INVESTMENT BANKING SOFTWARE INSIGHT MERGERS AND ACQUISITIONS, PUBLIC AND PRIVATE FINANCINGS and FINANCIAL ADVISORY SERVICES April 2023 IN THIS ISSUE About Us 2 Recent Transactions and Case Studies 8 Software Valuation Environment 13 Recent Transaction Activity 20 Appendix: Public Company Trading Detail 40 FOR INSTITUTIONAL USE ONLY SOFTWARE INSIGHT April 2023 Experienced Software Investment Banking Team U.S. Team BRENDAN RYAN JON STEELE CHRISTIAN CLIFFORD Senior Managing Director, Group Co-Head Boston Senior Managing Director, Group Co-Head Boston Managing Director Boston GARRETT DENINNO BOB FLANAGAN CHIP KELSO Managing Director Boston Managing Director San Francisco Managing Director Atlanta GRADY MCCONNELL GEOFF TOBIN ERIN DUFFY Managing Director Los Angeles Managing Director San Francisco Director San Francisco DANIEL ESPINOSA DAVID MYERS NAJEEB AHMED Director New York Director St. Petersburg Vice President Chicago RAYMOND JAMES INVESTMENT BANKING 2 SOFTWARE INSIGHT April 2023 Experienced Software Investment Banking Team (Cont.) U.S. Team (Cont.) RONIE KIM NATHAN LAMBERT ANDY MCCLURE Vice President Los Angeles Vice President Boston Vice President Atlanta REED SPENCER Vice President Boston Canada Team YONG KWON MARWAN KUBURSI Managing Director Toronto Managing Director Toronto RAYMOND JAMES INVESTMENT BANKING 3 SOFTWARE INSIGHT April 2023 Experienced Software Investment Banking Team (Cont.) Europe Team ZISHAAN ARSHAD JUNYA IWAMOTO LAURA MADDISON Managing Director London Managing Director London Managing Director London PHILIP STEIN HARRY BRUN JOE DONNELLY Managing Director Munich Director London Director London FLORIAN HELMREICH THOMAS BATES DAVID BRADEN Director Munich Vice President Munich Vice President Munich CHRISTOPH EBLE NIMA TEHRANCHI WILLIAM TRIDIMAS Vice President Munich Vice President Munich Vice President London RAYMOND JAMES INVESTMENT BANKING 4 SOFTWARE INSIGHT April 2023 Broad and Deep Software Practice Deep and Experienced Team Areas of Coverage Horizontal 30 Senior Bankers +4 Equity Research Analysts +4 Equity Capital Markets Professionals eCommerce Governance, Risk Management and Compliance CRM / Customer Interaction Management Human Capital Management Enterprise Resource Planning / Business Productivity Sales and Marketing Financial Management Supply Chain Automotive Legal / Professional Services Education Nonprofit Energy Real Estate Financial Services Retail Government Transportation and Logistics Industrial Travel and Hospitality Cloud-Based Infrastructure Development Platforms / DevOps Cybersecurity IT Ops Management and Monitoring Data Management and Analytics Workflow Automation Vertical Extensive Transaction Experience 280+ Transactions Since 2010 210+ M&A / Private Placement Transactions with $40+ Billion in Total Deal Value Since 2010 70+ Public Offering Transactions Raising $15+ Billion Since 2010 Infrastructure RAYMOND JAMES INVESTMENT BANKING 5 SOFTWARE INSIGHT April 2023 Blue-Chip Clients Advisory Private Equity Equities Venture Capital RAYMOND JAMES INVESTMENT BANKING 6 SOFTWARE INSIGHT April 2023 INFRASTRUCTURE SOFTWARE VERTICAL SOFTWARE HORIZONTAL SOFTWARE Software Coverage Overview ECOMMERCE GRC CRM HCM ERP / BP MARKETING FINANCIAL MANAGEMENT SUPPLY CHAIN AUTO LEGAL / PROF. SERVICES EDUCATION NONPROFIT ENERGY REAL ESTATE FINANCIAL SERVICES RETAIL GOVERNMENT TRANSPORTATION and LOGISTICS INDUSTRIAL TRAVEL and HOSPITALITY CLOUD-BASED DEVPLAT / DEVOPS CYBERSECURITY IT OPS MGMT DATA MGMT / ANALYTICS WORKFLOW AUTOMATION RAYMOND JAMES INVESTMENT BANKING 7 SOFTWARE INSIGHT RECENT TRANSACTIONS AND CASE STUDIES RAYMOND JAMES INVESTMENT BANKING SOFTWARE INSIGHT April 2023 Strong Momentum in Software M&A and Private Placement Activity View our full transaction history here > April 2023 April 2023 March 2023 March 2023 Integrated event management platform Patient and hospital administration software Supply chain sustainability management platform Low-code data integration and security platform March 2023 January 2023 December 2022 December 2022 Actionable insights software platform Integrated payments and commerce solutions Video production and transmission software Industrial aftersales and digital technical documentation software November 2022 November 2022 October 2022 September 2022 Standardized test preparation platform Tax automation software AI-enabled intelligence automation platform for smarter and streamlined decision-making Comprehensive IT workload automation and orchestration platform September 2022 September 2022 September 2022 September 2022 Customer relationship management and front office platform for multi-family real estate Real estate accounts payable and payments automation software Cybersecurity solutions for the alternative investments industry eCommerce inventory and warehouse management platform Field Service Management business August 2022 August 2022 August 2022 August 2022 Cloud-based security and surveillance software Field service management solutions Fintech, regtech and cybersecurity software Human capital management software RAYMOND JAMES INVESTMENT BANKING 9 SOFTWARE INSIGHT Advisory Case Study: Tripleseat, a portfolio company of Vista Equity Partners, Level Equity and EHI receives a strategic growth investment from General Atlantic Tripleseat (the "Company"), a portfolio company of Vista Equity Partners, Level Equity and EHI receives a strategic growth investment from General Atlantic CLIENT DESCRIPTION Integrated event management platform DEAL SIZE ND DATE ANNOUNCED April 2023 April 2023 Investment Banking Role Raymond James served as an exclusive financial advisor to Tripleseat, Vista Equity Partners, Level Equity and EHI in this transaction. Target Background Tripleseat provides an end-to-end platform for event management, spanning lead generation, booking, planning, event execution workflows, reporting and analytics. With embedded payment processing capabilities, the platform enables operators across restaurants, hotels and other venues to book, manage and collect payments for events through an integrated offering. By simplifying the event management process, Tripleseat seeks to improve the customer experience and support clients’ ability to grow their events businesses. To date, the Tripleseat platform has helped venues book over 10M events and capture $15B in event leads. The Company was founded in 2008 and is headquartered in Concord, MA. Successful Outcome This strategic investment will help Tripleseat to focus on key growth areas including expanding market reach, further investing in its product and technology, pursuing strategic M&A and scaling into additional markets. RAYMOND JAMES INVESTMENT BANKING 10 SOFTWARE INSIGHT Advisory Case Study: IMS MAXIMS has signed a definitive agreement to be acquired by Total Specific Solutions April 2023 Investment Banking Role Raymond James served as a financial advisor to IMS MAXIMS in this transaction. IMS MAXIMS (the "Company") has signed a definitive agreement to be acquired by Total Specific Solutions CLIENT DESCRIPTION Patient and hospital administration software DEAL SIZE ND DATE ANNOUNCED April 2023 Target Background IMS MAXIMS develops electronic health record software designed to improve the coordination of patient care in various healthcare environments. The Company's platform offers features such as data migration, integration, cloud hosting and services such as consultancy, emergency and mental health care, facilitating clinical engagement across healthcare professionals, hospital wards and various medical departments. The Company was founded in 1986 and is headquartered in Dublin, Ireland. Successful Outcome The transaction marks TSS’ 1st acquisition in Ireland and their 6th acquisition in the UK/Ireland region. TSS’ extensive healthcare domain knowledge and experience and IMS MAXIMS’ established product portfolio are expected to create new opportunities for growth. RAYMOND JAMES INVESTMENT BANKING 11 SOFTWARE INSIGHT April 2023 Trusted Software Underwriter IPOs & Follow-On Offerings $174,800,000 Follow-on Offering View our full transaction history here > $180,000,000 Follow-on Offering $100,000,000 Initial Public Offering $520,000,000 Initial Public Offering March 2023 December 2021 November 2021 November 2021 Payment software provider Digital advertising platform Cloud backup and storage platform Customer engagement platform $120,000,000 Initial Public Offering $150,025,000 Initial Public Offering $140,000,000 Initial Public Offering $424,800,000 Follow-On Offering November 2021 November 2021 November 2021 October 2021 Customer communications software Education software Customer engagement software Payment software provider $384,000,000 Follow-on Offering $883,000,000 Follow-on Offering $1,100,000,000 Initial Public Offering $435,000,000 Initial Public Offering October 2021 September 2021 September 2021 September 2021 HCM software Global eCommerce platform Customer experience and CRM software Payment software provider $420,000,000 Initial Public Offering $250,000,000 Follow-On Offering $710,530,000 Initial Public Offering $343,200,000 Initial Public Offering September 2021 August 2021 July 2021 July 2021 Healthcare commercial intelligence Health data and analytics technology K-12 education software Digital lending software $250,000,000 Initial Public Offering $273,000,000 Initial Public Offering $373,750,000 Initial Public Offering $270,000,000 Initial Public Offering July 2021 July 2021 June 2021 June 2021 Education technology software Professional and financial services software Service economy software Digital media quality analysis platform RAYMOND JAMES INVESTMENT BANKING 12 SOFTWARE INSIGHT SOFTWARE VALUATION ENVIRONMENT RAYMOND JAMES INVESTMENT BANKING SOFTWARE INSIGHT April 2023 Trading Analysis Summary (USD in millions) Capitalization Trading Performance Growth Category/Sector1 Equity Value High Growth Median $11,927.5 $12,568.4 Medium / Low Growth Median Horizontal Software Median 4,638.6 Enterprise Value / Revenue Enterprise Value YTD2 1 Year 17.9% (0.3%) 3 