Investments, mergers and acquisition trends in the salesforce ecosystem by True Blue Partners Nov 2017

1. M&A Trends in the Salesforce Ecosystem Jonathan Ting Analyst jting@truebluepartners.com 669-231-8771 Sunil Grover Managing Partner sgrover@truebluepartners.com 669-231-8770 November 2017 Eric Wu Analyst ewu@truebluepartners.com 669-231-8772

2. © 2017 True Blue Partners, LLC. All rights reserved. | Our services include: M&A advisory, private equity recapitalizations, and co-investments Exclusively focused on Information Technology - SaaS/Enterprise Application Software - Managed Services - System Integrators/IT Services - Tech-enabled Services - Technology Solutions Serving entrepreneurs in the lower mid-market High impact, value-added role 2 True Blue Partners Overview Steadfast partners for entrepreneurs in information technology Past clients

3. © 2017 True Blue Partners, LLC. All rights reserved. | 3 Deep Expertise in Information Technology Proven track record in SaaS, Software, and IT Services M&A* Has been acquired by Has been acquired by Has been acquired by Managed Services Unit Has made an investment in M&A experience from multiple perspectives - Sell side advisor - Buy side advisor - Buying for and selling to financial buyers – new platforms - Buying for and selling to strategic buyers - Controlling owner - Founder operator - Minority owner - Carve outs - Tuck-ins - Mid-market - Bulge bracket Has been acquired by Has sold assets to Has been acquires by Under LOI discussions Project Picasso Has been recapitalized by Has made an investment in Has been acquired byHas been acquired by Has been acquired by Has been acquired by Has acquired Has acquired

4. © 2017 True Blue Partners, LLC. All rights reserved. | In-depth ecosystem reports and reviews 4 TBP is Highly Active in the Leading Software Ecosystems Notable Transaction Spotlights Active presence at events and conferences

5. © 2017 True Blue Partners, LLC. All rights reserved. | At Dreamforce ‘17, the TBP team met with 28 executives in the Salesforce space (26 CEO/Founders) Detailed monitoring and reporting on M&A and investment trends in the Salesforce ecosystem Salesforce is a Key Focus Area for TBP TBP’s Dreamforce ’17 attendance statistics M&A Capital Raising Channel Development Other Discussion Topics TBP Meetings at Dreamforce '17 VP Corp Dev (software) Ex-CEO (services) CEOs (software) CEOs (services)

6. © 2017 True Blue Partners, LLC. All rights reserved. | ISVs built on Force.com are growing to unicorn valuations and exits - Mature players are lowering their dependency on Salesforce/Force.com by expanding to other platforms M&A for smaller Salesforce-focused System Integrators is gaining momentum - Large Salesforce-only System Integrators have almost all been acquired Salesforce’s acquisitions slowed post-Demandware - The pause in M&A is consistent with past patterns of taking time to digest large acquisitions Salesforce Ventures continues to invest actively in multiple markets at every level - Force.com native apps - AppExchange focused companies - Broader strategic interests – Cloud technologies and applications - Salesforce-focused System Integrators Key Takeaways 6

7. © 2017 True Blue Partners, LLC. All rights reserved. | 1. M&A, Investments, and Exits in the Salesforce Ecosystem 2. Salesforce.com M&A Review 3. Valuations for Publicly Traded SaaS Companies 4. Appendix: SAP, Oracle, Microsoft 5. True Blue Partners Case Studies 7 Contents Data Sources: Publicly available materials only Company releases CapitalIQ Bloomberg Gartner Pitchbook Online news sources

8. M&A, Investments, and Exits in the Salesforce Ecosystem ISVs built on Force.com are growing to unicorn valuations and exits

9. © 2017 True Blue Partners, LLC. All rights reserved. | Veeva (NYSE:VEEV) quadruples its market cap in 4 years ($2.4b in 2013 to $8.5b today) ServiceMax was acquired by GE Digital for nearly $1b Apttus raised another $55m at a $1.3b valuation in Sep 2017  total funding now over $300m • Salesforce participated in Apttus’ latest investment round after its acquisition of SteelBrick, a direct competitor of Apttus 9 Force.com is all grown up! Force.com-based business models have shown to be viable and lucrative $1.5b valuation $915m @exit $1.3b valuation $8.4b market cap

10. © 2017 True Blue Partners, LLC. All rights reserved. | 10 Veeva IPOs at a $2.4b Valuation Veeva is a hit in public markets – an illustrative pathway for value creation around Force.com Recent Acquisitions Company Date Size ($m) Background Sep 2015 130 Life sciences content compliance management Jul 2015 - Mobile CRM, sales management Round Date Size ($m) Investors Angel Feb 2007 3.0 - Venture Jun 2008 4.0 Emergence Capital Partners - On October 16, 2013, Veeva Systems went IPO on the NYSE with the ticker VEEV for $20.00/share - The company raised $260m at a $2.4b valuation; the stock price closed its 1st day at $37.16/share1 - Veeva grew at 93% CAGR in the four years leading up to IPO - The company currently has an enterprise value of over $7.7b Veeva is a strong SaaS company in all regards - Capital efficient - Strong revenue growth (320% over 4 years) - Consistent EBITDA and GAAP earnings profitability - Annual revenue per customer is extremely high - Veeva $1.1m/customer - Salesforce $56k/customer2 Veeva continues to remain the quintessential SaaS company, proving the viability of the Force.com platform in the public markets Now, Veeva is expanding to the Microsoft ecosystem to reduce its dependency on Salesforce Peter Gassner Founder, CEO Gartner Peer Insights review IPO Review Acquisitions Private Placements - Founded: 2007 - Headquarters: Pleasanton, CA - Stock Symbol: NYSE:VEEV - Revenue: $600m+ - Growth: 30% YoY - Customers: 500+; life sciences, pharma, biotech - Employees: 600 at IPO - SaaS CRM and vertical solutions for life sciences, pharma, and biotech industries - Flagship CRM offering built natively on Force.com Veeva Overview Client Base $10 $20 $30 $40 $50 $60 $70 Share Pricing $- $200 $400 $600 $800 2014 2015 2016 2017 2018 LTM Revenue & EBITDA by Quarter In millions Revenue EBITDA 0x 5x 10x 15x 20x Enterprise Value/Revenue 1http://www.businessinsider.com/veeva-systems-great-ipo-2013-10 2https://www.salesforce.com/company/news-press/press-releases/2017/05/170518.jsp

11. © 2017 True Blue Partners, LLC. All rights reserved. | David Schmaier Co-Founder, CEO Rip Gerber Chief Marketing and Alliance Officer Craig Ramsey Co-Founder, Chairman Mark Armenante Co-Founder, Director Young Sohn Co-Founder, Director James Ramsey Co-Founder, Director 11 Vlocity Follows Veeva’s Example and Builds on It Tailored applications for multiple industries Round Date Size ($m) Investors Venture Apr 2015 42.8 Salesforce Ventures (Lead) Accenture plc (NYSE:ACN) Series B Sep 2016 50.0 Sutter Hill Ventures (Lead) Salesforce Ventures Accenture plc (NYSE:ACN) Kennet Partners Limited New York Life Insurance Co. TDF Ventures Wildcat Venture Partners, LP - Prior to co-founding Vlocity, David Schmaier was a founding executive at Siebel Systems, where he led all products and go-to-market functions - At Siebel, he and his team designed and tailored CRM software for 24 different industries, and as a result 80% of the company’s revenues came from industry-specific applications Moving the world to the cloud, one industry at a time - At Dreamforce 2013, Schmaier noticed that there was a distinct lack of industry-specific solutions in the Salesforce ecosystem, and he co-founded Vlocity with some of the original Veeva co-founders to remedy that - Initially, Vlocity focused only on the Telecommunications, Insurance, Healthcare, and Public Sector verticals - These four verticals share two key characteristics that make them perfect customers for Vlocity’s industry-specific customer experience solutions: dependence on heavily customized legacy software that is becoming increasingly expensive and difficult to update; and reputations for poor customer service - It has since expanded outside the US to Europe, Latin America, India, and Australia, and plans to use its most recent round of funding to continue its international expansion - Roughly half of Vlocity’s revenue comes from international business2 An extensive partner network of SIs, consulting companies, and other ISVs - Vlocity boasts a partner network including IBM, KPMG, Adobe, Capgemini, Cognizant, Docusign, PWC, and FinancialForce - Salesforce and Accenture, two of Vlocity’s key partners, both participated in both of Vlocity’s two funding rounds - While Salesforce has historically invested mostly in companies with existing institutional investors, it not only participated in Vlocity’s first round, it even led the round itself Company Details Private Placements - Founded: 2014 - Headquarters: San Francisco, CA - Provides vertical-specific software applications for the Communications & Media, BFSI, Energy, Healthcare, and Public Sector industries - Built natively on the Force.com platform - Salesforce led Vlocity’s initial venture round - Fastest growing Salesforce partner in 2015 and 20161 - Strategic partnerships with Salesforce, Accenture, and Deloitte Vlocity Overview Client Base Key People City of Washington D.C. 1https://vlocity.com/community/vlocity-selected-by-enterprise-apps 2http://fortune.com/2016/09/20/vlocity-50-million/

