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Advanced Analytics June 2019 Advanced Analytics June 2019 Sector Dashboard [4]

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Advanced Analytics June 2019 Advanced Analytics June 2019 Sector Dashboard [4] Sectorwatch: Advanced Analytics June 2019 Advanced Analytics June 2019 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix [15] 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics for • The most recently announced deals in the a basket of comparable public companies sector 3 Dashboard Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 69.3% 7.0% average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 23.0% Pricing / Gross Margin Median LTM Rev. Growth % 15.4% 1 - year gross profit % compared to gross profit % -0.4% average for last 3 years 0% 20% 40% 60% 80% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation Profitability Momentum Median Price / LTM Earnings 30.6x 1 - year EBITDA % compared to EBITDA % average for 0.6% last 3 years Median TEV / LTM EBIT 24.7x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 19.5x Median TEV / LTM Revenue 8.3x 0x 10x 20x 30x 40x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k Alteryx, Inc. 6,479 279 82% 91% 10% 23.2 235.4 800 349 Fair Isaac Corporation 9,464 1,084 11% 71% 23% 8.7 37.9 2,400 452 Tableau Software, Inc. 13,740 1,192 29% 87% -8% 11.5 0.0 4,181 285 Accenture plc 114,655 40,840 8% 32% 16% 2.8 17.2 459,000 89 Adobe Inc. 146,976 10,101 24% 86% 33% 14.6 43.6 21,357 473 International Business Machines Corporation 160,777 78,701 -2% 47% 22% 2.0 9.4 350,600 224 SAP SE 169,481 28,661 9% 69% 26% 5.8 22.4 96,498 297 Alphabet Inc. 673,635 142,012 21% 56% 30% 4.7 16.0 98,771 1,438 Microsoft Corporation 1,010,590 122,211 15% 65% 42% 8.3 19.5 131,000 933 Average 256,200 47,231 22% 67% 22% 9.1 44.6 129,401 504 Median 146,976 28,661 15% 69% 23% 8.3 19.5 96,498 349 share price as of 24Jun19 5 Public Basket Valuation Trends Public Basket Valuation 10x 15x 20x 25x 0x 5x Sep-14 Dec-14 TEV/EBITDA- Average TEV/EBITDA- Median Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 15.9x Sep-16 5.0x Dec-16 Mar-17 TEV/Revenue - Average TEV/Revenue - Median Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Public Public Time over Multiples EBITDA Public 0x 2x 4x 6x 8x 10x 15x 20x 25x 0x 5x Sep-14 Sep-14 Dec-14 TEV/Revenue - Median Dec-14 Mar-15 TEV/EBITDA- Median Revenue Multiples Multiples Revenue Mar-15 Jun-15 Jun-15 Sep-15 Sep-15 Dec-15 Dec-15 Mar-16 Mar-16 Jun-16 Jun-16 Sep-16 Sep-16 Dec-16 Dec-16 Mar-17 Mar-17 TEV/Revenue - Average Jun-17 TEV/EBITDA- Average Jun-17 Sep-17 Sep-17 Dec-17 Dec-17 Mar-18 Time over Mar-18 Jun-18 Jun-18 Sep-18 Sep-18 Dec-18 Dec-18 Mar-19 Mar-19 Jun-19 Jun-19 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % Alteryx, Inc. Microsoft Corporation Tableau Software, Inc. Adobe Inc. Adobe Inc. Alphabet Inc. Fair Isaac Corporation SAP SE SAP SE Fair Isaac Corporation International Business Microsoft Corporation Machines Corporation Alphabet Inc. Accenture plc International Business Alteryx, Inc. Machines Corporation Accenture plc Tableau Software, Inc. Median Median - 20% 40% 60% 80% 100% (10%) 10% 30% 50% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s Alphabet Inc. Alteryx, Inc. Microsoft Corporation Tableau Software, Inc. Adobe Inc. Adobe Inc. Alphabet Inc. Fair Isaac Corporation Microsoft Corporation Alteryx, Inc. Fair Isaac Corporation SAP SE SAP SE Tableau Software, Inc. International Business Accenture plc Machines Corporation International Business Accenture plc Machines Corporation