MPG Life Sciences Software Market Snapshot October 2020

1
Life Sciences Software Market Snapshot
October 2020
Strictly Confidential
Member FINRA & SIPC
© 2020 Madison Park Group
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I. Industry Trends
II. Featured Companies
Appendix
III. Market Comparables
IV. About MPG
Table of Contents

4
Inside The Industry
Market Trends And Notable Transactions
Key Industry Trends
1
Patient recruitment and engagement is evolving from a site-
based “hands-on” activity to a more efficient, scalable and
non-traditional digital-first approach
4
The onset of COVID-19 has forced market incumbents and
challengers to recognize the strategic imperative of virtual
trial technologies, paving the way for eClinical disruption
5
Although COVID-19 has forced the shutdown of live pharma
conferences and other events, online event &
communication technology vendors are well-positioned
6
While traditionally in separate domains, intensive
competition amongst the Big Three (Medidata, IQVIA,
Veeva) has been coupled with aggressive litigation
7
The Dassault / Medidata transaction led to a broader
consolidation play in the eClinical market driven by both
strategic acquirers and financial sponsors
2
Clinical disclosure is at the forefront of trial transparency
initiatives, although passage of the FDAAA 801 “Final Rule”
has been followed with lax enforcement to date
In Case You Missed These Transactions Slide
Advarra acquired IRBco
11
AAHRPP-accredited central IRB
Bruker acquired Integrated Proteomics and Canopy Biosciences
15
Search engine; biomarker imaging
Certara acquired Silico Biosciences
16
Model-based pre-clinical research assets
Envision Pharma recapitalized with GHO and acquired 90TEN
18
Medical affairs services
ERT recapitalized with Astorg and acquired APDM
19
eClinical solutions
Eversana acquired HVH Precision Analytics
20
AI-based predictive analytics platform
Insightful Science acquired Statsols
21
Sample size software
Instem acquired Leadscope
22
Informatics, predication technology and database solutions
IntegriChain acquired assets from Cumberland Life Sciences Division
23
Pricing and revenue management services
PRA acquired Care Innovations
27
Remote patient monitoring and other virtual solutions
Sartorius acquired assets from Danaher Life Sciences
28
Bioanalytics solutions
Thermo Fisher acquired HighChem
30
Mass spectrometry software
Veeva acquired Physicians World
31
Speaker bureau services for live and virtual events
Veeva acquired Crossix Solutions
31
Patient data analytics platform
Leonard Green recapitalized WCG
32
Regulatory and ethical review services and software
3
Passing of the final milestone in the SEND timeline will pave
the way for conformity in pre-clinical submissions and
provide further opportunity for pre-clinical vendors

5
Public Markets Capital Markets M&A Markets
“we -- long before the crisis had been
advancing our virtual trial platform and --
which is being -- was being piloted last year
and which -- for which we're having a lot of
demand right now, many, many clients calling
to ask whether we can transition…”
-Ari Bousbib, Chairman / President / CEO of
IQVIA (Q1 Earnings Call)
“As we’ve seen with the COVID-19 pandemic,
traditional trial processes and timelines are
insufficient to meet the global need for clinical
research. Decentralized trials can improve
access to new therapies and trials for
participants, as well as reduce trial timelines.”
-Dr. Michelle Longmire, CEO and co-founder of
Medable
“Our acquisition of SnapMD enables us to
better implement our vision of making clinical
trials easier for everyone involved from
sponsors to sites and patients. By offering a
simplified, straight-forward user experience and
the ability for sponsors to include multiple
countries with extensive features, VirTrial
continues to set the bar in decentralized clinical
trial platforms.”
-Mark Hanley, CEO of VirTrial
Emerging Trends
COVID-19 Drives Continued Momentum In Virtual Trials Across Multiple Domains
• Pre COVID-19, virtual trials were considered an innovative “frontier” approach to executing clinical research - the approach was a convenient
departure from the traditional approach of requiring patients to visit on-site clinics to participate in studies
• Virtual technologies enable sponsors to streamline and accelerate trial execution activities such as patient recruitment / retention, data collection,
and monitoring, all while allowing participants to stay remote
• The virus has forced the shut down of many clinics and disease centers given social distancing initiatives, leaving virtual trials as the only path to
conducting research, both on COVID-19 and other disease areas
• We are beginning to see this emerging technology permeate across both upcoming “challengers” and incumbents in the capital and M&A markets;
market participants are quickly recognizing the strategic imperative of the technology and re-aligning their clinical trial technology initiatives
Strategic Commentary

6
Emerging Trends
Clinical Disclosure Is At The Forefront Of Transparency Initiatives
2,119
332,942
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Number of Registered Clinical Studies by Year
Sources: ClinicalTrials.gov, Outsourcing-Pharma, AAAS, National Law Review, CenterWatch, ASH Clinical News, FDAAA TrialsTracker
Note: Potential fines metrics calculated based on trials completed between January 18, 2018 and February 9, 2019, Percentage of total potential fines by industry based on trials completed between January 18,
2018 and September 25, 2019
• Since 2007, the government has required pharma sponsors and research
institutions to disclose and record trial clinical trials in publicly available
databases, enabling doctors and patients to assess treatment
effectiveness
• In January 2018, the FDA and NIH enacted a “final rule” to enforce the
2007 ruling
• Many companies continue to remain non-compliant, creating significant
potential for fees from regulators; as of September 2019, MD Anderson,
for example, had 89 outstanding trials which reported on average 128
days late, creating +$130 million of fine potential for the organization
• Strategic and regulatory imperative to remain compliant and create
transparency with the public can create substantial demand for
disclosure solutions
2,150
Non-Exempt Trials Without Results
801,766
Total Days of Disclosure Delay
$12,103
FDA Fines per Day of Disclosure Delay
FDA Rule 333(f)(3)(B) Adj. For Inflation
$9,707,773,898
Potential FDA Fines Collected
43
Average Days Trial Is Reported Late For
Pharma/Industry
142
Average Days Trial Is Reported Late For
Academic/Nonprofit
28.8%
CAGR
Regulatory Policy
Potential Clinical Disclosure Fines

7
Emerging Trends
Passage Of Final Milestone Drives Continued SEND Momentum
• The final milestone for Standard for
Exchange of Nonclinical Data (SEND)
submissions went into effect in March 2020
– SEND guidelines are directed by the
Clinical Data Interchange Standards
Consortium (CDISC), a standards
organization
• While SEND milestones in 2016 and 2017
focused on SEND v3.0, milestones in 2019
and 2020 focused on SEND 3.1 guidelines
– SEND 3.1 changes the reporting model
for cardiovascular and respiratory safety
pharmacology studies & endpoints vs.
SEND 3.0 guidelines
• Enactment of the latest milestone ensures
SEND coverage various study types:
– Investigational New Drug (IND)
– New Drug Applications (NDA)
– Abbreviated New Drug Applications
(ANDA)
– Biologics License Application (BLA)
• As SEND becomes fully enacted, vendors
are leveraging technology and outsourced
services to carve a niche in the pre-clinical
technology market
– Multiple market constituents, including
software vendors and CROs are
monopolizing on these new submission
guidelines
SEND 3.0 and SEND 3.1 Mandatory Timelines
December 2014 December 2016 December 2017 March 2019 March 2020
Final Guidance
Published
NDA/ANDA and
certain BLA studies
must be submitted
in SEND v3.0
Certain IND studies
must be submitted
in SEND v3.0
NDA/ANDA and
certain BLA studies
must be submitted
in SEND v3.1
Certain IND studies
must be submitted
in SEND v3.1
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PROJECT X SEND SUBMISSION
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Latin Square Exhibit 1
SEND Technology & Services Vendors

8Sources: Capital IQ, Public Filings, Press Releases, PitchBook, Proprietary MPG Research
“Medidata’s leading position in clinical trials complements our life
sciences solutions on the 3DEXPERIENCE collaborative platform.
Medidata’s recent expansion into real world evidence and
analytics coupled with the power of modeling and simulation
demonstrates how the virtual world will catalyze the next
generation of patient-inclusive therapeutics. “
- Josh Rose, V.P. of Clinical Development Strategy and
Innovation
Enterprise Value $5.8bn
LTM Revenue $661.0mm
LTM EBITDA $85.4mm
EV / LTM Revenue 8.72x
EV / LTM EBITDA n/m
• Consolidates one of the few remaining
pure-play public life sciences software
incumbents of scale
• Aggressively expands Dassault from its
core industrial & aviation focus to
another regulated industry via
acquisition of a market leader
• The transaction follows Dassault’s $750
million acquisition of scientific lifecycle
management provider Accelrys in 2014
Transaction Commentary
Buyer Target Description EV Multiples
Strategic Buyers
Research
administration
software
n/a n/a
Virtual care
management
n/a n/a
Real world
analytics
n/a n/a
EDC, coding,
randomization, RBM
& phase 1 solutions
$80 million
3.13x Rev.
25.7x EBITDA
Financial Sponsors
Regulatory and
ethical review
$3.1 billion 17.7x EBITDA
Clinical and
medical affairs
$700 million 7.00x Rev.
Clinical trial
workflow software
n/a n/a
Clinical trial
technology
$3.8 billion 18.0x EBITDA
Select Post-Medidata eClinical M&A Activity
Emerging Trends
Flurry Of Clinical Software M&A Following The Medidata Transaction

9
Madison Park Group (MPG) actively tracks the life sciences software landscape. Consolidation of a highly
fragmented market continues, with a convergence of pre and post-market functions, coupled with submission &
compliance capabilities. The segments that MPG tracks include:
✓ Animal care information
system (ACIS)
✓ Case report forms (CRF) ✓ Adverse event reporting ✓ Channel data management
✓ Data analysis &
visualization
✓ Clinical trial management
system (CTMS)
✓ Aggregate spend compliance
✓ Commercial content
management
✓ Electronic lab notebook (ELN) ✓ Electronic data capture (EDC) ✓ Content management
✓ Customer relationship
management (CRM)
✓ Laboratory information
management systems (LIMS)
✓ Electronic patient reported
outcomes (ePRO)
✓ Key opinion leader (KOL)
management
✓ Events management
✓ R&D budgeting
✓ Electronic trial master file
(eTMF)
✓ Medical information
management
✓ Master data management
✓ SEND submissions
management
✓ Interactive response
technology (IRT)
✓ Product complaints ✓ Pricing management
✓ Toxicology resource planning
✓ Risk-based
monitoring (RBM)
✓ Publication planning ✓ Territory management
Key Participants Across Life Sciences Software
Market Snapshot
Rohan Khanna Jon Adler James Tomasullo
Managing Director Managing Director Senior Associate
rkhanna@madisonparkgrp.com jadler@madisonparkgrp.com jtomasullo@madisonparkgrp.com
Highlighted Companies Inclusion Criteria
MPG Team
CommercialMedical AffairsClinicalPre-Clinical
Note: Click on company logos to be directed to specific coverage profiles;
Click on Madison Park Group logo to be redirected back to home page

11
Date Lead Investor Amount
Jul-19 $1.3 billion (buyout)
Feb-19 Undisclosed (debt)
Nov-17 Undisclosed (debt)
Acquisitive Amidst Executive Transition
» Gross Roots Acquisition In IRB Services
($ in millions)
Description:
Provider of institutional review board (IRB), institutional biosafety
committee (IBC) and research quality compliance consulting and
solutions in North America. The company serves 3,200+ research
institutions, hospital systems, and academic medical centers.
Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
Headquarters: Columbia, MD
Employees (1-Year Growth): 291 (▲19%)
Website: advarra.com
Ownership Status: PE-Backed (Genstar Capital)
Disclosed Acquisitions: 5 (Including Entities From Merger)
• In October 2020, Advarra appointed Scott Uebele as president and chief research services officer
− Scott was previously CFO for Advarra and will retain the role on an interim basis until a successor
is appointed
• In April 2020, Advarra announced the appointment of Gadi Saarony as CEO
− Gadi previously worked at Parexel, which he joined in 2003, and had most recently served as
executive vice president and chief clinical research services
» Addressing COVID-19 Through Partnership Initiative
• In April 2020, Advarra announced a partnership with Science 37, a provider of virtual trials
technologies for optimizing patient recruitment / engagement and streamlining trial activities
• Jeff Wendell, president of Advarra, commented:
– “We have worked closely with sponsors and CROs throughout the COVID-19 crisis to help ease
the burden on research sites and provide support to local IRBs. As the industry navigates the
pandemic, we will continue to find new ways to utilize our expertise and technology to advance
clinical research during these challenging times. We’re thrilled to partner with Science 37 to help
expedite COVID-19 trials.”
» New Executive Appointments
• In April 2020, Advarra acquired IRBco, an AAHRPP-accredited central IRB focused on the US market
− Following Advarra’s acquisition of Forte Research Systems, a provider of research administration
software, the acquisition of IRBco represents a return to the company’s historic strategy of
consolidating other IRB services vendors
− Gadi Saarony, CEO of Advarra, commented, “Advarra builds on its commitment to advance
human health and better enable clinical trials with this acquisition. IRBco studies will be fully
integrated with Advarra in a matter of weeks, and we look forward to the additional talent and
board expertise this will bring to our organization. We will maintain our focus on developing
altogether better capabilities that serve clients and protect research participants.”
Pre-Clinical Clinical
CommercialMedical Affairs
Select Funding / Transaction History
Business Overview
Advarra

12
($ in millions)
Note: Anju Software is a client of MPG
Description:
Horizontal life sciences enterprise software platform with a focus
on eClinical, medical affairs and commercial technologies. The
company’s strategy is to consolidate vendors and create an
integrated life sciences software platform.
Mar-19 Confidential
Jun-16 Confidential
Headquarters: Tempe, AZ
Employees (1-Year Growth): +300 (▲+30%)
Website: anjusoftware.com
Ownership Status: PE-Backed (Abry Partners)
Disclosed Acquisitions: 7
» Data & Content Management Innovation At The Forefront – Anju SAFE
New Product Launch & C-Suite Expansion Post-OmniComm Merger
» New Executive Hires To Drive Product And Go-To-Market
• In April 2020, Anju announced a Big Data Management Platform, enabling organizations to
automate and structure raw data to drive insights across clinical & medical affairs use cases
− Kurien Jacob, Anju Chairman, commented, “Meaningful interpretations of patient medical
history, medication compliance, treatment adherence, as well as drug safety and efficacy data
will empower organizations to design more effective clinical trials, precisely target the proper
patient population, uncover potential safety concerns to improve product labeling, accelerate
approval of label extensions for approved therapies, and more.”
− In May 2020, Anju announced an enhancement to it’s ta-Scan and Zephyr intelligence offerings
which leverage the Anju Data Platform; the enhancement links global public data (e.g.
ClinicalTrials.gov), private data (e.g. CTMS) and third-party data (e.g. IMS Health, Symphony)
− This curated database with AI-based search and dashboard capabilities will enable optimization
of clinical trials using the ta-Scan tool and rationalizing commercialization using Zephyr tools
• In October 2019, Anju announced AnjuSAFE, the first life sciences specific ECM system which can
store all relevant structured and unstructured data, images and videos in a single database
− AnjuSAFE has workflow tools, eTMF, medical information and publication planning functionality
− Kurien commented, “Our goal is to offer an integrated platform with built in functionality for all
segments of life sciences. Using this approach, Anju can optimize time and cost to deployment
for medical affairs, eClinical and publication planning. This, combined with the Anju Data
Platform, provides a unique opportunity for pharma and CRO to realize strong ROI through
complete lifecycle management or connecting individual solutions to external systems.”
• In 2020, Anju made multiple key executive hires:
− Bill Leander (CMO): Previously CSO of Santa Rosa Consulting
− Nicholas Campbell (CRO): Previously Global VP of Sales & Strategy at ERT (eClinical vendor)
− Adam Fleming (CFO): Previously Finance Director at Marlin Equity Partners
− Beena Wood (VP Product Management, Medical Affairs): Previously with Oracle Argus
− Wendy Morahan (VP Product Management, eClinical): Previously with Medidata
Business Overview
Anju Software

13
• In June 2020, ArisGlobal made two additions to the Board of Directors:
− Mike Gordan (Chairman): Most recently CEO of Callcredit Information Group (consumer credit
bureau, acquired by TransUnion)
− Dr. Rob Scott (Director): Previously Chief Medical Officer and Head of Development at AbbVie
• In February 2020, ArisGlobal announced a series of executive hires to bolster its leadership bench
− Rick Simpon (CFO): Rick previously served as CFO for multiple software enterprises, including
Vispero, an assistive technology provider, and Kibo Commerce, a provider of ecommerce, order
management, and mobile POS solutions
− Andras Berta (Chief Strategy Officer): Andras previously functioned as an executive at Gedeon
Richter, a Hungarian global pharmaceutical and biotechnology company
− Clint Wolfe (Chief HR Officer): Clint was previously an EVP of Global HR with Bioclinica, a clinical
research technology provider
Jun-19 $700.0 million (buyout)
» New Executive Team And Board Additions
($ in millions)
Description:
Provider of cloud-based software solutions for
pharmacovigilance and drug safety, clinical development,
regulatory, and medical affairs.
(1) “Nordic Capital acquires ArisGlobal, a leading global provider of life sciences software” (Nordic Capital, 6/17/2019)
Headquarters: Miami, FL
Employees (1-Year Growth): 1,571 (▲3%)
Website: arisglobal.com
Ownership Status: PE-Backed (Nordic Capital)
» Growth Through Innovative New Product Offerings
• In April 2020, ArisGlobal released LifeSphere CTMS10, a clinical trial management system
− The product enables clients to plan, track and all trial set-up, conduct and closeout activities; the
product also includes out-of-the-box payments and monitoring modules
− Sondra Pepe, ArisGlobal Senior Director of Clinical Product Management, commented on the
product release, “Trials have grown in cost and complexity, and it is increasingly difficult for
teams to manage stakeholders, maintain oversight, and meet tight timelines. LifeSphere CTMS10
was designed to solve these challenges through simplicity and an all-in-one approach that
includes everything an organization needs to run an efficient, streamlined trial out-of-the-box.”
• In October 2019, ArisGlobal announced the release of two new medical affairs products
− LifeSphere MultiVigilance, an end-to-end safety system with product ready automation
− LifeSphere LitPro, a medical literature monitoring (MLM) automation platform
Augmenting The Leadership Team
Business Overview
ArisGlobal

