Tech Report Q2 2022

Technology Investment Banking Q2 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:

Relevant Experience:

 Investment banking for over 24 years

 Investment banking for over 24 years

Representative Assignments:

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

Marcus Wai Vice President

Ira Leiderman Managing Director

Chris Mansueto Vice President

Deborah Aghib Managing Director

Edward Kropf Associate

Margery Fischbein Managing Director

Tahz Rashid Associate

Charles Davis Associate

Laura Salpeter Director

Joseph Smith Director

Aaron Schiff Analyst

Francisco Belliard Analyst

Includes projects by our professionals at prior firms.

2

Technology Investment Banking

I

Q1 TECHNOLOGY DEALS

II

M&A REVIEW

III

PUBLIC MARKETS REVIEW

3

Q2 2022 SELECTED MERGERS AND ACQUISITIONS

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction Date

Enterprise

Annc.

Closed

29-Jun-22 27-Jun-22 24-Jun-22 23-Jun-22 14-Jun-22 13-Jun-22 8-Jun-22 7-Jun-22 6-Jun-22 1-Jun-22 26-May-22 23-May-22 16-May-22 11-May-22 9-May-22 9-May-22 9-May-22 4-May-22 2-May-22 29-Apr-22 27-Apr-22 26-Apr-22 22-Apr-22 19-Apr-22 14-Apr-22 11-Apr-22 11-Apr-22 11-Apr-22 8-Apr-22 7-Apr-22 4-Apr-22 1-Apr-22

na na na na 15-Jun-22 na na na 6-Jun-22 na na 1-Jun-22 16-May-22 na 9-May-22 5-Jul-22 na na 2-May-22 na 22-Jun-22 20-May-22 na 5-Jul-22 14-Apr-22 na 23-Jun-22 7-Apr-22 na na 26-May-22 1-Apr-22

Target Stratus Technologies, Inc. Brightly Software, Inc. Zendesk, Inc. On the Barrelhead, Inc. SemaConnect, Inc. SumTotal Systems, LLC SemanticBits, LLC ACI Corporate Online Banking XPS Ship, LLC GlideFast Consulting LLC VMware, Inc. Xator Corporation 5Ms Technologies, LLC. Switch, Inc. ModeX Therapeutics, Inc. Malema Engineering Corporation ServiceSource International, Inc. Black Knight, Inc. InterWorld Highway, LLC GTY Technology Holdings Inc. NTT Security AppSec Solutions Inc. Rizing, LLC Claims Editing; Change Healthcare OMEGA Engineering, Inc. Speed Digital, LLC SailPoint Technologies Holdings, Inc. Datto Holding Corp.

ProModel Corporation C&K Components, Inc. CDK Global, Inc. Pensando Systems Inc. Creative Breakthroughs, Inc.

Valuation Benchmarks

Metrics Acquirer

SMART Global Holdings, Inc. Siemens Smart Infrastructure Hellman & Friedman LLC NerdWallet, Inc. Blink Charging Co. Cornerstone OnDemand, Inc. ICF Incorporated, L.L.C. OEP Capital Advisors, L.P. The Descartes Systems Group Inc. ASGN Incorporated Broadcom Inc. Parsons Corporation SS&C Technologies Holdings, Inc. IFM Investors Pty Ltd OPKO Health, Inc. PSG Dover Concentrix Corporation Intercontinental Exchange, Inc. TestEquity LLC GI Manager L.P Synopsys, Inc. Wipro Limited TPG Capital, L.P. Dwyer Instruments, Inc. Hagerty, Inc. Thoma Bravo, L.P. Kaseya Limited Bigbear.Ai, LLC Littelfuse, Inc. Brookfield Business Partners L.P. Advanced Micro Devices, Inc. Converge Technology Solutions Corp.

Value $

275.0 1,875.0 9,890.9 115.2 198.7 200.0 220.0 100.0 140.0 350.0 65,993.2 na 18.0 10,579.1 na 275.0 172.1 16,355.3 55.0 417.3 330.0 540.0 2,200.0 525.0 15.0 7,051.2 6,028.4 15.3 540.0 8,220.4 1,900.0 64.0

Target TTM Revenue

EBITDA %

na na 1,428.9 38.0 na na na na na na 12,945.0 na na 625.8 na na 199.6 1,512.7 na 63.1 na 193.8 na 168.0 na 463.6 644.5 na 200.0 1,756.5 na 88.1

na na -9.3% na na na na na na na 23.9% na na 48.2% na na 1.1% 55.8% na -22.8% na na na 15.3% na -8.9% 19.4% na na 32.9% na 8.1%

Implied EV / Revenue na na 6.92x 3.03x na na na na na na 5.10x na na 16.91x na na 0.86x 10.81x na 6.61x na 2.79x na 3.13x na 15.21x 9.35x na 2.70x 4.68x na 0.73x

Stock Price Premiums

EBITDA na na na na na na na na na na 21.30x na na 35.04x na na 78.53x 19.38x na na na na na 20.46x na na 48.14x na na 14.22x na 8.94x

1-Day na na 33.7% na na na na na na na 14.7% na na 11.4% na na 47.1% 32.8% na 122.6% na na na na na 31.6% 23.6% na na 12.0% na na

1-Month na na -15.9% na na na na na na na 29.2% na na 11.6% na na 23.0% 42.5% na 86.4% na na na na na 49.0% 55.8% na na 18.8% na na

Sources of information: S&P Capital IQ.

