SOFTWARE SECTOR REPORT - GCA Altium€¦ · 3 Software Q1 2020 EXECUTIVE SUMMARY Select Q1 Active...

SOFTWARESECTOR REPORT

Q1 2020

22

COVID-19 STATEMENT

We at GCA are closely monitoring the effects of the COVID-19 pandemic. First and

foremost, we are committed to ensuring our employees and families remain safe

and healthy and we hope you, your employees, and your loved ones remain safe

and healthy as well. We are also incredibly grateful for everyone in the medical

community, as well as the numerous essential service providers keeping us safe and

keeping our communities running in these difficult times.

While this is an unprecedented time, deals are continuing to take place. Each

business—whether public or private, established or new, domestic or

international—has a unique set of needs. With this in mind, we want to offer our

expertise, insights, and perspectives to help you navigate this environment.

Please contact a member of our team on page 4 to discuss what we are seeing in the

market and how you could best position your business at this time and in the future.

NOTE ABOUT THE CURRENT CLIMATE

33

Software Q1 2020

EXECUTIVE SUMMARY

Select Q1 Active Investors Select Q1 Active Buyers

» The global software sector remains one of the most active investment sectors, with ~$14Bn in financing deal value and ~$28Bn in M&A deal value during Q1 2020

- 211 financings, 5% higher than Q1 ‘19

- 389 M&A transactions, 8% higher than Q1 ‘19

» Significant M&A activity in Q1 includes major acquisitions in the cybersecurity sector: Symphony Technology Group’s $2.1Bn acquisition of RSA(1), Advent International’s $1.9Bn acquisition of Forescout Technologies, and Hellman & Friedman’s $1.2Bn acquisition of Checkmarx

» Financial Software had some of the largest financing deals in Q1 ‘20 led by the $700MM financing of Chime and $500MM financing of Revolut; the Business Intelligence & Analytics sector also saw high financing volume

» Software sector trading performance has experienced turmoil due to the effect of COVID-19 but performed better than the S&P 500, with the IGV tech-software index outperforming the S&P 500 by 8.3% LTM as of Q1 2020

– Infrastructure software index grew 42.9% LTM as of Q1 2020, outperforming all other software sub segments

» Technical Application software companies traded at 7.7x and 23.9x for 2020E Revenue and EBITDA, respectively, among the highest in software

» Overall outlook in software growth remains healthy despite continued uncertainty, with some sectors seeing decline

Notes:Sources: Pitchbook, 451 Research, Capital IQ.1) Transaction includes the purchase of RSA Archer, RSA NetWitness Platform, RSA SecurID, RSA Fraud and Risk Intelligence, and RSA Conference.

44

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

100Senior Bankers Covering Technology

40Senior Bankers

Covering Software

25 Offices Globally Software Transactions in the Last Three Years115+

Technology-Related Deals in the Last 3 Years285+

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

eCommerce & 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/

55

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.

66

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)

$700 $5,300

$500 $5,000

$479 $2,075

$400 $1,900

$400 $1,892

$340 $1,395

$300 $1,330

$300 $1,300

LTM as of Q1 2020 Software Price Performance vs. S&P 500 (4)

Financing Activity by Quarter

$28.4 Billion

Q1 2020 M&A Deal ValueQ1 2020 Financing Deal Value (1)(2)

$14.5 Billion

Q1 2020 M&A TransactionsQ1 2020 Financing Transactions (1)(2)

211 389

$19

$32

$57

$82

$30 $39

$22 $19 $28

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

$15 $14 $17 $23

$14 $15 $17 $18 $14

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

(30%)

(20%)

(10%)

0%

10%

20%

30%

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

SPX IGV

155 167187

225201 198

222 227 211

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

298343

363 375 361 359 384349

389

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

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 03/31/2020.1) 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 Q1 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.

Software Q1 2020

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

$Bn $Bn

(9.9%)

(1.6%)

77

(40.0%)

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

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

42.9%

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months

1.7%

(15.3%)

(6.3%)

12) Business Intelligence & Analytics

(17.9%)

6.3%9.3%

(15.1%)(7.0%)

5.2%

(0.2%)(1.2%)

Notes:Sources: Capital IQ. Market Data as of 03/31/20.List of companies in each sector can be found in the public comparable tables.1) Pre COVID-19 figures reflect index performance as of 02/19/20.2) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform.

1) Infrastructure

42.9%

41.1%

5) Vertical

1.7%

22.0%

10) Development

and Operations Management

(15.3%)

8.3%

8) ERP & General Business

(6.3%)

28.3%

(17.9%)

11.7%

3) SaaS(2)

6.3%

31.1%

2) Platform

9.3%

31.1%

11) Sales & Marketing

(15.1%)

29.5%

9) Security

(7.0%)

10.1%

4) Content & Storage

Management

5.2%

28.0%

6) Financial Applications

(0.2%)

30.6%

7) Technical Applications

(1.2%)

25.0%Pre

COVID-19(1):

88

Sub Sector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Platform

Combined Market Cap: $1,806Bn20E/19A Rev. Growth: 0.6% 20E EBITDA Margin: 29.9%

Infrastructure

Combined Market Cap: $123Bn20E/19A Rev. Growth: 13.3%

20E EBITDA Margin: 16.0%

Security



Content & Storage Management



BI & Analytics



Financial Applications



Notes:Sources: Capital IQ. Market Data as of 03/31/20.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

Sub Sector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Technical Applications



Vertical

Combined Market Cap: $208Bn20E/19A Rev. Growth: 8.9%20E EBITDA Margin: 18.6%

ERP & General Business



Development & Operations



Sales & Marketing



SaaS



Notes:Sources: Capital IQ. Market Data as of 03/31/20.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.1) LogMeIn (LOGM) has agreed to be acquired by Francisco Partners.

(1)

1010

3.7% 4.2% 4.4% 4.8% 6.4% 8.6% 9.0% 11.7% 12.6% 14.5% 16.6% 21.7% 22.3% 22.4%

26.8% 28.6% 33.0% 36.4% 37.9%

112.6%

SOFTWARE STOCKS WINNERS & LOSERS

Notes:Sources: Capital IQ as of 03/31/20.

Top and Bottom 20 Performers in Q1 2020

Top 20 Performers

Bottom 20 Performers

(38.2%) (39.1%)(41.0%)

(42.2%)(43.7%) (43.7%) (44.6%) (45.0%) (45.5%) (46.1%)

(49.6%) (49.9%) (50.4%) (50.4%) (50.4%)(52.8%)

(54.6%)

(57.6%) (57.9%)

(65.9%)

1111

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 03/31/20.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

10.4x

8.6x 8.5x 8.3x

7.2x 7.2x6.5x

6.0x

5.4x 5.1x 4.9x

3.5x

Median: 6.9x

8.8x

8.0x 7.7x7.1x

6.7x6.1x 6.0x

5.2x4.7x

4.2x 4.0x3.3x

Median: 6.0x

32.8% 32.3%

24.9% 24.3% 22.2% 21.4% 20.3%

15.9%

12.8% 11.6% 10.1%

3.3%

Median: 20.9%

20.8% 19.5%

15.9% 15.2% 15.2% 13.9% 13.3%

12.2% 11.9% 11.4%

8.9%

0.6%

Median: 13.6%

1212

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 03/31/20.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

26.5x

22.9x 21.9x 21.8x20.8x 20.1x

17.9x 17.0x14.7x

11.7x10.0x

8.4x

Median: 19.0x

23.9x21.6x

19.4x 19.2x17.9x 17.7x 17.4x 17.1x

13.1x 12.5x10.0x

8.3x

Median: 17.6x

35.2%

30.3%

21.7%

18.2% 17.2% 16.5% 15.8% 14.6% 13.9%

12.2% 9.2%

0.3%

Median: 16.1%

34.1%

29.9%

22.0% 18.6%

17.2% 16.0% 15.6% 15.1% 15.1%

13.0% 12.5%

2.1%

Median: 15.8%

1313

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 % 9.4% 22.3% 36.3%

Median EV / Rev. 3.1x 7.4x 16.8x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

45.0x

50.0x

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

R = 0.79

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

Notes:Sources: Capital IQ as of 03/31/20.1) 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 %

1414

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

45.0x

50.0x

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

R = 0.58

PUBLIC SAAS COMPANIES

Notes:Sources: Capital IQ as of 03/31/20.1) 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 % 10.3% 31.0% 51.1%


Valuation Correlation to Growth % & Free Cash Flow Margin %

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

1515

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

45.0x

50.0x

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

R = 0.59

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 0.4x 0.7x 1.4x


Notes:Sources: Capital IQ as of 03/31/20.1) 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)

1616

Notes:Sources: Capital IQ and 451 Research.

SOFTWARE M&A UPDATE

Quarterly M&A Activity Select Q1 2020 M&A Transactions

Ann.Date

Acquirer TargetEnterprise

ValueEV/ LTM

Rev

3/31 $420 NA

3/16 $1,150 NA

3/4 $417 NA

2/25 $1,330 NA

2/24 $1,395 5.4x

2/18 $2,075 2.6x

2/6 $1,900 5.5x

1/23 $700 10.0x

1/21 $625 NA

1/16 $1,892 5.4x

1/13 $5,300 NA

1/13 $375 NA

1/9 $5,000 5.0x

1/6 $1,300 NA

1/6 $1,100 18.3x

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

Q1 2020 Dashboard

$19

$32

$57

$82

$30

$39

$22 $19

$28

298

343

363

375

361 359

384

349

389

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

1717

Notes:Sources: Pitchbook.1) Coatue Management was additional lead investor.2) Bessemer Venture Partners, Greenoaks Capital Partners, and Tiger Global Management were additional lead investors.3) Salesforce Ventures was additional lead investor.

