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CYBER SECURITY INSIGHT About Us 2 Cyber Security Valuation Environment 5

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CYBER SECURITY INSIGHT About Us 2 Cyber Security Valuation Environment 5 INVESTMENT BANKING H1 2021 IN THIS ISSUE CYBER SECURITY INSIGHT About Us 2 Cyber Security Valuation Environment 5 MERGERS AND ACQUISITIONS, PUBLIC AND PRIVATE FINANCINGS Recent Transaction Activity 14 AND FINANCIAL ADVISORY SERVICES Appendix: Additional Information 27 FOR INSTITUTIONAL USE ONLY CYBER SECURITY INSIGHT H1 2021 Premier Cyber Security Investment Banking Team U.S. Team U.K. Team German Team BOB FLANAGAN DOMINIC EMERY PHILIP STEIN Managing Director Managing Director Managing Director San Francisco London Munich DYLAN DAVIS HARRY BRUN EMANUEL BISCHOFBERGER Vice President Director Director Los Angeles London Munich RAYMOND JAMES INVESTMENT BANKING 2 CYBER SECURITY INSIGHT H1 2021 End-to-End Cyber Security Coverage Enterprise Risk Assessment / Identity Data & Collaboration Sec Ops Network and Cloud Infrastructure Mitigation Sensitive Data Discovery Endpoint Protection / SOC Management / Network Access Authentication Threat Intelligence and Classification Detection & Response Automation SASE / ZTNA / VPN SOAR Cloud CASB / ID Proofing Data Loss Protection eXtended Detection & Response “XDR” Posture Mgmt Mobile Device Protection Digital Risk Management Incident Response / SIEM Secure Data Network Traffic Analysis / Privilege Management Transfer / Sharing Detection & Response Penetration Testing/ Talent Readiness: Configuration Hygiene Adversary Simulation Cyber Ranges/Training Governance Email / Messaging Web Attack Defense Talent Scarcity: IIoT Protection Application Scanning Certification / Fraud Prevention Outsourcing / MSSP Vulnerability Management Tech & Services Offices RAYMOND JAMES INVESTMENT BANKING 3 CYBER SECURITY INSIGHT H1 2021 Representative Raymond James Infrastructure & Security Transactions Sales, Recapitalizations and Capital Raises June 2021 April 2021 April 2021 March 2021 Cyber Defense & Managed Security Service Industrial Internet of Things Hybrid IT Transformation Intelligent Automation and Digital Decision-Making $375 Million $949 Million Convertible Debt Offering Convertible Debt Offering March 2021 March 2021 March 2021 January 2021 IT System and Integration Critical Operational Response Platform Hosted Delivery Services Managed Security Services (Managed Security Services) (Managed Compliance Services) December 2020 December 2020 November 2020 October 2020 Managed Security Services Managed Compliance Services Fraud Protection / Identity System Integration Services $20 Million $69 Million Block Offering Follow-On Offering $17 Million (Initial US Listing) Block Offering October 2020 October 2020 September 2020 / August 2020 September 2020 Security Orchestration / IT Ops Automation Application & Endpoint Security Cybersecurity & Vulnerability Testing Identity Management / Privileged Access View our full transaction history here > RAYMOND JAMES INVESTMENT BANKING 4 CYBER SECURITY INSIGHT CYBER SECURITY INSIGHT CYBER SECURITY VALUATION ENVIRONMENT CYBER SECURITY INSIGHT H1 2021 Cyber Security Technology M&A & Capital Raising Activity