Software Sector Summary Report - GCA Altium

SOFTWARESECTOR REPORT

Q4 2020

22

2020 WRAP-UP

» The COVID-19 pandemic caused a significant downturn in the market in March of 2020. Across the board, valuations dropped substantially. Since that initial drop, however, the software sector has emerged as one of the strongest performing sectors and has consistently tracked well above the S&P 500.

» The M&A, IPO, financing and overall public markets activity in 2H 2020 highlights the attractiveness of the software sector given its:

— Stickiness and ubiquity

— Recurring revenue

— Mission-critical use cases

» Some significant trends include:

— Deeper focus on security and automation

— Overall digital transformation of multiple industries and processes

— Shift towards machine learning, cloud, AI, augmented reality, digital payments and enhanced infrastructure

» Infrastructure software continues to be at the forefront, leading most of the development in the sector

» Significant M&A activity in 2020 include: Salesforce’s $28.4Bn acquisition of Slack, Thoma Bravo’s $10.2Bn acquisition of RealPage, ICE’s $11.0Bn acquisition of Ellie Mae, Microsoft’s $985MM acquisition of ZeniMax and Mastercard’s $985MM acquisition of Finicity

» Significant financing activity in 2020 include: $668MM and $600M financings of Robinhood, $700M and $534MM financings of Chime, $550MM financing of Palantir, $850MM financing of Stripe and $479MM financing of Snowflake

» Significant IPOs activity in 2020 include: Root Insurance (ROOT), McAfee (MCFE), Datto (MSP), Asana (ASAN), Palantir (PLTR), Unity (U), Snowflake (SNOW), BigCommerce (BIGC), Lemonade (LMND)

» 2021 outlook for the software sector is promising, with most subsectors poised to see continued growth

33

Software Q4 2020

EXECUTIVE SUMMARY

» In Q4 2020, M&A deal activity and overall M&A deal value continued its aggressive growth, and private financing activity grew at an accelerating pace. Investors continue to show a strong desire for software business models amidst greater cloud adoption and remote work environments, evidenced by another quarter of favorable performances in public markets

– Software sector performed well in Q4 with the IGV tech-software index outperforming the S&P 500 by 35.7% LTM as of Q4 2020

– Infrastructure software index grew 118.7% LTM as of Q4 2020, outperforming all other software subsegments

» Q4 ’20 saw ~$22Bn in financing deal value and ~$76Bn in M&A deal value

- 284 financings, 25.1% higher than Q4 ‘19

- 532 M&A transactions, 52.4% higher than Q4 ’19

» Significant M&A activity in Q4 includes acquisitions in the ERP & General Business sector: Salesforce’s $28.4Bn acquisition of Slack and Adobe’s $1.5Bn acquisition of Workfront

» Financial software had some of the largest financing deals in Q4 ‘20 led by the $668MM financing of Robinhood, $534MM financing of Chime and $343MM financing of Molo

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

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

Select Q4 Active Investors Select Q4 Active Acquirers

44

GCA OVERVIEWThe GCA Software Team

Sector Coverage US Team

VERTICAL SOFTWARE

Key GCA Stats

65+Senior Bankers Covering Technology

35Senior Bankers

Covering Software

25 Offices Globally Software Transactions in the Last 3 Years115

Technology-Related Deals in the Last 3 Years265+

Josh WepmanManaging Director

[email protected]

Chris GoughManaging [email protected]

Kevin WalshManaging [email protected]

Glen KrugerManaging Director

[email protected]

Rupert SadlerManaging [email protected]

Saif MalikDirector

[email protected]

Collaboration Software

Enterprise Resource Planning

Human Capital Management

Supply Chain Management

BI & Analytics

CRM

Governance, Risk & Compliance

Marketing

HORIZONTAL SOFTWARE

E-commerce & Retail

Food & Agriculture

Insurance

Real Estate

Travel & Hospitality

Automotive

Education

Industrial

Media & Communications

Transportation & Logistics

INFRASTRUCTURE SOFTWARE

Data Management & Analytics

Workflow Automation

Cybersecurity

SaaS / Cloud-Enablement

Europe Team

Sascha PfeifferManaging Director

[email protected]

James CravenManaging Director

[email protected]

Raymond FröjdManaging Director

[email protected]

Raiko SteltenManaging Director

[email protected]

Kristoffer KälleskogManaging Director

[email protected]

Adrian ReedManaging Director

[email protected]

mailto:[email protected]

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


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


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


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


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


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


https://www.linkedin.com/in/sascha-pfeiffer-b3606355/


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


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


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


https://www.linkedin.com/in/kristoffer-k%C3%A4lleskog-188115/


https://www.linkedin.com/in/adrian-reed/

55

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

GCA OVERVIEW

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

66

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market data as of 12/31/2020.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include software venture and private equity growth / expansion activity.3) Software M&A transactions reflect select transactions in Q4 2020. M&A metrics are based on closed and announced transactions.4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM and INTU.

Software Q4 2020

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

$Bn $Bn

16.3%

52.0%

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

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

$668 $28,445

$534 $10,200

$500 $3,200

$343 $2,750

$340 $2,227

$317 $2,065

$300 $1,600

$267 $1,500

LTM as of Q4 2020 Software Price Performance vs. S&P 500 (4)

Financing Activity by Quarter

$166.5 Billion

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

$70.9 Billion

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

944 1,705

(40%)

(20%)

0%

20%

40%

60%

80%

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

SPX IGV

$82

$30 $39

$22 $19 $28

$5

$56

$76

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

$23 $14 $15 $17 $18 $14 $16 $18 $22

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

225201 198

222 227 211 234 215

284

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

375 361 359 384349

389

315

469532

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

77

118.7%

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months

29.6%

66.9%

57.3%

89.9%

85.6%

25.4%

88.9%

58.6%

50.2%

26.1%

61.7%

Notes:Sources: Capital IQ. Market data as of 12/31/20.List of companies in each sector can be found in the public comparable tables.1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform.

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

Low (2.1%) (31.4%) (35.8%) (19.3%) (23.2%) (24.4%) (27.0%) (26.5%) (18.7%) (27.6%) (28.3%) (20.0%) (24.5%) (31.3%)

Uptick from Low

120.8% 121.3% 124.7% 104.9% 90.1% 86.1% 85.5% 83.7% 68.9% 57.2% 54.4% 45.4% 66.3% 46.6%

Performance since Jan-20

118.7% 89.9% 88.9% 85.6% 66.9% 61.7% 58.6% 57.3% 50.2% 29.6% 26.1% 25.4% 41.8% 15.3%

15.3%

41.8%

(50.0%)

0.0%

50.0%

100.0%

150.0%

200.0%

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

88

Subsector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Platform

Combined Market Cap: $2,416Bn21E/20E Rev. Growth: 3.1%21E EBITDA Margin: 30.5%

Infrastructure

Combined Market Cap: $306Bn21E/20E Rev. Growth: 17.1%21E EBITDA Margin: 19.7%

Security


Content & Storage Management

Combined Market Cap: $342Bn21E/20E Rev. Growth: 11.5% 21E EBITDA Margin: 21.9%

BI & Analytics


Financial Applications


Notes:Sources: Capital IQ. Market data as of 12/31/20.Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables.

99

Subsector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Technical Applications


Vertical


ERP & General Business


Development & Operations


Sales & Marketing


SaaS

Combined Market Cap: $1,762Bn21E/20E Rev. Growth: 20.5% 21E EBITDA Margin: 16.1%

Notes:Sources: Capital IQ. Market data as of 12/31/20.Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables.

1010

(6.5%)(8.3%) (8.5%)

(10.7%) (11.8%) (12.2%)(14.6%) (14.7%)

(16.5%) (16.6%) (16.8%) (17.3%) (18.2%)(20.5%)

(27.3%) (28.1%)(30.2%) (31.2%) (32.1%)

(41.8%)

61.7% 72.0% 73.1% 75.7% 76.7% 77.9% 80.8% 81.5% 82.6% 86.2% 94.0% 99.5% 103.8% 105.6%

138.0% 142.9% 148.9% 160.8%

214.4% 230.4%

SOFTWARE STOCKS WINNERS & LOSERS

Notes:Sources: Capital IQ as of 12/31/20.

Top and Bottom 20 Stock Price Performers in Q4 2020

Top 20 Performers

Bottom 20 Performers

1111

20.5% 19.1% 18.9%

17.1% 17.1% 16.1% 15.6% 15.0%

12.5% 12.4% 11.5%

3.1%

Median: 15.8%

15.7x 15.2x13.9x

12.3x10.9x 10.8x 10.4x

9.3x 8.9x 8.4x7.5x

3.9x

Median: 10.6x

Valuation and Operational Metrics

TRADING COMPARABLES

EV / 2020E Revenue EV / 2021E Revenue

2020E / 2019A Revenue Growth 2021E / 2020E Revenue Growth

Notes:Sources: Capital IQ. Market data as of 12/31/20.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

18.0x17.2x

13.2x 12.9x 12.8x 12.5x11.4x 11.1x

10.6x9.4x 8.8x

4.1x

Median: 11.9x

35.9%

29.1%

24.4%

18.9% 17.6% 17.5% 16.4% 14.7% 14.4%

10.6%

4.8%

1.2%

Median: 17.0%

1212

31.9x

24.8x23.0x 22.5x 22.3x 21.9x 21.3x 20.9x

16.4x

12.4x 11.4x9.7x

Median: 21.6x

33.8x

27.3x25.6x 25.6x

23.8x22.3x 22.2x

19.0x 18.4x 17.2x14.4x

12.2x

Median: 22.3x

Valuation and Operational Metrics

TRADING COMPARABLES

EV / 2020E EBITDA EV / 2021E EBITDA

2020E EBITDA Margin 2021E EBITDA Margin

Notes:Sources: Capital IQ. Market data as of 12/31/20.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

29.9% 29.5%

21.0% 20.5% 19.5% 19.1% 18.3% 17.9%

16.2% 13.7% 12.9%

11.7%

Median: 18.7%

31.5% 30.5%

21.9% 20.6% 20.2% 19.7% 18.9% 18.7%

16.1%

14.2% 14.2% 13.3%

Median: 19.3%

1313

PUBLIC SAAS COMPANIESEn

terp

rise

Val

ue

/ C

Y 2

02

1E

Re

ven

ue

CY 2021E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 10.6% 20.4% 32.6%

Median EV / Rev. 4.5x 15.2x 30.1x

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

Notes:Sources: Capital IQ as of 12/31/20.1) Defined as companies with annual revenue growth <= 15%.2) Defined as companies with annual revenue growth >15% and <= 30%.3) Defined as companies with annual revenue growth >30%.

Valuation Correlation to Growth %

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

0% 5% 10% 15% 20% 25% 30% 35% 40%

R = 0.74

1414

PUBLIC SAAS COMPANIES

Notes:Sources: Capital IQ as of 12/31/20.1) Defined as companies with revenue growth % + FCF margin % <= 20%.2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%.3) Defined as companies with revenue growth % + FCF margin % >40%.

Ente

rpri

se V

alu

e /

CY

20

21

E R

eve

nu

e

CY 2021E Revenue Growth % + CY 2021E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 17.4% 28.5% 51.6%


Valuation Correlation to Growth % & Free Cash Flow Margin %

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

0.0x

20.0x

40.0x

60.0x

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

R = 0.54

1515

PUBLIC SAAS COMPANIESEn

terp

rise

Val

ue

/ C

Y 2

02

0E

Re

ven

ue

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

Low Efficiency Medium Efficiency High Efficiency

Median Inc. Rev. / S&M Expense 0.4x 0.7x 1.4x


Notes:Sources: Capital IQ as of 12/31/20.1) Defined as companies with S&M expense efficiency <= 0.6x.2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x.3) Defined as companies with S&M expense efficiency >1.0x.

Valuation Correlation to Returns on S&M Expense Efficiency

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

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x

R = 0.60

1616

$82

$30

$39

$22 $19

$28

$5

$56

$76

375361 359

384

349

389

315

469

532

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

Notes:Sources: Capital IQ and 451 Research.

SOFTWARE M&A UPDATE

Select Q4 2020 M&A Transactions

Ann.Date

Acquirer TargetEnterprise

ValueEV/ LTM

Rev.

12/22 $1,300 NA

12/21 $10,200 9.4x

12/14 $1,210 7.6x

12/01 $28,445 36.4x

11/30 $1,450 NA

11/19 $2,750 NA

11/11 $800 NA

11/10 $1,600 NA

11/09 $1,500 6.3x

10/26 $1,000 1.4x

10/14 $2,065 8.4x

10/13 $1,350 13.0x

10/12 $3,200 NA

10/04 $2,227 NA

10/01 $940 7.2x

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

Q4 2020 Dashboard

Quarterly M&A Activity

1717

SOFTWARE FINANCINGS UPDATE

Quarterly Financing Activity Select Q4 2020 Financing Transactions

DealDate

CompanyLead/Selected

InvestorAmount Invested

Funding to Date

Post-Money

Valuation

12/28 $258 $416 $2,051

12/21 $300 $710 $5,100

12/17 $500 $500 $2,000

12/9 $317 $748 $2,817

11/11 $267 $697 $3,000

10/28 $340 $799 $3,300

10/15 $534 $1,541 $14,549

10/8 $200 $300 $3,000

10/5 $343 $361 $383

10/1 $668 NA $11,708

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

Q4 2020 Dashboard

Notes:Sources: PitchBook.

