pharus - lighthouse july 2020

A Pharus Advisors Holdings, LLC Publication | www.pharus.com

The Lighthouse

July

2020

Software

Online & Digital

Tech Enabled Business Services



The cloud application industry continues its ascent with robust M&A activity across a variety of cloud-based platforms and services. As companies around the globe continue to shift to the cloud, strategic and financial buyers are on the hunt for innovative cloud-based technology acquisitions. The global public cloud services market is estimated to be growing at 6.3% in 2020, bringing the total market size to $257.9 billion by the end of the year, up from $242.7 billion in 2019. Encumbered slightly during the first half of 2020 by the COVID-19 pandemic, cloud growth is still expected to increase to 19.0% in 2021 and 18.6% in 2022, with the overall market reaching an estimated $354.6 million in 2022.

On July 28, 2020, Network International announced the acquisition of The Direct Pay Online Group (DPO Group) for $288 million. The DPO Group operates a cloud-based eCommerce processing platform that supports multiple transaction types with online and offline capabilities for consumers. As a leader within the eCommerce enablement space in Africa, The DPO Group will help expand Network International’s regional footprint and digital commerce capabilities.

Also, in late July, ESW Capital announced its intention to acquire Optiva Inc. for an estimated $256 million. Optiva provides cloud-native revenue management software to communication service providers around the world. This acquisition adds to ESW Capital’s extensive portfolio of mature software companies across a range of verticals with cloud capabilities.

On July 20, 2020, Thoma Bravo announced a definitive agreement to acquire Majesco for approximately $590 million. Majesco is a global leader of cloud insurance software solutions for insurance business transformation. Thoma Bravo has a history of acquiring and working with cloud-based platforms, and this acquisition will add to their large portfolio of technology companies.

In mid-July, L&T Technology Services (LTTS) announced the acquisition of Orchestra Technology for $25 million. Orchestra Technology develops a cloud-based platform for wireless telecommunications network engineering, testing, and automation applications. This acquisition comes as LTTS looks to expand its technology suite and widen its reach into the telecom OEM and service provider space.

In early July, Damstra Holdings announced a takeover bid of Vault Intelligence for approximately $58 million. Vault Intelligence is a workforce SaaS provider that offers cloud-based and mobile software products. Damstra, a fellow workforce SaaS provider, aims to leverage Vault’s unique cloud technologies and product suite to grow its capabilities and create a larger, more diversified workplace management company.

Pharus Observations

Cloud Applications Seek Lofty Valuations

2

Sources: Company filings, Press releases, Morgan Stanley, The Seattle Times, Tech Crunch, Gartner, Pharus research


If you would like to be included on (or removed from) the distribution list for The Lighthouse, please contact

Cole McCourt at [email protected].

The information contained herein is obtained from sources we believe to be reliable but its accuracy and

completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors Holdings, or one or

more of its partners, may have an interest in any of the securities or companies discussed herein.

All rights reserved by Pharus Advisors Holdings, LLC. 2020 Copyright Pharus Advisors Holdings, LLC.

I. Capital Market Trends ……….…..........

II. Public Market Valuations ………………

III. M&A Transactions …………………….

IV. Selected Transactions ………….........

V. Pharus Overview ………………..........

Table of contents

4

6

23

32

44

3


Capital market trends



Capital market trends

Relative Performance of Major Indices

Through July 31, 2020 (Base = 100, 7/31/2019)

5

Change %

Index As of 31-July-20 1 Year 3 Months 1 Month

Dow Jones 26,428.32 -1.62% 8.55% 2.38%

Nasdaq 10,745.27 31.43% 20.88% 6.82%

S&P 500 3,271.12 9.76% 12.32% 5.51%

Russell 2000 1,480.43 -5.98% 12.95% 2.71%

60.00

70.00

80.00

90.00

100.00

110.00

120.00

130.00

140.00

Russell 2000 Index (^RUT)

NASDAQ Composite Index (^COMP)

Dow Jones Industrial Average (^DJI)

S&P 500 (^SPX)


Public market

valuations



Public market valuations

Historical Median TEV / Revenue Multiples

7

Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

Application Software

Customer Relationship Management (CRM) & Customer Engagement 7.9x 6.2x 7.0x 8.4x 9.1x 9.5x

Accounting & Enterprise Resource Planning (ERP) 6.7x 4.8x 5.3x 5.6x 5.6x 6.0x

Supply Chain Management (SCM) & Logistics 6.8x 5.2x 7.2x 8.9x 9.5x 9.9x

HR & Workforce Management 3.8x 2.9x 3.3x 4.2x 4.5x 4.5x

Education Technology 1.6x 1.1x 1.5x 1.7x 1.6x 2.6x

Industrial & Automation Software 2.4x 1.9x 2.4x 2.6x 2.5x 2.4x

Business Intelligence & Data 6.2x 4.5x 5.3x 6.0x 7.1x 7.1x

Design & Engineering Software 7.0x 6.7x 7.0x 8.0x 7.9x 8.0x

EMS / Infrastructure Software

Security Software 6.4x 5.9x 6.6x 7.0x 6.7x 7.5x

System and Network Management Software 3.5x 2.3x 3.0x 3.6x 3.6x 3.4x

Platform / OS 4.3x 5.9x 6.1x 6.3x 6.2x 5.8x

Financial Solutions

Banking Solutions 8.4x 8.0x 8.4x 7.9x 7.7x 7.7x

Capital Market & Investment Solutions 6.8x 6.6x 6.8x 5.9x 5.9x 6.0x

Consumer Data & Analytics 6.6x 5.8x 6.1x 6.9x 7.0x 6.7x

Payment Processing 4.2x 3.6x 3.9x 3.5x 3.5x 3.5x

Insurance Solutions 3.6x 3.0x 4.0x 3.6x 4.3x 4.7x

Online & Digital Media

Digital Advertising & Marketing 1.6x 1.4x 1.4x 1.5x 1.7x 2.0x

Digital Media & Video 5.2x 4.1x 4.4x 6.9x 6.0x 4.0x

Digital Advertising Agencies & Service Providers 1.0x 1.0x 1.0x 1.0x 1.1x 1.0x

Online Retail & Marketplaces 2.8x 1.7x 2.3x 2.7x 3.8x 3.4x

Digital Gaming 2.6x 3.2x 3.3x 3.0x 3.4x 3.3x

Social Media 4.6x 4.1x 4.1x 5.1x 4.9x 5.4x

Digital Commerce Solutions 1.0x 0.9x 1.3x 1.2x 1.2x 1.3x

Other Digital Companies 4.1x 3.6x 3.9x 4.2x 4.5x 4.4x


IT Services, Integration & Consulting 1.5x 1.4x 1.4x 1.5x 1.5x 1.5x

Business Process Management (BPM) 4.7x 3.0x 3.5x 3.7x 4.2x 4.2x

Data Center Hosting & Services 5.2x 5.1x 5.9x 6.1x 5.8x 6.0x

Call Center 1.1x 1.1x 1.1x 1.1x 1.2x 1.2x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

Application Software EMS / Infrastructure Software

Financial Solutions Online & Digital Media


2.3x

6.0x

3.3x

6.1x

6.7x



Current & Forward Market Multiples

8

Median TEV/Revenue Median TEV/EBITDA

LTM NTM LTM NTMApplication Software

Customer Relationship Management (CRM) & Customer Engagement 9.4x 8.3x 27.6x 37.8x

Accounting & Enterprise Resource Planning (ERP) 7.4x 5.8x 30.8x 21.4x

Supply Chain Management (SCM) & Logistics 9.9x 10.4x 35.8x 33.6x

HR & Workforce Management 4.5x 4.6x 54.7x 30.1x

Education Technology 2.6x 3.2x 27.7x 16.4x

Industrial & Automation Software 2.4x 2.5x 16.4x 17.8x

Business Intelligence & Data 7.1x 7.9x 16.9x 26.0x

Design & Engineering Software 8.0x 8.0x 38.4x 28.8x


Security Software 7.5x 6.5x 36.7x 29.4x

System and Network Management Software 4.5x 3.2x 12.8x 13.3x

Platform / OS 5.8x 5.9x 15.5x 13.9x

Financial Solutions

Banking Solutions 7.7x 8.1x 28.0x 22.3x

Capital Market & Investment Solutions 6.0x 7.5x 23.7x 24.3x

Consumer Data & Analytics 6.7x 7.1x 24.3x 20.9x

Payment Processing 3.5x 3.9x 16.2x 14.8x

Insurance Solutions 4.7x 8.0x 19.8x 25.6x

Online & Digital Media

Digital Advertising & Marketing 2.0x 2.0x 13.2x 12.7x

Digital Media & Video 5.1x 4.7x 25.2x 32.2x

Digital Advertising Agencies & Service Providers 1.0x 1.2x 6.1x 7.2x

Online Retail & Marketplaces 3.4x 3.4x 25.3x 18.9x

Digital Gaming 3.3x 3.3x 15.0x 11.3x

Social Media 5.7x 5.4x 19.3x 15.3x

Digital Commerce Solutions 1.3x 1.3x 8.3x 9.2x

Other Digital Companies 4.4x 4.4x 20.5x 18.5x


IT Services, Integration & Consulting 1.5x 1.5x 11.0x 11.5x

Business Process Management (BPM) 4.4x 3.8x 12.7x 12.0x

Data Center Hosting & Services 6.5x 5.9x 32.2x 26.2x

Call Center 1.2x 1.2x 7.8x 9.8x

Medians

Application Software 6.0x 5.8x 23.6x 22.3x

EMS / Infrastructure Software 6.9x 5.9x 20.8x 17.2x

Financial Solutions 6.1x 7.1x 23.7x 22.3x

Online & Digital Media 3.5x 3.3x 18.3x 15.2x

Tech Enabled Business Services 2.3x 2.3x 11.3x 11.9x




9

TEV/Revenue TEV/EBITDA

($ in millions) TEV Market Cap LTM NTM LTM NTM

Customer Relationship Management (CRM) & Customer Engagement

Five9 NasdaqGM:FIVN $1,979 $2,013 9.1x 8.0x NM 64.7x

LivePerson NasdaqGS:LPSN $1,117 $1,175 5.0x 4.5x NM 47.0x

MINDBODY NasdaqGM:MB $1,667 $1,870 8.5x 6.2x NM NM

NICE Systems TASE:NICE $6,396 $6,414 4.9x 4.3x 20.9x 14.3x

Pegasystems NasdaqGS:PEGA $4,605 $4,860 5.7x 4.7x NM 28.0x

Salesforce.com NYSE:CRM $92,910 $96,081 8.4x 6.7x 86.1x 29.3x

SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x

Veeva NYSE:VEEV $10,157 $11,075 14.0x 11.8x 59.6x 35.5x

Zendesk NYSE:ZEN $5,545 $5,844 11.9x 9.1x NM NM

Median 8.4x 6.2x 40.3x 29.3x

Accounting & Enterprise Resource Planning (ERP)

