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Leonis Healthcare Index 4Q 2020 Index Summary

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Leonis Healthcare Index 4Q 2020 Index Summary 4Q- 2020 LEONIS PARTNERS: 4 TH QUARTER 2020 HEALTHCARE ANALYSIS ANALYSIS OF HEALTHCARE VALUATIONS & KEY DRIVERS IN PUBLIC AND PRIVATE MARKETS. STRICTLY PRIVATE AND CONFIDENTIAL LEONIS PARTNERS EXPERIENCED HEALTHCARE ADVISORS. 2020 Award 2020 Award 2019 Award Winner Winner Winner LEONIS CREDENTIALS & SERVICES FIRM OVERVIEW ▪ Leonis provides M&A and Growth Capital advisory services ▪ Bankers with over 50 years of combined experience in bulge bracket to both high-growth and well-established technology and Wall Street firms and in the Middle Market technology services companies ▪ Team has executed over 130 M&A, restructuring and capital raising deals with cumulative transaction values over $180 billion Leonis core areas of focus: ▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 ▪ Sell-side M&A: Represent companies looking to be acquired domestic and international strategic acquirers by a strategic or go through a fulsome liquidity event with a ▪ Team with experience advising, operating, and investing in businesses financial sponsor within the firm’s core areas provides an unbiased view of how “the other side will look at a deal” ▪ Capital Raises: ▪ Winner of M&A Atlas’ 2020 and 2019 Americas FinTech Deal of the – Majority Equity Raises: Recapitalizations from private Year, 2020 Americas Corporate Deal of the Year, and a 2020 Finalist for Boutique Technology Investment Bank of the Year equity & growth equity firms who understand the sector ▪ Winner of M&A Advisors’ 2020 Lower-Middle Market Deal of the and will partner with management to inject capital and Year, Lower-Middle Market PE Deal of the Year, 2019 Lower- provide expertise to maximize the company’s growth Middle Market Deal of the Year, and 2018 Information Technology Deal of the Year – Minority Equity Raises: Equity investments from growth equity and strategic partners who bring capital and market HEALTHCARE EXPERIENCE expertise to bear ▪ Retained Advisory Services: Strategic guidance to assist Has Been Recapitalized Has Been Acquired by Has Been Acquired by Has Been Acquired by management in maximizing firm value ahead of a potential by liquidity event, as well as manage inbound offers and A Portfolio Company of solicitations For more information or inquiries, please contact us at [email protected] Has Been Acquired by Has Been Acquired by Sold Two Hospitals to Has Been Acquired by 2 LEONIS AWARDS AND RECOGNITION – THE M&A ADVISOR WINNER OF THE 2020 LOWER-MIDDLE MARKET PRIVATE EQUITY DEAL OF THE YEAR, 2020 LOWER-MIDDLE MARKET DEAL OF THE YEAR, 2018 MIDDLE MARKET CORPORATE DEAL OF THE YEAR, AND 2018 LOWER- MIDDLE MARKET DEAL OF THE YEAR. RECENT TECHNOLOGY M&A AWARDS & RECOGNITIONS Middle Market Americas Lower- Americas Middle Lower-Middle Market Information Middle Market Market Corporate Private Equity Technology Deal of Has Been Acquired By Deal of the Year Has Been Acquired Deal of the Year Deal of the Year By Has Been Acquired Has Been Acquired the year By By A Portfolio Company of Undisclosed Undisclosed Undisclosed Undisclosed December 2019 2020 Award Winner August 2019 2020 Award Winner December 2018 2019 Award Winner July 2017 2018 Award Winner PROJECT VIKING OVERVIEW PROJECT SOLDIER OVERVIEW PROJECT DYNAMITE OVERVIEW PROJECT BARRACUDA OVERVIEW ▪ Retained to assist SMD in exploring a ▪ Retained to assist SRC in exploring a ▪ Selected as the exclusive financial advisor ▪ Retained as exclusive financial advisor to potential sale of the business potential strategic sale or majority to explore either a full sale or majority explore a full strategic sale of BlueprintRF ▪ Leonis successfully utilized competitive recapitalization of the business recapitalization of the business ▪ Leonis ran a highly competitive process tension between acquirer and target to ▪ Leonis created a highly tailored process to ▪ A highly competitive process involving that involved bidding by a number of bring together the two highly target strategic and sponsor-back strategic both strategics and private equity backed private equity-backed strategic players and complementary solutions, with SMD buyers that resulted in a ~5x Revenue sale platforms that resulted in a majority strategic bidders that resulted in a full sale exiting at over ~ 6x Revenue capitalization at over ~ 8x EBITDA of the business at ~12x EBITDA LEONIS CLIENT LEONIS CLIENT LEONIS CLIENT LEONIS CLIENT ▪ Strategic Management Decisions (SMD), is ▪ SRC Solutions, through its Registration ▪ Bootstrapped AI, data science, and ▪ Network service provider to the hospitality a provider of employee survey and Gateway, offers a suite of applications advanced technology training and industry with over 1,500 