Q1 2023

Software
sector update
Qualitative insights into broader software trends and public and
private valuations across the transaction spectrum, and interviews
with today’s leaders transforming the sector.

Important disclosures appear at the end of this report

GP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management
Limited are authorised and regulated by the Financial Conduct Authority
GP Bullhound Inc is a member of FINRA
GP Bullhound Luxembourg S.À R.L. is regulated by the CSSF in Luxembourg
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

THE VIEW

Q1 Software Perspectives from GP Bullhound

Strengthening the supply chain: Supply chain digital twins AI in cybersecurity: A new chapter for both sides of the digital
gain prominence arms race
▪ Organisations are increasingly turning to “digital twins” to digitally model and ▪ The cybersecurity arms race is constantly evolving, and both sides are now turning
simulate supply chains for a host of benefits to AI for the next salvo
▪ There is a unique opportunity for companies specialising in digital twins to ▪ A true double-edged sword, AI has the potential to both create and prevent
enter the supply chain vertical or partner up with an existing player malicious attacks and investment in AI-enabled security tools has skyrocketed
▪ The market for global digital twins was estimated to be $11bn in 2022 and ▪ AI-enabled cybersecurity is set to grow at a CAGR of 24.4% and exceed $94bn in
growing at a CAGR of 37.5% value by 2030

Data Swiss army knife: CDPs are expanding their use cases and Training software: Frictionless onboarding/product training to
experiencing unprecedented growth improve adoption and retention
▪ Customer Data Platforms (CDPs) have expanded far beyond traditional ▪ SaaS companies are finding that first- or third-party onboarding/training tools can
marketing use cases greatly increase user retention
▪ The combination of these new CDPs with AI/ML for enriched customer profiles ▪ Offering customisable onboarding can help increase the adoption of a SaaS tool
presents an exciting opportunity to future proof marketing efforts within an organisation and greatly reduce time to value
▪ Pureplay CDPs can also consider chasing specific verticals, APIs for integration, ▪ Companies that enable training or onboarding for larger, vertical-specific SaaS
app ecosystems, and broader data management solutions platforms, can capitalise on this opportunity

Cost optimisation: Deeper understanding of a company's financial Customer experience: CX goes conversational with the rise of
cost centers LLMs and NLP
▪ Cost optimisation software has become top of mind thanks to a new period of ▪ Recent advancement in Large Language Models (LLMs) and Natural Language
financial austerity for tech in addition to rising costs due to inflation Processing (NLP) have made their way to voice APIs/speech recognition
▪ The global cost optimisation software market is likely to surpass $29bn in ▪ What this means is customers can now “talk” directly to brands, and the brands in
2028, representing a CAGR of 10.1% turn can capture voice data for analytics
▪ Coupa is a leader in cost optimisation with a focus on supply chain/logistics, ▪ Conversational, voice-based customer experience has already proven to be
having acquired Llamasoft before their buyout by Thoma Bravo this year effective and is top of mind for many companies looking to innovate

Q1 2023 Software sector update 2

 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND’S SECTOR TAKEAWAYS

Current software perspectives from GP Bullhound

Strengthening the supply chain: Supply chain “digital twins” gain prominence Select transactions

▪ Legacy methods for designing and planning supply chains are static and relatively manual, making them less than ideal for
modern supply chains that are complex and dynamic. In response, organisations have been increasingly turning to supply chain
“digital twins” – a virtual abstraction/simulation of a company’s end-to-end supply chain configuration
▪ Digital twins provide several key advantages in a centralised hub, including streamlined supply chain design, predictive analytics INVESTMENT BY
for production delays/lead times, and high visibility of every stage of an order’s journey (from production to shipping), allowing
decision makers to react and adapt to real-time supply chain information. This presents a unique opportunity for vertical
agnostic digital twin tools to enter the space or team up with existing players
▪ Innovative companies in the supply chain tech space with digital twin offerings include Coupa, which was recently acquired by
Thoma Bravo for $8bn. Blue Yonder, which was recently acquired by Panasonic for $7 billion, is another leader in the supply
chain technology space. The market for global digital twins was estimated to be $11bn in 2022 and growing at a CAGR of 37.5%

INVESTMENT BY
Data Swiss army knife: CDPs are expanding their use cases and experiencing unprecedented growth

▪ CDPs have evolved over the last few years to become one of the most important components of an organisation's tech stack,
with more and more departments wanting access to unified customer data profiles, as use cases expand beyond marketing
▪ With the integration of CDPs into full-stack marketing and the dramatic improvement in machine learning, there is an
opportunity for real-time, predictive analytics whereby organisations use the first-party data they have on customers to
improve marketing ROI. And as companies collect more zero-party data (highly personalised information given directly by
users), we expect these enriched customer profiles and AI technology to provide future proof targeting and attribution methods
▪ With unified customer data being such an integral part of any modern company's successful digital strategy, there are many ACQUIRED BY
growth opportunities for companies that have built pureplay CDPs (as opposed to repurposed DMPs), like vertical specificity,
APIs for integration and expanded use cases, app ecosystems, privacy and data compliance, and broader data management
solutions. Alongside an expansion of potential use cases, the TAM for CDPs is likely to grow from $4.8bn in 2022 to over
$19.7bn by the end of 2027, at a CAGR of 32.4%. This is in part driven by “pre-packaged” CDPs that give SMBs access to a full
suite of data and marketing tools

Q1 2023 Software sector update 3

Source: TechTarget, CDP Institute, Globe News Wire, Coupa, MIT, Forbes, Venturebeat, Grand View Research
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND’S SECTOR TAKEAWAYS

Current software perspectives from GP Bullhound

Cost optimisation: Deeper understanding of a company's financial cost centers Select transactions

▪ Cost optimisation software has been at the top of executive minds as companies look to control spending in the era of tech
layoffs and newfound focus on profitability and efficiency. Rising inflation putting upwards pressure on direct and indirect costs
for businesses has only served to exacerbate the problem
▪ Market volatility and increased investor scrutiny have encouraged companies to adopt cost optimisation platforms, as businesses INVESTMENT BY
search for more comprehensive views of their company’s cost centers with added analytical functionality or other controls. The
global cost optimisation software market is likely to surpass $29bn in 2028 as a result, representing a CAGR of 10%
▪ Coupa, a large player in the cost optimisation software space with a focus on supply chain, was recently acquired by Thoma Bravo Fund V

for $8bn, which plans to capitalise on these opportunistic market conditions. It also acquired Llamasoft in November 2020 to
strengthen its grasp of the spend management space. Llamasoft provided Coupa with improved accounting, actual time-
spending transparency, and a deeper bench of supply chain solutions for customers

INVESTMENT BY
AI in cybersecurity: A new chapter for both sides of the digital arms race

Fund V
▪ As the cybersecurity arms race continues to evolve, the increasing use of AI by both attackers and defenders is creating a new
chapter in the ongoing battle for digital security, set to unfold over the coming year
▪ AI is increasingly being used by attackers to create malicious payloads that can avoid detection and generate personalised
phishing emails. The recent GoDaddy multiyear breach appears to have been a cyberattack powered by AI
▪ On the other hand, behavioural analytics powered by AI offers real-time information about suspicious activity, by detecting and
responding to anomalies. This approach is proving effective for CISOs and their teams when establishing norms for typical
behaviour, by analysing and comprehending past behavioural trends, and subsequently identifying anomalies in the data INVESTMENT BY

▪ The increasing AI utilisation, from both security professionals and hackers, has led to massive growth in the sector. The AI-
enabled cybersecurity market is set to grow at a CAGR of 24.4%, and its value is set to exceed $94bn by 2030
Fund IV

Q1 2023 Software sector update 4

Source: Ars Technica, Venturebeat, Globe News Wire, LinkedIn, Gartner, McKinsey
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND’S SECTOR TAKEAWAYS

Current software perspectives from GP Bullhound

Training software: Frictionless onboarding and product training improve adoption and retention Select transactions

▪ Understanding a SaaS product's value and capabilities is crucial to user engagement and retention, with the amount of time to
successfully and completely onboard a new customer crucial to the success of that tool within the buyer's organisation
▪ Companies like Userpilot, Pendo, and Appcues have been active in creating customisable onboarding programs that allow
organisations to tailor their training for a more frictionless experience. Capabilities include managing employee learning and MERGER AND
development through detailed analytics, ensuring users obtain quality product knowledge, and guidance towards specific INVESTMENT BY

company initiatives that result in an increased engagement and adoption of B2B training software tools
▪ Companies that provide quality training software and tools offer organisations the opportunity to decrease the need for human
capital, subsequently leading to stronger gross margins and a more frictionless user experience that earning higher retention.
As a result, the training software market is set to reach $115.5bn by 2028, representing a CAGR of 10.3%

ACQUIRED BY
Customer experience: CX goes conversational with the rise of LLMs and NLP

▪ CX is becoming increasingly more conversational thanks to recent advancements in AI Large Language Models like GPT-4.
Voice technology including voice APIs/speech recognition can now bridge the gap between vocalised thoughts and advanced
user functionality or interaction
▪ This renaissance in language processing and related voice technology means customers can now effectively talk to brands,
which in turn enables brands to capture better voice data and produce richer analytics. Companies like AssemblyAI, Dialogflow,
Replicant, Uniphore and Voicify are but a few of the emerging names in the space
▪ Automatic speech recognition features are now central to personalisation, retention, and frictionless voice driven self-service ACQUIRED BY
options. Voice technologies such as interactive voice response (voice commands and touch-tone key selections),
conversational AI, and voice-bots are but some of the voice technologies enhancing CX capabilities
▪ As CX capabilities continue to evolve, gone are the days when voice was considered too inaccurate, or unavailable in too many
languages and accents to be deemed reliable. For the foreseeable future, providing timely and intuitive voice driven customer
service, for customers from all backgrounds, will be a CX priority and key growth area

Q1 2023 Software sector update 5

Source: Userpilot, Verified Market Research, Forbes, Voicify
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

A LEADING TECHNOLOGY ADVISORY AND INVESTMENT FIRM, PROVIDING TRANSACTION ADVICE AND CAPITAL

GP Bullhound’s recent Software activity

Investment Banking

MAJORITY GROWTH
ACQUIRED BY ACQUIRED BY ACQUIRED BY ACQUIRED BY INVESTMENT IN
BUYOUT FROM

MERGER AND
INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY INVESTMENT BY
INVESTMENT BY

Investment Management

INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY

Fund V Fund V Fund V Fund V Fund V Fund V

INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY

Fund IV Fund V Fund IV Fund IV Fund IV Fund IV

Q1 2023 Software sector update 6

 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

NOTABLE SOFTWARE M&A DEALS & PRIVATE FINANCINGS

Notable transactions from Q1 2023

Selected M&A transactions Selected private financings
EV/LTM Amount
Date Target Buyer Target description EV ($m) Rev Date Target Lead Investor(s) Target description ($m)

Provider of core SaaS systems Developer of a mobile payment

Mar-23 2,600 8.4x Mar-23 642
for the P&C insurance industry application for digital payments

Developer of a cloud-based
Developer of an online financial
Mar-23 platform for enterprise event 4,600 7.3x Mar-23 6,500
infrastructure platform
marketing and management

Developer of software offerings

Developer of a machine learning model
Mar-23 for organisations through its XM 12,500 7.7x Mar-23 350
for human-computer interaction
Platform

Provider of survey software Provider of an employee management

Mar-23 products and purpose-built 1,500 2.7x Mar-23 platform to help eliminate 500
solutions for organisations administrative work

Developer of a cloud-based
Developer of a peer-to-peer property
Feb-23 business spending management 8,000 9.8x Mar-23 199
listing platform
solution

Provider of a SaaS analytics Operator of an online car marketplace

Feb-23 platform for reliable and secure 1,700 5.7x Feb-23 that allows transactions without a 463
cloud-native applications middleman

Creator of a security awareness Developer of a cloud security platform

framework that allows Feb-23 that secures cloud infrastructure at 300
Feb-23 4,600 14.8x
businesses to guard against scale
social engineering attacks

