Mergers & Acquisitions  Capital Raising  Strategic Advisory

Software Industry Update Q2 2019

1 │ Software Industry Update Q2 2019 Vista Point Advisors Overview

Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and middle markets are unique and require specialized attention and advice when considering investment and exit opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founder- owned and operated businesses to deliver the most favorable transactions at premium valuations.

Deep Technology Differentiated Negotiation Unconflicted Advice Domain Expertise Framework

Vista Point exclusively provides sell-side Vista Point bankers are industry specialists that The firm utilizes a unique negotiation M&A and Capital Raising advisory services focus exclusively on core technology markets framework to increase the to technology businesses removing the allowing us to provide relevant insights into our competitiveness of the transaction conflict of interest associated with working client’s business and create the strategic process, and ultimately yield higher both sides of the table. framework to optimize valuation. valuations at better terms for clients.

2 │ Software Industry Update Q2 2019 Our Differentiated Model Yields Differentiated Results

Confidential

Seller acquired by acquired by acquired by acquired by acquired by acquired by acquired by

a portfolio company of a portfolio company of a portfolio company of a portfolio company of

July 2019 May 2019 May 2019 May 2019 May 2019 January 2019 December 2018

acquired by investment from acquired by acquired by investment from investment from investment from

June 2018 May 2018 November 2018 November 2018 October 2018 July 2018 July 2018

acquired by acquired by acquired by investment from investment from investment from acquired by

a portfolio company of a portfolio company of

April 2018 March 2018 January 2018 December 2017 November 2017 September 2017 September 2017

acquired by acquired by

investment from investment from investment from acquired by acquired by a portfolio company of a subsidiary of

September 2017 August 2017 August 2017 March 2017 February 2017 January 2017 November 2016

3 │ Software Industry Update Q2 2019 Q2 2019 Software Industry Overview

• There were 361 reported software M&A transactions in Q2 2019 totaling $45.8B in reported transaction value

− Software M&A deal volume in Q2 2019 was down 5.0% relative to Q2 2018, which saw 380 transactions

− Notable deals include:

• Salesforce’s $14.6B acquisition of Tableau Software, representing 12.3x LTM Revenue

• Dassault Systèmes’ $5.8B acquisition of Medidata Solutions, representing 8.8x LTM Revenue

• Evergreen Coast Capital (Elliott Management) and Siris Capital’s $4.4B acquisition of Travelport Worldwide, representing 1.7x LTM Revenue

• Alphabet’s $2.6B acquisition of Looker, representing 26.0x LTM Revenue

• Thoma Bravo’s $3.4B acquisition of Ellie Mae, representing 7.1x LTM Revenue

• The Software IPO market saw six major IPO pricings in Q2 2019:

− Zoom Video Communications (NAS: ZM), the provider of remote conference services, raised $9.6B on 4/18/19 and has traded up 43.2% through the end of the quarter

− Slack (NYS: WORK), which offers a team collaboration software platform, raised $4.6B on 6/20/19 and has traded down 2.9% through the end of the quarter

− PagerDuty (NYS: PD), the provider of an incident response platform, raised $1.6B on 4/11/19 and has traded up 23.0% through the end of the quarter

− Fastly (NYS: FSLY), the provider of cloud computing services, raised $1.4B on 5/17/19 and has traded down 15.5% through the end of the quarter

− Tradeweb (NAS: TW), the provider of an over-the-counter financial services marketplace, raised $1.1B on 4/4/19 and has traded up 22.3% through the end of the quarter

− CrowdStrike (NAS: CRWD), the cybersecurity company, raised $612M on 6/12/19 and has traded up 17.7% through the end of the quarter

4 │ Software Industry Update Q2 2019 Active Acquirers and Notable Transactions Most Active Acquirers (Since 2010)1 $50.0 $40.9 $40.0 $30.7 $27.2 $30.0 $16.4 $17.5 $20.0 $15.0 $8.4 $10.0 $4.0 $1.2 $1.3 Reported Value Value ($bn) Reported $0.5 $0.7 $0.0 $0.8 $0.4 $- 80 2 Deals <$1b 60 3 8 Deals >$1b 40 6 1 66 2 4 1 50 42 4 20 34 30 27 25 24 25 23 21 14 18 18 17 Number of Transactions of Number 0

Notable Recent Transactions

Acquirer

Target

Date 6/10/19 6/12/19 5/30/19 6/6/19 4/17/19

EV $14.6B $5.8B $4.4B $2.6B $3.4B

EV / LTM Rev 12.3x 8.8x 1.7x 26.0x 7.1x

EV / LTM EBITDA N/M N/M 8.7x N/A N/A

Source: Capital IQ and Pitchbook as of 6/30/19. 1Does not include undisclosed transactions. 5 │ Software Industry Update Q2 2019 Software M&A Market Overview Quarterly Software M&A Value and Deal Count (Since 2012)

$70 $64

$60 $52 $48 $50

$40 $34 $31 $27 $30 $24 $25 $25 $22 $22 $20 $18 $17 $14 $27 Transaction Value ($bn)Value Transaction $17 $20 $24 $24 $23 $20 $19 $5 $18 $10 $15 $15 $16 $12 $9 $8 $0

600 508 500

380 386 386 400 368 363 361 349 345 356 322 325 323 304 308 315 306 299 286 288 285 287 300 265 263 269 250 260 256 247 207

200 Number of Transactions of Number

100

0

Q3 '13 Q2 '14 Q2 '19 Q1 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q4 '13 Q1 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19

Source: Capital IQ and Pitchbook as of 6/30/19. WhatsApp/Facebook, Broadcom/Avago, EMC/Denali, CA Technologies/Broadcom, Red Hat/IBM, Refinitiv/Blackstone, BMC/KKR, First Data / Fiserv, and Tableau / Salesforce deals omitted from top graph 6 │ Software Industry Update Q2 2019 Software M&A Market Overview Transactions by Reported Value Q1 '19 Q2 '19

30% 35% 9% 17% >$1B $500M - $1B Total: $74B 7% $250M - $500M 12% Total: $46B $100M - $250M $50M - $100M 13% <$50M 13% 11% 7% 25% 20%

Transactions by Target Funding

$50M+ $30 - $50M

$10 - $30M

$0.1 - $10M

81% 73% 73% 77% 73% 70% 73% 70% 69% 68% 68% 68% 70% 71% 66% 66% 66% 67% 67% 64% 67% 65% 65% 63% 63% 64% 58% 58% 59% 56% No Funding / Undisclosed

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '12 '12 '12 '12 '13 '13 '13 '13 '14 '14 '14 '14 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '17 '17 '18 '18 '18 '18 '19 '19

Source: Capital IQ and Pitchbook as of 6/30/19 7 │ Software Industry Update Q2 2019 Despite High Valuations, Investments Lead Exits 3:1 Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years Investments Made Portfolio Exits 300 250 200 150 100 50 0 0 20 40 60 80 100

255 147 61 47 21 19 52 92

222 128 45 49 8 7 26 41

209 118 54 37 15 19 54 88

228 152 44 32 8 7 25 40

159 91 30 38 9 7 23 39

169 107 36 26 4 5 31 40

137 80 37 20 4 5 25 34

141 88 24 29 2 4 7 13

126 77 21 28 6 6 16 28

126 77 23 26 1 5 16 22

105 57 24 24 2 5 20 27

74 31 6 37 7 2 3 12

76 42 15 19 6 2 18 26

90 60 13 17 5 3 7 15

72 45 10 17 4 3 8 15

92 65 17 10 7 7 35 49

70 47 9 14 1 8 21 30

46 23 10 13 8 6 22 36

59 38 11 10 6 4 16 26

23 17 33 4 6 12 22

Within last 6 months Within 6-12 months Within 12-24 months Within last 6 months Within 6-12 months Within 12-24 months

Source: Capital IQ and Pitchbook as of 6/30/19, Investors ranked by investments made in the last 12 months 8 │ Software Industry Update Q2 2019 IPO Summary The IPO market experienced a strong surge in Q2 2019, with 17 major technology pricings on U.S. stock exchanges IPOs First Follow-On (“FO”) Offering

Avg. Days Post Year # of IPOs / Capital Raised File to Price Change # of FOs % of FOs Lockup IPO to FOs Price Change Expiration

Software Internet Hardware Increase No Change Decrease 2019 $ in billions 5% $- $10 $20 $30 $40 13% 27%

Capital Raised $7.87 4 4$14.915 $22.7 37% 60% N/A N/A N/A N/A 58% 11 8 19 # of IPOs 0 20 40

- 10 20 30 40

$- $0.5 $1.0 2018 $- $25 $50 10%

$0.2 $16.7 $22.9 $40.2 36% Capital Raised 2% 177 100%

1 # of IPOs 30 14 6 50 54%

- 5 10 - 20 40 60

2017 $- $5 $10 6% $- $0.5 $1.0

Capital Raised $1.9 $3.4 $5.6 $0.1 41% 6% -35 100%

# of IPOs 14 12 17 1 53%

- 10 20 30 - 5 10

Source: Capital IQ and Pitchbook as of 6/30/19 9 │ Software Industry Update Q2 2019 Software Public Market Performance Last 3 Months

Salesforce (5.9%) Automatic Data Processing 2.0% Workday 6.7% Zendesk 4.3% Paychex 1.7% CRM HubSpot 2.3% Paycom Software 19.2% Pegasystems 6.7% Ceridian HCM (2.4%) Smartsheet 22.0% Oracle 4.4% Insperity (3.0%) SAP 18.8% Paylocity 5.1%

International Business Machines (3.8%) TriNet Group 12.5% HumanCapital Management Intuit (1.7%) Cornerstone OnDemand 6.1% WageWorks 33.5% The Sage Group (Financial Software) 10.5% Benefitfocus (42.6%) Coupa 40.8% Adobe Systems 8.3% Anaplan 32.6% VeriSign 12.5% Akamai Technologies 9.8%

Xero 20.5% Accounting/ ERP OpenText 6.9% Avalara 27.7% Dropbox 16.1% BlackLine 16.1% DocuSign (4.7%)

Zuora (22.2%) Box (9.6%) MobileIron 10.7% Upland Software 9.1%

Knowledge/ Content Management SDL (9.8%) Qad (6.7%) Brightcove 23.1% Dassault Systemes 6.5% Splunk (0.9%) Tableau Software 28.3% PTC (5.5%) Alteryx 29.3% Aspen Technology 16.8% New Relic (9.4%) Manhattan Associates 24.9% Teradata (17.8%)

Descartes Systems Group (0.1%) Verint Systems (11.2%) MicroStrategy (2.7%)

SupplyChain Management SPS Commerce (3.2%)

Cloudera (52.4%) BusinessIntelligence / Analytics American Software 8.7% Domo (33.3%)

(40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% (75.0%) (50.0%) (25.0%) 0.0% 25.0% 50.0% Source: Capital IQ and Pitchbook as of 6/30/19 10 │ Software Industry Update Q2 2019 Software Public Market Performance Last 3 Months (cont.)

Microsoft 12.6% Fidelity National Information Services 7.8% Oracle 4.4% Fiserv 2.1% International Business Machines (3.8%) VMware (9.3%) Square (5.0%) ServiceNow 11.7% Jack Henry and Associates (4.6%) Red Hat 2.4% Atlassian 14.9% Fair Isaac 15.1% Hewlett Packard Enterprise (6.0%) Guidewire Software 2.7% L3 Technologies 16.0% Splunk (0.9%) ACI Worldwide 3.4% Akamai Technologies 9.8%

FinancialTechnology Q2 Holdings 9.5% Citrix Systems (1.6%) Juniper Networks (2.1%) Envestnet 2.8% MongoDB 2.8% Bottomline Technologies (12.4%)

IT/ Infrastructure SolarWinds (5.8%) New Relic (9.4%) Ebix (0.5%) Nutanix (32.9%) LogMeIn (10.3%) Veeva Systems 27.9% PagerDuty 0.0% SS&C Technologies (10.5%) Pivotal Software (49.6%) Software 1.7% Guidewire Software 2.7% NetScout Systems (11.8%) Tyler Technologies 4.4% Progress Software (3.5%) Cloudera (52.4%) Medidata Solutions 20.6% VeriSign 12.5% RealPage (4.9%) Palo Alto Networks (15.6%) Check Point Software Technologies (8.8%) Blackbaud 1.9%

Okta 46.6% Vertical Software Symantec (6.2%) Q2 Holdings 9.5% Fortinet (9.8%) AppFolio 30.2% Zscaler 8.3% Proofpoint (1.4%) Qad (6.7%) CyberArk Software 7.1% Model N 12.0% Qualys 5.4% FireEye (12.1%) Veeva Systems 27.9% Mimecast (1.1%)

Security Cerner 27.4% Rapid7 13.0% Tenable (10.3%) Medidata Solutions 20.6% Sophos 26.0% Allscripts Healthcare Solutions 22.3% SailPoint Technologies (31.3%) ForeScout (19.4%) NextGen Healthcare 18.5% Carbon Black 18.2% HealthStream Radware (5.8%) (8.7%) SecureWorks (29.1%) Castlight Health (14.6%) Carbonite 4.8% Cegedim 3.2% Zix 33.9% HealthcareIT / Life Sciences Software (75.0%) (50.0%) (25.0%) 0.0% 25.0% 50.0% (75.0%) (50.0%) (25.0%) 0.0% 25.0% 50.0%

Source: Capital IQ and Pitchbook as of 6/30/19 11 │ Software Industry Update Q2 2019 Software Public Market Performance Last 3 Months (cont.)

Chegg 2.2%

Pluralsight (3.6%)

Cornerstone OnDemand 6.1%

2U (47.7%)

Instructure (8.9%)

K12 (11.0%) EducationTechnology Learning Technologies Group 30.8%

Oracle 4.4%

Adobe Systems 8.3%

Salesforce (5.9%)

Zendesk 4.3%

HubSpot 2.3%

LivePerson (3.8%)

MarketingAutomation Atlassian 14.9%

NetApp (12.3%)

OpenText 6.9%

Dropbox 16.1%

Smartsheet 22.0%

Box (9.6%)

CommVault Systems (24.4%)

Zoom Video Communications 0.0% Storage& Collaboration Twilio 6.8%

NICE Systems 10.1%

Nuance (6.7%)

Five9 (0.8%)

Everbridge 17.8%

8X8 17.0% Communications Synchronoss Technologies 31.6%

(75.0%) (50.0%) (25.0%) 0.0% 25.0% 50.0% Source: Capital IQ and Pitchbook as of 6/30/19 12 │ Software Industry Update Q2 2019 Software Public Market Performance Public Market Performance Since January 1st, 2016

350% Index Performance Since January 1st, 2016 High Growth Software (>30% LTM Revenue Growth) +205% High Margin Software (>30% LTM EBITDA Margins) +110% 300% All Software +94% NASDAQ Composite Index +60% S&P 500 Index +44% 250%

200%

150%

100%

50% Jan-16 Apr-16 Jul-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 % of 52 Week High EV / Revenue EV / EBITDA LTM 2019E LTM 2019E 23.7x 100% 95% 21.0x 19.8x 25.0x 89% 20.8x 84% 18.0x 18.9x 14.6x 20.0x 17.5x 17.3x 16.7x 80% 15.0x 12.0x 15.0x 7.7x 9.0x 6.5x 7.0x 10.0x 60% 5.9x 6.0x 5.0x 3.0x 40% 0.0x 0.0x All Software High Margin High Growth All Software High Margin High Growth All Software High Margin High Growth

High Growth Software: NAS:VRSN, NAS:CHKP, NAS:AZPN, NAS:MSFT, NAS:PAYX, NYS:ORCL, NYSE:SWI, NYS:PAYC, NAS:OTEX, NAS:FISV, NAS:JKHY, NYS:FIS, NAS:ADBE, NYS:VMW, TSE:DSG, NAS:EBIX, NAS:PRGS, NAS:AKAM All Software: See all bucketed companies High Margin Software: NAS:SSNC, LON:LTG, NYS:AYX, NAS:ZM, NYS:TWLO, NAS:MDB, NYS:PD, NAS:ZS, NYS:SMAR, NAS:UPLD, NAS:OKTA, NYSE:SQ, NYS:CLDR, NAS:EVBG, NAS:COUP, NAS:TWOU, NAS:TENB, NYS:ZEN Source: Capital IQ and Pitchbook as of 6/30/19 13 │ Software Industry Update Q2 2019 Public Company Summary

Software Internet & Digital Media Knowledge / Business Supply Chain Human Capital Financial Vertical Healthcare IT / Life Education Marketing Storage & CRM Accounting / ERP Content Intelligence / IT / Infrastructure Security Communications Median Mean Management Management Technology Software Sciences Software Technology Automation Collaboration Management Analytics

52-Wk High 92% 96% 89% 93% 94% 84% 86% 84% 94% 92% 83% 81% 93% 72% 91% 91% 88% Aggregate Mkt Cap ($ in m) $140,378 $586,667 $70,046 $194,603 $215,405 $56,622 $1,658,754 $149,671 $148,317 $78,806 $58,321 $18,198 $469,653 $77,775 $63,123 $140,378 $265,756 Aggregate EV ($ in m) $139,590 $648,686 $68,416 $186,074 $217,870 $53,573 $1,661,726 $145,509 $163,277 $85,700 $57,078 $17,186 $488,592 $75,917 $62,943 $139,590 $271,476

Quarterly Mkt Cap % Change (1.8%) 6.6% 7.1% 5.8% 10.0% 2.9% 8.6% 0.3% 3.9% 10.1% 26.0% (8.3%) 3.6% 6.2% 75.9% 6.2% 10.5% Quarterly EV % Change (1.2%) 7.7% 7.5% 5.1% 10.4% 4.0% 8.6% 0.5% 3.7% 9.8% 26.4% (8.4%) 4.1% 7.8% 68.9% 7.5% 10.3%

LTM EV / Revenue 10.3x 7.4x 8.6x 5.7x 4.6x 4.6x 5.0x 7.5x 6.4x 8.5x 2.7x 6.6x 10.3x 4.5x 8.5x 6.6x 6.8x FY+1 EV / Revenue 8.7x 5.9x 8.1x 5.4x 4.4x 4.0x 5.0x 6.2x 6.2x 7.6x 2.6x 5.8x 8.7x 4.2x 7.5x 5.9x 6.0x FY+2 EV / Revenue 7.1x 5.5x 7.2x 4.7x 4.2x 3.3x 4.9x 5.3x 5.8x 6.6x 2.5x 4.8x 7.1x 4.2x 6.6x 5.3x 5.3x

LTM EV / EBITDA 49.5x 17.1x 32.9x 21.1x 16.0x 21.6x 16.6x 27.8x 20.3x 35.8x 15.9x 18.2x 42.9x 10.7x 35.5x 21.1x 25.5x FY+1 EV / EBITDA 28.5x 16.9x 26.8x 17.3x 26.4x 20.2x 11.4x 24.4x 17.9x 26.4x 13.5x 22.6x 28.5x 13.5x 15.2x 20.2x 20.6x FY+2 EV / EBITDA 23.2x 16.1x 23.8x 15.6x 22.5x 13.7x 11.8x 19.4x 16.4x 25.1x 14.4x 19.3x 23.2x 13.4x 15.4x 16.4x 18.2x

