Tech Update Q2 2021 by Cassel Salpeter & Co

Technology Investment Banking Q2 2021 Update

INTRODUCTION

Technology Investment Banking

¡ Cassel Salpeter & Co., LLC (“CS”) is a boutique investment banking firm focused on providing independent and objective advice to middle-market and emerging growth companies. ¡ Below is a sample of technology companies that we have worked with, including their ecosystems in horizontal and vertical applications and professional services.

¡ Our experience and services include: Mergers & Acquisitions ¡ Financial advisory ¡ Sales to strategic and private equity buyers ¡ Divestitures to strategic and private equity buyers ¡ Buy-side acquisition programs ¡ Leveraged & management buyouts ¡ Going private transactions

Capital Raising ¡ Financial advisory ¡ Equity and debt private placements ¡ Growth capital ¡ PIPEs ¡ Recapitalizations

Other Services ¡ ¡ ¡ ¡

Fairness opinions Solvency opinions Valuations Restructuring, refinancing, and distressed M&A transactions ¡ Debtor and creditor representations ¡ §363 sales & plans of reorganization

OUR TEAM

Technology Investment Banking

James S. Cassel Chairman jcassel@cs-ib.com 305-438-7701

Scott E. Salpeter President ssalpeter@cs-ib.com 305-438-7702

Relevant Experience:

¡ Investment banking for over 24 years

Representative Assignments:

Bankruptcy §363 Sale

Application Software

Bankruptcy §363 Sale

Vertical Software

M&A Sale

Vertical Software

Valuation

Application Software

Capital Raise

Vertical Software

M&A Sale

E-Commerce

M&A Sale

Vertical Software

Fairness Opinion

E-Commerce

M&A Sale

IT Consulting

Valuation

IT Consulting

M&A Sale

B2B Advertising

Capital Raise E-Commerce

Philip Cassel Managing Director

Marcus Wai Vice President

Ira Leiderman Managing Director

Chris Mansueto Vice President

Deborah Aghib Managing Director

Laura Salpeter Vice President

Margery Fischbein Managing Director

Edward Kropf Associate

Joseph Smith Director

Tahz Rashid Analyst

Aaron Schiff Analyst

Includes projects by our professionals at prior firms.

Technology Investment Banking

Q2 TECHNOLOGY DEALS

M&A REVIEW

III

PUBLIC MARKETS REVIEW

Q2 2021 SELECTED MERGERS AND ACQUISITIONS

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date

Enterprise

Annc.

Closed

Target

28-Jun-21 22-Jun-21 18-Jun-21 9-Jun-21 9-Jun-21 7-Jun-21 7-Jun-21 7-Jun-21 3-Jun-21 1-Jun-21 1-Jun-21 17-May-21 11-May-21 10-May-21 6-May-21 4-May-21 3-May-21 3-May-21 27-Apr-21 26-Apr-21 23-Apr-21 14-Apr-21 13-Apr-21 12-Apr-21 8-Apr-21 8-Apr-21

na na na 30-Jun-21 7-Jun-21 na 13-Jul-21 4-Jun-21 3-Jun-21 na na na 1-Jul-21 15-Jun-21 1-Jun-21 11-Jun-21 7-Jun-21 na 27-Apr-21 na na 14-Apr-21 5-May-21 na 26-May-21 8-Apr-21

QAD Inc. SharpSpring, Inc. Sykes Enterprises, Incorporated Central Industrial Supply Company Inc. Zonehaven Inc. Ecwid, Inc. Sentry Data Systems, Inc. HoloBuilder Inc. Unify Square Inc. Cloudera, Inc. Novetta Solutions, LLC ProQuest LLC NetMotion Software, Inc. Electronic Payment Providers, Inc. DivvyPay, Inc. Liberty IT Solutions LLC Data Foundry, Inc. Verizon Media LLC PeriGen, Inc. Proofpoint, Inc. Blue Yonder Group, Inc. Sysorex, Inc. Bridg Inc. Nuance Communications, Inc. Whinstone US, Inc. Punchh Inc.

Acquirer Thoma Bravo, LLC Constant Contact, Inc. Sitel Worldwide Corporation nVent Electric plc Genasys Inc. Lightspeed POS Inc. Craneware plc FARO Technologies, Inc. Unisys Corporation Clayton, Dubilier & Rice, LLC; KKR & Co. Inc. Accenture Federal Services LLC Clarivate Plc Absolute Software Corporation Repay Holdings Corporation Bill.com Holdings, Inc. Booz Allen Hamilton Inc. Switch, Ltd. Apollo Global Management, Inc. Halma plc Thoma Bravo, LLC Connected Solutions Company TTM Digital Assets & Technologies, Inc. Cardlytics, Inc. Microsoft Corporation Riot Blockchain, Inc. ParTech, Inc.

Value $ 1,789.5 221.0 2,327.0 200.0 23.4 530.3 388.5 34.0 152.5 4,484.3 1,000.0 5,161.0 340.0 519.2 2,500.0 725.0 420.0 5,555.6 58.0 11,489.4 8,597.6 na 650.0 19,383.6 650.8 489.4

Valuation Benchmarks

Target TTM Revenue $

316.7 30.2 1,757.0 80.0 na 20.0 92.0 4.0 na 883.1 na 876.0 60.0 na 100.0 na na na 20.0 1,088.1 1,012.7 11.5 na 1,494.2 na na

EBITDA % 8.7% -12.8% 14.8% na na na 25.0% na na 2.4% na 28.9% 30.0% na na na na na na 4.1% 24.2% -11.6% na 19.9% na na

Implied EV / Revenue 5.65x 7.31x 1.32x 2.50x na 26.52x 4.22x 8.50x na 5.08x na 5.89x 5.67x na 25.00x na na na 2.90x 10.56x 8.49x na na 12.97x na na

EBITDA 64.75x na 8.96x na na na 16.89x na na 215.53x na 20.40x 18.89x na na na na na na 258.47x 35.02x na na 65.24x na na

Stock Price Premiums 1-Day 20.0% 21.2% 31.2% na na na na na na 24.4% na na na na na na na na na 33.6% na na na 22.9% na na

1-Month 22.4% 13.2% 31.2% na na na na na na 26.1% na na na na na na na na na 37.5% na na na 26.6% na na

Sources of information: S&P Capital IQ.

Technology Investment Banking

Q2 TECHNOLOGY DEALS

M&A REVIEW

III

PUBLIC MARKETS REVIEW

SOFTWARE

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Value

Valuation Benchmarks

Target TTM

Implied EV / Revenue

Stock Price Premiums

Revenue

EBITDA %

EBITDA

1-Day

1-Month

na 100.0 na 84.1 391.9 974.3 13.0 na 1,312.7 258.5 748.3 na na 746.2 244.0 1,231.4 na 86.2 273.7 224.7 372.4 137.2 na 114.3 50.4 106.6 253.1 96.8 10.2 1,282.5

na na na 5.1% -26.4% -18.4% na na 29.9% -23.7% 33.5% na na -11.2% 24.4% -6.2% na -4.2% 11.7% -6.2% 3.1% 4.8% na -32.6% -8.2% 12.6% -2.2% -12.6% 7.4% 20.7%

na 25.00x na 1.12x 11.14x 28.07x 8.92x na 3.37x 7.55x 3.72x na na 3.98x 3.52x 12.90x na 4.92x 2.28x 8.31x 21.48x 12.50x na 13.12x 2.21x 1.41x 9.59x 5.48x 2.67x 3.42x

na na na 39.73x na na na na 11.27x na 11.10x na na na 14.44x na na na 19.46x na na na na na na 11.19x na na 36.11x 16.54x

na na na 12.8% 18.5% 7.0% na na 4.4% na 18.3% na na 9.7% 22.8% 42.1% na 26.7% 39.7% 52.9% na 17.3% na na 25.6% na 10.1% 16.8% na 21.4%

na na na 49.7% 41.8% 79.3% na na 6.2% na 35.0% na na 51.5% 18.3% 43.5% na 45.5% 41.7% 24.9% na 0.5% na na 28.6% na 25.7% 34.9% na 35.4%

396.2 244.0

0.1% -2.2%

8.55x 5.48x

19.98x 15.49x

21.6% 18.4%

35.1% 35.2%

Application Software 10-May-21 6-May-21 31-Mar-21 11-Feb-21 13-Dec-20 1-Dec-20 4-Jun-20 8-Apr-20 17-Dec-19 4-Dec-19 22-Oct-19 11-Sep-19 5-Sep-19 22-Aug-19 26-Jul-19 10-Jun-19 6-Jun-19 13-May-19 9-May-19 11-Nov-18 11-Nov-18 15-Oct-18 20-Sep-18 11-Jun-18 26-Apr-18 24-Apr-18 30-Jan-18 30-May-17 31-Jan-17 14-Nov-16

15-Jun-21 1-Jun-21 31-Mar-21 30-Mar-21 6-Apr-21 na 4-Jun-20 15-May-20 31-Aug-20 20-Mar-20 31-Jan-20 1-Nov-19 10-Oct-19 30-Dec-19 11-Oct-19 31-Jul-19 31-Dec-19 1-Jul-19 1-Aug-19 10-Jan-19 23-Jan-19 1-Feb-19 31-Oct-18 1-Aug-18 20-Aug-18 31-May-18 5-Apr-18 31-Jul-17 27-Jan-17 30-Mar-17

