Software Sector Summary Report

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SOFTWARE SECTOR REPORT Q2 2021 EXECUTIVE SUMMARY Software Q2 2021 » In Q2 2021, M&A deal activity and private financing activity continued to grow whilst software performance in the public markets grew steadily – IGV tech-software index is up 34.9% over the last 12 months, underperforming the S&P 500 by 3.0% – Business Intelligence & Analytics has outperformed the other software segments, achieving 79.5% LTM growth as of Q2 2021 » Q2 ’21 saw ~$55Bn in financing deal value and ~$96Bn in M&A deal value - 577 financings, 146.6% higher than Q2 ‘20 - 488 M&A transactions, 54.9% higher than Q2 ’20 » Significant M&A activity in Q2 includes acquisitions in the Financial Applications sector: Bill.com’s $2.5Bn acquisition of Divvy and Visa’s $2.1Bn acquisition of Tink » Sales & Marketing software had some of the largest financing deals in Q2 ‘21 led by the $1.0Bn financing of MessageBird, the $775MM financing of Perch, and the $550MM financing of Kajabi » Overall outlook in software growth remains healthy, particularly in the private markets

Select Q2 Active Investors Select Q2 Active Acquirers

Notes: Sources: PitchBook, 451 Research, Capital IQ. 2 GCA OVERVIEW The GCA Software Team Sector Coverage GCA US Team VERTICAL SOFTWARE Automotive E-commerce & Retail Josh Wepman Chris Gough Education Food & Agriculture Managing Director Managing Director [email protected] [email protected] Industrial Insurance Media & Communications Real Estate Transportation & Logistics Travel & Hospitality HORIZONTAL SOFTWARE BI & Analytics Collaboration Software Kevin Walsh Glen Kruger Managing Director Managing Director CRM Enterprise Resource Planning [email protected] [email protected] Governance, Risk & Compliance Human Capital Management Marketing Supply Chain Management INFRASTRUCTURE SOFTWARE Cybersecurity Data Management & Analytics Rupert Sadler Saif Malik SaaS / Cloud-Enablement Workflow Automation Managing Director Director [email protected] [email protected] Key GCA Stats

GCA Executive Team 24 Offices Globally Software Transactions in 140+ the Last Three Years Senior Bankers Todd Carter Geoff Baldwin 33 Covering Software Co-CEO, Co-CEO, Technology-Related Managing Director Managing Director 330+ Deals in the Last 3 Years [email protected] Head of M&A Senior Bankers [email protected] 70+ Covering Technology

3 GCA OVERVIEW Deep Software Sector Expertise with Demonstrated Success Advising Large-cap Public and Private Companies on Complex Assignments

sold to

Advisor to ShowingTime

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium, have advised on. Generally, GCA Advisors Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At 4 times, multiple GCA entities may be retained to advise on the same transaction. DEAL DASHBOARD Software Q2 2021

$95.2 Billion 1001 946 $182.3 Billion 2021 YTD Financing Deal Value (1)(2) 2021 YTD Financing Transactions (1)(2) 2021 YTD M&A Transactions 2021 YTD M&A Deal Value Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3) $Bn $Bn Company Amount ($MM) $96 Acquirer Target EV ($MM) $86 $76 $1,000 $55 $19,700 $56 $40 $1,000 $39 $12,300 $22 $28 $15 $17 $18 $14 $16 $18 $22 $19 $5 $1,000 $5,600

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 $900 $5,300 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

577 $806 532 $4,000 488 469 458 424 384 389 359 349 $775 315 $2,500 284 227 234 198 222 211 215 $601 $2,220

$550 $2,144 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 LTM as of Q2 2021 Software Price Performance vs. S&P 500 (4) 40% SPX IGV 37.9% 35% 34.9% 30% 25% 20% Financing Activity by Quarter 15% 10% 5% 0% (5%) Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21

Notes: Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market data as of 6/30/2021. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include software venture and private equity growth / expansion activity. 5 3) Software M&A transactions reflect select transactions in Q2 2021. M&A metrics are based on closed and announced transactions. 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM and INTU. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

160.0%

140.0%

120.0%

100.0%

80.0% 79.5% 45.4% 44.2% 43.2% 40.4% 60.0% 39.9% 39.1% 38.6% 35.9% 40.0% 35.1% 33.1% 30.4% 23.7% 20.0% 21.2%

0.0%

(20.0%) Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21

BI & Analytics S&M Security Technical Content SaaS(1) ERP Vertical Development Platform Financial Infrastructure Nasdaq S&P 500

Low (1.1%) (3.3%) 0.0% (0.3%) (0.6%) (1.4%) (1.7%) 0.0% (3.8%) (4.3%) (1.1%) (4.3%) 0.0% 0.0%

Uptick from 80.5% 48.7% 43.2% 40.7% 40.5% 40.4% 37.6% 35.1% 36.9% 34.7% 24.9% 25.4% 44.2% 38.6% Low Performance 79.5% 45.4% 43.2% 40.4% 39.9% 39.1% 35.9% 35.1% 33.1% 30.4% 23.7% 21.2% 44.2% 38.6% since Jul-20 Notes: Sources: Capital IQ. Market data as of 6/30/21. List of companies in each sector can be found in the public comparable tables. 6 1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Platform Infrastructure Security

Combined Market Cap: $2,891Bn Combined Market Cap: $310Bn Combined Market Cap: $416Bn 21E/20A Rev. Growth: 6.3% 21E/20A Rev. Growth: 18.4% 21E/20A Rev. Growth: 15.9% 21E EBITDA Margin: 30.9% 21E EBITDA Margin: 16.6% 21E EBITDA Margin: 19.6%

Content & Storage Management BI & Analytics Financial Applications

Combined Market Cap: $405Bn Combined Market Cap: $115Bn Combined Market Cap: $594Bn 21E/20A Rev. Growth: 15.1% 21E/20A Rev. Growth: 21.0% 21E/20A Rev. Growth: 39.6% 21E EBITDA Margin: 20.9% 21E EBITDA Margin: 12.4% 21E EBITDA Margin: 19.0%

Notes: Sources: Capital IQ. Market data as of 6/30/21. 7 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE PUBLIC COMPANY LANDSCAPE Subsector Top Players and Key Operating Stats Technical Applications Vertical ERP & General Business

Combined Market Cap: $318Bn Combined Market Cap: $428Bn Combined Market Cap: $662Bn 21E/20A Rev. Growth: 12.8% 21E/20A Rev. Growth: 24.4% 21E/20A Rev. Growth: 18.4% 21E EBITDA Margin: 30.8% 21E EBITDA Margin: 14.2% 21E EBITDA Margin: 19.3%

Development & Operations Sales & Marketing SaaS

Combined Market Cap: $497Bn Combined Market Cap: $168Bn Combined Market Cap: $2,100Bn 21E/20A Rev. Growth: 26.8% 21E/20A Rev. Growth: 29.2% 21E/20A Rev. Growth: 29.0% 21E EBITDA Margin: 14.0% 21E EBITDA Margin: 12.2% 21E EBITDA Margin: 14.1%

Notes: Sources: Capital IQ. Market data as of 6/30/21. 8 Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables. SOFTWARE STOCKS WINNERS & LOSERS Top and Bottom 20 Stock Price Performers in Q2 2021

Top 20 Performers

101.3% 95.4% 80.1% 69.0% 70.8% 53.1% 53.4% 56.8% 44.3% 47.4% 47.6% 40.2% 40.4% 41.7% 42.2% 33.2% 34.4% 35.1% 35.5% 35.8%

Bottom 20 Performers

(10.5%) (11.1%) (11.2%) (11.6%) (12.5%) (13.4%) (13.6%) (13.8%) (14.3%) (15.2%) (16.0%) (16.4%) (16.9%) (18.2%) (19.6%) (19.6%) (21.6%)

(26.7%)

(32.6%) (32.6%)

Notes: Sources: Capital IQ as of 6/30/21. 9 TRADING COMPARABLES Valuation and Operational Metrics

EV / 2020A Revenue EV / 2021E Revenue

18.4x 17.4x 17.0x 17.2x 16.3x 15.1x 15.0x 14.7x 13.9x Median: 12.8x 11.7x Median: 11.3x 12.1x 11.6x 11.5x 11.2x 11.2x 10.4x 10.9x 10.6x 10.4x 10.0x 8.5x 8.4x

4.8x 4.5x

2020A / 2019A Revenue Growth 2021E / 2020A Revenue Growth

39.1% 39.6% 35.7% 30.7% 28.4% 29.2% 29.0% 26.2% 26.8% Median: 19.4% 24.4% Median: 19.7% 19.5% 21.0% 19.2% 18.2% 16.2% 18.4% 18.4% 15.9% 15.1% 12.4% 12.1% 12.8% 6.3% 1.6%

Notes: Sources: Capital IQ. Market data as of 6/30/21. Figures represent mean values of respective comp groups. 10 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2020A EBITDA EV / 2021E EBITDA

33.6x 33.7x

27.0x 27.0x 26.2x 26.6x 26.2x 25.6x 24.7x 24.5x Median: 23.5x 24.0x 22.5x 23.6x 20.2x Median: 21.9x 22.1x 21.4x 20.2x 18.2x 16.3x 15.8x 16.0x 14.9x 13.6x 12.6x

2020A EBITDA Margin 2021E EBITDA Margin

31.7% 30.7% 30.9% 30.8% Median: 18.7% Median: 17.8% 20.9% 20.9% 19.8% 19.4% 19.6% 19.3% 19.0% 18.7% 18.6% 17.6% 16.6% 15.9% 14.4% 14.2% 14.1% 14.0% 12.4% 12.2% 10.5% 9.0%

Notes: Sources: Capital IQ. Market data as of 6/30/21. Figures represent mean values of respective comp groups. 11 List of companies in each sector can be found in the public comparable tables. PUBLIC SAAS COMPANIES Valuation Correlation to Growth %

60.0x Low Growth Software(1) Medium Growth Software (2) High Growth Software(3)

50.0x

40.0x

30.0x R = 0.59

20.0x

Enterprise Value / CY / 2021E Revenue Value Enterprise 10.0x

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40%

CY 2021E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 11.1% 22.2% 40.9%

Median EV / Rev. 5.8x 12.8x 25.6x

Notes: Sources: Capital IQ as of 6/30/21. 1) Defined as companies with annual revenue growth <= 15%. 12 2) Defined as companies with annual revenue growth >15% and <= 30%. 3) Defined as companies with annual revenue growth >30%. PUBLIC SAAS COMPANIES Valuation Correlation to Growth % & Free Cash Flow Margin %

60.0x Low Performance Software(1) Medium Performance Software (2) High Performance Software(3)

40.0x

R = 0.52

20.0x Enterprise Value / CY / 2021E Revenue Value Enterprise

0.0x 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%

CY 2021E Revenue Growth % + CY 2021E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 15.4% 30.0% 48.0%

Median EV / Rev. 7.2x 12.0x 21.0x

Notes: Sources: Capital IQ as of 6/30/21. 1) Defined as companies with revenue growth % + FCF margin % <= 20%. 13 2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%. 3) Defined as companies with revenue growth % + FCF margin % >40%. PUBLIC SAAS COMPANIES Valuation Correlation to Returns on S&M Expense Efficiency

60.0x Low Efficiency Software(1) Medium Efficiency Software (2) High Efficiency Software(3)

50.0x

40.0x

30.0x R = 0.51

20.0x

10.0x Enterprise Value / CY / 2021E Revenue Value Enterprise

0.0x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x

CY 2021E Incremental Revenue / CY 2020A S&M Expense

Low Efficiency Medium Efficiency High Efficiency

Median Inc. Rev. / S&M Expense 0.4x 0.7x 1.6x

Median EV / Rev. 7.3x 18.4x 26.1x

Notes: Sources: Capital IQ as of 6/30/21. 1) Defined as companies with S&M expense efficiency <= 0.6x. 14 2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x. 3) Defined as companies with S&M expense efficiency >1.0x. SOFTWARE M&A UPDATE Q2 2021 Dashboard

Quarterly M&A Activity Select Q2 2021 M&A Transactions

($Bn) Number of Deals M&A Deal Value ($MM) Ann. Enterprise Acquirer Target EV/ LTM Rev. Date Value 532 6/28 $2,000 5.9x 488 469 458 6/25 $2,220 NA

6/24 $2,144 58.2x 384 389 $96 359 349 6/24 $1,050 2.2x $86 315 $76 6/3 $1,200 2.2x

6/1 $5,300 6.4x $56 5/6 $2,500 NA $39 5/2 $4,000 NA $28 $22 $19 4/26 $12,300 11.3x

$5 4/23 $5,600 8.5x

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 4/12 $19,700 13.6x

Notes: Sources: Capital IQ and 451 Research. 15 SOFTWARE FINANCINGS UPDATE Q2 2021 Dashboard

Quarterly Financing Activity Select Q2 2021 Financing Transactions

($Bn) Number of Deals Financing Deal Value ($MM)

Post- Deal Lead/Selected Amount Funding Company Money Date Investor Invested to Date 577 Valuation

6/22 $806 $940 $6,543 $55 6/22 $543 $583 $2,200

424 6/2 $1,000 $1,364 $11,000 $40 5/26 $775 $915 NA

284 5/20 $900 $992 $5,300

234 222 227 5/4 $550 $550 $2,000 211 215 $22 198 $18 $18 $17 5/3 $601 $876 $4,004 $15 $14 $16

4/28 $1,000 $1,100 $3,800

4/13 $1,000 $4,360 $28,700

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 4/7 $642 $1,028 $1,200

Notes: Sources: PitchBook. 16 SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

6/30/2021 $9,348 $1,225 31.00 - 32.00 $35.00 $42.50 21.4%

6/30/2021 $1,646 $273 25.00 - 28.00 $26.00 $28.00 7.7%

6/24/2021 $11,361 $828 29.00 - 33.00 $36.00 $47.50 31.9%

6/23/2021 $4,074 $266 18.00 - 20.00 $16.00 $20.59 28.7%

6/16/2021 $2,381 $287 29.00 - 32.00 $31.00 $29.26 (5.6%)

6/10/2021 $330 $215 10.00 - 12.00 $10.00 $8.40 (16.0%)

6/10/2021 $7,792 $574 125.00 - 140.00 $155.00 $223.59 44.3% Median: 22.9%

6/9/2021 $16,183 $1,227 20.00 - 24.00 $27.00 $28.07 4.0%

5/26/2021 $3,315 $210 19.00 - 21.00 $21.00 $35.50 69.0%

5/26/2021 $3,564 $251 22.00 - 24.00 $24.00 $36.74 53.1%

5/20/2021 $11,276 $634 60.00 - 65.00 $67.00 $94.95 41.7%

5/19/2021 $5,940 $2,030 49.00 - 51.00 $50.00 $59.41 18.8%

5/12/2021 $1,625 $176 19.00 - 21.00 $22.00 $19.70 (10.5%)

4/22/2021 $4,037 $152 16.00 - 18.00 $16.00 $31.27 95.4%

Notes: Sources: Capital IQ and company filings. Market data as of 6/30/21. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 17 SOFTWARE CAPITAL MARKETS UPDATE Select Recent Software IPO Pricings (Cont’d.)

