Quarterly Enterprise Software Market Review · 2020. 5. 13. · Announced Software Acquisitions: Q1...

Q1 2020

Quarterly Enterprise Software Market Review

Boston200 Clarendon Street, Floor 45Boston, MA 02116

Peter M. FalveyManaging Director [email protected]

Jeffrey G. [email protected]

Michael H.M. SheaManaging [email protected]

Brad E. [email protected]

San Francisco601 Montgomery Street, Suite 2010San Francisco, CA 94111

Michael S. BarkerManaging [email protected]

Misha CvetkovicVice [email protected]

Christopher J. PingpankManaging [email protected]

William BroughtonVice [email protected]

www.sheaco.comMember FINRA & SIPCCopyright ©2020

has acquired has acquired has acquired has been acquired by

has received an investment from

1 2 26 $10Bn+ 15+ 80+

Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with clients in the U.S. as well as Canada, Europe and Israel.

Firm focused exclusively on enterprise software

Offices in Boston and San Francisco

Professionals focused on the software industry

Advised transaction value in last 12 months

Average years of experience amongst our senior bankers

Transactions completed representing billions of dollars

in value

has acquired has been acquired by has received an investment from has been acquired by

has been acquired by have been merged with

has been acquired by has received an investment from has been acquired by has been acquired by

1

About Our Firm

Public Sector & Healthcare

Shea & Company Overview

has been acquired by

has received an investment from has received an investment from

Shea & Company served as the exclusive financial advisor to SmartBear

Shea & Company served as the exclusive financial advisor to Pondera

Shea & Company served as the financial advisor to Perforce and Clearlake

Shea & Company served as the financial advisor to Rogue Wave

Shea & Company served as the exclusive financial advisor to YourCause

Shea & Company served as the exclusive financial advisor to BC Partners

Shea & Company served as the exclusive financial advisor to Clearlake

Shea & Company served as the exclusive financial advisor to EQT

Shea & Company served as the exclusive financial advisor to Gurobi

Shea & Company served as the exclusive financial advisor to BriefCam

Shea & Company served as the exclusive financial advisor to MRI Software and its

owner GI Partners

Shea & Company served as the exclusive financial advisor to Sovos Compliance and

its owner Vista Equity Partners

Shea & Company served as the exclusive financial advisor to MRI Software and its

owner Vista Equity Partners

Shea & Company served as the exclusive financial advisor to Mimecast

Shea & Company served as the exclusive financial advisor to ProfitLogic

Shea & Company served as the exclusive financial advisor to Bronto

Shea & Company served as the exclusive financial advisor to Granicus and its owner

K1 Investment Management

Shea & Company served as the exclusive financial advisor to Aptean, Superion and

Vista Equity Partners

has been acquired by

Shea & Company served as the exclusive financial advisor to Kofile

Mergers & Acquisitions, Private Placements & Capital Raising

has been acquired by has made a majority investment in

Shea & Company served as a financial advisor to Vitruvian

Shea & Company served as the exclusive financial advisor to XebiaLabs

2

ContentsQuarterly Enterprise Software Market Review

M&A ActivitySoftware M&A Summary: 2014 – Q1 2020 p. 3Software Acquisitions: 3-Year Trend Analysis p. 4Publicly Available Software M&A Transaction Data: Q1 2020 p. 5Announced Software Acquisitions: Q1 2020 p. 6Most Active Software Acquirers: 2014 – Q1 2020 p. 11

Public Equity Market ValuationsLTM Relative Performance of Shea & Company Software Indices p. 17Price Performance and Valuation Metrics by Segment p. 18Equity Trading Multiples by Growth Tranche p. 19Price Performance and Valuation Metrics of Selected Software Vendors p. 20Equity Trading Multiples by Segment p. 21Equity Trading Multiples by Comparable Subset p. 29

Equity Financing ActivitySoftware IPOs: H2 2019 p. 33Software IPO Pricing & Performance Data p. 34Software IPO Pipeline p. 35Software Private Capital Raise Activity: Q1 2020 p. 36

Transaction Count by Deal Size> $1bn 3 0 6 4 3 3 4 4 2 10 13 5 4 2 5 5 6 12 11 12 5 5 5 4 6$500m - $1bn 3 2 3 7 2 3 4 5 3 6 4 8 4 2 5 3 2 0 4 7 9 3 2 3 2$250m - $500m 2 4 4 6 4 3 3 13 4 6 5 3 6 4 11 5 7 4 6 5 7 8 1 1 3< $250m 39 65 44 57 38 45 34 48 39 47 34 28 53 61 42 28 53 36 48 46 36 27 33 21 23No Reported Value 113 153 153 126 157 129 106 144 168 194 172 145 150 167 161 129 164 151 148 164 204 179 192 150 195Total 160 224 210 200 204 183 151 214 216 263 228 189 217 236 224 170 232 203 217 234 261 222 233 179 229

3

Software M&A Summary: 2014 – Q1 2020M&A Activity

Notable Transactions: Q1 2020 ($ millions)

Sources: Company releases, Wall Street researchNote: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningfulNote: RSA, STG deal was led by STG but also included Ontario Teachers’ Pension Plan Board and Alpine Investors

Acquirer

Target

Date 1/06/20 1/09/20 1/13/20 1/23/20 2/06/20 2/13/20 2/18/20 2/24/20 2/25/20 3/2/20

Enterprise Value $1,100 $5,000 $375 $700 $1,900 $350 $2,075 $1,395 $1,330 n/a

EV / LTM Rev n/a 5.0x n/a n/a 5.6x n/a n/a 5.4x n/a n/a

EV / LTM EBITDA n/a n/a n/a n/a nm n/a n/a n/a n/a n/a

NASDAQ

$12.2$6.0

$28.4$19.9

$12.4 $11.7

$37.8

$82.1

$9.7

$56.6$49.1

$26.2$20.8

$14.1 $17.7 $18.0

$32.0 $36.3

$48.0

$73.1

$29.1$35.3

$21.4$16.5 $16.2

$-

$20

$40

$60

$80

$100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014 2015 2016 2017 2018 2019 2020

Anno

unce

d D

eal V

alue

($ b

illio

ns)

183

2213

41

117

17 17 1923

3 2 6

0

20

40

60

80

100

120

140

160

180

200

< $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value)

# of Deals 2018

2019

2020

$11 $7 $9

$162

$7 $6 $11

$77

$1 $1 $1 $13

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

< $250m $250m - $500m $500m - $1bn > $1bn


Aggregate Deal Value ($ billions)

2.2x

4.3x4.7x

7.9x

3.8x

6.7x 7.0x6.5x

1.6x

n/a

2.6x

5.4x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

< $250m $250m - $500m $500m - $1bn > $1bn


Median EV / LTM Rev

3.1x

5.5x

2.3x

4.0x

5.3x

3.6x

5.5x5.9x

6.4x

5.1x

3.9x

n/a

1.9x

3.1x

n/a0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

BusinessApplications

IT Security InformationManagement

Infrastructure FinancialApplications

Median EV / LTM Rev

418

103144

10965

460

92

161

113

46

94

24 38 3411

0

50

100

150

200

250

300

350

400

450

500




# of Deals 2018

2019

2020

$75

$10 $15

$71

$9

$29 $26 $22

$16 $8

$4 $4 $1

$5 $1

$-

$10

$20

$30

$40

$50

$60

$70

$80




Aggregate Deal Value ($ billions)

4

Software Acquisitions: 3-Year Trend Analysis M&A Activity

By Target Segment (2018 – Q1 2020)

By Transaction Size (2018 – Q1 2020)

Notes: Business Applications includes: Advertising Technology; Communications; ERP & Business Applications; Marketing Applications; Technical & Embedded ApplicationsInformation Management includes: Business Intelligence; Content ManagementInfrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage ManagementSources: Company releases, Wall Street research

5

Publicly Available Software M&A Transaction Data: Q1 2020M&A Activity

($ millions)

Notes: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningfulIncludes only transactions for which data was publicly availableSources: Company releases, Wall Street research

Consideration Equity Enterprise EV / Revenue Revenue EV / EBITDA EBITDAAnnounced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr Growth % LTM Current yr Fwd yr Margin %

03/26/20 Wavy Global Sinch 60% 40% - $116 1.3x - - - 12.4x - - 10%03/24/20 TrackX FourKites 100% - - $3 - - - - - - - -03/12/20 Monidee Equiniti - - - $4 - - - - - - - -03/11/20 iBlocks Tracsis 100% - - $21 5.2x - - - - - - -03/10/20 Blackboard Inc. Learning Technologies Group - - - $32 - - - - - - - -03/09/20 XMedius Solutions OpenText 100% - - $75 1.9x - - - - - - -03/09/20 CNL Software Everbridge - - - $36 - - - - - - - -03/04/20 Azul Systems Vitruvian Partners - - - $340 - - - - - - - -03/02/20 ProShip Inc. Fog Software Group - - - $15 - - - - - - - -02/27/20 Seal Software DocuSign 100% - - $188 - - - - - - - -02/25/20 Vlocity Salesforce.com 100% - - $1,330 - - - - - - - -02/24/20 Peoplevox Descartes Systems Group 100% - - $24 - - - - - - - -02/24/20 Saba Software Cornerstone OnDemand 95% 5% - $1,395 5.4x - - - - - - -02/18/20 RSA Security Symphony Technology/OTPP 100% - - $2,075 - - - - - - - -02/17/20 Cloud Explorers TargetEveryOne 80% 20% $6 $9 - - - - - - - -02/13/20 Docutech First American Financial 100% - - $350 - - - - - - - -02/11/20 RentPath CoStar Group 100% - - $588 2.6x - - - 12.5x - - -02/07/20 Char Software Upland Software 100% - - $68 - - - - - - - 45%02/06/20 ForeScout Technologies Advent International/Crosspoint 100% - - $1,900 5.6x 5.6x 5.0x 12% nm nm nm (7%)02/06/20 Living Lens Enterprise Medallia 100% - - $26 - - - - - - - -02/03/20 Askida Alithya Group - - - $16 1.2x - - - - - - -01/28/20 Passage AI ServiceNow 100% - - $33 - - - - - - - -01/23/20 Regulatory DataCorp Moodys Corporation - - - $700 - - - - - - - -01/22/20 Loom Systems ServiceNow 100% - - $58 - - - - - - - -01/21/20 Absolute Data Group Pennant International Group 91% 9% - $2 - - - - - - - -01/16/20 Clustree Cornerstone OnDemand 100% - - $19 - - - - - - - -01/16/20 Smart Sparrow (learning tech assets) Pearson - - - $25 - - - - - - - -01/13/20 ID Analytics LexisNexis Risk Solutions - - - $375 - - - - - - - -01/13/20 SCI Solutions R1 RCM 100% - - $190 - - - - - - - -01/09/20 Veeam Software Insight Partners - - - $5,000 5.0x - - - - - - -01/08/20 SISA Studio Informatica WiseTech Global - - - $11 - - - - 30.6x - - -01/06/20 Armis Insight Partners 100% - - $1,100 - - - - - - - -01/06/20 Delerrok Cubic - - $36 $44 - - - - - - - -01/06/20 PIXIA Cubic - - - $250 - - - - - - - -

6

Announced Software Acquisitions: Q1 2020M&A Activity

($ millions)

Sources: Company releases, Wall Street research

Announced Target Acquirer(s) Target Segment & Description Price

03/31/20 Adaptavist Assets (TM4J) SmartBear Platforms, Development Tools & Deployment - Assets for test planning, authoring, execution, tracking and reporting n/a03/31/20 MacPractice Valsoft ERP & Business Applications - Medical and dental practice management n/a03/31/20 IdentityMind Acuant IT Security - AI-enabled digital identity management and verification n/a03/31/20 Command Alkon Thoma Bravo ERP & Business Applications - Supplier collaboration for the construction sector n/a03/31/20 Tavve Defiance Ventures Network Infrastructure - Network management and integration services for financial services n/a03/31/20 Orchard Information Systems MRI Software ERP & Business Applications - Real estate ERP platform n/a03/30/20 BroadVision Aurea Content Management - Portal integration and content management n/a03/27/20 Keaz Wunder Mobility ERP & Business Applications - Fleet management, mobile keyless vehicle access and asset tracking n/a03/26/20 Levit & James Litera Content Management - Document management for the legal sector n/a03/26/20 MESEnter AVEVA Financial Applications - Production accounting reconciliation for businesses n/a03/26/20 Wavy Global Sinch Marketing Applications - AI-based customer messaging that can be integrated into existing CRM systems $11603/26/20 Queue-it GRO Capital ERP & Business Applications - Provides customer service automation and queuing for virtual waiting rooms n/a03/26/20 Thematically SoloSegment Communications - AI-enabled text analytics for business data n/a03/25/20 Tikit Advanced ERP & Business Applications - ERP & professional services automation for legal, accounting and professional services n/a03/25/20 Assetic Dude Solutions ERP & Business Applications - Infrastructure asset management for asset managers globally n/a03/24/20 TrackX FourKites ERP & Business Applications - IoT-enabled yard, dock and gate control management $303/24/20 Captricity SS&C Technologies Business Intelligence - Machine learning-based document imaging and optical character recognition n/a03/24/20 Landria Technologies Brex Business Intelligence - Machine learning-backed information management for businesses n/a03/19/20 Collab Volaris Group Communications - Microsoft Azure and SIP-based multi-media contact center n/a03/19/20 Pondera Solutions Thomson Reuters ERP & Business Applications - Anti-fraud and related BPO analytics services for government agencies and the healthcare secton/a03/18/20 Conversion Logic VideoAmp Marketing Applications - Cross-channel marketing attribution that leverages AI n/a03/18/20 Holte EG ERP & Business Applications - Project management and training services for construction, building and real estate sectors n/a03/17/20 ALMA Consulting VITEC Content Management - Product information and document management for the processing and energy sectors n/a03/17/20 Monaeo Topia ERP & Business Applications - Business travel compliance management and audit protection n/a03/17/20 Technology Services Group Alfresco Software Content Management - Enterprise content management for businesses in North America n/a03/17/20 June.ai Nylas Marketing Applications - AI-enabled email and messaging to businesses in the US n/a03/16/20 GER CIR ERP & Business Applications - Emergency status tracking & situational awareness applications and hardware n/a03/16/20 Everwise Torch Leadership Labs ERP & Business Applications - Learning and development services for peer support, mentoring and facilitated learning. n/a03/16/20 npm GitHub Platforms, Development Tools & Deployment - Package management and public registry website for JavaScript developers n/a03/16/20 Xactium Riskonnect IT Security - AI-embedded and Salesforce-based risk, audit and compliance management n/a03/16/20 Checkmarx Hellman & Friedman IT Security - DevOps code analysis to enable automated application vulnerability testing n/a03/16/20 FusionCharts Idera Business Intelligence - JavaScript-based data visualization with interactive charts, maps and BI dashboards n/a03/13/20 Werk Enterprises The Mom Project ERP & Business Applications - HR workforce management analytics n/a03/12/20 Apility.io Auth0 IT Security - IP threat intelligence for developers and businesses n/a03/12/20 Monidee Equiniti Financial Applications - Employee equity and cash incentive plans management for businesses and investors $403/12/20 coAction.com D&B ERP & Business Applications - B2B revenue cycle and invoice management for mid-sized businesses n/a03/12/20 Madgex Wiley Content Management - Job board management and career center services to online recruitment businesses n/a03/12/20 Apply Financial Accuity Financial Applications - Global bank payment validation and file management API n/a03/11/20 WoodWing Software Main Capital Partners Content Management - Content management for all types of print media n/a03/11/20 iBlocks Tracsis ERP & Business Applications - Smart ticketing and data integration $2103/11/20 Authess Elsevier ERP & Business Applications - AI-based job competancy assessment management n/a03/11/20 Business Collaborator Bently Systems ERP & Business Applications - Project and asset information management in construction n/a03/11/20 Centri Technology AgilePQ IT Security - IoT device data communication security n/a03/10/20 Blackboard Inc. Learning Technologies Group ERP & Business Applications - Open LMS platform for e-learning management $3203/10/20 Containership Inc. Hitachi Vantara LLC Platforms, Development Tools & Deployment - Deployment and infrastructure management in cloud environments n/a03/10/20 ClearBrain Inc. Amplitude ERP & Business Applications - AI-based predictive customer analytics n/a03/10/20 InCube Group Finantix Holdings Financial Applications - AI-based wealth and insurance management n/a03/09/20 HealthEdge Software The Blackstone Group Business Intelligence - BI for healthcare claims and benefits management n/a03/09/20 Talon Storage NetApp Inc. Storage Management - Local file caching and data centralization n/a03/09/20 GuideK12 Forecast5 Analytics ERP & Business Applications - Geovisual analytics for school campuses n/a

7

Announced Software Acquisitions: Q1 2020 continued

M&A Activity

($ millions)



03/09/20 Panda Security WatchGuard Technologies IT Security - AI-based endpoint protection and detection n/a03/09/20 XMedius Solutions OpenText Business Intelligence - Electronic data interchange $7503/09/20 ControlExpert Allianz Group ERP & Business Applications - Business management and claims processing n/a03/09/20 CNL Software Everbridge IT Security - Physical security information management $3603/06/20 WinWorker Battery Ventures ERP & Business Applications - Business management for SMB contractors n/a03/06/20 Encore Technology Group Identity Automation Systems IT Security - Identity and access management n/a03/05/20 SwiftStack NVIDIA Storage Management - Open source data management n/a03/05/20 Heimdal Security Marlin Equity Partners IT Security - Data security against malware and ransomware n/a03/05/20 Paragon Software Aptean ERP & Business Applications - SCM and fleet management n/a03/05/20 CoreHR The Access Group ERP & Business Applications - HCM and payroll management for HR n/a03/04/20 Cobalt Strike HelpSystems IT Security - Threat emulation for penetration testing n/a03/04/20 Managed by Q Eden Technologies ERP & Business Applications - Workplace management n/a03/04/20 Azul Systems Vitruvian Partners Platforms, Development Tools & Deployment - Runtime solutions for Java and JVMs $34003/04/20 Revelian Criteria Corporation ERP & Business Applications - HR assessments for prospective employees n/a03/04/20 Tripleseat Vista Equity Partners ERP & Business Applications - Sales and event management n/a03/03/20 Titan IC Systems Mellanox Technologies Network Infrastructure - Network traffic inspection and analytics n/a03/03/20 NAS Recruitment Innovation M3 Inc. Marketing Applications - Digital advertising and marketing n/a03/03/20 nGUVU Technologies Genesys Telecommunications ERP & Business Applications - Cloud-based employee engagement for business call centers n/a03/03/20 OutMatch Rubicon Technology Partners ERP & Business Applications - Workforce management predictive analytics n/a03/03/20 PlanPlus Global Morningstar Financial Applications - Financial planning and risk profiling n/a03/03/20 Collateral Analytics Black Knight Inc. ERP & Business Applications - Real estate model analytics n/a03/02/20 ProShip Inc. Fog Software Group ERP & Business Applications - Logistics and warehouse management $1503/02/20 Smith Technologies Francisco Partners ERP & Business Applications - Business management for pharmacies n/a03/02/20 We Got POP Entertainment Partners ERP & Business Applications - Workforce management for the production industry n/a03/02/20 Scivantage Refinitiv Financial Applications - Wealth management tools n/a03/02/20 Exxellence Main Capital Partners ERP & Business Applications - CRM and self-service for the public sector n/a03/02/20 Avenue 81 Redbrick Technologies Marketing Applications - No-code website management and marketing automation n/a03/02/20 Compuware BMC Software Network Infrastructure - Application mainframe server and network performance management n/a02/28/20 TeamWORKS JDM Technology ERP & Business Applications - Maintenanance, asset and operations management n/a02/28/20 Care Experience QuestionPro ERP & Business Applications - AI-based patient care experience maangement n/a02/27/20 Instart (contracts & select IP assest) Akamai Technologies IT Security - Cloud, web and mobile application security n/a02/27/20 Zepheira EBSCO Information Services Storage Management - Decentralized linked data infrastructure for libraries, archives and museums n/a02/27/20 FamilyID ArbiterSports ERP & Business Applications - Program registration and payment management n/a02/27/20 Seal Software DocuSign ERP & Business Applications - AI-based contract management $18802/26/20 Praecipio Consulting (Turbo Kit app) Appfire Platforms, Development Tools & Deployment - Jira software project management and issue tracking n/a02/26/20 AnsweriQ Freshdesk ERP & Business Applications - AI-based customer service automation n/a02/26/20 MaritzCX Research InMoment Business Intelligence - Customer, employee and patient experience analytics n/a02/25/20 Kontena Mirantis App. Delivery & Network Acceleration - Open source cloud containers for DevOps teams n/a02/25/20 Router Limits Bark Technologies Network Infrastructure - Network management and monitoring n/a02/25/20 Pacejet 3Gtms ERP & Business Applications - Shipping, freight and logistics platform n/a02/25/20 Vlocity Salesforce.com Marketing Applications - Industry specific CRM platform $1,33002/25/20 VisiumKMS Valsoft ERP & Business Applications - Compliance, risk assessment and reporting platform n/a02/24/20 MiJourney Smith & Nephew ERP & Business Applications - Patient management and ERP for the healthcare sector n/a02/24/20 Peoplevox Descartes Systems Group ERP & Business Applications - Warehouse management platform $2402/24/20 Light Point Security McAfee IT Security - Anti-malware web browsing and access security n/a02/24/20 Saba Software Cornerstone OnDemand ERP & Business Applications - Talent management platform for businesses $1,39502/21/20 DataRow Amazon Web Services Storage Management - Relational database query and warehousing n/a02/21/20 Adaptive Management Knoema Corporation Content Management - Data management and related services n/a02/20/20 Hyphen Betterworks ERP & Business Applications - Employee engagement, feedback collection and analytics n/a02/20/20 Synthio Vertify Storage Management - Contact data management for sales teams n/a