BillingTree DivvyPay, Inc. Tock, Inc. Synacor, Inc. Pluralsight, Inc. Slack Technologies, Inc. Mathway, LLC NextVR, Inc. LogMeIn, Inc. Instructure Holdings, Inc. Cision Ltd. Livermore Software Technology Corp. Assurance IQ, Inc. Pivotal Software, Inc. Monotype Imaging Holdings Inc. Tableau Software, Inc. Looker Data Sciences, Inc. Amber Road, Inc. Control4 Corporation Apptio, Inc. Qualtrics International Inc. SendGrid, Inc. Marketo, Inc. Adaptive Insights, Inc. Mattersight Corporation PeopleFluent, Inc. Callidus Software Inc. Xactly Corporation IDV Solutions, LLC Mentor Graphics Corporation

Repay Holdings Corporation Bill.com Holdings, Inc. Squarespace, Inc. Centre Lane Partners, LLC Vista Equity; Partners Group Holding salesforce.com, inc. Chegg, Inc. Apple Inc. Francisco Partners; Evergreen Coast Thoma Bravo, LLC MJ23 UK Acquisition Limited ANSYS, Inc. Prudential Financial, Inc. VMware, Inc. HGGC, LLC salesforce.com, inc. Google LLC E2open, LLC Wirepath Home Systems, LLC Vista Equity SAP America, Inc. Twilio Inc. Adobe Inc. Workday, Inc. Nice Systems, Inc. Learning Technologies Group plc SAP America, Inc. Vista Equity Partners Everbridge, Inc. Siemens Industry, Inc.

519.2 2,500.0 415.0 91.4 4,363.5 27,344.3 116.0 100.0 4,422.4 1,951.5 2,782.8 778.8 3,500.0 2,972.1 858.3 15,884.8 2,400.0 424.0 625.0 1,867.2 8,000.0 1,831.6 4,750.0 1,500.0 111.2 150.0 2,425.9 530.6 27.3 4,389.9

Mean Median

$ 3,254.4 $ 1,849.4

$ $

Sources of information: S&P Capital IQ.

SOFTWARE (CONTINUED)

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Valuation Benchmarks

Target TTM

Implied EV / Revenue

Stock Price Premiums

Value

Revenue

EBITDA %

EBITDA

1-Day

1-Month

Thoma Bravo, LLC Thoma Bravo, LLC Cambium Learning Group, Inc. Xperi Corporation Verisk Analytics, Inc. Kerridge Commercial Systems, Ltd. Roper Technologies, Inc. i3-SDCR, Inc. Global Payments Inc. CalAmp Corp. Thoma Bravo, LLC SS&C Technologies Holdings, Inc.

$ 10,093.3 702.1 756.3 1,462.4 192.4 153.2 1,625.0 134.5 27,929.0 49.8 3,380.7 1,428.4

$ 1,158.5 150.4 188.5 669.8 na 37.3 na 29.1 4,103.5 28.0 480.3 325.0

18.2% 13.1% 0.8% 32.1% na 14.9% na 2.9% 31.4% na 11.8% 40.6%

8.71x 4.67x 4.01x 2.18x na 4.06x na 4.63x 6.81x 1.78x 7.04x 4.39x

47.88x 35.62x na 6.80x na 28.04x na 159.59x 21.70x na 59.58x 10.82x

30.8% 109.4% 0.6% 20.8% na 14.3% na na 9.6% na 20.8% na

36.0% 126.3% 12.1% 32.5% na 10.7% na na 23.5% na 46.3% na

Mean Median

$ 3,992.3 $ 1,092.3

$ $

717.0 256.8

18.4% 14.9%

4.83x 4.51x

46.25x 31.83x

29.5% 20.8%

41.1% 32.5%

Optum, Inc. Gainwell Teladoc Health, Inc. Veritas Capital Management, L.L.C AMN Healthcare, Inc. Dassault Systemes Americas Corp. JPMorgan Chase Bank, National Ass. Hill-Rom, Inc. Tabula Rasa HealthCare, Inc. Inovalon Holdings, Inc. R1 RCM Inc. EQT Partners AB Thoma Bravo, LLC ResMed Corp.

$ 13,501.3 3,522.7 16,345.1 5,000.0 579.2 5,818.3 500.0 195.0 150.0 1,205.7 460.0 2,392.6 496.9 800.0

$ 3,090.4 673.3 258.0 1,400.0 94.5 684.6 na 40.0 29.0 140.0 193.0 344.3 131.1 113.2

20.2% 20.5% -11.9% na 16.3% 14.1% na na 1.0% 51.5% 24.9% 30.5% -14.1% 37.3%

4.37x 5.23x 51.53x 3.57x 6.13x 8.50x 8.00x 4.88x 5.17x 8.61x 2.38x 6.95x 3.79x 7.07x

21.62x 25.58x na na 37.52x 60.07x na na na 16.72x 9.58x 22.80x na 18.93x

41.2% 9.5% 5.1% na na -2.6% na na na na na 0.4% 32.8% na

46.7% 21.8% 95.7% na na 4.3% na na na na na 1.1% 37.5% na

Mean Median

$ 3,640.5 $ 1,002.8

$ $

17.3% 20.2%

9.01x 5.68x

26.60x 22.21x

14.4% 7.3%

34.5% 29.6%

Vertical Software 21-Dec-20 20-Jul-20 31-Aug-20 19-Dec-19 4-Dec-19 3-Sep-19 8-Aug-19 3-Jun-19 28-May-19 15-Apr-19 12-Feb-19 6-Sep-18

22-Apr-21 21-Sep-20 13-Oct-20 1-Jun-20 23-Dec-19 19-Sep-19 22-Aug-19 31-May-19 17-Sep-19 12-Apr-19 17-Apr-19 16-Nov-18

RealPage, Inc. Majesco Rosetta Stone Inc. TiVo Corporation Flexible Arch. and Simplified Tech., LLC MAM Software Group, Inc. iPipeline, Inc. Pace Payment Systems, Inc. Total System Services, Inc. Synovia Solutions, LLC Ellie Mae, Inc. IntraLinks Holdings, Inc.

Healthcare Software 6-Jan-21 21-Dec-20 5-Aug-20 10-Mar-20 29-Jan-20 12-Jun-19 17-May-19 11-Mar-19 5-Mar-19 7-Mar-18 26-Feb-18 9-Aug-16 13-Jul-16 22-Feb-16

na 1-Apr-21 30-Oct-20 1-Oct-20 14-Feb-20 28-Oct-19 24-Jul-19 1-Apr-19 5-Mar-19 2-Apr-18 8-May-18 21-Oct-16 16-Sep-16 4-Apr-16

Change Healthcare Inc. HMS Holdings Corp. Livongo Health, Inc. U.S. HHS Business of DXC Tech. Co. Stratus Video, LLC Medidata Solutions, Inc. InstaMed Communications, LLC Voalte, Inc. Prescribe Wellness, LLC ABILITY Network Inc. Intermedix Corporation Press Ganey Holdings, Inc. Imprivata, Inc. Brightree LLC

553.2 193.0

Sources of information: S&P Capital IQ.

SOFTWARE (CONTINUED)

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Value

Valuation Benchmarks

Target TTM Revenue

Implied EV /

EBITDA %

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Infrastructure Software 6-Feb-20 11-Nov-19 3-Oct-19 26-Jun-19 1-Feb-19 4-Mar-19 28-Oct-18 3-Oct-18 11-Jul-18 4-Jun-18 12-Apr-18 20-Mar-18 17-Oct-17 5-Jun-17 31-Jan-17 24-Jan-17 6-Dec-16 12-Sep-16 8-Sep-16 7-Sep-16 26-Jul-16 15-Jan-16 21-Oct-15 9-Oct-15 10-Sep-15 11-Aug-15

14-Aug-20 24-Dec-19 3-Oct-19 9-Aug-19 28-Feb-19 1-Apr-19 9-Jul-19 3-Jan-19 5-Nov-18 25-Oct-18 17-Jul-18 1-May-18 24-Jan-17 26-Jul-17 31-Jan-17 22-Mar-17 19-Jan-17 23-Jan-17 10-Nov-16 1-Sep-17 31-Jan-17 5-Jan-16 5-Feb-16 15-Oct-15 8-Dec-15 29-Jan-16

Forescout Technologies, Inc. Carbonite, Inc. Datatrend Technologies, Inc. Aerohive Networks, Inc. MicroPact Inc. Mist Systems, Inc. Red Hat, Inc. Hortonworks, Inc. CA, Inc. GitHub, Inc. Actian Corporation MuleSoft, Inc. IntraLinks Holdings, Inc. Covisint Corporation Double-Take Software, Inc. AppDynamics LLC IntraLinks Holdings, Inc. EMC Enterprise Content Division Apigee Corporation HPE, Software Citrix GoTo Family Of Products Jungle Disk, LLC SolarWinds Corporation Marvasol, Inc. Premiere Global Services, Inc. Veritas Technologies LLC

Advent Int'l.; Crosspoint Capital Open Text Corporation Converge Technology Solutions Corp. Extreme Networks, Inc. Tyler Technologies, Inc. Juniper Networks, Inc. International Business Machines Cloudera, Inc. Broadcom Inc. Microsoft Corporation HCL Tech; Sumeru Equity salesforce.com, inc. Siris Capital Group, LLC Open Text Corporation Carbonite, Inc. Cisco Systems, Inc. Synchronoss Technologies, Inc. Open Text Corporation Google Inc. (nka:Google LLC) Micro Focus International plc LogMeIn, Inc. Porthcawl Holdings, LLC Silver Lake; Thoma Bravo, LLC LogMeIn, Inc. Siris Capital Group The Carlyle Group; GIC Pte. Ltd.

