Quarterly Enterprise Software Market Review - Shea & Company

Q2 2020

Quarterly Enterprise Software Market Review

Boston200 Clarendon Street, Floor 45Boston, MA 02116

Peter M. FalveyManaging Director [email protected]

Jeffrey G. [email protected]

Michael H.M. SheaManaging [email protected]

Brad E. [email protected]

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

Michael S. BarkerManaging [email protected]

Misha CvetkovicVice [email protected]

Christopher J. PingpankManaging [email protected]

William BroughtonVice [email protected]

www.sheaco.comMember FINRA & SIPCCopyright ©2020

has acquired has acquired has acquired has been acquired by

has received an investment from

1 2 29 $10Bn+ 15+ 90+

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

Firm focused exclusively on enterprise software

Offices in Boston and San Francisco

Professionals focused on the software industry

Advised transaction value in last 18 months

Average years of experience amongst our senior bankers

Transactions completed representing billions of dollars

in value

has been acquired byhas been acquired by have been merged with

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

1

About Our Firm

Public Sector & Healthcare

Shea & Company Overview

has received an investment from has received an investment from

Shea & Company served as the exclusive financial advisor to Pondera

Shea & Company served as the exclusive financial advisor to Kofile

Shea & Company served as the financial advisor to XebiaLabs

Shea & Company served as the exclusive financial advisor to SmartBear

Shea & Company served as the exclusive financial advisor to YourCause

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

Shea & Company served as the exclusive financial advisor to Clearlake

Shea & Company served as the exclusive financial advisor to EQT

Shea & Company served as the exclusive financial advisor to Gurobi

Shea & Company served as financial advisor to Rogue Wave

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

owner GI Partners

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

its owner Vista Equity Partners

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

owner Vista Equity Partners

Shea & Company served as the exclusive financial advisor to Mimecast

Shea & Company served as the exclusive financial advisor to ProfitLogic

Shea & Company served as the exclusive financial advisor to Bronto

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

K1 Investment Management

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

Vista Equity Partners

Mergers & Acquisitions, Private Placements & Capital Raising

Shea & Company served as a financial advisor to Callyo

Shea & Company served as the exclusive financial advisor to Hg

has been acquired byhas been acquired by has been acquired by

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

has made a majority investment inhas been acquired by has been acquired by has acquired

2

ContentsQuarterly Enterprise Software Market Review

M&A ActivitySoftware M&A Summary: 2014 – Q2 2020 p. 3Software Acquisitions: 3-Year Trend Analysis p. 4Publicly Available Software M&A Transaction Data: Q2 2020 p. 5Announced Software Acquisitions: Q2 2020 p. 6Most Active Software Acquirers: 2014 – Q2 2020 p. 10

Public Equity Market ValuationsLTM Relative Performance of Shea & Company Software Indices p. 16Price Performance and Valuation Metrics by Segment p. 17Equity Trading Multiples by Growth Tranche p. 18Price Performance and Valuation Metrics of Selected Software Vendors p. 19Equity Trading Multiples by Segment p. 20Equity Trading Multiples by Comparable Subset p. 28

Equity Financing ActivitySoftware IPOs: Q2 2020 p. 32Software IPO Pricing & Performance Data p. 33Software IPO Pipeline p. 34Software Private Capital Raise Activity: Q2 2020 p. 35

3

Software M&A Summary: 2014 – Q2 2020M&A Activity

Notable Transactions: Q2 2020 ($ millions)

Sources: Company releases, Wall Street researchNote: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

Acquirer

Target

Date 4/15/20 4/28/20 4/30/20 5/13/20 5/13/20 5/27/20 6/2/20 6/19/20 6/23/20 6/25/20

Enterprise Value $104 $145 $120 $70 $190 $330 $365 $71 $825 $37

EV / LTM Rev 3.6x 14.5x n/a 3.5x 3.3x 8.7x 7.2x n/a n/a 3.3x

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

NASDAQ

$12.2$6.0

$28.7$19.9

$12.4 $12.4

$37.8

$82.1

$9.7

$56.6$49.3

$26.2$20.8

$14.3 $17.7 $18.0

$32.1 $36.3$48.0

$72.9

$29.6$35.5

$21.8$16.6

$22.5

$2.6 $-

$20

$40

$60

$80

$100

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

2014 2015 2016 2017 2018 2019 2020

Anno

unce

d De

al V

alue

($bi

llion

s)

Transaction Count by Deal Size

> $1bn 3 0 6 4 3 3 4 4 2 10 13 5 4 2 5 5 6 12 11 12 5 5 5 4 8 0

$500m - $1bn 3 2 3 7 2 4 4 5 3 6 4 8 4 2 5 3 2 0 4 7 9 3 2 3 2 1

$250m - $500m 2 4 5 6 4 3 3 13 4 6 5 3 6 4 11 5 7 4 6 4 8 8 1 1 3 2

< $250m 39 65 44 57 38 45 35 48 39 47 36 28 53 62 42 28 55 36 48 48 36 29 36 22 23 24

No Reported Value 113 153 153 126 157 129 106 144 168 194 172 145 151 167 161 131 164 152 149 164 204 182 193 152 199 131

Total 160 224 211 200 204 184 152 214 216 263 230 189 218 237 224 172 234 204 218 235 262 227 237 182 235 158

4

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

By Target Segment (2018 – Q2 2020)

By Transaction Size (2018 – Q2 2020)

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

187

2113

41

123

18 17 19

46

5 3 8

-

20

40

60

80

100

120

140

160

180

200

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

Deal Value (Enterprise Value)

# of Deals 2018

2019

2020

$11 $7 $9

$162

$8 $7 $11

$77

$2 $2 $2 $19

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

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


Aggregate Deal Value ($ billions)

2.3x

4.7x 4.7x

7.9x

3.8x

6.7x 7.0x6.5x

1.5x

7.9x

2.6x

5.4x

-

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

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


Median EV / LTM Rev

422

103145

10965

473

92

161

113

46

178

48 6646

21

-

50

100

150

200

250

300

350

400

450

500

BusinessApplications

IT Security InformationManagement

Infrastructure FinancialApplications

# of Deals 2018

2019

2020

$74

$10 $15

$71

$9

$30 $26

$22 $16

$8 $11 $4

$0 $6

$2 $-

$10

$20

$30

$40

$50

$60

$70

$80




Aggregate Deal Value ($ billions)

3.2x

5.5x

2.3x

4.0x

5.3x

3.6x

5.5x5.9x

6.4x

5.1x

3.3x

1.5x 1.7x

5.0x

nm-

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x




Median EV / LTM Rev

5

Publicly Available Software M&A Transaction Data: Q2 2020M&A Activity

($ millions)

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

Consideration Equity Enterprise EV / Revenue EV / EBITDA

Announced Target Acquirer(s) % Cash % Stock Value Value LTM FTM LTM FTM

06/25/20 Boldon James HelpSystems - - - $37 3.3x - - -

06/23/20 Finicity Corp. Mastercard - - - $825 - - - -

06/19/20 Eclipse Legal Systems Access Group - - - $71 - - - -

06/15/20 Rubikloud Technologies Kinaxis 100% - - $60 - - - -

06/11/20 Kontainers Descartes Systems 100% - - $6 - - - -

06/10/20 Finjan Holdings Fortress Investment Group 100% - $44 $25 1.5x - nm -

06/10/20 PortalGuard BIO-Key International 100% - - $3 1.5x - - -

06/09/20 Webdunia.com RWS Group 100% - - $21 1.5x - - -

06/02/20 OptimalPlus National Instruments 100% - - $365 7.2x - - -

05/30/20 VTScada Delta Electronics - - - $33 - - - -

05/27/20 Eggplant Keysight Technologies - - - $330 8.7x - - -

05/26/20 CX Company CM.com N.V. 74% 26% - $17 - - - -

05/19/20 Cyberbit Charlesbank Capital Partners - - - $48 - - - -

05/19/20 VIZIYA Prometheus Group 100% - - $35 - - - -

05/18/20 Darwin CX (assets) Studio Media 83% 17% - $5 - - - -

05/13/20 Idaptive CyberArk Software 100% - - $70 - - - -

05/13/20 Ten-X Commercial CoStar Group 100% - - $190 3.3x - - -

04/30/20 Innovest Systems SS&C Technologies 83% 17% - $120 - - - -

04/28/20 DivvyCloud Rapid7 94% 6% - $145 - - - -

04/24/20 CEO Image Systems Intellinetics 100% - - $0 0.6x - - -

04/22/20 Information Strategies Sylogist 100% - - $2 0.6x - - -

04/20/20 OCL Technologies Oculus VisionTech - 100% - $2 - - - -

04/15/20 Etransmedia Technology MTBC 100% - - $2 - - - -

04/15/20 Castleton Technology MRI Software 100% - $97 $104 3.6x - - -

04/08/20 Wealth Systems Informtica TOTVS S.A. 100% - - $5 1.0x - - -

04/02/20 Emersion Software Systems Novatti Group 38% 62% - $2 1.5x - 8.7x -

6

Announced Software Acquisitions: Q2 2020M&A Activity

($ millions)

Sources: Company releases, Wall Street research

Announced Target Acquirer(s) Target Segment & Description Price

06/30/20 Integris Software OneTrust IT Security - AI-enabled data privacy management SaaS for enterprises n/a06/29/20 Unison Software The Carlyle Group Content Management - AI-enabled contract lifecycle management software and SaaS for government n/a06/29/20 it kompetenz GmbH ALVARA Cash Management Group Financial Applications - Cash logistics management software n/a06/25/20 Titus HelpSystems IT Security - Data classification security SaaS n/a06/25/20 Boldon James HelpSystems IT Security - Data classification and secure messaging software $3706/25/20 Epic-Premier Insurance Solutions Insurity Business Intelligence - Software for managing and automating data workflows for insurance businesses n/a06/24/20 Redash Databricks Business Intelligence - Open source dashboarding and data query editor SaaS for data scientists and analysts n/a06/24/20 WorkWise Aptean ERP & Business Applications - ERP and CRM software and SaaS for the manufacturing sector n/a06/24/20 Citra Health Solutions Cedar Gate Technologies ERP & Business Applications - ERP SaaS for U.S. healthcare organizations n/a06/24/20 IDX Broker Elm Street Technology Marketing Applications - Search and marketing SaaS and related managed services n/a06/23/20 Finicity Corp. Mastercard Financial Applications - Financial management and data aggregation software $82506/23/20 Botron Software Solution Appfire Technologies Platforms, Development Tools & Deployment - Atlassian-based configuration management software and services for IT teams n/a06/23/20 Triblio IDG Communications Marketing Applications - AI-enabled account-based marketing SaaS for brands and businesses n/a06/23/20 Hatch Loyalty Stuzo Marketing Applications - Customer loyalty and rewards SaaS and services for retailers n/a06/23/20 ActivePDF PDFTron Content Management - Server-side PDF automation software and developer tools n/a06/22/20 Comsave B.V. Expereo Network Infrastructure - Network intelligence and connectivity software for European telecommunications n/a06/22/20 CMPG Mitratech Holding Business Intelligence - Enterprise and vendor risk management analytics SaaS for businesses n/a06/22/20 Sweagle ServiceNow Platforms, Development Tools & Deployment - Configuration data management SaaS to DevOps teams n/a06/22/20 CyberX Microsoft IT Security - IoT-focused ICS network security management SaaS n/a06/19/20 Eclipse Legal Systems Access Group ERP & Business Applications - Case, practice and process management SaaS $7106/18/20 ADRM Software Microsoft Business Intelligence - Industry-specific data modeling software for businesses n/a06/17/20 Synthesis Technology Blue Horizon Software Financial Applications - Content automation SaaS to businesses in the investment management industry n/a06/17/20 Counterpoint Software Banyan Software ERP & Business Applications - Insurance automation SaaS to businesses n/a06/16/20 Engagio Demandbase Marketing Applications - B2B account-based marketing management SaaS for businesses n/a06/16/20 Experitest Digital.ai Platforms, Development Tools & Deployment - Manual and automated mobile app and cross-browser testing end-to-end SaaS n/a06/16/20 Crafty SAS Talentsoft SA ERP & Business Applications - AI-based talent matching SaaS to businesses n/a06/16/20 Totara Learning Solutions Five V Capital ERP & Business Applications - Workplace learning and performance management SaaS for HR teams n/a06/16/20 Numerify Digital.ai App. Delivery & Network Acceleration - AI-enabled IT business analytics SaaS to enterprises n/a06/16/20 O P Solutions Anaqua ERP & Business Applications - Intellectual property (IP) management and practice automation software and services n/a06/15/20 Rubikloud Technologies Kinaxis Business Intelligence - AI-enabled business analytics SaaS $6006/11/20 Kontainers Descartes Systems ERP & Business Applications - Freight execution and logistics management SaaS for the shipping and freight sector $606/11/20 Fuzzit GitLab Platforms, Development Tools & Deployment - Continuous fuzzing testing SaaS and custom fuzzing and vulnerability research training n/a06/10/20 Finjan Holdings Fortress Investment Group IT Security - Unified threat management (UTM) intellectual property and related mobile applications for businesses $2506/10/20 PortalGuard BIO-Key International IT Security - Authentication and access control software and SaaS (IDaaS) for businesses $306/10/20 Flash Networks Volaris Group Communications - Mobile internet optimization software for wireless telecom service providers n/a06/10/20 Qualtera Synopsys Business Intelligence - Collaborative, big data analytics SaaS for semiconductor test and manufacturing companies n/a06/09/20 Webdunia.com RWS Group Content Management - Translation and localization management software for businesses $2106/09/20 Robocom CAI Software ERP & Business Applications - Supply chain warehouse inventory and billing management software n/a06/09/20 Boston Consulting Group (SOURCE AI technology asset) DataRobot Business Intelligence - AI software coding and analysis software for data scientists n/a06/08/20 Scrive Vitruvian Partners Content Management - Electronic signature and identification authentication management SaaS n/a06/08/20 Frontin Group Inergy B.V. ERP & Business Applications - Multi-tenant planning and control SaaS for municipalities n/a06/08/20 GRIT Infibeam Avenues ERP & Business Applications - ERP expense management SaaS, a mobile application, and physical and virtual payment cards n/a06/08/20 Prosperity Computer Solutions ECi Software Solutions ERP & Business Applications - On-premise ERP management software n/a06/08/20 Liram Financial Software Formula Systems Financial Applications - Taxation, accounting, invoicing and related compliance software for accounting firms n/a06/05/20 Zim Corp. (database technology business) Zim Corp. staff Platforms, Development Tools & Deployment - Development of enterprise databases for businesses n/a06/04/20 Lastline Vmware IT Security - AI-based anti-malware software and SaaS n/a06/04/20 Guardian Analytics NICE Financial Applications - AI-based financial crime risk management and analytics SaaS n/a06/04/20 SO1 Wirecard AG Marketing Applications - Customer analytics and related marketing automation software n/a06/03/20 Trapets AB Monterro Financial Applications - Transaction surveillance, financial crime management and regulatory compliance SaaS n/a06/03/20 Vizendo AB Siemens AG ERP & Business Applications - Virtual training SaaS for operators of industrial companies n/a

7

Announced Software Acquisitions: Q2 2020 continued

M&A Activity

($ millions)



06/03/20 Spot NetApp Network Infrastructure - Multi-cloud infrastructure management n/a06/02/20 Exostar Thoma Bravo IT Security - Business collaboration identity access and management SaaS n/a06/02/20 Trade Alert CBOE Global Markets Financial Applications - Securities intelligence SaaS for financial professionals n/a06/02/20 Onion ID Thycotic Software IT Security - Identity and access control SaaS for businesses n/a06/02/20 SovLabs CloudBolt Software Network Infrastructure - Hybrid cloud infrastructure codeless integration software for IT teams n/a06/02/20 OptimalPlus National Instruments ERP & Business Applications - Supply chain analytics $36505/30/20 VTScada Delta Electronics Business Intelligence - Industrial IoT process monitoring software for the manufacturing sectors $3305/29/20 Beneficy TeamSystem ERP & Business Applications - Corporate employee benefits management Saas for small to medium-sized business n/a05/28/20 Knowbly Learning Systems Turning Technologies ERP & Business Applications - e-learning content authoring SaaS for the education sector n/a05/28/20 ThousandEyes Cisco App. Delivery & Network Acceleration - Application performance analytics SaaS for enterprise IT teams and service providers n/a05/28/20 Edgewise Networks Zscaler IT Security - Zero trust, micro-segmentation premises and cloud network security software n/a05/28/20 Leverance (LandDev assets) Constellation Software ERP & Business Applications - Land development and project management SaaS and software n/a05/27/20 Blendo RudderStack Business Intelligence - Data integration SaaS for businesses n/a05/27/20 Inductiv Apple Content Management - AI-based data correction software n/a05/27/20 Carrom Oyster ERP & Business Applications - HR management and workforce collaboration SaaS for businesses n/a05/27/20 Eggplant Keysight Technologies Platforms, Development Tools & Deployment - Testing platform $33005/26/20 CX Company CM.com N.V. Marketing Applications - AI and cloud-based customer service automation SaaS $1705/26/20 WorkFlowWise Onventis ERP & Business Applications - ERP workflow automation SaaS primarily for small- to medium-sized businesses n/a05/26/20 AIWare.ai Cleareye.ai ERP & Business Applications - AI-enabled CRM software for businesses n/a05/25/20 Synapplix control.IT ERP & Business Applications - Asset and property management ERP software n/a05/25/20 ID-ware Committed Capital IT Security - Smart card, identification management, and authentication SaaS n/a05/21/20 Cytegic Mastercard Business Intelligence - Cybersecurity risk management for the insurance sector n/a05/21/20 FMG Suite Aurora Capital Partners Marketing Applications - Marketing automation SaaS to financial advisors n/a05/21/20 Entreda Smarsh IT Security - Cybersecurity compliance and risk analytics SaaS for the wealth management n/a05/20/20 GorillaStack SoftwareONE Business Intelligence - AWS cost management & monitoring SaaS n/a05/20/20 Topicus B.V. Total Specific Solutions ERP & Business Applications - ERP software for the education, finance, healthcare, and public sectors n/a05/19/20 Cyberbit Charlesbank Capital Partners IT Security - Cyber-security training and simulation SaaS and software $4805/19/20 TUNE Perseus Operating Group Marketing Applications - Analytics-focused advertising campaign management SaaS for marketers n/a05/19/20 VIZIYA Prometheus Group ERP & Business Applications - Asset and facilities maintenance management $3505/19/20 Checkout Technologies Standard Cognition ERP & Business Applications - Retail store automation n/a05/18/20 Darwin CX (assets) Studio Media ERP & Business Applications - AI-enabled subscription and customer management SaaS $505/18/20 Byte Prophecy Accenture Business Intelligence - Enterprise and big data analytics as well as insight reporting SaaS n/a05/18/20 Spyro Total Specific Solutions ERP & Business Applications - Integrated management, supply chain, and e-commerce software n/a05/18/20 Napp Templafy Marketing Applications - Sales enablement and marketing automation SaaS n/a05/15/20 Secucial Responsible Cyber Financial Applications - Mobile digital identity wallet application for businesses and consumers n/a05/14/20 Reply.ai Kustomer ERP & Business Applications - AI-enabled customer service automation SaaS for brands and e-commerce businesses n/a05/14/20 SpaceIQ ARCHIBUS ERP & Business Applications - Workplace management SaaS and integrated workplace management system (IWMS) software n/a05/14/20 Opening iCIMS ERP & Business Applications - Machine learning and AI-based recruitment and talent matching SaaS n/a05/14/20 Jetstack Venafi IT Security - Open-source machine identity protection software n/a05/14/20 SpaceIQ ARCHIBUS + Serraview ERP & Business Applications - Workplace management system n/a05/13/20 Idaptive CyberArk Software IT Security - AI-based identity and access management SaaS for enterprises $7005/13/20 Payrun.io Payescape Financial Applications - Accounting SaaS and related managed services for businesses n/a05/13/20 RIPS Technologies SonarSource Platforms, Development Tools & Deployment - Source-code security testing SaaS and software for businesses n/a05/13/20 Zedonk Dedagroup ERP & Business Applications - Enterprise resource planning (ERP) SaaS for small and medium enterprises n/a05/13/20 PKWARE Thompson Street Capital Partners IT Security - Secure file compression, encryption, key management and data security software n/a05/13/20 Octarine Vmware IT Security - Cloud security SaaS for Kubernetes-based cloud-native applications n/a05/13/20 Ten-X Commercial CoStar Group ERP & Business Applications - CRE transaction and listing platform $19005/12/20 TimeTrade Systems Clearhaven Partners ERP & Business Applications - Online customer appointment scheduling and virtual meeting SaaS n/a05/12/20 Nomis Solutions STG Partners Business Intelligence - Pricing optimization SaaS for small financial institutions n/a05/12/20 Zetech Visma Group Content Management - Digital signature and document management SaaS for HR departments n/a

