Software Sector Summary Report

SOFTWARE SECTOR REPORT January 2019 DEAL DASHBOARD Software $69.0 Billion 734 $156.4 Billion 1234 2018 Financing Volume (1)(2) 2018 Financing Transactions (1)(2) 2018 M&A Volume 2018 M&A Transactions Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume Select M&A Transactions (3) Company Amount ($MM) $Bn $Bn Acquirer Target EV ($MM) $23 $80 $550 $33,435 $14 $17 $12 $15 $14 $11 $12 $500 $8,000 $32 $6 $20 $19 $25 $450 $13 $13 $12 $13 $4,750

Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 $265 $4,400 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

$250 225 353 $2,100 291 319 187 250 289 287 268 298 264 156 160 159 161 155 167 $120 123 $2,080

$115 $2,000

$103 $1,940 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5) 45.0% SPX IGV All Buyers Strategic Buyers PE Buyers ` Financing Activity by Quarter 35.0% 6 5.3x 5.4x 5.0x 4.9x 5 4.6x 4.7x 25.0% 4.2x 4.3x 4.1x 4.0x 3.9x 3.9x 4.1x 4 3.6x 3.7x 3.7x 3.7x 3.1x 3.3x 15.0% 2.9x 2.9x 2.8x 3 2.7x 2.2x 5.0% 2

(5.0%) 1

0 (15.0%) 2011 2012 2013 2014 2015 2016 2017 2018 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 12/31/2018. 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) Software M&A transactions reflect select transactions in 2018 YTD. M&A metrics are based on closed and announced transactions. 2 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 5) 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 Preferred Significant Strategic Investment Acquired by Acquisition of Investment Acquired by Acquired by Acquired by Investment from Investment from Partnership with From From

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

Acquired by Acquisition of Acquisition of Acquired by Acquired by Acquired by Preferred Acquired by Acquired by Acquired by Stock

We Advised the Seller We Advised the Buyer We Advised the Buyer 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

Acquired by Preferred Acquired by Acquired by Acquired by Acquired by Acquisition of Acquired by Acquired by Convertible Note Stock Offering

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

Strategic Investment from Acquisition of Acquisition of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Advisory Services

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

Acquired by Acquired by Acquired by Acquisition of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Fairness Opinion to We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller Buddy Media 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 transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA 4 entities may be retained to advise on the same transaction. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years 60% 175%

150% 50% 125% 40% 100%

30% 75%

20% 50%

25% 10% 0% 0% (25%)

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

Sector 3 Months 1 Year 3 Years

SaaS (13.9%) 34.3% 93.9% Platform (14.1%) 6.7% 51.2% Infrastructure (16.4%) 10.0% 50.9% Security (9.9%) 19.0% 45.6% Sales & Marketing Applications (13.8%) 23.1% 75.4% Content & Storage Management (19.7%) 18.9% 109.5% Business Intelligence & Analytics (5.7%) 30.7% 1.9% Vertical (17.9%) 8.2% 57.0% ERP & General Business (13.2%) 29.1% 62.0% Development & Operations Management (1.8%) 23.8% 101.8%

Notes: Sources: Capital IQ. Market Data as of 12/31/2018. 5 List of companies in each sector can be found in the public comparable tables. TRADING COMPARABLES Valuation and Operational Metrics

EV / 2019E Revenue EV / 2019E EBITDA

8.0x 60.0x 50.9x 7.0x 6.3x 50.0x 5.8x 5.8x 5.7x 5.7x Median: 5.4x 6.0x 41.1x 5.1x 5.0x 40.0x 5.0x 35.2x Median: 25.5x 4.5x 4.2x 3.9x 28.8x 4.0x 30.0x 27.2x 23.8x 23.5x 22.3x 3.0x 20.0x 20.3x 2.0x 10.5x 10.0x 1.0x 0.0x 0.0x

2019E / 2018E Revenue Growth 2019E EBITDA Margin

35.0% 45.0% 29.6% 30.0% 40.0% 36.5% Median: 15.5% 35.0% 25.0% Median: 21.5% 21.3% 21.2% 30.0% 24.8% 23.2% 22.5% 20.0% 16.4% 25.0% 15.7% 15.3% 14.8% 13.4% 21.7% 21.2% 19.1% 17.9% 15.0% 20.0% 16.0% 15.5% 11.0% 15.0% 10.0% 4.4% 10.0% 5.0% 5.0% 0.0% 0.0%

Notes: Sources: Capital IQ. Market Data as of 1/9/2019. Figures represent mean values of respective comp groups. 6 List of companies in each sector can be found in the public comparable tables. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 4.1x 3.9x 3.7x 11.5x 10.5x 9.7x 23.3x 15.4x 14.0x 6.6% 4.4% 5.2% 34.7% 36.5% 37.3% Median 4.5x 4.1x 3.8x 11.3x 9.7x 9.4x 20.5x 13.7x 12.8x 2.8% 3.0% 4.1% 35.4% 35.4% 35.4%

Infrastructure Autodesk, Inc. $136.77 $29,954 $510 $30,463 12.0x 9.3x 7.5x 83.7x 32.6x 21.2x NM 43.0x 27.2x 23.7% 28.7% 24.3% 14.3% 28.5% 35.4% Citrix Systems, Inc. $104.82 $14,126 $324 $14,449 4.9x 4.7x 4.4x 13.2x 13.1x 12.1x 18.8x 17.3x 15.5x 4.9% 4.1% 5.4% 36.8% 35.6% 36.6% Akamai Technologies, Inc. $63.26 $10,303 ($256) $10,047 3.7x 3.5x 3.2x 9.3x 8.4x 7.5x 17.8x 15.7x 13.8x 8.0% 7.7% 7.8% 40.1% 41.1% 42.5% F5 Networks, Inc. $166.04 $10,067 ($1,039) $9,027 4.1x 4.0x 3.9x 10.6x 10.2x 10.0x 16.3x 15.2x 14.3x 4.2% 3.3% 2.9% 38.9% 39.1% 38.8% Juniper Networks, Inc. $28.15 $9,716 ($1,251) $8,465 1.8x 1.8x 1.7x 8.1x 7.8x 7.5x 15.1x 13.8x 12.8x (6.7%) 1.9% 2.8% 22.3% 22.8% 23.1% Amdocs Limited $59.28 $8,274 ($519) $7,755 1.9x 1.9x NA 9.7x 9.0x NA 15.0x 13.7x 12.8x 3.0% 3.0% NA 20.0% 20.9% NA RingCentral, Inc. $87.40 $7,021 ($212) $6,809 10.2x 8.3x 6.7x 86.9x 69.3x 51.8x NM NM 93.3x 32.8% 23.6% 23.0% 11.8% 11.9% 13.0% SolarWinds Corporation $15.37 $4,764 $1,958 $6,722 8.1x 7.3x 6.5x 16.7x 13.7x 12.3x 27.0x 19.3x 17.0x 14.6% 10.9% 11.3% 48.3% 53.1% 53.2% Aspen Technology, Inc. $87.70 $6,207 $118 $6,324 13.0x 11.1x 10.3x 28.7x 22.3x 20.4x 35.9x 25.6x 24.4x (1.3%) 16.4% 8.0% 45.2% 49.9% 50.5% Verint Systems Inc. $43.98 $2,871 $374 $3,245 2.6x 2.4x 2.3x 11.4x 9.9x 8.7x 13.9x 12.5x 11.6x 9.4% 6.9% 6.4% 22.8% 24.6% 26.3% Five9, Inc. $46.49 $2,732 ($73) $2,660 10.6x 9.0x 7.6x 64.6x 52.7x 37.8x 92.0x 79.4x 60.2x 25.8% 17.4% 19.1% 16.4% 17.1% 20.0% Software Aktiengesellschaft $37.20 $2,752 ($113) $2,639 2.6x 2.5x 2.4x 8.7x 8.2x 7.8x 13.1x 12.4x 11.7x (5.6%) 4.7% 4.8% 30.6% 30.8% 31.1% Presidio, Inc. $13.98 $1,151 $1,001 $2,151 0.8x 0.7x 0.7x 9.7x 9.1x 8.5x 10.1x 8.8x 7.8x 4.1% 2.4% 4.0% 7.7% 8.1% 8.3% Altair Engineering Inc. $29.08 $2,045 ($196) $1,849 4.9x 4.3x 3.8x 50.1x 34.1x 24.5x 92.4x 58.0x 40.6x 14.0% 12.5% 13.4% 9.7% 12.7% 15.5% Everbridge, Inc. $56.89 $1,687 ($10) $1,677 11.5x 9.1x 7.5x NM NM NM NM NM NM 40.0% 26.7% 21.1% NM 1.7% 3.7% Endava plc $24.03 $1,274 ($54) $1,220 3.9x 3.2x 2.6x 23.2x 17.1x 13.7x 31.7x 26.7x 21.4x NA 22.5% 21.6% 16.7% 18.4% 19.0% Extreme Networks, Inc. $6.32 $748 $44 $792 0.8x 0.8x 0.7x 7.1x 6.1x NA 11.7x 8.9x 7.3x 32.9% 2.1% 4.6% 10.9% 12.3% NA Radware Ltd. $23.13 $1,048 ($300) $748 3.2x 2.9x 2.7x 24.9x 19.9x 14.0x 48.2x 37.1x 28.9x 10.8% 9.5% 9.1% 12.8% 14.6% 19.2% A10 Networks, Inc. $6.56 $484 ($124) $361 1.6x 1.5x 1.4x 59.1x 34.0x 13.5x NM NM 27.3x (1.7%) 3.9% 9.3% 2.6% 4.4% 10.2% Limelight Networks, Inc. $2.72 $308 ($53) $255 1.3x 1.2x 1.1x 8.1x 7.1x 5.4x 25.5x 19.0x 11.7x 6.1% 10.9% 11.9% 16.0% 16.5% 19.5%

