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Quarterly Software Industry Update – Q1 2023 1 Q1-2023 Software Industry Update Quarterly Software Industry Update – Q1 2023 2 I. Vista Point Advisors Overview Quarterly Software Industry Update – Q1 2023 3 A Truly Unconflicted Approach Vista Point Advisors Is The Leading Sell-Side Investment Bank Exclusively Focused On M&A and Capital Raising For Founder-Led Software And Internet Companies ▪ Focus on Founder-Led minimally-funded businesses ▪ Unconflicted advice: exclusively a sell-side advisor ▪ Software and Internet domain expertise Quarterly Software Industry Update – Q1 2023 4 102 TRANSACTIONS 18 INVESTMENT BANKERS 24% CROSS BORDER TRANSACTIONS $25 - $350M TRANSACTION SIZE RANGE $7.3B TOTAL ENTERPRISE VALUE 11+ Years AVERAGE SENIOR BANKER TENURE AT VPA 100% SELL-SIDE TRANSACTIONS 1,500+ LOIs RECEIVED 900+ BUYER RELATIONSHIPS Key VPA Metrics Quarterly Software Industry Update – Q1 2023 5 Leading Advisor to Founder-Led Tech Companies We have worked with exceptional companies over the years. Here’s a snapshot of our results: investment from acquired by acquired by acquired by acquired by acquired by acquired by investment from acquired by investment from acquired by acquired by acquired by investment from acquired by investment from acquired by acquired by investment from acquired by investment from acquired by investment from investment from acquired by acquired by investment from investment from acquired by investment from acquired by acquired by investment from acquired by acquired by acquired by acquired by acquired by acquired by acquired by investment from investment from investment from investment from acquired by Undisclosed investment from acquired by acquired by acquired by acquired by Quarterly Software Industry Update – Q1 2023 6 Resources for Founders VPA knows the process of selling your business or raising capital can be opaque and confusing for many founders. That’s why we have created a dedicated guide specifically designed to educate founders on the process and address the challenges they face including: ▪ Deciding to sell your business ▪ How to position your company ▪ How to run a competitive process ▪ Diligence and life post-transaction CLICK HERE TO ACCESS FOUNDER RESOURCES By: Jake Harrington Founder, On-Site Reaching a High Valuation Through Strategic Positioning Selling Our Business to Accelerate Growth By: Smita Bakshi Co-Founder, zyBooks Keeping Buyers Competitive Through Non-Exclusive Diligence By: Jonathan Pototschnik Co-Founder, Service Autopilot Quarterly Software Industry Update – Q1 2023 7 II. Q1-2023: M&A and Financing Activity Quarterly Software Industry Update – Q1 2023 8 Q1-2023 Software M&A Market Summary ▪ Software M&A deal volume for Q1-2023 , at 450 transactions, is slightly above what we saw in Q1-2022 and on track with the continued market recovery after excluding the spike in the 2021 Tech market following Covid-19 ▪ The average disclosed deal value in 1Q-2023 was $138M, up from an average disclosed deal value of $75m in 1Q-2021 ▪ Software valuations, at an average EV/Revenue multiple of 6.7x, are continuing to climb out of the decline in technology valuations seen during 2022 ▪ Valuations in Q1-2023 are up compared to many recent quarters and generally more in-line with where software valuations have been over the last few years as the economy battles higher interest rates ▪ Notable Transactions in Q1-2023 Include: ▪ Vista Equity Partners take private of KnowBe4 for $4.6 billion (13.7x rev multiple) ▪ Thoma Bravo’s recapitalization of UserTesting for $1.3 billion (6.1x rev multiple) ▪ Silver Lake and CPP Investments’ take private of Qualtrics for $12.5 billion (7.7x rev multiple) Key Trends & Notable Transactions Year-Over-Year Performance, by Quarter Key Metrics *All data from Pitchbook as of 3/31/2023 $62.1B Total Disclosed Deal Value 450 Software Transactions 6.7x Average EV/Rev. Multiple 372 340 662 446 450 359 283 715 600 365 364 715 523 415 555 876 473 1,511 1,542 2,968 2,042 0 1,000 2,000 3,000 2019 2020 2021 2022 2023 YTD Q1 Q2 Q3 Q4 Quarterly Software Industry Update – Q1 2023 9 Q1-2023 Software M&A Activity ▪ Despite the Fed rate hike campaign and uncertainty of where long-term rates will land, Q1-2023 posted an average 6.7x EV/Revenue multiple, slightly outpacing the 6.5x EV/Revenue multiple from Q1-2022 and higher than any quarterly average seen during all of 2019 or 2020 ▪ In Q1-2023, there were 450 Software M&A transactions, in-line with deal volume compared to Q1-2022 and above historical averages when compared to 2019 – 2020 *All data from Pitchbook as of 3/31/2023 Average EV/Revenue Multiple Total Transaction Volume Commentary 372 359 365 415 340 283 364 555 662 715 715 876 446 600 523 473 450 0 250 500 750 1000 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 5.9x 6.1x 3.6x 3.4x 6.5x 4.8x 3.2x 4.2x 5.6x 7.1x 7.8x 8.4x 6.5x 8.3x 6.0x 5.5x 6.7x 0.0x 2.5x 5.0x 7.5x 10.0x Total Disclosed Deal Value $48B $43B $23B $37B $5B $17B $35B $47B $50B $125B $58B $64B $79B $144B $71B $51B $62B $0B $50B $100B $150B Quarterly Software Industry Update – Q1 2023 10 11 11 13 14 15 19 22 25 30 53 0 20 40 60 40 41 50 52 55 56 87 93 98 132 0 50 100 150 *All transaction data pulled from the past 36 months from Pitchbook; Top Buyer & Investor deal number is all software deals within the date range 2020 – Mar. 2023 from Pitchbook Software M&A: Top Buyers & Industry Verticals Top Strategic Buyers Top Private Equity Buyers Ranked by # Transactions Q1-20 – Q1-23 Top Verticals in Q1-2023 Ranked by # Transactions Q1-23 1.6% 2.4% 2.4% 2.7% 2.9% 3.1% 3.1% 3.6% 3.6% 4.7% 5.1% 5.3% 6.0% 6.9% 7.3% 8.0% 10.0% 10.9% 11.8% 0.0% 4.0% 8.0% 12.0% LegalTech E-Commerce Enablement GovTech & Non-Profit Real Estate Accounting / ERP Document Management /… Marketing Automation FSM Travel & Hospitality Communications Security GRC IT / Infrastructure Healthcare EdTech HR / HCM Inventory / Supply Chain Sales Enablement FinTech Document Mgmt. / Workflow Quarterly Software Industry Update – Q1 2023 11 Q1-2023: Select Software M&A Transactions Source: Pitchbook as of 3/31/2023 Date Target/Issuer Buyers/Investors Deal Size EV/Revenue Industry Target Description Jan-03 ServiceMax PTC $1,460 N/A FSM Provider of asset-centric field service management intended to offer cloud-based software that improves the productivity of complex and equipment-centric service execution. Jan-03 SurePrep Thomson Reuters $500 8.3x Accounting / ERP Developer of professional tax automation software designed for accounting