MPG Q2 2021 Software Technology Public Market Update
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The document is an investment banking market update by Madison Park Group for Q2 2021, highlighting significant activity in software and technology sectors. Key points include record-setting venture capital deployments, a surge in IPOs, and notable mergers and acquisitions, alongside commentary on market trends and valuations. It emphasizes the resilience of the technology market and projections for future growth amidst ongoing economic developments.
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Comparable Public Companies
Accounting & Fintech
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Anaplan $53.30 61.9% $7,971 $7,699 $474 $549 25.8% 91.2% 75.3% (31.2%) (4.4%) 16.25x 14.02x n/m n/m $2,298 -
AssetMark Financial $25.06 85.1% $1,819 $1,819 $465 $356 (17.6%) 95.4% 29.8% 7.5% 39.7% 3.91x 5.11x n/m 12.9x $482 1
Avalara $161.80 87.3% $14,383 $13,809 $543 $653 30.4% 93.1% 71.7% (7.7%) 1.4% 25.44x 21.16x n/m n/m $3,827 5
Billtrust $12.62 63.9% $1,980 $1,719 $117 $127 17.4% 65.6% 71.1% (8.2%) (12.0%) 14.67x 13.49x n/m n/m $623 1
BlackLine $111.27 72.0% $6,890 $7,138 $368 $418 19.0% 93.4% 79.7% (0.7%) 12.0% 19.40x 17.06x n/m n/m $2,232 1
Broadridge Financial $161.53 96.4% $18,996 $20,671 $4,824 $5,154 8.8% 67.0% 28.7% 20.7% 22.2% 4.28x 4.01x 20.7x 18.0x $7,943 2
Ebix $33.90 52.9% $1,049 $1,710 $778 $942 50.6% 88.0% 34.9% 18.0% n/a 2.20x 1.81x 12.2x n/m $512 -
Envestnet $75.86 82.0% $4,187 $4,783 $1,027 $1,151 15.3% 96.9% 29.7% 14.0% 21.0% 4.66x 4.16x 33.2x 19.8x $1,572 1
FIS $141.67 90.4% $88,282 $106,871 $12,697 $13,689 9.1% 79.1% 34.0% 33.3% 44.8% 8.42x 7.81x 25.2x 17.4x $24,141 3
GreenSky $5.55 75.0% $400 $513 $533 $568 8.1% 74.8% 31.1% 16.6% 18.6% 0.96x 0.90x 5.8x 4.8x $261 -
Guidewire Software $112.72 84.0% $9,376 $9,562 $758 $750 1.4% 27.4% 51.9% (3.5%) 3.9% 12.62x 12.75x n/m n/m $2,017 4
HealthEquity $80.48 86.2% $6,788 $7,109 $728 $759 6.3% 58.7% 56.4% 25.5% 32.3% 9.77x 9.36x 38.3x 29.0x $2,260 2
Intuit $490.17 99.5% $134,574 $133,882 $8,888 $10,021 19.4% 25.5% 83.1% 32.2% 38.6% 15.06x 13.36x 46.8x 34.6x $43,197 3
IRESS $9.68 96.4% $1,850 $2,012 $419 $453 8.1% 88.7% 28.5% 19.9% 23.4% 4.81x 4.45x 24.1x 19.0x $685 1
Jack Henry & Associates $163.51 81.4% $12,132 $12,326 $1,718 $1,820 5.4% 62.0% 39.3% 26.1% 32.8% 7.17x 6.77x 27.5x 20.7x $4,890 1
Metromile $9.15 44.9% $1,153 $932 $44 $60 72.0% 16.3% (2.4%) (197.6%) (24.7%) 21.35x 15.46x n/m n/m $341 1
nCino $59.92 57.6% $5,921 $5,566 $222 $255 30.0% 79.5% 56.9% (21.4%) (6.2%) 25.08x 21.87x n/m n/m $1,598 -
Openlending $43.09 97.9% $5,439 $5,493 $135 $216 98.5% 40.4% 92.1% 65.2% 68.1% 40.55x 25.41x n/m 37.3x $1,501 -
Q2 $102.58 69.0% $5,904 $6,141 $427 $496 23.2% 85.1% 44.3% (10.0%) 6.7% 14.39x 12.37x n/m n/m $1,746 1
SimCorp $125.52 84.2% $4,973 $4,962 $543 $587 5.2% 55.0% 63.4% 29.0% 29.8% 9.13x 8.45x 31.4x 28.4x $1,922 -
SS&C Technologies $72.06 94.9% $19,445 $25,765 $4,849 $4,915 5.3% 84.6% 46.4% 37.1% 40.4% 5.31x 5.24x 14.3x 13.0x $9,140 1
Temenos $160.73 90.3% $12,088 $13,097 $932 $987 11.2% 10.7% 60.5% 28.9% 45.3% 14.06x 13.27x 48.7x 29.3x $2,978 -
The Sage Group $9.45 88.4% $10,058 $10,215 $2,569 $2,584 4.0% 90.0% 92.8% 23.8% 22.2% 3.98x 3.95x 16.7x 17.8x $5,381 1
Triterras $6.96 45.0% $533 $527 $40 $104 109.9% n/a 93.3% 80.6% 66.8% 13.34x 5.05x 16.6x 7.6x $300 2
Vertex $21.94 55.3% $3,238 $2,992 $384 $412 9.9% 84.4% 57.6% (17.2%) 16.5% 7.80x 7.26x n/m 43.9x $1,191 2
Workiva $111.33 96.3% $5,950 $5,951 $370 $419 19.3% 84.2% 75.3% (5.7%) (0.0%) 16.08x 14.19x n/m n/m $1,356 -
Xero $102.79 86.8% $15,699 $15,904 $593 $716 29.1% 97.6% 86.0% 8.7% 21.0% 26.81x 22.21x n/m n/m $4,093 3
Mean 78.7% $14,855 $15,895 $1,683 $1,821 23.1% 70.6% 56.0% 6.8% 21.5% 12.87x 10.78x 25.8x 22.1x $4,759 1.9
Median 84.2% $5,950 $6,141 $543 $587 15.3% 81.8% 56.9% 16.6% 21.6% 12.62x 9.36x 24.7x 19.4x $1,922 1.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-12-320.jpg)
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Comparable Public Companies
Communication & Collaboration
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
8x8 $27.76 70.9% $3,113 $3,404 $532 $584 15.1% 93.2% 56.8% (24.0%) 3.0% 6.40x 5.83x n/m n/m $1,299 -
Amdocs $77.36 93.9% $9,973 $10,059 $4,214 $4,350 3.4% 57.6% 33.6% 18.6% 21.8% 2.39x 2.31x 12.8x 10.6x $6,180 3
Asana $62.03 95.5% $11,812 $12,162 $256 $329 53.2% 100.0% 88.1% (75.5%) (53.0%) 47.51x 36.97x n/m n/m $2,814 -
Atlassian $256.86 94.4% $64,538 $64,224 $2,089 $2,203 20.3% 62.3% 83.9% 7.5% 24.0% 30.74x 29.15x n/m n/m $14,993 3
Bandwidth $137.92 69.4% $3,486 $3,653 $388 $475 38.4% 86.9% 45.9% 5.9% 8.6% 9.41x 7.69x n/m n/m $1,279 1
Five9 $183.39 90.9% $13,199 $13,851 $522 $551 26.8% 93.0% 57.4% 3.2% 15.9% 26.55x 25.12x n/m n/m $3,334 1
Monday.com (5) $223.59 94.1% $9,866 $9,996 $188 $282 75.0% 100.0% 86.3% (88.4%) (35.1%) 53.13x 35.45x n/m n/m $2,271 -
Motorola $216.85 99.5% $37,178 $41,542 $7,532 $8,081 9.0% 37.5% 49.2% 27.1% 29.4% 5.52x 5.14x 20.3x 17.5x $14,694 3
Ooma $18.86 75.8% $452 $439 $174 $185 11.0% 92.9% 61.8% 0.9% 6.2% 2.52x 2.38x n/m 38.2x $302 -
Progress Software $46.25 93.9% $2,047 $2,294 $476 $534 18.8% 70.3% 87.7% 32.7% n/a 4.82x 4.29x 14.7x n/m $1,006 1
RingCentral $290.58 64.7% $26,406 $27,383 $1,269 $1,508 27.4% 91.8% 72.6% (3.6%) 13.7% 21.59x 18.16x n/m n/m $6,968 2
Smartsheet $72.32 84.7% $9,408 $9,054 $417 $503 36.1% 91.5% 77.5% (27.4%) (6.3%) 21.71x 18.01x n/m n/m $2,579 1
Twilio $394.16 86.2% $69,049 $68,506 $2,255 $2,547 44.5% 76.0% 50.7% (20.2%) 8.6% 30.38x 26.90x n/m n/m $16,852 6
VMware $159.97 93.0% $67,142 $67,596 $12,027 $12,643 9.4% 22.0% 82.6% 24.3% 36.3% 5.62x 5.35x 23.2x 14.7x $27,691 4
Vonage $14.41 91.7% $3,637 $4,139 $1,217 $1,353 14.1% 87.7% 57.6% 9.3% 14.0% 3.40x 3.06x 36.7x 21.8x $2,088 -
Zendesk $144.34 86.6% $18,143 $18,904 $1,162 $1,314 27.6% 100.0% 77.9% (9.9%) 10.6% 16.27x 14.39x n/m n/m $5,292 -
Zoom Video $387.03 65.7% $117,233 $115,779 $3,279 $3,883 60.7% 100.0% 70.0% 29.7% 39.1% 35.30x 29.81x n/m n/m $29,964 1
Mean 85.4% $27,452 $27,823 $2,235 $2,431 28.9% 80.2% 67.0% (5.3%) 8.5% 19.01x 15.88x 21.5x 20.6x $8,212 2.4
Median 90.9% $11,812 $12,162 $1,162 $1,314 26.8% 91.5% 70.0% 3.2% 12.1% 16.27x 14.39x 20.3x 17.5x $3,334 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPO: Monday.com (June 10, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-13-320.jpg)
![14
Comparable Public Companies
Compliance & Legal
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Fair Isaac $502.68 91.8% $14,548 $15,375 $1,332 $1,358 4.2% 75.2% 73.0% 32.0% 40.7% 11.54x 11.32x 36.1x 27.8x $4,540 -
Ideagen $3.72 85.7% $940 $966 $91 $107 28.5% 76.0% 92.0% 16.3% 34.8% 10.65x 9.03x n/m 26.0x $280 3
IntApp (5) $28.00 93.3% $1,646 $1,994 $201 n/a 46.5% 87.0% 64.6% 1.2% n/a 9.92x n/a n/m n/m $583 1
LegalZoom (5) $37.85 97.6% $7,335 $7,783 $499 n/a 94.2% 93.9% 67.3% 10.1% n/a 15.58x n/a n/m n/m $1,843 1
RELX $26.50 97.9% $51,079 $59,921 $9,672 $10,121 4.3% 99.0% 65.7% 31.4% 36.8% 6.20x 5.92x 19.7x 16.1x $19,549 -
Thomson Reuters $99.38 100.0% $49,417 $50,901 $6,044 $6,236 4.2% 90.0% 34.6% 23.9% 31.1% 8.42x 8.16x 35.2x 26.3x $17,219 1
Verisk Analytics $174.72 82.9% $28,653 $31,749 $2,821 $2,975 6.9% 100.0% 64.6% 45.5% 48.7% 11.25x 10.67x 24.7x 21.9x $10,151 2
Wolters Kluwer $100.45 99.3% $26,085 $29,001 $5,631 $5,510 (2.1%) 80.0% 70.5% 29.3% 30.6% 5.15x 5.26x 17.6x 17.2x $11,745 4
Mean 93.6% $22,463 $24,711 $3,286 $4,384 23.3% 87.6% 66.5% 23.7% 37.1% 9.84x 8.39x 26.7x 22.5x $8,239 2.0
Median 95.5% $20,316 $22,188 $2,076 $4,243 5.6% 88.5% 66.5% 26.6% 35.8% 10.29x 8.60x 24.7x 23.9x $7,346 1.5
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPOs: LegalZoom (June 29, 2021) and IntApp (June 30, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-14-320.jpg)
![15
Comparable Public Companies
Content Management
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Box $25.55 95.4% $4,254 $4,382 $790 $843 10.6% 97.0% 70.7% 5.2% 26.9% 5.55x 5.20x n/m 19.3x $2,089 2
Brightcove $14.35 56.8% $589 $555 $209 $215 8.9% 94.9% 64.7% 8.1% 12.8% 2.66x 2.58x 32.7x 20.2x $386 -
DocuSign $279.57 96.3% $55,832 $56,260 $1,625 $1,996 43.4% 95.1% 76.1% (4.4%) 19.8% 34.62x 28.18x n/m n/m $13,357 2
Dropbox $30.31 99.3% $11,782 $13,406 $1,971 $2,124 11.0% 90.0% 78.6% 15.7% 35.0% 6.80x 6.31x 43.3x 18.0x $4,996 1
Iron Mountain $42.32 89.4% $12,250 $23,415 $4,161 $4,420 6.6% 66.4% 58.3% 34.0% 36.1% 5.63x 5.30x 16.6x 14.7x $5,973 1
Open Text $50.80 98.0% $13,904 $16,294 $3,319 $3,368 4.6% 37.2% 76.0% 31.4% 38.8% 4.91x 4.84x 15.6x 12.5x $5,917 -
Varonis Systems $57.62 76.5% $6,388 $5,922 $313 $370 26.5% 55.1% 84.9% (22.0%) 5.3% 18.90x 15.99x n/m n/m $1,870 1
Mean 87.4% $15,000 $17,176 $1,770 $1,905 15.9% 76.5% 72.8% 9.7% 25.0% 11.30x 9.77x 27.0x 16.9x $4,941 1.4
Median 95.4% $11,782 $13,406 $1,625 $1,996 10.6% 90.0% 76.0% 8.1% 26.9% 5.63x 5.30x 24.6x 18.0x $4,996 1.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-15-320.jpg)
![16
Comparable Public Companies
Global Diversified
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Adobe $585.64 98.9% $278,999 $279,442 $14,389 $15,853 21.0% 91.8% 87.9% 39.8% 50.0% 19.42x 17.63x 48.8x 35.3x $87,606 1
Alphabet $2,441.79 99.2% $1,636,399 $1,640,870 $220,265 $236,052 29.3% 7.2% 55.7% 34.3% 39.0% 7.45x 6.95x 21.7x 17.8x $764,312 7
Amazon.com $3,440.16 96.8% $1,734,954 $1,801,150 $443,298 $489,529 26.8% 6.5% 40.7% 13.4% 15.3% 4.06x 3.68x 30.4x 24.0x $616,531 7
Cisco Systems $53.00 95.8% $223,353 $228,541 $48,846 $50,636 2.3% 27.0% 63.9% 31.2% 36.8% 4.68x 4.51x 15.0x 12.2x $127,350 12
Hewlett Packard $14.58 87.1% $19,200 $31,132 $27,557 $27,877 2.8% 32.5% 32.1% 16.6% 19.4% 1.13x 1.12x 6.8x 5.8x $17,364 3
IBM $146.59 95.9% $130,982 $183,546 $74,401 $74,398 1.1% 65.9% 48.7% 21.5% 25.6% 2.47x 2.47x 11.5x 9.6x $91,124 11
Microsoft $270.90 99.7% $2,040,304 $2,107,282 $168,088 $175,982 13.8% 66.3% 68.9% 48.5% 48.4% 12.54x 11.97x 25.8x 24.8x $823,583 8
Oracle $77.84 91.5% $221,363 $279,006 $40,479 $41,413 4.1% 84.2% 80.6% 44.3% 49.8% 6.89x 6.74x 15.5x 13.5x $101,926 2
salesforce.com $244.27 85.9% $226,194 $223,933 $22,350 $25,572 23.1% 94.0% 74.3% 15.6% 28.4% 10.02x 8.76x n/m 30.9x $75,771 3
SAP $140.91 82.9% $166,210 $176,786 $32,121 $32,421 (3.1%) 85.6% 71.8% 26.1% 34.4% 5.50x 5.45x 21.1x 15.8x $72,214 3
Mean 93.4% $667,796 $695,169 $109,179 $116,973 12.1% 56.1% 62.5% 29.1% 34.7% 7.42x 6.93x 21.8x 19.0x $277,778 5.7
Median 95.8% $224,773 $253,774 $44,663 $46,024 9.0% 66.1% 66.4% 28.7% 35.6% 6.20x 6.10x 21.1x 16.8x $96,525 5.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-16-320.jpg)
![17
Comparable Public Companies
Human Resources & Labor
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
ADP $198.62 99.1% $84,825 $85,602 $15,005 $15,400 4.4% 64.1% 45.1% 25.9% 25.3% 5.70x 5.56x 22.0x 22.0x $38,264 -
Asure Software $8.87 95.9% $170 $176 $66 $71 9.0% 96.7% 59.5% 6.2% 9.0% 2.65x 2.46x 42.4x 27.2x $126 -
Atoss $221.01 91.8% $1,864 $1,864 $108 $117 11.3% 46.2% 73.9% 28.9% 31.0% 17.25x 15.90x n/m n/m $560 -
Benefitfocus $14.10 80.2% $468 $725 $267 $258 (3.9%) 67.0% 53.8% 11.7% 18.5% 2.72x 2.81x 23.2x 15.2x $364 -
Ceridian HCM $95.92 85.7% $14,910 $15,750 $854 $1,003 19.0% 81.9% 44.4% 4.7% 15.5% 18.44x 15.71x n/m n/m $4,027 2
Cornerstone OnDemand $51.58 92.9% $3,435 $4,469 $800 $857 15.7% 95.3% 69.3% 18.9% 39.6% 5.59x 5.21x 29.6x 13.2x $1,704 -
CorVel Corporation (5) $134.30 99.1% $2,481 $2,396 $553 n/a n/a n/a 22.4% 14.9% n/a 4.34x n/a 29.0x n/m $1,007 -
DHI Group $3.38 84.7% $162 $191 $133 $135 (1.5%) 100.0% 87.1% 15.5% 21.1% 1.44x 1.41x 9.2x 6.7x $202 -
Docebo $59.21 84.7% $2,018 $1,804 $71 $97 54.0% 97.1% 82.3% (8.0%) (7.1%) 25.36x 18.62x n/m n/m $599 1
Insperity $90.37 94.4% $3,495 $3,441 $4,344 $4,673 9.0% 35.6% 19.0% 5.0% 5.6% 0.79x 0.74x 15.9x 13.1x $2,878 -
Mintra $0.69 67.2% $129 $119 $24 $30 27.0% 40.9% 89.9% 28.3% 33.3% 4.98x 3.92x 17.6x 11.8x $66 1
PagerDuty $42.58 73.0% $3,941 $3,926 $227 $266 27.6% 100.0% 85.0% (27.9%) (8.8%) 17.27x 14.79x n/m n/m $1,235 1
Paychex $107.30 99.1% $38,837 $38,767 $4,057 $4,202 4.5% 97.8% 68.7% 40.7% 41.9% 9.56x 9.23x 23.5x 22.0x $17,255 -
Paycom Software $363.47 77.2% $21,006 $20,838 $871 $1,018 21.0% 98.1% 88.2% 25.3% 39.4% 23.92x 20.47x n/m n/m $5,584 -
Paylocity $190.80 87.4% $10,557 $10,458 $599 $702 17.9% 97.3% 65.6% 13.1% 26.5% 17.47x 14.89x n/m n/m $2,927 1
TriNet Group $72.48 82.7% $4,797 $4,886 $1,055 $1,014 (3.9%) n/a 73.9% 36.3% 39.8% 4.63x 4.82x 12.8x 12.1x $2,936 1
Upwork $58.29 91.2% $7,618 $7,512 $441 $488 30.7% 91.3% 73.0% (4.4%) 3.9% 17.05x 15.39x n/m n/m $2,092 -
Workday $238.74 84.4% $60,131 $61,331 $4,475 $4,970 17.1% 87.7% 72.6% 3.6% 25.7% 13.71x 12.34x n/m 48.1x $17,413 1
Zebra Technologies $529.49 98.3% $28,615 $29,684 $4,743 $5,354 20.4% 14.3% 46.1% 20.2% 23.0% 6.26x 5.54x 31.0x 24.1x $10,314 2
Mean 87.8% $15,235 $15,470 $2,037 $2,259 15.5% 77.1% 64.2% 13.6% 21.3% 10.48x 9.43x 23.3x 19.6x $5,766 1.3
Median 87.4% $3,941 $4,469 $599 $780 16.4% 91.3% 69.3% 14.9% 24.1% 6.26x 7.39x 23.2x 15.2x $2,092 1.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) No earnings estimates available for CY2021
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-17-320.jpg)
![18
Comparable Public Companies
Marketing & Advertising
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
AppLovin (5) $75.17 83.5% $27,412 $29,303 $1,795 $2,677 84.5% n/a 60.9% 17.7% 25.8% 16.33x 10.95x n/m 42.4x $5,863 1
Cardlytics $126.93 78.6% $4,347 $3,924 $195 $280 50.0% 70.1% 34.7% (24.2%) (1.7%) 20.17x 14.00x n/m n/m $1,347 2
Criteo (7) $45.23 97.3% $2,792 $2,415 $825 $881 6.8% n/a 84.2% 26.8% 32.0% 2.93x 2.74x 10.9x 8.6x $2,035 1
CSG Systems $47.18 95.7% $1,515 $1,828 $998 $954 (3.7%) 5.8% 47.1% 16.5% 22.7% 1.83x 1.92x 11.1x 8.5x $903 1
