EHSQ Software Market Update Report Summary

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Environmental, Health, Safety, and Quality (EHSQ) Software – Market Update
Initial Report (2019)
Connect with us Member FINRA & SIPC
© 2019 Madison Park Group

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EHSQ software has become a must have solution as companies seek
to transform their business processes to navigate the growing global
regulatory environment and to improve transparency and disclosure
for all stakeholders
Enterprise customers increasingly desire end-to-end platform
solutions that span the scope of EHSQ pain points – many platforms
have received ample funding, but no de facto offering has emerged
Historically delivered in on-premise, perpetual license models, EHSQ
software is shifting to cloud deployments & subscription models as
vendors pursue the greenfield opportunity in the mid-market
Though EHSQ software is moving to private & multi-tenant cloud
deployments, investors are OK overlooking delivery model in highly
re-occurring tech-enabled services and/or content-driven businesses
Propriety regulatory content remains a scarce, highly coveted asset
given the difficulty to reproduce it without significant “man-hours” –
owning content drives strong network effects in specific end-markets
Growing importance of corporate social responsibility &
sustainability initiatives placing increased need on managing risk
throughout the supply chain & third-party vendor ecosystem
U.S. and Europe account for the majority of EHSQ market spend,
however increasing regulatory maturity in China & SE Asia as well as
South America is expanding global market size
Growing proliferation of wearables & IoT technology driving
increased innovation in operational risk management and industrial
asset monitoring for plant & process safety purposes
Key Industry Trends
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In Case You Missed These Strategic Transactions Slide
Industrial Scientific (Fortive) acquired Intelex
17
Integrated EHSQ management software platform
Lisam Systems acquired Perillon Software
20
Cloud-based EHS management software
PEC Safety merged with Veriforce
21
Contractor safety and operator qualification (OQ) solutions
VelocityEHS acquired Spiramid
28
Industrial hygiene management software
Sphera acquired SiteHawk
26
SDS / chemical management software
VelocityEHS acquired ChemTel
28
Emergency response services
Verisk Analytics acquired SAP (CaaS Assets)
29
Chemical regulatory content and documentation
Sphera acquired Petrotechnics
26
Operational risk management software
Wolters Kluwer (Enablon) acquired eVision
30
Operational safety & control workflow software
Intertek acquired Alchemy Systems
18
Food & workplace safety training solutions
VelocityEHS acquired Humantech
28
Ergonomics management solutions
Health & Safety Institute (HSI) acquired Vivid Learning
16
Workplace safety training content
EcoOnline acquired 3T Results
12
Occupational worker safety software
UL acquired ChemADVISOR
27
Chemical regulatory content and software
Quentic acquired NordSafety
22
EHSQ mobile application
Inside The Industry
5
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7
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Platform Creation
Rising class of well-capitalized EHSQ software acquirers
• In response to attractive global EHSQ
market dynamics, private equity
investors are placing sizable bets in
EHSQ software platforms
• The recently announced acquisition of
Cority by Thoma Bravo is the latest in a
series of private equity platform
investments
• Historically a market characterized by
on-premise deployments and perpetual
license / maintenance revenue models,
these platforms are actively seeking to
modernize the industry with cloud
delivery and subscription-based pricing
• With no clear pure-play EHSQ software
platform leader, these companies are
poised to pursue aggressive organic &
inorganic growth initiatives to emerge
as the de facto platform and increase
overall penetration into the total
addressable global market
• Other than Intelex’s recently announced
exit to Industrial Scientific for $570M
and Enablon’s 2016 sale to Wolters
Kluwer for $277M, private equity sales
have generally been the highest valued
transactions in the sector

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Market Evolution
Industry leaders positioning around cloud deployments & SaaS
• Customers are demanding cloud-based deployments
given the lower upfront costs, easier integration into
adjacent applications, and connectivity to internet-
enabled assets and mobile platforms
• Enterprise customers require highly configurable SaaS
solutions that meet their unique industry requirements
whereas small and mid-market customers are seeking
“out-of-the-box” low touch solutions
• A recent Verdantix survey found that 78% of EHS
software buyers find private cloud deployment
acceptable, 32% consider public cloud deployment
acceptable, and only 30% of prefer on-premise to
cloud
• However, mid-market customers have proven more
open to multi-tenant SaaS offerings given fewer
configuration needs and data privacy concerns
• Verdantix also predicts that by 2022 cloud-based EHS
software will represent 70% of the total value of the
global EHS software market, with nearly 90% of new
EHS software sold over the next 4 years deployed in
the cloud
Source(s): “Buyers of EHS Software Should Default to Cloud Deployment”, Verdantix (March 2018)
$713 $671 $628 $591 $555 $518
$384 $495 $616 $781 $975
$1,190
$1,097
$1,166
$1,244
$1,372
$1,530
$1,708
2017 2018 2019 2020 2021 2022
42.5%
69.7%
63.7%
56.9%
49.5%
35.0%
9.23%
CAGR
On-Premise Software Cloud-based Software % Cloud
(USD$ in Millions)
Cloud transformation is the primary driver of growth in the market …
… and leading vendors are focusing brand messaging on this

