Software Sector Summary Report

SOFTWARE SECTOR REPORT August 2018 DEAL DASHBOARD Software $38.2 Billion 428 $64.0 Billion 770 YTD 2018 Financing Volume (1)(2) YTD 2018 Financing Transactions (1)(2) YTD 2018 M&A Volume (3) YTD 2018 M&A Transactions (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) Company Amount ($MM) $Bn $Bn Target Acquirer EV ($MM) $35 $15 $32 $550 $14 $14 $18,900 $12 $11 $12 $20 $500 $9 $19 $2,600 $6 $5 $13 $13 $12 $13 $13 $427 $2,535

Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 $300 $2,000 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $270 315 319 $1,520 156 160 159 161 154 167 289 287 291 298 268 123 250 $250 $1,450 94 107 153 $200 $1,400

$187 $600 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

45.0% All Buyers Strategic Buyers PE Buyers SPX IGV 8 ` 7.2x Financing Activity by Quarter 35.0% 7 6.4x 6 5.3x 4.9x 5.0x 25.0% 5 4.6x 4.6x 4.2x 4.3x 4.1x 4.1x 3.9x 3.9x 3.6x 3.9x3.7x 3.7x 4 3.1x 3.3x 2.7x 2.9x 2.9x 2.8x 15.0% 3 2.2x 2 5.0% 1 0 (5.0%) 2011 2012 2013 2014 2015 2016 2017 2018 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 8/31/2018. 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. 3) Criteria based on select software sectors such as infrastructure and application software, excluding security software. 4) Software M&A transactions reflect select transactions in 2018 YTD. M&A metrics are based on closed and announced transactions. 2 5) 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. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team

US Team

Paul DiNardo James Orozco Rupert Sadler Josh Wepman Managing Director Managing Director Managing Director Managing Director Software Financial Sponsors Software, Travel & Telematics Software & Digital Media [email protected] [email protected] [email protected] [email protected]

Daniel Avrutsky Clark Callander Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director HCM Software Technology Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected]

Arthur Kirsch Glen Kruger Saif Malik Managing Director Director Vice President Healthcare IT Commerce Software Software [email protected] [email protected] [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter Geoff Baldwin *Phil Adams **Sascha Pfeiffer ***Akikazu Ida ***Ryuichi Kanemaki Co-President & CEO Co-President & CEO CEO of GCA Altium Co-Head of European Co-Head of Asian Managing Director [email protected] [email protected] [email protected] Technology & Media Technology & Media [email protected] [email protected] [email protected]

John Lambros Alex Vitale *Stephen Georgiadis *Adrian Reed Sameer Jindal Tomohiko Kubota President of GCA US Head of San Francisco Office Managing Director Managing Director Managing Director Representative Director at Head of New York Office Auto Tech [email protected] [email protected] Head of Indian Operations GCA Technovation Head of Digital Media [email protected] [email protected] [email protected] [email protected] **Tobias Schultheiss **Raiko Stelten Managing Director Director [email protected] [email protected]

*Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. **Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. 3 ***Akikazu Ida and Ryuichi Kanemaki are Managing Directors at GCA Corporation. GCA OVERVIEW Deep Software Sector Expertise

Preferred Investment Acquired by Acquired by Acquired by Investment from Acquired by Acquisition of Acquisition of Acquired by Acquired by From

Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller

Acquired by Acquired by Preferred Preferred Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Stock Stock

We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller

Strategic Acquired by Acquisition of Acquired by Acquired by Convertible Note Investment from Acquisition of Acquisition of Acquired by Advisory Offering Services

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Fairness Opinion to We Advised the Seller Buddy Media We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

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

Last 12 Months Last 3 Years 70%

60% 150%

50%

40% 100%

30% 50% 20%

10% 0% 0%

(10%) (50%) Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18

Sector 3 Months 1 Year 3 Years

Platform 9.9% 31.8% 97.4% Security 10.7% 32.2% 46.6% Infrastructure 9.6% 49.5% 91.6% SaaS / On Demand 15.8% 61.0% 148.0% BI & Analytics 17.0% 55.6% 50.7% Vertical 12.1% 23.3% 51.1%

Notes: Sources: Capital IQ. Market Data as of 8/31/2018. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: 4704, ABT, CBLK, CHKP, CYBR, FEYE, FSC1V, FTNT, IMPV, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, TENB, ZIXI, ZS. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, DAVA, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AVLR, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CARB, CLDR, COUP, CRM, CSLT, CSOD, DBX, DOCU, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, NEWR, NOW, OKTA,OPRA, PAYC, PCTY, PCYG, PVTL, QLYS, RNG, RP, SEND, SHOP, SMAR, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN, ZUO. BI & Analytics: ATTU, AYX, CDAY, CDLX, CLDR, DATA, DOMO, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV. TRADING COMPARABLES Valuation and Operational Metrics EV / 2018E Revenue EV / 2018E EBITDA

8.0x 7.6x Median: 5.9x 45.0x 41.9x 40.0x 7.0x 5.9x 5.9x 5.9x 5.7x 35.0x 30.6x 6.0x 30.1x Median: 27.3x 30.0x 5.0x 4.7x 24.5x 25.0x 22.5x 4.0x 20.0x 3.0x 14.6x 15.0x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Platform Security Infrastructure Vertical BI & Analytics SaaS Infrastructure Security BI & Analytics Vertical Platform

2018E / 2017A Revenue Growth 2018E EBITDA Margin

25.0% 45.0% 38.7% 20.2% 40.0% 18.8% 20.0% 35.0% 15.5% 14.9% Median: 15.2% 13.2% 30.0% 25.9% 25.6% Median: 23.5% 15.0% 21.4% 25.0% 20.0% 19.5% 18.7% 10.0% 8.0% 15.0% 5.0% 10.0% 5.0% 0.0% 0.0% SaaS BI & Analytics Security Vertical Infrastructure Platform Platform Vertical Infrastructure Security SaaS BI & Analytics

Notes: Sources: Capital IQ. Market Data as of 8/31/2018. Figures represent mean values of respective comp groups. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: 4704, ABT, CBLK, CHKP, CYBR, FEYE, FSC1V, FTNT, IMPV, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, TENB, ZIXI, ZS. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, DAVA, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AVLR, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CARB, CLDR, COUP, CRM, CSLT, CSOD, DBX, DOCU, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, NEWR, NOW, OKTA,OPRA, PAYC, PCTY, PCYG, PVTL, QLYS, RNG, RP, SEND, SHOP, SMAR, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN, ZUO. BI & Analytics: ATTU, AYX, CDAY, CDLX, CLDR, DATA, DOMO, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 6 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 6.6x 5.9x 5.4x 16.6x 14.6x 13.1x 23.1x 20.8x 18.4x 10.1% 8.0% 7.8% 38.0% 38.7% 39.4% Median 5.1 4.7 4.5 15.5 14.0 12.6 23.7 21.1 18.9 3.2% 8.0% 8.2% 41.5% 42.1% 43.8%

