SOFTWARE SECTOR REPORT

SOFTWARESECTOR REPORTQ2 2021

22

Software Q2 2021EXECUTIVE SUMMARY

» In Q2 2021, M&A deal activity and private financing activity continued to grow whilst software performance in the public markets grew steadily

– IGV tech-software index is up 34.9% over the last 12 months, underperforming the S&P 500 by 3.0%

– Business Intelligence & Analytics has outperformed the other software segments, achieving 79.5% LTM growth as of Q2 2021

» Q2 ’21 saw ~$55Bn in financing deal value and ~$96Bn in M&A deal value

- 577 financings, 146.6% higher than Q2 ‘20

- 488 M&A transactions, 54.9% higher than Q2 ’20

» Significant M&A activity in Q2 includes acquisitions in the Financial Applications sector: Bill.com’s $2.5Bn acquisition of Divvy and Visa’s $2.1Bn acquisition of Tink

» Sales & Marketing software had some of the largest financing deals in Q2 ‘21 led by the $1.0Bn financing of MessageBird, the $775MM financing of Perch, and the $550MM financing of Kajabi

» Overall outlook in software growth remains healthy, particularly in the private markets

Notes:Sources: PitchBook, 451 Research, Capital IQ.

Select Q2 Active Investors Select Q2 Active Acquirers

33

GCA OVERVIEWThe GCA Software Team

Sector Coverage US TeamVERTICAL SOFTWARE

Key GCA Stats

70+ Senior Bankers Covering Technology

33 Senior Bankers Covering Software

24 Offices Globally Software Transactions in the Last 3 Years140+

Technology-Related Deals in the Last 3 Years330+

Josh WepmanManaging Director

[email protected]

Chris GoughManaging [email protected]

Kevin WalshManaging [email protected]

Glen KrugerManaging [email protected]

Rupert SadlerManaging [email protected]

Saif MalikDirector

[email protected]

Collaboration Software

Enterprise Resource Planning

Human Capital Management

Supply Chain Management

BI & Analytics

CRM

Governance, Risk & Compliance

Marketing

HORIZONTAL SOFTWARE

E-commerce & Retail

Food & Agriculture

Insurance

Real Estate

Travel & Hospitality

Automotive

Education

Industrial

Media & Communications

Transportation & Logistics

INFRASTRUCTURE SOFTWAREData Management & Analytics

Workflow Automation

Cybersecurity

SaaS / Cloud-Enablement

Europe Team

Sascha PfeifferManaging Director

[email protected]

James CravenManaging Director

[email protected]

Raymond FröjdManaging Director

[email protected]

Raiko SteltenManaging Director

[email protected]

Kristoffer KälleskogManaging Director

[email protected]

Adrian ReedManaging Director

[email protected]

44

Deep Software Sector Expertise with Demonstrated Success Advising Large-cap Public and Private Companies on Complex Assignments GCA OVERVIEW

Notes:The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

55

Select Financing Transactions Quarterly Financing Deal Value (1)(2) Quarterly M&A Deal Value Select M&A Transactions (3)

Company Amount ($MM) Acquirer Target EV ($MM)

$1,000 $19,700

$1,000 $12,300

$1,000 $5,600

$900 $5,300

$806 $4,000

$775 $2,500

$601 $2,220

$550 $2,144

LTM as of Q2 2021 Software Price Performance vs. S&P 500 (4)

Financing Activity by Quarter

$182.3 Billion2021 YTD M&A Deal Value2021 YTD Financing Deal Value (1)(2)

$95.2 Billion2021 YTD M&A Transactions2021 YTD Financing Transactions (1)(2)

1001 946

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21

SPX IGV

$39

$22 $19 $28

$5

$56

$76 $86

$96

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

$15 $17 $18 $14 $16 $18 $22

$40

$55

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

198 222 227 211 234 215284

424

577

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

359 384 349389

315

469532

458 488

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, 451 Research and Dow Jones VentureSource. Market data as of 6/30/2021.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include software venture and private equity growth / expansion activity.3) Software M&A transactions reflect select transactions in Q2 2021. M&A metrics are based on closed and announced transactions.4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM and INTU.

Software Q2 2021

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

$Bn $Bn

37.9%34.9%

66

Index PerformanceRECENT STOCK PERFORMANCE

Last 12 Months

Notes:Sources: Capital IQ. Market data as of 6/30/21.List of companies in each sector can be found in the public comparable tables.1) SaaS bucket is a subset of the other buckets and includes companies that operate a software-as-a-service platform.

BI & Analytics S&M Security Technical Content SaaS(1) ERP Vertical Development Platform Financial Infrastructure Nasdaq S&P 500

Low (1.1%) (3.3%) 0.0% (0.3%) (0.6%) (1.4%) (1.7%) 0.0% (3.8%) (4.3%) (1.1%) (4.3%) 0.0% 0.0%

Uptick from Low 80.5% 48.7% 43.2% 40.7% 40.5% 40.4% 37.6% 35.1% 36.9% 34.7% 24.9% 25.4% 44.2% 38.6%

Performance since Jul-20 79.5% 45.4% 43.2% 40.4% 39.9% 39.1% 35.9% 35.1% 33.1% 30.4% 23.7% 21.2% 44.2% 38.6%

(20 .0%)

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-2 0 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21

21.2%

35.1%33.1%

35.9%

79.5%

39.1%

30.4%

45.4%

43.2%

39.9%

23.7%

40.4%

38.6%

44.2%

77

Subsector Top Players and Key Operating Stats SOFTWARE PUBLIC COMPANY LANDSCAPE

Platform

Combined Market Cap: $2,891Bn21E/20A Rev. Growth: 6.3%21E EBITDA Margin: 30.9%

Infrastructure

Combined Market Cap: $310Bn21E/20A Rev. Growth: 18.4%

21E EBITDA Margin: 16.6%

Security



Content & Storage Management



BI & Analytics



Financial Applications



Notes:Sources: Capital IQ. Market data as of 6/30/21.Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables.

88

Subsector Top Players and Key Operating Stats SOFTWARE PUBLIC COMPANY LANDSCAPE

Technical Applications



Vertical



ERP & General Business



Development & Operations



Sales & Marketing



Combined Market Cap: $2,100Bn21E/20A Rev. Growth: 29.0%


Notes:Sources: Capital IQ. Market data as of 6/30/21.Logos shown represent largest players in each sub sector by enterprise value. Operating statistics for each sector represent full list of companies shown in public comparable tables.

SaaS

99

(10.5%) (11.1%) (11.2%) (11.6%) (12.5%) (13.4%) (13.6%) (13.8%) (14.3%) (15.2%) (16.0%) (16.4%) (16.9%) (18.2%) (19.6%) (19.6%)(21.6%)

(26.7%)

(32.6%) (32.6%)

33.2% 34.4% 35.1% 35.5% 35.8% 40.2% 40.4% 41.7% 42.2% 44.3% 47.4% 47.6% 53.1% 53.4% 56.8%

69.0% 70.8% 80.1%

95.4% 101.3%

SOFTWARE STOCKS WINNERS & LOSERS

Notes:Sources: Capital IQ as of 6/30/21.

Top and Bottom 20 Stock Price Performers in Q2 2021

Top 20 Performers

Bottom 20 Performers

1010

Valuation and Operational MetricsTRADING COMPARABLES

EV / 2020A Revenue EV / 2021E Revenue

2020A / 2019A Revenue Growth 2021E / 2020A Revenue Growth

Notes:Sources: Capital IQ. Market data as of 6/30/21.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

18.4x17.4x 17.0x

15.1x 15.0x13.9x

11.7x

10.9x 10.6x 10.4x 10.0x

4.8x

Median: 12.8x

SaaS

Development

Technical

Financial

S&M

BI & Analytics ERP

Infrastr

ucture

Vertical

Content

Security

Platform

39.1% 35.7%

30.7% 28.4%

26.2%

19.5% 19.2% 18.2% 16.2%

12.4% 12.1%

1.6%

Median: 19.4%

Infrastr

ucture

SaaS

Development

Financial

S&M

Security

ERP

BI & Analytics

Technical

Vertical

Content

Platform

39.6%

29.2% 29.0% 26.8%

24.4% 21.0%

18.4% 18.4% 15.9% 15.1% 12.8%

6.3%

Median: 19.7%

Financial

S&MSaaS

Development

Vertical

BI & Analytics

Infrastr

ucture ERP

Security

Content

Technical

Platform

17.2x16.3x

14.7x

12.1x 11.6x 11.5x 11.2x 11.2x 10.4x

8.5x 8.4x

4.5x

Median: 11.3x

Development

SaaS

Technical

Vertical

Financial

ERP

BI & Analytics S&M

Security

Infrastr

ucture

Content

Platform

1111

Valuation and Operational MetricsTRADING COMPARABLES

EV / 2020A EBITDA EV / 2021E EBITDA

2020A EBITDA Margin 2021E EBITDA Margin

Notes:Sources: Capital IQ. Market data as of 6/30/21.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

33.6x

27.0x 27.0x 26.2x 24.7x 24.5x 22.5x 22.1x 21.4x

16.3x 15.8x13.6x

Median: 23.5x

Technical

S&MSaaS

Content

Financial

ERP

Security

BI & Analytics

Vertical

Development

Infrastr

ucture

Platform

31.7% 30.7%

20.9% 19.8% 19.4% 18.7% 18.6% 17.6%

15.9% 14.4% 10.5% 9.0%

Median: 18.7%

Technical

Platform

Content

Infrastr

ucture

Security

ERP

Financial

Development

Vertical

SaaS

BI & Analytics S&M

33.7x

26.6x 26.2x 25.6x 24.0x 23.6x 20.2x 20.2x18.2x 16.0x 14.9x

12.6x

Median: 21.9x

Technical

ERPS&M

Vertical

Financial

SaaS

Content

Security

BI & Analytics

Development

Infrastr

ucture

Platform

30.9% 30.8%

20.9% 19.6% 19.3% 19.0% 16.6%

14.2% 14.1% 14.0% 12.4% 12.2%

Median: 17.8%

Platform

Technical

Content

Security

ERP

Financial

Infrastr

ucture

Vertical

SaaS

Development

BI & Analytics S&M

1212

PUBLIC SAAS COMPANIESEn

terp

rise

Valu

e /

CY 2

021E

Rev

enue

CY 2021E Revenue Growth %

Low Growth Medium Growth High Growth

Median Rev. Growth % 11.1% 22.2% 40.9%

Median EV / Rev. 5.8x 12.8x 25.6x

High Growth Software(3)Medium Growth Software (2)Low Growth Software(1)

Notes:Sources: Capital IQ as of 6/30/21.1) Defined as companies with annual revenue growth <= 15%.2) Defined as companies with annual revenue growth >15% and <= 30%.3) Defined as companies with annual revenue growth >30%.

Valuation Correlation to Growth %

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

0% 5% 10% 15% 20% 25% 30% 35% 40%

R = 0.59

1313

PUBLIC SAAS COMPANIES

Notes:Sources: Capital IQ as of 6/30/21.1) Defined as companies with revenue growth % + FCF margin % <= 20%.2) Defined as companies with revenue growth % + FCF margin % >20% and <= 40%.3) Defined as companies with revenue growth % + FCF margin % >40%.

Ente

rpris

e Va

lue

/ CY

202

1E R

even

ue

CY 2021E Revenue Growth % + CY 2021E FCF Margin %

Low Performance Medium Performance High Performance

Median Growth % + FCF Margin % 15.4% 30.0% 48.0%


Valuation Correlation to Growth % & Free Cash Flow Margin %

High Performance Software(3)Medium Performance Software (2)Low Performance Software(1)

0.0x

20.0x

40.0x

60.0x

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%

R = 0.52

1414

PUBLIC SAAS COMPANIESEn

terp

rise

Valu

e /

CY 2

021E

Rev

enue

CY 2021E Incremental Revenue / CY 2020A S&M Expense

Low Efficiency Medium Efficiency High Efficiency

Median Inc. Rev. / S&M Expense 0.4x 0.7x 1.6x


Notes:Sources: Capital IQ as of 6/30/21.1) Defined as companies with S&M expense efficiency <= 0.6x.2) Defined as companies with S&M expense efficiency >0.6x and <= 1.0x.3) Defined as companies with S&M expense efficiency >1.0x.

Valuation Correlation to Returns on S&M Expense Efficiency

High Efficiency Software(3)Medium Efficiency Software (2)Low Efficiency Software(1)

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x

R = 0.51

1515

$39

$22 $19

$28

$5

$56

$76

$86

$96 359

384

349

389

315

469

532

458

488

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Notes:Sources: Capital IQ and 451 Research.

SOFTWARE M&A UPDATE

Select Q2 2021 M&A Transactions

Ann.Date Acquirer Target Enterprise

Value EV/ LTM Rev.

6/28 $2,000 5.9x

6/25 $2,220 NA

6/24 $2,144 58.2x

6/24 $1,050 2.2x

6/3 $1,200 2.2x

6/1 $5,300 6.4x

5/6 $2,500 NA

5/2 $4,000 NA

4/26 $12,300 11.3x

4/23 $5,600 8.5x

4/12 $19,700 13.6x

($MM)($Bn) Number of Deals M&A Deal Value

Q2 2021 Dashboard

Quarterly M&A Activity

1616

$15 $17 $18

$14 $16 $18

$22

$40

$55

198222 227

211234

215

284

424

577

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

SOFTWARE FINANCINGS UPDATE

Quarterly Financing Activity Select Q2 2021 Financing Transactions

DealDate

Company Lead/Selected Investor

Amount Invested

Funding to Date

Post-Money

Valuation

6/22 $806 $940 $6,543

6/22 $543 $583 $2,200

6/2 $1,000 $1,364 $11,000

5/26 $775 $915 NA

5/20 $900 $992 $5,300

5/4 $550 $550 $2,000

5/3 $601 $876 $4,004

4/28 $1,000 $1,100 $3,800

4/13 $1,000 $4,360 $28,700

4/7 $642 $1,028 $1,200

($MM)($Bn) Number of Deals Financing Deal Value

Q2 2021 Dashboard

Notes:Sources: PitchBook.

1717

($MM)

Offer Date(1) Name Market Cap @ IPO

DateAmount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price

6/30/2021 $9,348 $1,225 31.00 - 32.00 $35.00 $42.50

6/30/2021 $1,646 $273 25.00 - 28.00 $26.00 $28.00

6/24/2021 $11,361 $828 29.00 - 33.00 $36.00 $47.50

6/23/2021 $4,074 $266 18.00 - 20.00 $16.00 $20.59

6/16/2021 $2,381 $287 29.00 - 32.00 $31.00 $29.26

6/10/2021 $330 $215 10.00 - 12.00 $10.00 $8.40

6/10/2021 $7,792 $574 125.00 - 140.00 $155.00 $223.59

6/9/2021 $16,183 $1,227 20.00 - 24.00 $27.00 $28.07

5/26/2021 $3,315 $210 19.00 - 21.00 $21.00 $35.50

5/26/2021 $3,564 $251 22.00 - 24.00 $24.00 $36.74

5/20/2021 $11,276 $634 60.00 - 65.00 $67.00 $94.95

5/19/2021 $5,940 $2,030 49.00 - 51.00 $50.00 $59.41

5/12/2021 $1,625 $176 19.00 - 21.00 $22.00 $19.70

4/22/2021 $4,037 $152 16.00 - 18.00 $16.00 $31.27

Select Recent Software IPO PricingsSOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and company filings. Market data as of 6/30/21. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date.