12. © 2017 True Blue Partners, LLC. All rights reserved. | Hari Subramanian Co-Founder Athani Krishnaprasad Co-Founder David Yarnold CEO 12 GE Digital Acquires ServiceMax for $915m GE builds its cloud strategy and purchases a key Salesforce asset Round Date Size ($m) Lead Investor Series A Nov 2008 2.0 Emergence Capital Partners Series B Apr 2010 8.0 Trinity Ventures Series C Jun 2011 14.0 Salesforce.com (NYSE:CRM) Series D Nov 2012 27.0 Emergence Capital Partners Series E Feb 2014 71.0 Mayfield Fund Series F Aug 2015 82.0 PTC Inc. (NasdaqGS:PTC) - In Nov 2016, GE Digital LLC announced its acquisition of ServiceMax, Inc. for $915m - Prior to the acquisition, GE was both a customer and an investor in ServiceMax, having participated in the company’s largest and final investment round - ServiceMax is built natively on the Force.com platform Bolstering GE’s industrial cloud capabilities - GE Digital’s three focus areas will be service transformation, asset performance management, and the Predix IoT platform; of the three, ServiceMax will become the core of GE’s offerings for service transformation - The acquisition of ServiceMax offers GE the ability to automate and digitize the servicing processes for industrial machinery and equipment, completing GE’s offering portfolio by combining traditional field service platforms, real- time IoT data, and asset monitoring solutions Previously irrelevant companies are becoming strategic acquirers of technology companies - Honeywell International, another giant in the industrials space, recently acquired NextNine, a security management software company, and Movilizer, a cloud-based field service management software company - Similarly to GE and its Predix platform, Honeywell has introduced the Honeywell Connected Plant, an IoT solution for industrial and manufacturing companies - In Nov 2016, Siemens AG invested approximately $80m in Bentley Systems, a provider of infrastructure management software - Siemens has also directed its focus to software; it plans to become one of the top global software players by leveraging its signature product lifecycle management software and its cloud-based IoT platform Mindsphere, which is integrated with IBM’s Watson AI AppExchange review Acquisition Review Private Placements - Founded: 1999 - Headquarters: Pleasanton, CA - Est. 2016 Revenue: $60m1 - Provides cloud-based field service management software - Built natively on the Force.com platform - Salesforce led ServiceMax’s Series C investment round ServiceMax Overview Client Base - Honeywell acquires Movilizer – Mar 2016 - Microsoft acquires FieldOne Services – Jul 2015 - Oracle acquires TOA Technologies – Jul 2014 Notable Relevant TransactionsKey People 1https://www.forbes.com/sites/susanadams/2016/11/14/forbes-billion-dollar-startup-servicemax-sells-to-general-electric-for-915-million/

13. © 2017 True Blue Partners, LLC. All rights reserved. | 13 Salesforce Acquires SteelBrick for $300m Salesforce strategically acquires a partner to build capabilities for core client base Recent Acquisitions Company Date Size ($m) Background Sep 2015 - SaaS enterprise billing solution Capital Raised - $60.7m Round Date Size ($m) Investors Series A May 2014 6.5 Emergence Capital Partners Series B Feb 2015 18.0 Shasta Ventures, Salesforce Ventures, Emergence Series C Oct 2015 48.0 Insight Venture Partners, Salesforce Ventures, Shasta, Emergence - In Dec 2015, Salesforce.com announced its acquisition of SteelBrick Inc. for $300m - SteelBrick had raised $77.7m over 5 investment rounds - SteelBrick is built natively on the Force.com platform - A strong differentiator is its ability to deploy 5-10x faster than competitors, making it “a much better fit for mid- market and smaller companies” – Godard Abel, CEO1 Acquiring core partner capabilities without disrupting the ecosystem - The acquisition of SteelBrick means Salesforce’s Sales Cloud now officially includes CPQ - Salesforce has a history of investing in its partners and acquiring them selectively - Salesforce had led a $41m Series B round for Apttus, a SteelBrick competitor, in Feb 2015 and continues to invest in 2017 - Apttus is focused on the large enterprise segment and diversified into Microsoft; Zuora’s broad capabilities, not built on Salesforce platform, allow it to offer products surrounding SteelBrick – both will likely be unaffected by acquisition but the same cannot be said for smaller CPQ-centric offerings on the AppExchange M&A as a chess piece in Salesforce vs Oracle feud - CEO of SteelBrick, Godard Abel, was also the CEO of BigMachines, another SaaS CPQ provider, prior to being acquired by Oracle for an estimated $400m in 20132 - Top investors included JMI Equity, Vista Equity Partners, and Salesforce Ventures - BigMachines’ Express version was built on Force.com; half of its customers were also Salesforce customers2 - This was Oracle’s 3nd acquisition of a Salesforce asset (Eloqua for $800m in Dec 2012 and Compendium in Oct 2013) Max Rudman Founder AppExchange review Acquisition Review Acquisitions Private Placements - Founded: 2009 - Headquarters: San Mateo, CA - Revenue: $2m ARR in 2013 - Growth: 300% YoY growth in 1H 2015 - Customers: 350 (110 in 2013) - Provides SaaS quote-to-cash, CPQ applications - Built natively on the Force.com platform - Currently on AppExchange as “Salesforce CPQ” - $75 per user/month SteelBrick Overview Client Base - Vendavo acquires Endeavor – Jul 2017 - Oracle acquires BigMachines – $400m – Oct 2013 - PROS acquires Cameleon Software – $33m – Oct 2013 Notable Relevant Transactions Godard Abel CEO 1https://www.forbes.com/sites/benkepes/2015/02/05/salesforce-picks-winners-backs-steelbrick-cpq-as-part-of-18m-series-b/#2d3de9f23cc5 2http://www.businessinsider.com/oracle-buys-bigmachines-for-400-million-2013-10

14. © 2017 True Blue Partners, LLC. All rights reserved. | 14 Apttus Finances Series E at $1.3b Valuation Migrating across platforms after Steelbrick acquisition for further growth Capital Raised - $60.7m Round Date Size ($m) Investors Series A Sep 2013 37.0 Salesforce Ventures, ICONIQ, K1 Series B Feb 2015 41.0 Salesforce Ventures, ICONIQ, K1 Series C Sep 2015 108.0 Salesforce Ventures, ICONIQ, K1, Kuwait IA Series D Sep 2016 88.0 ICONIQ, GII, K1 Series E Sep 2017 55.0 Salesforce Ventures, ICONIQ, PremjiInvest, K1 - The company has raised over $300m in total funding (being valued at $1.3b at the funding round) after self-funding for the first seven years - A portion of the $88m Series D went towards developing MAX, a machine learning-driven virtual CPQ assistant built leveraging Microsoft’s Cortana AI and Azure components - Apttus is a Force.com native application but actively moving into the Microsoft Dynamics ecosystem Remaining IPO and acquisition ready - Apttus has been openly considering and preparing for an IPO since 2016 - Early in 2017, the company claimed to have already completed 50-60% of IPO-related preparations1 - In reference to the latest $55m funding round, “we decided we needed a certain amount of equity on the balance sheet. When a company is going public or up for acquisition, the investors want to be sure you are liquid.” – Kirk Krappe, CEO2 Migrating out of Salesforce - The company announced in Apr 2016 that it would begin supporting Microsoft Dynamics, and recently released Quote-to-Cash for Manufacturing on Microsoft AppSource - Apttus claims the Microsoft expansion strategy was already in place prior to Salesforce’s acquisition of SteelBrick - The company says the acquisition will not affect Apttus’ business and standing with Salesforce; regardless, companies need to be prepared for changes within the maturing ecosystem, and have strategies in place to mitigate their risk Neehar Giri President, CSO Acquisition Review Private Placements - Founded: 2006 - Headquarters: San Mateo, CA - Revenue: $150m+ - Growth: 60%+ YoY - Customers: 600+ - Employees: 1,200 - Salesforce Quote-to-Cash software solutions - No venture funding for first seven years Apttus Overview Client Base - Salesforce acquires SteelBrick – $360m – Dec 2015 - Veeva IPO – $2.4b – Oct 2013 - Oracle acquires BigMachines – $400m – Oct 2013 Notable Relevant Transactions Kirk Krappe CEO, Chairman AI assistant using Microsoft technology 1https://www.cnbc.com/2017/01/11/apttus-ipo-software-firm-backed-by-salesforce-and-mark-zuckerberg-investment-adviser.html 2https://techcrunch.com/2017/09/13/apttus-scores-55m-as-it-closes-in-on-an-ipo/

15. © 2017 True Blue Partners, LLC. All rights reserved. | 15 The New Concept of Cloud Pools Leveraging different public cloud resources to craft a best of breed platform APIs Data&Objects AI/Machine Learning Salesforce Infrastructure and Network UserManagement &Identity Salesforce Computing Layer Business Workflow Data&Objects Data&Objects AzureMachine Learning Azure Infrastructure and Network UserManagement &Identity Azure Cloud Computing Layer Business Workflow Data&Objects APIs Computing Apttus has ported its Salesforce-native application to Azure, rebuilding the application functionality and data model to sit on top of Microsoft Dynamics elements1 Apttus ‘Snap Performance’ on Azure increases the speed of CPQ operations by up to 90%2 - Leveraging Azure’s ultra high-performance processing power to present results on Force.com Apttus Snap Performance 1https://diginomica.com/2017/07/03/apttus-ceo-on-poly-partnering-with-salesforce-microsoft/ 2https://apttus.com/press_room/apttus-releases-snap-performance/

16. © 2017 True Blue Partners, LLC. All rights reserved. | Only a portion of the Veeva application is built using the Salesforce platform The proprietary core engine, the Vault Platform, is built using recognized open-source components - Multi-tenant architecture delivered on Salesforce means end-users receive a standard, consistent solution 16 Veeva Leverages Cloud Pools Salesforce brand with a homemade recipe APIs Data&Objects AI/Machine Learning Salesforce Infrastructure and Network UserManagement &Identity Salesforce Computing Layer Business workflow Data&Objects Linux Operating System Database Proprietary Vault Platform Search Application Server Workflow Review& Approval Version Control External Collaboration

17. © 2017 True Blue Partners, LLC. All rights reserved. | 26k 88k 462k 734k 1m 1.7m 2m 2.7m 3m 3.5m 2006 2007 2009 2010 2011 2012 2013 2014 2015 2016 # of AppExchange Installs 17 AppExchange Continues to Gain Momentum 85 of the Fortune 100 now use apps from Salesforce’s AppExchange1 Sales 37% Customer Service 10% Marketing 9% IT & Administration 19% HR 3% Finance 6% ERP 2% Collaboration 12% Analytics 2% Over 3,000 AppExchange Apps 65%+ of which are CRM focused Salesforce generated $225m in revenues from the AppExchange in 2015, meaning apps on the AppExchange generated $1.5b+ in total revenues2 1https://www.salesforce.com/blog/2016/01/appexchange-10-birthday.html 2https://www.recode.net/2016/1/14/11588810/salesforce-coms-appexchange-is-10-years-old-today

18. © 2017 True Blue Partners, LLC. All rights reserved. | Salesforce doubled its number of investments from 2014 to 2015 Salesforce Ventures now leads investment initiatives 173 companies invested in  40+ exits - 6 IPOs - 22 exits to strategics - 2 exits to private equity - 9 exits to Salesforce itself, eg. Steelbrick and Quip - 1 asset sale Salesforce continues to make early-stage investments to keep current on new technologies 18 Salesforce Investments Overview 0 2 4 6 8 10 12 2010 2011 2012 2013 2014 2015 2016 2017 Salesforce Investments by Round Seed Series A Series B Series C+ Growth, Other 4 13 15 13 17 3 1 1 12 43 43 37 0 10 20 30 40 50 2010 2011 2012 2013 2014 2015 2016 2017 YTD Salesforce Investments Salesforce.com Salesforce Ventures ?