8


M&A Activity

($ millions)



02/20/20 OnGuard Visma Group Financial Applications - AI-based order-to-cash and credit management for businesses n/a02/20/20 NorthPoint Technology NEXT Investors Financial Applications - Reporting and portfolio management solutions for investment management firms n/a02/20/20 AEGERUS Nexus AG ERP & Business Applications - Facility management for nursing homes n/a02/20/20 CyGlass Nominet IT Security - AI-based network threat detection n/a02/20/20 Longview Solutions insightsoftware.com ERP & Business Applications - Corporate performance management system n/a02/19/20 Cornerstone Technology Google IT Operations Management - Mainframe and application migration n/a02/19/20 Confirmit Zobito ERP & Business Applications - Market research data collection n/a02/19/20 Usoft Holland Capital Management Platforms, Development Tools & Deployment - Back-end processes low-code development tools n/a02/19/20 Virtual Observer Five9 ERP & Business Applications - Workforce optimization for contact centers n/a02/18/20 RSA Security Symphony Technology/OTPP IT Security - Online identities and digital assets protection $2,07502/18/20 EnergyIQ Quorum Software IT Operations Management - Master data management and analytics n/a02/17/20 Cloud Explorers TargetEveryOne Storage Management - Big data analytics and management $902/17/20 Navitrans Valsoft ERP & Business Applications - Logistics and warehousing management platform n/a02/17/20 Qopius SAS Trax Retail Business Intelligence - AI-enabled image recognition n/a02/14/20 Grecom International Vendor Credentialing Service ERP & Business Applications - GRC management for hospitals and outpatient services providers n/a02/13/20 Docutech First American Financial Financial Applications - Loan origination document generation and management $35002/13/20 Big Switch Networks Arista Networks IT Security - Data center switching, monitoring, visibility and security for all cloud environments n/a02/12/20 RS Energy Group Drillinginfo ERP & Business Applications - Oil and gas analytics and online technical and financial research n/a02/11/20 North Star Systems SOS International Business Intelligence - Language-based data analytics for intelligence and law enforcement markets n/a02/11/20 Mining Information Systems Ultimate Positioning Group Business Intelligence - Data monitoring and reporting management n/a02/11/20 TROVE Predictive Data Science E Source Companies Business Intelligence - AI-based predictive analytics for the energy and utility industry n/a02/11/20 AimBrain Solutions BioCatch IT Security - AI-based multi-modal digital identity authentication for businesses n/a02/11/20 BlueWater OneTouchPoint Marketing Applications - AI-based digital marketing management for businesses n/a02/11/20 RentPath CoStar Group ERP & Business Applications - US Rental digital marketing services $58802/10/20 Askia Ipsos ERP & Business Applications - Market research for businesses n/a02/10/20 IndustriOS Shoplogix ERP & Business Applications - ERP for small and medium sized-manufacturers n/a02/10/20 Avesta Systems OnShift ERP & Business Applications - Talent acquisition and services to emergency medical services organizations n/a02/10/20 Driver's Alert Smith System Driver Improvement Institute ERP & Business Applications - Online fleet driver safety training and risk management for vehicle fleet managers n/a02/10/20 ByDesign Technologies Retail Success Storage Management - Sales management for businesses in the direct selling and retail industries n/a02/10/20 LevelEleven Geopointe ERP & Business Applications - Performance management for sales, customer-facing teams and team leaders n/a02/10/20 Doc-Tor.Com N. Harris Computer Corporation ERP & Business Applications - EHR and practice management for healthcare providers n/a02/07/20 Arrow Solutions AlayaCare ERP & Business Applications - Business management for homecare agencies n/a02/07/20 Char Software Upland Software Business Intelligence - Customer analytics that analyzes mobile application data for marketing $6802/07/20 Dessa Square IT Security - Deep-fake detection AI and machine learning-enabled development tools n/a02/06/20 Sysxnet FTV Management Financial Applications - Data compliance and security management n/a02/06/20 Advanced Systems Consultants Fog Software Group Storage Management - SCM warehouse management, shipping, procurement, planning and accounting n/a02/06/20 ForeScout Technologies Advent International/Crosspoint IT Security - Network security for businesses and government agencies $1,90002/06/20 Axonite Mobius Solutions Marketing Applications - Marketing automation that enables unifcation of customer data n/a02/06/20 Orpheus McKinsey & Company Storage Management - AI-based strategic procurement management and for businesses n/a02/06/20 Living Lens Enterprise Medallia Business Intelligence - Customer analytics that analyzes and extracts insights from customers $2602/05/20 Learning Machine Technologies Hyland Software Storage Management - Content and document credentialing for the public and private sectors n/a02/05/20 Revulytics Flexera Software Business Intelligence - Product development, license compliance and usage analytics for developers n/a02/04/20 Booke Seminars Sovos Compliance Financial Applications - Insurance accounting training for businesses and government entities n/a02/04/20 Donesafe Health & Safety Institute ERP & Business Applications - Mobile application for safety and compliance management n/a02/04/20 Kofile Audax Private Equity ERP & Business Applications - Document preservation and cloud storage for governments n/a02/03/20 Evergage Salesforce.com Marketing Applications - Machine learning-based customer personalization for enterprise marketing n/a02/03/20 OneReport Nasdaq Business Intelligence - ESG and EHS data analytics, reporting, corporate and data management n/a02/03/20 Askida Alithya Group Platforms, Development Tools & Deployment - Application development and quality assurance tests $1602/03/20 Simeio Solutions ZelnickMedia IT Security - Identity and access management, identity as a service, including authentication n/a02/03/20 The EvalueX IO DoiT International Platforms, Development Tools & Deployment - Integrated Development Environment application development tool n/a

9


M&A Activity

($ millions)



02/03/20 Scytale Incorporated Hewlett Packard Enterprise Platforms, Development Tools & Deployment - Service identity management for the cloud native enterprises n/a02/03/20 Emailage Corporation LexisNexis Risk Solutions IT Security - Email-based fraud prevention and risk management n/a01/30/20 Eyefreight Elemica ERP & Business Applications - Transportation management system for shippers n/a01/30/20 SwiftIQ PDI Business Intelligence - ML-enabled retail analytics n/a01/30/20 Visiolink VITEC Marketing Applications - Advertisement management and analytics n/a01/30/20 4Cite Marketing Dentsu Marketing Applications - Visitor-focused marketing automation n/a01/29/20 ClusterSeven Mitratech IT Operations Management - Database monitoring and compliance n/a01/29/20 SL Corporation Partner One Capital IT Operations Management - Application and infrastructure monitoring n/a01/28/20 Betterific IdeaScale ERP & Business Applications - Employee and customer feedback management n/a01/28/20 GroundControl Solutions Imprivata IT Operations Management - Mobile device management n/a01/28/20 Quid NetBase Solutions Business Intelligence - AI-enabled document analytics n/a01/28/20 Passage AI ServiceNow ERP & Business Applications - AI-enabled chat bots $3301/27/20 JAAS Systems Acumatica ERP & Business Applications - SMB-focused manufacturing automation n/a01/27/20 SpeechIQ LiveVox Business Intelligence - AI-based speech recognition n/a01/27/20 Chatter Research Stingray Group ERP & Business Applications - AI-enabled customer feedback platform n/a01/24/20 Industrial Defender TELEO Capital Management IT Security - Security and compliance for infrastructure businesses n/a01/23/20 Ontuitive Zeal Technology ERP & Business Applications - E-learning and employee training platform n/a01/23/20 Regulatory DataCorp Moodys Corporation Financial Applications - Anti-fraud GRC platform $70001/23/20 Ncontracts Gryphon Investors ERP & Business Applications - Compliance and risk management platform n/a01/22/20 VisionTree Software Brainlab ERP & Business Applications - Healthcare data management n/a01/22/20 Enviance Cority Software ERP & Business Applications - EHS compliance and data management n/a01/22/20 Location CoreLogic Business Intelligence - GIS and location analytics n/a01/22/20 Everteam KYOCERA Content Management - Enterprise content management n/a01/22/20 Waterline Data Hitachi Vantara Business Intelligence - AI-enabled data cataloging n/a01/22/20 BinaryEdge Coalition IT Security - Internet threat detection platform n/a01/22/20 Loom Systems ServiceNow IT Operations Management - Log monitoring and analytics $5801/22/20 ServiceBridge GPS Insight ERP & Business Applications - SMB field service management n/a01/22/20 Modern Message RealPage ERP & Busines Applications - Resident rewards & engagement SaaS n/a01/21/20 Centerfield Media Holdings Platinum Equity Marketing Applications - CRM and marketing automation n/a01/21/20 TriVium Systems Provana Business Intelligence - Call management, recording and analytics n/a01/21/20 Nyansa Vmware App. Delivery & Network Acceleration - Network monitoring and analysis n/a01/21/20 XebiaLabs CollabNet VersionOne Platforms, Development Tools & Deployment - Application release orchestration and continuous delivery n/a01/21/20 Absolute Data Group Pennant International Group ERP & Business Applications - Defense and manufacturing asset maintenance and e-learning platform $201/21/20 Symon AI Varicent Software Business Intelligence - Data transformation and analytics n/a01/21/20 RoxAI Qlik Business Intelligence - Business intelligence and workflow automation n/a01/21/20 Cloudvisory FireEye IT Security - Cloud infrastructure security management n/a01/16/20 Cerasis GlobalTranz Enterprises ERP & Business Applications - Transportation and logistics management n/a01/16/20 Clustree Cornerstone OnDemand ERP & Business Applications - AI-enabled internal hiring solution $1901/16/20 Edcentric Holdings Veritas Capital ERP & Business Applications - Education planning and compliance platform n/a01/16/20 Campus Management Corp. Veritas Capital ERP & Business Applications - Education administration and HCM platform n/a01/16/20 Smart Sparrow (learning tech assets) Pearson ERP & Business Applications - Educational learning and assessment platform $2501/16/20 CGE Risk Management Solutions Wolters Kluwer Network Infrastructure - Enterprise risk management for incidents and performance n/a01/15/20 Fidelis Cybersecurity Skyview Capital IT Security - Anti-data leakage & anti-malware systems n/a01/15/20 Mintsoft The Access Group ERP & Business Applications - Warehouse and order management system n/a01/15/20 SpecFlow Tricentis Platforms, Development Tools & Deployment - Agile testing and collaboration platform n/a01/15/20 BlackBag Technologies Cellebrite Business Intelligence - Device forensic and analysis platform for law enforcement n/a01/14/20 Teem Technologies iOFFICE ERP & Business Applications - Meeting and workspace management platform for businesses n/a01/14/20 Lanehub Transplace Business Intelligence - Shipping & transportation collaboration platform n/a01/14/20 Star Lab Corp. Wind River IT Security - Aerospace & defense embedded cybersecurity system n/a01/14/20 BIAS Software Springbrook Software Financial Applications - Local government accounting platform n/a

10


M&A Activity

($ millions)



01/13/20 ID Analytics LexisNexis Risk Solutions IT Security - Fraud and identity theft monitoring system $37501/13/20 Unomaly AB LogicMonitor Platforms, Development Tools & Deployment - AI-based log monitoring and analytics for ITOps and DevOps n/a01/13/20 SCI Solutions R1 RCM ERP & Business Applications - Healthcare SaaS $19001/10/20 Silvertrac Software Trackforce Valiant ERP & Business Applications - Security guard management and incident reporting platform n/a01/10/20 Precima Nielsen Holdings Content Management - Retail customer analytics and transaction log management n/a01/09/20 Iptor Bregal Unternehmerkapital ERP & Business Applications - SCM and ERP solution for businesses n/a01/09/20 Veeam Software Insight Partners Storage Management - Virtual data backup platform $5,00001/09/20 Kuebix Trimble Business Intelligence - Shipping transportation management system n/a01/09/20 Innovise TEAM Software ERP & Business Applications - Workforce and compliance management platform n/a01/09/20 Tinfoil Security Synopsys IT Security - Website security and vulnerability analysis system n/a01/08/20 Herefish Bullhorn ERP & Business Applications - Recruiting automation and communication for staffing firms n/a01/08/20 SISA Studio Informatica WiseTech Global Business Intelligence - Logistics management platform $1101/08/20 Yaro Virgin Pulse ERP & Business Applications - Employee benefits navigation system n/a01/08/20 Lindsey Software MRI Software ERP & Business Applications - Public and Section 8 property management platform n/a01/08/20 Sequr Genea Energy Partners Network Infrastructure - Physical access control system n/a01/07/20 RightSource Compliance Yardi Systems Business Intelligence - Affordable housing regulation compliance system n/a01/07/20 S2 Systems Cloudflare Platforms, Development Tools & Deployment - Browser isolation platform for businesses n/a01/07/20 Novayre Appian App. Delivery & Network Acceleration - Robotic process software development platform n/a01/07/20 Evariant Healthgrades ERP & Business Applications - Healthcare CRM n/a01/07/20 Auto/Mate DealerSocket ERP & Business Applications - Auto dealership management system n/a01/07/20 Forecast Horizon Antuit.ai Marketing Applications - Retail merchandising and promotion system n/a01/07/20 LiveQoS Adaptiv Networks App. Delivery & Network Acceleration - Network application performance monitoring and management n/a01/07/20 Springbrook Software Accel-KKR ERP & Business Applications - Government focused financial and administrative protection n/a01/06/20 Armis Insight Partners IT Security - Unmanaged and IoT device cybersecurity monitoring system $1,10001/06/20 Lifecycle Software Volaris Group Financial Applications - Telecommunications billing system n/a01/06/20 Segasec Mimecast IT Security - AI digital threat detection and protection system n/a01/06/20 Delerrok Cubic ERP & Business Applications - Transit fare collection platform $4401/06/20 PIXIA Cubic ERP & Business Applications - Geo-spatial data storage and scalability platform $25001/03/20 Charter Software Constellation Software Business Intelligence - Microsoft-based dealership business management platform n/a

$36.3

$14.4

$39.0

$16.3

$29.2$31.2

$44.0

$7.4

$0.7

$18.8

$64.0

69

42 41

34

32 3129

27

1715

10

0

10

20

30

40

50

60

70

80

$-

$10

$20

$30

$40

$50

$60

$70

# o

f Dea

ls

Aggr

egat

e De

al V

alue

($ b

illio

ns)

Announced Deal Value [a]

Number of Deals

[a] Includes only transactions for which data is publicly available

Most Active Strategic Acquirers: 2014 – Q1 2020 M&A Activity

11

Note: Broadcom includes acquisitions by CA Technologies and Symantec prior to acquisition by Broadcom; EMC acquisitions included prior to its acquisition by Dell

Consideration Equity EnterpriseAnnounced Target % Cash % Stock Value Value

Broadcom Corporation Known acquired value (since 2014): $43,99412/30/19 Bay Dynamics - - - -08/09/19 Symantec (enterprise security assets) 100% - - $10,70002/12/19 Luminate Security [b] - - - -11/05/18 Appthority [b] - - - -11/05/18 Javelin Networks [b] - - - -07/11/18 CA Technologies 100% - $18,900 $18,40004/09/18 SourceClear [a] - - - -11/06/17 SurfEasy [b] 100% - - $3910/25/17 Outlier Security [b] - - - -09/28/17 Runscope [a] - - - -07/11/17 Skycure [b] - - - $27507/06/17 Fireglass [b] - - - -06/15/17 zIT Consulting [a] - - - -06/03/17 Watchful Software [b] - - - -03/07/17 Veracode [a] 100% - - $61412/28/16 Mobile System 7 [a] - - - -12/01/16 Automic Software [a] - - - $63611/20/16 LifeLock [b] 100% - $2,335 $2,30011/02/16 Brocade Communications Systems 100% - $5,500 $5,90009/20/16 BlazeMeter [a] 100% - - -06/12/16 Blue Coat Systems [b] 100% - - $4,65008/20/15 Blackfin Security Group [b] - - - -08/04/15 Xceedium [a] - - - -06/08/15 IdMlogic [a] - - - -06/04/15 Grid Tools [a] - - - -05/27/15 Rally Software [a] 100% - - $48001/12/15 Narus [b] - - - -10/28/14 Identropy (SCUID assets) [a] - - - -05/28/14 Nitrodesk [b] - - - -

Cisco Systems Known acquired value (since 2014): $14,35112/16/19 Exablaze - - - -08/26/19 CloudCherry - - - -06/06/19 Sentryo - - - -01/30/19 Singularity Networks - - - -12/18/18 Luxtera - - - $66011/21/18 Ensoft - - - -08/02/18 Duo Security 100% - - $2,35006/19/18 July Systems - - - -05/01/18 Accompany 100% - - $27001/24/18 Skyport Systems - - - -12/07/17 47Line Technologies - - - -10/23/17 BroadSoft - - $1,737 $1,90010/19/17 Perspica - - - -

12

Most Active Strategic Software AcquirersM&A Activity

2014 – Q1 2020 ($ millions)

[a] Acquired by CA Technologies prior to its acquisition by Broadcom; acquired by EMC prior to its acquisition by Dell[b] Acquired by Symantec prior to its acquisitions by BroadcomNote: “Known acquired value” includes only transactions for which data is publicly available

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continued


Cisco Systems (continued)08/21/17 Springpath 100% - - $32007/13/17 Observable Networks - - - -05/11/17 MindMeld - - - $12505/04/17 Saggezza (assets) - - - -05/01/17 Viptela 100% - - $61001/24/17 AppDynamics - - $3,700 $3,59310/17/16 Heroik Labs - - - -08/30/16 ContainerX - - - -06/28/16 CloudLock - - - $29303/08/16 Synata - - - -03/02/16 Leaba Semiconductor 100% - - $32003/01/16 CliQr Technologies 100% - - $26002/03/16 Jasper Technologies - - - $1,40011/20/15 Acano 100% - - $70010/28/15 1 Mainstream - - - -10/27/15 Lancope 100% - - $45310/26/15 ParStream - - - -10/13/15 Pawaa Software - - - -09/30/15 Portcullis Computer Security - - - -07/07/15 MaintenanceNet - - - $13906/30/15 OpenDNS 100% - - $63506/03/15 Piston Cloud Computing - - - -05/07/15 Tropo - - - -04/01/15 Embrane - - - -12/10/14 Neohapsis - - - -09/18/14 Memoir Systems - - - -09/17/14 Metacloud - - - $14906/27/14 Assemblage - - - -06/17/14 Tail-f Systems - - - $17505/21/14 ThreatGRID - - - -