Year 5 Year 30.7% 184.3% 2023E 2024E Enterprise Value / EBITDA 2023E 2024E P/E Revenue Growth 2023E 2024E 2023E 2024E LongTerm EPS 2023E Growth Rule of 2023E 2024E 2023E 403 24.1% 19.7% 17.4% 20.5% 30.6% 48.8% 9.6% 25.1% 26.5% 14.3% 33.9% 7.7x 6.6x 23.4x 23.7x 36.5x 32.4x EBITDA Margin 4,693.0 1.1% (10.6%) 6.0% 24.6% 3.9x 3.7x 15.5x 13.7x 24.1x 22.8x $10,871.4 $11,279.7 9.8% (3.2%) 18.2% 67.2% 5.3x 4.8x 19.4x 17.7x 28.0x 25.2x 13.0% 11.5% 27.4% 28.3% 17.0% 36.1% 8.7% Vertical Software Median 2,570.5 2,535.5 2.7% (9.5%) 6.7% 29.6% 4.4x 4.0x 16.3x 15.2x 25.3x 23.6x 7.7% 10.5% 22.7% 25.1% 16.4% 31.0% Infrastructure Software Median 5,416.3 5,026.7 0.6% (15.2%) 0.9% 20.2% 3.9x 3.7x 13.3x 11.6x 15.9x 20.9x 9.8% 25.1% 25.7% 11.9% 37.4% Revenue Multiples EBITDA Multiples 9.0x 30.0x 8.0x 7.7x 6.0x 4.0x 25.0x 6.6x 7.0x 5.0x 9.1% 19.4x 20.0x 5.3x 4.4x 3.9x 23.7x 23.4x 4.8x 3.9x 4.0x 3.7x 3.0x 3.7x 17.7x 16.3x 15.5x 15.2x 13.7x 13.3x 15.0x 11.6x 10.0x 2.0x 5.0x 1.0x 0.0x 0.0x 2023E 2024E 2023E Enterprise Value / Revenue High Growth Software Medium / Low Growth Software 2024E Enterprise Value / EBITDA Horizontal Software Vertical Software Source: Capital IQ as of market close April 30th, 2023, Note: see pages 42 - 52 for public company trading analysis detail 1. Each company is grouped into both a growth category and sector category 2. Reflects trading performance since IPO if YTD data is not available 3. Rule of 40% calculated as revenue growth + EBITDA margin Infrastructure Software RAYMOND JAMES INVESTMENT BANKING 14 SOFTWARE INSIGHT April 2023 Detail by Growth Category: High Growth and Medium/Low Growth Software Relative Stock Price Performance Valuation Multiple Analysis 184.3% 200.0% 23.7x 23.4x 25.0x 250.0% 20.0x 15.5x 150.0% 13.7x 15.0x 100.0% 50.0% 0.0% 30.7% 17.9% 24.6% (0.3%) 1.1% 10.0x 7.7x 6.6x 3.9x 5.0x (10.6%) 6.0% 1 Year 3 Year (50.0%) 3.7x 0.0x YTD 5 Year 2023E 2024E Enterprise Value / Revenue Price / Earnings Ratio 40.0x 2023E 2024E Enterprise Value / EBITDA Growth and Margin Analysis 30.0% 36.5x 32.4x 30.0x 25.0% 24.1x 22.8x 20.0x 26.5% 25.1% 24.1% 20.5% 19.7% 20.0% 17.4% 15.0% 10.0% 8.7% 9.6% 10.0x 5.0% 0.0x 0.0% 2023E 2024E P/E 2024E Revenue Growth High Growth Software Source: Capital IQ as of market close on April 30th, 2023 Data represents median performance for each sector 2023E 2023E 2024E EBITDA Margin Medium / Low Growth Software RAYMOND JAMES INVESTMENT BANKING 15 SOFTWARE INSIGHT April 2023 Detail by Sector: Horizontal / Vertical / Infrastructure Software Relative Stock Price Performance Valuation Multiple Analysis 80.0% 67.2% 60.0% 19.4x 20.0x 29.6% 18.2% 9.8% 20.0% 6.7% (3.2%) 2.7% 0.6% (20.0%) (15.2%) 20.2% 15.2x 13.3x 15.0x 11.6x 10.0x 5.3x 0.9% (9.5%) 5.0x (40.0%) 4.4x 3.9x 4.8x 4.0x 3.7x 0.0x YTD 1 Year 3 Year 5 Year 2023E 2024E 2023E Enterprise Value / Revenue Price / Earnings Ratio 30.0x 17.7x 16.3x 40.0% 0.0% 25.0x Enterprise Value / EBITDA Growth and Margin Analysis 28.0x 30.0% 25.3x 25.2x 25.0x 23.6x 20.9x 20.0x 2024E 28.3% 27.4% 25.1% 22.7% 25.0% 25.7% 25.1% 20.0% 15.9x 15.0x 15.0% 10.0x 10.0% 5.0x 5.0% 0.0x 13.0% 9.8% 11.5% 10.5% 7.7% 9.1% 0.0% 2023E 2024E 2023E P/E Revenue Growth Horizontal Software Source: Capital IQ as of market close on April 30th, 2023 Data represents median performance for each sector 2024E Vertical Software 2023E 2024E EBITDA Margin Infrastructure Software RAYMOND JAMES INVESTMENT BANKING 16 SOFTWARE INSIGHT April 2023 Equity Trading Multiples: High Growth and Medium/Low Growth Software Mean EV / Revenue by Growth Median EV / Revenue by Growth 20.0x 20.0x 14.1x 15.0x 10.0x 9.2x 14.4x 15.0x 10.2x 8.6x 7.9x 10.0x 9.6x 9.3x 7.7x 6.6x 8.7x 5.0x 6.6x 6.0x 5.0x 6.0x 5.0x 0.0x 2020 2021 2022 2023E Mean EV / EBITDA by Growth 2019 4.6x 3.9x 5.0x 40.0x 35.0x 35.0x 28.8x 28.0x 27.5x 26.9x 25.0x 30.0x 24.0x 24.2x 19.5x 15.0x 2020 2021 2022 2023E Median EV / EBITDA by Growth 40.0x 20.0x 6.9x 0.0x 2019 30.0x 5.6x 21.7x 31.3x 24.6x 25.0x 20.0x 28.7x 27.2x 24.6x 20.6x 18.2x 10.0x 23.4x 15.0x 18.2x 18.7x 19.3x 2020 2021 2022 15.5x 10.0x 2019 2020 2021 2022 High Growth Software 2023E 2019 2023E Medium / Low Growth Software Source: Capital IQ as of market close on April 30th, 2023 All multiples are calculated based on Enterprise Value as of April 30th of respective years and Calendar Year revenue and EBITDA figures RAYMOND JAMES INVESTMENT BANKING 17 SOFTWARE INSIGHT April 2023 Equity Trading Multiples: Horizontal / Vertical / Infrastructure Software Mean EV / Revenue by Sector Median EV / Revenue by Sector 15.0x 15.0x 11.0x 10.0x 8.2x 7.5x 5.0x 7.1x 5.3x 7.2x 7.1x 8.2x 6.5x 6.2x 5.4x 6.2x 5.0x 4.6x 5.0x 6.7x 6.2x 7.1x 5.5x 5.3x 4.4x 5.0x 3.5x 2020 2021 2022 2023E 2019 Mean EV / EBITDA by Sector 20.0x 6.3x 3.9x 0.0x 2019 25.0x 7.7x 6.2x 5.0x 4.7x 0.0x 30.0x 9.6x 10.0x 9.3x 24.9x 18.6x 15.0x 25.1x 23.7x 22.7x 21.1x 2022 2023E 27.2x 25.6x 19.9x 2021 Median EV / EBITDA by Sector 30.0x 27.1x 2020 25.0x 21.1x 21.8x 21.6x 17.6x 16.9x 10.0x 24.0x 22.3x 19.7x 20.0x 17.8x 18.2x 25.3x 17.3x 16.8x 16.1x 15.0x 19.4x 16.3x 16.2x 15.3x 14.9x 2021 2022 13.3x 10.0x 2019 2020 2021 2022 Horizontal Software 2023E 2019 Vertical Software Source: Capital IQ as of market close on April 30th, 2023 All multiples are calculated based on Enterprise Value as of April 30th of respective years and Calendar Year revenue and EBITDA figures 2020 2023E Infrastructure Software RAYMOND JAMES INVESTMENT BANKING 18 SOFTWARE INSIGHT April 2023 Software Valuation Framework: The Rule of 40% Sustaining growth and profitability is rewarded with meaningful value 35.0x 3.0x 30.0x Average EV / Revenue 25.0x Average Rule of 40% 4.3x 13.1% 2023E EV / Revenue 7.9x Average EV / Revenue Average EV / Revenue 30.2% 52.7% Average Rule of 40% Average Rule of 40% 20.0x 15.0x 10.0x 5.0x 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2023E Rule of 40% High Growth Software Source: Capital IQ as of April 30th, 2023 Rule of 40% calculated as revenue growth + EBITDA margin Software landscape consists of all companies referenced in Appendix from pages 42 - 52 Medium/Low Growth Software RAYMOND JAMES INVESTMENT BANKING 19 SOFTWARE INSIGHT RECENT TRANSACTION ACTIVITY RAYMOND JAMES INVESTMENT BANKING SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Horizontal Software BUYER (LNR Partners) (BlackRock - NYSE:BLK, Sageview Capital) TARGET (True Capital Partners, Blue Ivy Ventures, Teneo Capital, Cue Ball) SUBSECTOR DEAL SIZE ($M) DESCRIPTION Human Capital Management ND Jopwell offers a DEI-focused hiring platform tailored towards advancing the careers of Black, LatinX and Native American students and early-career professionals eCommerce ND Unstack provides personalizable and shoppable content for eCommerce brands to grow their businesses faster Sales & Marketing ND High Attendance develops an enterprise event management and digital engagement platform designed to offer a compelling environment for consumers to engage with brands Enterprise Resource Planning / Business Productivity ND Rentouch develops enterprise software for visualizing agile planning events across teams CRM / Customer Interaction Management ND Smartlook develops a website and application analytics tool designed to analyze user behavior by offering automatic event tracking, event statistics and retroactive data Human Capital Management ND Social Intelligence offers an analytics platform to identify actionable employment insights and help companies leverage online data in their employment decisions (El Cap Holdings) (Amity Ventures) (Leeds Equity Partners, Eurazeo SE - ENXTPA:RF) (NASDAQ: CSCO) (Silverton Partners) (Airbridge Equity Partners) (Plug and Play Insurtech) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 21 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Horizontal Software (Cont.) BUYER (Vendep Capital, Zenith Group) (Lightspeed Venture Partners) (Ardian) (Ontario Teachers’ Pension Plan, Hg) (Ontario Teachers’ Pension Plan, Hg) TARGET (Active Venture Partners, Cipio Partners) (Accel) (Trilogy Equity Partners, Madrona, Cowboy Ventures, Greycroft) SUBSECTOR DEAL SIZE ($M) Sales & Marketing ND Whisbi provides a real-time customer engagement and omnichannel SaaS platform with video and chatbot functionalities to offer a human-assisted sales experience CRM / Customer Interaction Management ND DecisionLink offers a value enablement platform that empowers companies to define, quantify and validate business outcomes at scale Enterprise Resource Planning / Business Productivity ND Workvivo provides an internal engagement platform designed to facilitate organizational communication outside the workplace Financial Management ND LumaTax provides a sales tax management platform for automated audit analysis and touch-free tax return filing Human Capital Management ND Trakstar develops an HR platform that helps companies with next-generation talent acquisition, training and performance management Human Capital Management ND Circa provides human capital management software to help companies build highperforming, diverse teams DESCRIPTION (Turn/River Capital) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 22 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Horizontal Software (Cont.) BUYER TARGET (LLR Partners, Parthenon Capital Partners) (Automotive Ventures) (Avery Dennison Corporation NYSE:AVY, Launch Partnership) (New Mountain Capital) (Blossom Street Ventures, Cisco Investments, Canaan Partners) (JMI Equity) (Spectrum Equity, Centana, Propel Venture Partners, Freestyle Capital) SUBSECTOR DEAL SIZE ($M) eCommerce ND ReCPro Software offers recreation management and eCommerce website software solutions Sales & Marketing ND Wrapify provides a performance-driven ad platform that helps brands create measurable advertising outcomes Human Capital Management ND Ascendify offers a leading cloud-based engagement platform for attracting and developing talent Human Capital Management ND Ease offers an online benefits enrollment platform for insurance brokers and employers Sales & Marketing ND ZAG Interactive offers a development platform