Mean 5.2x 4.5x 4.1x 28.1x 20.3x 16.3x 30.3x 25.1x 24.2x 11.5% 11.0% 11.1% 22.3% 23.2% 25.9% Median 3.8x 3.3x 3.2x 13.2x 13.1x 12.3x 18.3x 17.3x 15.5x 8.0% 8.6% 9.1% 16.7% 19.7% 21.6%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 7 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 1/9/2019 Value Debt Value CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E 18E/17A 19E/18E 20E/19E CY 18E CY 19E CY 20E Security VeriSign, Inc. $155.64 $18,815 $605 $19,421 16.0x 15.3x 14.5x 22.3x 21.4x 19.9x 33.4x 29.9x 27.3x 4.3% 4.5% 5.7% 71.7% 71.6% 72.6% Palo Alto Networks, Inc. $193.11 $18,322 ($1,579) $16,743 6.5x 5.5x 4.6x 24.5x 20.4x 16.9x 41.5x 34.3x 28.6x 29.1% 19.7% 17.7% 26.7% 26.7% 27.4% Symantec Corporation $19.93 $12,733 $2,603 $15,336 3.2x 3.1x 3.0x 7.2x 7.2x 6.6x 12.4x 11.9x 10.8x 0.5% 2.6% 5.0% 45.0% 43.4% 45.6% Check Point Software Technologies Ltd. $107.50 $16,793 ($1,770) $15,023 7.9x 7.5x 7.3x 14.6x 14.2x 13.3x 18.9x 17.8x 16.4x 2.9% 4.2% 2.9% 53.7% 53.2% 55.0% Fortinet, Inc. $73.08 $12,451 ($1,634) $10,816 6.0x 5.3x 4.6x 24.3x 20.7x 17.4x 41.6x 36.5x 31.9x 19.8% 14.7% 13.6% 24.9% 25.4% 26.6% Okta, Inc. $68.78 $7,596 ($542) $7,054 18.0x 13.6x 10.4x NM NM NM NM NM NM 50.7% 32.2% 30.4% NM NM 3.4% Trend Micro Incorporated $56.53 $7,886 ($1,398) $6,488 4.4x 4.0x 3.8x 12.8x 11.5x 10.7x 30.3x 26.9x 24.2x 12.0% 8.8% 6.6% 34.4% 35.1% 35.3% Zscaler, Inc. $44.88 $5,487 ($314) $5,173 22.0x 16.6x 12.7x NM NM NM NM NM NM 52.2% 32.4% 31.4% 2.0% 4.5% 7.3% Proofpoint, Inc. $90.32 $4,936 ($190) $4,745 6.7x 5.4x 4.5x 44.4x 36.6x 26.5x 68.9x 55.2x 39.9x 38.0% 23.3% 19.3% 15.0% 14.8% 17.2% FireEye, Inc. $16.79 $3,251 ($137) $3,113 3.7x 3.5x 3.3x 27.1x 25.4x 21.0x NM 91.1x 51.2x 10.6% 7.2% 6.8% 13.8% 13.8% 15.6% Qualys, Inc. $78.81 $3,103 ($327) $2,777 10.0x 8.4x 7.0x 24.9x 22.1x 18.5x 48.1x 42.2x 34.7x 20.8% 18.8% 19.9% 40.0% 37.9% 37.7% Sophos Group plc $5.01 $2,405 $131 $2,537 3.6x 3.3x 2.9x NA 12.7x 16.1x 55.7x 41.8x 24.7x 17.0% 8.0% 14.5% NA 26.2% 18.0% CyberArk Software Ltd. $77.32 $2,788 ($386) $2,402 7.3x 6.1x 5.1x 27.1x 24.1x 20.0x 43.9x 39.8x 34.0x 26.1% 19.3% 19.8% 26.8% 25.3% 25.5% SailPoint Technologies Holdings, Inc. $25.65 $2,252 ($74) $2,178 9.0x 7.3x 6.1x 71.3x 67.3x 49.0x 99.3x 97.9x 67.9x 29.9% 22.8% 21.2% 12.6% 10.9% 12.4% Mimecast Limited $34.73 $2,086 $33 $2,119 6.6x 5.5x 4.8x 49.1x 32.4x 30.0x NM 89.2x 66.4x 32.3% 20.0% 16.2% 13.5% 17.1% 15.9% Tenable Holdings, Inc. $24.04 $2,237 ($264) $1,973 7.5x 5.9x 4.7x NM NM NM NM NM NM 41.0% 27.0% 24.9% NM NM NM Imperva, Inc. $55.74 $1,975 ($304) $1,671 4.7x 4.3x 3.9x 37.5x 31.8x 24.9x 99.5x 57.2x 49.7x 9.7% 11.2% 10.0% 12.6% 13.4% 15.5% Rapid7, Inc. $35.35 $1,672 ($100) $1,572 6.5x 5.4x 4.5x NM NM 57.5x NM NM NM 20.6% 20.1% 20.6% NM 2.7% 7.8% Varonis Systems, Inc. $54.71 $1,612 ($158) $1,454 5.4x 4.6x 3.9x NM 92.3x 49.4x NM NM 90.5x 24.3% 17.8% 17.8% 3.5% 5.0% 7.8% SecureWorks Corp. $16.99 $1,388 ($115) $1,273 2.4x 2.2x 2.0x NM 64.1x 42.5x NM NM 87.8x 11.3% 9.4% 9.1% 2.3% 3.5% 4.8% ForeScout Technologies, Inc. $26.61 $1,141 ($193) $948 3.3x 2.7x 2.2x NM NM 49.0x NM NM NM 31.6% 19.9% 20.8% NM NM 4.6% Carbon Black, Inc. $14.12 $959 ($164) $795 3.8x 3.1x 2.5x NM NM NM NM NM NM 28.7% 22.9% 23.2% NM NM NM F-Secure Oyj $3.06 $482 $18 $500 2.3x 2.0x 1.8x 35.1x 23.8x 13.9x NM 50.7x 29.5x 6.9% 15.6% 8.1% 6.5% 8.3% 13.2% OneSpan Inc. $14.15 $565 ($92) $473 2.3x 2.0x 1.9x 27.8x 20.7x 16.7x 43.4x 35.2x 28.9x 7.3% 11.6% 8.7% 8.2% 9.9% 11.3% Zix Corporation $6.20 $336 ($24) $312 4.4x 4.2x 3.9x 15.7x 13.4x 13.0x 18.8x 17.1x 15.5x 6.9% 6.9% 6.1% 28.4% 31.1% 30.1% Absolute Software Corporation $6.03 $245 ($35) $210 2.2x 2.0x NA 16.8x 13.7x NA 40.2x 45.7x NA 3.9% 7.4% NA 13.0% 14.9% NA