8


M&A Activity

($ millions)



05/12/20 Halp Atlassian Platforms, Development Tools & Deployment - Message-based conversational ticketing SaaS for IT and DevOps teams n/a05/11/20 avedos GRC GBTEC ERP & Business Applications - Governance, risk and compliance (GRC) software n/a05/11/20 VisTracks Omnitracs Business Intelligence - Driver log management SaaS and compliance services to fleets and businesses n/a05/11/20 BuildTools ECI Software Solutions ERP & Business Applications - Construction and project management system n/a05/08/20 Panzura Profile Capital Management Storage Management - Cloud-based NAS and on-premise storage file systems n/a05/08/20 Amplero (IP & assets) Novantas Marketing Applications - AI-enabled marketing optimization SaaS for businesses n/a05/07/20 Conga Apttus Content Management - Contract and document automation and management SaaS n/a05/07/20 Brennus Analytics Pricefx Marketing Applications - Pricing optimization, big data and predictive analytics, and market intelligence SaaS n/a05/06/20 WaterSmart VertexOne ERP & Business Applications - Water utilities billing and management n/a05/05/20 Total Computing Solutions Zumasys Content Management - POS and payment processing software for businesses n/a05/05/20 ConnXus Coupa Software ERP & Business Applications - Supplier relationship management and procurement SaaS n/a05/05/20 App4mation (4Facility assets) ServiceNow ERP & Business Applications - Facility management system n/a05/04/20 Personali Namogoo Technologies Marketing Applications - Customer behavioural analytics and marketing SaaS for retailers n/a05/04/20 Sensor Tower Riverwood Capital Management Marketing Applications - Mobile application marketing intelligence and performance metrics SaaS n/a05/04/20 SiPM Levine Leichtman Capital Partners ERP & Business Applications - Employee training SaaS and e-learning videos pertaining to procurement, SCM, and sales n/a05/04/20 LifeGuard Solutions ComplianceQuest ERP & Business Applications - Salesforce-based quality, health, safety and environmental (QHSE) management SaaS n/a04/30/20 incapptic Connect MobileIron Platforms, Development Tools & Deployment - Enterprise mobile application deployment automation software n/a04/30/20 Ramble Chat Terminus Software Marketing Applications - Marketing live chat and messaging SaaS and software for sales and marketing teams n/a04/30/20 Innovest Systems SS&C Technologies ERP & Business Applications - Accounting and wealth management technology platform $12004/29/20 CloudJumper NetApp Platforms, Development Tools & Deployment - Agile WaaS & DaaS for IT service departments n/a04/29/20 Taxweb Sovos Compaliance ERP & Business Applications - Tax determination for enterprises in Brazil n/a04/28/20 RAMM Software thinkproject ERP & Business Applications - Maintenance SaaS to local governments, road controlling authorities, consultants n/a04/28/20 Knowledgelink eLearning Brothers ERP & Business Applications - Online education course creation SaaS to businesses n/a04/28/20 Trivantis Corporation eLearning Brothers ERP & Business Applications - On-premise and cloud-based authoring e-learning SaaS for enterprises n/a04/28/20 RAMM thinkproject ERP & Business Applications - Asset management for governments n/a04/28/20 DivvyCloud Rapid7 IT Security - Cloud security posture management $14504/24/20 CEO Image Systems Intellinetics Content Management - Document management and scanning, and record management software <$104/23/20 ROIKOI Terminal ERP & Business Applications - Talent referral and acquisition SaaS for businesses n/a04/23/20 ProLeiT Schneider Electric ERP & Business Applications - Industrial automation, process control, and manufacturing execution software n/a04/22/20 Tri-Cura People Power ERP & Business Applications - ERP SaaS and related mobile applications for home care agencies n/a04/22/20 WorkTech Prometheus Group ERP & Business Applications - Contractor management, time and attendance, scheduling, and contractor cost tracking SaaS n/a04/22/20 Medical PRM Symplast ERP & Business Applications - Lead management SaaS for practices in the US n/a04/22/20 Information Strategies Sylogist ERP & Business Applications - ERP and CRM systems integration services for federal and state government agencies a $204/20/20 OCL Technologies Oculus VisionTech IT Security - Data privacy management SaaS for businesses $204/18/20 SecHard Nebula IT Security - Network access control and monitoring software n/a04/16/20 Syncurity Corporation Swimlane IT Security - Cyber-security incident response and case management software n/a04/16/20 Closers' Choice AccuTitle ERP & Business Applications - Real estate transaction closing and title management n/a04/15/20 Etransmedia Technology MTBC ERP & Business Applications - Healthcare ERP and revenue cycle management software $204/15/20 PerfectMind Transaction Services Group ERP & Business Applications - Membership and events management SaaS n/a04/15/20 Aliya (Vetter technology suite) Data Center Inc. Marketing Applications - Digital marketing and customer acquisition SaaS for banks n/a04/15/20 U-WFM Puzzel AS ERP & Business Applications - Workforce management and optimization SaaS n/a04/15/20 Castleton Technology MRI Software ERP & Business Applications - Social housing management system $10404/15/20 Arxan Technologies CollabNet VersionOne IT Security - Web, desktop & mobile application security n/a04/14/20 Namirial S.p.A. AMBIENTA SGR S.p.A. Content Management - Electronic document management, e-invoicing, payroll, time and attendance software n/a04/14/20 Kwantek TEAM Software ERP & Business Applications - Applicant tracking and recruitment management SaaS n/a04/14/20 SuperOffice ASA Axcel ERP & Business Applications - On-site, hosted and cloud-based customer relationship management (CRM) SaaS n/a04/11/20 Rival Ticketmaster ERP & Business Applications - Ticketing management, sales and customer service management SaaS n/a04/09/20 Cloudneeti Corp. Zscaler IT Security - Cloud security posture management SaaS n/a04/09/20 QueTel Corporation The Riverside Company ERP & Business Applications - Digital and physical evidence management and asset tracking software n/a04/08/20 Wealth Systems Informtica TOTVS S.A. Marketing Applications - Salesforce automation, sales performance management and related BI analytics $5

9


M&A Activity

($ millions)



04/07/20 Double First Education Horizons Group ERP & Business Applications - K-12 school management SaaS for the education sector n/a04/07/20 KeyNexus StorMagic Storage Management - Universal key storage and management SaaS for developers n/a04/07/20 Converlytics ManyChat Marketing Applications - Digital marketing customer attribution analytics SaaS for businesses n/a04/02/20 Emersion Software Systems Novatti Group ERP & Business Applications - Business process integration and payments management SaaS $204/02/20 Connectis Signicat AS IT Security - Identification, authentication and authorization SaaS n/a04/02/20 DropModel HouseCanary ERP & Business Applications - Property valuation tools n/a04/02/20 Virtual Properties Constellation Software ERP & Business Applications - Real estate transaction management n/a04/01/20 Neighborland Nextdoor ERP & Business Applications - Public engagement management SaaS for government agencies n/a

$36.3

$14.4

$39.0

$16.3

$31.2

$29.2

$44.0

$7.4

$0.7

$18.8

$64.073

45

42

35 3432

29 29

1715

10

0

10

20

30

40

50

60

70

80

$-

$10

$20

$30

$40

$50

$60

$70

# o

f Dea

ls

Aggr

egat

e De

al V

alue

($ b

illio

ns)

Announced Deal Value [a]

Number of Deals

Most Active Strategic Acquirers: 2014 – Q2 2020 M&A Activity

10

[a] Includes only transactions for which data is publicly availableNote: Broadcom includes acquisitions by CA Technologies and Symantec prior to acquisition by Broadcom; EMC acquisitions included prior to its acquisition by Dell

Consideration Equity EnterpriseAnnounced Target % Cash % Stock Value Value

Cisco Systems (continued)10/23/17 BroadSoft - - $1,737 $1,90010/19/17 Perspica - - - -08/21/17 Springpath 100% - - $32007/13/17 Observable Networks - - - -05/11/17 MindMeld - - - $12505/04/17 Saggezza (assets) - - - -05/01/17 Viptela 100% - - $61001/24/17 AppDynamics - - $3,700 $3,59310/17/16 Heroik Labs - - - -08/30/16 ContainerX - - - -06/28/16 CloudLock - - - $29303/08/16 Synata - - - -03/02/16 Leaba Semiconductor 100% - - $32003/01/16 CliQr Technologies 100% - - $26002/03/16 Jasper Technologies - - - $1,40011/20/15 Acano 100% - - $70010/28/15 1 Mainstream - - - -10/27/15 Lancope 100% - - $45310/26/15 ParStream - - - -10/13/15 Pawaa Software - - - -09/30/15 Portcullis Computer Security - - - -07/07/15 MaintenanceNet - - - $13906/30/15 OpenDNS 100% - - $63506/03/15 Piston Cloud Computing - - - -05/07/15 Tropo - - - -04/01/15 Embrane - - - -12/10/14 Neohapsis - - - -09/18/14 Memoir Systems - - - -09/17/14 Metacloud - - - $14906/27/14 Assemblage - - - -06/17/14 Tail-f Systems - - - $17505/21/14 ThreatGRID - - - -

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


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

Cisco Systems Known acquired value (since 2014): $14,35105/28/20 ThousandEyes - - - -04/06/20 Fluidmesh Networks - - - -12/16/19 Exablaze - - - -08/26/19 CloudCherry - - - -06/06/19 Sentryo - - - -01/30/19 Singularity Networks - - - -12/18/18 Luxtera - - - $66011/21/18 Ensoft - - - -08/02/18 Duo Security 100% - - $2,35006/19/18 July Systems - - - -05/01/18 Accompany 100% - - $27001/24/18 Skyport Systems - - - -12/07/17 47Line Technologies - - - -

11

Most Active Strategic Software AcquirersM&A Activity

2014 – Q2 2020 ($ millions)

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

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continued


Intel Known acquired value (since 2014): $31,18605/20/20 Rivet Networks - - - -05/04/20 Moovit - - - -12/16/19 Habana Labs - - - -06/10/19 Barefoot - - - -04/16/19 Omnitek - - - -02/18/19 Ineda Systems - - - -09/10/18 NetSpeed Systems - - - -08/16/18 Vertex.AI - - - -07/12/18 eASIC - - - -03/13/17 Mobileye 100% - - $14,70011/03/16 Voke - - - -09/05/16 Movidius - - - -08/10/16 Nervana Systems - - - -05/26/16 Itseez - - - -04/05/16 Yogitech - - - -03/09/16 Replay Technologies - - - -01/04/16 Ascending Technologies - - - -10/26/15 Saffron Technology - - - -10/01/15 VIA Telecom (assets) - - - -08/24/15 Docea Power - - - -06/16/15 Recon Instruments - - - -06/01/15 Altera 100% - $16,700 $15,81703/25/15 Lemoptix - - - -02/02/15 Lantiq - - - -01/20/15 Composyt Light Labs - - - -12/01/14 PasswordBox - - - -09/10/14 Powerwave - - - -08/13/14 LSI 100% - - $65005/09/14 Ginger Software (assets) - - - -04/01/14 INSIDE Secure (assets) 100% - - $1903/04/14 BASIS Science - - - -

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


IBM Known acquired value (since 2014): $39,03606/05/20 Spanugo - - - -01/11/19 Deutsche Telekom (T-Systems) - - - $98610/28/18 Red Hat 100% - $33,435 $34,02606/15/18 Oniqua - - - -05/03/18 Armanta - - - -10/04/17 Vivant Digital - - - -09/14/17 Cloudigo - - - -05/31/17 TIMETOACT GROUP 100% - - $305/02/17 Verizon (assets) - - - -01/23/17 Agile 3 Solutions 100% - - $1411/01/16 Fluid (assets) - - - -10/27/16 Sanovi Technologies - - - -06/01/16 EZ Legacy - - - -03/31/16 Bluewolf - - - $24003/18/16 Optevia - - - -02/29/16 Resilient Systems - - - -02/18/16 Truven Health Analytics 100% - - $2,60002/03/16 Ecx International - - - -02/02/16 Aperto - - - -01/28/16 Resource/Ammirati - - - -01/21/16 Ustream 100% - - $13001/15/16 IRIS Analytics - - - -12/08/15 Clearleap - - - -11/03/15 Gravitant 100% - - -10/28/15 The Weather Company (assets) - - - -10/05/15 Cleversafe - - - -09/28/15 Meteorix 100% - - $12009/24/15 Advanced Application 100% - - $1309/10/15 StrongLoop - - - -08/17/15 Appcore (cloud automation assets) - - - -08/06/15 Merge Healthcare 100% - - $90407/23/15 Compose - - - -06/03/15 Blue Box Group - - - -04/13/15 Phytel - - - -04/13/15 Explorys - - - -03/27/15 Blekko (assets) - - - -03/04/15 AlchemyAPI - - - -08/11/14 Lighthouse Security Group (assets) - - - -07/31/14 CrossIdeas - - - -05/20/14 Cognea - - - -04/10/14 Silverpop Systems - - - -02/24/14 Cloudant - - - -12/19/13 Aspera - - - -

12

Most Active Strategic Software Acquirers continued

M&A Activity

2014 – Q2 2020 ($ millions)

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

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continued


Microsoft (continued)06/13/16 LinkedIn 100% - - $26,20005/03/16 Solair - - - -02/24/16 Xamarin - - - -02/09/16 Zikera (Groove assets) - - - -02/03/16 TouchType - - - -01/19/16 Teacher Gaming (assets) - - - -01/13/16 Event Zero (UC Commander assets) - - - -12/21/15 Talko (assets) - - - -12/18/15 Metanautix - - - -11/09/15 Secure Islands Technologies - - - -11/05/15 Mobile Data Labs - - - -10/02/15 Havok (assets) - - - -09/29/15 Sensei Project Solutions (assets) - - - -09/28/15 Adxstudio (assets) - - - -09/12/15 Double Labs - - - -09/08/15 Adallom - - - -09/03/15 VoloMetrix - - - -08/03/15 Incent Games - - - -07/16/15 FieldOne - - - -06/10/15 BlueStripe Software - - - -06/02/15 6Wunderkinder GmbH - - - -04/14/15 Datazen Software - - - -03/26/15 LiveLoop - - - -02/12/15 N-trig - - - -02/04/15 Sunrise Atelier - - - -01/23/15 Revolution Analytics 100% - - -01/20/15 Equivio - - - -12/11/14 Bit Stadium - - - -12/01/14 Acompli - - - -11/13/14 Aorato - - - -09/15/14 Mojang AB - - - $2,50007/11/14 InMage Systems - - - -05/28/14 Capptain - - - -05/01/14 GreenButton Limited - - - -03/04/14 Junction Solutions (JunctionMCR) - - - -01/27/14 Epic Games (assets) - - - -01/07/14 Parature - - - -

Oracle Known acquired value (since 2014): $16,26005/06/20 Sauce Video - - - -10/02/19 CrowdTwist 100% - - -07/11/19 Speak Ai - - - -06/26/19 Oxygen Systems - - - -11/15/18 Talari Networks - - - -


Intuit (continued)08/13/14 Itrios - - - -08/07/14 PaySuite - - - -07/30/14 KDK Softwaress - - - -05/27/14 Check - - - $36005/14/14 Invitco - - - -05/08/14 Lettuce - - - -

Microsoft Known acquired value (since 2014): $36,30006/22/20 CyberX - - - -06/18/20 ADRM Software - - - -05/19/20 Softomotive [a] - - - -05/14/20 Metaswitch Networks - 0% - -03/26/20 Affirmed Networks - - - -03/16/20 npm - - - -10/21/19 Mover - - - -09/18/19 Semmle - - - -09/04/19 Movere - - - -08/19/19 JClarity - - - -08/05/19 PromoteIQ - - - -07/29/19 BlueTalon - - - -06/17/19 Good Software - - - -06/09/19 Double Fine Productions - - - -04/18/19 Express Logic - - - -02/04/19 BrightBytes - - - -11/12/18 InXile Entertainment - - - -09/13/18 Lobe Artificial Intelligence - - - -06/20/18 Bonsai AI - - - -06/04/18 GitHub - 100.0% - $7,50004/02/18 Forerunner Software (BI reporting software assets) - - - -02/13/18 Chalkup - - - -01/29/18 PlayFab 100% - - -01/03/18 Avere Systems - - - -11/06/17 Swing Technologies (assets) - - - -10/03/17 AltspaceVR - - - -08/15/17 Cycle Computing - - - -06/29/17 Cloudyn 100% - - -05/24/17 Hexadite - - - $10004/18/17 Intentional Software - - - -04/10/17 Deis - - - -01/17/17 Donya Labs - - - -01/13/17 Maluuba - - - -11/08/16 Beam Interactive - - - -08/22/16 Genee - - - -06/16/16 Wand Labs - - - -