firms. Jan-05 Talend Thoma Bravo $2,400 N/A BI / Analytics, IT / Infrastructure Developer of big data integration and data management software intended to operationalize disparate data and solve complex business problems. Jan-10 InstaDeep BioNTech $439 N/A EdTech Developer of a decision-making platform designed to ensure talent retention and provide training. Jan-11 UserTesting Sunstone Partners, Thoma Bravo $1,300 6.1x Sales Enablement Enterprise-grade SaaS platform that enables organizations to see and hear the experiences of real people as they engage with products, designs, apps, processes, concepts, or brands. Jan-20 Magnet Forensics Grayshift, Thoma Bravo $1,332 13.5x Security, GovTech & Non- Profit Developer of digital investigation software that acquires and manages evidence from digital sources, including computers, mobile devices, IoT devices and cloud services. Jan-24 Benefitfocus Voya Financial $570 2.1x FinTech Cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers. Jan-31 Micro Focus International OpenText $7,298 N/A BI / Analytics Enterprise software that helps leverage IT investments, enterprise applications and emerging technologies to address rapidly evolving business requirements. Quarterly Software Industry Update – Q1 2023 12 Source: Pitchbook as of 3/31/2023 Date Target/Issuer Buyers/Investors Deal Size EV/Revenue Industry Target Description Jan-03 ServiceMax PTC $1,460 N/A FSM Provider of asset-centric field service management intended to offer cloud-based software that improves the productivity of complex and equipment-centric service execution. Jan-03 SurePrep Thomson Reuters $500 8.3x FinTech Developer of professional tax automation software designed for accounting firms. Jan-05 Talend Thoma Bravo $2,400 N/A BI / Analytics, IT / Infrastructure Developer of big data integration and data management software intended to operationalize disparate data and solve complex business problems. Jan-10 InstaDeep BioNTech $439 N/A EdTech Developer of a decision-making platform designed to ensure talent retention and provide training. Jan-11 UserTesting Sunstone Partners, Thoma Bravo $1,300 6.1x Sales Enablement Enterprise-grade SaaS platform that enables organizations to see and hear the experiences of real people as they engage with products, designs, apps, processes, concepts, or brands. Jan-20 Magnet Forensics Grayshift, Thoma Bravo $1,332 13.5x Security, GovTech & Non- Profit Developer of digital investigation software that acquires and manages evidence from digital sources, including computers, mobile devices, IoT devices and cloud services. Jan-24 Benefitfocus Voya Financial $570 2.1x FinTech Cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers. Jan-31 Micro Focus International OpenText $7,298 N/A BI / Analytics Enterprise software that helps leverage IT investments, enterprise applications and emerging technologies to address rapidly evolving business requirements. Feb- 1 Envas WiseTech Global $230 6.6x Inventory / Supply Chain Developer of cloud-based transportation management systems and mobile applications designed to assist intermodal transportation providers. Feb- 1 KnowB 4 Vista Equity Partners $4,600 13.7 GRC, Security Security awareness framework that allows businesses to assess, track, and mitigate the ongoing threat of social engineering attacks to their cybersecurity. Feb- 3 Power Marqeta $275 / FinTech, Sales Enablement Developer of financial technology designed to offer the next generation of co-branded credit cards. Feb-07 MarkLogic Pr gress Software 355 3.6x BI / Analytics, GovTech & Non-Profit Developer of a metadata refining platform intended for government agencies, financial enterprises, insurance companies and manufacturing companies. Feb-08 Sumo Logic Francisco Partners ,7 4.8x BI / Analytics, IT / Infrastructure Sof wa e that enables organizations of all sizes to address the challenges and opportunities presented by digital transformation, modern applications, and cloud computing. Feb- 3 Paya Nuvei ,00 4.1x FinTech Pro ider of inte rated payment and frictionless com erce solutions that help customers accept and make payments, exp dit receipt of money, and increase operating efficiencies. Feb- Valtix Cisco Systems N/A N/A Security Developer of a multi-cloud network security platform designed to combine robust security with cloud-first simplicity. Feb-27 Coupa Abu Dhabi Investment Authority, General Atlantic, Thoma Bravo 8,000 9.8x BI / Analytics, Inventory / Supply Chain Cloud-bas d provid r of business spending management solutions to optimize supply chains and impr ve effici ncy. Q1-2023: Select Software M&A Transactions Quarterly Software Industry Update – Q1 2023 13 Feb-28 Key2Act Volaris Group N/A N/A FSM The company's FSM software platform facilitates building optimization, service workflow automation, and energy efficiency assessments. Mar-02 Axis Security Hewlett Packard Enterprise $500 N/A IT / Infrastructure Developer of a cloud security platform designed to offer secure access to business applications. Mar-12 Qualtrics CPP Investments, Silver Lake $12,500 7.7x Sales Enablement Software that is purpose-built to help organizations collect feedback and data across the four vital signs of a business: Customers, Employees, Brand, and Product. Mar-13 Momentive STG Partners $1,500 2.7x Sales Enablement, BI / Analytics The company is engaged with providing survey software products and purpose-built solutions that enable organizations to engage with their key constituents. Mar-14 Cvent Abu Dhabi Investment Authority, Blackstone , Vista Equity Partners $4,600 7.3x Sales Enablement Cloud-based platform of enterprise event marketing and management and hospitality solutions. Mar-24 EVO Payments Global Payments $4,000 6.7x FinTech The company offers payment transaction processing, fraud & loss prevention, cashback, accelerated funding, currency conversion, loyalty programs, and receivables management. Mar-27 Twilio (Individual Unit) KORE Wireless Group N/A N/A Communications A business unit of Twilio, which is a provider of communication software intended to offer internet of things (IOT) solutions. Mar-30 Duck Creek Technologies Vista Equity Partners $2,600 7.5x FinTech Leading SaaS provider of core systems for the P&C insurance industry, including distribution management, reinsurance management, digital management, data insights and more. Source: Pitchbook as of 3/31/2023 Date Target/Issuer Buyers/Investors Deal Size EV/Revenue Industry Target Description Jan-03 SrviceMax PTC $1,460 / FS Provider of