$23

$14 $15 $17

$18

$14 $16

$18

$22

225

201 198

222227

211

234

215

284

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

1818

($MM)

Offer Date(1) Name Market Cap @ IPO

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

12/16/2020 $2,135 $240 20.00 - 22.00 $20.00 $40.75

12/9/2020 $1,408 $118 16.00 - 18.00 $20.00 $27.96

12/9/2020 $8,865 $651 36.00 - 38.00 $42.00 $138.75

11/19/2020 $1,214 $254 16.00 - 18.00 $17.00 $32.98

10/28/2020 $6,622 $724 22.00 - 25.00 $27.00 $15.71

10/28/2020 $32 $176 18.00 - 20.00 $19.00 $39.07

10/22/2020 $3,094 $740 19.00 - 22.00 $20.00 $16.69

10/21/2020 $4,260 $594 24.00 - 27.00 $27.00 $27.00

10/1/2020 $341 $157 Direct Listing $10.17 $13.50

9/30/2020 $4,452 $631 Direct Listing $21.00 $29.55

9/30/2020 $15,673 $1,864 Direct Listing $7.25 $23.55

9/23/2020 $8,749 $237 19.00 - 21.00 $22.00 $40.51

9/18/2020 $18,001 $1,300 44.00 - 48.00 $52.00 $153.47

9/17/2020 $2,653 $326 17.00 - 21.00 $22.00 $28.58 29.9%

84.1%

40.7%

32.7%

0.0%

(16.6%)

105.6%

(41.8%)

94.0%

39.8%

103.8%

Select Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and company filings. Market data as of 12/31/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 2) Reference price set by the New York Stock Exchange.3) Reference price set by the Nasdaq

(2)Median: 98.9%

(2)

230.4%

(3)

224.8%

195.1%

1919

($MM)

Offer Date(1) Name Market Cap @ IPO

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

9/16/2020 $70,261 $3,360 100.00 - 110.00 $120.00 $281.40

9/16/2020 $5,745 $509 39.00 - 41.00 $44.00 $62.83

8/14/2020 $5,133 $405 23.00 - 25.00 $27.00 $43.30

8/5/2020 $4,759 $216 21.00 - 23.00 $24.00 $64.15

8/5/2020 $3,263 $704 21.00 - 24.00 $21.00 $19.06

7/29/2020 $2,886 $402 14.00 - 16.00 $19.00 $34.85

7/22/2020 $4,561 $468 21.00 - 23.00 $26.00 $29.92

7/14/2020 $8,210 $250 28.00 - 29.00 $31.00 $72.41

7/2/2020 $3,810 $319 26.00 - 28.00 $29.00 $122.50

6/5/2020 $1,229 $345 19.00 - 21.00 $23.00 $75.40

6/4/2020 $1,513 $935 19.00 - 20.00 $21.00 $48.23

12/13/2019 $795 $150 16.00 - 18.00 $17.00 $45.41

12/12/2019 $2,505 $216 19.00 - 21.00 $22.00 $136.50

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $98.44

129.7%

133.6%

15.1%

83.4%

(9.2%)

60.4%

42.8%

134.5%

(2)

Select Recent Software IPO Pricings (Cont’d.)

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and company filings. Market data as of 12/31/20. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date. 2) Reference price set by the New York Stock Exchange.

MEDIAN: 98.9%

MEAN: 120.8%

Median: 98.9%

520.5%

322.4%

167.3%

227.8%

167.1%

264.6%

20

APPENDIX

2121

($MM)

Trading Metrics Operating Metrics CIQ

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

Company 12/31/2020 Cap ST. Invest. Debt Value (EV) CY19A CY20E CY21E CY19A CY20E CY21E 19A/18A 20E/19A 21E/20E CY19A CY20E CY21E CY19A CY20E CY21E

Platform

Microsoft Corporation $222.42 $1,681,606 $137,949 $83,216 $1,626,873 12.1x 10.8x 9.8x 26.5x 23.5x 21.6x 13% 12% 10% 66% 66% 66% 46% 46% 45%

Oracle Corporation $64.69 $190,450 $38,610 $70,919 $223,458 5.6x 5.7x 5.5x 11.9x 11.5x 11.0x 0% (0%) 3% 80% 80% 80% 47% 49% 50%

Cisco Systems $44.75 $189,092 $30,016 $15,593 $174,669 3.4x 3.6x 3.5x 9.3x 9.9x 9.8x 1% (7%) 4% 63% 63% 63% 37% 37% 36%

International Business Machines Corporation$125.88 $112,166 $15,593 $70,385 $167,084 2.2x 2.3x 2.2x 9.2x 11.0x 8.8x (3%) (2%) 1% 47% 49% 48% 24% 21% 25%

SAP SE $131.16 $156,184 $9,742 $17,302 $163,743 5.3x 4.9x 4.9x 14.5x 14.0x 14.0x 9% 8% 1% 72% 72% 71% 37% 35% 35%

Dell Technologies Inc. $73.29 $54,953 $11,304 $52,114 $100,819 1.1x 1.1x 1.1x 8.6x 8.1x 7.7x 2% 1% 2% 34% 33% 31% 13% 13% 14%

HP Inc. $24.59 $31,712 $5,142 $7,399 $33,969 0.6x 0.6x 0.6x 6.5x 7.1x 6.7x (0%) (3%) 1% 18% 18% 18% 9% 8% 9%

Mean 4.3x 4.1x 3.9x 12.3x 12.2x 11.4x 3% 1% 3% 54% 55% 54% 30% 30% 31%

Median 3.4x 3.6x 3.5x 9.3x 11.0x 9.8x 1% (0%) 2% 63% 63% 63% 37% 35% 35%

Infrastructure

Zoom Video Communications $337.32 $98,212 $1,872 $70 $96,411 NM 37.4x 27.6x NM NM NM 88% 314% 36% 82% 69% 76% 17% 35% 29%

Snowflake Inc. $281.40 $79,664 $4,754 $206 $75,116 NM NM NM NM NM NM 174% 114% 90% 56% 63% 67% NM NM NM

RingCentral $378.97 $33,968 $746 $1,463 $34,686 42.4x 29.7x 24.2x NM NM NM 33% 43% 23% 76% 76% 78% 15% 13% 14%

Akamai Technologies $104.99 $17,092 $1,444 $2,709 $18,356 6.3x 5.8x 5.4x 15.2x 13.2x 12.4x 7% 10% 7% 66% 64% 65% 42% 44% 44%

Citrix Systems $130.10 $16,018 $925 $1,927 $17,021 5.7x 5.3x 5.1x 14.9x 14.6x 15.1x 1% 7% 4% 86% 86% 86% 38% 36% 34%

Five9 $174.40 $11,507 $781 $657 $11,383 34.7x 27.0x 22.8x NM NM NM 27% 29% 18% 63% 64% 61% 19% 18% 16%

Fastly $87.37 $9,916 $402 $32 $9,546 47.6x 32.9x 25.0x NM NM NM 39% 45% 31% 57% 60% 57% (9%) (0%) (0%)

Amdocs Limited $70.93 $9,300 $984 $1,033 $9,391 2.3x 2.2x 2.1x 11.4x 11.2x 9.5x 3% 2% 6% 35% 35% 35% 20% 20% 22%

Rackspace Technology $19.06 $3,818 $253 $4,157 $7,722 3.2x 2.9x 2.6x 13.0x 10.1x 9.6x (1%) 11% 9% 39% 38% 39% 24% 28% 28%

Juniper Networks $22.51 $7,422 $1,848 $1,873 $7,448 1.7x 1.7x 1.6x 7.8x 8.2x 8.0x (4%) (1%) 3% 60% 59% 60% 21% 20% 20%

Everbridge $149.07 $5,211 $469 $465 $5,207 25.9x 19.4x 15.5x NM NM NM 37% 33% 26% 71% 71% 70% 3% 3% 5%

Verint Systems Inc. $67.18 $4,416 $631 $886 $4,689 3.6x 3.7x 3.5x 14.4x 14.1x 13.4x 6% (2%) 5% 68% 70% 67% 25% 26% 26%

Jamf Holding Corp. $29.92 $3,489 $177 $0 $3,311 16.2x 12.6x 10.5x NM NM NM 39% 29% 20% 78% 81% 78% 9% 12% 9%

Software Aktiengesellschaft $40.78 $3,017 $638 $365 $2,745 2.7x 2.7x 2.7x 8.9x 12.4x 11.9x 1% 2% 0% 77% 76% 77% 31% 22% 23%

Extreme Networks $6.89 $848 $193 $455 $1,109 1.1x 1.2x 1.1x NA 15.8x 9.6x (1%) (12%) 7% 56% 56% 56% 0% 8% 12%

Radware Ltd. $27.75 $1,281 $291 $29 $1,019 4.0x 4.1x 3.8x 24.0x 29.1x 22.2x 8% (1%) 8% 83% 83% 82% 17% 14% 17%

A10 Networks $9.86 $756 $159 $30 $627 2.9x 2.8x 2.6x NA 14.1x 11.6x (8%) 6% 7% 78% 78% 78% 0% 20% 22%

Limelight Networks $3.99 $491 $125 $114 $480 2.4x 2.0x 1.9x 26.5x 15.7x 12.8x 3% 18% 9% 49% 47% 52% 9% 13% 15%

Mean 12.7x 11.4x 9.3x 15.1x 14.4x 12.4x 25% 36% 17% 65% 65% 66% 16% 20% 20%

Median 3.8x 4.1x 3.8x 14.4x 14.1x 11.9x 6% 10% 8% 67% 67% 67% 17% 20% 20%

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Market data as of 12/31/20.Margins <(20%) considered NM. Multiples <0 or >50 considered NM.

2222

($MM)




Security

CrowdStrike Holdings $211.82 $46,868 $1,060 $43 $45,852 NM NM 38.1x NM NM NM 93% 78% 40% 72% 75% 68% (9%) 11% 10%

Palo Alto Networks $355.39 $34,411 $3,218 $3,443 $34,636 11.1x 9.2x 7.7x 45.7x 36.6x 34.0x 20% 20% 19% 71% 71% 71% 24% 25% 23%

Okta $254.26 $32,918 $2,536 $1,953 $32,335 NM 39.3x 30.1x NM NM NM 47% 40% 30% 76% 78% 74% (6%) 3% 3%

Splunk Inc. $169.89 $27,475 $1,994 $2,679 $28,160 11.9x 13.0x 10.8x NM NM NM 31% (8%) 21% 85% 79% 80% 17% (4%) 5%

Zscaler $199.71 $26,799 $1,416 $927 $26,311 NM 50.0x 37.6x NM NM NM 48% 46% 33% 79% 79% 79% 11% 13% 15%

VeriSign $216.40 $24,693 $1,150 $1,794 $25,337 20.6x 20.0x 18.8x 28.1x 29.1x 26.9x 1% 3% 7% 86% 86% 85% 73% 69% 70%

Cloudflare $75.99 $23,352 $1,055 $421 $22,718 NM NM 40.2x NM NM NM 49% 48% 34% 77% 77% 78% (15%) 2% 6%

Fortinet $148.53 $24,111 $1,657 $48 $22,503 10.4x 8.8x 7.6x 38.1x 29.8x 25.9x 20% 19% 16% 77% 79% 77% 27% 29% 29%

Check Point Software Technologies Ltd. $132.91 $18,634 $1,607 $0 $17,027 8.5x 8.3x 8.0x 16.7x 16.2x 16.0x 4% 3% 3% 90% 90% 89% 51% 51% 50%

Citrix Systems $130.10 $16,018 $925 $1,927 $17,021 5.7x 5.3x 5.1x 14.9x 14.6x 15.1x 1% 7% 4% 86% 86% 86% 38% 36% 34%

NortonLifeLock Inc. $20.78 $12,299 $1,049 $3,712 $14,962 6.0x 6.0x 5.9x 8.2x 11.0x 10.3x (18%) (0%) 3% 81% 81% 81% 73% 55% 57%

F5 Networks $175.94 $10,838 $1,210 $773 $10,402 4.6x 4.3x 4.1x 12.5x 12.9x 11.4x 4% 5% 6% 83% 83% 83% 37% 34% 36%

Proofpoint $136.41 $7,872 $1,020 $844 $7,696 8.7x 7.4x 6.5x 49.0x 41.7x 40.1x 24% 18% 14% 79% 80% 75% 18% 18% 16%

McAfee Corp. $16.69 $2,626 $348 $4,900 $7,178 2.7x 2.5x 2.4x 10.5x 6.3x 6.2x 9% 9% 4% 70% 78% 70% 26% 40% 39%

Trend Micro Incorporated $57.55 $7,979 $1,800 $0 $6,188 4.1x 3.7x 3.5x 12.6x 11.9x 11.1x 4% 10% 5% 80% 79% 80% 32% 31% 32%

CyberArk Software Ltd. $161.59 $6,259 $884 $498 $5,872 13.5x 13.1x 12.1x 43.8x NM NM 26% 3% 8% 88% 85% 85% 31% 20% 14%

FireEye $23.06 $5,211 $942 $1,030 $5,298 6.0x 5.7x 5.4x 46.0x 39.1x 36.4x 7% 5% 6% 72% 70% 68% 13% 15% 15%

Tenable Holdings $52.26 $5,389 $269 $62 $5,182 14.6x 11.9x 10.0x NM NM NM 33% 23% 19% 84% 83% 84% (11%) 7% 9%

Varonis Systems $163.61 $5,191 $326 $274 $5,139 20.2x 18.2x 15.2x NM NM NM (6%) 11% 20% 87% 86% 88% (8%) (1%) 0%

Rapid7 $90.16 $4,674 $321 $461 $4,814 14.7x 11.8x 9.9x NM NM NM 34% 25% 19% 75% 74% 72% 4% 4% 6%

SailPoint Technologies Holdings $53.24 $4,840 $484 $361 $4,717 16.3x 13.2x 11.8x NM NM NM 16% 23% 12% 80% 81% 79% 10% 9% 4%

Qualys $121.87 $4,755 $319 $60 $4,496 14.0x 12.4x 11.0x 31.9x 26.7x 24.3x 15% 13% 13% 80% 81% 79% 44% 46% 45%

