Tech Report Q1 2022 by Cassel Salpeter & Co

Technology Investment Banking Q1 2022 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:

 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 1

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:

M&A Sale

Vertical Software

Bankruptcy §363 Sale

Vertical Software

M&A Sale

Vertical Software

Valuation

Application Software

Bankruptcy §363 Sale

Application 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

Ira Leiderman Managing Director

Deborah Aghib Managing Director

Margery Fischbein Managing Director

Joseph Smith Director

Laura Salpeter Director

Marcus Wai Vice President

Chris Mansueto Vice President

Edward Kropf Associate

Tahz Rashid Associate

Aaron Schiff Analyst

Francisco Belliard Analyst

Includes projects by our professionals at prior firms.

Technology Investment Banking

Q1 TECHNOLOGY DEALS

M&A REVIEW

III

PUBLIC MARKETS REVIEW

Q1 2022 SELECTED MERGERS AND ACQUISITIONS

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction Date Annc. 28-Mar-22 28-Mar-22 24-Mar-22 20-Mar-22 14-Mar-22 8-Mar-22 7-Mar-22 7-Mar-22 2-Mar-22 1-Mar-22 28-Feb-22 27-Feb-22 25-Feb-22 23-Feb-22 22-Feb-22 15-Feb-22 15-Feb-22 14-Feb-22 14-Feb-22 10-Feb-22 9-Feb-22 7-Feb-22 31-Jan-22 26-Jan-22 19-Jan-22 18-Jan-22 12-Jan-22 11-Jan-22 10-Jan-22 6-Jan-22 6-Jan-22 5-Jan-22

Enterprise Closed

na na 24-Mar-22 na na na na na na na na na 1-Apr-22 1-Apr-22 24-Feb-22 na 21-Mar-22 28-Mar-22 14-Feb-22 9-Feb-22 23-Feb-22 1-Apr-22 na 29-Dec-21 3-Mar-22 31-Dec-21 31-Dec-21 na na 7-Feb-22 22-Feb-22 16-Feb-22

Target Plantronics, Inc. Segmint, Inc. Unbxd Inc Anaplan, Inc. Open-Silicon, Inc. Mandiant, Inc. EdgeCast, Inc. vitaCare Prescription Services, Inc. Streamlit, Inc. Credorax Bank Ltd. StreamSets, Inc. Sezzle Inc. ETQ, LLC Area 1 Security, Inc. KPI Ninja Inc. MoneyGram International, Inc. Linode LLC Resonant Inc. Payrix Solutions, LLC NetCHB, L.L.C. Tripwire, Inc. First Alert, Inc. Citrix Systems, Inc. ID Technologies, LLC Four Existing Data Centers; Houston, TX Verikai Inc. Tradovate Holdings, LLC Wind River Systems, Inc. Cloudmed Trifacta Inc. Vocera Communications, Inc. Castlight Health, Inc.

Valuation Benchmarks

Metrics Acquirer

HP Inc. Alkami Technology, Inc. Netcore Cloud Pvt. Ltd. Thoma Bravo, L.P. Alphawave IP Group plc Google LLC Limelight Networks, Inc. GoodRx Holdings, Inc. Snowflake Inc. Shift4 Payments, LLC Software AG USA, Inc. Zip Co Limited Hexagon AB (publ) Cloudflare, Inc. Health Catalyst, Inc. Madison Dearborn Partners, LLC Akamai Technologies, Inc. Murata Electronics North America, Inc. Fidelity National Information Services, Inc. The Descartes Systems Group Inc. HelpSystems, LLC Resideo Technologies, Inc. TIBCO Software Inc. CACI International Inc DataBank Holdings, Ltd. American Financial Group, Inc. NinjaTrader, LLC Aptiv PLC R1 RCM Inc. Alteryx, Inc. Stryker Corporation Vera Whole Health Inc.

Target TTM

Value

Revenue

EBITDA %

$ 3,280.4 135.5 111.1 10,454.0 210.0 5,357.1 430.4 157.0 800.0 521.4 571.6 224.7 1,200.0 162.0 31.2 1,730.9 900.0 304.5 na 98.7 350.0 593.0 16,654.9 225.0 670.0 120.0 115.0 4,300.0 4,498.3 400.0 2,987.7 314.3

$ 1,736.0 na na 592.2 na 483.5 285.0 na na na na 114.8 na na na 1,283.6 na 2.2 na na 106.8 395.0 3,217.2 na na na na 400.0 na na 234.2 142.5

12.0% na na -29.3% na -46.5% -0.4% na na na na -21.2% na na na 20.2% na nm na na 3.7% 13.9% 19.9% na na na na na na na 5.7% 0.1%

Implied EV / Revenue 1.89x na na 17.65x na 11.08x 1.51x na na na na 1.96x na na na 1.35x na nm na na 3.28x 1.50x 5.18x na na na na 10.75x na na 12.76x 2.21x

EBITDA 15.69x na na na na na na na na na na na na na na 6.67x na na na na 87.72x 10.78x 26.06x na na na na na na na 225.30x na

Stock Price Premiums 1-Day 52.7% na na 30.5% na 2.3% na na na na na 22.0% na na na 22.9% na 262.9% na na na na -1.5% na na na na na na na 26.8% 25.0%

1-Month 44.3% na na 47.4% na 53.5% na na na na na -7.4% na na na 39.8% na 192.2% na na na na 9.9% na na na na na na na 37.3% 42.4%

Sources of information: S&P Capital IQ.