$ 1,607.5 1,395.8 17.5 217.0 204.2 404.2 33,125.3 2,005.4 18,588.0 7,500.0 330.0 6,569.5 1,020.8 69.2 67.3 3,890.8 831.5 1,620.0 561.8 9,049.3 2,896.8 27.0 4,446.3 115.7 975.1 7,000.0

320.0 405.3 84.3 149.7 70.0 na 3,482.7 327.6 4,148.0 300.0 107.1 296.5 290.4 70.2 84.0 206.2 290.4 599.0 92.0 3,172.0 600.0 12.0 485.9 11.2 566.8 2,600.0

-27.8% 14.2% 3.7% -10.5% na na 21.8% -46.3% 30.2% na 35.9% -25.6% 6.9% -14.0% 16.5% -51.1% 6.9% na -42.9% 20.7% na na 30.9% -23.7% 13.0% na

5.02x 3.44x 0.21x 1.45x 2.92x na 9.51x 6.12x 4.64x 25.00x 3.08x 22.16x 3.45x 0.99x 1.65x 18.87x 2.81x 2.70x 6.10x 2.85x 4.83x 2.25x 9.15x 10.30x 1.72x 2.69x

na 24.28x 5.65x na na na 43.69x na 16.38x na 8.57x na 46.06x na 43.39x na 37.52x na na 11.40x na na 29.64x na 13.23x na

3.6% 25.0% na 39.5% na na 62.8% 2.6% 19.8% na na 35.9% na 22.5% na na 15.4% na 6.5% na na na 19.7% na 25.9% na

-9.5% 59.0% na 30.9% na na 39.4% -1.2% 22.3% na na 45.7% na 28.9% na na 33.5% na 20.3% na na na 44.1% na 27.5% na

Mean Median

$ 4,020.6 $ 1,208.3

$ $

750.8 296.5

-2.2% 6.9%

6.16x 3.44x

25.44x 24.28x

23.3% 21.1%

28.4% 29.9%

Sources of information: S&P Capital IQ.

SECURITY

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Valuation Benchmarks

Target TTM

Value

Revenue

Implied EV /

EBITDA %

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Security 11-May-21 25-Nov-19 3-Nov-19 22-Aug-19 5-Jun-19 7-Feb-19 15-Jan-19 16-Nov-18 5-Nov-18 10-Oct-18 3-Jan-18 27-Nov-17 7-Nov-17 6-Mar-17 8-Feb-17 20-Nov-16 19-Sep-16 13-Jul-16 12-Jun-16 1-Jun-16 18-Apr-16 20-Jan-16 11-Dec-15 9-Nov-15 27-Oct-15 21-Oct-15 19-Oct-15 8-Sep-15 7-Apr-15 10-Mar-15

1-Jul-21 23-Dec-19 25-Nov-19 7-Oct-19 8-Oct-19 26-Mar-19 20-Feb-19 21-Feb-19 31-Dec-18 10-Jan-19 31-Jan-18 12-Feb-18 21-Nov-17 3-Apr-17 22-Mar-17 9-Feb-17 4-Nov-16 16-Sep-16 1-Aug-16 30-Jun-16 15-Aug-16 14-Jan-16 11-Dec-15 closed 21-Dec-15 9-Mar-16 17-Mar-16 8-Sep-15 1-Sep-15 26-May-15

NetMotion Software, Inc. Aporeto, Inc. ObserveIT LTD. Carbon Black, Inc. Endgame, Inc. Webroot Inc. AppRiver, LLC Cylance Inc. Veracode, Inc. Imperva, Inc. Spikes Inc. Barracuda Networks, Inc. Cloudmark Inc. Veracode, Inc. Invincea, Inc. LifeLock, Inc. Infoblox Inc. Imprivata, Inc. Blue Coat, Inc. Ping Identity Corporation CSIdentity Corporation iSight Security, Inc. Cyveillance, Inc. Elastica, Inc. Lancope, Inc. TippingPoint Technologies, Inc. Vormetric, Inc. Adallom, Inc. TrustWave Holdings, Inc. Blue Coat Systems Inc.

Absolute Software Corporation Palo Alto Networks, Inc. Proofpoint, Inc. VMware, Inc. Elastic N.V. Carbonite, Inc. Zix Corporation BlackBerry Limited Thoma Bravo, LLC Thoma Bravo, LLC KPMG LLP Thoma Bravo Proofpoint, Inc. CA, Inc. Sophos Group plc Symantec Corporation Vista Equity Partners Thoma Bravo Symantec Corporation Vista Equity Partners Experian Information Solutions, Inc. FireEye, Inc. LookingGlass Cyber Solutions Inc. Blue Coat Systems Inc. Cisco Systems, Inc. Trend Micro Incorporated Thales e-Security, Inc. Microsoft Corporation Singapore Telecommunications Bain Capital Private Equity, LP

340.0 1,028.0 217.0 2,063.8 227.8 618.5 268.5 1,500.0 950.0 1,814.7 34.2 1,433.9 110.0 614.0 120.0 2,362.1 1,250.0 496.9 4,726.7 600.0 360.0 271.1 35.0 280.0 452.5 300.0 421.0 320.0 785.7 2,400.0

60.0 na na 229.7 19.0 215.0 na 130.0 na 351.8 27.1 372.5 na na 9.8 650.2 358.3 131.1 598.3 na 103.0 40.0 18.0 na na 169.0 53.5 na 216.0 na

30.0% na na -27.5% -104.9% na na na na 1.4% na 8.6% na na na 7.3% 0.5% -14.1% 1.5% na 20.4% na na na na na na na na na

5.67x na na 8.98x 11.99x 2.88x na 11.54x na 5.16x 1.27x 3.85x na na 12.24x 3.63x 3.49x 3.79x 7.24x na 3.50x 6.78x 1.94x na na 1.78x 7.87x na 3.64x na

18.89x na na na na na na na na na na nm na na na nm na na nm na 17.14x na na na na na na na na na

na na na 14.3% na na na na na 29.5% na 16.3% na na na 15.7% 16.1% 32.8% na na na na na na na na na na na na

na na na 42.1% na na na na na 21.5% na 17.6% na na na 38.7% 31.6% 37.5% na na na na na na na na na na na na

Mean Median

$ $

880.0 474.7

$ $

197.5 131.1

-7.7% 1.4%

5.64x 3.85x

18.02x 18.02x

20.8% 16.2%

31.5% 34.6%

Sources of information: S&P Capital IQ.

ENTERPRISE SYSTEMS

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Valuation Benchmarks

Target TTM

Value

Revenue

22.7 3,078.3 219.7 147.8 621.8 1,394.3 225.3 955.5 49,564.9 6,401.0 750.0 10,963.9 48,634.5 2,122.4 1,329.1 830.4 1,065.1 35.0 1,250.0 268.4 1,231.7 3,645.2 265.9 1,114.4 31.8 233.4 13,398.2 63,296.5 612.4 645.4 133.2

Implied EV /

EBITDA %

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Enterprise Systems 22-Mar-21 2-Nov-20 20-Jul-20 28-Apr-20 24-Jun-19 17-May-19 28-Mar-19 27-Mar-19 18-Mar-19 11-Mar-19 28-Feb-19 4-Feb-19 16-Jan-19 28-Mar-18 26-Oct-17 18-Sep-17 7-Mar-17 13-Oct-16 19-Sep-16 11-Aug-16 13-May-16 19-Apr-16 7-Apr-16 4-Apr-16 4-Feb-16 2-Nov-15 21-Oct-15 12-Oct-15 2-Sep-15 18-Aug-15 22-Apr-15

1-Apr-21 10-Feb-21 28-Aug-20 1-May-20 30-Aug-19 25-Sep-19 15-Apr-19 19-Jun-19 31-Jul-19 27-Apr-20 9-May-19 3-May-19 29-Jul-19 2-Jul-18 27-Dec-17 5-Jan-18 13-Apr-17 13-Oct-16 4-Nov-16 1-Nov-16 27-Sep-16 29-Nov-16 3-Jun-16 27-May-16 29-Jan-16 5-Oct-16 12-May-16 7-Sep-16 1-Oct-15 6-Oct-15 4-Jun-15

MazikGlobal Technologies Endurance International Group GlobalSCAPE, Inc. DivvyCloud Corporation PCM, Inc. Cray Inc. Ipswitch, Inc. Quantenna Communications, Inc. Worldpay, Inc. Mellanox Technologies, Ltd. SpeedPay, Inc. The Ultimate Software Group, Inc. First Data Corporation Polycom, Inc. Gigamon Inc. Silver Spring Networks, Inc. Nimble Storage, Inc. VXi Corporation Infoblox Inc. Silicon Graphics International Corp. Polycom, Inc. Lexmark International, Inc. Alliance Fiber Optic Products Inc. Ruckus Wireless, Inc. Pakedge Device & Software, Inc. Hutchinson Technology Inc. SanDisk LLC EMC Corporation (nka:Dell EMC) iBiquity Digital Corporation Dot Hill Systems Corp. Procera Networks, Inc.

