Software Sector Summary Report

Software COMPANYSector PRESENTATION Summary Week of July 24, 2017

1 DEAL DASHBOARD Software $26.7 Billion 351 $19 Billion 50 Financing Volume YTD (1)(2) Financing Transactions YTD (1)(2) M&A Volume YTD (3) M&A Transactions YTD (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) Company Amount ($MM) $Bn 16% $Bn (23)% Target Acquirer EV ($MM) $14 $50 $12 $50 $10 $41 $3,903 $9 $6 $6 $6 $24 $50 $5 $1,125 $4 $16 $15 $15 $12 ( ) $6 $5 $47 $834 ( ) Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 $36 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $610 16% 2% $31 $614 156 160 127 123 118 111 $31 103 94 29 29 29 $533 86 24 24 25 21 $25 13 14 $344

$23 $270 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

35% IGV SPX All Buyers Strategic Buyers PE Buyers 31% ` Financing Activity by Quarter 30% 6.0x 5.3x 4.7x 4.9x 25% 5.0x 4.5x 4.6x 4.2x 4.3x 3.9x 3.9x 4.0x 4.1x 20% 4.0x 3.6x 3.7x 3.1x 2.7x 2.9x 2.9x 3.0x 2.5x 15% 14% 2.2x 2.4x 2.3x

10% 2.0x 1.0x 5% 0.0x 0% 2011 2012 2013 2014 2015 2016 2017 YTD Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 (5%) Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 07/21/2017. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017. 2 5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected]

Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected]

John Lambros JT Herman Peter Bang Sean Minnihan Managing Director Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology Financial Services FinTech [email protected] [email protected] Financial Software Financial Software [email protected] [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter *Adrian Reed *Phil Adams *Raiko Stelten **Akikazu Ida **Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander *Sascha Pfeiffer *Stephen Georgiadis *Tobias Schultheiss Sameer Jindal **Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected]

*Adrian Reed, Phil Adams, Sascha Pfeiffer, Stephen Georgiadis and Tobias Schultheiss are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. 3 **Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

30% 75% 65% 25% 55% 20% 45%

15% 35% 25% 10% 15% 5% 5% (5%) 0% Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 (15%) (5%) (25%) (10%) (35%)

Sector 3 Months 1 Year 3 Years Platform 11.0% 25.9% 43.9% Security 8.2% 25.6% 42.4% Infrastructure 5.9% 19.4% 25.1% BI & Analytics 3.9% 10.1% 10.5% Vertical 13.0% 19.3% 50.3% SaaS / On Demand 12.1% 28.2% 68.8%

Notes: Source: Capital IQ. Market Data as of 07/21/2017. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA

7.0x 40.0x 6.2x 36.0x 6.0x Median: 4.8x 35.0x 5.3x 5.1x 30.0x 29.1x Median: 27.1x 5.0x 4.6x 30.0x 25.2x 25.0x 4.2x 4.0x 25.0x 4.0x 20.0x 3.0x 15.0x 12.2x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Infrastructure Vertical Platform Security BI & Analytics SaaS Security BI & Analytics Vertical Infrastructure Platform

2017E / 2016A Rev. Growth 2017E EBITDA Margin

40.0% 40.0% 36.6% 35.0% 35.0% Median: 16.1% Median: 21.8% 30.0% 30.0% 25.1% 24.2% 23.5% 25.0% 21.9% 25.0% 20.2% 20.0% 16.2% 15.9% 20.0% 16.7% 15.6% 15.0% 15.0% 11.4% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS BI & Analytics Vertical Infrastructure Security Platform Platform Infrastructure Vertical Security SaaS BI & Analytics

Notes: Source: Capital IQ. Market Data as of 07/21/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.1x 4.6x 4.2x 16.4x 12.2x 11.3x 27.8x 20.2x 18.7x 3.6% 11.4% 6.7% 31.0% 36.6% 37.1% Median 5.4 5.2 4.8 19.0 13.5 11.6 32.4 21.4 19.5 (0.6%) 17.4% 6.5% 32.4% 38.8% 39.1%

Infastructure VMware, Inc. $92.27 $37,684 ($6,485) $31,199 4.4x 4.1x 3.9x 16.9x 10.9x 10.7x 33.2x 18.7x 17.3x 6.7% 7.4% 5.8% 26.1% 37.4% 36.1% ServiceNow, Inc. $108.19 18,379 (459) 17,920 12.9 9.5 7.4 NM 43.8 29.4 NM 92.7 62.8 38.3% 35.0% 29.8% NM 21.8% 25.0% Red Hat, Inc. $98.94 17,558 (887) 16,671 7.2 6.1 5.4 41.8 23.0 19.4 75.5 38.9 32.6 17.9% 16.7% 13.8% 17.1% 26.6% 27.8% CA, Inc. $34.42 14,498 157 14,655 3.6 3.6 3.5 11.4 9.9 9.8 18.3 14.8 13.9 (0.1%) 1.8% 1.9% 31.8% 36.2% 35.9% Citrix Systems, Inc. $81.86 12,373 43 12,416 3.6 4.4 4.2 12.1 12.6 11.8 24.0 17.7 16.1 4.4% (17.3%) 4.1% 30.0% 34.8% 35.8% Splunk Inc. $61.06 8,449 (1,003) 7,446 7.8 6.2 4.9 NM 54.9 39.1 NM NM 81.8 42.1% 26.3% 25.6% NM 11.3% 12.7% F5 Networks, Inc. $126.90 8,210 (1,015) 7,196 3.6 3.4 3.2 11.8 8.6 8.0 22.9 15.2 13.7 3.9% 5.8% 6.2% 30.2% 39.3% 39.8% Atlassian Corporation Plc $35.75 8,061 (504) 7,557 14.2 10.7 8.2 NM 43.0 32.0 NM 91.3 63.9 37.2% 33.5% 29.2% NM 24.8% 25.7% Micro Focus International plc $28.45 6,535 1,411 7,945 5.9 5.7 5.7 15.2 12.2 12.0 41.3 15.7 14.9 9.3% 2.1% 0.9% 38.6% 47.1% 47.5% LogMeIn, Inc. $111.30 5,857 (266) 5,591 16.6 5.5 4.8 NM 16.0 12.3 NM 28.7 23.2 23.7% 5.6% 15.6% 12.2% 34.5% 38.9% Nutanix, Inc. $23.73 3,596 (350) 3,245 5.4 3.6 2.7 NM NM NM NM NM NM 83.4% 47.8% 33.2% NM NM NM MuleSoft, Inc. $26.09 3,360 (340) 3,020 16.1 11.1 8.2 NM NM NM NM NM NM 70.3% 45.3% 35.5% NM NM NM Software Aktiengesellschaft $43.82 3,348 (18) 3,330 3.6 3.2 3.1 12.3 10.3 9.8 22.6 15.0 14.4 (2.9%) 13.5% 2.9% 29.5% 30.9% 31.5% NetScout Systems, Inc. $33.80 3,100 (143) 2,957 2.6 2.6 2.4 26.3 10.5 8.1 NM 18.6 14.9 43.1% 2.2% 7.9% 10.0% 24.5% 29.2% Pure Storage, Inc. $13.58 2,834 (536) 2,298 3.2 2.3 1.8 NM NM 31.1 NM NM NM 65.3% 37.1% 30.4% NM 0.6% 5.7% Commvault Systems, Inc. $60.25 2,733 (450) 2,282 3.6 3.3 3.0 NM 24.2 18.8 NM 56.0 43.6 8.7% 7.0% 10.0% 2.7% 13.8% 16.2% New Relic, Inc. $47.08 2,545 (206) 2,339 9.6 7.2 5.7 NM NM 69.5 NM NM NM 49.6% 33.2% 27.0% NM 0.1% 8.2% Progress Software Corporation $31.78 1,535 (118) 1,416 3.5 3.6 3.6 13.0 8.8 8.8 NM 18.1 18.2 7.4% (2.6%) 0.9% 26.9% 40.9% 40.6% Appian Corporation $20.53 1,224 (15) 1,209 9.1 7.8 6.5 NM NM NM NM NM NM 19.5% 17.0% 19.5% NM NM NM A10 Networks, Inc. $6.70 465 (116) 348 1.5 1.5 1.4 NM 86.3 33.7 NM NM NM 15.6% 0.4% 11.4% NM 1.7% 4.0%

