Infrastructure and Security Software Ipos1

Infrastructure Software Taxonomy

SOFTWARE DEVELOPMENT / DEVOPS IT OPERATIONS MANAGEMENT SECURITY

Solutions that enable the Solutions that help to manage Solutions that protect software software development lifecycle, the provisioning, capacity, and systems against malicious including planning, creating, performance, and availability of attacks, unauthorized access and testing, and deploying software an organization’s IT resource use, and other external applications and systems infrastructure and internal risks Infrastructure / Application IT GRC and Service and Identity and Continuous Integration / Version Test App / Database Operations Network / App / Advanced Threat SIEM / Security Lifecycle Asset Support Access Continuous Delivery Management Management Performance Analytics Data Security Protection Analysis Management Management Management Management Monitoring Select Market Participants Select Market Participants Select Market Participants

DATA MANAGEMENT CLOUD MANAGED SERVICES COLLABORATION / COMMUNICATION

Solutions that manage cloud Solutions that enable groups and Solutions that integrate, cleanse, security, computing, storage, teams to communicate, share, migrate, and manage data across network operations, and coordinate, cooperate, and solve platforms to produce accurate application stacks to automate problems for the purpose of and consistent information and enhance business operations completing a task

Project Business Data Quality and Database Data PaaS / aPaaS / Managed Hosting Managed Backup and Communications Agile Project Data Integration Portfolio Process Governance Management Analytics iPaaS and Applications Security Disaster Recovery PaaS Management Management Management Select Market Participants Select Market Participants Select Market Participants

1 Case Study: SentryOne

The Harris Williams Technology Group advised SentryOne on its acquisition by SolarWinds.

TRANSACTION OVERVIEW

SentryOne provides mission-critical Database Performance Management (“DPM”) and DataOps software. The Company’s solutions enable customers to monitor, document, test, build, and Closed October 29, 2020 migrate their mission-critical workloads in on-premises, hybrid, and multi-cloud environments.

The Company has built a strong, well-respected product portfolio guided by a customer-centric model well aligned to SolarWinds’ mission and commitment to the IT professional community. The SentryOne offering complements the on-premises and cloud-native DBM offerings SolarWinds has today to serve the full needs of the mid-market and better serve larger organizations.

a portfolio company of SolarWinds is a leading provider of powerful and affordable IT management software. Its products give organizations worldwide the power to monitor and manage their IT services, infrastructures, and applications, whether on-premises, in the cloud, or via hybrid models. The Company continuously engages with technology professionals to understand the challenges they face in maintaining high-performing and highly available IT infrastructures and applications.

has been acquired by RELEVANT SUB-SECTORS

INFRASTRUCTURE DEVOPS SAAS SOFTWARE

DATA MANAGEMENT MICROSOFT AZURE / AWS

2 Select Infrastructure Software M&A Transactions1,2

Vista Equity Partners’ acquisition of Pluralsight – Announced on December 13, 2020 • Pluralsight is a provider of technology workforce development solutions • Pluralsight, with over 1,700 employees, serves more than 17,000 customers, including 70% of Fortune 500 companies Enterprise Value: $3,943M EV / Revenue: 10.5x Revenue: $376M EV / EBITDA: NA • Through the acquisition, Pluralsight is expected to unlock significant resources and institutional knowledge from its partnership with Vista, thus accelerating growth and further strengthening its position as a market leader

Cisco’s acquisition of IMImobile – Announced on December 7, 2020 • IMImobile is a cloud communications software and solutions provider • IMImobile has over 1,100 employees in offices spanning four continents Enterprise Value: $730M EV / Revenue: 3.3x Revenue: $224M EV / EBITDA: 25.6x • The acquisition bolsters Cisco’s customer interaction management capabilities and will enrich the overall customer experience by adding automated and artificial intelligence-driven interactions with its customers

Salesforce’s acquisition of Slack – Announced on December 1, 2020 • Slack is an enterprise communications platform • Slack will become the new interface for Salesforce Customer 360, extending its reach inside the Salesforce enterprise Enterprise Value: $27,700M EV / Revenue: 33.3x Revenue: $834M EV / EBITDA: NA • The acquisition will provide Salesforce additional opportunities to facilitate communications between businesses and their customers and further strengthen its position as leading partner to businesses in the digital transformation

Palo Alto Networks’ acquisition of Expanse – Closed December 15, 2020 • Expanse provides an IT operations management platform intended to manage and secure global internet assets • Expanse serves Fortune 500 customers across the financial, healthcare, and technology industries, as well as the U.S. military Enterprise Value: $800M EV / Revenue: NA Revenue: NA EV / EBITDA: NA • The acquisition will expand Palo Alto Networks’ abilities across exposed and untracked external assets that could compromise an organization’s attack surface

