TECHNOLOGY MONTHLY MARCH 2021

Our technology & tech-enabled services practice advises leading private and publicly traded technology companies including many of the world’s most respected IT consulting, managed services, technical staffing and enterprise software providers.

ITS Offshore ITS Managed Services IT Staffing Transaction Processing Info Services VAR

HEADLINE TRANSACTIONS

TARGET ACQUIROR ACQUISITION SYNOPSIS

• Investcorp, a global manager of alternative investment products, acquired KSM Consulting, a US based provider of technology data and services, from Renovus Capital Partners • Investcorp's backing accelerates KSM's organic growth through geographically expanding across the US, broadening KSMC’s service offerings into strategic adjacencies, and building upon KSMC’s recent acquisitions of Colorado-based Tempus Nova, Ohio- based Advocate Solutions, and Indianapolis-based Connect Think

• (NYSE:ACN), a leading global company, acquired Edenhouse, a UK based independent SAP platinum partner • The acquisition strengthens Accenture's digital transformation capabilities in the UK as the demand for cloud solutions continues to increase through the pandemic

• Converge Technology Solutions (TSXV: CTS), a Canada based IT distributor, acquired Accudata Systems, a US based IT consulting, security and system integration services provider • Converge's 18th acquisition brings Accudata's extensive market and industry experience and key relationships with Microsoft and Cisco to the company

• Nordic Consulting, a US based provider of IT staffing, consulting and application managed services to healthcare clients, acquired Bails & Associates, a US based provider of cloud suite application and technical consulting services • The acquisition adds Bails' expert ERP capabilities, enhancing Nordic's ability to help its clients face complex integration challenges IT Services

• ThoughtWorks, a US based provider of software delivery, tools and consulting services, acquired Fourkind, a Finland based provider of consulting services in the areas of machine learning and data science • The acquisition expands ThoughtWorks' expertise in the critical areas of data, digital transformation, enterprise modernization and customer experience

• Accenture (NYSE:ACN), a leading global professional services company, acquired Imaginea, a US based cloud native product and platform engineering firm • The acquisition adds over 1,350 cloud professionals to Accenture's employee base and enhances the global capabilities of Accenture Cloud First

• , a global professional services company, acquired Focus IT, a Philippines based leading Oracle boutique service provider • The acquisition adds Focus IT's team to Deloitte's Southeast Asia Consulting practice and strengthens its Oracle consulting capabilities in the region TECHNOLOGY GROWTH & VALUATION TRENDS

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

5.0x 25.0x

4.2x 20.2x 4.0x 20.0x 18.2x

3.0x 15.0x 12.8x 12.7x 10.5x 2.0x 2.2x 9.3x 2.0x 1.9x 10.0x 1.4x 5.3x 1.0x 5.0x 0.4x 0.3x

ITS Offshore Managed IT Transaction Info VAR ITS Offshore Managed IT Transaction Info VAR ITS Services Staffing Processing Services ITS Services Staffing Processing Services

LTM Revenue Growth LTM Gross & EBITDA Margin*

70.0% 18.0% 14.5% 61.4% 15.0% 60.0% 12.0% 48.4% 9.0% 50.0% 6.5% 4.0% 43.9% 6.0% 40.8% 2.1% 2.3% 40.0% 3.0% 33.7% 29.0% 2 7. 7 % 0.0% 30.0% (3.0%) 24.4% 23.4% (3.2%) 13.1% (6.0%) 20.0% (9.0%) 10.9% 2.3% (7.9%) 10.0% 17.2% 3.8% (12.0%)

ITS Offshore Managed IT Transaction Info VAR ITS Offshore Managed IT Transaction Info VAR ITS Services Staffing Processing Services ITS Services Staffing Processing Services *EBITDA Margins shown as the gray line.

TEV / EBITDA

25.0x25.0x 20.2x 20.0x20.0x 18.2x 12.8x 15.0x15.0x 12.7x 10.0x10.0x 10.5x TEV EBITDA / 9.3x 5.0x5.0x 5.3x

0.0x0.0x Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Jan 2021 Feb 2021 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q1’2020 Q2’2020 Q3’2020 Q4’2020 Jan’21 Feb’21 Transaction Processing Info Services Offshore ITS IT Staffing ITS Managed Services VAR

12.8x ITS 12.7x Offshore ITS 5.3x Managed Services 9.3x IT Staffing 20.2x Transaction Processing 18.2x Info Services 10.5x VAR SELECTED TECHNOLOGY TRANSACTIONS

Annc. Date Sector Acquiror Target Enterprise Value Acquisition Synopsis

• Computer Design & Integration (backed by One Equity Partners), a US based provider of technology infrastructure services, Computer acquired Kintyre Solutions, a US based system integrator with practices focused on cloud native application development 2/23/2021 IT Services Design and Kintyre Solutions NA EBITDA Multiples Over Time Integration • The acquisition adds deep expertise to CDI's capabilities, including hybrid cloud infrastructure, DevOps, intelligent 21.0x operations, digital workflow, security technologies, managed and professional services 19.0x 17.7x 17.0x 15.0x • DoiT International (backed by Charlesbank Capital Partners), an Israel based provider of technical support and consulting 17.6x DoiT services, acquired ProdOps, an Israel based provider of software operations and infrastructure automation services 2/16/2021 IT Services 13.0xProdOps NA 11.5x International The acquisition combines the companies' engineering expertise to address growing demand for operational agility and 11.4x 11.0x cloud managed services TEV EBITDA / TEV 9.0x 8.2x 7.0x 7.9x 5.0x • Consulting Solutions & Integration (backed by White Wolf Capital), a US based national provider of technology solutions Consulting 5.4x 3.0x and services, acquired TEK Connexion, a US based technology services and workforce solutions provider 2/11/2021 IT Services Solutions & TEK Connexion NA Q1 2016 Q2 2016 Q3 2016The acquisitionQ4 2016 adds Q1TEK Connexion's2017 Q2 talented 2017 consultantsQ3 2017 and rosterQ4 of 2017 Fortune 500Q1 clients 2018 to ConsultingQ2 2018 Solutions'Q3 2018 Q4 2018 Q1 2019 Integration portfolio Transaction Processing Info Services Offshore ITS IT Staffing ITS Managed Services VAR

