 23 35% 26 34% 13.4x 12.0x 21.4x 19.8x Vertical Applications Roper Industries 311.81 33,086 37,928 5,583 5,790 4% 6.8x 6.6x 1,973 35% 2,081 36% 19.2x 18.2x 23.8x 22.6x VMware 121.10 50,621 54,368 11,741 13,038 11% 4.6x 4.2x 4,089 35% 4,630 36% 13.3x 11.7x 19.0x 16.2x Software-as-a-Service Mean $77,364 $79,473 $13,560 $14,614 8% 7.5x 6.8x $5,814 43% $6,396 44% 17.0x 15.2x 23.4x 20.7x Median 18,502 18,613 2,556 2,741 7% 6.6x 6.2x 978 41% 1,054 42% 15.2x 13.8x 21.4x 19.8x Small Cap

Highly Acquisitive

High Growth

High Profitability

32 Equity Financing Activity Software IPOs: H2 2019

$12,000 $10,689 At IPO $10,000 At 03/31/20 $7,826 $8,000 $7,106

$6,000 $4,348 $4,000 $2,474 $1,596 $2,000 $1,154 $1,165 $497 $780

Market Value ($ millions) $0

25.0x 23.7x Median at IPO 21.3x Median at 03/31/20 20.0x 17.8x 16.8x 15.4x 15.0x

10.0x 8.0x 6.5x 5.7x 6.1x 5.0x 5.0x EV / CY19E Revenue 0.0x

IPO Pricing IPO Date 12/12/19 12/11/19 09/19/19 09/18/19 09/13/19 Original Range $16 - $18 $16 - $18 $14 - $16 $19 - $22 $10 - $12 Pricing $17.00 $22.00 $15.00 $27.00 $15.00 vs. Midpoint 0% 29% 0% 32% 36% Current $15.96 $34.20 $20.02 $35.98 $23.48 vs. Pricing (6%) 55% 33% 33% 57%

Operating Statistics at IPO ($ millions) CY Revenue $102 $124 $231 $330 $274 CY+1 Revenue $131 $153 $259 $468 $364 Growth 29% 23% 12% 42% 33%

Sources: Company releases, Wall Street research

33 Equity Financing Activity Software IPOs Pricing & Performance Data

Initial Equity Issuances from 2016 – Q1 2020 ($ millions)

Current Trading Data Valuation at IPO Share Price Market Enterprise Revenue EV / Revenue Performance Share Amount Market Enterprise EV / Revenue Company 3/31/20 Value Value CY20E CY21E CY20E CY21E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY + 1 Sprout Social $ 15.96 $ 780 $ 665 $ 129 $ 168 5.1x 4.0x -6% 12/12/19 $ 17.00 $ 150 $ 497 $ 506 5.2x 5.0x 3.8x Bill.com 34.20 2,474 2,091 157 202 13.3x 10.3x 55% 12/11/19 22.00 216 1,154 996 8.2x 8.0x 6.5x Ping Identity 20.02 1,596 1,580 265 314 6.0x 5.0x 33% 09/19/19 15.00 188 1,165 1,324 6.2x 5.7x 5.1x Datadog 35.98 10,689 9,975 538 715 18.6x 13.9x 33% 09/18/19 27.00 648 7,826 7,822 29.4x 23.7x 16.7x Cloudflare 23.48 7,106 6,477 386 509 16.8x 12.7x 57% 09/13/19 15.00 525 4,348 4,231 18.0x 15.4x 11.6x Dynatrace 23.84 6,694 7,046 624 780 11.3x 9.0x 49% 07/31/19 16.00 570 4,503 6,049 13.3x 12.3x 10.1x Medallia 20.04 2,683 2,348 474 570 5.0x 4.1x -5% 07/18/19 21.00 326 2,588 2,462 7.3x 6.5x 5.4x Slack 26.84 14,945 14,418 855 1,127 16.9x 12.8x 3% 07/07/19 26.00 117 13,108 12,315 27.1x 20.6x 14.8x Crowdstrike 55.68 11,872 10,960 725 949 15.1x 11.5x 64% 06/11/19 34.00 612 6,687 6,512 21.8x 15.8x 11.0x Fastly 18.98 1,820 1,719 261 335 6.6x 5.1x 19% 05/16/19 16.00 180 1,451 1,436 9.1x 7.5x 5.7x Zoom 146.12 40,768 39,985 921 1,234 43.4x 32.4x 306% 04/17/19 36.00 751 9,230 9,068 27.4x 17.3x 12.0x PagerDuty 17.28 1,345 993 208 254 4.8x 3.9x -28% 04/10/19 24.00 218 1,767 1,639 13.9x 10.5x 8.1x Tufin 8.78 312 218 113 136 1.9x 1.6x -37% 04/10/19 14.00 108 454 443 5.0x 4.2x 3.4x SolarWinds 15.67 4,879 6,726 1,026 1,140 6.6x 5.9x 4% 10/18/18 15.00 375 4,574 6,532 8.1x 7.8x 7.1x Anaplan 30.26 4,140 3,885 459 595 8.5x 6.5x 78% 10/11/18 17.00 264 2,068 1,981 9.9x 8.8x 6.8x Elastic 55.81 4,561 4,301 522 699 8.2x 6.2x 55% 10/04/18 36.00 252 2,250 2,197 11.9x 10.1x 7.4x SurveyMonkey 13.51 1,844 2,020 378 455 5.3x 4.4x 13% 09/25/18 12.00 180 1,494 1,860 8.0x 7.5x 6.6x Tenable 21.86 2,173 2,007 436 533 4.6x 3.8x -5% 07/26/18 23.00 251 2,132 2,121 9.4x 8.2x 6.5x Avalara 74.60 5,820 5,419 468 577 11.6x 9.4x 211% 06/14/18 24.00 180 1,587 1,631 7.2x 6.4x 5.4x Pluralsight 10.98 1,569 1,634 387 482 4.2x 3.4x -27% 05/16/18 15.00 311 2,026 2,137 11.9x 9.9x 7.6x Ceridian HCM 50.07 7,143 7,578 890 1,019 8.5x 7.4x 128% 04/26/18 22.00 462 3,037 4,095 5.9x 5.6x 5.2x DocuSign 92.40 16,767 16,759 1,260 1,593 13.3x 10.5x 219% 04/26/18 29.00 629 4,582 4,325 8.3x 6.9x 5.7x Smartsheet 41.51 4,933 4,431 372 492 11.9x 9.0x 177% 04/26/18 15.00 175 1,510 1,458 13.1x 9.4x 6.7x Zuora 8.05 926 833 301 358 2.8x 2.3x -43% 04/11/18 14.00 154 1,472 1,440 8.4x 6.7x 5.3x Dropbox 18.10 7,581 7,429 1,886 2,107 3.9x 3.5x -14% 03/22/18 21.00 756 8,550 8,329 7.5x 6.2x 5.4x Zscaler 60.86 7,872 7,522 476 616 15.8x 12.2x 280% 03/15/18 16.00 192 1,906 1,835 11.9x 9.0x 6.8x Cardlytics 34.96 934 829 256 337 3.2x 2.5x 169% 02/08/18 13.00 70 264 300 2.3x 1.9x 1.3x Boxlight 0.57 6 14 41 46 0.3x 0.3x -92% 11/28/17 7.00 7 66 70 2.8x n/a n/a SailPoint 15.22 1,370 1,278 314 357 4.1x 3.6x 27% 11/16/17 12.00 240 1,052 1,188 7.3x 6.8x 5.5x Bandwidth 67.29 1,584 1,424 272 325 5.2x 4.4x 236% 11/09/17 20.00 80 364 397 2.5x 2.5x 2.2x ForeScout Technologies 31.59 1,547 1,495 384 438 3.9x 3.4x 44% 10/26/17 22.00 116 832 784 3.7x 3.7x 3.1x MongoDB 136.54 7,860 7,860 515 661 15.3x 11.9x 469% 10/18/17 24.00 192 1,204 1,112 8.9x 7.6x 5.6x Appian 40.23 2,715 2,607 296 341 8.8x 7.7x 235% 05/24/17 12.00 75 716 701 5.2x 4.5x 3.8x Veritone 2.33 63 19 55 64 0.3x 0.3x -84% 05/11/17 15.00 38 208 215 21.6x 11.9x 5.6x Cloudera 7.87 2,323 2,174 865 952 2.5x 2.3x -48% 04/27/17 15.00 225 1,955 1,720 6.3x 5.1x 4.1x Yext 10.19 1,180 1,048 366 452 2.9x 2.3x -7% 04/12/17 11.00 116 958 938 7.6x 5.7x 4.2x Okta 122.26 15,010 14,712 771 1,002 19.1x 14.7x 619% 04/06/17 17.00 187 1,571 1,533 9.5x 6.8x 4.9x Alteryx 95.17 6,225 6,172 557 722 11.1x 8.5x 580% 03/23/17 14.00 126 807 755 8.8x 6.4x 4.6x BlackLine 52.61 2,966 2,763 347 416 8.0x 6.6x 209% 10/27/16 17.00 146 861 907 8.1x 7.6x 5.7x Coupa Software 139.73 9,058 9,074 489 614 18.5x 14.8x 676% 10/05/16 18.00 133 886 806 7.4x 6.5x 5.1x Nutanix 15.80 3,076 2,892 1,464 1,869 2.0x 1.5x -1% 09/29/16 16.00 238 2,232 2,120 4.2x n/a 2.1x Everbridge 106.36 3,641 3,555 260 324 13.7x 11.0x 786% 09/15/16 12.00 90 337 351 5.2x 4.7x 3.7x Talend 22.43 702 685 276 314 2.5x 2.2x 25% 07/28/16 18.00 95 512 515 5.8x 5.0x 3.8x Mean $5,431 $5,293 $513 $632 9.1x 7.2x $255 $2,483 $2,539 10.0x 8.3x 6.2x Median 2,966 2,763 387 509 6.6x 5.9x 188 1,510 1,533 8.1x 6.9x 5.5x

