Q3 2019 / CONFIDENTIAL

323 R AILROAD AVENUE, GREENWICH C T 06830

DISCL AIMER
This Presentation is being provided for informational and discussion purposes only and is not, and may not be relied
on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest
in Activant Ventures III, LP (the “Fund”) or to participate in any investment or trading strategy. A private offering of
interests in the Fund will only be made pursuant to a confidential private placement memorandum (as amended or
supplemented from time to time, the “Private Placement Memorandum”) and the Fund’s limited partnership
agreement and subscription documents, which will be furnished to qualified investors on a confidential basis at their
request for their consideration in connection with such offering.
The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any
format without the express prior written approval of Activant Ventures Management, LLC (“Activant”). By accepting
this information, the recipient agrees that it will, and it will cause its directors, partners, officers, employees,
representatives, agents and affiliates, to use the information only to evaluate its potential interest in the Fund and for
no other purpose and will not divulge any such information to any other party. Recipients shall not use any of the
information contained herein in any way, directly or indirectly, that is in competition with or detrimental to the Fund,
Activant and/or any of their respective affiliates.
The information contained herein will be superseded by, and is qualified in its entirety by reference to (i) the Private
Placement Memorandum, which will contain additional information about the investment objective, terms and
conditions of an investment in the Fund and also will contain tax information and risk and conflict of interest
disclosures that are important to any investment decision regarding the Fund, (ii) the limited partnership agreement
of the Fund, as may be amended and/or modified from time to time, and (iii) the subscription documents related
thereto. No person has been authorized to make any statement concerning the Fund other than as set forth in the
Private Placement Memorandum and any such statements, if made, may not be relied upon. Recipients should make
their own investigation of the Fund, including the merits and risks involved and the legality and tax consequences of a
potential investment therein. Each recipient should make its own inquiries and consult its advisors as to the Fund and
as to legal, tax and related matters concerning a potential investment therein. None of the Fund, Activant or any of
their respective affiliates has or will provided any legal, tax or investment advice and the information contained
herein should not be construed as such.
The securities of the Fund will not be registered under the U.S. Securities Act of 1933, as amended, or the securities
laws of any other jurisdiction. The Fund will not be registered under the U.S. Investment Company Act of 1940, as
amended. The securities of the Fund will not be recommended, approved or disapproved by any United States Federal
or State Securities Commission or any other regulatory authority of any other jurisdiction. Furthermore, the foregoing
authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to
the contrary is a criminal offense. An investment in the Fund involves certain substantial risks which will be described
more fully in the Private Placement Memorandum.
None of the Fund, Activant or any of their respective affiliates make any representation or warranty, express or
implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall
be relied upon as a promise or representation whether as to the past or future performance.
Recipients should bear in mind that past performance is not indicative of future results, and there can be no
assurance that the Fund will achieve comparable results or that any projected, targeted or estimated results will be
2 Q3 2019 / CONF IDENT IA L
met or that the Fund will achieve its investment objectives.
Investors in the Fund may lose investment capital. The information contained herein includes valuations of unrealized
investments and other estimates, which involve significant elements of subjective judgment and analysis. No
representations are made as to the accuracy of such information. Certain information contained herein may be
based on or derived from third-party independent sources. Activant cannot guarantee the accuracy of such
information and has not independently verified the accuracy of such information. The information contained herein
does not purport to contain all of the information that may be required to evaluate a potential investment in the
Fund and any recipient must read the Private Placement Memorandum and should conduct its own independent
analysis of the data referred to herein and consult with its own counsel and advisors. Except where otherwise
indicated herein, the information in this Presentation is based on matters as they exist as of the date of preparation
and not as of any future date. Neither the Fund nor Activant is required to or expects to update or otherwise revise or
correct the information contained herein to reflect information that subsequently becomes available or any changes
in circumstances or market conditions. Additional information is available on request.
This Presentation contains statements that are not purely historical in nature, but are “forward-looking statements”
or statements of opinion or intention which can be identified by the use of forward-looking terminology such as
“may,” “can,” “will,” “would,” “should,” “seek,” “expect,” “anticipate,” “forecast,” “project,” “hope,” “estimate,”
“intend,” “continue,” “target,” “plan,” “believe” or the negatives thereof or other variations thereon or comparable
terminology. These include, among other things, estimates of valuations. These forward-looking statements are
based upon certain assumptions. Actual events are difficult to predict and may be beyond the Fund’s control, and
ultimately may differ from those assumed. All forward-looking statements included herein are based on information
available on the date this Presentation was prepared and none of the Fund, Activant or any of their respective
affiliates assume any duty to update any forward-looking statements or other information contained herein. Some
important factors which could cause actual results to differ materially from those in any forward-looking statements
include changes in economic conditions, political changes, legal and regulatory requirements, exchange rate
fluctuations, as well as changes in the markets, prospects, competition or consumer preferences for products or
services of any company in which an investment is made, among others. Other risk factors will be identified in the
Fund’s Private Placement Memorandum. Accordingly, there can be no assurance that the estimated valuations can
be realized or that actual returns or results will not be materially lower than those presented herein and no
representation or warranty is made as to future performance or any forward-looking statements. Recipients should
not rely on such forward-looking statements.
The receipt and use of this Presentation in certain jurisdictions may be restricted by applicable laws, rules or
regulations. Accordingly, the information provided herein is not intended for distribution to, or use by, any person in
any jurisdiction where such distribution or use would be contrary to law or regulation or would subject the Fund,
Activant or their respective affiliates to any licensing, notification or registration requirements unless otherwise
agreed by such persons. Recipients of this Presentation should inform themselves as to and are responsible for
complying with the legal, tax and regulatory requirements of the receipt and use of this Presentation in their
applicable jurisdictions.
Rede Partners (Americas) LLC is an SEC registered broker dealer under the Securities and Exchange Act of 1934 and a
member in good standing of FINRA and SIPC.
ACTIVANT OVERVIEW

THESIS-FIRST Data-driven approach to addressing target sectors and sub-segments.

MICHEL ANGELO
Purpose-built software for thesis-management and deal generation.
SOURCING PL ATFORM

PROPRIETARY Unique network of software buyers used to de-risk asset selection and
ECOSYSTEM drive value creation.

UNDERWRITING Accessing particular assets with outstanding upside potential combined

ADVANTAGE with measurable downside protection.

Activant is a disruptive growth PARTNERSHIP MODEL Rigorous operational involvement to deliver “at scale” enterprises.
equity investor focused on
commerce infrastructure and 5.2x realized Gross MOIC 1
0% loss ratio across entire portfolio 2
data supply chain technology. PERFORMANCE
$1.0 BN+ realized proceeds across all funds 3
408% revenue CAGR 4

1) AS OF 06/30/2019. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. INVESTORS MAY LOSE INVESTMENT CAPITAL. PLEASE SEE “PORTFOLIO RETURNS” SECTION FOR MORE INFORMATION ABOUT THE PERFORMANCE OF ALL OF ACTIVANT’S
PORTFOLIO INVESTMENTS, INCLUDING UNREALIZED INVESTMENTS, AND WHERE APPLICABLE, “NET” PERFORMANCE INFORMATION. THE GROSS MOIC PRESENTED ABOVE IS WITHOUT DEDUCTION FOR MANAGEMENT FEES, EXPENSES, CARRIED INTEREST, AND
OTHER COSTS AND EXPENSES, WHICH IN AGGREGATE MAY BE SUBSTANTIAL.
2) LOSS RATIO ACROSS PRE-FUND, FUND I, FUND II, AND FUND III.
3) TOTAL GROSS DISTRIBUTIONS FROM 8 EXITS, INCLUDING REALIZATION OF CELECT FROM FUND I IN AUGUST 2019.
4) WEIGHTED AVERAGE AS OF Q4 2018 ON BASIS OF INVESTMENT SIZE FOR UNREALIZED DEALS, COMPRISING FUND I, FUND II AND FUND III PLATFORM INVESTMENTS (CAGR ENTRY TO 2019E).

