Software

SOFTWARE
SECTOR REPORT
Q3 2019
EXECUTIVE SUMMARY
Q3 2019 Software
» The global software sector remains one of the most active sectors, with ~$17Bn in financing volume and ~$22Bn in M&A volume during Q3 ’19
- 222 financings in Q3 ‘19 is 19% higher than the number of financings in the same period in ’18
- 384 M&A transactions in Q3 ‘19 is 6% higher than the 363 deals consummated during the same period in ’18
» Significant M&A activity in Q3 driven by acquisitions in the cybersecurity sector; Broadcom’s $10.7Bn acquisition of Symantec’s Enterprise Security Assets and
VMware’s $2.1Bn acquisition of Carbon Black
» Financial Software had one of the highest financing volume counts in Q3 ‘19 led by the $470MM financing of N26 and $400MM financing of Nubank; the
Operations Management sector also saw a high volume of financings
» Software sector trading performance remained healthy, with overall IGV tech-software index outperforming the S&P 500 by 1.9% over the past twelve
months
– The Vertical software index has grown 19.5% over the last 12 months, outperforming all other software sub segments
» Technical Application companies traded at the highest average multiples of 8.8x and 27.3x for 2019 Revenue and EBITDA, respectively
» Overall momentum and growth rates remain healthy in the software space with Business Intelligence and Analytics leading the 2019E/2018A revenue
growth at 30.2%
Select Q3 Active Investors Select Q3 Active Buyers
Notes:
Source: Pitchbook, 451 Research, Capital IQ. 2
GCA OVERVIEW
The GCA Software Team
KEY GCA STATS SECTOR COVERAGE GCA US TEAM
AI / Machine Learning Paul DiNardo Josh Wepman

Managing Director Managing Director
22 Offices Globally [email protected] [email protected]
BI / Analytics
Collaboration Software Rupert Sadler Chris Gough

Managing Director Managing Director
Senior Bankers Covering
25 Software CRM
[email protected] [email protected]
Cybersecurity
Kevin Walsh Saif Malik
Managing Director Director
Senior Bankers Covering Enterprise Content Management [email protected] [email protected]
60 Technology
Enterprise Resource Planning
Glen Kruger
Infrastructure Management Director
[email protected]
Software Transactions in
90+ the Last Three Years
Marketing Technology
GCA EXECUTIVE TEAM

SaaS / Cloud Enablement
Technology-Related Todd Carter Geoff Baldwin
190+ Deals in the Last 3 Years Supply Chain Management Co-CEO, Managing Co-CEO, Managing Director
Director Head of M&A
[email protected] [email protected]
Vertically Focused Software
3
GCA OVERVIEW
Strong Momentum in Software Advisory
GCA is one of the most active advisors in the software ecosystem, successfully advising
on 34 deals so far this year and over 90 deals in the past 3 years
October 2019 October 2019 October 2019
September 2019 September 2019 August 2019
4
GCA OVERVIEW
Deep software sector expertise with demonstrated success advising large-cap public and private companies on complex assignments
Notes:
The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA
Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA 5
entities may be retained to advise on the same transaction.
SOFTWARE MARKET SPOTLIGHT: MARTECH / LOYALTY PLATFORM
Case Study: Sale of CrowdTwist to Oracle (NYSE: ORCL)
GCA acted as exclusive financial advisor to CrowdTwist, a leading customer loyalty SaaS platform, on its
sale to Oracle (NYSE: ORCL).
Transaction Summary Strategic Rationale

» CrowdTwist provides a complete cloud-native customer » GCA worked with management to prepare their company
loyalty solution to empower brands to offer personalized for sale, including establishing the Company’s operating
customer experiences model, forward projections, and concise marketing
» The Company’s solution offers over 100 out-of-the-box message
TRANSACTION DETAILS engagement paths to provide rapid time-to-value for » GCA guided the shareholders and management through a
Pending marketers to develop a complete view of the customer rigorous negotiation and diligence process, ultimately
October 2019 using competitive tension to drive up the transaction
» CrowdTwist empowers leading enterprise customers in
Undisclosed amount value. Additionally, GCA was able to leverage past
the Retail, Consumer Goods, Media & Entertainment, and
Fitness categories, such as Budweiser, Foot Locker, Sleep experience gleaned from prior sales to Oracle (Grapeshot,
SECTOR Number, and Weight Watchers TOA, Virtue) to guide an overall smooth process
Marketing Technology » Together, Oracle and CrowdTwist will enable
Software / SaaS / Loyalty » On October 2, 2019, CrowdTwist signed an agreement to
be acquired by Oracle (NYSE: ORCL). Upon the close of organizations of all sizes to deliver personalized
the acquisition, the CrowdTwist team will join the Oracle engagement and extend loyalty and reward programs to
DEAL TYPE a brand's most beneficial customer behaviors
Customer Experience (CX) Cloud organization
M&A
» "The combination with Oracle validates CrowdTwist's
world-class technology, employees, and customers," said
Scott Matthews, CEO of CrowdTwist. "We could not have
found a more compelling partner to advance our vision of
customer loyalty at scale."
6
SOFTWARE MARKET SPOTLIGHT: VERTICAL SOFTWARE / REAL ESTATE TECH
Case Study: Sale of Inside Real Estate to Lovell Minnick Partners
GCA acted as exclusive financial advisor to Inside Real Estate, a leading provider of software solutions for
top brokerages, agents, and teams, on its majority investment from Lovell Minnick Partners.
Transaction Summary Strategic Rationale

» On August 20, 2019, Inside Real Estate (“IRE”) announced » IRE is one of the fastest growing independently-owned
a majority investment from Lovell Minnick Partners real estate software companies and a trusted technology
(“Lovell Minnick”) partner to agents, teams, and top brokerages
– Financial terms of the transaction were not disclosed – Serves industry primarily comprised of point solution
TRANSACTION DETAILS providers
Closed » Headquartered in Salt Lake City, the Company’s flagship
September 2019 real estate software platform, kvCORE, is a modern and – Over 200,000 top agent, team, and brokerage
comprehensive solution known for delivering profitable customers
Undisclosed amount
growth at every level of a brokerage organization
– Products focus on increasing brokerage profitability,
SECTOR » Lovell Minnick is a private equity firm focused on driving team and agent success and enhancing
Vertically Focused Software investments in the global financial services industry, business differentiation for customers
/ Real Estate Technology including related technology and business services
companies. Since its inception in 1999, Lovell Minnick has – Investment comes during a period of substantial
raised $3.2Bn in committed capital and has completed revenue growth and sustained profitability
DEAL TYPE
investments in over 50 platform companies » Transaction will fuel IRE’s continued growth, provide
M&A
» GCA acted as exclusive financial advisor to IRE and its financing for future acquisition opportunities and help
owner, NexPhase Capital, in connection with the create the best environment to attract, develop, and
transaction retain top talent
7
DEAL DASHBOARD
Software
$45.2 Billion 621 1,104 $91.0 Billion
2019 Financing Volume (1)(2) 2019 Financing Transactions (1)(2) 2019 M&A Transactions 2019 M&A Volume
Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume Select M&A Transactions (3)
Company Amount ($MM) $Bn $Bn Acquirer Target EV ($MM)
$23
$82
$700 $10,700
$17 $17 $57 (Ent. Security Assets)
$15 $14 $14 $15
$11 $12 $39
$490 $2,100
$32 $30
$20 $13 $19 $22
$470 $1,350
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19
$350 $1,050
Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count
$300 225 201 375 361 359 384 $1,000
187 198 222 343 363
159 161 155 167 291 268 298
$268 $820
$248 $775
$206 $700
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19
Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)
15% All Buyers Strategic Buyers PE Buyers
SPY IGV
10% 6.0x `
5.3x 5.4x
5.0x 4.9x
5% 5.0x 4.6x 4.7x 4.7x
4.2x 4.3x 4.1x 4.5x 4.3x
4.0x 3.9x 3.7x 4.1x
0% 4.0x 3.9x 3.6x 3.7x 3.8x
3.3x
3.1x 2.9x
(5%) 2.7x 2.9x 2.8x
3.0x
2.2x
(10%) 2.0x
(15%) 1.0x
(20%)
0.0x
(25%) 2011 2012 2013 2014 2015 2016 2017 2018 2019
Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
Notes:
Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 9/30/2019.
1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM.
2) Financings include Software Venture and Private Equity Growth / Expansion activity.
3) Software M&A transactions reflect select transactions in 2019 YTD. M&A metrics are based on closed and announced transactions. 8
4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU.
5) Criteria based on global public target software M&A deals.
RECENT STOCK PERFORMANCE
Index Performance
Last 12 Months
40.0%
30.0%
20.0% 19.5%
15.2%
12.3%
10.5%
10.0% 9.7%
8.0%
6.2%
5.0%
5.0%
0.0% 1.8%
(2.6%)
(7.6%)
(10.0%)
(20.0%)
(30.0%)
(40.0%)
Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
1) Vertical 2) Financial 3) Platform 4) Business 5) ERP & 6) Development 7) SaaS 8) Sales & 9) Technical 10) 11) Security 12) Content &
Applications Intelligence General and Operations Marketing Applications Infrastructure Storage
& Analysis Business Management Management
19.5% 15.2% 12.3% 10.5% 9.7% 8.0% 6.2% 5.0% 5.0% 1.8% (2.6%) (7.6%)
Notes:
Sources: Capital IQ. Market Data as of 9/30/19. 9
List of companies in each sector can be found in the public comparable tables.
SOFTWARE PUBLIC COMPANY LANDSCAPE
Sub Sector Top Players and Key Operating Stats
Platform Infrastructure Security
Combined Market Cap: $1,778Bn Combined Market Cap: $102Bn Combined Market Cap: $203Bn
19/18 Rev. Growth: 2.9% 19/18 Rev. Growth: 13.5% 19/18 Rev. Growth: 17.5%
19 EBITDA Margin: 30.9% 19 EBITDA Margin: 16.0% 19 EBITDA Margin: 16.1%
Content & Storage Management BI & Analytics Financial Applications
Combined Market Cap: $195Bn Combined Market Cap: $38Bn Combined Market Cap: $325Bn
Notes:
Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables.
SOFTWARE PUBLIC COMPANY LANDSCAPE
Sub Sector Top Players and Key Operating Stats
Technical Applications Vertical ERP & General Business
Development & Operations Sales & Marketing SaaS
Notes:
Logos shown represent largest players in each sub sector by enterprise value. Operating stats for each sector represent full list of companies shown in public comparable tables.
TRADING COMPARABLES
Valuation and Operational Metrics
EV / 2019E Revenue EV / 2019E EBITDA
27.4x 26.8x
10.0x 24.6x 24.6x
8.8x 22.5x
8.3x 8.2x 20.2x
Median: 19.9x
7.9x Median: 6.8x 19.6x 18.3x 17.6x
7.3x
6.3x 6.3x 6.2x 6.0x
4.9x 13.0x 12.5x
11.0x
3.7x
2019E / 2018E Revenue Growth 2019E EBITDA Margin
30.2% 33.7%
28.8%
30.9%
23.3%
19.9%
Median: 17.9% 22.8%
Median: 16.0%
18.7% 18.2% 17.5% 19.1%
17.3% 16.1%
14.8% 16.0% 15.2%
14.1% 13.5% 13.4%
10.8% 11.6%
8.9%
2.9% 3.9%
Notes:
Sources: Capital IQ. Market Data as of 9/30/19.
Figures represent mean values of respective comp groups. 12
List of companies in each sector can be found in the public comparable tables.
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW
Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow
40.0x 40.0x
35.0x 35.0x
ZM ZM
Enterprise Value / CY 2019E Revenue
Enterprise Value / CY 2019E Revenue