Twilio’s acquisition of Segment – Closed November 2, 2020 • Segment is a customer data platform intended to collect and manage analytics data • Segment serves more than 20,000 customers, including FOX, Instacart, Intuit, and Levi’s Enterprise Value: $3,200M EV / Revenue: NA Revenue: NA EV / EBITDA: NA • The acquisition provides deeper customer engagement capabilities for Twilio, increasing its ability to offer greater customer insights and data management

Fastly’s acquisition of Signal Sciences – Closed October 1, 2020 • Signal Sciences provides a SaaS platform designed to make web applications more secure • Signal Sciences protects more than 40,000 applications and over a trillion production requests per month Enterprise Value: $775M EV / Revenue: NA Revenue: NA EV / EBITDA: NA • The acquisition extends Fastly’s platform capabilities and strengthens its existing overall security offerings

3 Public Market Performance1

EV / NTM REVENUE MULTIPLES

As of December 31, 2020 Median EV / NTM Revenue 10 Year 5 Year 3 Year Dec-20 Infrastructure Software 3.9x 5.1x 5.6x 7.6x 10.0x Security Software 4.7x 5.3x 5.7x 8.2x

8.0x

6.0x

4.0x

2.0x

- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

NASDAQ Composite Index Infrastructure Software Security Software EV / NTM CASH EBITDA MULTIPLES

As of December31, 2020 Median EV / NTM Cash EBITDA 10 Year 5 Year 3 Year Dec-20 Infrastructure Software 11.6x 14.8x 16.0x 27.3x

35.0x Security Software 11.6x 13.5x 14.6x 20.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

HISTORICAL PERFORMANCE THROUGH CYCLES NASDAQ Composite Index Infrastructure Software Security Software

1.5x 1.7x 10.3x Median EV / NTM Median EV / NTM 2.2x Revenue 8.2x Cash EBITDA 27.3x 7.6x 6.6x 6.1x 6.0x 20.0x 16.9x 17.8x

4.0x 11.9x 11.9x 3.0x 3.3x 9.9x 2.5x 8.1x 2.0x 7.2x 6.3x

Recession Recovery Post Year-End Dec 2020, Recession Recovery Post Year-End Dec 2020, Recession Recovery Post Year-End Dec 2020, Recession Recovery Post Year-End Dec 2020, Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2014 COVID Feb. 2014 COVID Feb. 2014 COVID Feb. 2014 COVID Infrastructure Software Security Software Infrastructure Software Security Software

Note: see pages 7-11 for companies comprising Infrastructure Software and Security Software buckets. 4 Key Performance Metrics for Recent Infrastructure and Security Software IPOs1

316.6%

300.0%

163.9% 200.0% 151.5% 136.1%

101.2% 67.9% 74.0% 75.1% 79.8% 100.0% 59.8% 12.7% 48.0% 3.5% 30.6%

14.4% 24.6% % Revenue Growth Revenue % 0.0%

(100.0%)

550.0% 523.0% 500.0%

450.0% 406.6% 400.0%

350.0% 340.2%

300.0% 264.6% 250.0% 230.4% N/A 200.0% 170.4%

150.0% 134.5% 90.9% 100.0% 73.8% 42.8% Stock Performance (Offer to Current) to (Offer Performance Stock 29.9% 50.0% 15.1% 0.0% 0.0% (9.2%) (50.0%) (16.6%) Circle Size Denotes Revenue ($)

IPO DATE 4/10/19 6/11/19 7/31/19 9/13/19 9/18/19 9/19/19 9/16/20 7/21/20 9/16/20 9/15/20 8/4/20 9/30/20 9/30/20 10/20/20 10/21/20 12/8/20 OFFER PRICE PER SHARE $24.00 $34.00 $16.00 $15.00 $27.00 $15.00 $44.00 $26.00 $22.00 $120.00 $21.00 $5.35 $9.50 $27.00 $20.00 $42.00 MARKET CAP AT OFFER ($M) $1,799.3 $703.8 $4,486.6 $1,299.2 $745.2 $1,192.7 $3,901.7 $3,095.6 $2,220.0 $4,849.0 $4,180.2 $16,400.0 $3,990.0 $4,342.9 $3,308.8 $3,976.3 OFFERING SIZE ($M) $217.7 $612.0 $569.8 $525.0 $648.0 $187.5 $509.0 $468.0 $325.6 $3,360.0 $703.5 $0.0 $0.0 $594.0 $740.0 $651.0 OFFER TO CURRENT 73.8% 523.0% 170.4% 406.6% 264.6% 90.9% 42.8% 15.1% 29.9% 134.5% (9.2%) 340.2% 211.1% 0.0% (16.6%) 230.4%

5 Summary of 2020 Infrastructure and Security Software IPOs1

There was a significant influx of software IPOs in the second half of 2020, despite the COVID-19 pandemic, as investors buoyed public markets with a focus on technology.

