This document provides an overview of ComCap's coverage of the digital retail sector, including key themes, companies, and industry activity. Some of the main points summarized are: - ComCap covers various themes in digital retail including AI/analytics, B2C brands, ecommerce SaaS, fintech, IoT, logistics, marketing suites, mobile, personalization, and retail in-store technology. - B2C companies have seen the highest M&A and financing activity over the past year, with deal value totaling $37.9 billion. SaaS companies command the highest valuation multiples. - The digital retail sector has outperformed the S&P 500 over the last

1. CONFIDENTIAL
ComCap Digital Retail Report
April 2018

2. CONFIDENTIAL
2
San Francisco Singapore London / Moscow
AI / Analytics B2C and Vertical
Brands (DNVBs)
Ecommerce SaaS Fintech LogisticsIoT
Marketing
Suites
Mobile Personalization Retail in-store
technology
System Integrators
Offices
Areas of Coverage
Conferences
NRF 2018
New York, NY
Shoptalk 2018
Las Vegas, NV
Shop.org 2018
Las Vegas, NV
ComCap Overview

3. CONFIDENTIAL
Theme Description Select companies
Artificial Intelligence /
Analytics
Focus on disruptors in the artificial intelligence space focused on ecommerce, logistics, retail,
predictive, payment, risk and marketing
B2C and Vertical
Brands (DNVBs)
Digitally native D2C brands harnessing modern technology and business models to reach the
end consumer, covering clothing, accessories, personal care, home and kitchen, furniture, and
other consumer-focused products
Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector
Fintech
Retail and commerce-related disruptors in the fintech universe. Current focus areas include
payments, risk analytics, false declines and retail point-of-sale, especially mobile (mPOS)
IoT
The internetworking of physical devices, vehicles, buildings, and other items – embedded with
electronics, software, sensors, actuators, and network connectivity that enable these objects to
collect and exchange data
Logistics
Emerging platforms and providers innovating and optimizing the many facets of the supply
chain ecosystem
Marketing Suites
Emerging platforms in digital marketing, who focus on optimization in digital marketing and
content delivery
Mobile
Focused on mobile solution providers optimizing the mobile experience from desktop-to-mobile
website conversions, targeted mobile marketing, to simplifying the mobile checkout experience
Personalization Emerging players in the ecommerce personalization space
Retail In-store
technology
Platforms and solutions that enable retailers improve customer experience, productivity, and
operational inefficiencies
System Integrators
Systems Integrators implementing retail focused technology spanning the above sectors,
including large SIs covering multiple platforms, as well as smaller SIs covering just one or a
handful of platforms
3
ComCap’s current thematic focus areas

4. CONFIDENTIAL
ComCap’s thematic landscape: Capital raised by theme
AI/Analytics B2C
MajorPlayers
LogisticsEcommerce
SaaS
Fintech Marketing
Tech Companies Retailers/Brands
Welcome AG i.G.
Mobile Personalization Retail
In-store
technology
AmountRaised
>$200m
$25m
$100m
$75m
0
$50m
Source: Capital IQ, Pitchbook
4

5. CONFIDENTIAL
5
Digital Retail Sector Activity
The Digital Retail Sector has outperformed the S&P 500
Note: Digital Retail Price Index includes a select group of global companies in FinTech, online retail, digital marketing, enterprise software, alternative
payments and POS, logistics, vertical SaaS, online lending, technology SIs, and SaaS; The list of companies included in each category can be found at the
public comparables tables
Source: Capital IQ, ComCap Analysis
Last 12 Months Digital Retail Price Performance vs S&P 500
Global Quarterly M&A Volume ($bn)
Global Quarterly M&A Deal Count
$28.6
$23.9
$29.3
$21.5
$31.4
1Q17 2Q17 3Q17 4Q17 1Q18
65
80
69 71
82
1Q17 2Q17 3Q17 4Q17 1Q18
Global Quarterly Financing Volume ($bn)
Global Quarterly Financing Deal Count
$4.5
$12.0
$8.6
$6.3
$13.6
1Q17 2Q17 3Q17 4Q17 1Q18
104 107 110 116
129
1Q17 2Q17 3Q17 4Q17 1Q18
-50
0
50
100
Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18
Digital Retail Price Index S&P500
+43%
+15%

6. CONFIDENTIAL
6
M&A and Private Placement Activity in Digital Retail
B2C companies have seen the highest M&A and financing activity
Note: Minimum Deal Size for B2C is $10.0m & for other sectors - $5.0m
Source: Capital IQ, ComCap Analysis
Deal
Value ($bn): $37.9 $27.9$25.2$4.9 $5.3 $7.4 $11.4 $0.3 $3.5 $0.02 $10.5
$24.8 $5.6$3.3$3.5 $1.3 $0.6 $4.4 $0.6 $0.4 $0.2 $0.1
30
24
9 7 6 6 6 6 8
2 0
32
24
4
13
5 5
9 10
3 1 1
32 33
11
6 3 3 5 5 5 3 4
34
38
10
3 4 7 4 5 5 3 3
52
37
12
8
3 2 3 5 2 3 2
B2C AI & Analytics Fintech Logistics System
Integrators
Retail In-store Mobile IoT Marketing eCommerce
SaaS
Personalization
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
Deal
Value ($bn):
Private Placements in Digital Retail by Segment since 2017
M&A in Digital Retail by Segment since 2017
28
8 7 6
3
6
3 2 1 1 0
40
7
1
6
2
8
5
1
7
1 2
27
7 6
9
3
6
2 1
4
0
4
20
8 7
9
7 6 5
0
5
0
4
22
10
6 7 6
20
8
0 1 0
2
B2C Logistics AI & Analytics Fintech Marketing System
Integrator
eCommerce
SaaS
Retail In-store Mobile Personalization IOT
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

7. CONFIDENTIAL
7
Digital Retail Stock Performance & Valuation Multiples
Online lenders have seen the largest increase in their stock price, while SaaS
companies command the highest multiples
Note: Digital Retail Price Index includes a select group of global companies in FinTech, online retail, digital marketing, enterprise software, alternative
payments and POS, logistics, vertical SaaS, online lending, technology SIs, and SaaS; The list of companies included in each category can be found at the
public comparable tables. SPX = S&P 500 Index
Source: Capital IQ, ComCap Analysis
Last 12 months change in share price
EV / 2018E Revenue
Last 3 months change in share price
EV / 2018E EBITDA
9.9x
9.1x
7.0x
5.7x 5.5x
4.6x
3.2x
2.5x
2.0x 1.6x 1.3x
41.2x
36.2x
25.5x
16.8x 15.7x 13.9x 13.4x 13.4x 12.8x 11.7x 10.3x
-25
25
75
125
175
225
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
Fintech Enablers
Alternative Payments and
POS
Online Lending
Online Retailers
Logistics
Technology SI
Digital Marketing
Vertical SaaS
SaaS
Enterprise Software
-25
-15
-5
5
15
25
Jan-18
Jan-18
Feb-18
Feb-18
Feb-18
Feb-18
Mar-18
Mar-18
Mar-18
Mar-18
Apr-18
Apr-18
Apr-18

8. CONFIDENTIAL
8
Valuation Correlation to Growth and Cash Flow among
Vertical Public SaaS Companies
Source: Capital IQ, ComCap Analysis
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
R2 = 0.81
Benefit Focus
Ultimate
Software
Paylocity
Intuit
Salesforce
Guidewire
Blackline
AdobeVeeva
ServiceNow
Shopify
CY 2017 Revenue Growth % + CY 2017 FCF Margin %
EV/CY2017Revenue
Workday