13


M&A Activity

2014 – Q2 2020 ($ millions)

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

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

continued


Salesforce.com (continued)01/08/18 Attic Labs - - - -08/09/17 Argo Technologies [a] - - - -01/24/17 Sequence - - - $2601/13/17 Unity&Variety - - - -12/13/16 Twin Prime - - - -10/04/16 Krux 50% 50% - $68009/15/16 Gravity Tank - - - -09/07/16 Heywire - - - -08/15/16 BeyondCore - - - $11008/01/16 Quip - 100% $410 $41007/21/16 Coolan - - - -06/01/16 Demandware 100% - - $2,80005/09/16 Implisit - - - -04/04/16 MetaMind - - - -03/10/16 HyPer - - - -02/19/16 TappingStone - - - -12/23/15 SteelBrick - 100% $360 $30012/14/15 MinHash - - - -09/02/15 AKTA - - - -08/04/15 Infoactive Viz - - - -06/25/15 Kerensen Consulting SAS 100% - - $2405/29/15 Tempo.ai - - - -04/01/15 Toopher - - - -07/10/14 RelateIQ - 100% $392 $352

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

VMware Known acquired value (since 2014): $7,44306/04/20 Lastline - - - -


Oracle (continued)10/22/18 DataFox - - - -10/17/18 goBalto - - - -09/25/18 Iridize - - - -05/16/18 Datascience - - - -04/30/18 Vocado - - - -02/15/18 Zenedge - - - -12/17/17 Aconex 100% - - $1,20004/18/17 Moat - - - -04/17/17 Wercker US - - - -03/13/17 Webtrends (marketing analytics assets) - - - -01/19/17 Apiary - - - -11/21/16 Dyn - - - -09/18/16 Palerra - - - -09/07/16 LogFire - - - -07/28/16 NetSuite 100% - $9,300 $9,17405/02/16 Opower 100% - - $53204/28/16 Textura 100% - - $66304/14/16 Crosswise 100% - - $5002/22/16 Ravello Systems - - - -01/05/16 AddThis 100% - - -12/18/15 StackEngine - - - -08/20/15 Maxymiser - - - -12/22/14 Datalogix - - - -09/14/14 Front Porch Digital - - - -07/31/14 TOA Technologies - - - -06/23/14 MICROS Systems 100% - $5,300 $4,64206/20/14 LiveLOOK - - - -05/15/14 GreenBytes - - - -02/24/14 BlueKai - - - -01/07/14 Corente - - - -

Salesforce.com Known acquired value (since 2014): $29,18703/02/20 C Level Club - - - -02/25/20 Vlocity 100% - - $1,33008/07/19 ClickSoftware Technologies - - - $1,35006/10/19 Tableau - 100% $15,080 $14,57905/06/19 Bonobo - - - -04/17/19 MapAnything - - - -01/28/19 Griddable.io - - - -01/14/19 roundCorner - - - -10/05/18 Rebel - - - -07/16/18 Datorama 16% 84% $744 $72606/13/18 Empirical Systems [a] - - - -03/20/18 MuleSoft 80% 20% $6,580 $6,500

14


M&A Activity

2014 – Q2 2020 ($ millions)

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

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


Vmware (continued)05/13/20 Octarine - - - -01/21/20 Nyansa - - - -08/22/19 Pivotal Software - - - $3,30008/22/19 Carbon Black 100% - $2,100 $2,05308/21/19 Intrinsic - - - -08/14/19 Veriflow Systems - - - -07/25/19 Uhana - - - -07/18/19 Bitfusion - - - -06/13/19 Avi Networks - - - -05/15/19 BirRock - - - -02/05/19 AetherPal - - - -11/06/18 Heptio 100% - - $55008/27/18 CloudHealth Technologies - - - -03/28/18 E8 Security - - - -02/22/18 CloudVelox (Talent and technology assets) - - - -02/14/18 CloudCoreo - - - -11/02/17 VeloCloud Networks 100% - - -05/15/17 Apteligent 100% - - -04/12/17 Wavefront - - - -12/19/16 PLUMgrid - - - -06/13/16 Arkin Net - - - -10/14/15 Boxer - - - -02/03/15 Immidio - - - -10/29/14 Continuent (assets) - - - -08/20/14 CloudVolumes - - - -08/04/14 Virtual System (cloud migration assets) - - - -03/06/14 Third Sky - - - -01/22/14 AirWatch 76% 24% - $1,540

15


M&A Activity

2014 – Q2 2020 ($ millions)

Cisco

Dell

Salesforce

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

Broadcom

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

-50%

-25%

0%

25%

50%

75%

100%

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

NASDAQ Large Cap Software [a] High Growth Software [b] High Profitability Software [c] Small Cap Software [d]-100%

0%100%200%300%400%500%600%700%

Jun-17 Jun-18 Jun-19 Jun-20

78%

94%88%

67%

51%

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

100%

Large CapSoftware

High GrowthSoftware

HighProfitability

Software

HighlyAcquisitiveSoftware

Small CapSoftware

8.8x

nm

18.3x 18.5x

13.2x

8.4x

nm

16.9x 16.4x

10.5x

0x2x4x6x8x

10x12x14x16x18x20x

Large CapSoftware

High GrowthSoftware

HighProfitability

Software


Small CapSoftware

3.0x

14.3x

7.2x

5.1x

1.4x2.9x

13.0x

7.6x

4.7x

1.0x

0x

2x

4x

6x

8x

10x

12x

14x

16x

Large CapSoftware

High GrowthSoftware

HighProfitability

Software


Small CapSoftware

CY20ECY21E

LTM Relative Performance of Shea & Company Software Indices

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

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

Public Equity Market Valuations

(32%)

28%

94%

24%

(22%)

1 Year Relative Performance

16

3 Year Relative Performance

18.0x

10.4x

6.2x8.1x 7.3x 8.1x

7.0x8.6x

5.2x6.7x 6.1x 4.1x

3.8x 3.8x2.9x

1.3x

14.3x

7.5x 7.0x5.1x

1.3x

14.5x

9.7x

6.8x 7.6x6.5x 7.4x

6.1x 6.5x 4.8x

8.7x

5.2x 4.4x

3.7x 3.5x2.5x

1.3x

13.0x

7.4x 6.8x4.7x

1.0x

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

20x CY20E CY21E

Median CY20E Median CY21E

17

Price Performance and Valuation Metrics by SegmentM

edia

n EV

/ Re

venu

eM

edia

n EV

/ EB

ITDA

Med

ian

% o

f 52

Wee

k Hig

h

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


10.1x

28.2x

18.7x23.9x 23.5x

29.9x

22.6x 21.6x

11.7x 12.0x

27.4x

17.5x

10.0x

18.4x 21.2x

10.2x

nm

23.4x

17.0x

18.5x

14.8x

9.2x

25.5x17.2x 19.9x 21.5x

26.6x19.1x

18.1x12.7x

26.3x24.6x

15.5x

9.5x

18.0x

16.2x

8.2x

nm

22.1x16.4x 16.4x

10.3x

0x

5x

10x

15x

20x

25x

30x

35x

40x

45x

96% 97%

83%89% 92%

99%

84% 82%89% 92% 90% 87% 83%

92%

79%67%

94% 93%88%

67%

49%

0%

20%

40%

60%

80%

100%

120%

Comm. Tech.&

EmbeddedApps

HCM FinancialApps

VerticalApps

eCommerce& Supply

ChainMgmt

ERP &General

BusinessApps

Sales &Marketing

Apps

ITOps.

Mgmt

DevOps &DevTools

ITSecurity

BI GlobalDiversified

AppDelivery &Network

Acceleration

StorageMgmt

NetworkInfra.

HighGrowth

SaaS HighProfitability

HighlyAcquisitive

Small Cap

-

10x

20x

30x

40x

50x

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3

2020201920182017

> 25%

15% - 25%

5% - 15%

< 5%

-

2x

4x

6x

8x

10x

12x

14x

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3

2020201920182017

> 25%

15% - 25%

5% - 15%

< 5%

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

< 5% Q2 2020 4.3 x 3.8 x 4.1 x 3.7 x 14.2 x 12.9 x 14.0 x 12.6 xQ1 2020 2.8 2.4 2.7 2.4 10.2 8.9 8.9 8.0Q4 2019 4.0 3.3 3.9 3.2 12.4 10.7 12.0 10.4Q3 2019 3.3 2.3 3.2 2.3 13.1 10.7 12.6 10.2Q2 2019 3.2 3.1 3.7 3.1 12.8 10.6 12.4 10.3Q1 2019 3.8 3.5 3.6 3.3 12.1 10.5 11.6 10.4Q4 2018 3.3 2.9 3.2 2.9 12.9 9.6 12.5 9.4Q3 2018 3.5 2.6 3.4 2.6 13.0 10.8 12.0 10.4Q2 2018 3.5 3.4 3.4 3.3 11.7 11.3 12.2 10.5Q1 2018 3.3 3.3 3.2 3.2 11.6 11.0 12.2 10.5Q4 2017 3.8 3.3 3.6 3.2 14.0 11.2 12.9 11.4Q3 2017 3.4 2.7 3.2 2.7 11.6 10.7 11.0 10.2

5% - 15% Q2 2020 6.3 x 5.0 x 5.7 x 4.5 x 22.7 x 22.3 x 20.3 x 19.9 xQ1 2020 4.6 3.8 4.2 3.5 17.8 17.0 16.2 14.6Q4 2019 5.6 5.1 5.1 4.7 23.0 22.1 20.5 18.4Q3 2019 5.1 4.6 4.7 4.1 19.9 20.0 17.5 17.5Q2 2019 5.4 4.7 4.9 4.3 20.5 19.6 18.2 17.2Q1 2019 5.3 4.6 4.8 4.3 21.0 20.1 18.1 17.6Q4 2018 4.7 4.2 4.3 3.9 21.2 19.9 18.9 17.7Q3 2018 5.5 5.1 5.0 4.8 24.3 23.7 21.4 20.4Q2 2018 5.0 4.4 4.5 4.1 22.7 20.7 19.6 18.0Q1 2018 4.2 4.1 3.9 3.8 18.1 17.5 16.9 15.4Q4 2017 4.5 4.5 4.2 4.1 21.2 19.4 17.7 16.8Q3 2017 4.3 4.2 4.0 3.9 19.6 18.0 17.9 16.2

15% - 25% Q2 2020 9.5 x 8.2 x 8.6 x 7.4 x 31.1 x 30.0 x 28.3 x 25.3 xQ1 2020 7.1 5.7 5.9 4.8 27.0 25.7 23.1 21.9Q4 2019 8.4 8.5 7.2 6.9 32.3 31.3 27.9 26.4Q3 2019 8.1 7.6 6.8 6.5 29.4 27.8 27.3 25.4Q2 2019 7.7 7.8 6.6 6.4 30.6 28.4 28.2 26.7Q1 2019 7.5 7.6 6.3 6.3 30.7 29.9 27.0 25.5Q4 2018 6.7 6.2 5.6 5.2 26.7 26.9 23.8 22.7Q3 2018 8.5 7.8 7.0 6.5 32.0 33.0 28.6 28.5Q2 2018 8.1 7.9 6.7 6.6 29.2 28.8 27.6 24.5Q1 2018 7.3 7.1 6.0 6.1 29.4 27.0 26.9 24.0Q4 2017 6.9 6.9 5.8 5.9 28.2 27.4 24.6 22.4Q3 2017 6.3 6.3 5.2 5.2 27.5 26.2 23.7 21.3

> 25% Q2 2020 10.1 x 11.4 x 11.8 x 11.9 x 35.8 x 35.8 x 19.3 x 19.3 xQ1 2020 11.7 12.1 9.3 9.5 42.8 42.8 36.8 38.0Q4 2019 12.3 13.0 10.4 11.1 34.5 34.5 32.1 38.0Q3 2019 10.0 10.6 9.3 10.0 29.8 21.0 28.2 25.8Q2 2019 11.1 12.6 10.6 11.2 nm nm 41.0 39.6Q1 2019 11.0 12.5 9.4 10.0 46.9 46.9 35.3 35.5Q4 2018 10.0 10.6 7.6 8.0 28.0 24.9 27.1 30.7Q3 2018 12.9 13.3 9.8 10.4 42.2 42.2 35.1 36.2Q2 2018 10.6 11.3 8.0 8.3 37.5 37.5 35.4 33.7Q1 2018 8.3 8.8 6.3 6.9 42.4 42.5 29.0 32.0Q4 2017 9.1 9.3 6.7 7.1 27.0 17.7 25.1 35.6Q3 2017 9.2 8.3 6.6 6.4 29.6 28.1 31.7 34.8

18

Equity Trading Multiples by Growth Tranche

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

Forward Year Median EV / EBITDA by Growth Tranche



17.6x16.4x

13.2x

10.4x 9.8x8.2x

6.2x 6.0x 5.9x 5.7x 5.2x 5.1x3.7x 3.1x

14.1x 14.2x

10.5x

8.8x 8.9x

7.0x6.0x

5.1x 5.3x 5.4x 5.1x 4.9x3.7x

2.9x

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

20xCY20E CY21E


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

EV /

Reve

nue

EV /

EBIT

DA%

of 5

2 W

eek H

igh

19


nm

34.7x

nm

44.9x

27.3x 27.6x

18.4x

27.2x

16.6x13.3x

10.7x14.9x

8.2x

33.8x

47.3x

29.4x

nm

38.0x

23.9x23.3x

18.0x

23.0x

14.8x12.4x 10.6x

13.9x

8.1x

26.4x

0x

10x

20x

30x

40x

50x CY20E CY21E


99% 98% 100%

83%

97% 96% 95% 91%84%

99%91%

71%

86%

66%

0%

20%

40%

60%

80%

100%

120%

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

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b]Company (06/30/20) Value Value CY20E CY21E y/y CY20E CY21E CY20E mgn CY21E mgn CY20E CY21E CY20E CY21E

Global DiversifiedMicrosoft 203.51$ 1,543,306$ 1,489,689$ 148,141$ 165,601$ 12% 10.1x 9.0x 67,305$ 45% 75,864$ 46% 22.1x 19.6x 35.0x 30.8xIntel 59.83 253,320 272,106 73,788 74,449 1% 3.7x 3.7x 33,346 45% 33,655 45% 8.2x 8.1x 12.6x 12.3xCisco Systems 46.64 196,928 185,427 48,348 50,699 5% 3.8x 3.7x 17,633 36% 17,726 35% 10.5x 10.5x 15.3x 14.4xOracle 55.27 169,606 200,904 39,007 39,508 1% 5.2x 5.1x 18,823 48% 18,973 48% 10.7x 10.6x 13.9x 13.1xSAP 139.91 166,603 177,348 31,819 34,237 8% 5.6x 5.2x 11,140 35% 12,431 36% 15.9x 14.3x 24.8x 21.6xIBM 120.77 107,231 164,948 73,677 75,674 3% 2.2x 2.2x 17,447 24% 19,111 25% 9.5x 8.6x 10.9x 9.7xHP Enterprise 9.73 12,501 25,246 25,073 26,161 4% 1.0x 1.0x 4,279 17% 4,661 18% 5.9x 5.4x 8.9x 6.7xMicro Focus 5.35 1,790 5,980 2,939 2,791 (5%) 2.0x 2.1x 1,071 36% 1,063 38% 5.6x 5.6x 3.6x 3.7x Mean $306,411 $315,206 $55,349 $58,640 4% 4.2x 4.0x $21,380 36% $22,935 36% 11.0x 10.3x 15.6x 14.0x Median 168,104 181,387 43,677 45,103 4% 3.8x 3.7x 17,540 36% 18,349 37% 10.0x 9.5x 13.3x 12.7x

Application Delivery & Network AccelerationCitrix Systems 147.91$ 18,260$ 19,691$ 3,176$ 3,276$ 3% 6.2x 6.0x 1,069$ 34% 1,097$ 33% 18.4x 18.0x 26.3x 24.0xAkamai Technologies 107.09 17,378 17,839 3,107 3,311 7% 5.7x 5.4x 1,337 43% 1,444 44% 13.3x 12.4x 21.7x 20.0xFastly 85.13 8,848 8,763 286 368 29% nm nm 6 2% 14 4% nm nm nm nmF5 Networks 139.48 8,494 8,475 2,341 2,473 6% 3.6x 3.4x 795 34% 854 35% 10.7x 9.9x 15.9x 14.2xRadware 23.59 1,093 949 247 270 9% 3.8x 3.5x 32 13% 42 16% 29.7x 22.6x 37.2x 28.7xLimelight Networks 7.36 881 874 232 255 10% 3.8x 3.4x 30 13% 39 15% 29.4x 22.5x nm 64.7xA10 Networks 6.81 538 427 222 n/a n/a 1.9x n/a n/a n/a n/a n/a n/a n/a 32.6x nm Mean $7,927 $8,145 $1,373 $1,659 10% 4.2x 4.4x $545 23% $582 24% 20.3x 17.1x 26.7x 30.3x Median 8,494 8,475 286 1,420 8% 3.8x 3.5x 413 23% 448 25% 18.4x 18.0x 26.3x 24.0x

Business IntelligenceAlteryx 164.28$ 10,836$ 10,828$ 503$ 658$ 31% nm 16.5x 72$ 14% 122$ 19% nm nm nm nmCloudera 12.72 3,757 3,454 838 915 9% 4.1x 3.8x 176 21% 225 25% 19.7x 15.3x 45.7x 30.9xInovalon 19.26 2,993 3,946 681 750 10% 5.8x 5.3x 226 33% 253 34% 17.5x 15.6x 34.4x 28.7xMicroStrategy 118.29 1,155 726 475 n/a n/a 1.5x n/a 44 9% n/a n/a 16.7x n/a 56.3x 45.4xTalend 34.66 1,086 1,066 274 309 13% 3.9x 3.5x (28) (10%) (11) (4%) nm nm nm nmDomo 32.17 927 953 197 218 11% 4.8x 4.4x (43) (22%) (32) (15%) nm nm nm nm Mean $3,459 $3,495 $495 $570 15% 4.0x 6.7x $74 8% $111 12% 17.9x 15.5x 45.5x 35.0x Median 2,074 2,260 489 658 11% 4.1x 4.4x 58 12% 122 19% 17.5x 15.5x 45.7x 30.9x

20

Equity Trading Multiples by SegmentPublic Equity Market Valuations

Business Intelligence

Global Diversified

Application Delivery & Network Acceleration

Communications

eCommerce & Supply Chain Management

ERP & General Business Applications

Financial Applications

Human Capital Management

IT Security

Network Infrastructure

DevOps and Software Development Tools

Storage Management

Technical & Embedded Apps

High Growth

High Profitability

Software-as-a-Service

Small Cap

Sales & Marketing Applications

IT Operations Management

Vertical Applications

Highly Acquisitive

($ millions)

