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 The Harris Williams 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 Select Infrastructure Software M&A Transactions1,2 Vista Equity Partners’ acquisition of Pluralsight – Announced on December 13, 2020 • Pluralsight is a provider of technology workforce development solutions • Pluralsight, with over 1,700 employees, serves more than 17,000 customers, including 70% of Fortune 500 companies Enterprise Value: $3,943M EV / Revenue: 10.5x Revenue: $376M EV / EBITDA: NA • Through the acquisition, Pluralsight is expected to unlock significant resources and institutional knowledge from its partnership with Vista, thus accelerating growth and further strengthening its position as a market leader Cisco’s acquisition of IMImobile – Announced on December 7, 2020 • IMImobile is a cloud communications software and solutions provider • IMImobile has over 1,100 employees in offices spanning four continents Enterprise Value: $730M EV / Revenue: 3.3x Revenue: $224M EV / EBITDA: 25.6x • The acquisition bolsters Cisco’s customer interaction management capabilities and will enrich the overall customer experience by adding automated and artificial intelligence-driven interactions with its customers Salesforce’s acquisition of Slack – Announced on December 1, 2020 • Slack is an enterprise communications platform • Slack will become the new interface for Salesforce Customer 360, extending its reach inside the Salesforce enterprise Enterprise Value: $27,700M EV / Revenue: 33.3x Revenue: $834M EV / EBITDA: NA • The acquisition will provide Salesforce additional opportunities to facilitate communications between businesses and their customers and further strengthen its position as leading partner to businesses in the digital transformation Palo Alto Networks’ acquisition of Expanse – Closed December 15, 2020 • Expanse provides an IT operations management platform intended to manage and secure global internet assets • Expanse serves Fortune 500 customers across the financial, healthcare, and technology industries, as well as the U.S. military Enterprise Value: $800M EV / Revenue: NA Revenue: NA EV / EBITDA: NA • The acquisition will expand Palo Alto Networks’ abilities across exposed and untracked external assets that could compromise an organization’s attack surface Twilio’s acquisition of Segment – Closed November 2, 2020 • Segment is a customer data platform intended to collect and manage analytics data • Segment serves more than 20,000 customers, including FOX, Instacart, Intuit, and Levi’s Enterprise Value: $3,200M EV / Revenue: NA Revenue: NA EV / EBITDA: NA • The acquisition provides deeper customer engagement capabilities for Twilio, increasing its ability to offer greater customer insights and data management Fastly’s acquisition of Signal Sciences – Closed October 1, 2020 • Signal Sciences provides a SaaS platform designed to make web applications more secure • Signal Sciences protects more than 40,000 applications and over a trillion production requests per month Enterprise Value: $775M EV / Revenue: NA Revenue: NA EV / EBITDA: NA • The acquisition extends Fastly’s platform capabilities and strengthens its existing overall security offerings 3 Public Market Performance1 EV / NTM REVENUE MULTIPLES As of December 31, 2020 Median EV / NTM Revenue 10 Year 5 Year 3 Year Dec-20 Infrastructure Software 3.9x 5.1x 5.6x 7.6x 10.0x Security Software 4.7x 5.3x 5.7x 8.2x 8.0x 6.0x 4.0x 2.0x - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 NASDAQ Composite Index Infrastructure Software Security Software EV / NTM CASH EBITDA MULTIPLES As of December31, 2020 Median EV / NTM Cash EBITDA 10 Year 5 Year 3 Year Dec-20 Infrastructure Software 11.6x 14.8x 16.0x 27.3x 35.0x Security Software 11.6x 13.5x 14.6x 20.0x 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 HISTORICAL PERFORMANCE THROUGH CYCLES NASDAQ Composite Index Infrastructure Software Security Software 1.5x 1.7x 10.3x Median EV / NTM Median EV / NTM 2.2x Revenue 8.2x Cash EBITDA 27.3x 7.6x 6.6x 6.1x 6.0x 20.0x 16.9x 17.8x 4.0x 11.9x 11.9x 3.0x 3.3x 9.9x 2.5x 8.1x 2.0x 7.2x 6.3x Recession Recovery Post Year-End Dec 2020, Recession Recovery Post Year-End Dec 2020, Recession Recovery Post Year-End Dec 2020, Recession Recovery Post Year-End Dec 2020, Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2009 2010 Recession 2019, Pre- COVID Impact Feb. 2014 COVID Feb. 2014 COVID Feb. 2014 COVID Feb. 2014 COVID Infrastructure Software Security Software Infrastructure Software Security Software Note: see pages 7-11 for companies comprising Infrastructure Software and Security Software buckets. 4 Key Performance Metrics for Recent Infrastructure and Security Software IPOs1 316.6% 300.0% 163.9% 200.0% 151.5% 136.1% 101.2% 67.9% 74.0% 75.1% 79.8% 100.0% 59.8% 12.7% 48.0% 3.5% 30.6% 14.4% 24.6% % Revenue Growth % Revenue 0.0% (100.0%) 550.0% 523.0% 500.0% 450.0% 406.6% 400.0% 350.0% 340.2% 300.0% 264.6% 250.0% 230.4% N/A 200.0% 170.4% 150.0% 134.5% 90.9% 100.0% 73.8% 42.8% Stock Performance (Offer to Current) to (Offer Performance Stock 29.9% 50.0% 15.1% 0.0% 0.0% (9.2%) (50.0%) (16.6%) Circle Size Denotes Revenue ($) IPO DATE 4/10/19 6/11/19 7/31/19 9/13/19 9/18/19 9/19/19 9/16/20 7/21/20 9/16/20 9/15/20 8/4/20 9/30/20 9/30/20 10/20/20 10/21/20 12/8/20 OFFER PRICE PER SHARE $24.00 $34.00 $16.00 $15.00 $27.00 $15.00 $44.00 $26.00 $22.00 $120.00 $21.00 $5.35 $9.50 $27.00 $20.00 $42.00 MARKET CAP AT OFFER ($M) $1,799.3 $703.8 $4,486.6 $1,299.2 $745.2 $1,192.7 $3,901.7 $3,095.6 $2,220.0 $4,849.0 $4,180.2 $16,400.0 $3,990.0 $4,342.9 $3,308.8 $3,976.3 OFFERING SIZE ($M) $217.7 $612.0 $569.8 $525.0 $648.0 $187.5 $509.0 $468.0 $325.6 $3,360.0 $703.5 $0.0 $0.0 $594.0 $740.0 $651.0 OFFER TO CURRENT 73.8% 523.0% 170.4% 406.6% 264.6% 90.9% 42.8% 15.1% 29.9% 134.5% (9.2%) 340.2% 211.1% 0.0% (16.6%) 230.4% 5 Summary of 2020 Infrastructure and Security Software IPOs1 There was a significant influx of software IPOs in the second half of 2020, despite the COVID-19 pandemic, as investors buoyed public markets with a focus on technology. PRIVATE COMPANY SECTOR VAL. YEAR INVESTORS (CURRENT ROUND) DESCRIPTION JFrog is a provider of an end-to-end, hybrid, universal DevOps platform that bridges Application Lifecycle Battery Ventures; Insight Partners; Meritech Capital Partners; Sapphire Ventures; the gap between software development and deployment. The Company serves $427M 2019 Management VMware; Technologies Capital organizations in the technology, financial services, retail, healthcare, and telecommunication industries.