9. CONFIDENTIAL
9
Public comparables (1 of 5)
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Enterprise Software
Microsoft Corporation (US) $96.11 148% 99% $740,027 $38,364 $701,663 7.3x 6.3x 5.8x 21.1x 15.5x 13.6x 7.6% 16.8% 8.2% 12.4% 34.8% 40.5% 42.7% 62.5%
Oracle Corporation (US) $46.82 107% 88% $191,134 $9,173 $181,961 4.7x 4.5x 4.3x 12.0x 9.6x 9.2x 4.5% 4.0% 3.7% 3.9% 38.9% 46.8% 47.2% 80.0%
International Business Machines Corporation (US) $147.70 106% 86% $136,056 ($33,669) $169,725 2.1x 2.1x 2.1x 10.3x 9.0x 8.6x (1.0%) 2.0% 0.0% 1.0% 20.8% 23.3% 24.4% 45.6%
SAP SE (DE) $107.65 107% 87% $128,466 ($2,819) $131,285 4.7x 4.4x 4.1x 18.2x 13.1x 12.0x 21.0% 6.5% 7.2% 6.9% 25.6% 33.4% 34.0% 69.9%
VMw are, Inc. (US) $135.59 159% 82% $54,953 $7,419 $47,534 6.0x 5.4x 5.0x 22.5x 15.2x 13.9x 33.1% 10.2% 8.2% 8.4% 26.7% 35.8% 36.3% 85.6%
Dassault Systèmes SE (FR) $134.90 142% 97% $34,335 $1,802 $32,533 8.4x 7.8x 7.1x 30.5x 23.3x 20.8x 20.2% 8.3% 8.5% 8.5% 27.5% 33.2% 34.3% 85.3%
Verisk Analytics, Inc. (US) $107.57 142% 99% $17,764 ($2,863) $20,626 9.6x 8.7x 8.2x 20.9x 18.0x 16.6x 7.5% 10.1% 6.9% 2.1% 46.0% 48.6% 49.1% 63.5%
Constellation Softw are Inc. (CA) $696.66 144% 96% $14,763 $155 $14,608 5.9x 4.9x 4.3x 30.8x 18.7x 16.2x 16.7% 20.9% 14.2% 26.4% 19.2% 26.0% 26.2% 37.8%
CA, Inc. (US) $34.84 114% 94% $14,526 $45 $14,481 3.5x 3.4x 3.3x 11.9x 8.8x 8.6x 3.2% 3.0% 1.3% 17.5% 29.3% 38.4% 38.9% 85.7%
Splunk Inc. (US) $105.91 196% 94% $15,255 $1,090 $14,164 11.1x 8.7x 7.0x NM NM 41.6x 33.8% 28.2% 24.6% (4.5%) (17.1%) 14.5% 16.8% 79.8%
Manhattan Associates, Inc. (US) $42.81 109% 79% $2,861 $126 $2,735 4.6x 5.0x 5.0x 13.8x 19.1x 21.3x (1.6%) (7.4%) (1.5%) 13.0% 33.2% 26.1% 23.7% 58.7%
The Descartes Systems Group Inc (CA) $29.73 124% 94% $2,283 ($2) $2,285 9.6x 8.3x 7.5x 29.5x 24.1x 21.0x 16.5% 15.7% 10.4% NA 32.6% 34.5% 35.9% 73.2%
MicroStrategy Incorporated (US) $134.24 110% 68% $1,537 $675 $861 1.7x 1.7x 1.7x 10.6x 13.4x 11.9x (1.5%) 0.4% 0.8% 0.6% 16.0% 12.7% 14.2% 80.8%
EMC Public Company Limited (TH) $0.01 300% 95% $57 ($13) $70 3.4x NA NA NM NM NM 15.2% NA NA 9.2% (16.5%) NA NA 18.2%
Min 68% $57 ($33,669) $70 1.7x 1.7x 1.7x 10.3x 8.8x 8.6x (1.6%) (7.4%) (1.5%) (4.5%) (17.1%) 12.7% 14.2% 18.2%
Mean 90% $96,715 $1,392 $95,324 5.9x 5.5x 5.0x 19.3x 15.7x 16.6x 12.5% 9.1% 7.1% 8.1% 22.6% 31.8% 32.6% 66.2%
Median 94% $16,509 $140 $17,617 5.3x 5.0x 5.0x 19.6x 15.4x 13.9x 11.4% 8.3% 7.2% 8.4% 27.1% 33.4% 34.3% 71.6%
Max 99% $740,027 $38,364 $701,663 11.1x 8.7x 8.2x 30.8x 24.1x 41.6x 33.8% 28.2% 24.6% 26.4% 46.0% 48.6% 49.1% 85.7%
SaaS / Cloud Computing
Adobe Systems Incorporated (US) $227.62 175% 98% $112,096 $4,265 $107,831 14.8x 12.2x 10.3x 43.2x 26.9x 22.4x 24.7% 21.1% 17.9% 20.2% 34.2% 45.4% 46.2% 86.6%
salesforce.com, inc. (US) $124.06 149% 96% $91,770 $2,289 $89,481 8.5x 7.0x 5.9x NM 30.4x 24.4x 24.9% 21.6% 18.9% 19.5% 8.6% 23.1% 24.2% 73.5%
Intuit Inc. (US) $179.41 155% 99% $45,949 ($377) $46,326 8.5x 7.8x 7.0x 28.3x 21.2x 19.2x 12.0% 9.8% 10.4% 10.1% 30.1% 36.7% 36.6% 84.3%
ServiceNow , Inc. (US) $172.99 198% 98% $30,221 $606 $29,615 15.3x 11.6x 9.0x NM 45.4x 31.8x 39.0% 32.1% 28.4% 24.1% 0.8% 25.5% 28.4% 74.1%
Workday, Inc. (US) $131.97 157% 94% $27,978 $1,776 $26,201 12.2x 9.7x 7.9x NM 52.4x 38.5x 36.1% 25.4% 22.8% 30.3% (7.8%) 18.6% 20.6% 70.6%
Shopify Inc. (CA) $126.67 178% 82% $13,388 $943 $12,445 18.5x 12.5x 9.1x NM NM NM 72.9% 48.3% 37.2% 18.5% (4.8%) 3.5% 6.5% 56.5%
Veeva Systems Inc. (US) $74.57 147% 95% $10,618 $762 $9,856 14.4x 12.0x 10.2x 59.7x 37.0x 31.1x 26.0% 19.4% 17.7% 18.6% 24.1% 32.5% 32.9% 69.2%
The Ultimate Softw are Group, Inc. (US) $248.79 137% 96% $7,783 $155 $7,628 8.1x 6.8x 5.8x NM 27.5x 22.7x 20.4% 18.4% 17.8% 42.6% 7.9% 24.9% 25.7% 62.4%
Guidew ire Softw are, Inc. (US) $86.36 146% 93% $6,901 $505 $6,396 11.1x 9.2x 7.9x NM 51.1x 37.4x 28.2% 20.0% 17.0% 18.1% 6.8% 18.1% 21.1% 58.5%
Paylocity Holding Corporation (US) $56.46 145% 99% $2,970 $111 $2,859 8.6x 7.0x 5.8x NM 33.6x 25.9x 26.4% 21.8% 22.1% 22.0% 7.5% 20.9% 22.2% 58.9%
BlackLine, Inc. (US) $41.46 144% 92% $2,216 $112 $2,104 11.9x 9.4x 7.6x NM NM NM 43.8% 25.9% 24.9% 25.4% (9.7%) 4.6% 5.8% 76.6%
Benefitfocus, Inc. (US) $27.10 125% 73% $849 ($60) $909 3.5x 3.6x 3.2x NM NM 43.6x 10.0% (0.9%) 11.5% 5.1% (0.3%) 3.5% 7.3% 51.6%
Min 73% $849 ($377) $909 3.5x 3.6x 3.2x 28.3x 21.2x 19.2x 10.0% (0.9%) 10.4% 5.1% (9.7%) 3.5% 5.8% 51.6%
Mean 93% $29,395 $924 $28,471 11.3x 9.1x 7.5x 43.7x 36.2x 29.7x 30.4% 21.9% 20.6% 21.2% 8.1% 21.4% 23.1% 68.6%
Median 96% $12,003 $556 $11,151 11.5x 9.3x 7.7x 43.2x 33.6x 28.5x 26.2% 21.3% 18.4% 19.9% 7.1% 22.0% 23.2% 69.9%
Max 99% $112,096 $4,265 $107,831 18.5x 12.5x 10.3x 59.7x 52.4x 43.6x 72.9% 48.3% 37.2% 42.6% 34.2% 45.4% 46.2% 86.6%
EV /
Revenue%52W
EV /
EBITDA EBITDA Margin
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

