April, 2020

Building Sustainable, Lasting Value

 The Vista Platform comprises 60+ companies across 175 countries, serving 710,000+ customers. Collectively with its portfolio
companies, Vista is the 4th largest enterprise software company in the world with $14B+* in revenue.
 Having completed over 325 tech transactions since 2012, including 230 add-ons, Vista has been one of the largest and most
2
active acquirers and investors in tech over the last decade and more.
 Its latest flagship fund, closed in early 3Q19, broke all records as the largest PE tech fund ever with $16B in total capital raised.

 Vista invests exclusively in tech, with a particular focus on software, data and tech-enabled services. It has been named the top
PE investor in SaaS by PitchBook since 2011. Earlier this month Vista’s CEO and Founder Robert Smith was named Dealmaker
of the Year by Mergers & Acquisitions magazine.
 Vista pioneered a sector-focused approach to private equity software investing, looking first at the underlying industry vertical
served by its software companies. Its portfolio companies are organized into 12 major economic sectors including media,
entertainment and travel, finance and insurance, retail and transportation, education, etc.
 Vista’s investments have historically ranged between $10M and $1B in size. Other common attributes include:

› Stability. A blue-chip customer base with high renewal rates.

› Diversification. Limited customer concentration.
› Well Positioned. Companies that are current or potential market leaders.
› Growth Potential. Companies with revenue and margin growth opportunities.

 In most cases, Vista is the majority shareholder and sole outside investor; this allows for differentiated, long-term perspective and
reduces potential distractions caused by having multiple financial investors.
 Notable recent deals include:

› Apptio. In January 2019, Vista took Apptio private for $1.8 billion (8.2x TTM revenue). The company provides cloud-based
technology business management SaaS to enterprises.
› MINDBODY. In February 2019, Vista Equity Partners Fund VI and Vista Equity Partners Fund VII completed the take-
private of MINDBODY. Vista paid $1.9 billion (8.1x TTM revenue) for MINDBODY, a global provider of business
management software to the wellness services industry.
› Zapproved. In May 2017, in its first strategic investment since launching, the Vista Endeavor Fund acquired a majority
interest in Zapproved, a pioneer in cloud‐based e-discovery software for corporate legal departments. Vista has a
history of investing in LegalTech companies, and this investment will allow management to scale through the next phase of
growth. AGC Partners served as the exclusive financial advisor to Zapproved in this transaction.

 While Vista’s transactions have been primarily in the United States (73%), Vista also looks for opportunities abroad.

 Of Vista’s 325 investments since 2012, all but 10 have been control transactions for majority ownership.
*Ranking reflects aggregate revenue of Vista Equity Partners private equity portfolio
companies as ranked by Capital IQ against the top 10 public software companies.
Source: 451 Research, Pitchbook, Capital IQ
Exits with Disclosed Values (2015 – YTD)
Entry Price Exit Price 3
Date Portfolio Company Acquirer / Venue ($M) ($M) Years Held Gross Profit CAGR

Feb-20 ND $700 3.5 N/A N/A

(1)
Sep-19 IPO (NYSE: PING) 600 2,142 3.8 257% 40%

(2)
Aug-19 1,099 2,464 4.4 124% 20%

Oct-18 1,801 4,750 2.2 164% 55%

Jul-18 145 * 775 6.3 434% 30%

Jul-18 524 1,400 3.7 167% 30%

(3)
Apr-18 350 872 2.9 149% 37%

Nov-17 160 500 5.5 213% 23%

Sep-17 1,064 1,207 3.8 13% 3%

(1) Realized and unrealized value based on 4/6/20 trading price and 80% post IPO ownership.
(2) Partial exit. Vista still owns 50%
(3) Partial exit. Vista still owns 50%.
* Includes co-investors.
Source: 451 Research, Pitchbook, Capital IQ
 Exits with Disclosed Values (2015 – YTD)
Entry Price Exit Price 4
Date Portfolio Company Acquirer / Venue ($M) ($M) Years Held Gross Profit CAGR

Jul-17 $5 $29 8.4 480% 23%

Apr-16 1,500 2,400 1.4 60% 40%

Mar-16 ND 521 3.2 N/A N/A

Jun-15 128 400 5.4 213% 23%

Sep-15 ND 315 3.9 N/A N/A

(1)
May-15 1,000 1,900 1.9 90% 40%

Average of Disclosed Exits: 228% 34%

(1) Partial exit. Vista still owns 20%.

Source: 451 Research, Pitchbook, Capital IQ

 Tech Investing Timeline
Deal Amount* 5
$5B

$1B

$100M

Non-
Disclosed*

Year 2012 2013 2014 2015 2016 2017 2018 2019

Direct Investments 10 10 11 12 11 17 14 9
Add-Ons 21 23 24 33 31 33 37 42
Total # of Deals 31 33 35 45 42 50 51 51

*Direct investments only. Source: 451 Research, Pitchbook

Vista Equity Partners – Fund Family Overview

Flagship
2000
6
I
$250M Credit
Liquidated
Foundation Opportunities
I I
II
$1B $400M $200M
Liquidated
89% Invested 100% Invested

III
$1.3B
92% Invested
II II
$1.1B $935M
IV 48% Invested 100% Invested
$3.5B
83% Invested
Endeavor
I
III III
V
$560M
$5.8B
71% Invested $3B $2B* 71% Invested
81% Invested Open

VI Perennial
$11B
85% Invested II
IV $3B
$850M
ND
$3.25B* 7% Invested

2019
VII
$16B
Open
25% Invested

* Target amount. Not yet closed.

Source: Pitchbook
 Vista Equity Partners – Strategies Overview
 Vista Perennial – Large cap strategy ($1B+ in target revenues). Permanent capital strategy enables longer
investment periods than traditional private equity, generating long-term, consistent dividends. 7

 Vista Flagship – Targets middle-market and large cap companies ($200M - $1B in revenues) in the enterprise
software, data, and technology-enabled sectors.
 Vista Foundation – Targets lower middle-market and middle-market companies ($50M - $200M in revenues) in
the enterprise software, data, and technology-enabled sectors.
 Vista Endeavor – Targets lower-middle market and high-growth companies ($10M - $50M in revenues) in the
enterprise software, data, and technology-enabled sectors.

Most Recent Funds:

Vista Equity Partners Vista Equity Partners Vista Endeavor Fund II Total Funds Fast Facts
Fund VII Perennial
Raised:
Fund size: $3B Total Funds: 21
Fund size: $16B Fund size: $850M

Check size: $20M - $1B

Target geography:
Check size: $200M+

Target geography:
Check size: $10- $30M

Target geography:
$57 100% Invested in Tech

Target geography:
North America, Europe
North America and
Europe
North America and
Europe
North America and
Europe Billion 15 Active Funds
Closed September 2019 Launched Nov. 2018 Closed July, 2019 2 Liquidated Funds
Targets middle-market Evergreen fund Targets lower-middle 4 Funds Raising
and large cap enterprise Targets large cap market and high-growth $3 Capital
software companies enterprise software companies in enterprise ND
companies software

Source: 451 Research, Pitchbook, Capital IQ

Vista Equity Funds – Launch History
 Vista has launched five of its seven flagship buyout funds in the last 11 years, each increasing in 8
size sequentially, as well 10 other funds across five strategies.

 Vista Equity Partners Fund VII is the firm’s most recently closed and largest fund to date. At $16B,
it is the largest ever technology-focused buyout fund.

$20,000 Vista Equity Funds ($45B)

Vista Equity Fund VII
$18,000

$16,000 $16B
$14,000
Vista Equity Fund VI
$12,000

$11B
$10,000

$8,000
Vista Equity Fund V

$6,000 $5.8B Vista Perennial Vista Foundation

Vista Equity Fund IV Fund Fund IV
$4,000
Vista Foundation Fund III
$3.5B $3.25B
Vista $3B $3B
$2,000 Equity Vista Foundation Fund II Vista
Vista Endeavor Credit III
Fund III Vista Foundation Fund I Endeavor
Credit Opportunities II II
Credit Opportunities I I
$0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: 451 Research, Pitchbook, Capital IQ

Most Capital Raised Since 2010

9
$45B

$40B

$35B

$30B

$25B

$20B

$15B

$10B

$5B

$0B
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Vista Equity Thoma Bravo Silver Lake Insight Partners Providence Francisco TA Associates

Source: Pitchbook, Capital IQ

Vista Places its Bets

Government & 10
Finance & Nonprofit
Retail & Healthcare
Insurance Transportation
33 32 25 17
Transactions Transactions Transactions Transactions

Education
Education Security & Network
32
Media, Ent & 26
Transactions
Transactions
Travel 23
Transactions
51
Transactions Legal & Compliance

Real Estate & Construction

22
Sales & Transactions
Multiple/ Marketing 15
Horizontal 27 Agriculture
& Energy
Transactions
Transactions
43
Transactions 5
Transactions