BasWare HLSE:BAS1V $643 $650 3.7x 3.8x 42.9x NM

Blackline NasdaqGS:BL $2,110 $2,224 10.8x 8.9x NM NM

Coupa Software NasdaqGS:COUP $2,773 $3,023 14.7x 12.0x NM NM

Intuit NasdaqGS:INTU $50,242 $51,728 8.6x 7.8x 27.8x 20.9x

Kingdee International SEHK:268 $3,416 $3,593 9.7x 7.8x 74.3x 26.4x

Model N NYSE:MODN $547 $545 3.7x 3.7x NM 64.9x

Oracle NYSE:ORCL $181,553 $190,726 4.6x 4.5x 11.7x 9.5x

QAD NasdaqGS:QADA $833 $964 2.5x 2.5x NM 47.1x

Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x

Upland Software NasdaqGM:UPLD $898 $770 8.2x 6.5x 44.4x 18.0x

Median 4.9x 4.7x 27.8x 19.4x

Supply Chain Management (SCM) & Logistics

Amber Road NYSE:AMBR $260 $247 3.3x 3.0x NM 90.3x

Descartes Systems Group TSX:DSG $2,304 $2,289 9.7x 8.2x 29.0x 23.8x

Manhattan Associates NasdaqGS:MANH $2,789 $2,908 4.7x 5.1x 15.2x 20.8x

SPS Commerce NasdaqGS:SPSC $1,126 $1,292 4.9x 4.5x 52.6x 24.5x

Median 4.8x 4.8x 29.0x 24.1x

Customer Relationship Management (CRM) & Customer Engagement x


LivePerson NasdaqGS:LPSN $2,000 $2,031 7.5x 6.3x NM NM

Medallia NYSE:MDLA $3,981 $4,337 9.4x 8.3x NM NM


Pegasystems NasdaqGS:PEGA $9,459 $9,400 9.6x 8.2x NM NM


SDL LSE:SDL $561 $553 1.1x 1.2x 9.2x 10.1x

Veeva NYSE:VEEV $38,396 $39,724 32.1x 26.5x NM 71.5x

Zendesk NYSE:ZEN $10,674 $10,521 11.5x 9.6x NM 93.8x

Median 9.4x 8.3x 27.6x 37.8x


Avalara, Inc. NYSE:AVLR $10,163 $10,544 24.9x 21.1x NM NM

BasWare HLSE:BAS1V $652 $597 3.6x 3.5x 40.5x 26.4x




Kingdee International SEHK:268 $8,796 $9,198 18.3x 17.4x NM 96.6x

Linx S.A. NYSE:LINX $822 $905 5.2x 5.0x 35.5x 20.6x

Model N NYSE:MODN $1,303 $1,318 8.7x 8.1x NM 91.4x


QAD NasdaqGS:QADA $660 $770 2.2x 2.1x 67.0x 41.6x

Sage LSE:SGE $10,766 $10,453 4.2x 4.3x 13.4x 17.3x

SAP DB:SAP $199,752 $188,464 6.0x 5.8x 21.5x 17.2x

Upland Software NasdaqGM:UPLD $1,342 $872 5.5x 5.1x 26.0x 15.0x

Vertex NasdaqGM:VERX $3,368 $3,369 10.0x NA NM NA

Median 7.4x 5.8x 30.8x 21.4x





Median 9.9x 10.4x 35.8x 33.6x



Application Software (continued)

10










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

HR & Workforce Management

Atlassian Corporation NasdaqGS:TEAM $42,603 $43,605 26.4x 22.2x NM 87.0x

Benefit Focus NasdaqGM:BNFT $553 $376 1.9x 2.1x NM 19.9x

CastLight Health NYSE:CSLT $138 $166 0.9x 1.1x NM NM

Ceridian HCM NYSE:CDAY $12,262 $11,801 14.5x 14.2x 96.5x 74.8x

Cornerstone OnDemand NASDAQ: CSOD $2,186 $2,275 3.7x 2.7x 54.7x 8.8x

DHI Group NYSE:DHX $150 $122 1.0x 1.1x 5.0x 5.2x

Paycom NYSE:PAYC $16,205 $16,332 20.8x 18.9x 56.0x 46.7x

Paylocity NasdaqGS:PCTY $7,053 $7,151 12.8x 11.8x 68.2x 48.1x

TriNet Group NYSE:TNET $4,401 $4,442 1.1x 4.5x 9.3x 11.3x

Upwork NasdaqGS:UPWK $1,641 $1,729 5.2x 4.7x NM NM

Verint Systems NasdaqGS:VRNT $3,437 $2,897 2.7x 2.7x 18.5x 10.4x

Workday NasdaqGS:WDAY $42,048 $42,547 11.0x 9.7x NM 40.2x

Median 4.5x 4.6x 54.7x 30.1x

Industrial & Automation Software

3M NYSE:MMM $103,883 $86,674 3.3x 3.2x 11.7x 12.3x

ABB SWX:ABBN $63,275 $53,338 2.3x 2.5x 16.4x 18.7x

American Software NasdaqGS:AMSW.A $443 $534 3.8x 3.8x 44.6x 31.1x

Aspen Technology NasdaqGS:AZPN $6,853 $6,575 11.7x 11.6x 25.9x 22.9x

Dassault ENXTPA:DSY $50,246 $47,576 9.9x 8.9x 44.5x 26.7x

Endava NYSE:DAVA $2,667 $2,713 6.4x 5.4x 55.1x 25.4x

Emerson NYSE:EMR $42,714 $37,049 2.4x 2.6x 10.8x 13.1x

Fanuc Corporation TSE:6954 $27,487 $32,139 6.0x 5.7x 23.0x 23.2x

General Electric NYSE:GE $117,097 $53,132 1.3x 1.5x 11.7x 16.2x

HollySys Automation Tech NasdaqGS:HOLI $194 $732 0.4x 0.3x 1.7x 1.4x

Honeywell NYSE:HON $112,773 $104,825 3.3x 3.5x 13.6x 14.4x

Johnson Controls NYSE:JCI $36,593 $28,631 1.6x 1.6x 11.6x 11.2x

KUKA DB:KU2 $2,217 $1,755 0.6x 0.6x 17.8x 29.9x

Materialise NasdaqGS:MTLS $1,190 $1,192 5.7x 5.9x 53.7x 41.1x

Metso Outotec HLSE:MOCORP $6,249 $5,394 1.8x 1.3x 13.8x 10.2x

OMRON Corp TSE:6645 $12,828 $14,370 2.0x 2.1x 16.4x 16.9x

Parametric Technology NasdaqGS:PTC $10,804 $9,899 7.7x 7.2x 32.5x 21.8x

Rockwell Automation NYSE:ROK $27,442 $25,297 4.2x 4.3x 19.6x 22.3x

Schneider Electric ENXTPA:SU $69,692 $62,220 2.3x 2.3x 12.8x 13.2x

Siemens DB:SIE $147,351 $101,816 1.4x 2.2x 12.5x 15.4x

YASKAWA Electric Corp TSE:6506 $8,957 $8,620 2.4x 2.4x 23.2x 21.6x

Yokogawa Electric Corp. TSE:6841 $3,704 $4,049 1.0x 1.0x 7.0x 7.4x

Median 2.4x 2.5x 16.4x 17.8x




11










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Education Technology

Blackbaud NasdaqGS:BLKB $3,562 $3,018 3.9x 3.9x 24.7x 16.4x

K12 NYSE:LRN $1,900 $1,805 1.8x 1.7x 30.7x 13.1x

Rosetta Stone NYSE:RST $629 $658 3.4x 3.2x NM 81.6x

Sunlands Online Education Group NYSE:STG $225 $313 0.7x NA NM NA

Median 2.6x 3.2x 27.7x 16.4x

Business Intelligence & Data

Alteryx NYSE:AYX $11,567 $11,576 25.7x 21.8x NM NM

AppFolio NasdaqGM:APPF $4,838 $4,768 17.8x 13.6x NM 74.8x

Cardylitics NasdaqGM:CDLX $1,702 $1,791 7.7x 8.6x NM NM

Cloudera NYSE:CLDR $3,129 $3,329 3.8x 3.7x NM 17.8x

Corelogic NYSE:CLGX $6,995 $5,416 3.9x 3.7x 15.0x 11.9x

CoStar Group NasdaqGS:CSGP $30,793 $33,453 20.3x 17.5x 64.6x 53.7x

Datadog NasdaqGS:DDOG $27,364 $28,100 64.5x 45.2x NM NM

Domo, Inc. NasdaqGM:DOMO $953 $927 5.3x NM NM NM

Elastic N.V. NYSE:ESTC $7,940 $8,203 18.6x NM NM NM

Gridsum Holding NasdaqGS:GSUM $103 $26 2.2x NA NM NA

Health Catalyst NasdaqGS:HCAT $1,174 $1,326 7.1x NM NM NM

Inovalon Holdings NASDAQ:INOV $4,602 $3,655 7.0x 6.4x 23.9x 18.6x

MicroStrategy NasdaqGS:MSTR $778 $1,200 1.6x NA 13.6x NA

MMTEC NasdaqCM:MTC $23 $26 115.7x NA NM NA

MongoDB NasdaqGM:MDB $13,358 $13,315 28.9x 24.2x NM NM

NantHealth NasdaqGS:NH $669 $498 7.1x 8.8x NM NA

New Relic NYSE:NEWR $3,961 $4,272 6.6x 5.9x NM 60.4x

Open Text NasdaqGS:OTEX $15,213 $12,194 5.0x 4.6x 15.7x 13.0x

PROS Holdings NYSE:PRO $1,340 $1,414 5.1x 5.3x NM NM

Sabre NasdaqGS:SABR $5,232 $2,083 1.5x 2.9x 16.9x NM

Splunk NasdaqGS:SPLK $33,735 $33,334 14.2x 13.3x NM NM

TrueCar NasdaqGS:TRUE $261 $403 0.7x 1.1x NM NM

Varonis Systems NasdaqGS:VRNS $3,346 $3,410 13.3x 11.5x NM NM

Workiva NYSE:WK $2,464 $2,635 7.9x 7.1x NM NM

Yext NYSE:YEXT $1,863 $1,980 5.9x 5.1x NM NM

ZoomInfo Technologies NasdaqGS:ZI $7,557 $6,137 22.2x 16.3x 74.4x 33.4x

Median 7.1x 7.9x 16.9x 26.0x




12










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Design & Engineering Software