10. CONFIDENTIAL
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Vertical SaaS Leaders
ServiceNow , Inc. (US) $172.99 198% 98% $30,221 $606 $29,615 15.3x 11.6x 9.0x NM 45.4x 31.8x 39.0% 32.1% 28.4% 18.6% 0.8% 25.5% 28.4% 74.1%
Workday, Inc. (US) $131.97 157% 94% $27,978 $1,776 $26,201 12.2x 9.7x 7.9x NM 52.4x 38.5x 36.1% 25.4% 22.8% 30.3% (7.8%) 18.6% 20.6% 70.6%
Shopify Inc. (CA) $126.67 178% 82% $13,388 $943 $12,445 18.5x 12.5x 9.1x NM NM NM 72.9% 48.3% 37.2% 24.1% (4.8%) 3.5% 6.5% 56.5%
Veeva Systems Inc. (US) $74.57 147% 95% $10,618 $762 $9,856 14.4x 12.0x 10.2x 59.7x 37.0x 31.1x 26.0% 19.4% 17.7% 42.6% 24.1% 32.5% 32.9% 69.2%
The Ultimate Softw are Group, Inc. (US) $248.79 137% 96% $7,783 $155 $7,628 8.1x 6.8x 5.8x NM 27.5x 22.7x 20.4% 18.4% 17.8% 22.0% 7.9% 24.9% 25.7% 62.4%
Guidew ire Softw are, Inc. (US) $86.36 146% 93% $6,901 $505 $6,396 11.1x 9.2x 7.9x NM 51.1x 37.4x 28.2% 20.0% 17.0% 18.1% 6.8% 18.1% 21.1% 58.5%
Paylocity Holding Corporation (US) $56.46 145% 99% $2,970 $111 $2,859 8.6x 7.0x 5.8x NM 33.6x 25.9x 26.4% 21.8% 22.1% 18.5% 7.5% 20.9% 22.2% 58.9%
Min 82% $2,970 $111 $2,859 8.1x 6.8x 5.8x 59.7x 27.5x 22.7x 20.4% 18.4% 17.0% 18.1% (7.8%) 3.5% 6.5% 56.5%
Mean 94% $14,266 $694 $13,571 12.6x 9.9x 8.0x 59.7x 41.2x 31.2x 35.6% 26.5% 23.3% 24.9% 4.9% 20.6% 22.5% 64.3%
Median 95% $10,618 $606 $9,856 12.2x 9.7x 7.9x 59.7x 41.2x 31.5x 28.2% 21.8% 22.1% 22.0% 6.8% 20.9% 22.2% 62.4%
Max 99% $30,221 $1,776 $29,615 18.5x 12.5x 10.2x 59.7x 52.4x 38.5x 72.9% 48.3% 37.2% 42.6% 24.1% 32.5% 32.9% 74.1%
Digital M arketing Platforms
Microsoft Corporation (US) $96.11 148% 99% $740,027 $38,364 $701,663 7.3x 6.3x 5.8x 21.1x 15.5x 13.6x 7.6% 16.8% 8.2% 12.4% 34.8% 40.5% 42.7% 62.5%
Oracle Corporation (US) $46.82 107% 88% $191,134 $9,173 $181,961 4.7x 4.5x 4.3x 12.0x 9.6x 9.2x 4.5% 4.0% 3.7% 1.0% 38.9% 46.8% 47.2% 80.0%
International Business Machines Corporation (US) $147.70 106% 86% $136,056 ($33,669) $169,725 2.1x 2.1x 2.1x 10.3x 9.0x 8.6x (1.0%) 2.0% 0.0% 3.9% 20.8% 23.3% 24.4% 45.6%
SAP SE (DE) $107.65 107% 87% $128,466 ($2,819) $131,285 4.7x 4.4x 4.1x 18.2x 13.1x 12.0x 21.0% 6.5% 7.2% 6.9% 25.6% 33.4% 34.0% 69.9%
Adobe Systems Incorporated (US) $227.62 175% 98% $112,096 $4,265 $107,831 14.8x 12.2x 10.3x 43.2x 26.9x 22.4x 24.7% 21.1% 17.9% 19.5% 34.2% 45.4% 46.2% 86.6%
salesforce.com, inc. (US) $124.06 149% 96% $15,703 ($3,471) $19,174 1.8x 1.5x 1.3x 21.4x 6.5x 5.2x 24.9% 21.6% 18.9% 20.2% 8.6% 23.1% 24.2% 73.5%
HubSpot, Inc. (US) $115.70 184% 93% $4,380 $206 $4,174 11.1x 8.6x 6.9x NM NM NM 38.6% 28.8% 24.4% 26.6% (8.2%) 8.7% 10.6% 79.8%
Min 86% $4,380 ($33,669) $4,174 1.8x 1.5x 1.3x 10.3x 6.5x 5.2x (1.0%) 2.0% 0.0% 1.0% (8.2%) 8.7% 10.6% 45.6%
Mean 92% $189,695 $1,721 $187,973 6.6x 5.7x 5.0x 21.0x 13.4x 11.8x 17.2% 14.4% 11.5% 12.9% 22.1% 31.6% 32.8% 71.1%
Median 93% $128,466 $206 $131,285 4.7x 4.5x 4.3x 19.7x 11.4x 10.6x 21.0% 16.8% 8.2% 12.4% 25.6% 33.4% 34.0% 73.5%
Max 99% $740,027 $38,364 $701,663 14.8x 12.2x 10.3x 43.2x 26.9x 22.4x 38.6% 28.8% 24.4% 26.6% 38.9% 46.8% 47.2% 86.6%
Technology System Integrators
Accenture plc (IE) $154.59 132% 93% $99,415 $2,814 $96,601 2.7x 2.4x 2.3x 16.5x 14.2x 13.2x 7.4% 11.1% 6.6% 8.8% 16.3% 17.1% 17.3% 31.5%
Cognizant Technology Solutions Corporation (US) $82.37 143% 97% $48,438 $4,183 $44,255 3.0x 2.7x 2.5x 14.6x 12.8x 11.1x 9.8% 9.6% 8.8% 9.2% 20.5% 21.3% 22.5% 38.2%
WPP plc (GB) $16.42 108% 66% $20,787 ($7,033) $27,820 1.3x 1.3x 1.3x 8.7x 7.8x 7.6x 16.1% 4.5% 2.9% 3.7% 15.5% 16.5% 16.5% 20.8%
Omnicom Group Inc. (US) $75.03 115% 88% $17,054 ($3,153) $20,206 1.3x 1.3x 1.2x 8.6x 8.4x 7.9x (0.9%) 3.4% 2.8% 3.1% 15.3% 15.3% 15.7% 18.2%
Constellation Softw are Inc. (CA) $696.66 144% 96% $14,763 $155 $14,608 5.9x 4.9x 4.3x 30.8x 18.7x 16.2x 16.7% 20.9% 14.2% 13.0% 19.2% 26.0% 26.2% 37.8%
Splunk Inc. (US) $105.91 196% 94% $15,255 $1,090 $14,164 11.1x 8.7x 7.0x NM NM 41.6x 33.8% 28.2% 24.6% 11.0% (17.1%) 14.5% 16.8% 79.8%
The Interpublic Group of Companies, Inc. (US) $24.65 135% 95% $9,519 ($869) $10,387 1.3x 1.3x 1.2x 9.2x 8.6x 8.3x 0.5% 3.4% 3.1% 17.5% 14.3% 14.8% 14.9% 35.7%
EPAM Systems, Inc. (US) $119.18 161% 95% $6,321 $558 $5,764 4.0x 3.2x 2.6x 27.5x 17.9x 14.5x 25.0% 25.2% 21.5% 26.4% 14.5% 17.8% 18.0% 36.5%
Manhattan Associates, Inc. (US) $42.81 109% 79% $2,861 $126 $2,735 4.6x 5.0x 5.0x 13.8x 19.1x 21.3x (1.6%) (7.4%) (1.5%) 17.9% 33.2% 26.1% 23.7% 58.7%
The Descartes Systems Group Inc (CA) $29.73 124% 94% $2,283 ($2) $2,285 9.6x 8.3x 7.5x 29.5x 24.1x 21.0x 16.5% 15.7% 10.4% 0.6% 32.6% 34.5% 35.9% 73.2%
Reply S.p.A. (IT) $60.75 133% 91% $2,273 $70 $2,203 2.0x 1.8x 1.6x 15.5x 12.6x 11.4x 28.2% 13.0% 9.1% 23.3% 13.1% 14.3% 14.4% 14.8%
Virtusa Corporation (US) $47.90 186% 91% $1,410 ($39) $1,449 1.5x 1.2x 1.1x 21.8x 15.3x 12.4x 20.0% 24.9% 11.4% (4.5%) 6.9% 7.8% 8.7% 28.7%
Luxoft Holding, Inc. (CH) $39.20 102% 58% $1,326 $69 $1,257 1.4x 1.3x 1.1x 13.5x 8.3x 6.6x 17.0% 13.4% 14.5% 3.3% 10.6% 15.3% 16.8% 37.5%
EV /
Revenue%52W
EV /
EBITDA EBITDA Margin
10
Public comparables (2 of 5)
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Digital M arketing Platforms
Adobe Systems Incorporated (US) $227.62 175% 98% $112,096 $4,265 $107,831 14.8x 12.2x 10.3x 43.2x 26.9x 22.4x 24.7% 21.1% 17.9% 26.6% 34.2% 45.4% 46.2% 86.6%
HubSpot, Inc. (US) $115.70 184% 93% $4,380 $206 $4,174 11.1x 8.6x 6.9x NM NM NM 38.6% 28.8% 24.4% 24.9% (8.2%) 8.7% 10.6% 79.8%
Criteo S.A. (FR) $27.88 133% 50% $1,844 $394 $1,450 0.6x 1.4x 1.3x 6.3x 5.0x 4.2x 27.7% 7.7% 12.1% 15.5% 10.0% 28.3% 30.4% 35.8%
SendGrid, Inc. (US) $28.07 160% 88% $1,217 $158 $1,059 9.5x 7.5x 6.1x NM NM NM 40.0% 25.5% 24.2% NA 5.2% 10.9% 11.0% 73.7%
Min 50% $1,217 $158 $1,059 0.6x 1.4x 1.3x 6.3x 5.0x 4.2x 27.7% 7.7% 12.1% 15.5% 5.2% 10.9% 11.0% 35.8%
Mean 69% $1,531 $276 $1,254 5.0x 4.5x 3.7x 6.3x 5.0x 4.2x 33.8% 16.6% 18.2% 15.5% 7.6% 19.6% 20.7% 54.7%
Median 69% $1,531 $276 $1,254 5.0x 4.5x 3.7x 6.3x 5.0x 4.2x 33.8% 16.6% 18.2% 15.5% 7.6% 19.6% 20.7% 54.7%
Max 88% $1,844 $394 $1,450 9.5x 7.5x 6.1x 6.3x 5.0x 4.2x 40.0% 25.5% 24.2% 15.5% 10.0% 28.3% 30.4% 73.7%
EV /
EBITDA EBITDA Margin
EV /
Revenue%52W