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


CommunicationsZoom 253.54$ 71,524$ 70,491$ 1,804$ 2,285$ 27% nm nm 467$ 26% 614$ 27% nm nm nm nmTwilio 219.42 30,730 29,535 1,521 1,897 25% 19.4x 15.6x 97 6% 159 8% nm nm nm nmRingCentral 285.01 25,053 25,375 1,120 1,390 24% nm 18.3x 145 13% 188 13% nm nm nm nmSlack 31.09 17,525 16,857 872 1,142 31% 19.3x 14.8x (77) (9%) (51) (4%) nm nm nm nmAmdocs 60.88 8,127 8,036 4,134 4,279 4% 1.9x 1.9x 869 21% 921 22% 9.2x 8.7x 13.7x 12.9xFive9 110.67 7,166 7,067 383 447 17% 18.5x 15.8x 62 16% 81 18% nm nm nm nmEverbridge 138.36 4,754 4,711 262 331 26% 18.0x 14.2x 6 2% 19 6% nm nm nm nmBandwidth 127.00 3,030 2,830 282 328 16% 10.0x 8.6x 11 4% 18 5% nm nm nm nmVerint Systems 45.18 2,915 3,456 1,253 1,359 8% 2.8x 2.5x 313 25% 355 26% 11.0x 9.7x 14.3x 12.5x Mean $18,981 $18,706 $1,292 $1,496 20% 12.8x 11.5x $210 12% $256 13% 10.1x 9.2x 14.0x 12.7x Median 8,127 8,036 1,120 1,359 24% 18.0x 14.5x 97 13% 159 13% 10.1x 9.2x 14.0x 12.7x

eCommerce & Supply Chain ManagementShopify 949.20$ 113,303$ 111,083$ 2,169$ 2,937$ 35% nm nm 68$ 3% 122$ 4% nm nm nm nmManhattan Associates 94.20 5,981 5,943 554 616 11% 10.7x 9.6x 136 25% 146 24% 43.6x 40.7x 61.3x 57.1xDescartes Systems 52.90 4,434 4,400 341 380 11% 12.9x 11.6x 137 40% 156 41% 32.2x 28.3x 39.3x 34.6xSPS Commerce 75.12 2,624 2,432 302 330 9% 8.1x 7.4x 81 27% 94 28% 29.9x 26.0x 55.4x 49.2xAmerican Software 15.76 507 416 116 121 4% 3.6x 3.4x 14 12% 16 13% 29.4x 26.6x 71.6x 55.3xChannelAdvisor 15.84 449 408 132 138 5% 3.1x 3.0x 25 19% 29 21% 16.0x 13.9x 23.6x 21.5x Mean $21,216 $20,780 $602 $754 13% 7.7x 7.0x $77 21% $94 22% 30.2x 27.1x 50.3x 43.5x Median 3,529 3,416 321 355 10% 8.1x 7.4x 75 22% 108 22% 29.9x 26.6x 55.4x 49.2x

21

Equity Trading Multiples by Segment continued


($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



ERP & General Business ApplicationsSalesforce.com 187.33$ 168,784$ 165,194$ 20,077$ 23,647$ 18% 8.2x 7.0x 5,977$ 30% 7,079$ 30% 27.6x 23.3x 63.3x 52.3xDocuSign 172.21 31,602 31,518 1,316 1,686 28% nm 18.7x 142 11% 236 14% nm nm nm nmConstellation Software 1,126.92 23,881 24,117 3,972 4,675 18% 6.1x 5.2x 1,069 27% 1,275 27% 22.6x 18.9x 32.3x 26.5xZendesk 88.53 10,090 10,220 1,009 1,261 25% 10.1x 8.1x 95 9% 144 11% nm nm nm nmSage Group 8.32 9,072 9,366 2,300 2,224 (3%) 4.1x 4.2x 577 25% 579 26% 16.2x 16.2x 26.9x 25.5xAnaplan 45.31 6,232 5,981 432 540 25% 13.8x 11.1x (37) (8%) (9) (2%) nm nm nm nmSmartsheet 50.92 6,098 5,628 365 473 29% 15.4x 11.9x (46) (13%) (34) (7%) nm nm nm nmj2 Global 63.21 3,016 4,067 1,388 1,477 6% 2.9x 2.8x 538 39% 581 39% 7.6x 7.0x 9.1x 8.4xEnghouse Systems 53.30 2,945 2,850 402 470 17% 7.1x 6.1x 129 32% 149 32% 22.0x 19.1x 35.9x 33.4xWorkiva 53.49 2,521 2,350 335 385 15% 7.0x 6.1x (22) (7%) (17) (4%) nm nm nm nmTechnologyOne 6.07 1,934 1,897 206 235 14% 9.2x 8.1x 67 32% 84 36% 28.5x 22.5x 42.4x 37.9xPROS 44.43 1,923 1,813 259 299 16% 7.0x 6.1x (31) (12%) (9) (3%) nm nm nm nmUpland Software 34.76 880 1,350 264 274 4% 5.1x 4.9x 91 34% 97 36% 14.9x 13.9x 16.8x 16.7xQAD 41.28 800 690 306 336 10% 2.3x 2.1x 16 5% 23 7% 42.0x 29.9x 99.9x 77.2xBasware 33.59 484 538 165 186 13% 3.3x 2.9x 19 11% 26 14% 28.4x 20.4x nm nm Mean $18,018 $17,839 $2,186 $2,544 16% 7.3x 7.0x $572 14% $680 17% 23.3x 19.0x 40.8x 34.7x Median 3,016 4,067 402 473 16% 7.0x 6.1x 91 11% 97 14% 22.6x 19.1x 34.1x 30.0x

22



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



Financial ApplicationsFIS 134.09$ 82,845$ 102,039$ 12,384$ 13,511$ 9% 8.2x 7.6x 5,324$ 43% 6,204$ 46% 19.2x 16.4x 24.6x 20.1xIntuit 296.19 77,238 73,930 7,527 8,333 11% 9.8x 8.9x 2,704 36% 3,095 37% 27.3x 23.9x 41.6x 35.8xFiserv 97.62 65,355 88,130 14,967 15,890 6% 5.9x 5.5x 5,561 37% 6,228 39% 15.8x 14.1x 22.2x 18.3xMSCI 333.82 27,906 30,192 1,663 1,812 9% 18.2x 16.7x 921 55% 1,015 56% 32.8x 29.8x 47.6x 42.4xCoupa Software 277.04 18,582 18,594 492 617 25% nm nm 73 15% 109 18% nm nm nm nmSS&C Technologies 56.48 14,473 21,737 4,597 4,752 3% 4.7x 4.6x 1,767 38% 1,873 39% 12.3x 11.6x 14.5x 13.4xJack Henry 184.03 14,100 14,113 1,741 1,869 7% 8.1x 7.6x 555 32% 573 31% 25.4x 24.6x 47.2x 43.0xFair Isaac 418.04 12,125 13,069 1,221 1,271 4% 10.7x 10.3x 391 32% 426 33% 33.4x 30.7x 51.5x 46.7xTemenos Group 155.38 11,187 12,209 953 1,075 13% 12.8x 11.4x 414 43% 461 43% 29.5x 26.5x 43.8x 39.4xAvalara 133.09 10,437 10,056 460 569 24% nm 17.7x (4) (1%) 23 4% nm nm nm nmXero 62.21 8,817 8,791 509 631 24% 17.3x 13.9x 106 21% 151 24% nm nm nm nmBlackLine 82.91 4,675 4,472 340 406 19% 13.1x 11.0x 37 11% 56 14% nm nm nm nmQ2 Holdings 85.79 4,565 4,925 396 489 24% 12.5x 10.1x 17 4% 34 7% nm nm nm nmSimCorp 107.92 4,280 4,325 508 571 12% 8.5x 7.6x 137 27% 181 32% 31.5x 23.9x 47.7x 34.2xEnvestnet 73.54 3,935 4,562 953 1,051 10% 4.8x 4.3x 204 21% 235 22% 22.4x 19.4x 35.6x 30.8xBottomline Technologies 50.77 2,230 2,259 449 499 11% 5.0x 4.5x 95 21% 113 23% 23.9x 19.9x 45.1x 33.5xZuora 12.75 1,478 1,382 298 328 10% 4.6x 4.2x (10) (3%) 8 3% nm nm nm nmIRESS 7.56 1,424 1,598 391 441 13% 4.1x 3.6x 91 23% 100 23% 17.6x 16.0x 27.9x 25.6xAsseco Poland 16.71 1,387 2,133 2,960 3,009 2% 0.7x 0.7x 399 13% 418 14% 5.3x 5.1x 14.6x 14.2xModel N 34.76 1,191 1,176 157 175 11% 7.5x 6.7x 14 9% 19 11% nm nm nm 95.5xEbix 22.36 682 1,391 522 668 28% 2.7x 2.1x n/a n/a n/a n/a n/a n/a 7.7x 5.6x Mean $17,567 $20,052 $2,547 $2,760 13% 8.4x 7.9x $940 24% $1,066 26% 22.8x 20.2x 33.7x 33.2x Median 8,817 8,791 522 668 11% 8.1x 7.6x 171 22% 208 23% 23.9x 19.9x 38.6x 33.5x

Human Capital ManagementAutomatic Data Processing 148.89$ 63,989$ 64,745$ 14,339$ 15,054$ 5% 4.5x 4.3x 3,427$ 24% 3,771$ 25% 18.9x 17.2x 27.5x 23.9xWorkday 187.36 44,061 43,562 4,194 4,923 17% 10.4x 8.8x 971 23% 1,146 23% 44.9x 38.0x 83.0x 68.4xPaychex 75.75 27,173 27,309 3,907 4,025 3% 7.0x 6.8x 1,567 40% 1,615 40% 17.4x 16.9x 26.9x 25.7xPaycom Software 309.73 17,789 17,661 830 998 20% nm 17.7x 333 40% 421 42% nm 42.0x 86.7x 67.9xCeridian HCM 79.27 11,949 12,410 850 976 15% 14.6x 12.7x 165 19% 198 20% nm nm nm nmPaylocity 145.89 7,832 7,735 583 681 17% 13.3x 11.4x 146 25% 182 27% nm 42.4x 98.1x 79.0xCornerstone OnDemand 38.56 2,461 2,372 741 915 23% 3.2x 2.6x 215 29% 279 31% 11.0x 8.5x 33.5x 17.0xPluralsight 18.05 1,905 2,046 378 459 22% 5.4x 4.5x (46) (12%) (27) (6%) nm nm nm nmBenefitfocus 10.76 345 523 259 287 11% 2.0x 1.8x 28 11% 37 13% 18.7x 14.2x nm nm Mean $19,723 $19,818 $2,898 $3,146 15% 7.6x 7.8x $756 22% $847 24% 22.2x 25.6x 59.3x 47.0x Median 11,949 12,410 830 976 17% 6.2x 6.8x 215 24% 279 25% 18.7x 17.2x 58.2x 46.8x

23



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



IT Operations ManagementServiceNow 405.06$ 77,246$ 76,591$ 4,351$ 5,439$ 25% 17.6x 14.1x 1,310$ 30% 1,620$ 30% nm 47.3x 95.7x 75.4xVMware 154.86 64,894 67,622 11,518 12,781 11% 5.9x 5.3x 4,081 35% 4,575 36% 16.6x 14.8x 25.3x 21.6xSplunk 198.70 31,567 31,968 2,426 3,034 25% 13.2x 10.5x 19 1% 391 13% nm nm nm nmDatadog 86.95 26,031 25,296 563 756 34% nm nm 24 4% 38 5% nm nm nm nmOpenText 42.48 11,503 14,522 3,267 3,375 3% 4.4x 4.3x 1,126 34% 1,257 37% 12.9x 11.5x 15.7x 13.2xElastic 92.21 7,864 7,600 512 644 26% 14.8x 11.8x (53) (10%) (44) (7%) nm nm nm nmSolarWinds 17.67 5,510 7,292 1,010 1,115 10% 7.2x 6.5x 468 46% 525 47% 15.6x 13.9x 20.4x 18.0xLogMeIn 0.00 4,134 4,252 1,318 1,401 6% 3.2x 3.0x 407 31% 444 32% 10.5x 9.6x nm nmPagerDuty 28.62 2,253 1,937 208 254 22% 9.3x 7.6x (16) (8%) (8) (3%) nm nm nm nmNetscout Systems 25.56 1,846 1,991 870 922 6% 2.3x 2.2x 192 22% n/a n/a 10.4x n/a 16.5x 14.6xMobileIron 4.93 569 484 199 210 5% 2.4x 2.3x (12) (6%) (10) (5%) nm nm nm nmMagic Software 11.30 553 530 349 378 9% 1.5x 1.4x n/a n/a n/a n/a n/a n/a 16.9x 15.9xComarch 53.16 432 405 387 413 7% 1.0x 1.0x 60 16% 61 15% 6.7x 6.7x 23.1x 15.6x Mean $18,031 $18,499 $2,075 $2,363 15% 6.9x 5.8x $634 16% $804 18% 12.1x 17.3x 30.5x 24.9x Median 5,510 7,292 870 922 10% 5.2x 4.8x 126 19% 391 15% 11.7x 12.7x 20.4x 15.9x

24



($ millions)

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


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


IT SecurityOkta 200.23$ 24,951$ 24,665$ 777$ 1,013$ 30% nm nm (22)$ (3%) 3$ 0% nm nm nm nmVerisign 206.83 23,897 24,551 1,258 1,306 4% 19.5x 18.8x 893 71% 946 72% 27.5x 25.9x 32.1x 34.3xFortinet 137.27 22,189 20,831 2,500 2,899 16% 8.3x 7.2x 695 28% 820 28% 30.0x 25.4x 48.7x 41.8xPalo Alto Networks 229.67 22,155 21,995 3,644 4,284 18% 6.0x 5.1x 807 22% 955 22% 27.2x 23.0x 44.8x 35.6xCrowdstrike 100.29 21,662 20,698 770 1,016 32% nm nm 30 4% 97 10% nm nm nm nmCheck Point 107.43 15,062 13,318 2,014 2,074 3% 6.6x 6.4x 989 49% 1,005 48% 13.5x 13.2x 16.9x 16.0xZscaler 109.50 14,292 13,941 488 628 29% nm nm 45 9% 66 10% nm nm nm nmNortonLifeLock 19.83 11,680 13,739 412 590 43% nm nm (119) (29%) (67) (11%) nm nm 18.4x 13.7xCloudflare 35.95 10,916 10,376 391 512 31% nm nm (21) (5%) 9 2% nm nm nm nmTrend Micro 55.84 7,772 6,314 1,614 1,691 5% 3.9x 3.7x 505 31% 529 31% 12.5x 11.9x 29.2x 26.0xProofpoint 111.12 6,368 6,237 1,021 1,200 17% 6.1x 5.2x 143 14% 211 18% 43.7x 29.5x 73.8x 54.6xQualys 104.02 4,053 3,667 358 405 13% 10.3x 9.1x 152 42% 175 43% 24.2x 20.9x 41.8x 37.5xCyberArk 99.27 3,845 3,179 456 545 20% 7.0x 5.8x 92 20% 129 24% 34.6x 24.6x 53.7x 41.8xTenable 29.81 2,983 2,802 427 513 20% 6.6x 5.5x (11) (3%) 0 0% nm nm nm nmVaronis Systems 88.48 2,784 2,721 254 302 19% 10.7x 9.0x (26) (10%) (2) (1%) nm nm nm nmBlackberry 4.87 2,705 2,538 978 1,054 8% 2.6x 2.4x 119 12% 124 12% 21.3x 20.5x 37.4x 41.5xFireEye 12.18 2,673 2,803 890 954 7% 3.1x 2.9x 83 9% 106 11% 33.8x 26.4x nm 57.8xMimecast 41.66 2,623 2,679 466 540 16% 5.8x 5.0x 94 20% 107 20% 28.5x 25.0x 66.7x 54.4xRapid7 51.02 2,577 2,604 391 464 18% 6.7x 5.6x 10 3% 27 6% nm nm nm nmPing Identity 32.09 2,567 2,566 245 296 21% 10.5x 8.7x 27 11% 43 15% nm nm nm 80.3xSailPoint 26.47 2,387 2,280 315 358 13% 7.2x 6.4x 16 5% 25 7% nm nm nm nmOneSpan 27.93 1,123 1,033 258 282 9% 4.0x 3.7x 26 10% 41 14% 40.2x 25.5x 62.3x 38.7xSecureworks 11.43 939 812 561 596 6% 1.4x 1.4x 16 3% 20 3% nm 40.6x nm nmF-Secure 3.23 511 526 245 262 7% 2.1x 2.0x 28 11% 36 14% 18.8x 14.6x 71.8x 35.9xZixCorp 6.90 377 668 213 236 11% 3.1x 2.8x 51 24% 54 23% 13.2x 12.3x 12.1x 10.8xTufin 9.55 340 246 98 117 20% 2.5x 2.1x (35) (36%) (27) (23%) nm nm nm nm Mean $8,209 $7,992 $810 $928 17% 6.4x 5.7x $176 12% $209 15% 26.3x 22.6x 43.5x 38.8x Median 3,414 2,991 461 568 17% 6.1x 5.2x 38 11% 60 13% 27.4x 24.6x 43.3x 38.1x

25



($ millions)

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


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


Network InfrastructureJuniper Networks 22.86$ 7,575$ 7,513$ 4,325$ 4,493$ 4% 1.7x 1.7x 875$ 20% 933$ 21% 8.6x 8.1x 14.8x 12.8xExtreme Networks 4.34 522 814 868 930 7% 0.9x 0.9x 69 8% 97 10% 11.7x 8.4x nm 12.3x Mean $4,048 $4,163 $2,596 $2,711 6% 1.3x 1.3x $472 14% $515 16% 10.2x 8.2x 14.8x 12.5x Median 4,048 4,163 2,596 2,711 6% 1.3x 1.3x 472 14% 515 16% 10.2x 8.2x nm 12.5x

DevOps and Software Development ToolsAtlassian 180.27$ 44,499$ 43,512$ 1,749$ 2,190$ 25% nm 19.9x 432$ 25% 570$ 26% nm nm nm nmMongoDB 226.34 13,156 13,199 530 676 28% nm 19.5x (51) (10%) (34) (5%) nm nm nm nmDynatrace 40.60 11,403 11,700 617 743 20% 19.0x 15.7x 159 26% 190 26% nm nm nm 89.2xPegasystems 101.17 8,103 8,133 1,065 1,264 19% 7.6x 6.4x 47 4% 93 7% nm nm nm nmNew Relic 68.90 4,123 3,813 652 743 14% 5.8x 5.1x 70 11% 90 12% nm 42.2x nm nmAppian 51.25 3,575 3,477 279 316 13% 12.5x 11.0x (40) (14%) (31) (10%) nm nm nm nmProgress Software 38.75 1,736 1,850 441 441 0% 4.2x 4.2x 179 40% 180 41% 10.4x 10.3x 14.4x 14.2xAxway Software 20.03 426 483 323 328 2% 1.5x 1.5x 35 11% n/a n/a 13.7x n/a 30.0x 19.8x Mean $10,878 $10,771 $707 $838 15% 8.4x 10.4x $104 12% $151 14% 12.0x 26.3x 22.2x 41.1x Median 6,113 5,973 573 710 16% 6.7x 8.7x 58 11% 93 12% 12.0x 26.3x 22.2x 19.8x