Developer of security enterprise Developer of a managed security

Jan-23 software solutions for 7,298 - Feb-23 180
platform to increase security maturity
organisations

Developer of a cloud-based field Developer of a security platform

Jan-23 service management platform 1,460 - Jan-23 designed for websites and private 401
for multiple industries applications

Average 8.1x

Median 7.7x

Q1 2023 Software sector update 7

Sources: Pitchbook, CapitalIQ and MergerMarket (as of 31 March 2023), GP Bullhound intelligence
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GLOBAL SOFTWARE TRANSACTION TRENDS

Global dealmaking continues to pull-back

Global M&A/buyout value continues to decline Global private placements continue weak showing
$300B 1,200 $80B 7,000

$70B 6,000
$250B 1,000
$60B
5,000
$200B 800
$50B
4,000
$150B 600 $40B
3,000
$30B
$100B 400
2,000
$20B
$50B 200
$10B 1,000

$0M 0 $0M 0
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23

3Q21
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21

4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
M&A value Buyout value M&A volume Buyout volume Capital invested Volume

European M&A/buyout activity surges back Strong relative fundraising activity in emerging markets
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
3Q20

1Q18

1Q23
1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22
US & Canada Europe Asia Other US & Canada Europe Asia Other

Source: Pitchbook (as of 31 March 2023); Note: Data includes all SaaS M&A and private placement deals as defined by Pitchbook regardless of Q1 2023 Software sector update 8
geography; ”Other” includes Africa, Oceania, South/Central America, and the Middle East
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PERFORMANCE

Tech officially in bull market since December 2022 lows

L1M L3M
120%
130%

110% 120%

110%
100%

100%

90%
90%

80% 80%
27/02/2023 07/03/2023 15/03/2023 23/03/2023 31/03/2023 31/12/2022 31/01/2023 28/02/2023 31/03/2023
S&P 500 NASDAQ Composite GPB Master SaaS Index S&P 500 NASDAQ Composite GPB Master SaaS Index

L6M L12M
130% 120%

120%
100%

110%

80%

100%

60%
90%

80% 40%
30/09/2022 30/11/2022 31/01/2023 31/03/2023 31/03/2022 30/06/2022 30/09/2022 31/12/2022 31/03/2023

S&P 500 NASDAQ Composite GPB Master SaaS Index S&P 500 NASDAQ Composite GPB Master SaaS Index

Q1 2023 Software sector update 9

Source: CapitalIQ (as of 31 March 2023)
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PERFORMANCE

GP Bullhound SaaS index valuations - 10-year trends

Valuations stabilise and recover after intense sell-off, disparity between growth profiles closest since pre-pandemic levels

45x
February-March 2021: Though SaaS valuations are still November 2021-June 2022:
significantly above historical levels, a new US presidential The Covid-19 Omicron
40x administration, inflation concerns, and rising interest rates have variant, geopolitical tension
contributed to a modest pull-back of the SaaS Index (including Russia’s invasion of
Factors that may influence valuations in 2Q-4Q23: Ukraine), ongoing global
supply chain issues, and a
35x  Recent CPI prints indicate that inflation might hawkish monetary policy have
finally be receding and lead to a pivot for the March 2020: After a brief initial triggered a steep sell-off
Fed in the US sell-off, SaaS stocks enjoyed across markets and regions
significant appreciation thanks to that brought tech valuations
30x  The recent banking crisis has stabilised, with below the five-year average
the forced digitisation of the world
consumer/corporate confidence recovering
caused by the pandemic
modestly thanks to FDIC intervention in the US
 Heightened recession likelihood due to impact
25x
of monetary policy changes to fight inflation
December 2018: US
 Residual effects and concerns from the recent June 2022-Present:
Trade war with China
banking crisis may continue to dampen leads to sell-off of SaaS Narrowing disparity
20x economic activity, particularly in tech between high-growth
stocks
and low-growth SaaS
valuations, and slight
15x improvement in overall
valuations in 1Q23

10x

7.5x
6.0x
5x
3.4x

0x
Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23
GPB SaaS Index - EV/NTM Revenues
High Growth Medium Growth Low Growth

Sources: CapitalIQ, Wall Street Journal, GP Bullhound Intelligence (as of 31 March 2023) Q1 2023 Software sector update 10
Note: High-Growth: >40%, Medium Growth: 15-40%, Low-Growth <15%
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

SOFTWARE IPO LANDSCAPE

IPO drought continues into 2023 as investors navigate an

uncertain macroeconomic climate
▪ Software companies opted to refrain from going public in 1Q23, which continued a trend from 2022
▪ Stress on the global banking system, paired with recessionary concerns, will likely lead to further IPO hesitation for the next few months
▪ Record volumes of private equity dry powder, and the scarcity value of premium assets in the market today, mean that high quality late-stage software
companies can raise private capital and continue to delay public offerings

Listings to look for in Q2 2023+

Company Overview
9 9
Provider of an all-in-one collaboration platform designed to democratise software
creation

Developer of a checkout experience platform designed to drive e-commerce businesses

with newfound revenue

Developer of an enterprise software application for data

warehousing and data lakes

Developer of an instant messaging/VoIP platform for friends, colleagues, and

communities
5 5
Developer of gaming software and applications designed for gamers and game
developers to publish and play immersive games
4
HR platform that helps growing businesses onboard, pay, insure, and support their
teams with payroll, benefits, and more

Developer of an application for on-demand delivery

Provides a marketing automation platform, used primarily for email marketing and SMS
marketing

Operator of a social network platform designed for people to dive into anything through
experiences built around their interests
0 0 0 0 0
Developer of an online payments processing platform designed to help small and large
4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 companies accept web and mobile payments

Q1 2023 Software sector update 11

Sources: Pitchbook, CapitalIQ (as of 31 March 2023); Note: Software IPO data graph based off previous GP Bullhound reports
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

PUBLIC COMPANY PERFORMANCE

Rule of 40% - public SaaS

60%
APP
Breakdown: The Rule of 40% states that the sum of a company’s growth and
profitability for a given period should be greater than 40%. This is a key metric used
by software investors to benchmark the efficiency of a company’s growth and the
50% associated tradeoff between growth and impact to profitability to achieve it.

SUSE
40% ZM QLYS XM SNOW
SEMR NOW ZS
TMV VEEV CRM TEAM
BOX DT
DOCU
LTM Unlevered FCF Margin %

GHT U LEMON LVC

30% BMBL WDAY OKTA
APPF CXM SMCRT
OLO SUMO PLTR PYCR PAYC PD DDOG
BL
SHOP WK LIME CWANEGHT RNG ESTC SPT FROG
CDAY
PATH
WEAV EVBG NEM PCTY DUOL
20% FAA DSY
SOW INTA FRSH
QTWO EXFY PWSC FIVN HUBS SPLK ESMT CRW
ZUO SPSC SAP MDB
NEWR DV SINCH
WIX WKL
10% DOTD TENB DBX BRZE GTLB
SGE IDOX MLNK UPLD TWLO AMPL
NET AYX
TIETO RXT INFA
ENFN MNDY
TWOU
YEXT EYE PCOR ASAN HCP CFLT
TEMN EMIS
0% FPIP
BCOV

-10%
SCWX

-20%
0% 10% 20% 30% 40% 50% 60% 70%
LTM Revenue Growth %

Q1 2023 Software sector update 12

Source: CapitalIQ (as of 31 March 2023)
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

PUBLIC COMPANY PERFORMANCE

Rule of 40% performance significantly impacts valuation

Underperformers Performers Outperformers

DUOL
14x Rule of 40% line VEEV TEAM
DDOG
PAYC
SPT NOW LVC
HUBS
ZS
12x PCOR MDB MNDY
PCTY
CDAY DV DT
PYCR GTLB
WK CFLT
U CWAN
10x ESMT
SMCRT
APPF DSY INTA QLYS
HCP
BL
NEM WDAY PD
PATH TENB BRZE
EV/LTM Revenue

8x NEWR PLTR ASAN OKTA

XM
APPN FIVN FRSH
LIME
PWSC CRM LEMON
TEMN MLNK
BASE WKL SEMR TMV FROG
6x AMPL AYX
EMIS
SGE ENFN SUSE
IDOX AVDX OLO CXM SAP
EYE ESTC R² = 0.517
WIX DOTD INFA EVBG SUMO SPLK
4x VTEX BMBL CRW
FPIP QTWO EXFY BOX ZM Breakdown: Linear regression analysis indicates statistically
YEXT GHT DOCU
TWLO significant correlation between Rule of 40% performance and public
FAA RNG
BIGC ZUO market valuation for SaaS companies. A correlation coefficient (R-
UPLD DBX APP squared value) of 0.517 means that approximately 52% of a software
2x LAW TWOU RXT
TIETO EGHT company’s valuation can be attributed to Rule of 40% performance.
WKME WEAV
ZENV
BCOV LPSN SOW
0x
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

LTM Rule of 40%

Q1 2023 Software sector update 13

Source: CapitalIQ (as of 31 March 2023)
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

PUBLIC COMPANY PERFORMANCE

Incorporating Net Revenue Retention into Rule of 40%

computation increases statistical correlation with valuation
25x

Breakdown: Net Revenue Retention is a key metric for SaaS companies

SNOW that tracks expansion/contraction of an existing revenue base over a given SNOW
period. Companies over 100% are considered attractive to investors.
Linear regression shows that factoring this metric into the Rule of 40%

Unexplained
variance
calculation increases the correlation to public market valuation, indicating
20x
that this combined metric is a better predictor of company value.

15x
DDOG R² = 0.7227 DDOG
R² = 0.6444
EV/LTM Revenue

MDB ZS MDB
VEEV MNDY VEEV MNDY ZS

DT DT
10x
PD
PD
ASAN FIVN ASAN
OKTA OKTA
FIVN XM
XM SEMR
AYX AYX
SEMR
DOCU DOCU
5x SUMO
AMPL AMPL
BIGC ZM BIGC
SUMO ZM

0x
0% 20% 40% 60% 80% 100% 120% 0% 50% 100% 150% 200%
Rule of 40% Rule of 40% x Net Revenue Retention (self reported)

Q1 2023 Software sector update 14

Source: CapitalIQ, company earnings reports (as of 31 March 2023)
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

LEADING COMPANIES AND CEOS TRANSFORMING THE SECTOR

Tomer Azenkot, CEO

CEO – VEE24

Tomer Azenkot
“A large retailer recently reported to us that they saw a 35% increase in average order
value. Regardless of the type of business, customers want to connect with a human and
the results are compelling: improved conversion rates, higher customer satisfaction, and a
better overall customer experience. Vee24 helps organisations bring the in-person
experience online by incorporating tools to better connect website visitors and their teams.
Empowering visitors to instantly connect via text, voice, and video, to schedule an
appointment, or to simply leave a message makes for better experiences and helps grow
online businesses.”

SELECT CLIENTS
Vee24 helps brands deliver person-to-person customer experiences. Its digital
customer experience platform — powered by high-definition video chat, text chat,
AI-enabled chatbots, co-browsing, online appointment scheduling, and more —
enables customer-centric teams to grow online sales, deliver better customer
service, and build brand loyalty. Brands can connect their virtual and in-person
experience using its customer engagement platform. Vee24's customers include
leading brands in the retail, automotive, and financial services sectors.

Q1 2023 Software sector update 15

 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

LEADING COMPANIES AND CEOS TRANSFORMING THE SECTOR

Erik Kostelnik, CEO

CEO - POSTAL

Erik Kostelnik
“Ninety-nine per cent of businesses currently send direct mail campaigns manually. With
the spend in this channel over $20bn, Postal is helping customers consolidate, budget, and
systemise the sending and attribution of offline campaigns leading to increased revenue
and decreased cost in the channel.”