PRIVATE COMPANY SECTOR VAL. YEAR INVESTORS (CURRENT ROUND) DESCRIPTION

JFrog is a provider of an end-to-end, hybrid, universal DevOps platform that bridges Application Lifecycle Battery Ventures; Insight Partners; Meritech Capital Partners; Sapphire Ventures; the gap between software development and deployment. The Company serves $427M 2019 Management VMware; Technologies Capital organizations in the technology, financial services, retail, healthcare, and telecommunication industries.

Jamf is a provider of a cloud software platform that helps manage Apple's Mobile Device $734M 2017 Vista Equity Partners infrastructure and security platform. The Company's SaaS solutions primarily focus Management on the enterprise IT management lifecycle.

Sumo Logic is a SaaS platform focused on helping businesses overcome the IT Operations Accel Partners; Battery Ventures; DFJ Growth; Franklin Templeton; Greylock Partners; challenges presented by digital transformation. The Company's solution focus on $1,190M 2019 Management, SIEM Sequoia Capital; Sutter Hill Ventures; Tiger Global; Workday Ventures operational intelligence, security intelligence, business intelligence, and global intelligence.

Digital / Cloud / Agile Snowflake is a provider of a cloud-based data platform. The Company's solution Capital One Growth Ventures; Capital One Ventures; Coatue Management; Hillhouse Services, Data $12,400M 2020 empowers its customers to consolidate data into a single source of truth and derive Capital Management; ICONIQ Capital; Salesforce Ventures; Sutter Hill Ventures Management meaningful business insights.

Rackspace is a provider of end-to-end multicloud technology services. The Company Digital / Cloud / Agile $4,300M 2016 ABRY Partners; Apollo Global Management; Searchlight Capital Partners serves a variety of industries, including automotive, education, financial services, Services healthcare, media and entertainment, and public sectors.

Palantir is a provider of software solutions for the intelligence community. The Data Management, NA 2020 Founders Fund; G Squared; Glynn Capital Management; In-Q-Tel; Tiger Global Company's solutions assist government operatives in identifying patterns within Data Security large datasets and planning and executing real-world responses.

Asana is a provider of a work management platform. The Company's solutions Connectivity / $1,500M 2018 Andreessen Horowitz; Benchmark; Founders Fund; G Squared; Tiger Global assist individuals and teams in getting work completed more efficiently while Collaboration increasing overall employee engagement.

Datto is a provider of cloud-based software and technology solutions. The Data Management NA 2017 Vista Equity Partners Company's solutions are delivered through the managed service provider (MSP) channel focused on small and medium-sized businesses.

McAfee is a provider of device-to-cloud cybersecurity solutions. The Company's Endpoint Protection / $4,157M 2017 Intel; Fisher Lynch Capital; Thoma Bravo; TPG solutions are used across consumers, small and medium-sized business, large Anti-Virus enterprises, and the public sector.

C3.ai is a provider of enterprise artificial intelligence solutions. The Company's SaaS Rapid Application $3,300M 2019 Baker Hughes; Primera Capital; Sutter Hill Ventures; TPG Growth solutions are used to develop, deploy, and operate large-scale enterprise AI Development applications.

6 Infrastructure Software – Trading Comparables Metrics1

Revenue Growth Enterprise Value / Revenue Enterprise Value / EBITDA Enterprise Market % of 52 1-Year Stock 3-Year Stock LTM EBITDA Pre-COVID Pre-COVID Price / Company Ticker LTM NTM LTM NTM LTM NTM Value ($mm) Cap ($mm) Week High Performance Performance Margin (Dec. 2019) (Dec. 2019) Earnings DIVERSIFIED INFRASTRUCTURE SOFTWARE