11. CONFIDENTIAL
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Technology System Integrators
Accenture plc (IE) $154.59 132% 93% $99,415 $2,814 $96,601 2.7x 2.4x 2.3x 16.5x 14.2x 13.2x 7.4% 11.1% 6.6% 8.8% 16.3% 17.1% 17.3% 31.5%
Cognizant Technology Solutions Corporation (US) $82.37 143% 97% $48,438 $4,183 $44,255 3.0x 2.7x 2.5x 14.6x 12.8x 11.1x 9.8% 9.6% 8.8% 9.2% 20.5% 21.3% 22.5% 38.2%
WPP plc (GB) $16.42 108% 66% $20,787 ($7,033) $27,820 1.3x 1.3x 1.3x 8.7x 7.8x 7.6x 16.1% 4.5% 2.9% 3.7% 15.5% 16.5% 16.5% 20.8%
Omnicom Group Inc. (US) $75.03 115% 88% $17,054 ($3,153) $20,206 1.3x 1.3x 1.2x 8.6x 8.4x 7.9x (0.9%) 3.4% 2.8% 3.1% 15.3% 15.3% 15.7% 18.2%
Constellation Softw are Inc. (CA) $696.66 144% 96% $14,763 $155 $14,608 5.9x 4.9x 4.3x 30.8x 18.7x 16.2x 16.7% 20.9% 14.2% 13.0% 19.2% 26.0% 26.2% 37.8%
Splunk Inc. (US) $105.91 196% 94% $15,255 $1,090 $14,164 11.1x 8.7x 7.0x NM NM 41.6x 33.8% 28.2% 24.6% 11.0% (17.1%) 14.5% 16.8% 79.8%
The Interpublic Group of Companies, Inc. (US) $24.65 135% 95% $9,519 ($869) $10,387 1.3x 1.3x 1.2x 9.2x 8.6x 8.3x 0.5% 3.4% 3.1% 17.5% 14.3% 14.8% 14.9% 35.7%
EPAM Systems, Inc. (US) $119.18 161% 95% $6,321 $558 $5,764 4.0x 3.2x 2.6x 27.5x 17.9x 14.5x 25.0% 25.2% 21.5% 26.4% 14.5% 17.8% 18.0% 36.5%
Manhattan Associates, Inc. (US) $42.81 109% 79% $2,861 $126 $2,735 4.6x 5.0x 5.0x 13.8x 19.1x 21.3x (1.6%) (7.4%) (1.5%) 17.9% 33.2% 26.1% 23.7% 58.7%
The Descartes Systems Group Inc (CA) $29.73 124% 94% $2,283 ($2) $2,285 9.6x 8.3x 7.5x 29.5x 24.1x 21.0x 16.5% 15.7% 10.4% 0.6% 32.6% 34.5% 35.9% 73.2%
Reply S.p.A. (IT) $60.75 133% 91% $2,273 $70 $2,203 2.0x 1.8x 1.6x 15.5x 12.6x 11.4x 28.2% 13.0% 9.1% 23.3% 13.1% 14.3% 14.4% 14.8%
Virtusa Corporation (US) $47.90 186% 91% $1,410 ($39) $1,449 1.5x 1.2x 1.1x 21.8x 15.3x 12.4x 20.0% 24.9% 11.4% (4.5%) 6.9% 7.8% 8.7% 28.7%
Luxoft Holding, Inc. (CH) $39.20 102% 58% $1,326 $69 $1,257 1.4x 1.3x 1.1x 13.5x 8.3x 6.6x 17.0% 13.4% 14.5% 3.3% 10.6% 15.3% 16.8% 37.5%
MicroStrategy Incorporated (US) $134.24 110% 68% $1,537 $675 $861 1.7x 1.7x 1.7x 10.6x 13.4x 11.9x (1.5%) 0.4% 0.8% 13.9% 16.0% 12.7% 14.2% 80.8%
Min 58% $1,326 ($7,033) $861 1.3x 1.2x 1.1x 8.6x 7.8x 6.6x (1.6%) (7.4%) (1.5%) (4.5%) (17.1%) 7.8% 8.7% 14.8%
Mean 86% $17,374 ($97) $17,471 3.7x 3.2x 2.9x 17.0x 13.9x 14.6x 13.3% 11.9% 9.2% 10.5% 15.1% 18.1% 18.7% 42.3%
Median 92% $7,920 $98 $8,076 2.4x 2.1x 2.0x 14.6x 13.4x 12.1x 16.3% 12.0% 8.9% 10.1% 15.4% 15.9% 16.8% 37.0%
Max 97% $99,415 $4,183 $96,601 11.1x 8.7x 7.5x 30.8x 24.1x 41.6x 33.8% 28.2% 24.6% 26.4% 33.2% 34.5% 35.9% 80.8%
Logistics
United Parcel Service, Inc. (US) $109.68 108% 81% $94,480 ($20,277) $114,757 1.7x 1.6x 1.6x 11.7x 10.5x 9.8x 8.2% 6.3% 5.6% 6.0% 14.9% 15.6% 15.9% 22.5%
FedEx Corporation (US) $251.59 137% 92% $67,229 ($14,791) $82,020 1.3x 1.2x 1.1x 9.7x 8.7x 7.5x 12.9% 8.0% 7.9% 8.0% 13.6% 14.0% 15.0% 27.2%
XPO Logistics, Inc. (US) $106.40 228% 98% $12,832 ($4,718) $17,549 1.1x 1.1x 1.0x 13.7x 10.9x 9.8x 5.2% 8.1% 5.6% 27.1% 8.3% 9.7% 10.2% 14.8%
J.B. Hunt Transport Services, Inc. (US) $121.27 145% 96% $13,310 ($993) $14,303 2.0x 1.7x 1.6x 14.2x 11.4x 10.1x 9.7% 16.1% 10.1% 7.0% 14.1% 15.0% 15.4% 18.0%
C.H. Robinson Worldw ide, Inc. (US) $94.29 149% 94% $13,146 ($1,131) $14,277 1.0x 0.9x 0.8x 16.7x 14.6x 13.6x 13.1% 8.7% 5.3% 6.8% 5.7% 6.0% 6.2% 8.0%
