GCA Software Sector Report Q2 2019 PDF

SOFTWARE
SECTOR REPORT
Q2 2019
EXECUTIVE SUMMARY
Q2 2019 Software
» The global software sector remains one of the most active sectors, with ~$15Bn in financing volume and ~$39Bn in M&A volume during Q2 ’19
- 198 financings in Q2 ‘19 is 19% higher than the number of financings in the same period in ’18
- 359 M&A transactions in Q2 ‘19 is 5% higher than the 343 deals consummated during the same period in ’18
- Q2 ‘19 M&A volume was bolstered by Salesforce’s $15Bn acquisition of Tableau Software resulting in a 22% M&A volume growth over Q2
last year
» Business / Productivity Software had one of the highest financing volume and deal counts in Q2 ‘19 led by the $500MM financing of Kaseya and
$300MM financing of Carta; the Financial Software sector also saw a high volume of financings
» Financial Software companies trade at the highest average revenue multiple at 11.5x EV/ ’19E Revenue compared to other software; the
Technical Applications sector trades at the highest average EBITDA multiple at 31.7x EV/ ’19E EBITDA compared to other software
- Security software had the highest average 2019E/2018A revenue growth at 30% compared to other software
- Development and Operations Management software stock performance outperformed other software sectors with LTM growth over 33%
Select Q2 Active Investors Select Q2 Active Strategic 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 Rupert Sadler

Managing Director Managing Director
21 Offices Globally pdinardo@gcaglobal.com rsadler@gcaglobal.com
BI / Analytics
Collaboration Software Josh Wepman Chris Gough

Managing Director Managing Director
Senior Bankers Covering
25 Software CRM
jwepman@gcaglobal.com cgough@gcaglobal.com
CyberSecurity
Kevin Walsh Saif Malik
Managing Director Director
Senior Bankers Covering Enterprise Content Management kwalsh@gcaglobal.com smalik@gcaglobal.com
60 Technology
Enterprise Resource Planning
Glen Kruger
Infrastructure Management Director
gkruger@gcaglobal.com
Software Transactions in
60+ 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 Co-CEO
tcarter@gcaglobal.com gbaldwin@gcaglobal.com
Vertically Focused Software
3
GCA OVERVIEW
Deep Software Sector Expertise
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 4
entities may be retained to advise on the same transaction.
DEAL DASHBOARD
Software
$28.7 Billion 399 720 $69.3 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)
$Bn $Bn
Company Amount ($MM) Acquirer Target EV ($MM)
$23
$82
$1,100 $15,080
$17 $14 $15 $57
$15 $14
$12
$575 $11 $12 $39 $5,744
$32 $30
$20
$568 $12 $13 $19 $4,400
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
$500 $2,600
Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count
$227 225 201 363 375 361 359 $1,116
187 198 343
160 159 161 155 167 287 291 268 298
$200 $1,000
$200 $425
$165 $350
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)
25% All Buyers Strategic Buyers PE Buyers
SPX IGV
20% 8.0x ` 7.1x
7.6x
6.9x
15% 7.0x
19.0%
10% 6.0x 5.3x 5.4x
5.0x 4.9x
4.6x 4.7x
5% 5.0x 4.2x 4.3x
7.6% 4.0x 3.9x 3.9x3.7x4.1x 4.1x
3.7x 3.8x
0% 4.0x 3.6x
3.1x 3.3x
2.7x 2.9x 2.9x 2.8x
(5%) 3.0x 2.2x
(10%) 2.0x
(15%) 1.0x
(20%) 0.0x
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 2011 2012 2013 2014 2015 2016 2017 2018 2019
Notes:
Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market Data as of 6/30/2019.
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. 5
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.
SOFTWARE PUBLIC COMPANY LANDSCAPE
Sub Sector Top Players and Key Operating Stats
Platform Infrastructure Security
Combined Market Cap: $1,862Bn Combined Market Cap: $108Bn Combined Market Cap: $186Bn
19/18 Rev. Growth: 3.5% 19/18 Rev. Growth: 13.0% 19/18 Rev. Growth: 22.3%
19 EBITDA Margin: 30.8% 19 EBITDA Margin: 15.5% 19 EBITDA Margin: 14.3%
Content & Storage Management BI & Analytics Financial Applications
Combined Market Cap: $236Bn Combined Market Cap: $41Bn Combined Market Cap: $263Bn
Notes:
Sources: Capital IQ. Market Data as of 7/24/19. 6
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.
RECENT STOCK PERFORMANCE
Index Performance
Last 12 Months
35% 32.8%
31.7%
31.3%
31.1%
30.8%
25.9%
25% 25.5%
25.2%
23.1%
22.2%
15%
5%
4.5%
1.9%
(5%)
(15%)
(25%)
Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19
1) Development and 2) Vertical 3) ERP & General 4) Business 5) SaaS 6) Platform 7) Financial 8) Sales & Marketing 9) Technical 10) Security 11) Content & 12) Infrastructure
Operations Business Intelligence Applications Applications Storage
Management & Analysis Management
32.8% 31.7% 31.3% 31.1% 30.8% 25.9% 25.5% 25.2% 23.1% 22.2% 4.5% 1.9%
Notes:
List of companies in each sector can be found in the public comparable tables.
TRADING COMPARABLES
Valuation and Operational Metrics
EV / 2019E Revenue EV / 2019E EBITDA
31.7x
11.5x Median: 7.9x Median: 22.0x
27.4x
9.9x 24.9x 24.6x
9.4x 9.2x 23.4x 23.0x
8.4x 8.4x 20.9x 20.3x
7.3x 7.3x
6.5x 6.4x 15.0x
5.1x 12.1x 11.3x 11.1x
3.8x
2019E / 2018E Revenue Growth 2019E EBITDA Margin
32.8%
30.8%
29.7% 29.6% Median: 18.4% Median: 14.9%
22.3% 21.3% 22.4%

