SOFTWARE SECTOR REPORT - GCA Advisors...Josh Wepman [email protected] 4 Strong Momentum in Software Advisory GCA OVERVIEW GCA is one of the most active advisors in the software

SOFTWARESECTOR REPORT

Q3 2019

22

Q3 2019 Software

EXECUTIVE SUMMARY

Select Q3 Active Investors Select Q3 Active Buyers

» The global software sector remains one of the most active sectors, with ~$17Bn in financing volume and ~$22Bn in M&A volume during Q3 ’19

- 222 financings in Q3 ‘19 is 19% higher than the number of financings in the same period in ’18

- 384 M&A transactions in Q3 ‘19 is 6% higher than the 363 deals consummated during the same period in ’18

» Significant M&A activity in Q3 driven by acquisitions in the cybersecurity sector; Broadcom’s $10.7Bn acquisition of Symantec’s Enterprise Security Assets and VMware’s $2.1Bn acquisition of Carbon Black

» Financial Software had one of the highest financing volume counts in Q3 ‘19 led by the $470MM financing of N26 and $400MM financing of Nubank; the Operations Management sector also saw a high volume of financings

» Software sector trading performance remained healthy, with overall IGV tech-software index outperforming the S&P 500 by 1.9% over the past twelve

months

– The Vertical software index has grown 19.5% over the last 12 months, outperforming all other software sub segments

» Technical Application companies traded at the highest average multiples of 8.8x and 27.3x for 2019 Revenue and EBITDA, respectively

» Overall momentum and growth rates remain healthy in the software space with Business Intelligence and Analytics leading the 2019E/2018A revenue

growth at 30.2%

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

33

GCA OVERVIEWThe GCA Software Team

KEY GCA STATS

25Senior Bankers Covering

Software

90+Software Transactions in the Last Three Years

60Senior Bankers Covering Technology

22 Offices Globally

190+Technology-Related

Deals in the Last 3 Years

SECTOR COVERAGE

AI / Machine Learning

CRM

Enterprise Content Management

Cybersecurity

Enterprise Resource Planning

Infrastructure Management

SaaS / Cloud Enablement

BI / Analytics

Collaboration Software

Supply Chain Management

Vertically Focused Software

Marketing Technology

GCA US TEAM

GCA EXECUTIVE TEAM

Paul DiNardoManaging Director

[email protected]

Rupert SadlerManaging [email protected]

Glen KrugerDirector

[email protected]

Kevin WalshManaging [email protected]

Chris GoughManaging [email protected]

Saif MalikDirector

[email protected]

Todd CarterCo-CEO, Managing

[email protected]

Geoff BaldwinCo-CEO, Managing Director

Head of M&[email protected]

Josh WepmanManaging Director

[email protected]

44

Strong Momentum in Software Advisory

GCA OVERVIEW

GCA is one of the most active advisors in the software ecosystem, successfully advising on 34 deals so far this year and over 90 deals in the past 3 years

August 2019September 2019

October 2019October 2019 October 2019

September 2019

55

Deep software sector expertise with demonstrated success advising large-cap public and private companies on complex assignments

GCA OVERVIEW

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

66

Case Study: Sale of CrowdTwist to Oracle (NYSE: ORCL)

SOFTWARE MARKET SPOTLIGHT: MARTECH / LOYALTY PLATFORM

Transaction Summary

» CrowdTwist provides a complete cloud-native customer loyalty solution to empower brands to offer personalized customer experiences

» The Company’s solution offers over 100 out-of-the-box engagement paths to provide rapid time-to-value for marketers to develop a complete view of the customer

» CrowdTwist empowers leading enterprise customers in the Retail, Consumer Goods, Media & Entertainment, and Fitness categories, such as Budweiser, Foot Locker, Sleep Number, and Weight Watchers

» On October 2, 2019, CrowdTwist signed an agreement to be acquired by Oracle (NYSE: ORCL). Upon the close of the acquisition, the CrowdTwist team will join the Oracle Customer Experience (CX) Cloud organization

Strategic Rationale

» GCA worked with management to prepare their company for sale, including establishing the Company’s operating model, forward projections, and concise marketing message

» GCA guided the shareholders and management through a rigorous negotiation and diligence process, ultimately using competitive tension to drive up the transaction value. Additionally, GCA was able to leverage past experience gleaned from prior sales to Oracle (Grapeshot, TOA, Virtue) to guide an overall smooth process

» Together, Oracle and CrowdTwist will enable organizations of all sizes to deliver personalized engagement and extend loyalty and reward programs to a brand's most beneficial customer behaviors

» "The combination with Oracle validates CrowdTwist's world-class technology, employees, and customers," said Scott Matthews, CEO of CrowdTwist. "We could not have found a more compelling partner to advance our vision of customer loyalty at scale."

GCA acted as exclusive financial advisor to CrowdTwist, a leading customer loyalty SaaS platform, on its sale to Oracle (NYSE: ORCL).

TRANSACTION DETAILS

Pending

October 2019

Undisclosed amount

SECTOR

Marketing Technology

Software / SaaS / Loyalty

DEAL TYPE

M&A

77

Case Study: Sale of Inside Real Estate to Lovell Minnick Partners

SOFTWARE MARKET SPOTLIGHT: VERTICAL SOFTWARE / REAL ESTATE TECH

Transaction Summary

» On August 20, 2019, Inside Real Estate (“IRE”) announced a majority investment from Lovell Minnick Partners (“Lovell Minnick”)

– Financial terms of the transaction were not disclosed

» Headquartered in Salt Lake City, the Company’s flagship real estate software platform, kvCORE, is a modern and comprehensive solution known for delivering profitable growth at every level of a brokerage organization

» Lovell Minnick is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies. Since its inception in 1999, Lovell Minnick has raised $3.2Bn in committed capital and has completed investments in over 50 platform companies

» GCA acted as exclusive financial advisor to IRE and its owner, NexPhase Capital, in connection with the transaction

Strategic Rationale

» IRE is one of the fastest growing independently-owned real estate software companies and a trusted technology partner to agents, teams, and top brokerages

– Serves industry primarily comprised of point solution

providers

– Over 200,000 top agent, team, and brokerage

customers

– Products focus on increasing brokerage profitability,

driving team and agent success and enhancing

business differentiation for customers

– Investment comes during a period of substantial

revenue growth and sustained profitability

» Transaction will fuel IRE’s continued growth, provide financing for future acquisition opportunities and help create the best environment to attract, develop, and retain top talent

GCA acted as exclusive financial advisor to Inside Real Estate, a leading provider of software solutions for top brokerages, agents, and teams, on its majority investment from Lovell Minnick Partners.

TRANSACTION DETAILS

Closed

September 2019

Undisclosed amount

SECTOR

Vertically Focused Software

/ Real Estate Technology

DEAL TYPE

M&A

88

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 9/30/2019.1) 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 2019 YTD. M&A metrics are based on closed and announced transactions.4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 5) Criteria based on global public target software M&A deals.

Software

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

$Bn $Bn

(Ent. Security Assets)

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

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

$700 $10,700

$490 $2,100

$470 $1,350

$350 $1,050

$300 $1,000

$268 $820

$248 $775

$206 $700

Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)

`

Financing Activity by Quarter

$91.0 Billion

2019 M&A Volume 2019 Financing Volume (1)(2)

$45.2 Billion

2019 M&A Transactions2019 Financing Transactions (1)(2)

621 1,104

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

SPY IGV

4.0x

3.1x

4.2x

3.6x 3.9x

4.6x

3.3x

4.7x 4.5x

5.0x

3.9x

5.3x

4.3x 3.7x

4.9x

3.7x

5.4x

4.7x

2.7x

2.2x

2.9x 2.9x

4.1x 4.1x

2.8x

3.8x

4.3x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

2011 2012 2013 2014 2015 2016 2017 2018 2019

All Buyers Strategic Buyers PE Buyers

159 161 155 167187

225 201 198 222

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

$11 $12$15 $14

$17

$23

$14 $15 $17

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

$20 $13$19

$32

$57

$82

$30$39

$22

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

291 268 298 343 363 375 361 359 384

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

99

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months

1) Vertical

19.5%

6) Development and Operations Management

8.0%

5) ERP & General Business

9.7%

4) Business Intelligence & Analysis

10.5%

7) SaaS

6.2%

3) Platform

12.3%

8) Sales & Marketing

5.0%

11) Security

(2.6%)

12) Content & Storage

Management

(7.6%)

10) Infrastructure

1.8%

2) Financial Applications

15.2%

9) Technical Applications

5.0%

Notes:Sources: Capital IQ. Market Data as of 9/30/19.List of companies in each sector can be found in the public comparable tables.

(2.6%)

1.8%

(7.6%)

5.0%

15.2%

9.7%

12.3%10.5%

6.2%

19.5%

8.0%

5.0%

(40.0%)

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

1010

Sub Sector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Platform

Combined Market Cap: $1,778Bn19/18 Rev. Growth: 2.9% 19 EBITDA Margin: 30.9%

Infrastructure

Combined Market Cap: $102Bn19/18 Rev. Growth: 13.5%19 EBITDA Margin: 16.0%

Security


Content & Storage Management

Combined Market Cap: $195Bn19/18 Rev. Growth: 14.8% 19 EBITDA Margin: 17.3%

BI & Analytics


Financial Applications


Notes:Sources: Capital IQ. Market Data as of 9/30/19.Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables.

1111

Sub Sector Top Players and Key Operating Stats

SOFTWARE PUBLIC COMPANY LANDSCAPE

Technical Applications


Vertical


ERP & General Business


Development & Operations


Sales & Marketing


SaaS


Notes:Sources: Capital IQ. Market Data as of 9/30/19.Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables.

1212

Valuation and Operational Metrics

TRADING COMPARABLES

EV / 2019E Revenue EV / 2019E EBITDA

2019E / 2018E Revenue Growth 2019E EBITDA Margin

Notes:Sources: Capital IQ. Market Data as of 9/30/19.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

10.0x

8.8x8.3x 8.2x 7.9x

7.3x6.3x 6.3x 6.2x 6.0x

4.9x

3.7x

Median: 6.8x

27.4x 26.8x24.6x 24.6x

22.5x20.2x 19.6x 18.3x 17.6x

13.0x 12.5x11.0x

Median: 19.9x

30.2% 28.8%

23.3%

19.9% 18.7% 18.2% 17.5%

14.8% 14.1% 13.5% 10.8%

2.9%

Median: 17.9%

33.7% 30.9%

22.8%

19.1% 17.3% 16.1% 16.0% 15.2% 13.4%

11.6% 8.9%

3.9%

Median: 16.0%

1313

CY 2019E Revenue Growth % + CY 2019E FCF Margin %

Valuation Correlation to Growth & Free Cash FlowValuation Correlation to Growth

Ente

rpri

se V

alu

e /

CY

20

19

E R

eve

nu

e

CY2019E Revenue Growth

PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Ente

rpri

se V

alu

e /

CY

20

19

E R

eve

nu

e

Notes:Source: Capital IQ as of 9/30/2019. Consensus Estimates used for CY2019E figures.

