Presented by: Jim Stone, Partner AGC Partners Sean Tucker,Partner Ben Howe, CEO TITLE Legal & Compliance Tech Market Update resete y: Jim Stone, Partner Steven Willis,Partner Tristan Snyder, Partner Mike Parker, Partner February 2022 Executive Summary  Market Outlook: The global legal and compliance tech market, estimated at ~$8B in size, is poised for explosive growth in the years ahead as legal and compliance teams fully embrace digitalization and automation tooling › IT is massively under deployed at just 1.8% of total law firm revenues. This compares to 10%+ for banking and 4%+ on average for other industry sectors › The growing volume of metadata and millions of documents that are managed by corporate law departments and litigators will continue to drive the need for technology adoption and increase spend as a percentage of revenue › Work-from-home migration during the pandemic further accelerated the digital shift, though penetration of digital tools for workflow and information management remains low  Market Technology Trends: Legal tech solutions increasingly revolve around real time data access to contain costs, increase automation and improve outcomes, while Compliance tech is increasingly deployed to safeguard massive amounts of data brought about by new privacy regulations › AI /ML technologies, once emerging, are now entering the mainstream to automate services such as eDiscovery, Contract Management and Compliance Surveillance  Capital Markets & M&A Trends: Both capital raised and M&A deals hit all time highs that far surpass the 2020 levels › Financing into private Legal tech companies is now pouring in with total capital raised in 2021 almost double the 2019 and 2020 totals › M&A activity has also seen a lockstep change to unprecedented levels over the last year with total M&A volume increased by 71% to 214 deals › Notable large transactions include OMER’s $1.5B acquisition of Mitratech and Warburg’s $1.4B deal for NetDocuments at an iconic 35x revenue multiple With over 300 companies identified in AGC’s Legal and Compliance Tech landscape, this industry is large and growing rapidly with many new startups disrupting the status quo and a few giant incumbents competing for pole position 7% 2% 0% 1% 6% 5% 3% 4% 8% 10% 9% Overall Average Banking Industrial Healthcare Legal Massive Underinvestment in Tech Average Total Capital Raised & Deal Count $1.2B $2.0B $3.2B $3.6B $6.4B 127 151 190 187 259 2017 2020 2018 2021 2019 Deal Count Capital Invested Sources: Flexera, Deloitte, Company Reports, PitchBook AGC Partners 1 First, let us define the Legal Tech ecosystem – the buckets, their criteria, and the rationale for including companies Setting the Stage  Manage a law firm’s case and client records, schedules and appointments, deadlines, and especially spend management through handling corporate legal expenses, managing timekeeper rates, and overseeing budgeting. Contract Management  Software which enables users to manage the contract life cycle from generation to negotiation, review, execution, and eventually renewal or termination. This sub-segment includes analytics systems which use AI to review contracts and Smart Contracts which execute code when specific blockchain code is triggered. Research/Analytics  Products which serve in a range of research- assisting capacities. These range from programs which help legal professionals obtain quick, accurate answers concerning specific points of the law to analytics programs which organize and derive insights from masses of structured and unstructured data. Intellectual Property  Helps businesses which own or aspire to acquire trademarks and patents. This software also helps attorneys and IP law firms prepare for and conduct IP filings and litigation.  Workflow driven software for legal teams which streamlines collaboration between in- house legal teams, outside legal counsel, cross- platform business units, and service providers. These products often help facilitate collaboration in document, matter, and case management. Project Management Marketplace / DIY  Provide individuals and small businesses with direct online access to lawyers, legal services, and forms. These products include alternative legal service providers (ALSPs), non-law firms which provide legal advice at costs lower than traditional law firms. eDiscovery Large Diversified / ELM Providers Practice Management  Software which enables the identification, collection, and review of electronically stored information (ESI) for use during litigation. These programs create digital databases of evidence for both parties to view, and, by preserving the original content and metadata, eDiscovery tools can eliminate claims of evidence tampering.  Products sold to in-house legal departments in the enterprise legal management (ELM) market providing a full suite of point solutions or end-to-end platforms. AGC Partners 2 Legal Tech Landscape by Segment Intellectual Property This is a representative list only and does not include all relevant companies. If your company is not listed and you would like it to be included in future releases, please email Jim Stone at jstone@agcpartners.com Research/Analytics Practice Management Contract Management eDiscovery Large Diversified / ELM Providers Market Place / DIY Project Management AGC Partners 3 - Indicates operating subsidiary Next, let us define the Compliance Tech ecosystem – the buckets, their criteria, and the rationale for including companies Setting the Stage KYC & Anti-Fraud  Facilitates counterparty due-diligence and Know Your Customer (KYC) procedures. This sub-segment also includes services such as Anti-Money Laundering (AML) solutions, protecting the integrity of financial transactions and institutions. Compliance Management  Enables management of processes and data for communicating, monitoring, and documenting diverse compliance activities for a full spectrum of regulations and standards throughout the enterprise, and for evaluating associated risks. Regulatory Reporting  Programs which provide an array of regulatory assistance, from real time monitoring and tracking of current state of compliance and upcoming regulations to enabling automated data distribution and regulatory reporting. Privacy Management  Encompasses a broad group of companies which facilitate the management of data, including Subject Rights Requests (SRRs), which enable users to change how their data is stored and used, content management which allows websites to manage their content and data preferences, and privacy management tools which ensure data compliance regulations are met. AGC Partners 4 Compliance Tech Landscape by Segment This is a representative list only and does not include all relevant companies. If your company is not listed and you would like it to be included in future releases, please email Steven Willis at swillis@agcpartners.com Regulatory Reporting KYC Anti-Fraud Compliance Management Privacy Management AGC Partners 5 - Indicates operating subsidiary M&A Activity by Segment – Last 5 Years Sources: PitchBook. VC and PE rounds only. Exclude Angel, Seed, Accelerator and Equity Crowd Fundings. M&A BY SEGMENT (AGGREGATE VALUE IN $ BILLIONS) M&A BY SEGMENT (# OF DEALS)  There have been 672 M&A transactions and 560 funded companies; fragmentation remains with many new vendors while consolidation activity continues  The Legal vertical has accounted for the majority of M&A with 435 transaction (64%) and $28.7B in deal value (77%)  Since the peak of the COVID-19 pandemic in 2020, median valuations and size has increased to 7.6x and $95M, respectively  After a relatively stagnant 2020, the number of deals in 2021 surged by 71% # of Deals$ Billions62 81 71 93 122 19 74 32 92 2019 16 2017 2020 2018 2021 97 81 145 125 214 +71% Compliance Legal 2018 0.0 0.9 1.2 2017 3.5 2.0 3.3 2019 1.6 7.7 6.6 2020 4.1 6.2 1.2 2021 5.5 4.2 16.0 10.3 Compliance Legal Clarivate buys IP management provider CPA Global for $6.6B and 12x revenue, the largest ever deal in the Legal Tech vertical AGC Partners 6 Financing Activity by Segment – Last 5 Years Sources: PitchBook & 451, PitchBook. VC and PE rounds only. Exclude Angel, Seed, Accelerator and Equity Crowd Fundings. FINANCING DEALS BY SEGMENT (CAPITAL RAISED IN $ BILLIONS) FINANCING DEALS BY SEGMENT (# OF DEALS)  After a relatively stagnant 2020 during COVID, the number of fundings and capital raised in 2021 surged by 38% and 78%, respectively  The Legal segment has accounted for a majority of all financings in with 591 deals (63%) and total capital raised of $8.9B (53%)  Legal segment saw more headwinds in COVID stricken 2020 with a big downturn in capital raised in 2020 followed by a huge growth year in 2021  The upward trend seen in the Compliance segment was driven by post-GDPR and CCPA investor enthusiasm, though both segments saw strong growth in 2021  Overall the Compliance segment is taking a bigger share of financing activity when compared to M&A as the segment is seeing significant tailwinds # of Deals$ Billions71 87 122 116 183 56 64 68 71 76 2021 2017 2018 2019 2020 190 127 151 187 259 Compliance Legal 0.6 2.0 1.2 1.4 0.7 2019 2018 0.5 1.2 2017 3.6 2020 2.3 1.2 3.0 3.4 2021 2.0 3.2 6.4 Compliance Legal Enthusiasm around privacy management and two big rounds for OneTrust at $510M combined stoke volumes for Compliance Legal takes back leadership AGC Partners 7 Legal is a Massive Market with Low Technology Penetration  IT spend of 1.8% of revenue remains less than half of the 4.2% average spend across other industries  Only 22% legal departments and law firms say they understand the available software technologies well enough to make IT purchasing decisions  69% recognize the need for more IT spend and expect Big Data, Predictive Analytics and Automation technologies will have a big impact on their firms within the next three years  A major factor driving growth is new corporate initiatives aimed at harnessing the increasing volume of data and addressing new regulations for better control of data  With the number of data breaches accelerating in recent years, regulators have stepped in to impose mandatory compliance on what had previously been “best practice“  While legal and compliance spend on technology lags other industries, Legal Tech has the potential to grow faster than the average software vertical given its low penetration rate and large addressable market Sources: Statista,Docusign, MarketLine, Wolters Kluwer, Legalcomplex, MarketResearch AGC Partners 8 At $437B (US) and $218B (Europe) the legal industry is a massive market with low IT spend of 1.8% as a percentage of revenue The Total Addressable Market (TAM) for Legal Tech is valued at $28B (US) and $14B (Europe) as adoption increases and the market matures The Serviceable Addressable Market (SAM) for Legal Tech is valued at $12B (US) and $6B (Europe) based on the current estimated spend on software Compliance is a Subset of the Larger GRC Market Source: Inuix, MARC Group, MarketsandMarkets $36B $40B $45B $50B $56B $63B 2025 2021 2024 2022 2023 2026 +12% AGC Partners 9 The increased complexity arising from the pandemic related regulations and new data privacy laws is driving strong growth in GRC solutions, of which Compliance is a key component $10.5B $12.8B GRC Software Endpoint Security Software $12.8B Outsourced Services  Compliance Tech is a subset of the larger GRC (governance, risk, and compliance) market which also includes IT Risk, Operational/ Financial Risk, and parts of the Cybersecurity market  Taken together, it is a major category that is expected to reach $62.8 Billion by 2026, from $36.1 Billion presently, a CAGR of 11.7%  A major factor driving growth in the GRC market are new corporate initiatives aimed at harnessing the explosion in big data collected on markets and target clients, and in response, an explosion of new regs attempting to safeguard the privacy of “data subjects,” i.e. individuals and their related personal information  The average cost of handling a data subject access request is estimated at $1,500 per