14
Oct-16 $1.4 billion (buyout)
Sep-15 $4.2 million (debt)
Dec-14 $2.5 million (debt)
Mar-14 $13.4 million (debt)
Mar-13 $123.0 million (buyout)
» Leadership Shuffling Aimed At Global Expansion
($ in millions)
Description:
Provider of clinical development technologies. The company’s
suite of eClinical solutions span patient engagement, risk-based
monitoring, randomization, EDC, CTMS, medical imaging, and
cardiac safety.
Headquarters: Princeton, NJ
Website: bioclinica.com
Ownership Status: PE-Backed (Cinven)
• In December 2019, Bioclinica announced Euan Menzies as Executive Chairman and Interim CEO,
replacing former-CEO David Herron
– Euan Menzies was previously the CEO of Vertafore, a provider of insurance distribution software
and information services for carrier, agencies, brokers, MGAs and MGUs
• In 2020, the Company announced a series of executive hires and promotions:
– Chuck Bodner (EVP, COO & CFO): Previously CFO & SVP of Becton, Dickinson & Co. (BD)
– Guy Crossley (President, Software Solutions): Previously VP Product Management at R1 RCM
– Richard Murg (VP Global Business Development): Previously CRO of MedNet Solutions (eClinical
solutions provider)
– Kevin Smith (Managing Director, Software Solutions): Previously Senior Director of Life Sciences
Solution Sales at Saama (life sciences analytics solutions provider)
– Maureen Marchek (SVP Finance): Promoted from Corporate Controller position
– Robert Ford, MD (Senior Advisor, Chief Medical Officer Emeritus): Principal of Clinical Trials
Imaging Consulting (medical imaging consulting services)
– Michael O’Neal, MD (Chief Medical Officer): Expanded role within Bioclinica
– Dan Gebow, PhD (Chief Innovation Officer): Promotion; was previously with MDDX Research
and Informatics (acquired by Bioclinica in 2017)
Refining Strategy Through Portfolio Management
• In May 2020, Bioclinica announced a COVID-19 Clinical Endpoint Adjudication solution to help
researchers discern COVID-related adverse events from non COVID-related incidents
• In September 2019, Bioclinica outlined the company’s next phase of growth that stressed further
penetration of medical imaging solutions and providing clinical services to the APAC region
• In parallel, Bioclinica divested its clinical research site business to PPD
– The business unit had been rumored to be contemplating a sale since November 2018
– The divestiture will enable Bioclinica to focus on growing its core software offerings in medical
imaging, cardiovascular safety, clinical trial management and drug safety
» Refining Growth Strategy And Business Unit Portfolio
Business Overview
Bioclinica

15
» Utilizing M&A to Reinforce Imaging Solutions & Workflow Management
($ in millions)
Description:
Bruker develops scientific instruments based on magnetic
resonance, mass spectrometry, and X-ray technologies. The
company also manufactures superconducting materials primarily
used in magnetic resonance imaging, nuclear magnetic
resonance, and fusion energy research.
Headquarters: Billerica, MA
Employees (1-Year Growth): 2,893 (▲4.8%)
Website: bruker.com
Ownership Status: Public (NAS: BRKR)
LTM June 2020 Revenue $1,969.6
• In September 2020, Bruker announced the acquisitions of Integrated Proteomics (search engine and
proteomics workflow) and Canopy Biosciences (biomarker imaging and gene editing)
• In July 2019, Bruker announced the acquisition of Switzerland-based, PMOD Technologies, a
provider of pre-clinical and molecular imaging solutions
− The Company’s extends Bruker’s portfolio of imaging solutions, which now includes imaging
research software packages used in magnetic resonance imaging (MRI) and nuclear molecular
imaging (NMI) translational research, ParaVision® 360 and PMOD
− PMOD’s operations will continue to be led by its existing executive management and its software
will remain platform-independent
− Dr. Wulf Jung, President of Bruker's Preclinical Imaging Division, commented, “With the PMOD
acquisition, Bruker is broadening its support for translational research with outstanding imaging
tools, from highest-performance preclinical MRI, PET/SPECT and microCT systems to state-of-
the-art software. Preclinical PET/MR is a fast-growing market, and the expertise of the PMOD
team will further strengthen our quantitative molecular imaging solutions.”
• In March 2019, Bruker announced the acquisition of Arxspan, a provider of scientific data
management and workflow solutions for pharmaceutical and biopharma customers
− The acquisition supplements Bruker’s existing partnership with Mestrelab, allowing Bruker to offer
advanced chemistry and biopharma software for drug discovery and development
Pre-Clinical Software Driving Strategic M&A Agenda
» Product Launch Sets Milestone for High-Speed Image Scanning
(2.7%)
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
BRKR NASDAQ
Business Overview
TTM October 2020 Market Pricing
Bruker
Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 10/23/2020
• In August 2020, Bruker announced the release of its NanoRacer AFM system used for high-speed
image scanning to enable real-time visualization of biological processes
− The product will provide additional insights into single-molecule behavior and dynamic
processes in biochemistry, molecular biology, and biomedicine
− NanoRacer captures images at a speed of 50 frames / second, setting a new milestone in high-
speed scanning capabilities

16
» IPO Documentation Under SEC Review
($ in millions)
Aug-17 $850.0 million (buyout)
Dec-13 $190.0 million (buyout)
» Supplementary Expansion Of Product Portfolio
Description:
Provider of drug development technology and consulting
services spanning the discovery, preclinical and clinical stages
of drug development. The company also provides software
for drug modeling and simulation.
Headquarters: Wayne, PA
Website: certara.com
Ownership Status: PE-Backed (EQT Partners)
New IPO Candidate In The Pre-Clinical Market
• In October 2020, Certara announced that it submitted a draft registration statement for an IPO
• The IPO process will commence following SEC review
• In November 2019, the Company announced the availability of PK Submit, a solution utilized to
automate the creation of PK Clinical Data Interchange Standards Consortium (CDISC) domains
during Non-Compartmental Analysis (NCA)
• In October 2019, Certara announced the launch of BaseCase Data Studio, enabling pharma clients to
build mobile apps using real-world data sources and perform sophisticated analyses
• In September 2019, Certara announced the launch of Phoenix 8.2, a pharmacokinetic /
pharmacodynamic (PK/PD) modeling and simulation software for drug development
Business Overview
Certara
» Acquisition Of Modeling & Simulation Tools
• In February 2020, Certara announced that it acquired multiple modeling and simulation solutions
from In Silico Biosciences, a provider of model-based pre-clinical research
− Assets acquired include quantitative systems pharmacology (QSP) modules of brain physiology
and pathology utilized for studying Alzheimer’s, Parkinson’s and Huntington’s disease
− The assets will be folded into Certara’s Simcyp division, a leader in mechanistic modeling for QSP
− Following the acquisition, the Company named Dr. Hugo Geerts, former Chief Scientist of In
Silico Biosciences, as the leader of Certara’s neuroscience team
− Dr. Piet van der Graaf, Senior Vice President of QSP, commented, “QSP is a transformative
technology that combines computational and experimental methods to elucidate, validate and
apply new pharmacological concepts to determine the mechanisms of action of new and
existing drugs in preclinical and animal models and in patients. It is the right technology at the
right time for neurodegenerative disease drug development.”

17
Trailing 12-Month Performance
($ in millions)
» Product Launches And Branding Initiatives
Headquarters: Vélizy-Villacoublay, France
Websites: 3ds.com, medidata.com
Ownership Status: Public (PAR: DSY)
Disclosed Acquisitions: 58 (Dassault + Medidata)
LTM Sept 2020 Revenue: $5,227.4
Description:
Provider of 3D design and engineering software. The company’s
products serve multiple regulated industries, such as aerospace
and defense, life sciences, industrial equipment, marine and
offshore, and consumer goods.
Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 10/23/2020
Note: Financial data is translated into USD at an exchange rate of 1.18371 USD/EUR
• In August 2020, Medidata announced that SHYFT Analytics will adopt the Acorn AI, by Medidata
brand; SHYFT was acquired by Medidata in 2018
- SHYFT’s commercial and data analytics solutions will sit under the Commercial Data Solutions
segment of the Acorn AI brand
- The Commercial Data Solutions team will be led by Bruno Lempernesse, previously CEO of
Inflexxion (clinical assessment tools and analytics)
• In August 2020, Medidata launched Medidata Detect, a cloud-based centralized statistical
monitoring solution
- The product assists with site performance monitoring, patient safety and data quality
• In April 2020, Medidata announced the launch of its myMedidata patient portal platform, enabling
increased accessibility for patients to participate in clinical trials for new medicines and vaccines
− The product includes eConsent, eCOA, and ePRO, allowing patients to collect, assess, and report
outcomes through the mobile application; the system works with virtual trials and sensors
− The product includes a COVID-19 symptom tracker, enabling support studies and advanced
insights of the virus
Responding To COVID With Remote Trial Applications And AI
» Partnership Aimed To Enhance Clinical Trial Imaging
• In March 2020, Medidata partnered with Medpace, an Ohio-based CRO imaging lab, to integrate
Medidata Rave imaging with Medpace’s clinical imaging and workflow offerings; Medidata’s Rave
imaging solution provides end-to-end image management for clinical trials to help ensure risk,
complexity, and accuracy in clinical studies
− The partnership enables users to streamline workflows, reduce manual reconciliation, extend its
existing imaging capabilities, and create a single data repository for increased data visibility
− Medpace Chief Medical Officer, Daniel O’Leary, commented, “Through our partnership with
Medidata, Medpace is now able to provide seamless integration of our quantitative image
analysis pipelines with Medidata’s Rave Imaging system and database. The combination of these
tools produces the most powerful imaging trial management environment currently available to
the clinical trial market.”
Business Overview
Dassault Systemes / Medidata
11.6%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
DSY NASDAQ

18
» Existing owner GHO buys out Ardian Stake and receives Sovereign Fund Co-Investment
($ in millions)
Sep-20 n/a (recap)
Jul-16 $368.0 million (buyout)
Jun-13 n/a (buyout)
Apr-08 n/a (buyout)
Description:
Provider of technology and scientific communication solutions to
the life sciences community. The company’s medical affairs
offerings include publication planning, project management,
journal databases and medical strategy.
Headquarters: London, U.K.
Website: envisionpharmagroup.com
Ownership Status: PE-Backed (GHO Capital)
Pushing For Growth Under New Leadership And Ownership
• In September 2020, GHO announced that it was buying out Ardian’s stake in Envision Pharma in a
deal valued at more than $750 million; the two firms had jointly acquired the company in 2016(1)
• Abu Dhabi's Mubadala Investment Co. PJSC will co-invest with GHO
• The deal comes off the heels of news that Envision had been approached in May by an anonymous
suitor in a potential deal that valued the business at more than $500 million(1)
» Shift In Executive Leadership
• In January 2020, Envision officially promoted David Thompson to CEO; former-CEO Brian Hepburn
was appointed as Executive Co-Chair following the end of his CEO term
− Brian Hepburn, commented, “I can think of no one better to take over the mantle of the CEO for
the Group. David has been with the organization for 4 years now and truly understands its DNA,
which is often the biggest challenge for any incoming CEO. In addition, he brings an energy and
‘can-do’ attitude to the table which will ensure we continue to innovate and challenge the norm.
This planned transition has been in the making for some time now and I look forward to working
with him closely on this new phase of the journey for Envision.”
Business Overview
Envision Pharma Group
(1) “GHO Capital to buy partner Ardian's stake in Envision Pharma” (PE Hub, 9/2/2020)
» Acquisition Of Global Healthcare Communications Consultancy
• In April 2020, Envision acquired 90TEN, a provider of PR, medical communications and patient
advocacy services that utilize insight-led behavioral science methods
− 90TEN employs approximately 70 staff members and works with over half of the top 20 pharma
companies across North America and Europe; 90TEN will continue to be managed by existing co-
founders, Paul Tanner and Carole North
− David Thompson, Envision Pharma CEO, commented, “90TEN will add its expertise across new
verticals for the group – in corporate communications and public relations, while extending
Envision’s current footprint in patient engagement and medical communications with its
behavioral science methodology. This move bolsters our industry-leading scientific
communications capabilities and enables us to strengthen our offering to clients across the
product life cycle.”

19
Nov-19 n/a (recap)
Apr-16 $1.8 billion (buyout)
Apr-12 $400.0 million (buyout)
» Leadership Transition
($ in millions)
Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
(1) “Astorg Investment In Nordic’s ERT Values eClinical Company At $3.8 Bln” (Buyouts, 10/21/2019)
Description:
Provider of clinical solutions to minimize risk and uncertainty in
trials. Offerings span trial oversight, site optimization, patient
engagement and safety & efficacy. Solutions are powered by the
company’s underlying ERT EXPERT platform.
Headquarters: Philadelphia, PA
Website: ert.com
Ownership Status: PE-Backed (Nordic Capital)
• In October 2020, ERT announced that Joe Eazor will succeed Jim Corrigan as President and CEO
• Joe previously held multiple CEO positions, including Conifer Health (healthcare solutions),
Rackspace (managed cloud computing) and EarthLink (internet and security services provider)
• Joe commented on his appointment, "My commitment to ERT's clients and employees is to bring
more rapid innovation to the market with an unrelenting focus on quality and service delivery. ERT is
already a well-established global leader across the eClinical space, and I am excited to partner with
our clients as we further accelerate our journey toward also becoming the end-to-end virtual trial
market leader."
• In June 2020, ERT announced the acquisition of APDM Wearable Technologies, a provider of
wearables and digital biomarkers; ADPM’s sensor technology provides precision motion data which
is relevant for trials related to movement disorders (Parkinson’s, Multiple Sclerosis, Ataxia)
• Dr. Mateo Aboy, Co-Founder & Chairman of APDM, commented, “We are thrilled that our advanced
wearable platform will be added to ERT’s suite of proven eClinical technologies to help innovative
clinical trial sponsors minimize uncertainty and risk in the development of CNS and movement
disorder treatments, ultimately improving patients’ lives.”
» Wearables Acquisition Reinvents ERT’s Endpoint Measurement Capabilities
Moving Forward Under New Leadership And Ownership
Business Overview
ERT
• In October 2019, ERT was recapitalized by Astorg, a Paris-based private equity firm with $9.0 billion
in AUM; the deal was valued at $3.8 million (~18x EV / EBITDA)(1)
− Existing investors Nordic Capital and Novo Holdings will retain minority stakes
− Nordic Capital and Novo Holdings first acquired ERT in April 2016 from Genstar Capital; since
then, the Company has doubled revenues with a focus on operations and add-on acquisitions
− Judith Charpentier, Partner and Head of Healthcare at Astorg, commented: “We have been
actively monitoring developments in the eClinical space, and in particular at ERT, for many years,
and have been very impressed by their proven ability to drive innovation in clinical trials,
ensuring a safer and more efficient drug development process.”
» Astorg Makes Bet On ERT