($MM) Market Cap @ IPO Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price Date

4/21/2021 $35,822 $1,338 52.00 - 54.00 $56.00 $67.93 21.3%

4/21/2021 $5,594 $360 24.00 - 27.00 $27.00 $42.34 56.8%

4/15/2021 $23,339 $2,000 75.00 - 85.00 $80.00 $75.17 (6.0%)

4/14/2021 $3,575 $180 26.00 - 28.00 $30.00 $35.67 18.9%

4/14/2021 $65,393 $2,203 200.00 - 375.01.00 $250.00 $253.30 1.3%

4/1/2021 $727 $29 27.00 - 29.00 $28.00 $36.75 31.3%

3/25/2021 $1,512 $140 14.00 - 16.00 $14.00 $23.02 64.4% Median: 22.9%

3/24/2021 $4,475 $776 44.00 - 47.00 $47.00 $55.59 18.3%

3/18/2021 $13,994 $915 17.00 - 20.00 $21.00 $24.50 16.7%

3/17/2021 $4,935 $450 20.00 - 22.00 $25.00 $37.39 49.6%

2/3/2021 $3,150 $428 45.00 - 50.00 $50.00 $35.48 (29.0%)

2/3/2021 $8,211 $925 23.00 - 25.00 $25.00 $31.11 24.4%

1/28/2021 $22,877 $1,551 27.00 - 29.00 $30.00 $38.25 27.5%

12/16/2020 $2,135 $240 20.00 - 22.00 $20.00 $124.90 524.5%

MEDIAN: 22.9% MEAN: 43.0%

Notes: Sources: Capital IQ and company filings. Market data as of 6/30/21. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 18 APPENDIX

19 PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM) Trading Metrics Operating Metrics CIQ Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin Revenue Company 6/30/2021 Cap ST. Invest. Debt Value (EV) CY20A CY21E CY22E CY20A CY21E CY22E 20A/19A 21E/20A 22E/21E CY20A CY21E CY22E CY20A CY21E CY22E

Platform Microsoft Corporation $270.90 $2,040,304 $125,013 $81,260 $1,996,551 13.0x 11.3x 10.2x 27.7x 23.3x 19.8x 14% 15% 11% 67% 67% 67% 47% 49% 51% Oracle Corporation $77.84 $217,329 $46,557 $87,027 $258,513 6.6x 6.3x 6.0x 13.1x 12.8x 12.7x (0%) 5% 4% 80% 80% 80% 50% 49% 47% Cisco Systems $53.00 $223,353 $23,579 $12,538 $212,312 4.4x 4.1x 4.0x 11.8x 11.4x 11.4x (7%) 7% 3% 63% 63% 63% 37% 36% 35% International Business Machines Corporation$146.59 $130,982 $7,950 $59,789 $182,946 2.5x 2.5x 2.4x 11.9x 9.6x 9.6x (4%) 3% 1% 49% 50% 49% 21% 26% 25% SAP SE $140.91 $166,210 $13,926 $20,113 $172,397 5.2x 5.3x 5.1x 13.9x 15.5x 15.1x 8% (3%) 4% 73% 73% 71% 37% 34% 34% Dell Technologies Inc. $99.67 $76,665 $14,244 $48,914 $116,434 1.2x 1.1x 1.1x 9.1x 8.8x 8.4x 2% 8% 2% 33% 32% 31% 14% 13% 13% HP Inc. $30.19 $36,266 $3,438 $7,323 $40,151 0.7x 0.6x 0.6x 7.8x 6.8x 6.9x (2%) 10% (1%) 19% 19% 19% 9% 9% 9%

Mean 4.8x 4.5x 4.2x 13.6x 12.6x 12.0x 2% 6% 4% 55% 55% 54% 31% 31% 31% Median 4.4x 4.1x 4.0x 11.9x 11.4x 11.4x (0%) 7% 3% 63% 63% 63% 37% 34% 34%

Infrastructure Zoom Video Communications $387.03 $114,933 $4,690 $103 $110,346 41.6x 27.6x 23.1x NM NM NM 326% 51% 20% 69% 73% 75% 38% 39% 37% Snowflake Inc. $241.80 $71,604 $3,930 $201 $67,874 NM NM 37.1x NM NM NM 124% 88% 64% 64% 68% 59% NM (14%) (9%) RingCentral $290.58 $26,406 $463 $1,441 $27,383 25.2x 18.2x 14.7x NM NM NM 33% 39% 24% 76% 77% 78% 15% 14% 14% Akamai Technologies $116.60 $19,005 $1,288 $2,814 $20,531 6.4x 6.0x 5.6x 14.7x 13.5x 12.4x 11% 7% 8% 64% 65% 65% 44% 44% 45% Citrix Systems $117.27 $14,561 $498 $3,669 $17,732 5.5x 5.3x 4.8x 15.2x 15.6x 14.1x 8% 4% 9% 86% 84% 85% 36% 34% 34% Five9 $183.39 $12,413 $643 $833 $12,602 29.0x 22.9x 19.5x NM NM NM 33% 27% 17% 64% 63% 61% 20% 16% 18% Amdocs Limited $77.36 $9,875 $1,164 $1,012 $9,766 2.3x 2.2x 2.2x 11.5x 9.9x 9.8x 2% 4% 3% 34% 34% 34% 20% 23% 22% Juniper Networks $27.35 $8,964 $1,293 $1,851 $9,521 2.1x 2.0x 2.0x 10.6x 10.0x 9.4x (0%) 5% 3% 59% 60% 59% 20% 20% 21% Rackspace Technology $19.61 $4,073 $212 $4,190 $8,052 3.0x 2.7x 2.4x 10.6x 10.6x 9.8x 11% 12% 11% 38% 34% 38% 28% 25% 25% Fastly $59.60 $6,894 $1,097 $1,022 $6,819 23.4x 17.8x 14.1x NM NM NM 45% 31% 26% 60% 61% 58% 1% (5%) 1% Everbridge $136.08 $5,200 $735 $656 $5,121 18.9x 14.3x 11.4x NM NM NM 35% 32% 25% 72% 73% 70% 3% 2% 5% Jamf Holding Corp. $33.57 $3,964 $196 $28 $3,796 14.1x 11.2x 9.3x NM NM NM 32% 26% 20% 81% 82% 79% 13% 10% 11% Verint Systems Inc. $45.07 $2,930 $360 $859 $3,430 2.7x 4.0x 3.7x 10.1x 14.9x 13.2x (2%) (32%) 6% 70% 69% 68% 27% 27% 28% Software Aktiengesellschaft $44.98 $3,328 $662 $367 $3,034 3.0x 3.1x 2.9x 12.9x 16.5x 13.3x 2% (5%) 8% 76% 77% 77% 23% 19% 22% Extreme Networks $11.16 $1,407 $203 $402 $1,605 1.8x 1.5x 1.5x 22.4x 10.9x 9.7x (12%) 15% 5% 57% 57% 57% 8% 14% 15% ON24 $35.48 $1,645 $392 $6 $1,259 8.0x 6.0x 5.0x NM NM NM 76% 33% 21% 79% 75% 75% 16% 2% 3% Radware Ltd. $30.78 $1,402 $315 $28 $1,115 4.5x 4.1x 3.7x 33.1x 27.5x 22.3x (1%) 9% 9% 83% 83% 82% 13% 15% 17% A10 Networks $11.26 $871 $161 $27 $737 3.3x 3.1x 2.9x 16.2x 13.4x 11.8x 6% 7% 7% 77% 79% 78% 20% 23% 24% Limelight Networks $3.15 $396 $117 $134 $413 1.8x 1.9x 1.7x 16.9x 21.7x 12.8x 15% (4%) 9% 45% 39% 47% 11% 9% 13%

Mean 10.9x 8.5x 8.8x 15.8x 15.0x 12.6x 39% 18% 16% 66% 66% 66% 20% 17% 18% Median 5.0x 4.7x 4.8x 14.7x 13.5x 12.4x 11% 12% 9% 69% 69% 68% 20% 16% 18%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 20 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Security CrowdStrike Holdings $251.31 $56,748 $1,685 $779 $55,847 NM 41.0x 30.1x NM NM NM 82% 56% 36% 75% 77% 72% 12% 13% 16% Fortinet $238.19 $38,901 $2,937 $1,043 $37,007 14.3x 11.9x 10.3x 48.3x 41.5x 35.4x 20% 20% 16% 79% 79% 78% 30% 29% 29% Okta $244.68 $37,431 $2,690 $1,970 $36,711 43.9x 30.0x 21.8x NM NM NM 43% 46% 38% 78% 77% 75% 5% (12%) (5%) Palo Alto Networks $371.05 $36,137 $2,945 $3,508 $36,700 9.7x 8.0x 6.8x NM 34.0x 28.7x 21% 22% 18% 71% 71% 71% 1% 23% 24% Cloudflare $105.84 $32,877 $1,035 $436 $32,277 NM NM 39.5x NM NM NM 50% 43% 33% 77% 78% 77% 4% 7% 11% Zscaler $216.06 $29,597 $1,468 $957 $29,087 NM 37.5x 28.7x NM NM NM 49% 45% 31% 79% 79% 79% 14% 14% 16% VeriSign $227.69 $25,642 $1,181 $1,791 $26,252 20.8x 19.8x 18.2x 28.6x 28.3x 25.6x 3% 5% 9% 86% 86% 85% 73% 70% 71% Splunk Inc. $144.58 $23,699 $1,865 $2,555 $24,389 10.9x 9.6x 7.9x NM NM NM (5%) 14% 21% 79% 77% 79% NM 2% 4% NortonLifeLock Inc. $27.22 $15,822 $951 $3,693 $18,564 7.3x 6.8x 6.3x 13.7x 12.9x 12.2x 2% 8% 7% 81% 83% 83% 53% 52% 52% Citrix Systems $117.27 $14,561 $498 $3,669 $17,732 5.5x 5.3x 4.8x 15.2x 15.6x 14.1x 8% 4% 9% 86% 84% 85% 36% 34% 34% McAfee Corp. $28.02 $4,632 $346 $4,080 $14,543 5.0x 7.2x 6.7x 13.8x 20.1x 16.7x 10% (30%) 7% 79% 79% 72% 36% 36% 40% Check Point Software Technologies Ltd. $116.13 $15,422 $1,876 $31 $13,577 6.6x 6.3x 6.2x 12.8x 13.0x 12.6x 4% 4% 3% 90% 89% 89% 51% 49% 49% F5 Networks $186.66 $11,128 $643 $748 $11,232 4.7x 4.3x 4.0x 13.5x 12.1x 11.1x 6% 8% 8% 83% 83% 83% 35% 36% 36% SentinelOne $42.50 $11,119 $363 $46 $10,803 NM NA NA NM NA NA 100% NA NA 58% NM NM NM NA NA Varonis Systems $57.62 $6,116 $824 $288 $5,580 19.1x 15.1x 12.3x NM NM NM 15% 27% 22% 86% 87% 87% 2% 5% 10% Rapid7 $94.63 $5,217 $606 $938 $5,550 13.5x 11.0x 9.2x NM NM NM 26% 23% 19% 74% 74% 72% 4% 6% 8% Trend Micro Incorporated $52.44 $7,309 $1,963 $0 $5,352 3.2x 3.3x 3.1x 8.9x 10.5x 10.0x 11% (2%) 4% 79% 80% 79% 36% 31% 31% KnowBe4 $31.27 $5,306 $95 $12 $5,223 29.9x 22.6x 18.1x NA NM NM 45% 32% 25% 84% 85% 84% 0% 8% 11% SailPoint Technologies Holdings $51.07 $4,715 $416 $421 $4,719 12.9x 11.5x 10.0x NM NM NM 27% 12% 16% 81% 78% 78% 22% (1%) 1% CyberArk Software Ltd. $130.27 $5,179 $978 $507 $4,708 10.1x 9.6x 8.5x 44.0x NM NM 7% 6% 13% 85% 83% 84% 23% 8% 7% FireEye $20.22 $4,785 $1,301 $1,041 $4,526 4.8x 4.4x 4.1x 26.0x 27.5x 25.6x 6% 9% 8% 70% 72% 68% 19% 16% 16% Tenable Holdings $41.35 $4,366 $340 $57 $4,083 9.3x 7.8x 6.6x NM NM NM 24% 19% 18% 83% 83% 83% 8% 10% 12% Qualys $100.69 $3,941 $357 $55 $3,639 10.0x 9.0x 8.1x 21.5x 21.9x 20.1x 13% 11% 11% 81% 80% 79% 47% 41% 40% Mimecast Limited $53.05 $3,457 $293 $250 $3,414 7.1x 6.1x 5.4x 29.0x 23.5x 20.2x 19% 16% 13% 74% 74% 74% 24% 26% 27% Telos Corporation $34.01 $2,270 $94 $17 $2,193 12.2x 7.6x 5.4x NM NM 30.2x 13% 61% 41% 33% 37% 35% 6% 12% 18% Sumo Logic $20.65 $2,205 $291 $10 $1,925 9.5x 8.2x 6.8x NM NM NM 31% 16% 20% 75% 75% 73% (11%) NM (16%) Ping Identity Holding Corp. $22.90 $1,880 $55 $59 $1,884 7.7x 7.0x 6.2x NM NM NM 0% 11% 13% 81% 80% 82% 12% 9% 10% SecureWorks Corp. $18.53 $1,555 $181 $28 $1,403 2.5x 2.6x 2.5x 42.3x NM NM 1% (3%) 3% 60% 62% 57% 6% 0% 0% OneSpan Inc. $25.54 $1,027 $115 $14 $926 4.3x 4.2x 3.8x NM NM NM (15%) 2% 10% 70% 71% 70% 7% (0%) 6% F-Secure Oyj $4.77 $756 $53 $38 $741 2.8x 2.7x 2.5x 17.0x 17.0x 15.1x 10% 4% 7% 78% 78% 78% 16% 16% 16% A10 Networks $11.26 $871 $161 $27 $737 3.3x 3.1x 2.9x 16.2x 13.4x 11.8x 6% 7% 7% 77% 79% 78% 20% 23% 24% Absolute Software Corporation $14.47 $716 $133 $12 $595 5.3x 4.7x 4.2x 19.7x 20.5x 18.0x 10% 13% 13% 87% 87% 87% 27% 23% 23% Zix Corporation $7.05 $391 $24 $226 $594 2.7x 2.4x 2.1x 11.7x 10.8x 9.5x 26% 14% 14% 54% 50% 57% 23% 22% 22% Tufin Software Technologies Ltd. $9.12 $335 $87 $22 $270 2.7x 2.5x 2.2x NM NM NM (2%) 7% 13% 81% 81% 81% (17%) NM NM

