Capstone Headwaters Application Development & Deployment...

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CONTACTSDavid DeSimoneManaging Director [email protected]

David MichaelsManaging [email protected]

February 2020www.capstoneheadwaters.com

Advancing technology including cloud computing, artificial intelligence (AI), 5G,internet-of-things (IoT) technology, and machine learning is spurring ApplicationDevelopment & Deployment software penetration into every vertical. Paramountto rapid creation of applications across industries including Healthcare,Automotive, and Manufacturing, has been user-friendly low-code platforms andcontinuous testing software that automatically identifies defects and securityvulnerabilities at early, less costly stages of the development cycle. Withtechnology innovations, more functionalities continue to converge into fewer,more highly integrated products and as such security is a chief concern.Businesses have utilized mergers and acquisitions (M&A) to incorporateapplication development tools and services into their product portfolios to meetevolving enterprise needs and to become end-to-end solutions providers.

In 2019, 74 transactions were announced or closed in North America and Europecompared to 63 in 2018. Consistent year-over-year, application development(AppDev) software companies comprised 75% of 2019 M&A while servicescompanies made up 25%. Value drivers for M&A targets include experiencedhuman capital, proprietary intellection property (IP), and established customerservices to ensure successful product deployment and adoption.

TABLE OF CONTENTS M&A Overview Segment Highlight Notable Transactions Select Transactions Top Public Players Public Company Data Firm Track Record

Application Development & Deployment 2019 Year in Review MERGER & ACQUISTION OVERVIEW

Capstone Headwaters

Includes: ASX:ALU; NASDAQ:APPN; NASDAQ:TEAM; OM:IAR; LSE:MCRO; NASDAQ:PRGS; XTRA:SOW; NYSE: WORK; NYSE:NOW; NASDAQ:SNPS

Source: Capital IQ and Capstone Research

Capstone Index: AppDev & Deployment

EV/R

even

ue

0x2x4x6x8x

10x12x14x

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20Capstone Index Nasdaq

Public company tradingmultiples echo the industry’sdemand, with the averageenterprise value (EV)/Revenuemultiple climbing severalturns, from 7.7x in January2019 to 10.8x in January 2020.Notably, Slack Technologies,which was almost acquired byMicrosoft (NASDAQ:MSFT) in2016 for $8 billion, completedits listing on the New YorkStock Exchange (NYSE:WORK)in June 2019.

SEGMENT HIGHLIGHT: LOW-CODE, NO-CODE

Low-code, no-code platforms are being utilized across allindustries by both technology and non-technologyprofessionals for rapid, in-house application development(AppDev). By 2024, ~65% of all application developmentwill have been completed through low-code platforms,according to Gartner.1

Vertically focused software vendors are buying enterpriselow-code application platforms to pursue a portfolioapproach with end-to-end solutions. These acquisitionsenable established software companies to leverageexisting clients through enhanced software suite offeringswhich meet a gamut of enterprise needs. This trend hasbeen evidenced over the past several years, with the mostrecent deal being Google’s 2020 acquisition of low-code,no-code platform AppSheet (see the following page).Notably, in 2019, bank and financial services softwareprovider Temenos AG (SWX:TEMN) acquired Kony (seebelow and following page) for $580 million to expand itsservice offerings. Prior to that in 2018, leading industrialmanufacturing company Siemens (XTR:SIE) acquiredMendix (see below) for $730 million. As shown in thechart below, the segment’s landscape is rapidly evolvingwith established and emerging leaders making strategicplays for greater market penetration.

OF APPDEV ACTIVITY WILL BE COMPLETED VIA LOW-CODE PLATFORMS BY 202465% Start-up companies that proliferate the segment have

been frequently acquired not only by large softwarecompanies looking for new IP and talent, but also byinvestors seeking a return on capital. In September,software-focused private equity firm Finrock GrowthPartners acquired BP Logix, Inc. (deal terms not disclosed).BP Logix offers AI-enabled low-code developmentplatform Process Director, which is used worldwide by avariety of industries including Pharmaceuticals &Healthcare, Education, Manufacturing, Financial Services,and Energy & Utilities.

Nascent companies are also receiving funding toaccelerate growth. In April 2019, rapid development anddeployment web and mobile workflow software providerTrackVia received a large, undisclosed funding round fromPrimus Capital Funds – bringing the total disclosed capitalinjected into TrackVia to $21.3 million since its foundingin 2006. In 2019, more than $80 million in venture capitaland private equity funding was invested in low-code, no-code application companies in North America andEurope, according to PitchBook.