30.0x DDOG R = 0.72 30.0x DDOG
25.0x 25.0x
R = 0.57
SHOP
COUP SHOPCOUP
TEAM
NET NET TEAM
20.0x VEEV OKTA WORK 20.0x WORKOKTA VEEV
PAYC ZS PAYC
ZS
15.0x 15.0x
NOW SMAR SMAR NOW
APPF TWLO APPF
ADBE RNG RNG ADBETWLO
QTWODOCU
PD QTWO
PD DOCU
WDAY ZEN
FIVNPCTYEVBG WDAY
ZEN
FIVNEVBG
10.0x 10.0x
BL HUBS BL HUBSPCTY
QLYSPFPT PFPT QLYS
LPSNMDLA
CRM
SPLK SPLKMDLA
LPSN CRM
RP WK WK RP
CSOD NEWR
MIME CSOD NEWR
MIME
5.0x DBX 5.0x DBX
JCOM
ENVBOX BOXENV JCOM
LOGM CLDR LOGM CLDR CARB
PSTG CARB NTAP PSTG
0.0x 0.0x
0% 20% 40% 60% 80% 100% 120% 0% 20% 40% 60% 80% 100% 120%
CY2019E Revenue Growth CY 2019E Revenue Growth % + CY 2019E FCF Margin %
Notes:
Source: Capital IQ as of 9/30/2019. Consensus Estimates used for CY2019E figures. 13
UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES
Strategic and Private Equity Exits Outweigh New Issues
210
PE Acquisitions Strategic Acquisitions IPO Cardlytics
Zscaler
Dropbox
Zuora
Pivotal Software
Ceridian
200 DocuSign
195 6 (7) Smartsheet
Carbon Black
11 (11) Pluralsight
Avalara
(5) Domo
190 (11) (6) Tenable Holdings
7 (8) Opera Limited
(4) 17 (9) Endava
17 11 (10) SurveyMonkey
Fortinet 16 (7) Upwork
Elastic
180 CDC Software (6) Anaplan
LogMeIn (9) (6) Solarwinds PagerDuty
Medidata
SciQuest (8) 9 Tufin
SolarWinds
RealPage
(12) Zoom Video
Rosetta Stone Fastly
IntraLinks Jive
Envestnet CrowdStrike
Imperva
170 Qlik Carbonite Workday
Workiva
Slack
Medallia
BroadSoft Tangoe Fleetmatics
Mavenir Atlassian Dynatrace
Higher One Responsys Hortonworks
Convio
Qualys
Barracuda New Relic
Mimecast
(9) 10 Cloudflare
SPS Commerce
Cornerstone
Epocrates
Eloqua
Wix.com HubSpot
Instructure (13) Ping
SS&C
E2open
Covisint CyberArk
Rapid7 (16) Datadog
ServiceNow Sophos
160 QuinStreet Exa
RingCentral MobileIron
AppFolio
Twilio
SecureWorks
20
FireEye Kinaxis
Incadea Alarm.Com Talend
Cvent Zendesk
Infloblox Xactly Everbridge
Gigamon Paycom
Proofpoint Shopify Apptio
Splunk
Textura OPOWER
Apigee Gridsum Holding Mulesoft (7)
ChannelAdvisor Five9 Alteryx
ExactTarget Box Nutanix
Marketo 2U
150 Demandware
Tableau Borderfree
Coupa Okta
(11) 11 (9)
Bazaarvoice BlackLine, Inc. Yext
Halogen Amber Road Cloudera
Greenway
Rally A10 Networks Appian
AVG
Marin Paylocity MongoDB
(6) 140
Guidewire
Model N Varonis Systems Altair Engineering
SendGrid
140 SailPoint
130
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
IPO +6 + 11 +7 + 17 + 16 + 17 + 11 +9 + 10 + 20 + 11
Strategic Exits -7 - 11 -8 - 11 -9 -6 - 10 - 12 - 13 - 16 -9
PE Exits -5 -4 -6 -9 -6 -7 -8 -9 -7 - 11 -6
Notes:
Sources: Capital IQ, company filings. Market data as of 9/30/19. 14
Q3 2019 M&A DEAL DASHBOARD
Quarterly M&A Activity Select Q3 2019 M&A Transactions

($BN) Number of Deals M&A Volume ($MM)
Ann. Enterprise EV/ LTM
Acquirer Target
Date Value Rev
$82 9/26 $430 NA

384
375 9/20 $189 2.7x
363 361 9/11 $775 NA

359
9/3 $400 5.7x
343
$57 8/26 $700 2.2x
8/22 $2,100 9.1x
8/21 $1,050 21.0x

298 $39 (1)
8/9 $10,700 4.5x
291
$32
$30 8/7 $1,350 NA
268 8/6 $100 6.7x

$20 $22
$19
8/5 $68 NA
$13
8/2 $400 NA
7/26 $820 3.4x
7/3 $1,000 3.1x

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19
7/1 $80 NA
Notes:
Sources: Capital IQ and 451 Research. 15
1. Enterprise Security Assets.
Q3 2019 PRIVATE CAPITAL DEAL DASHBOARD
Quarterly Financing Activity Select Q3 2019 Financing Transactions

($BN) Number of Deals Financing Volume ($MM)
Post-
Deal Lead/Selected Amount Funding
Company Money
Date Investor Invested to Date
Valuation
9/25 $388 $393 NA
9/24 $490 $3,580 $6,300

225 222
9/24 $326 $434 $750
201 198
187
$23 9/17 $268 $414 $2,750
167
159 161
155
9/10 $300 $530 $6,300
$17 $17
$15 $14 $15
$14 9/6 $700 $1,410 NA
$12
$11
8/1 $350 $350 NA
7/31 $300 $370 NA
7/30 $400 $909 $10,000
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 7/18 $470 $683 $3,500
Notes:
Sources: Pitchbook. 16
SOFTWARE CAPITAL MARKETS UPDATE
Recent Software IPO Pricings
($MM)
% Change % Change
Market Cap @ IPO % Change Current /
Offer Date (1) Name Amount Raised Pre IPO Filing Range Offer Price Last Close Price Offer / 1st Trading Day /
Date Offer Price
Midpoint Price Offer Price
9/19/2019 $10,883 $648 19.00 - 22.00 $27.00 $33.28 31.7% 39.1% 23.3%
9/19/2019 $1,561 $188 14.00 - 16.00 $15.00 $16.96 0.0% 34.1% 13.1%
9/13/2019 $5,280 $525 12.00 - 14.00 $15.00 $16.03 15.4% 20.0% 6.9%
8/1/2019 $6,572 $570 13.00 -15.00 $16.00 $18.90 14.3% 49.1% 18.1%
7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $28.49 23.5% 76.4% 35.7%
6/20/2019 $19,484 $4,560 Direct Listing $38.50 $27.65 NA (100.0%) (28.2%)
6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $47.80 17.2% 70.6% 40.6%
5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $20.52 6.7% 49.9% 28.3%
4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $65.49 5.9% 72.2% 81.9%
4/11/2019 $620 $108 12.00 - 14.00 $14.00 $17.16 7.7% 36.4% 22.6%
4/11/2019 $2,816 $218 21.00 - 23.00 $24.00 $22.52 9.1% 59.4% (6.2%)
10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $19.81 (3.2%) 0.2% 32.1%
10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 $49.28 6.3% 42.9% 189.9%
10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 $73.94 5.9% 94.4% 105.4%
10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 $14.72 15.4% 41.2% (1.9%)
9/26/2018 $2,107 $180 9.00 - 11.00 $12.00 $18.42 20.0% 43.7% 53.5%
7/27/2018 $1,336 $127 17.00 - 19.00 $20.00 $41.07 11.1% 26.0% 105.4%
7/27/2018 $1,438 $115 10.00 - 12.00 $12.00 $10.53 9.1% 9.3% (12.3%)
Mean 11.7% 38.6% 43.0%