SELECT INVESTORS
Postal is a global offline engagement platform and serves over 600 B2B mid-market
and enterprise customers. The Postal Platform consists of three products: Engage,
Brand, and ABM which help marketing and sales teams personalise, automate, and
scale direct mail, internal and external events, branded company goods, and
personalised gifts to drive engagement with customers.

Q1 2023 Software sector update 16

 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – GP Bullhound SaaS index

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Salesforce US 79,390 $199.78 (5.9%) 38.9% 22.1% $199,780 $202,151 $12,508 6.3x 6.4x 5.8x 37.2x 37.2x 19.5x 10.4% 78.0% 29.9%
SAP DE 111,961 126.03 12.3% 54.6% 10.6% 147,170 152,735 10,363 4.6x 4.6x 4.3x 22.3x 22.3x 13.4x 8.2% 72.6% 32.0%
ServiceNow US 20,433 464.72 (16.6%) 23.1% 7.5% 94,338 92,290 4,280 12.8x 12.7x 10.4x NM NM 32.2x 22.3% 80.9% 32.3%
Shopify CA 11,600 47.94 (29.1%) 78.0% 16.5% 67,924 64,234 5,087 10.8x 11.5x 9.7x NM NM NM 18.7% 47.9% 0.2%
Dassault Systèmes FR 22,298 41.15 (17.2%) 17.4% 6.0% 54,115 55,008 2,959 8.8x 9.1x 8.4x 33.4x 33.4x 23.4x 8.5% 84.0% 35.7%
Workday US 17,700 206.54 (13.7%) 35.7% 11.4% 53,497 50,625 6,121 7.8x 8.1x 7.0x NM NM 25.1x 15.8% 79.2% 28.0%
Snowflake US 5,884 154.29 (32.7%) (9.2%) (0.1%) 50,144 45,327 4,008 20.7x 21.9x 15.6x NM NM NM 40.2% 71.6% 8.3%
Atlassian AU 8,813 171.17 (41.7%) (18.7%) 4.2% 43,869 43,474 1,698 12.5x 13.7x 11.3x NM NM 65.3x 20.6% NA 17.4%
Square US 12,428 68.65 (49.4%) 24.8% (10.5%) 41,378 42,130 5,626 2.4x 2.4x 2.1x NM NM 31.5x 14.3% 36.6% 6.7%
Wolters Kluwer NL 20,056 126.41 17.8% 29.0% 8.8% 31,228 33,695 1,438 5.8x 5.8x 5.5x 19.2x 19.2x 16.8x 5.6% 71.2% 32.6%
Veeva US 6,744 183.79 (13.5%) 11.5% 10.9% 29,371 26,329 3,103 11.9x 12.2x 11.2x 53.9x 53.9x 31.8x 9.3% 73.0% 35.2%
Roblox US 2,128 44.98 (2.7%) 25.5% 22.8% 27,219 25,797 2,977 11.7x 11.6x 7.6x NM NM 72.6x 51.7% 77.7% 10.5%
Datadog US 4,800 72.66 (52.0%) (18.2%) (5.0%) 23,243 22,197 1,884 12.0x 13.3x 10.6x NM NM 62.5x 24.9% 79.4% 17.0%
Zoom US 8,484 73.84 (37.0%) 0.3% (1.0%) 21,697 16,381 5,413 3.5x 3.7x 3.7x 50.0x 50.0x 9.6x 1.7% 79.5% 38.3%
HubSpot US 7,433 428.75 (9.7%) 58.7% 10.8% 21,177 20,571 1,413 11.2x 11.9x 10.0x NM NM 65.5x 18.9% 82.8% 15.3%
Cloudflare US 3,217 61.66 (48.5%) 11.5% 2.7% 20,368 20,295 1,650 19.4x 20.8x 15.2x NM NM NM 36.9% 77.7% 14.2%
Palantir US 3,838 8.45 (38.5%) 3.9% 7.8% 17,757 15,450 2,634 7.6x 8.1x 7.0x NM NM 29.2x 15.7% 80.7% 24.0%
Paycom US 6,349 304.01 (12.2%) (7.9%) 5.2% 17,589 17,258 401 11.8x 12.5x 10.2x 40.7x 40.7x 24.6x 23.6% 85.3% 41.3%
Zscaler US 4,975 116.83 (51.6%) (28.9%) (10.9%) 16,954 16,265 1,905 10.4x 12.1x 9.2x NM NM 50.4x 31.6% NA 18.2%
MongoDB US 4,619 233.12 (47.4%) 17.4% 11.3% 16,327 15,724 1,837 11.2x 12.2x 10.4x NM NM NM 17.6% 74.5% 6.3%
Splunk US 8,000 95.88 (35.5%) 27.5% (6.5%) 15,868 17,972 2,007 4.8x 4.9x 4.6x NM NM 24.3x 6.6% 80.6% 19.0%
Okta US 6,013 86.24 (42.9%) 51.6% 21.0% 13,909 13,696 2,580 6.7x 7.4x 6.3x NM NM NM 16.9% 77.9% 7.6%
Twilio US 8,156 66.63 (59.6%) (3.6%) (0.9%) 12,478 9,562 4,155 2.1x 2.5x 2.2x NM NM 16.9x 12.5% 50.7% 13.1%
Dynatrace US 3,600 42.30 (10.2%) 21.5% (0.5%) 12,227 11,879 422 10.5x 10.8x 9.1x NM NM 35.1x 18.5% NA 26.0%
Unity US 7,703 32.44 (67.3%) 1.8% 6.6% 12,157 13,646 1,587 9.3x 9.8x 6.4x NM NM 56.4x 52.9% 75.6% 11.4%
DocuSign US 7,336 58.30 (45.6%) 9.0% (5.0%) 11,770 11,627 1,032 4.4x 4.6x 4.3x NM NM 17.1x 7.5% 81.7% 25.1%
Ceridian US 8,526 73.22 7.1% 31.0% 0.4% 11,324 12,147 432 9.3x 9.7x 8.1x NM NM 33.2x 19.6% 47.1% 24.5%
Paylocity Holding US 5,300 198.78 (3.4%) (17.7%) 3.2% 11,086 11,040 120 10.4x 11.0x 8.6x NM NM 27.6x 28.3% NA 31.2%
Qualtrics US 5,600 17.83 (37.5%) 75.1% 5.4% 10,801 10,359 720 7.1x 7.1x 6.2x NM NM 42.4x 14.1% 76.8% 14.7%
UiPath Inc. US 3,833 17.56 (18.7%) 39.3% 18.3% 9,788 8,092 1,757 7.1x 7.6x 6.4x NM NM 61.0x 18.7% 84.2% 10.6%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 17
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – GP Bullhound SaaS index (cont.)

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
The Sage GB 11,574 $9.59 4.0% 23.4% 5.7% $9,779 $10,685 $545 4.4x 4.9x 4.0x 22.7x 22.7x 16.8x 23.9% 93.0% 23.7%
Procore US 3,568 62.63 8.1% 26.6% (6.5%) 8,784 8,296 582 10.0x 11.5x 9.2x NM NM NM 24.7% 83.6% (0.8%)
Bill.com US 2,269 81.14 (64.2%) (38.7%) (4.1%) 8,632 7,854 2,683 8.4x 9.2x 7.0x NM NM 68.0x 30.5% NA 10.3%
Nemetschek DE 3,448 68.75 (29.5%) 42.4% 20.7% 7,941 7,928 210 9.3x 9.3x 8.7x 34.9x 34.9x 29.7x 6.6% 96.2% 29.2%
Dropbox US 3,118 21.62 (7.0%) 4.3% 6.0% 7,737 8,688 1,343 3.6x 3.7x 3.5x 16.9x 16.9x 9.8x 6.5% 81.5% 36.0%
Confluent US 2,761 24.07 (41.3%) 1.3% (1.3%) 7,007 6,198 1,927 9.6x 10.6x 8.1x NM NM NM 30.1% 71.5% (11.8%)
Monday.com IL 1,549 142.75 (9.7%) 25.9% (7.7%) 6,815 6,006 886 10.3x 11.6x 8.7x NM NM NM 33.1% 88.7% (3.4%)
AppLovin US 1,691 15.75 (71.4%) (19.2%) 16.7% 5,928 8,197 1,088 2.9x 2.9x 2.9x 14.1x 14.1x 7.7x 0.3% 70.0% 37.8%
Duolingo US 600 142.59 49.9% 49.7% 57.1% 5,794 5,215 608 13.5x 14.1x 10.6x NM NM NM 33.4% 73.6% 10.8%
HashiCorp US 2,400 29.29 (45.8%) (9.0%) 0.3% 5,604 4,334 1,286 7.9x 9.1x 7.3x NM NM NM 24.7% 83.7% (21.7%)
Elastic US 2,966 57.90 (34.9%) (19.3%) (1.9%) 5,587 5,306 878 4.8x 5.2x 4.5x NM NM 45.4x 15.7% NA 9.8%
SPS Commerce US 2,215 152.30 16.1% 22.6% 1.1% 5,564 5,367 214 11.6x 11.9x 10.2x 54.0x 54.0x 34.7x 16.5% 67.9% 29.4%
Workiva US 2,447 102.41 (13.2%) 31.6% 14.8% 5,438 5,380 431 9.4x 10.0x 8.6x NM NM NM 16.3% 77.4% (0.3%)
Tenable US 1,900 47.51 (17.8%) 36.5% 7.4% 5,399 5,250 567 7.3x 7.7x 6.5x NM NM 49.0x 17.9% 78.8% 13.3%
Wix.com IL 4,666 99.80 (4.5%) 27.6% 10.2% 5,281 5,153 1,063 3.6x 3.7x 3.4x NM NM 37.0x 9.6% 66.2% 9.2%
GitLab US 2,170 34.29 (37.0%) (33.1%) (22.1%) 5,205 4,323 937 9.8x 10.2x 8.1x NM NM NM 25.6% 88.4% (9.8%)
New Relic US 2,217 75.29 12.6% 31.2% 3.2% 5,186 4,956 800 5.3x 5.6x 4.8x NM NM 35.9x 15.9% NA 13.4%
Five9 US 2,380 72.29 (34.5%) (3.6%) 9.5% 5,144 5,319 614 6.8x 6.8x 5.9x NM NM 32.8x 15.9% 60.7% 17.9%
DoubleVerify US 902 30.15 19.8% 10.2% 14.8% 4,991 4,807 268 10.7x 10.6x 8.6x 54.6x 54.6x 28.5x 23.4% 81.9% 30.3%
Temenos CH 8,185 69.34 (28.3%) 0.9% (6.3%) 4,983 5,744 90 6.0x 6.0x 5.8x 19.0x 19.0x 15.0x 4.5% 85.6% 38.7%
Qualys US 2,143 130.02 (8.7%) (6.7%) 10.0% 4,812 4,474 321 8.9x 9.1x 8.0x 27.1x 27.1x 19.3x 13.6% 80.1% 41.7%
Paycor US 2,300 26.52 (8.9%) (10.3%) 7.1% 4,679 4,636 72 8.9x 9.6x 7.8x NM NM 27.7x 21.9% NA 28.3%
Informatica US 6,000 16.40 (16.9%) (18.3%) (4.9%) 4,658 5,855 716 3.8x 3.9x 3.7x 29.2x 29.2x 13.8x 4.9% 80.8% 26.9%
Asana US 1,782 21.13 (47.1%) (4.9%) 42.9% 4,530 4,272 529 7.2x 7.8x 6.6x NM NM NM 17.6% 90.0% (17.5%)
Freshworks US 5,400 15.36 (14.3%) 18.4% 2.8% 4,458 3,345 1,147 6.2x 6.7x 5.7x NM NM NM 16.9% 82.0% 0.2%
AppFolio US 1,785 124.48 10.0% 18.9% (5.7%) 4,406 4,300 160 9.0x 9.1x 7.5x NM NM NM 21.8% 59.7% 5.0%
Alteryx US 2,904 58.84 (17.7%) 5.4% (9.9%) 4,091 4,707 342 5.1x 5.5x 4.8x NM NM 54.3x 15.4% 88.9% 8.8%
BlackLine US 1,814 67.15 (8.3%) 12.1% (1.8%) 4,054 4,404 1,075 7.8x 8.4x 7.5x NM NM 60.9x 13.0% 79.0% 12.2%
Box US 2,487 26.79 (7.8%) 9.8% (19.7%) 3,866 4,462 461 4.5x 4.5x 4.2x 46.0x 46.0x 13.5x 6.5% 76.0% 31.2%
C3.ai US 704 33.57 47.9% 168.6% 48.7% 3,767 2,985 772 5.9x 11.2x 9.9x NM NM NM 13.3% NA (25.5%)

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 18
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – GP Bullhound SaaS index (cont.)