19. © 2017 True Blue Partners, LLC. All rights reserved. | Majority of investment efforts remain around the core CRM capabilities, especially marketing Salesforce has made investments into 8 service and implementation companies since 2016 19 Salesforce Investments are Broad, with a Focus on CRM Salesforce-Invested Companies 2016-2017 AI, 4 CRM, 26 Cloud Technology, 5Collaboration, 7 (3 crowdsourcing platforms) CPQ, 1 eCommerce, 2 ERP, 2 Fintech, 2 HR/HCM, 3 Other, 3 Services, 10 Supply Chain, 3 Vertical specific, 3 AI, 2 Big Data/Analytics, 1 Customer Experience, 5 Customer Service, 2 Marketing, 11 Sales, 5

20. © 2017 True Blue Partners, LLC. All rights reserved. | 20 Majority of Investments are in the Salesforce Ecosystem Nearly half of the top 50 Salesforce-invested companies are on the Salesforce AppExchange Salesforce builds and strengthens its ecosystem by investing heavily in companies listed on the AppExchange and with products built on the Force.com platform Other investments, like Anaplan and MuleSoft, help Salesforce monitor the markets and maintain a presence in emerging technologies

21. © 2017 True Blue Partners, LLC. All rights reserved. | Salesforce Ventures Invests in Validated Companies Salesforce Ventures invests mostly in companies that already have other institutional investors Salesforce Ventures invested in 24 new portfolio companies in 2017; of the 24, 17 had previously raised capital from institutional investors. Below are the 7 companies that did not have any institutional investors prior to Salesforce. Of them, Appiphony was the only one that Salesforce Ventures invested in alone. 7 17 No prior institutional investors Prior institutional investors Announced Transaction Date Target Investors Round Type Value ($m) 10/30/2017 transcosmos online communications inc. transcosmos inc. (TSE:9715); LINE Corporation (TSE:3938); Salesforce Ventures Venture - 08/30/2017 TalkIQ, Inc. Scale Venture Partners; Felicis Ventures; LINE Corporation (TSE:3938); Danhua Capital; Aspect Ventures; Salesforce Ventures Series A 14.0 07/28/2017 Hustle, Inc. Foundation Capital; Matrix Partners; Index Ventures; Omidyar Network; Kapor Capital; Social Capital; The Designer Fund; Canvas Management Company, L.L.C.; Salesforce Ventures; New Media Ventures; GSV Acceleration; Higher Ground Labs Series A 8.0 07/18/2017 Appiphony, LLC Salesforce Ventures Venture - 07/18/2017 Workato, Inc. Storm Ventures LLC; Salesforce Ventures; Workday Ventures Series A 10.0 06/14/2017 ZenIQ, Inc. Costanoa Venture Capital; Salesforce Ventures Seed 4.6 02/27/2017 Workfit Inc. Battery Ventures; Greycroft Partners LLC; Salesforce Ventures Seed 5.5 21

22. © 2017 True Blue Partners, LLC. All rights reserved. | 22 Total Funding of Salesforce-Invested Companies Top 100 most $ raised since 2010 Over $1Bn equity investments in the ecosystem Company________________________ Brief________________________________ Seed, Venture, Series A Series B Series C Series D Series E Series F Series G Growth __Total Apttus Corporation Quote-to-cash software 37.00 41.00 108.00 55.25 241.25 Anaplan, Inc. Planning and performance mgmt - 33.00 100.00 89.17 222.17 MuleSoft, Inc. (NYSE:MULE) Integration software - 37.00 50.55 128.00 215.55 InsideSales.com, Inc. Sales lead mgmt - 100.00 77.65 - 177.65 SIGFOX SA Low energy device IoT - 160.00 160.00 MongoDB, Inc. (NasdaqGM:MDB)Open-source database - 150.00 150.00 Twilio Inc. (NYSE:TWLO) Communications software - 130.00 130.00 Domo, Inc. BI, analytics - 125.00 125.00 FinancialForce.com, inc. ERP - 110.00 110.00 Gainsight, Inc. Customer success mgmt - 51.70 51.50 103.20 ServiceMax, Inc. Field service mgmt - 8.00 14.00 71.00 93.00 Vlocity, Inc. CRM 42.80 50.00 92.80 DocuSign, Inc. Document mgmt - 60.00 - 27.00 87.00 Box, Inc. (NYSE:BOX) Cloud storage - 81.00 81.00 NewVoiceMedia Limited Contact center software - 50.00 30.19 80.19 Evariant, inc. Healthcare CRM - 18.30 54.70 73.00 Sansan, Inc. Contact mgmt - 14.42 16.90 37.89 69.21 HubSpot, Inc. (NYSE:HUBS) Inbound marketing/sales software - 32.00 35.20 67.20 QuBit Digital Ltd Marketing analytics - 26.01 40.13 66.14 SteelBrick Holdings, Inc. Quote to cash software - 18.00 47.82 65.82 Optimizely, Inc. Customer experience software - 58.50 58.50 Pendo.io, Inc. Customer experience software 11.26 20.00 25.00 56.26 BloomReach, Inc. Marketing analytics - 56.00 56.00 Buildscale Inc. Video marketing software - 18.00 35.00 53.00 Radius Intelligence Inc. Marketing software - 50.00 50.00 Classy, Inc. Online fundraising platform - 30.00 18.00 48.00 Kenandy, Inc. ERP 10.50 30.00 - 40.50 MapAnything, Inc. Field mgmt software 7.30 33.10 40.40 Andela Inc. Developer training - 40.00 40.00 Skyhigh Networks, Inc. Identity/access mgmt - 40.00 40.00 AppExchange Built on Force.com

23. © 2017 True Blue Partners, LLC. All rights reserved. | 23 Total Funding of Salesforce-Invested Companies Top 100 most $ raised since 2010 Company________________________ Brief________________________________ Seed, Venture, Series A Series B Series C Series D Series E Series F Series G Growth __Total SessionM, Inc. Customer engagement software - 35.00 35.00 FinanceApp AG Insurance software 33.50 33.50 Janrain, Inc. Identity/access mgmt - 33.00 33.00 BizReach, Inc. Job board - 32.90 32.90 DEMANDBASE, INC. Account-based marketing - 30.00 30.00 Invoca, Inc. Customer call analytics - 30.00 30.00 Onfido Ltd. Identify verification - 30.00 - 30.00 Relationship Science LLC Relationship network marketing - 30.00 30.00 Helpshift, Inc. Mobile customer service app - 25.00 25.00 Cogito Corporation Customer call analytics 5.50 19.10 24.60 CartoDB Inc Location intelligence software - 23.00 23.00 NS1 DNS and traffic mgmt 23.00 23.00 Wrap Media, LLC Mobile engagement software 9.00 12.70 21.70 Talkdesk, Inc Call center software 21.00 21.00 CloudCraze Software LLC eCommerce software - 20.00 20.00 CrowdFlower, Inc. Data mining, crowdsourcing - 20.00 20.00 Poplicus, Inc. Governement marketing analytics - 20.00 20.00 Samanage Ltd. IT service mgmt software - 20.00 20.00 ThousandEyes, Inc. Network monitoring - 20.00 20.00 AutopilotHQ Inc. Visual marketing automation 7.00 12.00 19.00 RedKix Team collaboration software 17.00 17.00 Privitar Ltd Privacy engineering solution 16.00 16.00 Urban Airship, Inc. Mobile engagement platform 15.10 15.10 Bugcrowd Inc. Developer crowdsourcing - 15.00 15.00 FullStory, Inc. Customer experience software - 15.00 15.00 Highspot, Inc. Sales enablement tools - 15.00 15.00 Layer, Inc. Customer engagement platform - 15.00 15.00 Wyng Inc. Social marketing platform - 15.00 15.00 Nymi Inc. Wearable user authentication 14.00 14.00 TalkIQ, Inc. Customer call analytics 14.00 14.00 AppExchange Built on Force.com

24. © 2017 True Blue Partners, LLC. All rights reserved. | 24 Total Funding of Salesforce-Invested Companies Top 100 most $ raised since 2010 Company_______________________ Brief_________________________________ Seed, Venture, Series A Series B Series C Series D Series E Series F Series G Growth __Total APX Labs, LLC Industrial AR software - 13.00 13.00 Dispatch Inc. Autonomous delivery carts 12.00 12.00 Xactly Corporation Sales performance mgmt - 12.00 12.00 Toreta, Inc. Restaurant reservation mgmt 11.85 11.85 Angaza Design, Inc. Pay-as-you-go energy solution - 10.51 10.51 Daily Inches Inc. Content marketing solution - 10.25 10.25 FollowAnalytics, Inc. Mobile communication automation 10.00 10.00 Nektoon AG Contextual search tool - 10.00 10.00 Workato, Inc. Workflow automation 10.00 10.00 Moneytree KK Personal finance mgmt - 8.93 8.93 Full Circle Insights, Inc. Marketing analytics 3.80 4.70 8.50 Amplero, Inc. AI marketing analytics 8.08 8.08 Hustle, Inc. P2P messaging platform 8.00 8.00 Automile Inc. Fleet mgmt 7.50 7.50 OwnBackup Ltd Cloud backup and recovery solution - 7.50 7.50 IntroHive, Inc. CRM automation - 7.30 7.30 Simplus Quote to cash implementation 7.30 7.30 Universal Avenue AB Revenue and financial reporting 7.00 7.00 Chute Corporation Visual marketing automation 2.70 4.10 6.80 Gusto HR mgmt software 6.10 6.10 BrightFunnel, Inc. Marketing attribution and analytics 6.00 6.00 Simpplr Inc. Employee collaboration 6.00 6.00 CoolaData Ltd. Behavioral analytics platform 5.60 5.60 Workfit Inc. AI virtual assistant 5.50 5.50 toBe Marketing Co., Ltd. Client mgmt, marketing automation 5.47 5.47 OpenDataSoft -SAS API development 5.45 5.45 Ark.com, Inc. Social search engine 5.04 5.04 AirPR, Inc. PR measurement solution - 5.00 5.00 Jitterbit, Inc. Integration software 5.00 5.00 RevUp Software Inc. Fundraising solution 5.00 5.00 AppExchange Built on Force.com