20.5% 20.3%
19.2%
17.6%
15.5% 15.5%
14.5% 14.3% 14.0% 14.0% 13.1% 12.3%
13.6% 13.0% 11.3%
3.5% 4.2%
Notes:
Sources: Capital IQ. Market Data as of 7/24/19.
Figures represent mean values of respective comp groups. 9
List of companies in each sector can be found in the public comparable tables.
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 7/24/2019 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 $140.72 $1,075,523 $133,819 $85,947 $1,027,651 8.7x 7.8x 7.0x 20.6x 17.8x 15.9x 16% 12% 11% 65% 65% 65% 42% 44% 44%
Cisco Systems $57.23 $244,986 $34,643 $23,709 $234,052 4.6x 4.4x 4.3x 12.9x 12.4x 11.9x 6% 4% 4% 62% 62% 62% 36% 36% 36%
Platform
Oracle Corporation $58.11 $193,844 $37,827 $56,397 $212,992 5.3x 5.3x 5.2x 11.5x 11.3x 10.9x 3% (0%) 3% 80% 80% 80% 47% 47% 48%
International Business Machines Corporation
$150.03 $133,023 $46,273 $78,304 $165,185 2.1x 2.1x 2.1x 8.9x 9.0x 8.7x 1% (1%) 1% 47% 48% 48% 24% 24% 25%
SAP SE $127.26 $151,909 $6,338 $2,064 $147,704 5.2x 4.8x 4.5x 15.1x 13.3x 12.4x 0% 8% 8% 70% 72% 72% 35% 36% 36%
Dell Technologies Inc. $56.22 $43,335 $9,040 $55,078 $94,176 1.0x 1.0x 1.0x 9.1x 8.6x 7.4x 15% 4% 4% 28% 32% 32% 11% 12% 13%
Hewlett Packard Enterprise Company $14.74 $19,739 $3,585 $12,581 $28,778 1.0x 1.0x 1.0x 5.3x 5.6x 5.5x 4% (2%) 1% 31% 31% 31% 18% 17% 17%
Mean 4.0x 3.8x 3.6x 11.9x 11.1x 10.4x 6% 3% 4% 55% 56% 56% 30% 31% 31%
Median 4.6x 4.4x 4.3x 11.5x 11.3x 10.9x 4% 4% 4% 62% 62% 62% 35% 36% 36%
Infrastructure
Zoom Video Communications $95.94 $26,139 $737 $52 $25,454 NM 46.6x 33.5x NA NM NM 118% 65% 39% 82% 80% 80% 0% 7% 10%
Akamai Technologies $83.42 $13,689 $1,119 $1,279 $13,849 5.1x 4.9x 4.6x 12.7x 11.9x 10.8x 9% 5% 7% 65% 66% 66% 40% 41% 42%
Citrix Systems $100.72 $13,260 $563 $943 $13,639 4.6x 4.4x 4.2x 11.6x 12.3x 11.7x 5% 4% 5% 87% 87% 87% 40% 36% 36%
RingCentral $124.94 $10,237 $549 $407 $10,096 16.5x 11.7x 9.5x NM NM NM 32% 41% 23% 84% 77% 77% 13% 13% 13%
Juniper Networks $27.15 $9,348 $2,800 $1,958 $8,506 1.8x 1.9x 1.8x 8.1x 9.1x 8.4x (8%) (4%) 3% 59% 60% 61% 23% 21% 22%
Amdocs Limited $64.00 $8,776 $450 $0 $8,369 2.1x 2.0x 2.0x 10.5x 9.6x NA 3% 3% 3% 35% 35% 35% 20% 21% 0%
Infrastructure
F5 Networks $148.67 $8,939 $986 $0 $7,953 3.6x 3.5x 3.4x 9.3x 9.6x 9.1x 4% 3% 4% 83% 83% 83% 39% 37% 37%
Verint Systems Inc. $57.64 $3,791 $453 $903 $4,255 3.5x 3.1x 2.8x 14.3x 12.7x 11.2x 8% 12% 9% 66% 68% 69% 24% 24% 25%
Everbridge $99.55 $3,278 $258 $112 $3,132 21.3x 15.9x 12.6x NM NM NM 41% 34% 26% 68% 71% 72% (2%) 2% 5%
Five9 $48.46 $2,892 $299 $217 $2,810 10.9x 9.2x 7.8x NM NM 42.5x 29% 19% 17% 60% 63% 64% 18% 16% 18%
Presidio $13.95 $1,154 $29 $940 $2,066 0.7x 0.7x 0.7x 9.1x 9.1x 8.1x 9% (0%) 4% 20% 21% 21% 8% 8% 8%
Fastly $22.00 $1,995 $67 $52 $1,980 13.7x 10.4x 8.0x NA NM NM 38% 32% 30% 55% 57% 60% 0% (13%) (10%)
Software Aktiengesellschaft $28.47 $2,106 $589 $425 $1,943 2.0x 2.0x 1.9x 6.2x 7.1x 7.1x (6%) (1%) 2% 78% 77% 78% 32% 28% 27%
Extreme Networks $7.25 $861 $157 $181 $885 0.9x 0.9x 0.9x 7.7x NA NA 34% (4%) 2% 56% 56% 56% 11% 0% 0%
Radware Ltd. $25.01 $1,174 $313 $21 $883 3.8x 3.5x 3.2x 29.0x 26.0x 18.4x 11% 8% 9% 82% 83% 83% 13% 13% 17%
A10 Networks $7.55 $571 $123 $6 $454 2.0x 1.9x 1.7x NM NA NA (1%) 3% 11% 78% 78% 79% 3% 0% 0%
Limelight Networks $2.34 $272 $29 $3 $246 1.3x 1.2x 1.1x 7.6x 13.7x 8.1x 6% 1% 12% 56% 50% 52% 17% 9% 14%
Mean 5.8x 7.3x 5.9x 11.5x 12.1x 13.5x 20% 13% 12% 65% 65% 66% 18% 15% 16%
Median 3.6x 3.5x 3.2x 9.3x 10.8x 10.0x 9% 4% 9% 66% 68% 69% 17% 13% 14%
Notes:
Sources: Capital IQ and Wall Street Estimates. Market Data as of 7/24/19. 10
Margins <(20%) considered NM. Multiples <0 or >50 considered NM.
($MM)
Security
VeriSign $216.84 $25,844 $1,225 $1,795 $26,414 21.7x 21.4x 20.5x 30.4x 29.7x 28.6x 4% 1% 5% 84% 85% 85% 71% 72% 72%
Palo Alto Networks $225.02 $21,596 $3,048 $1,573 $20,121 7.8x 6.4x 5.4x 28.5x 24.7x 19.6x 30% 22% 18% 72% 72% 72% 27% 26% 27%
CrowdStrike Holdings $87.46 $17,929 $175 $0 $17,754 NM 40.9x 28.8x NA NM NM 110% 74% 42% 65% 71% 69% 0% (20%) (8%)
Symantec Corporation $22.69 $14,027 $2,043 $4,452 $16,436 3.5x 3.4x 3.4x 7.5x 8.0x 7.4x 0% 1% 2% 78% 78% 78% 46% 43% 45%
Check Point Software Technologies Ltd.$113.25 $17,241 $1,615 $0 $15,626 8.2x 7.8x 7.6x 15.1x 15.5x 14.9x 3% 4% 3% 90% 90% 90% 54% 51% 51%
Okta $137.02 $15,639 $547 $435 $15,527 38.9x 28.3x 21.6x NM NM NM 56% 37% 31% 72% 76% 77% (9%) (9%) (2%)
Fortinet $86.58 $14,784 $1,802 $39 $13,022 7.2x 6.2x 5.5x 28.4x 24.0x 20.2x 20% 16% 13% 75% 76% 77% 25% 26% 27%
Zscaler $86.69 $10,894 $353 $0 $10,541 43.4x 30.5x 22.8x NM NM NM 57% 42% 34% 80% 80% 80% 6% 10% 12%
Proofpoint $127.19 $7,128 $183 $57 $7,002 9.8x 8.0x 6.6x NM NM 38.4x 38% 22% 21% 72% 78% 78% 16% 15% 17%
CyberArk Software Ltd. $144.86 $5,467 $466 $0 $5,001 14.6x 11.9x 10.0x 49.7x 44.3x 36.9x 31% 22% 19% 86% 88% 88% 29% 27% 27%
Trend Micro Incorporated $44.78 $6,217 $1,417 $0 $4,800 3.3x 3.1x 2.9x 10.2x 9.3x 8.8x 11% 7% 6% 80% 80% 80% 32% 33% 33%
FireEye $15.85 $3,331 $1,130 $1,064 $3,265 3.9x 3.6x 3.3x 29.6x 26.5x 20.7x 7% 8% 10% 67% 75% 75% 13% 14% 16%
Security
Qualys $88.81 $3,478 $298 $42 $3,221 11.5x 10.0x 8.6x 28.7x 25.8x 22.0x 21% 16% 16% 76% 79% 79% 40% 39% 39%
Rapid7 $64.56 $3,112 $251 $199 $3,059 12.5x 9.7x 7.9x NM NM NM 21% 29% 23% 71% 75% 76% (6%) 4% 8%
Mimecast Limited $48.33 $2,985 $174 $138 $2,950 9.2x 7.4x 6.1x NM 45.6x 32.6x 33% 24% 21% 73% 73% 73% 14% 16% 19%
Sophos Group plc $5.46 $2,645 $172 $300 $2,772 4.0x 4.0x 3.4x 26.4x 23.3x 14.5x 16% (2%) 18% 79% 79% 79% 15% 17% 24%
Tenable Holdings $31.32 $3,022 $299 $11 $2,734 10.2x 7.9x 6.3x NM NM NM 42% 29% 25% 84% 83% 81% (16%) (14%) (8%)
Varonis Systems $70.51 $2,133 $164 $56 $2,026 7.5x 7.4x 6.8x NM NM NM 25% 1% 9% 90% 88% 89% 5% (3%) 2%
SailPoint Technologies Holdings $22.02 $1,953 $86 $43 $1,910 7.7x 6.8x 5.9x 48.4x NM NM 34% 12% 16% 78% 79% 80% 16% 8% 10%
Forescout Technologies $39.68 $1,795 $127 $42 $1,710 5.7x 4.6x 3.8x NM NM NM 33% 25% 21% 77% 79% 80% (3%) (2%) 4%
Carbon Black $18.69 $1,337 $153 $19 $1,202 5.7x 4.9x 4.2x NM NM NM 30% 16% 18% 78% 79% 78% NM (15%) (9%)
SecureWorks Corp. $12.51 $1,020 $111 $28 $937 1.8x 1.7x 1.6x NM NM NM 11% 4% 7% 53% 56% 56% 2% 0% 2%
Tufin Software Technologies Ltd. $22.76 $738 $26 $15 $727 8.6x 6.8x 5.5x NA NM NM 32% 26% 24% 84% 83% 83% 0% (11%) (6%)
Zix Corporation $8.97 $486 $17 $179 $648 9.2x 3.9x 3.2x 32.2x 18.5x 13.2x 7% 138% 21% 78% 62% 62% 29% 21% 24%
OneSpan Inc. $15.90 $638 $75 $7 $570 2.7x 2.5x 2.2x 26.4x 24.9x 15.4x 10% 9% 11% 69% 69% 71% 10% 10% 14%
F-Secure Oyj $3.04 $480 $29 $53 $504 2.3x 2.0x 1.9x 25.3x 20.8x 16.9x 7% 13% 6% 79% 76% 78% 9% 10% 11%
Absolute Software Corporation $5.85 $243 $35 $0 $208 2.2x 2.1x 1.9x 15.5x 10.5x 10.2x 4% 5% 8% 86% 86% 86% 14% 20% 19%
Mean 10.1x 9.4x 7.7x 26.8x 23.4x 20.0x 26% 22% 17% 77% 78% 78% 17% 14% 17%
Median 7.7x 6.8x 5.5x 28.4x 24.0x 18.3x 21% 16% 18% 78% 79% 78% 14% 14% 16%
Notes:
($MM)
Content & Storage Management

Adobe Inc. $310.27 $150,617 $3,479 $4,137 $151,275 16.8x 13.5x 11.5x 38.1x 30.2x 24.8x 24% 24% 18% 87% 87% 88% 44% 45% 46%
Open Text Corporation $43.71 $11,755 $765 $2,616 $13,608 4.8x 4.6x 4.5x 12.8x 12.0x 11.2x 8% 4% 3% 74% 73% 73% 37% 38% 40%
NetApp $58.82 $14,118 $3,905 $1,793 $12,006 1.9x 2.0x 1.8x 7.7x 7.7x 6.6x 8% (1%) 7% 64% 63% 63% 25% 25% 28%
Dropbox $24.68 $10,148 $915 $693 $9,926 7.1x 6.0x 5.3x 29.5x 26.0x 21.4x 26% 18% 15% 72% 75% 76% 24% 23% 25%
DocuSign $54.35 $9,446 $752 $617 $9,311 13.3x 10.1x 8.1x NM NM NM 35% 31% 24% 73% 79% 80% 8% 9% 11%
Nutanix $24.55 $4,565 $941 $451 $4,076 3.3x 3.3x 2.6x NM NM NM 22% 0% 26% 74% 70% 70% (5%) NM (14%)
Pure Storage $15.96 $4,039 $1,166 $583 $3,456 2.5x 2.0x 1.6x 28.4x 23.6x 15.7x 33% 27% 23% 66% 67% 67% 9% 8% 10%
Content & Storage Management
Qualys $88.81 $3,478 $298 $42 $3,221 11.5x 10.0x 8.6x 28.7x 25.8x 22.0x 21% 16% 16% 76% 79% 79% 40% 39% 39%
Rapid7 $64.56 $3,112 $251 $199 $3,059 12.5x 9.7x 7.9x NM NM NM 21% 29% 23% 71% 75% 76% (6%) 4% 8%
Tenable Holdings $31.32 $3,022 $299 $11 $2,734 10.2x 7.9x 6.3x NM NM NM 42% 29% 25% 84% 83% 81% (16%) (14%) (8%)
Box $16.79 $2,460 $231 $395 $2,623 4.3x 3.8x 3.4x NM 49.6x 30.9x 20% 13% 13% 71% 71% 72% 5% 8% 11%
Sophos Group plc $5.46 $2,645 $172 $300 $2,772 4.0x 4.0x 3.4x 26.4x 23.3x 14.5x 16% (2%) 18% 79% 79% 79% 15% 17% 24%
SailPoint Technologies Holdings $22.02 $1,953 $86 $43 $1,910 7.7x 6.8x 5.9x 48.4x NM NM 34% 12% 16% 78% 79% 80% 16% 8% 10%
Commvault Systems $50.77 $2,289 $458 $0 $1,830 2.6x 2.6x 2.4x 15.8x 16.7x 12.7x 5% (0%) 6% 84% 85% 85% 16% 15% 19%
Forescout Technologies $39.68 $1,795 $127 $42 $1,710 5.7x 4.6x 3.8x NM NM NM 33% 25% 21% 77% 79% 80% (3%) (2%) 4%
Carbonite $24.27 $836 $83 $645 $1,398 4.7x 2.9x 2.4x 13.3x 10.4x 8.6x 24% 63% 20% 76% 81% 81% 35% 28% 28%
Carbon Black $18.69 $1,337 $153 $19 $1,202 5.7x 4.9x 4.2x NM NM NM 30% 16% 18% 78% 79% 78% NM (15%) (9%)
SecureWorks Corp. $12.51 $1,020 $111 $28 $937 1.8x 1.7x 1.6x NM NM NM 11% 4% 7% 53% 56% 56% 2% 0% 2%
OneSpan Inc. $15.90 $638 $75 $7 $570 2.7x 2.5x 2.2x 26.4x 24.9x 15.4x 10% 9% 11% 69% 69% 71% 10% 10% 14%
F-Secure Oyj $3.04 $480 $29 $53 $504 2.3x 2.0x 1.9x 25.3x 20.8x 16.9x 7% 13% 6% 79% 76% 78% 9% 10% 11%
Brightcove Inc. $11.70 $448 $21 $18 $445 2.7x 2.4x 2.2x NM NM 32.7x 6% 12% 9% 60% 62% 62% 1% 4% 7%
Absolute Software Corporation $5.85 $243 $35 $0 $208 2.2x 2.1x 1.9x 15.5x 10.5x 10.2x 4% 5% 8% 86% 86% 86% 14% 20% 19%
Mean 6.2x 5.1x 4.4x 24.9x 23.0x 18.1x 20% 20% 15% 75% 75% 75% 14% 13% 15%
Median 4.8x 4.0x 3.4x 26.4x 23.3x 15.6x 21% 13% 16% 76% 76% 78% 12% 10% 11%
Notes:
($MM)
Business Intelligence & Analytics