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
TietoEVRY FI 24,320 $31.42 17.2% 37.8% (1.5%) $3,720 $4,466 $292 1.4x 1.4x 1.4x 12.1x 12.1x 7.9x 5.1% 83.2% 17.3%
Sprinklr US 3,245 12.96 8.9% 40.6% 19.4% 3,383 2,821 579 4.5x 4.6x 4.0x NM NM 31.5x 15.2% 74.9% 12.6%
Sprout Social US 1,141 60.88 (24.0%) 0.3% (0.2%) 3,352 3,188 173 11.0x 12.6x 9.6x NM NM NM 30.9% 77.2% 1.4%
Braze US 1,501 34.57 (16.6%) (0.7%) 12.6% 3,318 2,892 479 8.2x 8.1x 6.6x NM NM NM 22.8% 68.5% (11.8%)
Appian US 2,307 44.38 (27.0%) 8.7% 7.1% 3,232 3,221 196 6.3x 6.9x 6.0x NM NM NM 13.9% 73.8% (13.5%)
EngageSmart US 971 19.25 (9.7%) (7.0%) (8.5%) 3,199 2,919 312 8.4x 9.6x 7.6x NM NM 42.9x 25.9% 79.2% 17.8%
PagerDuty US 1,166 34.98 2.3% 51.6% 17.1% 3,196 3,021 477 7.4x 8.1x 6.7x NM NM 52.8x 21.0% 84.8% 12.8%
Powerschool US 3,232 19.82 20.0% 18.8% (13.6%) 3,165 4,263 137 6.6x 6.8x 6.2x 38.2x 38.2x 18.9x 9.7% 68.5% 32.5%
SUSE LU 2,000 18.16 (44.1%) 22.0% (8.2%) 3,076 3,597 229 5.3x 5.4x 4.8x 20.9x 20.9x 12.8x 11.3% NA 37.8%
Clearwater US 1,728 15.96 (24.0%) (4.9%) (7.3%) 3,071 2,961 256 9.5x 9.8x 8.2x NM NM 30.2x 19.7% 75.9% 27.0%
TeamViewer DE 1,386 17.01 13.7% 116.8% 4.9% 3,010 3,515 180 5.6x 5.8x 5.2x 18.8x 18.8x 10.4x 12.4% 88.2% 49.7%
RingCentral US 3,902 30.67 (73.8%) (23.2%) (7.2%) 2,964 4,570 270 2.2x 2.3x 2.1x NM NM 9.7x 10.2% 78.6% 21.6%
Intapp US 946 44.84 86.8% 140.2% 13.3% 2,859 2,824 52 9.0x 9.1x 7.6x NM NM NM 19.4% NA 3.5%
Bumble US 950 19.55 (32.5%) (9.0%) (19.1%) 2,545 3,610 403 3.9x 4.0x 3.4x 32.7x 32.7x 13.1x 17.4% 72.4% 26.1%
Sinch SE 3,565 2.69 (61.0%) 98.6% (21.7%) 2,258 3,143 208 1.1x 1.2x 1.1x 16.8x 16.8x 8.8x 9.1% 33.3% 12.3%
Jfrog US 1,300 19.70 (26.9%) (10.9%) (14.3%) 2,004 1,584 443 5.8x 5.7x 4.6x NM NM 57.8x 22.1% 83.0% 8.0%
Software Aktiengesellschaft
DE 4,996 21.88 (36.9%) (5.1%) 9.9% 1,619 1,877 459 1.8x 1.8x 1.7x 10.6x 10.6x 9.2x 7.9% 77.6% 18.6%
AvidXchange US 1,600 7.80 (3.1%) (7.4%) (21.6%) 1,556 1,245 462 3.8x 3.9x 3.4x NM NM NM 15.0% 66.0% (0.9%)
Kape Technologies GB 1,400 3.52 (31.3%) 18.3% (1.2%) 1,507 1,647 252 2.5x 2.6x 2.4x 6.9x 6.9x 6.9x 9.5% 92.2% 35.1%
Sumo Logic US 983 11.98 2.7% 59.7% 0.9% 1,468 1,126 302 3.7x 3.7x 3.2x NM NM NM 16.5% 72.0% (8.8%)
Semrush US 1,316 10.05 (15.8%) (10.3%) 25.6% 1,424 1,199 238 4.6x 4.7x 3.9x NM NM NM 20.8% 81.6% 2.5%
Amplitude US 737 12.44 (32.5%) (19.6%) (5.8%) 1,422 1,132 230 4.5x 4.8x 3.9x NM NM NM 20.6% 74.4% (4.0%)
Q2 US 2,246 24.62 (60.1%) (23.5%) (23.7%) 1,422 1,719 433 2.9x 3.0x 2.7x NM NM 27.2x 12.3% 51.9% 10.0%
Everbridge US 1,713 34.67 (20.6%) 12.3% 6.1% 1,396 1,720 199 3.7x 4.0x 3.8x NM NM 20.2x 6.1% 73.6% 18.5%
MeridianLink US 751 17.30 (4.4%) 6.3% 9.8% 1,396 1,769 56 6.0x 6.1x 5.7x 24.8x 24.8x 15.8x 6.9% 62.3% 36.5%
Zuora US 1,393 9.88 (34.0%) 33.9% 16.6% 1,319 1,190 386 2.7x 3.0x 2.7x NM NM 27.4x 9.4% 69.2% 10.0%
Olo US 712 8.16 (38.4%) 3.3% 2.9% 1,317 888 449 4.4x 4.8x 4.2x NM NM 47.4x 15.3% 73.0% 8.8%
Yext US 1,200 9.61 39.5% 115.5% 30.9% 1,173 1,102 190 2.4x 2.7x 2.7x NM NM 24.4x 0.7% 76.8% 11.2%
EMIS Group GB 1,429 18.56 5.8% (11.9%) (18.2%) 1,172 1,105 65 5.1x 5.3x 4.8x 21.2x 21.2x 12.8x 10.8% NA 37.2%
WalkMe IL 1,200 10.64 (29.5%) 25.2% 8.0% 935 647 262 2.5x 2.6x 2.4x NM NM NM 11.5% 81.0% (8.2%)

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 19
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – GP Bullhound SaaS index (cont.)

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
LiveChat Software PL 212 $33.25 35.8% 51.3% 5.3% $856 $835 $21 12.4x 12.7x 10.8x 23.1x 23.1x 17.4x 17.5% NA 62.0%
Enfusion US 1,006 10.50 (17.5%) (14.9%) (2.1%) 767 750 63 4.7x 5.0x 4.0x NM NM 22.5x 24.9% 68.5% 17.8%
SecureWorks US 2,149 8.57 (35.3%) 6.5% 13.2% 735 603 144 1.3x 1.3x 1.3x NM NM NM 0.0% 63.3% (7.6%)
VTEX GB 1,349 3.84 (37.6%) 3.8% (2.8%) 723 491 239 2.8x 3.1x 2.6x NM NM NM 20.7% 68.8% (2.1%)
Expensify US 138 8.15 (53.6%) (45.2%) (3.2%) 672 636 104 3.6x 3.8x 3.4x NM NM 13.0x 9.2% 72.2% 26.5%
BigCommerce US 1,500 8.94 (59.2%) (39.6%) (6.1%) 663 709 304 2.4x 2.5x 2.3x NM NM NM 10.0% 77.1% (3.6%)
Couchbase US 740 14.06 (19.3%) (1.5%) (13.5%) 641 481 168 3.0x 3.1x 2.8x NM NM NM 11.9% 87.1% (22.3%)
2U US 5,295 6.85 (48.4%) 9.6% (23.5%) 543 1,425 168 1.4x 1.5x 1.4x 31.8x 31.8x 9.1x 2.6% 68.9% 15.9%
Craneware GB 724 14.23 (35.2%) (33.8%) (16.1%) 500 573 39 3.2x 3.4x 3.1x 13.6x 13.6x 10.2x 7.0% 85.8% 31.0%
8x8 US 2,216 4.17 (66.9%) 20.9% (21.6%) 471 918 130 1.2x 1.2x 1.2x NM NM 9.4x 2.5% NA 12.9%
Rackspace US 6,800 1.88 (83.2%) (53.9%) (20.0%) 400 4,084 273 1.3x 1.3x 1.3x 8.2x 8.2x 8.2x 0.0% 23.9% 15.9%
Disco US 661 6.64 (80.5%) (33.6%) (5.1%) 395 202 203 1.2x 1.5x 1.4x NM NM NM 3.5% 74.9% (28.4%)
dotdigital Group GB 348 1.18 8.5% 24.5% 7.5% 352 293 60 3.5x 3.7x 3.3x 18.7x 18.7x 10.2x 11.0% NA 32.7%
IDOX GB 595 0.77 (6.5%) 7.6% 4.8% 348 359 16 4.3x 4.7x 3.9x 27.3x 27.3x 11.5x 21.3% 77.0% 33.7%
LivePerson US 1,301 4.41 (81.9%) (53.2%) (56.4%) 335 686 392 1.3x 1.3x 1.3x NM NM 32.5x 0.0% 68.9% 4.1%
SmartCraft NO 186 1.94 (5.0%) 37.6% 10.3% 330 313 19 9.7x 9.3x 8.3x 25.5x 25.5x 20.3x 11.1% 92.0% 41.0%
Weave US 806 4.97 (16.6%) (1.6%) (3.9%) 328 288 113 2.1x 2.0x 1.8x NM NM NM 10.9% 66.5% (9.2%)
Linedata Services FR 1,089 48.46 4.6% 42.4% 0.3% 316 374 0 2.0x 2.0x 2.0x 9.2x 9.2x 7.0x 3.9% 77.4% 27.9%
Lime Technologies SE 399 22.27 (24.0%) 12.6% (12.4%) 296 314 3 6.7x 6.7x 5.9x 32.9x 32.9x 19.0x 13.9% NA 30.9%
Cint Group SE 830 1.36 (86.2%) (75.3%) (23.6%) 290 351 67 1.0x 1.1x 1.1x 16.0x 16.0x 5.8x 3.6% 62.6% 18.6%
Blend US 1,546 1.00 (82.5%) (54.9%) (36.9%) 242 161 354 0.6x 0.7x 0.7x NM NM NM 0.0% 43.9% (47.2%)
Fabasoft AT 447 19.32 (20.6%) 20.0% (0.6%) 212 198 24 2.8x 2.8x 2.4x 12.8x 12.8x 9.5x 16.4% 94.5% 25.7%
Eagle Eye Solutions GroupGB 211 7.05 19.2% 14.5% 9.3% 206 191 17 4.2x 4.3x 3.5x 35.5x 35.5x 17.3x 24.0% 93.0% 20.2%
Brightcove US 725 4.45 (42.9%) (29.4%) (17.1%) 188 181 32 0.8x 0.9x 0.9x NM NM 10.3x 0.7% 63.4% 8.3%
Lemonsoft FI 184 8.59 (40.7%) (16.4%) 1.2% 159 149 12 6.5x 6.2x 5.3x 16.5x 16.5x 16.5x 17.1% 88.0% 32.1%
Gresham Technologies GB 208 1.92 (5.0%) 21.2% (1.1%) 159 153 8 2.5x 2.6x 2.5x 25.8x 25.8x 11.2x 6.6% NA 21.9%
Upland Software US 1,006 4.30 (75.6%) (47.1%) (25.7%) 139 525 249 1.6x 1.7x 1.7x 10.5x 10.5x 7.8x 0.0% 68.0% 21.2%
Formpipe Software SE 283 2.52 (35.5%) 11.5% 8.8% 136 140 0 2.9x 3.0x 2.7x 20.2x 20.2x 13.5x 12.5% 100.0% 19.9%
Exasol DE 217 4.30 (36.2%) 46.3% (3.4%) 104 83 20 2.2x 2.5x 1.8x NM NA NM 39.3% 95.0% (6.2%)
Root Insurance US 765 4.51 (87.3%) (42.8%) (10.0%) 64 -280 763 NM (0.9x) (0.9x) NM NM NM 0.0% 13.4% (40.4%)
Zenvia BR 1,085 1.00 (83.6%) (37.9%) (14.5%) 42 53 21 0.4x 0.4x 0.3x NM NM 3.5x 18.3% NA 8.8%