Dell Known acquired value (since 2014): $63,97810/12/15 EMC 73% 27.0% $63,100 $62,77805/26/15 Virtustream [a] 100% - - $1,20004/16/15 Cloudlink Technologies [a] - - - -10/28/14 Maginatics [a] - - - -10/28/14 Spanning Cloud Apps [a] - - - -10/13/14 Cloudscaling [a] - - - -07/08/14 Symplified (IP assets) [a] - - - -07/08/14 TwinStrata [a] - - - -05/05/14 DSSD [a] - - - -03/24/14 StatSoft - - - -


Intel (continued)05/26/16 Itseez - - - -04/05/16 Yogitech - - - -03/09/16 Replay Technologies - - - -01/04/16 Ascending Technologies - - - -10/26/15 Saffron Technology - - - -10/01/15 VIA Telecom (assets) - - - -08/24/15 Docea Power - - - -06/16/15 Recon Instruments - - - -06/01/15 Altera 100% - $16,700 $15,81703/25/15 Lemoptix - - - -02/02/15 Lantiq - - - -01/20/15 Composyt Light Labs - - - -12/01/14 PasswordBox - - - -09/10/14 Powerwave - - - -08/13/14 LSI 100% - - $65005/09/14 Ginger Software (assets) - - - -04/01/14 INSIDE Secure (assets) 100% - - $19

Intuit Known acquired value (since 2014): $70002/24/20 Credit Karma - - - -11/18/19 Chronobooks - - - -05/28/19 Origami Logic - - - -01/29/18 Applatix - - - -12/05/17 TSheets 100% - - $34010/26/17 Exactor - - - -10/10/16 MTS Global - - - -03/24/15 Playbook HR - - - -02/05/15 Porticor - - - -01/21/15 ZeroPaper - - - -12/10/14 Acrede - - - -08/13/14 Itrios - - - -08/07/14 PaySuite - - - -07/30/14 KDK Softwaress - - - -05/27/14 Check - - - $36005/14/14 Invitco - - - -

Microsoft Known acquired value (since 2014): $36,30003/26/20 Affirmed Networks - - - -03/16/20 npm - - - -10/21/19 Mover - - - -09/18/19 Semmle [a] - - - -09/04/19 Movere - - - -08/19/19 JClarity - - - -08/05/19 PromoteIQ - - - -


IBM Known acquired value (since 2014): $39,03610/27/16 Sanovi Technologies - - - -06/01/16 EZ Legacy - - - -03/31/16 Bluewolf - - - $24003/18/16 Optevia - - - -02/29/16 Resilient Systems - - - -02/18/16 Truven Health Analytics 100% - - $2,60002/03/16 Ecx International - - - -02/02/16 Aperto - - - -01/28/16 Resource/Ammirati - - - -01/21/16 Ustream 100% - - $13001/15/16 IRIS Analytics - - - -12/08/15 Clearleap - - - -11/03/15 Gravitant 100% - - -10/28/15 The Weather Company (assets) - - - -10/05/15 Cleversafe - - - -09/28/15 Meteorix 100% - - $12009/24/15 Advanced Application 100% - - $1309/10/15 StrongLoop - - - -08/17/15 Appcore (cloud automation assets) - - - -08/06/15 Merge Healthcare 100% - - $90407/23/15 Compose - - - -06/03/15 Blue Box Group - - - -04/13/15 Phytel - - - -04/13/15 Explorys - - - -03/27/15 Blekko (assets) - - - -03/04/15 AlchemyAPI - - - -08/11/14 Lighthouse Security Group (assets) - - - -07/31/14 CrossIdeas - - - -05/20/14 Cognea - - - -04/10/14 Silverpop Systems - - - -02/24/14 Cloudant - - - -

Intel Known acquired value (since 2014): $31,18612/16/19 Habana Labs - - - -06/10/19 Barefoot - - - -04/16/19 Omnitek - - - -02/18/19 Ineda Systems - - - -09/10/18 NetSpeed Systems - - - -08/16/18 Vertex.AI - - - -07/12/18 eASIC - - - -03/13/17 Mobileye 100% - - $14,70011/03/16 Voke - - - -09/05/16 Movidius - - - -08/10/16 Nervana Systems - - - -

13

Most Active Strategic Software Acquirers continued

M&A Activity

2014 – Q1 2020 ($ millions)

[a] Acquired by GitHub prior to its acquisition by MicrosoftNote: “Known acquired value” includes only transactions for which data is publicly available

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continued


Microsoft (continued)06/10/15 BlueStripe Software - - - -06/02/15 6Wunderkinder GmbH - - - -04/14/15 Datazen Software - - - -03/26/15 LiveLoop - - - -02/12/15 N-trig - - - -02/04/15 Sunrise Atelier - - - -01/23/15 Revolution Analytics 100% - - -01/20/15 Equivio - - - -12/11/14 Bit Stadium - - - -12/01/14 Acompli - - - -11/13/14 Aorato - - - -09/15/14 Mojang AB - - - $2,50007/11/14 InMage Systems - - - -05/28/14 Capptain - - - -05/01/14 GreenButton Limited - - - -03/04/14 Junction Solutions (JunctionMCR) - - - -01/27/14 Epic Games (assets) - - - -01/07/14 Parature - - - -

Oracle Known acquired value (since 2014): $16,26010/02/19 CrowdTwist 100% - - -07/11/19 Speak Ai - - - -06/26/19 Oxygen Systems - - - -11/15/18 Talari Networks - - - -10/22/18 DataFox - - - -10/17/18 goBalto - - - -09/25/18 Iridize - - - -05/16/18 Datascience - - - -04/30/18 Vocado - - - -02/15/18 Zenedge - - - -12/17/17 Aconex 100% - - $1,20004/18/17 Moat - - - -04/17/17 Wercker US - - - -03/13/17 Webtrends (marketing analytics assets) - - - -01/19/17 Apiary - - - -11/21/16 Dyn - - - -09/18/16 Palerra - - - -09/07/16 LogFire - - - -07/28/16 NetSuite 100% - $9,300 $9,17405/02/16 Opower 100% - - $53204/28/16 Textura 100% - - $66304/14/16 Crosswise 100% - - $5002/22/16 Ravello Systems - - - -01/05/16 AddThis 100% - - -


Microsoft (continued)07/29/19 BlueTalon - - - -06/17/19 Good Software [a] - - - -06/09/19 Double Fine Productions - 0% - -04/18/19 Express Logic - 0% - -02/04/19 BrightBytes - - - -01/24/19 Citus Data - - - -11/19/18 FSLogix - - - -11/14/18 XOXCO - - - -11/12/18 InXile Entertainment - - - -09/13/18 Lobe Artificial Intelligence - - - -06/20/18 Bonsai AI - - - -06/04/18 GitHub - 100.0% - $7,50004/02/18 Forerunner Software (BI reporting software assets) - - - -02/13/18 Chalkup - - - -01/29/18 PlayFab 100% - - -08/15/17 Cycle Computing - - - -06/29/17 Cloudyn 100% - - -05/24/17 Hexadite - - - $10004/18/17 Intentional Software - - - -04/10/17 Deis - - - -01/17/17 Donya Labs - - - -01/13/17 Maluuba - - - -11/08/16 Beam Interactive - - - -08/22/16 Genee - - - -06/16/16 Wand Labs - - - -06/13/16 LinkedIn 100% - - $26,20005/03/16 Solair - - - -02/24/16 Xamarin - - - -02/09/16 Zikera (Groove assets) - - - -02/03/16 TouchType - - - -01/19/16 Teacher Gaming (assets) - - - -01/13/16 Event Zero (UC Commander assets) - - - -12/21/15 Talko (assets) - - - -12/18/15 Metanautix - - - -11/09/15 Secure Islands Technologies - - - -11/05/15 Mobile Data Labs - - - -10/02/15 Havok (assets) - - - -09/29/15 Sensei Project Solutions (assets) - - - -09/28/15 Adxstudio (assets) - - - -09/12/15 Double Labs - - - -09/08/15 Adallom - - - -09/03/15 VoloMetrix - - - -08/03/15 Incent Games - - - -07/16/15 FieldOne - - - -

14


M&A Activity

2014 – Q1 2020 ($ millions)

Note: “Known acquired value” includes only transactions for which data is publicly available

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continued


Salesforce.com (continued)05/29/15 Tempo.ai - - - -04/01/15 Toopher - - - -07/10/14 RelateIQ - 100% $392 $352

SAP Known acquired value (since 2014): $18,83811/19/18 Contextor - - - -11/11/18 Qualtrics 100% - - $8,00006/05/18 Coresystems - - - -01/30/18 CallidusCloud 100% - - $2,40001/22/18 Recast.AI SAS - - - -09/24/17 Gigya - - - $32512/14/16 Abakus - - - -09/28/16 PLAT.ONE - - - -09/27/16 Altiscale - - - -06/21/16 Fedem Technology - - - -02/16/16 MeLLmo - - - -10/13/15 Multiposting - - - -09/18/14 Concur Technologies - - $8,300 $8,11305/20/14 SeeWhy - - - -03/26/14 Fieldglass - - - -

VMware Known acquired value (since 2014): $7,44301/21/20 Nyansa - - - -08/22/19 Carbon Black 100% - $2,100 $2,05308/22/19 Pivotal Software - - - $3,30008/21/19 Intrinsic - - - -08/14/19 Veriflow Systems - - - -07/25/19 Uhana - - - -07/18/19 Bitfusion - - - -06/13/19 Avi Networks - - - -05/15/19 BirRock - - - -02/05/19 AetherPal - - - -11/06/18 Heptio 100% - - $55008/27/18 CloudHealth Technologies - - - -03/28/18 E8 Security - - - -02/22/18 CloudVelox (Talent and technology assets) - - - -02/14/18 CloudCoreo - - - -11/02/17 VeloCloud Networks 100% - - -05/15/17 Apteligent 100% - - -04/12/17 Wavefront - - - -12/19/16 PLUMgrid - - - -06/13/16 Arkin Net - - - -10/14/15 Boxer - - - -02/03/15 Immidio - - - -


Oracle (continued)12/18/15 StackEngine - - - -08/20/15 Maxymiser - - - -12/22/14 Datalogix - - - -09/14/14 Front Porch Digital - - - -07/31/14 TOA Technologies - - - -06/23/14 MICROS Systems 100% - $5,300 $4,64206/20/14 LiveLOOK - - - -05/15/14 GreenBytes - - - -02/24/14 BlueKai - - - -

Salesforce.com Known acquired value (since 2014): $29,18703/02/20 C Level Club - - - -02/25/20 Vlocity 100% - - $1,33008/07/19 ClickSoftware Technologies - - - $1,35006/10/19 Tableau - 100% $15,080 $14,57905/06/19 Bonobo - - - -04/17/19 MapAnything - - - -01/28/19 Griddable.io - - - -01/14/19 roundCorner - - - -10/05/18 Rebel - - - -07/16/18 Datorama 16% 84% $744 $72606/13/18 Empirical Systems [a] - - - -03/20/18 MuleSoft 80% 20% $6,580 $6,50001/08/18 Attic Labs - - - -08/09/17 Argo Technologies [a] - - - -01/24/17 Sequence - - - $2601/13/17 Unity&Variety - - - -12/13/16 Twin Prime - - - -10/04/16 Krux 50% 50% - $68009/15/16 Gravity Tank - - - -09/07/16 Heywire - - - -08/15/16 BeyondCore - - - $11008/01/16 Quip - 100% $410 $41007/21/16 Coolan - - - -06/01/16 Demandware 100% - - $2,80005/09/16 Implisit - - - -04/04/16 MetaMind - - - -03/10/16 HyPer [a] - - - -02/19/16 TappingStone - - - -12/23/15 SteelBrick - 100% $360 $30012/14/15 MinHash - - - -09/02/15 AKTA - - - -08/04/15 Infoactive Viz [a] - - - -06/25/15 Kerensen Consulting SAS 100% - - $24

15


M&A Activity

2014 – Q1 2020 ($ millions)

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continued[a] Acquired by Tableau prior to its acquisition by SalesforceNote: “Known acquired value” includes only transactions for which data is publicly available


Vmware (continued)10/29/14 Continuent (assets) - - - -08/20/14 CloudVolumes - - - -08/04/14 Virtual System (cloud migration assets) - - - -03/06/14 Third Sky - - - -01/22/14 AirWatch 76% 24% - $1,540

16


M&A Activity

2014 – Q1 2020 ($ millions)

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continuedNote: “Known acquired value” includes only transactions for which data is publicly available

74% 71%76%

61%

39%

0%10%20%30%40%50%60%70%80%90%

100%

Large CapSoftware

High GrowthSoftware

HighProfitability

Software

HighlyAcquisitiveSoftware

Small CapSoftware

8.4x

41.3x

15.2x12.6x

8.5x8.0x

35.7x

13.8x11.2x

8.0x

0x

5x

10x

15x

20x

25x

30x

35x

40x

45x

Large CapSoftware

High GrowthSoftware

HighProfitability

Software


Small CapSoftware

3.3x

12.0x

6.6x

3.9x

1.0x

3.2x

9.3x

6.2x

3.7x

0.9x

0x

2x

4x

6x

8x

10x

12x

14x

16x

Large CapSoftware

High GrowthSoftware

HighProfitability

Software


Small CapSoftware

CY20ECY21E

-50%

-25%

0%

25%

50%

75%

100%

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

NASDAQ

Large Cap Software [a]

High Growth Software [b]

High Profitability Software [c]

Small Cap Software [d]-100%

-50%0%

50%100%150%200%250%300%350%

Mar-17 Mar-18 Mar-19 Mar-20

LTM Relative Performance of Shea & Company Software Indices

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningfulSources: Company releases, Wall Street research[a] Large Cap Software includes: MSFT, INTC, CSCO, ORCL, SAP, IBM, HPE, MCRO[b] High Growth Software includes: ZG, SHOP, ZM, ESTC, DDOG, SMAR, NET, CDLX, CRWD, OKTA, AYZ, PLAN, XRO, ZS, MDB, NTNX, TWLO, SPLK, ZEN, DOCU, TEAM, NOW, COUP, DT, EVBG, QTWO[c] High Profitability Software includes: RMV, VRSN, MSCI, AZPN, ORCL, CHKP, PRGS, SWI, ADBE, MSFT, INTC, FIS, ANSS, QLYS, AKAM, PAYC, SWX:TMN, PAYX, SSNC, JCOM, DSGX, UPLD, CSCO, VEEV, OTEX, SAP, INTU, FISV, MCRO, CDNS, DOTD, ROP, VMW[d] Small Cap Software includes: GTYH, MJCO, ZIXI, EGAN, ECOM, SNCR, ASPS, DHX, ASUR, SREV, VERI, CYRN, RHT, NTWK, TSX:NXJ, MRIN, BOXL[e] Highly Acquisitive Software includes: DHR, ROP, TSX:CSU, SSNC, OTEX, MCRO, JCOM, DSGX, EPAY, TSX:ENGH, UPLD, ASUR

Public Equity Market Valuations

-40%

10%

31%

6%

-2%

1 Year Relative Performance

17

3 Year Relative Performance

18

Price Performance and Valuation Metrics by SegmentM

edia

n EV

/ Re

venu

eM

edia

n EV

/ EB

ITDA

Med

ian

% o

f 52

Wee

k Hig

h

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningfulSources: Company releases, Wall Street research


74% 77%

59%

71%77%

71% 72%

48%

72%67% 67%

62%

74%78%

58%51%

71%76%

65%61%

39%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Comm. Tech.&

EmbeddedApps

HCM FinancialApps

VerticalApps

eCommerce& Supply

ChainMgmt

ERP &General

BusinessApps

Sales &Marketing

Apps

ITOps.

Mgmt

DevOps &DevTools

ITSecurity

BI GlobalDiversified

AppDelivery &Network

Acceleration

StorageMgmt

NetworkInfra.

HighGrowth

HighProfitability

SaaS HighlyAcquisitive

Small Cap

8.6x

21.0x22.8x

16.0x18.5x

20.7x17.6x

25.7x

10.6x

22.0x20.3x

12.6x8.4x

17.4x 17.7x

nm

41.3x

15.2x

20.7x

12.6x8.5x

nm

19.3x17.9x 16.3x 16.7x

18.2x

13.3x

24.4x

11.7x

24.4x

17.0x13.6x

8.0x

15.6x 13.9x

nm

35.7x

13.8x16.3x

11.2x8.0x

0x

5x

10x

15x

20x

25x

30x

35x

40x

45x

9.9x

7.8x

5.7x

6.8x5.9x

4.7x 4.5x 4.6x 4.6x

7.0x

5.4x

2.5x 3.3x 3.1x2.1x

1.0x

12.0x

6.6x 6.3x

3.9x

1.0x

10.4x

7.1x

5.5x6.3x

5.6x

4.4x 3.9x 3.8x 3.9x

6.1x

4.6x

2.3x3.2x

3.8x

1.9x1.0x

9.3x

6.2x5.4x

3.7x

0.9x

0x

2x

4x

6x

8x

10x

12x

14xCY20E CY21E

Median CY20E Median CY21E

-

10x

20x

30x

40x

50x

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2

2020201920182017

-

2x

4x

6x

8x

10x

12x

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2

2020201920182017

> 25%

15% - 25%

5% - 15%

< 5%

EV / Revenue EV / EBITDARevenue Current Year Forward Year Current Year Forward YearGrowth Date Mean Median Mean Median Mean Median Mean Median

< 5% Q1 2020 2.8 x 2.4 x 2.7 x 2.4 x 10.2 x 8.9 x 8.9 x 8.0 xQ4 2019 4.0 3.3 3.9 3.2 12.4 10.7 12.0 10.4Q3 2019 3.3 2.3 3.2 2.3 13.1 10.7 12.6 10.2Q2 2019 3.2 3.1 3.7 3.1 12.8 10.6 12.4 10.3Q1 2019 3.8 3.5 3.6 3.3 12.1 10.5 11.6 10.4Q4 2018 3.3 2.9 3.2 2.9 12.9 9.6 12.5 9.4Q3 2018 3.5 2.6 3.4 2.6 13.0 10.8 12.0 10.4Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2Q2 2017 3.2 3.1 3.1 3.0 11.6 11.0 12.3 10.5

5% - 15% Q1 2020 4.6 x 3.8 x 4.2 x 3.5 x 17.8 x 17.0 x 16.2 x 14.6 xQ4 2019 5.6 5.1 5.1 4.7 23.0 22.1 20.5 18.4Q3 2019 5.1 4.6 4.7 4.1 19.9 20.0 17.5 17.5Q2 2019 5.4 4.7 4.9 4.3 20.5 19.6 18.2 17.2Q1 2019 5.3 4.6 4.8 4.3 21.0 20.1 18.1 17.6Q4 2018 4.7 4.2 4.3 3.9 21.2 19.9 18.9 17.7Q3 2018 5.5 5.1 5.0 4.8 24.3 23.7 21.4 20.4Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2Q2 2017 4.1 3.8 3.7 3.5 17.8 16.3 16.6 14.5

15% - 25% Q1 2020 7.1 x 5.7 x 5.9 x 4.8 x 27.0 x 25.7 x 23.1 x 21.9 xQ4 2019 8.4 8.5 7.2 6.9 32.3 31.3 27.9 26.4Q3 2019 8.1 7.6 6.8 6.5 29.4 27.8 27.3 25.4Q2 2019 7.7 7.8 6.6 6.4 30.6 28.4 28.2 26.7Q1 2019 7.5 7.6 6.3 6.3 30.7 29.9 27.0 25.5Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3Q2 2017 5.4 5.6 4.5 4.6 28.6 25.9 22.9 22.1