25. © 2017 True Blue Partners, LLC. All rights reserved. | 25 Top Salesforce Co-Investors Displaying 2010-2017 number of funding rounds. Validation from a broad range of investors. 0 2 4 6 8 10 12 Wilson Sonsini Goodrich & Rosati (3) Zetta Venture Partners (2) Andreessen Horowitz (4) Bain Capital Ventures (3) Bay Partners (2) DCM (2) Fidelity Investments (4) Greycroft Partners (3) Greylock Partners (4) ICONIQ Capital (1) Ignition Partners (3) K1 Investment Management (1) Promus Ventures (2) SBI Investment (4) SMBC Venture Capital (3) Trinity Ventures (2) Hummer Winblad Venture Partners (2) Insight Venture Partners (4) Intel Capital (5) Microsoft Accelerator (5) Sequoia Capital (4) U.S. Venture Partners (3) Shasta Ventures (3) Y Combinator Management (6) Accel Partners (6) Draper Fisher Jurvetson (6) Emergence Capital Partners (4) GV (8) New Enterprise Associates (5) Scale Venture Partners (5) SV Angel (7) MeriTech Capital Partners (5) Sapphire Ventures (5) Battery Ventures (7) Kleiner Perkins Caufield & Byers (6) Lightspeed Venture Partners (5) Bessemer Venture Partners (8) Angel, Seed, Accelerator Early Stage (Venture, A) Late Stage (B…) Growth (#) unique companies invested

26. © 2017 True Blue Partners, LLC. All rights reserved. | Enterprise EV/ Date Acquirer Target TBP Commentary Market Segment Value ($m) Revenue Apr 2017 Community Brands VanDamme Associates, Inc. Association management software solutions CRM Capabilities - - Apr 2017 Insight Venture Partners Spanning Cloud Apps Cloud backup and recovery solutions; spun off from Dell EMC Security - - Oct 2016 Showpad BVBA Taptera Inc. Mobile enterprise software solutions CRM Capabilities - - Aug 2016 ONSOLVE, LLC MIR3, Inc. Mass and emergency notification software User Experience - - Jun 2016 Callidus Software Inc. (NasdaqGM:CALD) Badgeville, Inc. Cloud user behavior management software CRM Capabilities 7.5 - May 2016 Nortek Inc. Nuiku Inc Natural language processing platform; raised $1.6m in 2013 BI & Data Analytics 3.6 - May 2016 TrackMaven, Inc. 10Stories, Inc. Marketing attribution and analytics platform CRM Capabilities - - Apr 2016 Marlin Equity Partners, LLC Aprimo LLC Cloud channel marketing automation platform; divested by Teradata; Teradata acquired Aprimo in 2011 for $525m BI & Data Analytics 92.0 - Jul 2015 Nintex USA LLC Drawloop Technologies, Inc. Cloud document management solutions; top 10 paid app on AppExchange at time of acquisition Document & Content Management - - Dec 2012 Oracle Corporation (NYSE:ORCL) Eloqua, Inc. Cloud-based marketing automation and revenue performance management software Marketing Automation 957.9 9.7x Feb 2012 Vocus Inc. iContact, LLC Email marketing solutions; sold by JMI Equity and Updata Partners Marketing Automation 235.9 4.6x Jan 2012 Blackbaud, Inc. (NasdaqGS:BLKB) Convio, Inc. Constituent engagement solutions CRM Capabilities 326.3 3.4x Mean 5.9x Median 4.6x 26 Salesforce Ecosystem Software Acquisitions AppExchange Built on Force.com

27. © 2017 True Blue Partners, LLC. All rights reserved. | European ISVs in the Salesforce Ecosystem are targeting US to expand their footprint While securing capital is a priority for some, majority looking to develop channel partnerships - Implementation partners can leverage incremental revenue opportunities and Force.com mindshare with clients 27 Europe-based ISVs are Expanding to the US Partnership opportunities for IT Service providers

29. © 2017 True Blue Partners, LLC. All rights reserved. | Nov 14, 2017 PwC acquires cDecisions - UK-based Salesforce implementation and consulting - Est. 30 employees - PwC had recently acquired S African-based SF reseller and consulting partner Agilitude in Sep 2017 (est. 25 employees, $2m revenue) and Canadian-based SF consulting partner Cinovate in Dec 2015 (est. 15 employees, <$1m revenue) 29 3 SI Acquisitions Happened Around Dreamforce An opportunity to consolidate the lower-mid Salesforce SI market acquires acquires acquires Nov 02, 2017 DEG acquires Moku Collective - California-based Demandware/eCommerce solutions and consulting - Est. 40 employees - DEG 2016 revenue $38m, 87% 3-yr growth rate - DEG had recently acquired a Salesforce Commerce Cloud Partner, We Do Commerce, in Apr 2017 Nov 01, 2017 Simplus acquires CRM Manager - Pittsburg-based Salesforce implementation and consulting - 2013 revenue $3.5m, 25 employees - Est. 40 employees - This acquisition marks Simplus’ 4th Salesforce partner acquisition since receiving $7.3m Series A funding in Sep 2016 ($14m total funding to date)

30. © 2017 True Blue Partners, LLC. All rights reserved. | Raising growth equity capital to grow through M&A and consolidate mid-market competitors is a tried-and-true strategy within the Salesforce ecosystem 30 Executing a Growth Equity-Driven Consolidation Strategy Appirio and Cloud Sherpas both leveraged inorganic growth strategies to reach large exits Company Date Description Mar 2014 Developer and design network Sep 2013 Developer and design crowdsourcing Nov 2012 HCM consulting Dec 2011 Salesforce consulting Apr 2011 Cloud training and learning programs Mar 2011 Salesforce consulting Feb 2011 Salesforce and CRM consulting Company Date Description Nov 2017 Salesforce consulting Aug 2017 Salesforce consulting Apr 2017 eCommerce consulting Sep 2016 Quote-to-cash consulting Company Date Description Jan 2013 ServiceNow consulting Jan 2013 Salesforce and Oracle CRM consulting Dec 2012 Salesforce consulting Mar 2012 Salesforce consulting Jul 2011 Google consulting Jul 2011 Google Apps partner Jul 2011 Google Apps partner $40m round led by Greenspring Assoc (Dec 2012) $20m round led by Columbia Capital (Mar 2012) $1.6m round led by Hallett Capital (Nov 2010) $60m round led by General Atlantic (Mar 2012) $10m round led by GGV Capital (Feb 2009) $7.3m round let by EPIC Ventures (Sep 2016)

31. © 2017 True Blue Partners, LLC. All rights reserved. | 31 Select Salesforce SI Acquisitions Over 15 Salesforce SI acquisitions in 2017 alone Transaction EV/ Date Acquirer Target TBP Commentary Value ($m) Revenue Nov 2017 PwC cDecisions UK-based SF consulting and implementation; 30-40 employees - - Nov 2017 DEG Digital Moku Collective SF Commerce Cloud and ecommerce consulting; DEG's 3rd acquisition of 2017 - - Nov 2017 Simplus CRM manager SF and InsideSales.com consulting and managed services; SF Ventures portfolio company since 2010, SF Silver Partner; Simplus' 3rd acquisition of 2017 - - Oct 2017 VISEO NAIT Consulting Services SF consulting in Singapore; 100 employees - - Sep 2017 Wunderman Pierry Inc. Digital marketing consulting on SF; 2016 revenue $14.5m; #6 "2016 Fastest Growing Companies" by SF Business Times - - Sep 2017 Capgemini Lyons Consulting Group SF Commerce Cloud, SAP Hybris, Magento consulting; 300 employees; 148% growth rate in 2016, 275% in 2015 - - Aug 2017 CGI Summa Technologies IT consulting; SF gold partner; 200 employees; 2016 revenue $35m; 2014-2017 growth rate 44%; in line with US expansion strategy - - Jul 2017 Persistent Systems PARX SF cloud-only consulting in Germany, Austria, Switzerland; 70-100 employees; $8.5m cash + $7.5m earnout over 3 years 16.0 - Jun 2017 Accenture Phase One Consulting Group Federal industry SF consulting; 100-150 employees; sold by RLJ Equity who acquired Phase One in Jan 2015 - - Apr 2017 Simplus EDL Consulting SF and Oracle CPQ consulting; 25 employees; originally split off as the services arm of CloudCraze; Simplus is funded by Salesforce Ventures - - Jan 2017 Salesforce.com Sequence LLC User experience design agency - - Jan 2017 VPR Consulting CodeSWAT Euro-based SF and MSFT solutions and services; ~200 employees ; VPR CEO's mission is to be "#1 provider of end-to-end services for the Salesforce ecosystem" - - Jan 2017 4C Consulting CloudSocius SF consulting in UK, Europe, Middle East; 60-80 employees; 4C now boasts 180 employees and is backed by Trocadero Capital Partners - -