SOFTWARE FINANCINGS UPDATE

Quarterly Financing Activity Select Q1 2020 Financing Transactions

DealDate

CompanyLead/Selected

InvestorAmount Invested

Funding to Date

Post-Money

Valuation

3/19 $400 $659 $1,900

3/13 $300 $483 $740

3/5 $700 $1,007 $6,000

2/20 $210 $410 $2,700

2/14 $400 $897 $4,900

2/7 $479 $1,402 $12,400

2/6 $340 $744 $2,800

2/5 $500 $845 $5,500

1/24 $300 $507 $1,300

1/17 $260 $866 $2,000

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

$15 $14

$17

$23

$14 $15

$17 $18

$14

155

167

187

225

201 198

222227

211

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

(1)

(2)

(3)

Q1 2020 Dashboard

1818

($MM)

Offer Date(1) Name Market Cap @ IPO

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

2/28/2020 In IPO Registration

2/27/2020 In IPO Registration

12/13/2019 $795 $150 16.00 - 18.00 $17.00 $15.96

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $34.20

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $35.98

9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $20.02

9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $23.48

8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $23.84

7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $20.04

6/20/2019 $19,484 $4,560 Direct Listing $26.00 $26.84

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $55.68

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $18.98

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $146.12

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $8.78

4/11/2019 $2,816 $218 21.00 - 23.00 $24.00 $17.28

10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $15.67

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and Company filings. Market data as of 03/31/20. 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: 25.9%

MEAN: 39.1%

(3)

4.5%

(28.0%)

(37.3%)

18.6%

63.8%

3.2%

(4.6%)

49.0%

56.5%

33.5%

33.3%

55.5%

(6.1%)

305.9%

(2)

(2)

Median: 25.9%

19

APPENDIX

2020

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20.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 3/31/2020 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 $157.71 $1,199,550 $134,231 $87,147 $1,152,466 8.6x 7.7x 6.8x 18.8x 17.0x 14.6x 13% 11% 13% 66% 66% 66% 46% 46% 47%

Oracle Corporation $48.33 $152,413 $25,858 $53,566 $180,767 4.6x 4.5x 4.5x 9.6x 9.4x 9.1x 0% 1% 2% 80% 80% 80% 47% 48% 49%

International Business Machines Corporation$110.93 $98,551 $8,868 $68,158 $157,985 2.1x 2.1x 2.0x 8.7x 10.3x 8.0x (3%) (2%) 7% 47% 49% 48% 24% 21% 25%

Cisco Systems $39.31 $166,709 $27,062 $17,071 $156,718 3.0x 3.1x 3.0x 8.3x 8.3x 8.1x 1% (2%) 4% 63% 63% 63% 37% 37% 37%

SAP SE $112.97 $134,524 $6,081 $17,753 $146,281 4.7x 4.5x 4.2x 12.9x 12.4x 11.3x 9% 4% 7% 72% 72% 71% 37% 36% 37%

Dell Technologies Inc. $39.55 $29,246 $9,302 $53,848 $78,521 0.9x 0.9x 0.9x 6.7x 7.4x 6.9x 2% (3%) 3% 34% 34% 31% 13% 12% 12%

HP Inc. $17.36 $24,821 $4,493 $6,030 $26,358 0.4x 0.5x 0.5x 5.0x 5.3x 5.2x (0%) (4%) 1% 19% 19% 19% 9% 9% 9%

Mean 3.5x 3.3x 3.1x 10.0x 10.0x 9.0x 3% 1% 5% 54% 55% 54% 30% 30% 31%

Median 3.0x 3.1x 3.0x 8.7x 9.4x 8.1x 1% (2%) 4% 63% 63% 63% 37% 36% 37%

Infrastructure

Zoom Video Communications $146.12 $40,768 $855 $72 $39,985 NM 43.4x 32.4x NM NM NM 88% 48% 34% 82% 81% 81% 17% 20% 20%

RingCentral $211.91 $18,458 $344 $430 $18,544 22.7x 16.5x 13.3x NM NM NM 33% 37% 24% 76% 76% 79% 15% 13% 13%

Citrix Systems $141.55 $17,320 $589 $999 $17,730 5.9x 5.7x 5.4x 15.5x 17.4x 16.1x 1% 3% 6% 86% 85% 86% 38% 33% 34%

Akamai Technologies $91.49 $14,865 $1,537 $2,671 $16,000 5.5x 5.2x 4.9x 13.2x 12.1x 11.2x 7% 6% 7% 66% 66% 66% 42% 43% 44%

Amdocs Limited $54.97 $7,398 $486 $281 $7,236 1.8x 1.7x NA 8.8x 8.2x NA 3% 3% NA 35% 35% NM 20% 21% NA

Juniper Networks $19.14 $6,336 $1,958 $1,887 $6,265 1.4x 1.4x 1.4x 6.6x 6.7x 6.5x (4%) (2%) 4% 60% 60% 60% 21% 21% 22%

Five9 $76.46 $4,740 $320 $223 $4,643 14.2x 12.2x 10.4x NM NM NM 27% 16% 17% 63% 63% 61% 19% 18% 19%

Everbridge $106.36 $3,653 $532 $446 $3,567 17.8x 13.7x 11.0x NM NM NM 37% 29% 25% 71% 70% 69% 3% 2% 4%

Verint Systems Inc. $43.00 $2,757 $399 $973 $3,345 2.6x 2.3x 2.2x 10.3x 9.1x 8.2x 6% 12% 6% 68% 68% 66% 25% 25% 27%

Software Aktiengesellschaft $30.00 $2,219 $579 $333 $1,974 2.0x 2.1x 2.0x 6.4x 10.0x 8.5x 1% (4%) 3% 77% 77% 77% 31% 21% 23%

Fastly $18.98 $1,823 $131 $30 $1,721 8.6x 6.6x 5.1x NM NM NM 39% 30% 28% 57% 58% 56% (9%) (7%) (1%)

Radware Ltd. $21.07 $976 $178 $19 $818 3.2x 3.1x 2.8x 19.3x 19.0x 14.9x 8% 6% 9% 83% 83% 82% 17% 16% 19%

Limelight Networks $5.70 $676 $18 $16 $673 3.4x 2.9x 2.7x 37.2x 22.6x 17.1x 3% 15% 7% 49% 50% 53% 9% 13% 16%

Extreme Networks $3.09 $366 $140 $442 $668 0.7x 0.7x 0.6x NA NA NA (1%) (1%) 3% 56% 56% 56% 0% 0% 0%

A10 Networks $6.21 $486 $130 $33 $389 1.8x 1.8x NA NA NA NA (8%) 1% NA 77% 77% NM 0% 0% NA

Mean 6.5x 8.0x 7.3x 14.7x 13.1x 11.8x 16% 13% 13% 67% 67% 69% 16% 16% 18%

Median 3.3x 3.1x 4.9x 11.8x 11.0x 11.2x 6% 6% 7% 68% 68% 66% 17% 18% 19%

2121



Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20.Margins <(20%) considered NM. Multiples <0 or >50 considered NM.1) Forescout Technologies (FSCT) has agreed to be acquired by Advent International.

(1)

($MM)




Security

VeriSign $180.09 $20,847 $1,218 $1,797 $21,426 17.4x 17.3x 15.3x 23.7x 23.4x 21.1x 1% 1% 13% 86% 86% 85% 73% 74% 72%

Splunk Inc. $126.23 $20,023 $1,755 $1,995 $20,262 8.6x 7.9x 6.2x NM NM 43.4x 31% 9% 27% 85% 82% 82% 17% 4% 14%

Citrix Systems $141.55 $17,320 $589 $999 $17,730 5.9x 5.7x 5.4x 15.5x 17.4x 16.1x 1% 3% 6% 86% 85% 86% 38% 33% 34%

Fortinet $101.17 $17,453 $2,066 $46 $15,434 7.2x 6.1x 5.3x 26.1x 23.2x 18.8x 20% 17% 16% 77% 78% 76% 27% 26% 28%

Palo Alto Networks $163.96 $16,348 $3,134 $1,870 $15,083 4.8x 4.2x 3.5x 19.9x 20.0x 15.1x 20% 16% 19% 72% 72% 72% 24% 21% 23%

Okta $122.26 $15,010 $1,403 $1,104 $14,712 25.1x 19.1x 14.7x NM NM NM 47% 32% 30% 76% 77% 73% (6%) (6%) 3%

Check Point Software Technologies Ltd.$100.54 $14,629 $1,579 $29 $13,078 6.6x 6.4x 6.2x 12.8x 13.4x 13.0x 4% 2% 3% 90% 90% 89% 51% 48% 48%

CrowdStrike Holdings $55.68 $11,872 $912 $0 $10,960 22.8x 15.1x 11.5x NM NM NM 93% 51% 31% 72% 73% 67% (9%) 1% 10%

Zscaler $60.86 $7,872 $385 $34 $7,522 20.9x 15.8x 12.2x NM NM NM 48% 32% 30% 80% 80% 80% 11% 7% 10%

Cloudflare $23.48 $7,106 $640 $11 $6,477 22.6x 16.8x 12.7x NM NM NM 49% 34% 32% 77% 77% 78% (15%) (7%) 0%

Proofpoint $102.59 $5,848 $891 $806 $5,763 6.5x 5.4x 4.6x 36.7x 40.8x 28.1x 24% 19% 18% 79% 79% 75% 18% 13% 16%

F5 Networks $106.63 $6,484 $1,162 $385 $5,706 2.5x 2.4x 2.2x 6.8x 6.9x NA 4% 5% 6% 84% 84% 84% 37% 35% 0%

Trend Micro Incorporated $49.63 $6,906 $1,588 $0 $5,319 3.5x 3.3x 3.1x 10.8x 10.6x 10.2x 4% 6% 5% 80% 80% 80% 32% 31% 31%

Qualys $86.99 $3,401 $299 $52 $3,154 9.8x 8.7x 7.6x 22.4x 20.2x 17.4x 15% 13% 14% 80% 80% 79% 44% 43% 43%

NortonLifeLock Inc. $18.71 $11,233 $12,768 $4,592 $3,057 0.6x 1.2x 1.2x 1.7x 4.3x 2.2x 56% (49%) 3% 79% 79% 79% 38% 29% 55%

CyberArk Software Ltd. $85.56 $3,262 $1,065 $510 $2,707 6.2x 5.4x 4.6x 20.2x 23.4x 18.5x 26% 16% 18% 88% 87% 86% 31% 23% 25%

FireEye $10.58 $2,321 $1,040 $1,099 $2,381 2.7x 2.6x 2.4x 20.7x 20.5x 16.4x 7% 5% 7% 72% 71% 68% 13% 12% 15%

Mimecast Limited $35.30 $2,207 $190 $241 $2,258 5.6x 4.6x 4.0x 32.3x 24.3x 19.5x 26% 20% 17% 74% 74% 74% 17% 19% 20%

Rapid7 $43.33 $2,176 $240 $265 $2,201 6.7x 5.5x 4.6x NM NM NM 34% 21% 21% 75% 75% 73% 4% 5% 8%

Tenable Holdings $21.86 $2,173 $212 $46 $2,007 5.7x 4.6x 3.8x NM NM NM 33% 23% 22% 84% 82% 84% (11%) (6%) (1%)

Varonis Systems $63.67 $1,949 $121 $65 $1,893 7.4x 6.7x 5.7x NM NM NM (6%) 11% 17% 87% 88% 88% (8%) (7%) (0%)

Ping Identity Holding Corp. $20.02 $1,596 $68 $51 $1,580 6.5x 6.0x 5.0x 31.6x NM 33.2x 21% 9% 18% 84% 82% 84% 21% 11% 15%

Forescout Technologies $31.59 $1,547 $98 $46 $1,495 4.4x 3.9x 3.4x NM NM NM 13% 14% 14% 78% 78% 77% (8%) (4%) 3%

SailPoint Technologies Holdings $15.22 $1,370 $444 $351 $1,278 4.4x 4.1x 3.6x 45.4x NM NM 16% 9% 14% 80% 80% 78% 10% 2% 7%

SecureWorks Corp. $11.51 $938 $182 $30 $786 1.4x 1.4x 1.3x NM NM 39.4x 7% 0% 7% 57% 58% 55% 2% 1% 3%

OneSpan Inc. $18.15 $729 $110 $14 $633 2.5x 2.4x 2.2x 19.3x 23.5x 16.6x 20% 2% 11% 67% 70% 69% 13% 10% 13%

F-Secure Oyj $2.61 $413 $29 $46 $430 1.8x 1.7x 1.6x 16.5x 12.3x 9.0x 12% 4% 7% 77% 79% 79% 11% 14% 18%

Zix Corporation $4.31 $232 $13 $193 $412 2.4x 1.9x 1.7x 10.4x 8.2x 7.6x 146% 24% 12% 61% 58% 67% 23% 23% 23%

A10 Networks $6.21 $486 $130 $33 $389 1.8x 1.8x NA NA NA NA (8%) 1% NA 77% 77% NM 0% 0% NA