Median 11.1% 42.1% 30.2%
Notes:
Sources: Capital IQ and Company filings. Market data as of 9/30/19. IPO pricings include public registrations only. 17
(1) First Trading Day listed as Offer Date.
APPENDIX
18
PUBLIC COMPANY VALUATIONS
Software Trading Statistics
($MM)
Trading Metrics Operating Metrics
Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin
Company 9/30/2019 Cap ST. Invest. Debt Value (EV) CY18A CY19E CY20E CY18A CY19E CY20E 18A/17A 19E/18A 20E/19E CY18A CY19E CY20E CY18A CY19E CY20E
Platform
Microsoft Corporation $139.03 $1,060,633 $136,609 $85,570 $1,009,594 8.5x 7.6x 6.8x 20.2x 17.5x 15.7x 16% 12% 11% 65% 66% 66% 42% 44% 44%
Oracle Corporation $55.03 $180,637 $35,704 $56,776 $202,295 5.1x 5.1x 5.0x 10.9x 10.9x 10.8x 2% 0% 2% 79% 80% 80% 47% 47% 46%
Platform
Cisco Systems $49.41 $209,688 $33,413 $24,667 $200,942 4.0x 3.8x 3.7x 11.1x 10.7x 10.4x 6% 3% 3% 62% 62% 62% 36% 36% 36%
International Business Machines Corporation
$145.42 $128,789 $10,820 $71,494 $189,602 2.4x 2.4x 2.3x 10.2x 10.6x 9.8x 1% (0%) 4% 47% 48% 49% 24% 23% 24%
SAP SE $117.63 $140,411 $6,382 $3,043 $137,147 4.8x 4.6x 4.3x 14.0x 12.6x 11.8x 0% 6% 8% 70% 72% 72% 35% 37% 36%
Dell Technologies Inc. $51.86 $37,580 $9,193 $53,568 $87,499 1.0x 0.9x 0.9x 8.5x 7.6x 7.1x 15% 3% 3% 28% 33% 33% 11% 12% 13%
Hewlett Packard Enterprise Company $15.17 $19,806 $3,693 $12,692 $28,852 1.0x 1.0x 1.0x 5.3x 5.5x 5.6x 4% (4%) 2% 31% 31% 31% 18% 18% 18%
Mean 3.8x 3.6x 3.4x 11.5x 10.8x 10.2x 6% 3% 5% 55% 56% 56% 30% 31% 31%
Median 4.0x 3.8x 3.7x 10.9x 10.7x 10.4x 4% 3% 3% 62% 62% 62% 35% 36% 36%
Infrastructure
Zoom Video Communications $76.20 $20,845 $755 $53 $20,143 NM 34.0x 24.2x NM NM NM 118% 79% 41% 82% 81% 81% 4% 13% 10%
Akamai Technologies $91.38 $14,804 $1,570 $2,207 $15,441 5.7x 5.4x 5.0x 14.1x 13.1x 11.9x 9% 5% 7% 65% 69% 68% 40% 41% 42%
Citrix Systems $96.52 $12,635 $549 $964 $13,049 4.4x 4.4x 4.2x 11.1x 12.7x 11.9x 5% 1% 5% 87% 87% 87% 40% 34% 35%
RingCentral $125.66 $10,426 $568 $415 $10,273 16.8x 11.7x 9.5x NM NM NM 32% 43% 23% 84% 77% 77% 13% 13% 13%
Amdocs Limited $66.11 $8,984 $458 $0 $8,568 2.1x 2.1x 2.0x 10.8x 10.0x 9.7x 3% 3% 4% 35% 35% 35% 20% 21% 21%
Juniper Networks $24.75 $8,559 $2,246 $1,851 $8,164 1.8x 1.8x 1.8x 7.8x 8.4x 7.9x (8%) (4%) 3% 59% 60% 60% 23% 22% 22%
Infrastructure
F5 Networks $140.42 $8,477 $972 $0 $7,504 3.4x 3.3x 3.2x 8.8x 9.1x 8.5x 4% 3% 4% 83% 84% 84% 39% 36% 37%
Verint Systems Inc. $42.78 $2,856 $415 $913 $3,369 2.7x 2.5x 2.3x 11.4x 10.3x 8.9x 8% 12% 8% 66% 68% 69% 24% 24% 25%
Five9 $53.74 $3,259 $307 $222 $3,174 12.3x 10.1x 8.6x NM NM 46.2x 29% 22% 17% 60% 64% 64% 18% 17% 19%
Presidio $16.90 $1,408 $31 $947 $2,324 0.8x 0.8x 0.7x 10.2x 10.0x 9.1x 9% 2% 2% 20% 21% 21% 8% 8% 8%
Fastly $24.00 $2,243 $246 $51 $2,048 14.2x 10.6x 8.2x NM NM NM 38% 34% 30% 55% 57% 60% (8%) (12%) (9%)
Everbridge $61.71 $2,071 $239 $114 $1,946 13.2x 9.8x 7.7x NM NM NM 41% 35% 27% 68% 71% 72% (2%) 2% 5%
Software Aktiengesellschaft $27.49 $2,034 $574 $371 $1,831 1.8x 1.9x 1.9x 5.9x 6.8x 6.9x (6%) (3%) 1% 78% 77% 78% 32% 28% 27%
Extreme Networks $7.28 $884 $161 $449 $1,172 1.1x 1.1x 1.0x 10.2x NA NA 34% 0% 10% 56% 56% 56% 11% 0% 0%
Radware Ltd. $24.26 $1,138 $254 $21 $904 3.9x 3.6x 3.2x 29.7x 23.8x 18.5x 11% 8% 10% 82% 83% 83% 13% 15% 18%
A10 Networks $6.94 $533 $123 $2 $413 1.8x 2.0x 1.9x NM NA NA (1%) (12%) 4% 78% 78% 79% 3% 0% 0%
Limelight Networks $3.03 $353 $18 $15 $350 1.8x 1.8x 1.6x 10.8x 19.5x 11.6x 6% 1% 12% 56% 50% 52% 17% 9% 14%
Mean 5.5x 6.3x 5.1x 11.9x 12.4x 13.7x 20% 13% 12% 65% 66% 66% 17% 16% 17%
Median 3.1x 3.3x 3.2x 10.8x 10.2x 9.7x 9% 3% 8% 66% 69% 69% 17% 15% 18%
Notes:
Sources: Capital IQ and Wall Street Estimates. Market Data as of 9/30/19. 19
Margins <(20%) considered NM. Multiples <0 or >50 considered NM.
($MM)
Security
VeriSign $188.63 $22,147 $1,230 $1,797 $22,714 18.7x 18.4x 17.5x 26.2x 25.9x 24.5x 4% 2% 5% 84% 85% 85% 71% 71% 72%
Palo Alto Networks $203.83 $19,769 $2,803 $1,430 $18,396 7.1x 5.8x 4.9x 26.0x 24.3x 20.4x 30% 21% 20% 72% 72% 72% 27% 24% 24%
NortonLifeLock Inc. $23.63 $14,727 $1,694 $4,666 $17,699 3.7x 3.7x 3.6x 8.0x 8.4x 7.9x 0% 2% 2% 78% 78% 78% 46% 44% 45%
Splunk Inc. $117.86 $18,191 $2,576 $1,906 $17,521 9.7x 7.6x 6.2x NM 45.7x 33.1x 38% 28% 22% 81% 85% 85% 16% 17% 19%
Check Point Software Technologies Ltd.$109.50 $16,670 $1,684 $0 $14,986 7.8x 7.5x 7.3x 14.5x 14.6x 14.0x 3% 4% 3% 90% 90% 90% 54% 52% 52%
Citrix Systems $96.52 $12,569 $549 $1,011 $13,031 4.4x 4.4x 4.2x 11.1x 12.7x 11.9x 5% 1% 5% 87% 87% 87% 40% 34% 35%
CrowdStrike Holdings $58.31 $13,175 $827 $0 $12,348 49.4x 27.4x 19.2x NA NM NM 110% 80% 43% 65% 71% 71% 0% (15%) (6%)
Okta $98.46 $11,495 $557 $439 $11,377 28.5x 20.2x 15.5x NM NM NM 56% 41% 31% 72% 76% 77% (9%) (9%) (2%)
Fortinet $76.76 $13,129 $1,940 $42 $11,230 6.2x 5.3x 4.7x 24.5x 20.1x 17.3x 20% 17% 14% 75% 76% 76% 25% 26% 27%
F5 Networks $140.42 $8,477 $972 $0 $7,504 3.4x 3.3x 3.2x 8.8x 9.1x 8.5x 4% 3% 4% 83% 84% 84% 39% 36% 37%
Proofpoint $129.05 $7,285 $1,052 $799 $7,033 9.8x 8.0x 6.7x NM 48.5x 36.4x 38% 23% 20% 72% 79% 79% 16% 16% 18%
Zscaler $47.26 $6,024 $365 $0 $5,659 23.3x 16.1x 12.4x NM NM NM 57% 45% 29% 80% 80% 80% 6% 9% 9%
Trend Micro Incorporated $47.55 $6,610 $1,598 $0 $5,013 3.4x 3.3x 3.1x 10.6x 10.1x 9.7x 11% 5% 5% 80% 80% 80% 32% 32% 32%
Cloudflare $18.57 $5,575 $648 $11 $4,938 25.6x 18.0x 13.6x NA NM NM 43% 42% 33% 77% 77% 76% 0% (15%) (5%)
Security
CyberArk Software Ltd. $99.82 $3,781 $507 $0 $3,274 9.5x 7.8x 6.5x 32.6x 27.9x 23.4x 31% 23% 19% 86% 88% 88% 29% 28% 28%
FireEye $13.34 $2,847 $997 $1,090 $2,940 3.5x 3.4x 3.1x 26.7x 28.4x 20.3x 7% 5% 8% 67% 73% 73% 13% 12% 15%
Qualys $75.57 $2,929 $298 $38 $2,669 9.6x 8.3x 7.2x 23.8x 20.7x 17.9x 21% 15% 15% 76% 79% 79% 40% 40% 40%
Rapid7 $45.39 $2,242 $247 $262 $2,257 9.2x 7.1x 5.7x NM NM NM 21% 31% 23% 71% 75% 76% (6%) 3% 8%
Mimecast Limited $35.67 $2,211 $199 $243 $2,255 7.0x 5.6x 4.7x 49.6x 34.0x 25.3x 33% 24% 21% 73% 74% 74% 14% 17% 18%
Tenable Holdings $22.38 $2,192 $297 $42 $1,937 7.2x 5.6x 4.5x NM NM NM 42% 30% 24% 84% 84% 81% (16%) (12%) (8%)
Varonis Systems $59.78 $1,822 $131 $66 $1,757 6.5x 6.8x 6.4x NM NM NM 25% (5%) 6% 90% 88% 89% 5% (8%) (3%)
Forescout Technologies $37.92 $1,789 $94 $49 $1,744 5.9x 4.7x 3.9x NM NM NM 33% 25% 21% 77% 80% 80% (3%) (1%) 4%
SailPoint Technologies Holdings $18.69 $1,667 $464 $346 $1,549 6.2x 5.5x 4.8x 39.2x NM 41.6x 34% 12% 16% 78% 80% 80% 16% 8% 11%
Ping Identity Holding Corp. $17.25 $1,372 $82 $76 $1,365 6.8x 5.9x 5.3x NA 34.3x NM 17% 15% 12% 85% 83% 81% 0% 17% 10%
SecureWorks Corp. $12.93 $1,050 $118 $31 $963 1.9x 1.8x 1.7x NM NM NM 11% 5% 7% 53% 56% 56% 2% 1% 2%
MobileIron $6.55 $733 $96 $16 $652 3.4x 3.1x 2.8x NM NM NM 7% 8% 11% 82% 82% 82% (0%) (0%) 5%
Zix Corporation $7.24 $389 $10 $192 $571 8.1x 7.0x 5.9x 28.4x 14.0x 10.8x 7% 15% 20% 78% NM NM 29% 50% 55%
OneSpan Inc. $14.50 $579 $81 $14 $512 2.4x 2.2x 2.0x 23.7x 23.7x 14.9x 10% 10% 9% 69% 68% 71% 10% 9% 14%
F-Secure Oyj $3.04 $480 $27 $49 $502 2.3x 2.1x 1.9x 25.2x 14.9x 14.6x 7% 11% 9% 79% 76% 78% 9% 14% 13%
Tufin Software Technologies Ltd. $16.46 $560 $123 $25 $462 5.4x 4.3x 3.4x NM NM NM 32% 28% 24% 84% 83% 83% 3% (6%) (4%)
A10 Networks $6.94 $533 $123 $2 $413 1.8x 2.0x 1.9x NM NA NA (1%) (12%) 4% 78% 78% 79% 3% 0% 0%
Absolute Software Corporation $5.75 $240 $39 $9 $210 2.2x 2.1x 1.9x 15.7x 10.2x 10.1x 4% 6% 7% 86% 86% 86% 14% 20% 19%
Mean 9.4x 7.3x 6.1x 23.2x 22.5x 19.1x 24% 18% 15% 78% 79% 79% 16% 16% 18%
Median 6.6x 5.6x 4.7x 24.5x 20.7x 17.3x 21% 15% 15% 78% 80% 80% 14% 15% 14%
Notes:
($MM)
Content & Storage Management

Adobe Inc. $276.25 $133,727 $3,651 $4,137 $134,213 14.9x 12.0x 10.2x 33.8x 26.6x 22.2x 24% 24% 18% 87% 87% 88% 44% 45% 46%
Content & Storage Management
Open Text Corporation $40.81 $10,986 $941 $2,615 $12,662 4.5x 4.3x 4.2x 11.9x 11.4x 10.7x 8% 3% 3% 74% 73% 73% 37% 38% 39%
DocuSign $61.92 $10,895 $750 $620 $10,764 15.4x 11.3x 9.1x NM NM NM 35% 36% 25% 73% 79% 79% 8% 7% 10%
NetApp $52.51 $12,493 $3,540 $1,726 $10,679 1.7x 1.9x 1.8x 6.8x 8.1x 7.2x 8% (8%) 3% 64% 63% 63% 25% 23% 25%
Dropbox $20.17 $8,338 $973 $868 $8,233 5.9x 5.0x 4.3x 24.4x 22.0x 17.5x 26% 19% 15% 72% 76% 76% 24% 23% 25%
Nutanix $26.25 $5,044 $909 $459 $4,594 3.7x 3.7x 2.9x NM NM NM 22% (1%) 27% 74% 70% 70% (5%) NM NM
Pure Storage $16.94 $4,340 $1,182 $584 $3,741 2.8x 2.2x 1.9x 30.8x 27.4x 16.7x 33% 23% 21% 66% 68% 67% 9% 8% 11%
Box $16.56 $2,447 $201 $399 $2,644 4.3x 3.8x 3.4x NM 49.5x 26.9x 20% 14% 13% 71% 71% 72% 5% 8% 13%
Commvault Systems $44.71 $2,020 $475 $18 $1,563 2.2x 2.3x 2.3x 13.5x 16.9x 14.8x 5% (5%) 2% 84% 84% 84% 16% 14% 15%
Carbonite $15.49 $537 $83 $653 $1,107 3.7x 2.4x 2.1x 10.6x 8.2x 7.2x 24% 56% 15% 76% 81% 81% 35% 29% 29%
Brightcove Inc. $10.48 $407 $23 $16 $400 2.4x 2.2x 2.0x NM 41.2x 26.1x 6% 12% 11% 60% 60% 60% 1% 5% 8%
Mean 5.8x 4.9x 4.2x 22.7x 24.5x 17.4x 21% 15% 14% 74% 75% 75% 17% 17% 20%
Median 4.3x 3.8x 3.4x 19.0x 24.3x 17.1x 24% 14% 15% 73% 74% 74% 14% 15% 17%
Notes:
($MM)
Business Intelligence & Analytics