32. © 2017 True Blue Partners, LLC. All rights reserved. | 32 Select Salesforce SI Acquisitions Appirio was one of the last large-scale Salesforce SIs to be acquired Transaction EV/ Date Acquirer Target TBP Commentary Value ($m) Revenue Oct 2016 Wipro Appirio SF and Workday consulting; 2015 revenue $200m; one of the older SF and Workday partners; investors included Salesforce Ventures 500.0 2.6x Sep 2016 Salesforce.com Gravity Tank, Inc. Brand experience consulting agency - - May 2016 Salesforce.com YOUR SL GmbH SF implementation and consulting - - Apr 2016 IBM BlueWolf SF consulting; 500 employees; 50% recurring revenues; sold by RLH Equity Partners 200.0 - Mar 2016 Publicis.Sapient Vertiba SF consulting; 2014 revenue $7.6m; 2012-2015 growth rate 316%; ranked fastest growing IT services company in CO by Inc. 500 - - Jan 2016 Mindtree Magnet360 SF consulting; 160 employees; $37m cash + $13m earnout; revenue $25m+; 20% growth rate; Salesforce funded 50.0 2.0x Sep 2015 AST Serene Oracle and SF cloud CRM and data management consulting; $30m annual revenue; 225 employees - - Sep 2015 Salesforce.com ÄKTA Mobile application development and UI/UX consulting - - Oct 2015 West Monroe Partners Etherios SF consulting; spin off from Digi International (NASDAQ:DGII); $9m cash + $5m delayed - - Sep 2015 Accenture Cloud Sherpas Google, SF, ServiceNow cloud consulting; 1,000 employees; investors included Salesforce Ventures 406.6 - Jun 2015 Salesforce.com Kerensen Consulting SAS IT services and consulting 24.2 1.4x May 2013 Perficient Clear Task SF consulting; $7.9m cash/stock + $3.7m earnout & WC; TBP revenue est ~$4m; "Impressive bill rates and margins" - Perficient CEO 11.6 1.4x

33. Salesforce.com M&A Review Salesforce’s acquisitions slowed post-Demandware

34. © 2017 True Blue Partners, LLC. All rights reserved. | Salesforce Acquisitions Overview 0 1 3 3 5 7 1 0 1H 2014 2H 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 Salesforce Acquisitions 20 acquisitions over the last 3 years - Including transformative acquisition of Demandware Over >$4b in transactions in 2016 alone 2016 acquisition spree + losing LinkedIn to Microsoft + investor pressure over a potential Twitter acquisition caused M&A to come to a grinding halt 34

35. © 2017 True Blue Partners, LLC. All rights reserved. | • Although its CRM offering already leads the market, Salesforce continues to make CRM-focused acquisitions to maintain its lead • Salesforce has also been making acquisitions in spaces adjacent to CRM, expanding its footprint while staying true to its core competencies • Quip and SteelBrick are both used by sales teams in the same way a CRM is, but Quip is a collaboration solution at its core and SteelBrick’s CPQ is closely related to Finance and ERP solutions 35 Salesforce Acquisitions by Product Cloud Redefining the bounds of CRM

36. © 2017 True Blue Partners, LLC. All rights reserved. | $0 $10 $20 $30 $40 $50 $60 $70 $80 2010 2011 2012 2013 2014 2015 2016 2017 EnterpriseValue($b) 36 Salesforce Enterprise Value and Acquisitions 1-year pauses between large acquisitions CRM, 14 Big Data / Analytics, 8 Collaboration, 7 Services, 5 Security, 2 Other, 7 Acquisitions by Segment $163m $217m $2,640m $391m $745m $300m $582m $768m $3,036m Logo size is representative of transaction size

37. Valuations for Publicly Traded SaaS Companies

38. © 2017 True Blue Partners, LLC. All rights reserved. | Salesforce.com vs. Other Enterprise Software Providers Salesforce valuation premium has narrowed in the past 24 months as others are catching up 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 2010 2011 2012 2013 2014 2015 2016 2017 Total Enterprise Value/Revenue Salesforce.com, inc. (NYSE:CRM) Oracle Corporation (NYSE:ORCL) Microsoft Corporation (NasdaqGS:MSFT) SAP SE (DB:SAP) NASDAQ Composite Index (^COMP) 38

39. © 2017 True Blue Partners, LLC. All rights reserved. | 39 Valuation Drivers in SaaS Still driven by revenue multiples Key Drivers • Revenue Size • Revenue Growth Rate • Change in Revenue Growth Rate • Size and dynamics of target market • Leadership premium in targeted market • Gross margins as a proxy for future profits • EBIDA margins as a proxy for sales model efficiency Key Takeaways • No magic formula • Knowledge of target market dynamics and positioning is key • Past performance is taken as the best predictor of future results • Valuations driven by clarity and certainty of where the business is going

40. © 2017 True Blue Partners, LLC. All rights reserved. | 40 Size and Valuations The largest players tend to also be market leaders and command leadership premiums Premium for companies with EV>$10B; discount for companies EV < $1B Plotting Enterprise Value (EV) by Revenue Multiple shows an asymptotic curve Public SaaS companies include: APPF, APTI, AYX, BLKB, BNFT, BOX, BV, CALD, CHUB.K, COUP, CRM, CSOD, ECOM, ELLI, EVBG, FIVN, HDP, HUBS, INST, TSX:KXS, NEWR, NOW, OKTA, PAYC, PCTY, PFPT, QLYS, RNG, RP, SPSC, SSTI, TEAM, TLND, TTD, TWOU, ULTI, UPLD, VEEV, VRNS, WDAY, WK, NZSE:XRO, YEXT, ZEN, ZIXI 4.7x 8.0x 9.0x 12.0x 4.3x 7.5x 8.2x 11.7x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x <$1b $1 - $2.5b $2.5 - $10b >$10b EV/LTMRevenue Enterprise Value Mean Median 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x - 2,000 4,000 6,000 8,000 10,000 12,000 EV/LTMRevenue Enterprise Value ($m)

41. © 2017 True Blue Partners, LLC. All rights reserved. | Public SaaS companies include: APPF, APTI, AYX, BLKB, BNFT, BOX, BV, CALD, CHUB.K, COUP, CRM, CSOD, ECOM, ELLI, EVBG, FIVN, HDP, HUBS, INST, TSX:KXS, NEWR, NOW, OKTA, PAYC, PCTY, PFPT, QLYS, RNG, RP, SPSC, SSTI, TEAM, TLND, TTD, TWOU, ULTI, UPLD, VEEV, VRNS, WDAY, WK, NZSE:XRO, YEXT, ZEN, ZIXI 41 Revenue Growth and Valuations Revenue growth rate a big impact on valuation Trends in revenue growth also very important. i.e. growing at a increasing or decreasing rate? 3.3x 6.3x 7.7x 9.6x 3.4x 6.3x 7.3x 8.8x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x <10% 10-20% 20-30% >30% EV/LTMRevenue Revenue Growth Mean Median

42. © 2017 True Blue Partners, LLC. All rights reserved. | 42 Gross Margin and Valuations Gross margin as a proxy for revenue mix and quality (ex. subscription vs. services vs. reselling) 6.3x 7.2x 8.4x 9.1x 6.6x 6.7x 8.0x 10.4x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x <60% 60-70% 70-80% >80% EV/LTMRevenue Gross Margin Mean Median Public SaaS companies include: APPF, APTI, AYX, BLKB, BNFT, BOX, BV, CALD, CHUB.K, COUP, CRM, CSOD, ECOM, ELLI, EVBG, FIVN, HDP, HUBS, INST, TSX:KXS, NEWR, NOW, OKTA, PAYC, PCTY, PFPT, QLYS, RNG, RP, SPSC, SSTI, TEAM, TLND, TTD, TWOU, ULTI, UPLD, VEEV, VRNS, WDAY, WK, NZSE:XRO, YEXT, ZEN, ZIXI

43. © 2017 True Blue Partners, LLC. All rights reserved. | Enterprise Gross EBITDA '15-'16 Revenue LTM Revenue EV/LTM Segment Company Value Margin Margin Growth Growth Revenue Marketing HubSpot, Inc. 2,748.4 79.3% (10.4%) 48.9% 39.5% 8.0x Marketing Yext, Inc. 1,041.3 73.0% (35.8%) 49.5% 67.8% 7.2x Marketing The Trade Desk, Inc. 1,902.7 79.0% 24.7% 78.3% 60.5% 6.8x Marketing Bazaarvoice, Inc. 341.8 61.9% (1.5%) 4.5% 1.2% 1.7x Contact Center Phones RingCentral, Inc. 3,478.7 75.9% (2.5%) 28.2% 29.8% 7.5x Contact Center Phones Five9, Inc. 1,367.8 59.5% 2.9% 25.8% 22.8% 7.2x CRM Veeva Systems Inc. 7,872.6 69.3% 25.0% 30.6% 30.7% 12.8x CRM Zendesk, Inc. 3,263.3 70.2% (22.2%) 49.4% 38.3% 8.2x CRM Salesforce.com, inc. 76,003.3 73.0% 4.9% 24.1% 25.6% 8.1x CRM Callidus Software Inc. 1,775.1 61.0% (2.7%) 19.4% 21.4% 7.4x CRM ChannelAdvisor Corporation 173.9 77.6% (5.3%) 12.5% 8.4% 1.4x Mean 33.8% 31.5% 6.9.x Median 28.2% 29.8% 7.4.x Enterprise Gross EBITDA '15-'16 Revenue LTM Revenue EV/LTM Segment Company Value Margin Margin Growth Growth Revenue ERP Xero Limited 3,053.1 78.9% (11.1%) 54.5% 37.5% 12.9x ERP Workday, Inc. 21,193.4 70.2% (12.4%) 47.5% 37.3% 11.4x ERP Workiva Inc. 870.9 71.3% (16.8%) 23.0% 16.0% 4.4x HCM Paycom Software, Inc. 4,712.2 85.3% 21.2% 46.5% 32.8% 11.6x HCM Paylocity Holding Corporation 2,412.8 58.7% 7.1% 51.1% 26.3% 7.6x HCM Instructure, Inc. 955.2 71.2% (32.3%) 51.5% 44.9% 6.5x HCM The Ultimate Software Group, Inc. 5,771.6 62.0% 7.7% 26.4% 21.4% 6.4x HCM Cornerstone OnDemand, Inc. 2,028.9 69.6% (10.4%) 24.6% 12.0% 4.4x HCM Benefitfocus, Inc. 870.5 51.1% (1.1%) 26.0% 12.3% 3.4x Supply Chain Kinaxis Inc. 1,309.7 69.4% 19.9% 27.0% 17.5% 10.3x Supply Chain Coupa Software Incorporated 1,598.7 67.8% (21.1%) 64.6% 45.4% 10.0x Supply Chain CommerceHub, Inc. 906.2 79.6% 26.1% 14.8% 10.7% 8.4x Supply Chain SPS Commerce, Inc. 619.5 66.5% 10.9% 21.9% 15.6% 2.9x Mean 36.9% 25.3% 7.7.x Median 27.0% 21.4% 7.6.x 43 Valuations of Companies Grouped by Target Markets Valuation drivers in action: Veeva growing at a consistent pace with high EBITDA margin = Valuation Premium Yext growing at an increasing rate but at highly negative EBITDA margin = no Premium Bazaarvoice growing at a low and declining pace = Valuation Discount The 5 highest and lowest values in each column are highlighted in green and red, respectively.