Expeditors International of Washington, Inc. (US) $64.37 124% 95% $11,274 $1,049 $10,226 1.5x 1.4x 1.3x 13.7x 12.7x 12.0x 13.5% 6.8% 5.7% 6.2% 10.8% 10.9% 11.0% 13.5%
ZTO Express (Cayman) Inc. (CN) $16.26 128% 90% $11,558 $1,597 $9,960 5.0x 3.7x 3.1x 15.0x 11.2x 9.0x 42.4% 32.9% 21.5% 13.1% 33.0% 33.3% 34.1% 33.3%
Landstar System, Inc. (US) $109.70 137% 92% $4,615 $121 $4,494 1.2x 1.0x 1.0x 15.8x 12.7x 12.0x 15.1% 20.0% 5.5% 12.5% 7.8% 8.1% 8.1% 21.4%
Wincanton plc (GB) $3.55 135% 81% $440 ($62) $502 0.4x 0.3x 0.3x 6.9x 5.4x 5.2x 1.1% 19.3% 2.6% 3.7% 5.2% 5.6% 5.6% 4.5%
Logw in AG (LU) $151.95 100% 81% $438 $143 $295 0.2x 0.2x 0.2x 5.3x 5.2x 5.3x 28.6% 4.1% 3.3% 10.6% 4.1% 4.0% 3.9% 8.1%
Min 81% $438 ($20,277) $295 0.2x 0.2x 0.2x 5.3x 5.2x 5.2x 1.1% 4.1% 2.6% 3.7% 4.1% 4.0% 3.9% 4.5%
Mean 90% $22,932 ($3,906) $26,838 1.5x 1.3x 1.2x 12.3x 10.3x 9.4x 15.0% 13.0% 7.3% 10.1% 11.8% 12.2% 12.5% 17.1%
Median 92% $12,195 ($527) $12,252 1.3x 1.1x 1.1x 13.7x 11.0x 9.8x 13.0% 8.4% 5.6% 7.5% 9.6% 10.3% 10.6% 16.4%
Max 98% $94,480 $1,597 $114,757 5.0x 3.7x 3.1x 16.7x 14.6x 13.6x 42.4% 32.9% 21.5% 27.1% 33.0% 33.3% 34.1% 33.3%
EV /
Revenue%52W
EV /
EBITDA EBITDA Margin
11
Public comparables (3 of 5)
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Technology System Integrators
Accenture plc (IE) $154.59 132% 93% $99,415 $2,814 $96,601 2.7x 2.4x 2.3x 16.5x 14.2x 13.2x 7.4% 11.1% 6.6% 8.8% 16.3% 17.1% 17.3% 31.5%
Cognizant Technology Solutions Corporation (US) $82.37 143% 97% $48,438 $4,183 $44,255 3.0x 2.7x 2.5x 14.6x 12.8x 11.1x 9.8% 9.6% 8.8% 9.2% 20.5% 21.3% 22.5% 38.2%
WPPplc (GB) $16.42 108% 66% $20,787 ($7,033) $27,820 1.3x 1.3x 1.3x 8.7x 7.8x 7.6x 16.1% 4.5% 2.9% 3.7% 15.5% 16.5% 16.5% 20.8%
Omnicom Group Inc. (US) $75.03 115% 88% $17,054 ($3,153) $20,206 1.3x 1.3x 1.2x 8.6x 8.4x 7.9x (0.9%) 3.4% 2.8% 3.1% 15.3% 15.3% 15.7% 18.2%
The Interpublic Group of Companies, Inc. (US) $24.65 135% 95% $9,519 ($869) $10,387 1.3x 1.3x 1.2x 9.2x 8.6x 8.3x 0.5% 3.4% 3.1% NA 14.3% 14.8% 14.9% 35.7%
EPAM Systems, Inc. (US) $119.18 161% 95% $6,321 $558 $5,764 4.0x 3.2x 2.6x 27.5x 17.9x 14.5x 25.0% 25.2% 21.5% NA 14.5% 17.8% 18.0% 36.5%
Manhattan Associates, Inc. (US) $42.81 109% 79% $2,861 $126 $2,735 4.6x 5.0x 5.0x 13.8x 19.1x 21.3x (1.6%) (7.4%) (1.5%) 17.9% 33.2% 26.1% 23.7% 58.7%
Reply S.p.A. (IT) $60.75 133% 91% $2,273 $70 $2,203 2.0x 1.8x 1.6x 15.5x 12.6x 11.4x 28.2% 13.0% 9.1% 23.3% 13.1% 14.3% 14.4% 14.8%
Virtusa Corporation (US) $47.90 186% 91% $1,410 ($39) $1,449 1.5x 1.2x 1.1x 21.8x 15.2x 12.4x 20.0% 24.9% 11.4% (4.5%) 6.9% 7.9% 8.7% 28.7%
Luxoft Holding, Inc. (CH) $39.20 102% 58% $1,326 $69 $1,257 1.4x 1.3x 1.1x 13.5x 8.3x 6.6x 17.0% 13.4% 14.5% 3.3% 10.6% 15.3% 16.8% 37.5%
Min 58% $1,326 ($7,033) $1,257 1.3x 1.2x 1.1x 8.6x 7.8x 6.6x (1.6%) (7.4%) (1.5%) (4.5%) 6.9% 7.9% 8.7% 14.8%
Mean 85% $20,940 ($328) $21,268 2.3x 2.1x 2.0x 15.0x 12.5x 11.4x 12.1% 10.1% 7.9% 8.1% 16.0% 16.6% 16.9% 32.1%
Median 91% $7,920 $69 $8,076 1.8x 1.5x 1.5x 14.2x 12.7x 11.3x 13.0% 10.3% 7.7% 6.3% 14.9% 15.9% 16.6% 33.6%
Max 97% $99,415 $4,183 $96,601 4.6x 5.0x 5.0x 27.5x 19.1x 21.3x 28.2% 25.2% 21.5% 23.3% 33.2% 26.1% 23.7% 58.7%
EV /
EBITDA EBITDA Margin
EV /
Revenue%52W