Mean 10.0x 10.4x 9.6x 22.5x 20.2x 18.6x 20% 16% 16% 76% 77% 76% 19% 20% 20% Median 7.5x 7.4x 6.6x 17.0x 18.6x 16.7x 12% 12% 13% 79% 79% 78% 17% 16% 16%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 21 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Content & Storage Management Adobe Inc. $585.64 $278,999 $5,768 $4,693 $277,924 21.6x 17.7x 15.5x 44.3x 35.5x 31.1x 15% 22% 15% 88% 90% 87% 49% 50% 50% DocuSign $279.57 $54,470 $781 $947 $54,636 37.6x 26.7x 20.7x NM NM NM 49% 41% 29% 78% 80% 77% 16% 20% 21% NetApp $81.82 $18,264 $4,604 $2,752 $16,412 2.9x 2.7x 2.6x 12.4x 11.0x 9.5x (0%) 8% 5% 65% 65% 65% 24% 25% 27% Open Text Corporation $50.80 $13,804 $1,476 $3,864 $16,193 4.9x 4.8x 4.8x 12.7x 12.9x 12.0x 12% 2% 1% 74% 74% 74% 39% 37% 40% Dropbox $30.31 $11,756 $1,916 $2,470 $12,310 6.4x 5.8x 5.3x 21.7x 16.6x 15.4x 15% 11% 9% 79% 80% 77% 30% 35% 34% Nutanix $38.22 $8,086 $1,255 $1,177 $8,008 6.1x 5.5x 4.8x NM NM NM 5% 12% 13% 76% 76% 76% NM (14%) (1%) Varonis Systems $57.62 $6,116 $824 $288 $5,580 19.1x 15.1x 12.3x NM NM NM 15% 27% 22% 86% 87% 87% 2% 5% 10% Pure Storage $19.53 $5,532 $1,234 $911 $5,209 3.1x 2.7x 2.3x 44.9x 28.4x 20.8x 2% 16% 15% 70% 70% 69% 7% 9% 11% Box $25.55 $3,953 $611 $689 $4,031 5.2x 4.7x 4.3x 20.7x 17.5x 15.8x 11% 10% 11% 73% 74% 72% 25% 27% 27% Commvault Systems $78.17 $3,602 $397 $23 $3,228 4.6x 4.3x 4.0x NM 19.7x 16.0x 1% 9% 7% 84% 84% 84% 8% 22% 25% Brightcove Inc. $14.35 $579 $35 $8 $552 2.8x 2.6x 2.3x 26.9x 20.1x 16.2x 7% 9% 11% 62% 65% 62% 10% 13% 14%

Mean 10.4x 8.4x 7.2x 26.2x 20.2x 17.1x 12% 15% 13% 76% 77% 75% 21% 21% 23% Median 5.2x 4.8x 4.8x 21.7x 18.6x 15.9x 11% 11% 11% 76% 76% 76% 20% 22% 25%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 22 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Business Intelligence & Analytics Palantir Technologies Inc. $26.36 $49,559 $2,339 $453 $47,672 43.6x 32.2x 24.9x NM NM NM 47% 36% 29% 77% 80% 73% 19% 26% 27% NICE Ltd. $244.29 $15,420 $1,561 $794 $14,677 8.9x 8.1x 7.3x 25.4x 24.0x 22.2x 5% 10% 11% 71% 72% 68% 35% 34% 33% Elastic N.V. $145.76 $13,337 $403 $28 $12,962 23.4x 17.5x 13.7x NM NM NM 44% 34% 28% 72% 72% 72% (2%) (2%) 2% MicroStrategy Incorporated $664.50 $6,477 $83 $1,754 $8,148 17.0x 16.2x 15.3x NM NM NM (1%) 5% 5% 81% 81% 80% 15% 18% 19% Inovalon Holdings $34.08 $5,313 $129 $1,018 $6,202 9.3x 8.1x 7.2x 26.9x 22.9x 19.9x 4% 14% 12% 75% 75% 74% 35% 35% 36% Alteryx $86.02 $5,774 $839 $803 $5,738 11.6x 10.0x 8.3x NM NM NM 19% 15% 21% 92% 92% 91% 17% 3% 12% Teradata Corporation $49.97 $5,477 $538 $688 $5,627 3.1x 2.9x 2.9x 14.0x 12.1x 11.1x (3%) 4% 3% 58% 60% 55% 22% 24% 26% Medallia $33.75 $5,352 $541 $626 $5,438 11.4x 9.6x 8.0x NM NM NM 19% 19% 20% 69% 69% 66% 8% 1% 7% Domo $80.83 $2,561 $85 $105 $2,581 12.3x 10.3x 8.7x NM NM NM 21% 19% 18% 78% 80% 73% (17%) (11%) (6%) Talend S.A. $65.60 $2,146 $173 $179 $2,152 7.5x 6.5x 5.6x NM NM NM 16% 15% 16% 80% 80% 78% (5%) (6%) 3% Similarweb Ltd. $19.70 $1,463 $58 $30 $1,435 15.4x 11.4x 8.9x NA NM NM 32% 35% 29% 76% 78% 76% 0% NM NM Karooooo Ltd. $36.75 $1,137 $40 $9 $1,108 7.8x 6.2x 5.2x NA 13.6x 11.5x NA 27% 18% 70% 70% 70% 0% 45% 46% Veritone $19.71 $644 $127 $7 $524 9.1x 6.5x 5.1x NM NM NM 16% 40% 27% 71% 74% 73% NM (19%) (11%)

Mean 13.9x 11.2x 9.3x 22.1x 18.2x 16.2x 18% 21% 18% 75% 76% 73% 10% 12% 16% Median 11.4x 9.6x 8.0x 25.4x 18.3x 15.7x 17% 19% 18% 75% 75% 73% 11% 11% 15%

Technical Applications Autodesk $291.90 $64,222 $923 $2,091 $65,390 17.9x 15.0x 12.6x NM 45.1x 32.8x 17% 19% 19% 92% 92% 92% 32% 33% 39% Dassault Systèmes SE $48.49 $63,494 $3,186 $4,925 $65,289 12.0x 11.5x 10.6x 34.9x 32.6x 29.6x 21% 4% 9% 83% 84% 84% 34% 35% 36% Synopsys $275.79 $42,079 $1,458 $692 $41,317 10.8x 9.9x 9.1x 33.0x 30.8x 25.9x 13% 9% 9% 80% 80% 80% 33% 32% 35% Cadence Design Systems $136.82 $38,072 $743 $347 $37,676 14.0x 12.8x 12.0x 34.6x 33.1x 30.0x 15% 10% 7% 90% 90% 89% 41% 39% 40% ANSYS $347.06 $30,247 $988 $931 $30,190 18.0x 16.2x 14.7x 39.9x 37.9x 32.9x 11% 11% 11% 90% 89% 90% 45% 43% 45% Unity Software Inc. $109.83 $30,688 $1,647 $135 $29,177 37.8x 28.8x 22.7x NM NM NM 43% 31% 27% 79% 79% 78% (3%) (5%) 1% Bentley Systems $64.78 $17,926 $570 $717 $18,073 22.5x 19.7x 17.8x NM NM NM 9% 14% 11% 81% 79% 80% 33% 32% 33% PTC Inc. $141.26 $16,507 $326 $1,715 $17,896 11.7x 10.2x 9.1x 35.2x 31.5x 25.7x 20% 15% 12% 76% 76% 76% 33% 32% 35% Aspen Technology $137.54 $9,355 $317 $333 $9,371 13.8x 13.2x 13.1x 24.2x 24.8x 24.4x 12% 4% 1% 91% 91% 91% 57% 53% 54% Altair Engineering Inc. $68.97 $5,183 $243 $227 $5,166 11.2x 10.1x 9.2x NM NM NM 3% 10% 10% 74% 76% 74% 12% 13% 15%

Mean 17.0x 14.7x 13.1x 33.6x 33.7x 28.8x 16% 13% 12% 83% 83% 83% 32% 31% 33% Median 13.9x 13.0x 12.3x 34.7x 32.6x 29.6x 14% 10% 10% 82% 82% 82% 33% 33% 35%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 23 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Financial Applications Intuit Inc. $490.17 $133,943 $4,116 $2,472 $132,299 17.1x 12.5x 11.6x 45.7x 35.0x 31.0x 8% 37% 7% 83% 83% 83% 37% 36% 38% Fidelity National Information Services $141.67 $87,853 $1,039 $19,439 $106,442 8.5x 7.8x 7.2x 20.2x 17.3x 15.5x 21% 9% 8% 34% 36% 35% 42% 45% 46% Fiserv $106.89 $71,271 $831 $21,204 $92,638 6.2x 5.8x 5.4x 17.0x 14.6x 13.2x 46% 7% 8% 44% 50% 48% 37% 40% 41% Coinbase Global $253.30 $52,854 $1,983 $662 $51,533 45.2x 8.0x 8.8x NA 16.5x 22.3x 136% 462% (9%) 89% 89% 89% 0% 49% 40% MSCI Inc. $533.08 $43,938 $1,747 $4,038 $46,228 27.3x 23.4x 21.2x 47.6x 39.8x 35.7x 9% 17% 10% 83% 83% 82% 57% 59% 59% SS&C Technologies Holdings $72.06 $18,424 $254 $6,828 $24,999 5.4x 5.1x 4.9x 13.5x 12.6x 11.9x 1% 5% 4% 57% 56% 49% 40% 40% 41% Coupa Software Incorporated $262.11 $19,272 $600 $1,572 $20,246 37.4x 29.5x 23.7x NM NM NM 39% 27% 25% 71% 67% 65% 23% 17% 19% Bill.com Holdings $183.18 $17,254 $1,736 $958 $16,475 NM NM 28.9x NM NM NM 57% 81% 84% 83% 83% 83% (5%) (1%) 2% Fair Isaac Corporation $502.68 $14,466 $198 $1,024 $15,292 11.7x 11.3x 10.2x 30.7x 27.8x 24.7x 9% 4% 10% 71% 71% 71% 38% 40% 41% Xero Limited $102.79 $15,233 $776 $665 $15,121 20.2x 16.1x 13.1x NM NM NM 69% 25% 22% 85% 52% 54% 8% 16% 22% Marqeta $28.07 $15,075 $388 $18 $14,705 NM 32.1x 20.4x NA NM NM 103% 58% 58% 44% 46% 44% 0% 2% 3% Avalara $161.80 $13,910 $642 $65 $13,333 26.6x 20.4x 16.6x NM NM NM 31% 30% 23% 73% 73% 72% 3% 1% 6% Temenos AG $160.73 $11,691 $66 $930 $12,555 14.1x 12.7x 11.6x 26.7x 28.1x 25.5x (9%) 11% 10% 82% 84% 75% 53% 45% 45% Jack Henry & Associates $163.51 $12,130 $70 $264 $12,324 7.2x 6.8x 6.3x 22.2x 20.9x 19.4x 5% 6% 7% 41% 41% 41% 32% 32% 33% Upstart Holdings $124.90 $9,605 $257 $61 $9,409 41.2x 15.7x 12.0x NM NM NM 43% 163% 30% 84% 86% 85% 14% 11% 11% BlackLine $111.27 $6,459 $1,157 $1,078 $6,397 18.2x 15.3x 12.6x NM NM NM 22% 19% 21% 82% 80% 80% 16% 12% 15% Q2 Holdings $102.58 $5,776 $529 $608 $5,855 14.5x 11.8x 9.8x NM NM NM 28% 23% 21% 54% 52% 50% 6% 7% 9% Shift4 Payments $93.72 $5,227 $845 $1,116 $5,697 7.4x 4.4x 3.3x NM 34.0x 24.6x 5% 67% 35% 55% 64% 38% 11% 13% 13% nCino $59.92 $5,718 $387 $28 $5,363 26.3x 20.7x 16.8x NM NM NM 48% 27% 23% 60% 61% 56% (5%) (6%) (1%) SimCorp A/S $125.52 $4,972 $61 $50 $4,961 8.9x 8.5x 7.7x 28.9x 28.4x 25.3x 9% 5% 9% 63% 63% 63% 31% 30% 30% Envestnet $75.86 $4,128 $372 $968 $4,724 4.7x 4.1x 3.7x 19.4x 19.6x 17.6x 11% 15% 11% 69% 66% 44% 24% 21% 21% Paymentus Holdings $35.50 $4,166 $49 $9 $4,126 13.7x 11.1x 9.0x NA NM NM 28% 24% 23% 31% 30% 31% 0% 7% 6% Flywire Corporation $36.74 $3,731 $146 $24 $3,609 27.4x 23.6x 18.2x NA NM NM 39% 16% 30% 65% 70% 65% 0% (3%) (7%) Vertex $21.94 $3,238 $278 $32 $2,992 8.0x 7.3x 6.5x 38.2x 43.9x 37.5x 17% 10% 12% 71% 70% 66% 21% 17% 17% Alkami Technology $35.67 $3,065 $162 $25 $2,928 26.1x 20.1x 15.9x NA NM NM 52% 30% 26% 50% 55% 50% 0% (17%) (8%) Asseco Poland S.A. $20.25 $1,680 $689 $740 $2,507 0.8x 0.7x 0.7x 4.9x 4.7x 4.8x 16% 9% 3% 22% 22% 22% 16% 15% 14% Iress Limited $9.68 $1,850 $50 $211 $2,011 4.8x 4.4x 4.2x 20.8x 19.0x 17.6x 17% 8% 6% 21% 21% 27% 23% 23% 24% Zuora $17.25 $2,110 $197 $69 $1,982 6.5x 5.9x 5.1x NM NM NM 11% 11% 14% 62% 65% 57% 1% 1% 4% Bottomline Technologies (de) $37.08 $1,683 $138 $168 $1,712 3.8x 3.5x 3.1x 17.4x 17.0x 15.1x 4% 11% 11% 58% 58% 58% 22% 20% 21% Ebix $33.90 $1,049 $122 $714 $1,687 2.7x 2.0x 2.9x 11.8x NA NA 8% 32% (29%) 45% 41% 49% 23% NA NA Model N $34.27 $1,219 $148 $134 $1,205 7.3x 6.1x 5.5x NM NM 44.3x 14% 19% 12% 56% 56% 56% 15% 6% 12% Basware Oyj $47.13 $681 $48 $102 $735 4.0x 4.0x 3.5x 29.5x 29.3x 21.1x 11% (0%) 12% 56% 58% 55% 13% 14% 17%

