Infrastructure Software Taxonomy SOFTWARE DEVELOPMENT / DEVOPS IT OPERATIONS MANAGEMENT SECURITY Solutions that enable the Solutions that help to manage Solutions that protect software software development lifecycle, the provisioning, capacity, and systems against malicious including planning, creating, performance, and availability of attacks, unauthorized access and testing, and deploying software an organization’s IT resource use, and other external applications and systems infrastructure and internal risks Infrastructure / Application IT GRC and Service and Identity and Continuous Integration Version Test App / Database Operations Network / App / Advanced Threat SIEM / Security Lifecycle Asset Support Access / Continuous Delivery Management Management Performance Analytics Data Security Protection Analysis Management Management Management Management Monitoring Select Market Participants Select Market Participants Select Market Participants DATA MANAGEMENT CLOUD MANAGED SERVICES COLLABORATION / COMMUNICATION Solutions that manage cloud Solutions that enable groups and Solutions that integrate, cleanse, security, computing, storage, teams to communicate, share, migrate, and manage data across network operations, and coordinate, cooperate, and solve platforms to produce accurate application stacks to automate problems for the purpose of and consistent information and enhance business operations completing a task Project Business Data Quality and Database Data PaaS / aPaaS / Managed Hosting Managed Backup and Communications Agile Project Data Integration Portfolio Process Governance Management Analytics iPaaS and Applications Security Disaster Recovery PaaS Management Management Management Select Market Participants Select Market Participants Select Market Participants 1 Case Study: SentryOne HW’s Technology Group advised SentryOne on its acquisition by SolarWinds. TRANSACTION OVERVIEW SentryOne provides mission-critical Database Performance Management (“DPM”) and DataOps software. The Company’s solutions enable customers to monitor, document, test, build, and Closed October 29, 2020 migrate their mission-critical workloads in on-premises, hybrid, and multi-cloud environments. The Company has built a strong, well-respected product portfolio guided by a customer-centric model well-aligned to SolarWinds’ mission and commitment to the IT professional community. The SentryOne offering complements the on-premises and cloud-native DBM offerings SolarWinds has today to serve the full needs of the mid-market and better serve larger organizations. a portfolio company of SolarWinds is a leading provider of powerful and affordable IT management software. Its products give organizations worldwide the power to monitor and manage their IT services, infrastructures, and applications, whether on-premises, in the cloud, or via hybrid models. The Company continuously engages with technology professionals to understand the challenges they face in maintaining high-performing and highly available IT infrastructures and applications. has been acquired by RELEVANT SUB-SECTORS INFRASTRUCTURE DEVOPS SAAS SOFTWARE DATA MANAGEMENT MICROSOFT AZURE / AWS 2 Case Study: Learn on Demand Systems HW’s Technology Group advised Learn on Demand Systems on its sale to Shamrock Capital. TRANSACTION OVERVIEW Learn on Demand Systems provides cloud-based virtual labs, tools, and proprietary content that power hands-on learning environments for leading technology and IT training organizations. The Closed March 16, 2021 Company’s solutions help train, certify, and upskill the global IT community on new technologies faster and more effectively than traditional learning methods. Learn on Demand Systems’ full-service platform enables organizations to create and deliver high- impact, hands-on learning experiences that address a broad spectrum of IT focus areas. Their proprietary, feature-rich technology delivers superior learning outcomes and creates substantial barriers to entry. LODS has a large and expanding market opportunity underpinned by a growing IT skills gap and favorable trends in personalized learning. a portfolio company of Shamrock Capital is a Los Angeles-based investment firm with approximately $3.5 billion of assets under management. Shamrock was originally founded in 1978 as the family investment company for the late Roy E. Disney, and has since evolved into an institutional money manager with a leading group of investors, including endowment and pension funds. Shamrock partners with strong management teams and takes an active, collaborative approach to creating value in each has received an investment. investment from RELEVANT SUB-SECTORS VIRTUAL LABS E-LEARNING / CERTIFICATIONS IT TRAINING DEVOPS