INTERNATIONAL TECHNOLOGY M&A ADVISORY FOR 20 YEARS

Q2 2021 Industry Insight: Software Sector Report Focus on CRM & Marketing Software Introduction to ARTHOS Software Sector Report

We are pleased to present the ARTHOS Software Sector Report. This Table of content report provides comments and analysis on current market trends, valuation developments as well as M&A transactions within the software sector. 02 Introduction In 2021, the software M&A market is continuing its strong performance from the 03 Software Sector Report historic record levels of Q4 2020. In this Software Sector Report we have emphasized the sub-sector of marketing and CRM software companies that has 08 Sub sector: Marketing & CRM software particularly enjoyed strong growth rates and high valuation ratios. 14 ARTHOS: International tech M&A advisors ARTHOS is an international M&A advisory firm and its partners have closed more than 200 technology M&A transactions over the past 20 years. In 2020 ARTHOS and 21 Appendix: Public comps by sub sector its international AICA M&A alliance partners have advised on almost 50 technology M&A transactions.

ARTHOS TECHNOLOGY TEAM

Arne Tödt Arno Pätzold Johannes Ludsteck Lukas Beckmann Managing Partner Managing Partner Senior Associate Analyst

2 Software M&A-market: Deal activity and valuations remain strong

Personal note Market evaluation

While the year 2020 was unprece- work and online activities. This is further fueling valuations dented with the COVID-19 pandemic and M&A activity in those sub-markets. An example of this heavily impacting global economics is the USD 1bn funding of Celonis in June 2021 quadrupling >10% expected market growth and overall M&A activity, the broader its previous valuation to USD 11bn. Additionally, a still p.a. until 2024 software market proofed to be more highly fragmented software market and the entry of more resilient. Following a dip in Q2 2020 the software market and more non-technology players and financial investors bounced back quickly in Q3/Q4 resulting in all-time high into this market will lead to consolidation and increased cumulative software M&A deal value in Q4 2020, making deal activity. Increasing consolidation will it another historic year in the software M&A industry. Regarding valuation, it is important to differentiate between lead to higher M&A activity In 2021 this positive strong trend continued until mid the different sub-markets and application fields within the February, when rising interest rates, inflation concerns and software industry. We find that high revenue growth in proposed regulatory changes targeting big-tech caused a combination with a high portion of SaaS revenues are the stock market correction. However, while software stocks main factor for high valuations while profitability levels can The pandemic accelerates traded sideways on still-high valuation levels, the software not consistently explain trading multiples. Also, transaction digital transformation M&A market continued its strong growth path in Q2 2021. multiples bounced back to pre-pandemic levels, especially rewarding companies with a SaaS business model. We expect this positive momentum in software M&A activity to persist in 2021 for several reasons. Positive Owners of software companies, who are thinking about development of the general economic situation supported selling their business are now in a very strong position. Data analytics and security will by successful vaccination programs set the basis for further However, as the buyer universe becomes more become increasingly important growth in the software market. The pandemic revealed the heterogenous and the competitive environment is complex importance of digital transformation, especially in and can change quickly, we strongly advise sellers to team communication & collaboration, BI & analytics, and CRM & up with an experienced technology M&A advisory firm to marketing, which have all benefitted from a shift to remote maximize the outcome of the transaction.

3 Software company valuations remain on a high level but vary significantly by sub-sector

BI & Analytics Communication & CRM & Marketing Cyber Security Engineering & Design Collaboration

EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA 4.7x 16.0x 11.9x 67.6x 8.1x 31.8x 7.2x 27.9x 9.7x 29.1x

ERP & General Financial Services Healthcare IT Infrastructure Other Vertical Management Software

EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA EV/Revenue EV/EBITDA 4.2x 20.5x 7.2x 20.8x 2.9x 20.4x 6.6x 35.7x 3.0x 14.7x

Multiples are based on next 12 months (NTM) estimates; Calculations only include companies where both, revenue multiple and EBITDA multiple were available Logos do not represent the complete list of stocks analyzed. Sources: Capital IQ (as of 14 June 2021), Median values for trading multiples

4 Software M&A market deal volume and value surged after the COVID-19 set-back in Q2 2020

No. of M&A transactions and deal value Deal value in No. of deals m EUR 70.000 1000 947 65.746 63.401 60.155 900 60.000 792 832 800 691 50.000 673 675 684 649 647 700 44.579 645 41.075 39.018 600 40.000 618 526 32.801 500 29.855 30.000 26.450 400 23.052 21.497 20.000 300

200 10.000 7.179 100

0 0 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Deal value No. of Deals

Sources: Capital IQ (as of 14 June 2021); Software M&A transactions reflect selected deals. M&A metrics are based on closed and announced transactions 5 Revenue growth and SaaS-model are key drivers for software company valuations

EV1) /NTM2) Revenue

SaaS 18,0x License 15,3x 12,7x 13,2x 10,8x 10,8x 9,7x 9,6x 8,4x 8,6x 7,9x 7,4x 7,3x 6,3x 7,2x 5,7x 4,9x 3,7x 3,0x 3,0x

BI & Analytics Communication & CRM & Marketing Cyber security Engineering & ERP & General Financial Services Healthcare IT Infrastructure Other Vertical Colaboration Design Management Software

NTM Revenue growth

SaaS 33% 28% License 26% 25% 26% 19% 18% 18% 15% 17% 15% 14% 10% 9% 9% 9% 7% 6% 6% 6%

BI & Analytics Communication & CRM & Marketing Cyber security Engineering & ERP & General Financial Services Healthcare IT Infrastructure Other Vertical Colaboration Design Management Software

1) Enterprise value; 2) Next twelve months Multiples and revenue growth are median values and based on next 12 months estimates Sources: Capital IQ (as of 14 June 2021), 6 Large differences in performance between software sub-segments ranging from +29% to +107%

Stock350 market performance by sub-sector since June 2019 February 2021: Market corrections Communication & Collaboration +107% driven by rising interest rates, inflation concerns and proposed regulatory 300 Other Vertical Software +91% changes targeting big-tech. March 2020: A significant sell-off hit the entire stock market caused by uncertainties due to the CRM & Marketing +80% corona pandemic followed by a rapid V-shaped 250 recovery and record-high stock performances BI & Analytics +66% driven by increased digitization needs. Cyber Security +65% 200

ERP & General Management +53%

150 Engineering & Design +48%

Financial Services +34% 100 Healthcare +34%

50 Infrastructure +29% Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

Sources: Capital IQ (as of 14 June 2021)

7 Buyer universe: Most active strategic acquirers in the software market since 2018

No. of software acquisitions per year

30 2021 2020 2019 2018

3 25

7 3 22 1 19 19 5 1 17 17 8 16 4 1 4 1 14 14 11 8 4 1 6 2 3 7 8 6 5 10 4 5 12 3 9 10 7 7 6 7 5 4 5

