Sectorwatch: IT Consulting January 2020 IT Consulting January 2020 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [15]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public companies sector

3 Dashboard

Operating Metrics Revenue Growth 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 31.5% -0.5% average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 15.9%

Pricing / Gross Margin Median LTM Rev. Growth % 8.8% 1 - year gross profit % compared to gross profit % -0.5% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 25.3x 1 - year EBITDA % compared to EBITDA % average for 0.6% last 3 years Median TEV / LTM EBIT 19.2x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 17.0x

Median TEV / LTM Revenue 2.8x

0x 10x 20x 30x

4 Public Basket

Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k

Perficient, Inc. 1,734 552 10% 37% 13% 3.1 23.9 3,060 180 Reply S.p.A. 3,145 1,283 17% 15% 13% 2.5 19.8 7,606 169 EPAM Systems, Inc. 11,890 2,166 25% 35% 16% 5.5 35.0 30,156 72 CGI Inc. 24,735 9,149 5% 31% 17% 2.7 15.5 77,500 118 Capgemini SE 24,927 15,632 8% 27% 13% 1.6 12.7 211,313 74 NTT DATA Corporation 25,041 20,526 5% 25% 15% 1.2 8.3 123,884 166 Cognizant Technology Solutions Corporation 32,802 16,628 5% 37% 19% 2.0 10.4 281,600 59 Infosys Limited 44,305 12,642 10% 32% 24% 3.5 14.7 228,123 55 Tata Consultancy Services Limited 110,730 21,780 10% 44% 26% 5.1 19.6 424,285 51 Accenture plc 130,443 43,968 5% 31% 16% 3.0 18.5 492,000 89 Average 40,975 14,433 10% 32% 17% 3.0 17.8 187,953 103 Median 24,984 14,137 9% 32% 16% 2.8 17.0 167,599 82 share price as of 25Jan20

5 Public Basket Valuation Trends

18x Public EBITDA Multiples over Time

20x 16x 15x 10x 14x 5x 0x

12x

Jul-15 Jul-16 Jul-17 Jul-18 Jul-19

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Apr-16 Apr-17 Apr-18 Apr-19 13.4x Apr-15 10x TEV/EBITDA - Median TEV/EBITDA - Average

8x Public Revenue Multiples over Time 6x 3x

4x 2.2x 2x 1x 2x 0x

Jul-19 Jul-15 Jul-16 Jul-17 Jul-18

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Apr-18 Apr-15 Apr-16 Apr-17 Apr-19

Jul-19 Jul-15 Jul-16 Jul-17 Jul-18

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Apr-16 Apr-17 Apr-18 Apr-19 Apr-15 TEV/Revenue - Median TEV/Revenue - Average

TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Tata Consultancy Services Tata Consultancy Services Limited Limited

Cognizant Technology Infosys Limited Solutions Corporation

Cognizant Technology Perficient, Inc. Solutions Corporation

EPAM Systems, Inc. CGI Inc.

Infosys Limited Accenture plc

Accenture plc EPAM Systems, Inc.

CGI Inc. NTT DATA Corporation

Capgemini SE Perficient, Inc.

NTT DATA Corporation Capgemini SE

Reply S.p.A. Reply S.p.A.

Median Median

- 20% 40% 60% - 10% 20% 30%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

EPAM Systems, Inc. Perficient, Inc.

Reply S.p.A. Reply S.p.A.

Perficient, Inc. NTT DATA Corporation

Tata Consultancy Services CGI Inc. Limited

Infosys Limited Accenture plc

Capgemini SE Capgemini SE

Accenture plc EPAM Systems, Inc.

Cognizant Technology CGI Inc. Solutions Corporation

Cognizant Technology Infosys Limited Solutions Corporation

Tata Consultancy Services NTT DATA Corporation Limited

Median Median

- 10% 20% 30% $- $50 $100 $150 $200

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

CGI Inc. Infosys Limited

Accenture plc Capgemini SE

NTT DATA Reply S.p.A. Corporation

Tata Consultancy EPAM Systems, Inc. Services Limited

Cognizant Perficient, Inc. Technology…

Tata Consultancy EPAM Systems, Inc. Services Limited

NTT DATA Reply S.p.A. Corporation

Capgemini SE Accenture plc

Infosys Limited CGI Inc.

Median Median

0x 2x 4x 6x 0 20 40 60 80 100

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

EPAM Systems, Inc. EPAM Systems, Inc.

Tata Consultancy Perficient, Inc. Services Limited

Infosys Limited Reply S.p.A.