12. CONFIDENTIAL
12
Public comparables (4 of 5)
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Online Retailers
Amazon.com, Inc. (US) $1,556.91 174% 96% $755,054 ($13,161) $768,215 4.3x 3.3x 2.7x 51.1x 28.4x 21.7x 30.8% 31.3% 21.7% NA 8.5% 11.6% 12.4% 37.1%
Alibaba Group Holding Limited (CN) $181.39 163% 88% $466,078 $2,734 $463,343 13.3x 9.2x 6.9x 33.7x 22.0x 16.5x 68.3% 44.3% 33.5% (3.0%) 39.4% 41.9% 41.9% 60.7%
JD.com, Inc. (CN) $38.90 116% 77% $55,797 $1,555 $54,242 1.0x 0.7x 0.6x NM 32.6x 17.5x 48.6% 34.5% 24.9% 8.8% 0.3% 2.2% 3.3% 6.9%
Qurate Retail Group, Inc. (US) $25.41 123% 87% $12,134 ($6,482) $18,616 1.8x 1.3x 1.3x 10.6x 8.0x 7.7x 1.6% 36.4% 2.6% 96.8% 17.0% 16.3% 16.7% 34.6%
MercadoLibre, Inc. (AR) $330.00 152% 79% $14,572 $229 $14,343 10.3x 7.0x 4.9x NM NM NM 65.6% 47.6% 43.1% 2.0% 13.3% 7.9% 8.9% 59.1%
Zalando SE (DE) $53.02 117% 86% $13,114 $1,359 $11,756 2.2x 1.7x 1.4x 43.3x 29.3x 22.9x 40.3% 26.2% 21.5% 4.2% 5.0% 5.9% 6.2% 43.6%
Rakuten, Inc. (JP) $7.38 103% 56% $9,937 ($498) $10,436 1.2x 1.0x 0.9x 7.3x 6.1x 5.5x 25.2% 19.4% 12.2% 9.9% 17.1% 17.2% 17.0% 11.3%
Vipshop Holdings Limited (CN) $16.08 206% 84% $10,551 $692 $9,859 0.9x 0.7x 0.5x 17.5x 14.0x 9.8x 37.5% 30.7% 24.3% 94.3% 5.0% 4.8% 5.5% 22.3%
ASOS Plc (GB) $86.44 10440% 78% $7,199 $54 $7,146 2.9x 2.0x 1.6x 59.5x 28.7x 21.9x 26.4% 40.8% 31.4% NA 4.9% 7.1% 7.1% 50.1%
Wayfair Inc. (US) $69.12 162% 69% $6,140 $205 $5,936 1.3x 1.0x 0.8x NM NM NM 39.7% 32.2% 25.3% 6.4% (3.7%) (1.6%) (0.0%) 23.7%
B2W - Companhia Digital (BR) $8.74 273% 100% $3,967 ($525) $4,492 2.1x 2.1x 1.8x 47.0x 16.0x 12.7x (18.7%) 1.3% 11.8% 38.8% 4.4% 12.9% 14.5% 22.0%
Shutterfly, Inc. (US) $83.07 209% 96% $2,750 ($41) $2,791 2.3x 1.3x 1.2x 16.8x 7.9x 6.6x 4.9% 76.0% 12.4% 36.0% 13.9% 16.8% 17.8% 47.9%
Chegg, Inc. (US) $23.28 284% 99% $2,560 $208 $2,352 9.2x 7.9x 6.5x NM 31.2x 23.1x 0.4% 17.1% 21.4% 23.8% (0.9%) 25.2% 28.1% 68.7%
boohoo.com plc (GB) $2.16 8023% 46% $2,474 $162 $2,312 6.3x 2.2x 1.6x 57.9x 24.8x 18.6x 11.4% 185.8% 35.5% NA 10.9% 8.9% 8.7% 53.6%
Cnova N.V. (FR) $4.89 105% 76% $1,685 ($240) $1,925 0.8x NA NA NM NM NM 30.1% NA NA NA 0.2% NA NA 13.6%
Carvana Co. (US) $29.69 365% 95% $579 ($381) $960 1.1x 0.5x 0.3x NM NM NM 135.2% 108.0% 81.5% 45.3% (16.7%) (8.1%) 0.2% 7.9%
Overstock.com, Inc. (US) $36.85 268% 41% $1,086 $167 $920 0.5x 0.5x 0.4x NM NM NM (3.1%) 10.1% 7.5% NA (1.7%) (5.2%) (2.4%) 19.5%
1-800-FLOWERS.COM, Inc. (US) $13.00 167% 98% $839 $126 $713 0.6x 0.6x NA 10.1x 8.1x NM (2.7%) 0.8% NA 26.4% 6.1% 7.5% NA 42.7%
PetMed Express, Inc. (US) $36.05 161% 62% $734 $81 $653 2.4x 2.2x 2.0x 12.6x 11.6x NM 11.6% 8.3% 10.0% 27.5% 19.3% 19.2% NA 35.3%
Blue Apron Holdings, Inc. (US) $2.00 116% 18% $383 $36 $347 0.4x 0.4x 0.4x NM NM NM 10.8% (4.2%) 13.8% 29.6% (17.0%) (8.6%) (2.7%) 28.7%
FTD Companies, Inc. (US) $6.66 192% 32% $185 ($160) $345 0.3x 0.3x 0.3x 5.1x 6.7x 6.8x (3.4%) (2.5%) (3.4%) 15.7% 6.3% 4.8% 5.0% 37.8%
Netshoes (Cayman) Limited (BR) $5.35 117% 20% $166 ($12) $178 0.3x 0.3x 0.3x NM NM 16.0x 6.7% 8.5% 11.3% 40.6% (3.0%) 0.2% 1.6% 31.6%
EVINE Live Inc. (US) $0.84 111% 52% $55 ($50) $105 0.2x 0.2x 0.2x 7.2x 5.4x 4.6x (2.7%) 1.0% 2.9% 19.2% 2.2% 2.9% 3.4% 36.3%
LightInTheBox Holding Co., Ltd. (CN) $2.21 137% 63% $150 $68 $81 0.3x NA NA NM NM NM 9.4% NA NA 4.4% (2.9%) NA NA 33.0%
U.S. Auto Parts Netw ork, Inc. (US) $2.11 122% 51% $73 ($7) $80 0.3x 0.3x 0.2x 7.1x 5.4x 4.7x 0.0% 2.9% 5.5% 28.7% 3.7% 4.8% 5.2% 29.6%
CafePress Inc. (US) $1.37 105% 46% $23 $31 ($8) (0.1x) NA NA 1.3x NM NM (16.2%) NA NA 18.3% (6.8%) NA NA 38.7%
Jumei International Holding Limited (CN) $2.65 133% 63% $397 $407 ($10) NA NA NA NM NM NM NA NA NA 9.2% NA NA NA 25.7%
Min 18% $23 ($13,161) ($10) (0.1x) 0.2x 0.2x 1.3x 5.4x 4.6x (18.7%) (4.2%) (3.4%) (3.0%) (17.0%) (8.6%) (2.7%) 6.9%
Mean 69% $50,692 ($498) $51,190 2.5x 2.0x 1.7x 24.2x 16.8x 13.5x 21.5% 32.9% 20.5% 26.5% 4.8% 8.5% 9.4% 34.2%
Median 76% $2,474 $54 $2,312 1.2x 1.0x 1.1x 14.7x 14.0x 14.4x 11.1% 26.2% 17.6% 21.5% 4.6% 7.1% 6.2% 34.6%
Max 100% $755,054 $2,734 $768,215 13.3x 9.2x 6.9x 59.5x 32.6x 23.1x 135.2% 185.8% 81.5% 96.8% 39.4% 41.9% 41.9% 68.7%
EV /
Revenue%52W
EV /
EBITDA EBITDA Margin
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