Sources: Capital IQ, including acquisitions of current subsidiaries (as of 14 June 2021)

8 Sub-sector: Marketing & CRM software

9 Sub-sector analysis: CRM & marketing software companies outperformed the overall SW-market

ARTHOS CRM & marketing technology peers Stock performance comparison in € mn Exp. 1 Y EBITDA NTM 300 Company Name EV LTM Sales rev. Growth Margin EV/Sales EV/EBITDA Access Intelligence Plc 134 21 51% -11% 5,0x NM Marketing & CRM software companies were Adobe Inc. 219.951 11.485 20% 39% 16,8x 34,4x equally hit as the overall tech market by COVID- Cardlytics, Inc. 2.582 166 50% -24% 10,4x NM ChannelAdvisor Corporation 539 130 10% 17% 4,0x 18,9x 250 19 but recovered to all-time-highs as sales and Criteo S.A. 1.636 1.798 6% 10% 2,2x 7,3x customer engagement shifted from offline to dotdigital Group Plc 755 59 19% 27% 10,8x 33,0x Five9, Inc. 9.472 407 27% 4% 20,2x 124,1x online channels, making CRM & marketing Fyber N.V. 417 265 85% 2% 1,9x 31,8x HubSpot, Inc. 20.341 823 40% -3% 18,6x 142,0x 200 software a profiteer of the pandemic LivePerson, Inc. 3.284 338 27% -2% 8,1x 111,8x Medallia, Inc. 4.256 412 19% -23% 8,6x NM Momentive Global Inc. 2.629 332 18% -17% 6,8x 54,0x NICE Ltd. 11.161 1.442 10% 26% 7,4x 20,3x Pegasystems Inc. 9.207 908 22% -9% 8,6x 126,0x 150 PROS Holdings, Inc. 1.799 211 0% -24% 8,5x NM PubMatic, Inc. 1.344 140 33% 29% 7,9x 30,0x salesforce.com, inc. 180.854 18.580 22% 16% 8,0x 28,0x Sprout Social, Inc. 3.379 122 33% -16% 22,0x NM TechTarget, Inc. 1.692 145 64% 21% 8,2x 24,2x 100 The Trade Desk, Inc. 23.276 763 37% 19% 23,6x 68,4x Holdings, Inc. 1.475 913 -5% 26% 1,8x 5,8x Upland Software, Inc. 1.334 254 5% 15% 5,2x 16,1x Upsales Technology AB (publ) 132 8 26% 27% 14,0x 58,6x Verint Systems Inc. 3.255 1.071 -33% 14% 4,5x 16,5x 50 Yext, Inc. 1.446 300 9% -20% 4,4x NM Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Zendesk, Inc. 13.588 929 28% -10% 11,8x 112,2x ZoomInfo Technologies Inc. 7.770 449 41% 19% 13,1x 28,2x Mean 25% 6% 9,7x 52,0x CRM & Marketing Nasadq 100 ARTHOS Software index Median 22% 10% 8,2x 31,8x

Sources: Capital IQ (as of 14 June 2021)

10 Key trends in marketing & CRM software and most active buyers

Marketing & CRM software trends No. of acquisitions per year of most active buyers

The success of future marketing campaigns depends on individualization, 22 2021 2020 2019 2018 which stands in contraction to an increased awareness of data protection 1 and skepticism about commercial usage of personal data

5 Increasing usage of AI and machine learning to gain insights on customer behavior and to automate workflows

The “mobile-first” approach becomes increasingly dominant shifting focus to 6 12 11 in-app advertising and push messaging 2 1 9 1 Centralization of all marketing data in order to provide coherent customer 1 4 journey across all channels 6 4 10 Increasing need for coordination between marketing and sales in order to evaluate the success of marketing strategies and to support sales 6 4 3

Sources: Capital IQ (as of 14 June 2021), HubSpot (2020), SchallerDigital (as of 18 December 2020)

11 CRM & marketing software companies continue to trade on historically high valuation levels

Valuations of CRM & marketing software EV/NTM Revenue multiple development companies increased continuously over the last three years, quickly recovering from setbacks due 12,0x to SaaS business models and increasing demand for digitization. 9,8x 10,0x

The CRM & marketing index performed similarly to 8,2x the ARTHOS software index until March 2020 and 8,0x 7,3x slightly outperformed it after recovering from the Covid-19 set-back which could be attributable to 6,1x increased needs for online sales and customer 6,0x interaction during the pandemic.

4,0x Despite a market correction in Feb / March 2021 4,1x caused mainly by the perceived, increased risk of inflation and regulatory restrictions, in June 2021 2,0x CRM & marketing software companies continue to trade on historically relatively high valuation levels due to attractive sales growth and earnings 0,0x perspectives. Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 CRM & Marketing ARTHOS Software Index

Sources: Capital IQ (as of 14 June 2021), Press releases

12 Notable European CRM/marketing software deals in 2020/2021

Date Buyer Target Comment Country

Comprehensive mobile monetization suite to help app developers monetize mobile games May (EV: $ 600m; EV/Revenue: ~ 2.9x) 2021 Underlining Digital Turbine’s vertical acquisition strategy and accelerates growth for Fyber

Leading omnichannel marketing platform provider with an integrated customer data platform April The acquisition complements LINK’s CPaaS (Communications Platform as a Service) offering to 2021 leverage end-to-end marketing campaign services (EV: ~€18m)

Global mobile app measurement and marketing company with diversified client base April (EV: ~€822m; EV/Revenue: ~7.5x) 2021 Complementing the companies’ vision to create an all-in-one solution for app marketers

Digital experience analytics software to quantify experience data and use it for improvements January along the customer journey (EV: 163 m€) 2021 Expand capabilities of Medallia’s digital platform

SaaS based customer engagement platform for marketing; customer service; analytics etc. January (Employees: >20) 2021 Expansion of product offering and increased presence in

IMImobile provides cloud communications software and services that manage business-critical December customer interactions at scale (EV: 539 m£; EV/Revenue: 3.3x; EV/EBITDA: 25.6x) 2020 Further Cisco’s vision to create a comprehensive Customer Experience as a Service (CXaaS)

13 Notable European CRM/marketing software deals in 2020/2021

Date Buyer Target Comment Country

Fully integrated cloud-based marketing platform which allows companies to deliver truly personal October customer interactions across e-mail, mobile, social, SMS, and the web at scale 2020 Enhancing the SAP Customer Experience portfolio (EV: ~600 m$; EV/Revenue: ~6x)

leading email and digital marketing software publisher for small businesses in and Europe September received €23m in a round of funding; post-money valuation of €38m (Revenue 2019: €10.1m) 2020 Continue international expansion, boost R&D and increase functionality of marketing tools

leading digital marketing platform for small to medium-sized enterprises August 2020 €136.5 million in equity funding to develop a digital marketing giant to drive product expansion

leading vendor of CRM and Configure Price Quote (CPQ) software (~40 employees) August 2020 Strengthen the recently acquired Infopark Group and extend product portfolio and customer base

omni-channel software, which offers CRM and marketing automation solutions (344 employees) February 2020 Capvis acquired majority stake and proceeds are used for investments in product range