Business Intelligence & Analytics
NICE Ltd. $146.88 $9,126 $509 $594 $9,211 6.4x 5.8x 5.4x 21.0x 18.7x 17.0x 8% 9% 8% 66% 70% 70% 30% 31% 32%
Alteryx $107.43 $6,747 $333 $212 $6,626 26.1x 17.7x 13.3x NM NM NM 93% 47% 34% 91% 91% 91% (0%) 12% 15%
Elastic N.V. $82.34 $6,610 $316 $33 $6,327 26.3x 17.0x 12.2x NM NM NM NA 55% 39% 72% 71% 71% (12%) (18%) (18%)
Teradata Corporation $31.00 $3,537 $635 $661 $3,563 1.6x 1.8x 1.8x 10.5x 9.1x 7.8x 0% (9%) 3% 48% 54% 58% 16% 20% 23%
Inovalon Holdings $16.39 $2,528 $134 $1,013 $3,407 6.5x 5.3x 4.9x 22.4x 16.5x 14.9x 17% 21% 9% 73% 74% 74% 29% 32% 33%
Medallia $27.43 $3,500 $417 $0 $3,082 9.8x 8.0x 6.6x NA NM NM 20% 23% 21% 63% 66% 68% 0% 1% 4%
Cloudera $8.86 $2,478 $420 $227 $2,285 4.8x 3.0x 2.7x NM NM 46.1x 29% 60% 11% 72% 76% 76% (12%) 2% 6%
MicroStrategy Incorporated $148.37 $1,523 $578 $105 $1,050 2.1x 2.1x 2.0x 47.1x 25.3x 21.1x (1%) (2%) 7% 80% 80% 80% 4% 8% 10%
Talend S.A. $33.98 $1,041 $32 $31 $1,040 5.1x 4.2x 3.5x NM NM NM 38% 21% 21% 76% 76% 77% (7%) (8%) (2%)
Domo $15.98 $440 $134 $99 $405 2.8x 2.4x 2.1x NM NM NM 31% 18% 13% 65% 67% 69% NM NM NM
Veritone $3.57 $79 $45 $0 $34 1.3x 0.7x 0.5x NM NM NM 88% 87% 26% 76% 66% 67% NM NM NM
Mean 8.4x 6.2x 5.0x 25.2x 17.4x 21.4x 32% 30% 17% 71% 72% 73% 5% 9% 11%
Median 5.1x 4.2x 3.5x 21.7x 17.6x 17.0x 24% 21% 13% 72% 71% 71% 0% 8% 10%
Technical Applications
Technical Applications
Dassault Systèmes SE $142.57 $37,022 $6,386 $3,969 $34,669 8.7x 8.0x 7.2x 26.0x 22.4x 19.9x 3% 9% 11% 85% 85% 86% 34% 36% 36%
Autodesk $147.70 $32,433 $991 $2,156 $33,598 13.8x 10.3x 8.5x NM 39.0x 24.7x 29% 34% 22% 94% 91% 92% 15% 26% 34%
Synopsys $137.25 $20,627 $687 $142 $20,088 6.3x 5.9x 5.5x 25.5x 20.9x 19.2x 12% 7% 8% 79% 79% 79% 25% 28% 28%
Cadence Design Systems $66.08 $18,542 $655 $464 $18,350 8.6x 7.9x 7.4x 24.0x 22.1x 21.3x 10% 9% 7% 88% 90% 90% 36% 36% 35%
ANSYS $221.36 $18,617 $632 $108 $18,092 14.0x 12.1x 11.0x 28.4x 26.6x 23.7x 18% 15% 10% 90% 91% 91% 49% 46% 46%
Aspen Technology $123.08 $8,400 $58 $355 $8,697 16.7x 14.4x 14.0x 36.8x 27.4x 27.9x 10% 16% 3% 90% 90% 90% 45% 53% 50%
PTC Inc. $68.18 $7,853 $327 $669 $8,195 6.5x 6.2x 5.4x 22.8x 19.4x NA 7% 4% 15% 75% 74% 74% 28% 32% 0%
Altair Engineering Inc. $34.62 $2,480 $252 $204 $2,432 6.2x 5.2x 4.6x 48.5x 40.6x 31.4x 19% 20% 14% 74% 73% 74% 13% 13% 15%
Mean 10.1x 8.8x 7.9x 30.3x 27.3x 24.0x 14% 14% 11% 84% 84% 84% 31% 34% 31%
Median 8.6x 7.9x 7.3x 26.0x 24.5x 23.7x 11% 12% 11% 87% 88% 88% 31% 34% 34%
Notes:
($MM)
Financial Applications
Fidelity National Information Services $132.76 $81,441 $9,756 $18,668 $90,360 10.7x 8.8x 6.7x 28.8x 20.9x 15.1x (3%) 22% 31% 34% 38% 41% 37% 42% 44%
Fiserv $103.59 $70,409 $8,441 $14,157 $76,125 13.1x 7.3x 4.7x 34.7x 19.4x 12.6x 2% 78% 56% 47% 65% 55% 38% 38% 37%
Intuit Inc. $265.94 $69,164 $2,740 $436 $66,860 10.7x 9.5x 8.5x 27.1x 26.7x 23.4x 11% 13% 11% 83% 84% 84% 40% 35% 36%
SS&C Technologies Holdings $51.57 $13,086 $131 $8,242 $21,197 6.2x 4.6x 4.4x 16.5x 11.8x 11.1x 104% 35% 4% 41% 57% 58% 37% 39% 40%
MSCI Inc. $217.75 $18,443 $771 $2,765 $20,437 14.3x 13.2x 12.2x 26.5x 24.5x 22.2x 13% 8% 9% 80% 80% 80% 54% 54% 55%
Temenos AG $167.38 $11,846 $77 $1,218 $12,987 15.4x 12.9x 10.5x 41.6x 32.7x 27.3x 14% 20% 23% 73% 81% 81% 37% 39% 38%
Jack Henry & Associates $145.97 $11,232 $94 $0 $11,139 7.0x 6.9x 6.5x 20.1x 21.5x 19.9x 10% 1% 7% 43% 42% 42% 35% 32% 33%
Financial Applications
Fair Isaac Corporation $303.52 $8,771 $79 $823 $9,514 9.0x 8.1x 7.5x 35.5x 27.7x 25.4x 12% 10% 9% 71% 70% 70% 25% 29% 29%
Coupa Software Incorporated $129.57 $8,143 $808 $755 $8,089 31.1x 21.7x 16.9x NM NM NM 39% 43% 29% 68% 72% 73% 9% 10% 14%
Xero Limited $42.01 $5,922 $312 $300 $5,910 17.6x 13.8x 10.9x NM NM 48.5x 28% 27% 27% 85% 84% 84% 15% 19% 22%
Avalara $67.29 $5,080 $442 $0 $4,638 17.0x 12.7x 10.2x NM NM NM 28% 34% 25% 71% 72% 73% (14%) (0%) 5%
Q2 Holdings $78.87 $3,757 $618 $447 $3,586 14.9x 11.4x 9.3x NM NM NM 24% 30% 22% 49% 52% 54% 8% 6% 10%
Envestnet $56.70 $2,959 $78 $705 $3,584 4.4x 4.0x 3.5x 22.8x 18.7x 15.2x 19% 10% 15% 29% 69% 70% 19% 21% 23%
SimCorp A/S $87.83 $3,478 $54 $54 $3,478 7.9x 7.1x 6.5x 27.8x 23.0x 21.2x 6% 13% 9% 61% 62% 62% 29% 31% 31%
BlackLine $47.81 $2,645 $145 $17 $2,521 11.1x 8.9x 7.4x NM NM NM 30% 24% 21% 78% 82% 81% 6% 8% 10%
Ebix $42.10 $1,284 $107 $801 $2,029 4.1x 3.4x 2.9x 12.1x 9.9x 9.4x 37% 19% 20% 66% 67% 67% 34% 35% 30%
Asseco Poland S.A. $12.74 $1,057 $508 $734 $1,835 0.7x 0.7x 0.7x 5.5x 4.8x 4.7x 11% 3% 3% 21% 21% 21% 13% 15% 15%
Bottomline Technologies (de) $39.35 $1,730 $100 $111 $1,742 4.3x 4.1x 3.7x 17.5x 17.8x 15.6x 13% 5% 9% 57% 56% 56% 24% 23% 24%
Zuora $15.05 $1,690 $175 $13 $1,528 6.5x 5.5x 4.7x NM NM NM 40% 18% 18% 50% 56% 59% (17%) (12%) (7%)
IRESS Limited $7.81 $1,348 $20 $199 $1,527 4.7x 4.5x 4.1x 18.4x 17.3x 15.5x (2%) 4% 10% 34% 27% 28% 25% 26% 26%
Model N $27.76 $908 $59 $49 $899 6.0x 6.3x 5.7x NM NM NM 6% (6%) 10% 57% 55% 55% 8% 9% 10%
Basware Oyj $23.99 $345 $33 $82 $394 2.4x 2.5x 2.3x NM NM 21.2x (10%) (2%) 8% 51% 51% 57% (3%) (0%) 11%
Mean 10.0x 8.1x 6.8x 23.9x 19.8x 19.3x 20% 19% 17% 57% 61% 61% 21% 23% 24%
Median 8.4x 7.2x 6.5x 24.6x 20.1x 17.8x 13% 15% 13% 57% 64% 61% 25% 24% 25%
Notes:
($MM)
Vertical Applications
Danaher Corporation $144.43 $103,741 $14,252 $18,668 $108,850 5.5x 5.2x 4.4x 23.1x 21.8x 17.2x 9% 4% 18% 56% 56% 57% 24% 24% 26%
Roper Technologies $356.60 $37,087 $323 $6,198 $42,962 8.3x 7.9x 7.3x 23.8x 22.2x 20.3x 13% 5% 7% 63% 64% 63% 35% 35% 36%
Cerner Corporation $68.17 $21,412 $633 $1,172 $21,951 4.1x 3.8x 3.6x 14.0x 13.2x 11.6x 4% 7% 6% 83% 82% 82% 29% 29% 31%
Veeva Systems Inc. $152.69 $22,596 $1,432 $22 $21,186 24.6x 19.9x 16.7x NM NM 42.8x 25% 24% 19% 72% 75% 76% 37% 40% 39%
Vertical Applications
Tyler Technologies $262.50 $10,128 $194 $25 $9,958 10.6x 9.1x 8.2x 36.3x 32.7x 28.4x 11% 17% 11% 47% 52% 51% 29% 28% 29%
Guidewire Software $105.38 $8,702 $1,134 $317 $7,885 10.7x 11.1x 9.6x 43.2x NM NM 29% (4%) 15% 56% 56% 56% 25% 20% 18%
RealPage $62.86 $5,811 $262 $724 $6,273 7.2x 6.3x 5.7x 27.1x 22.3x 19.2x 30% 14% 11% 62% 61% 62% 27% 28% 30%
CoreLogic $46.27 $3,679 $89 $1,866 $5,455 3.1x 3.1x 3.2x 11.1x 11.3x 10.7x (3%) (3%) (0%) 48% 50% 52% 28% 28% 30%
Blackbaud $90.34 $4,329 $29 $603 $4,903 5.8x 5.5x 5.2x 24.2x 27.0x 26.0x 8% 6% 5% 55% 59% 60% 24% 20% 20%
AppFolio $95.14 $3,241 $40 $72 $3,273 17.2x 12.9x 10.2x NM NM NM 32% 34% 26% 62% 60% 61% 21% 13% 17%
Allscripts Healthcare Solutions $10.98 $1,830 $139 $963 $2,654 1.5x 1.5x 1.4x 6.6x 8.8x 8.0x 17% 2% 4% 47% 43% 44% 23% 17% 18%
2U $16.28 $1,031 $219 $307 $1,120 2.7x 2.0x 1.5x NM NM NM 44% 38% 28% 78% 73% 73% 4% (4%) (0%)
HealthStream $25.89 $838 $173 $34 $699 3.0x 2.7x 2.7x 16.8x 16.4x 17.4x 8% 10% (0%) 59% 58% 59% 18% 17% 16%
Castlight Health $1.41 $205 $56 $18 $167 1.1x 1.2x 1.1x NM NM NM 18% (9%) 3% 62% 64% 66% (4%) (5%) 2%
Boxlight Corporation $1.84 $20 $1 $7 $26 0.7x 0.6x 0.5x NM NM NM 47% 16% 25% 23% 30% 30% (10%) (3%) (0%)
Mean 7.1x 6.2x 5.4x 22.6x 19.5x 20.2x 19% 11% 12% 58% 59% 60% 21% 19% 21%
Median 5.5x 5.2x 4.4x 23.4x 21.8x 18.3x 17% 7% 11% 59% 59% 60% 24% 20% 20%
Notes:
($MM)
ERP & General Business