Quisitive Technology Solutions, Inc. Clearlake Capital Group, L.P. HelpSystems, LLC Rapid7 LLC Insight Enterprises, Inc. Hewlett Packard Enterprise Company Progress Software Corporation ON Semiconductor Corporation Fidelity National Information Services NVIDIA Corporation ACI Worldwide, Inc. Hellman & Friedman & Others Fiserv, Inc. Plantronics, Inc. Elliott, Qatar Investment Authority Itron, Inc. Hewlett Packard Enterprise Company GN Audio A/S Vista Equity Partners Hewlett Packard Enterprise Company Siris Capital Group, LLC Legend Capital; PAG Asia; Apex Tech. Corning Incorporated Brocade Communications Control4 Corporation TDK Headway Technologies, Inc. Western Digital Technologies, Inc. Dell, Inc. DTS, Inc. Seagate Technology Holdings plc Francisco Partners Management LLC

Mean Median

$ 6,919.0 $ 955.5

10.4 1,101.8 40.4 6.4 2,157.0 396.4 75.0 233.0 4,044.7 1,330.6 350.0 1,198.8 8,764.0 1,142.8 302.9 425.7 402.6 32.0 358.3 532.9 1,197.8 3,481.5 72.0 391.9 18.6 234.6 5,598.4 24,586.0 48.3 243.9 81.4

20.2% 27.4% 39.8% -213.9% 2.9% -19.8% na 5.5% 40.9% 25.9% 25.7% 11.2% 39.6% na 1.4% -8.2% -33.3% 12.5% 0.5% 1.0% 11.2% 9.1% 22.3% 4.5% 3.9% 8.1% 24.4% 20.4% 17.3% 7.7% -6.4%

2.18x 2.78x 5.44x 23.20x 0.29x 3.52x 3.00x 4.10x 12.06x 4.40x 2.14x 9.15x 5.55x 1.86x 4.39x 1.95x 2.65x 1.09x 3.49x 0.50x 1.03x 1.05x 3.69x 2.84x 1.71x 0.99x 2.39x 2.57x 12.68x 2.65x 1.64x

10.82x 4.04x 13.65x na 9.78x na na 74.15x 28.46x 17.03x 8.33x 81.32x 14.01x na na na na 8.75x na 48.58x 9.19x 11.46x 16.58x 63.51x 43.95x 12.28x 9.82x 12.61x 73.08x 34.31x na

na 63.5% 16.0% na 43.6% 17.4% na 19.3% 13.6% 14.3% na 19.3% 29.6% na 6.2% 25.0% 45.3% na 16.1% 40.9% 11.0% 18.0% 24.0% 44.3% na 128.6% 13.5% 19.0% na 79.2% 21.7%

na 66.1% -7.2% na 32.5% 26.9% na 29.6% 27.0% 28.7% na 32.2% 38.5% na -7.3% 28.2% 45.9% na 31.6% 47.3% 5.8% 29.6% 45.1% 47.4% na 135.3% 61.4% 34.8% na 51.9% 19.1%

$ 1,898.7 $ 391.9

3.5% 9.1%

4.10x 2.65x

27.53x 13.83x

31.7% 19.3%

37.0% 32.2%

Sources of information: S&P Capital IQ.

INTERNET

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Value

Valuation Benchmarks

Target TTM Revenue

Implied EV /

EBITDA %

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Internet Content and Search 24-Jul-17 3-Jul-17 1-May-17 10-Apr-17 21-Oct-16 9-Aug-16 27-Jun-16 13-Jun-16 5-May-16 12-Apr-16 2-Nov-15 28-Oct-15

14-Sep-17 8-Nov-17 29-Sep-17 22-May-17 2-Dec-16 28-Oct-16 8-Aug-16 8-Dec-16 17-Jun-16 12-Apr-16 31-Dec-15 29-Jan-16

WebMD Health Corp. Baton Holding, LLC Angie's List, Inc. RetailMeNot, Inc. Everyday Health, Inc. Monster Worldwide, Inc. ReachLocal, Inc. LinkedIn Corporation NextAdvisor, Inc. Cracked Entertainment, Inc. Vetstreet Inc. The Weather Company

KKR Red Ventures Holdco, LP HomeAdvisor, Inc. Harland Clarke Holdings Corp. Ziff Davis, LLC Randstad North America, Inc. Gannett Co., Inc. Microsoft Corporation Baton Holding, LLC Scripps Media, Inc. Butler Schein Animal Health International Business Machines

$ 2,641.2 1,434.7 580.3 463.9 465.3 371.1 155.6 25,984.4 106.7 39.0 48.0 2,284.0

709.0 477.0 302.3 295.4 253.9 635.0 361.7 3,615.0 70.3 10.9 43.0 na

26.0% 21.2% 1.2% 10.4% 12.2% 11.9% -2.5% 13.2% na na na na

3.73x 3.01x 1.92x 1.57x 1.83x 0.61x 0.45x 7.19x 1.52x 3.58x 1.12x na

14.31x 14.18x 161.23x 15.12x 15.03x 6.80x na 54.43x 7.25x na na na

20.5% 8.9% 44.6% 49.7% 11.7% 22.7% 187.5% 49.5% na na na na

12.3% 31.5% 49.1% 38.1% 30.9% 30.3% 184.0% 54.3% na na na na

Mean Median

$ 2,881.2 $ 464.6

$ $

615.8 302.3

11.7% 12.1%

2.41x 1.83x

36.04x 14.67x

49.4% 33.7%

53.8% 34.8%

Just Eat Takeaway.com N.V. viagogo AG Apollo Global Management, LLC Vista Equity Partners WeddingWire, Inc. Samsonite LLC Bain Capital Private Equity Expedia, Inc. (nka:Expedia Group, Inc.) Pandora Media, LLC QVC, Inc. GameStop Corp. Bluestem Brands, Inc.

$ 6,162.0 4,050.0 2,801.4 1,829.3 804.4 105.0 456.2 3,057.6 321.9 2,180.0 102.7 410.0

$ 2,007.6 na 2,116.8 228.9 164.7 158.5 471.9 485.3 65.9 1,281.4 137.1 1,020.0

-2.1% na 13.3% -8.3% 14.1% na 3.5% 12.6% -17.0% 2.2% -6.0% 6.9%

3.07x na 1.32x 7.99x 4.88x 0.66x 0.97x 6.30x 4.88x 1.70x 0.75x 0.40x

na na 9.98x na 34.74x na 27.82x 49.81x na 77.32x na 5.80x

29.6% na 4.2% 68.0% 26.6% na 33.9% 24.3% na 49.2% 5.5% na

60.4% na 15.7% 42.6% 13.8% na 15.1% 41.8% na 34.6% 125.5% na

Mean Median

$ 1,856.7 $ 1,316.9

$ $

1.9% 2.8%

2.99x 1.70x

34.25x 31.28x

30.2% 28.1%

43.7% 38.2%

Internet Retail 10-Jun-20 25-Nov-19 10-Jun-19 24-Dec-18 25-Sep-18 7-Apr-17 7-Nov-16 4-Nov-15 7-Oct-15 17-Aug-15 29-May-15 27-May-15

15-Jun-21 13-Feb-20 25-Sep-19 15-Feb-19 21-Dec-18 5-May-17 17-Feb-17 14-Dec-15 31-Oct-15 30-Sep-15 17-Jul-15 13-Jul-15

Grubhub Inc. StubHub, Inc. Shutterfly, Inc. MINDBODY, Inc. XO Group Inc. eBags, Inc. Blue Nile, Inc. HomeAway, Inc. Ticketfly, LLC zulily, Inc. Geeknet, Inc. Orchard Brands Corporation

739.8 471.9

Sources of information: S&P Capital IQ.

PROFESSIONAL SERVICES AND DISTRIBUTION

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Valuation Benchmarks

Target TTM

Implied EV / Revenue

Stock Price Premiums

Value

Revenue

EBITDA %

EBITDA

1-Day

1-Month

Peraton Corporation Baring Private Equity Asia ICF Incorporated, L.L.C. BC Partners Pensare Acquisition Corp. Atos SE General Dynamics Corporation H.I.G. Capital Computer Sciences Corp (nka:DXC) Capgemini North America, Inc. MAXIMUS Federal Services, Inc.

$ 7,273.2 2,050.3 255.0 2,456.5 65.0 3,541.6 9,871.1 285.1 11,574.9 4,453.6 300.7

$ 4,483.0 1,294.0 90.0 3,048.2 154.8 966.2 5,064.0 325.4 17,787.0 1,288.1 193.2

14.4% 9.8% na 7.6% 3.0% 27.4% 16.6% 9.1% 13.6% 19.3% 11.4%

1.62x 1.58x 2.83x 0.81x na 3.67x 1.95x 0.88x 0.65x 3.46x 1.56x

11.26x 16.24x na 10.62x na 13.40x 11.73x 9.61x 4.78x 17.90x 13.67x

11.8% 26.8% na 26.0% na 4.8% 33.8% -5.2% na 4.7% na

21.7% 27.8% na 20.9% na 28.1% 28.6% 2.6% na 13.5% na

Mean Median

$ 3,829.7 $ 2,456.5

$ 3,154.0 $ 1,288.1

13.2% 12.5%

1.90x 1.60x

12.14x 11.73x

14.7% 11.8%

20.5% 21.7%

Windstream Holdings, Inc. Windstream Holdings, Inc. Insight Enterprises, Inc. Inception Parent, Inc. B. Riley Financial, Inc. Global Telecom & Tech Americas