Ansys NasdaqGS:ANSS $26,417 $26,586 17.6x 16.2x 49.8x 37.1x

Altair Engineering NasdaqGS:ALTR $2,897 $2,937 6.3x 6.4x 76.8x 83.7x

Aurora Mobile NasdaqGM:JG $191 $212 1.7x NA NM NA

Autodesk NasdaqGS:ADSK $52,441 $51,825 15.3x 13.6x 78.7x 43.4x

Aveva Group LSE:AVV $8,717 $8,775 8.0x 8.3x 38.4x 28.8x

Cadence Design Systems NasdaqGS:CDNS $29,965 $30,458 12.3x 11.1x 43.9x 31.0x

Hexagon OM:HEXA B $26,277 $23,930 5.8x 5.7x 20.2x 15.4x

Progress Software NasdaqGS:PRGS $1,692 $1,570 3.9x 3.8x 11.1x 9.7x

RIB Software AG DB:RIB $1,313 $1,431 4.4x 3.8x 20.7x 15.4x

Synopsys NasdaqGS:SNPS $29,960 $30,040 8.8x 7.8x 38.0x 23.8x

Twilio NYSE:TWLO $37,658 $38,853 29.7x 23.5x NM NM

Median 8.0x 8.0x 38.4x 28.8x




13










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Security Software x

Check Point Software NasdaqGS:CHKP $15,982 $17,574 7.9x 7.7x 17.4x 15.7x

Cheetah Mobile NYSE:CMCM $29 $342 0.1x 0.1x NM NA

CrowdStrike NasdaqGS:CRWD $23,486 $24,450 41.7x 28.5x NM NM

CyberArk Software NasdaqGS:CYBR $3,964 $4,564 8.9x 8.0x 64.4x 38.8x

Everbridge NasdaqGM:EVBG $4,864 $4,906 22.4x 17.5x NM NM

FireEye NasdaqGS:FEYE $3,486 $3,379 3.8x 3.8x NM 24.0x

ForeScout NasdaqGM:FSCT $1,397 $1,438 4.4x 4.1x NM NM

Fortinet NasdaqGS:FTNT $20,998 $22,356 9.3x 8.1x 45.8x 29.2x

Mimecast NasdaqGS:MIME $3,026 $2,970 7.1x 5.9x 37.7x 30.1x

MobileIron NasdaqGS:MOBL $653 $728 3.0x 3.2x NM NM

Okta NasdaqGS:OKTA $27,250 $27,536 42.3x 33.0x NM NM

OneSpan NasdaqCM:OSPN $1,162 $1,252 4.4x 4.5x 34.2x 46.0x

Palo Alto Networks NYSE:PANW $24,528 $24,688 7.5x 6.5x NM 29.1x

Ping Identity Holding NYSE:PING $2,764 $2,764 10.9x 10.7x NM 97.8x

Proofpoint NasdaqGM:PFPT $6,531 $6,667 6.7x 5.9x NM 38.1x

Qualys NasdaqGS:QLYS $4,528 $4,811 13.6x 12.3x 36.7x 29.4x

Rapid7 NasdaqGM:RPD $3,036 $3,008 8.7x 7.5x NM NM

SecureWorks NasdaqGS:SCWX $855 $982 1.5x 1.5x 63.9x 61.2x

Tenable NasdaqGS:TENB $3,248 $3,436 8.1x 7.0x NM NM

Trend Micro TSE:4704 $6,614 $8,101 4.2x 4.0x 12.7x 12.7x

Tufin Software NYSE:TUFN $243 $337 2.4x 2.4x NM NM

Zix NasdaqGS:ZIXI $679 $388 3.5x 3.1x 14.9x 13.0x

Zscaler NasdaqGS:ZS $16,597 $16,948 42.4x 31.9x NM NM

Median 7.5x 6.5x 36.7x 29.4x

System and Network Management Software

A10 Networks NYSE:ATEN $517 $630 2.4x 2.2x 20.0x 12.8x

Anaplan NYSE:PLAN $5,995 $6,246 15.9x 13.2x NM NM

Cloudflare NYSE:NET $12,097 $12,638 38.2x 28.8x NM NM

CommVault Systems NasdaqGS:CVLT $1,704 $2,045 2.5x 2.5x 45.4x 14.2x

Jamf Holding Corp. NasdaqGS:JAMF $4,903 $4,724 22.3x NA NM NA

Micro Focus LSE:MCRO $5,815 $1,218 1.8x 2.0x 5.6x 5.4x

Netscout Systems NasdaqGS:NTCT $1,949 $1,845 2.2x 2.2x 11.7x 9.7x

Nutanix NasdaqGS:NTNX $4,336 $4,428 3.4x 3.2x NM NM

One Stop Systems NasdaqCM:OSS $34 $36 0.6x 0.6x 11.3x 9.9x

Parsons Corporation NYSE:PSN $3,990 $3,506 1.0x 1.0x 12.8x 11.3x

SailPoint NYSE:SAIL $2,734 $2,841 9.0x 8.4x NM NM

ServiceNow NYSE:NOW $83,095 $84,239 21.0x 17.0x NM 54.4x

Software XTRA:SOW $3,129 $3,466 3.0x 3.2x 11.3x 13.3x

SolarWinds NYSE:SWI $7,507 $5,725 7.8x 7.3x 31.1x 15.7x

Vmware NYSE:VMW $61,483 $58,755 5.5x 5.2x 26.2x 15.6x

Dynatrace NYSE:DT $12,066 $11,757 20.8x 17.6x NM 66.1x

Median 4.5x 3.2x 12.8x 13.3x



EMS / Infrastructure Software (continued)

14










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Platform / OS x

Citrix Systems NasdaqGS:CTXS $18,698 $17,635 5.8x 5.9x 21.6x 18.7x

Hewlett-Packard NYSE:HPQ $27,726 $25,139 0.5x 0.5x 5.0x 6.3x

Fastly NYSE:FSLY $9,943 $10,029 45.6x 32.2x NM NM

IBM NYSE:IBM $165,286 $109,488 2.2x 2.2x 9.3x 9.2x

Microsoft Corp. NasdaqGS:MSFT $1,497,749 $1,552,131 10.5x 9.6x 22.3x 20.5x

Median 5.8x 5.9x 15.5x 13.9x



Financial Solutions

15










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Banking Solutions x

Black Knight NYSE:BKI $13,261 $11,643 11.2x 11.1x 38.3x 22.5x

Bottomline Technologies NasdaqGS:EPAY $2,149 $2,120 4.9x 4.7x 46.4x 22.3x

Fidelity National NYSE:FIS $109,589 $90,395 9.7x 8.3x 28.0x 19.0x

Fiserv NasdaqGS:FISV $89,583 $66,808 7.2x 5.8x 22.2x 15.2x

GreenSky NasdaqGS:GSKY $397 $361 0.7x 0.8x 2.6x 6.3x

Jack Henry & Associates NasdaqGS:JKHY $13,674 $13,661 8.1x 7.8x 28.0x 24.8x

Pintec Technology NasdaqGM:PT $176 $51 1.0x NA NM NA

Q2 Holdings NYSE:QTWO $5,365 $5,004 15.9x 12.9x NM NM

Senmiao Technology Limited NasdaqCM:AIHS $25 $20 1.6x NA NM NA

Temenos Group SWX:TEMN $11,703 $10,666 12.1x 12.4x 41.2x 26.8x

Median 7.7x 8.1x 28.0x 22.3x

Capital Market & Investment Solutions

Envestnet NYSE:ENV $4,972 $4,345 5.3x 5.1x 38.7x 23.7x

FactSet Research Systems NYSE:FDS $13,562 $13,157 9.2x 8.8x 23.7x 25.1x

IRESS ASX:IRE $1,584 $1,404 4.3x 3.9x 17.5x 16.9x

Moodys NYSE:MCO $57,683 $52,799 11.1x 11.5x 21.5x 24.9x

Morningstar NasdaqGS:MORN $7,475 $7,191 5.8x NA 23.3x NA

MSCI NYSE:MSCI $33,604 $31,446 20.7x 19.2x 36.2x 34.3x

SimCorp CPSE:SIM $4,680 $4,633 8.6x 8.7x 29.4x 33.3x

SS&C Technologies Holdings NasdaqGS:SSNC $21,707 $14,734 4.7x 4.7x 12.2x 11.9x

Thomson Reuters TSX:TRI $37,663 $34,643 6.0x 6.3x 49.6x 19.9x

Median 6.0x 7.5x 23.7x 24.3x

Consumer Data & Analytics

Equifax NYSE:EFX $22,813 $19,744 6.1x 6.0x 24.3x 17.3x

Experian LSE:EXPN $36,403 $31,917 6.7x 7.1x 21.0x 20.9x

Fair Isaac NYSE:FICO $13,643 $12,736 11.1x 10.8x 39.9x 31.8x

Median 6.7x 7.1x 24.3x 20.9x



Financial Solutions (continued)

16










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Payment Processing x

ACI Worldwide NasdaqGS:ACIW $4,418 $3,106 3.3x 3.2x 18.4x 12.7x

Cielo BOVESPA:CIEL3 $4,263 $2,805 2.0x 1.9x 11.0x 14.1x

Euronet Worldwide NasdaqGS:EEFT $5,014 $5,019 1.9x 2.0x 7.9x 14.9x

EVO Payments NasdaqGM:EVOP $1,830 $939 3.8x 4.2x 14.0x 13.2x

Global Payments NYSE:GPN $61,818 $53,247 10.4x 8.6x 26.7x 18.3x

i3 Verticals, Inc. NasdaqGS:IIIV $549 $364 1.9x 3.7x 20.0x 14.7x

Net 1 Ueps Technologies NasdaqGS:UEPS $27 $176 0.1x 0.2x NM NM

PagSeguro Digital NYSE:PAGS $11,851 $12,531 16.4x 9.3x NM 25.4x

Square NYSE: SQ $56,715 $57,050 11.0x 10.5x NM NM

StoneCo Ltd. NasdaqGS:STNE $13,692 $13,219 60.0x 22.1x NM 36.8x

Median 3.5x 3.9x 16.2x 14.8x

Insurance Solutions

CorVel NasdaqGS:CRVL $1,446 $1,431 2.4x NA 14.7x NA

Ebix NasdaqGS:EBIX $1,382 $673 2.4x 2.5x 7.5x NA

Guidewire Software NYSE:GWRE $9,180 $9,787 13.0x 12.3x NM 90.3x

Sapiens International NasdaqCM:SPNS $1,583 $1,535 4.7x 4.0x 24.9x 22.5x

Verisk NasdaqGS:VRSK $33,746 $30,620 12.6x 12.1x 29.6x 25.6x

Median 4.7x 8.0x 19.8x 25.6x



Online & Digital

17










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Digital Advertising & Marketing

Alphabet NasdaqGS:GOOG.L $905,448 $1,010,385 5.5x 4.8x 18.6x 14.0x

Baidu NasdaqGS:BIDU $32,239 $41,153 2.2x 2.0x 7.8x 11.0x

Criteo NasdaqGS:CRTO $593 $822 0.3x 0.8x 1.7x 3.3x

Hubspot NYSE:HUBS $9,877 $10,235 13.7x 11.8x NM NM

iClick Interactive NasdaqGM:ICLK $631 $592 3.0x 2.5x NM 72.2x

Marin Software NasdaqGM:MRIN $15 $10 0.3x NA NM NA

Perion Network NasdaqGS:PERI $142 $159 0.5x 0.5x 6.4x 6.5x

QuinStreet NasdaqGS:QNST $524 $607 1.1x 1.0x 21.0x 12.7x

SINA Corp NasdaqGS:SINA $3,208 $2,638 1.5x 1.5x 6.0x 7.2x

Sogou NYSE:SOGO $2,243 $3,373 1.9x 1.9x 19.3x 31.9x

The Rubicon Project NasdaqGS:MGNI $594 $645 3.7x 3.0x NM NM

Yandex NasdaqGS:YNDX $18,391 $20,089 7.1x 4.9x 36.5x 25.2x

Median 2.0x 2.0x 13.2x 12.7x

Digital Media & Video

Netflix NasdaqGS:ADBE $213,471 $213,125 17.7x 15.7x 47.8x 32.2x

Bilibili NasdaqGS:BILI $14,634 $15,141 13.4x 8.6x NM NM

Blucora NasdaqGS:BCOR $867 $564 1.1x 1.1x 10.0x 6.6x

Brightcove NasdaqGS:BCOV $409 $417 2.2x 2.1x 43.6x 45.5x

Digimarc NasdaqGS:DMRC $148 $171 6.2x 5.7x NM NA

HUYA Inc. NYSE:HUYA $3,895 $5,338 3.0x 2.3x 56.4x 21.7x

IAC/Interactive NasdaqGS:IAC $9,938 $11,273 3.6x 3.3x NM 55.9x

iQIYI NasdaqGS:IQ $16,707 $15,480 4.0x 3.7x 13.8x NM

Leaf Group NYSE:LEAF $134 $138 0.8x 0.7x NM 41.0x

Netflix NasdaqGS:NFLX $226,159 $215,604 10.0x 8.4x 56.4x 42.3x

Pluralsight NasdaqGS:PS $2,579 $2,369 7.2x 6.3x NM NM

Qutoutiao NasdaqGS:QTT $918 $822 1.1x 1.0x NM NM

Roku NasdaqGS:ROKU $18,610 $18,698 15.0x 11.7x NM NM

Sonic Foundry OTCPK:SOFO $37 $33 1.0x NA 9.9x NA

VeriSign NasdaqGS:VRSN $24,911 $24,312 20.0x 19.4x 28.8x 27.4x

Xperi NasdaqGS:XPER $2,328 $2,121 6.8x 2.7x 21.5x 6.5x

Xunlei NasdaqGS:XNET $12 $251 0.1x NA 0.5x NA

Zoom Video Communications Nasdaq:ZM $70,595 $71,629 85.2x 35.7x NM NM

Median 5.1x 4.7x 25.2x 32.2x



Online & Digital (continued)

18










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Digital Advertising Agencies & Service Providers