Tata Consultancy Perficient, Inc. Services Limited

Accenture plc Accenture plc

CGI Inc. CGI Inc.

Reply S.p.A. Infosys Limited

Cognizant Capgemini SE Technology…

NTT DATA NTT DATA Corporation Corporation

Median Median

0x 1x 2x 3x 4x 5x 6x 0x 10x 20x 30x 40x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

EPAM Systems, Inc. EPAM Systems, Inc.

Perficient, Inc. Perficient, Inc.

Reply S.p.A. Accenture plc

Tata Consultancy Reply S.p.A. Services Limited

Accenture plc Capgemini SE

NTT DATA Tata Consultancy Corporation Services Limited

CGI Inc. CGI Inc.

NTT DATA Infosys Limited Corporation

Capgemini SE Infosys Limited

Cognizant Cognizant Technology… Technology…

Median Median

0x 10x 20x 30x 40x 0x 10x 20x 30x 40x 50x

11 Valuation

Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate

40x 30% 40x 50%

44.4% 45% 35x 35x 24.7% 25% 40% 37.3% 37.2% 30x 30x 35% 32.0% 20% 30.6% 35.5% 25x 25x 17.4% 30% 31.1%

20x 15% 20x 27.3% 25% 25.4%

20% 15x 15x 8.1% 9.5% 10% 15% 10.3% 10.4%

10x 14.7% 10x 10%

LTM GP% LTM

EBITDA(x) EBITDA(x)

5x 5x 4.7% 5.1% 5.3% 5.4% RGR% LTM 5%

8x 10x 13x 15x 16x 18x 20x 20x 24x 35x 8x 10x 13x 15x 16x 18x 20x 20x 24x 35x 0x 0% 0x 0%

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

12 Recent Transactions

Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

19Jan20 Pactera Technology International Ltd. China Electronics Corporation - - - - 8Jan20 Sistemas Informáticos Abiertos, S.A. Indra Sistemas, S.A. - - - - 7Jan20 BZW Consulting Group, Inc. The Pinnacle Group - - - - 6Jan20 NEF, Inc. CBRE Group, Inc. - - - - 6Jan20 All the Assets Of MedTouch LLC Perficient, Inc. - 13.00 - - 12Dec19 Source Support Services, Inc. Capitala Group - - - - 14Nov19 Codalis SA Bechtle AG - 10.13 - - 31Oct19 Yotabites Consulting LLC ProKarma Inc. - - - - 8Nov19 Virtual Clarity Limited DXC Technology Company - - - - 5Nov19 Naya Pai Technologies Ltd EPAM Systems, Inc. - - - - 31Oct19 Backbone Enterprises, Inc. CynergisTek, Inc. 11.00 - - - 30Oct19 Statêra, Inc Navint Partners, LLC - - - - 6Sep19 iC-1 Solutions, LLC Swift Group Holdings, LLC 25.50 - - - 24Oct19 DYNARDO (Dynamic Software and Engineering) GmbH ANSYS, Inc. 33.29 - - - 23Oct19 Global IT SOS SmartSource, Inc. - - - - 21Oct19 pernexas GmbH Alfresco Software, Inc. - - - - 14Oct19 PeopleWare ICT Solutions B.V. Proact IT Group AB (publ) 18.73 30.86 0.6x - 24Sep19 Locus Telecommunication Inc., Ltd. NTT DATA Asia Pacific Pte. Ltd. - - - - 10Sep19 Pragsis Technologies S.L. Accenture plc - - - -

26Aug19 Beijing Transtrue Technology Inc. Suzhou Longyue Holdings Co., Ltd. 62.54 117.23 1.3x 26.5x 28Aug19 BASS Systems S.R.L. S&T AG 6.36 - - - 9Aug19 Belatrix Global Corporation S.A. Globant S.A. 65.00 35.00 - - 1Jul19 Phoenix Austec Group Pty Ltd Spirit Telecom Limited 1.13 - - 4.3x 26Jun19 BCT Solutions Pty Ltd Accenture plc 13.97 - - -

26Jun19 Oxygen Systems Oracle Corporation - - - - 13Jun19 Sovereign CRM, LLC Ness Technologies Inc. - - - -