20
Oct-18 n/a (Platform Creation)
» Leadership Appointments Targets Expansion Of Advanced Data & Analytics
($ in millions)
Description:
Provider of commercialization software and services for patient
engagement, market pricing and access, branding, and channel
partner distribution. Eversana was formed as a platform backed by
JLL Partners and Water Street Healthcare Partners. In October
2018, the two investment groups merged Dohmen Life Sciences
Services, The Access Group, Alliance Life Sciences, Health
Strategies Group, Triplefin, and Patient Experience Project.
Headquarters: Milwaukee, WI
Website: eversana.com
Ownership Status: PE-Backed (JLL, Water Street)
Disclosed Acquisitions: 11 (Including Entities From Merger)
• In April 2020, Eversana announced Brigham Hyde, Ph.D. as President of Data & Analytics; Hyde will
lead the data and analytics strategy focused on integrating patient level data, solutions, and
commercial analytics services across the patient journey to model value-based care
− The appointment strengthens the Company’s commitment to investing in data and analytics
services, and software solutions
− Brigham Hyde, commented, “Most AI and ML platform solutions are disjointed from the services
and interfaces that create meaningful impact for patients. By providing a prediction platform,
built on integrated patient data, combined with our best-in-class patient engagement solutions,
commercial services, market access, and distribution, we have the ability to make predictions and
take actions within the same organization.“
• In May 2020, EVERSANA announced Kelly Baker as CFO following her role as SVP, Finance at DuPage
Medical Group, a multi-specialty healthcare services group with +700 physicians
− Kelly’s background also includes her financial leadership role at OptumRx, a medical prescription
management software provider, and analyst roles with Goldman Sachs
Building The Executive Foundation For A Data-Driven Expansion
» Continued Acquisition Spree Following Initial Merger
• In September 2020, Eversana acquired Alkemy Partners, a full-service provider of field learning and
training for market access, sales & clinical use cases
• In July 2020, Eversana acquired HVH Precision Analytics, an AI-based predictive analytics platform
− HVH leadership will report to Brigham Hyde, Ph.D., President, Data and Analytics
− Steve Costalas, CEO, HVH Precision Analytics, commented, “Our technology and talented team are
at the forefront of the industry and are already propelling faster analysis and actions for
EVERSANA clients. The fit is seamless, and we are onboarding new programs right now.”
• In October 2019, EVERSANA acquired Cornerstone Research Group, a provider of Health Economics
and Outcomes Research (HEOR) services
− Melissa Thompson, SVP, Value & Evidence Division, commented, “The need for evidence-based
research has never been greater than in today’s pharmaceutical industry. EVERSANA’s integrated
platform gives our current clients immediate access to expanded services and solutions….”
Business Overview
Eversana

21
Jul-19 n/a (debt)
Apr-19 n/a (debt)
Nov-17 n/a (buyout)
» Review Of Initial Merger
($ in millions)
Description:
Provider of visualization, graphics, and bioinformatics data
management solutions to the scientific research community.
Insightful Sciences is the parent entity of four brands across two
divisions, Data Analysis & Visualization and Bioinformatics.
Headquarters: San Diego, CA
Website: insightfulscience.com
Ownership Status: PE-Backed (Insight Partners)
Disclosed Acquisitions: 5 (Including Merged Entities)
• In August 2019, Insightful Science was formed following the merger of Insight’s portfolio company,
GraphPad Software, and SnapGene, a molecular biology procedure management software provider
− GraphPad and Geneious divisions were operating as individual brands prior to the
announcement; GraphPad will now lead the Data Analysis & Visualization division, while
Geneious and SnapGene will be a part of the Bioinformatics division
• In June 2020, Insightful Science acquired Statsols, a provider of sample size software
− nQuery is utilized by 90% of organizations with FDA approved clinical trials for study designs
− Thomas Swalla, CEO of Insightful Science, commented, “It's an excellent fit for our company as
we continue to expand our capabilities from the pre-clinical market into the clinical ecosystem.”
• In May 2020, Insightful Science acquired Cytapex, a contract research services provider for cytometry
informatics research, biomarker discovery, and clinical trials
− The acquisition supplements its existing Geneious solutions; Geneious Prime and Biologics
provides bioinformatics solutions utilized for sequencing data analysis
− Thomas Swalla, commented, “We were immediately impressed with the bioinformatics expertise
of the Cytapex team. Pharmaceutical customers are increasingly looking to outsource core
functions of the research and development process, and reputation and trust are critical.”
» Recent M&A In Statistics And Bioinformatics
Portfolio Repositioning To Support Continued M&A
» Aggressive Expansion Into China
• In April 2020, the Company announced a strategy to accelerate growth in China, beginning with a
dedicated website and expansion of its local channel partner program
− GraphPad currently services many Chinese parties, but payment barriers make it difficult to
purchase products; the website and expanded reseller program are the first steps of enabling
scientists to access products globally
Business Overview
Insightful Science

22
» Acquisition Aimed At Obtaining In Silico Safe Assessment Tools
($ in millions)
Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 10/23/2020
Note: Financial data is translated into USD at an exchange rate of 1.30468 USD/GBP
Headquarters: Staffordshire, U.K.
Website: instem.com
Ownership Status: Public (AIM: INS)
LTM June 2020 Revenue: $36.7
Description:
Provider of drug research & development solutions for the pre-
clinical and clinical markets. Products include animal care
information systems, electronic lab notebooks, genetic toxicology
and regulatory information management.
• In November 2019, Instem acquired Leadscope, a provider of advanced informatics, predication
technology, and database solutions
− The combination of Instem and Leadscope’s technologies will provide solutions for the
integration of public data and proprietary information to support the discovery and
development of pharmaceuticals and other chemical products
− Leadscope management team will remain a part of Instem’s Scientific division, which currently is
providing Target Safety Assessment (TSA) services through its KnowledgeScan™ offering
− Instem CEO, Phil Reason, commented, “This acquisition is a great fit for us, and the synergies
created will further help us enable clients to make better informed decisions. We have been in
regular dialogue with Glenn and the Leadscope team for over 10 years, and with the increasing
needs of the market for in silico tools, both in regulatory submissions and in safety profile
screening, the timing is perfect. They have built a deep relationship with the regulatory
authorities, a fantastic client base and have an excellent reputation in the market as true
collaborators.”
Resurgence In M&A To Extend Product Suite
» Product Portfolio Expansion With Enhanced Study Collaboration
• In September 2019, Instem announced the addition of NOTOCORD-sense™, a cloud-based open
collaboration platform analysis and sharing of experimental data
− The product allows users to aggregate data into a singular platform, search across studies to run
various analyses, and features a public API to integrate with existing solutions
Business Overview
Instem
» Increased SEND Marketing Efforts
• In October 2020, Instem announced the launch of Sendible SEND, a bi-weekly blog authored by
SEND Specialist Marc Ellison, Instem’s Director of SEND Solutions
• The blog provides insights, observations and opinions on challenges and opportunities of SEND
• Marc leads Instem’s SEND software and outsourced services portfolio
22.6%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
INS NASDAQ

23
Feb-16 n/a (buyout)
Sep-15 $6.0 million (debt)
Apr-11 $3.0 million
Jul-09 $2.0 million
Oct-06 $2.1 million
» Acquisition Cements IntegriChain As One Of The Largest Commercial Process Platform
($ in millions)
Description:
Provider of commercial data and analytics solutions for life
sciences manufacturers to derive insights from payer, patient and
distribution data. The company services organizations in the
pharma, biopharma, generics and medtech sectors.
Headquarters: Philadelphia, PA
Website: integrichain.com
Ownership Status: PE-Backed (Accel-KKR)
Strategic Carveout Enhances Revenue Management Platform
• In April 2020, IntegriChain announced the acquisition of Cumberland’s Life Sciences Division, a
provider of managed services, advisory services and systems integration for contracts, pricing, and
revenue management
– The acquisition positions IntegriChain as a comprehensive business process platform for
commercialization and market access of cell and gene therapy, specialty, and retail
pharmaceuticals
– Jeff Lee, former Managing Partner Cumberland’s Life Sciences Division will transition into SVP of
Account Management & Sales at IntegriChain
» Leadership Enhancement To Cultivate Talent
• In April 2020, IntegriChain appointed Vickie Kozhushchenko as SVP of People and Culture
– Vickie was most recently CEO of VLK Consulting Group, a boutique HR advisory firm, and
previously held executive roles Clean Earth, Aramark, Turner Broadcasting System, Comcast and
Coordinated Health
– Kevin Leininger, IntegriChain Co-Founder & CEO, commented, “After four acquisitions in the
last four years, we now have a global team of more than 370 professionals, and we recognized
the need for a voice on our executive leadership team focused specifically on our talent need.
Vickie offers the experience and insight to effectively bring organizations together and build
them into high-performing teams, equipping each of our professionals with the tools, insights
and knowledge to successfully manage their careers and ensure they are seen, heard and
recognized for their capabilities, knowledge and potential.”
Business Overview
IntegriChain
» New Analytics Product Launch
• In October 2020, IntegriChain announced the launch of GTN Analytics as a complement to the
company’s existing software and managed services offerings
• The solution integrates financial, channel and patient data to improve accuracy and predictability of
accruals and forecasts

24
• Although IQVIA does not typically disclose its transactions through press releases, we have
identified the following transactions since the release of MPG’s H1 2019 market update report:
– ObvioHealth (App for site-less trial design, April 2020): IQVIA led a $16.8 million Series A(1)
– HelpAround (Behavioral data capture, January 2020): IQVIA led a $6.0 million Series A1(1)
– BC Platforms (Genome data management, December 2019): IQVIA led a $15.0 million Series C(1)
– GCE Solutions (CRO services, September 2019): Acquired for $200.0 million(1)
– CoreZetta (South Korean drug discovery & data technology provider, August 2019): Acquired
• IQVIA has recently focused on investments in companies rather than outright acquisitions
($ in millions)
Headquarters: Durham, NC
Website: iqvia.com
Ownership Status: Public (NYS: IQV)
LTM Sept 2020 Revenue: $10,956.0
Description:
Comprehensive provider of software and CRO services to the life
sciences market. The company’s technology offerings horizontally
span pre-market and post-market functions such as clinical,
manufacturing, medical affairs and commercial.
» Product Innovation And Accolades
• The Company has unveiled multiple products to combat COVID-19 :
– (i) c19trials.com, a tech-enabled COVID-19 trial matching solution
– (ii) IQVIA CARE Project registry, a registry and trial matching tool
– (iii) FluSTAR, a mobile app that helps consumers manage their health during flu season
(released before the COVID outbreak)
• In February 2020, management cited they were supporting 10-20 remote trials; as of April,
management noted that ~50% of trials had pivoted to remote monitoring in light of COVID-19(2)
• Management is also targeting a new CTMS product by the end of 2020, further positioning IQVIA
to compete head to head with Medidata and Veeva in the eClinical domain
• In September 2020, the company’s eCOA solution received the 2020 Fierce Innovation Award
• In August 2020, IQVIA’s RIM solution was awarded the Gold Steve Award for Technical Innovation
of the Year; IQVI also won a Silver Stevie Award for Most Innovative Company of the Year
• In May 2020, IQVIA launched a new HCP/O Engagement Management, a solution which manages
interactions with healthcare professionals and organizations
» Recent Acquisitions And Investments
Continued Organic & Inorganic Growth Despite COVID-19
Business Overview
IQVIA
(1) PitchBook
(2) IQVIA earnings transcripts
15.4%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
IQV NASDAQ

25
($ in millions)
Headquarters: San Mateo, CA
Website: modeln.com
Ownership Status: Public (NAS: MODN)
LTM June 2020 Revenue: $156.2
Description:
Provider of enterprise revenue management and configure-price-
quote (CPQ) solutions to the life sciences, manufacturing and
high-tech industries. Pharma-specific offerings include pricing
management, provider management and payer management.
» Proprietary New Products Driven by Change In Leadership
• Model N announced a series of executive leadership appointments:
− Kimberly DeCarlis (Board Member, January 2020): Currently Chief Marketing Officer of
PerimeterX, an application protection cybersecurity technology provider
− Dave Michaud (Chief Marketing Officer, November 2019): Previously senior vice president of
marketing Plex Systems, a manufacturing software provider
− Suresh Kannan (SVP & Chief Product Officer, September 2019): Previously created and led the
Content Management Solutions business of IQVIA, and played a key role in the IMS / Quintiles
in May 2016
» Extended Revenue Management Capabilities
New Leadership And Revenue Management Capabilities
• May 2020 announcement: New features for Model N’s high-tech focused product offerings powered
by AI and machine learning technology; the new features enable high tech companies to make real-
time pricing decisions
• March 2020 announcement: New release of Model N’s cloud-based revenue management offerings;
functionality that addresses a range of compliance, pricing, payment issues, and revenue leakage for
pharmaceutical and medical technology regulatory requirements
- The company’s spring 2020 product release enabled new integrations with Oracle, IBM, Cognos
and Open JDK; the release also came with an enhanced user interface
Business Overview
Model N
26.8%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
MODN NASDAQ
» Multiple Wins In Life Sciences
• In August 2020, Model N announced its continued traction and notable achievements in the life
sciences vertical
• Recent customer wins, implementations and SaaS transitions include a top 15 F500 global medtech
company, EMD Serono, Pfizer, Gilead, Biogen, Ipsen and Novo Nordisk

26
($ in millions)
Headquarters: Redwood City, CA
Website: oracle.com
Ownership Status: Public (NYS: ORCL)
LTM August 2020 Revenue: $39,217.0
Description:
Provider of on-premise and cloud-based enterprise software
applications and platform services. The company has life sciences
specific offerings, including clinical trial management and
pharmacovigilance.
» Life Sciences Partnership For Clinical Trial Compliance
• In October 2020, Oracle announced a partnership with USDM Life Sciences, a technology consulting
firm for the life sciences sector
- The partnership will combine USDM’s Cloud Assurance subscription service with Oracle’s Clinical
One platform to help clients meet FDA 21 CFR Part 11 regulatory requirements
- Drew Zwiebel, global vice president alliances & channels at Oracle Health Sciences, commented:
“Oracle Clinical One is changing how technology supports clinical research to improve efficiency
and help bring breakthrough therapies to market faster. USDM Life Sciences has a long history of
working with both Oracle and life sciences customers. Based on their expertise and experience,
the USDM Cloud Assurance subscription service is an obvious choice to aid Oracle Clinical One
customers in meeting their complex compliance needs.”
» Quiet On Life Sciences M&A Since GoBalto Transaction
Recent Wins And Partnerships In Life Sciences
• The Company has not executed a life sciences software acquisition in 2019 and 2020; Oracle’s prior
acquisitions in the market include:
- GoBalto (2018): Clinical trial site selection solutions
- ClearTrial (2012): Clinical trial operations
- Phase Forward (2010): clinical trial management
- Relsys (2009): Adverse event reporting
Business Overview
Oracle
10.4%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
ORCL NASDAQ
» Continued Traction In The Mid-Market
• In May 2020, Oracle announced that Peachtree BioResearch, a CRO, had chosen Oracle Health
Sciences cloud solutions as its technology for trial operations
• Peachtree will use Select (site selection optimization), Activate (site workflow activation) and Siebel
(clinical trial management system)
• The Peachtree win represents a continued trend of mid-sized organizations leveraging Oracle’s
eClinical solutions for optimizing trial activities

27
• In March 2020, PRA partnered with Datavant to provide clients with an ecosystem of fit-for-purpose
data assets and strategies to support the development and delivery of life-enhancing drugs
− Travis May, Co-Founder & CEO of Datavant, commented: “By unlocking the power of the open
data ecosystem, Symphony’s customers will have access to dramatically more data, and will be
able to create tailored data strategies to solve the next generation of healthcare problems.”
($ in millions)
Headquarters: Raleigh, NC
Website: prahs.com
Ownership Status: Public (NAS: PRAH)
LTM June 2020 Revenue: $3,094.5
Description:
Provider of contract research services & clinical trial software and
data solutions for pharmaceutical, biotechnology and medical
device customers.
• PRA acquired Care Innovations, a provider of remote patient monitoring and other virtual solutions,
near the end of 2019
- Care Innovations’ two core products are (i) Health Harmony (remote care management) and (ii)
Home Sensing (patient and resident activity monitoring)
• The companies had originally formed an exclusive strategic partnership in late 2017
- Kent Thoelke, EVP, Scientific and Medical Affairs, Safety and Commercialization Services at PRA,
commented on the partnership, “We believe that by adding the expertise of Care Innovations to
our connected trials solution that PRA will enable more patients to have access to clinical trials
and drive efficiencies for our sponsors,” “We selected Care Innovations as our partner due to
their successful history of engaging with patients in the home both across the continuum of
care as well as across numerous disease states.”
» Partnership Turned Acquisition In The Remote Monitoring Ecosystem
» New Partnership Driving Increased Data Availability
Mobile-Based Product Strategy
Business Overview
PRA Health Sciences
12.8%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
PRAH NASDAQ
• In March 2020, PRA announced the expansion of its mobile health platform for remote clinical
monitoring, adding multiple new features that address needs for COVID-19 virtual studies
− Functionality includes eConsent/re-consent, eSignatures, form collection, remote scheduling,
video consulting and survey tools
• PRA also announced the launch of an app-based Covid-19 monitoring system; a health and well-
being tracking platform for employees, payers, providers and health systems
» Addressing COVID-19 With Mobile Solutions