IN-APP TRAINING SIMULATION 3 Select Infrastructure Software M&A Transactions1,2 Microsoft’s acquisition of The Marsden Group – Announced March 16, 2020 • The Marsden Group is a provider of industrial technology and digital solutions for heavy asset industries Enterprise Value: NA EV / Revenue: NA • The Marsden Group helps customers rapidly envision, prototype, and implement innovative technology solutions Revenue: NA EV / EBITDA: NA • The acquisition will accelerate Microsoft’s penetration into asset-intensive industries that face unique challenges in adopting new technologies, bringing speed, agility and technical creativity together with cloud, IoT, and AI capabilities Accel’s investment in Snyk – Announced March 11, 2021 • Snyk provides cloud native application security software Enterprise Value: $4.7B EV / Revenue: NA • The transaction included both primary and secondary offerings, resulting in $175 million of new capital into the business Revenue: NA EV / EBITDA: NA • The $300M investment, led by Accel and Tiger, and with participation from new investors, including Atlassian Ventures and Temasek, is expected to help Snyk continue its rapid growth as it likely heads for a public exit Thoma Bravo’s acquisition of Talend – Announced March 10, 2021 • Talend is a provider of open-source data integration and data integrity solutions across big data and cloud environments Enterprise Value: $2.4B EV / Revenue: 7.4x • The transaction price represents a 29% premium to the March 9 closing price, and an 81% premium to the 12-month average Revenue: $325M EV / EBITDA: NA • The acquisition will better enable Talend to continue investing in its cloud transition, and to develop more robust data solutions for its customers Clearlake and TA Associates’ investment in Precisely – Announced March 3, 2021 • Precisely provides data management and quality software, including data integration, location intelligence, and data enrichment Enterprise Value: $3.5B EV / Revenue: NA • Precisely serves about 12,000 customers, including banks, telecom companies, healthcare businesses, and the government Revenue: NA EV / EBITDA: NA • The investment brings new capital infusion into the business, and will enable the company to continue executing on its consolidation strategy across data management and integration Okta’s acquisition of Auth0 – Announced March 3, 2021 • Auth0 provides a developer-focused identity and authentication platform designed to verify users and tackle identify fraud Enterprise Value: $6.5B EV / Revenue: NA • Auth0’s platform enables developers to eliminate the friction of authentication and authorization of their applications Revenue: NA EV / EBITDA: NA • Auth0 will continue to operate as an independent unit within Okta following the close of the transaction • The acquisition increases Okta’s coverage of identity solutions and unlocks significant cross-sell opportunities across customers TPG’s combination of Thycotic and Centrify – Announced March 2, 2021 • Centrify and Thycotic are providers of cloud-based identity and privileged access management (PAM) solutions Enterprise Value: NA EV / Revenue: NA • PAM is one of the fastest-growing areas of cybersecurity solutions, and is expected to double from $2.2B currently to $5.4 by Revenue: NA EV / EBITDA: NA 2025 as organizations struggle to keep up with the complexity of protecting the ever-growing number of privileged accounts • The combined entity, ThycoticCentrify, will provide one of the most extensive privileged identity platforms in the market 4 Public Market Performance1 EV / NTM REVENUE MULTIPLES As of March 31, 2021 Median EV / NTM Revenue 10 Year 5 Year 3 Year Mar-21 Infrastructure Software 3.9x 5.1x 5.6x 7.0x Security Software 4.7x 5.3x 5.7x 6.9x 10.0x 8.0x 6.0x 4.0x 2.0x - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 NASDAQ Composite Index Infrastructure Software Security Software EV / NTM CASH EBITDA MULTIPLES As of March 31, 2021 Median EV / NTM Cash EBITDA 10 Year 5 Year 3 Year Mar-21 Infrastructure Software 11.6x 14.8x 16.0x 28.3x 35.0x Security Software 11.6x 13.5x 14.6x 16.9x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 NASDAQ Composite Index Infrastructure Software Security Software Note: see pages 7-11 for companies comprising Infrastructure Software and Security Software buckets. 5 Key Performance Metrics for Recent Infrastructure and Security Software IPOs1 316.6% 300.0% 163.9% 200.0% 151.5% 136.1% 101.2% 83.5% 74.0% 75.1% 79.8% 100.0% 59.8% 12.7% 3.5% 30.6% 14.4% 24.6% 24.9% % Revenue Growth % Revenue 0.0% (100.0%) 550.0% 436.8% 500.0% 368.4% 450.0% 335.3% 400.0% 350.0% 300.0% 201.5% 208.7% 200.8% 250.0% 200.0% N/A 150.0% 91.1% 56.9% 100.0% 46.2% 35.8% Stock Performance (Offer to Current)