1
Trans.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

The Vista Equity Global Investment Team
Robert F. Smith
Founder, Chairman & CEO
Robert is the Founder, Chairman, and Chief
Executive Officer of Vista Equity Partners. He
directs Vista’s investment strategy and decisions,
firm governance, and investor relations. Since
founding Vista in 2000, Robert has overseen
over 380 completed transactions by the firm
representing nearly $120 billion in transaction
value. Prior to Vista, he served as Co‐Head of
Enterprise Systems and Storage at Goldman
Sachs, advising on over $50 billion in merger and
acquisition activity. Robert earned his B.S. in
Chemical Engineering from Cornell University
and his M.B.A. with honors from Columbia
Business School.
Alan Cline
Senior Managing Director, Private Equity
Alan is a Senior Managing Director at Vista Equity
Partners where he has worked since October
2008. Alan works with the private equity funds
focused on the lower middle market within the
software universe, overseeing both the buyout and
growth equity efforts within the fund. Prior to his
current position, Alan was a General Partner at
Accretive. Alan began his career at Associate and
Analyst at Goldman Sachs. Alan earned his B.S. in
Systems Engineering for the University of Virginia
and an M.B.A. from Stanford University Graduate
School of Business.
Brian N. Sheth
Co-Founder & President
Brian co-founded Vista Equity Partners and
currently serves as President. He is the Vice-
Chairman of the Vista Private Equity Funds’
Investment Committees and is actively involved
in the execution of all of the investment activities
for the Vista Private Equity Funds. Brian is also
focused on the development of Vista’s personnel
and the executive leadership of Vista Private
Equity Funds’ portfolio companies. He serves on
the boards of numerous Vista Private Equity Fund
portfolio companies. Brian earned a B.S. in
Economics, Concentration in Finance, from the
University of Pennsylvania.
Michael Fosnaugh
Senior Managing Director, Private Equity
Michael currently serves as Senior Managing
Director and Co-Head of the Chicago office at
Vista Equity Partners. Presently, Michael sits on
the Vista Flagship Fund’s Investment Committee
and on the boards of Advicent Solutions, Alegeus,
EAB, Greenway Health, Integral Ad Science, Jamf,
Mediaocean, Ping Identity, and PlanSource. He
was also actively involved in Vista's investments in
SirsiDynix, Sunquest Information Systems, MRI
Software, Zywave, and Websense. Prior to joining
Vista, Michael worked at SG Cowen & Co., where
he was focused on the software, services, and
financial technology sectors. Michael earned his
B.A. in Economics from Harvard College.
Source: Company web site, LinkedIn
11
David Breach
COO & Chief Legal Officer
David joined Vista Equity Partners in 2014. He is
Chief Operating Officer and Chief Legal Officer
at Vista and sits on Vista’s Private Equity Funds’
Investment Committees. David also sits on the
boards of several Vista portfolio companies. Prior
to joining Vista, he worked as a Senior Corporate
Partner with the law firm Kirkland & Ellis, where
his practice focused on the representation of
private equity funds in all aspects of their
business. While at Kirkland & Ellis, David was a
member of its 15-person Global Executive
Management Committee and was a founding
partner of its San Francisco office. He received a
B.B.A. in Marketing from Eastern Michigan
University and a J.D from the University of
Michigan.
James Hickey
Senior Managing Director, Private Equity
James is a Senior Managing Director at Vista
Equity Partners. James sits on the Vista Flagship
Funds’ Investment Committee and is the Co-
Head of the Chicago office. Additionally, he sits
on the boards of Advicent Solutions, Aptean,
EagleView, Greenway Health, and NAVEX
Global. Prior to joining Vista, James spent 25
years at William Blair & Company. James is also
a Chartered Financial Analyst. James earned a
B.A. in Economics from Williams College where
he graduated with honor, and an M.B.A. from
the University of Chicago.
The Vista Equity Global Investment Team (Cont.)

12
Burke Norton Rob Rogers Monti Saroya
Senior Managing Director, Private Equity Senior Managing Director, Private Equity Senior Managing Director, Private Equity

Burke is a Senior Managing Director in the San
Francisco office at Vista Equity Partners.
Burke is also Co-Head of Vista Perennial
Capital, with a focus on longer-term horizon.
Prior to joining Vista, Burke was Chief of
Corporate and Government Affairs, Chief
Legal Officer, and a member of the Executive
Committee at Salesforce. In addition to his
work at Vista, Burke is Chairman of the World
Economic Forum’s Digital Policy Community
and is a member of the Council on Foreign
Relations. Burke earned a B.A. in International
Relations from Brigham Young University and
a J.D. from the University of California, School
of Law.
Rob is a Senior Managing Director at Vista
Equity Partners, where he sits on the
Investment Committee and co-heads the
Foundation Fund. Rob currently sits on the
boards of Khoros, Lone Wolf, Naviga,
Regulatory DataCorp, Social Solutions, Tomia,
Trintech, and Upserve. Prior to joining Vista,
Rob served as Director of Finance and Business
Development for Integra LifeSciences. Before
his time with Integra, Rob worked in the
Mergers & Acquisitions Group of Goldman,
Sachs & Co. Rob holds an A.B. in Public and
International Affairs from the Woodrow Wilson
School at Princeton University and an M.B.A.
from Stanford University.
Monti is a Senior Managing Director at Vista
Equity Partners. Monti sits on the Vista
Flagship Funds’ Investment Committee, and on
the boards of Advanced Computer Software
Group, Apptio, Aspire, Cvent, Infoblox,
PowerSchool, The Active Network and Vivid
Seats. Prior to joining Vista, Monti worked as a
senior research analyst for JMP Securities.
Monti previously worked as an associate for
the enterprise software/applications team.
Before his time with JMP, Monti worked for
Siebel Systems in a sales capacity for the CRM
On Demand division. Monti holds a B.S. in
Computer Engineering from California
Polytechnic State University.

René Yang Stewart Marc Teillon

Senior Managing Director, Private Equity Senior Managing Director, Private Equity

René is a Senior Managing Director at Vista
Equity, where she co-heads the Endeavor Fund
and sits on its Investment Committee. René
currently sits on the boards of Dispatch, Gather,
Kazoo, RADAR, SecureLink, and Zapproved.
Prior to joining Vista, René worked at Yahoo! in
the Corporate Finance Group, focusing on
mergers and acquisitions and business
development opportunities for the company.
Prior to Yahoo!, René worked in the Global
Technology Group at Lehman Brothers. René
earned a B.A. in Economics from Columbia
University.
Marc is a Senior Managing Director at Vista
Equity Partners, where he currently sits on the
boards of Aptean, CentralSquare, Dealer-
Socket, LogicMonitor, Omnitracs, Paylease,
PowerSchool, and Quick Base. Prior to joining
Vista, Marc was a Vice President in Citi’s
Investment Banking division. While at Citi, Mr.
Teillon advised clients on buy-side and sell-side
transactions, public and private equity
financings, and other strategic advisory
initiatives. Before that, Marc was a Director,
Finance for Chindex International in China.
Marc earned a B.S. in Economics from the
Wharton School, and an M.B.A. from Harvard
Business School.

Source: Company web site, LinkedIn

Notable Exits and Case Studies
 Vista has completed 31 partial or complete exits since inception, over half of which (16) were completed
just in the last five years. 13

 All of these exits were sales to strategic buyers or other PE firms with the exception of Ping Security
which completed a successful IPO in September of 2019, netting Vista over $1.5B in realized and
unrealized profit based on today’s price.

 Vista’s $4.8B sale of Marketo in October, 2018 was by far its largest and most lucrative exit. In just over
two years, Vista overhauled Marketo’s management, re-focused on larger enterprise customers,
completed two add-on acquisitions, and deployed their consulting team and relevant operational best
practices en route to a 72% IRR and $3B in realized profit, the largest in the firm’s history.
Acquisition Sale
$4.75

Ent. Value ($M)

EV: $1.8B EV: $4.75B

$1.8
~2 Years

May 2016 September 2018

Acquisition Public
$2.1B

Ent. Value ($M)

$1.1B

EV: $600M EV: $2,100M

$600M
~3 Years

Nov 2014 IPO: Sept 2019 Present

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Direct Investments
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description

Mar-20 Tripleseat Software Tripleseat Software Sales & Marketing ND ND ND Provider of sales and event management web application.
14
Developer of open-source software designed to offer software
Nov-19 Sonatype Vista Equity Partners Multiple / Horizontal ND ND ND
supply chain automation and security products.

Media, Entertainment & Provider of outsourced exchange electronic business and electronic
Nov-19 Accelya Vista Equity Partners ND ND ND
Travel invoicing services.

Develops and operates a cloud based platform that provides

Sep-19 Acquia Vista Equity Partners Multiple / Horizontal 1,000 ND ND
commerce, content, community, and contextual solutions

Provides solutions and services for the private capital and family
Sep-19 AltaReturn Vista Equity Partners Finance & Insurance 500 ND ND
office markets

Develops business continuity, disaster recovery, and risk

Sep-19 Fusion Risk Management Vista Equity Partners Multiple / Horizontal ND ND ND
management solutions

Provides trade order, credit, compliance and portfolio management

May-19 Black Mountain Systems Vista Equity Partners Finance & Insurance ND ND ND
software and SaaS for wealth managers and financial institutions

Provides benefit and payroll management SaaS for small and

Mar-19 PlanSource Holdings Vista Equity Partners Healthcare ND ND ND
medium-sized businesses

Media, Entertainment & Provides software solutions that enable users to control digital
Feb-19 Four Winds Interactive Vista Equity Partners ND ND ND
Travel signage networks from one central location.

Jan-19 QuickBase Vista Equity Partners Multiple / Horizontal ND ND ND Develops and operates cloud-based application building platform

Provides ERP and CRM SaaS for health and fitness facilities.
Dec-18 MINDBODY Vista Equity Partners Healthcare 1,849 229 8.1x Software provides features for facilities scheduling, workforce
management, e-commerce and business analytics
Provides AI-enabled data management and visualization SaaS for
Dec-18 7Park Data Vista Equity Partners Multiple / Horizontal ND ND ND
enterprises and investment firms

Provides project and document management, and enterprise work

Nov-18 Wrike Vista Equity Partners Multiple / Horizontal ND 90 ND
collaboration SaaS for businesses

Provides cloud-based technology business management (TBM)

Nov-18 Apptio Vista Equity Partners Multiple / Horizontal 1,851 225 8.2x
SaaS for businesses
Provides a Software-as-a-Service (SaaS)-based incident response
Nov-18 RADAR Vista Equity Partners Legal and Compliance ND ND ND management platform for Fortune 100 companies and other
organizations in the United States
Provides roaming management software for wireless telecom
Oct-18 Starhome Vista Equity Partners Security & Network 100 ND ND
service providers globally
Develops software solutions for field service businesses. Its software
Sep-18 Dispatch Vista Equity Partners Real Estate & Construction ND ND ND enables businesses to find the best worker for a job based on
availability, location, and skill set
Provides governance, risk management, and compliance
Aug-18 Compliance Science Vista Equity Partners Legal and Compliance ND ND ND management solutions to the financial services and professional
services community
Provides employee recruitment management software as a service
Aug-18 iCIMS Vista Equity Partners Multiple / Horizontal ND 180 ND
(SaaS) for businesses globally
Provides employee health benefits administration software for health
Aug-18 Alegeus Technologies Vista Equity Partners Healthcare ND ND ND insurance providers. Software provides features for transaction
processing and records management

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Direct Investments (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description

Jul-18 CentralSquare Technologies Vista Equity Partners Government and Nonprofit ND ND ND Provides agile software platform for local governments.
15
Provides advertising valuation, verification, fraud detection and
Media, Entertainment &
Jun-18 Integral Ad Science Vista Equity Partners 800 150 5.3x advertising placement measurement SaaS for businesses and
Travel
advertisers
Provides workforce management, optimization and scheduling SaaS
Apr-18 Allocate Software plc Vista Equity Partners Healthcare 450 70 6.4x
for the healthcare sector in Europe

Provides enterprise IT infrastructure performance monitoring and

Apr-18 LogicMonitor Vista Equity Partners Security & Network 300 45 6.7x
systems management SaaS