MobileIron $3.80 $439 $94 $16 $361 1.8x 1.8x 1.6x NM NM NA 6% (3%) 11% 82% 80% 81% (3%) (5%) 0%

Absolute Software Corporation $6.08 $257 $39 $9 $228 2.2x 2.1x 1.9x 9.5x 11.5x 9.2x 6% 6% 8% 86% 86% 86% 24% 18% 21%

Tufin Software Technologies Ltd. $8.78 $312 $119 $25 $218 2.1x 1.9x 1.6x NM NM NM 22% 10% 20% 83% 82% 83% (14%) NM (14%)

Mean 7.2x 6.1x 5.2x 20.1x 17.9x 18.7x 25% 11% 15% 79% 78% 78% 16% 15% 18%

Median 5.6x 4.6x 4.0x 19.9x 20.0x 16.6x 20% 10% 14% 80% 79% 79% 15% 12% 15%

2222




($MM)




Content & Storage Management

Adobe Inc. $318.24 $153,328 $4,171 $4,711 $153,868 13.8x 11.8x 10.2x 30.3x 25.7x 21.8x 24% 16% 16% 88% 87% 87% 46% 46% 47%

DocuSign $92.40 $16,767 $656 $648 $16,759 17.2x 13.3x 10.5x NM NM NM 39% 29% 26% 78% 79% 77% 10% 13% 15%

Open Text Corporation $34.92 $9,456 $675 $3,799 $12,581 4.3x 3.7x 3.7x 11.3x 10.2x 9.4x 3% 15% 2% 73% 73% 73% 38% 37% 39%

NetApp $41.69 $9,221 $3,016 $1,988 $8,193 1.5x 1.5x 1.4x 6.1x 6.1x 5.7x (10%) (2%) 3% 64% 64% 64% 24% 24% 26%

Dropbox $18.10 $7,754 $1,159 $1,007 $7,602 4.6x 4.0x 3.6x 20.1x 14.9x 13.3x 19% 13% 12% 76% 77% 73% 23% 27% 27%

Nutanix $15.80 $3,076 $819 $635 $2,892 2.3x 2.0x 1.5x NM NM NM 1% 17% 28% 70% 70% 70% NM NM NM

Pure Storage $12.30 $3,284 $1,299 $597 $2,583 1.6x 1.4x 1.2x 17.8x 20.7x 14.9x 21% 10% 17% 70% 69% 68% 9% 7% 8%

Box $14.04 $2,134 $196 $425 $2,363 3.4x 3.1x 2.8x 34.4x 20.9x 16.1x 14% 10% 10% 71% 72% 71% 10% 15% 17%



Commvault Systems $40.48 $1,886 $337 $17 $1,566 2.3x 2.3x 2.2x 14.0x NA NA (4%) (0%) 5% 84% 84% 84% 16% 0% 0%

Brightcove Inc. $6.97 $272 $23 $18 $267 1.4x 1.4x 1.3x 30.3x 16.6x 16.0x 12% 5% 9% 61% 63% 60% 5% 8% 8%

Mean 5.4x 4.7x 4.0x 21.8x 17.4x 14.6x 12% 12% 13% 75% 75% 74% 17% 17% 19%

Median 3.8x 3.4x 3.2x 20.1x 18.6x 15.5x 13% 12% 14% 74% 74% 73% 16% 15% 17%

2323




($MM)




Business Intelligence & Analytics

NICE Ltd. $147.64 $9,212 $439 $590 $9,363 5.9x 5.5x 5.1x 18.9x 17.1x 15.6x 9% 7% 8% 71% 71% 68% 31% 32% 33%

Alteryx $95.17 $6,260 $787 $734 $6,208 14.9x 11.1x 8.6x NM NM 45.0x 65% 33% 30% 91% 91% 90% 19% 15% 19%

Elastic N.V. $55.81 $4,561 $296 $36 $4,301 11.2x 8.2x 6.2x NM NM NM 60% 36% 34% 71% 71% 71% (16%) (12%) (13%)

Inovalon Holdings $16.66 $2,583 $93 $1,006 $3,496 5.4x 5.0x 4.6x 16.6x 14.9x 13.6x 22% 9% 9% 74% 74% 72% 33% 33% 34%

Teradata Corporation $20.49 $2,265 $494 $686 $2,457 1.3x 1.3x 1.2x 7.4x 7.6x 6.3x (12%) (2%) 5% 54% 57% 51% 18% 17% 20%

Medallia $20.04 $2,683 $344 $9 $2,348 5.8x 5.0x 4.1x NM NM NM 28% 18% 20% 67% 71% 66% 3% 4% 7%

Cloudera $7.87 $2,323 $361 $212 $2,174 2.7x 2.5x 2.3x NM 12.6x 10.1x 65% 9% 10% 76% 78% 71% (3%) 20% 23%

MicroStrategy Incorporated $118.10 $1,193 $566 $113 $741 1.5x 1.4x NA 28.6x 10.2x NA (2%) 8% NA 80% 80% NM 5% 14% NA

Talend S.A. $22.43 $702 $177 $160 $685 2.8x 2.5x 2.2x NM NM NM 20% 11% 14% 77% 78% 77% (7%) (12%) (5%)

Domo $9.94 $282 $99 $101 $284 1.6x 1.5x 1.3x NM NM NM 22% 10% 13% 71% 73% 67% NM NM (17%)

Veritone $2.33 $63 $44 $0 $19 0.4x 0.3x 0.3x NM NM NM 84% 12% 15% 65% 69% 74% NM NM NM

Mean 4.9x 4.0x 3.6x 17.9x 12.5x 18.1x 33% 14% 16% 73% 74% 71% 9% 13% 11%

Median 2.8x 2.5x 3.2x 17.8x 12.6x 13.6x 22% 10% 13% 71% 73% 71% 5% 15% 19%

Technical Applications

Dassault Systèmes SE $148.35 $38,575 $2,183 $5,164 $41,617 9.2x 7.8x 7.1x 25.8x 24.8x 21.8x 13% 18% 10% 85% 85% 85% 36% 32% 33%

Autodesk $156.10 $34,267 $1,844 $2,545 $34,968 11.1x 9.0x 7.5x 40.8x 27.1x 20.3x 29% 24% 19% 91% 92% 92% 27% 33% 37%

ANSYS $232.47 $19,973 $872 $608 $19,709 13.0x 11.9x 10.8x 27.5x 27.3x 24.0x 17% 9% 10% 91% 90% 90% 47% 43% 45%

Synopsys $128.79 $19,348 $700 $859 $19,512 5.8x 5.2x 4.9x 20.9x 16.5x 15.1x 6% 11% 6% 79% 79% 79% 28% 32% 33%

Cadence Design Systems $66.04 $18,546 $710 $456 $18,293 7.8x 7.2x 6.7x 21.0x 19.9x 18.2x 9% 9% 7% 90% 90% 89% 37% 36% 37%

PTC Inc. $61.21 $7,069 $266 $1,350 $8,153 6.4x 5.4x 4.8x 14.6x 17.4x 13.3x 1% 18% 13% 74% 74% 74% 44% 31% 36%

Aspen Technology $95.07 $6,456 $80 $381 $6,757 11.2x 11.6x 10.0x 21.8x 21.0x 19.3x 11% (3%) 16% 90% 91% 90% 51% 55% 52%

Altair Engineering Inc. $26.50 $1,930 $223 $208 $1,915 4.3x 3.9x 3.6x 39.4x 37.6x 29.1x 16% 8% 9% 72% 72% 71% 11% 10% 12%

Mean 8.6x 7.7x 6.9x 26.5x 23.9x 20.1x 13% 12% 11% 84% 84% 84% 35% 34% 35%

Median 8.5x 7.5x 6.9x 23.8x 22.9x 19.8x 12% 10% 10% 87% 87% 87% 37% 32% 36%

2424




($MM)




Financial Applications

Fidelity National Information Services $121.64 $74,969 $1,152 $20,787 $94,620 9.2x 7.0x 6.6x 22.5x 16.1x 14.2x 23% 30% 7% 35% 39% 35% 41% 44% 46%

Fiserv $94.99 $64,245 $893 $22,642 $87,872 8.6x 5.5x 5.2x 17.9x 15.1x 13.8x 75% 57% 6% 47% 53% 49% 48% 36% 38%

Intuit Inc. $230.00 $59,913 $2,266 $754 $58,401 8.2x 7.5x 6.7x 22.9x 20.7x 18.8x 13% 9% 12% 84% 84% 84% 36% 36% 36%

MSCI Inc. $288.96 $24,566 $1,507 $3,258 $26,318 16.9x 15.4x 14.0x 30.9x 27.8x 25.0x 9% 10% 10% 81% 82% 80% 55% 55% 56%

SS&C Technologies Holdings $43.82 $11,204 $153 $7,562 $18,613 4.0x 3.9x 3.8x 10.2x 9.8x 9.3x 35% 3% 3% 54% 53% 48% 39% 40% 41%

Jack Henry & Associates $155.24 $11,910 $73 $71 $11,908 7.3x 6.8x 6.3x 22.3x 21.1x 19.3x 7% 7% 8% 42% 42% 42% 33% 32% 33%

Temenos AG $131.70 $9,460 $103 $1,108 $10,465 10.8x 9.3x 8.2x 28.6x 22.6x 19.6x 16% 16% 12% 83% 83% 76% 38% 41% 42%

Fair Isaac Corporation $307.69 $8,969 $111 $1,023 $9,881 8.3x 7.9x 7.5x 26.3x 23.6x 20.7x 16% 5% 6% 70% 70% 70% 31% 33% 36%

Coupa Software Incorporated $139.73 $9,312 $767 $783 $9,328 23.9x 19.1x 15.2x NM NM NM 50% 26% 25% 72% 73% 69% 9% 11% 14%

Xero Limited $41.66 $5,892 $311 $298 $5,880 14.8x 12.1x 9.3x NM NM 38.0x 18% 23% 30% 84% 84% 84% 4% 21% 24%

Avalara $74.60 $5,820 $467 $67 $5,419 14.2x 11.6x 9.4x NM NM NM 41% 22% 23% 72% 72% 71% 0% (0%) 5%

Envestnet $53.78 $2,861 $83 $668 $3,445 3.8x 3.4x 3.1x 17.8x 16.0x 14.1x 11% 11% 10% 69% 69% 44% 21% 21% 22%

SimCorp A/S $84.20 $3,343 $36 $80 $3,387 6.6x 6.5x 5.8x 21.2x 22.6x 18.4x 16% 3% 11% 63% 61% 62% 31% 29% 32%

Q2 Holdings $59.06 $2,860 $132 $470 $3,197 10.1x 7.8x 6.3x NM NM NM 31% 30% 25% 53% 53% 51% 6% 4% 8%

BlackLine $52.61 $2,966 $608 $400 $2,763 9.6x 8.0x 6.6x NM NM NM 27% 20% 20% 82% 81% 79% 9% 11% 13%

Bill.com Holdings $34.20 $2,474 $383 $0 $2,091 19.2x 13.3x 10.3x NA NM NM NA 44% 29% 74% 74% 74% 0% (15%) (11%)

Asseco Poland S.A. $13.99 $1,161 $600 $724 $1,871 0.7x 0.7x 0.7x 4.4x 4.8x 4.6x 13% (6%) 5% 22% 22% 22% 15% 15% 15%