Microsoft MSFT $1,626,873 $1,681,606 95.5% 41.0% 160.0% 13.3% 10.1% 46.3% 8.6x 11.1x 10.0x 18.8x 23.9x 22.3x 35.4x Oracle ORCL 223,458 190,450 97.7% 22.1% 36.8% (0.5%) 3.0% 43.8% 5.0x 5.7x 5.5x 12.2x 12.9x 11.0x 18.3x IBM CSCO 174,669 189,092 89.0% (6.7%) 16.8% (7.5%) 3.0% 31.7% 3.8x 3.6x 3.5x 12.0x 11.5x 9.8x 18.1x Cisco Systems IBM 167,084 112,166 79.3% (6.1%) (18.0%) (4.6%) 1.3% 18.3% 2.3x 2.3x 2.2x 10.7x 12.4x 9.9x 20.1x SAP SAP 163,964 156,184 91.5% (10.9%) 14.7% 8.2% (85.1%) 33.3% 5.6x 4.9x 32.9x 23.0x 14.7x NM 24.2x Micro Focus MCRO 6,716 1,939 50.4% (60.1%) (86.1%) 1.4% (7.5%) 31.8% 2.6x 2.1x 2.3x 8.3x 6.7x 6.0x NM Software AG SOW 2,734 3,017 91.6% 7.2% (28.9%) 1.9% (0.3%) 21.2% 2.4x 2.7x 2.7x 8.5x 12.9x 12.0x 24.8x Median $167,084 $156,184 91.5% (6.1%) 14.7% 1.4% 1.3% 31.8% 3.8x 3.6x 3.5x 12.0x 12.9x 10.4x 22.1x CLOUD / SAAS INFRASTRUCTURE SOFTWARE

ServiceNow NOW $106,613 $107,361 97.1% 95.0% 322.1% 30.9% 25.0% 12.4% 15.3x 25.3x 20.2x 179.7x NM 65.6x 153.2x Atlassian TEAM 57,097 58,281 93.5% 94.3% 413.8% 30.9% 13.4% 3.7% 20.3x 33.4x 29.4x NM NM 118.0x NM Okta OKTA 32,335 32,918 88.5% 120.4% 892.8% 43.8% 29.4% NM 25.7x 42.1x 32.5x NM NM NM NM MongoDB MDB 21,720 21,638 90.0% 172.8% 1,109.7% 41.5% 27.3% NM 19.1x 40.0x 31.4x NM NM NM NM Zendesk ZEN 16,507 16,699 99.0% 86.8% 322.9% 28.6% 23.1% NM 10.2x 16.9x 13.7x NM NM 118.6x NM Smartsheet SMAR 8,120 8,471 91.8% 54.3% NA 44.8% 29.0% NM 19.5x 22.9x 17.8x NM NM NM NM Proofpoint PFPT 7,696 7,872 99.0% 18.8% 53.6% 20.8% 12.0% NM 7.0x 7.6x 6.8x NM NM 42.8x NM Nutanix NTNX 6,254 6,423 84.2% 2.0% (9.7%) 5.5% 0.2% NM 4.6x 4.8x 4.8x NM NM NM NM Qualys QLYS 4,363 4,755 96.5% 46.2% 105.3% 13.4% 12.2% 34.6% 8.9x 12.4x 11.0x 28.1x 35.7x 24.1x 53.8x New Relic NEWR 3,760 4,094 88.1% (0.5%) 13.2% 18.1% 8.3% NM 6.3x 5.9x 5.4x NM NM 66.3x NM Mimecast MIME 3,662 3,632 95.6% 31.0% 98.3% 20.9% 14.1% 12.2% 6.7x 7.9x 6.9x 82.0x 64.8x 34.2x NM Median $8,120 $8,471 93.5% 54.3% 213.7% 28.6% 14.1% 12.3% 10.2x 16.9x 13.7x 82.0x 50.3x 65.6x 103.5x

Median $19,114 $19,168 91.7% 26.6% 53.6% 15.8% 11.0% 31.7% 6.9x 7.7x 8.5x 15.5x 12.9x 24.1x 24.5x

As of December 31, 2020 ($ in millions) 7 Infrastructure Software – Trading Comparables Metrics by Sector1

ServiceNow NOW $106,613 $107,361 97.1% 95.0% 322.1% 30.9% 25.0% 12.4% 15.3x 25.3x 20.2x 179.7x NM 65.6x 153.2x Zendesk ZEN $16,507 $16,699 99.0% 86.8% 322.9% 28.6% 23.1% NM 10.2x 16.9x 13.7x NM NM 118.6x NM PagerDuty PD $3,107 $3,417 86.4% 78.3% NA 29.8% 23.5% NM 9.5x 15.5x 12.6x NM NM NM NM IT OPERATIONS MANAGEMENT

SolarWinds SWI $6,301 $4,695 61.4% (19.4%) NA 10.5% 8.0% 22.9% 7.9x 6.3x 5.8x 33.7x 27.5x 12.5x 120.4x Sumo Logic SUMO $2,517 $2,924 80.1% NA NA 36.6% 15.0% NM NA 13.1x 11.4x NM NM NM NM CONNECTIVITY AND COLLABORATION

