SOFTWARE SECTOR REPORT - GCA Advisors · 2020. 7. 28. · 2 Software Q2 2020 EXECUTIVE SUMMARY »...

SOFTWARESECTOR REPORT

Q2 2020

22

Software Q2 2020

EXECUTIVE SUMMARY

» Global software sector trading performance remained stable, but the impact of COVID-19 has tempered M&A activity

» Q2 ’20 saw ~$16Bn in financing deal value and ~$5Bn in M&A deal value

- 234 financings, 6.6% higher than Q2 ‘19

- 315 M&A transactions, 12.3% lower than Q2 ’19

» Many companies have not yet reported Q2 earnings, the first full quarter of COVID-19, so we expect some realignment to occur in Q3

» Significant M&A activity in Q2 includes acquisitions in the Infrastructure sector: Verizon’s $400MM acquisition of BlueJeans, KeySight Technologies’$330MM acquisition of Eggplant, and NetApp’s $325MM acquisition of Spot

» Financial Software had some of the largest financing deals in Q2 ‘20 led by the $850MM financing of Stripe and $251MM financing of Paidy; the Infrastructure sector also saw high financing volume

» Software sector performed well in Q2 with the IGV tech-software index outperforming the S&P 500 by 23.6% LTM as of Q2 2020

– Infrastructure software index grew 84.8% LTM as of Q2 2020, outperforming all other software sub segments

» Technical Application software companies traded at 10.4x and 30.5x for 2020E Revenue and EBITDA, respectively, among the highest in software

» Overall outlook in software growth remains healthy despite continued uncertainty, with most sectors seeing notable growth

Notes:Sources: Pitchbook, 451 Research, Capital IQ.

Select Q2 Active Investors Select Q2 Active Acquirers

33

GCA OVERVIEWThe GCA Software Team

Kevin WalshManaging [email protected]

Josh WepmanManaging Director

[email protected]

Chris GoughManaging [email protected]

Glen KrugerManaging Director

[email protected]

Saif MalikDirector

[email protected]

Rupert SadlerManaging [email protected]

Todd CarterCo-CEO,

Managing [email protected]

Sector Coverage

GCA Executive Team

GCA US Team

VERTICAL SOFTWARE

Key GCA Stats

70Senior Bankers Covering Technology

35Senior Bankers

Covering Software

25 Offices Globally Software Transactions in the Last Three Years105+

Technology-Related Deals in the Last 3 Years245+

Geoff BaldwinCo-CEO,

Managing DirectorHead of M&A

[email protected]

Collaboration Software

Enterprise Resource Planning

Human Capital Management

Supply Chain Management

BI & Analytics

CRM

Governance, Risk & Compliance

Marketing

HORIZONTAL SOFTWARE

E-commerce & Retail

Food & Agriculture

Insurance

Real Estate

Travel & Hospitality

Automotive

Education

Industrial

Media & Communications

Transportation & Logistics

INFRASTRUCTURE SOFTWARE

Data Management & Analytics

Workflow Automation

Cybersecurity

SaaS / Cloud-Enablement

mailto:[email protected]







https://www.linkedin.com/in/joshuawepman/

https://www.linkedin.com/in/chris-gough-8410072/

https://www.linkedin.com/in/kevin-walsh-58a16/

https://www.linkedin.com/in/glen-kruger-733277/

https://www.linkedin.com/in/rupertsadler/

https://www.linkedin.com/in/saif-malik-929b961a/


https://www.linkedin.com/in/geoffrey-baldwin-8913334/

44

Deep Software Sector Expertise with Demonstrated Success Advising Large-cap Public and Private Companies on Complex Assignments

GCA OVERVIEW

Notes:The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

55

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 06/30/2020.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity.3) Software M&A transactions reflect select transactions in Q2 2020. M&A metrics are based on closed and announced transactions.4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 5) Includes potential $160MM earn-out.

Software Q2 2020

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

$Bn $Bn

4.6%

28.1%

(Digital Assets)

(5)

Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3)

Company Amount ($MM) Acquirer Target EV ($MM)

$850 $985

$500 $400

$251 $365

$250 $330

$250 $325

$241 $250

$230 $225

$210 $165

LTM as of Q2 2020 Software Price Performance vs. S&P 500 (4)

Financing Activity by Quarter

$33.6 Billion

2020 YTD M&A Deal Value2020 YTD Financing Deal Value (1)(2)

$30.2 Billion

2020 YTD M&A Transactions2020 YTD Financing Transactions (1)(2)

445 704

$32

$57

$82

$30 $39

$22 $19 $28

$5

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

$14 $17 $23

$14 $15 $17 $18 $14 $16

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

SPX IGV

167187

225201 198

222 227 211234

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

343363 375 361 359 384

349389

315

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

66

84.8%

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months

8.9%

23.3%

31.0%

20.4%

47.9%

25.1%

38.1%

24.7%

38.6%

18.7%

23.9%

Notes:Sources: Capital IQ. Market Data as of 06/30/20.List of companies in each sector can be found in the public comparable tables.1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform.

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

Infrastructure SaaS(1) Content S&M ERP Platform Security Technical Development BI & Analytics Financial Vertical Nasdaq S&P 500

Low (5.0%) (17.4%) (11.1%) (32.3%) (24.2%) (13.6%) (24.4%) (20.5%) (29.5%) (29.7%) (21.2%) (25.8%) (15.2%) (24.5%)

Uptick from Low

89.8% 65.3% 49.7% 70.4% 55.2% 38.7% 49.1% 44.3% 52.8% 50.2% 39.9% 34.7% 39.5% 29.1%

Performance since Jul-19

84.8% 47.9% 38.6% 38.1% 31.0% 25.1% 24.7% 23.9% 23.3% 20.4% 18.7% 8.9% 24.3% 4.6%

4.6%

24.3%

77

Sub Sector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Platform

Combined Market Cap: $2,249Bn20E/19A Rev. Growth: (1.3%)

20E EBITDA Margin: 29.8%

Infrastructure

Combined Market Cap: $178Bn20E/19A Rev. Growth: 21.5%


Security

Combined Market Cap: $271Bn20E/19A Rev. Growth: 9.5%20E EBITDA Margin: 16.6%

Content & Storage Management

Combined Market Cap: $291Bn20E/19A Rev. Growth: 8.0% 20E EBITDA Margin: 16.4%

BI & Analytics

Combined Market Cap: $46Bn20E/19A Rev. Growth: 9.3%20E EBITDA Margin: 12.6%

Financial Applications



Notes:Sources: Capital IQ. Market Data as of 06/30/20.Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables.

88

Sub Sector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Technical Applications

Combined Market Cap: $198Bn20E/19A Rev. Growth: 8.4% 20E EBITDA Margin: 32.6%

Vertical

Combined Market Cap: $297Bn20E/19A Rev. Growth: (1.3%)


ERP & General Business



Development & Operations



Sales & Marketing



SaaS

Combined Market Cap: $1,199Bn20E/19A Rev. Growth: 22.1%


Notes:Sources: Capital IQ. Market Data as of 06/30/20.Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables.

99

85.5% 87.0% 90.3% 94.5% 97.9% 99.7% 100.9% 104.6% 107.7% 110.5% 115.5% 117.0% 122.7% 143.0% 146.8% 149.3% 158.4%

184.1%

248.5%

383.4%

SOFTWARE STOCKS WINNERS & LOSERS

Notes:Sources: Capital IQ as of 06/30/20.

Top and Bottom 20 Stock Price Performers in Q2 2020

Top 20 Performers

Bottom 20 Performers

13.8% 13.5% 12.9% 12.1% 11.9%

10.9% 10.9% 10.2% 9.3% 9.1% 9.1%

7.3% 6.3% 5.7% 5.4%

4.3% 2.8%

0.9%

(3.3%)

(7.1%)

1010

Valuation and Operational Metrics

TRADING COMPARABLES

EV / 2019A Revenue EV / 2020E Revenue

2019A / 2018A Revenue Growth 2020E / 2019A Revenue Growth

Notes:Sources: Capital IQ. Market Data as of 06/30/20.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

15.2x

11.7x 11.5x 11.3x 11.1x 10.9x 10.9x

9.2x8.3x 7.9x 7.5x

4.2x

Median: 10.9x13.8x

11.4x 11.1x 10.7x 10.4x9.4x 9.1x

8.0x7.2x 7.0x 6.8x

4.1x

Median: 9.2x

34.0% 32.8% 30.5%

25.4% 25.3% 22.6% 21.4%

15.9% 12.8% 11.6% 10.6%

3.3%

Median: 22.0%

22.1% 21.5%

17.8%

15.4%

11.3% 10.3%

9.5% 9.3% 8.4% 8.0%

(1.3%) (1.3%)

Median: 9.9%

1111

Valuation and Operational Metrics

TRADING COMPARABLES

EV / 2019A EBITDA EV / 2020E EBITDA

2019A EBITDA Margin 2020E EBITDA Margin

Notes:Sources: Capital IQ. Market Data as of 06/30/20.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

27.9x 27.4x 27.2x25.2x

22.8x 22.6x20.2x 19.6x 19.0x

17.6x15.1x

11.8x

Median: 21.4x30.5x 29.5x

25.5x 24.6x 24.4x 24.2x 23.8x21.8x

16.9x 16.1x

12.0x 11.4x

Median: 24.0x

35.2%

30.3%

21.5%

17.8% 17.2% 16.5% 16.5% 15.9% 13.0% 12.9%

9.2% 6.8%

Median: 16.5%

32.6% 29.8%

20.2%

17.2% 16.6% 16.4% 16.3% 16.1% 14.5% 13.9%

12.6%

6.0%

Median: 16.4%

1212

PUBLIC SAAS COMPANIESEn

terp

rise

Val

ue

/ C

Y 2

02

0E

Re

ven

ue

CY 2020E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 5.9% 20.7% 36.4%

Median EV / Rev. 4.8x 10.4x 24.9x

High Growth Software(3)Medium Growth Software (2)Low Growth Software(1)

Notes:Sources: Capital IQ as of 06/30/20.1) Defined as companies with annual revenue growth <= 15%.2) Defined as companies with annual revenue growth >15% and <= 30%.3) Defined as companies with annual revenue growth >30%.

Valuation Correlation to Growth %

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

70.0x

80.0x

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70%

R = 0.63

1313

PUBLIC SAAS COMPANIES

Notes:Sources: Capital IQ as of 06/30/20.1) Defined as companies with revenue growth % + FCF margin % <= 20%.2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%.3) Defined as companies with revenue growth % + FCF margin % >40%.

Ente

rpri

se V

alu

e /

CY

20

20

E R

eve

nu

e

CY 2020E Revenue Growth % + CY 2020E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 10.8% 30.7% 53.8%


Valuation Correlation to Growth % & Free Cash Flow Margin %

High Performance Software(3)Medium Performance Software (2)Low Performance Software(1)

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70%

R = 0.52

1414

PUBLIC SAAS COMPANIESEn

terp

rise

Val

ue

/ C

Y 2

02

0E

Re

ven

ue

CY 2020E Incremental Revenue / CY 2019A S&M Expense

Low Efficiency Medium Efficiency High Efficiency

Median Inc. Rev. / S&M Expense 0.3x 0.7x 1.4x


Notes:Sources: Capital IQ as of 06/30/20.1) Defined as companies with S&M expense efficiency <= 0.6x.2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x.3) Defined as companies with S&M expense efficiency >1.0x.

Valuation Correlation to Returns on S&M Expense Efficiency

High Efficiency Software(3)Medium Efficiency Software (2)Low Efficiency Software(1)

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x

R = 0.68

1515

Notes:Sources: Capital IQ and 451 Research.1) Includes potential $160MM earn-out.

SOFTWARE M&A UPDATE

Quarterly M&A Activity Select Q2 2020 M&A Transactions

Ann.Date

Acquirer TargetEnterprise

ValueEV/ LTM

Rev.