Leading provider of industry-specific cloud and mobile CRM software for communications, media February & entertainment, energy, utilities, insurance, health and government organizations 2020 Access to new customers in major industries (EV: ~1.3 bn$; EV/Revenue: ~ 10x)

14 ARTHOS – International tech M&A advisors

15 ARTHOS – International tech M&A advisory firm with a focus on software transactions

Partner-led and global M&A 360° Technology

ARTHOS Corporate Finance is an independent, With our 360° approach we can advise our Our focus on digital media, information technology owner-managed M&A advisory firm based in Munich customers in a targeted and comprehensive and high-tech industries provides several powerful and part of a global alliance of 40 M&A advisory manner – from the initial planning through the advantages to our customers: we know the M&A firms with 200 managing partners. All our projects detailed preparation to the efficient execution of terms and conditions, business models and are managed by an experienced managing partner a transaction. That is why we see ourselves not decision-makers within these industry sectors. who has successfully closed more than 100 only as deal makers, but rather as competent With this knowledge, we are able to implement company disposals, acquisitions or fund raisings. M&A experts, experienced process managers and sustainable, creative solutions. This is why our The majority of ARTHOS transactions have a volume financial advisers for our client’s long-term goals. M&A projects achieve above average results. of between 10 and 100 million euros.

ARTHOS TECHNOLOGY TEAM

Arne Tödt Arno Pätzold Johannes Ludsteck Lukas Beckmann Managing Partner Managing Partner Senior Associate Analyst

16 ARTHOS – 20 year track record in international technology M&A-transactions

17 ARTHOS worldwide – partner within the global AICA alliance

Global reach – international cooperation Transactions by sector in 2020

AMERICA EMEA ASIA & OZEANIA USA Czech France Other Korea sectors 24% Technology Bolivia Singapore Ecuador Thailand 7% Industrials Colombia Vietnam Paraguay Norway Business Services 13% Healthcare 17% Consumer Products 11% Financial Services UK 15%

250+ 40+ 30+ 6 195 $5.8bn ~$30m M&A professionals M&A advisories countries continents deals closed Total transaction Ø deal value worldwide value

18 INTERNATIONAL TECHNOLOGY M&A ADVISORY FOR 20 YEARS

Contact us for technology M&A advice

Arne Tödt Managing Partner +49 89 2429 4350 [email protected]

ARTHOS Corporate Finance GmbH Knöbelstraße 28 | D-80538 München www.arthos.de

Disclaimer: The material in this report is for information purposes only and is not intended to be relied upon as financial, accounting, tax, legal or other professional advice. This report does not constitute and should not be construed as soliciting or offering any investment or other transaction, identifying securities for you to purchase or offer to purchase, or recommending the acquisition or disposition of any investment. ARTHOS does not guarantee the accuracy or reliability of any data provided from third-party resources. Although we endeavor to provide accurate information from third-party sources, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.

19 Appendix: Public comps by sub-sector

20 Public comps – BI & Analytics

Currency in EUR LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA Alteryx, Inc. 1.498 69,6 4.674 4.644 715 430 0,4 15% 92% 0% 9,5x NM C3.ai, Inc. United States 574 49,5 5.047 4.145 909 152 (46,5) 34% 76% (31%) 20,5x NM , Inc. United States 2.728 13,0 3.805 3.618 430 734 (9,9) 6% 80% (1%) 4,7x 16,0x Datadog, Inc. United States 2.185 80,2 24.733 24.113 1.319 571 (13,0) 47% 78% (2%) 30,5x NM Domo, Inc. United States 756 60,0 1.901 1.918 71 184 (53,4) 19% 74% (29%) 8,9x NM Dynatrace, Inc. United States 2.779 46,3 13.137 13.232 277 599 115,6 27% 84% 19% 17,9x 70,4x Expert.ai S.p.A. Italy 264 2,9 145 124 54 35 (9,7) 19% (3%) (28%) 3,7x NM MicroStrategy Incorporated United States 2.015 493,6 4.810 6.189 70 419 69,4 0% 82% 17% 14,7x 83,6x NetApp, Inc. United States 10.800 68,4 15.235 13.616 3.821 4.775 951,8 7% 66% 20% 2,7x 10,9x New Relic, Inc. United States 2.168 56,4 3.600 3.356 695 569 (113,5) 6% 73% (20%) 5,7x NM Open Text Corporation Canada 14.300 41,2 11.183 13.154 1.257 2.828 889,3 7% 76% 31% 4,7x 12,4x Palantir Technologies Inc. United States 2.492 20,6 38.694 37.138 1.993 1.026 (1.025,3) 35% 70% (100%) 28,4x 108,4x Splunk Inc. United States 6.500 100,9 16.545 17.114 1.551 1.910 (633,1) 14% 74% (33%) 7,8x NM Sumo Logic, Inc. United States 759 17,0 1.811 1.483 242 174 (63,9) 16% 73% (37%) 7,3x NM Talend S.A. France 1.413 53,9 1.764 1.769 147 255 (53,1) 16% 78% (21%) 6,2x NM Teradata Corporation United States 7.543 38,8 4.253 4.376 458 1.613 249,6 4% 59% 15% 2,8x 10,4x Veritone, Inc. United States 308 18,1 590 491 109 55 (47,3) 40% 73% (87%) 6,9x NM Mean 18% 71% (17%) 10,8x 44,6x Median 16% 74% (20%) 7,3x 16,0x

Sources: Capital IQ (as of 14 June 2021)