$ 420.0 $ 1,070.3 223.1 4,314.1 43.8 152.4

na 959.9 756.5 2,073.4 145.3 124.0

na 20.6% 2.5% 28.4% 10.4% 16.1%

na 1.12x 0.29x 2.07x 0.31x 1.23x

na 5.40x 11.72x 7.25x 3.71x 7.62x

na -4.8% 19.3% 6.0% 1.9% na

na -5.7% 5.9% 37.8% -2.7% na

Mean Median

$ 1,037.3 $ 321.6

$ $

811.8 756.5

15.6% 16.1%

1.00x 1.12x

7.14x 7.25x

5.6% 3.9%

8.8% 1.6%

SYNNEX Corporation WESCO International, Inc. SYNNEX Corporation Tiger Parent (AP) Corporation Tianjin Tianhai (nka:HNA Tech)

$ 7,200.0 5,000.6 990.0 2,645.0 6,597.2

$ 36,372.6 8,808.8 4,532.1 9,652.5 40,998.3

1.9% 6.1% 1.2% na 1.9%

0.20x 0.57x 0.22x 0.27x 0.16x

10.26x 9.34x 18.83x na 8.49x

na 20.7% na na 32.2%

na 22.6% na na 43.3%

Mean Median

$ 4,486.6 $ 5,000.6

$ 20,072.9 $ 9,652.5

2.8% 1.9%

0.28x 0.22x

11.73x 9.80x

26.5% 26.5%

33.0% 33.0%

Consulting 27-Jan-21 10-Sep-20 13-Jan-20 14-Aug-19 25-Jul-19 22-Jul-18 12-Feb-18 3-Jul-17 24-May-16 27-Apr-15 9-Mar-15

6-May-21 11-Feb-21 31-Jan-20 19-Dec-19 7-Apr-20 9-Oct-18 2-Apr-18 15-Aug-17 31-Mar-17 1-Jul-15 1-Apr-15

Perspecta Inc. Virtusa Corporation Incentive Technology Group, LLC Presidio, Inc. Stratos Management Systems, Inc. Atos Syntel Inc. CSRA Inc. NCI, Inc. Everett Spinco, Inc. iGATE Corporation Acentia, LLC

Infrastructure Outsourcing 3-May-21 7-Nov-16 7-Nov-16 26-Aug-16 4-May-16 19-Feb-15

7-Jun-21 27-Feb-17 6-Jan-17 3-Nov-16 1-Jul-16 1-Apr-15

Data Foundry, Inc. EarthLink Holdings Corp. Datalink Corporation Rackspace Hosting, Inc. United Online, Inc. MegaPath Managed Services

Distribution 22-Mar-21 24-Dec-19 6-Jun-17 19-Sep-16 17-Feb-16

na 22-Jun-20 1-Sep-17 27-Feb-17 5-Dec-16

Tiger Parent (AP) Corporation Anixter International Inc. Westcon Group, Inc. Avnet Technology Solutions Ingram Micro Inc.

Sources of information: S&P Capital IQ.

Technology Investment Banking

Q2 TECHNOLOGY DEALS

M&A REVIEW

III

PUBLIC MARKETS REVIEW

SELECTED MARKET INDICES

Technology Investment Banking

Relative Trading Performance Last Three Months - Mar 30, 2021 to Jun 30, 2021 (Chart 1)

Indices

130

125

S&P 500 NASDAQ Composite S&P 400 Info Tech NASDAQ-100 Tech DJ US Tech

120 115 110

Chart 1

Chart 2

_________8.6% - - - - - - - -11.2% --_________3.4% _________ 13.0% - - - - - - - -15.8% ---

38.6% 44.2% 53.4% 45.7% 48.1%

105 100 95 90 85

80 Mar-21

Apr-21

May-21

Jun-21

1 Year - Jun 30, 2020 to Jun 30, 2021 (Chart 2) 180

160

140

120

100

60 Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

So urces o f info rmatio n: S&P Capital IQ.

SOFTWARE

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Market Statistics % of 52-week High-Low

Enterprise Value

Revenue LTM

98.9% - 140.7% 99.7% - 138.0% 91.2% - 144.5%

$ 277,923.9 1,996,550.5 261,447.2

$ 14,389.0 159,969.0 40,479.0

14.6% 11.3% 4.2%

39.8% 47.2% 44.3%

19.32x 12.48x 6.46x

17.75x 11.33x 6.33x

48.5x 26.4x 14.6x

35.5x 23.3x 12.9x

Mean Median

96.6% - 141.1% 98.9% - 140.7%

$ 845,307.2 $ 277,923.9

$ 71,612.3 $ 40,479.0

10.0% 11.3%

43.8% 44.3%

12.75x 12.48x

11.80x 11.33x

29.8x 26.4x

23.9x 23.3x

$ $ $ $ $ $ $ $ $ $

61.9% 87.3% 96.3% 82.6% 99.4% 98.3% 74.9% 84.7% 84.6% 96.3%

7,695.0 13,621.4 55,773.1 13,565.3 132,792.8 9,049.5 3,177.1 8,981.9 3,440.9 5,601.5

473.7 542.7 1,625.1 608.5 8,888.0 589.3 389.6 417.1 328.5 370.0

25.7% 22.9% 29.0% 27.6% 7.4% 8.8% 19.8% 28.9% 10.8% 16.1%

-31.2% -7.7% -4.4% -18.4% 32.2% 21.0% -16.6% -27.4% 21.9% -5.7%

16.24x nm nm nm 14.94x 15.36x 8.15x nm 10.47x 15.14x

13.78x nm nm 18.28x 12.55x 14.27x 7.15x 17.47x 9.23x 13.36x

na na na na 46.4x nm na na 47.9x na

na nm nm na 35.1x nm nm na 33.2x na

Closing Price 30-Jun-21

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Large Diversified Adobe Inc. Microsoft Corporation Oracle Corporation

ADBE MSFT ORCL

$ $ $

585.64 270.90 77.55

Application Software Anaplan, Inc. Avalara, Inc. DocuSign, Inc. Elastic N.V. Intuit Inc. Manhattan Associates, Inc. Momentive Global Inc. Smartsheet Inc. SPS Commerce, Inc. Workiva Inc.

PLAN AVLR DOCU ESTC INTU MANH MNTV SMAR SPSC WK

53.30 161.80 279.57 145.76 489.60 144.84 21.07 72.32 99.85 111.33

128.4% 141.7% 163.7% 181.8% 174.2% 173.0% 128.9% 179.9% 143.9% 216.4%

Mean Median

86.6% - 163.2% 86.0% - 168.3%

$ 25,369.8 $ 9,015.7

$ $

1,423.3 508.2

19.7% 21.4%

-3.6% -6.7%

13.38x 15.04x

13.26x 13.57x

47.1x 47.1x

34.2x 34.2x

$ $ $ $ $

80.2% 92.9% 77.2% 87.4% 84.4%

630.5 4,468.8 20,838.3 10,450.7 58,373.2

267.1 800.1 871.3 598.8 4,474.6

2.9% 7.8% 24.8% 22.2% 18.1%

11.7% 18.9% 25.3% 13.1% 3.6%

2.36x 5.59x nm 17.45x 13.05x

2.45x 5.21x nm 15.03x 11.60x

20.2x 29.6x nm nm nm

13.3x 13.2x nm nm 45.3x

$ 18,952.3 $ 10,450.7

$ $

1,402.4 800.1

15.2% 18.1%

14.5% 13.1%

9.61x 9.32x

8.57x 8.41x

24.9x 24.9x

23.9x 13.3x

Human Capital Management Benefitfocus, Inc. Cornerstone OnDemand, Inc. Paycom Software, Inc. Paylocity Holding Corporation Workday, Inc.

BNFT CSOD PAYC PCTY WDAY

14.10 51.58 363.47 190.80 238.74

Mean Median

150.6% 156.4% 141.0% 152.9% 136.8%

84.4% - 147.5% 84.4% - 150.6%

Market value equals price per share times number of diluted shares outstanding. Enterprise value equals market value plus debt, preferred stock, and non controlling interests, less cash. Sources of information: S&P Capital IQ.

SOFTWARE (CONTINUED)

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Closing Price 30-Jun-21

Market Statistics % of 52-week High-Low

Enterprise Value

Revenue LTM

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Sales, Marketing, and Customer Service HubSpot, Inc. LivePerson, Inc. salesforce.com, inc. ServiceSource International, Inc. Shopify Inc. Yext, Inc. Zendesk, Inc.