6/29 $128 NA

6/23 $985 NA

6/23 $140 4.7x

6/22 $165 11.0x

6/04 $160 6.4x

6/03 $325 10.8x

6/02 $365 7.2x

5/27 $330 8.7x

5/05 $250 0.7x

4/30 $120 20.0

4/28 $145 14.5x

4/16 $400 4.0x

4/15 $225 5.6x

4/15 $103 0.3x

4/09 $180 NA

($MM)($Bn) Number of Deals M&A Deal Value

Q2 2020 Dashboard

$32

$57

$82

$30

$39

$22 $19

$28

$5

343

363

375

361 359

384

349

389

315

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

(Digital Interconnect Assets)

(1)

1616

SOFTWARE FINANCINGS UPDATE

Quarterly Financing Activity Select Q2 2020 Financing Transactions

DealDate

CompanyLead/Selected

InvestorAmount Invested

Funding to Date

Post-Money

Valuation

6/25 $500 NA NA

6/23 $210 $692 $3,280

6/10 $230 $350 NA

6/3 $241 $419 NA

5/19 $189 $256 $772

5/1 $185 $255 $835

4/21 $250 $456 $4,500

4/16 $850 $1,885 $36,000

4/9 $251 $281 NA

4/9 $250 $661 $2,500

($MM)($Bn) Number of Deals Financing Deal Value

Q2 2020 Dashboard

Notes:Sources: Pitchbook.

$14

$17

$23

$14 $15

$17 $18

$14 $16

167

187

225

201 198

222227

211

234

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

1717

($MM)

Offer Date(1) Name Market Cap @ IPO

DateAmount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price

6/22/2020 In IPO Registration

6/5/2020 $1,382 $345 19.00 - 21.00 $23.00 $35.50

6/4/2020 $1,513 $935 19.00 - 20.00 $21.00 $51.03

12/13/2019 $795 $150 16.00 - 18.00 $17.00 $27.00

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $90.21

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $86.95

9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $32.09

9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $35.95

8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $40.60

7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $25.24

6/20/2019 $19,484 $4,560 Direct Listing $26.00 $31.09

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $100.29

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $85.13

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $253.54

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $9.55

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and Company filings. Market data as of 06/30/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 2) Filing Date.3) Reference price set by the New York Stock Exchange.

MEDIAN: 141.3%

MEAN: 173.9%

(3)

310.0%

Median: 141.3%

(31.8%)

19.6%

20.2%

153.8%

139.7%

113.9%

58.8%

143.0%

54.3%

222.0%

195.0%

432.1%

604.1%

(2)

18

APPENDIX

1919

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 06/30/20.Margins <(20%) considered NM. Multiples <0 or >50 considered NM.

($MM)

Trading Metrics Operating Metrics CIQ

Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin Revenue

Company 6/30/2020 Cap ST. Invest. Debt Value (EV) CY19A CY20E CY21E CY19A CY20E CY21E 19A/18A 20E/19A 21E/20E CY19A CY20E CY21E CY19A CY20E CY21E

Platform

Microsoft Corporation $203.51 $1,543,306 $137,642 $84,025 $1,489,689 11.1x 10.1x 9.0x 24.3x 22.1x 19.6x 13% 10% 12% 66% 66% 66% 46% 45% 46%

Oracle Corporation $55.27 $169,606 $43,057 $73,712 $200,904 5.1x 5.2x 5.1x 10.7x 10.5x 10.5x 0% (1%) 1% 80% 80% 80% 47% 49% 49%

Cisco Systems $46.64 $196,928 $28,583 $17,082 $185,427 3.6x 3.8x 3.7x 9.8x 10.6x 10.5x 1% (6%) 5% 63% 63% 63% 37% 36% 35%

SAP SE $139.91 $166,603 $8,982 $19,395 $177,095 5.7x 5.6x 5.2x 15.7x 15.9x 14.2x 9% 3% 8% 72% 72% 71% 37% 35% 36%

International Business Machines Corporation$120.77 $107,231 $11,865 $69,453 $164,948 2.2x 2.2x 2.2x 9.0x 9.5x 8.6x (3%) (3%) 3% 47% 48% 48% 24% 24% 25%

Dell Technologies Inc. $54.94 $40,700 $12,229 $58,481 $91,806 1.0x 1.0x 1.0x 7.8x 9.0x 8.4x 2% (3%) 2% 34% 33% 31% 13% 11% 12%

HP Inc. $17.43 $24,924 $4,054 $6,641 $27,511 0.5x 0.5x 0.5x 5.3x 6.2x 6.0x (0%) (9%) 4% 19% 19% 19% 9% 8% 8%

Mean 4.2x 4.1x 3.8x 11.8x 12.0x 11.1x 3% (1%) 5% 54% 54% 54% 30% 30% 30%

Median 3.6x 3.8x 3.7x 9.8x 10.5x 10.5x 1% (3%) 4% 63% 63% 63% 37% 35% 35%

Infrastructure

Zoom Video Communications $253.54 $71,524 $1,105 $72 $70,491 NM 39.1x 30.8x NM NM NM 88% 190% 27% 82% 71% 78% 17% 26% 27%

RingCentral $285.01 $25,053 $762 $1,084 $25,375 31.0x 22.7x 18.3x NM NM NM 33% 37% 24% 76% 77% 79% 15% 13% 13%

Citrix Systems $147.91 $18,260 $551 $1,982 $19,691 6.5x 6.2x 6.0x 17.2x 18.4x 18.0x 1% 5% 3% 86% 86% 87% 38% 34% 33%

Akamai Technologies $107.09 $17,378 $1,249 $2,671 $18,800 6.5x 6.1x 5.7x 15.5x 14.1x 13.0x 7% 7% 7% 66% 65% 65% 42% 43% 44%

Fastly $85.13 $8,848 $117 $31 $8,763 43.7x 30.6x 23.8x NM NM NM 39% 43% 29% 57% 58% 56% (9%) 2% 4%

Amdocs Limited $60.88 $8,127 $763 $628 $8,036 2.0x 1.9x 1.9x 9.8x 9.2x 8.7x 3% 0% 4% 35% 35% 35% 20% 21% 22%

Juniper Networks $22.86 $7,575 $1,928 $1,867 $7,513 1.7x 1.7x 1.7x 7.9x 8.6x 8.1x (4%) (3%) 4% 60% 60% 60% 21% 20% 21%

Five9 $110.67 $7,166 $326 $228 $7,067 21.5x 18.5x 15.8x NM NM NM 27% 17% 17% 63% 63% 61% 19% 16% 18%

Everbridge $138.36 $4,754 $498 $456 $4,711 23.5x 18.0x 14.2x NM NM NM 37% 30% 26% 71% 69% 69% 3% 2% 6%

Verint Systems Inc. $45.18 $2,915 $576 $1,102 $3,456 2.7x 2.8x 2.5x 10.6x 11.0x 9.7x 6% (4%) 8% 68% 68% 66% 25% 25% 26%

Software Aktiengesellschaft $40.40 $2,989 $566 $268 $2,692 2.7x 2.8x 2.7x 8.7x 12.8x 12.0x 1% (3%) 3% 77% 77% 77% 31% 22% 23%

Radware Ltd. $23.59 $1,093 $169 $25 $949 3.8x 3.8x 3.5x 22.4x 29.7x 22.6x 8% (2%) 9% 83% 83% 82% 17% 13% 16%

Limelight Networks $7.36 $881 $21 $15 $874 4.4x 3.8x 3.4x 48.3x 29.4x 22.5x 3% 16% 10% 49% 48% 52% 9% 13% 15%

Extreme Networks $4.34 $522 $196 $489 $814 0.8x 0.9x 0.9x NA 11.7x 8.4x (1%) (15%) 7% 56% 56% 56% 0% 8% 10%

A10 Networks $6.81 $538 $143 $32 $427 2.0x 1.9x NA NA NA NA (8%) 5% NA 77% 77% NM 0% 0% NA

Mean 10.9x 10.7x 9.4x 17.6x 16.1x 13.7x 16% 22% 13% 67% 66% 66% 16% 17% 20%

Median 4.1x 3.8x 4.6x 13.1x 12.8x 12.0x 6% 5% 9% 68% 68% 66% 17% 16% 19%

2020




($MM)




Security

Splunk Inc. $198.70 $31,567 $1,757 $2,158 $31,968 13.6x 13.2x 10.5x NM NM NM 31% 3% 25% 85% 80% 81% 17% 1% 13%

Okta $200.23 $24,951 $1,447 $1,161 $24,665 42.1x 31.7x 24.4x NM NM NM 47% 33% 30% 76% 77% 73% (6%) (3%) 0%

VeriSign $206.83 $23,897 $1,139 $1,792 $24,551 19.9x 19.5x 18.8x 27.2x 27.5x 25.9x 1% 2% 4% 86% 86% 85% 73% 71% 72%

Palo Alto Networks $229.67 $22,155 $2,039 $1,879 $21,995 7.0x 6.0x 5.1x 29.1x 27.2x 23.0x 20% 17% 18% 72% 72% 72% 24% 22% 22%

Fortinet $137.27 $22,189 $1,401 $43 $20,831 9.7x 8.3x 7.2x 35.3x 30.0x 25.4x 20% 16% 16% 77% 78% 76% 27% 28% 28%

CrowdStrike Holdings $100.29 $21,662 $1,005 $40 $20,698 43.0x 26.9x 20.4x NM NM NM 93% 60% 32% 72% 74% 67% (9%) 4% 10%

Citrix Systems $147.91 $18,260 $551 $1,982 $19,691 6.5x 6.2x 6.0x 17.2x 18.4x 18.0x 1% 5% 3% 86% 86% 87% 38% 34% 33%

Zscaler $109.50 $14,292 $391 $41 $13,941 38.7x 28.6x 22.2x NM NM NM 48% 36% 29% 80% 80% 80% 11% 9% 10%

NortonLifeLock Inc. $19.83 $11,680 $2,263 $4,322 $13,739 2.9x 5.6x 5.5x 7.6x 12.0x 9.8x 56% (49%) 3% 81% 81% 81% 38% 47% 56%

Check Point Software Technologies Ltd.$107.43 $15,062 $1,743 $0 $13,318 6.7x 6.6x 6.4x 13.1x 13.5x 13.2x 4% 1% 3% 90% 90% 89% 51% 49% 48%

Cloudflare $35.95 $10,916 $592 $51 $10,376 36.1x 26.5x 20.3x NM NM NM 49% 36% 31% 77% 77% 78% (15%) (5%) 2%

F5 Networks $139.48 $8,494 $821 $802 $8,475 3.7x 3.6x 3.4x 10.2x 10.7x 9.9x 4% 3% 6% 83% 83% 83% 37% 34% 35%

Trend Micro Incorporated $55.84 $7,772 $1,469 $0 $6,311 4.2x 3.9x 3.7x 12.8x 12.5x 11.9x 4% 6% 5% 80% 80% 80% 32% 31% 31%

Proofpoint $111.12 $6,368 $946 $815 $6,237 7.0x 6.1x 5.2x 39.7x 43.7x 29.5x 24% 15% 17% 79% 79% 75% 18% 14% 18%

Qualys $104.02 $4,053 $332 $50 $3,770 11.7x 10.5x 9.3x 26.8x 24.8x 21.5x 15% 11% 13% 80% 80% 79% 44% 42% 43%

CyberArk Software Ltd. $99.27 $3,845 $1,090 $489 $3,244 7.5x 7.1x 5.9x 24.2x 35.3x 25.2x 26% 5% 20% 88% 86% 86% 31% 20% 24%

FireEye $12.18 $2,673 $980 $1,110 $2,803 3.2x 3.1x 2.9x 24.3x 33.8x 26.4x 7% 0% 7% 72% 70% 68% 13% 9% 11%

Tenable Holdings $29.81 $2,983 $227 $45 $2,802 7.9x 6.6x 5.5x NM NM NM 33% 21% 20% 84% 83% 84% (11%) (3%) 0%