Bottomline Technologies (de) $36.65 $1,613 $91 $129 $1,651 3.8x 3.5x 3.2x 16.9x 15.6x 14.1x 6% 9% 9% 57% 57% 57% 23% 23% 23%

IRESS Limited $6.39 $1,109 $24 $200 $1,285 3.6x 3.8x 3.5x 13.7x 14.9x 13.3x 9% (4%) 6% 27% 27% 30% 26% 25% 27%

Ebix $15.18 $463 $78 $763 $1,198 2.1x 1.8x 1.5x 6.9x 6.3x 4.8x 17% 14% 24% 64% 65% 65% 30% 29% 31%

Zuora $8.05 $926 $172 $79 $833 3.0x 2.8x 2.3x NM NM NM 17% 9% 19% 57% 61% 55% (10%) (6%) 4%

Model N $22.21 $740 $56 $51 $735 5.1x 4.7x 4.2x 49.0x NM 37.1x (4%) 9% 10% 55% 55% 55% 10% 9% 11%

Basware Oyj $20.77 $299 $36 $87 $351 2.1x 2.0x 1.8x NM 19.7x 13.3x 3% 4% 10% 51% 54% 51% 3% 10% 14%

Mean 8.5x 7.1x 6.2x 20.8x 17.1x 17.6x 20% 15% 14% 61% 61% 59% 22% 22% 24%

Median 8.2x 6.8x 6.3x 21.2x 16.1x 14.2x 16% 10% 10% 63% 61% 57% 23% 23% 24%

2525




($MM)




Vertical Applications

Danaher Corporation $138.41 $96,457 $19,912 $22,526 $99,082 5.5x 4.8x 4.4x 22.2x 18.0x 15.7x 5% 16% 10% 56% 56% 56% 25% 27% 28%

Roper Technologies $311.81 $33,086 $710 $5,552 $37,928 7.1x 6.8x 6.6x 19.7x 19.2x 18.2x 3% 4% 4% 64% 64% 63% 36% 35% 36%

Veeva Systems Inc. $156.37 $23,339 $1,087 $55 $22,307 20.2x 16.0x 13.4x NM 43.4x 35.3x 28% 26% 19% 75% 74% 73% 40% 37% 38%

Cerner Corporation $62.99 $19,164 $542 $1,190 $19,812 3.5x 3.4x 3.2x 12.0x 10.7x 9.9x 6% 3% 5% 82% 82% 82% 29% 31% 33%

Tyler Technologies $296.56 $11,789 $272 $23 $11,540 10.6x 9.6x 8.8x 38.0x 34.7x 30.8x 16% 10% 9% 52% 51% 49% 28% 28% 29%

RealPage $52.93 $4,895 $197 $1,279 $5,977 6.0x 5.1x 4.6x 21.2x 18.6x 16.3x 14% 18% 11% 63% 62% 62% 29% 27% 28%

Guidewire Software $79.31 $6,574 $1,065 $436 $5,945 8.5x 8.1x 6.8x NA NM 36.1x (4%) 5% 19% 56% 56% 56% 0% 13% 19%

CoreLogic $30.54 $2,413 $106 $1,817 $4,125 2.3x 2.4x 2.4x 8.3x 8.0x 8.0x (1%) (3%) (0%) 50% 53% 50% 28% 30% 30%

AppFolio $110.95 $3,792 $39 $85 $3,839 15.0x 12.0x 9.8x NM NM NM 35% 25% 22% 60% 61% 61% 14% 16% 18%

Blackbaud $55.55 $2,657 $32 $584 $3,209 3.6x 3.4x 3.2x 11.2x 18.3x 16.7x 6% 4% 6% 60% 59% 56% 32% 19% 19%

Allscripts Healthcare Solutions $7.04 $1,140 $130 $1,034 $2,044 1.2x 1.2x 1.1x 6.9x 6.6x 6.2x 1% 0% 3% 43% 42% 45% 17% 18% 18%

2U $21.22 $1,350 $171 $321 $1,500 2.6x 2.1x 1.8x NM NM NM 40% 27% 16% 72% 70% 74% (4%) (0%) 3%

HealthStream $23.95 $767 $173 $34 $628 2.5x 2.5x 2.7x 13.4x 14.5x 16.0x 10% (1%) (6%) 59% 62% 59% 18% 17% 17%

Castlight Health $0.72 $108 $59 $21 $69 0.5x 0.5x 0.5x NM NM NM (8%) (8%) 9% 61% 61% 61% (11%) (12%) (3%)

Boxlight Corporation $0.57 $8 $1 $9 $16 0.4x 0.4x 0.3x NM NM NM 2% 6% 13% 30% 30% 27% (7%) (6%) (0%)

Mean 6.0x 5.2x 4.6x 17.0x 19.2x 19.0x 10% 9% 9% 59% 59% 58% 18% 19% 21%

Median 3.6x 3.4x 3.2x 13.4x 18.2x 16.3x 6% 5% 9% 60% 61% 59% 25% 19% 19%

2626




($MM)




ERP & General Business

salesforce.com $143.98 $128,862 $7,947 $6,253 $127,168 7.4x 6.1x 5.1x 25.4x 20.9x 17.8x 29% 22% 19% 78% 79% 76% 29% 29% 29%

Shopify Inc. $416.93 $48,808 $2,468 $152 $46,492 29.5x 21.5x 15.8x NM NM NM 47% 37% 36% 55% 53% 55% 5% 2% 4%

Workday $130.22 $30,211 $1,945 $1,570 $29,836 8.2x 6.9x 5.8x 39.2x 30.9x 25.8x 29% 19% 19% 75% 76% 73% 21% 22% 23%

Constellation Software Inc. $902.35 $19,122 $326 $744 $19,540 5.6x 4.8x 4.1x 20.9x 17.7x 15.0x 14% 18% 16% 37% 37% 37% 27% 27% 27%

Slack Technologies $26.84 $14,945 $769 $227 $14,418 22.9x 16.9x 12.8x NM NM NM 57% 36% 32% 87% 87% 87% (17%) (11%) (6%)

Paycom Software $202.01 $11,645 $134 $61 $11,573 15.7x 12.8x 10.5x 36.4x 30.5x 24.7x 30% 22% 22% 85% 85% 86% 43% 42% 42%

The Sage Group plc $7.37 $8,034 $456 $941 $8,518 3.3x 3.5x 3.3x 13.3x 14.0x 13.0x 8% (6%) 7% 93% 93% 93% 25% 25% 25%

Ceridian HCM Holding Inc. $50.07 $7,143 $281 $716 $7,578 9.2x 8.5x 7.4x 41.1x 41.8x 34.6x 11% 8% 14% 46% 46% 46% 22% 20% 21%

Zendesk $64.01 $7,295 $484 $589 $7,400 9.1x 7.1x 5.6x NM NM NM 36% 28% 27% 75% 76% 72% 8% 8% 11%

Paylocity Holding Corporation $88.32 $4,735 $146 $85 $4,674 9.4x 7.7x 6.5x 32.1x 27.1x 22.0x 23% 22% 18% 65% 65% 65% 29% 28% 29%

j2 Global $74.85 $3,648 $576 $1,582 $4,654 3.4x 3.2x 3.0x 8.5x 8.0x 7.4x 14% 7% 6% 83% 83% 83% 40% 40% 40%

Smartsheet Inc. $41.51 $4,933 $566 $65 $4,431 16.4x 11.9x 9.0x NM NM NM 52% 37% 32% 82% 82% 81% (19%) (12%) (5%)

Anaplan $30.26 $4,140 $310 $56 $3,885 11.2x 8.5x 6.5x NM NM NM 45% 32% 30% 76% 78% 74% (11%) (8%) 0%

Manhattan Associates $49.82 $3,165 $111 $39 $3,094 5.0x 4.7x 4.5x 19.9x 21.7x 19.3x 11% 5% 7% 55% 54% 56% 25% 22% 23%

The Descartes Systems Group Inc $34.15 $2,874 $44 $13 $2,843 8.7x 7.9x 7.2x 23.2x 20.6x 18.2x 18% 10% 10% 74% 74% 73% 38% 38% 40%

Cornerstone OnDemand $31.75 $1,946 $417 $368 $1,896 3.3x 3.1x 2.8x 14.5x 12.3x 10.1x 7% 8% 11% 76% 76% 74% 23% 25% 27%

Enghouse Systems Limited $30.71 $1,689 $88 $30 $1,631 5.3x 4.5x 3.9x 17.3x 14.9x 12.8x 19% 17% 15% 70% 70% 70% 30% 30% 31%

Technology One Limited $4.91 $1,564 $71 $0 $1,493 7.3x 7.7x 6.9x 25.9x 24.7x 20.0x (3%) (6%) 12% 41% 41% 41% 28% 31% 35%

SPS Commerce $46.51 $1,629 $214 $24 $1,439 5.2x 4.7x 4.3x 20.6x 17.3x 15.0x 12% 10% 10% 68% 68% 67% 25% 27% 29%

Workiva Inc. $32.33 $1,521 $488 $319 $1,352 4.5x 4.0x 3.4x NM NM NM 22% 14% 16% 72% 73% 72% (2%) (10%) (5%)

Pluralsight $10.98 $1,157 $423 $487 $1,285 4.1x 3.3x 2.7x NM NM NM 37% 22% 24% 78% 80% 76% (13%) (14%) (7%)

PROS Holdings $31.03 $1,343 $306 $140 $1,177 4.7x 4.1x 3.5x NM NM NM 27% 14% 19% 63% 63% 61% (5%) (4%) 1%

Upland Software $26.82 $677 $175 $534 $1,035 4.6x 3.8x 3.6x 12.5x 10.2x 9.6x 49% 22% 6% 71% 72% 69% 37% 37% 37%

QAD Inc. $39.93 $813 $137 $32 $708 2.3x 2.3x 2.1x NM NM 28.4x (7%) 1% 10% 55% 57% 54% 4% 4% 7%

Opera Limited $5.37 $639 $183 $57 $512 1.5x 0.9x 0.8x 11.3x 7.0x 5.3x 94% 62% 22% 81% 76% 70% 14% 14% 14%

Benefitfocus $8.91 $292 $131 $283 $445 1.5x 1.4x 1.3x 23.4x 18.5x 12.9x 14% 6% 10% 54% 53% 51% 6% 8% 10%

American Software $14.21 $457 $96 $2 $363 3.2x 3.1x 2.9x 23.0x 24.3x 19.8x 1% 4% 7% 54% 54% 54% 14% 13% 15%

Synchronoss Technologies $3.05 $126 $39 $69 $169 0.5x 0.5x 0.5x 6.1x 5.9x 3.9x (5%) 7% 9% 52% 57% 53% 9% 9% 12%

ServiceSource International $0.88 $83 $27 $45 $101 0.5x 0.5x 0.5x 23.8x 25.3x 9.9x (9%) (9%) 5% 30% 30% 30% 2% 2% 5%

Park City Group $3.80 $74 $19 $7 $62 3.2x 3.0x 2.6x NA 13.3x 9.9x (16%) 8% 13% 70% 70% 70% 0% 22% 27%

Mean 7.2x 6.0x 5.0x 21.9x 19.4x 16.2x 22% 16% 16% 67% 67% 66% 15% 16% 18%

Median 5.1x 4.6x 4.0x 22.0x 18.5x 15.0x 19% 14% 15% 70% 71% 70% 18% 21% 22%

2727



Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20.Margins <(20%) considered NM. Multiples <0 or >50 considered NM. 1) LogMeIn (LOGM) has agreed to be acquired by Francisco Partners.