21 Public comps – Communication & Collaboration

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA 8x8, Inc. United States 1.696 21,8 2.400 2.607 130 454 (109,0) 13% 57% (24%) 5,2x 130,7x Agora, Inc. China 842 36,8 4.268 3.549 747 118 (12,4) 37% 62% (11%) 20,9x NM Asana, Inc. United States 1.080 38,2 6.244 6.431 321 213 (160,7) 49% 88% (76%) 21,6x NM Atlassian Corporation Plc Australia 6.117 206,9 51.972 51.255 1.333 1.670 118,6 27% 84% 7% 27,5x 132,3x Holdings Corp. United States 8.266 22,3 1.890 4.043 505 2.519 449,0 3% 61% 18% 1,6x 7,0x Bandwidth Inc. United States 960 106,8 2.680 2.810 281 331 19,6 38% 46% 6% 6,9x 93,1x Box, Inc. United States 1.934 20,7 3.374 3.438 508 656 34,4 10% 71% 5% 4,8x 16,9x DocuSign, Inc. United States 5.630 212,2 41.337 41.474 649 1.351 (59,7) 41% 76% (4%) 22,9x 115,2x Dropbox, Inc. United States 2.760 24,3 9.442 9.899 1.633 1.679 264,0 11% 79% 16% 5,5x 16,1x Everbridge, Inc. United States 1.415 104,3 3.985 3.920 626 251 (37,2) 32% 70% (15%) 12,5x NM Nuance Communications, Inc. United States 7.100 45,1 12.901 13.947 351 1.273 226,7 (7%) 60% 18% 11,9x 40,6x RingCentral, Inc. United States 3.140 226,6 20.594 21.400 395 1.081 (39,3) 27% 73% (4%) 16,3x 121,4x Slack Technologies, Inc. United States 2.597 37,0 21.721 21.124 1.364 810 (190,0) 33% 86% (23%) 20,0x NM Smartsheet Inc. United States 2.070 53,7 6.715 6.423 365 347 (95,1) 33% 78% (27%) 14,2x NM TeamViewer AG Germany 1.378 32,4 6.513 6.963 439 471 181,3 18% 85% 38% 12,1x 23,9x Twilio Inc. United States 5.482 282,9 48.452 44.989 4.862 1.693 (325,6) 44% 51% (19%) 20,0x 250,9x Vonage Holdings Corp. United States 2.198 12,0 3.029 3.443 44 1.037 96,0 9% 58% 9% 3,0x 22,1x Zoom Video Communications, Inc. United States 5.059 301,8 88.914 85.131 3.898 2.726 809,4 51% 70% 30% 24,8x 67,6x Mean 26% 70% (3%) 14,0x 79,8x Median 30% 70% 1% 13,4x 67,6x

Sources: Capital IQ (as of 14 June 2021)

22 Public comps – Marketing & CRM

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA Access Intelligence Plc 204 1,6 133 134 2 21 (2,3) 51% 72% (11%) 5,0x NM Adobe Inc. United States 22.516 459,3 220.162 219.951 4.166 11.485 4.476,5 20% 87% 39% 16,8x 34,4x Cardlytics, Inc. United States 578 89,1 2.930 2.582 523 166 (40,1) 50% 35% (24%) 10,4x NM ChannelAdvisor Corporation United States 725 20,2 600 539 70 130 22,6 10% 79% 17% 4,0x 18,9x Criteo S.A. France 2.594 32,7 1.985 1.636 458 1.798 188,2 6% 33% 10% 2,2x 7,3x dotdigital Group Plc United Kingdom 338 2,6 782 755 31 59 15,9 19% 81% 27% 10,8x 33,0x Five9, Inc. United States 1.549 138,9 9.315 9.472 548 407 14,9 27% 58% 4% 20,2x 124,1x Fyber N.V. Germany 220 0,7 350 417 34 265 6,3 85% 15% 2% 1,9x 31,8x HubSpot, Inc. United States 4.551 443,1 20.703 20.341 1.005 823 (25,2) 40% 81% (3%) 18,6x 142,0x LivePerson, Inc. United States 1.218 48,8 3.367 3.284 569 338 (6,2) 27% 70% (2%) 8,1x 111,8x Medallia, Inc. United States 2.037 26,4 4.185 4.256 449 412 (93,0) 19% 64% (23%) 8,6x NM NICE Ltd. Israel 6.383 186,8 11.791 11.161 1.330 1.442 368,7 10% 66% 26% 7,4x 20,3x Pegasystems Inc. United States 5.776 111,3 9.045 9.207 377 908 (80,2) 22% 71% (9%) 8,6x 126,0x PROS Holdings, Inc. United States 1.403 40,4 1.789 1.799 276 211 (50,0) (0%) 59% (24%) 8,5x NM PubMatic, Inc. United States 548 29,1 1.435 1.344 94 140 40,9 33% 74% 29% 7,9x 30,0x salesforce.com, inc. United States 56.606 203,1 188.062 180.854 12.489 18.580 2.889,6 22% 74% 16% 8,0x 28,0x Sprout Social, Inc. United States 700 65,2 3.496 3.379 143 122 (19,7) 33% 74% (16%) 22,0x NM Momentive Global Inc. United States 700 17,8 2.588 2.629 211 332 (55,0) 18% 78% (17%) 6,8x 54,0x TechTarget, Inc. United States 940 56,3 1.584 1.692 80 145 30,8 64% 74% 21% 8,2x 24,2x The Trade Desk, Inc. United States 1.545 496,1 23.603 23.276 579 763 142,8 37% 79% 19% 23,6x 68,4x Thryv Holdings, Inc. United States 2.311 25,6 861 1.475 25 913 237,2 (5%) 68% 26% 1,8x 5,8x Upland Software, Inc. United States 810 34,4 1.036 1.334 159 254 37,0 5% 66% 15% 5,2x 16,1x Upsales Technology AB (publ) Sweden 67 8,2 137 132 5 8 2,1 26% 59% 27% 14,0x 58,6x Verint Systems Inc. United States 4.300 38,2 2.482 3.255 299 1.071 155,0 (33%) 69% 14% 4,5x 16,5x Yext, Inc. United States 1.300 12,4 1.560 1.446 226 300 (60,4) 9% 76% (20%) 4,4x NM Zendesk, Inc. United States 4.520 116,3 13.799 13.588 813 929 (88,9) 28% 77% (10%) 11,8x 112,2x ZoomInfo Technologies Inc. United States 1.747 38,2 7.089 7.770 301 449 84,7 42% 83% 19% 13,1x 28,2x Mean 28% 64% 3% 9,9x 59,0x Median 22% 71% 2% 8,5x 32,4x

Sources: Capital IQ (as of 14 June 2021)