3 Q3 2019 / CONF IDENT IA L

TRACK RECORD OF OUTPERFORMANCE
OUTSTANDING REALIZED PERFORMANCE 1 SIGNIFICANT MOMENTUM IN PORTFOLIO

$1,011 MM
5.2x Gross MOIC
112.5% Gross IRR 408%
Revenue CAGR 2
from 8 Exits

$194 MM

Cost Value Entry Current

# OF
PLATFORM REALIZED REALIZED FUND GROSS GROSS NET NET INVESTED AND
VINTAGE INVESTMENTS MULTIPLE IRR SIZE MULTIPLE IRR MULTIPLE IRR RESERVED

PRE-FUND 3 2010 8 5.3x 112.5% $207 MM 4.9x 111.4% 3.7x 83.4% 100%

FUND I 4 2015 4 2.5x 45.0% $75 MM 2.1x 24.2% 1.7x 18.7% 100%

FUND II 5 2017 4 - - $129 MM 1.5x 32.0% 1.4x 28.9% 100%

- -
FUND III 6 2019 3 $250 MM 7 NM NM NM NM >30% 8

1) AS OF 06/30/2019. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. INVESTORS MAY LOSE INVESTMENT CAPITAL. PLEASE SEE “PORTFOLIO RETURNS” SECTION FOR MORE INFORMATION ABOUT THE PERFORMANCE OF ALL OF ACTIVANT’S PORTFOLIO INVESTMENTS, INCLUDING UNREALIZED
INVESTMENTS, AND WHERE APPLICABLE, “NET” PERFORMANCE INFORMATION. THE GROSS MOIC PRESENTED ABOVE IS WITHOUT DEDUCTION FOR MANAGEMENT FEES, EXPENSES, CARRIED INTEREST, AND OTHER COSTS AND EXPENSES, WHICH IN AGGREGATE MAY BE SUBSTANTIAL.
2) WEIGHTED AVERAGE AS OF Q4 2018 ON BASIS OF INVESTMENT SIZE FOR UNREALIZED DEALS, COMPRISING FUND I, FUND II AND FUND III PLATFORM INVESTMENTS (CAGR ENTRY TO 2019E).
3) PRE-FUND RETURNS AS OF 06/30/2019, NET RETURNS ACCOUNT FOR ESTIMATED FEES. PRE-FUND REFERS TO 8 PLATFORM INVESTMENTS CARRIED OUT PRIOR TO ACTIVANT FUND I INCEPTION, WITH SIX REALIZATIONS. PRE-FUND FUND SIZE REFLECTS TOTAL EQUITY INVESTED ACROSS PRE-FUND DEALS.
4) FUND I REALIZED AND TOTAL RETURNS ASSUME CELECT AUGUST 2019 EXIT VALUATION AS OF 30 JUNE 2019.
5) FUND II TOTAL RETURNS ASSUME BATON TECHNOLOGIES VALUATION AS OF 30 JUNE 2019, PRO FORMA FOR MARK-UP IN SEPTEMBER 2019 FINANCING ROUND.
6) FUND III GROSS AND NET RETURNS ARE NM SINCE MOST OCCURRED POST 30 JUNE 2019.
7) TARGET FUND SIZE. AS OF SEPTEMBER 2019, ACTIVANT HAS CLOSED ~$135 MM OF COMMITMENTS FOR FUND III.
8) INVESTED AND RESERVED AMOUNT RELATIVE TO ~$200 MM OF COMMITMENTS AS OF OCTOBER 2019.

4 Q3 2019 / CONF IDENT IA L

ENTREPRENEURIAL AND EXPERIENCED TEAM

Steve Sarracino Peter McCoy Richard Benson-Armer 1 Neeta Rastogi Singh Fahad Hassan
FOUNDING PARTNER PARTNER OPERATING PARTNER COO OPERATING PRINCIPAL
Previous Experience: Previous Experience: Previous Experience: Previous Experience: Previous Experience:
• Senior Inv. Professional, • Co-founder, Alluring Logic • Senior Partner, McKinsey • COO/CFO, Armarium • VP of Business Operations,
Serent Capital (acquired by LVMH) • SVP & Chief Strategy Officer, • Managing Director, Convoy
• Vice President, American • Bridgewater Associates Thomson Reuters Dallimore & Co. • Founder & CEO, Always
Capital • UBS (Investment Banking) Education: • General Atlantic Prepped (Acquired by Alma)
• McKinsey & Co. Education: • University of Cape Town, MBA • Goldman Sachs • VP Business Development,
Education: • JMU, BS Finance & Econ • University of Witwatersrand, BS Intelliworks
Education:
• UPenn (Wharton), MBA Education:
• Harvard Business School, MBA
• SMU, BA Finance & Econ • Virginia Tech, BA
• UPenn, BS Econ, BA Science
Interdisciplinary Studies

Investment Team Niklas Halusa Hana Khosla Andrew Steele Max Thoeny
PRINCIPAL SENIOR ASSOCIATE ASSOCIATE ASSOCIATE ANALYST
Hire Pending Previous Experience: Previous Experience: Previous Experience: Previous Experience:
• Turvo (Product Manager) • Goldman Sachs • Co-Founder & CEO, • Motomo Studio
• Bank of America Merrill (Private Equity) IvyMinded Education:
Lynch Education: Education: • NYU, BA Interdisciplinary
Education: • UChicago, BA Econ • Harvard, BA Econ & Psych Design
• Harvard, BA Econ

Trevor Noon
ANALYST
Previous Experience:
Experienced partners with mix Transparent, non- Entrepreneurial DNA
• Bain & Co. of operational, investment hierarchical, continual reinforced through deep
Education:
• Harvard, BA Statistics and technology experience improvement culture company engagement

5 1) JOINING ACTIVANT TEAM IN Q1 2020. Q3 2019 / CONF IDENT IA L

CLEARLY DEFINED ACTIVANT DEAL
BREAKOUT POTENTIAL CONTRIBUTING FACTORS

INVESTMENT • “Last mile” investing to take early position in upside

STAGE opportunities, before they become obvious to others.

• Value-share • Natural • Best-in-class

~$25 MM COMPANY model network effects product

BREAKOUT
EQUITY CHECKS ATTRIBUTES • End to end • Business model
• Data moat
solution innovation POTENTIAL
Deep expertise combined with 10-20% ownership stake
DRIVING •
over time and board seat allows for significant
Top decile IRR 1
OUTCOMES
>50% operational influence.
REVENUE GROWTH

DOWNSIDE PROTECTION CONTRIBUTING FACTORS

>80%
GROSS MARGIN OUTLOOK STRATEGIC • Element of inherent strategic value, such as IP
VALUE portfolios and/or business line profitability. 0% loss ratio 1
PATH TO DOWNSIDE
• Unit level profitability.
PROFITABILITY FINANCIAL
• Margin of safety on downside.
PROTECTION
PROFILE
• Strong visibility on revenue surpassing preference stack.

CUSTOMER • Multi-product platform infrastructure, ensuring loyal

HOOKS customer base and continual deepening of relationships.

6 1) THERE CAN BE NO ASSURANCE THAT TARGETED PERFORMANCE WILL BE MET. INVESTORS IN THE FUND MAY LOSE INVESTMENT CAPITAL. Q3 2019 / CONF IDENT IA L
THESIS-FIRST APPROACH: SPENDING TIME TO DE-RISK ASSET SELECTION
THESIS MET PLATFORM
ESTABLISHED WITH COMPANY INVESTMENT DATE

• Omni-channel attribution 2010 +3.5 years 2013 +2 years Q2 ’15

• SMB point of sale,

inventory management 2014 +1 year 2015 +2 months Q3 ’15
FUND I

and ERP
1
• Omni-channel fulfillment 2013 +2 years 2015 +1 year Q3 ’16

• Omni-channel fulfillment 2013 +2 years 2015 +2 years Q1 ‘17

Avg. time spent: Avg. time spent:

+2.2 years +1.3 years

• Omni-channel commerce
2010 +5 years 2015 +2 years Q2 ’17
infrastructure
FUND II

• Data supply chain in

2011 +3 years 2014 +3 years Q3 ’17
agriculture

2 • Horizontal payment
2016 +1.5 years 2017 +1 year Q4 ‘18
solutions
Avg. time spent: Avg. time spent:
+3.2 years +2 years

• Digital lending 2016 +1.5 years 2018 +1.5 years Q3 ’19

FUND III

• Omni-channel fulfillment 2013 +5 years 2018 +1.5 years Q3 ’19

Avg. time spent: Avg. time spent:

+3.2 years +1.5 years

1) FOLLOW-ON PLATFORM INVESTMENT IN TURVO WAS MADE IN Q3 ‘17 FOR FUND II.
7 2) FOLLOW-ON PLATFORM INVESTMENT IN BOLT WAS MADE IN Q2 ’19 FOR FUND III. Q3 2019 / CONF IDENT IA L
THESIS-FIRST APPROACH: IN PRACTICE
1. DERIVE THESIS 2. REFINE AND TEST THESIS 3. EXECUTE ON THESIS 4. REINFORCE THESIS OUTCOME 1