Apr-18 YouEarnedIt Vista Equity Partners Multiple / Horizontal ND ND ND Operates a software platform for the employee engagement

Provides cloud and appliance-based backup and recovery systems

Oct-17 Datto Vista Equity Partners Security & Network ND ND ND
and services for small to medium-sized businesses

Oct-17 JAMF Software Vista Equity Partners Retail & Transportation ND ND ND Provides iOS-focused device management SaaS for enterprises

Provider of free online computer courses intended to create

Sep-17 Code.org Vista Equity Partners Education ND ND ND
educational courses for non-commercial purposes

Media, Entertainment & Provides private event management SaaS for restaurants and the
Sep-17 Gather Technologies Vista Equity Partners ND ND ND
Travel hospitality industry

The Advisory Board Provides research, consulting, and systems integration services for
Aug-17 Vista Equity Partners Education 1,550 ND ND
Company the education sector

Provides Web-based, desktop and mobile software testing services

Aug-17 Applause Vista Equity Partners Multiple / Horizontal 420 70 6.0x
for businesses and software developers

Provides managed security and systems integration services for

Aug-17 SecureLink Vista Equity Partners Security & Network ND ND ND
businesses

Media, Entertainment &

Jul-17 Upserve Vista Equity Partners ND ND ND Develops a smart management assistant for restaurants
Travel

Provides mobile survey data and customer analytics software to

Jun-17 ScoutIt Vista Equity Partners Retail & Transportation ND ND ND
businesses

Provides property management SaaS to enable property managers

Jun-17 PayLease Vista Equity Partners Real Estate & Construction ND ND ND
to process and manage HOA and rent payments

Media, Entertainment & Developer of a business travel booking platform for individuals and
Jun-17 Upside Travel Vista Equity Partners ND ND ND
Travel business organizations
Offers social community-based marketing, social media
May-17 Lithium Technologies Vista Equity Partners Finance & Insurance 330 110 3.0x management and analytics, as well as customer support SaaS for
businesses
Provides sales performance and compensation management,
May-17 Xactly Corporation Vista Equity Partners Sales & Marketing 562 95 5.9x
analytics and planning software as a service (SaaS) for businesses

May-17 Zapproved Vista Equity Partners Legal and Compliance ND ND ND Provides e-discovery software SaaS for corporate legal departments

Provides a database of industry information on the retail and

Apr-17 Market Track Vista Equity Partners Retail & Transportation ND ND ND
manufacturing industries.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Direct Investments (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Develops and provides market intelligence solutions that bring
Apr-17 Numerator Vista Equity Partners Sales & Marketing ND ND ND together omnichannel marketing, merchandising, and sales data for
brand, retail, and agency clients
16
Provides ERP administration SaaS for government and public safety
Dec-16 SunGard Vista Equity Partners Government and Nonprofit 850 ND ND entities and cloud-based administration and student management
software for K-12 educators
Provides email and digital subscription management SaaS for
Sep-16 GovDelivery Vista Equity Partners Government and Nonprofit 153 ND ND
government agencies.

Provides DNS, DHCP, and IP address management and network

Sep-16 Infoblox Vista Equity Partners Security & Network 1,342 358 3.7x
service delivery software.
Provides GRC and related BI analytics SaaS to enable financial
Sep-16 Regulatory DataCorp Vista Equity Partners Legal and Compliance ND ND ND institutions to prevent money laundering, bribery and other financial
crimes
Provides streaming media SaaS to enable US government agencies
Aug-16 Granicus Vista Equity Partners Government and Nonprofit ND ND ND
to create, manage, distribute and share online content

Lone Wolf Real Estate

Jul-16 Vista Equity Partners Real Estate & Construction ND ND ND Provides software solutions for real estate offices in North America
Technologies

Provides enterprise Identity-as-a-Service (IDaaS), including identity

Jun-16 Ping Identity Corporation Vista Equity Partners Security & Network 600 ND ND
and access management and authentication SaaS

May-16 Marketo Vista Equity Partners Sales & Marketing 1,790 226 7.9x Provides marketing automation SaaS for businesses

Provides property and casualty insurance agency management and

May-16 Vertafore Vista Equity Partners Finance & Insurance ND ND ND
policy administration software and SaaS for the insurance sector

Media, Entertainment &

Apr-16 Cvent Vista Equity Partners 1,505 188 8.0x Provides event planning management SaaS for businesses globally
Travel

Provides mobile point of sale (mPOS) SaaS, as well as unified retail

Jan-16 Fiverun Vista Equity Partners Retail & Transportation ND ND ND
and e-commerce operations management SaaS, for retailers
Provides carrier interconnect optimization, billing, routing, trading
Jan-16 Telarix Vista Equity Partners Security & Network ND ND ND and collaboration SaaS for wireline, wireless and VoIP
telecommunications providers
Provider of software for business information exchange and
Jan-16 Tomia Vista Equity Partners Sales & Marketing ND ND ND
interconnection services for telecom carriers
Provides an online secondary ticketing marketplace for consumers
Media, Entertainment &
Jan-16 Vivid Seats Vista Equity Partners ND ND ND and ticket sellers to buy and sell tickets for live sports, concert and
Travel
theater events through www

Nov-15 Kibo Software Vista Equity Partners Retail & Transportation ND ND ND Develops eCommerce platform for mid-market merchants

Provides e-commerce SaaS for online retailers, direct marketers and

Nov-15 MarketLive Vista Equity Partners Retail & Transportation 105 33 3.2x
manufacturers

Provides e-commerce and in-store inventory and order management

Nov-15 Shopatron Vista Equity Partners Retail & Transportation 100 30 3.3x
SaaS for multi-channel retailers and manufacturers

Provider of performance measurement and data benchmarking

Oct-15 Sightlines Vista Equity Partners Security & Network ND ND ND
services to higher education institutions
Provides auto insurance claims processing and management
Sep-15 Solera Holdings Vista Equity Partners Finance & Insurance 5,746 1,141 5.0x software, as well as anti-fraud, risk management and salvage yard
management software

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Direct Investments (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides enterprise accounting, transaction reconciliation and
Sep-15 Trintech Vista Equity Partners Finance & Insurance 105 ND ND
reporting SaaS 17
Develops and operates a marketing automation and CRM platform
Jul-15 Main Street Hub Vista Equity Partners Sales & Marketing 25 ND ND that integrates social, reviews, and mobile and email marketing to
help local businesses
Provides advertising order management, analytics, performance
Jun-15 Mediaocean Vista Equity Partners Sales & Marketing 594 205 2.9x
monitoring and procurement software SaaS for businesses
Provides Web-based and mobile student information system (SIS)
Jun-15 PowerSchool Vista Equity Partners Education 350 97 3.6x software and related educational data management services to K-12
schools worldwide
Provides online aerial 3D roof and wall measurement report data for
Jun-15 EagleView Technologies Vista Equity Partners Real Estate & Construction 715 ND ND
the insurance and construction industries

Provides software solutions to protect users, data, and network

Apr-15 Forcepoint Vista Equity Partners Security & Network 335 ND ND
against insider threats and outside attacks.
Provider of cloud mobile marketing services. The company's
Media, Entertainment &
Mar-15 Tetherball (assets) Vista Equity Partners ND ND ND business includes leading brands such as Carl's Jr., CiCi's Pizza,
Travel
Dairy Queen, McDonald's and New Belgium Brewery.

Dec-14 Return Path Vista Equity Partners Security & Network 35 ND ND Provides data solutions to various companies worldwide

Provides accounting, HR and payroll management, procurement,

Advanced Computer
Nov-14 Vista Equity Partners Healthcare 1,197 364 3.3x business intelligence (BI), and SCM software for businesses and
Software Group
government agencies globally
Provides GRC, analytics reporting and violation hotline management
Oct-14 NAVEX Global Vista Equity Partners Legal and Compliance 550 150 3.7x
SaaS for businesses, governments and schools.

Provides transaction processing services and related EDI software

Oct-14 TransFirst Vista Equity Partners Multiple / Horizontal 1,500 1,145 1.3x
for SMBs in the healthcare, retail and utilities sectors.

Sep-14 TIBCO Software Vista Equity Partners Multiple / Horizontal 4,200 1,091 3.8x Provides data integration software for businesses globally

Provides EDI transaction processing services and analytics,

Jul-14 AGDATA Vista Equity Partners Agriculture & Energy ND ND ND reporting, market intelligence services and marketing automation
SaaS
Provides performance management, assessment analysis, data
Jul-14 Social Solutions Vista Equity Partners Government and Nonprofit 125 20 6.3x management and trend identification SaaS for nonprofit social
services organizations.
Provides both front- and back-office service level management and
Jun-14 Autotask Vista Equity Partners Multiple / Horizontal ND 45 ND business automation SaaS for IT and managed services providers
and VARs
Provides sports statistics data collection, processing and distribution
Media, Entertainment &
May-14 STATS Vista Equity Partners ND ND ND software and services for media companies, professional sports
Travel
leagues and teams globally
Provides CRM and marketing automation software and software as
May-14 DealerSocket Vista Equity Partners Retail & Transportation ND 50 ND
a service (SaaS) and mobile CRM for automobile dealers
Provides Web-based human resources talent and performance
Mar-14 PeopleAdmin Vista Equity Partners Education ND ND ND management SaaS for government entities and higher education
institutions
Developer of financial planning software technologies for financial
Nov-13 Advicent Solutions Vista Equity Partners Finance & Insurance ND ND ND
advisors and enterprises in North America

Developer of software for the outdoor recreation industry intended to

Nov-13 Aspira Vista Equity Partners Government & Nonprofit ND ND ND
cultivate a connected world through shared experiences

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Direct Investments (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides member and event management, online marketing,
Media, Entertainment &
Sep-13 The Active Network Vista Equity Partners 946 441 2.1x transaction processing, HR management and CRM software and
Travel
SaaS for businesses
Greenway Medical Provides integrated information technology solutions and managed
18
Sep-13 Vista Equity Partners Healthcare 644 135 4.7x
Technologies business services to healthcare providers in the United States
Provides GPS-enabled vehicle fleet tracking hardware and SaaS
Aug-13 Omnitracs Vista Equity Partners Retail & Transportation 800 365 2.2x and fuel and maintenance management systems for transportation
and logistics companies worldwide
Provider of electronic health record and practice management with
Jul-13 SuccessEHS Vista Equity Partners Healthcare ND ND ND
Integrated Medical Billing Services.