> 25% Q1 2020 11.7 x 12.1 x 9.3 x 9.5 x 42.8 x 42.8 x 36.8 x 38.0 xQ4 2019 12.3 13.0 10.4 11.1 34.5 34.5 32.1 38.0Q3 2019 10.0 10.6 9.3 10.0 29.8 21.0 28.2 25.8Q2 2019 11.1 12.6 10.6 11.2 nm nm 41.0 39.6Q1 2019 11.0 12.5 9.4 10.0 46.9 46.9 35.3 35.5Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 33.7 32.0Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 29.0 35.6Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 25.1 34.8Q2 2017 7.1 7.3 5.5 5.8 28.0 27.8 33.3 34.5

19

Equity Trading Multiples by Growth Tranche

Market Valuations of Publicly Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

Forward Year Median EV / EBITDA by Growth Tranche



42.8x

25.7x

30.9x

20.7x 20.9x

nm

13.3x

20.0x

12.1x9.4x 10.2x

17.4x

7.7x

20.5x

33.3x

21.8x

25.8x

18.8x 17.8x

43.4x

11.7x

15.1x

11.1x 9.1x 9.6x

16.1x

7.4x

16.4x

0x

10x

20x

30x

40x

50x

Price Performance and Valuation Metrics of Selected Software VendorsPublic Equity Market Valuations

EV /

Reve

nue

EV /

EBIT

DA%

of 5

2 W

eek H

igh

20

12.2x 11.8x

6.9x7.5x

6.1x

7.9x

4.6x

4.2x

5.2x 4.5x

3.8x

5.7x

3.4x2.6x

9.7x10.2x

5.8x6.7x

5.1x

6.2x4.2x

3.5x

4.8x 4.5x

3.6x

5.4x

3.4x2.4x

0x

2x

4x

6x

8x

10x

12x

14xCY20E CY21E

Median CY20E Median CY21E


79% 82%

57%

75% 74% 72%

59% 65%

89%80%

49%

97%

78%

58%

0%

20%

40%

60%

80%

100%

120%

now adbe wday INTU crm splk vmw panw akam orcl upld ctxs intc feye

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b]Company (03/31/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E

Global DiversifiedMicrosoft 157.71$ 1,199,550$ 1,152,466$ 149,078$ 168,714$ 13% 7.7x 6.8x 67,870$ 46% 79,018$ 47% 17.0x 14.6x 27.4x 23.9xIntel 54.12 231,662 248,090 72,495 73,873 2% 3.4x 3.4x 32,324 45% 33,445 45% 7.7x 7.4x 11.3x 11.0xCisco Systems 39.31 166,709 156,718 50,361 52,395 4% 3.1x 3.0x 18,831 37% 19,347 37% 8.3x 8.1x 12.5x 11.6xOracle 48.33 152,413 180,767 39,884 40,615 2% 4.5x 4.5x 19,239 48% 19,776 49% 9.4x 9.1x 12.0x 11.1xSAP 112.97 134,524 146,037 32,266 34,663 7% 4.5x 4.2x 11,761 36% 12,996 37% 12.4x 11.2x 19.0x 17.0xIBM 110.93 98,551 157,985 77,530 79,152 2% 2.0x 2.0x 18,707 24% 19,859 25% 8.4x 8.0x 8.6x 8.0xHP Enterprise 9.71 12,510 24,414 27,534 28,257 3% 0.9x 0.9x 4,937 18% 4,866 17% 4.9x 5.0x 5.9x 5.4xMicro Focus 4.98 1,663 5,876 3,085 2,916 -5% 1.9x 2.0x 1,117 36% 1,108 38% 5.3x 5.3x 3.1x 3.7x

Mean $249,698 $259,044 $56,529 $60,073 3% 3.5x 3.3x $21,848 36% $23,802 37% 9.2x 8.6x 12.5x 11.5x Median 143,468 157,352 45,123 46,505 2% 3.3x 3.2x 18,769 37% 19,562 38% 8.4x 8.0x 11.6x 11.1x

Application Delivery & Network AccelerationCitrix Systems 141.55$ 17,320$ 17,730$ 3,102$ 3,277$ 6% 5.7x 5.4x 1,020$ 33% 1,100$ 34% 17.4x 16.1x 26.2x 22.9xAkamai Technologies 91.49 14,811 15,945 3,079 3,292 7% 5.2x 4.8x 1,321 43% 1,432 44% 12.1x 11.1x 18.8x 17.2xF5 Networks 106.63 6,484 5,706 2,391 2,543 6% 2.4x 2.2x 825 35% n/a n/a 6.9x n/a 11.8x 10.4xFastly 18.98 1,820 1,719 261 335 28% 6.6x 5.1x (19) -7% (2) -1% nm nm nm nmRadware 21.07 988 829 267 290 9% 3.1x 2.9x 43 16% 55 19% 19.3x 15.1x 24.9x 21.8xLimelight Networks 5.70 676 673 231 248 7% 2.9x 2.7x 30 13% 39 16% 22.6x 17.1x nm 50.3xA10 Networks 6.21 486 389 215 n/a n/a 1.8x n/a n/a n/a n/a n/a n/a n/a 29.9x nm

Mean $6,083 $6,142 $1,364 $1,664 10% 4.0x 3.9x $537 22% $525 22% 15.7x 14.9x 22.3x 24.5x Median 1,820 1,719 267 1,439 7% 3.1x 3.8x 434 24% 55 19% 17.4x 15.6x 24.9x 21.8x

Business IntelligenceAlteryx 95.17$ 6,225$ 6,172$ 557$ 722$ 30% 11.1x 8.5x 86$ 15% 138$ 19% nm 44.7x nm 74.0xInovalon 16.66 2,583 3,496 703 764 9% 5.0x 4.6x 234 33% 258 34% 14.9x 13.6x 28.2x 23.7xCloudera 7.87 2,323 2,174 865 952 10% 2.5x 2.3x 173 20% 214 23% 12.6x 10.1x 31.5x 20.3xMicroStrategy 118.10 1,193 741 528 n/a n/a 1.4x n/a 73 14% n/a n/a 10.2x n/a 38.6x 57.6xTalend 22.43 702 685 276 314 14% 2.5x 2.2x (32) -12% (17) -5% nm nm nm nmDomo 9.94 277 279 190 215 13% 1.5x 1.3x (70) -37% (37) -17% nm nm nm nm

Mean $2,217 $2,258 $520 $593 15% 4.0x 3.8x $77 6% $111 11% 12.5x 22.8x 32.8x 43.9x Median 1,758 1,457 542 722 13% 2.5x 2.3x 79 15% 138 19% 12.6x 13.6x 31.5x 40.7x

21

Equity Trading Multiples by SegmentPublic Equity Market Valuations

Business Intelligence

Global Diversified

Application Delivery & Network Acceleration

Communications

eCommerce & Supply Chain Management

ERP & General Business Applications

Financial Applications

Human Capital Management

IT Security

Network Infrastructure

DevOps and Software Development Tools

Storage Management

Technical & Embedded Apps

High Growth

High Profitability

Software-as-a-Service

Small Cap

Sales & Marketing Applications

IT Operations Management

Vertical Applications

Highly Acquisitive

($ millions)

Sources: Company releases, Wall Street research[a] Wall Street consensus estimates[b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful


CommunicationsZoom 146.12$ 40,768$ 39,985$ 921$ 1,234$ 34% nm nm 187$ 20% 253$ 20% nm nm nm nmRingCentral 211.91 18,458 18,544 1,121 1,392 24% 16.5x 13.3x 145 13% 184 13% nm nm nm nmSlack 26.84 14,945 14,418 855 1,127 32% 16.9x 12.8x (97) -11% (65) -6% nm nm nm nmTwilio 89.49 12,503 11,290 1,459 1,857 27% 7.7x 6.1x 76 5% 175 9% nm nm nm nmAmdocs 54.97 7,398 7,236 4,243 n/a n/a 1.7x n/a 885 21% n/a n/a 8.2x n/a 12.0x 11.1xFive9 76.46 4,709 4,612 381 444 17% 12.1x 10.4x 69 18% 85 19% nm nm 90.9x 75.8xEverbridge 106.36 3,641 3,555 260 324 25% 13.7x 11.0x 6 2% 13 4% nm nm nm nmVerint Systems 43.00 2,757 3,345 1,456 1,539 6% 2.3x 2.2x 369 25% 409 27% 9.1x 8.2x 10.8x 9.8xBandwidth 67.29 1,584 1,424 272 325 19% 5.2x 4.4x 2 1% 11 3% nm nm nm nm

Mean $11,862 $11,601 $1,219 $1,030 23% 9.5x 8.6x $182 11% $133 11% 8.6x 8.2x 37.9x 32.3x Median 7,398 7,236 921 1,181 24% 9.9x 10.4x 76 13% 130 11% 8.6x nm 12.0x 11.1x

eCommerce & Supply Chain ManagementShopify 416.93$ 48,808$ 46,492$ 2,163$ 2,936$ 36% nm 15.8x 46$ 2% 110$ 4% nm nm nm nmManhattan Associates 49.82 3,165 3,094 651 694 7% 4.7x 4.5x 143 22% 160 23% 21.7x 19.3x 32.3x 28.3xDescartes Systems 34.39 2,874 2,845 358 395 10% 7.9x 7.2x 138 38% 156 40% 20.7x 18.2x 27.1x 23.6xSPS Commerce 46.51 1,629 1,439 307 336 10% 4.7x 4.3x 83 27% 96 29% 17.3x 15.0x 34.2x 29.3xAmerican Software 14.21 457 363 117 125 7% 3.1x 2.9x 15 13% 18 15% 24.3x 19.8x 50.8x 38.0xChannelAdvisor 7.26 205 169 131 138 5% 1.3x 1.2x 20 16% 24 17% 8.3x 7.1x 15.1x 13.0x


22

Equity Trading Multiples by Segment continued


($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



ERP & General Business ApplicationsSalesforce.com 143.98$ 128,862$ 127,168$ 20,891$ 24,877$ 19% 6.1x 5.1x 6,092$ 29% 7,162$ 29% 20.9x 17.8x 45.9x 37.1xConstellation Software 902.35 19,122 19,505 4,113 4,790 16% 4.7x 4.1x 1,106 27% 1,305 27% 17.6x 14.9x 25.1x 21.0xDocuSign 92.40 16,767 16,759 1,260 1,593 26% 13.3x 10.5x 167 13% 233 15% nm nm nm nmSage Group 7.37 8,034 8,524 2,417 2,575 7% 3.5x 3.3x 612 25% 650 25% 13.9x 13.1x 19.9x 18.5xZendesk 64.01 7,256 7,361 1,045 1,325 27% 7.0x 5.6x 88 8% 144 11% nm nm nm 89.4xSmartsheet 41.51 4,933 4,431 372 492 32% 11.9x 9.0x (43) -12% (26) -5% nm nm nm nmAnaplan 30.26 4,140 3,885 459 595 30% 8.5x 6.5x (36) -8% 1 0% nm nm nm nmj2 Global 74.85 3,648 4,654 1,473 1,567 6% 3.2x 3.0x 582 40% 627 40% 8.0x 7.4x 10.0x 9.2xEnghouse Systems 30.71 1,689 1,635 364 417 15% 4.5x 3.9x 109 30% 128 31% 15.0x 12.8x 29.1x 23.4xTechnologyOne 4.91 1,564 1,499 193 216 12% 7.8x 7.0x 61 31% 75 35% 24.8x 20.1x 37.8x 32.9xWorkiva 32.33 1,521 1,352 341 395 16% 4.0x 3.4x (33) -10% (19) -5% nm nm nm nmPROS 31.03 1,343 1,177 286 340 19% 4.1x 3.5x (12) -4% 2 1% nm nm nm nmQAD 39.93 763 658 312 342 10% 2.1x 1.9x 14 4% 25 7% 47.9x 26.4x nm 76.1xUpland Software 26.82 677 1,035 271 288 6% 3.8x 3.6x 101 37% 108 37% 10.2x 9.6x 11.8x 11.5xBasware 20.77 299 350 173 190 10% 2.0x 1.8x 18 10% 26 14% 19.7x 13.3x nm nm

Mean $13,374 $13,333 $2,265 $2,667 17% 5.8x 4.8x $588 15% $696 17% 19.8x 15.0x 25.7x 35.5x Median 3,648 3,885 372 492 16% 4.5x 3.9x 88 13% 108 15% 17.6x 13.3x 25.1x 23.4x

23



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



Financial ApplicationsFIS 121.64$ 74,969$ 94,620$ 13,437$ 14,431$ 7% 7.0x 6.6x 5,883$ 44% 6,661$ 46% 16.1x 14.2x 19.7x 16.8xFiserv 94.99 64,508 88,135 16,005 16,952 6% 5.5x 5.2x 5,817 36% 6,365 38% 15.2x 13.8x 19.7x 16.7xIntuit 230.00 59,913 58,401 7,751 8,658 12% 7.5x 6.7x 2,819 36% 3,111 36% 20.7x 18.8x 30.2x 26.1xMSCI 288.96 24,566 26,318 1,710 1,873 10% 15.4x 14.0x 945 55% 1,054 56% 27.8x 25.0x 39.7x 34.5xJack Henry 155.24 11,910 11,908 1,748 1,883 8% 6.8x 6.3x 563 32% 618 33% 21.1x 19.3x 40.3x 34.9xSS&C Technologies 43.82 11,204 18,613 4,756 4,916 3% 3.9x 3.8x 1,891 40% 1,994 41% 9.8x 9.3x 10.7x 9.9xTemenos Group 131.70 9,449 10,472 1,131 1,270 12% 9.3x 8.2x 464 41% 533 42% 22.6x 19.6x 33.3x 28.9xCoupa Software 139.73 9,058 9,074 489 614 25% 18.5x 14.8x 54 11% 94 15% nm nm nm nmFair Isaac 307.69 8,969 9,881 1,251 1,326 6% 7.9x 7.5x 418 33% 477 36% 23.6x 20.7x 36.0x 30.3xXero 41.66 5,890 5,879 487 631 30% 12.1x 9.3x 105 21% 155 24% nm 38.0x nm nmAvalara 74.60 5,820 5,419 468 577 23% 11.6x 9.4x (2) 0% 27 5% nm nm nm nmSimCorp 84.20 3,343 3,387 524 584 11% 6.5x 5.8x 150 29% 184 32% 22.6x 18.4x 32.5x 25.7xBlackLine 52.61 2,966 2,763 347 416 20% 8.0x 6.6x 37 11% 55 13% nm nm nm 84.6xQ2 Holdings 59.06 2,860 3,197 410 511 25% 7.8x 6.3x 18 4% 39 8% nm nm nm nmEnvestnet 53.78 2,845 3,429 1,003 1,104 10% 3.4x 3.1x 215 21% 244 22% 15.9x 14.1x 24.5x 21.7xBottomline Technologies 36.65 1,613 1,651 469 512 9% 3.5x 3.2x 106 23% 117 23% 15.6x 14.1x 25.8x 22.3xAsseco Poland 13.99 1,161 1,810 2,646 2,772 5% 0.7x 0.7x 388 15% 406 15% 4.7x 4.5x 13.6x 13.3xIRESS 6.39 1,109 1,263 342 362 6% 3.7x 3.5x 86 25% 97 27% 14.6x 13.1x 23.0x 20.4xZuora 8.05 926 833 301 358 19% 2.8x 2.3x (17) -6% 13 4% nm nm nm nmModel N 22.21 740 735 158 174 10% 4.7x 4.2x 13 9% 20 11% nm 37.1x 88.8x 58.1xEbix 15.18 463 1,198 660 821 24% 1.8x 1.5x 191 29% 252 31% 6.3x 4.8x 3.8x 2.9x

Mean $14,490 $17,095 $2,671 $2,893 13% 7.1x 6.1x $959 24% $1,072 26% 16.9x 17.8x 29.4x 27.9x Median 5,820 5,419 660 821 10% 6.8x 6.3x 191 25% 244 27% 16.0x 16.3x 25.8x 24.0x

Human Capital ManagementAutomatic Data Processing 136.68$ 59,012$ 59,974$ 15,239$ 16,479$ 8% 3.9x 3.6x 4,013$ 26% 4,315$ 26% 14.9x 13.9x 22.3x 18.9xWorkday 130.22 30,211 29,836 4,318 5,131 19% 6.9x 5.8x 965 22% 1,155 23% 30.9x 25.8x 59.7x 47.1xPaychex 62.92 22,570 22,707 3,995 4,127 3% 5.7x 5.5x 1,604 40% 1,676 41% 14.2x 13.5x 21.9x 20.5xPaycom Software 202.01 11,645 11,573 902 1,101 22% 12.8x 10.5x 380 42% 468 42% 30.5x 24.7x 48.7x 39.0xCeridian HCM 50.07 7,143 7,578 890 1,017 14% 8.5x 7.5x 181 20% 219 22% 41.8x 34.6x nm 75.3xPaylocity 88.32 4,735 4,674 610 722 18% 7.7x 6.5x 173 28% 212 29% 27.1x 22.0x 49.9x 39.4xCornerstone OnDemand 31.75 1,946 1,896 621 688 11% 3.1x 2.8x 154 25% 188 27% 12.3x 10.1x 22.0x 17.0xPluralsight 10.98 1,157 1,285 387 482 24% 3.3x 2.7x (55) -14% (34) -7% nm nm nm nmBenefitfocus 8.91 292 445 313 344 10% 1.4x 1.3x 24 8% 34 10% 18.5x 12.9x nm nm

Mean $15,412 $15,552 $3,031 $3,343 14% 5.9x 5.1x $826 22% $915 24% 23.8x 19.7x 37.4x 36.7x Median 7,143 7,578 890 1,017 14% 5.7x 5.5x 181 25% 219 26% 22.8x 17.9x 35.5x 39.0x

24



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



IT Operations ManagementServiceNow 286.58$ 54,393$ 53,833$ 4,425$ 5,569$ 26% 12.2x 9.7x 1,259$ 28% 1,615$ 29% 42.8x 33.3x 68.1x 52.4xVMware 121.10 50,621 54,368 11,741 13,038 11% 4.6x 4.2x 4,089 35% 4,630 36% 13.3x 11.7x 19.0x 16.2xSplunk 126.23 20,023 20,262 2,580 3,277 27% 7.9x 6.2x 112 4% 467 14% nm 43.4x nm 86.1xDatadog 35.98 10,689 9,975 538 715 33% 18.6x 13.9x (7) -1% 15 2% nm nm nm nmOpenText 34.92 9,426 12,551 3,370 3,434 2% 3.7x 3.7x 1,237 37% 1,336 39% 10.1x 9.4x 11.9x 10.3xSolarWinds 15.67 4,879 6,726 1,025 1,139 11% 6.6x 5.9x 476 46% 541 47% 14.1x 12.4x 17.9x 15.6xElastic 55.81 4,561 4,301 522 699 34% 8.2x 6.2x (64) -12% (94) -13% nm nm nm nmLogMeIn 83.28 4,047 4,226 1,321 1,402 6% 3.2x 3.0x 398 30% 440 31% 10.6x 9.6x 16.7x 14.7xNetscout Systems 23.67 1,748 1,933 922 956 4% 2.1x 2.0x 183 20% n/a n/a 10.6x n/a 14.9x 11.4xPagerDuty 17.28 1,345 993 208 254 22% 4.8x 3.9x (17) -8% (8) -3% nm nm nm nmMobileIron 3.80 439 361 200 222 11% 1.8x 1.6x (11) -5% n/a n/a nm n/a nm nmMagic Software 8.04 393 374 341 373 9% 1.1x 1.0x n/a n/a n/a n/a n/a n/a 12.2x 10.8xComarch 44.86 365 354 389 417 7% 0.9x 0.8x 56 14% 59 14% 6.3x 6.0x 14.2x 13.2x


25



($ millions)

Note: LogMeIn announced acquisition to be acquired by Francisco Partners and Evergreen Coast CapitalSources: Company releases, Wall Street research[a] Wall Street consensus estimates[b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