CONNECTED LOGISTICS Ecosystem Introductions

+138%
Limited inventory visibility across the
supply chain; the freight brokerage market
10 Various enterprise shippers, adding
more than $20 MM ARR to pipeline.
ARR CAGR

needs a digital matching platform. Deliberate Ecosystem customer Key customer introductions well
introductions, helping confirm before signing a term sheet to Por tfolio Operations
28 Months product and business model. cement founder’s trust. Assisted in subsequent funding round, e.g.
developing thesis. by developing detailed financial model.
Entry (2016) 2019E

AGRICULTURE IOT Ecosystem Introductions +1,026%

Massive potential for IoT to improve 75 meetings Introductions to buyers, farmers and
IoT partners, across all business areas.
Revenue
CAGR 2
agricultural yields, though most existing Spoke to as many agricultural
solutions fail to align with growers. companies as possible, Activant viewed as strategic partner
to help build IoT platform and Por tfolio Operations
36 Months identifying target’s value-share
model. commercial relationships. Refined pitch to enterprise-scale
developing thesis. commodity buyers. Entry (2017) 2019E

Ecosystem Introductions
MOBILE-FOCUSED COMMERCE
Increasing move towards omni-channel >30 Several agencies and partners, +273%
retailing requires a system for mobile Ecosystem conversations with helping gain distribution faster. ARR CAGR
integration, inventory management and different brands and retailers.
Positioned as preferred investor
flexible fulfilment. Por tfolio Operations
Initial Fund I pre-growth after key customer introductions
36 Months investment, confirming target’s helped build target’s pipeline. Honed product marketing to help
unlock upmarket subscription revenue.
developing thesis. best-of-breed product.
Entry (2017) 2019E
1) EXPECTED AS OF Q2 2019. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
2) 2019E REVENUE INCLUDES REVENUE GENERATED FROM INDIGO MARKETPLACE.
THE SELECTED INVESTMENTS SET FORTH ABOVE ARE EXAMPLES OF THE DIFFERENT THESES IMPLEMENTED BY ACTIVANT. PLEASE SEE “PORTFOLIO RETURNS” SECTION FOR INFORMATION ABOUT ALL OF THE PRIOR PORTFOLIO INVESTMENTS MADE BY ACTIVANT.

8 Q3 2019 / CONF IDENT IA L

THESIS-FIRST APPROACH: COMPOUNDING EFFECTS

DERIVE INITIAL THESIS

INVEST ACROSS
THESIS

REFINE LEARNINGS
THROUGH PORTFOLIO
AND ECOSYSTEM

DEVELOP ADDITIONAL
THESES

COMPOUNDING
PORTFOLIO EFFECTS

9 Q3 2019 / CONF IDENT IA L

UNDERWRITING ADVANTAGE: DOWNSIDE PROTECTED OUTPERFORMANCE
• Underwriting advantage providing flexible exit routes and attractive return profile.

U N D E RW R I T I N G A DVA N TAG E I N AC T I O N 2

• Initiated merger of diverse businesses,

PRE-FUND
guiding strategic direction to create a
unique asset.
S T R AT E G I C S A L E & M E G A-
G RO W T H E Q U I T Y O P T I O N : • Facilitated relations with strategic buyers,
BREAKOUT
POTENTIAL: ST RO N G E ST P E R F O R M E R S for ultimate sale to SAP in August 2013:
> 5x MOIC − 5.1x realized MOIC on Hybris
• Position as strategic target for
P R I VAT E E Q U I T Y P U T :
P L AT F O R M S B E L O W P L A N large software companies. − 6.0x realized MOIC on iCongo
• Capital Available: $300 BN
• Re-position the business for
software-focused PE funds. • Structured investment with
• Capital Available: $50 BN PRE-FUND liquidation pref. and PIK.
• Boosted growth through re-alignment
of sales team.
• Raise capital at significant • Structure and turnaround facilitated
markups from mega-funds. sale to OpenText in July 2016.

• Capital Available: $200 BN

FUND I & II • Raised capital from mega-growth

equity investors through Series B
(i.e. Mubadala, G2).
DOWNSIDE PROTECTION:
1x – 2x MOIC • Received inbound acquisition
interest at $1 BN+ valuation.

1) THERE CAN BE NO ASSURANCE THAT TARGETED PERFORMANCE WILL BE MET. INVESTORS IN THE FUND MAY LOSE INVESTMENT CAPITAL.
2) THE SELECTED INVESTMENTS SET FORTH ABOVE ARE ILLUSTRATIONS OF THE UNDERWRITING ADVANTAGE DESCRIBED HERIN. PLEASE SEE “PORTFOLIO RETURNS”
10 SECTION FOR MORE INFORMATION ABOUT ALL OF THE PRIOR INVESTMENTS MADE BY ACTIVANT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Q3 2019 / CONF IDENT IA L
OPERATING APPROACH: A SCALABLE END-TO-END PROGRAM
OPER ATING PROGR AM OPER ATIONS IN ACTION

1 UNDERWRITING

• Customer Intros & Feedback

• Utilized Ecosystem partners to help • Introduced RetailNext to over 15 • Used Ecosystem to carry out several
• Operating Assessment
assess product and business model. potential customers to get unfiltered enterprise customer introductions
• Shared Learnings
feedback on the product. and help assess product and
• Advised on enterprise sales strategy, business model.
resulting in signing of two major • Drove the strategy switch to
2 ONBOARDING enterprise contracts in 2018. subscription based pricing model and • Advised on enterprise sale strategy
helped analyze the impact to ARR and approach, refining position with
• Instrument the business • Introduced potential customers and growth rate. larger customers.
• Develop operating plan adding more than $20 MM in ARR to
sales pipeline. • Improved financial oversights and • Ongoing customer intros, brand
reporting, producing greater visibility accelerator promotion campaign,
• Introduced two large Series B and reliability in projections. and reference for key hires.
3 TAKING ACTION investors and assisted with
fundraising, including the financial
• Product strategy & feedback model, and investor deck.
• People and processes
• Ongoing customer intros

4
CONTINUOUS 2.8x 110% 448%
IMPROVEMENT CARR CAGR SINCE ARR CAGR SINCE
GROSS MOIC ENTRY ENTRY
• Strong feedback loops
• Compounded portfolio
learnings

THE SELECTED INVESTMENTS SET FORTH ABOVE ARE ILLUSTRATIONS OF THE UNDERWRITING ADVANTAGE DESCRIBED HEREIN. PLEASE SEE “PORTFOLIO RETURNS” SECTION FOR

11 MORE INFORMATION ABOUT ALL OF THE PRIOR INVESTMENTS MADE BY ACTIVANT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Q3 2019 / CONF IDENT IA L
 Commerce
Key: Infrastructure
IoT Technologies RETURNS REFLECT VALUATIONS AS OF 06/30/2019

PORTFOLIO OVERVIEW INVESTMENT INVESTED TOTAL GROSS GROSS

ALL $ VALUES IN MILLIONS

KPI
FUND I 2 DESCRIPTION SECTOR DATE AMOUNT VAUE MULTIPLE IRR CAGR 1

Ecommerce-style shopper analytics for brick-and- 110%

Q2 ‘15 $22.9 $45.9 2.0x 21.4%
mortar stores. CARR
Cloud-based mobile POS solution for small and 28%
Q3 ‘15 $17.1 $22.2 1.3x 7.1%
medium-sized businesses. Revenue
Supply chain management platform for logistics 138%
Q3 ‘16 $19.0 $53.2 2.8x 42.5%
providers, shippers, brokers, and carriers. ARR
REALIZED

2 Predictive analytics platform for retail inventory 77%

Q1 ‘17 $5.5 $13.6 2.5x 42.8%
management. ARR
Pre-growth Earlier stage investments, providing us with
’15 – ’16 $2.8 $4.1 1.5x 14.2% -
(aggregate) company and industry visibility ahead of time.

TOTAL $67.3 $139.0 2.1x 2 24.2% 2

FUND II
273%
Distributed OMS system for omni-channel retailers. Q2 ‘17 $25.0 $25.0 1.0x NM
ARR
AgTech platform optimizing farming inputs, 1,026%
Q3 ‘17 $30.0 $62.1 2.1x 54.5%
production IoT, and digital marketplace sales. Revenue
Supply chain management platform for logistics 147%
Q3 ‘18 $14.1 $14.1 1.0x NM
providers, shippers, brokers, and carriers. ARR
Enterprise-grade horizontal payments and fraud 448%
Q4 ’18 $26.0 $34.4 1.3x 61.2%
prevention platform. ARR
Pre-growth Earlier stage investments, providing us with
’17 – ’19 $7.3 $15.0 2.0x 76.0% -
(aggregate) 3 company and industry visibility ahead of time.

