Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC. BRAIN DRAIN LEADERS BRAIN CONCENTRATION LEADERS Sources: Bloomberg; Denver Post; Built In Colorado 250 204 200 Financial 150 131 98 23% 96 80 100 49 47 32 45 50 13 - - Strategic 77% Amount TEV/ Date Target Buyer(s) Segment TEV/ EBITDA ($ in Mil) Rev 12/24/2018 MINDBODY, Inc. Vista Equity Partners Management LLC Financial Technology 1,674 - - 11/12/2018 athenahealth, Inc. Elliott Management Corp.; Veritas Capital Healthcare IT 5,442 4.15x 16.19x 11/11/2018 Qualtrics International, Inc. SAPFund SE Management LLC; Evergreen Coast Enterprise Software 7,992 21.11x - 11/11/2018 Apptio, Inc. Vista Equity Partners Management LLC Enterprise Software 1,586 - - 11/6/2018 ConvergeOne Holdings, Inc. CVC Advisers Ltd. Infrastructure/Hosting 1,671 1.52x 18.88x 10/28/2018 Red Hat, Inc. International Business Machines Corp. Other SaaS 32,332 - - 10/15/2018 SendGrid, Inc. Twilio, Inc. Marketing Software 1,568 11.43x - 10/10/2018 Imperva, Inc. Thoma Bravo LLC IT Security 1,671 - - 9/24/2018 Pandora Media, Inc. Sirius XM Holdings, Inc. Other SaaS 3,063 1.73x - 9/20/2018 Marketo, Inc. Adobe Systems, Inc. Marketing Software 4,750 - - 8/23/2018 Resideo Technologies, Inc. Shareholders Other SaaS 3,534 0.74x 6.15x 7/22/2018 Syntel, Inc. ATOS SE IT Services 3,542 3.67x 13.49x 7/11/2018 CA, Inc. Broadcom, Inc. Enterprise Software 18,202 4.39x 12.58x Strategic Buyer Inv. Date Select Corporate Acquisitions Accenture Plc 12/20/2018 ▪Knowledgent Group, Inc. 11/5/2018 ▪Intrigo Systems, Inc. 10/21/2018 ▪DAZ Systems, Inc. 8/9/2018 ▪Pillar Technology Group LLC NuMSP LLC 11/27/2018 ▪Swift Systems, Inc. 10/29/2018 ▪Network Medics, Inc. 9/25/2018 ▪Aperio IT 8/27/2018 ▪Info-Link Technologies, Inc. Oracle Corp. 11/15/2018 ▪Talari Networks, Inc. 10/22/2018 ▪DataFox Intelligence, Inc. 10/17/2018 ▪goBalto, Inc. 5/16/2018 ▪DataScience, Inc. Microsoft Corporation 11/14/2018 ▪XOXCO, Inc. 11/10/2018 ▪InXile Entertainment, Inc. 11/10/2018 ▪Obsidian Entertainment, Inc. 9/13/2018 ▪Lobe Artificial Intelligence, Inc. Hexagon AB 8/2/2018 ▪Guardvant, Inc. 6/2/2018 ▪AutonomouStuff LLC 3/15/2018 ▪AGTEK Development Co., Inc. 1/22/2018 ▪Plant Design Solutions, Inc. Financial Buyer Inv. Date Select Corporate Investments TA Associates Management LP 12/18/2018 ▪LANSA, Inc. 12/10/2018 ▪Netsmart Technologies, Inc. 11/1/2018 ▪Assembla, Inc. 10/4/2018 ▪Excel4apps, Inc. 9/26/2018 ▪RightScale, Inc. 8/6/2018 ▪Cirrus Group LLC (MI) Vista Equity Partners Management LLC 12/24/2018 ▪MINDBODY, Inc. 12/11/2018 ▪7Park Data, Inc. 12/3/2018 ▪Marketing G2 LLC 11/29/2018 ▪Wrike, Inc. 11/11/2018 ▪Apptio, Inc. 10/16/2018 ▪Social Tables, Inc. Thoma Bravo LLC 11/30/2018 ▪PEC Safety Operations LLC 11/12/2018 ▪Nuance Document Imaging, Inc. 11/05/2018 ▪Veracode, Inc. 10/10/2018 ▪Imperva, Inc. 9/4/2018 ▪Apttus Corp. Insight Venture Management LLC 12/6/2018 ▪Tripping International, Inc. 11/26/2018 ▪Interfolio, Inc. 10/3/2018 ▪Gradescope, Inc. 10/2/2018 ▪Actively Learn, Inc. 9/5/2018 ▪RapidFire Tools, Inc. 7/26/2018 ▪DesertMicro, Inc. 