Enterprise Software - Market Insights - Fall 2023.pdf

The global enterprise software market was valued at $217 billion in 2022 and is estimated to grow at a CAGR of 11.5%, reaching $416 billion by 2028.

1. 1HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
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Member FINRA/SIPC
Investment Banking | Mergers & Acquisitions | Capital Raising
Hyde Park Capital Advisors, LLC
701 N Franklin Street
Tampa, FL 33602
Tel: [phone]
www.hydeparkcapital.com
Overview
Nationally recognized investment bank
founded in 2000
Over 300 transactions completed, totaling
more than $10 billion in transaction value
Extensive relationships with leading
institutional lenders, PE investors,
and strategic buyers
Proven ability to source quality buyers
and maximize deal value
Industry Expertise
Investment Banking Services
Mergers & acquisitions, recapitalizations,
and management buyouts
Capital raising of equity, mezzanine, and
senior debt capital
Financial advisory, analytical support,
and fairness opinions
Comprehensive and targeted sell-side
marketing efforts
•Technology •Healthcare
•Business Services •Industrial Services
•Financial Services•Consumer
HYDE PARK CAPITAL
Integrity | Expertise | Results
Enterprise Software
Market Insights
Fall 2023

2. 2HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising$217
$242
$269
$300
$335
$373
$416
$0
$150
$300
$450
20222023(P)2024(P)2025(P)2026(P)2027(P)2028(P)
•The global enterprise software market was valued at $217 billion in 2022
and is estimated to grow at a CAGR of 11.5%, reaching $416 billion by
2028.
•As of October, the total value of enterprise software deals in the global
private equity sector has reached $58.3 billion this year, encompassing 426
transactions. Notably, Silver Lake and Canada Pension Plan Investment
Board led the way by acquiring Qualtrics from the Nasdaq for $12.5 billion.
•This year's acquisitions have included both perpetual license and recurring
SaaS models. However, industry frontrunners in this field are adeptly
utilizing both models, positioning themselves favorably in the eyes of
customers and investors. By 2026, roughly 75% of organizations will pivot to
a cloud-centric digital model. This shift is underpinned by robust growth in
digital infrastructure investment and cloud analytics advancements,
reducing the need for frequent software upgrades while ensuring universal
data accessibility.
•The incorporation of AI serves as a compelling catalyst, elevating customer
satisfaction, streamlining organizational management and optimizing data
organization. With the increasing adoption of AI, there is a parallel rise in
the demand for enterprise software integrated with AI capabilities. A
noteworthy 78% of companies anticipate using AI for software development
in the next 3-5 years, indicating a significant technological shift that will
undeniably impact the enterprise software landscape.
•Despite a general plateau in VC activity over the last two quarters,
enterprise software is poised for significant investor interest as cloud
adoption, AI integration, technology investments and data-centric solutions
collectively bolster the market's strength and outlook. Signaling a positive
trend for the future of the enterprise software market, is the broader
software industry having its highest M&A deal volume (besides 2Q’23),
since 2Q’22 at 873 deals.
Sources: Pitchbook, Capital IQ, Grand View Research, Gartner, Deloitte, Silicon ANGLE, EY, Bloom Equity Partners.
Market Observations
Enterprise Software Market Update
Global Enterprise Software Market Size
(# of Deals)
Private Equity Deals in Enterprise Software*
($ in billions)
*As of Oct. 25, 2023423
450
764
654
426
0
200
400
600
800
2019 2020 2021 2022 YTD'23

3. 3HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising$70
$78
$86
$95
$105
$116
$129
$0
$50
$100
$150
20222023(P)2024(P)2025(P)2026(P)2027(P)2028(P) 35%
16%
7%
6%
6%
30%
Salesforce
Microsoft Dynamics 365
Sales
Hubspot
Oracle Netsuite
Zoho CRM
Other
Sources: Pitchbook, Capital IQ, Grand View Research, Gartner, Statista, Select Hub, Business.com.
Market Observations
Customer Relationship Management Market Update
Global CRM Software Market Size
Top 5 CRMs Used by Small Businesses
($ in billions)
•The global CRM software market was valued at $70 billion in 2022 and is
estimated to grow at a CAGR of 10.7%, reaching $129 billion by 2028.
•After a slowdown of activity in the CRM and overall enterprise software
market, mostly due to macro-economic conditions, the CRM space has
experienced a resurgence. This resurgence can be attributed to investors
gaining confidence in the market, drawn in by the appealing features of
CRM, notably SAAS-based recurring revenue streams, and the widespread
utilization of this software across various end-markets.
•CRM providers are now focusing on offering consolidated services within
software suites to cater to the demand for seamless customer engagement.
Coupled with the increased service offerings embedded in CRM software,
advancements in communicative AI are transforming CRM, enabling
autonomous systems to optimize customer engagement.
•The retail sector remains a prominent end-market player, propelled by the
surge in digital commerce and the wealth of customer data derived from
online shopping and mobile apps. Retail enterprises are progressively
embracing CRM software to gain insights into business expansion, market
trends and to elevate the customer experience. This trend is driven by a
heightened emphasis on digital marketing and the adoption of advanced IT
solutions.
•Approximately 91% of organizations with 10+ employees utilize CRM
systems. Compelling evidence suggests a positive correlation between CRM
implementation and elevated performance, productivity and accuracy in
business operations. Specifically, the adoption of CRM systems has been
associated with improved pricing accuracy, contributing to enhanced
competitiveness and profitability for businesses.