Mimecast Limited $56.84 $3,632 $231 $261 $3,662 9.0x 7.6x 6.7x NM 32.7x 32.8x 26% 18% 15% 74% 74% 74% 17% 23% 20%

Sumo Logic $28.58 $2,924 $407 $0 $2,517 16.2x NA NA NM NA NA 50% NA NA 71% NM NM NM NA NA

Ping Identity Holding Corp. $28.64 $2,323 $173 $170 $2,320 9.5x 9.3x 8.0x 46.4x NM NM 21% 3% 16% 84% 81% 84% 21% 13% 14%

Telos Corporation $32.98 $2,133 $10 $180 $2,312 14.5x 12.9x 8.4x NM NM NM 15% 13% 53% 36% 33% 36% 5% 4% 11%

SecureWorks Corp. $14.22 $1,169 $188 $30 $1,012 1.8x 1.8x 1.7x NM 30.0x 33.0x 7% 1% 3% 57% 60% 56% 2% 6% 5%

F-Secure Oyj $4.69 $742 $50 $58 $750 3.1x 2.8x 2.6x 28.8x 16.3x 16.9x 12% 10% 6% 77% 78% 79% 11% 17% 16%

OneSpan Inc. $20.68 $838 $113 $15 $740 2.9x 3.6x 3.3x 22.5x NM 34.8x 20% (19%) 10% 67% 70% 69% 13% 4% 9%

Zix Corporation $8.63 $474 $24 $196 $647 3.7x 3.0x 2.7x 16.4x 12.5x 11.2x 146% 25% 12% 61% 54% 65% 23% 24% 24%

A10 Networks $9.86 $756 $159 $30 $627 2.9x 2.8x 2.6x NA 14.1x 11.6x (8%) 6% 7% 78% 78% 78% 0% 20% 22%

Absolute Software Corporation $11.89 $583 $58 $10 $534 5.3x 4.8x 4.3x 22.3x 18.5x 19.1x 6% 9% 12% 86% 86% 86% 24% 26% 23%

Tufin Software Technologies Ltd. $12.48 $447 $84 $23 $385 3.7x 4.0x 3.5x NM NM NM 22% (6%) 13% 83% 81% 83% (14%) NM (18%)

Mean 9.2x 10.6x 10.8x 27.5x 22.2x 21.9x 24% 14% 15% 77% 77% 76% 18% 21% 20%

Median 8.7x 8.0x 7.7x 25.3x 17.4x 19.1x 20% 10% 12% 79% 79% 79% 17% 18% 15%




2323




($MM)




Content & Storage Management

Adobe Inc. $500.12 $239,917 $5,992 $4,708 $238,633 21.4x 18.6x 15.7x 46.9x 38.6x 31.7x 24% 15% 19% 88% 88% 87% 46% 48% 50%

DocuSign $222.30 $41,472 $599 $686 $41,559 42.7x 29.1x 22.0x NM NM NM 39% 47% 32% 78% 78% 76% 10% 14% 15%

Open Text Corporation $45.46 $12,319 $1,846 $4,461 $14,936 5.1x 4.6x 4.6x 13.4x 12.0x 11.9x 3% 11% 0% 74% 74% 74% 38% 38% 38%

NetApp $66.24 $14,797 $3,653 $2,767 $13,911 2.5x 2.5x 2.4x 10.3x 10.9x 10.2x (10%) (1%) 3% 64% 64% 64% 24% 23% 24%

Dropbox $22.19 $9,178 $1,227 $1,123 $9,074 5.5x 4.8x 4.3x 24.0x 16.3x 13.8x 19% 15% 11% 76% 79% 74% 23% 29% 31%

Nutanix $31.87 $6,423 $1,318 $1,149 $6,254 5.0x 4.9x 4.7x NM NM NM 1% 3% 4% 71% 71% 71% NM NM NM

Pure Storage $22.61 $6,168 $1,201 $904 $5,871 3.6x 3.5x 3.1x 40.4x NM 37.6x 21% 1% 15% 70% 70% 68% 9% 6% 8%


Box $18.05 $2,864 $275 $425 $3,013 4.3x 3.9x 3.6x 43.8x 16.2x 15.1x 14% 10% 9% 71% 73% 72% 10% 24% 24%

Commvault Systems $55.37 $2,610 $394 $20 $2,236 3.3x 3.3x 3.1x 20.0x NA 16.8x (4%) (0%) 4% 85% 85% 85% 16% 0% 19%

Brightcove Inc. $18.40 $732 $30 $18 $720 3.9x 3.7x 3.4x NM 39.7x 33.3x 12% 5% 10% 61% 62% 60% 5% 9% 10%

Mean 10.7x 8.8x 7.5x 28.4x 22.3x 21.3x 10% 11% 12% 75% 76% 75% 17% 19% 22%

Median 5.0x 4.6x 4.3x 24.0x 16.3x 15.9x 12% 10% 10% 74% 74% 74% 13% 18% 21%

2424

($MM)




Business Intelligence & Analytics

Palantir Technologies Inc. $23.55 $41,025 $1,800 $198 $39,423 NM 36.8x 27.9x NM NM NM 25% 44% 32% 71% 76% 71% NM 14% 18%

NICE Ltd. $279.96 $17,562 $1,543 $1,011 $17,055 10.8x 10.3x 9.4x 34.5x 30.9x 28.4x 9% 5% 9% 71% 71% 68% 31% 33% 33%

Elastic N.V. $146.13 $12,772 $351 $33 $12,454 32.4x 22.9x 18.6x NM NM NM 60% 41% 23% 72% 72% 72% (16%) (8%) (5%)

Alteryx $121.79 $8,109 $723 $780 $8,166 19.5x 16.9x 14.3x NM NM NM 65% 16% 18% 91% 92% 90% 19% 14% 16%

Medallia $33.22 $4,998 $654 $463 $4,807 11.9x 10.1x 8.7x NM NM NM 28% 18% 17% 67% 69% 65% 3% 7% 8%

Cloudera $13.91 $4,350 $395 $206 $4,161 5.2x 4.8x 4.4x NM 19.2x 16.9x 65% 9% 9% 76% 82% 73% (3%) 25% 26%

Inovalon Holdings $18.17 $2,824 $120 $1,040 $3,744 5.8x 5.7x 5.0x 17.8x 16.4x 14.1x 22% 3% 13% 74% 75% 73% 33% 35% 36%

MicroStrategy Incorporated $388.55 $3,601 $53 $106 $3,654 7.5x NA NA NM NA NA (2%) NA NA 80% NM NM 5% NA NA

Teradata Corporation $22.47 $2,456 $533 $683 $2,606 1.4x 1.4x 1.4x 7.8x 7.0x 6.2x (12%) (4%) 2% 54% 58% 52% 18% 20% 23%

Domo $63.77 $1,910 $84 $105 $1,931 11.1x 9.3x 8.1x NM NM NM 22% 20% 15% 76% 78% 70% NM (18%) (9%)

Talend S.A. $38.34 $1,218 $161 $178 $1,235 5.0x 4.4x 3.8x NM NM NM 20% 14% 13% 77% 80% 77% (7%) (6%) (3%)

Veritone $28.45 $887 $54 $0 $833 16.8x 14.6x 12.1x NM NM NM 84% 15% 20% 65% 71% 75% NM NM NM

Mean 11.6x 12.5x 10.4x 20.0x 18.4x 16.4x 32% 16% 16% 73% 75% 71% 9% 12% 14%

Median 10.8x 10.1x 8.7x 17.8x 17.8x 15.5x 23% 15% 15% 73% 75% 72% 5% 14% 17%

Technical Applications

Autodesk $305.34 $67,141 $1,616 $2,099 $67,624 21.5x 18.0x 15.7x NM NM 44.5x 29% 20% 15% 91% 92% 93% 27% 32% 35%

Dassault Systèmes SE $203.24 $53,027 $2,943 $5,394 $55,532 12.3x 10.2x 9.3x 34.4x 31.7x 28.0x 13% 21% 9% 85% 83% 84% 36% 32% 33%

Unity Software Inc. $153.47 $41,556 $1,759 $126 $39,923 NM NM 41.9x NM NM NM 42% 39% 26% 78% 80% 79% (19%) (6%) (1%)

Synopsys $259.24 $39,672 $1,236 $663 $39,105 11.6x 10.3x 9.5x 42.0x 31.4x 28.1x 6% 13% 8% 79% 79% 79% 28% 33% 34%

Cadence Design Systems $136.43 $38,055 $1,307 $697 $37,445 16.0x 14.1x 13.2x 42.9x 37.0x 34.1x 9% 14% 7% 90% 90% 89% 37% 38% 39%

ANSYS $363.80 $31,245 $845 $546 $30,945 20.4x 19.0x 16.9x 43.2x 43.7x 37.4x 17% 8% 12% 91% 90% 90% 47% 43% 45%

PTC Inc. $119.61 $13,954 $304 $1,220 $14,871 11.6x 10.0x 9.2x 26.7x 31.9x 29.3x 1% 16% 9% 75% 75% 75% 44% 31% 31%

Bentley Systems $40.51 $11,002 $138 $638 $11,502 15.6x NA NA NM NA NA 6% NA NA 81% NM NM 24% NA NA

Aspen Technology $130.25 $8,828 $318 $462 $8,973 14.8x 14.6x 12.3x 28.9x 27.5x 21.4x 12% 2% 18% 90% 90% 90% 51% 53% 57%

Altair Engineering Inc. $58.18 $4,285 $245 $251 $4,291 9.5x 9.5x 8.8x NM NM NM 16% 0% 8% 72% 74% 72% 11% 9% 9%

Mean 14.8x 13.2x 15.2x 36.3x 33.8x 31.9x 15% 15% 12% 83% 83% 83% 29% 30% 32%

Median 14.8x 12.2x 12.3x 38.2x 31.8x 29.3x 13% 14% 9% 83% 83% 84% 32% 32% 34%




2525

($MM)




Financial Applications

Fidelity National Information Services $141.46 $87,777 $2,366 $20,189 $105,790 10.2x 8.4x 7.7x 25.2x 20.0x 17.1x 23% 22% 9% 35% 35% 34% 41% 42% 45%

Intuit Inc. $379.85 $104,856 $5,793 $2,634 $101,697 14.3x 12.6x 10.6x 39.8x 32.6x 29.6x 13% 14% 19% 84% 84% 84% 36% 39% 36%

Fiserv $113.86 $76,336 $937 $21,259 $97,655 9.6x 6.5x 6.1x 19.9x 17.8x 15.5x 75% 47% 6% 47% 44% 47% 48% 36% 40%

MSCI Inc. $446.53 $37,015 $1,303 $3,540 $39,252 25.2x 23.2x 21.0x 46.2x 40.4x 36.2x 9% 9% 10% 81% 83% 81% 55% 57% 58%

SS&C Technologies Holdings $72.75 $18,621 $185 $7,172 $25,608 5.5x 5.5x 5.4x 14.0x 14.0x 13.4x 35% 0% 3% 54% 57% 49% 39% 40% 40%

Coupa Software Incorporated $338.91 $24,461 $1,354 $1,511 $24,618 NM 47.0x 36.9x NM NM NM 50% 34% 27% 72% 71% 68% 9% 17% 15%

Xero Limited $113.27 $16,576 $379 $330 $16,527 37.3x 28.8x 24.6x NM NM NM 32% 29% 17% 84% 84% 84% 19% 21% 29%

Fair Isaac Corporation $511.04 $14,870 $157 $936 $15,649 13.1x 11.9x 11.6x 41.7x 32.6x 35.8x 16% 10% 3% 70% 70% 70% 31% 37% 32%

Avalara $164.89 $13,945 $1,064 $66 $12,947 33.9x 26.5x 20.9x NM NM NM 41% 28% 26% 72% 73% 72% 0% 1% (0%)

Jack Henry & Associates $161.99 $12,362 $195 $70 $12,237 7.5x 7.1x 6.7x 22.9x 22.4x 21.1x 7% 6% 6% 42% 42% 42% 33% 32% 32%

Temenos AG $139.76 $10,119 $113 $1,114 $11,119 11.4x 12.4x 11.2x 30.4x 28.2x 25.6x 16% (8%) 10% 83% 82% 75% 38% 44% 44%

Bill.com Holdings $136.50 $11,079 $700 $58 $10,436 NM NM 47.2x NA NM NM NA 62% 25% 75% 75% 75% 0% (7%) (6%)

BlackLine $133.38 $7,637 $526 $413 $7,533 26.1x 21.6x 18.3x NM NM NM 27% 20% 18% 82% 82% 80% 9% 14% 12%

Q2 Holdings $126.53 $6,818 $396 $484 $6,906 21.9x 17.1x 14.1x NM NM NM 31% 28% 21% 53% 54% 50% 6% 6% 7%

nCino $72.41 $6,683 $379 $0 $6,309 45.7x 31.4x 25.5x NM NM NM 51% 45% 23% 53% 60% 53% (17%) (6%) (6%)

SimCorp A/S $148.81 $5,899 $38 $54 $5,915 11.6x 10.4x 9.5x 37.0x 34.7x 30.4x 16% 12% 10% 63% 63% 62% 31% 30% 31%

Envestnet $82.29 $4,440 $363 $848 $4,923 5.5x 5.0x 4.5x 25.5x 21.7x 20.0x 11% 10% 10% 69% 69% 45% 21% 23% 22%

Vertex $34.85 $5,092 $270 $2 $4,823 15.0x 13.1x 12.1x NM NM NM 18% 15% 8% 64% 71% 64% 15% 21% 18%

Shift4 Payments $75.40 $3,404 $329 $440 $3,763 5.1x 4.8x 3.5x NA 41.2x 23.7x 30% 7% 39% 35% 55% 35% 0% 12% 15%