salesforce.com $148.44 $129,937 $6,042 $6,432 $130,327 9.8x 7.7x 6.2x 40.4x 29.0x 24.3x 26% 27% 24% 74% 78% 78% 24% 27% 26%
Workday $169.96 $38,751 $1,927 $1,543 $38,367 13.6x 10.7x 8.7x NM NM 41.1x 32% 27% 23% 70% 75% 76% 17% 20% 21%
Shopify Inc. $311.66 $36,119 $2,667 $111 $33,563 31.3x 21.8x 16.3x NM NM NM 59% 43% 34% 56% 56% 55% 4% 4% 5%
Constellation Software Inc. $999.48 $21,180 $219 $563 $21,524 7.0x 6.2x 5.3x 27.5x 22.9x 19.3x 23% 14% 16% 37% 67% 67% 26% 27% 27%
Slack Technologies $23.73 $12,911 $785 $0 $12,137 30.3x 19.9x 14.3x NM NM NM 82% 52% 39% 87% 86% 87% NM NM (14%)
Paycom Software $209.49 $12,079 $108 $33 $12,004 21.2x 16.5x 13.3x 49.8x 39.1x 31.8x 31% 29% 23% 87% 85% 85% 43% 42% 42%
The Sage Group plc $8.50 $9,261 $457 $1,007 $9,811 4.1x 4.1x 3.8x NA 16.2x 15.2x 1% 0% 7% 93% 93% 93% 0% 25% 25%
Zendesk $72.88 $8,088 $435 $586 $8,240 13.8x 10.2x 7.8x NM NM NM 39% 35% 31% 70% 74% 76% 7% 7% 9%
Ceridian HCM Holding Inc. $49.37 $7,092 $238 $716 $7,570 10.1x 9.3x 8.3x 48.2x 40.7x 34.2x 11% 9% 13% 48% 49% 51% 21% 23% 24%
Anaplan $47.00 $6,196 $356 $53 $5,893 24.5x 17.2x 13.1x NM NM NM 43% 42% 31% 72% 75% 77% NM (15%) (9%)
j2 Global $90.82 $4,443 $155 $1,191 $5,478 4.5x 4.1x 3.8x 11.2x 10.0x 9.3x 8% 11% 6% 83% 83% 83% 41% 41% 41%
Manhattan Associates $80.67 $5,155 $114 $40 $5,082 9.1x 8.5x 8.1x 31.3x 37.8x 34.7x (6%) 7% 5% 57% 54% 55% 29% 22% 23%
ERP & General Business
Paylocity Holding Corporation $97.58 $5,222 $130 $76 $5,168 12.8x 10.1x 8.4x NM 35.4x 29.1x 23% 27% 20% 66% 64% 64% 25% 28% 29%
Smartsheet Inc. $36.03 $4,200 $561 $58 $3,697 20.8x 13.8x 10.0x NM NM NM 60% 50% 38% 81% 81% 80% (18%) (19%) (15%)
The Descartes Systems Group Inc $40.40 $3,398 $27 $36 $3,407 12.4x 10.4x 9.4x 36.3x 27.9x 24.8x 16% 19% 11% 73% 74% 75% 34% 37% 38%
Cornerstone OnDemand $54.82 $3,327 $403 $377 $3,301 6.1x 5.8x 5.1x 33.5x 26.9x 20.2x 12% 6% 14% 73% 76% 76% 18% 22% 25%
PROS Holdings $59.60 $2,508 $319 $182 $2,371 12.0x 9.6x 8.1x NM NM NM 17% 26% 18% 61% 65% 65% (10%) (4%) (1%)
Workiva Inc. $43.83 $2,020 $138 $41 $1,923 7.9x 6.6x 5.7x NM NM NM 18% 19% 16% 73% 72% 73% (4%) (3%) (2%)
Pluralsight $16.80 $1,700 $449 $502 $1,821 7.8x 5.8x 4.5x NM NM NM 39% 36% 30% 73% 77% 78% (20%) (17%) (9%)
Technology One Limited $4.84 $1,539 $48 $0 $1,491 7.0x 7.6x 6.5x NA 27.6x 22.5x (2%) (7%) 16% 41% 41% 41% 0% 27% 29%
SPS Commerce $47.07 $1,640 $201 $20 $1,458 5.9x 5.3x 4.8x 28.4x 21.5x 18.5x 13% 12% 10% 67% 68% 69% 21% 24% 26%
Enghouse Systems Limited $27.57 $1,508 $108 $1 $1,401 5.4x 4.6x 4.1x 17.2x 15.9x 13.8x (3%) 17% 11% 70% 69% 69% 31% 29% 30%
Instructure $38.74 $1,437 $127 $49 $1,359 6.5x 5.2x 4.4x NM NM NM 30% 24% 20% 70% 71% 72% (6%) (5%) (2%)
Upland Software $34.86 $880 $108 $312 $1,084 7.2x 5.1x 4.6x 20.4x 13.7x 12.1x 53% 43% 11% 68% 70% 70% 35% 37% 38%
Opera Limited $10.05 $1,195 $151 $17 $1,061 6.2x 3.8x 2.9x 16.1x 28.1x 12.6x 34% 61% 30% 68% 79% 80% 38% 14% 23%
Benefitfocus $23.81 $779 $138 $276 $917 3.5x 3.1x 2.7x NM NM 34.5x 9% 15% 16% 50% 54% 56% 4% 4% 8%
QAD Inc. $46.18 $940 $143 $32 $829 2.5x 2.6x 2.5x 32.3x NM 35.7x 9% (5%) 7% 53% 54% 56% 8% 4% 7%
American Software $15.02 $471 $86 $3 $388 3.5x 3.5x 3.4x 24.5x 26.6x 21.7x 2% (2%) 5% 53% 54% 54% 14% 13% 16%
Synchronoss Technologies $5.40 $220 $78 $120 $274 0.8x 0.8x 0.7x 19.5x 8.1x 6.4x (19%) 6% 8% 51% 56% 56% 4% 10% 11%
ServiceSource International $0.88 $83 $23 $44 $104 0.4x 0.5x 0.5x 7.3x NM 29.6x (0%) (12%) (1%) 31% 30% 30% 6% (0%) 2%
Park City Group $5.77 $114 $19 $6 $102 4.4x 5.0x 4.2x 16.9x 15.9x 13.6x 13% (13%) 21% 71% 72% 72% 26% 32% 31%
Mean 10.1x 7.9x 6.5x 27.1x 24.6x 23.0x 22% 20% 18% 65% 68% 68% 14% 15% 16%
Median 7.2x 6.2x 5.3x 27.5x 26.8x 22.1x 17% 19% 16% 70% 71% 72% 17% 21% 23%
Notes:
($MM)
Development & Operations Management

VMware $150.06 $61,319 $2,948 $4,981 $63,352 7.1x 6.3x 5.7x 17.3x 16.3x 15.0x 14% 12% 10% 86% 87% 88% 41% 39% 38%
ServiceNow $253.85 $47,866 $1,471 $1,124 $47,519 18.2x 13.7x 10.7x NM 49.6x 37.0x 36% 32% 29% 76% 81% 82% 26% 28% 29%
Atlassian Corporation Plc $125.44 $30,628 $1,775 $1,145 $29,998 31.3x 21.8x 17.2x NM NM NM 38% 44% 27% 88% 85% 85% 31% 25% 25%
Twilio Inc. $109.96 $14,942 $1,882 $624 $13,684 21.1x 12.2x 9.2x NM NM NM 63% 72% 33% 54% 58% 57% 5% 7% 8%
Development & Operations Management
Datadog $33.91 $9,950 $52 $48 $9,946 NM 30.1x 21.2x NA NM NM 97% 67% 42% 77% 75% 76% 0% (9%) (7%)
SolarWinds Corporation $18.45 $5,665 $221 $1,916 $7,360 8.8x 7.8x 7.0x 18.1x 16.4x 14.4x 14% 13% 12% 92% 92% 92% 49% 47% 48%
Dynatrace $18.67 $5,237 $212 $570 $5,595 NA 11.2x 9.1x NA NA 36.7x NA NA 22% NM 78% 78% NA 0% 25%
MongoDB $120.48 $6,785 $436 $302 $6,651 24.9x 16.9x 13.0x NM NM NM 61% 48% 29% 72% 72% 72% (18%) (13%) (7%)
Micro Focus International plc $13.98 $4,642 $2,666 $4,674 $6,650 2.1x 2.0x 2.1x 4.7x 4.9x 4.9x 21% 10% (5%) 75% 77% 77% 46% 40% 42%
LogMeIn $70.96 $3,464 $119 $309 $3,654 3.0x 2.9x 2.8x 8.2x 8.9x 9.2x 22% 5% 5% 77% 82% 82% 37% 33% 30%
Pivotal Software $14.92 $4,106 $808 $143 $3,442 5.2x 4.5x 3.9x NM NM NM 29% 17% 16% 63% 71% 73% (8%) (2%) 5%
New Relic $61.45 $3,589 $769 $483 $3,305 7.4x 5.8x 4.9x 43.8x 40.3x 32.3x 35% 27% 19% 84% 83% 83% 17% 14% 15%
Appian Corporation $47.50 $3,169 $81 $4 $3,091 13.6x 11.8x 10.1x NM NM NM 28% 15% 17% 63% 65% 68% (13%) (10%) (5%)
NetScout Systems $23.06 $1,749 $300 $529 $1,978 2.2x 2.2x 2.2x NA NA NA (15%) (3%) 4% 71% 72% 72% 0% 0% 0%
Progress Software Corporation $38.06 $1,705 $145 $296 $1,856 4.7x 4.3x 4.2x 9.4x 11.0x 10.1x (0%) 7% 2% 89% 86% 86% 50% 40% 42%
PagerDuty $28.25 $2,155 $341 $0 $1,814 15.4x 11.1x 8.7x NM NM NM 48% 39% 28% 85% 85% 85% NM (14%) (7%)
Bandwidth Inc. $65.11 $1,523 $196 $0 $1,327 8.1x 5.6x 4.7x NM NM NM 25% 43% 19% 58% 49% 49% 10% (3%) (1%)
MobileIron $6.55 $719 $101 $17 $635 3.3x 3.0x 2.7x NM NM NM 7% 8% 11% 82% 82% 82% (0%) (0%) 5%
Magic Software Enterprises Ltd. $9.19 $449 $114 $39 $409 1.4x 1.3x 1.2x NA NA NA 10% 9% 6% 31% 32% 31% 0% 0% 0%
Comarch S.A. $43.55 $354 $74 $75 $361 1.0x 0.9x 0.9x 7.6x 6.4x 6.5x 13% 4% 8% 26% 28% 27% 13% 15% 13%
Axway Software SA $11.56 $245 $37 $83 $291 0.9x 0.9x 0.9x 7.0x 10.7x 7.3x (10%) (5%) 1% 18% 72% 72% 13% 9% 13%
Mean 9.5x 8.4x 6.8x 14.5x 18.3x 17.4x 27% 23% 16% 68% 72% 72% 16% 12% 15%
Median 7.1x 5.8x 4.9x 8.8x 11.0x 12.3x 23% 14% 16% 76% 77% 77% 13% 7% 13%
Sales & Marketing Applications