event; meanwhile, data privacy fines can run up to 4% of total an organization’s revenues  What was previously an area of corporate “best practice“ and managing reputational risk is now an area of forced spending  In this report, we exclude cyber and IT risk/ops to focus on technologies that are more likely to be defined by C-level executives of law firms, corporate law departments and corporate compliance departments rather than CISOs and CIOs GLOBAL GRC MARKET FORECAST GLOBAL GRC MARKET BREAKDOWN The impact of COVID, starting in March of 2020 and continuing through the Delta and Omicron variants, has been widespread throughout the legal market, accelerating existing trends and creating new ones driven by technology. Video calls, work from home technology, automated administration and other technologies were long available, but COVID forced their immediate adoption and cemented their use for the foreseeable future: Sources: Wolters Kluwer, American Bar Association Impact of COVID on Legal Tech - Forced Adoption of Existing Technology  Many law firms and corporate legal departments remain at least partially virtual today, having embraced the technological shift induced by COVID. Partners are working from their homes and many of the junior lawyers also working from home at least 2-3 days a week, with 66% of legal employees expected to continue working from home post-pandemic. (1)  With the flexibility to work remotely increasing before COVID but suddenly becoming a necessity, lawyers turned to technology to enhance their practices and interaction with clients. Zoom took off and went public, and Google, Microsoft and other competitors enhanced their virtual call technology capabilities and software, allowing for collaboration on documents, case management, and virtual courtroom appearances, among other capabilities. Virtual training has likewise become commonplace for lawyers needing to meet legal education requirements.  The emergence of workflow and workforce management platforms, which enable lawyers to handle their own administrative tasks (i.e. submitting their own time records and expenses), have caused a reduction in administrative staff. Law firms discharged 36% of support staff and furloughed another 34% early in the pandemic, and technology will likely make those budget cuts permanent. (2)  Electronic discovery projects were negatively affected by COVID initially as courts were closed, but have since rebounded. Ediscovery firms like CSDisco are seeing an increasing percentage of their revenue coming from SaaS subscriptions, affording an opportunity to go public or consolidate at very attractive valuations for stockholders.  Millennials, or those between the ages of 20-40 at the onset of COVID, have become the core of the “new partners” at law firms given an average partnership track of 9 years – bringing with them enhanced expectations of technology use and acceptance, a desire for flexible work accommodations, enhanced benefits and collaboration. These trends have opened the gates for adoption of more advanced technologies including contract collaboration software, artificial intelligence in assessing legal cases and predictive analytics in case management. AGC Partners 10 Sources: Top COVID Drivers for Adoption of Legal Tech “ Prior to Covid, technology changes were difficult. Post- Covid technology changes are much more accepted.” – CTO of large international law firm To fill what became a void in professional interactions, Law firms accelerated investment in Knowledge Management platforms to connect people with essential knowledge and information in the same way they used to leverage a colleague with deep subject matter expertise Knowledge Management Accelerated movement to hybrid cloud technology has driven acceptance of remote dispositions/appear- ances, but has also required increased spend on cybersecurity and document automation. These costs are offset, however, by decreased reliance on admin support to set meetings, track billings and expenses. More lawyers are using technology to do their own support Hybrid Work Environment Analytics, email and smart marketing are emerging as more efficient ways to reach potential clients rather than in- person meetings. The use of targeted social media and lead generation technology is also growing Legal Marketing Contract Management and Collaboration Software, Ediscovery and Data Analytics combine with Artificial Intelligence and Enhanced Research capabilities for more efficiency and utilization of data AI Acceleration These trends have opened the gates for adoption of more advanced technologies including contract collaboration software, artificial intelligence in assessing legal cases and predictive analytics in case management. Sources: LegalWeek AGC Partners 11 Tech Adoption by Legal & Compliance Professionals: All Systems Go Sources: Statista, Gartner, Data Intelo, Law.com, Increased automation of legal work related to major corporate transactions 4 5 $18B $25B 2020 2025E +7% 33% 77% 50% 50% 2019 2024E Increased Legal Tech startup market revenue Global data privacy software market growth 1 2 Increased economic impact of Legal Tech 3 Global regulatory affairs outsourcing market growth $580M $2,490M 2020 2025E +34% $65B $144B 2025E 2020 +17% $5B $9B 2028E 2021 +8% $7B $17B 2021 2030E +11% Automated Non-Automated The Legal & Compliance Tech market is projected to grow at a 7% CAGR through 2025 6 2.6% 3.9% 12.0% 2017 2020 2025E +21% Increased legal department spend on technology AGC Partners 12 Changing Business Models Propelled by Tech, Accelerated by Pandemic Even before the Pandemic hit, the legal business model faced growing pressure from tech-savvy alternative providers 1,200 1,400 1,638 7,350 9,200 12,000 15,600 150 768 480 900 2015 300 2017 2019 2021e +14% 6% 46% 41% 24% Our traditional business model is being challenged by use of technology to displace tasks traditionally handled by law firms Our traditional business model is being challenged by competition from ALSPs We are facing increased pressure from corporate clients to use ALSPs We are facing increased pressure from corporate clients to create affiliates to provide alternative legal services  Traditional law firms operate under a partnership model that leverage the billable rate of lawyers at the top of the food chain and the time and cost of professionals working under them. Accumulating billable hours is at the core of that model.  By contrast, other industries have moved on to a more modern, digital and client-centric model that features on-demand delivery of goods and services in a more predictable and cost-effective manner  Much like healthcare, legal is transitioning to a service model that emphasizes value-based outcomes while charging less for repetitive, commodity-like services  This has led to the rise of Alternative Legal Service Providers (ALSPs) and Legal Process Outsourcing (LPOs) which at $18B in estimated revenue have grown at a 15% CAGR, more than twice as fast as the US industry overall  At the core of the ALSP/LPO model is tech, which is used to automate or streamline tasks routinely performed by full service law firms in the past  These include e-discovery, research services, litigation support, regulatory risk assessment, compliance services as well as more specialized services such as Intellectual Property management Captive LPO Big Four Independent ALSP ALSPs Creating Pressure on Law Firm Business Model ALSP Revenue Growth 2015-2021 ($ Mlns) AGC Partners 13 Improved Views on the Cloud Slowly but surely, cloud computing is becoming standard among smaller firms in particular  Cloud usage grew to 60% in 2021 according to the ABA-LTRC’s annual Legal Technology Survey  Small and medium-sized firms report the highest use of cloud services—roughly 65%; large firms are just slightly behind in reported use  Despite the slow growth in 2021, cloud computing appears to be moving toward a standardized approach in legal technology as 62% of lawyers reported using Dropbox, a popular cloud service company Concerns around cloud usage are shifting as the market develops  The assimilation of tech-forward millennials into the market has made in-house legal counsels more willing than ever to embrace the cloud  Modern cloud systems are built with secure communications protocols, giving law firm CIOs greater confidence in the cloud  As cloud based systems expand market dominance, practices are forced to adopt cloud technology in order to competitively secure their infrastructures 2nd generation solutions are emerging  Centrally stored data is more efficient and effective to collect, process, host, review and produce ESI in a secure cloud environment  Successful cloud projects have increasingly focused on integrating functions such as billing, accounting, and document management into an all in one, easy to use system  These solutions also offer secure enhanced mobility access and are better aligned with the way that lawyers truly operate Source: Thomson Reuters, Aderant, Law Sites, ABA, Gartner 2021 2017 2018 55% 2020 2019 52% 58% 59% 60% +4% 2021 15% 2019 2020 19% 32% -32% Cloud Usage On-Prem Project Deployments AGC Partners 14 AGC Partners 15 5.3% 5.3% 4.9% 4.0% 2.9% 1.6% 1.0% 2.6% 2.1% 5.9% 9.9% 11.3% Q4 Q2 Q1 2019 Q2 Q1 2020 Q3 Q2 Q4 Q3 Q1 2021 Q3 Q4 Pressures on business margins and need for improved service quality reinforce investments in legal tech Need for Efficiency Will Drive Growth Going Forward  As increased competition drives declines in billable hours worked per lawyer and legal Associate compensation continues to rise, investing in new technology will be needed to increase efficiency and preserve gross margins  Legal Tech offers a variety of solutions to conserve or eliminate consumption of expensive professional services and improve service quality, especially in the area of AI including: 1. Expand use cases for forensic technology to retrieve and analyze complex data sets 2. Richer and faster AI-enabled data filtering, processing, and enrichment 3. Improved data integration across disparate, legacy systems that cannot be easily replaced 4. Adoption of fully connected and open project management tools that connect law firms, clients and data repositories 5. Mainstream use of no-code / low-code platforms for vertical specific workflow and process automation 6. Fully automated document review and contract processing  Increased efficiency across core services and activities will drive the next major wave of technology across legal departments and law firms 134 124 2021 2007 -7% Hours per Month Source: Thomson Reuters ASSOCIATE COMPENSATION GROWTH BILLABLE HOURS WORKED PER LAWYER YoY % Change Rate of Regulatory Change is on the Rise Globally EU in Full Data Protection War Mode  The EU General Data Protection Regulation (GDPR) took effect in May 2018, since which over 900 fines have been issued across the European Economic Area and the U.K.  