4. 4HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Deal Date Target Buyer/Acquirer Target Business Description Target Sector
10/24/23
Developer of a supply chain management software that provides supply
scheduling, transportation scheduling, inventory planning and more.
Supply Chain
Management
10/13/23
Developer of an enterprise resource planning software that offers cash
management, business financials, project management solutions and more.
Enterprise Resource
Planning
10/13/23
Developer of a work and asset management software that helps with project
management and costing, employee tasking, performance analysis and more.
Enterprise Resource
Planning
09/12/23
Developer of a solar business management software that provide a full suite of
sales and operations tools backed by professional services.
Enterprise Resource
Planning
09/11/23
Developer of a content lifecycle management platform that creates, delivers,
manages and analyzes content.
Content Management
09/05/23
Developer of a software that automates and accelerates the process of
completing security questionnaires.
Information
Technology
07/31/23
Developer of a real estate content management platform designed to deliver
content, make property websites and collect payments from real estate agents.
Content Management
07/11/23
Developer of a supply chain management software that provides supplier
evaluation, production inspection, supplier development and more.
Supply Chain
Management
Select Enterprise Software M&A Transactions
Source: Pitchbook

5. 5HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Deal Date Target Buyer/Acquirer Target Business Description
09/12/23
Developer of an AI based-CRM software that automates digital marketing and performs various tasks
such as customer acquisition, user retention, retargeting, re-engagement, app monetization and more.
08/31/23
Developer of a cloud-based CRM software that offers tools to automate data collection and cross-
channel marketing.
08/23/23
Developer of a CRM software catering to libraries that connects with library data to segment patrons,
automate email campaigns, create personalized web experiences and more.
08/20/23
Developer of a CRM platform that provides services such as sales integration, campaign automation,
sales analytics, customer satisfaction and more.
08/04/23
Developer of an omni-channel CRM software that includes automated collections, lead management,
contact center software, performance management, marketing analytics and more.
08/01/23
Developer of a CRM software that provides actionable analytics, real-time quoting, marketing
automation, mobile CRM and more.
07/20/23
Developer of a CRM software that provides contact management, corporate marketing, workflow
approval, email marketing, reporting, analytics and more.
07/10/23
Developer of a CRM software that provides digital marketing, email marketing campaigns, real-time
insights, personalized content creation, customer-centric strategies and more.
Select CRM M&A Transactions
Source: Pitchbook

6. 6HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Deal Date Target Major Investor(s) Target Business Description
Deal
Type
Deal Size
($M)
Target
Sector
10/30/23
Developer of an AI-powered security platform that provides
near real-time event detection, intuitive search, cross-
network search and more.
Later-Stage
VC
$20 Cybersecurity
10/26/23
Developer of a software that creates onboarding, licensing,
and appointing processes for insurers and producers while
ensuring growth and compliance.
Series B $125
Enterprise
Resource
Planning
10/18/23
Developer of an AI-driven platform that provides fast, multi-
bank and ERP connectivity, real-time cash positions & working
capital analytics, automated A/R reconciliation and more.
Seed Round $12
Enterprise
Resource
Planning
10/03/23
Developer of a supply chain analysis platform that predicts
supply availability and finds additional suppliers, identifies
climate or economic risks and more.
Seed Round $2
Supply Chain
Management
10/01/23
Developer of a of conversion optimization software that
enhances conversions on websites which provides automation
and eliminates manual marketing processes.
Series A $7
Content
Management
09/14/23
Developer of a platform that can organize several projects,
create company or product roadmaps, organize projects based
on where they fit into the roadmap and more.
Series B $35
Enterprise
Resource
Planning
09/12/23
Developer of a content management software that helps to
create content, acquire subscribers and maximize revenue.
Early-Stage
VC
$7
Content
Management
07/12/23
Developer of a software that automates the supply chain
process for purchasing, selling, inventory management,
vendor/customer management, accounting and more.
Series C $132
Supply Chain
Management
Select Enterprise Software Capital Raising
Source: Pitchbook

7. 7HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Deal Date Target Major Investor(s) Target Business Description Deal Type
Deal Size
($M)
11/06/23
Developer of a software that provides services such as cognitive search,
review analysis, sentiment insights, text classification and keyword
extraction.
Series B $20
10/26/23
Developer of a CRM cloud software that prioritizes web visitors, qualifies
hot leads and instantly connects them to the sales, onboarding and support
teams.
Early-Stage VC $2
10/06/23 Undisclosed Investors
Developer of a platform that accelerates partner onboarding, marketing
collaboration and deal registration and helps manage content, increase
partner engagement and offer real-time reporting.
Series B $10
10/05/23
Developer of a software that provides cognitive dialogue technology to
measure customer decisions at a rapid speed to understand the company's
worth and keep its value propositions updated.
Series A-2 $6
09/25/23
Developer of a software designed to streamline and automate automotive
dealership digital marketing by harnessing their own first-party data to get
results across a list of growing channels and platforms.
Series A $10
09/19/23 Undisclosed Investors
Developer of a software that works across secure customer relationship
management systems to identify the proverbial needles in the haystack of
customer information.
Seed Round $2
09/01/23
Developer of a software that offers various services including contact
management, lead generation and more.
Seed Round NA
08/11/23 Undisclosed Investors
Developer of a software that provides sales tracking, customer relationship
management, predictive sales analytics and process quality management.
Series A $3
Select CRM Capital Raising
Source: Pitchbook