Median: 22.9%

95.4%

(10.5%)

18.8%

41.7%

53.1%

69.0%

4.0%

44.3%

(16.0%)

(5.6%)

28.7%

31.9%

7.7%

21.4%

1818

($MM)

Offer Date(1) Name Market Cap @ IPO

DateAmount Raised Pre IPO Filing Range Offer Price Last Close Price % Change Current / Offer Price

4/21/2021 $35,822 $1,338 52.00 - 54.00 $56.00 $67.93

4/21/2021 $5,594 $360 24.00 - 27.00 $27.00 $42.34

4/15/2021 $23,339 $2,000 75.00 - 85.00 $80.00 $75.17

4/14/2021 $3,575 $180 26.00 - 28.00 $30.00 $35.67

4/14/2021 $65,393 $2,203 200.00 - 375.01.00 $250.00 $253.30

4/1/2021 $727 $29 27.00 - 29.00 $28.00 $36.75

3/25/2021 $1,512 $140 14.00 - 16.00 $14.00 $23.02

3/24/2021 $4,475 $776 44.00 - 47.00 $47.00 $55.59

3/18/2021 $13,994 $915 17.00 - 20.00 $21.00 $24.50

3/17/2021 $4,935 $450 20.00 - 22.00 $25.00 $37.39

2/3/2021 $3,150 $428 45.00 - 50.00 $50.00 $35.48

2/3/2021 $8,211 $925 23.00 - 25.00 $25.00 $31.11

1/28/2021 $22,877 $1,551 27.00 - 29.00 $30.00 $38.25

12/16/2020 $2,135 $240 20.00 - 22.00 $20.00 $124.90

Select Recent Software IPO Pricings (Cont’d.)SOFTWARE CAPITAL MARKETS UPDATE

MEDIAN: 22.9%

MEAN: 43.0%

27.5%

24.4%

(29.0%)

49.6%

16.7%

18.3%

64.4%

31.3%

1.3%

18.9%

(6.0%)

56.8%

21.3%

Median: 22.9%

524.5%

Notes:Sources: Capital IQ and company filings. Market data as of 6/30/21. IPO pricings include public registrations only. 1) First Trading Day listed as Offer Date.

19

APPENDIX

2020

Software Trading StatisticsPUBLIC COMPANY VALUATIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Market data as of 6/30/21.Margins <(20%) considered NM. Multiples <0 or >50 considered NM.

($MM)Trading Metrics Operating Metrics CIQ

Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth Gross Margin EBITDA Margin RevenueCompany 6/30/2021 Cap ST. Invest. Debt Value (EV) CY20A CY21E CY22E CY20A CY21E CY22E 20A/19A 21E/20A 22E/21E CY20A CY21E CY22E CY20A CY21E CY22E

Platform

Microsoft Corporation $270.90 $2,040,304 $125,013 $81,260 $1,996,551 13.0x 11.3x 10.2x 27.7x 23.3x 19.8x 14% 15% 11% 67% 67% 67% 47% 49% 51%

Oracle Corporation $77.84 $217,329 $46,557 $87,027 $258,513 6.6x 6.3x 6.0x 13.1x 12.8x 12.7x (0%) 5% 4% 80% 80% 80% 50% 49% 47%

Cisco Systems $53.00 $223,353 $23,579 $12,538 $212,312 4.4x 4.1x 4.0x 11.8x 11.4x 11.4x (7%) 7% 3% 63% 63% 63% 37% 36% 35%

International Business Machines Corporation $146.59 $130,982 $7,950 $59,789 $182,946 2.5x 2.5x 2.4x 11.9x 9.6x 9.6x (4%) 3% 1% 49% 50% 49% 21% 26% 25%

SAP SE $140.91 $166,210 $13,926 $20,113 $172,397 5.2x 5.3x 5.1x 13.9x 15.5x 15.1x 8% (3%) 4% 73% 73% 71% 37% 34% 34%

Dell Technologies Inc. $99.67 $76,665 $14,244 $48,914 $116,434 1.2x 1.1x 1.1x 9.1x 8.8x 8.4x 2% 8% 2% 33% 32% 31% 14% 13% 13%

HP Inc. $30.19 $36,266 $3,438 $7,323 $40,151 0.7x 0.6x 0.6x 7.8x 6.8x 6.9x (2%) 10% (1%) 19% 19% 19% 9% 9% 9%

Mean 4.8x 4.5x 4.2x 13.6x 12.6x 12.0x 2% 6% 4% 55% 55% 54% 31% 31% 31%

Median 4.4x 4.1x 4.0x 11.9x 11.4x 11.4x (0%) 7% 3% 63% 63% 63% 37% 34% 34%

Infrastructure

Zoom Video Communications $387.03 $114,933 $4,690 $103 $110,346 41.6x 27.6x 23.1x NM NM NM 326% 51% 20% 69% 73% 75% 38% 39% 37%

Snowflake Inc. $241.80 $71,604 $3,930 $201 $67,874 NM NM 37.1x NM NM NM 124% 88% 64% 64% 68% 59% NM (14%) (9%)

RingCentral $290.58 $26,406 $463 $1,441 $27,383 25.2x 18.2x 14.7x NM NM NM 33% 39% 24% 76% 77% 78% 15% 14% 14%

Akamai Technologies $116.60 $19,005 $1,288 $2,814 $20,531 6.4x 6.0x 5.6x 14.7x 13.5x 12.4x 11% 7% 8% 64% 65% 65% 44% 44% 45%

Citrix Systems $117.27 $14,561 $498 $3,669 $17,732 5.5x 5.3x 4.8x 15.2x 15.6x 14.1x 8% 4% 9% 86% 84% 85% 36% 34% 34%

Five9 $183.39 $12,413 $643 $833 $12,602 29.0x 22.9x 19.5x NM NM NM 33% 27% 17% 64% 63% 61% 20% 16% 18%

Amdocs Limited $77.36 $9,875 $1,164 $1,012 $9,766 2.3x 2.2x 2.2x 11.5x 9.9x 9.8x 2% 4% 3% 34% 34% 34% 20% 23% 22%

Juniper Networks $27.35 $8,964 $1,293 $1,851 $9,521 2.1x 2.0x 2.0x 10.6x 10.0x 9.4x (0%) 5% 3% 59% 60% 59% 20% 20% 21%

Rackspace Technology $19.61 $4,073 $212 $4,190 $8,052 3.0x 2.7x 2.4x 10.6x 10.6x 9.8x 11% 12% 11% 38% 34% 38% 28% 25% 25%

Fastly $59.60 $6,894 $1,097 $1,022 $6,819 23.4x 17.8x 14.1x NM NM NM 45% 31% 26% 60% 61% 58% 1% (5%) 1%

Everbridge $136.08 $5,200 $735 $656 $5,121 18.9x 14.3x 11.4x NM NM NM 35% 32% 25% 72% 73% 70% 3% 2% 5%

Jamf Holding Corp. $33.57 $3,964 $196 $28 $3,796 14.1x 11.2x 9.3x NM NM NM 32% 26% 20% 81% 82% 79% 13% 10% 11%

Verint Systems Inc. $45.07 $2,930 $360 $859 $3,430 2.7x 4.0x 3.7x 10.1x 14.9x 13.2x (2%) (32%) 6% 70% 69% 68% 27% 27% 28%

Software Aktiengesellschaft $44.98 $3,328 $662 $367 $3,034 3.0x 3.1x 2.9x 12.9x 16.5x 13.3x 2% (5%) 8% 76% 77% 77% 23% 19% 22%

Extreme Networks $11.16 $1,407 $203 $402 $1,605 1.8x 1.5x 1.5x 22.4x 10.9x 9.7x (12%) 15% 5% 57% 57% 57% 8% 14% 15%

ON24 $35.48 $1,645 $392 $6 $1,259 8.0x 6.0x 5.0x NM NM NM 76% 33% 21% 79% 75% 75% 16% 2% 3%

Radware Ltd. $30.78 $1,402 $315 $28 $1,115 4.5x 4.1x 3.7x 33.1x 27.5x 22.3x (1%) 9% 9% 83% 83% 82% 13% 15% 17%

A10 Networks $11.26 $871 $161 $27 $737 3.3x 3.1x 2.9x 16.2x 13.4x 11.8x 6% 7% 7% 77% 79% 78% 20% 23% 24%

Limelight Networks $3.15 $396 $117 $134 $413 1.8x 1.9x 1.7x 16.9x 21.7x 12.8x 15% (4%) 9% 45% 39% 47% 11% 9% 13%

Mean 10.9x 8.5x 8.8x 15.8x 15.0x 12.6x 39% 18% 16% 66% 66% 66% 20% 17% 18%

Median 5.0x 4.7x 4.8x 14.7x 13.5x 12.4x 11% 12% 9% 69% 69% 68% 20% 16% 18%

2121



Security

CrowdStrike Holdings $251.31 $56,748 $1,685 $779 $55,847 NM 41.0x 30.1x NM NM NM 82% 56% 36% 75% 77% 72% 12% 13% 16%

Fortinet $238.19 $38,901 $2,937 $1,043 $37,007 14.3x 11.9x 10.3x 48.3x 41.5x 35.4x 20% 20% 16% 79% 79% 78% 30% 29% 29%

Okta $244.68 $37,431 $2,690 $1,970 $36,711 43.9x 30.0x 21.8x NM NM NM 43% 46% 38% 78% 77% 75% 5% (12%) (5%)

Palo Alto Networks $371.05 $36,137 $2,945 $3,508 $36,700 9.7x 8.0x 6.8x NM 34.0x 28.7x 21% 22% 18% 71% 71% 71% 1% 23% 24%

Cloudflare $105.84 $32,877 $1,035 $436 $32,277 NM NM 39.5x NM NM NM 50% 43% 33% 77% 78% 77% 4% 7% 11%

Zscaler $216.06 $29,597 $1,468 $957 $29,087 NM 37.5x 28.7x NM NM NM 49% 45% 31% 79% 79% 79% 14% 14% 16%

VeriSign $227.69 $25,642 $1,181 $1,791 $26,252 20.8x 19.8x 18.2x 28.6x 28.3x 25.6x 3% 5% 9% 86% 86% 85% 73% 70% 71%

Splunk Inc. $144.58 $23,699 $1,865 $2,555 $24,389 10.9x 9.6x 7.9x NM NM NM (5%) 14% 21% 79% 77% 79% NM 2% 4%

NortonLifeLock Inc. $27.22 $15,822 $951 $3,693 $18,564 7.3x 6.8x 6.3x 13.7x 12.9x 12.2x 2% 8% 7% 81% 83% 83% 53% 52% 52%

Citrix Systems $117.27 $14,561 $498 $3,669 $17,732 5.5x 5.3x 4.8x 15.2x 15.6x 14.1x 8% 4% 9% 86% 84% 85% 36% 34% 34%

McAfee Corp. $28.02 $4,632 $346 $4,080 $14,543 5.0x 7.2x 6.7x 13.8x 20.1x 16.7x 10% (30%) 7% 79% 79% 72% 36% 36% 40%

Check Point Software Technologies Ltd. $116.13 $15,422 $1,876 $31 $13,577 6.6x 6.3x 6.2x 12.8x 13.0x 12.6x 4% 4% 3% 90% 89% 89% 51% 49% 49%

F5 Networks $186.66 $11,128 $643 $748 $11,232 4.7x 4.3x 4.0x 13.5x 12.1x 11.1x 6% 8% 8% 83% 83% 83% 35% 36% 36%

SentinelOne $42.50 $11,119 $363 $46 $10,803 NM NA NA NM NA NA 100% NA NA 58% NM NM NM NA NA

Varonis Systems $57.62 $6,116 $824 $288 $5,580 19.1x 15.1x 12.3x NM NM NM 15% 27% 22% 86% 87% 87% 2% 5% 10%

Rapid7 $94.63 $5,217 $606 $938 $5,550 13.5x 11.0x 9.2x NM NM NM 26% 23% 19% 74% 74% 72% 4% 6% 8%

Trend Micro Incorporated $52.44 $7,309 $1,963 $0 $5,352 3.2x 3.3x 3.1x 8.9x 10.5x 10.0x 11% (2%) 4% 79% 80% 79% 36% 31% 31%

KnowBe4 $31.27 $5,306 $95 $12 $5,223 29.9x 22.6x 18.1x NA NM NM 45% 32% 25% 84% 85% 84% 0% 8% 11%

SailPoint Technologies Holdings $51.07 $4,715 $416 $421 $4,719 12.9x 11.5x 10.0x NM NM NM 27% 12% 16% 81% 78% 78% 22% (1%) 1%

CyberArk Software Ltd. $130.27 $5,179 $978 $507 $4,708 10.1x 9.6x 8.5x 44.0x NM NM 7% 6% 13% 85% 83% 84% 23% 8% 7%

FireEye $20.22 $4,785 $1,301 $1,041 $4,526 4.8x 4.4x 4.1x 26.0x 27.5x 25.6x 6% 9% 8% 70% 72% 68% 19% 16% 16%

Tenable Holdings $41.35 $4,366 $340 $57 $4,083 9.3x 7.8x 6.6x NM NM NM 24% 19% 18% 83% 83% 83% 8% 10% 12%

Qualys $100.69 $3,941 $357 $55 $3,639 10.0x 9.0x 8.1x 21.5x 21.9x 20.1x 13% 11% 11% 81% 80% 79% 47% 41% 40%

Mimecast Limited $53.05 $3,457 $293 $250 $3,414 7.1x 6.1x 5.4x 29.0x 23.5x 20.2x 19% 16% 13% 74% 74% 74% 24% 26% 27%

Telos Corporation $34.01 $2,270 $94 $17 $2,193 12.2x 7.6x 5.4x NM NM 30.2x 13% 61% 41% 33% 37% 35% 6% 12% 18%

Sumo Logic $20.65 $2,205 $291 $10 $1,925 9.5x 8.2x 6.8x NM NM NM 31% 16% 20% 75% 75% 73% (11%) NM (16%)

Ping Identity Holding Corp. $22.90 $1,880 $55 $59 $1,884 7.7x 7.0x 6.2x NM NM NM 0% 11% 13% 81% 80% 82% 12% 9% 10%

SecureWorks Corp. $18.53 $1,555 $181 $28 $1,403 2.5x 2.6x 2.5x 42.3x NM NM 1% (3%) 3% 60% 62% 57% 6% 0% 0%

OneSpan Inc. $25.54 $1,027 $115 $14 $926 4.3x 4.2x 3.8x NM NM NM (15%) 2% 10% 70% 71% 70% 7% (0%) 6%

F-Secure Oyj $4.77 $756 $53 $38 $741 2.8x 2.7x 2.5x 17.0x 17.0x 15.1x 10% 4% 7% 78% 78% 78% 16% 16% 16%

A10 Networks $11.26 $871 $161 $27 $737 3.3x 3.1x 2.9x 16.2x 13.4x 11.8x 6% 7% 7% 77% 79% 78% 20% 23% 24%