asset-centric field service management intended to offer cloud-based software that improves the productivity of complex and equipment-centric service execution. Jan-03 SurePrep Thomson Reuters 8.3x FinTech eveloper of professional ax aut mation software designed for acco nting firms. Jan-05 Talend Thoma Bravo $ ,4 N/A BI / Analytics, IT / Infrastructure Developer of big data integrati n and data management softwar intended to operati naliz disparate data and solve complex business r blems. Jan-10 InstaDeep BioNTech $439 N/A EdTech Developer of a decision-making platform designed to ensure talent retention and provide training. Jan-11 UserTesting Sunstone Partners, Thoma Bravo $1,300 6.1x Sles E le ent Enterprise-grade SaaS platform that enables organiz tions to see and hear the experiences of real people as they engage with products, designs, apps, processes, concepts, or brands. Jan-20 Magnet Forensics rayshift, Thoma Bravo $1,332 13.5x Security, GovTech & Non- Profit Developer of digital investigation software that acquires and manages evidence from digital sources, including computers, mobile devices, IoT devices and cloud services. Jan-24 Benefitfocus Voya Financial $570 2.1x FinTech Cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers. Jan-31 Micro Focus International OpenText $7,298 N/A BI / Analytics Enterprise software that helps leverage IT investments, enterprise applications and emerging technologies to address rapidly evolving business requirements. Q1-2023: Select Software M&A Transactions Quarterly Software Industry Update – Q1 2023 14 III. Public Company Performance Quarterly Software Industry Update – Q1 2023 15 Public Software Company Performance in Q1-2023 26.0x Avg. EV/LTM EBITDA 5.5x Avg. EV/LTM Revenue ▪ Public software companies have seen some recovery from the significant compression of trading multiples in the past 12 months, with the average of EV/LTM Revenue for all software reaching 5.5x in March 2023 ▪ The VPA SaaS index, listed on the following slide in detail, is trading at a multiple of 6.9x EV/LTM Revenue as of March 2023, up from the cyclical low of 5.7x in November 2022 ▪ Software M&A remains more protected, while the public markets struggled significantly in 2022 and are still recovering to pre-2021 levels ▪ In today’s market, profitability is once again critical to establishing a premium valuation for software companies, the strategy of growth-at-all-costs is no longer being rewarded by public investors ▪ After the instability of the Covid-19 pandemic and extreme Fed tightening cycle, investors are prioritizing profitability today as opposed to years or decades into the future Key Trends Average LTM EV/Revenue Multiples1 As of March 31, 2022, Public Software Companies are Trading at… Source: Pitchbook as of 3/31/2022; High Margin Software includes companies with 30%+ EBITDA Margins and High Growth includes companies with 30%+ Revenue Growth % of 52-Week High1 62% Of 52-Week High 62% 80% 57% 67% 0% 25% 50% 75% 100% All Software High Margin High Growth VPA SaaS Index 5.5x 9.1x 6.8x 6.9x 0.0x 2.5x 5.0x 7.5x 10.0x All Software High Margin High Growth VPA SaaS Index Quarterly Software Industry Update – Q1 2023 16 VPA SaaS Index Snapshot The VPA SaaS Index is comprised of 118 public SaaS companies and is designed to track the performance of emerging public companies involved in providing cloud software across key industry verticals VPA SaaS Index Members Source: Pitchbook as of 3/31/2022 Median EV/Revenue Multiple 11.6x 11.0x 10.0x 9.6x 7.5x 7.2x 7.2x 7.4x 6.3x 6.1x 5.7x 5.8x 6.1x 6.7x 6.4x 0.0x 3.0x 6.0x 9.0x 12.0x Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Quarterly Software Industry Update – Q1 2023 17 26.0x 23.3x 17.9x -10.0x 0.0x 10.0x 20.0x 30.0x All Software High Margin High Growth VPA SaaS Index 62% 80% 57% 67% 0% 25% 50% 75% 100% All Software High Margin High Growth VPA SaaS Index LTM EV / Revenue LTM EV / EBITDA Public Market Performance Over Last 24 Months % of 52 Week High Source: Pitchbook as of 3/31/2022 Software Public Market Performance 5.5x 9.1x 6.8x 6.9x 0.0x 2.5x 5.0x 7.5x 10.0x All Software High Margin High Growth VPA SaaS Index NASDAQ, 93% S&P 500, 108% All Software, 90% VPA SaaS Index, 58% High Growth Software, 62% High Margin Software, 113% 40% 70% 100% 130% 160% Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 NASDAQ S&P 500 All Software VPA SaaS Index High Growth Software High Margin Software % of 01.01.2021 Trading Value NM Quarterly Software Industry Update – Q1 2023 18 Recent Public Market Performance by Industry Source: Pitchbook as of 3/31/2022 5.3x 5.3x 4.8x 6.0x 4.4x 3.6x 5.6x 9.5x 5.7x 7.3x 3.6x 7.8x 7.9x 7.1x 4.7x 5.0x 3.4x 3.9x 7.3x 3.7x 0.0x 2.5x 5.0x 7.5x 10.0x 11% 23% 12% 9% 15% 8% 8% 13% 6% 12% 8% 5% 12% 10% 17% 25% 13% 14% 11% 8% 0% 6% 12% 18% 24% 64% 64% 60% 76% 66% 67% 69% 79% 75% 79% 59% 75% 75% 68% 68% 68% 48% 64% 65% 62% 0% 25% 50% 75% 100% Average Industry EV/Revenue Multiple Average Industry Stock Price Increase in the past 3-Months Average Industry % of 52-Week High Quarterly Software Industry Update – Q1 2023 19 Accounting / ERP BI / Analytics Document Management / Workflow Communications E-Commerce Enablement EdTech Field Service Management VPA Public Company Coverage Quarterly Software Industry Update – Q1 2023 20 FinTech HR / HCM Governance, Risk & Compliance Healthcare Inventory / Supply Chain IT / Infrastructure GovTech & Non-Profit VPA Public Company Coverage Quarterly Software Industry Update – Q1 2023 21 VPA Public Company Coverage LegalTech Marketing Automation Real Estate Sales Enablement Security Travel & Hospitality Quarterly Software Industry Update – Q1 2023 22 As of IPO Date $ Change Date Company Raised Mkt Cap EV EV/Rev Since IPO Sector Target Description Mar-13, 2023 Xiao-i Robot $39m $189m $166m 4.6x 2% BI / Analytics Operator of an artificial intelligence platform intended to increase the productivity of various industries. Mar-01, 2023 Beamr $8m $55m $55m 17.1x (51%) Video Management Developer of a video optimization technology platform designed for use in on-premise and cloud implementations. Feb-09, 2023 Nextracker $638m $3,458m $3,542m 1.9x 51% ESG Developer of horizontal solar tracker technologies designed to secure a brighter, cleaner future for generations to come. Feb-10, 2022 HeartCore $15m $95m $97m 11.0x (81%) Sales Enablement Developer of a customer experience management platform designed to personalize content for each and every individual. Dec-15, 2021 Samsara $805m $11,689m $11,956m 18.3x (14%) Inventory / Supply Chain Developer of