dotdigital $3.19 99.6% $961 $929 $72 $83 21.6% 91.0% 81.0% 27.1% 32.4% 12.94x 11.16x 47.8x 34.4x $322 -
DoubleVerify (5) $42.34 87.4% $7,211 $7,190 $260 $325 33.0% 95.0% 85.2% 19.4% 32.1% 27.63x 22.16x n/m n/m $1,776 -
HubSpot $582.72 96.2% $29,823 $30,166 $965 $1,244 40.9% 96.6% 81.0% (3.1%) 12.3% 31.25x 24.25x n/m n/m $7,329 1
Integral Ad Science (5) $20.58 91.5% $3,066 $3,367 $254 n/a 94.9% 58.1% 83.1% 22.7% n/a 13.28x n/a n/m n/m $822 1
J2 Global $137.55 97.9% $6,709 $8,035 $1,555 $1,697 14.0% 56.0% 85.2% 39.6% 40.0% 5.17x 4.73x 13.0x 11.8x $3,529 5
LivePerson $63.24 87.6% $4,684 $4,583 $396 $466 27.0% 92.0% 70.5% (1.8%) 8.3% 11.56x 9.84x n/m n/m $1,727 -
M&C Saatchi $2.21 87.1% $270 $270 $308 $316 2.7% na/ 100.0% 10.7% 12.9% 0.88x 0.85x 8.2x 6.6x $252 -
Pegasystems $139.19 93.5% $11,330 $11,835 $1,164 $1,241 22.0% 76.0% 72.4% (3.3%) 6.6% 10.17x 9.53x n/m n/m $3,441 1
Perion Network $21.42 75.6% $822 $770 $352 $416 26.9% 54.7% 32.2% 5.3% 12.0% 2.19x 1.85x 41.7x 15.4x $441 1
PROS $45.57 87.9% $2,031 $2,043 $247 $252 (0.2%) 85.0% 58.6% (23.7%) (13.8%) 8.25x 8.10x n/m n/m $831 -
PubMatic $39.07 50.8% $2,229 $2,152 $164 $198 33.3% 100.0% 73.5% 29.3% 28.9% 13.12x 10.85x 44.9x 37.5x $772 -
QuinStreet $18.58 71.5% $1,018 $929 $544 $594 12.0% 100.0% 11.7% 3.8% 9.2% 1.71x 1.57x 44.8x 17.0x $935 1
Sprinklr (5) $20.59 77.7% $5,108 $5,530 $405 n/a 80.1% 87.8% 69.8% (7.0%) n/a 13.66x n/a n/m n/m $1,508 -
Sprout Social $89.42 93.9% $4,792 $4,715 $143 $177 33.2% 99.1% 74.4% (16.1%) (8.1%) 32.92x 26.62x n/m n/m $1,187 -
TechTarget $77.49 76.6% $2,208 $2,338 $170 $244 64.3% 42.0% 73.9% 21.3% 34.3% 13.76x 9.59x n/m 28.0x $578 2
The Trade Desk $77.36 79.5% $36,806 $36,618 $895 $1,141 36.5% 23.0% 78.9% 18.7% 35.2% 40.91x 32.09x n/m n/m $8,319 -
Upland $41.17 77.7% $1,248 $1,609 $298 $307 5.2% 95.1% 66.2% 14.6% 32.0% 5.40x 5.24x 37.1x 16.4x $697 3
Verint Systems (6) $45.07 58.0% $2,930 $3,867 $832 $899 4.5% 61.0% 107.2% 16.4% 26.2% 4.65x 4.30x 28.3x 16.4x $1,400 -
Yandex $70.75 95.2% $25,386 $25,903 $3,890 $4,559 54.4% 3.6% 54.5% 8.6% 15.6% 6.66x 5.68x n/m 36.4x $6,263 3
Yext $14.29 68.4% $1,860 $1,723 $361 $383 10.2% 100.0% 75.9% (20.1%) (2.3%) 4.77x 4.50x n/m n/m $960 -
Zeta Global Holdings (5) $8.40 89.0% $1,607 $1,906 $388 n/a 94.8% 68.0% 59.5% 6.9% n/a 4.91x n/a n/m n/m $678 -
Mean 83.9% $7,527 $7,758 $699 $879 34.0% 70.9% 68.9% 8.2% 17.8% 12.28x 10.11x 28.8x 21.5x $2,157 1.8
Median 87.4% $2,930 $3,367 $388 $441 27.0% 80.5% 73.5% 10.7% 19.1% 10.17x 8.82x 32.7x 16.4x $1,187 1.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPOs: AppLovin (April 14, 2021), DoubleVerify (April 20, 2021), Zeta Global Holdings (June 10, 2021), Sprinklr (June 23, 2021), and Integral Ad Science (June 30, 2021)
(6) TTM financials adjusted for completed spin-off of Cognyte Software (February 1, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-18-320.jpg)
![19
Comparable Public Companies
Verticalized Platforms
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
AppFolio $141.20 75.7% $5,020 $5,016 $316 $351 13.3% 95.5% 61.0% 4.6% 12.9% 15.85x 14.28x n/m n/m $1,404 -
Black Knight $77.98 80.2% $12,115 $14,954 $1,298 $1,423 14.9% 90.0% 46.5% 35.1% 49.6% 11.53x 10.51x 32.8x 21.2x $3,905 3
Blackbaud $76.57 95.7% $3,640 $4,188 $909 $905 (0.9%) 93.2% 53.6% 11.6% 25.3% 4.61x 4.63x 39.6x 18.3x $1,800 -
Boxlight (5) $2.41 51.8% $139 $179 $83 $154 180.7% 4.5% n/a n/a n/a 2.17x 1.16x n/m n/m $33 2
CDK $49.69 89.5% $6,052 $7,026 $1,951 $1,727 (5.1%) 82.0% 47.9% 30.4% 39.0% 3.60x 4.07x 11.8x 10.4x $3,776 2
Citrix Systems $117.27 67.6% $14,561 $17,752 $3,152 $3,376 4.3% 86.3% 84.4% 20.4% 33.6% 5.63x 5.26x 27.7x 15.7x $4,508 1
Constellation $1,515.35 97.7% $32,113 $32,441 $4,192 $4,994 25.8% 70.9% 37.4% 21.0% 30.1% 7.74x 6.50x 36.9x 21.6x $10,918 2
Duck Creek $43.51 73.2% $5,725 $5,631 $248 $268 18.7% 39.7% 55.6% (4.2%) 3.1% 22.72x 21.05x n/m n/m $1,326 -
Enghouse $44.55 68.2% $2,491 $2,384 $397 $400 4.9% 60.4% 71.8% 30.6% 34.6% 6.01x 5.96x 19.6x 17.2x $1,267 2
GTY $7.11 85.9% $410 $423 $50 $58 21.4% 73.7% 62.7% (26.7%) n/a 8.45x 7.25x n/m n/m $137 -
Roper $470.20 99.6% $49,483 $57,847 $5,988 $6,391 15.6% 64.0% 64.6% 36.4% 35.6% 9.66x 9.05x 26.5x 25.4x $14,455 1
Sabre $12.48 73.9% $4,188 $7,791 $1,003 $1,870 40.2% 91.0% 57.6% (86.1%) (7.0%) 7.77x 4.17x n/m n/m $2,621 -
Sapiens $26.27 73.3% $1,454 $1,469 $402 $461 20.4% 100.0% 40.8% 17.2% 18.4% 3.65x 3.19x 21.2x 17.3x $622 2
Tyler Tech $452.37 94.3% $19,018 $20,383 $1,268 $1,524 36.5% 75.0% 48.0% 18.9% 27.8% 16.08x 13.37x n/m 48.1x $5,101 4
Mean 80.5% $11,172 $12,677 $1,518 $1,707 27.9% 73.3% 56.3% 8.4% 25.2% 8.96x 7.89x 27.0x 21.7x $3,705 2.1
Median 78.0% $5,373 $6,328 $956 $1,164 17.2% 78.5% 55.6% 18.9% 29.0% 7.75x 6.23x 27.1x 18.3x $2,210 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) TTM revenue not normalized for September 2020 acquisitions of Sahara Holdings and Screen Sharing Intellectual Property Portfolio
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-19-320.jpg)
![23
Comparable Public Companies
Commerce & Supply Chain
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
American Software $21.96 77.2% $755 $668 $111 $116 3.1% 28.6% 54.7% 5.2% 11.5% 5.99x 5.74x n/m n/m $235 -
Basware $47.13 90.6% $681 $735 $180 $185 (0.2%) 73.9% 56.9% 7.0% 13.6% 4.08x 3.97x n/m 29.3x $327 -
BigCommerce $64.92 40.0% $5,067 $4,893 $166 $198 30.1% 68.1% 78.4% (22.2%) (15.2%) 29.50x 24.69x n/m n/m $1,249 -
ChannelAdvisor $24.51 84.7% $752 $679 $152 $160 10.4% 73.9% 79.2% 17.5% 20.8% 4.46x 4.24x 25.6x 20.4x $341 1
Coupa Software $262.11 69.5% $20,269 $21,481 $589 $672 31.1% 85.6% 56.1% (19.5%) 17.3% 36.45x 31.95x n/m n/m $4,866 2
E2open $11.42 78.3% $2,674 $3,358 $313 $382 37.0% 83.0% 65.2% 11.3% 32.0% 10.72x 8.79x n/m 27.5x $970 2
Global-E Online (5) $57.08 88.5% $8,937 $9,013 $163 $211 54.4% 36.6% 32.6% 8.2% 8.1% 55.35x 42.81x n/m n/m $1,889 -
Kinaxis $131.62 72.5% $3,583 $3,400 $229 $246 9.9% 74.4% 67.4% 9.7% 13.2% 14.83x 13.80x n/m n/m $1,029 1
Manhattan Associates $144.84 98.3% $9,214 $9,030 $620 $634 8.2% 15.1% 55.4% 22.0% 22.9% 14.57x 14.24x n/m n/m $2,742 -
Ocado Group $27.66 68.7% $20,643 $20,555 $3,638 $3,708 19.3% 28.8% 36.7% 0.5% 3.0% 5.65x 5.54x n/m n/m $5,304 2
Shopify $1,460.98 94.1% $185,042 $183,754 $3,853 $4,429 51.2% 31.0% 54.2% 14.6% 11.0% 47.69x 41.49x n/m n/m $40,493 8
SPS Commerce $99.85 84.6% $3,634 $3,472 $347 $373 19.3% 93.7% 67.3% 21.9% 27.8% 9.99x 9.31x 45.6x 33.5x $1,254 1
Stamps.com (6) $200.29 61.6% $3,956 $3,461 $796 $776 2.4% 93.1% 77.2% 30.7% 28.4% 4.35x 4.46x 14.2x 15.7x $2,467 -
Tecsys $33.75 62.8% $503 $481 $100 $108 19.0% 41.9% 49.3% 10.3% 11.2% 4.82x 4.44x 46.9x 39.6x $172 -
Telos Corporation $34.01 81.3% $2,270 $2,193 $197 $289 60.5% 89.6% 32.8% (5.1%) 11.8% 11.15x 7.59x n/m n/m $721 -
The Descartes Systems $69.20 98.1% $5,887 $5,761 $364 $402 17.2% 89.0% 74.7% 39.2% 41.3% 15.84x 14.31x 40.4x 34.7x $2,089 3
Verra Mobility $15.37 96.4% $2,575 $3,329 $367 $495 25.8% 85.4% 62.2% 36.7% 45.8% 9.08x 6.72x 24.7x 14.7x $1,031 1
Vontier $32.58 83.5% $5,499 $6,860 $2,803 $2,849 5.3% 23.2% 44.1% 23.7% 24.3% 2.45x 2.41x 10.3x 9.9x $3,386 -
WiseTech $23.94 92.8% $7,743 $7,581 $357 $418 24.1% 89.7% 82.0% 25.5% 37.8% 21.26x 18.14x n/m 47.9x $2,160 -
Zuora $17.25 92.5% $2,203 $2,172 $312 $335 11.7% 79.3% 57.9% (17.2%) 1.1% 6.96x 6.48x n/m n/m $801 1
Mean 80.8% $14,594 $14,644 $783 $849 22.0% 64.2% 59.2% 11.0% 18.4% 15.76x 13.56x 29.7x 27.3x $3,676 2.2
Median 84.1% $3,795 $3,466 $330 $378 19.2% 74.2% 57.4% 10.8% 15.4% 10.36x 8.19x 25.6x 28.4x $1,252 1.5
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPO: Global-E Online (May 11, 2021)
(6) Stamps.com to be acquired in $6.6 Billion acquisition by Thoma Bravo announced July 9, 2021
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-23-320.jpg)
![24
Comparable Public Companies
Engineering & Design
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Altair Engineering $68.97 96.4% $5,391 $5,375 $489 $509 8.4% 74.7% 75.6% 9.2% 12.9% 11.00x 10.55x n/m n/m $1,656 4
Altium $27.51 91.2% $3,610 $3,535 $186 $197 5.0% 60.0% 47.1% 33.6% 37.1% 19.01x 17.98x n/m 48.5x $1,127 1
ANSYS $347.06 84.0% $30,424 $30,367 $1,740 $1,861 10.7% 46.2% 89.0% 35.1% 42.9% 17.46x 16.32x 49.8x 38.1x $9,308 2
Aspen Technology $137.54 84.6% $9,428 $9,444 $713 $724 9.9% 94.6% 91.4% 53.5% 54.7% 13.24x 13.04x 24.8x 23.8x $3,999 2
Autodesk $291.90 90.9% $64,222 $65,390 $3,894 $4,305 15.7% 91.8% 91.9% 19.4% 33.2% 16.79x 15.19x n/m 45.8x $17,773 5
AVEVA Group $51.21 69.1% $15,417 $16,077 $1,130 $1,568 43.8% 68.0% 78.0% 19.0% 31.8% 14.23x 10.25x n/m 32.2x $4,242 1
Bentley Systems $64.78 96.7% $18,652 $18,800 $829 $917 14.4% 91.9% 78.6% 29.7% 32.3% 22.68x 20.49x n/m n/m $4,967 7
Cadence Design Systems $136.82 91.8% $38,466 $38,070 $2,801 $2,940 9.6% 94.5% 88.8% 31.0% 38.7% 13.59x 12.95x 43.8x 33.4x $12,930 3
Dassault Systèmes $48.49 98.6% $64,162 $65,726 $5,433 $5,672 4.1% 71.8% 83.4% 21.7% 35.3% 12.10x 11.59x n/m 32.9x $19,439 2
ESI $69.01 94.8% $397 $449 $162 $165 1.5% 82.7% 74.5% 4.8% 10.1% 2.77x 2.72x n/m 27.0x $261 -
Procore (5) $94.95 96.0% $12,256 $12,663 $422 $489 22.1% 100.0% 82.4% (7.6%) (6.4%) 30.02x 25.92x n/m n/m $3,185 2
PTC $141.26 94.5% $16,507 $17,823 $1,717 $1,776 16.3% 87.9% 79.3% 23.5% 34.3% 10.38x 10.04x 44.1x 29.3x $5,371 2
Synopsys $275.79 91.7% $42,834 $42,072 $3,984 $4,151 10.6% 84.1% 80.2% 22.7% 32.8% 10.56x 10.14x 46.6x 30.9x $14,022 5
Trimble $81.83 96.4% $20,564 $21,791 $3,242 $3,728 7.9% 21.4% 58.6% 21.6% 24.9% 6.72x 5.84x 31.1x 23.5x $6,959 1
Unity Software $109.83 62.8% $34,328 $33,344 $840 $1,013 31.2% 100.0% 76.6% (36.7%) (4.9%) 39.68x 32.90x n/m n/m $8,476 4
Zuken $28.02 94.7% $652 $458 $261 $277 5.3% n/a 69.6% 13.3% 13.8% 1.76x 1.66x 13.2x 12.0x $437 -
Mean 89.6% $23,582 $23,836 $1,740 $1,893 13.5% 78.0% 77.8% 18.3% 26.5% 15.12x 13.60x 36.2x 31.4x $7,135 2.9
Median 93.1% $17,580 $18,311 $985 $1,291 10.2% 84.1% 78.9% 21.6% 32.5% 13.42x 12.27x 43.8x 31.6x $5,169 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPO: Procore (May 20, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-24-320.jpg)
![25
Comparable Public Companies
Manufacturing
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
3M $198.63 95.1% $116,505 $130,997 $34,734 $34,784 8.1% n/a 48.7% 29.0% 27.2% 3.77x 3.77x 13.0x 13.9x $66,974 -
ABB $33.95 98.0% $68,108 $73,088 $28,114 $28,724 9.9% n/a 31.7% 12.9% 15.7% 2.60x 2.54x 20.2x 16.2x $29,272 1
Cognex $84.05 82.5% $15,152 $14,933 $883 $1,013 24.9% n/a 75.2% 32.6% 34.9% 16.92x 14.74x n/m 42.3x $4,857 -
CoStar $82.82 86.9% $32,807 $30,278 $1,808 $1,948 17.4% 73.9% 81.5% 25.9% 33.0% 16.75x 15.54x n/m 47.0x $10,069 3
Danaher $268.36 98.3% $191,416 $209,620 $24,799 $27,882 25.1% 71.7% 59.6% 32.3% 33.4% 8.45x 7.52x 26.1x 22.5x $68,313 3
Emerson Electric $96.24 97.1% $57,871 $63,397 $17,064 $18,391 7.4% n/a 41.6% 22.1% 22.7% 3.72x 3.45x 16.8x 15.2x $27,511 3
Fortive $69.74 84.9% $23,819 $25,292 $4,786 $5,204 12.3% 40.0% 56.8% 22.4% 24.1% 5.29x 4.86x 23.6x 20.2x $9,084 -
General Electric $13.46 93.4% $118,161 $173,212 $78,722 $76,978 (3.3%) n/a 18.0% 8.6% 9.7% 2.20x 2.25x 25.5x 23.1x $30,177 2
Hexagon $14.82 98.2% $38,048 $40,532 $4,780 $4,956 7.6% 40.0% 64.1% 35.3% 36.7% 8.48x 8.18x 24.0x 22.3x $15,035 5
Honeywell $219.35 93.7% $153,902 $165,103 $33,959 $34,800 6.6% n/a 32.1% 24.6% 25.4% 4.86x 4.74x 19.8x 18.7x $64,177 6
Materialise $24.09 27.6% $1,407 $1,317 $216 $240 14.9% 22.9% 56.2% 10.4% 11.7% 6.09x 5.50x n/m 47.1x $452 2
Rockwell Automation $286.02 98.8% $33,613 $35,367 $6,760 $7,136 9.8% 29.0% 41.7% 19.8% 21.0% 5.23x 4.96x 26.4x 23.6x $12,859 3
Schneider Electric $157.32 94.4% $87,204 $100,893 $32,438 $33,146 7.7% 17.0% 41.1% 18.8% 19.0% 3.11x 3.04x 16.6x 16.0x $42,548 6
Siemens $158.43 91.5% $126,596 $165,244 $68,563 $72,114 5.9% n/a 35.5% 13.3% 15.7% 2.41x 2.29x 18.1x 14.6x $39,192 4
Software AG $44.98 85.3% $3,328 $3,052 $978 $971 (5.0%) 49.4% 77.9% 21.0% 18.9% 3.12x 3.15x 14.9x 16.6x $1,852 -
Mean 88.4% $71,196 $82,155 $22,574 $23,219 10.0% 43.0% 50.8% 21.9% 23.3% 6.20x 5.77x 20.4x 23.9x $28,158 3.5
Median 93.7% $57,871 $63,397 $17,064 $18,391 8.1% 40.0% 48.7% 22.1% 22.7% 4.86x 4.74x 20.0x 20.2x $27,511 3.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-25-320.jpg)
![26
Comparable Public Companies
Location & Telematics
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
CalAmp $12.72 87.7% $449 $561 $315 $334 0.2% 37.3% 40.4% 6.7% 11.2% 1.78x 1.68x 26.5x 15.0x $285 -
Everbridge $136.08 76.0% $5,563 $5,484 $294 $359 32.3% 96.0% 70.3% (14.8%) 2.3% 18.62x 15.29x n/m n/m $1,833 3
Garmin $144.64 99.2% $27,793 $26,228 $4,860 $4,707 12.4% n/a 59.3% 29.9% 27.2% 5.40x 5.57x 18.1x 20.5x $15,022 1
MiX Telematics $0.57 90.7% $324 $281 $134 $128 (1.8%) 89.0% 64.8% 28.3% 24.2% 2.09x 2.18x 7.4x 9.0x $313 -
Orbcomm $11.24 97.3% $905 $1,101 $246 $268 8.1% 60.4% 52.6% 18.6% 23.2% 4.47x 4.10x 24.0x 17.7x $386 -
PowerFleet $7.20 75.4% $256 $304 $112 $130 14.6% 59.0% 52.4% 5.4% 9.0% 2.72x 2.33x 50.0x 26.0x $154 -
TomTom $8.38 70.9% $1,093 $833 $637 $668 3.4% 87.0% 78.9% (4.2%) 5.4% 1.31x 1.25x n/m 23.0x $1,065 -
Mean 85.3% $5,197 $4,970 $943 $942 9.9% 71.4% 59.8% 10.0% 14.6% 5.20x 4.63x 25.2x 18.5x $2,723 2.0
Median 87.7% $905 $833 $294 $334 8.1% 73.7% 59.3% 6.7% 11.2% 2.72x 2.33x 24.0x 19.1x $386 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-26-320.jpg)
![30
Comparable Public Companies
Life Sciences Software
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Instem $10.22 98.7% $235 $203 $39 $63 64.1% 59.9% 41.5% 16.2% 18.9% 5.26x 3.21x 32.4x 17.0x $99 -
IQVIA $242.32 97.4% $47,121 $57,988 $12,931 $13,426 18.2% n/a 33.6% 17.2% 21.9% 4.48x 4.32x 26.0x 19.7x $11,022 3
Model N $34.27 71.1% $1,225 $1,211 $174 $196 16.3% 72.1% 57.9% 0.3% 8.8% 6.97x 6.19x n/m n/m $476 1