Dentsu TSE:4324 $10,082 $6,088 1.0x 1.1x 6.1x 6.8x

IPG NYSE:IPG $11,716 $7,033 1.4x 1.5x 7.3x 9.4x

M&C Saatchi AIM:SAA $133 $85 0.2x 0.4x 3.1x 2.6x

MDC Partners NasdaqGS:MDCA $1,445 $165 1.0x NA 6.7x NA

Omnicom NYSE:OMC $15,788 $11,545 1.1x 1.2x 6.7x 7.7x

Publiclis ENXTPA:PUB $13,748 $7,648 1.0x 1.2x 4.8x 5.5x

WPP LSE:WPP $14,542 $9,076 0.8x 1.2x 5.7x 7.6x

Median 1.0x 1.2x 6.1x 7.2x

Online Retail & Marketplaces

1-800-Flowers.com NasdaqGS:FLWS $1,751 $1,816 1.3x 1.1x 14.1x 13.0x

Alibaba NYSE:BABA $664,694 $678,925 9.2x 7.0x 34.4x 23.9x

Amazon NasdaqGS:AMZN $1,605,515 $1,585,505 5.0x 4.1x 36.0x 27.2x

ASOS AIM:ASC $5,028 $4,390 1.3x 1.1x 33.1x 18.6x

Blue Apron NYSE:APRN $206 $162 0.5x 0.4x NM 18.7x

boohoo.com AIM:BOO $3,707 $3,979 2.3x 1.8x 25.0x 19.3x

Booking Holding NasdaqGS:BKNG $70,057 $68,032 4.8x 10.4x 11.9x 79.8x

Cango NYSE:CANG $783 $847 4.2x 3.4x 20.1x NA

CarGurus NasdaqGS:CARG $3,176 $3,255 5.2x 6.1x 53.7x 48.6x

Carvana NYSE:CVNA $12,473 $10,716 2.9x 2.2x NM NM

Dada Nexus NasdaqGS:DADA $6,065 $5,145 11.7x 6.3x NM NM

Ebay NasdaqGS:EBAY $42,477 $38,689 3.8x 3.9x 11.9x 10.6x

Eventbrite NYSE:EB $423 $773 1.4x 3.2x NM NM

Expedia NasdaqGS:EXPE $18,552 $11,440 2.0x 2.8x 78.3x 30.6x

Fiverr NYSE:FVRR $3,144 $3,281 26.8x 19.8x NM NM

Groupon NasdaqGS:GRPN $287 $440 0.1x 0.3x 5.0x 13.3x

Grubhub NYSE:GRUB $6,750 $6,663 4.5x 3.7x NM 56.1x

EverQuote, Inc. NasdaqGM:EVER $1,421 $1,472 5.1x 4.1x NM 80.9x

Ocado Group LSE:OCDO $19,658 $19,884 7.6x 6.5x NM NM

Overstock NasdaqGM:OSTK $2,860 $3,049 1.5x 1.3x NM NM

Pinduoduo Inc. NasdaqGS:PDD $105,068 $109,942 23.2x 12.8x NM NM

Quotient Technology NYSE:QUOT $702 $720 1.6x 1.5x 91.4x 14.2x

Rakuten TSE:4755 $14,369 $12,396 1.2x 1.0x NM 12.9x

RumbleON NasdaqCM:RMBL $142 $49 0.2x 0.3x NM NM

Shutterstock NYSE:SSTK $1,673 $1,940 2.6x 2.5x 25.6x 15.2x

So-Young International NasdaqGM:SY $1,157 $1,522 7.3x 4.2x 66.0x 17.9x

Stamps.com NasdaqGS:STMP $4,313 $4,447 7.3x 7.0x 34.0x 27.8x

The Trade Desk NasdaqGM:TTD $20,711 $20,787 29.6x 28.8x NM NM

TripAdvisor NasdaqGS:TRIP $2,642 $2,715 1.8x 4.5x 12.3x NM

Wayfair NYSE:W $26,801 $25,181 2.8x 1.9x NM NM

JMU NasdaqCM:MFH $27 $28 15.7x NA 13.9x NA

Yelp NYSE:YELP $1,546 $1,796 1.5x 2.0x 17.7x 18.9x

Median 3.4x 3.4x 25.3x 18.9x




19










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Digital Gaming

Activision NasdaqGS:ATVI $60,360 $63,665 9.4x 8.4x 29.4x 20.9x

Capcom TSE:9697 $3,626 $4,172 4.7x 4.8x 15.0x 11.3x

DouYu International NasdaqGS:DOYU $3,163 $4,273 2.8x 2.1x 84.4x 20.3x

Electronic Arts NasdaqGS:EA $35,924 $40,888 6.2x 6.3x 21.8x 18.5x

Gree TSE:3632 $124 $938 0.2x 0.2x 2.5x 2.6x

Konami TSE:9766 $3,114 $4,053 1.3x 1.4x 5.7x 6.3x

NetDragon WebSoft SEHK:777 $1,349 $1,608 1.6x 1.4x 7.1x 6.2x

Net Entertainment OM:NET B $2,383 $2,149 10.4x 9.1x 26.5x 15.8x

Nintendo TSE:7974 $40,838 $52,350 3.3x 3.3x 11.7x 10.9x

Playtech LSE:PTEC $1,556 $1,165 0.9x 1.0x 4.7x 4.7x

SciPlay NasdaqGS:SCPL $468 $333 0.9x 0.8x 3.2x 2.6x

Square Enix TSE:9684 $5,200 $6,367 2.1x 1.8x 13.7x 11.3x

Take-Two Interactive NasdaqGS:TTWO $16,929 $18,754 5.5x 6.4x 32.2x 35.3x

Ubisoft ENXTPA:UBI $10,634 $10,218 5.6x 3.5x 70.9x 6.9x

Zynga NasdaqGS:ZNGA $10,006 $10,548 6.9x 4.9x 48.7x 19.1x

Median 3.3x 3.3x 15.0x 11.3x

Social Media

BlueCity Holdings NasdaqGM:BLCT $662 $566 5.7x NA NM NA

Facebook NasdaqGS:FB $675,423 $722,659 9.0x 7.6x 19.0x 15.3x

LINE TSE:3938 $12,906 $12,697 5.8x 5.1x NM 73.3x

Mail.ru Group LSE:MAIL $6,044 $5,767 4.1x 4.0x 19.5x 14.0x

Match Group NasdaqGS: MTCH $28,414 $26,595 5.8x 12.2x 36.1x 33.1x

MeetMe NasdaqCM:MEET $456 $447 2.1x 2.0x 14.5x 12.4x

Mixi TSE:2121 $314 $1,466 0.3x 0.3x 1.7x 1.9x

Momo NasdaqGS:MOMO $2,406 $3,855 1.0x 1.0x 4.0x 4.5x

Pinterest NYSE:PINS $18,558 $20,110 15.2x 11.2x NM NM

Renren NYSE:RENN $115 $64 0.3x NA NM NA

Snap NYSE:SNAP $32,057 $32,940 16.7x 12.7x NM NM

Twitter NYSE:TWTR $24,873 $28,506 7.5x 6.9x 38.9x 25.3x

New Work XTRA:NWO $1,786 $1,842 5.0x 5.4x 21.6x 17.2x

Median 5.7x 5.4x 19.3x 15.3x

Digital Commerce Solutions

Gk Software AG DB:GKS $191 $161 1.3x 1.3x NM 8.1x

Intershop XTRA:ISHA $57 $63 1.5x 1.5x 43.5x 10.3x

NCR NYSE:NCR $6,242 $2,366 0.9x 1.0x 7.4x 6.5x

PFS Web NasdaqCM:PFSW $220 $154 0.9x 0.7x 8.3x 11.6x

Shopify NYSE:SHOP $119,151 $122,999 57.3x 41.0x NM NM

Diebold Nixdorf NYSE:DBD $2,732 $541 0.7x 0.7x 6.7x 5.9x

Worldline S.A ENXTPA:WLN $16,578 $15,777 6.0x 5.8x 29.7x 22.3x

Median 1.3x 1.3x 8.3x 9.2x




20










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Other Digital Companies

Akamai NasdaqGS:AKAM $19,559 $18,246 6.4x 6.0x 18.0x 14.0x

CooTek (Cayman) NYSE:CTK $318 $379 1.3x 0.5x NM 4.9x

Endurance International NasdaqGS:EIGI $2,400 $796 2.2x 2.2x 7.8x 8.1x

GoDaddy NYSE:GDDY $13,448 $11,615 4.4x 4.0x 25.3x 15.8x

Just Eat Takeaway.com ENXTAM:TKWY $16,404 $16,144 33.3x 7.0x NM 59.0x

Limelight Networks NasdaqGS:LLNW $762 $765 3.4x 3.1x 40.5x 22.0x

Moneysupermarket.com LSE:MONY $2,109 $2,073 4.3x 4.4x 13.7x 13.2x

NetEase NasdaqGS:NTES $57,174 $63,356 6.5x 5.5x 23.0x 20.0x

Opera NasdaqGS:OPRA $1,024 $1,184 2.4x 2.4x 15.0x 18.5x

Otello Corporation OB:OTELLO $190 $190 0.7x 0.7x 32.6x 8.1x

Phoenix New Media NYSE:FENG -$50 $108 NM -0.2x 1.9x NM

Redfin Corporation NasdaqGS:RDFN $3,957 $4,136 4.5x 4.4x NM NM

Sea NYSE:SE $56,790 $57,798 22.4x 11.9x NM NM

SurveyMonkey NasdaqGS:SVMK $3,468 $3,311 10.6x 8.9x NM 72.8x

Tencent Holdings SEHK:700 $668,110 $654,854 11.8x 9.2x 32.2x 26.1x

United Internet DB:UTDI $10,645 $8,521 1.7x 1.7x 7.4x 7.1x

Wix NasdaqGS:WIX $14,851 $15,130 18.5x 14.6x NM 84.9x

YayYo OTCPK:YAYO $16 $11 2.3x NA NM NA

Zillow NasdaqGS:ZG $14,807 $15,089 4.3x 4.3x NM NM

ZoomInfo Technologies Nasdaq:ZI $7,557 $6,137 22.2x 16.3x 74.4x 33.4x

Median 4.4x 4.4x 20.5x 18.5x




21










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

IT Services, Integration & Consulting

Accenture NYSE:ACN $140,540 $143,004 3.2x 3.1x 17.3x 17.3x

Atos Origin ENXTPA:ATO $11,763 $9,294 0.9x 0.9x 5.7x 6.2x

Bechtle XTRA:BC8 $8,500 $8,193 1.3x 1.2x 22.5x 20.7x

CACI International NYSE:CACI $7,074 $5,213 1.3x 1.2x 11.3x 11.6x

Cancom XTRA:COK $1,952 $2,323 1.0x 1.0x 11.1x 12.6x

Cap Gemini ENXTPA:CAP $23,844 $21,919 1.4x 1.3x 9.7x 8.7x

CGI Group TSX:GIB.A $20,877 $18,435 2.3x 2.2x 12.2x 11.4x

CLPS Incorporation NasdaqGM:CLPS $31 $40 0.4x NA NM NA

Cognizant Technology NasdaqGS:CTSH $35,931 $37,046 2.1x 2.2x 10.2x 11.8x

ComputaCenter LSE:CCC $2,917 $2,944 0.4x 0.4x 10.4x 9.9x

DXC Technology NYSE:DXC $12,708 $4,550 0.6x 0.7x 3.1x 4.6x

ePlus NasdaqGS:PLUS $1,137 $1,010 0.7x 0.8x 9.3x 11.0x

FDM Group LSE:FDM $1,287 $1,334 3.5x 3.8x 17.5x 19.7x

Fujitsu TSE:6702 $26,274 $26,756 0.7x 0.7x 5.9x 8.2x

HCL Technologies NSEI:HCLTECH $25,278 $25,542 2.5x 2.5x 9.7x 10.5x

Infosys NSEI:INFY $52,333 $54,686 4.1x 3.9x 16.2x 15.7x

ManTech International NasdaqGS:MANT $2,915 $2,806 1.2x 1.1x 11.0x 12.6x

MAXIMUS NYSE:MMS $4,771 $4,550 1.5x 1.6x 9.8x 12.5x

NCC Group LSE:NCC $687 $619 2.0x 2.1x 11.5x 13.3x

nCino, Inc. NasdaqGS:NCNO $6,996 $7,091 45.7x NA NM NA

Nomura Research Institute TSE:4307 $15,787 $15,700 3.1x 3.0x 15.0x 14.2x

NSD TSE:9759 $1,214 $1,454 2.0x 1.8x 12.1x 11.0x

OBIC TSE:4684 $14,679 $15,917 19.1x 17.7x 31.7x 30.5x

Perficient NasdaqGS:PRFT $1,453 $1,297 2.5x 2.3x 15.4x 12.6x

SCSK Corporation TSE:9719 $4,990 $5,258 1.4x 1.4x 9.1x 9.4x

Sopra Group ENXTPA:SOP $4,020 $3,034 0.8x 0.8x 7.1x 7.0x

Talend NasdaqGM:TLND $1,087 $1,108 4.2x 3.9x NM NM

Tata Consultancy Services NSEI:TCS $110,182 $114,258 5.3x 5.1x 19.6x 19.6x