Mean 6.8x 5.7x 5.0x 28.4x 28.8x 25.4x 46.4x 45.6x 40.0x 20.7% 15.7% 15.2% 22.7% 22.5% 22.2% Median 5.7x 4.9x 4.5x 24.9x 21.7x 19.9x 41.6x 40.8x 31.9x 20.2% 16.7% 16.2% 14.4% 16.0% 15.9%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 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 1/9/2019 Value Debt Value CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E 18E/17A 19E/18E 20E/19E CY 18E CY 19E CY 20E SaaS salesforce.com, inc. $145.99 $111,682 $941 $112,623 8.5x 7.0x 5.9x 35.5x 28.5x 23.0x 55.9x 52.9x 42.0x 26.4% 20.7% 19.2% 24.0% 24.7% 25.7% Workday, Inc. $166.18 $36,560 ($391) $36,168 12.9x 10.3x 8.4x 76.9x 54.8x 41.1x NM NM 77.1x 31.1% 25.1% 22.7% 16.7% 18.8% 20.4% ServiceNow, Inc. $190.47 $34,152 ($811) $33,341 12.8x 9.9x 7.8x 49.1x 35.5x 26.1x 80.5x 60.9x 45.3x 35.0% 29.2% 26.9% 26.0% 27.8% 29.9% Atlassian Corporation Plc $95.81 $22,817 ($967) $21,850 21.5x 16.5x 13.2x 75.7x 61.4x NA NM NM 88.4x 37.2% 30.2% 24.9% 28.3% 26.8% NA Splunk Inc. $115.91 $17,130 ($991) $16,138 9.3x 7.5x 6.1x 65.6x 46.1x 34.6x 99.2x 71.7x 53.6x 37.1% 24.1% 22.1% 14.1% 16.2% 17.7% Shopify Inc. $148.62 $16,398 ($1,578) $14,820 14.0x 10.1x 7.6x NM NM 75.0x NM NM NM 57.0% 39.3% 31.6% 3.7% 6.4% 10.2% NetApp, Inc. $60.19 $15,161 ($2,513) $12,648 2.0x 1.9x 1.9x 8.2x 7.6x 6.9x 14.0x 12.6x 11.2x 8.6% 4.3% 4.2% 24.8% 25.7% 27.1% Twilio Inc. $96.41 $9,531 ($317) $9,214 14.6x 11.1x 8.8x NM NM NM NM NM NM 57.9% 31.8% 26.4% 4.0% 5.4% 7.5% Dropbox, Inc. $22.30 $9,065 ($873) $8,193 5.9x 5.1x 4.5x 25.0x 21.9x 18.0x 58.5x 48.8x 37.6x 25.2% 15.7% 14.3% 23.6% 23.3% 24.8% The Ultimate Software Group, Inc. $257.30 $8,046 ($124) $7,921 7.0x 5.8x 4.9x 28.9x 24.4x 20.5x 47.7x 41.5x 34.5x 20.8% 19.9% 19.0% 24.1% 23.9% 23.8% Paycom Software, Inc. $128.47 $7,530 ($50) $7,480 13.4x 10.8x 8.9x 32.0x 25.8x 21.4x 49.2x 40.0x 33.5x 29.3% 24.2% 20.8% 41.8% 41.7% 41.6% RingCentral, Inc. $87.40 $7,021 ($212) $6,809 10.2x 8.3x 6.7x 86.9x 69.3x 51.8x NM NM 93.3x 32.8% 23.6% 23.0% 11.8% 11.9% 13.0% Zendesk, Inc. $62.56 $6,697 $1 $6,698 11.3x 8.6x 6.6x NM NM 57.4x NM NM 84.5x 37.5% 31.6% 30.1% 6.0% 8.3% 11.5% DocuSign, Inc. $42.67 $7,051 ($662) $6,390 9.2x 7.5x 6.1x NM 76.4x 44.9x NM NM NM 33.9% 23.3% 21.5% 5.8% 9.8% 13.7% HubSpot, Inc. $138.41 $5,430 ($248) $5,182 10.2x 8.2x 6.7x 98.6x 68.7x 51.2x NM NM 84.6x 34.8% 25.4% 22.1% 10.4% 11.9% 13.1% RealPage, Inc. $51.72 $4,681 $318 $4,999 5.7x 5.0x 4.5x 21.7x 17.5x 15.0x 34.8x 29.3x 25.2x 30.1% 15.0% 11.1% 26.4% 28.5% 29.9% New Relic, Inc. $86.49 $4,926 ($335) $4,591 10.4x 8.2x 6.6x 67.9x 70.4x 45.5x NM NM 83.0x 33.9% 26.5% 25.3% 15.3% 11.7% 14.4% LogMeIn, Inc. $86.04 $4,402 $32 $4,434 3.7x 3.5x 3.3x 10.0x 9.4x 8.7x 16.1x 14.8x 13.6x 21.6% 4.4% 6.0% 36.9% 37.5% 38.1% Pure Storage, Inc. $17.43 $4,211 ($700) $3,511 2.5x 2.0x 1.6x 25.1x 17.4x 12.6x 67.9x 40.1x 27.4x 35.0% 27.7% 21.1% 10.1% 11.5% 13.0% Paylocity Holding Corporation $62.31 $3,290 ($85) $3,205 7.7x 6.4x 5.3x 32.4x 22.3x 18.1x 43.9x 42.8x 36.1x 24.4% 20.0% 20.4% 23.8% 28.9% 29.5% Cornerstone OnDemand, Inc. $52.55 $3,080 ($103) $2,977 5.6x 5.3x 4.6x 32.6x 23.0x 17.9x 71.6x 50.0x 35.9x 9.9% 7.1% 14.4% 17.2% 22.8% 25.6% Box, Inc. $19.30 $2,768 ($102) $2,666 4.4x 3.6x 3.1x NM 50.8x 30.1x NM NM 88.8x 20.3% 20.4% 19.0% 4.3% 7.2% 10.1% Five9, Inc. $46.49 $2,732 ($73) $2,660 10.6x 9.0x 7.6x 64.6x 52.7x 37.8x 92.0x 79.4x 60.2x 25.8% 17.4% 19.1% 16.4% 17.1% 20.0% Envestnet, Inc. $51.39 $2,350 $303 $2,652 3.3x 3.0x 2.6x 16.9x 15.0x 12.8x 26.9x 24.4x 20.6x 18.9% 9.6% 12.8% 19.3% 19.8% 20.6% Q2 Holdings, Inc. $53.62 $2,326 ($118) $2,208 9.2x 7.2x 5.9x NM 95.6x 49.5x NM NM 96.6x 24.1% 27.3% 22.6% 8.0% 7.5% 11.9% Mimecast Limited $34.73 $2,086 $33 $2,119 6.6x 5.5x 4.8x 49.1x 32.4x 30.0x NM 89.2x 66.4x 32.3% 20.0% 16.2% 13.5% 17.1% 15.9% AppFolio, Inc. $61.63 $2,111 ($46) $2,065 11.0x 8.7x 7.1x 46.7x 32.4x 24.2x 76.4x 51.1x 38.0x 30.5% 26.6% 21.6% 23.6% 26.8% 29.5% SendGrid, Inc. $46.62 $2,222 ($164) $2,058 14.2x 11.5x 9.3x NM 89.6x 75.3x NM NM NM 29.7% 23.7% 23.6% 12.5% 12.8% 12.3% Zuora, Inc. $19.88 $2,157 ($160) $1,997 8.5x 6.8x 5.5x NM NM NM NM NM NM 39.4% 25.8% 23.8% NM NM NM Everbridge, Inc. $56.89 $1,687 ($10) $1,677 11.5x 9.1x 7.5x NM NM NM NM NM NM 40.0% 26.7% 21.1% NM 1.7% 3.7% Benefitfocus, Inc. $48.81 $1,560 $79 $1,639 6.4x 5.5x 4.7x NM 74.3x 44.1x NM NM NM 0.1% 15.8% 16.4% 3.4% 7.4% 10.7% Workiva Inc. $38.55 $1,690 ($78) $1,612 6.6x 5.8x 5.0x NM NM NM NM NM NM 16.7% 15.0% 15.0% NM NM 1.2% Varonis Systems, Inc. $54.71 $1,612 ($158) $1,454 5.4x 4.6x 3.9x NM 92.3x 49.4x NM NM 90.5x 24.3% 17.8% 17.8% 3.5% 5.0% 7.8%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 9 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 1/6/1900 Value Debt Value CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E 18E/17A 19E/18E 20E/19E CY 18E CY 19E CY 20E SaaS Cloudera, Inc. $11.59 $1,779 ($390) $1,390 1.7x 1.5x 1.2x NA NA NA NM 96.6x 28.3x 116.2% 20.6% 19.3% NA NA NA SPS Commerce, Inc. $87.52 $1,546 ($189) $1,357 5.5x 4.9x 4.5x 26.5x 21.7x 18.1x 47.1x 42.8x 35.9x 12.0% 11.1% 9.8% 20.8% 22.8% 24.8% Instructure, Inc. $40.70 $1,427 ($171) $1,255 6.0x 4.8x 3.9x NM NM NM NM NM NM 31.7% 23.8% 23.6% NM NM NM LivePerson, Inc. $19.93 $1,264 ($66) $1,198 4.8x 4.2x 3.7x 63.2x 55.2x 41.0x NM NM NM 13.9% 14.0% 12.9% 7.6% 7.6% 9.1% Talend S.A. $36.61 $1,101 ($89) $1,012 5.0x 4.1x 3.3x NM NM NM NM NM NM 37.6% 21.7% 23.0% NM NM NM Carbonite, Inc. $28.39 $981 ($84) $897 3.0x 2.7x 2.5x 10.1x 9.1x 7.8x 17.4x 15.8x 14.5x 26.0% 10.5% 5.8% 29.5% 29.4% 32.7% Zix Corporation $6.20 $336 ($24) $312 4.4x 4.2x 3.9x 15.7x 13.4x 13.0x 18.8x 17.1x 15.5x 6.9% 6.9% 6.1% 28.4% 31.1% 30.1% ChannelAdvisor Corporation $11.46 $313 ($47) $266 2.0x 1.9x 1.8x 32.9x 25.2x 19.7x NM 77.0x 56.6x 7.0% 7.0% 6.3% 6.2% 7.5% 9.1% Amber Road, Inc. $8.50 $236 $12 $248 2.9x 2.7x NA 49.8x 42.5x NA NM NM NA 7.2% 7.1% NA 5.9% 6.4% NA Park City Group, Inc. $7.29 $144 ($11) $133 5.7x 4.5x 3.5x 24.8x 15.9x 11.4x 38.4x 20.7x 14.6x 14.9% 27.1% 27.8% 22.9% 28.1% 30.8% Veritone, Inc. $4.51 $87 ($65) $22 0.9x 0.5x 0.4x NM NM NM NM NM NM 78.4% 68.3% 44.7% NM NM NM

Mean 7.7x 6.3x 5.2x 41.9x 41.1x 31.0x 50.3x 46.3x 49.5x 29.8% 21.2% 19.4% 16.8% 17.9% 19.2% Median 6.6x 5.7x 4.9x 32.8x 32.4x 25.2x 47.7x 42.8x 38.0x 29.5% 21.2% 20.8% 16.4% 17.1% 17.7% ($MM, Except Per Share Data)

Mean 7.0x 5.7x 4.7x 47.9x 50.9x 35.1x NM NM 50.4x 20.9% 21.3% 22.6% 15.3% 15.5% 14.7% Median 6.8x 5.6x 4.6x 31.6x 51.2x 27.6x NM NM 46.5x 22.5% 24.6% 22.9% 14.0% 15.5% 13.1%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 10 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.0x 4.2x 3.6x 19.5x 27.2x 19.4x 36.7x 27.1x 29.3x 19.2% 15.3% 13.8% 18.6% 21.2% 22.7% Median 3.9x 3.6x 3.1x 21.1x 19.6x 15.9x 40.6x 29.8x 24.4x 21.3% 15.7% 14.3% 19.5% 21.4% 24.2%

($MM, Except Per Share Data)