Atlassian TEAM $57,097 $58,281 93.5% 94.3% 413.8% 30.9% 13.4% 3.7% 20.3x 33.4x 29.4x NM NM 118.0x NM Twilio TWLO $48,481 $51,117 90.4% 244.4% 1,334.3% 53.3% 32.7% NM 10.8x 31.4x 23.6x NM NM NM NM Dropbox DBX $9,074 $9,178 88.2% 23.9% NA 16.6% 11.1% 12.1% 4.4x 4.9x 4.4x 77.8x 40.4x 14.2x 110.7x Smartsheet SMAR $8,120 $8,471 91.8% 54.3% NA 44.8% 29.0% NM 19.5x 22.9x 17.8x NM NM NM NM Asana ASAN $4,782 $4,703 90.9% NA NA 163.3% 35.1% NM NA 23.7x 17.5x NM NM NM NM LogMeIn LOGM NA NA NA NA NA 5.9% NM 26.2% 3.5x NA NM 13.7x NA NM NA CORPORATE PERFORMANCE MANAGEMENT (“CPM”) / PLANNING

Anaplan PLAN $9,953 $10,195 94.1% 37.1% NA 32.7% 22.6% NM 21.1x 23.5x 19.2x NM NM NM NM VIRTUALIZATION / CLIENT COMPUTING

Vmware VMW $61,033 $58,878 86.0% (7.6%) 11.9% 5.3% 7.4% 20.4% 6.1x 5.3x 4.9x 31.8x 25.9x 13.8x 37.1x Citrix Systems CTXS $17,021 $16,018 75.0% 17.3% 47.8% 7.5% (0.4%) 25.7% 5.0x 5.3x 5.3x 21.4x 20.5x 15.0x 31.8x Nutanix NTNX $6,254 $6,423 84.2% 2.0% (9.7%) 5.5% 0.2% NM 4.6x 4.8x 4.8x NM NM NM NM MOBILE DEVICE MANAGEMENT

Jamf JAMF $3,311 $3,489 58.7% NA NA 70.6% 20.4% 10.7% NA 13.2x 11.0x NA 124.3x 138.2x NM APPLICATION PERFORMANCE MANAGEMENT

Datadog DDOG $29,116 $29,978 83.3% 160.6% NA 73.6% 38.2% 1.3% 28.9x 54.0x 39.0x NM NM NM NM Dynatrace DT $12,486 $12,206 88.6% 71.0% NA 28.0% 19.4% 17.5% 14.6x 20.2x 16.9x NM 115.5x 62.8x 154.9x New Relic NEWR $3,760 $4,094 88.1% (0.5%) 13.2% 18.1% 8.3% NM 6.3x 5.9x 5.4x NM NM 66.3x NM BUSINESS PROCESS MANAGEMENT

Appian APPN $11,164 $11,354 74.9% 324.2% 414.9% 15.7% 10.8% NM 9.2x 38.3x 34.5x NM NM NM NM Pegasystems PEGA $10,868 $10,754 94.6% 67.3% 182.6% 11.7% 17.2% NM 6.9x 10.9x 9.3x NM NM NM NM RAPID APPLICATION DEVELOPMENT

C3 AI AI $13,427 $13,299 75.4% NA NA NM NM NM NA 81.5x NM NM NM NM NM Appian APPN $11,164 $11,354 74.9% 324.2% 414.9% 15.7% 10.8% NM 9.2x 38.3x 34.5x NM NM NM NM Progress Software PRGS $2,129 $2,038 86.1% 8.8% 6.2% 7.0% 15.9% 34.4% 4.9x 4.8x 4.2x 15.6x 14.0x NM 25.6x

As of December 31, 2020 ($ in millions) 8 Infrastructure Software – Trading Comparables Metrics by Sector1

Snowflake SNOW $75,116 $79,664 65.6% NA NA 406.2% 92.2% NM NA 153.5x 79.9x NM NM NM NM Palantir PLTR $39,423 $41,025 70.3% NA NA 67.9% 31.6% NM NA 39.4x 30.0x NM NM 157.1x NM Splunk SPLK $28,160 $27,475 75.2% 13.4% 105.1% 3.9% 7.6% NM 10.7x 12.4x 11.5x NM NM NM NM Alteryx AYX $8,166 $8,109 65.6% 21.7% 382.0% 40.1% 9.0% 4.8% 15.2x 16.6x 15.3x 137.2x NM 108.3x NM Datto MSP $4,819 $4,336 80.7% NA NA 30.6% 9.7% 22.9% NA 9.5x 8.7x NA 41.5x 32.3x NM Cloudera CLDR $3,992 $4,350 89.7% 19.6% (15.8%) 17.5% 7.8% NM 4.2x 4.7x 4.3x NM NM 22.1x NM Domo DOMO $1,931 $1,910 88.5% 193.6% NA 19.7% 15.4% NM 3.5x 9.7x 8.4x NM NM NM NM Talend TLND $1,235 $1,218 81.9% (2.0%) 2.3% 16.2% 13.0% NM 4.8x 4.5x 4.0x NM NM NM NM ENTERPRISE DATA SEARCH