Mean 6.9x 5.3x 4.5x 17.9x 25.0x 21.4x 34.0x 34.0x 30.8x 27.2% 15.9% 15.6% 23.2% 25.1% 27.1% Median 4.9 4.2 4.0 13.0 12.6 12.3 24.0 18.6 17.7 18.7% 10.5% 12.6% 26.9% 26.6% 29.2%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 6 Market Data as of 07/21/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 7/21/2017 Value Debt Value CY 16 CY 17E CY 18E CY 16 CY 17E CY 18E CY 16 CY 17E CY 18E 16E/15A 17E/16E 18E/17E CY 16 CY 17E CY 18E Security Symantec Corporation $31.18 $18,965 $3,930 $22,895 6.1x 4.6x 4.3x 26.2x 10.6x 8.8x NM 20.4x 15.6x 4.2% 31.3% 7.8% 23.2% 43.7% 48.6% Check Point Software Technologies Ltd. $106.39 17,389 (1,599) 15,790 9.1 8.4 7.9 18.3 15.1 14.1 25.5 20.5 18.8 6.8% 7.5% 6.9% 49.7% 55.7% 55.9% Palo Alto Networks, Inc. $138.72 12,738 (854) 11,884 7.6 6.2 5.1 NM 26.2 20.4 NM 48.5 37.6 36.3% 22.7% 21.2% NM 23.5% 24.9% Splunk Inc. $61.06 8,449 (1,003) 7,446 7.8 6.2 4.9 NM 54.9 39.1 NM NM 81.8 42.1% 26.3% 25.6% NM 11.3% 12.7% Trend Micro Incorporated $51.78 7,110 (1,113) 5,997 5.3 4.5 4.3 15.4 13.4 12.4 33.8 30.7 27.4 9.3% 16.9% 5.8% 34.5% 33.9% 34.5% Fortinet, Inc. $40.37 7,095 (1,199) 5,897 4.6 4.0 3.4 61.6 19.6 15.8 NM 44.3 36.1 26.4% 16.9% 14.8% 7.5% 20.2% 21.9% Proofpoint, Inc. $91.49 4,000 (41) 3,959 10.5 7.9 6.2 NM 67.6 44.5 NM NM 96.0 41.5% 33.1% 27.8% NM 11.7% 13.9% FireEye, Inc. $15.76 2,811 (124) 2,687 3.8 3.7 3.4 NM 40.9 31.0 NM NM NM 14.6% 2.4% 8.9% NM 9.0% 10.9% Imperva, Inc. $49.30 1,650 (313) 1,337 5.1 4.2 3.5 NM 41.0 29.3 NM NM 75.7 12.9% 21.5% 18.2% NM 10.2% 12.0% Qualys, Inc. $41.80 1,548 (245) 1,303 6.6 5.8 5.0 27.3 18.2 14.9 83.6 49.5 41.0 20.5% 14.5% 16.2% 24.2% 31.6% 33.2% Mimecast Limited $27.02 1,523 (109) 1,413 8.3 6.2 4.9 NM 80.1 50.9 NM NM NM 26.1% 33.8% 24.9% NM 7.7% 9.7% CyberArk Software Ltd. $42.35 1,471 (287) 1,184 5.5 4.6 3.9 27.9 20.9 16.3 54.3 39.3 31.1 34.7% 18.2% 19.9% 19.6% 22.1% 23.7% Barracuda Networks, Inc. $23.18 1,228 (203) 1,025 3.0 2.8 2.6 29.4 15.4 12.3 NM 31.6 27.3 12.5% 7.0% 7.7% 10.0% 17.9% 20.8% SecureWorks Corp. $10.67 865 (92) 773 1.8 1.7 1.5 NM NM NM NM NM NM 26.5% 7.9% 10.3% NM NM 0.3% F-Secure Oyj $4.68 732 (103) 629 3.8 3.1 2.9 26.4 32.1 19.1 44.4 63.6 35.6 4.2% 19.7% 10.1% 14.3% 9.8% 14.9% Rapid7, Inc. $16.74 727 (79) 647 4.1 3.3 2.7 NM NM NM NM NM NM 42.4% 24.5% 21.0% NM NM NM MobileIron, Inc. $6.25 576 (91) 486 3.0 2.7 2.4 NM NM NM NM NM NM 9.8% 11.6% 12.2% NM NM NM VASCO Data Security International, Inc. $14.00 559 (146) 413 2.1 2.2 2.0 25.5 25.6 19.3 52.7 41.6 36.2 (20.4%) (3.9%) 9.6% 8.4% 8.7% 10.6% Zix Corporation $5.77 314 (23) 290 4.8 4.4 3.9 24.4 16.2 13.8 53.2 20.6 17.3 9.9% 10.4% 11.0% 19.8% 26.9% 28.6% Absolute Software Corporation $6.31 249 (35) 214 2.4 2.2 2.0 19.2 26.1 17.6 NM NM 35.6 (4.2%) 8.8% 10.5% 12.6% 8.5% 11.4% Guidance Software, Inc. $6.83 223 (17) 206 1.9 1.8 1.7 NM 16.8 13.4 NM 21.7 17.4 3.3% 4.3% 7.2% NM 10.7% 12.5% iPass Inc. $1.29 85 (13) 72 1.1 1.0 0.9 NM NM 14.3 NM NM 57.3 1.1% 8.9% 22.0% NM NM 6.0%