Mean 6.8x 5.1x 4.5x 19.6x 22.3x 22.3x 34.3x 46.9x 40.5x 48.2% 29.6% 22.9% 13.1% 16.0% 18.5% Median 4.7x 3.9x 3.1x 20.7x 25.0x 22.3x 42.5x 36.7x 28.3x 36.5% 21.7% 23.5% 13.0% 15.8% 18.8%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 11 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 1/9/2019 Value Debt Value CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E 18E/17A 19E/18E 20E/19E CY 18E CY 19E CY 20E Vertical Intuit Inc. $202.66 $52,597 ($907) $51,690 8.1x 7.5x 6.8x 21.2x 20.9x 18.4x 32.2x 30.5x 25.7x 17.4% 7.3% 11.0% 38.1% 35.9% 36.7% Fidelity National Information Services, Inc. $102.70 $33,633 $8,406 $42,039 5.0x 4.9x 4.7x 13.3x 12.6x 12.0x 19.7x 17.8x 16.0x (7.1%) 2.0% 3.5% 37.4% 38.7% 39.2% Fiserv, Inc. $73.32 $29,216 $4,602 $33,818 5.8x 5.5x 5.2x 15.6x 14.5x 13.5x 23.4x 20.9x 18.6x 2.3% 6.0% 5.7% 37.1% 37.6% 38.3% SS&C Technologies Holdings, Inc. $47.32 $11,788 $5,954 $17,742 5.1x 3.7x 3.6x 14.2x 9.9x 9.1x 16.8x 13.3x 11.8x 106.6% 36.8% 4.5% 36.2% 37.8% 39.5% Cerner Corporation $53.43 $17,605 ($372) $17,232 3.2x 3.0x 2.7x 11.0x 10.1x 9.2x 21.7x 19.9x 17.8x 7.0% 7.6% 8.7% 29.2% 29.5% 29.6% MSCI Inc. $151.81 $13,364 $1,176 $14,540 10.1x 9.5x 8.6x 18.6x 17.2x 15.4x 28.9x 25.6x 22.1x 12.5% 7.2% 10.0% 54.5% 54.9% 55.9% Veeva Systems Inc. $96.51 $14,023 ($1,052) $12,971 15.1x 12.7x 10.8x 41.7x 35.7x 29.8x 61.1x 54.4x 46.3x 25.0% 18.9% 17.5% 36.3% 35.7% 36.3% Jack Henry & Associates, Inc. $126.34 $9,766 ($115) $9,651 6.1x 5.9x 5.5x 17.5x 17.6x 15.9x 31.9x 33.0x 28.9x 6.9% 3.5% 8.1% 34.9% 33.6% 34.4% Temenos AG $123.93 $8,603 $439 $9,042 10.7x 9.4x 8.4x 28.5x 24.5x 21.3x 41.8x 35.8x 30.7x 15.2% 13.5% 12.1% 37.4% 38.4% 39.4% Tyler Technologies, Inc. $185.44 $7,199 ($272) $6,928 7.4x 6.7x 6.0x 24.7x 21.6x 19.3x 38.6x 34.5x 31.4x 11.6% 10.8% 10.5% 29.9% 30.8% 31.2% Fair Isaac Corporation $199.02 $5,763 $674 $6,437 6.1x 5.6x 5.2x 26.7x 24.8x 21.8x 31.2x 27.7x 23.9x 12.0% 7.9% 7.8% 22.7% 22.6% 23.9% Guidewire Software, Inc. $84.31 $6,832 ($783) $6,049 8.3x 7.9x 6.9x 35.5x 43.5x 27.3x 59.8x 66.3x 55.1x 26.3% 4.9% 14.9% 23.4% 18.2% 25.3% athenahealth, Inc. $133.00 $5,477 ($45) $5,431 4.0x 3.7x 3.4x 14.6x 12.7x 11.3x 30.8x 27.3x 23.1x 10.3% 9.4% 8.6% 27.7% 29.0% 30.2% RealPage, Inc. $51.72 $4,681 $318 $4,999 5.7x 5.0x 4.5x 21.7x 17.5x 15.0x 34.8x 29.3x 25.2x 30.1% 15.0% 11.1% 26.4% 28.5% 29.9% Xero Limited $31.22 $4,365 $243 $4,608 13.3x 9.9x 7.8x NM 50.2x 33.0x NM NM 83.8x 30.1% 33.8% 27.0% 13.2% 19.7% 23.7% CoreLogic, Inc. $34.86 $2,808 $1,666 $4,475 2.5x 2.5x 2.5x 9.2x 9.1x 8.4x 12.8x 12.5x 10.8x (2.9%) (1.1%) 1.9% 27.1% 27.7% 29.5% Allscripts Healthcare Solutions, Inc. $11.29 $1,973 $1,716 $3,689 1.7x 1.7x 1.6x 8.9x 8.5x 8.3x 15.3x 13.9x 12.6x 19.1% 1.7% 2.5% 19.2% 19.8% 19.8% Coupa Software Incorporated $65.64 $3,902 ($235) $3,667 14.5x 11.7x 9.4x NM NM 81.5x NM NM NM 35.7% 23.8% 24.8% 7.1% 7.2% 11.5% Blackbaud, Inc. $65.45 $3,097 $400 $3,497 4.1x 3.9x 3.7x 18.9x 20.9x 19.0x 26.3x 28.5x 26.3x 7.8% 5.9% 6.3% 21.8% 18.6% 19.3% 2U, Inc. $53.67 $3,109 ($443) $2,666 6.5x 4.9x 3.7x NM NM NM NM NM NM 43.5% 32.9% 31.7% 4.3% 2.3% 3.3% Envestnet, Inc. $51.39 $2,350 $303 $2,652 3.3x 3.0x 2.6x 16.9x 15.0x 12.8x 26.9x 24.4x 20.6x 18.9% 9.6% 12.8% 19.3% 19.8% 20.6% Avalara, Inc. $37.53 $2,496 ($138) $2,358 8.9x 7.4x 6.1x NM NM NM NM NM NM 24.7% 20.3% 20.2% NM NM 1.3% BlackLine, Inc. $42.80 $2,339 ($125) $2,214 9.7x 7.9x 6.4x NM NM 81.1x NM NM NM 28.3% 22.9% 23.4% 5.7% 6.8% 7.9% Q2 Holdings, Inc. $53.62 $2,326 ($118) $2,208 9.2x 7.2x 5.9x NM 95.6x 49.5x NM NM 96.6x 24.1% 27.3% 22.6% 8.0% 7.5% 11.9% Bottomline Technologies (de), Inc. $49.96 $2,153 $23 $2,176 5.3x 4.9x 4.3x 22.0x 20.4x 17.1x 37.4x 31.2x 25.7x 12.9% 7.7% 13.2% 24.0% 24.0% 25.3% AppFolio, Inc. $61.63 $2,111 ($46) $2,065 11.0x 8.7x 7.1x 46.7x 32.4x 24.2x 76.4x 51.1x 38.0x 30.5% 26.6% 21.6% 23.6% 26.8% 29.5% Ellie Mae, Inc. $66.26 $2,309 ($272) $2,036 4.2x 4.0x 3.7x 15.9x 14.1x 12.2x 34.9x 33.5x 28.6x 15.0% 6.4% 9.2% 26.6% 28.3% 30.0% Zuora, Inc. $19.88 $2,157 ($160) $1,997 8.5x 6.8x 5.5x NM NM NM NM NM NM 39.4% 25.8% 23.8% NM NM NM Ebix, Inc. $46.00 $1,438 $497 $1,935 3.9x 3.2x 2.4x 11.8x 9.9x 8.0x 12.7x 10.4x 8.6x 35.2% 22.1% 33.2% 33.4% 32.6% 30.1% Instructure, Inc. $40.70 $1,427 ($171) $1,255 6.0x 4.8x 3.9x NM NM NM NM NM NM 31.7% 23.8% 23.6% NM NM NM HealthStream, Inc. $24.72 $799 ($174) $625 2.7x 2.6x 2.6x 15.3x 14.7x 15.5x 64.2x 66.3x 85.2x (6.8%) 3.3% 2.7% 17.7% 17.8% 16.4% Model N, Inc. $14.07 $444 ($3) $441 2.9x 3.1x 2.7x 41.2x 35.7x 25.2x NM 88.8x NA 5.3% (4.0%) 12.8% 7.1% 8.6% 10.8% Castlight Health, Inc. $2.33 $326 ($63) $263 1.7x 1.6x 1.4x NM 31.9x 15.4x NM NM 34.9x 17.8% 2.9% 15.5% NM 5.2% 9.3%

Mean 6.7x 5.8x 5.0x 21.3x 23.8x 22.4x 33.9x 33.2x 32.6x 20.8% 13.4% 14.0% 25.1% 24.8% 25.5% Median 6.0x 5.0x 4.7x 18.1x 17.6x 15.9x 31.2x 28.9x 25.7x 17.8% 9.4% 12.1% 26.4% 27.3% 29.5%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 12 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 1/9/2019 Value Debt Value CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E 18E/17A 19E/18E 20E/19E CY 18E CY 19E CY 20E ERP & General Business salesforce.com, inc. $145.99 $111,682 $941 $112,623 8.5x 7.0x 5.9x 35.5x 28.5x 23.0x 55.9x 52.9x 42.0x 26.4% 20.7% 19.2% 24.0% 24.7% 25.7% Workday, Inc. $166.18 $36,560 ($391) $36,168 12.9x 10.3x 8.4x 76.9x 54.8x 41.1x NM NM 77.1x 31.1% 25.1% 22.7% 16.7% 18.8% 20.4% Shopify Inc. $148.62 $16,398 ($1,578) $14,820 14.0x 10.1x 7.6x NM NM 75.0x NM NM NM 57.0% 39.3% 31.6% 3.7% 6.4% 10.2% Constellation Software Inc. $693.91 $14,705 ($57) $14,648 4.8x 4.2x 3.7x 19.2x 16.0x 13.7x 25.8x 21.5x 18.1x 22.2% 14.5% 14.7% 25.2% 26.3% 26.8% The Sage Group plc $7.76 $8,428 $847 $9,275 3.9x 3.7x 3.5x 13.8x 14.4x 13.3x 18.7x 20.2x 18.5x (0.3%) 5.8% 6.3% 28.6% 26.0% 26.3% The Ultimate Software Group, Inc. $257.30 $8,046 ($124) $7,921 7.0x 5.8x 4.9x 28.9x 24.4x 20.5x 47.7x 41.5x 34.5x 20.8% 19.9% 19.0% 24.1% 23.9% 23.8% Paycom Software, Inc. $128.47 $7,530 ($50) $7,480 13.4x 10.8x 8.9x 32.0x 25.8x 21.4x 49.2x 40.0x 33.5x 29.3% 24.2% 20.8% 41.8% 41.7% 41.6% Zendesk, Inc. $62.56 $6,697 $1 $6,698 11.3x 8.6x 6.6x NM NM 57.4x NM NM 84.5x 37.5% 31.6% 30.1% 6.0% 8.3% 11.5% Ceridian HCM Holding Inc. $35.62 $4,917 $484 $5,401 7.3x 6.7x 5.9x 36.0x 30.8x 24.3x NM 79.9x 47.6x 10.7% 8.9% 13.4% 20.2% 21.7% 24.3% j2 Global, Inc. $71.46 $3,522 $707 $4,229 3.5x 3.3x 3.1x 8.7x 7.9x 7.3x 11.4x 10.5x 9.9x 7.7% 7.5% 6.5% 40.6% 41.6% 42.1% Medidata Solutions, Inc. $67.48 $4,129 ($104) $4,025 6.3x 5.4x 4.6x 26.4x 21.7x 17.7x 41.2x 36.9x 29.9x 16.7% 17.8% 16.0% 24.0% 24.7% 26.1% Paylocity Holding Corporation $62.31 $3,290 ($85) $3,205 7.7x 6.4x 5.3x 32.4x 22.3x 18.1x 43.9x 42.8x 36.1x 24.4% 20.0% 20.4% 23.8% 28.9% 29.5% Anaplan, Inc. $27.80 $3,474 ($370) $3,104 13.2x 10.3x 8.1x NM NM NM NM NM NM 39.7% 27.9% 28.0% NM NM NM Cornerstone OnDemand, Inc. $52.55 $3,080 ($103) $2,977 5.6x 5.3x 4.6x 32.6x 23.0x 17.9x 71.6x 50.0x 35.9x 9.9% 7.1% 14.4% 17.2% 22.8% 25.6% Manhattan Associates, Inc. $45.23 $2,957 ($94) $2,863 5.2x 5.1x 5.0x 18.5x 22.3x 21.6x 26.5x 32.5x 31.6x (6.8%) 1.9% 1.8% 28.0% 22.7% 23.1% Smartsheet Inc. $26.35 $2,733 ($205) $2,528 14.4x 10.4x 7.7x NM NM NM NM NM NM 57.6% 39.1% 33.9% NM NM NM Benefitfocus, Inc. $48.81 $1,560 $79 $1,639 6.4x 5.5x 4.7x NM 74.3x 44.1x NM NM NM 0.1% 15.8% 16.4% 3.4% 7.4% 10.7% Workiva Inc. $38.55 $1,690 ($78) $1,612 6.6x 5.8x 5.0x NM NM NM NM NM NM 16.7% 15.0% 15.0% NM NM 1.2% Pluralsight, Inc. $26.46 $1,649 ($201) $1,448 6.3x 4.7x 3.6x NM NM NM NM NM NM 38.2% 33.1% 31.4% NM NM NM Technology One Limited $4.61 $1,461 ($76) $1,386 6.7x 5.8x 5.2x 26.9x 22.8x 19.8x 40.9x 33.2x 28.8x (3.9%) 16.1% 11.1% 24.9% 25.2% 26.2% SPS Commerce, Inc. $87.52 $1,546 ($189) $1,357 5.5x 4.9x 4.5x 26.5x 21.7x 18.1x 47.1x 42.8x 35.9x 12.0% 11.1% 9.8% 20.8% 22.8% 24.8% Enghouse Systems Limited $53.32 $1,455 ($146) $1,308 5.0x 4.6x NA 15.9x 15.2x NA 28.7x 27.0x NA (2.1%) 6.6% NA 31.1% 30.5% NA LivePerson, Inc. $19.93 $1,264 ($66) $1,198 4.8x 4.2x 3.7x 63.2x 55.2x 41.0x NM NM NM 13.9% 14.0% 12.9% 7.6% 7.6% 9.1% PROS Holdings, Inc. $32.24 $1,198 ($60) $1,138 5.8x 5.0x 4.3x NM NM NM NM NM NM 15.7% 16.0% 17.0% NM NM NM Upland Software, Inc. $28.42 $614 $142 $756 5.1x 4.0x 3.9x 14.4x 10.9x 10.1x 17.7x 14.3x 14.4x 51.3% 28.5% 1.8% 35.3% 36.4% 38.8% Basware Oyj $46.32 $669 $13 $681 4.2x 4.0x 3.6x NM NM NM NM NM NM (9.4%) 6.0% 10.0% 0.2% NM 0.9% QAD Inc. $40.43 $794 ($125) $669 2.0x 1.9x 1.8x 28.1x 27.9x 24.0x 54.6x 55.9x 50.5x 8.8% 5.3% 7.0% 7.2% 6.9% 7.4% Opera Limited $7.47 $822 ($213) $610 3.5x 2.7x 2.3x 9.1x 6.7x 5.0x 16.9x 11.4x 9.0x 33.6% 28.9% 21.6% 39.0% 41.1% 45.0% Synchronoss Technologies, Inc. $6.72 $287 $9 $296 0.9x 0.9x NA 26.1x 5.6x NA NM NM NA (18.0%) 4.3% NA 3.4% 15.3% NA ChannelAdvisor Corporation $11.46 $313 ($47) $266 2.0x 1.9x 1.8x 32.9x 25.2x 19.7x NM 77.0x 56.6x 7.0% 7.0% 6.3% 6.2% 7.5% 9.1% American Software, Inc. $10.72 $332 ($81) $251 2.2x 2.1x NA 16.3x 13.6x NA 39.7x 33.5x NA 3.7% 6.8% NA 13.5% 15.2% NA Amber Road, Inc. $8.50 $236 $12 $248 2.9x 2.7x NA 49.8x 42.5x NA NM NM NA 7.2% 7.1% NA 5.9% 6.4% NA Park City Group, Inc. $7.29 $144 ($11) $133 5.7x 4.5x 3.5x 24.8x 15.9x 11.4x 38.4x 20.7x 14.6x 14.9% 27.1% 27.8% 22.9% 28.1% 30.8% ServiceSource International, Inc. $1.06 $98 ($29) $69 0.3x 0.3x NA 5.5x 4.7x NA 26.5x 11.8x NA (0.5%) (3.3%) NA 5.3% 6.4% NA The Descartes Systems Group Inc $28.29 $0 $18 $18 0.1x 0.1x 0.1x 0.2x 0.2x 0.1x 24.9x 21.9x 20.6x 16.1% 10.5% 9.5% 34.0% 35.1% 35.9% Boxlight Corporation $1.53 $16 $2 $18 0.5x 0.4x NA NA NA NA NM NM NA 43.3% 22.0% NA NA NA NA