Technology Investment Banking

Q3 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

Valuation Benchmarks

Target TTM

Value

Revenue

Implied EV /

EBITDA %

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Application Software 7-Mar-22 2-Mar-22 13-Sep-21 10-May-21 6-May-21 31-Mar-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 30-Jan-18 30-May-17 14-Nov-16

na na 1-Nov-21 15-Jun-21 1-Jun-21 31-Mar-21 6-Apr-21 21-Jul-21 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 5-Apr-18 31-Jul-17 30-Mar-17

EdgeCast, Inc. Streamlit, Inc. The Rocket Science Group, LLC Electronic Payment Providers, Inc. DivvyPay, Inc. Tock, 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, LLC Looker Data Sciences, Inc. Amber Road, Inc. Control4 Corporation Apptio, Inc. Qualtrics International Inc. SendGrid, Inc. Marketo, Inc. Callidus Software Inc. Xactly Corporation Mentor Graphics Corporation

Limelight Networks, Inc. Snowflake Inc. Intuit Inc. Repay Holdings Corporation Bill.com Holdings, Inc. Squarespace, Inc. Vista Equity; Partners Group Holding Salesforce, Inc. Chegg, Inc. Apple Inc. Francisco Partners; Evergreen Coast Thoma Bravo, L.P. MJ23 UK Acquisition Limited ANSYS, Inc. Prudential Financial, Inc. VMware, Inc. HGGC, LLC Salesforce, Inc. Google LLC E2open, LLC Snap One, LLC Vista Equity Partners SAP America, Inc. Twilio Inc. Adobe Inc. SAP America, Inc. Vista Equity Partners Siemens Industry, Inc.

430.4 800.0 12,345.5 514.3 2,500.0 415.0 4,363.5 27,424.4 116.0 100.0 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 na 1,831.6 4,750.0 2,425.9 530.6 4,389.9

285.0 na 800.0 na 100.0 na 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 253.1 96.8 1,282.5

-0.4% na na na na na -26.4% -18.4% na na 29.9% -23.7% 33.5% na na -9.7% 24.4% -3.8% na -4.2% 11.7% -6.2% 3.1% 4.8% na -2.2% -12.6% 20.7%

1.51x na 15.43x na 25.00x na 11.14x 28.15x 8.92x na 3.37x 7.55x 3.72x na na 3.98x 3.52x 12.90x na 4.92x 2.28x 8.31x na 12.50x na 9.59x 5.48x 3.42x

na na na na na na 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 16.54x

na na na na na na 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 10.1% 16.8% 21.4%

na na na na na na 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 25.7% 34.9% 35.4%

Mean Median

$ 3,755.7 $ 1,951.5

$ $

491.6 279.4

1.2% -2.2%

9.04x 7.55x

14.56x 14.44x

22.0% 18.4%

34.6% 35.2%

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

Value

Revenue

Implied EV /

EBITDA %

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Vertical Software 7-Mar-22 2-Mar-22 30-Nov-21 5-Aug-21 21-Dec-20 20-Jul-20 31-Aug-20 19-Dec-19 3-Sep-19 3-Jun-19 28-May-19 12-Feb-19 6-Sep-18

na na 30-Nov-21 15-Oct-21 22-Apr-21 21-Sep-20 13-Oct-20 1-Jun-20 19-Sep-19 31-May-19 17-Sep-19 17-Apr-19 16-Nov-18

EdgeCast, Inc. Streamlit, Inc. EveryMundo, LLC Cornerstone OnDemand, Inc. RealPage, Inc. Majesco Rosetta Stone Inc. TiVo Corporation MAM Software Group, Inc. Pace Payment Systems, Inc. Total System Services, Inc. Ellie Mae, Inc. IntraLinks Holdings, Inc.

Limelight Networks, Inc. Snowflake Inc. PROS Holdings, Inc. Clearlake Capital Group, L.P. Thoma Bravo, L.P. Thoma Bravo, L.P. Cambium Learning Group, Inc. Xperi Corporation Kerridge Commercial Systems i3-SDCR, Inc. Global Payments Inc. Thoma Bravo, LLC SS&C Technologies Holdings, Inc.

430.4 800.0 90.0 5,211.5 10,093.3 702.1 756.3 1,462.4 153.2 134.5 27,929.0 3,380.7 1,428.4

285.0 na na 830.0 1,158.5 150.4 188.5 669.8 37.3 29.1 4,103.5 480.3 325.0

-0.4% na na 23.3% 18.2% 13.1% 0.8% 32.1% 14.9% 2.9% 31.4% 11.8% 40.6%

1.51x na na 6.28x 8.71x 4.67x 4.01x 2.18x 4.06x 4.63x 6.81x 7.04x 4.39x

na na na 26.97x 47.88x 35.62x na 6.80x 28.04x 159.59x 21.70x 59.58x 10.82x

na na na 16.4% 30.8% 109.4% 0.6% 20.8% 14.3% na 9.6% 20.8% na

na na na 9.7% 36.0% 126.3% 12.1% 32.5% 10.7% na 23.5% 46.3% na

Mean Median

$ 4,044.0 $ 800.0

$ $

750.7 325.0

17.2% 14.9%

4.94x 4.63x

44.11x 28.04x

27.8% 18.6%

37.1% 28.0%

Oracle Corporation Insight Venture Management, LLC Optum, Inc. Gainwell Teladoc Health, Inc. Veritas Capital Management, L.L.C AMN Healthcare, Inc. Dassault Systemes Americas Corp. Hill-Rom, Inc. Inovalon Holdings, Inc. R1 RCM Inc. EQT Partners AB ResMed Corp.

$ 29,445.6 7,316.7 13,298.2 3,522.7 16,345.1 5,000.0 579.2 5,818.3 195.0 1,205.7 460.0 2,392.6 800.0

$ 5,764.8 749.6 3,415.8 673.3 258.0 1,400.0 94.5 684.6 40.0 140.0 193.0 344.3 113.2

27.3% 30.6% 22.7% 20.5% -11.9% na 16.3% 14.1% na 51.5% 24.9% 30.5% 37.3%

5.11x 9.76x 3.89x 5.23x 51.53x 3.57x 6.13x 8.50x 4.88x 8.61x 2.38x 6.95x 7.07x

18.68x 31.93x 17.14x 25.58x na na 37.52x 60.07x na 16.72x 9.58x 22.80x 18.93x

5.8% 10.2% 41.2% 9.5% 5.1% na na -2.6% na na na 0.4% na

30.6% 25.7% 46.7% 21.8% 95.7% na na 4.3% na na na 1.1% na

Mean Median

$ 6,644.5 $ 3,522.7

$ 1,067.0 $ 344.3

24.0% 24.9%

9.51x 6.13x

25.90x 20.87x

9.9% 5.8%

32.3% 25.7%

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

na 24-Nov-21 na 1-Apr-21 30-Oct-20 1-Oct-20 14-Feb-20 28-Oct-19 1-Apr-19 2-Apr-18 8-May-18 21-Oct-16 4-Apr-16

Cerner Corporation Inovalon Holdings, Inc. Change Healthcare Inc. HMS Holdings Corp. Livongo Health, Inc. U.S. HSS Bus. of DXC Tech. Co. Stratus Video, LLC Medidata Solutions, Inc. Voalte, Inc. ABILITY Network Inc. Intermedix Corporation Press Ganey Holdings, Inc. Brightree LLC

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 20-Mar-22 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

na 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 14-Nov-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

Anaplan, Inc. 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

Thoma Bravo, L.P. 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, Inc. Siris Capital Group, LLC Open Text Corporation Carbonite, Inc. Cisco Systems, Inc. Synchronoss Technologies, Inc. Open Text Corporation 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.