• Astound Commerce (backed by Salesforce Ventures), a US based provider of e-commerce and omnichannel solutions to Astound various brands and retailers, acquired MarketForce, a US based provider of digital performance marketing services 2/8/2021 IT Services MarketForce NA Commerce • The acquisitionSelect scales Technology Astound's demand Transactions and digital engagement Announced practice, addressing in March increasing 2019 client demand for higher digital brand and business ROI Target Sector Acquiror Target Enterprise Value Comments 3/29/2019 Managed Calligo Limited Connected NA • "Calligo Limited (backed by Investcorp Bank), a UK based provider of cloud solutions for Services • Orion InnovationTechnologies (backed by One Equity Partners), a US basedbusinesses, provider ofhas digital acquired transformation Connected and Technologies product development Inc, a Canadian provider of managed IT Orion Tellence services, acquiredInc. Tellence Technologies, a Romania basedsolutions, technology cloud services hosting, company network services, and technical support 2/8/2021 IT Services NA Innovation Technologies • The acquisition bolsters Orion's international presence by• establishingThe combined an clientR&D operation base also in gives Romania Calligo with the associates largest concentration in of CPA customers in the Israel as well region and the longest track record in serving the industry’s IT, cloud and data residency needs" 3/28/2019 Managed Nixu Oyj Ezenta A/S NA • "Nixu Oyj (HLSE:NIXU), a Finland based provider of IT security services, has acquired Ezenta Services A/S, a Danish provider of information technology consulting services • Accenture (NYSE:ACN), a leading global professional services company, acquired Future State, a US based change management • The Ezenta acquisition strengthens Nixu’s Danish cybersecurity market presence and enables 2/2/2021 IT Services Accenture Future State NA Nixu to offer cybersecurity services to Danish customers and use Ezenta’s technologies to build • The acquisition adds Future State's 75 employees to Accenture'sand support Talent &IT Organizationsecurity infrastructure" / Human Potential team, especially strengthening its agile business transformation capabilities 3/15/2019 IT Services Audius AG IT Competence NA • "Audius AG, a Germany based provider of customer relationship management software Group solutions for service, maintenance, and facility management industries, has acquired a majority stake in IT Competence Group SE (DB:3IT), backed by Navigator Equity Solutions • Accenture (NYSE:ACN), a leading global professional services(BST:NUQA), company, acquired a German Businet provider System, of IT a Japanconsulting based and developer outsourcing solutions and operator of Salesforce Commerce cloud-based ecommerce sites 2/2/2021 IT Services Accenture Businet System NA • The acquisition adds Businet's 40 employees to Accenture• Audius Interactive will ininitially Japan, continue strengthening to manage its e-commerce the IT Competence services from Group as a separate strategic business unit; the strategic vision is to exploit economies of scale and competitive strategy to system design advantages among employees, customers and suppliers"

3/14/2019 IT Services Deloitte Converging NA • "Deloitte, a US based provider of professional services, has acquired Converging Data, an • NHN Global (aData subsidiary of NHN Corporation), a US based Australianowner and provideroperator ofof datae-commerce acquisition and and entertainment analytics solutions businesses, acquired Cloudnexa, a US based AWS Premier Consulting Partner and certified AWS Managed Services Provider 2/1/2021 IT Services NHN Global Cloudnexa NA • The acquisition bolsters Deloitte's cyber analytics team, particularly enhancing its ability to offer • Now backed by NHN's extensive resources, Cloudnexa intendsclients to strengthenexpertise in its Big capabilities Data, Artificial and talent Intelligence, within the and AWS Security Orchestration and Response" ecosystem 3/6/2019 Transaction Payroc Detrok NA • "Payroc (subsidiary of MB Financial Bank), a US based provider of payment processing Processing Technology solutions, has acquired Detrok Technology Solutions, a US based provider of payment Services processing technology solutions to the hospitality industry • The acquisition bolsters Payroc’s positioning in the hospitality industry, while augmenting its technology solutions and related services to address the needs of independent owner- operator restaurant establishments"

Selected TM Capital Technology ExperienceSelected TM Capital Technology ExperienceTM Capital’s Technology Industry ContactsTM Capital’s Technology Contacts

Brad Adams Jarrad Zalkin Kevin Atchue Managing Director Managing Director Principal HAS BEEN ACQUIRED BY [email protected] [email protected] [email protected] 617.259.2203 617.259.2207 617.259.2209

HAS COMPLETED A STRATEGIC RECAPITALIZATION W ITH

A PORTFOLIO COMPANY OF Bradford A. Adams,Steve Hunter Jarrad S. Zalkin, Kevin M. Atchue, Arjun Chandok, Amir Parikh Managing DirectorManaging DirectorManaging Director Vice President Analyst Analyst Sponsor Coverage [email protected] [email protected] [email protected] [email protected] [email protected] 617. [email protected]. 259.2207 617. 259.2209 404.995.6243 617.259.2213 404.995.6232

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