ADBE

CRM

NOW

WDAY

SHOPTEAM

VEEV

ZM

SPLK

TWLO

WORK

PAYC

OKTA

DOCU

NTAP

RNG

DDOG

ZEN

DBX

COUP

PFPT

RP

HUBS

ZS

JCOM

NET

PCTY

PSTG

SMAR

LOGM

QTWO

ENV

NEWRCSOD

APPF

FIVN

MDLA QLYS

BOX

BL

CLDR

MIME

LPSN

EVBG

WK

PD

CARB

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

0% 20% 40% 60% 80% 100% 120%

R = 0.57

ADBE

CRM

NOW

WDAY

SHOPTEAM

VEEV

ZM

SPLK

TWLO

WORK

PAYC

OKTA

DOCURNG

DDOG

ZEN

DBX

COUP

PFPT

RP

HUBS

ZS

JCOM

NET

PCTY

PSTG

SMAR

LOGM

QTWO

ENV

NEWRCSOD

APPF

FIVN

MDLAQLYS

BOX

BL

CLDR

MIME

LPSN

EVBG

WK

PD

CARB

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

0% 20% 40% 60% 80% 100% 120%

R = 0.72

1414

195

140

(5)

(4)

(6)(9) (6)

(7)

(8)

(9)

(7)

(11)

(6)

(7)

(11)

(8)(11)

(9)

(6)

(10)

(12)

(13)(16)

(9)

6

11

717

1617 11

9

10

20

11

130

140

150

160

170

180

190

200

210PE Acquisitions Strategic Acquisitions IPO

Notes:Sources: Capital IQ, company filings. Market data as of 9/30/19.

UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues

20182008 2009 2010 2011 20152012 2013 2014 2016 2017

FortinetCDC Software

LogMeInMedidata

SolarWindsRosetta Stone

SciQuestRealPageIntraLinksEnvestnet

Qlik BroadSoft

Higher One Convio

SPS CommerceSS&C

QuinStreet

JiveImperva

CarboniteTangoe

ResponsysCornerstone

Epocrates

WorkdayFleetmatics

QualysEloquaE2open

ServiceNowExa

IncadeaInfloblox

ProofpointSplunk

ExactTargetDemandwareBazaarvoiceGreenway

AVGGuidewire

MavenirBarracudaWix.comCovisint

RingCentralFireEyeCvent

Gigamon Textura

ChannelAdvisorMarketoTableauHalogen

RallyMarin

Model N

WorkivaHortonworks

New RelicHubSpotCyberArk

MobileIronKinaxis

ZendeskPaycom

OPOWERFive9

2UBorderfree

Amber RoadA10 Networks

PaylocityVaronis Systems

AtlassianMimecast

InstructureRapid7Sophos

AppFolioAlarm.Com

XactlyShopifyApigee

Box

TwilioSecureWorks

TalendEverbridge

Apptio Gridsum Holding

NutanixCoupa

BlackLine, Inc.

MulesoftAlteryx

OktaYext

ClouderaAppian

MongoDBAltair Engineering

SendGridSailPoint

CardlyticsZscaler

DropboxZuora

Pivotal SoftwareCeridianDocuSign

SmartsheetCarbon Black

PluralsightAvalaraDomo

Tenable HoldingsOpera Limited

EndavaSurveyMonkey

UpworkElastic

AnaplanSolarwinds

2019

PagerDutyTufin

Zoom VideoFastly

CrowdStrikeSlack

MedalliaDynatraceCloudflare

PingDatadog

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 20 + 11

Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 16 - 9

PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 11 - 6

1515Notes:Sources: Capital IQ and 451 Research.1. Enterprise Security Assets.

Q3 2019 M&A DEAL DASHBOARD

Quarterly M&A Activity Select Q3 2019 M&A Transactions

Ann.Date

Acquirer TargetEnterprise

ValueEV/ LTM

Rev

9/26 $430 NA

9/20 $189 2.7x

9/11 $775 NA

9/3 $400 5.7x

8/26 $700 2.2x

8/22 $2,100 9.1x

8/21 $1,050 21.0x

8/9 $10,700 4.5x

8/7 $1,350 NA

8/6 $100 6.7x

8/5 $68 NA

8/2 $400 NA

7/26 $820 3.4x

7/3 $1,000 3.1x

7/1 $80 NA

($MM)

(1)

$20

$13

$19

$32

$57

$82

$30

$39

$22

291

268

298

343

363

375

361 359

384

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

($BN) Number of Deals M&A Volume

1616Notes:Sources: Pitchbook.

Q3 2019 PRIVATE CAPITAL DEAL DASHBOARD

Quarterly Financing Activity Select Q3 2019 Financing Transactions

DealDate

CompanyLead/Selected

InvestorAmount Invested

Funding to Date

Post-Money

Valuation

9/25 $388 $393 NA

9/24 $490 $3,580 $6,300

9/24 $326 $434 $750

9/17 $268 $414 $2,750

9/10 $300 $530 $6,300

9/6 $700 $1,410 NA

8/1 $350 $350 NA

7/31 $300 $370 NA

7/30 $400 $909 $10,000

7/18 $470 $683 $3,500

($MM)

$11 $12

$15 $14

$17

$23

$14 $15

$17

159 161155

167

187

225

201 198

222

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

($BN) Number of Deals Financing Volume

1717

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and Company filings. Market data as of 9/30/19. IPO pricings include public registrations only. (1) First Trading Day listed as Offer Date.

($MM)

Offer Date(1) Market Cap @ IPO

DateAmount Raised Pre IPO Filing Range Offer Price Last Close Price

% Change

Offer /

Midpoint Price

% Change

1st Trading Day /

Offer Price

% Change Current /

Offer Price

9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $33.28 31.7% 39.1% 23.3%

9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $16.96 0.0% 34.1% 13.1%

9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $16.03 15.4% 20.0% 6.9%

8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $18.90 14.3% 49.1% 18.1%

7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $28.49 23.5% 76.4% 35.7%

6/20/2019 $19,484 $4,560 Direct Listing $38.50 $27.65 NA (100.0%) (28.2%)

6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $47.80 17.2% 70.6% 40.6%

5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $20.52 6.7% 49.9% 28.3%

4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $65.49 5.9% 72.2% 81.9%

4/11/2019 $620 $108 12.00 - 14.00 $14.00 $17.16 7.7% 36.4% 22.6%

4/11/2019 $2,816 $218 21.00 - 23.00 $24.00 $22.52 9.1% 59.4% (6.2%)

10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $19.81 (3.2%) 0.2% 32.1%

10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 $49.28 6.3% 42.9% 189.9%

10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 $73.94 5.9% 94.4% 105.4%

10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 $14.72 15.4% 41.2% (1.9%)

9/26/2018 $2,107 $180 9.00 - 11.00 $12.00 $18.42 20.0% 43.7% 53.5%

7/27/2018 $1,336 $127 17.00 - 19.00 $20.00 $41.07 11.1% 26.0% 105.4%

7/27/2018 $1,438 $115 10.00 - 12.00 $12.00 $10.53 9.1% 9.3% (12.3%)

Mean 11.7% 38.6% 43.0%

Median 11.1% 42.1% 30.2%

Name

18

APPENDIX

1919

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 9/30/19.Margins <(20%) considered NM. Multiples <0 or >50 considered NM.

Pla

tfo

rmIn

fras

tru

ctu

re

($MM)

Trading Metrics Operating Metrics CIQ

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

Company 9/30/2019 Cap ST. Invest. Debt Value (EV) CY18A CY19E CY20E CY18A CY19E CY20E 18A/17A 19E/18A 20E/19E CY18A CY19E CY20E CY18A CY19E CY20E

Platform

Microsoft Corporation $139.03 $1,060,633 $136,609 $85,570 $1,009,594 8.5x 7.6x 6.8x 20.2x 17.5x 15.7x 16% 12% 11% 65% 66% 66% 42% 44% 44%

Oracle Corporation $55.03 $180,637 $35,704 $56,776 $202,295 5.1x 5.1x 5.0x 10.9x 10.9x 10.8x 2% 0% 2% 79% 80% 80% 47% 47% 46%

Cisco Systems $49.41 $209,688 $33,413 $24,667 $200,942 4.0x 3.8x 3.7x 11.1x 10.7x 10.4x 6% 3% 3% 62% 62% 62% 36% 36% 36%

International Business Machines Corporation$145.42 $128,789 $10,820 $71,494 $189,602 2.4x 2.4x 2.3x 10.2x 10.6x 9.8x 1% (0%) 4% 47% 48% 49% 24% 23% 24%

SAP SE $117.63 $140,411 $6,382 $3,043 $137,147 4.8x 4.6x 4.3x 14.0x 12.6x 11.8x 0% 6% 8% 70% 72% 72% 35% 37% 36%

Dell Technologies Inc. $51.86 $37,580 $9,193 $53,568 $87,499 1.0x 0.9x 0.9x 8.5x 7.6x 7.1x 15% 3% 3% 28% 33% 33% 11% 12% 13%

Hewlett Packard Enterprise Company $15.17 $19,806 $3,693 $12,692 $28,852 1.0x 1.0x 1.0x 5.3x 5.5x 5.6x 4% (4%) 2% 31% 31% 31% 18% 18% 18%

Mean 3.8x 3.6x 3.4x 11.5x 10.8x 10.2x 6% 3% 5% 55% 56% 56% 30% 31% 31%

Median 4.0x 3.8x 3.7x 10.9x 10.7x 10.4x 4% 3% 3% 62% 62% 62% 35% 36% 36%

Infrastructure

Zoom Video Communications $76.20 $20,845 $755 $53 $20,143 NM 34.0x 24.2x NM NM NM 118% 79% 41% 82% 81% 81% 4% 13% 10%

Akamai Technologies $91.38 $14,804 $1,570 $2,207 $15,441 5.7x 5.4x 5.0x 14.1x 13.1x 11.9x 9% 5% 7% 65% 69% 68% 40% 41% 42%

Citrix Systems $96.52 $12,635 $549 $964 $13,049 4.4x 4.4x 4.2x 11.1x 12.7x 11.9x 5% 1% 5% 87% 87% 87% 40% 34% 35%

RingCentral $125.66 $10,426 $568 $415 $10,273 16.8x 11.7x 9.5x NM NM NM 32% 43% 23% 84% 77% 77% 13% 13% 13%

Amdocs Limited $66.11 $8,984 $458 $0 $8,568 2.1x 2.1x 2.0x 10.8x 10.0x 9.7x 3% 3% 4% 35% 35% 35% 20% 21% 21%

Juniper Networks $24.75 $8,559 $2,246 $1,851 $8,164 1.8x 1.8x 1.8x 7.8x 8.4x 7.9x (8%) (4%) 3% 59% 60% 60% 23% 22% 22%

F5 Networks $140.42 $8,477 $972 $0 $7,504 3.4x 3.3x 3.2x 8.8x 9.1x 8.5x 4% 3% 4% 83% 84% 84% 39% 36% 37%

Verint Systems Inc. $42.78 $2,856 $415 $913 $3,369 2.7x 2.5x 2.3x 11.4x 10.3x 8.9x 8% 12% 8% 66% 68% 69% 24% 24% 25%

Five9 $53.74 $3,259 $307 $222 $3,174 12.3x 10.1x 8.6x NM NM 46.2x 29% 22% 17% 60% 64% 64% 18% 17% 19%

Presidio $16.90 $1,408 $31 $947 $2,324 0.8x 0.8x 0.7x 10.2x 10.0x 9.1x 9% 2% 2% 20% 21% 21% 8% 8% 8%

Fastly $24.00 $2,243 $246 $51 $2,048 14.2x 10.6x 8.2x NM NM NM 38% 34% 30% 55% 57% 60% (8%) (12%) (9%)

Everbridge $61.71 $2,071 $239 $114 $1,946 13.2x 9.8x 7.7x NM NM NM 41% 35% 27% 68% 71% 72% (2%) 2% 5%

Software Aktiengesellschaft $27.49 $2,034 $574 $371 $1,831 1.8x 1.9x 1.9x 5.9x 6.8x 6.9x (6%) (3%) 1% 78% 77% 78% 32% 28% 27%

Extreme Networks $7.28 $884 $161 $449 $1,172 1.1x 1.1x 1.0x 10.2x NA NA 34% 0% 10% 56% 56% 56% 11% 0% 0%