Infrastructure VMware, Inc. $153.26 $62,518 ($9,062) $53,456 6.1x 5.6x 5.2x 15.2x 15.0x 12.7x 24.9x 23.1x 21.2x 11.4% 8.2% 7.1% 39.9% 37.3% 41.1% ServiceNow, Inc. $196.36 $34,941 ($893) $34,049 13.1 10.2 8.0 51.2 36.8 27.2 84.5 62.7 47.2 34.7% 28.8% 26.9% 25.6% 27.6% 29.4% Red Hat, Inc. $147.73 $26,203 ($1,252) $24,952 7.6 6.6 5.8 28.6 23.5 21.7 43.9 38.3 33.0 18.0% 15.5% 13.3% 26.6% 28.0% 26.8% Atlassian Corporation Plc $90.01 $21,181 ($914) $20,267 20.1 15.6 12.4 73.6 56.8 NA NM NM 84.5 36.0% 28.8% 25.8% 27.4% 27.5% NA CA, Inc. $43.80 $18,316 ($409) $17,907 4.2 4.2 NA 11.0 10.8 NA 15.7 15.5 NA 2.1% 1.5% NA 38.4% 38.5% NA Splunk Inc. $128.15 $18,582 ($823) $17,759 10.5 8.5 6.8 72.0 51.4 40.2 NM 82.5 60.4 32.6% 24.1% 24.1% 14.6% 16.5% 17.0% Citrix Systems, Inc. $114.02 $15,468 $638 $16,106 5.5 5.3 5.0 15.0 14.6 14.0 21.2 19.1 16.8 4.2% 3.6% 5.9% 36.5% 36.1% 35.7% Micro Focus International plc $16.94 $7,383 $4,337 $11,720 3.0 3.3 3.5 8.3 8.4 8.0 17.9 8.0 NA 53.1% (8.9%) (7.7%) 35.8% 38.7% 44.5% F5 Networks, Inc. $189.12 $11,502 ($1,085) $10,417 4.8 4.6 4.5 12.4 11.5 NA 19.2 17.7 17.2 4.1% 3.1% 2.7% 38.5% 40.1% NA Nutanix, Inc. $56.32 $9,613 ($505) $9,108 7.4 5.8 4.4 NM NM 48.2 NM NM NM 30.1% 28.2% 30.9% NM NM 9.2% Pure Storage, Inc. $26.84 $6,197 ($670) $5,527 4.0 3.2 2.7 42.6 27.3 19.8 NM 58.1 41.1 34.1% 26.6% 20.0% 9.5% 11.7% 13.4% New Relic, Inc. $102.76 $5,807 ($330) $5,477 12.5 10.0 8.0 97.9 82.2 59.2 NM NM 97.0 32.3% 26.0% 24.6% 12.8% 12.1% 13.5% LogMeIn, Inc. $85.95 $4,458 $1 $4,459 3.7 3.5 3.3 10.2 9.4 8.6 16.5 14.8 13.3 20.3% 7.0% 5.8% 36.7% 37.4% 38.3% Software Aktiengesellschaft $49.33 $3,650 ($92) $3,558 3.5 3.4 3.2 11.5 11.1 10.5 16.8 16.0 15.2 (4.2%) 4.0% 4.7% 30.6% 30.4% 30.8% Commvault Systems, Inc. $69.65 $3,185 ($462) $2,724 3.7 3.4 3.2 24.6 19.1 15.6 47.0 36.4 28.6 6.6% 9.2% 7.3% 15.1% 17.9% 20.4% Altair Engineering Inc. $41.77 $2,920 ($198) $2,722 7.1 6.3 5.6 78.4 50.7 36.3 NM 84.2 59.0 14.5% 12.6% 13.2% 9.1% 12.5% 15.4% SailPoint Technologies Holdings, Inc. $30.93 $2,711 ($72) $2,638 11.2 9.1 7.3 NM 88.2 64.8 NM NM NM 26.6% 23.0% 24.0% 8.9% 10.3% 11.3% Appian Corporation $34.93 $2,215 ($50) $2,165 10.1 8.8 7.5 NM NM NM NM NM NM 21.3% 14.8% 17.6% NM NM NM NetScout Systems, Inc. $25.00 $2,013 $141 $2,154 2.3 2.2 2.1 NA NA NA 22.7 15.9 12.1 (12.7%) 6.4% 3.2% NA NA NA Progress Software Corporation $40.93 $1,842 ($25) $1,817 4.5 4.5 4.3 10.8 11.1 12.5 16.4 16.1 14.0 1.6% 0.8% 4.7% 41.6% 40.3% 34.2% Endava plc $26.22 $1,390 $20 $1,410 4.6 3.7 3.0 26.7 20.8 15.7 38.7 31.3 23.5 NA 21.8% 25.9% 17.0% 17.9% 18.9% A10 Networks, Inc. $6.97 $507 ($127) $379 1.7 1.6 NA 90.3 32.7 NA NM NM NA (2.9%) 4.9% NA 1.8% 4.8% NA

