Shea Company Quarterly Soft

Quarterly Enterprise Software Market Review 3Q 2019

Boston San Francisco 200 Clarendon Street, Floor 45 601 Montgomery Street, Suite 2010 Boston, MA 02116 San Francisco, CA 94111

Peter M. Falvey Michael H.M. Shea Christopher J. Pingpank Michael S. Barker Managing Director Managing Director Managing Director Managing Director 617.896.2251 617.896.2255 617.896.2218 415.762.8101 [email protected] [email protected] [email protected] [email protected]

Jeffrey G. Cook Brad E. McCarthy Misha Cvetkovic Principal Principal Vice President 617.896.2252 617.896.2245 415.762.8104 [email protected] [email protected] [email protected]

1 2 24 $10Bn+ 15+ 80+

Firm focused exclusively on Offices in Boston and San Professionals focused on the Advised transaction value in Average years of experience Transactions completed enterprise software Francisco software industry last 12 months amongst our senior bankers representing billions of dollars in value

Mergers & Acquisitions. Private Placement & Capital Raising. Corporate Strategy.

Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with clients in the U.S. as well as Canada, Europe and Israel.

has received an investment from has acquired has acquired has been acquired by has received an investment from has been acquired by has been acquired by

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the financial Shea & Company served as the exclusive Shea & Company served as the financial Shea & Company served as the financial Shea & Company served as the exclusive financial advisor to OpenGov financial advisor to TCV advisor to Clearlake financial advisor to Magnitude advisor to Perforce and Clearlake advisor to Rogue Wave financial advisor to YourCause

Public Sector & Healthcare

have been merged with has acquired has acquired has acquired has been acquired by has been acquired by has received an investment from

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Aptean, Superion and financial advisor to MRI Software and its financial advisor to BC Partners financial advisor to Clearlake financial advisor to EQT financial advisor to Gurobi financial advisor to BriefCam Vista Equity Partners owner GI Partners

has received an investment from has been acquired by has received an investment from has been acquired by has received an investment from has been acquired by has been acquired by

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Granicus and its owner financial advisor to Sovos Compliance and financial advisor to MRI Software and its financial advisor to Bronto financial advisor to Mimecast financial advisor to Secure Islands financial advisor to ProfitLogic K1 Investment Management its owner Vista Equity Partners owner Vista Equity Partners

1 Quarterly Enterprise Software Market Review Contents

M&A Activity Software M&A Summary: 2014 – 3Q 2019 p. 3 Software Acquisitions: 3-Year Trend Analysis p. 4 Publicly Available Software M&A Transaction Data: 3Q 2019 p. 5 Announced Software Acquisitions: 3Q 2019 p. 7 Most Active Software Acquirers: 2014 – 3Q 2019 p. 12

Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices p. 18 Price Performance and Valuation Metrics by Segment p. 19 Equity Trading Multiples by Growth Tranche p. 20 Price Performance and Valuation Metrics of Selected Software Vendors p. 21 Equity Trading Multiples by Segment p. 22 Equity Trading Multiples by Comparable Subset p. 30

Equity Financing Activity Software IPOs: 3Q 2019 p. 34 Software IPO Pricing & Performance Data p. 35 Software IPO Pipeline p. 36 Software Private Capital Raise Activity: 3Q 2019 p. 37

2 M&A Activity Software M&A Summary: 2014 – 3Q 2019

NASDAQ

$100 $81.5 $80 $73.2

$56.6 $60 $49.1 $48.0 $37.8 $36.3 $35.3 $40 $32.0 $28.4 $26.2 $29.1 $19.9 $20.8 $18.0 $21.4 $14.1 $17.7 $20 $12.2 $12.4 $11.7 $9.7 $6.0 $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Announced Deal Value ($billions) Value Deal Announced 2014 2015 2016 2017 2018 2019 Transaction Count by Deal Size > $1bn 3 0 6 4 3 3 4 4 2 1113 5 4 2 5 5 6 131212 5 5 5

$500m - $1bn 3 2 3 7 2 3 4 5 3 6 4 8 4 2 5 3 2 0 4 7 9 3 2

$250m - $500m 2 4 4 6 4 3 3 13 4 6 5 3 6 4 11 5 7 4 6 5 8 8 1

< $250m 39 65 44 57 38 45 34 48 39 47 34 28 53 61 42 28 53 36 48 47 35 29 32

No Reported Value 113 153 153 126 157 129 104 143 168 194 172 145 149 167 161 128 163 150 147 163 206 178 192

Total 160 224 210 200 204 183 149 213 216 264 228 189 216 236 224 169 231 203 217 234 263 223 232

Notable Transactions: 3Q 2019 ($ millions)

Acquirer

Target Enterprise Security Assets Software Solutions Date 07/17/19 08/07/19 08/09/19 08/21/19 08/22/19 08/22/19 08/26/19 09/03/19 09/04/19 09/26/19

Enterprise Value $125 $1,350 $10,700 $1,050 $2,053 $3,300 $700 $152 $207 $430

EV / LTM Rev n/a n/a 4.5x n/a 8.9x 4.6x 2.2x 4.1x n/a n/a

EV / LTM EBITDA n/a n/a n/a n/a nm nm n/a 28.8x n/a n/a

Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

3 M&A Activity Software Acquisitions: 3-Year Trend Analysis

By Transaction Size (2017 – 3Q 2019)

200 184 184 # of Deals 2017 $180 Aggregate Deal Value ($ billions) 9.0x Median EV / LTM Rev $162 7.9x 180 2018 $160 8.0x 7.5x

160 2019 $140 7.0x 6.3x 6.4x 140 $120 6.0x 120 4.7x 4.8x 93 $100 5.0x 4.3x 100 3.8x 3.5x $80 $65 4.0x 80 2.7x $60 3.0x 60 $41 2.2x 41 1.8x $40 2.0x 40 26 22 16 14 13 14 16 15 $11 $10 20 $20 $10 $6 $9 $7 $6 $9 $9 1.0x 0 $- 0.0x < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn < $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value) Deal Value (Enterprise Value) Deal Value (Enterprise Value)

By Target Segment (2017 – 3Q 2019)

450 418 # of Deals 2017 $90 Aggregate Deal Value ($ billions) 9.0x Median EV / LTM Rev 397 $80 $75 8.0x 400 372 2018 $71 2019 350 $70 7.0x 6.4x 5.9x $60 6.0x 5.5x 5.3x 300 5.2x 5.1x 250 $50 5.0x 4.5x 4.0x 4.0x $40 4.0x 3.6x 200 3.1x 144 131 $25 2.5x 124 129 $30 3.0x 2.3x 150 103 108 $20 101 1.8x 96 $17 $17 $16 $20 $15 2.0x 100 63 65 $12 $12 1.2x $10 $9 $8 35 40 $4 50 $10 $5 1.0x 0 $- 0.0x Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Business IT Security Information Infrastructure Financial Applications Management Applications Applications Management Applications Applications Management Applications

Notes: Business Applications includes: Advertising Technology; Communications; ERP & Business Applications; Marketing Applications; Technical & Embedded Applications Information Management includes: Business Intelligence; Content Management Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage Management Sources: Company releases, Wall Street research

4 M&A Activity Publicly Available Software M&A Transaction Data: 3Q 2019

($ millions)

Consideration Equity Enterprise EV / Revenue Revenue EV / EBITDA EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr Growth % LTM Current yr Fwd yr Margin %

09/26/19 myElefant Sinch 100% - - $20 - - - -22.2x - - - 09/26/19 Crossix Solutions Veeva Systems 100% - - $430 ------09/24/19 Zingle Medallia 100% - - $42 ------09/17/19 DataExpress Landstar 100% - - $3 ------09/16/19VitreosHealth HMS Holdings 100% - - $37 ------09/05/19 BlueRush (software assets) Broadridge Financial Solutions 100% - - $2 ------09/04/19 Zingbox Palo Alto Networks 100% - - $75 ------09/04/19 Hedvig CommVault Systems 77% 23% - $207 ------09/03/19 MAM Software Group Kerridge Commercial Systems 100% - $154 $152 4.1x 3.9x - 5% 28.8x 24.1x - 14% 08/30/19 Gamooga Tanla Solutions 65% 35% - $7 ------08/27/19MAPADOC SPS Commerce 100% - - $12 - - 5.8x - - - - - 08/26/19 Pitney Bowes (software assets) Syncsort 100% - - $7002.2x - - 2% - - - - 08/22/19 IDS Technology (software assets) Monaker Group 11%89% - $6 ------08/22/19 Cimpl Upland Software 100% - - $23 -2.9x ------08/22/19 Carbon Black VMware 100% - $2,100 $2,053 8.9x 8.4x 7.2x 24% nm nm nm (29%) 08/22/19 Pivotal Software VMware - - - $3,300 4.6x 5.0x 4.3x 9% nm nm nm (18%) 08/21/19 BestTransport.com Descartes Systems Group 100%- - $11------08/21/19 SignalFx Splunk 60%40% - $1,050 ------08/19/19 FixStream Network Resolve Systems - - - $244.7x ------08/15/19 Seccl Technology Octopus Group -- - $12------08/09/19 Symantec (enterprise security assets) Broadcom Corporation 100% - - $10,700 4.5x ------08/08/19 Cognitran Snap-on 100% - - $31 ------08/07/19 ClickSoftware Technologies Salesforce.com - - -$1,350 ------08/05/19 Network2Share rhipe 100% - - $1 ------08/05/19 GetFeedback SurveyMonkey -- - $68------08/02/19 eCompliance Management Solutions Alcumus Group -- - $30------08/01/19 NC4 Everbridge -- - $83------07/24/19 Flyway Redgate Software 100% - - $10 ------07/23/19 MUSA Auto Finance PowerBand Solutions 44% 56% - $1------07/22/19 Infinite Integral Solutions Transcat -- - $1------

Includes only transactions for which data was publicly available. Sources: Company releases, Wall Street research Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

5 M&A Activity Publicly Available Software M&A Transaction Data: 3Q 2019 continued

($ millions)

Consideration Equity Enterprise EV / Revenue Revenue EV / EBITDA EBITDA Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr Growth % LTM Current yr Fwd yr Margin %

07/18/19ZEFR (assets) Vobile Group 100% - - $50 - - - - 9.5x - -- 07/17/19Simarks Software WALLIX Group 100% - - $1 ------07/17/19 Lymbyc Solutions Larsen & Toubro Infotech 100% - - $65.4x ------07/17/19 Wavecell 8x8 55%45% - $125 -3.9x ------07/17/19 Logical Glue Temenos -- - $15------07/12/19 Mnubo Aspen Technology - - - $78 ------07/10/19 GBTEC Software + Consulting Main Capital Partners - - - $110 ------07/02/19 Construction Computer Software RIB Software - - - $45 -2.5x - -8.3x - - 30%

6 M&A Activity Announced Software Acquisitions: 3Q 2019

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

09/30/19 XINN Bigtincan Holdings Marketing Applications - Sales document generation and analytics n/a 09/30/19 Orchard Software Corporation Francisco Partners ERP & Business Applications - Healthcare and medical research data management n/a 09/27/19 OCRex The Sage Group Content Management - Optical character recognition and data entry automation n/a 09/26/19 SRC Solutions EMS LINQ ERP & Business Applications - Education registration and records management n/a 09/26/19 myElefant Sinch Marketing Applications - Mobile messaging campaign management $20 09/26/19 Crossix Solutions Veeva Systems Marketing Applications - Health and pharmaceutical customer analytics and market intelligence $430 09/25/19 Mainstreet Computers Convenient Payments Holdings ERP & Business Applications - Business management, payment processing and marketing n/a 09/25/19 Vanguard Systems MHC Software ERP & Business Applications - ERP workflow and process automation n/a 09/25/19 IBM Corporation (algorithmics assets) SS&C Technologies Financial Applications - Market, credit and liquidity risk analytics n/a 09/25/19 MHC Software Strattam Capital Content Management - Content automation, document management and OCR data capture n/a 09/25/19 Corvana Corporation SugarCRM Business Intelligence - Machine-learning-driven CRM BI analytics n/a 09/24/19 Zingle Medallia Marketing Applications - Customer engagement messaging automation $42 09/24/19 Wireless Analytics Motus IT Operations Management - Wireless expense and mobile device management n/a 09/24/19 Acquia Vista Equity Partners Content Management - Open-source digital experience and web content management n/a 09/23/19 Gravy.ai Hopper Business Intelligence - Restaurant and grocery digital order pricing optimization application n/a 09/23/19 Vertice Technologies Vista Equity Partners Financial Applications - Financial institution fund management and analytics n/a 09/23/19 Metricfire Xenon Partners IT Operations Management - Cloud and event monitoring, performance management and visualization n/a 09/20/19 KryptCo (technology assets) Akamai Technologies IT Security - Two-factor authentication n/a 09/20/19 WhereScape Software IDERA Storage Management - Data warehouse automation and analytics n/a 09/20/19 Eureka OutMatch Business Intelligence - AI-enabled HR analytics, market intelligence and career platform n/a 09/20/19 deltaDNA Unity Technologies Marketing Applications - LiveOps gaming application management and marketing optimization n/a 09/19/19 Servicefriend Facebook ERP & Business Applications - Customer service text messaging automation n/a 09/19/19 Bromium HP IT Security - Endpoint security via hardware-enforced micro-virtual machines n/a 09/18/19 Login Logix Facilitron ERP & Business Applications - Education maintenance and facilities management n/a 09/18/19 Semmle GitHub Platforms, Development Tools & Deployment - Software engineering analytics and codebase vulnerability detection n/a 09/18/19 Herolens Group Innovid Marketing Applications - Marketing automation, advertising enablement and customer analytics n/a 09/18/19 Bizview Systems insightsoftware.com Financial Applications - Enterprising budgeting, forecasting, financial reporting and analytics n/a 09/18/19 OfferLogic Rokt Marketing Applications - SMB B2B marketing automation and online marketplace hosting n/a 09/17/19 Real Factors 7Park Data Business Intelligence - Commercial real estate BI analytics, reporting and market insight n/a 09/17/19 DataExpress Landstar Storage Management - Hybrid-cloud managed file transfer $3 09/17/19 Jubi onQ ERP & Business Applications - Cloud-based employee engagement, training and collaboration n/a 09/17/19 Process Systems Enterprise Siemens ERP & Business Applications - Business process modeling and engineering n/a 09/16/19 Correly GenM Business Intelligence - Customer workspace and interaction analytics n/a 09/16/19 VitreosHealth HMS Holdings Business Intelligence - AI-enabled predictive analytics, data integration and modeling $37 09/12/19 HydrantID HID Global IT Security - Certificate based encryption to enable digital identity management n/a 09/11/19 Burning Glass Technologies KKR Business Intelligence - Big data analytics, market intelligence and human capital management n/a 09/11/19 NowRenting Zumper ERP & Business Applications - Rental tenant, lease and payments management n/a 09/10/19 Micotan Software Company Aucerna ERP & Business Applications - Oil and gas collection management, analytics and reporting n/a 09/10/19 Hatchbuck Benchmark Internet Group Marketing Applications - Small business marketing, campaigning and customer reporting automation n/a 09/09/19 RSD Rocket Software Content Management - Enterprise information governance, archiving and retrieval n/a 09/09/19 Ventiv Technology Tailwind Capital Group ERP & Business Applications - Web-based claims administration and fraud management n/a 09/05/19 MotivAction Augeo Marketing ERP & Business Applications - Employee performance monitoring and reward platform n/a 09/05/19 BlueRush Broadridge Financial Solutions ERP & Business Applications - Personalized CRM content and communication analytics $2 09/05/19 RITEQ Ceridian ERP & Business Applications - Workforce management and payroll analytics n/a 09/05/19 Tutela Comlinkdata Business Intelligence - Real-time consumer data visualizations and insights n/a 09/05/19 Innervision Management Iris Software Group ERP & Business Applications - Lease accounting and portfolio management analytics n/a 09/05/19 iPresent MediaFly Marketing Applications - Marketing content distribution and customer feedback reporting n/a 09/05/19 ViewPoint OpenGov ERP & Business Applications - Cloud-based permitting, licensing and code enforcement n/a 09/05/19 ICar Systems-DATAFIRST Group Providence Equity Partners ERP & Business Applications - Dealership management, marketing and CRM n/a 09/05/19 Asolvi Volpi Capita ERP & Business Applications - Field service asset and maintenance management n/a

Sources: Company releases, Wall Street research

7 M&A Activity Announced Software Acquisitions: 3Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

09/04/19 Cohesion Web Technologies Acquia Platforms, Development Tools & Deployment - Low-code website design and management platform n/a 09/04/19 Arcadia Data (assets) Cloudera Business Intelligence - Big data visualization and reporting n/a 09/04/19 Hedvig CommVault Systems Storage Management - Consolidation and distribution of scaled data storage systems $207 09/04/19 Movere Microsoft IT Operations Management - AI-based cloud migration and monitoring n/a 09/04/19 Zingbox Palo Alto Networks IT Security - AI-based IoT device and threat identification $75 09/04/19 TimeClock Plus Providence Equity Partners ERP & Business Applications - Workforce management and timekeeping analytics n/a 09/04/19 Omnition Splunk App. Delivery & Network Acceleration - Open-source cloud-native environment monitoring n/a 09/04/19 CollabNet TPG Capital Platforms, Development Tools & Deployment - End-to-end enterprise development tools n/a 09/04/19 3LOG Systems Trimble ERP & Business Applications - Contract and inventory management, procurement and analytics n/a 09/03/19 HireVue Carlyle ERP & Business Applications - AI-enabled employee recruitment and scheduling n/a 09/03/19 NetEDI Cegedim Group ERP & Business Applications - Document digitization and accounting automation n/a 09/03/19 Annams Systems CGI Group ERP & Business Applications - Enterprise asset management and property transaction monitoring n/a 09/03/19 Radius Intelligence Kabbage Business Intelligence - AI-based customer data management and integration n/a 09/03/19 MAM Software Group Kerridge Commercial Systems ERP & Business Applications - Supply chain and business management analytics $152 09/03/19 XCCommerce Otimo Retail Marketing Applications - Web-based marketing and promotion management n/a 09/03/19 Ymor Holding Sentia App. Delivery & Network Acceleration - Application and network performance management n/a 09/03/19 Acrobits Voyant Communications Communications - Mobile unified communication provider and developer n/a 09/03/19 Health & Safety Waud Capital Partners ERP & Business Applications - Provider of environmental, health and safety compliance training and workflow solutions n/a 09/02/19 IsoMetrix Carlyle ERP & Business Applications - Governance, risk and compliance management n/a 09/02/19 Danamica OYO Rooms Business Intelligence - Rental agency data and statistical pricing analytics n/a 09/02/19 frameLOGIC Vehco ERP & Business Applications - Fleet, vehicle and workforce management and monitoring n/a 08/30/19 Gamooga Tanla Solutions Marketing Applications - AI-based marketing automation and customer engagement $7 08/30/19 Travelogix Travelogix ERP & Business Applications - Travel management, booking and analytics n/a 08/29/19 BrightOffice ClearCourse Partnership Marketing Applications - Customer relationship and marketing campaign management n/a 08/29/19 Bitbar Technologies SmartBear Software Platforms, Development Tools & Deployment - Mobile application testing automation n/a 08/28/19 Mintigo Anaplan Marketing Applications - AI-based marketing, sales and customer analytics n/a 08/28/19 Pulse Systems Harris Computer Systems ERP & Business Applications - Electronic healthcare record and revenue cycle management n/a 08/27/19 BankTEL Systems AvidXchange ERP & Business Applications - Transaction scheduling, invoicing and accounting n/a 08/27/19 MAPADOC SPS Commerce ERP & Business Applications - Sage and Acumatica based electronic data interchange automation $12 08/26/19 LANSA (software assets) 1WorldSync Content Management - Content syndication and data synchronization n/a 08/26/19 Plasco Barcodes IT Security - Security identification and access management n/a 08/26/19 CloudCherry Cisco Systems Business Intelligence - Call center predictive customer analytics n/a 08/26/19 ConveyIQ Entelo ERP & Business Applications - Candidate recruitment, engagement and communication n/a 08/26/19 Pitney Bowes (software solutions) Syncsort Business Intelligence - Data management, BI and customer service automation $700 08/22/19 Softrak Systems Arcaccsoft ERP & Business Applications - Comprehensive accounting, ERP and CRM n/a 08/22/19 IDS Technology (software assets) Monaker Group ERP & Business Applications - Web-based travel reservations and CRM $6 08/22/19 Specops Software Monterro Holdings IT Security - Password management and authentication n/a 08/22/19 Ontario Systems New Mountain Capital Financial Applications - Accounts receivable and revenue cycle management n/a 08/22/19 Davisware Serent Capital ERP & Business Applications - Business and logistics management n/a 08/22/19 Cimpl Upland Software ERP & Business Applications - Telecom process and expense management $23 08/22/19 Carbon Black VMware IT Security - Virus prevention and server security $2,053 08/22/19 Pivotal Software VMware Platforms, Development Tools & Deployment - Cloud-native app deployment platform $3,300 08/21/19 BestTransport.com Descartes Systems Group ERP & Business Applications - Cloud-based transportation management $11 08/21/19 Look Who's Charging Experian Financial Applications - Bank statement transaction analytics n/a 08/21/19 Archive Document Data Storage OASIS Group Content Management - Document management, archiving and disaster recovery n/a 08/21/19 SignalFx Splunk App. Delivery & Network Acceleration - Real-time cloud performance monitoring and analytics $1,050 08/21/19 SQData Corporation Syncsort ERP & Business Applications - Data integration, analytics and business continuity n/a 08/21/19 Intrinsic VMware IT Security - Cloud-based web application security for serverless computing environments n/a 08/20/19 Inside Real Estate Lovell Minnick Partners ERP & Business Applications - Real estate lead management, generation and analytics n/a 08/20/19 PageSeal PerimeterX IT Security - E-commerce client-side security against malware n/a