Veeva Systems $310.95 95.5% $50,667 $49,542 $1,562 $1,792 26.2% 80.5% 72.5% 28.6% 40.4% 31.73x 27.65x n/m n/m $13,347 1
Mean 90.7% $24,812 $27,236 $3,676 $3,869 31.2% 70.9% 51.4% 15.6% 22.5% 12.11x 10.34x 29.2x 18.4x $6,236 1.7
Median 96.5% $24,173 $25,376 $868 $994 22.2% 72.1% 49.7% 16.7% 20.4% 6.12x 5.25x 29.2x 18.4x $5,749 1.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
Note: Dassault Systems (owner of MediData) is featured on slide 24 under Engineering & Design
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-30-320.jpg)
![31
Comparable Public Companies
CROs & Life Sciences Services
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Bruker $75.98 99.4% $11,607 $11,781 $2,118 $2,341 17.8% 21.0% 48.7% 20.0% 20.7% 5.56x 5.03x 27.8x 24.3x $4,353 -
Certara $28.33 67.8% $4,334 $4,363 $253 $283 16.0% 30.2% 58.6% 7.4% 35.9% 17.26x 15.44x n/m 43.0x $1,099 1
Charles River Laboratories $369.92 99.3% $18,882 $20,853 $3,041 $3,524 20.5% 78.5% 37.3% 23.6% 25.5% 6.86x 5.92x 29.1x 23.3x $5,911 -
Icon $206.71 88.3% $10,984 $10,349 $3,191 $3,462 23.8% 100.0% 28.4% 17.5% 17.4% 3.24x 2.99x 18.5x 17.1x $5,654 -
PerkinElmer $154.41 94.9% $17,378 $19,160 $4,438 $4,404 16.4% 26.5% 58.6% 37.8% 33.5% 4.32x 4.35x 11.4x 13.0x $11,266 -
PPD, Inc $46.09 98.8% $16,746 $20,284 $5,552 $5,435 16.1% 100.0% 66.3% 16.4% 18.7% 3.65x 3.73x 22.3x 19.9x $4,823 -
Syneos Health $89.49 99.3% $9,286 $12,198 $4,461 $5,229 18.4% n/a 23.4% 13.2% 14.7% 2.73x 2.33x 20.8x 15.9x $2,338 2
Thermo Fisher Scientific $504.47 94.7% $199,942 $213,013 $35,894 $35,669 10.7% 21.5% 51.5% 34.5% 32.3% 5.93x 5.97x 17.2x 18.5x $98,466 -
Mean 92.8% $36,145 $39,000 $7,369 $7,543 17.5% 54.0% 46.6% 21.3% 24.8% 6.19x 5.72x 21.0x 21.9x $16,739 1.5
Median 96.9% $14,176 $15,679 $3,815 $3,964 17.1% 30.2% 50.1% 18.7% 23.1% 4.94x 4.69x 20.8x 19.2x $5,239 1.5
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-31-320.jpg)
![32
Comparable Public Companies
Healthcare Software & Data
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Allscripts Healthcare $18.51 97.4% $2,680 $2,446 $1,490 $1,513 0.7% 81.0% 47.2% 2.4% 16.9% 1.64x 1.62x n/m 9.6x $2,301 2
Doximity (5) $58.20 89.0% $10,372 $10,388 $207 n/a 14.1% 93.0% 84.9% 26.5% n/a 50.21x n/a n/m n/m $2,435 -
GoodRx $36.01 56.1% $14,768 $14,483 $578 $749 36.0% 11.3% 94.1% (52.1%) 31.5% 25.07x 19.34x n/m n/m $3,531 2
Health Catalyst $55.51 93.3% $2,619 $2,683 $200 $231 22.4% 90.0% 49.2% (30.0%) (5.9%) 13.45x 11.60x n/m n/m $815 3
HealthStream $27.94 98.4% $881 $859 $251 $252 2.8% 95.5% 64.9% 14.9% 17.1% 3.42x 3.41x 23.0x 19.9x $501 4
Inovalon $34.08 99.3% $5,320 $6,215 $719 $764 14.5% 88.0% 74.1% 29.5% 35.4% 8.65x 8.13x 29.3x 23.0x $1,914 -
NextGen Healthcare $16.59 69.7% $1,118 $1,083 $572 $573 4.3% 90.3% 56.8% 5.1% 19.4% 1.89x 1.89x 37.1x 9.7x $901 -
Omnicell $151.45 99.2% $7,191 $7,097 $987 $1,101 23.5% 28.7% 48.8% 14.1% 21.7% 7.19x 6.44x n/m 29.7x $2,100 2
Phreesia $61.30 75.1% $3,268 $2,830 $164 $189 30.9% 80.0% 63.9% (12.2%) 0.8% 17.30x 14.93x n/m n/m $974 1
Tabula Rasa HealthCare $50.00 72.1% $1,280 $1,632 $301 $343 15.5% 46.3% 30.0% (8.4%) 8.3% 5.42x 4.75x n/m n/m $439 1
Vocera Comms $39.85 71.7% $1,385 $1,385 $232 $225 13.3% 39.6% 67.0% 4.6% 13.2% 5.97x 6.16x n/m 46.8x $392 2
Mean 83.7% $4,625 $4,645 $518 $594 16.2% 67.6% 61.9% (0.5%) 15.8% 12.75x 7.83x 29.8x 23.1x $1,482 2.1
Median 89.0% $2,680 $2,683 $301 $458 14.5% 81.0% 63.9% 4.6% 17.0% 7.19x 6.30x 29.3x 21.4x $974 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPO: Doximity (June 24, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-32-320.jpg)
![33
Comparable Public Companies
Healthcare Services
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Cerner $78.16 92.8% $23,731 $25,321 $5,608 $5,803 5.4% 6.9% 82.9% 21.8% 32.3% 4.51x 4.36x 20.7x 13.5x $10,369 2
Change Healthcare $23.04 95.2% $7,213 $11,991 $3,090 $3,327 41.2% 93.6% 50.4% 18.6% 31.0% 3.88x 3.60x 20.9x 11.6x $5,117 1
Evolent Health $21.12 94.5% $1,852 $1,912 $1,016 $867 (15.2%) 87.0% 24.1% 0.7% 5.5% 1.88x 2.20x n/m 40.4x $1,594 -
R1 RCM $22.24 71.1% $6,255 $6,778 $1,293 $1,449 14.0% 90.0% 20.0% 17.3% 22.6% 5.24x 4.68x 30.4x 20.7x $2,757 1
Premier $34.79 92.1% $4,265 $4,816 $1,582 $1,581 5.8% 27.6% 51.9% 25.7% 30.2% 3.04x 3.05x 11.9x 10.1x $2,674 2
Mean 89.1% $8,663 $10,163 $2,518 $2,605 10.3% 61.0% 45.9% 16.8% 24.3% 3.71x 3.58x 21.0x 19.3x $4,502 1.5
Median 92.8% $6,255 $6,778 $1,582 $1,581 5.8% 87.0% 50.4% 18.6% 30.2% 3.88x 3.60x 20.8x 13.5x $2,757 1.5
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-33-320.jpg)
![37
Comparable Public Companies
Payments
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
ACI Worldwide $37.14 85.9% $4,427 $5,441 $1,288 $1,331 2.8% 75.8% 52.5% 20.1% 28.4% 4.22x 4.09x 21.1x 14.4x $2,198 -
Adyen (5) $2,443.09 92.8% $75,114 $71,926 $4,454 $1,146 (74.3%) 96.4% 13.8% 10.6% 61.4% 16.15x 62.76x n/m n/m $21,733 -
American Express $165.23 97.0% $133,036 $143,451 $38,136 $39,499 26.0% n/a 72.3% 26.6% n/a 3.76x 3.63x 14.1x n/m $41,062 1
Bill.com $183.18 93.5% $18,811 $18,545 $202 $312 62.9% 86.6% 74.6% (24.2%) (1.5%) 91.76x 59.38x n/m n/m $4,593 1
Discover $118.29 94.3% $35,703 $29,844 $11,121 $11,565 94.2% n/a 92.6% 51.8% n/a 2.68x 2.58x 5.2x n/m $34,979 -
Dlocal (6) $52.53 93.5% $15,387 $15,260 $126 $188 80.7% 94.6% 57.2% 36.5% 41.0% 120.72x 81.07x n/m n/m $3,418 1
Euronet Worldwide $135.35 80.7% $7,312 $7,114 $2,738 $2,958 19.2% n/a 35.3% 10.6% 15.7% 2.60x 2.40x 24.4x 15.3x $2,628 1
EVERTEC $43.65 97.6% $3,102 $3,471 $528 $552 8.0% 94.0% 56.0% 38.7% 47.3% 6.57x 6.29x 17.0x 13.3x $1,402 -
EVO Payments $27.74 86.7% $1,341 $2,592 $434 $488 11.0% n/a 82.0% 27.0% 35.5% 5.97x 5.32x 22.1x 15.0x $540 1
Fiserv $106.89 83.9% $71,979 $92,981 $15,424 $15,883 6.9% 82.2% 51.5% 35.2% 39.9% 6.03x 5.85x 17.1x 14.7x $26,583 3
FLEETCOR $256.06 86.7% $21,838 $25,399 $2,336 $2,664 11.5% n/a 79.6% 53.6% 55.5% 10.87x 9.53x 20.3x 17.2x $7,841 3
Flywire (6) $36.74 90.7% $4,291 $4,461 $144 $153 16.1% 95.0% 63.7% (1.7%) (3.3%) 30.97x 29.16x n/m n/m $1,102 1
Global Payments $187.54 84.9% $55,463 $63,738 $7,510 $7,613 2.6% 63.2% 52.0% 38.7% 47.2% 8.49x 8.37x 21.9x 17.8x $19,369 1
i3 Verticals $30.22 84.0% $663 $936 $161 $219 32.7% 80.0% 70.6% 10.3% 26.6% 5.81x 4.27x n/m 16.0x $295 3
Lightspeed POS $83.74 95.8% $11,399 $10,647 $222 $386 106.4% 88.6% 57.0% (39.8%) (7.5%) 48.02x 27.61x n/m n/m $2,929 4
Marqeta (6) $28.07 85.7% $15,765 $16,041 $350 $458 57.8% n/a 42.6% (11.2%) 2.0% 45.85x 35.02x n/m n/m $3,277 -
Mastercard $365.09 90.9% $363,122 $369,872 $15,447 $18,396 20.2% n/a 100.0% 56.6% 57.4% 23.94x 20.11x 42.3x 35.0x $114,823 4
mdf commerce $8.92 65.4% $257 $179 $67 $76 18.0% 75.0% 63.4% (8.8%) 4.9% 2.66x 2.37x n/m 48.1x $158 1
NCR $45.61 91.2% $6,096 $9,964 $6,248 $6,661 7.3% 53.8% 27.1% 10.6% 16.9% 1.59x 1.50x 15.0x 8.9x $5,580 3
Paya $11.02 73.5% $1,396 $1,485 $212 $246 19.5% 40.6% 51.1% 22.2% 27.0% 7.00x 6.03x 31.5x 22.3x $407 2
Paymentus (6) $35.50 90.5% $4,166 $4,126 $324 $373 23.7% 98.6% 30.6% 6.4% 6.6% 12.72x 11.05x n/m n/m $974 -
Payoneer (6) $10.37 92.6% $3,678 $3,820 $364 n/a 94.9% n/a 74.6% (2.3%) n/a 10.49x n/a n/m n/m $788 1
PayPal $291.48 94.3% $342,574 $345,774 $23,846 $25,791 20.2% 92.8% 48.4% 21.5% 29.7% 14.50x 13.41x n/m 45.1x $93,186 4
Repay $24.04 84.6% $2,121 $2,211 $163 $216 39.6% 100.0% 73.5% 22.6% 43.4% 13.55x 10.21x n/m 23.5x $620 4
Shift4 Payments $93.72 90.0% $4,846 $5,316 $807 $1,281 67.1% 100.0% 23.1% (3.0%) 13.1% 6.59x 4.15x n/m 31.7x $1,500 2
Square $243.80 86.1% $113,500 $114,682 $13,174 $20,404 114.8% 50.9% 24.1% 1.8% 4.3% 8.71x 5.62x n/m n/m $26,880 3
StoneCo $67.06 70.5% $20,751 $21,544 $588 $1,047 71.1% 42.8% 74.6% 44.1% 52.8% 36.61x 20.57x n/m 38.9x $4,761 1
Visa $233.82 98.0% $499,380 $505,474 $22,647 $24,706 10.9% 28.9% 96.8% 68.3% 69.0% 22.32x 20.46x 32.7x 29.6x $180,693 2
Western Union $22.97 86.3% $9,418 $11,146 $4,855 $5,124 6.0% n/a 41.4% 24.8% 25.9% 2.30x 2.18x 9.3x 8.4x $6,615 2
WEX $193.90 82.6% $8,757 $11,797 $1,645 $1,800 15.9% 44.8% 70.3% 23.9% 38.1% 7.17x 6.55x 30.0x 17.2x $1,964 3
Worldline $93.60 94.4% $26,309 $31,163 $4,661 $6,004 78.6% n/a 66.1% 19.0% 25.7% 6.69x 5.19x 35.2x 20.2x $6,037 5
Mean 87.9% $60,710 $62,916 $5,814 $6,585 34.6% 75.5% 58.7% 19.0% 28.7% 18.95x 15.89x 22.4x 22.6x $19,966 2.3
Median 90.0% $11,399 $11,797 $1,288 $1,306 20.2% 82.2% 57.2% 21.5% 27.7% 8.49x 6.42x 21.5x 17.5x $3,418 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) Revenue normalized by including revenue attributed to Sahara the companies September 2020 Acquisition
(6) New subsector IPOs: Paymentus (May 25, 2021), Flywire (May 26, 2021), Dlocal (June 2, 2021), Marqeta (June 9, 2021), and Payoneer (June 28, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-37-320.jpg)
![38
Comparable Public Companies
Data Solutions & Infrastructure
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Dun & Bradstreet $21.37 72.3% $9,219 $12,787 $1,847 $2,158 24.1% n/a 69.3% 29.6% 39.2% 6.92x 5.93x 23.4x 15.1x $3,754 2
Equifax $239.51 98.7% $29,337 $32,798 $4,635 $4,675 13.3% 48.0% 59.4% 31.2% 33.7% 7.08x 7.02x 22.7x 20.8x $10,893 3
Experian $38.48 87.3% $35,081 $39,342 $5,372 $5,790 9.8% 77.9% 39.6% 30.0% 34.2% 7.32x 6.79x 24.4x 19.9x $12,369 4
FactSet $335.61 91.8% $13,033 $13,258 $1,563 $1,613 5.8% 98.2% 50.6% 33.1% 35.3% 8.48x 8.22x 25.6x 23.3x $5,161 1
Moody's $362.37 98.5% $68,051 $72,075 $5,799 $5,825 8.4% 44.2% 73.6% 52.3% 50.9% 12.43x 12.37x 23.8x 24.3x $26,386 4
Morningstar $257.11 95.2% $11,043 $11,192 $1,546 n/a n/a 67.3% 60.3% 22.2% n/a 7.24x n/a 32.6x n/m $3,926 1
MSCI $533.08 98.1% $43,938 $46,096 $1,846 $1,976 16.5% 73.6% 82.7% 56.9% 58.7% 24.98x 23.33x 43.9x 39.7x $11,947 -
Snowflake $241.80 56.4% $84,948 $84,504 $712 $1,070 93.3% 93.5% 58.2% (89.9%) (15.3%) 118.66x 78.96x n/m n/m $17,312 2
Teradata $49.97 83.9% $5,477 $5,627 $1,893 $1,914 4.3% 79.0% 59.2% 15.5% 24.3% 2.97x 2.94x 19.2x 12.1x $3,234 -
TransUnion $109.81 98.3% $21,065 $24,110 $2,914 $2,994 10.2% n/a 66.7% 37.6% 39.6% 8.27x 8.05x 22.0x 20.3x $7,573 2
UiPath (5) $67.93 75.5% $35,965 $34,188 $681 n/a 49.4% 95.8% 85.1% (42.6%) n/a 50.22x n/a n/m n/m $8,906 1
ZoomInfo $52.17 86.5% $9,689 $10,639 $527 $675 41.7% 98.9% 82.9% 18.9% 45.9% 20.18x 15.77x n/m 34.4x $2,705 3
Mean 86.9% $30,570 $32,218 $2,445 $2,869 25.2% 77.6% 65.6% 16.2% 34.7% 22.90x 16.94x 26.4x 23.3x $9,514 2.3
Median 89.5% $25,201 $28,454 $1,846 $2,067 13.3% 78.5% 63.5% 29.8% 37.3% 8.38x 8.14x 23.8x 20.8x $8,240 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPO: UiPath (April 21, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-38-320.jpg)
![39
Comparable Public Companies
Business Intelligence & Analytics
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Alteryx $86.02 46.3% $5,822 $6,371 $505 $572 15.4% 47.9% 91.8% 0.1% 3.1% 12.61x 11.14x n/m n/m $1,594 -
C3.ai $62.53 34.0% $8,628 $8,518 $183 $224 29.3% 85.9% 75.7% (30.5%) (38.0%) 46.49x 38.01x n/m n/m $1,980 -
Cloudera $15.86 82.0% $4,653 $5,156 $883 $917 6.8% 90.1% 79.8% (1.4%) 28.5% 5.84x 5.62x n/m 19.7x $2,009 3
Confluent (5) $47.50 81.9% $15,340 $15,919 $263 n/a 90.1% 88.2% 69.0% (92.4%) n/a 60.60x n/a n/m n/m $3,380 -
Domo $80.83 96.2% $2,633 $2,653 $222 $247 20.8% 87.4% 73.9% (29.0%) (11.3%) 11.97x 10.74x n/m n/m $811 -
Elastic $145.76 82.6% $14,292 $13,919 $608 $722 34.9% 93.0% 73.8% (18.4%) (2.7%) 22.88x 19.27x n/m n/m $3,766 -
Endava $113.38 96.1% $6,424 $6,380 $555 $699 33.3% n/a 33.6% 15.7% 24.5% 11.49x 9.13x n/m 37.3x $1,798 3
GlobalData $21.96 90.9% $2,810 $2,922 $252 $265 8.8% 83.0% 22.2% 26.9% 31.2% 11.57x 11.02x 43.1x 35.4x $842 -
Karooooo (5) $36.75 86.5% $1,137 $1,108 $173 $180 25.7% 96.4% 70.3% 44.4% 47.4% 6.40x 6.16x 14.4x 13.0x $699 -
KnowBe4 (5) $31.27 85.3% $5,698 $5,615 $189 $231 32.4% 92.4% 85.2% 4.3% 8.4% 29.67x 24.26x n/m n/m $1,405 1
Medallia $33.75 69.9% $5,979 $6,321 $496 $561 19.9% 80.2% 63.9% (21.5%) 1.5% 12.75x 11.27x n/m n/m $1,835 3
MicroStrategy $664.50 50.5% $6,902 $8,574 $492 $437 (9.1%) 6.9% 81.9% 16.5% 19.6% 17.42x 19.62x n/m n/m $1,464 -
New Relic $66.97 82.6% $4,360 $4,640 $668 $699 8.1% 96.2% 72.8% (20.0%) 2.2% 6.95x 6.64x n/m n/m $992 1
NICE $244.29 86.7% $15,639 $16,007 $1,693 $1,816 10.2% 47.2% 66.3% 25.6% 33.7% 9.46x 8.81x 37.0x 26.2x $5,155 2
Palantir $26.36 58.6% $59,132 $57,246 $1,205 $1,481 35.5% 100.0% 69.9% (99.9%) 25.3% 47.52x 38.66x n/m n/m $12,996 5
SentinelOne (5) $42.50 91.4% $12,456 $12,761 $112 n/a 41.3% 100.0% 55.6% (129.7%) n/a 113.43x n/a n/m n/m $2,672 1
SimilarWeb (5) $19.70 85.7% $1,659 $1,787 $102 $126 34.7% 100.0% 78.0% (22.9%) (36.4%) 17.47x 14.19x n/m n/m $479 -
Splunk $144.58 64.0% $23,747 $24,457 $2,297 $2,506 15.0% 56.4% 74.3% (33.2%) (4.8%) 10.65x 9.76x n/m n/m $6,386 3
Sumo Logic $20.65 44.5% $2,557 $2,425 $210 $232 17.9% 100.0% 72.6% (36.7%) (21.6%) 11.56x 10.44x n/m n/m $845 2
Upstart $124.90 65.1% $11,916 $11,720 $297 $601 149.0% 94.7% 84.4% 11.9% 10.5% 39.52x 19.49x n/m n/m $2,662 1
Veritone $19.71 39.2% $686 $565 $64 $81 39.6% 24.0% 73.1% (86.7%) (19.2%) 8.82x 7.02x n/m n/m $220 -
WalkMe (5) $29.26 92.5% $2,753 $3,014 $157 n/a 94.6% 87.9% 74.1% (25.8%) n/a 19.23x n/a n/m n/m $757 1
Mean 73.3% $9,783 $9,913 $528 $663 34.3% 78.9% 70.1% (22.9%) 5.4% 24.29x 14.80x 31.5x 26.3x $2,489 2.2
Median 82.3% $5,900 $6,346 $280 $561 27.5% 88.2% 73.4% (20.7%) 3.1% 12.68x 11.02x 37.0x 26.2x $1,696 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
(5) New subsector IPOs: Karooooo (April 1, 2021), KnowBe4 (April 22, 2021), SimilarWeb (May 12, 2021), WalkMe (June 15, 2021), Confluent (June 24, 2021), and SentinelOne (June 30, 2021)
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-39-320.jpg)
![43
Comparable Public Companies
IT Services
$ in million ex. Per Share Amounts
Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM
Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs.
