Advent Cyber Pulse

1. Cyber Pulse
Edition #1
JANUARY 2023 Preliminary

2. Overview
Confidential
1
• Highlight AT’s deep cyber expertise and become a go-to voice in the space
• Promote proprietary AT Growth Index to become an industry standard metric
• Distribute quarterly and set up to be 90%+ automated
Cyber Pulse Key Objectives
1. Branding
Partner-of-Choice
Exclusive CEO
Summit
CXO / Industry
Networking
2. Networking
The Ranch Fireside Dinners
Deal Videos
Vast Ecosystem
& Operational
Resources
Scale@Scale
Key Elements of Advent Tech Strategic Marketing
Sector Expertise
& Data-Driven
Cyber Pulse

3. Exhibit 1 – Public Market Activity
Note: Cyber Pulse Index Value based on market cap over time; Cyber Pulse index comprised of 28 cyber companies (see Appendix for detail);
returns calculated relative to 12/12/2022 and based on change in index value
Confidential
2
5-Year Cyber Market Performance
vs. S&P & NASDAQ
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Pulse Index
S&P 500
NASDAQ
Returns by Group & Period
Key Metrics for Public Cyber Pulse
Companies
YoY Rev
Growth
EBITDA
Margin
Rule of
40
NTM
Multiple
Median
LTM
NTM
LTM
NTM
’22E
’23E
Rev.
EBITDA
20%
18%
12%
19%
38%
37%
4.6x
14.0x
75th pctl.
31%
25%
28%
32%
52%
48%
7.6x
26.9x
Market Pulse Data AT Pulse Data Appendix
Data TBU once Cyber Pulse
Companies finalized

4. Exhibit 2 – Recent Cyber Deal Activity
Confidential
3
Recent deal activity in cyber
Want both sponsor deals and
corporate M&A
To exclude valuation
multiples
Will only share publicly
available info
Market Pulse Data AT Pulse Data
Dummy exhibit
Appendix

5. Exhibit 3 – Fundraising Activity
Confidential
4
Dummy data
Q1’12 - Q3’17 (8/8/2017)
Cybersecurity Quarterly Global Financing History
Market Pulse Data AT Pulse Data Appendix

6. Exhibit 4 – Fundraising Activity By Category
Confidential
5
Dummy data
Cyber Pulse Funding Heatmap
How to read: Size of box relates to amount of LTM funding $s to cyber sub-sector; color relates to YoY
change in funding to the sub-sector
Market Pulse Data AT Pulse Data Appendix

7. AT Cyber Pulse Growth Index Components
Confidential
6
Market Pulse Data AT Pulse Data Appendix
AT Cyber
Pulse
Growth
Index
AT Cyber
Pulse
Growth
Index
Headcount
Growth
Headcount
Growth
Employee
Churn
Risk
Employee
Churn
Risk
Customer
Growth
Customer
Growth
Web
Traffic
Growth
Web
Traffic
Growth

8. Exhibit 5 – AT Cyber Pulse Growth Index
Confidential
7
Market Pulse Data AT Pulse Data
Dummy data
Advent Tech Cyber Pulse Index
Cyber Sub-Category
December Pulse
Growth Index
September Pulse
Growth Index
Index Points
Change Direction Rate of Change
Trend
(# Quarters)
Application Security 12.4 11.2 1.2 4
Data Security 11.3 11.1 0.2 6
Endpoint Security 10.8 10.2 0.6 9
MSSP 9.8 9.4 0.4 5
Threat Intelligence 7.5 7.4 0.1 8
IAM 6.8 6.3 0.5 9
Security Analytics 6.3 5.8 0.5 6
Network Security 5.7 5.4 0.3 8
Testing 5.4 5.0 0.4 9
GRC 5.4 6.0 (0.6) 2
Fraud Prevention 4.9 4.8 0.1 2
IoT Security 4.2 4.5 (0.3) From Growing 1
Operations 3.7 3.6 0.1 3
Deception 3.3 3.4 (0.1) From Growing 1
Email Security 2.5 3.0 (0.5) 6
API Security 2.2 2.3 (0.1) From Growing 1
Stealth 1.3 1.4 (0.1) From Growing 1
Training 1.2 1.5 (0.3) From Growing 1
Advent Tech Cyber Pulse Growth Index
Appendix

9. Confidential
8
Customer
Growth
(%)
Low
Moderate
Category size1
1. Category size uses total FTEs working in Cyber category as a proxy of total scale
Vs. Prior
Pulse Period
Exhibit 6 – Cyber Category Growth
Low Moderate High
High
Headcount Growth (%)
Market Pulse Data AT Pulse Data
Dummy data
Cyber Sub-Sector Growth Matrix
Appendix