Sources: Company releases, Wall Street research

8 M&A Activity Announced Software Acquisitions: 3Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

08/20/19 Axwave Samba Business Intelligence - Automatic content recognition and marketing automation n/a 08/19/19 SmartZip Analytics (software assets) Constellation Real Estate Group Marketing Applications - Real estate predictive marketing and analytics n/a 08/19/19 ComputerEase Deltek (Roper) ERP & Business Applications - Provider of accounting and project management software for the construction industry n/a 08/19/19 JClarity Microsoft Platforms, Development Tools & Deployment - Open-source Java Virtual Machine analytics and optimization n/a 08/19/19 InRule Technology OpenGate Capital ERP & Business Applications - Business rules management systems and decision automation n/a 08/19/19 FixStream Network Resolve Systems IT Operations Management - Datacenter and cloud environment operation analysis $24 08/15/19 Doxly Litera Microsystems ERP & Business Applications - Legal transaction management, reporting and tracking n/a 08/15/19 Seccl Technology Octopus Group Financial Applications - Wealth management trading, settlement and custody administration $12 08/14/19 FMP Global Holdings Iris Software Group ERP & Business Applications - Employee data monitoring and management n/a 08/14/19 WeDo Technologies Mobileum ERP & Business Applications - Business process management and customer provisioning n/a 08/14/19 Veriflow Systems VMware App. Delivery & Network Acceleration - Network verification and performance monitoring n/a 08/13/19 InfiSecure (assets) Barracuda Networks IT Security - Machine-learning based application bot mitigation n/a 08/13/19 Iphelion BigHand Content Management - Microsoft Office-based template management and document assembly n/a 08/13/19 RegTek Solutions Bloomberg ERP & Business Applications - Financial transaction reporting and market intelligence n/a 08/13/19 Trivest Beheer ECi Software Solutions ERP & Business Applications - Manufacturing management, ERP and CAD n/a 08/13/19 Cloudpipes QuickBase Platforms, Development Tools & Deployment - Application development, integration and workflow automation n/a 08/12/19 ComputerEase Deltek ERP & Business Applications - Construction ERP and project management n/a 08/12/19 Alchemy IoT Fiix Business Intelligence - AI-based industrial asset analytics and performance monitoring n/a 08/12/19 Telax Voice Solutions Intermedia.net Communications - Contact center management and customer service automation n/a 08/09/19 Symantec (enterprise security assets) Broadcom Corporation IT Security - Application security services and data loss prevention $10,700 08/09/19 NanoSec McAfee IT Security - Application security management and data migration n/a 08/08/19 Prospectify AngelList Holdings Marketing Applications - Online B2B sales automation and market intelligence n/a 08/08/19 iPipeline Roper Marketing Applications - Sales lead management, email marketing and customer analytics n/a 08/08/19 Cognitran Snap-on Content Management - OEM post-sale service and document management $31 08/08/19 TestProject Tricentis Platforms, Development Tools & Deployment - Collaborative and open-source testing automation n/a 08/08/19 StepShot UiPath ERP & Business Applications - Robotic process automation platform n/a 08/07/19 eLogic Learning Absorb Software ERP & Business Applications - Education content development and learning management n/a 08/07/19 Sourcery Technologies Lavu ERP & Business Applications - Accounts payable automation, invoice storage and vendor relations management n/a 08/07/19 Entuity Park Place Technologies IT Operations Management - Enterprise grade network management and monitoring n/a 08/07/19 ClickSoftware Technologies Salesforce.com ERP & Business Applications - Workforce management and service optimization $1,350 08/06/19 Meta4 Cegid ERP & Business Applications - Cloud-based core HR management, recruiting, training and workforce analytics n/a 08/06/19 BSSN Software Merck Business Intelligence - Scientific data management and integration n/a 08/06/19 LockPath NAVEX Global ERP & Business Applications - Integrated risk management, governance and compliance systems n/a 08/06/19 Celect Nike Business Intelligence - Retail predictive analytics and inventory optimization n/a 08/06/19 AltaReturn Vista Equity Partners Financial Applications - Private equity fund management and investor portal access n/a 08/05/19 MapR Technologies (business assets) Hewlett Packard Business Intelligence - Real-time AI and analytics data management n/a 08/05/19 PromoteIQ Microsoft Marketing Applications - Automated e-commerce product marketing n/a 08/05/19 Network2Share rhipe IT Security - Grouped file and document encryption $1 08/05/19 GetFeedback SurveyMonkey Marketing Applications - Marketing automation and online survey creation $68 08/02/19 eCompliance Management Solutions Alcumus Group ERP & Business Applications - Environmental health, safety and compliance management $30 08/02/19 Rainmaker Central Dynamics Corporation Financial Applications - Real estate budgeting, forecasting and revenue cycle management n/a 08/02/19 Elemica Eurazeo ERP & Business Applications - Supply chain management and integration services n/a 08/01/19 OpenConnect Systems ActiveOps ERP & Business Applications - Workforce and process automation, analytics and reporting n/a 08/01/19 Flype Atheer Marketing Applications - Mobile application-based CRM and analytics n/a 08/01/19 P2Sample Cint Business Intelligence - AI-enabled fraud detection and consumer insight panel n/a 08/01/19 NC4 Everbridge ERP & Business Applications - Online emergency incident monitoring, collaboration and communication $83 08/01/19 NaviPlus (security business) Internetworking & Broadband Consulting IT Security - Automatic and manual security vulnerability diagnosing and firewall protection n/a 08/01/19 Osprey Compliance Software Steele Compliance Solutions ERP & Business Applications - Regulation compliance management and conflict of interest disclosure n/a 08/01/19 Salvia Développement TSS ERP & Business Applications - Real estate transaction monitoring and financial reporting n/a 07/31/19 Digita Security JAMF Software IT Security - Malware detection, security insights and cyber security protection n/a

Sources: Company releases, Wall Street research

9 M&A Activity Announced Software Acquisitions: 3Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

07/31/19 Interchange Kraken Financial Applications - Asset management accounting, reconciliation and reporting n/a 07/31/19 LEVERTON MRI Software ERP & Business Applications - AI-based real estate data extraction and document integration n/a 07/31/19 ProLease MRI Software ERP & Business Applications - Real estate lease administration and analysis n/a 07/31/19 Gulf Guard Cyber NXTsoft Financial Applications - Financial reporting and monitoring n/a 07/31/19 PushSpring T-Mobile Marketing Applications - iOS and Android mobile data analytics for custom audience targeting n/a 07/30/19 Metacog CompTIA Business Intelligence - Cloud-based learning analytics and anonymized data management n/a 07/30/19 Parity Computing Elsevier ERP & Business Applications - AI-enabled life science data discovery and categorization n/a 07/30/19 Oris Intelligence PriceSpider Business Intelligence - Manufacturing and e-commerce retail price monitoring, analysis and optimization n/a 07/30/19 LifeShare Technologies Spectrio Communications - Civilian communication and engagement management n/a 07/30/19 Thinkstep Sphera Solutions ERP & Business Applications - Sustainability and compliance reporting n/a 07/30/19 Planorama Trax Retail Content Management - AI-based retail shelve image capturing and space optimization n/a 07/29/19 Compiled Services KLDiscovery Ontrack Content Management - Legal document e-discovery and quality control n/a 07/29/19 Strategic Legal Solutions KLDiscovery Ontrack Content Management - Legal industry e-discovery and staffing n/a 07/29/19 BlueTalon Microsoft IT Security - Database user authorization and access control n/a 07/29/19 SimpleBills (software assets) RealPage ERP & Business Applications - Student housing utility bill management and reporting n/a 07/29/19 Transversal Verint Systems ERP & Business Applications - Corporate training and customer relationship management n/a 07/26/19 Data Chief First Due Content Management - Emergency service data collection and survey creation n/a 07/25/19 Veelo Bigtincan Mobile Marketing Applications - Sales management, training and video coaching n/a 07/25/19 Sococo ESW Capital Communications - Remote team collaboration and virtual workspace creation n/a 07/25/19 SaferVPN J2 Global IT Security - Desktop and mobile application cybersecurity n/a 07/25/19 RiskFirst Moodys Financial Applications - Asset management risk analysis and reporting n/a 07/25/19 Uhana VMware App. Delivery & Network Acceleration - AI-based mobile carrier experience management and optimization n/a 07/24/19 TranSolutions MercuryGate International ERP & Business Applications - Freight claim management and shipping performance reporting n/a 07/24/19 Four Twenty Seven Moodys Business Intelligence - Portfolio asset climate risk analytics and data management n/a 07/24/19 Flyway Redgate Software Platforms, Development Tools & Deployment - Multi-platform database migration and version control $10 07/24/19 Top Echelon Network Sagelink Capital ERP & Business Applications - Employee recruiting, applicant tracking and staffing n/a 07/24/19 StratEx Partners Toast ERP & Business Applications - Restaurant payroll, benefits and unemployment claims management n/a 07/24/19 Scout APM Xenon Partners Platforms, Development Tools & Deployment - Web application performance management and database query monitoring n/a 07/23/19 Bixby Alfred Club ERP & Business Applications - Tenant-management maintenance request and communication manager n/a 07/23/19 Billy Lendio Financial Applications - Small business accounting, reporting and expense management n/a 07/23/19 MUSA Auto Finance PowerBand Solutions Content Management - Machine-learning based vehicle leasing contract creation and approval $1 07/22/19 RealistiQ Back At You ERP & Business Applications - Real estate back office marketing and customer relationship management n/a 07/22/19 Mono Solutions Bauer Media Group Marketing Applications - Small business website design, marketing and customer relationship management n/a 07/22/19 Optimizers Main Capital Partners ERP & Business Applications - Warehouse logistic and supply chain management n/a 07/22/19 Infinite Integral Solutions Transcat ERP & Business Applications - Industrial engineering and manufacturing calibration automation $1 07/22/19 IndustrySafe Vector Solutions ERP & Business Applications - Environmental health, safety and compliance management and tracking n/a 07/22/19 Retail Insight Ventiga Capital Partners ERP & Business Applications - Retail sales optimization and product waste analysis n/a 07/18/19 AutoLoop Affinitiv Marketing Applications - Automotive marketing, analytics and customer service optimization n/a 07/18/19 JHC Systems FNZ Group Financial Applications - Wealth management task automation, record management and portfolio analysis n/a 07/18/19 Contentserv Investcorp Technology Partners Marketing Applications - Retailer product experience and information management n/a 07/18/19 Medumo Royal Philips ERP & Business Applications - AI-based patient diagnostic and engagement management n/a 07/18/19 Intelledox Smart Communications Marketing Applications - Digital customer engagement and communications management n/a 07/18/19 HighQ Thomson Reuters Communications - Legal industry content management, collaboration and workflow automation n/a 07/18/19 Bitfusion VMware Network Infrastructure - AI infrastructure virtualization and performance management n/a 07/18/19 ZEFR (assets) Vobile Group Content Management - Video metadata monitoring and content rights management $50 07/18/19 Trusted Key Workday IT Security - Blockchain-based document signing and business authentication n/a 07/17/19 Wavecell 8x8 Marketing Applications - Omnichannel customer communication and engagement $125 07/17/19 Gallop Amnet Taazu ERP & Business Applications - AI-enabled corporate travel planning and booking utilizing natural language processing n/a 07/17/19 Interblocks Hitachi Financial Applications - Financial services payment and transaction data processing n/a 07/17/19 Lymbyc Solutions Larsen & Toubro Infotech Business Intelligence - AI-based predictive analytics and data visualization $6

Sources: Company releases, Wall Street research

10 M&A Activity Announced Software Acquisitions: 3Q 2019 continued

($ millions)

Announced Target Acquirer(s) Target Segment & Description Price

07/17/19 Crystal LTN Global Communications Network Infrastructure - Digital media content distribution and metadata analytics n/a 07/17/19 Logical Glue Temenos Financial Applications - Machine-learning powered predictive analytics and underwriting data visualization $15 07/17/19 MDS Global Volaris Group ERP & Business Applications - Telecom revenue management, business assurance and analytics n/a 07/17/19 Simarks Software WALLIX Group IT Security - Workstation security and endpoint threat protection $1 07/16/19 Ugam Dentsu Aegis Network Business Intelligence - Retail data research, visualization and reporting n/a 07/16/19 Windward Software Volaris Group ERP & Business Applications - Retail and customer service inventory control and accounting n/a 07/15/19 StackPath (assets) NetProtect IT Security - Threat management and firewall security n/a 07/15/19 Simple Energy Tendril Networks Marketing Applications - Energy education and conservation incentivizing platform n/a 07/12/19 Mnubo Aspen Technology App. Delivery & Network Acceleration - AI-based IoT data processing and customer experience application $78 07/11/19 Speak Ai Oracle ERP & Business Applications - Text-to-speech and conversation analytics n/a 07/10/19 1WorldSync Battery Ventures ERP & Business Applications - Product data generation, sharing and publishing n/a 07/10/19 Wayin Cheetah Digital Marketing Applications - Social content aggregation and visualization n/a 07/10/19 SQLdep Collibra ERP & Business Applications - Technical data lineage discovery and visualization n/a 07/10/19 Station Check ESO Solutions ERP & Business Applications - First responder workflow and checklist streamlining n/a 07/10/19 InsureSign Formstack Content Management - Electronic document signing and authentication via web or mobile app n/a 07/10/19 GBTEC Software + Consulting Main Capital Partners Business Intelligence - Performance modeling, analysis and business process management $110 07/10/19 HotSchedules Marlin Equity Partners ERP & Business Applications - Hospital labor, attendance and employee engagement management n/a 07/10/19 Fourth Marlin Equity Partners ERP & Business Applications - Hospitality sector training, payroll and supply chain management n/a 07/10/19 Cloud Academy QA Group ERP & Business Applications - Cloud-based learning platform utilizing data analytics for effective organizational training n/a 07/09/19 SafeDK Mobile AppLovin Platforms, Development Tools & Deployment - Third-party software development management and behavior monitoring n/a 07/09/19 Elastifile Google Storage Management - Cloud file storage and data management n/a 07/09/19 Workshare Litera Microsystems Content Management - Document collaboration and version control offering content comparison n/a 07/08/19 Paytime CBIZ ERP & Business Applications - Payroll processing, workforce scheduling and benefit administration n/a 07/08/19 JAGGAER Cinven ERP & Business Applications - e-Procurement, supply chain and spend analytics n/a 07/08/19 Meridian Loyalty InComm Marketing Applications - Loyalty and marketing program design and analytics n/a 07/03/19 Connect Managed Services G3 Comms Communications - Unified communications technology to optimize call center performance n/a 07/03/19 Revon Systems Inc ZYUS Life Sciences ERP & Business Applications - Healthcare and pharmaceutical mobile data collection n/a 07/02/19 Hodges-Mace Alight Solutions ERP & Business Applications - Employee benefit management and communication n/a 07/02/19 Competentum Group EPAM Systems Content Management - Personalized e-learning content development, assessment and reporting n/a 07/02/19 Majure Data Epicore Software ERP & Business Applications - RFID-based warehouse management for existing ERP systems integration n/a 07/02/19 SkyFormation Exabeam IT Security - Application threat detection and security n/a 07/02/19 Construction Computer Software RIB Software ERP & Business Applications - Construction and mining project management $45 07/02/19 DocuWare Ricoh Group Content Management - Digital document archiving and workflow automation n/a 07/01/19 ClickTale Contentsquare Marketing Applications - Consumer web and mobile behavior analytics n/a 07/01/19 MITS Eden Capital Management Business Intelligence - Cash flow, profitability and business growth insights and analytics n/a 07/01/19 DebtFolio Jack Henry & Associates Marketing Applications - PFM, financial marketing automation and customer analytics n/a

Sources: Company releases, Wall Street research

11 M&A Activity Most Active Strategic Acquirers: 2014 – 3Q 2019

$70 80 Announced Deal Value [a] $64.0 Number of Deals

70 $60 67

60 $50

$39.0 $40 $36.7 42

$36.3 41 of Deals # 40 $31.2 33 $27.9 $30 30 Aggregate Deal Value ($ AggregateDeal billions) 28 30 26

$20 $18.8 $16.3 20 $14.4 15 15 15 13 10 $10 $7.4 $7.3 10

$0.7

$- 0

[a] Includes only transactions for which data was publicly available

12 M&A Activity Most Active Strategic Software Acquirers

2014 – 3Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Broadcom Corporation Known acquired value (since 2014): $36,730 Cisco Systems (continued) 08/09/19 Symantec (enterprise security assets) 100% - - $10,700 10/27/15 Lancope 100% - - $453 Cisco 07/11/18 CA Technologies 100% - $18,900 $18,400 10/26/15 ParStream - - - - 04/09/18 SourceClear [a] - - - - 10/13/15 Pawaa Software - - - - 09/28/17 Runscope [a] - - - - 09/30/15 Portcullis Computer Security - - - - 06/15/17 zIT Consulting [a] - - - - 07/07/15 MaintenanceNet - - - $139 Dell 03/07/17 Veracode [a] 100% - - $614 06/30/15 OpenDNS 100% - - $635 12/28/16 Mobile System 7 [a] - - - - 06/03/15 Piston Cloud Computing - - - - 12/01/16 Automic Software [a] - - - $636 05/07/15 Tropo - - - - 11/02/16 Brocade Communications Systems 100% - $5,500 $5,900 04/01/15 Embrane - - - - IBM 09/20/16 BlazeMeter [a] 100% - - - 12/10/14 Neohapsis - - - - 08/04/15 Xceedium [a] - - - - 09/18/14 Memoir Systems - - - - 06/08/15 IdMlogic [a] - - - - 09/17/14 Metacloud - - - $149 06/04/15 Grid Tools [a] - - - - 06/27/14 Assemblage - - - - Intel 05/27/15 Rally Software [a] 100% - - $480 06/17/14 Tail-f Systems - - - $175 10/28/14 Identropy (SCUID assets) [a] - - - - 05/21/14 ThreatGRID - - - -