TOTAL 3 $102.4 $150.5 1.5x 3 32.0% 3

FUND III 4

Enterprise-grade horizontal payments and fraud 448%

Q2 ’19 $13.0 $13.9 1.1x 58.4%
prevention platform. ARR
Full-stack mortgage lending platform connecting 413%
Q3 ‘19 $22.8 5 $23.3 1.0x 29.8%
homebuyers with institutional investors. Revenue
End-to-end ecommerce fulfilment provider 757%
Q3 ‘19 $25.0 $25.0 1.0x NM
connecting key stakeholders in the supply chain. ARR
Pre-growth Earlier stage investments, providing us with
Q3 ’19 $2.5 $2.5 1.0x NM -
(aggregate) company and industry visibility ahead of time.

TOTAL 4 $63.3 $64.7 NM NM

1) FUND I, FUND II & FUND III CAGR ENTRY TO 2019E.

2) CELECT INDIVIDUAL GROSS RETURNS AS OF DATE OF EXIT (07 AUGUST 2019). FUND I REALIZED AND TOTAL RETURNS ASSUME CELECT EXIT VALUATION AS OF 30 JUNE 2019.
12 3)
4)
FUND II GROSS RETURNS AS OF Q2 2019, PRO FORMA FOR VALUATION OF BATON TECHNOLOGIES DURING ITS SEPTEMBER 2019 FINANCING ROUND.
ALL FUND III INDIVIDUAL GROSS RETURNS HAVE BEEN VALUED FROM DATE OF FIRST INVESTMENT TO DATE OF FINAL INVESTMENT. FUND LEVEL GROSS RETURNS ARE NM SINCE MOST OCCURRED POST 30 JUNE 2019.
Q3 2019 / CONF IDENT IA L
5) EXCLUDES $8 MM OF LP CO-INVEST.
PORTFOLIO: UNDERVALUED RELATIVE TO PUBLIC COMPS
HIGHLIGHTS
25.0x

$229.6 MM 15.0x
MEDIAN COST BASIS
10.0x

3.9x
MEDIAN 2019E REVENUE

Revenue Multiple
COST BASIS MULTIPLE Fund III

430%
MEDIAN 2019E TOPLINE GROWTH 5.0x
Fund II

ALL 2

COMPANIES WITH Fund II

CASH TO BREAKEVEN
Fund I
PORTFOLIO UNDERVALUED 0.0x
RELATIVE TO WIDER MARKET,
DESPITE HIGHER GROWTH 0% 200% 600% 1200% 5500%
Revenue Growth

1) SaaS INDEX INCLUDES ORCL, SAP, ADBE, CRM, NOW, SQ, WDAY, TEAM, SPLK, SHOP, VEEV, DATA, PAYC, RNG, HUBS, ZEN
13 2) 2019E REVENUE INCLUDES REVENUE GENERATED FROM INDIGO MARKETPLACE. Q3 2019 / CONF IDENT IA L
PORTFOLIO: EXHIBITING EXCELLENT GROWTH
INDIVIDUAL CAGR
GROWTH WEIGHTED BY EQUITY INVESTED

+757%

+413%

FUND III +448%

408% Weighted Average
Topline CAGR 1 FUND II +448%

FUND II +147%

+1,026%

AGGREGATE FUND I, FUND II

AND FUND III EQUITY INVESTED +273%
BASED TO 100
FUND I +138%

+28%

+110%

Entry Entry to 2019E CAGR

1) WEIGHTED AVERAGE AS OF Q4 2018 ON BASIS OF INVESTMENT SIZE FOR FUND I, FUND II AND FUND III UNREALIZED DEALS.
14 Q3 2019 / CONF IDENT IA L
FUND I REALIZATION: CELECT
INVESTMENT TIMELINE INVESTMENT SUMMARY

42.8% GROSS REALIZED IRR1 Predictive analytics platform for retail planning, allocation and
$13.6 MM omni-channel fulfillment.
2.5x GROSS REALIZED MOIC1
In August, Activant exited Celect through a successful strategic
sale to NIKE, Inc.
$8.3 MM valuation
$5.5 MM TOTAL 1.5x MOIC

$5.0 MM

$0.1 MM $0.4 MM

Pre-Growth Platform Follow on Series C Realization

Apr-15 Jan-17 Aug-18 Aug-18 Aug-19

ACTIVANT VALUE ADD

Pre-Growth: 04/01/2015
Investment Date:
Platform: 01/06/2017
STRATEGY CUSTOMERS & PARTNERS FUNDRAISING AND EXIT
Exit Date: Strategic sale: 08/07/2019

• Developed product strategy and • Key customer introductions • Assisted management in the Investment: $5.5 MM
new Fulfillment & Merchandising leveraging Activant’s Ecosystem and fundraise process for their Series C.
platform. the Ecosystem of Activant’s existing
Ownership: 9.7%
• Activant worked with management
portfolio companies. to re-vamp product marketing Cost Basis: $56.6 MM
• Brought on new CEO, John Andrews, materials for Celect’s 2.0 launch.
and helped manage complex • SELECT CUSTOMER Post-Money Valuation: $85.0 MM
founder dynamics as company INTRODUCTIONS: • STRATEGIC SALE: Activant
scaled. supported sales process resulting in Total Equity Raised: $30.4 MM
a successful early exit to Nike, Inc.
Total Proceeds from Sale: $13.6 MM

Gross MOIC / IRR 1: 2.5x / 42.8%

1) CELECT INDIVIDUAL GROSS RETURNS AS OF DATE OF EXIT (07 AUGUST 2019) RELATIVE TO DATE OF FIRST PRE-GROWTH INVESTMENT (01 APRIL 2015).
15 PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Q3 2019 / CONF IDENT IA L
FUND III

16 Q3 2019 / CONF IDENT IA L

FUND III SEED ASSETS
FUND III DEPLOYMENT OVERVIEW

Invested capital
Unrealized gain $250 MM

LP co-invest >30%
Committed capital INVESTED 1

Target ~$200.0 MM

$60.9 MM
$8.0 MM $25.0 MM

$13.9 MM $22.8 MM $60.0 MM

$13.0 MM
Invested Committed Target

End to end 30%+ invested in three ~$200 MM in

End to end online Full-stack commitments Expected
COMMENTARY payments platform digital lender ecommerce high quality assets, with
Final Close
fulfilment provider two already marked up to date

DATE June 2019 August 2019 September 2019 September 2019 October 2019 Year End 2019

17 1) INCLUDES $2.5 MM TOTAL PRE-GROWTH INVESTMENTS IN BATON TECHNOLOGIES AND SIMBE ROBOTICS Q3 2019 / CONF IDENT IA L
FUND III INDICATIVE RETURNS BY EARLY-2020
Based on potential upcoming financing rounds

FUND III EARLY-2020 Fu n d I I :

PROSPECTIVE VALUATION ($ IN MM) 2 ~2. 3x
~ 3.1 x 1 $750 MM Valuation

Fu n d I I : $29.3
~2. 3x 1
~1.6x $550 MM Valuation
Gross
MOIC
~2.0x
Valuation range
$21.5
$118.0 of potential
upcoming
Gross $13.0 financing rounds
MOIC
~1.5x
Cost at Entry Prospective Valuation (early-2020)
($ in MM)

~2.8x $1,750 MM Valuation

$63.7
$92.0
~2.0x $1, 250 MM Valuation

$60.0
Valuation range
$45.5 of potential
upcoming
financing rounds
$22.8

Cost at Entry Prospective

Valuation (early-2020) Cost at Entry Prospective Valuation (early-2020)

1) ACTIVANT HAS INVESTED IN BOLT ACROSS BOTH FUNDS II AND III. FUND II PROSPECTIVE RETURNS SHOWN IN ITALICTS.
18 2) BASED ON EXISTING FUND III INVESTMENTS IN BOLT, BETTER AND DELIVERR. Q3 2019 / CONF IDENT IA L
NOTE: VALUATION ESTIMATES ARE BASED ON PROSPECTIVE FINANCING ROUNDS – FOR INDICATIVE PURPOSES ONLY.
 FUND III INVESTMENTS
Investment: Investment: Investment:

Discounted: 03/28/2019
Investment Date: Investment Date: 08/08/2019 Investment Date: 09/03/2019
B-3 valuation: 06/28/2019
OVERVIEW

Discounted: $3.0 MM
Investment: Investment: $22.8 MM 2 Investment: $25 MM
B-3 valuation: $10.0 MM

Description: Description: Description:

‣ End-to-end online payments platform offering a ‣ Full-stack digital lender providing homebuyers with a ‣ An end-to-end ecommerce fulfilment technology
horizontal solution comprising checkout, payment fast, transparent, digital mortgage experience, at a provider that connects key stakeholders in the supply
processing, and advanced fraud protection. lower price than competitors. chain.