$ 10,454.0 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

592.2 320.0 405.3 84.3 149.7 70.0 na 3,482.7 327.6 4,148.0 na 107.1 296.5 295.5 70.2 84.0 206.2 290.4 599.0 92.0 3,172.0 na 12.0 485.9 11.2 566.8 na

-29.3% -27.8% 14.2% 3.7% -10.5% na na 21.8% -46.3% 30.2% na 35.9% -25.6% 7.5% -14.0% 16.5% -51.1% 6.9% na -42.9% 20.7% na na 30.9% -23.7% 13.0% na

17.65x 5.02x 3.44x 0.21x 1.45x 2.92x na 9.51x 6.12x 4.64x na 3.08x 22.16x 3.45x 0.99x 1.65x 18.87x 2.81x na 6.10x na na 2.25x 9.15x 10.30x 1.72x na

na 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

30.5% 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

47.4% -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

$ 4,258.9 $ 1,395.8

$ $

689.9 295.5

-3.5% 5.3%

6.36x 3.45x

25.44x 24.28x

23.8% 22.5%

29.9% 30.9%

Sources of information: S&P Capital IQ.

SECURITY

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Target

Acquirer

Value

Valuation Benchmarks

Target TTM Revenue

Stock Price Premiums

Implied EV /

EBITDA %

Revenue

EBITDA

1-Day

1-Month

Security 8-Mar-22 9-Feb-22 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 27-Oct-15 21-Oct-15 19-Oct-15

na 23-Feb-22 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 21-Dec-15 9-Mar-16 17-Mar-16

Mandiant, Inc. Tripwire, Inc. 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. Lancope, Inc. TippingPoint Technologies, Inc. Vormetric, Inc.

Google LLC HelpSystems, LLC Absolute Software Corporation Palo Alto Networks, Inc. Proofpoint, Inc. VMware, Inc. Elastic N.V. Carbonite, Inc. Zix Corporation BlackBerry Limited Thoma Bravo, L.P. Thoma Bravo, L.P. 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. (nka:Mandiant, Inc.) LookingGlass Cyber Solutions Inc. Cisco Systems, Inc. Trend Micro Incorporated Thales e-Security, Inc.

$ 5,357.1 350.0 341.7 143.8 217.0 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 na 360.0 271.1 35.0 452.5 300.0 421.0

483.5 106.8 60.0 na na 229.7 22.9 215.0 na 130.0 na 351.8 27.1 372.5 na na 9.8 650.2 358.3 131.1 598.3 na na 40.0 18.0 na 169.0 53.5

-46.5% 3.7% 30.0% na na -26.3% -87.0% na na na na 1.4% na 8.6% na na na 7.3% 0.5% -14.1% 1.5% na na na na na na na

11.08x 3.28x 5.70x na na 8.98x 9.32x 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 na 6.78x 1.94x na 1.78x na

na nm 18.98x na na na na na na na na na na nm na na na nm na na nm na na na na na na na

2.3% 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

53.5% 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

Mean Median

$ $

212.0 131.1

-11.0% 1.4%

5.77x 4.50x

18.98x 18.98x

18.1% 16.1%

34.7% 37.5%

994.1 421.0

Sources of information: S&P Capital IQ.

ENTERPRISE SYSTEMS

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Valuation Benchmarks

Target TTM

Implied EV /

Value

Revenue

EBITDA %

TIBCO Software 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 TDK Headway Technologies, Inc. Western Digital Technologies, Inc. Dell, Inc. Seagate Technology Holdings plc

$ 16,654.9 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 1,114.4 233.4 13,398.2 63,296.5 645.4

$ 3,217.2 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 72.0 391.9 234.6 5,598.4 24,586.0 243.9

19.9% 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% 8.1% 24.4% 20.4% 7.7%

5.18x 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 0.99x 2.39x 2.57x 2.65x

26.06x 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 12.28x 9.82x 12.61x 34.31x

-1.5% 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% 128.6% 13.5% 19.0% 79.2%

9.9% 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% 135.3% 61.4% 34.8% 51.9%

Mean Median

$ 7,943.6 $ 1,114.4

$ 2,135.5 $ 402.6

4.0% 11.2%

4.00x 2.78x

24.51x 13.65x

30.7% 19.3%

36.6% 32.2%

Target

Acquirer

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Enterprise Systems 31-Jan-22 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 2-Nov-15 21-Oct-15 12-Oct-15 18-Aug-15

na 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 5-Oct-16 12-May-16 7-Sep-16 6-Oct-15

Citrix Systems, Inc. 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. Ultimate Cross Ref. (nka:UKG 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. Hutchinson Technology Inc. SanDisk LLC EMC Corporation (nka:Dell EMC) Dot Hill Systems Corp.

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. (nka:Shutterfly, LLC) 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

Value

Acquirer

Valuation Benchmarks

Target TTM Revenue

Implied EV /

EBITDA %

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

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

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

Core BTS, Inc. Perspecta Inc. Virtusa Corporation Incentive Technology Group, LLC Presidio, Inc. Stratos Management Systems, Inc. Atos Syntel Inc. CSRA Inc. NCI, Inc. iGATE Corporation

Nomura Research Institute 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 Capgemini North America, Inc.