Number of Financing Deals by Half Year Dollar Volume of Financing Deals by Half Year ($ in billions) 306 6 213 9 $10.2 140 $0.5 4 300 (1) $5.3 204 $0.1 $9.7 136 $2.1 $0.1 $5.3 $2.1 H1'20 H2'20 H1'21 H1'20 H2'20 H1'21 Private Equity / Venture Capital Strategic Private Equity / Venture Capital Strategic Number of M&A Deals by Half Year Dollar Volume of M&A Deals by Half Year ($ in billions) $39.8 212 158 $18.1 (1) $20.0 (1) 102 141 110 $7.5 74 $15.8 $21.7 71 $4.6 28 48 $4.2 $2.9 H1'20 H2'20 H1'21 H1'20 H2'20 H1'21 Private Equity / Venture Capital Strategic Private Equity / Venture Capital Strategic Source: 451 Research, Mergermarket and PitchBook as of 6/30/2021. Note: Number of deals excludes deals with undisclosed parties. RAYMOND JAMES INVESTMENT BANKING 6 CYBER SECURITY INSIGHT H1 2021 Cyber Security Technology M&A & Capital Raising Activity Top 10 Financing Deals in H1 2021 Top 10 M&A Deals in H1 2021 Date Lead Investor Target Investment Size Date Buyer Target Investment Size Jun-21 $543 Apr-21 $12,300 Jun-21 380 May-21 6,500 May-21 300 Mar-21 4,000 May-21 250 Jun-21 1,200 Jun-21 225 Mar-21 1,400 Mar-21 205 Jun-21 900 Jun-21 200 Feb-21 640 Mar-21 200 May-21 400 Mar-21 177 Jun-21 300 Apr-21 172 May-21 236 Source: 451 Research, Mergermarket and PitchBook as of 6/30/2021. Note: Number of deals excludes deals with undisclosed parties. RAYMOND JAMES INVESTMENT BANKING 7 (1) Strategic transaction value largely attributable to Okta’s acquisition of Auth0 for $6.5B. CYBER SECURITY INSIGHT H1 2021 Cyber Security Technology M&A & Capital Raising Activity H1’21 Deals by Business Model H1’21 Deals by Sector Enterprise Risk Infrastructure Assessment / Services 9% Mitigation 23% 29% Data & Collaboration 518 14% Transactions 518 Transactions Identity 12% Software Network & Cloud Sec Ops 76% 20% 17% Transaction Type Software Services Sector Software Services Financing 89% 11% Data & Collaboration 86% 14% M&A 59% 41% Enterprise Infrastructure 84% 16% Identity 87% 13% Network & Cloud 77% 23% Risk 80% 20% Sec Ops 50% 50% The mix of Cyber Security transactions skewed more towards The industry saw a healthy mix of activity across Cyber Security Software companies, increasing to 76% in H1’21 from 70% in H2’20 sectors in H1’21 with Risk Assessment / Mitigation, Sec Ops, Network & Cloud and Identity sectors driving ~80% of deal volume Source: 451 Research, Mergermarket and PitchBook as of 6/30/2021. RAYMOND JAMES INVESTMENT BANKING 8 CYBER SECURITY INSIGHT H1 2021 2021E Market Valuation Metrics High Growth Cyber Security TEV / Revenue & TEV / EBITDA 41.0x 37.5x TEV / Revenue Median: 37.5x 30.0x NM NM NM NM NM CrowdStrike Okta Zscaler SentinelOne Medium Growth Cyber Security TEV / Revenue & TEV / EBITDA 33.7x NA 20.5x 15.1x 12.9x 11.9x 11.5x 11.2x 11.0x 9.6x 8.4x 8.0x 7.8x 6.1x TEV / Revenue Median: 9.0x 4.7x 2.9x NM NM NM NM NM NM NM NM Varonis Systems Fortinet SailPoint Jamf Rapid7 Splunk Proofpoint Palo Alto Tenable Mimecast Absolute Software Zix Corporation Networks Low Growth Cyber Security TEV / EBITDA & TEV / EBITDA 30.0x 26.0x 21.3x 17.0x 15.3x 12.9x 11.2x NA 9.4x 9.2x 8.8x 7.0x 6.7x 6.6x TEV / Revenue Median: 6.0x 5.5x 4.8x 3.9x 3.3x NM NM NM 2.7x 2.3x NM BlackBerry CyberArk Qualys Ping Identity NortonLifeLock SolarWinds