Business Intelligence & Analytics
NICE Ltd. $149.39 $9,302 $571 $592 $9,323 6.5x 5.9x 5.5x 21.3x 19.3x 17.4x 8% 9% 8% 66% 69% 70% 30% 31% 31%
Alteryx $120.61 $7,543 $367 $203 $7,379 29.1x 20.5x 15.5x NM NM NM 93% 42% 32% 91% 91% 91% (0%) 11% 14%
Elastic N.V. $99.18 $7,474 $299 $0 $7,174 29.8x 19.8x 14.4x NM NM NM NA 51% 38% 72% 71% 71% (12%) NM (19%)
Medallia $40.54 $4,996 $133 $0 $4,863 15.5x 12.6x 10.4x NA NM NM 20% 23% 21% 63% 66% 67% 0% 3% 5%
Teradata Corporation $36.66 $4,275 $723 $633 $4,185 1.9x 2.1x 2.1x 12.3x 11.0x 9.3x 0% (8%) 2% 48% 54% 58% 16% 19% 22%
Inovalon Holdings $15.05 $2,306 $122 $1,023 $3,208 6.1x 5.0x 4.6x 21.1x 15.7x 14.1x 17% 21% 8% 73% 74% 75% 29% 32% 33%
Cloudera $5.88 $1,612 $445 $244 $1,411 2.9x 1.9x 1.7x NM 26.6x 12.1x 29% 57% 13% 72% 76% 77% (12%) 7% 14%
Talend S.A. $33.99 $1,032 $29 $32 $1,035 5.1x 4.2x 3.4x NM NM NM 38% 22% 21% 76% 77% 78% (7%) (9%) (3%)
MicroStrategy Incorporated $122.73 $1,257 $551 $116 $821 1.7x 1.7x 1.5x 36.8x 32.0x 13.9x (1%) (0%) 8% 80% 79% 80% 4% 5% 11%
Domo $29.21 $800 $154 $98 $744 5.2x 4.3x 3.5x NM NM NM 31% 22% 22% 65% 71% 73% NM NM NM
Veritone $7.65 $156 $51 $0 $105 3.9x 2.1x 1.6x NM NM NM 88% 88% 27% 76% 68% 69% NM NM NM
Mean 9.8x 7.3x 5.8x 22.9x 20.9x 13.4x 32% 30% 18% 71% 72% 73% 5% 12% 12%
Median 5.2x 4.3x 3.5x 21.2x 19.3x 13.9x 24% 22% 21% 72% 71% 73% 0% 9% 14%
Technical Applications
Technical Applications
Autodesk $173.51 $38,106 $972 $2,288 $39,422 16.2x 12.0x 9.8x NM 45.1x 28.4x 29% 35% 22% 94% 91% 91% 15% 27% 35%
Dassault Systèmes SE $157.05 $40,839 $3,520 $1,138 $38,523 9.7x 8.7x 8.0x 28.8x 24.3x 22.9x 3% 11% 9% 85% 85% 86% 34% 36% 35%
Cadence Design Systems $75.79 $21,233 $633 $467 $21,066 9.9x 9.1x 8.5x 27.5x 25.2x 24.5x 10% 9% 7% 88% 90% 90% 36% 36% 35%
Synopsys $137.62 $20,629 $631 $292 $20,296 6.4x 6.0x 5.6x 25.8x 22.7x 19.8x 12% 6% 8% 79% 79% 79% 25% 27% 28%
ANSYS $214.95 $18,040 $608 $103 $17,535 13.6x 12.0x 10.9x 27.6x 26.5x 23.7x 18% 13% 10% 90% 90% 90% 49% 45% 46%
PTC Inc. $91.60 $10,538 $322 $699 $10,914 8.6x 8.2x 7.0x 30.3x 28.3x 20.5x 7% 4% 17% 75% 74% 74% 28% 29% 34%
Aspen Technology $136.71 $9,428 $66 $220 $9,582 18.4x 17.0x 16.1x 40.5x 34.1x 31.9x 10% 8% 6% 90% 90% 90% 45% 50% 51%
Altair Engineering Inc. $42.60 $3,034 $40 $47 $3,041 7.8x 6.4x 5.6x NM 47.5x 37.2x 19% 22% 14% 74% 73% 74% 13% 13% 15%
Mean 11.3x 9.9x 8.9x 30.1x 31.7x 26.1x 14% 14% 12% 84% 84% 84% 31% 33% 35%
Median 9.8x 8.9x 8.2x 28.2x 27.4x 24.1x 11% 10% 10% 87% 87% 88% 31% 32% 35%
Notes:
($MM)
Financial Applications
Intuit Inc. $281.36 $72,941 $3,346 $448 $70,043 11.2x 10.0x 9.1x 28.4x 27.9x 24.8x 11% 12% 10% 83% 84% 84% 40% 36% 37%
Fidelity National Information Services $130.12 $42,111 $576 $9,660 $51,202 6.1x 6.1x 5.8x 16.3x 15.5x 14.4x (3%) 0% 4% 34% 35% 36% 37% 39% 40%
Fiserv $94.17 $36,956 $8,441 $13,756 $42,271 7.3x 6.9x 6.5x 19.3x 18.0x 16.9x 2% 6% 5% 47% 47% 48% 38% 38% 38%
SimCorp A/S $94.17 $3,731 $79 $59 $3,711 8.5x 7.6x 7.0x 29.7x 25.9x 24.0x 6% 11% 8% 61% 61% 61% 29% 29% 29%
SS&C Technologies Holdings $59.07 $14,944 $155 $8,521 $23,311 6.8x 5.0x 4.7x 18.2x 12.3x 11.5x 104% 38% 4% 41% 53% 54% 37% 40% 41%
MSCI Inc. $232.25 $19,667 $643 $2,767 $21,791 15.2x 14.1x 12.9x 28.2x 26.0x 23.2x 13% 8% 9% 80% 80% 80% 54% 54% 56%
Temenos AG $175.07 $12,143 $87 $654 $12,710 15.1x 12.9x 11.5x 40.7x 34.0x 28.7x 14% 17% 12% 73% 81% 84% 37% 38% 40%
Financial Applications
Fair Isaac Corporation $344.88 $9,998 $77 $822 $10,744 10.1x 9.3x 8.5x 40.1x 30.0x 26.1x 12% 9% 9% 71% 70% 70% 25% 31% 33%
Jack Henry & Associates $136.49 $10,538 $35 $35 $10,537 6.6x 6.6x 6.1x 19.0x 20.3x 18.9x 10% 0% 7% 43% 43% 43% 35% 32% 33%
Xero Limited $44.20 $6,223 $312 $300 $6,211 18.5x 13.6x 10.7x NM NM 47.3x 28% 36% 27% 85% 84% 84% 15% 19% 23%
Coupa Software Incorporated $141.58 $8,746 $346 $206 $8,605 33.1x 24.8x 19.5x NM NM NM 39% 33% 27% 68% 72% 74% 9% 6% 10%
Avalara $82.98 $6,103 $147 $0 $5,956 21.9x 17.0x 13.8x NM NM NM 28% 29% 23% 71% 72% 73% (14%) 0% 5%
Asseco Poland S.A. $15.12 $1,255 $492 $687 $1,993 0.8x 0.8x 0.7x 5.9x 5.0x 4.8x 11% 6% 6% 21% 22% 22% 13% 15% 15%
Envestnet $73.16 $3,795 $246 $551 $4,098 5.0x 4.5x 3.9x 26.0x 21.1x 17.0x 19% 12% 17% 29% 69% 70% 19% 21% 23%
Q2 Holdings $79.70 $3,723 $165 $220 $3,778 15.7x 12.2x 9.9x NM NM NM 24% 29% 22% 49% 52% 54% 8% 7% 11%
BlackLine $48.35 $2,662 $135 $17 $2,548 11.2x 9.2x 7.5x NM NM NM 30% 22% 22% 78% 81% 81% 6% 7% 9%
IRESS Limited $9.77 $1,686 $22 $144 $1,808 5.5x 5.0x 4.6x 21.8x 18.9x 16.7x (2%) 10% 10% 34% 34% 34% 25% 26% 27%
Ebix $43.88 $1,345 $96 $765 $2,078 4.2x 3.4x 2.8x 12.4x 9.7x 9.2x 37% 23% 21% 66% 68% 68% 34% 35% 30%
Bottomline Technologies (de) $43.50 $1,894 $88 $110 $1,916 4.7x 4.4x 4.0x 19.2x 19.1x 17.7x 13% 6% 10% 57% 56% 56% 24% 23% 23%
Zuora $15.39 $1,710 $179 $13 $1,544 6.6x 5.6x 4.7x NM NM NM 40% 17% 19% 50% 56% 60% (17%) (14%) (8%)
Model N $20.98 $681 $54 $49 $676 4.5x 4.8x 4.2x NM NM 46.9x 6% (6%) 13% 57% 56% 56% 8% 7% 9%
Basware Oyj $18.92 $272 $39 $79 $312 1.9x 1.9x 1.8x NM NM 16.6x (10%) 1% 7% 51% 52% 58% (3%) 1% 11%
Mean 10.0x 8.4x 7.3x 23.2x 20.3x 21.5x 20% 15% 13% 57% 60% 61% 21% 22% 24%
Median 7.0x 6.7x 6.3x 20.5x 19.7x 17.7x 13% 11% 10% 57% 59% 60% 25% 25% 25%
Notes:
($MM)
Vertical Applications
Danaher Corporation $142.69 $102,361 $5,434 $11,272 $108,212 5.4x 5.2x 4.5x 23.0x 21.9x 17.6x 9% 4% 17% 56% 56% 57% 24% 24% 25%
Roper Technologies $374.64 $38,903 $321 $4,721 $43,303 8.3x 8.0x 7.6x 24.0x 22.3x 20.7x 13% 5% 4% 63% 64% 64% 35% 36% 37%
Cerner Corporation $72.21 $23,499 $954 $1,039 $23,584 4.4x 4.1x 3.9x 15.0x 14.0x 12.3x 4% 7% 7% 83% 82% 82% 29% 29% 32%
Veeva Systems Inc. $166.06 $24,455 $1,330 $19 $23,145 26.8x 22.1x 18.6x NM NM 48.3x 25% 22% 19% 72% 75% 75% 37% 39% 39%
Vertical Applications
Tyler Technologies $223.72 $8,578 $76 $110 $8,611 9.2x 7.9x 7.2x 31.4x 28.1x 24.9x 11% 16% 11% 47% 52% 52% 29% 28% 29%
Guidewire Software $101.31 $8,289 $1,014 $314 $7,589 10.3x 10.2x 8.8x 41.6x 47.5x 36.2x 29% 1% 16% 56% 56% 56% 25% 21% 24%
RealPage $64.08 $5,913 $253 $716 $6,377 7.3x 6.4x 5.8x 27.6x 22.7x 19.4x 30% 14% 11% 62% 62% 62% 27% 28% 30%
CoreLogic $47.20 $3,782 $82 $1,854 $5,554 3.1x 3.3x 3.2x 11.3x 11.7x 11.0x (3%) (5%) 1% 48% 50% 52% 28% 28% 30%
Blackbaud $86.21 $4,131 $25 $704 $4,810 5.7x 5.4x 5.1x 23.7x 27.0x 24.8x 8% 5% 5% 55% 60% 60% 24% 20% 21%
AppFolio $105.14 $3,575 $34 $73 $3,613 19.0x 14.2x 11.3x NM NM NM 32% 34% 26% 62% 60% 61% 21% 16% 18%
Allscripts Healthcare Solutions $10.80 $1,798 $137 $906 $2,567 1.5x 1.4x 1.4x 6.4x 8.4x 7.6x 17% 2% 4% 47% 43% 44% 23% 17% 18%
2U $37.34 $2,355 $424 $62 $1,994 4.8x 3.7x 3.0x NM NM NM 44% 29% 26% 78% 78% 78% 4% 2% 3%
HealthStream $27.02 $875 $162 $32 $746 3.2x 2.9x 3.0x 17.9x 17.6x 19.2x 8% 10% (1%) 59% 58% 59% 18% 17% 15%
Castlight Health $2.87 $413 $66 $24 $371 2.4x 2.4x 2.1x NM 49.4x 21.6x 18% (1%) 12% 62% 67% 70% (4%) 5% 10%
Boxlight Corporation $2.83 $30 $3 $4 $31 0.8x 0.7x 0.5x NA NM NM 47% 24% 23% 23% 27% 28% 0% (6%) (1%)
Mean 7.5x 6.5x 5.7x 22.2x 24.6x 22.0x 19% 11% 12% 58% 59% 60% 21% 20% 22%
Median 5.4x 5.2x 4.5x 23.3x 22.3x 20.1x 17% 7% 11% 59% 60% 60% 24% 21% 24%
Notes:
($MM)
ERP & General Business