Varonis Systems $88.48 $2,784 $126 $63 $2,721 10.7x 10.7x 9.0x NM NM NM (6%) 0% 19% 87% 86% 88% (8%) (10%) (1%)

Mimecast Limited $41.66 $2,623 $174 $230 $2,679 6.6x 5.8x 5.0x 38.4x 28.5x 25.0x 26% 15% 16% 74% 74% 74% 17% 20% 20%

Rapid7 $51.02 $2,577 $241 $268 $2,604 8.0x 6.7x 5.6x NM NM NM 34% 20% 18% 75% 74% 73% 4% 3% 6%

Ping Identity Holding Corp. $32.09 $2,581 $169 $169 $2,581 10.6x 10.6x 8.7x NM NM NM 21% 1% 21% 84% 82% 84% 21% 11% 15%

SailPoint Technologies Holdings $26.47 $2,387 $461 $354 $2,280 7.9x 7.2x 6.4x NM NM NM 16% 9% 13% 80% 80% 78% 10% 5% 7%

OneSpan Inc. $27.93 $1,123 $105 $16 $1,033 4.1x 4.0x 3.7x 31.4x 40.2x 25.5x 20% 1% 9% 67% 70% 69% 13% 10% 14%

SecureWorks Corp. $11.43 $939 $156 $29 $812 1.5x 1.4x 1.4x NM NM 40.6x 7% 1% 6% 57% 58% 55% 2% 3% 3%

Zix Corporation $6.90 $377 $16 $198 $559 3.2x 2.6x 2.4x 14.2x 11.0x 10.3x 146% 23% 11% 61% 55% 66% 23% 24% 23%

F-Secure Oyj $3.23 $511 $29 $44 $526 2.2x 2.1x 2.0x 20.2x 18.8x 14.6x 12% 0% 7% 77% 77% 79% 11% 11% 14%

MobileIron $4.93 $569 $99 $14 $484 2.4x 2.4x 2.3x NM NM NM 6% (3%) 5% 82% 79% 81% (3%) (6%) (5%)

A10 Networks $6.81 $538 $143 $32 $427 2.0x 1.9x NA NA NA NA (8%) 5% NA 77% 77% NM 0% 0% NA

Absolute Software Corporation $10.15 $431 $39 $10 $403 4.0x 3.8x 3.4x 16.8x 17.3x 15.7x 6% 6% 9% 86% 86% 86% 24% 22% 22%

Tufin Software Technologies Ltd. $9.55 $340 $118 $23 $246 2.4x 2.5x 2.1x NM NM NM 22% (5%) 20% 83% 78% 82% (14%) NM NM

Mean 10.9x 9.1x 7.8x 22.8x 23.8x 20.6x 25% 9% 15% 79% 78% 78% 17% 17% 20%

Median 7.0x 6.2x 5.5x 24.2x 24.8x 22.3x 20% 5% 15% 80% 79% 79% 17% 11% 15%

2121




($MM)




Content & Storage Management

Adobe Inc. $435.31 $208,803 $4,351 $4,697 $209,149 18.7x 16.4x 14.2x 41.1x 34.7x 29.4x 24% 14% 16% 88% 88% 87% 46% 47% 48%

DocuSign $172.21 $31,602 $758 $674 $31,518 32.4x 23.9x 18.7x NM NM NM 39% 35% 28% 78% 79% 76% 10% 11% 14%

Open Text Corporation $42.48 $11,503 $1,453 $4,470 $14,522 4.9x 4.4x 4.3x 13.0x 12.9x 11.5x 3% 11% 3% 73% 73% 73% 38% 34% 37%

Dropbox $21.77 $8,996 $1,101 $1,084 $8,979 5.4x 4.7x 4.3x 23.7x 17.8x 14.6x 19% 14% 11% 76% 78% 74% 23% 27% 29%

NetApp $44.37 $9,842 $2,888 $1,812 $8,766 1.6x 1.7x 1.7x 6.5x 7.7x 6.8x (10%) (8%) 3% 64% 64% 64% 24% 22% 25%

Nutanix $23.71 $4,731 $732 $640 $4,639 3.7x 3.5x 2.9x NM NM NM 1% 7% 21% 71% 71% 71% NM NM NM

Pure Storage $17.33 $4,593 $1,274 $610 $3,928 2.4x 2.3x 2.0x 27.0x 31.2x 22.6x 21% 5% 16% 70% 71% 68% 9% 7% 9%

Box $20.76 $3,186 $268 $470 $3,388 4.9x 4.4x 4.0x 49.3x 24.5x 19.9x 14% 10% 10% 71% 73% 72% 10% 18% 20%



Commvault Systems $38.70 $1,793 $332 $17 $1,477 2.1x 2.3x 2.2x 13.2x NA 16.3x (4%) (6%) 4% 85% 85% 85% 16% 0% 13%

Brightcove Inc. $7.88 $307 $32 $26 $301 1.6x 1.6x 1.5x 34.1x 39.4x 17.8x 12% (1%) 10% 61% 62% 60% 5% 4% 8%

Mean 7.9x 6.8x 5.8x 27.4x 24.6x 18.2x 12% 8% 13% 75% 75% 74% 17% 16% 20%

Median 4.9x 4.4x 4.1x 27.0x 26.5x 17.8x 13% 8% 13% 74% 74% 74% 16% 18% 20%

2222




($MM)




Business Intelligence & Analytics

NICE Ltd. $186.44 $11,634 $482 $588 $11,765 7.5x 7.1x 6.6x 23.8x 21.8x 20.0x 9% 5% 8% 71% 71% 68% 31% 33% 33%

Alteryx $164.28 $10,836 $763 $754 $10,828 25.9x 21.5x 16.5x NM NM NM 65% 20% 31% 91% 91% 89% 19% 14% 19%

Elastic N.V. $92.21 $7,864 $299 $35 $7,600 19.8x 14.8x 11.8x NM NM NM 60% 33% 26% 72% 72% 72% (16%) (10%) (7%)

Inovalon Holdings $19.26 $2,993 $183 $1,137 $3,946 6.1x 5.8x 5.3x 18.7x 17.5x 15.6x 22% 6% 10% 74% 74% 72% 33% 33% 34%

Cloudera $12.72 $3,757 $412 $212 $3,558 4.5x 4.2x 3.9x NM 20.3x 15.8x 65% 5% 9% 76% 80% 72% (3%) 21% 25%

Medallia $25.24 $3,562 $408 $52 $3,206 8.0x 6.9x 5.8x NM NM NM 28% 15% 19% 67% 69% 65% 3% 6% 9%

Teradata Corporation $20.80 $2,257 $394 $695 $2,558 1.3x 1.4x 1.4x 7.7x 8.4x 6.8x (12%) (6%) 5% 54% 56% 51% 18% 17% 20%

Talend S.A. $34.66 $1,086 $178 $157 $1,066 4.3x 3.9x 3.5x NM NM NM 20% 10% 13% 77% 79% 77% (7%) (10%) (4%)

Domo $32.17 $927 $88 $114 $953 5.5x 4.8x 4.4x NM NM NM 22% 14% 11% 76% 74% 68% NM NM (15%)

MicroStrategy Incorporated $118.29 $1,155 $539 $110 $726 1.5x 1.5x NA 28.0x 16.7x NA (2%) (2%) NA 80% 80% NM 5% 9% NA

Veritone $14.86 $403 $49 $0 $354 7.1x 7.0x 6.0x NM NM NM 84% 2% 16% 65% 69% 74% NM NM NM

Mean 8.3x 7.2x 6.5x 19.6x 16.9x 14.5x 33% 9% 15% 73% 74% 71% 9% 13% 13%

Median 6.1x 5.8x 5.6x 21.3x 17.5x 15.7x 22% 6% 12% 74% 74% 72% 5% 14% 19%

Technical Applications

Autodesk $239.19 $52,430 $1,467 $2,084 $53,046 16.9x 14.2x 12.0x NM 45.9x 33.6x 29% 19% 18% 91% 92% 93% 27% 31% 36%

Dassault Systèmes SE $172.86 $45,023 $2,465 $5,073 $47,688 10.6x 9.3x 8.4x 29.5x 29.5x 25.5x 13% 14% 10% 85% 84% 85% 36% 31% 33%

Synopsys $195.00 $29,404 $856 $770 $29,324 8.7x 7.8x 7.3x 31.5x 24.4x 21.9x 6% 11% 7% 79% 79% 79% 28% 32% 33%

Cadence Design Systems $95.96 $26,949 $946 $696 $26,699 11.4x 10.4x 9.7x 30.6x 28.2x 25.8x 9% 9% 8% 90% 90% 89% 37% 37% 38%

ANSYS $291.73 $24,971 $718 $549 $24,802 16.4x 15.6x 14.0x 34.7x 37.7x 32.4x 17% 5% 11% 91% 90% 90% 47% 42% 43%

PTC Inc. $77.79 $9,000 $861 $1,855 $9,994 7.8x 6.9x 6.1x 17.9x 22.3x 17.6x 1% 13% 13% 74% 74% 74% 44% 31% 35%

Aspen Technology $103.61 $7,004 $192 $471 $7,283 12.1x 12.6x 11.7x 23.5x 25.3x 23.2x 11% (4%) 7% 90% 90% 90% 51% 50% 51%

Altair Engineering Inc. $39.75 $2,896 $247 $208 $2,857 6.3x 6.3x 5.8x NM NM NM 16% 0% 9% 72% 72% 71% 11% 8% 10%

Mean 11.3x 10.4x 9.4x 27.9x 30.5x 25.7x 13% 8% 10% 84% 84% 84% 35% 33% 35%

Median 11.0x 9.9x 9.1x 30.1x 28.2x 25.5x 12% 10% 10% 87% 87% 87% 37% 32% 35%

2323




($MM)




Financial Applications

Fidelity National Information Services $134.09 $82,845 $1,373 $20,377 $102,039 9.9x 8.2x 7.6x 24.3x 19.4x 16.7x 23% 20% 9% 35% 36% 35% 41% 42% 45%

Fiserv $97.62 $65,355 $896 $21,968 $88,130 8.7x 5.9x 5.6x 18.0x 15.8x 14.1x 75% 46% 6% 47% 55% 49% 48% 37% 39%

Intuit Inc. $296.19 $77,238 $3,971 $663 $73,930 10.4x 9.8x 8.9x 29.0x 27.3x 23.9x 13% 6% 11% 83% 83% 83% 36% 36% 37%

MSCI Inc. $333.82 $27,906 $1,067 $3,353 $30,192 19.4x 18.2x 16.7x 35.5x 32.8x 29.8x 9% 7% 9% 81% 83% 81% 55% 55% 56%

SS&C Technologies Holdings $56.48 $14,473 $374 $7,638 $21,737 4.7x 4.7x 4.6x 11.9x 12.3x 11.6x 35% (1%) 3% 54% 57% 49% 39% 38% 39%

Coupa Software Incorporated $277.04 $18,582 $706 $718 $18,594 47.7x 37.8x 30.1x NM NM NM 50% 26% 25% 72% 72% 69% 9% 15% 18%

Jack Henry & Associates $184.03 $14,100 $110 $123 $14,113 8.7x 8.1x 7.6x 26.4x 25.4x 24.6x 7% 7% 7% 42% 42% 42% 33% 32% 31%

Fair Isaac Corporation $418.04 $12,125 $109 $1,054 $13,069 10.9x 10.7x 10.3x 34.8x 33.4x 30.7x 16% 2% 4% 70% 70% 70% 31% 32% 33%

Temenos AG $155.38 $11,187 $121 $1,118 $12,184 12.5x 12.8x 11.3x 33.3x 29.5x 26.5x 16% (2%) 13% 83% 81% 74% 38% 43% 43%

Avalara $133.09 $10,437 $451 $70 $10,056 26.3x 21.9x 17.7x NM NM NM 41% 20% 24% 72% 71% 71% 0% (1%) 4%