connected operations cloud platform designed to manage vehicle fleets and industrial operations. Dec-09, 2021 HashiCorp $1,224m $15,204m $15,406m 32.4x (63%) IT / Infrastructure Developer of a cloud infrastructure automation platform designed to solve development, operations and security challenges in infrastructure. Nov-19, 2021 Definitive Healthcare $396m $5,633m $5,551m 24.9x (71%) Healthcare Developer of a SaaS platform intended to help healthcare companies commercialize. Nov-17, 2021 Braze $520m $6,572m $6,611m 18.6x (47%) Sales Enablement Developer of customer engagement platform designed for marketing, growth and engagement teams. Nov-11, 2021 Weave $120m $1,677m $1,716m 12.1x (79%) Sales Enablement Developer of a customer experience management platform designed to build loyalty and keep customers coming back. Nov-10, 2021 Expensify $263m $2,053m $2,070m 12.2x (70%) FinTech Developer of a corporate card and online expense- report management platform intended to offer a simple way to manage expenses. Ten Most Recent Software IPOs Note: $ in millions. EV/Revenue multiples in excess of 50x are considered not meaningful. All figures are as of the IPO date. Source: Pitchbook as of 3/31/2022 Quarterly Software Industry Update – Q1 2023 23 IV. Appendix Quarterly Software Industry Update – Q1 2023 24 Public Company Valuation & Operating Metrics Accounting / ERP 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 87% 12% 65% 18% 29% 7.0x 6.9x 22.5x 22.3x Median 89% 14% 70% 21% 26% 7.5x 7.2x 21.5x 23.4x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Accounting / ERP Microsoft $288.30 91% $2,114,412 $2,075,031 $204,094 10% 68% 47% 58% 10.2x 9.9x 21.5x 20.9x Oracle 92.92 100% 244,359 327,910 47,958 15% 74% 38% 52% 6.8 6.6 18.2 13.2 SAP 126.56 100% 145,986 152,298 32,458 (1%) 71% 21% 19% 4.7 4.4 22.7 14.3 Intuit 445.65 88% 123,466 129,072 13,684 20% 79% 26% 45% 9.4 9.1 36.9 23.4 International Business Machines 131.09 86% 117,216 162,567 60,530 6% 54% 12% 17% 2.7 2.6 23.2 10.5 Thomson Reuters 130.00 100% 60,784 64,463 6,627 4% 64% 46% 50% 9.7 9.5 21.1 24.2 Wolters Kluwer 126.87 100% 31,247 33,539 5,733 5% - 31% 36% 5.9 5.5 19.0 17.1 Tyler Technologies 354.64 79% 14,390 15,225 1,850 16% 42% 21% 37% 8.2 7.8 39.2 31.5 The Sage Group 9.60 96% 9,453 10,272 2,485 (2%) 93% 24% 22% 4.1 3.9 17.4 16.0 Xero 60.05 73% 9,109 9,176 820 23% - 3% 26% 11.2 8.9 - 33.8 Workiva 102.41 82% 5,307 5,249 538 21% - (14%) 7% 9.8 8.4 - - BlackLine 67.12 85% 3,906 4,256 523 23% 75% (3%) 20% 8.1 7.2 - - Technology One 9.76 91% 3,169 3,077 262 - 87% 41% - 11.7 10.9 28.5 25.2 Vertex 20.68 97% 3,161 3,132 492 16% 61% 13% 28% 6.4 5.7 49.2 33.3 Zuora 9.88 64% 1,241 1,112 384 14% - (25%) (10%) 2.9 2.6 (11.7) 26.3 One Software Technologies 10.19 54% 732 783 954 14% 16% 11% 24% 0.8 - 7.8 - Revenue Company Quarterly Software Industry Update – Q1 2023 25 Mean 66% 23% 70% -13% 12% 5.3x 4.7x (7.8x) 9.8x Median 63% 21% 72% -14% 5% 4.8x 4.5x (10.2x) 15.9x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 BI / Analytics Datadog $72.68 46% $21,724 $20,677 $1,675 63% 79% (1%) 62% 12.3x 9.9x - - Palantir Technologies 8.45 57% 17,126 14,819 1,906 24% 79% (19%) 5% 7.8 6.7 (41.8) 27.7 Splunk 95.91 64% 15,269 17,339 3,654 37% 78% (4%) 33% 4.7 4.5 - 23.7 NICE 224.89 94% 14,304 13,523 2,181 14% 69% 23% 37% 6.2 5.7 26.7 16.6 Qualtrics 17.83 60% 10,801 10,359 1,459 36% 71% (65%) (29%) 7.1 6.2 (11.0) 45.5 UiPath 17.56 75% 9,298 7,604 1,059 19% 83% (30%) (11%) 7.2 6.1 (24.1) - Elasticsearch 57.90 60% 5,412 5,131 1,028 28% 72% (19%) 9% 5.0 4.8 (25.6) - New Relic 75.29 93% 4,990 4,760 889 18% 71% (13%) 5% 5.4 4.5 (41.1) 29.2 Dun & Bradstreet 11.74 66% 4,965 8,413 2,225 3% 68% 34% 36% 3.8 3.7 11.2 9.4 Teradata 40.28 81% 4,022 4,090 1,795 (6%) 60% 12% 5% 2.3 2.2 19.5 10.5 Alteryx 58.84 77% 3,928 4,525 855 60% 86% (31%) 28% 5.3 4.6 (17.0) 49.8 Pegasystems 48.49 59% 3,787 4,178 1,318 9% 72% (10%) (2%) 3.2 3.0 (30.5) 23.9 Endava 67.18 48% 3,713 3,571 926 22% 34% 16% 38% 3.9 3.6 24.1 16.0 MicroStrategy 292.32 57% 3,601 6,004 499 (2%) 79% - - 12.0 11.9 (4.8) - C3.ai 33.57 100% 3,100 2,333 267 15% 70% - - 8.7 8.8 (8.6) (35.2) Appian 44.37 68% 3,082 3,070 468 27% 72% (30%) (3%) 6.6 5.8 (21.7) (42.4) PagerDuty 34.98 95% 2,994 2,820 371 32% 81% (31%) 1% 7.6 6.3 (24.8) - nCino 24.78 52% 2,602 2,620 408 49% 58% (15%) 34% 6.4 5.5 (43.2) 43.9 Verint Systems 37.24 66% 2,319 2,935 902 3% 67% 14% 17% 3.3 3.1 23.1 11.5 Zeta Global 10.83 80% 2,188 2,251 591 29% - (37%) (9%) 3.8 3.3 (10.2) 19.2 GlobalData Holding 15.11 86% 1,801 2,140 300 15% 48% 30% 45% 7.1 6.3 23.9 15.9 Sumo Logic 11.97 95% 1,465 1,165 301 24% 68% (37%) (13%) 3.9 3.4 (10.5) (37.7) Momentive 9.32 50% 1,400 1,430 481 8% 82% (11%) (2%) 3.0 2.9 (27.8) 15.8 Amplitude 12.44 58% 1,357 1,138 238 42% 70% (39%) 3% 4.8 4.0 (12.3) - Yext 9.61 97% 1,140 1,069 401 3% - (10%) (7%) 2.7 2.6 (27.7) 23.8 WalkMe 10.74 60% 901 656 245 27% 78% (42%) (15%) 2.7 2.4 (6.4) (32.3) Pagaya 1.01 3% 695 808 652 - 42% (42%) - 1.2 1.0 (3.0) - Domo 14.22 25% 454 516 309 20% 76% (32%) (12%) 1.7 1.6 (5.2) - Mitek Systems 9.56 63% 416 478 140 19% 90% 20% 39% 3.4 2.9 17.4 9.4 Semantix 4.39 50% 354 290 40 - 42% - - 7.3 4.7 (5.3) (28.6) Red Violet 17.60 59% 250 219 53 21% 77% 13% 34% 4.1 - 31.1 - Revenue Company Business Intelligence / Analytics Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Quarterly Software Industry Update – Q1 2023 26 Communications Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 62% 19% 63% -3% 14% 4.8x 4.2x 5.5x 9.5x Median 67% 17% 65% 0% 16% 2.5x 2.4x 9.6x 11.4x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Communications Microsoft $288.30 91% $2,114,412 $2,075,031 $204,094 10% 68% 47% 58% 10.2x 9.9x 21.5x 20.9x Qualcomm 127.59 81% 142,051 150,690 42,958 19% 57% 36% 56% 3.5 4.0 9.6 10.4 Atlassian 171.17 54% 41,157 40,788 3,180 31% 83% (4%) 27% 12.8 11.7 - - Zoom Video Communications 73.83 58% 21,168 15,852 4,393 7% - 8% 15% 3.6 3.6 47.8 9.2 NICE 224.89 94% 14,304 13,523 2,181 14% 69% 23% 37% 6.2 5.7 26.7 16.6 Twilio 66.63 38% 11,868 8,952 3,826 35% 47% (25%) 9% 2.3 2.1 (9.3) 15.5 Amdocs 96.01 99% 11,457 11,573 4,658 8% 36% 19% 27% 2.5 2.4 13.3 11.0 Juniper Networks 34.42 92% 10,939 11,567 5,301 12% 56% 15% 27% 2.2 2.0 14.7 9.9 Ciena 52.52 85% 7,749 8,222 3,845 4% 42% 10% 14% 2.1 1.9 20.4 12.1 Asana 21.13 50% 4,298 4,041 547 45% 90% (72%) (28%) 7.4 6.3 (10.2) (36.3) Freshworks 15.36 76% 4,278 3,165 498 34% 81% (45%) (11%) 6.4 5.4 (14.1) - Sprout Social 60.85 71% 3,238 3,087 254 35% 76% (19%) 16% 12.2 9.3 - - RingCentral 30.67 24% 2,860 4,465 1,988 25% 68% (31%) (7%) 