Mean Median

460.9 7,273.2 2,050.3 255.0 2,456.5 65.0 3,541.6 9,871.1 285.1 4,453.6

153.3 4,483.0 1,294.0 90.0 3,048.2 154.8 966.2 5,064.0 325.4 1,288.1

3.1% 14.4% 9.8% na 7.6% 3.0% 27.4% 16.6% 9.1% 19.3%

3.02x 1.62x 1.58x 2.83x 0.81x na 3.67x 1.95x 0.88x 3.46x

96.30x 11.26x 16.24x na 10.62x na 13.40x 11.73x 9.61x 17.90x

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

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

$ 3,071.2 $ 2,253.4

$ 1,686.7 $ 1,127.1

12.2% 9.8%

2.20x 1.95x

23.38x 12.57x

14.7% 11.8%

20.5% 21.7%

Madison Dearborn Partners, LLC Switch, Ltd. Windstream Holdings, Inc. Insight Enterprises, Inc. Inception Parent, Inc. B. Riley Financial, Inc. Global Telecom & Tech Americas

$ 1,730.9 420.0 1,070.3 223.1 4,314.1 43.8 152.4

$ 1,283.6 na 959.9 756.5 2,073.4 145.3 124.0

20.2% na 20.6% 2.5% 28.4% 10.4% 16.1%

1.35x na 1.12x 0.29x 2.07x 0.31x 1.23x

6.67x na 5.40x 11.72x 7.25x 3.71x 7.62x

22.9% na -4.8% 19.3% 6.0% 1.9% na

39.8% na -5.7% 5.9% 37.8% -2.7% na

Mean Median

$ 1,136.4 $ 420.0

$ $

890.5 858.2

16.4% 18.2%

1.06x 1.17x

7.06x 6.96x

9.1% 6.0%

15.0% 5.9%

SYNNEX (nka:TD SYNNEX Corporation) WESCO International, Inc. SYNNEX (nka:TD 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%

Infrastructure Outsourcing 15-Feb-22 3-May-21 7-Nov-16 7-Nov-16 26-Aug-16 4-May-16 19-Feb-15

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

MoneyGram International, Inc. 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

1-Sep-21 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

Q3 TECHNOLOGY DEALS

M&A REVIEW

III

PUBLIC MARKETS REVIEW

SELECTED MARKET INDICES

Technology Investment Banking

Relative Trading Performance Last Three Months - Dec 31, 2021 to Mar 31, 2022 (Chart 1)

Indices

110 105

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

100 95

Chart 1

Chart 2

_____ -4.9% ----9.1% _____ -8.2% _____ -13.1% - - - - -10.1%

14.0% 7.4% -2.2% 5.8% 18.7%

90 85 80 75 70 Dec-21

Jan-22

Feb-22

Mar-22

1 Year - Mar 31, 2021 to Mar 31, 2022 (Chart 2) 140 130 120 110 100 90 80 70 60 Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

Sources of information: S&P Capital IQ.

SOFTWARE

Technology Investment Banking

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

Metrics

Market Statistics Company

Ticker

Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Valuation Benchmarks

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

Large Diversified Adobe Inc.

ADBE

455.62

65.1% - 111.7%

Microsoft Corporation Oracle Corporation

MSFT ORCL

$ $

308.31 82.41

88.2% - 129.5% 77.5% - 117.3%

215,244.5

2,266,363.9 279,507.2

16,142.0

13.3%

40.4%

13.33x

13.66x

33.0x

27.1x

184,903.0 41,827.0

15.5% 5.0%

49.1% 44.0%

12.26x 6.68x

12.32x 6.78x

25.0x 15.2x

25.1x 13.3x

Mean Median

76.9% - 119.5% 77.5% - 117.3%

$ $

920,371.8 279,507.2

$ $

80,957.3 41,827.0

11.3% 13.3%

44.5% 44.0%

10.76x 12.26x

10.92x 12.32x

24.4x 25.0x

21.8x 25.1x

$ $ $ $ $ $ $ $ $ $

92.6% 51.9% 34.0% 46.9% 67.1% 73.6% 65.0% 64.0% 75.2% 68.1%

163.0% 134.0% 150.9% 134.0% 124.7% 119.7% 120.4% 131.5% 144.1% 141.1%

9,768.5 8,334.0 21,663.1 8,333.7 142,232.2 8,526.5 2,431.8 6,829.5 4,533.3 6,120.1

592.2 699.0 2,107.2 800.6 11,414.0 663.6 443.8 550.8 385.3 443.3

27.6% 24.4% 18.6% 28.9% 15.4% 8.4% 11.2% 38.1% 16.0% 21.1%

-31.0% -9.9% 0.7% -15.9% 27.4% 21.4% -15.5% -26.1% 20.8% -5.1%

16.50x 11.92x 10.28x 10.41x 12.46x 12.85x 5.48x 12.40x 11.77x 13.81x

16.72x 12.11x 10.38x 10.60x 12.41x 13.02x 5.44x 12.53x 11.83x 13.91x

na na nm na 45.4x nm na na nm na

na nm 46.0x nm 32.3x 47.8x nm na 42.8x nm

Mean Median

63.8% - 136.3% 66.1% - 134.0%

$ $

21,877.3 8,333.8

$ $

1,810.0 627.9

21.0% 19.9%

-3.3% -7.5%

11.79x 12.16x

11.89x 12.26x

45.4x 45.4x

42.2x 44.4x

$ $ $ $

83.0% 62.0% 65.4% 77.8%

136.4% 122.0% 133.4% 116.3%

624.6 20,638.8 11,441.1 58,643.7

263.1 1,055.5 731.2 5,138.8

-1.0% 25.7% 26.7% 21.0%

7.4% 26.9% 12.1% 4.4%

2.37x 19.55x 15.65x 11.41x

2.42x 19.72x 15.81x 11.44x

32.2x nm nm nm

13.4x 49.9x nm 39.7x

72.1% - 127.0% 71.6% - 127.7%

$ $

22,837.1 16,040.0

$ $

1,797.2 893.4

18.1% 23.3%

12.7% 9.7%

12.25x 13.53x

12.35x 13.63x

32.2x 32.2x

34.3x 39.7x

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

65.05 99.51 107.12 88.95 480.84 138.71 16.26 54.78 131.20 118.00

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

BNFT PAYC PCTY WDAY

12.62 346.38 205.77 239.46

Mean Median

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)

Market Statistics Company

Ticker

Metrics

Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Valuation Benchmarks

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

Sales, Marketing, and Customer Service HubSpot, Inc. LivePerson, Inc. Salesforce, Inc. ServiceSource International, Inc. Shopify Inc. Yext, Inc. Zendesk, Inc.