The Hackett Group NasdaqGS:HCKT $399 $413 1.5x 1.6x 9.3x 11.1x

Tieto HLSE:TIETO $4,656 $3,489 1.7x 1.4x 15.4x 8.4x

Unisys NYSE:UIS $685 $749 0.2x 0.3x 2.3x 1.9x

Virtusa NasdaqGS:VRTU $1,544 $1,228 1.2x 1.2x 12.9x 10.7x

Wipro BSE:507685 $17,673 $21,401 2.2x 2.2x 10.6x 10.5x

Xerox NYSE:XRX $5,837 $3,547 0.7x 0.8x 4.4x 6.3x

Median 1.5x 1.5x 11.0x 11.1x



Tech Enabled Business Services (continued)

22










SDL LSE:SDL $462 $493 1.2x 1.2x 13.7x 11.4x



Median 8.4x 6.2x 40.3x 29.3x










Sage LSE:SGE $10,410 $9,538 4.4x 4.1x 16.8x 14.2x

SAP DB:SAP $133,511 $133,922 4.9x 4.7x 18.1x 13.4x


Median 4.9x 4.7x 27.8x 19.4x






Median 4.8x 4.8x 29.0x 24.1x

Business Process Management (BPM)

Appian APPN $3,451 $3,548 12.4x 12.6x NM NM

Broadridge Financial Solutions NYSE:BR $17,429 $15,425 4.0x 3.8x 19.0x 16.7x

Cardtronics NasdaqGS:CATM $1,784 $993 1.3x 1.6x 5.6x 8.1x

Cass Information Systems NasdaqGS:CASS $361 $517 2.3x NA 7.2x NA

Change Healtchare NasdaqGS:CHNG $8,168 $3,542 41.5x 2.7x NM 9.9x

Computershare ASX:CPU $6,981 $5,205 2.9x 3.1x 10.9x 11.5x

CSG Systems International NasdaqGS:CSGS $1,683 $1,345 1.7x 1.8x 8.6x 8.4x

DocuSign NasdaqGS:DOCU $39,706 $39,790 37.6x 28.3x NM NM

EVERTEC NYSE:EVTC $2,645 $2,184 5.4x 5.6x 13.1x 12.7x

Exlservice Holdings NasdaqGS:EXLS $2,279 $2,198 2.3x 2.4x 13.5x 16.5x

Genpact NYSE:G $9,117 $7,583 2.5x 2.5x 14.5x 14.7x

PagerDuty NYSE:PD $2,083 $2,399 11.6x 9.6x NM NM

Smartsheet NYSE:SMAR $5,247 $5,717 17.5x 13.6x NM NM

SS&C Technologies NasdaqGS:SSNC $21,707 $14,734 4.7x 4.7x 12.2x 11.9x

Tabula Rasa Healthcare NasdaqGM:TRHC $1,438 $1,220 4.8x 4.1x NM 28.9x

Trans Cosmos TSE:9715 $856 $1,002 0.3x 0.3x 6.0x 5.6x

WEX NYSE:WEX $8,505 $6,892 5.1x 5.2x 15.7x 12.0x

Wirecard XTRA:WDI -$2,068 $280 NM -0.5x NM NM

WNS NYSE:WNS $3,160 $3,186 3.4x 3.6x 17.6x 16.4x

Zuora NYSE:ZUO $1,253 $1,350 4.4x 4.1x NM NM

Median 4.4x 3.8x 12.7x 12.0x

Data Center Hosting & Services

Box NYSE:BOX $2,957 $2,754 4.1x 3.8x NM 20.8x

Dropbox NasdaqGS:DBX $9,384 $9,401 5.4x 4.8x 40.6x 17.7x

Equinix NasdaqGS:EQIX $80,245 $69,560 14.2x 12.9x 30.6x 27.0x

Digital Realty Trust NYSE:DLR $58,580 $43,089 17.7x 14.4x 33.7x 26.2x

Pure Storage NYSE:PSTG $4,069 $4,733 2.4x 2.3x NM 32.6x

Switch NYSE:SWCH $3,131 $1,856 6.5x 5.9x 14.5x 11.8x

Median 6.5x 5.9x 32.2x 26.2x

Call Center

Sykes Enterprises NasdaqGS:SYKE $1,278 $1,109 0.8x 0.8x 5.6x 7.7x

TTEC Holdings NasdaqGS:TTEC $2,638 $2,211 1.6x 1.6x 10.0x 12.0x

Median 1.2x 1.2x 7.8x 9.8x

A Pharus Advisors Holdings, LLC Publication | www.pharus.com 23

M&A transactions



M&A transactions


24

Date

Announced Period Target Buyer

Enterprise

Value

Revenue

Multiple

Jul-20 Q3'2020 Reflexis Systems, Inc. Zebra Technologies Corporation $575.0 8.7x

Jul-20 Q3'2020 Optiva Inc. ESW Capital, LLC $256.6 3.1x

Jul-20 Q3'2020 Delphi Technology, Inc. Sapiens International Corporation N.V. $19.5 1.3x

Jul-20 Q3'2020 Openet Telecom Limited Amdocs Limited $180.0 2.6x

Jul-20 Q3'2020 Dunstan Thomas Group Limited Curtis Banks Group plc $35.0 2.6x

Jul-20 Q3'2020 Majesco Thoma Bravo, LLC $587.4 3.7x

Jul-20 Q3'2020 Société Maghrébine de Monétique SA MEDTECH $12.4 0.9x

Jul-20 Q3'2020 Orchestra Technology, Inc. L&T Technology Services Limited $25.0 1.7x

Jul-20 Q3'2020Industrial and Financial Systems, IFS

AB

TA Associates Management, L.P.; EQT

Partners AB$3,419.2 4.3x

Jul-20 Q3'2020 Vault Intelligence Limited Damstra Holdings Limited $43.1 14.1x

Jul-20 Q3'2020 AusSpec International Limited Imdex Limited $5.9 5.6x

Jul-20 Q3'2020 EFS Technology Ltd Formpipe Software AB $7.5 1.5x

Jun-20 Q2'2020 Eggplant Keysight Technologies, Inc. $330.0 8.7x

Jun-20 Q2'2020 Vricon, Inc. Maxar Technologies Inc. $140.0 4.7x

Jun-20 Q2'2020 Iconic Translation Machines Ltd. RWS Holdings plc $20.0 16.7x

May-20 Q2'2020 CX Company CM.com $17.0 2.6x

May-20 Q2'2020Beijing Yitian Xindong Network

Technology

Shenzhen Shenghuayu Energy Conservation

Service$44.1 3.0x

May-20 Q2'2020 SAP Digital Interconnect Sinch $243.9 0.7x

Apr-20 Q2'2020Shanghai Zhaoxin Software

Technology Shenzhen Diruishi Jewelry $5.8 58.8x

Apr-20 Q2'2020 Velocimetrics Beeks Trading Corporation $5.7 4.0x

Apr-20 Q2'2020Shenzhen Zhongying Weirong

TechnologyLakala Payment Corporation $29.5 0.7x

Apr-20 Q2'2020 Wealth Systems Informatica Bematech SA $5.2 1.3x

Mar-20 Q1'2020 Chatlayer Sinch $7.4 8.6x

Mar-20 Q1'2020 Open LMS business of Blackboard Inc Learning Technologies $31.7 2.0x

Mar-20 Q1'2020 XMedius Solutions Inc. Open Text Corporation $75.0 1.9x


M&A transactions


25

Date


Enterprise

Value

Revenue

Multiple

Mar-20 Q1'2020 Finzsoft Solutions Limited (NZSE:FIN)First Credit Union; CRX Investments; Police

and Families Credit Union$8.1 1.2x

Feb-20 Q1'2020 RIB Software SE (XTRA:RIB) Rheingoldhöhe 50 $1,429.1 6.8x

Feb-20 Q1'2020 Qumu Corporation (NasdaqCM:QUMU) Synacor, Inc. (NasdaqGM:SYNC) $39.8 1.2x

Jan-20 Q1'2020 FireMate Software Pty. Ltd. Halma plc (LSE:HLMA) $12.3 9.3x

Jan-20 Q1'2020 Shanghai Pantosoft Company Limited. Retech Technology Co., Limited (ASX:RTE) $11.0 4.1x

Jan-20 Q1'2020 BlackBag Technologies Inc. Cellebrite Mobile Synchronization Ltd. $33.0 2.7x

Jan-20 Q1'2020 AutoEnginuity, L.L.C. Drew Technologies, Inc. $20.0 5.0x

Dec-19 Q4'2019 LogMeIn, Inc. (NasdaqGS:LOGM) Francisco Partners; Evergreen Coast Capital $4,677.0 3.7x

Dec-19 Q4'2019 TiVo Corporation (NasdaqGS:TIVO) Xperi Corporation (NasdaqGS:XPER) $2,177.7 2.9x

Dec-19 Q4'2019 Instructure, Inc. (NYSE:INST) Thoma Bravo, LLC $2,011.0 7.7x

Dec-19 Q4'2019 Telaria, Inc. (NYSE:TLRA) The Rubicon Project, Inc. (NYSE:RUBI) $441.4 5.5x

Nov-19 Q4'2019 The Apri Group of Companies People Corporation (TSXV:PEO) $33.8 2.7x

Dec-19 Q4'2019 Commerce21 Corporation Estore Corporation (JASDAQ:4304) $11.9 0.6x

Dec-19 Q4'2019Xcelerator Machine Translation

Solutions Ltd.Keywords Studios plc (AIM:KWS) $7.9 8.8x

Dec-19 Q4'2019 Brocante Inc. en-japan inc. (TSE:4849) $5.5 8.2x

Dec-19 Q4'2019P&I Personal & Informatik

AktiengesellschaftHgCapital LLP - 15.1x

Dec-19 Q4'2019 CM.Com B.V.Dutch Star Companies One

(ENXTAM:DSC1)- 2.4x

Dec-19 Q4'2019 Woowa Brothers Corp. Delivery Hero SE (XTRA:DHER) - 14.9x

Nov-19 Q4'2019 The Apri Group of Companies People Corporation (TSXV:PEO) $33.8 2.7x

Nov-19 Q4'2019 Buildium, LLC RealPage, Inc. (NasdaqGS:RP) $580.0 11.6x

Nov-19 Q4'2019 Novabase Digital S.A. VINCI Energies Portugal, SGPS, S.A. $40.1 1.0x

Nov-19 Q4'2019 Netalogue Technologies plc Truecommerce Holdings Limited $7.4 3.7x

Oct-19 Q4'2019 Shenzhen HAWK Internet Co., Ltd. TCL Electronics (Huizhou) Co., Ltd $28.4 1.3x

Oct-19 Q4'2019Business Operating Software Solution

Limited- $38.1 11.1x

Oct-19 Q4'2019 Gauddi BV ZetaDisplay AB (publ) (OM:ZETA) $7.2 1.5x


M&A transactions


26

Date


Enterprise

Value

Revenue

Multiple

Oct-19 Q4'2019 Astea International Inc. (OTCPK:ATEA) IFS Americas, Inc. $74.8 2.8x

Oct-19 Q4'2019 Fenix Media Limited / Face US Inc. Access Intelligence Plc (AIM:ACC) $5.8 0.7x

Sep-19 Q3'2019 myelefant SAS Sinch AB (publ) (OM:SINCH) $23.5 2.1x

Sep-19 Q3'2019 Mitrais Pte. Ltd. CAC Holdings Corporation (TSE:4725) $26.9 1.7x

Sep-19 Q3'2019 StatPro Group plc (AIM:SOG) Confluence Technologies, Inc. $244.4 3.4x

Aug-19 Q3'2019Enterprise Security assets Of

Symantec CorporationBroadcom Inc. (NasdaqGS:AVGO) - 4.6x

Aug-19 Q3'2019 Pivotal Software, Inc. (NYSE:PVTL) VMware, Inc. (NYSE:VMW) $3,428.1 4.4x

Aug-19 Q3'2019 Carbon Black, Inc. (NasdaqGS:CBLK) VMware, Inc. (NYSE:VMW) $1,816.8 9.0x

Aug-19 Q3'2019Jiangsu Share-sun Information

Technology Co., Ltd.