8. 8HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising(20%)
0%
20%
40%
60%
80%
100%
120%
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23
Indexed Stock Performance
Source: Capital IQ as of 11/27/23
(1) BI and Analytics: PLTR, DDOG, SPLK, DT, INFA, TDC, MSTR, AYX, AI, PD, DOMO, EXAI, VERI
(2) Communications and Collaboration: TEAM, OTEX, DOCU, ZI, JNPR, TWLO, DBX, SMAR, FIVN, BOX,
RNG, ASAN, TMV, EXTR, JAMF, EVBG, EGHT, API, ONTF
(3) CRM and Marketing: CRM, ADBE, SHOP, HUBS, ZI, PEGA, FRSH, VRNT, BRZE, SPT, TTGT, YEXT,
BIGC, LPSN, UPLD, CDLX, BCOV
(4) Cybersecurity: PANW, FTNT, CRWD, ZS, GEN, CHKP, OKTA, FFIV, CYBR, QLYS, TENB, RPD, S,
VRNS, RDWR, SCWX, WITH
(5) Engineering: SNPS, CDNS, ROP, ADSK, ANSS, PTC, BSY, TRMB, ALTR
(6) ERP and SCM: MSFT, ORCL, SAP, NOW, WTC, MANH, DSGX, SPSC, KXS, TNE, ZUO
(7) Financial and Accounting Software: FIS, BR, SSNC, JKHY, GWRE, CWAN, NCNO, QTWO, IIIV
(8) HCM: ADP, WDAY, PAYX, PAYC, CDAY, PCTY, TNET, PYCR, DCBO
(9) Infrastructure: CSCO, SNOW, MDB, VRSN, NET, AKAM, NTAP, PATH, NTNX, ESTC, DOCN, HCP,
RXT, APPN, CVLT, SOW, SWI, FSLY, FROG
(10) Vertical Software: VEEV, TYL, U, DOX, TOST, PCOR, GTLB, APPF, BLKB, ENV, ESMT, AMK, LRN,
MDRX, TWOU, EBIX, OLO, HSTM, RSKD, FCL
(11) Workflow Automation: MSFT, CRM, ADBE, IBM, NOW, OTEX, PATH, XRX, PEGA, APPN
ERP and SCM, 54.8%
Engineering, 35.9%
Workflow Automation, 62.0%
CRM and Marketing, 53.4%
Infrastructure, 38.7%
NASDAQ, 30.7%
BI and Analytics, 97.9%
Vertical Software, 17.6%
HCM, (4.4)%
Cybersecurity, 47.4%
Communications and
Collaboration, 5.2%
Financial and Accounting
Software, 11.2%

9. 9HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingBI and Analytics
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Palantir Technologies Inc. PLTR $19.08 87.3% $42,617 $39,652 $2,125 $1,699 $69 79.9% 3.3% 18.7x 573.8x*
Datadog, Inc. DDOG 111.92 94.8% 35,942 34,488 2,008 1,607 (60) 80.0% NM 17.2x NM
Splunk Inc. SPLK 151.59 99.7% 24,968 26,591 3,843 3,018 107 78.5% 2.8% 6.9x 246.9x*
Dynatrace, Inc. DT 52.05 93.2% 15,362 14,737 1,297 1,070 162 82.5% 12.5% 11.4x 112.9x*
MicroStrategy Incorporated MSTR 495.38 92.6% 6,802 8,997 504 396 (253) 78.5% NM 17.8x NM
Informatica Inc. INFA 24.75 98.4% 7,084 8,106 1,549 1,229 212 79.3% 13.7% 5.2x 38.2x
Teradata Corporation TDC 47.13 81.6% 4,859 5,161 1,828 1,103 257 60.3% 14.1% 2.8x 20.1x
Alteryx, Inc. AYX 37.47 53.1% 2,633 3,284 920 793 (187) 86.1% NM 3.6x NM
C3.ai, Inc. AI 29.01 59.4% 3,251 2,504 274 174 (285) 63.6% NM 9.1x NM
PagerDuty, Inc. PD 21.54 61.0% 1,958 1,757 406 333 (82) 81.9% NM 4.3x NM
Domo, Inc. DOMO 9.23 48.3% 324 393 318 243 (64) 76.5% NM 1.2x NM
Exscientia plc EXAI 6.13 53.2% 758 333 30 (8) (202) NM NM 11.1x NM
Veritone, Inc. VERI 2.19 19.9% 80 150 137 109 (44) 79.3% NM 1.1x NM


Average 72.5% $11,280 $11,242 $1,172 $905 NM 77.2% 9.3% 8.5x NM
Median 81.6% $4,859 $5,161 $920 $793 NM 79.3% 12.5% 6.9x NM
Enterprise Value /
LTM LTM Margins LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