Radware Ltd. $24.26 $1,138 $254 $21 $904 3.9x 3.6x 3.2x 29.7x 23.8x 18.5x 11% 8% 10% 82% 83% 83% 13% 15% 18%

A10 Networks $6.94 $533 $123 $2 $413 1.8x 2.0x 1.9x NM NA NA (1%) (12%) 4% 78% 78% 79% 3% 0% 0%

Limelight Networks $3.03 $353 $18 $15 $350 1.8x 1.8x 1.6x 10.8x 19.5x 11.6x 6% 1% 12% 56% 50% 52% 17% 9% 14%

Mean 5.5x 6.3x 5.1x 11.9x 12.4x 13.7x 20% 13% 12% 65% 66% 66% 17% 16% 17%

Median 3.1x 3.3x 3.2x 10.8x 10.2x 9.7x 9% 3% 8% 66% 69% 69% 17% 15% 18%

2020

($MM)




Security

VeriSign $188.63 $22,147 $1,230 $1,797 $22,714 18.7x 18.4x 17.5x 26.2x 25.9x 24.5x 4% 2% 5% 84% 85% 85% 71% 71% 72%

Palo Alto Networks $203.83 $19,769 $2,803 $1,430 $18,396 7.1x 5.8x 4.9x 26.0x 24.3x 20.4x 30% 21% 20% 72% 72% 72% 27% 24% 24%

NortonLifeLock Inc. $23.63 $14,727 $1,694 $4,666 $17,699 3.7x 3.7x 3.6x 8.0x 8.4x 7.9x 0% 2% 2% 78% 78% 78% 46% 44% 45%

Splunk Inc. $117.86 $18,191 $2,576 $1,906 $17,521 9.7x 7.6x 6.2x NM 45.7x 33.1x 38% 28% 22% 81% 85% 85% 16% 17% 19%

Check Point Software Technologies Ltd.$109.50 $16,670 $1,684 $0 $14,986 7.8x 7.5x 7.3x 14.5x 14.6x 14.0x 3% 4% 3% 90% 90% 90% 54% 52% 52%

Citrix Systems $96.52 $12,569 $549 $1,011 $13,031 4.4x 4.4x 4.2x 11.1x 12.7x 11.9x 5% 1% 5% 87% 87% 87% 40% 34% 35%

CrowdStrike Holdings $58.31 $13,175 $827 $0 $12,348 49.4x 27.4x 19.2x NA NM NM 110% 80% 43% 65% 71% 71% 0% (15%) (6%)

Okta $98.46 $11,495 $557 $439 $11,377 28.5x 20.2x 15.5x NM NM NM 56% 41% 31% 72% 76% 77% (9%) (9%) (2%)

Fortinet $76.76 $13,129 $1,940 $42 $11,230 6.2x 5.3x 4.7x 24.5x 20.1x 17.3x 20% 17% 14% 75% 76% 76% 25% 26% 27%

F5 Networks $140.42 $8,477 $972 $0 $7,504 3.4x 3.3x 3.2x 8.8x 9.1x 8.5x 4% 3% 4% 83% 84% 84% 39% 36% 37%

Proofpoint $129.05 $7,285 $1,052 $799 $7,033 9.8x 8.0x 6.7x NM 48.5x 36.4x 38% 23% 20% 72% 79% 79% 16% 16% 18%

Zscaler $47.26 $6,024 $365 $0 $5,659 23.3x 16.1x 12.4x NM NM NM 57% 45% 29% 80% 80% 80% 6% 9% 9%

Trend Micro Incorporated $47.55 $6,610 $1,598 $0 $5,013 3.4x 3.3x 3.1x 10.6x 10.1x 9.7x 11% 5% 5% 80% 80% 80% 32% 32% 32%

Cloudflare $18.57 $5,575 $648 $11 $4,938 25.6x 18.0x 13.6x NA NM NM 43% 42% 33% 77% 77% 76% 0% (15%) (5%)

CyberArk Software Ltd. $99.82 $3,781 $507 $0 $3,274 9.5x 7.8x 6.5x 32.6x 27.9x 23.4x 31% 23% 19% 86% 88% 88% 29% 28% 28%

FireEye $13.34 $2,847 $997 $1,090 $2,940 3.5x 3.4x 3.1x 26.7x 28.4x 20.3x 7% 5% 8% 67% 73% 73% 13% 12% 15%

Qualys $75.57 $2,929 $298 $38 $2,669 9.6x 8.3x 7.2x 23.8x 20.7x 17.9x 21% 15% 15% 76% 79% 79% 40% 40% 40%

Rapid7 $45.39 $2,242 $247 $262 $2,257 9.2x 7.1x 5.7x NM NM NM 21% 31% 23% 71% 75% 76% (6%) 3% 8%

Mimecast Limited $35.67 $2,211 $199 $243 $2,255 7.0x 5.6x 4.7x 49.6x 34.0x 25.3x 33% 24% 21% 73% 74% 74% 14% 17% 18%

Tenable Holdings $22.38 $2,192 $297 $42 $1,937 7.2x 5.6x 4.5x NM NM NM 42% 30% 24% 84% 84% 81% (16%) (12%) (8%)

Varonis Systems $59.78 $1,822 $131 $66 $1,757 6.5x 6.8x 6.4x NM NM NM 25% (5%) 6% 90% 88% 89% 5% (8%) (3%)

Forescout Technologies $37.92 $1,789 $94 $49 $1,744 5.9x 4.7x 3.9x NM NM NM 33% 25% 21% 77% 80% 80% (3%) (1%) 4%

SailPoint Technologies Holdings $18.69 $1,667 $464 $346 $1,549 6.2x 5.5x 4.8x 39.2x NM 41.6x 34% 12% 16% 78% 80% 80% 16% 8% 11%

Ping Identity Holding Corp. $17.25 $1,372 $82 $76 $1,365 6.8x 5.9x 5.3x NA 34.3x NM 17% 15% 12% 85% 83% 81% 0% 17% 10%

SecureWorks Corp. $12.93 $1,050 $118 $31 $963 1.9x 1.8x 1.7x NM NM NM 11% 5% 7% 53% 56% 56% 2% 1% 2%

MobileIron $6.55 $733 $96 $16 $652 3.4x 3.1x 2.8x NM NM NM 7% 8% 11% 82% 82% 82% (0%) (0%) 5%

Zix Corporation $7.24 $389 $10 $192 $571 8.1x 7.0x 5.9x 28.4x 14.0x 10.8x 7% 15% 20% 78% NM NM 29% 50% 55%

OneSpan Inc. $14.50 $579 $81 $14 $512 2.4x 2.2x 2.0x 23.7x 23.7x 14.9x 10% 10% 9% 69% 68% 71% 10% 9% 14%

F-Secure Oyj $3.04 $480 $27 $49 $502 2.3x 2.1x 1.9x 25.2x 14.9x 14.6x 7% 11% 9% 79% 76% 78% 9% 14% 13%

Tufin Software Technologies Ltd. $16.46 $560 $123 $25 $462 5.4x 4.3x 3.4x NM NM NM 32% 28% 24% 84% 83% 83% 3% (6%) (4%)

A10 Networks $6.94 $533 $123 $2 $413 1.8x 2.0x 1.9x NM NA NA (1%) (12%) 4% 78% 78% 79% 3% 0% 0%

Absolute Software Corporation $5.75 $240 $39 $9 $210 2.2x 2.1x 1.9x 15.7x 10.2x 10.1x 4% 6% 7% 86% 86% 86% 14% 20% 19%

Mean 9.4x 7.3x 6.1x 23.2x 22.5x 19.1x 24% 18% 15% 78% 79% 79% 16% 16% 18%

Median 6.6x 5.6x 4.7x 24.5x 20.7x 17.3x 21% 15% 15% 78% 80% 80% 14% 15% 14%




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Content & Storage Management

Adobe Inc. $276.25 $133,727 $3,651 $4,137 $134,213 14.9x 12.0x 10.2x 33.8x 26.6x 22.2x 24% 24% 18% 87% 87% 88% 44% 45% 46%

Open Text Corporation $40.81 $10,986 $941 $2,615 $12,662 4.5x 4.3x 4.2x 11.9x 11.4x 10.7x 8% 3% 3% 74% 73% 73% 37% 38% 39%

DocuSign $61.92 $10,895 $750 $620 $10,764 15.4x 11.3x 9.1x NM NM NM 35% 36% 25% 73% 79% 79% 8% 7% 10%

NetApp $52.51 $12,493 $3,540 $1,726 $10,679 1.7x 1.9x 1.8x 6.8x 8.1x 7.2x 8% (8%) 3% 64% 63% 63% 25% 23% 25%

Dropbox $20.17 $8,338 $973 $868 $8,233 5.9x 5.0x 4.3x 24.4x 22.0x 17.5x 26% 19% 15% 72% 76% 76% 24% 23% 25%

Nutanix $26.25 $5,044 $909 $459 $4,594 3.7x 3.7x 2.9x NM NM NM 22% (1%) 27% 74% 70% 70% (5%) NM NM

Pure Storage $16.94 $4,340 $1,182 $584 $3,741 2.8x 2.2x 1.9x 30.8x 27.4x 16.7x 33% 23% 21% 66% 68% 67% 9% 8% 11%

Box $16.56 $2,447 $201 $399 $2,644 4.3x 3.8x 3.4x NM 49.5x 26.9x 20% 14% 13% 71% 71% 72% 5% 8% 13%



Commvault Systems $44.71 $2,020 $475 $18 $1,563 2.2x 2.3x 2.3x 13.5x 16.9x 14.8x 5% (5%) 2% 84% 84% 84% 16% 14% 15%

Carbonite $15.49 $537 $83 $653 $1,107 3.7x 2.4x 2.1x 10.6x 8.2x 7.2x 24% 56% 15% 76% 81% 81% 35% 29% 29%

Brightcove Inc. $10.48 $407 $23 $16 $400 2.4x 2.2x 2.0x NM 41.2x 26.1x 6% 12% 11% 60% 60% 60% 1% 5% 8%

Mean 5.8x 4.9x 4.2x 22.7x 24.5x 17.4x 21% 15% 14% 74% 75% 75% 17% 17% 20%

Median 4.3x 3.8x 3.4x 19.0x 24.3x 17.1x 24% 14% 15% 73% 74% 74% 14% 15% 17%

2222




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($MM)




Business Intelligence & Analytics

NICE Ltd. $146.88 $9,126 $509 $594 $9,211 6.4x 5.8x 5.4x 21.0x 18.7x 17.0x 8% 9% 8% 66% 70% 70% 30% 31% 32%

Alteryx $107.43 $6,747 $333 $212 $6,626 26.1x 17.7x 13.3x NM NM NM 93% 47% 34% 91% 91% 91% (0%) 12% 15%

Elastic N.V. $82.34 $6,610 $316 $33 $6,327 26.3x 17.0x 12.2x NM NM NM NA 55% 39% 72% 71% 71% (12%) (18%) (18%)

Teradata Corporation $31.00 $3,537 $635 $661 $3,563 1.6x 1.8x 1.8x 10.5x 9.1x 7.8x 0% (9%) 3% 48% 54% 58% 16% 20% 23%

Inovalon Holdings $16.39 $2,528 $134 $1,013 $3,407 6.5x 5.3x 4.9x 22.4x 16.5x 14.9x 17% 21% 9% 73% 74% 74% 29% 32% 33%

Medallia $27.43 $3,500 $417 $0 $3,082 9.8x 8.0x 6.6x NA NM NM 20% 23% 21% 63% 66% 68% 0% 1% 4%

Cloudera $8.86 $2,478 $420 $227 $2,285 4.8x 3.0x 2.7x NM NM 46.1x 29% 60% 11% 72% 76% 76% (12%) 2% 6%