Xero Limited $62.21 $8,823 $319 $296 $8,799 19.9x 17.3x 13.9x NM NM NM 32% 15% 24% 84% 84% 84% 19% 21% 24%

Bill.com Holdings $90.21 $6,938 $382 $2 $6,558 NM 40.4x 32.1x NA NM NM NA 49% 26% 74% 74% 74% 0% (14%) (10%)

Q2 Holdings $85.79 $4,565 $113 $473 $4,925 15.6x 12.5x 10.1x NM NM NM 31% 25% 24% 53% 52% 50% 6% 4% 7%

Envestnet $73.54 $3,935 $69 $697 $4,562 5.1x 4.8x 4.3x 23.6x 22.4x 19.4x 11% 6% 10% 69% 70% 45% 21% 21% 22%

BlackLine $82.91 $4,675 $614 $404 $4,472 15.5x 13.1x 11.0x NM NM NM 27% 18% 19% 82% 81% 80% 9% 11% 14%

SimCorp A/S $107.92 $4,280 $54 $98 $4,324 8.5x 8.5x 7.6x 27.0x 31.5x 23.9x 16% (0%) 12% 63% 61% 62% 31% 27% 32%

Bottomline Technologies (de) $50.77 $2,230 $182 $212 $2,259 5.2x 5.0x 4.5x 23.1x 23.9x 19.9x 6% 4% 11% 57% 57% 57% 23% 21% 23%

Shift4 Payments $35.50 $1,463 $70 $709 $2,102 2.9x 3.6x 2.1x NA 37.6x 15.6x 30% (21%) 78% 39% 66% 39% 0% 10% 13%

Asseco Poland S.A. $16.71 $1,387 $639 $775 $2,098 0.7x 0.7x 0.7x 4.9x 5.3x 5.0x 13% 5% 2% 22% 21% 21% 15% 13% 14%

IRESS Limited $7.56 $1,442 $24 $200 $1,619 4.5x 4.1x 3.7x 17.2x 17.8x 16.2x 9% 9% 13% 27% 23% 29% 26% 23% 23%

Ebix $22.36 $682 $71 $731 $1,391 2.4x 2.7x 2.1x 8.0x NA NA 17% (10%) 28% 64% 61% 64% 30% 0% 0%

Zuora $12.75 $1,478 $173 $76 $1,382 5.0x 4.6x 4.2x NM NM NM 17% 8% 10% 57% 61% 55% (10%) (3%) 3%

Model N $34.76 $1,191 $61 $45 $1,176 8.1x 7.5x 6.7x NM NM NM (4%) 9% 11% 56% 56% 56% 10% 9% 11%

Basware Oyj $33.59 $484 $39 $92 $537 3.2x 3.3x 2.9x NM 28.3x 20.4x 3% (1%) 13% 51% 55% 52% 3% 11% 14%

Mean 11.1x 11.1x 9.4x 22.6x 24.2x 19.9x 21% 10% 16% 60% 61% 58% 21% 20% 22%

Median 8.7x 8.2x 7.6x 23.9x 25.4x 19.9x 16% 7% 12% 60% 61% 56% 22% 21% 23%

2424




($MM)




Vertical Applications

Danaher Corporation $176.83 $125,022 $4,368 $26,832 $147,498 8.2x 7.2x 6.4x 33.1x 27.9x 23.5x 5% 15% 12% 56% 56% 56% 25% 26% 27%

Roper Technologies $388.26 $40,533 $1,000 $5,277 $44,810 8.3x 8.3x 7.9x 23.3x 23.5x 22.3x 3% 1% 5% 64% 64% 63% 36% 35% 35%

Veeva Systems Inc. $234.42 $35,197 $1,381 $53 $33,869 30.7x 24.4x 20.4x NM NM NM 28% 26% 20% 75% 74% 72% 40% 38% 38%

Amadeus IT Group $52.19 $23,483 $748 $4,078 $26,813 4.3x 7.7x 5.2x 10.6x 28.4x 13.8x 11% (44%) 48% 69% 68% 55% 40% 27% 37%

Cerner Corporation $68.55 $20,863 $399 $1,518 $21,983 3.9x 3.9x 3.7x 13.3x 12.8x 11.3x 6% (1%) 6% 82% 82% 82% 29% 31% 33%

Tyler Technologies $346.88 $13,793 $340 $22 $13,474 12.4x 11.7x 10.6x 44.4x 42.8x 38.5x 16% 6% 10% 52% 50% 49% 28% 27% 28%

Guidewire Software $110.85 $9,220 $1,043 $436 $8,613 12.3x 11.8x 10.4x NA NM NM (4%) 4% 13% 55% 55% 55% 0% 13% 18%

RealPage $65.01 $6,436 $184 $1,283 $7,534 7.6x 6.6x 5.9x 26.7x 25.5x 21.5x 14% 15% 12% 63% 62% 62% 29% 26% 28%

CoreLogic $67.22 $5,338 $153 $1,819 $7,004 4.0x 4.0x 4.1x 14.1x 13.3x 13.5x (1%) (2%) (1%) 50% 53% 50% 28% 30% 30%

AppFolio $162.71 $5,573 $65 $134 $5,642 22.0x 17.9x 14.6x NM NM NM 35% 23% 22% 60% 61% 61% 14% 15% 16%

Sabre Corporation $8.06 $2,221 $684 $3,824 $5,370 1.4x 2.8x 1.8x 5.7x NM 11.4x 3% (51%) 54% 35% 24% 28% 24% (3%) 16%

Blackbaud $57.08 $2,757 $25 $648 $3,380 3.8x 3.8x 3.7x 18.1x 19.7x 19.7x 6% (1%) 2% 60% 58% 56% 21% 19% 19%

2U $37.96 $2,428 $138 $326 $2,616 4.6x 3.6x 3.1x NM NM NM 40% 26% 16% 72% 71% 74% (4%) (1%) 3%

Allscripts Healthcare Solutions $6.77 $1,100 $204 $1,181 $2,077 1.2x 1.2x 1.2x 7.0x 7.4x 6.6x 1% (4%) 4% 43% 42% 45% 17% 17% 18%

PROS Holdings $44.43 $1,923 $252 $141 $1,813 7.2x 7.0x 6.1x NM NM NM 27% 3% 16% 63% 61% 61% (5%) (12%) (3%)

HealthStream $22.13 $708 $142 $30 $596 2.3x 2.6x 2.7x 12.7x 16.2x 16.9x 10% (8%) (5%) 59% 62% 60% 18% 16% 16%

Castlight Health $0.83 $124 $44 $19 $99 0.7x 0.8x 0.7x NM NM NM (8%) (9%) 3% 61% 61% 62% (11%) (10%) (5%)

Boxlight Corporation $0.92 $29 $1 $7 $35 0.9x 1.2x 1.0x NM NM NM 1% (22%) 21% 30% 29% 27% (8%) (3%) 1%

Mean 7.5x 7.0x 6.1x 19.0x 21.8x 18.1x 11% (1%) 14% 58% 57% 57% 18% 16% 20%

Median 4.4x 5.3x 4.6x 14.1x 21.6x 16.9x 6% (0%) 12% 60% 61% 58% 22% 18% 18%

2525




($MM)




ERP & General Business

salesforce.com $187.33 $168,784 $9,802 $6,212 $165,194 9.7x 8.2x 7.0x 33.0x 27.6x 23.3x 29% 17% 18% 78% 78% 76% 29% 30% 30%

Shopify Inc. $949.20 $114,002 $2,361 $141 $111,783 NM NM 38.1x NM NM NM 47% 37% 35% 55% 54% 55% 5% 3% 4%

Workday $187.36 $44,061 $2,599 $2,100 $43,562 12.0x 10.4x 8.9x NM 44.9x 38.0x 29% 16% 17% 75% 76% 73% 21% 23% 23%

Constellation Software Inc. $1,126.92 $23,881 $372 $598 $24,107 6.9x 6.1x 5.2x 25.8x 22.5x 18.9x 14% 14% 18% 37% 37% 37% 27% 27% 27%

Paycom Software $309.73 $17,789 $182 $54 $17,661 23.9x 21.4x 17.7x NM NM 42.0x 30% 12% 21% 85% 86% 86% 43% 40% 42%

Slack Technologies $31.09 $17,525 $1,525 $840 $16,857 26.7x 19.3x 14.8x NM NM NM 57% 38% 31% 87% 88% 87% (17%) (9%) (4%)

Ceridian HCM Holding Inc. $79.27 $11,949 $255 $716 $12,410 15.1x 14.6x 12.7x NM NM NM 11% 3% 15% 46% 45% 46% 22% 19% 20%

Zendesk $88.53 $10,112 $468 $598 $10,242 12.5x 10.1x 8.1x NM NM NM 36% 24% 25% 75% 77% 73% 8% 9% 11%

The Sage Group plc $8.32 $9,072 $1,135 $1,432 $9,368 3.6x 4.1x 4.2x 14.8x 16.2x 16.2x 8% (11%) (3%) 93% 93% 93% 25% 25% 26%

Paylocity Holding Corporation $145.89 $7,832 $181 $83 $7,735 15.5x 13.3x 11.4x NM NM 42.4x 23% 17% 17% 65% 65% 65% 29% 25% 27%

Anaplan $45.31 $6,232 $303 $52 $5,981 17.2x 13.8x 11.1x NM NM NM 45% 24% 25% 76% 78% 74% (11%) (9%) (2%)

Manhattan Associates $94.20 $5,981 $75 $37 $5,943 9.6x 10.7x 9.6x 38.2x 43.6x 40.7x 11% (10%) 11% 55% 54% 55% 25% 25% 24%

Smartsheet Inc. $50.92 $6,098 $544 $75 $5,628 20.8x 15.4x 11.9x NM NM NM 52% 35% 29% 82% 80% 81% (19%) (13%) (7%)

The Descartes Systems Group Inc $52.69 $4,451 $56 $22 $4,417 13.6x 13.0x 11.6x 36.0x 32.3x 28.4x 18% 5% 11% 74% 74% 73% 38% 40% 41%

J2 Global $63.21 $3,016 $527 $1,578 $4,067 3.0x 2.9x 2.8x 7.4x 7.6x 7.0x 14% 1% 6% 83% 82% 83% 40% 39% 39%

Enghouse Systems Limited $53.30 $2,946 $121 $28 $2,853 9.2x 7.1x 6.1x 30.3x 22.1x 19.1x 19% 30% 17% 70% 70% 70% 30% 32% 32%

SPS Commerce $75.12 $2,624 $215 $23 $2,432 8.7x 8.1x 7.4x 34.9x 29.9x 26.0x 12% 8% 9% 68% 68% 67% 25% 27% 28%

Cornerstone OnDemand $38.56 $2,461 $456 $367 $2,372 4.1x 3.2x 2.6x 18.2x 11.0x 8.5x 7% 29% 23% 76% 74% 73% 23% 29% 31%

Workiva Inc. $53.49 $2,521 $496 $324 $2,350 7.9x 7.0x 6.1x NM NM NM 22% 12% 15% 72% 73% 72% (2%) (7%) (4%)

Pluralsight $18.05 $1,905 $406 $491 $2,046 6.5x 5.4x 4.5x NM NM NM 37% 19% 22% 78% 80% 76% (13%) (12%) (6%)

Technology One Limited $6.07 $1,938 $51 $18 $1,905 9.3x 9.3x 8.1x 33.1x 28.6x 22.6x 14% 0% 14% 38% 38% 38% 28% 32% 36%

Upland Software $34.76 $880 $99 $569 $1,350 6.1x 5.1x 4.9x 16.4x 14.9x 13.9x 49% 19% 4% 71% 70% 68% 37% 34% 36%

Opera Limited $9.00 $1,073 $219 $58 $913 2.7x 2.4x 1.6x 20.0x 35.9x 9.9x 94% 14% 46% 81% 82% 71% 14% 7% 17%