HUBS LPSN CRM SREV SHOP YEXT ZEN

$ $ $ $ $ $ $

474.94 24.42 212.32 1.30 675.96 6.89 120.29

54.8% 35.5% 68.1% 79.9% 38.3% 44.5% 77.3%

125.4% 152.6% 115.1% 139.8% 132.5% 161.7% 136.8%

22,472.0 1,854.0 214,934.8 139.8 78,522.2 775.9 14,544.7

1,300.7 469.6 26,492.0 195.7 4,611.9 390.6 1,338.6

34.0% 17.9% 21.5% na 32.2% 5.0% 27.0%

-2.5% -9.2% 11.6% -3.2% 7.9% -19.7% -10.2%

17.28x 3.95x 8.11x 0.71x 17.03x 1.99x 10.87x

17.44x 3.95x 8.14x na 17.16x 1.99x 10.91x

na na nm na nm na na

nm nm 26.1x na nm na nm

Mean Median

56.9% - 137.7% 54.8% - 136.8%

$ $

47,606.2 14,544.7

$ $

4,971.3 1,300.7

22.9% 24.3%

-3.6% -3.2%

8.56x 8.11x

9.93x 9.53x

na na

26.1x 26.1x

$ $ $ $

79.0% 54.6% 73.7% 83.0%

144.0% 158.3% 104.3% 132.0%

5,079.8 7,807.3 2,219.9 5,155.1

536.1 510.8 256.3 1,917.0

35.4% 3.9% 14.1% 0.6%

-21.3% 11.2% 24.1% 20.0%

9.47x 15.29x 8.66x 2.69x

9.61x 15.32x 8.65x 2.68x

na nm 36.0x 13.5x

nm nm 26.4x 10.2x

72.6% - 134.6% 76.3% - 138.0%

$ $

5,065.5 5,117.5

$ $

805.1 523.4

13.5% 9.0%

8.5% 15.6%

9.03x 9.07x

9.07x 9.13x

24.7x 24.7x

18.3x 18.3x

76.7% 62.2% 85.3% 70.1% 88.3%

- 123.1% - 115.1% - 139.2% - 107.1% - 148.1%

27,944.3 47,830.5 45,470.7 13,860.7 50,835.5

1,906.7 4,386.4 2,988.2 1,835.8 4,504.1

9.3% 16.2% 13.0% 7.7% 6.7%

32.8% 18.8% 30.8% 25.0% 25.3%

14.66x 10.90x 15.22x 7.55x 11.29x

14.61x 10.94x 15.30x 7.52x 11.30x

44.6x nm 49.4x 30.3x 44.5x

34.0x 32.1x 37.4x 20.3x 32.6x

76.5% - 126.5% 76.7% - 123.1%

$ $

37,188.3 45,470.7

$ $

3,124.3 2,988.2

10.6% 9.3%

26.6% 25.3%

11.92x 11.29x

11.94x 11.30x

42.2x 44.6x

31.3x 32.6x

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

AYX MSTR DATA TDC

71.53 486.32 16.46 49.29

Mean Median

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

ANSS ADSK CDNS PTC SNPS

$ $ $ $ $

317.65 214.35 164.46 107.72 333.27

Mean Median

SOFTWARE (CONTINUED)

Technology Investment Banking

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

Company

Ticker

Valuation Benchmarks

Metrics

Market Statistics Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA 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

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

60.82 21.82 0.10 100.90 66.35 50.57 443.59 47.09 13.31 148.61 164.81 47.54 113.87

40.6% 99.6% 85.2% 69.8% 78.8% 51.4% 75.2% 87.2% 35.6% 84.1% 39.9% 64.7% 66.2%

129.8% 135.3% 115.0% 129.2% 112.4% 140.2% 186.4% 113.0% 123.7% 140.9% 133.9% 148.1% 105.9%

4,420.4 31,864.8 17.0 15,726.8 2,740.6 1,732.5 30,513.2 2,565.4 3,386.8 25,590.8 26,120.7 4,639.0 58,145.4

369.3 84,248.8 8.3 3,217.2 755.0 258.0 873.8 555.0 718.6 2,673.7 2,841.8 390.1 12,851.0

23.8% 2.8% na 4.0% 7.9% 24.2% 39.5% 12.2% 3.8% 28.7% 38.8% 26.7% 7.1%

-21.2% 4.9% 38.6% 17.9% 7.2% -34.2% -31.1% 34.0% 13.1% -37.1% -23.1% -22.5% 23.7%

11.97x 0.38x 2.03x 4.89x 3.63x 6.72x nm 4.62x 4.71x 9.57x 9.19x 11.89x 4.52x

12.29x 0.39x na 4.92x 3.67x 6.79x nm 4.70x 4.74x 10.04x 9.44x 12.03x 4.53x

na 7.8x 5.3x 27.3x nm na na 13.6x 36.0x na na na 19.1x

na 6.2x na 14.3x 16.8x na na 9.3x 11.3x na nm nm 12.1x

Mean Median

67.6% - 131.8% 69.8% - 129.8%

$ $

15,958.7 4,639.0

$ $

8,443.1 755.0

18.3% 18.0%

-2.3% 4.9%

6.18x 4.80x

6.68x 4.92x

18.2x 16.3x

11.7x 11.7x

$ $ $ $

98.0% 70.5% 34.7% 68.1%

142.7% 116.8% 118.5% 141.1%

4,800.6 9,527.0 12,450.8 6,120.1

874.3 2,157.9 1,594.8 443.3

14.2% 8.2% 27.2% 21.1%

5.6% 21.2% -11.1% -5.1%

5.49x 4.41x 7.81x 13.81x

5.52x 4.43x 7.87x 13.91x

nm 20.8x na na

19.4x 12.2x nm nm

67.8% - 129.8% 69.3% - 129.8%

$ $

8,224.6 7,823.5

$ $

1,267.6 1,234.5

17.7% 17.7%

2.7% 0.3%

7.88x 6.65x

7.94x 6.70x

20.8x 20.8x

15.8x 15.8x

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

BOX DBX RNG WK

29.06 23.25 117.21 118.00

Mean Median

SOFTWARE (CONTINUED)

Technology Investment Banking

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

Company

Ticker

Valuation Benchmarks

Metrics

Market Statistics Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

Healthcare Cerner Corporation Computer Programs and Systems, Inc. HealthStream, Inc. PT Inocycle Technology Group Tbk NantHealth, Inc. NextGen Healthcare, Inc. Veeva Systems Inc.