` Average 6.2x 6.5x 5.4x 25.7x 25.7x 26.0x 15.4% 74.6% 14.7%
Median 5.5x 5.6x 4.8x 22.7x 22.7x 20.2x 15.2% 77.2% 15.9%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 20
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – adtech

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Alphabet US 190,234 $104.00 (25.5%) 8.2% 15.2% $1,330,081 $1,246,296 $113,762 4.4x 4.4x 4.2x 13.7x 13.7x 10.8x 5.7% 55.2% 38.8%
Salesforce US 79,390 199.78 (5.9%) 38.9% 22.1% 199,780 202,151 12,508 6.3x 6.4x 5.8x 37.2x 37.2x 19.5x 10.4% 78.0% 29.9%
Adobe US 29,239 385.37 (15.4%) 40.0% 19.0% 176,769 175,242 5,653 9.7x 9.7x 9.1x 26.1x 26.1x 18.5x 7.2% NA 49.2%
TheTradeDesk US 2,770 60.91 (12.0%) 1.9% 8.8% 29,894 28,709 1,447 17.5x 18.2x 15.2x NM NM 40.1x 19.4% 82.5% 38.0%
HubSpot US 7,433 428.75 (9.7%) 58.7% 10.8% 21,177 20,571 1,413 11.2x 11.9x 10.0x NM NM 65.5x 18.9% 82.8% 15.3%
DoubleVerify US 902 30.15 19.8% 10.2% 14.8% 4,991 4,807 268 10.7x 10.6x 8.6x 54.6x 54.6x 28.5x 23.4% 81.9% 30.3%
Teradata US 7,000 40.28 (18.3%) 29.7% (1.2%) 4,071 4,139 569 2.3x 2.3x 2.3x 16.8x 16.8x 9.3x 1.5% 61.0% 24.5%
Criteo FR 3,716 31.51 15.7% 16.6% (5.0%) 1,804 1,573 373 0.8x 0.8x 0.8x 12.5x 12.5x 5.7x 0.0% 87.3% 13.7%
TechTarget US 1,000 36.12 (55.6%) (39.0%) (4.3%) 1,036 1,151 365 3.8x 3.9x 3.9x 14.9x 14.9x 12.8x 0.0% 73.5% 30.2%

` Average 7.4x 7.6x 6.7x 25.1x 25.1x 23.4x 9.6% 75.3% 30.0%
Median 6.3x 6.4x 5.8x 16.8x 16.8x 18.5x 7.2% 80.0% 30.2%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 21
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – BI/analytics

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Alphabet US 190,234 $104.00 (25.5%) 8.2% 15.2% $1,330,081 $1,246,296 $113,762 4.4x 4.4x 4.2x 13.7x 13.7x 10.8x 5.7% 55.2% 38.8%
Salesforce US 79,390 199.78 (5.9%) 38.9% 22.1% 199,780 202,151 12,508 6.3x 6.4x 5.8x 37.2x 37.2x 19.5x 10.4% 78.0% 29.9%
Adobe US 29,239 385.37 (15.4%) 40.0% 19.0% 176,769 175,242 5,653 9.7x 9.7x 9.1x 26.1x 26.1x 18.5x 7.2% NA 49.2%
SAP DE 111,961 126.03 12.3% 54.6% 10.6% 147,170 152,735 10,363 4.6x 4.6x 4.3x 22.3x 22.3x 13.4x 8.2% 72.6% 32.0%
IBM US 288,300 131.09 0.8% 10.3% 1.4% 118,912 164,264 8,738 2.7x 2.7x 2.6x 13.3x 13.3x 10.4x 3.6% 55.7% 25.1%
ServiceNow US 20,433 464.72 (16.6%) 23.1% 7.5% 94,338 92,290 4,280 12.8x 12.7x 10.4x NM NM 32.2x 22.3% 80.9% 32.3%
Shopify CA 11,600 47.94 (29.1%) 78.0% 16.5% 67,924 64,234 5,087 10.8x 11.5x 9.7x NM NM NM 18.7% 47.9% 0.2%
Snowflake US 5,884 154.29 (32.7%) (9.2%) (0.1%) 50,144 45,327 4,008 20.7x 21.9x 15.6x NM NM NM 40.2% 71.6% 8.3%
Veeva US 6,744 183.79 (13.5%) 11.5% 10.9% 29,371 26,329 3,103 11.9x 12.2x 11.2x 53.9x 53.9x 31.8x 9.3% 73.0% 35.2%
Datadog US 4,800 72.66 (52.0%) (18.2%) (5.0%) 23,243 22,197 1,884 12.0x 13.3x 10.6x NM NM 62.5x 24.9% 79.4% 17.0%
Palantir US 3,838 8.45 (38.5%) 3.9% 7.8% 17,757 15,450 2,634 7.6x 8.1x 7.0x NM NM 29.2x 15.7% 80.7% 24.0%
Fair Isaac US 3,305 702.69 50.6% 70.6% 3.7% 17,676 19,508 140 13.5x 13.9x 12.9x 33.4x 33.4x 24.6x 7.8% NA 52.5%
Splunk US 8,000 95.88 (35.5%) 27.5% (6.5%) 15,868 17,972 2,007 4.8x 4.9x 4.6x NM NM 24.3x 6.6% 80.6% 19.0%
NetApp US 12,000 63.85 (23.1%) 3.2% (1.1%) 13,658 13,201 3,147 2.0x 2.0x 2.0x 9.9x 9.9x 8.3x 0.0% NA 24.7%
Elastic US 2,966 57.90 (34.9%) (19.3%) (1.9%) 5,587 5,306 878 4.8x 5.2x 4.5x NM NM 45.4x 15.7% NA 9.8%
Workiva US 2,447 102.41 (13.2%) 31.6% 14.8% 5,438 5,380 431 9.4x 10.0x 8.6x NM NM NM 16.3% 77.4% (0.3%)
New Relic US 2,217 75.29 12.6% 31.2% 3.2% 5,186 4,956 800 5.3x 5.6x 4.8x NM NM 35.9x 15.9% NA 13.4%
Alteryx US 2,904 58.84 (17.7%) 5.4% (9.9%) 4,091 4,707 342 5.1x 5.5x 4.8x NM NM 54.3x 15.4% 88.9% 8.8%
Teradata US 7,000 40.28 (18.3%) 29.7% (1.2%) 4,071 4,139 569 2.3x 2.3x 2.3x 16.8x 16.8x 9.3x 1.5% 61.0% 24.5%
Blackbaud US 3,200 69.30 15.8% 57.3% 24.4% 3,595 4,475 32 4.1x 4.2x 4.1x 43.4x 43.4x 13.6x 3.4% 58.3% 30.0%
MicroStrategy US 2,152 292.32 (39.9%) 37.7% 11.5% 3,376 5,789 44 11.6x 11.6x 11.5x NM NM NM 1.1% 78.7% 4.2%
Verint US 4,300 37.24 (28.0%) 10.9% (0.4%) 2,425 3,042 283 3.4x 3.4x 3.3x 25.5x 25.5x 11.8x 3.6% 70.5% 27.5%
Sumo Logic US 983 11.98 2.7% 59.7% 0.9% 1,468 1,126 302 3.7x 3.7x 3.2x NM NM NM 16.5% 72.0% (8.8%)
Semrush US 1,316 10.05 (15.8%) (10.3%) 25.6% 1,424 1,199 238 4.6x 4.7x 3.9x NM NM NM 20.8% 81.6% 2.5%
Yext US 1,200 9.61 39.5% 115.5% 30.9% 1,173 1,102 190 2.4x 2.7x 2.7x NM NM 24.4x 0.7% 76.8% 11.2%
LivePerson US 1,301 4.41 (81.9%) (53.2%) (56.4%) 335 686 392 1.3x 1.3x 1.3x NM NM 32.5x 0.0% 68.9% 4.1%
Hottolink JP 103 2.62 (33.1%) 3.2% 1.5% 41 24 27 0.4x 0.4x 0.4x 5.0x 5.0x 5.0x 0.0% NA 8.0%

` Average 6.7x 7.0x 6.1x 25.0x 25.0x 24.7x 10.8% 71.9% 19.4%
Median 4.8x 5.2x 4.6x 23.9x 23.9x 24.3x 8.2% 73.0% 19.0%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 22
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – communications

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Microsoft US 221,000 $288.30 (6.5%) 23.8% 15.6% $2,146,049 $2,124,539 $99,495 10.3x 10.4x 9.7x 21.7x 21.7x 20.0x 7.3% NA 48.6%
Cisco US 83,300 52.28 (6.3%) 30.7% 8.0% 214,109 202,005 22,061 3.8x 3.8x 3.5x 12.8x 12.8x 9.5x 9.7% NA 36.6%
Atlassian AU 8,813 171.17 (41.7%) (18.7%) 4.2% 43,869 43,474 1,698 12.5x 13.7x 11.3x NM NM 65.3x 20.6% NA 17.4%
Zoom US 8,484 73.84 (37.0%) 0.3% (1.0%) 21,697 16,381 5,413 3.5x 3.7x 3.7x 50.0x 50.0x 9.6x 1.7% 79.5% 38.3%
NICE Systems IL 7,926 224.29 2.4% 17.5% 8.3% 14,265 13,501 1,572 6.4x 6.2x 5.7x 26.4x 26.4x 16.7x 8.6% 72.1% 34.2%
Twilio US 8,156 66.63 (59.6%) (3.6%) (0.9%) 12,478 9,562 4,155 2.1x 2.5x 2.2x NM NM 16.9x 12.5% 50.7% 13.1%
Asana US 1,782 21.13 (47.1%) (4.9%) 42.9% 4,530 4,272 529 7.2x 7.8x 6.6x NM NM NM 17.6% 90.0% (17.5%)
RingCentral US 3,902 30.67 (73.8%) (23.2%) (7.2%) 2,964 4,570 270 2.2x 2.3x 2.1x NM NM 9.7x 10.2% 78.6% 21.6%
Sinch SE 3,565 2.69 (61.0%) 98.6% (21.7%) 2,258 3,143 208 1.1x 1.2x 1.1x 16.8x 16.8x 8.8x 9.1% 33.3% 12.3%
Everbridge US 1,713 34.67 (20.6%) 12.3% 6.1% 1,396 1,720 199 3.7x 4.0x 3.8x NM NM 20.2x 6.1% 73.6% 18.5%
LivePerson US 1,301 4.41 (81.9%) (53.2%) (56.4%) 335 686 392 1.3x 1.3x 1.3x NM NM 32.5x 0.0% 68.9% 4.1%

` Average 4.9x 5.2x 4.6x 25.5x 25.5x 20.9x 9.4% 68.3% 20.7%
Median 3.7x 3.8x 3.7x 21.7x 21.7x 16.8x 9.1% 72.9% 18.5%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 23
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – consolidators