44. © 2017 True Blue Partners, LLC. All rights reserved. | Enterprise Gross EBITDA '15-'16 Revenue LTM Revenue EV/LTM Segment Company Value Margin Margin Growth Growth Revenue Real Estate AppFolio, Inc. 1,435.2 61.2% 7.0% 40.8% 36.7% 10.7x Real Estate Ellie Mae, Inc. 2,685.5 63.7% 20.5% 41.9% 21.7% 6.7x Real Estate RealPage, Inc. 3,943.4 58.7% 14.0% 21.3% 16.9% 6.2x Physical Security Everbridge, Inc. 701.1 69.5% (12.5%) 30.9% 34.4% 7.3x Physical Security ShotSpotter, Inc. 144.9 51.0% 4.3% 31.5% 214.7% 6.6x Nonprofit Space 2U, Inc. 3,161.6 80.6% (7.2%) 37.1% 34.2% 12.3x Nonprofit Space Blackbaud, Inc. 5,051.8 54.4% 18.0% 14.6% 8.6% 6.6x Mean 31.1% 52.5% 8.1.x Median 31.5% 34.2% 6.7.x Enterprise Gross EBITDA '15-'16 Revenue LTM Revenue EV/LTM Segment Company Value Margin Margin Growth Growth Revenue IT Process Management Atlassian Corporation Plc 11,226.8 79.8% (3.5%) 43.0% 37.6% 16.6x IT Process Management Okta, Inc. 2,624.6 67.4% (45.0%) 109.5% 128.6% 12.8x IT Process Management ServiceNow, Inc. 21,197.4 73.5% (0.3%) 38.3% 37.3% 12.0x IT Process Management Upland Software, Inc. 485.4 65.0% 13.6% 6.9% 22.6% 5.4x IT Management New Relic, Inc. 2,820.2 81.3% (15.1%) 64.2% 37.8% 9.2x IT Management Talend S.A. 1,075.7 76.9% (15.8%) 39.5% 42.6% 7.8x IT Management Box, Inc. 2,899.7 73.0% (26.0%) 39.9% 29.6% 6.4x IT Management Hortonworks, Inc. 1,310.7 67.5% (84.8%) 51.3% 40.5% 5.5x IT Management Apptio, Inc. 773.7 67.7% (11.3%) 24.2% 19.4% 4.3x Security Alteryx, Inc. 1,381.7 83.2% (14.9%) 59.4% 54.7% 11.7x Security Qualys, Inc. 1,898.5 78.0% 25.8% 20.5% 15.8% 8.6x Security Proofpoint, Inc. 4,004.7 72.2% (7.1%) 41.5% 38.7% 8.4x Security Varonis Systems, Inc. 1,316.4 90.2% (6.3%) 29.3% 29.0% 6.6x Security Zix Corporation 218.8 81.3% 22.5% 9.9% 9.4% 3.4x Mean 41.2% 38.8% 8.5.x Median 39.7% 37.5% 8.1.x 44 Valuations of Companies Grouped by Target Markets No one-size-fits-all magic formula to determine valuation multiples The 5 highest and lowest values in each column are highlighted in green and red, respectively.

45. © 2017 True Blue Partners, LLC. All rights reserved. | 45 Revenue Size Impact Clear valuation premiums for companies with larger revenue bases $2.5b - $10b Enterprise Value Veeva Systems Inc. Healthcare & life sciences CRM 7,872.65 544.04 617.44 24% 69% 12.8x 11.7x The Ultimate Software Group, Inc. HCM 5,771.61 781.29 899.85 20% 62% 6.4x 6.2x Blackbaud, Inc. Non-profit management 5,051.81 730.82 769.63 8% 54% 6.6x 6.4x Paycom Software, Inc. Payroll & HCM 4,712.21 329.14 406.83 31% 85% 11.6x 10.9x Proofpoint, Inc. Cyber security 4,004.72 375.50 476.70 36% 72% 8.4x 7.9x RealPage, Inc. Property management 3,943.36 568.13 632.35 18% 59% 6.2x 5.9x RingCentral, Inc. Communications & collaboration 3,478.72 379.72 465.49 31% 76% 7.5x 7.0x Zendesk, Inc. Customer service 3,246.00 312.00 395.69 37% 70% 8.2x 7.6x 2U, Inc. Education technology 3,161.60 205.86 257.42 39% 81% 12.3x 11.1x Xero Limited SMB accounting 3,052.12 190.46 249.99 39% 79% 12.2x 11.5x Box, Inc. Cloud storage 2,899.74 398.61 452.90 27% 73% 6.4x 5.7x New Relic, Inc. Performance management 2,776.75 242.64 306.22 35% 81% 9.1x 8.5x HubSpot, Inc. Inbound sales & marketing 2,697.98 270.97 345.52 37% 79% 7.8x 7.3x Ellie Mae, Inc. Mortgage processing 2,633.66 360.29 400.34 14% 64% 6.6x 6.4x Okta, Inc. Identity & access management 2,624.63 160.33 205.11 53% 67% 12.8x 10.7x Mean 30% 71% 9.0x 8.3x Median 31% 72% 8.2x 7.6x '16-'17E LTM Enterprise Value / Enterprise CY2016 LTM Revenue Gross LTM 2017E Company________________________________ Brief_____________________________________ ______Value ___Revenue __Revenue __Growth __Margin _Revenue _Revenue >$10b Enterprise Value Salesforce.com, inc. CRM 76,003.31 8,391.98 9,387.93 24% 73% 8.1x 7.3x ServiceNow, Inc. IT service management 21,197.45 1,390.51 1,772.32 38% 73% 12.0x 11.0x Workday, Inc. HCM 21,193.39 1,569.41 1,853.25 34% 70% 11.4x 10.1x Atlassian Corporation Plc Software development & collaboration 11,226.76 531.23 676.97 38% 80% 16.6x 15.3x Mean 33% 74% 12.0x 10.9x Median 36% 73% 11.7x 10.6x

46. © 2017 True Blue Partners, LLC. All rights reserved. | 46 Revenue Size Impact The gaps between valuation ranges widen as size decreases <$1b Enterprise Value Instructure, Inc. Learning management 934.38 110.88 146.52 41% 71% 6.4x 6.0x CommerceHub, Inc. eCommerce 874.73 100.55 107.27 11% 80% 8.2x 7.8x Workiva Inc. Enterprise management 860.38 178.65 199.74 16% 71% 4.3x 4.2x Benefitfocus, Inc. HCM Benefits 870.49 233.34 252.62 10% 51% 3.4x 3.4x Apptio, Inc. Enterprise management 745.00 160.57 180.47 16% 68% 4.1x 4.0x Everbridge, Inc. Event management & enterprise safety 714.37 76.85 96.46 35% 70% 7.4x 6.9x SPS Commerce, Inc. Supply chain EDI 627.43 193.30 213.43 14% 67% 2.9x 2.9x Upland Software, Inc. Enterprise management 473.36 74.77 89.48 29% 65% 5.3x 4.9x Bazaarvoice, Inc. Content marketing 318.23 201.74 203.30 2% 62% 1.6x 1.6x Zix Corporation Email cyber security 220.42 60.14 64.44 9% 81% 3.4x 3.4x ChannelAdvisor Corporation eCommerce 171.23 113.20 120.19 8% 78% 1.4x 1.4x ShotSpotter, Inc. Public safety gunshot detection 143.65 15.51 21.80 52% 51% 6.6x 6.1x Mean 20% 68% 4.6x 4.4x Median 15% 69% 4.2x 4.1x '16-'17E LTM Enterprise Value / Enterprise CY2016 LTM Revenue Gross LTM 2017E Company________________________________ Brief_____________________________________ ______Value ___Revenue __Revenue __Growth __Margin _Revenue _Revenue $1b - $2.5b Enterprise Value Paylocity Holding Corporation Payroll & HCM 2,354.48 264.09 316.49 26% 59% 7.4x 7.1x Cornerstone OnDemand, Inc. Learning & talent management 2,028.86 423.12 459.06 14% 70% 4.4x 4.2x Qualys, Inc. Cyber security 1,881.44 197.93 220.14 16% 78% 8.5x 8.2x The Trade Desk, Inc. Programmatic advertising 1,902.75 202.93 277.98 51% 79% 6.8x 6.2x Callidus Software Inc. Sales performance management 1,703.56 206.72 239.66 21% 61% 7.1x 6.8x Coupa Software Incorporated Spend management 1,552.56 133.78 159.15 33% 68% 9.8x 8.7x AppFolio, Inc. SMB property & law management 1,399.57 105.59 133.92 34% 61% 10.5x 9.9x Five9, Inc. Call center 1,376.14 162.09 189.03 22% 60% 7.3x 7.0x Alteryx, Inc. Data analytics 1,336.18 85.79 117.98 50% 83% 11.3x 10.4x Kinaxis Inc. Supply chain 1,279.44 115.95 129.16 15% 69% 9.9x 9.6x Hortonworks, Inc. Data management 1,241.62 184.46 238.76 39% 67% 5.2x 4.8x Varonis Systems, Inc. Cyber security 1,316.39 164.46 198.56 28% 90% 6.6x 6.3x Talend S.A. Data management 1,123.50 105.98 137.53 40% 77% 8.2x 7.6x Yext, Inc. Business listing 1,019.64 124.26 145.43 37% 73% 7.0x 6.0x Mean 31% 71% 7.9x 7.3x Median 31% 69% 7.4x 7.0x