HubSpot $151.61 $6,443 $955 $580 $6,068 11.8x 9.1x 7.4x NM NM NM 37% 30% 24% 80% 82% 82% 11% 13% 14%
Sales & Marketing
Pegasystems Inc. $68.05 $5,385 $155 $69 $5,299 5.9x 5.7x 5.2x NM NM NM 0% 4% 11% 66% 69% 70% 8% 4% 7%
SurveyMonkey $17.10 $2,276 $155 $306 $2,427 9.5x 7.9x 6.5x 41.8x NM NM 16% 20% 21% 69% 77% 78% 23% 12% 13%
LivePerson $35.70 $2,243 $225 $194 $2,212 8.9x 7.6x 6.3x NM NM NM 14% 16% 20% 75% 74% 75% 8% 1% 7%
Yext $15.89 $1,792 $274 $116 $1,633 7.2x 5.4x 4.2x NM NM NM 34% 32% 30% 75% 76% 76% (11%) (13%) (7%)
Cardlytics $33.52 $816 $32 $37 $820 5.4x 4.3x 3.2x NM NM NM 16% 26% 33% 36% 43% 45% (4%) (2%) 4%
ChannelAdvisor Corporation $9.33 $262 $49 $18 $231 1.8x 1.8x 1.7x 23.6x 13.1x 10.6x 7% (1%) 5% 78% 78% 78% 7% 14% 16%
Mean 7.2x 6.0x 4.9x 32.7x 13.1x 10.6x 18% 18% 21% 69% 71% 72% 6% 4% 8%
Median 7.2x 5.7x 5.2x 32.7x 13.1x 10.6x 16% 20% 21% 75% 76% 76% 8% 4% 7%
Notes:
($MM)
SaaS
Adobe Inc. $276.25 $133,727 $3,651 $4,137 $134,213 14.9x 12.0x 10.2x 33.8x 26.6x 22.2x 24% 24% 18% 87% 87% 88% 44% 45% 46%
salesforce.com $148.44 $129,937 $6,042 $6,432 $130,327 9.8x 7.7x 6.2x 40.4x 29.0x 24.3x 26% 27% 24% 74% 78% 78% 24% 27% 26%
ServiceNow $253.85 $47,866 $1,471 $1,124 $47,519 18.2x 13.7x 10.7x NM 49.6x 37.0x 36% 32% 29% 76% 81% 82% 26% 28% 29%
Workday $169.96 $38,751 $1,927 $1,543 $38,367 13.6x 10.7x 8.7x NM NM 41.1x 32% 27% 23% 70% 75% 76% 17% 20% 21%
Shopify Inc. $311.66 $36,119 $2,667 $111 $33,563 31.3x 21.8x 16.3x NM NM NM 59% 43% 34% 56% 56% 55% 4% 4% 5%
Atlassian Corporation Plc $125.44 $30,628 $1,775 $1,145 $29,998 31.3x 21.8x 17.2x NM NM NM 38% 44% 27% 88% 85% 85% 31% 25% 25%
Veeva Systems Inc. $152.69 $22,596 $1,432 $22 $21,186 24.6x 19.9x 16.7x NM NM 42.8x 25% 24% 19% 72% 75% 76% 37% 40% 39%
Zoom Video Communications $76.20 $20,845 $755 $53 $20,143 NM 34.0x 24.2x NM NM NM 118% 79% 41% 82% 81% 81% 4% 13% 10%
Splunk Inc. $117.86 $18,191 $2,576 $1,906 $17,521 9.7x 7.6x 6.2x NM 45.7x 33.1x 38% 28% 22% 81% 85% 85% 16% 17% 19%
Twilio Inc. $109.96 $15,081 $1,882 $624 $13,823 21.3x 12.4x 9.3x NM NM NM 63% 72% 33% 54% 58% 57% 5% 7% 8%
Slack Technologies $23.73 $12,911 $785 $0 $12,137 30.3x 19.9x 14.3x NM NM NM 82% 52% 39% 87% 86% 87% NM NM (14%)
Paycom Software $209.49 $12,079 $108 $60 $12,030 21.2x 16.5x 13.4x 49.9x 39.2x 31.9x 31% 29% 23% 87% 85% 85% 43% 42% 42%
Okta $98.46 $11,495 $557 $439 $11,377 28.5x 20.2x 15.5x NM NM NM 56% 41% 31% 72% 76% 77% (9%) (9%) (2%)
DocuSign $61.92 $10,895 $750 $620 $10,764 15.4x 11.3x 9.1x NM NM NM 35% 36% 25% 73% 79% 79% 8% 7% 10%
NetApp $52.51 $12,493 $3,540 $1,726 $10,679 1.7x 1.9x 1.8x 6.8x 8.1x 7.2x 8% (8%) 3% 64% 63% 63% 25% 23% 25%
RingCentral $125.66 $10,426 $568 $415 $10,273 16.8x 11.7x 9.5x NM NM NM 32% 43% 23% 84% 77% 77% 13% 13% 13%
Datadog $33.91 $9,950 $52 $48 $9,946 NM 30.1x 21.2x NA NM NM 97% 67% 42% 77% 75% 76% 0% (9%) (7%)
Zendesk $72.88 $8,175 $435 $586 $8,327 13.9x 10.3x 7.9x NM NM NM 39% 35% 31% 70% 74% 76% 7% 7% 9%
SaaS
Dropbox $20.17 $8,338 $973 $868 $8,233 5.9x 5.0x 4.3x 24.4x 22.0x 17.5x 26% 19% 15% 72% 76% 76% 24% 23% 25%
Coupa Software Incorporated $129.57 $8,143 $808 $755 $8,089 31.1x 21.7x 16.9x NM NM NM 39% 43% 29% 68% 72% 73% 9% 10% 14%
Proofpoint $129.05 $7,285 $1,052 $799 $7,033 9.8x 8.0x 6.7x NM 48.5x 36.4x 38% 23% 20% 72% 79% 79% 16% 16% 18%
RealPage $62.86 $5,811 $262 $724 $6,273 7.2x 6.3x 5.7x 27.1x 22.3x 19.2x 30% 14% 11% 62% 61% 62% 27% 28% 30%
HubSpot $151.61 $6,443 $955 $580 $6,068 11.8x 9.1x 7.4x NM NM NM 37% 30% 24% 80% 82% 82% 11% 13% 14%
Zscaler $47.26 $6,024 $365 $0 $5,659 23.3x 16.1x 12.4x NM NM NM 57% 45% 29% 80% 80% 80% 6% 9% 9%
Dynatrace $18.67 $5,237 $212 $570 $5,595 NA 11.2x 9.1x NA NA 36.7x NA NA 22% NM 78% 78% NA 0% 25%
j2 Global $90.82 $4,443 $95 $1,246 $5,594 4.6x 4.2x 3.9x 11.4x 10.2x 9.5x 8% 11% 6% 83% 83% 83% 41% 41% 41%
Cloudflare $18.57 $5,447 $127 $11 $5,331 27.7x 19.4x 14.7x NA NM NM 43% 42% 33% 77% 77% 76% 0% (15%) (5%)
Paylocity Holding Corporation $97.58 $5,222 $130 $84 $5,176 12.8x 10.1x 8.4x NM 35.5x 29.2x 23% 27% 20% 66% 64% 64% 25% 28% 29%
Pure Storage $16.94 $4,340 $1,182 $584 $3,741 2.8x 2.2x 1.9x 30.8x 27.4x 16.7x 33% 23% 21% 66% 68% 67% 9% 8% 11%
Smartsheet Inc. $36.03 $4,200 $561 $58 $3,697 20.8x 13.8x 10.0x NM NM NM 60% 50% 38% 81% 81% 80% (18%) (19%) (15%)
LogMeIn $70.96 $3,464 $119 $309 $3,654 3.0x 2.9x 2.8x 8.2x 8.9x 9.2x 22% 5% 5% 77% 82% 82% 37% 33% 30%
Q2 Holdings $78.87 $3,757 $618 $447 $3,586 14.9x 11.4x 9.3x NM NM NM 24% 30% 22% 49% 52% 54% 8% 6% 10%
Envestnet $56.70 $2,959 $78 $705 $3,584 4.4x 4.0x 3.5x 22.8x 18.7x 15.2x 19% 10% 15% 29% 69% 70% 19% 21% 23%
New Relic $61.45 $3,589 $769 $483 $3,305 7.4x 5.8x 4.9x 43.8x 40.3x 32.3x 35% 27% 19% 84% 83% 83% 17% 14% 15%
Cornerstone OnDemand $54.82 $3,327 $403 $377 $3,301 6.1x 5.8x 5.1x 33.5x 26.9x 20.2x 12% 6% 14% 73% 76% 76% 18% 22% 25%
AppFolio $95.14 $3,241 $40 $72 $3,273 17.2x 12.9x 10.2x NM NM NM 32% 34% 26% 62% 60% 61% 21% 13% 17%
Five9 $53.74 $3,259 $307 $222 $3,174 12.3x 10.1x 8.6x NM NM 46.2x 29% 22% 17% 60% 64% 64% 18% 17% 19%
Medallia $27.43 $3,500 $417 $0 $3,082 9.8x 8.0x 6.6x NA NM NM 20% 23% 21% 63% 66% 68% 0% 1% 4%
Notes:
($MM)
SaaS (Cont.)
Qualys $75.57 $2,929 $298 $38 $2,669 9.6x 8.3x 7.2x 23.8x 20.7x 17.9x 21% 15% 15% 76% 79% 79% 40% 40% 40%
Box $16.56 $2,447 $201 $399 $2,644 4.3x 3.8x 3.4x NM 49.5x 26.9x 20% 14% 13% 71% 71% 72% 5% 8% 13%
BlackLine $47.81 $2,645 $145 $17 $2,521 11.1x 8.9x 7.4x NM NM NM 30% 24% 21% 78% 82% 81% 6% 8% 10%
Cloudera $8.86 $2,478 $420 $227 $2,285 4.8x 3.0x 2.7x NM NM 46.1x 29% 60% 11% 72% 76% 76% (12%) 2% 6%
LivePerson $35.70 $2,243 $225 $194 $2,212 8.9x 7.6x 6.3x NM NM NM 14% 16% 20% 75% 74% 75% 8% 1% 7%
Everbridge $61.71 $2,071 $239 $114 $1,946 13.2x 9.8x 7.7x NM NM NM 41% 35% 27% 68% 71% 72% (2%) 2% 5%
Workiva Inc. $43.83 $2,020 $138 $41 $1,923 7.9x 6.6x 5.7x NM NM NM 18% 19% 16% 73% 72% 73% (4%) (3%) (2%)
SaaS (Cont.)
PagerDuty $28.25 $2,155 $341 $0 $1,814 15.4x 11.1x 8.7x NM NM NM 48% 39% 28% 85% 85% 85% NM (14%) (7%)
Ping Identity Holding Corp. $17.25 $1,372 $83 $243 $1,531 7.6x 6.6x 5.9x NA 38.5x NM 17% 15% 12% 85% 83% 81% 0% 17% 10%
Zuora $15.05 $1,690 $175 $13 $1,528 6.5x 5.5x 4.7x NM NM NM 40% 18% 18% 50% 56% 59% (17%) (12%) (7%)
SPS Commerce $47.07 $1,640 $201 $20 $1,458 5.9x 5.3x 4.8x 28.4x 21.5x 18.5x 13% 12% 10% 67% 68% 69% 21% 24% 26%
Instructure $38.74 $1,456 $127 $49 $1,378 6.6x 5.3x 4.4x NM NM NM 30% 24% 20% 70% 71% 72% (6%) (5%) (2%)
Carbonite $15.49 $537 $83 $653 $1,107 3.7x 2.4x 2.1x 10.6x 8.2x 7.2x 24% 56% 15% 76% 81% 81% 35% 29% 29%
Talend S.A. $33.98 $1,041 $32 $31 $1,040 5.1x 4.2x 3.5x NM NM NM 38% 21% 21% 76% 76% 77% (7%) (8%) (2%)
Benefitfocus $23.81 $779 $138 $276 $917 3.5x 3.1x 2.7x NM NM 34.5x 9% 15% 16% 50% 54% 56% 4% 4% 8%
Zix Corporation $7.24 $389 $10 $192 $571 8.1x 7.0x 5.9x 28.3x 14.0x 10.8x 7% 15% 20% 78% NM NM 29% 50% 55%
ChannelAdvisor Corporation $9.33 $262 $49 $18 $231 1.8x 1.8x 1.7x 23.6x 13.1x 10.6x 7% (1%) 5% 78% 78% 78% 7% 14% 16%
Park City Group $5.77 $114 $19 $6 $102 4.4x 5.0x 4.2x 16.9x 15.9x 13.6x 13% (13%) 21% 71% 72% 72% 26% 32% 31%
Veritone $3.57 $79 $45 $0 $34 1.3x 0.7x 0.5x NM NM NM 88% 87% 26% 76% 66% 67% NM NM NM
Mean 12.1x 10.0x 8.0x 27.1x 27.0x 24.6x 34% 29% 21% 72% 74% 75% 13% 13% 15%
Median 9.8x 8.0x 6.7x 27.1x 26.6x 23.3x 30% 26% 21% 73% 76% 76% 11% 13% 14%
Notes:
RECENT ACQUISITIONS
Select Software M&A Transactions
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description
Provides customer analytics and market intelligence SaaS for the purpose of marketing spend optimization for the healthcare and
9/26/19 $430 NA NA NA NA
pharmaceutical sectors.
Provides customer service automation SaaS that enables businesses in the hospitality, travel and retail sectors to communicate
9/24/19 $42 NA NA NA NA
with customers via SMS text message.
Provides asset portfolio analytics SaaS and services for financial markets. Software enables users to manage funds, conduct
9/20/19 $189 2.7x NA NM NA
compliance reporting, share portfolios, and analyze portfolio performance, attribution, contribution, allocation and risk.
Provides endpoint security SaaS for businesses. Software enables the security of enterprise IT systems by using virtualization to
9/19/19 $45 2.3x NA NA NA isolate browser-based attacks, malicious downloads and attachments, and other applications in hardware-enforced micro-virtual
machines.
Provides AI-enabled predictive analytics SaaS for businesses in the healthcare and insurance sectors. Warehousing data from
9/16/19 $37 NA NA NA NA
multiple sources, software enables the creation of population health risk models and care management workflow insights.
Provides engineering simulation SaaS for businesses and governments globally, with a focus on the automobile and
9/11/19 $775 NA NA NA NA transportation sectors. Software enables the virtual testing of engineering designs and systems so as to avoid costly physical
testing.
Provides AI-based IoT device and threat identification management SaaS to businesses. Software provides features for
9/4/19 $75 15.0x NA NA NA automated device discovery, recognition and classification, behavioral analysis and risk assessment, network segmentation,
analytics and reporting.
Provides AI-enabled employee recruitment SaaS to businesses and recruiters. Software enables users to automate scheduling and
9/3/19 $400 5.7x NA NA NA
record video interviews of job seekers. Also provides a related mobile application.
Provides automotive aftermarket supply chain management (SCM) and e-commerce software and SaaS for automotive parts
9/3/19 $154 4.1x NA 29.1x NA wholesale and retail businesses, tire and vehicle repair shops in the US. Software also provides features for cataloging, business
management and analytics.
Provides AI and predictive analytics-based marketing and sales SaaS for businesses. Software provides features for target
8/28/19 $40 6.7x NA NA NA
audience generation and account-based marketing, lead scoring and customer analytics.
The Software Solutions business of Pitney Bowes, which provides data management, BI, customer analytics and customer service
8/26/19 $700 2.2x NA NA NA
automation software and SaaS for businesses.
Provides financial planning SaaS for businesses and governments. Software enables customer relationship management, back-
8/23/19 $34 NA NA NA NA
office administration for financial advisers, and online self-directed digital advice portals for superannuation funds in Australia.
Provides endpoint and server security SaaS and services for businesses. Software provides features for antivirus, risk and
8/22/19 $2,100 9.1x NA NM NA compliance, malware and UI/visualizations to enhance user interfaces. In May 2018, Carbon Black was listed on the NASDAQ
stock exchange under stock ticker CBLK.
Notes:
Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 9/30/19, where Enterprise Value is >$50MM. 29
Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM.
RECENT ACQUISITIONS
($MM)
Provides real-time cloud performance monitoring SaaS for businesses globally. Software enables cloud infrastructure,
8/21/19 $1,050 21.0x NA NA NA microservices, and applications monitoring, data collection and metrics analysis, and helps DevOps teams with continuous
integration and delivery.
8/14/19 $63 2.0x 1.7x 3.7x 3.1x Operates as a racing video games developer for gaming consoles and PCs for consumers.
The enterprise security assets of Symantec, including the Symantec brand, which provides security software, SaaS and services
8/9/19 $10,700 4.5x NA NA NA
for businesses globally. Software includes features for web, cloud and endpoint security and data loss prevention.
(Ent. Security Assets)
8/8/19 $92 NA NA NA NA Provides booking and reservation engine SaaS for the sector. Also provides rate distribution and group booking SaaS.
8/8/19 $31 NA NA NA NA Provides post-sale servicing, sales, document management and related analytics SaaS for OEMs globally.
Provides field service management SaaS focusing on workforce management, mobile workforce management and service
8/7/19 $1,350 NA NA NA NA
optimization for businesses globally. Also provides integration services and related mobile applications.
Provides integrated risk management (IRM) SaaS for enterprises. Also provides Governance, risk management and compliance
8/6/19 $100 6.7x NA NA NA
(GRC) systems integration and managed services.
8/5/19 $68 NA NA NA NA Provides marketing automation SaaS for businesses. Software enables users to create online surveys for mobile devices.
Provides automated e-commerce product marketing SaaS to online retailers and brands. Software enables product merchandising
8/5/19 $60 10.0x NA NA NA embedded within native placements alongside retailers organic site content, increasing product visibility and sales. Also enables
real-time analytics.
8/5/19 $40 2.0x NA NM NA Provides targeted online advertising enablement and customer analytics SaaS for businesses globally.
Provides supply chain management (SCM) software, SaaS and related integration services to the chemical and oil industries
8/2/19 $400 NA 4.2x NA NA
globally.
Provides online emergency incident monitoring and collaboration SaaS for government agencies and businesses for the purposes
8/1/19 $83 NA NA NA NA of risk management. Software enables businesses to alert employees to events such as transportation issues, severe weather,
hazardous materials, law enforcement, natural disasters and terrorism via text messages and emails.
Provides real estate lease administration, analysis and accounting SaaS for businesses. Also provides related workforce
7/31/19 $75 7.5x NA NA NA
management software.
Notes:
RECENT ACQUISITIONS
($MM)
Provides corporate training and customer relationship management SaaS to businesses in the United Kingdom. Software provides
7/29/19 $50 5.0x NA NA NA features for training automation, customer self-service, employee search engine optimization and can be integrated into existing
software.
Designs and develops digital typefaces, web, mobile device and desktop publishing fonts, print imaging and font management
7/26/19 $820 3.4x NA 14.9x NA
software for use in GUIs for computer, electronics and software manufacturers, professionals and consumers.
The video content rights and channel management software assets of ZEFR, which provides video marketing and analytics SaaS
7/18/19 $50 NA NA 9.5x NA for rights holders, brands and media companies including YouTube, Facebook, Instagram and SoundCloud. Software includes
features for video metadata monitoring, rights management, channel management, data analysis and optimization strategies.
Provides communications platform-as-a-service (CPaaS) software that enables businesses to connect with their customers via
7/17/19 $125 NA 3.9x NA NA
SMS, chat, push notifications, voice, and video calling.
Provides clinical trial data collection, validation, transmission, and analysis software, SaaS, and professional services for the life
7/16/19 $66 2.6x NA 32.2x NA
sciences sector globally. Software enables the electronic capture, integration, and management of clinical trial data for sponsors.
Provides AI-based industrial and consumer analytics SaaS that enables IoT data processing to help manufacturers and service
providers build and deploy IoT asset health and customer experience applications at enterprise scale. Software applies heuristics
7/12/19 $78 NA NA NA NA
and algorithms to organize IoT sensor, device, and equipment data providing users the ability to build insights and analytics
libraries and training AI/ML models.
Provides business process management (BPM) SaaS and consulting services for businesses in the DACH region. Software
7/10/19 $56 NA NA NA NA includes features for modeling, analysis, optimization and automation of business processes, integrated risk management and IT
management.
Provides graphic design, image and video editing, and word processing software for consumers and businesses globally. Corel
7/3/19 $1,000 3.1x NA 7.7x NA began trading on NASDAQ under the ticker symbol CREL when it was spun-off from Vector Capital in May 2006 and officially
became private in 2010 when Vector Capital bought back the company.
Provides integrated project and cost planning and management SaaS for the construction and mining industries in the Middle
7/2/19 $32 NA 1.8x 5.8x NA
East, Australia, India, Europe and South Africa.
Provides job advertising SaaS that enables recruiting agencies to place employment announcements via an online advertising
7/1/19 $80 NA NA NA NA
network.
All Software
Median 4.5x 2.8x 9.5x 3.1x
Mean 6.1x 2.9x 14.7x 3.1x
PE Acquirers
Median 3.4x 4.2x 22.0x NA
Mean 4.2x 4.2x 21.0x NA
Notes:
SELECTED PRIVATE FINANCINGS
($MM)
Amount
Deal Date Company Brief Description Investors
Raised
Operator of a cloud-based banking platform designed to leverage Salesforce to deliver
9/30/19 nCino $80 T. Rowe Price
complete banking services.
Developer of next-generation internet and network security products and services to
9/26/19 Qi Anxin $211 Oriza Holdings, IDG Capital, and 10Fund
governments and enterprises.
Developer of cloud-based fraud detection and anti-money laundering software designed to Spectrum Equity, Teralys Capital, BDC Capital, Information Venture Partners, and Northleaf
9/25/19 Verafin $388
identify entities that may be involved in money laundering or terrorist financing activities. Capital Partners
Provide of challenger bank services intended to offer working of democratize bank services in
9/25/19 Klar $58 Quona Capital
Mexico.
Developer of an online ride-hailing platform designed to connect passengers with drivers
9/24/19 Ola $490 J3T Ventures, Lyons Asset Management, and Hyundai
across India.
Operator of a financial technology company focused on disrupting the B2B commerce market
9/24/19 Fundbox $326 Allianz X, MUFG Innovation Partners, and GMO Internet Group
by launching the world's first B2B payments and credit network.
Provider of a cloud-based automation platform designed to eliminate mass payment workload
9/24/19 Tipalti $76 Group 11 and Zeev Ventures
and reduce automation payment risk.
Developer of an online payment platform designed to integrate electronic payments and
9/19/19 Stripe $250 Andreessen Horowitz, General Catalyst, and Sequoia Capital
enable secure transactions.
Developer of a background check platform intended to provide modern and compliant
9/19/19 Checkr $160 T. Rowe Price
background checks for global enterprises and startups.
Developer of an open banking platform designed to connect banks and depositors across
9/19/19 Deposit Solutions $55 Deutsche Bank
Europe.
9/18/19 Acronis $147 Provider of a personal backup software designed to offer hybrid cloud data protection. Goldman Sachs Alternative Investments & Manager Selection Group
9/18/19 TouchBistro $119 Developer of a point-of-sale (POS) software designed to serve restaurants to run businesses. OMERS Growth Equity
Developer of a cloud-based digital mortgage platform designed to revolutionize the mortgage