28
» BIA Acquisition Is The Latest In A Series Of M&A Initiatives
($ in millions)
Description:
International provider of pharmaceutical and laboratory
equipment solutions. The company has two business divisions,
Bioprocess Solutions and Lab Products & Services, and has
+10,000 employees across +60 production and sales locations
globally.
Headquarters: Goettingen, Germany
Employees: +10,000
Website: sartorius.com
Ownership Status: Public (XTRA: SRT)
LTM June 2020 Revenue: $2,354.5
• In October 2020, Sartorius announced the acquisition of BIA Separations, a manufacturer of
purification products for large biomolecules, including viruses, plasmids and mRNA
- The acquisition is complementary to Sartorius’ existing purification technology and advanced
therapy portfolio; BIA’s technology has significantly higher yield and avoids shearing effects which
are commonly associated with traditional purification processes (chromatography)
- While BIA is based in Slovenia, a large portion of the company’s business is in the U.S.
- Sartorius will pay €240 million upfront, €120 million in shares and three earnout payments over the
next five years; BIA is expected to generate €25 million revenue in 2020(1)
• In October 2019, Sartorius announced the acquisition of three Danaher Life Sciences assets ($825mm
EV, ~$170mm revenue, 4.85x multiple); the transaction was completed in May 2020(1)
− (i) FortéBio, provider of protein analysis instruments, biosensors, and reagents for drug discovery;
the asset will integrate into Sartorius’ bioanalytics unit within its Lab Products & Services division
− (ii) Chromatography hardware and resins; the assets will be folded into Sartorius’ Bioprocess
Solutions division
− (iii) SoloHill, provider of microcarrier technology and particle validation standards
• In April 2017, the Company acquired Essen Bioscience, a provider of cell-based assays and
instrumentation used for drug discovery and research applications
− The transaction valued Essen at $320 million (5.33x multiple on ~$60 million revenue)(1)
− The acquistion accelerated Sartorius’ bioanalytics capabilties, a strategy initially deployed with their
acquisiton of IntelliCyt in June 2016
− Dr. Joachim Kreuzburg, commented, “This powerful technology offers important synergies with our
IntelliCyt business. Going forward, Sartorius will be able to provide our customers the broadest
and, we believe, the most innovative portfolio for cell analysis in the industry.”
Aggressive M&A In Life Sciences Hardware And Software
Business Overview
Sartorius
(1) Sartorius press releases and investor presentations
104.4%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
SRT NASDAQ

29
Jul-18 $815.0 million (debt)
Oct-17 $17.5 million (debt)
Aug-13 n/a (buyout)
» Adjustment In Executive Leadership
($ in millions)
Description:
Provider of clinical research development solutions. The
company’s offerings include electronic clinical outcomes
assessments, randomization and trial supply management, rater
training & quality assurance and patient engagement.
Headquarters: Plymouth Meeting, PA
Employees (1-Year Growth): 1,567 (▼4%)
Website: signanthealth.com
Ownership Status: PE-Backed (Genstar Capital)
• The Company announced a series of leadership appointments in 2019 / 2020:
− Roger Smith (CEO, July 2020): Previously Senior VP and General Manager of Accelerated
Enrollment Solutions (AES) at PPD; Roger will replace former Interim CEO & Chairman John
Hubbard, Ph.D.
− Ian Jennings (CCO, March 2020): Previously an independent consultant for clinical and
healthcare technology companies; also served as a Group Vice President of European and APAC
Sales at ERT following the acquisition of Exco InTouch, where Ian was CCO until December 2016
− Paul Drake (Chief Compliance & Security Officer, December 2019): Previously provided interim
CISO capabilities to various industries; also served in Information & Security roles at Coca-Cola
European Partners, GEANT, IHS Markit, GSK, Whitbread and Cambridgeshire County Council
Growth Initiatives On Multiple Fronts
» Opening of New Philadelphia Office Space
• In February 2020, Signant Health announced the opening of a facility in Blue Bells, PA built to house
600 employees, representing the third facility investment by the company in the last twelve months
− The office will be the company’s largest and would serve as a technology hub, featuring
advanced connectivity and collaboration solutions connecting all other Signant Health locations
− Mike Nolte, commented, “Moving to our new Blue Bell location marks an important moment for
Signant Health. I’m personally very excited as I believe it is a space that allows our teams to
more effectively collaborate around innovative ways to support our customers’ important work.
It reflects our business and cultural aspirations while also bringing together teams that had
previously been located in other, space constrained locations in the Philadelphia area."
» eCOA & Remote Sensor Product Enhancement
• In January 2020, Signant Health announced a new audit trail reviewing and reporting capability for
TrialMax, the company’s electronic clinical outcome assessment (eCOA) and remote sensor platform
• Other features included standardized KPIs on data updates and dashboards of the platform feature
data visualizations to support the identification of key data integrity metrics
Business Overview
Signant Health

30
» Transformative Molecular Diagnostics Acquisition Falls Through
($ in millions)
Description:
Thermo Fisher develops scientific instruments, services, and
software solutions to the life sciences and healthcare
community. Thermo Fisher operates under multiple brands,
including Thermo Scientific, Applied Biosystems, Invitrogen,
Fisher Scientific, and Unity Lab Services.
Headquarters: Waltham, MA
Employees: ~70,000
Website: thermofisher.com
Ownership Status: Public (NYSE: TMO)
LTM Sept 2020 Revenue: $28,497
• In March 2020, Thermo Fisher announced the acquisition of QIAGEN (NYSE: QGEN), a global
provider of molecular diagnostics and sample preparation technologies; however, the deal fell apart
in August 2020 and Thermo was required to pay QIAGEN a $95 million termination fee(1)
− Strategic rationale for the transaction: expands specialty diagnostics portfolio (e.g. infectious
disease testing), complementary sample preparation / assay / bioinformatics technologies,
cross-sell potential between Thermo / QIAGEN and attractive financial benefits
− The transaction originally valued QIAGEN at $11.5 billion, including the assumption of $1.4
billion of debt (7.67x LTM revenue, 23.8x LTM EBITDA)(1)
− Thermo expected to generate ~$150 million of cost synergies and ~$50 million of revenue
synergies) by year three following the close(1)
− The valuation was disputed by QIAGEN shareholders, particularly hedge fund Davidson
Kempner, who argued the stock was worth more
− Although Thermo offered an additional $1 billion of consideration in July 2020, the revised offer
still did not receive the required threshold for shareholder approval(1)
Software-Driven Approach Shifting An Instrument Incumbent
» Advancing Mass Spectrometry Capabilities
• In June 2019, Thermo Fisher announced the acquisition of Slovakian-based HighChem, a provider of
mass spectrometry software used to analyze complex data and identify molecules in pharmaceutical
and metabolomics laboratories
− HighChem’s software will be integrated into the chromatography and mass spectrometry
division within Thermo Fisher’s Analytical Instruments Segment
− Mitch Kennedy, Division President at Thermo Fisher Scientific, commented, “Our customers rely
on us to provide advanced software solutions that interpret data quickly and accurately to make
compound identification simple and understandable. The addition of HighChem's software
solutions to our existing mass spectrometry software portfolio will enable us to deliver greater
value for our mass spectrometry customers.”
Business Overview
Thermo Fisher Scientific
(1) “Thermo Fisher-Qiagen deal falls apart after failing to secure shareholder support” (MedTechDive, 8/13/2020)
63.6%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
TMO NASDAQ

31
($ in millions)
Headquarters: Pleasanton, CA
Website: veeva.com
Ownership Status: Public (NYS: VEEV)
LTM July 2020 Revenue: $1,283.2
Description:
Provider of cloud-based solutions for the global life sciences
industry. While the company’s core product is a CRM platform,
Veeva has expanded its product portfolio to encompass a suite of
solutions spanning clinical, regulatory, quality, safety, medical and
commercial solutions.
» Veeva Gains Support In Antitrust Lawsuit Against IQVIA
Aggressive Moves Against Other Incumbents
• In February 2020, Veeva announced that the company is gaining significant support from the
industry for its antitrust lawsuit against IQVIA
− Support comes from six global pharmaceuticals and more than 70 industry constituents
− Notable points of contention against IQVIA include restrictions against utilizing data with Veeva’s
Nitro commercial data warehouse, and Veeva Andi, an AI-based customer engagement platform
− Keith Sharfman, professor at St. John’s University School of Law, said, “Antitrust law has long
protected consumers from platform providers like IQVIA who attempt to extend their market
dominance from one product to another by denying their customers access to alternative, better
solutions from competing vendors. If successful, Veeva’s case against IQVIA will free customers
who are currently prevented from using the data and software of their choice.”
− The trial is expected to take place in late 2021
• Veeva announced two acquisitions in late 2019, representing a renewed interest in M&A four years
after Veeva’s 2015 acquisition of Zinc Ahead, a commercial content compliance technology provider
− Physicians World (November 2019): Provider of speaker bureau services to execute live and
virtual events for healthcare professionals; Physicians World’s services will complement Veeva’s
CRM Events Management, providing an end-to-end offering for event planning and compliance
− Crossix (September 2019): Provider of privacy-safe U.S. patient data and analytics for pharma
marketers; Veeva acquired the company for $550 million including $120 million in long-term
equity retention grants to employees; Crossix data includes Rx, OTC, clinical, claims, consumer,
hospital and media data(1)
• In July 2020, Veeva made a minority investment in Conexus Solutions, a provider a commercial
operations, marketing and data science solutions
- Conexus has performed more than 30 Veeva implementations spanning Veeva CRM, Veeva CRM
Engage Meeting and Veeva Vault PromoMats
- Concurrent with the investment, Conexus launched its cloud services business unit
» Resurgence In M&A And Investment Activity After Four-Year Hiatus
Business Overview
Veeva Systems
(1) Transaction press releases
104.9%
41.1%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
VEEV NASDAQ

32
Nov-19 $3.2 billion (buyout)
Apr-18 $135.0 million (debt)
Apr-17 $115.5 million (debt)
Aug-16 n/a
Jan-13 $1.4 billion (debt)
($ in millions)
Description:
Provider of regulatory and ethical review services for human
research. The company also offers complementary software
products with capabilities spanning patient consent, electronic
data management and clinical outcome assessment.
Headquarters: Princeton, NJ
Employees: ~2,000
Website: wcgclinical.com
Ownership Status: PE-Backed (Leonard Green, Arsenal)
» Acquisition Broadens Specialized Services Offered To Clinical Trial Sponsors
• In January 2020, WCG announced the acquisition of Statistical Collaborative, a biostatistical
consultancy with specialized services targeting pharmaceutical and biologics clinical trials
− Statistical Collaborative primarily provides services to late-stage clinical trials, where it
supplements trial design, Data Monitoring Committee reporting, analysis, and consultation for
FDA presentations
− Donald A. Deieso, PhD, WCG Executive Chairman & CEO, commented: "We quickly recognized
Statistics Collaborative as a company with a similar work ethic, employee culture, and industry
goals. Statistics Collaborative's exceptional reputation as a leader in biostatistical analysis and
consulting for pharmaceutical and biotechnology companies made it a treasured partner to
welcome into WCG.”
» Recapitalization In Review
• In November 2019, Leonard Green & Partners (LGP), a Los Angeles-based private equity firm with
$23.0 billion in AUM, led the recapitalization of WCG; Arsenal Capital retains minority ownership
− The transaction valued the company at $3.2 billion, with an implied EV / EBITDA multiple of
18.1x ($175.0 million EBITDA)(1)
− Partner of LGP, Peter Zippelius, commented, “We are thrilled to have the opportunity to help
support WCG in its mission to accelerate the scientific advancement of human health. WCG fits
squarely within LGP’s investment strategy of partnering with world-class management teams to
support market-leading growth companies. WCG has not only achieved tremendous cash flow
growth over the years, but has dramatically improved the efficiency of the clinical trial process
for patients, sponsors, and sites.”
Leonard Green PE Enters The Life Sciences Technology Landscape
» Endpoint Adjudication Enhancement
• In December 2019, WCG announced the latest release of its AIMS® (Adjudication Information
Management System) platform, providing enhanced workflows for endpoint adjudication
Business Overview
WCG
(1) “Leonard Green to invest in U.S. clinical trial services firm WCG” (Reuters, 11/14/2019)

III. Appendix
Market Comparables

34
Sources: Capital IQ, Public Filings, Press Releases, PitchBook, proprietary Madison Park Group research based on publicly available information
Note: All EBITDA Multiples >30x are considered not to be meaningful as valuation of business clearly influenced by factors other than profitability
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Precedent M&A Transactions
Buyer-Specific Acquisitions
Other
($ in Millions) Target Overview
Estimated Deal Deal Value / Estimated
Announced Target Description Revenue EBITDA Value Revenue EBITDA
Advarra Total Disclosed M&A Deal Value: n/a
May-20 IRB Company IRB services n/a n/a n/a n/a n/a
Sep-19 Forte Research Systems Clinical research management software n/a n/a n/a n/a n/a
Mar-19 Quorum Review IRB IRB services & Kinetiq tech consulting division n/a n/a n/a n/a n/a
Nov-17 Chesapeake IRB IRB services (merged with Schulman) n/a n/a n/a n/a n/a
Nov-17 Schulman Associates IRB IRB services (merged with Chesapeake) n/a n/a n/a n/a n/a
Anju Software Total Disclosed M&A Deal Value: $80.0 Million
Sep-19 OmniComm eClinical software and services $25.6 $2.0 $80.0 3.13x n/m
Oct-18 Zephyr Health Commercial and medical affairs intelligence Confid. Confid. Confid. Confid. Confid.
Jun-18 MDCPartners Clinical optimization and KOL intelligence Confid. Confid. Confid. Confid. Confid.
Mar-18 Sylogent Publication planning and clinical disclosure Confid. Confid. Confid. Confid. Confid.
Jul-17 ClinPlus eClinical solutions including CTMS and EDC Confid. Confid. Confid. Confid. Confid.
Apr-17 OpenQ Key opinion leader (KOL) management Confid. Confid. Confid. Confid. Confid.
Jun-16 Online Business Applications Medical information management software Confid. Confid. Confid. Confid. Confid.
ArisGlobal Total Disclosed M&A Deal Value: n/a
Jun-15 Medsight Solutions Risk-assessment, reporting and compliance n/a n/a n/a n/a n/a
Bioclinica Total Disclosed M&A Deal Value: $38.0 Million
Nov-17 MDDX Research & Informatics Medical research image management n/a n/a n/a n/a n/a
Jul-16 Compass Research Clinical research services n/a n/a n/a n/a n/a
Jan-16 Clinverse Online platform for clinical payments n/a n/a n/a n/a n/a
Sep-15 Synowledge Drug safety and regulatory affairs n/a n/a n/a n/a n/a
Jul-15 MediciGlobal Patient recruitment and retention services n/a n/a n/a n/a n/a
Jun-14 Blueprint Clinical Risk based monitoring technology n/a n/a n/a n/a n/a
Mar-14 SYNARC Medical image analysis n/a n/a n/a n/a n/a
Mar-13 CoreLab Partners Cardiac safety monitoring and imaging n/a n/a n/a n/a n/a
Mar-10 TranSenda International Clinical management software $1.0 ($0.5) $2.5 2.50x n/m
Sep-09 Tourtellotte Solutions Interactive voice response technology $5.0 n/a $6.6 1.32x n/a
Sep-09 CardioNow Medical image transmission n/a n/a $1.0 n/a n/a
Mar-08 Phoenix Data Systems Electronic data capture $12.1 $1.4 $24.0 1.98x 17.1x
Feb-07 Theralys Imaging CRO services n/a n/a $3.9 n/a n/a
Dec-04 Heart Core Quantitative image analysis services n/a n/a n/a n/a n/a
May-99 Bona Fide Quality assurance and quality control n/a n/a n/a n/a n/a
Bruker Total Disclosed M&A Deal Value: $1.7 Billion
Sep-20 Integrated Protemoics Search engine and proteomics workflow n/a n/a n/a n/a n/a
Sep-20 Canopy Biosciences Biomarker imaging and gene editing n/a n/a n/a n/a n/a
Oct-19 Magenettech Electronic measuring instruments n/a n/a $9.5 n/a n/a
Jul-19 PMOD Technologies LLC Research-use-only medical imaging n/a n/a $10.0 n/a n/a
Life Sciences Software Acquisition