Upstart Holdings $40.75 $2,953 $53 $115 $3,015 15.8x 13.7x 8.4x NM NM NM 52% 16% 63% 72% 84% 84% 12% 10% 7%

Bottomline Technologies (de) $52.74 $2,379 $197 $213 $2,395 5.6x 5.3x 4.9x 24.5x 24.5x 22.1x 6% 4% 10% 57% 57% 57% 23% 22% 22%

Asseco Poland S.A. $18.23 $1,513 $621 $785 $2,292 0.8x 0.7x 0.7x 5.4x 5.0x 4.8x 13% 13% 7% 22% 22% 22% 15% 14% 14%

Ebix $37.97 $1,176 $113 $730 $1,841 3.2x 3.3x 2.7x 10.6x NA NA 17% (3%) 24% 64% 50% 60% 30% 0% 0%

IRESS Limited $8.19 $1,561 $69 $146 $1,639 4.6x 3.9x 3.5x 17.4x 16.7x 15.4x 9% 19% 11% 27% 21% 29% 26% 23% 23%

Zuora $13.93 $1,660 $179 $72 $1,554 5.6x 5.1x 4.7x NM NM NM 17% 9% 10% 57% 62% 56% (10%) 0% 3%

Model N $35.68 $1,250 $200 $118 $1,168 8.1x 7.2x 6.6x NM NM NM (4%) 13% 8% 57% 57% 57% 10% 13% 12%

Basware Oyj $51.38 $741 $45 $97 $792 4.8x 4.3x 3.9x NM 32.5x 27.1x 3% 12% 9% 51% 56% 52% 3% 13% 14%

Mean 13.9x 12.9x 12.3x 25.7x 25.6x 22.5x 24% 18% 16% 60% 62% 59% 19% 20% 21%

Median 10.2x 9.4x 8.4x 24.8x 24.5x 22.1x 17% 13% 10% 63% 62% 57% 19% 21% 18%




2626

($MM)




Vertical Applications

Danaher Corporation $222.14 $157,803 $5,688 $22,761 $174,888 9.8x 8.0x 6.9x 39.2x 28.5x 23.2x 5% 23% 15% 56% 56% 56% 25% 28% 30%

Roper Technologies $431.09 $45,209 $302 $9,704 $54,611 10.2x 9.8x 8.7x 28.4x 27.7x 24.2x 3% 4% 13% 64% 64% 63% 36% 35% 36%

Veeva Systems Inc. $272.25 $41,237 $1,590 $59 $39,705 36.0x 27.4x 23.1x NM NM NM 28% 31% 19% 75% 74% 72% 40% 41% 39%

Amadeus IT Group $72.86 $32,804 $3,467 $6,933 $36,270 5.8x 13.1x 8.2x 14.4x NM 26.3x 11% (56%) 60% 69% 78% 55% 40% 12% 31%

Cerner Corporation $78.48 $24,061 $892 $1,502 $24,671 4.3x 4.5x 4.3x 14.9x 14.2x 13.2x 6% (3%) 4% 82% 83% 83% 29% 32% 33%

Tyler Technologies $436.52 $17,604 $574 $19 $17,048 15.7x 15.1x 14.1x NM NM 47.7x 16% 4% 7% 52% 52% 49% 28% 29% 30%

Guidewire Software $128.73 $10,782 $1,162 $471 $10,091 14.4x 13.4x 13.3x NM NM NM (4%) 7% 1% 56% 56% 56% 20% 13% 3%

RealPage $87.24 $8,619 $612 $1,332 $9,339 9.5x 8.1x 7.3x 33.2x 29.3x 25.7x 14% 17% 11% 63% 63% 62% 29% 28% 28%

CoreLogic $77.32 $6,014 $302 $1,693 $7,405 4.2x 4.3x 4.5x 14.9x 11.8x 12.0x (1%) (3%) (4%) 50% 59% 52% 28% 37% 38%

Sabre Corporation $12.02 $3,814 $1,668 $4,791 $6,945 1.7x 5.2x 2.9x 7.3x NM 25.7x 3% (66%) 80% 35% 63% 39% 24% NM 11%

Lemonade $122.50 $6,932 $590 $0 $6,342 NM NM NM NM NM NM 199% 30% 18% 32% 23% 35% NM NM NM

AppFolio $180.04 $6,180 $177 $35 $6,039 23.6x 19.4x 17.2x NM NM NM 35% 22% 13% 60% 62% 62% 14% 17% 18%

Duck Creek Technologies $43.30 $5,669 $361 $24 $5,332 29.6x 24.1x 20.5x NA NM NM NA 23% 18% 55% 55% 55% NA 4% 1%

Root $15.71 $3,940 $220 $220 $3,940 13.6x 11.4x 15.7x NM NM NM NA 19% (27%) (11%) 4% 4% NM NM NM

Blackbaud $57.56 $2,779 $31 $555 $3,303 3.7x 3.7x 3.7x 17.6x 14.4x 14.9x 6% (0%) (1%) 60% 59% 56% 21% 26% 25%

Allscripts Healthcare Solutions $14.44 $2,281 $219 $1,196 $3,258 1.8x 2.0x 2.1x 11.0x 11.1x 12.9x 1% (9%) (3%) 43% 41% 45% 17% 18% 16%

2U $40.01 $2,883 $481 $353 $2,755 4.8x 3.6x 3.0x NM NM NM 40% 34% 19% 72% 70% 74% (4%) 1% 4%

PROS Holdings $50.77 $2,205 $322 $255 $2,138 8.5x 8.5x 8.4x NM NM NM 27% 0% 2% 63% 61% 61% (5%) (12%) (7%)

HealthStream $21.84 $692 $150 $29 $571 2.2x 2.4x 2.5x 12.2x 12.8x 14.5x 10% (5%) (5%) 59% 63% 61% 18% 18% 17%

Castlight Health $1.30 $200 $47 $17 $170 1.2x 1.2x 1.3x NM 20.8x NM (8%) (1%) (7%) 61% 66% 63% (11%) 6% 1%

Boxlight Corporation $1.53 $78 $10 $22 $91 2.4x 1.8x 0.7x NM NM 10.6x 1% 31% 166% 30% 22% 25% (8%) (3%) 6%

Mean 10.1x 9.4x 8.4x 19.3x 19.0x 20.9x 21% 5% 19% 54% 56% 54% 19% 18% 19%

Median 7.2x 8.0x 7.1x 14.9x 14.4x 19.1x 6% 4% 11% 59% 61% 56% 22% 18% 18%




2727

($MM)




ERP & General Business

salesforce.com $222.53 $203,714 $9,492 $6,223 $200,445 11.7x 9.5x 7.9x 40.0x 31.6x 28.3x 29% 23% 20% 78% 78% 76% 29% 30% 28%

Shopify Inc. $1,131.95 $138,863 $6,121 $903 $133,645 NM 46.8x 35.3x NM NM NM 47% 81% 33% 55% 53% 55% 5% 15% 13%

Workday $239.61 $57,703 $2,948 $2,230 $56,985 15.7x 13.2x 11.3x NM NM 45.9x 29% 19% 17% 75% 77% 73% 21% 26% 25%

Constellation Software Inc. $1,297.22 $27,490 $574 $645 $27,561 7.9x 7.0x 6.0x 29.5x 22.9x 20.8x 14% 12% 18% 37% 37% 37% 27% 31% 29%

Paycom Software $452.25 $26,064 $156 $53 $25,960 35.2x 31.1x 25.8x NM NM NM 30% 13% 20% 85% 86% 86% 43% 39% 39%

Slack Technologies $42.24 $24,339 $1,575 $905 $23,690 37.6x 26.7x 20.7x NM NM NM 57% 41% 29% 87% 88% 87% (17%) (4%) (1%)

Zendesk $143.12 $16,699 $943 $1,158 $16,914 20.7x 16.5x 13.3x NM NM NM 36% 25% 24% 75% 78% 74% 8% 11% 11%

Ceridian HCM Holding Inc. $106.56 $15,750 $555 $1,009 $16,205 19.7x 19.4x 16.9x NM NM NM 11% 2% 15% 46% 43% 46% 22% 19% 20%

C3.ai $138.75 $13,299 $290 $0 $13,008 NM NM NM NM NM NM NA 71% 13% 67% 75% 75% NM NM NM

Paylocity Holding Corporation $205.91 $11,170 $240 $179 $11,109 22.3x 19.1x 16.0x NM NM NM 23% 17% 19% 64% 64% 64% 29% 27% 25%

Anaplan $71.85 $10,195 $297 $55 $9,953 28.6x 22.4x 18.1x NM NM NM 45% 28% 24% 76% 77% 74% (11%) (4%) (2%)

The Sage Group plc $7.95 $8,708 $1,075 $1,280 $8,914 3.5x 3.4x 3.4x 14.0x 13.6x 15.4x 8% 0% (0%) 93% 93% 93% 25% 25% 22%

Smartsheet Inc. $69.29 $8,471 $420 $69 $8,120 30.0x 21.5x 16.6x NM NM NM 52% 40% 29% 82% 80% 80% (19%) (10%) (8%)

Manhattan Associates $105.18 $6,682 $166 $34 $6,550 10.6x 11.3x 10.8x 42.1x 45.0x 49.6x 11% (7%) 5% 55% 55% 56% 25% 25% 22%

J2 Global $97.69 $4,454 $568 $1,586 $5,472 4.0x 3.8x 3.4x 9.9x 9.1x 8.3x 14% 6% 12% 83% 84% 84% 40% 41% 40%

The Descartes Systems Group Inc $58.43 $4,936 $114 $13 $4,835 14.8x 14.0x 12.5x 39.4x 34.6x 30.7x 18% 6% 13% 74% 74% 73% 38% 40% 41%

Datto Holding Corp. $27.00 $4,336 $99 $581 $4,819 10.5x 9.4x 8.4x NM 32.4x 33.9x 18% 12% 12% 71% 73% 71% 16% 29% 25%

BigCommerce Holdings $64.15 $4,436 $179 $38 $4,296 38.3x 29.1x 24.5x NM NM NM 22% 32% 19% 77% 78% 77% NM (18%) (14%)

Workiva Inc. $91.62 $4,416 $524 $326 $4,218 14.2x 12.1x 10.5x NM NM NM 22% 17% 16% 72% 75% 73% (2%) 2% (0%)

Cornerstone OnDemand $44.04 $2,845 $171 $1,321 $3,995 6.9x 5.5x 4.8x 30.6x 15.6x 14.4x 7% 27% 14% 76% 74% 73% 23% 35% 33%

SPS Commerce $108.59 $3,834 $261 $21 $3,594 12.9x 11.6x 10.1x NM 42.1x 37.0x 12% 11% 15% 68% 69% 68% 25% 28% 27%

Energy Harbor Corp. $25.50 $0 $1 $2,928 $2,927 NA NA NA NA NA NA NA NA NA NM NM NM NA NA NA

Pluralsight $20.96 $2,549 $405 $575 $2,757 8.7x 7.1x 6.2x NM NM NM 37% 23% 15% 78% 81% 76% (13%) (2%) 1%

Technology One Limited $6.33 $2,032 $90 $21 $1,963 9.6x 8.5x 7.8x 34.1x 26.6x 20.4x 14% 12% 9% 40% 40% 40% 28% 32% 38%

Upland Software $45.89 $1,352 $233 $569 $1,688 7.6x 5.9x 5.9x 20.5x 17.4x 18.5x 49% 28% 1% 71% 67% 68% 37% 34% 32%

QAD Inc. $63.18 $1,308 $143 $33 $1,197 3.9x 3.9x 3.7x NM 44.3x 37.7x (7%) (2%) 7% 55% 58% 55% 4% 9% 10%

Opera Limited $9.13 $1,051 $120 $9 $940 2.8x 2.8x 4.6x 20.6x 48.7x 17.5x 94% (1%) (39%) 81% 87% 71% 14% 6% 27%

Benefitfocus $14.48 $466 $176 $269 $560 1.9x 2.1x 2.0x 29.4x 14.6x 13.1x 14% (10%) 7% 54% 53% 51% 6% 14% 15%

American Software $17.17 $560 $94 $2 $467 4.2x 4.2x 4.0x 29.6x 34.7x 31.8x 1% (0%) 5% 54% 54% 54% 14% 12% 13%

Synchronoss Technologies $4.70 $198 $46 $68 $232 0.8x 0.8x 0.8x 8.4x 9.5x 7.9x (5%) (6%) (3%) 52% 58% 55% 9% 8% 10%

ServiceSource International $1.76 $170 $39 $55 $186 0.9x NA NA 43.7x NA NA (9%) NA NA 30% NM NM 2% NA NA

Park City Group $4.79 $94 $21 $7 $80 4.1x 3.8x 3.5x 20.8x 21.9x 15.8x (16%) 8% 7% 69% 69% 69% 20% 17% 22%

Mean 13.4x 12.8x 10.9x 27.5x 27.3x 24.8x 23% 18% 13% 67% 69% 68% 15% 18% 19%

Median 10.5x 9.5x 8.4x 29.5x 26.6x 20.6x 18% 13% 14% 71% 74% 72% 20% 19% 22%




2828

($MM)




Development & Operations Management

ServiceNow $550.43 $107,361 $2,952 $2,203 $106,613 30.8x 23.8x 19.1x NM NM NM 33% 29% 25% 81% 82% 78% 29% 32% 31%

VMware $140.26 $58,878 $3,898 $6,053 $61,033 5.6x 5.2x 4.8x 14.8x 13.3x 13.4x 12% 8% 9% 87% 85% 84% 38% 39% 36%

Atlassian Corporation Plc $233.87 $58,281 $2,184 $1,159 $57,255 43.8x 32.3x 28.5x NM NM NM 36% 36% 14% 86% 86% 86% 31% 25% 25%