13. CONFIDENTIAL
13
Public comparables (5 of 5)
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Online Lending
LendingTree, Inc. (US) $322.50 260% 80% $3,949 $130 $3,819 6.2x 4.9x 3.9x 44.9x 25.5x 19.5x 60.7% 27.1% 24.2% 14.8% 13.8% 19.0% 20.1% 97.2%
LendingClub Corporation (US) $3.40 110% 52% $1,427 $1,427 $0 0.0x 0.0x 0.0x NM NM NM 20.2% 13.0% 16.7% 25.6% NA 12.1% 16.2% 85.6%
On Deck Capital, Inc. (US) $5.59 170% 88% $415 $415 $0 0.0x 0.0x 0.0x NM NM NM 40.0% 90.8% 14.2% 47.6% NA 7.8% 9.7% 67.8%
Min 52% $415 $130 $0 0.0x 0.0x 0.0x 44.9x 25.5x 19.5x 20.2% 13.0% 14.2% 14.8% 13.8% 7.8% 9.7% 67.8%
Mean 73% $1,930 $657 $1,273 2.1x 1.6x 1.3x 44.9x 25.5x 19.5x 40.3% 43.6% 18.3% 29.3% 13.8% 13.0% 15.3% 83.6%
Median 80% $1,427 $415 $0 0.0x 0.0x 0.0x 44.9x 25.5x 19.5x 40.0% 27.1% 16.7% 25.6% 13.8% 12.1% 16.2% 85.6%
Max 88% $3,949 $1,427 $3,819 6.2x 4.9x 3.9x 44.9x 25.5x 19.5x 60.7% 90.8% 24.2% 47.6% 13.8% 19.0% 20.1% 97.2%
Alternative Payments and POS
PayPal Holdings, Inc. (US) $79.68 184% 92% $94,595 $10,626 $83,969 6.4x 5.5x 4.7x 34.6x 20.6x 17.4x 20.8% 16.6% 16.1% 16.3% 18.5% 26.7% 27.2% 46.0%
Square, Inc. (US) $50.63 293% 87% $20,068 $501 $19,567 8.8x 14.5x 11.2x NM NM 45.6x 29.6% (39.2%) 29.4% (11.3%) (1.1%) 18.7% 24.6% 38.2%
NCR Corporation (US) $32.03 110% 71% $3,798 ($3,282) $7,080 1.1x 1.1x 1.0x 7.7x 6.2x 5.9x (0.4%) 1.8% 2.8% 2.3% 14.1% 17.3% 17.5% 28.8%
Min 71% $3,798 ($3,282) $7,080 1.1x 1.1x 1.0x 7.7x 6.2x 5.9x (0.4%) (39.2%) 2.8% (11.3%) (1.1%) 17.3% 17.5% 28.8%
Mean 83% $39,487 $2,615 $36,872 5.4x 7.0x 5.7x 21.2x 13.4x 23.0x 16.6% (6.9%) 16.1% 2.5% 10.5% 20.9% 23.1% 37.6%
Median 87% $20,068 $501 $19,567 6.4x 5.5x 4.7x 21.2x 13.4x 17.4x 20.8% 1.8% 16.1% 2.3% 14.1% 18.7% 24.6% 38.2%
Max 92% $94,595 $10,626 $83,969 8.8x 14.5x 11.2x 34.6x 20.6x 45.6x 29.6% 16.6% 29.4% 16.3% 18.5% 26.7% 27.2% 46.0%
Fintech Enablers
First Data Corporation (US) $15.22 102% 79% $14,141 ($21,634) $35,775 4.4x 2.8x 2.7x 12.4x 10.8x 10.3x 3.7% 56.7% 4.8% 2.9% 35.4% 26.1% 26.0% 61.6%
Fiserv, Inc. (US) $71.75 123% 96% $29,502 ($4,575) $34,077 6.0x 5.8x 5.5x 19.1x 16.2x 15.2x 3.5% 3.0% 4.7% 28.2% 31.4% 35.9% 36.4% 46.9%
Worldpay, Inc. (US) $82.67 140% 97% $24,587 ($5,643) $30,230 7.5x 7.8x 7.1x 34.0x 16.2x 14.1x 12.5% (3.8%) 9.4% 3.9% 22.1% 48.3% 50.7% 52.7%
The Western Union Company (US) $19.41 106% 87% $8,940 ($2,192) $11,132 2.0x 2.0x 1.9x 8.5x 8.0x 7.7x 1.9% 3.3% 2.5% 2.6% 23.6% 24.5% 24.6% 39.9%
Min 79% $8,940 ($21,634) $11,132 2.0x 2.0x 1.9x 8.5x 8.0x 7.7x 1.9% (3.8%) 2.5% 2.6% 22.1% 24.5% 24.6% 39.9%
Mean 90% $19,293 ($8,511) $27,804 5.0x 4.6x 4.3x 18.5x 12.8x 11.8x 5.4% 14.8% 5.4% 9.4% 28.1% 33.7% 34.4% 50.3%
Median 92% $19,364 ($5,109) $32,154 5.2x 4.3x 4.1x 15.8x 13.5x 12.2x 3.6% 3.2% 4.8% 3.4% 27.5% 31.0% 31.2% 49.8%
Max 97% $29,502 ($2,192) $35,775 7.5x 7.8x 7.1x 34.0x 16.2x 15.2x 12.5% 56.7% 9.4% 28.2% 35.4% 48.3% 50.7% 61.6%
EV /
Revenue%52W
EV /
EBITDA EBITDA Margin
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm
($USD millions, except per share amounts)
Trading Performance FD Capitalization Trading Multiples Operating Statistics
Stock Equity Net Rev. Growth LTM
Price Market Cash Enterprise CY17 / CY18 / CY19 / 17-'19 Gross
Company (FYE) 4/19/2018 Low High Value (Debt) Value CY17A CY18E CY19E CY17A CY18E CY19E CY16 CY17 CY18 / CAGR CY17A CY18E CY19E Margin
Online Lending
LendingTree, Inc. (US) $322.50 260% 80% $3,949 $130 $3,819 6.2x 4.9x 3.9x 44.9x 25.5x 19.5x 60.7% 27.1% 24.2% 14.8% 13.8% 19.0% 20.1% 97.2%
LendingClub Corporation (US) $3.40 110% 52% $1,427 $52 $1,375 2.3x 1.7x 1.5x NM NM NM 20.2% 13.0% 16.7% 25.6% NA 12.1% 16.2% 85.6%
On Deck Capital, Inc. (US) $5.59 170% 88% $415 ($617) $1,032 5.2x 2.7x 2.4x NM NM NM 40.0% 90.8% 14.2% 47.6% NA 7.8% 9.7% 67.8%
Min 52% $415 ($617) $1,032 2.3x 1.7x 1.5x 44.9x 25.5x 19.5x 20.2% 13.0% 14.2% 14.8% 13.8% 7.8% 9.7% 67.8%
Mean 73% $1,930 ($145) $2,075 4.6x 3.1x 2.6x 44.9x 25.5x 19.5x 40.3% 43.6% 18.3% 29.3% 13.8% 13.0% 15.3% 83.6%
Median 80% $1,427 $52 $1,375 5.2x 2.7x 2.4x 44.9x 25.5x 19.5x 40.0% 27.1% 16.7% 25.6% 13.8% 12.1% 16.2% 85.6%
Max 88% $3,949 $130 $3,819 6.2x 4.9x 3.9x 44.9x 25.5x 19.5x 60.7% 90.8% 24.2% 47.6% 13.8% 19.0% 20.1% 97.2%
EV /
Revenue%52W
EV /
EBITDA EBITDA Margin