(1)

($MM)




Development & Operations Management

VMware $121.10 $50,621 $2,915 $6,662 $54,368 5.0x 4.6x 4.2x 13.2x 13.3x 11.7x 12% 9% 11% 87% 86% 85% 38% 35% 36%

ServiceNow $286.58 $54,393 $1,691 $1,131 $53,833 15.6x 12.2x 9.7x NM 42.8x 33.3x 33% 28% 26% 81% 82% 78% 29% 28% 29%

Atlassian Corporation Plc $137.26 $33,687 $1,937 $1,157 $32,907 25.1x 18.5x 14.7x NM NM NA 36% 36% 26% 85% 85% 85% 31% 26% 0%

Twilio Inc. $89.49 $12,503 $1,853 $640 $11,290 10.0x 7.7x 6.1x NM NM NM 75% 29% 27% 59% 57% 55% 10% 5% 9%

Datadog $35.98 $10,689 $774 $60 $9,975 27.5x 18.6x 13.9x NM NM NM 83% 48% 33% 75% 76% 76% 2% (1%) 2%

MongoDB $136.54 $7,860 $987 $987 $7,860 18.6x 15.3x 11.9x NM NM NM 58% 22% 28% 72% 72% 72% (10%) (11%) (5%)

Dynatrace $23.84 $6,694 $189 $540 $7,046 13.8x 11.3x 9.0x NA 39.8x 32.3x NA 22% 25% 78% 78% 78% 0% 28% 28%

SolarWinds Corporation $15.67 $4,886 $173 $2,020 $6,733 7.2x 6.6x 5.9x 14.8x 14.2x 12.5x 12% 10% 11% 92% 92% 92% 49% 46% 47%

Micro Focus International plc $4.98 $1,666 $356 $4,731 $6,043 1.8x 2.0x 2.1x 4.6x 5.4x 5.5x 9% (8%) (5%) 78% 78% 78% 39% 36% 38%

LogMeIn $83.28 $4,047 $128 $307 $4,226 3.4x 3.2x 3.0x 10.2x 10.6x 9.6x 5% 5% 6% 82% 81% 79% 33% 30% 31%

Appian Corporation $40.23 $2,715 $160 $52 $2,607 10.0x 8.8x 7.7x NM NM NM 15% 14% 15% 65% 65% 64% (11%) (12%) (7%)

New Relic $46.24 $2,740 $737 $490 $2,496 4.4x 3.8x 3.2x 25.8x 31.6x 24.4x 28% 16% 18% 83% 83% 83% 17% 12% 13%

NetScout Systems $23.67 $1,748 $344 $529 $1,933 2.2x 2.1x 2.0x NA 10.6x NA (1%) 3% 4% 72% 72% 72% 0% 20% 0%

Progress Software Corporation $32.00 $1,433 $177 $326 $1,582 3.8x 3.6x 3.6x 9.3x 7.7x 7.6x 9% 5% 0% 85% 88% 87% 41% 47% 48%

Bandwidth Inc. $67.29 $1,584 $184 $25 $1,424 7.2x 5.2x 4.4x NM NM NM 20% 38% 19% 48% 48% 51% (1%) 1% 3%

PagerDuty $17.28 $1,345 $351 $0 $993 6.0x 4.8x 3.9x NM NM NM 41% 25% 22% 85% 85% 85% (16%) (8%) (3%)

Axway Software SA $17.03 $361 $24 $81 $418 1.2x 1.2x 1.2x 9.9x 12.5x NA 4% (0%) 2% 71% 72% 50% 13% 10% 0%

Magic Software Enterprises Ltd. $8.04 $393 $96 $38 $374 1.1x 1.1x 1.0x NA NA NA 15% 5% 9% 32% 33% 32% 0% 0% 0%

MobileIron $3.80 $439 $94 $16 $361 1.8x 1.8x 1.6x NM NM NA 6% (3%) 11% 82% 80% 81% (3%) (5%) 0%

Comarch S.A. $44.86 $365 $86 $70 $353 0.9x 0.9x 0.8x 5.6x 6.3x 5.9x 4% 3% 7% 32% 28% 28% 17% 14% 14%

Mean 8.3x 6.7x 5.5x 11.7x 17.7x 15.9x 24% 15% 15% 72% 72% 71% 14% 15% 14%

Median 5.5x 4.7x 4.0x 10.0x 12.5x 11.7x 15% 12% 13% 78% 78% 78% 11% 13% 6%

Sales & Marketing Applications

Pegasystems Inc. $71.23 $5,674 $68 $68 $5,674 6.2x 5.2x 4.5x NM NM NM 2% 20% 17% 68% 71% 68% (4%) 5% 7%

HubSpot $133.19 $5,766 $962 $608 $5,412 8.0x 6.5x 5.4x NM NM 41.5x 32% 23% 22% 82% 82% 81% 12% 11% 13%

SurveyMonkey $13.51 $1,844 $131 $307 $2,020 6.6x 5.3x 4.4x NM NM 32.6x 21% 23% 20% 77% 78% 74% 13% 12% 14%

LivePerson $22.75 $1,461 $177 $198 $1,483 5.1x 4.3x 3.5x NM NM NM 17% 19% 23% 74% 74% 74% (5%) (1%) 4%

Yext $10.19 $1,180 $256 $124 $1,048 3.5x 2.9x 2.3x NM NM NM 31% 22% 24% 75% 75% 75% (16%) (12%) (6%)

Cardlytics $34.96 $934 $104 $0 $829 3.9x 3.2x 2.5x NM NM 24.4x 40% 22% 31% 38% 37% 38% 3% 5% 10%

Sprout Social $15.96 $780 $135 $21 $665 6.5x 5.1x 4.0x NM NM NM 30% 26% 30% 74% 73% 74% (17%) (18%) (9%)

ChannelAdvisor Corporation $7.26 $205 $52 $15 $169 1.3x 1.3x 1.2x 8.4x 8.3x 7.1x (1%) 1% 5% 78% 79% 78% 16% 16% 17%

Mean 5.1x 4.2x 3.5x 8.4x 8.3x 26.4x 21% 19% 22% 71% 71% 70% 0% 2% 6%

Median 5.7x 4.7x 3.7x 8.4x 8.3x 28.5x 26% 22% 22% 75% 75% 74% (0%) 5% 8%

2828



Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 03/31/20.Margins <(20%) considered NM. Multiples <0 or >50 considered NM.1) LogMeIn (LOGM) has agreed to be acquired by Francisco Partners.

(1)

($MM)




SaaS

Adobe Inc. $318.24 $153,328 $4,171 $4,711 $153,868 13.8x 11.8x 10.2x 30.3x 25.7x 21.8x 24% 16% 16% 88% 87% 87% 46% 46% 47%

salesforce.com $143.98 $128,862 $7,947 $6,253 $127,168 7.4x 6.1x 5.1x 25.4x 20.9x 17.8x 29% 22% 19% 78% 79% 76% 29% 29% 29%

ServiceNow $286.58 $54,393 $1,691 $1,131 $53,833 15.6x 12.2x 9.7x NM 42.8x 33.3x 33% 28% 26% 81% 82% 78% 29% 28% 29%

Shopify Inc. $416.93 $48,808 $2,468 $152 $46,492 29.5x 21.5x 15.8x NM NM NM 47% 37% 36% 55% 53% 55% 5% 2% 4%

Zoom Video Communications $146.12 $40,768 $855 $72 $39,985 NM 43.4x 32.4x NM NM NM 88% 48% 34% 82% 81% 81% 17% 20% 20%

Atlassian Corporation Plc $137.26 $33,687 $1,937 $1,157 $32,907 25.1x 18.5x 14.7x NM NM NA 36% 36% 26% 85% 85% 85% 31% 26% 0%

Workday $130.22 $30,211 $1,945 $1,570 $29,836 8.2x 6.9x 5.8x 39.2x 30.9x 25.8x 29% 19% 19% 75% 76% 73% 21% 22% 23%

Veeva Systems Inc. $156.37 $23,339 $1,087 $55 $22,307 20.2x 16.0x 13.4x NM 43.4x 35.3x 28% 26% 19% 75% 74% 73% 40% 37% 38%

Splunk Inc. $126.23 $20,023 $1,755 $1,995 $20,262 8.6x 7.9x 6.2x NM NM 43.4x 31% 9% 27% 85% 82% 82% 17% 4% 14%

RingCentral $211.91 $18,458 $344 $430 $18,544 22.7x 16.5x 13.3x NM NM NM 33% 37% 24% 76% 76% 79% 15% 13% 13%

DocuSign $92.40 $16,767 $656 $648 $16,759 17.2x 13.3x 10.5x NM NM NM 39% 29% 26% 78% 79% 77% 10% 13% 15%

Okta $122.26 $15,010 $1,403 $1,104 $14,712 25.1x 19.1x 14.7x NM NM NM 47% 32% 30% 76% 77% 73% (6%) (6%) 3%

Slack Technologies $26.84 $14,945 $769 $227 $14,418 22.9x 16.9x 12.8x NM NM NM 57% 36% 32% 87% 87% 87% (17%) (11%) (6%)

Paycom Software $202.01 $11,645 $134 $61 $11,573 15.7x 12.8x 10.5x 36.4x 30.5x 24.7x 30% 22% 22% 85% 85% 86% 43% 42% 42%

Twilio Inc. $89.49 $12,503 $1,853 $640 $11,290 10.0x 7.7x 6.1x NM NM NM 75% 29% 27% 59% 57% 55% 10% 5% 9%

Datadog $35.98 $10,689 $774 $60 $9,975 27.5x 18.6x 13.9x NM NM NM 83% 48% 33% 75% 76% 76% 2% (1%) 2%

Coupa Software Incorporated $139.73 $9,312 $767 $783 $9,328 23.9x 19.1x 15.2x NM NM NM 50% 26% 25% 72% 73% 69% 9% 11% 14%

NetApp $41.69 $9,221 $3,016 $1,988 $8,193 1.5x 1.5x 1.4x 6.1x 6.1x 5.7x (10%) (2%) 3% 64% 64% 64% 24% 24% 26%

Zscaler $60.86 $7,872 $385 $34 $7,522 20.9x 15.8x 12.2x NM NM NM 48% 32% 30% 80% 80% 80% 11% 7% 10%

Dropbox $18.10 $7,754 $1,159 $1,007 $7,602 4.6x 4.0x 3.6x 20.1x 14.9x 13.3x 19% 13% 12% 76% 77% 73% 23% 27% 27%

Zendesk $64.01 $7,295 $484 $589 $7,400 9.1x 7.1x 5.6x NM NM NM 36% 28% 27% 75% 76% 72% 8% 8% 11%

Dynatrace $23.84 $6,694 $189 $540 $7,046 13.8x 11.3x 9.0x NA 39.8x 32.3x NA 22% 25% 78% 78% 78% 0% 28% 28%

Cloudflare $23.48 $7,106 $640 $11 $6,477 22.6x 16.8x 12.7x NM NM NM 49% 34% 32% 77% 77% 78% (15%) (7%) 0%

RealPage $52.93 $4,895 $197 $1,279 $5,977 6.0x 5.1x 4.6x 21.2x 18.6x 16.3x 14% 18% 11% 63% 62% 62% 29% 27% 28%