47. Appendix: SAP, Oracle, Microsoft

48. © 2017 True Blue Partners, LLC. All rights reserved. | 48 SAP’s Strategy to Convert the Existing Client Base IoT and blockchain are major areas of focus moving forward Post Acquisition SAP in Gartner Magic Quadrants Procure-to-Pay Suites Talent, Learning & Performance Management Software SAP Ariba+Fieldglass SAP SuccessFactors Focused on large acquisitions of core application offerings to sit on top of the HANA platform - Though few, each acquisition is highly impactful and asserts a dominant SAP presence in the domain Concerns over S/4HANA’s high cost, lack of offerings, and integration of product suites have been slowing the adoption from existing customers, although recent growth seems positive - ’17Q1 reported 400 new S/ 4HANA users and nearly half are new customers - Total of 5,800 S/4HANA customers to date -30.00% -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% SAP Share Price Change NASDAQ Composite Index (^COMP) - Index Value SAP SE (DB:SAP) - Share Pricing Acquires PLAT.ONE eCommerce Platform SAP Hybris

49. © 2017 True Blue Partners, LLC. All rights reserved. | Oracle is leveraging a growth-through-acquisition strategy to grow the cloud business - In competing against AWS, acquisition efforts have shifted towards back-end cloud technologies to build out a complete database 12c PaaS offering Large acquisitions of MICROS, Textura, and OPOWER add a strong presence in industries that are slow to adopt the cloud – betting on them will mean a ‘decade of co-existence’ between on-prem and cloud support ’17FQ3 cloud revenue: $1,198m (+63% YoY) 49 Oracle Expecting a ‘Decade of Co-Existence’ On-premise revenue will go flat, SaaS revenue has been and will grow exponentially 0 2 4 6 8 10 '14 '15 '16 '17 YTD # of Acquisitions Cloud Application Cloud Technology Industry Vertical -25.00% -15.00% -5.00% 5.00% 15.00% 25.00% 35.00% 45.00% Oracle Share Price Change Oracle Corporation (NYSE:ORCL) - Share Pricing NASDAQ Composite Index (^COMP) - Index Value Acquires OPOWER Acquires NetSuite

50. © 2017 True Blue Partners, LLC. All rights reserved. | 0 500 1,000 1,500 2,000 2,500 Millionsof$ Salesforce vs Oracle Cloud Revenues Oracle cloud revenue Salesforce cloud revenue 50 Salesforce has Clearly Beat Oracle to the $10b Mark vs. Acquires NetSuite Acquires Demandware Revenues are backwards consolidated

51. © 2017 True Blue Partners, LLC. All rights reserved. | Multi-pronged approach to acquisitions - Enterprise cloud platform and software • Arguably late to the enterprise cloud race, but willing to make large, potentially game-changing acquisitions to catch up • Acquired LinkedIn in Jun 2016 for $26b and in April 2017 announced its full integration into Dynamics 365 - Focused on cross platform productivity • Lots of acquisitions to expand Office features, as the traditionally licensed product suite moves to a SaaS model • A focus on cross-platform technologies attracts the developer market and keeps the offerings relevant across various cloud environments 51 Microsoft is Taking a Different Approach with M&A Azure revenues in ’16Q4 growth 102% YoY -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% Microsoft Share Price Change NASDAQ Composite Index (^COMP) - Index Value Microsoft Corporation (NasdaqGS:MSFT) - Share Pricing Acquires LinkedIn 0 2 4 6 8 '14 '15 '16 '17 YTD # of Enterprise IT Acquisitions Azure Data/Analytics Dynamics Office 365; Cross-platform; Opensource

52. © 2017 True Blue Partners, LLC. All rights reserved. | • Satya Nadella has made 2x as many acquisitions as Steve Ballmer (first 4 years vs last 4 years) • Microsoft to reach a $20b cloud revenue run rate by 2018 • Dynamics CRMv9 = deep into LinkedIn • Einstein vs Azure AI • AppExchange vs Microsoft Store Read about our thoughts on LinkedIn… 52 Salesforce vs Oracle… and Microsoft?

53. True Blue Partners Case Studies

54. © 2017 True Blue Partners, LLC. All rights reserved. | 54 Advised AST on Strategic Growth, Acquisitions, and Exit A four-year engagement yielding highly favorable outcomes for all parties Strategic Advisory 2012 - 2013 • Engagement with AST prompted by interest for liquidity • Ran broad outreach and received bids from a multi-billion $ strategic and PE- buyers • Concerned over leverage, AST decides on a stand-alone growth strategy • Invited to make equity investment; helped to develop 5-year strategic roadmap through acquisition Buy-side Advisory 2014 - 2015 • Ran a broad buy-side process • (200 prospects > 11 meetings > 2 LOIs) • Completed acquisition of Serene, a highly synergistic Oracle & Salesforce cloud implementation firm • Prepared to acquire $100m asset next and position the company as the largest Oracle-only cloud implementation firm Sell-side Advisory 2015 - 2016 • Developed a recapitalization opportunity with Tailwind Capital • Advised AST on sell-side and helped negotiate significant equity rollover • AST is now well capitalized and well positioned to become a leading cloud implementation firm Has been recapitalized byHas acquired

55. © 2017 True Blue Partners, LLC. All rights reserved. | 55 AST Recapitalization Case Study Timeline % change over time of S&P 500 vs Oracle Corp (NYSE:ORCL) -20 0 20 40 60 80 Dec 2015: AST is approached and engages discussion with a select group of strategic and financial buyers Jan 2017: AST recapitalization is completed. Positioned to be the largest Oracle focused cloud implementation partner Received proposals from $bn+ PE backed strategic, large multibillion IT service provider and PE stand alone Sep 2015: Buy-side process to negotiate2-LOIs AST completes buy-side acquisition to become the largest Oracle-only, multi-pillar implementation partner Apr 2012: Sell-side engagement launched. Organized broad outreach Dec 2013: After pursuing recapitalization diligence with PE, AST decides not comfortable with leverage and to pursue inorganic growth. Dec 2014: AST negotiates buy-side agreement with selected target. Transaction postponed due to target internal issues. Oracle acquires Netsuite Oracle acquires Acme Packet for $1.6b Oracle acquires Datalogix for $1.1b Oracle Corp (NYSE:ORCL) S&P 500

56. © 2017 True Blue Partners, LLC. All rights reserved. | Transaction Overview - On September 16, 2015, AST Corporation announced its acquisition of Serene Corporation; the deal adds $30m in annual revenue and 225 employees to AST - AST acquired Serene Corp to strengthen its Oracle and Salesforce CRM/CX cloud implementation capabilities - Serene was a top-tier CX cloud implementation firm started by ex-Siebel executives Significance of the Transaction - 1 year post-integration, the transaction delivered on all objectives and was highly synergistic - Clearly positioned AST as a leading cloud implementations company - Invited us to make equity investment in combined company Role - Developed a strategic roadmap for AST that included organic and inorganic growth avenues - Identified the key objectives for a first acquisition that included • Acquire offshore capabilities • Acquire additional technology capabilities • Add vertical expertise • Add to leadership team - Screened and reached out to nearly 200 prospects to organize 11 management meetings and 2 LOIs and one close - Negotiated transaction terms and organized financing 56 Experienced in Advising on SI Transactions in the Space Advised on a highly synergistic and transformative buy-side transaction Has acquired AST capabilities include: ERP CRM BI Middle-ware

57. © 2017 True Blue Partners, LLC. All rights reserved. | Transaction Overview - In Jan 2017 Tailwind Capital announced its recapitalization of AST - AST is the largest pure-play Oracle system integrator with a multi-pillar strategy Significance of the Transaction - AST partnered with a $billion+ financial sponsor with a strong track record in the IT services industry - Well positioned for continued growth - Founders achieved sizable liquidity while retaining significant equity post- transaction Role - Served as the exclusive M&A advisor to AST - Negotiated a favorable deal structure at a premium valuation - Discretely sourced a limited number of highly qualified prospects 57 AST is Recapitalized by Tailwind Highly favorable outcome resulting in retained ownership and sizable liquidity Has been recapitalized by “We are already the top player for Oracle in public sector. We want to take that to the commercial sector and become the number one pure-play Oracle Red Stack systems integrator in the world.” Pravin Kumar - Founder, CEO

58. © 2017 True Blue Partners, LLC. All rights reserved. | 58 Accelatis, Hyperion APM provider, Sells to Datavail Helped founders achieve a significant liquidity event Has been acquired by Transaction Overview - On July 11, 2017 Datavail Corporation announced its acquisition of Accelatis LLC - Accelatis was founded by Jonathan Berry in 2008; they provide a comprehensive application performance management (APM) software platform - Accelatis’ cloud-enabled software is the leading Oracle EPM services monitoring tool, currently being used by a long list of Fortune500 clients - Datavail is one of the largest database managed services providers in North America and is rapidly expanding into ERP managed services Significance of the Transaction - Orchestrated a liquidity event for founder/CEO and co-founder shareholders - The acquisition of Accelatis strengthens the technology portion of Datavail’s offering to deliver higher quality and higher margin managed services - 3 months prior, Datavail had just acquired AdvancedEPM, a leading Oracle EPM services firm, to bolster its strategy of offering a full end-to-end, application to database offering for the Oracle EPM stack - Jonathan Berry is now the CTO of Datavail, and leads the technology-enabled initiatives and product roadmap Role - Accelatis contacted TBP after receiving a verbal IOI with a reputable publicly traded IT services firm, and TBP was retained as the exclusive M&A advisor - TBP deployed a unique 3-tiered marketing strategy, designed to maximize the impact with key target prospects, and ran an exhaustive sell-side process across 200+ prospective buyers - Helped negotiate a favorable outcome for our client Accelatis key APM offerings include: Infrastructure management Application monitoring Performance testing and optimization Process automation System health checks

59. © 2017 True Blue Partners, LLC. All rights reserved. | 59 Infinisource Roadmap 143% 3-year growth rate after acquisition 2012 2015 2016 2017 Dec 2012 Infinisource acquires Qqest, making them the largest provider of HCM solutions for SME employers. Transaction doubles the size of Infinisource, resulting in a company with more than 63,000 accounts Jul 2015 Infinisource joins SAP PartnerEdge program as an SAP channel partner iSolved, their HCM cloud technology solution, named top 10 payroll solutions provider in 2015 Aug 2015 $56m revenue in 2015, added 200 jobs, and 3 year growth rate of 143% Listed on Inc 5000 fastest-growing companies in the US for 3rd consecutive year Sep 2016 Spinoff of iSolved in 2016 to become iSolved HCM. Infinisource continues as Infinisource Benefit Services and will focus exclusively on COBRA administration, FSA, and related services Feb 2017 Infinisource announces newest offering: POP/ERISA Document generator, a tool that helps firms with ERISA Compliance Sep 2011 Infinisource receives majority equity investment from AKKR