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Enterprise Software Other SaaS Data Analytics IT Services IT Security Hosting Data Center Tech Conglomerates S&P 500 25% 20% 15% 10% 5% 0% -5% -10% -15% Financial Technology Supply Chain Software Human Capital Management Marketing Software Healthcare IT Hosting Data Center S&P 500 Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Microsoft Corp. MSFT-US $ 779,805 $ 101.57 18.7% 18.7% 87.4% 14.2% 43.8% 6.3x 15.3x 5.6x 12.9x Oracle Corp. ORCL-US 162,040 45.15 (4.5%) (4.5%) 84.4% 0.6% 41.8% 4.3x 10.1x 4.5x 9.7x SAP SE SAP-US 122,081 99.55 (11.4%) (11.4%) 78.3% 6.1% 26.4% 4.4x 15.7x 4.0x 12.4x Adobe Systems, Inc. ADBE-US 110,435 226.24 29.1% 29.1% 81.5% 25.0% 33.6% 12.4x 36.4x 10.0x 22.9x Intuit, Inc. INTU-US 51,089 196.85 24.8% 24.8% 84.9% 13.2% 4.6% 8.2x 28.1x 7.4x 20.3x Dropbox, Inc. DBX-US 3,432 20.43 NA NM 47.0% 21.2% 10.2% 5.6x NM 4.6x 18.7x Anaplan, Inc. PLAN-US 3,317 26.54 NA NM 89.4% 35.3% (54.1%) 13.5x NM 2.9x NM Yext, Inc. YEXT-US 1,498 14.85 23.4% 23.4% 54.6% 36.8% (39.2%) 6.5x NM 4.7x NM 13.4% 13.4% 75.9% 19.1% 8.4% 7.7x 21.1x 5.5x 16.2x 21.1% 21.1% 83.0% 17.7% 18.3% 6.4x 15.7x 4.7x 15.8x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Visa, Inc. V-US $ 290,452 $ 131.94 15.7% 15.7% 87.1% 14.0% 65.8% 14.6x 21.2x 13.5x 19.0x Mastercard, Inc. MA-US 192,599 188.65 24.6% 24.6% 83.7% 16.5% 61.9% 13.3x 22.5x 11.5x 19.0x American Express Co. AXP-US 81,428 95.32 (4.0%) (4.0%) 83.2% 11.7% 33.7% 2.6x 7.5x 2.5x NM Fidelity National Information Services, Inc. FIS-US 33,584 102.55 9.0% 9.0% 92.5% (2.5%) 38.7% 4.9x 13.4x 4.9x 12.7x Fiserv, Inc. FISV-US 29,284 73.49 12.1% 12.1% 88.8% 6.7% 35.0% 5.9x 16.7x 5.6x 14.9x MSCI, Inc. MSCI-US 12,979 147.43 16.5% 16.5% 80.0% 9.9% 54.6% 10.1x 18.7x 9.5x 17.2x Jack Henry & Associates, Inc. JKHY-US 9,780 126.52 8.2% 8.2% 77.3% 4.5% 36.2% 6.2x 17.3x 5.9x 17.3x The Western Union Co. WU-US 7,554 17.06 (10.3%) (10.3%) 76.8% 2.9% 26.4% 1.8x 7.1x 1.8x 7.1x Black Knight, Inc. BKI-US 6,732 45.06 2.1% 2.1% 79.8% 9.4% 44.1% 7.4x 16.5x 6.7x 13.5x Envestnet, Inc. ENV-US 2,249 49.19 (1.3%) (1.3%) 75.9% 14.7% 11.4% 3.3x 28.2x 2.9x 14.6x Q2 Holdings, Inc. QTWO-US 2,149 49.55 34.5% 34.5% 73.8% 35.6% (2.9%) 9.0x NM 6.6x NM Bottomline Technologies, Inc. EPAY-US 2,068 48.00 38.4% 38.4% 64.8% 10.3% 10.7% 5.2x 40.7x 4.3x 17.5x 12.1% 12.1% 80.3% 11.1% 34.6% 7.0x 19.1x 6.3x 15.3x 10.5% 10.5% 79.9% 10.1% 35.6% 6.0x 17.3x 5.8x 16.1x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Manhattan Associates, Inc. MANH-US $ 2,770 $ 42.37 (14.5%) (14.5%) 67.9% 0.9% 26.9% 4.8x 17.6x 4.8x 21.0x Avalara, Inc. AVLR-US 2,072 31.15 NA NM 52.4% NM (17.4%) 9.1x NM 6.1x NM SPS Commerce, Inc. SPSC-US 1,455 82.38 69.5% 69.5% 81.8% 13.4% 35.8% 5.2x 19.9x 4.6x 20.4x American Software, Inc. AMSWA-US 304 10.45 (10.1%) (10.1%) 55.2% 5.4% 12.3% 2.1x 15.5x 2.0x 13.4x 15.0% 15.0% 64.3% 6.6% 14.4% (10.1%) (10.1%) 61.5% 5.4% 19.6% Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Paychex, Inc. PAYX-US $ 23,395 $ 65.15 (4.3%) (4.3%) 85.7% 9.1% 40.1% 6.6x 16.0x 6.0x 14.4x Workday, Inc. WDAY-US 24,112 159.68 56.9% 56.9% 92.5% 31.4% (13.4%) 13.1x NM 10.0x NM The Ultimate Software Group, Inc. ULTI-US 7,657 244.87 12.2% 12.2% 73.7% 25.2% 10.8% 6.9x NM 5.6x 23.2x Paycom Software, Inc. PAYC-US 7,069 122.45 52.4% 52.4% 74.6% 31.0% 33.3% 13.2x 39.8x 10.2x 24.6x Paylocity Holding Corp. PCTY-US 3,179 60.21 27.7% 27.7% 68.1% 26.6% 11.9% 7.8x NM 6.5x 22.5x Cornerstone OnDemand, Inc. CSOD-US 2,956 50.43 42.7% 42.7% 85.2% 6.6% 7.3% 5.4x NM 5.0x 22.2x Benefitfocus, Inc.