Cisco Systems Known acquired value (since 2014): $14,351 Dell Known acquired value (since 2014): $63,978 Intuit 08/26/19 CloudCherry - - - - 10/12/15 EMC 73% 27.0% $63,100 $62,778 06/06/19 Sentryo - - - - 05/26/15 Virtustream [a] 100% - - $1,200 01/30/19 Singularity Networks - - - - 04/16/15 Cloudlink Technologies [a] - - - - 12/18/18 Luxtera - - - $660 10/28/14 Maginatics [a] - - - - Microsoft 11/21/18 Ensoft - - - - 10/28/14 Spanning Cloud Apps [a] - - - - 08/02/18 Duo Security 100% - - $2,350 10/13/14 Cloudscaling [a] - - - - 06/19/18 July Systems - - - - 07/08/14 Symplified (IP assets) [a] - - - - 05/01/18 Accompany 100% - - $270 07/08/14 TwinStrata [a] - - - - Oracle 01/24/18 Skyport Systems - - - - 05/05/14 DSSD [a] - - - - 12/07/17 47Line Technologies - - - - 03/24/14 StatSoft - - - - 10/23/17 BroadSoft - - $1,737 $1,900 10/19/17 Perspica - - - - IBM Known acquired value (since 2014): $39,036 Salesforce 08/21/17 Springpath 100% - - $320 01/11/19 Deutsche Telekom (T-Systems) - - - $986 07/13/17 Observable Networks - - - - 10/28/18 Red Hat 100% - $33,435 $34,026 05/11/17 MindMeld - - - $125 06/15/18 Oniqua - - - - SAP 05/04/17 Saggezza (assets) - - - - 05/03/18 Armanta - - - - 05/01/17 Viptela 100% - - $610 10/04/17 Vivant Digital - - - - 01/24/17 AppDynamics - - $3,700 $3,593 09/14/17 Cloudigo - - - - 10/17/16 Heroik Labs - - - - 05/31/17 TIMETOACT GROUP 100% - - $3 Symantec 08/30/16 ContainerX - - - - 05/02/17 Verizon (assets) - - - - 06/28/16 CloudLock - - - $293 01/23/17 Agile 3 Solutions 100% - - $14 03/08/16 Synata - - - - 11/01/16 Fluid (assets) - - - - 03/02/16 Leaba Semiconductor 100% - - $320 10/27/16 Sanovi Technologies - - - - VMware 03/01/16 CliQr Technologies 100% - - $260 06/01/16 EZ Legacy - - - - 02/03/16 Jasper Technologies - - - $1,400 03/31/16 Bluewolf - - - $240 11/20/15 Acano 100% - - $700 03/18/16 Optevia - - - - 10/28/15 1 Mainstream - - - - 02/29/16 Resilient Systems - - - -

[a] Acquired by CA Technologies prior to its acquisition by Broadcom; acquired by EMC prior to its acquisition by Dell continued Note: “Known acquired value” includes only transactions for which data was publicly available

13 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 3Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

IBM (continued) Intel (continued) 02/18/16 Truven Health Analytics 100% - - $2,600 08/24/15 Docea Power - - - - Cisco 02/03/16 Ecx International - - - - 06/16/15 Recon Instruments - - - - 02/02/16 Aperto - - - - 06/01/15 Altera 100% - $16,700 $15,817 01/28/16 Resource/Ammirati - - - - 03/25/15 Lemoptix - - - - 01/21/16 Ustream 100% - - $130 02/02/15 Lantiq - - - - Dell 01/15/16 IRIS Analytics - - - - 01/20/15 Composyt Light Labs - - - - 12/08/15 Clearleap - - - - 12/01/14 PasswordBox - - - - 11/03/15 Gravitant 100% - - - 09/10/14 Powerwave - - - - 10/28/15 The Weather Company (assets) - - - - 08/13/14 LSI 100% - - $650 IBM 10/05/15 Cleversafe - - - - 05/09/14 Ginger Software (assets) - - - - 09/28/15 Meteorix 100% - - $120 04/01/14 INSIDE Secure (assets) 100% - - $19 09/24/15 Advanced Application 100% - - $13 03/04/14 BASIS Science - - - - 09/10/15 StrongLoop - - - - Intel 08/17/15 Appcore (cloud automation assets) - - - - Intuit Known acquired value (since 2014): $700 08/06/15 Merge Healthcare 100% - - $904 05/28/19 Origami Logic - - - - 07/23/15 Compose - - - - 01/29/18 Applatix - - - - 06/03/15 Blue Box Group - - - - 12/05/17 TSheets 100% - - $340 Intuit 04/13/15 Phytel - - - - 10/26/17 Exactor - - - - 04/13/15 Explorys - - - - 10/10/16 MTS Global - - - - 03/27/15 Blekko (assets) - - - - 03/24/15 Playbook HR - - - - 03/04/15 AlchemyAPI - - - - 02/05/15 Porticor - - - - Microsoft 08/11/14 Lighthouse Security Group (assets) - - - - 01/21/15 ZeroPaper - - - - 07/31/14 CrossIdeas - - - - 12/10/14 Acrede - - - - 05/20/14 Cognea - - - - 08/13/14 Itrios - - - - 04/10/14 Silverpop Systems - - - - 08/07/14 PaySuite - - - - Oracle 02/24/14 Cloudant - - - - 07/30/14 KDK Softwaress - - - - 05/27/14 Check - - - $360 Intel Known acquired value (since 2014): $31,186 05/14/14 Invitco - - - - 06/10/19 Barefoot - - - - 05/08/14 Lettuce - - - - Salesforce 04/16/19 Omnitek - - - - 02/18/19 Ineda Systems - - - - Microsoft Known acquired value (since 2014): $36,300 09/10/18 NetSpeed Systems - - - - 09/04/19 Movere - - - - SAP 08/16/18 Vertex.AI - - - - 08/19/19 JClarity - - - - 07/12/18 eASIC - - - - 08/05/19 PromoteIQ - - - - 03/13/17 Mobileye 100% - - $14,700 07/29/19 BlueTalon - - - - 11/03/16 Voke - - - - 06/09/19 Double Fine Productions - - - - Symantec 09/05/16 Movidius - - - - 04/18/19 Express Logic - - - - 08/10/16 Nervana Systems - - - - 02/04/19 BrightBytes - - - - 05/26/16 Itseez - - - - 01/24/19 Citus Data - - - - 04/05/16 Yogitech - - - - 11/19/18 FSLogix - - - - VMware 03/09/16 Replay Technologies - - - - 11/14/18 XOXCO - - - - 01/04/16 Ascending Technologies - - - - 11/12/18 InXile Entertainment - - - - 10/26/15 Saffron Technology - - - - 09/13/18 Lobe Artificial Intelligence - - - - 10/01/15 VIA Telecom (assets) - - - - 06/20/18 Bonsai AI - - - -

continued Note: “Known acquired value” includes only transactions for which data was publicly available

14 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 3Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Microsoft (continued) Microsoft (continued) 06/04/18 GitHub - 100.0% - $7,500 12/11/14 Bit Stadium - - - - Cisco 04/02/18 Forerunner Software (BI reporting software assets) - - - - 12/01/14 Acompli - - - - 02/13/18 Chalkup - - - - 11/13/14 Aorato - - - - 01/29/18 PlayFab 100% - - - 09/15/14 Mojang AB - - - $2,500 01/03/18 Avere Systems - - - - 07/11/14 InMage Systems - - - - Dell 11/06/17 Swing Technologies (assets) - - - - 05/28/14 Capptain - - - - 10/03/17 AltspaceVR - - - - 05/01/14 GreenButton Limited - - - - 08/15/17 Cycle Computing - - - - 03/04/14 Junction Solutions (JunctionMCR) - - - - 06/29/17 Cloudyn 100% - - - 01/27/14 Epic Games (assets) - - - - IBM 05/24/17 Hexadite - - - $100 01/07/14 Parature - - - - 04/18/17 Intentional Software - - - - 04/10/17 Deis - - - - Oracle Known acquired value (since 2014): $16,260 01/17/17 Donya Labs - - - - 07/11/19 Speak Ai - - - - Intel 01/13/17 Maluuba - - - - 06/26/19 Oxygen Systems - - - - 11/08/16 Beam Interactive - - - - 11/15/18 Talari Networks - - - - 08/22/16 Genee - - - - 10/22/18 DataFox - - - - 06/16/16 Wand Labs - - - - 10/17/18 goBalto - - - - Intuit 06/13/16 LinkedIn 100% - - $26,200 09/25/18 Iridize - - - - 05/03/16 Solair - - - - 05/16/18 Datascience - - - - 02/24/16 Xamarin - - - - 04/30/18 Vocado - - - - 02/09/16 Zikera (Groove assets) - - - - 02/15/18 Zenedge - - - - Microsoft 02/03/16 TouchType - - - - 12/17/17 Aconex 100% - - $1,200 01/19/16 Teacher Gaming (assets) - - - - 04/18/17 Moat - - - - 01/13/16 Event Zero (UC Commander assets) - - - - 04/17/17 Wercker US - - - - 12/21/15 Talko (assets) - - - - 03/13/17 Webtrends (marketing analytics assets) - - - - Oracle 12/18/15 Metanautix - - - - 01/19/17 Apiary - - - - 11/09/15 Secure Islands Technologies - - - - 11/21/16 Dyn - - - - 11/05/15 Mobile Data Labs - - - - 09/18/16 Palerra - - - - 10/02/15 Havok (assets) - - - - 09/07/16 LogFire - - - - Salesforce 09/29/15 Sensei Project Solutions (assets) - - - - 07/28/16 NetSuite 100% - $9,300 $9,174 09/28/15 Adxstudio (assets) - - - - 05/02/16 Opower 100% - - $532 09/12/15 Double Labs - - - - 04/28/16 Textura 100% - - $663 SAP 09/08/15 Adallom - - - - 04/14/16 Crosswise 100% - - $50 09/03/15 VoloMetrix - - - - 02/22/16 Ravello Systems - - - - 08/03/15 Incent Games - - - - 01/05/16 AddThis 100% - - - 07/16/15 FieldOne - - - - 12/18/15 StackEngine - - - - Symantec 06/10/15 BlueStripe Software - - - - 08/20/15 Maxymiser - - - - 06/02/15 6Wunderkinder GmbH - - - - 12/22/14 Datalogix - - - - 04/14/15 Datazen Software - - - - 09/14/14 Front Porch Digital - - - - 03/26/15 LiveLoop - - - - 07/31/14 TOA Technologies - - - - VMware 02/12/15 N-trig - - - - 06/23/14 MICROS Systems 100% - $5,300 $4,642 02/04/15 Sunrise Atelier - - - - 06/20/14 LiveLOOK - - - - 01/23/15 Revolution Analytics 100% - - - 05/15/14 GreenBytes - - - - 01/20/15 Equivio - - - - 02/24/14 BlueKai - - - -

continued Note: “Known acquired value” includes only transactions for which data was publicly available

15 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 3Q 2019 ($ millions)

Consideration Equity Enterprise Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value Announced Target % Cash % Stock Value Value

Oracle (continued) SAP (continued) 01/07/14 Corente - - - - 06/21/16 Fedem Technology - - - - Cisco 02/16/16 MeLLmo - - - - Salesforce.com Known acquired value (since 2014): $27,857 10/13/15 Multiposting - - - - 08/07/19 ClickSoftware Technologies - - - $1,350 09/18/14 Concur Technologies - - $8,300 $8,113 06/10/19 Tableau - 100.0% $15,080 $14,579 05/20/14 SeeWhy - - - - Dell 05/06/19 Bonobo - - - - 03/26/14 Fieldglass - - - - 04/17/19 MapAnything - - - - 01/28/19 Griddable.io - - - - Symantec Known acquired value (since 2014): $7,264 01/14/19 roundCorner - - - - 02/12/19 Luminate Security - - - - IBM 10/05/18 Rebel - - - - 11/05/18 Appthority - - - - 07/16/18 Datorama 16% 84% $744 $726 11/05/18 Javelin Networks - - - - 03/20/18 MuleSoft 80% 20% $6,580 $6,500 11/06/17 SurfEasy 100% - - $39 01/08/18 Attic Labs - - - - 10/25/17 Outlier Security - - - - Intel 01/24/17 Sequence - - - $26 07/11/17 Skycure - - - $275 01/13/17 Unity&Variety - - - - 07/06/17 Fireglass - - - - 12/13/16 Twin Prime - - - - 06/03/17 Watchful Software - - - - 10/04/16 Krux 50% 50% - $680 11/20/16 LifeLock 100% - $2,335 $2,300 Intuit 09/15/16 Gravity Tank - - - - 06/12/16 Blue Coat Systems 100% - - $4,650 09/07/16 Heywire - - - - 08/20/15 Blackfin Security Group - - - - 08/15/16 BeyondCore - - - $110 01/12/15 Narus - - - - 08/01/16 Quip - 100% $410 $410 05/28/14 Nitrodesk - - - - Microsoft 07/21/16 Coolan - - - - 06/01/16 Demandware 100% - - $2,800 VMware Known acquired value (since 2014): $7,443 05/09/16 Implisit - - - - 08/22/19 Carbon Black 100% - $2,100 $2,053 04/04/16 MetaMind - - - - 08/22/19 Pivotal Software - - - $3,300 Oracle 02/19/16 TappingStone - - - - 08/21/19 Intrinsic - - - - 12/23/15 SteelBrick - 100% $360 $300 08/14/19 Veriflow Systems - - - - 12/14/15 MinHash - - - - 07/25/19 Uhana - - - - 09/02/15 AKTA - - - - 07/18/19 Bitfusion - - - - Salesforce 06/25/15 Kerensen Consulting SAS 100% - - $24 06/13/19 Avi Networks - - - - 05/29/15 Tempo.ai - - - - 05/15/19 BirRock - - - - 04/01/15 Toopher - - - - 02/05/19 AetherPal - - - - SAP 07/10/14 RelateIQ - 100% $392 $352 11/06/18 Heptio 100% - - $550 08/27/18 CloudHealth Technologies - - - - SAP Known acquired value (since 2014): $18,838 03/28/18 E8 Security - - - - 11/19/18 Contextor - - - - 02/22/18 CloudVelox (Talent and technology assets) - - - - Symantec 11/11/18 Qualtrics 100% - - $8,000 02/14/18 CloudCoreo - - - - 06/05/18 Coresystems - - - - 11/02/17 VeloCloud Networks 100% - - - 01/30/18 CallidusCloud 100% - - $2,400 05/15/17 Apteligent 100% - - - 01/22/18 Recast.AI SAS - - - - 04/12/17 Wavefront - - - - VMware 09/24/17 Gigya - - - $325 12/19/16 PLUMgrid - - - - 12/14/16 Abakus - - - - 06/13/16 Arkin Net - - - - 09/28/16 PLAT.ONE - - - - 10/14/15 Boxer - - - - 09/27/16 Altiscale - - - - 02/03/15 Immidio - - - -

continued Note: “Known acquired value” includes only transactions for which data was publicly available

16 M&A Activity Most Active Strategic Software Acquirers continued

2014 – 3Q 2019 ($ millions)

Consideration Equity Enterprise Broadcom Announced Target % Cash % Stock Value Value

VMare (continued) 10/29/14 Continuent (assets) - - - - Cisco 08/20/14 CloudVolumes - - - - 08/04/14 Virtual System (cloud migration assets) - - - - 03/06/14 Third Sky - - - - 01/22/14 AirWatch 76% 24% - $1,540 Dell

IBM

Intel

Intuit

Microsoft

Oracle

Salesforce

SAP

Symantec

VMware

Note: “Known acquired value” includes only transactions for which data was publicly available

17 Public Equity Market Valuations LTM Relative Performance of Shea & Company Software Indices

75% 350% 1 Year Relative Performance 300% 3 Year Relative Performance

250%

200% NASDAQ

150% 50% Large Cap Software [a] 100% High Growth Software [b] 55% 50%

0% High Profitability Software [c]

-50% Small Cap Software [d] -100% 25% Sep-16 Sep-17 Sep-18 Sep-19

12% 8% 0% -1%

-25%

-33%

-50% Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High

16x 30x 100% 89% CY19E 25.8x 88% 14x 90% 25x 76% CY20E 21.0x 80% 72% 12x 10.6x 10.0x 70% 20x 18.3x 10x 15.4x 60% 51% 7.6x 14.8x 8x 7.0x 15x 12.9x 50% 10.7x 10.3x 9.6x 40% 6x 4.6x 4.3x 3.8x 3.7x 10x 8.0x 30% 4x 20% 5x 2x 0.9x 0.9x 10% 0x 0x 0% Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Large Cap High Growth High Highly Small Cap Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Profitability Acquisitive Software Software Software Software Software Software Software Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research [a] Large Cap Software includes: MSFT, ORCL, INTC, CSCO, IBM, SAP, HPE [b] High Growth Software includes: ZG, ZM, ESTC, SMAR, SHOP, AYX, CDLX, TWLO, FIS, PLAN, OKTA, ZEN, YEXT, PS, MDB, ZS, NOW, COUP, PD, XRO, NTNX, EVBG, TEAM, APPF, VERI, DOCU, AVLR [c] High Profitability Software includes: RMV, VRSN, MSCI, AZPN, CHKP, SWI, ORCL, ANSS, ADBE, INTC, SYMC, MSFT, PAYC, FIS, AKAM, JCOM, PAYX, MCRO, QLYS, PRGS, VEEV, SWX:TEMN, SSNC, VMW, FISV, OTEX, DSGX, UPLD, SAP, FFIV, CSGP, CSCO, DSY, CDNS, INTU, ROP [d] Small Cap Software includes: AXW, SNCR, DHX, ASUR, CYRN, SREV, VERI, NTWK, BOXL, MRIN, TSX:NXJ Highly Acquisitive Software includes: DHR, ROP, TSX:CSU, SSNC, OTEX, MCRO, JCOM, EPAY, TSX:DSG, TSX:ENGH, UPLD, ASUR

18 Public Equity Market Valuations Price Performance and Valuation Metrics by Segment

14x CY19E CY20E

12x Median CY19E Median CY20E 10.6x 10.0x 10.1x 10.0x 10x 8.8x 8.2x 8.0x 7.8x 7.4x 7.4x 7.6x 8x 7.2x 7.0x 7.0x 7.0x 7.0x 6.7x 6.5x 6.4x 6.5x 6.4x 6.0x 6.2x 5.3x 5.3x 5.4x 4.6x 6x 5.0x 4.7x 4.3x

3.6x 3.7x 3.6x 3.6x 4x 3.1x 3.2x 2.4x 2.3x 2x 0.9x 0.8x 0.9x 0.9x

0x Median Median Revenue EV /

45x

40x

35x 32.3x 30.7x 30.1x 28.2x 30x 26.6x 25.6x 25.8x 25.3x 22.5x 22.5x 22.3x 25x 21.7x 21.8x 21.2x 21.3x 21.0x 20.2x 19.5x 19.5x 20.1x 17.9x 19.6x 18.3x 20x 15.6x 15.0x 16.3x 14.6x 18.1x 15.9x 15.4x 14.8x 13.0x 12.9x 15x 11.8x 10.2x 9.7x 9.9x 9.3x 9.6x 9.0x 8.3x 10x 8.0x

0x Median Median EBITDA EV /

100% 93% 88% 88% 87% 85% 85% 90% 84% 84% 79% 79% 82% 84% 75% 80% 72% 72% 76% 76% 69% 64% 70% 60% 60% 51% 50% 40% 30% 20% 10% 0% Comm. Tech. HCM Financial Vertical eCommerce ERP & Sales & IT DevOps & IT BI Global App Storage Network High High SaaS Highly Small Cap

Median Median High 52 Week of% & Apps Apps & Supply General Marketing Ops. DevTools Security Diversified Delivery & Mgmt Infra. Growth Profitability Acquisitive Embedded Chain Business Apps Mgmt Network Apps Mgmt Apps Acceleration

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

19 Public Equity Market Valuations Equity Trading Multiples by Growth Tranche

Market Valuations of Publicly Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