10. Confidential
9
Exhibit 7 – Customer Growth
Market Pulse Data AT Pulse Data
Dummy data
Appendix
Cyber Growth Index 4Q22 Customer Growth (YoY)

11. Confidential
10
Exhibit 8 – Headcount Growth
Market Pulse Data AT Pulse Data
Dummy data
Cyber Growth Index 4Q22 Headcount Growth (YoY)
Appendix

12. Exhibit 9 – Anticipated Talent Flows by Cyber Category
Confidential
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Cyber Tech Talent Flows
Intent To Leave % Open Role %
Category Overall Eng. Sales Sr. Talent Overall Eng. Sales Sr. Talent
Security Analytics 25% 15% 4% 15% 22% 23% 7% 2%
Deception 24% 2% 5% 13% 6% 16% 12% 25%
IoT Security 23% 25% 10% 10% 3% 3% 18% 18%
IAM 21% 14% 13% 6% 12% 11% 20% 1%
Endpoint Security 20% 19% 22% 7% 18% 22% 19% 4%
Application Security 19% 13% 22% 22% 9% 23% 23% 13%
Data Security 18% 22% 21% 9% 12% 2% 8% 22%
Threat Intelligence 18% 3% 7% 25% 13% 18% 22% 22%
Network Security 16% 10% 1% 17% 11% 8% 3% 13%
MSSP 14% 15% 8% 21% 13% 16% 3% 23%
GRC 14% 19% 14% 17% 22% 13% 3% 24%
Operations 12% 12% 13% 1% 24% 17% 18% 16%
Fraud Prevention 8% 8% 25% 21% 14% 1% 13% 9%
Email Security 5% 21% 7% 7% 9% 19% 11% 19%
Testing 2% 13% 12% 3% 19% 13% 14% 18%
API Security 2% 3% 14% 1% 3% 1% 1% 16%
Stealth 1% 7% 5% 10% 7% 13% 2% 4%
Training 1% 6% 6% 3% 10% 13% 13% 2%
Market Pulse Data AT Pulse Data
Cyber Tech Talent Flows
Dummy data
Appendix

13. Exhibit 10 – Top Companies by Cyber Category
Confidential
12
Market Pulse Data AT Pulse Data
Dummy data
Appendix
Cyber Sub-Category Highest Pulse Growth Index Greatest Improvement in Pulse Growth Index
Application Security
Data Security
Endpoint Security
MSSP
Threat Intelligence
IAM
Security Analytics
Network Security
Testing
GRC
Fraud Prevention
IoT Security
Operations
Deception
Email Security
API Security
Stealth
Training

14. Exhibit 11 – Illustrative Appendix Category Page
Confidential
13
Category Growth
20%
25
18
20
August September October
Top growing companies (100 - 2,000 FTEs)
Web Traffic Growth
7%
Potential Employee
Churn
25%
Headcount Growth
10%
Customer Growth
5%
25
18
25 10
5
7
15
12
10
10
3
5
Discuss whether we have desire to show this level of detail feeding not our growth index
Representative Companies
Market Pulse Data AT Pulse Data
Dummy data
Appendix

15. Confidential
14
Appendix
Market Pulse Data Appendix
AT Pulse Data

16. Cyber Pulse Index Composition
The Cyber Pulse Index is comprised of 28 public cyber companies
Confidential
15
Market Pulse Data Appendix
AT Pulse Data
Data Security Network Security IAM Security Analytics Endpoint Security GRC
• Varonis
• NetApp
• Palo Alto
Networks
• Zscaler
• Foritnet
• Check Point
• Cloudflare
• Akamai
• Juniper
Networks
• F5
• Sangfor
• NSFOCUS
• Okta
• CyberArk
• ForgeRock
• Elastic
• Splunk
• Micro Focus
• SolarWinds
• SumoLogic
• Darktrace
• Crowdstrike
• BlackBerry
• SentinelOne
• Trend Micro
• Tenable
• Qualys
• Rapid7

17. Cyber Pulse Index – Excluded Public Companies
Confidential
16
Market Pulse Data Appendix
AT Pulse Data
Operations GRC Fraud Prevention MSSP
• CommVault • Telos
• Guidewire
• NICE • SecureWorks
• Orange Cyberdefense
Larger public companies and those with significant non-cyber operations were
excluded from the index
Network Security Application Security IAM Threat Intelligence Endpoint Security
• ArQit
• Radware
• A10 Networks
• Arista Networks
• Allot
• NetScout
• Synopsys • OneSpan
• Thales
• Extreme Networks
• ZeroFox • Absolute Software
• Ahnlab
• F-Secure
• N-Able