As companies continue to enter the space and demandfor low-code and no-code applications increases,Capstone expects to see strong M&A activity in the spacein 2020.

Application Development & Deployment | 2019 Year in Review

Source: ©Gartner, Inc. as of July 2019 2

Evolving Landscape:Low-Code Application Platforms

Completeness of Vision

Abilit

y to

Exec

ute

CHALLENGERS

NICHE PLAYERS VISIONARIES

LEADERS

Kintone

ProntoForms (TSXV:PFM)

QuickBase

bpm’online

K2TrackVia

AgilePoint Pega

Betty Blocks

Salesforce (NYSE: CRM)

Microsoft (NAS:MFST)

OutSystemsMendix

Appian (NAS:APPN)

ServiceNow(NYS:NOW)

Zoho Oracle(NYS:ORCL)

Kony

Acquired in 2018-2019Target Deal Snapshot

Temenos AG (SWX:TEMN) acquired Kony,Inc. in August 2019 for $580 million.Kony’s Quantum platform offers low-codemulti-experience development withprebuilt templates and simplified back-end data integration (more deal highlightson the following page).Vista Equity Partners Management LLCacquired a majority stake in QuickBase,Inc. in January 2019 for $1 billion or 8.0xEV/Revenue. Following the financialbacking, QuickBase acquired UK-basedcloud integration/automation platformCloudpipes (August, terms not disclosed).Siemens (ETR:SIE) acquired Boston-basedMendix in October 2018 for $730 million.The acquisition allows Siemens to extendits leading platform into the low-codeAppDev market, where it can leverage itsexisting customer base and verticalexpertise for greater market penetration.

Select Low-Code Acquisitions

Source: Capital IQ and Capstone Research

NOTABLE TRANSACTIONS

3

Acquires

Acquires

Acquires

Google LLC, a subsidiary of Alphabet Inc. (NASDAQ: GOOGL), has acquired no-code applicationdevelopment platform AppSheet. Terms of the deal were not disclosed. AppSheet is a Seattle-basedstartup with a mission to “democratize” app development for greater use by non-coding professionalsacross all industries. Since its launch in 2012, the company has raised ~$19.4 million in venture fundingand was valued at $60 million in April 2019, according to PitchBook. AppSheet’s current offerings whichintegrate G Suite and Google Cloud data sources will be enhanced to improve scale and performancepost acquisition and will leverage Google Cloud’s industry expertise to expand into new verticalsincluding Financial Services, Retail, Healthcare, and Media & Entertainment. AppSheet will also continueoperate cross-platform with other cloud-hosted data sources including Office 365, Salesforce, Box, andDropbox post-integration.

“AppSheet complements Google Cloud’s strategy to reimagine the application development space,”Google wrote on its blog “with a platform that helps enterprises innovate with no-code development,workflow automation, application integration and API management as they modernize their businessprocesses in the cloud.”2

Swiss banking software developer Temenos AG (SWX:TEMN) has acquired application developmentplatform Kony, Inc. for $559 million with a $21 million earn-out. As the leading digital bankingsoftware-as-a-service (SaaS) provider in the U.S., Kony will strengthen Temenos’ U.S. presence,accelerate its omnichannel front-office platform (Temenos Infinity), and provide significant cross-sellingopportunities. Kony’s business model captures 60% recurring revenue and the company anticipates$115 million in 2020 revenue, according to Temenos’ Investor Presentation.4 Headquartered in Texas,Kony has global offices across North America, the U.K., India, and Australia and brings more than 1,500experienced employees to the Temenos team. While Kony has been highly ranked for its AppDevcapabilities including smartwatch support, augmented reality (AR) and conversational apps, andprogressive web apps (PWAs), its professional services and sales strategy was lacking (2019 GartnerSurvey),5 both areas which will be strengthened by Temenos’ scale and established market presence.

“The power of the Temenos portfolio, combined with Kony’s digital banking applications and multi-experience development platform, will bring the industry’s most robust suite of applications fordelivering service, value, and efficiencies from the digital edge to the modern core,” Kony Chairman andCEO Thomas E. Hogan said in a press release.6

Google LLC acquires AppSheet(January 2020, Undisclosed)

Temenos AG acquires Kony, Inc. (August 2019, $580 Million)

Wind River Systems, Inc. acquires Star Lab Corporation(January 2020, Undisclosed)Wind River, a provider of embedded software for intelligent connected systems, has acquired Star Labs,a developer of embedded security solutions for the Aerospace & Defense industry. Terms of the dealwere not disclosed. The acquisition complements Wind River’s software portfolio with a robust suite ofLinux cybersecurity and anti-tamper capabilities, an embedded hypervisor designed to operate inhostile computing environments, and a measured-boot solution to ensure legitimate code.