Sources: Company releases, Wall Street research [a] Primary shares only

34 Equity Financing Activity Software IPO Pipeline

Historical IPO Filing Trends

7 (7) 13 (15) 15 (15) 13 (13)

(3) 5 2 0 2 0 0 2

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market

35 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020

($ millions)

Close Date Company Participating Investor(s) Description Amount 03/30/20 Clear Skye n/a Identity Lifecycle Management solution $1 03/30/20 RelayOne Cofounders Capital Schedule management for surgical professionals $1 03/27/20 Magalix n/a Container orchestration and optimization platform $3 03/27/20 Octane AI n/a Social media marketing platform $8 03/27/20 Tentrr n/a Online campsite booking platform and marketplace $5 03/27/20 Transactly Hermann Companies Real estate transaction coordinator services $3 03/27/20 Worksmith n/a Facilities management and outsourcing services $4 03/26/20 3CLogic Blu Venture Investors, Capitan Investment Partners, Force 3 Partners, True Blue Partners Cloud-communications for contact centers $9 03/26/20 Dremio Cisco Investments, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures Data-as-a-Service Platform designed for data analytics $70 03/26/20 Fast Index Ventures, Rocket Internet, Stripe, Susa Ventures Online transaction tools $20 03/26/20 Lessonly n/a E-learning and onboarding content creation tools $22 03/26/20 Pathlight Kleiner Perkins Productivity tools for managers $7 03/26/20 PreciseTarget n/a Recommendation engine for personalized shopping $5 03/26/20 Pyramid Analytics Jerusalem Venture Partners, Maor Investments, Sequoia Capital Israel, Viola Growth Business intelligence to simplify acccess to information $25 03/26/20 VoxSmart NatWest Telecommunication compliance and monitoring $7 03/25/20 Cdata Updata Partners Data access and connectivity solutions $20 03/25/20 Espressive General Catalyst, Insight Partners, Wing Venture Capital Virtual support agent platform $30 03/25/20 Flexport n/a Supply chain and freight management $10 03/25/20 Humio Accel, Dell Technologies Capital Log data management tools $20 03/25/20 QuanTemplate n/a Cloud-based insurance reporting and analytics platform $10 03/25/20 Sepio Systems Hanaco Venture Capital, Munich Re Ventures IT security against hardware-based attacks $4 03/25/20 Stellar Cyber Big Basin Capital, Evolution, Northern Light Venture, PROOF Fund, SIG, Valley Capital Security analytics platform for data protection $7 03/24/20 Arkose Labs M12, PayPal Ventures, US Venture Partners Fraud prevention platform designed for targeted businesses $22 03/24/20 Horangi Monk's Hill Ventures, Provident Growth, Right Click Capital Cybersecurity platform $20 03/24/20 Mpirik Seraph Group Healthcare data and analytics $3 03/24/20 Revuze Maverick Ventures, Prytek Big data consumer analytics platform $5 03/23/20 Bugcrowd n/a Crowd-sourced security platform for testing and posture $14 03/23/20 Confirm HR Castor Ventures, Resolute Ventures Hiring platform intended to help businesses hire the top talent $2 03/23/20 Enable Menlo Ventures , Sierra Ventures Trading agreement management $13 03/23/20 ModelOp Valley Capital Partners Rapid machine learning model deployment $8 03/23/20 Section n/a Application development for network infrastructure security $4 03/21/20 TIMining Aurus Capital, Chile Global Ventures 3D geotechnical pit and fleet management $4 03/20/20 ALICE Technologies Blackhorn Ventures, Cantos Ventures, Creative Ventures, Foundamental, Lightspeed Venture Partners, Merus Capital AI-based optimization platform for resources $15 03/20/20 MixMode n/a AI-driven cybersecurity platform $7 03/19/20 Ada Accel, Bessemer Venture Partners, Burst Capital, FirstMark Capital, Leaders Fund, Version One Ventures AI chatbot-based platform for live chat support $44 03/19/20 Donut Correlation Ventures, EarlyBlock, Entrepreneur First Digital platform designed to connect team members $2 03/19/20 Honorlock Defy Remote test proctoring platform $12 03/19/20 Mya Systems Cisco Investments, Emergence Capital Partners, Foundation Capital, Notion, Workday Ventures AI-enabled recruitment platform $19 03/19/20 StackHawk n/a Security platform designed for DevOps teams $3 03/19/20 UserTesting Accel, Greenspring, Insight Partners, OpenView User experience testing platform for customer insights $100