that provides website design and hosting, search engine optimization, pay-per-click advertising and social media management Transportation & Logistics ND ExPretio Technologies offers revenue management and customer intelligence solutions for rail, bus and airline operators (Rockbridge Growth Equity) DESCRIPTION (Constellation Software - TSX:CSU) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 23 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Vertical Software BUYER (NASDAQ: PYCR) (Cove Hill Partners) (Thoma Bravo, JMI Equity, Ares Capital Management) TARGET SUBSECTOR DEAL SIZE ($M) Education ND Verb develops a people development platform incorporating behavioral science and proprietary microlearning content for workplace training Travel & Hospitality ND WeTrack develops cloud-based project management software designed to offer tools for managing large events and other complex projects Education ND SchoolPass offers cloud-based attendance automation, visitor management and emergency management software for K-12 schools Education ND Oppti offers an educational technology platform that works with schools and employers to provide students with internships and career development opportunities Education ND Infinity.careers provides an educational platform that connects individuals with specific curricula based on their career interests Other ND Paradocs Mountain Software offers software solutions for the ski industry that streamline operations, improve the customer experience and empower ski resorts to provide the best service possible DESCRIPTION (Barshop Ventures) (Downing Ventures) (Level Equity Management, A3 Education) (Slauson & Co., Valor Ventures) (Slauson & Co., Valor Ventures) (AIM: ACSO) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 24 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Vertical Software (Cont.) BUYER TARGET (ETS, Salesforce Ventures, SoftBank) SUBSECTOR DEAL SIZE ($M) DESCRIPTION Education ND CoSo Cloud provides private virtual classroom training and web conferencing solutions to businesses and government agencies Other ND NailSoft offers software solutions to the salon industry for booking appointments and accepting payments Transportation & Logistics ND TruckMap provides a mobile app for truck drivers that shares parking availability, access to local truck services and GPS routing Other ND BISC Global provides data analysis, pipeline development, cloud computing and data visualization solutions to support pharmaceutical and biotech companies Education ND Tevera develops a field experience management platform to help educational institutions manage program outcomes, accreditation and program-wide assessments Travel & Hospitality ND Kafoodle develops menu management software tools intended for the food industry (Corsair Capital) (Providence Equity Partners) (Jigsaw Ventures, Moving Capital, Precursor Ventures) (Destiny Investments) (TA Associates) (Providence Equity Partners, McCarthy Capital) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 25 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Vertical Software (Cont.) BUYER TARGET SUBSECTOR DEAL SIZE ($M) Education ND Promethean provides interactive learning products that that help educators more effectively teach students with interactive whiteboards and displays Other ND Simplifeye offers engagement and communication software for dental practices to improve patient management and productivity Education ND The U School provides enrollment growth and education solutions intended for colleges and universities Other ND DesignDocs provides project management and accounting software for interior designers Retail ND Sweda Canada offers point of sale software solutions for the retail industry Financial Services ND Integrated Media Management develops eSignature and digital transaction management software for the unique requirements of bank and credit union clients (1) (NYSE: GEHI) DESCRIPTION (NetDragon Websoft) (Halyard Capital, Renovus Capital Partners) (Serent Capital) (Harris Computer) (Seidler Kutsenda Management) (OceanSound Partners) Note: All transactions announced in April 2023 and sorted from most recent to least recent 1. Gravitas Education Holdings was fka RYB Education, Inc. RAYMOND JAMES INVESTMENT BANKING 26 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Vertical Software (Cont.) BUYER (The Riverside Company, Reach Capital) TARGET SUBSECTOR DEAL SIZE ($M) Education ND Student Opportunity Center develops a database and online community platform designed to centralize, manage and assess students' experiential learning Education ND ARMS Software develops a SaaS-based administration management platform designed to simplify workflows for college athletic departments Travel & Hospitality $8 Innsoft provides a hotel property management and website reservation platform Travel & Hospitality ND Tripeur provides a cloud-based corporate travel and expense management platform that enables businesses to manage their entire travel experience Education ND LanguageTool provides open-source language software that offers grammar and spell check in numerous languages Education ND Experience Early Learning provides a research-based early education platform that offers curricula and assessments for infants, toddlers and preschoolers DESCRIPTION (Virginia Venture Partners) (Dragoneer Investment Group, Blossom Street Ventures, Afia Capital) (SoftBank Vision Fund) (Andreessen Horowitz) (Addition Ventures, Deer Management, Emerson Collective, GGV Capital) (SenseAI Ventures, Incubate Fund) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 27 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Vertical Software (Cont.) BUYER TARGET SUBSECTOR DEAL SIZE ($M) Education ND Ascendent Insights Education provides an AI-based education platform that offers a personalized learning experience for preschool students Education ND PeerBoard offers an online learning management system designed for employees to share in-depth knowledge and to connect and grow with their customers Education ND Marshall E-Learning provides specialist diversity and inclusion online learning solutions Legal / Professional Services ND Fastcase provides cloud-based research software tools intended to help lawyers streamline legal workflows and improve their efficiency Other ND IMS MAXIMS develops electronic health record software designed to improve the coordination of patient care Energy ND Colossus provides a solar marketplace that matches residential solar providers with customers DESCRIPTION (NASDAQ: PBTS) (NASDAQ: DCBO, TSX: DCBO) (ECI Partners) (Oakley Capital) (Western Principal Partners) (Constellation Software Netherlands, Topicus.com Inc. TSXV:TOI) (BuildGroup, Capital Creek, RTP Global) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 28 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Vertical Software (Cont.) BUYER TARGET (Banneker Partners, L Capital) (1) SUBSECTOR DEAL SIZE ($M) Automotive ND DealerCorp Solutions provides cloud-based retail sales software for car dealerships Other ND Recyclist provides cloud-based solutions for solid waste program management Legal / Professional Services $500 DESCRIPTION Thompson Reuters’ Elite offers integrated practice and financial management software for front and back-office management functions for law firms (NASDAQ: TPG) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 29 SOFTWARE INSIGHT April 2023 Selected Recent Strategic Buyer M&A and Investment Activity Infrastructure Software BUYER (Tiger Global Management, ParaFi Capital, Hashed) (NYSE: IBM) (Kleiner Perkins, Sequoia Capital) TARGET SUBSECTOR DEAL SIZE ($M) Data Management & Analytics ND Cosmose AI develops a data analytics platform designed to predict the shopping behavior of consumers with regards to offline purchases Cloud-Based Infrastructure ND TrafficLand provides live traffic video solutions enabling drivers to avoid congestion, first responders to improve incident response times and DOTs to streamline their processes Cloud-Based Infrastructure ND Ahana Cloud develops an ad hoc platform designed to simplify interactive analytics Data Management & Analytics ND VitalMetrics offers a data analytics platform designed to measure the environmental performance of organizations to advance their sustainability initiatives DESCRIPTION (Tiga Investments) (Liberty Global Ventures, Leslie Ventures, Lux Capital) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 30 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Horizontal Software BUYER TARGET SUBSECTOR DEAL SIZE ($M) Sales & Marketing $14 Levitate develops a platform that allows users to send tailored emails at scale, remember key facts about their contacts and accomplish business goals with a personalized approach Enterprise Resource Planning / Business Productivity 14 M3ter provides a usage-based SaaS pricing platform that allows companies to integrate, automate and align teams to optimize pricing Financial Management ND Centage offers financial planning and analysis solutions for small and midsized finance teams Governance, Risk Management & Compliance 525 Fusion Risk Management develops a cloud-based platform that provides risk management, business continuity, third-party management and incident management Governance, Risk Management & Compliance ND Benchmark Gensuite provides a unified digital platform for EHS, sustainability and ESG reporting Human Capital Management 30 Certn offers pre-employment screenings and background checks for business and recruiters primarily for the financial, technology, construction and non-profit sectors (Tippet Venture Partners) (Kindred Capital, Union Square Ventures) DESCRIPTION (TVC Capital) (Vista Equity Partners, Catalyst Investors, Level Equity) (B Capital Group) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 31 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Horizontal Software (Cont.) BUYER TARGET (Acadian Capital, Revelry Venture Partners, Ridgepeak Partners) (Finistere Ventures, ThirdStream Partners, AME