MicroStrategy Incorporated $148.37 $1,523 $578 $105 $1,050 2.1x 2.1x 2.0x 47.1x 25.3x 21.1x (1%) (2%) 7% 80% 80% 80% 4% 8% 10%

Talend S.A. $33.98 $1,041 $32 $31 $1,040 5.1x 4.2x 3.5x NM NM NM 38% 21% 21% 76% 76% 77% (7%) (8%) (2%)

Domo $15.98 $440 $134 $99 $405 2.8x 2.4x 2.1x NM NM NM 31% 18% 13% 65% 67% 69% NM NM NM

Veritone $3.57 $79 $45 $0 $34 1.3x 0.7x 0.5x NM NM NM 88% 87% 26% 76% 66% 67% NM NM NM

Mean 8.4x 6.2x 5.0x 25.2x 17.4x 21.4x 32% 30% 17% 71% 72% 73% 5% 9% 11%

Median 5.1x 4.2x 3.5x 21.7x 17.6x 17.0x 24% 21% 13% 72% 71% 71% 0% 8% 10%

Technical Applications

Dassault Systèmes SE $142.57 $37,022 $6,386 $3,969 $34,669 8.7x 8.0x 7.2x 26.0x 22.4x 19.9x 3% 9% 11% 85% 85% 86% 34% 36% 36%

Autodesk $147.70 $32,433 $991 $2,156 $33,598 13.8x 10.3x 8.5x NM 39.0x 24.7x 29% 34% 22% 94% 91% 92% 15% 26% 34%

Synopsys $137.25 $20,627 $687 $142 $20,088 6.3x 5.9x 5.5x 25.5x 20.9x 19.2x 12% 7% 8% 79% 79% 79% 25% 28% 28%

Cadence Design Systems $66.08 $18,542 $655 $464 $18,350 8.6x 7.9x 7.4x 24.0x 22.1x 21.3x 10% 9% 7% 88% 90% 90% 36% 36% 35%

ANSYS $221.36 $18,617 $632 $108 $18,092 14.0x 12.1x 11.0x 28.4x 26.6x 23.7x 18% 15% 10% 90% 91% 91% 49% 46% 46%

Aspen Technology $123.08 $8,400 $58 $355 $8,697 16.7x 14.4x 14.0x 36.8x 27.4x 27.9x 10% 16% 3% 90% 90% 90% 45% 53% 50%

PTC Inc. $68.18 $7,853 $327 $669 $8,195 6.5x 6.2x 5.4x 22.8x 19.4x NA 7% 4% 15% 75% 74% 74% 28% 32% 0%

Altair Engineering Inc. $34.62 $2,480 $252 $204 $2,432 6.2x 5.2x 4.6x 48.5x 40.6x 31.4x 19% 20% 14% 74% 73% 74% 13% 13% 15%

Mean 10.1x 8.8x 7.9x 30.3x 27.3x 24.0x 14% 14% 11% 84% 84% 84% 31% 34% 31%

Median 8.6x 7.9x 7.3x 26.0x 24.5x 23.7x 11% 12% 11% 87% 88% 88% 31% 34% 34%

2323

($MM)




Financial Applications

Fidelity National Information Services $132.76 $81,441 $9,756 $18,668 $90,360 10.7x 8.8x 6.7x 28.8x 20.9x 15.1x (3%) 22% 31% 34% 38% 41% 37% 42% 44%

Fiserv $103.59 $70,409 $8,441 $14,157 $76,125 13.1x 7.3x 4.7x 34.7x 19.4x 12.6x 2% 78% 56% 47% 65% 55% 38% 38% 37%

Intuit Inc. $265.94 $69,164 $2,740 $436 $66,860 10.7x 9.5x 8.5x 27.1x 26.7x 23.4x 11% 13% 11% 83% 84% 84% 40% 35% 36%

SS&C Technologies Holdings $51.57 $13,086 $131 $8,242 $21,197 6.2x 4.6x 4.4x 16.5x 11.8x 11.1x 104% 35% 4% 41% 57% 58% 37% 39% 40%

MSCI Inc. $217.75 $18,443 $771 $2,765 $20,437 14.3x 13.2x 12.2x 26.5x 24.5x 22.2x 13% 8% 9% 80% 80% 80% 54% 54% 55%

Temenos AG $167.38 $11,846 $77 $1,218 $12,987 15.4x 12.9x 10.5x 41.6x 32.7x 27.3x 14% 20% 23% 73% 81% 81% 37% 39% 38%

Jack Henry & Associates $145.97 $11,232 $94 $0 $11,139 7.0x 6.9x 6.5x 20.1x 21.5x 19.9x 10% 1% 7% 43% 42% 42% 35% 32% 33%

Fair Isaac Corporation $303.52 $8,771 $79 $823 $9,514 9.0x 8.1x 7.5x 35.5x 27.7x 25.4x 12% 10% 9% 71% 70% 70% 25% 29% 29%

Coupa Software Incorporated $129.57 $8,143 $808 $755 $8,089 31.1x 21.7x 16.9x NM NM NM 39% 43% 29% 68% 72% 73% 9% 10% 14%

Xero Limited $42.01 $5,922 $312 $300 $5,910 17.6x 13.8x 10.9x NM NM 48.5x 28% 27% 27% 85% 84% 84% 15% 19% 22%

Avalara $67.29 $5,080 $442 $0 $4,638 17.0x 12.7x 10.2x NM NM NM 28% 34% 25% 71% 72% 73% (14%) (0%) 5%

Q2 Holdings $78.87 $3,757 $618 $447 $3,586 14.9x 11.4x 9.3x NM NM NM 24% 30% 22% 49% 52% 54% 8% 6% 10%

Envestnet $56.70 $2,959 $78 $705 $3,584 4.4x 4.0x 3.5x 22.8x 18.7x 15.2x 19% 10% 15% 29% 69% 70% 19% 21% 23%

SimCorp A/S $87.83 $3,478 $54 $54 $3,478 7.9x 7.1x 6.5x 27.8x 23.0x 21.2x 6% 13% 9% 61% 62% 62% 29% 31% 31%

BlackLine $47.81 $2,645 $145 $17 $2,521 11.1x 8.9x 7.4x NM NM NM 30% 24% 21% 78% 82% 81% 6% 8% 10%

Ebix $42.10 $1,284 $107 $801 $2,029 4.1x 3.4x 2.9x 12.1x 9.9x 9.4x 37% 19% 20% 66% 67% 67% 34% 35% 30%

Asseco Poland S.A. $12.74 $1,057 $508 $734 $1,835 0.7x 0.7x 0.7x 5.5x 4.8x 4.7x 11% 3% 3% 21% 21% 21% 13% 15% 15%

Bottomline Technologies (de) $39.35 $1,730 $100 $111 $1,742 4.3x 4.1x 3.7x 17.5x 17.8x 15.6x 13% 5% 9% 57% 56% 56% 24% 23% 24%

Zuora $15.05 $1,690 $175 $13 $1,528 6.5x 5.5x 4.7x NM NM NM 40% 18% 18% 50% 56% 59% (17%) (12%) (7%)

IRESS Limited $7.81 $1,348 $20 $199 $1,527 4.7x 4.5x 4.1x 18.4x 17.3x 15.5x (2%) 4% 10% 34% 27% 28% 25% 26% 26%

Model N $27.76 $908 $59 $49 $899 6.0x 6.3x 5.7x NM NM NM 6% (6%) 10% 57% 55% 55% 8% 9% 10%

Basware Oyj $23.99 $345 $33 $82 $394 2.4x 2.5x 2.3x NM NM 21.2x (10%) (2%) 8% 51% 51% 57% (3%) (0%) 11%

Mean 10.0x 8.1x 6.8x 23.9x 19.8x 19.3x 20% 19% 17% 57% 61% 61% 21% 23% 24%

Median 8.4x 7.2x 6.5x 24.6x 20.1x 17.8x 13% 15% 13% 57% 64% 61% 25% 24% 25%




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Vertical Applications

Danaher Corporation $144.43 $103,741 $14,252 $18,668 $108,850 5.5x 5.2x 4.4x 23.1x 21.8x 17.2x 9% 4% 18% 56% 56% 57% 24% 24% 26%

Roper Technologies $356.60 $37,087 $323 $6,198 $42,962 8.3x 7.9x 7.3x 23.8x 22.2x 20.3x 13% 5% 7% 63% 64% 63% 35% 35% 36%

Cerner Corporation $68.17 $21,412 $633 $1,172 $21,951 4.1x 3.8x 3.6x 14.0x 13.2x 11.6x 4% 7% 6% 83% 82% 82% 29% 29% 31%

Veeva Systems Inc. $152.69 $22,596 $1,432 $22 $21,186 24.6x 19.9x 16.7x NM NM 42.8x 25% 24% 19% 72% 75% 76% 37% 40% 39%

Tyler Technologies $262.50 $10,128 $194 $25 $9,958 10.6x 9.1x 8.2x 36.3x 32.7x 28.4x 11% 17% 11% 47% 52% 51% 29% 28% 29%

Guidewire Software $105.38 $8,702 $1,134 $317 $7,885 10.7x 11.1x 9.6x 43.2x NM NM 29% (4%) 15% 56% 56% 56% 25% 20% 18%

RealPage $62.86 $5,811 $262 $724 $6,273 7.2x 6.3x 5.7x 27.1x 22.3x 19.2x 30% 14% 11% 62% 61% 62% 27% 28% 30%

CoreLogic $46.27 $3,679 $89 $1,866 $5,455 3.1x 3.1x 3.2x 11.1x 11.3x 10.7x (3%) (3%) (0%) 48% 50% 52% 28% 28% 30%

Blackbaud $90.34 $4,329 $29 $603 $4,903 5.8x 5.5x 5.2x 24.2x 27.0x 26.0x 8% 6% 5% 55% 59% 60% 24% 20% 20%

AppFolio $95.14 $3,241 $40 $72 $3,273 17.2x 12.9x 10.2x NM NM NM 32% 34% 26% 62% 60% 61% 21% 13% 17%

Allscripts Healthcare Solutions $10.98 $1,830 $139 $963 $2,654 1.5x 1.5x 1.4x 6.6x 8.8x 8.0x 17% 2% 4% 47% 43% 44% 23% 17% 18%

2U $16.28 $1,031 $219 $307 $1,120 2.7x 2.0x 1.5x NM NM NM 44% 38% 28% 78% 73% 73% 4% (4%) (0%)

HealthStream $25.89 $838 $173 $34 $699 3.0x 2.7x 2.7x 16.8x 16.4x 17.4x 8% 10% (0%) 59% 58% 59% 18% 17% 16%

Castlight Health $1.41 $205 $56 $18 $167 1.1x 1.2x 1.1x NM NM NM 18% (9%) 3% 62% 64% 66% (4%) (5%) 2%

Boxlight Corporation $1.84 $20 $1 $7 $26 0.7x 0.6x 0.5x NM NM NM 47% 16% 25% 23% 30% 30% (10%) (3%) (0%)

Mean 7.1x 6.2x 5.4x 22.6x 19.5x 20.2x 19% 11% 12% 58% 59% 60% 21% 19% 21%

Median 5.5x 5.2x 4.4x 23.4x 21.8x 18.3x 17% 7% 11% 59% 59% 60% 24% 20% 20%

2525

($MM)




ERP & General Business

salesforce.com $148.44 $129,937 $6,042 $6,432 $130,327 9.8x 7.7x 6.2x 40.4x 29.0x 24.3x 26% 27% 24% 74% 78% 78% 24% 27% 26%

Workday $169.96 $38,751 $1,927 $1,543 $38,367 13.6x 10.7x 8.7x NM NM 41.1x 32% 27% 23% 70% 75% 76% 17% 20% 21%