Check Point FireEye Radware Trend Micro F-Secure Tufin Software TEV / Revenue TEV / EBITDA Source: Capital IQ as of 6/30/2021. Note: High growth comps include companies with 2021E revenue growth greater than 40%. Medium / low growth comps include companies with 2021E revenue growth RAYMOND JAMES INVESTMENT BANKING 9 between 12% and 40%. Low growth comps include companies with 2021E revenue growth less than 12%. (1) EBITDA multiples <0.0x or >35.0x in 2021 are considered Not Meaningful (NM) for both years. CYBER SECURITY INSIGHT H1 2021 Cyber Security Performance vs. Market 12 Month Price Performance Index 12 Month TEV / NTM Revenue Multiples(1) 100% 50% 80% 79% 40% 60% 33.4x 30% 40% 38% 31% 20% 20% 19% 10% 9.0x 0% 5.8x 3.1x (20%) 0% S&P 500 High Growth Cyber Security Medium Growth Cyber Security Low Growth Cyber Security Source: Capital IQ as of 6/30/2021. Note: High growth comps include companies with 2021E revenue growth greater than 40%. Medium / low growth comps include companies with 2021E revenue growth RAYMOND JAMES INVESTMENT BANKING 10 between 12% and 40%. Low growth comps include companies with 2021E revenue growth less than 12%. (1) Reflects the average multiple of the index. CYBER SECURITY INSIGHT H1 2021 Detail by Growth Category: High Growth, Medium Growth and Low Growth Relative Stock Price Performance Revenue Growth 1200% 50% 45.5% 973.2% 1000% 40% 35.2% 800% 30% 600% 441.7% 20% 17.4% 17.2% 400% 154.1% 8.9% 10% 6.1% 200% 66.5% 22.6% (2.6%) 0% 0% H1'17 H1'19 H1'21 2021E 2022E (200%) Revenue Growth Gross Margin Analysis EBITDA Margin Analysis 82% 81.1% 20% 16.6% 81% 80.5% 15.8% 16.0% 16% 15.1% 80% 79.3% 13.4% 13.4% 79.0% 79% 12% 78% 77.4% 76.9% 77% 8% 76% 4% 75% 74% 0% 2021E 2022E 2021E 2022E EBITDA Margin High Growth Cyber Security Medium /Growth Cyber Security Low Growth Cyber Security Source: Capital IQ as of 6/30/2021. Note: High growth comps include companies with 2021E revenue growth greater than 40%. Medium / low growth comps include companies with 2021E revenue RAYMOND JAMES INVESTMENT BANKING 11 growth between 12% and 40%. Low growth comps include companies with 2021E revenue growth less than 12%. CYBER SECURITY INSIGHT H1 2021 Cyber Security Valuation Framework: The Rule of 40% Sustaining growth and profitability is rewarded with a meaningful revenue multiple 33.0x 30.0x 27.0x 10.6x 11.4x 20.9x Average EV / Average EV / Average EV / R² = 0.62 24.0x Revenue Revenue Revenue 10.0% 32.9% 52.8% 21.0x Average Rule of Average Rule of Average Rule of 40% 40% 40% 18.0x 15.0x 2022 EV / Revenue 12.0x 9.0x 6.0x 3.0x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 110.0% 120.0% 130.0% (1) 2022 Rule of 40% High Growth Cyber Security Medium /Growth Cyber Security Low Growth Cyber Security Source: Capital IQ as of 6/30/2021. Rule of 40% calculated as revenue growth plus EBITDA margin. RAYMOND JAMES INVESTMENT BANKING 12 Note: High growth comps include companies with 2021E revenue growth greater than 40%. Medium / low growth comps include companies with 2021E revenue growth between 12% and 40%. Low growth comps include companies with 2021E revenue growth less than 12%. (1) Revenue multiples <0.0x are excluded from the Rule of 40% chart.
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