CERN CPSI HSTM INOV NH NXGN VEEV

$ $ $ $ $ $ $

93.56 34.45 19.92 0.02 0.75 20.91 212.46

99.7% 91.6% 64.0% 70.6% 22.0% 98.9% 61.8%

135.4% 131.9% 107.6% 159.7% 104.8% 153.3% 127.6%

28,667.7 593.5 585.9 56.5 316.5 1,334.6 31,771.1

5,764.8 280.6 256.7 42.3 62.6 589.3 1,850.8

4.6% 13.7% 5.4% na 9.4% 4.2% 17.3%

26.8% 15.7% 11.5% 12.6% -55.9% 3.2% 28.8%

4.97x 2.11x 2.28x 1.34x 5.05x 2.26x 17.17x

4.94x 2.15x 2.28x na 5.05x 2.28x 17.22x

18.6x 13.5x 19.9x 10.6x na nm nm

15.1x 11.8x 11.2x na na 13.4x 40.8x

Mean Median

72.7% - 131.5% 70.6% - 131.9%

$ $

9,046.5 593.5

$ $

1,263.9 280.6

9.1% 7.4%

6.1% 12.6%

5.03x 2.28x

5.65x 3.61x

15.6x 16.0x

18.5x 13.4x

$ $ $ $ $ $ $ $ $ $

75.1% 68.8% 88.3% 74.6% 72.3% 56.6% 46.9% 88.4% 79.8% 64.4%

109.2% 111.3% 126.3% 137.3% 116.3% 119.8% 163.9% 110.1% 115.7% 121.6%

3,964.0 4,003.4 7,413.4 1,625.6 7,558.1 3,726.2 79,782.8 25,764.0 19,778.7 1,812.8

359.4 927.7 1,729.9 994.9 764.0 498.7 17,661.2 5,051.0 1,592.3 346.7

26.9% 17.2% 6.4% 23.1% 9.2% 15.7% 7.5% 5.4% 16.2% 16.3%

-1.7% 5.0% 32.8% 13.5% -16.1% -8.6% 1.9% 37.1% 18.6% -22.9%

11.03x 4.32x 4.29x 1.63x 9.89x 7.47x 4.52x 5.10x 12.42x 5.23x

11.13x 4.34x 4.30x 1.83x 9.99x 7.45x 4.52x 5.13x 12.42x 5.23x

na nm 13.1x 12.1x na na nm 13.8x nm na

nm 16.6x 11.3x 10.2x na nm nm 12.6x 45.7x nm

71.5% - 123.2% 73.4% - 118.0%

$ $

15,542.9 5,708.4

$ $

2,992.6 961.3

14.4% 16.0%

6.0% 3.4%

6.59x 5.16x

6.63x 5.18x

13.0x 13.1x

19.3x 12.6x

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

APPF BLKB CDK EBIX GWRE QTWO SQ SSNC TYL ZUO

113.21 59.87 48.68 33.15 94.62 61.65 135.60 75.02 444.89 14.98

Mean Median

SECURITY

Technology Investment Banking

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

Company

Ticker

Valuation Benchmarks

Metrics

Market Statistics Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

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

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

138.26 341.74 22.31 150.96 14.44 622.51 142.41 111.24 51.18 13.25 0.21 57.79 241.28

Mean Median

92.4% 91.9% 95.6% 52.5% 49.5% 97.9% 97.9% 76.7% 80.8% 49.3% 77.2% 98.0% 64.2%

128.2% 184.3% 162.2% 111.4% 121.0% 193.2% 154.8% 152.5% 146.3% 131.8% 147.9% 162.7% 153.7%

14,798.2 53,962.2 4,491.6 24,072.5 491.7 61,983.2 5,206.8 7,291.1 4,843.2 921.4 113.0 6,546.2 33,766.9

2,166.8 3,342.2 483.5 1,300.2 214.5 4,857.5 411.2 535.4 439.0 535.2 45.9 541.1 859.6

6.4% 28.5% 17.0% 40.0% 2.8% 24.3% 18.0% 29.6% 24.2% -9.8% na 24.4% 44.8%

42.9% 21.8% -49.3% -46.8% -8.7% -1.4% 37.0% -14.7% -7.7% -2.2% 41.1% -3.5% -28.1%

6.83x 16.15x 9.29x 18.51x 2.29x 12.76x 12.66x 13.62x 11.03x 1.72x 2.46x 12.10x 39.28x

6.87x 16.15x 9.32x 18.85x 2.33x 12.85x 12.70x 13.76x 11.61x 1.72x na 12.20x 39.92x