QAD Inc. $41.28 $844 $140 $31 $734 2.4x 2.4x 2.2x NM 44.7x 31.8x (7%) (2%) 10% 55% 56% 54% 4% 5% 7%

Benefitfocus $10.76 $345 $115 $292 $523 1.8x 2.0x 1.8x 27.5x 18.7x 14.2x 14% (12%) 11% 54% 52% 51% 6% 11% 13%

American Software $15.76 $511 $94 $2 $419 3.7x 3.6x 3.5x 26.6x 29.6x 26.8x 1% 3% 4% 54% 54% 54% 14% 12% 13%

Synchronoss Technologies $3.53 $146 $31 $78 $205 0.7x 0.7x 0.6x 7.4x 8.1x 5.1x (5%) (1%) 6% 52% 56% 53% 9% 8% 12%

ServiceSource International $1.58 $150 $47 $69 $172 0.8x 0.9x 0.9x 40.6x NM 26.5x (9%) (11%) 4% 30% 32% 31% 2% 0% 3%

Park City Group $4.23 $82 $18 $7 $71 3.7x 3.7x 3.3x 18.6x 20.5x 14.8x (16%) (0%) 11% 70% 70% 70% 20% 18% 23%

Mean 9.2x 8.0x 7.9x 25.2x 25.5x 22.7x 23% 11% 16% 67% 67% 66% 16% 16% 19%

Median 8.3x 7.1x 6.1x 26.6x 25.1x 22.6x 18% 12% 15% 71% 70% 70% 21% 19% 23%

2626




($MM)




Development & Operations Management

ServiceNow $405.06 $77,246 $1,859 $1,203 $76,591 22.1x 17.6x 14.1x NM NM 46.8x 33% 26% 25% 81% 82% 78% 29% 31% 30%

VMware $154.86 $64,894 $5,946 $8,674 $67,622 6.3x 5.9x 5.3x 16.4x 16.9x 15.1x 12% 7% 10% 87% 85% 85% 38% 35% 35%

Atlassian Corporation Plc $180.27 $44,499 $2,072 $1,151 $43,578 33.3x 24.9x 19.9x NM NM NM 36% 34% 25% 86% 86% 86% 31% 25% 26%

Twilio Inc. $219.42 $30,730 $1,843 $648 $29,535 26.0x 19.4x 15.6x NM NM NM 75% 34% 25% 59% 57% 55% 10% 6% 8%

Datadog $86.95 $26,031 $795 $59 $25,296 NM 44.9x 33.5x NM NM NM 83% 55% 34% 75% 78% 77% 2% 4% 5%

MongoDB $226.34 $13,156 $977 $1,019 $13,199 31.3x 24.9x 19.5x NM NM NM 58% 26% 28% 72% 72% 72% (10%) (10%) (5%)

Dynatrace $40.60 $11,411 $213 $510 $11,708 22.9x 19.0x 15.7x NA NM NM NA 21% 20% 79% 79% 79% 0% 26% 26%

SolarWinds Corporation $17.67 $5,510 $237 $2,019 $7,292 7.8x 7.2x 6.5x 16.1x 15.6x 13.9x 12% 8% 10% 92% 91% 92% 49% 46% 47%

Micro Focus International plc $5.35 $1,790 $808 $5,215 $6,198 1.8x 2.1x 2.2x 4.8x 5.8x 5.8x 9% (13%) (5%) 78% 78% 78% 38% 36% 38%

New Relic $68.90 $4,151 $805 $493 $3,840 6.7x 5.9x 5.2x 39.7x NM 42.6x 28% 14% 14% 83% 83% 83% 17% 11% 12%

Appian Corporation $51.25 $3,575 $149 $52 $3,477 13.4x 12.5x 11.0x NM NM NM 15% 7% 13% 65% 66% 65% (11%) (14%) (10%)

Bandwidth Inc. $127.00 $3,030 $492 $292 $2,830 14.3x 10.0x 8.6x NM NM NM 20% 43% 16% 48% 48% 51% (1%) 4% 5%

NetScout Systems $25.56 $1,846 $386 $531 $1,991 2.2x 2.3x 2.2x NA 10.4x NA (1%) (3%) 6% 72% 72% 72% 0% 22% 0%

PagerDuty $28.62 $2,253 $351 $35 $1,937 11.6x 9.3x 7.6x NM NM NM 41% 25% 22% 85% 86% 85% (16%) (8%) (3%)

Progress Software Corporation $38.75 $1,745 $204 $325 $1,867 4.5x 4.2x 4.2x 10.9x 10.5x 10.4x 9% 7% (0%) 85% 88% 87% 41% 40% 41%

Magic Software Enterprises Ltd. $11.30 $553 $87 $34 $530 1.6x 1.5x 1.4x NA NA NA 15% 7% 9% 32% 31% 32% 0% 0% 0%

MobileIron $4.93 $569 $99 $14 $484 2.4x 2.4x 2.3x NM NM NM 6% (3%) 5% 82% 79% 81% (3%) (6%) (5%)

Axway Software SA $20.03 $426 $24 $81 $483 1.4x 1.5x 1.5x 11.4x 13.7x NA 4% (4%) 2% 71% 73% 39% 13% 11% 0%

Comarch S.A. $53.16 $432 $96 $66 $406 1.1x 1.0x 1.0x 6.4x 6.7x 6.7x 3% 3% 6% 32% 28% 28% 17% 15% 15%

Mean 11.7x 11.4x 9.3x 15.1x 11.4x 20.2x 25% 15% 14% 72% 72% 70% 13% 14% 14%

Median 7.3x 7.2x 6.5x 11.4x 10.5x 13.9x 15% 8% 13% 78% 78% 78% 10% 11% 8%

Sales & Marketing Applications

HubSpot $224.35 $9,788 $969 $610 $9,430 14.0x 11.7x 9.7x NM NM NM 32% 20% 21% 82% 82% 81% 12% 9% 12%

ZoomInfo Technologies Inc. $51.03 $7,663 $63 $1,283 $8,882 30.3x 20.2x 15.9x NM 43.1x 32.6x 103% 50% 27% 84% 88% 84% 59% 47% 49%

Pegasystems Inc. $101.17 $8,103 $538 $568 $8,133 8.9x 7.6x 6.4x NM NM NM 2% 17% 19% 68% 71% 68% (4%) 4% 7%

SurveyMonkey $23.54 $3,250 $145 $301 $3,407 11.1x 9.1x 7.6x NM NM NM 21% 21% 21% 77% 80% 75% 13% 11% 13%

LivePerson $41.43 $2,743 $171 $200 $2,772 9.5x 8.0x 6.5x NM NM NM 17% 19% 23% 74% 73% 74% (5%) 2% 6%

Yext $16.61 $1,955 $249 $132 $1,838 6.2x 5.2x 4.3x NM NM NM 31% 19% 22% 75% 76% 75% (16%) (13%) (5%)

Cardlytics $69.98 $1,887 $102 $13 $1,798 8.5x 9.6x 6.5x NM NM NM 40% (11%) 48% 38% 35% 37% 3% (8%) 4%

Sprout Social $27.00 $1,360 $137 $25 $1,248 12.1x 9.7x 7.6x NM NM NM 30% 25% 28% 74% 73% 74% (17%) (18%) (8%)

ChannelAdvisor Corporation $15.84 $449 $56 $15 $408 3.1x 3.1x 3.0x 20.2x 16.0x 13.9x (1%) 1% 5% 78% 79% 78% 16% 19% 21%

Mean 11.5x 9.4x 7.5x 20.2x 29.5x 23.3x 31% 18% 24% 72% 73% 72% 7% 6% 11%

Median 9.5x 9.1x 6.5x 20.2x 29.5x 23.3x 30% 19% 22% 75% 76% 75% 3% 4% 7%

2727




($MM)




SaaS

Adobe Inc. $435.31 $208,803 $4,351 $4,697 $209,149 18.7x 16.4x 14.2x 41.1x 34.7x 29.4x 24% 14% 16% 88% 88% 87% 46% 47% 48%

salesforce.com $187.33 $168,784 $9,802 $6,212 $165,194 9.7x 8.2x 7.0x 33.0x 27.6x 23.3x 29% 17% 18% 78% 78% 76% 29% 30% 30%

Shopify Inc. $949.20 $114,002 $2,361 $141 $111,783 NM NM 38.1x NM NM NM 47% 37% 35% 55% 54% 55% 5% 3% 4%

ServiceNow $405.06 $77,246 $1,859 $1,203 $76,591 22.1x 17.6x 14.1x NM NM 46.8x 33% 26% 25% 81% 82% 78% 29% 31% 30%

Zoom Video Communications $253.54 $71,524 $1,105 $72 $70,491 NM 39.1x 30.8x NM NM NM 88% 190% 27% 82% 71% 78% 17% 26% 27%

Atlassian Corporation Plc $180.27 $44,499 $2,072 $1,151 $43,578 33.3x 24.9x 19.9x NM NM NM 36% 34% 25% 86% 86% 86% 31% 25% 26%

Workday $187.36 $44,061 $2,599 $2,100 $43,562 12.0x 10.4x 8.9x NM 44.9x 38.0x 29% 16% 17% 75% 76% 73% 21% 23% 23%

Veeva Systems Inc. $234.42 $35,197 $1,381 $53 $33,869 30.7x 24.4x 20.4x NM NM NM 28% 26% 20% 75% 74% 72% 40% 38% 38%

Splunk Inc. $198.70 $31,567 $1,757 $2,158 $31,968 13.6x 13.2x 10.5x NM NM NM 31% 3% 25% 85% 80% 81% 17% 1% 13%

DocuSign $172.21 $31,602 $758 $674 $31,518 32.4x 23.9x 18.7x NM NM NM 39% 35% 28% 78% 79% 76% 10% 11% 14%

Twilio Inc. $219.42 $30,730 $1,843 $648 $29,535 26.0x 19.4x 15.6x NM NM NM 75% 34% 25% 59% 57% 55% 10% 6% 8%

RingCentral $285.01 $25,053 $762 $1,084 $25,375 31.0x 22.7x 18.3x NM NM NM 33% 37% 24% 76% 77% 79% 15% 13% 13%

Datadog $86.95 $26,031 $795 $59 $25,296 NM 44.9x 33.5x NM NM NM 83% 55% 34% 75% 78% 77% 2% 4% 5%

Okta $200.23 $24,951 $1,447 $1,161 $24,665 42.1x 31.7x 24.4x NM NM NM 47% 33% 30% 76% 77% 73% (6%) (3%) 0%

Coupa Software Incorporated $277.04 $18,582 $706 $718 $18,594 47.7x 37.8x 30.1x NM NM NM 50% 26% 25% 72% 72% 69% 9% 15% 18%

Paycom Software $309.73 $17,789 $182 $54 $17,661 23.9x 21.4x 17.7x NM NM 42.0x 30% 12% 21% 85% 86% 86% 43% 40% 42%

Slack Technologies $31.09 $17,525 $1,525 $840 $16,857 26.7x 19.3x 14.8x NM NM NM 57% 38% 31% 87% 88% 87% (17%) (9%) (4%)

Zscaler $109.50 $14,292 $391 $41 $13,941 38.7x 28.6x 22.2x NM NM NM 48% 36% 29% 80% 80% 80% 11% 9% 10%

Dynatrace $40.60 $11,411 $213 $510 $11,708 22.9x 19.0x 15.7x NA NM NM NA 21% 20% 79% 79% 79% 0% 26% 26%

Cloudflare $35.95 $10,916 $592 $51 $10,376 36.1x 26.5x 20.3x NM NM NM 49% 36% 31% 77% 77% 78% (15%) (5%) 2%

Zendesk $88.53 $10,112 $468 $598 $10,242 12.5x 10.1x 8.1x NM NM NM 36% 24% 25% 75% 77% 73% 8% 9% 11%

HubSpot $224.35 $9,788 $969 $610 $9,430 14.0x 11.7x 9.7x NM NM NM 32% 20% 21% 82% 82% 81% 12% 9% 12%