23 Public comps – Cyber Security

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA Absolute Software Corporation Canada 530 11,7 577 474 113 99 15,7 14% 87% 16% 4,4x 19,4x Avast Plc Czech Republic 1.699 5,7 5.841 6.457 144 730 340,7 6% 78% 47% 8,3x 14,9x Check Point Software Technologies Ltd. Israel 5.198 99,8 13.497 10.172 1.598 1.777 800,0 4% 89% 45% 5,7x 11,9x Cloudflare, Inc. United States 1.931 78,9 24.500 24.006 882 407 (50,3) 43% 76% (12%) 44,0x NM CrowdStrike Holdings, Inc. United States 3.871 192,6 43.489 42.746 1.401 831 (46,1) 56% 74% (6%) 35,1x 264,5x CyberArk Software Ltd. Israel 1.689 115,2 4.581 4.022 834 401 6,7 6% 82% 2% 9,7x 135,7x F5 Networks, Inc. United States 6.108 158,1 9.426 9.512 548 2.103 440,2 9% 82% 21% 4,4x 12,0x FireEye, Inc. United States 3.400 17,9 4.226 4.346 1.108 820 (28,1) 9% 65% (3%) 5,1x 32,4x Fortinet, Inc. United States 8.615 190,9 31.175 29.613 2.502 2.323 511,8 20% 78% 22% 11,1x 38,3x F-Secure Oyj Finland 1.670 4,2 671 658 47 223 25,8 7% 79% 12% 2,8x 17,3x McAfee Corp. United States 6.916 23,4 3.869 12.043 293 2.539 427,3 (30%) 70% 17% 8,0x 20,6x Mimecast Limited United Kingdom 1.765 43,0 2.801 2.765 250 427 62,4 15% 76% 15% 5,8x 22,3x NortonLifeLock Inc. United States 2.800 23,5 13.607 15.868 809 2.170 1.022,4 10% 86% 47% 6,9x 13,3x Okta, Inc. United States 3.056 187,9 28.739 28.145 2.236 751 (168,1) 46% 74% (22%) 25,8x NM OneSpan Inc. United States 868 21,6 868 785 98 179 (6,6) 2% 70% (4%) 4,2x 166,7x Palo Alto Networks, Inc. United States 9.715 303,1 29.521 29.985 2.449 3.315 (1,9) 23% 70% (0%) 7,6x 32,2x Ping Identity Holding Corp. United States 1.022 20,3 1.662 1.665 47 214 (17,5) 11% 79% (8%) 7,3x 91,4x Proofpoint, Inc. United States 3.658 143,5 8.266 8.459 752 927 2,1 15% 74% 0% 8,2x 46,0x Qualys, Inc. United States 1.535 83,3 3.259 2.926 304 318 91,8 11% 78% 29% 8,6x 21,6x Radware Ltd. Israel 1.067 24,9 1.134 847 268 219 15,9 9% 82% 7% 3,7x 23,5x Rapid7, Inc. United States 1.847 74,0 4.082 4.356 516 370 (42,0) 23% 70% (11%) 10,0x 165,3x SailPoint Technologies Holdings, Inc.United States 1.394 39,2 3.616 3.620 355 324 13,7 12% 77% 4% 10,4x NM SecureWorks Corp. United States 2.696 17,0 1.420 1.293 150 465 9,2 (3%) 58% 2% 2,9x NM Telos Corporation United States 785 29,4 1.964 1.900 80 168 (8,5) 61% 33% (5%) 7,1x 49,0x Tenable Holdings, Inc. United States 1.367 36,2 3.821 3.588 290 393 (6,5) 19% 82% (2%) 8,0x 78,9x Trend Micro Incorporated Japan 6.975 42,4 5.914 4.291 1.672 1.360 499,3 5% 77% 37% 3,1x 10,0x Varonis Systems, Inc. United States 1.719 44,5 4.719 4.277 702 267 (58,9) 26% 85% (22%) 13,5x NM Zix Corporation United States 543 6,2 343 607 20 193 33,1 14% 47% 17% 2,9x 13,0x Zscaler, Inc. United States 2.020 174,4 23.886 23.465 1.220 500 (132,8) 54% 77% (27%) 34,3x 257,8x Mean 14% 77% 11% 10,8x 54,7x Median 10% 78% 9% 7,4x 22,9x Sources: Capital IQ (as of 14 June 2021)

24 Public comps – Other Vertical Software

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA 2U, Inc. United States 5.189 32,4 2.412 2.317 415 708 (46,9) 22% 70% (7%) 2,9x 43,7x Amadeus IT Group, S.A. Spain 15.984 65,5 29.493 32.688 2.838 1.649 (238,1) 40% (3%) (14%) 9,6x 31,5x AppFolio, Inc. United States 1.335 117,0 4.036 3.948 126 270 12,5 13% 61% 5% 13,1x 99,3x AssetMark Financial Holdings, Inc. United States 732 21,4 1.552 1.568 75 372 10,7 20% 25% 3% 5,2x 13,1x BigCommerce Holdings, Inc. United States 813 53,0 3.725 3.566 177 141 (31,4) 30% 78% (22%) 20,9x NM Blackbaud, Inc. United States 3.100 63,0 2.994 3.445 24 774 90,1 (1%) 54% 12% 4,6x 18,4x Boxlight Corporation United States 189 2,3 129 161 9 70 (2,7) 181% 26% (4%) 1,2x 33,5x Constellation Software Inc. Canada 19.000 1.229,5 26.054 26.326 803 3.572 748,9 26% 37% 21% 6,0x 20,4x Duck Creek Technologies, Inc. United States 1.405 33,5 4.412 4.132 301 193 (9,0) 19% 55% (5%) 18,4x NM FINEOS Corporation Holdings plc Ireland 1.000 2,6 783 759 31 100 (6,9) 19% 64% (7%) 7,3x 90,2x GK Software SE Germany 1.159 144,0 323 334 19 120 18,1 14% 29% 15% 2,5x 12,9x init innovation in traffic systems SE Germany 1.050 41,4 411 420 38 181 24,3 1% 34% 13% 2,3x 14,9x IVU Traffic Technologies AG Germany 753 19,0 333 315 28 93 8,5 0% 71% 9% NM NM MediaAlpha, Inc. United States 117 34,9 1.349 1.441 11 544 12,3 20% 15% 2% 2,3x 23,7x PSI Software AG Germany 2.086 30,3 476 450 54 223 21,6 7% 22% 10% 1,9x 13,4x Sabre Corporation United States 7.531 11,4 3.652 6.622 1.095 854 (735,2) 42% 58% (86%) 3,7x NM Shopify Inc. Canada 7.000 1.077,6 134.085 128.482 6.707 2.938 361,9 51% 53% 12% 33,2x NM Unity Software Inc. United States 4.389 84,4 23.574 22.327 1.403 716 (262,7) 31% 77% (37%) 25,2x NM Mean 30% 46% (4%) 9,4x 34,6x Median 20% 54% 3% 5,2x 22,1x

Sources: Capital IQ (as of 14 June 2021)

25 Public comps – Engineering Software

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA Altair Engineering Inc. United States 3.050 55,1 4.138 4.124 207 416 38,3 8% 76% 9% 9,6x 76,6x ANSYS, Inc. United States 4.800 279,2 24.329 24.282 842 1.482 519,8 10% 89% 35% 15,6x 36,3x Aspen Technology, Inc. United States 1.710 115,2 7.835 7.849 270 608 324,9 22% 91% 53% 13,2x 24,9x Autodesk, Inc. United States 11.500 231,3 50.899 51.862 767 3.237 627,7 15% 92% 19% 13,8x 40,7x AVEVA Group plc United Kingdom 6.250 41,1 12.387 12.945 336 963 182,5 52% 78% 19% 8,9x 27,7x Bentley Systems, Incorporated United States 4.104 52,3 14.475 14.597 485 706 209,5 14% 79% 30% 18,7x 60,1x Cadence Design Systems, Inc. United States 8.800 108,0 30.053 29.727 632 2.382 738,9 9% 89% 31% 12,3x 31,5x Dassault Systèmes SE France 21.451 194,5 50.891 52.420 2.714 4.491 1.008,3 7% 83% 22% 10,7x 29,5x Hexagon AB (publ) Sweden 20.905 12,2 31.423 33.543 444 3.852 1.219,2 10% 63% 32% 8,0x 20,7x Mensch und Maschine Software SE Germany 1.049 63,8 1.074 1.083 26 238 38,1 2% 54% 16% 4,4x 24,3x SE Germany 3.173 61,9 7.149 7.165 179 609 148,8 9% 51% 24% 10,8x 37,1x PTC Inc. United States 6.648 113,5 13.266 14.412 278 1.392 334,2 19% 79% 24% 9,8x 31,8x RIB Software SE Germany 2.467 28,9 1.505 1.349 255 261 47,6 26% 57% 18% 4,2x 15,7x Roper Technologies, Inc. United States 18.400 382,9 40.295 47.505 282 4.861 1.746,5 15% 65% 36% 8,9x 24,3x Synopsys, Inc. United States 15.036 219,8 33.527 32.900 1.212 3.312 750,7 11% 80% 23% 9,4x 28,7x Trimble Inc. United States 11.402 65,0 16.307 17.319 225 2.758 596,1 10% 59% 22% 5,9x 24,5x Mean 15% 74% 26% 10,3x 33,4x Median 11% 78% 23% 9,7x 29,1x