Mean 4.9x 4.2x 3.6x 27.4x 30.0x 21.4x 49.6x 36.0x 40.5x 16.4% 15.6% 14.5% 20.3% 20.2% 20.4% Median 4.7 4.1 3.5 26.2 23.3 16.3 52.7 35.5 35.6 12.7% 15.7% 11.6% 19.6% 14.8% 14.4%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 7 Market Data as of 07/21/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 7/21/2017 Value Debt Value CY 16 CY 17E CY 18E CY 16 CY 17E CY 18E CY 16 CY 17E CY 18E 16E/15A 17E/16E 18E/17E CY 16 CY 17E CY 18E SaaS Salesforce.com, inc. $89.69 $63,800 ($684) $63,116 7.5x 6.1x 5.1x NM 28.8x 23.3x NM 69.0x 53.5x 25.9% 22.6% 19.5% 6.0% 21.3% 22.0% Workday, Inc. $102.64 21,246 (1,574) 19,672 12.5 9.6 7.7 NM 66.0 46.7 NM NM NM 35.0% 30.8% 25.1% NM 14.5% 16.4% ServiceNow, Inc. $108.19 18,379 (459) 17,920 12.9 9.5 7.4 NM 43.8 29.4 NM 92.7 62.8 38.3% 35.0% 29.8% NM 21.8% 25.0% Shopify Inc. $89.42 9,377 (396) 8,982 23.1 14.3 10.2 NM NM NM NM NM NM 89.7% 61.2% 40.0% NM 0.8% 4.4% Veeva Systems Inc. $63.17 8,828 (664) 8,164 15.0 12.2 10.2 67.0 38.4 31.7 NM 76.2 63.3 32.9% 23.1% 19.6% 22.4% 31.8% 32.1% The Ultimate Software Group, Inc. $225.39 6,699 (75) 6,623 8.5 6.8 5.6 98.0 28.1 22.7 NM 56.5 45.8 26.4% 23.9% 21.8% 8.7% 24.3% 24.8% LogMeIn, Inc. $111.30 5,857 (266) 5,591 16.6 5.5 4.8 NM 16.0 12.3 NM 28.7 23.2 23.7% 5.6% 15.6% 12.2% 34.5% 38.9% Blackbaud, Inc. $89.56 4,204 342 4,546 6.2 5.8 5.3 36.5 24.0 21.5 NM 42.0 37.5 14.6% 7.8% 8.8% 17.1% 24.0% 24.7% Aspen Technology, Inc. $56.30 4,194 38 4,232 9.0 8.8 8.3 19.2 18.2 16.8 32.6 29.1 27.5 1.7% 2.1% 5.3% 46.7% 48.1% 49.5% Paycom Software, Inc. $69.64 4,139 (61) 4,077 12.4 9.5 7.6 60.0 34.3 26.6 94.4 63.8 50.1 46.5% 30.1% 24.6% 20.7% 27.7% 28.7% j2 Global, Inc. $83.37 4,018 641 4,659 5.3 4.0 3.7 12.6 9.7 8.7 26.6 14.3 12.8 21.3% 31.6% 8.2% 42.3% 41.5% 43.1% MuleSoft, Inc. $26.09 3,360 (340) 3,020 16.1 11.1 8.2 NM NM NM NM NM NM 70.3% 45.3% 35.5% NM NM NM RealPage, Inc. $39.15 3,237 61 3,298 5.8 5.0 4.4 40.5 20.4 16.5 NM 42.6 34.6 21.3% 15.7% 14.3% 14.3% 24.6% 26.7% Zendesk, Inc. $29.16 2,886 (248) 2,638 8.5 6.3 4.8 NM NM 97.0 NM NM NM 49.4% 34.8% 29.7% NM 3.0% 5.0% HubSpot, Inc. $73.60 2,691 (122) 2,569 9.5 7.2 5.7 NM NM NM NM NM NM 48.9% 32.3% 26.0% NM 3.2% 5.6% Box, Inc. $19.68 2,660 (103) 2,557 6.4 5.1 4.1 NM NM NM NM NM NM 31.7% 26.8% 23.0% NM NM 3.1% RingCentral, Inc. $34.95 2,627 (150) 2,477 6.5 5.1 4.1 NM 81.8 54.6 NM NM NM 28.2% 29.1% 23.8% NM 6.2% 7.5% New Relic, Inc. $47.08 2,545 (206) 2,339 9.6 7.2 5.7 NM NM 69.5 NM NM NM 49.6% 33.2% 27.0% NM 0.1% 8.2% Paylocity Holding Corporation $47.46 2,445 (101) 2,343 8.9 7.1 5.7 NM 41.1 31.3 NM 72.8 56.2 40.8% 25.0% 23.9% 2.7% 17.3% 18.3% Cloudera, Inc. $18.25 2,393 (222) 2,172 8.3 6.2 5.0 NM NM NM NM NM NM 57.2% 33.3% 26.0% NM NM NM 2U, Inc. $50.05 2,380 (129) 2,250 10.9 8.3 6.3 NM NM NM NM NM NM 37.1% 31.9% 31.3% NM 3.8% 5.3% Okta, Inc. $24.27 2,313 (224) 2,088 13.0 8.9 6.5 NM NM NM NM NM NM 86.6% 47.0% 36.2% NM NM NM Cornerstone OnDemand, Inc. $40.00 2,273 (50) 2,223 5.3 4.6 4.0 NM 39.8 26.8 NM 97.9 49.7 24.6% 13.9% 15.9% NM 11.6% 14.9% Coupa Software Incorporated $29.50 1,563 (238) 1,325 9.9 7.6 6.1 NM NM NM NM NM NM 59.9% 30.2% 24.8% NM NM NM Callidus Software Inc. $23.90 1,550 (183) 1,367 6.6 5.6 4.7 NM 45.2 34.2 NM 76.6 57.3 19.4% 18.4% 18.4% NM 12.4% 13.8% Qualys, Inc. $41.80 1,548 (245) 1,303 6.6 5.8 5.0 27.3 18.2 14.9 83.6 49.5 41.0 20.5% 14.5% 16.2% 24.2% 31.6% 33.2% Mimecast Limited $27.02 1,523 (109) 1,413 8.3 6.2 4.9 NM 80.1 50.9 NM NM NM 26.1% 33.8% 24.9% NM 7.7% 9.7% Alteryx, Inc. $21.49 1,254 (164) 1,089 12.7 8.9 6.5 NM NM NM NM NM NM 59.4% 43.5% 35.9% NM NM NM Yext, Inc. $13.71 1,234 (134) 1,101 8.9 6.5 4.9 NM NM NM NM NM NM 38.5% 36.2% 32.9% NM NM NM Appian Corporation $20.53 1,224 (15) 1,209 9.1 7.8 6.5 NM NM NM NM NM NM 19.5% 17.0% 19.5% NM NM NM Five9, Inc. $22.46 1,223 (11) 1,212 7.5 6.3 5.4 NM NM 63.7 NM NM NM 25.8% 19.0% 17.4% 1.1% 5.9% 8.4% Benefitfocus, Inc. $34.70 1,077 51 1,128 4.8 4.2 3.6 NM 70.4 37.5 NM NM NM 26.0% 13.8% 18.6% NM 6.0% 9.5% SPS Commerce, Inc. $58.94 1,013 (154) 859 4.4 3.9 3.4 45.6 26.7 21.9 NM 69.6 56.0 21.9% 14.3% 14.7% 9.8% 14.6% 15.5%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 8 Market Data as of 07/21/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 8.0x 6.2x 5.0x 49.7x 36.0x 35.2x 59.3x 57.0x 49.4x 31.2% 24.2% 20.8% 16.3% 16.7% 17.0% Median 7.6 6.1 4.9 45.2 32.3 26.8 58.1 60.2 49.9 26.0% 29.6% 24.3% 9.8% 6.9% 9.5%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 9 Market Data as of 07/21/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 4.9x 4.0x 3.4x 18.7x 29.1x 19.5x 30.2x 30.2x 29.0x 25.2% 21.9% 19.4% 17.8% 15.0% 19.4% Median 4.0 3.0 2.9 18.5 20.0 11.0 30.7 25.6 23.2 19.8% 15.7% 15.9% 19.5% 14.4% 21.6%