Mean 6.9x 5.9x 5.3x 37.8x 30.6x 25.9x 29.6x 33.7x 36.5x 17.3% 13.2% 14.0% 24.6% 25.6% 25.0% Median 5.1 5.0 4.7 25.7 20.8 17.7 21.2 21.1 26.1 18.0% 10.9% 13.3% 26.6% 27.6% 23.6%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 8/31/2018. 7 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 7.0x 5.8x 5.0x 32.4x 30.1x 23.9x 38.3x 42.0x 41.0x 18.3% 15.8% 15.5% 23.5% 21.4% 22.1% Median 7.1 6.1 5.0 29.3 25.3 20.3 43.5 43.8 38.9 18.9% 17.2% 14.6% 23.3% 16.3% 18.9%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 8/31/2018. 8 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 8/31/2018 Value Debt Value CY 17A CY 18E CY 19E CY 17A CY 18E CY 19E CY 17A CY 18E CY 19E 17A/16A 18E/17A 19E/18E CY 17A CY 18E CY 19E SaaS salesforce.com, inc. $152.68 $115,533 $971 $116,504 8.8x 7.3x 6.2x 36.8x 30.1x 24.3x 60.8x 56.0x 44.1x 25.7% 20.4% 18.8% 24.0% 24.4% 25.4% ServiceNow, Inc. $196.36 $34,941 ($893) $34,049 13.1 10.2 8.0 51.2 36.8 27.2 84.5 62.7 47.2 34.7% 28.8% 26.9% 25.6% 27.6% 29.4% Workday, Inc. $154.54 $33,381 ($1,808) $31,573 11.4 9.0 7.4 66.5 44.2 30.9 NM 84.0 53.8 29.1% 26.5% 21.1% 17.2% 20.4% 24.1% Veeva Systems Inc. $104.36 $14,969 ($1,010) $13,959 16.6 14.0 12.0 47.0 39.5 33.4 70.6 60.7 51.9 23.0% 18.1% 16.6% 35.2% 35.5% 36.0% Shopify Inc. $145.67 $15,506 ($1,574) $13,932 13.5 9.7 7.5 NM NM 71.2 NM NM NM 53.3% 38.5% 30.8% 3.3% 6.2% 10.5% Dropbox, Inc. $26.85 $10,802 ($814) $9,988 7.3 6.3 5.5 33.3 28.5 23.7 84.8 65.3 47.9 24.1% 15.8% 14.4% 21.8% 22.0% 23.2% The Ultimate Software Group, Inc. $309.67 $9,652 ($175) $9,477 8.3 7.0 6.0 34.5 28.1 23.2 56.6 47.4 40.0 20.9% 18.7% 17.6% 24.1% 25.0% 25.7% Paycom Software, Inc. $155.12 $9,094 ($19) $9,075 16.3 13.2 11.0 39.0 32.0 26.5 59.2 48.6 40.2 28.4% 23.2% 20.7% 41.9% 41.4% 41.5% DocuSign, Inc. $62.44 $9,777 ($819) $8,958 13.7 11.3 9.5 NM NM 65.5 NM NM NM 26.5% 20.4% 19.2% 5.1% 9.1% 14.5% Aspen Technology, Inc. $115.36 $8,212 $74 $8,286 17.0 14.7 13.2 35.4 29.5 26.2 47.1 35.9 31.6 (0.8%) 15.7% 11.7% 48.1% 49.9% 50.3% RingCentral, Inc. $93.15 $7,416 ($207) $7,210 11.0 9.0 7.3 94.4 71.2 53.2 NM NM 83.0 30.3% 23.2% 23.0% 11.7% 12.6% 13.7% Zendesk, Inc. $68.89 $7,300 ($238) $7,061 12.1 9.3 7.2 NM 97.6 59.4 NM NM 91.3 36.0% 29.9% 29.3% 6.8% 9.5% 12.1% Pivotal Software, Inc. $27.75 $7,137 ($672) $6,465 10.0 8.0 6.4 NM NM NM NM NM NM 26.9% 24.3% 24.9% NM NM 5.3% Okta, Inc. $61.83 $6,591 ($272) $6,319 17.7 13.4 10.3 NM NM NM NM NM NM 37.4% 31.9% 30.1% NM NM 4.0% RealPage, Inc. $62.40 $5,648 $225 $5,873 6.7 5.9 5.3 25.6 20.8 17.8 42.7 35.8 30.5 29.8% 14.6% 10.8% 26.3% 28.3% 29.8% New Relic, Inc. $102.76 $5,807 ($330) $5,477 12.5 10.0 8.0 97.9 82.2 59.2 NM NM 97.0 32.3% 26.0% 24.6% 12.8% 12.1% 13.5% Blackbaud, Inc. $104.57 $4,949 $451 $5,399 6.2 5.7 5.2 25.2 22.6 21.8 37.8 33.0 29.9 10.8% 9.1% 8.5% 24.6% 25.1% 23.9% HubSpot, Inc. $143.70 $5,575 ($242) $5,333 10.7 8.6 7.0 NM 76.1 55.8 NM NM 87.8 32.7% 24.5% 22.2% 9.4% 11.3% 12.6% j2 Global, Inc. $82.57 $4,066 $650 $4,716 3.9 3.6 NA 9.6 8.7 NA 13.2 12.1 11.8 8.2% 7.1% NA 40.5% 42.0% NA 2U, Inc. $89.36 $5,131 ($464) $4,667 11.4 8.5 6.4 NM NM NM NM NM NM 43.4% 33.4% 33.1% 4.3% 4.7% 6.1% LogMeIn, Inc. $85.95 $4,458 $1 $4,459 3.7 3.5 3.3 10.2 9.4 8.6 16.5 14.8 13.3 20.3% 7.0% 5.8% 36.7% 37.4% 38.3% Paylocity Holding Corporation $79.44 $4,192 ($137) $4,055 9.8 8.1 6.7 41.5 28.2 22.9 55.1 52.9 44.7 23.4% 20.7% 21.2% 23.7% 28.9% 29.3% Coupa Software Incorporated $71.71 $4,087 ($275) $3,813 16.2 13.0 10.0 NM NM NM NM NM NM 26.2% 24.1% 29.9% NM 4.5% 8.6% Alteryx, Inc. $58.05 $3,534 ($162) $3,371 17.5 13.1 10.1 NM NM NM NM NM NM 46.5% 33.6% 29.8% NM NM 1.2% Box, Inc. $24.56 $3,478 ($111) $3,367 5.5 4.6 3.9 NM 65.3 40.9 NM NM 87.1 20.0% 21.1% 17.5% 3.8% 7.0% 9.5% MongoDB, Inc. $71.96 $3,643 ($312) $3,331 15.2 11.2 8.6 NM NM NM NM NM NM 42.2% 34.8% 31.4% NM NM NM Qualys, Inc. $91.05 $3,551 ($323) $3,228 11.6 9.8 8.2 30.9 26.1 20.1 61.1 51.7 41.8 20.8% 18.5% 19.3% 37.5% 37.4% 40.8% Cornerstone OnDemand, Inc. $56.56 $3,324 ($102) $3,222 6.1 5.7 4.9 36.8 24.4 18.2 81.3 52.0 32.4 8.7% 8.2% 15.5% 16.7% 23.3% 27.0% Smartsheet Inc. $29.73 $2,992 ($204) $2,789 17.3 12.4 9.1 NM NM NM NM NM NM 44.9% 39.6% 35.9% NM NM NM Five9, Inc. $48.05 $2,802 ($68) $2,733 11.1x 9.5x 8.1x 76.2x 57.5x 46.7x NM 88.3x 66.4x 22.9% 17.4% 17.1% 14.6% 16.5% 17.3% Mimecast Limited $41.59 $2,483 ($77) $2,407 7.6 6.3 5.1 59.9 39.2 25.3 NM NM 69.9 31.7% 20.0% 24.3% 12.7% 16.1% 20.1% Yext, Inc. $24.86 $2,451 ($125) $2,326 10.2 7.8 6.0 NM NM NM NM NM NM 33.6% 31.6% 30.6% NM NM NM Avalara, Inc. $36.99 $2,459 ($144) $2,315 8.9 7.5 6.2 NM NM NM NM NM NM 22.3% 18.7% 19.9% NM NM 4.4% Appian Corporation $34.93 $2,215 ($50) $2,165 10.1 8.8 7.5 NM NM NM NM NM NM 21.3% 14.8% 17.6% NM NM NM Cloudera, Inc. $15.01 $2,224 ($378) $1,846 4.2 3.5 2.9 NM NM NM NM NM NM 20.2% 19.1% 19.4% NM NM NM LivePerson, Inc. $26.90 $1,679 ($70) $1,609 6.5 5.8 5.2 71.5 55.4 41.4 NM NM 96.1 12.6% 11.9% 12.6% 9.1% 10.5% 12.5%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 8/31/2018. 9 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 9.4x 7.6x 6.6x 46.0x 41.9x 34.2x 52.7x 50.2x 52.0x 24.6% 20.2% 20.2% 18.4% 19.5% 19.4% Median 8.9 7.5 6.3 37.1 32.0 26.5 56.6 52.0 45.7 24.1% 20.0% 19.6% 16.7% 16.5% 14.5%