Elastic ESTC $12,454 $12,772 91.4% 127.3% NA 49.2% 23.8% NM 14.4x 24.4x 19.7x NM NM NM NM HADOOP

Cloudera CLDR $3,992 $4,350 89.7% 19.6% (15.8%) 17.5% 7.8% NM 4.2x 4.7x 4.3x NM NM 22.1x NM DATABASE SYSTEM

MongoDB MDB $21,720 $21,638 90.0% 172.8% 1,109.7% 41.5% 27.3% NM 19.1x 40.0x 31.4x NM NM NM NM APPLICATION LIFECYCLE MANAGEMENT / COLLABORATION

Atlassian TEAM $57,097 $58,281 93.5% 94.3% 413.8% 30.9% 13.4% 3.7% 20.3x 33.4x 29.4x NM NM 118.0x NM JFrog FROG $5,152 $5,730 66.0% NA NA 118.6% 31.9% NM NA 37.1x 28.1x NM NM NM NM PAAS

Salesforce.com CRM $200,445 $203,714 78.2% 36.8% 117.7% 28.0% 18.8% 10.0% 9.1x 9.9x 8.3x 59.2x 99.1x 29.3x 57.3x IAAS

Amazon AMZN $1,662,580 $1,634,168 91.7% 76.3% 178.5% 31.1% 23.4% 12.6% 3.4x 4.8x 3.9x 26.2x 38.0x 26.0x 94.0x IT TRAINING

Pluralsight PS $2,714 $2,507 92.4% 21.8% NA 27.2% 14.2% NM 5.9x 7.2x 6.3x NM NM NM NM DIGITAL / CLOUD / AGILE SERVICES

EPAM Systems EPAM $19,113 $20,064 99.3% 68.9% 233.6% 18.6% 17.9% 16.0% 4.8x 7.4x 6.3x 31.7x 46.5x 32.1x 63.5x Globant GLOB $8,365 $8,609 97.5% 105.2% 368.4% 24.5% 24.5% 14.9% 6.0x 10.9x 8.8x 34.0x 73.2x 45.0x 175.8x Rackspace RXT $7,722 $3,818 83.8% NA NA 6.7% 9.7% 21.9% NA 2.9x 2.7x NA 13.5x 9.7x NM Endava DAVA $4,150 $4,173 98.5% 64.7% NA 25.8% 28.7% 8.9% 5.7x 8.8x 6.9x 61.8x 99.7x 30.0x NM EDGE COMPUTING / WEB PERFORMANCE

Cloudflare NET $22,718 $23,352 85.6% 345.4% NA 50.5% 35.6% NM 15.6x 58.4x 43.1x NM NM NM NM Akamai AKAM $17,246 $17,092 87.5% 21.5% 61.4% 10.2% 6.6% 31.6% 4.8x 5.5x 5.2x 16.4x 17.5x 11.9x 30.4x

As of December 31, 2020 ($ in millions) 9 Security Software – Trading Comparables Metrics by Sector1

Crowdstrike CRWD $45,852 $46,868 93.2% 324.7% NA 85.9% 45.8% NM 23.0x 60.2x 41.3x NM NM NM NM NortonLifeLock NLOK $14,962 $12,299 72.4% (18.6%) (25.9%) (0.7%) 2.7% 36.2% 7.5x 6.1x 5.9x 28.0x 16.7x 10.3x 3.8x Check Point Software CHKP $14,738 $18,634 95.4% 19.8% 28.3% 3.5% 2.8% 45.1% 6.4x 7.2x 7.0x 14.3x 16.0x 13.7x 22.0x Avast AVST $8,442 $7,547 121.4% 18.7% NA 4.0% 4.8% 45.5% 8.2x 9.6x 9.2x 16.9x 21.1x 16.4x 33.9x McAfee MCFE $7,178 $2,626 84.4% NA NA 12.7% 5.0% 31.7% NA 2.6x 2.4x NA 8.1x 6.8x NM Trend Micro 4704 $6,149 $7,979 0.8% 6.1% (7.0%) 7.5% 6.3% 33.8% 3.7x 3.8x 3.6x 11.3x 11.2x 11.2x 34.2x FireEye FEYE $5,298 $5,211 90.3% 39.5% 62.4% 6.5% 3.5% NM 4.1x 5.7x 5.5x NM NM 36.1x NM ENTERPRISE NETWORK FIREWALL