Vertical Cerner Corporation $65.38 $21,603 $18 $21,622 4.6x 4.1x 3.8x 16.4x 12.7x 11.5x 35.3x 26.1x 23.5x 8.2% 10.8% 7.8% 27.9% 32.8% 33.3% Constellation Software Inc. $529.30 11,217 (125) 11,092 5.2 4.6 4.1 27.2 17.8 15.6 54.2 24.2 21.1 15.6% 12.7% 13.4% 19.2% 26.0% 26.1% Veeva Systems Inc. $63.17 8,828 (664) 8,164 15.0 12.2 10.2 67.0 38.4 31.7 NM 76.2 63.3 32.9% 23.1% 19.6% 22.4% 31.8% 32.1% SS&C Technologies Holdings, Inc. $39.59 8,077 2,336 10,412 7.0 6.2 5.9 20.3 15.1 13.7 61.9 20.4 18.2 48.1% 13.2% 5.3% 34.7% 41.1% 43.0% athenahealth, Inc. $155.93 6,226 209 6,435 5.9 5.3 4.6 60.1 24.0 20.1 NM 82.5 64.6 17.1% 13.0% 13.7% 9.9% 21.9% 22.9% Guidewire Software, Inc. $71.05 5,285 (477) 4,807 10.7 8.8 7.5 NM 37.9 29.6 NM 82.8 61.9 13.6% 21.6% 17.4% 4.3% 23.2% 25.3% Medidata Solutions, Inc. $74.78 4,356 (96) 4,260 9.2 7.7 6.5 65.0 31.3 25.2 NM 58.4 49.7 18.1% 19.5% 18.4% 14.1% 24.6% 25.7% Blackbaud, Inc. $89.56 4,204 342 4,546 6.2 5.8 5.3 36.5 24.0 21.5 NM 42.0 37.5 14.6% 7.8% 8.8% 17.1% 24.0% 24.7% Ellie Mae, Inc. $109.89 3,744 (393) 3,351 9.3 7.6 6.2 45.7 23.2 17.4 95.6 58.0 44.5 41.9% 21.8% 23.1% 20.3% 32.9% 35.8% CoreLogic, Inc. $43.40 3,673 1,485 5,158 2.6 2.8 2.7 12.3 11.1 10.3 35.3 19.0 16.8 27.8% NM 3.3% 21.5% 25.2% 26.3% RealPage, Inc. $39.15 3,237 61 3,298 5.8 5.0 4.4 40.5 20.4 16.5 NM 42.6 34.6 21.3% 15.7% 14.3% 14.3% 24.6% 26.7% Allscripts Healthcare Solutions, Inc. $12.10 2,196 1,224 3,419 2.2 2.0 1.9 22.5 9.8 9.0 NM 19.6 17.1 11.8% 10.8% 5.8% 9.8% 20.3% 20.9% WebMD Health Corp. $55.19 2,002 11 2,014 2.9 2.8 2.7 10.7 8.5 8.2 28.1 26.9 26.7 10.8% 2.2% 2.8% 26.7% 32.9% 33.1% Inovalon Holdings, Inc. $12.95 1,891 (274) 1,616 3.8 3.6 3.4 21.8 15.1 13.5 72.1 43.3 37.0 (2.2%) 4.3% 8.0% 17.3% 24.0% 24.9% AppFolio, Inc. $35.30 1,195 (27) 1,168 11.1 8.5 6.7 NM 67.1 46.0 NM NM NM 40.8% 30.8% 26.1% NM 12.6% 14.6% Instructure, Inc. $30.90 894 (38) 855 7.7 5.6 4.3 NM NM NM NM NM NM 51.5% 36.8% 30.3% NM NM NM HealthStream, Inc. $26.01 829 (116) 714 3.2 2.8 2.6 33.9 20.1 16.4 NM NM 85.5 8.1% 11.1% 11.3% 9.3% 14.2% 15.6% Silver Spring Networks, Inc. $10.97 583 (117) 467 1.5 1.6 1.4 NM 48.0 14.2 NM NM 37.7 (36.5%) NM 12.7% NM 3.2% 9.7% Castlight Health, Inc. $4.30 561 (103) 458 4.5 3.4 2.7 NM NM NM NM NM NM 35.0% 31.3% 26.2% NM NM NM Exa Corporation $13.49 201 (25) 177 2.4 2.3 2.1 39.5 28.7 17.7 NM NM NM 10.9% 5.7% 11.5% 6.2% 8.0% 11.7%

Mean 6.0x 5.1x 4.4x 34.6x 25.2x 18.8x 54.6x 44.4x 40.0x 19.5% 16.2% 14.0% 17.2% 23.5% 25.1% Median 5.5 4.8 4.2 33.9 21.8 16.4 54.2 42.3 37.2 16.4% 13.1% 13.0% 17.2% 24.3% 25.5% Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 10 Market Data as of 07/21/2017. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow 15.0x 15.0x R = 0.66 R = 0.65 SHOP SHOP

12.0x VEEV 12.0x VEEV

MULE MULE

WDAY PAYC WDAY PAYC AZPN NOW AZPN NOW 9.0x AYX OKTA 9.0x TWOU OKTA APPN AYX APPN TWOU CLDR PCTY COUP HUBS NEWR CLDR NEWR ULTI PCTY HUBS ULTI FIVN CRM YEXT FIVN MIME YEXT ZEN 6.0x BLKB MIME ZEN 6.0x BLKB CRM QLYS INST INST LOGM QLYS CALD LOGM RP RNG CALD RP CSOD BOX BNFT CSOD BOX RNG BNFT JCOM

WK CSLT SPSC JCOM Enterprise Value / CY / 2017E Revenue Value Enterprise AMBR SPSC CSLT CY / 2017E Revenue Value Enterprise WK 3.0x LPSN APTI 3.0x CARB LPSN AMBR APTI CARB BV ECOM BV ECOM BCOV BCOV

0% 10% 20% 30% 40% 50% 60% 70% (10%) 0% 10% 20% 30% 40% 50% 60% 70% CY2017E Revenue Growth CY 2017E Revenue Growth % + CY 2017E FCF Margin %

Notes: Source: Capital IQ as of 07/21/2017. Consensus Estimates used for CY2017E figures. 11 Estimates for COVS, MRIN and PCYG are not available. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA hospitality, dining, healthcare, entertainment, travel and education sectors

Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis

Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Information Management $1,260 NA NA NA NA ( ) integration and backup

Infrastructure Provides enterprise IT automation and workspace management software to businesses. Features include IT store 7/5/17 $55 1.0x NA NA NA Management management, service desk optimization, on-boarding and off-boarding and workforce security

Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/17 Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses

6/14/17 Hosted Services $135 2.2x 2.2x NM 147.7x Operates as a domain name registry and provides domain name services to consumers and businesses

6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses

Infrastructure Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store 6/2/17 $260 NA NA NA NA Management payment terminals