Sales & Marketing ApplicationsAdobe 435.31$ 208,803$ 209,149$ 12,748$ 14,701$ 15% 16.4x 14.2x 6,030$ 47% 7,122$ 48% 34.7x 29.4x 44.6x 39.2xHubspot 224.35 9,788 9,430 807 975 21% 11.7x 9.7x 76 9% 116 12% nm nm nm nmMedallia 25.24 3,562 3,206 462 549 19% 6.9x 5.8x 30 6% 47 9% nm nm nm nmSurveyMonkey 23.54 3,250 3,407 373 450 21% 9.1x 7.6x 41 11% 59 13% nm nm nm nmLivePerson 41.43 2,743 2,772 347 426 23% 8.0x 6.5x 6 2% 24 6% nm nm nm nmTeradata 20.80 2,257 2,558 1,784 1,871 5% 1.4x 1.4x 304 17% 377 20% 8.4x 6.8x 22.2x 15.3xYext 16.61 1,955 1,838 354 432 22% 5.2x 4.3x (47) (13%) (22) (5%) nm nm nm nmCardlytics 69.98 1,887 1,798 187 276 48% 9.6x 6.5x (15) (8%) 12 4% nm nm nm nm Mean $29,281 $29,270 $2,133 $2,460 22% 8.5x 7.0x $803 9% $967 13% 21.6x 18.1x 33.4x 27.3x Median 2,996 2,989 418 499 21% 8.6x 6.5x 35 8% 53 10% 21.6x 18.1x 33.4x 27.3x

26



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



Storage ManagementNetApp 44.37$ 9,842$ 8,766$ 5,135$ 5,266$ 3% 1.7x 1.7x 1,139$ 22% 1,292$ 25% 7.7x 6.8x 13.3x 11.4xDropbox 21.77 8,996 8,979 1,893 2,108 11% 4.7x 4.3x 503 27% 615 29% 17.8x 14.6x 29.8x 24.8xNutanix 23.71 4,731 4,639 1,335 1,619 21% 3.5x 2.9x (386) (29%) (339) (21%) nm nm nm nmPure Storage 17.33 4,593 3,928 1,725 2,009 16% 2.3x 2.0x 126 7% 174 9% 31.2x 22.6x 74.5x 47.3xBox 20.76 3,186 3,388 765 841 10% 4.4x 4.0x 138 18% 170 20% 24.5x 19.9x 41.4x 31.2xCommVault Systems 38.70 1,787 1,472 648 676 4% 2.3x 2.2x n/a n/a 91 13% n/a 16.2x 35.5x 29.4x Mean $5,522 $5,195 $1,917 $2,087 11% 3.2x 2.8x $304 9% $334 13% 20.3x 16.0x 38.9x 28.8x Median 4,662 4,284 1,530 1,814 11% 2.9x 2.5x 138 18% 172 17% 21.2x 16.2x 35.5x 29.4x

Technical & Embedded ApplicationsAutodesk 239.19$ 52,430$ 53,046$ 3,736$ 4,419$ 18% 14.2x 12.0x 1,155$ 31% 1,580$ 36% 45.9x 33.6x 63.3x 44.4xDassault Systemes 172.86 44,997 47,726 5,139 5,661 10% 9.3x 8.4x 1,614 31% 1,872 33% 29.6x 25.5x 41.0x 35.4xSynopsys 195.00 29,404 29,324 3,749 4,005 7% 7.8x 7.3x 1,200 32% 1,340 33% 24.4x 21.9x 34.4x 31.1xCadence Design 95.96 26,949 26,699 2,557 2,749 8% 10.4x 9.7x 945 37% 1,033 38% 28.2x 25.8x 39.1x 35.7xANSYS 291.73 24,971 24,802 1,586 1,766 11% 15.6x 14.0x 658 42% 764 43% 37.7x 32.4x 49.3x 42.4xParametric Technology 77.79 9,000 9,971 1,444 1,630 13% 6.9x 6.1x 448 31% 568 35% 22.3x 17.6x 32.8x 25.6xAspen Technology 103.61 7,004 7,283 579 620 7% 12.6x 11.7x 288 50% 314 51% 25.3x 23.2x 30.1x 26.9x Mean $27,822 $28,407 $2,684 $2,979 11% 11.0x 9.9x $901 36% $1,067 38% 30.5x 25.7x 41.4x 34.5x Median 26,949 26,699 2,557 2,749 10% 10.4x 9.7x 945 32% 1,033 36% 28.2x 25.5x 39.1x 35.4x

Vertical ApplicationsDanaher 176.83$ 125,022$ 149,097$ 20,518$ 22,956$ 12% 7.3x 6.5x 5,286$ 26% 6,272$ 27% 28.2x 23.8x 35.6x 30.0xRoper Industries 388.26 40,533 44,810 5,394 5,679 5% 8.3x 7.9x 1,903 35% 2,005 35% 23.5x 22.3x 31.8x 29.4xVeeva 234.42 35,197 33,869 1,390 1,664 20% nm nm 530 38% 634 38% nm nm 92.0x 77.1xTyler Technologies 346.88 13,793 13,474 1,151 1,267 10% 11.7x 10.6x 315 27% 350 28% 42.8x 38.5x 65.7x 60.5xGuidewire Software 110.85 9,220 8,613 732 827 13% 11.8x 10.4x 96 13% 148 18% nm nm nm 87.7xRealPage 65.01 6,436 7,534 1,137 1,269 12% 6.6x 5.9x 295 26% 350 28% 25.5x 21.5x 37.0x 31.2xAppfolio 162.71 5,573 5,642 316 385 22% 17.9x 14.6x 46 15% 62 16% nm nm nm nmBlackbaud 57.08 2,757 3,380 893 909 2% 3.8x 3.7x 172 19% 172 19% 19.7x 19.7x 27.1x 25.7xSapiens 27.98 1,405 1,454 373 408 9% 3.9x 3.6x 66 18% 74 18% 22.2x 19.7x 32.7x 28.3xMajesco 7.86 340 292 145 172 19% 2.0x 1.7x 15 10% 21 12% 19.5x 13.8x nm nm Mean $24,028 $26,817 $3,205 $3,554 12% 8.1x 7.2x $872 23% $1,009 24% 25.9x 22.8x 46.0x 46.2x Median 7,828 8,074 1,015 1,088 12% 7.3x 6.5x 234 22% 261 23% 23.5x 21.5x 35.6x 30.6x

27



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



Software-as-a-ServiceSalesforce.com 187.33$ 168,784$ 165,194$ 20,077$ 23,647$ 18% 8.2x 7.0x 5,977$ 30% 7,079$ 30% 27.6x 23.3x 63.3x 52.3xShopify 949.20 113,303 111,083 2,169 2,937 35% nm nm 68 3% 122 4% nm nm nm nmServiceNow 405.06 77,246 76,591 4,351 5,439 25% 17.6x 14.1x 1,310 30% 1,620 30% nm 47.3x 95.7x 75.4xAtlassian 180.27 44,499 43,512 1,749 2,190 25% nm 19.9x 432 25% 570 26% nm nm nm nmWorkday 187.36 44,061 43,562 4,194 4,923 17% 10.4x 8.8x 971 23% 1,146 23% 44.9x 38.0x 83.0x 68.4xSplunk 198.70 31,567 31,968 2,426 3,034 25% 13.2x 10.5x 19 1% 391 13% nm nm nm nmTwilio 219.42 30,730 29,535 1,521 1,897 25% 19.4x 15.6x 97 6% 159 8% nm nm nm nmRingCentral 285.01 25,053 25,375 1,120 1,390 24% nm 18.3x 145 13% 188 13% nm nm nm nmPaycom Software 309.73 17,789 17,661 830 998 20% nm 17.7x 333 40% 421 42% nm 42.0x 86.7x 67.9xZendesk 88.53 10,090 10,220 1,009 1,261 25% 10.1x 8.1x 95 9% 144 11% nm nm nm nmHubspot 224.35 9,788 9,430 807 975 21% 11.7x 9.7x 76 9% 116 12% nm nm nm nmDropbox 21.77 8,996 8,979 1,893 2,108 11% 4.7x 4.3x 503 27% 615 29% 17.8x 14.6x 29.8x 24.8xPaylocity 145.89 7,832 7,735 583 681 17% 13.3x 11.4x 146 25% 182 27% nm 42.4x 98.1x 79.0xFive9 110.67 7,166 7,067 383 447 17% 18.5x 15.8x 62 16% 81 18% nm nm nm nmRealPage 65.01 6,436 7,534 1,137 1,269 12% 6.6x 5.9x 295 26% 350 28% 25.5x 21.5x 37.0x 31.2xAppfolio 162.71 5,573 5,642 316 385 22% 17.9x 14.6x 46 15% 62 16% nm nm nm nmEverbridge 138.36 4,754 4,711 262 331 26% 18.0x 14.2x 6 2% 19 6% nm nm nm nmPure Storage 17.33 4,593 3,928 1,725 2,009 16% 2.3x 2.0x 126 7% 174 9% 31.2x 22.6x 74.5x 47.3xQ2 Holdings 85.79 4,565 4,925 396 489 24% 12.5x 10.1x 17 4% 34 7% nm nm nm nmLogMeIn 0.00 4,134 4,252 1,318 1,401 6% 3.2x 3.0x 407 31% 444 32% 10.5x 9.6x nm nmNew Relic 68.90 4,123 3,813 652 743 14% 5.8x 5.1x 70 11% 90 12% nm 42.2x nm nmEnvestnet 73.54 3,935 4,562 953 1,051 10% 4.8x 4.3x 204 21% 235 22% 22.4x 19.4x 35.6x 30.8xBox 20.76 3,186 3,388 765 841 10% 4.4x 4.0x 138 18% 170 20% 24.5x 19.9x 41.4x 31.2xVaronis Systems 88.48 2,784 2,721 254 302 19% 10.7x 9.0x (26) (10%) (2) (1%) nm nm nm nmSPS Commerce 75.12 2,624 2,432 302 330 9% 8.1x 7.4x 81 27% 94 28% 29.9x 26.0x 55.4x 49.2xMimecast 41.66 2,623 2,679 466 540 16% 5.8x 5.0x 94 20% 107 20% 28.5x 25.0x 66.7x 54.4xWorkiva 53.49 2,521 2,350 335 385 15% 7.0x 6.1x (22) (7%) (17) (4%) nm nm nm nmCornerstone OnDemand 38.56 2,461 2,372 741 915 23% 3.2x 2.6x 215 29% 279 31% 11.0x 8.5x 33.5x 17.0xTalend 34.66 1,086 1,066 274 309 13% 3.9x 3.5x (28) (10%) (11) (4%) nm nm nm nmChannelAdvisor 15.84 449 408 132 138 5% 3.1x 3.0x 25 19% 29 21% 16.0x 13.9x 23.6x 21.5xZixCorp 6.90 377 668 213 236 11% 3.1x 2.8x 51 24% 54 23% 13.2x 12.3x 12.1x 10.8xBenefitfocus 10.76 345 523 259 287 11% 2.0x 1.8x 28 11% 37 13% 18.7x 14.2x nm nm Mean $20,421 $20,184 $1,675 $1,996 18% 8.9x 8.6x $374 16% $468 18% 23.0x 24.6x 55.8x 44.1x Median 5,163 5,284 786 945 17% 7.5x 7.4x 94 17% 151 19% 23.4x 22.1x 55.4x 47.3x

28


Equity Trading Multiples by Comparable Subset

($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive

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


Small Cap (<$250m Market Value)Altisource 14.74$ 230$ 428$ 393$ 441$ 12% 1.1x 1.0x 25$ 6% 61$ 14% 17.3x 7.0x nm 23.4xGTY Holdings 4.17 223 233 47 n/a n/a 5.0x n/a n/a n/a n/a n/a n/a n/a nm nmServiceSource 1.58 150 172 193 200 4% 0.9x 0.9x 0 0% 7 3% nm 26.5x nm nmSynchronoss Technologies 3.53 146 415 306 326 6% 1.4x 1.3x 25 8% 40 12% 16.3x 10.3x nm nmDHI Group 2.10 102 130 145 155 7% 0.9x 0.8x 29 20% 36 23% 4.5x 3.6x 23.3x 8.8xAsure Software 6.43 101 113 63 67 6% 1.8x 1.7x 9 13% 11 16% 13.2x 10.7x 18.8x 23.6xCYREN 1.18 71 88 38 n/a n/a 2.3x n/a n/a n/a n/a n/a n/a n/a nm nmNetSol 2.70 32 34 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 11.7x 5.8xBoxlight 0.92 29 35 30 36 21% 1.2x 1.0x (1) (3%) 1 1% nm nm nm nmMarin Software 1.42 10 15 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nmNexJ Systems 0.37 8 3 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm Mean $100 $152 $152 $204 9% 1.8x 1.1x $14 7% $26 12% 12.8x 11.6x 18.0x 15.4x Median 101 113 104 178 6% 1.3x 1.0x 17 7% 23 13% 14.8x 10.3x 18.8x 16.1x

Highly AcquisitiveDanaher 176.83$ 125,022$ 149,097$ 20,518$ 22,956$ 12% 7.3x 6.5x 5,286$ 26% 6,272$ 27% 28.2x 23.8x 35.6x 30.0xRoper Industries 388.26 40,533 44,810 5,394 5,679 5% 8.3x 7.9x 1,903 35% 2,005 35% 23.5x 22.3x 31.8x 29.4xConstellation Software 1,126.92 23,881 24,117 3,972 4,675 18% 6.1x 5.2x 1,069 27% 1,275 27% 22.6x 18.9x 32.3x 26.5xSS&C Technologies 56.48 14,473 21,737 4,597 4,752 3% 4.7x 4.6x 1,767 38% 1,873 39% 12.3x 11.6x 14.5x 13.4xOpenText 42.48 11,503 14,522 3,267 3,375 3% 4.4x 4.3x 1,126 34% 1,257 37% 12.9x 11.5x 15.7x 13.2xDescartes Systems 52.90 4,434 4,400 341 380 11% 12.9x 11.6x 137 40% 156 41% 32.2x 28.3x 39.3x 34.6xj2 Global 63.21 3,016 4,067 1,388 1,477 6% 2.9x 2.8x 538 39% 581 39% 7.6x 7.0x 9.1x 8.4xEnghouse Systems 53.30 2,945 2,850 402 470 17% 7.1x 6.1x 129 32% 149 32% 22.0x 19.1x 35.9x 33.4xBottomline Technologies 50.77 2,230 2,259 449 499 11% 5.0x 4.5x 95 21% 113 23% 23.9x 19.9x 45.1x 33.5xMicro Focus 5.35 1,790 5,980 2,939 2,791 (5%) 2.0x 2.1x 1,071 36% 1,063 38% 5.6x 5.6x 3.6x 3.7xUpland Software 34.76 880 1,350 264 274 4% 5.1x 4.9x 91 34% 97 36% 14.9x 13.9x 16.8x 16.7xAsure Software 6.43 101 113 63 67 6% 1.8x 1.7x 9 13% 11 16% 13.2x 10.7x 18.8x 23.6x Mean 19,234$ $22,942 $3,633 $3,949 8% 5.6x 5.2x $1,102 31% $1,238 33% 18.2x 16.1x 24.9x 22.2x Median 3,725 5,190 2,163 2,134 6% 5.1x 4.7x 804 34% 822 35% 18.5x 16.4x 25.3x 25.1x

29


Equity Trading Multiples by Comparable Subset continued

($ millions)

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


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


High Growth (>=25% CY21E Revenue Growth)Zillow 57.48$ 12,719$ 12,437$ 3,400$ 5,204$ 53% 3.7x 2.4x (94)$ (3%) (20)$ (0%) nm nm nm nmCardlytics 69.98 1,887 1,798 187 276 48% 9.6x 6.5x (15) (8%) 12 4% nm nm nm nmShopify 949.20 113,303 111,083 2,169 2,937 35% nm nm 68 3% 122 4% nm nm nm nmDatadog 86.95 26,031 25,296 563 756 34% nm nm 24 4% 38 5% nm nm nm nmCrowdstrike 100.29 21,662 20,698 770 1,016 32% nm nm 30 4% 97 10% nm nm nm nmCloudflare 35.95 10,916 10,376 391 512 31% nm nm (21) (5%) 9 2% nm nm nm nmAlteryx 164.28 10,836 10,828 503 658 31% nm 16.5x 72 14% 122 19% nm nm nm nmOkta 200.23 24,951 24,665 777 1,013 30% nm nm (22) (3%) 3 0% nm nm nm nmSmartsheet 50.92 6,098 5,628 365 473 29% 15.4x 11.9x (46) (13%) (34) (7%) nm nm nm nmZscaler 109.50 14,292 13,941 488 628 29% nm nm 45 9% 66 10% nm nm nm nmDocuSign 172.21 31,602 31,518 1,316 1,686 28% nm 18.7x 142 11% 236 14% nm nm nm nmMongoDB 226.34 13,156 13,199 530 676 28% nm 19.5x (51) (10%) (34) (5%) nm nm nm nmZoom 253.54 71,524 70,491 1,804 2,285 27% nm nm 467 26% 614 27% nm nm nm nmEverbridge 138.36 4,754 4,711 262 331 26% 18.0x 14.2x 6 2% 19 6% nm nm nm nmElastic 92.21 7,864 7,600 512 644 26% 14.8x 11.8x (53) (10%) (44) (7%) nm nm nm nmCoupa Software 277.04 18,582 18,594 492 617 25% nm nm 73 15% 109 18% nm nm nm nmAtlassian 180.27 44,499 43,512 1,749 2,190 25% nm 19.9x 432 25% 570 26% nm nm nm nmSplunk 198.70 31,567 31,968 2,426 3,034 25% 13.2x 10.5x 19 1% 391 13% nm nm nm nmServiceNow 405.06 77,246 76,591 4,351 5,439 25% 17.6x 14.1x 1,310 30% 1,620 30% nm 47.3x 95.7x 75.4xZendesk 88.53 10,090 10,220 1,009 1,261 25% 10.1x 8.1x 95 9% 144 11% nm nm nm nmAnaplan 45.31 6,232 5,981 432 540 25% 13.8x 11.1x (37) (8%) (9) (2%) nm nm nm nmTwilio 219.42 30,730 29,535 1,521 1,897 25% 19.4x 15.6x 97 6% 159 8% nm nm nm nm Mean $26,843 $26,394 $1,183 $1,549 30% 13.6x 12.9x $115 5% $190 8% nm 47.3x 95.7x 75.4x Median 16,437 16,268 667 884 28% 14.3x 13.0x 27 4% 81 7% nm nm nm nm