‣ After exploring a thesis on payments following Ecosystem ‣ Ecommerce is >$500 BN in the US alone, growing 14% annually.
conversations about pain-point of a seamless ecommerce ‣ Conversations with Ecosystem members revealed the highly siloed Consumers have begun to expect fast and reliable shipping in line
INVESTMENT HIGHLIGHTS

checkout experience, Activant identified Bolt as the first data and workflow inefficiencies across legacy mortgage with Amazon’s 1-2 day delivery. Activant realized an asset-light
independent company replicating Amazon’s one-click checkout; origination and underwriting systems. fulfilment platform would be the best solution for independent
Activant carried out a $1 MM investment in July 2018. merchants.

‣ After an Ecosystem introduction, Activant spent 16 months getting ‣ After identifying Deliverr’s potential early on in the company’s
‣ Bolt recognized the value-add following monthly onsite
to know Better’s management and business proposition, while growth, Activant began to diligence the product, and advised the
operational visits and selected Activant to lead its November 2018
identifying key areas for improving the enterprise sales organization firm on institutionalizing the sales and marketing playbook, as well
financing with a $25 MM investment from Fund II.
and playbook. as scaling the customer success functions.

‣ Following a rapid period of growth Bolt completed a follow-on

funding in June 2019.
‣ Through demonstrated value add and deep knowledge of the ‣ Through past interactions with the founder and demonstration of
‣ Activant received preferential access at a blended discount to the space, Activant won the opportunity to invest in Better’s August clear sector expertise, Activant was selected to lead Deliverr’s
round’s valuation as the first investment in Fund III. This also funding alongside several large strategic investors. September funding round.
marked up Activant’s Fund II investment to 1.3x MOIC and 61.2%
IRR within seven months of investing.

19 1) AS OF 06/30/2019
Q3 2019 / CONF IDENT IA L
2) EXCLUDES $8 MM OF LP CO-INVEST, WHICH BRINGS TOTAL EQUITY INVESTMENT TO $30.8 MM.
CURRENT PIPELINE OPPORTUNITIES
EXPECTED 2019
PROJECT THESIS DESCRIPTION STATUS REGION COMMITMENT
REVENUE RANGE

V
A MANUFACTURING Full stack on-demand manufacturing platform In Diligence United States $20-30 MM $7-10 MM

Workflow and lending platform for commercial

V
B CONSTRUCTION
real estate loans
In Diligence United States $20-30 MM $10-15 MM

End-to-end supply chain visibility platform for

V
C SUPPLY CHAIN
brands
In Diligence United States $25-30 MM $5-10 MM

United States &

V
D COMMERCE Omnichannel insurance platform for checkout In Diligence
Australia
$20 MM $15-20 MM

Cold Outreach 16%

24% Commerce Infrastructure
29%
Investor Network
Data Supply Chain
SOURCING 47% FOCUS
Conferences
CHANNEL 1 AREA 1 Commerce Infrastructure & Data
29% Supply Chain
Ecosystem

8% 47%

20 1) WEIGHTED BY NUMBER OF TRANSACTIONS BASED ON 38 TOTAL PIPELINE OPPORTUNITIES. Q3 2019 / CONF IDENT IA L
FUND III OVERVIEW
INVESTMENT SIZE • ~ $10 - $40 million initial equity investments
• Expected median platform check: $25 million
• Potential for smaller “Pre-Growth” investments when strategic; expected to be no more than 5% of the Fund

FUND SIZE • Target: $250 million

• ~ 7 - 10 platform investments
• 20% reserve bucket for follow-on / add-on investments

• Management Fee: 2% on capital commitments during the investment period; 1.5% on invested capital until
FUND TERMS
the fourth anniversary of the end of the investment period
• 20% carry above an 8% hurdle
• European waterfall; 50/50 catch-up
• Full return of capital including fees

• Placement Agent: Rede Partners

SERVICE PROVIDERS
• Audit and Accounting: Moss Adams
• Legal: Latham & Watkins
• Fund Administrator: Langham Hall
• Bank: First Republic; Square 1 Bank

INVESTORS • Significant participation from existing investors, including endowments, foundations, and family offices
• Minimum GP Commitment: $5 million or 2% of total commitments

21 Q3 2019 / CONF IDENT IA L

APPENDIX

22 Q3 2019 / CONF IDENT IA L

APPENDIX CONTENTS
1. INVESTMENT TIMELINE
2. MARKET OPPORTUNITY
3. PORTFOLIO RETURNS
4. PRE-GROWTH STRATEGY
5. THE ACTIVANT MACHINE

23 Q3 2019 / CONF IDENT IA L

1. INVESTMENT TIMELINE

24 Q3 2019 / CONF IDENT IA L

PL ATFORM INVESTMENT TIMELINE
iCongo Mitratech WellAware
Q4 ’10 Q4 ’11 Q2 ’14
$30 MM $22 MM $14 MM
PRE-FUND
FIRST CLOSE JANUARY 2010

Hybris Upland Software Recommind

Q3 ’11 Q4 ’13 Q3 ’14
$111 MM $8 MM $17 MM

RetailNext Turvo
Q2 ‘15 Q3 ’16
$23 MM 1 $19 MM
FUND I
FIRST CLOSE APRIL 2015
ShopKeep Celect
Q3 ’15 Q1 ‘17
$17 MM 2 $6 MM 3

NewStore Turvo
Q2 ’17 Q3 ’18
$25 MM 4 $14 MM
FUND II
FIRST CLOSE FEBRUARY 2017

Indigo Bolt
Q3 '17 Q4 '18
$30 MM 5 $25 MM 6

INDICATES EXIT

1) $15 MM INITIAL INVESTMENT. ADDITIONAL INVESTMENTS MADE IN 2016-17.

Bolt Deliverr
2) $15 MM INITIAL INVESTMENT. ADDITIONAL INVESTMENTS MADE IN 2016-18.
Q4 '18 Q3 '19
6 3) EXCLUDES PRE-GROWTH INVESTMENT IN Q2’15.
$13 MM $15 MM 8
4) $20 MM INITIAL INVESTMENT. ADDITIONAL INVESTMENTS MADE IN Q2 ’18.
FUND III
5) $26 MM INVESTED IN Q3 & Q4 2017. ADDITIONAL INVESTMENTS MADE IN Q3 ’18.
FIRST CLOSE MARCH 2019 6) EXCLUDES PRE-GROWTH INVESTMENT IN Q2 ’18.

Better 7) EXCLUDES $8 MM CO-INVEST.

Q3 '19 8) $25 MILLION TOTAL COMMITMENT, OF WHICH $15 MILLION INVESTED IN SEPTEMBER
7 2019, AND THE REMAINING $10 MILLION DEFERRED TO OCTOBER 2019.
$22.8 MM
PLEASE REFERENCE ENDNOTES FOR PLATFORM INVESTMENT DEFINITION.