2.2 2.0 (7.2) 9.4 Viavi Solutions 10.83 66% 2,376 2,630 1,246 (1%) 59% 18% 17% 2.1 2.3 11.8 11.8 Everbridge 34.67 67% 1,340 1,641 432 17% 69% (1%) 16% 3.8 3.6 - 19.3 Ribbon Communications 3.41 70% 578 899 817 (5%) 49% (17%) (22%) 1.1 1.0 (6.3) 9.5 8X8 4.16 31% 450 896 741 23% 66% (4%) 19% 1.2 1.2 (29.4) 8.9 SoundHound 2.76 15% 433 468 31 47% 69% - - 15.0 10.2 (4.7) (16.6) Bandwidth 15.20 44% 378 685 573 17% 42% 10% 27% 1.2 1.2 12.3 15.2 LivePerson 4.41 17% 315 666 515 10% 64% (33%) (23%) 1.3 1.6 (3.9) 28.8 Ooma 12.51 75% 309 293 210 13% 63% 1% 14% 1.4 1.2 - 15.1 Revenue Company Quarterly Software Industry Update – Q1 2023 27 Document Management / Workflow Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 79% 17% 78% 2% 19% 6.0x 5.4x 1.7x 16.2x Median 82% 10% 79% -2% 21% 4.4x 4.1x 10.1x 16.3x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Document Management / Workflow Adobe $385.37 81% $175,178 $173,651 $17,999 12% 88% 39% 50% 9.6x 9.0x 24.9x 18.4x Atlassian 171.17 54% 41,157 40,788 3,180 31% 83% (4%) 27% 12.8 11.7 - - VeriSign 211.38 92% 21,616 22,425 1,425 7% 86% 69% 77% 15.7 15.0 22.7 19.4 NetApp 63.84 76% 13,384 12,933 6,461 4% 65% 20% 24% 2.0 2.0 10.1 7.5 Akamai Technologies 78.28 64% 11,965 14,034 3,617 4% 62% 35% 39% 3.9 3.8 11.2 9.4 Docusign 58.30 51% 11,416 11,272 2,516 19% 79% (0%) 19% 4.5 4.2 - 16.3 OpenText 38.54 89% 10,236 12,866 3,534 3% 70% 30% 33% 3.6 3.0 12.0 9.0 Dropbox 21.62 86% 7,515 8,466 2,325 8% 81% 15% 23% 3.6 3.4 24.4 9.4 Smartsheet 47.80 82% 6,174 5,785 767 39% 78% (26%) 14% 7.5 6.1 (29.6) - Wix.com 99.86 90% 5,646 5,713 1,388 9% - (33%) (24%) 4.1 3.8 (12.4) 44.7 New Relic 75.29 93% 4,990 4,760 889 18% 71% (13%) 5% 5.4 4.5 (41.1) 29.2 Alteryx 58.84 77% 3,928 4,525 855 60% 86% (31%) 28% 5.3 4.6 (17.0) 49.8 Pegasystems 48.49 59% 3,787 4,178 1,318 9% 72% (10%) (2%) 3.2 3.0 (30.5) 23.9 Box 26.79 77% 3,750 4,344 991 13% 75% 10% 24% 4.4 4.1 42.2 13.3 Sprout Social 60.85 71% 3,238 3,087 254 35% 76% (19%) 16% 12.2 9.3 - - CommVault Systems 56.75 82% 2,472 2,211 787 4% 83% 6% 10% 2.8 2.8 48.7 14.3 Yext 9.61 97% 1,140 1,069 401 3% - (10%) (7%) 2.7 2.6 (27.7) 23.8 Nitro Software 1.47 95% 369 344 67 31% 90% (44%) (12%) 5.2 4.4 (11.8) (45.3) Revenue Company Quarterly Software Industry Update – Q1 2023 28 E-Commerce Enablement Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 68% 27% 61% -13% 14% 4.4x 3.8x (2.6x) 6.6x Median 65% 25% 63% -8% 24% 3.7x 3.4x (5.2x) 13.5x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 E-Commerce Enablement PayPal Holdings $75.94 62% $84,163 $83,729 $27,518 8% 50% 17% 26% 3.0x 2.8x 17.4x 11.0x Shopify 47.94 65% 59,375 55,718 5,600 21% 49% (64%) (43%) 9.9 8.4 (15.4) - GoDaddy 77.72 88% 11,738 14,947 4,091 7% 64% 17% 24% 3.7 3.5 21.4 13.5 Wix.com 99.86 90% 5,646 5,713 1,388 9% - (33%) (24%) 4.1 3.8 (12.4) 44.7 DigitalOcean 39.17 63% 3,568 4,340 576 34% 63% 15% 49% 7.5 6.1 - 16.0 Flywire 29.33 89% 3,192 2,844 289 44% 63% (8%) 36% 9.8 7.9 - - EverCommerce 10.60 75% 1,904 2,348 621 27% 65% 13% 40% 3.8 3.4 29.3 17.0 Olo 8.16 57% 1,270 841 185 24% 69% (25%) (0%) 4.5 3.9 (18.4) - Riskified 5.64 84% 938 500 261 14% 52% (40%) (26%) 1.9 1.7 (4.8) (21.3) Grid Dynamics 11.46 47% 828 579 310 47% 39% (4%) 43% 1.9 1.6 (42.1) 10.2 VTEX 3.84 57% 708 477 158 25% 66% (34%) (9%) 3.0 2.6 (8.9) - BigCommerce 8.93 37% 632 678 279 27% 75% (47%) (20%) 2.4 2.2 (5.2) (45.2) Accesso Technology 8.60 76% 352 297 138 68% 74% 20% 88% 2.2 2.0 10.6 13.7 Revenue Company Quarterly Software Industry Update – Q1 2023 29 Education Technology Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 68% 37% 61% -1% 35% 3.6x 3.1x 6.8x 4.8x Median 69% 17% 63% 3% 24% 2.4x 1.9x 1.7x 8.9x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 EdTech Blackbaud $69.33 100% $3,623 $4,495 $1,058 14% 52% 8% 22% 4.2x 4.1x - 13.8x Instructure 25.90 82% 3,604 3,933 475 17% 64% 26% 43% 8.3 7.5 32.3 19.6 PowerSchool Group 19.82 76% 3,106 4,203 631 13% 57% 19% 32% 6.7 6.1 34.5 18.7 Stride 39.25 83% 1,683 1,929 1,761 10% 35% 14% 24% 1.1 1.1 7.8 6.8 Coursera 11.52 48% 1,613 847 524 26% 63% (31%) (5%) 1.6 1.4 (5.3) (28.1) Docebo 40.68 78% 1,274 1,274 134 44% 80% 3% 46% 9.5 7.0 - - Udemy 8.82 51% 1,243 791 629 22% 56% (21%) 1% 1.3 1.1 (5.9) (39.6) Learning Technologies Group 1.60 69% 1,238 1,441 608 200% - 16% 216% 2.4 1.9 14.6 8.9 Kahoot! 2.30 72% 1,060 978 140 102% 38% 1% 103% 7.0 5.7 - 21.7 Arco Platform 10.99 48% 816 1,082 297 49% 74% 21% 70% 3.6 2.7 17.4 7.9 2U 6.85 48% 518 1,390 963 2% 71% (14%) (12%) 1.4 1.4 (10.4) 8.8 Nerdy 4.18 79% 374 319 163 16% 69% (36%) (20%) 2.0 1.6 (5.5) - D2L 5.91 56% 303 198 167 16% 64% (7%) 9% 1.2 1.1 (16.9) 29.4 Kaltura 1.91 68% 253 226 169 2% 63% (31%) (29%) 1.3 1.3 (4.3) (32.3) 3P Learning 0.83 63% 232 226 73 17% - 13% 31% 3.1 3.0 23.1 26.4 Revenue Company Quarterly Software Industry Update – Q1 2023 30 Field Services Management Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 82% 15% 75% 18% 33% 9.5x 8.4x 18.9x 25.4x Median 81% 14% 78% 24% 38% 8.9x 8.4x 24.1x 25.7x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 FSM ServiceNow $464.72 81% $89,245 $87,197 $7,245 23% 78% 11% 34% 12.0x 9.8x - 31.3x Dassault Systemes 41.30 81% 51,561 52,443 5,956 4% 84% 39% 43% 8.8 8.0 22.4 22.6 Autodesk 208.15 89% 43,302 43,896 5,005 14% 90% 24% 38% 8.8 8.1 36.9 21.0 Trimble 52.41 70% 12,671 14,025 3,676 0% 57% 22% 23% 3.8 3.7 17.3 14.7 Bentley Systems 42.99 95% 12,277 14,029 1,099 14% 78% 28% 42% 12.8 11.5 46.1 33.7 Procore 62.63 91% 8,539 8,040 720 40% 79% (32%) 8% 11.2 9.0 (35.1) - Nemetschek Group 69.00 66% 7,589 7,555 851 9% 60% 34% 43% 8.9 8.4 25.9 28.9 Revenue Company Quarterly Software Industry Update – Q1 2023 31 Financial Technology Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 69% 19% 52% 10% 30% 5.5x 5.2x 5.9x 15.4x Median 76% 10% 52% 14% 31% 3.9x 3.9x 13.9x 15.5x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 FinTech PayPal Holdings $75.94 62% $84,163 $83,729 $27,518 8% 50% 17% 26% 3.0x 2.8x 17.4x 11.0x Fiserv 113.04 95% 70,978 92,354 17,737 9% 55% 37% 47% 5.2 5.2 13.9 11.7 MSCI 559.69 98% 43,932 47,582 2,249 10% 82% 58% 68% 21.2 19.3 36.8 32.2 Block 68.65 47% 41,233 37,927 17,532 (1%) 34% (1%) (2%) 2.2 1.9 - 28.5 Fair Isaac 702.69 99% 17,518 19,349 1,400 6% 78% 42% 47% 13.8 13.2 33.2 25.2 Broadridge Financial Solutions 146.57 80% 17,078 21,160 5,833 9% 28% 19% 27% 3.6 3.5 19.5 15.6 FactSet Research Systems 415.09 88% 15,709 17,193 1,924 18% 54% 34% 53% 8.9 8.2 26.0 22.6 SS&C Technologies 56.47 74% 13,913 20,848 5,283 5% 48% 35% 40% 3.9 3.8 11.2 9.6 Jack Henry & Associates 150.74 71% 10,801 11,050 1,995 7% 41% 32% 