IT SecurityVerisign 180.09$ 20,966$ 21,544$ 1,240$ 1,399$ 13% 17.4x 15.4x 916$ 74% 1,014$ 72% 23.5x 21.3x 32.5x 28.3xFortinet 101.17 17,453 15,434 2,518 2,913 16% 6.1x 5.3x 665 26% 822 28% 23.2x 18.8x 37.7x 32.2xPalo Alto Networks 163.96 16,348 15,083 3,632 4,306 19% 4.2x 3.5x 753 21% 1,002 23% 20.0x 15.1x 33.0x 25.4xOkta 122.26 15,010 14,712 771 1,002 30% 19.1x 14.7x (44) -6% 26 3% nm nm nm nmCheck Point 100.54 14,629 13,049 2,033 2,100 3% 6.4x 6.2x 978 48% 1,005 48% 13.3x 13.0x 15.7x 14.9xCrowdstrike 55.68 11,872 10,960 725 949 31% 15.1x 11.5x 6 1% 97 10% nm nm nm nmNortonLifeLock 18.71 11,233 3,057 412 590 43% 7.4x 5.2x (119) -29% (67) -11% nm nm 19.4x 12.8xZscaler 60.86 7,872 7,522 476 616 30% 15.8x 12.2x 34 7% 64 10% nm nm nm nmCloudflare 23.48 7,106 6,477 386 509 32% 16.8x 12.7x (29) -7% 1 0% nm nm nm nmTrend Micro 49.63 6,906 5,303 1,614 1,691 5% 3.3x 3.1x 500 31% 522 31% 10.6x 10.2x 26.4x 22.5xProofpoint 102.59 5,848 5,763 1,058 1,253 18% 5.4x 4.6x 141 13% 205 16% 40.8x 28.1x 71.5x 47.4xQualys 86.99 3,401 3,154 364 416 14% 8.7x 7.6x 156 43% 181 43% 20.2x 17.4x 33.8x 30.5xCyberArk 85.56 3,262 2,707 502 591 18% 5.4x 4.6x 116 23% 146 25% 23.4x 18.5x 38.3x 31.4xFireEye 10.58 2,320 2,380 931 999 7% 2.6x 2.4x 116 12% 145 15% 20.5x 16.4x 54.4x 34.2xBlackberry 4.07 2,256 2,083 1,135 1,249 10% 1.8x 1.7x 168 15% 171 14% 12.4x 12.2x 23.4x 25.4xMimecast 35.30 2,207 2,258 486 570 17% 4.6x 4.0x 93 19% 116 20% 24.3x 19.5x 59.5x 51.4xRapid7 43.33 2,176 2,201 397 480 21% 5.5x 4.6x 20 5% 39 8% nm nm nm nmTenable 21.86 2,173 2,007 436 533 22% 4.6x 3.8x (27) -6% (8) -1% nm nm nm nmVaronis Systems 63.67 1,949 1,893 282 330 17% 6.7x 5.7x (20) -7% (2) 0% nm nm nm nmPing Identity 20.02 1,596 1,580 265 314 18% 6.0x 5.0x 29 11% 48 15% nm 33.2x 72.0x 43.1xForeScout Technologies 31.59 1,547 1,495 384 438 14% 3.9x 3.4x (14) -4% 14 3% nm nm nm nmSailPoint 15.22 1,370 1,278 314 357 14% 4.1x 3.6x 6 2% 23 7% nm nm nm nmSecureworks 11.51 938 786 555 595 7% 1.4x 1.3x 8 1% 20 3% nm 39.4x nm nmOneSpan 18.15 729 633 259 286 11% 2.4x 2.2x 27 10% 38 13% 23.5x 16.6x 38.0x 26.4xF-Secure 2.61 412 430 254 271 7% 1.7x 1.6x 35 14% 48 18% 12.3x 9.0x 26.4x 21.6xTufin 8.78 312 218 113 136 20% 1.9x 1.6x (28) -24% (18) -14% nm nm nm nmZixCorp 4.31 232 518 215 240 12% 2.4x 2.2x 50 23% 54 23% 10.3x 9.5x 7.9x 6.9x


26



($ millions)

Notes:Broadcom acquired the Enterprise Security software division of Symantec and the company subsequently changed its name to NortonLifeLockSources: Company releases, Wall Street research[a] Wall Street consensus estimates[b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


Network InfrastructureJuniper Networks 19.14$ 6,326$ 6,256$ 4,342$ 4,504$ 4% 1.4x 1.4x 932$ 21% 970$ 22% 6.7x 6.5x 12.0x 10.5xExtreme Networks 3.09 366 668 1,015 1,042 3% 0.7x 0.6x n/a n/a n/a n/a n/a n/a 7.3x 4.8x

Mean $3,346 $3,462 $2,678 $2,773 3% 1.0x 1.0x $932 21% $970 22% 6.7x 6.5x 9.7x 7.6x Median 3,346 3,462 2,678 2,773 3% 1.0x 1.0x nm nm nm nm nm nm 9.7x 7.6x

DevOps and Software Development ToolsAtlassian 137.26$ 33,687$ 32,907$ 1,775$ 2,234$ 26% 18.5x 14.7x 455$ 26% n/a n/a nm n/a nm 89.6xMongoDB 136.54 7,860 7,860 515 661 28% 15.3x 11.9x (54) -11% (35) -5% nm nm nm nmDynatrace 23.84 6,694 7,046 624 780 25% 11.3x 9.0x 177 28% 218 28% 39.8x 32.3x 75.4x 57.2xPegasystems 71.23 5,674 5,674 1,090 1,273 17% 5.2x 4.5x 55 5% 84 7% nm nm nm nmNew Relic 46.24 2,740 2,496 665 787 18% 3.8x 3.2x 79 12% 102 13% 31.6x 24.4x nm 57.2xAppian 40.23 2,715 2,607 296 341 15% 8.8x 7.7x (35) -12% (22) -7% nm nm nm nmProgress Software 32.00 1,433 1,576 434 434 0% 3.6x 3.6x 205 47% 208 48% 7.7x 7.6x 11.6x 11.3xAxway Software 17.03 361 417 335 343 2% 1.2x 1.2x 33 10% n/a n/a 12.5x n/a 19.5x 12.9x


Sales & Marketing ApplicationsAdobe 318.24$ 153,328$ 153,868$ 13,006$ 15,089$ 16% 11.8x 10.2x 5,997$ 46% 7,058$ 47% 25.7x 21.8x 32.6x 28.4xHubspot 133.19 5,766 5,412 830 1,011 22% 6.5x 5.4x 89 11% 130 13% nm 41.5x nm 72.6xMedallia 20.04 2,683 2,348 474 570 20% 5.0x 4.1x 20 4% 41 7% nm nm nm nmTeradata 20.49 2,265 2,457 1,870 1,968 5% 1.3x 1.2x 323 17% 388 20% 7.6x 6.3x 17.3x 12.3xSurveyMonkey 13.51 1,844 2,020 378 455 20% 5.3x 4.4x 44 12% 62 14% 46.3x 32.6x nm nmLivePerson 22.75 1,461 1,483 348 428 23% 4.3x 3.5x (2) -1% 17 4% nm nm nm nmYext 10.19 1,180 1,048 366 452 24% 2.9x 2.3x (46) -12% (28) -6% nm nm nm nmCardlytics 34.96 934 829 256 337 31% 3.2x 2.5x 13 5% 34 10% nm 24.4x nm 60.0x


27



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



Storage ManagementNetApp 41.69$ 9,221$ 8,193$ 5,494$ 5,660$ 3% 1.5x 1.4x 1,333$ 24% 1,450$ 26% 6.1x 5.7x 9.9x 9.0xDropbox 18.10 7,581 7,429 1,886 2,107 12% 3.9x 3.5x 509 27% 573 27% 14.6x 13.0x 26.2x 21.2xPure Storage 12.30 3,284 2,583 1,808 2,114 17% 1.4x 1.2x 125 7% 173 8% 20.7x 14.9x nm 37.4xNutanix 15.80 3,076 2,892 1,464 1,869 28% 2.0x 1.5x (459) -31% (386) -21% nm nm nm nmBox 14.04 2,134 2,363 767 845 10% 3.1x 2.8x 113 15% 146 17% 20.9x 16.1x 35.8x 22.5xCommVault Systems 40.48 1,886 1,566 687 721 5% 2.3x 2.2x n/a n/a n/a n/a n/a n/a 26.7x 22.7x

Mean $4,530 $4,171 $2,017 $2,220 12% 2.4x 2.1x $324 8% $391 12% 15.6x 12.4x 24.6x 22.6x Median 3,180 2,737 1,636 1,988 11% 2.1x 1.9x 125 15% 173 17% 17.7x 13.9x 26.4x 22.5x

Technical & Embedded ApplicationsDassault Systemes 148.35$ 38,575$ 41,553$ 5,303$ 5,846$ 10% 7.8x 7.1x 1,677$ 32% 1,913$ 33% 24.8x 21.7x 32.4x 28.7xAutodesk 156.10 34,267 34,968 3,906 4,667 19% 9.0x 7.5x 1,292 33% 1,725 37% 27.1x 20.3x 36.6x 26.1xANSYS 232.47 19,973 19,709 1,659 1,832 10% 11.9x 10.8x 721 43% 822 45% 27.3x 24.0x 36.5x 32.5xSynopsys 128.79 19,348 19,512 3,752 3,959 6% 5.2x 4.9x 1,185 32% 1,288 33% 16.5x 15.1x 23.1x 21.5xCadence Design 66.04 18,502 18,249 2,556 2,741 7% 7.1x 6.7x 919 36% 1,005 37% 19.8x 18.2x 27.1x 24.8xParametric Technology 61.21 7,069 8,153 1,506 1,704 13% 5.4x 4.8x 469 31% 611 36% 17.4x 13.3x 25.3x 19.1xAspen Technology 95.07 6,456 6,757 627 677 8% 10.8x 10.0x 322 51% 350 52% 21.0x 19.3x 23.9x 22.6x

Mean $20,599 $21,271 $2,758 $3,061 11% 8.2x 7.4x $941 37% $1,102 39% 22.0x 18.8x 29.3x 25.1x Median 19,348 19,512 2,556 2,741 10% 7.8x 7.1x 919 33% 1,005 37% 21.0x 19.3x 27.1x 24.8x

Vertical ApplicationsDanaher 138.41$ 96,457$ 100,682$ 20,726$ 22,747$ 10% 4.9x 4.4x 5,499$ 27% 6,329$ 28% 18.3x 15.9x 26.6x 23.2xRoper Industries 311.81 33,086 37,928 5,583 5,790 4% 6.8x 6.6x 1,973 35% 2,081 36% 19.2x 18.2x 23.8x 22.6xVeeva 156.37 23,339 22,307 1,390 1,660 19% 16.0x 13.4x 514 37% 632 38% 43.4x 35.3x 62.6x 51.6xTyler Technologies 296.56 11,683 11,434 1,199 1,311 9% 9.5x 8.7x 333 28% 374 29% 34.4x 30.5x 53.0x 48.2xGuidewire Software 79.31 6,574 5,945 735 873 19% 8.1x 6.8x 94 13% 165 19% nm 36.1x 92.7x 53.8xRealPage 52.93 4,895 5,977 1,170 1,298 11% 5.1x 4.6x 322 27% 367 28% 18.6x 16.3x 27.1x 23.4xAppfolio 110.95 3,790 3,836 320 391 22% 12.0x 9.8x 51 16% 70 18% nm nm nm nmBlackbaud 55.55 2,657 3,209 934 991 6% 3.4x 3.2x 175 19% 192 19% 18.3x 16.7x 25.7x 23.2xSapiens 19.02 952 983 373 405 9% 2.6x 2.4x 64 17% 73 18% 15.4x 13.5x 22.2x 19.2xMajesco 5.46 236 195 145 172 19% 1.3x 1.1x 15 10% 21 12% 13.0x 9.2x nm nm

Mean $18,367 $19,250 $3,258 $3,564 13% 7.0x 6.1x $904 23% $1,030 25% 22.6x 21.3x 41.7x 33.2x Median 5,734 5,961 1,052 1,145 10% 5.9x 5.6x 248 23% 279 24% 18.5x 16.7x 26.8x 23.3x

28



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



Software-as-a-ServiceSalesforce.com 143.98$ 128,862$ 127,168$ 20,891$ 24,877$ 19% 6.1x 5.1x 6,092$ 29% 7,162$ 29% 20.9x 17.8x 45.9x 37.1xServiceNow 286.58 54,393 53,833 4,425 5,569 26% 12.2x 9.7x 1,259 28% 1,615 29% 42.8x 33.3x 68.1x 52.4xShopify 416.93 48,808 46,492 2,163 2,936 36% nm 15.8x 40 2% 110 4% nm nm nm nmAtlassian 137.26 33,687 32,907 1,775 2,234 26% 18.5x 14.7x 455 26% n/a n/a nm n/a nm 89.6xWorkday 130.22 30,211 29,836 4,318 5,131 19% 6.9x 5.8x 965 22% 1,155 23% 30.9x 25.8x 59.7x 47.1xSplunk 126.23 20,023 20,262 2,580 3,277 27% 7.9x 6.2x 108 4% 467 14% nm 43.4x nm 86.1xRingCentral 211.91 18,458 18,544 1,121 1,392 24% 16.5x 13.3x 145 13% 184 13% nm nm nm nmTwilio 89.49 12,503 11,290 1,459 1,857 27% 7.7x 6.1x 76 5% 175 9% nm nm nm nmPaycom Software 202.01 11,645 11,573 902 1,101 22% 12.8x 10.5x 380 42% 468 42% 30.5x 24.7x 48.7x 39.0xDropbox 18.10 7,581 7,429 1,886 2,107 12% 3.9x 3.5x 509 27% 573 27% 14.6x 13.0x 26.2x 21.2xZendesk 64.01 7,256 7,361 1,045 1,325 27% 7.0x 5.6x 88 8% 144 11% nm nm nm 89.4xHubspot 133.19 5,766 5,412 830 1,011 22% 6.5x 5.4x 89 11% 130 13% nm 41.5x nm 72.6xRealPage 52.93 4,895 5,977 1,170 1,298 11% 5.1x 4.6x 322 27% 367 28% 18.6x 16.3x 27.1x 23.4xPaylocity 88.32 4,735 4,674 609 722 18% 7.7x 6.5x 173 28% 212 29% 27.1x 22.0x 49.9x 39.4xFive9 76.46 4,709 4,612 381 444 17% 12.1x 10.4x 69 18% 85 19% nm nm 90.9x 75.8xLogMeIn 83.28 4,047 4,226 1,321 1,402 6% 3.2x 3.0x 398 30% 440 31% 10.6x 9.6x 16.7x 14.7xAppfolio 110.95 3,790 3,836 320 391 22% 12.0x 9.8x 51 16% 70 18% nm nm nm nmEverbridge 106.36 3,641 3,555 260 324 25% 13.7x 11.0x 6 2% 13 4% nm nm nm nmPure Storage 12.30 3,284 2,583 1,808 2,114 17% 1.4x 1.2x 125 7% 173 8% 20.7x 14.9x nm 37.4xQ2 Holdings 59.06 2,860 3,197 410 511 25% 7.8x 6.3x 18 4% 39 8% nm nm nm nmEnvestnet 53.78 2,845 3,429 1,003 1,104 10% 3.4x 3.1x 215 21% 244 22% 15.9x 14.1x 24.5x 21.7xNew Relic 46.24 2,740 2,496 665 787 18% 3.8x 3.2x 79 12% 102 13% 31.6x 24.4x nm 57.2xMimecast 35.30 2,207 2,258 486 570 17% 4.6x 4.0x 93 19% 116 20% 24.3x 19.5x 59.5x 51.4xBox 14.04 2,134 2,363 767 845 10% 3.1x 2.8x 113 15% 146 17% 20.9x 16.1x 35.8x 22.5xVaronis Systems 63.67 1,949 1,893 282 330 17% 6.7x 5.7x (20) -7% (2) 0% nm nm nm nmCornerstone OnDemand 31.75 1,946 1,896 621 688 11% 3.1x 2.8x 154 25% 188 27% 12.3x 10.1x 22.0x 17.0xSPS Commerce 46.51 1,629 1,439 307 336 10% 4.7x 4.3x 83 27% 96 29% 17.3x 15.0x 34.2x 29.3xWorkiva 32.33 1,521 1,352 341 395 16% 4.0x 3.4x (33) -10% (19) -5% nm nm nm nmTalend 22.43 702 685 276 314 14% 2.5x 2.2x (32) -12% (17) -5% nm nm nm nmBenefitfocus 8.91 292 445 313 344 10% 1.4x 1.3x 24 8% 34 10% 18.5x 12.9x nm nmZixCorp 4.31 232 518 215 240 12% 2.4x 2.2x 50 23% 54 23% 10.3x 9.5x 7.9x 6.9xChannelAdvisor 7.26 205 169 131 138 5% 1.3x 1.2x 20 16% 24 17% 8.3x 7.1x 15.1x 13.0x


29


Equity Trading Multiples by Comparable Subset

($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive

Note: LogMeIn announced acquisition to be acquired by Francisco Partners and Evergreen Coast CapitalSources: Company releases, Wall Street research[a] Wall Street consensus estimates[b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful


Small Cap (<$250m Market Value)GTY Holdings 4.52$ 239$ 238$ 60$ n/a n/a 3.9x n/a n/a n/a n/a n/a n/a n/a nm nmMajesco 5.46 236 195 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nmZixCorp 4.31 232 518 215 240 12% 2.4x 2.2x 50 23% 54 23% 10.3x 9.5x 7.9x 6.9xeGain 7.33 225 188 75 85 13% 2.5x 2.2x 3 4% 5 6% nm 35.9x nm 74.8xChannelAdvisor 7.26 205 169 131 138 5% 1.3x 1.2x 20 16% 24 17% 8.3x 7.1x 15.1x 13.0xSynchronoss Technologies 3.05 126 369 330 359 9% 1.1x 1.0x 29 9% 44 12% 12.9x 8.5x nm nmAltisource 7.67 119 316 476 423 -11% 0.7x 0.7x 46 10% 62 15% 6.9x 5.1x nm 18.7xDHI Group 2.16 109 133 151 161 7% 0.9x 0.8x 31 20% 38 24% 4.3x 3.5x 10.5x 7.2xAsure Software 5.96 94 99 72 78 8% 1.4x 1.3x 11 16% 13 17% 8.8x 7.5x 11.5x 10.4xServiceSource 0.88 83 101 197 206 5% 0.5x 0.5x 4 2% 10 5% 25.3x 9.9x nm 43.8xVeritone 2.33 63 19 55 64 15% 0.3x 0.3x (26) -47% (21) -33% nm nm nm nmCYREN 0.79 47 55 39 n/a n/a 1.4x n/a n/a n/a n/a n/a n/a n/a nm nmRed Hat 0.07 30 28 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nmNetSol 2.50 29 27 64 n/a n/a 0.4x n/a 10 15% n/a n/a 2.9x n/a 7.1x nmNexJ Systems 0.42 9 7 13 n/a n/a 0.5x n/a (2) -16% n/a n/a nm n/a nm nmMarin Software 1.22 8 7 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nmBoxlight 0.57 6 14 41 46 13% 0.3x 0.3x (3) -6% (0) 0% nm nm nm nm

Mean $109 $146 $137 $180 7% 1.3x 1.1x $14 4% $23 8% 10.0x 10.9x 10.4x 25.0x Median 94 101 74 149 9% 1.0x 0.9x 10 9% 18 13% 8.5x 8.0x 10.5x 13.0x