Absolute Software Corporation $14.47 $716 $133 $12 $595 5.3x 4.7x 4.2x 19.7x 20.5x 18.0x 10% 13% 13% 87% 87% 87% 27% 23% 23%

Zix Corporation $7.05 $391 $24 $226 $594 2.7x 2.4x 2.1x 11.7x 10.8x 9.5x 26% 14% 14% 54% 50% 57% 23% 22% 22%

Tufin Software Technologies Ltd. $9.12 $335 $87 $22 $270 2.7x 2.5x 2.2x NM NM NM (2%) 7% 13% 81% 81% 81% (17%) NM NM

Mean 10.0x 10.4x 9.6x 22.5x 20.2x 18.6x 20% 16% 16% 76% 77% 76% 19% 20% 20%

Median 7.5x 7.4x 6.6x 17.0x 18.6x 16.7x 12% 12% 13% 79% 79% 78% 17% 16% 16%



2222





Content & Storage Management

Adobe Inc. $585.64 $278,999 $5,768 $4,693 $277,924 21.6x 17.7x 15.5x 44.3x 35.5x 31.1x 15% 22% 15% 88% 90% 87% 49% 50% 50%

DocuSign $279.57 $54,470 $781 $947 $54,636 37.6x 26.7x 20.7x NM NM NM 49% 41% 29% 78% 80% 77% 16% 20% 21%

NetApp $81.82 $18,264 $4,604 $2,752 $16,412 2.9x 2.7x 2.6x 12.4x 11.0x 9.5x (0%) 8% 5% 65% 65% 65% 24% 25% 27%

Open Text Corporation $50.80 $13,804 $1,476 $3,864 $16,193 4.9x 4.8x 4.8x 12.7x 12.9x 12.0x 12% 2% 1% 74% 74% 74% 39% 37% 40%

Dropbox $30.31 $11,756 $1,916 $2,470 $12,310 6.4x 5.8x 5.3x 21.7x 16.6x 15.4x 15% 11% 9% 79% 80% 77% 30% 35% 34%

Nutanix $38.22 $8,086 $1,255 $1,177 $8,008 6.1x 5.5x 4.8x NM NM NM 5% 12% 13% 76% 76% 76% NM (14%) (1%)


Pure Storage $19.53 $5,532 $1,234 $911 $5,209 3.1x 2.7x 2.3x 44.9x 28.4x 20.8x 2% 16% 15% 70% 70% 69% 7% 9% 11%

Box $25.55 $3,953 $611 $689 $4,031 5.2x 4.7x 4.3x 20.7x 17.5x 15.8x 11% 10% 11% 73% 74% 72% 25% 27% 27%

Commvault Systems $78.17 $3,602 $397 $23 $3,228 4.6x 4.3x 4.0x NM 19.7x 16.0x 1% 9% 7% 84% 84% 84% 8% 22% 25%

Brightcove Inc. $14.35 $579 $35 $8 $552 2.8x 2.6x 2.3x 26.9x 20.1x 16.2x 7% 9% 11% 62% 65% 62% 10% 13% 14%

Mean 10.4x 8.4x 7.2x 26.2x 20.2x 17.1x 12% 15% 13% 76% 77% 75% 21% 21% 23%

Median 5.2x 4.8x 4.8x 21.7x 18.6x 15.9x 11% 11% 11% 76% 76% 76% 20% 22% 25%

2323





Business Intelligence & Analytics

Palantir Technologies Inc. $26.36 $49,559 $2,339 $453 $47,672 43.6x 32.2x 24.9x NM NM NM 47% 36% 29% 77% 80% 73% 19% 26% 27%

NICE Ltd. $244.29 $15,420 $1,561 $794 $14,677 8.9x 8.1x 7.3x 25.4x 24.0x 22.2x 5% 10% 11% 71% 72% 68% 35% 34% 33%

Elastic N.V. $145.76 $13,337 $403 $28 $12,962 23.4x 17.5x 13.7x NM NM NM 44% 34% 28% 72% 72% 72% (2%) (2%) 2%

MicroStrategy Incorporated $664.50 $6,477 $83 $1,754 $8,148 17.0x 16.2x 15.3x NM NM NM (1%) 5% 5% 81% 81% 80% 15% 18% 19%

Inovalon Holdings $34.08 $5,313 $129 $1,018 $6,202 9.3x 8.1x 7.2x 26.9x 22.9x 19.9x 4% 14% 12% 75% 75% 74% 35% 35% 36%

Alteryx $86.02 $5,774 $839 $803 $5,738 11.6x 10.0x 8.3x NM NM NM 19% 15% 21% 92% 92% 91% 17% 3% 12%

Teradata Corporation $49.97 $5,477 $538 $688 $5,627 3.1x 2.9x 2.9x 14.0x 12.1x 11.1x (3%) 4% 3% 58% 60% 55% 22% 24% 26%

Medallia $33.75 $5,352 $541 $626 $5,438 11.4x 9.6x 8.0x NM NM NM 19% 19% 20% 69% 69% 66% 8% 1% 7%

Domo $80.83 $2,561 $85 $105 $2,581 12.3x 10.3x 8.7x NM NM NM 21% 19% 18% 78% 80% 73% (17%) (11%) (6%)

Talend S.A. $65.60 $2,146 $173 $179 $2,152 7.5x 6.5x 5.6x NM NM NM 16% 15% 16% 80% 80% 78% (5%) (6%) 3%

Similarweb Ltd. $19.70 $1,463 $58 $30 $1,435 15.4x 11.4x 8.9x NA NM NM 32% 35% 29% 76% 78% 76% 0% NM NM

Karooooo Ltd. $36.75 $1,137 $40 $9 $1,108 7.8x 6.2x 5.2x NA 13.6x 11.5x NA 27% 18% 70% 70% 70% 0% 45% 46%

Veritone $19.71 $644 $127 $7 $524 9.1x 6.5x 5.1x NM NM NM 16% 40% 27% 71% 74% 73% NM (19%) (11%)

Mean 13.9x 11.2x 9.3x 22.1x 18.2x 16.2x 18% 21% 18% 75% 76% 73% 10% 12% 16%

Median 11.4x 9.6x 8.0x 25.4x 18.3x 15.7x 17% 19% 18% 75% 75% 73% 11% 11% 15%

Technical Applications

Autodesk $291.90 $64,222 $923 $2,091 $65,390 17.9x 15.0x 12.6x NM 45.1x 32.8x 17% 19% 19% 92% 92% 92% 32% 33% 39%

Dassault Systèmes SE $48.49 $63,494 $3,186 $4,925 $65,289 12.0x 11.5x 10.6x 34.9x 32.6x 29.6x 21% 4% 9% 83% 84% 84% 34% 35% 36%

Synopsys $275.79 $42,079 $1,458 $692 $41,317 10.8x 9.9x 9.1x 33.0x 30.8x 25.9x 13% 9% 9% 80% 80% 80% 33% 32% 35%

Cadence Design Systems $136.82 $38,072 $743 $347 $37,676 14.0x 12.8x 12.0x 34.6x 33.1x 30.0x 15% 10% 7% 90% 90% 89% 41% 39% 40%

ANSYS $347.06 $30,247 $988 $931 $30,190 18.0x 16.2x 14.7x 39.9x 37.9x 32.9x 11% 11% 11% 90% 89% 90% 45% 43% 45%

Unity Software Inc. $109.83 $30,688 $1,647 $135 $29,177 37.8x 28.8x 22.7x NM NM NM 43% 31% 27% 79% 79% 78% (3%) (5%) 1%

Bentley Systems $64.78 $17,926 $570 $717 $18,073 22.5x 19.7x 17.8x NM NM NM 9% 14% 11% 81% 79% 80% 33% 32% 33%

PTC Inc. $141.26 $16,507 $326 $1,715 $17,896 11.7x 10.2x 9.1x 35.2x 31.5x 25.7x 20% 15% 12% 76% 76% 76% 33% 32% 35%

Aspen Technology $137.54 $9,355 $317 $333 $9,371 13.8x 13.2x 13.1x 24.2x 24.8x 24.4x 12% 4% 1% 91% 91% 91% 57% 53% 54%

Altair Engineering Inc. $68.97 $5,183 $243 $227 $5,166 11.2x 10.1x 9.2x NM NM NM 3% 10% 10% 74% 76% 74% 12% 13% 15%

Mean 17.0x 14.7x 13.1x 33.6x 33.7x 28.8x 16% 13% 12% 83% 83% 83% 32% 31% 33%

Median 13.9x 13.0x 12.3x 34.7x 32.6x 29.6x 14% 10% 10% 82% 82% 82% 33% 33% 35%

2424





Financial Applications

Intuit Inc. $490.17 $133,943 $4,116 $2,472 $132,299 17.1x 12.5x 11.6x 45.7x 35.0x 31.0x 8% 37% 7% 83% 83% 83% 37% 36% 38%

Fidelity National Information Services $141.67 $87,853 $1,039 $19,439 $106,442 8.5x 7.8x 7.2x 20.2x 17.3x 15.5x 21% 9% 8% 34% 36% 35% 42% 45% 46%

Fiserv $106.89 $71,271 $831 $21,204 $92,638 6.2x 5.8x 5.4x 17.0x 14.6x 13.2x 46% 7% 8% 44% 50% 48% 37% 40% 41%

Coinbase Global $253.30 $52,854 $1,983 $662 $51,533 45.2x 8.0x 8.8x NA 16.5x 22.3x 136% 462% (9%) 89% 89% 89% 0% 49% 40%

MSCI Inc. $533.08 $43,938 $1,747 $4,038 $46,228 27.3x 23.4x 21.2x 47.6x 39.8x 35.7x 9% 17% 10% 83% 83% 82% 57% 59% 59%

SS&C Technologies Holdings $72.06 $18,424 $254 $6,828 $24,999 5.4x 5.1x 4.9x 13.5x 12.6x 11.9x 1% 5% 4% 57% 56% 49% 40% 40% 41%

Coupa Software Incorporated $262.11 $19,272 $600 $1,572 $20,246 37.4x 29.5x 23.7x NM NM NM 39% 27% 25% 71% 67% 65% 23% 17% 19%

Bill.com Holdings $183.18 $17,254 $1,736 $958 $16,475 NM NM 28.9x NM NM NM 57% 81% 84% 83% 83% 83% (5%) (1%) 2%

Fair Isaac Corporation $502.68 $14,466 $198 $1,024 $15,292 11.7x 11.3x 10.2x 30.7x 27.8x 24.7x 9% 4% 10% 71% 71% 71% 38% 40% 41%

Xero Limited $102.79 $15,233 $776 $665 $15,121 20.2x 16.1x 13.1x NM NM NM 69% 25% 22% 85% 52% 54% 8% 16% 22%

Marqeta $28.07 $15,075 $388 $18 $14,705 NM 32.1x 20.4x NA NM NM 103% 58% 58% 44% 46% 44% 0% 2% 3%

Avalara $161.80 $13,910 $642 $65 $13,333 26.6x 20.4x 16.6x NM NM NM 31% 30% 23% 73% 73% 72% 3% 1% 6%

Temenos AG $160.73 $11,691 $66 $930 $12,555 14.1x 12.7x 11.6x 26.7x 28.1x 25.5x (9%) 11% 10% 82% 84% 75% 53% 45% 45%

Jack Henry & Associates $163.51 $12,130 $70 $264 $12,324 7.2x 6.8x 6.3x 22.2x 20.9x 19.4x 5% 6% 7% 41% 41% 41% 32% 32% 33%

Upstart Holdings $124.90 $9,605 $257 $61 $9,409 41.2x 15.7x 12.0x NM NM NM 43% 163% 30% 84% 86% 85% 14% 11% 11%

BlackLine $111.27 $6,459 $1,157 $1,078 $6,397 18.2x 15.3x 12.6x NM NM NM 22% 19% 21% 82% 80% 80% 16% 12% 15%

Q2 Holdings $102.58 $5,776 $529 $608 $5,855 14.5x 11.8x 9.8x NM NM NM 28% 23% 21% 54% 52% 50% 6% 7% 9%

Shift4 Payments $93.72 $5,227 $845 $1,116 $5,697 7.4x 4.4x 3.3x NM 34.0x 24.6x 5% 67% 35% 55% 64% 38% 11% 13% 13%

nCino $59.92 $5,718 $387 $28 $5,363 26.3x 20.7x 16.8x NM NM NM 48% 27% 23% 60% 61% 56% (5%) (6%) (1%)

SimCorp A/S $125.52 $4,972 $61 $50 $4,961 8.9x 8.5x 7.7x 28.9x 28.4x 25.3x 9% 5% 9% 63% 63% 63% 31% 30% 30%

Envestnet $75.86 $4,128 $372 $968 $4,724 4.7x 4.1x 3.7x 19.4x 19.6x 17.6x 11% 15% 11% 69% 66% 44% 24% 21% 21%

Paymentus Holdings $35.50 $4,166 $49 $9 $4,126 13.7x 11.1x 9.0x NA NM NM 28% 24% 23% 31% 30% 31% 0% 7% 6%

Flywire Corporation $36.74 $3,731 $146 $24 $3,609 27.4x 23.6x 18.2x NA NM NM 39% 16% 30% 65% 70% 65% 0% (3%) (7%)

Vertex $21.94 $3,238 $278 $32 $2,992 8.0x 7.3x 6.5x 38.2x 43.9x 37.5x 17% 10% 12% 71% 70% 66% 21% 17% 17%

Alkami Technology $35.67 $3,065 $162 $25 $2,928 26.1x 20.1x 15.9x NA NM NM 52% 30% 26% 50% 55% 50% 0% (17%) (8%)

Asseco Poland S.A. $20.25 $1,680 $689 $740 $2,507 0.8x 0.7x 0.7x 4.9x 4.7x 4.8x 16% 9% 3% 22% 22% 22% 16% 15% 14%

Iress Limited $9.68 $1,850 $50 $211 $2,011 4.8x 4.4x 4.2x 20.8x 19.0x 17.6x 17% 8% 6% 21% 21% 27% 23% 23% 24%

Zuora $17.25 $2,110 $197 $69 $1,982 6.5x 5.9x 5.1x NM NM NM 11% 11% 14% 62% 65% 57% 1% 1% 4%

Bottomline Technologies (de) $37.08 $1,683 $138 $168 $1,712 3.8x 3.5x 3.1x 17.4x 17.0x 15.1x 4% 11% 11% 58% 58% 58% 22% 20% 21%

Ebix $33.90 $1,049 $122 $714 $1,687 2.7x 2.0x 2.9x 11.8x NA NA 8% 32% (29%) 45% 41% 49% 23% NA NA

Model N $34.27 $1,219 $148 $134 $1,205 7.3x 6.1x 5.5x NM NM 44.3x 14% 19% 12% 56% 56% 56% 15% 6% 12%

Basware Oyj $47.13 $681 $48 $102 $735 4.0x 4.0x 3.5x 29.5x 29.3x 21.1x 11% (0%) 12% 56% 58% 55% 13% 14% 17%