LTM P / E NM 31.0x 59.1x 37.5x 35.8x 93.2x 23.9x 60.2x 50.7x 111.6x 52.4x 38.7x 36.8x 24.7x 54.5x 44.7x 50.7x FY+1 P / E 92.8x 24.8x 46.5x 43.9x 28.5x 70.3x 20.1x 38.0x 31.5x 49.3x 27.4x 45.6x 45.2x 28.8x 26.2x 38.0x 41.3x FY+2 P / E 112.4x 23.4x 36.4x 34.4x 41.3x 49.6x 18.1x 32.6x 26.5x 49.0x 33.0x 35.3x 45.2x 33.5x 23.9x 34.4x 39.6x

LTM Revenue Growth 30% 28% 10% 10% 13% 30% 13% 26% 11% 25% 10% 27% 25% 19% 24% 24% 20% FY+1 Revenue Growth 25% 16% 8% 16% 10% 22% 12% 19% 10% 16% 5% 24% 23% 13% 19% 16% 16% FY+2 Revenue Growth 22% 10% 9% 13% 10% 19% 10% 18% 12% 11% 7% 18% 20% 12% 18% 12% 14%

LTM EBITDA Margin (3%) 8% 25% 12% 9% 1% 16% 8% 21% 15% 15% 7% 6% 2% (4%) 8% 9% FY+1 EBITDA Margin 11% 21% 27% 24% 17% 13% 23% 17% 28% 20% 18% 13% 19% 23% 9% 19% 19% FY+2 EBITDA Margin 12% 23% 30% 26% 25% 16% 24% 19% 29% 20% 18% 14% 20% 25% 8% 20% 21%

Source: Capital IQ and Pitchbook as of 6/30/19 14 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

06/30/19 ReachForce Leadspace SaaS Business Software N/A N/A N/A N/A N/A 06/28/19 Verifi Visa SaaS Fintech N/A N/A N/A N/A N/A 06/27/19 Bombshell Technologies Grow capital SaaS Development N/A N/A N/A N/A N/A 06/27/19 GammaNow Animoca Brands SaaS Content and Services $3 N/A N/A N/A N/A 06/27/19 Karen HR Alexander Mann Solutions, OMERS Private Equity SaaS Business Software N/A N/A N/A N/A N/A 06/27/19 LifeWhere Resideo Technologies SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 06/27/19 Units of Sound Nisai Group On Premise Vertical Software N/A N/A N/A N/A N/A 06/26/19 Aerohive Networks Extreme Networks SaaS Systems / Network $210 N/A N/A N/A N/A 06/26/19 Drive.ai Apple On Premise Business Intelligence $77 N/A N/A N/A N/A 06/26/19 EnterpriseDB Great Hill Partners SaaS Content / Document Management N/A N/A N/A N/A N/A 06/26/19 Ushr Dynamic Map Platform On Premise Mapping / Tracking $200 N/A N/A N/A N/A 06/25/19 AppBuddy Providence Equity, Silversmith Capital, Validity Software SaaS Business Software N/A N/A N/A N/A N/A 06/25/19 FastBridge Learning Illuminate Education, Insight Partners, LLR Partners SaaS Vertical Software N/A N/A N/A N/A N/A 06/25/19 RevX Affle On Premise Advertising and Marketing N/A N/A N/A N/A N/A 06/25/19 Waltz The We Company SaaS Fintech N/A N/A N/A N/A N/A 06/24/19 Cypress Private Security Allied Universal, Caisse de dépôt et placement du Québec SaaS Security / Storage N/A N/A N/A N/A N/A 06/24/19 Eazy Collect Services Hg, TA Associates Management, The Access Group SaaS Fintech N/A N/A N/A N/A N/A 06/24/19 EveryAction's Digital Tools Ares Capital, Insight Partners, NGP VAN SaaS Fintech N/A N/A N/A N/A N/A 06/24/19 Flywheel Silver Lake Management, WP Engine SaaS Content / Document Management N/A N/A N/A N/A N/A 06/24/19 Seed (Banking) Battery Ventures, Cross River Bank, KKR, LionTree Partners SaaS Fintech N/A N/A N/A N/A N/A 06/24/19 shopKick Boyu, DC Thomson, Investec, Trax, Vulpes, Warburg Pincus SaaS Vertical Software N/A N/A N/A N/A N/A 06/24/19 Sporting Group FDJ Gaming Solutions On Premise Fintech N/A N/A N/A N/A N/A 06/24/19 Xpansiv Data Systems CBL Markets SaaS Fintech N/A N/A N/A N/A N/A 06/21/19 Capital Confirmation Thomson Reuters SaaS Fintech N/A N/A N/A N/A N/A 06/21/19 Insurity GI Partners SaaS Real Estate N/A N/A N/A N/A N/A 06/20/19 BSave Celsius On Premise Blockchain N/A N/A N/A N/A N/A 06/20/19 intelligentgolf Aquiline Capital Partners, ClearCourse Partnership On Premise CRM N/A N/A N/A N/A N/A 06/20/19 RapidILL Ex Libris Group SaaS Hosting / Data Center N/A N/A N/A N/A N/A 06/20/19 Root Robotics iRobot On Premise Human Capital N/A N/A N/A N/A N/A 06/19/19 Acumatica EQT, Industrial & Financial Systems SaaS Accounting / ERP N/A N/A N/A N/A N/A 06/19/19 Archeio Technologies Quorum Software, Thoma Bravo On Premise Hosting / Data Center N/A N/A N/A N/A N/A 06/19/19 Capsenta data.world SaaS Business Software N/A N/A N/A N/A N/A 06/19/19 Dude Solutions Clearlake Capital Group SaaS Business Software $500 $100 N/A 5.0x N/A 06/19/19 Phoebus Software NorthEdge Capital SaaS Fintech N/A N/A N/A N/A N/A 06/19/19 Practice Insight eSolutions, Francisco Partners, WestView Capital Partners SaaS Vertical Software N/A N/A N/A N/A N/A 06/19/19 Safeguard Software Smoothwall, Tenzing Private Equity SaaS Security / Storage N/A N/A N/A N/A N/A 06/19/19 Thoughtonomy Blue Prism SaaS Business Software $136 $13 ($5) 10.6x N/M 06/18/19 Antimatter Games Toadman Interactive On Premise Content and Services N/M N/A N/A N/A N/A 06/18/19 Jibe iCIMS, Susquehanna Growth Equity, Vista Equity Partners SaaS Platform / OS N/A N/A N/A N/A N/A 06/18/19 Sensible Object Niantic On Premise Content and Services N/A N/A N/A N/A N/M 06/17/19 FirstFuel Software Tendril Networks SaaS CRM N/A N/A N/A N/A N/A 06/17/19 Pull Panda GitHub On Premise Business Software N/A N/A N/A N/A N/A 06/16/19 ArisGlobal Nordic Capital SaaS Vertical Software $800 $100 N/A 8.0x N/A 06/15/19 Altcoin.io BnkToTheFuture SaaS Fintech N/A N/A N/A N/A N/A 06/14/19 PhotoLynx ImageQuix On Premise CAD / CAM N/A N/A N/A N/A N/A

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 15 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions (cont.)

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

06/14/19 SCISYS CGI Group On Premise Business Software $134 $78 $7 1.7x 19.8x 06/14/19 SoNET Systems RM SaaS Business Software $12 N/A N/A N/A N/A 06/13/19 BuildBox AppOnboard On Premise CAD / CAM N/A N/A N/A N/A N/A 06/13/19 Lattice Engines CC Capital, Cohesive Capital Partners, Dun & Bradstreet SaaS Business Software N/A N/A N/A N/A N/A 06/13/19 Quadriga Worldwide Mimir Invest On Premise CRM N/A N/A N/A N/A N/A 06/13/19 The Center for Legal Studies BarBri Group, Leeds Equity Partners SaaS Vertical Software N/A N/A N/A N/A N/A 06/12/19 DecisionInsite Boathouse Capital, Hoonuit, Renovus Capital Partners On Premise Mapping / Tracking N/A N/A N/A N/A N/A 06/12/19 Hipercept RealPage On Premise Hosting / Data Center N/A N/A N/A N/A N/A 06/12/19 Houseparty Epic Games On Premise Knowledge / Content (Social) N/A N/A N/A N/A N/A 06/12/19 i2i Infinity SGS On Premise Governance, Risk, & Compliance N/A N/A N/A N/A N/A 06/12/19 Infinite Esports & Entertainment Immortals Gaming Club SaaS Content and Services $100 N/A N/A N/A N/A 06/12/19 Medidata Solutions Dassault Systemes SaaS Business Intelligence $5,800 $660 $91 8.8x N/M 06/12/19 Simplifile Intercontinental Exchange SaaS Content / Document Management $335 N/A N/A N/A N/A 06/12/19 TapHeaven Target Circle SaaS Advertising and Marketing N/A N/A N/A N/A N/A 06/11/19 Jordan Lawrence Exterro, Leeds Equity Partners SaaS Security / Storage N/A N/A N/A N/A N/A 06/11/19 RouteOptix Banneker Partners, L Capital, Routeware SaaS Business Software N/A N/A N/A N/A N/A 06/11/19 Wave Financial H&R Block SaaS Fintech $405 N/A N/A N/A N/A 06/10/19 DoubleDutch Cvent, Vista Equity Partners On Premise Advertising and Marketing N/A N/A N/A N/A N/A 06/10/19 PraxSoft DTN On Premise Vertical Software N/A N/A N/A N/A N/A 06/10/19 RateFactory Aurora Capital, Hancock Capital, The Cambria Group SaaS Content and Services N/A N/A N/A N/A N/A 06/10/19 Redland Solutions Ideagen On Premise Governance, Risk, & Compliance $23 $5 N/A 5.0x N/A 06/10/19 Tableau Software Salesforce SaaS Business Intelligence $14,645 $1,192 ($70) 12.3x N/M 06/09/19 Double Fine Productions Microsoft On Premise Development N/A N/A N/A N/A N/A 06/07/19 BankSight Bottomline Technologies On Premise CRM $5 N/A N/A N/A N/A 06/07/19 E.M.A Computer Solutions ARMS Business Solutions On Premise CRM N/A N/A N/A N/A N/A 06/07/19 nCipher Security Aqton, Entrust Datacard SaaS Security / Storage N/A $118 N/A N/A N/A 06/06/19 Chronically Simple Innomar Strategies SaaS Vertical Software N/A N/A N/A N/A N/A 06/06/19 DonorTrends Ares Capital, EveryAction, Insight Partners SaaS Business Software N/A N/A N/A N/A N/A 06/06/19 Intelex Technologies Industrial Scientific SaaS Governance, Risk, & Compliance $570 N/A N/A N/A N/A 06/06/19 Looker Alphabet SaaS Business Intelligence $2,600 $100 N/A 26.0x N/A 06/06/19 MBMS American Mortgage Consultants, Stone Point Capital SaaS Fintech N/A N/A N/A N/A N/A 06/06/19 Rabbit Office Automation Xerox On Premise Content / Document Management N/A N/A N/A N/A N/A 06/06/19 Syndeste National General Insurance SaaS Mapping / Tracking N/A N/A N/A N/A N/A 06/06/19 Vitech Systems Group CVC Capital Partners On Premise Business Software N/A N/A $50 N/A N/A 06/05/19 Endgame Elasticsearch SaaS Security / Storage $234 N/A N/A N/A N/A 06/05/19 HT2 Labs Cardinal Capital Group, Learning Pool, The Carlyle Group SaaS Vertical Software N/A N/A N/A N/A N/A 06/05/19 International TechneGroup Wipro On Premise CAD / CAM $45 $23 N/A 1.9x N/A 06/05/19 Mindseye Solutions Gallant Capital, Reveal Data On Premise Business Intelligence N/A N/A N/A N/A N/A 06/05/19 Prattle Analytics Liquidnet Holdings SaaS Business Intelligence N/A N/A N/A N/A N/A 06/05/19 RxNet Ares, Cohesive Capital Partners, Constitution Capital SaaS Business Software N/A N/A N/A N/A N/A 06/04/19 BetterDrive Avinew SaaS Mapping / Tracking N/A N/A N/A N/A N/A 06/04/19 Decisions Express Silverbear SaaS CRM N/A N/A N/A N/A N/A 06/04/19 Distil Networks Imperva, Thoma Bravo SaaS Security / Storage N/A $20 N/A N/A N/A 06/04/19 eServGlobal Seamless Distribution Systems On Premise Fintech $3 $8 ($11) 0.3x N/M 06/04/19 Perillon Lisam Systems On Premise Governance, Risk, & Compliance N/A N/A N/A N/A N/A

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 16 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions (cont.)

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

06/04/19 RISC Networks American Capital, Flexera Software, OTPP SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 06/04/19 SafePlans ALICE Training Institute SaaS Platform / OS N/A N/A N/A N/A N/A 06/04/19 Zoomdata Logi Analytics, Marlin Equity Partners On Premise Business Intelligence N/A N/A N/A N/A N/A 06/03/19 Averetek E2open, Elliott Management, Insight Partners On Premise Advertising and Marketing N/A N/A N/A N/A N/A 06/03/19 Bluberi Gaming Technologies Catalyst Capital Group On Premise Content and Services $55 N/A N/A N/A N/A 06/03/19 Health Data Link Datavant On Premise Systems / Network N/A N/A N/A N/A N/A 05/31/19 Advantage 360 Volaris Group On Premise CRM N/A N/A N/A N/A N/A 05/31/19 Cloudability Apptio, Vista Equity Partners SaaS Business Intelligence N/A N/A N/A N/A N/A 05/31/19 Dynamic Internet Solutions ManageBac On Premise Business Software N/A N/A N/A N/A N/A 05/31/19 Grendel EquiSoft SaaS CRM N/A N/A N/A N/A N/A 05/31/19 Litera Microsystems Hg On Premise Content / Document Management N/A N/A N/A N/A N/A 05/31/19 Profitect Zebra Technologies On Premise Business Intelligence $100 N/A N/A N/A N/A 05/31/19 vCreative Banyan Software SaaS Business Software N/A N/A N/A N/A N/A 05/30/19 AheadWorks Rave Infosys On Premise Development N/A N/A N/A N/A N/A 05/30/19 Appsulate Zscaler On Premise Security / Storage N/A N/A N/A N/A N/A 05/30/19 Microgen Financial Systems Silverfleet Capital On Premise Fintech $87 N/A N/A N/A N/A 05/30/19 Placed Foursquare SaaS Business Intelligence N/A N/A N/A N/A N/A 05/30/19 Recorded Future Insight Partners SaaS Security / Storage $780 N/A N/A N/A N/A 05/30/19 Terra Verde Avertium, Sunstone Partners On Premise Security / Storage N/A N/A N/A N/A N/A 05/30/19 Travelport Worldwide Evergreen Coast Capital (Elliott Management), Siris Capital On Premise Vertical Software $4,400 $2,530 $504 1.7x 8.7x 05/30/19 TruShield Security Solutions Avertium, Sunstone Partners On Premise Security / Storage N/A N/A N/A N/A N/A 05/29/19 Black Mountain Systems Vista Equity Partners On Premise Platform / OS N/A N/A N/A N/A N/A 05/29/19 Dorsett Technologies MC Controls, Midwest Mezzanine Funds On Premise Vertical Software N/A N/A N/A N/A N/A 05/29/19 Eagle Technology Management Hg, HgCapital Trust, Noble Rock Advisors SaaS Real Estate N/A N/A N/A N/A N/A 05/29/19 StagingPilot Pantheon On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 05/29/19 Twistlock Palo Alto Networks On Premise Security / Storage $410 N/A N/A N/A N/M 05/29/19 UMG Gaming Blackhawk Resource Corporation SaaS Content and Services N/A $2 N/A N/A N/A 05/28/19 Cority Thoma Bravo On Premise Platform / OS N/A N/A N/A N/A N/A 05/28/19 Drawbridge LinkedIn On Premise Human Capital N/A N/A N/A N/A N/A 05/28/19 Kapost Upland Software On Premise Content / Document Management $50 N/A N/A N/A N/A 05/28/19 MyCheck Beijing Shiji Information Technology On Premise Fintech N/A N/A N/A N/A N/A 05/28/19 Origami Logic Intuit SaaS Advertising and Marketing N/A N/A N/A N/A N/A 05/28/19 Repost Network SoundCloud SaaS Content and Services N/A N/A N/A N/A N/A 05/28/19 Torch LMS Absorb LMS, Silversmith Capital Partners On Premise Human Capital N/A N/A N/A N/A N/A 05/28/19 Verodin FireEye On Premise Security / Storage $250 N/A N/A N/A N/A 05/27/19 CreditGenie Purpose Financial SaaS Fintech N/A N/A N/A N/A N/A 05/27/19 Netcoins Big Blockchain Intelligence Group On Premise Fintech $2 $58 ($4) N/M N/M 05/24/19 Tantiv4 Spiridon SaaS Platform / OS N/A N/A N/A N/A N/A 05/23/19 AlphaDesk CPPIB, GIC Private, Refinitiv, The Blackstone Group On Premise Fintech N/A N/A N/A N/A N/A 05/23/19 BinWise BlueCart SaaS Accounting / ERP N/A N/A N/A N/A N/A 05/23/19 Dependabot GitHub SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 05/23/19 SearchSpring Scaleworks SaaS Business Intelligence N/A N/A N/A N/A N/A 05/23/19 Sira Defence & Security NICE Systems On Premise Security / Storage $5 N/A N/A N/A N/A 05/22/19 CVM Solutions supplier.io On Premise Supply Chain N/A N/A N/A N/A N/A 05/22/19 Masternaut Groupe Michelin SaaS Business Software N/A N/A N/A N/A N/A

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 17 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions (cont.)