Mean 15.1x 11.6x 10.3x 24.7x 24.0x 22.6x 28% 40% 17% 61% 60% 58% 19% 19% 21% Median 10.3x 8.5x 8.9x 21.5x 20.9x 21.7x 17% 18% 12% 61% 62% 56% 16% 16% 17%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 24 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Vertical Applications Danaher Corporation $268.36 $191,416 $6,330 $21,255 $206,352 9.3x 7.4x 7.1x 34.4x 22.2x 21.7x 24% 25% 5% 56% 60% 57% 27% 33% 33% Roper Technologies $470.20 $49,483 $331 $9,074 $58,226 10.5x 9.1x 8.7x 29.4x 25.6x 23.9x 3% 16% 4% 64% 64% 64% 36% 36% 37% Veeva Systems Inc. $310.95 $47,550 $2,150 $60 $45,460 31.0x 24.9x 21.0x NM NM NM 33% 24% 19% 74% 74% 73% 42% 40% 40% Amadeus IT Group $70.33 $31,669 $3,331 $7,082 $35,420 13.3x 9.6x 6.6x NM 35.6x 18.0x (57%) 38% 46% 82% 77% 63% 10% 27% 37% Cerner Corporation $78.16 $23,551 $1,474 $1,867 $23,944 4.3x 4.1x 3.9x 13.8x 12.8x 12.0x (3%) 5% 6% 83% 83% 83% 32% 32% 33% Tyler Technologies $452.37 $18,429 $1,310 $614 $17,733 15.9x 11.6x 9.8x NM 41.8x 35.4x 3% 36% 19% 52% 50% 49% 29% 28% 28% Procore Technologies $94.95 $12,256 $414 $93 $11,935 29.8x 24.4x 19.9x NA NM NM 38% 22% 23% 82% 82% 82% 0% (6%) (4%) Guidewire Software $112.72 $9,373 $1,101 $471 $8,743 11.5x 11.7x 10.8x NM NM NM 9% (2%) 8% 53% 53% 53% 14% 0% 4% Sabre Corporation $12.48 $3,987 $1,285 $4,880 $7,589 5.7x 4.1x 2.6x NM NM 18.2x (66%) 40% 57% 63% 57% 58% NM (7%) 14% Lemonade $109.41 $6,719 $1,174 $0 $5,544 NM 46.6x 29.1x NM NM NM 17% 51% 60% 30% 33% 34% NM NM NM Duck Creek Technologies $43.51 $5,731 $372 $21 $5,380 24.0x 20.5x 17.5x NA NM NM 24% 17% 17% 57% 57% 57% 0% 2% 4% Olo Inc. $37.39 $5,516 $587 $0 $4,929 NM 34.9x 27.4x NM NM NM 94% 44% 27% 74% 80% 82% 17% 11% 10% AppFolio $141.20 $4,872 $148 $41 $4,765 15.4x 13.6x 11.4x NM NM NM 21% 13% 19% 62% 60% 61% 15% 13% 15% Blackbaud $76.57 $3,640 $28 $575 $4,188 4.6x 4.6x 4.5x 17.0x 18.3x 17.4x 1% (1%) 2% 59% 59% 56% 27% 25% 26% 2U $41.67 $3,100 $487 $371 $2,985 3.9x 3.2x 2.7x NM 48.7x 34.0x 35% 22% 15% 71% 71% 72% 2% 6% 8% Allscripts Healthcare Solutions $18.51 $2,613 $513 $280 $2,379 1.6x 1.6x 1.5x 7.6x 9.3x 8.7x (8%) 1% 2% 41% 41% 44% 21% 17% 18% PROS Holdings $45.57 $2,017 $324 $336 $2,028 8.0x 8.0x 7.2x NM NM NM 1% (0%) 12% 61% 60% 60% (11%) (14%) (6%) Intapp $28.00 $1,646 $71 $275 $1,850 9.5x NA NA NA NA NA 21% NA NA 65% NM NM NA NA NA Root $10.82 $2,687 $1,109 $208 $1,786 5.2x 6.3x 3.9x NM NM NM 19% (18%) 59% 4% 23% 14% NM NM NM HealthStream $27.94 $881 $56 $28 $853 3.5x 3.4x 3.2x 18.6x 19.8x 18.7x (4%) 3% 7% 63% 65% 62% 19% 17% 17% Castlight Health $2.63 $415 $57 $13 $372 2.5x 2.7x 2.6x 29.0x NM 28.4x 2% (6%) 4% 67% 66% 64% 9% 5% 9% Boxlight Corporation $2.41 $137 $10 $21 $147 2.7x 1.0x 0.9x NM 21.6x 14.8x 66% 181% 10% 21% 27% 25% (2%) 4% 6%

Mean 10.6x 12.1x 9.6x 21.4x 25.6x 20.9x 12% 24% 20% 58% 59% 58% 16% 14% 17% Median 8.6x 8.0x 7.1x 18.6x 21.9x 18.5x 13% 17% 15% 63% 60% 60% 16% 13% 15%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 25 PUBLIC COMPANY VALUATIONS Software Trading Statistics

ERP & General Business salesforce.com $244.27 $226,194 $15,023 $6,283 $217,454 10.2x 8.4x 7.0x 32.9x 29.6x 24.9x 24% 22% 19% 78% 79% 76% 31% 28% 28% Shopify Inc. $1,460.98 $182,260 $7,872 $1,079 $175,467 NM 39.6x 29.7x NM NM NM 86% 51% 33% 53% 54% 54% 17% 11% 10% Workday $238.74 $58,998 $2,995 $2,160 $58,163 13.5x 11.6x 9.8x NM 45.1x 38.4x 19% 17% 18% 77% 76% 73% 27% 26% 25% Constellation Software Inc. $1,515.35 $32,113 $942 $1,245 $32,431 8.2x 6.5x 5.6x 26.3x 21.6x 19.4x 14% 26% 15% 37% 37% 37% 31% 30% 29% Paycom Software $363.47 $21,006 $215 $47 $20,838 24.8x 20.5x 16.4x NM NM 41.1x 14% 21% 25% 86% 86% 87% 39% 39% 40% Zendesk $144.34 $17,126 $954 $1,183 $17,355 16.9x 13.2x 10.5x NM NM NM 26% 28% 25% 78% 81% 75% 11% 11% 12% Ceridian HCM Holding Inc. $95.92 $14,315 $340 $1,179 $15,155 18.0x 15.1x 12.9x NM NM NM 2% 19% 17% 42% 41% 45% 19% 15% 18% Paylocity Holding Corporation $190.80 $10,395 $182 $76 $10,289 17.8x 14.8x 12.1x NM NM 44.2x 16% 21% 22% 67% 67% 67% 29% 26% 27% The Sage Group plc $9.45 $10,032 $955 $1,112 $10,189 3.8x 4.0x 3.8x 15.0x 17.7x 16.3x 4% (5%) 6% 92% 93% 93% 25% 23% 23% monday.com Ltd. $223.59 $9,866 $134 $21 $9,753 NM 34.6x 21.9x NA NM NM 106% 75% 58% 85% 85% 85% 0% NM (14%) Manhattan Associates $144.84 $9,214 $197 $32 $9,050 15.4x 14.3x 13.1x NM NM NM (5%) 8% 9% 55% 54% 55% 27% 23% 23% Smartsheet Inc. $72.32 $9,048 $440 $86 $8,695 22.6x 16.9x 13.1x NM NM NM 42% 33% 29% 80% 80% 80% (6%) (6%) (0%) J2 Global $137.55 $6,209 $373 $1,698 $7,535 5.1x 4.4x 4.2x 12.2x 11.1x 10.4x 9% 14% 7% 84% 84% 84% 41% 40% 40% Anaplan $53.30 $7,714 $328 $56 $7,442 16.6x 13.3x 10.6x NM NM NM 29% 25% 26% 77% 77% 75% (3%) (4%) (1%) The Descartes Systems Group Inc $69.20 $5,855 $138 $13 $5,730 16.4x 14.1x 12.6x 40.4x 34.0x 29.9x 7% 17% 12% 74% 75% 74% 41% 41% 42% C3.ai $62.53 $6,467 $1,093 $6 $5,379 31.2x 23.8x 17.6x NA NM NM NA 31% 35% 76% 76% 76% 0% NM NM Workiva Inc. $111.33 $5,566 $541 $332 $5,357 15.2x 12.8x 11.0x NM NM NM 18% 19% 16% 75% 76% 74% 3% (0%) 1% Cornerstone OnDemand $51.58 $3,415 $129 $1,162 $4,448 6.0x 5.2x 4.8x 15.9x 13.1x 12.1x 29% 16% 8% 74% 76% 73% 38% 40% 40% Datto Holding Corp. $27.84 $4,490 $148 $44 $4,386 8.5x 7.3x 6.4x 29.1x 32.3x 28.3x 13% 15% 15% 73% 74% 72% 29% 23% 22% BigCommerce Holdings $64.92 $4,564 $208 $15 $4,371 28.7x 22.1x 18.0x NM NM NM 36% 30% 23% 78% 78% 77% (16%) (15%) (9%) SPS Commerce $99.85 $3,581 $208 $22 $3,395 10.9x 9.1x 8.2x 39.0x 32.7x 28.0x 12% 19% 11% 69% 68% 68% 28% 28% 29% Enghouse Systems Limited $44.55 $2,472 $138 $27 $2,362 5.9x 5.9x 5.2x 16.2x 17.3x 15.3x 29% (0%) 15% 70% 70% 70% 36% 34% 34% WalkMe Ltd. $29.26 $2,418 $112 $0 $2,326 15.7x 12.5x 9.8x NM NM NM 41% 26% 27% 72% 75% 78% NM NM (16%) Technology One Limited $6.98 $2,245 $76 $22 $2,191 9.1x 9.2x 8.3x 26.8x 23.8x 20.2x 18% (1%) 11% 44% 44% 44% 34% 39% 41% QAD Inc. $87.02 $1,828 $153 $36 $1,711 5.6x 5.1x 4.8x NM 48.3x 38.8x (1%) 8% 8% 58% 60% 57% 10% 11% 12% Upland Software $41.17 $1,239 $187 $548 $1,600 5.5x 5.2x 4.9x 16.0x 16.3x 14.3x 31% 5% 6% 67% 67% 67% 34% 32% 35% Opera Limited $10.25 $1,180 $143 $9 $1,046 6.3x 4.4x 3.7x 41.5x 49.4x 22.3x (7%) 44% 20% 92% 94% 94% 15% 9% 17% American Software $21.96 $730 $105 $2 $627 5.6x 5.4x 5.0x NM 45.7x 30.0x (0%) 4% 8% 54% 54% 54% 5% 12% 17% Benefitfocus $14.10 $468 $189 $272 $551 2.1x 2.1x 2.1x 12.5x 11.6x 11.4x (9%) (4%) 3% 52% 55% 52% 16% 18% 18% Synchronoss Technologies $3.59 $307 $30 $61 $351 1.2x 1.3x 1.2x 12.6x 10.6x 7.7x (6%) (4%) 5% 58% 59% 56% 10% 12% 16% ServiceSource International $1.41 $137 $34 $50 $153 0.8x 0.8x NA NM NM NA (10%) (3%) NA 30% 28% NM (5%) (6%) NA Park City Group $5.51 $107 $23 $7 $91 4.4x 3.9x 3.5x 30.9x 18.6x 13.6x 8% 13% 12% 66% 66% 66% 14% 21% 25%

Mean 11.7x 11.5x 9.6x 24.5x 26.6x 23.3x 19% 18% 18% 68% 68% 69% 19% 19% 20% Median 9.7x 9.2x 8.3x 26.3x 22.7x 21.3x 14% 18% 15% 73% 74% 73% 19% 23% 23%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 26 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Development & Operations Management ServiceNow $549.55 $108,508 $3,456 $2,108 $107,160 23.7x 18.7x 15.0x NM NM 47.1x 31% 27% 25% 82% 81% 79% 32% 31% 32% VMware $159.97 $67,016 $5,714 $6,048 $67,350 5.7x 5.2x 4.8x 14.0x 14.7x 13.5x 9% 9% 8% 85% 85% 84% 41% 36% 36% Atlassian Corporation Plc $256.86 $64,519 $1,564 $787 $63,742 38.0x 28.8x 24.8x NM NM NM 28% 32% 16% 87% 87% 87% 27% 25% 26% Twilio Inc. $394.16 $67,500 $5,707 $1,508 $63,301 35.9x 24.9x 19.0x NM NM NM 55% 45% 31% 55% 55% 54% 11% 9% 10% UiPath Inc. $67.93 $34,565 $1,880 $19 $32,705 NM 38.1x 28.7x NA NM NM 81% 41% 33% 85% 88% 85% 0% (2%) (2%) Datadog $104.08 $32,097 $1,548 $796 $31,345 NM 35.3x 26.3x NM NM NM 66% 47% 34% 79% 78% 77% 13% 8% 11% MongoDB $361.52 $23,369 $935 $1,302 $23,736 40.2x 30.2x 23.3x NM NM NM 40% 33% 30% 72% 72% 71% (6%) (7%) (3%) Dynatrace $58.42 $16,604 $325 $440 $16,719 25.4x 19.7x 15.8x NM NM NM 29% 29% 25% 81% 81% 81% 31% 26% 26% Tuya Inc. $24.50 $13,714 $1,223 $11 $12,502 NM 37.0x 22.9x NM NM NM 70% 88% 61% 34% 42% 46% NM NM NM Confluent $47.50 $11,987 $280 $48 $11,756 49.7x 36.6x 27.3x NM NM NM 58% 36% 34% 68% 68% 67% NM NM NM Asana $62.03 $11,205 $386 $613 $11,432 NM 33.8x 26.2x NM NM NM 59% 49% 29% 87% 89% 86% NM NM NM Appian Corporation $137.75 $9,759 $233 $58 $9,585 31.5x 27.0x 22.8x NM NM NM 17% 16% 18% 70% 73% 68% (6%) (10%) (7%) SolarWinds Corporation $16.89 $5,341 $374 $2,029 $6,996 6.9x 6.6x 6.1x 14.3x 15.3x 13.6x 9% 4% 9% 91% 91% 91% 48% 43% 45% Micro Focus International plc $7.55 $2,535 $698 $4,874 $6,710 2.3x 2.3x 2.4x 5.7x 6.4x 6.5x (9%) (3%) (4%) 76% 76% 76% 40% 36% 37% DigitalOcean Holdings $55.59 $5,924 $560 $0 $5,364 16.8x 13.1x 10.3x NM 42.4x 31.7x 25% 28% 28% 59% 75% 76% 15% 31% 32% New Relic $66.97 $4,315 $816 $517 $4,020 6.1x 5.8x 5.3x 48.3x NM NM 14% 7% 9% 80% 80% 80% 13% 1% 6% JFrog Ltd. $45.52 $4,345 $606 $21 $3,760 24.9x 18.6x 14.3x NM NM NM 44% 34% 31% 82% 82% 82% 11% 5% 6% Bandwidth Inc. $137.92 $3,461 $330 $486 $3,618 12.1x 7.6x 6.4x NM NM NM 51% 59% 19% 49% 50% 51% 9% 9% 8% PagerDuty $42.58 $3,561 $557 $310 $3,315 15.5x 12.3x 9.9x NM NM NM 28% 27% 24% 87% 85% 85% (7%) (9%) (1%) Progress Software Corporation $46.25 $2,024 $363 $604 $2,265 5.1x 4.2x 4.2x 14.8x NA NA 7% 21% 1% 88% 88% 88% 35% 0% NA NetScout Systems $28.54 $2,105 $476 $424 $2,052 2.4x 2.4x 2.3x 14.3x NA NA (6%) (0%) 4% 73% 73% 73% 17% NA NA Axway Software SA $33.55 $723 $20 $95 $798 2.2x 2.2x 2.1x 15.4x 14.1x 12.2x 8% 0% 6% 71% 71% 39% 14% 16% 17% Magic Software Enterprises Ltd. $16.23 $796 $99 $47 $777 2.1x 1.8x 1.7x 14.0x 13.0x NA 14% 17% 8% 31% 29% 31% 15% 14% NA Comarch S.A. $66.13 $538 $147 $69 $464 1.1x 1.1x 1.1x 6.4x 6.4x 6.8x 8% (2%) 8% 28% 28% 28% 18% 18% 16%