4

Technology Investment Banking

I

Q3 TECHNOLOGY DEALS

II

M&A REVIEW

III

PUBLIC MARKETS REVIEW

5

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 9-May-22 29-Apr-22 11-Apr-22 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 17-Dec-19 4-Dec-19 22-Oct-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 15-Oct-18 20-Sep-18 30-Jan-18 30-May-17 14-Nov-16

na na na 15-Jun-22 25-May-22 1-Nov-21 15-Jun-21 1-Jun-21 31-Mar-21 6-Apr-21 21-Jul-21 4-Jun-20 31-Aug-20 20-Mar-20 31-Jan-20 10-Oct-19 30-Dec-19 11-Oct-19 31-Jul-19 31-Dec-19 1-Jul-19 1-Aug-19 10-Jan-19 1-Feb-19 31-Oct-18 5-Apr-18 31-Jul-17 30-Mar-17

ServiceSource International, Inc. GTY Technology Holdings Inc. SailPoint Technologies Holdings, Inc. EdgeCast, Inc. Streamlit, Inc. The Rocket Science Group, LLC Electronic Payment Providers, Inc. DivvyPay, Inc. Tock, Inc. Pluralsight, Inc. Slack Technologies, Inc. Mathway, LLC LogMeIn, Inc. (nka:GoTo Group, Inc.) Instructure Holdings, Inc. Cision Ltd. Assurance IQ, Inc. Pivotal Software, Inc. Monotype Imaging Holdings Inc. Tableau Software, LLC Looker Data Sciences, Inc. Amber Road, Inc. Control4 Corporation Apptio, Inc. SendGrid, Inc. Marketo, Inc. Callidus Software Inc. Xactly Corporation Mentor Graphics Corporation

Concentrix Corporation GI Manager L.P Thoma Bravo, L.P. Edgio, Inc. Snowflake Inc. Intuit Inc. Repay Holdings Corporation Bill.com Holdings, Inc. Squarespace, Inc. Vista Equity Partners Salesforce, Inc. Chegg, Inc. Francisco Partners Management Thoma Bravo, L.P. Castle Acquisition Limited Prudential Financial, Inc. VMware, Inc. HGGC, LLC Salesforce, Inc. Google LLC E2open, LLC Snap One, LLC Vista Equity Partners Twilio Inc. Adobe Inc. SAP America, Inc. Vista Equity Partners Siemens Industry, Inc.

$

172.1 417.3 7,051.2 204.7 458.1 12,345.5 514.3 2,500.0 415.0 4,363.5 27,424.4 116.0 4,422.4 1,951.5 2,782.8 3,500.0 2,972.1 858.3 15,884.8 2,400.0 424.0 625.0 1,867.2 1,831.6 4,750.0 2,425.9 530.6 4,389.9

$

199.6 63.1 463.6 323.4 na 800.0 na 100.0 na 391.9 974.3 13.0 1,312.7 258.5 748.3 na 746.2 244.0 1,231.4 na 86.2 273.7 224.7 137.2 na 253.1 96.8 1,282.5

1.1% -22.8% -8.9% na na na na na na -26.4% -18.4% na 29.9% -23.7% 33.5% na -9.7% 24.4% -3.8% na -4.2% 11.7% -6.2% 4.8% na -2.2% -12.6% 20.7%

0.86x 6.61x 15.21x 0.63x na 15.43x na 25.00x na 11.14x 28.15x 8.92x 3.37x 7.55x 3.72x na 3.98x 3.52x 12.90x na 4.92x 2.28x 8.31x 12.50x na 9.59x 5.48x 3.42x

nm na na na na na na na na na na na 11.27x na 11.10x na na 14.44x na na na 19.46x na na na na na 16.54x

47.1% 122.6% 31.6% na na na na na na 18.5% 7.0% na 4.4% na 18.3% na 9.7% 22.8% 42.1% na 26.7% 39.7% 52.9% 17.3% na 10.1% 16.8% 21.4%

23.0% 86.4% 49.0% na na na na na na 41.8% 79.3% na 6.2% na 35.0% na 51.5% 18.3% 43.5% na 45.5% 41.7% 24.9% 0.5% na 25.7% 34.9% 35.4%

Mean Median

$ 3,842.8 $ 2,175.8

$ $

464.7 266.1

-0.7% -4.0%

8.80x 7.08x

14.56x 14.44x

29.9% 21.4%

37.8% 35.4%

Sources of information: S&P Capital IQ.

6

SOFTWARE (CONTINUED)

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Valuation Benchmarks

Target TTM

Implied EV /

Revenue

EBITDA %

Brookfield Business Partners L.P. Intercontinental Exchange, Inc. Edgio, 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 Global Payments Inc. Thoma Bravo, LLC SS&C Technologies Holdings, Inc.

$ 8,220.4 16,355.3 204.7 90.0 5,211.5 10,093.3 702.1 756.3 1,462.4 153.2 27,929.0 3,380.7 1,428.4

$ 1,756.5 1,512.7 323.4 na 830.0 1,158.5 150.4 188.5 669.8 37.3 4,103.5 480.3 325.0

32.9% 55.8% na na 23.3% 18.2% 13.1% 0.8% 32.1% 14.9% 31.4% 11.8% 40.6%

4.68x 10.81x 0.63x na 6.28x 8.71x 4.67x 4.01x 2.18x 4.06x 6.81x 7.04x 4.39x

14.22x 19.38x na na 26.97x 47.88x 35.62x na 6.80x 28.04x 21.70x 59.58x 10.82x

12.0% 32.8% na na 16.4% 30.8% 109.4% 0.6% 20.8% 14.3% 9.6% 20.8% na

18.8% 42.5% na na 9.7% 36.0% 126.3% 12.1% 32.5% 10.7% 23.5% 46.3% na

Mean Median

$ 5,845.2 $ 1,462.4

$ $

961.3 575.0

25.0% 23.3%

5.36x 4.67x

27.10x 24.33x

26.7% 18.6%

35.8% 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.