Digital Technology Media, Entertainment & Provides print and digital advertisement booking, creation and
Jul-13 Vista Equity Partners ND ND ND
International Travel management SaaS for print and digital advertisement production

Media, Entertainment & Provides readership analytics and digital circulation management
Jul-13 Saxotech Vista Equity Partners ND ND ND
Travel software SaaS for digital media publishing markets

Media, Entertainment &

Jul-13 Naviga Vista Equity Partners ND ND ND Developer of content management and advertising software.
Travel

Provides Web content filtering, anti-data leakage and mobile device

May-13 Websense Vista Equity Partners Security & Network 887 359 2.5x
security systems and software.

Media, Entertainment & Operates an online marketplace that connects businesses with
Jan-13 Lanyon Vista Equity Partners ND ND ND
Travel hospitality vendors and travel management companies.
Designs and delivers technology solutions to help businesses meet
Nov-12 Sovos Compliance Vista Equity Partners Legal and Compliance ND 50 ND the demands of their unique tax compliance and reporting
obligations.
ADP's Taxware division, which provides value-added tax calculation
Nov-12 Taxware Vista Equity Partners Legal and Compliance ND ND ND
and compliance management software.

Reynolds and Reynolds Provider of IT solutions intended to reduce costs and increase
Aug-12 Vista Equity Partners Retail & Transportation ND ND ND
Infosystems productivity and efficiency.

Provides enterprise and mobile employee recruitment management

Jun-12 Bullhorn Vista Equity Partners Multiple / Horizontal 160 ND ND
and job application tracking SaaS.
Provides online senior citizen care educational and training courses
Silverchair Learning
May-12 Vista Equity Partners Education ND ND ND for the care for healthcare workers in assisted living and home
Systems
healthcare facilities
Developer of construction cost data, software and services designed
Mar-12 The Gordian Group Vista Equity Partners Real Estate & Construction 145 ND ND
for all phases of the construction lifecycle

Mar-12 Misys PLC Vista Equity Partners Finance & Insurance 2,217 632 3.5x Provides a broad range of software for the financial sector globally

Provides employee training software and educational courses for the

Mar-12 Essential Learning Vista Equity Partners Education ND ND ND healthcare sector, non-profit organizations and government agencies
in the US
Provider of online education and training services intended to
Mar-12 Relias Learning Vista Equity Partners Education 26 ND ND
measurably improve the lives of vulnerable sections of society

Develops financial software solutions in the United Kingdom and

Feb-12 Finastra Group Holdings Vista Equity Partners Finance & Insurance 2,141 639 3.2x
internationally

Provides CRM, ERP and supply chain software applications for small
Feb-12 Aptean Vista Equity Partners Multiple / Horizontal 250 219 1.2x
and large manufacturers.

Provides CRM, ERP, e-commerce, SCM and HR management

Feb-12 CDC Software Vista Equity Partners Education 250 219 1.1x
software and SaaS.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Advanced Computer Provider of consultancy services and software services to the legal
Mar-20 Tikit Group
Software Group
Legal and Compliance 99 ND ND
sector. 19
Developer of vehicle routing and scheduling optimization software
Mar-20 Paragon Software Aptean Retail & Transportation ND ND ND
based in Frisco, Texas

Mar-20 ZeeZor MINDBODY Retail & Transportation ND ND ND Provider of addictive technology platform.

Developer of dealership management system (DMS) software

Feb-20 AutoMate DealerSocket Multiple / Horizontal ND ND ND
created to offer a user-friendly, feature-rich DMS for use.

Media, Entertainment &

Jan-20 MBS France Mediaocean ND ND ND Provider of media management software based in Paris, France.
Travel

Developer of an algorithmic monitoring platform designed to help

Jan-20 Unomaly LogicMonitor Multiple / Horizontal ND ND ND
customers to automate the analysis of vast amounts of data.

Provides AI-based customer analytics and related customer data

Dec-19 AgilOne Acquia Sales & Marketing 31 ND ND
platform SaaS for enterprise B2C businesses.

Dec-19 YouVisit EAB Education ND ND ND Provider of a virtual tour creation platform.

Media, Entertainment & Provides NLP-based semantic targeting software that enables media
Nov-19 ADmantX Integral Ad Science ND ND ND
Travel buyers and sellers to match ads with relevant online content.

Provides Microsoft Dynamics 365-based ERP software and SaaS for

Nov-19 Schouw Informatisering Aptean Multiple / Horizontal ND ND ND
the food production sector.

Advanced Computer Provider of cloud based case management software intended for
Nov-19 CareWorks Healthcare ND ND ND
Software Group health and social care organizations.

Provider of short-term rental related software, data and consulting

Nov-19 Host Compliance Granicus Multiple / Horizontal ND ND ND
services.

Developer of a open-source platform designed to change data

Nov-19 SnapRoute Infoblox Security & Network ND ND ND
centers creation and maintenance.

Provides e-learning SaaS, also available as an e-learning

Oct-19 Schoology PowerSchool Group Education ND ND ND
management service.

Provides Microsoft Dynamics-based enterprise resource planning

Oct-19 Beck Consulting Aptean Multiple / Horizontal ND ND ND
(ERP) software for business in the food industry.

Oct-19 AccelaSchool PowerSchool Group Education ND ND ND Developer of an online data management system.

Oct-19 Linkfresh Software Aptean Multiple / Horizontal ND ND ND Provider of enterprise resource planning software.

Operator of a cloud-based platform intended to offer innovative e-

Oct-19 Monetate Kibo Software Sales & Marketing ND ND ND
commerce strategy.
Develops a software that accelerates and informs the deal-making
Sep-19 Real Factors 7Park Data Real Estate & Construction ND ND ND process, enhance analysis, and optimize risk-adjusted returns for
commercial real estate investors

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Media, Entertainment & Develops media management software intended to serve companies
Sep-19 PIN Systems Mediaocean
Travel
ND ND ND
across Asia-Pacific 20
Provides e-commerce and SCM systems integration and related
Sep-19 Sanderson Group Aptean Retail & Transportation ND ND ND software development services to online retail and wholesale
markets
Provides cloud-based training administration and learning
Sep-19 Enterprise Study Allocate Software Education ND ND ND
management systems.

Media, Entertainment & Provides outsourced software development and consulting, project
Aug-19 Simplicity First Software MINDBODY ND ND ND
Travel management and QA testing services for businesses

Provides application integration and workflow automation SaaS to

Aug-19 Cloudpipes QuickBase Security & Network ND ND ND
businesses

Provides endpoint cybersecurity protection software, extensions and

Jul-19 Digita Security JAMF Software Security & Network ND ND ND
plugins for macOS users

Media, Entertainment & Streams sport events to fans directly through its live and on-demand
Jul-19 Stats Perform STATS ND ND ND
Travel service

Develops and markets enterprise legacy information technology (IT)

Jul-19 ModSys International Advanced Multiple / Horizontal ND ND ND
modernization solutions and services worldwide

Provides cloud-based employee recruitment management SaaS to

Jun-19 Jibe iCIMS Sales & Marketing ND 15 ND
businesses

Media, Entertainment & Provides live event content management SaaS and mobile
Jun-19 DoubleDutch Cvent ND ND ND
Travel applications for businesses globally

Jun-19 Expolink NAVEX Global Legal and Compliance ND ND ND Provides outsourced whistle blowing and contact center services.

Media, Entertainment & Provides online magazine content distribution SaaS that enables
May-19 Zinio Naviga ND ND ND
Travel publishers to distribute magazines.

Media, Entertainment & Provides an online wedding venue directory at www.wedding-

May-19 Wedding Spot Cvent ND ND ND
Travel spot.com

Media, Entertainment & a financial management tool for monitoring and analyzing cloud
May-19 Cloudability Apptio ND ND ND
Travel expenses across any organization.

Computer Solutions & Provides distribution management SaaS, software and services for
May-19 Vertafore Finance & Insurance ND ND ND
Software International insurers and insurance distributors.

Develops machine-learning-powered chatbot SaaS that functions as

May-19 Bowtie Labs MINDBODY Sales & Marketing ND ND ND
a virtual receptionist for appointment-based businesses
Provides AI-enabled SaaS that enables apartment owners and
May-19 Zego PayLease Real Estate & Construction ND ND ND renters to control IoT smart home applications from a mobile
application
Provides enterprise asset management (EAM) and production
May-19 OPTIWARE Aptean Multiple / Horizontal ND ND ND
monitoring software and SaaS

Provides real estate transaction document and form management

Apr-19 zipLogix Lone Wolf Technologies Real Estate & Construction ND ND ND
software for the real estate sector.

Advanced Computer Provides database, software migration and software development

Apr-19 Modern Systems Multiple / Horizontal ND ND ND
Software Group services for business globally.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides online marketing and web design services for sports and
Media, Entertainment &
Apr-19 Perform Group STATS
Travel
ND ND ND entertainment website owners. Services include a video advertising 21
network and display ads.
Media, Entertainment & Provides white labeled live event ticketing solutions for major loyalty
Apr-19 Fanxchange Vivid Seats ND ND ND
Travel programs.

Advanced Computer Provides marketing technology and functional and creative solutions
Apr-19 Oyez Sales & Marketing ND ND ND
Software Group to businesses.
Provides field force management and resource scheduling software
Advanced Computer
Apr-19 Kirona Solutions Government and Nonprofit ND 14 ND for the housing, government, field service and healthcare industries
Software Group
globally
Provides customer service automation SaaS for the public sector
Apr-19 Firmstep Granicus Government and Nonprofit ND ND ND
and housing associations in the UK
Provides unified fleet driver and machine learning-based back-office
Mar-19 Blue Dot Solutions Omnitracs Retail & Transportation ND ND ND workflow management SaaS for the trucking and transportation
in.dustry
Provides Apache Spark-based analytics software integrated with in-
Mar-19 SnappyData TIBCO Software Multiple / Horizontal ND ND ND
memory database software, for businesses

Provides omnichannel personalization platform for brands and

Feb-19 Certona Kibo Retail & Transportation ND ND ND
retailers.
Provides claims management SaaS that enables the facilitation of
Feb-19 in4mo Oy Solera Holdings Finance & Insurance ND ND ND repairs for the insurance and residential real estate sectors in the
Nordic region.
Provides mobile device management SaaS for Apple devices used
Feb-19 ZuluDesk JAMF Software Education ND ND ND
in schools

Provides solutions for Public Works that enables agencies to meet

Jan-19 Lucity CentralSquare Technologies Government and Nonprofit ND ND ND
their demands for management of assets,

Provides technology solutions for customer engagement

Dec-18 Marketing G2 NEWSCYCLE Solutions Sales & Marketing ND ND ND
management, data discovery, and subscription

Provides master data management SaaS for enterprises. Software

Dec-18 Orchestra TIBCO Software Multiple / Horizontal ND ND ND
enables users to model, data match and govern master data

Provides workforce management SaaS to UK government

Dec-18 247 Time Allocate Software Government and Nonprofit ND ND ND
healthcare agencies and enterprises

Provides property management, reservation and registration

Nov-18 Mission Management Aspira Real Estate & Construction ND ND ND
software for RV parks and campgrounds.