39% 5.5 5.4 17.1 17.1 Bill.com 81.14 33% 8,148 7,357 857 108% 80% (33%) 75% 8.6 7.3 (26.0) - Guidewire Software 82.05 85% 6,486 6,267 870 14% 45% (20%) (6%) 7.2 7.0 (35.9) - CCC Intelligent Solutions 8.98 78% 5,425 5,958 782 14% 73% 27% 41% 7.6 7.0 27.7 17.8 Temenos 69.27 64% 4,994 5,710 950 (2%) 66% 32% 30% 6.0 5.8 18.8 14.6 Shift4 Payments 75.80 99% 4,161 5,283 1,994 46% 24% 13% 59% 2.7 5.7 20.5 12.5 Flywire 29.33 89% 3,192 2,844 289 44% 63% (8%) 36% 9.8 7.9 - - Envestnet 58.67 69% 3,094 3,984 1,240 4% 62% 5% 9% 3.2 3.1 - 15.6 Affirm 11.27 23% 3,063 5,799 1,480 32% 49% (51%) (20%) 3.9 3.8 (7.6) (45.9) ACI Worldwide 26.97 82% 2,845 3,856 1,422 4% 51% 27% 31% 2.7 2.7 10.0 10.0 nCino 24.78 52% 2,602 2,620 408 49% 58% (15%) 34% 6.4 5.5 (43.2) 43.9 Payoneer 6.27 78% 2,186 1,668 628 33% 82% 4% 36% 2.7 2.1 - 13.3 Q2 Software 24.62 38% 1,374 1,672 566 13% 45% (8%) 6% 3.0 2.6 (38.8) 26.4 MeridianLink 17.30 89% 1,360 1,731 282 9% 64% 30% 39% 6.1 5.6 20.7 15.5 Sapiens International 21.72 81% 1,174 1,113 475 3% 42% 19% 22% 2.3 2.2 12.5 11.7 Alkami 12.65 71% 1,122 1,029 204 34% 53% (24%) 10% 5.0 4.0 (20.7) - Paymentus 8.86 39% 1,054 919 497 26% 30% 4% 30% 1.9 1.6 43.6 26.0 Expensify 8.15 32% 628 592 169 19% 63% (6%) 13% 3.5 3.2 - 12.5 Ebix 13.19 37% 397 969 1,050 6% 31% 14% 20% 0.9 1.0 6.4 6.1 Pagero 1.48 82% 219 229 58 - 18% (15%) - 3.9 3.1 (26.3) - Revenue Company Quarterly Software Industry Update – Q1 2023 32 Mean 76% 19% 73% 12% 27% 5.7x 5.3x 18.3x 17.1x Median 84% 16% 75% 24% 35% 4.3x 4.3x 15.5x 13.8x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 GovTech & Non-Profit Tyler Technologies $354.64 79% $14,390 $15,225 $1,850 16% 42% 21% 37% 8.2x 7.8x 39.2x 31.5x Blackbaud 69.33 100% 3,623 4,495 1,058 14% 52% 8% 22% 4.2 4.1 - 13.8 Technology One 9.76 91% 3,169 3,077 262 - 87% 41% - 11.7 10.9 28.5 25.2 Pushpay 0.87 90% 995 1,037 211 13% 68% 22% 35% 4.9 4.5 22.6 17.6 Dye & Durham 13.29 64% 753 1,613 368 23% 89% 42% 65% 4.4 4.9 10.4 8.9 Idox 0.78 90% 347 357 83 (3%) 77% 28% 25% 4.3 3.9 15.3 11.8 FiscalNote Holdings 2.23 18% 254 392 114 37% 72% (92%) (55%) 3.4 2.8 (3.7) - ReadyTech 2.08 76% 237 264 63 31% 93% 27% 58% 4.2 3.8 15.5 11.1 Revenue Company Government & Non-Profit Technology Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Quarterly Software Industry Update – Q1 2023 33 Governance, Risk & Compliance Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 80% 10% 64% 19% 29% 7.3x 6.5x 22.9x 19.3x Median 82% 10% 71% 19% 27% 6.0x 5.7x 19.0x 18.0x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 GRC Wolters Kluwer $126.87 100% $31,247 $33,539 $5,733 5% - 31% 36% 5.9x 5.5x 19.0x 17.1x Fair Isaac 702.69 99% 17,518 19,349 1,400 6% 78% 42% 47% 13.8 13.2 33.2 25.2 NICE 224.89 94% 14,304 13,523 2,181 14% 69% 23% 37% 6.2 5.7 26.7 16.6 Aspen Technology 228.86 87% 14,106 13,996 693 (3%) 92% 44% 41% 20.2 12.0 46.3 23.5 Genpact 46.22 95% 8,361 9,412 4,371 9% 35% 14% 23% 2.2 2.0 15.0 10.6 Workiva 102.41 82% 5,307 5,249 538 21% - (14%) 7% 9.8 8.4 - - Qualys 130.02 80% 4,654 4,374 490 19% 79% 33% 52% 8.9 7.9 26.8 18.9 Clearwater Analytics 15.96 73% 2,996 2,886 303 20% 71% (0%) 20% 9.5 8.0 - 29.6 Software 21.83 62% 1,595 1,793 962 (4%) 76% 18% 14% 1.9 - 10.5 - Sapiens International 21.72 81% 1,174 1,113 475 3% 42% 19% 22% 2.3 2.2 12.5 11.7 GB Group 3.72 43% 928 1,078 341 12% 71% 19% 31% 3.2 3.0 16.4 13.0 EQS Group 24.32 67% 248 276 65 19% 26% 5% 24% 4.3 3.6 - 27.2 Revenue Company Quarterly Software Industry Update – Q1 2023 34 Mean 61% 28% 54% -4% 24% 3.6x 3.1x 4.0x 8.6x Median 63% 18% 56% 7% 17% 2.8x 2.2x 1.3x 11.1x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Healthcare Veeva Systems $183.79 79% $27,892 $24,850 $2,155 16% 72% 23% 39% 11.5x 10.6x - 30.4x Agilon Health 23.75 81% 9,655 8,798 2,708 48% 4% (3%) 44% 3.2 2.0 - - Doximity 32.38 59% 6,034 5,249 402 27% 87% 33% 60% 13.1 10.4 39.4 24.3 Alight Solutions 9.21 90% 4,266 7,669 3,132 7% 32% 15% 23% 2.4 2.2 16.1 10.3 Persistent Systems 56.14 86% 4,247 4,203 984 40% 42% 18% 58% 4.3 - 23.5 - Teladoc Health 25.90 33% 3,973 4,641 2,407 18% 69% - - 1.9 1.8 (0.3) 15.7 Privia Health 27.58 62% 3,157 2,840 1,357 40% 10% (1%) 39% 2.1 1.8 - 39.4 CompuGroup Medical 50.90 79% 2,625 3,372 1,188 (2%) 85% 18% 16% 2.8 - 15.4 - GoodRx Holdings 6.25 30% 2,366 2,325 767 3% 92% 7% 10% 3.0 3.0 41.6 11.8 Hims & Hers Health 9.92 82% 2,066 1,892 527 94% 78% (11%) 83% 3.6 2.5 (32.5) - Schrodinger 26.33 72% 1,795 1,460 181 31% 56% (80%) (49%) 8.1 6.1 (10.1) (14.9) Apollo Medical Holdings 36.39 63% 1,687 1,638 1,138 48% 17% 10% 58% 1.4 1.2 14.9 12.6 Phreesia 32.29 81% 1,646 1,479 281 32% 61% (54%) (22%) 5.3 4.2 (9.8) (23.7) Allscripts Healthcare Solutions 13.04 56% 1,411 1,137 1,529 90% 43% 20% 109% 0.7 1.7 3.8 6.0 Model N 33.47 78% 1,264 1,273 227 12% 56% (2%) 10% 5.6 5.2 - 33.0 Alignment Healthcare 6.35 33% 1,167 923 1,434 23% 13% (8%) 15% 0.6 0.5 (8.1) (34.4) NextGen Healthcare 17.39 79% 1,130 1,165 626 6% 48% 11% 17% 1.9 1.6 16.6 9.1 Definitive Healthcare 10.34 34% 1,046 1,525 223 34% 81% 12% 46% 6.8 6.0 - 22.1 Accolade 14.38 74% 988 980 358 30% 47% - - 2.7 2.4 (2.4) (40.8) HealthStream 27.08 99% 801 770 267 4% 66% 20% 24% 2.9 2.7 14.4 13.2 MultiPlan 1.06 17% 678 5,126 1,080 (3%) 81% 14% 11% 4.7 5.3 33.1 8.3 Health Catalyst 11.65 42% 635 520 276 14% 48% (33%) (19%) 1.9 1.8 (5.7) - Amwell 2.36 44% 622 118 277 10% 42% (90%) (80%) 0.4 0.4 (0.5) (0.8) Sharecare 1.42 44% 504 381 438 14% 49% (10%) 5% 0.9 0.7 (8.9) 9.8 Cegedim 20.94 74% 281 341 584 (6%) 95% 20% 14% 0.6 0.5 3.0 2.5 CareMax 2.66 31% 274 596 631 113% 13% (2%) 111% 0.9 0.8 (38.7) 19.8 OptimizeRx 14.64 35% 248 174 62 2% 62% (16%) (15%) 2.8 2.5 (16.9) 36.0 Revenue Company Healthcare Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Quarterly Software Industry Update – Q1 2023 35 Human Resources / Human Capital Management Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 77% 25% 61% 8% 33% 7.8x 6.7x 5.4x 21.7x Median 81% 22% 69% 11% 31% 8.0x 7.3x 14.2x 23.0x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 HR / HCM Automatic Data Processing $222.63 81% $90,946 $92,923 $16,674 9% 42% 25% 34% 5.6x 5.2x 22.7x 19.0x ServiceNow 464.72 81% 89,245 87,197 7,245 23% 78% 11% 34% 12.0 9.8 - 31.3 Workday 206.55 84% 51,813 48,941 6,216 21% - 2% 23% 7.9 6.8 - 24.0 Paychex 114.57 81% 40,927 40,242 4,922 9% 71% 44% 53% 8.2 8.1 18.6 18.1 Paycom Software 304.01 75% 17,868 17,496 1,375 30% 85% 35% 66% 12.7 10.3 36.1 25.0 BOSS Zhipin 19.06 65% 15,296 13,424 689 18% 84% 11% 29% 19.5 15.2 - - Paylocity 198.76 72% 10,950 10,904 1,001 37% 67% 15% 52% 10.9 9.4 - 30.2 Ceridian HCM 73.22 92% 10,712 