Mean 15.1x 11.6x 10.3x 24.7x 24.0x 22.6x 28% 40% 17% 61% 60% 58% 19% 19% 21%

Median 10.3x 8.5x 8.9x 21.5x 20.9x 21.7x 17% 18% 12% 61% 62% 56% 16% 16% 17%

2525





Vertical Applications

Danaher Corporation $268.36 $191,416 $6,330 $21,255 $206,352 9.3x 7.4x 7.1x 34.4x 22.2x 21.7x 24% 25% 5% 56% 60% 57% 27% 33% 33%

Roper Technologies $470.20 $49,483 $331 $9,074 $58,226 10.5x 9.1x 8.7x 29.4x 25.6x 23.9x 3% 16% 4% 64% 64% 64% 36% 36% 37%

Veeva Systems Inc. $310.95 $47,550 $2,150 $60 $45,460 31.0x 24.9x 21.0x NM NM NM 33% 24% 19% 74% 74% 73% 42% 40% 40%

Amadeus IT Group $70.33 $31,669 $3,331 $7,082 $35,420 13.3x 9.6x 6.6x NM 35.6x 18.0x (57%) 38% 46% 82% 77% 63% 10% 27% 37%

Cerner Corporation $78.16 $23,551 $1,474 $1,867 $23,944 4.3x 4.1x 3.9x 13.8x 12.8x 12.0x (3%) 5% 6% 83% 83% 83% 32% 32% 33%

Tyler Technologies $452.37 $18,429 $1,310 $614 $17,733 15.9x 11.6x 9.8x NM 41.8x 35.4x 3% 36% 19% 52% 50% 49% 29% 28% 28%

Procore Technologies $94.95 $12,256 $414 $93 $11,935 29.8x 24.4x 19.9x NA NM NM 38% 22% 23% 82% 82% 82% 0% (6%) (4%)

Guidewire Software $112.72 $9,373 $1,101 $471 $8,743 11.5x 11.7x 10.8x NM NM NM 9% (2%) 8% 53% 53% 53% 14% 0% 4%

Sabre Corporation $12.48 $3,987 $1,285 $4,880 $7,589 5.7x 4.1x 2.6x NM NM 18.2x (66%) 40% 57% 63% 57% 58% NM (7%) 14%

Lemonade $109.41 $6,719 $1,174 $0 $5,544 NM 46.6x 29.1x NM NM NM 17% 51% 60% 30% 33% 34% NM NM NM

Duck Creek Technologies $43.51 $5,731 $372 $21 $5,380 24.0x 20.5x 17.5x NA NM NM 24% 17% 17% 57% 57% 57% 0% 2% 4%

Olo Inc. $37.39 $5,516 $587 $0 $4,929 NM 34.9x 27.4x NM NM NM 94% 44% 27% 74% 80% 82% 17% 11% 10%

AppFolio $141.20 $4,872 $148 $41 $4,765 15.4x 13.6x 11.4x NM NM NM 21% 13% 19% 62% 60% 61% 15% 13% 15%

Blackbaud $76.57 $3,640 $28 $575 $4,188 4.6x 4.6x 4.5x 17.0x 18.3x 17.4x 1% (1%) 2% 59% 59% 56% 27% 25% 26%

2U $41.67 $3,100 $487 $371 $2,985 3.9x 3.2x 2.7x NM 48.7x 34.0x 35% 22% 15% 71% 71% 72% 2% 6% 8%

Allscripts Healthcare Solutions $18.51 $2,613 $513 $280 $2,379 1.6x 1.6x 1.5x 7.6x 9.3x 8.7x (8%) 1% 2% 41% 41% 44% 21% 17% 18%

PROS Holdings $45.57 $2,017 $324 $336 $2,028 8.0x 8.0x 7.2x NM NM NM 1% (0%) 12% 61% 60% 60% (11%) (14%) (6%)

Intapp $28.00 $1,646 $71 $275 $1,850 9.5x NA NA NA NA NA 21% NA NA 65% NM NM NA NA NA

Root $10.82 $2,687 $1,109 $208 $1,786 5.2x 6.3x 3.9x NM NM NM 19% (18%) 59% 4% 23% 14% NM NM NM

HealthStream $27.94 $881 $56 $28 $853 3.5x 3.4x 3.2x 18.6x 19.8x 18.7x (4%) 3% 7% 63% 65% 62% 19% 17% 17%

Castlight Health $2.63 $415 $57 $13 $372 2.5x 2.7x 2.6x 29.0x NM 28.4x 2% (6%) 4% 67% 66% 64% 9% 5% 9%

Boxlight Corporation $2.41 $137 $10 $21 $147 2.7x 1.0x 0.9x NM 21.6x 14.8x 66% 181% 10% 21% 27% 25% (2%) 4% 6%

Mean 10.6x 12.1x 9.6x 21.4x 25.6x 20.9x 12% 24% 20% 58% 59% 58% 16% 14% 17%

Median 8.6x 8.0x 7.1x 18.6x 21.9x 18.5x 13% 17% 15% 63% 60% 60% 16% 13% 15%

2626





ERP & General Business

salesforce.com $244.27 $226,194 $15,023 $6,283 $217,454 10.2x 8.4x 7.0x 32.9x 29.6x 24.9x 24% 22% 19% 78% 79% 76% 31% 28% 28%

Shopify Inc. $1,460.98 $182,260 $7,872 $1,079 $175,467 NM 39.6x 29.7x NM NM NM 86% 51% 33% 53% 54% 54% 17% 11% 10%

Workday $238.74 $58,998 $2,995 $2,160 $58,163 13.5x 11.6x 9.8x NM 45.1x 38.4x 19% 17% 18% 77% 76% 73% 27% 26% 25%

Constellation Software Inc. $1,515.35 $32,113 $942 $1,245 $32,431 8.2x 6.5x 5.6x 26.3x 21.6x 19.4x 14% 26% 15% 37% 37% 37% 31% 30% 29%

Paycom Software $363.47 $21,006 $215 $47 $20,838 24.8x 20.5x 16.4x NM NM 41.1x 14% 21% 25% 86% 86% 87% 39% 39% 40%

Zendesk $144.34 $17,126 $954 $1,183 $17,355 16.9x 13.2x 10.5x NM NM NM 26% 28% 25% 78% 81% 75% 11% 11% 12%

Ceridian HCM Holding Inc. $95.92 $14,315 $340 $1,179 $15,155 18.0x 15.1x 12.9x NM NM NM 2% 19% 17% 42% 41% 45% 19% 15% 18%

Paylocity Holding Corporation $190.80 $10,395 $182 $76 $10,289 17.8x 14.8x 12.1x NM NM 44.2x 16% 21% 22% 67% 67% 67% 29% 26% 27%

The Sage Group plc $9.45 $10,032 $955 $1,112 $10,189 3.8x 4.0x 3.8x 15.0x 17.7x 16.3x 4% (5%) 6% 92% 93% 93% 25% 23% 23%

monday.com Ltd. $223.59 $9,866 $134 $21 $9,753 NM 34.6x 21.9x NA NM NM 106% 75% 58% 85% 85% 85% 0% NM (14%)

Manhattan Associates $144.84 $9,214 $197 $32 $9,050 15.4x 14.3x 13.1x NM NM NM (5%) 8% 9% 55% 54% 55% 27% 23% 23%

Smartsheet Inc. $72.32 $9,048 $440 $86 $8,695 22.6x 16.9x 13.1x NM NM NM 42% 33% 29% 80% 80% 80% (6%) (6%) (0%)

J2 Global $137.55 $6,209 $373 $1,698 $7,535 5.1x 4.4x 4.2x 12.2x 11.1x 10.4x 9% 14% 7% 84% 84% 84% 41% 40% 40%

Anaplan $53.30 $7,714 $328 $56 $7,442 16.6x 13.3x 10.6x NM NM NM 29% 25% 26% 77% 77% 75% (3%) (4%) (1%)

The Descartes Systems Group Inc $69.20 $5,855 $138 $13 $5,730 16.4x 14.1x 12.6x 40.4x 34.0x 29.9x 7% 17% 12% 74% 75% 74% 41% 41% 42%

C3.ai $62.53 $6,467 $1,093 $6 $5,379 31.2x 23.8x 17.6x NA NM NM NA 31% 35% 76% 76% 76% 0% NM NM

Workiva Inc. $111.33 $5,566 $541 $332 $5,357 15.2x 12.8x 11.0x NM NM NM 18% 19% 16% 75% 76% 74% 3% (0%) 1%

Cornerstone OnDemand $51.58 $3,415 $129 $1,162 $4,448 6.0x 5.2x 4.8x 15.9x 13.1x 12.1x 29% 16% 8% 74% 76% 73% 38% 40% 40%

Datto Holding Corp. $27.84 $4,490 $148 $44 $4,386 8.5x 7.3x 6.4x 29.1x 32.3x 28.3x 13% 15% 15% 73% 74% 72% 29% 23% 22%

BigCommerce Holdings $64.92 $4,564 $208 $15 $4,371 28.7x 22.1x 18.0x NM NM NM 36% 30% 23% 78% 78% 77% (16%) (15%) (9%)

SPS Commerce $99.85 $3,581 $208 $22 $3,395 10.9x 9.1x 8.2x 39.0x 32.7x 28.0x 12% 19% 11% 69% 68% 68% 28% 28% 29%

Enghouse Systems Limited $44.55 $2,472 $138 $27 $2,362 5.9x 5.9x 5.2x 16.2x 17.3x 15.3x 29% (0%) 15% 70% 70% 70% 36% 34% 34%

WalkMe Ltd. $29.26 $2,418 $112 $0 $2,326 15.7x 12.5x 9.8x NM NM NM 41% 26% 27% 72% 75% 78% NM NM (16%)

Technology One Limited $6.98 $2,245 $76 $22 $2,191 9.1x 9.2x 8.3x 26.8x 23.8x 20.2x 18% (1%) 11% 44% 44% 44% 34% 39% 41%

QAD Inc. $87.02 $1,828 $153 $36 $1,711 5.6x 5.1x 4.8x NM 48.3x 38.8x (1%) 8% 8% 58% 60% 57% 10% 11% 12%

Upland Software $41.17 $1,239 $187 $548 $1,600 5.5x 5.2x 4.9x 16.0x 16.3x 14.3x 31% 5% 6% 67% 67% 67% 34% 32% 35%

Opera Limited $10.25 $1,180 $143 $9 $1,046 6.3x 4.4x 3.7x 41.5x 49.4x 22.3x (7%) 44% 20% 92% 94% 94% 15% 9% 17%

American Software $21.96 $730 $105 $2 $627 5.6x 5.4x 5.0x NM 45.7x 30.0x (0%) 4% 8% 54% 54% 54% 5% 12% 17%

Benefitfocus $14.10 $468 $189 $272 $551 2.1x 2.1x 2.1x 12.5x 11.6x 11.4x (9%) (4%) 3% 52% 55% 52% 16% 18% 18%

Synchronoss Technologies $3.59 $307 $30 $61 $351 1.2x 1.3x 1.2x 12.6x 10.6x 7.7x (6%) (4%) 5% 58% 59% 56% 10% 12% 16%

ServiceSource International $1.41 $137 $34 $50 $153 0.8x 0.8x NA NM NM NA (10%) (3%) NA 30% 28% NM (5%) (6%) NA

Park City Group $5.51 $107 $23 $7 $91 4.4x 3.9x 3.5x 30.9x 18.6x 13.6x 8% 13% 12% 66% 66% 66% 14% 21% 25%

Mean 11.7x 11.5x 9.6x 24.5x 26.6x 23.3x 19% 18% 18% 68% 68% 69% 19% 19% 20%

Median 9.7x 9.2x 8.3x 26.3x 22.7x 21.3x 14% 18% 15% 73% 74% 73% 19% 23% 23%

2727





Development & Operations Management

ServiceNow $549.55 $108,508 $3,456 $2,108 $107,160 23.7x 18.7x 15.0x NM NM 47.1x 31% 27% 25% 82% 81% 79% 32% 31% 32%

VMware $159.97 $67,016 $5,714 $6,048 $67,350 5.7x 5.2x 4.8x 14.0x 14.7x 13.5x 9% 9% 8% 85% 85% 84% 41% 36% 36%

Atlassian Corporation Plc $256.86 $64,519 $1,564 $787 $63,742 38.0x 28.8x 24.8x NM NM NM 28% 32% 16% 87% 87% 87% 27% 25% 26%

Twilio Inc. $394.16 $67,500 $5,707 $1,508 $63,301 35.9x 24.9x 19.0x NM NM NM 55% 45% 31% 55% 55% 54% 11% 9% 10%

UiPath Inc. $67.93 $34,565 $1,880 $19 $32,705 NM 38.1x 28.7x NA NM NM 81% 41% 33% 85% 88% 85% 0% (2%) (2%)

Datadog $104.08 $32,097 $1,548 $796 $31,345 NM 35.3x 26.3x NM NM NM 66% 47% 34% 79% 78% 77% 13% 8% 11%

MongoDB $361.52 $23,369 $935 $1,302 $23,736 40.2x 30.2x 23.3x NM NM NM 40% 33% 30% 72% 72% 71% (6%) (7%) (3%)

Dynatrace $58.42 $16,604 $325 $440 $16,719 25.4x 19.7x 15.8x NM NM NM 29% 29% 25% 81% 81% 81% 31% 26% 26%

Tuya Inc. $24.50 $13,714 $1,223 $11 $12,502 NM 37.0x 22.9x NM NM NM 70% 88% 61% 34% 42% 46% NM NM NM

Confluent $47.50 $11,987 $280 $48 $11,756 49.7x 36.6x 27.3x NM NM NM 58% 36% 34% 68% 68% 67% NM NM NM

Asana $62.03 $11,205 $386 $613 $11,432 NM 33.8x 26.2x NM NM NM 59% 49% 29% 87% 89% 86% NM NM NM

Appian Corporation $137.75 $9,759 $233 $58 $9,585 31.5x 27.0x 22.8x NM NM NM 17% 16% 18% 70% 73% 68% (6%) (10%) (7%)

SolarWinds Corporation $16.89 $5,341 $374 $2,029 $6,996 6.9x 6.6x 6.1x 14.3x 15.3x 13.6x 9% 4% 9% 91% 91% 91% 48% 43% 45%

Micro Focus International plc $7.55 $2,535 $698 $4,874 $6,710 2.3x 2.3x 2.4x 5.7x 6.4x 6.5x (9%) (3%) (4%) 76% 76% 76% 40% 36% 37%

DigitalOcean Holdings $55.59 $5,924 $560 $0 $5,364 16.8x 13.1x 10.3x NM 42.4x 31.7x 25% 28% 28% 59% 75% 76% 15% 31% 32%

New Relic $66.97 $4,315 $816 $517 $4,020 6.1x 5.8x 5.3x 48.3x NM NM 14% 7% 9% 80% 80% 80% 13% 1% 6%

JFrog Ltd. $45.52 $4,345 $606 $21 $3,760 24.9x 18.6x 14.3x NM NM NM 44% 34% 31% 82% 82% 82% 11% 5% 6%

Bandwidth Inc. $137.92 $3,461 $330 $486 $3,618 12.1x 7.6x 6.4x NM NM NM 51% 59% 19% 49% 50% 51% 9% 9% 8%

PagerDuty $42.58 $3,561 $557 $310 $3,315 15.5x 12.3x 9.9x NM NM NM 28% 27% 24% 87% 85% 85% (7%) (9%) (1%)