Provides government records management and disclosure SaaS to

Nov-18 SouthTech Systems Granicus Government and Nonprofit ND ND ND
businesses

Provides authenticated access enterprise social networks for

Nov-18 Wambiz Allocate Software Education ND ND ND
organisations in the education and corporate markets
Provides collaborative event planning SaaS and related app for
Media, Entertainment &
Oct-18 Social Tables Cvent ND ND ND event planners, catering and services professionals, hotels and
Travel
venues in the US
Provides artificial intelligence (AI) based sales resource and capacity
Sep-18 OpsPanda Xactly Corporation Sales & Marketing ND ND ND
planning SaaS for businesses globally

Provides Apple- and Mac-based systems administration software for

Sep-18 Orchard & Grove JAMF Software Multiple / Horizontal ND ND ND
enterprise IT departments

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides geospatial imagery capture hardware and data analytics
Jul-18 Spookfish EagleView Technologies Government and Nonprofit 75 ND ND software for underwriters, tax assessors, city planners in Australia 22
and North America
Media, Entertainment &
Jul-18 SimpleOrder Upserv ND ND ND Provides inventory management platform for restaurants
Travel

Advanced Computer Provides electronic document management SaaS to healthcare

Jul-18 PCTI Solutions Healthcare ND ND ND
Software Group businesses

Media, Entertainment & Provides content creation SaaS for the media and publishing
Jul-18 Infomaker Scandinavia NEWSCYCLE Solutions ND ND ND
Travel industry in the Nordic region

Provides an employee engagement and performance management

Jul-18 Highground Kazoo Multiple / Horizontal ND ND ND
SaaS platform.

Media, Entertainment & Provides an online directory and booking service for live event
Jun-18 EVENTup Gather Technologies ND ND ND
Travel venues nationwide for event owners, promoters and consumers.
Provides machine learning-based API security software for
Jun-18 Elastic Beam Ping Identity Security & Network ND ND ND businesses. Software uses machine learning to understand API
activity, flag anomalous behavior and detect attacks

Jun-18 Malauzai Finastra Finance & Insurance ND ND ND Provides mobile and online payment and banking applications

Provides CRM and ERP-focused automated data integration SaaS

Jun-18 Scribe Software TIBCO Software Multiple / Horizontal ND 20 ND and cloud migration PaaS for enterprises operating in hybrid network
environments.
Media, Entertainment & Provides an online search engine for businesses to book venues for
Jun-18 Kapow Events Cvent ND ND ND
Travel corporate events at www.kapow.com

Provides software enabling the integration of computer aided

May-18 Tellus Central Sqaure Multiple / Horizontal ND ND ND
dispatch (CAD) systems.

Provides business-to-business (B2B) marketing attribution and

May-18 Bizible Marketo Sales & Marketing ND ND ND
revenue planning SaaS to enterprises

Media, Entertainment & Develops team collaboration mobile applications for use with
May-18 QuickMobile Cvent ND ND ND
Travel meetings, events and conferences

Advanced Computer Provides solutions to large scale application development and

Mar-18 Information Balance Multiple / Horizontal ND ND ND
Software maintenance practices across mainstream technology platforms.

Provides false alarm management solutions to public safety

Mar-18 Public fety Group Superion Government and Nonprofit ND ND ND
agencies

Provides customer logistics SaaS for automotive manufacturers and

Mar-18 RedCap Technologies Solera Holdings Retail & Transportation ND ND ND
their franchised dealers.

Provides legislative management SaaS for local government

Mar-18 IQM2 Granicus Government and Nonprofit ND ND ND
municipalities

Provides business management SaaS for food manufacturers and

Mar-18 IndustryBuilt Aptean Multiple / Horizontal ND ND ND
distributors
Provides spend management and procurement software and
Advanced Computer
Mar-18 Science Warehouse Education 23 ND ND services to commercial, government, higher education, NHS and
Software Group
housing customers in the United Kingdom
Provides website design, development and hosting services for
Feb-18 Vision Technology Solutions Granicus Education ND ND ND governmental agencies, educational institutions and non-profit
organizations

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides website design, development and hosting services for
Feb-18 Vision Technology Solutions Granicus Education ND ND ND governmental agencies, educational institutions and non-profit
organizations
23
Feb-18 Obero Xactly Corporation Sales & Marketing ND ND ND Provides sales performance management SaaS for businesses.

Media, Entertainment & Provides publishing, magazine advertising and event registration
Feb-18 Media Services Group NEWSCYCLE Solutions ND ND ND
Travel SaaS for publishers in the media industry

Provides student assessment and analytics SaaS for K-12

Jan-18 Performance Matters PeopleAdmin Education 125 30 4.2x
educational institutions and school districts

Jan-18 Olfa Soft Finastra Finance & Insurance ND ND ND Provides foreign exchange trading and automated pricing SaaS

Provides Web-based media distribution SaaS to businesses in the

Jan-18 Acquire Media NEWSCYCLE Solutions Finance & Insurance ND ND ND publishing and financial services industries. Also provides online
news content services
Provides natural language processing (NLP) customer analytics
Jan-18 TheySay Limited Aptean Sales & Marketing ND ND ND
software and SaaS for marketing professionals

Dec-17 Praeses Aptean Security & Network ND ND ND Developer of mission critical software suites.

The Connect business of Influence Health, which provides patient

Dec-17 Influence Health Aptean Healthcare ND ND ND analytics and records management SaaS for healthcare executives,
marketers and clinicians
Developer of a suite of estimating and project management
Dec-17 4Clicks Solutions Education Growth Partners Government & Nonprofit ND ND ND
software.
Provides machine learning-based advanced analytics SaaS to
Nov-17 Alpine Data Labs TIBCO Software Multiple / Horizontal ND ND ND businesses. Software provides features for collaborative analytics
reporting and business management
Provides accounting and financial process management SaaS for
Nov-17 Adra Software AS Trintech Finance & Insurance ND ND ND businesses worldwide. Software provides features for the
automation of the financial close process

Oct-17 Instanet Solutions Lone Wolf Technologies Real Estate & Construction ND ND ND Developer of technology and software for real estate industry.

The data virtualization business of Cisco Systems, which provides

Cisco Systems (data
Oct-17 TIBCO Software Security & Network ND ND ND enterprise-scale data virtualization software and consulting services
virtualization business)
to businesses
Provider of insurance premium tax compliance and indirect tax
Oct-17 FiscalReps Sovos Compliance Finance & Insurance ND ND ND
management services.

Provides Salesforce-based recruiting and staffing management

Sep-17 Connexys Bullhorn Multiple / Horizontal ND ND ND
SaaS for enterprises in Europe.
Provides social media-based team collaboration and social media
Media, Entertainment &
Aug-17 Jive Software Lithium Technologies ND ND ND monitoring and marketing software as a service (SaaS) for
Travel
businesses
Provides meeting agenda management SaaS for government
Aug-17 Novusolutions Granicus Government and Nonprofit ND ND ND
entities

Provides enterprise location-based sales performance management

Aug-17 TTG Xactly Corporation Sales & Marketing ND ND ND
software

Aug-17 Paperless Chile Sovos Compliance Security & Network ND ND ND Provider of electronic receipts and document management services.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides microservices and API software development tools and
Jul-17 Nanoscale TIBCO Software Multiple / Horizontal ND ND ND
SaaS for developers. 24
Media, Entertainment & Provides integrated Web, mobile social media, email and print
Jun-17 Xpressdocs Holdings Reynolds and Reynolds ND ND ND
Travel marketing SaaS and services, for enterprises and franchises

Provides online automotive parts and accessory cataloging SaaS for

Jun-17 TradeMotion Reynolds and Reynolds Retail & Transportation ND ND ND
automotive dealerships and manufacturers

Provides data management software and services for the automotive

Jun-17 Colimbra Holding Solera Holdings Finance & Insurance ND ND ND
insurance sector

Provides records management SaaS for businesses in the fire and

Jun-17 FDM Software Aptean Healthcare ND ND ND
emergency medical service (EMS) departments

Provides fleet management SaaS and GPS vehicle tracking

Jun-17 Shaw Tracking Omnitracs Retail & Transportation ND ND ND
hardware to the transportation and logistics industry

Provides ERP and SCM software and SaaS primarily for the
May-17 Apprise Software Aptean Retail & Transportation ND ND ND
consumer goods sector

May-17 Statistica TIBCO Software Multiple / Horizontal ND ND ND Provides predictive analytics SaaS to businesses

Provides Web-based real-time GIS monitoring, machine-learning,

Apr-17 OmniEarth EagleView Technologies Agriculture & Energy ND ND ND
data aggregation and analytics SaaS.

Provides insurance analytics reporting and portfolio management

Apr-17 RiskMatch Vertafore Finance & Insurance ND ND ND
SaaS for agencies, underwriters and brokers

Provides sales productivity and email marketing SaaS for

Apr-17 ToutApp Marketo Sales & Marketing 9 4 2.6x
businesses

Media, Entertainment & Provides sports team management SaaS for sports teams and
Apr-17 TeamPages Active Network ND ND ND
Travel leagues

Provides transaction processing services and financial technology

Mar-17 DH Corporation Misys PLC Finance & Insurance 3,550 1,247 2.8x
software to financial institutions and payment providers

irms 360 Enterprise Provides warehouse, emergency and asset management SaaS for
Feb-17 Aptean Multiple / Horizontal ND ND ND
Solutions businesses

Developer of a security CASB software created to provide visibility

Feb-17 Imperva Skyfence Forcepoint Security & Network ND ND ND
and control over user activity.