10. 10HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingCommunications and Collaboration
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Atlassian Corporation TEAM $180.32 83.6% $46,341 $45,348 $3,705 $3,042 ($172) 82.1% NM 12.2x NM
Open Text Corporation OTEX 39.77 92.0% 10,777 18,897 5,058 3,850 1,255 76.1% 24.8% 3.7x 15.1x
Dropbox, Inc. DBX 28.35 98.8% 9,862 10,814 2,465 1,993 524 80.8% 21.2% 4.4x 20.7x
Juniper Networks, Inc. JNPR 27.28 79.0% 8,927 9,331 5,649 3,222 824 57.0% 14.6% 1.7x 11.3x
Twilio Inc. TWLO 62.85 78.9% 11,574 8,911 4,103 1,994 (262) 48.6% NM 2.2x NM
DocuSign, Inc. DOCU 42.35 61.0% 8,572 8,007 2,654 2,109 243 79.5% 9.2% 3.0x 33.8x*
ZoomInfo Technologies Inc. ZI 13.88 42.8% 5,576 6,313 1,225 1,084 294 88.5% 24.0% 5.2x 21.5x
Five9, Inc. FIVN 73.99 82.6% 5,290 5,385 880 464 (34) 52.7% NM 6.1x NM
Smartsheet Inc. SMAR 41.68 78.9% 5,507 5,016 867 687 (144) 79.2% NM 5.8x NM
Box, Inc. BOX 25.93 74.1% 3,972 4,557 1,020 766 100 75.1% 9.8% 4.5x 45.9x*
RingCentral, Inc. RNG 27.78 56.3% 2,648 4,255 2,156 1,502 31 69.7% 1.4% 2.0x 145.3x*
Asana, Inc. ASAN 20.51 78.1% 4,382 4,130 607 546 (318) 90.0% NM 6.8x NM
TeamViewer SE TMV 14.72 75.9% 2,576 3,049 650 565 220 86.9% 33.8% 4.7x 13.9x
Extreme Networks, Inc. EXTR 16.52 50.5% 2,210 2,232 1,368 801 165 58.6% 12.0% 1.6x 13.6x
Jamf Holding Corp. JAMF 16.60 66.4% 2,057 2,219 540 432 (63) 79.9% NM 4.1x NM
Everbridge, Inc. EVBG 20.52 56.4% 829 1,111 450 319 (1) 70.8% NM 2.5x NM
8x8, Inc. EGHT 2.95 45.5% 343 739 737 513 11 69.5% 1.5% 1.0x 69.9x*
Agora, Inc. API 2.72 56.1% 281 106 146 91 (53) 62.6% NM 0.7x NM
ON24, Inc. ONTF 7.32 65.4% 338 131 171 124 (51) 72.5% NM 0.8x NM


Average 69.6% $6,951 $7,397 $1,813 $1,269 $135 72.6% 15.2% 3.8x 16.0x
Median 74.1% $4,382 $4,557 $1,020 $766 $11 75.1% 13.3% 3.7x 14.5x
Enterprise Value /
LTM LTM Margins LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

11. 11HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingCRM and Marketing
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Adobe Inc. ADBE $619.27 99.0% $285,344 $281,924 $18,886 $16,598 $7,039 87.9% 37.3% 14.9x 38.5x*
Salesforce, Inc. CRM 224.79 94.4% 222,542 224,046 33,071 24,645 7,704 74.5% 23.3% 6.8x 29.1x
Shopify Inc. SHOP 73.79 99.1% 94,342 90,546 6,651 3,251 (77) 48.9% NM 13.6x NM
HubSpot, Inc. HUBS 465.42 80.1% 23,033 22,223 2,058 1,721 (77) 83.6% NM 10.8x NM
ZoomInfo Technologies Inc. ZI 13.88 42.8% 5,576 6,313 1,225 1,084 294 88.5% 24.0% 5.2x 21.5x
Braze, Inc. BRZE 53.08 98.7% 5,109 4,689 409 278 (148) 68.0% NM 11.5x NM
Pegasystems Inc. PEGA 51.79 87.4% 4,289 4,536 1,355 975 24 71.9% 1.7% 3.3x 178.3x*
Freshworks Inc. FRSH 18.96 79.7% 5,522 4,388 569 468 (181) 82.2% NM 7.7x NM
Sprout Social, Inc. SPT 54.29 73.3% 3,008 2,989 310 239 (59) 77.2% NM 9.7x NM
Verint Systems Inc. VRNT 24.84 61.0% 1,619 2,274 888 618 135 69.5% 15.2% 2.6x 16.8x
TechTarget, Inc. TTGT 30.00 56.7% 893 1,015 246 173 33 70.3% 13.3% 4.1x 31.1x
BigCommerce Holdings, Inc. BIGC 8.65 64.6% 645 730 298 224 (63) 75.2% NM 2.5x NM
Yext, Inc. YEXT 6.54 45.6% 807 718 403 307 (12) 76.2% NM 1.8x NM
LivePerson, Inc. LPSN 2.85 15.7% 212 589 429 280 (36) 65.2% NM 1.4x NM
Upland Software, Inc. UPLD 4.71 48.5% 152 512 304 205 47 NM 15.5% 1.7x 10.8x
Cardlytics, Inc. CDLX 7.45 38.1% 260 433 303 125 (54) 41.3% NM 1.4x NM
Brightcove Inc. BCOV 2.48 33.6% 106 112 200 123 (14) 61.4% NM 0.6x NM


Average 65.8% $38,439 $38,120 $3,977 $3,018 NM 71.4% 18.6% 5.8x 21.9x
Median 64.6% $3,008 $2,989 $429 $307 NM 73.2% 15.5% 4.1x 21.5x
Enterprise Value /
LTM LTM Margins LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