Sources: Company releases, Wall Street research

36 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 03/18/20 Deepgram Compound, NVIDIA GPU Ventures, SAP.iO Foundry, Wing Venture Capital, Y Combinator AI-based speech-to-text search platform for human speech $12 03/18/20 ReadySet Surgical CincyTech, Connetic Ventures, JumpStart, North Coast Ventures Surgical inventory management platform $6 03/18/20 Schoox n/a E-learning and LMS platform $2 03/17/20 Axis Security CyberStarts, Ten Eleven Ventures Cloud security platform for business applications $14 03/17/20 CoreStack Naya Ventures, Z5 Venture Capital Cloud management platform intended to optimize cloud $9 03/17/20 Fossa n/a Open source management $23 03/17/20 True Lark n/a Automated customer service and receptionist solutions $3 03/17/20 TrustStamp n/a Identity authentication to curate social trustworthiness $7 03/16/20 HashiCorp Franklin Templeton Investments, Geodesic Capital, GGV Capital, IVP, Mayfield Fund, Redpoint Ventures, T. Rowe Price Cloud infrastructure automation platform $175 03/16/20 Rancher Labs F&G Ventures, GRC SinoGreen Fund, Mayfield Fund, Nexus Venture Partners, Telstra Ventures Container technology for application infrastructure $40 03/16/20 ZeroNorth ClearSky, Crosslink Capital, Petrillo Capital, Rally Ventures Orchestrated risk management for the app delivery process $10 03/13/20 Aclaimant Mercury Fund Incident reporting system $6 03/13/20 Casetext n/a Legal research and task automation platform $8 03/13/20 Eigen Technologies Dawn Capital, Goldman Sachs Principal Strategic Investments, ING Ventures, Lakestar, Temasek Holdings Natural language processing technology $37 03/13/20 Handle.com n/a Capital management for construction companies $25 03/13/20 ReferWell Connecticut Innovations, Health Catalyst Capital Management, Meyer Ventures Investments Cloud-based medical referral and workflow management $3 03/13/20 Superlogic Technologies Warburg Pincus Financial system for the real estate and educational industries $67 03/12/20 Accern Chetrit Ventures, Chicago Trading Company, Mighty Capital Data design for intelligent decision making $7 03/12/20 Cleanshelf Dawn Capital, Fan Pier Owners, LAUNCHub Ventures Expense management platform designed to serve executives $8 03/12/20 Events.com n/a Event marketing platform $35 03/12/20 Interos Kleiner Perkins, Venrock Supply chain risk management $18 03/12/20 NinjaRMM Summit Partners IT remote monitoring and management $30 03/12/20 Noodle.ai Dell Technologies Capital, Mitsubishi, SMS Investments, TPG Growth Supply chain optimization solution $21 03/12/20 Payslip Enterprise Ireland, Frontline Ventures, Halo Business Angel Network, Tribal.vc Global payroll management for multinational businesses $3 03/12/20 Validere Greylock Partners, Sallyport Investments, Wing Venture Capital Advanced product quality intelligence for O&G companies $15 03/11/20 Arctic Wolf Networks Australia Future Fund, Blue Cloud Ventures, Delta-v Capital, NextEquity Partners, Sonae IM, Stereo Capital Cloud security platform for networks $60 03/11/20 Perimeter 81 JAL Ventures, SonicWall, Spring Ventures, Toba Capital Network and infrastructure security $20 03/11/20 SpotOn 01 Advisors, Dragoneer, EPIQ, Franklin Templeton Cloud-based financial platform for businesses $50 03/10/20 Cognism AXA Venture Partners, London Co-Investment Fund, Newable, PeakSpan Capital, South Central Ventures Sales acceleration platform designed to scale lead data $12 03/10/20 Coursedog n/a Academic scheduler platform intended to simplify scheduling $4 03/10/20 DeepCrawl Beringea, Five Elms Capital Technical SEO platform providing web optimization solutions $19 03/10/20 Electric AI 01 Advisors Automated and intelligent information technology assistant $15 03/10/20 Everlaw Andreessen Horowitz, CapitalG, K9 Ventures, Menlo Ventures Legal document analysis $62 03/10/20 Getvisibility Pires Investments, Sure Valley Ventures Data governance and classification tools $1 03/10/20 Nimbix n/a High-performance cloud computing platform $2 03/10/20 Oasis Labs n/a High-performance, scalable cloud computing platform $3 03/10/20 Overhaul Abbey International Finance, Edison Partners Supply chain management platform for cargo management $18 03/10/20 ParcelShield Excellere Partners Predictive surveillance for critical package deliveries $78 03/10/20 UrbanBound Chartline Capital Partners Relocation beneifits management & tracking $4 03/10/20 Zumper e.ventures End to end marketplace for renting apartments $60