$ 29,071.6 7,316.7 13,135.4 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

$ 5,806.8 749.6 3,480.8 673.3 258.0 1,400.0 94.5 684.6 40.0 140.0 193.0 344.3 113.2

27.7% 30.6% 21.5% 20.5% -11.9% na 16.3% 14.1% na 51.5% 24.9% 30.5% 37.3%

5.01x 9.76x 3.77x 5.23x 51.53x 3.57x 6.13x 8.50x 4.88x 8.61x 2.38x 6.95x 7.07x

18.06x 31.93x 17.55x 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

$ 6,603.2 $ 3,522.7

$ 1,075.2 $ 344.3

23.9% 24.9%

9.49x 6.13x

25.88x 20.87x

9.9% 5.8%

32.3% 25.7%

Acquirer

Revenue

Stock Price Premiums

Value

Target

EBITDA

1-Day

1-Month

Vertical Software 7-Apr-22 4-May-22 7-Mar-22 30-Nov-21 5-Aug-21 21-Dec-20 20-Jul-20 31-Aug-20 19-Dec-19 3-Sep-19 28-May-19 12-Feb-19 6-Sep-18

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

CDK Global, Inc. Black Knight, Inc. EdgeCast, Inc. EveryMundo, LLC Cornerstone OnDemand, Inc. RealPage, Inc. Majesco Rosetta Stone Inc. TiVo Corporation MAM Software Group, Inc. Total System Services, Inc. Ellie Mae, Inc. IntraLinks Holdings, Inc.

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

8-Jun-22 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.

7

SOFTWARE (CONTINUED)

Technology Investment Banking

Selected Transactions Review ($ in millions)

Transaction

Metrics

Date Annc.

Enterprise Closed

Valuation Benchmarks

Target TTM

Implied EV /

Value

Revenue

EBITDA %

Broadcom Inc. Kaseya Limited Thoma Bravo, L.P. Advent Int'l.; Crosspoint Capital Open Text Corporation Converge Technology Solutions Corp.

Extreme Networks, Inc. Tyler Technologies, 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. (nka:GoTo Group, Inc.) Silver Lake; Thoma Bravo, LLC LogMeIn, Inc. (nka:GoTo Group, Inc.) Siris Capital Group The Carlyle Group; GIC Pte. Ltd.

$ 65,993.2 6,028.4 10,080.8 1,607.5 1,395.8 17.5 217.0 204.2 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 4,446.3 115.7 975.1 7,000.0

$ 12,945.0 644.5 631.5 320.0 405.3 84.3 149.7 70.0 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 485.9 11.2 566.8 na

23.9% 19.4% -29.1% -27.8% 14.2% 3.7% -10.5% 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 30.9% -23.7% 13.0% na

5.10x 9.35x 15.96x 5.02x 3.44x 0.21x 1.45x 2.92x 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 9.15x 10.30x 1.72x na

21.30x 48.14x na na 24.28x 5.65x na na 43.69x na 16.38x na 8.57x na 46.06x na 43.39x na 37.52x na na 11.40x na 29.64x na 13.23x na

14.7% 23.6% 26.0% 3.6% 25.0% na 39.5% na 62.8% 2.6% 19.8% na na 35.9% na 22.5% na na 15.4% na 6.5% na na 19.7% na 25.9% na

29.2% 55.8% 42.4% -9.5% 59.0% na 30.9% na 39.4% -1.2% 22.3% na na 45.7% na 28.9% na na 33.5% na 20.3% na na 44.1% na 27.5% na

Mean Median

$ 6,896.6 $ 1,620.0

$ 1,228.6 $ 308.2

-1.2% 7.2%

6.55x 4.83x

26.86x 24.28x

22.9% 22.5%

31.2% 30.9%

Target

Acquirer

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Infrastructure Software 26-May-22 11-Apr-22 20-Mar-22 6-Feb-20 11-Nov-19 3-Oct-19 26-Jun-19 1-Feb-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 21-Oct-15 9-Oct-15 10-Sep-15 11-Aug-15

na 23-Jun-22 22-Jun-22 14-Aug-20 24-Dec-19 3-Oct-19 9-Aug-19 28-Feb-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-Feb-16 15-Oct-15 8-Dec-15 29-Jan-16

VMware, Inc. Datto Holding Corp.

Anaplan, Inc. Forescout Technologies, Inc. Carbonite, Inc. Datatrend Technologies, Inc. Aerohive Networks, Inc. MicroPact 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 SolarWinds Corporation Marvasol, Inc. Premiere Global Services, Inc. Veritas Technologies LLC

Sources of information: S&P Capital IQ.

8

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 22-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.

$ 5,498.2 350.0 341.7 143.8 217.0 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

$

498.9 106.8 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

-49.4% 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

11.02x 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

$ $

$ $

212.8 131.1

-11.3% 1.4%

5.77x 4.50x

18.98x 18.98x

18.1% 16.1%

34.7% 37.5%

999.3 421.0

Sources of information: S&P Capital IQ.

9

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 %

Hellman & Friedman LLC 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.