Infrastructure Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 $1,125 NA NA NA NA ( ) Management Also provides Windows PowerShell interactive development environment (IDE) software

Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $533 5.5x 4.7x NM NM businesses

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses Asure Software Inc. iSystems( LLC )

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers

Provides customer address verification software as a service (SaaS) to e-commerce companies and other businesses. Also 5/9/17 Information Management $96 5.6x NA 16.5x NA provides verification SaaS for other customer data such as phone numbers and email addresses

Infrastructure 5/3/17 $490 6.1x 5.2x 14.0x NA Provides software, Web application and API code review, testing and quality assurance (QA) software for businesses ( ) Management

Provides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic WAN and network 5/1/17 Enterprise Networking $610 24.4x 15.3x NA NA infrastructures that connect them to their facilities, users and applications

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 07/21/2017, where Enterprise Value is > $50MM. 12 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides social media-based team collaboration and social media monitoring and marketing software as a service (SaaS) for 5/1/17 Information Management $344 1.7x 1.7x 69.1x 15.1x businesses

Marlin Equity Provides telecom expense management, network provisioning, M2M and mobile device management software and SaaS for 4/28/17 Tangoe Mobility $270 NA 1.1x NA 10.3x Partners businesses. Also provides related business process outsourcing (BPO) services

Offers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and authenticate end 4/25/17 Security $230 2.3x 1.8x 23.0x NA users across account lifecycles

Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also provides features for 4/25/17 Application Software $75 1.9x NA NA NA data processing and aggregation, data warehouse automation, and the reporting and analysis of CRM, sales and supply chain analytics

Provides channel data management SaaS for the consumer electronics sector globally. Software enables companies to 4/12/17 Application Software $120 NA NA NA NA intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility

Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-based 4/4/17 Application Software $80 0.7x NA NA NA communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance plans

Provides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides features for the 4/3/17 Application Software $50 NA NA NA NA digital management, awarding, reporting and stewardship of academic awards for students

4/3/17 Application Software $73 4.8x NA NA NA Provides mathematical data analysis and modeling software to engineering and scientific research markets

Infrastructure 4/3/17 $92 0.5x NA NA NA Provides trading software, collaborative data management and EDI software for the securities trading sector Management

Experian's cross-channel marketing business, which provides marketing automation and email advertising SaaS and 4/3/17 Application Software $400 NA NA NA NA (Cross-channel Marketing Division) outsourced BPO services for businesses and ad agencies worldwide Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and BlackBerry smart 3/30/17 Security $366 NA NA NA NA phone anti-virus and anti-malware software for businesses and consumers globally. Also provides mobile call blocking and (Tongfang Investment (Beijing Feiliu Jiutian Fund Series SPC) Technology Co.) device optimization software

Infrastructure Provides Web and mobile application testing software for enterprises. Features include website performance testing and 3/29/17 $200 6.3x 4.4x NA NA Management management, application load testing, and performance analytics

Provides water resource and environmental management and simulation software to the utilities industry globally. Stantec 3/21/17 Application Software $270 NA NA NA NA ( ) obtained ownership of Innovyze through the 2016 acquisition of MWH Global

Provides investment portfolio business intelligence (BI) software for the investment and finance sector globally. Software 3/20/17 Application Software $205 7.3x NA NA NA ( ) provides features for data management, portfolio performance analytics, risk management and reporting

3/7/17 Security $614 5.6x NA NA NA Provides automated application penetration and network vulnerability testing SaaS for enterprise software developers

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 07/21/2017, where Enterprise Value is > $50MM. 13 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides on-premise and cloud-based accounting and performance management software and SaaS, including budgeting, 3/7/17 Application Software $317 5.3x NA NA NA planning, reporting and analytics, for businesses

Provides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or targeted 2/28/17 Security $105 10.5x NA NA NA attacks, insider threats and malware that have circumvented traditional security controls

The multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting, forecasting and 2/27/17 Application Software $290 8.1x NA 29.0x NA revenue cycle management software for multi-family real estate sectors (Multi-Family Housing Business)

Provides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address 2/23/17 Enterprise Networking $325 5.4x NA NA NA management SaaS for enterprises

Provides Web-based SaaS for the automation and management of performance appraisals, feedback, compensation 2/23/17 Application Software $175 2.4x 2.3x 27.5x 20.3x management, succession planning, job descriptions, learning management and recruiting for corporate HR departments ( ) Provides insurance policy and pharmacy claims processing software and SaaS for the insurance and pharmaceutical sector. 2/15/17 Application Software $102 1.3x NA NA NA Also provides colocation, disaster recovery, managed hosting and systems integration services

2/14/17 Application Software $59 1.9x 1.6x NM 10.7x Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector globally

Provides network management and operational support system (OSS) software and related managed services for telecom 2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1x 29.6x 17.5x service provides globally

Provides endpoint security software for small businesses and enterprises in the healthcare, financial services and 2/8/17 Sophos Invincea Security $120 12.2x NA NA NA government industries

MSC Software 2/2/17 Hexagon AB Application Software $834 3.6x NA NA NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses Corporation( )

2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles ( )

Provides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for use in disaster 1/31/17 Storage $67 NA NA NA NA ( ) recovery for businesses

1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical 1/25/17 Application Software $1,400 NA NA NA NA companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide electronic authorization Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and Infrastructure 1/24/17 $3,903 18.9x NA NM NA troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics Management reporting software

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 07/21/2017, where Enterprise Value is > $50MM. 14 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides domain name registration and related services to corporate and consumer website owners. Related services include 1/20/17 Hosted Services $84 NA NA NA NA ( ) web hosting and an auction service for website domain name resellers

Provides project and portfolio management SaaS and related systems integration services for enterprises. Software includes 1/19/17 Application Software $800 4.6x NA NA NA ( ) features for plan design, agile project portfolio management and cost analysis and control Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature 1/17/17 Storage $650 6.5x NA NA NA virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that can be replicated to secondary datacenters

Provides social collaboration online software for enterprise employees and consumers. Software allows employees and 1/9/17 Information Management $425 NA NA NA NA consumers to create "boards" where members collaborate to complete tasks for a project

Provides health benefits management SaaS for businesses. Software provides features for financial management, customized 1/4/17 Application Software $134 19.1x 7.0x NA NA health benefit plans, and data and analytics reporting

Provides cloud-based global import and export trade reference software and an online database of analysis content, cargo 12/23/16 Application Software $53 NA NA NA NA details and related company profiles for businesses at www.datamyne.com

12/20/16 Application Software $67 NA NA NA NA Provides client reporting software and services for the investment and financial services sectors globally

Provides digital rights management SaaS for businesses and content producers, as well as an online digital music and video 12/20/16 Security $560 NA NA NA NA content recognition database for consumers and the entertainment sector ( ) Provides insurance policy administration and management software as a service (SaaS) and on-premise for property and 12/19/16 Application Software $160 3.9x NA NA NA casualty insurance companies. Features include claims management, billing and document management. Also provides related services

Designs and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other 12/19/16 Mobility $67 NA NA NA NA embedded display manufacturers

The vendor management software and related assets of Beeline, which provides vendor management systems (VMS) for 12/13/16 Application Software $130 NA NA NA NA ( ) ( ) businesses globally. Software provides spending management, procurement cycle automation and quality control monitoring