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Microsoft US 221,000 $288.30 (6.5%) 23.8% 15.6% $2,146,049 $2,124,539 $99,495 10.3x 10.4x 9.7x 21.7x 21.7x 20.0x 7.3% NA 48.6%
Oracle US 143,000 92.92 12.3% 52.2% 6.3% 250,866 334,417 8,769 7.1x 7.0x 6.5x 18.0x 18.0x 13.5x 7.7% NA 47.9%
Cisco US 83,300 52.28 (6.3%) 30.7% 8.0% 214,109 202,005 22,061 3.8x 3.8x 3.5x 12.8x 12.8x 9.5x 9.7% NA 36.6%
Salesforce US 79,390 199.78 (5.9%) 38.9% 22.1% 199,780 202,151 12,508 6.3x 6.4x 5.8x 37.2x 37.2x 19.5x 10.4% 78.0% 29.9%
SAP DE 111,961 126.03 12.3% 54.6% 10.6% 147,170 152,735 10,363 4.6x 4.6x 4.3x 22.3x 22.3x 13.4x 8.2% 72.6% 32.0%
Intel US 131,900 32.67 (34.1%) 26.8% 31.0% 135,156 149,812 28,338 2.4x 2.4x 2.4x 9.7x 9.7x 9.7x 0.0% 42.7% 24.4%
IBM US 288,300 131.09 0.8% 10.3% 1.4% 118,912 164,264 8,738 2.7x 2.7x 2.6x 13.3x 13.3x 10.4x 3.6% 55.7% 25.1%
ServiceNow US 20,433 464.72 (16.6%) 23.1% 7.5% 94,338 92,290 4,280 12.8x 12.7x 10.4x NM NM 32.2x 22.3% 80.9% 32.3%
Hewlett Packard US 60,200 15.93 (4.7%) 33.0% 2.0% 20,643 32,228 1,530 1.1x 1.1x 1.1x 6.5x 6.5x 5.9x 0.7% NA 18.4%

` Average 5.7x 5.7x 5.1x 17.7x 17.7x 14.9x 7.8% 66.0% 32.8%
Median 4.6x 4.6x 4.3x 15.6x 15.6x 13.4x 7.7% 72.6% 32.0%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 24
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – ERP

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Oracle US 143,000 $92.92 12.3% 52.2% 6.3% $250,866 $334,417 $8,769 7.1x 7.0x 6.5x 18.0x 18.0x 13.5x 7.7% NA 47.9%
Salesforce US 79,390 199.78 (5.9%) 38.9% 22.1% 199,780 202,151 12,508 6.3x 6.4x 5.8x 37.2x 37.2x 19.5x 10.4% 78.0% 29.9%
SAP DE 111,961 126.03 12.3% 54.6% 10.6% 147,170 152,735 10,363 4.6x 4.6x 4.3x 22.3x 22.3x 13.4x 8.2% 72.6% 32.0%
ServiceNow US 20,433 464.72 (16.6%) 23.1% 7.5% 94,338 92,290 4,280 12.8x 12.7x 10.4x NM NM 32.2x 22.3% 80.9% 32.3%
Shopify CA 11,600 47.94 (29.1%) 78.0% 16.5% 67,924 64,234 5,087 10.8x 11.5x 9.7x NM NM NM 18.7% 47.9% 0.2%
Workday US 17,700 206.54 (13.7%) 35.7% 11.4% 53,497 50,625 6,121 7.8x 8.1x 7.0x NM NM 25.1x 15.8% 79.2% 28.0%
Snowflake US 5,884 154.29 (32.7%) (9.2%) (0.1%) 50,144 45,327 4,008 20.7x 21.9x 15.6x NM NM NM 40.2% 71.6% 8.3%
Atlassian AU 8,813 171.17 (41.7%) (18.7%) 4.2% 43,869 43,474 1,698 12.5x 13.7x 11.3x NM NM 65.3x 20.6% NA 17.4%
Constellation Software CA 45,000 1,877.97 9.7% 34.1% 8.9% 39,797 41,380 926 6.3x 6.2x 5.2x 33.2x 33.2x 19.6x 21.2% NA 26.3%
Veeva US 6,744 183.79 (13.5%) 11.5% 10.9% 29,371 26,329 3,103 11.9x 12.2x 11.2x 53.9x 53.9x 31.8x 9.3% 73.0% 35.2%
Datadog US 4,800 72.66 (52.0%) (18.2%) (5.0%) 23,243 22,197 1,884 12.0x 13.3x 10.6x NM NM 62.5x 24.9% 79.4% 17.0%
Cloudflare US 3,217 61.66 (48.5%) 11.5% 2.7% 20,368 20,295 1,650 19.4x 20.8x 15.2x NM NM NM 36.9% 77.7% 14.2%
Palantir US 3,838 8.45 (38.5%) 3.9% 7.8% 17,757 15,450 2,634 7.6x 8.1x 7.0x NM NM 29.2x 15.7% 80.7% 24.0%
Tyler Technologies US 7,200 354.64 (20.3%) 2.1% 10.4% 14,831 15,666 211 8.3x 8.5x 8.0x 49.5x 49.5x 32.7x 5.7% 45.6% 24.5%
Wisetech AU 2,200 43.68 14.0% 30.4% 2.7% 14,251 13,944 333 29.8x 28.1x 22.4x 64.7x 64.7x 45.2x 25.3% NA 49.7%
Okta US 6,013 86.24 (42.9%) 51.6% 21.0% 13,909 13,696 2,580 6.7x 7.4x 6.3x NM NM NM 16.9% 77.9% 7.6%
Yonyou Networks CN 25,383 3.66 1.4% 48.0% 9.1% 12,571 12,144 1,209 9.5x 9.0x 7.2x NM NM 53.3x 25.3% 59.1% 13.5%
Qualtrics US 5,600 17.83 (37.5%) 75.1% 5.4% 10,801 10,359 720 7.1x 7.1x 6.2x NM NM 42.4x 14.1% 76.8% 14.7%
UiPath Inc. US 3,833 17.56 (18.7%) 39.3% 18.3% 9,788 8,092 1,757 7.1x 7.6x 6.4x NM NM 61.0x 18.7% 84.2% 10.6%
Sage Group GB 11,574 9.59 4.0% 23.4% 5.7% 9,779 10,685 545 4.4x 4.9x 4.0x 22.7x 22.7x 16.8x 23.9% 93.0% 23.7%
Procore US 3,568 62.63 8.1% 26.6% (6.5%) 8,784 8,296 582 10.0x 11.5x 9.2x NM NM NM 24.7% 83.6% (0.8%)
Confluent US 2,761 24.07 (41.3%) 1.3% (1.3%) 7,007 6,198 1,927 9.6x 10.6x 8.1x NM NM NM 30.1% 71.5% (11.8%)
Monday.com IL 1,549 142.75 (9.7%) 25.9% (7.7%) 6,815 6,006 886 10.3x 11.6x 8.7x NM NM NM 33.1% 88.7% (3.4%)
Guidewire Software US 3,374 82.05 (13.3%) 33.2% 16.9% 6,718 6,499 715 7.2x 7.5x 6.9x NM NM NM 8.3% NA 3.9%
SPS Commerce US 2,215 152.30 16.1% 22.6% 1.1% 5,564 5,367 214 11.6x 11.9x 10.2x 54.0x 54.0x 34.7x 16.5% 67.9% 29.4%
Workiva US 2,447 102.41 (13.2%) 31.6% 14.8% 5,438 5,380 431 9.4x 10.0x 8.6x NM NM NM 16.3% 77.4% (0.3%)
Wix.com IL 4,666 99.80 (4.5%) 27.6% 10.2% 5,281 5,153 1,063 3.6x 3.7x 3.4x NM NM 37.0x 9.6% 66.2% 9.2%
Five9 US 2,380 72.29 (34.5%) (3.6%) 9.5% 5,144 5,319 614 6.8x 6.8x 5.9x NM NM 32.8x 15.9% 60.7% 17.9%
Informatica US 6,000 16.40 (16.9%) (18.3%) (4.9%) 4,658 5,855 716 3.8x 3.9x 3.7x 29.2x 29.2x 13.8x 4.9% 80.8% 26.9%
Asana US 1,782 21.13 (47.1%) (4.9%) 42.9% 4,530 4,272 529 7.2x 7.8x 6.6x NM NM NM 17.6% 90.0% (17.5%)

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 25
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – ERP (cont.)

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Blackbaud US 3,200 $69.30 15.8% 57.3% 24.4% $3,595 $4,475 $32 4.1x 4.2x 4.1x 43.4x 43.4x 13.6x 3.4% 58.3% 30.0%
Sprinklr US 3,245 12.96 8.9% 40.6% 19.4% 3,383 2,821 579 4.5x 4.6x 4.0x NM NM 31.5x 15.2% 74.9% 12.6%
Appian US 2,307 44.38 (27.0%) 8.7% 7.1% 3,232 3,221 196 6.3x 6.9x 6.0x NM NM NM 13.9% 73.8% (13.5%)
Technology One AU 848 9.75 13.2% 42.8% (3.1%) 3,165 3,071 113 12.9x 12.9x 10.7x 40.8x 40.8x 24.5x 20.6% 87.2% 43.8%
JFrog US 1,300 19.70 (26.9%) (10.9%) (14.3%) 2,004 1,584 443 5.8x 5.7x 4.6x NM NM 57.8x 22.1% 83.0% 8.0%
Enghouse CA 1,729 28.27 (10.7%) 33.8% (10.5%) 1,563 1,391 188 4.5x 4.4x 4.0x 17.5x 17.5x 13.2x 8.9% NA 30.5%
Sumo Logic US 983 11.98 2.7% 59.7% 0.9% 1,468 1,126 302 3.7x 3.7x 3.2x NM NM NM 16.5% 72.0% (8.8%)
Everbridge US 1,713 34.67 (20.6%) 12.3% 6.1% 1,396 1,720 199 3.7x 4.0x 3.8x NM NM 20.2x 6.1% 73.6% 18.5%
Model N US 1,035 33.47 24.4% (2.2%) 0.8% 1,263 1,272 175 5.4x 5.6x 5.1x NM NM 31.1x 10.8% NA 16.3%
Couchbase US 740 14.06 (19.3%) (1.5%) (13.5%) 641 481 168 3.0x 3.1x 2.8x NM NM NM 11.9% 87.1% (22.3%)
American Software US 397 $12.61 (39.5%) (17.7%) (6.9%) $426 $322 $104 2.5x 2.5x 2.5x 20.9x 20.9x 16.0x 0.2% NA 15.7%
Freelancer AU 376 0.14 (58.2%) (20.1%) (7.2%) 65 66 16 1.7x 1.8x 1.8x NM NM NA 0.0% NA 0.0%

` Average 8.3x 8.7x 7.2x 36.2x 36.2x 31.8x 16.4% 75.0% 15.3%
Median 7.1x 7.4x 6.5x 35.2x 35.2x 31.3x 16.1% 77.4% 16.0%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 26
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – financial tools