11,535 1,246 22% 38% 4% 26% 9.3 7.7 - 31.4 Monday.com 142.75 81% 6,525 5,717 519 68% 87% (27%) 42% 11.0 8.3 (41.0) - Smartsheet 47.80 82% 6,174 5,785 767 39% 78% (26%) 14% 7.5 6.1 (29.6) - TriNet Group 80.61 81% 4,729 4,851 4,885 8% 23% 13% 20% 1.0 3.9 7.8 10.0 Paycor 26.52 76% 4,547 4,497 485 26% 65% 1% 28% 9.3 8.3 - 29.1 Insperity 121.55 97% 4,492 4,151 5,939 19% 17% 5% 24% 0.7 0.6 14.3 11.0 Kainos Group 17.12 81% 2,129 2,024 434 18% 46% 16% 34% 4.7 3.9 28.7 22.0 ZipRecruiter 15.94 64% 1,612 1,602 905 22% - 13% 35% 1.8 2.1 14.1 8.8 Upwork Global 11.31 45% 1,433 1,329 618 23% 74% (12%) 11% 2.1 1.9 (18.0) - Revenue Company Quarterly Software Industry Update – Q1 2023 36 Inventory / Supply Chain Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 77% 33% 61% 14% 48% 7.9x 6.6x 14.9x 18.1x Median 81% 17% 64% 16% 37% 8.3x 7.6x 22.4x 20.9x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Inventory / Supply Chain SAP $126.56 100% $145,986 $152,298 $32,458 (1%) 71% 21% 19% 4.7x 4.4x 22.7x 14.3x ServiceNow 464.72 81% 89,245 87,197 7,245 23% 78% 11% 34% 12.0 9.8 - 31.3 Dassault Systemes 41.30 81% 51,561 52,443 5,956 4% 84% 39% 43% 8.8 8.0 22.4 22.6 PTC 128.23 92% 14,863 16,027 1,942 6% 80% 31% 37% 8.3 7.6 26.5 19.2 Aspen Technology 228.86 87% 14,106 13,996 693 (3%) 92% 44% 41% 20.2 12.0 46.3 23.5 Manhattan Associates 154.81 98% 9,431 9,220 767 16% 53% 21% 37% 12.0 11.1 - 41.7 Full Truck Alliance 7.61 75% 8,490 4,778 952 52% 48% - - 5.0 4.0 - - AutoStore 2.16 58% 7,645 7,919 531 - 59% 40% - 14.9 10.9 36.9 23.1 Descartes Systems Group 80.64 99% 6,700 6,431 473 17% 77% 40% 57% 13.6 11.7 33.7 26.6 SPS Commerce 152.12 97% 5,322 5,125 451 17% 66% 22% 39% 11.4 9.8 - 33.3 Endava 67.18 48% 3,713 3,571 926 22% 34% 16% 38% 3.9 3.6 24.1 16.0 Kinaxis 137.19 100% 3,691 3,522 367 46% 64% 15% 61% 9.6 8.3 - - C3.ai 33.57 100% 3,100 2,333 267 15% 70% - - 8.7 8.8 (8.6) (35.2) Agilysys 82.53 94% 2,007 1,952 192 26% 61% 8% 34% 10.2 8.4 - - E2open 5.82 63% 1,708 2,967 630 - 50% (34%) - 4.7 4.2 (13.8) 12.2 AvidXchange 7.80 66% 1,522 1,211 316 27% 63% (16%) 11% 3.8 3.3 (23.3) - Olo 8.16 57% 1,270 841 185 24% 69% (25%) (0%) 4.5 3.9 (18.4) - Karooooo 23.20 64% 721 685 204 15% 64% 24% 39% 3.4 2.8 14.1 7.2 American Software 12.61 59% 415 311 128 6% 61% 13% 18% 2.4 2.5 19.1 16.4 Tecsys 20.23 63% 293 276 111 3% 44% 5% 8% 2.5 2.5 45.8 42.1 Benson Hill 1.15 27% 228 258 381 319% 1% (15%) 305% 0.7 0.6 (4.7) (3.9) Revenue Company Quarterly Software Industry Update – Q1 2023 37 IT / Infrastructure Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 71% 27% 71% -9% 19% 7.1x 5.8x (2.3x) 15.0x Median 70% 25% 75% -9% 20% 5.4x 4.6x (5.3x) 13.5x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 IT / Infrastructure Alphabet $103.73 72% $1,294,664 $1,210,581 $282,836 10% 55% 30% 40% 4.3x 4.0x 14.2x 10.5x Cisco Systems 52.28 93% 210,648 197,474 53,161 3% 62% 29% 33% 3.7 3.5 12.6 9.7 Arista Networks 167.86 98% 49,786 46,806 4,381 49% 61% 37% 86% 10.7 8.5 28.9 20.5 Snowflake 154.29 63% 46,186 42,442 2,066 69% 65% (40%) 29% 20.5 14.7 - - Hewlett Packard Enterprise 15.93 92% 20,371 30,819 29,344 5% 33% 13% 18% 1.1 1.0 8.3 5.6 Cloudflare 61.66 48% 19,459 19,387 975 49% 76% (10%) 38% 19.9 14.5 - - MongoDB 233.12 49% 15,334 14,682 1,284 47% 73% (25%) 22% 11.4 9.8 (46.0) - Dynatrace 42.30 86% 11,695 11,347 1,097 26% 81% 13% 39% 10.3 8.3 - 33.7 Unity 32.44 29% 10,996 12,342 1,391 25% 68% (48%) (23%) 8.9 5.9 (18.4) 47.0 National Instruments 52.38 95% 6,805 7,251 1,657 13% 68% 17% 30% 4.4 4.1 26.0 15.7 Confluent 24.09 54% 6,614 5,805 586 51% 65% (75%) (24%) 9.9 7.6 (13.2) - Nutanix 25.98 77% 5,813 5,865 1,636 12% 80% (20%) (8%) 3.6 3.3 (18.3) 31.9 HashiCorp 29.24 49% 5,333 4,062 476 48% 82% (62%) (14%) 8.5 6.8 (13.8) (31.7) Tenable 47.51 75% 5,168 5,021 683 26% 77% (7%) 19% 7.3 6.2 - 49.3 GitLab 34.29 48% 4,989 4,107 424 68% 88% (43%) 25% 9.7 7.7 (22.3) - Informatica 16.40 69% 4,592 5,789 1,505 4% 77% 16% 20% 3.8 3.7 23.7 13.5 DigitalOcean 39.17 63% 3,568 4,340 576 34% 63% 15% 49% 7.5 6.1 - 16.0 Progress Software 57.44 97% 2,453 3,169 602 13% 84% 34% 48% 5.3 4.6 15.4 16.3 Extreme Networks 19.11 91% 2,354 2,452 1,180 9% 56% 9% 18% 2.1 1.9 23.2 12.3 Jamf 19.42 54% 2,320 2,460 479 31% 75% (18%) 13% 5.1 4.4 (28.4) - Fastly 17.76 89% 2,126 2,441 433 22% 48% (29%) (7%) 5.6 4.9 (19.1) - NetScout Systems 28.62 75% 2,003 1,854 898 2% 76% 17% 19% 2.1 2.0 12.0 8.6 JFrog 19.70 70% 1,925 1,506 280 35% 78% (27%) 9% 5.4 4.4 (20.0) - SolarWinds 8.60 63% 1,354 2,482 719 0% 87% - - 3.4 3.4 (3.4) 8.4 Couchbase 14.06 70% 621 461 155 25% 87% (41%) (16%) 3.0 2.7 (7.2) (11.8) Revenue Company Quarterly Software Industry Update – Q1 2023 38 Mean 69% 11% 74% 7% 17% 4.7x 4.4x 3.7x 11.5x Median 69% 13% 72% 6% 13% 4.0x 3.6x 11.2x 12.1x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 LegalTech Thomson Reuters $130.00 100% $60,784 $64,463 $6,627 4% 64% 46% 50% 9.7x 9.5x 21.1x 24.2x Docusign 58.30 51% 11,416 11,272 2,516 19% 79% (0%) 19% 4.5 4.2 - 16.3 OpenText 38.54 89% 10,236 12,866 3,534 3% 70% 30% 33% 3.6 3.0 12.0 9.0 IntApp 44.84 99% 2,809 2,774 309 27% 66% (24%) 3% 9.0 8.1 (37.8) - LegalZoom 9.38 58% 1,696 1,519 620 8% 66% (2%) 6% 2.4 2.4 - 15.2 Dye & Durham 13.29 64% 753 1,613 368 23% 89% 42% 65% 4.4 4.9 10.4 8.9 DISCO 6.64 18% 375 183 135 18% 75% (51%) (33%) 1.4 1.3 (2.7) (4.6) Nuix 0.89 75% 283 266 108 (18%) 86% 13% (5%) 2.5 2.3 19.5 - Revenue Company Legal Technology Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Quarterly Software Industry Update – Q1 2023 39 Mean 69% 21% 70% -5% 16% 5.0x 4.5x 1.0x 6.9x Median 76% 21% 74% -3% 25% 4.5x 3.7x 0.6x 11.9x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Marketing Automation Oracle $92.92 100% $244,359 $327,910 $47,958 15% 74% 38% 52% 6.8x 6.6x 18.2x 13.2x Salesforce 199.78 90% 196,600 198,180 31,352 18% 73% 14% 33% 6.3 5.7 44.6 15.5 Adobe 385.37 81% 175,178 173,651 17,999 12% 88% 39% 50% 9.6 9.0 24.9 18.4 Shopify 47.94 65% 59,375 55,718 5,600 21% 49% (64%) (43%) 9.9 8.4 (15.4) - HubSpot 428.75 83% 20,595 19,989 1,731 33% 82% (3%) 30% 11.5 9.7 - - ZoomInfo Technologies 24.71 40% 9,868 10,636 1,098 47% - 30% 77% 9.7 8.3 32.2 19.1 Freshworks 15.36 76% 4,278 3,165 498 34% 81% (45%) (11%) 6.4 5.4 (14.1) - Sprinklr 12.96 86% 3,339 2,777 589 28% 72% (12%) 15% 4.7 3.9 (38.0) - Zeta Global 10.83 80% 2,188 2,251 591 29% - (37%) (9%) 3.8 3.3 (10.2) 19.2 SEMrush 10.05 67% 1,376 1,151 254 35% 81% (10%) 25% 4.5 3.7 (43.8) - Thryv Holdings 23.08 76% 786 1,263 1,202 8% 65% 21% 29% 1.1 1.4 5.1 6.8 Taboola 2.71 50% 730 766 1,401 2% 33% 6% 7% 0.5 0.5 9.9 10.7 BigCommerce 8.93 37% 632 678 279 27% 