managed assessment services designed to increase productivity, educational organization to world-class properties ▪ Cloud-based technology that identifies the efficiency, and deliver best-in-class global enterprise clients ▪ Designs, manages, and supports critical cause-effect relationships between talent sustainable, eco-friendly online workflows ▪ Market leader in designing a PhD level wireless High-Speed Internet Access assessments and business outcomes for K12 school districts curriculum for the top data scientists and (HSIA) that serves as the backbone of its advanced technologists customers operations ACQUIRER OVERVIEW ACQUIRER OVERVIEW ACQUIRER OVERVIEW ACQUIRER OVERVIEW ▪ Industry leading strategic advisory services ▪ LINQ specializes in K12 enterprise school ▪ Leading provider of marketing training ▪ Multi-service residential and commercial Company for the healthcare organizations district technology. The Company is an courses broadband communication’s company ▪ Backed by Ares and Lenard Green & active acquirer, with 6 strategic investments ▪ Specialized in strategic product management ▪ Specializing in digital video, high-speed Partners, Private Equity firms with over made to date and marketing management courses to internet access, and local and long-distance ~$70bn combined assets under ▪ Banneker Partners is a San Francisco based marketing professionals and technology telecom management Private Equity fund that partners with companies ▪ Highly acquisitive strategic with 29 founders and of leading Software businesses ▪ Private Equity backed by Renovus Capital acquisitions 3 Partners STRICTLY PRIVATE AND CONFIDENTIAL LEONIS AWARDS AND RECOGNITION – THE M&A ATLAS WINNER OF THE 2020 AMERICAS FINTECH DEAL OF THE YEAR, 2020 AMERICAS DEAL OF THE YEAR, AND 2019 FINTECH DEAL OF THE YEAR. RECENT TECHNOLOGY M&A AWARDS & RECOGNITIONS Americas Americas FinTech Americas FinTech Corporate Deal Deal of the Year Deal of the Year Has Been Acquired Has Been Acquired By of the Year Has Been Acquired By By A Portfolio Company of $50,000,000 Undisclosed $80,000,000 February 2020 2020 Award Winner December 2019 2020 Award Winner July 2019 2019 Award Winner PROJECT VIKING OVERVIEW PROJECT SIDECAR OVERVIEW PROJECT DODGE OVERVIEW ▪ Retained to assist Ventanex in exploring potential ▪ Retained to assist SMD in exploring a potential ▪ Retained to raise $20mm in capital from financial sale of the business sale of the business or strategic investors ▪ Through a highly competitive process, Leonis ▪ Leonis successfully utilized competitive tension ▪ Due to strategic acquisition interest Leonis identified REPAY as an acquisitive strategic between acquirer and target to bring together the repositioned D3 to take advantage of the buyer and assisted the company in exiting at 11- two highly complementary solutions, with SMD situation leading to an exit at over ~ 6x Revenue 12x EBITDA exiting at over ~ 6x Revenue LEONIS CLIENT LEONIS CLIENT LEONIS CLIENT ▪ Leading Cloud-based omnichannel payments ▪ Strategic Management Decisions (SMD), is a ▪ Developer of enterprise-level SaaS and cloud- automation platform for the Mortgage Servicing provider of employee survey and assessment based digital banking technology and financial Healthcare, and Consumer Finance (student services management solutions for domestic Tier II and loans & auto finance) verticals ▪ Cloud-based technology that identifies the cause- Tier III Financial Institutions ▪ Processing over $6bn in transaction volume effect relationships between talent assessments ▪ Industry leader in Zelle money movement annually and business outcomes enablement ACQUIRER OVERVIEW ACQUIRER OVERVIEW ACQUIRER OVERVIEW ▪ NYSE listed Company providing integrated ▪ Industry leading strategic advisory services ▪ NYSE listed Company providing consumer- payment processing solutions Company for the healthcare organizations transaction technologies ▪ Highly acquisitive strategic with 10 bolt-on ▪ Backed by Ares and Lenard Green & Partners, ▪ Largest global vendor of ATMs and also sells acquisitions, 6 of which occurred between 2019 Private Equity firms with over ~70bn combined POS terminals and self-service systems and year-to-date 2020 assets under management ▪ Highly acquisitive strategic with 45 acquisitions 4 STRICTLY PRIVATE AND CONFIDENTIAL LEONIS HEALTHCARE INDEX 4Q 2020 INDEX SUMMARY. THE LEONIS HEALTHCARE INDEX HEALTHCARE MULTIPLES OVER TIME ▪ The proprietary Leonis Healthcare Index is comprised of 24 publicly traded healthcare companies 8.0x 7.3x ▪ These 24 companies fall into four distinct categories: 5.8x 6.0x 6.0x 5.3x 5.4x 5.3x 5.3x 5.3x ‒ Digital Health ‒ Clinical Systems HCIT 4.0x ‒ Payer/Provider Cost Containment HCIT ‒ Analytics/Consulting 2.0x ▪ The Leonis Healthcare Index is an equally-weighted index ▪ 0.0x The Leonis
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