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Emerging Strategic Priority
Operational risk management (ORM) is top-of-mind for leaders in “dirty” industries
• Verdantix estimates the global ORM software market at ~$1.4
billion in 2019 with expectations for growth to outpace that of
the EHS software market over the next five years
• Though ORM is not a new market, it has seen considerable
growth of late due to the expanding ecosystem of wearable
technology, equipment monitors / sensors, and mobile
connectivity that provide real-time data on production facility
safety risks and industrial asset performance
• ORM has generally been oriented around the “dirty” industries,
particularly oil & gas, chemical, and manufacturing given the
strong linkage towards industrial asset management & plant
safety
• Wolters Kluwer / Enablon’s $180 million acquisition of eVision
in October 2018 was the first in a series of acquisitions of the
largest independent assets in the ORM space
• Both Enablon and Sphera’s acquisitions added significant
capabilities to existing ORM solutions in-place and leveraged
strong customer overlap in the petro-chemical markets
• Hexagon’s acquisition of j5, on the other hand, represents an
appetite for ORM not from the pure-play EHSQ software side
but rather from an industrial asset performance management
company
Source(s): “Green Quadrant Operational Risk Management Software 2019”, Verdantix (January 2019)

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Digital Transformation in Motion
TIC & consulting services leaders investing in digital platforms
Intertek Acquires Alchemy Systems for $480 Million
• Intertek’s acquisition of Alchemy Systems, a provider of
solutions that help food and retail companies engage with their
workforces to drive productivity and safety, marked its first
major foray into software
• Though Alchemy has historically been focused on operations in
the food industry, Intertek envisions leveraging Alchemy’s
technology across its full array of verticals as a workforce quality
management / assurance offering
Numerous Acquisitions by UL Supply Chain & Sustainability
• UL, a major global incumbent in TIC services & standards, made
its first significant foray into software with its acquisition of The
Wercs, a provider of SDS authoring and supply chain
sustainability software, in 2013
• UL has added additional capabilities through three acquisitions
in 2016-2017, including cr360 (sustainability management),
Safeware Quasar (REACH compliance), and ChemADVISOR
(global chemical regulatory content)
DNV GL Leveraging Partnerships to Build Digital Capabilities
• One of the largest testing & certification bodies in the world,
DNV GL has built numerous digital offerings in-house to cater
to business assurance needs across its core maritime and oil &
gas customer base and other verticals
• Recently, DNV GL has made a push into digital supply chain
traceability through strategic co-development partnerships in
the blockchain ecosystem
Environmental Resources Management (ERM) adapting its
portfolio of EHS services for the digital world
• Founded in 1971, ERM has long established itself as one of the
pre-eminent companies in EHS software implementation with
strong capabilities in data analytics services
• The launch of ERM Nexus, an EHSE data management /
integration platform, in December 2018 marked a significant
initiative in ERM’s digitalization, which is bound to continue as
ERM continues to seek new ways to automate its best practices
processes

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Highlight Deals
Major activity at the top end of both EHSQ software and services markets
Industrial Scientific acquires Intelex for $570M
• The transaction marks the largest strategic acquisition in the
history of the EHSQ software market, more than doubling
Wolters Kluwers’ €250M acquisition of Enablon in 2016
• Additionally, by combining Intelex, a pure software company,
with Industrial Scientific’s gas detection hardware & services
solutions, the deal marks a significant push in converging
software with cyber-physical assets & connected workers into
an Industrial Internet of Things (IIoT) strategy for EHSQ
management
DowDuPont spins out DuPont Sustainable Solutions business
• In February 2019, DowDupont announced the divestment of its
DuPont Sustainable Solutions (DSS) business
• DSS will be led and operated by existing DSS management and
supported by Gyrus Capital, a Geneva, Switzerland based
investment firm
• In 2017 and 2018, DSS was named the #1 EHS Consulting Firm
(brand preference) by Verdantix