13 IT Consulting January 2020 APPENDIX:

Public Basket

Constituents

Perficient, Inc. 0x Perficient, Inc. provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using TEV/Revenue Average middleware software products developed by third-party vendors. Its solutions include portals and collaboration, such as EBITDA Multiples - Perficient, Inc. searchable data systems, collaborative systems for process 30x improvement, transaction processing, unified and extended 20x reporting, and other services; and platform implementations services, including application server selection, architecture 10x planning, installation and configuration, clustering for availability, performance assessment and issue remediation, 0x security, and technology migrations. Perficient, Inc. was founded in 1997 and is headquartered in St. Louis, Missouri. TEV/EBITDA Average Date Key Development Headline 5/21/19 Perficient, Inc. (NasdaqGS:PRFT) completed the acquisition of P/E Multiples - Perficient, Inc. the assets of Sundog Interactive, Inc. 5/12/19 Perficient, Inc. (NasdaqGS:PRFT) entered into a purchase 60x agreement to acquire the assets of Sundog Interactive, Inc for $14 million. 45x 10/28/18 Perficient Inc. (NASDAQ:PRFT) acquired Elixiter Inc. for $11.7 30x million. 15x 7/15/18 Perficient, Inc. (NasdaqGS:PRFT) acquired substantially all of the assets of Substantially All of the Assets of Stone Temple 0x Consulting Corporation for $13.8 million.

P/E Average

15 Revenue Multiples - Reply S.p.A. Public Basket 3x 2x

Reply S.p.A. 0x Reply S.p.A. provides consulting, system integration, application management, and business process outsourcing services in Italy and internationally. The company implements solutions based TEV/Revenue Average on communication channels and digital media. It provides Brick Reply, a manufacturing operations management platform for EBITDA Multiples - Reply S.p.A. 30x the management and control of a smart factory; Click Reply, a supply chain execution platform; Definio Reply, a technological 20x platform for collection, analysis, control, processing, and distribution of financial data; Discovery Reply, a platform for the 10x digital media management projects; and Gaia Reply platform for use in the field of mobility and multimedia. The company 0x also offers Hi engage, a commercial contextual marketing solution; Pay Reply platform that provides mobile payment solutions, as well as helps banks, financial institutions and TEV/EBITDA Average telecommunications companies, utilities, and retailers to create and deliver remote and proximity payment services; SideUp P/E Multiples - Reply S.p.A. Reply, a software application for warehouse management; 40x

Starbytes, an online employment service for freelancers and ICT 30x specialists; The company was founded in 1996 and is headquartered in Turin, Italy. 20x 10x

0x Date Key Development Headline 2/28/19 Deutsche Telekom Partners with Reply to Develop Open-Source Backhaul System 4/9/18 Reply S.p.A. (BIT:REY) acquired a majority stake in Valorem P/E Average Consulting Group, LLC.

16 Revenue Multiples - EPAM Systems, Inc. Public Basket 6x 4x

EPAM Systems, Inc. 0x EPAM Systems, Inc. provides software product development and digital platform engineering services primarily in North America, Europe, Asia, and Australia. It offers software product TEV/Revenue Average development services, including product research, customer experience design, prototyping, program management, EBITDA Multiples - EPAM Systems, Inc. 40x component design and integration, lifecycle software testing, product deployment, end-user customization, performance 30x tuning, product support and maintenance, managed services, 20x and porting and cross-platform migration. The company provides custom application development services, such as 10x business and technical requirement analysis, user experience 0x design, solution architecture creation and validation, development, component design and integration, quality assurance and testing, deployment, performance tuning, TEV/EBITDA Average support and maintenance, legacy applications re- engineering/refactoring, porting and cross-platform migration, P/E Multiples - EPAM Systems, Inc. and documentation. The company was founded in 1993 and is 120x headquartered in Newtown, Pennsylvania. 90x

60x Date Key Development Headline 11/4/19 EPAM Systems, Inc. (NYSE:EPAM) acquired NAYA Technologies. 30x 7/1/19 EPAM Systems, Inc. acquired Competentum Group. 0x 5/9/19 EPAM To Seek Investments 5/8/19 EPAM Systems, Inc. (NYSE:EPAM) acquired testCloud.de GmbH for approximately $17.3 million. P/E Average

17 Revenue Multiples - CGI Inc. 4x Public Basket 3x 2x

CGI Group Inc. 0x CGI Group Inc. provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio TEV/Revenue Average management, quality assurance and testing, modernization, and migration services; agile, business transformation, change EBITDA Multiples - CGI Inc. 20x management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business 15x consulting services; business-to-business and customer 10x operations support, purchase management, revenue management, and supplier payment services; and data center 5x facilities and management, technical service desk, printing and 0x document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and TEV/EBITDA Average file sync and share as a service, as well as infrastructure solutions and consulting services. The company was founded in P/E Multiples - CGI Inc. 1976 and is headquartered in Montreal, Canada. 40x