Provides on premise and cloud-based channel and contract management software for businesses in the life sciences industry. 12/12/16 Application Software $60 NA NA NA NA ( ) Software provides features for revenue management, contract lifecycle management and performance analytics reporting

The identity management business of 3M, which consists of 3M Cogent, a biometric identification system, and 3M's 12/9/16 Security $850 4.0x NA NA NA document reader and secure materials systems and software (Identity Management Business)

Sungard's public sector business, which provides ERP administration SaaS for government and public safety entities and the K- 12/7/16 (Public Sector & K-12 Application Software $850 NA NA NA NA / Education Businesses) 12 business, provides cloud-based administration and student management software for K-12 educators

Hosted Services / Provides network and wireless network IT security auditing, compliance and penetration testing services for businesses and 12/6/16 Managed Security $1,800 2.6x NA 29.4x NA government agencies globally ( ) Services

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 07/21/2017, where Enterprise Value is > $50MM. 15 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides ERP, HR management, CRM and project management software, SaaS and systems integration services, for 12/6/16 Application Software $2,800 NA 5.2x NA 14.0x ( ) government contractors, professional services firms and other project-based businesses

Provides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and 12/6/16 Information Management $856 2.9x 2.7x 42.8x 13.5x manufacturing industries to securely exchange documents and sync files

12/2/16 Application Software $65 6.5x NA NA NA Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses

Infrastructure Provides IT process automation and job scheduling software for businesses globally. Applications manage file transfers, 12/1/16 $636 5.1x NA NA NA Management virtual machine provisioning, application release management and error identification and remediation

Provides enterprise data quality SaaS for business. Software provides features for data analysis, profiling, validation and 11/30/16 Information Management $112 2.2x NA NA NA cleansing for businesses operating in the retail, insurance, healthcare and financial industries

( ) 11/29/16 Application Software $190 3.8x NA NA NA Provides online advertising campaign management and ad-serving SaaS for businesses

11/20/16 Security $2,362 3.6x 3.3x 50.0x 24.0x Provides online identity theft and credit rating monitoring software for consumers and businesses in the US

Provides Industrial Internet of Things (IIoT) data integration automation and analytics SaaS for businesses in the energy, 11/15/16 Information Management $153 NA NA NA NA aviation and manufacturing sectors

11/14/16 Application Software $915 10.2x NA NA NA Provides field service and contract management SaaS and mobile applications for service-oriented businesses and enterprises

11/10/16 Application Software $270 NA NA NA NA Provides asset and financial management SaaS to businesses and investors in the global aviation industry

Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides features for 11/8/16 Application Software $300 7.9x NA 16.7x NA scheduling, project planning, workforce management and analytics reporting, accessible on desktop systems and mobile devices

All Software Median 4.6x 3.1x 28.3x 15.1x Mean 5.6x 4.1x 32.2x 30.3x

PE Acquirers Median 5.0x 2.3x 27.5x 15.1x Mean 4.5x 3.0x 36.9x 15.2x

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 07/21/2017, where Enterprise Value is > $50MM. 16 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT PRIVATE FINANCINGS

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

7/24/17 Rimilia $25 Developer of cash allocation software. Eight Roads Ventures, Kennet Partners

Developer of an online lending platform designed to offer personal loans and free credit 7/21/17 Borrowell $43 White Star Capital, Equitable Group, Portag3 Ventures scores.

7/21/17 Betterment $70 Provider of an online investment platform intended to offer financial advisory services. Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo Ventures

Developer of a bookkeeping automation software designed to automatize small business 7/20/17 Receipt Bank $50 Insight Venture Partners bookkeeping.

Provider of digital-to-direct mail platform designed to transform real-time online activity 7/20/17 PebblePost $47 into personalized, dynamically rendered direct mail delivered to postal hubs within 12 to 24 RRE Ventures, Greycroft Partners, Tribeca Venture Partners hours.

Baidu, Cerca Partners, ClalTech, Deutsche Telekom Capital Partners, Emerge, Global Founders Capital, La Maison 7/20/17 Dynamic Yield $31 Developer of software systems for maximizing Web-traffic monetization. Investments, Vertex Ventures Israel, Bessemer Venture Partners, Innovation Endeavors, Marker

Developer of mobile application designed to offer automatic sync of credit card information 7/20/17 Acorns $40 Bain Capital Ventures, Greycroft Partners and make investments.

Provider of a cloud-based product experience platform designed to increases trial Meritech Capital Partners, Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEA Fund Partners, 7/19/17 Pendo $25 conversions and accelerates time to value. Salesforce Ventures, Spark Capital

General Motors, Greylock Partners, SoftBank Group, Allianz Ventures, BMW i Ventures, Draper Nexus, Playground Global, 7/19/17 Nauto $159 Provider of an online traffic monitoring device. Toyota Research Institute

Provider of a game-based learning platform designed to help teachers create tailored 7/19/17 Kahoot $20 Creandum, Microsoft Ventures, Northzone Ventures quizzes and exams.

AutoTech Ventures, Corazon Capital, Daniel Hoffer, Global Founders Capital, Levy Family Partners, Math Venture Developer of an on-demand mobile parking application designed to offer easy parking 7/18/17 SpotHero $30 Partners, Sam Yagan, Bullpen Capital, Chicago Ventures, Draper Associates, Insight Venture Partners, OCA Ventures, facilities. Pritzker Group Venture Capital

7/18/17 NewStore $50 Provider of an online order and workflow automation tool and platform. Stephan Schambach, Activant Capital Group, General Catalyst Partners

Developer of a cloud-based small business accounting software designed to make online 7/18/17 FreshBooks $43 Accomplice VC, Georgian Partners, Oak Investment Partners invoicing easy and secure.

Developer of an artificial intelligence based trading software created to trade in financial 7/18/17 Capital.com $25 Larnabel Ventures, VP Capital instruments with their mobile devices.

Developer of an enterprise collaborative data platform designed to empower employees 7/18/17 Alation $23 Harmony Partners, Icon Ventures, Costanoa Venture Capital, Data Collective inside data-driven enterprises to find, understand and use the right data.

Notes: Source: Pitchbook. Reflects deal activity through 07/21/2017. 17 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Provider of an Internet of Things (IoT) platform created to help businesses connect and 7/17/17 Particle $20 Qualcomm Ventures, Spark Capital manage their connected devices.

Avenir Growth Capital, Greg Maffei, Joe Gebbia, Robert Pittman, Shumway Capital Partners, Dasha Zhukova, L Catterton, 7/17/17 Artsy $50 Provider of an online platform for collection of contemporary art for art lovers. Larry Gagosian, Richard Barton, Rockefeller family, Sky Dayton, Thrive Capital, Wendi Murdoch

7/14/17 VistaraIT $20 Developer of a SaaS platform created to manage modern IT operations. NA

Assent (Compliance Developer of compliance management software designed to help organizations collect data Greenspring Associates, Business Development Bank of Canada, National Research Council Canada, OpenText Enterprise 7/14/17 $31 Management) and stay in compliance with local and international regulations. Apps Fund, Royal Bank of Canada, Volition Capital

Provider of an in-home repair and installation platform intended to verify repairs and 7/13/17 CellSavers $20 Red Dot Ventures, Carmel Ventures, Sequoia Capital Israel support for smart device.