EV / Revenue EV / EBITDA 12x Revenue Current Year Forward Year Current Year Forward Year > 25% Growth Date Mean Median Mean Median Mean Median Mean Median 10x 15% - 25% < 5% Q3 2019 3.3 x 2.3 x 3.2 x 2.3 x 13.1 x 10.7 x 12.6 x 10.2 x Q2 2019 3.2 3.1 3.7 3.1 12.8 10.6 12.4 10.3 5% - 15% Q1 2019 3.8 3.5 3.6 3.3 12.1 10.5 11.6 10.4 8x Q4 2018 3.3 2.9 3.2 2.9 12.9 9.6 12.5 9.4 < 5% Q3 2018 3.5 2.6 3.4 2.6 13.0 10.8 12.0 10.4 Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5 6x Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5 Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4 Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2 4x Q2 2017 3.2 3.1 3.1 3.0 11.6 11.0 12.3 10.5 Q1 2017 2.9 3.0 2.9 2.9 10.6 10.5 9.9 9.5 2x Q4 2016 2.8 2.4 2.7 2.4 12.4 10.1 12.0 10.6 5% - 15% Q3 2019 5.1 x 4.6 x 4.7 x 4.1 x 19.9 x 20.0 x 17.5 x 17.5 x Q2 2019 5.4 4.7 4.9 4.3 20.5 19.6 18.2 17.2 - Q1 2019 5.3 4.6 4.8 4.3 21.0 20.1 18.1 17.6 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 4.7 4.2 4.3 3.9 21.2 19.9 18.9 17.7 Q3 2018 5.5 5.1 5.0 4.8 24.3 23.7 21.4 20.4 2016 2017 2018 2019 Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0 Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4 Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8 Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2 Q2 2017 4.1 3.8 3.7 3.5 17.8 16.3 16.6 14.5 Q1 2017 3.8 3.8 3.5 3.4 17.3 15.7 15.2 14.1 Forward Year Median EV / EBITDA by Growth Tranche Q4 2016 3.9 3.4 3.5 3.1 17.3 16.7 15.5 14.9 15% - 25% Q3 2019 8.1 x 7.6 x 6.8 x 6.5 x 29.4 x 27.8 x 27.3 x 25.4 x 50x Q2 2019 7.7 7.8 6.6 6.4 30.6 28.4 28.2 26.7 > 25% Q1 2019 7.5 7.6 6.3 6.3 30.7 29.9 27.0 25.5 Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7 15% - 25% Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5 40x Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5 5% - 15% Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0 Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4 30x < 5% Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3 Q2 2017 5.4 5.6 4.5 4.6 28.6 25.9 22.9 22.1 Q1 2017 4.7 4.8 3.9 4.1 24.8 23.7 20.6 20.1 Q4 2016 4.5 4.5 3.8 3.8 23.5 21.6 19.4 17.5 20x > 25% Q3 2019 10.0 x 10.6 x 9.3 x 10.0 x 29.8 x 21.0 x 28.2 x 25.8 x Q2 2019 11.1 12.6 10.6 11.2 nm nm 41.0 39.6 Q1 2019 11.0 12.5 9.4 10.0 46.9 46.9 35.3 35.5 10x Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7 Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2 Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7 Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 33.7 32.0 - Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 29.0 35.6 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 31.7 34.8 Q2 2017 7.1 7.3 5.5 5.8 28.0 27.8 29.0 34.5 2016 2017 2018 2019 Q1 2017 6.4 6.5 5.0 4.9 39.2 39.2 25.1 34.9 Q4 2016 6.3 6.1 4.9 4.7 25.2 24.2 21.4 20.9

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

20 Public Equity Market Valuations Price Performance and Valuation Metrics of Selected Software Bellwethers

16x 13.6x CY19E CY20E 14x 12.0x Median CY19E Median CY20E 12x 10.6x 10.7x 10.2x 9.5x 10x 8.7x 8.5x 7.7x 7.4x 8x 6.2x 6.3x 6.1x 5.8x 5.7x 4.9x 5.0x 4.4x 4.2x 6x 5.4x 5.1x 5.0x 5.1x 4.6x

3.6x 3.6x 4x 3.5x 3.5x 3.3x 3.1x

0x EV / Revenue EV /

60x CY19E CY20E

49.1x Median CY19E Median CY20E 50x 44.8x 41.1x 40x 36.7x 32.4x 29.0x 28.2x 30x 26.6x 26.7x 23.4x 24.3x 24.3x 22.2x 20.4x 20.1x 16.3x 20x 15.0x 13.0x 13.7x 12.7x 11.8x 10.9x 10.8x 12.1x 11.9x 8.3x 7.9x 7.8x 10x 7.5x

nm 0x EV / EBITDA EV /

120%

98% 100% 90% 91% 91% 88% 89% 86% 86% 84% 75% 82% 78% 80% 73% 64% 65% 60%

40%

20%

0% now adbe wday INTU crm splk vmw panw akam orcl upld ctxs symc intc feye % of 52 High 52 Week of%

21 Public Equity Market Valuations Equity Trading Multiples by Segment

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue E BITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Global Diversified Network Acceleration Microsoft $ 139.03 $ 1,061,551 $ 1,014,174 $ 132,459 $ 147,484 11% 7.7x 6.9x $ 57,744 44% $ 64,505 44% 17.6x 15.7x 27.7x 25.3x Intel 51.53 228,278 245,753 69,419 70,984 2% 3.5x 3.5x 31,357 45% 32,781 46% 7.8x 7.5x 11.8x 11.6x Business Intelligence Cisco Systems 49.41 209,760 201,014 52,266 53,888 3% 3.8x 3.7x 18,844 36% 19,426 36% 10.7x 10.3x 15.3x 14.3x Oracle 55.03 180,637 202,295 39,626 40,598 2% 5.1x 5.0x 18,612 47% 18,746 46% 10.9x 10.8x 14.8x 13.5x Communications SAP 117.63 140,411 151,719 29,879 32,154 8% 5.1x 4.7x 10,928 37% 11,666 36% 13.9x 13.0x 22.2x 19.8x IBM 145.42 128,824 160,982 77,888 80,916 4% 2.1x 2.0x 17,820 23% 19,293 24% 9.0x 8.3x 11.4x 10.8x eCommerce & Supply HP Enterprise 15.17 19,806 28,852 29,118 29,573 2% 1.0x 1.0x 5,252 18% 5,186 18% 5.5x 5.6x 8.7x 8.5x Chain Management Micro Focus 13.98 4,650 6,547 3,403 3,231 -5% 1.9x 2.0x 1,363 40% 1,348 42% 4.8x 4.9x 7.5x 5.9x ERP & General Mean $246,740 $251,417 $54,257 $57,353 3% 3.8x 3.6x $20,240 36% $21,619 36% 10.0x 9.5x 14.9x 13.7x Business Applications Median 160,524 180,998 45,946 47,243 3% 3.7x 3.6x 18,216 38% 19,020 39% 9.9x 9.3x 13.3x 12.6x Financial Applications Application Delivery & Network Acceleration Akamai Technologies $ 91.38 $ 15,076 $ 15,322 $ 2,860 $ 3,059 7% 5.4x 5.0x $ 1,180 41% $ 1,294 42% 13.0x 11.8x 21.3x 19.4x Human Capital Citrix Systems 96.52 12,635 13,061 2,993 3,133 5% 4.4x 4.2x 1,027 34% 1,096 35% 12.7x 11.9x 17.6x 15.7x Management F5 Networks 140.42 8,443 7,457 2,257 2,356 4% 3.3x 3.2x 823 36% 880 37% 9.1x 8.5x 13.9x 13.2x IT Operations Fastly 24.00 2,243 2,048 193 251 30% 10.6x 8.2x (23) -12% (24) -9% nm nm nm nm Management Radware 24.26 1,138 904 254 278 10% 3.6x 3.2x 38 15% 49 18% 23.8x 18.5x 32.7x 27.0x A10 Networks 6.94 531 417 204 212 4% 2.0x 2.0x n/a n/a n/a n/a n/a n/a nm 40.8x IT Security Limelight Networks 3.03 352 326 198 221 12% 1.6x 1.5x 18 9% 30 14% 18.1x 10.8x nm 38.7x Mean $5,774 $5,648 $1,280 $1,359 10% 4.4x 3.9x $511 21% $554 23% 15.3x 12.3x 21.4x 25.8x Network Median 2,243 2,048 254 278 7% 3.6x 3.2x 431 25% 465 26% 13.0x 11.8x 19.4x 23.2x Infrastructure

DevOps and Software Business Intelligence Development Tools Alteryx $ 107.43 $ 6,747 $ 6,626 $ 374 $ 500 34% 17.7x 13.3x $ 44 12% $ 73 15% nm nm nm nm Inovalon 16.39 2,528 3,451 641 696 9% 5.4x 5.0x 206 32% 229 33% 16.8x 15.1x 34.5x 29.1x Sales & Marketing Applications Cloudera 8.86 2,478 2,285 770 858 11% 3.0x 2.7x 15 2% 50 6% nm 46.1x nm nm MicroStrategy 148.37 1,519 1,062 489 523 7% 2.2x 2.0x 42 8% 50 10% 25.6x 21.3x 57.1x 48.5x Storage Management Talend 33.98 1,041 1,040 247 299 21% 4.2x 3.5x (21) -8% (7) -2% nm nm nm nm Domo 15.98 440 405 168 190 13% 2.4x 2.1x (92) -54% (52) -28% nm nm nm nm Technical & Mean $2,459 $2,478 $ 448 $ 511 16% 5.8x 4.8x $32 -1% $57 6% 21.2x 27.5x 45.8x 38.8x Embedded Apps Median 1,998 1,673 432 511 12% 3.6x 3.1x 28 5% 50 8% 21.2x 21.3x 45.8x 38.8x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

Notes: [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

22 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Communications Network Acceleration Zoom $ 76.20 $ 20,845 $ 20,143 $ 592 $ 832 41% nm nm $ 75 13% $ 87 10% nm nm nm nm Twilio 109.96 14,942 13,685 1,118 1,484 33% 12.2x 9.2x 80 7% 121 8% nm nm nm nm Business Intelligence Slack 23.73 12,911 12,137 609 848 39% 19.9x 14.3x (154) -25% (122) -14% nm nm nm nm RingCentral 125.66 10,426 10,273 875 1,077 23% 11.7x 9.5x 112 13% 142 13% nm nm nm nm Communications Amdocs 66.11 8,984 8,568 4,116 4,270 4% 2.1x 2.0x 853 21% 881 21% 10.0x 9.7x 14.9x 14.2x Five9 53.74 3,259 3,174 314 367 17% 10.1x 8.6x 55 17% 69 19% nm 46.2x 75.3x 63.6x eCommerce & Supply Verint Systems 42.78 2,856 3,369 1,371 1,484 8% 2.5x 2.3x 328 24% 378 25% 10.3x 8.9x 11.8x 10.5x Chain Management Everbridge 61.71 2,071 1,946 199 252 27% 9.8x 7.7x 5 2% 13 5% nm nm nm nm ERP & General Bandwidth 65.11 1,523 1,327 235 281 19% 5.6x 4.7x (6) -3% (2) -1% nm nm nm nm Business Applications Mean $8,646 $8,291 $1,048 $1,211 23% 9.2x 7.3x $150 8% $174 10% 10.2x 21.6x 34.0x 29.4x Median 8,984 8,568 609 848 23% 10.0x 8.2x 75 13% 87 10% 10.2x 9.7x 14.9x 14.2x Financial Applications

eCommerce & Supply Chain Management Human Capital Management Shopify $ 311.66 $ 35,943 $ 34,044 $ 1,539 $ 2,065 34% nm 16.5x $ 61 4% $ 108 5% nm nm nm nm Manhattan Associates 80.67 5,189 5,112 601 631 5% 8.5x 8.1x 135 22% 146 23% 38.0x 34.9x 54.6x 51.3x IT Operations Descartes Systems 40.31 3,398 3,407 326 361 11% 10.4x 9.4x 122 37% 138 38% 27.9x 24.8x 29.7x 26.1x Management SPS Commerce 47.07 1,642 1,464 278 304 10% 5.3x 4.8x 68 24% 79 26% 21.6x 18.6x 40.3x 36.2x American Software 15.02 471 388 110 115 5% 3.5x 3.4x 15 13% 18 16% 26.6x 21.7x 50.9x 41.2x IT Security ChannelAdvisor 9.33 262 231 130 136 5% 1.8x 1.7x 18 14% 22 16% 13.1x 10.6x 22.4x 17.2x Network Mean $7,818 $7,441 $497 $602 11% 5.9x 7.3x $70 19% $85 21% 25.4x 22.1x 39.6x 34.4x Infrastructure Median 2,520 2,436 302 332 7% 5.3x 6.5x 64 18% 94 20% 26.6x 21.7x 40.3x 36.2x DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

23 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

24 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Financial Applications Network Acceleration FIS $ 132.76 $ 81,441 $ 90,360 $ 10,291 $ 13,527 31% 8.8x 6.7x $ 4,295 42% $ 6,077 45% 21.0x 14.9x 24.6x 20.9x Fiserv 103.59 70,409 76,125 10,391 16,226 56% 7.3x 4.7x 3,927 38% 6,039 37% 19.4x 12.6x 26.8x 22.0x Business Intelligence Intuit 265.94 69,164 66,860 7,056 7,835 11% 9.5x 8.5x 2,502 35% 2,857 36% 26.7x 23.4x 38.8x 34.2x MSCI 217.75 18,443 20,437 1,543 1,676 9% 13.2x 12.2x 833 54% 920 55% 24.5x 22.2x 34.7x 30.5x Communications SS&C Technologies 51.57 13,086 21,197 4,604 4,767 4% 4.6x 4.4x 1,801 39% 1,912 40% 11.8x 11.1x 14.1x 13.0x Temenos Group 167.38 11,846 12,395 1,010 1,238 23% 12.3x 10.0x 397 39% 476 38% 31.2x 26.1x 47.3x 40.2x eCommerce & Supply Jack Henry 145.97 11,240 11,146 1,605 1,715 7% 6.9x 6.5x 517 32% 559 33% 21.6x 19.9x 41.6x 38.0x Chain Management Fair Isaac 303.52 8,771 9,514 1,170 1,276 9% 8.1x 7.5x 362 31% 408 32% 26.3x 23.3x 39.7x 35.7x ERP & General Coupa Software 129.57 8,143 8,089 372 478 29% nm 16.9x 38 10% 66 14% nm nm nm nm Business Applications Xero 42.01 5,922 5,910 427 543 27% 13.8x 10.9x 82 19% 122 22% nm 48.5x nm nm Avalara 67.29 5,080 4,638 365 456 25% 12.7x 10.2x (2) 0% 21 5% nm nm nm nm Financial Applications Q2 Holdings 78.87 3,757 3,586 314 384 22% 11.4x 9.3x 20 6% 38 10% nm nm nm nm SimCorp 87.83 3,478 3,478 493 536 9% 7.1x 6.5x 151 31% 164 31% 23.0x 21.2x 33.8x 31.2x Human Capital Envestnet 56.70 2,959 3,584 897 1,034 15% 4.0x 3.5x 192 21% 235 23% 18.7x 15.2x 26.8x 22.1x Management BlackLine 47.81 2,645 2,521 283 342 21% 8.9x 7.4x 24 8% 34 10% nm nm nm nm IT Operations Bottomline Technologies 39.35 1,726 1,738 430 469 9% 4.0x 3.7x 98 23% 111 24% 17.7x 15.6x 30.5x 26.6x Management Zuora 15.05 1,690 1,528 276 327 18% 5.5x 4.7x (34) -12% (24) -7% nm nm nm nm IRESS 7.81 1,347 1,519 342 374 10% 4.4x 4.1x 88 26% 98 26% 17.2x 15.4x 26.9x 23.5x IT Security Ebix 42.10 1,284 2,029 592 711 20% 3.4x 2.9x 205 35% 216 30% 9.9x 9.4x 10.5x 8.5x Asseco Poland 12.74 1,057 1,781 2,574 2,661 3% 0.7x 0.7x 383 15% 391 15% 4.7x 4.6x 12.3x 11.9x Network Model N 27.76 908 899 142 157 10% 6.3x 5.7x 12 9% 16 10% nm nm nm 92.7x Infrastructure Mean $15,447 $16,635 $2,151 $2,702 18% 7.7x 7.0x $757 24% $987 25% 19.5x 18.9x 29.2x 30.1x DevOps and Software Median 5,080 4,638 592 711 15% 7.2x 6.5x 192 26% 216 26% 20.2x 15.6x 28.7x 26.6x Development Tools

Human Capital Management Sales & Marketing Applications Automatic Data Processing $ 161.42 $ 70,008 $ 70,312 $ 14,564 $ 15,530 7% 4.8x 4.5x $ 3,650 25% $ 4,011 26% 19.3x 17.5x 28.1x 24.8x Workday 169.96 38,751 38,367 3,593 4,426 23% 10.7x 8.7x 716 20% 934 21% nm 41.1x nm 76.7x Storage Management Paychex 82.77 29,643 29,727 4,030 4,250 5% 7.4x 7.0x 1,628 40% 1,769 42% 18.3x 16.8x 28.5x 25.7x Paycom Software 209.49 12,077 12,043 729 900 23% 16.5x 13.4x 307 42% 377 42% 39.3x 32.0x 61.7x 49.8x Technical & Ceridian HCM 49.37 7,092 7,570 814 917 13% 9.3x 8.3x 186 23% 222 24% 40.7x 34.2x nm 71.4x Embedded Apps Paylocity 97.58 5,180 5,018 514 615 20% 9.8x 8.2x 146 28% 177 29% 34.4x 28.3x 64.7x 54.1x Cornerstone OnDemand 54.82 3,327 3,301 570 649 14% 5.8x 5.1x 123 22% 163 25% 26.9x 20.2x 52.5x 36.8x Vertical Applications Pluralsight 16.80 1,700 1,757 314 409 30% 5.6x 4.3x (53) -17% (36) -9% nm nm nm nm Benefitfocus 23.81 779 917 296 343 16% 3.1x 2.7x 13 4% 27 8% nm 34.5x nm nm Software-as-a-Service Mean $18,728 $18,779 $2,825 $3,115 17% 8.1x 6.9x $746 21% $849 23% 29.8x 28.1x 47.1x 48.5x Median 7,092 7,570 729 900 16% 7.4x 7.0x 186 23% 222 25% 30.7x 30.1x 52.5x 49.8x Small Cap

Highly Acquisitive

High Growth

High Profitability Notes: [a] Wall Street consensus estimates [b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful Sources: Company releases, Wall Street research

25 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & IT Operations Management Network Acceleration VMware $ 150.06 $ 61,319 $ 63,352 $ 10,029 $ 11,042 10% 6.3x 5.7x $ 3,878 39% $ 4,228 38% 16.3x 15.0x 22.9x 20.6x ServiceNow 253.85 47,587 47,041 3,456 4,443 29% 13.6x 10.6x 958 28% 1,283 29% 49.1x 36.7x 78.8x 59.3x Business Intelligence Splunk 117.86 17,838 17,168 2,315 2,818 22% 7.4x 6.1x 383 17% 530 19% 44.8x 32.4x 61.8x 49.5x OpenText 40.81 10,986 12,662 2,938 3,014 3% 4.3x 4.2x 1,109 38% 1,189 39% 11.4x 10.7x 14.6x 13.8x Communications Datadog 33.91 9,950 10,087 330 468 42% nm nm (30) -9% (31) -7% nm nm nm nm Elastic 82.34 6,304 6,021 373 518 39% 16.2x 11.6x (67) -18% (94) -18% nm nm nm nm eCommerce & Supply SolarWinds 18.45 5,659 7,423 944 1,058 12% 7.9x 7.0x 448 47% 510 48% 16.6x 14.6x 22.6x 19.9x Chain Management LogMeIn 70.96 3,508 3,708 1,260 1,323 5% 2.9x 2.8x 412 33% 398 30% 9.0x 9.3x 14.0x 14.4x ERP & General PagerDuty 28.25 2,155 1,814 164 209 28% 11.1x 8.7x (24) -14% (15) -7% nm nm nm nm Business Applications Netscout Systems 23.06 1,749 1,893 881 920 4% 2.1x 2.1x n/a n/a n/a n/a n/a n/a 15.4x 14.5x MobileIron 6.55 719 635 210 232 11% 3.0x 2.7x (1) 0% 12 5% nm nm nm 95.8x Financial Applications Magic Software 9.19 449 409 311 328 6% 1.3x 1.2x n/a n/a n/a n/a n/a n/a 15.5x 14.0x Comarch 43.55 354 360 381 411 8% 0.9x 0.9x 56 15% 55 13% 6.4x 6.5x 16.3x 13.4x Human Capital Mean $12,968 $13,275 $1,815 $2,060 17% 6.4x 5.3x $648 16% $733 17% 21.9x 17.9x 29.1x 31.5x Management Median 5,659 6,021 881 920 11% 5.3x 5.0x 383 17% 398 19% 16.3x 14.6x 16.3x 17.2x IT Operations Management