25 Q3 2019 / CONF IDENT IA L

 ANTICIPATED TIME TO LIQUIDITY
ROUTE BASE CASE UPSIDE CASE

Partial Realization Full Realization Strategic sale 1 3x 1 >4x 1

(end-2019 / early-2020) 1 (2022) 1

Early-2020 Strategic sale 2x >2x

FUND I

2
2021 / 2022 Strategic sale 4x >5x

Closed as of August 7, 2019 Strategic sale 2.5x

2021 / 2022 Strategic sale 4x >5x

FUND II

Strategic sale
2021 4x >5x
or IPO

Strategic sale
2022 / 2023 >4x >5x
or IPO

TIME
1) PARTIAL REALIZATION IN ANTICIPATED RECAP TRANSPIRING BY YEAR END 2019 / EARLY 2020 ALLOWING ACTIVANT TO PAY BACK ITS PROMISSORY NOTE AT 2X RETURNS AND RETAIN

26 EQUITY OWNERSHIP IN COMPANY. FULL REALIZATION BY ROUTE OF STRATEGIC SALE IS TARGETED FOR 2022 WITH BASE AND UPSIDE CASE RETURNS OF 3X AND 4X, RESPECTIVELY.
Q3 2019 / CONF IDENT IA L
2) REFERS TO FUND RETURNS ON FUND I INVESTMENT.
ANTICIPATED LIQUIDITY RETURNS (END-2019 / EARLY-2020)
($ IN MM)

Path to Liquidity

FUND I (2015 VINTAGE) - AGGREGATE ANTICIPATED LIQUIDITY

REALIZED

• Pre-growth investment made in Q2 ‘15 (by end-2019 / early-2020)

• Exit completed in December 2018
(Pre-Growth) • Achieved a 4.0x Gross MOIC and 45.7% Gross IRR

0.8x
Fund I DPI
+$61.0
REALIZED

• Platform investment made in Q1 ‘17

• Strategic sale to Nike completed on August 7, 2019
• Generated proceeds of $13.6 MM
$45.8
• Gross MOIC 2.5x, Gross IRR 42.8% 1
REALIZATION
IN PROCESS

• Platform investment made in Q3 ‘15

• Targeting strategic sale by early-2020
• In process of hiring banker
• Based on recent indications, expect to exit asset at ~2.0x
REALIZATION
IN PROCESS

• Platform investment made in Q2 ‘15

Capital Invested Capital Returned
PARTIAL

• Recap to transpire by end-2019 / early-2020 allowing Activant to have

its promissory note paid back at 2.0x returns and retain equity (Estimated)
ownership in company
• Generate liquidity of ~0.5x

27 1) CELECT INDIVIDUAL GROSS RETURNS AS OF DATE OF EXIT (07 AUGUST 2019) RELATIVE TO DATE OF FIRST PRE-GROWTH INVESTMENT (01 APRIL 2015). Q3 2019 / CONF IDENT IA L
2. MARKET OPPORTUNITY

28 Q3 2019 / CONF IDENT IA L

RAPIDLY EVOLVING MARKET REQUIRING SPECIALIST APPROACH
INDISPUTABLE GROWTH DRIVERS…

• Technology and data are changing the way

we shop and live.
• We believe huge opportunities exist for
…H A V E L E D T O I N C R E A S E D C A P I T A L … …B U T M O R E F A L S E P O S I T I V E S
companies to disrupt industries and rapidly
scale.
• There has been a significant amount of capital • While the top of the funnel is larger than ever,
raised to invest in technology companies. competition for customers and revenue is up.
2017
US E-Commerce NORTH AMERICAN GROWTH EQUIT Y AND VENTURE
Total Sales CAPITAL TECH FUNDS RAISED
6,000
40,000 700
2010 5,000

$453 BN 30,000
600

4,000
4,438
3,776

Number of funds raised

500

Aggregate Value ($ MM)

$170 BN 3,031 2,993
400 3,000

# of Deals
20,000
300 2,008
2,000 1,790
SOURCE: US CENSUS BUREAU, EMARKETER.COM
200
10,000 1,000
100
0
2020 0 0 2006 2008 2010 2012 2014 2016 2018
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
IoT Market Size Axis Title
Angel/Seed Early VC Later VC
Aggregate Value Number of funds

2016
$457 BN SOURCE: PREQIN PE ONLINE SOURCE: PITCHBOOK; 2018 DATA THROUGH Q3 ANNUALIZED

$157 BN

SOURCE: GROWTHENABLER ANALYSIS

29 Q3 2019 / CONF IDENT IA L

3. PORTFOLIO RETURNS

30 Q3 2019 / CONF IDENT IA L

DETAILED RETURNS: PRE-FUND
PRE-FUND RETURNS AS OF 06/30/2019
ALL $ VALUES IN MILLIONS

1 INVESTED GROSS
PRE-FUND ENTRY DATE EXIT DATE
AMOUNT
REALIZED UNREALIZED TOTAL VALUE
MULTIPLE
GROSS IRR

iCongo Q4 ‘10 Q3 ‘13 $30.3 $182.9 - $182.9 6.0x 90.5%

Hybris Software Q3 ‘11 Q3 ‘13 $111.2 $571.9 - $571.9 5.1x 140.3%

Mitratech Q4 ‘11 Q3 ‘15 $22.0 $190.5 - $190.5 8.7x 73.6%

Upland Software 2 Q4 ‘13 Q3 ‘17 $7.8 $15.5 - $15.5 2.0x 20.1%

Recommind Q3 ‘14 Q3 ‘16 $17.3 $35.4 - $35.4 2.0x 47.0%

WellAware Holdings Q2 ‘14 - $13.5 - $15.5 $15.5 1.1x 2.7%

RetailNext 3 Q2 ‘14 - $4.6 - $8.2 $8.2 1.8x 12.8%

PRE-FUND TOTAL $206.7 $996.2 $23.7 $1,020.1 4.9x 111.4%

NET RETURNS: 3.7x 83.4%

1) EXCLUDES INVESTMENT IN SUNQUEST DUE TO SIZE ($125,000).

2) CERTAIN INVESTORS REQUESTED DISTRIBUTION OF THE SHARES. UPLAND MOIC AND IRR ASSUMES ALL SHARES WERE SOLD AT THE PRICE ACTIVANT SOLD IN THE MARKET.
3) RETAILNEXT INVESTMENT REPRESENTS PRE-GROWTH INVESTMENT MADE PRIOR TO FUND I. ACTIVANT LATER MADE A PLATFORM INVESTMENT IN RETAILNEXT IN FUND I.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
PLEASE SEE ENDNOTES FOR DEFINITIONS.

31 Q3 2019 / CONF IDENT IA L

DETAILED RETURNS: FUND I AND FUND II
FUND I AND FUND II RETURNS AS OF 06/30/2019
ALL $ VALUES IN MILLIONS

ACTUAL LAST CAPITAL IN AS OF Q2 2019

EXIT INVESTED REALIZED UNREALIZED TOTAL GROSS GROSS

FUND I ENTRY DATE
DATE AMOUNT
OWNERSHIP
VALUE VALUE VALUE MULTIPLE IRR
RetailNext 1 Q2 ‘15 - $22.9 10.6% - $45.9 $45.9 2.0x 21.4%

ShopKeep 2 Q3 ‘15 - $17.1 8.8% - $22.2 $22.2 1.3x 7.1%

Turvo Q3 ‘16 - $19.0 13.0% - $53.2 $53.2 2.8x 42.5%

Celect 3 Q1 ‘17 Q3 ‘19 $5.5 9.7% $13.6 - $13.6 2.5x 42.8%

Pre-Growth (aggregate) ’15 – ’16 - $2.8 NM $0.8 $3.3 $4.1 1.5x 14.2%

FUND I TOTAL $67.3 $14.5 $124.6 $139.0 2.1x 3 24.2% 3

NET RETURNS: 1.7x 3 18.7% 3

ACTUAL LAST CAPITAL IN AS OF Q2 2019

INVESTED REALIZED UNREALIZED TOTAL GROSS GROSS

FUND II ENTRY DATE EXIT DATE
AMOUNT
OWNERSHIP
VALUE VALUE VALUE MULTIPLE IRR
NewStore Q2 ‘17 - $25.0 12.9% - $25.0 $25.0 1.0x NM

Indigo Q3 ‘17 - $30.0 1.8% - $62.1 $62.1 2.1x 54.5%

Turvo Q3 ‘18 - $14.1 3.4% - $14.1 $14.1 1.0x NM

Bolt Q4 ’18 - $26.0 10.9% - $34.4 $34.4 1.3x 61.2%

Pre-Growth (aggregate)4 ’17 – ’18 - $7.3 NM - $15.0 $15.0 2.0x 76.0%

FUND II TOTAL $102.4 - $150.5 $150.5 1.5x 4 32.0% 4

1) RETAILNEXT EQUITY VALUE INCLUDES LIQUIDATION VALUE OF PROMISSORY NOTES. NET RETURNS: 1.4x 4 28.9% 4
2) SHOPKEEP OWNERSHIP REFLECT FULLY DILUTED EQUITY OWNERSHIP WITH CONVERTIBLE NOTES CONSIDERED ON AN UNCONVERTED BASIS.
3) CELECT INDIVIDUAL GROSS RETURNS AS OF DATE OF EXIT (07 AUGUST 2019). FUND I GROSS AND NET RETURNS ASSUME CELECT EXIT VALUATION AS OF 30 JUNE 2019.
4) FUND II GROSS AND NET RETURNS AS OF Q2 2019, PRO FORMA FOR VALUATION OF BATON TECHNOLOGIES DURING ITS SEPTEMBER 2019 FINANCING ROUND.
32 PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. PLEASE SEE ENDNOTES FOR DEFINITIONS. Q3 2019 / CONF IDENT IA L
DETAILED RETURNS: FUND III
FUND III RETURNS AS OF LAST CAPITAL IN
ALL $ VALUES IN MILLIONS