Accenture $294.79 99.0% $186,937 $180,927 $47,949 $52,153 12.4% n/a 32.0% 16.7% 18.7% 3.77x 3.47x 22.5x 18.5x $87,132 41
Atos $60.83 64.8% $6,645 $9,555 $13,016 $13,457 (1.6%) n/a 7.8% 7.0% 14.2% 0.73x 0.71x 10.5x 5.0x $2,801 12
Bechtle $185.74 82.1% $7,801 $8,043 $7,011 $7,604 6.8% n/a 14.6% 5.5% 6.4% 1.15x 1.06x 20.7x 16.5x $3,461 1
Bottomline $37.08 67.3% $1,683 $1,723 $460 $496 8.5% 79.1% 58.1% 8.9% 20.9% 3.75x 3.47x 42.1x 16.6x $856 1
Capgemini $192.08 99.0% $32,343 $32,343 $20,130 $20,313 4.8% n/a 25.7% 12.3% 15.9% 1.61x 1.59x 13.0x 10.0x $21,355 3
CGI $90.72 98.5% $22,598 $24,974 $9,722 $9,975 7.1% n/a 32.3% 17.6% 20.2% 2.57x 2.50x 14.6x 12.4x $11,909 4
Cognizant $69.26 83.7% $36,529 $36,890 $17,413 $17,995 8.1% n/a 37.5% 17.8% 18.5% 2.12x 2.05x 11.9x 11.1x $24,819 10
Computacenter $35.52 93.5% $4,094 $4,029 $7,429 $8,711 17.3% 17.0% 13.2% 4.1% 4.7% 0.54x 0.46x 13.1x 9.8x $2,609 3
DXC Technology $38.94 93.3% $9,939 $14,274 $17,729 $16,972 (6.3%) n/a 21.6% 10.0% 15.3% 0.81x 0.84x 8.0x 5.5x $7,160 -
ePlus $86.69 80.5% $1,171 $1,223 $1,568 $1,634 1.9% n/a 24.0% 8.1% 7.7% 0.78x 0.75x 9.6x 9.7x $883 1
ExlService $106.26 97.8% $3,620 $3,771 $974 $1,061 10.7% 80.0% 36.3% 17.3% 21.1% 3.87x 3.56x 22.4x 16.9x $1,786 -
FDM Group $14.09 84.4% $1,566 $1,527 $357 $367 0.5% n/a 47.8% 16.5% 19.7% 4.28x 4.16x 25.9x 21.1x $675 -
Genpact $45.43 92.7% $8,650 $10,078 $3,732 $3,974 7.1% n/a 35.7% 17.5% 18.6% 2.70x 2.54x 15.4x 13.6x $3,903 2
Hackett Group $18.02 95.1% $584 $538 $233 $260 10.9% 21.0% 31.8% 11.1% 19.9% 2.31x 2.07x 20.7x 10.4x $293 -
IBEX $19.52 76.5% $345 $394 $436 $467 9.7% n/a 29.5% 7.7% 14.2% 0.90x 0.84x 11.8x 5.9x $190 -
Perficient $80.42 97.5% $2,821 $2,949 $674 $705 15.1% n/a 38.3% 17.7% 20.5% 4.38x 4.18x 24.8x 20.4x $1,108 -
Redcentric $1.99 91.1% $318 $339 $126 $129 5.5% 89.0% 63.4% 24.8% 27.0% 2.69x 2.63x 10.9x 9.7x $226 -
TietoEVRY $31.59 90.4% $3,740 $4,694 $3,311 $3,333 (2.3%) n/a 23.3% 14.8% 18.4% 1.42x 1.41x 9.6x 7.7x $2,616 -
TTEC $103.09 91.1% $4,827 $5,232 $2,056 $2,206 13.2% n/a 28.6% 16.2% 15.2% 2.54x 2.37x 15.7x 15.6x $2,560 2
Unisys $25.31 88.5% $1,831 $1,758 $2,021 $2,050 1.2% 62.0% 25.9% (1.1%) 17.4% 0.87x 0.86x n/m 4.9x $2,290 1
WNS $79.87 97.9% $3,946 $4,047 $958 $952 7.9% n/a 35.6% 18.5% 24.8% 4.22x 4.25x 22.9x 17.2x $1,703 -
Xerox $23.49 87.1% $4,509 $6,846 $7,200 $7,200 2.5% n/a 36.1% 11.1% 12.3% 0.95x 0.95x 8.6x 7.7x $2,513 2
Mean 88.7% $15,750 $16,189 $7,478 $7,819 6.4% 58.0% 31.8% 12.7% 16.9% 2.23x 2.12x 16.9x 12.1x $8,311 6.4
Median 91.1% $4,020 $4,370 $2,684 $2,770 7.1% 70.6% 31.9% 13.5% 18.4% 2.21x 2.06x 14.6x 10.7x $2,537 2.0
Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research
(1) Currency normalized to USD, on share price date
(2) Wall Street consensus estimates
(3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful
(4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)]
Revenue Metrics (2)](https://image.slidesharecdn.com/mpgq22021softwaretechnologypublicmarketupdate-210804135658/85/MPG-Q2-2021-Software-Technology-Public-Market-Update-43-320.jpg)
MPG Q2 2021 Software Technology Public Market Update
- 1. 1 Connect with us Member FINRA & SIPC © 2021 Madison Park Group August 2021 Q2 2021 Software & Technology Public Market Update
- 2. 2 Madison Park Group Investment Banking Advisors to the Technology Economy Mergers & Acquisitions, Capital Raising, and Corporate Strategy Entrepreneurs, investors, and boards trust our commentary, analysis, and informed advice when it comes to their most critical operational, financial, and strategic decisions. Jon Adler Managing Director [email protected] Ralph Verrilli Managing Director [email protected] Rohan Khanna Managing Director [email protected] Michael Magruder Managing Director [email protected] Jeff Herriman Managing Director [email protected] Drew Ogden Managing Director [email protected] Christian Vansant Managing Director [email protected] Senior Leadership Team Strategic Sale Strategic Sale Strategic Sale Strategic Sale Strategic Sale Recapitalization Strategic Sale Recapitalization Recapitalization Recapitalization Recapitalization Strategic Sale Founding Team Founding Team Founding Team Founding Team Founding Team Founding Team PE-Backed PE-Backed VC-Backed PE-Backed VC-Backed Proprietary
- 3. 3 I. The Big Picture II. Corporate & Business Solutions Market Update III. Industrial Software Market Update IV. Healthcare & Life Sciences Market Update V. Payments, Data, & BI Market Update VI. Tech-Enabled & IT Services Market Update VII. SPAC Market Snapshot VIII. Appendix – Announced SPAC Transactions Table of Contents To View Section, Click Section Name
- 5. 5 Microsoft Acquires Nuance Communications for $19.7 Billion April 2021 Q2 2021 Market Chatter & Public Comments Record-Setting VC Deployment Drives Market Activity and Creates Competitive Valuation Environments To View News, Click On Source Logo Key Announcements & Market Events Rockwell Acquires Plex for $2.2B June 2021 M&A Transactions UiPath IPOs at $29.1 Billion Valuation April 2021 IPOs Bright Machines to go Public via SPAC Merger May 2021 Fifth Wall Announces SmartRent as $2.2 Billion SPAC Target April 2021 Shapeways Announces SPAC Merger in $410 Million Deal April 2021 SPACs UpHealth and Cloudbreak Health Close SPAC Deal June 2021 Innovid to go Public Via SPAC Merger June 2021 Corporate Matters Take-Private Transactions • In Q2 2021, the global IPO market saw 600 deals raising more than US$133b in proceeds, increasing by 107% and 352% year-over-year, respectively – The largest software IPO was UiPath which raised $1.34b, increasing the company’s valuation to $29.1b • 62 SPACs closed in the 2nd Quarter with a total Market Cap of ~$130b; notable transactions and announcements are highlighted below E2Open to Acquire BluJay Solutions for $1.7 Billion May 2021 Dell Divests Boomi to Francisco Partners and TPG for $4 Billion May 2021 Bill.com Acquires Divvy for $2.5 Billion May 2021 Cloudera to go Private in Deal with KKR and CD&R June 2021 Thoma Bravo Completes $10.2 Billion Acquisition of RealPage April 2021 Proofpoint to be Acquired by Thoma Bravo in $12.4 Billion Deal April 2021 Vista Equity Partners Completes $3.5 Billion Acquisition of Pluralsight April 2021 Procore Goes Public at $8.59 Billion Valuation May 2021 Marqeta Lists at $12 Billion Valuation June 2021 InTapp and LegalZoom File to for IPO in Significant Move for LegalTech Sector June 2021 Doximity IPO to Raise $606 Million June 2021 QAD Acquired by Thoma Bravo in $2 Billion Deal June 2021 Fears of Delta Variant Spread Shake Global Markets July 2021 Epic Games v. Apple Trial in Landmark Anti-Trust Case Awaits Verdict May 2021 Arvind Krishna Takes Over As CEO of IBM April 2021 Joe Biden Unveils $2 Trillion Spending Plan, Kicking Off Months of Political Debate June 2021 Executive Order Mandates Reconstruction of U.S. Cyber Security in Response to Attacks May 2021
- 6. 6 50 82 23 46 92 103 111 156 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Key Takeaways IPO Craze Continues Record-Setting Deal Pace and Valuations Continue Across Public Markets, Venture Capital, and Strategic Buyers 2021 IPO Filings Show Significant Uptick in Global Tech IPOs(1) (1) Count of all completed global tech IPOs (2) Average IPO Proceeds Raised is not inclusive of undisclosed deals Sources: PitchBook, Crunchbase, Preqin Deal Count(1) Average IPO Proceeds Raised(2) ($ in Millions) • With valuations and market sentiment reaching all-time highs, and volatility across equity markets falling to pre-pandemic levels, investors are entering public markets with confidence, driving record public offerings • H1 2021 global IPO and SPAC issuances both reached record highs with 1,307 and 420 filings, respectively • Global venture capital deployment and M&A transactions have been moving at a breakneck pace – VC investments cleared $140b, or roughly $1b every weekday for the first half of the year – M&A deals cleared $2.82t in transaction value $188.9 $108.9 $66.9 $84.3 $281.3 $168.1 $362.4 $493.1
- 7. 7 67.8% 110.5% 89.1% 77.5% 79.6% $15,341 $28,059 $11,949 $11,027 $13,323 $36,690 $36,578 $44,786 113 127 93 79 88 139 111 133 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 - 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 $340.9 $425.1 $271.6 $380.2 $341.6 $547.6 $690.1 $933.0 - 1 2 3 4 Average Deal Size(7) ($ in Millions) Madison Park Group Coverage Index(1) Madison Park Group SaaS Index(2) High Growth Companies(3) Highly Acquisitive Companies(4) NASDAQ Composite (1) 294 Software and Services Companies covered by MPG (2) 137 Publicly Traded Software-as-a-Service Companies covered by MPG (3) Companies that are in top 25 percentile for growth (4) Companies that are in top 25 percentile for number of acquisitions (5) Represents acquisitions made by companies within Madison Park Group Coverage Index (6) Normalized by excluding all deals over $15 billion (7) Average deal size is not inclusive of undisclosed deals Sources: S&P Capital IQ, PitchBook Software’s Resiliency & Rapid Bounce Back MPG Covered Companies have Outperformed the NASDAQ Composite through YTD June 2021 MPG Market Dashboard: Trailing 24 Month Public Market Performance & Mergers & Acquisitions Activity Total Deal Volume(6) ($ in Millions) Q3’19 – Q2’21 Jan 1 ‘21 -Jun 30 ‘21 Deal Count(5) 14.9% 19.2% 19.7% 20.7% 14.2%
- 8. 8 Business Intelligence & Analytics 22 26 69.5% 20.8% Data Solutions & Infrastructure 12 23 36.5% 11.7% Payments 31 57 63.2% 19.9% Accounting & Fintech 27 36 31.5% 15.3% Verticalized Platforms 14 19 29.4% 17.2% Marketing & Advertising 25 23 105.0% 24.4% Human Resources & Labor 19 10 62.5% 16.4% Global Diversified 10 57 31.6% 9.0% Content Management 7 7 52.2% 10.6% Compliance & Legal 8 12 28.4% 4.2% Communications & Collaboration 17 26 33.7% 26.8% Life Sciences Software 4 5 44.9% 22.2% CROs & Life Sciences Services 8 3 64.1% 17.1% Healthcare Software & Data 11 17 83.0% 15.0% Healthcare Services 5 6 79.7% 5.8% IT Services 22 83 46.9% 7.1% Location & Telematics 7 4 60.3% 8.1% Commerce & Supply Chain 20 22 34.8% 19.2% Engineering & Design 16 41 41.8% 10.2% Manufacturing 15 38 40.2% 8.2% Corporate & Business Solutions Subsector Company Count TTM Acquisitions(2) YoY Price Change %(3) Exp. Revenue Growth(4) Public Market Summary Highlighted Software Subsectors To View Section, Click Section Name High Growth Industry(1) (1) Top 5 Industries with the highest aggregate YoY CY20A – CY21E median revenue growth rate (2) TTM Acquisitions represent count of total acquisitions by MPG-covered companies over the trailing twelve months within the respective subsectors (3) YoY Price Change % represents price change of a market cap weighted index comprised of all category constituents (4) Exp. Revenue Growth represents YoY CY20A – CY21E expected median revenue growth rate Sources: S&P Capital IQ Payments, Data, & BI Industrial Software Healthcare & Life Sciences Subsector Company Count TTM Acquisitions(2) YoY Price Change %(3) Exp. Revenue Growth(4) Tech-Enabled & IT Services
- 9. 9 Corporate & Business Solutions Market Update II.
- 10. 10 Category (Company Count) Description EV / Revenue EV / EBITDA Total TTM Acquisitions(4) Avg.(2) YoY %(3) Avg.(2) YoY %(3) Accounting & Fintech (27) Solutions and services that plan, document, and execute financial transactions and accounting entries 12.87x 51.2% 25.8x 22.9% 36 Communications & Collaboration (17) Solutions that unify stakeholders and help people work on common tasks and manage projects 19.01x 26.3% 21.5x 24.3% 26 Compliance & Legal (8) Solutions that detect, assess, and mitigate compliance and regulatory risks 9.84x 52.9% 26.7x 8.9% 12 Content Management (7) Solutions that collect, deliver, retrieve, govern and manage information in any format 11.30x 25.2% 27.0x 20.1% 7 Global Diversified (10) Global technology vendors with solutions that cover business needs across multiple industries 7.42x 13.5% 21.8x 8.9% 57 Human Resources & Labor (19) Solutions and services that manage recruiting, training, payroll, performance management, and other HR functions 10.48x 53.2% 23.3x 84.5% 10 Marketing & Advertising (25) Solutions that plan, execute, and measure marketing and advertising activities 12.28x 126.7% 28.8x 150.2% 23 Verticalized Platforms (14) Solutions focused on the unique needs and requirements of specific end-markets 8.96x 17.7% 27.0x 5.5% 19 Public Market Summary Corporate & Business Solutions High Growth Industry(1) (1) Top 5 Industries with the highest aggregate YoY CY20A – CY21E median revenue growth rate (2) Average TTM EV / Revenue (3) YoY % represents year-over-year growth of TTM multiples excluding companies not publicly listed as of June 30, 2020 (4) TTM Acquisitions represent MPG covered companies’ total acquisitions by subsector Sources: S&P Capital IQ, PitchBook
- 11. 11 (1) Financial metrics averaged by grouping of market EV / Revenue multiples (2) LegalZoom (June 30, 2021 IPO) is the only company trading above 15x EV / Revenue and does not have YoY Growth metrics available resulting in ‘-’ for that column (3) Boxlight Corporation omitted from analysis due to TTM revenue not normalized for September 2020 acquisitions of Sahara Holdings and Screen Sharing Intellectual Property Portfolio Note: EBITDA margins below 0% were omitted for the purposes of this analysis Sources: S&P Capital IQ Public Market Valuation Benchmarking Corporate & Business Solutions Verticalized Platforms(3) Human Resources & Labor Marketing & Advertising Accounting & Fintech Content Management Communications & Collaboration Compliance & Legal(2) Global Diversified TTM YoY Revenue Growth TTM EBITDA Margin % 11% 19% 38% 16% 37% 35% <5x 5x-15x >15x TTM EV / Revenue(1) 12% 18% 41% 15% 19% 13% <5x 5x-15x >15x TTM EV / Revenue(1) - 8% - - 25% 10% <5x 5x-15x >15x TTM EV / Revenue(1) 7% 9% 35% 19% 18% - <5x 5x-15x >15x TTM EV / Revenue(1) 8% 13% 21% 21% 33% 40% <5x 5x-15x >15x TTM EV / Revenue(1) 6% 12% 26% 17% 22% 19% <5x 5x-15x >15x TTM EV / Revenue(1) 8% 27% 46% 12% 24% 19% <5x 5x-15x >15x TTM EV / Revenue(1) 5% 18% 23% 20% 29% 12% <5x 5x-15x >15x TTM EV / Revenue(1)