$ 9,890.9 16,373.2 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

$ 1,428.9 3,266.7 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

-9.3% 20.3% 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%

6.92x 5.01x 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

na 24.72x 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

33.7% -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%

-15.9% 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%

Mean Median

$ 8,252.7 $ 1,231.7

$ 2,178.1 $ 425.7

3.4% 11.2%

4.15x 2.84x

23.95x 13.13x

28.7% 19.3%

33.6% 31.6%

Target

Acquirer

Revenue

Stock Price Premiums

EBITDA

1-Day

1-Month

Enterprise Systems 24-Jun-22 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

na 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

Zendesk, Inc. 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)

Sources of information: S&P Capital IQ.

10

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 Ruby Sub, LLC 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.

11

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

$ 1,778.9 420.0 1,070.3 223.1 4,314.1 43.8 152.4

$ 1,281.1 na 959.9 756.5 2,073.4 145.3 124.0

20.7% na 20.6% 2.5% 28.4% 10.4% 16.1%

1.39x na 1.12x 0.29x 2.07x 0.31x 1.23x

6.72x 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

$ 1,143.2 $ 420.0

$ $

890.0 858.2

16.4% 18.4%

1.07x 1.17x

7.07x 6.99x

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 Technology Global, 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.

12

Technology Investment Banking

I

Q3 TECHNOLOGY DEALS

II

M&A REVIEW

III

PUBLIC MARKETS REVIEW

13

SELECTED MARKET INDICES

Technology Investment Banking

Relative Trading Performance Last Three Months - Mar 30, 2022 to Jun 30, 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

-17.8% -23.6% -20.1% -25.9% -23.9%

-11.9% -24.0% -22.3% -28.0% -19.2%

90 85 80 75 70 Mar-22

Apr-22

May-22

Jun-22

1 Year - Jun 30, 2021 to Jun 30, 2022 (Chart 2) 130 120 110 100 90 80 70 60 Jun-21

Jul-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Sources of information: S&P Capital IQ.

14

SOFTWARE

Technology Investment Banking

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

Metrics

Market Statistics Company

Ticker

Closing Price

% of 52-week

Enterprise

Revenue

30-Jun-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

$

366.06

52.3% - 108.3%

Microsoft Corporation Oracle Corporation

MSFT ORCL

$ $

256.83 69.87

73.4% - 106.3% 65.7% - 109.6%

$

170,675.1

$

1,894,161.1 246,448.3

16,693.0

12.3%

39.9%

10.22x

10.83x

25.6x

21.5x

192,557.0 42,440.0

15.2% 11.6%

49.3% 43.6%

9.84x 5.81x

10.30x 5.97x

19.9x 13.3x

21.0x 11.7x

83,896.7 42,440.0

13.0% 12.3%

44.3% 43.6%

8.62x 9.84x

9.03x 10.30x

19.6x 19.9x

18.0x 21.0x

749.9 2,226.8 862.4 12,873.0 685.7 458.5 602.1 400.4 468.7

na 26.4% 18.5% 30.5% 19.3% 10.5% 11.4% 39.2% 16.2% 21.4%

na -11.3% 0.2% -17.0% 28.6% 21.9% -14.5% -28.9% 20.9% -7.4%

na 7.74x 5.16x 7.36x 8.73x 10.27x 2.93x 6.25x 9.74x 7.20x

na 8.44x 5.51x 8.07x 9.84x 10.75x 3.01x 6.91x 10.18x 7.68x

na na nm na 30.6x 46.8x na na 46.6x na

na nm 24.4x nm 25.5x 39.5x 27.7x na 36.8x nm

Mean Median

63.8% - 108.1% 65.7% - 108.3%

$ $

770,428.1 246,448.3

$ $

$ $ $ $ $ $ $ $ $ $

46.7% 36.8% 18.2% 35.6% 53.8% 60.8% 35.2% 36.7% 64.8% 38.1%

112.0% 106.3% 102.7% 133.4% 113.6% 106.3% 102.9% 116.2% 119.2% 109.8%

$

19.8 5,807.9 11,496.0 6,344.2 112,440.8 7,044.6 1,342.6 3,765.8 3,900.7 3,376.7

na

42.7% - 112.2% 37.5% - 110.9%

$ $

15,553.9 4,854.3

$ $

2,147.5 685.7

21.5% 19.3%

-0.8% -7.4%

7.27x 7.36x

7.82x 8.07x

41.3x 46.6x

30.8x 27.7x

54.4% 50.1% 55.5% 45.3%

105.6% 109.5% 114.7% 103.8%

$

484.3 16,000.4 9,685.4 33,612.1

$

259.3 1,136.8 791.2 5,398.4

-1.3% 27.5% 28.7% 20.9%

6.0% 28.4% 12.4% 3.7%

1.87x 14.07x 12.24x 6.23x

1.88x 15.29x 13.39x 6.56x

31.1x 49.6x nm nm

10.4x 38.7x nm 22.8x

51.3% - 108.4% 52.3% - 107.5%

$ $

14,945.6 12,842.9

$ $

1,896.4 964.0

19.0% 24.2%

12.6% 9.2%

8.60x 9.23x

9.28x 9.97x

40.3x 40.3x

23.9x 22.8x

Application Software Progressive Planet Solutions 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

0.22 70.60 57.38 67.67 385.44 114.60 8.80 31.43 113.05 65.99

Mean Median

-

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

BNFT PAYC PCTY WDAY

$ $ $ $

7.78 280.12 174.42 139.58

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.