12. 12HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingCybersecurity
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Palo Alto Networks, Inc. PANW $269.09 99.7% $92,876 $91,205 $7,207 $5,287 $784 73.4% 10.9% 12.7x 112.7x*
CrowdStrike Holdings, Inc. CRWD 210.07 98.6% 49,535 47,190 2,642 1,956 (65) 74.0% NM 17.9x NM
Fortinet, Inc. FTNT 53.74 66.1% 42,620 40,507 5,173 3,954 1,319 76.4% 25.5% 7.8x 29.1x*
Zscaler, Inc. ZS 191.91 98.4% 28,015 26,906 1,758 1,362 (170) 77.5% NM 15.3x NM
Gen Digital Inc. GEN 21.33 89.2% 13,790 22,719 3,777 3,050 1,825 80.8% 48.3% 6.0x 12.4x
Check Point Software Technologies Ltd.CHKP 145.69 99.9% 17,412 15,955 2,390 2,116 927 88.5% 38.8% 6.7x 17.2x
Okta, Inc. OKTA 70.28 76.8% 11,296 10,763 2,065 1,498 (530) 72.5% NM 5.2x NM
F5, Inc. FFIV 167.58 99.2% 10,100 9,578 2,813 2,220 651 78.9% 23.1% 3.4x 14.7x
CyberArk Software Ltd. CYBR 194.73 99.6% 8,056 7,721 698 547 (122) 78.3% NM 11.1x NM
Qualys, Inc. QLYS 181.46 98.9% 6,851 6,456 541 433 182 80.0% 33.7% 11.9x 34.1x*
Tenable Holdings, Inc. TENB 41.73 83.8% 4,774 4,499 770 590 (22) 76.6% NM 5.8x NM
SentinelOne, Inc. S 17.77 80.9% 5,091 4,384 524 356 (379) 67.9% NM 8.4x NM
Varonis Systems, Inc. VRNS 40.35 99.3% 4,406 4,192 488 418 (109) 85.8% NM 8.6x NM
Rapid7, Inc. RPD 52.47 94.4% 3,162 3,862 757 530 (9) 70.0% NM 5.1x NM
SecureWorks Corp. SCWX 5.79 57.6% 493 438 414 238 (117) 57.6% NM 1.1x NM
Radware Ltd. RDWR 15.51 66.4% 676 413 270 218 (21) 80.5% NM 1.5x NM
WithSecure Oyj WITH 1.03 54.1% 176 154 149 102 (44) 68.3% NM 1.0x NM


Average 86.0% $17,608 $17,467 $1,908 $1,463 $241 75.7% 30.1% 7.6x 14.8x
Median 94.4% $8,056 $7,721 $770 $590 ($22) 76.6% 29.6% 6.7x 14.7x
LTM Margins
Enterprise Value /
LTM LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

13. 13HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingERP and SCM
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Microsoft Corporation MSFT $378.61 99.5% $2,826,760$2,788,496 $218,310 $151,597$108,531 69.4% 49.7% 12.8x 25.7x
Oracle Corporation ORCL 116.47 91.3% 324,369 401,698 50,962 36,825 19,712 72.3% 38.7% 7.9x 20.4x
SAP SE SAP 154.77 99.3% 182,320 180,967 34,032 24,263 6,506 71.3% 19.1% 5.3x 27.8x
ServiceNow, Inc. NOW 670.55 98.9% 137,408 135,601 8,474 6,654 1,173 78.5% 13.8% 16.0x 115.6x*
WiseTech Global Limited WTC 42.90 73.3% 14,093 14,167 544 460 240 84.6% 44.1% 26.1x 59.1x*
Manhattan Associates, Inc. MANH 224.61 99.0% 14,077 13,911 889 475 201 53.4% 22.7% 15.7x 69.0x*
The Descartes Systems Group Inc. DSGX 81.12 98.5% 7,030 6,809 527 402 213 76.4% 40.5% 12.9x 31.9x
SPS Commerce, Inc. SPSC 176.05 89.6% 6,568 6,344 514 339 107 66.0% 20.8% 12.3x 59.4x*
Technology One Limited TNE 10.16 90.0% 3,313 3,191 277 160 81 57.7% 29.1% 11.5x 42.3x*
Kinaxis Inc. KXS 111.34 79.1% 3,233 2,995 413 251 24 60.8% 5.8% 7.2x 125.9x*
Zuora, Inc. ZUO 8.21 67.7% 1,112 967 415 263 (64) 63.3% NM 2.3x NM

Average 89.7% $320,026 $323,195 $28,669 $20,154 $12,429 68.5% 28.4% 11.8x 26.5x
Median 91.3% $14,077 $13,911 $544 $460 $213 69.4% 25.9% 12.3x 26.8x
Enterprise Value /
LTM LTM Margins LTM Engineering
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Synopsys, Inc. SNPS $543.53 98.9% $84,473 $83,369 $5,528 $4,430 $1,298 80.1% 23.5% 15.1x 64.2x
Cadence Design Systems, Inc. CDNS 271.55 99.0% 74,104 73,791 3,921 3,497 1,288 89.2% 32.9% 18.8x 57.3x
Roper Technologies, Inc. ROP 525.00 98.7% 56,267 62,846 5,995 4,184 2,438 69.8% 40.7% 10.5x 25.8x
Autodesk, Inc. ADSK 202.26 87.1% 43,789 44,483 5,346 4,889 1,194 91.5% 22.3% 8.3x 37.3x
ANSYS, Inc. ANSS 297.23 84.6% 25,969 26,206 2,159 1,974 691 91.4% 32.0% 12.1x 37.9x
PTC Inc. PTC 154.75 98.6% 18,467 20,068 2,097 1,656 547 79.0% 26.1% 9.6x 36.7x
Bentley Systems, Incorporated BSY 51.67 93.3% 17,145 18,711 1,205 951 306 78.9% 25.4% 15.5x 61.1x
Trimble Inc. TRMB 44.40 71.6% 11,052 13,993 3,723 2,362 747 63.4% 20.1% 3.8x 18.7x
Altair Engineering Inc. ALTR 71.66 91.3% 5,749 5,657 602 475 35 79.0% 5.8% 9.4x 162.0x*