Mean 17.4x 17.2x 13.5x 16.3x 16.0x 18.8x 31% 27% 20% 71% 72% 70% 18% 14% 16% Median 13.8x 15.9x 12.3x 14.3x 14.1x 13.5x 28% 27% 22% 77% 77% 77% 15% 11% 13%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 27 PUBLIC COMPANY VALUATIONS Software Trading Statistics

Sales & Marketing Applications AppLovin Corporation $75.17 $27,412 $766 $2,252 $28,898 19.9x 10.8x 8.9x NA 41.8x 31.1x 46% 84% 21% 74% 72% 74% 0% 26% 29% HubSpot $582.72 $27,228 $1,180 $741 $26,789 30.3x 21.5x 16.9x NM NM NM 31% 41% 27% 82% 82% 81% 12% 12% 13% Qualtrics International Inc. $38.25 $19,668 $635 $742 $19,776 25.9x 20.1x 16.7x NM NM NM 29% 29% 20% 76% 77% 74% (1%) 1% 3% Wix.com Ltd. $290.28 $16,422 $1,124 $1,011 $16,308 16.5x 12.6x 10.1x NM NM NM 30% 30% 25% 70% 62% 70% 9% 6% 12% Pegasystems Inc. $139.19 $11,312 $442 $639 $11,508 11.3x 9.3x 7.7x NM NM NM 12% 22% 21% 71% 73% 69% (2%) 7% 10% ZoomInfo Technologies Inc. $52.17 $9,675 $354 $787 $10,501 22.1x 15.6x 12.1x 44.7x 33.9x 26.1x 62% 42% 29% 88% 88% 85% 49% 46% 46% TELUS International (Cda) Inc. $31.11 $8,260 $117 $1,236 $9,379 5.9x 4.3x 3.7x 28.1x 17.7x 14.7x 55% 37% 17% 26% 41% 26% 21% 24% 25% Squarespace $59.41 $8,084 $215 $536 $8,406 13.5x 10.9x 8.9x NA NM NM 28% 25% 22% 84% 84% 84% 0% 12% 15% DoubleVerify Holdings $42.34 $6,656 $50 $28 $6,634 27.2x 20.4x 15.6x NA NM 48.9x 34% 33% 31% 84% 84% 84% 0% 32% 32% Sprinklr $20.59 $5,108 $275 $81 $4,914 12.7x 10.8x 8.9x NM NM NM 19% 18% 21% 66% 69% 70% (7%) (19%) (14%) Sprout Social $89.42 $4,792 $168 $26 $4,650 35.0x 26.3x 20.8x NM NM NM 29% 33% 26% 74% 76% 74% (13%) (8%) (3%) LivePerson $63.24 $4,361 $668 $567 $4,260 11.6x 9.1x 7.4x NM NM NM 26% 27% 23% 72% 71% 72% 10% 8% 11% Cardlytics $126.93 $4,173 $614 $191 $3,750 20.1x 13.4x 10.0x NM NM NM (11%) 50% 34% 34% 39% 36% (4%) (2%) 4% Momentive Global Inc. $21.07 $3,069 $247 $296 $3,118 8.3x 7.0x 5.9x NM NM 46.0x 22% 18% 20% 80% 82% 77% 12% 11% 13% SEMrush Holdings $23.02 $3,118 $172 $0 $2,947 23.6x 16.7x 13.2x NM NM NM 36% 41% 27% 77% 77% 78% (4%) (4%) (1%) Thryv Holdings $35.77 $1,205 $30 $775 $1,950 1.8x 1.9x 2.2x 5.2x 5.5x 7.2x (22%) (5%) (16%) 67% 65% 66% 34% 33% 31% PubMatic $39.07 $1,929 $110 $0 $1,819 12.2x 9.2x 7.6x 36.1x 31.7x 25.6x 31% 33% 21% 70% 70% 70% 34% 29% 30% Zeta Global Holdings Corp. $8.40 $1,602 $52 $197 $1,747 4.7x 4.2x 3.6x NM 32.7x 24.6x 20% 14% 16% 62% 61% 61% 5% 13% 15% MediaAlpha $42.10 $1,626 $13 $183 $1,738 3.0x 2.5x 1.9x 29.9x 26.2x 18.4x 43% 20% 30% 15% 15% 15% 10% 9% 10% Yext $14.29 $1,804 $272 $135 $1,667 4.7x 4.3x 3.7x NM NM NM 19% 9% 15% 77% 77% 76% (3%) (2%) 3% ChannelAdvisor Corporation $24.51 $729 $82 $10 $656 4.5x 4.1x 3.8x 18.1x 19.7x 14.9x 12% 10% 8% 80% 79% 79% 25% 21% 25%

Mean 15.0x 11.2x 9.0x 27.0x 26.2x 25.8x 26% 29% 21% 68% 69% 68% 9% 12% 15% Median 12.7x 10.8x 8.9x 29.0x 29.0x 25.1x 29% 29% 21% 74% 73% 74% 5% 11% 13%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 28 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS Adobe Inc. $585.64 $278,999 $5,768 $4,693 $277,924 21.6x 17.7x 15.5x 44.3x 35.5x 31.1x 15% 22% 15% 88% 90% 87% 49% 50% 50% salesforce.com $244.27 $226,194 $15,023 $6,283 $217,454 10.2x 8.4x 7.0x 32.9x 29.6x 24.9x 24% 22% 19% 78% 79% 76% 31% 28% 28% Shopify Inc. $1,460.98 $182,260 $7,872 $1,079 $175,467 NM 39.6x 29.7x NM NM NM 86% 51% 33% 53% 54% 54% 17% 11% 10% Zoom Video Communications $387.03 $114,933 $4,690 $103 $110,346 41.6x 27.6x 23.1x NM NM NM 326% 51% 20% 69% 73% 75% 38% 39% 37% ServiceNow $549.55 $108,508 $3,456 $2,108 $107,160 23.7x 18.7x 15.0x NM NM 47.1x 31% 27% 25% 82% 81% 79% 32% 31% 32% Snowflake Inc. $241.80 $71,604 $3,930 $201 $67,874 NM NM 37.1x NM NM NM 124% 88% 64% 64% 68% 59% NM (14%) (9%) Atlassian Corporation Plc $256.86 $64,519 $1,564 $787 $63,742 38.0x 28.8x 24.8x NM NM NM 28% 32% 16% 87% 87% 87% 27% 25% 26% Twilio Inc. $394.16 $67,500 $5,707 $1,508 $63,301 35.9x 24.9x 19.0x NM NM NM 55% 45% 31% 55% 55% 54% 11% 9% 10% Workday $238.74 $58,998 $2,995 $2,160 $58,163 13.5x 11.6x 9.8x NM 45.1x 38.4x 19% 17% 18% 77% 76% 73% 27% 26% 25% DocuSign $279.57 $54,470 $781 $947 $54,636 37.6x 26.7x 20.7x NM NM NM 49% 41% 29% 78% 80% 77% 16% 20% 21% Palantir Technologies Inc. $26.36 $49,559 $2,339 $453 $47,672 43.6x 32.2x 24.9x NM NM NM 47% 36% 29% 77% 80% 73% 19% 26% 27% Veeva Systems Inc. $310.95 $47,550 $2,150 $60 $45,460 31.0x 24.9x 21.0x NM NM NM 33% 24% 19% 74% 74% 73% 42% 40% 40% Okta $244.68 $37,431 $2,690 $1,970 $36,711 43.9x 30.0x 21.8x NM NM NM 43% 46% 38% 78% 77% 75% 5% (12%) (5%) UiPath Inc. $67.93 $34,565 $1,880 $19 $32,705 NM 38.1x 28.7x NA NM NM 81% 41% 33% 85% 88% 85% 0% (2%) (2%) Cloudflare $105.84 $32,877 $1,035 $436 $32,277 NM NM 39.5x NM NM NM 50% 43% 33% 77% 78% 77% 4% 7% 11% Datadog $104.08 $32,097 $1,548 $796 $31,345 NM 35.3x 26.3x NM NM NM 66% 47% 34% 79% 78% 77% 13% 8% 11% Unity Software Inc. $109.83 $30,688 $1,647 $135 $29,177 37.8x 28.8x 22.7x NM NM NM 43% 31% 27% 79% 79% 78% (3%) (5%) 1% Zscaler $216.06 $29,597 $1,468 $957 $29,087 NM 37.5x 28.7x NM NM NM 49% 45% 31% 79% 79% 79% 14% 14% 16% RingCentral $290.58 $26,406 $463 $1,441 $27,383 25.2x 18.2x 14.7x NM NM NM 33% 39% 24% 76% 77% 78% 15% 14% 14% HubSpot $582.72 $27,228 $1,180 $741 $26,789 30.3x 21.5x 16.9x NM NM NM 31% 41% 27% 82% 82% 81% 12% 12% 13% Splunk Inc. $144.58 $23,699 $1,865 $2,555 $24,389 10.9x 9.6x 7.9x NM NM NM (5%) 14% 21% 79% 77% 79% NM 2% 4% Paycom Software $363.47 $21,006 $215 $47 $20,838 24.8x 20.5x 16.4x NM NM 41.1x 14% 21% 25% 86% 86% 87% 39% 39% 40% Coupa Software Incorporated $262.11 $19,272 $600 $1,572 $20,246 37.4x 29.5x 23.7x NM NM NM 39% 27% 25% 71% 67% 65% 23% 17% 19% Qualtrics International Inc. $38.25 $19,668 $635 $742 $19,776 25.9x 20.1x 16.7x NM NM NM 29% 29% 20% 76% 77% 74% (1%) 1% 3% Bentley Systems $64.78 $17,926 $570 $717 $18,073 22.5x 19.7x 17.8x NM NM NM 9% 14% 11% 81% 79% 80% 33% 32% 33% Zendesk $144.34 $17,126 $954 $1,183 $17,355 16.9x 13.2x 10.5x NM NM NM 26% 28% 25% 78% 81% 75% 11% 11% 12% Dynatrace $58.42 $16,604 $325 $440 $16,719 25.4x 19.7x 15.8x NM NM NM 29% 29% 25% 81% 81% 81% 31% 26% 26% Bill.com Holdings $183.18 $17,254 $1,736 $958 $16,475 NM NM 28.9x NM NM NM 57% 81% 84% 83% 83% 83% (5%) (1%) 2% NetApp $81.82 $18,264 $4,604 $2,752 $16,412 2.9x 2.7x 2.6x 12.4x 11.0x 9.5x (0%) 8% 5% 65% 65% 65% 24% 25% 27% Wix.com Ltd. $290.28 $16,422 $1,124 $1,011 $16,308 16.5x 12.6x 10.1x NM NM NM 30% 30% 25% 70% 62% 70% 9% 6% 12% McAfee Corp. $28.02 $4,632 $346 $4,080 $14,543 5.0x 7.2x 6.7x 13.8x 20.1x 16.7x 10% (30%) 7% 79% 79% 72% 36% 36% 40% Five9 $183.39 $12,413 $643 $833 $12,602 29.0x 22.9x 19.5x NM NM NM 33% 27% 17% 64% 63% 61% 20% 16% 18% Tuya Inc. $24.50 $13,714 $1,223 $11 $12,502 NM 37.0x 22.9x NM NM NM 70% 88% 61% 34% 42% 46% NM NM NM Dropbox $30.31 $11,756 $1,916 $2,470 $12,310 6.4x 5.8x 5.3x 21.7x 16.6x 15.4x 15% 11% 9% 79% 80% 77% 30% 35% 34% Procore Technologies $94.95 $12,256 $414 $93 $11,935 29.8x 24.4x 19.9x NA NM NM 38% 22% 23% 82% 82% 82% 0% (6%) (4%) Confluent $47.50 $11,987 $280 $48 $11,756 49.7x 36.6x 27.3x NM NM NM 58% 36% 34% 68% 68% 67% NM NM NM Asana $62.03 $11,205 $386 $613 $11,432 NM 33.8x 26.2x NM NM NM 59% 49% 29% 87% 89% 86% NM NM NM SentinelOne $42.50 $11,119 $363 $46 $10,803 NM NA NA NM NA NA 100% NA NA 58% NM NM NM NA NA ZoomInfo Technologies Inc. $52.17 $9,675 $354 $787 $10,501 22.4x 15.6x 12.1x 44.7x 33.9x 26.1x 60% 44% 29% 88% 88% 85% 50% 46% 46%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 29 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) Paylocity Holding Corporation $190.80 $10,395 $182 $76 $10,289 17.8x 14.8x 12.1x NM NM 44.2x 16% 21% 22% 67% 67% 67% 29% 26% 27% monday.com Ltd. $223.59 $9,866 $134 $21 $9,753 NM 34.6x 21.9x NA NM NM 106% 75% 58% 85% 85% 85% 0% NM (14%) Upstart Holdings $124.90 $9,605 $257 $61 $9,409 41.2x 15.7x 12.0x NM NM NM 43% 163% 30% 84% 86% 85% 14% 11% 11% Smartsheet Inc. $72.32 $9,048 $440 $86 $8,695 22.6x 16.9x 13.1x NM NM NM 42% 33% 29% 80% 80% 80% 6% 1% 1% Squarespace $59.41 $8,084 $215 $536 $8,406 13.5x 10.9x 8.9x NA NM NM 28% 25% 22% 84% 84% 84% 0% 12% 15% J2 Global $137.55 $6,209 $373 $1,698 $7,535 5.1x 4.4x 4.2x 12.2x 11.1x 10.4x 9% 14% 7% 84% 84% 84% 41% 40% 40% DoubleVerify Holdings $42.34 $6,656 $50 $28 $6,634 27.2x 20.4x 15.6x NA NM 48.9x 34% 33% 31% 84% 84% 84% 0% 32% 32% BlackLine $111.27 $6,459 $1,157 $1,078 $6,397 18.2x 15.3x 12.6x NM NM NM 22% 19% 21% 82% 80% 80% 16% 12% 15% Q2 Holdings $102.58 $5,776 $529 $608 $5,855 14.5x 11.8x 9.8x NM NM NM 28% 23% 21% 54% 52% 50% 6% 7% 9% Varonis Systems $57.62 $6,116 $824 $288 $5,580 19.1x 15.1x 12.3x NM NM NM 15% 27% 22% 86% 87% 87% 2% 5% 10% Medallia $33.75 $5,352 $541 $626 $5,438 11.4x 9.6x 8.0x NM NM NM 19% 19% 20% 69% 69% 66% 8% 1% 7% Duck Creek Technologies $43.51 $5,731 $372 $21 $5,380 24.0x 20.5x 17.5x NA NM NM 24% 17% 17% 57% 57% 57% 0% 2% 4% C3.ai $62.53 $6,467 $1,093 $6 $5,379 31.2x 23.8x 17.6x NA NM NM NA 31% 35% 76% 76% 76% 0% NM NM DigitalOcean Holdings $55.59 $5,924 $560 $0 $5,364 16.8x 13.1x 10.3x NM 42.4x 31.7x 25% 28% 28% 59% 75% 76% 15% 31% 32% nCino $59.92 $5,718 $387 $28 $5,363 26.3x 20.7x 16.8x NM NM NM 48% 27% 23% 60% 61% 56% (5%) (6%) (1%) Workiva Inc. $111.33 $5,566 $541 $332 $5,357 15.2x 12.8x 11.0x NM NM NM 18% 19% 16% 75% 76% 74% 3% (0%) 1% KnowBe4 $31.27 $5,306 $95 $12 $5,223 29.9x 22.6x 18.1x NA NM NM 45% 32% 25% 84% 85% 84% 0% 8% 11% Pure Storage $19.53 $5,532 $1,234 $911 $5,209 3.1x 2.7x 2.3x 44.9x 28.4x 20.8x 2% 16% 15% 70% 70% 69% 7% 9% 11% Everbridge $136.08 $5,200 $735 $656 $5,121 18.9x 14.3x 11.4x NM NM NM 35% 32% 25% 72% 73% 70% 3% 2% 5% Olo Inc. $37.39 $5,516 $587 $0 $4,929 NM 34.9x 27.4x NM NM NM 94% 44% 27% 74% 80% 82% 17% 11% 10% Sprinklr $20.59 $5,108 $275 $81 $4,914 12.7x 10.8x 8.9x NM NM NM 19% 18% 21% 66% 69% 70% (7%) (19%) (14%) AppFolio $141.20 $4,872 $148 $41 $4,765 15.4x 13.6x 11.4x NM NM NM 21% 13% 19% 62% 60% 61% 15% 13% 15% Envestnet $75.86 $4,128 $372 $968 $4,724 4.7x 4.1x 3.7x 19.4x 19.6x 17.6x 11% 15% 11% 69% 66% 44% 24% 21% 21% Sprout Social $89.42 $4,792 $168 $26 $4,650 35.0x 26.3x 20.8x NM NM NM 29% 33% 26% 74% 76% 74% (13%) (8%) (3%) Cornerstone OnDemand $51.58 $3,415 $129 $1,162 $4,448 6.0x 5.2x 4.8x 15.9x 13.1x 12.1x 29% 16% 8% 74% 76% 73% 38% 40% 40% Datto Holding Corp. $27.84 $4,490 $148 $44 $4,386 8.5x 7.3x 6.4x 29.1x 32.3x 28.3x 13% 15% 15% 73% 74% 72% 29% 23% 22% BigCommerce Holdings $64.92 $4,564 $208 $15 $4,371 28.7x 22.1x 18.0x NM NM NM 36% 30% 23% 78% 78% 77% (16%) (15%) (9%) LivePerson $63.24 $4,361 $668 $567 $4,260 11.6x 9.1x 7.4x NM NM NM 26% 27% 23% 72% 71% 72% 10% 8% 11% Paymentus Holdings $35.50 $4,166 $49 $9 $4,126 13.7x 11.1x 9.0x NA NM NM 28% 24% 23% 31% 30% 31% 0% 7% 6% Box $25.55 $3,953 $611 $689 $4,031 5.2x 4.7x 4.3x 20.7x 17.5x 15.8x 11% 10% 11% 73% 74% 72% 25% 27% 27% New Relic $66.97 $4,315 $816 $517 $4,020 6.1x 5.8x 5.3x 48.3x NM NM 14% 7% 9% 80% 80% 80% 13% 1% 6% Jamf Holding Corp. $33.57 $3,964 $196 $28 $3,796 14.1x 11.2x 9.3x NM NM NM 32% 26% 20% 81% 82% 79% 13% 10% 11% JFrog Ltd. $45.52 $4,345 $606 $21 $3,760 24.9x 18.6x 14.3x NM NM NM 44% 34% 31% 82% 82% 82% 11% 5% 6% Qualys $100.69 $3,941 $357 $55 $3,639 10.0x 9.0x 8.1x 21.5x 21.9x 20.1x 13% 11% 11% 81% 80% 79% 47% 41% 40% Flywire Corporation $36.74 $3,731 $146 $24 $3,609 27.4x 23.6x 18.2x NA NM NM 39% 16% 30% 65% 70% 65% 0% (3%) (7%) Mimecast Limited $53.05 $3,457 $293 $250 $3,414 7.1x 6.1x 5.4x 29.0x 23.5x 20.2x 19% 16% 13% 74% 74% 74% 24% 26% 27% SPS Commerce $99.85 $3,581 $208 $22 $3,395 10.9x 9.1x 8.2x 39.0x 32.7x 28.0x 12% 19% 11% 69% 68% 68% 28% 28% 29% PagerDuty $42.58 $3,561 $557 $310 $3,315 15.5x 12.3x 9.9x NM NM NM 28% 27% 24% 87% 85% 85% (7%) (9%) (1%) Vertex $21.94 $3,238 $278 $32 $2,992 8.0x 7.3x 6.5x 38.2x 43.9x 37.5x 17% 10% 12% 71% 70% 66% 21% 17% 17%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 30 PUBLIC COMPANY VALUATIONS Software Trading Statistics