GDPR fines have been rising rapidly, reaching nearly €1 billion in Q3 2021, a staggering 20x greater than Q1 and Q2 combined  Just recently, the use of Google Analytics was found to be in breach of GDPR in France and Austria, in another broadside aimed at the big wallets of Big Tech US Administration Pushes Widespread Regulatory Overhaul  In December 2021, the Biden administration issued the Unified Agenda of Regulatory and Deregulatory Actions, aimed at protecting the public from COVID, promoting environmental regulation, and preventing housing discrimination agencies  A total of 14 government agencies were impacted, including the Departments of Labor, Education, Housing, and the Small Business Administration, and its likely to cause significant regulatory change over the next 12 months, China Gets in on the Act  In August of 2021, China created its own version of data protection regulation with the enactment of the Personal Information Protection Law (PIPL)  It lays out for the first time comprehensive rules around data collection, retention and protection, and imposes strict conditions on transferring Chinese resident data outside of the country Sources: IMARC, Tessian, Office of Information and Regulatory Affairs, CMS.Law Enforcement Tracker 746 225 90 60 60 50 35 28 26 22 0 200 400 600 800 1,000 1,200 1,400 1,600 Cumulative Sum of Fines (€M) TEN LARGEST EU REGULATORY FINES SINCE 2019( €M) COURSE OF OVERALL SUM OF EU REGULATORY FINDS AGC Partners 16 A Wave of Data Privacy Regulations Following GDPR As ongoing regulatory changes add complexity to compliance operations across the globe and across industries, GRC as part of digital transformation strategy is becoming more critical for companies to stay current EU GDPR Brazil GDPA Japan APPI 2016 2017 2017 Australia APA 2018 California CCPA 2018 2019 Canada PIPEDA 2020 California CPRA 2021 Colorado CPA 2021 Virginia CDPA 2021 China PIPL Sources: Arnold & Porter, Comforte, Forbes US momentum carried forward in 2021 and into 2022, with 18 states already introducing—or reintroducing, in some cases—CCPA-like privacy legislation:  Alaska  District of Columbia  Florida  Hawaii  Kentucky  Indiana  Massachusetts  Minnesota  Nebraska  New Jersey  New York  North Carolina  Ohio  Oklahoma  Pennsylvania  Vermont  Washington  Wisconsin AGC Partners 17 Legal Tech’s Big Three Revenue Breakdown  The Big 3 in the Legal & Compliance technology and services market are projected to generate nearly $13B in revenues in 2022 from those divisions  Prior to COVID, The Big 3 recorded an average 2019/18 revenue growth rate of 4.1%. Post COVID, growth estimates have jumped significantly to 6.9% (2022/21)  Thomson now derives nearly ~80% of revenues from its legal and compliance tech businesses, having completed its transformation from a holding company filled with market data and other eclectic businesses to a content-driven technology company  Thomson, RELX and Wolters have all been highly active in making strategic acquisitions in higher growth segments of Legal and Compliance Tech to compliment their existing product sets, and will likely continue to do so Source: Pitchbook, Company Reports 79% 21% Legal & Compliance Other 57% 43% 43% 57% AGC Partners 18 Acquisition Focus of Large Legal Tech Players  Since shedding its market data business, Refinitiv, in 2018, Thomson Reuters has pursued its vision of becoming a top content driven technology company serving legal, accounting and tax professionals, and the corporates that employ them  The company has since completed five SaaS businesses including Netmaster (court management), Pondera (anti-fraud), HighQ (legal project management), Confirmation (audit) and Integration (global trade) 2011 – 2019  RELX (fka Reed Elsivier) has placed an emphasis, through both R&D and M&A, on “next-generation legal research solutions that harness the power of Big Data and supporting the evolving information needs of the legal professional”  Reed Elsevier’s legal division is strongly focused on migrating off legacy infrastructure onto cloud-based subscription products, and will look to add bolt- on cloud analytics offerings to their New Lexis platform  Its most recent legal acquisition was Closd, a legal document SaaS platform, in Dec 2021 Source: Company Reports 2000-09 2010-19 2020-22  Wolters Kluwer has uncovered a significant gap between the emergence of legal technology and the preparedness of law firms to adopt the new technology. The company’s 2018 acquisition of legal management software platform Legisway aims to bridge this gap AGC Partners 19 Cost, Speed, Accuracy, Collaboration Spearhead Increased Legal Tech Spend Where Legal Tech is Headed and What That Means for the Legal Industry Ediscovery is one of the more widely used technologies and a good indicator of the adoption cycle for other Legal Tech solutions. While the technology has a relatively slow rollout and issues over security and high customer acquisition cost, it has high customer retention. The ediscovery segment is undergoing intense consolidation with larger players becoming more entrenched at existing customers and now doing land grabs for new customers through M&A. Virtual lawyering seems here to stay with 2-3 days in the office to conduct client meetings and lawyer inter- action, and 2-3 days working remotely. Younger lawyers will therefore need to keep networking remotely and increasingly push for invest- ment in technology for efficiency and to drive top line growth. Administrative staff support spend will likely not return to Pre-COVID levels. Lawyers are expected to increasingly be able to handle much of their billing, expense and time management, implying an increased use of efficiency tools to assist with this. Implications for accelerated growth in contract management, cloud security and case management software AGC Partners 20 Publicly Traded Legal & Compliance Tech Companies Legal Technology ($ in millions) Enterprise Company Value 2021E 2022E 2021E 2022E Rule of 40 2021E/2020A 2022E/2021E EBITDA Gross RELX $68,479 6.9x 6.3x 18.5x 16.4x 48% 9% 10% 38% 44% Thomson Reuters 53,837 8.6x 8.2x 27.3x 23.8x 39% 4% 5% 35% 35% Wolters Kluwer 28,955 5.4x 5.2x 17.0x 16.0x 37% 2% 5% 32% 25% LegalZoom 3,001 5.2x 4.4x NM 46.0x 29% 23% 19% 10% 68% Dye & Durham 2,317 2.4x 2.2x 19.1x 9.3x 33% 21% 10% 24% 36% CS Disco 1,710 15.7x 12.1x NM NM 6% 59% 30% (24%) 71% Intapp 1,151 4.9x 4.3x NM NM 10% NA 16% (6%) 67% Fronteo 1,032 10.1x 8.2x 41.0x NM 42% 4% 22% 20% 51% KLDiscovery 759 2.4x NA 11.2x NM NA 11% NA 21% 49% Nuix 288 2.2x 2.2x NM NM 42% NA 4% 38% NA Median $2,013 5.3x 5.2x 18.8x 16.4x 37% 10% 10% 22% 49% Compliance Technology Avalara $8,636 12.6x 10.2x NM NM 22% 37% 23% (1%) 73% Ideagen 1,062 9.3x 7.6x 27.5x 21.9x 58% NA 23% 35% 92% AvePoint 780 4.0x 3.1x NM NM 35% NA 30% 5% 77% EQS Group 455 8.1x 5.8x NM 49.5x 52% 31% 40% 12% 90% Issuer Direct 76 3.5x 3.1x 13.6x 13.0x 38% 17% 14% 24% 74% Akerna 41 2.0x 1.5x NM NM 13% NA 37% (24%) 63% Median $618 6.0x 4.4x 20.6x 21.9x 36% 31% 27% 8% 76% Median (All) $1,107 5.3x 5.2x 18.8x 19.2x 37% 17% 19% 21% 67% 2022E Margins Enterprise Value / Revenue Enterprise Value / EBITDA Revenue Growth AGC Partners 21 Legal & Compliance Tech Index Price Performance Legal & Compliance Tech Stocks Outperform Sharply – Up Three-Fold from COVID Correction Lows -30% 70% 170% 270% 370% 470% 570% 2017 2018 2019 2020 2021 2022 S&P 500 Legal Tech Compliance Tech Total Return (%)AGC Partners 22 Legal & Compliance Tech Index Valuations Back In Line with Broad Tech EV to TTM Revenue Multiple1x 3x 5x 7x 9x 11x 13x 2017 2018 2019 2020 2021 2022 S&P IT Index Compliance Tech Legal Tech AGC Partners 23 PE Platforms Drive Significant M&A in Legal & Compliance Tech Sources : Pitchbook, 451 Research Other PE Platforms to Watch Questel is a developer of innovation management software intended to provide support throughout the intellectual property (IP) lifecycle. Epiq is a provider of legal process outsourcing, litigation support and document management services which enables clients to manage risks and minimize costs associated with complex litigation. The company is a developer of document management software primarily for legal and life sciences industries. Since March 2020, it has announced or completed 7 buy-side transactions. The company is a provider of enterprise legal and risk management platforms. Since July 2020, it has announced or completed 8 buy-side transactions. Sovos is a developer of e-invoicing compliance and tax reporting software intended to safeguard businesses from the burden and risk of modern transactional taxes. AGC Partners 24 Notable Legal & Compliance SPAC Platforms Sources : Pitchbook, 451 Ticker: KLDI Cash to B/S: $75M Stock to Sellers: $348M Cash to Sellers: N/A Total Deal Size: $1.04B EV / Rev: 2.7x Deal Status: Closed Closed Date: 12/20/19 Ticker: AVPT Cash to B/S: $252M Stock to Sellers: $1.4B Cash to Sellers: $257M Total Deal Size: $1.7B EV / Rev: 11.7x Deal Status: Closed Closed Date: 7/1/21 MTech Acquisition Ticker: KERN Cash to B/S: $64M Stock to Sellers: $70M Cash to Sellers: N/A Total Deal Size: $82M EV / Rev: 7.8x Deal Status: Closed Closed Date: 6/17/19 Ticker: LFTR Cash to B/S: TBD Stock to Sellers: TBD Cash to Sellers: TBD Total Deal Size: TBD EV / Rev: TBD Deal Status: Pre-Deal Deadline: 10/23/22 $207M in Dry Powder Ticker: DSAC Cash to B/S: $118M Stock to Sellers: $1.0B Cash to Sellers: N/A Total Deal Size: $1.2B EV / Rev: 12.2x Deal Status: Pending Announce Date: 11/8/21 AGC Partners 25 Legal & Compliance Tech M&A Trends M&A VALUE & DEAL COUNT M&A COMMENTARY  There have been 672 M&A transactions in the Legal & Compliance Tech sector since 2017 for an aggregate value of $38B  Financial sponsors have featured prominently in the Legal & Compliance Tech space: 56% of all deals and 58% of all deal value involved PEs or SPACs as buyers  2021 saw a record 213 deals announced, led by the buyouts of Mitratech and NetDocuments for $1.5B and $1.4B, respectively  It was a very busy year for PE platforms with Litera and Mitratech completing four add-on acquisitions each, and ComplySci and My Case each completing three  K-1 completed seven acquisitions during 2021, including both platform deals and add-ons TOP 10 M&A TRANSACTIONS OF THE LAST 5 YEARS Date Target Acquirer EV ($B) EV/Rev Jul-20 $6.8B 12.1x Sep-20 2.1B ND Mar-21 1.5B ND May-21 1.4B 35.6x Ju-18 1.4B ND Source: 451 Research, PitchBook Date Target Acquirer EV ($B) EV/Rev Dec-20 $1.3B ND Dec-20 1.2 75.9x May-21 1.2 ND Jul-20 1.1 ND Oct-18 1.0 6.7x AGC Partners 26 Normalized. Excludes $6.8B acquisition of CPA Global by Clarivate. Acquirer Number of Acquisitions Notable Transaction Representative Acquisitions Aug-21 - NovumIP (ND) NovumIP, Morningside Translations, doeLEGAL, RenewalsDesk, About Innovation, NRI Cyber Patent, Brandstock, O3C Konsult, Direct Validation, MultiLing, ULT Research, ITIP ProFiciency Jan-22 - Quovant (ND) Quovant, Continuity, Alyne, Contract Room, Advance Law, INSZoom, Acuity, Tracker, ClusterSeven, ThinkSmart Oct-20 - Transaction Tax Resources ($367M) 3CE Technologies, Crowdreason, Track1099, DAVO Technologies, Impendulo, Business Licenses, Transaction Tax Resources, Portway International, Compli (Alcoholic Beverage Compliance), Tradestream Technologies Nov. 21 - CompliSpace (81.81 M) CompliSpace, Ai XPRT, Audit Analytics, Qualtrax, Qualsys, Redland Business Solutions, Scannell Solutions, InspectionXpert, Medforce Technologies, PleaseTech Jun-18 - Garden City Group ($42M) Simplex Legal, Hyperion Global, H&A eDiscovery, GRG, Bruneau Group, Controle, Garden City Group, Soliton Systems (eDiscovery business), NuLegal Jul. 20 - Keane Unclaimed Property (ND) 1099 Pro, LTtax, Keane (unclaimed property software), Accordance Technical, Taxweb, Eagle Technology, Foriba, FiscalReps, Paperless Jan. 22 - Prosperoware (ND) Prosperoware, Lynch Marks, Concep Group, Kira, DocsCorp, Allegory Solutions, Best Authority, Doxly, Workshare Sept. 21 - Tugboat Logic (ND) Planetly, Tugboat Logic, Shared Assessments, Convercent, Docuvision, Integris Software, Privacy Core, DataGuidance Dec. 20 - DoProcess (417M) GlobalX Information Services, DoProcess, Poweredbypie, Atsource Solutions, ESI Software Mar. 17 - Avox (ND) CaseLines, Intelllex, HighQ Solutions, Integration Point, Avox, Clarient Global Top Acquirers (2017 –YTD 2022) Source: 451 Research, PitchBook. For the 5 year period ending 2/5/22 12 10 10 10 9 9 9 8 6 6 AGC Partners 27 CAPITAL INVESTED & DEAL COUNT PRIVATE PLACEMENT COMMENTARY  There have been 931 private placement deals in the Legal and Compliance Tech sector since 2017, raising $16.8B in capital  2021 was the fifth consecutive year of record investment in the space, reaching $6.9B in total capital raised – a five-fold increase over 2017  Of the ten largest private placements over the last five years, five occurred in 2021  Notable recent venture rounds include the $394M Series D round for Trulioo at a post-money value of $1.7B and the $210M Series C round for OneTrust at a post-money value of $7.0B  There was also a flurry of IPOs during the year highlighted by LegalZoom, DISCO and IntApp for a combined market cap of $8B Date Size ($M) Company Round Lead Investor(s) Aug-20 $534 PE Growth Jul-18 500M Secondary Jun-21 394M Series D May-19 300M PE Growth Dec-20 300M Series C TOP 10 FINANCING TRANSACTIONS OF THE LAST 5 YEARS Date Size ($M) Company Round Lead Investor(s) Sep-19 $250M Series D Aug-20 248M Series E Apr-21 223M Series E Jan-21 208M Series B Nov-21 202M Series D Legal & Compliance Tech Private Placement Trends AGC Partners 28 Source: PitchBook Note: excludes multiple large rounds by OneTrust during the same span Investor Number of Investments Platform Direct Add-Ons Septeo, Citation, Litera, Mitratech ProcessMAP, Caseware International Quovant, Prosperoware, Legal Bricks, SpecPage, Kira, Objective Manager, Select Legal, Contract Room, AdvanceLaw, Clocktimizer, INSZoom, Acuity ELM, Allegory, Tracker, Keane Unclaimed, DPS, Eclipse Legal, Bestpractix, Taxweb, Levit & James, Doxly, Eagle, Foriba, WinJur, + 20 others Riskconnect, LIST Group LegalZoom Systems Integration, Legal Bricks, Compliance Solutions, BasisCode, SpecPage, Box+Dice, 1099 Pro, SimpleLTC, Select Legal, Contract Room, AdvanceLaw, ClientPay, Certent, INSZoom, Acuity ELM, Tracker, Keane Unclaimed, DPS, Eclipse Legal, Leverton, iContracts, Kinderlime, LANSA, + 2 others Vector Solutions, CoreLogic, Diligent Weights & Biases, LawVu, Fiddler, Cognigy, OneTrust, ContractPod, Featurespace,Kira CareSafely, Envisage Technologies, Steele Compliance Solutions, Securitec Screening, Lecorpio NAVEX Global, Mitratech Quovant, Continuity, 1099 Pro, Contract Room, AdvanceLaw, INSZoom, Lttax, Acuity ELM, Tracker Corp, Keane Unclaimed Property, Accordance, Taxweb, ClusterSeven, Expolink Europe, Eagle Technology Management, Foriba ComplySci, Onit, Reveal Data Conga, Crownpeak Technology Micro Focus International, SecureDocs, RIA in a Box, Illumis, BusyLamp, Bodhala, Brainspace, AXDRAFT, Onit AI Center of Excellence, Digital Reasoning, SimpleLegal, Actiance Riskonnect, Nintex, Conga, ICE Mortgage Tech, Veriforce, Cority PDFTron HomeWiseDocs, NodeGraph, SuccessEd, Complyworks, Xactium, Enviance, Global Supplier Quality Assurance, AlphaTrust, Aruvio, Qumram RSA Security, Diligent, NetDocuments Conduent, TransUnion Healthcare, Compliance Solution Strategies, Steele Compliance Solutions, Securitec Screening, Emenda, Closing Room, ThreadKM ComplySci, Zapproved, Radar Systems Integration, RIA in a Box, Illumis, Maize Analystics, Oyez Professional Services, Expolink Europe, SouthTech Systems, FiscalReps, Paperless Chile Foreside Financial, Vector Solutions ACA Group, BasisCode Compliance, CareSafely, Envisage Technologies, Certent, Thinkstep, SiteHawk, Connectiv Questel NovumIP, Morningside Translations, doe LEGAL, Renewals Desk, About Innovation, NRI Cyber Patent, Brandstock, O3C Konsult, Direct Validation, MultiLing Top PE Investors (2017 – YTD 2022) Source: PitchBook. For the 5 year period ending 2/5/22 44 29 19 18 17 17 13 12 10 10 AGC Partners 29 Investor Number of Investments Representative Investments Top VC Investors (2017 – YTD 2022) 31 15 15 14 14 13 13 10 10 10 AGC Partners 30 Source: PitchBook. For the 5 year period ending 2/5/22 Precedent M&A Transactions (Fully Disclosed Only) AGC Partners 31 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Jan-22 Ad-Lib.io Smartly.io 133 ND ND Developer of an AI-based platform designed to help global brands manage and automate the production and activation of creative assets in their digital advertising worldwide Dec-21 TaxCycle Xero 54 ND ND Provides ERP financial accounting software for bookkeepers and accountants Dec-21 Acuant GB Group 736 58 12.7x Developer of a digital identity platform intended to balance security with customer experience while fighting fraud across the physical and digital world Nov-21 Hitachi Solutions Create (Samporonia business) Escrow Agent Japan 4 ND ND The Samporonia business of Hitachi Solutions Create, which provides judicial scrivener information management SaaS for businesses in the legal sector in Japan Nov-21 Flow Commerce Global-E Online 425 ND ND Provides AI-based cross-border e-commerce SaaS and related APIs for businesses globally Nov-21 Connective Nitro Software 81 ND ND Provides electronic signature (eSign) SaaS for businesses in the financial services, accounting, healthcare, government, real estate, insurance, legal, and social sectors in Europe and the US Nov-21 CompliSpace Ideagen 82 15 5.3x Developer of governance, risk and compliance software intended to help organizations in highly regulated industries meet their policy management obligations Nov-21 CompliSpace Ideagen 78 ND ND Provides governance, risk, and compliance (GRC) and policy management SaaS for businesses, educational, aged care, and not-for-profit organizations in Australia Nov-21 Micro Focus International (Digital Safe business) Smarsh 375 109 3.4x The Digital Safe business of Micro Focus, which provides archiving and risk management SaaS for businesses Nov-21 Stoke Talent Fiverr International 95 ND ND Provides freelancer talent management SaaS to businesses in the finance, legal, HR, and marketing sector in Israel and the US Nov-21 Bill4Time Francisco Partners 400 ND ND Developer of cloud-native SaaS time and billing software designed for lawyers, consultants, entrepreneurs and freelance professionals Oct-21 Audit Analytics Ideagen 45 ND ND Provides online subscription-based data audit, regulatory and disclosure intelligence services through www Oct-21 AiXPRT Ideagen 8 ND ND Developer of a financial platform designed to automate auditing and compliance tasks Oct-21 TransUnion (TransUnion Healthcare business) nThrive 1,735 ND ND The healthcare business of TransUnion, which provides ERP and compliance software for businesses in the healthcare sector Source: 451 Research, PitchBook AGC Partners 32 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Oct-21 EssentialSkillz Marlowe 34 ND ND Provides online safety and workforce compliance training courses through www Oct-21 Neoway B3 330 ND ND Provides data analytics SaaS for businesses Oct-21 TriLine GRC Ansarada NewCo 4 ND ND Provides governance, risk, and compliance management SaaS for businesses in Australia, New Zealand, the UK, and Ireland Oct-21 Clarabridge Qualtrics 1,125 ND ND Provider of a customer experience management platform designed to assist businesses to provide better customer experiences and ensure compliance Sep-21 Sortify.tm QANTM Intellectual Property 8 ND ND Developer of a legal technology platform designed to empower trademark attorneys and registrants Sep-21 Wolters Kluwer (US legal education business) Transom Capital Group 88 ND ND The US legal education business of Wolters Kluwer Legal & Regulatory US, provides subscription-based online education, ebooks, casebooks, connected quizzing, and textbooks retailing services through www Sep-21 Lawyaw Themis Solutions 50 ND ND Provides no-code legal document automation SaaS for solo, small- and mid-sized legal practices Aug-21 Topdocs Class 10 ND ND Provides self managed super fund (SMSF), corporate, and trust documentation and compliance SaaS for businesses in the legal, finance, accounting, and other professional advisory sectors in Australia Aug-21 Pinnacle 21 Certara 310 ND ND Provides open-source clinical data compliance and validation SaaS for businesses in the healthcare, biotechnology, life science, and pharmaceutical industries globally Jul-21 tmgroup Dye & Durham 127 ND ND Provides online conveyancing and property data search services for businesses in the real estate, legal sector, residential conveyancers, real estate professionals, and estate agents in the UK through www Jul-21 GlobalX Information Services Dye & Durham 130 74 1.8x Developer of technology solutions and support services catering to law firms, conveyancers, financial institutions and government bodies Jun-21 Business Keeper EQS Group 115 ND ND Provides whistleblowing management SaaS for businesses in Europe Jun-21 ComplySci K1 Investment Management 120 ND ND Provides compliance monitoring SaaS to businesses in the financial services sector globally Jun-21 Repstor IntApp 23 ND ND Developer of enterprise content management (ECM) integration software and services intended to harness the value of information assets Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 33 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description May-21 Text IQ Relativity ODA 100 ND ND Provides AI-enabled data management, discovery, and legal compliance management SaaS for the financial services, legal May-21 NetDocuments Software Warburg Pincus / Cove Hill Partners 1,400 39 35.6x Provides confidential document, email, and mobile device management and secure collaboration SaaS for businesses in the law and legal sectors globally May-21 Taxamo Vertex 200 ND ND Provides tax and payment automation software for e-commerce businesses and digital marketplaces globally May-21 Fenergo ACE, Astorg , Bridgepoint Advisers, SilverTree Equity 1,165 ND ND Developer of client and regulatory technology designed to provide financial institutions with financial and regulatory solutions Mar-21 Mitratech Ontario Teachers Pension Plan 1,550 ND ND Provides AI-based enterprise legal, compliance, and risk management and workflow automation SaaS for businesses globally Mar-21 Compliancy Services Ethos Partners 6 ND ND Provider of compliance consultancy and regulatory technology services committed to helping firms become authorized by the regulatory body Mar-21 Qualtrax Ideagen 15 5 2.9x Provides compliance management SaaS for businesses globally Mar-21 STP Informationstechnologie Bregal Unternehmerkapital 21 ND ND Developer of lawyer software in Germany Jan-21 Comply Path Clinton Capital Partners, WRKR 15 ND ND Developer of financial and business compliance obligations technology-based in Melbourne, Australia Jan-21 Reveal Data K1 Investment Management 200 ND ND Provider of cloud-based eDiscovery and investigation software Jan-21 Brainspace Reveal Data 200 ND ND Provider of visual analytics for eDiscovery and investigations Jan-21 ComplyAlign HealthStream 2 ND ND Developer of a comprehensive cloud-based platform designed for publishing, accessing and managing organization's policies, procedures and other internal documents Dec-20 Sparta Systems Honeywell International 1,300 ND ND 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 Dec-20 Septeo HG Capital 1,206 16 75.9x Provider of legal tech services supporting professions including notaries, law firms, corporate legal departments and real estate property managers Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 34 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Dec-20 DoProcess Dye & Durham 414 ND ND Provides legal practice and document management SaaS for legal professionals in Canada Dec-20 Impendulo Avalara 18 ND ND Provider of insurance tax compliance solutions intended to integrate insurance tax and regulatory information into the existing IT infrastructure of the company Nov-20 Business Licenses (assets) Avalara 97 ND ND Provider of online business licensing and permit procurement and distribution services Nov-20 Questel Eurazeo , IK Investment Partners, Paragon Partners, RAISE 1,077 ND ND Provider of a SaaS based intellectual property (IP) information and management software and services headquartered in Paris, France Oct-20 Transaction Tax Resources Avalara 367 ND ND Developer and operator of a website intended for quickly finding tax answers and tax rates Sep-20 Poweredbypie Dye & Durham 41 ND ND Provider of cloud-based real estate due diligence platform based in the United Kingdom Sep-20 Property Information Exchange Dye & Durham 40 ND ND Provides due diligence, legal and document management SaaS and online services for the real estate sector in the UK Sep-20 Franco Signor Verisk Analytics 160 ND ND Acts as a Medicare Secondary Payer (MSP) compliance firm that provides related insurance claim management software and services for employers, insurers, and third party administrators in the US Sep-20 MyCase Apax Partners 193 29 6.7x Provides law practice and case management SaaS for the legal industry in the United States