Mean 6.0x 5.0x 4.7x 27.0x 23.5x 23.6x 36.4x 35.4x 34.7x 17.6% 16.4% 16.5% 19.5% 21.7% 23.0% Median 5.6x 4.8x 4.6x 26.4x 22.3x 19.7x 39.0x 33.4x 33.5x 15.3% 15.4% 15.5% 21.8% 22.8% 25.2%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 13 Negative margins considered NM. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 7.1x 5.8x 5.1x 37.8x 35.2x 25.9x 36.0x 30.9x 34.8x 22.0% 14.8% 14.6% 17.4% 19.1% 18.5% Median 5.9x 5.1x 4.9x 47.3x 29.0x 23.1x 16.8x 14.7x 20.1x 23.8% 13.4% 17.1% 14.1% 13.9% 12.6%

All Software Mean 6.5x 5.5x 4.8x 29.5x 28.9x 24.2x 37.9x 35.7x 36.2x 22.3% 16.7% 15.9% 20.4% 21.5% 22.5% Median 5.7x 4.9x 4.5x 24.7x 21.9x 18.3x 32.3x 30.4x 28.6x 20.8% 15.8% 16.2% 19.6% 21.3% 21.8%

Notes: Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. 14 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

18.0x 18.0x

16.0x 16.0x

SEND TWLO TWLO 14.0x 14.0x SEND PAYC SHOP PAYC SHOP WDAY NOW WDAY NOW 12.0x EVBG 12.0x ZEN R = 0.64 APPF ZEN APPF FIVN EVBG FIVN NEWR R = 0.59 NEWR RNG 10.0x HUBS 10.0x RNG HUBS QTWO SPLK QTWO DOCU DOCU SPLK CRM ZUO ZUO 8.0x 8.0x CRM PCTY PCTY ULTI WK BNFT MIME ULTI WK DBX INST MIME DBX 6.0x CSOD PCYG INST 6.0x BNFT CSOD PCYG

VRNS RP RP Enterprise Value / CY / 2018E Revenue Value Enterprise Enterprise Value / CY / 2018E Revenue Value Enterprise SPSC LPSN SPSC VRNS ZIXI TLND TLND LPSN BOX BOX 4.0x LOGM 4.0x ZIXI LOGM CARB ENV PSTG ENV CARB AMBR AMBR 2.0x 2.0x PSTG ECOM NTAP ECOM NTAP

0.0x 0.0x 0% 10% 20% 30% 40% 50% 60% 70% 0% 10% 20% 30% 40% 50% 60% 70%

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

Notes: Source: Capital IQ as of 1/9/2019. Consensus Estimates used for CY2018E figures. 15 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

12/27/18 Infrastructure Management $252 6.0x NA NA NA Provides cross-border payment software and services to businesses and financial institutions.

Provides ERP and CRM SaaS for health and fitness facilities. Software provides features for facilities scheduling, workforce 12/24/18 Application Software $1,750 8.1x NA NA NA management, e-commerce and business analytics.

12/20/18 Application Software $275 NA NA NA NA Provides pre-construction bidding management and analytics SaaS for the building and construction sectors.

The technology assets of M*Modal, which provides clinical documentation, transcription and EHR SaaS and hardware for the 12/19/18 Application Software $1,000 5.0x NA NA NA medical sector. (Technology Assets) Provides customer experience and survey creation SaaS for businesses that monitor customer satisfaction, experiences and 12/17/18 Application Software $65 0.8x NA NA NA behavior on businesses' various retail channels, including websites, mobile sites, contact centers, in-store and on social media.

Provides email marketing and marketing automation SaaS to businesses in the UK. Software features include email design, 12/13/18 Application Software $60 3.3x NA NA NA automation, demographic targeting and performance reporting.

12/12/18 Application Software $245 6.4x 4.9x NA NA Provides online customer retention and customer experience SaaS for retail banks.

Provides manufacturing ERP and manufacturing execution system (MES) software and SaaS for the automotive, medical, 12/11/18 Application Software $425 NA NA NA NA aviation, food and beverage, and materials sectors.

Provides e-commerce, business management, transaction processing and Web portal design software and consulting services 12/10/18 Application Software $4,400 2.5x 2.5x 10.5x NA for the travel industry globally.

Provides medical practice, pharmacy and electronic healthcare records (EHR) management software and SaaS for healthcare 12/10/18 Application Software $525 1.5x NA NA NA providers and related government agencies.

Provides credit information and analytics management SaaS and services for businesses in the microlending, banking, retail, 12/10/18 Application Software $262 7.6x 7.0x NA NA and telecommunication markets in Africa and Asia Pacific.

12/10/18 Application Software $95 NA NA NA NA Provides GRC compliance-focused third-party vendor management CPM and BI SaaS for companies globally.

Select software products of IBM, which provide features for application development, device management, marketing 12/6/18 Infrastructure Management $1,775 NA NA NA NA automation, omni-channel e-commerce and workstream collaboration for businesses and consumers globally. (Software Assets)

Provides mobile identity and access management (IAM), authentication, carrier billing and payments apps for mobile telecom 12/6/18 Security $51 NA NA NA NA service providers.

12/5/18 Security $143 1.8x 1.0x 9.9x NA Provides IPTV content encryption and DRM SaaS for cable and IPTV service providers.

The Rulebook suite of products of Moore Stephens, which provides pricing, underwriting and broking management SaaS for 12/3/18 Application Software $87 NA NA NA NA the insurance market in London. (Rulebook suite)

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/2018, where Enterprise Value is >$50MM. 16 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

11/29/18 Application Software $800 NA NA NA NA Provides project and document management, and enterprise work collaboration SaaS for businesses.

Provides machine condition monitoring and fluids analysis SaaS and instruments for the petrochemical, fleets, mining and 11/27/18 Application Software $190 NA NA NA NA power generation industries globally.

11/20/18 Application Software $875 NA 8.8x NA NA Provides mobile-based project management SaaS for businesses in the building and construction industry.

11/16/18 Security $1,400 10.8x NA NA NA Provides AI-based IT security management SaaS to businesses.

Provides distribution, shopping, pricing, merchandising, retailing, offer and NDC order management SaaS for the airline sector 11/14/18 Application Software $360 NA 9.0x NA NA globally.