Shanghai Guao Electronic Technology Co.,

Ltd. (SZSE:300551)- 6.0x

Aug-19 Q3'2019 Cxense ASA (OB:CXENSE) Piano Software B.V. $35.0 2.0x


M&A transactions


27

Date


Enterprise

Value

Revenue

Multiple

Jul-20 Q3'2020 GlobalSCAPE, Inc. HelpSystems, LLC $233.2 5.5x

Apr-20 Q2'2020Shanghai Qianyun Information

TechnologyShanghai Guao Electronic Technology $3.4 8.1x

Apr-20 Q2'2020 Neighbor System MAXROTEC $12.2 0.5x

Mar-20 Q1'2020 BroadVision, Inc. ESW Capital $17.2 4.6x

Mar-20 Q1'2020 iBlocks Limited Tracsis plc $27.0 7.0x

Mar-20 Q1'2020 Vayavya Labs KPIT Technologies $5.7 4.6x

Feb-20 Q1'2020Forescout Technologies, Inc.

(NasdaqGM:FSCT)

Advent International Corporation; Crosspoint

Capital Partners, LP$1,884.2 5.3x

Feb-20 Q1'2020 Ruro, Inc. Brooks Life Science Systems $15.0 3.0x

Jan-20 Q1'2020 GASTROFIX GmbH Lightspeed POS Inc. (TSX:LSPD) $126.3 10.1x

Dec-19 Q4'2019 Nasstar plc (AIM:NASA) GCI Managed Services Group Limited $101.5 2.8x

Dec-19 Q4'2019 Glosfer Co., Ltd. Glosfer Labs, Inc. (KOSDAQ:A032860) $22.3 57.2x

Nov-19 Q4'2019 Carbonite, Inc. (NasdaqGM:CARB) Open Text Corporation (NasdaqGS:OTEX) $1,494.4 3.4x

Oct-19 Q4'2019Race Roster Business Operation of

Fast North CorporationASICS Corporation (TSE:7936) $28.1 5.4x

Oct-19 Q4'2019 CSG Limited (ASX:CSV) Fuji Xerox Asia Pacific Pte Ltd. $253.2 1.7x

Oct-19 Q4'2019 Cision Ltd. (NYSE:CISN) MJ23 UK Acquisition Limited $2,818.0 3.8x

Oct-19 Q4'2019 PowerupCloud Technologies Pvt. Ltd. Larsen & Toubro Infotech Limited (NSEI:LTI) $15.0 4.3x

Oct-19 Q4'2019 Datatrend Technologies, Inc.Converge Technology Solutions Corp.

(TSXV:CTS)$17.5 0.2x

Sep-19 Q3'2019 Dynatech Inc. ValueCommerce Co., Ltd. (TSE:2491) $25.4 1.6x

Sep-19 Q3'2019 Wise lausnir ehf Centara ehf $7.3 0.6x

Sep-19 Q3'2019 Substantially all Assets of EcomdashEndurance International Group Holdings, Inc.

(NasdaqGS:EIGI)$9.6 6.0x

Sep-19 Q3'2019 REGISTER S.p.A. team.blue $441.9 3.8x

Sep-19 Q3'2019MAM Software Group, Inc.

(NasdaqCM:MAMS)

Kerridge Commercial Systems Group

Limited$158.8 4.1x

Aug-19 Q3'2019 HCL Insys Pte. Ltd. PCCW Solutions Limited - 0.5x


M&A transactions

Tech Enabled Services

28

Date


Enterprise

Value

Revenue

Multiple

Jul-20 Q3'2020 The Direct Pay Online Group Network International Holdings plc $288.0 18.0x

Jul-20 Q3'2020 Techedge S.p.A. OEP 14 Coöperatief U.A. $174.2 0.7x

Jul-20 Q3'2020 EASY SOFTWARE AG Battery Ventures $103.2 1.5x

Jul-20 Q3'2020 Weare4C UK Limited Wipro Limited $78.8 2.1x

Jul-20 Q3'2020 Seer Security Pty Ltd Tesserent Limited $10.7 2.0x

Jul-20 Q3'2020IVIA Comércio e Serviços de

Informática Ltda.Wipro Limited $22.4 1.7x

Jul-20 Q3'2020 Mac Solutions SA TXT e-solutions S.p.A. $7.0 1.4x

Jul-20 Q3'2020 CITYCOMP Service GmbH S&T AG $6.8 0.3x

Jun-20 Q2'2020 Boldon James Ltd HelpSystems, LLC $37.2 3.3x

Jun-20 Q2'2020 Productora De Software S.A.S. Perficient, Inc. $70.9 2.2x

Jun-20 Q2'2020 Fortumo OU Boku, Inc. $45.0 6.2x

Jun-20 Q2'2020 Finjan Holdings, Inc. Fortress Investment Group LLC $46.0 0.8x

Jun-20 Q2'2020 Infraxis AG TAS International S.A. $20.3 3.8x

Jun-20 Q2'2020 Mathway, LLC Chegg, Inc. $110.8 8.5x

Jun-20 Q2'2020 OptimalPlus Ltd. National Instruments Israel Ltd. $365.0 7.2x

Jun-20 Q2'2020 Creative Knowledge Pte. Ltd. Wangsu Science & Technology Co.,Ltd. $116.5 5.3x

May-20 Q2'2020Beijing Yousheng Tengfei Information

Technology Co., Ltd.Jinzhou Cihang Group Co., Ltd. $70.1 1.4x

Apr-20 Q2'2020 GSX Participations SA Martello Technologies Corporation $13.4 2.8x

Apr-20 Q2'2020 Castleton Technology plc (AIM:CTP) MRI Software Limited $105.2 3.3x

Mar-20 Q1'2020 KEN FIRST Financial Products Group $5.2 1.1x

Mar-20 Q1'2020 Collab Netadmin System i Sverige $6.4 0.9x

Mar-20 Q1'2020 Workrite Ltd Ideagen $8.9 4.0x

Mar-20 Q1'2020 Terra Payment ServicesInternational Finance Corp; Prime Ventures;

Partech Africa $22.8 9.9x

Mar-20 Q1'2020Fawry for Banking Technology and

Electronic Payments

Responsability Participations; Egyptian-

American Enterprise Fund and others$233.7 5.7x

Feb-20 Q1'2020 Engineering Ingegneria InformaticaBain Capital Private Equity, LP; NB

Renaissance Partners$1,760.6 1.2x


M&A transactions

Tech Enabled Services (continued)

29

Date


Enterprise

Value

Revenue

Multiple

Feb-20 Q1'2020 ICO Group Limited - $40.6 0.5x

Feb-20 Q1'2020 EdgeRock Technologies, LLC BG Staffing $21.6 0.5x

Feb-20 Q1'2020 Askida Inc. Alithya Group $12.1 1.2x

Feb-20 Q1'2020IT Business Domain Of Chiyoda

System TechnologiesTIS Inc $3.7 0.1x

Jan-20 Q1'2020 KSNET Stonebridge Capital $237.2 1.3x

Jan-20 Q1'2020 sum.cumo GmbH Sapiens International $31.6 1.7x

Dec-19 Q4'2019 Allat Corporation KG Mobilians $448.9 2.0x

Dec-19 Q4'2019 Data Respons AKKA Technologies $428.8 2.1x

Dec-19 Q4'2019 VersaPay Corporation 1233518 B.C. Ltd. $104.0 17.1x

Dec-19 Q4'2019 ChinaSoft Kingsoft Technology Beijing Chinasoft IP Investment $18.3 0.9x

Dec-19 Q4'2019 Prop Tech plus Inc. MINKABU THE INFONOID $11.8 2.3x

Nov-19 Q4'2019 SpireMedia, Inc. Kin and Carta $34.9 3.7x

Nov-19 Q4'2019 CYCL AG LiveTiles Limited $22.8 2.4x

Nov-19 Q4'2019 VSS Holdings, LLC Converge Technology Solutions $29.2 0.4x

Oct-19 Q4'2019 Intrinsyc Technologies Lantronix, Inc. $24.0 1.0x

Oct-19 Q4'2019 InterXion Digital Realty Trust $9,077.3 13.6x

Oct-19 Q4'2019 BroadenGate Software Services Infore Investment Holding Group $21.3 1.4x

Oct-19 Q4'2019 PeopleWare ICT Solutions Proact IT Group AB $18.7 0.6x

Oct-19 Q4'2019 Sophos Group plc Thoma Bravo, LLC $3,914.6 5.5x

Oct-19 Q4'2019 Brady plc Abalone Asset Management Limited $15.3 0.5x

Oct-19 Q4'2019 AECOM Management ServicesAmerican Securities LLC; Lindsay Goldberg

LLC$2,405.0 0.7x

Sep-19 Q3'2019Substantially All Assets of First Source

Electronics, LLC

Commercial Vehicle Group, Inc.

(NasdaqGS:CVGI)$44.8 1.0x

Sep-19 Q3'2019 1Strategy, LLC TEKsystems Global Services, LLC $3.7 1.8x

Sep-19 Q3'2019 Shanghai Yulun Education Technology Shanghai Xinnanyang Only Education &

Technology$11.9 13.5x

Aug-19 Q3'2019 Presidio, Inc. (NasdaqGS:PSDO) BC Partners $2,244.2 0.8x


M&A transactions

Tech Enabled Services (continued)

30

Date


Enterprise

Value

Revenue

Multiple

Aug-19 Q3'2019Computer Task Group, Incorporated

(NasdaqGS:CTG)Assurance Global Services LLC $96.1 0.3x

Aug-19 Q3'2019 Sanderson Group plc (AIM:SND) Aptean Limited $107.9 2.5x

Aug-19 Q3'2019 NCXX Solutions Co., Ltd. Jitsugyo no Nihon Sha, Ltd. - 0.2x


M&A transactions

Online & Digital

31

Date


Enterprise

Value

Revenue

Multiple

Jul-20 Q3'2020Kydon Learning Systems Institute Pte.

Ltd.Alpha Energy Holdings Limited $8.6 1.6x

Jul-20 Q3'2020 Stitcher, Inc. Sirius XM Holdings Inc. $325.0 4.5x

Jul-20 Q3'2020 Webcentral Group Limited Web.com Group, Inc. $65.3 1.0x

May-20 Q2'2020 Hint Inc. Revance Therapeutics, Inc. $180.0 128.6x

Apr-20 Q2'2020Webtoon Business and Web Novel

Platform of KT CorporationStoryWiz Inc. $6.6 0.3x

Mar-20 Q1'2020Digital Applications International

LimitedDematic Limited $133.8 3.0x

Jan-20 Q1'2020Mamezou Holdings Co.,Ltd.