Twilio Inc. $338.50 $51,117 $3,299 $662 $48,481 42.7x 29.1x 22.0x NM NM NM 75% 47% 32% 59% 55% 55% 10% 9% 6%

Datadog $98.44 $29,978 $1,495 $632 $29,116 NM 49.4x 36.3x NM NM NM 83% 63% 36% 75% 79% 77% 2% 11% 10%

MongoDB $359.04 $21,638 $966 $1,048 $21,720 NM 37.7x 29.5x NM NM NM 58% 37% 28% 72% 72% 72% (10%) (8%) (7%)

Dynatrace $43.27 $12,206 $248 $528 $12,486 24.4x 19.3x 16.1x NA NM NM NA 27% 20% 83% 83% 83% 0% 30% 27%

Appian Corporation $162.09 $11,354 $251 $61 $11,164 42.9x 37.6x 32.9x NM NM NM 15% 14% 14% 65% 70% 66% (11%) (8%) (8%)

Micro Focus International plc $5.79 $1,939 $808 $5,215 $6,347 1.9x 2.1x 2.2x 4.8x 5.6x 6.0x 9% (12%) (5%) 77% 77% 77% 39% 38% 38%

SolarWinds Corporation $14.95 $4,695 $425 $2,031 $6,301 6.8x 6.2x 5.7x 13.9x 12.9x 12.1x 12% 9% 9% 92% 91% 91% 49% 48% 47%

JFrog Ltd. $62.83 $5,730 $578 $0 $5,152 49.2x 34.9x 26.7x NM NM NM 65% 41% 31% 81% 82% 82% (3%) 6% 3%

Asana $29.55 $4,703 $424 $502 $4,782 33.5x 22.5x 17.6x NM NM NM 86% 49% 27% 85% 87% 87% NM NM NM

New Relic $65.40 $4,094 $840 $505 $3,760 6.6x 5.8x 5.2x 38.8x 49.1x NM 28% 14% 10% 82% 82% 82% 17% 12% 10%

Bandwidth Inc. $153.67 $3,722 $531 $298 $3,490 17.6x 10.7x 7.7x NM NM NM 20% 65% 38% 48% 48% 51% (1%) 7% 6%

PagerDuty $41.70 $3,417 $556 $247 $3,107 18.7x 14.7x 11.9x NM NM NM 41% 27% 23% 85% 87% 85% (16%) (8%) (4%)

Progress Software Corporation $45.19 $2,038 $106 $416 $2,349 5.7x 5.2x 4.6x 13.8x NA NA 9% 10% 13% 85% 88% 87% 41% 0% 0%

NetScout Systems $27.42 $2,017 $428 $528 $2,118 2.4x 2.5x 2.5x NA NA NA (1%) (6%) 1% 72% 72% 72% 0% 0% 0%

Magic Software Enterprises Ltd. $15.65 $767 $83 $52 $766 2.4x 2.1x 2.0x NA NA NA 15% 11% 8% 32% 31% 31% 0% 0% 0%

Axway Software SA $33.03 $703 $27 $78 $754 2.2x 2.1x 2.0x 17.8x 15.9x 10.7x 4% 8% 5% 71% 71% 38% 13% 13% 18%

Comarch S.A. $52.07 $424 $105 $66 $389 1.0x 0.9x 0.9x 6.2x 6.2x 6.1x 3% 11% 4% 32% 28% 28% 17% 15% 15%

Mean 18.8x 17.2x 13.9x 15.7x 17.2x 9.7x 32% 24% 17% 73% 73% 71% 13% 14% 13%

Median 12.2x 12.7x 9.8x 13.9x 13.1x 10.7x 20% 20% 14% 79% 80% 78% 10% 11% 10%

Sales & Marketing Applications

HubSpot $396.44 $18,192 $1,185 $788 $17,795 26.4x 20.5x 16.8x NM NM NM 32% 29% 22% 82% 82% 81% 12% 12% 12%

Pegasystems Inc. $133.26 $10,754 $468 $582 $10,868 11.9x 10.5x 9.0x NM NM NM 2% 13% 17% 68% 71% 69% (4%) 1% 5%

ZoomInfo Technologies Inc. $48.23 $8,130 $305 $799 $9,071 30.9x 19.4x 15.1x NM 38.9x 30.5x 103% 60% 29% 83% 88% 83% 59% 50% 49%

LivePerson $62.23 $4,162 $199 $203 $4,166 14.3x 11.5x 9.3x NM NM NM 17% 25% 23% 74% 73% 73% (5%) 8% 9%

Cardlytics $142.77 $3,921 $288 $185 $3,818 18.1x 21.1x 14.9x NM NM NM 40% (14%) 42% 38% 34% 36% 3% (5%) 4%

SurveyMonkey $25.55 $3,634 $206 $299 $3,726 12.1x 9.9x 8.3x NM NM NM 21% 22% 20% 77% 80% 75% 13% 11% 12%

MediaAlpha $39.07 $2,294 $12 $205 $2,487 6.1x 4.5x 3.5x NM 45.4x 40.3x 37% 37% 27% 16% 15% 16% 7% 10% 9%

Sprout Social $45.41 $2,404 $167 $26 $2,262 22.0x 17.2x 13.5x NM NM NM 30% 28% 27% 74% 74% 74% (17%) (15%) (10%)

Yext $15.72 $1,922 $209 $130 $1,843 6.2x 5.2x 4.5x NM NM NM 31% 18% 17% 75% 76% 75% (16%) (6%) (2%)

PubMatic $27.96 $1,337 $55 $0 $1,282 11.3x 9.2x 7.6x NM 28.7x 28.7x 15% 23% 20% 69% 70% 68% 14% 32% 27%

Thryv Holdings $13.50 $419 $2 $673 $1,091 0.8x 1.0x 1.2x 2.8x 3.0x 4.0x (20%) (23%) (20%) 64% 67% 64% 27% 33% 31%

ChannelAdvisor Corporation $15.98 $463 $66 $12 $409 3.1x 2.9x 2.7x 20.3x 12.0x 11.3x (1%) 10% 5% 78% 80% 78% 16% 24% 24%

Mean 13.6x 11.1x 8.9x 11.6x 25.6x 23.0x 26% 19% 19% 67% 68% 66% 9% 13% 14%

Median 12.0x 10.2x 8.6x 11.6x 28.7x 28.7x 26% 22% 21% 74% 73% 74% 10% 10% 10%




2929

($MM)




SaaS

Adobe Inc. $500.12 $239,917 $5,992 $4,708 $238,633 21.4x 18.6x 15.7x 46.9x 38.6x 31.7x 24% 15% 19% 88% 88% 87% 46% 48% 50%

salesforce.com $222.53 $203,714 $9,492 $6,223 $200,445 11.7x 9.5x 7.9x 40.0x 31.6x 28.3x 29% 23% 20% 78% 78% 76% 29% 30% 28%

Shopify Inc. $1,131.95 $138,863 $6,121 $903 $133,645 NM 46.8x 35.3x NM NM NM 47% 81% 33% 55% 53% 55% 5% 15% 13%

ServiceNow $550.43 $107,361 $2,952 $2,203 $106,613 30.8x 23.8x 19.1x NM NM NM 33% 29% 25% 81% 82% 78% 29% 32% 31%

Zoom Video Communications $337.32 $98,212 $1,872 $70 $96,411 NM 37.4x 27.6x NM NM NM 88% 314% 36% 82% 69% 76% 17% 35% 29%

Snowflake Inc. $281.40 $79,664 $4,754 $206 $75,116 NM NM NM NM NM NM 174% 114% 90% 56% 63% 67% NM NM NM

Atlassian Corporation Plc $233.87 $58,281 $2,184 $1,159 $57,255 43.8x 32.3x 28.5x NM NM NM 36% 36% 14% 86% 86% 86% 31% 25% 25%

Workday $239.61 $57,703 $2,948 $2,230 $56,985 15.7x 13.2x 11.3x NM NM 45.9x 29% 19% 17% 75% 77% 73% 21% 26% 25%

Twilio Inc. $338.50 $51,117 $3,299 $662 $48,481 42.7x 29.1x 22.0x NM NM NM 75% 47% 32% 59% 55% 55% 10% 9% 6%

DocuSign $222.30 $41,472 $599 $686 $41,559 42.7x 29.1x 22.0x NM NM NM 39% 47% 32% 78% 78% 76% 10% 14% 15%

Unity Software Inc. $153.47 $41,556 $1,759 $126 $39,923 NM NM 41.9x NM NM NM 42% 39% 26% 78% 80% 79% (19%) (6%) (1%)

Veeva Systems Inc. $272.25 $41,237 $1,590 $59 $39,705 36.0x 27.4x 23.1x NM NM NM 28% 31% 19% 75% 74% 72% 40% 41% 39%

Palantir Technologies Inc. $23.55 $41,025 $1,800 $198 $39,423 NM 36.8x 27.9x NM NM NM 25% 44% 32% 71% 76% 71% NM 14% 18%

RingCentral $378.97 $33,968 $746 $1,463 $34,686 42.4x 29.7x 24.2x NM NM NM 33% 43% 23% 76% 76% 78% 15% 13% 14%

Okta $254.26 $32,918 $2,536 $1,953 $32,335 NM 39.3x 30.1x NM NM NM 47% 40% 30% 76% 78% 74% (6%) 3% 3%

Datadog $98.44 $29,978 $1,495 $632 $29,116 NM 49.4x 36.3x NM NM NM 83% 63% 36% 75% 79% 77% 2% 11% 10%

Splunk Inc. $169.89 $27,475 $1,994 $2,679 $28,160 11.9x 13.0x 10.8x NM NM NM 31% (8%) 21% 85% 79% 80% 17% (4%) 5%

Zscaler $199.71 $26,799 $1,416 $927 $26,311 NM 50.0x 37.6x NM NM NM 48% 46% 33% 79% 79% 79% 11% 13% 15%

Paycom Software $452.25 $26,064 $156 $53 $25,960 35.2x 31.1x 25.8x NM NM NM 30% 13% 20% 85% 86% 86% 43% 39% 39%

Coupa Software Incorporated $338.91 $24,461 $1,354 $1,511 $24,618 NM 47.0x 36.9x NM NM NM 50% 34% 27% 72% 71% 68% 9% 17% 15%

Slack Technologies $42.24 $24,339 $1,575 $905 $23,690 37.6x 26.7x 20.7x NM NM NM 57% 41% 29% 87% 88% 87% (17%) (4%) (1%)

Cloudflare $75.99 $23,352 $1,055 $421 $22,718 NM NM 40.2x NM NM NM 49% 48% 34% 77% 77% 78% (15%) 2% 6%

HubSpot $396.44 $18,192 $1,185 $788 $17,795 26.4x 20.5x 16.8x NM NM NM 32% 29% 22% 82% 82% 81% 12% 12% 12%

Zendesk $143.12 $16,699 $943 $1,158 $16,914 20.7x 16.5x 13.3x NM NM NM 36% 25% 24% 75% 78% 74% 8% 11% 11%

NetApp $66.24 $14,797 $3,653 $2,767 $13,911 2.5x 2.5x 2.4x 10.3x 10.9x 10.2x (10%) (1%) 3% 64% 64% 64% 24% 23% 24%

C3.ai $138.75 $13,299 $290 $0 $13,008 NM NM NM NM NM NM NA 71% 13% 67% 75% 75% NM NM NM

Dynatrace $43.27 $12,206 $248 $528 $12,486 24.4x 19.3x 16.1x NA NM NM NA 27% 20% 83% 83% 83% 0% 30% 27%

Bentley Systems $40.51 $11,002 $138 $638 $11,502 15.6x NA NA NM NA NA 6% NA NA 81% NM NM 24% NA NA

Five9 $174.40 $11,507 $781 $657 $11,383 34.7x 27.0x 22.8x NM NM NM 27% 29% 18% 63% 64% 61% 19% 18% 16%

Paylocity Holding Corporation $205.91 $11,170 $240 $179 $11,109 22.3x 19.1x 16.0x NM NM NM 23% 17% 19% 64% 64% 64% 29% 27% 25%

Bill.com Holdings $136.50 $11,079 $700 $58 $10,436 NM NM 47.2x NA NM NM NA 62% 25% 75% 75% 75% 0% (7%) (6%)

RealPage $87.24 $8,619 $612 $1,332 $9,339 9.5x 8.1x 7.3x 33.2x 29.3x 25.7x 14% 17% 11% 63% 63% 62% 29% 28% 28%

Dropbox $22.19 $9,178 $1,227 $1,123 $9,074 5.5x 4.8x 4.3x 24.0x 16.3x 13.8x 19% 15% 11% 76% 79% 74% 23% 29% 31%

ZoomInfo Technologies Inc. $48.23 $8,130 $305 $799 $9,071 30.9x 19.4x 15.1x NM 38.9x 30.5x 103% 60% 29% 83% 88% 83% 59% 50% 49%

Smartsheet Inc. $69.29 $8,471 $420 $69 $8,120 30.0x 21.5x 16.6x NM NM NM 52% 40% 29% 82% 80% 80% (9%) (10%) (8%)

Proofpoint $136.41 $7,872 $1,020 $844 $7,696 8.7x 7.4x 6.5x 49.0x 41.7x 40.1x 24% 18% 14% 79% 80% 75% 18% 18% 16%

BlackLine $133.38 $7,637 $526 $413 $7,533 26.3x 21.6x 18.3x NA NM NM 26% 21% 18% 82% 82% 80% NA 14% 12%

McAfee Corp. $16.69 $2,626 $348 $4,900 $7,178 2.7x 2.5x 2.4x 10.5x 6.3x 6.2x 9% 9% 4% 70% 78% 70% 26% 40% 39%

Q2 Holdings $126.53 $6,818 $396 $484 $6,906 21.9x 46.8x 35.8x NM NM NM 31% (53%) 31% 27% 82% 82% (1%) 6% 3%

nCino $72.41 $6,683 $379 $0 $6,309 45.7x 31.4x 25.5x NA NM NM 51% 45% 23% 53% 60% 53% 0% (6%) (6%)




3030

($MM)




SaaS (Cont.)