75% (47%) (20%) 2.4 2.2 (5.2) (45.2) Ibex 24.40 78% 460 512 520 13% - 12% 25% 1.0 0.9 8.5 6.2 DotDigital Group 1.18 83% 337 280 81 (3%) 80% 30% 27% 3.5 3.4 11.5 10.3 LivePerson 4.41 17% 315 666 515 10% 64% (33%) (23%) 1.3 1.6 (3.9) 28.8 Weave 4.97 72% 314 274 142 23% 63% (22%) 0% 1.9 1.7 (8.7) (19.8) Revenue Company Marketing Automation Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Quarterly Software Industry Update – Q1 2023 40 Mean 50% 46% 35% -16% 30% 3.4x 3.4x (6.0x) 0.8x Median 44% 27% 18% -8% 8% 1.2x 1.7x (4.7x) (3.4x) Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Real Estate Black Knight $57.56 72% $8,861 $11,578 $1,552 5% - 38% 43% 7.5x 7.5x 19.6x 16.1x Procore 62.63 91% 8,539 8,040 720 40% 79% (32%) 8% 11.2 9.0 (35.1) - Appfolio 124.48 92% 4,365 4,255 472 31% 59% (7%) 24% 9.0 7.4 - - Compass 3.23 40% 1,345 1,750 6,018 (6%) 18% (8%) (15%) 0.3 0.4 (3.5) - Opendoor Technologies 1.76 19% 1,047 5,166 15,567 94% 4% (6%) 88% 0.3 0.6 (5.9) (7.5) Redfin 9.06 48% 895 1,922 2,284 19% 13% (11%) 8% 0.8 1.7 (7.8) - Matterport 2.74 31% 763 291 136 22% 38% (69%) (46%) 2.1 1.8 (3.1) (3.4) SmartRent 2.55 39% 462 252 168 52% 1% (59%) (8%) 1.5 1.0 (2.5) (11.8) LendingTree 26.63 21% 320 934 985 (10%) 94% 2% (9%) 0.9 1.0 - 10.6 Real Broker 1.21 51% 212 194 382 214% 8% (5%) 209% 0.5 - (10.0) - Revenue Company Real Estate Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Quarterly Software Industry Update – Q1 2023 41 Sales Enablement Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 66% 21% 68% -9% 12% 3.9x 3.4x (5.7x) 10.7x Median 67% 17% 72% -11% 15% 3.1x 2.9x (8.7x) 15.5x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Sales Enablement Salesforce $199.78 90% $196,600 $198,180 $31,352 18% 73% 14% 33% 6.3x 5.7x 44.6x 15.5x Twilio 66.63 38% 11,868 8,952 3,826 35% 47% (25%) 9% 2.3 2.1 (9.3) 15.5 Smartsheet 47.80 82% 6,174 5,785 767 39% 78% (26%) 14% 7.5 6.1 (29.6) - Concentrix 121.54 72% 6,143 8,185 6,324 13% 36% 16% 29% 1.3 1.2 8.3 7.3 Telus International 20.19 64% 5,514 6,353 2,468 12% 81% 22% 35% 2.6 2.2 11.6 9.2 Five9 72.32 60% 4,879 5,055 779 28% 53% (5%) 23% 6.5 5.6 - 31.1 Freshworks 15.36 76% 4,278 3,165 498 34% 81% (45%) (11%) 6.4 5.4 (14.1) - Pegasystems 48.49 59% 3,787 4,178 1,318 9% 72% (10%) (2%) 3.2 3.0 (30.5) 23.9 Sprinklr 12.96 86% 3,339 2,777 589 28% 72% (12%) 15% 4.7 3.9 (38.0) - EngageSmart 19.25 85% 3,123 2,843 304 41% 76% 13% 53% 9.4 7.4 - 41.9 Braze 34.58 68% 3,024 2,598 327 55% 67% (45%) 11% 7.9 5.9 (17.8) (44.5) Verint Systems 37.24 66% 2,319 2,935 902 3% 67% 14% 17% 3.3 3.1 23.1 11.5 Momentive 9.32 50% 1,400 1,430 481 8% 82% (11%) (2%) 3.0 2.9 (27.8) 15.8 Ibex 24.40 78% 460 512 520 13% - 12% 25% 1.0 0.9 8.5 6.2 ON24 8.76 62% 397 79 191 (6%) 72% (27%) (34%) 0.4 0.5 (1.5) (12.4) LivePerson 4.41 17% 315 666 515 10% 64% (33%) (23%) 1.3 1.6 (3.9) 28.8 Weave 4.97 72% 314 274 142 23% 63% (22%) 0% 1.9 1.7 (8.7) (19.8) eGain 7.57 63% 241 163 98 16% 73% 0% 16% 1.7 1.7 - 30.4 Revenue Company Quarterly Software Industry Update – Q1 2023 42 Security Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 66% 26% 75% 2% 28% 7.3x 6.1x 5.5x 17.0x Median 63% 22% 76% 4% 31% 6.7x 5.8x 12.3x 15.4x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Security Cisco Systems $52.28 93% $210,648 $197,474 $53,161 3% 62% 29% 33% 3.7x 3.5x 12.6x 9.7x Palo Alto Networks 199.74 93% 58,576 59,183 6,156 27% 70% 5% 31% 9.6 8.6 - 33.3 Fortinet 66.45 93% 51,599 50,379 4,417 32% 75% 24% 56% 11.4 9.3 47.5 32.9 CrowdStrike Holdings 137.27 57% 31,068 31,068 2,035 58% 74% (3%) 56% 15.3 10.4 - - VeriSign 211.38 92% 21,616 22,425 1,425 7% 86% 69% 77% 15.7 15.0 22.7 19.4 Cloudflare 61.66 48% 19,459 19,387 975 49% 76% (10%) 38% 19.9 14.5 - - Zscaler 116.84 46% 16,285 15,596 1,348 57% - (19%) 38% 11.6 10.0 - - Check Point Software Technologies 130.00 89% 16,006 14,369 2,291 7% 87% 39% 46% 6.3 5.9 16.2 13.7 Okta 86.24 53% 13,603 13,390 1,858 43% 71% (38%) 5% 7.2 6.2 (18.9) - NortonLifeLock 17.16 63% 10,725 20,041 3,107 13% 84% 39% 52% 6.5 5.2 16.4 9.6 CyberArk Software 147.98 82% 5,840 5,463 592 18% 79% (23%) (5%) 9.2 7.5 (40.5) - Tenable 47.51 75% 5,168 5,021 683 26% 77% (7%) 19% 7.3 6.2 - 49.3 Qualys 130.02 80% 4,654 4,374 490 19% 79% 33% 52% 8.9 7.9 26.8 18.9 SentinelOne 16.36 39% 4,404 3,808 422 106% 66% (89%) 18% 9.0 6.0 (10.2) (24.4) Varonis Systems 26.01 50% 2,642 2,226 474 21% 85% (22%) (1%) 4.7 4.2 (21.0) 43.6 Rapid7 45.91 39% 2,485 3,108 685 28% 69% (11%) 17% 4.5 4.0 (43.1) 38.3 Darktrace 3.19 48% 2,286 1,975 484 38% 89% 8% 47% 4.1 3.7 49.0 20.2 NetScout Systems 28.62 75% 2,003 1,854 898 2% 76% 17% 19% 2.1 2.0 12.0 8.6 ForgeRock 20.60 82% 1,781 1,496 218 23% 82% (28%) (5%) 6.9 5.7 (24.9) - Radware 21.53 65% 946 709 293 2% 82% 3% 6% 2.4 2.4 - 17.0 GB Group 3.72 43% 928 1,078 341 12% 71% 19% 31% 3.2 3.0 16.4 13.0 SecureWorks 8.56 63% 712 581 463 (13%) 59% (23%) (37%) 1.3 1.5 (5.4) (17.7) NCC Group 1.27 44% 584 684 424 8% 41% 16% 24% 1.6 1.6 9.9 9.5 Absolute Software 7.81 61% 397 617 215 39% 81% 8% 47% 2.9 2.6 33.9 11.1 Revenue Company Quarterly Software Industry Update – Q1 2023 43 Travel & Hospitality Public Company Valuation & Operating Metrics 1) Efficiency Score = Revenue Growth % + EBITDA Margin Note: $ in millions. EV/EBITDA multiples in excess of +/-50x and EV/Revenue multiples in excess of +50x and less than 0x are considered not meaningful. Source: Pitchbook as of 3/31/2023 Mean 64% 41% 41% -14% 27% 3.7x 3.0x (16.7x) 7.6x Median 60% 39% 38% -14% 24% 3.2x 2.7x (18.1x) 19.9x Price 52-Wk Market Enterprise Revenue Gross EBITDA Efficiency EV / Revenue EV / EBITDA 3/31/2023 High Cap Value Growth Margin Margin Score LTM FY +1 LTM FY +1 Travel & Hospitality Uber $31.70 84% $62,813 $70,805 $31,877 83% 38% (25%) 57% 2.2x 1.9x (8.8x) 21.4x DoorDash 63.56 49% 24,222 21,226 6,583 35% 45% (16%) 19% 3.2 2.7 (20.0) 30.5 Toast 17.75 68% 8,967 8,040 2,731 60% 19% (10%) 51% 2.9 2.2 (30.5) - Delivery Hero 34.21 54% 8,648 11,349 8,124 72% 23% (11%) 61% 1.4 1.0 (12.7) 41.1 Zomato 0.62 54% 5,337 4,508 793 60% - (19%) 41% 5.7 3.9 (29.7) - Cvent 8.35 99% 4,078 4,177 631 22% 61% 8% 30% 6.6 5.7 - 31.8 NCR 23.59 54% 3,221 9,008 7,844 10% 24% 14% 24% 1.1 1.1 8.2 6.0 Braze 34.58 68% 3,024 2,598 327 55% 67% (45%) 11% 7.9 5.9 (17.8) (44.5) Lightspeed POS 15.19 45% 2,151 1,339 693 43% 45% - - 1.9 1.5 (1.3) - Deliveroo 1.13 65% 1,974 914 2,434 2% 33% (9%) (7%) 0.4 0.4 (4.2) 18.4 Olo 8.16 57% 1,270 841 185 24% 69% (25%) (0%) 4.5 3.9 (18.4) - Par Technology 33.96 72% 895 1,178 356 26% 25% (9%) 16% 3.3 3.1 (35.5) - SiteMinder 2.30 60% 633 595 92 - - (22%) - 6.5 5.9 (29.5) (43.6) Revenue Company