Sources: Capital IQ (as of 14 June 2021)

26 Public comps – Healthcare Software

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 8.400 14,5 2.047 1.854 437 1.269 30,2 (8%) 47% 2% 1,5x 8,8x Castlight Health, Inc. United States 440 1,8 283 247 48 122 (2,1) (6%) 65% (2%) 2,2x 37,0x Cegedim SA France 5.171 25,1 346 588 25 497 45,9 3% 43% 9% 1,1x 5,4x Cerner Corporation United States 26.400 66,5 20.051 20.375 1.256 4.671 1.107,3 5% 83% 24% 4,2x 12,9x Certara, Inc. United States 875 22,3 3.418 3.442 233 215 15,8 16% 59% 7% 14,2x 40,0x CompuGroup Medical SE & Co. KGaA Germany 7.534 68,3 3.624 4.077 90 915 162,9 21% 38% 18% 4,0x 18,1x Computer Programs and Systems, Inc. United States 2.000 27,9 403 454 15 224 28,4 6% 51% 13% 1,9x 10,4x Craneware plc United Kingdom 350 25,5 842 801 41 60 16,7 6% 92% 28% 12,5x 36,2x EMIS Group plc United Kingdom 1.591 13,8 872 818 59 178 45,5 3% 48% 26% 4,3x 14,2x Health Catalyst, Inc. United States 1.000 46,9 2.089 2.032 227 170 (50,9) 22% 49% (30%) 10,2x NM HealthEquity, Inc. United States 3.020 63,5 5.295 5.560 612 605 154,1 4% 56% 25% 8,7x 26,6x HealthStream, Inc. United States 1.053 21,7 684 660 48 210 30,8 3% 65% 15% 3,1x 19,7x Inovalon Holdings, Inc. United States 1.836 27,1 4.222 4.955 110 588 174,1 14% 75% 30% 7,6x 21,4x NextGen Healthcare, Inc. United States 2.564 14,6 976 942 62 474 27,3 4% 57% 6% 2,0x 10,5x Nexus AG Germany 1.417 67,5 1.063 1.037 43 171 22,1 13% 27% 13% 5,6x 24,3x Omnicell, Inc. United States 2.970 117,9 5.093 5.078 467 779 84,7 23% 47% 11% 5,4x 24,3x Phreesia, Inc. United States 827 47,4 2.392 2.031 375 136 (16,5) 30% 64% (12%) 12,3x NM Veeva Systems Inc. United States 4.506 250,6 38.326 36.602 1.788 1.298 371,5 24% 72% 29% 23,3x 59,0x Mean 10% 58% 12% 6,9x 23,1x Median 6% 57% 13% 4,9x 20,5x

Sources: Capital IQ (as of 14 June 2021)

27 Public comps – ERP & General Management

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA American Software, Inc. United States 429 20,1 657 572 87 93 8,3 7% 55% 9% 5,8x 49,1x Anaplan, Inc. United States 1.900 43,4 6.287 6.063 272 394 (122,8) 25% 75% (31%) 12,5x NM ATOSS Software AG Germany 557 174,2 1.469 1.445 34 89 28,3 15% 73% 32% 14,1x 44,8x Automatic Data Processing, Inc. United States 58.000 164,3 69.894 70.348 1.621 12.478 3.249,0 2% 45% 26% 5,4x 21,7x Avalara, Inc. United States 3.351 115,6 9.935 9.460 547 462 (35,4) 30% 72% (8%) 16,7x NM Basware Oyj Finland 1.334 39,1 565 606 43 151 9,9 3% 57% 7% 3,8x 25,7x Benefitfocus, Inc. United States 1.200 11,9 394 528 161 228 26,6 (4%) 54% 12% 2,5x 15,7x BlackLine, Inc. United States 1.380 88,3 5.127 5.077 986 314 (2,1) 19% 80% (1%) 14,1x 120,7x Ceridian HCM Holding Inc. United States 5.974 73,5 10.970 11.662 289 728 34,0 19% 44% 5% 13,4x 83,8x Cornerstone OnDemand, Inc. United States 2.900 42,1 2.790 3.642 110 682 128,5 16% 69% 19% 5,1x 13,2x Coupa Software Incorporated United States 2.615 197,2 14.499 15.302 499 490 (95,4) 27% 56% (19%) 25,8x 159,2x Datto Holding Corp. United States 1.743 22,2 3.576 3.491 126 459 108,1 15% 76% 24% 6,9x 32,7x Docebo Inc. Canada 488 47,1 1.540 1.357 185 61 (4,9) 54% 82% (8%) 15,7x NM Ebix, Inc. United States 9.802 29,4 909 1.436 104 663 119,0 51% 35% 18% 2,0x NM Enghouse Systems Limited Canada 1.763 35,7 1.980 1.887 114 330 101,0 (4%) 72% 31% 5,4x 16,1x EQS Group AG Germany 450 35,8 282 282 21 42 2,2 26% 26% 5% 5,6x 104,2x Intuit Inc. United States 10.600 393,4 107.488 106.133 3.422 7.389 2.379,2 22% 83% 32% 11,4x 29,7x J2 Global, Inc. United States 4.700 106,4 4.803 5.896 317 1.325 525,3 14% 85% 40% 4,2x 10,6x Kinaxis Inc. Canada 662 103,3 2.811 2.628 195 195 18,9 10% 67% 10% 12,0x 77,4x Manhattan Associates, Inc. United States 3.500 120,5 7.667 7.531 168 502 105,7 8% 54% 21% 14,2x 63,0x Microsoft Corporation United States 163.000 214,3 1.614.252 1.578.169 106.511 136.294 64.392,5 16% 68% 47% 10,6x 21,4x Model N, Inc. United States 781 29,3 1.042 1.031 126 148 0,4 18% 58% 0% 6,2x 83,2x Nutanix, Inc. United States 6.170 30,9 6.545 6.480 1.043 1.107 (509,2) 5% 79% (46%) 5,3x NM Opera Limited Norway 577 8,5 978 867 122 151 21,2 44% 59% 14% 4,3x 35,7x United States 135.000 68,1 196.475 224.648 29.650 32.805 14.586,9 3% 81% 44% 6,6x 13,3x Paycom Software, Inc. United States 4.218 281,2 16.254 16.115 183 742 187,8 21% 88% 25% 18,1x 45,7x Paylocity Holding Corporation United States 3.600 147,3 8.025 7.938 155 510 67,0 12% 66% 13% 13,0x 50,1x