Dropbox $21.77 $8,996 $1,101 $1,084 $8,979 5.4x 4.7x 4.3x 23.7x 17.8x 14.6x 19% 14% 11% 76% 78% 74% 23% 27% 29%

ZoomInfo Technologies Inc. $51.03 $7,663 $63 $1,283 $8,882 30.3x 20.2x 15.9x NM 43.1x 32.6x 103% 50% 27% 84% 88% 84% 59% 47% 49%

NetApp $44.37 $9,842 $2,888 $1,812 $8,766 1.6x 1.7x 1.7x 6.5x 7.7x 6.8x (10%) (8%) 3% 64% 64% 64% 24% 22% 25%

Paylocity Holding Corporation $145.89 $7,832 $181 $83 $7,735 15.5x 13.3x 11.4x NM NM 42.4x 23% 17% 17% 65% 65% 65% 29% 25% 27%

RealPage $65.01 $6,436 $184 $1,283 $7,534 7.6x 6.6x 5.9x 26.7x 25.5x 21.5x 14% 15% 12% 63% 62% 62% 29% 26% 28%

Five9 $110.67 $7,166 $326 $228 $7,067 21.5x 18.5x 15.8x NM NM NM 27% 17% 17% 63% 63% 61% 19% 16% 18%

Bill.com Holdings $90.21 $6,938 $382 $2 $6,558 NM 40.4x 32.1x NA NM NM NA 49% 26% 74% 74% 74% 0% (14%) (10%)

Proofpoint $111.12 $6,368 $946 $815 $6,237 7.0x 6.1x 5.2x 39.7x 43.7x 29.5x 24% 15% 17% 79% 79% 75% 18% 14% 18%

AppFolio $162.71 $5,573 $65 $134 $5,642 22.0x 17.9x 14.6x NM NM NM 35% 23% 22% 60% 61% 61% 14% 15% 16%

Smartsheet Inc. $50.92 $6,098 $544 $75 $5,628 20.8x 15.4x 11.9x NM NM NM 52% 35% 29% 82% 80% 81% (19%) (13%) (7%)

Q2 Holdings $85.79 $4,565 $113 $473 $4,925 15.6x 12.5x 10.1x NM NM NM 31% 25% 24% 53% 52% 50% 6% 4% 7%

Everbridge $138.36 $4,754 $498 $456 $4,711 23.5x 18.0x 14.2x NM NM NM 37% 30% 26% 71% 69% 69% 3% 2% 6%

Envestnet $73.54 $3,935 $69 $697 $4,562 5.1x 4.8x 4.3x 23.6x 22.4x 19.4x 11% 6% 10% 69% 70% 45% 21% 21% 22%

BlackLine $82.91 $4,675 $614 $404 $4,472 15.5x 13.1x 11.0x NM NM NM 27% 18% 19% 82% 81% 80% 9% 11% 14%

J2 Global $63.21 $3,016 $527 $1,578 $4,067 3.0x 2.9x 2.8x 7.4x 7.6x 7.0x 14% 1% 6% 83% 82% 83% 40% 39% 39%

2828




($MM)




SaaS (Cont.)

Pure Storage $17.33 $4,593 $1,274 $610 $3,928 2.4x 2.3x 2.0x 27.0x 31.2x 22.6x 21% 5% 16% 70% 71% 68% 9% 7% 9%

New Relic $68.90 $4,151 $805 $493 $3,840 6.7x 5.9x 5.2x 39.7x NM 42.6x 28% 14% 14% 83% 83% 83% 17% 11% 12%

Qualys $104.02 $4,053 $332 $50 $3,770 11.7x 10.5x 9.3x 26.8x 24.8x 21.5x 15% 11% 13% 80% 80% 79% 44% 42% 43%

Cloudera $12.72 $3,757 $412 $212 $3,558 4.5x 4.2x 3.9x NM 20.3x 15.8x 65% 5% 9% 76% 80% 72% (3%) 21% 25%

Box $20.76 $3,186 $268 $470 $3,388 4.9x 4.4x 4.0x 49.3x 24.5x 19.9x 14% 10% 10% 71% 73% 72% 10% 18% 20%

Medallia $25.24 $3,562 $408 $52 $3,206 8.0x 6.9x 5.8x NM NM NM 28% 15% 19% 67% 69% 65% 3% 6% 9%

LivePerson $41.43 $2,743 $171 $200 $2,772 9.5x 8.0x 6.5x NM NM NM 17% 19% 23% 74% 73% 74% (5%) 2% 6%



Ping Identity Holding Corp. $32.09 $2,581 $169 $169 $2,581 10.6x 10.6x 8.7x NM NM NM 21% 1% 21% 84% 82% 84% 21% 11% 15%

SPS Commerce $75.12 $2,624 $215 $23 $2,432 8.7x 8.1x 7.4x 34.9x 29.9x 26.0x 12% 8% 9% 68% 68% 67% 25% 27% 28%

Cornerstone OnDemand $38.56 $2,461 $456 $367 $2,372 4.1x 3.2x 2.6x 18.2x 11.0x 8.5x 7% 29% 23% 76% 74% 73% 23% 29% 31%

Workiva Inc. $53.49 $2,521 $496 $324 $2,350 7.9x 7.0x 6.1x NM NM NM 22% 12% 15% 72% 73% 72% (2%) (7%) (4%)

PagerDuty $28.62 $2,253 $351 $35 $1,937 11.6x 9.3x 7.6x NM NM NM 41% 25% 22% 85% 86% 85% (16%) (8%) (3%)

Zuora $12.75 $1,478 $173 $76 $1,382 5.0x 4.6x 4.2x NM NM NM 17% 8% 10% 57% 61% 55% (10%) (3%) 3%

Sprout Social $27.00 $1,360 $137 $25 $1,248 12.1x 9.7x 7.6x NM NM NM 30% 25% 28% 74% 73% 74% (17%) (18%) (8%)

Talend S.A. $34.66 $1,086 $178 $157 $1,066 4.3x 3.9x 3.5x NM NM NM 20% 10% 13% 77% 79% 77% (7%) (10%) (4%)

Zix Corporation $6.90 $377 $16 $198 $559 3.2x 2.6x 2.4x 14.2x 11.0x 10.3x 146% 23% 11% 61% 55% 66% 23% 24% 23%

Benefitfocus $10.76 $345 $115 $292 $523 1.8x 2.0x 1.8x 27.5x 18.7x 14.2x 14% (12%) 11% 54% 52% 51% 6% 11% 13%

ChannelAdvisor Corporation $15.84 $449 $56 $15 $408 3.1x 3.1x 3.0x 20.2x 16.0x 13.9x (1%) 1% 5% 78% 79% 78% 16% 19% 21%

Veritone $14.86 $403 $49 $0 $354 7.1x 7.0x 6.0x NM NM NM 84% 2% 16% 65% 69% 74% NM NM NM

Park City Group $4.23 $82 $18 $7 $71 3.7x 3.7x 3.3x 18.6x 20.5x 14.8x (16%) (0%) 11% 70% 70% 70% 20% 18% 23%

Mean 15.2x 13.8x 11.7x 27.2x 24.4x 23.5x 34% 22% 20% 74% 74% 73% 13% 14% 16%

Median 11.7x 10.6x 9.0x 26.8x 24.5x 21.5x 29% 17% 20% 76% 77% 74% 13% 14% 15%

2929

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/30/20, where Enterprise Value is >$50MM.Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM.1) Includes potential $160MM earn-out.

(1)

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

6/29/20

Singapore

Exchange

Limited

BidFX Systems

Limited $128 NA NA NA NA

Provides foreign exchange trading SaaS for institutional investors globally. Software enables multi-asset trading execution

management and workflow efficiencies.

6/23/20Mastercard

International Inc.Finicity Corp. $985 NA NA NA NA

Provides financial management and data aggregation software for the finance sector. Offerings enable credit decisioning, account

authentication, and transaction aggregation capabilities.

6/23/20

Maxar

Technologies

Inc.

Vricon Inc. $140 4.7x NA NA NAProvides 3D geodata and visualization software that enables representational imagery display for the defense, security,

telecommunications, and wireless infrastructure markets.

6/22/20Microsoft

CorporationCyberX Inc. $165 11.0x NA NA NA

Provides IoT-focused ICS network security management SaaS to businesses. Software provides features for network topology discovery

and asset monitoring, network segmentation, risk and vulnerability management, anti-malware, and governance and compliance.

6/19/20 Access UK Ltd. Eclipse

Hardware Ltd $71 NA NA NA NA

Provides case, practice and process management SaaS for law firms, charitable organizations, corporations, and local governmental

entities worldwide. Software enables document and workflow management, accounting, workforce management and scheduling from

a single user web interface.

6/15/20 Sinch AB ACL Mobile

Limited$71 1.1x NA NA NA

Provides cloud communications SaaS to businesses in India and Southeast Asia. Software enables users to to communicate with

customers over multiple-channels including SMS, voice, email, IP messaging, and WhatsApp.

6/15/20 Kinaxis Inc.

Rubikloud

Technologies

Inc.

$60 0.9x NA 9.4x NAProvides AI-enabled business analytics SaaS to retail and consumer packaged goods (CPG) industries globally. Software provides

features for demand forecasting, promotion, pricing, and assortment optimization.

6/4/20 VMware Inc. Lastline Inc. $160 6.4x NA NA NAProvides AI-based anti-malware software and SaaS that detects and prevents advanced persistent threats. Software also protects

against zero-day attacks and phishing.

6/3/20 NetApp Inc. Spot $325 10.8x NA NA NA

Provides multi-cloud infrastructure management and automation SaaS for Amazon Web Services (AWS), Google Cloud, and Microsoft

Azure users. Software provides features for managing application performance through predictive algorithms, data migration ,and

application scaling automation.

6/2/20

National

Instruments

Corp.

OptimalPlus Ltd. $365 7.2x NA NA NAProvides supply chain analytics software for the semiconductor, automotive, and electronics sectors. Software uses machine learning

to enable real-time analysis of supply chain management and manufacturing processes.

3030

Select Software M&A Transactions (Cont’d.)

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/30/20, where Enterprise Value is >$50MM.Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM.

($MM)



6/1/20Change

Healthcare Inc. PDX Inc. $208 NA NA NA NA

Provides outpatient pharmacy management SaaS for pharmacies and health systems in North America. Software includes features for

data analytics, revenue cycle management, inventory management, prescriptions processing, healthcare records management, and

point of sale solutions.

6/1/20 Iress Ltd. OneVue

Holdings Limited$71 NA NA NA NA Provides financial and investment management software and SaaS for accountants and bankers in Australia.

5/27/20

Keysight

Technologies

Inc.

Eggplant Ltd. $330 8.7x NA NA NA Provides mobile and web automated application testing and quality assurance software for businesses.

5/19/20Revance

Therapeutics Inc.Hint Inc. $180 NM NA NA NA Provides customer payment SaaS for the aesthetics sector.

5/13/20CyberArk

Software Ltd.IDaptive LLC $70 3.5x NA NA NA

Provides AI-based identity and access management SaaS for enterprises globally. Software includes features for single sign-on, multi-

factor authentication, identity lifecycle management, directory services, and user behavior analytics.

5/5/20 Sinch AB SAP SE $250 0.7x NA NA NAThe SAP Digital Interconnect assets of SAP which provides mobile customer engagement SaaS for businesses globally. Software

enables communication via SMS, push notifications, email, voice, and chat.

5/4/20Kaufman, Hall &

Associates LLC

Change

Healthcare $55 NA NA NA NA

Change Healthcare's Analytics Explorer, Performance Manager and other data assets, collectively referred to as Connected Analytics,

which provides medical revenue cycle management software and SaaS, including electronic information transmission, collaboration,

billing, medical coding and electronic transaction and payments processing.

4/30/20

SS&C

Technologies

Inc.

Innovest Systems

LLC$120 20.0x NA NA NA

Provides accounting and reporting SaaS to trust companies, banks, private banks, wealth management firms, and retirement plan

administrators.