Proofpoint $102.59 $5,848 $891 $806 $5,763 6.5x 5.4x 4.6x 36.7x 40.8x 28.1x 24% 19% 18% 79% 79% 75% 18% 13% 16%

HubSpot $133.19 $5,766 $962 $608 $5,412 8.0x 6.5x 5.4x NM NM 41.5x 32% 23% 22% 82% 82% 81% 12% 11% 13%

Paylocity Holding Corporation $88.32 $4,735 $146 $85 $4,674 9.4x 7.7x 6.5x 32.1x 27.1x 22.0x 23% 22% 18% 65% 65% 65% 29% 28% 29%

j2 Global $74.85 $3,648 $576 $1,582 $4,654 3.4x 3.2x 3.0x 8.5x 8.0x 7.4x 14% 7% 6% 83% 83% 83% 40% 40% 40%

Five9 $76.46 $4,740 $320 $223 $4,643 14.2x 12.2x 10.4x NM NM NM 27% 16% 17% 63% 63% 61% 19% 18% 19%

Smartsheet Inc. $41.51 $4,933 $566 $65 $4,431 16.4x 11.9x 9.0x NM NM NM 52% 37% 32% 82% 82% 81% (19%) (12%) (5%)

LogMeIn $83.28 $4,047 $128 $307 $4,226 3.4x 3.2x 3.0x 10.2x 10.6x 9.6x 5% 5% 6% 82% 81% 79% 33% 30% 31%

AppFolio $110.95 $3,792 $39 $85 $3,839 15.0x 12.0x 9.8x NM NM NM 35% 25% 22% 60% 61% 61% 14% 16% 18%

Everbridge $106.36 $3,653 $532 $446 $3,567 17.8x 13.7x 11.0x NM NM NM 37% 29% 25% 71% 70% 69% 3% 2% 4%

Envestnet $53.78 $2,861 $83 $668 $3,445 3.8x 3.4x 3.1x 17.8x 16.0x 14.1x 11% 11% 10% 69% 69% 44% 21% 21% 22%

Q2 Holdings $59.06 $2,860 $132 $470 $3,197 10.1x 7.8x 6.3x NM NM NM 31% 30% 25% 53% 53% 51% 6% 4% 8%

Qualys $86.99 $3,401 $299 $52 $3,154 9.8x 8.7x 7.6x 22.4x 20.2x 17.4x 15% 13% 14% 80% 80% 79% 44% 43% 43%

BlackLine $52.61 $2,966 $608 $400 $2,763 9.6x 8.0x 6.6x NM NM NM 27% 20% 20% 82% 81% 79% 9% 11% 13%

Pure Storage $12.30 $3,284 $1,299 $597 $2,583 1.6x 1.4x 1.2x 17.8x 20.7x 14.9x 21% 10% 17% 70% 69% 68% 9% 7% 8%

2929




($MM)




SaaS (Cont.)

New Relic $46.24 $2,740 $737 $490 $2,496 4.4x 3.8x 3.2x 25.8x 31.6x 24.4x 28% 16% 18% 83% 83% 83% 17% 12% 13%

Box $14.04 $2,134 $196 $425 $2,363 3.4x 3.1x 2.8x 34.4x 20.9x 16.1x 14% 10% 10% 71% 72% 71% 10% 15% 17%

Medallia $20.04 $2,683 $344 $9 $2,348 5.8x 5.0x 4.1x NM NM NM 28% 18% 20% 67% 71% 66% 3% 4% 7%


Cloudera $7.87 $2,323 $361 $212 $2,174 2.7x 2.5x 2.3x NM 12.6x 10.1x 65% 9% 10% 76% 78% 71% (3%) 20% 23%

Bill.com Holdings $34.20 $2,474 $383 $0 $2,091 19.2x 13.3x 10.3x NA NM NM NA 44% 29% 74% 74% 74% 0% (15%) (11%)

Cornerstone OnDemand $31.75 $1,946 $417 $368 $1,896 3.3x 3.1x 2.8x 14.5x 12.3x 10.1x 7% 8% 11% 76% 76% 74% 23% 25% 27%


Ping Identity Holding Corp. $20.02 $1,596 $68 $51 $1,580 6.5x 6.0x 5.0x 31.6x NM 33.2x 21% 9% 18% 84% 82% 84% 21% 11% 15%

LivePerson $22.75 $1,461 $177 $198 $1,483 5.1x 4.3x 3.5x NM NM NM 17% 19% 23% 74% 74% 74% (5%) (1%) 4%

SPS Commerce $46.51 $1,629 $214 $24 $1,439 5.2x 4.7x 4.3x 20.6x 17.3x 15.0x 12% 10% 10% 68% 68% 67% 25% 27% 29%

Workiva Inc. $32.33 $1,521 $488 $319 $1,352 4.5x 4.0x 3.4x NM NM NM 22% 14% 16% 72% 73% 72% (2%) (10%) (5%)

PagerDuty $17.28 $1,345 $351 $0 $993 6.0x 4.8x 3.9x NM NM NM 41% 25% 22% 85% 85% 85% (16%) (8%) (3%)

Zuora $8.05 $926 $172 $79 $833 3.0x 2.8x 2.3x NM NM NM 17% 9% 19% 57% 61% 55% (10%) (6%) 4%

Talend S.A. $22.43 $702 $177 $160 $685 2.8x 2.5x 2.2x NM NM NM 20% 11% 14% 77% 78% 77% (7%) (12%) (5%)

Sprout Social $15.96 $780 $135 $21 $665 6.5x 5.1x 4.0x NM NM NM 30% 26% 30% 74% 73% 74% (17%) (18%) (9%)

Benefitfocus $8.91 $292 $131 $283 $445 1.5x 1.4x 1.3x 23.4x 18.5x 12.9x 14% 6% 10% 54% 53% 51% 6% 8% 10%

Zix Corporation $4.31 $232 $13 $193 $412 2.4x 1.9x 1.7x 10.4x 8.2x 7.6x 146% 24% 12% 61% 58% 67% 23% 23% 23%

ChannelAdvisor Corporation $7.26 $205 $52 $15 $169 1.3x 1.3x 1.2x 8.4x 8.3x 7.1x (1%) 1% 5% 78% 79% 78% 16% 16% 17%

Park City Group $3.80 $74 $19 $7 $62 3.2x 3.0x 2.6x NA 13.3x 9.9x (16%) 8% 13% 70% 70% 70% 0% 22% 27%

Veritone $2.33 $63 $44 $0 $19 0.4x 0.3x 0.3x NM NM NM 84% 12% 15% 65% 69% 74% NM NM NM

Mean 10.4x 8.8x 7.1x 22.9x 21.6x 19.7x 32% 21% 20% 74% 74% 73% 12% 13% 15%

Median 7.7x 6.7x 5.6x 22.4x 20.2x 16.9x 28% 20% 19% 76% 76% 74% 12% 13% 15%

3030

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 03/31/20, where Enterprise Value is >$50MM.Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM.

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

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

3/31/20Palo Alto

Networks Inc.CloudGenix Inc. $420 NA NA NA NA

Provides enterprise networking WAN software and appliances for businesses. Offerings enable automated creation and monitoring of

cloud-delivered, software-defined wide area networks.

3/26/20 Sinch AB Wavy Global

Holdings BV $116 1.3x NA 12.4x NA

Provides AI-based customer messaging SaaS and APIs to businesses that can be integrated into existing CRM systems. Software

provides features for personalized chatbot messaging and surveys for clients via WhatsApp or SMS for lead generation.

3/16/20Hellman &

Friedman LLCCheckmarx Ltd. $1,150 11.5x 7.7x NA NA

Provides DevOps source code analysis software and SaaS to enable automated application vulnerability testing for businesses

globally.

3/16/20Lvjing Holding

Co. Ltd

Jiangsu Jiayi

Education

Technology Co.

Ltd

$171 NA NA NA NAProvides K-12 extracurricular education software and services for primary and secondary schools in China and the UK. Services include

software and content development, teacher training, and extra-curricular tutoring.

3/11/20Invitae

CorporationYouScript Inc. $79 NA NA NA NA

Provides prescription medication management and analytics SaaS to healthcare providers. Software provides features for analyzing a

patient's genetic data with recent clinical knowledge on drug metabolism to help predict which prescription medications will work best

for each patient.

3/10/20Invitae

CorporationDiploid $95 NA NA NA NA

Provides AI-enabled genetic disorder sequencing SaaS for healthcare providers and geneticists. Software provides features for

analyzing and diagnosing rare genetic disorders from NGS data and patients' symptoms, gender, and age of onset using proprietary

A.I. algorithms and proprietary disorder models.

3/9/20 Open Text Corp. XMedius

Solutions Inc. $75 1.9x NA NA NA

Provides electronic data interchange (EDI) software and SaaS that enable businesses to capture, authenticate, and exchange secure

information. Software also enables unified communications.

3/4/20Align Technology

Inc.

exocad Global

Holdings GmbH $417 NA NA NA NA

Provides dental computer-aided design (CAD), scanning, and 3-D printing computer-aided machinery (CAM) software to enable dental

implant and dentures design, imaging, manufacturing and fitting for dentists, dental technicians, and dental labs globally. Software

integrates with existing dental scanning devices.

3/4/20Vitruvian

Partners LLPAzul Systems Inc. $340 NA NA NA NA

Provides subscription-based Java virtual machines (JVM) for enterprise applications and an open source development software for

embedded systems, IoT and IIoT edge devices, gateways, and dedicated applications.

2/27/20 DocuSign Inc. Seal Software

Ltd.$188 5.9x 4.5x NA NA

Provides AI-based contract management SaaS to businesses. Software provides features for machine learning-based contract discovery

of any file type across networks, data extraction, and analytics of potential risks or opportunities within existing contracts.

2/25/20salesforce.com

Inc. Vlocity Inc. $1,330 NA NA NA NA

Provides Salesforce-based omni-channel customer relationship management (CRM) SaaS to businesses and government agencies.

Software also provides features for data migration, back-office integration, mobile application development, sales performance

management, and analytics.

2/24/20Cornerstone

OnDemand

Saba Software

Inc. $1,395 5.4x NA 14.0x NA

Provides HR management SaaS to businesses and government agencies globally. Software provides features for employee training,

performance management, learning and assessment management, compensation management, collaboration, and web conferencing.

3131

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

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 03/31/20, where Enterprise Value is >$50MM. Multiples <0 and >50 considered NM.Transactions highlighted in light blue denote private equity transactions. 1) Enterprise Value is estimated to be in excess of $50MM.2) Transaction includes the purchase of RSA Archer, RSA NetWitness Platform, RSA SecurID, RSA Fraud and Risk Intelligence, and RSA Conference.

($MM)



2/20/20

Ultimate

Software Group,

Inc.

Kronos Inc. NA NA NA NA NA Provides human resources, payroll, scheduling, and time and labor management software to enterprises.

2/19/20Embracer Group

AB Saber Interactive $150 1.4x NA NA NA

Develops interactive casino and video games for Xbox, PlayStation, Nintendo, PC, and mobile devices to consumers in the United

States, Spain, Russia, and Ukraine.

2/18/20

STG/Ontario

Teachers/AlpInv

est Partners

RSA Security Inc. $2,075 2.6x NA 11.5x NAProvides network identity authentication, access control, and management security software and related systems integration services

for businesses.