HUBS LPSN CRM SREV SHOP YEXT ZEN

$ 582.72 $ 63.24 $ 244.27 $ 1.41 $ 1,460.98 $ 14.29 $ 144.34

96.2% 87.6% 85.9% 64.7% 94.1% 68.4% 86.6%

284.2% 170.5% 134.3% 125.9% 174.1% 119.0% 171.6%

$ 27,242.5 4,374.2 217,454.0 152.7 177,750.0 1,721.4 17,278.6

965.4 396.4 22,350.0 189.5 3,448.1 361.3 1,090.1

27.5% 23.4% 19.5% na 33.4% 15.4% 25.3%

-3.1% -1.8% 15.6% -5.7% 12.3% -20.1% -9.6%

nm 11.03x 9.73x 0.81x nm 4.76x 15.85x

nm 9.40x 8.37x na nm 4.47x 13.15x

na na nm na nm na na

nm nm 29.6x na nm na nm

Mean Median

83.3% - 168.5% 86.6% - 170.5%

$ 63,710.5 $ 17,278.6

$ $

4,114.4 965.4

24.1% 24.4%

-1.8% -3.1%

8.44x 9.73x

8.85x 8.88x

na na

29.6x 29.6x

$ $ $ $ $

46.3% 82.0% 50.5% 90.9% 83.9%

117.3% 169.8% 581.8% 144.5% 277.8%

5,815.3 4,429.4 8,574.1 2,726.3 5,626.7

505.2 883.1 492.2 243.6 1,893.0

21.4% 9.0% 4.9% 5.1% 2.6%

0.1% -1.4% 16.5% 25.9% 15.5%

11.51x 5.02x 17.42x 11.19x 2.97x

10.17x 4.80x 17.06x 10.28x 2.94x

nm na nm 43.2x 19.2x

nm 16.7x nm 33.0x 12.1x

Mean Median

70.7% - 258.3% 82.0% - 169.8%

$ $

5,434.4 5,626.7

$ $

803.4 505.2

8.6% 5.1%

11.3% 15.5%

9.62x 11.19x

9.05x 10.17x

31.2x 31.2x

20.6x 16.7x

$ $ $ $ $

84.0% 90.9% 91.8% 94.5% 91.7%

120.8% 135.2% 143.7% 185.5% 146.1%

$ 30,366.4 65,389.9 37,998.8 17,895.6 41,797.8

1,739.5 3,894.0 2,801.0 1,633.5 3,984.2

10.5% 18.8% 7.1% 12.0% 8.8%

35.1% 19.4% 31.0% 24.0% 22.7%

17.46x 16.79x 13.57x 10.96x 10.49x

16.32x 15.02x 12.92x 10.17x 9.99x

49.8x nm 43.7x 45.6x 46.3x

38.1x 45.1x 33.4x 31.5x 31.1x

90.6% - 146.3% 91.7% - 143.7%

$ 38,689.7 $ 37,998.8

$ $

2,810.5 2,801.0

11.5% 10.5%

26.4% 24.0%

13.85x 13.57x

12.88x 12.92x

46.4x 46.0x

35.8x 33.4x

Business Analytics Alteryx, Inc. Cloudera, Inc. MicroStrategy Incorporated GlobalData Plc Teradata Corporation

AYX CLDR MSTR DATA TDC

86.02 15.86 664.50 21.96 49.97

Design and Engineering ANSYS, Inc. Autodesk, Inc. Cadence Design Systems, Inc. PTC Inc. Synopsys, Inc.

ANSS ADSK CDNS PTC SNPS

347.06 291.90 136.82 141.26 275.79

Mean Median

SOFTWARE (CONTINUED)

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Closing Price 30-Jun-21

Market Statistics % of 52-week High-Low

Enterprise Value

Revenue LTM

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Infrastructure Appian Corporation Carrefour SA Carbacid Investments plc Citrix Systems, Inc. Commvault Systems, Inc. Domo, Inc. MongoDB, Inc. Progress Software Corporation SolarWinds Corporation Splunk Inc. Twilio Inc. Varonis Systems, Inc. VMware, Inc.

APPN CA CARB CTXS CVLT DOMO MDB PRGS SWI SPLK TWLO VRNS VMW

$ $ $ $ $ $ $ $ $ $ $ $ $

137.75 19.66 0.11 117.27 78.17 80.83 361.52 46.25 16.89 144.58 394.16 57.62 159.97

53.0% 91.6% 92.3% 67.6% 95.1% 96.2% 84.3% 93.9% 69.4% 64.0% 86.2% 76.5% 93.0%

312.8% 127.2% 153.8% 105.4% 214.2% 275.9% 194.1% 135.8% 120.8% 131.1% 183.9% 187.3% 126.2%

9,939.3 32,075.5 20.7 17,731.6 3,249.5 2,652.3 25,980.2 2,277.5 7,003.4 24,413.6 64,259.3 5,628.9 67,431.3

314.6 88,017.1 7.1 3,151.5 723.5 221.7 641.7 475.9 1,029.2 2,297.4 1,986.9 313.3 12,027.0

18.3% 3.9% na 9.5% 6.7% 17.8% 29.6% 1.4% 8.5% 21.4% 30.6% 22.2% 8.5%

-10.9% 4.9% 42.5% 20.4% 8.0% -29.0% -32.8% 33.1% 20.1% -33.2% -19.2% -22.0% 24.3%

nm 0.36x 2.93x 5.63x 4.49x 11.96x nm 4.79x 6.80x 10.63x nm 17.97x 5.61x

nm 0.38x na 5.25x 4.29x 10.58x nm 4.27x 6.62x 9.62x nm 15.20x 5.26x

na 7.4x 6.9x 27.6x nm na na 14.5x 33.8x na na na 23.1x

na 6.0x na 15.6x 19.8x na na na 15.3x na nm nm 14.7x

Mean Median

81.8% - 174.5% 86.2% - 153.8%

$ 20,204.9 $ 9,939.3

$ $

8,554.4 723.5

14.9% 13.7%

0.5% 4.9%

7.12x 5.62x

6.83x 5.26x

18.9x 18.8x

14.3x 15.3x

$ $ $ $

95.4% 99.3% 64.7% 96.3%

4,325.1 12,319.5 27,383.4 5,601.5

789.7 1,970.5 1,268.5 370.0

10.6% 9.3% 23.6% 16.1%

5.2% 15.7% -3.6% -5.7%

5.48x 6.25x nm 15.14x

5.09x 5.80x 18.16x 13.36x

nm 39.8x na na

18.7x 16.6x nm na

$ 12,407.4 $ 8,960.5

$ $

1,099.7 1,029.1

14.9% 13.4%

2.9% 0.8%

8.96x 6.25x

10.60x 9.58x

39.8x 39.8x

17.7x 17.7x

Collaboration Box, Inc. Dropbox, Inc. RingCentral, Inc. Workiva Inc.

BOX DBX RNG WK

25.55 30.31 290.58 111.33

Mean Median

169.5% 171.7% 126.9% 216.4%

88.9% - 171.1% 95.9% - 170.6%

SOFTWARE (CONTINUED)

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Closing Price 30-Jun-21

Market Statistics % of 52-week High-Low

Enterprise Value

Revenue LTM

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Healthcare Cerner Corporation Computer Programs and Systems, Inc. HealthStream, Inc. Inovalon Holdings, Inc. NantHealth, Inc. NextGen Healthcare, Inc. Veeva Systems Inc.

CERN CPSI HSTM INOV NH NXGN VEEV

$ $ $ $ $ $ $

78.16 33.23 27.94 34.08 2.32 16.59 310.95

92.8% 91.4% 98.4% 99.3% 35.2% 69.7% 95.5%

117.1% 154.1% 155.6% 194.1% 120.2% 163.0% 133.8%

$ 24,064.8 541.6 853.2 6,209.1 485.7 1,075.2 47,497.4

5,481.8 262.7 246.7 690.5 71.2 556.8 1,561.5

5.5% 7.3% 7.3% 12.3% 9.2% 3.2% 18.8%

23.7% 12.7% 14.7% 29.6% -33.1% 5.7% 28.6%

4.39x 2.06x 3.46x 8.99x 6.82x 1.93x nm

4.15x 1.94x 3.39x 8.13x 6.92x 1.87x nm

18.5x 16.2x 23.6x 30.4x na 33.6x nm

12.9x 10.9x 19.8x 22.9x na 10.1x nm

Mean Median

83.2% - 148.3% 92.8% - 154.1%

$ 11,532.4 $ 1,075.2

$ $

1,267.3 556.8

9.1% 7.3%

11.7% 14.7%

4.61x 3.92x

4.40x 3.77x

24.5x 23.6x

15.3x 12.9x

$ $ $ $ $ $ $ $ $ $

75.7% 95.7% 89.5% 52.9% 84.0% 69.0% 86.1% 94.9% 94.3% 92.5%

4,916.3 4,187.7 7,025.5 1,687.2 8,745.6 5,903.9 113,448.7 25,766.0 18,156.6 2,041.8

316.5 908.8 1,950.9 777.8 757.5 426.9 13,173.7 4,727.7 1,134.9 311.9

18.9% 1.7% 5.7% -37.5% 7.8% 20.6% 12.2% 3.6% 19.1% 14.1%

4.6% 11.6% 30.4% 18.0% -3.5% -10.0% 1.8% 36.8% 20.1% -17.2%

15.53x 4.61x 3.60x 2.17x 11.55x 13.83x 8.61x 5.45x 16.00x 6.55x

14.00x 4.63x 4.05x 1.79x 11.70x 11.90x 5.56x 5.24x 11.91x 6.04x

nm 39.6x 11.8x 12.1x na na nm 14.8x nm na

nm 18.3x 10.4x na nm nm nm 13.0x 42.8x nm

$ 19,187.9 $ 6,464.7

$ $

2,448.7 843.3

6.6% 10.0%

9.3% 8.1%

8.79x 7.58x

7.68x 5.80x

19.6x 13.5x

21.1x 15.6x

Other Vertical AppFolio, Inc. Blackbaud, Inc. CDK Global, Inc. Ebix, Inc. Guidewire Software, Inc. Q2 Holdings, Inc. Square, Inc. SS&C Technologies Holdings, Inc. Tyler Technologies, Inc. Zuora, Inc.