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Market Snapshot:
Chemical Risk Management
* Denotes transaction MPG formally advised on
Market leaders continue to invest in chemical content / software platforms …
Recent renewed
interest &
investment into 3E
business after
several years of
minimal activity
TIC leader leveraging
chemicals / materials risk
management as
foundation for supply
chain sustainability
practice
Investing heavily in
broadening suite of EHS
management solutions
around SDS
management core
Chemical risk
management integral
to Sphera’s core
product stewardship
offering
… while growing competitors challenge
SafeTec SDS
management solution
positioned within
workplace safety
training & incident
management use-case
Strong vertical solutions
for chemical-intensive
markets, such as chemical,
cosmetics, flavors &
fragrances, paints &
coatings, and more
Dominant SDS
management market
leader in Nordic region,
expanding throughout
Europe via M&A
Australia-based
provider of chemicals
safety solutions with
offices throughout the
world
May 2019
SiteHawk acquisition
bolsters SDS
management offering
Jun 2016
Genstar carves-out
OERM assets from IHS
to form Sphera
Sep 2010
Acquisition of Atrion
for ~$56M establishes
platform
Nov 2017
Acquisition of
ChemADVISOR adds
SDS content
Sep 2016
Acquisition of
Safeware adds
additional GHS
compliance expertise
Nov 2013
Acquisition of The
Wercs establishes
platform
Sep 2017
CVC carves-out
VelocityEHS from
Actua
Oct 2015
Rebranded as
VelocityEHS
Apr 2012
Acquisition of
MSDSonline for
~$48M establishes
platform
Feb 2019
SAP carve-out adds
chemical content
May 2018
Verisk 3E opens office
in China
Dec 2010
Acquisition of 3E for
~$110M establishes
platform
*
*

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Madison Park Group (MPG) actively tracks the EHSQ software landscape. The products and features that MPG tracks include:
Inclusion Criteria
Market Dynamics
Companies Profiled
You can send your feedback here and stay up to-date with Madison Park Group here.
Contributors
✓ Audit / Inspection Management ✓ Chemical Inventory Management ✓ Environmental Management ✓ Ergonomics
✓ Incident Management ✓ Industrial Hygiene ✓ Materials Compliance ✓ Occupational Health
✓ Operational Risk Management ✓ Product Compliance / Stewardship ✓ Quality / CAPA Management ✓ Safety Management
✓ SDS Authoring / Management ✓ Supplier / Contractor Compliance ✓ Sustainability & CSR ✓ Training Management
Jonathan Adler Sean Stouffer Bobby Andreozzi
Managing Director Associate Analyst
(201) 503-0339 (212) 776-4475 (212) 776-1985
jadler@madisonparkgrp.com sstouffer@madisonparkgrp.com bandreozzi@madisonparkgrp.com

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Cority
• Founded in 1985 as Medgate, Cority offers a multi-tenant SaaS EHSQ platform, which includes one
of the market-leading solutions for occupational health & safety management
• In 2016, Cority raised its first outside capital in a $100M financing led by Norwest Venture Partners
and Georgian Partners to fund an accelerated growth plan
• In 2017, Cority made two acquisitions to round out its solution set:
– regAction, an environmental management solution
– IQS, a quality management software solution
• Shortly thereafter, the combined company rebranded from Medgate to Cority to “build on its
market momentum and reflect Cority’s evolving business strategy and solution”
• Though IQS and regAction were not multi-tenant at the time of acquisition, Cority has remained
committed to delivering a multi-tenant SaaS platform and earlier this year announced the
successful transfer of the regAction IP onto its single multi-tenant code base
• At the end of 2018, Cority announced several significant growth milestones including:
– Profitable growth with License Order Sales growth of 33% and total revenue CAGR of +30%
– 24% worldwide headcount growth
– Increased R&D output by 41% with three major releases of the Cority True SaaS Platform
• On the heels of these successes under Norwest’s ownership, Cority announced in May 2019 that
Thoma Bravo acquired a majority stake with Norwest and Georgian rolling-over significant minority
ownership
SaaS-first EHSQ Platform Trades PE Ownership After Three YearsEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
EV / LTM Revenue: n/a
EV / LTM EBITDA: n/a
Net Debt (Cash): n/a
Dry Powder: n/a
Acquisitions Since 2015: 2
Ownership Status: PE-backed (Thoma Bravo)
Headquarters: Toronto, Canada
($ in millions)
Business Overview
223
249
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
260
Source(s): LinkedIn, CapIQ, Pitchbook, Press Releases, Corporate Website
Trailing 12 Month Employee Growth
200