30x Date Key Development Headline 20x 11/4/19 CGI Inc. (TSX:GIB.A) acquired the remaining 3.9% stake in Acando AB (publ.) for $23.1 million. 10x 9/2/19 CGI Inc. (TSX:GIB.A) acquired Annams Systems Corporation, Inc. 4/15/19 CGI Inc. (TSX:GIB.A) completed the acquisition of 77.37% stake 0x in Acando AB (publ.) (OM:ACAN B). 4/15/19 CGI Inc. (TSX:GIB.A) completed the acquisition of 21.9% stake in Acando AB (publ.) (OM:ACAN B) from Svolder AB (publ) P/E Average (OM:SVOL B), Svedulf Fastighets AB and Bjursund Invest AB.

18 Revenue Multiples - Capgemini SE 2.0x Public Basket 1.5x 1.0x

0.5x

Capgemini SE 0.0x Capgemini SE provides consulting, technology, outsourcing, and other managed services. The company’s Consulting Services segment offers services to enhance the performance of TEV/Revenue Average organizations based on the knowledge of client industries and processes. Its Technology & Engineering Services segment EBITDA Multiples - Capgemini SE 20x provides assistance and support to internal IT teams of client companies. The company’s Application Services segment 15x designs, develops, implements, and maintains IT applications, 10x including system integration and application maintenance services. Its Other Managed Services segment integrates, 5x manages, and/or develops client’s IT infrastructure systems, as 0x well as provides transaction, on-demand, and/or business process outsourcing services. Capgemini SE was founded in

1967 and is based in Paris, France. TEV/EBITDA Average

P/E Multiples - Capgemini SE Date Key Development Headline 30x 6/24/19 Altran Technologies S.A., Capgemini SE - M&A Call 2/20/19 Capgemini SE (ENXTPA:CAP) completed the acquisition of 20x Leidos Cyber, Inc. from Leidos Intermediate Holdings, Inc. and others. 2/14/19 Capgemini To Seek Acquisitions 10x

P/E Average

19 Revenue Multiples - NTT DATA Corporation Public Basket 1.5x 1.0x

0.5x

NTT DATA Corporation 0.0x NTT DATA Corporation provides consulting, system development, and business information technology (IT) outsourcing services worldwide. The company operates TEV/Revenue Average through four segments: Public & Social Infrastructure, Financial, Enterprise & Solutions, and Global. It offers business consulting EBITDA Multiples - NTT DATA Corporation 15x services, such as business strategy, business process optimization, and organizational change management; and IT 10x consulting services, including IT strategy and governance, information and knowledge management, and program 5x management office consulting services. NTT DATA Corporation is a subsidiary of Nippon Telegraph and Telephone 0x Corporation.

Date Key Development Headline TEV/EBITDA Average 9/23/19 Japan Exchange Group, Inc. (TSE:8697) completed the acquisition of 97.2% stake in Tokyo Commodity Exchange, Inc. P/E Multiples - NTT DATA Corporation from a group of sellers for ¥5.2 billion. 60x 6/3/19 MagicCube to Form Partnership with NTT DATA Corporation to Secure Next Generation Payments, Acceptance, and Accelerate 40x PCI Certification for Their Joint Customers 4/24/19 TRI-AD, Maxar Technologies and NTT DATA Corporation to 20x Build High-Definition Maps for Autonomous Vehicles from Space 4/2/19 CP ALL Public Company Limited (SET:CPALL) completed the 0x acquisition of 27.36% stake in Thai Smart Card Co., Ltd. from True Corporation Public Company Limited (SET:TRUE),Krungthai Card Public Company Limited (SET:KTC), Government Savings Bank, NTT DATA Corporation (TSE:9613), SVOA Public Company P/E Average Limited (SET:SVOA) and Loxley Public Company Limited.