Provides electronic healthcare records (EHR) management and medical bill processing and practice management SaaS for 11/12/18 Application Software $5,700 4.1x NA 17.3x NA hospitals and healthcare practices in the US.

11/12/18 Information Management $400 1.8x NA NA NA Provider of print management and cost recovery software solutions.

11/11/18 Application Software $8,000 21.5x 20.0x NA NA Provides customer experience-focused software that collects customer and employee feedback via online surveys.

11/11/18 Infrastructure Management $1,940 8.2x NA NA NA Provides cloud-based technology business management (TBM) SaaS for businesses.

Provides B2B payment software and related mobile application for use with fleet fuel cards, accounts payable and corporate 11/8/18 Infrastructure Management $600 NA 14.0x NA NA travel payments.

Provides operational technology (OT) and industrial network monitoring software for critical infrastructure and manufacturing 11/8/18 Security $113 14.2x NA NA NA companies globally.

Provides stock and equity EDI trading software for financial services institutions, investment firms and brokerages. Also 11/7/18 Infrastructure Management $1,000 1.5x NA 15.9x NA provides subscription-based investment and stock market research and analytics for traders and investment firms.

Provides application security code analysis and network penetration vulnerability testing SaaS for enterprise software 11/5/18 Security $950 7.6x NA NA NA developers.

11/5/18 Information Management $750 NA 6.1x NA 25.0x Provides electronic health record management SaaS to the long-term care and senior living healthcare industry.

11/5/18 Application Software $176 4.0x NA NA NA Provides data analytics and reporting software for businesses globally.

11/1/18 Infrastructure Management $525 3.2x NA NA NA Provides M2M mobile asset management SaaS for businesses to track systems and sensors throughout their enterprise.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/2018, where Enterprise Value is >$50MM. 17 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

10/31/18 Information Management $310 NA NA NA NA Provides data management and integration iPaaS for businesses globally.

10/30/18 Application Software $145 NA NA NA NA Provides operational risk management software for the oil and gas sectors.

Provides identity access and project management software and SaaS for the banking, life sciences, pharmaceutical, utilities, 10/30/18 Security $140 4.7x NA NA NA public, manufacturing, retail, healthcare and telecom sectors.

Provides identity theft protection, data breach remediation and credit management software and services that enable 10/30/18 Security $90 0.5x NA 10.9x NA consumers and financial institutions access, monitor and manage credit information.

10/30/18 Information Management $50 NA NA NA NA Provides social media management SaaS for businesses.

Provides open-source Linux OS, middleware, desktop and server virtualization and systems management software, as well as 10/28/18 Infrastructure Management $33,435 10.8x NA 56.8x NA hybrid cloud management PaaS, for businesses and consumers globally.

Provides SaaS-based insurance claims management mobile applications for businesses in the property and health insurance 10/22/18 Application Software $122 3.5x NA 40.2x NA sector.

10/17/18 Application Software $150 NA 3.8x NA 9.0x Provides digital audio analytics and advertising enablement SaaS for digital audio publishers and advertisers.

Provides Web and mobile email marketing SaaS and related SMTP API software that enables marketing and B2C 10/15/18 Application Software $1,739 12.3x NA NM NA communications for businesses and mobile app developers.

Operates as a holding company for businesses that provide traditional and software-based educational curriculum for the 10/15/18 Application Software $685 4.7x NA 18.6x NA education sector.

10/12/18 Application Software $57 NA 6.3x NA NA Provides data analytics SaaS for the multifamily real estate sector.

10/10/18 Security $2,100 5.5x NA NA NA Provides database, file and Web application security software and SaaS for businesses globally.

Provides wealth management SaaS for direct investors, bankers, asset and wealth managers, life insurers, and advisers 10/9/18 Application Software $1,450 NA NA NA NA globally.

Provides enterprise MongoDB database provisioning and management SaaS for use on Amazon Web Services (AWS), 10/9/18 Infrastructure Management $68 NA NA NA NA Microsoft Azure and Google Cloud.

Provides systems management, application lifecycle management and business process management software for 10/8/18 Infrastructure Management $2,000 NA NA NA NA businesses running IBM mainframes and System i servers.

10/8/18 Infrastructure Management $180 3.3x NA NA NA Provides mobile and Web automation testing SaaS to businesses.

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/2018, where Enterprise Value is >$50MM. 18 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 open-source Apache Hadoop data processing and data management software and support software, as well as 10/3/18 Information Management $2,080 6.6x NA NA NA training and consulting services, for businesses.

10/3/18 Security $173 34.6x NA NA NA Provides AI-enabled cloud security analytics SaaS for businesses.

Provides customer and employee analytics and engagement SaaS across short message service (SMS), mobile, email, web, 10/3/18 Application Software $65 NA NA NA NA and social media.

10/1/18 Application Software $100 1.3x NA 20.0x NA Provides employee recruitment, performance, compensation and skills management SaaS for businesses in Europe.

Provides restaurant management software, software development and systems integration services to businesses in the food 9/27/18 Application Software $415 NA NA NA NA and hospitality industries.

The financial institution loyalty business unit of Augeo Marketing, which provides Web-based B2B and B2C marketing, 9/26/18 Application Software $140 NA NA NA NA employee benefits and incentives management, engagement and loyalty SaaS for middle-market banks and credit unions.

9/25/18 Application Software $150 NA NA NA NA Provides iOS and Android mobile applications that enable students at higher education institutions to order food.

9/20/18 Application Software $4,750 NA 12.4x NA NA Provides marketing automation SaaS for businesses.

9/20/18 Application Software $350 NA 5.0x NA NA Provides IVR, speech recognition, call center, voiceXML and voice conferencing and call handling software to enterprises.

9/14/18 Infrastructure Management $218 5.3x NA NA NA Provides trade execution and clearing software for the financial sector globally.

Provides access control software for use in virtual and cloud-based environments for businesses. Software is compatible with 9/13/18 Security $625 5.7x NA 20.8x NA Windows, Macintosh, Unix and Linux computers. Also provides password management software.

9/12/18 Application Software $100 NA NA NA NA Provides team meeting, collaboration, workspace management and related analytics SaaS for businesses.

Provides billing management SaaS to government agencies and utility service providers. Software provides features for 9/12/18 Application Software $100 NA NA NA NA resident payment processing, e-signatures, online form management and mobile payments.

Provides competitive bidding and RFx project management SaaS to government agencies, schools, healthcare facilities and 9/12/18 Application Software $98 NA NA NA NA nonprofits. Software provides features for contract and vendor performance management.

Provides budgeting SaaS for government and healthcare agencies, schools and nonprofits. Software also provides features for 9/12/18 Application Software $91 NA NA NA NA performance and data management.

Provides Web content management software, including online community creation, e-commerce, email marketing campaign 9/6/18 Information Management $1,160 8.9x NA 29.0x NA management, website visitor analytics and Web design software, for businesses globally

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/2018, where Enterprise Value is >$50MM. 19 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 fintech consulting services and team collaboration SaaS to businesses globally in the life science, financial, oil and 9/6/18 Application Software $1,500 4.6x NA NA NA gas, technology and manufacturing industries.

Provides an IT operations SaaS that monitors availability and performance, including incident alerts, notifications, and on-call 9/4/18 Infrastructure Management $295 NA 14.8x NA NA management via smartphone push notifications, email, SMS and phone calls.

Provides middleware, device management software and data analytics software for businesses to gather, connect and 9/4/18 Information Management $300 NA NA NA NA analyze information from devices throughout their enterprise.

Provides Salesforce, Azure and IBM Cloud-based quote-to-cash (QTC) contract, pricing and invoice automation SaaS for 9/4/18 Application Software $1,600 7.1x NA NA NA enterprises.

All Software Median 5.2x 7.0x 18.6x 17.0x Mean 6.6x 8.4x 22.7x 17.0x

PE Acquirers Median 5.1x 2.5x 17.3x NA Mean 5.3x 2.5x 17.3x NA

Notes: Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/2018, where Enterprise Value is >$50MM. 20 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

Developer of a sensor-based data management platform designed to increase the safety 12/28/18 Samsara $100 Andreessen Horowitz, General Catalyst and efficiency of physical operations.

Developer of a cloud based relational database platform designed to provide critical 12/28/18 NuoDB $31 Undisclosed workloads.

Provider of a cloud-based data collection software intended to empower companies to Camber Creek, Concrete, Building Ventures, DivcoWest, Salesforce Ventures, Sway Ventures, 12/28/18 Measurabl $25 disclose and act upon their sustainability performance. Borealis Ventures, Impact Engine

Developer of an ownership management and compliance platform designed to consolidate 12/27/18 Carta $80 Meritech Capital Partners, Tribe Capital, Union Square Ventures, Spark Capital, Menlo Ventures company ownership data onto one common electronic registry.

12/19/18 Cambridge Mobile Telematics $500 Provider of a mobile application intended to make roads safer by making drivers better. SoftBank Investment Advisers

Developer of a centralized collaborative data science platform designed to explore, 12/19/18 Dataiku $101 Alven Capital Partners, FirstMark Capital, Battery Ventures, Dawn Capital, ICONIQ Capital prototype, build and deliver own data products efficiently.

Provider of a social media management software and solutions intended to help brands 12/19/18 Sprout Social $41 The Future Fund, New Enterprise Associates, The Goldman Sachs Group communicate with customers.

Developer of a free messaging application designed to simplify and organize team Sequoia Capital, Greylock Partners, Harrison Metal Capital, Aspect Ventures, DAG Ventures, 12/19/18 Crew App $35 communications at work. Tenaya Capital

Developer of a crowd-sourced data diagnosing symptom software designed to provide Comcast Ventures, Mangrove Capital Partners, Lerer Hippeau Ventures, Bessemer Venture 12/19/18 K Health $25 artificial intelligence based personal health assistant. Partners, BoxGroup, Max Ventures, Primary Venture Partners Seismic Developer of an end-to-end sales enablement software designed to pitch sales of client's Lightspeed Venture Partners, T. Rowe Price, JMI Equity, General Atlantic, Jackson Square 12/18/18 (Business/Productivity $100 product. Ventures Software) Provider of a SaaS-based on-demand privacy and risk management platform designed to 12/18/18 Egress $40 FTV Capital, Albion Capital manage and protect unstructured data.

Developer of a cyber-security platform intended to provide security solutions for cloud- 12/17/18 Avanan $25 StageOne Ventures, Magma Venture Partners, Greenfield Cities Holdings based email, messaging and collaboration.