salesforce.com $159.75 $124,053 $6,379 $6,768 $124,442 9.4x 7.7x 6.4x 38.6x 29.5x 23.8x 26% 22% 20% 74% 77% 77% 24% 26% 27%
Workday $214.59 $48,582 $1,892 $1,529 $48,219 17.1x 13.5x 11.0x NM NM NM 32% 26% 23% 70% 76% 76% 17% 20% 21%
Shopify Inc. $329.57 $37,088 $1,997 $104 $35,195 32.8x 23.2x 17.4x NM NM NM 59% 41% 33% 56% 56% 56% 4% 4% 6%
Constellation Software Inc. $976.01 $20,683 $717 $544 $20,510 6.7x 5.8x 5.0x 26.2x 22.1x 18.6x 23% 15% 16% 37% 66% 66% 26% 26% 27%
Slack Technologies $34.10 $17,204 $793 $0 $16,423 41.0x 27.4x 19.8x NA NM NM 82% 49% 39% 87% 86% 86% 0% NM (15%)
Paycom Software $235.13 $13,522 $91 $59 $13,490 23.8x 18.7x 15.2x NM 45.4x 36.3x 31% 27% 23% 87% 84% 85% 43% 41% 42%
Zendesk $93.47 $10,241 $444 $579 $10,375 17.3x 12.8x 9.8x NM NM NM 39% 35% 30% 70% 74% 75% 7% 7% 9%
The Sage Group plc $10.20 $11,086 $457 $1,007 $11,635 4.9x 4.8x 4.5x NA 18.2x 17.0x 1% 2% 6% 93% 93% 93% 0% 26% 26%
Ceridian HCM Holding Inc. $51.42 $7,242 $206 $716 $7,751 10.4x 9.5x 8.5x 49.3x 42.0x 34.8x 11% 9% 13% 48% 49% 51% 21% 23% 24%
Anaplan $58.49 $7,555 $333 $54 $7,276 30.2x 22.1x 17.0x NM NM NM 43% 37% 29% 72% 75% 77% NM (17%) (9%)
Smartsheet Inc. $53.10 $6,176 $209 $59 $6,026 33.9x 22.8x 16.7x NM NM NM 60% 49% 37% 81% 81% 80% (18%) (15%) (10%)
Medidata Solutions $91.00 $5,483 $206 $193 $5,470 8.6x 7.4x 6.4x 36.8x 30.6x 25.5x 17% 16% 15% 75% 74% 75% 23% 24% 25%
ERP & General Business
Paylocity Holding Corporation $105.48 $5,588 $139 $0 $5,449 13.5x 10.7x 8.9x NM 37.2x 30.1x 23% 26% 20% 66% 64% 64% 25% 29% 30%
Manhattan Associates $85.75 $5,516 $119 $36 $5,432 9.7x 9.0x 8.6x 33.5x 40.4x 37.1x (6%) 7% 5% 57% 54% 55% 29% 22% 23%
j2 Global $91.03 $4,455 $227 $1,090 $5,318 4.4x 4.0x 3.7x 10.9x 9.7x 8.9x 8% 11% 8% 83% 83% 83% 41% 41% 41%
The Descartes Systems Group Inc $37.58 $3,162 $30 $253 $3,386 12.3x 10.4x 9.4x 36.1x 28.4x 25.1x 16% 18% 11% 73% 74% 75% 34% 37% 37%
Cornerstone OnDemand $61.47 $3,667 $392 $378 $3,653 6.8x 6.4x 5.6x 37.0x 30.0x 22.7x 12% 6% 14% 73% 77% 76% 18% 21% 25%
Pluralsight $30.35 $2,892 $737 $501 $2,742 11.8x 8.7x 6.4x NM NM NM 39% 36% 35% 73% 76% 78% (20%) (14%) (1%)
Workiva Inc. $59.21 $2,674 $114 $42 $2,601 10.6x 9.1x 7.8x NM NM NM 18% 17% 16% 73% 74% 75% (4%) (4%) (2%)
PROS Holdings $67.85 $2,570 $330 $244 $2,484 12.6x 10.3x 8.7x NM NM NM 17% 23% 18% 61% 65% 65% (10%) (4%) (0%)
Technology One Limited $5.55 $1,763 $48 $0 $1,715 8.1x 8.4x 7.3x NA 30.7x 25.0x (2%) (4%) 16% 41% 41% 41% 0% 27% 29%
Enghouse Systems Limited $26.93 $1,472 $153 $1 $1,320 5.0x 4.3x 3.8x 16.2x 15.1x 12.9x (3%) 18% 14% 70% 70% 70% 31% 28% 29%
SPS Commerce $103.36 $1,852 $199 $20 $1,673 6.7x 6.1x 5.6x 32.6x 25.3x 21.9x 13% 11% 9% 67% 68% 69% 21% 24% 25%
Instructure $41.77 $1,528 $91 $49 $1,486 7.1x 5.7x 4.8x NM NM NM 30% 23% 21% 70% 72% 73% (6%) (5%) (1%)
Upland Software $45.93 $1,161 $14 $284 $1,431 9.5x 6.8x 6.3x 26.9x 18.4x 16.7x 53% 41% 8% 68% 70% 70% 35% 37% 38%
Opera Limited $11.05 $1,219 $177 $18 $1,060 6.2x 4.4x 3.5x 16.1x 31.2x 14.1x 34% 39% 26% 68% 77% 78% 38% 14% 25%
Benefitfocus $27.15 $883 $144 $275 $1,014 3.9x 3.3x 2.9x NM NM 30.8x 9% 17% 17% 50% 53% 55% 4% 6% 9%
QAD Inc. $43.65 $857 $152 $29 $734 2.2x 2.2x 2.1x 28.6x 46.0x 29.3x 9% (1%) 7% 53% 53% 54% 8% 5% 7%
Synchronoss Technologies $7.86 $318 $108 $171 $393 1.2x 1.1x 1.1x 28.0x 11.8x 9.4x (19%) 6% 6% 51% 56% 57% 4% 10% 12%
American Software $13.38 $420 $86 $0 $334 3.0x 3.0x 2.9x 21.1x 23.2x 19.7x 2% (1%) 5% 53% 53% 53% 14% 13% 15%
ServiceSource International $0.91 $85 $25 $42 $102 0.4x 0.4x 0.4x 7.2x NM 20.3x (0%) (5%) 2% 31% 29% 29% 6% 0% 2%
Park City Group $5.11 $102 $18 $5 $88 3.8x 4.1x 3.3x 14.7x 13.8x 9.6x 13% (6%) 23% 71% 72% 72% 26% 29% 34%
Mean 11.7x 9.2x 7.5x 27.0x 27.4x 22.3x 22% 19% 18% 66% 68% 68% 14% 16% 17%
Median 9.0x 7.5x 6.4x 28.0x 29.0x 22.3x 17% 18% 16% 70% 72% 72% 17% 21% 24%
Notes:
($MM)
Development & Operations Management

VMware $180.57 $73,891 $3,311 $4,853 $75,433 8.4x 7.5x 6.8x 20.5x 19.2x 17.6x 14% 12% 10% 86% 88% 88% 41% 39% 39%
ServiceNow $297.21 $55,137 $1,653 $1,107 $54,591 20.9x 15.8x 12.3x NM NM 43.1x 36% 32% 28% 76% 81% 82% 26% 28% 29%
Atlassian Corporation Plc $135.35 $32,628 $1,713 $854 $31,768 33.2x 23.2x 18.3x NM NM NM 38% 43% 26% 88% 85% 85% 31% 24% 27%
Development & Operations Management
Splunk Inc. $139.96 $21,018 $2,675 $1,872 $20,214 11.2x 8.9x 7.3x NM NM 38.5x 38% 26% 22% 81% 84% 84% 16% 17% 19%
Twilio Inc. $147.61 $19,641 $919 $625 $19,348 29.8x 17.4x 13.1x NM NM NM 63% 71% 33% 54% 57% 57% 5% 7% 8%
MongoDB $156.02 $8,632 $476 $298 $8,454 31.7x 22.1x 17.0x NM NM NM 61% 43% 31% 72% 70% 71% (18%) (14%) (7%)
Micro Focus International plc $21.24 $7,282 $2,666 $4,674 $9,290 3.0x 2.7x 2.8x 6.5x 6.4x 6.3x 21% 11% (4%) 75% 77% 77% 46% 42% 45%
SolarWinds Corporation $18.01 $5,518 $434 $1,921 $7,005 8.4x 7.4x 6.6x 17.2x 15.6x 13.7x 14% 13% 12% 92% 92% 92% 49% 48% 49%
New Relic $92.44 $5,398 $745 $406 $5,062 11.4x 8.8x 7.1x NM NM 41.7x 35% 29% 25% 84% 83% 83% 17% 14% 17%
LogMeIn $73.50 $3,662 $112 $312 $3,862 3.2x 3.1x 2.9x 8.7x 9.4x 9.7x 22% 4% 5% 77% 82% 82% 37% 33% 30%
PagerDuty $44.94 $3,419 $338 $0 $3,081 26.2x 19.0x 14.7x NA NM NM 48% 38% 29% 85% 85% 85% 0% (15%) (7%)
Appian Corporation $39.89 $2,581 $75 $0 $2,506 11.1x 9.8x 8.4x NM NM NM 28% 13% 17% 63% 65% 68% (13%) (10%) (5%)
Progress Software Corporation $42.61 $1,906 $129 $298 $2,075 5.2x 4.9x 4.8x 10.6x 10.1x 8.9x (0%) 7% 2% 89% 87% 87% 50% 48% 54%
NetScout Systems $26.32 $1,998 $486 $550 $2,062 2.3x 2.3x 2.2x NA NA NA (15%) (1%) 3% 71% 72% 72% 0% 0% 0%
Pivotal Software $9.88 $2,687 $854 $146 $1,979 3.0x 2.6x 2.2x NM NM 38.9x 29% 16% 17% 63% 70% 73% (8%) (3%) 6%
Bandwidth Inc. $79.18 $1,821 $198 $0 $1,623 9.9x 6.9x 5.8x NM NM NM 25% 43% 19% 58% 47% 48% 10% (3%) (1%)
Comarch S.A. $46.74 $380 $87 $72 $370 1.0x 0.9x 0.9x 7.8x 6.7x 6.3x 13% 11% 6% 26% 28% 27% 13% 14% 14%
MobileIron $6.88 $748 $107 $18 $659 3.4x 3.1x 2.8x NM NM NM 7% 9% 11% 82% 82% 82% (0%) 2% 5%
Magic Software Enterprises Ltd. $9.12 $446 $107 $40 $411 1.4x 1.3x 1.3x NA NA NA 10% 9% 6% 31% 31% 31% 0% 0% 0%
Axway Software SA $14.60 $309 $37 $83 $355 1.1x 1.1x 1.1x 8.5x 11.8x 8.5x (10%) (3%) 1% 18% 71% 72% 13% 10% 13%
Mean 11.3x 8.4x 6.9x 11.4x 11.3x 21.2x 24% 21% 15% 69% 72% 72% 16% 14% 17%
Median 8.4x 7.2x 6.2x 8.7x 10.1x 13.7x 23% 13% 14% 76% 79% 79% 13% 12% 13%
Sales & Marketing Applications