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• Founded in 2000, EcoOnline is a Norway-based provider of software for workplace safety and
chemical inventory & documentation management
• In December 2014, EcoOnline announced its first outside capital raise in a majority investment from
Viking Venture, a Nordic-focused software investor
• Less than three years later in July 2017, EcoOnline announced that Summa Equity had acquired a
majority stake in the business from Viking Venture
• Following Summa’s acquisition, EcoOnline appointed Göran Lindö as the new CEO, replacing the
founder, Øyvind Thorsen
• Over its history, EcoOnline has undertaken an inorganic growth strategy to add strategic new
geographic presence and expand its product set:
– Acquisitions of PrettyBit Software (2013), ChemiControl (2016), and DCM Compliance (2018)
added new presence in new European markets of Finland, Denmark, and UK / Ireland,
respectively, though all within EcoOnline’s core market of chemical documentation
management
– 2018’s acquisition of 3T Results added platform capabilities in occupational health & safety to
complement EcoOnline’s core solutions in chemical management
• In April 2019, EcoOnline officially launched Safety Manager, a SaaS solution for safety management
based on the 3T Results solution acquired in 2018
• Currently, EcoOnline has over 5,500 customers with operations extending across Ireland, UK,
Norway, Sweden, Denmark, and Finland
EcoOnline
Nordic-focused Leader Expanding Geographic & Solution ScopeEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (Summa Equity)
Headquarters: Tønsberg, Norway
($ in millions)
Business Overview
73
94
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
60
100

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• Founded in 1999, Enviance provides a cloud-based EHS platform, spanning environmental, health,
safety, chemical management, and sustainability solutions, primarily to North American enterprise
customers
• Enviance raised $33M in venture funding before Battery Ventures acquired Enviance in February
2015 for an undisclosed price
• Concurrent with the acquisition, Battery appointed a new CEO of Enviance, David Muse, an
enterprise software veteran who prior served as COO of P2 Energy Solutions, a PE-backed provider
of software and data management solutions for the oil & gas industry
• At the time of his appointment, Muse noted that the EHS industry is “ripe for roll-up”, suggesting
an aggressive pursuit of an inorganic growth strategy funded by Battery
• In the year following Battery’s acquisition, Enviance made two acquisitions which helped to round-
out the product suite and drive further migration to a cloud-first platform:
– 2015: Remedy Interactive, a provider of office ergonomics and workplace safety software
solutions
– 2016: Actio Software, a provider of chemical / materials supply chain compliance solutions
• In August 2016, Enviance announced that Amy Stelling, an executive-in-residence at Battery
Ventures, would be joining as President & CEO
• Since then, Enviance has yet to make an acquisition, instead focusing on organic growth initiatives
and product investment, including launching a fully multi-tenant SaaS version 9 of the Enviance
platform in September 2017
Enviance
PE-backed EHS Platform Growing through Dual StrategiesEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (Battery)
Headquarters: Carlsbad, CA
($ in millions)
Business Overview
84
86
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
70
90

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• Founded in 1992, EtQ provides quality management, EHS, and compliance management software
solutions to more than 500 global companies, spanning industries including electronics, heavy
industry, food and beverage, and medical device
• After nearly 25 years of bootstrapped operations, EtQ was acquired by Technology Crossover
Ventures in August 2017 for an undisclosed amount
• Since the acquisition, TCV has implemented a number of notable changes / initiatives including:
– Restructuring EtQ’s leadership team by appointing four enterprise software veterans as CEO,
CFO, CMO, and VP of People Operations
– Relocating headquarters from Farmingdale, NY to Burlington, MA and moving all development
on-shore
– Moving all existing products to a single codebase and bundling into cloud-deployable EtQ
Reliance 2019 platform solution with enhanced UI and other features
• Under TCV’s ownership, EtQ has experienced record growth with a more than 100% increase in
SaaS bookings in 2018
• “EtQ is leading customers into the future with powerful and flexible QMS solutions and services to
help customers build a competitive edge in their markets. With our technology, our loyal customer
base and our growing team in Boston, we have what it takes to enable customers to widen that
advantage in 2019.”
- Robert Gremley, CEO of EtQ
EtQ
Bootstrapped Quality Management Leader Takes InvestmentEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (TCV)
Headquarters: Burlington, MA
($ in millions)
Business Overview
354
341
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
300
440