IT Security

Network Infrastructure

DevOps and Software Development Tools

Sales & Marketing Applications

Storage Management

Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

26 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & IT Security Network Acceleration Verisign $ 188.63 $ 22,328 $ 22,899 $ 1,233 $ 1,296 5% 18.6x 17.7x $ 875 71% $ 927 72% 26.2x 24.7x 35.4x 33.3x Palo Alto Networks 203.83 19,770 18,396 3,147 3,789 20% 5.8x 4.9x 757 24% 903 24% 24.3x 20.4x 39.8x 36.1x Business Intelligence Check Point 109.50 16,670 15,055 1,994 2,055 3% 7.5x 7.3x 1,028 52% 1,070 52% 14.6x 14.1x 18.1x 17.0x Symantec 23.63 14,604 17,576 4,846 4,930 2% 3.6x 3.6x 2,118 44% 2,236 45% 8.3x 7.9x 13.9x 12.8x Communications Crowdstrike 58.31 13,175 12,348 412 590 43% nm nm (119) -29% (67) -11% nm nm nm nm Fortinet 76.76 13,125 11,333 2,114 2,399 14% 5.4x 4.7x 558 26% 649 27% 20.3x 17.5x 34.1x 30.9x eCommerce & Supply Okta 98.46 11,495 11,377 563 736 31% nm 15.5x (48) -9% (11) -2% nm nm nm nm Chain Management Proofpoint 129.05 7,236 7,110 880 1,056 20% 8.1x 6.7x 145 16% 193 18% 49.0x 36.8x 79.1x 60.6x ERP & General Trend Micro 47.55 6,608 5,128 1,530 1,604 5% 3.4x 3.2x 494 32% 515 32% 10.4x 10.0x 25.0x 23.6x Business Applications Zscaler 47.26 6,024 5,659 352 455 29% 16.1x 12.4x 31 9% 41 9% nm nm nm nm Cloudflare 18.57 5,447 5,662 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm Financial Applications CyberArk 99.82 3,767 3,269 422 502 19% 7.7x 6.5x 117 28% 140 28% 27.8x 23.3x 43.6x 38.1x Qualys 75.57 2,965 2,706 322 372 15% 8.4x 7.3x 129 40% 149 40% 21.0x 18.1x 36.6x 33.0x Human Capital Blackberry 5.24 2,875 2,822 1,062 1,174 11% 2.7x 2.4x 141 13% 162 14% 20.0x 17.5x 38.2x 39.4x Management FireEye 13.34 2,820 2,912 871 941 8% 3.3x 3.1x 103 12% 145 15% 28.2x 20.1x nm 80.9x IT Operations Sophos 4.93 2,400 2,521 685 810 18% 3.7x 3.1x 112 16% 129 16% 22.5x 19.5x 34.7x 32.0x Management Rapid7 45.39 2,217 2,229 320 394 23% 7.0x 5.7x 11 3% 30 8% nm nm nm nm Mimecast 35.67 2,203 2,254 400 484 21% 5.6x 4.7x 66 17% 89 18% 34.0x 25.3x 92.5x 57.5x IT Security Tenable 22.38 2,168 1,882 349 433 24% 5.4x 4.3x (42) -12% (33) -8% nm nm nm nm Carbon Black 0.00 1,946 1,815 244 286 17% 7.4x 6.3x (36) -15% (25) -9% nm nm nm nm Network Varonis Systems 59.78 1,813 1,732 257 273 6% 6.7x 6.3x (21) -8% (9) -3% nm nm nm nm Infrastructure ForeScout Technologies 37.92 1,752 1,689 371 449 21% 4.5x 3.8x (5) -1% 20 4% nm nm nm nm DevOps and Software SailPoint 18.69 1,666 1,615 280 325 16% 5.8x 5.0x 23 8% 37 11% nm 43.3x nm 70.3x Development Tools Ping Identity 17.25 1,339 1,499 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm Secureworks 12.93 1,050 963 543 578 7% 1.8x 1.7x 4 1% 12 2% nm nm nm nm Sales & Marketing OneSpan 14.50 581 516 233 254 9% 2.2x 2.0x 22 9% 34 14% 23.8x 15.0x 43.2x 23.0x Applications Tufin 16.46 560 455 109 134 24% 4.2x 3.4x (7) -6% (6) -4% nm nm nm nm F-Secure 3.04 480 503 241 262 9% 2.1x 1.9x 34 14% 34 13% 14.9x 14.6x 93.0x 34.9x Storage Management ZixCorp 7.24 389 673 172 206 20% 3.9x 3.3x 41 24% 53 26% 16.5x 12.7x 18.9x 13.7x Technical & Mean $5,844 $5,676 $887 $992 16% 6.0x 5.6x $242 14% $275 17% 22.6x 20.0x 43.1x 37.5x Embedded Apps Median 2,820 2,706 412 502 17% 5.4x 4.7x 41 13% 53 14% 21.8x 18.1x 36.6x 33.3x Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

27 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Network Infrastructure Network Acceleration Juniper Networks $ 24.75 $ 8,559 $ 7,751 $ 4,470 $ 4,621 3% 1.7x 1.7x $ 973 22% $ 1,030 22% 8.0x 7.5x 14.6x 12.9x Presidio 16.90 1,406 2,322 3,063 3,139 2% 0.8x 0.7x 232 8% 254 8% 10.0x 9.1x 11.0x 10.1x Business Intelligence Extreme Networks 7.28 883 892 1,035 1,140 10% 0.9x 0.8x n/a n/a n/a n/a n/a n/a 23.7x 8.4x Mean $3,616 $3,655 $2,856 $2,967 5% 1.1x 1.1x $603 15% $642 15% 9.0x 8.3x 16.4x 10.5x Communications Median 1,406 2,322 3,063 3,139 3% 0.9x 0.8x 603 15% 642 15% 9.0x 8.3x 14.6x 10.1x eCommerce & Supply Chain Management DevOps and Software Development Tools Atlassian $ 125.44 $ 30,470 $ 29,610 $ 1,377 $ 1,742 27% nm 17.0x $ 338 25% $ 440 25% nm nm nm nm ERP & General MongoDB 120.48 6,785 6,651 394 510 29% 16.9x 13.0x (50) -13% (35) -7% nm nm nm nm Business Applications Pegasystems 68.05 5,385 5,299 925 1,028 11% 5.7x 5.2x 38 4% 69 7% nm nm nm nm Dynatrace 18.67 5,236 6,660 500 612 22% 13.3x 10.9x n/a n/a 152 25% n/a 43.7x nm 69.8x Financial Applications New Relic 61.45 3,589 3,305 567 676 19% 5.8x 4.9x 82 14% 102 15% 40.3x 32.3x nm 89.6x Appian 47.50 3,169 3,091 261 305 17% 11.8x 10.1x (27) -10% (15) -5% nm nm nm nm Human Capital Progress Software 38.06 1,702 1,853 427 437 2% 4.3x 4.2x 169 40% 183 42% 11.0x 10.1x 14.4x 13.4x Management Mean $8,048 $8,067 $636 $759 18% 9.7x 9.3x $92 10% $128 15% 25.6x 28.7x 14.4x 57.6x IT Operations Median 5,236 5,299 500 612 19% 8.8x 10.1x 60 9% 102 15% 25.6x 32.3x nm 69.8x Management

Sales & Marketing Applications IT Security Adobe $ 276.25 $ 133,727 $ 134,213 $ 11,154 $ 13,136 18% 12.0x 10.2x $ 5,039 45% $ 6,057 46% 26.6x 22.2x 35.2x 28.4x Hubspot 151.61 6,443 6,068 665 824 24% 9.1x 7.4x 84 13% 114 14% nm nm nm 89.0x Network Infrastructure Teradata 31.00 3,537 3,563 1,978 2,031 3% 1.8x 1.8x 390 20% 459 23% 9.1x 7.8x 20.9x 14.9x Medallia 27.43 3,500 3,082 387 467 21% 8.0x 6.6x 5 1% 18 4% nm nm nm nm DevOps and Software SurveyMonkey 17.10 2,276 2,427 306 371 21% 7.9x 6.5x 35 12% 47 13% nm nm nm nm Development Tools LivePerson 35.70 2,243 2,212 291 349 20% 7.6x 6.3x 2 1% 23 7% nm nm nm nm Sales & Marketing Yext 15.89 1,792 1,633 301 392 30% 5.4x 4.2x (40) -13% (28) -7% nm nm nm nm Applications Cardlytics 33.52 816 820 190 254 33% 4.3x 3.2x (4) -2% 11 4% nm nm nm nm Mean $19,292 $19,252 $1,909 $2,228 21% 7.0x 5.8x $689 9% $838 13% 17.9x 15.0x 28.1x 44.1x Storage Management Median 2,888 2,755 346 429 21% 7.8x 6.4x 20 6% 35 10% 17.9x 15.0x 28.1x 28.4x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

28 Public Equity Market Valuations Equity Trading Multiples by Segment continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Storage Management Network Acceleration NetApp $ 52.51 $ 12,493 $ 10,679 $ 5,679 $ 5,863 3% 1.9x 1.8x $ 1,325 23% $ 1,491 25% 8.1x 7.2x 13.2x 11.6x Dropbox 20.17 8,338 8,233 1,652 1,895 15% 5.0x 4.3x 374 23% 471 25% 22.0x 17.5x 46.1x 35.3x Business Intelligence Nutanix 26.25 4,957 4,508 1,230 1,563 27% 3.7x 2.9x (394) -32% (451) -29% nm nm nm nm Pure Storage 16.94 4,340 3,741 1,675 2,019 21% 2.2x 1.9x 136 8% 225 11% 27.4x 16.7x 74.1x 41.6x Communications Box 16.56 2,447 2,644 691 778 13% 3.8x 3.4x 53 8% 98 13% 49.5x 26.9x nm 69.4x CommVault Systems 44.71 2,020 1,588 679 694 2% 2.3x 2.3x 93 14% 106 15% 17.2x 15.0x 31.8x 28.8x eCommerce & Supply Carbonite 15.49 537 1,107 463 533 15% 2.4x 2.1x 134 29% 153 29% 8.2x 7.2x 8.0x 7.2x Chain Management

Mean $5,019 $4,643 $1,724 $1,906 14% 3.0x 2.7x $246 10% $299 13% 22.1x 15.1x 34.6x 32.3x ERP & General Median 4,340 3,741 1,230 1,563 15% 2.4x 2.3x 134 14% 153 15% 19.6x 15.9x 31.8x 32.0x Business Applications

Technical & Embedded Applications Financial Applications Dassault Systemes $ 142.57 $ 37,016 $ 34,796 $ 4,329 $ 4,800 11% 8.0x 7.2x $ 1,549 36% $ 1,740 36% 22.5x 20.0x 36.7x 32.9x Autodesk 147.70 32,433 33,598 3,256 3,958 22% 10.3x 8.5x 862 26% 1,358 34% 39.0x 24.7x 53.6x 32.8x Human Capital Synopsys 137.25 20,627 20,088 3,409 3,670 8% 5.9x 5.5x 960 28% 1,045 28% 20.9x 19.2x 29.4x 26.2x Management ANSYS 221.36 18,617 18,092 1,490 1,643 10% 12.1x 11.0x 679 46% 763 46% 26.6x 23.7x 35.6x 32.7x IT Operations Cadence Design 66.08 18,513 18,346 2,327 2,488 7% 7.9x 7.4x 830 36% 862 35% 22.1x 21.3x 30.7x 28.7x Management Aspen Technology 123.08 8,415 8,563 603 623 3% 14.2x 13.8x 318 53% 311 50% 27.0x 27.5x 30.7x 31.9x Parametric Technology 68.18 7,853 8,251 1,316 1,520 15% 6.3x 5.4x 423 32% n/a n/a 19.5x n/a 39.4x 26.1x IT Security Mean $20,496 $20,248 $2,390 $2,672 11% 9.2x 8.4x $803 37% $1,013 38% 25.4x 22.7x 36.6x 30.2x Median 18,617 18,346 2,327 2,488 10% 8.0x 7.4x 830 36% 953 35% 22.5x 22.5x 35.6x 31.9x Network Infrastructure

Vertical Applications DevOps and Software Danaher $ 144.43 $ 103,609 $ 111,060 $ 20,766 $ 24,543 18% 5.3x 4.5x $ 4,994 24% $ 6,339 26% 22.2x 17.5x 30.1x 25.4x Development Tools Roper Industries 356.60 37,087 41,767 5,471 5,863 7% 7.6x 7.1x 1,932 35% 2,115 36% 21.6x 19.8x 27.2x 25.9x Sales & Marketing Veeva 152.69 22,596 21,186 1,065 1,267 19% 19.9x 16.7x 421 40% 495 39% nm 42.8x 71.9x 62.7x Applications Tyler Technologies 262.50 10,128 10,125 1,093 1,211 11% 9.3x 8.4x 305 28% 350 29% 33.2x 28.9x 49.5x 44.2x Guidewire Software 105.38 8,656 7,840 710 818 15% 11.0x 9.6x 143 20% 145 18% nm nm 99.1x 77.2x Storage Management RealPage 62.86 5,811 6,273 991 1,100 11% 6.3x 5.7x 282 28% 327 30% 22.3x 19.2x 35.8x 30.5x Blackbaud 90.34 4,328 4,975 896 940 5% 5.6x 5.3x 182 20% 189 20% 27.4x 26.3x 40.7x 37.4x Technical & Appfolio 95.14 3,239 3,272 254 321 26% 12.9x 10.2x 33 13% 53 17% nm nm nm nm Embedded Apps Sapiens 19.64 982 1,030 322 351 9% 3.2x 2.9x 54 17% 62 18% 19.0x 16.6x 26.8x 23.4x Majesco 8.44 363 336 145 172 19% 2.3x 2.0x 15 10% 21 12% 22.5x 15.9x nm nm Vertical Applications Mean $19,680 $20,786 $3,171 $3,659 14% 8.3x 7.2x $836 24% $1,010 24% 24.0x 23.4x 47.6x 40.8x Median 7,234 7,057 943 1,020 13% 7.0x 6.4x 232 22% 258 23% 22.3x 19.5x 38.3x 33.9x Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

29 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & Software-as-a-Service Network Acceleration Salesforce.com $ 148.44 $ 129,937 $ 130,327 $ 16,865 $ 20,931 24% 7.7x 6.2x $ 4,498 27% $ 5,353 26% 29.0x 24.3x 52.1x 47.7x ServiceNow 253.85 47,587 47,041 3,456 4,443 29% 13.6x 10.6x 958 28% 1,283 29% 49.1x 36.7x 78.8x 59.3x Business Intelligence Workday 169.96 38,751 38,367 3,593 4,426 23% 10.7x 8.7x 716 20% 934 21% nm 41.1x nm 76.7x Shopify 311.66 35,943 34,044 1,539 2,065 34% nm 16.5x 61 4% 108 5% nm nm nm nm Communications Atlassian 125.44 30,470 29,610 1,377 1,742 27% nm 17.0x 338 25% 440 25% nm nm nm nm Splunk 117.86 17,838 17,168 2,315 2,818 22% 7.4x 6.1x 383 17% 530 19% 44.8x 32.4x 61.8x 49.5x eCommerce & Supply Twilio 109.96 14,942 13,685 1,118 1,484 33% 12.2x 9.2x 80 7% 121 8% nm nm nm nm Chain Management Paycom Software 209.49 12,077 12,043 729 900 23% 16.5x 13.4x 307 42% 377 42% 39.3x 32.0x 61.7x 49.8x ERP & General RingCentral 125.66 10,426 10,273 875 1,077 23% 11.7x 9.5x 112 13% 142 13% nm nm nm nm Business Applications Zendesk 72.88 8,088 8,253 810 1,058 31% 10.2x 7.8x 53 7% 100 9% nm nm nm nm Hubspot 151.61 6,443 6,068 665 824 24% 9.1x 7.4x 84 13% 114 14% nm nm nm 89.0x Financial Applications RealPage 62.86 5,811 6,273 991 1,100 11% 6.3x 5.7x 282 28% 327 30% 22.3x 19.2x 35.8x 30.5x Paylocity 97.58 5,180 5,018 514 615 20% 9.8x 8.2x 146 28% 177 29% 34.4x 28.3x 64.7x 54.1x Human Capital Pure Storage 16.94 4,340 3,741 1,675 2,019 21% 2.2x 1.9x 136 8% 225 11% 27.4x 16.7x 74.1x 41.6x Management Q2 Holdings 78.87 3,757 3,586 314 384 22% 11.4x 9.3x 20 6% 38 10% nm nm nm nm IT Operations New Relic 61.45 3,589 3,305 567 676 19% 5.8x 4.9x 82 14% 102 15% 40.3x 32.3x nm 89.6x Management LogMeIn 70.96 3,508 3,708 1,260 1,323 5% 2.9x 2.8x 412 33% 398 30% 9.0x 9.3x 14.0x 14.4x Cornerstone OnDemand 54.82 3,327 3,301 570 649 14% 5.8x 5.1x 123 22% 163 25% 26.9x 20.2x 52.5x 36.8x IT Security Five9 53.74 3,259 3,174 314 367 17% 10.1x 8.6x 55 17% 69 19% nm 46.2x 75.3x 63.6x Appfolio 95.14 3,239 3,272 254 321 26% 12.9x 10.2x 33 13% 53 17% nm nm nm nm Network Envestnet 56.70 2,959 3,584 897 1,034 15% 4.0x 3.5x 192 21% 235 23% 18.7x 15.2x 26.8x 22.1x Infrastructure Box 16.56 2,447 2,644 691 778 13% 3.8x 3.4x 53 8% 98 13% 49.5x 26.9x nm 69.4x DevOps and Software Mimecast 35.67 2,203 2,254 400 484 21% 5.6x 4.7x 66 17% 89 18% 34.0x 25.3x 92.5x 57.5x Development Tools Everbridge 61.71 2,071 1,946 199 252 27% 9.8x 7.7x 5 2% 13 5% nm nm nm nm Workiva 43.83 2,020 1,923 291 338 16% 6.6x 5.7x (8) -3% (7) -2% nm nm nm nm Sales & Marketing Varonis Systems 59.78 1,813 1,732 257 273 6% 6.7x 6.3x (21) -8% (9) -3% nm nm nm nm Applications SPS Commerce 47.07 1,642 1,464 278 304 10% 5.3x 4.8x 68 24% 79 26% 21.6x 18.6x 40.3x 36.2x Talend 33.98 1,041 1,040 247 299 21% 4.2x 3.5x (21) -8% (7) -2% nm nm nm nm Storage Management Benefitfocus 23.81 779 917 296 343 16% 3.1x 2.7x 13 4% 27 8% nm 34.5x nm nm ZixCorp 7.24 389 673 172 206 20% 3.9x 3.3x 41 24% 53 26% 16.5x 12.7x 18.9x 13.7x Technical & Embedded Apps ChannelAdvisor 9.33 262 231 130 136 5% 1.8x 1.7x 18 14% 22 16% 13.1x 10.6x 22.4x 17.2x

Mean $13,101 $12,925 $1,408 $1,731 20% 7.6x 7.0x $299 15% $376 17% 29.7x 25.4x 51.4x 48.4x Vertical Applications Median 3,589 3,586 665 778 21% 6.7x 6.2x 80 14% 108 17% 28.2x 25.3x 52.5x 49.5x