Cloud Ventures) (Clearlake Capital, Symphony Technology Group) (SquareOne Capital Corp.) (Greycroft, Norwest Venture Partners, Bowery Capital) SUBSECTOR DEAL SIZE ($M) DESCRIPTION Governance, Risk Management & Compliance $6 YellowBird provides an EHS and Risk Management technology platform that simplifies safety and loss control management Governance, Risk Management and Compliance 20 Taxcloud offers a tax compliance platform that helps eCommerce businesses calculate, collect and file sales and use taxes Governance, Risk Management & Compliance 22 ClimateAI develops a cloud-based agricultural forecasting platform to predict the physical risk of climate change on real assets Governance, Risk Management & Compliance ND Archer Technologies offers governance, risk and compliance software intended to assist companies with threat and policy management and help them gain visibility into corporate risk and security controls Human Capital Management ND Office People provides a personnel management platform that helps companies with leasing, placement, master vendor management, on-site management and recruitment Enterprise Resource Planning / Business Productivity 28 Elevate develops a consumer-directed platform that helps streamline benefits administration for employees and employers Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 32 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Horizontal Software (Cont.) BUYER TARGET SUBSECTOR DEAL SIZE ($M) Supply Chain $50 Everstream Analytics offers an AI-powered platform that provides global supply chain insights and risk analytics CRM / Customer Interaction Management ND Buxton develops customer analytics software designed to help businesses identify, attract and retain customers DESCRIPTION (DHL International) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 33 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Vertical Software BUYER TARGET SUBSECTOR DEAL SIZE ($M) DESCRIPTION (Sierra Ventures, Qualcomm Ventures, Osage Venture Partners, Foothill Ventures) Education $14 DeepHow offers an artificial intelligence-powered learning platform designed to bridge the skills gap in manufacturing, service and repair Travel & Hospitality ND Tripleseat offers an end-to-end event management and catering platform for restaurants, hotels and unique venues Education 9 Financial Services ND Financial Services 6 Credora provides privacy-preserving risk technology that enhances credit access for trading firms and enables real-time risk monitoring for lenders 20 Lexion develops a contract management system designed to effectively organize legal documents for businesses and law firms (Vista Equity Partners, Level Equity, EHI) (Aleph Venture Capital, Inimiti Capital Partners, Radiant VC, Reinvent VC) (Coinshares, DCG, Gemini Frontier Fund, Polychain, Primitive Ventures, XBTO) Legal / Professional Services (Kholsa Ventures, Madrona Venture TinyTap offers software designed to create, share and play educational games and other interactive applications AiFlow provides an AI-driven market research platform designed to automate competitor analysis and market research for private equity firms Group, Wilson Sonsini) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 34 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Vertical Software (Cont.) BUYER TARGET SUBSECTOR DEAL SIZE ($M) Education $500 Education 21 Innovamat offers a software platform that improves students’ understanding of math concepts and helps instructors teach more effectively Financial Services ND Built Technologies offers a construction lending software platform designed to mitigate risk and simplify construction loan management Education 20 LMS365 offers a user-centric online learning management system that is built into Microsoft Teams and Microsoft 365 Transportation & Logistics ND Datatrac offers cloud-based courier software for dispatch management, shipment tracking, route planning, GPS driver tracking, signature capture, delivery and freight tracking Education 12 Territorium offers SaaS-based corporate education solutions that track individuals' competencies, knowledge and skills DESCRIPTION Cengage Group offers content and digital learning solutions for the global academic skills, school and research markets (NASDAQ:APO) (Dozen Investments) (NYSE: C) (Brookfield Growth Partners, 9Yards Capital, XYZ Venture Capital) Kamet Capital (Cometa) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 35 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Vertical Software (Cont.) BUYER TARGET SUBSECTOR DEAL SIZE ($M) Legal / Professional Services ND iManage offers document and email management software intended for accounting, financial services and law firms Automotive $30 AutoLeap provides automotive software intended to manage auto repair shops Automotive ND AutoAlert provides automotive industry data analytics services to predict consumer behavior Real Estate 27 VERO develops a residential leasing platform that automates all operations for real estate operators Transportation & Logistics 7 Frayt offers an on-demand delivery platform that enables businesses to offer scheduled or same day delivery to their customers Real Estate 5 Field Materials offers a digital software platform designed to democratize the procurement of construction materials DESCRIPTION (Bain Capital Ventures) (NYSE: BLK) (HGGC) (Eleven Capital, Bienville Capital) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 36 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Vertical Software (Cont.) BUYER TARGET (Providence Equity Partners) 10X AD SUBSECTOR DEAL SIZE ($M) Education ND N2Y develops a cloud-based special education platform for the K-12 market Education $700 Byju's provides an online learning platform intended to deliver engaging and accessible education Real Estate ND DESCRIPTION (Qatar Investment Authority) Newforma develops project information management software for construction industry that unifies project data across multiple data sources (Battery Ventures) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 37 SOFTWARE INSIGHT April 2023 Selected Recent Financial Sponsor & Venture Capital Activity Infrastructure Software BUYER TARGET SUBSECTOR DEAL SIZE ($M) DESCRIPTION Data Management & Analytics $24 Bobsled offers a cross-cloud data sharing platform that allows product and data teams to share data products directly into a customer's preferred analytical environment (.406 Ventures) Note: All transactions announced in April 2023 and sorted from most recent to least recent RAYMOND JAMES INVESTMENT BANKING 38 SOFTWARE INSIGHT April 2023 Selected Recent PIPE Activity COMPANY LEAD INVESTOR Note: Transactions are sorted from most recent to least recent SUB-SECTOR SECTOR ISSUANCE AMOUNT ($M) DEAL SIZE / MARKET CAP (%) Data Management & Analytics Infrastructure $100.00 17.2% RAYMOND JAMES INVESTMENT BANKING 39 SOFTWARE INSIGHT APPENDIX: PUBLIC COMPANY TRADING DETAIL RAYMOND JAMES INVESTMENT BANKING SOFTWARE INSIGHT April 2023 Trading Analysis by Sector High Growth Software (USD in millions) Capitalization Company AppFolio, Inc. Arista Networks, Inc. Asana, Inc. Atlassian Corporation Constellation Software Inc. CyberArk Software Ltd. Docebo Inc. Edgio, Inc. Fortinet, Inc. HubSpot, Inc. Instructure Holdings, Inc. Intapp, Inc. nCino, Inc. Open Text Corporation Palo Alto Networks, Inc. Paycom Software, Inc. Paylocity Holding Corporation ServiceNow, Inc. Shopify Inc. Smartsheet Inc. Snowflake Inc. StoneCo Ltd. WiseTech Global Limited Zscaler, Inc. High Growth Software Median Equity Value $4,954.5 49,375.5 3,505.8 37,843.4 41,439.2 5,112.2 1,277.0 146.5 49,452.7 20,872.4 3,806.5 2,570.5 2,766.5 10,123.0 55,213.8 16,799.9 10,779.7 93,602.3 68,647.1 5,416.3 48,126.0 3,851.7 14,918.8 13,075.3 $11,927.5 Enterprise Value $4,834.0 46,415.6 3,248.1 37,448.9 43,018.1 4,536.2 1,064.2 213.0 48,327.8 20,266.0 4,134.8 2,535.5 2,784.6 12,751.0 55,821.4 16,469.2 10,733.5 90,926.3 64,956.6 5,026.7 43,308.9 3,972.9 14,615.6 12,385.9 $12,568.4 Enterprise Value / Revenue Trading Performance YTD1 32.5% 32.0% 17.5% 14.7% 25.4% (3.9%) 17.6% (41.5%) 29.0% 45.6% 13.2% 55.1% (6.5%) 27.8% 30.8% (6.4%) (0.5%) 18.3% 39.6% 3.8% 3.2% 30.5% 35.1% (19.5%) 17.9% Note: Comparables are pro forma for acquisitions and divestitures High growth software defined as any company with more than 20% revenue growth Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin 1 Year 34.4% 38.6% (39.6%) (34.3%) 31.2% (20.7%) (4.4%) (81.5%) 9.1% 10.9% 46.6% 61.7% (34.0%) (5.4%) (2.5%) 3.2% 1.9% (3.9%) 13.5% (15.4%) (13.6%) 30.8% 51.4% (55.6%) (0.3%) 3 Year 27.1% 192.1% NA (5.0%) 98.1% 26.2% 230.6% (87.0%) 192.6% 149.6% NA NA NA (0.2%) 178.6% 11.2% 68.8% 30.7% (23.4%) (22.5%) NA (53.3%) 268.8% 34.3% 30.7% 5 Year 191.2% 142.2% NA 163.8% 189.0% 126.7% NA (87.2%) 469.5% 297.5% NA NA NA 7.2% 184.3% 154.2% 253.8% 176.5% 262.6% 111.8% NA NA 582.9% 201.4% 184.3% 2023E 2024E 8.4x 8.4x 5.1x 9.8x 5.4x 6.2x 5.8x 0.5x 8.9x 9.8x 7.9x 6.9x 5.9x 2.3x 7.4x 9.7x 8.4x 10.3x 9.8x 5.4x 15.0x 1.7x 23.5x 7.1x 7.7x 7.0x 7.6x 4.3x 7.9x 4.7x 5.1x 4.6x 0.4x 7.5x 8.1x 7.2x 6.0x 5.0x 2.1x 6.2x 8.0x 7.0x 8.4x 8.0x 4.4x 11.0x 1.5x 18.6x 5.5x 6.6x Enterprise Value / EBITDA P/ E Revenue Growth EBITDA Margin LongTerm EPS 2023E 2024E 2023E 2024E 2023E 2024E 2023E 2024E Growth 2023E NM 20.1x NM NM 20.4x NM NM 11.1x 31.8x NM 20.4x NM NM 6.9x 28.1x 23.4x 26.8x 32.0x NM NM NM 3.4x 47.7x 39.7x 23.4x NM 18.8x NM 38.4x 17.4x NM 38.1x 4.7x 26.6x 49.0x 18.1x NA 36.4x 5.7x 23.7x 19.2x 21.8x 25.7x NM NM NM 3.0x 36.7x 27.7x 23.7x NM 27.7x NM NM 32.9x NM NM NM 44.6x NM 34.3x NM NM 11.1x 43.4x 38.7x 40.0x 48.4x NM NM NM 19.5x NM NM 36.5x NM 25.4x NM NM 27.7x NM NM NM 37.5x NM 28.3x NM 46.0x 7.5x 37.2x 31.5x 33.2x 39.5x NM NM NM 14.3x NM 41.5x 32.4x 24.2% 28.2% 20.3% 21.3% 22.2% 22.4% 27.9% 22.7% 22.2% 20.6% 22.0% 42.2% 20.6% 59.6% 24.2% 23.9% 30.1% 22.0% 20.7% 25.3% 40.8% 27.9% 30.1% 35.1% 24.1% 19.1% 10.7% 19.1% 23.9% 14.9% 23.0% 25.8% 8.0% 19.5% 22.3% 10.1% 14.1% 17.3% 6.1% 20.0% 21.2% 19.5% 22.0% 22.0% 22.1% 36.7% 12.3% 