Sales & Marketing
HubSpot $183.70 $7,734 $969 $511 $7,277 14.2x 11.1x 8.9x NM NM NM 37% 28% 24% 80% 82% 83% 11% 12% 14%
Pegasystems Inc. $77.64 $6,126 $202 $58 $5,982 6.7x 6.5x 5.8x NM NM NM 0% 4% 12% 66% 69% 69% 8% 5% 7%
SurveyMonkey $17.68 $2,300 $166 $306 $2,440 9.6x 8.1x 6.8x 42.0x NM 45.9x 16% 19% 19% 69% 76% 78% 23% 13% 15%
Yext $20.98 $2,331 $284 $37 $2,084 9.1x 7.0x 5.3x NM NM NM 34% 31% 30% 75% 76% 76% (11%) (12%) (7%)
LivePerson $32.75 $2,004 $238 $190 $1,956 7.8x 6.8x 5.7x NM NM NM 14% 16% 19% 75% 74% 75% 8% 4% 7%
Cardlytics $29.76 $672 $36 $47 $682 4.5x 3.6x 2.6x NM NM NM 16% 25% 38% 36% 42% 43% (4%) (4%) 5%
ChannelAdvisor Corporation $9.48 $264 $48 $20 $236 1.8x 1.8x 1.7x 24.1x 15.0x 12.4x 7% 1% 6% 78% 78% 79% 7% 12% 14%
Mean 7.7x 6.4x 5.3x 33.1x 15.0x 29.2x 18% 18% 21% 69% 71% 72% 6% 4% 8%
Median 7.8x 6.8x 5.7x 33.1x 15.0x 29.2x 16% 19% 19% 75% 76% 76% 8% 5% 7%
Notes:
($MM)
SaaS
Adobe Inc. $310.27 $150,617 $3,479 $4,137 $151,275 16.8x 13.5x 11.5x 38.1x 30.2x 24.8x 24% 24% 18% 87% 87% 88% 44% 45% 46%
salesforce.com $159.75 $124,053 $6,379 $6,768 $124,442 9.4x 7.7x 6.4x 38.6x 29.5x 23.8x 26% 22% 20% 74% 77% 77% 24% 26% 27%
ServiceNow $297.21 $55,137 $1,653 $1,107 $54,591 20.9x 15.8x 12.3x NM NM 43.1x 36% 32% 28% 76% 81% 82% 26% 28% 29%
Workday $214.59 $48,582 $1,892 $1,529 $48,219 17.1x 13.5x 11.0x NM NM NM 32% 26% 23% 70% 76% 76% 17% 20% 21%
Shopify Inc. $329.57 $37,088 $1,997 $104 $35,195 32.8x 23.2x 17.4x NM NM NM 59% 41% 33% 56% 56% 56% 4% 4% 6%
Atlassian Corporation Plc $135.35 $32,628 $1,713 $854 $31,768 33.2x 23.2x 18.3x NM NM NM 38% 43% 26% 88% 85% 85% 31% 24% 27%
Zoom Video Communications $95.94 $26,139 $737 $52 $25,454 NM 46.6x 33.5x NA NM NM 118% 65% 39% 82% 80% 80% 0% 7% 10%
Veeva Systems Inc. $166.06 $24,455 $1,330 $19 $23,145 26.8x 22.1x 18.6x NM NM 48.3x 25% 22% 19% 72% 75% 75% 37% 39% 39%
Splunk Inc. $139.96 $21,018 $2,675 $1,872 $20,214 11.2x 8.9x 7.3x NM NM 38.5x 38% 26% 22% 81% 84% 84% 16% 17% 19%
Twilio Inc. $147.61 $19,641 $919 $625 $19,348 29.8x 17.4x 13.1x NM NM NM 63% 71% 33% 54% 57% 57% 5% 7% 8%
Slack Technologies $34.10 $17,204 $793 $0 $16,423 41.0x 27.4x 19.8x NA NM NM 82% 49% 39% 87% 86% 86% 0% NM (15%)
Okta $137.02 $15,639 $547 $435 $15,527 38.9x 28.3x 21.6x NM NM NM 56% 37% 31% 72% 76% 77% (9%) (9%) (2%)
Paycom Software $235.13 $13,522 $91 $59 $13,490 23.8x 18.7x 15.2x NM 45.4x 36.3x 31% 27% 23% 87% 84% 85% 43% 41% 42%
NetApp $58.82 $14,118 $3,905 $1,793 $12,006 1.9x 2.0x 1.8x 7.7x 7.7x 6.6x 8% (1%) 7% 64% 63% 63% 25% 25% 28%
Zscaler $86.69 $10,894 $353 $0 $10,541 43.4x 30.5x 22.8x NM NM NM 57% 42% 34% 80% 80% 80% 6% 10% 12%
Zendesk $93.47 $10,241 $444 $579 $10,375 17.3x 12.8x 9.8x NM NM NM 39% 35% 30% 70% 74% 75% 7% 7% 9%
RingCentral $124.94 $10,237 $549 $407 $10,096 16.5x 11.7x 9.5x NM NM NM 32% 41% 23% 84% 77% 77% 13% 13% 13%
Dropbox $24.68 $10,148 $915 $693 $9,926 7.1x 6.0x 5.3x 29.5x 26.0x 21.4x 26% 18% 15% 72% 75% 76% 24% 23% 25%
SaaS
DocuSign $54.35 $9,446 $752 $617 $9,311 13.3x 10.1x 8.1x NM NM NM 35% 31% 24% 73% 79% 80% 8% 9% 11%
Coupa Software Incorporated $141.58 $8,746 $346 $206 $8,605 33.1x 24.8x 19.5x NM NM NM 39% 33% 27% 68% 72% 74% 9% 6% 10%
HubSpot $183.70 $7,734 $969 $511 $7,277 14.2x 11.1x 8.9x NM NM NM 37% 28% 24% 80% 82% 83% 11% 12% 14%
Proofpoint $127.19 $7,128 $183 $57 $7,002 9.8x 8.0x 6.6x NM NM 38.4x 38% 22% 21% 72% 78% 78% 16% 15% 17%
RealPage $64.08 $5,913 $253 $716 $6,377 7.3x 6.4x 5.8x 27.6x 22.7x 19.4x 30% 14% 11% 62% 62% 62% 27% 28% 30%
Smartsheet Inc. $53.10 $6,176 $209 $59 $6,026 33.9x 22.8x 16.7x NM NM NM 60% 49% 37% 81% 81% 80% (18%) (15%) (10%)
Paylocity Holding Corporation $105.48 $5,588 $139 $0 $5,449 13.5x 10.7x 8.9x NM 37.2x 30.1x 23% 26% 20% 66% 64% 64% 25% 29% 30%
j2 Global $91.03 $4,455 $227 $1,090 $5,318 4.4x 4.0x 3.7x 10.9x 9.7x 8.9x 8% 11% 8% 83% 83% 83% 41% 41% 41%
New Relic $92.44 $5,398 $745 $406 $5,062 11.4x 8.8x 7.1x NM NM 41.7x 35% 29% 25% 84% 83% 83% 17% 14% 17%
Medallia $40.54 $4,996 $133 $0 $4,863 15.5x 12.6x 10.4x NA NM NM 20% 23% 21% 63% 66% 67% 0% 3% 5%
Envestnet $73.16 $3,795 $246 $551 $4,098 5.0x 4.5x 3.9x 26.0x 21.1x 17.0x 19% 12% 17% 29% 69% 70% 19% 21% 23%
LogMeIn $73.50 $3,662 $112 $312 $3,862 3.2x 3.1x 2.9x 8.7x 9.4x 9.7x 22% 4% 5% 77% 82% 82% 37% 33% 30%
Q2 Holdings $79.70 $3,723 $165 $220 $3,778 15.7x 12.2x 9.9x NM NM NM 24% 29% 22% 49% 52% 54% 8% 7% 11%
Cornerstone OnDemand $61.47 $3,667 $392 $378 $3,653 6.8x 6.4x 5.6x 37.0x 30.0x 22.7x 12% 6% 14% 73% 77% 76% 18% 21% 25%
AppFolio $105.14 $3,575 $34 $73 $3,613 19.0x 14.2x 11.3x NM NM NM 32% 34% 26% 62% 60% 61% 21% 16% 18%
Pure Storage $15.96 $4,039 $1,166 $583 $3,456 2.5x 2.0x 1.6x 28.4x 23.6x 15.7x 33% 27% 23% 66% 67% 67% 9% 8% 10%
Qualys $88.81 $3,478 $298 $42 $3,221 11.5x 10.0x 8.6x 28.7x 25.8x 22.0x 21% 16% 16% 76% 79% 79% 40% 39% 39%
Everbridge $99.55 $3,278 $258 $112 $3,132 21.3x 15.9x 12.6x NM NM NM 41% 34% 26% 68% 71% 72% (2%) 2% 5%
PagerDuty $44.94 $3,419 $338 $0 $3,081 26.2x 19.0x 14.7x NA NM NM 48% 38% 29% 85% 85% 85% 0% (15%) (7%)
Notes:
($MM)
SaaS (Cont.)
Five9 $48.46 $2,892 $299 $217 $2,810 10.9x 9.2x 7.8x NM NM 42.5x 29% 19% 17% 60% 63% 64% 18% 16% 18%
Box $16.79 $2,460 $231 $395 $2,623 4.3x 3.8x 3.4x NM 49.6x 30.9x 20% 13% 13% 71% 71% 72% 5% 8% 11%
Workiva Inc. $59.21 $2,674 $114 $42 $2,601 10.6x 9.1x 7.8x NM NM NM 18% 17% 16% 73% 74% 75% (4%) (4%) (2%)
BlackLine $48.35 $2,662 $135 $17 $2,548 11.2x 9.2x 7.5x NM NM NM 30% 22% 22% 78% 81% 81% 6% 7% 9%
LivePerson $32.75 $2,004 $238 $190 $1,956 7.8x 6.8x 5.7x NM NM NM 14% 16% 19% 75% 74% 75% 8% 4% 7%
SaaS (Cont.)
SPS Commerce $103.36 $1,852 $199 $20 $1,673 6.7x 6.1x 5.6x 32.6x 25.3x 21.9x 13% 11% 9% 67% 68% 69% 21% 24% 25%
Zuora $15.39 $1,710 $179 $13 $1,544 6.6x 5.6x 4.7x NM NM NM 40% 17% 19% 50% 56% 60% (17%) (14%) (8%)
Instructure $41.77 $1,528 $91 $49 $1,486 7.1x 5.7x 4.8x NM NM NM 30% 23% 21% 70% 72% 73% (6%) (5%) (1%)
Cloudera $5.88 $1,612 $445 $244 $1,411 2.9x 1.9x 1.7x NM 26.6x 12.1x 29% 57% 13% 72% 76% 77% (12%) 7% 14%
Carbonite $24.27 $836 $83 $645 $1,398 4.7x 2.9x 2.4x 13.3x 10.4x 8.6x 24% 63% 20% 76% 81% 81% 35% 28% 28%
Talend S.A. $33.99 $1,032 $29 $32 $1,035 5.1x 4.2x 3.4x NM NM NM 38% 22% 21% 76% 77% 78% (7%) (9%) (3%)
Benefitfocus $27.15 $883 $144 $275 $1,014 3.9x 3.3x 2.9x NM NM 30.8x 9% 17% 17% 50% 53% 55% 4% 6% 9%
ChannelAdvisor Corporation $9.48 $264 $48 $20 $236 1.8x 1.8x 1.7x 24.1x 15.0x 12.4x 7% 1% 6% 78% 78% 79% 7% 12% 14%
Veritone $7.65 $156 $51 $0 $105 3.9x 2.1x 1.6x NM NM NM 88% 88% 27% 76% 68% 69% NM NM NM
Park City Group $5.11 $102 $18 $5 $88 3.8x 4.1x 3.3x 14.7x 13.8x 9.6x 13% (6%) 23% 71% 72% 72% 26% 29% 34%
Mean 14.3x 11.5x 9.1x 24.9x 24.9x 24.4x 33% 30% 21% 72% 74% 74% 14% 14% 16%
Median 11.0x 9.1x 7.5x 28.0x 25.3x 22.4x 30% 26% 21% 73% 76% 76% 12% 13% 14%
Notes:
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW
Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow
35.0x 35.0x
30.0x ZS 30.0x ZS
WORK WORK
Enterprise Value / CY 2019E Revenue
Enterprise Value / CY 2019E Revenue