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

30 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Highly Acquisitive IT Operations Danaher $ 144.43 $ 103,609 $ 111,060 $ 20,766 $ 24,543 18% 5.3x 4.5x $ 4,994 24% $ 6,339 26% 22.2x 17.5x 30.1x 25.4x Management Roper Industries 356.60 37,087 41,767 5,471 5,863 7% 7.6x 7.1x 1,932 35% 2,115 36% 21.6x 19.8x 27.2x 25.9x Constellation Software 999.48 21,180 21,520 3,496 4,061 16% 6.2x 5.3x 941 27% 1,115 27% 22.9x 19.3x 34.4x 27.0x IT Security SS&C Technologies 51.57 13,086 21,197 4,604 4,767 4% 4.6x 4.4x 1,801 39% 1,912 40% 11.8x 11.1x 14.1x 13.0x OpenText 40.81 10,986 12,662 2,938 3,014 3% 4.3x 4.2x 1,109 38% 1,189 39% 11.4x 10.7x 14.6x 13.8x Network Micro Focus 13.98 4,650 6,547 3,403 3,231 -5% 1.9x 2.0x 1,363 40% 1,348 42% 4.8x 4.9x 7.5x 5.9x Infrastructure j2 Global 90.82 4,443 5,478 1,341 1,426 6% 4.1x 3.8x 547 41% 587 41% 10.0x 9.3x 12.9x 12.1x DevOps and Software Descartes Systems 40.31 3,398 3,407 326 361 11% 10.4x 9.4x 122 37% 138 38% 27.9x 24.8x 29.7x 26.1x Development Tools Bottomline Technologies 39.35 1,726 1,738 430 469 9% 4.0x 3.7x 98 23% 111 24% 17.7x 15.6x 30.5x 26.6x Enghouse Systems 27.57 1,508 1,402 305 339 11% 4.6x 4.1x 88 29% 101 30% 15.9x 13.8x 30.1x 25.9x Sales & Marketing Applications Upland Software 34.86 880 1,084 214 238 11% 5.1x 4.6x 79 37% 90 38% 13.7x 12.1x 14.1x 14.3x Asure Software 6.71 104 218 103 111 7% 2.1x 2.0x 23 22% 25 23% 9.6x 8.8x 12.9x 10.6x Storage Management Mean $ 16,888 $19,007 $3,616 $4,035 8% 5.0x 4.6x $1,091 33% $1,256 34% 15.8x 14.0x 21.5x 18.9x Median 4,546 6,012 2,139 2,220 8% 4.6x 4.3x 744 36% 851 37% 14.8x 12.9x 20.9x 19.8x Technical & Embedded Apps

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

31 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Vertical Applications

Software-as-a-Service

Small Cap

Highly Acquisitive

High Growth

High Profitability

32 Public Equity Market Valuations Equity Trading Multiples by Comparable Subset continued

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b] Global Diversified Company (09/30/19) Value Value CY19E CY20E y/y CY19E CY20E CY19E mgn CY20E mgn CY19E CY20E CY19E CY20E Application Delivery & High Profitability (>=35% CY19E EBITDA Margin) Network Acceleration Rightmove $ 6.77 $ 5,963 $ 5,912 $ 355 $ 383 8% 16.6x 15.5x $ 272 77% $ 292 76% 21.7x 20.2x 27.8x 25.4x Verisign 188.63 22,328 22,899 1,233 1,296 5% 18.6x 17.7x 875 71% 927 72% 26.2x 24.7x 35.4x 33.3x Business Intelligence MSCI 217.75 18,443 20,437 1,543 1,676 9% 13.2x 12.2x 833 54% 920 55% 24.5x 22.2x 34.7x 30.5x Aspen Technology 123.08 8,415 8,563 603 623 3% 14.2x 13.8x 318 53% 311 50% 27.0x 27.5x 30.7x 31.9x Communications Check Point 109.50 16,670 15,055 1,994 2,055 3% 7.5x 7.3x 1,028 52% 1,070 52% 14.6x 14.1x 18.1x 17.0x SolarWinds 18.45 5,659 7,423 944 1,058 12% 7.9x 7.0x 448 47% 510 48% 16.6x 14.6x 22.6x 19.9x eCommerce & Supply Oracle 55.03 180,637 202,295 39,626 40,598 2% 5.1x 5.0x 18,612 47% 18,746 46% 10.9x 10.8x 14.8x 13.5x Chain Management ANSYS 221.36 18,617 18,092 1,490 1,643 10% 12.1x 11.0x 679 46% 763 46% 26.6x 23.7x 35.6x 32.7x ERP & General Adobe 276.25 133,727 134,213 11,154 13,136 18% 12.0x 10.2x 5,039 45% 6,057 46% 26.6x 22.2x 35.2x 28.4x Business Applications Intel 51.53 228,278 245,753 69,419 70,984 2% 3.5x 3.5x 31,357 45% 32,781 46% 7.8x 7.5x 11.8x 11.6x Symantec 23.63 14,604 17,576 4,846 4,930 2% 3.6x 3.6x 2,118 44% 2,236 45% 8.3x 7.9x 13.9x 12.8x Financial Applications Microsoft 139.03 1,061,551 1,014,174 132,459 147,484 11% 7.7x 6.9x 57,744 44% 64,505 44% 17.6x 15.7x 27.7x 25.3x Paycom Software 209.49 12,077 12,043 729 900 23% 16.5x 13.4x 307 42% 377 42% 39.3x 32.0x 61.7x 49.8x Human Capital FIS 132.76 81,441 90,360 10,291 13,527 31% 8.8x 6.7x 4,295 42% 6,077 45% 21.0x 14.9x 24.6x 20.9x Management Akamai Technologies 91.38 15,076 15,322 2,860 3,059 7% 5.4x 5.0x 1,180 41% 1,294 42% 13.0x 11.8x 21.3x 19.4x IT Operations j2 Global 90.82 4,443 5,478 1,341 1,426 6% 4.1x 3.8x 547 41% 587 41% 10.0x 9.3x 12.9x 12.1x Management Paychex 82.77 29,643 29,727 4,030 4,250 5% 7.4x 7.0x 1,628 40% 1,769 42% 18.3x 16.8x 28.5x 25.7x Micro Focus 13.98 4,650 6,547 3,403 3,231 -5% 1.9x 2.0x 1,363 40% 1,348 42% 4.8x 4.9x 7.5x 5.9x IT Security Qualys 75.57 2,965 2,706 322 372 15% 8.4x 7.3x 129 40% 149 40% 21.0x 18.1x 36.6x 33.0x Progress Software 38.06 1,702 1,853 427 437 2% 4.3x 4.2x 169 40% 183 42% 11.0x 10.1x 14.4x 13.4x Network Veeva 152.69 22,596 21,186 1,065 1,267 19% 19.9x 16.7x 421 40% 495 39% nm 42.8x 71.9x 62.7x Infrastructure Temenos Group 167.38 11,846 12,395 1,010 1,238 23% 12.3x 10.0x 397 39% 476 38% 31.2x 26.1x 47.3x 40.2x DevOps and Software SS&C Technologies 51.57 13,086 21,197 4,604 4,767 4% 4.6x 4.4x 1,801 39% 1,912 40% 11.8x 11.1x 14.1x 13.0x Development Tools VMware 150.06 61,319 63,352 10,029 11,042 10% 6.3x 5.7x 3,878 39% 4,228 38% 16.3x 15.0x 22.9x 20.6x Fiserv 103.59 70,409 76,125 10,391 16,226 56% 7.3x 4.7x 3,927 38% 6,039 37% 19.4x 12.6x 26.8x 22.0x Sales & Marketing OpenText 40.81 10,986 12,662 2,938 3,014 3% 4.3x 4.2x 1,109 38% 1,189 39% 11.4x 10.7x 14.6x 13.8x Applications Descartes Systems 40.31 3,398 3,407 326 361 11% 10.4x 9.4x 122 37% 138 38% 27.9x 24.8x 29.7x 26.1x Upland Software 34.86 880 1,084 214 238 11% 5.1x 4.6x 79 37% 90 38% 13.7x 12.1x 14.1x 14.3x Storage Management SAP 117.63 140,411 151,719 29,879 32,154 8% 5.1x 4.7x 10,928 37% 11,666 36% 13.9x 13.0x 22.2x 19.8x F5 Networks 140.42 8,443 7,457 2,257 2,356 4% 3.3x 3.2x 823 36% 880 37% 9.1x 8.5x 13.9x 13.2x Technical & Embedded Apps CoStar 593.20 21,681 20,526 1,389 1,604 15% 14.8x 12.8x 505 36% 615 38% 40.6x 33.4x 58.4x 48.9x Cisco Systems 49.41 209,760 201,014 52,266 53,888 3% 3.8x 3.7x 18,844 36% 19,426 36% 10.7x 10.3x 15.3x 14.3x Vertical Applications Dassault Systemes 142.57 37,016 34,796 4,329 4,800 11% 8.0x 7.2x 1,549 36% 1,740 36% 22.5x 20.0x 36.7x 32.9x Cadence Design 66.08 18,513 18,346 2,327 2,488 7% 7.9x 7.4x 830 36% 862 35% 22.1x 21.3x 30.7x 28.7x Intuit 265.94 69,164 66,860 7,056 7,835 11% 9.5x 8.5x 2,502 35% 2,857 36% 26.7x 23.4x 38.8x 34.2x Software-as-a-Service Roper Industries 356.60 37,087 41,767 5,471 5,863 7% 7.6x 7.1x 1,932 35% 2,115 36% 21.6x 19.8x 27.2x 25.9x Mean $72,319 $73,064 $11,795 $12,839 10% 8.6x 7.7x $4,961 43% $5,434 43% 19.0x 17.6x 27.8x 24.8x Small Cap Median 18,478 19,391 2,594 2,751 8% 7.6x 7.0x 1,069 40% 1,129 41% 18.3x 15.4x 27.0x 23.6x Highly Acquisitive

High Growth

High Profitability

33 Equity Financing Activity Software IPOs: 3Q 2019

$12,000 $9,950 At IPO $10,000 At 09/30/19 $7,826 $8,000

$6,000 $5,447 $5,236 $4,348 $4,503 $3,500 $4,000 $2,588 $2,000 $1,165 $1,339 Market Value Market Value ($ millions)

35.0x 30.5x Median at IPO 30.0x Median at 09/30/19 23.7x 25.0x 20.6x 20.0x 15.4x 13.5x 15.0x 12.1x

10.0x 8.1x 5.7x 6.5x 6.4x

EV / CY19E CY19E EV / Revenue 5.0x

0.0x

IPO Pricing IPO Date 09/19/19 09/18/19 09/13/19 07/31/19 07/18/19 Original Range $14 - $16 $19 - $22 $10 - $12 $11 - $13 $16 - $18 Pricing $15.00 $27.00 $15.00 $16.00 $21.00 vs. Midpoint 0% 32% 36% 33% 24% Current $17.25 $33.91 $18.57 $18.67 $27.43 vs. Pricing 15% 26% 24% 17% 31%

Operating Statistics at IPO ($ millions) CY Revenue $231 $330 $274 $492 $381 CY+1 Revenue $259 $468 $364 $599 $460 Growth 12% 42% 33% 22% 21%

Sources: Company releases, Wall Street research

34 Equity Financing Activity Software IPOs Pricing & Performance Data

Initial Equity Issuances from 2016 – 3Q 2019 ($ millions)

Current Trading Data Valuation at IPO Share Price Market Enterprise Revenue EV / Revenue Perfo rmance Share Amount Market Enterprise EV / Revenue Company 9/30/19 Value Value CY19E CY20E CY19E CY20E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY + 1 Ping Identity 17.25$ $ 1,339 $ 1,499 231$ 259$ 6.5x 5.8x 15% 09/19/19 15.00 $ $ 188 $ 1,165 $ 1,324 6.2x 5.7x 5.1x Datadog 33.91 9,950 10,087 330 468 30.5x 21.6x 26% 09/18/19 2 7.00 648 7,826 7,822 29.4x 23.7x 16.7x Cloudflare 18.57 5,447 5,662 274 364 20.6x 15.6x 24% 09/13/1 9 15.00 525 4,348 4,231 18.0x 15.4x 11.6x Dynatrace 18.67 5,236 6,660 492 599 13.5x 11.1x 17% 07/31/19 16.00 570 4,503 5,927 13.0x 12.1x 9.9x Medallia 27.43 3,500 3,082 381 460 8.1x 6.7x 31% 07/18/19 21. 00 326 2,588 2,455 7.3x 6.4x 5.3x Slack 23.73 12,911 12,137 600 830 20.2x 14.6x -9% 07/07/19 26 .00 117 13,108 12,315 27.1x 20.6x 14.8x Crowdstrike 58.31 13,175 12,348 412 590 30.0x 20.9x 72% 06/1 1/19 34.00 612 6,687 6,512 21.8x 15.8x 11.0x Fastly 24.00 2,243 2,048 192 251 10.7x 8.2x 50% 05/16/19 16.0 0 180 1,451 1,436 9.1x 7.5x 5.7x Zoom 76.20 20,845 20,143 524 753 38.4x 26.7x 112% 04/17/19 36 .00 751 9,230 9,068 27.4x 17.3x 12.0x PagerDuty 28.25 2,155 1,814 156 202 11.6x 9.0x 18% 04/10/19 2 4.00 218 1,767 1,639 13.9x 10.5x 8.1x Tufin 16.46 560 455 106 132 4.3x 3.4x 18% 04/10/19 14.00 108 454 443 5.0x 4.2x 3.4x SolarWinds 18.45 5,659 7,423 925 1,029 8.0x 7.2x 23% 10/18/1 8 15.00 375 4,574 6,532 8.1x 7.8x 7.1x Anaplan 47.00 6,196 5,893 342 449 17.2x 13.1x 176% 10/11/18 1 7.00 264 2,068 1,981 9.9x 8.8x 6.8x Elastic 82.34 6,304 6,021 373 518 16.2x 11.6x 129% 10/04/18 3 6.00 252 2,250 2,197 11.9x 10.1x 7.4x SurveyMonkey 17.10 2,276 2,427 306 371 7.9x 6.5x 43% 09/25/1 8 12.00 180 1,494 1,860 8.0x 7.5x 6.6x Tenable 22.38 2,168 1,882 349 433 5.4x 4.3x -3% 07/26/18 23.0 0 251 2,132 2,121 9.4x 8.2x 6.5x Avalara 67.29 5,080 4,638 365 456 12.7x 10.2x 180% 06/14/18 2 4.00 180 1,587 1,631 7.2x 6.4x 5.4x Pluralsight 16.80 2,352 2,404 314 409 7.6x 5.9x 12% 05/16/18 15.00 311 2,026 2,137 11.9x 9.9x 7.6x Carbon Black 0.00 1,946 1,815 244 286 7.4x 6.3x -100% 05/03/ 18 19.00 152 1,273 1,240 7.2x 6.1x 5.0x Ceridian HCM 49.37 7,092 7,570 814 917 9.3x 8.3x 124% 04/26/ 18 22.00 462 3,037 4,095 5.9x 5.6x 5.2x DocuSign 61.92 10,895 10,764 951 1,187 11.3x 9.1x 114% 04/26 /18 29.00 629 4,582 4,325 8.3x 6.9x 5.7x Smartsheet 36.03 4,200 3,697 267 368 13.8x 10.0x 140% 04/26/ 18 15.00 175 1,510 1,458 13.1x 9.4x 6.7x Pivotal 14.92 4,106 3,442 770 893 4.5x 3.9x -1% 04/20/18 15.0 0 555 3,838 3,785 7.4x 6.1x 4.9x Zuora 15.05 1,690 1,528 276 327 5.5x 4.7x 8% 04/11/18 14.00 15 4 1,472 1,440 8.6x 6.7x 5.3x Dropbox 20.17 8,338 8,233 1,652 1,895 5.0x 4.3x -4% 03/22/18 21.00 756 8,550 8,329 7.5x 6.2x 5.4x Zscaler 47.26 6,024 5,659 352 455 16.1x 12.4x 195% 03/15/18 1 6.00 192 1,906 1,835 11.9x 9.0x 6.8x Cardlytics 33.52 816 820 190 254 4.3x 3.2x 158% 02/08/18 13.0 0 70 264 300 2.3x 1.9x 1.3x Boxlight 1.84 20 25 44 55 0.6x 0.5x -74% 11/28/17 7.00 7 66 70 2.8x n/a n/a SailPoint 18.69 1,666 1,615 280 325 5.8x 5.0x 56% 11/16/17 12 .00 240 1,052 1,188 7.3x 6.8x 5.5x Bandwidth 65.11 1,523 1,327 235 281 5.6x 4.7x 226% 11/09/17 2 0.00 80 364 397 2.5x 2.5x 2.2x ForeScout Technologies 37.92 1,752 1,689 371 449 4.5x 3.8x 72% 10/26/17 22.00 116 832 784 3.7x 3.7x 3.1x MongoDB 120.48 6,785 6,651 394 510 16.9x 13.0x 402% 10/18/17 24.00 192 1,204 1,112 8.9x 7.6x 5.6x Appian 47.50 3,169 3,091 261 305 11.8x 10.1x 296% 05/24/17 12 .00 75 716 701 5.2x 4.5x 3.8x Veritone 3.57 79 34 51 64 0.7x 0.5x -76% 05/11/17 15.00 38 208 215 21.6x 11.9x 5.6x Cloudera 8.86 2,478 2,285 770 858 3.0x 2.7x -41% 04/27/17 15. 00 225 1,955 1,720 6.3x 5.1x 4.1x Yext 15.89 1,792 1,633 301 392 5.4x 4.2x 44% 04/12/17 11.00 11 6 958 938 7.6x 5.7x 4.2x Okta 98.46 11,495 11,377 563 736 20.2x 15.5x 479% 04/06/17 17 .00 187 1,571 1,533 9.5x 6.8x 4.9x Alteryx 107.43 6,747 6,626 374 500 17.7x 13.3x 667% 03/23/17 14.00 126 807 755 8.8x 6.4x 4.6x Presidio 16.90 1,406 2,322 3,063 3,139 0.8x 0.7x 21% 03/09/1 7 14.00 233 1,276 2,425 0.9x 0.8x 0.8x BlackLine 47.81 2,645 2,521 283 342 8.9x 7.4x 181% 10/27/16 1 7.00 146 861 907 8.1x 7.6x 5.7x Coupa Software 129.57 8,143 8,089 372 478 21.7x 16.9x 620% 1 0/05/16 18.00 133 886 806 7.4x 6.5x 5.1x Nutanix 26.25 4,957 4,508 1,230 1,563 3.7x 2.9x 64% 09/29/16 16.00 238 2,232 2,120 4.2x n/a 2.1x Everbridge 61.71 2,071 1,946 199 252 9.8x 7.7x 414% 09/15/16 12.00 90 337 351 5.2x 4.7x 3.7x Talend 33.98 1,041 1,040 247 299 4.2x 3.5x 89% 07/28/16 18.00 95 512 515 5.8x 5.0x 3.8x SendGrid 0.12 8 268 2,180 2,434 0.1x 0.1x -99% 03/21/16 15.75 256 683 1,138 0.7x n/a n/a Mean $4,673 $4,604 $520 $625 10.9x 8.4x $262 $2,493 $2,580 9.6x 8.1x 6.1x Median 3,169 3,082 349 449 8.1x 7.2x 192 1,510 1,631 8.0x 6.8x 5.4x Notes: [a] Primary shares only Sources: Company releases, Wall Street research

35 Equity Financing Activity Software IPO Pipeline

Historical IPO Filing Trends

(11) 13

7 (7) 13 (15) 15 (15) (3) 11 (11)

(3) 6 5 2

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market

36 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019

($ millions)