Sources: Capital IQ (as of 14 June 2021)

28 Public comps – ERP & General Management continued

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA AmericanQAD Inc. Software, Inc. United States 1.930429 20,164,7 1.264 657 1.168 572 127 87 263 93 16,98,3 7%8% 55%60% 9%6% 5,8x4,2x 49,1x36,9x Anaplan,SAP SE Inc. UnitedGermany States 103.1421.900 119,943,4 141.455 6.287 147.951 6.063 11.745 272 27.165 394 7.414,0(122,8) 25%0% 75%72% (31%)27% 12,5x5,3x 15,9xNM ATOSSServiceNow, Software Inc. AG UnitedGermany States 13.096557 174,2420,1 82.939 1.469 81.827 1.445 2.945 34 4.118 89 522,528,3 15%27% 73%78% 32%13% 14,1x16,4x 44,8x54,5x AutomaticSPS Commerce, Data Processing, Inc. Inc. United States 58.0001.572 164,381,2 69.894 2.911 70.348 2.757 1.621 178 12.478 280 3.249,061,3 19%2% 45%68% 26%22% 5,4x8,7x 21,7x31,1x Avalara,Synchronoss Inc. Technologies, Inc. United States 3.3511.598 115,62,4 9.935 104 9.460 345 547 25 462 239 (35,4)(1,1) 30%(4%) 72%59% (8%)(0%) 16,7x1,5x 11,5xNM BaswareTechnology Oyj One Limited AustraliaFinland 1.334848 39,15,7 1.817 565 1.771 606 43 65 151 198 64,19,9 3%6% 57%52% 32%7% 3,8x8,4x 25,7x21,2x Benefitfocus,The Descartes Systems Inc. Group Inc UnitedCanada States 1.2001.356 11,955,8 4.712 394 4.607 528 161 115 228 302 118,526,6 (4%)17% 54%75% 12%39% 13,4x2,5x 15,7x32,3x BlackLine,The Sage Group Inc. plc UnitedUnited Kingdom States 11.6471.380 88,37,8 5.127 8.337 5.077 8.469 986 813 2.189 314 521,1(2,1) 19%(3%) 80%93% (1%)24% 14,1x3,9x 120,7x17,0x CeridianTOTVS S.A. HCM Holding Inc. United StatesBrazil 5.9740 73,55,9 10.970 3.332 11.662 3.210 289 167 728 409 34,076,2 19%18% 44%71% 19%5% 13,4x6,2x 83,8x26,0x CornerstoneTriNet Group, OnDemand, Inc. Inc. United States 2.9002.600 42,160,1 2.790 3.961 3.642 3.948 110 486 3.447 682 128,5363,0 16%(4%) 69%20% 19%11% 5,1x4,7x 13,2x12,4x CoupaTyler Technologies, Software Incorporated Inc. United States 2.6155.579 197,2360,4 14.499 14.684 15.302 14.110 1.116 499 490 967 (95,4)194,0 27%36% 56%49% (19%)20% 25,8x10,3x 159,2x37,5x DattoUSU Software Holding Corp.AG UnitedGermany States 1.743732 22,226,9 3.576 283 3.491 278 126 23 459 108 108,111,8 15%8% 76%52% 24%11% 6,9x2,4x 32,7x19,7x DoceboVertex, Inc.Inc. UnitedCanada States 1.200488 47,116,2 1.540 2.384 1.357 2.182 185 237 327 61 (56,2)(4,9) 54%10% 82%58% (17%)(8%) 15,7x6,2x 38,6xNM Ebix,VMware, Inc. Inc. United States 32.3009.802 132,429,4 55.476 909 55.751 1.436 4.750 104 9.998 663 2.426,6119,0 51%9% 35%83% 18%24% 2,0x5,2x 14,4xNM EnghouseWiseTech GlobalSystems Limited Limited AustraliaCanada 1.7631.800 35,719,5 1.980 6.320 1.887 6.186 114 159 330 292 101,074,4 (4%)18% 72%82% 31%26% 17,3x5,4x 16,1x46,4x EQSWorkday, Group Inc. AG UnitedGermany States 12.500450 191,635,8 47.339 282 46.650 282 2.489 21 3.720 42 134,82,2 26%17% 26%73% 5%4% 10,8x5,6x 104,2x43,3x IntuitWorkiva Inc. Inc. United States 10.6001.751 393,485,5 107.488 4.272 106.133 4.100 3.422 461 7.389 315 2.379,2(17,9) 22%19% 83%75% 32%(6%) 11,4x11,5x 29,7xNM J2Xero Global, Limited Inc. UnitedNew Zealand States 4.7003.642 106,485,3 12.618 4.803 12.525 5.896 317 661 1.325 505 525,343,8 14%27% 85%86% 40%9% 19,6x4,2x 101,9x10,6x KinaxisYonyou Inc.Network Technology Co., Ltd. CanadaChina 18.813662 103,34,6 15.016 2.811 14.906 2.628 195 669 1.125 195 161,818,9 10%18% 67%60% 10%14% 12,0x10,7x 77,4x68,9x ManhattanZuora, Inc. Associates, Inc. United States 3.5001.190 120,513,4 7.667 1.633 7.531 1.527 168 164 502 259 105,7(44,5) 11%8% 54%58% (17%)21% 14,2x5,3x 284,7x63,0x MicrosoftMean Corporation United States 163.000 214,3 1.614.252 1.578.169 106.511 136.294 64.392,5 16%16% 68%66% 47%12% 10,6x9,2x 21,4x49,5x ModelMedian N, Inc. United States 781 29,3 1.042 1.031 126 148 0,4 18%16% 58%68% 13%0% 6,2x6,9x 83,2x35,7x Nutanix, Inc. United States 6.170 30,9 6.545 6.480 1.043 1.107 (509,2) 5% 79% (46%) 5,3x NM Opera Limited Norway 577 8,5 978 867 122 151 21,2 44% 59% 14% 4,3x 35,7x Oracle Corporation United States 135.000 68,1 196.475 224.648 29.650 32.805 14.586,9 3% 81% 44% 6,6x 13,3x Paycom Software, Inc. United States 4.218 281,2 16.254 16.115 183 742 187,8 21% 88% 25% 18,1x 45,7x Paylocity Holding Corporation United States 3.600 147,3 8.025 7.938 155 510 67,0 12% 66% 13% 13,0x 50,1x