OKTA OKTA
R = 0.79
R = 0.54
25.0x COUP 25.0x COUP
SHOP
TEAMSMAR SHOP
SMAR TEAM
VEEV VEEV
20.0x 20.0x
PAYC PD PD PAYC
EVBG
NOW EVBG NOW
15.0x 15.0x
APPF APPF
ADBE
WDAY WDAY ADBE
MDLA QTWOZEN MDLA QTWO ZEN
RNG RNG
HUBS
PCTY HUBS PCTY
10.0x QLYS DOCU 10.0x DOCU QLYS
WK BL SPLK
FIVN NEWR WK BL
FIVN SPLK NEWR
VRNS PFPT
MDSO CRM
MIME VRNS MDSO MIME CRMPFPT
RPLPSN
CSOD SPSC LPSN CSOD RP
DBX
ZUO INST ZUO INST SPSC DBX
5.0x ENV
5.0x ENV
BOXBNFTTLND
JCOM TLND
BOX
BNFT
PCYG JCOM
LOGM LOGM
ECOM PSTG ECOM NTAP PSTG
0.0x 0.0x
0% 10% 20% 30% 40% 50% 60% 70% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
CY2019E Revenue Growth CY 2019E Revenue Growth % + CY 2019E FCF Margin %
Notes:
Source: Capital IQ as of 7/24/2019. Consensus Estimates used for CY2019E figures. 20
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 television and video advertising analytics software that enables brands, agencies, cable operators, streaming TV services and
6/24/19 $150 NA NA NA NA
networks to measure advertising effectiveness.
Provides AI-based virtual workforce automation SaaS for businesses globally. Software enables users to replicate human work, processes
6/19/19 $101 7.9x NA NA NA
and decisions in existing applications and systems.
6/18/19 $330 6.3x NA 17.3x NA Provides investment and fund management SaaS for financial markets in the US, Europe and Asia.
Provides clinical development and data management SaaS for the pharmaceutical and life sciences industry. Software enables clinicians
6/12/19 $5,744 8.7x NA NM NA
to capture and analyze data and design clinical trials.
6/11/19 $405 NA 9.5x NA NA Provides financial management, accounting, payroll, invoice management and transaction processing SaaS for small businesses globally.
Provides payment processing software, SaaS and services for businesses and consumers in Turkey. Also provides related mobile payment
6/11/19 $165 NA NA NA NA
applications.
Provides business intelligence (BI) analytics and data visualization software for businesses, government agencies and educational
6/10/19 $15,080 12.7x 10.8x NM NA institutions globally. Also provides visual analytics SaaS that enables businesses to create, publish and share interactive dashboards and
data stories on the Web. Tableau Software went public in May 2013 on the NYSE under the ticker symbol DATA.
6/6/19 $2,600 NA 17.3x NA NA Provides big data business intelligence (BI) analytics and visualization, data modeling and discovery SaaS for businesses.
Provides environmental, health, safety and quality management (EHSQ) SaaS that enables regulatory compliance and incidence reporting
6/6/19 $570 NA NA NA NA
for businesses.
Provides financial data management software, SaaS and services for the capital markets industry globally. Software enables users to
6/6/19 $68 3.8x NA NA NA
aggregate, manage and process market and reference data, corporate actions, portfolio pricing, and legal entity data.
Provides endpoint security software and SaaS for the military, government entities and commercial enterprises. Software provides
6/5/19 $234 NA NA NA NA features for autonomous detection and prevention of targeted attacks, phishing, ransomware and malware in hybrid network
environments.
Provides cloud and appliance-based bot detection and mitigation software and SaaS to prevent malicious website traffic, data mining,
6/4/19 $100 5.0x NA NA NA
account hijacking, spam and click fraud for businesses.
Provides transaction integration and online and mobile payment processing software and services primarily to customers in the
6/3/19 $53 1.8x NA NA NA
educational and public sectors.
Notes:
Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/19, where Enterprise Value is >$50MM. 21
Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >50 considered NM.
RECENT ACQUISITIONS
($MM)
Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides features for scheduling,
5/30/19 $1,000 NA NA NA NA
project planning, workforce management and analytics reporting, accessible on desktop systems and mobile devices.
Provides machine learning-enabled threat intelligence SaaS for enterprises. Software provides features for the aggregation and
5/30/19 $780 12.0x 7.8x NA NA
immediate reporting of of web-based threats in real-time.
Provides wealth management and financial accounting software, EDI and transaction processing services, for businesses in the financial
5/30/19 $65 2.8x NA NA NA
and energy sectors globally. Also provides ERP and big data business application management SaaS for enterprises.
Provides enterprise container and cloud native cybersecurity management PaaS that enables businesses to deploy and protect
5/29/19 $410 27.3x NA NA NA applications, firewalls, and test vulnerabilities. Software has capabilities for use on the AWS, Docker, IBM Cloud, Rancher, Azure, Google
Cloud Platform, Kubernetes and Pivotal platforms.
Provides automated security attack simulation SaaS for enterprises, enabling the preventative assessment of the effectiveness of
5/28/19 $250 NA NA NA NA
existing security controls.
Provides machine learning-based data privacy and compliance SaaS for enterprises. Software provides features for data protection,
5/27/19 $70 NA NA NA NA
classification and breach detection.
5/21/19 $300 NA NA NA NA Provides client investment portfolio management software for the financial sector.
Provides E-discovery and document review software, SaaS and related outsourced services for law firms, corporations and government
5/20/19 $625 2.1x 2.0x NA NA
entities globally.
Provides pre-employment testing and screening SaaS that enables businesses to test prospective employees in aptitude, personality, and
5/17/19 $56 NA NA NA NA
skills.
Provides cloud expense tracking, monitoring and analysis SaaS for businesses. Software enables businesses to aggregate costs of
5/16/19 $160 5.7x 4.0x NA NA
operating cloud systems for proficiency analysis and budget forecasting.
Provides global trade management (GTM) and related SCM management SaaS, including tariff and import/export regulatory compliance,
5/13/19 $425 4.9x NA NM NA shipping, logistics, and contract management, for businesses and enterprises globally. Also provides international trade regulations
consulting services. Amber Road completed its IPO and began trading on the NYSE under the ticker symbol AMBR in March of 2014.
Provides zero trust network access (ZTNA) and authentication SaaS for enterprises. SaaS enables businesses to connect people,
5/6/19 $120 NA NA NA NA
applications, clouds, datacenters and offices, and secure them with a software-defined perimeter.
Provides operations and facilities management SaaS for the education, senior living and healthcare industries, government agencies and
5/3/19 $525 5.3x 4.2x 17.5x 13.1x
membership organizations.
Notes:
RECENT ACQUISITIONS
($MM)
Provides record and document management, e-recording and transaction software and SaaS for the real estate sector and county
5/1/19 $335 NA NA NA NA
governments in the US.
Provides software engineering management and data visualization SaaS to software developers. Software provides features for code
5/1/19 $170 NA NA NA NA
reviewing and monitoring team collaboration and dynamics.
Provides employee benefits management SaaS to businesses. Software enables employees to enroll in corporate benefit programs online
4/29/19 $66 NA NA NA NA while also providing features for call center assistance, Consolidated Omnibus Budget Reconciliation Act (COBRA) disbursements,
Affordable Care Act (ACA) compliance and reporting, document management and discrepancy reporting.
Provides accounting, payroll and retail management, point of sale (PoS) transaction processing and CRM software for small to medium-
4/17/19 $1,116 3.6x NA 8.4x NA
sized businesses in Australia and New Zealand. Also provides Web and email hosting and domain name registration services.
4/16/19 $215 NA NA NA NA Provides enterprise contract lifecycle management and related document creation SaaS for businesses globally.
Provides online marketing SaaS and services for businesses in the US. Software provides features for customer insight reporting, loyalty
4/14/19 $4,400 2.0x NA 9.5x NA rewards programs, email marketing, analytics and customer data reporting, Also includes the business of Conversant, which was
acquired by Alliance Data Systems and merged under Epsilon in 2014.
Provides IT asset and help desk management SaaS for businesses. Software also provides features for AI-based ticket routing, workflow
4/11/19 $350 17.5x 11.7x NA NA
automation, reporting, license compliance management and risk management.
Provides risk and investment portfolio management software and SaaS, including portfolio construction, optimization and analytics as
4/10/19 $850 8.5x NA NA NA
well as portfolio risk modeling, for financial institutions, asset managers and hedge funds.
Provides security risk management (SRM) and related analytics SaaS for businesses and government entitites. Software enables risk
4/10/19 $100 NA NA NA NA
modeling for public cloud, private cloud and physical network environments.
The marketing and commerce software and SaaS assets of IBM, which provides features for campaign automation, customer analytics, AI-
4/4/19 $500 1.8x NA 33.3x NA
based content management, search engine optimization and payments processing.
Marketing & Commerce Assets
Notes:
SELECTED PRIVATE FINANCINGS
($MM)
Amount
Deal Date Company Brief Description Investors
Raised
Developer of an end-to-end travel management platform designed to offer complete
6/27/19 TripActions $250 Andreessen Horowitz, Lightspeed Venture Partners, SGVC and Zeev Ventures
corporate travel planning and support.
Developer of full-stack infrastructure software application designed to leverage the standard SoftBank Investment Advisers, Mayfield Fund, WRV Capital, Battery Ventures, Redline Capital
6/27/19 Fungible $200
components, protocols and interfaces of data centers. Management and Norwest Venture Partners
Provider of a cloud-based restaurant-specific software platform intended to combine
6/27/19 Restaurant365 $88 ICONIQ Capital, Bessemer Venture Partners and Tiger Global Management
restaurant modules with an integrated accounting system.
6/27/19 Aera Technology $80 Developer of a self-driving supply chain for businesses designed for self-driving enterprise. DFJ Growth, Georgian Partners, NewView Capital
Y Combinator, Orange Digital Ventures, Stripe, General Catalyst, Accel, LocalGlobe, Goodwater
6/25/19 Monzo $147 Developer of a mobile banking application designed to offer banking service.
Capital,Latitude Investments, Passion Capital and Thrive Capital
Battery Ventures, USAA Ventures, Sorenson Ventures, Washington Federal Bank for Savings,
6/25/19 MX $100 Developer of a data platform intended to improve financial management.
National Bank of Canada, H.I.G. Growth Partners, Point72 Ventures, TTV Capital
Provider of a sales enablement platform designed to deliver the perfect buying experience for
6/25/19 Showpad $70 Insight Partners, Dawn Capital, Hummingbird Ventures, Korelya Capital, Silicon Valley Bank
the buyers.
Developer and provider of an online platform designed to create the most personalized and Kleiner Perkins, The Chernin Group, Bain Capital, Lightspeed Venture Partners and Spark
6/25/19 Cameo $50
authentic fan experiences. Capital
Developer of an integrated security awareness training and simulated phishing platform
6/24/19 KnowBe4 $309 Kohlberg Kravis Roberts, Ten Eleven Ventures and Elephant Venture Capital
designed to train employees to make smarter security decisions.
Developer of a digital lending platform intended to simplify and fasten consumer finance General Atlantic, Temasek Holdings, Lightspeed Venture Partners, Founders Fund, Greylock
6/24/19 Blend $130
processes. Partners, and 8VC
Provider of a data protection platform designed to safeguards sensitive data from both LLR Partners, MassMutual Ventures, Brookline Venture Partners, Siemens Financial Services,
6/21/19 Digital Guardian $154
insiders and external adversaries. Golub Capital, The Goldman Sachs Group and Golub Capital BDC
Developer of a cloud data protection and management platform designed to advance Viking Global Investors, Riverwood Capital, Atreides Capital, Nexus Venture Partners, Tenaya
6/20/19 Druva $130
protection and compliance. Capital and Neuberger Berman
Standard Chartered Private Equity, Affirma Capital and Dalian Finance Industry Investment
6/20/19 Dianrong $100 Developer of a peer to peer lending platform designed to lend and borrow money online.
Group
Developer of camera-based computer vision technology intended to provide self-driving truck
6/20/19 TuSimple $100 CDH Investments, Sina, Composite Capital Partners
solutions.
Provider of an open source messaging platform designed to facilitate secure team
6/19/19 Mattermost $50 Y Combinator, S28 Capital, Redpoint Ventures and Battery Ventures
collaboration.
6/19/19 Postman $50 Provider of a collaboration platform designed to offer application program interface. Charles River Ventures and Nexus Venture Partners
Developer of an experimentation platform designed to test, learn and deploy digital