SaaS (Cont.) SEMrush Holdings $23.02 $3,118 $172 $0 $2,947 23.6x 16.7x 13.2x NM NM NM 36% 41% 27% 77% 77% 78% (4%) (4%) (1%) WalkMe Ltd. $29.26 $2,418 $112 $0 $2,326 15.7x 12.5x 9.8x NM NM NM 41% 26% 27% 72% 75% 78% NM NM (16%) Talend S.A. $65.60 $2,146 $173 $179 $2,152 7.5x 6.5x 5.6x NM NM NM 16% 15% 16% 80% 80% 78% (5%) (6%) 3% Zuora $17.25 $2,110 $197 $69 $1,982 6.5x 5.9x 5.1x NM NM NM 11% 11% 14% 62% 65% 57% 1% 1% 4% Thryv Holdings $35.77 $1,205 $30 $775 $1,950 1.8x 1.9x 2.2x 5.2x 5.5x 7.2x (22%) (5%) (16%) 67% 65% 66% 34% 33% 31% Sumo Logic $20.65 $2,205 $291 $10 $1,925 9.5x 8.2x 6.8x NM NM NM 31% 16% 20% 75% 75% 73% (11%) NM (16%) Ping Identity Holding Corp. $22.90 $1,880 $55 $59 $1,884 7.7x 7.0x 6.2x NM NM NM 0% 11% 13% 81% 80% 82% 12% 9% 10% Intapp $28.00 $1,646 $71 $275 $1,850 9.5x NA NA NA NA NA 21% NA NA 65% NM NM NA NA NA PubMatic $39.07 $1,929 $110 $0 $1,819 12.2x 9.2x 7.6x 36.1x 31.7x 25.6x 31% 33% 21% 70% 70% 70% 34% 29% 30% Similarweb Ltd. $19.70 $1,463 $58 $30 $1,435 15.4x 11.4x 8.9x NA NM NM 32% 35% 29% 76% 78% 76% 0% NM NM ON24 $35.48 $1,645 $392 $6 $1,259 8.0x 6.0x 5.0x 45.4x NM NM 76% 33% 21% 79% 75% 75% 18% 2% 3% Karooooo Ltd. $36.75 $1,137 $40 $9 $1,108 7.8x 6.2x 5.2x NA 13.6x 11.5x NA 27% 18% 70% 70% 70% 0% 45% 46% ChannelAdvisor Corporation $24.51 $729 $82 $10 $656 4.5x 4.1x 3.8x 18.1x 19.7x 14.9x 12% 10% 8% 80% 79% 79% 25% 21% 25% Zix Corporation $7.05 $391 $24 $226 $594 2.7x 2.4x 2.1x 11.7x 10.8x 9.5x 26% 14% 14% 54% 50% 57% 23% 22% 22% Benefitfocus $14.10 $468 $189 $272 $551 2.1x 2.1x 2.1x 12.5x 11.6x 11.4x (9%) (4%) 3% 52% 55% 52% 16% 18% 18% Veritone $19.71 $644 $127 $7 $524 9.1x 6.5x 5.1x NM NM NM 16% 40% 27% 71% 74% 73% NM (19%) (11%) Park City Group $5.51 $107 $23 $7 $91 4.4x 3.9x 3.5x 30.9x 18.6x 13.6x 8% 13% 12% 66% 66% 66% 14% 21% 25%

Mean 18.4x 16.3x 13.7x 27.0x 23.6x 23.4x 36% 29% 23% 73% 74% 73% 14% 14% 15% Median 15.5x 13.9x 12.0x 25.3x 20.1x 20.2x 29% 27% 22% 76% 77% 75% 13% 12% 12%

Notes: Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21. Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 31 RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides connected device application security testing SaaS for businesses globally. Software provides features to identify Vdoo Connected 6/29/21 JFrog $300 NA NA NA NA vulnerabilities before deployment and post-deployment by using detection and prevention methods, security analysis, gap resolution, Trust embedded protection, operations monitoring, compliance validation, and actionable insights.

Provides a range of ERP, SCM and CRM software, SaaS, and related services for businesses in a range of sectors globally. Offerings 6/28/21 Thoma Bravo QAD $2,000 5.9x NA NM NA enable adaptive manufacturing and supply chain capabilities.

Rockwell Provides enterprise manufacturing ERP SaaS for businesses. Software enables operations management, supply chain management, 6/25/21 Plex Systems $2,220 NA 14.8x NA NA Automation quality management, accounting and business intelligence capabilities.

Provides financial management SaaS and mobile applications for banks and businesses to develop data-driven financial services in 6/24/21 Visa Tink $2,144 NM NA NA NA Europe. Software enables users to accessgregated financial data, initiate payments, and monitor transactions.

Provides video advertising delivery SaaS for businesses. Software enables advertisers to display video-oriented advertising on PCs, 6/24/21 ION Acq. Corp. II Innovid $1,310 22.1x 13.8x NA NA tablets, mobile phones, smart TVs, outdoor media, and streaming devices.

Brunswick Provides location-based marine navigation GIS software and related marine mapping systems for maritime and shipping businesses, 6/24/21 Navico AS $1,050 2.2x NA NA NA Corporation governmentencies and boating and fishing enthusiasts worldwide.

Northern Provides self-driving trucking vehicle SaaS for carrier businesses in the trucking industry. Subscription-based offering enables machine 6/23/21 Genesis Acq. Embark Trucks $5,158 NA 5.9x NA NM learning for auto-piloting navigation. Corp. II

Provides marketing automation SaaS, including email and social media marketing and related analytics, for SMBs. SharpSpring was 6/22/21 Constant Contact SharpSpring $240 13.3x NA NM NA acquired by SMTP in 2014. In 2015, SMTP rebranded to SharpSpring, and in 2016 the SMTP assets were sold off to J2 Global.

Provides whistleblowing management SaaS for businesses in Europe. Software provides features for benchmarking and reporting, key 6/11/21 EQS Group Business Keeper $115 NA NA NA NA account management, case management, translation, and regulatory compliance.

Khosla Ventures Provides an AI-enabled drug discovery and development software for pharmaceutical companies. Software enables data analysis for 6/9/21 Valo Health $2,811 NA NA NA NA Acq. Co. improved success rates in discovery, development and approval of new pharmaceuticals.

Bain Capital / Provides cloud and on-premises network security detection and response analytics and operations management SaaS. Software ExtraHop 6/8/21 Crosspoint $900 9.0x 7.2x NA NA enables secure IT operations and enterprise security by transforming unstructured network packet data into structured wire data, Networks Capital presenting that information in real time for troubleshooting, optimization, and business analytics.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/21, where Enterprise Value is >$100MM. Transactions highlighted in light blue denote private equity transactions. 32 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides eCommerce online store creation SaaS to converge online and offline sales for small businesses. Stores integrate with online 6/7/21 Lightspeed POS Ecwid $500 25.0x 15.0x NA NA websites, mobile sites, and social networks.

Provides B2B eCommerce SaaS for the clothing and accessories sector. Software enables catalog management, merchandising, 6/7/21 Lightspeed POS NuORDER $325 16.3x 11.5x NA NA payment acceptance and ordering.

Symphony The FireEye products business, including the brand name as well as the network, email, endpoint, and cloud security products, which 6/3/21 Technology FireEye $1,200 2.2x NA NA NA provides virtual-machine-based anti-malware software, SaaS and services for web, email and file security for enterprises and Group governmentencies globally.

Unisys Provides unified communications and collaboration security SaaS and related managed services for businesses. Offerings enable 6/3/21 Unify Square $153 NA NA NA NA Corporation secure management, monitoring, and analytics of Teams, Slack, Zoom, Skype for Business, and Workplace by Facebook deployments.

Provides omnichannel retail management SaaS and related consumer mobile application for businesses in the automotive retailing 6/2/21 CDK Global Roadster $360 NA NA NA NA sector in the US. Software provides features for inventory merchandising, financing and leasing, trade-ins, service plans, payment options, trade valuation, credit application, deal management, self-guided learning.

Clayton Dubilier Provides open source and proprietary Hadoop-based data processing, and related analytics and data management software for 6/1/21 Cloudera $5,300 6.4x 5.8x NM NA & Rice enterprises. Also offers support, training and professional services.

Top of Mind Provides CRM marketing automation SaaS for mortgage businesses. Software enables email marketing and sales leads management 5/28/21 Black Knight $250 NA 19.2x NA NA Networks capabilities.

E2open Parent Provides logistics, warehouse and shipping management software, SaaS, and related services for retailers, distributors, freight 5/27/21 BluJay Solutions $1,757 NA 9.3x NA NA Holdings forwarders, manufacturers, and logistics service providers. Offerings enable trade logistics and compliance capabilities.

5/20/21 DPCM Capital Jam City $1,311 2.1x 2.0x NA NA Develops mobile games for consumers globally. Titles include Cookie Jam and Panda Pop.

LINK Mobility Provides enterprise mobility management (EMM) and mobile messaging application management SaaS and integration services for 5/18/21 Soprano Design $436 NA 5.1x NA 20.8x Group enterprises, governmentencies and mobile network operators (MNOs) in Asia, Europe, and North and South America.

Provides cloud-native cybersecurity core detection, orchestration and response management SaaS for businesses. Software enables TruSTAR 5/18/21 Splunk $100 20.0x NA NA NA automated integration and analysis of third-party provider and historical event security data for corporate performance and risk Technology management.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/21, where Enterprise Value is >$100MM. Transactions highlighted in light blue denote private equity transactions. 33 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides text messaging SaaS for businesses to communicate with customers and prospects. Software enables real-time text 5/17/21 Twilio Zipwhip $850 7.7x 4.9x NA NA messaging capabilities for business landline phones and toll-free numbers for the purposes of marketing, client interaction, and additional product promotion.

Provides electronics value chain market intelligence SaaS to enable marketing spend optimization for businesses globally. Also 5/17/21 Siemens Supplyframe $700 NA 10.0x NA NA provides related news-based websites.

Vanguard Provides SCM planning and forecasting SaaS and related services for businesses. Offerings enable AI for forecasting, overstock 5/14/21 Wolters Kluwer $110 15.3x NA NA NA Software Corp. reduction, inventory distribution optimization, and supply chain cost management.