Highly AcquisitiveDanaher 138.41$ 96,457$ 100,682$ 20,726$ 22,747$ 10% 4.9x 4.4x 5,499$ 27% 6,329$ 28% 18.3x 15.9x 26.6x 23.2xRoper Industries 311.81 33,086 37,928 5,583 5,790 4% 6.8x 6.6x 1,973 35% 2,081 36% 19.2x 18.2x 23.8x 22.6xConstellation Software 902.35 19,122 19,505 4,113 4,790 16% 4.7x 4.1x 1,106 27% 1,305 27% 17.6x 14.9x 25.1x 21.0xSS&C Technologies 43.82 11,204 18,613 4,756 4,916 3% 3.9x 3.8x 1,891 40% 1,994 41% 9.8x 9.3x 10.7x 9.9xOpenText 34.92 9,426 12,551 3,370 3,434 2% 3.7x 3.7x 1,237 37% 1,336 39% 10.1x 9.4x 11.9x 10.3xj2 Global 74.85 3,648 4,654 1,473 1,567 6% 3.2x 3.0x 582 40% 627 40% 8.0x 7.4x 10.0x 9.2xDescartes Systems 34.39 2,874 2,845 358 395 10% 7.9x 7.2x 138 38% 156 40% 20.7x 18.2x 27.1x 23.6xEnghouse Systems 30.71 1,689 1,635 364 417 15% 4.5x 3.9x 109 30% 128 31% 15.0x 12.8x 29.1x 23.4xMicro Focus 4.98 1,663 5,876 3,085 2,916 -5% 1.9x 2.0x 1,117 36% 1,108 38% 5.3x 5.3x 3.1x 3.7xBottomline Technologies 36.65 1,613 1,651 469 512 9% 3.5x 3.2x 106 23% 117 23% 15.6x 14.1x 25.8x 22.3xUpland Software 26.82 677 1,035 271 288 6% 3.8x 3.6x 101 37% 108 37% 10.2x 9.6x 11.8x 11.5xAsure Software 5.96 94 99 72 78 8% 1.4x 1.3x 11 16% 13 17% 8.8x 7.5x 11.5x 10.4x

Mean 15,129$ $17,256 $3,720 $3,988 7% 4.2x 3.9x $1,156 32% $1,275 33% 13.2x 11.9x 18.0x 15.9x Median 3,261 5,265 2,279 2,241 7% 3.9x 3.7x 844 36% 868 37% 12.6x 11.2x 17.8x 16.3x

30


Equity Trading Multiples by Comparable Subset continued

($ millions)

Notes:[a] Wall Street consensus estimates[b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningfulSources: Company releases, Wall Street research


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


High Growth (>=25% CY21E Revenue Growth)Zillow 33.97$ 7,405$ 7,496$ 3,698$ 5,708$ 54% 2.0x 1.3x (48)$ -1% 25$ 0% nm nm nm nmShopify 416.93 48,808 46,492 2,163 2,936 36% nm 15.8x 46 2% 110 4% nm nm nm nmZoom 146.12 40,768 39,985 921 1,234 34% nm nm 187 20% 253 20% nm nm nm nmElastic 55.81 4,561 4,301 522 699 34% 8.2x 6.2x (64) -12% (94) -13% nm nm nm nmDatadog 35.98 10,689 9,975 538 715 33% 18.6x 13.9x (7) -1% 15 2% nm nm nm nmSmartsheet 41.51 4,933 4,431 372 492 32% 11.9x 9.0x (43) -12% (26) -5% nm nm nm nmCloudflare 23.48 7,106 6,477 386 509 32% 16.8x 12.7x (29) -7% 1 0% nm nm nm nmCardlytics 34.96 934 829 256 337 31% 3.2x 2.5x 13 5% 34 10% nm 24.4x nm 60.0xCrowdstrike 55.68 11,872 10,960 725 949 31% 15.1x 11.5x 6 1% 97 10% nm nm nm nmOkta 122.26 15,010 14,712 771 1,002 30% 19.1x 14.7x (44) -6% 26 3% nm nm nm nmAlteryx 95.17 6,225 6,172 557 722 30% 11.1x 8.5x 86 15% 138 19% nm 44.7x nm 74.0xAnaplan 30.26 4,140 3,885 459 595 30% 8.5x 6.5x (36) -8% 1 0% nm nm nm nmXero 41.66 5,890 5,879 487 631 30% 12.1x 9.3x 105 21% 155 24% nm 38.0x nm nmZscaler 60.86 7,872 7,522 476 616 30% 15.8x 12.2x 34 7% 64 10% nm nm nm nmMongoDB 136.54 7,860 7,860 515 661 28% 15.3x 11.9x (54) -11% (35) -5% nm nm nm nmNutanix 15.80 3,076 2,892 1,464 1,869 28% 2.0x 1.5x (459) -31% (386) -21% nm nm nm nmTwilio 89.49 12,503 11,290 1,459 1,857 27% 7.7x 6.1x 76 5% 175 9% nm nm nm nmSplunk 126.23 20,023 20,262 2,580 3,277 27% 7.9x 6.2x 112 4% 467 14% nm 43.4x nm 86.1xZendesk 64.01 7,256 7,361 1,045 1,325 27% 7.0x 5.6x 88 8% 144 11% nm nm nm 89.4xDocuSign 92.40 16,767 16,759 1,260 1,593 26% 13.3x 10.5x 167 13% 233 15% nm nm nm nmAtlassian 137.26 33,687 32,907 1,775 2,234 26% 18.5x 14.7x 455 26% n/a n/a nm n/a nm 89.6xServiceNow 286.58 54,393 53,833 4,425 5,569 26% 12.2x 9.7x 1,259 28% 1,615 29% 42.8x 33.3x 68.1x 52.4xCoupa Software 139.73 9,058 9,074 489 614 25% 18.5x 14.8x 54 11% 94 15% nm nm nm nmDynatrace 23.84 6,694 7,046 624 780 25% 11.3x 9.0x 177 28% 218 28% 39.8x 32.3x 75.4x 57.2xEverbridge 106.36 3,641 3,555 260 324 25% 13.7x 11.0x 6 2% 13 4% nm nm nm nmQ2 Holdings 59.06 2,860 3,197 410 511 25% 7.8x 6.3x 18 4% 39 8% nm nm nm nm


31



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



High Profitability (>=35% CY20E EBITDA Margin)Rightmove 6.07$ 5,279$ 5,249$ 346$ 399$ 15% 15.2x 13.1x 259$ 75% 303$ 76% 20.2x 17.3x 26.5x 21.9xVerisign 180.09 20,966 21,544 1,240 1,399 13% 17.4x 15.4x 916 74% 1,014 72% 23.5x 21.3x 32.5x 28.3xMSCI 288.96 24,566 26,318 1,710 1,873 10% 15.4x 14.0x 945 55% 1,054 56% 27.8x 25.0x 39.7x 34.5xAspen Technology 95.07 6,456 6,757 627 677 8% 10.8x 10.0x 322 51% 350 52% 21.0x 19.3x 23.9x 22.6xOracle 48.33 152,413 180,767 39,884 40,615 2% 4.5x 4.5x 19,239 48% 19,776 49% 9.4x 9.1x 12.0x 11.1xCheck Point 100.54 14,629 13,049 2,033 2,100 3% 6.4x 6.2x 978 48% 1,005 48% 13.3x 13.0x 15.7x 14.9xProgress Software 32.00 1,433 1,576 434 434 0% 3.6x 3.6x 205 47% 208 48% 7.7x 7.6x 11.6x 11.3xSolarWinds 15.67 4,879 6,726 1,025 1,139 11% 6.6x 5.9x 476 46% 541 47% 14.1x 12.4x 17.9x 15.6xAdobe 318.24 153,328 153,868 13,006 15,089 16% 11.8x 10.2x 5,997 46% 7,058 47% 25.7x 21.8x 32.6x 28.4xMicrosoft 157.71 1,199,550 1,152,466 149,078 168,714 13% 7.7x 6.8x 67,870 46% 79,018 47% 17.0x 14.6x 27.4x 23.9xIntel 54.12 231,662 248,090 72,495 73,873 2% 3.4x 3.4x 32,324 45% 33,445 45% 7.7x 7.4x 11.3x 11.0xFIS 121.64 74,969 94,620 13,437 14,431 7% 7.0x 6.6x 5,883 44% 6,661 46% 16.1x 14.2x 19.7x 16.8xANSYS 232.47 19,973 19,709 1,659 1,832 10% 11.9x 10.8x 721 43% 822 45% 27.3x 24.0x 36.5x 32.5xQualys 86.99 3,401 3,154 364 416 14% 8.7x 7.6x 156 43% 181 43% 20.2x 17.4x 33.8x 30.5xAkamai Technologies 91.49 14,811 15,945 3,079 3,292 7% 5.2x 4.8x 1,321 43% 1,432 44% 12.1x 11.1x 18.8x 17.2xPaycom Software 202.01 11,645 11,573 902 1,101 22% 12.8x 10.5x 380 42% 468 42% 30.5x 24.7x 48.7x 39.0xTemenos Group 131.70 9,449 10,472 1,131 1,270 12% 9.3x 8.2x 464 41% 533 42% 22.6x 19.6x 33.3x 28.9xPaychex 62.92 22,570 22,707 3,995 4,127 3% 5.7x 5.5x 1,604 40% 1,676 41% 14.2x 13.5x 21.9x 20.5xSS&C Technologies 43.82 11,204 18,613 4,756 4,916 3% 3.9x 3.8x 1,891 40% 1,994 41% 9.8x 9.3x 10.7x 9.9xj2 Global 74.85 3,648 4,654 1,473 1,567 6% 3.2x 3.0x 582 40% 627 40% 8.0x 7.4x 10.0x 9.2xDescartes Systems 34.39 2,874 2,845 358 395 10% 7.9x 7.2x 138 38% 156 40% 20.7x 18.2x 27.1x 23.6xUpland Software 26.82 677 1,035 271 288 6% 3.8x 3.6x 101 37% 108 37% 10.2x 9.6x 11.8x 11.5xCisco Systems 39.31 166,709 156,718 50,361 52,395 4% 3.1x 3.0x 18,831 37% 19,347 37% 8.3x 8.1x 12.5x 11.6xVeeva 156.37 23,339 22,307 1,390 1,660 19% 16.0x 13.4x 514 37% 632 38% 43.4x 35.3x 62.6x 51.6xOpenText 34.92 9,426 12,551 3,370 3,434 2% 3.7x 3.7x 1,237 37% 1,336 39% 10.1x 9.4x 11.9x 10.3xSAP 112.97 134,524 146,037 32,266 34,663 7% 4.5x 4.2x 11,761 36% 12,996 37% 12.4x 11.2x 19.0x 17.0xIntuit 230.00 59,913 58,401 7,751 8,658 12% 7.5x 6.7x 2,819 36% 3,111 36% 20.7x 18.8x 30.2x 26.1xFiserv 94.99 64,508 88,135 16,005 16,952 6% 5.5x 5.2x 5,817 36% 6,365 38% 15.2x 13.8x 19.7x 16.7xMicro Focus 4.98 1,663 5,876 3,085 2,916 -5% 1.9x 2.0x 1,117 36% 1,108 38% 5.3x 5.3x 3.1x 3.7xCadence Design 66.04 18,502 18,249 2,556 2,741 7% 7.1x 6.7x 919 36% 1,005 37% 19.8x 18.2x 27.1x 24.8xdotdigital 1.11 330 309 65 75 15% 4.7x 4.1x 23 35% 26 34% 13.4x 12.0x 21.4x 19.8xRoper Industries 311.81 33,086 37,928 5,583 5,790 4% 6.8x 6.6x 1,973 35% 2,081 36% 19.2x 18.2x 23.8x 22.6xVMware 121.10 50,621 54,368 11,741 13,038 11% 4.6x 4.2x 4,089 35% 4,630 36% 13.3x 11.7x 19.0x 16.2x

Mean $77,364 $79,473 $13,560 $14,614 8% 7.5x 6.8x $5,814 43% $6,396 44% 17.0x 15.2x 23.4x 20.7x Median 18,502 18,613 2,556 2,741 7% 6.6x 6.2x 978 41% 1,054 42% 15.2x 13.8x 21.4x 19.8x

32



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


Equity Financing Activity

Software IPOs: H2 2019


Mar

ket V

alue

($ m

illio

ns)

EV /

CY19

E Re

venu

e

33

$497$1,154 $1,165

$7,826

$4,348

$780

$2,474$1,596

$10,689

$7,106

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000 At IPO

At 03/31/20

5.0x

8.0x5.7x

23.7x

15.4x

6.5x

16.8x

6.1x

21.3x

17.8x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x Median at IPOMedian at 03/31/20

IPO Pricing

IPO Date 12/12/19 12/11/19 09/19/19 09/18/19 09/13/19Original Range $16 - $18 $16 - $18 $14 - $16 $19 - $22 $10 - $12Pricing $17.00 $22.00 $15.00 $27.00 $15.00

vs. Midpoint 0% 29% 0% 32% 36%Current $15.96 $34.20 $20.02 $35.98 $23.48

vs. Pricing (6%) 55% 33% 33% 57%

Operating Statistics at IPO ($ millions)

CY Revenue $102 $124 $231 $330 $274CY+1 Revenue $131 $153 $259 $468 $364

Growth 29% 23% 12% 42% 33%

Current Trading Data Valuation at IPOShare Price Market Enterprise Revenue EV / Revenue Performance Share Amount Market Enterprise EV / Revenue

Company 3/31/20 Value Value CY20E CY21E CY20E CY21E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY + 1

Sprout Social 15.96$ 780$ 665$ 129$ 168$ 5.1x 4.0x -6% 12/12/19 17.00$ 150$ 497$ 506$ 5.2x 5.0x 3.8xBill.com 34.20 2,474 2,091 157 202 13.3x 10.3x 55% 12/11/19 22.00 216 1,154 996 8.2x 8.0x 6.5xPing Identity 20.02 1,596 1,580 265 314 6.0x 5.0x 33% 09/19/19 15.00 188 1,165 1,324 6.2x 5.7x 5.1xDatadog 35.98 10,689 9,975 538 715 18.6x 13.9x 33% 09/18/19 27.00 648 7,826 7,822 29.4x 23.7x 16.7xCloudflare 23.48 7,106 6,477 386 509 16.8x 12.7x 57% 09/13/19 15.00 525 4,348 4,231 18.0x 15.4x 11.6xDynatrace 23.84 6,694 7,046 624 780 11.3x 9.0x 49% 07/31/19 16.00 570 4,503 6,049 13.3x 12.3x 10.1xMedallia 20.04 2,683 2,348 474 570 5.0x 4.1x -5% 07/18/19 21.00 326 2,588 2,462 7.3x 6.5x 5.4xSlack 26.84 14,945 14,418 855 1,127 16.9x 12.8x 3% 07/07/19 26.00 117 13,108 12,315 27.1x 20.6x 14.8xCrowdstrike 55.68 11,872 10,960 725 949 15.1x 11.5x 64% 06/11/19 34.00 612 6,687 6,512 21.8x 15.8x 11.0xFastly 18.98 1,820 1,719 261 335 6.6x 5.1x 19% 05/16/19 16.00 180 1,451 1,436 9.1x 7.5x 5.7xZoom 146.12 40,768 39,985 921 1,234 43.4x 32.4x 306% 04/17/19 36.00 751 9,230 9,068 27.4x 17.3x 12.0xPagerDuty 17.28 1,345 993 208 254 4.8x 3.9x -28% 04/10/19 24.00 218 1,767 1,639 13.9x 10.5x 8.1xTufin 8.78 312 218 113 136 1.9x 1.6x -37% 04/10/19 14.00 108 454 443 5.0x 4.2x 3.4xSolarWinds 15.67 4,879 6,726 1,026 1,140 6.6x 5.9x 4% 10/18/18 15.00 375 4,574 6,532 8.1x 7.8x 7.1xAnaplan 30.26 4,140 3,885 459 595 8.5x 6.5x 78% 10/11/18 17.00 264 2,068 1,981 9.9x 8.8x 6.8xElastic 55.81 4,561 4,301 522 699 8.2x 6.2x 55% 10/04/18 36.00 252 2,250 2,197 11.9x 10.1x 7.4xSurveyMonkey 13.51 1,844 2,020 378 455 5.3x 4.4x 13% 09/25/18 12.00 180 1,494 1,860 8.0x 7.5x 6.6xTenable 21.86 2,173 2,007 436 533 4.6x 3.8x -5% 07/26/18 23.00 251 2,132 2,121 9.4x 8.2x 6.5xAvalara 74.60 5,820 5,419 468 577 11.6x 9.4x 211% 06/14/18 24.00 180 1,587 1,631 7.2x 6.4x 5.4xPluralsight 10.98 1,569 1,634 387 482 4.2x 3.4x -27% 05/16/18 15.00 311 2,026 2,137 11.9x 9.9x 7.6xCeridian HCM 50.07 7,143 7,578 890 1,019 8.5x 7.4x 128% 04/26/18 22.00 462 3,037 4,095 5.9x 5.6x 5.2xDocuSign 92.40 16,767 16,759 1,260 1,593 13.3x 10.5x 219% 04/26/18 29.00 629 4,582 4,325 8.3x 6.9x 5.7xSmartsheet 41.51 4,933 4,431 372 492 11.9x 9.0x 177% 04/26/18 15.00 175 1,510 1,458 13.1x 9.4x 6.7xZuora 8.05 926 833 301 358 2.8x 2.3x -43% 04/11/18 14.00 154 1,472 1,440 8.4x 6.7x 5.3xDropbox 18.10 7,581 7,429 1,886 2,107 3.9x 3.5x -14% 03/22/18 21.00 756 8,550 8,329 7.5x 6.2x 5.4xZscaler 60.86 7,872 7,522 476 616 15.8x 12.2x 280% 03/15/18 16.00 192 1,906 1,835 11.9x 9.0x 6.8xCardlytics 34.96 934 829 256 337 3.2x 2.5x 169% 02/08/18 13.00 70 264 300 2.3x 1.9x 1.3xBoxlight 0.57 6 14 41 46 0.3x 0.3x -92% 11/28/17 7.00 7 66 70 2.8x n/a n/aSailPoint 15.22 1,370 1,278 314 357 4.1x 3.6x 27% 11/16/17 12.00 240 1,052 1,188 7.3x 6.8x 5.5xBandwidth 67.29 1,584 1,424 272 325 5.2x 4.4x 236% 11/09/17 20.00 80 364 397 2.5x 2.5x 2.2xForeScout Technologies 31.59 1,547 1,495 384 438 3.9x 3.4x 44% 10/26/17 22.00 116 832 784 3.7x 3.7x 3.1xMongoDB 136.54 7,860 7,860 515 661 15.3x 11.9x 469% 10/18/17 24.00 192 1,204 1,112 8.9x 7.6x 5.6xAppian 40.23 2,715 2,607 296 341 8.8x 7.7x 235% 05/24/17 12.00 75 716 701 5.2x 4.5x 3.8xVeritone 2.33 63 19 55 64 0.3x 0.3x -84% 05/11/17 15.00 38 208 215 21.6x 11.9x 5.6xCloudera 7.87 2,323 2,174 865 952 2.5x 2.3x -48% 04/27/17 15.00 225 1,955 1,720 6.3x 5.1x 4.1xYext 10.19 1,180 1,048 366 452 2.9x 2.3x -7% 04/12/17 11.00 116 958 938 7.6x 5.7x 4.2xOkta 122.26 15,010 14,712 771 1,002 19.1x 14.7x 619% 04/06/17 17.00 187 1,571 1,533 9.5x 6.8x 4.9xAlteryx 95.17 6,225 6,172 557 722 11.1x 8.5x 580% 03/23/17 14.00 126 807 755 8.8x 6.4x 4.6xBlackLine 52.61 2,966 2,763 347 416 8.0x 6.6x 209% 10/27/16 17.00 146 861 907 8.1x 7.6x 5.7xCoupa Software 139.73 9,058 9,074 489 614 18.5x 14.8x 676% 10/05/16 18.00 133 886 806 7.4x 6.5x 5.1xNutanix 15.80 3,076 2,892 1,464 1,869 2.0x 1.5x -1% 09/29/16 16.00 238 2,232 2,120 4.2x n/a 2.1xEverbridge 106.36 3,641 3,555 260 324 13.7x 11.0x 786% 09/15/16 12.00 90 337 351 5.2x 4.7x 3.7xTalend 22.43 702 685 276 314 2.5x 2.2x 25% 07/28/16 18.00 95 512 515 5.8x 5.0x 3.8x