Progress Software Corporation $46.25 $2,024 $363 $604 $2,265 5.1x 4.2x 4.2x 14.8x NA NA 7% 21% 1% 88% 88% 88% 35% 0% NA

NetScout Systems $28.54 $2,105 $476 $424 $2,052 2.4x 2.4x 2.3x 14.3x NA NA (6%) (0%) 4% 73% 73% 73% 17% NA NA

Axway Software SA $33.55 $723 $20 $95 $798 2.2x 2.2x 2.1x 15.4x 14.1x 12.2x 8% 0% 6% 71% 71% 39% 14% 16% 17%

Magic Software Enterprises Ltd. $16.23 $796 $99 $47 $777 2.1x 1.8x 1.7x 14.0x 13.0x NA 14% 17% 8% 31% 29% 31% 15% 14% NA

Comarch S.A. $66.13 $538 $147 $69 $464 1.1x 1.1x 1.1x 6.4x 6.4x 6.8x 8% (2%) 8% 28% 28% 28% 18% 18% 16%

Mean 17.4x 17.2x 13.5x 16.3x 16.0x 18.8x 31% 27% 20% 71% 72% 70% 18% 14% 16%

Median 13.8x 15.9x 12.3x 14.3x 14.1x 13.5x 28% 27% 22% 77% 77% 77% 15% 11% 13%

2828





Sales & Marketing Applications

AppLovin Corporation $75.17 $27,412 $766 $2,252 $28,898 19.9x 10.8x 8.9x NA 41.8x 31.1x 46% 84% 21% 74% 72% 74% 0% 26% 29%

HubSpot $582.72 $27,228 $1,180 $741 $26,789 30.3x 21.5x 16.9x NM NM NM 31% 41% 27% 82% 82% 81% 12% 12% 13%

Qualtrics International Inc. $38.25 $19,668 $635 $742 $19,776 25.9x 20.1x 16.7x NM NM NM 29% 29% 20% 76% 77% 74% (1%) 1% 3%

Wix.com Ltd. $290.28 $16,422 $1,124 $1,011 $16,308 16.5x 12.6x 10.1x NM NM NM 30% 30% 25% 70% 62% 70% 9% 6% 12%

Pegasystems Inc. $139.19 $11,312 $442 $639 $11,508 11.3x 9.3x 7.7x NM NM NM 12% 22% 21% 71% 73% 69% (2%) 7% 10%

ZoomInfo Technologies Inc. $52.17 $9,675 $354 $787 $10,501 22.1x 15.6x 12.1x 44.7x 33.9x 26.1x 62% 42% 29% 88% 88% 85% 49% 46% 46%

TELUS International (Cda) Inc. $31.11 $8,260 $117 $1,236 $9,379 5.9x 4.3x 3.7x 28.1x 17.7x 14.7x 55% 37% 17% 26% 41% 26% 21% 24% 25%

Squarespace $59.41 $8,084 $215 $536 $8,406 13.5x 10.9x 8.9x NA NM NM 28% 25% 22% 84% 84% 84% 0% 12% 15%

DoubleVerify Holdings $42.34 $6,656 $50 $28 $6,634 27.2x 20.4x 15.6x NA NM 48.9x 34% 33% 31% 84% 84% 84% 0% 32% 32%

Sprinklr $20.59 $5,108 $275 $81 $4,914 12.7x 10.8x 8.9x NM NM NM 19% 18% 21% 66% 69% 70% (7%) (19%) (14%)

Sprout Social $89.42 $4,792 $168 $26 $4,650 35.0x 26.3x 20.8x NM NM NM 29% 33% 26% 74% 76% 74% (13%) (8%) (3%)

LivePerson $63.24 $4,361 $668 $567 $4,260 11.6x 9.1x 7.4x NM NM NM 26% 27% 23% 72% 71% 72% 10% 8% 11%

Cardlytics $126.93 $4,173 $614 $191 $3,750 20.1x 13.4x 10.0x NM NM NM (11%) 50% 34% 34% 39% 36% (4%) (2%) 4%

Momentive Global Inc. $21.07 $3,069 $247 $296 $3,118 8.3x 7.0x 5.9x NM NM 46.0x 22% 18% 20% 80% 82% 77% 12% 11% 13%

SEMrush Holdings $23.02 $3,118 $172 $0 $2,947 23.6x 16.7x 13.2x NM NM NM 36% 41% 27% 77% 77% 78% (4%) (4%) (1%)

Thryv Holdings $35.77 $1,205 $30 $775 $1,950 1.8x 1.9x 2.2x 5.2x 5.5x 7.2x (22%) (5%) (16%) 67% 65% 66% 34% 33% 31%

PubMatic $39.07 $1,929 $110 $0 $1,819 12.2x 9.2x 7.6x 36.1x 31.7x 25.6x 31% 33% 21% 70% 70% 70% 34% 29% 30%

Zeta Global Holdings Corp. $8.40 $1,602 $52 $197 $1,747 4.7x 4.2x 3.6x NM 32.7x 24.6x 20% 14% 16% 62% 61% 61% 5% 13% 15%

MediaAlpha $42.10 $1,626 $13 $183 $1,738 3.0x 2.5x 1.9x 29.9x 26.2x 18.4x 43% 20% 30% 15% 15% 15% 10% 9% 10%

Yext $14.29 $1,804 $272 $135 $1,667 4.7x 4.3x 3.7x NM NM NM 19% 9% 15% 77% 77% 76% (3%) (2%) 3%

ChannelAdvisor Corporation $24.51 $729 $82 $10 $656 4.5x 4.1x 3.8x 18.1x 19.7x 14.9x 12% 10% 8% 80% 79% 79% 25% 21% 25%

Mean 15.0x 11.2x 9.0x 27.0x 26.2x 25.8x 26% 29% 21% 68% 69% 68% 9% 12% 15%

Median 12.7x 10.8x 8.9x 29.0x 29.0x 25.1x 29% 29% 21% 74% 73% 74% 5% 11% 13%

2929





SaaS

Adobe Inc. $585.64 $278,999 $5,768 $4,693 $277,924 21.6x 17.7x 15.5x 44.3x 35.5x 31.1x 15% 22% 15% 88% 90% 87% 49% 50% 50%

salesforce.com $244.27 $226,194 $15,023 $6,283 $217,454 10.2x 8.4x 7.0x 32.9x 29.6x 24.9x 24% 22% 19% 78% 79% 76% 31% 28% 28%

Shopify Inc. $1,460.98 $182,260 $7,872 $1,079 $175,467 NM 39.6x 29.7x NM NM NM 86% 51% 33% 53% 54% 54% 17% 11% 10%

Zoom Video Communications $387.03 $114,933 $4,690 $103 $110,346 41.6x 27.6x 23.1x NM NM NM 326% 51% 20% 69% 73% 75% 38% 39% 37%

ServiceNow $549.55 $108,508 $3,456 $2,108 $107,160 23.7x 18.7x 15.0x NM NM 47.1x 31% 27% 25% 82% 81% 79% 32% 31% 32%

Snowflake Inc. $241.80 $71,604 $3,930 $201 $67,874 NM NM 37.1x NM NM NM 124% 88% 64% 64% 68% 59% NM (14%) (9%)

Atlassian Corporation Plc $256.86 $64,519 $1,564 $787 $63,742 38.0x 28.8x 24.8x NM NM NM 28% 32% 16% 87% 87% 87% 27% 25% 26%

Twilio Inc. $394.16 $67,500 $5,707 $1,508 $63,301 35.9x 24.9x 19.0x NM NM NM 55% 45% 31% 55% 55% 54% 11% 9% 10%

Workday $238.74 $58,998 $2,995 $2,160 $58,163 13.5x 11.6x 9.8x NM 45.1x 38.4x 19% 17% 18% 77% 76% 73% 27% 26% 25%

DocuSign $279.57 $54,470 $781 $947 $54,636 37.6x 26.7x 20.7x NM NM NM 49% 41% 29% 78% 80% 77% 16% 20% 21%

Palantir Technologies Inc. $26.36 $49,559 $2,339 $453 $47,672 43.6x 32.2x 24.9x NM NM NM 47% 36% 29% 77% 80% 73% 19% 26% 27%

Veeva Systems Inc. $310.95 $47,550 $2,150 $60 $45,460 31.0x 24.9x 21.0x NM NM NM 33% 24% 19% 74% 74% 73% 42% 40% 40%

Okta $244.68 $37,431 $2,690 $1,970 $36,711 43.9x 30.0x 21.8x NM NM NM 43% 46% 38% 78% 77% 75% 5% (12%) (5%)

UiPath Inc. $67.93 $34,565 $1,880 $19 $32,705 NM 38.1x 28.7x NA NM NM 81% 41% 33% 85% 88% 85% 0% (2%) (2%)

Cloudflare $105.84 $32,877 $1,035 $436 $32,277 NM NM 39.5x NM NM NM 50% 43% 33% 77% 78% 77% 4% 7% 11%

Datadog $104.08 $32,097 $1,548 $796 $31,345 NM 35.3x 26.3x NM NM NM 66% 47% 34% 79% 78% 77% 13% 8% 11%

Unity Software Inc. $109.83 $30,688 $1,647 $135 $29,177 37.8x 28.8x 22.7x NM NM NM 43% 31% 27% 79% 79% 78% (3%) (5%) 1%

Zscaler $216.06 $29,597 $1,468 $957 $29,087 NM 37.5x 28.7x NM NM NM 49% 45% 31% 79% 79% 79% 14% 14% 16%

RingCentral $290.58 $26,406 $463 $1,441 $27,383 25.2x 18.2x 14.7x NM NM NM 33% 39% 24% 76% 77% 78% 15% 14% 14%

HubSpot $582.72 $27,228 $1,180 $741 $26,789 30.3x 21.5x 16.9x NM NM NM 31% 41% 27% 82% 82% 81% 12% 12% 13%

Splunk Inc. $144.58 $23,699 $1,865 $2,555 $24,389 10.9x 9.6x 7.9x NM NM NM (5%) 14% 21% 79% 77% 79% NM 2% 4%

Paycom Software $363.47 $21,006 $215 $47 $20,838 24.8x 20.5x 16.4x NM NM 41.1x 14% 21% 25% 86% 86% 87% 39% 39% 40%

Coupa Software Incorporated $262.11 $19,272 $600 $1,572 $20,246 37.4x 29.5x 23.7x NM NM NM 39% 27% 25% 71% 67% 65% 23% 17% 19%

Qualtrics International Inc. $38.25 $19,668 $635 $742 $19,776 25.9x 20.1x 16.7x NM NM NM 29% 29% 20% 76% 77% 74% (1%) 1% 3%

Bentley Systems $64.78 $17,926 $570 $717 $18,073 22.5x 19.7x 17.8x NM NM NM 9% 14% 11% 81% 79% 80% 33% 32% 33%

Zendesk $144.34 $17,126 $954 $1,183 $17,355 16.9x 13.2x 10.5x NM NM NM 26% 28% 25% 78% 81% 75% 11% 11% 12%

Dynatrace $58.42 $16,604 $325 $440 $16,719 25.4x 19.7x 15.8x NM NM NM 29% 29% 25% 81% 81% 81% 31% 26% 26%

Bill.com Holdings $183.18 $17,254 $1,736 $958 $16,475 NM NM 28.9x NM NM NM 57% 81% 84% 83% 83% 83% (5%) (1%) 2%

NetApp $81.82 $18,264 $4,604 $2,752 $16,412 2.9x 2.7x 2.6x 12.4x 11.0x 9.5x (0%) 8% 5% 65% 65% 65% 24% 25% 27%

Wix.com Ltd. $290.28 $16,422 $1,124 $1,011 $16,308 16.5x 12.6x 10.1x NM NM NM 30% 30% 25% 70% 62% 70% 9% 6% 12%

McAfee Corp. $28.02 $4,632 $346 $4,080 $14,543 5.0x 7.2x 6.7x 13.8x 20.1x 16.7x 10% (30%) 7% 79% 79% 72% 36% 36% 40%

Five9 $183.39 $12,413 $643 $833 $12,602 29.0x 22.9x 19.5x NM NM NM 33% 27% 17% 64% 63% 61% 20% 16% 18%

Tuya Inc. $24.50 $13,714 $1,223 $11 $12,502 NM 37.0x 22.9x NM NM NM 70% 88% 61% 34% 42% 46% NM NM NM

Dropbox $30.31 $11,756 $1,916 $2,470 $12,310 6.4x 5.8x 5.3x 21.7x 16.6x 15.4x 15% 11% 9% 79% 80% 77% 30% 35% 34%

Procore Technologies $94.95 $12,256 $414 $93 $11,935 29.8x 24.4x 19.9x NA NM NM 38% 22% 23% 82% 82% 82% 0% (6%) (4%)

Confluent $47.50 $11,987 $280 $48 $11,756 49.7x 36.6x 27.3x NM NM NM 58% 36% 34% 68% 68% 67% NM NM NM

Asana $62.03 $11,205 $386 $613 $11,432 NM 33.8x 26.2x NM NM NM 59% 49% 29% 87% 89% 86% NM NM NM

SentinelOne $42.50 $11,119 $363 $46 $10,803 NM NA NA NM NA NA 100% NA NA 58% NM NM NM NA NA

ZoomInfo Technologies Inc. $52.17 $9,675 $354 $787 $10,501 22.4x 15.6x 12.1x 44.7x 33.9x 26.1x 60% 44% 29% 88% 88% 85% 50% 46% 46%

3030





SaaS (Cont.)