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Intuit US 17,300 $445.83 (7.3%) 15.1% 9.5% $125,076 $130,682 $2,071 9.4x 9.5x 8.8x 38.4x 38.4x 22.8x 8.2% NA 38.6%
Fiserv US 41,000 113.03 11.5% 20.8% (1.8%) 70,997 93,125 902 5.2x 5.3x 5.2x 13.6x 13.6x 12.0x 0.9% 58.5% 43.5%
MSCI US 4,759 559.69 11.3% 32.7% 7.2% 44,810 48,484 994 20.8x 21.6x 19.6x 37.3x 37.3x 32.6x 10.1% 82.4% 60.0%
Square US 12,428 68.65 (49.4%) 24.8% (10.5%) 41,378 42,130 5,626 2.4x 2.4x 2.1x NM NM 31.5x 14.3% 36.6% 6.7%
Fidelity National US 69,000 54.33 (45.9%) (28.1%) (14.3%) 32,160 50,711 2,188 3.5x 3.5x 3.5x 12.3x 12.3x 8.4x 0.0% 38.8% 41.5%
Fair Isaac US 3,305 702.69 50.6% 70.6% 3.7% 17,676 19,508 140 13.5x 13.9x 12.9x 33.4x 33.4x 24.6x 7.8% NA 52.5%
SS&C US 27,600 56.47 (24.7%) 18.3% (3.8%) 14,158 21,124 440 3.9x 4.0x 3.8x 12.1x 12.1x 9.7x 4.8% 59.4% 39.3%
Jack Henry & Associates US 6,847 150.72 (23.5%) (17.3%) (8.2%) 11,001 11,299 26 5.5x 5.7x 5.3x 20.9x 20.9x 16.4x 6.3% NA 32.5%
Black Knight US 6,100 57.56 (0.7%) (11.1%) (3.4%) 8,919 11,635 12 7.5x 7.5x 7.5x 23.4x 23.4x 16.2x 0.0% NA 46.2%
Bill.com US 2,269 81.14 (64.2%) (38.7%) (4.1%) 8,632 7,854 2,683 8.4x 9.2x 7.0x NM NM 68.0x 30.5% NA 10.3%
Temenos CH 8,185 69.34 (28.3%) 0.9% (6.3%) 4,983 5,744 90 6.0x 6.0x 5.8x 19.0x 19.0x 15.0x 4.5% 85.6% 38.7%
BlackLine US 1,814 67.15 (8.3%) 12.1% (1.8%) 4,054 4,404 1,075 7.8x 8.4x 7.5x NM NM 60.9x 13.0% 79.0% 12.2%
Oracle Financial IN 7,884 39.75 (16.0%) 8.4% 3.8% 3,434 2,835 603 4.2x 4.3x 3.8x 10.1x 10.1x 8.5x 13.3% NA 44.5%
Envestnet US 3,429 58.67 (21.2%) 32.1% (6.1%) 3,169 4,059 162 3.3x 3.3x 3.2x 43.0x 43.0x 15.9x 3.3% 62.5% 19.9%
SimCorp DK 2,245 75.66 2.0% 33.6% 5.0% 2,971 2,977 43 4.9x 5.0x 4.6x 20.5x 20.5x 19.8x 8.8% 56.9% 23.0%
Avidxchange US 1,600 7.80 (3.1%) (7.4%) (21.6%) 1,556 1,245 462 3.8x 3.9x 3.4x NM NM NM 15.0% 66.0% (0.9%)
Q2 Holdings US 2,246 24.62 (60.1%) (23.5%) (23.7%) 1,422 1,719 433 2.9x 3.0x 2.7x NM NM 27.2x 12.3% 51.9% 10.0%
IRESS AU 2,272 6.65 (25.7%) 15.8% 5.8% 1,220 1,487 44 3.6x 3.5x 3.5x 21.9x 21.9x 15.8x 2.5% NA 21.8%
Enfusion US 1,006 10.50 (17.5%) (14.9%) (2.1%) 767 750 63 4.7x 5.0x 4.0x NM NM 22.5x 24.9% 68.5% 17.8%
Expensify US 138 8.15 (53.6%) (45.2%) (3.2%) 672 636 104 3.6x 3.8x 3.4x NM NM 13.0x 9.2% 72.2% 26.5%
Ebix US 10,521 13.19 (60.2%) (30.5%) (24.1%) 408 979 128 0.9x 0.9x 0.9x 7.0x 7.0x 5.7x 0.0% 37.7% 16.5%

` Average 6.0x 6.2x 5.6x 22.3x 22.3x 22.3x 9.0% 61.1% 28.6%
Median 4.7x 5.0x 4.0x 20.7x 20.7x 16.3x 8.2% 60.9% 26.5%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 27
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – human capital management (HCM)

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
ServiceNow US 20,433 $464.72 (16.6%) 23.1% 7.5% $94,338 $92,290 $4,280 12.8x 12.7x 10.4x NM NM 32.2x 22.3% 80.9% 32.3%
ADP US 60,000 222.63 (2.2%) (1.6%) 1.3% 92,247 94,304 1,361 5.2x 5.5x 5.1x 20.1x 20.1x 18.6x 7.2% NA 27.5%
Workday US 17,700 206.54 (13.7%) 35.7% 11.4% 53,497 50,625 6,121 7.8x 8.1x 7.0x NM NM 25.1x 15.8% 79.2% 28.0%
Paycom US 6,349 304.01 (12.2%) (7.9%) 5.2% 17,589 17,258 401 11.8x 12.5x 10.2x 40.7x 40.7x 24.6x 23.6% 85.3% 41.3%
Ceridian US 8,526 73.22 7.1% 31.0% 0.4% 11,324 12,147 432 9.3x 9.7x 8.1x NM NM 33.2x 19.6% 47.1% 24.5%
Paylocity US 5,300 198.78 (3.4%) (17.7%) 3.2% 11,086 11,040 120 10.4x 11.0x 8.6x NM NM 27.6x 28.3% NA 31.2%
TriNet US 352,252 80.61 (18.0%) 13.2% (2.7%) 4,835 4,957 430 1.0x 1.0x 1.0x 8.8x 8.8x 8.8x 0.0% 74.3% 11.6%
Upland Software US 1,006 4.30 (75.6%) (47.1%) (25.7%) 139 525 249 1.6x 1.7x 1.7x 10.5x 10.5x 7.8x 0.0% 68.0% 21.2%
Freelancer AU 376 0.14 (58.2%) (20.1%) (7.2%) 65 66 16 1.7x 1.8x 1.8x NM NM NA 0.0% NA 0.0%

` Average 6.8x 7.1x 6.0x 20.0x 20.0x 22.2x 13.0% 72.5% 24.2%
Median 7.8x 8.1x 7.0x 15.3x 15.3x 24.8x 15.8% 76.8% 27.5%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 28
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – infrastructure

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
ServiceNow US 20,433 $464.72 (16.6%) 23.1% 7.5% $94,338 $92,290 $4,280 12.8x 12.7x 10.4x NM NM 32.2x 22.3% 80.9% 32.3%
VMware US 38,300 124.85 9.6% 17.3% 13.4% 53,496 59,873 5,100 4.4x 4.5x 4.2x 22.1x 22.1x 11.5x 5.6% 84.2% 36.8%
Atlassian AU 8,813 171.17 (41.7%) (18.7%) 4.2% 43,869 43,474 1,698 12.5x 13.7x 11.3x NM NM 65.3x 20.6% NA 17.4%
Datadog US 4,800 72.66 (52.0%) (18.2%) (5.0%) 23,243 22,197 1,884 12.0x 13.3x 10.6x NM NM 62.5x 24.9% 79.4% 17.0%
Cloudflare US 3,217 61.66 (48.5%) 11.5% 2.7% 20,368 20,295 1,650 19.4x 20.8x 15.2x NM NM NM 36.9% 77.7% 14.2%
MongoDB US 4,619 233.12 (47.4%) 17.4% 11.3% 16,327 15,724 1,837 11.2x 12.2x 10.4x NM NM NM 17.6% 74.5% 6.3%
Splunk US 8,000 95.88 (35.5%) 27.5% (6.5%) 15,868 17,972 2,007 4.8x 4.9x 4.6x NM NM 24.3x 6.6% 80.6% 19.0%
Akamai Technologies US 9,800 78.30 (34.4%) (2.5%) 7.9% 12,239 13,987 1,105 3.8x 3.9x 3.7x 12.2x 12.2x 9.4x 3.2% 62.0% 39.7%
Dynatrace US 3,600 42.30 (10.2%) 21.5% (0.5%) 12,227 11,879 422 10.5x 10.8x 9.1x NM NM 35.1x 18.5% NA 26.0%
Unity US 7,703 32.44 (67.3%) 1.8% 6.6% 12,157 13,646 1,587 9.3x 9.8x 6.4x NM NM 56.4x 52.9% 75.6% 11.4%
Juniper Networks US 10,901 34.42 (7.4%) 31.8% 11.8% 11,061 11,824 1,090 2.2x 2.2x 2.1x 15.6x 15.6x 10.1x 8.7% 57.8% 20.4%
F5 Networks US 6,696 145.69 (30.3%) 0.7% 1.9% 8,759 8,410 660 3.1x 3.1x 2.8x 16.7x 16.7x 8.2x 10.7% NA 34.1%
Pure Storage US 4,900 25.51 (27.8%) (6.8%) (10.6%) 7,719 6,887 1,582 2.5x 2.5x 2.3x 37.2x 37.2x 12.3x 6.5% 70.5% 19.1%
Confluent US 2,761 24.07 (41.3%) 1.3% (1.3%) 7,007 6,198 1,927 9.6x 10.6x 8.1x NM NM NM 30.1% 71.5% (11.8%)
Trend Micro JP 7,669 48.67 (17.5%) (9.9%) 3.4% 6,753 4,927 1,842 3.0x 2.9x 2.6x 11.5x 11.5x 11.4x 9.9% 75.9% 23.1%
Nutanix US 6,450 25.99 (3.1%) 24.8% (8.0%) 5,981 6,042 1,388 3.6x 3.7x 3.2x NM NM 29.7x 14.9% NA 10.8%
AppLovin US 1,691 15.75 (71.4%) (19.2%) 16.7% 5,928 8,197 1,088 2.9x 2.9x 2.9x 14.1x 14.1x 7.7x 0.3% 70.0% 37.8%
HashiCorp US 2,400 29.29 (45.8%) (9.0%) 0.3% 5,604 4,334 1,286 7.9x 9.1x 7.3x NM NM NM 24.7% 83.7% (21.7%)
Wix.com IL 4,666 99.80 (4.5%) 27.6% 10.2% 5,281 5,153 1,063 3.6x 3.7x 3.4x NM NM 37.0x 9.6% 66.2% 9.2%
GitLab US 2,170 34.29 (37.0%) (33.1%) (22.1%) 5,205 4,323 937 9.8x 10.2x 8.1x NM NM NM 25.6% 88.4% (9.8%)
New Relic US 2,217 75.29 12.6% 31.2% 3.2% 5,186 4,956 800 5.3x 5.6x 4.8x NM NM 35.9x 15.9% NA 13.4%
Qualys US 2,143 130.02 (8.7%) (6.7%) 10.0% 4,812 4,474 321 8.9x 9.1x 8.0x 27.1x 27.1x 19.3x 13.6% 80.1% 41.7%
Informatica US 6,000 16.40 (16.9%) (18.3%) (4.9%) 4,658 5,855 716 3.8x 3.9x 3.7x 29.2x 29.2x 13.8x 4.9% 80.8% 26.9%
Rapid7 US 2,623 45.91 (58.7%) 7.0% (2.9%) 2,756 3,379 291 5.0x 4.9x 4.4x NM NM 42.0x 13.1% 72.5% 10.4%
Commvault US 2,848 56.74 (14.5%) 7.0% (3.6%) 2,528 2,267 273 2.9x 2.9x 2.9x 43.3x 43.3x 14.3x 0.0% NA 20.1%
Progress Software US 2,071 57.45 22.0% 35.0% 0.0% 2,490 3,206 123 4.9x 5.2x 4.7x 14.9x 14.9x 12.7x 10.1% NA 36.9%
NetScout Systems US 2,320 28.65 (10.7%) (8.5%) 0.7% 2,033 1,877 409 2.1x 2.1x 2.1x 11.8x 11.8x 8.8x 1.5% NA 23.4%
JFrog US 1,300 19.70 (26.9%) (10.9%) (14.3%) 2,004 1,584 443 5.8x 5.7x 4.6x NM NM 57.8x 22.1% 83.0% 8.0%
Software AG DE 4,996 21.88 (36.9%) (5.1%) 9.9% 1,619 1,877 459 1.8x 1.8x 1.7x 10.6x 10.6x 9.2x 7.9% 77.6% 18.6%
Sumo Logic US 983 11.98 2.7% 59.7% 0.9% 1,468 1,126 302 3.7x 3.7x 3.2x NM NM NM 16.5% 72.0% (8.8%)
Zuora US 1,393 9.88 (34.0%) 33.9% 16.6% 1,319 1,190 386 2.7x 3.0x 2.7x NM NM 27.4x 9.4% 69.2% 10.0%
A10 Networks US 575 15.49 11.0% 16.7% 1.8% 1,148 1,018 151 3.4x 3.6x 3.6x 16.8x 16.8x 13.1x 0.0% 80.0% 27.6%
SecureWorks US 2,149 8.57 (35.3%) 6.5% 13.2% 735 603 144 1.3x 1.3x 1.3x NM NM NM 0.0% 63.3% (7.6%)
Couchbase US 740 14.06 (19.3%) (1.5%) (13.5%) 641 481 168 3.0x 3.1x 2.8x NM NM NM 11.9% 87.1% (22.3%)
Rackspace US 6,800 1.88 (83.2%) (53.9%) (20.0%) 400 4,084 273 1.3x 1.3x 1.3x 8.2x 8.2x 8.2x 0.0% 23.9% 15.9%
Brightcove US 725 4.45 (42.9%) (29.4%) (17.1%) 188 181 32 0.8x 0.9x 0.9x NM NM 10.3x 0.7% 63.4% 8.3%