15.9x nm na na na na 34.2x na na na 6.0x na na

13.9x nm na na na nm 27.5x nm nm nm na nm nm

78.8% - 150.0% 80.8% - 152.5%

$ $

16,806.8 6,546.2

$ $

1,210.2 535.4

20.8% 24.2%

-1.5% -3.5%

12.21x 12.10x

13.19x 12.45x

18.7x 15.9x

20.7x 20.7x

ENTERPRISE SYSTEMS

Technology Investment Banking

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

Market Statistics Company

Ticker

Metrics

Valuation Benchmarks

Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

$ 2,769,739.6 1,702,197.3 32,969.3 43,241.7 164,913.3 279,507.2

$ 378,323.0 469,822.0 27,912.0 64,869.0 57,351.0 41,827.0

8.4% 15.0% 3.1% 2.3% 6.0% 5.0%

33.9% 12.6% 17.3% 10.1% 21.3% 44.0%

7.32x 3.62x 1.18x 0.67x 2.88x 6.68x

7.43x 3.62x 1.18x 0.67x 2.88x 6.78x

21.6x 28.8x 6.8x 6.6x 13.5x 15.2x

22.3x 24.4x 6.6x 6.7x na 13.3x

6.6% 5.5%

23.2% 19.3%

3.72x 3.25x

3.76x 3.25x

15.4x 14.4x

14.7x 13.3x

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

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

$ 174.61 $ 3,259.95 $ 16.71 $ 36.30 $ 130.02 $ 82.41

95.4% 86.4% 94.1% 89.9% 85.1% 77.5%

Mean Median

88.1% - 127.2% 88.2% - 125.3%

$ $

832,094.7 222,210.2

$ 173,350.7 $ 61,110.0

$ $ $ $ $ $ $ $

73.2% 93.5% 86.1% 73.5% 83.9% 97.4% 58.0% 92.0%

165.7% 183.7% 110.5% 141.0% 119.9% 149.1% 108.0% 129.3%

910.8 40,289.7 223,130.4 1,771.2 11,415.5 12,612.2 481.2 2,232.1

250.0 2,948.0 51,549.0 1,080.1 2,665.9 4,735.4 1,168.1 877.8

11.6% 32.1% 5.7% 10.6% 5.7% 8.5% -8.8% -0.1%

16.9% 33.1% 31.0% 10.9% 21.2% 14.3% 6.9% 19.5%

3.64x 13.67x 4.33x 1.64x 4.28x 2.66x 0.41x 2.54x

3.67x 13.83x 4.33x 1.65x 4.30x 2.68x 0.41x 2.63x

21.5x 41.3x 14.0x 15.0x 20.2x 18.6x 5.9x 13.0x

14.4x 34.8x 11.7x 11.4x 12.1x 13.0x 4.5x na

Mean Median

82.2% - 138.4% 85.0% - 135.1%

$ $

36,605.4 6,823.8

$ $

8,159.3 1,917.0

8.1% 7.1%

19.2% 18.2%

4.15x 3.15x

4.19x 3.17x

18.7x 16.8x

14.6x 12.1x

$ $

85.2% - 114.5% 96.2% - 210.3%

17,214.5 10,071.3

6,193.0 2,180.8

7.3% 23.9%

22.0% -0.7%

2.78x 4.62x

2.78x 4.79x

12.6x na

10.8x 35.6x

90.7% - 162.4% 90.7% - 162.4%

$ $

13,642.9 13,642.9

$ $

4,186.9 4,186.9

15.6% 15.6%

10.7% 10.7%

3.70x 3.70x

3.78x 3.78x

12.6x 12.6x

23.2x 23.2x

142.8% 122.0% 128.6% 139.0% 113.5% 117.3%

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

ATEN ANET CSCO EXTR FFIV JNPR NTGR NTCT

13.95 138.98 55.38 12.21 208.95 37.16 24.68 32.08

Storage NetApp, Inc. Pure Storage, Inc.

NTAP PSTG

82.48 35.31

Mean Median

INTERNET

Technology Investment Banking

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

Market Statistics Company

Ticker

Metrics

Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Valuation Benchmarks

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA 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. Netflix, Inc. Overstock.com, Inc. Stitch Fix, Inc. Tripadvisor, Inc. Wayfair Inc.

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

$ 4.05 $ 2,348.45 $ 42.46 $ 57.26 $ 124.28 $ 14.77 $ 16.18 $ 195.67 $ 19.23 $ 374.59 $ 44.01 $ 10.07 $ 27.12 $ 110.78

31.7% 86.5% 84.9% 70.5% 40.4% 60.4% 41.8% 89.9% 34.7% 53.4% 39.5% 14.6% 47.0% 32.2%

- 115.1% - 130.7% - 183.4% - 115.6% - 113.6% - 117.2% - 138.0% - 143.1% - 117.5% - 113.6% - 123.4% - 115.1% - 133.9% - 110.2%

114.9 93,442.0 4,940.5 35,750.9 17,615.1 1,226.2 468.5 35,826.4 490.7 181,116.0 1,449.1 1,003.7 3,990.8 13,315.8

470.4 10,958.0 951.4 10,420.0 2,329.1 187.1 418.5 8,598.0 967.1 29,697.8 2,756.4 2,204.7 902.0 13,708.0

12.4% 48.0% 106.9% -0.1% 20.7% 46.2% 3.2% 37.3% -13.5% 12.5% 3.0% -3.5% 46.9% 1.8%

-10.4% 28.0% 19.6% 33.2% 23.5% -35.9% -4.4% 5.7% 6.2% 21.6% 4.4% -0.1% -9.6% 0.5%

0.24x 8.53x 5.19x 3.43x 7.56x 6.55x 1.12x 4.17x 0.51x 6.10x 0.53x 0.46x 4.42x 0.97x

0.24x 8.61x 5.54x 3.43x 7.67x 6.67x 1.13x 4.15x 0.50x 6.10x 0.52x 0.46x 4.39x 0.97x

na 30.5x 26.5x 10.3x 32.2x na na nm 8.2x 28.3x 11.8x na na nm

na 33.7x 20.9x 9.0x 26.3x nm 32.8x 26.0x 3.6x 26.9x 10.5x na 35.2x 21.2x

Mean Median

52.0% - 126.4% 44.4% - 117.3%

$ $

27,910.8 4,465.7

$ $

6,040.6 2,266.9

23.0% 12.5%

5.9% 5.1%

3.56x 3.80x

3.60x 3.79x

21.1x 26.5x

22.4x 26.0x

INTERNET (CONTINUED)

Technology Investment Banking

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

Metrics

Market Statistics Company

Ticker

Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

$ 1,730,925.6 23,651.2 571,707.0 58,063.7 2,518.8 3,990.8 30,075.1 2,110.3 775.9 14,285.7

$ 257,637.0 1,944.1 117,929.0 4,117.0 263.4 902.0 5,077.5 1,031.8 390.6 8,147.4

$ $

Valuation Benchmarks

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

Internet Content and Search Alphabet Inc. CoStar Group, Inc. Meta Platforms, Inc. Snap Inc. TechTarget, Inc. Tripadvisor, Inc. Twitter, Inc. Yelp Inc. Yext, Inc. Zillow Group, Inc.