Paylocity Holding Corporation $190.80 $10,395 $182 $76 $10,289 17.8x 14.8x 12.1x NM NM 44.2x 16% 21% 22% 67% 67% 67% 29% 26% 27%

monday.com Ltd. $223.59 $9,866 $134 $21 $9,753 NM 34.6x 21.9x NA NM NM 106% 75% 58% 85% 85% 85% 0% NM (14%)

Upstart Holdings $124.90 $9,605 $257 $61 $9,409 41.2x 15.7x 12.0x NM NM NM 43% 163% 30% 84% 86% 85% 14% 11% 11%

Smartsheet Inc. $72.32 $9,048 $440 $86 $8,695 22.6x 16.9x 13.1x NM NM NM 42% 33% 29% 80% 80% 80% 6% 1% 1%

Squarespace $59.41 $8,084 $215 $536 $8,406 13.5x 10.9x 8.9x NA NM NM 28% 25% 22% 84% 84% 84% 0% 12% 15%

J2 Global $137.55 $6,209 $373 $1,698 $7,535 5.1x 4.4x 4.2x 12.2x 11.1x 10.4x 9% 14% 7% 84% 84% 84% 41% 40% 40%

DoubleVerify Holdings $42.34 $6,656 $50 $28 $6,634 27.2x 20.4x 15.6x NA NM 48.9x 34% 33% 31% 84% 84% 84% 0% 32% 32%

BlackLine $111.27 $6,459 $1,157 $1,078 $6,397 18.2x 15.3x 12.6x NM NM NM 22% 19% 21% 82% 80% 80% 16% 12% 15%

Q2 Holdings $102.58 $5,776 $529 $608 $5,855 14.5x 11.8x 9.8x NM NM NM 28% 23% 21% 54% 52% 50% 6% 7% 9%


Medallia $33.75 $5,352 $541 $626 $5,438 11.4x 9.6x 8.0x NM NM NM 19% 19% 20% 69% 69% 66% 8% 1% 7%

Duck Creek Technologies $43.51 $5,731 $372 $21 $5,380 24.0x 20.5x 17.5x NA NM NM 24% 17% 17% 57% 57% 57% 0% 2% 4%

C3.ai $62.53 $6,467 $1,093 $6 $5,379 31.2x 23.8x 17.6x NA NM NM NA 31% 35% 76% 76% 76% 0% NM NM

DigitalOcean Holdings $55.59 $5,924 $560 $0 $5,364 16.8x 13.1x 10.3x NM 42.4x 31.7x 25% 28% 28% 59% 75% 76% 15% 31% 32%

nCino $59.92 $5,718 $387 $28 $5,363 26.3x 20.7x 16.8x NM NM NM 48% 27% 23% 60% 61% 56% (5%) (6%) (1%)

Workiva Inc. $111.33 $5,566 $541 $332 $5,357 15.2x 12.8x 11.0x NM NM NM 18% 19% 16% 75% 76% 74% 3% (0%) 1%

KnowBe4 $31.27 $5,306 $95 $12 $5,223 29.9x 22.6x 18.1x NA NM NM 45% 32% 25% 84% 85% 84% 0% 8% 11%

Pure Storage $19.53 $5,532 $1,234 $911 $5,209 3.1x 2.7x 2.3x 44.9x 28.4x 20.8x 2% 16% 15% 70% 70% 69% 7% 9% 11%

Everbridge $136.08 $5,200 $735 $656 $5,121 18.9x 14.3x 11.4x NM NM NM 35% 32% 25% 72% 73% 70% 3% 2% 5%

Olo Inc. $37.39 $5,516 $587 $0 $4,929 NM 34.9x 27.4x NM NM NM 94% 44% 27% 74% 80% 82% 17% 11% 10%

Sprinklr $20.59 $5,108 $275 $81 $4,914 12.7x 10.8x 8.9x NM NM NM 19% 18% 21% 66% 69% 70% (7%) (19%) (14%)

AppFolio $141.20 $4,872 $148 $41 $4,765 15.4x 13.6x 11.4x NM NM NM 21% 13% 19% 62% 60% 61% 15% 13% 15%

Envestnet $75.86 $4,128 $372 $968 $4,724 4.7x 4.1x 3.7x 19.4x 19.6x 17.6x 11% 15% 11% 69% 66% 44% 24% 21% 21%

Sprout Social $89.42 $4,792 $168 $26 $4,650 35.0x 26.3x 20.8x NM NM NM 29% 33% 26% 74% 76% 74% (13%) (8%) (3%)

Cornerstone OnDemand $51.58 $3,415 $129 $1,162 $4,448 6.0x 5.2x 4.8x 15.9x 13.1x 12.1x 29% 16% 8% 74% 76% 73% 38% 40% 40%

Datto Holding Corp. $27.84 $4,490 $148 $44 $4,386 8.5x 7.3x 6.4x 29.1x 32.3x 28.3x 13% 15% 15% 73% 74% 72% 29% 23% 22%

BigCommerce Holdings $64.92 $4,564 $208 $15 $4,371 28.7x 22.1x 18.0x NM NM NM 36% 30% 23% 78% 78% 77% (16%) (15%) (9%)

LivePerson $63.24 $4,361 $668 $567 $4,260 11.6x 9.1x 7.4x NM NM NM 26% 27% 23% 72% 71% 72% 10% 8% 11%

Paymentus Holdings $35.50 $4,166 $49 $9 $4,126 13.7x 11.1x 9.0x NA NM NM 28% 24% 23% 31% 30% 31% 0% 7% 6%

Box $25.55 $3,953 $611 $689 $4,031 5.2x 4.7x 4.3x 20.7x 17.5x 15.8x 11% 10% 11% 73% 74% 72% 25% 27% 27%

New Relic $66.97 $4,315 $816 $517 $4,020 6.1x 5.8x 5.3x 48.3x NM NM 14% 7% 9% 80% 80% 80% 13% 1% 6%

Jamf Holding Corp. $33.57 $3,964 $196 $28 $3,796 14.1x 11.2x 9.3x NM NM NM 32% 26% 20% 81% 82% 79% 13% 10% 11%

JFrog Ltd. $45.52 $4,345 $606 $21 $3,760 24.9x 18.6x 14.3x NM NM NM 44% 34% 31% 82% 82% 82% 11% 5% 6%

Qualys $100.69 $3,941 $357 $55 $3,639 10.0x 9.0x 8.1x 21.5x 21.9x 20.1x 13% 11% 11% 81% 80% 79% 47% 41% 40%

Flywire Corporation $36.74 $3,731 $146 $24 $3,609 27.4x 23.6x 18.2x NA NM NM 39% 16% 30% 65% 70% 65% 0% (3%) (7%)

Mimecast Limited $53.05 $3,457 $293 $250 $3,414 7.1x 6.1x 5.4x 29.0x 23.5x 20.2x 19% 16% 13% 74% 74% 74% 24% 26% 27%

SPS Commerce $99.85 $3,581 $208 $22 $3,395 10.9x 9.1x 8.2x 39.0x 32.7x 28.0x 12% 19% 11% 69% 68% 68% 28% 28% 29%

PagerDuty $42.58 $3,561 $557 $310 $3,315 15.5x 12.3x 9.9x NM NM NM 28% 27% 24% 87% 85% 85% (7%) (9%) (1%)

Vertex $21.94 $3,238 $278 $32 $2,992 8.0x 7.3x 6.5x 38.2x 43.9x 37.5x 17% 10% 12% 71% 70% 66% 21% 17% 17%

3131





SaaS (Cont.)

SEMrush Holdings $23.02 $3,118 $172 $0 $2,947 23.6x 16.7x 13.2x NM NM NM 36% 41% 27% 77% 77% 78% (4%) (4%) (1%)

WalkMe Ltd. $29.26 $2,418 $112 $0 $2,326 15.7x 12.5x 9.8x NM NM NM 41% 26% 27% 72% 75% 78% NM NM (16%)

Talend S.A. $65.60 $2,146 $173 $179 $2,152 7.5x 6.5x 5.6x NM NM NM 16% 15% 16% 80% 80% 78% (5%) (6%) 3%

Zuora $17.25 $2,110 $197 $69 $1,982 6.5x 5.9x 5.1x NM NM NM 11% 11% 14% 62% 65% 57% 1% 1% 4%

Thryv Holdings $35.77 $1,205 $30 $775 $1,950 1.8x 1.9x 2.2x 5.2x 5.5x 7.2x (22%) (5%) (16%) 67% 65% 66% 34% 33% 31%

Sumo Logic $20.65 $2,205 $291 $10 $1,925 9.5x 8.2x 6.8x NM NM NM 31% 16% 20% 75% 75% 73% (11%) NM (16%)

Ping Identity Holding Corp. $22.90 $1,880 $55 $59 $1,884 7.7x 7.0x 6.2x NM NM NM 0% 11% 13% 81% 80% 82% 12% 9% 10%

Intapp $28.00 $1,646 $71 $275 $1,850 9.5x NA NA NA NA NA 21% NA NA 65% NM NM NA NA NA

PubMatic $39.07 $1,929 $110 $0 $1,819 12.2x 9.2x 7.6x 36.1x 31.7x 25.6x 31% 33% 21% 70% 70% 70% 34% 29% 30%

Similarweb Ltd. $19.70 $1,463 $58 $30 $1,435 15.4x 11.4x 8.9x NA NM NM 32% 35% 29% 76% 78% 76% 0% NM NM

ON24 $35.48 $1,645 $392 $6 $1,259 8.0x 6.0x 5.0x 45.4x NM NM 76% 33% 21% 79% 75% 75% 18% 2% 3%

Karooooo Ltd. $36.75 $1,137 $40 $9 $1,108 7.8x 6.2x 5.2x NA 13.6x 11.5x NA 27% 18% 70% 70% 70% 0% 45% 46%

ChannelAdvisor Corporation $24.51 $729 $82 $10 $656 4.5x 4.1x 3.8x 18.1x 19.7x 14.9x 12% 10% 8% 80% 79% 79% 25% 21% 25%

Zix Corporation $7.05 $391 $24 $226 $594 2.7x 2.4x 2.1x 11.7x 10.8x 9.5x 26% 14% 14% 54% 50% 57% 23% 22% 22%

Benefitfocus $14.10 $468 $189 $272 $551 2.1x 2.1x 2.1x 12.5x 11.6x 11.4x (9%) (4%) 3% 52% 55% 52% 16% 18% 18%

Veritone $19.71 $644 $127 $7 $524 9.1x 6.5x 5.1x NM NM NM 16% 40% 27% 71% 74% 73% NM (19%) (11%)

Park City Group $5.51 $107 $23 $7 $91 4.4x 3.9x 3.5x 30.9x 18.6x 13.6x 8% 13% 12% 66% 66% 66% 14% 21% 25%

Mean 18.4x 16.3x 13.7x 27.0x 23.6x 23.4x 36% 29% 23% 73% 74% 73% 14% 14% 15%

Median 15.5x 13.9x 12.0x 25.3x 20.1x 20.2x 29% 27% 22% 76% 77% 75% 13% 12% 12%

3232

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description

6/29/21 JFrog Vdoo Connected Trust

$300 NA NA NA NAProvides connected device application security testing SaaS for businesses globally. Software provides features to identify vulnerabilities before deployment and post-deployment by using detection and prevention methods, security analysis, gap resolution, embedded protection, operations monitoring, compliance validation, and actionable insights.

6/28/21 Thoma Bravo QAD $2,000 5.9x NA NM NA Provides a range of ERP, SCM and CRM software, SaaS, and related services for businesses in a range of sectors globally. Offerings enable adaptive manufacturing and supply chain capabilities.

6/25/21 Rockwell Automation

Plex Systems $2,220 NA 14.8x NA NA Provides enterprise manufacturing ERP SaaS for businesses. Software enables operations management, supply chain management, quality management, accounting and business intelligence capabilities.

6/24/21 Visa Tink $2,144 NM NA NA NA Provides financial management SaaS and mobile applications for banks and businesses to develop data-driven financial services in Europe. Software enables users to accessgregated financial data, initiate payments, and monitor transactions.

6/24/21 ION Acq. Corp. II Innovid $1,310 22.1x 13.8x NA NA Provides video advertising delivery SaaS for businesses. Software enables advertisers to display video-oriented advertising on PCs, tablets, mobile phones, smart TVs, outdoor media, and streaming devices.

6/24/21 Brunswick Corporation

Navico AS $1,050 2.2x NA NA NA Provides location-based marine navigation GIS software and related marine mapping systems for maritime and shipping businesses, governmentencies and boating and fishing enthusiasts worldwide.

6/23/21Northern

Genesis Acq. Corp. II

Embark Trucks $5,158 NA 5.9x NA NM Provides self-driving trucking vehicle SaaS for carrier businesses in the trucking industry. Subscription-based offering enables machine learning for auto-piloting navigation.

6/22/21 Constant Contact SharpSpring $240 13.3x NA NM NA Provides marketing automation SaaS, including email and social media marketing and related analytics, for SMBs. SharpSpring was acquired by SMTP in 2014. In 2015, SMTP rebranded to SharpSpring, and in 2016 the SMTP assets were sold off to J2 Global.

6/11/21 EQS Group Business Keeper $115 NA NA NA NA Provides whistleblowing management SaaS for businesses in Europe. Software provides features for benchmarking and reporting, key account management, case management, translation, and regulatory compliance.

6/9/21 Khosla Ventures Acq. Co.

Valo Health $2,811 NA NA NA NA Provides an AI-enabled drug discovery and development software for pharmaceutical companies. Software enables data analysis for improved success rates in discovery, development and approval of new pharmaceuticals.

6/8/21Bain Capital /

Crosspoint Capital

ExtraHop Networks

$900 9.0x 7.2x NA NAProvides cloud and on-premises network security detection and response analytics and operations management SaaS. Software enables secure IT operations and enterprise security by transforming unstructured network packet data into structured wire data, presenting that information in real time for troubleshooting, optimization, and business analytics.

Select Software M&A TransactionsRECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 6/30/21, where Enterprise Value is >$100MM.Transactions highlighted in light blue denote private equity transactions. Multiples <0 and >50 considered NM.

3333

($MM)



6/7/21 Lightspeed POS Ecwid $500 25.0x 15.0x NA NA Provides eCommerce online store creation SaaS to converge online and offline sales for small businesses. Stores integrate with online websites, mobile sites, and social networks.

6/7/21 Lightspeed POS NuORDER $325 16.3x 11.5x NA NA Provides B2B eCommerce SaaS for the clothing and accessories sector. Software enables catalog management, merchandising, payment acceptance and ordering.

6/3/21Symphony

Technology Group

FireEye $1,200 2.2x NA NA NAThe FireEye products business, including the brand name as well as the network, email, endpoint, and cloud security products, which provides virtual-machine-based anti-malware software, SaaS and services for web, email and file security for enterprises and governmentencies globally.

6/3/21 Unisys Corporation

Unify Square $153 NA NA NA NA Provides unified communications and collaboration security SaaS and related managed services for businesses. Offerings enable secure management, monitoring, and analytics of Teams, Slack, Zoom, Skype for Business, and Workplace by Facebook deployments.

6/2/21 CDK Global Roadster $360 NA NA NA NAProvides omnichannel retail management SaaS and related consumer mobile application for businesses in the automotive retailing sector in the US. Software provides features for inventory merchandising, financing and leasing, trade-ins, service plans, payment options, trade valuation, credit application, deal management, self-guided learning.

6/1/21 Clayton Dubilier & Rice

Cloudera $5,300 6.4x 5.8x NM NA Provides open source and proprietary Hadoop-based data processing, and related analytics and data management software for enterprises. Also offers support, training and professional services.

5/28/21 Black Knight Top of Mind Networks

$250 NA 19.2x NA NA Provides CRM marketing automation SaaS for mortgage businesses. Software enables email marketing and sales leads management capabilities.

5/27/21 E2open Parent Holdings

BluJay Solutions $1,757 NA 9.3x NA NA Provides logistics, warehouse and shipping management software, SaaS, and related services for retailers, distributors, freight forwarders, manufacturers, and logistics service providers. Offerings enable trade logistics and compliance capabilities.

5/20/21 DPCM Capital Jam City $1,311 2.1x 2.0x NA NA Develops mobile games for consumers globally. Titles include Cookie Jam and Panda Pop.

5/18/21 LINK Mobility Group

Soprano Design $436 NA 5.1x NA 20.8x Provides enterprise mobility management (EMM) and mobile messaging application management SaaS and integration services for enterprises, governmentencies and mobile network operators (MNOs) in Asia, Europe, and North and South America.

5/18/21 Splunk TruSTAR Technology

$100 20.0x NA NA NAProvides cloud-native cybersecurity core detection, orchestration and response management SaaS for businesses. Software enables automated integration and analysis of third-party provider and historical event security data for corporate performance and risk management.