15

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

30-Jun-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

$ $ $ $ $ $ $

300.65 14.14 165.04 1.47 31.24 4.78 74.07

34.7% 20.5% 52.9% 90.3% 17.7% 32.4% 48.3%

-

108.0% 120.6% 106.8% 158.0% 105.0% 112.2% 136.8%

$

14,128.1 1,319.9 165,446.2 155.9 33,355.4 471.2 9,032.4

$

1,414.9 491.9 27,940.0 199.6 4,826.8 397.4 1,428.9

34.0% 18.0% 20.4% na 27.2% 2.9% 27.4%

-2.1% -18.9% 9.6% -2.0% 3.3% -21.3% -11.1%

9.99x 2.68x 5.92x 0.78x 6.91x 1.19x 6.32x

10.96x 2.81x 6.27x na 7.29x 1.21x 6.78x

na na nm na nm na na

nm nm 20.1x na 41.8x na nm

Mean Median

42.4% - 121.1% 34.7% - 112.2%

$ $

31,987.0 9,032.4

$ $

5,242.8 1,414.9

21.7% 23.8%

-6.1% -2.1%

4.83x 5.92x

5.88x 6.52x

na na

30.9x 30.9x

$ $ $ $

55.7% 18.4% 60.6% 62.3%

111.4% 122.5% 103.0% 110.9%

$

3,820.1 4,199.3 1,663.2 4,031.9

$

575.3 507.1 256.3 1,922.0

39.2% -0.7% 5.5% -5.4%

-28.8% 9.2% 24.1% 19.4%

6.64x 8.28x 6.49x 2.10x

7.22x 8.24x 6.48x 2.10x

na nm 26.9x 10.8x

nm 38.1x 19.8x 8.0x

49.3% - 112.0% 58.1% - 111.2%

$ $

3,428.7 3,926.0

$ $

815.2 541.2

9.7% 2.4%

6.0% 14.3%

5.88x 6.56x

6.01x 6.85x

18.9x 18.9x

22.0x 19.8x

57.8% 49.9% 77.9% 69.2% 80.4%

- 105.9% - 105.4% - 113.4% - 110.1% - 119.1%

$

21,106.6 38,791.1 40,854.0 13,602.1 45,904.9

$

1,968.6 4,567.4 3,154.0 1,879.3 4,759.0

7.2% 14.9% 14.8% 8.7% 12.9%

33.5% 19.7% 32.8% 27.3% 27.5%

10.72x 8.49x 12.95x 7.24x 9.65x

11.04x 8.88x 13.74x 7.38x 10.20x

32.0x 43.2x 39.5x 26.5x 35.0x

25.7x 26.0x 33.6x 20.0x 29.4x

67.0% - 110.8% 69.2% - 110.1%

$ $

32,051.7 38,791.1

$ $

3,265.7 3,154.0

11.7% 12.9%

28.2% 27.5%

9.81x 9.65x

10.25x 10.20x

35.2x 35.0x

26.9x 26.0x

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

AYX MSTR DATA TDC

48.42 164.30 12.52 37.01

Mean Median

-

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

ANSS ADSK CDNS PTC SNPS

$ $ $ $ $

239.29 171.96 150.03 106.34 303.70

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.

16

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

30-Jun-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

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

47.36 17.65 0.10 97.17 62.90 27.80 259.50 45.30 10.25 88.46 83.81 29.32 113.98

33.7% 79.0% 85.2% 81.6% 74.7% 28.3% 44.0% 83.9% 29.1% 50.1% 20.3% 39.9% 67.9%

-

122.1% 116.3% 113.9% 124.5% 112.9% 120.8% 121.6% 108.7% 102.1% 104.5% 108.6% 104.8% 124.5%

$

3,398.2 27,445.8 16.5 15,040.2 2,554.0 980.6 17,679.9 2,409.7 2,870.2 16,877.1 11,378.6 2,749.3 57,405.1

$

394.7 84,248.8 8.3 3,266.7 769.6 272.4 977.6 581.2 721.6 2,845.7 3,127.2 411.6 12,945.0

26.8% 1.7% na 3.8% 8.5% 24.0% 41.0% 12.0% 3.4% 30.7% 39.8% 26.5% 5.9%

-23.1% 4.9% 38.6% 18.3% 6.6% -37.4% -29.2% 34.9% 14.0% -31.9% -21.5% -24.7% 22.3%

8.61x 0.33x 1.98x 4.60x 3.32x 3.60x 18.09x 4.15x 3.98x 5.93x 3.64x 6.68x 4.43x

9.45x 0.33x na 4.71x 3.42x 3.84x nm 4.41x 4.02x 6.62x 4.11x 7.13x 4.47x

na 6.7x 5.1x 25.1x nm na na 11.9x 28.5x na na na 19.8x

na 5.3x na 13.7x 15.7x na na 8.7x 9.6x na 45.9x nm 12.0x

Mean Median

55.2% - 114.3% 50.1% - 113.9%

$ $

12,369.6 3,398.2

$ $

8,505.4 769.6

18.7% 18.0%

-2.2% 4.9%

5.33x 4.15x

4.77x 4.41x

16.2x 15.9x

15.8x 12.0x

$ $ $ $

76.1% 63.6% 16.6% 38.1%

113.3% 110.1% 107.7% 109.8%

$

4,239.5 8,692.6 6,539.2 3,376.7

$

910.3 2,208.7 1,710.1 468.7

14.4% 8.2% 27.0% 21.4%

6.2% 22.3% -11.8% -7.4%

4.66x 3.94x 3.82x 7.20x

4.88x 4.04x 4.14x 7.68x

nm 17.7x na na

17.1x 11.1x 29.7x nm

48.6% - 110.2% 50.8% - 109.9%

$ $

5,712.0 5,389.4

$ $

1,324.5 1,310.2

17.8% 17.9%

2.3% -0.6%

4.91x 4.30x

5.18x 4.51x

17.7x 17.7x

19.3x 17.1x

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

BOX DBX RNG WK

25.14 20.99 52.26 65.99

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.