2/13/20First American

Financial CorpDocutech LLC $350 NA NA NA NA

Provides loan origination document generation and management SaaS and related implementation and delivery services for

businesses in the mortgage lending industry.

2/7/20Upland Software

Inc.

Char Software

Inc. $68 3.3x 3.4x NA 7.6x Provides customer analytics SaaS for businesses that analyzes mobile application data used in marketing personalization.

2/6/20

Advent

International/Cro

sspoint Capital

Partners

ForeScout

Technologies

Inc.

$1,900 5.6x NA NM NA

Provides network security software for businesses and government agencies globally. Software enables users to discover and classify

IP-based devices in real time as the devices connect to the network and continuously monitor security threats. Software also includes

features for mobile network access control, policy monitoring, enforcement and remediation, and behavioral analysis.

2/5/20CompuGroup

Medical SE

Cerner Corp.

(Germany and

Spain assets)

$249 3.0x NA 17.1x NA

The Germany and Spain-based assets of Cerner, which provides healthcare management software and SaaS for businesses in the

medical sector in Germany and Spain. Software provides features for billing, electronic healthcare records (EHR) management, and

EDI.

1/23/20Moodys

Corporation

Regulatory

DataCorp Inc. $700 10.0x NA NA NA

Provides governance, risk and compliance (GRC) and related BI analytics SaaS to enable financial institutions to prevent money

laundering, bribery, and other financial crimes.

1/22/20 ServiceNow Inc.Loom Systems

Ltd.$58 NA NA NA NA

Provides AI-based log monitoring and analytics software and SaaS for ITOps and DevOps teams globally. Software enables users to

monitor log data from host machines, log servers, cloud services or other applications, detect and visualize parameter changes, and

manage incidents in real-time.

1/21/20Platinum Equity

LLC

Centerfield

Media Holdings

LLC

$625 NA NA 12.5x 8.3xProvides CRM SaaS and related digital marketing services for businesses. Software enables marketing and advertising automation as

well as customer measurement.

1/21/20Clearstream

Banking S.A. Fondcenter AG $402 NA NA NA NA

Provides B2B investment fund selection and CRM SaaS and services for fund providers and distributors in Europe, Switzerland, and

Asia. Software enables users to search, compare, and analyze funds, match client requirements with product features, and manage

sales agreements and relationships with customers.

1/16/20Far Point

Acquisition Corp.Global Blue AG $1,892 4.0x NA 9.3x NA

Provides tax-free shopping refund and transaction processing software, mobile applications and services for merchants, international

shoppers, and customs authorities globally. Software enables users to issue tax free reclaim forms, capture traveller data, track refund

transactions, conduct export validation, and process tax refunds.

(1)

(2)

3232

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

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 03/31/20, where Enterprise Value is >$50MM.Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM.

($MM)



1/13/20 Visa Inc. Plaid Inc. $5,300 NA NA NA NA

Provides transaction processing and application and data integration APIs for financial software and mobile application developers.

APIs provide features for linking consumer bank accounts and facilitating financial transactions within existing applications and online

services.

1/13/20LexisNexis Risk

Solutions ID Analytics LLC $375 NA NA NA NA

Provides online fraud and identity theft monitoring software and credit risk assessment services for businesses in the US. Software

enables users to verify consumer identity, identify potential fraud, and make lending decisions based on consumer behaviour.

1/13/20 R1 RCM Inc. SCI Solutions Inc. $190 NA NA NA NA Provides patient management SaaS for healthcare institutions. Software enables patient scheduling, referral, admission, and analytics.

1/9/20

Insight Venture

Management

LLC

Veeam Software $5,000 5.0x NA NA NAProvides cloud data management SaaS to businesses globally. Software provides features for data backup and replication, disaster

recovery, and for use with virtualization management software.

1/7/20 Accel-KKR LLCSpringbrook

Software Inc. $150 6.0x NA 13.0x NA

Provides financial management, administrative management, payroll management, and bill payment SaaS for government agencies

and municipalities in North America.

1/6/20

Nebula

Acquisition

Corporation

Open Lending

LLC$1,300 NA NA NA 11.9x

Provides vehicle lending enablement SaaS for businesses in the automotive industry. Software features include risk management

analytics and lending compliance for financial institutions and insurers.

1/6/20

Insight Venture

Management

LLC

Armis Inc. $1,100 18.3x 11.0x NA NA

Provides unmanaged and IoT devices cybersecurity monitoring software for businesses globally. Software enables users to discover

managed, unmanaged, and IoT devices on or off a network, analyze endpoint behavior, detect threats, and recommend remediation

actions.

1/6/20 Cubic Corp. PIXIA Corp. $200 NA NA NA NAProvides geographical information systems, imagery, and data management SaaS for the defense, intelligence, and oil and gas

sectors.

All Software

Median 5.0x 6.1x 12.5x 8.3x

Mean 5.7x 6.6x 12.8x 9.3x

PE Acquirers

Median 5.8x 9.3x 12.5x 10.1x

Mean 8.2x 9.3x 12.4x 10.1x

3333

RECENT FINANCINGS

Notes:Sources: Pitchbook. Reflects deal activity through 03/31/20. 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

3/31/20 Axonius $58Provider of a cybersecurity asset management platform designed to secure and manage

connected devices in use by businesses.

Bessemer Venture Partners, Lightspeed Venture Partners, OpenView Venture Partners, Vertex

Ventures Israel, WTI, YL Ventures

3/27/20 MiningLamp $300 Provider of a big data application solution with a focus on relational data mining. Kuaishou, Temasek Holdings, Tencent Industry Win-Win Fund

3/26/20 Dremio $70Provider of a Data-as-a-Service Platform designed to create a new approach to data analytics

that prioritizes users experience, simplicity and scalability.

Cisco Investments, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners,

Redpoint Ventures

3/25/20 Plastiq $75Developer of intelligent payment software intended for businesses to pay or accept payment

via a credit card for virtually any expense.

Accomplice VC, B Capital Group, Fission Ventures, Khosla Ventures, Kleiner Perkins, Top Tier

Capital Partners

3/23/20 iCapital Network $146 Developer of a financial technology platform designed to democratize alternative investments. Affiliated Managers Group, BlackRock, BNY Mellon, Hamilton Lane, The Blackstone Group, The

Goldman Sachs Group, UBS Financial Services, WestCap Group

3/20/20 CureFit $113Developer of a fitness-based online platform designed to address preventive healthcare

techniques.

Accel, Ascent Equity Group, Castle Investments, Chiratae Ventures, Epiq Capital, GableHorn

Investments, McGovern Capital, Temasek Holdings, Unilever Ventures

3/19/20 Scopely $400Provider of an interactive entertainment platform intended to create and publish a diverse

portfolio of immersive content.

Advance Publications, BlackRock, Canada Pension Plan Investment Board, Greycroft, NewView

Capital, Revolution, Sands Capital Ventures, The Chernin Group, Velvet Sea Ventures

3/18/20 Vivriti Capital $50Developer of an online platform designed to offer efficient and customized financial solutions

for individuals, enterprises and institutions. LGT Lightstone Aspada

3/16/20 HashiCorp $175Developer of cloud infrastructure automation platform designed to solve development,

operations and security challenges in infrastructure.

Cisco Systems, Franklin Templeton Investments, Geodesic Capital, GGV Capital, IVP, Mayfield

Fund, Redpoint Ventures, T. Rowe Price, True Ventures

3/16/20 Infibond $100Provider of an empathetic AI platform designed to use deep psychology to drive deep machine

learning and apply it to powerful predictive algorithms. Undisclosed Investors

3/13/20 Bakkt $300Developer of a trading platform designed to connect the existing market and merchant

infrastructure to the blockchain.

BCG Digital Ventures, CMT Digital, Goldfinch Partners, Intercontinental Exchange, M12, Pantera

Capital, PayU, SGH Capital

3/13/20Superlogic

Technologies$67 Developer of business development software based in Campinas, Brazil. Warburg Pincus

3/11/20 Lyra Health $75Developer of a healthcare technology designed to offer analytics and screening tools to

identify people who can benefit from behavioural health care.

Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, IVP, Meritech Capital

Partners, Providence Ventures, Tenaya Capital, Venrock

3/11/20Arctic Wolf

Networks$60 Developer of a cloud security platform intended to offer network security services.

Australia Future Fund, Blue Cloud Ventures, Delta-v Capital, NextEquity Partners, Sonae IM,

Stereo Capital

3/11/20 SpotOn $50Developer of a cloud-based financial platform designed to give businesses an unparalleled set

of growth-driving tools. 01 Advisors, Dragoneer Investment Group, EPIQ Capital Group, Franklin Templeton Investments

3/10/20 ParcelShield $78Provider of predictive surveillance technology with the purpose of protecting critical package

deliveries. Excellere Partners

3/10/20 Everlaw $62Provider of a collaborative litigation platform designed to offer intuitive software for

document analysis. Andreessen Horowitz, CapitalG, K9 Ventures, Menlo Ventures

3/10/20 Zumper $60 Provider of an end to end marketplace designed to make renting apartments easy. e.ventures

3/9/20 Cloudbeds $82Developer of a hospitality management software designed to simplify the working life of

hoteliers.

Counterpart Ventures, Cultivation Capital, PeakSpan Capital, Recruit Holdings, Viking Global

Investors

3434

RECENT FINANCINGS


($MM)



3/5/20 Chime $700 Developer of a mobile platform designed to offer banking services on the go. Access Technology Ventures, Coatue Management, Dragoneer Investment Group, DST Global,

General Atlantic, ICONIQ Capital, Menlo Ventures

3/5/20 TELD New Energy $193Developer of a vehicle-charging information platform focusing on the development of

intelligent charging internet systems for electric vehicle groups.

CDH Investments, China Reform Holdings Corporation, China Structural Reform Fund, Jinhui

Xingye Investment, ZhongChuang QianHai Capital

3/4/20 Netlify $53 Developer of web development tool intended to design and host websites. Andreessen Horowitz, EQT Ventures, Kleiner Perkins, Preston-Werner Ventures

3/3/20 Edjing $56 Developer of a music-mixing application designed to offer editing and mixing of songs. Aglaé Ventures, Blisce, Bpifrance, Idinvest Partners, Xavier Niel

3/1/20 Thought Machine $83Developer of a cloud-based core banking platform intended to bring machine learning and big

data together to develop a next-generation operating system for banks. Backed VC, Draper Esprit, IQ Capital Partners, Lloyds Banking Group, Playfair Capital

3/1/20 Lookout $50Developer of cloud-based security software designed to detect mobile threats and improve

mobile security. Abu Dhabi Catalyst Partners

2/27/20 Jumo $55Developer of an ultra-lean banking technology intended to deliver progressive financial

choices to customers in emerging markets across Africa and Asia. Leapfrog Investments, Odey Asset Management, The Goldman Sachs Group

2/27/20 Lendio $55 Developer of a financial application designed to offer online loan service. Blumberg Capital, Comcast Ventures, Mercato Partners, Napier Park Financial Partners, Runa

Capital, Stereo Capital

2/26/20 Roblox $150Operator of a real-time social platform intended to bring people together through multiple

platform games.