Business Intelligence & Analytics Splunk Inc. $128.15 $18,582 ($823) $17,759 10.5x 8.5x 6.8x 72.0x 51.4x 40.2x NM 82.5x 60.4x 32.6% 24.1% 24.1% 14.6% 16.5% 17.0% Tableau Software, Inc. $111.86 $9,278 ($912) $8,366 8.5 7.4 6.1 NM NM 59.7 NM NM NM 11.8% 15.7% 21.8% NM 4.5% 10.1% Fair Isaac Corporation $230.98 $6,732 $639 $7,371 7.0 6.4 6.0 29.3 23.5 23.6 34.7 29.4 25.0 11.4% 8.3% 8.1% 23.9% 27.4% 25.3% Ceridian HCM Holding Inc. $38.50 $5,299 $500 $5,799 7.9 7.2 6.4 38.5 32.7 26.2 NM 80.7 47.3 (1.7%) 8.7% 13.6% 20.4% 22.1% 24.4% Teradata Corporation $41.47 $4,939 ($385) $4,554 2.1 2.1 2.0 14.0 11.7 11.2 34.2 26.5 21.7 (0.5%) 2.4% 2.4% 15.2% 17.7% 18.0% Verint Systems Inc. $48.55 $3,108 $392 $3,499 2.8 2.7 2.5 11.9 10.6 9.6 15.6 14.0 13.1 8.4% 6.2% 5.5% 23.8% 25.2% 26.4% Alteryx, Inc. $58.05 $3,534 ($162) $3,371 17.5 13.1 10.1 NM NM NM NM NM NM 46.5% 33.6% 29.8% NM NM 1.2% Cloudera, Inc. $15.01 $2,224 ($378) $1,846 4.2 3.5 2.9 NM NM NM NM NM NM 20.2% 19.1% 19.4% NM NM NM Hortonworks, Inc. $22.32 $1,816 ($81) $1,734 5.1 4.2 3.3 NM NM NM NM NM NM 30.6% 21.7% 25.3% NM NM NM MicroStrategy Incorporated $149.00 $1,709 ($700) $1,009 2.0 1.9 NA NA NA NA 59.0 57.5 44.2 1.1% 2.6% NA NA NA NA Domo, Inc. $23.51 $587 ($142) $445 3.4 2.8 2.3 NM NM NM NM NM NM 21.1% 21.5% 22.9% NM NM NM Cardlytics, Inc. $20.39 $434 ($3) $431 2.8 2.1 1.4 NM NM 18.1 NM NM NM 18.4% 33.9% 45.5% NM NM 7.9% Attunity Ltd. $20.87 $440 ($33) $407 5.1 4.3 3.4 46.9 37.8 NA 77.9 61.0 NA 28.9% 19.5% 26.0% 10.9% 11.3% NA Gridsum Holding Inc. $5.97 $184 ($0) $184 1.3 0.9 NA 9.7 3.5 NA 12.7 4.2 NA NA 41.4% NA 13.0% 25.2% NA Datawatch Corporation $12.75 $162 ($4) $158 3.4 2.8 NA 87.9 NA NA NM 57.6 NA 22.0% 24.0% NA 3.9% NA NA

Mean 5.6x 4.7x 4.4x 38.8x 24.5x 26.9x 39.0x 45.9x 35.3x 17.9% 18.8% 20.4% 15.7% 18.7% 16.3% Median 4.2 3.5 3.4 33.9 23.5 23.6 34.4 57.5 34.6 19.3% 19.5% 22.4% 14.9% 19.9% 17.5%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 8/31/2018. 10 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 6.7x 5.7x 4.9x 26.9x 22.5x 17.4x 48.3x 39.3x 28.9x 23.1% 14.9% 13.6% 25.9% 25.9% 28.1% Median 6.1 4.9 4.3 21.4 19.7 15.3 37.8 33.0 28.3 21.2% 14.5% 12.7% 26.3% 27.8% 29.4%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 8/31/2018. 11 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow

Enterprise Value / CY2018E / Revenue Value Enterprise Enterprise Value / CY / 2018E Revenue Value Enterprise

CY2018E Revenue Growth CY 2018E Revenue Growth % + CY 2018E FCF Margin %

Notes: Source: Capital IQ as of 8/31/2018. Consensus Estimates used for CY2018E figures. 12 RECENT ACQUISITIONS Select Software M&A Transactions

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

8/29/18 Application Software $210 NA NA NA NA Provides real estate referral SaaS for brokers, settlers and lenders.

Provides CRM software for businesses globally, with features that include marketing and customer service automation, 8/15/18 Application Software $190 2.0x 1.8x NA NA customer support, and collaboration. Software allows for automation, customization and integration with many third-party apps and tools.

Provides online booking, reservations management, property marketing and business intelligence and reporting SaaS for hotel 8/10/18 Application Software $1,520 NA NA NA NA and hospitality-focused enterprises.

Provides lending and leasing SaaS for financial institutions globally. Software enables users to manage the entire loan 8/8/18 Application Software $105 NA NA NA NA lifecycle, analyze risk, enforce credit policies, document compliance and requirements based on loan product, and collaborate with borrowers in real time.

Provides employee workplace safety training SaaS for the food manufacturing sector. Software enables businesses to train 8/3/18 Application Software $480 NA NA NA NA employees online via pre-recorded or self-developed course content.

Provides marketing automation SaaS and services to businesses in multifamily housing industry. Software provides features 8/2/18 LeaseLabs Inc. Application Software $103 NA 5.2x NA NA for content management, search engine optimization, geo-targeted mobile display ads, email marketing and Web development.

Provides enterprise contract management and document management SaaS for HR on-boarding, contract lifecycle 7/31/18 Application Software $220 8.8x 7.3x NA NA management, and case management.

Provides real estate property and facility management software for businesses, government agencies and educational 7/31/18 Application Software $2,000 8.0x 7.4x NA NA institutions. Software provides features for site selection, project and lease management, and business performance analysis.

Provides real-time, zero-day anti-malware and threat management SaaS for the financial services, healthcare, IT, public, 7/31/18 Security $96 NA NA NA NA retail, and consumer goods industries.

Provides buy-side and sell-side trade order management, investment management, and trade execution SaaS for financial 7/31/18 Application Software $1,450 5.2x NA NA NA institutions and brokerage firms.

7/26/18 Security $140 NA NA NA NA Provides application threat detection and prevention SaaS for business.

Provides CRM SaaS for restaurants and businesses in the hospitality sector and online ordering and payment services for 7/25/18 Application Software $390 NA NA NA NA consumers.

7/25/18 Application Software $230 4.5x NA NA NA Provides parcel shipping and tracing management SaaS for retailers, suppliers, and brands in the UK.

Provides network security threat, forensics and triage management, and analytics SaaS and services for enterprises and 7/24/18 Security $100 20.0x NA NA NA managed security service providers.

Provides investment management and trading, portfolio, and risk management SaaS for font- and middle-office processes for 7/20/18 Application Software $2,600 NA NA NA NA buy-side firms globally.

Provides governance, risk and compliance (GRC), analytics reporting and violation hotline management SaaS for businesses, 7/17/18 Application Software $1,400 NA NA NA NA government agencies, educational institutions and non-profit organizations globally.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 8/31/2018, where Enterprise Value is >$50MM. 13 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides HR management, including employee case and file management, document management, and related analytics SaaS 7/17/18 Application Software $300 NA NA NA NA for businesses globally.

Provides systems management software and SaaS for businesses globally. Software features include process automation, 7/11/18 Infrastructure Management $18,900 4.5x NA 12.6x NA data management, IT service and security management, and project and portfolio management.

Provides open-source security information event management (SIEM) and unified security management (USM) SaaS for 7/10/18 Security $600 4.8x 4.0x NA NA businesses.

7/10/18 Security $500 3.3x NA NA NA Provides enterprise indentity and access management (IAM) SaaS on desktop, mobile, and virtual environments.

7/9/18 Application Software $325 3.1x NA NA NA Provides employee well-being management SaaS to businesses in the US, Canada, Australia, and the UK.

7/6/18 Information Management $139 3.5x NA NA NA The Rhapsody business of Orion Health provides data integration software and SaaS for the healthcare sector globally.

Provides Linux servers, operating systems, open-source-based servers, storage, and application virtualization software for 7/2/18 Infrastructure Management $2,535 7.9x NA NA NA enterprises.

Provides contact center management and related IVR software for businesses and government agencies globally. Also 6/28/18 Application Software $2,534 0.9x 1.0x 7.4x 7.6x provides outsourced customer care services.