4/28/20 Rapid7 Inc. Divvy Cloud

Corporation $145 14.5x NA NA NA

Provides cloud security posture management (CSPM) and compliance SaaS for enterprises. Software provides features for unified cloud

visibility and monitoring, risk assessment and auditing, and identity and access management (IAM) governance.

4/22/20 Medallia Inc.

Voci

Technologies

Inc.

$59 NA NA NA NAProvides AI-backed speech recognition and transcription SaaS for businesses. Software enables the near real-time conversion of

speech to text.

3131

RECENT ACQUISITIONSSelect Software M&A Transactions (Cont’d.)

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/30/20, where Enterprise Value is >$50MM.Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM.

($MM)



4/16/20

Verizon

Communications

Inc.

Blue Jeans

Network Inc. $400 4.0x NA NA NA

Provides videoconferencing, webinar, and online event management SaaS for businesses. Software provides features for integration

with existing ERP systems and is accessible through multiple web browser platforms and on mobile devices.

4/15/20 CollabNet Inc.

Arxan

Technologies

Inc.

$225 5.6x NA NA NA Provides web, desktop, and mobile application anti-tampering, anti-malware, and code protection software for businesses globally.

4/15/20MRI Software

LLC

Castleton

Technology plc $103 0.3x NA NA NA

Provides housing management software, SaaS, and related managed and IT services for the social housing sector in the U.K., Ireland,

and Australia. Offerings enable customer, property, and finance management as well as mobile workforce capabilities.

4/9/20

Investcorp

Technology

Partners

Avira GmbH $180 NM NA NA NA

Provides desktop and mobile anti-virus, anti-malware, and anti-spam software and SaaS for businesses and consumers globally.

Software provides features for sending suspicious files to the company's cloud database to back check against a possible threat, and

returning the information to the device when considered safe.

All Software

Median 5.6x NA 9.4x NA

Mean 6.6x NA 9.4x NA

PE Acquirers

Median NA NA NA NA

Mean 3.0x NA NA NA

3232

RECENT FINANCINGS

Notes:Sources: Pitchbook. Reflects deal activity through 06/30/20. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM.

Selected Software Private Financings

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

6/30/20 Discord $100Developer of an online gaming chat application designed to connect gamers in real-time

seamlessly. Index Ventures, IVP

6/30/20 Fivetran $100Developer of an automated data integration platform designed to centralize data into cloud

warehouses. Andreessen Horowitz, CEAS Investments, General Catalyst, Matrix Partners

6/30/20 solarisBank $67Provider of an API-based Banking-as-a-Platform (BaaP) designed to integrate banking services

for emerging digital-first companies.

ABN AMRO Ventures, Global Brain, Hegus, HV Holtzbrinck Ventures, Lakestar, Samsung Catalyst

Fund, SBI Holdings, Storm Ventures, Vulcan Capital, Yabeo Capital

6/30/20Global Tone

Comm. Tech$51 Provider of fintech and research data analytical solutions. China Electronics Corporation Data, Shanghai Shibei Hi-Tech

6/30/20 Parsable $50Provider of a mobile collaboration and workflow platform designed to transform assembly

lines into an end-to-end digital execution environment. Glade Brook Capital Partners

6/29/20 Zuoyebang $750 Provider of a web and mobile learning platform designed to assist K12 students. FountainVest Partners, Qatar Investment Authority, SB China Venture Capital, Sequoia Capital

China, Tiantu Capital, Tiger Global Management, Xiang He Capital

6/25/20Syntellis

Performance $500 Developer of enterprise performance management software based in Chicago, Illinois. Madison Dearborn Partners, Thoma Bravo

6/25/20 Sevenrooms $50Provider of reservation and guest management platform intended to deliver an intuitive

reservation, seating and guest management functions. Providence Equity Partners

6/24/20 UJET $55Provider of a real-time communications platform intended to make things easy for customers

and businesses to instantly connect so they can resolve problems faster. Citi Ventures, DCM Ventures, GV, Kleiner Perkins, Resolute Ventures, Sapphire Ventures

6/23/20 Carta $210Developer of an ownership management and compliance platform designed to consolidate

company ownership data onto one common electronic registry. Finsight Ventures, Lightspeed Venture Partners, Tribe Capital

6/22/20 Checkout.com $150Provider of an online payments platform intended to track and secure digital payments across

the Internet.

Blossom Capital, Coatue Management, DST Global, Government of Singapore Investment

Corporation (GIC), Insight Partners

6/22/20 Cedar $102Provider of a patient payment platform intended to offer a smarter way for hospitals, health

systems, and medical groups to manage the patient payment ecosystem.

Andreessen Horowitz, Founders Fund, Jeff Vacirca, Jerod Mayo, Kaiser Permanente Ventures,

Kinnevik, Lakestar, Thrive Capital

6/22/20 Privitar $87 Developer of a data privacy platform designed to offer enterprise-wide privacy protection. ABN AMRO Ventures, Accel, HSBC Holdings, HSBC Strategic Innovation Investments, IQ Capital

Partners, Partech, Salesforce Ventures, Warburg Pincus

6/22/20 SYNQA $80Developer of an all-in-one payments platform designed to connect millions of customers

across the world.

Aioi Nissay Dowa Insurance Company, SCB 10X, SMBC Venture Capital, SPARX Group Company,

Sumitomo Mitsui Banking, Toyota Financial Services

6/22/20 Swile $78Porvider of a meal ordering platform intended to reinvent the experience of lunch breaks with

colleagues. Bpifrance, Daphni, Idinvest Partners, Index Ventures, Kima Ventures

6/22/20 Pricefx $65Developer of pricing management and optimization software intended to fulfill the needs of a

holistic pricing process. Apax Partners, Bain & Company, Credo Ventures, Digital+ Partners, Talis Capital

6/22/20 Canva $60 Developer of an online graphic design platform designed to create beautiful documents. Blackbird Ventures, Bond Capital (San Francisco), Felicis Ventures, General Catalyst, Sequoia

Capital China

6/18/20 Payfone $100Developer of an identity-verification software designed to protect against identity theft and

social engineering attacks from professional attackers.

Andrew Prozes, Apax Partners, Blue Venture Fund, MassMutual Ventures, Ralph Vega, Sandbox

Insurtech Ventures, Synchrony Ventures, Wellington Management

6/17/20 Contentful $80 Developer of a content platform intended to build digital experiences at scale. General Catalyst, Salesforce Ventures, Sapphire Ventures

3333

RECENT FINANCINGS


Selected Software Private Financings (Cont’d.)

($MM)



6/16/20 TripActions $125Developer of an end-to-end travel management platform designed to offer complete

corporate travel planning and support. Greenoaks Capital Partners, Vista Equity Partners

6/16/20 Outreach $50Developer of a semiautomated sales engagement platform designed to automate repetitive

sales tasks on behalf of coworkers while prioritizing key customer touchpoints.

Lone Pine Capital, Mayfield Fund, Meritech Capital Partners, Operator Collective, Salesforce

Ventures, Sands Capital Ventures, Sapphire Ventures, Spark Capital, Trinity Ventures

6/11/20 Postman $150 Provider of a collaboration platform designed to offer application program interface. CRV, Insight Partners, Nexus Venture Partners

6/10/20Duck Creek

Technologies$230 Developer of insurance SaaS software.

Apax Partners, Dragoneer Investment Group, Insight Partners, Kayne Anderson Rudnick

Investment Management, Neuberger Berman, Temasek Holdings, Whale Rock Capital Mgmt.

6/10/20 NS8 $123Provider of a fraud prevention platform that combines behavioral analytics, real-time scoring,

and global monitoring to help businesses minimize risk. AXA Venture Partners, Lightspeed Venture Partners

6/9/20 JSonar $50Developer of a next-generation security data platform intended to offer efficient data-centric

audit and protection. Goldman Sachs Merchant Banking Division

6/8/20 Drivezy $100Provider of a self-drive vehicle rental platform designed to offer rented cars, motorbikes and

scooters for trips. SoftBank Group, Sony, Yamaha Motor

6/4/20 HyperScience $60 Developer of an AI-based enterprise software designed to automate office work. Battery Ventures, Bessemer Venture Partners, Felicis Ventures, FirstMark Capital, Gaingels

Syndicate, Penna & Company, Stripes, Third Kind Venture Capital, Tiger Global Management

6/3/20 Varo $241 Developer of a financial platform intended to improve their mobile banking experience. Gallatin Point Capital, HarbourVest Partners, Jeffrey Skoll, Paul Hewson, Progressive Casualty

Insurance Company, PROOF Fund, The Rise Fund, Warburg Pincus

6/2/20 XLG $97 Developer of new energy vehicle rental platform. Ningbo Yincheng Group

6/1/20 Pagaya $102Developer of a data-driven investment platform designed to offer online lending and online

credit marketplaces.

Aflac Ventures, GF Capital Management & Advisors, Harvey Golub, Oak HC/FT, Poalim Capital

Markets, Siam Commercial Bank, Viola Ventures

5/28/20 Marqeta $150Developer of an API payment platform designed to offer card issuing and payment processing

services. Undisclosed Investors

5/28/20 Synack $52Developer of a crowdsourced security testing platform that delivers penetration testing to

security teams who need a scalable, efficient way to test their attack surfaces.

B Capital Group, C5 Capital, GGV Capital, GV, Hewlett Packard Pathfinder, Icon Ventures, Intel

Capital, Kleiner Perkins, M12, Rashmi Gopinath, Singtel Innov8

5/28/20 Benchling $50Developer of a lab collaboration platform intended to make life science research faster and

more collaborative.

Alkeon Capital Management, Benchmark (San Francisco), ICONIQ Capital, Lux Capital

Management, Menlo Ventures, Spark Capital, Thrive Capital

5/28/20 DEEPEXI $50 Developer of a cloud-based customer relationship management (CRM) platform. Bertelsmann Asia Investments, China Merchants Venture Capital, Chuxin Capital, Hillhouse

Capital Group, IDG Capital, Lighthouse Capital, Morningside Venture Capital

5/27/20 Aircall $65Developer of a virtual voice calling software designed to facilitate remote communication

between the customers, partners and employees.

Adams Street Partners, Balderton Capital, Draper Esprit, DTCP, eFounders, Next World Capital,

Swisscom Ventures

5/27/20 Smava $62 Developer of online loan comparison platform. Earlybird Venture Capital, Runa Capital, Verdane, Vitruvian Partners

5/26/20 Fundbox $200Operator of a cash flow management platform utilizing machine learning to facilitate business

payments and credit network solutions.

9Yards Capital, Allianz X, Arbor Ventures, Blumberg Capital, General Catalyst, HarbourVest

Partners, Khosla Ventures, SEB Private Equity, Spark Capital, Synchrony Ventures

5/26/20 Bolt $109Developer of a mobile-based ride-hailing platform intended to provide a convenient mode of

transportation. Naya Capital

3434

RECENT FINANCINGS



($MM)



5/26/20 DefinedCrowd $51Developer of a platform designed to source, structure, and enrich quality training data for

machine learning.

Balderton Capital, Bynd Venture Capital, EDP Ventures, Evolution Equity Partners, Hermes GPE,

Ironfire Ventures, Kibo Ventures Partners, Portugal Ventures, Semapa Next

5/26/20 Bluecore $50Developer of a decision making platform designed to empower commerce organizations to

discover their customers and keep them for life. FirstMark Capital, Georgian Partners, Norwest Venture Partners

5/21/20 States Title $123Developer of machine intelligence technologies intended to remove the friction in residential

real estate, making the process simple and efficient.

Bloomberg Beta, Eminence Capital, Fifth Wall, Foundation Capital, Greenspring Associates,

Horizons Ventures, Hudson Structured Capital Management, Lennar, Scor

5/21/20 Couchbase $105Developer of a cloud-based data platform designed to simplify mainframe and relational

databases.