Sources: Company releases, Wall Street research

37 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 03/09/20 Checkfront Conconi Growth Partners, Framework Venture Partners, PenderFund Capital Management, Royal Bank of Canada Online booking system intended to manage inventories $9 03/09/20 Cloudbeds Counterpart Ventures, Cultivation Capital, PeakSpan Capital, Recruit Holdings, Viking Global Investors Hospitality management designed to help hoteliers $82 03/09/20 CyberCube ForgePoint Capital, Hudson Structured Capital Management, MTech Capital Cyber risk analytics platform $40 03/09/20 TrialWorks n/a Case management and automation $3 03/06/20 Banzai DNX Ventures, Vulcan Capital Performance marketing to market professional events $7 03/06/20 SmartBarrel LAB Ventures Construction industry timekeeping automation $1 03/06/20 StructionSite 500 Startups, CEMEX Ventures, Obayashi, Social Starts, WND Ventures Construction management platform for inspection & monitoring $8 03/05/20 Airbase Bain Capital Ventures, BoxGroup, First Round Capital, Quiet Capital, Village Global Management, Webb Investment Network All-in-one spend management platform $31 03/05/20 Alpha n/a Integrated product management platform for products $7 03/05/20 AutoRABIT Full In Partners Automated release management and data back up system $13 03/05/20 Corevist Jurassic Capital Order management e-commerce platform $3 03/05/20 Doculife n/a Document storage designed to store online documents $2 03/05/20 Mailprotector Ballast Point Ventures Email security and compliance toolkit $5 03/05/20 Ordr Battery Ventures, Kaiser Permanente Ventures, Mayo Clinic, Ten Eleven Ventures, Unusual Ventures, Wing Venture Capital IoT security and risk management $34 03/04/20 Field Intelligence Accion, Blue Haven Initiative, Newtown Partners Pharmaceutical supply-chain management $4 03/04/20 Netlify Andreessen Horowitz, EQT Ventures, Kleiner Perkins, Preston-Werner Ventures Web development and hosting platform $53 03/04/20 PlanRadar Berliner Volksbank Ventures, Cavalry Ventures, e.ventures, Insight Partners, JPKE, Loric Ventures Facility and real estate management platform $33 03/04/20 Reserved.ai Amplify Partners, Pioneer Square Labs Cloud-based financial management platform $3 03/03/20 B12 n/a AI platform for integrated website design $15 03/03/20 DisruptOps Drive Capital, Rally Ventures Cloud management platform to bring expertise into the cloud $9 03/03/20 Dokkio n/a Database management platform designed to store files $1 03/03/20 EventBank GSR Ventures CRM and marketing tools $1 03/03/20 HelloPackage Mesh Ventures, VentureSouth Package delivery management platform $4 03/03/20 Mize M33 Growth Omnichannel consumer engagement platform $20 03/03/20 Nulab NOW, Shinsei Corporate Investment, XTech Ventures Project and workflow management platform $5 03/03/20 OpsCompass Dundee Venture Capital, Elsewhere Partners, M25, Nebraska Angels, Nelnet Cloud operational and security monitoring $7 03/03/20 Safio Solutions n/a Sales analysis and forecasting solutions $1 03/03/20 Sourcegraph Craft Ventures, Goldcrest Capital, Redpoint Ventures Search engine enabled to search for code $23 03/03/20 unitQ BootstrapLabs, Bragiel Brothers, Creandum, Gradient Ventures, XSeed Capital Real-time monitoring for application user feedback $11 03/03/20 Upshift Indeed, Rev1 Ventures Digital recruitment to connect businesses with labor $4 03/02/20 Rhodium Incident n/a Cloud-based incident management systems $1 03/02/20 SimpleRose n/a Prescriptive analytics platform for operational efficiencies $10 03/01/20 FarEye Eight Roads, Honeywell Ventures, M12 Mobile field workforce management $40 03/01/20 Lookout Abu Dhabi Catalyst Partners Mobile security and threat detection $50 02/28/20 HaulHub Durable Capital Partners, T. Rowe Price Supply chain management platform $30 02/27/20 Air Advancit Capital, Red Sea Ventures, WndrCo Workplace collaboration and cloud storage replacement $6 02/27/20 Arturo n/a Property characteristics and predictive analysis platform $8 02/27/20 Breinify Streamlined Ventures Predictive intelligence platform for behavioral insights $6 02/27/20 Gyana Biz Stone, Fuel Ventures, Green Shores Capital, U+I Data insights for B2C businesses $4 02/27/20 Inertia Signia Venture Partners Construction management tools $6