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

05/22/19 Prospress Automattic SaaS Ecommerce N/A N/A N/A N/A N/A 05/22/19 Smooch Zendesk SaaS Business Software N/A N/A N/A N/A N/A 05/22/19 Tellus Safety Solutions Bain Capital, CentralSquare Technologies, Vista Equity On Premise Integration / Middleware N/A N/A N/A N/A N/A 05/22/19 Validated moovel North America SaaS Platform / OS N/A N/A N/A N/A N/A 05/22/19 Vendini AudienceView, RUBICON Technology Partners SaaS Ecommerce N/A N/A N/A N/A N/A 05/21/19 Brandyay She Beverage Company On Premise Ecommerce N/A N/A N/A N/A N/A 05/21/19 Natero Freshworks SaaS Business Intelligence N/A N/A N/A N/A N/A 05/21/19 RPM Technologies Broadridge Financial Solutions On Premise Fintech $300 N/A N/A N/A N/A 05/21/19 Selerio Streem On Premise Augmented & Virtual Reality N/A N/A N/A N/A N/A 05/21/19 Visual Next Computer Generated Solutions On Premise Business Software N/A N/A N/A N/A N/A 05/21/19 Ximble Apax Partners, Paycor SaaS Human Capital N/A N/A N/A N/A N/A 05/20/19 CStorePro Genstar Capital, Harvest Partners, Insight Partners SaaS Business Software N/A N/A N/A N/A N/A 05/20/19 Decurtis Shamrock Capital Advisors SaaS Platform / OS N/A N/A N/A N/A N/A 05/20/19 EditShare ParkerGale Capital On Premise Video Management N/A N/A N/A N/A N/A 05/20/19 Freckle Education Francisco Partners, NB Private Equity, Renaissance SaaS Vertical Software N/A N/A N/A N/A N/A 05/20/19 Heritage Designs Arreva Software On Premise CRM N/A N/A N/A N/A N/A 05/20/19 ICS Learning Group Acendre, Strattam Capital On Premise Vertical Software N/A N/A N/A N/A N/A 05/20/19 KLDiscovery Pivotal Acquisition On Premise Governance, Risk, & Compliance N/A N/A N/A N/A N/A 05/20/19 Nexenta DataDirect Networks SaaS Security / Storage N/A N/A N/A N/A N/A 05/20/19 Payment Plus NxGen, Parthenon Capital Partners On Premise Fintech N/A N/A N/A N/A N/A 05/20/19 Prometheus Group Enterprises Genstar Capital SaaS Business Software $1,000 N/A N/A N/A N/A 05/20/19 Recruitable Koine Money On Premise Fintech N/A N/A N/A N/A N/A 05/20/19 School by Design Always Be Learning SaaS Business Intelligence N/A N/A N/A N/A N/A 05/20/19 Spiramid CVC Capital Partners, VelocityEHS On Premise Governance, Risk, & Compliance N/A N/A N/A N/A N/A 05/20/19 Tpp Wholesale CentralNic SaaS Hosting / Data Center $12 N/A N/A N/A N/A 05/19/19 Ad Opt Technologies IBS Software, The Blackstone Group SaaS Human Capital N/A N/A N/A N/A N/A 05/17/19 Caliber Software CIP Capital, Frontsteps, Saratoga Investment On Premise Real Estate N/A N/A N/A N/A N/A 05/17/19 Criteria Sumeru Equity Partners SaaS Human Capital $56 N/A N/A N/A N/A 05/17/19 InstaMed JPMorgan Chase SaaS Platform / OS $600 $58 N/A 10.3x N/A 05/17/19 Secova Altruist Technologies SaaS Human Capital N/A $9 N/A N/A N/A 05/16/19 Envisiontel Remote-Learner US SaaS Ecommerce N/A N/A N/A N/A N/A 05/16/19 HealthMind Carrick Capital Partners, Discovery Health Partners On Premise Business Software N/A N/A N/A N/A N/A 05/16/19 Rollout IO Ascent Venture Partners, CloudBees, Delta-v Capital SaaS Development N/A N/A N/A N/A N/A 05/16/19 SugarWOD Daxko, GI Partners, Golub Capital BDC SaaS Platform / OS N/A N/A N/A N/A N/A 05/16/19 Transactis MasterCard SaaS Fintech N/A N/A N/A N/A N/A 05/16/19 TruSignal TransUnion SaaS Advertising and Marketing N/A N/A N/A N/A N/A 05/16/19 VUE Software Bain Capital, Vertafore, Vista Equity Partners On Premise Business Software N/A N/A N/A N/A N/A 05/15/19 Bitnami Vmware SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 05/15/19 CentsApp Appliqate SaaS Fintech N/A N/A N/A N/A N/A 05/15/19 Credex Systems Valsoft SaaS Fintech N/A N/A N/A N/A N/A 05/15/19 InMoment Madison Dearborn Partners SaaS Business Intelligence N/A N/A N/A N/A N/A 05/15/19 Kinderlime Ares Capital, Procare Software, TA Associates Management SaaS Content and Services N/A N/A N/A N/A N/A 05/15/19 Razor Logic Systems Nest Wealth Asset Management On Premise Fintech N/A N/A N/A N/A N/A 05/15/19 Real Data Management BPEA Private Equity, Building Engines, Camber Creek On Premise Vertical Software N/A N/A N/A N/A N/A

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 18 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions (cont.)

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

05/15/19 Sitter UrbanSitter SaaS Content and Services N/A N/A N/A N/A N/A 05/15/19 StatX Boathouse Capital, TapClicks On Premise Content and Services N/A N/A N/A N/A N/A 05/15/19 Surely Group Certua On Premise Vertical Software N/A N/A N/A N/A N/A 05/15/19 Symphony AyasdiAI SymphonyAI On Premise Development N/A N/A N/A N/A N/A 05/15/19 Vidyo Enghouse Systems SaaS Knowledge / Content (Social) $40 N/A N/A N/A N/A 05/14/19 3Play Media Riverside Partners SaaS Speech Recognition N/A N/A N/A N/A N/A 05/14/19 Clickable AEA Investors, Brand Networks, PineBridge Investments SaaS Advertising and Marketing N/A N/A N/A N/A N/A 05/14/19 Digital Balance MyCleverGroup On Premise Content / Document Management N/A N/A N/A N/A N/A 05/14/19 eRequester Fraxion SaaS Fintech N/A N/A N/A N/A N/A 05/14/19 Experlogix Featheringill Capital SaaS Development N/A N/A N/A N/A N/A 05/14/19 HeadsUp Weather Nodin On Premise Business Software N/A N/A N/A N/A N/A 05/14/19 Periscope Data Sisense SaaS Business Intelligence $100 N/A N/A N/A N/A 05/14/19 Target Emission Services Montrose Environmental Group, Oaktree, Yukon Capital SaaS Vertical Software N/A N/A N/A N/A N/A 05/14/19 Vuture CM Group, Insight Partners On Premise Advertising and Marketing N/A N/A N/A N/A N/A 05/13/19 Amber Road E2open, Elliott Management, Insight Partners SaaS Supply Chain $415 $86 ($4) 4.8x N/M 05/13/19 Digital Map Products Battery Ventures, LightBox, Silver Lake Management SaaS Mapping / Tracking N/A N/A N/A N/A N/A 05/13/19 iContracts Datix, Five Arrows Managers, TA Associates Management SaaS Human Capital $200 N/A N/A N/A N/A 05/13/19 In the Chat Communications Pegasystems SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 05/13/19 Keynetix Bentley Systems SaaS Business Intelligence N/A N/A N/A N/A N/A 05/13/19 Lighthouse IO Accel-KKR, TEAM Software SaaS Human Capital N/A N/A N/A N/A N/A 05/13/19 Lucidity Health Carousel SaaS Vertical Software N/A N/A N/A N/A N/A 05/13/19 PowWow Mobile Magic Software Enterprises On Premise Development N/A N/A N/A N/A N/A 05/13/19 Public Finance Resources Forecast5 Analytics, Riverwood Capital On Premise Vertical Software N/A N/A N/A N/A N/A 05/13/19 Real Capital Markets Battery Ventures, LightBox, Silver Lake Management SaaS Marketplace N/A N/A N/A N/A N/A 05/13/19 RSRCHXchange Liquidnet Holdings SaaS Systems / Network N/A N/A N/A N/A N/A 05/13/19 SimpleLegal K1 Investment Management, Onit SaaS Vertical Software N/A N/A N/A N/A N/A 05/13/19 The Windward Group Avenu Insights & Analytics, Mill Point Capital SaaS Content / Document Management N/A N/A N/A N/A N/A 05/13/19 Videotel Marine International Oakley Capital On Premise Augmented & Virtual Reality $90 $17 N/A 5.3x N/A 05/12/19 ICONICS Mitsubishi Electric SaaS Vertical Software N/A N/A N/A N/A N/A 05/10/19 Crimson Consultants Tribal Group On Premise Development N/A N/A N/A N/A N/A 05/10/19 EU Supply Mercell Holding SaaS Supply Chain $22 $7 $1 3.3x 23.2x 05/10/19 Joyful Hg, TA Associates Management, The Access Group On Premise Development N/A N/A N/A N/A N/A 05/10/19 Provable Things Poseidon Group of Companies On Premise Blockchain N/A N/A N/A N/A N/A 05/10/19 Salesfusion Accel-KKR, SugarCRM SaaS Advertising and Marketing N/A N/A N/A N/A N/A 05/09/19 Commercial Network Services Beeks Financial Cloud SaaS Fintech N/A N/A N/A 1.4x N/A 05/09/19 Icon Laboratories Francisco Partners, Sectigo On Premise Security / Storage N/A N/A N/A N/A N/A 05/09/19 Imanis Data Cohesity On Premise Content / Document Management N/A N/A N/A N/A N/A 05/09/19 Management Mentors Engagedly On Premise Vertical Software N/A N/A N/A N/A N/A 05/09/19 Mautic Acquia SaaS Advertising and Marketing N/A N/A N/A N/A N/A 05/09/19 Two Point Studios Sega Holdings On Premise Diversified Media N/A N/A N/A N/A N/A 05/09/19 Walletron ACI Worldwide On Premise Fintech N/A N/A N/A N/A N/A 05/08/19 Healthcare Engagement Solutions Harris Healthcare SaaS Vertical Software N/A N/A N/A N/A N/A 05/08/19 InCyber Security Drawbridge Partners On Premise Security / Storage N/A N/A N/A N/A N/A 05/07/19 Bowtie Mindbody, Vista Equity Partners SaaS Business Software N/A N/A N/A N/A N/A 05/07/19 Decision Insight TABS Analytics On Premise Advertising and Marketing N/A N/A N/A N/A N/A

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 19 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions (cont.)

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

05/07/19 Design Manager 1stdibs SaaS Accounting / ERP N/A N/A N/A N/A N/A 05/07/19 Eloquent Labs Square SaaS Business Intelligence N/A N/A N/A N/A N/A 05/07/19 Faxi Toyota Financial Services SaaS Content and Services N/A N/A N/A N/A N/A 05/07/19 Magnitude Software 3i Group On Premise Content / Document Management N/A $100 N/A N/A N/A 05/06/19 Complia NIC SaaS Vertical Software N/A N/A N/A N/A N/A 05/06/19 Intermolecular Merck On Premise Vertical Software $35 $31 ($1) 1.1x N/M 05/06/19 Knewton John Wiley & Sons SaaS Vertical Software N/A N/A N/A N/A N/A 05/06/19 SiteHawk Genstar Capital, Sphera Solutions SaaS Content / Document Management N/A N/A N/A N/A N/A 05/06/19 Texas P.O.S NCR On Premise Vertical Software N/A N/A N/A N/A N/A 05/03/19 Conteneo Scaled Agile SaaS Business Software N/A N/A N/A N/A N/A 05/03/19 Crafty Clicks Aquiline Capital Partners, ClearCourse Partnership SaaS Business Software N/A N/A N/A N/A N/A 05/03/19 Delaware Board Of Trade Ideanomics SaaS Fintech $18 N/A N/A N/A N/A 05/03/19 EnergySavvy Morgan Stanley, RUBICON Technology, Tendril Networks On Premise Vertical Software N/A N/A N/A N/A N/A 05/03/19 inFactor SouthStar Capital SaaS Fintech N/A N/A N/A N/A N/A 05/03/19 Professional Insurance Agents Cavendish Munro Professional Risks SaaS Fintech N/A N/A N/A N/A N/A 05/02/19 E-Connect Software Sonasoft On Premise Business Intelligence N/A $3 N/A N/A N/A 05/02/19 Gould Hall Computer Services Sanderson Group On Premise Supply Chain $10 N/A N/A N/A N/A 05/02/19 Jet Global Data Technologies Insightsoftware, TA Associates Management On Premise Business Intelligence N/A N/A N/A N/A N/A 05/02/19 Payscape / NxGen Parthenon Capital Partners SaaS Fintech N/A N/A N/A N/A N/A 05/02/19 Phish5 Elevate Security SaaS Security / Storage N/A N/A N/A N/A N/A 05/02/19 Venga Booking Holdings SaaS CRM N/A N/A N/A N/A N/A 05/01/19 10,000ft Smartsheet SaaS Business Software N/A N/A N/A N/A N/A 05/01/19 Allocate Sage Intacct SaaS Content / Document Management N/A N/A N/A N/A N/A 05/01/19 Bellvedi Tracsis On Premise Business Software $21 N/A N/A N/A N/A 05/01/19 FinanceGenius Alogent, Battery Ventures On Premise Fintech N/A N/A N/A N/A N/A 05/01/19 GitPrime Pluralsight SaaS Business Intelligence $170 N/A N/A N/A N/A 05/01/19 Handshake Shopify SaaS Ecommerce $100 N/A N/A N/A N/A 05/01/19 Payscape Parthenon Capital Partners SaaS Fintech N/A N/A N/A N/A N/A 05/01/19 Psyonix Epic Games On Premise Content and Services N/A N/A N/A N/A N/A 05/01/19 Return Path Silversmith Capital Partners, TPG, Validity Software SaaS Advertising and Marketing N/A $100 N/A N/A N/A 05/01/19 Shareworks Morgan Stanley SaaS Business Software $747 $108 $14 6.9x N/M 04/30/19 General Dynamics Information Technology Comtech Telecommunications On Premise Vertical Software N/A N/A N/A N/A N/A 04/30/19 Islands Media The We Company SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 04/30/19 Receptive Pendo SaaS Business Intelligence N/A N/A N/A N/A N/A 04/30/19 Rideau Recognition Solutions Comvest Partners, Engage2Excel SaaS Human Capital N/A N/A N/A N/A N/A 04/30/19 Zego Paylease, Vista Equity Partners SaaS Development N/A N/A N/A N/A N/A 05/01/19 Cengage Learning Apollo Global Management, McGraw-Hill Education On Premise Vertical Software N/A N/A N/A N/A N/A 05/01/19 Sigma Systems Canada Hansen Technologies SaaS Business Software $92 N/A N/A N/A N/A 04/30/19 Flexible Workforce OpenForce, Riverside Partners SaaS Supply Chain N/A N/A N/A N/A N/A 04/30/19 Autodata Solutions Thoma Bravo SaaS CRM N/A N/A N/A N/A N/A 04/30/19 Lendwell CBANC SaaS Fintech N/A N/A N/A N/A N/A 04/29/19 Soho Digital Cinema Visual Data Media Services SaaS Advertising and Marketing N/A N/A N/A N/A N/A 04/29/19 Preqin Solutions Dynamo Software, Francisco Partners SaaS Fintech N/A N/A N/A N/A N/A 04/29/19 Power Analytics WaveTech Global SaaS Testing N/A N/A N/A N/A N/A 04/28/19 SplashLink WatrHub SaaS Business Intelligence N/A N/A N/A N/A N/A

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 20 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions (cont.)

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

04/25/19 PayScale Francisco Partners SaaS Human Capital $325 N/A N/A N/A N/A 04/25/19 eCore Software ESO Solutions SaaS Human Capital N/A N/A N/A N/A N/A 04/24/19 Whiplash Endeavour Capital, Port Logistics Group, Tritium Partners SaaS eCommerce N/A N/A N/A N/A N/A 04/24/19 Realm MongoDB SaaS Knowledge / Content (Social) $39 N/A N/A N/A N/A 04/24/19 UnionWare GI Partners, Togetherwork On Premise Business Software N/A N/A N/A N/A N/A 04/24/19 Lendesk Technologies Quicken Loans SaaS Fintech N/A N/A N/A N/A N/A 04/23/19 Ayuda Media Systems BroadSign International, JEDFam SaaS Advertising and Marketing N/A N/A N/A N/A N/A 04/23/19 AbsenceSoft Bow River Capital Partners SaaS Human Capital N/A N/A N/A N/A N/A 04/23/19 Acuity Scheduling General Atlantic, Squarespace SaaS CRM N/A N/A N/A N/A N/A 04/23/19 Sodius-Willert Willert Software Tools SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 04/23/19 Club Speed Bellwether Financial Group, Nadavon Capital Partners SaaS Business Software $20 N/A N/A N/A N/A 04/22/19 PostUp Upland Software SaaS Advertising and Marketing $35 N/A N/A N/A N/A 04/19/19 MapAnything Salesforce SaaS Supply Chain N/A N/A N/A N/A N/A 04/19/19 Percentile Torstone Technology SaaS Fintech N/A N/A N/A N/A N/A 04/18/19 SAMSentry Kohlberg Kravis Roberts, SoftwareONE SaaS Business Intelligence N/A N/A N/A N/A N/A 04/18/19 ApexSQL Elliott Management, Fisher Lynch, Francisco Partners On Premise Business Software N/A N/A N/A N/A N/A 04/18/19 Electric Cloud CloudBees SaaS Business Software N/A N/A N/A N/A N/A 04/18/19 Express Logic Microsoft SaaS Platform / OS N/A N/A N/A N/A N/A 04/18/19 3Gtms Sumeru Equity Partners SaaS Supply Chain $87 N/A N/A N/A N/A 04/18/19 The Athena Group Mercury Systems On Premise Security / Storage N/A N/A N/A N/A N/A 04/18/19 RS2 Technologies Access Control Related Enterprises, Egis Capital Partners On Premise Security / Storage N/A N/A N/A N/A N/A 04/17/19 FiREapps Bridgepoint Advisers, Daher Capital, Iris Capital SaaS Fintech N/A $480 N/A N/A N/A 04/17/19 Ellie Mae Thoma Bravo SaaS Vertical Software $3,397 $480 $86 7.1x 39.3x 04/17/19 Respin PKA Alternative Investment Partners On Premise Vertical Software $1 N/A N/A N/A N/A 04/17/19 Allegro Development ION Group, The Carlyle Group SaaS Business Software N/A N/A N/A N/A N/A 04/17/19 KushAmerica CAVU Resources SaaS Vertical Software N/A N/A N/A N/A N/A 04/17/19 GlobalEnglish Learnship, THI Investments SaaS Vertical Software N/A N/A N/A N/A N/A 04/17/19 CloudIO Xoriant SaaS Integration / Middleware N/A $4 N/A N/A N/A 04/17/19 Breezy HR Learning Technologies Group SaaS Human Capital $30 N/A N/A N/A N/A 04/16/19 Senet International Gaming Laboratories International SaaS Security / Storage N/A N/A N/A N/A N/A 04/16/19 Skuid Marlin Equity Partners SaaS Integration / Middleware N/A N/A N/A N/A N/A 04/16/19 Exari Coupa SaaS Business Software $215 N/A N/A N/A N/A 04/16/19 Practi Just Eat Holding SaaS Business Intelligence $11 N/A N/A N/A N/A 04/16/19 Bioproduction Group Emerson SaaS Business Intelligence N/A N/A N/A N/A N/A 04/16/19 Vyze MasterCard SaaS Fintech N/A N/A N/A N/A N/A 04/15/19 Synovia Solutions CalAmp SaaS Mapping / Tracking $50 N/A N/A N/A N/A 04/15/19 TivaCloud First Analysis, Fleetworthy Solutions, The Argentum Group SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 04/12/19 Wibmo PayU SaaS Fintech $70 N/A N/A N/A N/A 04/12/19 RecordXpress StorageVault Canada SaaS Security / Storage N/A N/A N/A N/A N/A 04/12/19 Samanage SolarWinds SaaS Business Software $350 N/A N/A N/A N/A 04/12/19 HigherEducation.com General Atlantic, QED Investors, Red Ventures SaaS Vertical Software N/A N/A N/A N/A N/A 04/12/19 Ambiental Risk Royal HaskoningDHV SaaS Vertical Software N/A N/A N/A N/A N/A 04/12/19 RinoCloud Integumen SaaS Business Intelligence $5 N/A N/A N/A N/A 04/12/19 DCR Workforce Workspend SaaS IT Infrastructure & Management N/A $110 N/A N/A N/A 04/11/19 Kyriba Bridgepoint Advisers SaaS Fintech $1,200 N/A N/A N/A N/A

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 21 │ Software Industry Update Q2 2019 Select Q2 2019 M&A Transactions (cont.)

Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

04/11/19 Polymorph Walmart SaaS Advertising and Marketing N/A N/A N/A N/A N/A 04/11/19 TE21 Brook Venture Partners, Certica Solutions, New Harbor On Premise Vertical Software N/A N/A N/A N/A N/A 04/10/19 Determine Corcentric SaaS Business Software $24 N/A ($10) N/A N/M 04/10/19 Silversphere Periscope Equity, Sentrics SaaS Vertical Software N/A N/A N/A N/A N/A 04/10/19 Sellbrite GoDaddy SaaS eCommerce N/A N/A N/A N/A N/A 04/10/19 TechCanary Applied Systems, Hellman & Friedman, JMI Equity SaaS Vertical Software N/A N/A N/A N/A N/A 04/10/19 Weaveability Itelligence SaaS eCommerce N/A N/A N/A N/A N/A 04/09/19 Content Analytics Syndigo, The Jordan Company SaaS eCommerce N/A N/A N/A N/A N/A 04/09/19 RedSeal STG Partners SaaS Security / Storage $100 N/A N/A N/A N/A 04/09/19 Ozmotik AirPR SaaS Advertising and Marketing N/A $100 N/A N/A N/A 04/09/19 Axioma Deutsche Börse Group, General Atlantic SaaS Fintech $876 N/A N/A N/A N/A 04/09/19 Webaspx Routeware, Banneker Partners, L Capital SaaS Mapping / Tracking N/A $0 N/A N/A N/A 04/08/19 Kirona Advanced Computer Software Group, Vista Equity Partners SaaS Mapping / Tracking N/A N/A N/A N/A N/A 04/08/19 Trilogy Education Services 2U SaaS Vertical Software $750 N/A N/A N/A N/A 04/08/19 BSM Technologies Geotab SaaS Mapping / Tracking N/A $73 ($2) N/A N/A 04/08/19 Securadyne Systems Allied Universal, Partners Group, Warburg Pincus SaaS Security / Storage N/A N/A N/A N/A N/A 04/08/19 ReServe Interactive Golden Gate Capital, Infor Global, Kayne Anderson SaaS Vertical Software N/A N/A N/A N/A N/A 04/08/19 Net Data i3 Verticals SaaS Vertical Software $24 N/A N/A N/A N/A 04/07/19 Amberjack LDC SaaS Human Capital N/A N/A N/A N/A N/A 04/05/19 CitySourced Rock Solid Technologies, Strattam Capital SaaS Vertical Software N/A $5 N/A N/A N/A 04/05/19 Fundata Canada ND SaaS Fintech $110 N/A N/A N/A N/A 04/04/19 Firmstep Granicus, K1 IM, Vista Equity Partners SaaS Vertical Software N/A N/A N/A N/A N/A 04/04/19 Segovia Technology Crown Agents, Helios Investment Partners SaaS Fintech N/A N/A N/A N/A N/A 04/04/19 Haptik Reliance Jio Infocomm SaaS CRM $115 N/A N/A N/A N/A 04/04/19 ReStream Solutions RedBird Capital Partners, Sallyport, Tally Energy Services SaaS Business Software N/A N/A N/A N/A N/A 04/03/19 Torc Robotics Daimler Trucks North America On Premise Development N/A N/A N/A N/A N/A 04/03/19 Managed by Q The We Company SaaS Business Software N/A $115 N/A N/A N/A 04/03/19 Truckstop.com ICONIQ Capital SaaS Supply Chain N/A $1,600 N/A N/A N/A 04/03/19 GlobalTranz Providence Equity Partners SaaS Supply Chain $930 N/A N/A N/A N/A 04/03/19 Consolidated Asset Recovery Systems Kinderhook Industries, Primeritus Financial Services SaaS Vertical Software N/A N/A N/A N/A N/A 04/03/19 RDBTools Redis Labs SaaS Business Intelligence N/A N/A N/A N/A N/A 04/02/19 American Megatrends HGGC On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 04/02/19 AgileHR Accel-KKR, PrismHR, Summit Partners SaaS Human Capital N/A N/A N/A N/A N/A 04/02/19 SecurityCoverage NeoNova Network Services SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 04/02/19 Videalert Marston SaaS Vertical Software N/A N/A N/A N/A N/A 04/01/19 KEMP Technologies Mill Point Capital SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 04/01/19 Mailgun Thoma Bravo SaaS Advertising and Marketing N/A N/A N/A N/A N/A 04/01/19 A3 Communications Littlejohn & Co, The Cook & Boardman Group SaaS Security / Storage N/A N/A N/A N/A N/A 04/01/19 Powerhouse Dynamics Middleby SaaS Vertical Software N/A N/A N/A N/A N/A 04/01/19 NewTek Nordic Capital, Vizrt SaaS Video Management N/A N/A N/A N/A N/A 04/01/19 T.A.P. Tag Technology Rental Retreat SaaS Advertising and Marketing N/A N/A N/A N/A N/A 04/01/19 Jog.ai Evolve IP SaaS Telecommunications N/A N/A N/A N/A N/A 04/01/19 Funderbolt CampusLogic SaaS Fintech N/A N/A N/A N/A N/A 04/01/19 Oyez Waterlow HR ND SaaS Human Capital N/A N/A N/A N/A N/A 04/01/19 Sum180 FlexWage Solutions SaaS Fintech N/A N/A N/A N/A N/A Software04/01/19 MedianAutofutura Inflexion Private Equity On Premise Mapping / Tracking $100N/A $75N/A N/A($1) N/A5.0x 31.2xN/A Software Mean $627 $236 $43 6.1x 35.0x Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ and Pitchbook as of 6/30/19 22 │ Software Industry Update Q2 2019 Software IPOs

LTM Multiples Metrics and Financings Share Information Follow On Information Days on EV / Rev Grwth NTM Rev IPO Offer File to Current Chg Since Days Post Amount Relative to Follow IPO to Primary LTM Rev LTM EBITDA IPO Date Company EV IPO Amount Raised Market Cap EV / Rev Net Cash at IPO File EBITDA at IPO Growth Price Price Chg Price IPO Lock-Up Raised IPO Raise On Price Price Chg Shares Growth Margin Software 06/20/19 55 Slack $5,250 $4,560 $9,810 11.6x NM 106% NM $793 $39 -- $38 (3%) NA NA NA NA NA NA 106% (31%) 06/12/19 29 CrowdStrike $6,875 $612 $7,487 NM NM NM NM $88 $34 13% $68 101% NA NA NA NA NA NA NM (49%) 06/12/19 33 Mohawk $140 $36 $176 NM NM NM NM $0 $10 (29%) $8 (19%) NA NA NA NA NA NA NM (36%) 05/17/19 28 Fastly $1,439 $180 $1,619 9.1x NM 50% 36% $21,316 $16 -- $20 27% NA NA NA NA NA NA 50% (10%) 04/18/19 27 Zoom Video Communications $9,600 $751 $10,352 NM NM 118% 76% $64 $36 3% $89 147% NA NA NA NA NA NA 118% 5% 04/17/19 19 ReadyTech $27 $36 $63 NM NM NM NM ($16) $1 9% $1 (1%) NA NA NA NA NA NA NM NM 04/11/19 36 Tufin $428 $108 $536 5.0x NM 32% 26% $29 $14 -- $26 85% NA NA NA NA NA NA 32% (6%) 04/11/19 27 PagerDuty $1,654 $218 $1,872 14.0x NM 48% 46% $128 $24 4% $47 96% NA NA NA NA NA NA 48% (35%) 04/04/19 28 Tradeweb $3,970 $1,080 $5,050 NM NM NM NM $410 $27 4% $44 62% NA NA NA NA NA NA NM NM 03/20/19 26 UP Fintech Holding $951 $104 $1,055 NM NM 104% 144% $32 $8 14% $6 (30%) NA NA NA NA NA NA 104% NM 11/20/18 28 TuanChe.com $3,469 $20 $3,489 NM NM NM NM ($5) $8 -- $3 (61%) NA NA NA NA NA NA NM (14%) 11/15/18 97 Weidai $655 $45 $700 1.1x 5.9x 124% NM $276 $10 -- $9 (10%) NA NA NA NA NA NA 124% 19% 10/25/18 24 Stone Pagamentos $6,532 $1,217 $7,749 NM NM 293% 192% ($443) $24 4% $30 23% NA NA NA NA NA NA 293% 17% 10/25/18 101 Pintec $19,637 $44 $19,681 NM NM 1,715% NM ($112) $12 -- $3 (75%) NA NA NA NA NA NA 1715% 7% 10/19/18 28 SolarWinds $4,317 $375 $4,692 5.9x 12.9x NM 25% ($1,961) $15 (12%) $18 22% NA NA NA NA NA NA NM 39% 10/12/18 28 Anaplan $1,974 $264 $2,237 9.9x NM 19% 48% $87 $17 -- $50 197% NA NA NA NA NA NA 19% NM 10/05/18 30 Elastic $2,906 $252 $3,158 15.7x NM 110% 72% $51 $36 3% $75 107% NA NA NA NA NA NA 110% (34%) 09/28/18 43 CooTek (Cayman) $715 $52 $767 9.1x NM 612% 144% $26 $12 -- $10 (20%) NA NA NA NA NA NA 612% 6% 09/27/18 27 LAIX $528 $72 $599 NM NM NM NM $57 $13 -- $10 (16%) NA NA NA NA NA NA NM (56%) 09/26/18 28 SVMK $1,247 $207 $1,454 5.3x NM 13% 22% ($274) $12 9% $17 38% NA NA NA NA NA NA 13% (34%) 09/26/18 33 Arco Platform Limited $172 $194 $366 2.0x NM 86% 25% $6 $18 -- $44 150% NA NA NA NA NA NA 86% (20%) 09/19/18 22 X Financial $2,822 $105 $2,927 6.3x NM 1,259% 13% $101 $10 -- $4 (61%) NA NA NA NA NA NA 1259% NM 07/27/18 28 Endava $946 $127 $1,073 3.6x 23.5x NM 29% ($19) $20 5% $40 101% NA NA NA NA NA NA NM 11% 07/27/18 28 Opera Software $4,800 $115 $4,915 NM NM 32% 46% $36 $12 -- $10 (13%) NA NA NA NA NA NA 32% 27% 07/26/18 27 Jiguang $626 $77 $703 10.9x NM 442% 139% $5 $9 -- $5 (44%) NA NA NA NA NA NA 442% (8%) 07/26/18 34 Shanghai Cango $6,473 $44 $6,517 NM NM (75%) 1473% $11 $11 -- $7 (37%) NA NA NA NA NA NA (75%) 29% 07/26/18 27 Tenable $2,176 $288 $2,464 10.5x NM 66% 45% $26 $23 21% $29 24% NA NA NA NA NA NA 66% (25%) 06/29/18 28 Domo $560 $193 $753 4.8x NM 56% 35% ($24) $21 -- $27 30% NA NA NA NA NA NA 56% (89%) 06/15/18 35 Avalara $1,525 $180 $1,705 6.8x NM 35% 33% ($25) $24 4% $72 201% NA NA NA NA NA NA 35% (19%) 05/17/18 31 Pluralsight $1,672 $311 $1,982 9.3x NM 36% 48% ($91) $15 7% $30 102% NA NA NA NA NA NA 36% (53%) 05/04/18 25 Carbon Black $1,333 $152 $1,485 7.6x NM 55% 23% $36 $19 -- $17 (12%) NA NA NA NA NA NA 55% (35%) 04/27/18 32 Smartsheet $1,466 $175 $1,640 13.2x NM 66% 69% $52 $15 7% $48 223% NA NA NA NA NA NA 66% (26%) 04/27/18 30 DocuSign $3,968 $629 $4,597 7.7x NM 36% 41% $257 $29 4% $50 71% NA NA NA NA NA NA 36% (19%) 04/26/18 99 Ceridian HCM $2,467 $531 $2,998 3.7x 22.6x 8% 12% ($1,026) $22 5% $50 128% NA NA NA NA NA NA 8% 15% 04/20/18 28 Pivotal Software $2,854 $638 $3,492 5.6x NM 22% 33% $53 $15 -- $11 (30%) NA NA NA NA NA NA 22% (17%) 04/12/18 27 Zuora $1,477 $154 $1,631 8.8x NM 49% 45% $32 $14 8% $15 9% NA NA NA NA NA NA 49% (28%) 04/03/18 34 Spotify $20,303 $9,246 $29,549 4.4x NM 41% 38% ($560) $166 -- $146 (12%) NA NA NA NA NA NA 41% 3% 03/23/18 28 Dropbox $10,293 $756 $11,049 9.3x NM 31% 30% $256 $21 5% $25 19% NA NA NA NA NA NA 31% 9% 03/16/18 28 Zscaler $2,067 $192 $2,259 13.4x NM 92% 62% $72 $16 7% $77 379% NA NA NA NA NA NA 92% (9%) 02/09/18 28 Cardlytics $195 $70 $266 1.5x NM 13% 18% ($27) $13 -- $26 100% NA NA NA NA NA NA 13% (22%) 11/17/17 28 SailPoint Technologies $664 $240 $904 4.1x 36.5x 71% 48% ($137) $12 9% $20 67% NA NA NA NA NA NA 71% 7% 11/15/17 28 SendGrid $654 $131 $785 6.3x NM 77% NM $175 $16 3% $54 238% NA NA NA NA NA NA 77% 3% 11/01/17 33 Altair Engineering $259 $156 $415 0.8x 4.6x 9% 13% ($54) $13 -- $40 211% NA NA NA NA NA NA 9% 13% 10/27/17 25 ForeScout $698 $116 $814 3.7x NM 52% 37% $46 $22 -- $34 54% (35) $128 110% $29 10% 11% 52% (22%) 10/19/17 28 MongoDB $1,194 $192 $1,386 8.7x NM 111% 47% $41 $24 9% $152 534% NA NA NA NA NA NA 111% (30%) 06/30/17 29 Tintri $156 $60 $216 1.6x NM 13% 9% ($20) $7 -- $0 (100%) NA NA NA NA NA NA 13% NM 06/07/17 69 ShotSpotter $87 $31 $118 5.1x 36.9x 44% 53% ($11) $11 -- $44 302% NA NA NA NA NA NA 44% 6% 05/25/17 97 Appian $680 $75 $755 5.0x NM 22% 32% ($20) $12 -- $36 201% NA NA NA NA NA NA 22% (23%) 05/12/17 58 Veritone $176 $38 $213 19.7x NM (36%) 89% ($1) $15 -- $8 (44%) NA NA NA NA NA NA (36%) (174%) 04/28/17 28 Cloudera $1,936 $225 $2,161 7.1x NM 64% 38% ($836) $15 7% $5 (65%) NA NA NA NA NA NA 64% (35%) 04/13/17 31 Yext $1,014 $116 $1,129 8.2x NM 38% 46% $19 $11 10% $20 83% NA NA NA NA NA NA 38% (28%) 04/07/17 25 Okta $1,546 $187 $1,733 9.6x NM 87% 67% $23 $17 -- $124 627% NA NA NA NA NA NA 87% (28%) 03/24/17 28 Alteryx $819 $126 $945 9.5x 20.2x 59% 60% $31 $14 -- $109 679% NA NA NA NA NA NA 59% 14% 03/17/17 28 MuleSoft $2,553 $221 $2,774 13.6x NM 70% NM $35 $17 6% $44 157% NA NA NA NA NA NA 70% NM 10/28/16 28 BlackLine $768 $146 $914 7.5x NM 97% 52% ($21) $17 -- $54 215% NA NA NA NA NA NA 97% (4%) 10/06/16 28 Coupa $917 $133 $1,051 8.4x NM 115% 47% $80 $18 -- $127 603% NA NA NA NA NA NA 115% (14%) 09/30/16 283 Nutanix $2,279 $238 $2,517 4.5x NM NM 69% $26 $16 23% $26 62% NA NA NA NA NA NA NM (35%) 09/23/16 28 Apptio $578 $96 $674 3.8x NM 42% NM $8 $16 -- $38 138% NA NA NA NA NA NA 42% (8%) 09/23/16 28 Beijing Gridsum Technology $317 $87 $405 6.9x NM 127% 58% $16 $13 4% $3 (79%) NA NA NA NA NA NA 127% (167%) 09/16/16 28 Everbridge $224 $90 $314 3.3x NM 58% 40% ($14) $12 -- $89 645% 21 $74 82% $20 (18%) 92% 58% (19%) 07/29/16 31 Talend $409 $95 $503 5.0x NM 31% 55% ($2) $18 6% $39 114% NA NA NA NA NA NA 31% (20%) Median 29 $1,194 $133 $1,386 6.7x 16.5x 60% 47% $11 $15 6% $30 71% 147 $125 116% $28 16% 96% 60% (14%) Mean 47 $2,433 $376 $2,809 7.0x 17.7x 128% 81% ($386) $18 5% $45 167% 196 $164 142% $29 42% 76% 128% (16%)

Source: Capital IQ and Pitchbook as of 6/30/19 23 │ Software Industry Update Q2 2019 Internet and Digital Media IPOs