Average 91.5% $37,446 $38,792 $3,397 $2,713 $949 80.3% 25.4% 11.5x 42.4x
Median 93.3% $25,969 $26,206 $3,723 $2,362 $747 79.0% 25.4% 10.5x 37.6x
Enterprise Value /
LTM LTM Margins LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

14. 14HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingHCM
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Automatic Data Processing, Inc. ADP $229.16 83.4% $95,073 $97,383 $18,309 $8,697 $5,207 47.5% 28.4% 5.3x 18.7x
Workday, Inc. WDAY 235.83 93.3% 60,914 57,526 6,716 4,962 225 73.9% 3.3% 8.6x 255.8x*
Paychex, Inc. PAYX 118.95 91.7% 43,107 42,283 5,087 3,625 2,248 71.3% 44.2% 8.3x 18.8x
Ceridian HCM Holding Inc. CDAY 67.33 84.5% 10,575 11,310 1,450 702 211 48.4% 14.5% 7.8x 53.7x*
Paycom Software, Inc. PAYC 176.11 47.1% 10,227 9,772 1,630 1,419 511 87.1% 31.4% 6.0x 19.1x
Paylocity Holding Corporation PCTY 146.82 62.5% 8,317 8,081 1,239 856 219 69.1% 17.7% 6.5x 36.9x*
TriNet Group, Inc. TNET 114.29 94.0% 6,886 7,777 4,903 1,084 530 22.1% 10.8% 1.6x* 14.7x
Paycor HCM, Inc. PYCR 20.64 68.8% 3,641 3,602 578 383 16 66.2% 2.8% 6.2x 219.5x*
Docebo Inc. DCBO 46.36 87.2% 1,529 1,361 171 138 4 80.9% NM 8.0x 345.8x*

Average 79.2% $26,697 $26,566 $4,454 $2,429 $1,019 62.9% 19.1% 7.1x 17.8x
Median 84.5% $10,227 $9,772 $1,630 $1,084 $225 69.1% 16.1% 7.2x 18.8x
Enterprise Value /
LTM LTM Margins LTM Financial and Accounting Software
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Fidelity National Information Services, Inc.FIS $55.99 70.6% $33,146 $51,343 $14,645 $5,861 $3,701 40.0% 25.3% 3.5x 13.9x
Broadridge Financial Solutions, Inc. BR 187.62 98.9% 22,341 26,020 6,209 1,848 1,433 29.8% 23.1% 4.2x 18.2x
SS&C Technologies Holdings, Inc. SSNC 55.95 86.7% 14,306 20,995 5,430 2,595 1,800 47.8% 33.2% 3.9x 11.7x
Jack Henry & Associates, Inc. JKHY 153.99 80.1% 11,251 11,512 2,120 876 544 41.3% 25.7% 5.4x 21.2x
Guidewire Software, Inc. GWRE 97.63 98.8% 8,023 7,655 905 458 (135) 50.6% NM 8.5x NM
Clearwater Analytics Holdings, Inc. CWAN 21.01 96.5% 4,117 3,971 352 250 (3) 71.1% NM 11.3x NM
nCino, Inc. NCNO 30.21 89.6% 3,373 3,342 445 264 (23) 59.2% NM 7.5x NM
Q2 Holdings, Inc. QTWO 35.45 96.8% 2,058 2,313 609 287 (57) 47.2% NM 3.8x NM
i3 Verticals, Inc. IIIV 19.76 64.1% 657 1,145 370 290 59 78.2% 16.1% 3.1x 19.3x

Average 86.9% $11,030 $14,255 $3,454 $1,414 $813 51.7% 24.6% 5.7x 16.8x
Median 89.6% $8,023 $7,655 $905 $458 $59 47.8% 25.3% 4.2x 18.2x
Enterprise Value /
LTM LTM Margins LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