Operator of an industrial products distribution platform created to offer one-stop MRO 7/12/17 Zhenkunhang $53 Eastern Bell Venture Capital, Shenzhen Cowin Venture Capital Investments purchasing and management services.

Operator of a pet-sitter network developed to connect pet owners with dog walkers and Alpha Venture Partners, Bespoke Management, Spark Capital, StepStone Group, Foundry Group, Madrona Venture 7/12/17 Rover $65 sitters. Group, Menlo Ventures, OMERS Ventures, Technology Crossover Ventures

7/12/17 Revolut $66 Provider of mobile foreign exchange services designed to help in global money transfer. Balderton Capital, Index Ventures (UK), Ribbit Capital

Provider of advanced algorithms and data-driven analytics to clients in the futures and US 7/12/17 Quantitative Brokers $24 Centana Growth Partners cash treasury markets.

Provider of a business risk intelligence platform intended to empower intelligent decision 7/12/17 Flashpoint (threat intelligence) $28 Georgian Partners, Bloomberg Beta, Cisco Investments, Greycroft Partners, Jump Capital, Leaders Fund, TechOperators making.

Provider of cyber security for mobile and endpoints by applying deep learning designed to 7/12/17 Deep Instinct $32 Coatue Management, Nvidia, Columbus Nova Technology Partners protect against the most evasive unknown malware in real-time.

Developer of an enterprise security platform designed to detect and defend advanced Barracuda Networks, NTT Finance, Osage University Partners, Thomvest Ventures, WatchGuard Technologies, Redpoint 7/11/17 Lastline $29 malware in network. Ventures

Provider of a cloud security software designed to automate compliance and enforce security- Advance Venture Partners, Cisco Investments, EPIC Ventures, Fortinet, Intel Capital, Sway Ventures, Trident Capital, 7/11/17 HyTrust $36 based policies across private and public clouds. Vanedge Capital, VMware

Provider of a sales conversation intelligence platform created to improve calls and demos 7/11/17 Gong (Software) $20 Next World Capital, Wing Venture Partners, Norwest Venture Partners, Shlomo Kramer for sales teams.

Provider of an electronic credit trading platform created to unlock liquidity for institutional 7/10/17 TruMid $28 CreditEase, DB1 Ventures clients.

Notes: Source: Pitchbook. Reflects deal activity through 07/21/2017. 18 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Developer of a mobile investment application designed to empower investors and provide 7/10/17 StashInvest $42 Coatue Management, Breyer Capital, Goodwater Capital, Valar Ventures access to financial opportunities.

Provider of cyber threat defense systems designed to detect and respond to previously 7/10/17 Darktrace $75 Insight Venture Partners, Kohlberg Kravis Roberts, Summit Partners, Ten Eleven Ventures unidentified threats.

Provider of a financial comparison platform designed to offer information on personal Alibaba Entrepreneurs Fund, H&Q Asia Pacific, International Finance Corporation, SBI Holdings, ACE & Company, 7/10/17 CompareAsiaGroup $50 finance. Goldman Sachs Investment Partners, Nova Founders Capital, Route 66 Ventures

Operator of an online automobile marketplace designed to make buying and selling 7/5/17 Droom $20 Beenext Ventures, Beenos Asia, Digital Garage, Integrated Asset Management, Lightbox automobiles easy, quick and trusted.

Provider of a platform for finding local service professionals designed to expand service 7/3/17 UrbanClap $21 Vy Capital, Accel, Bessemer Venture Partners, SAIF Partners businesses.

6/30/17 Kinetica $50 Provider of GPU-accelerated relational database designed to run applications much faster. Canvas Ventures, Citi Ventures, Meritech Capital Partners, Raymond Lane

Provider of an open source-as-a-service platform designed to help companies manage their 6/28/17 Platform9 $22 Canvas Ventures, Hewlett Packard Enterprise, Redpoint Ventures cloud software deployments.

Provider of cloud-based machine data analytics service designed to deliver real-time 6/27/17 Sumo Logic $75 continuous intelligence from structured, semi-structured and unstructured data across the Sapphire Ventures, Accel, DFJ Growth, Greylock Partners, IVP, Sequoia Capital, Sutter Hill Ventures entire application life-cycle and stack. Provider of information technology field services through a unique two-sided platform 6/27/17 SiteHands $25 which provides orchestration and simplification with end-to-end accountability and FTV Capital continuous optimization.

Developer of an e-commerce fraud-prevention technology designed to turn fraud C4 Ventures, Capital One Growth Ventures, Groupe Arnault, Pascal Cagni, Pitango Venture Capital, Genesis Partners, 6/27/17 Riskified $33 management into a growth engine for online retailers. Phoenix Insurance Company, Qumra Capital

6/27/17 Resolver $20 Provider of enterprise governance, risk and compliance software services. Klass Capital

6/27/17 DiffBlue $22 Developer of an automated testing software designed to improve code testing. Goldman Sachs Principal Strategic Investments, Oxford Investment Consultants, Oxford Sciences Innovation

Provider of cloud-management software to develop a service that complements, not 6/27/17 CloudHealth Technologies $46 Kleiner Perkins Caufield & Byers, Meritech Capital Partners, .406 Ventures, Sapphire Ventures, Scale Venture Partners displaces, the existing infrastructure.

Mark Nunnelly, Bob Doris, GE Ventures, General Catalyst Partners, Greylock Partners, Highland Capital Partners, Mark 6/27/17 Catalant Technologies $41 Provider of an online talent network designed to streamline access to expertise. Cuban, Scott Cook, The Kraft Group

Developer of a cloud based Identity as a Service platform designed to integrate directly, Meritech Capital Partners, NTT Docomo Ventures, Telstra Ventures, Bessemer Venture Partners, K9 Ventures, Trinity 6/27/17 Auth0 $30 manage identity and authentication into cloud platforms. Ventures

Notes: Source: Pitchbook. Reflects deal activity through 07/21/2017. 19 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Provider of a data-driven cognitive computing analytics platform designed to harness real- 6/26/17 SparkCognition $33 Boeing HorizonX, Verizon Ventures time sensor data.

Developer of a mobile financial management platform designed to make personal finances 6/26/17 Fintonic $28 ING Group, Premier Specialty Network available to all the public.

Provider of open source software-defined networking products designed to disrupt the 6/26/17 Big Switch Networks $21 NA status quo of networking by designing intelligent, agile and flexible networks.

Operator of an agriculture e-commerce platform intended to provide assistance and 6/22/17 Dafengshou $29 China Growth Capital, Orchid Asia Group Management, Matrix Partners China products to increase agricultural productivity.

Digital Currency Group, GV, Lakestar, Nokota Management, Lightspeed Venture Partners, Mosaic Ventures, Prudence 6/22/17 Blockchain $40 Provider of a digital assets platform designed to improve financial systems. Holdings, Richard Branson, Virgin.com

Developer of SaaS endpoint detection and cyber-security technology designed to protect 6/21/17 Cybereason $100 SoftBank Group companies from highly advanced attacks.