- 12. 12 Comparable Public Companies Accounting & Fintech $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Anaplan $53.30 61.9% $7,971 $7,699 $474 $549 25.8% 91.2% 75.3% (31.2%) (4.4%) 16.25x 14.02x n/m n/m $2,298 - AssetMark Financial $25.06 85.1% $1,819 $1,819 $465 $356 (17.6%) 95.4% 29.8% 7.5% 39.7% 3.91x 5.11x n/m 12.9x $482 1 Avalara $161.80 87.3% $14,383 $13,809 $543 $653 30.4% 93.1% 71.7% (7.7%) 1.4% 25.44x 21.16x n/m n/m $3,827 5 Billtrust $12.62 63.9% $1,980 $1,719 $117 $127 17.4% 65.6% 71.1% (8.2%) (12.0%) 14.67x 13.49x n/m n/m $623 1 BlackLine $111.27 72.0% $6,890 $7,138 $368 $418 19.0% 93.4% 79.7% (0.7%) 12.0% 19.40x 17.06x n/m n/m $2,232 1 Broadridge Financial $161.53 96.4% $18,996 $20,671 $4,824 $5,154 8.8% 67.0% 28.7% 20.7% 22.2% 4.28x 4.01x 20.7x 18.0x $7,943 2 Ebix $33.90 52.9% $1,049 $1,710 $778 $942 50.6% 88.0% 34.9% 18.0% n/a 2.20x 1.81x 12.2x n/m $512 - Envestnet $75.86 82.0% $4,187 $4,783 $1,027 $1,151 15.3% 96.9% 29.7% 14.0% 21.0% 4.66x 4.16x 33.2x 19.8x $1,572 1 FIS $141.67 90.4% $88,282 $106,871 $12,697 $13,689 9.1% 79.1% 34.0% 33.3% 44.8% 8.42x 7.81x 25.2x 17.4x $24,141 3 GreenSky $5.55 75.0% $400 $513 $533 $568 8.1% 74.8% 31.1% 16.6% 18.6% 0.96x 0.90x 5.8x 4.8x $261 - Guidewire Software $112.72 84.0% $9,376 $9,562 $758 $750 1.4% 27.4% 51.9% (3.5%) 3.9% 12.62x 12.75x n/m n/m $2,017 4 HealthEquity $80.48 86.2% $6,788 $7,109 $728 $759 6.3% 58.7% 56.4% 25.5% 32.3% 9.77x 9.36x 38.3x 29.0x $2,260 2 Intuit $490.17 99.5% $134,574 $133,882 $8,888 $10,021 19.4% 25.5% 83.1% 32.2% 38.6% 15.06x 13.36x 46.8x 34.6x $43,197 3 IRESS $9.68 96.4% $1,850 $2,012 $419 $453 8.1% 88.7% 28.5% 19.9% 23.4% 4.81x 4.45x 24.1x 19.0x $685 1 Jack Henry & Associates $163.51 81.4% $12,132 $12,326 $1,718 $1,820 5.4% 62.0% 39.3% 26.1% 32.8% 7.17x 6.77x 27.5x 20.7x $4,890 1 Metromile $9.15 44.9% $1,153 $932 $44 $60 72.0% 16.3% (2.4%) (197.6%) (24.7%) 21.35x 15.46x n/m n/m $341 1 nCino $59.92 57.6% $5,921 $5,566 $222 $255 30.0% 79.5% 56.9% (21.4%) (6.2%) 25.08x 21.87x n/m n/m $1,598 - Openlending $43.09 97.9% $5,439 $5,493 $135 $216 98.5% 40.4% 92.1% 65.2% 68.1% 40.55x 25.41x n/m 37.3x $1,501 - Q2 $102.58 69.0% $5,904 $6,141 $427 $496 23.2% 85.1% 44.3% (10.0%) 6.7% 14.39x 12.37x n/m n/m $1,746 1 SimCorp $125.52 84.2% $4,973 $4,962 $543 $587 5.2% 55.0% 63.4% 29.0% 29.8% 9.13x 8.45x 31.4x 28.4x $1,922 - SS&C Technologies $72.06 94.9% $19,445 $25,765 $4,849 $4,915 5.3% 84.6% 46.4% 37.1% 40.4% 5.31x 5.24x 14.3x 13.0x $9,140 1 Temenos $160.73 90.3% $12,088 $13,097 $932 $987 11.2% 10.7% 60.5% 28.9% 45.3% 14.06x 13.27x 48.7x 29.3x $2,978 - The Sage Group $9.45 88.4% $10,058 $10,215 $2,569 $2,584 4.0% 90.0% 92.8% 23.8% 22.2% 3.98x 3.95x 16.7x 17.8x $5,381 1 Triterras $6.96 45.0% $533 $527 $40 $104 109.9% n/a 93.3% 80.6% 66.8% 13.34x 5.05x 16.6x 7.6x $300 2 Vertex $21.94 55.3% $3,238 $2,992 $384 $412 9.9% 84.4% 57.6% (17.2%) 16.5% 7.80x 7.26x n/m 43.9x $1,191 2 Workiva $111.33 96.3% $5,950 $5,951 $370 $419 19.3% 84.2% 75.3% (5.7%) (0.0%) 16.08x 14.19x n/m n/m $1,356 - Xero $102.79 86.8% $15,699 $15,904 $593 $716 29.1% 97.6% 86.0% 8.7% 21.0% 26.81x 22.21x n/m n/m $4,093 3 Mean 78.7% $14,855 $15,895 $1,683 $1,821 23.1% 70.6% 56.0% 6.8% 21.5% 12.87x 10.78x 25.8x 22.1x $4,759 1.9 Median 84.2% $5,950 $6,141 $543 $587 15.3% 81.8% 56.9% 16.6% 21.6% 12.62x 9.36x 24.7x 19.4x $1,922 1.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 13. 13 Comparable Public Companies Communication & Collaboration $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. 8x8 $27.76 70.9% $3,113 $3,404 $532 $584 15.1% 93.2% 56.8% (24.0%) 3.0% 6.40x 5.83x n/m n/m $1,299 - Amdocs $77.36 93.9% $9,973 $10,059 $4,214 $4,350 3.4% 57.6% 33.6% 18.6% 21.8% 2.39x 2.31x 12.8x 10.6x $6,180 3 Asana $62.03 95.5% $11,812 $12,162 $256 $329 53.2% 100.0% 88.1% (75.5%) (53.0%) 47.51x 36.97x n/m n/m $2,814 - Atlassian $256.86 94.4% $64,538 $64,224 $2,089 $2,203 20.3% 62.3% 83.9% 7.5% 24.0% 30.74x 29.15x n/m n/m $14,993 3 Bandwidth $137.92 69.4% $3,486 $3,653 $388 $475 38.4% 86.9% 45.9% 5.9% 8.6% 9.41x 7.69x n/m n/m $1,279 1 Five9 $183.39 90.9% $13,199 $13,851 $522 $551 26.8% 93.0% 57.4% 3.2% 15.9% 26.55x 25.12x n/m n/m $3,334 1 Monday.com (5) $223.59 94.1% $9,866 $9,996 $188 $282 75.0% 100.0% 86.3% (88.4%) (35.1%) 53.13x 35.45x n/m n/m $2,271 - Motorola $216.85 99.5% $37,178 $41,542 $7,532 $8,081 9.0% 37.5% 49.2% 27.1% 29.4% 5.52x 5.14x 20.3x 17.5x $14,694 3 Ooma $18.86 75.8% $452 $439 $174 $185 11.0% 92.9% 61.8% 0.9% 6.2% 2.52x 2.38x n/m 38.2x $302 - Progress Software $46.25 93.9% $2,047 $2,294 $476 $534 18.8% 70.3% 87.7% 32.7% n/a 4.82x 4.29x 14.7x n/m $1,006 1 RingCentral $290.58 64.7% $26,406 $27,383 $1,269 $1,508 27.4% 91.8% 72.6% (3.6%) 13.7% 21.59x 18.16x n/m n/m $6,968 2 Smartsheet $72.32 84.7% $9,408 $9,054 $417 $503 36.1% 91.5% 77.5% (27.4%) (6.3%) 21.71x 18.01x n/m n/m $2,579 1 Twilio $394.16 86.2% $69,049 $68,506 $2,255 $2,547 44.5% 76.0% 50.7% (20.2%) 8.6% 30.38x 26.90x n/m n/m $16,852 6 VMware $159.97 93.0% $67,142 $67,596 $12,027 $12,643 9.4% 22.0% 82.6% 24.3% 36.3% 5.62x 5.35x 23.2x 14.7x $27,691 4 Vonage $14.41 91.7% $3,637 $4,139 $1,217 $1,353 14.1% 87.7% 57.6% 9.3% 14.0% 3.40x 3.06x 36.7x 21.8x $2,088 - Zendesk $144.34 86.6% $18,143 $18,904 $1,162 $1,314 27.6% 100.0% 77.9% (9.9%) 10.6% 16.27x 14.39x n/m n/m $5,292 - Zoom Video $387.03 65.7% $117,233 $115,779 $3,279 $3,883 60.7% 100.0% 70.0% 29.7% 39.1% 35.30x 29.81x n/m n/m $29,964 1 Mean 85.4% $27,452 $27,823 $2,235 $2,431 28.9% 80.2% 67.0% (5.3%) 8.5% 19.01x 15.88x 21.5x 20.6x $8,212 2.4 Median 90.9% $11,812 $12,162 $1,162 $1,314 26.8% 91.5% 70.0% 3.2% 12.1% 16.27x 14.39x 20.3x 17.5x $3,334 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPO: Monday.com (June 10, 2021) Revenue Metrics (2)
- 14. 14 Comparable Public Companies Compliance & Legal $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Fair Isaac $502.68 91.8% $14,548 $15,375 $1,332 $1,358 4.2% 75.2% 73.0% 32.0% 40.7% 11.54x 11.32x 36.1x 27.8x $4,540 - Ideagen $3.72 85.7% $940 $966 $91 $107 28.5% 76.0% 92.0% 16.3% 34.8% 10.65x 9.03x n/m 26.0x $280 3 IntApp (5) $28.00 93.3% $1,646 $1,994 $201 n/a 46.5% 87.0% 64.6% 1.2% n/a 9.92x n/a n/m n/m $583 1 LegalZoom (5) $37.85 97.6% $7,335 $7,783 $499 n/a 94.2% 93.9% 67.3% 10.1% n/a 15.58x n/a n/m n/m $1,843 1 RELX $26.50 97.9% $51,079 $59,921 $9,672 $10,121 4.3% 99.0% 65.7% 31.4% 36.8% 6.20x 5.92x 19.7x 16.1x $19,549 - Thomson Reuters $99.38 100.0% $49,417 $50,901 $6,044 $6,236 4.2% 90.0% 34.6% 23.9% 31.1% 8.42x 8.16x 35.2x 26.3x $17,219 1 Verisk Analytics $174.72 82.9% $28,653 $31,749 $2,821 $2,975 6.9% 100.0% 64.6% 45.5% 48.7% 11.25x 10.67x 24.7x 21.9x $10,151 2 Wolters Kluwer $100.45 99.3% $26,085 $29,001 $5,631 $5,510 (2.1%) 80.0% 70.5% 29.3% 30.6% 5.15x 5.26x 17.6x 17.2x $11,745 4 Mean 93.6% $22,463 $24,711 $3,286 $4,384 23.3% 87.6% 66.5% 23.7% 37.1% 9.84x 8.39x 26.7x 22.5x $8,239 2.0 Median 95.5% $20,316 $22,188 $2,076 $4,243 5.6% 88.5% 66.5% 26.6% 35.8% 10.29x 8.60x 24.7x 23.9x $7,346 1.5 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPOs: LegalZoom (June 29, 2021) and IntApp (June 30, 2021) Revenue Metrics (2)
- 15. 15 Comparable Public Companies Content Management $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Box $25.55 95.4% $4,254 $4,382 $790 $843 10.6% 97.0% 70.7% 5.2% 26.9% 5.55x 5.20x n/m 19.3x $2,089 2 Brightcove $14.35 56.8% $589 $555 $209 $215 8.9% 94.9% 64.7% 8.1% 12.8% 2.66x 2.58x 32.7x 20.2x $386 - DocuSign $279.57 96.3% $55,832 $56,260 $1,625 $1,996 43.4% 95.1% 76.1% (4.4%) 19.8% 34.62x 28.18x n/m n/m $13,357 2 Dropbox $30.31 99.3% $11,782 $13,406 $1,971 $2,124 11.0% 90.0% 78.6% 15.7% 35.0% 6.80x 6.31x 43.3x 18.0x $4,996 1 Iron Mountain $42.32 89.4% $12,250 $23,415 $4,161 $4,420 6.6% 66.4% 58.3% 34.0% 36.1% 5.63x 5.30x 16.6x 14.7x $5,973 1 Open Text $50.80 98.0% $13,904 $16,294 $3,319 $3,368 4.6% 37.2% 76.0% 31.4% 38.8% 4.91x 4.84x 15.6x 12.5x $5,917 - Varonis Systems $57.62 76.5% $6,388 $5,922 $313 $370 26.5% 55.1% 84.9% (22.0%) 5.3% 18.90x 15.99x n/m n/m $1,870 1 Mean 87.4% $15,000 $17,176 $1,770 $1,905 15.9% 76.5% 72.8% 9.7% 25.0% 11.30x 9.77x 27.0x 16.9x $4,941 1.4 Median 95.4% $11,782 $13,406 $1,625 $1,996 10.6% 90.0% 76.0% 8.1% 26.9% 5.63x 5.30x 24.6x 18.0x $4,996 1.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 16. 16 Comparable Public Companies Global Diversified $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Adobe $585.64 98.9% $278,999 $279,442 $14,389 $15,853 21.0% 91.8% 87.9% 39.8% 50.0% 19.42x 17.63x 48.8x 35.3x $87,606 1 Alphabet $2,441.79 99.2% $1,636,399 $1,640,870 $220,265 $236,052 29.3% 7.2% 55.7% 34.3% 39.0% 7.45x 6.95x 21.7x 17.8x $764,312 7 Amazon.com $3,440.16 96.8% $1,734,954 $1,801,150 $443,298 $489,529 26.8% 6.5% 40.7% 13.4% 15.3% 4.06x 3.68x 30.4x 24.0x $616,531 7 Cisco Systems $53.00 95.8% $223,353 $228,541 $48,846 $50,636 2.3% 27.0% 63.9% 31.2% 36.8% 4.68x 4.51x 15.0x 12.2x $127,350 12 Hewlett Packard $14.58 87.1% $19,200 $31,132 $27,557 $27,877 2.8% 32.5% 32.1% 16.6% 19.4% 1.13x 1.12x 6.8x 5.8x $17,364 3 IBM $146.59 95.9% $130,982 $183,546 $74,401 $74,398 1.1% 65.9% 48.7% 21.5% 25.6% 2.47x 2.47x 11.5x 9.6x $91,124 11 Microsoft $270.90 99.7% $2,040,304 $2,107,282 $168,088 $175,982 13.8% 66.3% 68.9% 48.5% 48.4% 12.54x 11.97x 25.8x 24.8x $823,583 8 Oracle $77.84 91.5% $221,363 $279,006 $40,479 $41,413 4.1% 84.2% 80.6% 44.3% 49.8% 6.89x 6.74x 15.5x 13.5x $101,926 2 salesforce.com $244.27 85.9% $226,194 $223,933 $22,350 $25,572 23.1% 94.0% 74.3% 15.6% 28.4% 10.02x 8.76x n/m 30.9x $75,771 3 SAP $140.91 82.9% $166,210 $176,786 $32,121 $32,421 (3.1%) 85.6% 71.8% 26.1% 34.4% 5.50x 5.45x 21.1x 15.8x $72,214 3 Mean 93.4% $667,796 $695,169 $109,179 $116,973 12.1% 56.1% 62.5% 29.1% 34.7% 7.42x 6.93x 21.8x 19.0x $277,778 5.7 Median 95.8% $224,773 $253,774 $44,663 $46,024 9.0% 66.1% 66.4% 28.7% 35.6% 6.20x 6.10x 21.1x 16.8x $96,525 5.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 17. 17 Comparable Public Companies Human Resources & Labor $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. ADP $198.62 99.1% $84,825 $85,602 $15,005 $15,400 4.4% 64.1% 45.1% 25.9% 25.3% 5.70x 5.56x 22.0x 22.0x $38,264 - Asure Software $8.87 95.9% $170 $176 $66 $71 9.0% 96.7% 59.5% 6.2% 9.0% 2.65x 2.46x 42.4x 27.2x $126 - Atoss $221.01 91.8% $1,864 $1,864 $108 $117 11.3% 46.2% 73.9% 28.9% 31.0% 17.25x 15.90x n/m n/m $560 - Benefitfocus $14.10 80.2% $468 $725 $267 $258 (3.9%) 67.0% 53.8% 11.7% 18.5% 2.72x 2.81x 23.2x 15.2x $364 - Ceridian HCM $95.92 85.7% $14,910 $15,750 $854 $1,003 19.0% 81.9% 44.4% 4.7% 15.5% 18.44x 15.71x n/m n/m $4,027 2 Cornerstone OnDemand $51.58 92.9% $3,435 $4,469 $800 $857 15.7% 95.3% 69.3% 18.9% 39.6% 5.59x 5.21x 29.6x 13.2x $1,704 - CorVel Corporation (5) $134.30 99.1% $2,481 $2,396 $553 n/a n/a n/a 22.4% 14.9% n/a 4.34x n/a 29.0x n/m $1,007 - DHI Group $3.38 84.7% $162 $191 $133 $135 (1.5%) 100.0% 87.1% 15.5% 21.1% 1.44x 1.41x 9.2x 6.7x $202 - Docebo $59.21 84.7% $2,018 $1,804 $71 $97 54.0% 97.1% 82.3% (8.0%) (7.1%) 25.36x 18.62x n/m n/m $599 1 Insperity $90.37 94.4% $3,495 $3,441 $4,344 $4,673 9.0% 35.6% 19.0% 5.0% 5.6% 0.79x 0.74x 15.9x 13.1x $2,878 - Mintra $0.69 67.2% $129 $119 $24 $30 27.0% 40.9% 89.9% 28.3% 33.3% 4.98x 3.92x 17.6x 11.8x $66 1 PagerDuty $42.58 73.0% $3,941 $3,926 $227 $266 27.6% 100.0% 85.0% (27.9%) (8.8%) 17.27x 14.79x n/m n/m $1,235 1 Paychex $107.30 99.1% $38,837 $38,767 $4,057 $4,202 4.5% 97.8% 68.7% 40.7% 41.9% 9.56x 9.23x 23.5x 22.0x $17,255 - Paycom Software $363.47 77.2% $21,006 $20,838 $871 $1,018 21.0% 98.1% 88.2% 25.3% 39.4% 23.92x 20.47x n/m n/m $5,584 - Paylocity $190.80 87.4% $10,557 $10,458 $599 $702 17.9% 97.3% 65.6% 13.1% 26.5% 17.47x 14.89x n/m n/m $2,927 1 TriNet Group $72.48 82.7% $4,797 $4,886 $1,055 $1,014 (3.9%) n/a 73.9% 36.3% 39.8% 4.63x 4.82x 12.8x 12.1x $2,936 1 Upwork $58.29 91.2% $7,618 $7,512 $441 $488 30.7% 91.3% 73.0% (4.4%) 3.9% 17.05x 15.39x n/m n/m $2,092 - Workday $238.74 84.4% $60,131 $61,331 $4,475 $4,970 17.1% 87.7% 72.6% 3.6% 25.7% 13.71x 12.34x n/m 48.1x $17,413 1 Zebra Technologies $529.49 98.3% $28,615 $29,684 $4,743 $5,354 20.4% 14.3% 46.1% 20.2% 23.0% 6.26x 5.54x 31.0x 24.1x $10,314 2 Mean 87.8% $15,235 $15,470 $2,037 $2,259 15.5% 77.1% 64.2% 13.6% 21.3% 10.48x 9.43x 23.3x 19.6x $5,766 1.3 Median 87.4% $3,941 $4,469 $599 $780 16.4% 91.3% 69.3% 14.9% 24.1% 6.26x 7.39x 23.2x 15.2x $2,092 1.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) No earnings estimates available for CY2021 Revenue Metrics (2)
- 18. 18 Comparable Public Companies Marketing & Advertising $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. AppLovin (5) $75.17 83.5% $27,412 $29,303 $1,795 $2,677 84.5% n/a 60.9% 17.7% 25.8% 16.33x 10.95x n/m 42.4x $5,863 1 Cardlytics $126.93 78.6% $4,347 $3,924 $195 $280 50.0% 70.1% 34.7% (24.2%) (1.7%) 20.17x 14.00x n/m n/m $1,347 2 Criteo (7) $45.23 97.3% $2,792 $2,415 $825 $881 6.8% n/a 84.2% 26.8% 32.0% 2.93x 2.74x 10.9x 8.6x $2,035 1 CSG Systems $47.18 95.7% $1,515 $1,828 $998 $954 (3.7%) 5.8% 47.1% 16.5% 22.7% 1.83x 1.92x 11.1x 8.5x $903 1 dotdigital $3.19 99.6% $961 $929 $72 $83 21.6% 91.0% 81.0% 27.1% 32.4% 12.94x 11.16x 47.8x 34.4x $322 - DoubleVerify (5) $42.34 87.4% $7,211 $7,190 $260 $325 33.0% 95.0% 85.2% 19.4% 32.1% 27.63x 22.16x n/m n/m $1,776 - HubSpot $582.72 96.2% $29,823 $30,166 $965 $1,244 40.9% 96.6% 81.0% (3.1%) 12.3% 31.25x 24.25x n/m n/m $7,329 1 Integral Ad Science (5) $20.58 91.5% $3,066 $3,367 $254 n/a 94.9% 58.1% 83.1% 22.7% n/a 13.28x n/a n/m n/m $822 1 J2 Global $137.55 97.9% $6,709 $8,035 $1,555 $1,697 14.0% 56.0% 85.2% 39.6% 40.0% 5.17x 4.73x 13.0x 11.8x $3,529 5 LivePerson $63.24 87.6% $4,684 $4,583 $396 $466 27.0% 92.0% 70.5% (1.8%) 8.3% 11.56x 9.84x n/m n/m $1,727 - M&C Saatchi $2.21 87.1% $270 $270 $308 $316 2.7% na/ 100.0% 10.7% 12.9% 0.88x 0.85x 8.2x 6.6x $252 - Pegasystems $139.19 93.5% $11,330 $11,835 $1,164 $1,241 22.0% 76.0% 72.4% (3.3%) 6.6% 10.17x 9.53x n/m n/m $3,441 1 Perion Network $21.42 75.6% $822 $770 $352 $416 26.9% 54.7% 32.2% 5.3% 12.0% 2.19x 1.85x 41.7x 15.4x $441 1 PROS $45.57 87.9% $2,031 $2,043 $247 $252 (0.2%) 85.0% 58.6% (23.7%) (13.8%) 8.25x 8.10x n/m n/m $831 - PubMatic $39.07 50.8% $2,229 $2,152 $164 $198 33.3% 100.0% 73.5% 29.3% 28.9% 13.12x 10.85x 44.9x 37.5x $772 - QuinStreet $18.58 71.5% $1,018 $929 $544 $594 12.0% 100.0% 11.7% 3.8% 9.2% 1.71x 1.57x 44.8x 17.0x $935 1 Sprinklr (5) $20.59 77.7% $5,108 $5,530 $405 n/a 80.1% 87.8% 69.8% (7.0%) n/a 13.66x n/a n/m n/m $1,508 - Sprout Social $89.42 93.9% $4,792 $4,715 $143 $177 33.2% 99.1% 74.4% (16.1%) (8.1%) 32.92x 26.62x n/m n/m $1,187 - TechTarget $77.49 76.6% $2,208 $2,338 $170 $244 64.3% 42.0% 73.9% 21.3% 34.3% 13.76x 9.59x n/m 28.0x $578 2 The Trade Desk $77.36 79.5% $36,806 $36,618 $895 $1,141 36.5% 23.0% 78.9% 18.7% 35.2% 40.91x 32.09x n/m n/m $8,319 - Upland $41.17 77.7% $1,248 $1,609 $298 $307 5.2% 95.1% 66.2% 14.6% 32.0% 5.40x 5.24x 37.1x 16.4x $697 3 Verint Systems (6) $45.07 58.0% $2,930 $3,867 $832 $899 4.5% 61.0% 107.2% 16.4% 26.2% 4.65x 4.30x 28.3x 16.4x $1,400 - Yandex $70.75 95.2% $25,386 $25,903 $3,890 $4,559 54.4% 3.6% 54.5% 8.6% 15.6% 6.66x 5.68x n/m 36.4x $6,263 3 Yext $14.29 68.4% $1,860 $1,723 $361 $383 10.2% 100.0% 75.9% (20.1%) (2.3%) 4.77x 4.50x n/m n/m $960 - Zeta Global Holdings (5) $8.40 89.0% $1,607 $1,906 $388 n/a 94.8% 68.0% 59.5% 6.9% n/a 4.91x n/a n/m n/m $678 - Mean 83.9% $7,527 $7,758 $699 $879 34.0% 70.9% 68.9% 8.2% 17.8% 12.28x 10.11x 28.8x 21.5x $2,157 1.8 Median 87.4% $2,930 $3,367 $388 $441 27.0% 80.5% 73.5% 10.7% 19.1% 10.17x 8.82x 32.7x 16.4x $1,187 1.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPOs: AppLovin (April 14, 2021), DoubleVerify (April 20, 2021), Zeta Global Holdings (June 10, 2021), Sprinklr (June 23, 2021), and Integral Ad Science (June 30, 2021) (6) TTM financials adjusted for completed spin-off of Cognyte Software (February 1, 2021) Revenue Metrics (2)
- 19. 19 Comparable Public Companies Verticalized Platforms $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. AppFolio $141.20 75.7% $5,020 $5,016 $316 $351 13.3% 95.5% 61.0% 4.6% 12.9% 15.85x 14.28x n/m n/m $1,404 - Black Knight $77.98 80.2% $12,115 $14,954 $1,298 $1,423 14.9% 90.0% 46.5% 35.1% 49.6% 11.53x 10.51x 32.8x 21.2x $3,905 3 Blackbaud $76.57 95.7% $3,640 $4,188 $909 $905 (0.9%) 93.2% 53.6% 11.6% 25.3% 4.61x 4.63x 39.6x 18.3x $1,800 - Boxlight (5) $2.41 51.8% $139 $179 $83 $154 180.7% 4.5% n/a n/a n/a 2.17x 1.16x n/m n/m $33 2 CDK $49.69 89.5% $6,052 $7,026 $1,951 $1,727 (5.1%) 82.0% 47.9% 30.4% 39.0% 3.60x 4.07x 11.8x 10.4x $3,776 2 Citrix Systems $117.27 67.6% $14,561 $17,752 $3,152 $3,376 4.3% 86.3% 84.4% 20.4% 33.6% 5.63x 5.26x 27.7x 15.7x $4,508 1 Constellation $1,515.35 97.7% $32,113 $32,441 $4,192 $4,994 25.8% 70.9% 37.4% 21.0% 30.1% 7.74x 6.50x 36.9x 21.6x $10,918 2 Duck Creek $43.51 73.2% $5,725 $5,631 $248 $268 18.7% 39.7% 55.6% (4.2%) 3.1% 22.72x 21.05x n/m n/m $1,326 - Enghouse $44.55 68.2% $2,491 $2,384 $397 $400 4.9% 60.4% 71.8% 30.6% 34.6% 6.01x 5.96x 19.6x 17.2x $1,267 2 GTY $7.11 85.9% $410 $423 $50 $58 21.4% 73.7% 62.7% (26.7%) n/a 8.45x 7.25x n/m n/m $137 - Roper $470.20 99.6% $49,483 $57,847 $5,988 $6,391 15.6% 64.0% 64.6% 36.4% 35.6% 9.66x 9.05x 26.5x 25.4x $14,455 1 Sabre $12.48 73.9% $4,188 $7,791 $1,003 $1,870 40.2% 91.0% 57.6% (86.1%) (7.0%) 7.77x 4.17x n/m n/m $2,621 - Sapiens $26.27 73.3% $1,454 $1,469 $402 $461 20.4% 100.0% 40.8% 17.2% 18.4% 3.65x 3.19x 21.2x 17.3x $622 2 Tyler Tech $452.37 94.3% $19,018 $20,383 $1,268 $1,524 36.5% 75.0% 48.0% 18.9% 27.8% 16.08x 13.37x n/m 48.1x $5,101 4 Mean 80.5% $11,172 $12,677 $1,518 $1,707 27.9% 73.3% 56.3% 8.4% 25.2% 8.96x 7.89x 27.0x 21.7x $3,705 2.1 Median 78.0% $5,373 $6,328 $956 $1,164 17.2% 78.5% 55.6% 18.9% 29.0% 7.75x 6.23x 27.1x 18.3x $2,210 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) TTM revenue not normalized for September 2020 acquisitions of Sahara Holdings and Screen Sharing Intellectual Property Portfolio Revenue Metrics (2)
- 20. 20 Industrial Software Market Update III.