APPF BLKB CDK EBIX GWRE QTWO SQ SSNC TYL ZUO

141.20 76.57 49.69 33.90 112.72 102.58 243.80 72.06 452.37 17.25

Mean Median

128.1% 163.4% 126.3% 190.1% 122.8% 122.8% 228.8% 132.1% 141.6% 188.5%

83.5% - 154.5% 87.8% - 136.8%

SECURITY

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Closing Price 30-Jun-21

Market Statistics % of 52-week High-Low

Enterprise Value

Revenue LTM

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Cyber Security Check Point Software Technologies Ltd. CHKP FireEye, Inc. FEYE Fortinet, Inc. FTNT Okta, Inc. OKTA OneSpan Inc. OSPN Palo Alto Networks, Inc. PANW Proofpoint, Inc. PFPT Qualys, Inc. QLYS Rapid7, Inc. RPD SailPoint Technologies Holdings, Inc. SAIL SecureWorks Corp. SCWX Symphony Communication Public Company Limited SYMC Tenable Holdings, Inc. TENB Zscaler, Inc. ZS

$ $ $ $ $ $ $ $ $ $ $ $ $ $

116.13 20.22 238.19 244.68 25.54 371.05 173.76 100.69 94.63 51.07 18.53 0.17 41.35 216.06

Mean Median

83.4% 79.2% 96.3% 83.2% 76.6% 92.1% 99.5% 67.6% 95.6% 79.6% 82.8% 82.1% 70.7% 93.6%

109.5% 174.0% 223.1% 132.2% 143.1% 169.2% 189.7% 116.2% 186.3% 185.9% 185.1% 177.4% 147.9% 201.9%

$ 11,752.0 4,946.7 37,287.0 38,265.6 926.1 36,734.9 10,455.5 3,622.6 5,696.5 4,762.1 1,409.7 95.7 4,298.9 29,517.9

2,086.0 962.2 2,727.0 903.6 210.1 3,987.2 1,088.1 373.5 434.6 380.6 559.3 42.5 460.8 601.9

3.0% 7.9% 15.9% 37.9% 9.7% 17.9% 16.5% 11.4% 19.1% 15.6% 2.8% na 18.5% 30.8%

45.0% -3.4% 22.0% -22.4% -3.7% -0.1% 0.2% 28.8% -11.4% 4.2% 2.0% 41.2% -1.7% -26.5%

5.63x 5.14x 13.67x 42.35x 4.41x 9.21x 9.61x 9.70x 13.11x 12.51x 2.52x 2.25x 9.33x 49.04x

5.49x 4.84x 11.98x 31.30x 4.21x 7.98x 8.63x 8.98x 11.30x 11.64x 2.59x na 8.23x 38.08x

12.5x na nm na na na nm 33.6x na nm nm 5.5x na na

11.3x 30.1x 41.8x na na 34.0x nm 21.8x nm na nm na nm nm

84.5% - 167.3% 83.0% - 175.7%

$ 13,555.1 $ 5,321.6

$ $

1,058.4 580.6

15.9% 15.9%

5.3% 0.1%

13.46x 9.47x

11.94x 8.63x

17.2x 12.5x

27.8x 30.1x

ENTERPRISE SYSTEMS

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Closing Price 30-Jun-21

Market Statistics % of 52-week High-Low

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Enterprise Value

Revenue LTM

$ 2,215,909.9 $ 1,763,203.3 31,003.2 40,199.5 181,094.5 261,447.2

$ 325,406.0 $ 419,130.0 27,557.0 61,075.0 73,779.0 40,479.0

4.6% 17.7% 2.1% -0.6% 1.4% 4.2%

30.7% 13.6% 16.6% 8.9% 21.4% 44.3%

6.81x 4.21x 1.13x 0.66x 2.45x 6.46x

6.15x 3.60x 1.11x 0.63x 2.43x 6.33x

22.2x 30.8x 6.8x 7.4x 11.4x 14.6x

19.5x 23.5x 5.7x 6.8x 9.5x 12.9x

4.9% 3.2%

22.6% 19.0%

3.62x 3.33x

3.38x 3.02x

15.5x 13.0x

13.0x 11.2x

Large Diversified Apple Inc. Amazon.com, Inc. Hewlett Packard Enterprise Company HP Inc. International Business Machines Corporation Oracle Corporation

AAPL AMZN HPE HPQ IBM ORCL

$ 136.96 $ 3,440.16 $ 14.58 $ 30.19 $ 146.59 $ 77.55

94.4% 96.8% 87.1% 83.9% 95.9% 91.2%

153.6% 124.9% 176.0% 188.5% 138.4% 144.5%

Mean Median

91.5% - 154.3% 92.8% - 149.1%

$ $

748,809.6 221,270.9

$ 157,904.3 $ 67,427.0

$ $ $ $ $ $ $ $

94.9% 96.7% 95.1% 92.5% 86.4% 94.1% 82.6% 89.4%

183.7% 187.8% 149.2% 299.2% 159.8% 140.2% 163.1% 144.4%

744.9 25,403.2 212,311.8 1,612.1 11,251.3 9,520.8 840.8 2,052.1

226.6 2,462.0 48,846.0 946.9 2,468.0 4,521.5 1,343.2 831.3

7.1% 11.8% 3.4% 4.7% 7.6% 3.3% 2.3% 3.6%

14.3% 32.4% 31.2% 8.2% 20.9% 14.5% 9.4% 17.2%

3.29x 10.32x 4.35x 1.70x 4.56x 2.11x 0.63x 2.47x

3.09x 9.19x 4.14x 1.55x 4.31x 2.05x 0.63x 2.43x

23.0x 31.8x 13.9x 20.8x 21.8x 14.5x 6.6x 14.4x

13.6x 23.7x 11.4x 10.9x 12.1x 10.0x 5.7x na

Mean Median

91.5% - 178.4% 93.3% - 161.4%

$ $

32,967.1 5,786.4

$ $

7,705.7 1,902.6

5.5% 4.1%

18.5% 15.9%

3.68x 2.88x

3.42x 2.76x

18.3x 17.6x

12.5x 11.4x

$ $ $

96.6% - 202.9% 66.1% - 140.4% 50.5% - 151.4%

16,411.6 5,349.1 47.7

5,744.0 1,729.8 46.4

5.3% 15.3% na

19.2% -9.5% 15.9%

2.86x 3.09x 1.03x

2.71x 2.73x na

14.9x na 6.5x

11.0x 29.1x na

71.1% - 164.9% 66.1% - 151.4%

$ $

7,269.5 5,349.1

$ $

2,506.7 1,729.8

10.3% 10.3%

8.5% 15.9%

2.33x 2.86x

2.72x 2.72x

10.7x 10.7x

20.1x 20.1x

Networking A10 Networks, Inc. Arista Networks, Inc. Cisco Systems, Inc. Extreme Networks, Inc. F5 Networks, Inc. Juniper Networks, Inc. NETGEAR, Inc. NetScout Systems, Inc.

ATEN ANET CSCO EXTR FFIV JNPR NTGR NTCT

11.26 362.31 52.63 11.16 186.66 27.35 38.32 28.54

Storage NetApp, Inc. Pure Storage, Inc. Quantum Health Group Limited

NTAP PSTG QTM

81.32 19.53 0.04

Mean Median

INTERNET

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Closing Price 30-Jun-21

Market Statistics % of 52-week High-Low

Enterprise Value

Revenue LTM

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Internet Retail Blue Apron Holdings, Inc. Booking Holdings Inc. CarGurus, Inc. eBay Inc. Etsy, Inc. Eventbrite, Inc. EverQuote, Inc. Expedia Group, Inc. Groupon, Inc. Just Eat Takeaway.com N.V. Netflix, Inc. Overstock.com, Inc. Stitch Fix, Inc. TripAdvisor, Inc. Wayfair Inc.

APRN BKNG CARG EBAY ETSY EB EVER EXPE GRPN GRUB NFLX OSTK SFIX TRIP W

$ 4.28 $ 2,188.09 $ 26.23 $ 70.21 $ 205.84 $ 19.00 $ 32.68 $ 163.71 $ 43.16 $ 18.26 $ 528.21 $ 92.20 $ 60.30 $ 40.30 $ 315.71

28.5% 87.0% 71.8% 99.4% 81.7% 71.7% 51.5% 87.1% 66.7% 50.7% 89.0% 71.8% 53.0% 62.0% 85.6%

108.1% 137.7% 136.3% 154.8% 211.1% 232.3% 114.4% 213.3% 288.7% 108.2% 116.3% 331.3% 279.2% 221.3% 160.8%

138.4 88,210.4 2,978.5 51,781.4 26,589.6 1,641.6 939.0 31,382.9 1,242.6 250,012.4 3,575.6 6,517.5 5,785.5 34,185.1

488.5 5,649.0 565.1 11,165.0 2,048.2 84.7 369.4 4,236.0 1,306.5 2,497.9 26,391.6 2,870.0 1,973.5 449.0 15,292.6

8.8% 57.3% 15.8% 6.4% 19.3% 53.3% 18.8% 37.3% 4.1% 38.9% 15.1% 11.7% 16.2% 52.5% 20.2%

-2.0% 9.8% 23.8% 32.5% 28.0% -85.8% -2.8% -29.1% 0.9% 0.9% 21.6% 3.6% -3.6% -69.0% 5.4%

0.28x 15.62x 5.27x 4.64x 12.98x 19.37x 2.54x 7.41x 0.95x 0.00x 9.47x 1.25x 3.30x 12.89x 2.24x