Shopify Inc. $311.66 $36,119 $2,667 $111 $33,563 31.3x 21.8x 16.3x NM NM NM 59% 43% 34% 56% 56% 55% 4% 4% 5%

Constellation Software Inc. $999.48 $21,180 $219 $563 $21,524 7.0x 6.2x 5.3x 27.5x 22.9x 19.3x 23% 14% 16% 37% 67% 67% 26% 27% 27%

Slack Technologies $23.73 $12,911 $785 $0 $12,137 30.3x 19.9x 14.3x NM NM NM 82% 52% 39% 87% 86% 87% NM NM (14%)

Paycom Software $209.49 $12,079 $108 $33 $12,004 21.2x 16.5x 13.3x 49.8x 39.1x 31.8x 31% 29% 23% 87% 85% 85% 43% 42% 42%

The Sage Group plc $8.50 $9,261 $457 $1,007 $9,811 4.1x 4.1x 3.8x NA 16.2x 15.2x 1% 0% 7% 93% 93% 93% 0% 25% 25%

Zendesk $72.88 $8,088 $435 $586 $8,240 13.8x 10.2x 7.8x NM NM NM 39% 35% 31% 70% 74% 76% 7% 7% 9%

Ceridian HCM Holding Inc. $49.37 $7,092 $238 $716 $7,570 10.1x 9.3x 8.3x 48.2x 40.7x 34.2x 11% 9% 13% 48% 49% 51% 21% 23% 24%

Anaplan $47.00 $6,196 $356 $53 $5,893 24.5x 17.2x 13.1x NM NM NM 43% 42% 31% 72% 75% 77% NM (15%) (9%)

j2 Global $90.82 $4,443 $155 $1,191 $5,478 4.5x 4.1x 3.8x 11.2x 10.0x 9.3x 8% 11% 6% 83% 83% 83% 41% 41% 41%

Manhattan Associates $80.67 $5,155 $114 $40 $5,082 9.1x 8.5x 8.1x 31.3x 37.8x 34.7x (6%) 7% 5% 57% 54% 55% 29% 22% 23%

Paylocity Holding Corporation $97.58 $5,222 $130 $76 $5,168 12.8x 10.1x 8.4x NM 35.4x 29.1x 23% 27% 20% 66% 64% 64% 25% 28% 29%

Smartsheet Inc. $36.03 $4,200 $561 $58 $3,697 20.8x 13.8x 10.0x NM NM NM 60% 50% 38% 81% 81% 80% (18%) (19%) (15%)

The Descartes Systems Group Inc $40.40 $3,398 $27 $36 $3,407 12.4x 10.4x 9.4x 36.3x 27.9x 24.8x 16% 19% 11% 73% 74% 75% 34% 37% 38%

Cornerstone OnDemand $54.82 $3,327 $403 $377 $3,301 6.1x 5.8x 5.1x 33.5x 26.9x 20.2x 12% 6% 14% 73% 76% 76% 18% 22% 25%

PROS Holdings $59.60 $2,508 $319 $182 $2,371 12.0x 9.6x 8.1x NM NM NM 17% 26% 18% 61% 65% 65% (10%) (4%) (1%)

Workiva Inc. $43.83 $2,020 $138 $41 $1,923 7.9x 6.6x 5.7x NM NM NM 18% 19% 16% 73% 72% 73% (4%) (3%) (2%)

Pluralsight $16.80 $1,700 $449 $502 $1,821 7.8x 5.8x 4.5x NM NM NM 39% 36% 30% 73% 77% 78% (20%) (17%) (9%)

Technology One Limited $4.84 $1,539 $48 $0 $1,491 7.0x 7.6x 6.5x NA 27.6x 22.5x (2%) (7%) 16% 41% 41% 41% 0% 27% 29%

SPS Commerce $47.07 $1,640 $201 $20 $1,458 5.9x 5.3x 4.8x 28.4x 21.5x 18.5x 13% 12% 10% 67% 68% 69% 21% 24% 26%

Enghouse Systems Limited $27.57 $1,508 $108 $1 $1,401 5.4x 4.6x 4.1x 17.2x 15.9x 13.8x (3%) 17% 11% 70% 69% 69% 31% 29% 30%

Instructure $38.74 $1,437 $127 $49 $1,359 6.5x 5.2x 4.4x NM NM NM 30% 24% 20% 70% 71% 72% (6%) (5%) (2%)

Upland Software $34.86 $880 $108 $312 $1,084 7.2x 5.1x 4.6x 20.4x 13.7x 12.1x 53% 43% 11% 68% 70% 70% 35% 37% 38%

Opera Limited $10.05 $1,195 $151 $17 $1,061 6.2x 3.8x 2.9x 16.1x 28.1x 12.6x 34% 61% 30% 68% 79% 80% 38% 14% 23%

Benefitfocus $23.81 $779 $138 $276 $917 3.5x 3.1x 2.7x NM NM 34.5x 9% 15% 16% 50% 54% 56% 4% 4% 8%

QAD Inc. $46.18 $940 $143 $32 $829 2.5x 2.6x 2.5x 32.3x NM 35.7x 9% (5%) 7% 53% 54% 56% 8% 4% 7%

American Software $15.02 $471 $86 $3 $388 3.5x 3.5x 3.4x 24.5x 26.6x 21.7x 2% (2%) 5% 53% 54% 54% 14% 13% 16%

Synchronoss Technologies $5.40 $220 $78 $120 $274 0.8x 0.8x 0.7x 19.5x 8.1x 6.4x (19%) 6% 8% 51% 56% 56% 4% 10% 11%

ServiceSource International $0.88 $83 $23 $44 $104 0.4x 0.5x 0.5x 7.3x NM 29.6x (0%) (12%) (1%) 31% 30% 30% 6% (0%) 2%

Park City Group $5.77 $114 $19 $6 $102 4.4x 5.0x 4.2x 16.9x 15.9x 13.6x 13% (13%) 21% 71% 72% 72% 26% 32% 31%

Mean 10.1x 7.9x 6.5x 27.1x 24.6x 23.0x 22% 20% 18% 65% 68% 68% 14% 15% 16%

Median 7.2x 6.2x 5.3x 27.5x 26.8x 22.1x 17% 19% 16% 70% 71% 72% 17% 21% 23%




ERP

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2626




Dev

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Sale

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($MM)




Development & Operations Management

VMware $150.06 $61,319 $2,948 $4,981 $63,352 7.1x 6.3x 5.7x 17.3x 16.3x 15.0x 14% 12% 10% 86% 87% 88% 41% 39% 38%

ServiceNow $253.85 $47,866 $1,471 $1,124 $47,519 18.2x 13.7x 10.7x NM 49.6x 37.0x 36% 32% 29% 76% 81% 82% 26% 28% 29%

Atlassian Corporation Plc $125.44 $30,628 $1,775 $1,145 $29,998 31.3x 21.8x 17.2x NM NM NM 38% 44% 27% 88% 85% 85% 31% 25% 25%

Twilio Inc. $109.96 $14,942 $1,882 $624 $13,684 21.1x 12.2x 9.2x NM NM NM 63% 72% 33% 54% 58% 57% 5% 7% 8%

Datadog $33.91 $9,950 $52 $48 $9,946 NM 30.1x 21.2x NA NM NM 97% 67% 42% 77% 75% 76% 0% (9%) (7%)

SolarWinds Corporation $18.45 $5,665 $221 $1,916 $7,360 8.8x 7.8x 7.0x 18.1x 16.4x 14.4x 14% 13% 12% 92% 92% 92% 49% 47% 48%

Dynatrace $18.67 $5,237 $212 $570 $5,595 NA 11.2x 9.1x NA NA 36.7x NA NA 22% NM 78% 78% NA 0% 25%

MongoDB $120.48 $6,785 $436 $302 $6,651 24.9x 16.9x 13.0x NM NM NM 61% 48% 29% 72% 72% 72% (18%) (13%) (7%)

Micro Focus International plc $13.98 $4,642 $2,666 $4,674 $6,650 2.1x 2.0x 2.1x 4.7x 4.9x 4.9x 21% 10% (5%) 75% 77% 77% 46% 40% 42%

LogMeIn $70.96 $3,464 $119 $309 $3,654 3.0x 2.9x 2.8x 8.2x 8.9x 9.2x 22% 5% 5% 77% 82% 82% 37% 33% 30%

Pivotal Software $14.92 $4,106 $808 $143 $3,442 5.2x 4.5x 3.9x NM NM NM 29% 17% 16% 63% 71% 73% (8%) (2%) 5%

New Relic $61.45 $3,589 $769 $483 $3,305 7.4x 5.8x 4.9x 43.8x 40.3x 32.3x 35% 27% 19% 84% 83% 83% 17% 14% 15%

Appian Corporation $47.50 $3,169 $81 $4 $3,091 13.6x 11.8x 10.1x NM NM NM 28% 15% 17% 63% 65% 68% (13%) (10%) (5%)

NetScout Systems $23.06 $1,749 $300 $529 $1,978 2.2x 2.2x 2.2x NA NA NA (15%) (3%) 4% 71% 72% 72% 0% 0% 0%

Progress Software Corporation $38.06 $1,705 $145 $296 $1,856 4.7x 4.3x 4.2x 9.4x 11.0x 10.1x (0%) 7% 2% 89% 86% 86% 50% 40% 42%

PagerDuty $28.25 $2,155 $341 $0 $1,814 15.4x 11.1x 8.7x NM NM NM 48% 39% 28% 85% 85% 85% NM (14%) (7%)

Bandwidth Inc. $65.11 $1,523 $196 $0 $1,327 8.1x 5.6x 4.7x NM NM NM 25% 43% 19% 58% 49% 49% 10% (3%) (1%)

MobileIron $6.55 $719 $101 $17 $635 3.3x 3.0x 2.7x NM NM NM 7% 8% 11% 82% 82% 82% (0%) (0%) 5%

Magic Software Enterprises Ltd. $9.19 $449 $114 $39 $409 1.4x 1.3x 1.2x NA NA NA 10% 9% 6% 31% 32% 31% 0% 0% 0%

Comarch S.A. $43.55 $354 $74 $75 $361 1.0x 0.9x 0.9x 7.6x 6.4x 6.5x 13% 4% 8% 26% 28% 27% 13% 15% 13%

Axway Software SA $11.56 $245 $37 $83 $291 0.9x 0.9x 0.9x 7.0x 10.7x 7.3x (10%) (5%) 1% 18% 72% 72% 13% 9% 13%

Mean 9.5x 8.4x 6.8x 14.5x 18.3x 17.4x 27% 23% 16% 68% 72% 72% 16% 12% 15%

Median 7.1x 5.8x 4.9x 8.8x 11.0x 12.3x 23% 14% 16% 76% 77% 77% 13% 7% 13%

Sales & Marketing Applications

HubSpot $151.61 $6,443 $955 $580 $6,068 11.8x 9.1x 7.4x NM NM NM 37% 30% 24% 80% 82% 82% 11% 13% 14%

Pegasystems Inc. $68.05 $5,385 $155 $69 $5,299 5.9x 5.7x 5.2x NM NM NM 0% 4% 11% 66% 69% 70% 8% 4% 7%

SurveyMonkey $17.10 $2,276 $155 $306 $2,427 9.5x 7.9x 6.5x 41.8x NM NM 16% 20% 21% 69% 77% 78% 23% 12% 13%

LivePerson $35.70 $2,243 $225 $194 $2,212 8.9x 7.6x 6.3x NM NM NM 14% 16% 20% 75% 74% 75% 8% 1% 7%

Yext $15.89 $1,792 $274 $116 $1,633 7.2x 5.4x 4.2x NM NM NM 34% 32% 30% 75% 76% 76% (11%) (13%) (7%)