26.3% 28.5% 19.7% 6.6% 42.0% (19.5%) 16.8% 26.3% 2.6% 7.3% 4.3% 28.1% 15.3% 38.8% 3.5% 10.7% 33.0% 26.4% 41.3% 31.2% 32.2% 0.4% 6.5% 8.2% 51.4% 49.3% 18.0% 17.4% 7.7% 40.4% (9.0%) 20.5% 26.8% 8.7% 12.2% 9.4% 28.1% 16.4% 39.7% NA 13.8% 37.3% 26.2% 41.6% 32.1% 32.8% 4.7% 8.8% 11.2% 50.7% 50.8% 20.0% 20.5% NA 18.8% NA 74.5% NA 21.7% NA NA 18.8% 29.8% NA NA NA 10.2% 31.4% 24.4% NA 31.2% 153.2% NA 30.0% 89.9% 32.1% 45.6% 30.6% 2023E Rule of 30.8% 70.2% 0.8% 38.2% 48.5% 24.9% 35.2% 27.0% 50.2% 35.8% 60.8% 45.7% 31.3% 92.5% 50.7% 65.2% 61.2% 54.2% 21.1% 31.8% 49.0% 79.3% 79.3% 53.1% 48.8% 402 RAYMOND JAMES INVESTMENT BANKING 41 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Medium / Low Growth Software (USD in millions) Capitalization Company 2U, Inc. 8x8, Inc. Absolute Software Corporation ACV Auctions Inc. Adobe Inc. Agilysys, Inc. Airbnb, Inc. Akamai Technologies, Inc. Alarm.com Holdings, Inc. Alteryx, Inc. Amazon.com, Inc. American Software, Inc. ANSYS, Inc. Aspen Technology, Inc. Autodesk, Inc. Automatic Data Processing, Inc. BigCommerce Holdings, Inc. Blackbaud, Inc. BlackLine, Inc. Block, Inc. Box, Inc. Brightcove Inc. Broadridge Financial Solutions, Inc. Cadence Design Systems, Inc. Check Point Software Technologies Ltd. Chegg, Inc. Cisco Systems, Inc. Commvault Systems, Inc. CoStar Group, Inc. Coursera, Inc. Criteo S.A. CS Disco, Inc. D2L Inc. Dassault Systèmes SE DocuSign, Inc. Dropbox, Inc. Equity Value $445.5 324.4 413.9 2,073.5 173,186.8 1,931.4 75,410.7 12,812.3 2,376.8 2,896.6 1,081,954.3 403.3 27,251.6 11,480.0 41,837.5 90,970.0 550.9 3,642.4 3,363.0 36,767.2 3,818.2 175.2 17,113.7 57,113.7 15,380.2 2,150.9 193,527.7 2,596.1 31,437.1 1,833.1 1,801.0 350.7 299.8 53,189.2 10,002.1 7,193.0 Enterprise Value $1,320.8 770.6 633.2 1,656.9 171,659.8 1,876.9 68,129.7 14,561.0 2,308.5 3,470.9 1,196,096.3 299.5 27,526.2 11,279.7 42,329.5 92,462.3 597.5 4,522.4 3,713.2 37,519.3 4,414.2 168.0 21,194.8 56,875.0 11,897.3 2,302.7 181,423.7 2,334.8 27,475.6 1,065.7 1,569.6 158.4 203.7 52,695.6 9,858.7 8,144.2 Enterprise Value / Revenue Trading Performance YTD1 (11.6%) (33.6%) (25.2%) (47.9%) 12.2% (1.4%) 40.0% (2.8%) (3.6%) (18.8%) 25.5% (18.7%) 29.9% (13.8%) 4.2% (7.9%) (15.4%) 17.8% (17.2%) (3.3%) (15.0%) (20.8%) 8.4% 30.4% 1.0% (28.8%) (0.8%) (7.3%) (0.4%) (62.3%) 20.7% (7.0%) 17.9% 9.5% (10.8%) (9.1%) 1 Year (44.5%) (68.7%) 7.3% (2.4%) (4.6%) 112.0% (21.9%) (27.0%) (21.9%) (35.9%) (15.2%) (30.2%) 13.9% 11.6% 2.9% 0.8% (58.6%) 19.6% (16.9%) (38.9%) (13.6%) (41.3%) 0.9% 38.8% 0.8% (27.3%) (3.5%) (4.5%) 21.0% (33.9%) 26.9% (80.9%) (27.4%) (13.8%) (39.0%) (6.5%) Note: Comparables are pro forma for acquisitions and divestitures Medium / Low growth software defined as any company with less than 20% revenue growth Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin 3 Year (76.7%) (83.1%) (1.1%) NA 6.8% 298.4% NA (16.1%) 6.6% (63.7%) (14.8%) (27.5%) 19.9% 73.1% 4.1% 50.0% NA 25.5% (8.3%) (6.7%) 63.9% (46.9%) 25.4% 158.2% 20.4% (57.9%) 11.5% 36.5% 18.7% NA 216.7% NA NA 37.3% (52.8%) (3.2%) 5 Year (93.1%) (85.8%) 51.7% NA 70.4% 562.5% NA 14.4% 18.1% 31.6% 34.7% (6.4%) 94.2% 101.7% 54.7% 86.3% NA (33.9%) 34.6% 28.4% 15.7% (57.1%) 35.6% 422.8% 32.0% (22.5%) 6.7% (16.7%) 109.9% NA 22.0% NA NA 71.0% 28.0% (32.4%) 2023E 2024E 1.3x 1.0x 2.6x 3.6x 8.8x 9.5x 7.1x 3.9x 2.7x 3.5x 2.1x 2.3x 12.0x 10.3x 7.9x 5.0x 1.9x 3.9x 6.3x 1.9x 4.2x 0.8x 3.4x 14.0x 4.9x 3.1x 3.1x 3.0x 11.1x 1.8x 1.6x 1.1x 1.1x 8.0x 3.7x 3.3x 1.2x 1.0x 2.2x 2.8x 7.9x 7.1x 6.2x 3.7x 2.5x 3.1x 1.9x 2.1x 11.0x 9.2x 7.1x 4.8x 1.7x 4.0x 5.4x 1.6x 3.8x 0.7x 3.2x 12.6x 4.7x 2.9x 3.0x 2.8x 9.5x 1.5x 1.4x 1.0x 1.0x 7.4x 3.4x 3.1x Enterprise Value / EBITDA 2023E 8.3x 7.9x 10.8x NM 17.9x NM 20.3x 9.8x 19.2x 28.8x 13.5x 14.8x 27.3x 26.2x 20.8x 18.3x NM 13.8x NM 28.0x 13.5x 9.5x 15.0x 31.5x 11.2x 9.4x 8.7x 14.7x NM NM 5.7x NM 39.6x 22.4x 14.7x 9.1x 2024E 7.0x 6.6x 8.4x NM 16.1x NM 17.0x 9.0x 15.7x 21.8x 11.3x 12.2x 25.3x 18.0x 18.3x 16.3x 49.3x 12.7x 39.1x 20.3x 11.6x 6.9x 14.1x 27.9x 10.8x 8.6x 8.4x 13.3x 38.7x NM 5.0x NM 9.3x 20.0x 12.9x 8.5x P/ E Revenue Growth 2023E 2024E 22.3x 6.7x NM NM 24.3x NM 35.0x 15.0x 31.2x NM NM 26.4x 36.3x 29.6x 27.1x 25.7x NM 19.9x NM 35.3x 18.6x NM 20.4x 41.7x 15.9x 15.1x 12.1x 23.2x NM NM 12.4x NM NM 31.0x 20.9x 12.0x 10.3x 4.5x NM NM 21.4x NM 29.7x 13.6x 23.7x 37.6x 41.5x 19.5x 32.6x 26.0x 23.6x 23.5x NM 17.4x 48.0x 24.7x 15.0x 21.2x 18.7x 36.6x 14.5x 13.2x 11.4x 21.0x NM NM 10.6x NM 38.1x 28.3x 18.7x 10.5x EBITDA Margin 2023E 2024E 2023E 2024E 2.8% 2.3% 11.0% 9.8% 9.8% 3.8% 15.3% 4.0% 3.0% 18.1% 9.8% 0.7% 13.0% 14.8% 8.8% 6.4% 9.6% 7.1% 13.1% 14.8% 7.1% 0.3% 5.8% 14.4% 4.5% (1.5%) 9.5% (1.4%) 13.8% 16.9% 8.8% 5.4% 7.1% 9.4% 9.1% 6.7% 7.8% 5.6% 18.3% 26.3% 11.8% 34.1% 15.2% 6.5% 6.2% 15.4% 11.9% 11.9% 9.6% 12.3% 11.3% 5.0% 14.3% (0.6%) 15.6% 14.9% 9.9% 7.3% 8.0% 10.9% 4.1% 6.9% 4.4% 5.7% 16.1% 16.0% 9.5% 18.8% 12.0% 8.4% 7.5% 5.4% 16.2% 12.9% 23.8% (7.1%) 49.2% 15.4% 35.0% 39.7% 13.9% 12.2% 15.9% 15.7% 44.1% 39.4% 37.9% 27.5% (3.6%) 28.4% 12.4% 6.7% 31.1% 8.3% 22.7% 44.5% 43.5% 32.4% 36.2% 20.2% 20.8% (4.8%) 27.6% (28.4%) 2.8% 35.8% 24.9% 36.3% 17.8% 14.5% 25.7% 3.7% 49.1% 13.4% 36.3% 40.7% 16.1% 14.0% 16.9% 17.1% 43.3% 51.3% 38.6% 29.5% 3.5% 31.2% 13.9% 8.0% 33.0% 10.7% 22.4% 45.3% 43.4% 33.4% 35.7% 21.2% 24.7% 1.0% 28.8% (6.2%) 10.8% 36.8% 26.5% 36.7% LongTerm EPS 2023E Growth 2023E Rule of NA 5.0% NA NA 14.7% NA 18.3% 9.0% 9.3% NA 36.7% 20.0% 8.0% 15.3% 22.2% 14.2% NA 21.9% 41.1% 25.4% 20.0% NA 11.1% 17.0% 5.9% 15.2% 5.7% 5.0% 20.0% NA NA 35.9% NA 7.3% 14.3% 12.3% 19.0% 15.2% 34.8% 2.7% 59.0% 19.2% 50.3% 43.6% 16.9% 30.3% 25.7% 16.5% 57.1% 54.2% 46.6% 33.9% 6.0% 35.5% 25.5% 21.5% 38.2% 8.6% 28.5% 58.8% 48.0% 31.0% 45.7% 18.8% 34.6% 12.1% 36.4% (23.0%) 9.9% 45.1% 34.0% 43.0% 402 RAYMOND JAMES INVESTMENT BANKING 42 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Medium / Low Growth Software (Cont.) (USD in millions) Capitalization Company Equity Value Dye & Durham Limited E2open Parent Holdings, Inc. eBay Inc. Ebix, Inc. Envestnet, Inc. Everbridge, Inc. F5, Inc. Fidelity National Information Services, Inc. Five9, Inc. GlobalData Plc GoDaddy Inc. Guidewire Software, Inc. International Business Machines Corporation Intuit Inc. Iress Limited Iron Mountain Incorporated Jack Henry & Associates, Inc. Kinaxis Inc. LegalZoom.com, Inc. LivePerson, Inc. LiveRamp Holdings, Inc. Manhattan Associates, Inc. MeridianLink, Inc. MiX Telematics Limited Model N, Inc. MSCI Inc. NetApp, Inc. NetScout Systems, Inc. New Relic, Inc. NextGen Healthcare, Inc. Okta, Inc. Oracle Corporation Pason Systems Inc. Paychex, Inc. PayPal Holdings, Inc. Pegasystems Inc. $591.1 1,901.3 24,817.0 502.5 3,446.0 1,062.6 8,124.1 34,787.6 4,638.6 1,792.3 11,667.9 6,238.1 114,786.0 124,548.6 1,248.4 16,106.6 11,922.3 3,849.7 1,793.4 351.3 1,559.0 10,354.3 1,205.4 181.5 1,162.2 38,626.6 13,452.5 1,930.9 4,923.1 1,105.2 11,053.1 255,725.2 703.0 39,604.5 85,333.3 3,784.7 Enterprise Value $1,451.9 3,160.3 26,188.0 1,073.9 4,336.1 1,386.7 7,628.7 52,935.6 4,814.1 2,143.8 14,707.2 6,018.8 159,136.0 130,154.6 1,511.1 29,346.9 12,219.7 3,681.2 1,615.7 702.5 1,147.5 10,191.8 1,579.0 173.7 1,171.1 42,210.3 12,995.5 1,775.0 4,693.0 1,139.5 10,840.1 339,276.2 575.9 38,918.7 86,020.3 4,113.9 Enterprise Value / Revenue Trading Performance YTD1 (12.1%) 7.2% 12.0% (18.5%) 2.7% (11.2%) (6.4%) (13.5%) (4.5%) 7.7% 1.1% 21.8% (10.3%) 14.1% 7.9% 10.8% (7.0%) 22.5% (66.5%) (54.3%) 2.8% 36.5% 8.8% 26.3% (24.1%) 3.7% 4.7% (16.3%) 26.6% (10.9%) 0.3% 15.9% (26.0%) (4.9%) 6.7% 33.2% 1 Year (32.0%) (18.7%) (10.6%) (45.4%) (20.4%) (39.0%) (19.7%) (40.8%) (41.1%) 1.8% (6.3%) (12.4%) (4.4%) 6.0% (6.7%) 2.8% (13.8%) 30.9% (34.6%) (79.5%) (23.1%) 26.9% (7.5%) (9.5%) 19.2% 14.5% (14.1%) (11.7%) 13.0% (11.2%) (42.6%) 29.0% (27.2%) (13.3%) (13.6%) (40.4%) Note: Comparables are pro forma for acquisitions and divestitures Medium / Low growth software defined as any company with less than 20% revenue growth Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin 3 Year NA NA 16.6% (22.3%) 1.4% (76.4%) (3.5%) (55.5%) (30.0%) 2.0% 9.0% (16.1%) 0.7% 64.5% (9.3%) 128.5% (0.1%) 33.0% NA (80.7%) (36.4%) 133.5% NA (11.1%) 6.7% 47.5% 43.7% 2.8% 33.1% 58.7% (54.7%) 78.8% 55.9% 60.3% (38.2%) (45.4%) 5 Year NA NA 22.6% (79.0%) 16.7% (29.6%) (17.6%) (38.2%) 120.8% 111.7% 17.2% (10.0%) (12.8%) 140.2% (1.6%) 62.8% 36.7% 124.2% NA (72.4%) (7.3%) 284.8% NA (28.9%) 79.6% 222.0% (5.5%) 0.2% 2.3% 24.6% 60.1% 107.4% (34.3%) 81.4% 1.9% (25.3%) 2023E 4.4x 4.5x 2.6x 1.1x 3.4x 3.0x 2.7x 3.6x 5.3x 6.1x 3.4x 6.4x 2.6x 8.8x 3.6x 5.3x 5.8x 8.6x 2.6x 1.7x 1.9x 11.8x 5.1x 1.2x 4.7x 17.2x 2.1x 1.9x 4.6x 1.6x 5.1x 6.5x 2.1x 7.5x 2.9x 3.0x 2024E 4.0x 4.2x 2.5x NA 3.0x 2.8x 2.7x 3.5x 4.5x 5.7x 3.2x 5.8x 2.5x 7.8x 3.5x 4.9x 5.4x 7.2x 2.3x 1.7x 1.7x 10.6x 4.7x 1.1x 4.1x 15.5x 2.0x 2.0x 4.0x 1.5x 4.3x 6.0x 2.0x 7.1x 2.7x 2.7x Enterprise Value / EBITDA 2023E 7.6x 13.2x 8.2x 6.2x 17.0x 16.4x 8.0x 8.7x 29.7x 15.5x 13.2x NM 10.4x 22.8x 15.8x 15.0x 17.7x NM 16.1x 34.1x 12.7x 43.1x 14.1x 4.7x 28.6x 28.6x 8.4x 8.3x 34.0x 8.8x NM 13.6x 4.4x 16.8x 11.4x 24.4x 2024E 7.0x 12.1x 7.7x NA 13.4x 13.1x 7.2x 8.1x 23.3x 13.8x 11.9x NM 9.8x 20.6x 13.7x 13.6x 16.6x 41.7x 13.7x 13.3x 8.8x 37.0x 11.9x 4.1x 23.3x 25.6x 7.3x 8.2x 26.2x 7.9x 42.1x 13.3x 4.0x 15.5x 10.3x 16.6x P/ E Revenue Growth 2023E 2024E NM NM 11.1x 8.9x 29.9x 17.6x 11.6x 9.9x 38.5x 24.3x 28.5x NM 13.4x 30.6x 29.7x 34.2x 32.6x NM 26.8x NM 24.0x NM NM 1.1x 31.9x 37.5x 11.7x 13.5x NM 15.4x NM 17.7x 8.8x 24.5x 15.5x 32.9x NM NM 10.1x NM 23.1x 14.5x 10.6x 9.0x 30.0x 20.9x 21.0x NM 12.7x 27.4x 24.4x 30.2x 29.5x NM 23.2x 48.8x 18.5x NM 32.3x 1.1x 27.1x 32.7x 10.7x 13.1x 41.5x 13.0x NM 15.6x 7.8x 22.8x 13.5x 21.8x 2023E 2024E (0.2%) 8.7% 2.9% (5.2%) 3.1% 6.3% 3.5% (0.1%) 16.4% 19.5% 4.7% 9.8% 3.5% 4.8% 0.2% 7.5% 5.7% 16.1% (8.4%) (21.2%) 3.3% 14.6% 7.7% 3.5% 11.4% 9.7% (5.4%) 5.4% 16.8% 11.7% 19.7% 12.3% 8.9% 7.1% 6.9% 9.7% 9.9% 9.1% 3.4% NA 13.3% 7.6% 2.6% 3.5% 18.3% 8.1% 8.2% 11.8% 3.4% 13.1% 3.1% 9.1% 6.2% 19.8% 10.2% 3.2% 13.2% 11.8% 10.3% 4.4% 13.5% 11.0% 4.2% (1.0%) 14.9% 7.7% 18.6% 