“Our customers want to create security-based differentiation in their product lines using a multi-layersecurity approach; by combining the security-and Linux-related strengths of both companies, webelieve we will be able to deliver immediate increased value and a competitive advantage,” Wind RiverPresident & CEO Jim Douglas said in a press release.3


Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

01/14/20 AppSheet Google Provides a no-code development platform for application software. - - -

01/14/20 Star Lab Wind River Develops embedded cybersecurity solutions for aerospace and defense systems. - - -

01/03/20 AI Factory Snap Develops an application software that allows image and video recognition, analysis, and processing. $166.0 - -

11/29/19 TotoIT Aps Ngage Group

Provides software development services, designing web pages, and portals. - - -

11/25/19 Aporeto Palo Alto Networks

Develops cloud-native security solutions for deploying and operating cloud-native applications. $150.0 - -

11/25/19 Tuva Interactive Alliance Technologies

Builds custom applications to improve the workflow and process of business in various industries. - - -

11/21/19 Apps Made Easy Limited Granite Digital Provides mobile application software

development services. - - -

11/21/19 Dynamit Technologies WillowTree Designs and develops web and mobile applications. - - -

11/06/19 FogChain Canadian Teleradiology

Provides end-to-end software development life cycle and quality assurance (QA) solutions. - - -

11/05/19 Aplana (Software Testing Business) IBS (Russia) Provides software testing services, including mobile

applications, based in Pennsylvania. - - -

10/31/19 Code Authority Improving Holdings

Offers mobile application development, web hosting, and cloud computing solutions. - - -

10/28/19 RanTek A/S Norvestor Equity; NetNordic Holding Develops applications and software for iPhone. - - -

10/17/19 Code Barrel Pty Atlassian Corporation

Develops automation for Jira, an application that allows users to automate routine operations. - - -

10/16/19 Contino Cognizant Technology

Provides cloud computing and development and operations (DevOps) software development services. - - -

10/02/19 Insomnia Kong Develops open-source tool for debugging application programming interfaces (APIs). - - -

10/02/19 Meteor Development Tiny Capital Develops of an open-source platform designed to

build web, mobile and desktop applications. - - -

09/25/19 Data Essential Link By Net Develops applications and platforms for analytics and cloud computing, based in Luxembourg. - - -

09/18/19 Semmle GitHub Develops an engineering analytics platform to manage the software development process. - - -

09/17/19 CanvasFlip Freshworks Develops a cloud-based software designed to offer a collaboration and testing platform to users. - - -

09/11/19 BP Logix Finrock Growth Partners

Produces a unique, AI-enabled, low-code/no-code development platform for custom digital applications. - - -

08/29/19 Bitbar Technologies

SmartBear Software

Develops cloud-based mobile application testing solution. - - -

08/28/19 Kony Temenos Offers SaaS digital banking applications and a market-leading development platform. $580.0 - -

08/12/19 Belatrix Global Globant Offers software and applications development in Spain, Argentina, Peru, Colombia, and the United States. $65.0 - -

Source: Capital IQ, PitchBook, FactSet, and Capstone Research

SELECT TRANSACTIONS

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Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

08/06/19 QTronic Synopsys Develops an automation platform, tools, and solutions to develop automotive software. - - -

07/19/19 adorsys GmbH & Co. KG DATEV Develops tailor-made software for businesses, based

in Germany. - - -

07/10/19 QualiTest Bridgepoint Provides pure play software testing and QA services. $436.0 - -

07/08/19 Business of Zedi

Emerson Electric

Developer of software and automation services in Canada. - - -

07/04/19 Bending Spoons StarTip; N.U.O. Develops mobile applications related to music, fitness, and videos, based in Italy. - - -

06/24/19 C3 IoT Baker Hughes, a GE company

Enables the rapid design, development, deployment, and operation of enterprise-scale software applications. - - -

06/20/19 B601 V2 User Zoom Provides Validately that allows users to test a feature before coding. - - -

06/03/19 World Wide Mobility Mutua Madrileña Designs and develops application that integrates

mobility providers. - - -

05/20/19 Nebbia Technology New Signature Offers software integration, testing, and release

automation services using DevOps and Azure tools. - - -

05/18/19 AgileCraft Atlassian Corporation

Develops an agile-management platform to public and private organizations worldwide $166.0 - -