35
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Bruker Total Disclosed M&A Deal Value: $1.7 Billion
Apr-19 RAVE LLC Developer of nanomachining techniques $25.0 n/a $60.8 2.43x n/a
Mar-19 Arxspan, LLC Cloud-based scientific software n/a n/a $16.6 n/a n/a
Nov-18 Alicona Imaging GmbH Optical 3D surface metrology systems n/a n/a $55.3 n/a n/a
Nov-18 Aegilops Applications Technological agents for seed treatment $5.0 $2.0 n/a n/a n/a
Aug-18 Hain Lifescience Manufacturer of in-vitro diagnostics n/a n/a $76.7 n/a n/a
Jul-18 JPK Instruments AG Life science microscopy $10.0 n/a $21.6 2.16x n/a
Jul-18 Lactotronic B.V. Analytical instruments for the dairy sector n/a n/a n/a n/a n/a
Jun-18 Sierra Sensors GmbH Manufacturer of biosensor tools n/a n/a n/a n/a n/a
Apr-18 Anasys Instruments Corporation Nanoscale spectroscopy imaging n/a n/a $36.6 n/a n/a
Feb-18 IRM2 High-speed infrared (IR) imaging n/a n/a n/a n/a n/a
Sep-17 MERLIN Diagnostika GmbH Developer of diagnostic equipment n/a n/a $2.9 n/a n/a
Aug-17 XGLab S.R.L. Manufacturer of electronic instruments n/a n/a n/a n/a n/a
May-17 Luxendo GmbH Light-sheet fluorescence instruments n/a n/a $21.9 n/a n/a
Jan-17 Hysitron Incorporated Nanomechanical test instruments n/a n/a $29.5 n/a n/a
Jan-17 InVivo BioTech Services GmbH Monoclonal antibodies and proteins $5.0 n/a $9.1 1.82x n/a
Jan-17 SCiLS GmbH Software for mass spectrometry data n/a n/a n/a n/a n/a
Dec-16 Active Spectrum, Inc. Electron Spin Resonance spectroscopy n/a n/a $1.9 n/a n/a
Nov-16 Oxford Instruments Superconducting Wire LLCManufacturer of superconducting wires $61.0 n/a $17.5 0.29x n/a
Sep-16 Oncovision (Assets) Preclinical PET imaging business n/a n/a $7.4 n/a n/a
Jun-16 Yingsheng Technology Pty. Ltd Mineral identification software n/a n/a n/a n/a n/a
Oct-15 Jordan Valley Semiconductors, LTD. Semiconductor metrology equipment $22.0 n/a $53.0 2.41x n/a
Jul-14 Vutara Super-resolution microscopes n/a n/a n/a n/a n/a
Sep-12 Carestream Preclinical imaging business n/a n/a n/a n/a n/a
Apr-12 Bruker microCT Microtomography instruments $19.1 $3.7 $21.7 1.14x 5.9x
Jan-12 Hecus X-ray X-ray systems n/a n/a n/a n/a n/a
Oct-11 Center for Tribology Tribology and mechanical test equipment n/a n/a $17.0 n/a n/a
Apr-11 Michrom Bioresources Microfluidic products for life sciences n/a n/a n/a n/a n/a
Jan-11 PROTECT-US Radiation detection instruments n/a n/a n/a n/a n/a
Dec-10 Sigma ElectroOptics Remote gas sensing products n/a n/a n/a n/a n/a
Oct-10 Veeco Instruments Optical industrial metrology and microscopy n/a n/a $229.4 n/a n/a
May-10 Varian (Three Product Lines) Lab GC, GC-QQQ-MS and ICP-MS products n/a n/a $37.5 n/a n/a
Apr-09 ACCEL Therapy instruments for cancer treatment n/a n/a $0.4 n/a n/a
Feb-08 BioSpin Life science & analytical research instruments $447.0 $76.7 $914.0 2.04x 11.9x
Jun-07 AXS Nordic Scientific instruments n/a n/a $0.8 n/a n/a
Jun-07 Spectral Solutions Advanced research instruments n/a n/a n/a n/a n/a
Jan-07 Keca Metal Products Specialized machining services n/a n/a $0.6 n/a n/a
Jul-06 KeyMaster Technologies Portable X-ray systems n/a n/a $10.0 n/a n/a
Oct-05 Rontec X-ray elemental and structural analysis n/a n/a $6.6 n/a n/a
Jun-03 VAC Magnetic materials n/a n/a n/a n/a n/a
May-02 MAC Science X-ray instrument products n/a n/a n/a n/a n/a

36
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Certara Total Disclosed M&A Deal Value: $89.0 Million
Sep-18 Pirana Pharmacometrics modeling workbench n/a n/a n/a n/a n/a
Apr-18 Analytica Laser Tech-enabled drug value assessment n/a n/a n/a n/a n/a
Feb-18 BaseCase Data visualization software n/a n/a n/a n/a n/a
Sep-16 d3 Medicine Drug development program planning n/a n/a n/a n/a n/a
Dec-15 Xenologiq Quantitative systems consulting n/a n/a n/a n/a n/a
Mar-17 GlobalSubmit (Synchrogenix) Regulatory submissions software n/a n/a n/a n/a n/a
Dec-14 ClinGenuity (Synchrogenix) AI-powered clinical trial reporting n/a n/a n/a n/a n/a
Apr-14 Synchrogenix Strategic regulatory services n/a n/a n/a n/a n/a
Aug-13 Great Lakes Drug Develop. Support services for drug development n/a n/a n/a n/a n/a
Feb-12 Simcyp Drug modeling and simulation platform n/a n/a $32.0 n/a n/a
Nov-08 Pharsight Drug development software and services $28.8 $1.9 $57.0 1.98x n/m
Dassault / Medidata Total Disclosed M&A Deal Value: $11.5 Billion
Jul-20 Proxem AI-based semantic processing software n/a n/a n/a n/a n/a
Jun-19 Medidata eClinical solutions $661.0 $85.4 $5,763.8 8.72x n/m
Feb-19 Elecwork Assets of Trace Software Electrical design, product line & IP assets n/a n/a n/a n/a n/a
Jan-19 IQMS Manufacturing ERP software & SaaS $56.0 n/a $425.0 7.59x n/a
Dec-19 COSMOlogic Fluid phase computational chemistry software n/a n/a n/a n/a n/a
Jul-18 Centric Software PLM software for operations management n/a n/a $228.1 n/a n/a
Jun-18 No Magic BPM software & SaaS n/a n/a n/a n/a n/a
Jun-18 SHYFT Analytics (Medidata) Commercial and clinical analytics solutions $20.0 n/a $195.0 9.75x n/a
Nov-17 Exa Corporation Simulation & engineering software & SaaS $73.0 $1.5 $400.0 5.48x n/m
Jun-17 Outscale Provider of IaaS n/a n/a n/a n/a n/a
Jun-17 AITAC Marine and offshore engineering software n/a n/a n/a n/a n/a
Apr-17 Mytrus (Medidata) Patient consent solutions n/a n/a n/a n/a n/a
Feb-17 Chita (Medidata) Content management and collaboration n/a n/a $14.7 n/a n/a
Dec-16 Next Limit Dynamics Graphics simulation software asset n/a n/a n/a n/a n/a
Jul-16 CST Electromagnetic field simulation software $47.0 n/a $243.7 5.18x n/a
Jun-16 Ortems Manufacturing planning software & SaaS n/a n/a n/a n/a n/a
Apr-16 Intelemage (Medidata) Clinical trial image file sharing n/a n/a $17.1 n/a n/a
Apr-16 3DPLM Software Solutions Software development & implementation n/a n/a n/a n/a n/a
Apr-15 Modelon German engineering CAD & simulation n/a n/a n/a n/a n/a
Oct-14 Patient Profiles (Medidata) Patient report software n/a n/a n/a n/a n/a
Jul-14 Quitiq Supply planning & optimization software $96.0 n/a $337.0 3.51x n/a
Jul-14 SIMPACK Multi-body simulation software provide n/a n/a n/a n/a n/a
Jan-14 Accelrys Scientific PLM software $166.0 n/a $750.0 4.52x n/a
Jan-14 Real time Technology 3D visualization technology n/a n/a $245.4 n/a n/a
Oct-13 Inceptra Horizontal PLM software n/a n/a n/a n/a n/a
Sep-13 Safety Technology Supplier of safety training and equipment n/a n/a $1.0 n/a n/a

37
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Dassault / Medidata Total Disclosed M&A Deal Value: $11.5 Billion
Jul-13 SFE CAE-driven development software n/a n/a n/a n/a n/a
Jul-13 Apriso Manufacturing execution system n/a n/a $205.0 n/a n/a
Apr-13 Archividéo Production of 3D images for construction $1.3 n/a n/a n/a n/a
Apr-13 Fe-Design Simulation and automation software n/a n/a n/a n/a n/a
Apr-13 Simpoe Plastic injection-molding simulation software n/a n/a n/a n/a n/a
Jan-13 SquareClock Provides 3D space planning solutions $2.7 n/a n/a n/a n/a
Dec-12 Tuscany Design Automation Engineering software for circuit design n/a n/a n/a n/a n/a
Jul-12 Dassault Systèmes GEOVIA Supplier of mining productivity solutions n/a n/a $354.9 n/a n/a
Feb-12 Netvibes Personalized dashboard publishing platform $2.8 ($2.5) n/a n/a n/a
Oct-11 Elsys International Collaborative management software $0.7 ($0.2) n/a n/a n/a
Oct-11 Simulayt Draping simulation technology services $1.1 $3.0 n/a n/a n/a
Jun-11 Clinical Force (Medidata) SaaS-based CTMS n/a n/a $7.8 n/a n/a
Apr-11 Enginuity PLM R&D software for chemical companies n/a n/a n/a n/a n/a
Mar-11 Intercim Provider of operations management software n/a n/a $36.5 n/a n/a
Jun-10 Geensoft Design tools and services for software n/a n/a $6.7 n/a n/a
Jun-10 Exalead Unified search technology platform n/a n/a $164.9 n/a n/a
Apr-10 IBM (PLM Sales & Support Operations) Support services for PLM software n/a n/a $600.0 n/a n/a
Jul-08 Engineous Software Process integration and design optimization n/a n/a $40.0 n/a n/a
Mar-08 Fast Track Systems (Medidata) Clinical trial document solutions n/a n/a $18.1 n/a n/a
Jan-08 Deneb Robotics Digital manufacturing software n/a n/a $105.0 n/a n/a
Sep-07 Seemage Software for 3D CAD models $2.6 ($2.4) n/a n/a n/a
Jun-07 ICEM Modeling, analysis, and design software n/a n/a $108.2 n/a n/a
May-06 MatrixOne Collaborative PLM software $135.5 ($11.3) $410.0 3.03x n/m
Oct-05 Dassault Systèmes Simulia Software for advanced finite element analysis n/a n/a $413.0 n/a n/a
Jul-05 Virtools Real-time 3D and multi-user applications $3.9 ($1.2) $14.5 3.72x n/m
Jan-05 Transcat PLM PLM software n/a n/a n/a n/a n/a
Jul-04 Inceptra PLM software n/a n/a n/a n/a n/a
May-03 Athys Workcell control software n/a n/a $3.8 n/a n/a
Apr-02 Ortems Supply-chain advanced planning software n/a n/a $8.9 n/a n/a
Nov-00 Spatial (3D Modeling) 3D modeling for application development n/a n/a n/a n/a n/a
Jan-00 Structural Research & Analysis Analysis for computer aided design (CAD) n/a n/a $22.0 n/a n/a
Jul-97 Solidworks Mechanical design software for Windows n/a n/a $325.0 n/a n/a
Envision Pharma Total Disclosed M&A Deal Value: n/a
Apr-20 90ten Healthcare communication consultancy n/a n/a n/a n/a n/a
Nov-17 EndPoint Technologies Medical affairs specialty consulting n/a n/a n/a n/a n/a
Jan-17 Curo Consulting Pharma market access consultancy n/a n/a n/a n/a n/a
Sep-15 Alligent Biopharm Consulting Medical affair agency services n/a n/a n/a n/a n/a
Jan-14 ProScribe Medical writing services n/a n/a n/a n/a n/a

38
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
ERT Total Disclosed M&A Deal Value: $321.3 Million
Jun-20 APDM Wearable Technologies Movement monitoring technologies n/a n/a $6.3 n/a n/a
Dec-17 iCardiac Cardiac safety solutions $20.5 n/a n/a n/a n/a
Sep-17 Biomedical Systems Imaging solutions n/a n/a $185.0 n/a n/a
May-17 ImageIQ Cloud-based imaging technology n/a n/a n/a n/a n/a
Dec-16 Exco inTouch Patient engagement and data capture $17.7 ($1.6) n/a n/a n/a
May-15 PHT Electronic patient reported outcomes n/a n/a n/a n/a n/a
Nov-14 eClinical Insights Clinical trials management software n/a n/a n/a n/a n/a
Jul-12 Invivodata Electronic patient reported outcomes n/a n/a n/a n/a n/a
Jun-10 CareFusion (Assets) Research services division n/a n/a $80.8 n/a n/a
Nov-07 Covance Cardiac Safety Serv. Cardiac safety services n/a n/a $49.2 n/a n/a
Eversana Total Disclosed M&A Deal Value: n/a
Jul-20 HVH Precision Analytics AI-based predictive analytics platform n/a n/a n/a n/a n/a
Nov-19 Cornerstone Research Group Health economics and market research n/a n/a n/a n/a n/a
May-19 Alamo Pharma Services Sales, marketing and clinical services $144.0 n/a n/a n/a n/a
May-19 BexR Logistix Logistical support and management services n/a n/a n/a n/a n/a
Oct-18 Seeker Health Patient identification technology platform n/a n/a n/a n/a n/a
Oct-18 Dohmen Life Science Services Medical communication services n/a n/a n/a n/a n/a
Oct-18 The Access Group Communications and consulting n/a n/a n/a n/a n/a
May-18 The Patient Experience Project Patient-centric communication services $16.9 n/a n/a n/a n/a
May-18 Triplefin Reimbursement and patient assistance n/a n/a n/a n/a n/a
Dec-17 Alliance Life Sciences Pricing software and services n/a n/a n/a n/a n/a
Dec-17 Health Strategies Group Market research solutions n/a n/a n/a n/a n/a
Insightful Science Total Disclosed M&A Deal Value: n/a
Jun-20 Statsols Provider a nQuery sample size software $1.6 n/a n/a n/a n/a
May-20 Cytapex Bioinformatics Bioinformatics CRO n/a n/a n/a n/a n/a
Aug-19 SnapGene Bioinformatics technology n/a n/a n/a n/a n/a
Apr-19 Biomatters Geneious DNA data analysis solutions n/a n/a n/a n/a n/a
Nov-17 GraphPad Data analysis, statistics and graphing software n/a n/a n/a n/a n/a
Instem Total Disclosed M&A Deal Value: $21.9 Million
Nov-19 Leadscope Advanced informatics and prediction $1.9 $0.4 $3.4 1.76x 8.4x
Sep-16 Notocord New drug development data analysis $2.4 $0.5 $4.9 2.04x 9.2x
May-16 Samarind RMS Regulatory information management $1.2 n/a $3.3 2.73x n/a
Nov-13 Perceptive Instruments Image analysis for toxicology assays $1.1 $0.4 $1.8 1.57x 4.6x
May-13 Logos Technologies Electronic data capture software $1.9 $0.4 $6.7 3.53x 16.8x
May-11 Biowisdom Healthcare intelligence solutions $1.8 $0.4 $1.9 1.06x 5.3x

39
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
IntegriChain Total Disclosed M&A Deal Value: n/a
May-20 Cumberland Revenue management services n/a n/a n/a n/a n/a
Mar-19 daVIZta G2N automation and government pricing n/a n/a n/a n/a n/a
Feb-18 Medical Communication Tech. Government pricing and contracting solutions n/a n/a n/a n/a n/a
Apr-17 PharmaMetrics Contract operations outsourcing solutions n/a n/a n/a n/a n/a
IQVIA Total Disclosed M&A Deal Value: $10.1 Billion
Sep-19 GCE Solutions Bio-metrics clinical research organization n/a n/a $200.0 n/a n/a
Aug-19 CoreZetta Healthcare technology provider n/a n/a n/a n/a n/a
Aug-19 Jäger Health Group OTC healthcare marketing agency n/a n/a n/a n/a n/a
Aug-19 Aposphäre Educational training for pharmacists n/a n/a n/a n/a n/a
Feb-19 Linguamatics NLP solutions for patient insights n/a n/a n/a n/a n/a
Nov-18 ValueCentric BI for pharma manufacturers n/a n/a n/a n/a n/a
Jul-18 Acuta Regulatory information management n/a n/a n/a n/a n/a
May-18 Statfinn Clinical trial data management services n/a n/a n/a n/a n/a
May-18 Advanced Health Media HCP engagement software n/a n/a $127.5 n/a n/a
Apr-18 159 Solutions Commercial analytics n/a n/a $13.0 n/a n/a
Mar-18 Optimum Contact Audit compliance SaaS system n/a n/a n/a n/a n/a
Nov-17 Chemical Information Serv. Chemical & pharmaceutical marketplace n/a n/a n/a n/a n/a
Oct-17 Pilgrim Quality Solutions Quality & compliance management n/a n/a n/a n/a n/a
Oct-17 HighPoint Solutions Life sciences IT systems integration n/a n/a n/a n/a n/a
Jul-17 DrugDev Clinical site data sharing platform n/a n/a n/a +5.00x n/a
Jul-17 Cote Orphan Orphan drug regulatory services n/a n/a n/a n/a n/a
May-17 Polaris Management Spend compliance software and consulting Confid. Confid. Confid. Confid. Confid.
Apr-17 Themis Analytics Pharma data management n/a n/a n/a n/a n/a
Mar-17 Wingspan eTMF software n/a n/a n/a n/a n/a
Feb-17 STI Technologies Patient support program technology n/a n/a $200.0 n/a n/a
Dec-16 TKL Research Clinical research services n/a n/a n/a n/a n/a
Nov-16 Kadridge eDetailing & multi-channel promotions n/a n/a n/a n/a n/a
May-16 Quintiles Clinical data management & trial services $5,737.6 $774.4 $8,900.0 1.55x 11.5x
Sep-16 Healthcost Healthcare costing consulting n/a n/a n/a n/a n/a
May-16 Privacy Analytics Health data anonymization software n/a n/a n/a n/a n/a
Feb-16 Dimensions Healthcare Healthcare informatics & consulting n/a n/a n/a n/a n/a
Feb-16 AlphaImpactRx Primary biopharma research & analysis n/a n/a n/a n/a n/a
Dec-15 Iasist Clinical & economic information n/a n/a n/a n/a n/a
Sep-15 R-Squared Spend management & compliance Confid. Confid. Confid. Confid. Confid.
Aug-15 Boston Biomedical In Vitro Diagnostics consulting n/a n/a n/a n/a n/a
Aug-15 MediMedia Health Solutions Multi-channel marketing services n/a n/a n/a n/a n/a
Jul-15 Healthcare Data Solutions Healthcare data services n/a n/a n/a n/a n/a
Jul-15 Effektor SQL software n/a n/a n/a n/a n/a