Sep-20 RSA Security STG Partners 2,075 ND ND Provider of cybersecurity and risk management technology services Aug-20 eQstats Pty Citadel Group 1 ND ND Provides governance, risk management and compliance (GRC) and digital data analysis SaaS to healthcare organizations in Australia Aug-20 Citation KKR & Co. 34 ND ND Provides subscription-based online HR and employment law, health and safety, maternity leave, and ISO regulatory compliance analysis and reference content for businesses in the UK Aug-20 Smartcorp Class 3 ND ND Provides online document ordering, entities creation, corporate data and documentation management, and ASIC compliance management SaaS for accounting and professional services firms and financial advisory businesses Aug-20 Qualsys Ideagen 20 ND ND Provides enterprise quality management software (EQMS) SaaS, as well as compliance, document, audit, risk, supplier, issue, equipment, training record and change management SaaS for businesses Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 35 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Jul-20 CPA Global Clarivate 6,800 564 12.1x Provides intellectual property (IP) workflow management software and outsourced BPO services, including patent portfolio optimization, patent search and analytics, contract management, trademark renewals and document review, for corporate legal departments and law firms Jun-20 Integris Software OneTrust 25 3 8.3x Provides AI-enabled data privacy management SaaS for enterprises Jun-20 Eclipse Legal Systems The Access Group 70 19 3.7x Provider of legal software services Jun-20 Iconic Translation Machines RWS Holdings 22 ND ND Developer of a language technology platform designed to make machine translation practical for enterprises Jun-20 Black Woodpecker Software InsiderLog 3 ND 10.2x Developer of regulatory technology software based in Helsinki, Finland May-20 Seal Software DocuSign 185 24 7.6x Provider of contract discovery, data extraction and analytics software designed to help companies manage their contract portfolios Mar-20 LEX247 Cloud Service Karnov Group 2 ND 5.5x Provider of cloud-based legal enterprise practice management solution in Stockholm, Sweden Mar-20 Pondera Solutions Thomson Reuters Corporation 125 10 12.5x Provides anti-fraud SaaS and related BPO analytics services for government agencies and the healthcare sector Mar-20 Trapets Monterro 47 6 8.0x Developer of automatic surveillance and compliance software for the financial industry Mar-20 RIMES Technologies EQT 450 63 7.2x Provider of managed data services and regulatory technology software solutions intended to address the complex needs of leading financial institutions Feb-20 RDC Moody's Analytics 700 ND ND Provider of risk intelligence compliance screening services Jan-20 Stratus Video AMN Healthcare Services 475 119 4.0x Provides American Sign Language (ASL) and foreign language interpretation services via online, live, remote video- feed and a related translation call center to enable person-to-person communication for professionals and businesses, with a focus on the healthcare and legal sectors Jan-20 CGE Risk Management Solutions Wolters Kluwer 22 ND ND Developer of risk management software and provider of risk management solutions based in Leidschendam, Netherlands Dec-19 Ample Organics Akerna 38 9 4.4x Provides cannabis compliance tracking and ecommerce SaaS for licence holders, regulators, and healthcare providers in Canada and Jamaica Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 36 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Dec-19 Ready Korea WiseTech Global 9 ND ND Provides customs, bonded warehouse and trade compliance systems integration and IT consulting services to businesses Nov-19 ObserveIT Proofpoint 218 ND ND Provider of an insider threat management platform designed to help companies identify and eliminate insider threats Sep-19 BlueRush Broadridge Financial Solutions 2 ND ND The software source code of BlueRush's DigitalReach and Broadridge's Smart Advisor SaaS, which enable personalized CRM content and communications management, analytics and reporting, and compliance for financial advisors Aug-19 Modelity Technologies Lucht Probst Associates 30 ND ND Provider of a flexible platform for financial modeling and portfolio analytics Aug-19 eCompliance Management Solutions Alcumus Group 30 ND ND Provides risk and compliance management, and environmental health and safety (EHS) SaaS for businesses Jul-19 Portway International Avalara 11 ND ND Provider of outsourcing services in Ontario, Canada Jul-19 WatchGuard Motorola Solutions 270 120 2.3x Provides mobile video evidence hardware and software systems for law enforcement globally Jun-19 Anaqua Astorg 728 ND ND Developer of intellectual property management lifecycle software Jun-19 Redland Business Solutions Ideagen 20 5 3.8x Provides financial regulatory, compliance and performance management SaaS for banks, investment managers, asset managers and insurance companies Jun-19 Intelex Technologies Industrial Scientific 570 ND ND Provides environmental, health, safety, and quality (EHSQ) management SaaS and related mobile application that enables regulatory compliance and incidence reporting for businesses in the US, the UK, and Canada May-19 Litera HG Capital 425 37 11.5x Developer of workflow, collaboration and data management software designed to increase document productivity May-19 KLDiscovery Ontrack Pivotal Acquisition 799 296 2.7x Provides E-discovery and document review software, SaaS and related outsourced services for law firms, corporations and government entities globally May-19 CLM Matrix Wolters Kluwer 42 3 14.0x Developer of contract lifecycle management software based in Flower Mound, Texas May-19 Lighthouse Technologies Lightyear Capital 485 64 7.6x Provider of ediscovery and advisory services intended to manage the increasingly complex landscape of enterprise data for compliance and legal teams Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 37 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description May-19 Complia NIC 15 ND ND Provider of compliance services intended for business licensing, patient, and caregiver registration Apr-19 Web Benefits Design CNO Financial Group 66 ND ND Provides employee benefits management SaaS to businesses Apr-19 HGP NNIT 8 8 1.0x Provides IT compliance and quality management consultancy services for the life sciences, healthcare and pharmaceutical industries globally Mar-19 Tax Systems Bowmark Capital 150 ND ND Provides corporation tax compliance software and services to accounting firms Mar-19 CINgroup Bankruptcy Management Solutions 225 ND ND Provides bankruptcy management SaaS and software for attorneys and legal professionals in the bankruptcy market in the US Jan-19 Catalyst Repository Systems Open Text 75 45 1.7x Provides data processing and e-discovery SaaS for law firms and corporate legal departments Jan-19 Scannell Solutions Ideagen 4 1 3.9x Provides quality, environment, health and safety (QEHS) compliance, training and incident management SaaS for businesses Jan-19 Wisenet Group Adapt IT Holdings 4 3 1.3x Provides student lifecycle management and compliance SaaS for vocational training institutions in Australia, New Zealand and Singapore Dec-18 Garretson Firm Resolution Group Epiq Systems 16 ND ND Provider of civil settlement services in the United States Dec-18 eBrevia Donnelley Financial Solutions 20 ND ND Provides AI-enabled document and contract analysis software and SaaS for the legal sector Nov-18 Net Transcripts VIQ Solutions 7 7 1.0x Provides digital recordings transcription and translation online services and related app for law enforcement organizations in the US Oct-18 eVision Industry Software Wolters Kluwer 175 ND ND Developer of operational safety and control workflow software Oct-18 Conga Thoma Bravo 1,000 150 6.7x Provider of a cloud-based Quote-to-Cash (QTC) software services Sep-18 Legisway Wolters Kluwer 20 ND ND Developer of an online contract management software intended to provide a suite of online legal services to its clients Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 38 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Sep-18 UnitedLex CVC Capital Partners 500 ND ND Provides business process outsourcing (BPO) services, including e-discovery, contract management, IP and patent management, research and secretarial, for the legal sector globally Sep-18 Ringtail Nuix 55 ND ND Provides both on-premise and hosted e-discovery document review, predictive coding, data management and litigation support software and SaaS for the legal industry Sep-18 InspectionXpert Ideagen 6 3 2.1x Provides digital quality inspection planning SaaS for the advanced engineering and manufacturing sector in the US Aug-18 Practice Insight CPA Global 7 ND ND The Filing Analytics and Citation Eagle products of Practice Insight, which provide patent search and intellectual property (IP) analytics SaaS and related app for IP law firms and applicants globally Jul-18 CQ Roll Call FiscalNote 180 ND ND Provides congressional and legislative news services and advocacy management SaaS for policy professionals and opinion leaders in the US Jul-18 NAVEX Global BC Partners 1,400 ND ND Provides governance, risk and compliance (GRC), analytics reporting and violation hotline management SaaS for businesses, government agencies, educational institutions and non-profit organizations globally Jul-18 Donnelley Language Solutions SDL 78 71 1.1x The language solutions business and assets of Donnelley Financial Solutions, which provides modular translation management SaaS and linguistics services for the financial, legal, corporate and life science industries across the globe Jun-18 Garden City Group Epiq Systems 6 76 0.1x Provides outsourced claims management and class action administrative services for the legal industry utilizing SOC 2, Type 1 certified proprietary project management system software May-18 Tradestream Technologies Avalara 30 ND ND Provider of global trade compliance services May-18 RPX HGGC 397 322 1.2x Provides patent risk management advisory services, including defensive patent acquisitions, market intelligence, e- discovery and litigation insurance, for businesses Apr-18 Agreement Express Frontier Growth 69 10 6.9x Developer of a SaaS-based digital onboarding platform designed to focus on streamlining and enhancing the client experience for wealth management and payments Apr-18 Medforce Technologies Ideagen 9 5 1.9x Provides business process management (BPM) and document management software and SaaS for the healthcare sector Apr-18 Avvo Internet Brands 175 70 2.5x Provider of an online legal marketplace intended to connect lawyers and consumers Mar-18 Nintex Thoma Bravo 460 89 5.2x Developer of integrated workflow automation software intended to serve financial services, energy and life sciences industries Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 39 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Mar-18 Advanced Discovery Services Consilio 175 120 1.5x Provides electronic data discovery, analytics and document review services for the legal sector and enterprises Mar-18 Avetta Welsh Carson Anderson & Stowe 530 ND ND Provides supply chain risk management and compliance SaaS that enables suppliers to find and vet contractors Feb-18 Lombard Risk Management Vermeg 72 40 1.8x Provides financial risk and regulatory compliance management and reporting software for the financial sector globally Jan-18 InsiderLog Euronext 9 ND ND Provider of securities and derivatives exchange services Jan-18 Corsearch Audax Group 140 ND ND Provider of clearance and protection services intended for trademark and brand professionals Nov-17 Qumram Dynatrace 26 ND ND Developer of cross-channel intelligence and compliance software designed to make financial services more transparent and compliant Oct-17 JustLegal DigitalTown 1 ND ND Operates an online portal that connects attorneys in Texas and Colorado to prospective clients through a marketplace setting Oct-17 