Close Date Company Participating Investor(s) Description Amount

09/30/19 Kenna Security Bessemer, Citi Ventures, Costanoa Ventures, Hyde Park Angels, OurCrowd, Sorenson Capital, US Venture Partners Predictive cybersecurity and risk platform $48 09/30/19 nCino Salesforce Ventures, T. Rowe Price Cloud-based ERP platform for banking institutions $80 09/30/19 Percipient.ai Lupa Systems, Valor Equity Partners, Venrock AI advanced analytics for U.S. National Security $20 09/27/19 Oncue n/a Web-based moving companies booking platform $4 09/26/19 Apto n/a Deal lifecycle management tools for real estate brokers $5 09/26/19 GatsbyJS CRV, Dig Ventures, Fathom Capital, Mango Capital, Scott Belsky, Trinity Ventures Web development tools $15 09/26/19 Honeycomb.io e.ventures, Merian Ventures, Next World Capital, Scale Venture, Storm Ventures Full-stack development tools $11 09/26/19 Teampay Crosscut Ventures, Precursor Ventures, Silicon Valley Bank, Tribe Capital Enterprise resource planning to focus on company growth $12 09/25/19 Dragos n/a Threat detection and critical systems response platform $6 09/25/19 Netdata Bain Capital, Marathon Venture Capital Distributed systems performance and health monitoring $17 09/25/19 Quicket Solutions n/a Cloud-based operational intelligence data management $1 09/25/19 Spire Bessemer, Expon, GPO Fund, Itochu, Mitsui & Co., Perennial, Qualcomm Ventures, RRE, Scottish Enterprise, Seraphim Satellite-powered data and analytics platform $40 09/25/19 Stellar Cyber n/a IT security and breach detection systems $2 09/25/19 Tastewise PeakBridge Partners AI-powered tool to analyze consumer food tastes and trends $5 09/25/19 TigerGraph Susquehanna Growth Equity Real-time graph database for deep link analytics $32 09/25/19 Verafin BDC Capital, Information Venture Partners, Northleaf Capital Partners, Spectrum Equity, Teralys Capital Cloud-based fraud detection and anti-money laundering $388 09/25/19 ZenBusiness Greycroft, Interlock Partners, Lerer Hippeau, Recruit Strategic Partners, Revolution, Rosecliff Venture Partners Online business formation automating $15 09/24/19 Bulk MRO n/a Full-stack technology for supply chain procurement $7 09/24/19 CrossBorder Solutions Insight Partners Corporate tax software and compliance management $40 09/24/19 Everledger Bloomberg Beta, Fidelity Investments, Graphene Ventures, Rakuten Capital, Tencent Holdings, Vickers Venture Partners Global digital ledger tool to track and protect valuable assets $20 09/24/19 Fiddler Labs Bloomberg Beta, Haystack, Lightspeed Venture Partners, Lux Capital Management AI engine for implementing machine learning models at scale $10 09/24/19 Fivetran Andreessen Horowitz, CEAS Investments, Matrix Partners Automated data centralization into cloud warehouses $44 09/24/19 Flowcast Alpana, BitRock Capital, ING Ventures, Katalyst Ventures Advanced analytics platform for financial institutions $3 09/24/19 In Mind Cloud Digital+ Partners CRM and CPQ for manufacturing and engineering industries $19 09/24/19 Iotas n/a Smart apartment technology system integration $12 09/24/19 Tipalti 01 Advisors, Greenspring Associates, Group 11, TrueBridge Capital Partners, Zeev Ventures Cloud-based automation of accounts payable logistics $76 09/24/19 Tulip DMG Mori Aktiengesellschaft, NEA, Pitango Venture Capital, Vertex Ventures Manufacturing application development system $21 09/24/19 Workspot n/a Enterprise mobility and remote access technology $19 09/23/19 Lumina Networks Lumina Networks Open-source solutions for network developers $4 09/23/19 RedPoint Global Camden Partners Data management and customer engagement platform $17 09/23/19 Zira n/a All-inclusive platform for business automation $19 09/20/19 Conservis n/a Agriculture optimization and farm management systems $6 09/20/19 Daisy Intelligence Framework Venture Partners, Sonae IM Retail and insurance data processing and analytics platform $8 09/20/19 Maana n/a Logistic optimization and contingency management $4 09/20/19 Sentieo n/a Financial data and research platform $11 09/19/19 Built Robotics Building Ventures, Founders Fund, Lemnos, NEA, Next47, Presidio Ventures Heavy equipment automation systems $33 09/19/19 Checkr Accel, Bond Capital, Coatue, IVP, T. Rowe Price, YC Background check tool $160 09/19/19 easyDITA Armory Square Ventures, Drake Ventures, Greycroft Component content management system $3 09/19/19 HappyOrNot Northzone Ventures, Verdane Capital Customer feedback monitoring platform $25 09/19/19 NexHealth iSeed Ventures, Point Nine Capital, Rubicon Venture Capital Patient experience management and workflow automation $5

Sources: Company releases, Wall Street research

37 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

09/19/19 Stripe Andreessen Horowitz, General Catalyst, Sequoia Capital API that focuses on fraud prevention $250 09/19/19 Text IQ FirstMark Capital, Floodgate Fund, Sierra Ventures AI-enabled document management software $13 09/18/19 Acronis Goldman Sachs Alternative Investments & Manager Selection Group Personal backup and hybrid cloud data protection $147 09/18/19 Agorapulse Cipio Partners, Entrepreneur Venture, Hi Inov Social media marketing platform $19 09/18/19 AppLearn K1 Investment Management Cloud-enabled ERP management platform $25 09/18/19 Calmcar China Transinfo, GSR United Capital, SAIC Capital, SAIC Capital China Intelligent driving vision systems $15 09/18/19 Cloudvirga Riverwood Capital, Skyline Home Loans, Upfront Ventures Cloud-based digital mortgage automation systems $60 09/18/19 Descript Andreessen Horowitz, Redpoint Ventures ML-driven speech recognition and document transcription $15 09/18/19 Idelic Bain Capital Ventures, Birchmere Ventures, Origin Ventures, SaaS Ventures, TDF Ventures Driver management and fleet analytics platform $8 09/18/19 TouchBistro Barclays, BDC Capital, BMO, JPM, Kensington Capital Partners, Napier Park Financial Partners, OMERS, RBC Ventures Mobile point-of-sale offering for restaurants $121 09/17/19 Alloy Bessemer, Eniac Ventures, Primary Venture Partners FinTech identity verification and fraud prevention tools $12 09/17/19 GitLab Adage, Alkeon, Altimeter, BlackRock, Cap. Group, Coatue, D1, F. Templeton, General Catalyst, ICONIQ, Light Street, GS, Tiger, 2 σ, YC Open-source code review and bug tracking $268 09/17/19 Ironclad Accel, Emergence Capital Partners, Sequoia Capital, YC Legal contract and workflow management $50 09/17/19 Mya Systems Workday Ventures Online AI recruitment and job opportunity platform $13 09/17/19 PreVeil Presidio Ventures, Spark Capital Encrypted email and file sharing application across devices $7 09/17/19 Recurly F-Prime, Greycroft, Polaris Partners, Silicon Valley Bank Recurring subscription billing automation $20 09/17/19 Team Labs GC Capital, Korea Investment Corporation, Startup Capital Ventures, Valor Equity Partners AI-based team collaboration tool suite $8 09/17/19 Trulioo AMEX Ventures, BDC Capital, Blumberg Capital, Citi Ventures, Santander InnoVentures, GS Electronic customer identity and address verification integration $53 09/17/19 Xerpa Founders Fund, Kaszek Ventures, QED Investors, Redpoint eventures, Vostok Emerging Finance HR HCM tools $13 09/16/19 Automattic Salesforce Ventures Open-source blogging platform $300 09/16/19 Beekeeper Alpana, Atomico, Edenred, Fyrfly, Hammer Team, HighSage, Investiere, Keen, Samsung, Swiss Post, Swisscanto, Swisscom, Thayer Workplace application to integrate multiple operational systems $45 09/16/19 Crisp FirstMark Capital, Spring Capital, Swell Partners SaaS-based food supply chain optimization platform $14 09/16/19 Dabbl n/a Web-based brand engagement and CRM portal $9 09/16/19 Documaster Norselab, Summa Equity Digital record management and cloud implementation $3 09/16/19 FieldWireLabs Brick & Mortar Ventures, Formation 8, Hilti Group, Menlo Ventures Web and mobile construction project management system $34 09/16/19 KickUp Impact Engine, Spring Point Partners, SustainVC SaaS-based analytics for professional learning services $2 09/16/19 Securitize Blockchain Capital End-to-end digital security and compliance $27 09/16/19 Tattle n/a AI-enabled customer experience and satisfaction platform $2 09/16/19 Timber Technologies n/a Cloud-enabled developer logging and debugging kit $4 09/16/19 Unearth Technologies Madrona, Vulcan Cloud-based construction project management $7 09/16/19 VMRay Digital+ Partners, eCAPITAL entrepreneurial Partners Threat detection monitoring and malware analysis suite $10 09/16/19 Zylo Bessemer, High Alpha, Menlo Ventures, Revolution, Salesforce Ventures, Slack SaaS subscription management platform $23 09/13/19 SmartDrive Systems Michelin North America Pension Arm, NewView Capital, Oak Investment Partners, TPG Sixth Street Partners, Wabco Freight safety and risk management software $90 09/12/19 128 Technology n/a Network-based security, control and insights for data centers $30 09/12/19 Akeneo Alven Capital Partners, Partech Partners, Salesforce Ventures, Stephan Dietrich, Summit Partners Open-source platform to manage in-store product information $46 09/12/19 Lacework Liberty Global Ventures, Sutter Hill Automated, cloud-enabled end-point protection tools $42 09/12/19 SecZetta ClearSky, Rally Ventures Identity management tools for on-boarding new employees $10 09/11/19 Explorium AI Emerge, F2 Capital, Yaniv Corem, Zeev Ventures End-to-end data science platform with integrated ML $16 09/10/19 ComplianceQuest Insight Partners Suite of quality and risk management applications $36 09/10/19 Engage Mobilize Cottonwood Venture Partners Supply chain and logistics management $6

Sources: Company releases, Wall Street research

38 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

09/10/19 Kovrr Alma Mundi Fund, InnoCells, StageOne Ventures AI-based cyber risk monitoring tools $6 09/10/19 Orderly Health Treehouse Health AI-powered messaging platform $2 09/10/19 Samsara Andreessen Horowitz, Dragoneer, General Catalyst, Tiger Sensor-based fleet management applications $300 09/10/19 ScyllaDB Bessemer, Eight Roads, Magma Venture Partners, Qualcomm Ventures, TLV Partners, Western DigiTal NoSQL database for developers $35 09/10/19 Snyk Accel, Boldstart Ventures, GV Security analysis tools for auditing of open-source code $70 09/09/19 Dizzion n/a Virtual desktop, workspace and application environment $1 09/09/19 Vim GreatPoint Ventures, Optum Ventures, Premera Blue Cross, Sequoia Capital Israel Appointment booking platform for healthcare providers $24 09/08/19 HackerOne Benchmark, Dragoneer, EQT Ventures, NEA, Valor Equity Partners Security vulnerability coordination and bug bounty platform $36 09/06/19 Vic.ai Costanoa Ventures, Cowboy Ventures, GGV AI accounting and financial management tools $11 09/05/19 Geli n/a End-to-end automation software to manage energy storage $4 09/05/19 SnapLogic n/a Data and application integration across enterprises $17 09/05/19 Vera n/a Data securitization and encryption tools $14 09/04/19 75F Breakthrough Energy Ventures, Building Ventures, Clean Energy Trust, Oil and Gas Climate Initiative, Revolution Smart building automation systems $18 09/04/19 Clio JMI Equity, TCV Cloud-based legal practice management suite $250 09/04/19 Neura Amdocs, AXA Venture Partners, Liberty Technology Venture, Moneta, Pitango Venture Capital Marketing and insights platform analyzing consumer behaviors $16 09/04/19 PerimeterX Adams Street, Canaan Partners, Data Collective, Deutsche Telekom, DTCP, Salesforce Ventures, Scale Venture, Vertex Ventures IT and web security for cyber attack prevention $57 09/04/19 ProcedureFlow Build Ventures, Innovatia, New Brunswick Innovation Foundation Cloud-based workflow processes management systems $3 09/04/19 Semantic Research n/a Data and information visualization toolkit $4 09/04/19 ServiceCore Full in Venture Partners Logistics tools to reduce liquid waste $8 09/04/19 Suplari Amplify, Madrona, Shasta Ventures, 2 σ Ventures, Workday Ventures AI platform to manage business operations $5 09/03/19 Alianza n/a SaaS-based virtual cloud VoIP $8 09/03/19 Culture Amp Blackbird, Felicis, Global Founders Capital, Grok, Hostplus, Index Ventures, Sapphire, Sequoia China, Skip Capital, TDM Growth Enterprise HCM tools $82 09/03/19 Heuritech Coralie de Fontenay, Elaia Partners, Pierre Denis, Serena Capital Deep learning object recognition tools $4 09/03/19 OpenGov 8VC, Andreessen Horowitz, Weatherford Capital, Vista Credit Partners Cloud-based budgeting and performance in the public sector $51 09/01/19 Tracxn Technologies KG Investments Fund Financial services platform to identify emerging sectors $3 08/30/19 conDati n/a Real-time marketing analytics dashboards $3 08/30/19 Shopmonkey n/a Cloud-based process management application $10 08/29/19 BluWave-ai Sustainable Development Technology Canada AI optimization of electricity generation based on demand $2 08/29/19 Razorthink n/a Deep learning AI systems to predict customer behavior $12 08/29/19 Worximity Fonds de solidarité FTQ, Marel, W Investments Cloud-enabled data collection and analytics tools $7 08/28/19 aPriori Autodesk, Gutbrain Ventures, NewSpring Capital, PBJ Capital, Sigma Partners, Sigma Prime Ventures Product cost management tools $27 08/28/19 Bestmile Airbus Ventures, Aéroports de Paris, Blue Lagoon Capital, Partech Partners, Road Ventures, Serena Capital, TransLink Capital Optimizing autonomous and human-driven fleets $17 08/28/19 ChargeBee Accel, Insight Partners, Steadview Capital Management, Tiger SaaS-based subscription and recurring billing platform $14 08/28/19 ReadMe Accel, YC Document creation tools for developer hubs $9 08/28/19 StormSensor 1320 Park Partners, Alliance of Angels, E8, Frontier Angels, Keiretsu Capital, Keiretsu Forum, Next Wave Impact, Shatter Fund Cloud-based storm monitoring systems $3 08/28/19 ThoughtSpot Geodesic Capital, Lightspeed Venture Partners, Sapphire, Silver Lake Management Large-scale, enterprise data analytics management $248 08/27/19 Axonius Bessemer, Emerge, OpenView, Vertex Ventures Israel, WTI, YL Ventures Cybersecurity asset management platform $20 08/27/19 Inzpire.me Martin Ingemanssonn, Schibsted Growth, Thomas Falck Brand marketing and media platform $1 08/27/19 Luma Health Cisco Investments, InHealth Ventures, PeakSpan Capital, TMC Innovation, US Venture Partners Patient engagement and appointment booking platform $16 08/27/19 Qubole n/a Data-driven insight tools $20

Sources: Company releases, Wall Street research

39 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

08/27/19 Springbuk n/a Web-based health analytics platform $17 08/27/19 Tesorio Fathom Capital, First Round, Floodgate Fund, FUEL Capital, Hillsven, Madrona, Mango Capital, Ron Gill, Xplorer Capital, YC Supply chain payment management $10 08/26/19 Capacity Rice Park Capital AI platform to modernize the workforce $13 08/26/19 Placer.ai n/a Human movement analytics for the retail industry $2 08/26/19 Scalarr TMT Investments ML-enabled platform to prevent fraudulent mobile ad installs $2 08/25/19 VoxPopMe Mercia Asset Management, NVM Private Equity, Origin Ventures Video insight platform designed to capture customer feedback $10 08/22/19 Ario 757 Angels, Center for Innovative Technology Gap Funds, NRV, Plug and Play Tech Center Augmented reality for training workers $2 08/22/19 Praemo McRock Capital Predictive technology and AI-based data insights platform $4 08/22/19 Windfall Bonfire Ventures, Bullpen Capital, Industry Ventures, TenOneTen Ventures, ValueStream Ventures Platform designed to determine the net worth of households $9 08/22/19 Zenoti Steadview Capital Management Cloud-based AI booking platform $20 08/21/19 Corsa Security Roadmap Capital Network security virtualization platform $4 08/21/19 CropX Armada Capital, Finistere Ventures, Germin8, GreenSoil, Innovation Endeavors, New Zealand Ventures, OurCrowd, Sumitomo, Tal Cloud-based agriculture analytics software $14 08/21/19 Crossbeam FirstMark Capital, Slack, Uncork Capital Intelligent client and deal prospecting tools $13 08/21/19 DemystData MissionOG, Notion, Singtel Innov8 Cloud-based CRM platform $13 08/21/19 Fund That Flip Edison Partners Crowd financing platform for residential development projects $11 08/21/19 JRNI Downing Ventures, PeakSpan Capital, Somerston Booking system and appointment software $19 08/21/19 Kobiton BIP Capital, Jonathan Hallett, Kinetic Ventures, KMS Technology Mobile device app development platform $5 08/21/19 TapClicks Boathouse Capital Marketing analytics and operations platform $10 08/20/19 Archipelago Analytics Holdings n/a Critical data migration tools $13 08/20/19 BDS Analytics 7thirty Capital, Altitude Investment Management, Key Investment Partners Market analytics tool suite $7 08/20/19 H2O.ai GS, Nexus Venture Partners, NVIDIA GPU Ventures, Ping An Insurance Company of China, Wells Fargo Securities Open-source machine learning automation platform $73 08/20/19 Protenus Arthur Ventures, F-Prime, Kaiser Permanente Ventures, Leerink Transformation Partners, LionBird, Providence Ventures AI and automation of clinical health systems $17 08/20/19 Reputation.com Akkadian, Ascension, August Capital, Bessemer, Heritage Group, Icon Ventures, Industry Ventures, Kleiner Perkins, River City Online social reputation management platform $30 08/20/19 Zendrive ACME Capital, BMW i Ventures, Hearst Ventures, Nyca Partners, Sanford Weill, SignalFire, Veronorte, XL Innovate Mobile AI application for fleet drivers $37 08/19/19 Ally Accel, Founders' Co-op, Lee Fixel, Vulcan Enterprise goals management $8 08/19/19 Earth AI Gagarin Capital Partners Cloud-based AI platform $3 08/19/19 RiverMeadow Cloud Migration CloudScale Capital Partners End-to-end cloud migration platform $2 08/19/19 Simon .406 Ventures, F-Prime, Polaris Partners Marketing data platform $30 08/19/19 WeTransfer Highland Europe, HPE Growth Cloud-based file transfer platform $41 08/16/19 Nudge Rewards BDC Capital, Brightspark Ventures, Generation Ventures, Jump Capital, StandUp Ventures Mobile retail and food service HCM platform $9 08/16/19 OutboundEngine n/a Social marketing platform $14 08/15/19 Ayfie n/a Cross-application content management and virtualization $10 08/15/19 Commsignia Credo Ventures, Day One Capital, Inventure, Karma Ventures, OXO Labs, Partech Partners, PortfoLion, Power Angels, Samsung Cooperative intelligent transportation systems $11 08/15/19 InCorta GV, Kleiner Perkins, M12, Sorenson Capital, Telstra Ventures Real-time data aggregation and analytics $30 08/15/19 Patch n/a Online insurance and billing automation platform $6 08/15/19 Resultados Digitais Astella Investimentos, DGF Investimentos, Endeavor Catalyst, Redpoint eventures, Riverwood Capital, TPG Growth Digital marketing management platform $50 08/15/19 TransVoyant n/a Real-time data analytics and predictive insights $2 08/15/19 VANTIQ SoftBank Group Real-time productivity platform for business digitization $11 08/14/19 Alegion RHS Investments Crowdsourced AI training data enrichment automation platform $12 08/14/19 CloudCheckr Level Equity Cloud deployment cost management, security, and analytics $15