8.5% 7.8% 6.0% 9.3% 10.7% EBITDA Margin 2023E 57.3% 34.3% 32.0% 17.9% 19.9% 18.5% 33.9% 41.8% 17.9% 39.6% 26.0% 3.3% 24.6% 38.6% 22.7% 35.5% 32.5% 14.3% 15.9% 5.0% 14.9% 27.5% 36.5% 25.0% 16.3% 60.1% 25.1% 23.2% 13.4% 18.5% 7.7% 48.0% 48.8% 44.8% 25.8% 12.2% 2024E 56.5% 34.6% 32.7% NA 22.2% 21.5% 37.0% 43.4% 19.3% 41.2% 26.6% 8.9% 25.1% 37.7% 25.3% 35.8% 32.6% 17.3% 17.0% 12.5% 19.0% 28.6% 39.1% 27.2% 17.6% 60.5% 27.7% 23.8% 15.1% 19.2% 10.1% 45.2% 50.0% 45.7% 26.1% 16.3% LongTerm EPS 2023E Growth 2023E Rule of NA 14.0% 8.0% 10.0% NA 25.0% 10.7% 8.1% 25.9% 18.8% 33.0% NA 3.1% 17.1% 14.0% 4.0% 9.0% NA 38.7% NA 56.0% NA NA NA NA 15.0% 6.5% NA NA 3.1% NA 10.3% NA 8.1% 14.0% NA 57.2% 43.0% 34.9% 12.7% 23.0% 24.8% 37.4% 41.7% 34.4% 59.2% 30.7% 13.1% 28.1% 43.4% 22.9% 43.0% 38.2% 30.4% 7.5% (16.2%) 18.2% 42.1% 44.2% 28.6% 27.7% 69.7% 19.7% 28.7% 30.2% 30.2% 27.4% 60.3% 57.7% 51.8% 32.6% 21.9% 402 RAYMOND JAMES INVESTMENT BANKING 43 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Medium / Low Growth Software (Cont.) (USD in millions) Capitalization Company Equity Value PowerSchool Holdings, Inc. Progress Software Corporation PROS Holdings, Inc. PTC Inc. Q2 Holdings, Inc. Qualtrics International Inc. Qualys, Inc. Quotient Technology Inc. Radware Ltd. Rapid7, Inc. RELX PLC RingCentral, Inc. Roper Technologies, Inc. Salesforce, Inc. SAP SE SolarWinds Corporation SoundThinking, Inc. Splunk Inc. SPS Commerce, Inc. SS&C Technologies Holdings, Inc. Stride, Inc. Synchronoss Technologies, Inc. Synopsys, Inc. Tenable Holdings inc The Descartes Systems Group Inc. The Sage Group plc The Trade Desk, Inc. Thomson Reuters Corporation Twilio Inc. Tyler Technologies, Inc. Upland Software, Inc. Varonis Systems, Inc. Veeva Systems Inc. Veradigm Inc. Verint Systems Inc. VeriSign, Inc. $3,393.4 2,376.7 1,305.9 14,876.3 1,432.8 10,871.4 4,172.7 275.4 883.0 2,932.2 63,069.0 2,663.7 48,450.0 194,208.8 158,251.9 1,410.8 364.9 14,272.7 5,381.3 14,603.1 1,811.2 76.4 56,552.7 4,244.4 6,735.4 10,495.7 31,402.8 61,874.4 9,728.8 15,891.0 119.1 2,542.5 28,648.0 1,364.7 2,375.7 23,088.6 Enterprise Value $4,490.9 3,092.5 1,427.9 16,675.2 1,730.6 10,342.1 3,834.4 296.9 555.2 3,555.1 71,082.0 4,269.3 53,932.3 196,579.8 160,564.0 2,545.8 357.5 16,377.1 5,163.9 21,495.4 1,889.4 305.0 55,983.2 4,046.0 6,470.8 11,417.2 30,217.2 65,699.8 6,813.0 16,657.8 505.8 2,136.0 25,606.4 1,090.9 2,993.4 23,862.1 Enterprise Value / Revenue Trading Performance YTD1 (9.5%) 8.8% 16.9% 4.8% (8.4%) (40.2%) 0.6% (17.8%) 2.0% 43.1% 15.6% (22.1%) 5.3% 49.6% 27.5% (7.9%) (12.1%) 0.2% 14.7% 12.4% 37.3% 43.0% 16.3% (3.0%) 13.7% 9.8% 43.5% 15.3% 7.5% 17.6% (48.5%) (3.3%) 11.0% (29.2%) 0.6% 8.0% 1 Year 37.9% 14.4% 1.6% 10.1% (52.4%) (3.3%) (17.1%) (46.9%) (30.3%) (49.1%) 10.6% (67.5%) (3.2%) 12.7% 25.9% (30.3%) 8.4% (29.3%) 23.1% (9.5%) 9.3% (30.9%) 29.5% (33.0%) 34.6% 11.0% 9.2% 31.6% (53.0%) (4.0%) (75.4%) (46.4%) (1.6%) (39.5%) (33.1%) 24.1% Note: Comparables are pro forma for acquisitions and divestitures Medium / Low growth software defined as any company with less than 20% revenue growth Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin 3 Year NA 34.1% (17.5%) 81.6% (69.1%) NA 7.1% (60.7%) (14.9%) 6.7% 47.3% (87.9%) 33.4% 22.5% 12.8% (74.6%) (13.4%) (38.6%) 165.4% 6.1% 89.2% (74.4%) 136.3% 41.9% 83.5% 27.9% 119.9% 86.5% (53.2%) 18.2% (88.4%) 3.6% (6.1%) 92.2% (14.6%) 5.9% 5 Year NA 48.6% (3.9%) 52.8% (50.0%) NA 46.8% (79.0%) (8.8%) 72.1% 70.2% (58.9%) 72.1% 64.0% 32.9% NA 7.2% (16.0%) 329.6% 17.9% 180.8% (92.1%) 334.2% NA 182.9% 28.9% 1,157.4% 196.9% 24.6% 73.1% (86.5%) 6.3% 155.4% 7.5% (13.3%) 88.9% 2023E 2024E 6.5x 4.5x 4.8x 7.5x 2.7x 6.1x 6.9x 1.0x 1.8x 4.6x 6.1x 1.9x 9.0x 5.7x 4.7x 3.5x 3.8x 4.2x 9.8x 3.9x 1.0x 1.2x 9.4x 5.2x 11.8x 4.2x 16.0x 9.5x 1.6x 8.5x 1.7x 4.1x 10.9x 1.7x 3.2x 15.9x 5.9x 4.2x 4.3x 6.8x 2.4x 5.4x 6.1x 1.0x 1.7x 4.0x 5.8x 1.7x 8.5x 5.1x 4.3x 3.3x 3.3x 3.8x 8.5x 3.7x 0.9x 1.2x 8.6x 4.5x 10.8x 4.0x 12.9x 8.9x 1.4x 7.8x 1.7x 3.7x 9.2x 1.6x 3.0x 14.6x Enterprise Value / EBITDA 2023E 19.9x 13.9x NM 19.2x 27.4x 43.5x 16.5x 7.9x 13.3x 44.2x 16.3x 9.0x 22.2x 19.4x 14.5x 8.5x 15.3x 22.7x 33.1x 10.0x 6.2x 6.6x 25.7x 37.8x 27.2x 17.8x 42.1x 24.3x 11.9x 34.7x 7.5x 42.1x 30.9x 6.1x 11.7x 22.2x 2024E 17.6x 12.6x NM 16.4x 19.3x 32.7x 14.7x 6.0x 12.2x 31.8x 15.2x 7.2x 21.0x 16.4x 12.9x 8.0x 12.5x 18.4x 28.0x 9.2x 5.2x 5.7x 23.3x 29.7x 23.9x 16.3x 32.5x 22.5x 9.3x 31.1x 7.4x 34.8x 24.9x 5.4x 10.6x 20.0x P/ E Revenue Growth 2023E 2024E 23.2x 13.3x NM 27.5x 42.8x NM 27.3x NM 25.8x NM 23.7x 8.9x 28.0x 28.5x 23.4x 11.8x NM 32.0x NM 12.2x 13.5x NM 34.7x NM 48.3x 26.5x NM 40.2x 41.9x 49.9x 3.6x NM 41.6x 15.8x 13.8x 32.2x 20.5x 11.8x NM 22.8x 25.6x NM 24.1x 38.0x 21.3x 42.3x 21.5x 7.5x 25.5x 22.9x 19.8x 9.9x 43.8x 25.0x 46.2x 10.9x 12.3x 14.7x 30.1x 47.6x 42.6x 25.2x 44.3x 35.4x 27.9x 43.8x 3.3x NM 34.8x 13.1x 12.4x 27.7x 2023E 2024E 15.5% 11.0% 7.9% 14.4% 11.6% 16.5% 13.7% (9.1%) 3.0% 13.9% 13.8% 10.0% 12.1% 12.0% 4.0% 3.1% 16.4% 13.6% 17.5% 4.7% 7.7% (3.8%) 16.1% 14.8% 13.9% 13.5% 19.4% 4.7% 13.1% 5.6% (5.0%) 11.3% 9.9% 4.6% 2.9% 5.5% 10.6% 5.9% 11.5% 10.7% 13.1% 13.7% 13.5% 5.9% 6.8% 16.0% 6.0% 11.4% 5.9% 11.4% 8.0% 3.9% 13.8% 12.9% 14.9% 4.3% 7.8% 4.7% 10.2% 14.9% 10.1% 6.5% 24.4% 5.8% 16.1% 9.1% (1.1%) 11.2% 18.5% 6.3% 7.4% 8.8% EBITDA Margin 2023E 32.5% 32.5% 1.3% 39.2% 10.0% 14.1% 41.7% 13.1% 13.9% 10.4% 37.6% 21.6% 40.3% 29.5% 32.2% 40.8% 24.7% 18.7% 29.6% 39.0% 16.1% 18.6% 36.6% 13.7% 43.6% 23.6% 38.0% 38.9% 13.3% 24.5% 22.5% 9.7% 35.4% 28.0% 27.4% 71.7% 2024E 33.4% 33.7% 3.9% 41.4% 12.5% 16.5% 41.4% 16.4% 14.1% 12.5% 38.0% 24.3% 40.3% 31.4% 33.5% 41.7% 26.5% 20.5% 30.4% 40.3% 18.1% 20.8% 36.7% 15.2% 44.9% 24.3% 39.6% 39.9% 14.6% 25.1% 23.0% 10.5% 37.1% 29.4% 28.3% 73.1% LongTerm EPS 2023E Growth 2023E Rule of NA 11.5% NA 13.6% NA 77.4% NA NA 1.0% NA 9.8% 34.7% 3.0% 24.3% 14.3% NA 30.0% 67.1% 25.0% NA 20.0% NA 17.0% 19.0% 15.0% 15.0% 28.7% 16.4% NA 13.5% 10.0% 14.0% 19.7% NA 10.0% NA 48.0% 43.5% 9.2% 53.6% 21.6% 30.6% 55.4% 4.0% 16.9% 24.3% 51.5% 31.6% 52.4% 41.5% 36.1% 43.8% 41.1% 32.3% 47.0% 43.7% 23.9% 14.8% 52.7% 28.6% 57.5% 37.1% 57.4% 43.6% 26.3% 30.1% 17.5% 21.0% 45.3% 32.6% 30.2% 77.2% 402 RAYMOND JAMES INVESTMENT BANKING 44 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Medium / Low Growth Software (Cont.) (USD in millions) Capitalization Company Equity Value Verisk Analytics, Inc. VMware, Inc. Wix.com Ltd. Workday, Inc. Workiva Inc. Yext, Inc. Ziff Davis, Inc. Zoom Video Communications, Inc. ZoomInfo Technologies Inc. Medium / Low Growth Software Median $30,028.0 53,573.3 4,615.5 48,213.2 4,973.0 1,091.5 3,458.3 18,050.4 8,853.7 $4,638.6 Enterprise Value $33,885.4 59,950.3 4,487.5 45,340.9 4,915.3 1,019.9 3,802.3 12,734.2 9,621.9 $4,693.0 Enterprise Value / Revenue Trading Performance YTD1 1 Year 10.0% 1.8% 13.5% 11.2% 11.3% 34.5% (7.5%) (9.3%) (27.2%) 1.1% (4.9%) 15.7% 15.6% (9.9%) (3.2%) 51.6% (17.2%) (38.3%) (53.8%) (10.6%) Note: Comparables are pro forma for acquisitions and divestitures Medium / Low growth software defined as any company with less than 20% revenue growth Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin 3 Year 27.0% (4.9%) (33.3%) 20.9% 143.6% (31.4%) (9.3%) (54.6%) NA 6.0% 5 Year 82.3% (6.2%) 6.1% 49.1% 315.2% (34.2%) (7.9%) NA NA 24.6% 2023E 2024E 13.0x 4.3x 2.9x 6.4x 7.9x 2.5x 2.7x 2.9x 7.5x 3.9x 12.1x 3.9x 2.6x 5.4x 6.6x 2.4x 2.6x 2.7x 6.3x 3.7x Enterprise Value / EBITDA P/ E Revenue Growth 2023E 2024E 2023E 2024E 2023E 24.3x 11.6x 36.5x 22.8x NM 22.6x 7.6x 7.5x 17.7x 15.5x 22.1x NM 22.2x 18.8x NM 17.7x 7.0x 7.1x 14.8x 13.7x 35.7x 18.2x NM 37.4x NM 40.8x 11.6x 14.7x 22.4x 24.1x 30.5x 16.0x 36.9x 30.3x NM 35.5x 10.7x 14.1x 19.0x 22.8x (9.8%) 5.5% 9.9% 16.4% 17.3% 1.1% (0.7%) 2.2% 16.7% 8.7% 2024E 7.0% 8.6% 13.3% 17.2% 18.2% 6.1% 5.4% 4.9% 18.8% 9.6% EBITDA Margin LongTerm EPS 2023E 2024E Growth 2023E 53.5% 36.8% 8.1% 27.9% (0.3%) 11.2% 36.0% 38.2% 42.5% 25.1% 54.9% 2.8% 11.7% 28.9% 5.2% 13.5% 37.0% 38.3% 42.9% 26.5% 9.3% 12.7% NA 29.7% NA NA 9.0% 9.9% 18.0% 14.3% 2023E Rule of 43.8% 42.3% 18.0% 44.3% 17.0% 12.3% 35.3% 40.4% 59.2% 33.9% 402 RAYMOND JAMES INVESTMENT BANKING 45 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Horizontal Software (USD in millions) Capitalization Company Equity Value Adobe Inc. American Software, Inc. ANSYS, Inc. Asana, Inc. Aspen Technology, Inc. Atlassian Corporation Automatic Data Processing, Inc. BigCommerce Holdings, Inc. Block, Inc. Cadence Design Systems, Inc. Criteo S.A. Dassault Systèmes SE DocuSign, Inc. E2open Parent Holdings, Inc. eBay Inc. Edgio, Inc. Five9, Inc. GoDaddy Inc. HubSpot, Inc. International Business Machines Corporation Intuit Inc. Kinaxis Inc. LivePerson, Inc. LiveRamp Holdings, Inc. Manhattan Associates, Inc. Oracle Corporation Paychex, Inc. Paycom Software, Inc. Paylocity Holding Corporation PayPal Holdings, Inc. PROS Holdings, Inc. PTC Inc. Qualtrics International Inc. Quotient Technology Inc. Roper Technologies, Inc. Salesforce, Inc. $173,186.8 403.3 27,251.6 3,505.8 11,480.0 37,843.4 90,970.0 550.9 36,767.2 57,113.7 1,801.0 53,189.2 10,002.1 1,901.3 24,817.0 146.5 4,638.6 11,667.9 20,872.4 114,786.0 124,548.6 3,849.7 351.3 1,559.0 10,354.3 255,725.2 39,604.5 16,799.9 10,779.7 85,333.3 1,305.9 14,876.3 10,871.4 275.4 48,450.0 194,208.8 Enterprise Value $171,659.8 299.5 27,526.2 3,248.1 11,279.7 37,448.9 92,462.3 597.5 37,519.3 56,875.0 1,569.6 52,695.6 9,858.7 3,160.3 26,188.0 213.0 4,814.1 14,707.2 20,266.0 159,136.0 130,154.6 3,681.2 702.5 1,147.5 10,191.8 339,276.2 38,918.7 16,469.2 10,733.5 86,020.3 1,427.9 16,675.2 10,342.1 296.9 53,932.3 196,579.8 Note: Comparables are pro forma for acquisitions and divestitures Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin Enterprise Value / Revenue Trading Performance YTD1 12.2% (18.7%) 29.9% 17.5% (13.8%) 14.7% (7.9%) (15.4%) (3.3%) 30.4% 20.7% 9.5% (10.8%) 7.2% 12.0% (41.5%) (4.5%) 1.1% 45.6% (10.3%) 14.1% 22.5% (54.3%) 2.8% 36.5% 15.9% (4.9%) (6.4%) (0.5%) 6.7% 16.9% 4.8% (40.2%) (17.8%) 5.3% 49.6% 1 Year (4.6%) (30.2%) 13.9% (39.6%) 11.6% (34.3%) 0.8% (58.6%) (38.9%) 38.8% 