LTM Multiples Metrics and Financings Share Information Follow On Information Days on EV / Rev Grwth NTM Rev IPO Offer File to Current Chg Since Days Post Amount Relative to Follow IPO to Primary LTM Rev LTM EBITDA IPO Date Company EV IPO Amount Raised Market Cap EV / Rev Net Cash at IPO File EBITDA at IPO Growth Price Price Chg Price IPO Lock-Up Raised IPO Raise On Price Price Chg Shares Growth Growth Internet and Digital Media 06/28/19 28 The RealReal $2,134 $420 $2,554 9.3x NM 72% NM $86 $28 65% $29 3% NA NA NA NA NA NA 72% (33%) 06/21/19 23 Trainline $950 $1,241 $2,192 3.4x 15.0x 18% NM ($229) $5 3% $5 14% NA NA NA NA NA NA 18% 23% 06/14/19 46 Chewy $7,827 $1,023 $8,850 2.2x NM 68% NM $88 $22 16% $35 59% NA NA NA NA NA NA 68% (7%) 06/13/19 28 Fiverr $595 $111 $705 NM NM NM NM $32 $21 5% $30 41% NA NA NA NA NA NA NM (31%) 06/07/19 252 REVOLVE $1,179 $212 $1,391 2.3x 27.2x 31% NM $27 $18 -- $35 92% NA NA NA NA NA NA 31% 8% 05/10/19 29 Uber $68,662 $8,100 $76,762 6.1x NM 42% 33% $1,871 $45 -- $46 3% NA NA NA NA NA NA 42% (25%) 05/03/19 43 Yunji Weidian $23,380 $121 $23,501 11.9x NM 106% NM $228 $11 -- $11 3% NA NA NA NA NA NA 106% 0% 04/18/19 27 Pinterest $9,919 $1,425 $11,344 13.1x NM 60% 53% $617 $19 12% $27 43% NA NA NA NA NA NA 60% (5%) 03/29/19 28 Lyft $18,716 $2,340 $21,056 8.7x NM 103% 62% $518 $72 -- $66 (9%) NA NA NA NA NA NA 103% (73%) 12/12/18 71 Tencent Music Entertainment Group $20,163 $1,066 $21,229 7.7x NM 301% 44% $759 $13 -- $15 15% NA NA NA NA NA NA 301% 9% 12/06/18 27 MOGU Inc. $1,430 $67 $1,497 9.5x NM (9%) 22% $49 $14 -- $3 (80%) NA NA NA NA NA NA (9%) (31%) 10/03/18 27 Upwork $1,674 $187 $1,861 7.3x NM 39% 25% ($3) $15 7% $16 7% NA NA NA NA NA NA 39% (4%) 09/21/18 32 Farfetch $5,408 $885 $6,293 11.2x NM 99% 52% $340 $20 5% $21 4% NA NA NA NA NA NA 99% (28%) 09/20/18 28 Eventbrite $1,876 $230 $2,106 7.3x NM 91% 21% $192 $23 10% $16 (30%) NA NA NA NA NA NA 91% (13%) 09/14/18 28 Qutoutiao $1,633 $84 $1,717 9.4x NM 1,892% 367% $267 $7 -- $4 (44%) NA NA NA NA NA NA 1892% (61%) 09/12/18 28 111 Group $4,119 $100 $4,220 21.3x NM 47% 138% $74 $14 -- $6 (60%) NA NA NA NA NA NA 47% (21%) 07/26/18 27 Pinduoduo $19,422 $1,626 $21,048 NM NM 516% 469% $106 $19 -- $21 9% NA NA NA NA NA NA 516% (78%) 06/28/18 27 EverQuote $411 $84 $496 3.3x NM 3% 41% ($3) $18 6% $13 (28%) NA NA NA NA NA NA 3% (9%) 06/27/18 29 Youxinpai (Beijing) Information Technology Co. $2,332 $225 $2,557 18.3x NM 3% NM ($527) $9 (14%) $2 (76%) NA NA NA NA NA NA 3% (23%) 06/27/18 35 HyreCar ($4) $13 $8 0.0x NM 24,780% NM $7 $5 -- $4 (16%) NA NA NA NA NA NA 24780% (80%) 05/24/18 27 GreenSky $874 $874 $1,748 2.7x 6.0x 24% 45% ($528) $23 -- $12 (47%) NA NA NA NA NA NA 24% 33% 03/28/18 26 Bilibili $2,814 $483 $3,297 7.7x NM 365% 75% $117 $12 -- $16 41% NA NA NA NA NA NA 365% (16%) 03/02/17 28 Snap $15,653 $3,400 $19,053 NM NM 590% 127% $987 $17 6% $14 (16%) NA NA NA NA NA NA 590% (87%) 03/29/18 30 iQIYI.com $73,286 $16,758 $90,044 NM NM 52% 53% $21 $18 -- $21 15% NA NA NA NA NA NA 52% NM 12/16/16 32 Trivago $3,442 $287 $3,729 4.5x NM 85% 70% $5 $11 (15%) $4 (62%) NA NA NA NA NA NA 85% 4% 09/21/16 30 The Trade Desk $604 $84 $688 4.1x 5.3x 234% 67% ($18) $18 -- $228 1,165% NA NA NA NA NA NA 234% 22% 07/15/16 35 LINE $6,896 $7,225 $14,121 6.6x NM 29% 37% ($66) $33 1% $28 (15%) NA NA NA NA NA NA 29% 3% 06/23/16 28 Twilio $1,245 $150 $1,395 6.5x NM 117% 60% $103 $15 7% $136 809% NA NA NA NA NA NA 117% (18%) 12/18/15 32 Yirendai $1,020 $75 $1,095 6.5x NM 4,927% 184% $20 $10 -- $14 38% NA NA NA NA NA NA 4927% 0% 11/19/15 34 Match Group $23 $400 $423 0.0x 0.0x 18% 29% ($49) $12 -- $67 461% NA NA NA NA NA NA 18% 34% 05/21/15 34 Baozun Commerce $1,348 $110 $1,458 4.7x 25.1x 17% 45% $28 $10 (17%) $50 399% 385 $81 74% $12 (26%) NA 17% 6% 04/08/15 89 JMU $2,999 $40 $3,039 NM NM NM NM $1 $10 -- $1 (86%) NA NA NA NA NA NA NM (337%) 04/01/15 296 GoDaddy $1,662 $460 $2,122 1.2x 4.0x 23% 19% ($1,282) $20 5% $70 251% 585 $928 202% $39 102% 2% 23% 15% Median 30 $1,775 $228 $2,114 6.5x 5.3x 85% 52% $21 $15 5% (5%) 485 $505 138% $25 38% 2% 68% (11%) Mean 45 $7,097 $1,455 $8,552 7.0x 8.1x 1489% 95% $25 $15 0% 111% 485 $505 138% $25 38% 2% 1121% (26%)

Source: Capital IQ and Pitchbook as of 6/30/19 24 │ Software Industry Update Q2 2019 Hardware & Tech-Enabled Services IPOs

LTM Multiples Metrics and Financings Share Information Follow On Information Days on EV / Rev Grwth NTM Rev IPO Offer File to Current Chg Since Days Post Amount Relative to Follow IPO to Primary LTM Rev LTM EBITDA IPO Date Company EV IPO Amount Raised Market Cap EV / Rev Net Cash at IPO File EBITDA at IPO Growth Price Price Chg Price IPO Lock-Up Raised IPO Raise On Price Price Chg Shares Growth Growth Hardware and Tech-Enabled Services 10/19/18 25 Niu $543 $63 $606 3.4x NM 201% 92% ($2) $9 -- $6 (34%) NA NA NA NA NA NA 201% (16%) 08/03/18 28 Arlo Technologies $1,000 $188 $1,188 NM NM NM NM $70 $16 (11%) $4 (75%) NA NA NA NA NA NA NM (25%) 08/02/18 27 Sonos $1,509 $208 $1,717 1.4x NM 21% 9% $78 $15 (12%) $11 (24%) NA NA NA NA NA NA 21% 1% 04/26/18 27 nLIGHT $9,946 $96 $10,042 NM NM 37% 36% $19 $16 7% $19 20% NA NA NA NA NA NA 37% 11% 02/08/18 27 Huami $8,060 $55 $8,115 NM NM NM NM $53 $11 -- $10 (9%) NA NA NA NA NA NA NM 11% 02/01/18 45 One Stop Systems $617 $19 $636 22.9x NM 43% 17% ($3) $5 (17%) $2 (66%) NA NA NA NA NA NA 43% (7%) 09/28/17 27 Roku $1,303 $219 $1,523 3.0x NM 36% 43% $47 $14 -- $91 547% NA NA NA NA NA NA 36% (0%) 05/24/17 26 Smart Modular Technologies $181 $58 $239 NM 1.3x NM NM ($192) $11 (15%) $23 109% NA NA NA NA NA NA NM 11% 11/02/16 29 GDS Services $7,333 $193 $7,526 NM NM 109% 25% ($512) $10 (17%) $38 276% NA NA NA NA NA NA 109% 36% 10/28/16 29 Quantenna Communications $500 $107 $607 4.3x NM 75% 40% $11 $16 -- $25 53% NA NA NA NA NA NA 75% 5% 08/12/16 28 Airgain $50 $12 $62 1.6x NM 20% 47% $0 $8 (11%) $14 77% (61) $40 333% $18 233% 57% 20% (1%) 07/11/16 244 Monster Digital $24 $9 $33 NM NM NM NM $1 $5 -- $24 427% NA NA NA NA NA NA NM NM 11/19/15 34 Mimecast $503 $78 $581 3.9x 17.7x 45% 34% $24 $10 -- $47 367% NA NA NA NA NA NA 45% 8% 11/12/15 38 Xtera Communications $63 $25 $88 NM NM NM NM ($39) $5 (44%) $0 (100%) NA NA NA NA NA NA NM NM 10/09/15 63 CPI Card Group $420 $150 $570 1.2x 15.1x 72% NM ($154) $10 (17%) $3 (75%) NA NA NA NA NA NA 72% 10% 10/07/15 56 Pure Storage $3,468 $425 $3,893 12.7x NM 541% 128% $128 $17 -- $15 (10%) NA NA NA NA NA NA 541% (10%) 06/26/15 35 Alarm.com $571 $98 $669 3.2x 15.6x 36% 17% $32 $14 -- $54 282% NA NA NA NA NA NA 36% 8% 06/18/15 42 Fitbit $3,981 $732 $4,713 4.1x NM 259% 108% $78 $20 5% $4 (78%) (33) $493 67% $29 (33%) NA 259% (8%) 05/20/15 148 Black Knight (US) $1,130 $441 $1,571 1.3x 2.4x NM 13% ($2,073) $25 -- $60 146% NA NA NA NA NA NA NM 42% 03/26/15 36 Solaredge Technologies $651 $126 $777 3.0x 4.7x 173% 108% $19 $18 -- $62 247% NA NA NA NA NA NA 173% 14% Median 32 $634 $103 $723 3.2x 9.9x 59% 38% $15 (14%) 37% (47) $266 200% $24 100% 57% 59% 6% Mean 51 $2,093 $165 $2,258 5.1x 9.5x 119% 51% ($121) (13%) 104% (47) $266 200% $24 100% 57% 119% 5%

Source: Capital IQ and Pitchbook as of 6/30/19 25 │ Software Industry Update Q2 2019 Public Company Valuation

Price 52-Wk EV / Revenue EV / EBITDA P / E Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 LTM FY+1 FY+2 CRM Salesforce $151.73 91% $117,825 $117,677 8.4x 7.2x 6.0x 49.5x 28.5x 23.2x NM 52.7x 45.2x Zendesk 89.03 95% 9,755 9,775 15.0 12.1 9.3 NM NM NM NM NM 146.0 HubSpot 170.52 89% 7,179 6,721 12.2 10.2 8.2 NM NM NM NM 133.0 100.9 Pegasystems 71.21 93% 5,619 5,417 6.2 5.9 5.2 NM NM NM NM NM 123.8 Median 92% $8,467 $8,248 10.3x 8.7x 7.1x 49.5x 28.5x 23.2x NM 92.8x 112.4x Mean 92% $35,095 $34,898 10.5x 8.9x 7.2x 49.5x 28.5x 23.2x NM 92.8x 104.0x Accounting / ERP Oracle $56.97 99% $190,042 $208,960 5.3x 5.2x 5.0x 12.9x 10.8x 10.6x 17.9x 14.7x 13.7x SAP 137.30 100% 163,893 173,417 5.9 5.6 5.2 25.0 16.9 15.4 36.0 25.1 22.4 International Business Machines 137.90 89% 122,268 159,267 2.0 2.1 2.1 9.2 8.7 8.5 14.7 9.9 9.7 Intuit 261.33 96% 67,748 64,467 9.8 9.5 8.7 32.7 26.1 23.1 47.3 39.1 34.8 The Sage Group (Financial Software) 10.17 99% 11,049 11,634 4.7 4.8 4.5 17.1 18.3 16.8 25.9 26.8 24.7 Coupa 126.61 98% 7,821 7,680 26.9 22.3 17.6 NM NM NM NM NM NM Anaplan 50.47 95% 6,519 6,191 23.4 18.8 14.6 NM NM NM NM NM NM Xero 41.98 96% 5,892 5,880 15.2 12.2 9.6 NM NM 41.7 NM NM 141.3 Avalara 72.20 96% 5,050 4,904 16.6 14.1 11.5 NM NM NM NM NM NM BlackLine 53.51 92% 2,946 2,832 11.8 10.2 8.4 NM NM NM NM NM NM Zuora 15.32 43% 1,702 1,536 6.2 5.6 4.8 NM NM NM NM NM NM Upland Software 45.53 83% 978 1,242 7.4 5.9 5.5 NM 15.9 14.5 NM 21.4 20.1 Qad 40.21 65% 760 636 2.0 1.9 1.8 NM 39.4 25.8 124.6 100.5 55.1 Median 96% $6,519 $6,191 7.4x 5.9x 5.5x 17.1x 16.9x 16.1x 31.0x 25.1x 23.5x Mean 89% $45,128 $49,896 10.5x 9.1x 7.6x 19.4x 19.4x 19.5x 44.4x 33.9x 40.2x Supply Chain Management Dassault Systemes $159.52 97% $41,318 $39,257 9.3x 8.9x 8.2x 30.7x 25.8x 23.6x 54.3x 40.4x 36.5x PTC 89.76 84% 10,326 10,745 8.6 8.1 7.2 NM 29.8 23.8 NM 49.9 35.1 Aspen Technology 124.28 98% 8,571 8,725 16.1 15.4 14.0 35.0 32.0 27.0 94.2 35.9 31.7 Manhattan Associates 69.33 98% 4,478 4,373 7.6 7.4 7.1 30.6 32.9 31.4 43.8 48.1 46.4 Descartes Systems Group 37.00 89% 3,112 3,325 11.6 9.9 9.0 36.2 26.8 23.9 80.7 99.3 65.8 SPS Commerce 102.21 89% 1,831 1,667 6.5 6.0 5.5 39.2 25.2 22.0 63.9 46.5 41.4 American Software 13.15 69% 409 323 2.9 2.9 2.7 25.8 21.0 16.7 54.2 46.1 35.5 Median 89% $4,478 $4,373 8.6x 8.1x 7.2x 32.9x 26.8x 23.8x 59.1x 46.5x 36.5x Mean 89% $10,007 $9,774 8.9x 8.4x 7.7x 32.9x 27.6x 24.1x 65.2x 52.3x 41.8x

Source: Capital IQ and Pitchbook as of 6/30/19 26 │ Software Industry Update Q2 2019 Public Company Valuation (cont.)

Price 52-Wk EV / Revenue EV / EBITDA P / E Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 LTM FY+1 FY+2 HumanCRM Capital Management AutomaticSalesforce Data Processing $165.33$151.73 97%91% $117,825$71,956 $117,677$72,132 5.2x8.4x 4.8x7.2x 4.4x6.0x 24.5x49.5x 18.8x28.5x 16.7x23.2x 37.5xNM 27.1x52.7x 23.6x45.2x WorkdayZendesk 205.5889.03 93%95% 46,4619,755 46,0989,775 15.215.0 13.012.1 10.59.3 NM NM NM NM 121.6NM 146.093.0 PaychexHubSpot 170.5282.29 93%89% 29,5747,179 29,6486,721 12.28.1 10.27.1 6.78.2 19.6NM 17.3NM 16.1NM 30.7NM 133.026.7 100.924.7 PaycomPegasystems Software 226.7271.21 97%93% 13,2655,619 11,8025,417 19.36.2 16.45.9 13.45.2 NM 39.7NM 31.7NM 91.1NM 68.9NM 123.854.8 CeridianMedian HCM 50.20 93%92% $8,4677,070 $8,2482,973 10.3x4.0 3.78.7x 3.27.1x 27.249.5x 16.228.5x 13.223.2x NM 110.392.8x 112.4x75.5 SmartsheetMean 48.40 96%92% $35,0955,158 $34,8984,954 25.110.5x 18.88.9x 13.77.2x 49.5xNM 28.5xNM 23.2xNM NM 92.8xNM 104.0xNM Insperity 122.14 92% 5,039 4,731 1.2 1.1 1.0 21.1 16.7 14.2 31.2 26.0 22.2 PaylocityAccounting / ERP 93.82 90% 4,970 3,109 7.0 5.5 4.6 39.8 18.9 15.1 117.5 56.9 43.2 Oracle $56.97 99% $190,042 $208,960 5.3x 5.2x 5.0x 12.9x 10.8x 10.6x 17.9x 14.7x 13.7x TriNet Group 67.80 96% 4,745 4,845 1.4 5.2 4.7 15.3 12.6 11.2 23.7 20.1 18.3 SAP 137.30 100% 163,893 173,417 5.9 5.6 5.2 25.0 16.9 15.4 36.0 25.1 22.4 Cornerstone OnDemand 57.93 96% 3,456 3,442 6.3 6.1 5.3 NM 27.5 22.8 NM 56.2 40.0 International Business Machines 137.90 89% 122,268 159,267 2.0 2.1 2.1 9.2 8.7 8.5 14.7 9.9 9.7 WageWorks 50.79 89% 2,025 1,280 2.8 2.7 2.6 13.9 9.6 8.8 94.1 31.5 28.9 BenefitfocusIntuit 261.3327.15 45%96% 67,748883 64,4671,014 3.89.8 3.39.5 2.98.7 32.7NM 26.1NM 31.923.1 47.3NM 39.1NM 34.8NM MedianThe Sage Group (Financial Software) 10.17 93%99% $5,09811,049 $4,78811,634 5.7x4.7 5.4x4.8 4.7x4.5 21.1x17.1 17.3x18.3 15.6x16.8 37.5x25.9 43.9x26.8 34.4x24.7 MeanCoupa 126.61 90%98% $16,2177,821 $15,5027,680 26.98.3x 22.37.3x 17.66.1x 23.1xNM 19.7xNM 18.2xNM 60.8xNM 54.5xNM 42.4xNM Anaplan 50.47 95% 6,519 6,191 23.4 18.8 14.6 NM NM NM NM NM NM KnowledgeXero / Content Management 41.98 96% 5,892 5,880 15.2 12.2 9.6 NM NM 41.7 NM NM 141.3 AdobeAvalara Systems $294.6572.20 97%96% $143,0355,050 $143,6894,904 14.2x16.6 12.9x14.1 10.9x11.5 42.9xNM 28.7xNM 23.8xNM 55.7xNM 37.8xNM 30.3xNM VeriSignBlackLine 209.1653.51 98%92% 24,9282,946 25,4692,832 20.811.8 20.710.2 19.78.4 28.8NM 28.4NM 27.1NM 43.6NM 40.1NM 37.3NM AkamaiZuora Technologies 80.1415.32 93%43% 13,1511,702 12,9161,536 4.76.2 4.55.6 4.34.8 14.9NM 11.1NM 10.0NM 35.8NM 19.3NM 17.1NM OpenTextUpland Software 41.2045.53 97%83% 11,121978 12,9731,242 4.57.4 4.25.9 4.25.5 12.6NM 10.815.9 10.414.5 35.5NM 13.421.4 12.820.1 DropboxQad 25.0540.21 72%65% 10,300760 10,078636 6.92.0 6.11.9 5.31.8 NM 26.439.4 21.225.8 124.6NM 100.558.9 45.255.1 DocuSignMedian 49.71 73%96% $6,5198,640 $6,1918,505 11.27.4x 9.25.9x 7.55.5x 17.1xNM 16.9xNM 16.1xNM 31.0xNM 25.1xNM 136.223.5x BoxMean 17.61 64%89% $45,1282,580 $49,8962,743 10.5x4.3 4.09.1x 3.57.6x 19.4xNM 19.4xNM 29.619.5x 44.4xNM 33.9xNM 74.940.2x MobileIron 6.20 94% 674 567 2.9 2.7 2.4 NM NM NM NM NM 88.6 SDLSupply Chain Management 6.46 82% 586 568 1.3 1.2 1.1 16.0 11.6 10.2 20.6 18.1 15.7 BrightcoveDassault Systemes $159.5210.33 97% $41,318391 $39,257362 2.29.3x 2.08.9x 1.88.2x 30.7xNM 48.225.8x 31.123.6x 54.3xNM 40.4xNM 73.836.5x MedianPTC 89.76 94%84% $9,47010,326 $9,29110,745 4.6x8.6 4.4x8.1 4.2x7.2 16.0xNM 26.4x29.8 22.5x23.8 35.8xNM 28.5x49.9 41.3x35.1 MeanAspen Technology 124.28 87%98% $21,5418,571 $21,7878,725 16.17.3x 15.46.8x 14.06.1x 23.0x35.0 23.6x32.0 20.4x27.0 38.2x94.2 31.3x35.9 53.2x31.7 Manhattan Associates 69.33 98% 4,478 4,373 7.6 7.4 7.1 30.6 32.9 31.4 43.8 48.1 46.4 BusinessDescartes Intelligence Systems Group / Analytics 37.00 89% 3,112 3,325 11.6 9.9 9.0 36.2 26.8 23.9 80.7 99.3 65.8 SplunkSPS Commerce $125.75102.21 88%89% $18,8841,831 $18,0411,667 9.4x6.5 8.0x6.0 6.6x5.5 39.2NM 25.2NM 38.0x22.0 63.9NM 70.3x46.5 54.2x41.4 TableauAmerican Software Software 166.0213.15 96%69% 14,493409 13,690323 11.52.9 10.02.9 8.42.7 25.8NM 21.0NM 16.7NM 54.2NM 96.846.1 72.735.5 AlteryxMedian 109.12 98%89% $4,4786,825 $4,3736,634 23.18.6x 18.58.1x 13.87.2x 32.9xNM 26.8xNM 23.8xNM 59.1xNM 46.5xNM 36.5xNM NewMean Relic 86.51 75%89% $10,0075,028 $9,7744,692 9.88.9x 7.88.4x 6.27.7x 32.9xNM 27.6xNM 39.424.1x 65.2xNM 143.052.3x 78.741.8x Teradata 35.85 73% 4,198 4,031 1.9 2.0 2.0 24.1 9.8 8.8 NM 24.1 17.7 Verint Systems 53.78 84% 3,537 3,880 3.1 2.8 2.6 19.0 11.4 9.9 51.3 14.7 12.9 MicroStrategy 143.31 94% 1,467 916 1.9 1.8 1.7 NM 29.0 15.5 135.2 NM 45.1 Cloudera 5.26 26% 1,442 998 1.8 1.3 1.2 NM 38.4 11.8 NM NM NM Domo 27.32 58% 748 692 4.6 4.0 3.3 NM NM NM NM NM NM Median 84% $4,198 $4,031 4.6x 4.0x 3.3x 21.6x 20.2x 13.7x 93.2x 70.3x 49.6x Mean 77% $6,291 $5,953 7.4x 6.3x 5.1x 21.6x 22.1x 20.6x 93.2x 69.8x 46.9x