30



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive



High Profitability (>=35% CY20E EBITDA Margin)Verisign 206.83$ 23,897$ 24,551$ 1,258$ 1,306$ 4% 19.5x 18.8x 893$ 71% 946$ 72% 27.5x 25.9x 32.1x 34.3xRightmove 6.76 5,882 5,853 243 351 44% nm 16.7x 164 67% 263 75% 35.8x 22.2x 45.5x 28.2xMSCI 333.82 27,906 30,192 1,663 1,812 9% 18.2x 16.7x 921 55% 1,015 56% 32.8x 29.8x 47.6x 42.4xAspen Technology 103.61 7,004 7,283 579 620 7% 12.6x 11.7x 288 50% 314 51% 25.3x 23.2x 30.1x 26.9xCheck Point 107.43 15,062 13,318 2,014 2,074 3% 6.6x 6.4x 989 49% 1,005 48% 13.5x 13.2x 16.9x 16.0xOracle 55.27 169,606 200,904 39,007 39,508 1% 5.2x 5.1x 18,823 48% 18,973 48% 10.7x 10.6x 13.9x 13.1xAdobe 435.31 208,803 209,149 12,748 14,701 15% 16.4x 14.2x 6,030 47% 7,122 48% 34.7x 29.4x 44.6x 39.2xSolarWinds 17.67 5,510 7,292 1,010 1,115 10% 7.2x 6.5x 468 46% 525 47% 15.6x 13.9x 20.4x 18.0xMicrosoft 203.51 1,543,306 1,489,689 148,141 165,601 12% 10.1x 9.0x 67,305 45% 75,864 46% 22.1x 19.6x 35.0x 30.8xIntel 59.83 253,320 272,106 73,788 74,449 1% 3.7x 3.7x 33,346 45% 33,655 45% 8.2x 8.1x 12.6x 12.3xTemenos Group 155.38 11,187 12,209 953 1,075 13% 12.8x 11.4x 414 43% 461 43% 29.5x 26.5x 43.8x 39.4xAkamai Technologies 107.09 17,378 17,839 3,107 3,311 7% 5.7x 5.4x 1,337 43% 1,444 44% 13.3x 12.4x 21.7x 20.0xFIS 134.09 82,845 102,039 12,384 13,511 9% 8.2x 7.6x 5,324 43% 6,204 46% 19.2x 16.4x 24.6x 20.1xQualys 104.02 4,053 3,667 358 405 13% 10.3x 9.1x 152 42% 175 43% 24.2x 20.9x 41.8x 37.5xANSYS 291.73 24,971 24,802 1,586 1,766 11% 15.6x 14.0x 658 42% 764 43% 37.7x 32.4x 49.3x 42.4xProgress Software 38.75 1,736 1,850 441 441 (0%) 4.2x 4.2x 179 40% 180 41% 10.4x 10.3x 14.4x 14.2xPaycom Software 309.73 17,789 17,661 830 998 20% nm 17.7x 333 40% 421 42% nm 42.0x 86.7x 67.9xPaychex 75.75 27,173 27,309 3,907 4,025 3% 7.0x 6.8x 1,567 40% 1,615 40% 17.4x 16.9x 26.9x 25.7xDescartes Systems 52.90 4,434 4,400 341 380 11% 12.9x 11.6x 137 40% 156 41% 32.2x 28.3x 39.3x 34.6xj2 Global 63.21 3,016 4,067 1,388 1,477 6% 2.9x 2.8x 538 39% 581 39% 7.6x 7.0x 9.1x 8.4xSS&C Technologies 56.48 14,473 21,737 4,597 4,752 3% 4.7x 4.6x 1,767 38% 1,873 39% 12.3x 11.6x 14.5x 13.4xdotdigital 1.26 376 355 60 65 9% 6.0x 5.5x 23 38% 25 39% 15.6x 14.2x 26.0x 25.1xVeeva 234.42 35,197 33,869 1,390 1,664 20% nm nm 530 38% 634 38% nm nm 92.0x 77.1xFiserv 97.62 65,355 88,130 14,967 15,890 6% 5.9x 5.5x 5,561 37% 6,228 39% 15.8x 14.1x 22.2x 18.3xCadence Design 95.96 26,949 26,699 2,557 2,749 8% 10.4x 9.7x 945 37% 1,033 38% 28.2x 25.8x 39.1x 35.7xCisco Systems 46.64 196,928 185,427 48,348 50,699 5% 3.8x 3.7x 17,633 36% 17,726 35% 10.5x 10.5x 15.3x 14.4xMicro Focus 5.35 1,790 5,980 2,939 2,791 (5%) 2.0x 2.1x 1,071 36% 1,063 38% 5.6x 5.6x 3.6x 3.7xIntuit 296.19 77,238 73,930 7,527 8,333 11% 9.8x 8.9x 2,704 36% 3,095 37% 27.3x 23.9x 41.6x 35.8xVMware 154.86 64,894 67,622 11,518 12,781 11% 5.9x 5.3x 4,081 35% 4,575 36% 16.6x 14.8x 25.3x 21.6xRoper Industries 388.26 40,533 44,810 5,394 5,679 5% 8.3x 7.9x 1,903 35% 2,005 35% 23.5x 22.3x 31.8x 29.4xSAP 139.91 166,603 177,348 31,819 34,237 8% 5.6x 5.2x 11,140 35% 12,431 36% 15.9x 14.3x 24.8x 21.6x Mean $104,044 $105,918 $14,520 $15,575 9% 8.2x 8.2x $6,211 42% $6,714 43% 20.1x 18.6x 32.0x 27.8x Median 25,960 25,750 2,748 2,770 8% 7.0x 6.8x 1,030 40% 1,048 42% 17.0x 16.4x 26.4x 25.4x

31



($ millions)


Global Diversified


Communications





IT Security



Storage Management


High Growth

High Profitability


Small Cap




Highly Acquisitive


4.3x

21.5x

3.7x

20.6x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x Median at IPOMedian at 06/30/20

$1,850

$8,263

$1,463

$7,663

$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000 At IPO

At 06/30/20

Equity Financing Activity

Software IPOs: Q2 2020


Mar

ket V

alue

($ m

illio

ns)

EV /

CY20

E Re

venu

e

32

IPO Pricing

IPO Date 06/04/20 06/03/20Original Range $19 - $21 $16 - $18Pricing $23.00 $21.00

vs. Midpoint 15% 24%Current $35.50 $51.03

vs. Pricing 54% 143%

Operating Statistics at IPO ($ millions)

CY2020E Revenue $577 $441CY2021E Revenue $1,025 $560

Growth 78% 27%

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

Company 6/30/20 Value Value CY20E CY21E CY20E CY21E Since IPO IPO Date Price Raised [a] Value Debt Value LTM CY CY + 1

Shift4 Payments 35.50$ 1,463$ 2,145$ 577$ 1,025$ 3.7x 2.1x 54% 06/04/20 23.00$ 345$ 1,850$ 638.40 2,488$ 3.2x 4.3x 2.4xZoomInfo Technologies 51.03 7,663 9,088 441 560 20.6x 16.2x 143% 06/03/20 21.00 935 8,263 1,225.50 9,488 27.8x 21.5x 17.0xSprout Social 27.00 1,360 1,248 128 164 9.7x 7.6x 59% 12/12/19 17.00 150 497 8.58 506 5.2x 5.0x 3.8xBill.com 90.21 6,938 6,558 162 204 40.4x 32.1x 310% 12/11/19 22.00 216 1,154 (157.64) 996 8.2x 8.0x 6.5xPing Identity 32.09 2,567 2,566 245 296 10.5x 8.7x 114% 09/19/19 15.00 188 1,165 159.73 1,324 6.2x 5.7x 5.1xDatadog 86.95 26,031 25,296 563 756 44.9x 33.5x 222% 09/18/19 27.00 648 7,826 (3.92) 7,822 29.4x 23.7x 16.7xCloudflare 35.95 10,916 10,376 391 512 26.5x 20.3x 140% 09/13/19 15.00 525 4,348 (116.74) 4,231 18.0x 15.4x 11.6xDynatrace 40.60 11,403 11,700 617 743 19.0x 15.7x 154% 07/31/19 16.00 570 4,503 1,545.54 6,049 13.3x 12.3x 10.1xMedallia 25.24 3,562 3,206 462 549 6.9x 5.8x 20% 07/18/19 21.00 326 2,588 (125.85) 2,462 7.3x 6.5x 5.4xSlack 31.09 17,525 16,857 872 1,142 19.3x 14.8x 20% 07/07/19 26.00 117 13,108 (792.66) 12,315 27.1x 20.6x 14.8xCrowdstrike 100.29 21,662 20,698 770 1,016 26.9x 20.4x 195% 06/11/19 34.00 612 6,687 (175.06) 6,512 21.8x 15.8x 11.0xFastly 85.13 8,848 8,763 286 368 30.6x 23.8x 432% 05/16/19 16.00 180 1,451 (14.90) 1,436 9.1x 7.5x 5.7xZoom 253.54 71,524 70,491 1,804 2,285 39.1x 30.8x 604% 04/17/19 36.00 751 9,230 (161.54) 9,068 27.4x 17.3x 12.0xPagerDuty 28.62 2,253 1,937 208 254 9.3x 7.6x 19% 04/10/19 24.00 218 1,767 (127.88) 1,639 13.9x 10.5x 8.1xTufin 9.55 340 246 98 117 2.5x 2.1x (32%) 04/10/19 14.00 108 454 (10.75) 443 5.0x 4.2x 3.4xSolarWinds 17.67 5,510 7,292 1,010 1,115 7.2x 6.5x 18% 10/18/18 15.00 375 4,574 1,957.84 6,532 8.1x 7.8x 7.1xAnaplan 45.31 6,232 5,981 432 540 13.8x 11.1x 167% 10/11/18 17.00 264 2,068 (86.96) 1,981 9.9x 8.8x 6.8xElastic 92.21 7,864 7,600 512 644 14.8x 11.8x 156% 10/04/18 36.00 252 2,250 (52.53) 2,197 11.9x 10.1x 7.4xSurveyMonkey 23.54 3,250 3,407 373 450 9.1x 7.6x 96% 09/25/18 12.00 180 1,494 366.60 1,860 8.0x 7.5x 6.6xTenable 29.81 2,983 2,802 427 513 6.6x 5.5x 30% 07/26/18 23.00 251 2,132 (11.85) 2,121 9.4x 8.2x 6.5xAvalara 133.09 10,437 10,056 460 569 21.9x 17.7x 455% 06/14/18 24.00 180 1,587 44.87 1,631 7.2x 6.4x 5.4xPluralsight 18.05 2,580 2,741 378 459 7.3x 6.0x 20% 05/16/18 15.00 311 2,026 110.63 2,137 11.9x 9.9x 7.6xCeridian HCM 79.27 11,949 12,410 850 976 14.6x 12.7x 260% 04/26/18 22.00 462 3,037 1,058.30 4,095 5.9x 5.6x 5.2xDocuSign 172.21 31,602 31,518 1,316 1,686 23.9x 18.7x 494% 04/26/18 29.00 629 4,582 (256.87) 4,325 8.3x 6.9x 5.7xSmartsheet 50.92 6,098 5,628 365 473 15.4x 11.9x 239% 04/26/18 15.00 175 1,510 (51.61) 1,458 13.1x 9.4x 6.7xZuora 12.75 1,478 1,382 298 328 4.6x 4.2x (9%) 04/11/18 14.00 154 1,472 (32.33) 1,440 8.4x 6.7x 5.3xDropbox 21.77 8,996 8,979 1,893 2,108 4.7x 4.3x 4% 03/22/18 21.00 756 8,550 (221.20) 8,329 7.5x 6.2x 5.4xZscaler 109.50 14,292 13,941 488 628 28.6x 22.2x 584% 03/15/18 16.00 192 1,906 (71.57) 1,835 11.9x 9.0x 6.8xCardlytics 69.98 1,887 1,798 187 276 9.6x 6.5x 438% 02/08/18 13.00 70 264 35.75 300 2.3x 1.9x 1.3xBoxlight 0.92 29 35 30 36 1.2x 1.0x (87%) 11/28/17 7.00 7 66 3.88 70 2.8x n/a n/aSailPoint 26.47 2,387 2,280 315 358 7.2x 6.4x 121% 11/16/17 12.00 240 1,052 136.65 1,188 7.3x 6.8x 5.5xBandwidth 127.00 3,030 2,830 282 328 10.0x 8.6x 535% 11/09/17 20.00 80 364 32.98 397 2.5x 2.5x 2.2xMongoDB 226.34 13,156 13,199 530 676 24.9x 19.5x 843% 10/18/17 24.00 192 1,204 (92.45) 1,112 8.9x 7.6x 5.6xAppian 51.25 3,575 3,477 279 316 12.5x 11.0x 327% 05/24/17 12.00 75 716 (14.76) 701 5.2x 4.5x 3.8xVeritone 14.86 403 354 50 59 7.0x 6.0x (1%) 05/11/17 15.00 38 208 6.54 215 21.6x 11.9x 5.6xCloudera 12.72 3,757 3,454 838 915 4.1x 3.8x (15%) 04/27/17 15.00 225 1,955 (255.67) 1,699 6.2x 5.0x 4.1xYext 16.61 1,955 1,838 354 432 5.2x 4.3x 51% 04/12/17 11.00 116 958 (19.42) 938 7.6x 5.7x 4.2xOkta 200.23 24,951 24,665 777 1,013 31.7x 24.4x 1078% 04/06/17 17.00 187 1,571 (37.67) 1,533 9.5x 6.8x 4.9xAlteryx 164.28 10,836 10,828 503 658 21.5x 16.5x 1073% 03/23/17 14.00 126 807 (52.37) 755 8.8x 6.4x 4.6xBlackLine 82.91 4,675 4,472 340 406 13.1x 11.0x 388% 10/27/16 17.00 146 861 46.24 907 8.1x 7.6x 5.7xCoupa Software 277.04 18,582 18,594 492 617 37.8x 30.1x 1439% 10/05/16 18.00 133 886 (79.94) 806 7.4x 6.5x 5.1xNutanix 23.71 4,731 4,639 1,335 1,619 3.5x 2.9x 48% 09/29/16 16.00 238 2,232 (111.94) 2,120 4.2x n/a 2.1xEverbridge 138.36 4,754 4,711 262 331 18.0x 14.2x 1053% 09/15/16 12.00 90 337 14.41 351 5.2x 4.7x 3.7xTalend 34.66 1,086 1,066 274 309 3.9x 3.5x 93% 07/28/16 18.00 95 512 3.77 515 5.8x 5.0x 3.8x

Mean $9,253 $9,162 $529 $655 15.8x 12.5x $276 $2,638 $64 $2,735 10.4x 8.7x 6.5xMedian 5,132 5,170 430 526 12.8x 11.0x 192 1,579 (17) 1,635 8.2x 7.2x 5.6x

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

33


Software IPOs Pricing & Performance Data

Initial Equity Issuances from 2016 – Q2 2020 ($ millions)

5

7 (7)

(3)

2

13(15) 15 (15)

13 (13)

3 (2) 1

34


Software IPO Pipeline

Historical IPO Filing Trends

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

Close Date Company Participating Investor(s) Description Amount

06/30/20 Fivetran Andreessen Horowitz, CEAS Investments, General Catalyst, Matrix Partners Automated data integration platform $10006/30/20 Hunter Blumberg Capital, M12, Okta Ventures, US Venture Partners, YL Ventures Cybersecurity platform intended for extended threat detection $1506/30/20 Material Security Andreessen Horowitz, Harpoon, South Park Commons, WndrCo Data-driven cloud software $2206/30/20 NexHealth n/a Management platform designed to automate patient appointments $1506/30/20 Parsable Glade Brook Capital Partners Mobile collaboration and workflow platform $5006/30/20 Pattern89 Break Trail Ventures, Elevate Ventures, F&M Investments, High Alpha, VitalizeVC Cloud-based marketing platform designed to help digital marketers $306/30/20 Qualio n/a Quality management software $1106/30/20 Scalefast Adara Ventures, Benhamou Global Ventures, Crédit Mutuel Equity, FJ Labs, Stereo Capital, Xplorer Capital Digital commerce platform to streamline shopping experience $2206/30/20 Upsolver Jerusalem Venture Partners, Vertex Ventures US, Wing Venture Capital Database platform for developers $1306/29/20 Area 1 Security ForgePoint Capital, Icon Ventures, Kleiner Perkins, Top Tier Capital Partners Threat intelligence products $2506/29/20 CodeFresh CEIIF, Hillsven, M12, Red Dot Capital Partners, Shasta Ventures, Vertex Ventures Israel, Viola Ventures Kubernetes-native continuous integration and delivery platform $2706/29/20 Cynet BlueRed Partners, DTCP, Ibex Investors, Merlin International, Norwest Venture Partners Threat detection and response platform $1806/29/20 Emissary Castor Ventures, Converge Venture Partners, G20 Ventures, PBJ Capital Sales intelligence knowledge platform $606/29/20 HighQA n/a Manufacturing, quality management and supply chain system $206/29/20 Lukka n/a Accounting, tax compliance and reporting software $606/29/20 Nacelle Accomplice VC, Index Ventures Headless e-commerce solution $506/29/20 Spiketrap n/a AI-driven platform designed to analyze customer behavior $406/26/20 ChoiceWORX IDEA Fund Partners, Tech Council Ventures End-user IT support automation and RPA operations management $406/26/20 Element Analytics ABB Technology Ventures, Activate Capital Partners, Forté Ventures, Honeywell Ventures Industrial analytics software $1806/26/20 KGS Buildings n/a Automated diagnostics and building performance software $706/26/20 Prisma Amplify Partners Tools for application development $1206/26/20 Spiff Album VC, EPIC Ventures, Kickstart Seed Fund, Nextworld Evergreen, Norwest Venture Partners, Peterson Partners Commission planning platform designed to motivate sales teams $1006/26/20 Tugboat Logic Inovia Capital, WestWave Capital Information security platform $906/25/20 Capital Markets Gateway Barclays, Canaccord Genuity, Citigroup, Fidelity Investments, Franklin Templeton Investments, JPMorgan Chase, Morgan Stanley Workflow management and data analytics platform $2506/25/20 FireStart 3VC Partners, A-KAP 10/18 Beteiligungs, AlternInvest, Capital300, JRPP Beteiligungs Professional process planning and management tool $406/25/20 Syntellis Performance Solutions Madison Dearborn Partners, Thoma Bravo CPM solution spun off from Kaufman Hall $50006/24/20 AdWallet n/a Advertisement monetization application $106/24/20 Clickup Craft Ventures, Georgian Partners Cloud-based collaboration and project management tool $3506/24/20 Derivative Path FTV Capital Cloud-based derivatives trading technology for financial institutions $3506/24/20 Fasetto n/a File sharing platform to facilitate seamless connectivity between devices $1006/24/20 OJO Home Breyer Capital, LiveOak Venture Partners, Northwestern Mutual Future Ventures, Royal Bank of Canada Virtual real estate assistance platform $6306/24/20 SQream Alibaba Group, Blumberg Capital, Charles and Lynn Schusterman Family Foundation, Hanaco Venture Capital Big data analytics $3906/24/20 UJET Citi Ventures, DCM Ventures, GV, Kleiner Perkins, Resolute Ventures, Sapphire Ventures Real-time communications platform $5506/23/20 Carta Finsight Ventures, Lightspeed Venture Partners, Tribe Capital Ownership management and compliance platform $21006/23/20 Immuta Citi Ventures, Dell Technologies Capital, DFJ Growth, Drive Capital, Greycroft, Intel Capital, Ten Eleven Ventures Data management platform intended to securely connect data $4006/23/20 Ngdata HPE Growth Customer data platform designed to improve customer experience $106/23/20 Nylas 8VC, Citi Ventures, Great Oaks Venture Capital, Industrial Investors Group, Industry Ventures, Round 13 Capital Cloud-based API platform designed to streamline communications $2506/23/20 Rasa Technologies 468 Capital, Accel, Andreessen Horowitz, Basis Set Ventures, Mango Capital Open-source platform to develop AI assistants and chatbots $2606/23/20 Trivie Cottonwood Venture Partners Adaptive learning platform to help employees $506/23/20 Velox ETFS Capital Front-office sales & trading automation $3