15. 15HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingInfrastructure
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Cisco Systems, Inc. CSCO 47.93 82.4% 196,405 181,232 58,034 36,964 18,095 63.7% 31.2% 3.1x 10.0x
Snowflake Inc. SNOW 170.30 87.8% 55,078 51,634 2,444 1,619 (918) 66.3% NM 21.1x NM
MongoDB, Inc. MDB 401.91 91.6% 28,086 27,419 1,487 1,101 (253) 74.1% NM 18.4x NM
Cloudflare, Inc. NET 73.95 97.2% 24,528 24,373 1,209 917 (82) 75.9% NM 20.2x NM
VeriSign, Inc. VRSN 213.96 93.1% 22,353 23,208 1,482 1,283 1,035 86.6% 69.9% 15.7x 22.4x
Akamai Technologies, Inc. AKAM 113.75 99.6% 17,689 21,251 3,745 2,273 1,093 60.7% 29.2% 5.7x 19.5x
NetApp, Inc. NTAP 78.09 97.0% 17,024 16,682 6,202 4,159 1,303 67.1% 21.0% 2.7x 12.8x
Nutanix, Inc. NTNX 40.83 98.1% 9,523 9,416 1,863 1,531 (140) 82.2% NM 5.1x NM
UiPath Inc. PATH 18.50 92.8% 10,290 8,524 1,148 966 (202) 84.2% NM 7.4x NM
Elastic N.V. ESTC 76.14 90.6% 7,352 6,986 1,113 812 (138) 73.0% NM 6.3x NM
DigitalOcean Holdings, Inc. DOCN 28.65 55.4% 2,644 3,919 675 405 132 60.0% 19.6% 5.8x 29.6x*
Rackspace Technology, Inc. RXT 1.33 25.1% 285 3,635 3,024 694 333 22.9% 11.0% 1.2x 10.9x
Commvault Systems, Inc. CVLT 72.96 92.6% 3,231 2,962 798 655 78 82.1% 9.8% 3.7x 38.0x*
SolarWinds Corporation SWI 11.54 94.4% 1,887 2,923 748 675 268 90.3% 35.8% 3.9x 10.9x
Software Aktiengesellschaft SOW 34.95 89.1% 2,586 2,842 1,049 782 138 74.5% 13.2% 2.7x 20.5x
HashiCorp, Inc. HCP 20.99 56.3% 3,985 2,754 542 441 (278) 81.3% NM 5.1x NM
Appian Corporation APPN 35.56 65.5% 2,594 2,703 526 382 (123) 72.6% NM 5.1x NM
Fastly, Inc. FSLY 17.95 73.8% 2,274 2,411 488 255 (139) 52.3% NM 4.9x NM
JFrog Ltd. FROG $27.10 87.6% $2,767 2,289 $329 $255 -$59 77.6% NM 7.0x NM

Average 82.6% $21,610 $20,903 $4,574 $2,956 $1,060 70.9% 26.7% 7.6x 15.3x
Median 90.6% $7,352 $6,986 $1,148 $812 -$59 74.1% 21.0% 5.1x 12.8x
Enterprise Value /
LTM LTM Margins LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

16. 16HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital RaisingVertical Software
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Veeva Systems Inc. VEEV $173.33 76.9% $28,198 $24,387 $2,232 $1,578 $426 70.7% 19.1% 10.9x 57.2x*
Tyler Technologies, Inc. TYL 411.27 96.4% 17,533 18,179 1,923 842 320 43.8% 16.7% 9.5x 56.8x*
Unity Software Inc. U 28.13 56.2% 10,552 12,129 2,029 1,423 (365) 70.1% NM 6.0x NM
Amdocs Limited DOX 82.85 83.1% 9,985 10,093 4,888 1,724 917 35.3% 18.8% 2.1x 11.0x
Procore Technologies, Inc. PCOR 56.47 73.5% 7,937 7,395 892 725 (206) 81.3% NM 8.3x NM
AppFolio, Inc. APPF 194.78 92.1% 6,911 6,764 573 348 (37) 60.7% NM 11.8x NM
Toast, Inc. TOST 14.26 52.8% 7,512 6,514 3,597 771 (313) 21.4% NM 1.8x NM
GitLab Inc. GTLB 46.48 79.2% 7,024 6,086 502 445 (204) 88.7% NM 12.1x NM
Blackbaud, Inc. BLKB 75.57 96.0% 3,952 4,713 1,085 588 153 54.2% 14.1% 4.3x 30.8x*
EngageSmart, Inc. ESMT 22.86 99.0% 3,884 3,547 364 281 43 77.1% 11.8% 9.7x 82.8x*
Envestnet, Inc. ENV 36.98 53.4% 2,021 2,977 1,221 341 102 27.9% 8.4% 2.4x 29.2x*
Stride, Inc. LRN 57.53 97.3% 2,471 2,659 1,892 690 255 36.4% 13.5% 1.4x 10.4x
AssetMark Financial Holdings, Inc. AMK 26.06 79.0% 1,940 1,834 714 350 204 49.0% 28.5% 2.6x 9.0x
Veradigm Inc. MDRX 12.05 61.0% 1,600 1,327 1,529 774 115 50.6% 7.5% 0.9x 11.5x
2U, Inc. TWOU 1.19 9.0% 95 1,039 926 658 89 71.0% 9.6% 1.1x 11.7x
HealthStream, Inc. HSTM 25.82 93.2% 793 743 277 182 36 65.9% 13.1% 2.7x 20.5x
Ebix, Inc. EBIX 4.32 13.1% 133 725 736 346 131 47.0% 17.8% 1.0x 5.5x
Olo Inc. OLO 5.22 57.2% 850 491 215 138 (36) 64.1% NM 2.3x NM
FINEOS Corporation Holdings plc FCL 1.15 62.6% 367 345 137 94 (25) 68.5% NM 2.5x NM
Riskified Ltd. RSKD 4.06 60.3% 708 289 293 145 (83) 49.7% NM 1.0x NM