17

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

30-Jun-22

High-Low

Value

LTM

Valuation Benchmarks

Rev. Growth LTM EBITDA 2022 E

Margin

EV / Revenue LTM

2021 E

EV / EBITDA LTM

2021 E

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

CPSI HSTM INOV NH NXGN VEEV

$ $ $ $ $ $

31.97 21.71 0.01 0.42 17.44 198.04

Mean Median

85.0% 69.8% 50.0% 16.6% 79.7% 57.6%

-

122.4% 117.3% 112.5% 103.6% 127.9% 130.3%

$

596.5 644.5 48.1 289.4 1,134.6 29,028.6

$

290.5 258.6 46.5 62.9 596.4 1,922.3

14.0% 5.3% na 9.4% 6.2% 17.7%

16.8% 11.7% 10.6% -60.6% 5.5% 27.7%

2.05x 2.49x 1.04x 4.60x 1.90x 15.10x

2.16x 2.51x na 4.62x 1.94x 15.73x

12.2x 21.2x 9.8x na 34.5x nm

11.8x 12.4x na na 11.4x 37.3x

59.8% - 119.0% 63.7% - 119.9%

$ $

5,290.3 620.5

$ $

529.5 274.6

10.5% 9.4%

2.0% 11.2%

4.53x 2.27x

5.39x 2.51x

19.4x 16.7x

18.2x 12.1x

62.4% 66.8% 99.4% 38.0% 54.2% 36.5% 21.2% 68.4% 59.6% 38.5%

113.4% 119.7% 142.1% 135.2% 102.0% 112.1% 109.7% 106.4% 110.5% 108.5%

$

3,157.9 4,012.3 8,075.8 1,132.0 5,603.5 2,537.5 36,484.5 22,445.0 15,060.0 982.1

$

385.7 965.7 1,756.5 991.1 797.5 516.3 16,564.6 5,112.6 1,753.6 359.6

28.6% 17.9% 7.0% 25.7% 10.8% 15.9% 0.9% 8.0% 16.7% 16.3%

-4.0% 5.2% 32.0% 13.5% -17.2% -9.0% 0.8% 36.5% 19.7% -23.9%

8.19x 4.15x 4.60x 1.14x 7.03x 4.92x 2.20x 4.39x 8.59x 2.73x

8.86x 4.35x 4.68x 1.28x 7.40x 5.07x 2.07x 4.47x 9.45x 2.83x

na nm 14.4x 8.5x na na nm 12.0x 43.7x na

nm 16.7x 12.3x 7.1x na nm 37.9x 10.9x 34.8x nm

54.5% - 116.0% 56.9% - 111.3%

$ $

9,949.1 4,807.9

$ $

2,920.3 978.4

14.8% 16.1%

5.4% 3.0%

4.79x 4.49x

5.05x 4.57x

19.6x 13.2x

20.0x 14.5x

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

$ $ $ $ $ $ $ $ $ $

90.64 58.07 54.77 16.90 70.99 38.57 61.46 58.07 332.48 8.95

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.

18

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

30-Jun-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

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

121.78 56.58 21.82 90.40 11.90 493.94 126.14 66.80 62.68 10.86 0.18 45.41 149.51

Mean Median

81.4% 76.1% 93.5% 32.7% 46.3% 77.1% 84.0% 46.1% 97.2% 40.4% 70.7% 71.4% 39.8%

-

112.9% 119.7% 158.6% 117.4% 113.5% 137.8% 130.0% 110.6% 179.2% 117.3% 135.4% 117.1% 119.5%

$

11,883.8 44,665.1 4,519.3 14,611.2 368.5 49,337.5 4,497.7 4,649.3 5,968.0 756.6 100.9 5,138.4 20,771.3

$

2,201.9 3,586.7 498.9 1,464.1 216.2 5,170.3 427.8 575.3 463.6 516.8 47.6 577.3 970.0

6.9% 31.2% 16.7% 42.2% 2.4% 26.2% 18.4% 30.1% 24.8% -10.2% na 26.0% 50.4%

41.6% 21.4% -52.2% -50.6% -8.9% 0.0% 37.3% -16.3% -10.7% -6.0% 39.9% -5.1% -29.2%

5.40x 12.45x 9.06x 9.98x 1.70x 9.54x 10.51x 8.08x 12.87x 1.46x 2.12x 8.90x 21.41x

5.52x 13.37x 9.37x 11.44x 1.75x 10.23x 10.97x 8.78x 14.31x 1.41x na 9.57x 24.56x

13.0x nm na na na na 28.2x na na na 5.3x na na

11.2x 47.0x na na na 43.9x 23.7x nm nm nm na nm nm

65.9% - 128.4% 71.4% - 119.5%

$ $

12,866.7 5,138.4

$ $

1,285.9 575.3

22.1% 25.4%

-3.0% -6.0%

8.73x 9.06x

10.11x 9.90x

15.5x 13.0x

31.5x 33.8x

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.