35


Software Private Capital Raise Activity: Q2 2020

($ millions)



06/23/20 VNDLY Madrona Venture Group, Okta Ventures Cloud-based vendor management technology platform $906/22/20 Checkout.com Blossom Capital, Coatue Management, DST Global, Government of Singapore Investment Corporation, Insight Partners Online payments platform intended to secure digital payments $15006/22/20 CitrusAd Moelis Australia Scalable, auction-based digital advertising platform $706/22/20 Privitar ABN AMRO Ventures, Accel, HSBC Holdings, IQ Capital Partners, Partech, Salesforce Ventures, Warburg Pincus Data privacy platform $8706/22/20 Realife Tech Ironbridge Capital Partners, Stadia Ventures, Superfly Productions, Virgo Investment Group Experience automation platform to analyze data $706/22/20 Wise Systems E14 Fund Management, Gradient Ventures, Prologis Ventures, Valo Ventures Automated dispatching and routing software $1506/20/20 Lucidity n/a Blockchain-based marketing analytics platform $106/19/20 Auryc n/a Visual intelligence platform $906/18/20 Certik Eden Block Verification software for smart contracts and blockchain ecosystems $706/18/20 Payfone Apax Partners, Blue Venture Fund, MassMutual Ventures, Sandbox Insurtech Ventures, Synchrony Ventures Mobile identity-verification software for enhanced customer experience $10006/18/20 Satelytics BP Ventures Satellite image algorithms and characterization technology $506/17/20 Cloudtenna Blazar Ventures File transfer, cross-silo communication and collaboration services $306/17/20 Contentful General Catalyst, Salesforce Ventures, Sapphire Ventures Content platform intended to build digital experiences at scale $8006/17/20 Onna Atomico, Dawn Capital, Glynn Capital, Nauta Capital, Slack Fund Data integration platform intended to connect to emerging apps $2706/17/20 Outreach Lone Pine Capital, Mayfield Fund, Meritech Capital Partners, Operator Collective, Salesforce Ventures Semiautomated sales engagement platform $5006/17/20 StreetLight Data n/a Big data analytics platform $1506/17/20 Uptycs Comcast Ventures, ForgePoint Capital, Sapphire Ventures Security analytics platform $3006/16/20 Brightside Andreessen Horowitz, Comcast Ventures, Trinity Ventures Employer-based financial care platform $3506/16/20 Degreed Owl Ventures Learning platform designed to help individuals and organizations $3206/16/20 Kasada Main Sequence Ventures, Reinventure Group, Ten Eleven Ventures Cybersecurity platform designed to detect and mitigate threats $1006/16/20 Losant n/a Enterprise internet of things platform $406/16/20 Open Raven Kleiner Perkins, Upfront Ventures Data security software designed for preventing cybercrime $1506/16/20 Salt Tenaya Capital API interface threat protection platform $2006/16/20 Sorcero Leawood Venture Capital, WorldQuant Ventures Cognitive technology platform $406/16/20 Starburst Data Coatue Management, Index Ventures SQL query engine designed to work with diverse data sets $4106/16/20 TowerIQ n/a Broker first platform intended to bring transparency in insurance $406/15/20 Darktrace KKR, Summit Partners Cyber threat defense platform $10006/15/20 Linkfluence 360 Capital Partners, BNP Paribas Développement, Kreaxi, Ring Capital, Sigma Gestion, Tikehau Capital Social media intelligence intended to analyze consumer trends $906/15/20 MainStreet Work Alumni Ventures Group, Backend Capital, BaseCamp Ventures, Basement Fund, Gradient Ventures Platform to help startups identify, file and claim government incentives $206/15/20 Sift Media n/a Big data platform designed to sift through mobile ad requests $306/15/20 zenloop Better Venture Group, Nauta Capital, Piton Capital, Signals Venture Capital CRM platform $706/11/20 Alkemics Cathay Innovation, Highland Europe, Index Ventures, SEB Alliance, Serena Capital Online marketing platform designed to help businesses digitize data $2306/11/20 CareAcademy ECMC Foundation, Impact America Fund, Rethink Education Management, Rethink Impact, Revolution Online specialized training platform to provide education $1006/11/20 Codat Index Ventures Financial software integration services $1006/11/20 Ethyca Abstract Ventures, IA Ventures, SciFi VC Data privacy platform to automate user data privacy management $1406/11/20 HeadLight Viking Global Investors Software intelligence platform designed to help construction teams $2606/11/20 Jiffy.ai Nexus Venture Partners, Rebright Partners, W250 Ventures Data analytics platform intended to optimize business functions $1806/11/20 Ocient In-Q-Tel, OCA Ventures, TechNexus Venture Collaborative Big data platform intended to offer a rapid analysis of larger datasets $2506/11/20 Postman CRV, Insight Partners, Nexus Venture Partners Collaboration platform designed to offer application program interface $15006/11/20 Veros Systems Austin Ventures, Chevron Technology Ventures, LiveOak Venture Partners, Shell Ventures Industrial monitoring platform $2

36


Software Private Capital Raise Activity: Q2 2020 continued

($ millions)



06/11/20 Wellsheet BioAdvance, Newark Venture Partners, Springtide Investments Cloud-based electronic health record platform $406/10/20 Aware n/a Enterprise social security platform $206/10/20 Domino Data Lab Coatue Management, Dell Technologies Capital, Highland Capital Partners, Highland Europe, Sequoia Capital Data science platform $4306/10/20 Duck Creek Technologies Accenture, Altamir, Apax Partners, Dragoneer Investment Group, Insight Partners Developer of insurance SaaS software $23006/10/20 InOrbit ANIMO Ventures Cloud-based robotics management platform $306/10/20 NS8 AXA Venture Partners, Lightspeed Venture Partners Fraud prevention platform $12306/10/20 OThot n/a Cloud-based software for predictive analytic services $106/10/20 Planck Arbor Ventures, Eight Roads, Hannover Digital Investments, Nationwide Insurance Company of America, Team8 AI-based data platform to offer real-time insurance-related data $1606/10/20 RapidSOS C5 Capital, Energy Impact Partners, Laerdal Million Lives Fund, Playground Global, Transformation Capital Partners Advanced emergency technology platform $2106/10/20 Transcend Accel, Index Ventures, South Park Commons Data privacy infrastructure dashboard $2506/10/20 Vendr Craft Ventures Procurement platform designed to buy and renew software $406/10/20 Viaduct BoxGroup, EXOR Seeds, Innovation Endeavors Machine learning platform to enhance vehicle data collection $1106/09/20 Appfire Technologies Silversmith Capital Partners Portfolio of applications that streamline product development $4906/09/20 Cast AI TA Ventures Cloud management platform to provide multi-cloud automation $806/09/20 Concourse 83North, Capria Ventures, ForgePoint Capital Enterprise cloud governance software $1506/09/20 JSonar Goldman Sachs Merchant Banking Division Next-generation security data platform $5006/09/20 NYMBUS Insight Partners, Vensure Digital transformation and automation tools for financial institutions $1206/08/20 AgencyKPI n/a Business intelligence platform $506/08/20 Chargeback FINTOP Capital, Kickstart Seed Fund, Next Coast Ventures, Next Frontier Capital SaaS-based dispute management platform $706/08/20 Hiretual Haisong Capital AI sourcing tools for recruiting employees $1406/08/20 Modumate n/a 3D design software intended to build structures easily $406/05/20 Infinite Devices bmp Ventures, BSC-Partner Open source IoT platform $106/04/20 2nd Watch n/a Systems integrator for AWS $506/04/20 HyperScience Battery Ventures, Bessemer Venture Partners, Felicis Ventures, FirstMark Capital, Gaingels Syndicate AI-based enterprise software designed to automate office work $6006/04/20 Inky Insight Partners AI-based anti-phishing platform $2006/04/20 Keelvar Elephant Partners, Mosaic Ventures, Paua Ventures Automation and optimization software for procurement $1806/04/20 OpenExchange n/a Open-source collaboration software $406/04/20 Proformex n/a Life insurance policy management software $306/03/20 1touch.io Connecticut Innovations, Jerusalem Venture Partners, Mindset Ventures, National Grid Partners, Ocean Azul Partners Data discovery platform to facilitate automated real-time discovery $1406/03/20 Anvil 122 West Ventures, Citi Ventures, Financial Venture Studio, Gradient Ventures, Menlo Ventures Paperwork automation platform $506/03/20 Belvo Founders Fund, Kaszek Ventures Connectivity platform to secure financial transactions $1306/03/20 Digibee GAA Investments, Laércio Albuquerque Codeless platform to connect businesses to the digital world $506/03/20 RiskIQ Battery Ventures, Georgian Partners, MassMutual Ventures, National Grid Partners, Summit Partners Digital threat management $1506/03/20 Stedi n/a EDI platform designed to support various distribution system $2106/02/20 Cortex Intelligence Endeavor Catalyst, Redpoint eventures, SoftBank Group Data intelligence marketing and sales decision enablement $2206/02/20 MySky Global Trading Group, GMF Capital Spend management platform $506/02/20 Pitchly Ames Seed Capital, Twelve19 Ventures Platform to aggregate disjointed databases and data sources $106/02/20 Poka Caisse de dépôt et placement du Québec, Robert Bosch Venture Capital, SE Ventures, The Leclercq's Family Office Social industrial communication and employee training platform $506/02/20 Prodly Norwest Venture Partners, Shasta Ventures Automates the full lifecycle of low-code development $706/02/20 Saagie BNP Paribas Développement, C Entrepreneurs, CapHorn Invest, Crédit Mutuel Innovation Toolbox that includes the latest open-source technologies $27

37



($ millions)



06/02/20 Vention Bain Capital Ventures, Georgian Partners, White Star Capital Browser-based digital manufacturing platform $2706/02/20 Vetty 3Lines Venture Capital Automated onboarding and background system $405/31/20 Ecwid Morgan Stanley Expansion Capital, PeakSpan Capital, Trestle Partnres E-commerce platform for small businesses $4205/29/20 Accountify HDI Seguros México, Redpoint eventures Financial analysis and planning platform $705/29/20 Auryc n/a Visual intelligence and engagement data platform $205/29/20 Loom n/a Work communication tools $2305/28/20 Commerce Layer Benchmark, DAXN, Mango Capital , NVInvestments, Prime Set, SV Angel Headless e-commerce and order management system $605/28/20 Decibel Insight Draper Esprit, Eight Roads, Perwyn Advisors, Ventureforgood Heat-mapping and visual website analytics $4005/27/20 AWM Smart Shelf n/a Retail management platform with automated inventory intelligence $505/27/20 CaptivateIQ Amity Ventures, S28 Capital, Sequoia Capital, Y Combinator Sales commission management platform $1305/27/20 Flatfile Afore Capital, Basecamp Fund, Designer Fund, Gradient Ventures, GV, HNVR Technology Investment Management Database tools to import, map and normalize customer data $805/27/20 FullStory n/a Tools to capture customer experience data $1005/27/20 Kentik August Capital, Data Collective, Tahoma Ventures, Third Point Ventures, Vistara Capital Partners Cloud-based network traffic intelligence platform $2405/27/20 Tugboat Logic Inovia Capital, WestWave Capital Information security management $805/26/20 Baton Technologies Activant Capital, Global Founders Capital Management and automation of software implementation $1005/26/20 Bluecore FirstMark Capital, Georgian Partners, Norwest Venture Partners Decision making platform for commerce organizations $5005/26/20 Cinchy Business Development Bank of Canada, Information Venture Partners, Manulife Investment Management, ScaleUP Ventures Web-based data management platform $1005/26/20 Civis Analytics n/a Big data and predictive analytics $1505/26/20 D-ID AI Alliance, AXA Venture Partners, Hyundai CRADLE, Maverick Ventures, Mindset Ventures, Omron Ventures Identity and privacy protection $1405/26/20 DefinedCrowd Bynd Venture Capital, EDP Ventures, Evolution Equity Partners, Hermes GPE, Ironfire Ventures, Kibo Ventures Partners Machine learning to manage data collection and enrichment $5105/26/20 DialogTech n/a Voice-based marketing platform for call analytics and automation $205/26/20 Mabl n/a Automated software testing platform $605/26/20 Spectrm Runa Capital Conversational marketing platform $305/21/20 Clara Analytics Aspen Capital Group, Oak HC/FT Worker's compensation management system $2505/21/20 Couchbase Accel, Adams Street Partners, Glynn Capital, GPI Capital, Mayfield Fund, North Bridge Venture Partners, Sorenson Capital Cloud-based data platform to simplify relational databases $10505/21/20 Deel Andreessen Horowitz Payroll management platform $1405/21/20 DEVCON n/a Cybersecurity tools to detect, fix and monitor vulnerabilities $105/21/20 RapidAPI Andreessen Horowitz, CLF Partners, DNS Capital, Green Bay Ventures, Grove Ventures, M12 Software development tools for API tracking and management $5005/21/20 VergeSense Allegion Ventures, JLL Spark, MetaProp NYC, Pathbreaker Ventures, West, Y Combinator AI-enabled facility management platform $905/21/20 VU Security n/a Cybersecurity for identity safeguards, fraud prevention and IoT security $205/20/20 Aqua Security Greenspring Associates, Insight Partners, Lightspeed Venture Partners, TLV Partners Security platform for containerized and cloud-native applications $3005/20/20 BetterCloud Accel, Bain Capital Ventures, e.ventures, Flybridge Capital Partners, Greycroft, New Amsterdam Growth Capital, Warburg Pincus Secure user interactions across digital workspace $7505/20/20 Coalition Felicis Ventures, Greenoaks Capital Partners, Greyhound Capital, Hillhouse Capital Group, Ribbit Capital, Valor Equity Partners Cyber risk platform to manage network threats $9005/20/20 Directly Software Avidbank, Costanoa Ventures, Industry Ventures, Keeler Investments Group, M12, Northgate Capital, Samsung NEXT Ventures Community-powered customer service chatbots $3105/20/20 Mission Secure n/a Control system cybersecurity platform for endpoint protection $405/20/20 Strapi Index Ventures API prototyping and creation platform $1205/20/20 ThoughtTrace Altira Group, Chevron Technology Ventures, McRock Capital Insight extraction from large sets of unstructured data $1005/19/20 Bevy Accel, Ryan Smith, Upfront Ventures Event creation and management platform using ditital tools $1505/19/20 ContentSquare BlackRock Private Equity Partners, Bpifrance, Canaan Partners, Eurazeo, Hermes GPE, Highland Europe, Holding14 Digital experience insights and optimization platform $18905/19/20 Encamp Allos Ventures, High Alpha, Indiana Philanthropic Venture Fund End-to-end compliance platform for EHS professionals $3

38



($ millions)