AppFolio $180.04 $6,180 $177 $35 $6,039 23.6x 19.4x 17.2x NM NM NM 35% 22% 13% 60% 62% 62% 14% 17% 18%

Pure Storage $22.61 $6,168 $1,201 $904 $5,871 3.6x 3.5x 3.1x 40.4x NM 37.6x 21% 1% 15% 70% 70% 68% 9% 6% 8%

J2 Global $97.69 $4,454 $568 $1,586 $5,472 4.0x 3.8x 3.4x 9.9x 9.1x 8.3x 14% 6% 12% 83% 84% 84% 40% 41% 40%

Duck Creek Technologies $43.30 $5,669 $361 $24 $5,332 29.4x 24.1x 20.5x NA NM NM NA 22% 18% 55% 55% 55% 0% 4% 1%

Everbridge $149.07 $5,211 $469 $465 $5,207 25.9x 19.4x 15.5x NM NM NM 37% 33% 26% 71% 71% 70% 3% 3% 5%

JFrog Ltd. $62.83 $5,730 $578 $0 $5,152 49.2x 34.4x 26.4x NA NM NM 65% 43% 31% 82% 82% 82% 0% 11% 3%


Envestnet $82.29 $4,440 $363 $848 $4,923 5.5x 5.0x 4.5x 25.5x 21.7x 20.0x 11% 10% 10% 69% 69% 45% 21% 23% 22%

Vertex $34.85 $5,092 $270 $2 $4,823 15.0x 13.1x 12.1x NM NM NM 18% 15% 8% 64% 71% 64% 15% 21% 18%

Datto Holding Corp. $27.00 $4,336 $99 $581 $4,819 10.5x 9.4x 8.4x NM 32.4x 33.9x 18% 12% 12% 71% 73% 71% 16% 29% 25%

Medallia $33.22 $4,998 $654 $463 $4,807 11.9x 10.1x 8.7x NM NM NM 28% 18% 17% 67% 69% 65% 3% 7% 8%

Asana $29.55 $4,703 $424 $502 $4,782 33.5x 22.5x 17.6x NM NM NM 86% 49% 27% 85% 87% 87% NM NM NM

Qualys $121.87 $4,755 $319 $60 $4,496 14.0x 12.4x 11.0x 31.9x 26.7x 24.3x 15% 13% 13% 80% 81% 79% 44% 46% 45%

BigCommerce Holdings $64.15 $4,436 $179 $38 $4,296 38.3x 29.1x 24.5x NM NM NM 22% 32% 19% 77% 78% 77% NM (18%) (14%)

Workiva Inc. $91.62 $4,416 $524 $326 $4,218 14.2x 12.1x 10.5x NM NM NM 22% 17% 16% 72% 75% 73% (2%) 2% (0%)

LivePerson $62.23 $4,162 $199 $203 $4,166 14.3x 11.5x 9.3x NM NM NM 17% 25% 23% 74% 73% 73% (5%) 8% 9%

Cloudera $13.91 $4,350 $395 $206 $4,161 5.2x 4.8x 4.4x NM 19.2x 16.9x 65% 9% 9% 76% 82% 73% (3%) 25% 26%

Cornerstone OnDemand $44.04 $2,845 $171 $1,321 $3,995 6.9x 5.5x 4.8x 30.6x 15.6x 14.4x 7% 27% 14% 76% 74% 73% 23% 35% 33%

New Relic $65.40 $4,094 $840 $505 $3,760 6.6x 5.8x 5.2x 38.8x 49.1x NM 28% 14% 10% 82% 82% 82% 17% 12% 10%

Mimecast Limited $56.84 $3,632 $231 $261 $3,662 9.0x 7.6x 6.7x NM 32.7x 32.8x 26% 18% 15% 74% 74% 74% 17% 23% 20%

SPS Commerce $108.59 $3,834 $261 $21 $3,594 12.9x 11.6x 10.1x NM 42.1x 37.0x 12% 11% 15% 68% 69% 68% 25% 28% 27%

Jamf Holding Corp. $29.92 $3,489 $177 $0 $3,311 16.2x 12.6x 10.5x NM NM NM 39% 29% 20% 78% 81% 78% 9% 12% 9%

PagerDuty $41.70 $3,417 $556 $247 $3,107 18.7x 14.7x 11.9x NM NM NM 41% 27% 23% 85% 87% 85% (16%) (8%) (4%)

Upstart Holdings $40.75 $2,953 $53 $115 $3,015 15.8x 13.7x 8.4x NM NM NM 52% 16% 63% 72% 84% 84% 12% 10% 7%

Box $18.05 $2,864 $275 $425 $3,013 4.3x 3.9x 3.6x 43.8x 16.2x 15.1x 14% 10% 9% 71% 73% 72% 10% 24% 24%

Sumo Logic $28.58 $2,924 $407 $0 $2,517 16.2x NA NA NM NA NA 50% NA NA 71% NM NM NM NA NA

Ping Identity Holding Corp. $28.64 $2,323 $173 $170 $2,320 9.5x 9.3x 8.0x 46.4x NM NM 21% 3% 16% 84% 81% 84% 21% 13% 14%

Sprout Social $45.41 $2,404 $167 $26 $2,262 22.0x 17.2x 13.5x NM NM NM 30% 28% 27% 74% 74% 74% (17%) (15%) (10%)

Zuora $13.93 $1,660 $179 $72 $1,554 5.6x 5.1x 4.7x NM NM NM 17% 9% 10% 57% 62% 56% (10%) 0% 3%

PubMatic $27.96 $1,337 $55 $0 $1,282 11.3x 9.2x 7.6x NM 28.7x 28.7x 15% 23% 20% 69% 70% 68% 14% 32% 27%

Talend S.A. $38.34 $1,218 $161 $178 $1,235 5.0x 4.4x 3.8x NM NM NM 20% 14% 13% 77% 80% 77% (7%) (6%) (3%)

Thryv Holdings $13.50 $419 $2 $673 $1,091 0.8x 1.0x 1.2x 2.8x 3.0x 4.0x (20%) (23%) (20%) 64% 67% 64% 27% 33% 31%

Veritone $28.45 $887 $54 $0 $833 16.8x 14.6x 12.1x NM NM NM 84% 15% 20% 65% 71% 75% NM NM NM

Zix Corporation $8.63 $474 $24 $196 $647 3.7x 3.0x 2.7x 16.4x 12.5x 11.2x 146% 25% 12% 61% 54% 65% 23% 24% 24%

Benefitfocus $14.48 $466 $176 $269 $560 1.9x 2.1x 2.0x 29.4x 14.6x 13.1x 14% (10%) 7% 54% 53% 51% 6% 14% 15%

ChannelAdvisor Corporation $15.98 $463 $66 $12 $409 3.1x 2.9x 2.7x 20.3x 12.0x 11.3x (1%) 10% 5% 78% 80% 78% 16% 24% 24%

Park City Group $4.79 $94 $21 $7 $80 4.1x 3.8x 3.5x 20.8x 21.9x 15.8x (16%) 8% 7% 69% 69% 69% 20% 17% 22%

Mean 18.6x 18.0x 15.7x 28.6x 23.8x 22.3x 35% 29% 20% 73% 75% 73% 13% 16% 16%

Median 15.7x 14.6x 13.3x 30.0x 21.8x 20.0x 29% 23% 19% 75% 77% 74% 14% 14% 15%




3131

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

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

12/28/20 Azentio Software 3i Infotech $136 NA NA NA NAThe software products business of 3i Infotech, which provides ERP, compliance, and transaction security management SaaS and

related mobile application to businesses in banking, financial, and insurance sectors globally.

12/22/20Honeywell

International Sparta Systems $1,300 NA NA NA NA

Provides on-site and AI-based enterprise quality management software (EQMS) and SaaS, as well as supply chain regulatory

compliance and collaboration software to businesses in the life science industry.

12/21/20 Thoma Bravo RealPage $10,200 9.4x NA NM NAProvides property management software and SaaS for the multifamily property (MFP) real estate sector. Software enables web

development, market intelligence, revenue management and utility billing. Also provides related customer care services.

12/18/20Stillfront Group

AB

Super Free

Games $150 NA NA NA NA Provides computer and mobile-based casual and mash-up games, including trivia and social casino genres for consumers globally.

12/14/20 Electronic Arts

The

Codemasters

Software Co.

$1,210 7.6x NA 24.3x NADevelops and publishes driving and racing PC, console and mobile video games for consumers globally. The company began trading

on the London Stock Exchange under the stock ticker CDM in June 2018.

12/14/20 PTC Arena Solutions $715 NA 14.3x NA NA Provides product lifecycle management and SCM SaaS for businesses in the electronics and medical device sectors.

12/14/20Montagu Private

Equity Capita plc $529 NA NA NA NA

The education software solutions assets of Capita, which provides management information system (MIS) and administrative SaaS for

the education sector globally. Software provides features for records management, revenue and benefits management and contact

center management.

12/10/20Dye & Durham

Limited DoProcess LP $414 NA NA NA NA

Provides legal practice and document management SaaS for legal professionals in Canada. Software provides features for

conveyancing, corporate entity management, estate planning and estate administration management.

12/10/20 Wolters Kluwer eOriginal $280 NA 7.5x NA NAProvides financial document management software and SaaS for businesses, including banks, mortgage lenders, consumer lenders

and auto and equipment finance lenders. Software enables digital transaction management of financial documents.

12/10/20 CarGurus CarOffer $140 NA NA NA NAProvides automated instant vehicle trade management SaaS for businesses in the automotive industry in the US. Software provides

features for real-time offers, inventory management, marketing and selling vehicles, CRM integrations and data management.

12/7/20Norton

LifeLockAvira GmbH $360 NA NA NA NA

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

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

returning the information to the device when considered safe.

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/20, where Enterprise Value is >$50MM.Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM.

3232

($MM)



12/4/20Dye & Durham

Limited SAI Global Pty. $67 NA NA NA NA

The property division of Sai Global which provide property settlement and conveyancing software and services for businesses in

Australia. Software provides features for retrieving property, commercial and business information.

12/2/20New Mountain

Capital Tinuiti $575 NA NA 18.0x NA

Provides multi-channel e-commerce search engine marketing software and related digital marketing services for businesses. Offerings

focus on optimizing marketing capabilities across Google, Amazon and Facebook digital properties.

12/1/20 Salesforce.com Slack

Technologies $28,445 36.4x NA NM NA

Provides team collaboration SaaS to enable employees to upload, edit and manage documents collaboratively and across devices, as

well as send and receive real-time messages. Software integrates with third-party applications, news feeds and hosted storage

providers.

12/1/20Enad Global 7

AB

Daybreak Game

Company $300 3.9x NA NA NA Provides multi-player online (MMO), console and mobile video games for consumers in the US.

11/30/20Francisco

PartnersCDK Global $1,450 NA NA NA NA

The International business segment of CDK Global, which provides auto dealership management SaaS for businesses in EMEA and

Asia.

11/30/20 HealthStream Change

Healthcare $68 NA 3.8x NA 17.5x

The staff scheduling business and related assets of Change Healthcare, which provides staff scheduling and patient tracking SaaS for

businesses in the healthcare sector globally. Software provides features for schedule management, trend analysis and variance

intervention, patient tracking and predictive analytics.

11/25/20Mercell Holding

AS

Visma

Commerce AB $232 10.6x NA 21.3x NA

Provides cloud-based e-tendering and e-procurement SaaS to municipalities and businesses in Sweden. Software provides features for

public procurement information and monitoring, donation analysis, agreement follow-up and purchasing and invoice management.

Also includes Visma Commerce AS based in Norway.

11/23/20 Apex Technology AvePoint $1,990 NA 13.4x NA NAProvides big-data management, governance and compliance SaaS for enterprises and service providers. Offerings enable the

migration, management and protection of data in Microsoft 365.

11/19/20 Nasdaq Verafin $2,750 NA 19.6x NA NA

Provides financial anti-fraud, anti-money laundering, crime detection, reporting and regulatory compliance automation SaaS for

financial institutions, banks and credit unions. Software features include Big Data analytics, visual storytelling, and collaborative

investigation capabilities.

11/19/20 Experian plc Tapad $280 NA 5.1x NA NAProvides cross-screen, targeted advertising software, customer analytics and advertising delivery software and related digital

marketing campaign management services for marketers and advertising professionals globally.

11/19/20 FireEye Respond

Software $186 NA NA NA NA

Provides AI-enabled automated, unified cybersecurity threat investigation and response software for services providers, enterprises

and government agencies. Software integrates and unifies control points, security data, analytics and operations to accelerate

detection, response and engineering efforts.

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

RECENT ACQUISITIONS


3333

($MM)



11/18/20Koch Media

GmbH

Flying Wild Hog

Sp. z o.o $137 NA NA NA NA Develops PC and console-based video games for consumers worldwide.

11/17/20 Autodesk Spacemaker AS $240 NA NA NA NAProvides AI-enabled urban and generative design SaaS for architects, urban designers and real estate developers. Software also

provides features for site evaluation, space utilization, 3D visualization and testing.

11/17/20Audax

Management Co. Jitterbit $150 NA 4.3x NA NA

Provides data and cloud integration platform as a service (iPaaS) for businesses. Service provides API creation used to connect SaaS on-

premise and cloud applications.

11/11/20Palo Alto

Networks Expanse $800 NA 11.9x NA NA

Provides cloud-based cybersecurity management SaaS for businesses and government agencies globally. Software provides features

for automated tracking and monitoring of Internet assets, attack surface and vulnerability management, inventory management, real-

time risk assessment and network security monitoring.