Developer of a cloud-based close management software designed to address the 6/21/17 FloQast $25 Insight Venture Partners, Polaris Partners, Toba Capital inefficiencies and repetitive processes common to the month-end close.

Provider of a novel global hybrid communications platform intended to help connect 6/21/17 Omnispace $30 NA people, businesses, and communities worldwide.

Developer of large-scale wireless sensor systems designed to make it easy to deploy sensors 6/21/17 Samsara $40 General Catalyst Partners, Andreessen Horowitz and analyze their data.

6/21/17 Textio $20 Provider of an augmented writing platform designed to offer highly effective job listings. Scale Venture Partners, Bloomberg Beta, Cowboy Ventures, Emergence Capital Partners, Upside Partnership

6/20/17 Aera Technology $50 Developer of a self-driving supply chain for businesses designed for self-driving enterprise. New Enterprise Associates

Provider of an online video streaming platform for sports designed to let sports fan catch up 6/19/17 fuboTV $55 Northzone Ventures, Scripps Networks Interactive, 21st Century Fox, Sky Startup Investments & Partnerships on their favorite sports league or team.

Developer an provider of an education software designed to create a positive school climate 6/19/17 Hero K12 $150 BV Investment Partners and culture.

Provider of a subscription-based fitness membership created to engage and adapt to 6/16/17 ClassPass $70 M13, Temasek Holdings people's fitness needs.

Developer of a SaaS recruitment platform designed to help companies identify and recruit 6/16/17 Entelo $20 Correlation Ventures, US Venture Partners, Battery Ventures, Shasta Ventures technical talent.

Notes: Source: Pitchbook. Reflects deal activity through 07/21/2017. 20 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

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

Operator of an used-car online auction platform created to simplify the car-trading 6/16/17 Mychebao $174 Pacific Alliance Group, The Belt & Road Fund, Youjin Capital experience in China.

Developer of an intelligent control platform designed to power every internet-connected 6/15/17 Conviva $40 Australia Future Fund, Foundation Capital, New Enterprise Associates, Time Warner Investments screen with engaging viewing experiences.

BoCom International, Farallon Capital Management, ICBC International, Hillhouse Capital Group, Sequoia Capital, 6/15/17 Mobike $600 Provider of a bike sharing platform in China designed to allow users to locate nearby bikes. Tencent, TPG Capital

6/15/17 Scopely $60 Developer and publisher of mobile social applications. Cross Creek Advisors, Greenspring Associates, Pritzker Group Venture Capital, Revolution Group, Sands Capital Ventures

Provider of a web based classroom response platform designed to connect professors with Leaders Fund, Union Square Ventures, Emergence Capital Partners, Georgian Partners, Golden Venture Partners, iNovia 6/14/17 Top Hat $30 students. Capital, SoftTech VC, Version One Ventures

6/13/17 Fusion Risk Management $41 Provider of risk management and contingency planning services. Catalyst Investors, Level Equity

China International Capital Corporation, China Merchants Capital, China Merchants Securities, China Oceanwide Holdings 6/13/17 QingCloud $158 Provider of cloud computing services intended to effectively simplify computing resources. Group, Riverhead Capital, BRV Aster and Lotus, Lightspeed Venture Partners China

Developer of a digital transaction marketing platform designed to help performance 6/13/17 Rokt $26 Moelis Australia, Time, Greg Roebuck, John Ho, Lachlan Murdoch, Square Peg Capital marketers engage with and acquire customers at scale.

6/12/17 Alto Pharmacy $23 Developer of a digital pharmacy platform designed to simplify medication access. Craig Sherman, Daniel Kan, Greenoaks Capital, Jackson Square Ventures, Justin Kan, Rahul Mehta

Operator of a business travel platform designed to provide rewards in the form of gift cards 6/9/17 Upside Travel $100 Vista Equity Partners in exchange for travelers flexibility.

Developer of an investment management platform designed to make investing more data- 6/8/17 Addepar $140 8VC, Harald McPike, Valor Equity Partners driven, transparent and impactful.

Developer of a hosted search platform designed to increase user engagement and 6/8/17 Algolia $53 Clark Valberg, Des Traynor, Jyoti Bansal, Point Nine Capital, Accel, Alven Capital Partners, SaaStr conversions.

Provider of automating invoice and payment processes platform designed to provide 6/8/17 AvidXchange $300 Caisse de dépôt et placement du Québec, MasterCard, Peter Thiel, Temasek Holdings accounts payable and on-demand invoice management services.

6/8/17 Coming Space $29 Provider of a space rental platform intended to serve young professionals across China. Neoglory Group

Provider of an instant money transfer application designed to offer an account and virtual 6/7/17 Plynk $28 Swiss Privée mastercard.

Notes: Source: Pitchbook. Reflects deal activity through 07/21/2017. 21 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings

($ M M ) % Change % Change Market Cap Amount % Change Current / Offer Date (1) Name Pre IPO Filing Range Offer Price Offer / 1st Trading Day / @ IPO Date Raised Offer Price Midpoint Price Offer Price

25-May-17 $787 $75 11.00 - 13.00 $12.00 - 25.1% 71.1%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 21.3% 21.7%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 24.6%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 42.8%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 53.5%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 53.5%

Notes: Source: Capital IQ and Company filings. Market Data as of 07/21/2017. 22 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 6 195 (7) 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) Fortinet 17 CDC Software (7) LogMeIn 16 Medidata (6) 180 SolarWinds (9) Rosetta Stone SciQuest (6) RealPage (8) 9 IntraLinks (12) Envestnet Jive Workday Qlik Imperva Fleetmatics BroadSoft Carbonite Qualys Workiva Higher One Tangoe Eloqua Mavenir Hortonworks Convio New Relic 170 Responsys E2open Barracuda Atlassian SPS Commerce HubSpot Cornerstone ServiceNow Wix.com Mimecast SS&C CyberArk Epocrates Exa Covisint Instructure QuinStreet MobileIron Incadea RingCentral Rapid7 FireEye Kinaxis (9) Infloblox Sophos Twilio Cvent Zendesk (5) Proofpoint AppFolio SecureWorks 6 Gigamon Paycom Splunk Alarm.Com Talend Textura OPOWER ExactTarget Xactly Everbridge ChannelAdvisor Five9 Demandware Shopify Apptio 160 Marketo 2U (4) 158 Bazaarvoice Apigee Gridsum Holding Tableau Borderfree Greenway Box Nutanix Halogen Amber Road Mulesoft AVG Coupa Rally A10 Networks Alteryx Guidewire BlackLine, Inc. Marin Paylocity Okta Model N Varonis Systems Yext Cloudera Appian 150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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

Notes: Sources: Capital IQ, company filings. 23 Market Data as of 07/21/2017. VENTURE CAPITAL INDUSTRY TMT Transactions Since Q2 2002

$14 1,000

$12

800

$10

600

$8 $Bn

400 Number Number of Investments

200

$0 0 Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Quarter - Year

(1) Number of Deals Investment Amount

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & 24 Security Systems, and Software. GCA OVERVIEW Deep Software Sector Expertise

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

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

Preferred Acquisition of Acquired by Acquisition of Acquired by Acquired by Convertible Note Strategic Advisory Investment by Offering Services Stock

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

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

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

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

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

Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based 25 transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.