05/15/19 Deliveron Consulting

Green House Data

Offers software development, cloud solutions, and DevOps lifecycle management processes to companies. - - -

05/08/19 Digital Brand Group Bastion Collective Developer of web and mobile applications including

custom web platforms and mobile applications. - - -

04/29/19 BlueSoft Orange Polska Offers consulting services such as application development and integration and cloud services. $52.0 1.6x 8.0x

04/24/19 Link Software TXT e-solutions Provides software development and testing support services, based in Italy. $12.0 - -

04/24/19 Screener Technologies Sauce Labs Provider of automated visual testing solutions intended

to deliver a comprehensive experience to customers. - - -

03/13/19 Dynamo Development SeriesOne Offers custom software development. - - -

03/12/19 Rocket Insights Dept Holding Develops applications for mobile, voice, and web. - - -

02/12/19 Madumbo Datadog Offers automated application testing, based in France. $1.6 - -

01/23/19 Travis CI Gurock Software Provides a platform to build and test software applications, based in Germany. - - -

01/22/19 Rogue Wave Software Perforce Software Provides cross-platform software development tools,

embedded components, and libraries. $473.0 - -

01/14/19 TSO Logic Amazon Web Services

Develops software solutions for optimizing application delivery in any data center environment. - - -

01/13/19 QuickBase Vista Equity Partners Provides a low-code development platform. $1,000.0 8.0x -

01/10/19 CloudEndure Amazon.com Engages in the development of software solutions. $250.0 - -

Source: Capital IQ, PitchBook, FactSet, and Capstone Research

SELECT TRANSACTIONS (CONTINUED)

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Founded in 2002, Australian-basedAtlassian has become a leading softwaredeveloper with an enterprise value of

6

TOP PUBLIC PLAYERS

52.4%32.6%

7.7%7.3%

SubscriptionMaintenancePerpetual LicenseOther

U.S. Revenue Share By Segment

Synopsys, Inc. (NASDAQ:SNPS)

ServiceNow, Inc.(NYSE:NOW)

Atlassian Corporation Plc (NASDAQ:TEAM)

Source: Company Filings

90.0%

10.0%

Semiconductor & SystemDesign SegmentSoftware IntegritySegment

Synopsys is an established market leaderin electronic design automation (EDA)software with an EV of $22.5 billion (6.7x

EV/Revenue) and a business model with ~90% recurring revenue(Investor Presentation).9 In FY 2019 ending October 31, Synopsysgenerated $3.4 billion in revenue (8% YOY increase) largelyattributable to organic growth (Annual Report).10 ItsSemiconductor & Systems Design segment drove 90% of revenueand includes EDA, IP products, and system integration solutions.

Growth Strategy: Synopsys grew its Verification & PrototypingSoftware with the acquisition of the DINI Group (November) andQTronic (August), both deal terms undisclosed. Synopsys alsoenhanced its technology with the acquisition of the IP assets fromeSilicon Corporation (November, $24 million). Going forward, thecompany seeks to scale its consulting services and expand itscloud-based platform, Polaris Software Integrity, which offerscontinuous testing during the software and development process.

$31 billion or 24.1x EV/Revenue. The company’s revenueincreased 37% year-over-year (YOY) to reach over $1 billion forthe first time in its history at the close of its fiscal year (FY) in June,according to the Annual Report.7 For the past three years, 75% oftotal revenues have been recurring driven by subscriptions to andmaintenance of Atlassian’s cloud and Data Center products.

Growth Strategy: Atlassian spent 48% of annual revenue on R&Din 2019 as it sought to stay abreast of established competitorsarmed with greater resources and spending power. M&A wasalso utilized with three 2019 transactions: AgileCraft LLC (March$154 million), Good Software Corp (April, $2.7 million) and CodeBarrel Pty Ltd. (October, undisclosed).

the Silicon Valley, the company has an enterprise value of $58.6billion or 18.2x EV/Revenue. The company’s total revenuereached $3.4 billion in FY 2019, representing a 33% YOY increase,according to its Form 8-K.8 ServiceNow closed the FY year(ending December 31) with more than $1 million in net newannual contract value (ACV), a 32% YOY growth in customers.

Growth Strategy: The company completed three acquisitions in2019: Shift 6’s In-App Mobile Analytics Platform (May), Attivio’sCognitive Search Capabilities (October), and Fairchild ConsultingServices, LLC (November). All deal terms were not disclosed.