Select Software M&A Transactions (Cont’d.)RECENT ACQUISITIONS


3434

($MM)



5/17/21 Twilio Zipwhip $850 7.7x 4.9x NA NAProvides text messaging SaaS for businesses to communicate with customers and prospects. Software enables real-time text messaging capabilities for business landline phones and toll-free numbers for the purposes of marketing, client interaction, and additional product promotion.

5/17/21 Siemens Supplyframe $700 NA 10.0x NA NA Provides electronics value chain market intelligence SaaS to enable marketing spend optimization for businesses globally. Also provides related news-based websites.

5/14/21 Wolters Kluwer Vanguard Software Corp.

$110 15.3x NA NA NA Provides SCM planning and forecasting SaaS and related services for businesses. Offerings enable AI for forecasting, overstock reduction, inventory distribution optimization, and supply chain cost management.

5/13/21 Vertex Taxamo $200 NA NA NA NAProvides tax and payment automation software for e-commerce businesses and digital marketplaces globally. Offerings enable integrated digital commerce infrastructure management to support in-direct tax compliance, with a core focus on online sales, payments, and e-invoicing.

5/13/21 HelpSystems Agari Data $200 5.0x 4.4x NA NA Provides AI-enabled anti-phishing email security management SaaS for businesses. Software protectsainst inbound business email compromise, supply chain fraud, spear phishing, and account takeover-based attacks. Also prevents outbound email spoofing.

5/12/21 Centricus Acq. Corp.

Arqit $1,402 NA NM NA NM Provides quantum encryption software for the public and private sectors. Software enables symmetric encrypted security across networks of edge devices and cloud machines.

5/11/21 Jamf Software Wandera $400 16.0x NA NA NAProvides Apple-focused enterprise mobile security and unified cloud data management and security SaaS. Software provides features for compressing mobile data, enforcing acceptable usage policies, providing multi-level mobile threat detection, and data usage reporting for business organizations to help protect business data.

5/11/21Absolute Software

Corporation

NetMotion Software

$340 5.7x NA NA NA Provides cloud and premise-based mobile VPN, zero trust network access (ZTNA), device and network performance management software for businesses in the healthcare, logistics and legal sectors globally.

5/10/21 Star Peak Corp II Benson Hill $2,008 11.8x 15.8x NM NM Provides crop improvement and food innovation software for businesses in thericultural sector. Software enables machine learning-based data science, biology and genetics capabilities for ESG and business efficiencies.

5/10/21 Repay Holdings Corp.

Electronic Payment Providers

$503 NA 0.1x NA NAProvides omni-channel, integrated payments and transaction processing SaaS, and related outsourced,ent-assisted transaction processing services for the healthcare, collections, financial services, telecom, property management, utilities, and public sectors in the United States.

5/7/21 LifeSci Acq. II Corp.

Science 37 $1,300 44.3x 24.9x NA NA Provides clinical trials management and analytics SaaS for pharmaceutical corporations, biotech companies, and academic and governmental institutions. Software enables workflow orchestration, evidence generation, mobile capabilities, and data harmonization.

RECENT ACQUISITIONSSelect Software M&A Transactions (Cont’d.)


3535

($MM)



5/6/21 Bill.com Divvy Pay $2,500 NA NA NA NA Provides financial, expense and spend management SaaS and related mobile application for small and medium-sized businesses. Software also provides automated expense report reimbursement.

5/6/21 Genius Sports Second Spectrum $200 NA NA NA NA Provides AI-enabled sports and players data tracking and analytics SaaS for businesses in the sports sector globally. Software provides features for data visualization, analytics and reporting, finding and sharing videos, and real-time insights.

5/5/21 Precisely Incorporated

Infogix $325 4.6x NA 16.3x NAProvides data integrity and governance SaaS for businesses and governmentencies globally. Software provides features for automated metadata management, data analysis and reporting, policy and rules management, automated workflows, documentation, and visual data inspection.

5/5/21 Valmont Industries

Prospera Technologies

$300 NA NA NA NA Provides AI-based imaging and analytics SaaS for thericulture industry. Software utilizes satellites to observe crops and provides related analysis.

5/4/21 Global Payments PayLease $830 NA NA NA NAProvides AI-enabled property management and related payments management SaaS that enables apartment owners and renters also to control IoT smart home applications from a mobile application. Software enables payments, property management workflows, and connections with the apartment service industry, including utilities.

5/4/21 Sectigo Limited SiteLock $135 5.4x NA NA NA Provides cloud-based website security SaaS to small-to-medium sized businesses. Software provides features for malware detection and infection remediation.

5/2/21 TPG Capital Boomi $4,000 NA NA NA NA Provides application and data integration SaaS for businesses. Software enables businesses to connect cloud computing, SaaS and on-premise applications.

4/29/21 IBM Turbonomic $2,000 11.4x 9.5x NA NA Provides network workload automation and application performance management software and SaaS for cloud and on-premises environments. Software enables machine learning for automated infrastructure performance insights and management.

4/28/21 MessageBird B.V.

SparkPost $600 6.0x NA NA NA Provides email delivery SaaS and related APIs for businesses. Software enables marketing optimization and analytics.

4/28/21 SmartBear Software

Bugsnag $200 NA 10.0x NA NA Provides automated crash and error detection SaaS for businesses in the US and the UK. Software enables software development professionals to monitor, receive reports, and correct errors in web, server, and mobile applications, and manage application stability.

4/26/21 Thoma Bravo Proofpoint $12,300 11.3x NA NM NAProvides email security, threat detection and data loss prevention SaaS for businesses. Software provides features for email archiving, anti-spam, anti-malware, anti-phishing, governance management, encryption and compliance. Proofpoint began trading on the NASDAQ exchange in April 2012 under the ticker symbol PFPT.



3636

($MM)



4/23/21 Panasonic Corporation

Blue Yonder Group

$5,600 8.5x NA 22.4x NA Provides AI-enabled warehouse, inventory and logistics management SaaS and software for businesses globally. Software also enables other business process operations, including ERP HR, CRM, and merchandising capabilities as well as real-time insights.

4/22/21 Fifth Wall Acq. Corp. I

SmartRent $2,174 NM 18.3x NA NA Provides smart home automation SaaS and related mobile applications for property managers and residents. Software features provide property managers with an operating system for asset management, access control, and related cost management efficiencies.

4/21/21 Affirm Holdings Returnly Technologies

$300 NA NA NA NA Provides customer service automation and returns payments SaaS for retailers. Software enables online merchandise return capabilities as well as post-purchase payments.

4/20/21Welsh Carson Anderson &

Stowe Absorb Software $500 10.0x NA NA NA

Provides cloud-native AI-based learning management SaaS and related mobile application for businesses, government and educationalencies globally. Software provides features for smart training administration, time management, learners engagement, reporting and analytics, content libraries, and performance monitoring.

4/19/21 Mastercard International

Ekata $850 NA NA NA NA Provides financial transaction identity verification SaaS and software for businesses. Software uses machine learning to validate users' identification and better manage risk.

4/14/21 WEX Benefit Express Services

$275 NA NA NA NA Provides employee benefit management SaaS and related outsourced services for businesses in the US. Software includes administrative services such as payroll, compensation package and benefit enrollment.

4/13/21 Cardlytics Bridg $350 NA NA NA NA Provides customer analytics SaaS for retailers and CPG marketers. Software enables businesses to better understand and reach their customers using SKU-level insights.

4/12/21 Microsoft Corporation

Nuance Comms. $19,700 13.6x NA NM NAProvides AI-enabled desktop and mobile interactive voice response (IVR), voice automation and authentication, and speech recognition SaaS for businesses and consumers globally. Also provides document management and conversion and optical character recognition software.

4/8/21 TWC Tech Holdings II Corp.

Cellebrite Mobile Synch.

$2,391 9.3x 10.1x NA NA Provides digital intelligence software and hardware for law enforcement, military and intelligence, and enterpriseencies globally. Software enables users to extract, decode and analyse data from mobile devices, social media, computers, cloud, and call records.

4/8/21 Sumeru Equity Partners

Loopio $200 16.2x 8.7x NA NA Provides request for proposal (RFP) response management and related marketing automation SaaS for businesses.

All SoftwareMedian 9.7x 9.8x 19.3x 20.8xMean 11.7x 10.3x 19.3x 20.8x

PE AcquirersMedian 6.4x 6.5x 16.3x 20.8xMean 8.1x 6.9x 16.3x 20.8x



3737

($MM)

Deal Date CompanyAmount Raised

Brief Description Investors

6/30/21 Dbt Labs $150Developer of analytics engineering tools designed to help analysts create and disseminate organizational knowledge.

Altimeter Capital Management, Andreessen Horowitz, Sequoia Capital

6/30/21 Dream Games $155Operator of a gaming studio intended to design and develop casual mobile games for recreational purposes.

Balderton Capital, Index Ventures, IVP, Kora Management, Makers Fund

6/30/21 Moveworks $200 Developer of a cloud-based AI platform designed to solve employees' support issues. Alkeon Capital Management, Bain Capital Ventures, ICONIQ Capital, Kleiner Perkins, Lightspeed Venture Partners, Sapphire Ventures, Tiger Global Management

6/30/21 ServiceTitan $200Developer of cloud-based software built to accelerate the home and commercial service industries.

Battery Ventures, Bessemer Venture Partners, Dragoneer Investment Group, ICONIQ Capital, Sequoia Capital, Thoma Bravo, Tiger Global Management, T. Rowe Price

6/29/21Causeway

Technologies$168

Developer of enterprise software designed to help transform the commercial performance of the construction industry.

Five Arrows Principal Investments

6/29/21 Visier $125Developer of a cloud-based analytics platform designed to assist people and businesses in decision making.

Adams Street Partners, Foundation Capital, Goldman Sachs Asset Management, Sorenson Capital, Summit Partners

6/28/21 PharmEasy $300Operator of an online drug delivery platform intended to improve the supply chain of pharmaceuticals by completely digitizing the process.

B Capital Group, Kotak Investment Advisors, Kotak Private Equity Group, Prosus Ventures, Temasek Holdings, Think Investments

6/28/21 Smart Pension $233Operator of an automated enrollment pension platform built to streamline and promote pensions, savings and financial well-being.

Chrysalis Investments

6/25/21 Addepar $166Developer of a wealth management platform designed to aggregate portfolio, market, and client data all in one place.

D1 Capital Partners

6/25/21 ClearScore $203Provider of free access to credit scores and reports intended to help users achieve greater financial well-being.

Invus Opportunities

6/24/21 Figma $200Developer of a cloud-based screen design tool built for helping companies to create, test and ship better designs from start to finish.

Andreessen Horowitz, CounterPoint Capital Partners, Durable Capital Partners, Geodesic Capital, Greylock Partners, Index Ventures, IVP, Kleiner Perkins, Sequoia Capital

6/24/21 Firebolt $127Developer of a cloud data warehouse designed to offer efficient data analytics experience at any scale.

Angular Ventures, Bessemer Venture Partners, Dawn Capital, K5 Global, TLV Partners, Zeev Ventures

6/24/21 Illumio $225Developer of a cloud-based cyber-security platform designed to protect data and information from server breaches and threats.

Franklin Templeton, Hamilton Lane, Owl Rock Capital Group, Thoma Bravo

6/22/21 Mollie $806Developer of a payment application designed to simplify the entire process of setting up an online store and accepting payments.

Alkeon Capital Management, EQT, General Atlantic, HMI Capital, TCV, The Blackstone Group

6/22/21 Transmit Security $543 Developer of a mobile security system intended to offer advanced security solutions. Artisanal Ventures, CyberStarts, General Atlantic, Geodesic, Insight Partners, SYN Ventures, The Goldman Sachs Group, Vintage Investment Partners

6/21/21 GoStudent $249Developer of an online learning application intended to connect students with teachers worldwide for individual or group tutoring sessions.

Coatue Management, DN Capital, Dragoneer Investment Group, DST Global, Left Lane Capital, SoftBank Group, Tencent Holdings

6/21/21 Snyk $199 Developer of security analysis tools designed to identify open-source vulnerabilities. Accel, Addition, Canaan Partners, Coatue Management, Franklin Templeton, Geodesic Capital, GV, Salesforce Ventures, Stripes, Temasek Holdings, Tiger Global Management

6/18/21 Finite State $137Developer of IoT device intelligence technology designed to manage the vulnerabilities in connected devices.

Schneider Electric

6/17/21 Beamery $138Developer of a talent engagement platform intended to help enterprises to attract, identify and engage candidates on one unified platform.

Accenture Ventures, EQT Ventures, Index Ventures, M12, Ontario Teachers' Pension Plan, Teachers' Innovation Platform, Workday Ventures

RECENT FINANCINGS

Notes:Sources: PitchBook. Reflects deal activity through 6/30/21. Transactions reflect recent software venture and private equity growth / expansion activity where the amount raised was greater than or equal to $100MM.

Selected Software Private Financings

3838

($MM)



6/17/21 Bunq $228 Operator of a digital bank designed to offer a clean alternative to traditional banking. Pollen Street Capital

6/17/21 Claroty $140Developer of industrial cybersecurity platform designed to assist organizations with highly automated production sites and factories that face significant security and financial risk.

40 North Ventures, Bessemer Venture Partners, Clearvision Ventures, Innovation Endeavors, Rain Capital, Red Dot Capital Partners, Rockwell Automation, Siemens, Temasek Holdings

6/16/21 BrowserStack $200Developer of a software testing platform intended to power software tests across various global data centers.

Accel, Bond Capital (San Francisco), Insight Partners

6/16/21 Guideline $200Developer of an automated investment technology designed to revolutionize online retirement planning.

Felicis Ventures, Future Planet Capital, General Atlantic, Generation Investment Management, Greyhound Capital, Propel Venture Partners

6/16/21 Vianai $140Developer of an enterprise platform designed to help businesses around the world successfully leverage AI to drive fundamental digital transformations.

George Roberts, Henry Kravis, Jerry Yang, Jim Davidson, SoftBank Investment Advisers

6/15/21 EBANX $400Provider of cross-border payment processing services, enabling global merchants to sell their products and services effortlessly and expand into Latin America.

Advent International

6/15/21 IRL $170 Developer of event discovery and planning application intended to manage the social calendar. Dragoneer Investment Group, Floodgate Fund, Founders Fund, Goodwater Capital, Owl Capital, SoftBank Group

6/15/21 PayCargo $125Developer of a commercial payments platform designed to make freight payments fast, easy, and secure.

Insight Partners

6/14/21 Forto $240Provider of a digital freight forwarder and shipping management platform designed to manage logistics.

Cherry Ventures, Citi Ventures, Fuse Venture Partners, G Squared, Northzone Ventures, SoftBank Group, Unbound Advisors (Investor)

6/10/21 Clip $250Developer of a mobile payment system designed to accept payments by credit card, debit, vouchers and points easily and quickly.

Aramex Ventures, Dalus Capital, General Atlantic, Grupo Financiero Banorte, Ribbit Capital, SoftBank Latin America Fund, The Goldman Sachs Group, Viking Global Investors

6/10/21 Eightfold.ai $220Developer of a talent intelligence platform designed to assist companies to find, recruit and retain workers.