6/18/19 Optimizely $50 Goldman Sachs Private Capital Investing Group, Accenture Ventures, Bridge Bank
experiences.
Hejun Group, Galaxy Holdings, Dingxing Quantum, Hua Xu Investment, Matrix Partners China,
6/17/19 RootCloud $219 Provider of an Industrial IoT platform which provides IoT and big data services globally.
Zhongwei Capital, Matrix Partners China, SDIC Innovation Investment Management
Developer of cloud-based self-insurance platform designed to evolve the way in which health SoftBank Investment Advisers, GV, Sun Life Financial, DFJ Growth, Maverick Ventures, Founders
6/17/19 Collective Health $205
benefits work. Fund, New Enterprise Associates, G Squared
6/17/19 Unily $70 Provider of cloud-based IT services in United Kingdom. Silversmith Capital Partners and Farview Equity Partners
Notes:
Source: Pitchbook. Reflects deal activity through 6/30/19. 24
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
6/16/19 PayFit $82 Developer of enterprise software designed to digitize payroll and HR management. Eurazeo, Bpifrance, Otium Venture (France), Accel and Xavier Niel
Provider of a security rating platform designed to empower every organization with Riverwood Capital, Intel Capital, Evolution Equity Partners, Two Sigma Ventures, AXA Venture
6/13/19 SecurityScorecard $50
collaborative security intelligence. Partners, Accomplice VC
Developer of a business intelligence platform designed to track mobile application marketing
6/12/19 adjust $227 Eurazeo, Highland Europe, Morgan Stanley and Sofina
fraud prevention.
Developer of a cloud-based open-source, secure communication and workflow platform that Standard Chartered, MUFG Innovation Partners, BNP Paribas, Goldman Sachs Principal Strategic
6/12/19 Symphony $165
aims to improve workplace productivity and connects users to their community. Investments, J.P. Morgan
Developer of cloud monitoring platform designed to accelerate problem detection and
6/12/19 SignalFx $75 Tiger Global Management, Andreessen Horowitz, Charles River Ventures and General Catalyst
troubleshooting in real-time.
6/10/19 Yanolja $180 Operator of an online motel-booking application. Booking Holdings, GIC Private, Agoda Company
Developer of a network intrusion detection platform designed to automate real-time threat TCV, Wipro Ventures, Nissho Electronics, Atlantic Bridge Capital, DAG Ventures, IA Ventures,
6/10/19 Vectra $100
detection and response. Khosla Ventures, AME Cloud Ventures, Accel and Ireland Strategic Investment Fund
Sumitomo Corporation, DCM Ventures, China Merchants Group, Coatue Management, Source
6/10/19 YunQuNa $70 Provider of a B2B logistics platform designed to make shipping from China simple and easy.
Capital, Sumitomo Corporation
Operator of a mobile marketplace intended to discover fashion from the most inspiring General Atlantic, HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures,
6/7/19 Depop $62
community. Tempo Capital Partners and Sebastian Siemiatkowski
DFJ Growth, GV, BMW i Ventures, IVP, Threshold Ventures, Next47, Third Point Ventures and
6/5/19 Yellowbrick Data $81 Developer and provider of data warehouse intended for business decision making.
Menlo Ventures
Developer of a productivity platform designed to automate business processes to offer greater
6/5/19 Litify $50 Tiger Global Management
insights and transparency.
Developer of an endpoint protection software designed to protect devices and servers against Insight Partners, Samsung Venture Investment, NextEquity Partners, Data Collective, The Westly
6/4/19 SentinelOne $120
malware and threats. Group, SineWave Ventures, Granite Hill Capital Partners, Third Point Ventures, Sound Ventures
ICONIQ Capital, Salesforce Ventures, OpenView Venture Partners, Sapphire Ventures, Madrona
6/4/19 Highspot $60 Provider of a sales engagement platform designed to improve content optimization.
Venture Group and Shasta Ventures
Provider of an online digital money transfer platform intended to help people to send money
6/3/19 WorldRemit $175 Leapfrog Investments, Accel and TCV
to friends and family living abroad.
BangSun Developer of a real-time financial risk management platform created to provide risk
6/3/19 $51 Legend Capital, Xinhu Zhongbao Company, SDIC Venture Capital and VT Ventures
Technology management products for areas including ticketing, transport, telecom and public security.
Provider of cloud-based field service management software designed to maximize business
5/31/19 irth Solutions $100 Gauge Capital, Bregal Sagemount
growth.
Developer of a location technology platform intended to enrich consumer experiences and
5/30/19 Foursquare $150 The Raine Group
inform business decisions.
Developer of an online educational platform created to help students and teachers better
5/30/19 KnowBox $150 Alibaba Group
manage their assignments.
Provider of identity management application designed to make identity and payments simple
5/30/19 Dashlane $110 Sequoia Capital, Rho Ventures, FirstMark Capital and Bessemer Venture Partners
and secure.
Wiseco SinoOcean Capital, HuaDing Capital, China Growth Capital, WeiMingBoYa Investment, Green
5/30/19 $95 Provider of financial services focusing on credit score analysis.
Technology Pine Capital Partners, Huagai Capital, iPinYou Interactive, WeiMingBoYa Investment
Notes:
($MM)
Amount
Raised
Provider of an open-source log analytics platform designed to help companies of all sizes to
5/29/19 Logz.io $52 General Catalyst and Next47
derive more value from machine data.
Operator of an online therapy platform intended to eliminate the stigmas associated with Revolution Group, Nomura Capital Partners, Spark Capital, Compound, Norwest Venture
5/29/19 Talkspace $50
mental illness and make therapy more available. Partners, Qumra Capital and Hanaco Venture Capital
Developer of a Directory-as-a-Service (DaaS) platform intended to centralize and simplify
5/23/19 JumpCloud $50 General Atlantic, Foundry Group and OpenView Venture Partners
identity management.
KaiOS
5/22/19 $50 Developer of an operating system designed to fit them in smart features phones. Cathay Innovation, Alphabet and TCL Multimedia Technology Holdings
Technologies
Provider of a payment platform intended to offer a fully documented and open API issuer Coatue Management, CommerzVentures, Visa Ventures, Vitruvian Partners, Spark Capital,
5/21/19 Marqeta $260
payment processor. CreditEase, Granite Ventures, 83North, Goldman Sachs Investment Partners, Lone Pine Capital
Provider of internal data center security tool designed to detect and stop advanced threats Qumra Capital, Dell Technologies Capital, Deutsche Telekom Capital Partners, TPG Growth,
5/21/19 GuardiCore $60
through real-time breach detection and response. Greenfield Partners (Israel), Battery Ventures, 83North, Partech Partners and ClalTech
Developer of web based spend management software services intended to unlock maximum
5/21/19 Ivalua $60 Ardian and Tiger Global Management
procurement value through realizing savings.
Developer of a revenue intelligence platform designed to solve solving the problem of sales ICONIQ Capital, Lightspeed Venture Partners, GGV Capital, Andreessen Horowitz, and Y
5/21/19 People.ai $60
and marketing alignment. Combinator
Amazon.com, Fidelity Investments, Greenoaks Capital Partners, The Strand Partners and T.
5/20/19 Deliveroo $575 Developer of an online food delivery platform intended to help users order restaurant meals.
Rowe Price
Developer of an identity and authentication platform intended to verify users and tackle Sapphire Ventures, Telstra Ventures, WiL (World Innovation Lab), Bessemer Venture Partners,
5/20/19 Auth0 $103
identity fraud. K9 Ventures, Trinity Ventures and Meritech Capital Partners
Developer of a conversational AI platform designed to understand human speech and deliver
5/20/19 Clinc $52 Insight Partners, Hyde Park Venture Partners, Drive Capital and DFJ Growth
insights.
Digital Training
5/16/19 $291 Operator of an online learning company. The Growth Company (Manchester) and Northern Powerhouse Investment Fund
Solutions
Operator of a mobile application intended to offer on-demand access to deals on last-minute
5/16/19 TodayTix $73 Great Hill Partners
theater tickets.
5/16/19 PDFTron $71 Provider of document processing tools intended for software developers, based in Canada. Silversmith Capital Partners
Provider of a turnkey integration ecosystem designed to make data actionable, in real-time, Silver Lake Management, Presidio Ventures, Georgian Partners, Bain Capital Ventures, Industry
5/15/19 Tealium $55
across every customer experience touch point. Ventures, Parkwood, ABN AMRO Bank and Declaration Partners
Riverwood Capital, Benchmark (San Francisco), Hercules Capital, Kleiner Perkins and Tiger
5/14/19 Nextdoor $123 Developer of a private social networking platform designed to connect neighbors.
Global Management
Dispersive Developer of virtualized dispersive networking technologies intended to revolutionize the way
5/10/19 $87 Berg Capital Group
Networks people, businesses and things connect.
Developer of Radio Area Network (RNA) software intended to improve the and enhance the
5/8/19 Altiostar $114 Tech Mahindra, Qualcomm Ventures and Rakuten
quality of telecommunication network.
Provider of a cloud based machine data analytics platform designed to deliver real-time
5/8/19 Sumo Logic $110 Battery Ventures, Tiger Global Management and Franklin Templeton Investments
continuous intelligence and data across the entire application lifecycle and stack.
Provider of a learning platform designed to help individuals and organizations discover, track
5/8/19 Degreed $75 Signal Peak Ventures, Jump Capital, GSV AcceleraTE, Owl Ventures and AllianceBernstein
and measure all learning.
Notes:
($MM)
Amount
Raised
Copper Developer of a cloud-based customer relationship management software designed to identify, Norwest Venture Partners, GV, Vela Partners, Digital Horizon Capital, Next World Capital, Storm
5/8/19 $66
(Software) track and optimize sales. Ventures, Industry Ventures, True Ventures and H. Barton Asset Management
5/8/19 ArchiveSocial $53 Developer of software for record-keeping regulations and mitigate risk related to social media. Level Equity, David Gardner, Dennis McKenna and Steve Case
Developer of an e-commerce platform that connects customers, shop owners and suppliers, IDG Capital, Xiang He Capital, Hillhouse Capital Group, Sequoia Capital China, Sinovation
5/7/19 Beidan $125
allowing consumers to find high quality products at reasonable prices. Ventures, Capital Today and Gaorong Capital
Developer of messaging and chat API for mobile applications and websites designed to digitize ICONIQ Capital, Tiger Global Management, FundersClub, Shasta Ventures, August Capital, and
5/7/19 SendBird $102
human interactions for businesses. Y Combinator
The company's platform provides brokers and owners with real-time access to everything Brookfield Ventures, Fifth Wall Ventures, GLP, Tishman Speyer (Ventures), Tishman Speyer
5/7/19 VTS $90
happening throughout their portfolio, enabling users to interact with data and identify trends Properties
Lightspeed Venture Partners, Sapphire Ventures, Cisco Investments, 3737 North Capital,
5/7/19 Exabeam $75 Provider of an analytics-led security intelligence platform designed to detect data breaches.
Norwest Venture Partners, Aspect Ventures, Icon Ventures and Shlomo Kramer
Developer of an ownership management and compliance platform designed to consolidate Andreessen Horowitz, Goldman Sachs Principal Strategic Investments, SGH Capital, Thrive
5/6/19 Carta $300
company ownership data onto one common electronic registry. Capital, Lava Walk Ventures, Union Square Ventures, Menlo Ventures
Developer of a mobile health coaching software designed to provide intelligent nutrition and Sequoia Capital, Samsung Venture Investment, Aglaé Ventures, Tony Xu, Joshua Kushner,
5/6/19 Noom $58
exercise coaching. Scooter Braun and Jan Koum
5/3/19 Kaseya $500 Provider of IT management and monitoring software services. Insight Partners and TPG Capital
Provider of an online payments platform intended to track and secure digital payments across
5/2/19 Checkout.com $230 Insight Partners, DST Global, Blossom Capital, Endeavor Catalyst and GIC Private
the Internet.
Provider of a network optimization and application acceleration platform created to address Goldman Sachs Private Capital Investing Group, Presidio Ventures, Deutsche Telekom Capital
5/1/19 Aryaka $50
the connectivity needs of modern global enterprises. Partners, InterWest Partners, Third Point Ventures, Trinity Ventures, Mohr Davidow Ventures
Provider of an all-in-one, cloud-based software solution for the spa, salon and med spa
5/1/19 Zenoti $50 Tiger Global Management, Accel and Norwest Venture Partners
industries.
Developer of robotic process automation software designed to deliver fast and reliable RPA Coatue Management, CapitalG, Wellington Drive Technologies, Dragoneer Investment Group,
4/30/19 UiPath $568
that enhances business performance at unlimited scale. Accel, Sands Capital Ventures, Sequoia Capital, IVP and Madrona Venture Group
Developer of a secure expense management platform designed to automate the entire New Enterprise Associates, Insight Partners and Pelion Venture Partners, Waterfall Asset
4/30/19 Divvy $200
expense report process. Management
Developer of a proctoring platform designed to enhance the level of authenticity for
4/30/19 Examity $90 Great Hill Partners
educational institutions.
4/30/19 Technisys $50 Developer of financial software products designed to cater to the financial services industry. Riverwood Capital
Developer of a cloud-based sales intelligence software designed to gather relevant news and
4/25/19 SalesLoft $70 Insight Partners, HarbourVest Partners
data.
Developer of a continuous delivery-as-a-service platform created to simplify the software
4/23/19 Harness $60 GV, ServiceNow Ventures, IVP, Menlo Ventures, Unusual Ventures and BIG Labs
delivery process for software engineers.
Developer of a sales engagement platform designed to drive deeper engagement with Lone Pine Capital, M12, Four Rivers Group, DFJ Growth, Spark Capital, Sapphire Ventures,
4/16/19 Outreach $114
prospects. Meritech Capital Partners, Lemonade Capital, Mayfield Fund and Trinity Ventures
Developer of an agentless IoT security platform for enterprises created to identify unmanaged Sequoia Capital, Insight Venture Partners, Intermountain Ventures, Tenaya Capital, Red Dot
4/11/19 Armis $65
devices or networks. Capital Partners and Bain Capital Ventures
Notes:
($MM)
Amount
Raised
Developer of a mobile application designed to scan, save and share a digital copy of key and
4/10/19 KeyMe $50 BlackRock
order copies shipped to door.
Developer of internet IT operations management platform intended to discover, manage and TPG Growth, Founders Fund, New Enterprise Associates, IVP, Sam Palmisano, Peter Thiel and
4/9/19 Expanse $70
secure global internet assets. MSD Capital
Singtel Innov8, New Enterprise Associates, Norwest Venture Partners, Quadrille Capital and
4/8/19 Bitglass $70 Developer of an enterprise security software created to help enterprises to work on the cloud.
Australia Future Fund
4/8/19 Upstart Network $50 Operator of an online lending marketplace intended to provide personal loans. Progressive Investments, Healthcare of Ontario Pension Plan and First National Bank of Omaha
Developer of an identity verification platform intended to automate the identity verification