Palo Alto Networks PANW $34,636 $34,411 94.8% 53.7% 145.2% 18.8% 19.7% 0.8% 7.2x 9.7x 8.1x NM NM 35.5x NM Fortinet FTNT $22,503 $24,111 96.9% 39.1% 240.0% 19.8% 16.4% 20.6% 7.6x 9.2x 7.9x 40.3x 44.4x 26.8x 53.0x Check Point Software CHKP $14,738 $18,634 95.4% 19.8% 28.3% 3.5% 2.8% 45.1% 6.4x 7.2x 7.0x 14.3x 16.0x 13.7x 22.0x WEB SECURITY / SECURE WEB GATEWAY

Zscaler ZS $26,311 $26,799 93.9% 329.5% NA 44.2% 36.3% NM 16.8x 54.8x 40.2x NM NM NM NM IDENTITY AND ACCESS MANAGEMENT

Okta OKTA $32,335 $32,918 88.5% 120.4% 892.8% 43.8% 29.4% NM 25.7x 42.1x 32.5x NM NM NM NM CyberArk Software CYBR $5,635 $6,259 96.6% 38.6% 290.4% 8.8% 6.4% 5.4% 8.9x 12.5x 11.8x 52.9x NM 67.5x NM SailPoint Technologies SAIL $4,717 $4,840 89.3% 125.6% 267.2% 25.3% 8.8% 8.9% 6.9x 13.4x 12.4x NM 150.7x NM NM Ping PING $2,320 $2,323 75.8% 17.9% NA 6.2% 10.8% 1.0% 7.9x 9.3x 8.4x 80.4x NM 64.7x NM PRIVILEGED ACCESS MANAGEMENT

CyberArk Software CYBR $5,635 $6,259 96.6% 38.6% 290.4% 8.8% 6.4% 5.4% 8.9x 12.5x 11.8x 52.9x NM 67.5x NM EMAIL / MESSAGING SECURITY

Proofpoint PFPT $7,696 $7,872 99.0% 18.8% 53.6% 20.8% 12.0% NM 7.0x 7.6x 6.8x NM NM 42.8x NM Mimecast MIME $3,662 $3,632 95.6% 31.0% 98.3% 20.9% 14.1% 12.2% 6.7x 7.9x 6.9x 82.0x 64.8x 34.2x NM VULNERABILITY MANAGEMENT

Tenable TENB $5,182 $5,389 91.7% 118.1% NA 26.0% 17.9% NM 5.9x 12.4x 10.5x NM NM 107.6x NM Rapid7 RPD $4,814 $4,674 95.3% 60.9% 383.2% 28.3% 18.5% NM 8.5x 12.3x 10.4x NM NM NM NM Qualys QLYS $4,363 $4,755 96.5% 46.2% 105.3% 13.4% 12.2% 34.6% 8.9x 12.4x 11.0x 28.1x 35.7x 24.1x 53.8x SECURITY INCIDENT RESPONSE

FireEye FEYE $5,298 $5,211 90.3% 39.5% 62.4% 6.5% 3.5% NM 4.1x 5.7x 5.5x NM NM 36.1x NM ADVANCED THREAT PROTECTION

As of December 31, 2020 ($ in millions) 10 Security Software – Trading Comparables Metrics by Sector1

SecureWorks SCWX $1,012 $1,169 78.0% (14.6%) 60.3% 4.0% 0.6% 1.9% 2.3x 1.8x 1.8x NM 94.1x 47.4x NM UNIFIED THREAT MANAGEMENT / SMB

Fortinet FTNT $22,503 $24,111 96.9% 39.1% 240.0% 19.8% 16.4% 20.6% 7.6x 9.2x 7.9x 40.3x 44.4x 26.8x 53.0x Tufin TUFN $369 $447 67.9% (29.1%) NA (2.3%) 3.8% NM 5.0x 3.7x 3.6x NM NM NM NM WEB APPLICATION FIREWALL

Cloudflare NET $22,718 $23,352 85.6% 345.4% NA 50.5% 35.6% NM 15.6x 58.4x 43.1x NM NM NM NM Akamai AKAM $17,246 $17,092 87.5% 21.5% 61.4% 10.2% 6.6% 31.6% 4.8x 5.5x 5.2x 16.4x 17.5x 11.9x 30.4x

As of December 31, 2020 ($ in millions) 11 Infrastructure Software – Select Recent M&A Transactions1,2

Enterprise Implied EV / Implied EV / Closed Date Target Buyer(s) Description Value USDm Revenue EBITDA

Pending Pixie Labs New Relic Provider of machine learning-powered DevOps tools $150 * *

Pending Slack Salesforce Provider of a business communication platform $27,770 33.3x *

Pending IMImobile Cisco Provider of cloud-based customer communication software $730 3.3x 25.6x

Pending Pluralsight Vista Equity Partners Provider of a software development workforce training platform $3,936 10.5x *