Article One Partners RWS Holdings 8 ND ND Provides an online research service that enables businesses to research intellectual property and patent information for litigation, licensing, patent enforcement and IP acquisition strategy decisions at www Aug-17 CannaRegs MassRoots 12 ND ND Provides municipal, state and federal regulation aggregation SaaS for cannabis providers Aug-17 eSentire Warburg Pincus 150 35 4.3x Provides managed detection and response (MDR) security services for businesses and enterprises in the financial, insurance, legal, healthcare, biopharma, engineering, technology, manufacturing industries and government agencies worldwide May-17 Modria Tyler Technologies 7 ND ND Developer of an online dispute resolution platform designed to process and resolve customer disputes related to eCommerce May-17 Brainspace Cyxtera Technologies 95 ND ND Provider of visual analytics for eDiscovery and investigations Apr-17 REG Disruptive Capital 25 ND ND Developer of online due diligence, analytics and risk management software for the global insurance and financial services market Apr-17 Mitratech HgCapital 650 ND ND Provides enterprise legal, compliance, and risk management software and SaaS for businesses Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook AGC Partners 40 Date Target Acquirer Size ($M) Rev ($M) EV / Rev Target Description Mar-17 PleaseTech Ideagen 12 5 2.6x Provides collaborative document review, co-authoring, editing and redaction software and SaaS for businesses globally Mar-17 Track Group Lifeloc Technologies 1 ND ND The R Mar-17 Ageras Investcorp Strategic Capital Group 14 3 5.0x Operator of an international matchmaking service for accounting, bookkeeping and tax preparation services Mar-17 NetDocuments Clearlake Capital Group 220 25 8.8x Provides confidential document, email and mobile device management and secure collaboration SaaS to help secure documents in the cloud for law firms and corporate legal departments globally Feb-17 TrialWorks Ridge Road Partners 11 ND ND Developer of case management software designed to manage legal cases and automate the handling of caseloads $75 4.3x $294 7.3x MEDIAN: AVERAGE: Precedent M&A Transactions (Fully Disclosed Only) Source: 451 Research, PitchBook Private Placement Transactions ($35M+) AGC Partners 41 Source: PitchBook Date Company Round Size ($M) Lead Investor Target Description Feb-22 Icertis Later Stage VC 80 SAP Developer of a contract intelligence platform designed to structure and connect every kind of contract Jan-22 Atlas Health Series A 42 Felicis Ventures Developer of a financial aid platform designed to optimize patient assistance and health equity programs Jan-22 Ironclad Series E 150 Franklin Templeton Developer of a contracting platform intended to transform contract processes by automating workflows and approvals Jan-22 Filevine Series D 38 ND Developer of legal case management software designed to offer text-to-case-file, threaded tasks, auto- tagging, and reports Dec-21 TRM Labs Series B 60 Tiger Global Management Developer of a regulatory technology platform designed to address compliance in the cryptocurrency industry Nov-21 Podium Series D 201 Y Combinator Developer of an enterprise-class customer review management platform designed to change the way businesses communicate with their customers Nov-21 ThoughtSpot Series F 100 March Capital Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with an automatic, relational search engine Nov-21 ZenBusiness Series C1 200 Oak HC/FT Developer of an online business development platform designed to help people in establishing and filling of company Nov-21 Zenwork PE Growth 163 Spectrum Equity Developer of cloud-based software designed for regulatory reporting requirements Nov-21 Drata Series B 100 ICONIQ Capital Developer of a security and compliance automation platform designed to achieve continuous SOC 2 compliance Nov-21 H2O.ai Series E 100 Commonwealth Bank of Australia Developer of an open-source machine learning automation platform designed to democratize artificial intelligence Nov-21 Litera PE Growth 39 HG Capital Developer of workflow, collaboration and data management software designed to increase document productivity Nov-21 Everlaw Series D 202 TPG Developer of a cloud-based litigation platform designed to improve the practice of law for corporate counsels, litigators, and government attorneys Oct-21 Ontra Series B 200 Blackstone Developer of an online legal management platform intended to automate and enhance high-volume legal processes easily AGC Partners 42 Date Company Round Size ($M) Lead Investor Target Description Oct-21 Fyllo Series C 40 Eminence Capital Developer of a compliance cloud platform designed to offer a suite of data, media, retail and regulatory services that help businesses to streamline compliance and scale with speed Oct-21 Weights & Biases Series C 135 Bond Capital , Coatue Management, Felicis Ventures, Insight Partners, Qualcomm Ventures Developer of a dataset optimization tool intended to build quality software tools for deep learning practitioners Oct-21 Elliptic Series C 60 Evolution Equity Partners Provider of blockchain analytics and compliance services designed to help manage financial crime risk, achieve regulatory compliance and grow with confidence Sep-21 ContractPod Series C 115 SoftBank Investment Advisers Developer of contract management software designed to assemble, automate, sign, and manage all contracts and documents Sep-21 Sayari Series C 39 Centana Growth Partners Developer of a commercial intelligence platform designed to navigate the complexity of global corporate ownership and commercial relationships Aug-21 Aumni Series B 50 J.P. Morgan Developer of an investment analytics platform intended to provide strategic insights related to the economic position and legal rights of investors Aug-21 Tessian Series C 75 March Capital Developer of a next-generation email security platform intended to detect and prevent inadvertent data loss Jul-21 Time by Ping Series B 37 PROOF Developer of a timekeeping software platform designed to track the activities of lawyers Jul-21 LinkSquares Series B 40 Sorenson Capital Developer of a legal document analytics platform designed to identify key data and liabilities in contracts Jul-21 Quantexa Series D 153 Warburg Pincus Developer of entity resolution and network analytics technology designed to help organizations to improve operational and data-driven decisions Jun-21 LogicGate Series C 90 Providence Strategic Growth Developer of a risk management platform designed to transform mission-critical risk and compliance activities Jun-21 Chainalysis Series E 100 Coatue Management Developer of a cryptocurrency investigation and compliance software designed to protect the junction between finance and the decentralized internet Jun-21 Justpoint Early Stage VC 50 Beresford Ventures Developer of an AI algorithm-based platform designed for analysis of individual medical malpractice claims Jun-21 Trulioo Series D 394 TCV Developer of electronic identity verification platform designed for businesses to assess the risks associated with digital identities Private Placement Transactions ($35M+) Source: PitchBook AGC Partners 43 Date Company Round Size ($M) Lead Investor Target Description Jun-21 ComplySci PE Growth 120 K1 Investment Management Developer of web-based regulatory compliance technology intended to provide governance, risk management and compliance services Jun-21 Cognigy Series B $44 Insight Partners Developer of a conversational AI platform designed to automate customer and employee communications May-21 ComplianceMetrix PE Growth 50 Morgan Stanley Expansion Capital Developer of cloud-based Enterprise Quality Management Software (EQMS) designed to manage supply chain partners, products and locations May-21 Scailex Early Stage VC 121 ND Developer of a legal-tech platform designed to implement automation for handling legal processes May-21 ComplyAdvantage Series C1 102 Ontario Teachers' Pension Plan Developer of a financial crime risk data and detection platform designed to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crimes Apr-21 Clio (Business/Productivity Software) Series E 110 OMERS Growth Equity, T. Rowe Price Developer of a cloud-based practice management platform designed to provide legal client management remedies Apr-21 BigID Series D 100 Salesforce Ventures, Tiger Global Management Developer of data-driven protection and privacy compliance platform designed to transform how enterprises protect and manage the privacy of personal data Apr-21 Rocket Lawyer Series E 223 Provider of online legal services intended to help users meet the legal needs of their family and business Apr-21 OneTrust Series C 210 SoftBank Investment Advisers Developer of a technology platform designed for tackling privacy management Mar-21 Chainalysis Series D 100 Paradigm Developer of a cryptocurrency investigation and compliance software designed to protect the junction between finance and the decentralized internet Mar-21 Notarize Series D 130 Canapi Ventures Developer of a digital notarization platform designed to help people to get their documents legally notarized online Mar-21 Solana Labs Early Stage VC 40 Abstract, Block Dream, Evangelion, Insignius, K300, Kintsugi, Kosmos, Notation, OnBlock, Semantic Developer of decentralized blockchain platform designed to deliver a scalable blockchain network Mar-21 Feedzai Series D 200 Kohlberg Kravis Roberts Developer of a risk management platform designed to create a seamless and safe customer experience Mar-21 Jumio PE Growth 150 Great Hill Partners Developer of digital identity management and authentication platform designed to reduce business fraud and financial crimes Private Placement Transactions ($35M+) Source: PitchBook AGC Partners 44 Date Company Round Size ($M) Lead Investor Target Description Mar-21 BRYTER Series B 60 Tiger Global Management Developer of a no-code automation platform intended to help consulting firms, banks, corporates, and public administration across the globe to digitize and scale their services Mar-21 Icertis Series F 80 B Capital Group Developer of a contract intelligence platform designed to structure and connect every kind of contract Feb-21 Behavox Later Stage VC 50 SoftBank Investment Advisers Developer of a people analytics platform designed to search and interrogate huge amounts of employee- generated data in real-time Feb-21 Evisort Series B 35 General Atlantic Developer of contract management platform designed to change the way companies interact with their legal documents Feb-21 Ageras PE Growth 73 Luxor Capital Group Operator of an international matchmaking service for accounting, bookkeeping and tax preparation services Feb-21 Tealium Series G 96 Georgian, Silver Lake Developer of web analytics and digital marketing software designed to make data actionable, in real-time, across every customer experience touchpoint Feb-21 Weights & Biases Series B 45 Insight Partners Developer of a dataset optimization tool intended to build quality software tools for deep learning practitioners Jan-21 Drivenets Series B 208 D1 Capital Partners Developer of cloud-based software designed to facilitate networking and communication in the cloud Jan-21 Ironclad Series D 100 Bond Capital Developer of a contracting platform intended to transform contract processes by automating workflows and approvals Dec-20 OneTrust Series C 300 TCV Developer of a technology platform designed for tackling privacy management Nov-20 Chainalysis Series C 100 Addition Developer of a cryptocurrency investigation and compliance software designed to protect the junction between finance and the decentralized internet Nov-20 ZenBusiness Series B 55 Cathay Innovation Developer of an online business development platform designed to help people in establishing and filling of company Sep-20 Actionstep PE Growth 37 Serent Capital Provider of cloud-based legal practise management system based in New Zealand Sep-20 DISCO (NYS: LAW) Series F 60 