Altos Ventures, Andreessen Horowitz, Meritech Capital Partners, Temasek Holdings, Tencent

Holdings, Tiger Global Management

2/26/20 Cera+ $69Developer of a health care management platform designed to solve the care challenges and

provide people with modern care. Guinness Asset Management, Kairos Society, Yabeo Capital

2/25/20 HeadSpin $60Provider of a mobile optimization platform designed to accelerate the world's transition to

mobile.

Alpha Square Group, Dell Technologies Capital, Evolution VC Partners, ICONIQ Capital, Reshape

Holdings, Tiger Global Management

2/25/20 Digital River $50Provider of Commerce-as-a-Service (CaaS) application services intended to drive client growth

through our global commerce expertise. Siris Capital

2/24/20 Behavox $100Developer of a people analytics platform designed to search and interrogate huge amounts of

employee-generated data in real-time. SoftBank Investment Advisers

2/24/20 ServiceMax $80 Provider of a field-service management platform. Salesforce, Silver Lake Management

2/24/20 PayRange $70Developer of a mobile payment technology designed to make mobile payments cost-effective

and easy-to-use. Undisclosed Investors

2/23/20 BharatPe $75Developer of merchants payment application intended to promote and offer digital payment

services.

Amplo (Spring), Coatue Management, Insight Partners, Ribbit Capital, Steadview Capital

Management

2/20/20 OneTrust $210 Developer of a technology platform designed for privacy management. Coatue Management, Insight Partners

2/20/20 ZeroFox $74Developer of enterprise social risk management platform designed to protects companies from

cyber attacks.

Core Capital, Hercules Capital, Highland Capital Partners, Intel Capital, New Enterprise

Associates, Redline Capital Management

2/19/20 SentinelOne $200Developer of an endpoint protection software designed to protect devices and servers against

malware and threats.

Accel, Insight Partners, Qualcomm Ventures, Redpoint Ventures, Samsung Venture Invst., The

Westly Group, Third Point Ventures, Tiger Global Mgmt., UpWest Labs, Vista Equity Partners

Selected Software Private Financings (Cont’d.)

3535

RECENT FINANCINGS



($MM)



2/19/20 Udemy $50Developer of an online learning platform designed to help students to learn from expert

instructors. Benesse Holdings

2/14/20 Toast POS $400Developer of a restaurant management platform designed to simplify and streamline

restaurant operations.

Alta Park Capital, Bessemer Venture Partners, Durable Capital Partners, Greenoaks Capital, G-

Squared, Light Street Capital Mgmt., TCV, Tiger Global Mgmt., TPG Capital, T. Rowe Price

2/13/20 Flywire $120Operator of vertical payments intended to enable the global payment and receivables process

through seamless transaction experiences. Adage Capital Management, The Goldman Sachs Group, Tiger Management

2/12/20 Fenergo $80Developer of an enterprise regulatory software designed to manage client onboarding

lifecycle. ABN AMRO AAH.AS, DXC Technology

2/11/20 Hazelcast $50Provider of an open source in-memory data grid platform designed to modernize existing

applications.

Bain Capital Ventures, C5 Capital, Capital One Ventures, Comerica Bank, DEG, Earlybird

Venture Capital, European Bank for Reconstruction and Development

2/7/20 Snowflake $479Developer of a SaaS-based cloud data warehousing platform designed to safely and efficiently

store, transform and analyze business data.

Altimeter Capital Mgmt., Dragoneer Investment Group, ICONIQ Capital, Redpoint Ventures,

Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures, Wing Venture Capital

2/6/20 Netskope $340Developer of a cloud-analytic service platform designed to understand activities, protect data,

stop threats and respond to incidents.

Accel, Base Partners, Canada Pension Plan, Dell Tech. Capital, Geodesic Capital, ICONIQ Capital,

Lightspeed Venture Partners, Sapphire Ventures, Sequoia Capital, Social Capital

2/6/20 Satispay $55Provider of an online payment platform intended to pay stores and friends from a

smartphone. Undisclosed Investors

2/5/20 Revolut $500Provider of a mobile foreign exchange and money transferring application designed to help in

global money transfer. Bond Capital (San Francisco), FG2 Capital, GP Bullhound, G Squared, Ribbit Capital, TCV

2/5/20 Beekeeper $50Provider of a digital workplace application designed to integrate multiple operational systems

and communication channels in one secure hub.

Alpana Ventures, Edenred Capital Partners, Energize Ventures, HighSage Ventures, Keen

Venture Partners, Samsung NEXT Ventures, Swisscanto, Swisscom Ventures, Thayer Ventures

2/4/20 Kitopi $60 Provider of a cloud kitchen platform intended to offer catering services. BECO Capital, Global Ventures (Dubai), Knollwood Investment Advisory, Lumia Capital, Magic

Stone Alternative Investment, Reshape Holdings, Rise Capital, Wilshire Lane Partners

2/4/20 Top Hat $55Provider of a web based digital teaching platform designed to connect professors with

students.

Emergence Capital Partners, Georgian Partners, Inovia Capital, Leaders Fund, Union Square

Ventures

1/30/20 Klarna $200Developer of an online payment platform designed to facilitate cashless payments through

installments. Commonwealth Bank of Australia

1/29/20 Attentive Mobile $70Developer of a personalized mobile messaging platform designed to change the way

businesses and consumers interact. Eniac Ventures, IVP, NextView Ventures, Sequoia Capital

1/29/20 Whip Media $50 Provider of an online platform created to share clips of television shows. Eminence Capital, Kima Ventures, Raine Ventures

1/28/20 ActiveCampaign $100 Provider of intelligence-driven marketing and sales automation services. Silversmith Capital Partners, Susquehanna Growth Equity

1/28/20 Miovision $92Provider of traffic management services intended for in-house and outsourced traffic data

collection and advanced traffic signal operations. McRock Capital, TELUS Ventures

1/26/20 CurrencyCloud $122Developer of a foreign exchange payments automation platform designed to remit cross

border payments through API.

Accomplice VC, Anthemis Group, BNP Paribas, Goldman Sachs Investment Partners, GV, Notion,

Sapphire Ventures, SBI Holdings, Siam Commercial Bank, Visa

1/24/20 Pine Labs $300Developer of an online payment and loyalty platform intended to convert point of sale to

point of service. Advent Capital Management, MasterCard

3636

RECENT FINANCINGS



($MM)



1/22/20 Sysdig $80Operator of a cloud-native visibility and security platform intended to confidently run cloud-

native workloads in production. Accel, Bain Capital Ventures, Glynn Capital, Insight Partners, The Goldman Sachs Group

1/22/20 LumApps $70Provider of web-based social intranet services intended to serve as a central hub for

personalized content, social communications, work tools and enterprise applications. Bpifrance, Famille C, Idinvest Partners, Iris Capital, The Goldman Sachs Group

1/22/20 FrontApp $59Developer of a multi-channel inbox designed to centralize communication channels into one

place.

Anthos Capital, Eric Yuan, Frederic Kerrest, Initialized Capital Management, Jared Smith, Jay

Simons, Michael Cannon-Brookes, Ryan Smith, Sequoia Capital, Tribe Capital

1/22/20 Securiti.ai $50Developer of an artificial intelligence powered cybersecurity and data protection platform

intended to protect privacy. General Catalyst, Mayfield Fund

1/21/20 AppsFlyer $210Developer of a mobile attribution and marketing analytics intended to make the marketing

industry more measurable.

DTCP, General Atlantic, Goldman Sachs Growth, Magma Venture Partners, Pitango Venture

Capital, Qumra Capital

1/21/20 Qonto $116Provider of banking solutions designed to help businesses and freelancers run their finances

efficiently.

Alven Capital Partners, DST Global, Hedosophia, Ingo Uytdehaage, Taavet Hinrikus, Tencent

Holdings, Valar Ventures

1/21/20 Personio $75Developer of a human resource management and recruitment platform designed to foster the

digitization of human resources departments in small and medium-sized enterprises.

Accel, Global Founders Capital, Index Ventures, Lars Dalgaard, Lightspeed Venture Partners,

Northzone Ventures, Picus Capital

1/20/20 Tink Sweden $100 Developer of an open banking platform intended to offer data-driven financial services. ABN AMRO Digital Impact fund, Dawn Capital, Heartcore Capital, HMI Capital, Insight Partners,

Opera Tech Ventures, Poste Italiane

1/20/20 scoutbee $60 Developer of an AI-powered discovery suite intended to improve buying decisions. 42CAP, Atomico, Dieter von Holtzbrinck Ventures, Lakestar, Next47, Toba Capital

1/18/20 YunXueTang $100 Provider of a online corporate training platform. Centurium Capital, Susquehanna Asia Investments, Yunfeng Capital

1/17/20 AvidXchange $260Provider of automating invoice and payment processes platform designed to provide accounts

payable and on-demand invoice management services. TPG Sixth Street Partners

1/16/20 SiteMinder $70Provider of an online hotel distribution and connectivity platform designed to help hotels to

lower costs to acquire and retain guests. AustralianSuper, BlackRock, Ellerston Capital, Pendal Group

1/16/20 LaunchDarkly $54Developer of a feature management platform designed to eliminate risk for developers and

operations teams from the software development cycle.

Bessemer Venture Partners, Bloomberg Beta, Redpoint Ventures, Threshold Ventures, Uncork

Capital, Vertex Ventures US

1/15/20 Flash Parking $60 Developer of a cloud-based system designed to perfect the parking experience. L Catterton

1/14/20 Tradeshift $240 Developer of a financial platform intended to facilitate digital trade transactions. Gray Swan

1/9/20 Byju's $400Developer of an online learning platform intended to deliver high quality, engaging and

accessible education. General Atlantic, Tiger Global Management

1/9/20 Sisense $100Developer of data and business analytics software designed to improve data processing

capabilities through technological innovation. Battery Ventures, Bessemer Venture Partners, ClalTech, DFJ Growth, Insight Partners

1/9/20 Partnerize $50Developer of a partner automation platform designed to help the leading brands build

powerful business partnerships that drive business growth. Accel-KKR

1/8/20 AvePoint $200 Developer of enterprise-class big data management, governance and compliance software. Goldman Sachs Merchant Banking Division, TPG Sixth Street Partners

3737

RECENT FINANCINGS



($MM)



1/7/20 ishumei $73Developer of artificial intelligence solutions intended to protect online businesses from

various risk issues. Baidu Ventures, Crystal Stream Capital, Shunwei Capital, Tencent Holdings, Xiang He Capital

1/6/20 HighRadius $125Developer of a cloud-based integrated receivables software designed to automate manually-

intensive tasks, streamline communication, and allow standardization of processes. Citi Ventures, ICONIQ Capital, Susquehanna Growth Equity

1/6/20 BigID $50Developer of data-driven protection and privacy compliance platform designed to transform

how enterprises protect and manage the privacy of personal data. Scale Venture Partners, Tiger Global Management

1/3/20 Yunzhangfang.com $85Provider of finance and tax management software intended to offer integrated and automatic

finance and taxation management tools. Vitruvian Partners

1/3/20 Receipt Bank $73 Developer of bookkeeping automation software. Augmentum (London), Canadian Imperial Bank of Commerce, Insight Partners, Kennet Partners

1/2/20 Nayax $60 Developer of technology for the unattended payments industry. Undisclosed Investors

3838

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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Sector expertise: Expansive coverage

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Exceptional cross-border capabilities:

Over a third of all transactions

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America, Asia and Europe

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of clients:

Leadingconglomerates, top

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3939

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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