Sources: Company releases, Wall Street research

40 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

08/14/19 Mason America 11.2 Capital, Base10 Partners, Coatue, GGV, Liquid 2 Ventures, Soma Capital Smart hardware device management platform $25 08/13/19 Kasten Insight Partners Enterprise data and container management $14 08/13/19 OpenSpace Goldcrest, JLL, Lux Capital Management, Navitas Capital, Suffolk Construction Company, The We Company, Tishman Speyer, Zigg Machine-vision-powered construction photo capture $14 08/13/19 Systum Octopus Ventures Real time inventory management and order fulfillment platform $11 08/13/19 Uniphore Chiratae Ventures, Iron Pillar, ITP Ventures, March Capital Partners, Patni Family Office, Sistema Asia Capital, The CXO Fund Speech analytics and natural communication platform $51 08/12/19 Attentive Bain Capital Ventures, Eniac Ventures, High Alpha, IVP, NextView Ventures, Sequoia Capital Personalized mobile messaging and analytics platform $40 08/12/19 Lucidity 3Rodeo, CoinUs, Cypher Group, Pithia, Sustineo Ventures, Youbi Capital Rapid Ethereum-based blockchain analytics $10 08/12/19 LucidWorks AllegisCyber, Francisco Partners, Granite Ventures, Shasta Ventures, Top Tier, TPG Sixth Street Partners Big data and AI-enabled smart search for applications $100 08/12/19 Polarity Gula Tech Adventures, Kaiser Permanente Ventures, Shasta Ventures, Strategic Cyber Ventures, TechOperators Contextual data overlay designed to improve memory and recall $8 08/09/19 Paradata n/a Supply chain management with queryable component data $5 08/09/19 SECURITI.ai General Catalyst, Mayfield AI-powered cybersecurity and data protection infrastructure $18 08/08/19 Clobotics Capital Development Investment Fund, China Development, China Media Capital, GGV, KTB Network, Nantian Infotech VC, Wangsu Cloud-based industrial data analytics platform $22 08/08/19 Pathstream Bisk Ventures, Hereditas Capital Management, New Ground Ventures, Rethink Education Management, TDM Growth Web-based education platform $12 08/08/19 ScaleFactor Bessemer, Broadhaven, Canaan Partners, Citi Ventures, Coatue, Firebrand, Flyover Capital, Next Play, Stripes, Vulcan Financial planning and accounting with real-time analytics $60 08/08/19 ThreatQuotient n/a Automated threat detection cybersecurity platform $8 08/07/19 Capsule8 Intel Capital Zero-day attack detection and container environment security $7 08/07/19 Cloudleaf BluePointe Ventures, Bold Capital Partners, Intel Capital, Mahindra Partners, Tandem Capital, WRVI Capital Cloud-based IoT asset management platform $26 08/07/19 Rookout Cisco Investments, Emerge, TLV Partners Rapid production debugging platform $8 08/07/19 SignalWire Breakaway Growth Fund, OSS Capital, Samsung Ventures, Sequoia Capital, Storm Ventures Cloud platform to build advanced communication products $12 08/07/19 Webflow Accel, Draper Associates, FundersClub, Rainfall Ventures, Silversmith Capital Partners Low-code website building tool $72 08/06/19 Cockroach Labs Altimeter, Benchmark, FirstMark Capital, Gradient Ventures, Index Ventures, Redpoint Ventures, Tiger, Work-Bench Disaster-resilient open source database provider $55 08/06/19 Ezoic Sageview Capital Real-time digital revenue analytics platform $33 08/05/19 Backbone Beanstalk, Brainchild, Foundry Group, Grotech, Novel TMT, Peterson Partners, Service Provider Capital, Signal Peak, Spider Manufacturing workflow optimization platform $18 08/05/19 Cybereason SoftBank Group Automated threat detection cybersecurity platform $200 08/05/19 Scale Labs Accel, Coatue, Founders Fund, Index Ventures, Spark Capital, Thrive Capital API platform providing access to labeled data for ML $100 08/01/19 Baffle n/a Data protection and access monitoring platform $6 08/01/19 ClearBrain Harrison Metal, Menlo Ventures AI-enabled growth analytics platform $2 08/01/19 Entelo 3TS Capital Partners, Battery Ventures, SC Ventures, Shasta Ventures, StarVest Partners, US Venture Partners ML-enabled technical recruitment platform $4 08/01/19 Fuel50 PeakSpan Capital Cloud-based talent experience platform $14 08/01/19 Hero Towers DIP Capital, S28 Capital, Vectr Ventures Customer engagement and mobile messaging platform $10 08/01/19 Particle Qualcomm Ventures IoT connectivity management platform $40 08/01/19 Sentry NEA Real-time crash reporting and reproduction tool $40 08/01/19 Suralink Growth Street Partners Document transfer, exchange, sharing and management $5 07/31/19 EvoluteIQ Confidus Investment Partners Intelligence process automation platform $12 07/31/19 Harver Insight Partners Pre-employment assessment optimization $15 07/31/19 ProdPerfect n/a Webapp performance testing toolkit $1 07/31/19 Recogni BMW i Ventures, DNS Capital, Faurecia, Fluxunit - OSRAM Ventures, GreatPoint Ventures, Toyota AI Ventures Imaging-based AI systems for machine data organization $25 07/31/19 TalentGuard Holdings LiveOak Venture Partners Organizational talent management and analytics platform $4 07/30/19 Catalyst Software Accel, True Ventures, Work-Bench Customer success management platform $15 07/30/19 Confluera Lightspeed Venture Partners Real-time infrastructure cybersecurity toolkit $9

Sources: Company releases, Wall Street research

41 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

07/30/19 Connected2Fiber Ascent Venture Partners, Nauta Capital, NXT Ventures, Osage Venture Partners Network operator analytics and go-to-market optimization $5 07/30/19 DataGrail Cloud Apps Capital Partners, Okta Ventures Personal data management across third-party systems $5 07/30/19 DataRobot Sapphire Machine learning model generation automation $200 07/30/19 DocSend DCM Ventures Content and relationship management platform $5 07/30/19 Inertia Systems Signia Venture Partners Cloud-based construction management and reporting $3 07/30/19 Jobble AXA Venture Partners, Guardian Strategic Ventures, Harlem Capital Partners, Vestigo Ventures on-demand workforce management platform $11 07/30/19 Kylie.ai n/a Customer support automation and analytics $5 07/30/19 Monday.com Hamilton Lane, HarbourVest Partners, Ion Asset Management, Sapphire, Vintage Investment Partners Project management, communication and productivity $150 07/30/19 Physna Drive Capital ML-powered CAD and manufacturing geometric search engine $7 07/30/19 Procore n/a Construction and real estate project management $113 07/30/19 Rank n/a Unified threat analytics and incident response $1 07/30/19 Tethr Purple Arch Ventures Phone conversation analytics $11 07/30/19 Vymo Emergence Capital Partners, Sequoia Capital India AI-powered assistant that offers predictive sales analytics $18 07/29/19 GetAccept n/a Sales document management platform $9 07/29/19 InReality Keiretsu Forum Consumer engagement and IoT analytics $2 07/29/19 Mindtickle Accel, Canaan Partners, Moneta Ventures, NEA, NewView Capital, Norwest Venture Partners, Qualcomm Ventures Sales enablement and sales readiness platform $40 07/29/19 OrderMark Act One Ventures, Foundry Group, Mucker Capital, Nosara Capital, TenOneTen Ventures, Vertical Venture Partners Online restaurant ordering management platform $18 07/29/19 Trinity Cyber Intel Capital Network cybersecurity platform $23 07/29/19 WEVO n/a Digital experience analytics and optimization $2 07/26/19 Cloud Elements Access Venture Partners, AMEX Ventures, Grotech, Harbert Growth Partners, Mercato Partners, Rally Ventures, Upslope Ventures API integration and digital product management platform $30 07/26/19 Intelligence Node Calibre Ventures, Cornerstone Venture Partners, NEA, Orios Venture Partners Retail analytics and pricing optimization platform $6 07/25/19 Elefant n/a Data-driven bond pricing and broker dealer services $1 07/25/19 Ethyca Founder Collective, IA Ventures, Sinai Ventures, Table Management Automated data mapping and privacy management $4 07/25/19 PaymentWorks Uncommon Denominator B2B payment security platform $20 07/25/19 Sidecar Interactive n/a ML-powered marketing analytics platform $8 07/25/19 Standard Cognition CRV, EQT Ventures, Initialized Capital Management, Moving Capital, Upscale Strategies Fund, YC AI-based autonomous checkout platform $35 07/24/19 Autobooks Baird Capital Integrated receivables and cash-management platform $5 07/24/19 Balena Aspect, Ericsson Ventures, GE Ventures, Gil Dibner, Global Brain, KDDI, OpenFund, OpenView, SORACOM, Threshold Ventures IoT firmware DevOps management platform $14 07/24/19 FanDragon n/a Secure mobile ticket delivery platform $12 07/24/19 Gusto Dragoneer, Fidelity Management & Research, General Catalyst, Generation Investment Management, T. Rowe Price, Y Ventures Cloud-based payroll, benefits and HR management $200 07/24/19 Mux Accel, Evolution Media Capital, YC Video streaming performance monitoring and analytics $20 07/24/19 Rimot Innovacorp Remote infrastructure monitoring and management $2 07/23/19 Arrcus Clear Ventures, General Catalyst, Lightspeed Venture Partners Operating system for off-the-shelf white-box networking gear $30 07/23/19 Circleci Baseline, Harrison Metal, Heavybit, Industry Ventures, NextEquity, Owl Rock, Scale Venture, Threshold Ventures, Top Tier Automated testing and continuous integration platform $56 07/23/19 Opsani Bain Capital Ventures, Redpoint Ventures, Zetta Venture Partners Continuous delivery resource optimization platform $10 07/23/19 Rancher F&G Ventures, GRC SinoGreen Fund, Mayfield, New Zealand Venture, Nexus Venture Partners, Trans-Pacific Technology Fund Kubernetes container management platform $25 07/23/19 Threat X Access Venture Partners, Blue Note Ventures, Grotech, Service Provider Capital, Stout Street Capital Cloud-based network management and cybersecurity $9 07/22/19 Brightloom Alsea, M. H. Alshaya Co., Starbucks, Tao Capital Partners, Valor Equity Partners Digital food customer experience platform $30 07/22/19 TradAir Global Fund Investments, Harvey Golub Family Office, Long Ridge Equity Partners, Viola Ventures Financial institution revenue development and cost reduction $11 07/22/19 vCita Forestay Capital SMB appointment, payment, notification and invoices $15

Sources: Company releases, Wall Street research

42 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

07/19/19 Avian Journey Ventures, Village Global Management Airline sales target, incentives, and relationship management $2 07/19/19 Qualio n/a Quality and operational efficiency management platform $3 07/19/19 Secfi Elefund, FJ Labs, Rucker Park Capital, Serengeti Asset Management, Social Leverage Equity planning, analytics, and financing $6 07/18/19 AppViewX Brighton Park Capital Network automation and orchestration management $30 07/18/19 Dashmote Gaomei Yunjing Investments, SP Investment Associates, Three Curve Capital AI-enabled image analytics marketing toolkit $3 07/18/19 InCountry Arbor Ventures, Caffeinated Capital, CRV, Felicis, Global Founders Capital, Mubadala Investment Company, Team Builder Ventures Data storage for international compliance $15 07/18/19 KWIPPED Live Oak Ventures, The Angel Roundtable, VentureSouth, Wolfpack Investor Network Rental equipment community marketplace $1 07/17/19 Adepto Conviction Investment Partners, Triple Point Investment Management Employee engagement and talent analytics $2 07/17/19 AlphaSense Innovation Endeavors, Soros Fund Management Financial document analytics and search $50 07/17/19 Ascend 8VC, Accel, Lightspeed Venture Partners, Sequoia Capital Big data analytics and decision-making tools $19 07/17/19 ContractPod Eagle Investments Limited, Insight Partners Contract management and analytics $55 07/17/19 Fenergo n/a Client and onboarding and counterparty management $75 07/17/19 Icertis B Cap. Group, Cross Creek, Eight Roads, Greycroft, Ignition Partners, Meritech Capital Partners, Premji Invest, PSP Partners Contract management and analytics $115 07/17/19 Rival Technologies n/a Chat, voice, and video marketing analytics $6 07/17/19 TurboTenant Access Venture Partners, Real Estate Technology Ventures Rental management and tenant screening platform $7 07/17/19 Vendasta BDC Capital, Canadian Business Growth Fund, Comporium Ventures, SaskWorks, Vanedge Capital Reputation monitoring, brand analytics and lead generation $40 07/16/19 FileFacets Celtic House Venture Partners File analytics and enterprise data retrieval platform $1 07/16/19 Flybits Citi Ventures, Information Venture Partners, MasterCard, Point72 Ventures, Portag3 Ventures, Reinventure Group, TD Bank Context-aware experience development platform for mobile $35 07/16/19 Socio Labs Greenspring Associates, High Alpha Event organization, scheduling, and networking management $6 07/15/19 Amperity Declaration Partners, Madera Technology Partners, Madrona, GS, Tiger Customer data management and analytics platform $50 07/15/19 BriteCore Radian Capital, Warburg Pincus, WCF Mutual Insurance Company Cloud-based insurance management platform $48 07/15/19 Curate Allos Ventures, Idea Fund of La Crosse Construction document management and analytics $2 07/15/19 DefenseStorm Georgian Partners Cloud-based financial institution security data platform $15 07/15/19 Tego n/a Embedded asset intelligence platform $14 07/12/19 BigID Bessemer, Boldstart Ventures, ClearSky, Comcast Ventures, Salesforce Ventures, SAP.iO Foundry, Scale Venture Data-driven protection and privacy compliance platform $50 07/12/19 Centercode The Argentum Group Beta test management and customer validation $4 07/12/19 Larky BlueWater Angels Mobile loyalty and engagement platform $2 07/12/19 nTopology Canaan Partners Engineering design and advanced manufacturing toolkit $20 07/12/19 Tugboat Logic WestWave Capital Information security policy automation platform $4 07/12/19 Tyk Technologies MMC Ventures System and device interconnectivity platform $5 07/11/19 appsFreedom n/a Mobile and IoT custom app generator platform $5 07/11/19 enSilo Lightspeed Venture Partners, O.G. Tech Ventures, Rembrandt Venture Partners, Viola Ventures Comprehensive endpoint security and data protection $24 07/11/19 Fyde Bright Pixel, DNX Ventures, Portugal Ventures, Vertex Ventures, Wells Fargo Secure data access platform based on Zero Trust architecture $2 07/11/19 Merlin n/a Talent hiring and recruitment platform $14 07/11/19 NewsCred Dentsu, Escalate Capital Partners, FirstMark Capital, FTV Capital, Greycroft, InterWest Partners, Mayfield Enterprise content marketing platform $20 07/11/19 Node Avalon Ventures, Canaan Partners, Dreamers VC, GingerBread, JetBlue, MS&AD, NEA, NewView Capital, Plum Alley, Wharton Alumni AI-driven marketing, hiring, and relationship analytics $16 07/11/19 RightBound IBI Tech Fund Sales process automation platform $2 07/11/19 SignAll n/a Computer-vision-driven ASL to English translation $2 07/11/19 Signavio Apax Partners, DTCP, Summit Partners Cloud-based process modeling and management platform $177 07/10/19 Anvyl Company Ventures, First Round, Redpoint Ventures Supply chain process management and analytics $9

Sources: Company releases, Wall Street research

43 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

07/10/19 Citrine n/a Materials and chemicals analytics and design improvement $21 07/10/19 Lumina Analytics n/a AI-driven risk management and security intelligence platform $5 07/10/19 Mesmer Eyes Intel Capital, True Ventures AI-enabled customer experience testing platform $15 07/10/19 NEAR Protocol A.Capital, Accomplice, Amplify, Coinbase, Electric Capital, Homebrew, IDEO Colab, MetaStable, Multicoin, Pantera, Scalar, Xpring Decentralized blockchain application development protocol $12 07/10/19 Pipefy Insight Partners, OpenView, Trinity Ventures Custom process creation and workflow management $45 07/10/19 Taiger Singapore Investment Partners of McMinnville, PacificBridge Asset Management, SGInnovate, TPG Capital AI-powered information access and knowledge extraction $25 07/10/19 TrustArc Accel, Baseline, Bregal Sagemount, DAG Ventures, Icon Ventures, Industry Ventures Regulatory privacy compliance and risk management $70 07/10/19 Vyopta Elsewhere Partners Unified communications & collaboration platform $8 07/09/19 Cesium Falcon Global Capital 3D geospatial mapping and analysis platform $5 07/09/19 Lightico Crescendo Ventures, lool Ventures, Mangrove Capital Partners, SoftBank Investment Advisers, Spinach Angels Digital contracting and identity verification platform $15 07/09/19 Menlo Security AMEX Ventures, Engineering Capital, General Catalyst, HSBC Innovation Investments, JPM, Osage University Partners, Sutter Hill Web and email malware prevention and cybersecurity $75 07/09/19 Mobile Doorman Reimagined Ventures Property rent and maintenance management platform $7 07/09/19 Monocl GP Bullhound Customer engagement and relationship management platform $3 07/09/19 Odeko GGV AI-driven operations automation and sales analytics platform $8 07/09/19 Pulsara n/a Healthcare communication and care coordination platform $11 07/09/19 Securicy Concrete Ventures, Hub Angels Investment Group, Innovacorp, Panache Ventures End-to-end cybersecurity policy implementation platform $1 07/09/19 Signpost BMO, Georgian Partners, HighBar Partners, Spark Capital Cloud-based CRM with data capture and marketing automation $52 07/09/19 Sinequa Jolt Capital, Troismer Real-time big data search and analytics $23 07/09/19 Staffbase Capnamic Ventures, e.ventures, Insight Partners, Kizoo Technology Ventures Employee engagement and content management $23 07/08/19 Fever Labs Accel, Atresmedia, Michael Zeisser, Rakuten Capital Local social event discovery platform $35 07/08/19 Jacobi 8VC, Credit Ease Venture Fund, Illuminate Ventures Cloud-based investment idea generation $8 07/08/19 Supirb Events Tricent Capital Cloud-based problem-solving and information exchange $1 07/08/19 Weever Apps Federal Economic Development Agency for Southern Ontario, GreenSky Capital, MaRS Investment Accelerator Fund Data capture and business process optimization toolkit $1 07/05/19 BentoBox n/a Hospitality management platform $8 07/05/19 Cappasity Cabra VC Cloud-based 3D, VR and AR retail marketing design platform $4 07/05/19 Powerhive Caterpillar Ventures, Kouros Investment, Prelude Ventures, Tao Capital Partners, TO.org, Total Ventures, Toyota Tsusho Cloud-based rural microgrid electricity analytics $9 07/05/19 Quicket Solutions n/a Government operational intelligence and data management $4 07/05/19 Shopshops Forerunner Ventures, Union Square Ventures Retail video marketing and catalog platform $14 07/05/19 UrbanFootprint n/a Cloud-based urban planning and real estate platform $5 07/04/19 Sensibill First Ascent Ventures, Information Venture Partners, National Bank of Canada, Radical Ventures Digital receipt management platform and revenue analytics $20 07/03/19 Coherent Path n/a Email marketing analytics and optimization $2 07/03/19 OneTrust Insight Partners Privacy management and data inventory platform $200 07/03/19 Opiniion BitWealth Real-time customer feedback and analytics platform $2 07/03/19 Smart Lending DILA Capital, Jaguar Ventures Property mortgage financing platform $80 07/02/19 Smartvid.io Building Ventures Cloud-based video management and auto-tagging platform $4 07/02/19 Unifly DFS Deutsche Flugsicherung, Federal Holding and Investment Company, PMV, Qbic Fund, Terra Motors Cloud-based drone air-traffic management platform $19 07/02/19 VidSys n/a Enterprise converged security and information management $3 07/01/19 Aegis AI Bling Capital, Tensility Venture Partners, Upside Partnership AI-based public safety threat detection for cameras $2 07/01/19 Gecko Labs Beacon Capital, Mercia Asset Management Cloud-based student engagement and analytics platform $2 07/01/19 Kyndi Intel Capital, PivotNorth Capital, UL Ventures AI-driven document analytics for threat detection $20

Sources: Company releases, Wall Street research

44 Public Equity Market Valuations Software Private Capital Raise Activity: 3Q 2019 continued

($ millions)

Close Date Company Participating Investor(s) Description Amount

07/01/19 Punchh Adams Street, AllianceBernstein, Sapphire Consumer engagement and digital marketing analytics $35 07/01/19 Qwil n/a Contractor-focused financial and benefits platform $23 07/01/19 ResoluteAI n/a Information retrieval and data management platform $1 07/01/19 TrapX Security BRM Group, Ibex Investors, Intel Capital, Liberty Ventures Group, Opus Capital, Strategic Cyber Ventures Cloud-based cybersecurity and real-time threat detection $18 07/01/19 Zipari n/a ML-driven health insurance consumer experience platform $15

Sources: Company releases, Wall Street research

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