11/10/20TPG Capital / TA

Associates Planview $1,600 NA NA NA NA

Provides project and portfolio management SaaS, software and related systems integration services for enterprises. Software includes

features for plan design, agile project portfolio management and cost analysis and control.

11/10/20 PKWARE Dataguise $135 13.5x 6.8x NA NAProvides data discovery and protection security software and SaaS for businesses to automate information security and data privacy

management processes. Software enables risk and cost management, data analytics, compliance and governance capabilities.

11/9/20 Adobe Workfront $1,500 6.3x NA NA NAProvides enterprise work management SaaS for businesses globally. Software provides features for project management, team

collaboration and enterprise performance management.

11/9/20Sapiens

International

TIA Technology

A/S $78 NA NA NA NA

Provides insurance agency management software and related SaaS for the insurance sector globally. Software provides features for

CRM, policy administration, claims and event management, real-time pricing and compliance and risk management.

11/5/20 Avalara Business

Licenses LLC$97 NA NA NA NA

The operational assets of Business Licenses, which provides license registration, compliance management and filling SaaS for

businesses in the United States. Software provides features for research, acquisition and management of business licenses and

permits.

11/5/20ZoomInfo

Technologies

EverString

Technology$65 5.4x NA NA NA

Provides AI-enabled customer analytics and sales, marketing and enterprise data management SaaS for businesses and government

agencies. Software enables customer segmentation, purchase intent, insights and compliance based on online and offline cataloging

and integration of company and contact data.

11/2/20 Coupa Software LLamasoft $1,500 NA NA NA NA

Provides enterprise supply chain management (SCM) systems optimization software and SaaS that enable data modeling, design and

simulation of supply chain networks to improve operational and cost efficiency. Also provides related outsourced project staffing,

training and consulting services.

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


3434

($MM)



11/2/20 CM Group Selligent $135 NA NA NM NAProvides AI-enabled marketing automation SaaS to businesses. Software provides features for customer engagement management

through advertisement personalization, behavioral targeting and monitoring audience engagement.

11/2/20 Coupa Software LLamasoft $1,500 NA NA NA NA

Provides enterprise supply chain management (SCM) systems optimization software and SaaS that enable data modeling, design and

simulation of supply chain networks to improve operational and cost efficiency. Also provides related outsourced project staffing,

training and consulting services.

10/29/20 Five9 Inference

Solutions $148 NA NA NA NA

Provides AI-enabled intelligent virtual agent (IVA) design and deployment SaaS for businesses and the public sector in North America,

Australia, New Zealand and the UK. Software enables self-service across voice, chat and messaging.

10/27/20dMY Technology

Group II

Genius Sports

Group Ltd $1,500 11.5x 10.3x NA NA

Provides sports data analytics and management software and related services to sport leagues, federations and betting markets

across the globe. Software enables users to collect, manage, analyze and distribute game data in real-time, publish statistics and

identify anomalous and suspicious patterns in data to prevent betting-related corruption.

10/27/20Teleperformance

SEHealth Advocate $690 4.9x NA NA NA

Provides ERP HR healthcare benefits and workforce management SaaS, mobile applications and related outsourced business process

services for enterprises.

10/26/20Francisco

PartnersForcepoint $1,000 1.4x NA 7.7x NA

Provides hosted anti-data leakage, intrusion detection and access control SaaS to enterprises. Software protects network users and

cloud access, prevents confidential data from leaving the corporate network, and eliminates breaches caused by insiders.

10/26/20 ANSYS Analytical

Graphics $700 NA NA NA NA

Provides simulation, modeling, testing and analysis SaaS for the aerospace and defense sector. Software enables spatial system

design, operations and analysis.

10/23/20SolarWinds

Worldwide SQL Sentry $142 4.1x NA NA NA

Provides database performance monitoring SaaS for businesses. Software enables diagnosis, optimization and management of

Microsoft SQL Server and Azure SQL relational and other databases.

10/22/20 TIBCO Software Information

Builders $550 2.3x 2.4x 22.0x 18.3x

Provides embedded BI data management and analytics SaaS and software for businesses. Software enables data integration,

management and governance as well as automated analytics, visualization and reporting.

10/19/20South Mountain

Merger Billtrust $1,493 12.8x 14.2x NA NA

Provides accounts receivable and payments automation SaaS and related outsourced transaction processing services for businesses.

Offerings enable cash flow management by automating credit decisioning and monitoring, invoice delivery, payment capture, cash

application and collections.

10/19/20Juniper

Networks 128 Technology $450 NA NA NA NA

Provides AI-enabled WAN routing and network management software for businesses, including enterprises and service providers.

Software provides features for secure application and service performance optimization and network automation capabilities.



3535

($MM)



10/14/20

CC Neuberger

Principal

Holdings I

E2open $2,065 8.4x 6.2x NA NA Provides inventory, order and supply chain management (SCM) SaaS for enterprises.

10/13/20WellSky

Corporation CarePort Health $1,350 13.0x NA NA NA

Provides patient care management SaaS to businesses in the healthcare sector in the U.S. Software provides features for patient

alerting, referral management and acute and post-acute EHR data management.

10/12/20 Twilio Segment.io $3,200 NA NA NA NAProvides customer data collection and analytics, as well as related data management SaaS, for businesses globally. Software

standardizes data collection, unifies user records and routes customer data into systems as needed.

10/7/20 Vector Capital MarkLogic $250 1.7x NA NA NA

Provides NoSQL, non-relational data integration and management software and SaaS for businesses and government agencies.

Software ingests data as-is from any source and enables search, semantics and analytics capabilities as well as operational efficiencies

of applications.

10/6/20 Veeam Software Kasten $150 NA NA NA NAProvides open-source data management software for Kubernetes-based cloud-native applications in containers. Software provides

features for data backup, disaster recovery and application mobility migration and management.

10/4/20 NEC Corporation Avaloq group AG $2,227 NA NA NA NAProvides financial management SaaS and BPO services to banks, wealth managers and investment firms globally. Software provides

features for client management, payment processing, CRM, risk management, accounting and reporting.

10/2/20 BlackLine Rimilia Holdings $120 NA NA NA NAProvides AI-enabled financial management SaaS for businesses. Software automates the accounts receivable process so as to control

cash flow and cash collection in real time.

10/1/20 SAP SE

Emarsys

eMarketing

Systems AG

$940 7.2x 5.9x NM NA

Provides email, mobile, social, web and AI-based marketing automation and analytics SaaS for businesses in the e-commerce, retail,

travel and cross-industry sectors globally. Software provides features for the analysis of customer behavior and the delivery of

machine learning-enabled actionable insights in omnichannel marketing campaigns.

10/1/20 Cisco Systems Portshift $80 40.0x NA NA NAProvides Kubernetes-native application security software for businesses. Software enables automated security for DevOps as well as

vulnerability and configuration management and compliance.

10/1/20 TransUnion Tru Optik Data $80 8.0x NA NA NAProvides advertising enablement and related customer analytics SaaS that enable businesses to engage customers via OTT streaming

services.

All Software

Median 7.8x 7.1x 21.3x 17.9x

Mean 10.4x 9.0x 18.7x 17.9x

PE Acquirers

Median 9.4x 4.6x 18.0x 18.3x

Mean 7.9x 4.6x 15.9x 18.3x



3636

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

12/28/20 Unqork $258Developer of a no-code application development platform designed to help organizations build

custom software.

Aquiline Capital Partners, BlackRock, Broadridge Financial Solutions, CapitalG, Eldridge Industries,

Fin Venture Capital, Goldman Sachs Growth Equity, Hewlett Packard Enterprise

12/23/20 UnionTech $168 Developer of Unity Operating System compatible software solutions. E-Town International Investment

12/21/20 OneTrust $300 Developer of a technology platform designed for tackling privacy management. Coatue Management, Insight Partners, TCV

12/21/20 Ironclad $100Developer of a digital contracting platform intended to transform contract processes for legal,

sales and operations teams by automating workflows and approvals. Bond Capital

12/21/20 Pine Labs $100Developer of an online payment and loyalty platform intended to convert point of sale to point

of service. Lone Pine Capital

12/21/20 Bolt Financial $75Developer of a checkout experience platform designed to drive e-commerce businesses with

newfound revenue. Activant Capital, General Atlantic, Optus Capital Partners, Tribe Capital, WestCap Group

12/21/20 Qualia $65Developer of a real estate transaction management platform designed to simplify the real estate

closing process. 8VC, Menlo Ventures, Tiger Global Management

12/21/20 Trigo $60 Developer of an automation platform designed to help streamline the retail operations. 83North, Hetz Ventures, Morrag Investments, Red Dot Capital Partners, Tesco, Vertex Ventures

Israel

12/21/20 CAIS Capital $50Developer of a financial technology platform intended to connect independent financial advisors

with alternative investments. Eldridge Industries

12/18/20 Benson Hill $159 Developer of crop design platform intended to develop healthier and more sustainable crops. Argonautic Ventures, E-Mart, Fall Line Capital, GS Group, GV, iSelect Fund, LDC Innovations,

Mercury Fund, Prelude Ventures, Prolog Ventures, S2G Ventures, Wheatsheaf Group

12/18/20 Very Good Security $60 Developer of a data security platform designed to transfer data without any security breach. Andreessen Horowitz, Brighter Capital, Goldman Sachs Growth Equity, Vertex Ventures US

12/17/20 ISN Software $500 Developer of third-party contractor and supplier management software. The Blackstone Group

12/17/20 BeenVerified $150Operator of consumer and business information platform intended to make public records easy,

affordable and accessible to everyone.

Morgan Stanley, Morgan Stanley Credit Partners, Morgan Stanley Expansion Capital, ROCA

Partners

12/17/20 Lydia Solutions $131 Developer of a peer-to-peer payments application designed to make payments easier. Accel, Founders Future, Hedosophia, NewAlpha Asset Management, Open CNP, Siparex XAnge

Venture, Tencent Holdings

12/17/20 Spryker $130Developer of cloud commerce operating system designed to reach customers across all digital

touchpoints easily. One Peak Partners, Project A, TCV

12/17/20 Discord $100Developer of an instant messaging and digital distribution platform designed to offer VoIP and

texting services among friends or as part of gaming communities. Ben Jen Holdings, Greenoaks Capital Partners, Index Ventures

12/17/20 GoCardless $95Developer of an online payment platform designed to collect recurring payments from

customers. Bain Capital Ventures

12/17/20 Brainly $81Developer of an electronic learning platform designed to make learning effective outside the

class. General Catalyst, Learn Capital, Manta Ray Ventures, Prosus Ventures, Runa Capital

12/16/20 Paxos $142Developer of financial technologies designed to buy, sell, trade and manage assets in the global

economy.

Alua Capital, Declaration Partners, Ken Moelis, Liberty City Ventures, Mithril Capital Management,

PayPal Holdings, RIT Capital Partners, RRE Ventures, Senator Investment Group

RECENT FINANCINGS

Notes:Sources: PitchBook. Reflects deal activity through 12/31/20. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $50MM.

Selected Software Private Financings

3737

($MM)



12/16/20 BigID $70Developer of data-driven protection and privacy compliance platform designed to transform how

enterprises protect and manage the privacy of personal data.

Bessemer Venture Partners, Boldstart Ventures, Glynn Capital, Salesforce Ventures, Scale Venture

Partners, Tiger Global Management

12/16/20 Microblink $60 Developer of smartphone camera application to pay bills. Silversmith Capital Partners

12/15/20 Zenoti $160Developer of cloud-based enterprise software designed to empower the beauty and wellness

industry.

Advent International, Steadview Capital Management, Sunley House Capital Management, Tiger

Global Management

12/15/20 Clickup $100 Developer of a project management application designed to increase team productivity. Craft Ventures, Georgian Partners

12/15/20 Public.com $65Developer of a social investing application designed to provide access to the stock market for a

broader audience of investors. Accel, Advancit Capital, Dick Parsons, Greycroft, Lakestar, Mantis VC, Tony Hawk

12/11/20 Tink $102 Developer of an open banking platform intended to offer data-driven financial services. ABN AMRO Ventures, BNP Paribas, Dawn Capital, Eurazeo, Heartcore Capital, HMI Capital, Opera

Tech Ventures, PayPal Holdings, Poste Italiane

12/10/20 Uniphore $93Developer of an artificial intelligence-powered conversational automation platform designed to

offer speech analytics and change the way enterprises engage their consumers. NA

12/10/20 Hibob $70Developer of a cloud-based human resource and benefits platform designed to transform the

way modern businesses understand, interact and manage their talent.

Arbor Ventures, Battery Ventures, Bessemer Venture Partners, Cerca Partners, Eight Roads, Entrée

Capital, Israel Growth Partners, Perpetual Ventures, Presidio Ventures, Seek (Communications)

12/10/20 Solactive $60Developer of financial indices software intended to create exchange-traded funds and other

index-based products. Summit Partners

12/9/20 DataRobot $317Developer of an enterprise AI platform designed to accelerate data science by automating the

end-to-end journey from data to value.

BlackRock, HP Tech Ventures, New Enterprise Associates, Salesforce Ventures, Sapphire Ventures,

Silver Lake Management, Snowflake Ventures, Tiger Global Management, T. Rowe Price

12/9/20 Wiz $100Operator of a cloud security company intended to help companies to secure their cloud

infrastructure at scale. CyberStarts, Index Ventures, Insight Partners, Sequoia Capital

12/9/20 Bitso $62Developer of a bitcoin exchange platform designed to enable the seamless trade of

cryptocurrencies. Coinbase Ventures, Kaszek Ventures, Pantera Capital, QED Investors

12/9/20Cambridge

Quantum$50

Operator of independent quantum computing software company intended to build tools for the

commercialization of quantum technologies whose long-term impact will be profound.