Provides an online identity authentication SaaS for consumers,

Jan-17 Digidentity Solera Holdings Security & Network ND ND ND
brands, organizations and government entities globally
Provides online automotive and motorcycle aftermarket reference
Jan-17 Autodata Solera Holdings Retail & Transportation 419 ND ND content for automotive workshops for the repair and servicing of
vehicles
Provides cloud and server-based sports and recreational facility
Jan-17 Maximum Solutions Active Network Finance & Insurance ND ND ND
management software for public and private sectors

Provides learning and classroom behavior management SaaS for

Oct-16 Chalkable PowerSchool Group Education ND ND ND
teachers, administrators and parents

The retail e-commerce SaaS product of Volusion, which also

Oct-16 Volusion Kibo Software Retail & Transportation 7 5 1.4x
provides Web design and online inbound marketing services

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
The retail e-commerce SaaS product of Volusion, which also
Oct-16 Volusion Kibo Software Retail & Transportation 7 5 1.4x
provides Web design and online inbound marketing services 25
Provides intellectual property (IP) search engine SaaS to law and
Oct-16 GQ Life Sciences Aptean Healthcare ND ND ND patent firms and the life science, pharmaceutical, agrochemical and
biotech industries
Provides self-service Web search recommendation SaaS to online
Sep-16 Baynote Kibo Software Retail & Transportation ND ND ND
merchants and marketers globally

Wolters Kluwer (GRC Provides indirect loan origination solutions division for the
Sep-16 Reynolds and Reynolds Finance & Insurance 36 ND ND
business) automotive, watercraft and recreational vehicle dealership industry.

Provides student information management (SIM) software for the K-

Aug-16 SRB Education PowerSchool Group Education ND ND ND
12 education sector in Canada
Provides Government and Enterprise Management Solutions
Aug-16 StarDyne Technologies Aptean Government and Nonprofit ND ND ND (GEMS) and on-premise ERP software suites for local governments
and public sector enterprises.

Aug-16 Diamond Municipal Solutions Aptean Government & Nonprofit ND ND ND Provider of business and financial software.

Aug-16 United Systems Technology Aptean Government & Nonprofit ND ND ND Developer of integrated software designed for government sectors.

Provides identity and preference management, customer analytics

Aug-16 UnboundID Corp Ping Identity Security & Network ND 15 ND
and related automation software and SaaS for businesses
Provides property insurance valuation, property contents information,
Jul-16 Enservio Solera Holdings Finance & Insurance ND ND ND policy pricing and claims management SaaS for homeowner's
insurance businesses
Provides advertising sales management software for broadcast and
Jul-16 INVISION Mediaocean Sales & Marketing ND ND ND
cable TV service providers and media companies

Jul-16 Invoiceware International Sovos Compliance Government & Nonprofit ND ND ND Provider of a cloud based platform to manage electronic invoicing.

Media, Entertainment & Provides mobile application development and Web design services
Jun-16 DoApp NEWSCYCLE Solutions ND ND ND
Travel for businesses in broadcast, radio and newspaper publishing sectors

Provides mobile citation SaaS and software to enable law

Jun-16 Advanced Public Aptean Government and Nonprofit ND ND ND
enforcement to give citations in the field

Provides learning management SaaS that enables K-12 educational

Jun-16 Haiku Learning PowerSchool Group Education ND ND ND
institutions to teach classes online
Provides athletic department management software and SaaS to
May-16 JumpForward Active Network Education ND ND ND enable recruiting, equipment management and analytics for
educational institutions
Provides predictive Web-based teacher recruiting, screening,
May-16 TeacherMatch PeopleAdmin Education ND ND ND
assessment and hiring software for educators

Media, Entertainment & Provides cloud-based media management SaaS for advertising
May-16 ColSpace Mediaocean ND 4 ND
Travel agencies

Provides special education case management, intervention response

May-16 Maximus PowerSchool Group Education ND ND ND
and behavior management software for educational institutions.
Provides automated account reconciliation, unclaimed property
Chesapeake System
May-16 Trintech Finance & Insurance ND ND ND compliance, cash and liquidity management, and bank fee analysis
Solutions
SaaS.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Media, Entertainment & Provider of web marketing and technology applications to real estate
Apr-16 WhereToLive.com Lone Wolf Technologies
Travel
ND ND ND
brokerages and franchises. 26
Provides geo-located sales data analytics and reporting, as well as
Apr-16 Focus Technology Group AGDATA Agriculture & Energy ND ND ND Salesforce automation, marketing, EDI and point-of-sale (POS)
SaaS for businesses
Mainspring Healthcare Provides hospital management software, Web hosting, integration
Apr-16 Accruent Healthcare ND ND ND
Solutions and support for the healthcare sector

Provides business analytics reporting SaaS for the automotive

Feb-16 ReverseRisk Reynolds and Reynolds Retail & Transportation ND ND ND
dealership industry

Feb-16 Interactive Achievement PowerSchool Group Education ND ND ND Provider of software for assessment of student performance.

Media, Entertainment & Provides advertising agency ERP software for marketing and
Jan-16 BCC AdSystems Mediaocean ND ND ND
Travel advertising agencies

Jan-16 Stonesoft Forcepoint Security & Network 380 ND ND Developer of computer network security hardware and software.

Provides Web-based enterprise asset management (EAM) and

Jan-16 AssetPoint Aptean Multiple / Horizontal ND ND ND
computerized maintenance management (CMMS) SaaS

Provides financial and accounting ERP and related corporate

Dec-15 Computron Software Aptean Finance & Insurance ND ND ND
performance management (CPM) software.
Provides virtual event gift bag marketing SaaS for trade-shows,
Media, Entertainment &
Dec-15 Virtual Event Bags Active Network ND ND ND conferences, consumer expos and other corporate-sponsored
Travel
events
Provides online K-12 enrollment, registration and acceptance
Nov-15 InfoSnap PowerSchool Group Education ND ND ND notification, school choice lottery management and staff registration
SaaS.
Provides e-signature, electronic mortgage closing documents
International Document
Oct-15 Reynolds and Reynolds Finance & Insurance ND ND ND preparation and related regulatory compliance SaaS and services for
Services
banks and mortgage loan providers
Provides customer relationship management (CRM), Salesforce
Oct-15 CoreTrac Aptean Sales & Marketing ND ND ND automation and sales tracking SaaS for banks and credit unions in
the US
Provides automotive dealership CRM, salesforce automation,
Sep-15 Contact Advantage Reynolds and Reynolds Sales & Marketing ND ND ND
management and text-based marketing apps for automotive markets

Provides winery tax and regulatory compliance and automated

Sep-15 WineDirect Compliance Sovos Compliance Legal and Compliance ND ND ND
reporting SaaS for winery e-commerce businesses

Provides integrated GRC, anti-laundering, best practices e-learning

Aug-15 Network NAVEX Global Legal and Compliance 200 40 5.0x
and whistleblower hotline management SaaS.
Provides patient flow management software, including EHR
Aug-15 Medworxx Solutions Aptean Education 12 6 2.1x management, hospital bed management and real-time patient
analytics.
Provides application program management (API) software and SaaS
Aug-15 Mashery TIBCO Software Multiple / Horizontal ND 18 ND
for businesses globally

Provides case matter management and electronic billing SaaS for in-
Aug-15 Economic Analysis Group Mitratech Holdings Legal and Compliance ND ND ND
house corporate legal departments

Provides inventory tracking and management software and websites

Aug-15 DealerTrack Holdings DealerSocket Retail & Transportation 55 ND ND
for automobile dealers in North America

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides team collaboration and file-sharing and storage SaaS for
Jul-15 Soonr Autotask Corporation Multiple / Horizontal 28 7 4.0x
businesses 27
Provides legal operations management, business process
Jul-15 Bridgeway Software Mitratech Legal and Compliance ND ND ND
management and document management software and SaaS.

Provides case, grant and victim support management SaaS for non-
Jun-15 Community Techknowledge Social Solutions Global Government and Nonprofit ND ND ND
profit organizations globally

Media, Entertainment & Provides supply chain management (SCM), inventory management,
Jun-15 Cinram Group Aptean ND ND ND
Travel logistics, analytics and related business intelligence reporting SaaS

Imaging Science and Provides accounting, document governance, risk management and
May-15 Sovos Compliance Finance & Insurance ND ND ND
Services compliance SaaS
Provides sports-related digital video capture, editing and
Media, Entertainment &
May-15 TVT Video Technologies STATS ND ND ND compression software, as well as sports video analysis software and
Travel
video-based scouting software
Provides automotive dealership management and auto loan
May-15 AutoStar Solutions DealerSocket Retail & Transportation ND ND ND
servicing SaaS for used car dealers and sub-prime auto lenders.

Media, Entertainment & Provides online sports performance analysis research databases for
May-15 Prozone Sports STATS ND ND ND
Travel coaches and sports organizations globally
Provides legal billing and practice management ERP software,
Apr-15 Timesoft Aderant Holdings Legal and Compliance ND ND ND software development and related implementation services for legal
firms in The Netherlands and Belgium
Provides wine and spirits regulatory and taxation compliance and
Apr-15 ShipCompliant Sovos Compliance Legal and Compliance ND ND ND
reporting SaaS for wineries and alcohol suppliers

Apr-15 Six88 Solutions Sovos Compliance Legal and Compliance ND ND ND Developer business software for the beverage alcohol industry.

PRG Brazil (agricultural

Mar-15 AGDATA Sales & Marketing ND ND ND Provider of strategic agriculture solutions in South America.
business)
Provides automotive dealership management SaaS, as well as auto
Feb-15 Finance Express DealerSocket Retail & Transportation ND ND ND loan servicing, customer service automation and email marketing
SaaS, for used car dealerships
Provides employee management, recruiting, hiring and staff
Feb-15 Netchemia PeopleAdmin Education ND ND ND
evaluation SaaS for K-12 education organizations in the US
Provides artificial intelligence (AI)-enabled natural language data
Feb-15 Automated Insights STATS Finance & Insurance ND ND ND processing SaaS for enterprises in the financial, sports and real
estate industries
Media, Entertainment & Provides a professional sports news, statistics, analysis and video
Feb-15 Sports Network STATS ND ND ND
Travel website for professionals, media companies and consumers.

Media, Entertainment & Manufacturers and distributes IP-X communication protocol-based

Feb-15 IPICO Sports Active Network ND ND ND
Travel RFID timekeeping tags and reader hardware and software systems
Provides real estate investment portfolio management, modeling and
Feb-15 Cougar Software MRI Software Real Estate & Construction ND ND ND planning SaaS for commercial and multi-family property investors in
over 27 countries worldwide
Provides Web design services, as well as online marketing and
Jan-15 DealerFire DealerSocket Sales & Marketing ND ND ND
advertising services for automotive dealerships.