12/14/18 Fortanix $22 Developer of an enterprise security software designed to offer data protection services. Undisclosed

Developer of a cloud-based project-management platform intended to manage 12/13/18 Procore $75 Tiger Global Management, Bessemer Venture Partners, Lumia Capital, ICONIQ Capital construction and real-estate projects.

Developer of a sales conversation intelligence platform designed to improve sales 12/13/18 Chorus $33 Georgian Partners, Emergence Capital Partners, Redpoint Ventures conversations.

Provider of an End-user IT Analytics platform intended to measure and manage Index Ventures (UK), TOP Funds, VI Partners, Auriga Partners (Paris), Highland Europe, Galeo- 12/12/18 Nexthink $85 information security programs. Ventures, Forestay Capital, Olivier Pomel

Notes: Source: Pitchbook. Reflects deal activity through 12/31/2018. 21 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Provider of a business intelligence platform designed to make business analytics work on Morgan Stanley Investment Management, Atlantic Bridge Capital, UMC Capital, Storm 12/12/18 AtScale $50 big data. Ventures, Wells Fargo Securities

Provider of a cloud-based platform intended to offer complex and large-scale Insight Venture Partners, Verizon Ventures, Alibaba Group, Pitango Venture Capital, New Era 12/12/18 Optibus $40 transportation operations. Capital

Developer of open core enterprise software designed to deliver services for secure Insight Venture Partners, New Enterprise Associates, Wing Venture Partners, Madrona Venture 12/12/18 Tigera $30 application connectivity for the cloud-native world. Group

Developer of an application programming interface designed to offer financial and banking Kleiner Perkins, Spark Capital, New Enterprise Associates, Goldman Sachs Investment Partners, 12/11/18 Plaid (Financial Software) $250 services. Andreessen Horowitz, Norwest Venture Partners, Index Ventures (UK)

InVision (Multimedia and Developer of a SaaS-based digital product design platform designed to help companies Spark Capital, Atlassian, FirstMark Capital, Battery Ventures, Geodesic Capital, Goldman Sachs 12/11/18 $115 Design Software) unlock the power of design-driven product development. Investment Partners, Tiger Global Management, ICONIQ Capital

Developer of a DevOps automation and orchestration software intended to automate and Jerusalem Venture Partners, Dell Ventures, Kreos Capital, Gemini Israel Ventures, Evergreen 12/11/18 Quali $23 improve DevOps lifecycle and productivity. Venture Partners, Orr Partners

Developer of a business intelligence and big data analytics platform designed to bring Premji Invest, CapitalG, Founders Circle Capital, IVP, Cross Creek Advisors, Redpoint Ventures, 12/6/18 Looker $103 better insights and data-driven decisions to every business. Meritech Capital Partners, Kleiner Perkins

Developer of artificial intelligence-driven knowledge cloud intended for unified discovery, SoftBank Capital, REV Venture Partners, Crescent Enterprises, Mistletoe, Cervin Ventures, 12/6/18 EdCast $34 personalized learning, and sales enablement. Stanford University Venture Fund, The London Fund, SSGA Funds

Developer of an enterprise architecture management software designed to reduce 12/6/18 LeanIX $30 Insight Venture Partners, Deutsche Telekom Capital Partners, Capnamic Ventures, Iris Capital complexity in the information technology landscape.

Provider of an open-source, code-collaboration platform designed to unify issues, code 12/5/18 Gitlab $120 ICONIQ Capital, Goldman Sachs Principal Strategic Investments GV, Khosla Ventures review, CI and CD into a single UI.

Developer of a mobile analytics platform designed to track user behavior and build better 12/5/18 Amplitude $80 Sequoia Capital, Benchmark Capital, Battery Ventures, IVP, Lead Edge Capital products.

Provider of a performance management platform designed to provide better visibility into Altimeter Capital, Harrison Metal Capital, Redpoint Ventures, Sequoia Capital, Cowboy 12/5/18 LightStep $41 production software systems. Ventures Provider of a content management platform designed to help digital teams to ship and Sapphire Ventures, Salesforce Ventures, Hercules, Balderton Capital, Benchmark Capital, 12/5/18 Contentful $34 iterate content faster, across all of their web applications, mobile applications and General Catalyst, OMERS Ventures connected devices. Developer of workflow automation and decision platform designed to offer detailed 12/5/18 Camunda Services $29 Highland Europe visibility into business operations across distributed systems.

12/5/18 Workato $25 Developer of an integration platform designed to automate businesses. Workday Ventures, ServiceNow, Battery Ventures

Provider of a machine identity protection platform designed to secure the connection and 11/29/18 Venafi $100 Technology Crossover Ventures, NextEquity Partners, QuestMark Partners communication between machines.

Notes: Source: Pitchbook. Reflects deal activity through 12/31/2018. 22 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 product lifecycle management platform designed to improve the lifecycle Goldman Sachs Private Capital Investing Group, GE Ventures, Silver Lake Management, Savano 11/29/18 Aras $70 processes of enterprises. Capital Partners

Developer of autonomous checkout technology intended to streamline operations for 11/29/18 Standard Cognition $51 Initialized Capital Management, Charles River Ventures, Y Combinator, Draper Associates brick and mortar retailers.

Generation Investment Management, Benchmark Capital, Founders Fund, 8VC, Lead Edge 11/29/18 Asana $50 Developer of a task management software designed to help teams track their work. Capital, WiL (World Innovation Lab), Generation Investment Management, Founders Fund, 8VC

11/28/18 Plusgrade $153 Developer of a SaaS-based revenue optimization software. Caisse de dépôt et placement du Québec

Provider of a workforce management platform designed to simplify employee scheduling, 11/28/18 Deputy $81 IVP, EVP Capital Management, OpenView Venture Partners, Square Peg Capital timesheets, tasking and communication.

Developer of a cloud-based business management software intended to deliver services Cisco Investments, InnoVen Capital, Jungle Ventures, Susquehanna Growth Equity, Tembusu 11/28/18 Deskera $60 that help companies of all sizes and industries, run better. Partners

Cogito (Emotional 11/26/18 $45 Developer of real-time emotional intelligence software to improve customer engagement. The Goldman Sachs Group, Salesforce Ventures, OpenView Venture Partners Intelligence Software) JRR Crypto, Samsung Capital, Sequoia Capital China, NEO Global Capital, Dekrypt Capital, Provider of an open platform designed to help businesses to build innovative applications 11/19/18 AERGO (Application Software) $30 Global Blockchain Innovative Capital, Lemniscap, Rockaway Blockchain, Chainfund Capital, and services by sharing data. Block Crafters Capital, FBG Capital, BA Capital, Arrington XRP Capital Provider of a geo-analytics and location intelligence platform designed to improve 11/16/18 MapAnything $43 GM Ventures, Salesforce Ventures, Harbert Growth Partners, Greycroft enterprises productivity.

Provider of robotic process automation designed to work side by side with people to New Enterprise Associates, Goldman Sachs' Merchant Banking Division, Softbank Group, 11/15/18 Automation Anywhere $550 handle repetitive routines and tasks found within many industries. General Atlantic, WiL (World Innovation Lab)

Provider of a 360° due diligence platform designed for investors, vendors and enterprise IT Thread Capital, Thrive Capital, Benchmark Capital, Coatue Management, Caffeinated Capital, 11/15/18 Airtable $100 end users. Charles River Ventures

Developer of a machine intelligence platform designed to automate the analysis of large Lux Capital, Data Collective, Amplify Partners, In-Q-Tel, Avalon Ventures, Section 32, Mubadala 11/15/18 Primer (Database Software) $40 datasets. Investment Company

Developer of a web-based transportation management platform designed to help freight 11/15/18 EmergeTMS $20 Greycroft professionals visualize, source and communicate efficiently.

Developer of robotic process automation software designed to deliver fast and reliable RPA 11/14/18 UiPath $265 CapitalG, Sequoia Capital, Accel, IVP, Madrona Venture Group, Meritech Capital Partners that enhances business performance at unlimited scale.

Developer of a cloud-analytic service platform designed to understand activities, protect Lightspeed Venture Partners, Social Capital, Accel, Sapphire Ventures, Geodesic Capital, Base 11/13/18 Netskope $168 data, stop threats and respond to incidents. Partners, ICONIQ Capital

Provider of a cloud-based enterprise storage network designed to offer data protection and 11/13/18 ClearSky Data $20 Pear Tree Partners, General Catalyst, Highland Capital Partners, Polaris Partners disaster recovery services.

Notes: Source: Pitchbook. Reflects deal activity through 12/31/2018. 23 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 an online collaboration and whiteboarding platform designed for cross- 11/8/18 RealtimeBoard $25 Accel, Altair Capital functional team collaboration.

Developer of an AI-powered Software intended to help build and operate software 11/6/18 Engineer.ai $30 Lakestar, Jungle Ventures projects. Developer of an energy-efficient computing technology for Artificial Intelligence (AI) and 11/5/18 Esperanto Technologies $58 Machine Learning applications based on the open standard RISC-V Instruction Set Comet Labs Architecture (ISA). Developer of AI powered personalization software intended to maximize the monetization 11/2/18 Dynamic Yield $38 Viola Growth, Bessemer Venture Partners, Union Tech Ventures, Naver of website traffic. Lenovo, Northgate Capital, ABS Capital Partners, Collina Ventures, CID Equity, Heron Capital, Developer of a cloud-based data storage platform designed to automate data 11/2/18 Scale Computing $35 Reservoir Venture Partners, First Analysis, Blue Chip Venture, Spring Mill Venture Partners, Allos management. Ventures, Benchmark Capital, VisionTech Partners Provider of cloud infrastructure automation platform designed to intended to solve IVP, AppDynamics, Slack, Snap, Mayfield Fund, GGV Capital, True Ventures, Redpoint Ventures, 11/1/18 HashiCorp $100 development, operations and security challenges in infrastructure. Bessemer Venture Partners

Developer of an open-source graph database designed to help companies built intelligent Morgan Stanley Expansion Capital, One Peak Partners, Eight Roads, Creandum, Greenbridge 11/1/18 Neo4j $80 applications. Partners

Developer of an Artificial Intelligence (AI) based platform designed to offer back-office 10/30/18 AppZen $35 Lightspeed Venture Partners, Resolute Ventures, NAV.VC, Redpoint Ventures automation services.