- 21. 21 Category (Company Count) Description EV / Revenue EV / EBITDA Total TTM Acquisitions(4) Avg.(2) YoY %(3) Avg.(2) YoY %(3) Commerce & Supply Chain (20) Technology solutions, services, and hardware involved in the creation, distribution, and sale of products 15.76x 28.0% 29.7x 33.0% 22 Engineering & Design (16) Solutions that generate, manage and communicate product design intent and constructability 15.12x 54.2% 36.2x 17.7% 41 Manufacturing (15) Solutions used in engineering and manufacturing to make production faster, simpler, and more efficient 6.20x 20.7% 20.4x 39.9% 38 Location & Telematics (7) Solutions and hardware that collect, transmit, and analyze geolocation data 5.20x 4.8% 25.2x 56.2% 4 Public Market Summary Industrial Software High Growth Industry(1) (1) Top 5 Industries with the highest aggregate YoY CY20A – CY21E median revenue growth rate (2) TTM (3) YoY % represents year-over-year growth of TTM multiples excluding companies not publicly listed as of June 30, 2020 (4) TTM Acquisitions represent MPG covered companies’ total acquisitions by subsector Sources: S&P Capital IQ, PitchBook
- 22. 22 TTM YoY Revenue Growth TTM EBITDA Margin % Public Market Valuation Benchmarking Industrial Software Commerce & Supply Chain Location & Telematics Engineering & Design Manufacturing (1) Financial metrics averaged by grouping of market EV / Revenue multiples Note: EBITDA margins below 0% were omitted for the purposes of this analysis Sources: S&P Capital IQ 7% 23% 31% 18% 14% 21% <5x 5x-15x >15x TTM EV / Revenue(1) 3% 14% 17% 9% 25% 29% <5x 5x-15x >15x TTM EV / Revenue(1) 5% 14% 21% 18% 23% 29% <5x 5x-15x >15x TTM EV / Revenue(1) 5% 12% 32% 15% 29% - <5x 5x-15x >15x TTM EV / Revenue(1)
- 23. 23 Comparable Public Companies Commerce & Supply Chain $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. American Software $21.96 77.2% $755 $668 $111 $116 3.1% 28.6% 54.7% 5.2% 11.5% 5.99x 5.74x n/m n/m $235 - Basware $47.13 90.6% $681 $735 $180 $185 (0.2%) 73.9% 56.9% 7.0% 13.6% 4.08x 3.97x n/m 29.3x $327 - BigCommerce $64.92 40.0% $5,067 $4,893 $166 $198 30.1% 68.1% 78.4% (22.2%) (15.2%) 29.50x 24.69x n/m n/m $1,249 - ChannelAdvisor $24.51 84.7% $752 $679 $152 $160 10.4% 73.9% 79.2% 17.5% 20.8% 4.46x 4.24x 25.6x 20.4x $341 1 Coupa Software $262.11 69.5% $20,269 $21,481 $589 $672 31.1% 85.6% 56.1% (19.5%) 17.3% 36.45x 31.95x n/m n/m $4,866 2 E2open $11.42 78.3% $2,674 $3,358 $313 $382 37.0% 83.0% 65.2% 11.3% 32.0% 10.72x 8.79x n/m 27.5x $970 2 Global-E Online (5) $57.08 88.5% $8,937 $9,013 $163 $211 54.4% 36.6% 32.6% 8.2% 8.1% 55.35x 42.81x n/m n/m $1,889 - Kinaxis $131.62 72.5% $3,583 $3,400 $229 $246 9.9% 74.4% 67.4% 9.7% 13.2% 14.83x 13.80x n/m n/m $1,029 1 Manhattan Associates $144.84 98.3% $9,214 $9,030 $620 $634 8.2% 15.1% 55.4% 22.0% 22.9% 14.57x 14.24x n/m n/m $2,742 - Ocado Group $27.66 68.7% $20,643 $20,555 $3,638 $3,708 19.3% 28.8% 36.7% 0.5% 3.0% 5.65x 5.54x n/m n/m $5,304 2 Shopify $1,460.98 94.1% $185,042 $183,754 $3,853 $4,429 51.2% 31.0% 54.2% 14.6% 11.0% 47.69x 41.49x n/m n/m $40,493 8 SPS Commerce $99.85 84.6% $3,634 $3,472 $347 $373 19.3% 93.7% 67.3% 21.9% 27.8% 9.99x 9.31x 45.6x 33.5x $1,254 1 Stamps.com (6) $200.29 61.6% $3,956 $3,461 $796 $776 2.4% 93.1% 77.2% 30.7% 28.4% 4.35x 4.46x 14.2x 15.7x $2,467 - Tecsys $33.75 62.8% $503 $481 $100 $108 19.0% 41.9% 49.3% 10.3% 11.2% 4.82x 4.44x 46.9x 39.6x $172 - Telos Corporation $34.01 81.3% $2,270 $2,193 $197 $289 60.5% 89.6% 32.8% (5.1%) 11.8% 11.15x 7.59x n/m n/m $721 - The Descartes Systems $69.20 98.1% $5,887 $5,761 $364 $402 17.2% 89.0% 74.7% 39.2% 41.3% 15.84x 14.31x 40.4x 34.7x $2,089 3 Verra Mobility $15.37 96.4% $2,575 $3,329 $367 $495 25.8% 85.4% 62.2% 36.7% 45.8% 9.08x 6.72x 24.7x 14.7x $1,031 1 Vontier $32.58 83.5% $5,499 $6,860 $2,803 $2,849 5.3% 23.2% 44.1% 23.7% 24.3% 2.45x 2.41x 10.3x 9.9x $3,386 - WiseTech $23.94 92.8% $7,743 $7,581 $357 $418 24.1% 89.7% 82.0% 25.5% 37.8% 21.26x 18.14x n/m 47.9x $2,160 - Zuora $17.25 92.5% $2,203 $2,172 $312 $335 11.7% 79.3% 57.9% (17.2%) 1.1% 6.96x 6.48x n/m n/m $801 1 Mean 80.8% $14,594 $14,644 $783 $849 22.0% 64.2% 59.2% 11.0% 18.4% 15.76x 13.56x 29.7x 27.3x $3,676 2.2 Median 84.1% $3,795 $3,466 $330 $378 19.2% 74.2% 57.4% 10.8% 15.4% 10.36x 8.19x 25.6x 28.4x $1,252 1.5 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPO: Global-E Online (May 11, 2021) (6) Stamps.com to be acquired in $6.6 Billion acquisition by Thoma Bravo announced July 9, 2021 Revenue Metrics (2)
- 24. 24 Comparable Public Companies Engineering & Design $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Altair Engineering $68.97 96.4% $5,391 $5,375 $489 $509 8.4% 74.7% 75.6% 9.2% 12.9% 11.00x 10.55x n/m n/m $1,656 4 Altium $27.51 91.2% $3,610 $3,535 $186 $197 5.0% 60.0% 47.1% 33.6% 37.1% 19.01x 17.98x n/m 48.5x $1,127 1 ANSYS $347.06 84.0% $30,424 $30,367 $1,740 $1,861 10.7% 46.2% 89.0% 35.1% 42.9% 17.46x 16.32x 49.8x 38.1x $9,308 2 Aspen Technology $137.54 84.6% $9,428 $9,444 $713 $724 9.9% 94.6% 91.4% 53.5% 54.7% 13.24x 13.04x 24.8x 23.8x $3,999 2 Autodesk $291.90 90.9% $64,222 $65,390 $3,894 $4,305 15.7% 91.8% 91.9% 19.4% 33.2% 16.79x 15.19x n/m 45.8x $17,773 5 AVEVA Group $51.21 69.1% $15,417 $16,077 $1,130 $1,568 43.8% 68.0% 78.0% 19.0% 31.8% 14.23x 10.25x n/m 32.2x $4,242 1 Bentley Systems $64.78 96.7% $18,652 $18,800 $829 $917 14.4% 91.9% 78.6% 29.7% 32.3% 22.68x 20.49x n/m n/m $4,967 7 Cadence Design Systems $136.82 91.8% $38,466 $38,070 $2,801 $2,940 9.6% 94.5% 88.8% 31.0% 38.7% 13.59x 12.95x 43.8x 33.4x $12,930 3 Dassault Systèmes $48.49 98.6% $64,162 $65,726 $5,433 $5,672 4.1% 71.8% 83.4% 21.7% 35.3% 12.10x 11.59x n/m 32.9x $19,439 2 ESI $69.01 94.8% $397 $449 $162 $165 1.5% 82.7% 74.5% 4.8% 10.1% 2.77x 2.72x n/m 27.0x $261 - Procore (5) $94.95 96.0% $12,256 $12,663 $422 $489 22.1% 100.0% 82.4% (7.6%) (6.4%) 30.02x 25.92x n/m n/m $3,185 2 PTC $141.26 94.5% $16,507 $17,823 $1,717 $1,776 16.3% 87.9% 79.3% 23.5% 34.3% 10.38x 10.04x 44.1x 29.3x $5,371 2 Synopsys $275.79 91.7% $42,834 $42,072 $3,984 $4,151 10.6% 84.1% 80.2% 22.7% 32.8% 10.56x 10.14x 46.6x 30.9x $14,022 5 Trimble $81.83 96.4% $20,564 $21,791 $3,242 $3,728 7.9% 21.4% 58.6% 21.6% 24.9% 6.72x 5.84x 31.1x 23.5x $6,959 1 Unity Software $109.83 62.8% $34,328 $33,344 $840 $1,013 31.2% 100.0% 76.6% (36.7%) (4.9%) 39.68x 32.90x n/m n/m $8,476 4 Zuken $28.02 94.7% $652 $458 $261 $277 5.3% n/a 69.6% 13.3% 13.8% 1.76x 1.66x 13.2x 12.0x $437 - Mean 89.6% $23,582 $23,836 $1,740 $1,893 13.5% 78.0% 77.8% 18.3% 26.5% 15.12x 13.60x 36.2x 31.4x $7,135 2.9 Median 93.1% $17,580 $18,311 $985 $1,291 10.2% 84.1% 78.9% 21.6% 32.5% 13.42x 12.27x 43.8x 31.6x $5,169 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPO: Procore (May 20, 2021) Revenue Metrics (2)
- 25. 25 Comparable Public Companies Manufacturing $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. 3M $198.63 95.1% $116,505 $130,997 $34,734 $34,784 8.1% n/a 48.7% 29.0% 27.2% 3.77x 3.77x 13.0x 13.9x $66,974 - ABB $33.95 98.0% $68,108 $73,088 $28,114 $28,724 9.9% n/a 31.7% 12.9% 15.7% 2.60x 2.54x 20.2x 16.2x $29,272 1 Cognex $84.05 82.5% $15,152 $14,933 $883 $1,013 24.9% n/a 75.2% 32.6% 34.9% 16.92x 14.74x n/m 42.3x $4,857 - CoStar $82.82 86.9% $32,807 $30,278 $1,808 $1,948 17.4% 73.9% 81.5% 25.9% 33.0% 16.75x 15.54x n/m 47.0x $10,069 3 Danaher $268.36 98.3% $191,416 $209,620 $24,799 $27,882 25.1% 71.7% 59.6% 32.3% 33.4% 8.45x 7.52x 26.1x 22.5x $68,313 3 Emerson Electric $96.24 97.1% $57,871 $63,397 $17,064 $18,391 7.4% n/a 41.6% 22.1% 22.7% 3.72x 3.45x 16.8x 15.2x $27,511 3 Fortive $69.74 84.9% $23,819 $25,292 $4,786 $5,204 12.3% 40.0% 56.8% 22.4% 24.1% 5.29x 4.86x 23.6x 20.2x $9,084 - General Electric $13.46 93.4% $118,161 $173,212 $78,722 $76,978 (3.3%) n/a 18.0% 8.6% 9.7% 2.20x 2.25x 25.5x 23.1x $30,177 2 Hexagon $14.82 98.2% $38,048 $40,532 $4,780 $4,956 7.6% 40.0% 64.1% 35.3% 36.7% 8.48x 8.18x 24.0x 22.3x $15,035 5 Honeywell $219.35 93.7% $153,902 $165,103 $33,959 $34,800 6.6% n/a 32.1% 24.6% 25.4% 4.86x 4.74x 19.8x 18.7x $64,177 6 Materialise $24.09 27.6% $1,407 $1,317 $216 $240 14.9% 22.9% 56.2% 10.4% 11.7% 6.09x 5.50x n/m 47.1x $452 2 Rockwell Automation $286.02 98.8% $33,613 $35,367 $6,760 $7,136 9.8% 29.0% 41.7% 19.8% 21.0% 5.23x 4.96x 26.4x 23.6x $12,859 3 Schneider Electric $157.32 94.4% $87,204 $100,893 $32,438 $33,146 7.7% 17.0% 41.1% 18.8% 19.0% 3.11x 3.04x 16.6x 16.0x $42,548 6 Siemens $158.43 91.5% $126,596 $165,244 $68,563 $72,114 5.9% n/a 35.5% 13.3% 15.7% 2.41x 2.29x 18.1x 14.6x $39,192 4 Software AG $44.98 85.3% $3,328 $3,052 $978 $971 (5.0%) 49.4% 77.9% 21.0% 18.9% 3.12x 3.15x 14.9x 16.6x $1,852 - Mean 88.4% $71,196 $82,155 $22,574 $23,219 10.0% 43.0% 50.8% 21.9% 23.3% 6.20x 5.77x 20.4x 23.9x $28,158 3.5 Median 93.7% $57,871 $63,397 $17,064 $18,391 8.1% 40.0% 48.7% 22.1% 22.7% 4.86x 4.74x 20.0x 20.2x $27,511 3.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 26. 26 Comparable Public Companies Location & Telematics $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. CalAmp $12.72 87.7% $449 $561 $315 $334 0.2% 37.3% 40.4% 6.7% 11.2% 1.78x 1.68x 26.5x 15.0x $285 - Everbridge $136.08 76.0% $5,563 $5,484 $294 $359 32.3% 96.0% 70.3% (14.8%) 2.3% 18.62x 15.29x n/m n/m $1,833 3 Garmin $144.64 99.2% $27,793 $26,228 $4,860 $4,707 12.4% n/a 59.3% 29.9% 27.2% 5.40x 5.57x 18.1x 20.5x $15,022 1 MiX Telematics $0.57 90.7% $324 $281 $134 $128 (1.8%) 89.0% 64.8% 28.3% 24.2% 2.09x 2.18x 7.4x 9.0x $313 - Orbcomm $11.24 97.3% $905 $1,101 $246 $268 8.1% 60.4% 52.6% 18.6% 23.2% 4.47x 4.10x 24.0x 17.7x $386 - PowerFleet $7.20 75.4% $256 $304 $112 $130 14.6% 59.0% 52.4% 5.4% 9.0% 2.72x 2.33x 50.0x 26.0x $154 - TomTom $8.38 70.9% $1,093 $833 $637 $668 3.4% 87.0% 78.9% (4.2%) 5.4% 1.31x 1.25x n/m 23.0x $1,065 - Mean 85.3% $5,197 $4,970 $943 $942 9.9% 71.4% 59.8% 10.0% 14.6% 5.20x 4.63x 25.2x 18.5x $2,723 2.0 Median 87.7% $905 $833 $294 $334 8.1% 73.7% 59.3% 6.7% 11.2% 2.72x 2.33x 24.0x 19.1x $386 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 27. 27 Healthcare & Life Sciences Market Update IV.
- 28. 28 Category (Company Count) Description EV / Revenue EV / EBITDA Total TTM Acquisitions(4) Avg.(2) YoY %(3) Avg.(2) YoY %(3) Life Sciences Software (4) Clinical trial management, medical affairs, quality management and commercialization software for medical device, biotech and pharmaceutical organizations 12.11x 11.0% 29.2x 61.3% 5 CROs & Life Sciences Services (8) Solutions and medical research services to support the medical device, biotech, and pharmaceutical organizations 6.19x 42.0% 21.0x 18.1% 3 Healthcare Software & Data (11) Software and data solutions for payors/providers/patients, prescription procurement and medication management tools 12.75x 125.0% 29.8x 65.9% 17 Healthcare Services (5) Payors/providers/patients-focused admin, operational and financial services including EHR, practice management, and revenue cycle management 3.71x 72.1% 21.0x 88.3% 6 Public Market Summary Healthcare & Life Sciences High Growth Industry(1) (1) Top 5 Industries with the highest aggregate YoY CY20A – CY21E median revenue growth rate (2) TTM (3) YoY % represents year-over-year growth of TTM multiples excluding companies not publicly listed as of June 30, 2020 (4) TTM Acquisitions represent MPG covered companies’ total acquisitions by subsector Sources: S&P Capital IQ, PitchBook
- 29. 29 Public Market Valuation Benchmarking Healthcare & Life Sciences Life Sciences Software Healthcare Services CROs & Life Sciences Services Healthcare Software & Data TTM YoY Revenue Growth TTM EBITDA Margin % (1) Financial metrics averaged by grouping of market EV / Revenue multiples (2) Instem omitted from analysis due to TTM revenue not normalized for March 2021 acquisition of The Edge Software Consultancy and April 2021 acquisition of d-Wise Technologies, Inc. Note: EBITDA margins below 0% were omitted for the purposes of this analysis Sources: S&P Capital IQ 19% 16% 16% 21% 26% 7% <5x 5x-15x >15x TTM EV / Revenue(1) 3% 18% 33% 8% 15% 26% <5x 5x-15x >15x TTM EV / Revenue(1) 9% 14% - 17% 17% - <5x 5x-15x >15x TTM EV / Revenue(1) 18% 16% 26% 17% 8% 29% <5x 5x-15x >15x TTM EV / Revenue(1)
- 30. 30 Comparable Public Companies Life Sciences Software $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Instem $10.22 98.7% $235 $203 $39 $63 64.1% 59.9% 41.5% 16.2% 18.9% 5.26x 3.21x 32.4x 17.0x $99 - IQVIA $242.32 97.4% $47,121 $57,988 $12,931 $13,426 18.2% n/a 33.6% 17.2% 21.9% 4.48x 4.32x 26.0x 19.7x $11,022 3 Model N $34.27 71.1% $1,225 $1,211 $174 $196 16.3% 72.1% 57.9% 0.3% 8.8% 6.97x 6.19x n/m n/m $476 1 Veeva Systems $310.95 95.5% $50,667 $49,542 $1,562 $1,792 26.2% 80.5% 72.5% 28.6% 40.4% 31.73x 27.65x n/m n/m $13,347 1 Mean 90.7% $24,812 $27,236 $3,676 $3,869 31.2% 70.9% 51.4% 15.6% 22.5% 12.11x 10.34x 29.2x 18.4x $6,236 1.7 Median 96.5% $24,173 $25,376 $868 $994 22.2% 72.1% 49.7% 16.7% 20.4% 6.12x 5.25x 29.2x 18.4x $5,749 1.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research Note: Dassault Systems (owner of MediData) is featured on slide 24 under Engineering & Design (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 31. 31 Comparable Public Companies CROs & Life Sciences Services $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Bruker $75.98 99.4% $11,607 $11,781 $2,118 $2,341 17.8% 21.0% 48.7% 20.0% 20.7% 5.56x 5.03x 27.8x 24.3x $4,353 - Certara $28.33 67.8% $4,334 $4,363 $253 $283 16.0% 30.2% 58.6% 7.4% 35.9% 17.26x 15.44x n/m 43.0x $1,099 1 Charles River Laboratories $369.92 99.3% $18,882 $20,853 $3,041 $3,524 20.5% 78.5% 37.3% 23.6% 25.5% 6.86x 5.92x 29.1x 23.3x $5,911 - Icon $206.71 88.3% $10,984 $10,349 $3,191 $3,462 23.8% 100.0% 28.4% 17.5% 17.4% 3.24x 2.99x 18.5x 17.1x $5,654 - PerkinElmer $154.41 94.9% $17,378 $19,160 $4,438 $4,404 16.4% 26.5% 58.6% 37.8% 33.5% 4.32x 4.35x 11.4x 13.0x $11,266 - PPD, Inc $46.09 98.8% $16,746 $20,284 $5,552 $5,435 16.1% 100.0% 66.3% 16.4% 18.7% 3.65x 3.73x 22.3x 19.9x $4,823 - Syneos Health $89.49 99.3% $9,286 $12,198 $4,461 $5,229 18.4% n/a 23.4% 13.2% 14.7% 2.73x 2.33x 20.8x 15.9x $2,338 2 Thermo Fisher Scientific $504.47 94.7% $199,942 $213,013 $35,894 $35,669 10.7% 21.5% 51.5% 34.5% 32.3% 5.93x 5.97x 17.2x 18.5x $98,466 - Mean 92.8% $36,145 $39,000 $7,369 $7,543 17.5% 54.0% 46.6% 21.3% 24.8% 6.19x 5.72x 21.0x 21.9x $16,739 1.5 Median 96.9% $14,176 $15,679 $3,815 $3,964 17.1% 30.2% 50.1% 18.7% 23.1% 4.94x 4.69x 20.8x 19.2x $5,239 1.5 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 32. 32 Comparable Public Companies Healthcare Software & Data $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Allscripts Healthcare $18.51 97.4% $2,680 $2,446 $1,490 $1,513 0.7% 81.0% 47.2% 2.4% 16.9% 1.64x 1.62x n/m 9.6x $2,301 2 Doximity (5) $58.20 89.0% $10,372 $10,388 $207 n/a 14.1% 93.0% 84.9% 26.5% n/a 50.21x n/a n/m n/m $2,435 - GoodRx $36.01 56.1% $14,768 $14,483 $578 $749 36.0% 11.3% 94.1% (52.1%) 31.5% 25.07x 19.34x n/m n/m $3,531 2 Health Catalyst $55.51 93.3% $2,619 $2,683 $200 $231 22.4% 90.0% 49.2% (30.0%) (5.9%) 13.45x 11.60x n/m n/m $815 3 HealthStream $27.94 98.4% $881 $859 $251 $252 2.8% 95.5% 64.9% 14.9% 17.1% 3.42x 3.41x 23.0x 19.9x $501 4 Inovalon $34.08 99.3% $5,320 $6,215 $719 $764 14.5% 88.0% 74.1% 29.5% 35.4% 8.65x 8.13x 29.3x 23.0x $1,914 - NextGen Healthcare $16.59 69.7% $1,118 $1,083 $572 $573 4.3% 90.3% 56.8% 5.1% 19.4% 1.89x 1.89x 37.1x 9.7x $901 - Omnicell $151.45 99.2% $7,191 $7,097 $987 $1,101 23.5% 28.7% 48.8% 14.1% 21.7% 7.19x 6.44x n/m 29.7x $2,100 2 Phreesia $61.30 75.1% $3,268 $2,830 $164 $189 30.9% 80.0% 63.9% (12.2%) 0.8% 17.30x 14.93x n/m n/m $974 1 Tabula Rasa HealthCare $50.00 72.1% $1,280 $1,632 $301 $343 15.5% 46.3% 30.0% (8.4%) 8.3% 5.42x 4.75x n/m n/m $439 1 Vocera Comms $39.85 71.7% $1,385 $1,385 $232 $225 13.3% 39.6% 67.0% 4.6% 13.2% 5.97x 6.16x n/m 46.8x $392 2 Mean 83.7% $4,625 $4,645 $518 $594 16.2% 67.6% 61.9% (0.5%) 15.8% 12.75x 7.83x 29.8x 23.1x $1,482 2.1 Median 89.0% $2,680 $2,683 $301 $458 14.5% 81.0% 63.9% 4.6% 17.0% 7.19x 6.30x 29.3x 21.4x $974 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPO: Doximity (June 24, 2021) Revenue Metrics (2)
- 33. 33 Comparable Public Companies Healthcare Services $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Cerner $78.16 92.8% $23,731 $25,321 $5,608 $5,803 5.4% 6.9% 82.9% 21.8% 32.3% 4.51x 4.36x 20.7x 13.5x $10,369 2 Change Healthcare $23.04 95.2% $7,213 $11,991 $3,090 $3,327 41.2% 93.6% 50.4% 18.6% 31.0% 3.88x 3.60x 20.9x 11.6x $5,117 1 Evolent Health $21.12 94.5% $1,852 $1,912 $1,016 $867 (15.2%) 87.0% 24.1% 0.7% 5.5% 1.88x 2.20x n/m 40.4x $1,594 - R1 RCM $22.24 71.1% $6,255 $6,778 $1,293 $1,449 14.0% 90.0% 20.0% 17.3% 22.6% 5.24x 4.68x 30.4x 20.7x $2,757 1 Premier $34.79 92.1% $4,265 $4,816 $1,582 $1,581 5.8% 27.6% 51.9% 25.7% 30.2% 3.04x 3.05x 11.9x 10.1x $2,674 2 Mean 89.1% $8,663 $10,163 $2,518 $2,605 10.3% 61.0% 45.9% 16.8% 24.3% 3.71x 3.58x 21.0x 19.3x $4,502 1.5 Median 92.8% $6,255 $6,778 $1,582 $1,581 5.8% 87.0% 50.4% 18.6% 30.2% 3.88x 3.60x 20.8x 13.5x $2,757 1.5 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 34. 34 Payments, Data, & BI Market Update V.