Accel, Adams Street Partners, Glynn Capital, GPI Capital, Mayfield Fund, North Bridge Venture

Partners, Sorenson Capital

5/21/20 Mindstrong $100Developer of a digital therapeutic platform intended to address personal, societal, and

economic problems.

8VC, ARCH Venture Partners, Bezos Expeditions, Foresite Capital Management, General

Catalyst, Optum Ventures, What If Ventures

5/21/20 Amplitude $50Developer of a mobile analytics platform designed to track user behavior and build better

products.

Battery Ventures, Benchmark (San Francisco), Government of Singapore Investment

Corporation (GIC), IVP, Lead Edge Capital, Sequoia Capital, Sorenson Capital

5/21/20 RapidAPI $50Developer of a software development platform intended to connect developers with public

APIs. Andreessen Horowitz, CLF Partners, DNS Capital, Green Bay Ventures, Grove Ventures, M12

5/20/20 MasterClass $100Provider of an online education platform designed to offer video-based online vocational

courses taught by celebrities, athletes, and business executives.

01 Advisors, Atomico, Fidelity Management & Research, IVP, New Enterprise Associates,

NextEquity Partners, Owl Ventures

5/20/20 Coalition $90 Developer of a cyber risk platform intended to manage network threats. Felicis Ventures, Greenoaks Capital Partners, Greyhound Capital, Hillhouse Capital Group,

Ribbit Capital, Valor Equity Partners, Vy Capital

5/20/20 BetterCloud $75Developer of an operations management platform intended to empower IT to define,

remediate and enforce management and security policies for SaaS applications.

Accel, Bain Capital Ventures, e.ventures, Flybridge Capital Partners, Greycroft, New Amsterdam

Growth Capital, Warburg Pincus

5/20/20 KhataBook $60Developer of a smartphone-based application designed to help entrepreneurs manage their

business and personal credits.

B Capital Group, DST Global, Falcon Edge Capital, GGV Capital, Hummingbird Ventures, RTP

Global, Sequoia Capital India, Tencent Holdings, Unilever Ventures

5/19/20 ContentSquare $189Developer of a digital experience insights optimization platform designed to help businesses

understand how users are interacting.

BlackRock Private Equity Partners, Bpifrance, Canaan Partners, Eurazeo, Hermes GPE, Highland

Europe, Holding14, Kohlberg Kravis Roberts, Sapiance Capital

5/19/20 Keep $80 Developer of an fitness application designed to offer fitness guidelines to fitness enthusiasts. Bertelsmann Asia Investments, GGV Capital, Jeneration Capital, Morningside Venture Capital,

Sunrise Capital, Tencent Industry Win-Win Fund

5/18/20 Zing Health $150Developer of insurance technology designed to solve traditional underserved existing

healthcare plans. Newlight Partners

5/15/20JD Industrial

Products$230 Developer of an Industrial Products E-commerce Platform. CITIC Capital, GGV Capital, Sequoia Capital China

5/13/20Cloudwalk

Technology$254

Developer of an AI facial recognition technology designed for financial, public security and

aviation sectors in China.

China Internet Investment Fund, Guxin Capital, Nansha Financial Holding, Qingdao Haier

Venture Capital, Shanghai Guosheng (Group) Company

5/13/20 Expel $50Developer of a managed security platform designed to identify and eliminate security risks in

the cybersecurity space.

Battery Ventures, CapitalG, Greycroft, Index Ventures, Paladin Capital Group, Scale Venture

Partners

5/12/20 EIS Group Software $52 Developer of the multi-line multi-channel cloud-native core system for insurance carriers. Undisclosed Investors

5/8/20 ServiceTitan $74Developer of a cloud-based software intended to offer end-to-end services for the residential

home services industry. Undisclosed Investors

3535

RECENT FINANCINGS



($MM)



5/8/20 Scandit $70Developer of a barcode scanning platform intended to change the way businesses and

consumers interact with everyday objects. Atomico, G2VP, GV, Kreos Capital, NGP Capital, Salesforce Ventures, Swisscom Ventures

5/7/20 Huisuanzhang $60Developer of a cloud-based platform and mobile app designed to help in bookkeeping,

invoicing, tax planning and other financial services. Gaocheng Capital, Sunshine Insurance Group, Xiaomi Technology

5/7/20 Symend $52Provider of a debt collection platform intended to transform the consumer experience of debt

resolution for telcos, banks and utilities.

BDC Capital, Ignition Partners, Impression Ventures, Inovia Capital, Markus Frind, Mistral

Venture Partners, Réseau Capital, TELUS Ventures

5/6/20 Corcentric $80Corcentric is the provider of process automation, procurement, and asset management

solutions. Bregal Sagemount

5/1/20 Asapp $185Developer of a machine learning software intended to make customer experiences more

productive.

Emergence Capital Partners, Euclidean Capital, HOF Capital (New York), Joe Tucci, John

Chambers, John Doerr, March Capital Partners, Telstra Ventures, Vast Ventures

4/30/20 Procore $150Developer of a cloud-based project-management platform intended to manage construction

and real-estate projects. Bessemer Venture Partners, D1 Capital Partners

4/30/20 Figma $50 Developer of a cloud-based screen design tool intended to create digital products. Andreessen Horowitz, Durable Capital Partners, Founders Fund, Greylock Partners, Henry

Ellenbogen, Index Ventures, Kleiner Perkins, Sequoia Capital

4/29/20 Stash $112Developer of a personal finance and investment application intended to make saving and

investment accessible to everyone.

Breyer Capital, Goodwater Capital, Greenspring Associates, LendingTree, Union Square

Ventures

4/28/20 o9 Solutions $100 Developer of a cloud-based business planning and management platform. Kohlberg Kravis Roberts

4/23/20 Miro $50Developer of visual collaboration platform designed for cross-functional teams with tools

geared towards decentralized workforces in particular to collaborate. Accel, ICONIQ Capital

4/21/20 Confluent $250Provider of an enterprise-ready event streaming platform intended to help organizations to

benefit from scalability, security and flexibility with offices globally.

Altimeter Capital Management, Coatue Management, Franklin Templeton Investments, Index

Ventures, Sequoia Capital

4/21/20 ForgeRock $93Developer of a digital identity management platform designed to facilitate secure

organizational access controls.

Accel, Accenture Ventures, Foundation Capital, Kohlberg Kravis Roberts, Meritech Capital

Partners, Riverwood Capital

4/17/20 Didi Bike $150 Operator of a bike sharing platform intended to provide bikeshare services. Legend Capital, SB China Venture Capital

4/17/20 Trade Republic $73 Developer of trading platform intended to allow users to freely trade in capital market. Accel, Creandum, Founders Fund, Project A

4/16/20 Stripe $850Developer of an online payment platform designed to integrate electronic payments and

enable secure transactions. Andreessen Horowitz, General Catalyst, GV, Novator Partners, Sequoia Capital

4/16/20 Lucid $52Provider of collaborative diagramming and brand management software designed to improve

clarity, communication and productivity. Cross Creek, ICONIQ Capital, Meritech Capital Partners, Spectrum Equity

4/15/20 Airwallex $160Developer of cross-border payments and foreign exchange platform designed to make and

receive international payments.

ANZi Ventures, DST Global, Hillhouse Capital Group, Horizons Ventures, Salesforce Ventures,

Sequoia Capital China, Tencent Holdings

4/15/20 BioCatch $145Developer of a biometric technology created to recognize a wide range of human and non-

human cybersecurity threats.

American Express Ventures, Bain Capital, Blumberg Capital, CreditEase, Decacorn Capital,

Industry Ventures, Maverick Ventures, NexStar Partners

4/15/20 Attentive $110Developer of a personalized mobile messaging platform designed to change the way

businesses and consumers interact.

Bain Capital Ventures, Coatue Management, Eniac Ventures, Felicis Ventures, High Alpha, IVP,

NextView Ventures, Sequoia Capital

3636

RECENT FINANCINGS



($MM)



4/15/20 Onfido $100 Developer of a verification platform intended to automate the identity verification process. More Capital, Phoenician Funds, TPG Growth

4/9/20 Paidy $251Provider of an online payment platform and loan service designed to give consumers peace of

mind and increase conversion and sales.

Goldman Sachs Growth, Itochu, JS Capital Management, PayPal Ventures, Soros Capital,

Tybourne Capital Management, Unusual Ventures, Visa Ventures

4/9/20 Cohesity $250Developer of a web-scale platform designed to simplify the way companies protect, manage

and extract value from their data.

Cisco Investments, DFJ Growth, Foundation Capital, Greenspring Associates, Hewlett Packard

Pathfinder, Oryx Ventures, Sequoia Capital, SoftBank, Sozo Ventures, Wing Venture Capital

4/7/20Podium

Corporation$125

Provider of an enterprise-class customer review management platform designed to change the

way businesses communicate with their customers.

Accel, Album VC, Alkeon Capital Management, GV, IVP, Recruit Strategic Partners, Sapphire

Ventures, Summit Partners, Y Combinator

4/7/20 Accellion $120Developer of a cloud-based cybersecurity platform intended to prevent data breaches and

compliance violations from third-party cyber risk. Bregal Sagemount

4/7/20 CircleCI $100Developer of a continuous delivery automation platform designed to offer automated testing

and continuous integration tools. IVP, Sapphire Ventures, Scale Venture Partners

4/7/20 AI Speech $58Developer of intelligent voice interaction technology designed to improve human-machine

interaction. Beijing Automotive Group Industrial Investment, Gold Stone Investment

4/6/20Voyager

Innovations$120 Developer of digital payments and digital finance platforms in the Philippines.

International Finance Corporation, Kohlberg Kravis Roberts, Philippine Long Distance

Telephone, Tencent Holdings

4/6/20 WorkJam $50Developer of an employee engagement platform designed to extend existing systems to

motivate, communicate & connect businesses with their front line workforce.

Blumberg Capital, Claridge, Fonds de solidarité FTQ, Harmony Partners, Inovia Capital, Lerer

Hippeau

4/3/20 Lunar $51Developer of a digital banking application designed to facilitate online money transfer and

payments.

Chr. Augustinus Fabriker, David Helgason, Greyhound Capital, Seed Capital (Denmark), Socii

Capital

4/2/20 4Paradigm $230 Provider of artificial intelligence technology and data science services. China CITIC Bank, Cisco Investments, Co-Stone Capital, Green Pine Capital Partners, Lenovo

4/2/20 Cato Networks $77Developer of a cloud-based enterprise security platform intended to offer a secure enterprise

network connection to all enterprise locations, people and data.

Aspect Ventures, Greylock Partners, Lightspeed Venture Partners, Singtel Innov8, US Venture

Partners

4/1/20 Cosmoplat $135Operator of an industrial internet platform intended for intelligent manufacturing and

information technology.

China Merchants Securities, China Structural Reform Fund, Cowin Capital, Jifu Ventures, SAIF

Partners, Shanghai SMI Holding Company, TopoScend Capital

4/1/20 Notion $50Developer of an online work collaboration platform designed to boost productivity between

teams. Index Ventures, Permian Bank Capital

3737

GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANKGlobal Investment Bank Providing Strategic M&A and Capital Markets Advisory Services to Growth Companies and Market Leaders

GCA operates as GCA in America and Asia, and GCA Altium in Europe.

ZURICH

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TEL AVIV

LONDON

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TOKYO

NEW DELHI

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NEW YORK

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Sector expertise:

Expansive coverage

and deep specialization

Exceptional cross-border capabilities:

~50% of all transactions

Global platform:25 offices in key markets across

America, Asia and Europe

Broad spectrum of clients:

Leading conglomerates, top private equity

firms and emerging high-growth

companies

Experienced team: Over 500 employees

across the globe

Strong reputation and track record: High number of

repeat clients and referrals

Diversified business model:

Geographically

balanced, synergistic

and complementary

focus areas

KYOTO

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3838

GCA Advisors, LLC is the US entity of GCA, a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 locations across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks.

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This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

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