60. © 2017 True Blue Partners, LLC. All rights reserved. | 60 Infinisource Sells to Accel-KKR Advised on a 100% sale of a software asset to a financial buyer Transaction Overview - Infinisource presented an ideal SaaS platform for expansion and scalability having developed proprietary, web-enabled, business applications that automate payroll processing and COBRA administration and compliance. - The HRO space for small to medium businesses was highly fragmented and ready for consolidation by a market leader. Significance of the Transaction - Existing passive shareholders received a significant liquidity event - With partners Accel-KKR, Infinisource is now well positioned to emerge as a leader for one-stop HRO services including payroll, flexible plans, benefits and COBRA compliance and customized human resource Role - Worked closely with the management team to develop a compelling vision and business plan for becoming a leading SaaS Human Resource Outsourcing (HRO) player and wanted a partner to grow the business to the next level. - Ran a competitive auction process that received over 23 written termsheets to invest in the business - Navigated the process to a close negotiating multiple complex deal terms and post close scenarios Has been acquired by “I know marketing a company with nonworking owners can be extremely challenging; however, you and your team far exceeded my expectations and delivered on time all aspects of your marketing proposal.” Thomas E. Kolassa, CLU, ChFC - Former Chairman

61. © 2017 True Blue Partners, LLC. All rights reserved. | Transaction Overview - In Jan 2015 Riordan, Lewis & Haden (RLH) announced its investment in Inspirage a rapidly growing provider of high-value supply chain software services. - Founded in 1982, RLH is a growth focused investor in the IT Software and Services industry. Its founders include Richard Riordan who left the firm to be the mayor of Los Angeles from 1993-2001 - Inspirage was founded in 2007 by Srini Subramaniam, Sridhar Iyer and others from Oracle product development managers with deep expertise in supply chain and logistics management Significance of the Transaction - Inspirage was able to partner with a team that has a proven track record of being a valuable partner and bringing valuable strategic an operating insights for companies in the IT industry Role - Served as the exclusive advisor to RLH in its investment in Inspirage - Highlights success in advising a broad range of top tier companies across the Information Technology landscape 61 RLH Capital Investment into Inspirage Demonstrated execution track record in supply chain & logistics management Has made an investment in Inspirage’s key areas of practice include: Innovation Management Supply Chain Management Logistics Management

62. © 2017 True Blue Partners, LLC. All rights reserved. | 62 Amtel Sells to NetPlus Advised Amtel in its sale to NetPlus, a PE-backed platform Transaction Overview - In Apr 2016 NetPlus announced its acquisition of Amtel, a CODiE award winning SaaS platform in Mobile Device Management, Security and App Management services - Amtel, Inc. founded by Pankaj Gupta has been a long term relationship with TBP founders. In 2014, TBP founders made an equity investment in Amtel and provided strategic advice on developing its channel based Go-To-Market strategy, to recruit its Chief Sales Officer and its first few channel partners Significance of the Transaction - Amtel founders were able to accomplish a great financial outcome and use the proceeds to fund the growth of their next venture without any equity dilution - Netplus enhanced its enterprise mobility management solutions to include mobile device management, mobile security management, mobile app management and mobile expense management Role - Served as the exclusive adviser to Amtel in its sale to NetPlus - Highlights success in delivering timely results and sustaining long term relationships in advising high quality companies across the Information Technology landscape Has been acquired by “You’ve been a valuable partner over the years and helped us accomplish a great outcome. I look forward to continuing our partnership in my next venture.” Pankaj Gupta - Founder, CEO

63. © 2017 True Blue Partners, LLC. All rights reserved. | 63 SPS Sells Majority Equity Ownership to Court Square Founder CEO gets a two step exit with financial buyer Transaction Overview - Leading provider of enterprise telephony and unified communications (UC) services, converged infrastructure solutions, software and hardware to enterprise, government and Fortune1000 clients. - After 22+ years of investment, the founder/CEO was looking for a partial liquidity event and additional resources to fuel the Company’s on-going growth. - Leverage the current industry trends to navigate to a successful close Significance of the Transaction - Initial exit of 80% liquidity exceeded client expectations from a full sale - Business received the right financial partner to take to the next level - Within a year of transaction company acquired two assets that have more than doubled the business by expanding the offering into adjacent spaces Role - Developed business plan and positioning around emerging opportunities and initial customer traction in the space of Infrastructure-as-a-Service (IaaS) - Ran a comprehensive process inviting both strategic and financial buyers - Strategically negotiated letters of intent to enable the shareholders to exit with their preferred bidder. The winning bid valuation increased ~30% from IOI to LOI Has been acquired by “You and your team offered an understanding of our business, our industry, the relevant investment community and insight that helped us consider different options before us… There are the mechanics of running a process that I believe many firms can deliver, but what differentiated you and your firm is the art of a deal.” John N. Poole - President and CEO

64. © 2017 True Blue Partners, LLC. All rights reserved. | 64 Fusionstorm Sells MS Asset to Synoptek Advised on a divesture of non-core assets to a strategic buyer Transaction Overview - FusionStorm, a leading technology solutions provider with over $500M annual revenues and clients like Apple and Facebook had failed in its prior attempts with other bankers to obtain liquidity needed expanding business operations. - We were hired by FusionStorm to divest the cloud hosting business unit in order to focus Significance of the Transaction - FusionStorm able to focus on key priorities on core competencies and got the cash infusion it needed to invest in growth - Transaction created a powerhouse managed services provider in Synoptek with strong customer presence from coast to coast . Synoptek was subsequently able to recapitalize the company with Sverica Capital Role - Marketed FusionStorm Cloud Services Group to a broad range of potential buyers including leading cloud services companies, data center providers, managed services providers and technology solutions providers - Managed a competitive bidding scenario and obtained maximum value for client by keeping multiple bidders engaged to the very end - Negotiated complex issues around earn-outs, customer consents and management incentives Has been acquired by “Your persistence on the engagement despite all odds and changing circumstances is was pivotal in obtaining a successful outcome. I have never seen a banker work so hard on a transaction” John Varel - Founder Chairman Managed Services Unit

65. © 2017 True Blue Partners, LLC. All rights reserved. | 65 BenefitsXML Sells to SS&C Technologies Advised on a 100% sale of a software asset to a strategic buyer Transaction Overview - A pure-play SaaS employee benefits administrator serving large benefits providers and third party administrators - BenefitsXML's Benefits Real Time Information Exchange (BRIX) employee benefits administration system is a multi-tenant, multi-channel customer self-service platform that enables employees to manage their annual enrollment, new hire enrollment and ongoing changes throughout their lifecycle at the company - The founder/CEO desired an exit after 10 plus years of investment in the company Significance of the Transaction - BenefitsXML joined SS&C, a publicly traded international company with over 1,500 employees worldwide and a market cap of over $2.0 billion Role - Successfully leveraged the industry consolidation trends to negotiate an improved valuation and to maximize the cash at closing - The final bid valued the company more than 50% higher than the initial indication of interest Has been acquired by “Your knowledge of the mergers and acquisitions process was much appreciated as we negotiated our way to a very successful outcome for all parties. I found your shrewd business intellect to be very enlightening.” David Donahue - President

66. © 2017 True Blue Partners, LLC. All rights reserved. | 66 Beganto Acquires NeedaSample Acquired an online network to manage supply chain logistics for product samples Transaction Overview - Beganto, Inc. a SaaS based collaborative opportunity management platform for electronics industry announced its acquisition of NeedaSample, a VC backed SaaS platform for the electronics and semiconductor supply chain participants - Executed acquisition using company stock as acquisition currency and secured additional $3M of Series B investment from VCs and few Ultra-High Net Worth individual investors Significance of the Transaction - Executing the transaction significantly enhanced Beganto’s product footprint and leapfrogged its positioning as market leader in a rapidly growing space - Subsequent year organic revenue growth was over 300% leveraging the post integration sales and marketing synergies of the two organizations Role - Executed transaction as the controlling shareholder - Bring unique perspective on accomplishing post acquisition synergies Has acquired TBP brings a unique value to SaaS/ Software/ IT Services transaction by bringing an operating principal’s perspective into the deal

67. © 2017 True Blue Partners, LLC. All rights reserved. | Bulge Bracket Sell-Side Advisory - Advised legendary UVA Football player and donor and Amvest (now Consol) founder in a $400M sell side advisory engagement that sold to Consol $200M IPO - Ran process for a $200M IPO for Savvis (now Century Link) that valued the company at $2Bn. Savvis was acquired by Century Link for $3B $170M IPO - Ran process for a $170M IPO for Avanex that valued the company at $6Bn. Avanex subsequently re-branded as Oclaro $150M Follow-on Offering - Ran process for a $150M Secondary Offering for ImClone Systems (now a Eli Lily Company). Company was acquired by Eli Lily for $7Bn $4M Series A & B Financing - Developed business plan and marketed to both Strategic and Financial investors to raise $4M for an online network for electronic components. Acquired a VC-backed competitor. $3M Series B Financing - Developed business plan and marketed to both Strategic and Angel investors to raise $3M for a B2B e-marketplace through one of the toughest market environments 67 Other Transactions A broad range of transaction experience Asia-Links Media

68. © 2017 True Blue Partners, LLC. All rights reserved. | Investment Banking M&A deal experience - $300M+ in transaction value on mid-market M&A transactions created • Exclusively focused on enterprise SaaS and IT services - $1B+ in M&A, private placements, and IPO transaction value created • Bulge bracket experience in the technology sector • Ex-Morgan Stanley, New York and Menlo Park - Advisory roles on strategic initiatives Software/Tech-enabled services entrepreneur with engineering roots - Founded a SaaS company, built the product and took it to market. • Acquired a VC-backed competitor. Integrated the teams and product, and ran company profitably with 300% YoY growth before exiting to an overseas investment group - Patented inventor experienced in automation systems programming (Matlab, PLC, C) Education - MBA from University of Chicago Booth School of Business - MS Engineering from Washington University - B-Tech Engineering from IIT Bombay 68 True Blue Partners Founder 20 years+ of investment banking and technology business operations experience Sunil Grover Founder, Managing Partner

69. True Blue Partners