40
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Jul-15 Effektor SQL software n/a n/a n/a n/a n/a
Jul-15 Rehfeld Partners Data maintenance software n/a n/a n/a n/a n/a
Jun-15 VIS Research Online feasibility platform n/a n/a n/a n/a n/a
Jun-15 Mercurial Sales & marketing consulting n/a n/a n/a n/a n/a
May-15 Dataline Software Big data healthcare analytics n/a n/a n/a n/a n/a
Apr-15 Cegedim (Assets) Customer relationship management $465.0 $72.0 $415.5 0.89x 5.8x
Aug-14 GCMS Multi-channel marketing services n/a n/a n/a n/a n/a
Jul-14 Aileron Solutions Healthcare data analytics n/a n/a n/a n/a n/a
May-14 Forcea Hospital business intelligence n/a n/a n/a n/a n/a
Apr-14 Semantelli Healthcare social media analytics n/a n/a n/a n/a n/a
Dec-13 Pygargus Pharma market research consulting n/a n/a n/a n/a n/a
Dec-13 HGS Europe Pharma market access services n/a n/a n/a n/a n/a
Dec-13 The Amundsen Group Pharma strategic consulting n/a n/a n/a n/a n/a
Oct-13 HCM BIOS Pharma business intelligence n/a n/a n/a n/a n/a
Sep-13 BroadReach Healthcare Pharma / biotech program management n/a n/a n/a n/a n/a
Sep-13 Diversinet Mobile care coordination platform n/a n/a n/a n/a n/a
Jun-13 Incential Software Medical sales performance management n/a n/a n/a n/a n/a
May-13 360 Vantage Life sciences sales & marketing technology n/a n/a n/a n/a n/a
Mar-13 Appature Enterprise healthcare marketing technology n/a n/a n/a n/a n/a
Jan-13 Nielsen (Consumer Health Assets) European consumer health services n/a n/a n/a n/a n/a
Dec-12 Vedere Group Sales & marketing performance tools n/a n/a n/a n/a n/a
Nov-12 Pharmexpert Group Pharma market intelligence n/a n/a n/a n/a n/a
Aug-12 Life Science Partners Healthcare / biotech services n/a n/a n/a n/a n/a
Aug-12 TTC Clinical grant database & benchmarking n/a n/a n/a n/a n/a
Aug-12 Pharmadeals Pharma / biotech industry research n/a n/a n/a n/a n/a
Apr-12 DecisionView Clinical optimization solutions n/a n/a n/a n/a n/a
Jan-12 PharmARC Analytics Life sciences commercial analytics n/a n/a n/a n/a n/a
Jan-12 Marina Consulting Pharma / biotech consulting services n/a n/a n/a n/a n/a
Jan-12 Pharmadata Pharma data solutions n/a n/a n/a n/a n/a
Jan-12 SLD Pharma market data n/a n/a n/a n/a n/a
Oct-11 SDI Health Healthcare data & market research n/a n/a n/a n/a n/a
Aug-11 Ardentia Healthcare data management platform n/a n/a n/a n/a n/a
Jun-11 Med-Vantage Consumer health transparency analytics n/a n/a n/a n/a n/a
Jul-10 Brogan Healthcare IT research & consulting n/a n/a n/a n/a n/a
Jun-10 ORG Proprietary healthcare research apps n/a n/a n/a n/a n/a
Oct-08 Skura (Assets) Life sciences services & consulting n/a n/a n/a n/a n/a
Apr-08 Health Benchmarks Healthcare data research services n/a n/a n/a n/a n/a
Mar-08 Robinson & James Research Medical research center n/a n/a n/a n/a n/a
Jan-08 RMBC Pharma Pharma market intelligence n/a n/a $7.8 n/a n/a

41
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Dec-07 Aremis Consultants Health economic consulting services n/a n/a n/a n/a n/a
Nov-07 MIHS Holdings Healthcare analytics holding company n/a n/a $80.0 n/a n/a
Mar-07 ValueMedics Research Life sciences research & communications n/a n/a n/a n/a n/a
Jan-07 Brynlake Data research & consulting services n/a n/a n/a n/a n/a
Jan-07 Datasurf Japanese healthcare services n/a n/a n/a n/a n/a
Jan-07 GCE Servicos Healthcare device manufacturer n/a n/a n/a n/a n/a
Jan-07 Merg Forschungsgruppe Medical research services n/a n/a n/a n/a n/a
Dec-06 Strategic Decisions Group Life sciences strategic consulting n/a n/a n/a n/a n/a
Aug-05 PharMetrics Pharma market & managed care insights n/a n/a n/a n/a n/a
Dec-03 ORG IMS Research Healthcare research services n/a n/a n/a n/a n/a
Jun-03 AzyX Geopharma Europeans pharma marketing information n/a n/a $18.1 n/a n/a
Jun-98 Walsh International Pharma information management system n/a n/a $177.0 n/a n/a
Jan-73 Cambridge Computer Drug distribution data n/a n/a n/a n/a n/a
Model N Total Disclosed M&A Deal Value: $75.6 Million
Jan-17 Revitas Revenue and compliance management $30.0 n/a $60.0 2.00x n/a
Oct-15 Channelinsight Channel sales CRM n/a n/a $12.6 n/a n/a
Feb-12 LeapFrogRx Marketing analytics and BI n/a n/a $3.0 n/a n/a
Mar-06 Azerity Pricing and quoting software n/a n/a n/a n/a n/a
Oracle Total Disclosed M&A Deal Value: $61.2 Billion
Apr-20 Sauce Video Provider of video content creation solutions n/a n/a n/a n/a n/a
May-20 LiveData Utilities Real time data solution provider to utility n/a n/a n/a n/a n/a
Nov-19 CrowdTwist Cloud based customer loyalty platform n/a n/a n/a n/a n/a
Jul-19 Sonantic Speech driven communication software n/a n/a n/a n/a n/a
Jun-19 Oxygen Systems (Brazil) Provider of localization solutions in Brazil n/a n/a n/a n/a n/a
Dec-18 goBalto Clinical feasibility solutions n/a n/a n/a n/a n/a
Nov-18 Talari Networks Wide area network technology n/a n/a n/a n/a n/a
Nov-18 DataFox Company research platform n/a n/a n/a n/a n/a
Oct-18 Iridize Customer training and on-boarding n/a n/a n/a n/a n/a
Jun-18 Datascience.com Data science platform n/a n/a n/a n/a n/a
May-18 Grapeshot Content placement optimization $30.6 $4.2 $400.0 13.07x n/m
Apr-18 Vocado Financial aid management platform n/a n/a $139.0 n/a n/a
Apr-18 Sparkline Data Provider of data warehouse platform n/a n/a n/a n/a n/a
Dec-17 Aconex Construction document management $122.3 $5.7 $1,198.7 9.80x n/m
Apr-17 Moat Marketing analytics platform n/a n/a $850.0 n/a n/a
Apr-17 Wercker Code deployment platform n/a n/a n/a n/a n/a
Apr-17 Webtrends (Infinity) Big data analytics n/a n/a n/a n/a n/a
Jan-17 apiary API documentation development n/a n/a n/a n/a n/a

42
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Nov-16 Dyn Internet performance management $100.0 n/a $650.0 6.50x n/a
Nov-16 NetSuite ERP solutions for SMB $897.5 ($55.6) $8,838.9 9.85x n/m
Sep-16 Palerra Cloud security automation n/a n/a n/a n/a n/a
Sep-16 LogFire Warehousing & in-store inventory platform n/a n/a $36.0 n/a n/a
May-16 Opower Utilities customer engagement $152.0 ($32.8) $471.2 3.10x n/m
Apr-16 Textura Commercial construction collaboration $92.2 ($5.4) $698.3 7.57x n/m
Apr-16 Crosswise (Assets) Cross device data services n/a n/a $50.0 n/a n/a
Feb-16 Ravello Systems Nested virtualization software n/a n/a $500.0 n/a n/a
Jan-16 AddThis Social infrastructure and data platform n/a n/a $200.0 n/a n/a
Dec-15 StackEngine Docker management platform n/a n/a n/a n/a n/a
Sep-15 Maxymiser Multivariate testing & personalization n/a n/a n/a n/a n/a
Aug-15 CloudMonkey Mobile Mobile software application testing n/a n/a n/a n/a n/a
Jan-15 Datalogix Online advertising data & technology $125.0 n/a $1,200.0 9.60x n/a
Oct-14 Front Porch Digital Content storage management n/a n/a n/a n/a n/a
Sep-14 MICROS Systems Hospitality & retail management solutions $1,405.4 $291.3 $5,701.2 4.06x 19.6x
Jul-14 TOA Technologies Mobile workforce software n/a n/a n/a n/a n/a
Jul-14 BlueKai Enterprise marketing data activation n/a n/a $425.0 n/a n/a
Jun-14 LiveLOOK Customer collaboration tools n/a n/a n/a n/a n/a
Jun-14 GreenBytes Desktop virtualization n/a n/a n/a n/a n/a
Mar-14 Corente Enterprise network security n/a n/a n/a n/a n/a
Dec-13 Responsys Email marketing $194.3 $13.8 $1,500.0 7.72x n/m
Dec-13 Nirvanix Internet storage services n/a n/a n/a n/a n/a
Nov-13 BigMachines Product configuration & quoting $58.0 n/a $400.0 6.90x n/a
Nov-13 Bitzer Mobile Enterprise mobility management n/a n/a n/a n/a n/a
Oct-13 Compendium Content marketing start-up n/a n/a n/a n/a n/a
Jun-13 Tekelec Network signaling applications n/a n/a n/a n/a n/a
Mar-13 Acme Packet Session delivery network $274.4 $8.4 $1,741.5 6.35x n/m
Mar-13 Eloqua Marketing automation software $95.8 ($8.6) $871.0 9.10x n/m
Mar-13 Nimbula Cloud infrastructure software n/a n/a $100.0 n/a n/a
Dec-12 DataRaker Utilities big data analytics n/a n/a n/a n/a n/a
Nov-12 Instantis Project portfolio management n/a n/a n/a n/a n/a
Sep-12 SelectMinds Social talent sourcing n/a n/a n/a n/a n/a
Aug-12 Involver Video campaign marketing n/a n/a n/a n/a n/a
Jul-12 Xsigo Systems Virtualized infrastructure services n/a n/a n/a n/a n/a
Jul-12 Skire Facility management solutions n/a n/a n/a n/a n/a
Jul-12 Collective Intent Social media analytics n/a n/a n/a n/a n/a
May-12 Vitrue Social media marketing services n/a n/a $300.0 n/a n/a
Apr-12 ClearTrial Clinical trials operations n/a n/a n/a n/a n/a
Apr-12 Taleo Talent management software $308.9 $16.2 $608.1 1.97x n/m

43
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Jan-12 RightNow Tech. CRM and customer service software $216.2 $22.3 $1,500.0 6.94x n/m
Dec-11 Endeca Technologies Information management software n/a n/a $1,080.0 n/a n/a
Oct-11 GoAhead Integrated middleware for manufacturers n/a n/a n/a n/a n/a
Jul-11 InQuira Natural language search n/a n/a n/a n/a n/a
Jul-11 Ksplice Linux update software n/a n/a n/a n/a n/a
Jul-11 Pillar Data Systems Network storage systems n/a n/a n/a n/a n/a
Jun-11 FatWire Software Web experience management n/a n/a n/a n/a n/a
Jun-11 Datanomic Compliance screening software n/a n/a n/a n/a n/a
Jan-11 Art Technology Group Cross-channel commerce $193.9 $25.5 $848.0 4.37x n/m
Oct-10 Passlogix Single sign on services n/a n/a n/a n/a n/a
Aug-10 Phase Forward Clinical research software $227.7 $14.5 $744.6 3.27x n/m
Aug-10 eServGlobal Telecom software $55.5 n/a $96.4 1.74x n/a
May-10 Market2Lead Marketing automation software n/a n/a n/a n/a n/a
May-10 Secerno Database security and compliance n/a n/a n/a n/a n/a
Feb-10 Convergin Network service mediation n/a n/a n/a n/a n/a
Feb-10 AmberPoint SOA visibility and management n/a n/a n/a n/a n/a
Jan-10 Sun Microsystems Network infrastructure services $10,702.0 $50.0 $5,019.0 0.47x n/m
Jan-10 Silver Creek Systems Data usability solutions n/a n/a n/a n/a n/a
Oct-09 Sophoi IP rights & royalty management n/a n/a n/a n/a n/a
Sep-09 HyperRoll Data warehouse performance management n/a n/a n/a n/a n/a
Jul-09 GoldenGate Software Transactional data management n/a n/a n/a n/a n/a
Jul-09 Relsys International Drug safety solutions n/a n/a n/a n/a n/a
Jun-09 mValent Application configuration management n/a n/a n/a n/a n/a
Jun-09 Conformia Software Life sciences PLM n/a n/a n/a n/a n/a
May-09 Virtual Iron Software Server virtualization n/a n/a n/a n/a n/a
Nov-08 Tacit Software Email analysis and information sharing n/a n/a n/a n/a n/a
Oct-08 Ruleburst Holdings Policy automation software n/a n/a $103.2 n/a n/a
Oct-08 Primavera Project portfolio management n/a n/a n/a n/a n/a
Oct-08 Visual Technology 3D space planning n/a n/a n/a n/a n/a
Sep-08 GKS Self-service training automation n/a n/a n/a n/a n/a
Sep-08 ClearApp Advertising measurement n/a n/a n/a n/a n/a
Jun-08 Skywire Software Policy lifecycle support $95.2 n/a $240.0 2.52x n/a
Apr-08 BEA Systems Application server software $1,535.8 $347.4 $6,998.3 4.56x 20.1x
Mar-08 Empririx (Assets) Software testing n/a n/a n/a n/a n/a
Oct-07 Interlace Systems Business planning software n/a n/a n/a n/a n/a
Oct-07 LogicalApps Enterprise GRC n/a n/a n/a n/a n/a
Sep-07 Bridgestream Business roles automation n/a n/a n/a n/a n/a
Sep-07 Netsure Telecom Network intelligence n/a n/a n/a n/a n/a
Sep-07 Active Reasoning IT controls automation n/a n/a n/a n/a n/a

44
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Jul-07 Agile Software PLM software $130.1 ($22.0) $330.6 2.54x n/m
Jun-07 Revenue Tech. Business management software n/a n/a n/a n/a n/a
Apr-07 AppForge Software development platform n/a n/a n/a n/a n/a
Apr-07 Lodestar Energy management software n/a n/a n/a n/a n/a
Apr-07 Hyperion Solutions Business performance management $830.9 $142.3 $2,813.6 3.39x 19.8x
Dec-06 MetaSolv CRM & order management $95.6 $1.9 $157.6 1.65x n/m
Nov-06 SPL WorldGroup Utilities asset management n/a n/a n/a n/a n/a
Jul-06 Portal Software Revenue management $93.7 ($77.2) $178.5 1.91x n/m
Jun-06 Demantra POS platform n/a n/a $41.0 n/a n/a
Apr-06 Net4Call Telecom data communication n/a n/a n/a n/a n/a
Feb-06 HotSip eCommerce internet protocol n/a n/a n/a n/a n/a
Jan-06 Siebel Systems Front office business applications $1,429.1 $58.6 $5,600.0 3.92x n/m
Jan-06 360Commerce Retail workforce & store management n/a n/a n/a n/a n/a
Nov-05 Thor Technologies Access rights management n/a n/a n/a n/a n/a
Nov-05 G-Log Logistics management n/a n/a $90.0 n/a n/a
Aug-05 Context Media Enterprise content integration n/a n/a n/a n/a n/a
Jul-05 ProfitLogic Retail profit optimization n/a n/a n/a n/a n/a
Jun-05 TimesTen Infrastructure management n/a n/a n/a n/a n/a
Mar-05 Oblix Security infrastructure n/a n/a n/a n/a n/a
Jan-05 PeopleSoft CRM & HR management $2,674.4 $311.1 $8,329.3 3.11x 26.8x
Jan-03 UpShot Hosted CRM service n/a n/a $56.0 n/a n/a
Feb-02 NetForce Drug safety monitoring n/a n/a n/a n/a n/a
Mar-00 Fibermarket.com Forest products eCommerce n/a n/a n/a n/a n/a
Aug-98 Versatility Customer interaction software n/a n/a $11.6 n/a n/a
Jan-97 Datalogix Mobile asset tracking n/a n/a $94.0 n/a n/a
PRA Health Sciences Total Disclosed M&A Deal Value: $1.2 Billion
Jan-20 Care Innovations Patient monitoring platform n/a n/a $211.4 n/a n/a
Jun-19 Takeda PRA Development Center JV buyout of Takeda Pharmaceutical n/a n/a n/a n/a n/a
Sep-17 Symphony Health Pharmaceutical market intelligence $200.0 n/a $530.0 2.65x n/a
May-17 Parallel 6 Patient engagement software n/a n/a $39.4 n/a n/a
Mar-16 Nextrials Clinical trial management solutions n/a n/a $7.7 n/a n/a
Jul-15 Value Health Solutions Clinical development software n/a n/a $2.5 n/a n/a
Nov-13 CRI Worldwide Clinical research service n/a n/a n/a n/a n/a
Sep-13 ReSearch Pharm. Services Clinical development services n/a n/a $350.0 n/a n/a
Mar-13 Clinstar Clinical research and enrollment services n/a n/a n/a n/a n/a
May-11 Kinship Technologies Clinical data management n/a n/a n/a n/a n/a
Jul-06 Pharma Bio-Research CRO services n/a n/a $108.0 n/a n/a