Jan-15 Verdiem Aptean Agriculture & Energy ND ND ND Provides IT power management software and systems.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description

Jan-15 Verdiem Aptean Agriculture & Energy ND ND ND Provides IT power management software and systems. 28
Media, Entertainment & Provides a mobile event participation application and related online
Dec-14 GenieConnect Lanyon ND ND ND
Travel Web conferencing SaaS.
Provides facilities capital planning, asset management and related
Nov-14 VFA Accruent Education ND ND ND analytics SaaS for businesses, government agencies and
educational institutions.

Sep-14 Figlo Advicent Solutions Finance & Insurance ND ND ND Developer of financial software.

Provides endpoint remote monitoring and management (RMM) SaaS

Sep-14 CentraStage Autotask Government and Nonprofit ND 3 ND
to enable businesses to analyze and manage problems with servers.
Provides sports statistics data collection, analysis and predictive
Media, Entertainment &
Sep-14 Bloomberg Sports STATS ND ND ND modeling for major league teams, broadcasters and fantasy team
Travel
sports enthusiasts.
Provides EBOR-compliant, GPS-enabled mobile fleet management,
Sep-14 XRS Corporation Omnitracs Retail & Transportation 165 53 3.1x
fuel optimization, vehicle tracking and electronic log book SaaS.
Provides plant and facilities maintenance management software,
Four Rivers Software
Aug-14 Accruent Healthcare ND ND ND SaaS and related mobile applications for hospitals and other
Systems
businesses in the medical sector.
Provides facilities, asset management and related compliance
Aug-14 SiteFM Accruent Healthcare ND ND ND
software for hospitals and other businesses in the healthcare sector.

Provides workflow and portfolio management, CRM, underwriting

Aug-14 Custom Credit Systems Misys Legal and Compliance ND ND ND
and legal documentation software and SaaS for the lending industry.

Provides employee recruitment, staffing and workforce management

Aug-14 The Code Works Bullhorn Multiple / Horizontal ND ND ND
SaaS for businesses and staffing agencies.

Jul-14 RSMeans The Gordian Group Real Estate & Construction ND ND ND Supplier of construction cost information in North America.

Convey Compliance Provides 1099 tax information reporting and compliance software-as-
Jul-14 Taxware Legal and Compliance ND ND ND
Systems a-service (SaaS) to enterprises.

Provider of online training services within the field of autism

Jun-14 Autism Training Solutions Relias Learning Education ND ND ND
spectrum disorders.

Provides legal hold, e-discovery, compliance and record

Jun-14 TeamConnect Legal Hold Mitratech Holdings Legal and Compliance ND ND ND
management software for businesses in the legal sector.

Provides law firm performance analytics software for businesses

May-14 Redwood Analytics Aderant Holdings Legal and Compliance ND ND ND
globally.

Media, Entertainment & Provides Web and digital content management SaaS for local
May-14 MediaSpan Group NEWSCYCLE Solutions ND ND ND
Travel newspaper and broadcast media companies.

Media, Entertainment & Provider of group reservation and optimization technology solutions
Apr-14 Passkey International Lanyon ND ND ND
Travel to the travel industry.
Provides value-added tax (VAT) calculation and compliance
Apr-14 VAT Resource Taxware Legal and Compliance ND ND ND management software, consulting and interim management
services.
Provides Microsoft-based CRM systems integration and add-on
Advanced Computer
Apr-14 ConsultCRM Sales & Marketing ND ND ND software development services for enterprises in the UK serving a
Software Group
broad range of industries.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides patient relationship management, communications,
Greenway Medical
Feb-14 PeopleLYNK
Technologies
Healthcare ND ND ND reminders and engagement software and SaaS for medical
practices.
29
Provides white-label online and mobile banking, personal finance
Feb-14 IND Group Misys Finance & Insurance ND ND ND
management and online payments software.

Provides auto accessories sales software for car dealerships and

Jan-14 AddOnAuto Reynolds and Reynolds Retail & Transportation ND ND ND
auto parts stores.
Provides online hospice, mental and physical health education
Jan-14 Hospice Education Network Relias Learning Education ND ND ND courses for hospices, hospitals, schools of nursing, home health
agencies and nursing facilities.
Provides E-billing, legal matter management, and document
Jan-14 LT Online Corporation Mitratech Legal and Compliance ND ND ND
management SaaS for the legal industry.

Provides logistics management software for the shipping and freight

Nov-13 Roadnet Technologies Omnitracs Retail & Transportation 190 45 4.2x
sector.

Provides car dealership database data mining and business

Nov-13 HCD Software Reynolds and Reynolds Retail & Transportation ND ND ND
intelligence software for the automotive industry.

Eos International Inc is engaged in development of cloud based

Nov-13 Eos International SirsiDynix Multiple / Horizontal ND ND ND
special library software.
Provides advertising campaign management, content management
Media, Entertainment &
Nov-13 Atex NEWSCYCLE Solutions ND ND ND and publishing software and SaaS and related systems integration
Travel
services for the media sector.
Provides on-site and hosted patient assessment and referral
Advanced Computer
Sep-13 Avia Health Informatics Healthcare ND ND ND facilitation clinical decision support software for the healthcare
Software Group
industry.
Provides marketing creation software, primarily delivered as SaaS
Aug-13 iMakeNews Reynolds and Reynolds Finance & Insurance ND ND ND
but also provided as on-premise.

Provides timesheet and back office management software as a

Jul-13 EASY Software Solutions Bullhorn Multiple / Horizontal ND ND ND
service (SaaS) for small to medium-sized businesses.

Provides operational data capture, transfer, management and

Jun-13 ISS Group P2 Energy Solutions Agriculture & Energy 36 21 1.7x
analysis software for the energy, manufacturing.

Provides online medical education and certification courses for the

May-13 Care2learncom Relias Learning Education ND ND ND
healthcare sector.

Advanced Computer Provides ERP and accounting software for businesses, laws firm
Mar-13 Computer Software Holdings Legal and Compliance 166 99 1.7x
Software Group and non-profit organizations.

Provides project management and team collaboration SaaS for the

Jan-13 Expesite Accruent Real Estate & Construction ND ND ND
construction and real estate development sectors.

Advanced Computer Provides student information management, BI analytics and financial

Dec-12 Serco Learning Education ND ND ND
Software Group management software and SaaS for the educational sector.

Provides construction project management SaaS for retail chains

Dec-12 Evoco Accruent Real Estate & Construction ND 10 ND
and multi-location businesses.

Provides employee recruitment management, salesforce

Nov-12 MaxHire Solutions Bullhorn Multiple / Horizontal ND ND ND
automation, and contract workforce management software SaaS.

Nov-12 Sendouts Bullhorn Sales & Marketing ND ND ND Provides employee recruitment management SaaS for businesses.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 Portfolio Company Acquisitions (Cont’d)
Date Target Aquirer/Investor* Primary Sector Size $(M) Rev ($M) EV/Rev Target Business Description
Provides electronic healthcare management (EHR) management
Advanced Computer
Sep-12 Strand Technology
Software Group
Healthcare 3 2 2.0x software for the mental health care and substance abuse treatment
sectors.
30
Provides a range of ERP, CRM, SCM, e-commerce and business
Aug-12 Consona Corp Aptean Multiple / Horizontal 250 125 2.0x
intelligence (BI) software and software SaaS.
Provides unified communications, CRM, collaboration and business
Advanced Computer
May-12 Fabric Technologies Sales & Marketing 8 ND ND intelligence (BI) systems integration services for medium-sized
Software Group
businesses.
Provides financial and practice management related business
Apr-12 Omega Legal Systems Aderant Finance & Insurance ND ND ND
intelligence (BI) software for law firms.

Provides document imaging and management software that enables

Mar-12 Applied Technology Group Aderant Finance & Insurance ND ND ND
law firms globally to digitize paper financial documents.

Source: 451 Research, Pitchbook, Capital IQ, Company web site

 “Transformation Is Built, Not Found”

Private Equity Investor-Buyer Profile

Note: This document is intended to serve as an informative article only in order to further discussion, analysis and independent verification.
This document is based upon sources believed to be reliable, however, we do not guarantee the sources’ accuracy. Unless otherwise indicated,
AGC does not believe that the information contained herein is sufficient to serve as the basis of an investment decision. There can be no
assurance that these statements, estimates or forecasts will be attained and actual results may be materially different. This is not a solicitation
of an offer of any kind. To learn more about the company/companies that is/are the subject of this commentary, contact one of persons
named herein who can give you additional information.

31
 102 10 81 3
2003 394
SaaS Deals Offices Cross-Border Major
Founded Transactions
Leader Globally Transactions Conferences
GLOBAL LEADER IN TECH ADVISORY – 394 CLOSED DEALS

AGC is consistently ranked as the most active pure tech boutique

TOP DEALMAKERS
Top Tech (2014-2018)
Dealmakers of 2019
Over 40 active engagements with 35 deals closed in ‘19 Firm
#
Trans.
1. Goldman Sachs 54
10 offices across the US and Europe 2. Morgan Stanley 46
3. J.P. Morgan 40
4. William Blair 38
52 employees 5. Barclays Capital 35
6. Evercore Partners 35

Closing in on 400 deals in our history 7. Houlihan Lokey 33

8. Raymond James 28
9. AGC
9. AGC Partners
Partners 27
27
‘19 was a record year for revenue and profits 10. GCA Advisors 27
11. BofA Merrill Lynch 24
12. Robert W. Baird 23
AGC Cumulative Deal Count 13. Citigroup 22
AGC Cumulative Deal Count 393 14. Credit Suisse 22
356 15. Stifel 21
327
295 16. RBC 19
263 17. Canaccord Genuity 17
235
207 18. Moelis 17
186 19. UBS 17
155
131 20. Piper Jaffray 15
103
83 21. Ernst & Young 11
56 66
37 22. GP Bullhound 10
17 23. Atlas Technology Group 9
3
’03 ’04 ’05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ’19 24. Shea & Company 9
25. Wells Fargo 9