Sources: Capital IQ (as of 14 June 2021)

29 Public comps – Financial Services

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA Bottomline Technologies (de), Inc. United States 2.000 31,1 1.413 1.437 118 392 34,9 7% 58% 9% 3,4x 16,8x Broadridge Financial Solutions, Inc. United States 12.000 132,7 15.415 16.795 304 4.110 851,5 9% 29% 21% 3,9x 16,6x Envestnet, Inc. United States 4.250 64,8 3.526 4.018 317 875 124,6 15% 30% 14% 4,1x 20,8x Fair Isaac Corporation United States 3.953 417,0 11.999 12.681 169 1.135 363,0 3% 73% 32% 11,1x 27,3x Fidelity National Information Services, Inc. United States 62.000 120,8 74.923 90.253 885 10.818 3.607,4 9% 34% 33% 7,8x 17,2x Fiserv, Inc. United States 44.000 90,0 59.998 77.619 708 12.642 4.275,3 7% 50% 34% 5,8x 14,4x Guidewire Software, Inc. United States 2.816 93,4 7.769 7.250 915 630 (22,1) (1%) 52% (4%) 11,6x NM Iress Limited Australia 2.333 8,0 1.529 1.662 41 342 68,3 11% 29% 20% 4,3x 18,5x Jack Henry & Associates, Inc. United States 6.717 134,7 9.993 10.153 60 1.464 382,4 3% 39% 26% 6,6x 20,8x MSCI Inc. United States 3.728 404,7 33.359 35.248 1.489 1.497 845,9 16% 83% 57% 21,1x 35,8x Black Knight, Inc. United States 5.700 61,2 9.502 11.843 38 1.105 388,3 15% 46% 35% 9,9x 19,7x nCino, Inc. United States 1.115 52,7 5.033 4.740 321 184 (39,5) 27% 57% (21%) 21,1x NM Q2 Holdings, Inc. United States 1.750 84,2 4.741 4.806 450 364 (36,5) 23% 44% (10%) 11,2x 168,4x Shift4 Payments, Inc. United States 1.308 80,5 4.165 4.552 720 687 (38,3) 67% 23% (6%) 3,9x 28,4x SimCorp A/S 1.904 106,8 4.231 4.222 52 463 134,5 9% 63% 29% 8,3x 28,3x SS&C Technologies Holdings, Inc. United States 24.600 61,0 15.601 21.023 216 4.028 1.481,5 5% 46% 37% 5,2x 12,7x Temenos AG Switzerland 7.259 138,1 10.032 10.779 56 773 229,8 11% 66% 30% 13,1x 26,9x Upstart Holdings, Inc. United States 554 102,8 7.908 7.746 219 253 30,0 157% 84% 12% 14,2x 137,7x Mean 22% 50% 19% 9,3x 38,1x Median 10% 48% 23% 8,1x 20,8x

Sources: Capital IQ (as of 14 June 2021)

30 Public comps – Infrastructure

LTM Exp. 1Y Margin NTM Multiples Market Cap EV Cash Rev. Company Name HQ Employees Share Price € mn € mn € mn Sales EBITDA Growth Gross EBITDA EV/Sales EV/EBITDA A10 Networks, Inc. United States 740 8,6 668 558 137 193 27,6 7% 78% 14% 2,8x 12,1x Akamai Technologies, Inc. United States 8.368 97,3 15.861 16.159 1.097 2.792 907,2 7% 64% 32% 5,6x 12,7x Appian Corporation United States 1.460 97,0 6.874 6.730 198 268 (29,1) 16% 72% (11%) 22,0x NM Arista Networks, Inc. United States 2.613 300,9 22.968 20.527 2.580 2.098 680,0 19% 64% 32% 8,8x 22,8x Axway Software SA United States 1.888 29,9 644 705 16 297 30,7 4% 16% 10% 2,3x 14,7x Citrix Systems, Inc. United States 9.000 99,5 12.356 14.970 424 2.685 546,8 4% 84% 20% 5,2x 16,1x Commvault Systems, Inc. United States 2.671 67,1 3.088 2.779 338 616 49,2 6% 85% 8% 4,4x 19,5x Elastic N.V. United States 0 113,1 10.241 9.934 333 506 (93,3) 29% 74% (18%) 15,3x NM Exasol AG Germany 223 16,9 403 334 69 26 (24,3) 28% (59%) (95%) 10,2x NM Extreme Networks, Inc. United States 2.584 9,4 1.179 1.343 173 807 66,1 5% 58% 8% 1,6x 11,0x Fastly, Inc. United States 993 47,4 5.480 5.394 934 267 (82,7) 31% 58% (31%) 16,1x NM International Business Machines CorporationUnited States 345.900 123,7 110.555 151.884 9.484 62.860 13.480,3 1% 49% 21% 2,5x 9,6x Jamf Holding Corp. United States 1.496 26,4 3.112 2.974 167 247 26,1 26% 82% 11% 10,2x 109,9x JFrog Ltd. United States 700 37,6 3.519 3.037 516 139 (15,4) 34% 81% (11%) 17,0x NM Juniper Networks, Inc. United States 9.950 23,5 7.706 8.165 1.102 3.852 560,4 5% 58% 15% 2,1x 10,4x Micro Focus International plc United Kingdom 11.900 6,0 2.010 5.811 633 2.575 690,3 (5%) 77% 27% 2,5x 6,7x MongoDB, Inc. United States 2.745 285,9 17.766 18.069 777 533 (174,7) 33% 70% (33%) 26,2x NM NetScout Systems, Inc. United States 2.409 25,3 1.865 1.821 406 708 121,8 2% 73% 17% 2,6x NM PagerDuty, Inc. United States 783 33,8 2.825 2.622 463 189 (52,8) 27% 85% (28%) 11,2x NM Progress Software Corporation United States 1.796 39,2 1.723 1.962 95 375 126,6 15% 88% 34% 4,5x NM Rackspace Technology, Inc. United States 7.200 17,2 3.573 6.854 180 2.369 526,8 12% 36% 22% 2,7x 10,7x Snowflake Inc. United States 2.931 201,4 59.638 55.590 3.267 592 (532,1) 88% 58% (90%) 53,5x NM Software Aktiengesellschaft Germany 4.669 38,2 2.829 2.540 552 811 154,2 (2%) 77% 19% 3,0x 15,4x SolarWinds Corporation United States 3.342 14,4 4.569 5.934 319 877 176,3 4% 91% 20% 6,7x 15,6x VeriSign, Inc. United States 908 181,6 20.449 20.951 1.006 1.087 745,5 5% 86% 69% 18,9x 27,2x Mean 15% 62% (1%) 8,9x 22,3x Median 7% 72% 10% 5,6x 12,7x

Sources: Capital IQ (as of 14 June 2021)

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