Source: Capital IQ and Pitchbook as of 6/30/19 27 │ Software Industry Update Q2 2019 Public Company Valuation (cont.)

Price 52-Wk EV / Revenue EV / EBITDA P / E Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 LTM FY+1 FY+2 ITCRM / Infrastructure MicrosoftSalesforce $133.96$151.73 97%91% $1,026,511$117,825 $117,677$967,993 8.4x7.9x 7.0x7.2x 6.0x6.4x 49.5x17.4x 28.5x16.1x 14.0x23.2x 30.3xNM 52.7x26.4x 45.2x23.2x OracleZendesk 56.9789.03 99%95% 190,0429,755 208,9609,775 15.05.3 12.15.2 9.35.0 12.9NM 10.8NM 10.6NM 17.9NM 14.7NM 146.013.7 InternationalHubSpot Business Machines 137.90170.52 89% 122,2687,179 159,2676,721 12.22.0 10.22.1 8.22.1 9.2NM 8.7NM 8.5NM 14.7NM 133.09.9 100.99.7 VMwarePegasystems 167.2171.21 81%93% 68,4245,619 69,3575,417 6.27.5 6.95.9 5.26.3 22.9NM 17.9NM 16.6NM 36.8NM 25.7NM 123.822.9 ServiceNowMedian 274.57 94%92% 50,937$8,467 50,368$8,248 17.910.3x 14.68.7x 11.47.1x 49.5xNM 28.5xNM 41.023.2x NM 92.8x86.2 112.4x65.2 RedMean Hat 187.76 99%92% $35,09533,439 $34,89831,342 10.5x9.0 8.08.9x 7.2x7.0 49.5x48.4 28.5x29.5 27.323.2x 71.7NM 92.8x45.8 104.0x41.6 Atlassian 130.84 95% 31,541 30,612 27.5 19.8 15.8 NM NM NM NM 130.8 98.7 HewlettAccounting Packard / ERP Enterprise 14.95 85% 20,020 28,924 1.0 1.0 1.0 5.8 5.5 5.6 24.3 8.8 8.3 Oracle $56.97 99% $190,042 $208,960 5.3x 5.2x 5.0x 12.9x 10.8x 10.6x 17.9x 14.7x 13.7x L3 Technologies 245.17 94% 19,479 22,403 2.1 2.0 1.9 16.8 14.2 13.1 21.6 20.9 19.0 SAP 137.30 100% 163,893 173,417 5.9 5.6 5.2 25.0 16.9 15.4 36.0 25.1 22.4 Splunk 125.75 88% 18,884 18,041 9.4 8.0 6.6 NM NM 38.0 NM 70.3 54.2 International Business Machines 137.90 89% 122,268 159,267 2.0 2.1 2.1 9.2 8.7 8.5 14.7 9.9 9.7 Akamai Technologies 80.14 93% 13,151 12,916 4.7 4.5 4.3 14.9 11.1 10.0 35.8 19.3 17.1 Intuit 261.33 96% 67,748 64,467 9.8 9.5 8.7 32.7 26.1 23.1 47.3 39.1 34.8 Citrix Systems 98.14 84% 12,920 13,039 4.4 4.2 4.0 16.6 11.7 11.5 23.5 16.3 14.9 The Sage Group (Financial Software) 10.17 99% 11,049 11,634 4.7 4.8 4.5 17.1 18.3 16.8 25.9 26.8 24.7 Juniper Networks 26.63 86% 9,169 7,753 1.7 1.7 1.7 10.2 8.5 8.0 15.9 15.3 13.4 Coupa 126.61 98% 7,821 7,680 26.9 22.3 17.6 NM NM NM NM NM NM MongoDB 152.09 82% 8,415 8,172 26.5 21.5 16.4 NM NM NM NM NM NM SolarWindsAnaplan 18.3450.47 86%95% 5,6866,519 7,1736,191 23.48.4 18.87.6 14.66.8 21.4NM 15.9NM 14.1NM 11.3NM 22.6NM 19.5NM NewXero Relic 86.5141.98 75%96% 5,0285,892 4,6925,880 15.29.8 12.27.8 9.66.2 NM NM 39.441.7 NM 143.0NM 141.378.7 NutanixAvalara 25.9472.20 41%96% 4,8245,050 4,3344,904 16.63.5 14.13.5 11.53.1 NM NM NM NM NM NM LogMeInBlackLine 73.6853.51 65%92% 3,6692,946 3,8392,832 11.83.1 10.23.1 8.42.9 11.2NM 9.3NM 9.7NM 89.8NM 14.8NM 15.1NM PagerDutyZuora 47.0515.32 79%43% 3,5801,702 3,2421,536 24.96.2 19.25.6 15.54.8 NM NM NM NM NM NM PivotalUpland Software 10.5645.53 36%83% 2,871978 2,1641,242 7.43.1 2.85.9 5.52.4 NM 15.9NM 14.5NM NM 21.4NM 20.1NM SoftwareQad 34.4140.21 67%65% 2,545760 1,996636 2.0 1.9NM 1.8NM 6.7NM 39.4NM 25.8NM 124.613.3 100.5NM 55.1NM NetScoutMedian Systems 25.39 80%96% $6,5191,967 $6,1912,031 7.4x2.2 2.25.9x 5.5x2.2 17.1x30.8 16.9x10.1 16.1x9.0 31.0xNM 25.1x17.9 23.5x15.4 ProgressMean Software 43.62 92%89% $45,1281,941 $49,8962,111 10.5x5.4 5.09.1x 7.6x4.9 19.4x17.4 19.4xNM 19.5xNM 44.4x31.7 33.9x17.0 40.2x15.9 ClouderaSupply Chain Management 5.26 26% 1,442 998 1.8 1.3 1.2 NM 38.4 11.8 NM NM NM MedianDassault Systemes $159.52 86%97% $41,318$11,045 $10,544$39,257 9.3x5.0x 5.0x8.9x 8.2x4.9x 30.7x16.6x 25.8x11.4x 11.8x23.6x 54.3x23.9x 40.4x20.1x 36.5x18.1x MeanPTC 89.76 80%84% $69,11510,326 $69,23910,745 8.68.0x 6.9x8.1 7.25.9x 17.5xNM 29.814.8x 16.9x23.8 31.3xNM 49.939.2x 35.130.4x SecurityAspen Technology 124.28 98% 8,571 8,725 16.1 15.4 14.0 35.0 32.0 27.0 94.2 35.9 31.7 VeriSignManhattan Associates $209.1669.33 98% $24,9284,478 $25,4694,373 20.8x7.6 20.7x7.4 19.7x7.1 30.628.8x 32.928.4x 27.1x31.4 43.843.6x 48.140.1x 46.437.3x PaloDescartes Alto Networks Systems Group 203.7637.00 78%89% 19,5563,112 18,0813,325 11.66.6 6.29.9 9.05.2 36.2NM 26.824.4 20.123.9 80.7NM 99.337.8 65.832.6 CheckSPS Commerce Point Software Technologies 115.61102.21 87%89% 17,9641,831 16,2051,667 6.58.5 8.16.0 5.57.8 39.217.7 25.216.0 14.822.0 63.921.9 46.519.1 41.417.9 OktaAmerican Software 123.5113.15 90%69% 14,097409 13,825323 31.42.9 25.32.9 19.32.7 25.8NM 21.0NM 16.7NM 54.2NM 46.1NM 35.5NM SymantecMedian 21.76 88%89% 13,452$4,478 15,861$4,373 8.6x3.4 3.38.1x 7.2x3.2 32.9x17.8 26.8x8.3 23.8x7.9 59.1x68.0 46.5x12.7 36.5x11.8 FortinetMean 76.83 79%89% $10,00713,120 11,318$9,774 8.9x6.0 5.48.4x 7.7x4.8 32.9x37.7 27.6x21.3 18.124.1x 65.2x37.3 52.3x36.1 41.8x32.1 Zscaler 76.64 93% 9,631 9,278 34.0 31.1 23.5 NM NM NM NM NM NM Proofpoint 120.25 91% 6,695 6,438 8.5 7.3 6.1 NM 48.4 35.0 NM 82.0 60.7 CyberArk Software 127.84 92% 4,808 4,342 11.8 10.4 8.7 NM 40.2 33.0 86.4 59.5 49.7 Qualys 87.08 89% 3,410 3,146 10.9 9.8 8.4 37.2 25.4 21.0 55.4 45.4 39.5 FireEye 14.81 72% 3,037 2,881 3.4 3.2 2.9 NM 25.9 18.7 NM 98.7 47.8 Mimecast 46.71 86% 2,865 2,830 8.3 6.7 5.6 NM 39.5 29.3 NM 113.9 69.7 Rapid7 57.84 98% 2,788 2,714 10.3 8.6 7.0 NM NM NM NM NM NM Tenable 28.54 72% 2,753 2,454 8.5 7.1 5.7 NM NM NM NM NM NM Sophos 5.00 59% 2,415 2,543 3.6 3.3 3.1 26.9 18.2 14.8 NM 38.5 32.1 SailPoint Technologies 20.04 58% 1,777 1,731 6.7 6.2 5.3 NM NM 49.0 NM 133.6 79.8 ForeScout 33.86 73% 1,531 1,418 4.5 3.8 3.2 NM NM NM NM NM NM Carbon Black 16.72 61% 1,197 1,043 4.7 4.3 3.6 NM NM NM NM NM NM Median 84% $2,951 $2,856 7.5x 6.2x 5.3x 27.8x 24.4x 19.4x 60.2x 38.5x 32.6x Mean 79% $6,803 $6,614 9.6x 8.3x 7.0x 28.1x 25.1x 22.3x 60.0x 52.8x 38.1x

Source: Capital IQ and Pitchbook as of 6/30/19 28 │ Software Industry Update Q2 2019 Public Company Valuation (cont.)

Price 52-Wk EV / Revenue EV / EBITDA P / E Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 LTM FY+1 FY+2 FinancialCRM Technology FidelitySalesforce National Information Services $122.68$151.73 98%91% $117,825$39,728 $117,677$48,374 5.7x8.4x 5.7x7.2x 5.5x6.0x 17.3x49.5x 14.7x28.5x 13.7x23.2x 42.7xNM 16.4x52.7x 15.1x45.2x FiservZendesk 91.1689.03 99%95% 35,7759,755 41,1989,775 15.07.0 12.16.7 6.39.3 20.3NM 17.5NM 16.4NM 36.6NM 26.4NM 146.023.6 SquareHubSpot 170.5272.53 72%89% 30,6787,179 30,0536,721 12.28.4 13.210.2 9.88.2 NM NM 47.0NM NM 133.095.4 100.963.1 JackPegasystems Henry and Associates 133.9271.21 82%93% 10,3395,619 10,3395,417 6.46.2 6.25.9 5.85.2 18.9NM 19.5NM 17.3NM 35.5NM 36.2NM 123.831.0 FairMedian Isaac 314.02 98%92% $8,4679,103 $8,2489,849 10.3x9.1 8.78.7x 7.97.1x 38.149.5x 28.428.5x 25.023.2x 58.7NM 44.192.8x 112.4x36.6 GuidewireMean Software 101.38 93%92% $35,0958,294 $34,8987,603 10.110.5x 10.68.9x 9.57.2x 49.5xNM 28.5xNM 23.2xNM 138.1NM 72.792.8x 104.0x78.9 ACI Worldwide 34.34 96% 3,797 4,287 4.3 3.3 2.9 20.5 11.8 10.1 64.8 21.1 17.3 Q2Accounting Holdings / ERP 76.36 96% 3,597 3,618 14.0 11.6 9.5 NM NM NM NM NM NM Oracle $56.97 99% $190,042 $208,960 5.3x 5.2x 5.0x 12.9x 10.8x 10.6x 17.9x 14.7x 13.7x Envestnet 68.37 94% 3,546 3,764 4.6 4.1 3.5 NM 19.4 15.6 NM 32.1 25.7 SAP 137.30 100% 163,893 173,417 5.9 5.6 5.2 25.0 16.9 15.4 36.0 25.1 22.4 Bottomline Technologies 44.24 60% 1,926 1,944 4.6 4.3 3.8 31.7 18.4 16.6 104.8 30.9 27.3 International Business Machines 137.90 89% 122,268 159,267 2.0 2.1 2.1 9.2 8.7 8.5 14.7 9.9 9.7 Ebix 50.22 56% 1,533 2,248 4.2 3.6 3.1 13.3 10.4 9.6 14.4 11.7 9.3 Intuit 261.33 96% 67,748 64,467 9.8 9.5 8.7 32.7 26.1 23.1 47.3 39.1 34.8 Median 94% $8,294 $7,603 6.4x 6.2x 5.8x 20.3x 17.9x 16.4x 50.7x 31.5x 26.5x MeanThe Sage Group (Financial Software) 10.17 86%99% $13,48311,049 $14,84311,634 7.1x4.7 7.1x4.8 6.2x4.5 22.9x17.1 17.5x18.3 19.0x16.8 61.9x25.9 38.7x26.8 32.8x24.7 Coupa 126.61 98% 7,821 7,680 26.9 22.3 17.6 NM NM NM NM NM NM VerticalAnaplan Software 50.47 95% 6,519 6,191 23.4 18.8 14.6 NM NM NM NM NM NM VeevaXero Systems $162.1141.98 93%96% $23,8735,892 $22,5635,880 24.8x15.2 21.5x12.2 18.1x9.6 NM NM 47.4x41.7 91.2xNM 79.9xNM 141.368.7x SS&CAvalara Technologies $57.6172.20 85%96% $14,5755,050 $22,5374,904 16.65.4 14.14.8 11.54.6 19.3NM 11.9NM 11.1NM 55.8NM 15.0NM 13.7NM GuidewireBlackLine Software $101.3853.51 93%92% $8,2942,946 $7,6032,832 10.111.8 10.610.2 9.58.4 NM NM NM 138.1NM 72.7NM 78.9NM TylerZuora Technologies $216.0215.32 86%43% $8,2831,702 $8,2911,536 8.66.2 7.65.6 6.94.8 38.3NM 27.0NM 23.9NM 60.7NM 40.8NM 36.6NM MedidataUpland Software Solutions $90.5145.53 92%83% $5,639978 $5,6311,242 8.57.4 7.65.9 6.65.5 NM 31.615.9 26.214.5 99.4NM 49.321.4 42.920.1 RealPageQad $58.8540.21 89%65% $5,567760 $6,016636 6.72.0 6.11.9 5.51.8 34.3NM 21.439.4 18.425.8 138.7124.6 100.533.4 28.455.1 BlackbaudMedian $83.50 69%96% $4,107$6,519 $4,665$6,191 5.47.4x 5.25.9x 5.05.5x 37.317.1x 25.716.9x 24.316.1x 123.831.0x 38.125.1x 34.423.5x Q2Mean Holdings $76.36 96%89% $45,128$3,597 $49,896$3,618 14.010.5x 11.69.1x 9.57.6x 19.4xNM 19.4xNM 19.5xNM 44.4xNM 33.9xNM 40.2xNM AppFolio $102.27 93% $3,478 $3,512 17.1 13.8 11.0 NM NM NM NM NM 129.5 QadSupply Chain Management $40.21 65% $760 $636 2.0 1.9 1.8 NM 39.4 25.8 124.6 100.5 55.1 ModelDassault N Systemes $159.52$19.50 96%97% $41,318$633 $39,257$628 4.39.3x 4.58.9x 4.08.2x 30.7xNM 25.8xNM 46.223.6x 54.3xNM 139.340.4x 79.636.5x MedianPTC 89.76 92%84% $5,56710,326 $5,63110,745 8.5x8.6 7.6x8.1 6.6x7.2 35.8xNM 26.4x29.8 25.1x23.8 111.6xNM 49.3x49.9 49.0x35.1 MeanAspen Technology 124.28 87%98% $7,1648,571 $7,7918,725 16.19.7x 15.48.7x 14.07.5x 32.3x35.0 26.2x32.0 27.9x27.0 104.0x94.2 63.2x35.9 56.8x31.7 Manhattan Associates 69.33 98% 4,478 4,373 7.6 7.4 7.1 30.6 32.9 31.4 43.8 48.1 46.4 HealthcareDescartes Systems IT / Life Group Sciences Software 37.00 89% 3,112 3,325 11.6 9.9 9.0 36.2 26.8 23.9 80.7 99.3 65.8 VeevaSPS Commerce Systems $162.11102.21 93%89% $23,8731,831 $22,5631,667 24.8x6.5 21.5x6.0 18.1x5.5 39.2NM 25.2NM 47.4x22.0 91.2x63.9 79.9x46.5 68.7x41.4 CernerAmerican Software 73.3013.15 100%69% 23,852409 23,387323 4.32.9 4.12.9 3.82.7 16.325.8 14.021.0 12.316.7 38.054.2 27.446.1 23.135.5 MedidataMedian Solutions 90.51 92%89% $4,4785,639 $4,3735,631 8.58.6x 7.68.1x 6.67.2x 32.9xNM 31.626.8x 26.223.8x 99.459.1x 49.346.5x 42.936.5x AllscriptsMean Healthcare Solutions 11.63 78%89% $10,0071,936 $9,7742,585 1.58.9x 1.48.4x 1.47.7x 32.9x9.5 27.6x8.5 24.1x7.8 65.2xNM 17.152.3x 15.441.8x NextGen Healthcare 19.90 84% 1,290 1,268 2.4 2.3 2.2 16.9 13.0 12.0 50.9 22.1 19.9 HealthStream 25.86 81% 838 691 2.9 2.7 2.7 15.9 17.1 16.6 53.9 78.4 71.8 Castlight Health 3.23 54% 465 401 2.6 2.6 2.3 NM NM 27.2 NM NM 46.1 Cegedim 30.59 77% 428 552 1.0 1.0 1.0 7.2 5.3 5.1 21.7 18.5 15.7 Median 83% $1,613 $1,926 2.7x 2.6x 2.5x 15.9x 13.5x 14.4x 52.4x 27.4x 33.0x Mean 82% $7,290 $7,135 6.0x 5.4x 4.8x 13.1x 14.9x 19.3x 59.2x 41.8x 38.0x

Source: Capital IQ and Pitchbook as of 6/30/19 29 │ Software Industry Update Q2 2019 Public Company Valuation (cont.)