The Medicaid management information systems (MMIS) asset of Molina Healthcare, which provides data management and 6/27/18 Information Management $266 NM NA NA NA administrative systems for government-sponsored Medicaid programs.

Provides geological intelligence and land permit SaaS, for businesses in the oil and gas exploration industry. Also provides oil 6/19/18 Application Software $1,100 NA NA 27.5x NA and gas drilling production volume BI analysis software and related land analysis software.

Provides integrated payment processing APIs for businesses. Software provides features for payment processing and fund 6/19/18 Infrastructure Management $400 NA NA NA NA distribution in various currencies. Also provides mass payment processing services including branded prepaid cards, direct to cards, global bank deposits, cash pick-up, virtual prepaid cards and branded check delivery services. Provides facility maintenance and management SaaS to retailers and multi-site operators. Software provides features for 6/12/18 Application Software $290 NA NA NA NA retail maintenance, transaction management, vendor management and research, analytics, reporting and invoice management.

Provides commercial and clinical data analytics SaaS for life sciences customers. Software provides features for data 6/12/18 Application Software $195 NA NA NA NA management and integration, records management and reporting.

Provides machine learning-based visual data analytics SaaS for the manufacturing and process industry. Software provides 6/12/18 Application Software $70 10.0x NA NA NA features for analyzing, monitoring, predicting and optimizing industrial plant performance.

6/11/18 Infrastructure Management $120 24.0x 12.0x NA NA Provides DevOps incident management, collaboration and documentation SaaS for businesses

Provides corporate performance management (CPM), budgeting and forecasting, financial analytics and reporting SaaS for 6/11/18 Application Software $1,556 13.6x NA NA NA businesses.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 8/31/2018, where Enterprise Value is >$50MM. 14 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides software project management and team collaboration SaaS for businesses. Also provides related software code 6/4/18 Infrastructure Management $7,500 NA NA NA NA hosting services.

Provides advertising valuation, verification, fraud detection and advertising placement measurement SaaS for businesses and 6/4/18 Application Software $800 5.3x 4.4x NA NA advertisers. Also provides related business intelligence analytics software.

5/29/18 Application Software $685 NA NA NA NA Provides and develops desktop applications, for registered investment professionals and retail investors.

Provides business service management software and SaaS, including IT services, IT systems and operations, datacenter 5/29/18 Infrastructure Management $8,400 3.8x NA 9.3x NA automation, performance, virtualization, application lifecycles, cloud computing and databases.

5/23/18 Information Management $50 3.3x NA NA NA Provides mobile and desktop-based image analysis and word recognition software to check processing businesses.

5/21/18 Application Software $1,680 11.2x NA NA NA Provides commercial and open source e-commerce software for online merchants.

Management Application 5/21/18 $1,855 6.4x 5.0x NA NA Provides securities issuance software for businesses in the investment and finance sector globally. Software

Provides asset-focused accounting, budgeting and forecasting ERP and BI analytics software for companies in the oil and gas, 5/21/18 Application Software $1,100 NA 7.3x NA NA utilities, mining, telecommunications and transportation industries.

5/16/18 Information Management $83 2.7x NA 12.3x NA Provides voice and Web conferencing and collaboration services for business in Europe and the US.

5/15/18 Application Software $100 13.3x NA NA NA Provides next-generation sequencing (NGS) and data analysis SaaS for the life sciences and healthcare industry.

Provides pay-per-click (PPC), paid search and social network marketing campaign optimization SaaS for small-to-medium size 5/10/18 Application Software $130 3.1x 2.4x 12.4x NA businesses (SMBs).

Provides payment and transaction processing SaaS and services for online retailers to enabling online, in-store, mobile, B2B 5/2/18 Application Software $83 21.3x NA NA NA and B2C payments.

Provides healthcare, life sciences and pharmaceutical markets with business intelligence and predictive analytics software 5/1/18 Application Software $240 3.3x NA NA NA and SaaS.

Provides AI-enabled contextual professional relationship intelligence SaaS, a mobile application and an online professional 5/1/18 Application Software $270 NA NA NA NA profile database for businesses.

Provides customer analytics SaaS to businesses. Software analyzes and predicts customer behavior based on customer 4/26/18 Application Software $110 2.2x 2.2x NM NM service calls and sales interactions.

Provides website and online store development SaaS and domain name services to entrepreneurs and small business owners. 4/26/18 Infrastructure Management $265 NA NA NA NA Software also provides features for integrated email marketing.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 8/31/2018, where Enterprise Value is >$50MM. 15 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides workforce management SaaS for businesses. Software provides features for employee recruitment, training and 4/23/18 Application Software $150 1.4x NA 11.2x NA compensation and performance management.

Provides construction industry enterprise resource planning (ERP), accounting, project management, building information 4/23/18 Application Software $1,200 NA 6.0x NA NA management (BIM), collaboration, mobile office and content management software and SaaS.

4/23/18 Application Software $450 6.4x NA 22.5x NA Provides workforce management, optimization and scheduling SaaS for the healthcare sector in Europe.

Provides real estate payment SaaS, mobile applications and pay-by-phone services for property managers, with a focus on the 4/20/18 Application Software $219 9.9x 6.8x NA NA multi-dwelling residential sector. Also provides transaction processing and reporting software.

Provides data software as a service (SaaS) to public sector organizations to make public data more easily accessible to public 4/18/18 Application Software $150 6.0x NA NA NA sector employees and citizens. Software features include data integration, visualization and reporting.

Provides enterprise IT infrastructure performance monitoring and systems management SaaS, including pre-configured 4/17/18 Infrastructure Management $300 6.7x 4.6x NA NA networking, server, cloud infrastructure, virtual servers, databases, applications and storage performance information and alerting.

4/13/18 Application Software $180 NA NA NA NA Provides AI-based education data analytics SaaS to schools in India.

4/12/18 Application Software $330 3.1x NA 8.6x NA Provides business intelligence (BI) analytics and business process automation software for businesses globally.

4/8/18 Information Management $137 NM NA NA NA Provides online microblogging and collaboration SaaS and services for educators and students.

All Software Median 5.3x 5.0x 12.3x 7.6x Mean 7.2x 5.4x 13.8x 7.6x

PE Acquirers Median 4.6x 4.5x 15.9x NA Mean 5.0x 4.5x 17.0x NA

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 8/31/2018, where Enterprise Value is >$50MM. 16 Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM. RECENT PRIVATE FINANCINGS

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

Provider of professional electronic contract lifecycle services intended to improve DCM Ventures, Matrix Partners China, Morningside Venture Capital, Shunwei Capital, Tiger 8/31/18 BestSign $53 blockchain applications. Global Management, WPS Capital

8/31/18 Vroom $30 Provider of an online used-car marketplace intended to provide reconditioned vehicles. Pico Partners, T. Rowe Price, Annox Capital, Fraser McCombs Capital, L Catterton

8/31/18 KEV Group $27 Developer of web-based cash management software for schools. Serent Capital

Developer of a decentralized world compute cloud designed to host the next generation of Amino Capital, Andreessen Horowitz, Aspect Ventures, Draft Ventures, Hashed (Accelerator), 8/29/18 Dfinity $102 software and services. Kryptonite1, Multicoin Capital, Nebari Holdings, Polychain Capital, Scalar Capital

8/29/18 Cloudian $94 Provider of data management services. NTT Docomo Ventures, WS Investments, Digital Alpha

8/29/18 Terra Money $32 Developer of price-stable cryptocurrency designed for mass adoption. Okex, Dunamu & Partners, Huobi Capital, Binance Labs

Provider of an enterprise class storage platform created to offer cost-effective enterprise 8/29/18 Zadara $25 Genesis Partners, Platinum Partners, Toshiba storage-as-a-service for public and private cloud.

