HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising Overview Nationally recognized investment bank founded in 2000 Over 300 transactions completed, totaling more than $10 billion in transaction value Technology Extensive relationships with leading institutional lenders, PE investors, and strategic buyers M&A Report Proven ability to source quality buyers Q3 2020 and maximize deal value Industry Expertise . Technology . Healthcare . Business Services . Industrial Services . Financial Services . Consumer Transaction Size . $25M - $500M Investment Banking Services Mergers & acquisitions, recapitalizations, and management buyouts Capital raising of equity, mezzanine, and senior debt capital Financial advisory, analytical support, and fairness opinions Comprehensive and targeted sell-side marketing efforts Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview Commentary Select Technology Public Offerings (Q3 2020) Transaction Transaction Offer Date Issuer Industry Sector Type Value ($M) . The S&P Global Information Technology Index increased 42.8% 09/22/20 Bentley Systems Application Software IPO $237 during the twelve-month period ended September 30, 2020, while the Nasdaq increased 39.6% and the S&P 500 increased 13.0%. 09/22/20 Corsair Gaming Technology Hardware IPO $238 09/18/20 Unity Software Application Software IPO $1,300 . IPO activity in the Technology industry increased significantly during Q3 2020 with 10 IPOs – up from one the previous quarter. 09/16/20 Jfrog Systems Software IPO $509 TheLargestIPOofQ32020beingSnowflake,aclouddataplatform, 09/16/20 Sumo Logic Application Software IPO $326 with an IPO value at $3.4B. 09/15/20 Snowflake IT Services IPO $3,360 . The Software‐as‐a‐Service (Saas), Application Software (Horizontal), 09/10/20 Switch IT Services Fixed-Income $600 and Data & Analytics sectors were the industry’s leaders with 09/01/20 BlackBerry Limited Application Software Fixed-Income $365 respect to valuation during Q3 2020, trading at revenue multiples of 10.8x, 6.8x, and 6.2x, respectively. 08/13/20 Apple Technology Hardware Fixed-Income $1,247 08/06/20 Twilio IT Services Follow-on Equity $1,250 Public Market Performance Market Performance by Sector 160% Median 150% Change in Stock Price Enterprise Value / LTM Industry Sector 3 Months 12 months Revenue EBITDA 140% 42.8% Software Bellwethers 5.0% 29.2% 5.6x 13.2x 130% 39.6% Application Software (Horizontal) 19.5% 40.2% 6.8x 37.3x 120% Application Software (Vertical) 7.6% 17.9% 4.1x 25.9x 110% 13.0% Software-as-a-Service (SaaS) 38.8% 83.0% 10.8x 38.6x Data & Analytics 3.7% 40.8% 6.2x 19.8x 100% Infrastructure Software 4.0% 2.4% 5.6x 18.0x 90% Technology Hardware 33.2% 75.8% 0.8x 8.1x 80% IT Services 11.5% 28.6% 3.2x 14.7x Internet 14.7% 47.8% 5.1x 20.3x 70% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Resellers & Wholesalers 6.0% 1.6% 0.3x 8.8x S&P 500 S&P Global Information Technology Index NASDAQ Source: Capital IQ. HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly Middle‐Market M&A Activity – Technology Commentary Mid‐Market M&A Transactions by Deal Size – Technology . M&A activity in the Technology industry decreased by 18% in Q3 2020 with 45 closed transactions; similarly, deal value was down ($ in billions) 30% to $7.9 billion compared to the prior year period. Q3 2019 Q3 2020 % Change Deal Size Volume Value Volume Value Volume Value . Transactions valued between $500 and $999M saw the most Less than $100M 33 $1.7 20 $0.9 (39%) (47%) $100 - $499M 13 $4.0 21 $4.3 62% 8% significant decrease in volume during Q3 2020 with 4 closed $500 - $999M 9 $5.6 4 $2.7 (56%) (52%) transactions compared to 9 closed during the prior year period. Total Middle Market 55 $11.3 45 $7.9 (18%) (30%) . A drop in middle-market volume for all transactions (including % of Total Market those with undisclosed value) of roughly 20% reflects the Less than $100M 60% 15% 44% 11% $100 - $499M 24% 35% 47% 54% continuing implications the health crisis has had on the M&A $500 - $999M 16% 50% 9% 34% market as near-term outlook has materially changed given the Total Middle Market 100% 100% 100% 100% increase in market volatility and economic forecasts. Q3 2020 saw 373 deals compared to the prior year period’s 480 deals. U.S. Mid‐Market M&A Activity –Quarterly Trend: VOLUME U.S. Mid‐Market M&A Activity –Quarterly Trend: VALUE billions) in Total Transaction Volume Total Transaction Total Transaction Value Total Transaction ($ Less than $100M $100 - $499M $500 - $999M Source: Capital IQ. Includes deals with disclosed values in between $10M and $1B. Note: Due to rounding, numbers may not sum precisely. HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Annual Middle‐Market M&A Activity – Technology Commentary Mid‐Market M&A Transactions by Deal Size – Technology . M&A activity in the Technology industry decreased by 24% with ($ in billions) 142 closed transactions during the year-to-date period ended YTD 2019 YTD 2020 % Change September 30, 2020; similarly, deal value was down 28% to Deal Size Volume Value Volume Value Volume Value $21.7B compared to $30B YTD 2019. Less than $100M 110 $4.5 78 $2.9 (29%) (36%) $100 - $499M 60 $15.3 55 $12.7 (8%) (17%) . Transactions valued $500 - $999M saw the most significant $500 - $999M 16 $10.2 9 $6.1 (44%) (40%) decrease in volume compared to the prior year period with 4 Total Middle Market 186 $30.0 142 $21.7 (24%) (28%) closed transactions compared to 16 closed during YTD 2019. % of Total Market Less than $100M 59% 15% 55% 13% . Similar to the trend in middle-market deal flow is deal volume for $100 - $499M 32% 51% 39% 59% all transactions (including those with undisclosed value) – down $500 - $999M 9% 34% 6% 28% 22% during YTD 2020 with 1,466 closed deals compared to the Total Middle Market 100% 100% 100% 100% prior year period’s 1,141 deals. U.S. Mid‐Market M&A Activity – Annual Trend: VOLUME U.S. Mid‐Market M&A Activity – Annual Trend: VALUE billions) in Total Transaction Volume Total Transaction Total Transaction Value Total Transaction ($ Less than $100M $100 - $499M $500 - $999M Source: Capital IQ. Includes deals with disclosed values in between $10M and $1B. Note: Due to rounding, numbers may not sum precisely. HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Technology Select Announced M&A Transactions (Q3 2020) EV / EV / Announced Date Target Buyer Industry TEV ($M) Revenue EBITDA 09/30/20 Vision Wireless Motus Data & Analytics N/A N/A N/A 09/28/20 Awake Security Arista Networks Application Software N/A N/A N/A 09/24/20 Pacific Star Communications Curtiss- Wright Technology Hardware $400 3.3x N/A 09/22/20 P5 Solutions Computer Design and Integration IT Services N/A N/A N/A 09/21/20 Rundeck PagerDuty Application Software $100 N/A N/A 09/17/20 Brightstar Brightstar Capital Partners Technology Distributors N/A N/A N/A 09/14/20 Scientific Games Caledonia Investments Casinos and Gaming $11,263 3.8x 13.7x 09/13/20 XCM Solutions Wolters Kluwer Application Software N/A N/A N/A 09/10/20 Virtusa Baring Private Equity IT Services $2,021 1.6x 16.8x 09/09/20 Sprinklr Hellman & Friedman Application Software N/A N/A N/A 08/31/20 Epicor Software Clayton, Dubilier & Rice Application Software $4,700 N/A N/A 08/27/20 Open Systems International Emerson Electric Application Software $1,600 9.6x N/A 08/24/20 Crypsis Palo Alto Networks IT Services $265 N/A 0.0x 08/06/20 Ellie Mae Intercontinental Exchange Application Software $11,019 N/A N/A 07/27/20 Optimal Blue Black Knight Application Software $1,800 N/A 38.7x Source: Capital IQ. HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Technology Sector U.S. Deal Flow by Technology Sector % Change All reported deals: 213 24% Software 279 13 86% Internet 7 100 23% IT Services 130 38% 61 Hardware 99 0 50 100 150 200 250 300 U.S. Middle‐Market* Deal Flow by Technology Sector Q3 '19 Q3 '20 Deals with reported value: % Change 25 Software 36% 39 1 Internet 0% 1 8 IT Services 67% 24 12 20% Hardware 15 0 5 10 15 20 25 30 35 40 45 Source: Capital IQ. Hardware includes Semis and IT Services includes Tech. Distributors and Data Processing and Outsourced Services. *Includes closed deals with values between $10M and $1B. HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Technology Commentary Select Announced Private Equity Transactions (Q3 2020) ($ in millions) . Financial sponsor activity was slow in Q3 2020 compared to the prior year period as deal flow has just recently begin to pick back Announced Enterprise EV / EV / up after a slow Q2. Sponsors have spent a significant amount of Date Target Buyer Industry Value ($M) Revenue EBITDA time focusing on their existing portfolio companies at the expense 09/30/20 AirWire Alpha Sigma Capital Fund IT Services N/A N/A N/A of new deal activity; however, Hyde Park Capital has seen private equity new deal interest pick up in the latter half of Q3. 09/17/20 Brightstar Brightstar Capital Partners Wholesale N/A N/A N/A .