19

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

30-Jun-22

High-Low

Value

LTM

$ 2,140,088.9 1,161,506.0 28,724.1 39,666.7 174,116.3 246,448.3

$ 386,017.0 477,748.0 27,925.0 65,482.0 58,361.0 42,440.0

7.4% 11.4% 1.7% 2.0% 6.4% 11.6%

33.8% 11.7% 16.7% 10.0% 20.8% 43.6%

5.54x 2.43x 1.03x 0.61x 2.98x 5.81x

5.74x 2.47x 1.03x 0.62x 3.04x 5.97x

16.4x 20.9x 6.1x 6.0x 14.4x 13.3x

17.2x 16.6x 5.7x 6.1x na 11.7x

6.7% 6.9%

22.8% 18.8%

3.07x 2.71x

3.14x 2.75x

12.9x 13.8x

11.5x 11.7x

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

$ $ $ $ $ $

136.72 106.21 13.26 32.78 141.19 69.87

74.7% 56.3% 74.7% 79.0% 95.7% 65.7%

-

106.0% 104.9% 102.1% 125.5% 123.2% 109.6%

Mean Median

74.4% - 111.9% 74.7% - 107.8%

$ $

631,758.4 210,282.3

$ 176,328.8 $ 61,921.5

$ $ $ $ $ $ $ $

75.5% 63.1% 65.7% 53.7% 61.5% 74.7% 47.4% 89.8%

137.0% 110.0% 103.0% 105.1% 103.8% 109.1% 106.4% 130.2%

$

955.3 26,057.6 166,959.7 1,352.3 9,069.1 9,709.4 315.0 2,221.0

$

257.9 3,157.5 51,581.0 1,112.2 2,654.8 4,829.2 1,060.7 855.6

12.5% 34.3% -0.2% 5.8% 1.8% 8.8% -23.1% 2.4%

17.7% 33.2% 31.2% 11.1% 20.9% 14.3% 3.0% 17.0%

3.70x 8.25x 3.24x 1.22x 3.42x 2.01x 0.30x 2.60x

3.85x 8.94x 3.24x 1.26x 3.41x 2.06x 0.27x 2.62x

20.9x 24.9x 10.4x 11.0x 16.4x 14.0x 10.1x 15.3x

15.1x 22.5x 8.7x 8.7x 9.6x 10.0x 3.0x na

Mean Median

66.4% - 113.1% 64.4% - 107.8%

$ $

27,079.9 5,645.1

$ $

8,188.6 1,883.5

5.3% 4.1%

18.5% 17.4%

3.09x 2.92x

3.21x 2.93x

15.4x 14.6x

11.1x 9.6x

$ $

67.4% - 103.9% 70.0% - 147.8%

$

13,230.5 7,177.0

$

6,318.0 2,388.5

6.7% 26.9%

21.6% 2.5%

2.09x 3.00x

2.14x 3.41x

9.7x nm

8.3x 25.3x

68.7% - 125.8% 68.7% - 125.8%

$ $

10,203.7 10,203.7

$ $

4,353.3 4,353.3

16.8% 16.8%

12.1% 12.1%

2.55x 2.55x

2.77x 2.77x

9.7x 9.7x

16.8x 16.8x

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

14.38 93.74 42.26 8.92 153.04 28.50 18.52 33.85

-

Storage NetApp, Inc. Pure Storage, Inc.

NTAP PSTG

65.24 25.71

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.

20

INTERNET

Technology Investment Banking

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

Market Statistics Company

Ticker

Metrics

Closing Price

% of 52-week

Enterprise

Revenue

30-Jun-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

$ 3.64 $ 1,748.99 $ 21.49 $ 41.67 $ 73.21 $ 10.27 $ 8.84 $ 94.83 $ 11.30 $ 174.87 $ 25.01 $ 4.94 $ 17.80 $ 43.56

28.5% 64.4% 43.0% 51.3% 23.8% 45.6% 26.6% 43.6% 25.3% 24.9% 22.5% 7.8% 43.1% 13.5%

-

160.4% 102.7% 106.7% 102.8% 109.3% 105.8% 120.4% 104.9% 101.7% 107.5% 101.1% 101.2% 102.1% 100.6%

$

134.6 68,731.6 2,481.5 26,715.6 10,909.5 658.1 240.5 17,976.6 342.4 88,980.8 627.7 475.6 2,651.2 6,532.6

$

458.4 12,512.0 1,210.6 10,265.0 2,357.7 215.2 425.4 9,601.0 856.6 30,402.3 2,632.6 2,162.1 1,041.0 13,223.0

11.2% 60.8% 133.9% -6.8% 9.8% 49.4% -0.2% 35.9% -28.7% 8.9% -12.8% -8.5% 55.9% -5.4%

-16.0% 28.6% 15.7% 31.8% 20.9% -26.3% -4.9% 7.3% 2.6% 21.2% 4.1% -2.5% -2.6% -2.1%

0.29x 5.49x 2.05x 2.60x 4.63x 3.06x 0.57x 1.87x 0.40x 2.93x 0.24x 0.22x 2.55x 0.49x

0.28x 6.33x 2.78x 2.57x 4.75x 3.58x 0.58x 2.08x 0.35x 3.00x 0.22x 0.22x 2.92x 0.48x

na 19.2x 13.1x 8.2x 22.1x na na 25.6x 15.6x 13.8x 5.8x na na na

na 24.8x 10.5x 6.7x 16.3x nm 16.9x 13.1x 2.5x 13.2x 4.6x na 23.4x 10.4x

Mean Median

33.1% - 109.1% 27.5% - 103.9%

$ $

16,247.0 2,566.4

$ $

6,240.2 2,259.9

21.7% 9.3%

5.6% 3.3%

1.96x 1.96x

2.15x 2.32x

15.4x 14.7x

12.9x 13.1x

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.