26.9% (13.8%) (39.0%) (18.7%) (10.6%) (81.5%) (41.1%) (6.3%) 10.9% (4.4%) 6.0% 30.9% (79.5%) (23.1%) 26.9% 29.0% (13.3%) 3.2% 1.9% (13.6%) 1.6% 10.1% (3.3%) (46.9%) (3.2%) 12.7% 3 Year 6.8% (27.5%) 19.9% NA 73.1% (5.0%) 50.0% NA (6.7%) 158.2% 216.7% 37.3% (52.8%) NA 16.6% (87.0%) (30.0%) 9.0% 149.6% 0.7% 64.5% 33.0% (80.7%) (36.4%) 133.5% 78.8% 60.3% 11.2% 68.8% (38.2%) (17.5%) 81.6% NA (60.7%) 33.4% 22.5% 5 Year 70.4% (6.4%) 94.2% NA 101.7% 163.8% 86.3% NA 28.4% 422.8% 22.0% 71.0% 28.0% NA 22.6% (87.2%) 120.8% 17.2% 297.5% (12.8%) 140.2% 124.2% (72.4%) (7.3%) 284.8% 107.4% 81.4% 154.2% 253.8% 1.9% (3.9%) 52.8% NA (79.0%) 72.1% 64.0% 2023E 2024E 8.8x 2.3x 12.0x 5.1x 10.3x 9.8x 5.0x 1.9x 1.9x 14.0x 1.6x 8.0x 3.7x 4.5x 2.6x 0.5x 5.3x 3.4x 9.8x 2.6x 8.8x 8.6x 1.7x 1.9x 11.8x 6.5x 7.5x 9.7x 8.4x 2.9x 4.8x 7.5x 6.1x 1.0x 9.0x 5.7x 7.9x 2.1x 11.0x 4.3x 9.2x 7.9x 4.8x 1.7x 1.6x 12.6x 1.4x 7.4x 3.4x 4.2x 2.5x 0.4x 4.5x 3.2x 8.1x 2.5x 7.8x 7.2x 1.7x 1.7x 10.6x 6.0x 7.1x 8.0x 7.0x 2.7x 4.3x 6.8x 5.4x 1.0x 8.5x 5.1x Enterprise Value / EBITDA 2023E 17.9x 14.8x 27.3x NM 26.2x NM 18.3x NM 28.0x 31.5x 5.7x 22.4x 14.7x 13.2x 8.2x 11.1x 29.7x 13.2x NM 10.4x 22.8x NM 34.1x 12.7x 43.1x 13.6x 16.8x 23.4x 26.8x 11.4x NM 19.2x 43.5x 7.9x 22.2x 19.4x 2024E 16.1x 12.2x 25.3x NM 18.0x 38.4x 16.3x 49.3x 20.3x 27.9x 5.0x 20.0x 12.9x 12.1x 7.7x 4.7x 23.3x 11.9x 49.0x 9.8x 20.6x 41.7x 13.3x 8.8x 37.0x 13.3x 15.5x 19.2x 21.8x 10.3x NM 16.4x 32.7x 6.0x 21.0x 16.4x P/ E Revenue Growth 2023E 2024E 24.3x 26.4x 36.3x NM 29.6x NM 25.7x NM 35.3x 41.7x 12.4x 31.0x 20.9x NM 11.1x NM 38.5x 28.5x NM 13.4x 30.6x NM NM 24.0x NM 17.7x 24.5x 38.7x 40.0x 15.5x NM 27.5x NM NM 28.0x 28.5x 21.4x 19.5x 32.6x NM 26.0x NM 23.5x NM 24.7x 36.6x 10.6x 28.3x 18.7x NM 10.1x NM 30.0x 21.0x NM 12.7x 27.4x NM 48.8x 18.5x NM 15.6x 22.8x 31.5x 33.2x 13.5x NM 22.8x NM 38.0x 25.5x 22.9x 2023E 9.8% 0.7% 13.0% 20.3% 14.8% 21.3% 6.4% 9.6% 14.8% 14.4% 8.8% 9.4% 9.1% 8.7% 2.9% 22.7% 16.4% 4.7% 20.6% 3.5% 4.8% 16.1% (21.2%) 3.3% 14.6% 12.3% 7.1% 23.9% 30.1% 6.9% 7.9% 14.4% 16.5% (9.1%) 12.1% 12.0% 2024E 11.8% 11.9% 9.6% 19.1% 12.3% 23.9% 5.0% 14.3% 14.9% 10.9% 9.5% 8.4% 7.5% 9.1% 3.4% 8.0% 18.3% 8.2% 22.3% 3.4% 13.1% 19.8% 3.2% 13.2% 11.8% 8.5% 6.0% 21.2% 19.5% 9.3% 11.5% 10.7% 13.7% 5.9% 5.9% 11.4% EBITDA Margin 2023E 2024E 49.2% 15.7% 44.1% (19.5%) 39.4% 16.8% 27.5% (3.6%) 6.7% 44.5% 27.6% 35.8% 24.9% 34.3% 32.0% 4.3% 17.9% 26.0% 15.3% 24.6% 38.6% 14.3% 5.0% 14.9% 27.5% 48.0% 44.8% 41.3% 31.2% 25.8% 1.3% 39.2% 14.1% 13.1% 40.3% 29.5% 49.1% 17.1% 43.3% (9.0%) 51.3% 20.5% 29.5% 3.5% 8.0% 45.3% 28.8% 36.8% 26.5% 34.6% 32.7% 9.4% 19.3% 26.6% 16.4% 25.1% 37.7% 17.3% 12.5% 19.0% 28.6% 45.2% 45.7% 41.6% 32.1% 26.1% 3.9% 41.4% 16.5% 16.4% 40.3% 31.4% LongTerm EPS 2023E Growth 2023E Rule of 14.7% 20.0% 8.0% NA 15.3% 74.5% 14.2% NA 25.4% 17.0% NA 7.3% 14.3% 14.0% 8.0% NA 25.9% 33.0% 29.8% 3.1% 17.1% NA NA 56.0% NA 10.3% 8.1% 24.4% NA 14.0% NA 13.6% 77.4% NA 3.0% 24.3% 59.0% 16.5% 57.1% 0.8% 54.2% 38.2% 33.9% 6.0% 21.5% 58.8% 36.4% 45.1% 34.0% 43.0% 34.9% 27.0% 34.4% 30.7% 35.8% 28.1% 43.4% 30.4% (16.2%) 18.2% 42.1% 60.3% 51.8% 65.2% 61.2% 32.6% 9.2% 53.6% 30.6% 4.0% 52.4% 41.5% 402 RAYMOND JAMES INVESTMENT BANKING 46 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Horizontal Software (Cont.) (USD in millions) Capitalization Company SAP SE Shopify Inc. SoundThinking, Inc. Splunk Inc. SPS Commerce, Inc. StoneCo Ltd. Synchronoss Technologies, Inc. Synopsys, Inc. Tenable Holdings inc The Descartes Systems Group Inc. The Sage Group plc The Trade Desk, Inc. Verint Systems Inc. Verisk Analytics, Inc. Wix.com Ltd. Workday, Inc. Workiva Inc. Yext, Inc. ZoomInfo Technologies Inc. Horizontal Software Median Equity Value $158,251.9 68,647.1 364.9 14,272.7 5,381.3 3,851.7 76.4 56,552.7 4,244.4 6,735.4 10,495.7 31,402.8 2,375.7 30,028.0 4,615.5 48,213.2 4,973.0 1,091.5 8,853.7 $10,871.4 Enterprise Value $160,564.0 64,956.6 357.5 16,377.1 5,163.9 3,972.9 305.0 55,983.2 4,046.0 6,470.8 11,417.2 30,217.2 2,993.4 33,885.4 4,487.5 45,340.9 4,915.3 1,019.9 9,621.9 $11,279.7 Note: Comparables are pro forma for acquisitions and divestitures Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin Enterprise Value / Revenue Trading Performance YTD1 27.5% 39.6% (12.1%) 0.2% 14.7% 30.5% 43.0% 16.3% (3.0%) 13.7% 9.8% 43.5% 0.6% 10.0% 13.5% 11.2% 11.3% 34.5% (27.2%) 9.8% 1 Year 25.9% 13.5% 8.4% (29.3%) 23.1% 30.8% (30.9%) 29.5% (33.0%) 34.6% 11.0% 9.2% (33.1%) (4.9%) 15.6% (9.9%) (3.2%) 51.6% (53.8%) (3.2%) 3 Year 12.8% (23.4%) (13.4%) (38.6%) 165.4% (53.3%) (74.4%) 136.3% 41.9% 83.5% 27.9% 119.9% (14.6%) 27.0% (33.3%) 20.9% 143.6% (31.4%) NA 18.2% 5 Year 32.9% 262.6% 7.2% (16.0%) 329.6% NA (92.1%) 334.2% NA 182.9% 28.9% 1,157.4% (13.3%) 82.3% 6.1% 49.1% 315.2% (34.2%) NA 67.2% 2023E 2024E 4.7x 9.8x 3.8x 4.2x 9.8x 1.7x 1.2x 9.4x 5.2x 11.8x 4.2x 16.0x 3.2x 13.0x 2.9x 6.4x 7.9x 2.5x 7.5x 5.3x 4.3x 8.0x 3.3x 3.8x 8.5x 1.5x 1.2x 8.6x 4.5x 10.8x 4.0x 12.9x 3.0x 12.1x 2.6x 5.4x 6.6x 2.4x 6.3x 4.8x Enterprise Value / EBITDA P/ E Revenue Growth EBITDA Margin LongTerm EPS 2023E 2024E 2023E 2024E 2023E 2024E 2023E 2024E Growth 2023E 14.5x NM 15.3x 22.7x 33.1x 3.4x 6.6x 25.7x 37.8x 27.2x 17.8x 42.1x 11.7x 24.3x 36.5x 22.8x NM 22.6x 17.7x 19.4x 12.9x NM 12.5x 18.4x 28.0x 3.0x 5.7x 23.3x 29.7x 23.9x 16.3x 32.5x 10.6x 22.1x 22.2x 18.8x NM 17.7x 14.8x 17.7x 23.4x NM NM 32.0x NM 19.5x NM 34.7x NM 48.3x 26.5x NM 13.8x 35.7x NM 37.4x NM 40.8x 22.4x 28.0x 19.8x NM 43.8x 25.0x 46.2x 14.3x 14.7x 30.1x 47.6x 42.6x 25.2x 44.3x 12.4x 30.5x 36.9x 30.3x NM 35.5x 19.0x 25.2x 4.0% 20.7% 16.4% 13.6% 17.5% 27.9% (3.8%) 16.1% 14.8% 13.9% 13.5% 19.4% 2.9% (9.8%) 9.9% 16.4% 17.3% 1.1% 16.7% 13.0% 8.0% 22.0% 13.8% 12.9% 14.9% 12.3% 4.7% 10.2% 14.9% 10.1% 6.5% 24.4% 7.4% 7.0% 13.3% 17.2% 18.2% 6.1% 18.8% 11.5% 32.2% 0.4% 24.7% 18.7% 29.6% 51.4% 18.6% 36.6% 13.7% 43.6% 23.6% 38.0% 27.4% 53.5% 8.1% 27.9% (0.3%) 11.2% 42.5% 27.4% 33.5% 4.7% 26.5% 20.5% 30.4% 50.7% 20.8% 36.7% 15.2% 44.9% 24.3% 39.6% 28.3% 54.9% 11.7% 28.9% 5.2% 13.5% 42.9% 28.3% 14.3% 153.2% 30.0% 67.1% 25.0% 89.9% NA 17.0% 19.0% 15.0% 15.0% 28.7% 10.0% 9.3% NA 29.7% NA NA 18.0% 17.0% 2023E Rule of 36.1% 21.1% 41.1% 32.3% 47.0% 79.3% 14.8% 52.7% 28.6% 57.5% 37.1% 57.4% 30.2% 43.8% 18.0% 44.3% 17.0% 12.3% 59.2% 36.1% 402 RAYMOND JAMES INVESTMENT BANKING 47 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Vertical Software (USD in millions) Capitalization Company 2U, Inc. ACV Auctions Inc. Agilysys, Inc. Airbnb, Inc. Alarm.com Holdings, Inc. AppFolio, Inc. Autodesk, Inc. Blackbaud, Inc. BlackLine, Inc. Broadridge Financial Solutions, Inc. Chegg, Inc. Constellation Software Inc. CoStar Group, Inc. Coursera, Inc. CS Disco, Inc. D2L Inc. Docebo Inc. Dye & Durham Limited Ebix, Inc. Envestnet, Inc. Everbridge, Inc. Fidelity National Information Services, Inc. Guidewire Software, Inc. Instructure Holdings, Inc. Intapp, Inc. Iress Limited Jack Henry & Associates, Inc. LegalZoom.com, Inc. MeridianLink, Inc. MiX Telematics Limited Model N, Inc. MSCI Inc. nCino, Inc. NextGen Healthcare, Inc. Pason Systems Inc. PowerSchool Holdings, Inc. Equity Value $445.5 2,073.5 1,931.4 75,410.7 2,376.8 4,954.5 41,837.5 3,642.4 3,363.0 17,113.7 2,150.9 41,439.2 31,437.1 1,833.1 350.7 299.8 1,277.0 591.1 502.5 3,446.0 1,062.6 34,787.6 6,238.1 3,806.5 2,570.5 1,248.4 11,922.3 1,793.4 1,205.4 181.5 1,162.2 38,626.6 2,766.5 1,105.2 703.0 3,393.4 Enterprise Value $1,320.8 1,656.9 1,876.9 68,129.7 2,308.5 4,834.0 42,329.5 4,522.4 3,713.2 21,194.8 2,302.7 43,018.1 27,475.6 1,065.7 158.4 203.7 1,064.2 1,451.9 1,073.9 4,336.1 1,386.7 52,935.6 6,018.8 4,134.8 2,535.5 1,511.1 12,219.7 1,615.7 1,579.0 173.7 1,171.1 42,210.3 2,784.6 1,139.5 575.9 4,490.9 Note: Comparables are pro forma for acquisitions and divestitures Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin Enterprise Value / Revenue Trading Performance YTD1 (11.6%) (47.9%) (1.4%) 40.0% (3.6%) 32.5% 4.2% 17.8% (17.2%) 8.4% (28.8%) 25.4% (0.4%) (62.3%) (7.0%) 17.9% 17.6% (12.1%) (18.5%) 2.7% (11.2%) (13.5%) 21.8% 13.2% 55.1% 7.9% (7.0%) (66.5%) 8.8% 26.3% (24.1%) 3.7% (6.5%) (10.9%) (26.0%) (9.5%) 1 Year (44.5%) (2.4%) 112.0% (21.9%) (21.9%) 34.4% 2.9% 19.6% (16.9%) 0.9% (27.3%) 31.2% 21.0% (33.9%) (80.9%) (27.4%) (4.4%) (32.0%) (45.4%) (20.4%) (39.0%) (40.8%) (12.4%) 46.6% 61.7% (6.7%) (13.8%) (34.6%) (7.5%) (9.5%) 19.2% 14.5% (34.0%) (11.2%) (27.2%) 37.9% 3 Year (76.7%) NA 298.4% NA 6.6% 27.1% 4.1% 25.5% (8.3%) 25.4% (57.9%) 98.1% 18.7% NA NA NA 230.6% NA (22.3%) 1.4% (76.4%) (55.5%) (16.1%) NA NA (9.3%) (0.1%) NA NA (11.1%) 6.7% 47.5% NA 58.7% 55.9% NA 5 Year (93.1%) NA 562.5% NA 18.1% 191.2% 54.7% (33.9%) 34.6% 35.6% (22.5%) 189.0% 109.9% NA NA NA NA NA (79.0%) 16.7% (29.6%) (38.2%) (10.0%) NA NA (1.6%) 36.7% NA NA (28.9%) 79.6% 222.0% NA 24.6% (34.3%) NA 2023E 1.3x 3.6x 9.5x 7.1x 2.7x 8.4x 7.9x 3.9x 6.3x 3.4x 3.1x 5.4x 11.1x 1.8x 1.1x 1.1x 5.8x 4.4x 1.1x 3.4x 3.0x 3.6x 6.4x 7.9x 6.9x 3.6x 5.8x 2.6x 5.1x 1.2x 4.7x 17.2x 5.9x 1.6x 2.1x 6.5x 2024E 1.2x 2.8x 7.1x 6.2x 2.5x 7.0x 7.1x 4.0x 5.4x 3.2x 2.9x 4.7x 9.5x 1.5x 1.0x 1.0x 4.6x 4.0x NA 3.0x 2.8x 3.5x 5.8x 7.2x 6.0x 3.5x 5.4x 2.3x 4.7x 1.1x 4.1x 15.5x 5.0x 1.5x 2.0x 5.9x Enterprise Value / EBITDA 2023E 8.3x NM NM 20.3x 19.2x NM 20.8x 13.8x NM 15.0x 9.4x 20.4x NM NM NM 39.6x NM 7.6x 6.2x 17.0x 16.4x 8.7x NM 20.4x NM 15.8x 17.7x 16.1x 14.1x 4.7x 28.6x 28.6x NM 8.8x 4.4x 19.9x 2024E 7.0x NM NM 17.0x 15.7x NM 18.3x 12.7x 39.1x 14.1x 8.6x 17.4x 38.7x NM NM 9.3x 38.1x 7.0x NA 13.4x 13.1x 8.1x NM 18.1x NA 13.7x 16.6x 13.7x 11.9x 4.1x 23.3x 25.6x 36.4x 7.9x 4.0x 17.6x P/ E Revenue Growth 2023E 2024E 22.3x NM NM 35.0x 31.2x NM 27.1x 19.9x NM 20.4x 15.1x 32.9x NM NM NM NM NM NM 8.9x 29.9x 17.6x 9.9x NM 34.3x NM 29.7x 32.6x 26.8x NM 1.1x 31.9x 37.5x NM 15.4x 8.8x 23.2x 10.3x NM NM 29.7x 23.7x NM 23.6x 17.4x 48.0x 18.7x 13.2x 27.7x NM NM NM 38.1x NM NM NM 23.1x 14.5x 9.0x NM 28.3x NM 24.4x 29.5x 23.2x 32.3x 1.1x 27.1x 32.7x 46.0x 13.0x 7.8x 20.5x EBITDA Margin 2023E 2024E 2023E 2024E 2.8% 9.8% 3.8% 15.3% 3.0% 24.2% 8.8% 7.1% 13.1% 5.8% (1.5%) 22.2% 13.8% 16.9% 5.4% 7.1% 27.9% (0.2%) (5.2%) 