9/18/19 Cloudvirga $60 Riverwood Capital
industry.
Developer of an online platform designed to organize competitions in e-sports on behalf of
9/18/19 PlayVS $50 New Enterprise Associates
high school.
Provider of an open-source, code-collaboration platform designed to unify issues, code review,
9/17/19 GitLab $268 ICONIQ Capital and The Goldman Sachs Group
CI and CD into a single UI.
Developer of a machine learning automation platform designed to deploy accurate predictive
9/17/19 DataRobot $206 Sapphire Ventures
models.
Dreamplug Developer of a credit card payment application intended to reward users who pay their credit
9/17/19 $120 General Catalyst
Technologies card bills on time.
Provider of an instant electronic identity and address verification platform designed to offer
9/17/19 Trulioo $53 The Goldman Sachs Group
secure access to traditional and alternative data sources.
Developer of a freight safety and risk management software designed to provide driving
9/13/19 SmartDrive Systems $90 TPG Sixth Street Partners
performance insight and analysis.
9/12/19 OkCredit $67 Developer of a mobile application designed to record financial transactions. Lightspeed India Partners Advisors and Tiger Global Management
Notes:
Source: Pitchbook. Reflects deal activity through 9/30/19. 32
Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $50MM.
($MM)
Amount
Raised
Developer of a new web security technology designed to offer bot mitigation and anti-
9/12/19 Shape Security $51 C5 Capital
automation services to companies.
Developer of an enterprise platform designed to help businesses around the world successfully
9/12/19 Vianai $50 Undisclosed Investors
leverage AI to drive fundamental digital transformations.
Developer of a portfolio of complete Internet of Things ("IoT") solutions combine hardware,
9/10/19 Samsara $300 Dragoneer Investment Group, Andreessen Horowitz, and General Catalyst
software, and cloud to bring real-time visibility, analytics, and AI to operations.
9/10/19 Nextdoor $170 Developer of a private social networking platform designed to connect neighbors. Riverwood Capital
9/10/19 Snyk $70 Developer of a security analysis tools designed to identify open-source packages. Accel
Developer of an AI platform designed to automate manual process, uncover problems and