21

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

30-Jun-22

High-Low

Value

LTM

$ 1,332,241.0 21,165.7 6,368.4 20,758.4 2,032.9 2,651.2 28,899.1 1,651.2 471.2 6,911.3

$ 270,334.0 2,002.3 4,712.3 4,410.2 278.6 1,041.0 5,242.4 1,076.4 397.4 11,186.4

$ $

$ $

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. San Miguel Food and Beverage, 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

$ 2,179.26 $ 60.41 $ 0.82 $ 13.13 $ 65.72 $ 17.80 $ 37.39 $ 27.77 $ 4.78 $ 31.81

71.9% 59.8% 52.8% 15.8% 59.0% 43.1% 51.0% 64.2% 32.4% 25.5%

-

106.9% 123.3% 100.0% 110.5% 115.6% 102.1% 119.5% 105.1% 112.2% 110.6%

Mean Median

47.5% - 110.6% 51.9% - 110.6%

142,315.0 6,639.9

30,068.1 3,206.2

17.1% 11.7% 4.0% 25.7% 18.9% 55.9% 16.5% 14.0% 2.9% -15.5%

35.5% 29.8% 21.5% -12.2% 22.9% -2.6% 10.4% 6.5% -21.3% -1.2%

4.93x 10.57x 1.35x 4.71x 7.30x 2.55x 5.51x 1.53x 1.19x 0.62x

5.24x 10.91x 1.06x 5.16x 7.64x 2.92x 5.69x 1.60x 1.21x 0.92x

13.9x 35.5x 6.3x na 31.8x na nm 23.5x na na

12.6x 34.3x 5.9x 45.2x 19.7x 23.4x 19.9x 6.9x na na

15.1% 15.3%

8.9% 8.5%

4.03x 3.63x

4.23x 4.04x

22.2x 23.5x

21.0x 19.8x

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.

22

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

30-Jun-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

$

141.19

95.7% - 123.2%

$ 174,116.3

$

58,361.0

6.4%

20.8%

2.98x

3.04x

14.4x

na

CACI CTSH DXC EPAM MANT PRFT SAIC UIS

$ $ $ $ $ $ $ $

281.78 67.49 30.31 294.78 95.45 91.69 93.10 12.03

89.9% 72.2% 68.6% 40.6% 99.4% 59.8% 97.0% 44.1%

118.3% 103.5% 111.1% 174.8% 142.7% 114.1% 119.2% 111.4%

$

8,659.5 34,462.0 10,782.8 16,256.3 4,265.8 3,764.3 7,761.7 933.5

$

6,124.7 18,932.0 16,265.0 4,149.0 2,596.3 813.8 7,512.0 1,991.3

5.7% 8.3% -8.6% 28.0% 4.3% 23.8% 1.7% 4.8%

10.1% 18.0% 18.8% 17.1% 10.3% 18.7% 8.6% -20.5%

1.41x 1.82x 0.66x 3.92x 1.64x 4.63x 1.03x 0.47x

1.41x 1.86x 0.65x 4.35x 1.66x 5.00x 1.05x 0.45x

14.0x 10.1x 3.5x 22.9x 15.9x 24.8x 12.0x na

13.2x 10.1x 4.0x 22.4x 16.5x 23.6x 11.5x 2.6x

Mean Median

71.5% - 124.4% 70.4% - 116.2%

$ $

10,860.7 8,210.6

$ $

7,298.0 5,136.8

8.5% 5.2%

10.2% 13.7%

1.95x 1.53x

2.05x 1.54x

14.7x 14.0x

13.0x 12.3x

$

74.1% - 105.0%

$

16,591.4

$

3,522.2

5.8%

34.3%

4.71x

4.80x

13.7x

10.7x

74.1% - 105.0% 74.1% - 105.0%

$ $

16,591.4 16,591.4

$ $

3,522.2 3,522.2

5.8% 5.8%

34.3% 34.3%

4.71x 4.71x

4.80x 4.80x

13.7x 13.7x

10.7x 10.7x

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.

AKAM

91.33

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.

23

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

30-Jun-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

$ $ $ $

157.56 53.12 86.28 44.05

75.5% 76.2% 77.7% 80.4%

-

102.2% 126.5% 102.0% 109.9%

$

28,433.6 1,455.7 4,038.5 1,099.5

$

21,932.4 1,821.0 9,893.9 3,044.0

20.2% 14.5% 13.1% 12.1%

8.0% 9.5% 4.1% 4.1%

1.30x 0.80x 0.41x 0.36x

1.39x 0.87x 0.43x 0.39x

16.2x 8.5x 9.9x 8.8x

16.4x 9.3x 10.3x 10.9x

Mean Median

77.4% - 110.1% 76.9% - 106.1%

$ $

7,005.5 1,455.7

$ $

7,769.7 3,044.0

15.0% 13.8%

5.6% 4.1%

0.57x 0.41x

0.77x 0.65x

8.7x 8.8x

11.7x 10.6x

$ $ $ $

81.3% 85.4% 75.9% 69.6%

106.4% 120.1% 125.1% 102.8%

$

10,342.1 5,609.5 942.7 12,278.5

$ 35,165.2 23,164.8 3,420.3 51,558.1

9.4% 20.2% 8.7% 97.0%

5.6% 4.1% 4.3% 2.9%

0.29x 0.24x 0.28x 0.24x

0.30x 0.26x 0.29x 0.39x

5.3x 5.9x 6.5x 8.3x

6.0x 8.2x 6.8x 13.3x

66.0% - 110.9% 75.9% - 106.4%

$ $

5,849.7 5,609.5

$ $

33.8% 14.8%

-710.2% 4.1%

0.26x 0.26x

0.31x 0.29x

6.5x 6.2x

8.6x 7.5x

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

ARW AVT SCSC SNX

112.09 42.88 31.14 91.10

Mean Median

-

22,661.7 23,164.8

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.

24

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.

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