Georgian CS Disco Inc provides a cloud-native, artificial intelligence-powered legal solution that simplifies discovery, legal document review, and case management for enterprises, law firms, legal services providers, and governments Private Placement Transactions ($35M+) Source: PitchBook AGC Partners 45 Date Company Round Size ($M) Lead Investor Target Description Sep-20 Everlaw Series C 78 CapitalG, Menlo Ventures Developer of a cloud-based litigation platform designed to improve the practice of law for corporate counsels, litigators, and government attorneys Aug-20 ThoughtSpot Series E 248 Lightspeed Venture Partners, Next Play Capital Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with an automatic, relational search engine Aug-20 Agiloft PE Growth 45 FTV Capital Developer and provider of contract management software designed for automating the processes for competing vendors Aug-20 Diligent PE Growth 536 Blackstone , Clearlake Capital Group, Insight Partners, Norwest Venture Partners Developer of secure corporate governance and collaboration software Jul-20 Quantexa Series C 64 Evolution Equity Partners Developer of entity resolution and network analytics technology designed to help organizations to improve operational and data-driven decisions Jul-20 ACA Group PE Growth 40 Starr Investment Holdings Provider of governance, risk and compliance (GRC) financial advisory services intended to empower clients to reimagine GRC and protect and grow their business Jun-20 Privitar Series C 87 Warburg Pincus, WP Global Partners Developer of a data privacy platform designed to offer enterprise-wide privacy protection May-20 SirionLabs Series C 44 Avatar Growth Capital, Tiger Global Management Developer of a contract management platform designed to offer enterprise supplier management services May-20 Featurespace Series G 37 Chrysalis Investments Developer of an adaptive behavioral analytics platform designed to bring new insights through new ways of treating data Apr-20 Onfido Series C3 104 TPG Developer of a verification platform intended to automate the identity verification process Apr-20 Notarize Series C 35 Adam Lisagor, Camber Creek, Polaris Partners Developer of a digital notarization platform designed to help people to get their documents legally notarized online Apr-20 Podium Series C 125 Y Combinator Developer of an enterprise-class customer review management platform designed to change the way businesses communicate with their customers Mar-20 Eigen Technologies Series B 42 Dawn Capital, Lakestar Developer of a natural language processing technology designed to read complex documents Feb-20 Behavox Series B1 100 SoftBank Investment Advisers Developer of a people analytics platform designed to search and interrogate huge amounts of employee- generated data in real-time Private Placement Transactions ($35M+) Source: PitchBook AGC Partners 46 Date Company Round Size ($M) Lead Investor Target Description Feb-20 OneTrust Series B 210 Coatue Management, Insight Partners Developer of a technology platform designed for tackling privacy management Feb-20 Fenergo PE Growth 80 ABN AMRO Ventures, DXC Technology Developer of client and regulatory technology designed to provide financial institutions with financial and regulatory solutions Jan-20 Securiti Series B 50 General Catalyst Developer of privacy management software designed to ensure data privacy and security Jan-20 AvePoint (NAS: AVPT) PE Growth 200 Sixth Street Partners AvePoint Inc is a Microsoft 365 data management solutions provider, offering a full suite of SaaS solutions to migrate, manage and protect data Jan-20 BigID Series C 50 Bessemer Venture Partners Developer of data-driven protection and privacy compliance platform designed to transform how enterprises protect and manage the privacy of personal data Dec-19 Flow Commerce Series B 37 New Enterprise Associates Provider of a cross-border e-commerce platform designed to facilitate the complexity of selling internationally to help e-commerce teams maximize cross-border revenue Sep-19 Trulioo Series C 53 Goldman Sachs Growth Equity Developer of electronic identity verification platform designed for businesses to assess the risks associated with digital identities Sep-19 AppZen Series C 50 Coatue Management Developer of an artificial intelligence platform designed to automate manual processes, uncover problems, and optimize decision-making for modern finance teams Sep-19 Clio (Business/Productivity Software) Series D 250 JMI Equity, TCV Developer of a cloud-based practice management platform designed to provide legal client management remedies Sep-19 Digital Reasoning Series D1 44 BNP Paribas Developer of an artificial intelligence cognitive computing platform intended for businesses Aug-19 Notarize Series B 37 Polaris Partners Developer of a digital notarization platform designed to help people to get their documents legally notarized online Aug-19 H2O.ai Series D 73 Goldman Sachs Growth Equity, Ping An Insurance Company of China Developer of an open-source machine learning automation platform designed to democratize artificial intelligence Aug-19 Ironclad Series C 48 Y Combinator Developer of a contracting platform intended to transform contract processes by automating workflows and approvals Jul-19 Legalist Early Stage VC 100 ND Provider of litigation financing services intended to help companies mitigate risk, pay legal fees and win cases Private Placement Transactions ($35M+) Source: PitchBook AGC Partners 47 Date Company Round Size ($M) Lead Investor Target Description Jul-19 Icertis Series E 75 Greycroft, Premji Invest Developer of a contract intelligence platform designed to structure and connect every kind of contract Jul-19 Fenergo Corporate 74 DXC Technology Developer of client and regulatory technology designed to provide financial institutions with financial and regulatory solutions Jul-19 OneTrust Series A 200 Insight Partners Developer of a technology platform designed for tackling privacy management Jul-19 ContractPod Series B 55 Insight Partners Developer of contract management software designed to assemble, automate, sign, and manage all contracts and documents Jul-19 Ontra Series A 40 Battery Ventures Developer of an online legal management platform intended to automate and enhance high-volume legal processes easily Jun-19 TrustArc Series D 70 Bregal Sagemount Developer of cloud-based software designed to facilitate privacy compliance and risk management for GDPR, CCPA and other regulations Jun-19 Privitar Series B 40 Accel Developer of a data privacy platform designed to offer enterprise-wide privacy protection Jun-19 Litify Series A 50 Tiger Global Management Developer of a business transformation platform designed to automate business processes to offer better insights and transparency May-19 Ivalua PE Growth 60 Ardian, Tiger Global Management Developer of web-based spend management software intended to unlock maximum procurement value through realizing savings May-19 PDFTron PE Growth 76 Silversmith Capital Partners Developer of digital document processing tools intended for software developers, OEM's, enterprise customers across a broad spectrum of industries May-19 NetDocuments PE Growth 300 Cove Hill Partners Developer of cloud-based document management, email management and collaboration software for the legal industry May-19 Tealium Series F 55 Silver Lake Developer of web analytics and digital marketing software designed to make data actionable, in real-time, across every customer experience touchpoint Apr-19 Onfido Series C2 86 K50 Ventures Developer of a verification platform intended to automate the identity verification process Mar-19 Chainalysis Series B 49 Accel Developer of a cryptocurrency investigation and compliance software designed to protect the junction between finance and the decentralized internet Private Placement Transactions ($35M+) Source: PitchBook AGC Partners 48 Date Company Round Size ($M) Lead Investor Target Description Feb-19 Drivenets Series A 118 Bessemer Venture Partners, Pitango Venture Capital Developer of cloud-based software designed to facilitate networking and communication in the cloud Jan-19 DISCO (NYS: LAW) Series E 83 Georgian CS Disco Inc provides a cloud-native, artificial intelligence-powered legal solution that simplifies discovery, legal document review, and case management for enterprises, law firms, legal services providers, and governments Jan-19 Tessian Series B 41 Sequoia Capital Developer of a next-generation email security platform intended to detect and prevent inadvertent data loss Jan-19 Onit PE Growth 200 K1 Investment Management Developer of enterprise workflow software and artificial intelligence platforms intended for the legal, compliance, sales, IT, HR and finance departments Dec-18 Onfido Series C2 36 Acequia Capital, AfterWork Ventures, Fin Venture Capital, Plug and Play Tech Center Developer of a verification platform intended to automate the identity verification process Oct-18 ThoughtSpot Series D 145 Australia Future, Decacorn, Dragon, General Catalyst, Khosla, Late Stage, Lightspeed, Sapphire, SharesPost Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with an automatic, relational search engine Sep-18 Atrium (Legal Services (B2B)) Series B 64 Andreessen Horowitz Provider of an online legal platform designed to offer legal services for fast-growing companies Sep-18 Kira Systems Series A 50 Insight Partners Developer of an AI-driven contract analytics software designed to enable enterprises to easily find and use trusted information and answers from their documents Aug-18 AuditBoard Series B 40 Battery Ventures Developer of a cloud-based audit automation platform designed to revolutionize the way risk and compliance is managed, solved and reported Jul-18 LegalZoom Secondary Transaction - Private 500 Francisco Partners, GPI Capital LegalZoom Jul-18 AppZen Series B 35 Lightspeed Venture Partners Developer of an artificial intelligence platform designed to automate manual processes, uncover problems, and optimize decision-making for modern finance teams Jul-18 Exiger PE Growth 80 Carrick Capital Partners Provider of a global regulatory and sustainable compliance service intended to fight against fraud and financial crime Jun-18 Podium Series B 60 IVP Developer of an enterprise-class customer review management platform designed to change the way businesses communicate with their customers May-18 Exterro PE Growth 150 Leeds Equity Partners Developer of an electronic discovery and information governance software Private Placement Transactions ($35M+) Source: PitchBook AGC Partners 49 Date Company Round Size ($M) Lead Investor Target Description Feb-18 Icertis Series D 50 Meritech Capital Partners Developer of a contract intelligence platform designed to structure and connect every kind of contract Nov-17 Behavox Series B 70 Citigroup Developer of a people analytics platform designed to search and interrogate huge amounts of employee- generated data in real-time Nov-17 H2O.ai Series C 40 NVIDIA GPU Ventures, Wells Fargo Strategic Capital Developer of an open-source machine learning automation platform designed to democratize artificial intelligence Oct-17 MetricStream PE Growth 65 Clearlake Capital Group Provider of a cloud and enterprise based governance, risk and compliance (GRC) platform designed to manage regulatory and industry-mandated compliance and corporate governance Oct-17 Feedzai Series C 50 Omega Venture Partners, Sapphire Ventures Developer of a risk management platform designed to create a seamless and safe customer experience Sep-17 GTreasury PE Growth 42 Mainsail Partners Provider of a SaaS-based treasury management software for the digital treasurer Sep-17 Conga Series E 55 Premji Invest Provider of a cloud-based Quote-to-Cash (QTC) software services Aug-17 ThoughtSpot Series C1 60 Lightspeed Venture Partners Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with an automatic, relational search engine Jul-17 Crownpeak Technology PE Growth 50 K1 Investment Management