Average 69.6% $5,723 $5,612 $1,301 $622 $76 56.7% 14.9% 4.7x 11.4x
Median 75.2% $3,178 $3,262 $909 $517 $66 57.5% 13.8% 2.5x 11.0x
Enterprise Value /
LTM LTM Margins LTM
Public Comparables
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

17. 17HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Public ComparablesWorkflow Automation
($ in millions, except per share)
Closing Price% of 52 Equity Enterprise
Company Ticker 11/27/23 Week High Value($M) Value($M) Revenue Gross ProfitEBITDA Gross ProfitEBITDA Revenue EBITDA
Microsoft Corporation MSFT $378.61 99.5% $2,826,760$2,788,496 $218,310 $151,597$108,531 69.4% 49.7% 12.8x 25.7x
Adobe Inc. ADBE 619.27 99.0% 285,344 281,924 18,886 16,598 7,039 87.9% 37.3% 14.9x 40.1x*
Salesforce, Inc. CRM 224.79 94.4% 222,542 224,046 33,071 24,645 7,704 74.5% 23.3% 6.8x 29.1x
International Business Machines CorporationIBM 155.57 99.6% 144,104 191,726 61,171 33,666 13,663 55.0% 22.3% 3.1x 14.0x
ServiceNow, Inc. NOW 670.55 98.9% 137,408 135,601 8,474 6,654 1,173 78.5% 13.8% 16.0x 115.6x*
Open Text Corporation OTEX 39.77 92.0% 10,777 18,897 5,058 3,850 1,255 76.1% 24.8% 3.7x 15.1x*
UiPath Inc. PATH 18.50 92.8% 10,290 8,524 1,148 966 (202) 84.2% NM 7.4x NM
Xerox Holdings Corporation XRX 13.71 76.2% 2,164 5,664 7,062 2,397 622 33.9% 8.8% 0.8x 9.1x
Pegasystems Inc. PEGA 51.79 87.4% 4,289 4,536 1,355 975 24 71.9% 1.7% 3.3x 191.4x*
Appian Corporation APPN 35.56 65.5% 2,594 2,703 526 382 (123) 72.6% NM 5.1x NM

Average 90.5% $364,627 $366,212 $35,506 $24,173 $13,969 70.4% 22.7% 7.4x 19.5x
Median 93.6% $74,092 $77,249 $7,768 $5,252 $1,214 73.5% 22.8% 6.0x 19.9x
Enterprise Value /
LTM LTM Margins LTM
* Denotes statistic outliers
NM denotes not meaningful
Source: Capital IQ as of 11/27/23

18. 18HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Enterprise Software Market Map
Sources: Pitchbook
Knowledge Management
Enterprise Resource Planning Supply Chain Management
Information Technology Software
Cybersecurity
BI and Analytics
Other
Manufacturing and Operations
Enterprise Asset Management
Human Capital Management
Financial Management Systems
Supply Chain Planning
Supply Chain Execution
Procurement
and Sourcing
Project and Portfolio Management
Email and AuthoringContent Services

19. 19HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
CRM Software Market Map
Sources: Pitchbook
Customer Service Customer Experience Management
CRM Analytics Marketing Automation
Sales Force Automation
Social Media Monitoring

20. 20HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
HPC Overview
Offices In:
▪Tampa, FL (Headquarters)
▪Nashville, TN
IT Services
Internet & Ecommerce
Electronics
Artificial Intelligence
Data Analytics
Communications
IT Staffing
Software
▪Founded in 2000 – by the two prior heads of the Technology and Healthcare Investment Banking
Groups at Raymond James
▪Advised on 300+ transactions and has been a consistent leader in providing independent and
unbiased strategic counsel and advisory services to global sellers and buyers of
middle-market firms
▪Diverse team with extensive execution experience across all areas of Technology
▪Bulge bracket capabilities with a boutique touch
Industry Leading. . . Technology Coverage. . . With a Focus on Software
•Gamechangers 2023
Global Awards -
Investment Banking Firm
of the Year
•M&A Atlas Awards - USA
M&A Boutique
Investment Bank of the
Year (2022)
•Financial Services
Review M&A Award - Top
10 Mergers and
Acquisitions Consulting
Firms (2022)
CRM & Marketing ERP & CRM
Communications &
Collaboration
Cybersecurity
Engineering BI & Analytics
Financial & Accounting
Software
Vertical Software
HCM Infrastructure
Workflow
Automation
Content
Management

21. 21HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Technology coverage banker with extensive Application Software, FinTech, IT Services and Data & Analytics experience
Experienced FinTech Banker Select Technology Transactions
Senior Banker Committed to Enterprise Software Sector Coverage
has been sold to
Undisclosed
Strategic Advisory
has been sold to
Undisclosed
Strategic Advisory
has been sold to
Undisclosed
Strategic Advisory
has been sold to
Undisclosed
Strategic Advisory
A portfolio company
of
has been sold to
$500,000,000
Strategic Advisory
has been sold
to
$350,000,000
Strategic Advisory
Chris Fieschko
Vice President
701 N. Franklin St.
Tampa, FL 33602
[phone]
[email protected]
Experience:
▪10+ years investment banking and equity research experience
▪Advised on 25+ strategic and financing transactions
▪Prior firms include Raymond James, Oppenheimer, SunTrust
Robinson, and Jefferies
▪Board member of Florida Venture Forum
Education:
▪B.S. in Microbiology and Finance from Cornell University
Member Organizations & Conferences