9/9/19 AppZen $50 Coatue Management
optimize decision making for modern finance teams.
NetEase Cloud
9/6/19 $700 Developer of an online music platform offering free and paid online streaming and downloads. Alibaba Group and Yunfeng Capital
Music
Developer of innovative customer relationship management (CRM) platform designed to help
9/5/19 Xiaoshouyi $120 Tencent Holdings
enterprises improve customer service.
Developer of a financial wellness platform designed to help individuals in getting out of debt
9/5/19 Happy Money $70 CMFG Ventures
and build savings.
Developer of data-driven protection and privacy compliance platform designed to transform
9/5/19 BigID $50 Bessemer Venture Partners
how enterprise protects and manage the privacy of personal data.
9/4/19 Clio $250 Provider of a cloud-based practice management platform intended to serve the legal industry. JMI Equity and TCV
Provider of a web security platform designed use predictive security intelligence with
9/4/19 PerimeterX $57 Scale Venture Partners
reinforcement learning techniques to prevent cyber attacks.
Developer of a cloud-based software intended to help in public sector budgeting and
9/3/19 OpenGov $51 Weatherford Capital, CSC Upshot Ventures, and 8VC
performance.
Developer of an energy management and transportation digital platform designed to Shenzhen Guozhong Venture Capital Management, Oriental Fortune Capital, and China
8/29/19 Chezhubang $64
streamline the energy supply chain management. Construction Bank
Developer of a next-generation enterprise analytics platform designed to easily analyze
8/28/19 ThoughtSpot $248 Lightspeed Venture Partners
complex, large-scale enterprise data with an automatic, relational search engine.
Developer of a cloud based data platform designed to radically improve the efficiency of
8/27/19 Trifacta $150 Infosys, Telstra Ventures and NTT Docomo Ventures
wrangling data.
Rapido (Bike taxi Operator of a bike taxi booking platform designed to encourage people to offer bike rides to
8/27/19 $55 WestBridge Capital
App) other people.
8/26/19 BharatPe $50 Developer of payments application intended to promote digital payment. Ribbit Capital and Steadview Capital Management
Provider of an integrated cloud service platform designed to provide electronic invoicing Shenzhen Capital Group, Oriental Fortune Capital and Shenzhen Guozhong Venture Capital
8/25/19 Best Wonder $71
services.T Management
Developer of a mobile parking application designed to make parking facilities future-proofed,
8/22/19 SpotHero $50 Macquarie Group
cities more accessible and the world more connected.
Notes:
($MM)
Amount
Raised
Developer of a mobile-based financial application designed to bring financial access, choice
8/21/19 Tala $110 RPS Ventures
and control to under served people everywhere.
Developer of an open-source machine learning automation platform designed to help in big Ping An Insurance (Group) Company of China and Goldman Sachs Principal Strategic
8/20/19 H2O.ai $73
data analysis. Investments
Provider of a full-service non-traditional real estate brokerage and technology platform
8/15/19 Flyhomes $141 Canvas Ventures
focused on re-imagining home buying and selling.
8/14/19 AU10TIX $60 Developer of multi-channel secure customer on-boarding technologies. TPG Capital
Long-Term Stock Operator of new stock exchange intended to operate a new exchange though declined to
8/13/19 $50 Founders Fund
Exchange specify the timing.
Terminus Developer and operator of Artificial Intelligence Internet of Things (AIOT) platform for urban
8/12/19 $289 China Everbright, JD.com, Iflytek, and Dalian Wanda Group
Technologies management.
Developer of search and discovery applications designed to build smart search-based
8/12/19 LucidWorks $100 Francisco Partners, TPG Sixth Street Partners, and Shasta Ventures
applications.
Developer of an expense tracking application designed to help users predict upcoming
8/12/19 Dave (Application) $50 Norwest Venture Partners
expenses.
Provider of a working capital marketplace platform designed to liberate working capital and
8/7/19 C2FO $200 SoftBank Vision Fund
control cash flow.
Developer of a web-based drag and drop tool intended to help users build responsive
8/7/19 Webflow $72 Accel
websites.
Developer of a mobile application designed to give cash rewards against a purchase instead of
8/6/19 Ibotta $150 Koch Disruptive Technologies
giving credit points.
Developer of a cloud-based endpoint detection and cyber-security platform designed to
8/5/19 Cybereason $200 SoftBank Group
protect companies from advanced cyber attacks.
Developer of an interface platform intended to annotate a wide range of data from images to
8/5/19 Scale AI Inc $100 Founders Fund
LiDAR and RADAR data, to text, for training artificial intelligence applications.
8/2/19 StreetShares $66 Provider of online money-lending services. Fenway Summer Ventures
3rdFlix Visual Developer of mixed reality educational platform intended to make delivery of education
8/1/19 $350 Exfinity Venture Partners, Parampara Capital, and YourNest Venture Capital
Effects highly effective.
Provider of a healthcare insights platform designed to reduce the global burden of disease
8/1/19 Komodo Health $50 Silicon Valley Bank
through an actionable healthcare map.
Provider of an online financial platform designed to provide growth capital to eCommerce and
7/31/19 Clearbanc $300 Arcadian Fund, Proton Enterprises, Golden Ventures, and Highland Capital Partners
B2B companies to grow.
Developer of content creation tools designed to offer the most advanced visual processing
7/31/19 Lightricks $135 Insight Partners and Goldman Sachs Private Capital Investing Group
engine for mobile platforms.
Provider of an educational platform intended to offer personalized math education resources
7/31/19 Huohua Siwei $85 KKR and GGV Capital
for children.
Provider of a digital credit card intended to provide new generation of financial services in
7/30/19 Nubank $400 TCV
Brazil.
Notes:
($MM)
Amount
Raised
Developer of a project management tool intended to improve team management,
7/30/19 Monday.com $150 Sapphire Ventures
communication and productivity for businesses.
7/26/19 Linkfin Technology $50 Provider of fintech technology specifically in the automobile financing industry. Tencent Industry Win-Win Fund and JD Digits
Vietnam Payment
7/25/19 $300 Provider of electronic payment services based in Hanoi, Vietnam. SoftBank Group and Government of Singapore Investment Corporation (GIC)
Solution
Developer of a SaaS-based finance and accounting software designed to streamline business
7/25/19 ScaleFactor $60 Coatue Management
accounting and financial operations.
7/24/19 LinkAja $50 Developer of a mobile payment platform intended to facilitate smoother financial transaction. Bank Negara Indonesia
Provider of sustainable waste and recycling technology and services designed to make a
7/23/19 Rubicon $161 New Zealand Superannuation Fund
cleaner and safer environment.
Developer of a continuous delivery automation platform designed to offer automated testing
7/23/19 Circleci $56 NextEquity Partners and Owl Rock Capital Partners
and continuous integration tools.
Developer of a digital freight-forwarding platform designed to digitize the freight-forwarding
7/22/19 Sennder $70 Lakestar
process.
7/20/19 Inspur Cloud $87 Developer of cloud server and security software. China Minsheng Banking, CCB Principal Capital Management, and Hengsheng Fund
Provider of mobile banking services intended to redesign banking for the people, making it
7/18/19 N26 $470 Insight Partners
simple, fast and contemporary.
Developer of a cloud-based platform designed to transform contracts into strategic business
7/17/19 Icertis $115 Greycroft and Premji Invest
assets..
7/17/19 Fenergo $74 Developer of enterprise regulatory software designed to manage client onboarding lifecycle. Aquiline Capital Partners, Ergo, and Insight Partners
Developer of contract management software designed to assemble, automate, sign and

7/17/19 ContractPod $55 Insight Partners
manage all contracts and documents.
7/17/19 AlphaSense $50 Developer of a financial search engine designed to find critical information. Innovation Endeavors
Provider of an alumni networking platform designed to manage on-line alumni career

7/16/19 Graduway $60 K1 Investment Management
communities based in London, United Kingdom.
7/15/19 Aura Company $150 Developer of a digital security platform intended to make security simple for everyone. General Catalyst and WndrCo
Developer of a financial lending platform intended to offer car loans to all international
7/15/19 Lendbuzz $150 83North
students, foreign professionals and expats.
Developer of customer data management platform intended to supercharge customer
7/15/19 Amperity $50 Tiger Global Management
initiatives with actionable data.
Provider of a student accommodation platform intended to provide a joyful, secure and
7/11/19 Stanza Living $50 Falcon Edge Capital
comfortable place for students to live in.
Developer of a mobile payment platform intended to send money electronically to friends and
7/10/19 Remitly $220 Generation Investment Management
family.
Notes:
($MM)
Amount
Raised
Developer of an online learning platform intended to deliver high quality, engaging and
7/10/19 Byju's $150 Qatar Investment Authority
accessible education.
7/10/19 TrustArc $70 Developer of a SaaS-based platform intended to build and manage privacy programs. Bregal Sagemount
Developer of a mobile payment service and consumer platform designed for users to send and IDG Capital, Sequoia Capital China, Opera Software, GSR Ventures, Meituan-Dianping, and
7/10/19 OPay $50
receive money, pay bills and order food and groceries. Source Code Capital
Developer of a cybersecurity platform designed to eliminate the threat of malware from the
7/9/19 Menlo Security $75 JP Morgan Asset Management
web and email.
Developer of a cloud-based CRM software designed to make marketing simple and effective
7/9/19 Signpost $52 HighBar Partners and BMO Financial Group
for local businesses.
7/8/19 Soldo $61 Developer of a multi-user expense account designed to offer financial security. Battery Ventures and Dawn Capital
7/3/19 OneTrust $200 Developer of a technology platform designed for privacy management. Insight Partners
Developer of a property mortgage financing platform intended to modify the experience of

7/3/19 Smart Lending $80 DILA Capital
obtaining a personal mortgage.
Calm (Meditation Provider of a relaxation therapy application designed to reduce anxiety, sleep better and feel
7/2/19 $115 TPG Growth Lightspeed Venture
Application) happier.
Ola Electric
7/1/19 $250 Developer of a platform intended to provide electric mobility system. SoftBank Group
Mobility
Notes:
GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders
LEEDS PARIS
FRANKFURT
MANCHESTER MUNICH
KYOTO NAGOYA
ZURICH TOKYO
LONDON SHANGHAI
NEW YORK
MILAN
NEW DELHI OSAKA
TEL AVIV FUKUOKA
SAN FRANCISCO
TAIPEI
MUMBAI
SINGAPORE HO CHI MINH CITY
Global platform:
Sector expertise: Exceptional cross-
22 offices in key Experienced team:
Expansive coverage border capabilities:
markets across Over 400 employees
and deep Over a third of all
America, Asia and across the globe
specialization transactions
Europe
Broad spectrum
Diversified
Strong reputation of clients:
business model:
and track record: Leading
Geographically
High number of conglomerates, top
balanced, synergistic
repeat clients and private equity firms
referrals and complementary
and emerging high-
focus areas
growth companies
37
GCA operates as GCA in America and Asia, and GCA Altium in Europe
GCA is a global investment bank that provides strategic M&A, capital markets
and private funds advisory services to growth companies and market leaders.
The firm offers worldwide coverage with over 400 professionals in 22 offices
across America, Asia and Europe. Built by the people that run the business,
GCA is a firm of experts who focus on deals that require commitment, original
perspective, skill and exceptional networks.
www.gcaglobal.com
This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-
party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of
the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or
any other decision.
DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark
owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any 38
trademark owner but may provide financial services to one or more trademark owners or their affiliates.

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Select Q3 Active Investors Select Q3 Active Buyers

KEY GCA STATS SECTOR COVERAGE GCA US TEAM

AI / Machine Learning Paul DiNardo Josh Wepman

Collaboration Software Rupert Sadler Chris Gough

GCA EXECUTIVE TEAM

October 2019 October 2019 October 2019

September 2019 September 2019 August 2019

Transaction Summary Strategic Rationale

Transaction Summary Strategic Rationale

Content & Storage Management BI & Analytics Financial Applications

Development & Operations Sales & Marketing SaaS

EV / 2019E Revenue EV / 2019E EBITDA

2019E / 2018E Revenue Growth 2019E EBITDA Margin

Enterprise Value / CY 2019E Revenue

CY2019E Revenue Growth CY 2019E Revenue Growth % + CY 2019E FCF Margin %

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

$82 9/26 $430 NA

363 361 9/11 $775 NA

8/22 $2,100 9.1x

8/21 $1,050 21.0x

268 8/6 $100 6.7x

7/26 $820 3.4x

7/3 $1,000 3.1x

Quarterly Financing Activity Select Q3 2019 Financing Transactions

9/25 $388 $393 NA

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

7/31 $300 $370 NA

7/30 $400 $909 $10,000

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

Mean 11.7% 38.6% 43.0%

Content & Storage Management

Business Intelligence & Analytics

ERP & General Business

Development & Operations Management

Sales & Marketing Applications

Developer of a cloud-based digital mortgage platform designed to revolutionize the mortgage

Developer of an AI platform designed to automate manual process, uncover problems and

Developer of contract management software designed to assemble, automate, sign and

Provider of an alumni networking platform designed to manage on-line alumni career

Developer of a property mortgage financing platform intended to modify the experience of

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