20 Revenue Multiples - Cognizant Technology 5x Solutions Corporation Public Basket 4x 3x 2x 1x Cognizant Technology Solutions Corporation 0x Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates TEV/Revenue Average through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It EBITDA Multiples - Cognizant Technology Solutions Corporation offers business, process, operations, and technology consulting 30x services; application design and development, and systems integration services; application testing, consulting, and 20x engineering services; and enterprise information management 10x services. The company was founded in 1994 and is headquartered in Teaneck, New Jersey. 0x

Date Key Development Headline 10/15/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) TEV/EBITDA Average entered into an agreement to acquire Contino LTD from Columbia Capital, L.P., Top Tier Capital Partners, LLC and others. P/E Multiples - Cognizant Technology 8/12/19 Cognizant Technology Solutions To Seek Acquisitions 50x Solutions Corporation 7/30/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of Zenith Technologies Ltd. from GE 40x UK Group and other shareholders. 30x 6/17/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 20x agreed to acquire Zenith Technologies Ltd. from GE UK Group and other shareholders for approximately €140 million. 10x 5/7/19 AVEVA and Cognizant Expand R&D Partnership to Build Next- 0x Gen Industrial Software

P/E Average

21 Revenue Multiples - Infosys Limited 5x Public Basket 4x 3x 2x 1x Infosys Limited 0x Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally. It provides business TEV/Revenue Average information technology services, including application development and maintenance, independent validation, EBITDA Multiples - Infosys Limited infrastructure management, and business process management 20x services, as well as engineering services, such as engineering 15x and life cycle solutions; and consulting and systems integration 10x services comprising consulting, enterprise solutions, systems integration, and advanced technologies. Infosys Limited was 5x founded in 1981 and is headquartered in Bengaluru, India. 0x

Date Key Development Headline 10/9/19 Infosys Enters into Strategic Partnership with Eishtec TEV/EBITDA Average 8/22/19 Infosys and University of Illinois Urbana-Champaign Enter a Strategic Partnership for Precision Medicine P/E Multiples - Infosys Limited 7/12/19 Infosys To Seek Acquisitions 30x 5/9/19 Infosys Seeks Acquisitions 5/2/19 Infosys Seeks Acquisitions 20x

10x

P/E Average

22 Revenue Multiples - Accenture plc 4x Public Basket 3x 2x

1x Accenture plc 0x Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology TEV/Revenue Average segment provides professional services that help clients accelerate and deliver digital transformation, and enhance EBITDA Multiples - Accenture plc business results through industry-specific solutions for 30x communications, media, and high tech industries, as well as for software platforms. The company’s Financial Services segment 20x offers services that address profitability pressures, industry consolidation, regulatory changes, and the need to continually 10x adapt to new digital technologies. This segment serves clients in 0x banking, capital markets, and insurance industries. Accenture plc was founded in 1989 and is based in Dublin, Ireland. TEV/EBITDA Average

Date Key Development Headline 12/18/19 Accenture plc (NYSE:ACN) completed the acquisition of Silveo 40x P/E Multiples - Accenture plc SAS. 12/17/19 Accenture Forms Strategic Alliance with TradeIX to Help Digitize 30x Global Trade 20x 12/12/19 Accenture plc (NYSE:ACN) entered into an agreement to acquire Clarity Insights. 10x 12/1/19 Accenture plc (NYSE:ACN) acquired Apis Group Pty Limited. 0x 11/27/19 Accenture and Snam Sign a Memorandum of Understanding to Study and Assess Solutions Based on Internet of Things (IoT) Technologies P/E Average

23 Revenue Multiples - Tata Consultancy 10x Services Limited Public Basket 8x 6x 4x 2x Tata Consultancy Services Limited 0x Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. It offers TEV/Revenue Average CHROMA, a cloud-based talent management platform for enterprises to drive next generation employee experiences across the requisition-to-retire employee lifecycle; ignio, a EBITDA Multiples - Tata Consultancy cognitive automation system for IT operations in enterprises; 30x Services Limited iON, an assessment solution; TAP, an accounts payable 20x platform; and TCS MasterCraft, a digital platform to automate and manage IT processes. Tata Consultancy Services Limited is 10x a subsidiary of Tata Sons Limited. 0x

Date Key Development Headline 9/15/19 Tata Consultancy Services Limited (NSEI:TCS) entered into an TEV/EBITDA Average agreement to acquire Certain Assets of General Motors Technical Centre India Private Limited. 9/5/19 Posten Norge Expands Its Strategic Partnership with TCS to P/E Multiples - Tata Consultancy Services Enable Superior Customer Experience 40x Limited 4/14/19 Tata Consultancy Services To Seek Acquisitions 2/11/19 Tata Consultancy Services Announces Global Partnership with 30x JDA Software to Build Next-Generation Cognitive Solutions 20x 1/10/19 TCS Seeks Acquisitions 10x

P/E Average

24 CONTACT INFO 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected]

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Ben Lunka, Managing Director 704.496.2995 [email protected]

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