ServiceNow provides cloud computingsolutions for enterprises including DevOpsand IT management. Headquartered in


94.1%

5.9%

Subscription

Professional Services& Other

PUBLIC COMPANY TRADING & OPERATING DATA

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Price % 52 Wk Market Enterprise LTM EV / LTMCompany 01/21/20 High Cap Value Revenue EBITDA Margin Revenue EBITDAAltium Limited $25.97 96.8% $3,401.0 $3,322.2 $171.8 $67.0 39.0% 19.3x NMAppian Corporation $49.55 78.7% $3,327.4 $3,166.1 $256.1 NM NA 12.4x NMAtlassian Corporation Plc $131.32 87.7% $32,064.0 $31,433.9 $1,306.2 NM NA 24.1x NMIAR Systems Group AB (publ) $20.10 62.7% $274.0 $275.2 $40.9 $12.0 29.5% 6.7x 22.9xMicro Focus International plc $14.42 44.0% $4,788.1 $6,800.1 $3,035.4 $1,022.6 33.7% 2.2x 6.7xProgress Software Corporation $47.16 89.8% $2,112.1 $2,233.1 $413.3 $128.8 31.2% 5.4x 17.3xSlack Technologies, Inc. $22.31 53.1% $12,279.0 $11,520.1 $570.5 NM NA 20.2x NMSoftware AG $36.90 94.4% $2,729.5 $2,523.6 $981.5 $290.8 29.6% 2.6x 8.7xServiceNow, Inc. $312.98 100.1% $59,015.3 $58,668.5 $3,224.1 $237.8 7.4% 18.2x NMSynopsys, Inc. $153.58 101.0% $23,119.1 $22,534.1 $3,360.7 $691.8 20.6% 6.7x 32.6x

Mean 28.4% 12.3x 13.9xMedian 30.4% 12.4x 13.0xHarmonic Mean 20.6% 6.2x 10.9x

EV = enterprise value; LTM = last twelve months$ in millions, except per share dataNM = Not Meaningful

52.0%63.6%

82.6%

52.0%

75.8% 88.1% 84.4% 77.9% 76.6% 79.4%

39.0%

-18.2%-2.2%

29.5% 33.7% 31.2%

-89.9%

29.6%7.4% 20.60%

-100%-80%-60%-40%-20%

0%20%40%60%80%

100%

Altium Appian Atlassian IAR Systems Micro Focus ProgressSoftware

SlackTechnologies

Software AG ServiceNow Synopsys

Gross Margin % EBITDA Margin %Last Twelve Month Margin Performance

Last Twelve Month 1-Year Revenue Growth

22.6%18.0%

37.1%

8.5%

0.0%4.1%

0.0%3.5%

32.0%

7.7%

0%5%

10%15%20%25%30%35%40%

Altium Appian Atlassian IAR Systems Micro Focus ProgressSoftware

SlackTechnologies

Software AG ServiceNow Synopsys

Source: Capital IQ as of January 21, 2020


FIRM TRACK RECORD

Provides application service automation software for managing data center apps

Source code analysis software that improves code quality and security

Automated embedded software testing tools for safety-critical industries

CONFIDENTIAL

corporate sale(in market)

SOFTWARE TESTING PLATFORM

CONFIDENTIAL

corporate sale(pre-market)

LOW-CODE, NO-CODE PLATFORM

has been acquired by

a portfolio company of

has been acquired by has been acquired by

Mobile app development automation platform for media and sports


a portfolio company of a portfolio company of

Leading provider of independent IT testing and quality assurance services


Leader in end-to-end PHP web and mobile AppDev & Deployment solutions

a portfolio company of


Provides application service automation software for managing data center apps


CONFIDENTIAL

corporate sale(pre-market)

LOW-CODE, NO-CODE PLATFORM


CITATIONS

1. Gartner, “Magic Quadrant for Enterprise Low-Code Application Platforms,” https://www.gartner.com/doc/reprints?id=1-1ODOM46A&ct=190812&st=sb, accessed January 24, 2020.

2. Google Cloud, “Google acquires AppSheet to help businesses create and extend applications—without coding,” https://cloud.google.com/blog/topics/inside-google-cloud/helping-businesses-create-and-extend-applications-without-coding, accessed January 22, 2020.

3. Wind River, “Wind River Extends Embedded Security and Linux Leadership with Acquisition of Star Lab,” https://www.windriver.com/news/press/pr.html?ID=22617, accessed January 22, 2020.