Price 52-Wk EV / Revenue EV / EBITDA P / E Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 LTM FY+1 FY+2 EducationCRM Technology CheggSalesforce $151.73$38.59 93%91% $117,825$4,575 $117,677$4,380 12.8x8.4x 11.0x7.2x 9.1x6.0x 49.5xNM 37.0x28.5x 28.7x23.2x NM 70.8x52.7x 47.6x45.2x PluralsightZendesk 30.3289.03 79%95% 4,1989,755 4,0489,775 17.415.0 12.812.1 9.59.3 NM NM NM NM NM 146.0NM CornerstoneHubSpot OnDemand 170.5257.93 96%89% 3,4567,179 3,4426,721 12.26.3 10.26.1 5.38.2 NM 27.5NM 22.8NM NM 133.056.2 100.940.0 2UPegasystems 37.6471.21 40%93% 2,3745,619 1,9515,417 4.46.2 3.65.9 2.95.2 NM NM NM NM NM 123.8NM InstructureMedian 42.50 85%92% $8,4671,555 $8,2481,513 10.3x6.9 5.98.7x 4.87.1x 49.5xNM 28.5xNM 23.2xNM NM 92.8xNM 112.4xNM K12Mean 30.41 81%92% $35,0951,223 $34,8981,020 10.5x1.0 1.08.9x 0.97.2x 49.5x8.3 28.5x7.5 23.2x6.6 27.4NM 35.092.8x 104.0x30.7 Learning Technologies Group 1.22 56% 818 832 6.6 5.2 4.8 28.1 17.7 15.8 50.1 25.2 22.3 MedianAccounting / ERP 81% $2,374 $1,951 6.6x 5.9x 4.8x 18.2x 22.6x 19.3x 38.7x 45.6x 35.3x Oracle $56.97 99% $190,042 $208,960 5.3x 5.2x 5.0x 12.9x 10.8x 10.6x 17.9x 14.7x 13.7x Mean 76% $2,600 $2,455 7.9x 6.5x 5.3x 18.2x 22.4x 18.5x 38.7x 46.8x 35.2x SAP 137.30 100% 163,893 173,417 5.9 5.6 5.2 25.0 16.9 15.4 36.0 25.1 22.4 MarketingInternational Automation Business Machines 137.90 89% 122,268 159,267 2.0 2.1 2.1 9.2 8.7 8.5 14.7 9.9 9.7 OracleIntuit $56.97261.33 99%96% $190,04267,748 $208,96064,467 5.3x9.8 5.2x9.5 5.0x8.7 12.9x32.7 10.8x26.1 10.6x23.1 17.9x47.3 14.7x39.1 13.7x34.8 AdobeThe Sage Systems Group (Financial Software) 294.6510.17 97%99% 143,03511,049 143,68911,634 14.24.7 12.94.8 10.94.5 42.917.1 28.718.3 23.816.8 55.725.9 37.826.8 30.324.7 SalesforceCoupa 151.73126.61 91%98% 117,8257,821 117,6777,680 26.98.4 22.37.2 17.66.0 49.5NM 28.5NM 23.2NM NM 52.7NM 45.2NM ZendeskAnaplan 89.0350.47 95% 9,7556,519 9,7756,191 15.023.4 12.118.8 14.69.3 NM NM NM NM NM 146.0NM HubSpotXero 170.5241.98 89%96% 7,1795,892 6,7215,880 12.215.2 10.212.2 8.29.6 NM NM 41.7NM NM 133.0NM 100.9141.3 LivePersonAvalara 28.0472.20 91%96% 1,8185,050 1,7714,904 16.66.9 14.16.1 11.55.1 NM NM NM NM NM NM MedianBlackLine 53.51 93%92% $63,7902,946 $63,7262,832 10.3x11.8 10.28.7x 7.1x8.4 42.9xNM 28.5xNM 23.2xNM 36.8xNM 45.2xNM 45.2xNM MeanZuora 15.32 93%43% $78,2761,702 $81,4321,536 10.3x6.2 8.9x5.6 7.4x4.8 35.1xNM 22.7xNM 19.2xNM 36.8xNM 59.5xNM 67.2xNM StorageUpland Software & Collaboration 45.53 83% 978 1,242 7.4 5.9 5.5 NM 15.9 14.5 NM 21.4 20.1 AtlassianQad $130.8440.21 95%65% $31,541760 $30,612636 27.5x2.0 19.8x1.9 15.8x1.8 NM 39.4NM 25.8NM 124.6NM 130.8x100.5 98.7x55.1 NetAppMedian 61.70 70%96% 14,809$6,519 12,703$6,191 2.17.4x 2.05.9x 1.95.5x 17.1x8.9 16.9x7.7 16.1x7.2 13.831.0x 12.425.1x 11.123.5x OpenTextMean 41.20 97%89% $45,12811,121 $49,89612,973 10.5x4.5 4.29.1x 4.27.6x 12.619.4x 10.819.4x 10.419.5x 35.544.4x 13.433.9x 12.840.2x DropboxSupply Chain Management 25.05 72% 10,300 10,078 6.9 6.1 5.3 NM 26.4 21.2 NM 58.9 45.2 SmartsheetDassault Systemes $159.5248.40 96%97% $41,3185,158 $39,2574,954 25.19.3x 18.88.9x 13.78.2x 30.7xNM 25.8xNM 23.6xNM 54.3xNM 40.4xNM 36.5xNM BoxPTC 17.6189.76 64%84% 10,3262,580 10,7452,743 4.38.6 4.08.1 3.57.2 NM 29.8NM 29.623.8 NM 49.9NM 74.935.1 CommVaultAspen Technology Systems 124.2849.62 70%98% 2,2678,571 1,8088,725 16.12.5 15.42.5 14.02.3 35.0NM 16.232.0 13.427.0 94.2NM 28.835.9 21.831.7 MedianManhattan Associates 69.33 72%98% $10,3004,478 $10,0784,373 4.5x7.6 4.2x7.4 4.2x7.1 10.7x30.6 13.5x32.9 13.4x31.4 24.7x43.8 28.8x48.1 33.5x46.4 MeanDescartes Systems Group 37.00 81%89% $11,1113,112 $10,8393,325 10.4x11.6 8.2x9.9 6.7x9.0 10.7x36.2 15.3x26.8 16.4x23.9 24.7x80.7 48.9x99.3 44.1x65.8 CommunicationsSPS Commerce 102.21 89% 1,831 1,667 6.5 6.0 5.5 39.2 25.2 22.0 63.9 46.5 41.4 ZoomAmerican Video Software Communications $88.7913.15 83%69% $24,191409 $23,506323 59.9x2.9 43.5x2.9 32.1x2.7 25.8NM 21.0NM 16.7NM 54.2NM 46.1NM 35.5NM TwilioMedian 136.35 90%89% 17,216$4,478 16,758$4,373 22.28.6x 15.18.1x 11.47.2x 32.9xNM 26.8xNM 23.8xNM 59.1xNM 46.5xNM 36.5xNM NICEMean Systems 137.00 93%89% $10,0078,413 $9,7748,300 5.68.9x 5.38.4x 4.97.7x 22.332.9x 17.227.6x 15.524.1x 48.665.2x 26.352.3x 24.041.8x Nuance 15.97 88% 4,634 5,924 2.9 3.2 3.0 48.8 7.6 NM 60.4 13.6 12.9 Five9 51.29 89% 3,061 2,962 10.8 9.7 8.3 NM NM 44.2 NM 78.9 63.3 Everbridge 89.42 92% 2,944 2,782 17.5 14.1 11.2 NM NM NM NM NM NM 8X8 24.10 95% 2,325 2,194 6.2 5.2 4.4 NM NM NM NM NM NM Synchronoss Technologies 7.91 93% 338 517 1.6 1.5 1.4 NM 15.2 12.9 NM NM NM Median 91% $3,847 $4,443 8.5x 7.5x 6.6x 35.5x 15.2x 15.5x 54.5x 26.3x 24.0x Mean 90% $7,890 $7,868 15.8x 12.2x 9.6x 35.5x 13.3x 24.2x 54.5x 39.6x 33.4x

Source: Capital IQ and Pitchbook as of 6/30/19 30 │ Software Industry Update Q2 2019 Public Company Operating Metrics

Price 52-Wk Revenue Growth EBITDA Margin Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 CRM Salesforce $151.73 91% $117,825 $117,677 26% 22% 21% 17% 25% 26% Zendesk 89.03 95% 9,755 9,775 40% 35% 30% (17%) 9% 10% HubSpot 170.52 89% 7,179 6,721 35% 28% 24% (4%) 12% 14% Pegasystems 71.21 93% 5,619 5,417 0% 4% 13% (3%) 5% 7% Median 92% $8,467 $8,248 30% 25% 22% (3%) 11% 12% Mean 92% $35,095 $34,898 25% 22% 22% (2%) 13% 14% Accounting / ERP Oracle $56.97 99% $190,042 $208,960 0% 3% 3% 41% 48% 48% SAP 137.30 100% 163,893 173,417 8% 5% 8% 23% 33% 34% International Business Machines 137.90 89% 122,268 159,267 (2%) (3%) 0% 22% 24% 24% Intuit 261.33 96% 67,748 64,467 10% 13% 10% 30% 37% 38% The Sage Group (Financial Software) 10.17 99% 11,049 11,634 6% (2%) 6% 27% 26% 27% Coupa 126.61 98% 7,821 7,680 41% 32% 27% (14%) 3% 8% Anaplan 50.47 95% 6,519 6,191 33% 37% 29% (47%) (17%) (10%) Xero 41.98 96% 5,892 5,880 31% 25% 27% 13% 21% 23% Avalara 72.20 96% 5,050 4,904 31% 28% 23% (19%) (0%) 4% BlackLine 53.51 92% 2,946 2,832 28% 22% 21% (4%) 7% 8% Zuora 15.32 43% 1,702 1,536 32% 16% 17% (28%) (15%) (11%) Upland Software 45.53 83% 978 1,242 53% 41% 8% 8% 37% 38% Qad 40.21 65% 760 636 2% (1%) 7% 3% 5% 7% Median 96% $6,519 $6,191 28% 16% 10% 8% 21% 23% Mean 89% $45,128 $49,896 21% 17% 14% 4% 16% 18% Supply Chain Management Dassault Systemes $159.52 97% $41,318 $39,257 10% 8% 8% 30% 34% 35% PTC 89.76 84% 10,326 10,745 3% 6% 13% 10% 27% 30% Aspen Technology 124.28 98% 8,571 8,725 12% 13% 11% 46% 48% 52% Manhattan Associates 69.33 98% 4,478 4,373 (1%) 5% 5% 25% 23% 22% Descartes Systems Group 37.00 89% 3,112 3,325 14% 22% 10% 32% 37% 38% SPS Commerce 102.21 89% 1,831 1,667 13% 11% 9% 17% 24% 25% American Software 13.15 69% 409 323 2% (1%) 6% 11% 14% 16% Median 89% $4,478 $4,373 10% 8% 9% 25% 27% 30% Mean 89% $10,007 $9,774 8% 9% 9% 24% 30% 31% Human Capital Management Automatic Data Processing $165.33 97% $71,956 $72,132 7% 14% 8% 21% 25% 27% Workday 205.58 93% 46,461 46,098 33% 26% 23% (8%) 20% 21% Paychex 82.29 93% 29,574 29,648 9% 23% 6% 42% 41% 42% Paycom Software 226.72 97% 13,265 11,802 31% 27% 23% 36% 41% 42% Ceridian HCM 50.20 93% 7,070 2,973 11% 9% 13% 15% 23% 24% Smartsheet 48.40 96% 5,158 4,954 58% 48% 37% (26%) (18%) (13%) Insperity 122.14 92% 5,039 4,731 16% 13% 12% 6% 7% 7% Paylocity 93.82 90% 4,970 3,109 24% 49% 20% 18% 29% 30% TriNet Group 67.80 96% 4,745 4,845 7% (73%) 10% 9% 41% 42% Cornerstone OnDemand 57.93 96% 3,456 3,442 8% 6% 14% 7% 22% 23% WageWorks 50.79 89% 2,025 1,280 (3%) 1% 4% 20% 28% 29% Benefitfocus 27.15 45% 883 1,014 10% 18% 16% (8%) 6% 9% Median 93% $5,098 $4,788 10% 16% 13% 12% 24% 26% Mean 90% $16,217 $15,502 18% 13% 15% 11% 22% 24% Source: Capital IQ and Pitchbook as of 6/30/19 31 │ Software Industry Update Q2 2019 Public Company Operating Metrics (cont.)

Price 52-Wk Revenue Growth EBITDA Margin Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 Knowledge / Content Management Adobe Systems $294.65 97% $143,035 $143,689 24% 24% 18% 33% 45% 46% VeriSign 209.16 98% 24,928 25,469 4% 1% 5% 72% 73% 73% Akamai Technologies 80.14 93% 13,151 12,916 8% 5% 7% 31% 41% 42% OpenText 41.20 97% 11,121 12,973 6% 9% 2% 36% 39% 40% Dropbox 25.05 72% 10,300 10,078 24% 18% 15% 9% 23% 25% DocuSign 49.71 73% 8,640 8,505 35% 31% 24% (19%) 8% 10% Box 17.61 64% 2,580 2,743 19% 13% 12% (14%) 8% 12% MobileIron 6.20 94% 674 567 9% 9% 12% (20%) 3% NA SDL 6.46 82% 586 568 17% 8% 6% 8% 11% 11% Brightcove 10.33 97% 391 362 4% 12% 9% (6%) 4% 6% Median 94% $9,470 $9,291 13% 10% 10% 9% 17% 25% Mean 87% $21,541 $21,787 15% 13% 11% 13% 25% 29% Business Intelligence / Analytics Splunk $125.75 88% $18,884 $18,041 37% 25% 22% (12%) 16% 17% Tableau Software 166.02 96% 14,493 13,690 29% 19% 19% (6%) 16% 17% Alteryx 109.12 98% 6,825 6,634 87% 41% 34% 14% 10% 12% New Relic 86.51 75% 5,028 4,692 35% 26% 25% 4% 10% 16% Teradata 35.85 73% 4,198 4,031 (2%) (8%) 3% 8% 21% 22% Verint Systems 53.78 84% 3,537 3,880 8% 12% 10% 16% 25% 26% MicroStrategy 143.31 94% 1,467 916 (3%) (0%) 8% 1% 6% 11% Cloudera 5.26 26% 1,442 998 43% 57% 13% (35%) 3% 10% Domo 27.32 58% 748 692 30% 22% 21% (89%) NA NA Median 84% $4,198 $4,031 30% 22% 19% 1% 13% 16% Mean 77% $6,291 $5,953 29% 21% 17% (11%) 13% 16%

Source: Capital IQ and Pitchbook as of 6/30/19 32 │ Software Industry Update Q2 2019 Public Company Operating Metrics (cont.)

Price 52-Wk Revenue Growth EBITDA Margin Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 IT / Infrastructure Microsoft $133.96 97% $1,026,511 $967,993 15% 25% 10% 46% 43% 46% Oracle 56.97 99% 190,042 208,960 0% 3% 3% 41% 48% 48% International Business Machines 137.90 89% 122,268 159,267 (2%) (3%) 0% 22% 24% 24% VMware 167.21 81% 68,424 69,357 13% 12% 10% 33% 39% 38% ServiceNow 274.57 94% 50,937 50,368 35% 32% 28% 5% 27% 28% Red Hat 187.76 99% 33,439 31,342 14% 16% 14% 19% 27% 26% Atlassian 130.84 95% 31,541 30,612 38% 77% 25% (32%) 24% 25% Hewlett Packard Enterprise 14.95 85% 20,020 28,924 0% (3%) 1% 16% 18% 17% L3 Technologies 245.17 94% 19,479 22,403 10% 7% 6% 13% 14% 15% Splunk 125.75 88% 18,884 18,041 37% 25% 22% (12%) 16% 17% Akamai Technologies 80.14 93% 13,151 12,916 8% 5% 7% 31% 41% 42% Citrix Systems 98.14 84% 12,920 13,039 5% 4% 4% 26% 36% 35% Juniper Networks 26.63 86% 9,169 7,753 (7%) (4%) 3% 17% 20% 21% MongoDB 152.09 82% 8,415 8,172 68% 42% 31% (30%) (14%) (8%) SolarWinds 18.34 86% 5,686 7,173 8% 13% 12% 39% 48% 48% New Relic 86.51 75% 5,028 4,692 35% 26% 25% 4% 10% 16% Nutanix 25.94 41% 4,824 4,334 12% 7% 12% (35%) (17%) (20%) LogMeIn 73.68 65% 3,669 3,839 14% 4% 5% 28% 33% 30% PagerDuty 47.05 79% 3,580 3,242 63% 38% 29% (35%) (15%) (7%) Pivotal Software 10.56 36% 2,871 2,164 26% 16% 18% (17%) (4%) NA Software 34.41 67% 2,545 1,996 2% NA NA 29% NA NA NetScout Systems 25.39 80% 1,967 2,031 (8%) (1%) 3% 7% 22% 24% Progress Software 43.62 92% 1,941 2,111 (3%) 7% 1% 31% NA NA Cloudera 5.26 26% 1,442 998 43% 57% 13% (35%) 3% 10% Median 86% $11,045 $10,544 13% 12% 10% 16% 23% 24% Mean 80% $69,115 $69,239 18% 18% 12% 9% 20% 23%

Source: Capital IQ and Pitchbook as of 6/30/19 33 │ Software Industry Update Q2 2019 Public Company Operating Metrics (cont.)