05/19/20 Happeo DN Capital, Inkef Capital, Maki.vc, Vendep Capital Digital workplace management platform $1205/19/20 Source Defense AllegisCyber, Capital One Ventures, Global Brain, Jerusalem Venture Partners, NightDragon Security Cloud-based website management of third-party integrations $1105/18/20 GO1 M12, Madrona Venture Group, Our Innovation Fund, Salesforce Ventures, Seek Employee onboarding, compliance and professional development $4005/18/20 Sift Media n/a Advanced machine learning to optimize marketing campaigns $205/15/20 Carta Finsight Ventures, Lightspeed Venture Partners, Tribe Capital Ownership management and compliance platform $18005/14/20 DigitalOcean Access Technology Ventures, Andreessen Horowitz Cloud hosting and application management platform $5005/14/20 Envoy Biz Stone, TriplePoint Capital Visitor and guest registration system $3005/14/20 LeadIQ Draper Associates, Eight Roads, Launch Fund Sales enablement platform for lead management $1005/14/20 Liongard Integr8d Capital, TDF Ventures, Updata Partners Automation platform for documentation and management of IT assets $1705/14/20 Neocase Software Entrepreneur Venture, Iris Capital, Sofiouest Human capital management and customer service applications $705/13/20 Altr John Stafford, Kevin Gainer, Roger Farley Data security platform for accessing and storing data $1505/13/20 Dathena CapHorn Invest, CerraCap Ventures, Jungle Ventures, MS&AD Ventures, SEEDs Capital AI-powered data protection and privacy management tools $1205/13/20 Expel Battery Ventures, CapitalG, Greycroft, Index Ventures, Paladin Capital Group, Scale Venture Partners Managed security platform to identify cybersecurity threats $5005/13/20 Featurespace Highland Europe, Invoke Capital, IP Group, Merian Chrysalis Investment, MissionOG, TTV Capital Adaptive behavioural analytics technology $3705/13/20 Semperis Insight Partners Identity protection through GRC applications $4005/13/20 SirionLabs Avatar Growth Capital, Tiger Global Management Contract and supplier management platform $4405/13/20 Virtana Benhamou Global Ventures, HighBAR Partners Infrastructure performance management $1505/12/20 Infoworks New Enterprise Associates Data engineering platform that automates big data workflows $2005/12/20 Intricately Bloomberg Beta, Counterpart Ventures, Singtel Innov8, Susa Ventures Data plaform to power cloud sales and marketing $405/12/20 LawGeex Aleph, Corner Ventures, lool Ventures, Thomas Glocer, UBS La Maison de Gestion Contract review automation platform $2005/12/20 Lilt In-Q-Tel, Intel Capital, Redpoint Ventures, Sequoia Capital, XSeed Capital, Zetta Venture Partners Machine-assisted platform to automate language translation $2505/12/20 Malbek Osage Venture Partners Cloud-based contract management system $305/12/20 Northspyre Craft Ventures, Tamarisc Ventures Cloud-based intelligence and real estate project management $805/12/20 Resilia Callais Capital Management, Cultivation Capital, Mucker Capital, Tech Square Venture Partners Fully-automated non-profit certification platform $805/12/20 UpKeep Battery Ventures, Emergence Capital Partners, FundersClub, Insight Partners, Mucker Capital, Y Combinator Maintenance management system to streamline work orders $3605/11/20 Code Climate Foundry Group, Lerer Hippeau, NextView Ventures, Trinity Ventures, Union Square Ventures Static analysis tools of software coding $905/11/20 Cognism AXA Venture Partners, Investiere, London Co-Investment Fund, Newable, Oliver Wyman, PeakSpan Capital Sales acceleration platform to scale lead prospecting $2205/11/20 EvolutionIQ n/a AI-enabled fraud detection platform $205/11/20 MemberHub Angel Investor Management Group, VentureSouth Communication and parent engagement platform $205/11/20 Onna Technologies n/a Data integration platform $2505/11/20 Paradox.ai Brighton Park Capital Recruitment assistant that screens candidates $4005/11/20 Sales Layer Global Omnium, Sonae IM, Swanlaab Venture Factory Product information management in the cloud $405/11/20 Segmint n/a Data-driven marketing platform $605/08/20 Electric AI 01 Advisors IT support, security, network and device management $2005/07/20 Coder Bessemer Venture Partners, GGV Capital, In-Q-Tel, Redpoint Ventures, Uncork Capital Remote server software development platform $3005/07/20 Diib n/a Data analytics of prescriptive insights for website optimization $405/07/20 Dtrex Systems Four Rivers Group, Northgate Capital, Norwest Venture Partners Insider threat protection to prevent data breaches $1805/07/20 Groove Capital One Ventures, Level Equity, Quest Venture Partners, Uncork Capital Sales engagement platform $1205/06/20 Corcentric Bregal Sagemount Financial process automation, procurement and asset management $8005/06/20 Emtrain Education Growth Partners Training and e-learning platform $10

39



($ millions)



05/06/20 Ermetic Glilot Capital Partners, Norwest Venture Partners, Target Global Secure cloud access platform $1005/06/20 Qrvey The Center for Innovative Technology AWS business data collection and analytics $805/06/20 Scoota Angel CoFund, Notion, VentureFounders Media advertising and interactive video-based content $205/06/20 StreamSets n/a Multi-cloud data management platform $905/06/20 Xtiva Recurring Capital Partners Sales performance and incentive compensation management $1005/05/20 Auterion Costanoa Ventures, In-Q-Tel, Lakestar, Mosaic Ventures, Tectonic Ventures Drone tracking platform $2505/05/20 Boosted.ai Dunamu & Partners, Polar Equity Partners, Portag3 Ventures Portfolio construction AI for investment professionals $805/05/20 Clear Skye Inner Loop Capital, ServiceNow Ventures, Toba Capital Identity governance platform $505/05/20 Cockroach Labs Altimeter Capital Management, Benchmark, Bond Capital , GV, Index Ventures, Redpoint Ventures, Sequoia Capital Open source database for scalable cloud services $8705/05/20 eLearning Brothers Eagle Marsh Holdings, HCAP Partners, RLG Capital, Trinity Private Equity Group Online e-learning platform $3805/05/20 Finite State Energy Impact Partners, Zetta Venture Partners IoT security for enterprise networks $1305/05/20 GigaSpaces Technologies BRM Group, Claridge, Fortissimo Capital Cloud orchestration and data scalability platform $1205/05/20 Jellyfish Accel, First Star Ventures, Half Court Ventures, Pillar VC, Wing Venture Capital Workflow management for software engineering teams $1205/05/20 Knock Lead Edge Capital, Madrona Venture Group, Seven Peaks Ventures Marketing and sales performance and CRM platform $1205/05/20 Orca Security GGV Capital, Silicon Valley CISO Investments, YL Ventures Cloud-based security platform for cloud infrastructure $2105/05/20 Payment Works n/a Payment information security platform $205/05/20 Tehama BDC Industrial, Clean and Energy Technology Venture Fund, OMERS Ventures IT security infrastructure $1005/05/20 ThreatX n/a Cloud-enabled cybersecurity platform $305/05/20 VNDLY Madrona Venture Group Vendor management and talent sourcing and acquisition $905/05/20 Workstream Basis Set Ventures, CRV, Founders Fund, Heartland Ventures Automated hiring and HR processing platform $1005/05/20 Zeitgold AXA Konzern, Battery Ventures, b-to-v Partners, Deutsche Bank, HV Holtzbrinck Ventures, Kreos Capital AI-enabled financial mangaement technology platform $4005/04/20 Ambidextrous Laboratories Vertex Ventures US AI-based robotic software for logistics and warehouse order fulfillment $205/04/20 ApplyBoard Anthos Capital, Artiman Ventures, Business Development Bank of Canada, Candou Ventures, Drive Capital Online platform to empower students $7105/04/20 Canvas GFX n/a Technical illustration tools $205/04/20 Digital Guardian n/a Data protection platform $3505/04/20 Instabug Accel Crowd-sourced code feedback platform $505/04/20 Knocking n/a Sales calls analytics tools $205/04/20 LogDNA n/a Log management platform $2205/04/20 postal.io Mayfield Fund Direct mail automation platform $905/04/20 Sensor Tower Riverwood Capital Mobile application data analytics platform $4505/04/20 Sonder Fidelity Investments, WestCap Group Short-term rental platform $16305/04/20 Tripgrid n/a Workflow management platform $205/04/20 TrueHome Class 5 Global Real estate purchasing platform $105/01/20 Asapp Emergence Capital Partners, Euclidean Capital, HOF Capital Customer experience platform $18505/01/20 Data Gumbo n/a Oil and gas contract automation $205/01/20 Hypersonix Intel Capital Data analytics platform $1205/01/20 Klearnow Argean Capital, Autotech Ventures, GreatPoint Ventures, Monta Vista Capital Document management for the shipping industry $1605/01/20 Numetric n/a Traffic safety data analytics platform $505/01/20 TransparentBusiness n/a Remote workforce management platform $1004/30/20 Figma Andreessen Horowitz, Durable Capital Partners, Founders Fund, Greylock Partners, Index Ventures Vector graphics editor and prototyping tool $50

40



($ millions)



04/30/20 Procore D1 Capital Partners Construction management platform $15004/30/20 Vizetto Florida Funders, Hudson Valley Equity Group, Margaret Atwood Society Presentation collaboration tools $304/29/20 Bigstream Cota Capital, Samsung Electronics, SK Hynix, Xilinx Big data and machine learning workflows acceleration $1904/29/20 InsideBoard AXA Venture Partners, Entrepreneur Venture, ISAI, Orange Digital Ventures Employee engagement platform $2704/29/20 Via n/a Operations management for asset management companies $304/28/20 Glofox Notion, Octopus Ventures, Partech, Silicon Valley Bank, Tribal.vc Fitness center management platform $2004/28/20 o9 Solutions KKR Business planning platform $10004/28/20 Pattern89 n/a Digital marketing platform $104/28/20 Paytronix Great Hill Partners Customer experience tools for restaurants and convenience stores $1004/28/20 Secret Double Octopus Benhamou Global Ventures, Global Brain, Iris Capital, Jerusalem Venture Partners, KDDI Ventures Program Security authentication platform $1504/28/20 Tecton Andreessen Horowitz, Bucky Moore, Fathom Capital, Liquid 2 Ventures, Lux Capital Management, Sequoia Capital Machine learning-driven data platform $2004/28/20 Topia NewView Capital, Notion, Workday Ventures Talent mobility platform $1504/27/20 Brain Corp ClearBridge Advisors, Qualcomm Ventures, Satwik Ventures, SoftBank Investment Advisers AI technology designed to serve the robotics industry $3604/27/20 Codota e.ventures, Hetz Ventures, Khosla Ventures, TPY Capital Code search engine $1204/27/20 Knockri Amplify Capital, Bertelsmann Digital Media Investments, Differential Ventures, MaRS Investment Accelerator Fund Soft-skills assessment tools $204/27/20 ReversingLabs ForgePoint Capital, JPMorgan Chase Threat detection and analysis $1004/27/20 Templafy Global Ventures Capital Management, Insight Partners Enterprise branding tools $2504/27/20 Walrus.ai Felicis Ventures, Homebrew, Leadout Capital Application testing tools $404/23/20 Creel REach Accelerator Marketing intelligence platform $404/23/20 Miro Accel, ICONIQ Capital Collaboration tools for cross-functional teams $5004/23/20 Peak Cmostores.com, MMC Ventures, Praetura Capital Data analytics platform $1304/23/20 Seamless.AI n/a Sales automation tools $204/23/20 SimpliRoute TheVentureCity Delivery route optimization $304/23/20 SingleOps Five Elms Capital CRM and field service management platform $604/22/20 Auditoria Engineering Capital, Firebolt Ventures, Neotribe Ventures Automation tools for finance departments $604/22/20 Comet.ml Founders' Co-op, Trilogy Equity Partners, Two Sigma Ventures Meta machine learning platform $504/22/20 Granulate Benny Sneider, Hetz Ventures, Insight Partners, TLV Partners Application performance management $1204/22/20 Signal Vine n/a Enterprise messaging platform $104/22/20 Tethr Falmouth Ventures, Grotech Ventures, IAG Capital Partners, MissionOG, Purple Arch Ventures Communications intelligence platform $1904/22/20 TrueAccord n/a Automated debt-collection platform $4904/21/20 Confluent Altimeter Capital Management, Coatue Management, Franklin Templeton Investments, Index Ventures, Sequoia Capital Enterprise event streaming platform $25004/21/20 ForgeRock Accel, Accenture Ventures, Foundation Capital, Kohlberg Kravis Roberts, Meritech Capital Partners, Riverwood Capital Identity management platform $9304/21/20 Profitero Conviction Investment Partners, Scaleworks Ecommerce intelligence platform $2004/20/20 Adverity aws Gründerfonds, Felix Capital, Mangrove Capital Partners, SAP.iO Foundry, Sapphire Ventures Online marketing platform $3004/20/20 Avrios Columbia Lake Partners, Edenred Capital Partners, Investiere, Lakestar, Notion, Swisscom Ventures Fleet management platform $1404/20/20 Cribl n/a Big data and log analytics tools $704/20/20 Guru Accel Knowledge management and verification platform $3004/20/20 Shoptimize n/a Ecommerce technical solution platform $3

04/17/20 RefineRE n/a Real estate data management platform $1

04/16/20 Alluxio Andreessen Horowitz, Bin Zhao, Mark Leslie, Seven Seas Partners, Sujal Patel, Volcanics Venture Data orchestration platform $16

41



($ millions)



04/16/20 Anodot Aleph, Disruptive Technologies Venture Capital, Intel Capital, La Maison Investments, Redline Capital Management Analytics and anomaly detection system $3504/16/20 Everee Origin Ventures, Rainfall Ventures, Signal Peak Ventures Payroll management platform $1004/16/20 Greenbits Casa Verde Capital, DNS Capital, Tiger Global Management POS and store operations platform $2304/16/20 Lucid Cross Creek, ICONIQ Capital, Meritech Capital Partners, Spectrum Equity Organizational tools for remote teams $5204/16/20 MindsDB Amber Atherton, Berkeley SkyDeck, OpenOcean, Rogue Capital, SCM Advisors Machine learning facilitation tools $304/16/20 Natterbox Octopus Investments Telephony for Salesforce $904/16/20 RevJet n/a Advertisement experience platform $404/16/20 SafeBreach DNX Ventures, DTCP, Emerald Development Managers, HP Pathfinder, OCV Partners, PayPal Ventures Breach-and-attack simulation platform $1904/16/20 VAST Data 83North, Commonfund, Dell Technologies Capital, Goldman Sachs Private Ventures, Greenfield Partners Data storage platform $10004/16/20 Yellow Messenger Lightspeed India Partners Advisors AI-driven customer engagement platform $2004/15/20 Attentive Bain Capital Ventures, Coatue Management, Eniac Ventures, High Alpha, IVP, NextView Ventures, Sequoia Capital Data-driven customer engagement platform $11004/15/20 Awake Security Bain Capital Ventures, Energize Ventures, Evolution Equity Partners, Greylock Partners, Liberty Global Ventures Network security and analytics platform $3604/15/20 Edited Beringea, Hermes GPE, Migration Capital, Wavecrest Growth Partners Product pricing for retailers $2704/15/20 FarEye Eight Roads, Honeywell Ventures, M12, SAIF Partners Mobile field workforce management platform $2404/15/20 Groundhog iSigma Capital Mobility intelligence solutions $704/15/20 Onfido More Capital, Phoenician Funds, TPG Growth Identity verification solutions $10004/15/20 Push Technology Guinness Asset Management, Maven Capital Partners, Stephens Data distribution platform $1204/15/20 Slite eFounders, Index Ventures, Spark Capital, Y Combinator Collaborative document collection $1104/14/20 AI.Reverie Compound, In-Q-Tel, Resolute Ventures, SGInnovate, TechNexus Venture Collaborative, Triphammer Ventures Synthetic data for machine learning algorithms $604/14/20 Beyond Identity Koch Disruptive Technologies, New Enterprise Associates Passwordless identity management $3004/14/20 Clarify Health Solutions n/a Real-time analytics and care guidance platform $1304/14/20 Megh Computing n/a Real-time streaming analytics with AI+ acceleration $204/14/20 meQuilibrium n/a Employee performance platform $404/14/20 TransparentBusiness Wayra Workforce management platform $604/10/20 Building Intelligence n/a Facility management system $204/10/20 Fly Elysium Venture Capital, FUEL Capital, Initialized Capital Management, Liquid 2 Ventures, SV Angel, Y Combinator Application delivery network $404/10/20 Gupy Maya Capital, Oria Capital Employee recruitment platform $704/10/20 Metadata.io Acorn Pacific Ventures, Hillsven Marketing data analytics $304/09/20 Airbrake Elsewhere Partners Code debugging tools $1104/09/20 Alchemy Cloud n/a Lab management platform $104/09/20 AmpliFund n/a Grant management platform $504/09/20 Cohesity Baillie Gifford, Cisco Investments, DFJ Growth, Foundation Capital, Greenspring Associates, Oryx Ventures, Sequoia Capital Data extraction tools $25004/09/20 Double Atelier Daphni, Index Ventures Task management tools $604/09/20 IronNet n/a Cybersecurity platform $4604/08/20 CargoX Farallon Capital Management, LGT Impact Ventures, The Goldman Sachs Group, Valor Capital Group Digital freight truck broker $8004/08/20 Living Security Active Capital, Rain Capital, SaaS Ventures, Silverton Partners Data security platform $504/08/20 PredictiveHire Capital Zed, Hudson Global Resources, Rampersand Employee recruitment and hiring platform $304/08/20 Tonkean Foundation Capital, Lightspeed Venture Partners, Magma Venture Partners, Slow Ventures Business operations platform $24

04/07/20 Accellion Bregal Sagemount Cybersecurity and compliance platform $120

04/07/20 AlertMedia JMI Equity, Next Coast Ventures, Silverton Partners Emergency alerts platform $15

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($ millions)



04/07/20 Bringg GLP, Next47, OG Tech Ventures, Salesforce Ventures, Viola Growth Last mile delivery tools $3004/07/20 CircleCI IVP, Sapphire Ventures, Scale Venture Partners Application delivery platform $10004/07/20 CyberMDX Pitango Venture Capital, Qure Ventures, Sham Cybersecurity platform for hospitals $2004/07/20 Decusoft FINTOP Capital Compensation and benefits management $704/07/20 Glassbox Alicorn, Brighton Park Capital, CEIIF, Gefen Capital, Ibex Investors, Updata Partners Ecommerce customer analytics $4004/07/20 Node ArtCo, Canaan Partners, Galaxy Ventures, GingerBread Capital, NewView Capital Networking analytics platform $604/07/20 Okera Bessemer Venture Partners, ClearSky, Felicis Ventures Data access optimization platform $1504/07/20 Podium Corporation Accel, Album VC, Alkeon Capital Management, GV, IVP, Recruit Strategic Partners, Sapphire Ventures Customer review management platform $12504/07/20 SafetyCulture Blackbird Ventures, Skip Capital, TDM Growth Partners Workplace inspection and compliance platform $3604/07/20 Shippo Bessemer Venture Partners, D1 Capital Partners, Uncork Capital, Union Square Ventures, Version One Ventures Shipping management tools $3004/07/20 SourceDay ATX Venture Partners, Baird Capital, Draper Associates, Silverton Partners Purchase order management platform $1304/07/20 StorySlab Armory Square Ventures, Doug Pinckney, Martin Babinec, RiverPark Ventures, TIA Ventures Sales enablement tools $304/06/20 Kryon n/a Business process automation $1504/06/20 Orchestra Delta Capita, Prytek, Target Global Cybersecurity policy automation $804/06/20 Privitar ABN AMRO Investment Solutions, Accel, IQ Capital Partners, Partech, Salesforce Ventures, Warburg Pincus Enterprise privacy protection $8004/06/20 Stellar Health Point72 Ventures, Primary Venture Partners Workflow tools for primary care providers $1004/06/20 WorkJam Blumberg Capital, Claridge, Fonds de solidarité FTQ, Harmony Partners, Inovia Capital, Lerer Hippeau Employee engagement platform $5004/03/20 Frame.ai G20 Ventures, Greycroft Collaborative messaging platform for the workplace $604/03/20 OctoML Amplify Partners, Madrona Venture Group Automated ML code generation and optimization $1604/02/20 Cato Networks Aspect Ventures, Greylock Partners, Lightspeed Venture Partners, Singtel Innov8, US Venture Partners Enterprise network security platform $7704/02/20 Mynd Property Management Wells Fargo Property management system for SMBs $4004/02/20 PingThings n/a Predictive analytics and data analytics platform $204/01/20 Clearblade n/a IoT network management $704/01/20 Cloud4Wi n/a AI-driven application platform for location services $204/01/20 Mulberry n/a Product warranty tool for ecommerce $10

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($ millions)


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Quarterly Enterprise Software Market Review - Shea & Company

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