4. Temenos, “Acquisition of Kony,Inc.,” https://www.temenos.com/wp-content/uploads/2019/08/Temenos-Kony-acquisition-investor-presentation.pdf, accessed January 27, 2020.

5. Gartner, “Magic Quadrant for Multiexperience Development Platforms,” https://www.gartner.com/doc/reprints?id=1-1LK05I4A&ct=190712&st=sb, accessed January 22, 2020.

6. Temenos, “Temenos to acquire Kony, US #1 digital banking SaaS company, to accelerate Temenos Infinity, the revolutionary cloud-native, cloud-agnostic digital front office product and its US strategy,” https://www.temenos.com/us/news/2019/08/28/temenos-to-acquire-kony-us-no-1-digital-banking-saas-company/, accessed January 22, 2020.

7. Atlassian, “Annual Report 2019,” https://s2.q4cdn.com/141359120/files/doc_financials/2019/TEAM-2019_Annual_Report.pdf, accessed January 23, 2020.

8. ServiceNow, “Form 8-K,” https://servicenow.gcs-web.com/static-files/04f75e32-7756-4309-ac8b-d867da679998, accessed February 4, 2020.

9. Synopsys, “Corporate Overview for Investors: December 2019,” https://www.synopsys.com/content/dam/synopsys/company/investor-relations/corporate-overview-investor-q4-2019.pdf, accessed January 23, 2020.

10. Synopsys, “2019 Form 10-K,” https://www.synopsys.com/content/dam/synopsys/company/investor-relations/10k/form10k-2019.pdf, accessed January 23, 2020.

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi-tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission ofany reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security ofany such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for thegeneral information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation orneeds of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for allinvestors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be reliedupon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to varymaterially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subjectto change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters.The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. Thisreport may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information containedherein should not be construed as legal advice.

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APPLICATION DEVEOPMENT & DEPLOYMENT REPORT CONTRIBUTORS

Sarah DohertyVice President of Research [email protected] | 617-619-3310

Sarah joined Capstone Headwaters in 2016 and has more than eight years of research and writingexperience. She oversees the firm’s corporate Research Team, which produces more than 150 reportsannually on middle-market M&A activity.

Previously, Sarah worked in Washington, D.C. as a Data Graphics Specialist, where she collaborated witheconomists and industry experts to analyze and present data for congressional testimonies and researchpublications. Prior to that, she covered the economy, healthcare, and Capitol Hill as a reporter. Sarahholds a BA in Journalism and Political Science from Biola University and is a certified Market ResearchAnalyst through the International Institute of Market Research and Analytics.

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David DeSimoneManaging [email protected] | 617-619-3384

David DeSimone is a Managing Director in the Technology & Telecom Group and is based out of the firm’sBoston office. David brings more than 15 years of investment banking experience to Capstone and hasexpanded the firm’s technology sector coverage in the Northeast. David has worked on equity, debt andM&A transactions collectively valued at more than $4 billion.

Previously, David was a member of the Capstone team for nearly seven years where he led efforts in theTechnology Solutions vertical as a Vice President and Director. Prior to rejoining Capstone, David served asa Principal at Bowen Advisors, an M&A and strategic advisory firm focused on technology companiesincluding communications and healthcare IT. David has also worked as a Vice President at Boenning &Scattergood, a Philadelphia-based middle market investment bank, where he worked with clients across avariety of industries and developed the firm’s technology practice. He spent his early career working atNeedham & Company, Robertson Stephens, and J.P. Morgan.

David MichaelsManaging Director, Head of Technology & Telecom [email protected] | 858-926-5950

David Michaels is a Managing Director of Capstone Headwaters where he is responsible for managingthe firm’s Technology & Telecom Group (TTG). David founded SagePoint Advisors in 2008, a boutiqueinvestment banking firm focused on providing M&A advisory services to technology and telecomcompanies.

Prior to founding SagePoint, David was a Co-Founder, Partner and Managing Director at Montgomery &Co., a leading investment bank focused on serving emerging-growth technology companies. David co-founded Montgomery’s investment banking business in 1996 and played an instrumental role in buildingthe business to over $50 million in revenues and 80 employees. He also ran the firm’s Communicationsand Digital Media Technology practice areas prior to his departure.


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www.capstoneheadwaters.com

Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle marketbusiness owners, investors and creditors. Capstone Headwaters provides merger & acquisition, private placement, corporaterestructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises.Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a globalreach that includes over 450 professionals in 40 countries.

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