Provider of an in-home repair and installation platform intended to provide services and Temasek Holdings, Viola Ventures, Sequoia Capital Israel, Samsung NEXT Ventures, Red Dot 8/28/18 Puls Technologies $50 support for tech devices. Capital Partners, Hanaco Venture Capital, Hamilton Lane

Provider of a cloud based workforce management platform intended to create connections Arthur Kosten, Creandum, IdInvest Partners, Klaus Nyengaard, LeadX Capital Partners, 8/28/18 Planday $40 between employees and businesses. Markedsmodningsfonden, SEB Asset Management, SEB Private Equity

Provider of a cloud-based infrastructure-as-a-service platform designed for running and Highland Europe, Intel Capital, Leaders Fund, Microsoft ScaleUp, NAV.VC, Pico Partners, 8/28/18 Spotinst $35 managing elastic compute cloud. Springtide Ventures, Vertex Ventures Israel

Provider of a supply chain management platform created to simplify the everyday lives of 8/28/18 Narvar $30 Accel, Salesforce Ventures, Scale Venture Partners, Battery Ventures consumers.

AME Cloud Ventures, Liberty Global Ventures, Spike Ventures, Strawberry Creek Ventures, 8/28/18 Lacework $24 Provider of a zero-touch security platform designed to redefine security for the cloud. Sutter Hill Ventures, Webb Investment Network

Provider of a subscription-based e-commerce platform designed to provide monthly boxes Atalaya Capital Management, National Entertainment Collectibles Association, BioWorld 8/28/18 Loot Crate $23 of gaming related merchandise. Merchandising, Coremex Capital

Developer of an instant messaging app intended to send voice and text messages without 8/28/18 Kuairu Technology $22 Chengwei Capital, Gaorong Capital, Smartisan Technology entering the chat interface.

Provider of digital-to-direct mail platform designed to transform real-time online activity 8/24/18 PebblePost $25 into personalized, dynamically rendered direct mail delivered to postal hubs within 12 to Advance Venture Partners, Tribeca Venture Partners, Greycroft, RRE Ventures 24 hours.

Notes: Source: Pitchbook. Reflects deal activity through 8/31/2018. 17 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Developer of a health care data analytics platform designed to improve patient outcomes, Baillie Gifford, Kinship Trust Company, Lightbank, New Enterprise Associates, Revolution, T. 8/23/18 Tempus $110 starting with cancer. Rowe Price

Provider of an online payment platform and loan service designed to give consumers peace 8/23/18 Paidy $55 Itochu, Visa Ventures, Goldman Sachs of mind and increase conversion and sales.

Provider of an enterprise project and asset management software designed to manage 8/23/18 Sitetracker $28 New Enterprise Associates, Salesforce Ventures, The Dcode Group, Wells Fargo official information and automate workflows.

8/23/18 CARMERA $20 Developer of a street-level intelligence platform designed to automate cities. GB, Matrix Partners

Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners, Silicon Valley Bank, 8/22/18 Root Insurance $100 Provider of a personalized car insurance platform. Tiger Global Management

Provider of a cloud-based human resource (HR) and compliance software platform in the 8/22/18 ThinkHR $68 Bundy Ventures, Guidepost Growth Equity, Kennet Partners United States.

AlphaX Partners, China Growth Capital, Fullcent Capital, Fullshare Holdings, Gobi Ventures, Developer of a consumer services platform designed to integrate mobile purchasing and 8/22/18 Black Fish (Financial Software) $50 JAFCO Investments Asia, Lightspeed Venture Partners China, Morningside Group, Rakuten payment. Capital

Provider of an enterprise collaboration platform designed to help people communicate Dragoneer Investment Group, General Atlantic, T. Rowe Price, Wellington Management, Sands 8/21/18 Slack $427 better. Capital Ventures

8/21/18 Getaround $300 Provider of a peer-to-peer, car-sharing marketplace. SoftBank Group, Toyota Motor

Georgian Partners, Volition Capital, Vulcan Capital, F-Prime Capital Partners, FirstMark Capital, 8/21/18 TraceLink $93 Provider of an online medical platform intended to track and trace pharmaceuticals easily. The Goldman Sachs Group, Willett Advisors

Provider of software engineering analytics services designed to help customers to achieve 8/21/18 Semmle $21 Accel, Oxford Spin-out Equity Management, Oxford University Innovation, Work-Bench engineering excellence.

Provider of a cloud-based converged data platform designed to offer real-time database 8/17/18 MapR $153 Lightspeed Venture Partners, Quadrille Capital, Kilmahew Ventures, SharesPost, Mayfield Fund capabilities.

Provider of a food delivery application intended to provide on-demand food-ordering and DST Global, Coatue Management, SoftBank Group, Sequoia Capital, Wellcome Trust, GIC 8/16/18 DoorDash $250 delivery services. Private

Blockchain Capital, Boost VC, Danhua Capital, DCG, Haystack, Khosla Ventures, Plug and Play Provider of a cryptocurrency trading platform designed to create a global network of 8/16/18 SFOX $23 Tech Center, Social Capital, SV Angel, Transmedia Capital, Tribe Capital, Upside Partnership, Y exchanges to facilitate real-time trading of any currency. Combinator

Developer of an open banking platform designed to connect banks and depositors across Apeiron Investment Group, e.ventures, Finlab, Greycroft, Kinnevik, Peter Thiel, Swiss Finance 8/15/18 Deposit Solutions $100 Europe. Startups, Top Tier Capital Partners, Valar Ventures, Vitruvian Partners

Notes: Source: Pitchbook. Reflects deal activity through 8/31/2018. 18 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Provider of a cloud-based audit automation platform created to revolutionize the way Act One Ventures, Battery Ventures, Donnelley Financial Solutions, Draper Venture Network, 8/15/18 AuditBoard $40 enterprises manage, solve, and report on their entire risk, compliance, and audit universe. Mucker Capital, Strong Ventures, Wavemaker Partners

Developer of mobile websites designed to transform network security for the modern Fortune Venture Capital Company, IDG Capital, Microsoft ScaleUp, Morningside Group, 8/15/18 Redcore (China) $37 cloud and mobile era. Morningside Venture Capital, Tianjin Venture Capital, Tiger Global Management

Provider of a cloud-based container security platform created to maximize the benefits of Dell Technologies Capital, ICONIQ Capital, Polaris Partners, Rally Ventures, Ten Eleven 8/15/18 Twistlock $33 virtual containers in the production environment. Ventures, YL Ventures

Developer of an Ad experience platform designed for providing in-application advertising 8/15/18 RevJet $21 LifeStreet, Nautic Partners services.