- 35. 35 Category (Company Count) Description EV / Revenue EV / EBITDA Total TTM Acquisitions(4) Avg.(2) YoY %(3) Avg.(2) YoY %(3) Payments (31) Solutions that facilitate financial transactions between two or more parties, such as merchants and customers 18.95x 106.8% 22.4x 62.9% 57 Data Solutions & Infrastructure (12) Solutions that collect, manage, and store valuable structured and unstructured information 22.90x 31.3% 26.4x 22.1% 23 Business Intelligence & Analytics (22) Strategies and technologies used to provide data analysis of historical, current, and predictive views of a business 24.29x 127.1% 31.5x 65.4% 26 Public Market Summary Payments, Data, & BI High Growth Industry(1) (1) Top 5 Industries with the highest aggregate YoY CY20A – CY21E median revenue growth rate (2) TTM (3) YoY % represents year-over-year growth of TTM multiples excluding companies not publicly listed as of June 30, 2020 (4) TTM Acquisitions represent MPG covered companies’ total acquisitions by subsector Sources: S&P Capital IQ, PitchBook
- 36. 36 Public Market Valuation Benchmarking Payments, Data, & BI TTM YoY Revenue Growth TTM EBITDA Margin % (1) Financial metrics averaged by grouping of market EV / Revenue multiples Note: EBITDA margins below 0% were omitted for the purposes of this analysis Sources: S&P Capital IQ Data Solutions & Infrastructure 4% 12% 50% 15% 34% 38% <5x 5x-15x >15x TTM EV / Revenue(1) Business Intelligence & Analytics - 18% 44% - 22% 11% <5x 5x-15x >15x TTM EV / Revenue(1) Payments 25% 33% 37% 24% 25% 39% <5x 5x-15x >15x TTM EV / Revenue(1)
- 37. 37 Comparable Public Companies Payments $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. ACI Worldwide $37.14 85.9% $4,427 $5,441 $1,288 $1,331 2.8% 75.8% 52.5% 20.1% 28.4% 4.22x 4.09x 21.1x 14.4x $2,198 - Adyen (5) $2,443.09 92.8% $75,114 $71,926 $4,454 $1,146 (74.3%) 96.4% 13.8% 10.6% 61.4% 16.15x 62.76x n/m n/m $21,733 - American Express $165.23 97.0% $133,036 $143,451 $38,136 $39,499 26.0% n/a 72.3% 26.6% n/a 3.76x 3.63x 14.1x n/m $41,062 1 Bill.com $183.18 93.5% $18,811 $18,545 $202 $312 62.9% 86.6% 74.6% (24.2%) (1.5%) 91.76x 59.38x n/m n/m $4,593 1 Discover $118.29 94.3% $35,703 $29,844 $11,121 $11,565 94.2% n/a 92.6% 51.8% n/a 2.68x 2.58x 5.2x n/m $34,979 - Dlocal (6) $52.53 93.5% $15,387 $15,260 $126 $188 80.7% 94.6% 57.2% 36.5% 41.0% 120.72x 81.07x n/m n/m $3,418 1 Euronet Worldwide $135.35 80.7% $7,312 $7,114 $2,738 $2,958 19.2% n/a 35.3% 10.6% 15.7% 2.60x 2.40x 24.4x 15.3x $2,628 1 EVERTEC $43.65 97.6% $3,102 $3,471 $528 $552 8.0% 94.0% 56.0% 38.7% 47.3% 6.57x 6.29x 17.0x 13.3x $1,402 - EVO Payments $27.74 86.7% $1,341 $2,592 $434 $488 11.0% n/a 82.0% 27.0% 35.5% 5.97x 5.32x 22.1x 15.0x $540 1 Fiserv $106.89 83.9% $71,979 $92,981 $15,424 $15,883 6.9% 82.2% 51.5% 35.2% 39.9% 6.03x 5.85x 17.1x 14.7x $26,583 3 FLEETCOR $256.06 86.7% $21,838 $25,399 $2,336 $2,664 11.5% n/a 79.6% 53.6% 55.5% 10.87x 9.53x 20.3x 17.2x $7,841 3 Flywire (6) $36.74 90.7% $4,291 $4,461 $144 $153 16.1% 95.0% 63.7% (1.7%) (3.3%) 30.97x 29.16x n/m n/m $1,102 1 Global Payments $187.54 84.9% $55,463 $63,738 $7,510 $7,613 2.6% 63.2% 52.0% 38.7% 47.2% 8.49x 8.37x 21.9x 17.8x $19,369 1 i3 Verticals $30.22 84.0% $663 $936 $161 $219 32.7% 80.0% 70.6% 10.3% 26.6% 5.81x 4.27x n/m 16.0x $295 3 Lightspeed POS $83.74 95.8% $11,399 $10,647 $222 $386 106.4% 88.6% 57.0% (39.8%) (7.5%) 48.02x 27.61x n/m n/m $2,929 4 Marqeta (6) $28.07 85.7% $15,765 $16,041 $350 $458 57.8% n/a 42.6% (11.2%) 2.0% 45.85x 35.02x n/m n/m $3,277 - Mastercard $365.09 90.9% $363,122 $369,872 $15,447 $18,396 20.2% n/a 100.0% 56.6% 57.4% 23.94x 20.11x 42.3x 35.0x $114,823 4 mdf commerce $8.92 65.4% $257 $179 $67 $76 18.0% 75.0% 63.4% (8.8%) 4.9% 2.66x 2.37x n/m 48.1x $158 1 NCR $45.61 91.2% $6,096 $9,964 $6,248 $6,661 7.3% 53.8% 27.1% 10.6% 16.9% 1.59x 1.50x 15.0x 8.9x $5,580 3 Paya $11.02 73.5% $1,396 $1,485 $212 $246 19.5% 40.6% 51.1% 22.2% 27.0% 7.00x 6.03x 31.5x 22.3x $407 2 Paymentus (6) $35.50 90.5% $4,166 $4,126 $324 $373 23.7% 98.6% 30.6% 6.4% 6.6% 12.72x 11.05x n/m n/m $974 - Payoneer (6) $10.37 92.6% $3,678 $3,820 $364 n/a 94.9% n/a 74.6% (2.3%) n/a 10.49x n/a n/m n/m $788 1 PayPal $291.48 94.3% $342,574 $345,774 $23,846 $25,791 20.2% 92.8% 48.4% 21.5% 29.7% 14.50x 13.41x n/m 45.1x $93,186 4 Repay $24.04 84.6% $2,121 $2,211 $163 $216 39.6% 100.0% 73.5% 22.6% 43.4% 13.55x 10.21x n/m 23.5x $620 4 Shift4 Payments $93.72 90.0% $4,846 $5,316 $807 $1,281 67.1% 100.0% 23.1% (3.0%) 13.1% 6.59x 4.15x n/m 31.7x $1,500 2 Square $243.80 86.1% $113,500 $114,682 $13,174 $20,404 114.8% 50.9% 24.1% 1.8% 4.3% 8.71x 5.62x n/m n/m $26,880 3 StoneCo $67.06 70.5% $20,751 $21,544 $588 $1,047 71.1% 42.8% 74.6% 44.1% 52.8% 36.61x 20.57x n/m 38.9x $4,761 1 Visa $233.82 98.0% $499,380 $505,474 $22,647 $24,706 10.9% 28.9% 96.8% 68.3% 69.0% 22.32x 20.46x 32.7x 29.6x $180,693 2 Western Union $22.97 86.3% $9,418 $11,146 $4,855 $5,124 6.0% n/a 41.4% 24.8% 25.9% 2.30x 2.18x 9.3x 8.4x $6,615 2 WEX $193.90 82.6% $8,757 $11,797 $1,645 $1,800 15.9% 44.8% 70.3% 23.9% 38.1% 7.17x 6.55x 30.0x 17.2x $1,964 3 Worldline $93.60 94.4% $26,309 $31,163 $4,661 $6,004 78.6% n/a 66.1% 19.0% 25.7% 6.69x 5.19x 35.2x 20.2x $6,037 5 Mean 87.9% $60,710 $62,916 $5,814 $6,585 34.6% 75.5% 58.7% 19.0% 28.7% 18.95x 15.89x 22.4x 22.6x $19,966 2.3 Median 90.0% $11,399 $11,797 $1,288 $1,306 20.2% 82.2% 57.2% 21.5% 27.7% 8.49x 6.42x 21.5x 17.5x $3,418 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) Revenue normalized by including revenue attributed to Sahara the companies September 2020 Acquisition (6) New subsector IPOs: Paymentus (May 25, 2021), Flywire (May 26, 2021), Dlocal (June 2, 2021), Marqeta (June 9, 2021), and Payoneer (June 28, 2021) Revenue Metrics (2)
- 38. 38 Comparable Public Companies Data Solutions & Infrastructure $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Dun & Bradstreet $21.37 72.3% $9,219 $12,787 $1,847 $2,158 24.1% n/a 69.3% 29.6% 39.2% 6.92x 5.93x 23.4x 15.1x $3,754 2 Equifax $239.51 98.7% $29,337 $32,798 $4,635 $4,675 13.3% 48.0% 59.4% 31.2% 33.7% 7.08x 7.02x 22.7x 20.8x $10,893 3 Experian $38.48 87.3% $35,081 $39,342 $5,372 $5,790 9.8% 77.9% 39.6% 30.0% 34.2% 7.32x 6.79x 24.4x 19.9x $12,369 4 FactSet $335.61 91.8% $13,033 $13,258 $1,563 $1,613 5.8% 98.2% 50.6% 33.1% 35.3% 8.48x 8.22x 25.6x 23.3x $5,161 1 Moody's $362.37 98.5% $68,051 $72,075 $5,799 $5,825 8.4% 44.2% 73.6% 52.3% 50.9% 12.43x 12.37x 23.8x 24.3x $26,386 4 Morningstar $257.11 95.2% $11,043 $11,192 $1,546 n/a n/a 67.3% 60.3% 22.2% n/a 7.24x n/a 32.6x n/m $3,926 1 MSCI $533.08 98.1% $43,938 $46,096 $1,846 $1,976 16.5% 73.6% 82.7% 56.9% 58.7% 24.98x 23.33x 43.9x 39.7x $11,947 - Snowflake $241.80 56.4% $84,948 $84,504 $712 $1,070 93.3% 93.5% 58.2% (89.9%) (15.3%) 118.66x 78.96x n/m n/m $17,312 2 Teradata $49.97 83.9% $5,477 $5,627 $1,893 $1,914 4.3% 79.0% 59.2% 15.5% 24.3% 2.97x 2.94x 19.2x 12.1x $3,234 - TransUnion $109.81 98.3% $21,065 $24,110 $2,914 $2,994 10.2% n/a 66.7% 37.6% 39.6% 8.27x 8.05x 22.0x 20.3x $7,573 2 UiPath (5) $67.93 75.5% $35,965 $34,188 $681 n/a 49.4% 95.8% 85.1% (42.6%) n/a 50.22x n/a n/m n/m $8,906 1 ZoomInfo $52.17 86.5% $9,689 $10,639 $527 $675 41.7% 98.9% 82.9% 18.9% 45.9% 20.18x 15.77x n/m 34.4x $2,705 3 Mean 86.9% $30,570 $32,218 $2,445 $2,869 25.2% 77.6% 65.6% 16.2% 34.7% 22.90x 16.94x 26.4x 23.3x $9,514 2.3 Median 89.5% $25,201 $28,454 $1,846 $2,067 13.3% 78.5% 63.5% 29.8% 37.3% 8.38x 8.14x 23.8x 20.8x $8,240 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPO: UiPath (April 21, 2021) Revenue Metrics (2)
- 39. 39 Comparable Public Companies Business Intelligence & Analytics $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Alteryx $86.02 46.3% $5,822 $6,371 $505 $572 15.4% 47.9% 91.8% 0.1% 3.1% 12.61x 11.14x n/m n/m $1,594 - C3.ai $62.53 34.0% $8,628 $8,518 $183 $224 29.3% 85.9% 75.7% (30.5%) (38.0%) 46.49x 38.01x n/m n/m $1,980 - Cloudera $15.86 82.0% $4,653 $5,156 $883 $917 6.8% 90.1% 79.8% (1.4%) 28.5% 5.84x 5.62x n/m 19.7x $2,009 3 Confluent (5) $47.50 81.9% $15,340 $15,919 $263 n/a 90.1% 88.2% 69.0% (92.4%) n/a 60.60x n/a n/m n/m $3,380 - Domo $80.83 96.2% $2,633 $2,653 $222 $247 20.8% 87.4% 73.9% (29.0%) (11.3%) 11.97x 10.74x n/m n/m $811 - Elastic $145.76 82.6% $14,292 $13,919 $608 $722 34.9% 93.0% 73.8% (18.4%) (2.7%) 22.88x 19.27x n/m n/m $3,766 - Endava $113.38 96.1% $6,424 $6,380 $555 $699 33.3% n/a 33.6% 15.7% 24.5% 11.49x 9.13x n/m 37.3x $1,798 3 GlobalData $21.96 90.9% $2,810 $2,922 $252 $265 8.8% 83.0% 22.2% 26.9% 31.2% 11.57x 11.02x 43.1x 35.4x $842 - Karooooo (5) $36.75 86.5% $1,137 $1,108 $173 $180 25.7% 96.4% 70.3% 44.4% 47.4% 6.40x 6.16x 14.4x 13.0x $699 - KnowBe4 (5) $31.27 85.3% $5,698 $5,615 $189 $231 32.4% 92.4% 85.2% 4.3% 8.4% 29.67x 24.26x n/m n/m $1,405 1 Medallia $33.75 69.9% $5,979 $6,321 $496 $561 19.9% 80.2% 63.9% (21.5%) 1.5% 12.75x 11.27x n/m n/m $1,835 3 MicroStrategy $664.50 50.5% $6,902 $8,574 $492 $437 (9.1%) 6.9% 81.9% 16.5% 19.6% 17.42x 19.62x n/m n/m $1,464 - New Relic $66.97 82.6% $4,360 $4,640 $668 $699 8.1% 96.2% 72.8% (20.0%) 2.2% 6.95x 6.64x n/m n/m $992 1 NICE $244.29 86.7% $15,639 $16,007 $1,693 $1,816 10.2% 47.2% 66.3% 25.6% 33.7% 9.46x 8.81x 37.0x 26.2x $5,155 2 Palantir $26.36 58.6% $59,132 $57,246 $1,205 $1,481 35.5% 100.0% 69.9% (99.9%) 25.3% 47.52x 38.66x n/m n/m $12,996 5 SentinelOne (5) $42.50 91.4% $12,456 $12,761 $112 n/a 41.3% 100.0% 55.6% (129.7%) n/a 113.43x n/a n/m n/m $2,672 1 SimilarWeb (5) $19.70 85.7% $1,659 $1,787 $102 $126 34.7% 100.0% 78.0% (22.9%) (36.4%) 17.47x 14.19x n/m n/m $479 - Splunk $144.58 64.0% $23,747 $24,457 $2,297 $2,506 15.0% 56.4% 74.3% (33.2%) (4.8%) 10.65x 9.76x n/m n/m $6,386 3 Sumo Logic $20.65 44.5% $2,557 $2,425 $210 $232 17.9% 100.0% 72.6% (36.7%) (21.6%) 11.56x 10.44x n/m n/m $845 2 Upstart $124.90 65.1% $11,916 $11,720 $297 $601 149.0% 94.7% 84.4% 11.9% 10.5% 39.52x 19.49x n/m n/m $2,662 1 Veritone $19.71 39.2% $686 $565 $64 $81 39.6% 24.0% 73.1% (86.7%) (19.2%) 8.82x 7.02x n/m n/m $220 - WalkMe (5) $29.26 92.5% $2,753 $3,014 $157 n/a 94.6% 87.9% 74.1% (25.8%) n/a 19.23x n/a n/m n/m $757 1 Mean 73.3% $9,783 $9,913 $528 $663 34.3% 78.9% 70.1% (22.9%) 5.4% 24.29x 14.80x 31.5x 26.3x $2,489 2.2 Median 82.3% $5,900 $6,346 $280 $561 27.5% 88.2% 73.4% (20.7%) 3.1% 12.68x 11.02x 37.0x 26.2x $1,696 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] (5) New subsector IPOs: Karooooo (April 1, 2021), KnowBe4 (April 22, 2021), SimilarWeb (May 12, 2021), WalkMe (June 15, 2021), Confluent (June 24, 2021), and SentinelOne (June 30, 2021) Revenue Metrics (2)
- 40. 40 Tech-Enabled & IT Services Market Update VI.