Source: 451 Research

AGC Partners 33
THE AGC DIFFERENCE

451 RESEARCH
SAAS RANKINGS Criteria Competitors

102
Partner Pitched, Switched
Engagement Daily Partner Execution
to Mid-Level Execution

92

Subject Experts Domain Experts Tech Generalists

72

57 Core Contacts Direct Senior Relationship Institutionalized Contacts

54
Execution Creative, Real-time & Proactive Generic, Slow & Reactive

47

43 Who is your Client? Shareholders and Management Depends

36
Results Premium Valuations Binary Results of Standard Process
31

AGC Partners 34
AGC’S SAAS PERFORMANCE EXAM

Below Benchmark Above

ARR Scale <$8M $8-20M $20M+

LTM Revenue Growth 30% 40% 50%+

Net Retention 90% 110% 120%+

Gross Retention 80% 85% 90%+

SaaS Gross Margin <75% 75-90% 90%+

Rule of 40% <30% 30-50% 50%+

LTV / CAC <3x 3-5x 5x+

ACV <$25k $25k-200k $200k+

TAM $500M $1-2B $2B+

% SaaS Revenue <70% 70-90% 90%+

Barriers to Entry Low Medium High

Pre-COVID Current ARR Multiple 2-4x 4-6x 7-10x+

Est. Post-COVID ARR Multiple Limited Deals 3-4x 5-8x+

AGC Partners 35
PUBLIC SAAS INDEX – MEDIAN METRIC GROUPED BY EV / LTM REV BUCKET

Revenue Revenue
EV/ LTM Rev FY2019 Rule of Current Rule of
Growth Growth EBITDA Margin Gross Margin
Multiple 40 40
‘18A/’19A ‘19A/’20E

>20x 64% 52% 47% 44% 4% 75%

15-20x 49% 35% 39% 34% 5% 75%

10-15x 48% 39% 37% 24% 17% 72%

6-10x 39% 37% 26% 28% 15% 71%

2-6x 24% 23% 22% 18% (4%) 74%

AGC Partners 36
AGC’S DEAL MOMENTUM

Target Acquirer Sector Associated Multiples

Real Estate Tech

RRP Assets Cybersecurity

50.0x
Cybersecurity 49.0x

Cloud Management Software

46.0x 45.0x
FinTech
11.6x
FoodTech
11.4x 10.0x 10.0x
IoT Data Analytics 7.4x
8.0x
HCM 7.0x 5.0x
5.3x
5.0x
SaaS Cloud Access Governance Identity Governance Provider Cybersecurity
3.6x
3.0x
HCIT SaaS
0.0x
EdTech Q3’19 Q4’19

Other 2019 Transactions

AGC Partners 37
THE GLOBAL LEADERS IN TECH STRATEGIC ADVISORY

Rob Buxton Eric Davis Linda Gridley Jon Guido Hugh Hoffman Ben Howe Doug Hurst
Partner Partner Partner COO Partner CEO Partner
San Francisco Boston New York Founding Partner Minneapolis Founding Partner New York
Boston Boston

Fred Joseph Maria Lewis Kussmaul Elena Marcus Mike Parker Bob Renner Greg Roth
Partner Founding Partner Partner Partner Partner Partner
Boston Boston Los Angeles Chicago Atlanta San Francisco

Dennis Rourke Charlie Schopp Tristan Snyder Jim Stone Sean Tucker Russ Workman
Partner Partner Partner Partner Partner Partner
Boston Boston Dallas Austin London Boston

AGC Partners 38
 AGC’S SELLSIDE ENGAGEMENT DOCS

Market Map& 10 Page Management Deck Quota Attainment

Launch Note 3 Statement Model Sizing Teaser Deck

Acquisition Game Plan Tech Deck Q of E MD&A Customer Use Cases Abstracts of Core
Contracts

$
MRR/ACV Pipeline Analysis Divisional Analysis Win-Loss Analysis Recap Model Valuation
Retention Analysis

AGC Partners 39
DEEP DOMAIN KNOWLEDGE SHARED – MARKET LEADING RESEARCH

Horizontal SaaS Vertical SaaS Security Digital Media and Internet Infrastructure
BI / Analytics Automotive Cybersecurity AdTech Big Data
CRM Building / Engineering Advanced Threat Defense Consumer Cloud Computing
ECM Education CASB E-Commerce Communication
ERP / Supply Chain Food/Restaurant Endpoint Food Tech Data Center
FinTech / Payments Healthcare Identity Access Gaming Energy & Industrial Tech
HCIT / Life Sciences Legal Management Internet Internet of Things
HR Tech Public Sector Network Mobile Mobility Solutions
IT Services Real Estate Security Orchestration Social Semiconductors
MarTech Retail Security Services Virtual Reality / Augmented Smart Cities
Technical Software Travel & Leisure Threat Intelligence Reality Storage
User Behavior Analytics
Vulnerability
IOT / SCADA

Selected Recent Partner Authored Whitepapers

Construction Tech CRM Travel Tech Payments Edge Computing HR Tech Smart Cities and IoT Auto Tech Supply Chain Software EdTech

AGC Partners 40
DIRECT SENIOR RELATIONSHIPS – PE AND STRATEGIC ACQUIRERS

Trusted Advisor of Financial Sponsors Trusted Advisor of Strategic Buyers

 High volume of successful transactions with and for  Strong relationships and a proven track record with the
financial sponsors and their portfolio companies leading strategic acquirers

 Relationships developed over the long term providing AGC
access and credibility with key decision-makers
 In depth insights into each financial investor’s unique
investment criteria, approach and behavior
 Knowledge of development roadmaps + buy vs build
priorities allows us to strategically position businesses to
achieve optimal outcomes
 Deep sector expertise ensures unique and customized
positioning for each buyer

Leading Private Equity Clients/Acquirers Tech Giant Strategic Acquirers

AGC Partners 41
FINANCIAL PARTNER TRANSACTIONS – UNRIVALED EXPERIENCE

A portfolio company of
Financed by Acquired by Financed by Financed by Financed by Financed by
Acquired by

Financed by

A portfolio company of A portfolio company of

Financed by Financed by Financed by Acquired by Acquired by

Acquired by
Financed by Financed by

A wholly owned
Subsidiary of
Financed by Financed by Financed by Financed by
Acquired by Financed by Financed by

Acquired by

AGC Partners 42
TECH PE FUND MOMENTUM CONTINUES – AGC AT THE CENTER

Top Tech PE Acquirers by Deal Count (2018-2019)

 Vista, Insight, TA, Providence, and Thoma are

102
leading the pack in deal activity

 There are now 200 funds that are quality 98

buyers for tech deals
92
 PE funds and their Port Cos now represent
roughly 1,200 of the 3,600 tech deals per
77
year 74%

 3 out of 4 deals are now add on acquisitions 73

by the Port Cos Add-On
Strategic & PE Deal Count Platform
 The big buyout funds are jumping in with new
smaller funds, including Advent, Blackstone, 5,000
4,465
TPG, and Thoma
3,811 15% 3,656
4,000 3,583
 Most funds are accelerating their cadence of 12% 3,324
new funds and portfolio exits – good for M&A 3,025 26% 31%
3,000 15%
7%
 Funds continue to get bigger; Thoma, Vista,
and Silver Lake’s buyout funds at $15 billion+ 93% 88% 85% 85% 74% 69%
2,000

 As strategic M&A declines, PE’s fill the void

1,000
with 31% of the deals

0
2009 2011 2013 2015 2017 2019E
PE Deals Strategic Deals

AGC Partners 43
TOP STRATEGIC ACQUIRERS – LONG ESTABLISHED TRACK RECORD

A portfolio company of A portfolio company of A portfolio company of

Acquired by Acquired by Acquired by Acquired by

Acquired by Acquired by
Acquired by Acquired by
Acquired by

Advisor to Blue Willow

Advisor to Buildium Advisor to Cask Advisor to Liaison Advisor to Sellers Advisor to Geezeo Advisor to WhiteHat Advisor to ManageIQ Advisor to appsee Systems

A wholly owned subsidiary

A portfolio company of A portfolio company of
Acquired by
Acquired by Acquired by
Acquired by
Acquired by Acquired by Acquired by

Acquired by Acquired by
A wholly owned subsidiary

Advisor to LOGFIRE Advisor to Cloud Cruiser Advisor to Boomi Advisor to Sellers Advisor to Sellers Advisor to Sellers Advisor to ExtendMedia
Advisor to Sellers Advisor to Fundamo

A portfolio company of

Acquired by A portfolio company of

Acquired by Acquired by
Acquired by Acquired by Acquired by Acquired by
Acquired by
Acquired by

Advisor to iSight Advisor to Advisor to Active Advisor to Invention

Partners Advisor to orderTalk Advisor to Sellers Advisor to Sellers Advisor to Proginet Advisor to Where
Bowstreet
Endpoints Machine

AGC Partners 44
CROSS BORDER - 80+ TRANSACTIONS SINCE INCEPTION

A portfolio company of A portfolio company of

Sold to
Acquired by A wholly owned
subsidiary of
Acquired by Acquired by Acquired by Acquired by Financed by
A wholly owned
subsidiary of
A portfolio company of A portfolio company of
A portfolio company of Acquired by

Advisor to InGenius Advisor to Mnubo Advisor to Hansoft Advisor to Crisp

Advisor to Sellers Advisor to Sellers Advisor to Crisp Advisor to Origo

A portfolio company of
A wholly owned A portfolio company of
A wholly owned A portfolio company of Acquired by
subsidiary of subsidiary of
Acquired Acquired by Acquired by
Acquired by
Financed by Acquired by A wholly owned
A wholly owned subsidiary of subsidiary of
Acquired by
A portfolio company of

Advisor to Posti Advisor to sellers Advisor to HCL Advisor to Utimaco/ EQT Advisor to Simplygon Advisor to FRS Advisor to KickApps
Advisor to sellers

Acquired by Acquired by
Financed by Acquired by
Acquired by Acquired by
Acquired by Acquired by
A wholly owned subsidiary
A portfolio company of

Advisor to Viryanet Advisor to SEGA Advisor to mpl Systems Advisor to Dapresy Advisor to sellers Advisor to sellers Advisor to Denyall Advisor to OnForce

AGC Partners 45
OVER 800 PRIVATE TECH COMPANIES PARTICIPATE IN OUR CONFERENCE SERIES

London
June, 2020 San
London Boston Total
Francisco
Select Strategic Attendees

Attendees 1,585 414 719 2,718

Boston
October, 2020
Private
485 112 225 822
Companies

Investors 343 85 190 618

Select Private Equity Attendees

San Francisco
February, 2020
Strategics 233 26 50 309

Total 1-on-1
3,000 915 2,250 6,165
Meetings

AGC Partners 46
 LONG HISTORY OF DELIVERING PREMIUM RESULTS

“AGC’s consistent engagement from the Partner throughout the

process and creativity was the real difference for us in getting a
great deal done. The experience was a night and day difference
from the larger Banks.”

Bob Renner – CEO, Founder, Liaison Technologies

IPO

Sale

$1B
Enterprise Value

Sale Sale

Sale
$430M Sale $580M
Sale

Sale
$310M
$244M
$275M Sale
Merger
$38M
Public Financing

Financing Financing
033 Ventures
Financing Financing

AGC Partners 47