0.28x 9.52x 3.89x 4.30x 11.65x 8.41x 2.13x 3.82x 1.24x 0.00x 8.41x 1.25x 2.86x 6.59x 2.16x

na nm 22.1x 14.3x 46.3x na na na nm 0.0x 43.8x 35.0x na na 41.3x

na 40.6x 16.8x 12.7x 40.6x na 32.8x 25.0x 10.6x na 37.0x 24.6x na 41.0x 38.8x

Mean Median

70.5% - 187.6% 71.8% - 160.8%

$ $

33,665.4 5,785.5

$ $

5,025.8 2,048.2

25.0% 18.8%

-4.4% 0.9%

6.55x 4.64x

4.43x 3.82x

29.0x 35.0x

29.1x 32.8x

INTERNET (CONTINUED)

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Market Statistics Company

Ticker

Closing Price 30-Jun-21

Metrics

% of 52-week High-Low

Valuation Benchmarks

Enterprise Value

Revenue LTM

Rev. Growth LTM EBITDA 2022 E Margin

EV / Revenue LTM 2021 E

EV / EBITDA LTM 2021 E

$ 1,549,959.9 44.1 30,192.1 933,841.5 111,676.2 2,317.3 5,785.5 52,324.8 2,606.2 1,721.4 28,863.5

$ 196,682.0 70.0 1,724.9 94,399.0 2,813.7 169.9 449.0 3,944.7 855.1 361.3 3,432.4

16.4% 12.4% 16.5% 19.0% 47.6% 14.5% 52.5% 23.3% 14.4% 15.4% 44.1%

32.0% -0.4% 25.7% 48.1% -27.7% 21.3% -69.0% 16.0% 0.9% -20.1% 8.1%

7.88x 0.63x 17.50x 9.89x nm 13.64x 12.89x 13.26x 3.05x 4.76x 8.41x

6.57x 0.59x 15.50x 8.07x nm 9.50x 6.59x 10.93x 2.57x 4.47x 5.24x

24.6x na nm 20.6x na nm na nm nm na nm

16.8x 21.2x 46.9x 15.2x nm 27.7x 41.0x 38.7x 13.7x na nm

$ $

$ 27,718.4 $ 1,724.9

25.1% 16.5%

3.2% 8.1%

9.19x 9.15x

7.00x 6.58x

22.6x 22.6x

27.7x 24.5x

Internet Content and Search Alphabet Inc. AutoWeb, Inc. CoStar Group, Inc. Facebook, Inc. Snap Inc. TechTarget, Inc. TripAdvisor, Inc. Twitter, Inc. Yelp Inc. Yext, Inc. Zillow Group, Inc.

GOOG.L AUTO CSGP FB SNAP TTGT TRIP TWTR YELP YEXT ZG

$ 2,441.79 $ 3.12 $ 82.82 $ 347.71 $ 68.14 $ 77.49 $ 40.30 $ 68.81 $ 39.96 $ 14.29 $ 122.53

99.2% 52.3% 86.9% 97.1% 92.6% 76.6% 62.0% 85.2% 91.1% 68.4% 57.7%

174.1% 281.1% 125.1% 153.2% 330.6% 259.5% 221.3% 228.9% 214.1% 119.0% 217.6%

Mean Median

79.0% - 211.3% 85.2% - 217.6%

247,212.0 28,863.5

PROFESSIONAL SERVICES AND DISTRIBUTION

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Company

Ticker

Closing Price 30-Jun-21

Market Statistics % of 52-week High-Low

Enterprise Value

Revenue LTM

Metrics Rev. Growth LTM EBITDA 2022 E Margin

Valuation Benchmarks EV / Revenue EV / EBITDA LTM 2021 E LTM 2021 E

Large Diversified International Business Machines Corporation

IBM

146.59

95.9% - 138.4%

$ 181,094.5

$ 73,779.0

1.4%

21.4%

2.45x

2.43x

11.4x

9.5x

CACI CTSH DXC EPAM MANT PRFT SAIC UIS

$ $ $ $ $ $ $ $

255.12 69.26 38.94 510.96 86.54 80.42 87.36 25.31

95.6% 83.7% 93.3% 96.9% 85.4% 97.5% 84.0% 88.5%

8,188.9 36,085.5 14,274.1 28,804.7 3,651.3 2,973.5 7,607.2 1,757.3

5,975.7 16,828.0 17,729.0 2,788.9 2,540.7 635.9 7,177.0 2,020.7

6.2% 6.1% 0.0% 22.1% 5.0% 8.9% 4.0% 4.0%

11.5% 17.5% 10.0% 16.6% 9.2% 16.8% 9.0% -1.1%

1.37x 2.14x 0.81x 10.33x 1.44x 4.68x 1.06x 0.87x

1.33x 2.01x 0.85x 8.34x 1.37x 4.22x 1.04x 0.86x

11.9x 12.2x 8.0x nm 15.6x 27.8x 11.8x na

12.4x 10.8x 5.4x 44.1x 14.8x 20.6x 11.7x 4.9x

Consulting CACI International Inc Cognizant Technology Solutions Corporation DXC Technology Company EPAM Systems, Inc. ManTech International Corporation Perficient, Inc. Science Applications International Corporation Unisys Corporation

134.2% 126.9% 264.4% 207.7% 139.8% 248.1% 127.1% 250.1%

Mean Median

90.6% - 187.3% 90.9% - 173.7%

$ 12,917.8 $ 7,898.1

$ $

6,962.0 4,382.3

7.0% 5.5%

11.2% 10.8%

2.84x 1.40x

2.50x 1.35x

14.6x 12.1x

15.6x 12.1x

$ $

93.3% - 125.9% 38.5% - 114.1%

$ 19,365.9 420.4

3,276.6 224.4

7.8% 9.1%

32.5% -1.1%

5.91x 1.87x

5.64x 1.90x

18.2x na

12.7x 21.3x

65.9% - 120.0% 65.9% - 120.0%

$ $

1,750.5 1,750.5

8.4% 8.4%

15.7% 15.7%

3.89x 3.89x

3.77x 3.77x

18.2x 18.2x

17.0x 17.0x

Infrastructure Outsourcing Akamai Technologies, Inc. Limelight Networks, Inc.

AKAM LLNW

116.60 3.15

Mean Median

9,893.1 9,893.1

PROFESSIONAL SERVICES AND DISTRIBUTION (CONTINUED)

Technology Investment Banking

Selected Companies Review ($ in millions, except per security)

Market Statistics Company

Ticker

Closing Price 30-Jun-21

% of 52-week High-Low

Metrics

Valuation Benchmarks

Enterprise Value

Revenue LTM

Rev. Growth LTM EBITDA 2022 E Margin

EV / Revenue LTM 2021 E

EV / EBITDA LTM 2021 E

$ 28,307.4 1,222.8 4,254.8 1,132.0

$ 18,915.8 1,568.3 8,389.6 2,515.3

5.1% 6.9% 5.5% 3.5%

8.7% 8.1% 4.2% 3.2%

1.50x 0.78x 0.51x 0.45x

1.41x 0.77x 0.48x 0.41x

17.2x 9.6x 12.1x 14.1x

17.2x 9.5x 11.0x 11.1x

$ $

6,709.2 2,515.3

5.2% 5.3%

5.4% 4.2%

0.65x 0.51x

0.77x 0.62x

10.6x 12.1x

12.2x 11.1x

10,530.3 5,168.7 894.1 6,257.0

30,677.9 18,467.6 2,934.6 26,919.4

2.6% 3.3% 3.3% 0.4%

4.1% 2.1% 3.1% 4.8%

0.34x 0.28x 0.30x 0.23x

0.31x 0.26x 0.28x 0.29x

8.3x 13.2x 9.8x 4.8x

7.0x 9.2x 7.2x 8.7x

4,603.0 5,168.7

$ 15,800.1 $ 18,467.6

2.4% 2.9%

-12.8% 3.1%

0.29x 0.29x

0.28x 0.29x

9.0x 9.1x

8.0x 8.0x

Solution Providers CDW Corporation ePlus inc. Insight Enterprises, Inc. PC Connection, Inc.

CDW PLUS NSIT CNXN

$ $ $ $

174.65 86.69 100.01 46.27

94.6% 80.5% 93.2% 83.8%

165.0% 134.0% 226.5% 121.5%

Mean Median

88.1% - 161.7% 88.5% - 149.5%

$ $ $ $

91.2% 88.2% 82.5% 73.8%

6,983.4 1,222.8

Distribution Arrow Electronics, Inc. Avnet, Inc. ScanSource, Inc. SYNNEX Corporation

ARW AVT SCSC SNX

113.83 40.08 28.13 121.55

Mean Median

177.4% 164.9% 154.1% 161.0%

82.5% - 185.0% 82.5% - 164.9%

$ $

CONTACT INFORMATION

Technology Investment Banking

James S. Cassel

Scott E. Salpeter

Chairman

President

jcassel@cs-ib.com

ssalpeter@cs-ib.com

305-438-7701

305-438-7702

801 Brickell Ave. Suite 1900 Miami, Florida 33131 www.casselsalpeter.com

The information and discussion within this report was prepared by Cassel Salpeter & Co., LLC (“CS”) and are meant to provide general information regarding the subject matter. The information has been obtained from sources that are considered reliable, but CS makes no guarantee or representation as to the accuracy or completeness of such information. This report reflects information known at the time the report was written and is subject to change. The discussion reflects the author’s current judgement as of the date of this report and does not necessarily reflect the judgements of CS, and furthermore, are subject to change without notice. CS has no obligation to update, modify, or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, estimate, forecast, or analysis set forth herein, changes or subsequently becomes inaccurate. This report does not constitute investment advice with respect to the securities of any company discussed herein, is not intended to provide information upon which to base an investment decision and should not be construed as such. Professional advice should be obtained before taking any action based on any information or discussion contained herein.