Sources: Company releases, Wall Street research

38 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 02/27/20 Savana n/a Cloud-based customer and account servicing platform $3 02/27/20 Tractable Georgian Partners, Ignition Partners, Insight Partners Deep learning automation platform for image recognition $25 02/26/20 cPacket Networks Morgan Stanley Expansion Capital Next-generation network monitoring for performance analytics $15 02/26/20 DialSource Camden Partners Sales automation designed to help organizations $10 02/26/20 Hasura GREE Ventures, James Tamplin, Nexus Venture, SAP.iO Foundry, Vertex Ventures Application development platform $10 02/26/20 Keen Decision Systems Spring Mountain Capital Marketing spend and ROI analytics $5 02/26/20 LinkSquares First Ascent Ventures, Hyperplane Venture Capital, Jump Capital, MassMutual Ventures Contract analytics and reporting tools $15 02/25/20 App Samurai 212, 500 Startups, ACT Venture Partners, CollectiveSpark Mobile app marketing and advertising analytics $2 02/25/20 EmpowerMX n/a Aircraft maintenance software $3 02/25/20 HeadSpin Alpha Square Group, Dell Technologies, Evolution VC, ICONIQ, Tiger Global Mobile optimization platform $60 02/25/20 mParticle Arrowroot Capital, Growth Technology Partners Omnichannel content management and consumer analytics $45 02/25/20 Ripcord Baidu Ventures, CDK Global, GV, Icon Ventures, Kleiner Perkins, Lux Capital, SVB, Tyche Partners Robotic digitization services to scan records $45 02/24/20 Behavox SoftBank Investment Advisers Data analytics platform for employee-generated data $100 02/24/20 Capiche n/a Pricing information platform for playing fields $1 02/24/20 Elementor Lightspeed Venture Partners Front-end site builder plug-in designed to complete projects $15 02/24/20 ServiceMax Salesforce, Silver Lake Management Cloud-based platform for field-service management $80 02/24/20 Sift Media n/a Campaign performance management optimization $2 02/21/20 Polyverse Soliton Systems Cyber-security platform leveraging moving-target defense tech $13 02/21/20 Shogun Initialized Capital Management, VMG Partners, Y Combinator eCommerce platform for SMBs $10 02/20/20 ActiView Teddy Sagi Group Talent assessment platform using mixed reality $10 02/20/20 Coassemble Equity Venture Partners Online training platform to help clients train teams $3 02/20/20 Flamingo New Stack Ventures Resident engagement platform $1 02/20/20 IntelyCare Endeavour Vision, Generator Ventures, Kaiser Permanente Ventures Healthcare workforce management $45 02/20/20 Ionic n/a Open-source mobile SDK $6 02/20/20 Leanplum Calterra Capital, Canaan Partners, Kleiner Perkins, LAUNCHub Ventures, Norwest Venture Partners, Shasta Ventures Omnichannel customer engagement platform $44 02/20/20 OneTrust Coatue Management, Insight Partners Privacy management and compliance platform $210 02/20/20 Teikametrics Granite Point Capital, Jump Capital Retail optimization and inventory management platform $15 02/20/20 ZeroFox Core Capital, Hercules, Highland, Intel Capital, New Enterprise Associates, Redline Capital Enterprise social risk management platform for cyber attacks $74 02/19/20 1World Online AltaIR Capital, Brand Capital, DEFTA Partners, Hanhai Studio, Keiretsu Capital, Keiretsu Forum, Viaduct Ventures Consumer intelligence platform to boost performance $8 02/19/20 SentinelOne Accel, Insight, Qualcomm Ventures, Redpoint Ventures, Samsung Venture, Third Point, Tiger Global, Vista Equity Endpoint protection against malware and threats $200 02/18/20 Aisera First Round Capital, Khosla Ventures, Menlo Ventures, Norwest Venture, True Ventures AI-based platform that auto-resolves task and actions $20 02/18/20 Edited n/a Real-time analytics platform designed to help brands $13 02/18/20 Enveil 1843 Capital, Bloomberg Beta, C5 Capital, Capital One Ventures, MasterCard Data security platform $10 02/18/20 Eureka Apis Partners, B&Y Venture, East Ventures, GDP Venture, Gobi Ventures, MEC Ventures, PacificBridge, Prudential, SoftBank Data analytics platform $20 02/18/20 iMerit CDC Group, Khosla Impact, Michael & Susan Dell Foundation, Omidyar Network Enterprise data services $20 02/18/20 Keeeb n/a Unified search for the enterprise across data siloes $7 02/18/20 Modo Labs n/a Mobile engagement and application creation platform $5 02/18/20 WireWheel n/a Comprehensive data privacy management $11 02/18/20 ZeroLight Ponooc Real-time digital visualization to help commercial omnichannel $13 02/14/20 AnChain.AI Amino Capital, Brightway Future Capital, Sand Hill Road, Susquehanna Growth Equity Blockchain-based security to assess and eliminate threats $4

Sources: Company releases, Wall Street research

39 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 02/14/20 Lightbend Bain Capital Ventures, Blue Cloud Ventures, Dell Technologies, Greylock, Intel Capital, IBM, Juniper Ventures High-performance cloud-native app development platform $25 02/14/20 n2uitive Cascade Seed Fund Insurance data management $1 02/14/20 RunSafe Security Alsop Louie Partners, Inner Loop Capital, Lockheed Martin, Martin Ventures, NextGen Venture, Renegade, Working Lab Vehicle cybersecurity and real-time communications $8 02/14/20 Toast Alta Park Capital, Bessemer Venture Partners, Durable Capital Partners, G Squared, T. Rowe, TCV, Tiger Global, TPG Capital Restaurant management point-of-sale platform $400 02/13/20 Datometry Acorn Pacific Ventures, Dell Technologies Capital, Nepenthe, Redline Capital Management, WRVI Capital Data virtualization platform designed to become cloud-native $17 02/13/20 Docket Canary, Kaszek Ventures, ONEVC, Valor Capital Group, Wayra Documentation platform designed to reduce time $8 02/13/20 Esper Haystack, Madrona Venture Group, Pathbreaker Ventures, Root Ventures, Ubiquity Ventures Device management platform $8 02/13/20 Flywire Adage Capital Management, The Goldman Sachs Group, Tiger Management Vertical payment solutions $120 02/13/20 Ordway Clocktower Technology Ventures, CRV, Lerer Hippeau, Revolution Financial operations management solution $10 02/13/20 Praetorian Bill Wood Ventures, McKinsey & Company Digital transformation tools to empower employees $5 02/13/20 Reggora 84.VC, Boston Seed Capital, Jere Doyle Enterprises, Spark Capital, Tamarisc Ventures Cloud-based appraisal platform to analyze web engagement $10 02/12/20 CybelAngel Alexis Le-Quoc, Bpifrance, Louis Shipley, Olivier Pomel, Open CNP, Prime Ventures, Renaud Deraison, TempoCap Data leak detection system designed to offer data security $36 02/12/20 Fenergo ABN AMRO AAH.AS, DXC Technology Client onboarding tools $80 02/12/20 Habu Ridge Ventures AI-driven marketing platform $13 02/12/20 Model9 GlenRock Israel, Intel Capital, North First Ventures, StageOne Ventures Cloud-based backup and recovery for the enterprise $9 02/12/20 PredictHQ Aspect Ventures, Lightspeed Venture Partners, Rampersand, Sutter Hill Ventures Intelligence event planning and data analytics $22 02/12/20 Radar Accel, Bedrock, Heavybit, Nathaniel Turner, Prime Set, Two Sigma Ventures, Zachary Weinberg Location context and tracking integrations $20 02/12/20 Spirion Riverside Company Developer of IT security that strengthens data loss prevention $20 02/11/20 Carbon Relay Insight Partners Data center optimization platform $63 02/11/20 Cysiv ForgePoint Capital, Trend Forward Capital Security operations center technology platform $26 02/11/20 Hazelcast Bain Capital Ventures, C5 Capital, Capital One Ventures, Comerica Bank, DEG, Earlybird Ventures Open source data grid platform $50 02/11/20 iDonate PerformanceEdge Partners Fundraising tools for non-profits $9 02/11/20 MoEngage Eight Roads, F-Prime Capital Partners, Matrix Partners India, VenturEast Omnichannel marketing automation $25 02/11/20 Nerdio MK Capital IT services focused on digital transformation $8 02/11/20 Olea Edge Analytics Ananta Family Office, Mercury Fund, Renewal Funds Water utility meter analytics $9 02/11/20 PypeServer Ferguson Ventures CAD design tools $2 02/11/20 Sixgill Elron Electronic Industries, OurCrowd, REV Venture Partners, Sonae IM, Terra Venture Partners Cyber threat intelligence designed to analyze Dark Web activity $15 02/11/20 Whatfix Cisco, Eight Roads, F-Prime Capital, Sequoia In-app guidance and performance support $32 02/09/20 Beyond CyberStarts, Sequoia Cybersecurity platform $21 02/07/20 Appetize n/a POS system to manage and process transactions $11 02/07/20 Snowflake Altimeter, Dragoneer, ICONIQ, Madrona, Redpoint, Salesforce Ventures, Sequoia, Sutter Hill, Wing Venture Capital Cloud data warehousing platform $479 02/07/20 VCC Live EximBank Romania, OTP Bank, PortfoLion Cloud-based call center technology $2 02/06/20 datree.io Blumberg Capital, TLV Partners, Y Combinator Git-centric DevOps management platform for efficient scaling $8 02/06/20 Netskope Accel, Base, Canada Pension Plan IB, Dell Technologies, Geodesic, ICONIQ, Lightspeed, Sapphire, Sequoia Cloud compliance analytics and incident management $340 02/06/20 Worlds Align, Capital Factory, Chevron Ventures, Green Park & Golf Ventures, Hypergiant, PIVA AI and data visualization platform $10 02/05/20 Aiven Earlybird Venture Capital, IVP, Lifeline Ventures Open-source cloud hub designed to serve databases $40 02/05/20 Beekeeper Alpana Ventures, Atomico, Edenred Capital, Energize Ventures, Fyrfly, Hammer Team, HighSage Ventures, Keen Digital workplace application to integrate multiple systems $50 02/05/20 Bitvore n/a AI-powered business analysis platform $1 02/05/20 Canoe Software Nasdaq Ventures, Portage Partners, Promus Equity Partners AI and ML platform for streamlining data management $13 02/05/20 LumaTax Cowboy Ventures, Greycroft, KPMG Capital, Madrona Venture Group, Vulcan Capital Cloud-based tax management platform for businesses $2