Capital One Ventures, Foundation Capital, General Catalyst, IVP, Lightspeed Venture Partners, SoftBank Investment Advisers

6/10/21 RStudio $161Developer of an open-source enterprise-ready software designed to offer free and open-source solutions for data science, scientific research, and technical communication.

NA

6/9/21 Aura $150 Developer of a digital security platform intended to make security simple for everyone. Warburg Pincus

6/8/21 Scalable Capital $183 Developer of a wealth management platform designed to simplify investment decisions. BlackRock, HV Capital, Lydia Partners, N26, Tencent Holdings, Tengelmann Social Ventures

6/8/21 Stackline $130 Developer of an all-in-one e-commerce platform intended to track retail sales and market shares. TA Associates Management

6/8/21 Verbit $157Developer of interactive transcription and captioning platform intended to generate detailed speech-to-text files.

Azura, ClalTech, HV Capital, Icon Fund, More Capital, Omer Cygler, Oryzn Capital, Sapphire Ventures, Stripes, Third Point, Vertex Growth, Vertex Ventures Israel, Viola Ventures

6/3/21 Cognite $150Developer of data management platform built for industries like oil and gas, shipping, manufacturing and power and utilities.

TCV

6/3/21 Gong $250Developer of a revenue intelligence platform designed to revolutionize the way of operating based on customer reality.

Coatue Management, Franklin Templeton, Salesforce Ventures, Sequoia Capital, Thrive Capital, Tiger Global Management

6/2/21 Celonis $1,000Developer of an execution management system designed to analyze and optimize digital business processes.

Arena Holdings, Durable Capital Partners, Franklin Templeton, Splunk Ventures, T. Rowe Price

RECENT FINANCINGS


Selected Software Private Financings (Cont’d.)

3939

($MM)



6/2/21 Jeeves $131 Developer of a corporate card platform built for global startups. 9Yards Capital, Andreessen Horowitz, BlockFi Ventures, FoundersX Ventures, Jaguar Ventures, Stanford University Venture Fund, Tribe Capital, Y Combinator

6/2/21 Outreach $200Operator of a semiautomated sales engagement platform intended to automate repetitive sales tasks on behalf of coworkers while prioritizing key customer touchpoints.

DFJ Growth, Lone Pine Capital, Salesforce Ventures, Sands Capital, Sequoia Capital, STEADFAST Capital Ventures, Tiger Global Management, Trinity Ventures, Vista Equity Partners

6/1/21 Exabeam $200 Developer of a security intelligence platform designed to detect data breaches. Acrew Capital, Lightspeed Venture Partners, Norwest Venture Partners, Owl Rock Capital Corporation

6/1/21 Lansweeper $158 Developer of information technology asset management and network inventory software. Insight Partners

6/1/21 Sennder $240 Developer of a digital platform designed to digitize the freight-forwarding process. Accel, Cascade Investment Fund, Earlybird Venture Capital, GR Capital, Hedosophia, HV Capital, Lakestar, Next47, Project A, Redalpine Venture Partners, Scania Growth Capital

5/28/21 Circle $440Developer of cryptocurrency-focused financial technology designed to send, receive and invest in cryptocurrency assets around the world.

Atlas Merchant Capital, Breyer Capital, Digital Currency Group, Fidelity Management & Research, FTX, Intersection Growth Partners, Pillar VC, Valor Capital Group, Willett Advisors

5/28/21 DataRobot $500Developer of an enterprise AI platform designed to accelerate data science by automating the end-to-end journey from data to value.

Fama Ventures, SBI Investment, The Westly Group, Tiger Global Management

5/26/21 PaySend $125 Developer of a payment application designed to transact in multiple currencies. Hermes GPE, InfraVia Capital Partners, One Peak Partners, Plug and Play Tech Center

5/26/21 Perch $775Developer of a retail engagement platform designed to provide real-time analytics and insights into in-store shopper behavior and conversion.

SoftBank Group, Spark Capital, Victory Park Capital

5/26/21 SpotOn $125Developer of a cloud-based financial platform designed to give businesses an unparalleled set of growth-driving tools.

01 Advisors, Andreessen Horowitz, Dragoneer Investment Group, DST Global, Franklin Templeton, Mubadala Investment Company

5/25/21 ContentSquare $499Developer of a digital experience insights optimization platform designed to help businesses understand how users are interacting.

BlackRock Private Equity Partners, Bpifrance, Canaan Partners, Eurazeo, Highland Europe, Kohlberg Kravis Roberts, SoftBank Investment Advisers

5/25/21 Forter $300Developer of a fraud prevention platform designed to help online retailers detect and eliminate transaction risks.

Adage Capital Management, Bessemer Venture Partners, March Capital, NewView Capital, Salesforce Ventures, Scale Venture Partners, Third Point Ventures, Tiger Global Management

5/25/21 SnapDocs $150Developer of a digital closing platform designed to simplify mortgage loan closings and enhance the borrower experience.

Alkeon Capital Management, F-Prime Capital, Maverick Ventures, Sequoia Capital, Tiger Global Management, Wellington Management, Y Combinator

5/24/21 Aurora Solar $250 Developer of a 3D-modelling platform designed to automate solar panel installation. Coatue Management, Energize Ventures, Fifth Wall, ICONIQ Capital

5/24/21 Riiid $175Developer of an educational application designed to achieve standardization in educational opportunities.

SoftBank Investment Advisers

5/24/21 Zeta $250Developer of a fintech platform designed to offer employee expense management, corporate gifting and co-branded debit and credit cards.

Sodexo Group, SoftBank Investment Advisers

5/20/21 Figure Technologies $200Developer of a web-based platform designed to manage digital assets and complete financial and investment transactions.

10T Holdings, DCM Ventures, Digital Currency Group, DST Global, HCM Capital, HOF Capital, Morgan Creek Digital Assets, Ribbit Capital, RPM Ventures, Ulu Ventures

5/20/21 Forte $185 Developer of a blockchain technology platform created to upgrade the gaming industry. Andreessen Horowitz, Battery Ventures, Canaan Partners, Conductive Ventures, Gaingels, Intersection Growth Partners, Samsung NEXT Ventures, Union Grove Venture Partners

5/20/21 Loom $130Developer of a work communication tool designed for people to get their messages through instantly shareable videos.

Andreessen Horowitz, Coatue Management, General Catalyst, ICONIQ Capital, Kleiner Perkins, Sequoia Capital

RECENT FINANCINGS



4040

($MM)



5/20/21 Trade Republic $900Developer of a financial trading platform designed to allow users to freely trade in the capital market.

Accel, Creandum, Founders Fund, Project A, Sequoia Capital, TCV, Thrive Capital

5/19/21 Pipe $250Provider of financial services intended to help cloud service companies to grow efficiently by providing non-dilutive funding.

3L Capital, Fin Venture Capital, Greenspring Associates, HubSpot, Morgan Stanley, MSD Capital, Okta Ventures, Raptor Group, Rosecliff Venture Partners, Shopify, Slack Fund, TIME Ventures

5/17/21 Pine Labs $600Developer of an online payment and loyalty platform intended to convert point of sale to point of service.

Advent International, BlackRock, Fidelity Management, Lone Pine Capital, Neuberger Berman, Palo Duro Capital, Temasek Holdings, Tree Line Investment Management

5/13/21 Axtria $150 Developer of a cloud software and data analytics intended to help the life sciences industry. Bain Capital Tech Opportunities

5/13/21 CivicPlus $290Developer of a cloud-based technology platform designed to provide integrated technology services for cities and counties across North America.

Insight Partners

5/12/21 CloudWalk $202Developer of an open payment networking platform intended to offer consulting services, training and all the necessary support for the success of payment operation.

Coatue Management, DST Global, FIS Ventures, Plug and Play Tech Center, The Hive, Valor Capital Group

5/11/21 Bullish $300Operator of blockchain-based cryptocurrency exchange designed to combine performance, user privacy, and compliance.

Alan Howard, Black Toro Capital, Christian Angermayer, Eos Holdings, Founders Fund, Galaxy Digital Partners, Louis Bacon, Nomura Private Equity Capital, Richard Li, Thiel Capital

5/11/21 Bullish Global $400Developer of a blockchain-based cryptocurrency exchange platform designed to drive deeper liquidity to digital assets.

Korify Capital

5/11/21 Redwood Software $379Developer of enterprise automation software designed to help businesses to focus on agility, cost-efficiency and customer experiences.

Turn/River Capital

5/7/21 Ada Support $130Developer of a chatbot platform designed to empower businesses to provide personalized experiences at scale.

Accel, Bessemer Venture Partners, Burst Capital, Craig Follett, FirstMark Capital, Spark Capital, Tiger Global Management, Version One Ventures

5/6/21 ReCharge Payments $227Developer of subscription management software to offer and manage subscriptions for physical products.

Bain Capital Ventures, Gaingels, ICONIQ Capital, Summit Partners, Sweat Equity Ventures, Wealthing VC Club

5/6/21 Shift Technology $220Developer of a cloud-based data security platform designed to improve the insurance claims process.

Accel, Advent International, Avenir Growth Capital, Bessemer Venture Partners, Bpifrance, General Catalyst, Iris Capital

5/5/21 Bitso $250Developer of a bitcoin exchange platform designed to enable the seamless trade of cryptocurrencies.

Bond Capital, Coatue Management, Kaszek, Pantera Capital, Paradigm, QED Investors, Tiger Global Management, Valor Capital Group

5/4/21 HoneyBook $155Developer of financial and business management platform designed to tap into the power of networking to win new business.

01 Advisors, Annox Capital, Battery Ventures, Citi Ventures, Durable Capital Partners, Norwest Venture Partners, Recursive Ventures, Tiger Global Management, Vintage Investment Partners

5/4/21 Kajabi $550Developer of software that makes it easy to create online courses, launch marketing campaigns, build landing pages and design websites.

Greenspring Associates, Meritech Capital Partners, Owl Rock Capital Group, Tidemark Capital, Tiger Global Management, TPG

5/3/21 Collective Health $280Developer of cloud-based self-insurance platform intended to evolve the way in which health benefits work.

DFJ Growth, Founders Fund, Gaingels, G Squared, Maverick Ventures, New Enterprise Associates, PFM Health Sciences, Phi-X Capital, SoftBank Investment Advisers

5/3/21 Wealthsimple $601ODeveloper of a financial platform designed to assist in achieving financial freedom by providing products and advice that are accessible and affordable.

Alkeon Capital Management, Dragoneer Investment Group, DST Global, Greylock Partners, ICONIQ Capital, Inovia Capital, Meritech Capital Partners, Redpoint Ventures, TCV

4/30/21 Axtria $150 Developer of a cloud software and data analytics intended to help the life sciences industry. Bain Capital Tech Opportunities

4/29/21 Paxos $300Developer of financial technologies designed to buy, sell, trade and manage assets in the global economy.

Declaration Partners, Liberty City Ventures, Mithril Capital Management, Oak HC/FT, PayPal Ventures, Senator Investment Group, WestCap Group

RECENT FINANCINGS



4141

($MM)



4/29/21 Vectra $130Developer of a network intrusion detection platform designed to automate real-time threat detection and response.

Accel, AME Cloud Ventures, Atlantic Bridge Capital, DAG Ventures, IA Ventures, Ireland Strategic Investment Fund, Khosla Ventures, Silver Lake, TCV, The Blackstone Group

4/28/21 Arrive Logistics $300 Developer of a freight brokerage platform intended to offer transportation management services. ATL Partners, British Columbia Investment Management, Temasek Holdings, The Baupost Group

4/28/21 MessageBird $1,000Developer of communication APIs designed to connect companies with their customers on billions of devices around the world.

Accel, Atomico, BlackRock,, Glynn Capital, Longbow Capital, Mousse Partners, NewView Capital, Owl Rock Capital Group, Spark Capital, Tiger Global Management, Y Combinator

4/28/21 Sysdig $188Developer of a DevOps platform designed to offer security to confidently run containers, Kubernetes, and cloud services.

Accel, Bain Capital Ventures, DFJ Growth, Glynn Capital, Insight Partners, Next47, Premji Invest, The Goldman Sachs Group, Third Point Ventures

4/27/21 Vena Solutions $300Developer of spreadsheet process management software intended to connect people, existing systems, and data.

Vista Equity Partners

4/21/21 Rapyd $250Developer of a digital fintech-as-a-service platform designed to order cash, exchange extra foreign currency and send cash to friends.

Spark Capital, Target Global

4/20/21 ChargeBee $125Developer of SaaS-based subscription management and recurring billing platform designed to offer subscription management services.

Insight Partners, Sapphire Ventures, Steadview Capital Management, Tiger Global Management

4/20/21 Octopus Deploy $173Developer of continuous integration and delivery platform intended for enterprises and mid-sized companies.

Insight Partners

4/19/21 Clubhouse $200Developer of a voice chat application designed to offer a space for casual and drop-in audio conversations.

Andreessen Horowitz, #Angels, Ben Jen Holdings, Dreamers VC, DST Global, Elad Gil, Gaingels, HB Investments, Tiger Global Management

4/15/21 Keyfactor $125Provider of an information security platform intended to offer identity and access management services.

Insight Partners

4/15/21 Plaid $425Developer of data network programming platform designed to assist to connect popular fintech applications with traditional bank accounts.

Altimeter Capital Management, Andreessen Horowitz, Company Ventures, Elevation Capital, Index Ventures, Kleiner Perkins, New Enterprise Associates, Silver Lake, Spark Capital

4/13/21 Epic Games $1,000Developer of gaming platform designed for gamers and game developers to publish and play immersive games.

Altimeter Capital Management, BlackRock, Breyer Capital, Fidelity, Franklin Templeton, GIC Group, Kohlberg Kravis Roberts, Luxor Capital Group, Sony, Soul Ventures, Third Point Ventures

4/13/21SambaNova

Systems$678

Developer of an advanced systems platform and hardware designed to power machine learning and data analytics.

BlackRock, Celesta Capital, Government of Singapore Investment Corporation (GIC), GV, Intel Capital, SoftBank Investment Advisers, Temasek Holdings, Walden International

4/13/21 Scale AI $325 Developer of a data platform designed to accelerate the development of AI applications. Coatue Management, Dragoneer Investment Group, Founders Fund, Greenoaks Capital Partners, Index Ventures, Tiger Global Management, Wellington Management, Y Combinator

4/12/21 AlertMedia $400Developer of a cloud-based emergency mass communications and monitoring platform designed to improve employee safety.

Vista Equity Partners

4/9/21 SaltPay $500Operator of a fintech company intended to help merchants by servicing them through payment and management tools.

Base Partners, D1 Capital Partners, Hedosophia, Tiger Global Management

4/8/21 Loopio $214Provider of a proposal and knowledge management software intended to simplify the process of responding to requests for proposals, due diligence, and security questionnaires.

Sumeru Equity Partners

4/7/21 Trax $642Developer of an image recognition platform designed to deliver accurate and reliable performance analysis for consumer goods companies.

Big-Tech 50, BlackRock, OMERS Ventures, SoftBank Investment Advisers, Sony Innovation Fund, West Coast Equity Partners

4/6/21 Dlocal $210 Developer of a technology platform designed for tackling privacy management. Family Angel Management Fund, Franklin Templeton, SoftBank Investment Advisers

RECENT FINANCINGS



4242

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SOFTWARE SECTOR REPORT