Provides tax and payment automation software for e-commerce businesses and digital marketplaces globally. Offerings enable 5/13/21 Vertex Taxamo $200 NA NA NA NA integrated digital commerce infrastructure management to support in-direct tax compliance, with a core focus on online sales, payments, and e-invoicing.

Provides AI-enabled anti-phishing email security management SaaS for businesses. Software protectsainst inbound business email 5/13/21 HelpSystems Agari Data $200 5.0x 4.4x NA NA compromise, supply chain fraud, spear phishing, and account takeover-based attacks. Also prevents outbound email spoofing.

Centricus Acq. Provides quantum encryption software for the public and private sectors. Software enables symmetric encrypted security across 5/12/21 Arqit $1,402 NA NM NA NM Corp. networks of edge devices and cloud machines.

Provides Apple-focused enterprise mobile security and unified cloud data management and security SaaS. Software provides features 5/11/21 Jamf Software Wandera $400 16.0x NA NA NA for compressing mobile data, enforcing acceptable usage policies, providing multi-level mobile threat detection, and data usage reporting for business organizations to help protect business data.

Absolute NetMotion Provides cloud and premise-based mobile VPN, zero trust network access (ZTNA), device and network performance management 5/11/21 Software $340 5.7x NA NA NA Software software for businesses in the healthcare, logistics and legal sectors globally. Corporation

Provides crop improvement and food innovation software for businesses in thericultural sector. Software enables machine learning- 5/10/21 Star Peak Corp II Benson Hill $2,008 11.8x 15.8x NM NM based data science, biology and genetics capabilities for ESG and business efficiencies.

Electronic Provides omni-channel, integrated payments and transaction processing SaaS, and related outsourced,ent-assisted transaction Repay Holdings 5/10/21 Payment $503 NA 0.1x NA NA processing services for the healthcare, collections, financial services, telecom, property management, utilities, and public sectors in Corp. Providers the United States.

LifeSci Acq. II Provides clinical trials management and analytics SaaS for pharmaceutical corporations, biotech companies, and academic and 5/7/21 Science 37 $1,300 44.3x 24.9x NA NA Corp. governmental institutions. Software enables workflow orchestration, evidence generation, mobile capabilities, and data harmonization.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/21, where Enterprise Value is >$100MM. Transactions highlighted in light blue denote private equity transactions. 34 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Provides financial, expense and spend management SaaS and related mobile application for small and medium-sized businesses. 5/6/21 Bill.com Divvy Pay $2,500 NA NA NA NA Software also provides automated expense report reimbursement.

Provides AI-enabled sports and players data tracking and analytics SaaS for businesses in the sports sector globally. Software provides 5/6/21 Genius Sports Second Spectrum $200 NA NA NA NA features for data visualization, analytics and reporting, finding and sharing videos, and real-time insights.

Provides data integrity and governance SaaS for businesses and governmentencies globally. Software provides features for automated Precisely 5/5/21 Infogix $325 4.6x NA 16.3x NA metadata management, data analysis and reporting, policy and rules management, automated workflows, documentation, and visual Incorporated data inspection.

Valmont Prospera Provides AI-based imaging and analytics SaaS for thericulture industry. Software utilizes satellites to observe crops and provides 5/5/21 $300 NA NA NA NA Industries Technologies related analysis.

Provides AI-enabled property management and related payments management SaaS that enables apartment owners and renters also 5/4/21 Global Payments PayLease $830 NA NA NA NA to control IoT smart home applications from a mobile application. Software enables payments, property management workflows, and connections with the apartment service industry, including utilities.

Provides cloud-based website security SaaS to small-to-medium sized businesses. Software provides features for malware detection 5/4/21 Sectigo Limited SiteLock $135 5.4x NA NA NA and infection remediation.

Provides application and data integration SaaS for businesses. Software enables businesses to connect cloud computing, SaaS and on- 5/2/21 TPG Capital Boomi $4,000 NA NA NA NA premise applications.

Provides network workload automation and application performance management software and SaaS for cloud and on-premises 4/29/21 IBM Turbonomic $2,000 11.4x 9.5x NA NA environments. Software enables machine learning for automated infrastructure performance insights and management.

MessageBird 4/28/21 SparkPost $600 6.0x NA NA NA Provides email delivery SaaS and related APIs for businesses. Software enables marketing optimization and analytics. B.V.

SmartBear Provides automated crash and error detection SaaS for businesses in the US and the UK. Software enables software development 4/28/21 Bugsnag $200 NA 10.0x NA NA Software professionals to monitor, receive reports, and correct errors in web, server, and mobile applications, and manage application stability.

Provides email security, threat detection and data loss prevention SaaS for businesses. Software provides features for email archiving, 4/26/21 Thoma Bravo Proofpoint $12,300 11.3x NA NM NA anti-spam, anti-malware, anti-phishing, governance management, encryption and compliance. Proofpoint began trading on the NASDAQ exchange in April 2012 under the ticker symbol PFPT.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/21, where Enterprise Value is >$100MM. Transactions highlighted in light blue denote private equity transactions. 35 Multiples <0 and >50 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions (Cont’d.)

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

Panasonic Blue Yonder Provides AI-enabled warehouse, inventory and logistics management SaaS and software for businesses globally. Software also enables 4/23/21 $5,600 8.5x NA 22.4x NA Corporation Group other business process operations, including ERP HR, CRM, and merchandising capabilities as well as real-time insights.

Fifth Wall Acq. Provides smart home automation SaaS and related mobile applications for property managers and residents. Software features provide 4/22/21 SmartRent $2,174 NM 18.3x NA NA Corp. I property managers with an operating system for asset management, access control, and related cost management efficiencies.

Returnly Provides customer service automation and returns payments SaaS for retailers. Software enables online merchandise return 4/21/21 Affirm Holdings $300 NA NA NA NA Technologies capabilities as well as post-purchase payments.

Welsh Carson Provides cloud-native AI-based learning management SaaS and related mobile application for businesses, government and 4/20/21 Anderson & Absorb Software $500 10.0x NA NA NA educationalencies globally. Software provides features for smart training administration, time management, learners engagement, Stowe reporting and analytics, content libraries, and performance monitoring.

Mastercard Provides financial transaction identity verification SaaS and software for businesses. Software uses machine learning to validate users' 4/19/21 Ekata $850 NA NA NA NA International identification and better manage risk.

Benefit Express Provides employee benefit management SaaS and related outsourced services for businesses in the US. Software includes 4/14/21 WEX $275 NA NA NA NA Services administrative services such as payroll, compensation package and benefit enrollment.

Provides customer analytics SaaS for retailers and CPG marketers. Software enables businesses to better understand and reach their 4/13/21 Cardlytics Bridg $350 NA NA NA NA customers using SKU-level insights.

Provides AI-enabled desktop and mobile interactive voice response (IVR), voice automation and authentication, and speech recognition Microsoft 4/12/21 Nuance Comms. $19,700 13.6x NA NM NA SaaS for businesses and consumers globally. Also provides document management and conversion and optical character recognition Corporation software.

TWC Tech Cellebrite Mobile Provides digital intelligence software and hardware for law enforcement, military and intelligence, and enterpriseencies globally. 4/8/21 $2,391 9.3x 10.1x NA NA Holdings II Corp. Synch. Software enables users to extract, decode and analyse data from mobile devices, social media, computers, cloud, and call records.

Sumeru Equity 4/8/21 Loopio $200 16.2x 8.7x NA NA Provides request for proposal (RFP) response management and related marketing automation SaaS for businesses. Partners

All Software Median 9.7x 9.8x 19.3x 20.8x Mean 11.7x 10.3x 19.3x 20.8x

PE Acquirers Median 6.4x 6.5x 16.3x 20.8x Mean 8.1x 6.9x 16.3x 20.8x

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/21, where Enterprise Value is >$100MM. Transactions highlighted in light blue denote private equity transactions. 36 Multiples <0 and >50 considered NM. RECENT FINANCINGS Selected Software Private Financings

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of analytics engineering tools designed to help analysts create and disseminate 6/30/21 Dbt Labs $150 Altimeter Capital Management, Andreessen Horowitz, Sequoia Capital organizational knowledge. Operator of a gaming studio intended to design and develop casual mobile games for 6/30/21 Dream Games $155 Balderton Capital, Index Ventures, IVP, Kora Management, Makers Fund recreational purposes. Alkeon Capital Management, Bain Capital Ventures, ICONIQ Capital, Kleiner Perkins, Lightspeed 6/30/21 Moveworks $200 Developer of a cloud-based AI platform designed to solve employees' support issues. Venture Partners, Sapphire Ventures, Tiger Global Management Developer of cloud-based software built to accelerate the home and commercial service Battery Ventures, Bessemer Venture Partners, Dragoneer Investment Group, ICONIQ Capital, 6/30/21 ServiceTitan $200 industries. Sequoia Capital, Thoma Bravo, Tiger Global Management, T. Rowe Price Causeway Developer of enterprise software designed to help transform the commercial performance of the 6/29/21 $168 Five Arrows Principal Investments Technologies construction industry. Developer of a cloud-based analytics platform designed to assist people and businesses in Adams Street Partners, Foundation Capital, Goldman Sachs Asset Management, Sorenson Capital, 6/29/21 Visier $125 decision making. Summit Partners Operator of an online drug delivery platform intended to improve the supply chain of B Capital Group, Kotak Investment Advisors, Kotak Private Equity Group, Prosus Ventures, 6/28/21 PharmEasy $300 pharmaceuticals by completely digitizing the process. Temasek Holdings, Think Investments Operator of an automated enrollment pension platform built to streamline and promote 6/28/21 Smart Pension $233 Chrysalis Investments pensions, savings and financial well-being. Developer of a wealth management platform designed to aggregate portfolio, market, and client 6/25/21 Addepar $166 D1 Capital Partners data all in one place. Provider of free access to credit scores and reports intended to help users achieve greater 6/25/21 ClearScore $203 Invus Opportunities financial well-being. Developer of a cloud-based screen design tool built for helping companies to create, test and Andreessen Horowitz, CounterPoint Capital Partners, Durable Capital Partners, Geodesic Capital, 6/24/21 Figma $200 ship better designs from start to finish. Greylock Partners, Index Ventures, IVP, Kleiner Perkins, Sequoia Capital Developer of a cloud data warehouse designed to offer efficient data analytics experience at any Angular Ventures, Bessemer Venture Partners, Dawn Capital, K5 Global, TLV Partners, Zeev 6/24/21 Firebolt $127 scale. Ventures Developer of a cloud-based cyber-security platform designed to protect data and information 6/24/21 Illumio $225 Franklin Templeton, Hamilton Lane, Owl Rock Capital Group, Thoma Bravo from server breaches and threats. Developer of a payment application designed to simplify the entire process of setting up an 6/22/21 Mollie $806 Alkeon Capital Management, EQT, General Atlantic, HMI Capital, TCV, The Blackstone Group online store and accepting payments. Artisanal Ventures, CyberStarts, General Atlantic, Geodesic, Insight Partners, SYN Ventures, The 6/22/21 Transmit Security $543 Developer of a mobile security system intended to offer advanced security solutions. Goldman Sachs Group, Vintage Investment Partners Developer of an online learning application intended to connect students with teachers Coatue Management, DN Capital, Dragoneer Investment Group, DST Global, Left Lane Capital, 6/21/21 GoStudent $249 worldwide for individual or group tutoring sessions. SoftBank Group, Tencent Holdings Accel, Addition, Canaan Partners, Coatue Management, Franklin Templeton, Geodesic Capital, GV, 6/21/21 Snyk $199 Developer of security analysis tools designed to identify open-source vulnerabilities. Salesforce Ventures, Stripes, Temasek Holdings, Tiger Global Management Developer of IoT device intelligence technology designed to manage the vulnerabilities in 6/18/21 Finite State $137 Schneider Electric connected devices. Developer of a talent engagement platform intended to help enterprises to attract, identify and Accenture Ventures, EQT Ventures, Index Ventures, M12, Ontario Teachers' Pension Plan, 6/17/21 Beamery $138 engage candidates on one unified platform. Teachers' Innovation Platform, Workday Ventures

Notes: Sources: PitchBook. Reflects deal activity through 6/30/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $100MM. 37 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised

6/17/21 Bunq $228 Operator of a digital bank designed to offer a clean alternative to traditional banking. Pollen Street Capital

Developer of industrial cybersecurity platform designed to assist organizations with highly 40 North Ventures, Bessemer Venture Partners, Clearvision Ventures, Innovation Endeavors, Rain 6/17/21 Claroty $140 automated production sites and factories that face significant security and financial risk. Capital, Red Dot Capital Partners, Rockwell Automation, Siemens, Temasek Holdings Developer of a software testing platform intended to power software tests across various global 6/16/21 BrowserStack $200 Accel, Bond Capital (San Francisco), Insight Partners data centers. Developer of an automated investment technology designed to revolutionize online retirement Felicis Ventures, Future Planet Capital, General Atlantic, Generation Investment Management, 6/16/21 Guideline $200 planning. Greyhound Capital, Propel Venture Partners Developer of an enterprise platform designed to help businesses around the world successfully 6/16/21 Vianai $140 George Roberts, Henry Kravis, Jerry Yang, Jim Davidson, SoftBank Investment Advisers leverage AI to drive fundamental digital transformations. Provider of cross-border payment processing services, enabling global merchants to sell their 6/15/21 EBANX $400 Advent International products and services effortlessly and expand into Latin America. Dragoneer Investment Group, Floodgate Fund, Founders Fund, Goodwater Capital, Owl Capital, 6/15/21 IRL $170 Developer of event discovery and planning application intended to manage the social calendar. SoftBank Group Developer of a commercial payments platform designed to make freight payments fast, easy, and 6/15/21 PayCargo $125 Insight Partners secure. Provider of a digital freight forwarder and shipping management platform designed to manage Cherry Ventures, Citi Ventures, Fuse Venture Partners, G Squared, Northzone Ventures, SoftBank 6/14/21 Forto $240 logistics. Group, Unbound Advisors (Investor) Developer of a mobile payment system designed to accept payments by credit card, debit, Aramex Ventures, Dalus Capital, General Atlantic, Grupo Financiero Banorte, Ribbit Capital, 6/10/21 Clip $250 vouchers and points easily and quickly. SoftBank Latin America Fund, The Goldman Sachs Group, Viking Global Investors Developer of a talent intelligence platform designed to assist companies to find, recruit and Capital One Ventures, Foundation Capital, General Catalyst, IVP, Lightspeed Venture Partners, 6/10/21 Eightfold.ai $220 retain workers. SoftBank Investment Advisers Developer of an open-source enterprise-ready software designed to offer free and open-source 6/10/21 RStudio $161 NA solutions for data science, scientific research, and technical communication.