Mean $5,431 $5,293 $513 $632 9.1x 7.2x $255 $2,483 $2,539 10.0x 8.3x 6.2xMedian 2,966 2,763 387 509 6.6x 5.9x 188 1,510 1,533 8.1x 6.9x 5.5x

Sources: Company releases, Wall Street research[a] Primary shares only

34


Software IPOs Pricing & Performance Data

Initial Equity Issuances from 2016 – Q1 2020 ($ millions)

35


Software IPO Pipeline

Historical IPO Filing Trends

5

7 (7)

(3)

2

13(15) 15 (15)

13 (13)

0 2 0 0 2

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market

Close Date Company Participating Investor(s) Description Amount

03/30/20 Clear Skye n/a Identity Lifecycle Management solution $103/30/20 RelayOne Cofounders Capital Schedule management for surgical professionals $103/27/20 Magalix n/a Container orchestration and optimization platform $303/27/20 Octane AI n/a Social media marketing platform $803/27/20 Tentrr n/a Online campsite booking platform and marketplace $503/27/20 Transactly Hermann Companies Real estate transaction coordinator services $303/27/20 Worksmith n/a Facilities management and outsourcing services $403/26/20 3CLogic Blu Venture Investors, Capitan Investment Partners, Force 3 Partners, True Blue Partners Cloud-communications for contact centers $903/26/20 Dremio Cisco Investments, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures Data-as-a-Service Platform designed for data analytics $7003/26/20 Fast Index Ventures, Rocket Internet, Stripe, Susa Ventures Online transaction tools $2003/26/20 Lessonly n/a E-learning and onboarding content creation tools $2203/26/20 Pathlight Kleiner Perkins Productivity tools for managers $703/26/20 PreciseTarget n/a Recommendation engine for personalized shopping $503/26/20 Pyramid Analytics Jerusalem Venture Partners, Maor Investments, Sequoia Capital Israel, Viola Growth Business intelligence to simplify acccess to information $2503/26/20 VoxSmart NatWest Telecommunication compliance and monitoring $703/25/20 Cdata Updata Partners Data access and connectivity solutions $2003/25/20 Espressive General Catalyst, Insight Partners, Wing Venture Capital Virtual support agent platform $3003/25/20 Flexport n/a Supply chain and freight management $1003/25/20 Humio Accel, Dell Technologies Capital Log data management tools $2003/25/20 QuanTemplate n/a Cloud-based insurance reporting and analytics platform $1003/25/20 Sepio Systems Hanaco Venture Capital, Munich Re Ventures IT security against hardware-based attacks $403/25/20 Stellar Cyber Big Basin Capital, Evolution, Northern Light Venture, PROOF Fund, SIG, Valley Capital Security analytics platform for data protection $703/24/20 Arkose Labs M12, PayPal Ventures, US Venture Partners Fraud prevention platform designed for targeted businesses $2203/24/20 Horangi Monk's Hill Ventures, Provident Growth, Right Click Capital Cybersecurity platform $2003/24/20 Mpirik Seraph Group Healthcare data and analytics $303/24/20 Revuze Maverick Ventures, Prytek Big data consumer analytics platform $503/23/20 Bugcrowd n/a Crowd-sourced security platform for testing and posture $1403/23/20 Confirm HR Castor Ventures, Resolute Ventures Hiring platform intended to help businesses hire the top talent $203/23/20 Enable Menlo Ventures , Sierra Ventures Trading agreement management $1303/23/20 ModelOp Valley Capital Partners Rapid machine learning model deployment $803/23/20 Section n/a Application development for network infrastructure security $403/21/20 TIMining Aurus Capital, Chile Global Ventures 3D geotechnical pit and fleet management $403/20/20 ALICE Technologies Blackhorn Ventures, Cantos Ventures, Creative Ventures, Foundamental, Lightspeed Venture Partners, Merus Capital AI-based optimization platform for resources $1503/20/20 MixMode n/a AI-driven cybersecurity platform $703/19/20 Ada Accel, Bessemer Venture Partners, Burst Capital, FirstMark Capital, Leaders Fund, Version One Ventures AI chatbot-based platform for live chat support $4403/19/20 Donut Correlation Ventures, EarlyBlock, Entrepreneur First Digital platform designed to connect team members $203/19/20 Honorlock Defy Remote test proctoring platform $1203/19/20 Mya Systems Cisco Investments, Emergence Capital Partners, Foundation Capital, Notion, Workday Ventures AI-enabled recruitment platform $1903/19/20 StackHawk n/a Security platform designed for DevOps teams $303/19/20 UserTesting Accel, Greenspring, Insight Partners, OpenView User experience testing platform for customer insights $100

36


Software Private Capital Raise Activity: Q1 2020

($ millions)


37


Software Private Capital Raise Activity: Q1 2020 continued

($ millions)



03/18/20 Deepgram Compound, NVIDIA GPU Ventures, SAP.iO Foundry, Wing Venture Capital, Y Combinator AI-based speech-to-text search platform for human speech $1203/18/20 ReadySet Surgical CincyTech, Connetic Ventures, JumpStart, North Coast Ventures Surgical inventory management platform $603/18/20 Schoox n/a E-learning and LMS platform $203/17/20 Axis Security CyberStarts, Ten Eleven Ventures Cloud security platform for business applications $1403/17/20 CoreStack Naya Ventures, Z5 Venture Capital Cloud management platform intended to optimize cloud $903/17/20 Fossa n/a Open source management $2303/17/20 True Lark n/a Automated customer service and receptionist solutions $303/17/20 TrustStamp n/a Identity authentication to curate social trustworthiness $703/16/20 HashiCorp Franklin Templeton Investments, Geodesic Capital, GGV Capital, IVP, Mayfield Fund, Redpoint Ventures, T. Rowe Price Cloud infrastructure automation platform $17503/16/20 Rancher Labs F&G Ventures, GRC SinoGreen Fund, Mayfield Fund, Nexus Venture Partners, Telstra Ventures Container technology for application infrastructure $4003/16/20 ZeroNorth ClearSky, Crosslink Capital, Petrillo Capital, Rally Ventures Orchestrated risk management for the app delivery process $1003/13/20 Aclaimant Mercury Fund Incident reporting system $603/13/20 Casetext n/a Legal research and task automation platform $803/13/20 Eigen Technologies Dawn Capital, Goldman Sachs Principal Strategic Investments, ING Ventures, Lakestar, Temasek Holdings Natural language processing technology $3703/13/20 Handle.com n/a Capital management for construction companies $2503/13/20 ReferWell Connecticut Innovations, Health Catalyst Capital Management, Meyer Ventures Investments Cloud-based medical referral and workflow management $303/13/20 Superlogic Technologies Warburg Pincus Financial system for the real estate and educational industries $6703/12/20 Accern Chetrit Ventures, Chicago Trading Company, Mighty Capital Data design for intelligent decision making $703/12/20 Cleanshelf Dawn Capital, Fan Pier Owners, LAUNCHub Ventures Expense management platform designed to serve executives $803/12/20 Events.com n/a Event marketing platform $3503/12/20 Interos Kleiner Perkins, Venrock Supply chain risk management $1803/12/20 NinjaRMM Summit Partners IT remote monitoring and management $3003/12/20 Noodle.ai Dell Technologies Capital, Mitsubishi, SMS Investments, TPG Growth Supply chain optimization solution $2103/12/20 Payslip Enterprise Ireland, Frontline Ventures, Halo Business Angel Network, Tribal.vc Global payroll management for multinational businesses $303/12/20 Validere Greylock Partners, Sallyport Investments, Wing Venture Capital Advanced product quality intelligence for O&G companies $1503/11/20 Arctic Wolf Networks Australia Future Fund, Blue Cloud Ventures, Delta-v Capital, NextEquity Partners, Sonae IM, Stereo Capital Cloud security platform for networks $6003/11/20 Perimeter 81 JAL Ventures, SonicWall, Spring Ventures, Toba Capital Network and infrastructure security $2003/11/20 SpotOn 01 Advisors, Dragoneer, EPIQ, Franklin Templeton Cloud-based financial platform for businesses $5003/10/20 Cognism AXA Venture Partners, London Co-Investment Fund, Newable, PeakSpan Capital, South Central Ventures Sales acceleration platform designed to scale lead data $1203/10/20 Coursedog n/a Academic scheduler platform intended to simplify scheduling $403/10/20 DeepCrawl Beringea, Five Elms Capital Technical SEO platform providing web optimization solutions $1903/10/20 Electric AI 01 Advisors Automated and intelligent information technology assistant $1503/10/20 Everlaw Andreessen Horowitz, CapitalG, K9 Ventures, Menlo Ventures Legal document analysis $6203/10/20 Getvisibility Pires Investments, Sure Valley Ventures Data governance and classification tools $103/10/20 Nimbix n/a High-performance cloud computing platform $203/10/20 Oasis Labs n/a High-performance, scalable cloud computing platform $303/10/20 Overhaul Abbey International Finance, Edison Partners Supply chain management platform for cargo management $1803/10/20 ParcelShield Excellere Partners Predictive surveillance for critical package deliveries $7803/10/20 UrbanBound Chartline Capital Partners Relocation beneifits management & tracking $403/10/20 Zumper e.ventures End to end marketplace for renting apartments $60

38



($ millions)



03/09/20 Checkfront Conconi Growth Partners, Framework Venture Partners, PenderFund Capital Management, Royal Bank of Canada Online booking system intended to manage inventories $903/09/20 Cloudbeds Counterpart Ventures, Cultivation Capital, PeakSpan Capital, Recruit Holdings, Viking Global Investors Hospitality management designed to help hoteliers $8203/09/20 CyberCube ForgePoint Capital, Hudson Structured Capital Management, MTech Capital Cyber risk analytics platform $4003/09/20 TrialWorks n/a Case management and automation $303/06/20 Banzai DNX Ventures, Vulcan Capital Performance marketing to market professional events $703/06/20 SmartBarrel LAB Ventures Construction industry timekeeping automation $103/06/20 StructionSite 500 Startups, CEMEX Ventures, Obayashi, Social Starts, WND Ventures Construction management platform for inspection & monitoring $803/05/20 Airbase Bain Capital Ventures, BoxGroup, First Round Capital, Quiet Capital, Village Global Management, Webb Investment Network All-in-one spend management platform $3103/05/20 Alpha n/a Integrated product management platform for products $703/05/20 AutoRABIT Full In Partners Automated release management and data back up system $1303/05/20 Corevist Jurassic Capital Order management e-commerce platform $303/05/20 Doculife n/a Document storage designed to store online documents $203/05/20 Mailprotector Ballast Point Ventures Email security and compliance toolkit $503/05/20 Ordr Battery Ventures, Kaiser Permanente Ventures, Mayo Clinic, Ten Eleven Ventures, Unusual Ventures, Wing Venture Capital IoT security and risk management $3403/04/20 Field Intelligence Accion, Blue Haven Initiative, Newtown Partners Pharmaceutical supply-chain management $403/04/20 Netlify Andreessen Horowitz, EQT Ventures, Kleiner Perkins, Preston-Werner Ventures Web development and hosting platform $5303/04/20 PlanRadar Berliner Volksbank Ventures, Cavalry Ventures, e.ventures, Insight Partners, JPKE, Loric Ventures Facility and real estate management platform $3303/04/20 Reserved.ai Amplify Partners, Pioneer Square Labs Cloud-based financial management platform $303/03/20 B12 n/a AI platform for integrated website design $1503/03/20 DisruptOps Drive Capital, Rally Ventures Cloud management platform to bring expertise into the cloud $903/03/20 Dokkio n/a Database management platform designed to store files $103/03/20 EventBank GSR Ventures CRM and marketing tools $103/03/20 HelloPackage Mesh Ventures, VentureSouth Package delivery management platform $403/03/20 Mize M33 Growth Omnichannel consumer engagement platform $2003/03/20 Nulab NOW, Shinsei Corporate Investment, XTech Ventures Project and workflow management platform $503/03/20 OpsCompass Dundee Venture Capital, Elsewhere Partners, M25, Nebraska Angels, Nelnet Cloud operational and security monitoring $703/03/20 Safio Solutions n/a Sales analysis and forecasting solutions $103/03/20 Sourcegraph Craft Ventures, Goldcrest Capital, Redpoint Ventures Search engine enabled to search for code $2303/03/20 unitQ BootstrapLabs, Bragiel Brothers, Creandum, Gradient Ventures, XSeed Capital Real-time monitoring for application user feedback $1103/03/20 Upshift Indeed, Rev1 Ventures Digital recruitment to connect businesses with labor $403/02/20 Rhodium Incident n/a Cloud-based incident management systems $103/02/20 SimpleRose n/a Prescriptive analytics platform for operational efficiencies $1003/01/20 FarEye Eight Roads, Honeywell Ventures, M12 Mobile field workforce management $4003/01/20 Lookout Abu Dhabi Catalyst Partners Mobile security and threat detection $5002/28/20 HaulHub Durable Capital Partners, T. Rowe Price Supply chain management platform $3002/27/20 Air Advancit Capital, Red Sea Ventures, WndrCo Workplace collaboration and cloud storage replacement $602/27/20 Arturo n/a Property characteristics and predictive analysis platform $802/27/20 Breinify Streamlined Ventures Predictive intelligence platform for behavioral insights $602/27/20 Gyana Biz Stone, Fuel Ventures, Green Shores Capital, U+I Data insights for B2C businesses $402/27/20 Inertia Signia Venture Partners Construction management tools $6

39



($ millions)



02/27/20 Savana n/a Cloud-based customer and account servicing platform $302/27/20 Tractable Georgian Partners, Ignition Partners, Insight Partners Deep learning automation platform for image recognition $2502/26/20 cPacket Networks Morgan Stanley Expansion Capital Next-generation network monitoring for performance analytics $1502/26/20 DialSource Camden Partners Sales automation designed to help organizations $1002/26/20 Hasura GREE Ventures, James Tamplin, Nexus Venture, SAP.iO Foundry, Vertex Ventures Application development platform $1002/26/20 Keen Decision Systems Spring Mountain Capital Marketing spend and ROI analytics $502/26/20 LinkSquares First Ascent Ventures, Hyperplane Venture Capital, Jump Capital, MassMutual Ventures Contract analytics and reporting tools $1502/25/20 App Samurai 212, 500 Startups, ACT Venture Partners, CollectiveSpark Mobile app marketing and advertising analytics $202/25/20 EmpowerMX n/a Aircraft maintenance software $302/25/20 HeadSpin Alpha Square Group, Dell Technologies, Evolution VC, ICONIQ, Tiger Global Mobile optimization platform $6002/25/20 mParticle Arrowroot Capital, Growth Technology Partners Omnichannel content management and consumer analytics $4502/25/20 Ripcord Baidu Ventures, CDK Global, GV, Icon Ventures, Kleiner Perkins, Lux Capital, SVB, Tyche Partners Robotic digitization services to scan records $4502/24/20 Behavox SoftBank Investment Advisers Data analytics platform for employee-generated data $10002/24/20 Capiche n/a Pricing information platform for playing fields $102/24/20 Elementor Lightspeed Venture Partners Front-end site builder plug-in designed to complete projects $1502/24/20 ServiceMax Salesforce, Silver Lake Management Cloud-based platform for field-service management $8002/24/20 Sift Media n/a Campaign performance management optimization $202/21/20 Polyverse Soliton Systems Cyber-security platform leveraging moving-target defense tech $1302/21/20 Shogun Initialized Capital Management, VMG Partners, Y Combinator eCommerce platform for SMBs $1002/20/20 ActiView Teddy Sagi Group Talent assessment platform using mixed reality $1002/20/20 Coassemble Equity Venture Partners Online training platform to help clients train teams $302/20/20 Flamingo New Stack Ventures Resident engagement platform $102/20/20 IntelyCare Endeavour Vision, Generator Ventures, Kaiser Permanente Ventures Healthcare workforce management $4502/20/20 Ionic n/a Open-source mobile SDK $602/20/20 Leanplum Calterra Capital, Canaan Partners, Kleiner Perkins, LAUNCHub Ventures, Norwest Venture Partners, Shasta Ventures Omnichannel customer engagement platform $4402/20/20 OneTrust Coatue Management, Insight Partners Privacy management and compliance platform $21002/20/20 Teikametrics Granite Point Capital, Jump Capital Retail optimization and inventory management platform $1502/20/20 ZeroFox Core Capital, Hercules, Highland, Intel Capital, New Enterprise Associates, Redline Capital Enterprise social risk management platform for cyber attacks $7402/19/20 1World Online AltaIR Capital, Brand Capital, DEFTA Partners, Hanhai Studio, Keiretsu Capital, Keiretsu Forum, Viaduct Ventures Consumer intelligence platform to boost performance $802/19/20 SentinelOne Accel, Insight, Qualcomm Ventures, Redpoint Ventures, Samsung Venture, Third Point, Tiger Global, Vista Equity Endpoint protection against malware and threats $20002/18/20 Aisera First Round Capital, Khosla Ventures, Menlo Ventures, Norwest Venture, True Ventures AI-based platform that auto-resolves task and actions $2002/18/20 Edited n/a Real-time analytics platform designed to help brands $1302/18/20 Enveil 1843 Capital, Bloomberg Beta, C5 Capital, Capital One Ventures, MasterCard Data security platform $1002/18/20 Eureka Apis Partners, B&Y Venture, East Ventures, GDP Venture, Gobi Ventures, MEC Ventures, PacificBridge, Prudential, SoftBank Data analytics platform $2002/18/20 iMerit CDC Group, Khosla Impact, Michael & Susan Dell Foundation, Omidyar Network Enterprise data services $2002/18/20 Keeeb n/a Unified search for the enterprise across data siloes $702/18/20 Modo Labs n/a Mobile engagement and application creation platform $502/18/20 WireWheel n/a Comprehensive data privacy management $1102/18/20 ZeroLight Ponooc Real-time digital visualization to help commercial omnichannel $1302/14/20 AnChain.AI Amino Capital, Brightway Future Capital, Sand Hill Road, Susquehanna Growth Equity Blockchain-based security to assess and eliminate threats $4

40



($ millions)