ACTUAL LAST CAPITAL

EXIT INVESTED REALIZED UNREALIZED TOTAL GROSS GROSS

FUND III 1 ENTRY DATE
DATE AMOUNT
OWNERSHIP
VALUE VALUE VALUE MULTIPLE IRR
Bolt 2 Q2 ’19 - $13.0 3.9% - $13.9 $13.9 1.1x 58.4%

Better Q3 ’19 - $22.8 3 3.5% 3 - $23.3 $23.3 1.0x 29.8%

Deliverr Q3 ’19 - $25.0 11.4% - $25.0 $25.0 NM NM

Pre-Growth (aggregate) Q3 ’19 - $2.5 NM - $2.5 $2.5 NM NM

FUND III TOTAL $63.3 - $64.7 $64.7 NM NM

NET RETURNS: NM NM

1) ALL FUND III INDIVIDUAL GROSS RETURNS HAVE BEEN VALUED FROM DATE OF FIRST INVESTMENT TO DATE OF FINAL INVESTMENT. FUND LEVEL GROSS AND NET RETURNS ARE NM SINCE MOST OCCURRED POST 30 JUNE 2019.
2) ACTIVANT INVESTED AN INCREMENTAL $13MM AS PART OF THE SERIES B-3, $3MM OF WHICH WAS INVESTED IN MARCH 2019, PLUS $10MM IN JUNE 2019. AS OF 06/30/2019.
3) EXCLUDES $8 MM OF LP CO-INVEST, BRINGING TOTAL INVESTMENT TO $30.8 MM AND OWNERSHIP TO 4.8%.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. PLEASE SEE ENDNOTES FOR DEFINITIONS.

33 Q3 2019 / CONF IDENT IA L

DETAILED PRE-GROWTH RETURNS
FUND I AND FUND II PRE-GROWTH RETURNS AS OF 06/30/2019.
ALL $ VALUES IN MILLIONS

ACTUAL LAST CAPITAL IN AS OF Q2 2019

FUND I ENTRY EXIT INVESTED REALIZED UNREALIZED TOTAL GROSS GROSS
PRE-GROWTH DATE DATE AMOUNT VALUE VALUE VALUE MULTIPLE IRR
Estimote Q2 '15 - $0.3 - $0.3 $0.3 1.0x 0.4%
Forter Q2 '15 Q4 ‘18 $0.2 $0.8 - $0.8 4.0x 45.7%
NewStore Q1 '16 - $1.4 - $2.3 $2.3 1.6x 14.8%
The New Group Q4 '16 - $0.7 - $0.7 $0.7 1.0x NM
Pre-Growth Total $2.8 $0.8 $3.3 $4.1 1.5x 14.2%

ACTUAL LAST CAPITAL IN AS OF Q2 2019

FUND II ENTRY EXIT INVESTED REALIZED UNREALIZED TOTAL GROSS GROSS
PRE-GROWTH DATE DATE AMOUNT VALUE VALUE VALUE MULTIPLE IRR
Boxed Q2 '17 - $1.0 - $1.0 $1.0 1.0x NM
NewStand Q3 '17 - $1.2 - $1.2 $1.2 1.0x NM
Strong Arm Technologies Q4 '17 - $0.2 - $0.2 $0.2 1.0x NM
Tridge Q3 '18 - $1.9 - $1.9 $1.9 1.0x NM
Benson Hill Biosystems Q3 '18 - $1.0 - $1.3 $1.3 1.3x 31.7%
Baton Technologies Q4 '18 - $2.0 - $9.4 1 $9.4 1 4.7x 1 2078.0% 1
Pre-Growth Total $7.3 - $15.0 1 $15.0 1 2.0x 1 76.0% 1

ACTUAL LAST CAPITAL IN

FUND III ENTRY EXIT INVESTED REALIZED UNREALIZED TOTAL GROSS GROSS
PRE-GROWTH 2 DATE DATE AMOUNT VALUE VALUE VALUE MULTIPLE IRR
Simbe Robotics Q3 ’19 - $0.5 - $0.5 $0.5 1.0x NM
Baton Technologies Q3 ‘19 - $2.0 - $2.0 $2.0 1.0x NM
Pre-Growth Total $2.5 - $2.5 $2.5 1.0x NM

1) FUND II PRE-GROWTH RETURNS AS OF Q2 2019, PRO FORMA FOR VALUATION OF BATON TECHNOLOGIES DURING ITS SEPTEMBER 2019 FINANCING ROUND.
34 2) FUND III PRE-GROWTH RETURNS ARE NM GIVEN MOST INVESTMENTS OCCURRED POST Q2 2019. Q3 2019 / CONF IDENT IA L
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. PLEASE SEE ENDNOTES FOR DEFINITIONS.
 STRONG INVOLVEMENT

PRE-FUND ATTRIBUTION PARTIAL INVOLVEMENT

LIMITED INVOLVEMENT

INVESTMENT REALIZATION GROSS GROSS

SOURCING EXECUTION MONITORING EXIT
DATE DATE MOIC IRR

Oct-10 Aug-13 6.0x 90.5%

Aug-11 Aug-13 5.1x 140.3%

Oct-11 Sep-15 8.7x 73.6%

Dec-13 Sep-17 2.0x 20.1%

Apr-14 - 1.1x1 2.7%1 N/A - UNREALIZED

Jun-14 - 1.8x1 12.8%1 N/A - UNREALIZED

Sep-14 Jan-18 2.0x 47.0%

1) AS OF 06/30/2019, PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

35 NOTE: EXCLUDES INVESTMENT IN SUNQUEST DUE TO SIZE ($125,000). SUPPORTING INFORMATION CAN BE FOUND IN THE ONLINE DATAROOM, INCLUDING AN Q3 2019 / CONF IDENT IA L
INDEPENDENT REFERENCING REPORT.
4. PRE-GROWTH STRATEGY

36 PLEASE REFERENCE ENDNOTES FOR PRE-GROWTH INVESTMENT DEFINITION Q3 2019 / CONF IDENT IA L
COMPANY OUTREACH: PRE-GROWTH STRATEGY
• Activant’s “pre-growth” strategy plays an important role in our broader investment approach, and provides a platform for meeting the
best entrepreneurs earlier in their businesses’ lifecycles. There are three core purposes of the pre-growth strategy:

THESIS TESTING MARKET SHIFTS STRATEGIC POSITIONING

The ability to write smaller,
earlier-stage checks enables
Activant to work with best-of-
breed companies in market
segments that have not yet
reached the point of maturity
for a growth investment.
As the cost of creating companies
continues to decline and potential
winners emerge more quickly, it is
important to have a nuanced
understanding of the earlier-
stage market to identify which
companies will break out as the
strongest growth businesses.
Investing early in a company’s
growth cycle provides the
opportunity to highlight our
industry roots and operational
expertise in order to position
Activant as a sought-after
lead investor in the follow-on
growth round.

37 Q3 2019 / CONF IDENT IA L

 COMPANY OUTREACH: PRE-GROWTH CASE STUDIES
• Activant’s pre-growth strategy has proven to be a highly effective tool to evaluate theses and invest in best-of-breed platform
deals. Activant remains highly disciplined in this approach as we decide whether a pre-growth investment meets the criteria
for a platform growth investment.

GRADUATE NON-GRADUATE GRADUATE

NewStore originally started out as a pre-
growth investment in early 2016. After
spending 36 months exploring a thesis on
omni-channel fulfillment, Activant identified
NewStore as the best-in-class product and
strongest team to win this market, however,
the business was too early for a platform
investment. After highlighting Activant’s
value, CEO Stephan Schambach opened up
the Series A round (led by General Catalyst)
at the issuance price for Activant to make a
pre-growth investment, and later led the
Series B growth round after several months
of observing the company and seeing it
approach an inflection point.
After spending substantial time evaluating a
thesis on warehousing, wholesale, and bulk
ecommerce, Activant identified Boxed as a
strong strategic asset: it was one of the only
remaining standalone at-scale ecommerce
businesses in the market. Boxed had
proprietary WMS solutions and the world’s
most advanced physical warehouse. The
Boxed team opened up their Series C round
at the issuance price for a pre-growth
investment in Q2 2017. Activant decided not
to participate in their most recent fundraise
due to price, but continues to explore thesis
on warehousing.
In Q2 2018 Activant invested in Bolt
Payments, an enterprise-grade horizontal
payments platform including checkout and
fraud prevention designed to drive top-line
revenue improvements. This investment
followed Activant’s exploration of a
checkout and payment thesis after hearing
repeatedly from Ecosystem partners about
the pains associated with online payments
as they look to catch up with Amazon’s one-
click checkout. Activant followed up with
several customer introductions and onsite
operations and was selected to lead the
subsequent funding round in Q4 2018.