6/9/21 Aura $150 Developer of a digital security platform intended to make security simple for everyone. Warburg Pincus

6/8/21 Scalable Capital $183 Developer of a wealth management platform designed to simplify investment decisions. BlackRock, HV Capital, Lydia Partners, N26, Tencent Holdings, Tengelmann Social Ventures

6/8/21 Stackline $130 Developer of an all-in-one e-commerce platform intended to track retail sales and market shares. TA Associates Management

Developer of interactive transcription and captioning platform intended to generate detailed Azura, ClalTech, HV Capital, Icon Fund, More Capital, Omer Cygler, Oryzn Capital, Sapphire 6/8/21 Verbit $157 speech-to-text files. Ventures, Stripes, Third Point, Vertex Growth, Vertex Ventures Israel, Viola Ventures Developer of data management platform built for industries like oil and gas, shipping, 6/3/21 Cognite $150 TCV manufacturing and power and utilities. Developer of a revenue intelligence platform designed to revolutionize the way of operating Coatue Management, Franklin Templeton, Salesforce Ventures, Sequoia Capital, Thrive Capital, 6/3/21 Gong $250 based on customer reality. Tiger Global Management Developer of an execution management system designed to analyze and optimize digital 6/2/21 Celonis $1,000 Arena Holdings, Durable Capital Partners, Franklin Templeton, Splunk Ventures, T. Rowe Price business processes.

Notes: Sources: PitchBook. Reflects deal activity through 6/30/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $100MM. 38 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised 9Yards Capital, Andreessen Horowitz, BlockFi Ventures, FoundersX Ventures, Jaguar Ventures, 6/2/21 Jeeves $131 Developer of a corporate card platform built for global startups. Stanford University Venture Fund, Tribe Capital, Y Combinator Operator of a semiautomated sales engagement platform intended to automate repetitive sales DFJ Growth, Lone Pine Capital, Salesforce Ventures, Sands Capital, Sequoia Capital, STEADFAST 6/2/21 Outreach $200 tasks on behalf of coworkers while prioritizing key customer touchpoints. Capital Ventures, Tiger Global Management, Trinity Ventures, Vista Equity Partners Acrew Capital, Lightspeed Venture Partners, Norwest Venture Partners, Owl Rock Capital 6/1/21 Exabeam $200 Developer of a security intelligence platform designed to detect data breaches. Corporation

6/1/21 Lansweeper $158 Developer of information technology asset management and network inventory software. Insight Partners

Accel, Cascade Investment Fund, Earlybird Venture Capital, GR Capital, Hedosophia, HV Capital, 6/1/21 Sennder $240 Developer of a digital platform designed to digitize the freight-forwarding process. Lakestar, Next47, Project A, Redalpine Venture Partners, Scania Growth Capital Developer of cryptocurrency-focused financial technology designed to send, receive and invest in Atlas Merchant Capital, Breyer Capital, Digital Currency Group, Fidelity Management & Research, 5/28/21 Circle $440 cryptocurrency assets around the world. FTX, Intersection Growth Partners, Pillar VC, Valor Capital Group, Willett Advisors Developer of an enterprise AI platform designed to accelerate data science by automating the 5/28/21 DataRobot $500 Fama Ventures, SBI Investment, The Westly Group, Tiger Global Management end-to-end journey from data to value.

5/26/21 PaySend $125 Developer of a payment application designed to transact in multiple currencies. Hermes GPE, InfraVia Capital Partners, One Peak Partners, Plug and Play Tech Center

Developer of a retail engagement platform designed to provide real-time analytics and insights 5/26/21 Perch $775 SoftBank Group, Spark Capital, Victory Park Capital into in-store shopper behavior and conversion. Developer of a cloud-based financial platform designed to give businesses an unparalleled set of 01 Advisors, Andreessen Horowitz, Dragoneer Investment Group, DST Global, Franklin Templeton, 5/26/21 SpotOn $125 growth-driving tools. Mubadala Investment Company Developer of a digital experience insights optimization platform designed to help businesses BlackRock Private Equity Partners, Bpifrance, Canaan Partners, Eurazeo, Highland Europe, Kohlberg 5/25/21 ContentSquare $499 understand how users are interacting. Kravis Roberts, SoftBank Investment Advisers Developer of a fraud prevention platform designed to help online retailers detect and eliminate Adage Capital Management, Bessemer Venture Partners, March Capital, NewView Capital, 5/25/21 Forter $300 transaction risks. Salesforce Ventures, Scale Venture Partners, Third Point Ventures, Tiger Global Management Developer of a digital closing platform designed to simplify mortgage loan closings and enhance Alkeon Capital Management, F-Prime Capital, Maverick Ventures, Sequoia Capital, Tiger Global 5/25/21 SnapDocs $150 the borrower experience. Management, Wellington Management, Y Combinator

5/24/21 Aurora Solar $250 Developer of a 3D-modelling platform designed to automate solar panel installation. Coatue Management, Energize Ventures, Fifth Wall, ICONIQ Capital

Developer of an educational application designed to achieve standardization in educational 5/24/21 Riiid $175 SoftBank Investment Advisers opportunities. Developer of a fintech platform designed to offer employee expense management, corporate 5/24/21 Zeta $250 Sodexo Group, SoftBank Investment Advisers gifting and co-branded debit and credit cards. Developer of a web-based platform designed to manage digital assets and complete financial and 10T Holdings, DCM Ventures, Digital Currency Group, DST Global, HCM Capital, HOF Capital, 5/20/21 Figure Technologies $200 investment transactions. Morgan Creek Digital Assets, Ribbit Capital, RPM Ventures, Ulu Ventures Andreessen Horowitz, Battery Ventures, Canaan Partners, Conductive Ventures, Gaingels, 5/20/21 Forte $185 Developer of a blockchain technology platform created to upgrade the gaming industry. Intersection Growth Partners, Samsung NEXT Ventures, Union Grove Venture Partners Developer of a work communication tool designed for people to get their messages through Andreessen Horowitz, Coatue Management, General Catalyst, ICONIQ Capital, Kleiner Perkins, 5/20/21 Loom $130 instantly shareable videos. Sequoia Capital

Notes: Sources: PitchBook. Reflects deal activity through 6/30/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $100MM. 39 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a financial trading platform designed to allow users to freely trade in the capital 5/20/21 Trade Republic $900 Accel, Creandum, Founders Fund, Project A, Sequoia Capital, TCV, Thrive Capital market. Provider of financial services intended to help cloud service companies to grow efficiently by 3L Capital, Fin Venture Capital, Greenspring Associates, HubSpot, Morgan Stanley, MSD Capital, 5/19/21 Pipe $250 providing non-dilutive funding. Okta Ventures, Raptor Group, Rosecliff Venture Partners, Shopify, Slack Fund, TIME Ventures Developer of an online payment and loyalty platform intended to convert point of sale to point Advent International, BlackRock, Fidelity Management, Lone Pine Capital, Neuberger Berman, Palo 5/17/21 Pine Labs $600 of service. Duro Capital, Temasek Holdings, Tree Line Investment Management

5/13/21 Axtria $150 Developer of a cloud software and data analytics intended to help the life sciences industry. Bain Capital Tech Opportunities

Developer of a cloud-based technology platform designed to provide integrated technology 5/13/21 CivicPlus $290 Insight Partners services for cities and counties across North America. Developer of an open payment networking platform intended to offer consulting services, Coatue Management, DST Global, FIS Ventures, Plug and Play Tech Center, The Hive, Valor Capital 5/12/21 CloudWalk $202 training and all the necessary support for the success of payment operation. Group Operator of blockchain-based cryptocurrency exchange designed to combine performance, user Alan Howard, Black Toro Capital, Christian Angermayer, Eos Holdings, Founders Fund, Galaxy 5/11/21 Bullish $300 privacy, and compliance. Digital Partners, Louis Bacon, Nomura Private Equity Capital, Richard Li, Thiel Capital Developer of a blockchain-based cryptocurrency exchange platform designed to drive deeper 5/11/21 Bullish Global $400 Korify Capital liquidity to digital assets. Developer of enterprise automation software designed to help businesses to focus on agility, cost- 5/11/21 Redwood Software $379 Turn/River Capital efficiency and customer experiences. Developer of a chatbot platform designed to empower businesses to provide personalized Accel, Bessemer Venture Partners, Burst Capital, Craig Follett, FirstMark Capital, Spark Capital, 5/7/21 Ada Support $130 experiences at scale. Tiger Global Management, Version One Ventures Developer of subscription management software to offer and manage subscriptions for physical Bain Capital Ventures, Gaingels, ICONIQ Capital, Summit Partners, Sweat Equity Ventures, 5/6/21 ReCharge Payments $227 products. Wealthing VC Club Developer of a cloud-based data security platform designed to improve the insurance claims Accel, Advent International, Avenir Growth Capital, Bessemer Venture Partners, Bpifrance, General 5/6/21 Shift Technology $220 process. Catalyst, Iris Capital Developer of a bitcoin exchange platform designed to enable the seamless trade of Bond Capital, Coatue Management, Kaszek, Pantera Capital, Paradigm, QED Investors, Tiger Global 5/5/21 Bitso $250 cryptocurrencies. Management, Valor Capital Group Developer of financial and business management platform designed to tap into the power of 01 Advisors, Annox Capital, Battery Ventures, Citi Ventures, Durable Capital Partners, Norwest 5/4/21 HoneyBook $155 networking to win new business. Venture Partners, Recursive Ventures, Tiger Global Management, Vintage Investment Partners Developer of software that makes it easy to create online courses, launch marketing campaigns, Greenspring Associates, Meritech Capital Partners, Owl Rock Capital Group, Tidemark Capital, 5/4/21 Kajabi $550 build landing pages and design websites. Tiger Global Management, TPG Developer of cloud-based self-insurance platform intended to evolve the way in which health DFJ Growth, Founders Fund, Gaingels, G Squared, Maverick Ventures, New Enterprise Associates, 5/3/21 Collective Health $280 benefits work. PFM Health Sciences, Phi-X Capital, SoftBank Investment Advisers ODeveloper of a financial platform designed to assist in achieving financial freedom by providing Alkeon Capital Management, Dragoneer Investment Group, DST Global, Greylock Partners, ICONIQ 5/3/21 Wealthsimple $601 products and advice that are accessible and affordable. Capital, Inovia Capital, Meritech Capital Partners, Redpoint Ventures, TCV

4/30/21 Axtria $150 Developer of a cloud software and data analytics intended to help the life sciences industry. Bain Capital Tech Opportunities

Developer of financial technologies designed to buy, sell, trade and manage assets in the global Declaration Partners, Liberty City Ventures, Mithril Capital Management, Oak HC/FT, PayPal 4/29/21 Paxos $300 economy. Ventures, Senator Investment Group, WestCap Group

Notes: Sources: PitchBook. Reflects deal activity through 6/30/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $100MM. 40 RECENT FINANCINGS Selected Software Private Financings (Cont’d.)

($MM) Amount Deal Date Company Brief Description Investors Raised Developer of a network intrusion detection platform designed to automate real-time threat Accel, AME Cloud Ventures, Atlantic Bridge Capital, DAG Ventures, IA Ventures, Ireland Strategic 4/29/21 Vectra $130 detection and response. Investment Fund, Khosla Ventures, Silver Lake, TCV, The Blackstone Group

4/28/21 Arrive Logistics $300 Developer of a freight brokerage platform intended to offer transportation management services. ATL Partners, British Columbia Investment Management, Temasek Holdings, The Baupost Group

Developer of communication APIs designed to connect companies with their customers on Accel, Atomico, BlackRock,, Glynn Capital, Longbow Capital, Mousse Partners, NewView Capital, 4/28/21 MessageBird $1,000 billions of devices around the world. Owl Rock Capital Group, Spark Capital, Tiger Global Management, Y Combinator Developer of a DevOps platform designed to offer security to confidently run containers, Accel, Bain Capital Ventures, DFJ Growth, Glynn Capital, Insight Partners, Next47, Premji Invest, 4/28/21 Sysdig $188 Kubernetes, and cloud services. The Goldman Sachs Group, Third Point Ventures Developer of spreadsheet process management software intended to connect people, existing 4/27/21 Vena Solutions $300 Vista Equity Partners systems, and data. Developer of a digital fintech-as-a-service platform designed to order cash, exchange extra 4/21/21 Rapyd $250 Spark Capital, Target Global foreign currency and send cash to friends. Developer of SaaS-based subscription management and recurring billing platform designed to 4/20/21 ChargeBee $125 Insight Partners, Sapphire Ventures, Steadview Capital Management, Tiger Global Management offer subscription management services. Developer of continuous integration and delivery platform intended for enterprises and mid- 4/20/21 Octopus Deploy $173 Insight Partners sized companies. Developer of a voice chat application designed to offer a space for casual and drop-in audio Andreessen Horowitz, #Angels, Ben Jen Holdings, Dreamers VC, DST Global, Elad Gil, Gaingels, HB 4/19/21 Clubhouse $200 conversations. Investments, Tiger Global Management Provider of an information security platform intended to offer identity and access management 4/15/21 Keyfactor $125 Insight Partners services. Developer of data network programming platform designed to assist to connect popular fintech Altimeter Capital Management, Andreessen Horowitz, Company Ventures, Elevation Capital, Index 4/15/21 Plaid $425 applications with traditional bank accounts. Ventures, Kleiner Perkins, New Enterprise Associates, Silver Lake, Spark Capital Developer of gaming platform designed for gamers and game developers to publish and play Altimeter Capital Management, BlackRock, Breyer Capital, Fidelity, Franklin Templeton, GIC Group, 4/13/21 Epic Games $1,000 immersive games. Kohlberg Kravis Roberts, Luxor Capital Group, Sony, Soul Ventures, Third Point Ventures SambaNova Developer of an advanced systems platform and hardware designed to power machine learning BlackRock, Celesta Capital, Government of Singapore Investment Corporation (GIC), GV, Intel 4/13/21 $678 Systems and data analytics. Capital, SoftBank Investment Advisers, Temasek Holdings, Walden International Coatue Management, Dragoneer Investment Group, Founders Fund, Greenoaks Capital Partners, 4/13/21 Scale AI $325 Developer of a data platform designed to accelerate the development of AI applications. Index Ventures, Tiger Global Management, Wellington Management, Y Combinator Developer of a cloud-based emergency mass communications and monitoring platform designed 4/12/21 AlertMedia $400 Vista Equity Partners to improve employee safety. Operator of a fintech company intended to help merchants by servicing them through payment 4/9/21 SaltPay $500 Base Partners, D1 Capital Partners, Hedosophia, Tiger Global Management and management tools. Provider of a proposal and knowledge management software intended to simplify the process of 4/8/21 Loopio $214 Sumeru Equity Partners responding to requests for proposals, due diligence, and security questionnaires. Developer of an image recognition platform designed to deliver accurate and reliable Big-Tech 50, BlackRock, OMERS Ventures, SoftBank Investment Advisers, Sony Innovation Fund, 4/7/21 Trax $642 performance analysis for consumer goods companies. West Coast Equity Partners

4/6/21 Dlocal $210 Developer of a technology platform designed for tackling privacy management. Family Angel Management Fund, Franklin Templeton, SoftBank Investment Advisers

Notes: Sources: PitchBook. Reflects deal activity through 6/30/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $100MM. 41 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services to Growth Companies and Market Leaders STOCKHOLM

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42 GCA operates as GCA in America and Asia and GCA Altium in Europe. GCA Advisors, LLC is the US entity of GCA, a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 24 locations across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

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