Cardlytics $33.52 $816 $32 $37 $820 5.4x 4.3x 3.2x NM NM NM 16% 26% 33% 36% 43% 45% (4%) (2%) 4%

ChannelAdvisor Corporation $9.33 $262 $49 $18 $231 1.8x 1.8x 1.7x 23.6x 13.1x 10.6x 7% (1%) 5% 78% 78% 78% 7% 14% 16%

Mean 7.2x 6.0x 4.9x 32.7x 13.1x 10.6x 18% 18% 21% 69% 71% 72% 6% 4% 8%

Median 7.2x 5.7x 5.2x 32.7x 13.1x 10.6x 16% 20% 21% 75% 76% 76% 8% 4% 7%

2727




SaaS

($MM)




SaaS

Adobe Inc. $276.25 $133,727 $3,651 $4,137 $134,213 14.9x 12.0x 10.2x 33.8x 26.6x 22.2x 24% 24% 18% 87% 87% 88% 44% 45% 46%

salesforce.com $148.44 $129,937 $6,042 $6,432 $130,327 9.8x 7.7x 6.2x 40.4x 29.0x 24.3x 26% 27% 24% 74% 78% 78% 24% 27% 26%

ServiceNow $253.85 $47,866 $1,471 $1,124 $47,519 18.2x 13.7x 10.7x NM 49.6x 37.0x 36% 32% 29% 76% 81% 82% 26% 28% 29%

Workday $169.96 $38,751 $1,927 $1,543 $38,367 13.6x 10.7x 8.7x NM NM 41.1x 32% 27% 23% 70% 75% 76% 17% 20% 21%

Shopify Inc. $311.66 $36,119 $2,667 $111 $33,563 31.3x 21.8x 16.3x NM NM NM 59% 43% 34% 56% 56% 55% 4% 4% 5%

Atlassian Corporation Plc $125.44 $30,628 $1,775 $1,145 $29,998 31.3x 21.8x 17.2x NM NM NM 38% 44% 27% 88% 85% 85% 31% 25% 25%

Veeva Systems Inc. $152.69 $22,596 $1,432 $22 $21,186 24.6x 19.9x 16.7x NM NM 42.8x 25% 24% 19% 72% 75% 76% 37% 40% 39%

Zoom Video Communications $76.20 $20,845 $755 $53 $20,143 NM 34.0x 24.2x NM NM NM 118% 79% 41% 82% 81% 81% 4% 13% 10%

Splunk Inc. $117.86 $18,191 $2,576 $1,906 $17,521 9.7x 7.6x 6.2x NM 45.7x 33.1x 38% 28% 22% 81% 85% 85% 16% 17% 19%

Twilio Inc. $109.96 $15,081 $1,882 $624 $13,823 21.3x 12.4x 9.3x NM NM NM 63% 72% 33% 54% 58% 57% 5% 7% 8%

Slack Technologies $23.73 $12,911 $785 $0 $12,137 30.3x 19.9x 14.3x NM NM NM 82% 52% 39% 87% 86% 87% NM NM (14%)

Paycom Software $209.49 $12,079 $108 $60 $12,030 21.2x 16.5x 13.4x 49.9x 39.2x 31.9x 31% 29% 23% 87% 85% 85% 43% 42% 42%

Okta $98.46 $11,495 $557 $439 $11,377 28.5x 20.2x 15.5x NM NM NM 56% 41% 31% 72% 76% 77% (9%) (9%) (2%)

DocuSign $61.92 $10,895 $750 $620 $10,764 15.4x 11.3x 9.1x NM NM NM 35% 36% 25% 73% 79% 79% 8% 7% 10%

NetApp $52.51 $12,493 $3,540 $1,726 $10,679 1.7x 1.9x 1.8x 6.8x 8.1x 7.2x 8% (8%) 3% 64% 63% 63% 25% 23% 25%

RingCentral $125.66 $10,426 $568 $415 $10,273 16.8x 11.7x 9.5x NM NM NM 32% 43% 23% 84% 77% 77% 13% 13% 13%

Datadog $33.91 $9,950 $52 $48 $9,946 NM 30.1x 21.2x NA NM NM 97% 67% 42% 77% 75% 76% 0% (9%) (7%)

Zendesk $72.88 $8,175 $435 $586 $8,327 13.9x 10.3x 7.9x NM NM NM 39% 35% 31% 70% 74% 76% 7% 7% 9%

Dropbox $20.17 $8,338 $973 $868 $8,233 5.9x 5.0x 4.3x 24.4x 22.0x 17.5x 26% 19% 15% 72% 76% 76% 24% 23% 25%

Coupa Software Incorporated $129.57 $8,143 $808 $755 $8,089 31.1x 21.7x 16.9x NM NM NM 39% 43% 29% 68% 72% 73% 9% 10% 14%

Proofpoint $129.05 $7,285 $1,052 $799 $7,033 9.8x 8.0x 6.7x NM 48.5x 36.4x 38% 23% 20% 72% 79% 79% 16% 16% 18%

RealPage $62.86 $5,811 $262 $724 $6,273 7.2x 6.3x 5.7x 27.1x 22.3x 19.2x 30% 14% 11% 62% 61% 62% 27% 28% 30%

HubSpot $151.61 $6,443 $955 $580 $6,068 11.8x 9.1x 7.4x NM NM NM 37% 30% 24% 80% 82% 82% 11% 13% 14%

Zscaler $47.26 $6,024 $365 $0 $5,659 23.3x 16.1x 12.4x NM NM NM 57% 45% 29% 80% 80% 80% 6% 9% 9%

Dynatrace $18.67 $5,237 $212 $570 $5,595 NA 11.2x 9.1x NA NA 36.7x NA NA 22% NM 78% 78% NA 0% 25%

j2 Global $90.82 $4,443 $95 $1,246 $5,594 4.6x 4.2x 3.9x 11.4x 10.2x 9.5x 8% 11% 6% 83% 83% 83% 41% 41% 41%

Cloudflare $18.57 $5,447 $127 $11 $5,331 27.7x 19.4x 14.7x NA NM NM 43% 42% 33% 77% 77% 76% 0% (15%) (5%)

Paylocity Holding Corporation $97.58 $5,222 $130 $84 $5,176 12.8x 10.1x 8.4x NM 35.5x 29.2x 23% 27% 20% 66% 64% 64% 25% 28% 29%

Pure Storage $16.94 $4,340 $1,182 $584 $3,741 2.8x 2.2x 1.9x 30.8x 27.4x 16.7x 33% 23% 21% 66% 68% 67% 9% 8% 11%

Smartsheet Inc. $36.03 $4,200 $561 $58 $3,697 20.8x 13.8x 10.0x NM NM NM 60% 50% 38% 81% 81% 80% (18%) (19%) (15%)

LogMeIn $70.96 $3,464 $119 $309 $3,654 3.0x 2.9x 2.8x 8.2x 8.9x 9.2x 22% 5% 5% 77% 82% 82% 37% 33% 30%

Q2 Holdings $78.87 $3,757 $618 $447 $3,586 14.9x 11.4x 9.3x NM NM NM 24% 30% 22% 49% 52% 54% 8% 6% 10%

Envestnet $56.70 $2,959 $78 $705 $3,584 4.4x 4.0x 3.5x 22.8x 18.7x 15.2x 19% 10% 15% 29% 69% 70% 19% 21% 23%

New Relic $61.45 $3,589 $769 $483 $3,305 7.4x 5.8x 4.9x 43.8x 40.3x 32.3x 35% 27% 19% 84% 83% 83% 17% 14% 15%

Cornerstone OnDemand $54.82 $3,327 $403 $377 $3,301 6.1x 5.8x 5.1x 33.5x 26.9x 20.2x 12% 6% 14% 73% 76% 76% 18% 22% 25%

AppFolio $95.14 $3,241 $40 $72 $3,273 17.2x 12.9x 10.2x NM NM NM 32% 34% 26% 62% 60% 61% 21% 13% 17%

Five9 $53.74 $3,259 $307 $222 $3,174 12.3x 10.1x 8.6x NM NM 46.2x 29% 22% 17% 60% 64% 64% 18% 17% 19%

Medallia $27.43 $3,500 $417 $0 $3,082 9.8x 8.0x 6.6x NA NM NM 20% 23% 21% 63% 66% 68% 0% 1% 4%

2828




SaaS

(C

on

t.)

($MM)




SaaS (Cont.)

Qualys $75.57 $2,929 $298 $38 $2,669 9.6x 8.3x 7.2x 23.8x 20.7x 17.9x 21% 15% 15% 76% 79% 79% 40% 40% 40%

Box $16.56 $2,447 $201 $399 $2,644 4.3x 3.8x 3.4x NM 49.5x 26.9x 20% 14% 13% 71% 71% 72% 5% 8% 13%

BlackLine $47.81 $2,645 $145 $17 $2,521 11.1x 8.9x 7.4x NM NM NM 30% 24% 21% 78% 82% 81% 6% 8% 10%

Cloudera $8.86 $2,478 $420 $227 $2,285 4.8x 3.0x 2.7x NM NM 46.1x 29% 60% 11% 72% 76% 76% (12%) 2% 6%


LivePerson $35.70 $2,243 $225 $194 $2,212 8.9x 7.6x 6.3x NM NM NM 14% 16% 20% 75% 74% 75% 8% 1% 7%

Everbridge $61.71 $2,071 $239 $114 $1,946 13.2x 9.8x 7.7x NM NM NM 41% 35% 27% 68% 71% 72% (2%) 2% 5%

Workiva Inc. $43.83 $2,020 $138 $41 $1,923 7.9x 6.6x 5.7x NM NM NM 18% 19% 16% 73% 72% 73% (4%) (3%) (2%)

PagerDuty $28.25 $2,155 $341 $0 $1,814 15.4x 11.1x 8.7x NM NM NM 48% 39% 28% 85% 85% 85% NM (14%) (7%)


Ping Identity Holding Corp. $17.25 $1,372 $83 $243 $1,531 7.6x 6.6x 5.9x NA 38.5x NM 17% 15% 12% 85% 83% 81% 0% 17% 10%

Zuora $15.05 $1,690 $175 $13 $1,528 6.5x 5.5x 4.7x NM NM NM 40% 18% 18% 50% 56% 59% (17%) (12%) (7%)

SPS Commerce $47.07 $1,640 $201 $20 $1,458 5.9x 5.3x 4.8x 28.4x 21.5x 18.5x 13% 12% 10% 67% 68% 69% 21% 24% 26%

Instructure $38.74 $1,456 $127 $49 $1,378 6.6x 5.3x 4.4x NM NM NM 30% 24% 20% 70% 71% 72% (6%) (5%) (2%)

Carbonite $15.49 $537 $83 $653 $1,107 3.7x 2.4x 2.1x 10.6x 8.2x 7.2x 24% 56% 15% 76% 81% 81% 35% 29% 29%

Talend S.A. $33.98 $1,041 $32 $31 $1,040 5.1x 4.2x 3.5x NM NM NM 38% 21% 21% 76% 76% 77% (7%) (8%) (2%)

Benefitfocus $23.81 $779 $138 $276 $917 3.5x 3.1x 2.7x NM NM 34.5x 9% 15% 16% 50% 54% 56% 4% 4% 8%

Zix Corporation $7.24 $389 $10 $192 $571 8.1x 7.0x 5.9x 28.3x 14.0x 10.8x 7% 15% 20% 78% NM NM 29% 50% 55%

ChannelAdvisor Corporation $9.33 $262 $49 $18 $231 1.8x 1.8x 1.7x 23.6x 13.1x 10.6x 7% (1%) 5% 78% 78% 78% 7% 14% 16%

Park City Group $5.77 $114 $19 $6 $102 4.4x 5.0x 4.2x 16.9x 15.9x 13.6x 13% (13%) 21% 71% 72% 72% 26% 32% 31%

Veritone $3.57 $79 $45 $0 $34 1.3x 0.7x 0.5x NM NM NM 88% 87% 26% 76% 66% 67% NM NM NM

Mean 12.1x 10.0x 8.0x 27.1x 27.0x 24.6x 34% 29% 21% 72% 74% 75% 13% 13% 15%

Median 9.8x 8.0x 6.7x 27.1x 26.6x 23.3x 30% 26% 21% 73% 76% 76% 11% 13% 14%

2929

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 9/30/19, where Enterprise Value is >$50MM.Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM.