Developer of SaaS-based web content management systems providing digital experience solutions Apr-17 Ivalua PE Growth 70 Kohlberg Kravis Roberts Developer of web-based spend management software intended to unlock maximum procurement value through realizing savings Mar-17 Neoway Series B 45 QMS Capital Management Developer of a business intelligence platform designed to make big data easily navigable Jan-17 Centauri Health Solutions PE Growth 98 SV Health Investors Developer of cloud-based data management software platform focused on charting a new path in healthcare with power to solve and passion to serve $7 $24 MEDIAN: AVERAGE: Private Placement Transactions ($35M+) Source: PitchBook JIM STONE Partner Jim brings over 25 years of Tech M&A experience to clients as a client-driven investment banker, former corporate growth executive and business lawyer. He has completed more than 70 M&A and capital raising transactions for growth companies. Prior to that, Jim was Vice President of Corporate Development at ACS (later sold to Xerox and now Conduent). Jim also worked as a corporate attorney for Kirkland and Ellis. Austin AGC’s Leading Legal & Compliance Tech Team TRISTAN SNYDER Partner Tristan has over 15 years of sector- specific investment banking experience, including Tech-Enabled Services, SaaS, and Cloud Technologies. He has completed more than 50 M&A and capital raising transactions, totaling more than $5 billion in enterprise value. Most recently, Tristan was the Co-Head of Intrepid Investment Bankers’ Software & Services practice in Los Angeles. Dallas MIKE PARKER Partner Mike joined AGC Partners in 2017 as Head of the Chicago Office. Over the course of his career, Mike has closed more than $20 billion in transactions. Mike is a seasoned M&A and growth capital adviser with experience advising and executing transactions for technology leaders from Fortune 500 members to high-growth bootstrapped and venture backed startups. Previously, he was an M&A banker with Lazard and Vice President and Head of Business Operations at SuccessFactors. Chicago AGC Partners 50 Denver STEVEN WILLIS Partner Steven is a Partner at AGC Partners in Denver, where he focuses on advising high-growth Software companies. Recent engagements include technologies focused on Education, HR, GRC and Real Estate. Steven’s experience spans the M&A universe, including acquisitions, divestitures, hostile and activist defense, strategic investments, and joint ventures, having advised on transactions with an aggregate value nearing $50 billion. Top M&A Middle-Market Software Advisor – 463 Closed Deals Firm # Trans. 1. Raymond James 76 2. AGC Partners 69 3. Goldman Sachs 71 4. Canaccord Genuity 69 5. Houlihan Lokey 69 6. Morgan Stanley 67 7. William Blair 66 8. Jefferies 66 9. Robert Baird & Co. 59 10. GCA 58 11. Evercore 58 12. J.P. Morgan 57 13. Barclays Capital 39 14. Moelis & Company 35 15. Qatalyst Partners 33 *451 Research deal count based on all disclosed technology related Sell-Side transactions from 2019-2021. Excludes co-managed deals. 75 . art rs Top Sell-Side Tech Deal Makers in 2019-22 YTD* Firm # Trans. 1. 451 Research SaaS Rankings* *451 Research deal count based on all SaaS related Sell-Side transactions since 2010. Excludes co- managed deals. 148 1. 130 2. 100 3. 81 4. 72 5. 70 6. 69 7. 63 9. 64 8. 61 10. AGC Cumulative Deal Count Since 2003 3 17 37 56 66 83 103 131 155 186 207 235 263 295 327 356 391 413 463 ’04 ’08 ’03 ’05 ’10 ’07 ’06 ’09 ’11 ’12 ’13 ’15 ’14 ’16 ’17 ’18 ’19 ’20 ’21- ’22 Each Engagement is Customized for Both Specific Seller and Buyers Situation AGC Partners 51 AGC’s SaaS Expertise Exhibited Globally Across Deals of all Sizes 43% 17% 5% 14% 21% AGC Deals by Client Location Breakout AGC Deals by Sources Breakout AGC Deals by Buyers / Investors Breakout East Coast Canada West Coast ROW Europe AGC ‘s Global Deal Diversity and Scale 56 deals closed in the last 15 months 463 deals generates lots of goodwill and bonding with PE and Strategic tech buyers for our next engagement 21 Partners, 32 new hires in 2021, and 50+ activeengagements Partners on the ground in 12 major cities across the US and Europe LEADING SOFTWARE TECHNOLOGY BANK WITH GLOBAL REACH 41% 30% 28% 1% Founder Owned Public VC PE 31% 24% 12% 33% PE VC PE Backed Strategic Strategic Representative Recent AGC Transactions AGC Deals by Enterprise Value Breakout 43% 31% 27% Below $100M $250M+ $100-$250M AGC Partners 52 MARKET RESEARCH  AGC is a leader in Legal & Compliance Tech Transactions, advising leading companies including Sensage, Saviynt, Zapproved, Fox Guard, among others  AGC was founded to bring exciting technology companies to the firm’s deep network of funds in the US, Europe and Asia, including late-stage venture capital, growth equity, private equity, corporate ventures, family offices and crossover hedge funds  AGC has published numerous whitepapers that highlight the key trends in the Legal & Compliance Tech and review the technology landscape of all of the most relevant players LEGAL COMPLIANCE & REG TECH LEGAL TECHNOLOGY Selected Legal & Compliance Tech Transactions CONTENT MANAGEMENT GOVERNMENT TECHNOLOGY Extensive Expertise in Legal & Compliance Transactions Prosperoware / Litera – Developer of privacy and regulatory compliance platform intended to ensure compliance for the digital legal industry. AGC acted as the sole financial advisor to Prosperoware. ComplySci / K1 – Developer of web-based regulatory compliance technology intended to provide governance, risk management and compliance services. ComplySci secured a $120M growth equity investment from K1 Investment management. Sensage / KeyW – Provider of enterprise event data warehouse technology for security, compliance, data retrieval and systems management. AGC drove Sensage to a $24M purchase price by highlighting key synergies. Saviynt / Carrick Capital Partners – Developer of cloud security and identity governance software intended to increase operational efficiency. Saviynt secured a $40M growth equity investment from Carrick Capital Partners. Zapproved / Vista Equity Parners – Developer of cloud-based software for corporate legal departments. AGC completed a rapid market test which led Vista to increase their unsolicited inbound offer by approximately one-third. Comments Financed by Sold to Sold to Sold to Financed by Financed by AGC Partners 53 AGC’s Leading Legal & Compliance Technology Franchise Advisor to Files.com Advisor to Prosperoware Advisor to Files.com Advisor to Saviynt Advisor to Files.com Advisor to Zapproved Advisor to Files.com Advisor to Complysci Advisor to Files.com Advisor to KeyW Advisor to Files.com Advisor to FRS Advisor to Files.com Advisor to Utimaco Advisor to Files.com Advisor to FoxGuard Solutions Advisor to Files.com Advisor to Quantiva Advisor to Files.com Advisor to Counterpane Advisor to Files.com Advisor to Invention Machine Advisor to Files.com Advisor to Vericept Corporation Advisor to Files.com Advisor to TriCipher Advisor to Files.com Advisor to BindView Advisor to Files.com Advisor to Qumas Advisor to Files.com Advisor to Secerno Acquired by Financed by Acquired by Financed by Financed by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by AGC Partners 54 Delivering Premium Results for Legal Tech Companies CEO and Buyer Testimonials “AGC's commitment was evident in working seemingly round-the-clock to respond to the dozens of parties involved in the deal. In the end, the board and executive team are very pleased with the outcome and we are now working with an investment partner that will help us scale through the next phase of growth.” Monica Enand, Founder & CEO | "The AGC team led by Tristan Snyder and Mike Parker were excellent partners in our recent sale. The team's hard work and ingenuity resulted in closing a top of the market deal in record time.” Keith Lipman CEO | “Given FRS would only get one shot at the process we also wanted the process 'partner led.' In AGC's Dennis Rourke, based in Boston, and Sean Tucker, based in London, we found two experienced and commercially savvy partners who met these criteria. Dennis and Sean provided sound advice throughout and always had our best interest at heart. I would have no hesitation recommending them to anyone considering selling their business. Peter Caslin, CEO | “We’re very excited with our sale to Framatome and greatly appreciate the work Eric and his team did to achieve a successful outcome. The AGC team was instrumental in driving a process that we, as business owners, don't do every day. Their expeditious mentality maintained consistent pressure on the process to ensure the deal was always moving forward. Eric was truly a trusted advisor throughout, and we found his hands-on approach and knowledge of the strategic landscape to be invaluable as we navigated the process. We are fortunate to have worked with Eric and the AGC team” Marty Muscatello, President & CEO | AGC Partners 55 AGC is one of the most active pure tech boutique banks with over 400 closed deals across premium buyers  Strong relationships and a proven track record with ~400 of the leading strategic acquirers  Knowledge of development roadmaps + buy vs build priorities allows us to strategically position businesses to achieve optimal outcomes  Deep sector expertise ensures unique and customized positioning for each buyer Representative Acquirers Representative Platform / PE Acquirers Representative Acquirers  AGC sits at the center of the buy and build ecosystem, with over 400 PE/VC longstanding relationships  High volume of successful transactions with and for financial acquirers and portfolio companies  Relationships developed over the long term provide AGC access and credibility with key decision-makers  In depth insights into each financial acquirer’s unique investment criteria, approach and behavior  AGC has significant experience in optimally structuring transactions, enabling both entrepreneurs and existing investors to take a second bite at the apple Trusted Advisor of Growth / PE Financial Acquirers Trusted Advisor of PE- Backed Strategics Trusted Advisor of Public Strategic Acquirers Direct Senior Relationships with the Top PE & Strategic Buyers in Tech AGC Partners 56 San Francisco London Boston Total Attendees 1,585 414 719 2,718 Private Companies 485 112 225 822 Investors 343 85 190 618 Strategics 233 26 50 309 Total 1-on-1 Meetings 3,000 915 2,250 6,165 The Best Middle-Market Growth Technology Conferences Globally Confidential Materials. Do Not Distribute. Boston October, 2021 San Francisco June, 2022 London April, 2022 Premier Global Technology Conferences  AGC Partners is one of the only investment banks to hold middle-market industry conferences solely focused on driving relationships among strategic acquirers, PEs, and emerging private growth companies spanning all major tech sectors – At our last conference pre COVID in Feb’20 we had 3,000 one-on-ones  Offers insights from leaders in their respective industries, and direct engagement with the most active investors in the space  Includes 500+ early and growth stage technology companies (revenues $10-$100M ARR) and 600+ private equity firms and strategic acquirers  High caliber panels and 30-minute pre-arranged one-on-one meetings lead to hundreds of new leads, several new engagements, and drive the marketing efforts for pre-engaged clients  Upcoming Event: San Francisco Conference – June 6, 2022 Select Strategic Attendees Select Private Equity Attendees 1,585 Attendees $1.3T In AUM Represented 3,000 1-On-1 meetings 2020 San Francisco Conference Stats “We achieved in one single day the equivalent of 2+ weeks of prospecting work” “We achieved in one single day the equivalent of 2+ weeks of prospecting work” Testimonials “We achieved in one single day the equivalent of 2+ weeks of prospecting work” “Excellent and highly productive event; AGC gathers the most relevant group of companies and PE/VC investors in one place” “Superb event and opportunity for entrepreneurs to tell their story to the investor community” AGC Partners 57