4/3/19 Onfido $65 Salesforce Ventures, SBI Investment, M12, SoftBank Group and Fin Venture Capital
process.
Developer of an end-to-end security platform intended to improve security for containerized
4/3/19 Aqua Security $62 Insight Venture Partners, M12, Lightspeed Venture Partners, TLV Partners, and Shlomo Kramer
and cloud-native applications.
Provider of a cloud-based payment management platform designed to make it simple to FleetCor Technologies, MasterCard, Fidelity Investments, Cross Creek, Kayne Anderson Rudnick
4/2/19 Bill.com $88
connect and do business. Investment Management, Franklin Templeton Investments and Temasek Holdings
SoftBank Group, Airbnb, Grab, Didi Chuxing, Greenoaks Capital Partners, Sequoia Capital India
4/1/19 OYO Rooms $1,100 Operator of a branded network of hotels designed to offer standardized stay experiences.
and Lightspeed India Partners Advisors
Notes:
SOFTWARE CAPITAL MARKETS UPDATE
Recent Software IPO Pricings
($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
7/19/2019 $4,565 $326 16.00 - 18.00 $21.00 $41.50 23.5% 76.4% 97.6%
6/20/2019 $19,484 $4,560 Direct Listing $38.50 $33.72 NA 0.3% (12.4%)
6/12/2019 $11,408 $612 28.00 - 30.00 $34.00 $92.28 17.2% 70.6% 171.4%
5/17/2019 $2,176 $180 14.00 - 16.00 $16.00 $22.97 6.7% 49.9% 43.6%
4/18/2019 $15,896 $751 33.00 - 35.00 $36.00 $97.11 5.9% 72.2% 169.8%
4/11/2019 $620 $108 12.00 - 14.00 $14.00 $21.79 7.7% 36.4% 55.6%
4/11/2019 $2,816 $218 21.00 - 23.00 $24.00 $43.50 9.1% 59.4% 81.3%
10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 $17.92 (3.2%) 0.2% 19.5%
10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 $59.38 6.3% 42.9% 249.3%
10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 $98.24 5.9% 94.4% 172.9%
10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 $16.84 15.4% 41.2% 12.3%
9/26/2018 $2,107 $180 9.00 - 11.00 $12.00 $17.79 20.0% 43.7% 48.3%
7/27/2018 $1,336 $127 17.00 - 19.00 $20.00 $38.60 11.1% 26.0% 93.0%
7/27/2018 $1,438 $115 10.00 - 12.00 $12.00 $10.99 9.1% 9.3% (8.4%)
7/26/2018 $2,755 $251 17.00 - 19.00 $23.00 $31.43 27.8% 31.5% 36.7%
6/29/2018 $681 $193 19.00 - 21.00 $21.00 $29.12 5.0% 30.0% 38.7%
6/15/2018 $2,933 $180 21.00 - 23.00 $24.00 $84.79 9.1% 87.3% 253.3%
5/17/2018 $1,196 $311 12.00 - 14.00 $15.00 $30.02 15.4% 33.3% 100.1%
Mean 11.3% 44.7% 90.1%

Median 9.1% 42.1% 68.4%
Notes:
Sources: Capital IQ and Company filings. Market data as of 7/25/19. IPO pricings include public registrations only. 29
(1) First Trading Day listed as Offer Date.
A SHRINKING 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
Medidata
SciQuest (8) 9
SolarWinds
RealPage
(12)
Rosetta Stone
IntraLinks Jive
Envestnet Imperva
170 Qlik Carbonite Workday
BroadSoft Tangoe Workiva
Fleetmatics Atlassian PagerDuty
Higher One Mavenir Hortonworks
Responsys
Convio
Qualys
Barracuda New Relic
Mimecast
(9) 10 Tufin
SPS Commerce
Cornerstone
Epocrates
Eloqua
Wix.com HubSpot
Instructure (13) Zoom Video
SS&C
E2open
Covisint CyberArk
Rapid7 (16) Fastly
ServiceNow Sophos Twilio
160 QuinStreet Exa
RingCentral MobileIron
AppFolio SecureWorks
20 CrowdStrike
FireEye Kinaxis Slack
Incadea Alarm.Com Talend Medallia
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 Okta
150 Demandware
Tableau Borderfree
Coupa
Yext (11)
Bazaarvoice
Greenway
Halogen Amber Road
BlackLine, Inc.
Cloudera 7 (5)
Rally A10 Networks
(2) 144
AVG Appian
Marin Paylocity MongoDB
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 +7
Strategic Exits -7 - 11 -8 - 11 -9 -6 - 10 - 12 - 13 - 16 -5
PE Exits -5 -4 -6 -9 -6 -7 -8 -9 -7 - 11 -2
Notes:
Sources: Capital IQ, company filings. Market data as of 7/25/2019. 30
US FINANCING AND DEAL SHARE BY SECTOR
US Financing Trend
1,683
1,587 1,573 $39.0
1,465 1,484 1,409
1,362
$29.3 $28.7
$24.6 1,378 $26.1
$23.1
$20.7 $20.2
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Investments ($Bn) Deals
US Deal Share by Sector
14% 15% 16% 15% 15%

18% 17% 18%
4% 4% 5% 5% 4% 4%
6% 3%
8% 9%
8% 9% 8% 10% 11%
8%
15% 12%
13% 15% 15% 14% 14%
15%
13% 12% 12% 16%
12% 12% 12%
11%
46% 46% 44% 44% 45% 44% 44%

42%
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19
Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Consumer Products & Services Other
Notes:
Source: PwC CB Insights MoneyTree Report Q2 2019. 31
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
ZURICH NAGOYA TOKYO

LONDON SHANGHAI
NEW YORK
MILAN OSAKA
NEW DELHI
TEL AVIV FUKUOKA
SAN FRANCISCO
TAIPEI
MUMBAI
SINGAPORE HO CHI MINH CITY
Global platform:
Sector expertise: Exceptional cross-
21 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
and complementary
referrals and emerging high-
focus areas
growth companies
32
GCA operates as GCA in America and Asia, and GCA Altium in Europe

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SOFTWARE

Select Q2 Active Investors Select Q2 Active Strategic Buyers

KEY GCA STATS SECTOR COVERAGE GCA US TEAM

AI / Machine Learning Paul DiNardo Rupert Sadler

Collaboration Software Josh Wepman Chris Gough

GCA EXECUTIVE TEAM

Vertically Focused Software

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

22.3% 21.3% 22.4%

Content & Storage Management

Business Intelligence & Analytics

ERP & General Business

Development & Operations Management

Sales & Marketing Applications

Enterprise Value / CY 2019E Revenue

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

Developer of an experimentation platform designed to test, learn and deploy digital

Developer of an identity verification platform intended to automate the identity verification

6/20/2019 $19,484 $4,560 Direct Listing $38.50 $33.72 NA 0.3% (12.4%)

Mean 11.3% 44.7% 90.1%

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Investments ($Bn) Deals

US Deal Share by Sector

14% 15% 16% 15% 15%

46% 46% 44% 44% 45% 44% 44%

Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

ZURICH NAGOYA TOKYO

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