Sources: Company releases, Wall Street research

40 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 02/05/20 Text Us n/a Text messaging platform intended to simplify communication $5 02/04/20 Ambyint Cottonwood Venture Partners, Mercury Fund IoT analytics for the energy sector $15 02/04/20 Dixa JPKE, Notion, Project A, Seed Capital Customer friendship platform intended to help customers $36 02/04/20 EmergeTech n/a Web-based transportation management platform $20 02/04/20 Homie n/a Real estate transaction management $23 02/04/20 Kaskada Addition, Bessemer Ventures, Founders' Co-op, NextGen Ventures, Voyager Capital, Walnut Street Capital Data analytics and visualization toolkit $8 02/04/20 Labelbox Andreessen Horowitz, First Round Capital, Gradient Ventures, Kleiner Perkins Computer vision data training toolkit $25 02/04/20 MayaData AME Cloud Ventures, DataCore Software, Insight Partners Virtual storage performance optimization $26 02/04/20 Retina AI Crosscut Ventures AI-enabled marketing automation tools $3 02/04/20 Securonix n/a Data security analytics with risk intelligence $12 02/03/20 Cresta AI Andreessen Horowitz, Greylock Partners AI platform designed to help scale and improve quality $21 02/03/20 Rimilia Eight Roads, Kennet Partners, Silicon Valley Bank Machine learning enabled payment invoicing $15 02/03/20 SmarterHQ n/a Customer intelligence driven marketing automation platform $2 02/02/20 Schaman Inveready Technology Investment Group Open-framework enterprise testing $1 01/31/20 Automox CrowdStrike, CRV, Koch Disruptive Technologies Cloud-based patch management $30 01/31/20 OpenLegacy SBI Holdings Digital service creation and management $20 01/31/20 TransparentBusiness n/a Workforce management to increase freelancer productivity $4 01/31/20 VANTIQ Sands Capital, SoftBank Platform to accelerate enterprise digital transformation $17 01/30/20 Aquant Angular Ventures, Insight Partners, Lightspeed Venture Partners, Silvertech Ventures AI powered asset management intelligence platform $30 01/30/20 Codility Kennet Partners, Oxx Online platform intended for hiring tech professionals $22 01/30/20 OpsRamp Hewlett Packard Pathfinder, Morgan Stanley Expansion Capital, Sapphire Ventures Hybrid IT operations management platform $38 01/30/20 Passageways Five Elms Capital, Saratoga Investment Employee intranet platform for business teams $5 01/30/20 Powell Software CapHorn Invest, Level Equity Digital transformation tools to empower employees $16 01/30/20 Simscale Bayern, Earlybird Venture, High-Tech Gründerfonds, Insight Partners, June Fund, Union Square, Vito Ventures Simulation platform to test performance, optimize efficiency $30 01/30/20 Stoplight Bill Wood Ventures, Next Coast Ventures API toolkits designed to document, test and build Web APIs $6 01/29/20 Attentive Mobile Eniac Ventures, IVP, NextView Ventures, Sequoia Personalized mobile messaging platform $70 01/29/20 Concentric Clear Ventures, Core Ventures Group, Engineering Capital, Homebrew AI-powered data sensitivity and risk discovery platform $8 01/29/20 eClinical Solutions Summit Partners Cloud-based enterprise clinical data services $19 01/29/20 LearnPlatform n/a EdTech collaboration platform and usage analytics $2 01/28/20 ActiveCampaign Silversmith Capital Partners, Susquehanna Growth Equity Intelligence-driven marketing and sales automation $100 01/28/20 Frontify Blossom Capital, Datartis Ventures, EQT Ventures, Michael Naf, Tenderloin Ventures Branding management tools $22 01/28/20 Justworks Bain Capital Ventures, FirstMark Capital, Index Ventures, Redpoint Ventures, Spark Capital, Thrive, Union Square HCM and compliance platform $50 01/28/20 Neptune Labs b-to-v Partners, Rheingau Founders, TDJ Pitango Ventures Machine learning model management and optimization $3 01/28/20 Pecan Dell Technologies Capital, S Capital VC Automated deep-learning platform $11 01/28/20 SeaLights Cisco Systems, Wipro Ventures Cloud-based quality assurance testing $9 01/27/20 CredSimple n/a Verification platform designed to automate credentialing $11 01/27/20 Curacity Connecticut Innovations Marketing technology and data analytics company $1 01/27/20 Digital Reasoning MidCap Financial AI-based cognitive computing platform $20 01/27/20 GetUpside Builders VC Local customer loyalty platform for small businesses $35 01/27/20 Gravyty K1 Investment Management Predictive analytics-based fundraising tools for non-profits $21