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

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

9/26/19 $430 NA NA NA NAProvides customer analytics and market intelligence SaaS for the purpose of marketing spend optimization for the healthcare and

pharmaceutical sectors.

9/24/19 $42 NA NA NA NAProvides customer service automation SaaS that enables businesses in the hospitality, travel and retail sectors to communicate

with customers via SMS text message.

9/20/19 $189 2.7x NA NM NAProvides asset portfolio analytics SaaS and services for financial markets. Software enables users to manage funds, conduct

compliance reporting, share portfolios, and analyze portfolio performance, attribution, contribution, allocation and risk.

9/19/19 $45 2.3x NA NA NA

Provides endpoint security SaaS for businesses. Software enables the security of enterprise IT systems by using virtualization to

isolate browser-based attacks, malicious downloads and attachments, and other applications in hardware-enforced micro-virtual

machines.

9/16/19 $37 NA NA NA NAProvides AI-enabled predictive analytics SaaS for businesses in the healthcare and insurance sectors. Warehousing data from

multiple sources, software enables the creation of population health risk models and care management workflow insights.

9/11/19 $775 NA NA NA NA

Provides engineering simulation SaaS for businesses and governments globally, with a focus on the automobile and

transportation sectors. Software enables the virtual testing of engineering designs and systems so as to avoid costly physical

testing.

9/4/19 $75 15.0x NA NA NA

Provides AI-based IoT device and threat identification management SaaS to businesses. Software provides features for

automated device discovery, recognition and classification, behavioral analysis and risk assessment, network segmentation,

analytics and reporting.

9/3/19 $400 5.7x NA NA NAProvides AI-enabled employee recruitment SaaS to businesses and recruiters. Software enables users to automate scheduling and

record video interviews of job seekers. Also provides a related mobile application.

9/3/19 $154 4.1x NA 29.1x NA

Provides automotive aftermarket supply chain management (SCM) and e-commerce software and SaaS for automotive parts

wholesale and retail businesses, tire and vehicle repair shops in the US. Software also provides features for cataloging, business

management and analytics.

8/28/19 $40 6.7x NA NA NAProvides AI and predictive analytics-based marketing and sales SaaS for businesses. Software provides features for target

audience generation and account-based marketing, lead scoring and customer analytics.

8/26/19 $700 2.2x NA NA NAThe Software Solutions business of Pitney Bowes, which provides data management, BI, customer analytics and customer service

automation software and SaaS for businesses.

8/23/19 $34 NA NA NA NAProvides financial planning SaaS for businesses and governments. Software enables customer relationship management, back-

office administration for financial advisers, and online self-directed digital advice portals for superannuation funds in Australia.

8/22/19 $2,100 9.1x NA NM NA

Provides endpoint and server security SaaS and services for businesses. Software provides features for antivirus, risk and

compliance, malware and UI/visualizations to enhance user interfaces. In May 2018, Carbon Black was listed on the NASDAQ

stock exchange under stock ticker CBLK.

3030

($MM)



8/21/19 $1,050 21.0x NA NA NA

Provides real-time cloud performance monitoring SaaS for businesses globally. Software enables cloud infrastructure,

microservices, and applications monitoring, data collection and metrics analysis, and helps DevOps teams with continuous

integration and delivery.

8/14/19 $63 2.0x 1.7x 3.7x 3.1x Operates as a racing video games developer for gaming consoles and PCs for consumers.

8/9/19 $10,700 4.5x NA NA NAThe enterprise security assets of Symantec, including the Symantec brand, which provides security software, SaaS and services

for businesses globally. Software includes features for web, cloud and endpoint security and data loss prevention.

8/8/19 $92 NA NA NA NA Provides booking and reservation engine SaaS for the sector. Also provides rate distribution and group booking SaaS.

8/8/19 $31 NA NA NA NA Provides post-sale servicing, sales, document management and related analytics SaaS for OEMs globally.

8/7/19 $1,350 NA NA NA NAProvides field service management SaaS focusing on workforce management, mobile workforce management and service

optimization for businesses globally. Also provides integration services and related mobile applications.

8/6/19 $100 6.7x NA NA NAProvides integrated risk management (IRM) SaaS for enterprises. Also provides Governance, risk management and compliance

(GRC) systems integration and managed services.

8/5/19 $68 NA NA NA NA Provides marketing automation SaaS for businesses. Software enables users to create online surveys for mobile devices.

8/5/19 $60 10.0x NA NA NA

Provides automated e-commerce product marketing SaaS to online retailers and brands. Software enables product merchandising

embedded within native placements alongside retailers organic site content, increasing product visibility and sales. Also enables

real-time analytics.

8/5/19 $40 2.0x NA NM NA Provides targeted online advertising enablement and customer analytics SaaS for businesses globally.

8/2/19 $400 NA 4.2x NA NAProvides supply chain management (SCM) software, SaaS and related integration services to the chemical and oil industries

globally.

8/1/19 $83 NA NA NA NA

Provides online emergency incident monitoring and collaboration SaaS for government agencies and businesses for the purposes

of risk management. Software enables businesses to alert employees to events such as transportation issues, severe weather,

hazardous materials, law enforcement, natural disasters and terrorism via text messages and emails.

7/31/19 $75 7.5x NA NA NAProvides real estate lease administration, analysis and accounting SaaS for businesses. Also provides related workforce

management software.


RECENT ACQUISITIONS


(Ent. Security Assets)

3131


RECENT ACQUISITIONS


($MM)



7/29/19 $50 5.0x NA NA NA

Provides corporate training and customer relationship management SaaS to businesses in the United Kingdom. Software provides

features for training automation, customer self-service, employee search engine optimization and can be integrated into existing

software.

7/26/19 $820 3.4x NA 14.9x NADesigns and develops digital typefaces, web, mobile device and desktop publishing fonts, print imaging and font management

software for use in GUIs for computer, electronics and software manufacturers, professionals and consumers.

7/18/19 $50 NA NA 9.5x NA

The video content rights and channel management software assets of ZEFR, which provides video marketing and analytics SaaS

for rights holders, brands and media companies including YouTube, Facebook, Instagram and SoundCloud. Software includes

features for video metadata monitoring, rights management, channel management, data analysis and optimization strategies.

7/17/19 $125 NA 3.9x NA NAProvides communications platform-as-a-service (CPaaS) software that enables businesses to connect with their customers via

SMS, chat, push notifications, voice, and video calling.

7/16/19 $66 2.6x NA 32.2x NAProvides clinical trial data collection, validation, transmission, and analysis software, SaaS, and professional services for the life

sciences sector globally. Software enables the electronic capture, integration, and management of clinical trial data for sponsors.

7/12/19 $78 NA NA NA NA

Provides AI-based industrial and consumer analytics SaaS that enables IoT data processing to help manufacturers and service

providers build and deploy IoT asset health and customer experience applications at enterprise scale. Software applies heuristics

and algorithms to organize IoT sensor, device, and equipment data providing users the ability to build insights and analytics

libraries and training AI/ML models.

7/10/19 $56 NA NA NA NA

Provides business process management (BPM) SaaS and consulting services for businesses in the DACH region. Software

includes features for modeling, analysis, optimization and automation of business processes, integrated risk management and IT

management.

7/3/19 $1,000 3.1x NA 7.7x NA

Provides graphic design, image and video editing, and word processing software for consumers and businesses globally. Corel

began trading on NASDAQ under the ticker symbol CREL when it was spun-off from Vector Capital in May 2006 and officially

became private in 2010 when Vector Capital bought back the company.

7/2/19 $32 NA 1.8x 5.8x NAProvides integrated project and cost planning and management SaaS for the construction and mining industries in the Middle

East, Australia, India, Europe and South Africa.

7/1/19 $80 NA NA NA NAProvides job advertising SaaS that enables recruiting agencies to place employment announcements via an online advertising

network.

All Software

Median 4.5x 2.8x 9.5x 3.1x

Mean 6.1x 2.9x 14.7x 3.1x

PE Acquirers

Median 3.4x 4.2x 22.0x NA

Mean 4.2x 4.2x 21.0x NA

3232

SELECTED PRIVATE FINANCINGS

Notes:Source: Pitchbook. Reflects deal activity through 9/30/19. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM.

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

9/30/19 nCino $80Operator of a cloud-based banking platform designed to leverage Salesforce to deliver

complete banking services. T. Rowe Price

9/26/19 Qi Anxin $211Developer of next-generation internet and network security products and services to

governments and enterprises. Oriza Holdings, IDG Capital, and 10Fund

9/25/19 Verafin $388Developer of cloud-based fraud detection and anti-money laundering software designed to

identify entities that may be involved in money laundering or terrorist financing activities.

Spectrum Equity, Teralys Capital, BDC Capital, Information Venture Partners, and Northleaf

Capital Partners

9/25/19 Klar $58Provide of challenger bank services intended to offer working of democratize bank services in

Mexico. Quona Capital

9/24/19 Ola $490Developer of an online ride-hailing platform designed to connect passengers with drivers

across India. J3T Ventures, Lyons Asset Management, and Hyundai

9/24/19 Fundbox $326Operator of a financial technology company focused on disrupting the B2B commerce market

by launching the world's first B2B payments and credit network. Allianz X, MUFG Innovation Partners, and GMO Internet Group

9/24/19 Tipalti $76Provider of a cloud-based automation platform designed to eliminate mass payment workload

and reduce automation payment risk. Group 11 and Zeev Ventures

9/19/19 Stripe $250Developer of an online payment platform designed to integrate electronic payments and

enable secure transactions. Andreessen Horowitz, General Catalyst, and Sequoia Capital

9/19/19 Checkr $160Developer of a background check platform intended to provide modern and compliant

background checks for global enterprises and startups. T. Rowe Price

9/19/19 Deposit Solutions $55Developer of an open banking platform designed to connect banks and depositors across

Europe. Deutsche Bank

9/18/19 Acronis $147 Provider of a personal backup software designed to offer hybrid cloud data protection. Goldman Sachs Alternative Investments & Manager Selection Group

9/18/19 TouchBistro $119 Developer of a point-of-sale (POS) software designed to serve restaurants to run businesses. OMERS Growth Equity

9/18/19 Cloudvirga $60Developer of a cloud-based digital mortgage platform designed to revolutionize the mortgage

industry. Riverwood Capital

9/18/19 PlayVS $50Developer of an online platform designed to organize competitions in e-sports on behalf of

high school. New Enterprise Associates

9/17/19 GitLab $268Provider of an open-source, code-collaboration platform designed to unify issues, code review,

CI and CD into a single UI. ICONIQ Capital and The Goldman Sachs Group

9/17/19 DataRobot $206Developer of a machine learning automation platform designed to deploy accurate predictive

models. Sapphire Ventures

9/17/19Dreamplug

Technologies$120

Developer of a credit card payment application intended to reward users who pay their credit

card bills on time. General Catalyst

9/17/19 Trulioo $53Provider of an instant electronic identity and address verification platform designed to offer

secure access to traditional and alternative data sources. The Goldman Sachs Group

9/13/19 SmartDrive Systems $90Developer of a freight safety and risk management software designed to provide driving

performance insight and analysis. TPG Sixth Street Partners

9/12/19 OkCredit $67 Developer of a mobile application designed to record financial transactions. Lightspeed India Partners Advisors and Tiger Global Management