- 41. 41 Category (Company Count) Description EV / Revenue EV / EBITDA Total TTM Acquisitions(4) Avg.(2) YoY %(3) Avg.(2) YoY %(3) IT Services (22) Third-party solutions and services that manage and optimize information access and business processes 2.23x 29.6% 16.9x 37.6% 83 Public Market Summary Tech-Enabled & IT Services High Growth Industry(1) (1) Top 5 Industries with the highest aggregate YoY CY20A – CY21E median revenue growth rate (2) TTM (3) YoY % represents year-over-year growth of TTM multiples excluding companies not publicly listed as of June 30, 2020 (4) TTM Acquisitions represent MPG covered companies’ total acquisitions by subsector Sources: S&P Capital IQ, PitchBook
- 42. 42 Public Market Valuation Benchmarking Tech-Enabled & IT Services IT Services – EV / Revenue IT Services – EV / EBITDA TTM YoY Revenue Growth TTM EBITDA Margin % (1) Financial metrics averaged by grouping of market EV / Revenue and EV / EBITDA multiples Note: EBITDA margins below 0% were omitted for the purposes of this analysis Sources: S&P Capital IQ (1%) 8% 8% 11% 14% 14% <10x 10x-20x >20x TTM EV / EBITDA(1) 4% 7% 9% 8% 15% 16% <1x 1x-3x >3x TTM EV / Revenue(1)
- 43. 43 Comparable Public Companies IT Services $ in million ex. Per Share Amounts Share Price % 52-Wk Market Enterprise Profitability Margins (2) EV / Revenue EV / EBITDA (3) Dry TTM Company (1) 6/30/2021 High Cap Value TTM CY21E Y/Y Growth % Rec TTM GM TTM EBITDA CY21E EBITDA TTM CY21E TTM CY21E Powder (4) Acqs. Accenture $294.79 99.0% $186,937 $180,927 $47,949 $52,153 12.4% n/a 32.0% 16.7% 18.7% 3.77x 3.47x 22.5x 18.5x $87,132 41 Atos $60.83 64.8% $6,645 $9,555 $13,016 $13,457 (1.6%) n/a 7.8% 7.0% 14.2% 0.73x 0.71x 10.5x 5.0x $2,801 12 Bechtle $185.74 82.1% $7,801 $8,043 $7,011 $7,604 6.8% n/a 14.6% 5.5% 6.4% 1.15x 1.06x 20.7x 16.5x $3,461 1 Bottomline $37.08 67.3% $1,683 $1,723 $460 $496 8.5% 79.1% 58.1% 8.9% 20.9% 3.75x 3.47x 42.1x 16.6x $856 1 Capgemini $192.08 99.0% $32,343 $32,343 $20,130 $20,313 4.8% n/a 25.7% 12.3% 15.9% 1.61x 1.59x 13.0x 10.0x $21,355 3 CGI $90.72 98.5% $22,598 $24,974 $9,722 $9,975 7.1% n/a 32.3% 17.6% 20.2% 2.57x 2.50x 14.6x 12.4x $11,909 4 Cognizant $69.26 83.7% $36,529 $36,890 $17,413 $17,995 8.1% n/a 37.5% 17.8% 18.5% 2.12x 2.05x 11.9x 11.1x $24,819 10 Computacenter $35.52 93.5% $4,094 $4,029 $7,429 $8,711 17.3% 17.0% 13.2% 4.1% 4.7% 0.54x 0.46x 13.1x 9.8x $2,609 3 DXC Technology $38.94 93.3% $9,939 $14,274 $17,729 $16,972 (6.3%) n/a 21.6% 10.0% 15.3% 0.81x 0.84x 8.0x 5.5x $7,160 - ePlus $86.69 80.5% $1,171 $1,223 $1,568 $1,634 1.9% n/a 24.0% 8.1% 7.7% 0.78x 0.75x 9.6x 9.7x $883 1 ExlService $106.26 97.8% $3,620 $3,771 $974 $1,061 10.7% 80.0% 36.3% 17.3% 21.1% 3.87x 3.56x 22.4x 16.9x $1,786 - FDM Group $14.09 84.4% $1,566 $1,527 $357 $367 0.5% n/a 47.8% 16.5% 19.7% 4.28x 4.16x 25.9x 21.1x $675 - Genpact $45.43 92.7% $8,650 $10,078 $3,732 $3,974 7.1% n/a 35.7% 17.5% 18.6% 2.70x 2.54x 15.4x 13.6x $3,903 2 Hackett Group $18.02 95.1% $584 $538 $233 $260 10.9% 21.0% 31.8% 11.1% 19.9% 2.31x 2.07x 20.7x 10.4x $293 - IBEX $19.52 76.5% $345 $394 $436 $467 9.7% n/a 29.5% 7.7% 14.2% 0.90x 0.84x 11.8x 5.9x $190 - Perficient $80.42 97.5% $2,821 $2,949 $674 $705 15.1% n/a 38.3% 17.7% 20.5% 4.38x 4.18x 24.8x 20.4x $1,108 - Redcentric $1.99 91.1% $318 $339 $126 $129 5.5% 89.0% 63.4% 24.8% 27.0% 2.69x 2.63x 10.9x 9.7x $226 - TietoEVRY $31.59 90.4% $3,740 $4,694 $3,311 $3,333 (2.3%) n/a 23.3% 14.8% 18.4% 1.42x 1.41x 9.6x 7.7x $2,616 - TTEC $103.09 91.1% $4,827 $5,232 $2,056 $2,206 13.2% n/a 28.6% 16.2% 15.2% 2.54x 2.37x 15.7x 15.6x $2,560 2 Unisys $25.31 88.5% $1,831 $1,758 $2,021 $2,050 1.2% 62.0% 25.9% (1.1%) 17.4% 0.87x 0.86x n/m 4.9x $2,290 1 WNS $79.87 97.9% $3,946 $4,047 $958 $952 7.9% n/a 35.6% 18.5% 24.8% 4.22x 4.25x 22.9x 17.2x $1,703 - Xerox $23.49 87.1% $4,509 $6,846 $7,200 $7,200 2.5% n/a 36.1% 11.1% 12.3% 0.95x 0.95x 8.6x 7.7x $2,513 2 Mean 88.7% $15,750 $16,189 $7,478 $7,819 6.4% 58.0% 31.8% 12.7% 16.9% 2.23x 2.12x 16.9x 12.1x $8,311 6.4 Median 91.1% $4,020 $4,370 $2,684 $2,770 7.1% 70.6% 31.9% 13.5% 18.4% 2.21x 2.06x 14.6x 10.7x $2,537 2.0 Sources: Company releases, CapitalIQ, Pitchbook, Wall Street research (1) Currency normalized to USD, on share price date (2) Wall Street consensus estimates (3) EV / EBITDA multiples in excess of 50.0x or less than 0.0x are considered not meaningful (4) Dry Powder calculated as greater of: [(125% of Recurring Revenue less existing debt) + (50% of Cash & Cash Equivalents) + (20% of Market Cap)] or [(6x EBITDA less existing debt) + (50% of Cash & Cash Equivalents) + 20% of Market Cap)] Revenue Metrics (2)
- 45. 45 Category Description Total Count Q2 2021 Issuance Count(1) 2021 Expiration Count(2) Announced Transaction Count(3) Total Trust Value(4) Average Vehicle Size(4) Financial & Business Solutions Tech Companies within financial or business solutions that assist in business planning, documenting, and execution 47 2 3 11 $16,950.1 $376.7 Health Tech Companies providing technology for healthcare operators enabling treatment, operations, and communications 27 2 - 2 $6,510.2 $241.2 Industrial Tech Companies operating across manufacturing, construction, transportation, proptech, and other industrial verticals 15 2 - 4 $4,972.0 $310.8 Technology, Media, & Telecom Companies across communications, mobility, machine learning, 5G, IoT, cloud, security, and related areas 45 3 1 10 $16,872.2 $392.4 Unspecified Technology General technology or software mandate without specifically identified verticals of focus 188 19 6 42 $57,046.8 $306.7 Active SPAC Summary Business and Industrial Software Subsectors (1) Represents SPACs that listed publicly within Q2 2021 (2) Represents SPACs with a timeline to complete a business acquisition before year-end 2021 (3) Represents SPACs with announced transactions pending a close as of June 30, 2021 (4) Dollars in millions Sources: S&P Capital IQ, PitchBook
- 46. 46 124.4% 119.7% 97.3% 111.3% 100.6% 131.0% 98.9% 126.1% 98.1% 97.9% 90% 95% 100% 105% 110% 115% 120% 125% 130% 135% Financial & Business Solutions Tech Health Tech Industrial Tech Technology, Media, & Telecom Unspecified Technology Active SPAC Summary Business and Industrial Software Subsectors TTM Active and Searching Business and Industrial Software SPAC Price Index(1) SPAC Filings in Q2 2021 Plummeted on News of SEC Regulation(3) 9 34 65 181 28 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 • The global SPAC market hit all-time highs in the first half of 2021 with 364 blank check entities filing to go public around the globe following booming demand • Across all Business and Industrial Software segment SPACs, 253 were still seeking merger targets as of June 30, 2021, with 181 announced or completed SPAC transactions in Q2 2021 • SPAC hype reached its peak in early February with retail speculation drove SPAC share prices higher even without the tailwinds of a pending transaction • Announced SPAC transactions in the quarter produced a trend of a post- announcement share price bump followed by a taper back down to near-or below-par levels SEC rules change requires warrants to be tracked as liabilities, not equity; slowing new SPAC issuances Announced SPAC Transactions – Share Price 30 Days Post-Announcement(2) Initial ‘Meme Stock’ rally initiates causing waves across public markets (1) TTM market cap-weighted index of select relevant SPACs (2) Market cap-weighted index of select relevant SPACs for 30 days after an announcement of the signing of a Definitive Agreement with a merger target. See Appendix for deal listing (3) Count of active SPACs as of June 30, 2021, segmented by quarter of public filing Sources: S&P Capital IQ, PitchBook, New York Times SPAC Filings in Q2 2021 Plummeted on News of SEC Warrant Regulation 107.4% 100.7% 94.9% 101.8% 94.5%
- 47. 47 Appendix – Announced SPAC Transactions VIII.
- 48. 48 Announced SPAC Transactions Business and Industrial Software Subsectors (1) Represents change in stock price 30 days after deal announcement or June 30, 2021; whichever comes first (2) Transaction closed July 20, 2021 Sources: Company releases, S&P Capital IQ, PitchBook Financial & Business Solutions Tech Health Tech $ in million ex. Per Share Amounts Date Share Price % 52-Wk Market Implied 30-Day Stock SPAC Ticker Acquisition Target Announced 6/30/2021 High Cap EV Performance (1) VPC Impact Acquisition Holdings Nasdaq:VIH Bakkt Jan. 11, 2021 $10.01 44.4% $259 $2,100 79.9% 10X Capital Venture Acquisition Corp Nasdaq:VCVC REE Automotive Feb. 3, 2021 $9.96 59.8% $251 $3,600 2.4% FG New America Acquisition Corp. NYSE:FGNA Opportunity Financial(2) Feb. 10, 2021 $10.21 88.0% $309 $800 (6.1%) Fusion Acquisition Corp. NYSE:FUSE MoneyLion Feb. 12, 2021 $9.95 77.1% $435 $2,200 (16.2%) East Stone Acquisition Corporation Nasdaq:ESSC Ji Hui Duo Feb. 18, 2021 $10.09 95.3% $179 $1,000 (0.7%) Fintech Acquisition Corp. V Nasdaq:FTCV eToro Mar. 16, 2021 $12.19 77.6% $423 $9,600 4.7% Horizon Acquisition Corporation NYSE:HZAC Vivid Seats Apr. 22, 2021 $9.95 87.7% $677 $2,500 2.0% Austerlitz Acquisition Corporation I NYSE:AUS Wynn Interactive May. 10, 2021 $9.92 98.2% $978 $3,200 0.4% Legato Merger Corp. Nasdaq:LEGO Algoma Steel May. 24, 2021 $10.02 97.1% $304 $1,700 3.4% Pioneer Merger Corp. Nasdaq:PACX Acorns May. 27, 2021 $9.91 96.3% $499 $2,200 1.6% VPC Impact Acquisition Holdings III, Inc. NYSE:VPCC Dave Jun. 7, 2021 $9.89 98.9% $307 $4,000 0.1% Mean 83.7% $420 $2,991 6.5% Median 88.0% $309 $2,200 1.6% Date Share Price % 52-Wk Market Implied 30-Day Stock SPAC Ticker Acquisition Target Announced 6/30/2021 High Cap EV Performance (1) BCTG Acquisition Corp. Nasdaq:BCTG Tango Therapeutics Apr. 14, 2021 $11.38 81.3% $243 $353 (1.9%) Foresight Acquisition Corp. Nasdaq:FORE P3 Health Partners May. 25, 2021 $9.89 98.9% $399 $2,300 2.2% Mean 90.1% $321 $1,327 0.2% Median 90.1% $321 $1,327 0.2%
- 49. 49 Announced SPAC Transactions Business and Industrial Software Subsectors (1) Represents change in stock price 30 days after deal announcement or June 30, 2021; whichever comes first (2) Transaction closed July 14, 2021 (3) Transaction closed July 19, 2021 (4) Transaction closed July 1, 2021 Sources: Company releases, S&P Capital IQ, PitchBook Industrial Tech Technology, Media, & Telecom $ in million ex. Per Share Amounts Date Share Price % 52-Wk Market Implied 30-Day Stock SPAC Ticker Acquisition Target Announced 6/30/2021 High Cap EV Performance (1) Rodgers Silicon Valley Acquisition Corp. Nasdaq:RSVA Enovix(2) Feb. 22, 2021 $22.97 80.6% $660 $1,100 (4.6%) NavSight Holdings, Inc. NYSE:NSH Spire Mar. 1, 2021 $9.98 82.8% $159 $1,600 (0.7%) NewHold Investment Corp. Nasdaq:NHIC Evolv Technology(3) Mar. 7, 2021 $10.03 89.3% $216 $1,250 (10.7%) Thayer Ventures Acquisition Corporation Nasdaq:TVAC Inspirato Jun. 30, 2021 $10.05 94.7% $217 $1,000 0.3% Mean 86.9% $313 $1,238 (3.9%) Median 86.1% $216 $1,175 (2.7%) Date Share Price % 52-Wk Market Implied 30-Day Stock SPAC Ticker Acquisition Target Announced 6/30/2021 High Cap EV Performance (1) Holicity Inc. Nasdaq:HOL Astra(4) Feb. 2, 2021 $12.35 55.0% $476 $2,100 20.1% CF Finance Acquisition Corp. III Nasdaq:CFAC Aeye Feb. 17, 2021 $10.03 69.2% $293 $1,500 (26.1%) BowX Acquisition Corp. Nasdaq:BOWX WeWork Mar. 26, 2021 $11.50 82.6% $694 $9,000 22.8% Qell Acquisition Corp. Nasdaq:QELL Lilium Mar. 30, 2021 $9.95 64.1% $472 $3,300 (0.3%) Roman DBDR Tech Acquisition Corp. Nasdaq:DBDR CompoSecure Apr. 19, 2021 $10.11 94.0% $293 $1,200 (0.3%) Marquee Raine Acquisition Corp. Nasdaq:MRAC Enjoy Technology Apr. 28, 2021 $9.90 75.5% $463 $1,200 (0.6%) Aurora Acquisition Corp. Nasdaq:AURC Better May. 11, 2021 $9.91 89.2% $347 $7,700 (5.8%) GigCapital4, Inc. Nasdaq:GIG BigBear.ai Jun. 4, 2021 $9.85 98.5% $453 $1,570 1.4% Spartacus Acquisition Corporation Nasdaq:TMTS NextNav Jun. 10, 2021 $10.05 94.9% $251 $1,200 0.9% 890 5th Avenue Partners, Inc. Nasdaq:ENFA BuzzFeed Jun. 24, 2021 $9.86 90.1% $362 $1,500 (0.4%) Mean 81.3% $410 $3,027 1.2% Median 85.9% $407 $1,535 (0.3%)
- 50. 50 Announced SPAC Transactions Business and Industrial Software Subsectors (1) Represents change in stock price 30 days after deal announcement or June 30, 2021; whichever comes first (2) Deal was subsequently cancelled on July 12, 2021 (3) Transaction closed July 14, 2021 Sources: Company releases, S&P Capital IQ, PitchBook Unspecified Technology $ in million ex. Per Share Amounts Date Share Price % 52-Wk Market Implied 30-Day Stock SPAC Ticker Acquisition Target Announced 6/30/2021 High Cap EV Performance (1) Alberton Acquisition Corporation Nasdaq:ALAC Solarmax Technology Oct. 28, 2020 $11.18 68.8% $49 $300 2.9% ACE Convergence Acquisition Corp. Nasdaq:ACEV Archronix Data Acceleration(2) Jan. 12, 2021 $9.96 73.7% $286 $2,100 7.0% Reinvent Technology Partners NYSE:RTP Joby Aviation Jan. 22, 2021 $9.98 58.7% $861 $6,600 (22.7%) Property Solutions Acquisition Corp. Nasdaq:PSAC Faraday Future Jan. 28, 2021 $15.58 75.1% $556 $3,400 (6.9%) TPG Pace Tech Opportunities Corp. NYSE:PACE Varsity Tutors Jan. 29, 2021 $9.93 79.4% $559 $1,700 (6.1%) Kismet Acquisition One Corp Nasdaq:KSMT Nexters Feb. 1, 2021 $9.91 90.3% $315 $1,900 (4.9%) Software Acquisition Group Inc. II Nasdaq:SAII Otonomo Feb. 2, 2021 $9.95 85.8% $215 $1,400 (5.8%) Dragoneer Growth Opportunities Corp. NYSE:DGNR CCC Information Services Feb. 3, 2021 $9.96 61.8% $859 $7,000 (20.2%) Gores Holdings VI, Inc. Nasdaq:GHVI Matterport Feb. 8, 2021 $16.21 57.9% $753 $2,900 30.4% Atlas Crest Investment Corp. NYSE:ACIC Archer Aviation Feb. 10, 2021 $9.96 53.5% $623 $3,800 (8.0%) Nebula Caravel Acquisition Corp. Nasdaq:NEBC Rover Feb. 10, 2021 $9.99 76.2% $343 $1,300 (11.6%) Osprey Technology Acquisition Corp. NYSE:SFTW BlackSKy Feb. 18, 2021 $9.99 57.2% $395 $1,100 (6.0%) Northern Star Investment Corp. II NYSE:NSTB Apex Clearing Feb. 22, 2021 $9.96 85.7% $498 $4,700 (8.7%) Starboard Value Acquisition Corp. Nasdaq:SVAC Cyxtra Technologies Feb. 22, 2021 $10.00 83.3% $505 $3,400 (11.0%) one NYSE:AONE Markforged(3) Feb. 24, 2021 $9.98 66.1% $268 $2,100 (2.2%) Revolution Acceleration Acquisition Corp Nasdaq:RAAC Berkshire Grey Feb. 24, 2021 $9.97 74.1% $382 $2,700 (5.8%) Tailwind Acquisition Corp. NYSE:TWND QOMPLX Mar. 01, 2021 $9.97 85.6% $417 $1,400 (4.6%) Sustainable Opportunities Acquisition Corp. NYSE:SOAC The Metals Company Mar. 04, 2021 $9.95 78.2% $373 $2,900 2.9% Reinvent Technology Partners Z NYSE:RTPZ Hippo Mar. 04, 2021 $9.93 66.0% $285 $5,000 (9.7%) Ajax I NYSE:AJAX Cazoo Mar. 07, 2021 $9.96 71.9% $891 $7,000 (7.5%) dMY Technology Group, Inc. III NYSE:DMYI IonQ Mar. 08, 2021 $10.69 69.5% $401 $2,000 (18.3%)
- 51. 51 Announced SPAC Transactions Business and Industrial Software Subsectors (1) Represents change in stock price 30 days after deal announcement or June 30, 2021; whichever comes first Sources: Company releases, S&P Capital IQ, PitchBook Unspecified Technology (Cont’d) $ in million ex. Per Share Amounts Date Share Price % 52-Wk Market Implied 30-Day Stock SPAC Ticker Acquisition Target Announced 6/30/2021 High Cap EV Performance (1) Motion Acquisition Corp. Nasdaq:MOTN DocGo Mar. 9, 2021 $9.94 84.6% $164 $1,100 (0.3%) Cerberus Telecom Acquisition Corp. NYSE:CTAC KORE Wireless Group Mar. 12, 2021 $9.93 88.3% $330 $1,040 (1.1%) Supernova Partners Acquisition Company, Inc. NYSE:SPNV OfferPad Mar. 18, 2021 $9.93 76.4% $500 $3,000 (6.6%) Jaws Spitfire Acquisition Corporation NYSE:SPFR Velo3D Mar. 23, 2021 $10.01 82.7% $432 $1,600 (5.1%) Rotor Acquisition Corp. NYSE:ROT Sarcos Apr. 6, 2021 $9.98 95.0% $344 $1,300 1.5% TWC Tech Holdings II Corp. Nasdaq:TWCT Cellebrie Apr. 8, 2021 $9.93 84.5% $745 $2,400 (1.4%) Bridgetown Holdings Limited Nasdaq:BTWN Travloka Apr. 10, 2021 $10.12 39.2% $753 $2,750 (14.6%) Altimeter Growth Corp. Nasdaq:AGC Grab Apr. 13, 2021 $11.70 64.6% $737 $39,050 (18.6%) Roth CH Acquisition II Co. Nasdaq:ROCC Resevoir Media Management Apr. 14, 2021 $9.93 85.8% $145 $788 (1.3%) Fifth Wall Acquisition Corp. I Nasdaq:FWAA SmartRent Apr. 22, 2021 $12.32 96.6% $544 $2,200 1.9% SCVX Corp. NYSE:SCVX Bright Machines May. 17, 2021 $9.89 80.0% $284 $1,600 (0.8%) DPCM Capital, Inc. NYSE:XPOA Jam City May. 20, 2021 $9.88 82.6% $371 $1,200 0.3% PTK Acquisition Corp. NYSEAM:PTK Valens Semiconductor May. 22, 2021 $9.91 87.4% $127 $1,000 0.3% COVA Acquisition Corp. Nasdaq:COVA Tiket.com May. 26, 2021 $9.69 96.9% $363 $2,700 0.4% Virtuoso Acquisition Corp. Nasdaq:VOSO Wejo May. 28, 2021 $9.92 97.5% $278 $800 3.0% Alkuri Global Acquisition Corp. Nasdaq:KURI Babylon Health Jun. 03, 2021 $9.89 97.9% $427 $4,200 0.9% Khosla Ventures Acquisition Co. Nasdaq:KVSA Valo Jun. 09, 2021 $9.89 90.2% $400 $2,800 (3.2%) Roth CH Acquisition III Co. Nasdaq:ROCR QualTek USA Jun. 16, 2021 $9.87 97.7% $146 $829 1.4% CITIC Capital Acquisition Corp. NYSE:CCAC Quanergy Systems Jun. 21, 2021 $9.91 81.2% $342 $1,400 (0.5%) Thimble Point Acquisition Corp. Nasdaq:THMA Pear Therapeutics Jun. 22, 2021 $9.88 98.3% $341 $1,600 1.9% ION Acquisition Corp 2 Ltd. NYSE:IACB Innovid Jun. 24, 2021 $9.89 95.5% $313 $1,300 (0.3%) Mean 79.1% $427 $3,318 (3.8%) Median 81.9% $378 $2,050 (2.7%)
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- 53. 53 This presentation has been prepared by Madison Park Group and may only be used for informational purposes. This presentation provides an overview of public equities for software and technology companies and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this document, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Acceptance of this information further constitutes your acknowledgement and agreement that Madison Park Group does not make any express or implied representation or warranty as to the accuracy or completeness of the information contained herein and shall have no liability to the recipient or its representatives relating to or arising from the use of the information contained herein or any omissions therefrom. Any use, disclosure, distribution, dissemination, copying or reproduction of this information without prior written consent or approval from Madison Park Group is strictly prohibited. Any third-party trademarks, service marks, logos, and trade names included in the report are property of their respective owners. Madison Park Group, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar corporate finance matters. Madison Park Group is not a retail broker-dealer. This communication is not intended for retail consumption. The firm does not conduct underwriting activities, provide research or analyst reports or solicit or carry accounts for, or offer or sell securities products to retail customers. Madison Park Group is regulated by the Financial Industry Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm. The information and services provided in this presentation are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or where Madison Park Group is not authorized to provide such information or services. Sources & Disclosures Madison Park Group, LLC 3 Park Avenue, 31st Floor New York, NY 10016 101 Federal Street, Suite 1900 Boston, MA 02110 www.madisonparkgrp.com Sources & Notes Data Sources 1. Pitchbook 2. S&P Capital IQ 3. Tracxn 4. Preqin 5. Public company releases, filings, and earnings transcripts Journals & Other Media 1. The Wall Street Journal 2. New York Times 3. Tech Crunch 4. Bloomberg 5. GlobeNewswire 6. Crunchbase D 7. Business Insider 8. Financial Times 9. PAYMNTS.com 10. Business Wire 11. Forbes 12. BBC Company References 1. Miscellaneous company and press releases Disclosures