01/11/2021 Forcepoint Francisco Partners Provider of user and data protection cybersecurity software $3,943 1.7x *

01/05/2021 Information Builders TIBCO Provider of integration and business intelligence data management software * * *

12/15/2020 Expanse Palo Alto Networks Provider of IT operations management platform designed to secure internet assets $800 * *

12/14/2020 Actifio Google Provider of a cloud-based data manegment platform * * *

12/10/2020 Venafi Thoma Bravo Provider of a machine identity protection platform * * *

12/07/2020 Workfront Adobe Provider of project management software $1,500 * *

12/02/2020 FairWarning Imprivata Provider of cloud-based security solutions * * *

11/18/2020 Repond FireEye Provider of decision automation cybersecurity software $180 * *

11/17/2020 Jitterbit Audax Provider of an API integration platform * * *

11/02/2020 Segment Twilio Provider of a customer data and analytics platform $3,200 * *

10/29/2020 SentryOne SolarWinds Provider of database performance management software $143 * *

10/21/2020 MarkLogic Vector Capital Provider of a NoSQL database integration platform * * *

10/13/2020 Salt Stack Vmware Provider of IT operations, security, and DevOps enterprise software * * *

10/01/2020 Netwrix TA Associates Provider of cybersecurity and risk management software * * *

10/01/2020 Signal Sciences Fastly Provider of a web protection platform $775 * *

09/25/2020 Kasten Veeam Provider of an enterprise data management platform * * *

* Unpublished information. 12 Select HW Technology Transactions

Pending

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13 Harris Williams Overview

HARRIS WILLIAMS (“HW”) HW TECHNOLOGY GROUP • 25+ years and more than 1,000 closed transactions • 35+ dedicated Technology professionals • 350+ professionals across eight offices globally • Technology offices include Boston, San Francisco, and London • 170+ closed transactions in the last 24 months • 10 industry groups KEY TECHNOLOGY THEMES ✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning

FOCUSED ADVISORY SERVICES HORIZONTAL FOCUS SECTORS VERTICAL FOCUS SECTORS • Mergers and acquisitions (M&A) • Application Software • Architecture, Engineering, and Construction Software • Capital raises • Cloud Managed Services and Hosting Solutions • Education Technology and Services • Corporate divestitures • Compliance Solutions • Energy Technology • CRM and Marketing Automation • Facilities and Real Estate Software • Human Capital Management • Financial Technology and Payments CONSISTENT RECOGNITION FOR QUALITY • Infrastructure and Security Software • Government Technology • IT and Tech-Enabled Services • Healthcare IT • Marketing, Research, and Insights Software • Industrial and Supply Chain Technology • Internet and eCommerce • Retail Technology

HW INFRASTRUCTURE TECHNOLOGY TEAM OTHER TECHNOLOGY GROUP LEADERSHIP

Thierry Monjauze Tyler Dewing Priyanka Naithani Julien Oussadon Sam Hendler Erik Szyndlar Managing Director Managing Director Director Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Office: +44 20 7518 8901 Office: (617) 654-2133 Office: (617) 654-2115 Office: +44 20 7518 8909 Office: (617) 654-2117 Office: (415) 217-3418

SELECT HW has received a majority pending acquisition by has been acquired by has been acquired by has been acquired by has acquired has been acquired by has acquired has been acquired by TECHNOLOGY investment from TRANSACTIONS A Fortune 25 Company

14 Our Firm

Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

Aerospace, Defense & Building Products Business Consumer Energy, Power Healthcare Industrials Specialty Technology Transportation Government Services & Materials Services & Infrastructure & Life Sciences Distribution & Logistics

Harris Williams Office Locations

UNITED STATES EUROPE

Boston Richmond (Headquarters) Frankfurt One International Place 1001 Haxall Point Bockenheimer Landstrasse 33-35 Suite 2620 9th Floor 60325 Frankfurt Boston, Massachusetts 02110 Richmond, Virginia 23219 Germany Phone: +1 (617) 482-7501 Phone: +1 (804) 648-0072 Phone: +49 069 3650638 00

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Minneapolis Washington, D.C. 222 South 9th Street 800 17th St. NW Suite 3350 2nd Floor Minneapolis, Minnesota 55402 Washington, D.C. 20006 Phone: +1 (612) 359-2700 Phone: +1 (202) 207-2300

15 Sources & Disclosures

Sources

1. S&P Capital IQ.

2. PitchBook.

Disclosures and Disclaimers

Investment banking services are provided by Harris Williams LLC (“Harris Williams”). Harris Williams is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales, registration number 07078852. Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: [email protected]). Geschäftsführers/Directors: Jeffery H. Perkins, Paul Poggi, VAT No. DE321666994. Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

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