45
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Sartorius Total Disclosed M&A Deal Value: $2.2 Billion
Oct-20 BIA Separations Purification technology for biomolecules $29.4 n/a $424.0 14.40x n/a
May-20 Danaher (Assets) Three units, including life sciences assets $170.0 n/a $825.0 4.85x n/a
Dec-19 Biological Industries Developer of cell culture media n/a n/a $50.0 n/a n/a
May-17 MKS Data Analytics Data analytics software for modeling $15.0 n/a $72.5 4.83x n/a
Mar-17 Essen BioScience Live-cell imaging platform $60.0 n/a $320.0 5.33x n/a
Jul-16 kSep Systems, LLC Single-use, scalable bio-processing $7.0 n/a $28.0 4.00x n/a
Jul-16 ViroCyt, LLC Rapid quantification technology n/a n/a $16.0 n/a n/a
Jun-16 Intellicyt Corporation Cell and bead-based screening $13.4 n/a $90.0 6.72x n/a
Dec-11 Biohit (Assets) Liquid handling business $40.3 n/a $90.9 2.26x n/a
Jul-07 SSB Biopharma fermentation tools $368.1 $39.9 $301.6 0.82x 7.6x
Jan-07 toha-plast Plastic components n/a n/a n/a n/a n/a
Aug-99 Denver Instrument Laboratory instruments n/a n/a n/a n/a n/a
Signant Health Total Disclosed M&A Deal Value: $1.0 Billion
Sep-18 CRF Health eCOA and eConsent solutions n/a n/a $1,000.0 n/a n/a
Oct-17 mProve Health Mobile patient engagement software n/a n/a n/a 4.40x n/a
Nov-16 CLINapps Clinical supplies software n/a n/a n/a n/a n/a
Jun-15 Clintara Clinical rater training services and technology n/a n/a n/a n/a n/a
Jul-11 Arrowhead Electronic Healthcare Electronic patient reported outcomes (ePRO) n/a n/a n/a n/a n/a
Thermo Fisher Scientific Total Disclosed M&A Deal Value: $42.2 Billion
Sep-19 GSK (Assets) Irish API manufacturing site n/a n/a $99.2 n/a n/a
Jun-19 HighChem Mass spectrometry software n/a n/a n/a n/a n/a
Apr-19 Brammer Bio Viral vector for gene and cell therapies $250.0 n/a $1,670.0 6.68x n/a
Oct-18 Becton Dickinson (Assets) Advanced bioprocessing business $100.0 n/a $477.0 4.77x n/a
Mar-18 IntegenX Rapid DNA technology for human identification n/a n/a $65.0 n/a n/a
Dec-17 Phenom-World Nanotechnology equipment n/a $4.1 n/a n/a n/a
Dec-17 EPTEK Technology (Assets) Air quality monitoring assets n/a n/a n/a n/a n/a
Aug-17 Patheon Pharma development & mfg. services $1,933.0 $316.4 $7,267.3 3.76x 23.0x
Jul-17 Linkage Biosciences Molecular diagnostics products n/a n/a n/a n/a n/a
Mar-17 Core Informatics Laboratory data management software $10.0 n/a $94.0 9.40x n/a
Feb-17 Finesse Solutions Bio-process mgmt software & systems $50.0 n/a $220.0 4.40x n/a
Nov-16 MTI-GlobalStem Human and mouse stem cell research products n/a n/a n/a n/a n/a
Sep-16 FEI Nanoscale imaging, analysis and prototyping $973.1 $167.6 $3,762.7 3.87x 22.4x
Mar-16 Affymetrix Life science tools and diagnostic products $359.8 $39.3 $1,411.2 3.92x n/m
Feb-16 Inel Real-time X-ray diffraction systems $1.4 n/a n/a n/a n/a
Sep-15 Alfa Aesar Research chemicals $33.4 $9.0 $417.0 12.48x n/m
Feb-15 Advanced Scientifics Bio-processing technology services $80.0 n/a $292.7 3.66x n/a
Mar-14 Prionics Diagnostic services for farm animal diseases n/a n/a n/a n/a n/a

46
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
Feb-14 Invitrogen Genetic testing equipment $3,842.3 $1,097.4 $14,745.8 3.84x 13.4x
Jan-13 picoSpin Nuclear magnetic resonance spectrometers n/a n/a n/a n/a n/a
Sep-12 One Lambda Transplant diagnostics products n/a n/a $934.3 n/a n/a
Jul-12 Princeton Security Technologies Detector products $4.8 $0.4 $12.8 2.66x n/m
May-12 Doe & Ingalls Management Specialty chemicals $110.0 n/a $201.1 1.83x n/a
Sep-11 Intrinsic Bioprobes Clinical and diagnostic assays n/a n/a n/a n/a n/a
Aug-11 ImmunoDiagnostics Blood testing systems $0.3 n/a $2,470.0 n/m n/a
Jul-11 Trek Diagnostic Systems Microbiology-based diagnostic testing n/a n/a n/a n/a n/a
May-11 Sterilin Plastic ware for clinical and laboratory use n/a n/a n/a n/a n/a
May-11 Dionex Chromatography equipment $457.1 $103.1 $2,428.7 5.31x 23.6x
Dec-10 Lomb Scientific Lab chemicals, consumables and instruments n/a n/a n/a n/a n/a
Dec-10 TKA Wasseraufbereitungssysteme Laboratory water purification systems n/a n/a n/a n/a n/a
Jul-10 Fermentas International Molecular biological products n/a n/a $287.3 n/a n/a
May-10 Polychromix Material analysis & chemical sensing products n/a n/a n/a n/a n/a
Apr-10 Proxeon Biosystems Medical devices for sample purification n/a ($0.8) n/a n/a n/a
Mar-10 Finnzymes Instruments for molecular biology analysis $20.0 n/a $96.9 4.84x n/a
Feb-10 Ahura Scientific Handheld optical systems $46.2 n/a $212.5 4.60x n/a
Feb-10 NovaWave Technologies Chemical sensors for environmental monitoring $4.0 n/a n/a n/a n/a
Nov-09 C2V Developer of micro systems technology designed to offer pilot production eventually high volume production. The company's micrn/a n/a n/a n/a n/a
Oct-09 BRAHMS In-vitro diagnostics tests $105.0 n/a $470.0 4.48x n/a
Apr-09 Biolab (Instrument Distribution) Medical instruments n/a n/a $157.4 n/a n/a
Apr-09 Bonsai Technologies Group Medical, dental & hospital equipment n/a n/a n/a n/a n/a
Nov-08 Raymond A. Lamb Histology and anatomical pathology products n/a n/a n/a n/a n/a
Aug-08 Afora Laboratory glassware n/a n/a n/a n/a n/a
Aug-08 AquaSensors Water measurement systems n/a n/a n/a n/a n/a
Jul-08 FIBERLite Centrifuge Centrifuge rotors n/a n/a $17.0 n/a n/a
Jul-08 ABR--Affinity BioReagents Monoclonal and polyclonal antibodies n/a n/a n/a n/a n/a
Jul-08 Open Biosystems RNA interference and gene expression $14.0 n/a n/a n/a n/a
Jun-08 Chemito Technologies (Assets) Analytical tools & environment instrumentation n/a n/a n/a n/a n/a
Jan-08 Nascent BioSciences Liquid handling consumables n/a n/a $10.0 n/a n/a
Dec-07 La-Pha-Pack Laboratory products n/a n/a $97.4 n/a n/a
Oct-07 NanoDrop Technologies Micro volume equipment n/a n/a $158.3 n/a n/a
Oct-07 Priority Solutions International Pharma supply chain management services $72.0 n/a $169.0 2.35x n/a
Sep-07 Davis Inotek Instruments (Assets) Technical instruments and industrial equipment n/a n/a n/a n/a n/a
Sep-07 Qualigens Fine Chemicals Laboratory chemicals and products n/a n/a $59.0 n/a n/a
Mar-07 Oryx Instruments Semiconductor testing systems n/a n/a n/a n/a n/a
Jan-07 SwissAnalytic Group Mass spectrometry and HPLC pumps $22.0 n/a n/a n/a n/a
Dec-06 Cohesive Technologies Advanced sample extraction products $13.5 n/a $70.2 5.20x n/a
Jun-06 Thermo EGS Gauging Measurement & instruments for process control n/a n/a n/a n/a n/a

47
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
May-06 Thermo Electron Analytical equipment and technology n/a n/a n/a n/a n/a
Apr-06 BioImage Protein visualization tools n/a n/a n/a n/a n/a
Mar-06 Athena Diagnostics Molecular diagnostic & immunodiagnostic tests $55.0 n/a $283.0 5.15x n/a
Aug-05 Eurofins Lancaster Laboratories Commercial testing laboratory services $60.0 n/a $150.0 2.50x n/a
Jul-05 McKesson Bioservices Clinical supply and biological specimen mgmt n/a n/a $60.0 n/a n/a
Jan-05 Cellomics High content screening systems $13.0 n/a $49.0 3.77x n/a
Aug-04 Apogent Technologies Diagnostic products $1,168.9 $199.8 $2,612.0 2.23x 13.1x
Apr-04 GE Healthcare Dharmacon Research tools for biotechnology research n/a n/a $80.0 n/a n/a
Feb-04 Oxoid Microbiological products n/a n/a $325.3 n/a n/a
Sep-01 Cole-Parmer Laboratory equipment, instruments & supplies $170.0 n/a $205.0 1.21x n/a
May-01 Medical Analysis Systems Diagnostic products for clinical laboratories $30.0 n/a n/a n/a n/a
Jul-96 SensorMedics Cardio pulmonary & other medical instruments $69.2 n/a $70.0 1.01x n/a
Veeva Total Disclosed M&A Deal Value: $754.0 Million
Nov-19 Physicians World Speakers bureau services $20.0 n/a $55.0 2.75x n/a
Sep-19 Crossix US patient data analytics platform $80.0 n/a $550.0 6.88x n/a
Sep-15 Zinc Ahead Promotional compliance solutions $25.4 $1.7 $130.0 5.12x n/m
Jul-15 Merqurio HCP database solutions $16.7 n/a n/a n/a n/a
Jul-15 Selligy Life sciences CRM software n/a n/a $0.3 n/a n/a
Mar-15 Qforma (Assets) KOL data solutions n/a n/a $9.8 n/a n/a
Jun-13 AdvantageMS Healthcare data provider n/a n/a $8.9 n/a n/a
WCG Total Disclosed M&A Deal Value: $257.0 Million
Jan-20 Statistics Collaborative Biostatistical consulting service n/a n/a n/a n/a n/a
Sep-19 Waife & Associates Biopharmaceutical clinical consulting service n/a n/a n/a n/a n/a
Aug-19 PharmaSeek Administrative, consulting and training solutions n/a n/a n/a n/a n/a
Apr-19 Analgesic Solutions Risk mitigation services for clinical trials n/a n/a n/a n/a n/a
Jan-19 First Clinical Research Clinical best practice information services n/a n/a n/a n/a n/a
Dec-18 Velos Clinical research administration software ~$12.0 n/a n/a n/a n/a
Jul-18 KMR Group Clinical research benchmarking and analytics n/a n/a n/a n/a n/a
Jul-18 Metrics Champion Consortium Clinical research benchmarking and analytics n/a n/a n/a n/a n/a
Mar-18 ACI Clinical Clinical trial advisory services n/a n/a n/a n/a n/a
Nov-17 Vigilare International Pharmacovigilance services n/a n/a n/a n/a n/a
Aug-17 ConsentNow Informed consent process software n/a n/a n/a n/a n/a
Jul-17 FDAnews Regulatory, legislative and business news n/a n/a n/a n/a n/a
Mar-17 MedAvante eCOA solutions n/a n/a $140.0 ~3.70x n/a
Mar-17 ThreeWire Patient recruitment services n/a n/a $87.0 +4.50x +14.0x
Dec-16 ProPhase eSource and clinical data management n/a n/a $30.0 ~2.60x ~12.9x
Jun-16 CenterWatch Proprietary clinical trial data n/a n/a n/a n/a n/a

48
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
WCG
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
Other
WCG Total Disclosed M&A Deal Value: $257.0 Million
Jun-16 karmadata Clinical database and decision support n/a n/a n/a n/a n/a
Mar-16 Acorn Applications Analytical research solutions n/a n/a n/a n/a n/a
Mar-16 Clintrax Global Contract negotiation & grant management $7.0 n/a n/a n/a n/a
Sep-14 ePharmaSolutions eClinical solutions and tech-enabled services n/a n/a n/a +4.00x n/a
Sep-14 New England IRB Independent institutional review board n/a n/a n/a n/a n/a
Jul-14 Alliance Biosciences Biosafety and biosecurity consulting n/a n/a n/a n/a n/a
Jun-14 Aspire IRB Review services n/a n/a n/a n/a n/a
Jun-14 Midlands IRB Ethical review services for clinical research n/a n/a n/a n/a n/a
Jan-13 Research Dataware Software for IRBs n/a n/a n/a n/a n/a
May-12 Copernicus Group IRB services n/a n/a n/a n/a n/a
Average 4.25x 14.2x
Median 3.74x 13.3x

49
Other Life Sciences Software Acquisitions: 2017-Present
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
WCG
Other
($ in Millions)
Target Overview Transaction Summary
Estimated Enterprise Deal Value / Estimated
Date Acquiror Target Description Revenue EBITDA Value Revenue EBITDA
Oct-20 Definitive Healthcare Monocl Medical and scientific expert data & insights n/a n/a n/a n/a n/a
Sep-20 Carlyle Group TriNetx Research network and clinical optimization platform n/a n/a n/a n/a n/a
Aug-20 GI Partners Clinical Ink eSource technology n/a n/a n/a n/a n/a
Jul-20 Recursion Pharmaceuticals Vium Digital biomarkers for preclinical research n/a n/a n/a n/a n/a
Jul-20 Excelya Koehler eClinical CRO services and proprietary EDC / CTMS software n/a n/a n/a n/a n/a
Apr-20 Simulations Plus Lixoft Modeling and simulation platform $3.4 $1.7 $16.5 4.85x 9.7x
Mar-20 Pivotal Akcelis Patient engagement and retention software n/a n/a n/a n/a n/a
Feb-20 Parexel Model Answers Clinical pharmacology modeling and simulation n/a n/a n/a n/a n/a
Feb-20 Brooks Life Sciences RURO Lab informatics software $5.0 n/a $15.0 3.00x n/a
Jan-20 Clarivate Analytics DRG Healthcare data, analytics and insights $207.0 $47.0 $950.0 4.59x 20.2x
Jan-20 Brainlab VisionTree Cloud-based ePRO n/a n/a n/a n/a n/a
Jan-20 Summit Partners eClinical Solutions Cloud-based SaaS for clinical data services n/a n/a n/a n/a n/a
Jan-20 Definitive Healthcare PatientFinder Patient cluster software analytics n/a n/a n/a n/a n/a
Dec-19 VirTrial SnapMD Virtual care management platform n/a n/a n/a n/a n/a
Nov-19 Leonard Green WCG Clinical trial services and software n/a $175.0 $3100.0 n/a 17.7x
Nov-19 Monterro PCG Solutions Clinical trial software n/a n/a n/a n/a n/a
Nov-19 Cytel MTEK Sciences Biopharma consulting analytics software n/a n/a n/a n/a n/a
Oct-19 TrialScope Clinical Trial Connect Trial matching and patient management n/a n/a n/a n/a n/a
Oct-19 Astorg ERT Clinical safety, endpoint collection & analysis n/a $210.0 $3800.0 n/a 18.0x
Sep-19 Bid Equity XClinical SaaS-based eClinical solutions n/a n/a n/a n/a n/a
Sep-19 OptimizeRx RMDY Health Trial matching and patient management $3.0 n/a $16.0 5.33x n/a
Sep-19 PPD Bioclinica (Assets) Global Site business unit n/a n/a n/a n/a n/a
Aug-19 SARORAS Private Capital InCrowd Mobile first, market research platform $15.0 n/a n/a n/a n/a
Aug-19 Saama Comprehend Clinical intelligence platform n/a n/a n/a n/a n/a
Aug-19 GraphPad SnapGene Bioinformatics technology n/a n/a n/a n/a n/a
Aug-19 Merck (MilliporeSigma) BSSN Software Data management and integration software n/a n/a n/a n/a n/a
Jul-19 Genstar Capital Advarra Compliance solutions to the R&D process n/a $72.0 $1300.0 n/a 18.0x
Jun-19 dMed Target Health CRO services and eClinical software n/a n/a n/a n/a n/a
Jun-19 Nordic Capital ArisGlobal Clinical and medical affairs software solutions $100.0 n/a $700.0 7.00x n/a
Jun-19 Danaher / Beckman Coulter Cytobank Single cell data analysis software n/a n/a n/a n/a n/a
May-19 Evidera Medimix International Provider of real-world evidence (RWE) insights n/a n/a n/a n/a n/a
May-19 RLDatix iContracts Contract management n/a n/a $200.0 n/a n/a
Apr-19 Emerson Bioproduction Group Simulation, modeling and scheduling software n/a n/a n/a n/a n/a
Mar-19 Abry Partners Anju Life sciences software and data Confid. Confid. Confid. Confid. Confid.
Feb-19 Cayuse NTM Consulting Services Research management n/a n/a n/a n/a n/a
Oct-18 Varian Medical Noona Oncology platform for mobile devices n/a n/a n/a n/a n/a
Oct-18 NNIT Valiance Partners Data migration software $13.2 n/a $35.7 2.70x n/a
Aug-18 Deloitte Qspace Validation lifecycle management n/a n/a n/a n/a n/a
Jun-18 Genpact Commonwealth Informatics Cloud-based pharmacovigilance analytics n/a n/a n/a n/a n/a
May-18 Agilent Genohm Laboratory information management n/a n/a n/a n/a n/a