Alvarium Investments, Honeywell Ventures, IBM Ventures, JSR, Serendipity Capital, Talipot

Holdings

12/8/20 SingleStore $80 Developer of a real-time analytics platform designed to ingest data and produce time to insight. Accel, Anchorage, Dell Technologies Capital, Glynn Capital, GV, Hercules Capital, Insight Partners,

REVIV

12/8/20 Beyond Identity $75Developer of passwordless identity management systems designed to provide secure,

passwordless authentication that integrates with SSO and customer application. Koch Disruptive Technologies, New Enterprise Associates

12/8/20 Orca Security $55Operator of a cloud-based security platform intended to deliver comprehensive full-stack

visibility into cloud infrastructure. GGV Capital, ICONIQ Capital, Silicon Valley CISO Investments, YL Ventures

12/7/20 Catawiki $179 Developer of an online marketplace intended for rare, precious and vintage objects. Accel, Peak Capital, Permira

12/6/20 Immedis $50Provider of multi-country payroll and employment tax solutions offered to provide global

mobility tax advice. Lead Edge Capital

12/3/20 Sourcegraph $50 Provider of a search engine that enables its users to search for codes. Sequoia Capital

RECENT FINANCINGS


Selected Software Private Financings (Cont’d.)

3838

($MM)



12/2/20 Bizzabo $138Developer of a cloud-based event management platform designed to simplify the process of

marketing events. Insight Partners, OurCrowd, Viola Growth

12/2/20 Amount $81Developer of a financial platform intended to help banks and financial institutions to digitize their

retail product offerings.

August Capital, DFJ Growth, Goldman Sachs Growth Equity, Hanaco Venture Capital, Invus

Opportunities

12/2/20 Step $50 Developer of a mobile banking platform designed to provide financial tools for modern banking. Charli D'Amelio, Coatue Management, Collaborative Fund, Crosslink Capital, Dreamers VC, Stripe

12/1/20 Scale AI $155 Developer of a data platform designed to accelerate the development of AI applications. Tiger Global Management

12/1/20 NerdWallet $54 Developer of a financial platform designed to provide clarity for life's financial decisions. Fox Ventures

11/25/20 Aurora Solar $50 Developer of a 3D-modelling platform intended to help automate solar panel installation. Energize Ventures, Fifth Wall, ICONIQ Capital, Pear

11/23/20 Chainalysis $100Developer of a cryptocurrency investigation and compliance software intended to protect the

junction between finance and the decentralized internet. Accel, Addition, Benchmark (San Francisco), Ribbit Capital

11/20/20 Loadsmart $90Developer of an on-demand freight marketplace designed to help shippers move their freight and

carriers keep their trucks full.

Blackrock Innovation Capital Group, Bramalea Partners, Chromo Invest, Maersk Growth, Perry

Capital Partners, TFI International

11/19/20 Forter $125Provider of a decision as a service-based online fraud prevention tool designed to help online

retailers detect and eliminate transaction risks.

Bessemer Venture Partners, Commerce Ventures, Felix Capital, Itai Tsiddon, March Capital,

NewView Capital, Scale Venture Partners, Sequoia Capital Israel

11/19/20 Satispay $80Developer of an online payment platform intended to pay at stores and friends from a

smartphone. LGT Impact Ventures, Square, Tencent Holdings, Tim Ventures

11/19/20 Verbit $60Developer of transcription and captioning platform designed to generate detailed speech-to-text

files. ClalTech, HV Capital, Sapphire Ventures, Stripes, Vertex Growth, Vertex Ventures Israel

11/18/20 Addepar $117Developer of a wealth management platform designed to aggregate portfolio, market and client

data all in one place. 8VC, Sway Ventures, WestCap Group

11/18/20 Abnormal Security $50 Developer of a cloud email security platform designed to prevent cyber-crimes easily. Greylock Partners, Menlo Ventures

11/18/20 Udemy $50Operator of a learning platform intended to connect students all over the world to the best

instructors. Gaingels Syndicate, Learn Capital, Mindrock Capital, Tencent Holdings

11/17/20 Cato Networks $130Developer of a secure access service edge (SASE) platform intended to offer a secure enterprise

network connection to all enterprise locations, people and data.

Acrew Capital, Aspect Ventures, Coatue Management, Greylock Partners, Lightspeed Venture

Partners, Singtel Innov8

11/17/20 Paddle $68Developer of a revenue delivery platform designed for B2B SaaS companies to power growth

across acquisition, renewals and expansion. 83North, BGF, FTV Capital, Kindred Capital, Notion

11/17/20 HOVER $60Developer of a computer vision and 3D mapping technology designed to generate accurate 3D

models by simply taking photos with smartphones.

Alsop Louie Partners, Guidewire Software, GV, Menlo Ventures, Nationwide Insurance Company of

America, Nationwide Ventures, Standard Industries, State Farm Ventures, Travelers Companies

11/17/20 ActivTrak $50Developer of workforce productivity and analytics platform designed to provide visibility and

insights into how teams work - in office or remote environment. Elsewhere Partners, Sapphire Ventures

11/16/20 Strava $110 Developer of a social application designed to connect athletes worldwide. Dragoneer Investment Group, Go4it, Jackson Square Ventures, Madrone Capital Partners, Sequoia

Capital, TCV

RECENT FINANCINGS



3939

($MM)



11/16/20 MindTickle $100Developer of a data-driven sales readiness platform designed to maximize business impact across

pre- and post-sales teams.

Canaan Partners, NewView Capital, Norwest Venture Partners, Qualcomm Ventures, SoftBank

Group, SoftBank Investment Advisers

11/16/20 Zeotap $61Developer of a customer intelligence platform designed to help companies better understand

their customers and predict behaviors.

Capnamic Ventures, Coelius Capital, Coparion, Flight Ventures, Here IONIQ, Iris Capital,

MathCapital, NeueCapital Partners, New Science Ventures, SignalFire, Singtel Innov8

11/12/20 Menlo Security $100Developer of a cybersecurity platform designed to eliminate the threat of malware from the web

and email. General Catalyst, JP Morgan Asset Management, Neuberger Berman, Vista Equity Partners

11/11/20 SentinelOne $267Developer of an automated cybersecurity software designed to protect devices and servers

against malware and threats.

Insight Partners, Qualcomm Ventures, Sequoia Capital, Third Point Ventures, Tiger Global

Management

11/10/20 JumpCloud $75Developer of a Directory-as-a-Service (DaaS) platform intended to centralize and simplify identity

management. Blackrock Innovation Capital Group, General Atlantic

11/10/20 Shield AI $53Developer of a drone technology designed to protect service members and civilians with

artificially intelligent systems. NA

11/5/20 Vimeo $150Operator of professional video platform and community intended to create, manage and share

high-quality videos. Government of Singapore, Thrive Capital

10/29/20 nVoq $56Developer of a cloud-based speech recognition platform intended to support voice-enabled

workflow automation. NA

10/28/20 Scopely $340Developer of an interactive entertainment platform intended to create and publish a diverse

portfolio of immersive content.

Battery Ventures, BlackRock, D1 Capital Partners, Declaration Partners, NewView Capital,

Revolution Group, Sands Capital Ventures, TSG Consumer

10/27/20 Eightfold.ai $125Developer of a talent intelligence platform designed to help companies find, recruit and retain

workers. Capital One Ventures, Foundation Capital, General Catalyst, IVP, Lightspeed Venture Partners

10/27/20 OrderMark $120Developer of an online ordering management platform designed to help restaurants manage

online orders and other management operations. Act One Ventures, MicroVentures, SoftBank Group, SoftBank Investment Advisers

10/27/20 Cognite $75Developer of data management platform built for industries like oil and gas, shipping,

manufacturing and power and utilities. Accel

10/27/20 PrimaryBid $50Developer of an online investment platform designed to help private investors participate in new

share placings by listed companies.

ABN AMRO Ventures, Draper Esprit, Fidelity International Strategic Ventures, Hambro Perks,

London Stock Exchange Group, OMERS Ventures, Outward Venture Capital, Pentech Ventures

10/22/20 Applied Intuition $125 Developer of advanced simulation infrastructure software designed for autonomous vehicles. Andreessen Horowitz, General Catalyst, Lux Capital Management

10/22/20 Rokt $80Provider of marketing services intended to transform the customer buying experience by

bringing marketing to e-commerce through the transaction moment. Square Peg Capital, TDM Growth Partners

10/21/20 Tekion $150 Developer of a cloud-built platform intended to connect digital experiences to automotive retail. Advent International, Airbus Ventures, Exor, FM Capital, Index Ventures, Joe Serra

10/20/20 LearnUpon $56 Developer of a corporate learning platform designed to train employees, partners and customers. Summit Partners

10/20/20 Retool $50Provider of a tool development platform intended to help build custom business tools without

having any programming language knowledge.

Andrew Miklas, Elad Gil, Henrique Dubugras, John Collison, Nat Friedman, Patrick Collison, Paul

Graham, Pedro Franceschi, Peter Reinhart, Sequoia Capital, Tomer London

10/16/20 HyperScience $80 Developer of an AI-based enterprise software designed to automate office work. Bessemer Venture Partners, Bond, Schoeneck & King, FirstMark Capital, Government of Singapore,

Nathaniel Turner, PROOF, Stripes, Tiger Global Management

RECENT FINANCINGS



4040

($MM)



10/16/20 HOMER $55Developer of an essential early learning program designed to provide kids a personalized learning

journey that grows with them as they build skills for school and life.

3one4 Capital, Amanat Holdings, Gymboree Play & Music, Interlock Partners, LEGO Ventures,

Sesame Workshop, TrustBridge Partners, Vaidya Capital Partners

10/15/20 Chime $534 Developer of a mobile platform designed to offer banking services on the go. Coatue Management, Dragoneer Investment Group, DST Global, Flourish Ventures, General

Atlantic, ICONIQ Capital, Tiger Global Management, Whale Rock Capital Management

10/14/20 Disco $60 Operator of a legal technology company intended to provide SaaS solutions for law firms. Bessemer Venture Partners, Breyer Capital, Georgian Partners, LiveOak Venture Partners, The

Stephens Group

10/13/20 SnapDocs $60Developer of a digital closing platform designed to simplify mortgage loan closings and enhance

the borrower experience.

Ben Smith, Coyne Lloyd, David Eisenberg, David Vivero, DocuSign, Founders Fund, F-Prime Capital,

Kyle Vogt, Lachy Groom, Maverick Ventures, Sequoia Capital, Y Combinator, Zigg Capital

10/12/20 Triller $100 Developer of a social video sharing platform designed to create engaging media content. Intersect VC, Pegasus Tech Ventures, UBS

10/11/20 Razorpay $100Developer of an online payment platform designed to provide an affordable and secure way for

online transactions.

Government of Singapore Investment Corporation (GIC), Matrix Partners India, Ribbit Capital,

Sequoia Capital India, Tiger Global Management, Titan Capital, Y Combinator

10/8/20 MessageBird $200Developer of communication APIs designed to connect companies with their customers on

billions of devices around the world.

Accel, Atomico, Bonnier, Glynn Capital, LGT Lightstone Aspada, Longbow Capital, Mousse Partners,

NewView Capital, Spark Capital, Y Combinator

10/8/20AEGIS Hedging

Solutions$50

Developer of a fintech software and provider of hedge advisory services intended to deploy, grow

and protect capital through commodity and rate hedges. Trilantic North America

10/7/20 MineralTree $54Developer of a cloud-based automation software designed to automate accounts payable and

business to business payments. .406 Ventures, Eight Roads, Great Hill Partners

10/6/20 Tipalti $150Provider of a cloud-based automation platform designed to eliminate mass payment workload

and reduce automation payment risk. 01 Advisors, Durable Capital Partners, Greenoaks Capital Partners

10/6/20 Dialpad $100Developer of a business communications platform intended to offer cloud-based solutions for

businesses to communicate effectively.

Andreessen Horowitz, Felicis Ventures, GV, ICONIQ Capital, OMERS Growth Equity, Section 32,

TriplePoint Venture Growth, Work-Bench

10/6/20 ChargeBee $55Developer of SaaS-based subscription management and recurring billing platform designed to

offer subscription management services. Insight Partners, Steadview Capital Management, Tiger Global Management

10/5/20 Molo $343Developer of a digital lending platform designed to offer mortgages without papers and

appointments. Andenes Investments, GPS Ventures, Yabeo Capital

10/5/20 Tanium $151Developer of unified endpoint management and security platform designed to simplify endpoint

security and configuration compliance.

Baillie Gifford, Fidelity Management & Research, Salesforce Ventures, T. Rowe Price, TrueBridge

Capital Partners

10/5/20 Pollinate $90Developer of a cloud-based banking platform intended to unlock the power of payments and

data.

EFM Asset Management, MasterCard, Motive Partners, National Australia Bank, National

Westminster Bank

10/5/20 Cooler Screens $80Developer of a retail point of sale platform designed to transform retail cooler surfaces into IoT-

based screens. GreatPoint Ventures, M12, Verizon Ventures

10/1/20 Robinhood $668Developer of an investment platform intended to help teach people to invest in the stock

market.

9Yards Capital, Andreessen Horowitz, D1 Capital Partners, DST Global, Founders Circle Capital, Iron

Edge VC, IVP, John-Paul Gallo, Michael Kogan, Redalpine Venture Partners, Sequoia Capital

10/1/20 Alkami Technology $140Developer of a cloud-based banking platform intended to make banking more efficient, strategic

and successful.

D1 Capital Partners, Fidelity Management & Research, Franklin Templeton Investments,

Stockbridge Investors

10/1/20 Payrix $50 Developer of a flexible payment facilitator platform intended to unlock more revenue potential. Blue Star Innovation Partners, Providence Strategic Growth

RECENT FINANCINGS



4141

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Software Sector Summary Report - GCA Altium

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