Median Median (20%) 10% 40% 70% 100% $- $500 $1,000 $1,500 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding International Business SAP SE Machines Corporation Adobe Inc. Fair Isaac Corporation Alphabet Inc. Tableau Software, Inc. Microsoft Corporation Accenture plc Alteryx, Inc. Alteryx, Inc. Accenture plc Microsoft Corporation Tableau Software, Inc. Alphabet Inc. Fair Isaac Corporation Adobe Inc. International Business SAP SE Machines Corporation Median Median 0x 2x 4x 6x 8x 10x 12x 0 20 40 60 80 100 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Alteryx, Inc. Alteryx, Inc. Adobe Inc. Adobe Inc. Tableau Software, Inc. Fair Isaac Corporation Fair Isaac Corporation SAP SE Microsoft Corporation Microsoft Corporation SAP SE Accenture plc Alphabet Inc. Alphabet Inc. Accenture plc International Business International Business Machines Corporation Machines Corporation Median Median 0x 10x 20x 30x 0x 100x 200x 300x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Alteryx, Inc. Alteryx, Inc. Adobe Inc. Fair Isaac Corporation Fair Isaac Corporation Adobe Inc. SAP SE SAP SE Microsoft Corporation Microsoft Corporation Alphabet Inc. Alphabet Inc. Accenture plc Accenture plc International Business International Business Machines Corporation Machines Corporation Median Median 0x 100x 200x 300x 0x 50x 100x 150x 200x 250x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 250x 90% 250x 100% 82.1% 90.8% 80% 85.6% 90% 200x 80% 200x 70% 69.3% 65.4% 70% 60% 70.6% 56.3% 150x 60% 150x 50% 50% 40% 100x 46.7% 40% 100x 30% 21.1% 15.4% 20% 30% 24.4% 31.5% 50x 10% 50x 20% (1.7%) 11.5% 8.0% 9.0% 10% 0% LTM GP% LTM EBITDA(x) EBITDA(x) 9x 16x 17x 19x 22x 38x 44x 235x 9x 16x 17x 19x 22x 38x 44x 235x 0x 0% 0x -10% RGR% LTM EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 13Jun19 Lattice Engines, Inc. The Dun & Bradstreet Corporation - - - - 31May19 LiteLink Technologies Inc. - 0.09 0.17 NM NM 20May19 Profitect Inc. Zebra Technologies Corporation - - - - 26Mar19 Entic LLC Aquicore, Inc. - - - - 13Mar19 ADVIZOR Solutions, Inc. The Pursuant Group, Inc. - - - - 4Feb19 lnnovizant LLC R Systems, Inc. 4.00 3.20 1.3x - 29Jan19 T-PRO Solutions, LLC Blacksmith Applications, Inc. - - - - 8Jan19 Reach Analytics LLC Data Decisions Group, LLC - - - - 7Jan19 Leo Enterprises Inc. DS Co. - - - - 11Dec18 IQMS Inc. Dassault Systèmes SE 425.00 56.00 7.6x - 22Nov18 Noah Data Technologies Inc. Indium Software, Inc. - - - - 8Oct18 Qlouder B.V. Cloud Technology Solutions Ltd - - - - 21Aug18 Predikto, Inc. United Technologies Corporation - - - - 30Mar18 PeopleDoc SAS The Ultimate Software Group, Inc. - - - - 30Jun18 Sift Security, Inc. Netskope, Inc. - - - - 21Jun18 Shape Analytics Reflektive, Inc. - - - - 23May18 Evolusys SA Bechtle AG - 5.03 - - 15May18 Cyient Insights Private Limited Cyient Limited 0.52 1.96 0.5x - 14Mar18 Avarea Oy Digia Oyj - 4.44 - - 10Jan18 CBIG Consulting, LLC Trianz Holdings Pvt. Limited - - - - 14Dec17 Innowera LLC Magnitude Software, Inc. - - - - 25Oct17 Zettafox Mazars Group - - - - 7Sep17 Logmatic.io Datadog, Inc. - - - - 21Aug17 Affecto Oyj CGI Nordic Investments Limited 132.94 140.98 0.8x 16.3x 8Jun17 Elite Analytics LLC Aviana Global Technologies, Inc. - - - - 1Jun17 4i, Inc. Fractal Analytics Inc. - - - - 1Feb17 YourMembership.com, Inc. Insight Venture Partners LLC; MBP Holdings Limited - - - - 24Jan17 BlueFlare, LLC Robots and Pencils Corp. - - - - 13 Advanced Analytics June 2019 APPENDIX: Public Basket Constituents 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources.
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