50
Other Life Sciences Software Acquisitions: 2017-Present
Anju Software
Dassault / Medidata
Envision Pharma
Bruker
ERT
IntegriChain
IQVIA
Model N
Signant Health
ArisGlobal
Oracle
PRA Health Sciences
Veeva
Bioclinica
Instem
Advarra
Certara
Eversana
Insightful Science
Sartorius
WCG
Other
($ in Millions)
Target Overview Transaction Summary
Estimated Enterprise Deal Value / Estimated
Date Acquiror Target Description Revenue EBITDA Value Revenue EBITDA
May-18 Elligo Health Research ePatientFinder Clinical trial solutions and practice network n/a n/a n/a n/a n/a
May-18 Q2
Solutions BioFortis Trial sample, consent tracking and biobanking n/a n/a n/a n/a n/a
May-18 NovaQuest Clinical Ink eSource technology n/a n/a n/a n/a n/a
Apr-18 Roche Flatiron Oncology-focused electronic health records (EHR) $47.5 n/a $1900.0 n/m n/a
Jan-18 Wilmington Interactive Media Life sciences sales & marketing solutions n/a n/a $5.3 n/a n/a
Jan-18 Inspirata AIM AI and NLP for clinical documents n/a n/a n/a n/a n/a
Dec-17 iContracts Educadium Learning management platform n/a n/a n/a n/a n/a
Dec-17 SciBite FactBio Semantic technology for data management n/a n/a n/a n/a n/a
Dec-17 The Access Group Alliance Life Sciences Pricing software and services n/a n/a n/a n/a n/a
Dec-17 The Access Group Health Strategies Group Market research solutions n/a n/a n/a n/a n/a
Dec-17 rfxcel Frequentz Serialization and traceability solutions n/a n/a n/a n/a n/a
Dec-17 Ennov AtEvent Regulatory compliance software n/a n/a n/a n/a n/a
Nov-17 ILUM Health Solutions Teqqa Precision analytics for infectious diseases n/a n/a n/a n/a n/a
Nov-17 Insight Venture Partners GraphPad Data analysis, statistics and graphing software n/a n/a n/a n/a n/a
Oct-17 Danaher ID Business Solutions Drug R&D solutions $41.1 $3.9 n/a n/a n/a
Sep-17 Datix RiskMan International Australia-based patient safety software n/a n/a n/a n/a n/a
Sep-17 Adecco Group Biobridges Life sciences workforce & career management n/a n/a n/a n/a n/a
Aug-17 Brooks Life Sciences RURO Lab informatics software n/a n/a n/a n/a n/a
Aug-17 New Mountain Capital Sparta Systems Quality management n/a n/a n/a n/a n/a
Aug-17 TraceLink ROC IT Solutions Pharmaceutical supply chain tracking n/a n/a n/a n/a n/a
Jul-17 EQT Partners Certara Drug development software and services n/a n/a $850.0 n/a n/a
Jun-17 Besse Medical Podis Cloud-based inventory and billing reconciliation n/a n/a n/a n/a n/a
Jun-17 Pharmarise Holdings Mythos Software Pharma CRM and SFA software n/a n/a n/a n/a n/a
Jun-17 Accenture LabAnswer Laboratory informatics consultancy services n/a n/a n/a n/a n/a
May-17 iContracts PolicyStat Policy lifecycle management solutions n/a n/a n/a n/a n/a
May-17 Simulations Plus DILIsym Services Drug-induced liver injury simulation software $3.0 n/a $10.0 3.33x n/a
Mar-17 Genstar Bracket Global Clinical research development software n/a n/a n/a n/a n/a
Jan-17 DrFirst VisibilityRx Clinical trial recruitment services n/a n/a n/a n/a n/a
Jan-17 Sarah Cannon Research GenoSpace Reporting tools for clinical labs n/a n/a n/a n/a n/a
Jan-17 QIAGEN OmicSoft Biomarker data management n/a n/a n/a n/a n/a
Average 4.40x 16.7x
Median 4.59x 18.0x

51
Precedent Fundraising Transactions
Life Sciences Software: 2017-Present
($ in Millions)
Company Overview Fundraise Summary
Employees Amount Pre-Money Implied Multiple Raised
Date Company (10/23/2020) Description Lead Investor Type Raised Valuation Ownership Of Last Rd To-Date
Oct-20 Ovation Life Sciences 58 Cloud-based laboratory information management Undisclosed Venture $21.3 n/a n/a n/a $11.8
Oct-20 Labforward 29 Electronic lab notebook and IoT platform Undisclosed Venture $5.9 n/a n/a n/a $8.2
Sep-20 Blue Mountain 64 Life sciences focused enterprise asset management Accel-KKR Growth / Recap n/a n/a n/a n/a n/a
Sep-20 CluePoints 68 Risk-based quality management software Summit Partners Growth / Recap $22.6 n/a n/a n/a $26.8
Aug-20 Castor 155 EDC, eConsent, ePRO and study management Two Sigma Ventures Venture $12.0 n/a n/a n/a $18.3
Jun-20 Qualio 52 Quality management platform Storm Ventures Venture $11.0 n/a n/a n/a $16.7
Jun-20 DNAnexus 140 Genome informatics and data management Perceptive Advisors Venture $100.0 $180.0 35.7% 1.0x $272.6
May-20 Benchling 284 Cloud-based informatics platform Alkeon Capital Venture $50.0 $850.0 5.6% 2.0x $111.8
May-20 Medable 161 Decentralized trial platform GSR Ventures Venture $25.0 n/a n/a n/a $61.6
Apr-20 TrialBee 32 Patient recruitment and retention solutions MTIP Venture $12.0 n/a n/a n/a $21.2
Apr-20 ObvioHealth 26 Digital recruitment and siteless / hybrid trials IQVIA Venture $16.8 n/a n/a n/a $20.9
Feb-20 Verana Health 107 De-identified clinical data sets Google Ventures Venture $100.0 $150.0 40.0% n/a $138.8
Jan-20 HelpAround 16 Patient concierge platform IQVIA Venture $6.0 $19.9 23.2% n/a $6.8
Jan-20 eClinical Solutions 229 Cloud-based clinical data services Summit Partners Growth / Recap n/a n/a n/a n/a n/a
Dec-19 BC Platforms 67 Genome data management IQVIA Venture $15.0 n/a n/a n/a $24.7
Dec-19 Suvoda 406 Randomization and trial supply management LLR Partners Growth / Recap $40.0 n/a n/a n/a $40.0
Nov-19 4G Clinical 165 Randomization and trial supply management Schooner Capital Venture $14.6 n/a n/a n/a $15.6
Nov-19 Deep 6 AI 48 AI-enabled patient trial matching platform Point72 Ventures Venture $17.0 $51.0 25.0% n/a $22.0
Oct-19 Sensely 16 Remote assessment/virtual clinical assistant hub Aflac Ventures Venture $15.0 $35.0 30.0% 1.2x $27.7
Oct-19 Trials.ai 6 Protocol technology platform Teal Ventures Seed $1.3 n/a n/a n/a $1.4
Sep-19 Longboat Clinical 80 Clinical trial conduct management Enterprise Ireland Venture n/a n/a n/a n/a n/a
Sep-19 Florence Healthcare 67 Clinical trial document management Fulcrum Equity Venture $7.1 n/a n/a n/a $8.8
Jul-19 Benchling 284 Cloud-based informatics platform Menlo Ventures Venture $34.5 $380.5 8.3% 5.1x $61.8
Jul-19 Qualio 52 Quality management platform MHS Capital Management Seed $2.6 n/a n/a n/a $5.6
Jul-19 Monocl 74 Stakeholder management GP Bullhound Venture $3.4 n/a n/a n/a $5.1
May-19 ScienceMedia 33 Learning content for clinical and medical affairs Undisclosed Venture $1.6 $6.0 21.3% 1.4x $2.2
May-19 Riffyn 48 Scientific development environment platform M Ventures Venture $15.1 $37.5 28.7% 1.5x $27.5
May-19 Axiom Metrics 177 eClinical software suite Great Point Partners Growth / Recap n/a n/a n/a n/a n/a
May-19 Elligo Health Research 123 Clinical research infrastructure services & technology Piper Jaffray Merchant Banking Venture $20.0 $39.0 33.9% 1.3x $41.0
Feb-19 TriNetx 142 Research network and clinical optimization platform Merck Innovation Fund Venture $40.0 $120.0 25.0% 1.2x $102.0
Feb-19 Complion 54 eRegulatory for research sites Beringea Venture $7.0 $15.0 31.8% 2.0x $13.3
Feb-19 doDoc 19 Content authoring Cactus Sky Communications Seed $1.5 $5.5 21.4% n/a $3.5
Jan-19 Clinithink 38 Clinical data solutions TripleTree Capital Partners Growth / Recap $15.6 $30.6 33.8% 1.7x $41.1
Jan-19 Invio 3 Clinical trial document management Elevate Capital Seed $0.1 $6.4 1.5% n/a $0.5
Jan-19 Teckro 134 Clinical trials processing platform Northpond Ventures Venture $25.0 n/a n/a n/a $42.8
Oct-18 Comprehend Systems 16 Cloud-based clinical intelligence platform Eminence Capital Venture $29.7 $45.7 39.4% 0.5x $62.0
Oct-18 TRI 29 Risk-based quality management software Octopus Growth / Recap n/a n/a n/a n/a n/a
Oct-18 Aktana 341 Decision support for commercial teams Leerink Transformation Partners Venture $21.1 $93.6 18.4% 2.0x $49.2
Sep-18 Inova Software 85 SaaS-based partnering platform NextStage AM Growth / Recap $6.9 n/a n/a n/a $8.1
Sep-18 TrialScope 44 Clinical disclosure and patient engagement software Undisclosed Venture $4.0 n/a n/a n/a $20.3
Jul-18 Verana Health 107 De-identified clinical data sets Google Ventures Venture $30.0 n/a n/a n/a $38.8
Jul-18 Castor 155 EDC, eConsent, ePRO and study management INKEF Capital Seed $6.3 n/a n/a n/a $6.3
Jun-18 Vium 16 Digital biomarkers for preclinical research Lux Capital Management Venture $24.0 n/a n/a n/a $53.9
Jun-18 Benchling 284 Cloud-based informatics platform Benchmark Venture $14.5 $60.0 19.5% 1.5x $27.3
Jun-18 nPhase / RedCap 40 Clinical data management Undisclosed Seed $1.5 n/a n/a n/a $3.1
May-18 TrialBee 32 Patient recruitment and retention solutions Industrifonden Venture n/a n/a n/a n/a $9.2
Mar-18 ClinCapture / Clinovo 30 EDC software and clinical services Rock Health Seed $1.9 $9.1 17.3% 1.2x $3.4

52
Precedent Fundraising Transactions
Life Sciences Software: 2017-Present
($ in Millions)
Company Overview Fundraise Summary
Employees Amount Pre-Money Implied Multiple Raised
Date Company (10/23/2020) Description Lead Investor Type Raised Valuation Ownership Of Last Rd To-Date
Mar-18 ObvioHealth 26 Digital recruitment and siteless / hybrid trials SPRIM Ventures Venture $3.0 n/a n/a n/a $4.1
Mar-18 Elligo Health Research 123 Clinical research infrastructure services & technology Nor-Moseley Partners Venture $16.0 $15.0 51.6% 0.3x $21.0
Feb-18 PatientWing 10 Patient engagement Ben Franklin Technology Partners Seed $0.6 n/a n/a n/a $0.7
Feb-18 COTA 80 Healthcare informatics and precision analytics IQVIA Growth / Recap $40.0 n/a n/a n/a $61.7
Jan-18 doDoc 19 Content authoring Right Side Capital Management Seed $1.4 n/a n/a n/a $2.0
Dec-17 TPS 29 Virtual monitoring services and technology The Argentum Group Growth / Recap $4.0 n/a n/a n/a $4.0
Oct-17 Cytel 1029 Statistical data management and CRO services New Mountain Capital Growth / Recap n/a n/a n/a n/a n/a
Oct-17 Riffyn 48 Scientific development environment platform Next47 Venture $6.0 $19.0 24.0% 1.5x $12.4
Sep-17 Antidote 52 Patient recruitment services and software Merck Innovation Fund Venture $11.0 n/a n/a n/a $30.4
Aug-17 Teckro 134 Clinical trials processing platform Sands Capital Ventures Venture $10.0 n/a n/a n/a $17.8
Jul-17 Sensely 16 Remote assessment/virtual clinical assistant hub Mayo Clinic Venture $8.0 $22.0 26.7% n/a $12.7
May-17 Medrio 150 Electronic data capture Questa Capital Growth / Recap $30.0 $70.0 30.0% 1.9x $33.6
May-17 BC Platforms 67 Genome data management Debiopharm Innovation Fund Venture $9.7 $15.9 37.8% n/a $9.7
Apr-17 TrialScope 44 Clinical disclosure and patient engagement software Undisclosed Venture $3.6 n/a n/a n/a $16.3
Jan-17 Qualio 52 Quality management platform Enterprise Ireland Seed $2.5 n/a n/a n/a $3.0
Seed Median 25 $1.5 $6.4 17.3% 1.2x $3.1
Venture Median 63 $14.8 $39.0 26.7% 1.4x $21.0
Growth / Recap Median 83 $22.6 $50.3 31.9% 1.8x $33.6
Overall Median 56 $12.0 $36.3 25.8% 1.5x $18.0

53
Sources: Capital IQ, Public Filings
Note: All EBITDA Multiples >30x are considered not to be meaningful as valuation of business clearly influenced by factors other than profitability.
Note: Dassault currency adjusted from EUR to USD using an exchange rate of US / EUR 1 = 1.18371
Note: Model N and Veeva fiscal years ending September and January respectively have been calendarized for better comparison with IQVIA and Dassault
Public Comparables
Life Sciences Software Vendors
($ in Millions)
Market Data Operating Metrics Valuation Metrics
Price $ Enterprise Revenue Growth Last Fiscal Year CY EBITDA Margin EV / CY Revenue EV / CY EBITDA
Company 10/23/2020 Value '19-'20 '20-'21 Rec. Rev. % GM % LTM 2020E 2021E LTM 2020E 2021E LTM 2020E 2021E
Dassault Systemes $175.37 $48,221 11.3% 9.8% 63.2% 84.2% 19.1% 33.2% 33.8% 9.22x 9.11x 8.30x n/m 27.5x 24.5x
IQVIA Holdings $167.47 $43,886 1.1% 11.8% n/a 34.2% 16.2% 20.9% 22.0% 4.01x 3.92x 3.50x 24.8x 18.7x 15.9x
Model N $35.38 $1,146 12.2% 9.5% 74.5% 53.2% (4.0%) 12.3% 13.6% 7.34x 7.00x 6.39x n/m n/m n/m
Veeva Systems $296.85 $43,335 28.6% 20.3% 81.2% 72.5% 27.1% 39.1% 39.1% 33.77x 31.09x 25.84x n/m n/m n/m
Median 11.7% 10.8% 74.5% 62.9% 17.6% 27.1% 27.9% 8.28x 8.06x 7.34x 24.8x 23.1x 20.2x

55
Trusted Advisor to the Life Sciences Software Market
Coverage Model: Symbiotic Dialogue With All Market Constituents
Physician/Clinical Sites
Clinical & Med. Affairs DataHCP Contract Compliance
Sunshine Act Compliance Clinical Content Mgmt.
Life Sciences Software
Healthcare Analytics
Extensive Track Record
Pharma Branding Analytics
Constant Dialogue with Potential Acquirers, Partners & Targets
Commercial
Pre-Market Post-Market
Medical AffairsClinicalPre-ClinicalRecapitalization 7 Acquisitions
Strategic Sale 7 Acquisitions
Strategic Sale Strategic Sale
Strategic Sale Strategic Sale
“We are witnessing accelerated innovation and investment in the life sciences
market and are excited about the opportunities it presents, both for established players
and rising stars. Our constant market monitoring coupled with deep transaction
experience enables us to guide clients as they navigate through a rapidly changing
ecosystem and pursue their long-term strategic goals.”
Rohan Khanna, Managing Director

56
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MPG Life Sciences Software Market Snapshot October 2020

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MPG Life Sciences Software Market Snapshot October 2020