10/29/18 Quid $38 Provider of a visualization platform designed to offer text-based data analysis. REV Venture Partners, Salesforce Ventures, ARTIS Ventures, Founders Fund, Lixil Group

Provider of an AI-driven lead engagement software for marketing and sales organizations Savano Capital Partners, Providence Equity Partners, Toba Capital, Kennet Partners, CIBC 10/29/18 Conversica $31 designed to help companies find and secure customers more quickly and efficiently. Capital Partners

Adams Street Partners, Knollwood Investment Advisory, Lightspeed Venture Partners, Redpoint 10/25/18 Arctic Wolf $45 Developer of a cloud security platform intended to offer network security services. Ventures, Sonae IM, The Future Fund, Unusual Ventures

Developer of a data engineering platform intended to eliminate complexity through big Centerview Capital Technology, Knoll Ventures, New Enterprise Associates, Nexus Venture 10/25/18 Infoworks $25 data automation. Partners

Developer of a machine learning automation platform designed to deploy accurate DFJ Growth, IA Ventures, Intel Capital,Meritech Capital Partners, New Enterprise Associates, 10/24/18 DataRobot $100 predictive models. Sapphire Ventures

Developer and provider of data warehouse intended to redefine how data drives change in 10/24/18 Yellowbrick Data $48 GV, Menlo Ventures, Next47, Samsung Venture Investment, Third Point Ventures businesses.

Developers of an intelligent manufacturing software platform designed to automate 10/23/18 Bright Machines $179 Balyasny Asset Management, Eclipse Ventures, FlexTronics, Lux Capital manufacturing operations and robotics.

Developer of revenue intelligence platform designed to solve solving the problem of sales 10/23/18 People.ai $30 Andreessen Horowitz, GGV Capital, Lightspeed Venture Partners, Y Combinator and marketing alignment.

Notes: Source: Pitchbook. Reflects deal activity through 12/31/2018. 24 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 Business Development Bank of Canada, Greenspring Associates, National Research Council Developer of compliance management software designed to help organizations collect 10/22/18 Assent Compliance $100 Canada, OpenText Enterprise Apps Fund, Royal Bank of Canada, Volition Capital, Warburg data and stay in compliance with local and international regulations. Pincus Developer of a real-time analytics platform designed to aggregate large and complex Anant Jhingran, DEMO Traction, GV, Kleiner Perkins, M12, Mohamed Sabry, Ronald Wohl, 10/18/18 InCorta $30 business data. Steve Papa, SV Angel, Telstra Ventures, Wilson Sonsini Goodrich & Rosati, Ziyad Dahbour

Provider of collaborative diagramming and brand management software designed to 10/17/18 LucidChart $72 ICONIQ Capital, Meritech Capital Partners, Spectrum Equity improve clarity, communication and productivity.

10/16/18 Syncron International $67 Provider of cloud-based aftermarket supply chain management software. Dendera Venture, Summit Partners

DAG Ventures, Dipchand Nishar, Focus Opportunity Fund, Four Rivers Group, Individual Provider of a business intelligence platform designed to offer insight for data-driven IT 10/16/18 Numerify $28 Investor, KAAJ Ventures, Lightspeed Venture Partners, Sequoia Capital, Silicon Valley Bank, organizations. Tenaya Capital Provider of a software containerization platform intended to address every application 10/15/18 Docker $92 Base Partners, Benchmark Capital, Greenspring Associates, SharesPost, TheFamily across the hybrid cloud. Altimeter Capital, Capital One Growth Ventures, ICONIQ Capital, Ken Hausman, Madrona Developer of a SaaS-based cloud data warehousing platform designed to safely and 10/11/18 Snowflake $450 Venture Group, Meritech Capital Partners, Redpoint Ventures, Sequoia Capital, Sutter Hill efficiently store, transform and analyze business data. Ventures, Wing Venture Partners Accel, Chicago Ventures, Christopher Shutts, Emergence Capital Partners, High Alpha, Hyde Park Provider of a business software review platform intended to help the insights business 10/11/18 G2 Crowd $55 Venture Partners, IVP, Jason Duboe, LinkedIn, Pritzker Group Venture Capital, Teamworthy professionals about technology purchase decisions. Ventures, Thomas Lehrman, Tim Kopp Developer of a sales management tool designed to help small sales teams manage intricate Atomico, Bessemer Venture Partners, Deutsche Telekom Capital Partners, Insight Venture 10/10/18 Pipedrive $60 or lengthy sales processes. Partners, Rembrandt Venture Partners

Developer of a predictive analytics platform, designed to understand and monetize people, 10/10/18 Tresata $50 GCP Capital Partners process and product behaviors. Accel, Cerca Partners, ClearSky (North Palm Beach), Greylock Partners, Gur Shomron, Kevin Developer of automated incident response and security orchestration platform designed to 10/10/18 Demisto $43 Mahaffey, Michael Fey, Secure Octane, Slack, Specialized Types, Stuart McClure, Vijay Bolina, offer integrated threat intelligence and security orchestration. Wipro Ventures Adam Wiggins, Andreessen Horowitz, Bloomberg Beta, Designer Fund, Dylan Field, Heavybit, Provider of a all-in-one platform created to develop, design and host websites intended to 10/9/18 MakerLoop $30 Jeremy Stoppelman, Kleiner Perkins, Stewart Butterfield, Tank Hill Ventures, Todd Morey, Tom advance website development. Preston-Werner Developer of Software-Defined Servers designed to bring flexibility to modern data centers Bain Capital Ventures, Citrix Startup Accelerator, Hummer Winblad Venture Partners, Infosys, 10/5/18 TidalScale $24 by right-sizing servers on the fly. Samsung Catalyst, SAP, Sapphire Ventures, SK Hynix Battery Ventures, Dell Technologies Capital, Gemini Israel Ventures, Geodesic Capital, Insight Provider of software management services designed to enhance infrastructure for software 10/4/18 JFrog $165 Venture Partners, Qumra Capital, Sapphire Ventures, Scale Venture Partners, Silicon Valley management and distribution. Fund, Spark Capital, Vintage Investment Partners, VMware Developer of cloud-based call center software designed to help growing businesses to 500 Startups, Alexander Khein, Draper Fisher Jurvetson Management, Jason Lemkin, Orange 10/3/18 Talkdesk $100 improve customer satisfaction while reducing costs. Fab, SaaStr, Salesforce Ventures, Storm Ventures, Twilio Fund, Viking Global Investors

Developer of a lifecycle engagement platform for marketing, growth, and engagement 10/3/18 Braze $80 Meritech Capital Partners, Cross Creek Advisors teams.

Notes: Source: Pitchbook. Reflects deal activity through 12/31/2018. 25 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

10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 (3.2%) 0.2% (7.8%)

10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 6.3% 42.9% 56.1%

10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 5.9% 94.4% 98.6%

10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 15.4% 41.2% 20.7%

9/26/2018 $2,107 $180 9.00 - 11.00 $12.00 20.0% 43.7% 2.3%

7/27/2018 $1,336 $127 17.00 - 19.00 $20.00 11.1% 26.0% 20.8%

7/27/2018 $1,438 $115 10.00 - 12.00 $12.00 9.1% 9.3% (53.7%)

7/26/2018 $2,755 $251 17.00-19.00 $23.00 27.8% 31.5% (3.5%)

6/29/2018 $681 $193 19.00 - 21.00 $21.00 5.0% 30.0% (6.5%)

6/15/2018 $2,933 $180 21.00 - 23.00 $24.00 9.1% 87.3% 29.8%

5/17/2018 $1,196 $311 12.00 - 14.00 $15.00 15.4% 33.3% 57.0%

5/4/2018 $1,576 $152 15.00-17.00 $19.00 18.8% 26.0% (29.4%)

4/27/2018 $1,928 $175 12.00 - 14.00 $15.00 15.4% 30.0% 65.7%

4/27/2018 $6,043 $629 26.00 - 28.00 $29.00 7.4% 37.0% 38.2%

Notes: Sources: Capital IQ and Company filings as of 12/31/2018. IPO pricings include public registrations only. 26 (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 Cardlytics Zscaler Dropbox Zuora Pivotal Software 200 Ceridian DocuSign 195 6 (7) Smartsheet Carbon Black 11 (11) Pluralsight (5) Avalara 190 (6) Domo 7 (11) Tenable Holdings (4) (8) Opera Limited 17 (9) 11 (10) Endava Fortinet 17 SurveyMonkey CDC Software 16 (7) Upwork LogMeIn (6) Elastic 180 Medidata (9) (6) Anaplan SolarWinds SciQuest 9 Solarwinds Rosetta Stone RealPage (8) (12) IntraLinks Jive Envestnet Imperva Workday Qlik Carbonite Fleetmatics BroadSoft Workiva 170 Tangoe Qualys Mavenir Atlassian Higher One Hortonworks Responsys Eloqua Barracuda Mimecast Convio New Relic Cornerstone E2open Wix.com Instructure SPS Commerce HubSpot 10 Epocrates ServiceNow Covisint Rapid7 Twilio (9) SS&C CyberArk (13) Exa RingCentral Sophos SecureWorks QuinStreet MobileIron (17) FireEye Talend Incadea Kinaxis AppFolio 20 Cvent Everbridge 160 Infloblox Zendesk Alarm.Com Gigamon Apptio Proofpoint Paycom Xactly Textura Gridsum Holding Splunk OPOWER Shopify ChannelAdvisor Nutanix Mulesoft ExactTarget Five9 Apigee Marketo Coupa Alteryx (7) Demandware 2U Box Tableau BlackLine, Inc. Okta Bazaarvoice Borderfree Halogen Yext 150 Greenway Amber Road Rally Cloudera (10) 144 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 2018

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 20 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 17 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 10

Notes: Sources: Capital IQ, company filings. Market data as of 12/31/2018. 27 US FINANCING AND DEAL SHARE BY SECTOR

US Financing Trend

$28.0 $24.0 $25.0 $22.6 $19.5 $20.7 $20.3 $15.9 1,564 1,510 1,511 1,379 1,325 1,424 1,436 1,211

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

Investments ($B) Deals

US Deal Share by Sector

15% 15% 18% 18% 16% 16% 18% 16% 4% 5% 4% 5% 3% 4% 3% 8% 6% 6% 8% 8% 9% 8% 9% 8% 14% 15% 13% 13% 15% 13% 15% 15%

13% 12% 14% 15% 12% 12% 11% 12%

47% 43% 44% 42% 46% 43% 44% 45%

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

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

Notes: Source: PwC CB Insights MoneyTree Report Q4 2018. 28