GOOGL CSGP FB SNAP TTGT TRIP TWTR YELP YEXT ZG

$ 2,781.35 $ 66.61 $ 222.36 $ 35.99 $ 81.28 $ 27.12 $ 38.69 $ 34.11 $ 6.89 $ 48.23

91.8% 65.9% 57.9% 43.2% 72.9% 47.0% 52.8% 78.8% 44.5% 32.1%

133.0% 135.9% 119.7% 148.0% 127.5% 133.9% 123.6% 113.0% 161.7% 109.4%

Mean Median

58.7% - 130.6% 55.3% - 130.2%

243,810.4 18,968.5

39,744.0 3,030.6

19.2% 11.5% 12.4% 40.8% 17.5% 46.9% 18.2% 13.1% 5.0% -15.7%

35.4% 29.4% 46.4% -14.2% 21.0% -9.6% 13.7% 6.6% -19.7% -1.8%

6.72x 12.17x 4.85x 14.10x 9.56x 4.42x 5.92x 2.05x 1.99x 1.75x

6.81x 12.19x 4.86x 14.44x 9.47x 4.39x 5.92x 2.05x 1.99x 1.90x

19.0x 41.4x 10.4x na 45.5x na 43.1x 31.1x na na

16.3x 38.3x 8.9x nm 24.4x 35.2x 20.7x 8.8x na na

16.9% 15.3%

10.7% 10.2%

6.35x 5.39x

6.40x 5.39x

31.8x 36.2x

21.8x 20.7x

PROFESSIONAL SERVICES AND DISTRIBUTION

Technology Investment Banking

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

Market Statistics Company

Ticker

Metrics

Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Valuation Benchmarks

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

Large Diversified International Business Machines Corporation

IBM

130.02

85.1% - 113.5%

$ 164,913.3

57,351.0

6.0%

21.3%

2.88x

13.5x

CACI CTSH DXC EPAM MANT PRFT SAIC UIS

$ $ $ $ $ $ $ $

301.26 89.67 32.63 296.61 86.19 110.09 92.17 21.61

96.1% 95.9% 73.9% 40.9% 93.7% 71.8% 95.5% 75.6%

126.4% 135.5% 114.2% 175.9% 128.8% 186.2% 118.0% 129.7%

9,408.5 45,971.0 11,506.4 16,163.1 3,873.8 4,413.0 7,865.2 1,568.8

6,092.6 18,507.0 16,642.0 3,758.1 2,554.0 761.0 7,394.0 2,054.4

7.8% 9.6% -2.3% 26.1% 3.0% 23.2% 1.3% 5.3%

10.6% 18.1% 11.5% 16.7% 10.3% 18.4% 8.8% -16.6%

1.54x 2.48x 0.69x 4.30x 1.52x 5.80x 1.06x 0.76x

1.53x 2.48x 0.69x 4.32x 1.51x 5.86x 1.07x 0.76x

14.6x 13.7x 6.0x 25.7x 14.7x 31.6x 12.1x na

14.4x 13.4x 4.3x 22.2x 15.0x 27.6x 11.6x 4.4x

Mean Median

80.4% - 139.3% 84.6% - 129.3%

$ $

12,596.2 8,636.9

$ $

7,220.4 4,925.4

9.3% 6.6%

9.7% 11.1%

2.27x 1.53x

2.28x 1.52x

16.9x 14.6x

14.1x 13.9x

$ $

98.0% - 123.3% 95.2% - 227.0%

19,902.8 788.6

3,461.2 217.6

10.4% 12.3%

34.5% -4.2%

5.75x 3.62x

5.76x 3.65x

16.7x na

12.8x nm

96.6% - 175.1% 96.6% - 175.1%

$ $

10,345.7 10,345.7

$ $

1,839.4 1,839.4

11.4% 11.4%

15.1% 15.1%

4.69x 4.69x

4.70x 4.70x

16.7x 16.7x

12.8x 12.8x

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

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

AKAM LLNW

119.39 5.22

Mean Median

PROFESSIONAL SERVICES AND DISTRIBUTION (CONTINUED)

Technology Investment Banking

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

Metrics

Market Statistics Company

Ticker

Closing Price

% of 52-week

Enterprise

Revenue

31-Mar-22

High-Low

Value

LTM

Valuation Benchmarks

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

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

CDW PLUS NSIT CNXN

$ $ $ $

178.89 56.06 107.32 52.39

85.7% 80.4% 96.7% 95.6%

110.1% 133.5% 121.6% 130.7%

31,624.1 1,669.7 4,570.0 1,277.7

20,820.8 1,722.1 9,436.1 2,892.6

18.3% 11.7% 7.0% 7.7%

8.0% 9.4% 4.1% 3.8%

1.52x 0.97x 0.48x 0.44x

1.54x 0.99x 0.49x 0.45x

19.0x 10.3x 11.8x 11.8x

18.3x 10.6x 11.6x 12.6x

Mean Median

89.6% - 124.0% 90.7% - 126.1%

$ $

7,828.3 1,669.7

$ $

7,405.7 2,892.6

11.2% 9.7%

5.6% 4.1%

0.68x 0.48x

0.87x 0.74x

10.6x 11.8x

13.3x 12.1x

$ $ $ $

86.0% 89.3% 85.2% 78.6%

110.8% 113.7% 139.8% 107.1%

10,721.7 5,621.5 1,077.7 14,406.7

$ 34,477.0 21,593.4 3,304.2 42,145.1

5.2% 9.2% 5.2% 98.3%

5.1% 3.5% 4.1% 2.6%

0.31x 0.26x 0.33x 0.34x

0.31x 0.26x 0.33x 0.46x

6.1x 7.4x 7.9x 13.3x

6.3x 8.2x 7.8x 15.8x

74.1% - 123.1% 85.2% - 113.7%

$ $

6,398.4 5,621.5

$ $

29.5% 7.2%

-710.5% 3.5%

0.31x 0.32x

0.34x 0.32x

8.7x 7.6x

9.5x 8.0x

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

ARW AVT SCSC SNX

118.63 40.59 34.79 102.90

Mean Median

20,304.0 21,593.4

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.