3.1% 6.3% (0.1%) 9.8% 22.0% 42.2% 0.2% 5.7% (8.4%) 7.7% 3.5% 11.4% 9.7% 20.6% 11.7% 8.9% 15.5% 7.8% 26.3% 34.1% 15.2% 6.2% 19.1% 11.3% (0.6%) 15.6% 8.0% 6.9% 14.9% 16.1% 16.0% 18.8% 12.0% 25.8% 9.9% NA 13.3% 7.6% 3.5% 11.8% 10.1% 14.1% 3.1% 6.2% 10.2% 10.3% 4.4% 13.5% 11.0% 17.3% 7.7% 7.8% 10.6% 16.2% (7.1%) 15.4% 35.0% 13.9% 6.6% 37.9% 28.4% 12.4% 22.7% 32.4% 26.3% 20.8% (4.8%) (28.4%) 2.8% 7.3% 57.3% 17.9% 19.9% 18.5% 41.8% 3.3% 38.8% 3.5% 22.7% 32.5% 15.9% 36.5% 25.0% 16.3% 60.1% 10.7% 18.5% 48.8% 32.5% 17.8% 3.7% 13.4% 36.3% 16.1% 7.7% 38.6% 31.2% 13.9% 22.4% 33.4% 26.8% 24.7% 1.0% (6.2%) 10.8% 12.2% 56.5% NA 22.2% 21.5% 43.4% 8.9% 39.7% NA 25.3% 32.6% 17.0% 39.1% 27.2% 17.6% 60.5% 13.8% 19.2% 50.0% 33.4% LongTerm EPS 2023E Growth 2023E Rule of NA NA NA 18.3% 9.3% NA 22.2% 21.9% 41.1% 11.1% 15.2% NA 20.0% NA 35.9% NA NA NA 10.0% NA 25.0% 8.1% NA NA NA 14.0% 9.0% 38.7% NA NA NA 15.0% NA 3.1% NA NA 19.0% 2.7% 19.2% 50.3% 16.9% 30.8% 46.6% 35.5% 25.5% 28.5% 31.0% 48.5% 34.6% 12.1% (23.0%) 9.9% 35.2% 57.2% 12.7% 23.0% 24.8% 41.7% 13.1% 60.8% 45.7% 22.9% 38.2% 7.5% 44.2% 28.6% 27.7% 69.7% 31.3% 30.2% 57.7% 48.0% 402 RAYMOND JAMES INVESTMENT BANKING 48 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Vertical Software (Cont.) (USD in millions) Capitalization Company Equity Value Q2 Holdings, Inc. RELX PLC SS&C Technologies Holdings, Inc. Stride, Inc. Thomson Reuters Corporation Tyler Technologies, Inc. Veeva Systems Inc. Veradigm Inc. WiseTech Global Limited Vertical Software Median $1,432.8 63,069.0 14,603.1 1,811.2 61,874.4 15,891.0 28,648.0 1,364.7 14,918.8 $2,570.5 Enterprise Value $1,730.6 71,082.0 21,495.4 1,889.4 65,699.8 16,657.8 25,606.4 1,090.9 14,615.6 $2,535.5 Note: Comparables are pro forma for acquisitions and divestitures Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin Enterprise Value / Revenue Trading Performance YTD1 (8.4%) 15.6% 12.4% 37.3% 15.3% 17.6% 11.0% (29.2%) 35.1% 2.7% 1 Year (52.4%) 10.6% (9.5%) 9.3% 31.6% (4.0%) (1.6%) (39.5%) 51.4% (9.5%) 3 Year (69.1%) 47.3% 6.1% 89.2% 86.5% 18.2% (6.1%) 92.2% 268.8% 6.7% 5 Year (50.0%) 70.2% 17.9% 180.8% 196.9% 73.1% 155.4% 7.5% 582.9% 29.6% Enterprise Value / EBITDA P/ E 2023E 2024E 2023E 2024E 2023E 2024E 2.7x 6.1x 3.9x 1.0x 9.5x 8.5x 10.9x 1.7x 23.5x 4.4x 2.4x 5.8x 3.7x 0.9x 8.9x 7.8x 9.2x 1.6x 18.6x 4.0x 27.4x 16.3x 10.0x 6.2x 24.3x 34.7x 30.9x 6.1x 47.7x 16.3x 19.3x 15.2x 9.2x 5.2x 22.5x 31.1x 24.9x 5.4x 36.7x 15.2x 42.8x 23.7x 12.2x 13.5x 40.2x 49.9x 41.6x 15.8x NM 25.3x 25.6x 21.5x 10.9x 12.3x 35.4x 43.8x 34.8x 13.1x NM 23.6x Revenue Growth 2023E 11.6% 13.8% 4.7% 7.7% 4.7% 5.6% 9.9% 4.6% 30.1% 7.7% EBITDA Margin LongTerm EPS 2024E 2023E 2024E Growth 2023E 13.1% 6.0% 4.3% 7.8% 5.8% 9.1% 18.5% 6.3% 26.3% 10.5% 10.0% 37.6% 39.0% 16.1% 38.9% 24.5% 35.4% 28.0% 49.3% 22.7% 12.5% 38.0% 40.3% 18.1% 39.9% 25.1% 37.1% 29.4% 50.8% 25.1% NA 9.8% NA 20.0% 16.4% 13.5% 19.7% NA 32.1% 16.4% 2023E Rule of 21.6% 51.5% 43.7% 23.9% 43.6% 30.1% 45.3% 32.6% 79.3% 31.0% 402 RAYMOND JAMES INVESTMENT BANKING 49 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Infrastructure Software (USD in millions) Capitalization Company 8x8, Inc. Absolute Software Corporation Akamai Technologies, Inc. Alteryx, Inc. Amazon.com, Inc. Arista Networks, Inc. Box, Inc. Brightcove Inc. Check Point Software Technologies Ltd. Cisco Systems, Inc. Commvault Systems, Inc. CyberArk Software Ltd. Dropbox, Inc. F5, Inc. Fortinet, Inc. GlobalData Plc Iron Mountain Incorporated NetApp, Inc. NetScout Systems, Inc. New Relic, Inc. Okta, Inc. Open Text Corporation Palo Alto Networks, Inc. Pegasystems Inc. Progress Software Corporation Qualys, Inc. Radware Ltd. Rapid7, Inc. RingCentral, Inc. ServiceNow, Inc. Smartsheet Inc. Snowflake Inc. SolarWinds Corporation Twilio Inc. Upland Software, Inc. Varonis Systems, Inc. Equity Value $324.4 413.9 12,812.3 2,896.6 1,081,954.3 49,375.5 3,818.2 175.2 15,380.2 193,527.7 2,596.1 5,112.2 7,193.0 8,124.1 49,452.7 1,792.3 16,106.6 13,452.5 1,930.9 4,923.1 11,053.1 10,123.0 55,213.8 3,784.7 2,376.7 4,172.7 883.0 2,932.2 2,663.7 93,602.3 5,416.3 48,126.0 1,410.8 9,728.8 119.1 2,542.5 Enterprise Value $770.6 633.2 14,561.0 3,470.9 1,196,096.3 46,415.6 4,414.2 168.0 11,897.3 181,423.7 2,334.8 4,536.2 8,144.2 7,628.7 48,327.8 2,143.8 29,346.9 12,995.5 1,775.0 4,693.0 10,840.1 12,751.0 55,821.4 4,113.9 3,092.5 3,834.4 555.2 3,555.1 4,269.3 90,926.3 5,026.7 43,308.9 2,545.8 6,813.0 505.8 2,136.0 Note: Comparables are pro forma for acquisitions and divestitures Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin Enterprise Value / Revenue Trading Performance YTD1 (33.6%) (25.2%) (2.8%) (18.8%) 25.5% 32.0% (15.0%) (20.8%) 1.0% (0.8%) (7.3%) (3.9%) (9.1%) (6.4%) 29.0% 7.7% 10.8% 4.7% (16.3%) 26.6% 0.3% 27.8% 30.8% 33.2% 8.8% 0.6% 2.0% 43.1% (22.1%) 18.3% 3.8% 3.2% (7.9%) 7.5% (48.5%) (3.3%) 1 Year (68.7%) 7.3% (27.0%) (35.9%) (15.2%) 38.6% (13.6%) (41.3%) 0.8% (3.5%) (4.5%) (20.7%) (6.5%) (19.7%) 9.1% 1.8% 2.8% (14.1%) (11.7%) 13.0% (42.6%) (5.4%) (2.5%) (40.4%) 14.4% (17.1%) (30.3%) (49.1%) (67.5%) (3.9%) (15.4%) (13.6%) (30.3%) (53.0%) (75.4%) (46.4%) 3 Year (83.1%) (1.1%) (16.1%) (63.7%) (14.8%) 192.1% 63.9% (46.9%) 20.4% 11.5% 36.5% 26.2% (3.2%) (3.5%) 192.6% 2.0% 128.5% 43.7% 2.8% 33.1% (54.7%) (0.2%) 178.6% (45.4%) 34.1% 7.1% (14.9%) 6.7% (87.9%) 30.7% (22.5%) NA (74.6%) (53.2%) (88.4%) 3.6% 5 Year (85.8%) 51.7% 14.4% 31.6% 34.7% 142.2% 15.7% (57.1%) 32.0% 6.7% (16.7%) 126.7% (32.4%) (17.6%) 469.5% 111.7% 62.8% (5.5%) 0.2% 2.3% 60.1% 7.2% 184.3% (25.3%) 48.6% 46.8% (8.8%) 72.1% (58.9%) 176.5% 111.8% NA NA 24.6% (86.5%) 6.3% 2023E 2024E 1.0x 2.6x 3.9x 3.5x 2.1x 8.4x 4.2x 0.8x 4.9x 3.1x 3.0x 6.2x 3.3x 2.7x 8.9x 6.1x 5.3x 2.1x 1.9x 4.6x 5.1x 2.3x 7.4x 3.0x 4.5x 6.9x 1.8x 4.6x 1.9x 10.3x 5.4x 15.0x 3.5x 1.6x 1.7x 4.1x 1.0x 2.2x 3.7x 3.1x 1.9x 7.6x 3.8x 0.7x 4.7x 3.0x 2.8x 5.1x 3.1x 2.7x 7.5x 5.7x 4.9x 2.0x 2.0x 4.0x 4.3x 2.1x 6.2x 2.7x 4.2x 6.1x 1.7x 4.0x 1.7x 8.4x 4.4x 11.0x 3.3x 1.4x 1.7x 3.7x Enterprise Value / EBITDA 2023E 7.9x 10.8x 9.8x 28.8x 13.5x 20.1x 13.5x 9.5x 11.2x 8.7x 14.7x NM 9.1x 8.0x 31.8x 15.5x 15.0x 8.4x 8.3x 34.0x NM 6.9x 28.1x 24.4x 13.9x 16.5x 13.3x 44.2x 9.0x 32.0x NM NM 8.5x 11.9x 7.5x 42.1x 2024E 6.6x 8.4x 9.0x 21.8x 11.3x 18.8x 11.6x 6.9x 10.8x 8.4x 13.3x NM 8.5x 7.2x 26.6x 13.8x 13.6x 7.3x 8.2x 26.2x 42.1x 5.7x 23.7x 16.6x 12.6x 14.7x 12.2x 31.8x 7.2x 25.7x NM NM 8.0x 9.3x 7.4x 34.8x P/ E Revenue Growth 2023E 2024E 6.7x NM 15.0x NM NM 27.7x 18.6x NM 15.9x 12.1x 23.2x NM 12.0x 11.6x 44.6x 24.3x 34.2x 11.7x 13.5x NM NM 11.1x 43.4x 32.9x 13.3x 27.3x 25.8x NM 8.9x 48.4x NM NM 11.8x 41.9x 3.6x NM 4.5x NM 13.6x 37.6x 41.5x 25.4x 15.0x 21.2x 14.5x 11.4x 21.0x NM 10.5x 10.6x 37.5x 20.9x 30.2x 10.7x 13.1x 41.5x NM 7.5x 37.2x 21.8x 11.8x 24.1x 21.3x 42.3x 7.5x 39.5x NM NM 9.9x 27.9x 3.3x NM 2023E 2024E 2.3% 11.0% 4.0% 18.1% 9.8% 28.2% 7.1% 0.3% 4.5% 9.5% (1.4%) 22.4% 6.7% 3.5% 22.2% 19.5% 7.5% (5.4%) 5.4% 16.8% 19.7% 59.6% 24.2% 9.7% 11.0% 13.7% 3.0% 13.9% 10.0% 22.0% 25.3% 40.8% 3.1% 13.1% (5.0%) 11.3% 5.6% 18.3% 6.5% 15.4% 11.9% 10.7% 9.9% 7.3% 4.1% 4.4% 5.7% 23.0% 5.4% 2.6% 19.5% 8.1% 9.1% 4.2% (1.0%) 14.9% 18.6% 6.1% 20.0% 10.7% 5.9% 13.5% 6.8% 16.0% 11.4% 22.0% 22.1% 36.7% 3.9% 16.1% (1.1%) 11.2% EBITDA Margin 2023E 12.9% 23.8% 39.7% 12.2% 15.9% 42.0% 31.1% 8.3% 43.5% 36.2% 20.2% 2.6% 36.3% 33.9% 28.1% 39.6% 35.5% 25.1% 23.2% 13.4% 7.7% 33.0% 26.4% 12.2% 32.5% 41.7% 13.9% 10.4% 21.6% 32.2% 6.5% 8.2% 40.8% 13.3% 22.5% 9.7% 2024E 14.5% 25.7% 40.7% 14.0% 16.9% 40.4% 33.0% 10.7% 43.4% 35.7% 21.2% 8.7% 36.7% 37.0% 28.1% 41.2% 35.8% 27.7% 23.8% 15.1% 10.1% 37.3% 26.2% 16.3% 33.7% 41.4% 14.1% 12.5% 24.3% 32.8% 8.8% 11.2% 41.7% 14.6% 23.0% 10.5% LongTerm EPS 2023E Growth 2023E Rule of 5.0% NA 9.0% NA 36.7% 18.8% 20.0% NA 5.9% 5.7% 5.0% 21.7% 12.3% 10.7% 18.8% 18.8% 4.0% 6.5% NA NA NA 10.2% 31.4% NA 11.5% NA 1.0% NA 34.7% 31.2% NA 30.0% NA NA 10.0% 14.0% 15.2% 34.8% 43.6% 30.3% 25.7% 70.2% 38.2% 8.6% 48.0% 45.7% 18.8% 24.9% 43.0% 37.4% 50.2% 59.2% 43.0% 19.7% 28.7% 30.2% 27.4% 92.5% 50.7% 21.9% 43.5% 55.4% 16.9% 24.3% 31.6% 54.2% 31.8% 49.0% 43.8% 26.3% 17.5% 21.0% 402 RAYMOND JAMES INVESTMENT BANKING 50 SOFTWARE INSIGHT April 2023 Trading Analysis by Sector Infrastructure Software (Cont.) (USD in millions) Capitalization Company Equity Value VeriSign, Inc. VMware, Inc. Ziff Davis, Inc. Zoom Video Communications, Inc. Zscaler, Inc. Infrastructure Software Median $23,088.6 53,573.3 3,458.3 18,050.4 13,075.3 $5,416.3 Enterprise Value $23,862.1 59,950.3 3,802.3 12,734.2 12,385.9 $5,026.7 Note: Comparables are pro forma for acquisitions and divestitures Source: Capital IQ as of market close on April 30th, 2023 1. Reflects trading performance since IPO if YTD data is not available 2. Rule of 40% calculated as revenue growth + EBITDA margin Enterprise Value / Revenue Trading Performance YTD1 1 Year 8.0% 1.8% (7.5%) (9.3%) (19.5%) 0.6% 24.1% 15.7% (17.2%) (38.3%) (55.6%) (15.2%) 3 Year 5.9% (4.9%) (9.3%) (54.6%) 34.3% 0.9% 5 Year 88.9% (6.2%) (7.9%) NA 201.4% 20.2% Enterprise Value / EBITDA P/ E Revenue Growth 2023E 2024E 2023E 2024E 2023E 2024E 2023E 15.9x 4.3x 2.7x 2.9x 7.1x 3.9x 14.6x 3.9x 2.6x 2.7x 5.5x 3.7x 22.2x 11.6x 7.6x 7.5x 39.7x 13.3x 20.0x NM 7.0x 7.1x 27.7x 11.6x 32.2x 18.2x 11.6x 14.7x NM 15.9x 27.7x 16.0x 10.7x 14.1x 41.5x 20.9x 5.5% 5.5% (0.7%) 2.2% 35.1% 9.8% 2024E 8.8% 8.6% 5.4% 4.9% 28.5% 9.1% EBITDA Margin LongTerm EPS 2023E 2024E Growth 2023E 71.7% 36.8% 36.0% 38.2% 18.0% 25.1% 73.1% 2.8% 37.0% 38.3% 20.0% 25.7% NA 12.7% 9.0% 9.9% 45.6% 11.9% 2023E Rule of 77.2% 42.3% 35.3% 40.4% 53.1% 37.4% 402 RAYMOND JAMES INVESTMENT BANKING 51 SOFTWARE INSIGHT April 2023 Disclosures Sources of data include Capital IQ, FactSet and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James and Associates’ Investment Banking Department and is for information purposes only. This report is not a product of Raymond James and Associates’ Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. This presentation includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. 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