Sources: Company releases, Wall Street research

41 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 01/27/20 Iguazio INCapital Ventures, Kensington Capital, Kreos, Magma Ventures, Pitango Ventures, Plaza, Samsung, Silverton, Verizon Data analytics platform $24 01/27/20 IronNet Cybersecurity n/a Cybersecurity threat detection $53 01/27/20 Monsido Level Equity, VF Venture Website governance and compliance $17 01/27/20 SuperAwesome Hoxton Ventures, IBIS Capital, M12, Mayfair Equity Digital marketing platform designed for global kids' industry $22 01/24/20 Commerce.js Alumni Ventures Group, AngelPad, Correlation Ventures, Global Founders Capital, Initialized Capital, Interlace Modular eCommerce platform and API $2 01/24/20 CREXi Industry Ventures, Jackson Square Ventures, Mitsubishi Estate, Prudence Holdings Online portal intended to help commercial real estate searches $30 01/24/20 LogiNext Steadview Capital Management, Tiger Global Management Real-time logistics management platform $39 01/24/20 Rollbar Bain Capital Ventures, Blossom Street Ventures, Cota Capital, Long Light Capital, Patagonia Capital Partners, Runa Capital Online error-tracking and monitoring for developers $11 01/24/20 Segmint n/a Data-driven marketing platform for financial institutions $6 01/23/20 CertifID Grand Angels Real-time identity and account credential verification platform $2 01/23/20 CloudKnox Security ClearSky, Dell Technologies Capital, Foundation Capital, Sorenson Ventures Cloud security platform for identity authorization administration $12 01/23/20 Clubhouse Battery Ventures, Greylock Partners Project management tools to improve teamwork $25 01/23/20 Otter.ai Draper Dragon, Duke Angel Network, Fusion Fund, GGV Capital, H. Barton Asset Management, NTT Docomo, Slow Speech recognition to generate automatic meeting notes $10 01/23/20 Proxyclick Five Elms Capital, Join Capital Customer data security $15 01/23/20 Ubeya Cornerstone OnDemand, Israel Cleantech Ventures, Magma Venture Partners Cloud-based employee network management platform $4 01/22/20 Aible n/a AI-based platform for cost-benefit tradeoffs $15 01/22/20 Anchore Entrada Ventures, SignalFire Container-based workflow manager $21 01/22/20 Catalant Technologies GE Ventures, General Catalyst, Goldfinch Partners , Highland Capital Partners, Salesforce Ventures Online talent network designed to streamline job postings $35 01/22/20 FrontApp Anthos Capital, Initialized Capital, Sequoia, Tribe Communication channel centralization $59 01/22/20 Outlier 11.2 Capital, Emergence Capital Partners, First Round Capital, Homebrew, Ridge Ventures, Susa Ventures, SV Angel Business intelligence platform for marketing campaigns $22 01/22/20 Securiti.ai General Catalyst, Mayfield Fund AI-powered cybersecurity and data protection $50 01/22/20 StoryChief Peak Capital Content distribution for marketers, publishers and bloggers $1 01/22/20 Sysdig Accel, Bain Capital, Glynn Capital, Insight Partners, Goldman Cloud-native visibility and security platform $80 01/22/20 Unito Bessemer, Mistral Venture, Real Ventures Project-management-application integrator $11 01/21/20 AppsFlyer DTCP, General Atlantic, Goldman Sachs Private Capital, Magma Venture Partners, Pitango Venture Capital, Qumra Capital Mobile attribution and marketing analytics platform $210 01/21/20 Berkshire Grey Canaan Partners, Khosla Ventures, New Enterprise Associates, SoftBank Group Omnichannel materials handling and fulfillment system $263 01/21/20 Buzzvil Company K Partners, Korea Development Bank, LB Investment, SBI Investment Korea Company, Shinhan Bank Smartphone lock screen advertising platform $17 01/21/20 Encycle n/a Energy management tools $1 01/21/20 FloQast Insight Partners, Norwest Venture Partners, Polaris Partners Close management for accounting teams $40 01/21/20 Flutterwave 4DX, 9Yards, CRE Ventures, Endeavor, eVentures, FinTech Collective, Green Visor, Greycroft, Visa, Y Combinator Payment infrastructure platform $35 01/21/20 Intezer Intel Capital, Magma Venture Partners, OpenView Venture Partners, Samsung NEXT Malware detection and analysis $15 01/21/20 Vchain Acequia Capital, Bluwat, Elaia Partners, Texas Atlantic Capital Blockchain-protected development tools $7 01/20/20 scoutbee 42CAP, Atomico, Dieter von Holtzbrinck Ventures, Lakestar, Next47, Toba Capital AI-powered discovery suite for suppy buying decisions $60 01/17/20 AvidXchange TPG Sixth Street Partners Invoice and payment processing platform $260 01/17/20 Funnel Balderton Capital, Eight Roads, F-Prime Capital Partners, Industrifonden, Kreos Capital, Oxx, Zobito Advertising data gathering $47 01/17/20 Groundbreaker Marquee Chicago, Parallel18, Walton Street Capital Real estate investment platform $4 01/17/20 Privafy n/a Data security platform for sensitive information $22 01/16/20 Cyral a_capital, Costanoa Ventures, Firebolt Ventures, Redpoint Ventures, SV Angel, Trifecta Capital Partners API-first cloud service platform to protect businesses $11 01/16/20 Epsagon Cerca Partners, Lightspeed Venture Partners, StageOne Ventures, US Venture Partners Application performance monitoring $16 01/16/20 LaunchDarkly Bessemer Venture Partners, Bloomberg Beta, Redpoint Ventures, Threshold Ventures, Uncork Capital, Vertex Cross-organizational application feature management $54