3333



($MM)



9/12/19 Shape Security $51Developer of a new web security technology designed to offer bot mitigation and anti-

automation services to companies. C5 Capital

9/12/19 Vianai $50Developer of an enterprise platform designed to help businesses around the world successfully

leverage AI to drive fundamental digital transformations. Undisclosed Investors

9/10/19 Samsara $300Developer of a portfolio of complete Internet of Things ("IoT") solutions combine hardware,

software, and cloud to bring real-time visibility, analytics, and AI to operations. Dragoneer Investment Group, Andreessen Horowitz, and General Catalyst

9/10/19 Nextdoor $170 Developer of a private social networking platform designed to connect neighbors. Riverwood Capital

9/10/19 Snyk $70 Developer of a security analysis tools designed to identify open-source packages. Accel

9/9/19 AppZen $50Developer of an AI platform designed to automate manual process, uncover problems and

optimize decision making for modern finance teams. Coatue Management

9/6/19NetEase Cloud

Music$700 Developer of an online music platform offering free and paid online streaming and downloads. Alibaba Group and Yunfeng Capital

9/5/19 Xiaoshouyi $120Developer of innovative customer relationship management (CRM) platform designed to help

enterprises improve customer service. Tencent Holdings

9/5/19 Happy Money $70Developer of a financial wellness platform designed to help individuals in getting out of debt

and build savings. CMFG Ventures

9/5/19 BigID $50Developer of data-driven protection and privacy compliance platform designed to transform

how enterprise protects and manage the privacy of personal data. Bessemer Venture Partners

9/4/19 Clio $250 Provider of a cloud-based practice management platform intended to serve the legal industry. JMI Equity and TCV

9/4/19 PerimeterX $57Provider of a web security platform designed use predictive security intelligence with

reinforcement learning techniques to prevent cyber attacks. Scale Venture Partners

9/3/19 OpenGov $51Developer of a cloud-based software intended to help in public sector budgeting and

performance. Weatherford Capital, CSC Upshot Ventures, and 8VC

8/29/19 Chezhubang $64Developer of an energy management and transportation digital platform designed to

streamline the energy supply chain management.

Shenzhen Guozhong Venture Capital Management, Oriental Fortune Capital, and China

Construction Bank

8/28/19 ThoughtSpot $248Developer of a next-generation enterprise analytics platform designed to easily analyze

complex, large-scale enterprise data with an automatic, relational search engine. Lightspeed Venture Partners

8/27/19 Trifacta $150Developer of a cloud based data platform designed to radically improve the efficiency of

wrangling data. Infosys, Telstra Ventures and NTT Docomo Ventures

8/27/19Rapido (Bike taxi

App)$55

Operator of a bike taxi booking platform designed to encourage people to offer bike rides to

other people. WestBridge Capital

8/26/19 BharatPe $50 Developer of payments application intended to promote digital payment. Ribbit Capital and Steadview Capital Management

8/25/19 Best Wonder $71Provider of an integrated cloud service platform designed to provide electronic invoicing

services.T

Shenzhen Capital Group, Oriental Fortune Capital and Shenzhen Guozhong Venture Capital

Management

8/22/19 SpotHero $50Developer of a mobile parking application designed to make parking facilities future-proofed,

cities more accessible and the world more connected. Macquarie Group

3434



($MM)



8/21/19 Tala $110Developer of a mobile-based financial application designed to bring financial access, choice

and control to under served people everywhere. RPS Ventures

8/20/19 H2O.ai $73Developer of an open-source machine learning automation platform designed to help in big

data analysis.

Ping An Insurance (Group) Company of China and Goldman Sachs Principal Strategic

Investments

8/15/19 Flyhomes $141Provider of a full-service non-traditional real estate brokerage and technology platform

focused on re-imagining home buying and selling. Canvas Ventures

8/14/19 AU10TIX $60 Developer of multi-channel secure customer on-boarding technologies. TPG Capital

8/13/19Long-Term Stock

Exchange$50

Operator of new stock exchange intended to operate a new exchange though declined to

specify the timing. Founders Fund

8/12/19Terminus

Technologies$289

Developer and operator of Artificial Intelligence Internet of Things (AIOT) platform for urban

management. China Everbright, JD.com, Iflytek, and Dalian Wanda Group

8/12/19 LucidWorks $100Developer of search and discovery applications designed to build smart search-based

applications. Francisco Partners, TPG Sixth Street Partners, and Shasta Ventures

8/12/19 Dave (Application) $50Developer of an expense tracking application designed to help users predict upcoming

expenses. Norwest Venture Partners

8/7/19 C2FO $200Provider of a working capital marketplace platform designed to liberate working capital and

control cash flow. SoftBank Vision Fund

8/7/19 Webflow $72Developer of a web-based drag and drop tool intended to help users build responsive

websites. Accel

8/6/19 Ibotta $150Developer of a mobile application designed to give cash rewards against a purchase instead of

giving credit points. Koch Disruptive Technologies

8/5/19 Cybereason $200Developer of a cloud-based endpoint detection and cyber-security platform designed to

protect companies from advanced cyber attacks. SoftBank Group

8/5/19 Scale AI Inc $100Developer of an interface platform intended to annotate a wide range of data from images to

LiDAR and RADAR data, to text, for training artificial intelligence applications. Founders Fund

8/2/19 StreetShares $66 Provider of online money-lending services. Fenway Summer Ventures

8/1/193rdFlix Visual

Effects$350

Developer of mixed reality educational platform intended to make delivery of education

highly effective. Exfinity Venture Partners, Parampara Capital, and YourNest Venture Capital

8/1/19 Komodo Health $50Provider of a healthcare insights platform designed to reduce the global burden of disease

through an actionable healthcare map. Silicon Valley Bank

7/31/19 Clearbanc $300Provider of an online financial platform designed to provide growth capital to eCommerce and

B2B companies to grow. Arcadian Fund, Proton Enterprises, Golden Ventures, and Highland Capital Partners

7/31/19 Lightricks $135Developer of content creation tools designed to offer the most advanced visual processing

engine for mobile platforms. Insight Partners and Goldman Sachs Private Capital Investing Group

7/31/19 Huohua Siwei $85Provider of an educational platform intended to offer personalized math education resources

for children. KKR and GGV Capital

7/30/19 Nubank $400Provider of a digital credit card intended to provide new generation of financial services in

Brazil. TCV

3535



($MM)



7/30/19 Monday.com $150Developer of a project management tool intended to improve team management,

communication and productivity for businesses. Sapphire Ventures

7/26/19 Linkfin Technology $50 Provider of fintech technology specifically in the automobile financing industry. Tencent Industry Win-Win Fund and JD Digits

7/25/19Vietnam Payment

Solution$300 Provider of electronic payment services based in Hanoi, Vietnam. SoftBank Group and Government of Singapore Investment Corporation (GIC)

7/25/19 ScaleFactor $60Developer of a SaaS-based finance and accounting software designed to streamline business

accounting and financial operations. Coatue Management

7/24/19 LinkAja $50 Developer of a mobile payment platform intended to facilitate smoother financial transaction. Bank Negara Indonesia

7/23/19 Rubicon $161Provider of sustainable waste and recycling technology and services designed to make a

cleaner and safer environment. New Zealand Superannuation Fund

7/23/19 Circleci $56Developer of a continuous delivery automation platform designed to offer automated testing

and continuous integration tools. NextEquity Partners and Owl Rock Capital Partners

7/22/19 Sennder $70Developer of a digital freight-forwarding platform designed to digitize the freight-forwarding

process. Lakestar

7/20/19 Inspur Cloud $87 Developer of cloud server and security software. China Minsheng Banking, CCB Principal Capital Management, and Hengsheng Fund

7/18/19 N26 $470Provider of mobile banking services intended to redesign banking for the people, making it

simple, fast and contemporary. Insight Partners

7/17/19 Icertis $115Developer of a cloud-based platform designed to transform contracts into strategic business

assets.. Greycroft and Premji Invest

7/17/19 Fenergo $74 Developer of enterprise regulatory software designed to manage client onboarding lifecycle. Aquiline Capital Partners, Ergo, and Insight Partners

7/17/19 ContractPod $55Developer of contract management software designed to assemble, automate, sign and

manage all contracts and documents. Insight Partners

7/17/19 AlphaSense $50 Developer of a financial search engine designed to find critical information. Innovation Endeavors

7/16/19 Graduway $60Provider of an alumni networking platform designed to manage on-line alumni career

communities based in London, United Kingdom. K1 Investment Management

7/15/19 Aura Company $150 Developer of a digital security platform intended to make security simple for everyone. General Catalyst and WndrCo

7/15/19 Lendbuzz $150Developer of a financial lending platform intended to offer car loans to all international

students, foreign professionals and expats. 83North

7/15/19 Amperity $50Developer of customer data management platform intended to supercharge customer

initiatives with actionable data. Tiger Global Management

7/11/19 Stanza Living $50Provider of a student accommodation platform intended to provide a joyful, secure and

comfortable place for students to live in. Falcon Edge Capital

7/10/19 Remitly $220Developer of a mobile payment platform intended to send money electronically to friends and

family. Generation Investment Management

3636



($MM)



7/10/19 Byju's $150Developer of an online learning platform intended to deliver high quality, engaging and

accessible education. Qatar Investment Authority

7/10/19 TrustArc $70 Developer of a SaaS-based platform intended to build and manage privacy programs. Bregal Sagemount

7/10/19 OPay $50Developer of a mobile payment service and consumer platform designed for users to send and

receive money, pay bills and order food and groceries.

IDG Capital, Sequoia Capital China, Opera Software, GSR Ventures, Meituan-Dianping, and

Source Code Capital

7/9/19 Menlo Security $75Developer of a cybersecurity platform designed to eliminate the threat of malware from the

web and email. JP Morgan Asset Management

7/9/19 Signpost $52Developer of a cloud-based CRM software designed to make marketing simple and effective

for local businesses. HighBar Partners and BMO Financial Group

7/8/19 Soldo $61 Developer of a multi-user expense account designed to offer financial security. Battery Ventures and Dawn Capital

7/3/19 OneTrust $200 Developer of a technology platform designed for privacy management. Insight Partners

7/3/19 Smart Lending $80Developer of a property mortgage financing platform intended to modify the experience of

obtaining a personal mortgage. DILA Capital

7/2/19Calm (Meditation

Application)$115

Provider of a relaxation therapy application designed to reduce anxiety, sleep better and feel

happier. TPG Growth Lightspeed Venture

7/1/19Ola Electric

Mobility$250 Developer of a platform intended to provide electric mobility system. SoftBank Group

3737

GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANKGlobal investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders

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

ZURICH

MILAN

FRANKFURT

MUNICH

TEL AVIV

LONDON

MANCHESTER

MUMBAI

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SINGAPORE

TOKYO

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TAIPEI

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Sector expertise: Expansive coverage

and deep specialization

Exceptional cross-border capabilities:

Over a third of all transactions

Global platform:22 offices in key markets across

America, Asia and Europe

Broad spectrum

of clients:

Leadingconglomerates, top

private equity firms

and emerging high-

growth companies

Experienced team: Over 400 employees

across the globe

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repeat clients and referrals

Diversified

business model:

Geographically balanced, synergistic

and complementary focus areas

KYOTO

OSAKA

3838

GCA is a global investment bank that provides strategic M&A, capital markets and private funds advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 400 professionals in 22 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks.

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

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SOFTWARE SECTOR REPORT - GCA Advisors...Josh Wepman [email protected] 4 Strong Momentum in Software Advisory GCA OVERVIEW GCA is one of the most active advisors in the software