02/14/20 Lightbend Bain Capital Ventures, Blue Cloud Ventures, Dell Technologies, Greylock, Intel Capital, IBM, Juniper Ventures High-performance cloud-native app development platform $2502/14/20 n2uitive Cascade Seed Fund Insurance data management $102/14/20 RunSafe Security Alsop Louie Partners, Inner Loop Capital, Lockheed Martin, Martin Ventures, NextGen Venture, Renegade, Working Lab Vehicle cybersecurity and real-time communications $802/14/20 Toast Alta Park Capital, Bessemer Venture Partners, Durable Capital Partners, G Squared, T. Rowe, TCV, Tiger Global, TPG Capital Restaurant management point-of-sale platform $40002/13/20 Datometry Acorn Pacific Ventures, Dell Technologies Capital, Nepenthe, Redline Capital Management, WRVI Capital Data virtualization platform designed to become cloud-native $1702/13/20 Docket Canary, Kaszek Ventures, ONEVC, Valor Capital Group, Wayra Documentation platform designed to reduce time $802/13/20 Esper Haystack, Madrona Venture Group, Pathbreaker Ventures, Root Ventures, Ubiquity Ventures Device management platform $802/13/20 Flywire Adage Capital Management, The Goldman Sachs Group, Tiger Management Vertical payment solutions $12002/13/20 Ordway Clocktower Technology Ventures, CRV, Lerer Hippeau, Revolution Financial operations management solution $1002/13/20 Praetorian Bill Wood Ventures, McKinsey & Company Digital transformation tools to empower employees $502/13/20 Reggora 84.VC, Boston Seed Capital, Jere Doyle Enterprises, Spark Capital, Tamarisc Ventures Cloud-based appraisal platform to analyze web engagement $1002/12/20 CybelAngel Alexis Le-Quoc, Bpifrance, Louis Shipley, Olivier Pomel, Open CNP, Prime Ventures, Renaud Deraison, TempoCap Data leak detection system designed to offer data security $3602/12/20 Fenergo ABN AMRO AAH.AS, DXC Technology Client onboarding tools $8002/12/20 Habu Ridge Ventures AI-driven marketing platform $1302/12/20 Model9 GlenRock Israel, Intel Capital, North First Ventures, StageOne Ventures Cloud-based backup and recovery for the enterprise $902/12/20 PredictHQ Aspect Ventures, Lightspeed Venture Partners, Rampersand, Sutter Hill Ventures Intelligence event planning and data analytics $2202/12/20 Radar Accel, Bedrock, Heavybit, Nathaniel Turner, Prime Set, Two Sigma Ventures, Zachary Weinberg Location context and tracking integrations $2002/12/20 Spirion Riverside Company Developer of IT security that strengthens data loss prevention $2002/11/20 Carbon Relay Insight Partners Data center optimization platform $6302/11/20 Cysiv ForgePoint Capital, Trend Forward Capital Security operations center technology platform $2602/11/20 Hazelcast Bain Capital Ventures, C5 Capital, Capital One Ventures, Comerica Bank, DEG, Earlybird Ventures Open source data grid platform $5002/11/20 iDonate PerformanceEdge Partners Fundraising tools for non-profits $902/11/20 MoEngage Eight Roads, F-Prime Capital Partners, Matrix Partners India, VenturEast Omnichannel marketing automation $2502/11/20 Nerdio MK Capital IT services focused on digital transformation $802/11/20 Olea Edge Analytics Ananta Family Office, Mercury Fund, Renewal Funds Water utility meter analytics $902/11/20 PypeServer Ferguson Ventures CAD design tools $202/11/20 Sixgill Elron Electronic Industries, OurCrowd, REV Venture Partners, Sonae IM, Terra Venture Partners Cyber threat intelligence designed to analyze Dark Web activity $1502/11/20 Whatfix Cisco, Eight Roads, F-Prime Capital, Sequoia In-app guidance and performance support $3202/09/20 Beyond CyberStarts, Sequoia Cybersecurity platform $2102/07/20 Appetize n/a POS system to manage and process transactions $1102/07/20 Snowflake Altimeter, Dragoneer, ICONIQ, Madrona, Redpoint, Salesforce Ventures, Sequoia, Sutter Hill, Wing Venture Capital Cloud data warehousing platform $47902/07/20 VCC Live EximBank Romania, OTP Bank, PortfoLion Cloud-based call center technology $202/06/20 datree.io Blumberg Capital, TLV Partners, Y Combinator Git-centric DevOps management platform for efficient scaling $802/06/20 Netskope Accel, Base, Canada Pension Plan IB, Dell Technologies, Geodesic, ICONIQ, Lightspeed, Sapphire, Sequoia Cloud compliance analytics and incident management $34002/06/20 Worlds Align, Capital Factory, Chevron Ventures, Green Park & Golf Ventures, Hypergiant, PIVA AI and data visualization platform $1002/05/20 Aiven Earlybird Venture Capital, IVP, Lifeline Ventures Open-source cloud hub designed to serve databases $4002/05/20 Beekeeper Alpana Ventures, Atomico, Edenred Capital, Energize Ventures, Fyrfly, Hammer Team, HighSage Ventures, Keen Digital workplace application to integrate multiple systems $5002/05/20 Bitvore n/a AI-powered business analysis platform $102/05/20 Canoe Software Nasdaq Ventures, Portage Partners, Promus Equity Partners AI and ML platform for streamlining data management $1302/05/20 LumaTax Cowboy Ventures, Greycroft, KPMG Capital, Madrona Venture Group, Vulcan Capital Cloud-based tax management platform for businesses $2

41



($ millions)



02/05/20 Text Us n/a Text messaging platform intended to simplify communication $502/04/20 Ambyint Cottonwood Venture Partners, Mercury Fund IoT analytics for the energy sector $1502/04/20 Dixa JPKE, Notion, Project A, Seed Capital Customer friendship platform intended to help customers $3602/04/20 EmergeTech n/a Web-based transportation management platform $2002/04/20 Homie n/a Real estate transaction management $2302/04/20 Kaskada Addition, Bessemer Ventures, Founders' Co-op, NextGen Ventures, Voyager Capital, Walnut Street Capital Data analytics and visualization toolkit $802/04/20 Labelbox Andreessen Horowitz, First Round Capital, Gradient Ventures, Kleiner Perkins Computer vision data training toolkit $2502/04/20 MayaData AME Cloud Ventures, DataCore Software, Insight Partners Virtual storage performance optimization $2602/04/20 Retina AI Crosscut Ventures AI-enabled marketing automation tools $302/04/20 Securonix n/a Data security analytics with risk intelligence $1202/03/20 Cresta AI Andreessen Horowitz, Greylock Partners AI platform designed to help scale and improve quality $2102/03/20 Rimilia Eight Roads, Kennet Partners, Silicon Valley Bank Machine learning enabled payment invoicing $1502/03/20 SmarterHQ n/a Customer intelligence driven marketing automation platform $202/02/20 Schaman Inveready Technology Investment Group Open-framework enterprise testing $101/31/20 Automox CrowdStrike, CRV, Koch Disruptive Technologies Cloud-based patch management $3001/31/20 OpenLegacy SBI Holdings Digital service creation and management $2001/31/20 TransparentBusiness n/a Workforce management to increase freelancer productivity $401/31/20 VANTIQ Sands Capital, SoftBank Platform to accelerate enterprise digital transformation $1701/30/20 Aquant Angular Ventures, Insight Partners, Lightspeed Venture Partners, Silvertech Ventures AI powered asset management intelligence platform $3001/30/20 Codility Kennet Partners, Oxx Online platform intended for hiring tech professionals $2201/30/20 OpsRamp Hewlett Packard Pathfinder, Morgan Stanley Expansion Capital, Sapphire Ventures Hybrid IT operations management platform $3801/30/20 Passageways Five Elms Capital, Saratoga Investment Employee intranet platform for business teams $501/30/20 Powell Software CapHorn Invest, Level Equity Digital transformation tools to empower employees $1601/30/20 Simscale Bayern, Earlybird Venture, High-Tech Gründerfonds, Insight Partners, June Fund, Union Square, Vito Ventures Simulation platform to test performance, optimize efficiency $3001/30/20 Stoplight Bill Wood Ventures, Next Coast Ventures API toolkits designed to document, test and build Web APIs $601/29/20 Attentive Mobile Eniac Ventures, IVP, NextView Ventures, Sequoia Personalized mobile messaging platform $7001/29/20 Concentric Clear Ventures, Core Ventures Group, Engineering Capital, Homebrew AI-powered data sensitivity and risk discovery platform $801/29/20 eClinical Solutions Summit Partners Cloud-based enterprise clinical data services $1901/29/20 LearnPlatform n/a EdTech collaboration platform and usage analytics $201/28/20 ActiveCampaign Silversmith Capital Partners, Susquehanna Growth Equity Intelligence-driven marketing and sales automation $10001/28/20 Frontify Blossom Capital, Datartis Ventures, EQT Ventures, Michael Naf, Tenderloin Ventures Branding management tools $2201/28/20 Justworks Bain Capital Ventures, FirstMark Capital, Index Ventures, Redpoint Ventures, Spark Capital, Thrive, Union Square HCM and compliance platform $5001/28/20 Neptune Labs b-to-v Partners, Rheingau Founders, TDJ Pitango Ventures Machine learning model management and optimization $301/28/20 Pecan Dell Technologies Capital, S Capital VC Automated deep-learning platform $1101/28/20 SeaLights Cisco Systems, Wipro Ventures Cloud-based quality assurance testing $901/27/20 CredSimple n/a Verification platform designed to automate credentialing $1101/27/20 Curacity Connecticut Innovations Marketing technology and data analytics company $101/27/20 Digital Reasoning MidCap Financial AI-based cognitive computing platform $2001/27/20 GetUpside Builders VC Local customer loyalty platform for small businesses $3501/27/20 Gravyty K1 Investment Management Predictive analytics-based fundraising tools for non-profits $21

42



($ millions)



01/27/20 Iguazio INCapital Ventures, Kensington Capital, Kreos, Magma Ventures, Pitango Ventures, Plaza, Samsung, Silverton, Verizon Data analytics platform $2401/27/20 IronNet Cybersecurity n/a Cybersecurity threat detection $5301/27/20 Monsido Level Equity, VF Venture Website governance and compliance $1701/27/20 SuperAwesome Hoxton Ventures, IBIS Capital, M12, Mayfair Equity Digital marketing platform designed for global kids' industry $2201/24/20 Commerce.js Alumni Ventures Group, AngelPad, Correlation Ventures, Global Founders Capital, Initialized Capital, Interlace Modular eCommerce platform and API $201/24/20 CREXi Industry Ventures, Jackson Square Ventures, Mitsubishi Estate, Prudence Holdings Online portal intended to help commercial real estate searches $3001/24/20 LogiNext Steadview Capital Management, Tiger Global Management Real-time logistics management platform $3901/24/20 Rollbar Bain Capital Ventures, Blossom Street Ventures, Cota Capital, Long Light Capital, Patagonia Capital Partners, Runa Capital Online error-tracking and monitoring for developers $1101/24/20 Segmint n/a Data-driven marketing platform for financial institutions $601/23/20 CertifID Grand Angels Real-time identity and account credential verification platform $201/23/20 CloudKnox Security ClearSky, Dell Technologies Capital, Foundation Capital, Sorenson Ventures Cloud security platform for identity authorization administration $1201/23/20 Clubhouse Battery Ventures, Greylock Partners Project management tools to improve teamwork $2501/23/20 Otter.ai Draper Dragon, Duke Angel Network, Fusion Fund, GGV Capital, H. Barton Asset Management, NTT Docomo, Slow Speech recognition to generate automatic meeting notes $1001/23/20 Proxyclick Five Elms Capital, Join Capital Customer data security $1501/23/20 Ubeya Cornerstone OnDemand, Israel Cleantech Ventures, Magma Venture Partners Cloud-based employee network management platform $401/22/20 Aible n/a AI-based platform for cost-benefit tradeoffs $1501/22/20 Anchore Entrada Ventures, SignalFire Container-based workflow manager $2101/22/20 Catalant Technologies GE Ventures, General Catalyst, Goldfinch Partners , Highland Capital Partners, Salesforce Ventures Online talent network designed to streamline job postings $3501/22/20 FrontApp Anthos Capital, Initialized Capital, Sequoia, Tribe Communication channel centralization $5901/22/20 Outlier 11.2 Capital, Emergence Capital Partners, First Round Capital, Homebrew, Ridge Ventures, Susa Ventures, SV Angel Business intelligence platform for marketing campaigns $2201/22/20 Securiti.ai General Catalyst, Mayfield Fund AI-powered cybersecurity and data protection $5001/22/20 StoryChief Peak Capital Content distribution for marketers, publishers and bloggers $101/22/20 Sysdig Accel, Bain Capital, Glynn Capital, Insight Partners, Goldman Cloud-native visibility and security platform $8001/22/20 Unito Bessemer, Mistral Venture, Real Ventures Project-management-application integrator $1101/21/20 AppsFlyer DTCP, General Atlantic, Goldman Sachs Private Capital, Magma Venture Partners, Pitango Venture Capital, Qumra Capital Mobile attribution and marketing analytics platform $21001/21/20 Berkshire Grey Canaan Partners, Khosla Ventures, New Enterprise Associates, SoftBank Group Omnichannel materials handling and fulfillment system $26301/21/20 Buzzvil Company K Partners, Korea Development Bank, LB Investment, SBI Investment Korea Company, Shinhan Bank Smartphone lock screen advertising platform $1701/21/20 Encycle n/a Energy management tools $101/21/20 FloQast Insight Partners, Norwest Venture Partners, Polaris Partners Close management for accounting teams $4001/21/20 Flutterwave 4DX, 9Yards, CRE Ventures, Endeavor, eVentures, FinTech Collective, Green Visor, Greycroft, Visa, Y Combinator Payment infrastructure platform $3501/21/20 Intezer Intel Capital, Magma Venture Partners, OpenView Venture Partners, Samsung NEXT Malware detection and analysis $1501/21/20 Vchain Acequia Capital, Bluwat, Elaia Partners, Texas Atlantic Capital Blockchain-protected development tools $701/20/20 scoutbee 42CAP, Atomico, Dieter von Holtzbrinck Ventures, Lakestar, Next47, Toba Capital AI-powered discovery suite for suppy buying decisions $6001/17/20 AvidXchange TPG Sixth Street Partners Invoice and payment processing platform $26001/17/20 Funnel Balderton Capital, Eight Roads, F-Prime Capital Partners, Industrifonden, Kreos Capital, Oxx, Zobito Advertising data gathering $4701/17/20 Groundbreaker Marquee Chicago, Parallel18, Walton Street Capital Real estate investment platform $401/17/20 Privafy n/a Data security platform for sensitive information $2201/16/20 Cyral a_capital, Costanoa Ventures, Firebolt Ventures, Redpoint Ventures, SV Angel, Trifecta Capital Partners API-first cloud service platform to protect businesses $1101/16/20 Epsagon Cerca Partners, Lightspeed Venture Partners, StageOne Ventures, US Venture Partners Application performance monitoring $1601/16/20 LaunchDarkly Bessemer Venture Partners, Bloomberg Beta, Redpoint Ventures, Threshold Ventures, Uncork Capital, Vertex Cross-organizational application feature management $54

43



($ millions)



01/16/20 SiteMinder AustralianSuper, BlackRock, Ellerston Capital, Pendal Group Online hotel distribution and connectivity platform $7001/16/20 Workboard Andreessen Horowitz, GGV Capital, M12, Workday Active business strategy management $3001/15/20 6Sense Insight Partners Predictive intelligence platform for marketing and sales $4001/15/20 Cape Analytics Brewer Lane Ventures, State Farm Ventures Cloud-based real-time property data stream $1001/15/20 Clobotics Tiger Global Management Cloud-based industrial data analytics platform $1001/15/20 Cyr3con Entrepreneurs Organization Accelerator, SaaS Ventures, Scout Ventures, TRUMPF Venture Security intelligence platform to help identify cyber-threats $401/15/20 Get Assist n/a Marketing tools for small business owners $501/15/20 MRI Software GI Partners, Harvest Partners, TA Associates Management Real estate and investment management platform $3,00001/15/20 NextNav Columbia Capital, Fortress Investments, Goldman Sachs Principal Strategic Investments, New Enterprise Associates In-building location analytics $12001/15/20 productboard Bessemer Venture Partners, Sequoia Product management system $4501/15/20 Roambee Anchor Group, Comcraft Group, Intuitive.VC, Jebsen & Jessen, MDI Ventures IoT smart logistics and asset management platform $1501/14/20 Anyline Project A, Senovo Optical character recognition platform $1201/14/20 EirSystems Solas BioVentures E-prescribing and medical reconciliation platform $201/14/20 Medsphere Systems TPG Sixth Street Partners Open-source electronic health record platform $4001/14/20 Ringmaster Technologies Edison Partners Cloud-based healthcare platform for administrative processes $501/14/20 Tetra Defense Mendota Venture Capital Cyber-risk management to help in recovering and restoring data $301/14/20 Trusona Akamai Technologies, Generation Ventures, Georgian Partners, Kleiner Perkins, M12, OurCrowd Identity authentication technology to reduce account theft $1901/13/20 Beacon Platform Centana Growth Partners, Global Atlantic Financial Group, Pacific Investment Management Company Financial developer toolkit for front and back offices $2001/13/20 Bonfyre n/a Employee and workplace culture management system $101/13/20 Cohley 9Mile Labs, Active Capital, Right Side Capital Management Content generation and performance analytics tools $201/13/20 Containous 360 Capital Partners, Balderton Capital, Elaia Partners Open-source infrastructure designed to help infrastructure IT $1001/13/20 NewStore Activant Capital, General Catalyst, Salesforce Ventures Retail store management platform for mobile devices $2001/12/20 SimpliField CapHorn Invest, Five Elms, Runa Mobile field reporting & analytics platform $1101/10/20 Kneron Horizons Ventures Edge computing SoC and visual analytics $4001/09/20 Partnerize Accel-KKR AI-enabled brand partnership automation $5001/09/20 Riskpulse Columbia Capital Supply chain management with machine learning and analytics $2301/09/20 Sisense Battery Ventures, Bessemer, ClalTech, DFJ Growth, Insight Partners Data analytics engine to create and share business reports $10001/08/20 AvePoint Goldman Sachs Merchant Banking Division, TPG Sixth Street Partners Enterprise-class data management and GRC $20001/06/20 BigID Scale Venture Partners, Tiger Global Management Data-driven protection and privacy compliance platform $5001/06/20 Circonus Ben Franklin Technology Partners of Pennsylvania, Bull City Ventures, NewSpring Capital, Osage Ventures Real-time monitoring and analytics platform $701/06/20 Curricula RCP Equity Cybersecurity awareness phishing simulation platform $301/06/20 DeepNorth AI List, Celeres Capital, Engage VC, The Home Depot AI-based platform to help analyze customer behavior $2601/06/20 HighRadius Citi Ventures, ICONIQ Capital, Susquehanna Growth Equity Receivables automation $12501/06/20 MadKudu Alven Capital Partners Lead scoring and engagement analytics $701/05/20 Aptly n/a Residential property management and communication platform $501/04/20 TypingDNA Credo Ventures, GapMinder Venture Partners, Gradient Ventures, Techstart Ventures AI algorithms to authenticate users based on how they type $701/03/20 BEET FOD Capital Data acquisition and process visualization system $601/03/20 Breezeway n/a Online property management for care and maintenance $401/03/20 DocASAP n/a Online platform designed to help patients book appointments $1801/03/20 Feathr Florida Gulfshore Capital, Florida Opportunity Fund, Freeman Digital Ventures, Fulcrum Equity Partners Digital marketing platform $12

44



($ millions)



01/03/20 Receipt Bank Augmentum, Canadian Imperial Bank of Commerce, Insight Partners, Kennet Partners Book-keeping automation $7301/02/20 Avii Blue Diamond Capital Workflow management solution $301/02/20 BlueConic Sigma Prime Ventures, Spring Lake Equity Partners Cross-channel marketing platform using customer data $1501/02/20 ESO Solutions n/a Health record data exchange $1001/02/20 Intraprise Health n/a Healthcare compliance tools $501/02/20 Nayax n/a Payment processing and analytics solution $6001/02/20 Negotiatus 645 Ventures, Entrepreneurs Roundtable Accelerator, Green Visor, Rally Ventures, Stage2 Capital, Uncommon Denominator Inventory purchasing platform $1001/01/20 Kronologic Complete Growth Investor, Geekdom Fund, GuideStar USA, Long View Equity Partners, Trammell Ventures Automatic scheduling platform $101/01/20 Process Street Accel, Atlassian, Salesforce Ventures Workflow automation to simplify business management $1501/01/20 Setmetrics n/a Platform for upgrading and retrofiting real estate $1

People ▪ Industry Expertise ▪ Process Excellence

Boston San Francisco

Shea & Company, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar corporate finance matters. Shea & Company is not a retail broker-dealer. The firm does not conduct underwriting activities, provide research or analyst reports or solicit or carry accounts for, or offer or sell securities products to retail customers. Shea & Company is regulated by the Financial Industry Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm. The information and services provided in this presentation are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or where Shea & Company is not authorized to provide such information or services.

Quarterly Enterprise Software Market Review · 2020. 5. 13. · Announced Software Acquisitions: Q1...

Documents

Transcript of Quarterly Enterprise Software Market Review · 2020. 5. 13. · Announced Software Acquisitions: Q1...