Sources: Company releases, Wall Street research

42 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 01/16/20 SiteMinder AustralianSuper, BlackRock, Ellerston Capital, Pendal Group Online hotel distribution and connectivity platform $70 01/16/20 Workboard Andreessen Horowitz, GGV Capital, M12, Workday Active business strategy management $30 01/15/20 6Sense Insight Partners Predictive intelligence platform for marketing and sales $40 01/15/20 Cape Analytics Brewer Lane Ventures, State Farm Ventures Cloud-based real-time property data stream $10 01/15/20 Clobotics Tiger Global Management Cloud-based industrial data analytics platform $10 01/15/20 Cyr3con Entrepreneurs Organization Accelerator, SaaS Ventures, Scout Ventures, TRUMPF Venture Security intelligence platform to help identify cyber-threats $4 01/15/20 Get Assist n/a Marketing tools for small business owners $5 01/15/20 MRI Software GI Partners, Harvest Partners, TA Associates Management Real estate and investment management platform $3,000 01/15/20 NextNav Columbia Capital, Fortress Investments, Goldman Sachs Principal Strategic Investments, New Enterprise Associates In-building location analytics $120 01/15/20 productboard Bessemer Venture Partners, Sequoia Product management system $45 01/15/20 Roambee Anchor Group, Comcraft Group, Intuitive.VC, Jebsen & Jessen, MDI Ventures IoT smart logistics and asset management platform $15 01/14/20 Anyline Project A, Senovo Optical character recognition platform $12 01/14/20 EirSystems Solas BioVentures E-prescribing and medical reconciliation platform $2 01/14/20 Medsphere Systems TPG Sixth Street Partners Open-source electronic health record platform $40 01/14/20 Ringmaster Technologies Edison Partners Cloud-based healthcare platform for administrative processes $5 01/14/20 Tetra Defense Mendota Venture Capital Cyber-risk management to help in recovering and restoring data $3 01/14/20 Trusona Akamai Technologies, Generation Ventures, Georgian Partners, Kleiner Perkins, M12, OurCrowd Identity authentication technology to reduce account theft $19 01/13/20 Beacon Platform Centana Growth Partners, Global Atlantic Financial Group, Pacific Investment Management Company Financial developer toolkit for front and back offices $20 01/13/20 Bonfyre n/a Employee and workplace culture management system $1 01/13/20 Cohley 9Mile Labs, Active Capital, Right Side Capital Management Content generation and performance analytics tools $2 01/13/20 Containous 360 Capital Partners, Balderton Capital, Elaia Partners Open-source infrastructure designed to help infrastructure IT $10 01/13/20 NewStore Activant Capital, General Catalyst, Salesforce Ventures Retail store management platform for mobile devices $20 01/12/20 SimpliField CapHorn Invest, Five Elms, Runa Mobile field reporting & analytics platform $11 01/10/20 Kneron Horizons Ventures Edge computing SoC and visual analytics $40 01/09/20 Partnerize Accel-KKR AI-enabled brand partnership automation $50 01/09/20 Riskpulse Columbia Capital Supply chain management with machine learning and analytics $23 01/09/20 Sisense Battery Ventures, Bessemer, ClalTech, DFJ Growth, Insight Partners Data analytics engine to create and share business reports $100 01/08/20 AvePoint Goldman Sachs Merchant Banking Division, TPG Sixth Street Partners Enterprise-class data management and GRC $200 01/06/20 BigID Scale Venture Partners, Tiger Global Management Data-driven protection and privacy compliance platform $50 01/06/20 Circonus Ben Franklin Technology Partners of Pennsylvania, Bull City Ventures, NewSpring Capital, Osage Ventures Real-time monitoring and analytics platform $7 01/06/20 Curricula RCP Equity Cybersecurity awareness phishing simulation platform $3 01/06/20 DeepNorth AI List, Celeres Capital, Engage VC, The Home Depot AI-based platform to help analyze customer behavior $26 01/06/20 HighRadius Citi Ventures, ICONIQ Capital, Susquehanna Growth Equity Receivables automation $125 01/06/20 MadKudu Alven Capital Partners Lead scoring and engagement analytics $7 01/05/20 Aptly n/a Residential property management and communication platform $5 01/04/20 TypingDNA Credo Ventures, GapMinder Venture Partners, Gradient Ventures, Techstart Ventures AI algorithms to authenticate users based on how they type $7 01/03/20 BEET FOD Capital Data acquisition and process visualization system $6 01/03/20 Breezeway n/a Online property management for care and maintenance $4 01/03/20 DocASAP n/a Online platform designed to help patients book appointments $18 01/03/20 Feathr Florida Gulfshore Capital, Florida Opportunity Fund, Freeman Digital Ventures, Fulcrum Equity Partners Digital marketing platform $12

Sources: Company releases, Wall Street research

43 Equity Financing Activity Software Private Capital Raise Activity: Q1 2020 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount 01/03/20 Receipt Bank Augmentum, Canadian Imperial Bank of Commerce, Insight Partners, Kennet Partners Book-keeping automation $73 01/02/20 Avii Blue Diamond Capital Workflow management solution $3 01/02/20 BlueConic Sigma Prime Ventures, Spring Lake Equity Partners Cross-channel marketing platform using customer data $15 01/02/20 ESO Solutions n/a Health record data exchange $10 01/02/20 Intraprise Health n/a Healthcare compliance tools $5 01/02/20 Nayax n/a Payment processing and analytics solution $60 01/02/20 Negotiatus 645 Ventures, Entrepreneurs Roundtable Accelerator, Green Visor, Rally Ventures, Stage2 Capital, Uncommon Denominator Inventory purchasing platform $10 01/01/20 Kronologic Complete Growth Investor, Geekdom Fund, GuideStar USA, Long View Equity Partners, Trammell Ventures Automatic scheduling platform $1 01/01/20 Process Street Accel, Atlassian, Salesforce Ventures Workflow automation to simplify business management $15 01/01/20 Setmetrics n/a Platform for upgrading and retrofiting real estate $1

Sources: Company releases, Wall Street research

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