(TSE:3756)Integral Corporation $332.2 1.0x

Jan-20 Q1'2020 Blackstone Federal ECS Federal, LLC $85.0 1.9x

Jan-20 Q1'2020 Incentive Technology Group, LLC ICF Incorporated, L.L.C. $255.0 2.8x

Dec-19 Q4'2019 Nantong Qiyun Technology Shanghai Donghui Network Technology $18.6 10.4x

Oct-19 Q4'2019 Virtual Access (Ireland) Ltd. Westermo Teleindustri AB $20.0 1.5x


Selected transactions



has been acquired by

The undersigned acted as the exclusive

financial advisor to Bow & Arrow in

connection with the transaction


Accenture acquires Bow & Arrow, a U.K.- based digital ventures consultancy

Transaction Summary Key Profiles

• Bow & Arrow is a digital ventures consultancy that

works with clients to identify and create new digital

products and services that fulfill unmet customer

needs. Its expertise is in the emerging category of

“white space” identification — finding opportunities

for businesses to grow in new market sectors and to

offer new experiences.

• Accenture is a leading global professional services

company, providing a broad range of services and

solutions in strategy, consulting, digital, technology

and operations. Combining unmatched experience

and specialized skills across more than 40

industries and all business functions —

underpinned by the world’s largest delivery network

— Accenture works at the intersection of business

and technology to help clients improve their

performance and create sustainable value for their

stakeholders. With 492,000 people serving clients in

more than 120 countries, Accenture drives

innovation to improve the way the world works and

lives. Accenture Interactive helps the world’s

leading brands transform their customer

experiences across the entire customer journey.

Through its connected offerings in design,

marketing, content and commerce, Accenture

Interactive creates new ways to win in today’s

experience-led economy.

33

On working with Pharus, Bow & Arrow CEO and

Founder Ben Slater commented “…Firstly, Ken and

Suhail are not brokers, they are strategic geniuses,

with deep emotional intelligence and intellect.

Secondly, they speak your language not someone

else’s, and they care so much about your world inside

and outside of the process. Most importantly, they are

of a size where they are your day to day guys from the

very first meeting to the final execution. Pharus took

our business to the next level… they made damn

sure that we set ourselves up for success for many

years to come.”

• Pharus is pleased to announce our role as the

exclusive financial advisor to Bow & Arrow in its

sale to Accenture. Bow & Arrow has built its

success on its ability to blend analytics with

creativity, and vision with execution. The

consultancy works with clients across a variety of

industries, with a focus on communications, media

and technology. Bow & Arrow sits at the center of

the disruption and innovation agenda for clients.

They work in cross-functional ‘Start Up’ teams,

which combine strategists with commercial,

research, creative thinking and analytical skills.

They also incorporate creatives who have

commercial, strategic, customer and product

understanding to design transformational

experiences.

• About the transaction with Accenture Interactive,

Bow & Arrow CEO and Founder Ben Slater

commented, “We work with clients when there is

an urgent need for fast growth outside of their

core business, but they don’t know what to do

next. Working with Accenture Interactive

dramatically increases our capacity to provide

game-changing implementation too for these

clients.”




financial advisor to Happen Group in



Accenture Acquires UK-Based Innovation Firm Happen


• Happen is a global innovation agency that brings

world-class talent, technologies and expertise

together to grow and protect businesses and

brands. Happen’s worldwide team, across offices in

London, Amsterdam and New York, possess a wide

range of innovation skills, including strategy, design,

ideation, insight and research. Happen’s work,

powered in part by proprietary technology and data-

gathering platforms, drives measurable and

meaningful business impact for organizations

across the consumer landscape.

• Accenture is a leading global professional services

company, providing a broad range of services and

solutions in strategy, consulting, digital, technology

and operations. Combining unmatched experience

and specialized skills across more than 40

industries and all business functions —

underpinned by the world’s largest delivery network

— Accenture works at the intersection of business

and technology to help clients improve their

performance and create sustainable value for their

stakeholders. With 492,000 people serving clients in

more than 120 countries, Accenture drives

innovation to improve the way the world works and

lives.

34

On working with Pharus, Happen co-founder David

Walker, added “having a seasoned and experienced

advisor by our side was critical, which enabled us to

secure a perfect and high-calibre match for our next

chapter of growth, along with providing high-quality

support to see the transaction through.”


exclusive financial advisor to Happen GP Ltd.

(Happen) in its sale to Accenture. Happen will

become part of Accenture’s Products Industry X.0

business, which helps clients use advanced digital

technologies to reinvent their products, services

and business models to achieve higher efficiency

and growth in operations across the enterprise —

including design and engineering, manufacturing,

supply chain management, logistics and customer

support.

• About the transaction with Accenture, Happen co-

founder Mark Cowan commented, “Joining

Accenture will enable us to scale our offerings and

capabilities and deliver our services to an even

greater range of clients. We’re excited to become

part of one of the world’s truly great companies.”

• Happen’s shareholders retained Pharus because

of our broad expertise in advising market-leading

digital transformation and innovation services

companies, our comprehensive knowledge of the

innovation, strategy, branding and product

development services competitive landscape, and

our bespoke, high-impact approach to M&A

advisory.




financial advisor to CVDM Solutions

SAS (dba Planorama) in connection

with the transaction


Trax Retail Acquires Planorama, leading provider of image recognition solutions for CPG and retail execution


• Planorama is a leading pioneer in image recognition

solutions providing Artificial Intelligence powered

retail execution and space planning solutions to

major CPG companies. Based on shelf pictures

from any source, its image recognition solutions can

instantly analyze and recognize millions of product

items and deliver immediate actional retail insights

for clients and its teams. Today, Planorama powers

multinational companies such as Unilever,

Mondelez and Coca Cola as it operates across 6

continents with 5 offices worldwide.

• Trax is the global provider of computer vision

solutions and analytics for retail. The company

enables tighter execution controls in-store and

provides clients with the ability to leverage

competitive insights through its in-store execution

tools, market measurement and analytics services

to unlock revenue opportunities at all points of sale.

Many of the world’s top brands and retailers

leverage Trax globally in more than 50 countries to

manage in-store execution and increase revenues

at the shelf.

35

Vincent Jacques, Chairman of Planorama, said about

Pharus, “Excellent work Pharus! Way to sprint over

the finish line and truly bring in immense value from the

initial stages of go-to-market preparation to the very

end of negotiation and diligence. The Pharus team has

seamlessly helped us through each step of the

process, providing a systematic approach and clear

insights to ensure a successful transaction. I’m

impressed with their vast industry knowledge, business

acumen, and dedication working around the clock

accommodating different time zones – fantastic job

Pharus.”


exclusive financial advisor to Planorama in its sale

to Trax. Transaction terms were not disclosed.

Smollan and WPP were minority shareholders of

Planorama.

• The transaction will strengthen Trax’s position in

image recognition technology and services,

enhancing retail execution and space planning

solutions, while extending its global presence with

longstanding high-profile clients.

• The shareholders of Planorama retained Pharus

due to our deep expertise in enterprise software

(particularly SaaS) and data analytics pertaining

to retail technology sectors, our longstanding

success in cross-border transaction completions,

and our bespoke approach to M&A advisory. We

executed a comprehensive M&A process that

involved identifying and approaching a broad set

of strategic and financial buyers, spearheading

marketing activities, leading due-diligence, and

negotiating transaction terms.



Tata Consultancy Services Acquires W12 Studios,

award-winning digital design agency

Transaction Summary


exclusive financial advisor to W12 Studios Limited

(W12) in its sale to Tata Consultancy Services.

W12 will become part of TCS Interactive, the

digital design division within TCS’ Business &

Technology Services organization. The

transaction, TCS’ first in the digital space, will

further strengthen TCS Interactive’s array of

creative and experience service offerings.

• The shareholders of W12 retained Pharus

because of our broad expertise in marketing

digital transformation services companies, our

comprehensive knowledge of the design and

strategy services competitive landscape, and our

bespoke approach to M&A advisory. We executed

a targeted M&A process that involved identifying

and approaching a customized universe of

strategic buyers, spearheading marketing

activities, leading due-diligence, and negotiating

transaction terms.

Key Profiles

• Founded in 2012 and based in London, W12

imagines and builds iconic products and

experiences for renowned media and technology

brands worldwide. With industry-leading expertise in

visual, interaction, motion, sonic and creative

technology, W12’s competencies span the full

range of the service journey, from developing

innovative brand strategies to building expectation-

exceeding product ideas and prototypes. W12 has

defined, designed, and prototyped digital products

for leading media services and technology

companies across 14 countries.

• Tata Consultancy Services is an IT services,

consulting and business solutions organization that

has been partnering with many of the world's

largest businesses in their transformation journeys

for the last fifty years. TCS offers a consulting-led,

cognitive powered, integrated portfolio of IT,

Business & Technology Services, and engineering.

This is delivered through its unique Location

Independent Agile delivery model, recognized as a

benchmark of excellence in software development.

• Tata Consultancy Services was founded in 1968

and is based in Mumbai, India. Tata Consultancy

Services Limited is a subsidiary of Tata Sons

Limited.



financial advisor to W12 Studios Limited in


36

Fabian Birgfeld, Co-Founder and Chief Executive

Officer of W12, said about Pharus, “We are very

grateful to the Pharus team for working tirelessly and

supporting us throughout the exploratory process and

due diligence stage. Their availability and expertise

were absolutely essential in bringing TCS and us

together and completing this transaction.”



Infosys Acquires Fluido, Largest Salesforce Consulting Partner in the Nordics

Transaction Summary

• Pharus served as the exclusive financial advisor

to Fluido Oy in their sale to Infosys Limited

(NSEI:INFY).

• Executing on its strategy to help clients navigate

the next in their digital transformation journey, this

acquisition strengthens Infosys’ position as a

leading Salesforce enterprise cloud services

provider, and enhances its ability to provide

clients an unparalleled cloud-first transformation.

• Pharus was mandated by Fluido’s shareholders to

execute a comprehensive process, that involved

identifying and approaching a targeted set of

strategic and financial buyers, spearheading

marketing and due-diligence, and negotiating the

terms of the transaction.

• Infosys acquired Fluido for all-cash purchase price

of up to €65 million ($76 million), including earn-

out and bonuses.

Key Profiles

• Fluido is the leading Salesforce Consultancy and

Partner in the Nordics. Fluido offers consulting,

development and integration services tailored for

customer needs to make customer data meaningful

in the moments that matter the most. Fluido’s

headquarters are in Espoo, Finland, with additional

offices in Denmark, Norway, Slovakia and Sweden.

• Infosys is a global leader in next-generation digital

services and consulting. They provides business

information technology services, including

application development and maintenance,

independent validation, infrastructure management,

and business process management services, as

well as engineering services, such as engineering

and life cycle solutions; and consulting and systems

integration services comprising consulting,

enterprise solutions, systems integration, and

advanced technologies.

• Infosys was founded in 1981 and is headquartered

in Bengaluru, India.



financial advisor to Fluido Oy in


37

Kai Mäkelä, Chief Executive Officer of Fluido, said

about Pharus, “The Pharus team is amazing. They

were by our side through every step of the process,

providing keen insights, thorough preparation and a

depth of relationships in our market. Most important the

Pharus team worked tirelessly for the best interests of

our shareholders and employees. We are confident that

the transaction with Infosys provides our shareholders

with the greatest value combined with the best platform

for our continued growth. THANKS TO THE PHARUS

TEAM!!”




financial advisor to Domino Media Group,

Inc. in connection with the transaction


Domino Media Group Acquired by Multiply Media

Transaction Summary

• Pharus served as the exclusive strategic advisor to

Domino Media Group, Inc. in its transaction with

Multiply Media. Transaction terms were not

disclosed.