14. CONFIDENTIAL
14
AI & Analytics recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
3/6/18 $566 28.3x NA NA NA
1/30/18 $24 2.3x 11.1x NA NA
1/30/18 $24 2.3x 11.1x NA NA
12/19/17 $30 NA NA NA NA
11/30/17 $190 7.8x NA NA NA
10/30/17 $200 NA NA NA NA
10/18/17 $12 3.8x NA NA NA
10/6/17 $256 NA NA NA NA
9/27/17 $256 NA NA NA NA
9/26/17 $503 15.8x NA NA NA
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

15. CONFIDENTIAL
15
B2C recent M&A activity
Denotes announced only
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
4/18/18 $3,3500 2.5x NA NA NA
3/26/18 $558 0.3x 4.7x 0.3x 5.2x
2/13/18 $330 0.6x NA NA NA
2/2/18 NA NA NA NA NA
1/31/18 $62 0.6x NA NA NA
1/22/18 $6,245 2.5x 49.3x 2.2x 25.2x
1/11/18 $574 0.7x 121.2x 0.6x 21.1x
1/7/18 $54 1.4x NA NA NA
1/5/18 $30 NA NA NA NA
6/28/17 $6,849 0.4x 5.5x 0.4x 5.4x

Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

16. CONFIDENTIAL
16
Ecommerce SaaS recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
3/20/18 $6,087 22.1x NM 16.1x NM
3/12/18 $150 6.0x NA NA NA
3/6/18 $1,041 9.8x 34.1x 8.9x 21.3x
3/6/18 $110 NA NA NA NA
2/16/18 $49 3.0x NA NA NA
2/13/18 $187 NA NA NA NA
12/5/17 $341 8.5x NA NA NA
11/16/17 $112 NA NA NA NA
10/26/17 $54 8.9x NA NA NA
10/17/17 $977 3.5x 46.1x NA NA
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

17. CONFIDENTIAL
17
Fintech recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
3/28/18 NA NA NA NA NA
2/9/18 $100 NA NA NA NA
2/8/18 $100 NA NA NA NA
2/2/18 $2,160 NA NA NA NA
1/31/18 $129 NA NA NA NA
12/18/17 $1,258 9.5x NM 8.6x 84.8x
11/3/17 $10 7.1x NA NA NA
10/27/17 $55 NA NA NA NA
9/25/17 $600 1.3x 10.9x NA NA
8/30/17 $175 NA NA NA NA
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

18. CONFIDENTIAL
18
IOT recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
3/19/18 $547 1.8x 8.1x NA NA
2/15/18 NA 16.7x NA NA NA
12/17/17 $5,838 1.8x 15.2x 1.8x 11.4x
12/5/17 $11 NA NA NA NA
11/30/17 NA 2.9x 10.4x NA NA
11/6/17 $21 1.0x NA NA NA
9/18/17 $935 2.0x NM 2.6x 24.8x
9/5/17 $58 NA NA NA NA
9/1/17 $8 NA NA NA NA
8/2/17 $76 1.4x NM 1.6x 13.3x
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

19. CONFIDENTIAL
19
Logistics recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
3/7/18 $177 1.1x NA NA NA
3/7/18 $175 20.8x NA NA NA
2/28/18 $2,073 1.5x 126.3x 1.3x 6.0x
1/2/18 $310 NA NA NA NA
1/2/18 $186 NA NA NA NA
11/20/17 $392 4.6x 34.9x NA NA
10/31/17 $562 0.2x 13.1x 0.2x 7.3x
9/6/17 $475 10x NA NA NA
8/22/17 $712 0.4x NA NA NA
8/14/17 NA NA NA NA NA
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

20. CONFIDENTIAL
20
Marketing Suites recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
3/8/18 NA NA NA NA NA
2/21/18 $93.0 0.3x1 NA NA NA
2/7/18 $9 NA NA NA NA
2/6/18 $28 NA NA NA NA
1/29/18 $2,568 9.6x NA 8.5x 58.6x
1/23/18 $155 NA NA NA NA
12/22/17 $226 0.4x 4.5x 0.3x 4.5x
11/27/17 $516 2.2x NM 2.2x 19.6x
11/9/17 $11 12.8x NA NA NA
11/1/17 $10 NA NA NA NA
1Based on $108m EV at sale and $296m CY16 revenue
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

21. CONFIDENTIAL
21
Mobile recent M&A activity
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
2/27/18 $90 3.3x NA NA NA
12/22/17 $158 NA NA NA NA
12/13/17 $12 NA NA NA NA
11/9/17 $187 3.8x 26.5x 1.1x 8.2x
11/7/17 $54 NA NA NA NA
10/18/17 $20,827 6.8x 10.1x 6.4x 9.7x
10/4/17 $3 2.4x NA NA NA
9/25/17 NA NA NA NA NA
8/10/17 $17,951 3.0x 9.3x 3.0x 8.5x
7/1/17 $8 1.6x NA NA NA

22. CONFIDENTIAL
22
Personalization recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
6/21/17 NA NA NA NA NA
3/22/17 $18 NA NA NA NA
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

23. CONFIDENTIAL
23
System Integrators recent M&A activity
Date Target Acquiror
Equity
Value ($m)
EV / LTM
Revenue
EV / LTM
EBITDA
EV / NTM
Revenue
EV / NTM
EBITDA
3/12/18 $155 7.8x NA NA NA
3/5/18 NA NA NA NA NA
2/15/18 $65 1.1x 10.5x 1.0x 9.3x
2/14/18 $7 0.6x NA NA NA
2/9/18 $568 2.5x 49.3x 2.2x 25.2x
1/28/18 $16 NA NA NA NA
1/10/18 $9,228 1.7x 4.7x 1.7x 4.1x
11/16/17 $31 1.0x NA NA NA
11/15/17 $13 1.4x NA NA NA
9/20/17 NA NA NA NA NA
Source: Capital IQ, Pitchbook, ComCap Analysis. $USDmm

24. CONFIDENTIAL
24
Selected ComCap Transactions & Recent Mandates
N. America Europe Asia Latin America
Sole advisor to Astound
Acquisition of
$62,500,000
Debt Financing
Sole Advisor to PFSweb
Acquisition of
Strategic
Advisory
Project Tribute
Fintech
Strategic Sale
Pending
Sole advisor to transcosmos
Acquisition of stake in
Acquisition of
Sole Advisor to PFSweb
Acquisition of 20% stake
in
Sole Advisor to transcosmos
Project Spitfire SaaS
$40m Dual Track
Process Pending
Sole advisor to
Dynamic Action
Strategic investment from
$55,000,000 Acquisition
of
Sole Advisor to PFSweb
Strategic Advisory
Project Atlas
Ecommerce SaaS
$5-10m Financing
Pending
Sole Advisor
Project Titan
$200,000,000
Acquisition
$45,000,000
Financing
Sole Advisor
$14,690,000
Acquisition of stake in
Sole advisor to transcosmos
Project Persephone
Ecommerce
$40m Financing
Pending
Sole advisor to transcosmos
Acquisition of stake in
Sole Advisor to PFSweb
Acquisition of
$20,000,000
Series B Financing