Price 52-Wk Revenue Growth EBITDA Margin Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 Security VeriSign $209.16 98% $24,928 $25,469 4% 1% 5% 72% 73% 73% Palo Alto Networks 203.76 78% 19,556 18,081 30% 27% 19% 3% 26% 26% Check Point Software Technologies 115.61 87% 17,964 16,205 3% 4% 4% 48% 51% 53% Okta 123.51 90% 14,097 13,825 53% 37% 31% (28%) (9%) (1%) Symantec 21.76 88% 13,452 15,861 (2%) 2% 2% 19% 40% 41% Fortinet 76.83 79% 13,120 11,318 21% 16% 13% 16% 25% 27% Zscaler 76.64 93% 9,631 9,278 60% 57% 32% (9%) 6% 6% Proofpoint 120.25 91% 6,695 6,438 34% 22% 21% (3%) 15% 17% CyberArk Software 127.84 92% 4,808 4,342 34% 22% 19% 18% 26% 26% Qualys 87.08 89% 3,410 3,146 19% 15% 16% 29% 39% 40% FireEye 14.81 72% 3,037 2,881 6% 8% 9% (13%) 12% 16% Mimecast 46.71 86% 2,865 2,830 30% 24% 21% 8% 17% 19% Rapid7 57.84 98% 2,788 2,714 25% 29% 23% (13%) 4% 9% Tenable 28.54 72% 2,753 2,454 40% 29% 25% (25%) (14%) (8%) Sophos 5.00 59% 2,415 2,543 11% 7% 8% 13% 18% 21% SailPoint Technologies 20.04 58% 1,777 1,731 30% 12% 16% 7% 8% 11% ForeScout 33.86 73% 1,531 1,418 30% 25% 21% (22%) (2%) 5% Carbon Black 16.72 61% 1,197 1,043 27% 16% 18% (35%) (15%) (9%) Radware 24.73 87% 1,161 869 11% 8% 11% 11% NA NA SecureWorks 13.29 53% 1,083 1,000 9% 4% 7% (1%) 0% 2% Carbonite 26.04 60% 897 1,295 27% 68% 19% 17% 27% 27% Zix 9.09 82% 505 756 25% 138% 24% 9% 22% 24% Median 84% $2,951 $2,856 26% 19% 18% 8% 17% 19% Mean 79% $6,803 $6,614 24% 26% 17% 5% 18% 20% Financial Technology Fidelity National Information Services $122.68 98% $39,728 $48,374 (2%) 0% 4% 33% 39% 40% Fiserv 91.16 99% 35,775 41,198 2% 6% 5% 34% 38% 39% Square 72.53 72% 30,678 30,053 48% (31%) 35% 2% 18% 21% Jack Henry and Associates 133.92 82% 10,339 10,339 9% 8% 7% 34% 32% 34% Fair Isaac 314.02 98% 9,103 9,849 11% 10% 9% 24% 30% 32% Guidewire Software 101.38 93% 8,294 7,603 28% 10% 12% 9% 17% 15% ACI Worldwide 34.34 96% 3,797 4,287 0% 31% 13% 21% 28% 29% Q2 Holdings 76.36 96% 3,597 3,618 26% 29% 23% (10%) 7% 11% Envestnet 68.37 94% 3,546 3,764 12% 12% 17% 8% 21% 23% Bottomline Technologies 44.24 60% 1,926 1,944 10% 16% 11% 15% 23% 23% Ebix 50.22 56% 1,533 2,248 35% 26% 15% 32% 34% 33% Median 94% $8,294 $7,603 11% 10% 12% 21% 28% 29% Mean 86% $13,483 $14,843 16% 11% 14% 18% 26% 27%

Source: Capital IQ and Pitchbook as of 6/30/19 34 │ Software Industry Update Q2 2019 Public Company Operating Metrics (cont.)

Price 52-Wk Revenue Growth EBITDA Margin Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 Storage & Collaboration Atlassian 130.84 95% 31,541 30,612 38% 77% 25% (32%) 24% 25% NetApp 61.70 70% 14,809 12,703 4% 3% 5% 23% 26% 27% OpenText 41.20 97% 11,121 12,973 6% 9% 2% 36% 39% 40% Dropbox 25.05 72% 10,300 10,078 24% 18% 15% 9% 23% 25% Smartsheet 48.40 96% 5,158 4,954 58% 48% 37% (26%) (18%) (13%) Box 17.61 64% 2,580 2,743 19% 13% 12% (14%) 8% 12% CommVault Systems 49.62 70% 2,267 1,808 2% 2% 8% 2% 15% 17% Median 72% $10,300 $10,078 19% 13% 12% 2% 23% 25% Mean 81% $11,111 $10,839 21% 24% 15% (0%) 17% 19% Communications Zoom Video Communications 88.79 83% 24,191 23,506 79% 63% 36% 5% 2% 0% Twilio 136.35 90% 17,216 16,758 71% 70% 33% (18%) 8% 8% NICE Systems 137.00 93% 8,413 8,300 9% 9% 8% 25% 31% 31% Nuance 15.97 88% 4,634 5,924 6% (9%) 5% 6% 42% NA Five9 51.29 89% 3,061 2,962 29% 19% 17% 7% 16% 19% Everbridge 89.42 92% 2,944 2,782 42% 34% 26% (19%) 2% 5% 8X8 24.10 95% 2,325 2,194 19% 19% 20% (14%) (9%) (0%) Synchronoss Technologies 7.91 93% 338 517 (17%) 6% 6% (46%) 10% 11% Median Price 52-Wk91% $3,847 $4,443 24%Revenue19% Growth 18% (4%)EBITDA Margin9% 8% CompanyMean 06/30/19 High90% Mkt$7,890 Cap $7,868EV 30%LTM 26%FY+1 19%FY+2 (7%)LTM 13%FY+1 10%FY+2 Vertical Software Veeva Systems $162.11 93% $23,873 $22,563 25% 22% 19% 30% 38% 38% SS&C Technologies 57.61 85% 14,575 22,537 145% 37% 4% 28% 40% 41% Guidewire Software 101.38 93% 8,294 7,603 28% 10% 12% 9% 17% 15% Tyler Technologies 216.02 86% 8,283 8,291 11% 16% 10% 23% 28% 29% Medidata Solutions 90.51 92% 5,639 5,631 17% 16% 15% 14% 24% 25% RealPage 58.85 89% 5,567 6,016 25% 14% 11% 19% 28% 30% Blackbaud 83.50 69% 4,107 4,665 7% 5% 5% 15% 20% 20% Q2 Holdings 76.36 96% 3,597 3,618 26% 29% 23% (10%) 7% 11% AppFolio 102.27 93% 3,478 3,512 33% 34% 25% 15% 18% 20% Qad 40.21 65% 760 636 2% (1%) 7% 3% 5% 7% Model N 19.50 96% 633 628 (1%) (10%) 11% (10%) 8% 9% Median 92% $5,567 $5,631 25% 16% 11% 15% 20% 20% Mean 87% $7,164 $7,791 29% 16% 13% 12% 21% 22% Healthcare IT / Life Sciences Software Veeva Systems 162.11 93% 23,873 22,563 25% 22% 19% 30% 38% 38% Cerner 73.30 100% 23,852 23,387 6% 7% 7% 26% 29% 31% Medidata Solutions 90.51 92% 5,639 5,631 17% 16% 15% 14% 24% 25% Allscripts Healthcare Solutions 11.63 78% 1,936 2,585 10% 3% 4% 16% 17% 18% NextGen Healthcare 19.90 84% 1,290 1,268 (0%) 4% NA 14% 18% NA HealthStream 25.86 81% 838 691 11% 11% 0% 18% 16% 16% Castlight Health 3.23 54% 465 401 10% (0%) 13% (19%) 4% 8% Cegedim 30.59 77% 428 552 7% 0% 4% 14% 19% 19% Median 83% $1,613 $1,926 10% 5% 7% 15% 18% 19% Mean 82% $7,290 $7,135 11% 8% 9% 14% 21% 22% Education Technology Chegg 38.59 93% 4,575 4,380 27% 24% 21% 7% 30% 32% Source:Pluralsight Capital IQ and Pitchbook as of 6/30/19 30.32 79% 4,198 4,048 39% 36% 35% (53%) (15%) (1%) Cornerstone OnDemand 57.93 96% 3,456 3,442 8% 6% 14% 7% 22% 23% 352U│ Software Industry Update Q2 2019 37.64 40% 2,374 1,951 41% 30% 26% (5%) 2% 3% Instructure 42.50 85% 1,555 1,513 26% 23% NA (19%) (5%) NA K12 30.41 81% 1,223 1,020 12% 16% 6% 12% 13% 14% Learning Technologies Group 1.22 56% 818 832 89% 27% 8% 24% 29% 31% Median 81% $2,374 $1,951 27% 24% 18% 7% 13% 18% Mean 76% $2,600 $2,455 34% 23% 18% (4%) 11% 17% Marketing Automation Oracle 56.97 99% 190,042 208,960 0% 3% 3% 41% 48% 48% Adobe Systems 294.65 97% 143,035 143,689 24% 24% 18% 33% 45% 46% Salesforce 151.73 91% 117,825 117,677 26% 22% 21% 17% 25% 26% Zendesk 89.03 95% 9,755 9,775 40% 35% 30% (17%) 9% 10% HubSpot 170.52 89% 7,179 6,721 35% 28% 24% (4%) 12% 14% LivePerson 28.04 91% 1,818 1,771 14% 16% 19% (8%) 4% 7% Median 93% $63,790 $63,726 25% 23% 20% 6% 19% 20% Mean 93% $78,276 $81,432 23% 21% 19% 10% 24% 25% Price 52-Wk Revenue Growth EBITDA Margin Company 06/30/19 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 Vertical Software Veeva Systems $162.11 93% $23,873 $22,563 25% 22% 19% 30% 38% 38% SS&C Technologies 57.61 85% 14,575 22,537 145% 37% 4% 28% 40% 41% Guidewire Software 101.38 93% 8,294 7,603 28% 10% 12% 9% 17% 15% Tyler Technologies 216.02 86% 8,283 8,291 11% 16% 10% 23% 28% 29% Medidata Solutions 90.51 92% 5,639 5,631 17% 16% 15% 14% 24% 25% RealPage 58.85 89% 5,567 6,016 25% 14% 11% 19% 28% 30% Blackbaud 83.50 69% 4,107 4,665 7% 5% 5% 15% 20% 20% Q2 Holdings 76.36 96% 3,597 3,618 26% 29% 23% (10%) 7% 11% AppFolio 102.27 93% 3,478 3,512 33% 34% 25% 15% 18% 20% Qad 40.21 65% 760 636 2% (1%) 7% 3% 5% 7% Model N 19.50 96% 633 628 (1%) (10%) 11% (10%) 8% 9% Median 92% $5,567 $5,631 25% 16% 11% 15% 20% 20% Mean 87% $7,164 $7,791 29% 16% 13% 12% 21% 22% Healthcare IT / Life Sciences Software Veeva Systems 162.11 93% 23,873 22,563 25% 22% 19% 30% 38% 38% Cerner 73.30 100% 23,852 23,387 6% 7% 7% 26% 29% 31% Medidata Solutions 90.51 92% 5,639 5,631 17% 16% 15% 14% 24% 25% Allscripts Healthcare Solutions 11.63 78% 1,936 2,585 10% 3% 4% 16% 17% 18% NextGen Healthcare 19.90 84% 1,290 1,268 (0%) 4% NA 14% 18% NA HealthStream 25.86 81% 838 691 11% 11% 0% 18% 16% 16% PublicCastlight Health Company Operating3.23 54% 465 Metrics401 10% (cont.) (0%) 13% (19%) 4% 8% Cegedim 30.59 77% 428 552 7% 0% 4% 14% 19% 19% Median Price 52-Wk83% $1,613 $1,926 10%Revenue 5%Growth 7% 15%EBITDA18% Margin 19% MeanCompany 06/30/19 High82% Mkt$7,290 Cap $7,135EV 11%LTM FY+18% FY+29% 14%LTM 21%FY+1 22%FY+2 EducationVertical Software Technology CheggVeeva Systems $162.1138.59 93% $23,8734,575 $22,5634,380 27%25% 24%22% 21%19% 30%7% 30%38% 32%38% PluralsightSS&C Technologies 30.3257.61 79%85% 14,5754,198 22,5374,048 145%39% 36%37% 35%4% (53%)28% (15%)40% 41% (1%) CornerstoneGuidewire Software OnDemand 101.3857.93 96%93% 3,4568,294 3,4427,603 28%8% 10%6% 14%12% 7%9% 22%17% 23%15% 2UTyler Technologies 216.0237.64 40%86% 2,3748,283 1,9518,291 41%11% 30%16% 26%10% 23% (5%) 28%2% 29%3% InstructureMedidata Solutions 42.5090.51 85%92% 1,5555,639 1,5135,631 26%17% 23%16% 15%NA (19%)14% 24% (5%) 25%NA K12RealPage 30.4158.85 81%89% 1,2235,567 1,0206,016 12%25% 16%14% 11%6% 12%19% 13%28% 14%30% LearningBlackbaud Technologies Group 83.501.22 56%69% 4,107818 4,665832 89%7% 27%5% 8%5% 24%15% 29%20% 31%20% MedianQ2 Holdings 76.36 81%96% $2,3743,597 $1,9513,618 27%26% 24%29% 18%23% (10%)7% 13%7% 18%11% MeanAppFolio 102.27 76%93% $2,6003,478 $2,4553,512 34%33% 23%34% 18%25% 15% (4%) 11%18% 17%20% Qad 40.21 65% 760 636 2% (1%) 7% 3% 5% 7% MarketingModel N Automation 19.50 96% 633 628 (1%) (10%) 11% (10%) 8% 9% Oracle 56.97 99% 190,042 208,960 0% 3% 3% 41% 48% 48% Median 92% $5,567 $5,631 25% 16% 11% 15% 20% 20% Adobe Systems 294.65 97% 143,035 143,689 24% 24% 18% 33% 45% 46% Mean 87% $7,164 $7,791 29% 16% 13% 12% 21% 22% Salesforce 151.73 91% 117,825 117,677 26% 22% 21% 17% 25% 26% ZendeskHealthcare IT / Life Sciences Software 89.03 95% 9,755 9,775 40% 35% 30% (17%) 9% 10% HubSpotVeeva Systems 170.52162.11 89%93% 23,8737,179 22,5636,721 35%25% 28%22% 24%19% 30% (4%) 12%38% 14%38% LivePersonCerner 28.0473.30 100%91% 23,8521,818 23,3871,771 14%6% 16%7% 19%7% 26% (8%) 29%4% 31%7% MedianMedidata Solutions 90.51 93%92% $63,7905,639 $63,7265,631 25%17% 23%16% 20%15% 14%6% 19%24% 20%25% MeanAllscripts Healthcare Solutions 11.63 93%78% $78,2761,936 $81,4322,585 23%10% 21%3% 19%4% 10%16% 24%17% 25%18% NextGen Healthcare 19.90 84% 1,290 1,268 (0%) 4% NA 14% 18% NA HealthStream 25.86 81% 838 691 11% 11% 0% 18% 16% 16% Castlight Health 3.23 54% 465 401 10% (0%) 13% (19%) 4% 8% Cegedim 30.59 77% 428 552 7% 0% 4% 14% 19% 19% Median 83% $1,613 $1,926 10% 5% 7% 15% 18% 19% Mean 82% $7,290 $7,135 11% 8% 9% 14% 21% 22% Education Technology Chegg 38.59 93% 4,575 4,380 27% 24% 21% 7% 30% 32% Pluralsight 30.32 79% 4,198 4,048 39% 36% 35% (53%) (15%) (1%) Cornerstone OnDemand 57.93 96% 3,456 3,442 8% 6% 14% 7% 22% 23% 2U 37.64 40% 2,374 1,951 41% 30% 26% (5%) 2% 3% Instructure 42.50 85% 1,555 1,513 26% 23% NA (19%) (5%) NA K12 30.41 81% 1,223 1,020 12% 16% 6% 12% 13% 14% Learning Technologies Group 1.22 56% 818 832 89% 27% 8% 24% 29% 31% Median 81% $2,374 $1,951 27% 24% 18% 7% 13% 18% Mean 76% $2,600 $2,455 34% 23% 18% (4%) 11% 17% Marketing Automation Oracle 56.97 99% 190,042 208,960 0% 3% 3% 41% 48% 48% Adobe Systems 294.65 97% 143,035 143,689 24% 24% 18% 33% 45% 46% Salesforce 151.73 91% 117,825 117,677 26% 22% 21% 17% 25% 26% Zendesk 89.03 95% 9,755 9,775 40% 35% 30% (17%) 9% 10% HubSpot 170.52 89% 7,179 6,721 35% 28% 24% (4%) 12% 14% LivePerson 28.04 91% 1,818 1,771 14% 16% 19% (8%) 4% 7% Median 93% $63,790 $63,726 25% 23% 20% 6% 19% 20% Mean 93% $78,276 $81,432 23% 21% 19% 10% 24% 25%

Source: Capital IQ and Pitchbook as of 6/30/19 36 │ Software Industry Update Q2 2019 Vista Point Advisors Overview

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Mike Lyon Drew Pascarella Jeff Bean (415) 722-3506 (917) 670-1097 (415) 746-9413 [email protected] [email protected] [email protected] Jeffrey Koons David Cho Scott Austin (415) 993-1417 (415) 917-3042 (415) 404-9854 [email protected] [email protected] [email protected] Mike Greco Thomas Lin Miles Lacey (415) 917-3056 (415) 508-8113 (415) 917-3066 [email protected] [email protected] [email protected] 555 Mission Street, Suite 2650 Tyler Jamison Russell Perkins Charlie Penner San Francisco, CA 94105 (415) 917-4120 (415) 993-0872 (415) 964-1617 [email protected] [email protected] [email protected] Umar Mansuri Chet Kristy Lucy Sinacola (415) 347-5704 (415) 686-1241 (415) 322-8705 37 │ Software Industry Update Q2 2019 [email protected] [email protected] [email protected]