LED SERIES B FINANCING PASSED ON RECENT FINANCING LED SERIES B FINANCING

THE SELECTED INVESTMENTS SET FORTH ABOVE ARE ILLUSTRATIONS OF THE SOURCING ADVANTAGE DESCRIBED HEREIN. PLEASE SEE “PORTFOLIO RETURNS” SECTION FOR MORE INFORMATION ABOUT ALL OF THE PRIOR INVESTMENTS MADE BY
ACTIVANT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

38 Q3 2019 / CONF IDENT IA L

5. THE ACTIVANT MACHINE

39 Q3 2019 / CONF IDENT IA L

 THESIS-FIRST APPROACH: THE ACTIVANT MACHINE
1. DERIVE THESIS

SECTOR FOCUS

ECOSYSTEM
6
CONVERSATIONS
Thesis areas
currently in
PROPRIETARY development
KNOWLEDGE

4. REINFORCE THESIS 2. REFINE & TEST THESIS

CUSTOMER
~8 MARKET EVALUATION ~80
+
INTRODUCTIONS
Avg. customer Ecosystem members
PORTFOLIO introductions / platform DEAL GENERATION
OPERATIONS
408% PRE-GROWTH
~170
EXPAND KNOWLEDGE Diligence calls in 2018
BASE Revenue CAGR 2 INVESTMENTS

ECOSYSTEM MICHELANGELO

3. EXECUTE ON THESIS

TRIAGE QUICKLY

1) PRE-FUND, FUND I, FUND II, AND FUND III. TRACK THE BEST 19
2) WEIGHTED AVERAGE AS OF Q4 2018 ON BASIS OF INVESTMENT SIZE FOR UNREALIZED COMPANIES Platform
DEALS, COMPRISING FUND I, FUND II AND FUND III PLATFORMS(CAGR ENTRY TO 2019E).
investments 1
UNDERWRITE & INVEST
40 Q3 2019 / CONF IDENT IA L
MICHEL ANGELO OVERVIEW
• Michelangelo is Activant’s proprietary deal sourcing and knowledge management platform

FEATURE OVERVIEW:
AUTOMATIC LEAD GENERATION

DEAL
OUTREACH ASSISTANCE
GENERATION
TOP OF FUNNEL MANAGEMENT

KNOWLEDGE MANAGEMENT

THESIS
THOUGHT DEVELOPMENT
MANAGEMENT
MARKET MAPPING

ECOSYSTEM EXPANSION

ECOSYSTEM
CUSTOMER INSIGHTS
ENGAGEMENT
DEAL FLOW

41 Q3 2019 / CONF IDENT IA L

ENDNOTES
The information presented herein is as of 06/30/2019, unless otherwise indicated. Performance information, as
indicated, is as of 06/30/2019. In considering prior performance information, recipients of this presentation should
bear in mind that past performance is not indicative of future results, and there can be no assurance that the Fund
will achieve comparable results or will be able to avoid losses, including substantial or entire capital losses.
Prospective investors should also note that the investment decisions of the Fund and the execution of transactions on
its behalf may be made by persons different from those who made certain prior investment decisions and executed
certain prior transactions. Dollar totals may not correspond to the sum of the constituents’ parts because of
rounding. Generally, “net” performance metrics are neither relevant nor calculable (i) with respect to pre-fund
investments made by Activant or (ii) for individual investments, subsets of investments within a Fund, or across
multiple Funds.
(1) Invested Amount means the aggregate amount of capital invested through an investment vehicle controlled by
Activant Capital Group LLC (together with its affiliates, “Activant”) or its affiliates in the portfolio company, or that
was arranged by Activant or its affiliates to be invested directly into the portfolio company, in each, case, including
capital committed by Activant or its affiliates but excluding capital committed by any third-party co-investors that
did not invest through a vehicle controlled by Activant or its affiliates and that were not arranged by Activant or its
affiliates.
(2) Realized amount represents the sum of the proceeds generated from dispositions and distributions of securities,
cash dividends, and interest, without deducting fees paid, taxes paid, compensation, or carried interest.
(3) Unrealized amount as of 06/30/2019. The Unrealized amount is either (i) at original cost, or (ii) fair value, which
is initially based upon cost. Valuations are reviewed periodically utilizing available market data to determine if the
Unrealized amount of these investments should be adjusted. Valuation methodologies include discounted cash flows
and observations of the trading multiples of public companies considered comparable to the private companies being
valued. The valuations take into consideration company-specific items, the lack of liquidity inherent in a non-public
investment and the fact that comparable public companies are not identical to the companies being valued.
Company-specific items are considered because, in the absence of a committed buyer and completion of due
diligence procedures, there may be company-specific items that are not fully known that may affect value. A variety
of additional factors are reviewed by management, including, but not limited to, financing and sales transactions
with third parties, investment banker feedback, received letters of intent, current operating performance and future
expectations of the particular investment, changes in market outlook and the third-party financing environment. In
determining changes to the fair value of investments, emphasis is placed on current company performance and
market conditions. There can be no assurance that the value of these unrealized investments will not decline. Actual
realized returns on unrealized investments will depend on various factors, including future operating results, market
conditions at the time of disposition (if any), legal and contractual restrictions on the transfer that may limit
liquidity, any related transaction costs and the timing and manner of disposition (if any), all of which may differ from
the assumptions and circumstances on which the current unrealized
42
valuations are based. Accordingly, the actual realized returns (if any) on unrealized investments may differ materially
from the returns indicated herein.
(4) Total Value represents the sum of the Realized amount and Unrealized amount.
(5) Gross Multiple represents the gross multiple of Invested Amount which has been calculated by dividing the Total
Value by the amount of the Invested Amount does not reflect the deduction of any management fees, carried
interest, transaction fees, taxes and allocable expenses borne by investors, which in aggregate may be substantial.
(6) Gross IRR represents an aggregate, compounded annually, gross internal rate of return that does not reflect the
deduction of any management fees, carried interest, transaction fees, taxes and allocable expenses borne by
investors, which in aggregate may be substantial. All IRRs presented are annualized and calculated on the basis of
daily investment inflows and outflows. IRRs for investments that have not been fully realized have been calculated by
assuming that the remaining investment that has not been realized has been sold as of 06/30/2019 at the Unrealized
amount shown.
(7) Net IRR represents the Gross IRR to the third-party investors in the applicable investment vehicle adjusted to
reflect the deduction of any management fees, carried interest, transaction fees, taxes and allocable expenses borne
by investors in the applicable investment vehicles (which may vary from investment vehicle to investment vehicle and
may not reflect the same amount of management fees, carried interest, transaction fees, taxes and allocable
expenses expected to be borne by investors in the Fund) and assumes the appropriate investment vehicle’s
distribution methodology, including hypothetical carried interest, if any, for any investments that have not been
disposed of based on Realized amount and Unrealized amount without deducting fees paid, taxes paid or other costs
or expenses.
(8) Net Multiple represents the Gross Multiple with respect to the third-party investors in the applicable investment
vehicle adjusted to reflect the deduction of any management fees, carried interest, transaction fees, taxes and
allocable expenses borne by investors in the applicable investment vehicles (which may vary from investment vehicle
to investment vehicle and may not reflect the same amount of management fees, carried interest, transaction fees,
taxes and allocable expenses expected to be borne by investors in the Fund) and assumes the appropriate investment
vehicle’s distribution methodology, including hypothetical carried interest, if any, for any investments that have not
been disposed of based on Realized amount and Unrealized amount without deducting fees paid, taxes paid or other
costs or expenses.
Additional Note: “Platform Investments” for a particular investment vehicle are defined as companies in which
Activant made a total equity investment equal to or in excess of $5 million from said investment vehicle. “Pre-Growth
Investments” for a particular investment vehicle are defined as companies in which Activant made a total equity
investment less than $5 million from said investment vehicle.
Q3 2019 / CONF IDENT IA L
 Q3 2019 / CONFIDENTIAL
323 R AILROAD AVENUE, GREENWICH C T 06830