` Average 5.7x 6.0x 5.0x 19.4x 19.4x 24.5x 13.3% 73.3% 15.4%
Median 3.8x 3.9x 3.7x 15.6x 15.6x 14.1x 10.4% 75.8% 17.2%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 29
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – marketing

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Salesforce US 79,390 $199.78 (5.9%) 38.9% 22.1% $199,780 $202,151 $12,508 6.3x 6.4x 5.8x 37.2x 37.2x 19.5x 10.4% 78.0% 29.9%
SAP DE 111,961 126.03 12.3% 54.6% 10.6% 147,170 152,735 10,363 4.6x 4.6x 4.3x 22.3x 22.3x 13.4x 8.2% 72.6% 32.0%
Shopify CA 11,600 47.94 (29.1%) 78.0% 16.5% 67,924 64,234 5,087 10.8x 11.5x 9.7x NM NM NM 18.7% 47.9% 0.2%
Hubspot US 7,433 428.75 (9.7%) 58.7% 10.8% 21,177 20,571 1,413 11.2x 11.9x 10.0x NM NM 65.5x 18.9% 82.8% 15.3%
AppLovin US 1,691 15.75 (71.4%) (19.2%) 16.7% 5,928 8,197 1,088 2.9x 2.9x 2.9x 14.1x 14.1x 7.7x 0.3% 70.0% 37.8%
Five9 US 2,380 72.29 (34.5%) (3.6%) 9.5% 5,144 5,319 614 6.8x 6.8x 5.9x NM NM 32.8x 15.9% 60.7% 17.9%
DoubleVerify US 902 30.15 19.8% 10.2% 14.8% 4,991 4,807 268 10.7x 10.6x 8.6x 54.6x 54.6x 28.5x 23.4% 81.9% 30.3%
Sprout Social US 1,141 60.88 (24.0%) 0.3% (0.2%) 3,352 3,188 173 11.0x 12.6x 9.6x NM NM NM 30.9% 77.2% 1.4%
Braze US 1,501 34.57 (16.6%) (0.7%) 12.6% 3,318 2,892 479 8.2x 8.1x 6.6x NM NM NM 22.8% 68.5% (11.8%)
VTEX GB 1,349 3.84 (37.6%) 3.8% (2.8%) 723 491 239 2.8x 3.1x 2.6x NM NM NM 20.7% 68.8% (2.1%)
BigCommerce US 1,500 8.94 (59.2%) (39.6%) (6.1%) 663 709 304 2.4x 2.5x 2.3x NM NM NM 10.0% 77.1% (3.6%)
LivePerson US 1,301 4.41 (81.9%) (53.2%) (56.4%) 335 686 392 1.3x 1.3x 1.3x NM NM 32.5x 0.0% 68.9% 4.1%
Weave US 806 4.97 (16.6%) (1.6%) (3.9%) 328 288 113 2.1x 2.0x 1.8x NM NM NM 10.9% 66.5% (9.2%)

` Average 6.2x 6.5x 5.5x 32.0x 32.0x 28.6x 14.7% 70.9% 10.9%
Median 6.3x 6.4x 5.8x 29.7x 29.7x 28.5x 15.9% 70.0% 4.1%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 30
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – security

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Cisco US 83,300 $52.28 (6.3%) 30.7% 8.0% $214,109 $202,005 $22,061 3.8x 3.8x 3.5x 12.8x 12.8x 9.5x 9.7% NA 36.6%
Fortinet US 12,595 66.46 (2.8%) 35.3% 11.8% 52,109 50,984 2,211 11.3x 11.5x 9.4x 47.7x 47.7x 33.6x 22.5% 75.8% 28.1%
Verisign US 916 211.33 (5.0%) 21.7% 7.4% 22,164 22,979 980 16.2x 16.1x 15.2x 23.2x 23.2x 21.2x 6.0% 86.4% 71.9%
Cloudflare US 3,217 61.66 (48.5%) 11.5% 2.7% 20,368 20,295 1,650 19.4x 20.8x 15.2x NM NM NM 36.9% 77.7% 14.2%
Zscaler US 4,975 116.83 (51.6%) (28.9%) (10.9%) 16,954 16,265 1,905 10.4x 12.1x 9.2x NM NM 50.4x 31.6% NA 18.2%
Splunk US 8,000 95.88 (35.5%) 27.5% (6.5%) 15,868 17,972 2,007 4.8x 4.9x 4.6x NM NM 24.3x 6.6% 80.6% 19.0%
Check Point Software IL 5,642 130.00 (6.0%) 16.1% 5.1% 15,704 12,223 1,638 5.3x 5.2x 5.0x 13.5x 13.5x 11.6x 4.4% 88.0% 43.5%
Okta US 6,013 86.24 (42.9%) 51.6% 21.0% 13,909 13,696 2,580 6.7x 7.4x 6.3x NM NM NM 16.9% 77.9% 7.6%
Trend Micro JP 7,669 48.67 (17.5%) (9.9%) 3.4% 6,753 4,927 1,842 3.0x 2.9x 2.6x 11.5x 11.5x 11.4x 9.9% 75.9% 23.1%
CyberArk IL 2,768 147.98 (12.3%) (1.3%) 2.2% 6,071 5,495 954 8.8x 9.3x 7.5x NM NM NM 23.4% 81.0% 2.5%
Tenable US 1,900 47.51 (17.8%) 36.5% 7.4% 5,399 5,250 567 7.3x 7.7x 6.5x NM NM 49.0x 17.9% 78.8% 13.3%
Qualys US 2,143 130.02 (8.7%) (6.7%) 10.0% 4,812 4,474 321 8.9x 9.1x 8.0x 27.1x 27.1x 19.3x 13.6% 80.1% 41.7%
Varonis Systems US 2,143 26.01 (45.3%) (1.9%) (4.0%) 2,799 2,393 733 4.7x 5.1x 4.6x NM NM 47.3x 10.8% 87.2% 9.6%
Rapid7 US 2,623 45.91 (58.7%) 7.0% (2.9%) 2,756 3,379 291 5.0x 4.9x 4.4x NM NM 42.0x 13.1% 72.5% 10.4%
Verint US 4,300 37.24 (28.0%) 10.9% (0.4%) 2,425 3,042 283 3.4x 3.4x 3.3x 25.5x 25.5x 11.8x 3.6% 70.5% 27.5%
Sumo Logic US 983 11.98 2.7% 59.7% 0.9% 1,468 1,126 302 3.7x 3.7x 3.2x NM NM NM 16.5% 72.0% (8.8%)
Secureworks US 2,149 8.57 (35.3%) 6.5% 13.2% 735 603 144 1.3x 1.3x 1.3x NM NM NM 0.0% 63.3% (7.6%)

` Average 7.3x 7.6x 6.5x 23.0x 23.0x 27.6x 14.3% 77.8% 20.6%
Median 5.3x 5.2x 5.0x 23.2x 23.2x 22.7x 13.1% 77.9% 18.2%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 31
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP BULLHOUND SAAS INDEX PUBLIC COMPARABLES

Public comps – storage

Market CY Revenue
Share Price Share Price Performance Cap EV Cash EV/Revenue EV/EBITDA Growth CY23E Margins
Company Name HQ Employee 31-Mar-23 LTM L6M L1M (m) (m) (m) LTM CY22A CY23E LTM CY22E CY23E 23/22 Gross EBITDA
Microsoft US 221,000 $288.30 (6.5%) 23.8% 15.6% $2,146,049 $2,124,539 $99,495 10.3x 10.4x 9.7x 21.7x 21.7x 20.0x 7.3% NA 48.6%
Alphabet US 190,234 104.00 (25.5%) 8.2% 15.2% 1,330,081 1,246,296 113,762 4.4x 4.4x 4.2x 13.7x 13.7x 10.8x 5.7% 55.2% 38.8%
Amazon US 1,541,000 103.29 (36.6%) (8.6%) 9.6% 1,058,439 1,158,351 70,026 2.2x 2.3x 2.1x 21.4x 21.4x 13.4x 8.5% 44.6% 15.5%
Oracle US 143,000 92.92 12.3% 52.2% 6.3% 250,866 334,417 8,769 7.1x 7.0x 6.5x 18.0x 18.0x 13.5x 7.7% NA 47.9%
Salesforce US 79,390 199.78 (5.9%) 38.9% 22.1% 199,780 202,151 12,508 6.3x 6.4x 5.8x 37.2x 37.2x 19.5x 10.4% 78.0% 29.9%
Verizon US 117,100 38.89 (23.7%) 2.4% 0.2% 163,333 343,004 2,705 2.5x 2.5x 2.5x 6.8x 6.8x 6.8x 0.7% 56.6% 36.5%
IBM US 288,300 131.09 0.8% 10.3% 1.4% 118,912 164,264 8,738 2.7x 2.7x 2.6x 13.3x 13.3x 10.4x 3.6% 55.7% 25.1%
Iron Mountain US 26,000 52.91 (4.5%) 20.3% 0.3% 15,427 28,668 142 5.5x 5.6x 5.2x 16.6x 16.6x 14.6x 8.3% 56.5% 35.5%
NetApp US 12,000 63.85 (23.1%) 3.2% (1.1%) 13,658 13,201 3,147 2.0x 2.0x 2.0x 9.9x 9.9x 8.3x 0.0% NA 24.7%
Dropbox US 3,118 21.62 (7.0%) 4.3% 6.0% 7,737 8,688 1,343 3.6x 3.7x 3.5x 16.9x 16.9x 9.8x 6.5% 81.5% 36.0%
Nutanix US 6,450 25.99 (3.1%) 24.8% (8.0%) 5,981 6,042 1,388 3.6x 3.7x 3.2x NM NM 29.7x 14.9% NA 10.8%
Box US 2,487 26.79 (7.8%) 9.8% (19.7%) 3,866 4,462 461 4.5x 4.5x 4.2x 46.0x 46.0x 13.5x 6.5% 76.0% 31.2%
CommVault US 2,848 56.74 (14.5%) 7.0% (3.6%) 2,528 2,267 273 2.9x 2.9x 2.9x 43.3x 43.3x 14.3x 0.0% NA 20.1%
Brightcove US 725 4.45 (42.9%) (29.4%) (17.1%) 188 181 32 0.8x 0.9x 0.9x NM NM 10.3x 0.7% 63.4% 8.3%

` Average 4.2x 4.2x 3.9x 22.1x 22.1x 13.9x 5.8% 63.1% 29.2%
Median 3.6x 3.7x 3.4x 17.4x 17.4x 13.5x 6.5% 56.6% 30.6%

Source: Capital IQ (as of 31 March 2023); Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material (NM) and are excluded Q1 2023 Software sector update 32
from average calculations
 Takeaways Transaction trends Public company analyses CEO commentary Public comparables About us

GP Bullhound’s Software team

This report is based on the expert insights of GP Bullhound’s worldwide team alongside detailed analysis of investment trends across the global technology
landscape. GP Bullhound’s Software sector team leverages decades of collective experience, proprietary intelligence, deep industry relationships, and
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Q1 2023 Software sector update 33

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