• With this transaction, Multiply reinforces its focus on

creating and cultivating enduring, digital-first brands

in its sizeable lifestyle categories. Domino joins

Multiply’s family of brands, which includes

FashionBeans, HealthyWay, and Urbo. The Domino

brand stands to expand its core audience with

additional support centered on analytics and

technology.

• Pharus was retained by the shareholders of Domino

(including Launch Capital and iNovia) due to our

extensive knowledge of and M&A experience in the

digital media and eCommerce sectors.

• In its role as an advisor, Pharus was mandated to

execute a comprehensive M&A process, that

involved identifying and approaching a targeted set of

strategic buyers, spearheading marketing activities,

leading due-diligence, and negotiating transaction

terms.

Key Profiles

• Domino is a Millennial-focused women’s lifestyle

media and eCommerce company with roots in home,

design, DIY, and entertaining. Established in 2005,

the company quickly solidified its position as an

editorial leader in the home décor space through its

publications. Domino relaunched in 2013, introducing

their expanded content across print, digital and

commerce platforms.

• Multiply is a premium digital publisher fluent in

technology and analytics platforms built to support

and invest in editorial leaders in high value consumer-

centric content categories. The Company operates a

number of notable digital properties including

FashionBeans, HealthyWay, and Urbo.

38




financial advisor to Idean Enterprises

Oy in connection with the transaction


Idean Enterprises OY Acquired By Capgemini

Transaction Summary

• Pharus served as the exclusive financial advisor to

Idean Enterprises Oy in its sale to Capgemini.

Transaction terms were not disclosed.

• This transaction will reinforce Capgemini’s user-

centered and digital-first experience design and

strategy services, particularly in North America,

and extend its network of Digital studios. This

transaction is geared to meet growing customer

demand for the Group's end to end digital services.

• The shareholders of Idean retained Pharus due to

our knowledge of the design and strategy services

sector, as well as our M&A advisory experience

with digital, innovation and cloud services

businesses. We executed a comprehensive M&A

process that involved identifying and approaching

a broad set of strategic buyers, spearheading

marketing activities, leading due-diligence, and

negotiating transaction terms.

Key Profiles

• Idean Enterprises, a fast-growing digital strategy and

experience design consultancy focuses primarily on

digital user experience (UX), customer experience

(CX), and digital strategy. Their client list extends from

disruptive Bay Area start-ups, global tech leaders to

prominent brands in automotive and consumer

electronics, looking to reinvent themselves for the

digital era. Clients include LG, Mercedes-Benz, Sony,

Volkswagen, 23andMe, Airbus, Cole Haan, Ericsson,

IBM, Intel, and Kesko.

• Capgemini provides consulting, technology, and

outsourcing services. Its consulting services include

strategy and transformation, finance and technology

transformation, human resources consulting, supply

chain management, solutions environment, and

innovation. It serves manufacturing, retail, consumer

products, distribution and transportation, aerospace

and defense, and financial services industries across

the world.

Risto Lähdesmäki, Chief Executive

Officer of Idean, said about Pharus:

“These guys just rock! I could not be happier with

having chosen Pharus as our investment banking

advisor. Since I knew this would be once-in-a-lifetime

deal for me and whole team, I wanted to set multiple

records and Pharus accepted the challenge - and boy

we set many. At every step Pharus added immense

value and astutely guided us to the most optimal

outcome for the shareholders and for everyone in Idean.

I'm very pleased with their experience, dedication, and

diligence - working hard 24/7 as one team, we were able

to get a complicated deal closed in a compressed time

frame. Pharus was with us right from beginning to end to

ensure a successful process. The way they guided me

and the team with a human touch was just amazing –

I truly felt they had our back all the time. We could not

have achieved these results without Pharus - a deal

that worked like a dream for all the stakeholders.”

39




financial advisor to Fahrenheit 212 LLC

in connection with the transaction


Capgemini US Acquires Fahrenheit 212, a Leading Innovation and Design Consultancy

Transaction Summary


to Fahrenheit 212 LLC in its sale to Capgemini.

Transaction terms were not disclosed.

• This transaction will augment the capabilities of

Capgemini’s global strategy and transformation

consulting organization, Capgemini Consulting, to

provide new innovation, business transformation

and digital customer experiences solutions. This

bolt on acquisition fits into Capgemini’s digital

innovation growth strategy.

• The shareholders of Fahrenheit 212 retained

Pharus due to our knowledge of the innovation

services sector, as well as out M&A advisory

experience with digital and cloud services

businesses. We executed a comprehensive M&A

process that involved identifying and approaching

a broad set of strategic and private equity buyers,

spearheading marketing activities, leading due-

diligence, and negotiating transaction terms.

Key Profiles

• Fahrenheit 212, an innovation and design

consultancy, focuses on defining innovation

strategies and develops new products, services,

and experiences that create sustainable, profitable

growth for global clients such as The Coca-Cola

Company, Marriott, and Citi.

• Capgemini provides consulting, technology, and

outsourcing services. Its consulting services include

strategy and transformation, finance and technology

transformation, human resources consulting, supply

chain management, solutions environment, and

innovation. It serves manufacturing, retail,

consumer products, distribution and transportation,

aerospace and defense, and financial services

industries across the world.

40




financial advisor to Toolbox Solutions,

Inc. in connection with the transaction


SPS Commerce (NasdaqGS:SPSC) Acquires Toolbox Solutions, a Leading Provider of Retail Solutions in North America

Transaction Summary


to Toolbox Solutions, Inc. in their sale to SPS

Commerce, Inc. (NasdaqGS:SPSC)

• The acquisition serves to strengthen SPS

Commerce’s retail analytics portfolio, and further

broadens their network of more than 60,000

organizations in 60 countries to include leading

retailers and CPG suppliers in the North American

convenience, grocery, and drug store segments.

• Pharus was mandated by Toolbox Solutions’

shareholders to execute a comprehensive

process, that involved identifying and approaching

a targeted set of strategic and financial buyers,

spearheading marketing and due-diligence, and

negotiating the terms of the transaction.

• SPS Commerce acquired all of the shares of

ToolBox Solutions for approximately $18.4 million

in cash and $4.5 million in stock which represents

approximately 65,000 shares.

Key Profiles

• ToolBox Solutions is a leading provider of point-of-

sale analytics, retail and loyalty software solutions,

and category management services to retailers and

consumer packaged goods suppliers across the US

and Canada. The company has established

relationships with many leading retailers and CPG

suppliers in the convenience, grocery and drug

store segments. The employees will continue to be

based in Toronto.

• SPS Commerce provides cloud-based supply chain

management solutions worldwide through their

platform which improves the way suppliers,

retailers, distributors, and other customers manage

and fulfill orders. The company is headquartered in

Minneapolis.

41



Ziff Davis Acquires Offers.com, a Leader in the Digital Coupon and Deal Space

Transaction Summary


to Offers.com, LLC in their sale to Ziff Davis, LLC,

a subsidiary of j2 Global (NasdaqGS:JCOM).

• The acquisition further expands Ziff Davis’

portfolio of market leading digital properties, and

strengthens their position in the growing online

deals and offers segment.

• Pharus was mandated by Offers.com’s

shareholders to execute a comprehensive

process, that involved identifying and approaching

a targeted set of strategic and financial buyers,

spearheading marketing and due-diligence, and

negotiating the terms of the transaction.

• Transaction terms were not disclosed.

• Pharus had also served as the exclusive financial

advisor to Offers.com in 2010, when it received

$7M in a round of funding from Susquehanna

Growth Equity.

Key Profiles

• Offers.com operates a leading online marketplace

that connects millions of consumers with coupons,

promo codes, deals, and discounts from thousands

of leading merchants. Offers.com is headquartered

in Austin, TX.

• Ziff Davis is a digital media company that engages

in the digital publishing of content in gaming,

technology, and men’s lifestyle categories. It

operates PCMag.com, IGN.com, and AskMen.com.

Ziff Davis is headquartered in New York, NY.

• Ziff Davis is owned by J2 Global. J2 Global

operates through two segments:

− Business Cloud Services – Offers cloud

services to sole proprietors, small to medium-

sized businesses and enterprises, and

government organizations; provides eFax,

KeepItSafe, LiveDrive, eVoice and Onebox.

− Digital Media – Operates a portfolio of Web

properties, including PCMag.com, IGN.com,

Speedtest.net, AskMen.com, and

TechBargains.com.



financial advisor to Offers.com, LLC in


42


Retail

Solutions

Industrial

Software

Retail

Software

Social

TV Software

IT

Services

The undersigned acted as financial advisor to

ExperTune Inc., in its sale to Metso Corporation

November 2012

Pharus Advisors, LLC


Principals of the undersigned acted as financial

advisor to SocialGuide, Inc. in its sale to Nielsen

Holdings N.V. and NM Incite, LLC, a joint venture

between Nielsen and Mckinsey & Company, Inc.

November 2012




financial to Teachers Synergy Inc. in


May 2014

Pharus Securities

Completed a growth financing with

P H A R U S S E C U R I T I E S

Digital Revenue

Management

The undersigned acted as financial advisor to

Bluewolf Inc., in the sale of its Remote DBA

business to Datavail Corporation, Inc.

December 2012



Remote DBA Business

Broadcast

Technology

Fuel Payment

& Coupon

The undersigned acted as the exclusive financial

advisor to AmberFin Ltd., in its sale to Dalet S.A.

(ENXTPA:DLT)

April 2014

Pharus Securities



Education

Technology

The undersigned acted as the exclusive financial advisor to RoyaltyShare, Inc. in its

sale to The Orchard Enterprises, Inc.

November 2014

Pharus Securities



The undersigned acted as the exclusive financial advisor to P97 Networks, Inc. in


Pharus Securities

Received Series A financing of $8 million from


Digital

Agency

Online

Marketing

Innovation

Services

The undersigned acted as the exclusive financial advisor to Control Group, Inc., and its affiliates, in connection with the transactions

Pharus Securities, LLC

has merged with


to form


43


Pharus overview



New York Headquarters244 Fifth Avenue 12th Floor | New York, NY 10001 | 212.904.0100

We are committed to providing clients a high level

of attention, independent and objective advice, and

creative solutions in challenging environments

Pharus overview

Introduction to Pharus

Industry

Specialization

& Experience

Digital Media &

Advertising

Software / SaaS

Education Technology

Digital & Creative

Services

Performance Marketing

Data & Analytics

Industrial Technology

Consumer

Global Reach /

Cross-border

Expertise

New York headquarters,

with offices and affiliates

in major technology

hubs across the globe

Extensive

Advisory &

Capital Market

Capabilities

Mergers & Acquisitions

Valuation &

Fairness Opinions

Corporate Advisory

Private Placements

Principal Investments

Recapitalizations

Strong

Network of Key

Relationships

110+Successful

Transactions

Completed

900+ Strategic Buyer

Relationships

1,500+ Venture Capital

& Private Equity

Relationships

Founded in 2001

Contact Information

Michael E. GoodmanCo-Founder & Sr. Managing Director

212.904.0102

[email protected]

Kenneth M. HarrellCo-Founder & Sr. Managing Director

212.904.0101

[email protected]

45


The information contained herein is obtained from sources

we believe to be reliable but its accuracy and

completeness, and that of the opinions based thereon, is

not guaranteed. Pharus Advisors Holdings, or one or more

of its partners, may have an interest in any of the securities

or companies discussed herein. All rights reserved by

Pharus Advisors Holdings, LLC. 2020 Copyright Pharus

Advisors Holdings, LLC.

If you would like to be included on (or removed from) the

distribution list for The Lighthouse, please contact Cole McCourt

at [email protected].

Disclaimer

46

pharus - lighthouse july 2020

Documents