Provider of cloud-based industrial data analytics platform designed to offer data collection Capital Development Investment Fund (China), GGV Capital, KTB Network (Seoul), Microsoft 8/15/18 Clobotics $21 and data visualization services. ScaleUp, Nantian Infotech VC, Wangsu

Developer of an HD mapping and localization platform designed to bring autonomous cars Accel, Andreessen Horowitz, GSR Ventures, iSeed Ventures, NVIDIA GPU Ventures, Plug and Play 8/14/18 DeepMap $60 onto roads. Tech Center, Robert Bosch Venture Capital, SAIC Capital

Provider of an analytics-led security intelligence platform designed to detect data 3737 North Capital, Aspect Ventures, Cisco Investments, Icon Ventures, Lightspeed Venture 8/14/18 Exabeam $50 breaches. Partners, Norwest Venture Partners, Shlomo Kramer

Nyca Partners, The Goldman Sachs Group, NEX Opportunities, Andreessen Horowitz, Coatue 8/14/18 Axoni $32 Provider of distributed ledger technology for capital markets. Management, Franklin Templeton Investments, JP Morgan

Provider of a mobile personal finance platform designed to empower consumers to take 8/14/18 MoneyLion $29 Edison Partners, FinTech Collective, Greenspring Associates, Danhua Capital control of their financial lives.

Developer of an augmented reality platform intended to unlock new ways for people to A&E Television Networks, Alphabet, Amitt Mahajan, Ascolta Ventures, Benchmark Capital, First 8/14/18 Ubiquity6 $27 interact and imagine in their shared spaces. Round Capital, Gradient Ventures, Index Ventures (UK), Kleiner Perkins, LDV Partners, WndrCo

Provider of a blockchain platform designed to transform transactions between blockchain 8/13/18 Dexon $20 IDG Capital systems.

8/10/18 Kaola Reading $20 Developer of a children's graded online reading platform. China Media Capital, GGV Capital, Qiming Venture Partners, XVC, Zero2IPO Ventures

Developer of a blockchain-based equities trading platform designed to develop and 8/9/18 tZERO $270 Medici Ventures, Team in Residence commercialize financial technology.

Andreessen Horowitz, Coatue Management, Comcast Ventures, GGV Capital, Hercules Capital, Provider of an online shopping platform designed to bring people together to get more 8/9/18 OfferUp $39 Jackson Square Ventures, T. Rowe Price, Tenaya Capital, The Gramercy Fund, Third Kind value from the goods they purchase. Venture Capital, Tiger Global Management, Vy Capital, Warburg Pincus Developer of a point of sale (POS) operating software designed to deliver faster and easier- 32 Equity, Elysian Park Ventures, Global Sports Venture Studio, Oak View Group, R/GA 8/9/18 Appetize $23 to-use technology to sports venues, education campuses, business dining locations, zoos, Accelerator, Shamrock Capital Advisors, Silicon Valley Bank convention centers, national chains and theme parks.

Notes: Source: Pitchbook. Reflects deal activity through 8/31/2018. 19 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Provider of a used goods marketplace designed to facilitate buying and selling of local 14W, Accel, Eight Roads, FJ Labs, Insight Venture Partners, Mangrove Capital Partners, Naspers, 8/8/18 Letgo $500 goods. New Enterprise Associates, NextView Ventures, Northzone Ventures

Provider of an HR technology platform designed for corporate benefit and discount 8/8/18 Perkspot $50 Susquehanna Growth Equity programs.

Provider of an open data science platform intended to help companies to run their Ashley Fontana, Bloomberg Beta, Coatue Management, In-Q-Tel, Sequoia Capital, Slow 8/8/18 Domino Data Lab $43 business on models. Ventures, The Dcode Group, Zetta Venture Partners

Developer of AI powered personalization software intended to maximize the monetization 8/8/18 Dynamic Yield $32 Viola Growth, Union Tech Ventures of website traffic.

Provider of an online gaming platform intended to help interested individuals compete in Brandon Beck, Debra Cafaro, Elysian Park Ventures, Kevin Hart, Mark Burnett, Mark Leschly, 8/8/18 Professional Fighters League $28 regular seasons, playoffs and championships. Swan Ventures, Theodore Leonsis, Tony Robbins

Boyu Capital Advisory Company, China Growth Capital, Francis Leung, Matrix Partners, Matrix Developer of a travel tours and activities booking platform designed to connect travelers 8/7/18 Klook $200 Partners China, OurCrowd, Sequoia Capital China, Technology Crossover Ventures, The with the experiences they want and need. Goldman Sachs Group, Welight Capital, Xiaoguang Wu

Crestline Investors, North Bridge Venture Partners, Advanced Technology Ventures, Andreessen 8/7/18 Actifio $100 Provider of multi-cloud data management software designed to virtualize enterprise data. Horowitz, 83North

8/7/18 Freee $60 Provider of a cloud accounting software designed to enhance the efficiency of accounting. LINE, MUFG Union Bank, Life Card, SPARX Group, DCM Ventures, SBI Investment

Provider of a cloud-based product experience management platform designed to drive Four Rivers Group, Greenspring Associates, Matrix Partners, Michael Skok, North Bridge 8/7/18 Salsify $43 online products and increase sales. Venture Partners, Underscore VC, Venrock

8/7/18 Dianrong $40 Provider of a peer to peer lending platform designed to lend and borrow money online. Dalian Finance Industry Investment Group, ORIX Asia Capital, GIC

Developer of a digital manufacturing platform designed to address critical challenges in 8/7/18 Sight Machine $26 Mercury Fund, Tekfen Ventures, Mitsui & Co. quality and productivity throughout the enterprise.

Accel, Atomico, Bessemer Venture Partners, Christopher Dixon, EDBI, First Round Capital, Provider of an online adaptive-learning system designed to personalize learning for the 8/7/18 Knewton $25 FirstMark Capital, Founders Fund, GSV Capital, Reid Hoffman, Ronald Conway, Shana Fisher, world. Sofina, Tal Education Group, The Gramercy Fund

Developer of a cloud-based risk assessment platform designed to deliver on-demand Accel, Dell Technologies Capital, Dell Ventures, Fidelity Investments, F-Prime Capital Partners, 8/7/18 RiskRecon $25 assessments of any organization's security practices. General Catalyst, Michael Boodaei, Paul Sagan, Rakesh Loonkar

8/6/18 Procare Software $550 Provider of childcare management software for child-centered businesses. TA Associates Management, Warburg Pincus

8/3/18 StreetShares $29 Provider of online money-lending services. Rotunda Capital Partners, Stony Lonesome Group, Private Access Network

Notes: Source: Pitchbook. Reflects deal activity through 8/31/2018. 20 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Access Industries, Groupe Fnac Darty, Kingdom Holding Company, LBO France, Orange Digital 8/2/18 Deezer $187 Provider of music streaming services designed to offer personalized music tracks. Ventures, Rotana Holding

Developer of a human capital management platform intended to meet the complex GGV Capital, True Ventures, Matrix Partners, Sequoia Capital, Scale Venture Partners, Tenaya 8/2/18 Namely $60 demands facing today's HR professionals. Capital

ACE & Company, Altair Capital, Bessemer Venture Partners, Elevate Capital, Global Founders Provider of a property rental platform intended to improve the rental experience for 8/2/18 REZI (Application Software) $30 Capital, Greylock Partners, Mark 2 Capital, Mayfield Fund, Promus Equity Partners, Y landlords and tenants. Combinator

Developer of project management and invoicing tools intended to help business to work 8/2/18 Teamleader $22 Fortino Capital, Keen Venture Partners, PMV, Sage Capital smartly.

Chuangban, DCM Ventures, G7 Ventures, GGV Capital, GLP, Huochebang, Oceanpine Capital, 8/1/18 51Zhaoyou.com $150 Provider of a B2B petroleum e-commerce platform. Rainbow Capital, Sky9 Capital, Susquehanna Asia Investments, Tide Capital, Wang Dong, Yunqi Partners

Provider of a company communications platform designed to keep employees informed Adams Street Partners, Akkadian Ventures, Cisco Investments, Deutsche Telekom Capital 8/1/18 Dynamic Signal $47 and engaged. Partners, Focus Opportunity Fund, Founders Circle Capital, Microsoft Ventures

Developer of a data analysis and smart communication enhancement platform intended to Hyundai Steel, Hyundai Venture Investment Corporation, IBK Capital, JAFCO Investments Asia, 8/1/18 Saltlux $29 help in communicating freely. Korea Investment & Securities, KT, Partners Investment, Shinhan Bank, Techcross

Ceyuan Ventures, China Capital Zhongcai Fund Management, China Electronics Corporation Provider of a social networking platform designed to connect doctors with peers, facilitate 7/31/18 Medlinker $149 Data, China Health Industry Investment Fund, China Renaissance, Huaxing Capital, PreAngel, referrals and share medical records easily. Sequoia Capital China, Tencent Holdings, Tianfu Software Park, Yunfeng Capital

Provider of a cloud-based payroll, benefits and human resource management platform Dragoneer Investment Group, Y Combinator, T. Rowe Price, CapitalG, 137 Ventures, General 7/31/18 Gusto $140 designed to offer employee benefits. Catalyst, Kleiner Perkins, Emergence Capital Partners, Incite Ventures

Developer of a cloud-based customer support platform designed to provide software that 10,000 Startups-NASSCOM, Accel, CapitalG, Lee Fixel, Microsoft BizSpark, Rajesh Rajasekar, Ravi 7/31/18 Freshworks $100 is ready to go, easy to setup and use and requires minimal customization. Raman, Sequoia Capital India, Tiger Global Management, YourStory Media

7/31/18 Yellowbrick $44 Provider of solutions intended to redefine how data drives change in businesses. GV, Menlo Ventures, Samsung Venture Investment, Third Point Ventures

Provider of a Data-as-a-Service Platform designed to to create a new approach to data 7/31/18 Dremio $30 Cisco Investments, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures analytics that prioritizes users experience, simplicity and scalability.

7/31/18 Mammoth Biosciences $23 Provider of a disease detection platform intended to offer diagnostic facilities. Mayfield Fund

Developer of an AI-driven enterprise service management platform designed to redefine 7/31/18 Espressive $23 General Catalyst, Wing Venture Partners how employees get help.

Provider of an online marketing platform intended to empower marketers to build complex 7/30/18 Simon $20 Polaris Partners, .406 Ventures, F-Prime Capital Partners, Commerce Ventures customer segments.

Notes: Source: Pitchbook. Reflects deal activity through 8/31/2018. 21 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings ($MM) % Change % Change Market Cap @ % Change Current / Offer Date(1) Name Amount Raised Pre IPO Filing Range Offer Price Offer / 1st Trading Day / Offer IPO Date Offer Price Midpoint Price Price

7/27/2018 $1,336 $127 17.00-19.00 $20.00 11.1% 26.0% 31.1%

7/27/2018 $1,438 $115 10.00-12.00 $12.00 9.1% 9.3% (1.7%)

7/26/2018 $2,755 $251 17.00-19.00 $23.00 27.8% 31.5% 44.2%

6/29/2018 $681 $193 19.00 - 21.00 $21.00 5.0% 30.0% 12.0%

6/15/2018 $2,933 $180 21.00 - 23.00 $24.00 9.1% 87.3% 54.1%

5/17/2018 $1,196 $311 12.00 - 14.00 $15.00 15.4% 33.3% 127.8%

5/4/2018 $1,576 $152 15.00-17.00 $19.00 18.8% 26.0% 33.3%

4/27/2018 $1,928 $175 12.00 - 14.00 $15.00 15.4% 30.0% 98.2%

4/27/2018 $6,043 $629 26.00 - 28.00 $29.00 7.4% 37.0% 115.3%

4/26/2018 $4,156 $462 19.00-21.00 $22.00 10.0% 41.9% 75.0%

4/20/2018 $3,938 $555 14.00 - 16.00 $15.00 - 4.9% 85.0%

4/12/2018 $2,070 $154 11.00 - 13.00 $14.00 16.7% 42.9% 97.0%

3/23/2018 $11,161 $756 16.00 - 18.00 $21.00 23.5% 35.6% 27.9%

3/16/2018 $3,872 $192 10.00 - 12.00 $16.00 45.5% 106.3% 167.4%

2/9/2018 $261 $70 13.00-15.00 $13.00 (7.1%) 2.8% 56.8%

Notes: Sources: Capital IQ and Company filings as of 8/31/2018. IPO pricings include public registrations only. 22 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 195 6 (7) Cardlytics Zscaler 11 (11) Dropbox (5) Zuora Pivotal Software 190 (11) (6) 7 Ceridian (8) DocuSign (4) 17 (9) 11 (10) Smartsheet 17 Fortinet (7) Carbon Black CDC Software 16 Pluralsight 180 LogMeIn (6) Avalara Medidata (9) (6) Domo SolarWinds SciQuest (8) 9 Tenable Holdings Rosetta Stone RealPage (12) Opera Limited IntraLinks Endava Jive Envestnet Imperva Workday Qlik Carbonite Fleetmatics 170 BroadSoft Workiva Tangoe Qualys Mavenir Atlassian Higher One Hortonworks Responsys Eloqua Barracuda Mimecast Convio New Relic Cornerstone E2open Wix.com Instructure 10 SPS Commerce HubSpot (9) Epocrates ServiceNow Covisint Rapid7 Twilio (13) SS&C CyberArk Exa RingCentral Sophos SecureWorks QuinStreet MobileIron FireEye Talend (9) Incadea Kinaxis AppFolio 160 Cvent Everbridge Infloblox Zendesk Alarm.Com Gigamon Apptio 15 Proofpoint Paycom Xactly Textura Gridsum Holding 153 Splunk OPOWER Shopify ChannelAdvisor Nutanix Mulesoft (4) ExactTarget Five9 Apigee (7) Marketo Coupa Alteryx Demandware 2U Box Tableau BlackLine, Inc. Okta Bazaarvoice Borderfree 150 Halogen Yext Greenway Amber Road Rally Cloudera AVG A10 Networks Marin Appian Guidewire Paylocity Model N MongoDB Varonis Systems Altair Engineering SendGrid 140 SailPoint

130 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2018

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2018 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 15 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 9 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 4

Notes: Sources: Capital IQ, company filings. Market data as of 8/31/2018. 23 US FINANCING AND DEAL SHARE BY SECTOR

US Financing Trend

$22.4 $23.0 $19.2 $19.7 $19.6

$15.3 $14.6 1,416 $13.0 1,410 1,392 1,355

1,336 1,289 1,297 1,264

Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18

Investments ($B) Deals

US Deal Share by Sector

15% 15% 14% 18% 16% 19% 17% 16% 4% 4% 5% 3% 4% 3% 5% 5% 7% 8% 8% 6% 8% 9% 8% 9% 13% 11% 14% 15% 13% 14% 15% 15% 12% 16% 13% 14% 14% 11% 11% 12%

49% 47% 45% 44% 45% 43% 46% 43%

Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18

Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Consumer Products & Services Other

Notes: Source: PwC CB Insights MoneyTree Report Q2 2018. 24