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• Founded in 1997, Gensuite provides a broad cloud-based EHS solution platform, spanning key
functions such as EHS & sustainability management, quality management, responsible sourcing,
product stewardship, and equipment asset management
• Gensuite has remained bootstrapped for its entire history, having been initially developed within
General Electric in 1997 before spinning out in 2010
• In 2018, Gensuite announced a number of key growth milestones including:
– Reaching 1 million registered users
– Achieving YoY Revenue growth of 26% along with a 25% increase in recurring revenue
subscriptions
– Increasing global employee headcount by 57%
– In 2018, Gensuite completed the Gensuite Application Recharge initiative to redesign and
update all of its application modules, released Genny, an AI enabled virtual assistant, and
introduced Gensuite Analytics for data visualization and reporting for all Gensuite subscribers
• “2018 was nothing short of incredible for Gensuite. It was our most successful year in Gensuite’s
entire history. These results were fueled by our absolute commitment to supporting our
subscribers’ compliance and management systems programs, and continuously improving our
solution suite to meet their evolving needs.”
- R Mukund, Gensuite Founder & CEO
Gensuite
EHS Leader Maintains Traction While Remaining IndependentEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Acquisitions Since 2015: -
Ownership Status: Privately Held
Headquarters: Mason, OH
($ in millions)
Business Overview
291
323
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
250
350

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• Founded in 1977, Health & Safety Institute (HSI) provides emergency care training, continuing
education, safety training, first aid programs, incident management, workplace safety training, and
chemical compliance solutions through software, content, and services
• The Riverside Company acquired HSI from DW Healthcare Partners in May 2015
• Since Riverside’s acquisition in 2015, HSI has made four acquisitions to extend its scope of
solutions for emergency care training and health & safety compliance:
– 2016: SafeTec Compliance, a provider of SDS inventory management software
– 2017: CLMI Safety Training, a provider of workplace safety training solutions
– 2018: Vivid Learning Systems, a provider of online safety training courses
– 2019: EMS Safety Services, a provider of CPR and First Aid training safety programs
Health & Safety Institute
PE-backed Acquisition Roll-up in Emergency Care TrainingEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (Riverside Company)
Headquarters: Eugene, OR
($ in millions)
Business Overview
176
181
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
170
190

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Intelex
Private Equity Platform Play Results in Major Strategic ExitEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: Acquired (Industrial Scientific)
Headquarters: Toronto, Canada
($ in millions)
Business Overview
502
484
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
450
520
• Founded in 1992, Intelex provides a suite of EHSQ software solutions, including environmental,
health & safety, quality, and supplier management, to more than 1,300 customers and 1.6 million
users across the world
• After 13 years bootstrapping the business, Intelex raised a substantial $160M CAD round led by
JMI Equity and HarbourVest Partners in August 2015
• About a year later, Intelex acquired Colorado-based Ecocion, a provider of environmental solutions
with particular strengths in the oil & gas market, where Intelex also has a substantial customer base
• In March of 2019, Intelex appointed Craig Halliday, former CEO of EMS Software and eServGlobal,
as its Chief Executive Officer, with former CEO Mark Jaine taking on the role of Executive Chairman
– This leadership change comes at a time of strong momentum for Intelex, as they finished 2018
with SaaS revenue growth of 83%
• In June 2019, Intelex announced the company had signed a definitive agreement to be acquired by
Industrial Scientific for $570M
• Industrial Scientific, a wholly-owned subsidiary of Fortive Corporation, is a leading global provider
of portable gas detectors and gas detection as a service
• “Drawing on the strengths of both companies, we will be able to deliver a one-stop shop for EHSQ
4.0 automation. With Intelex acting as the central nervous system to connect the dots, this
acquisition allows us to close the loop on IoT-enabled sustainability, worker safety, and operational
risk and performance.”
- Mark Jaine, Intelex CEO

18
• Founded in 1885, Intertek has established itself as one of the world leaders in testing, inspection,
and certification services, with a focus on providing Total Quality Assurance to customers’
operations and supply chains through a network of more than 1,000 laboratories and 43,000
employees around the world
• In 2018, Intertek made its first major inroads into its digital transformation through the $480M
acquisition of Alchemy Systems, a provider of SaaS-based workplace safety training solutions for
the food industry
– Intertek paid 100% cash up-front, financing the deal using available debt facilities and cash
– At the time of the acquisition, Alchemy was expecting $66 million of billings in 2018 with $22
million of adjusted EBITDA, implying a 21.8x EV / EBITDA purchase multiple
– Prior to Intertek’s acquisition, Alchemy was private equity owned by The Riverside company
– Though Alchemy has historically focused on the food industry, with more than 1,100 customers
in that market, Intertek intends to leverage its reach to roll out Alchemy’s solutions to its
industry clients that rely upon “large deskless frontline workforce[s]”
• In April of 2019, Intertek Alchemy launched a safety training service for small & mid-sized food
processors
– The new subscription service enables food companies with up to 100 employees with limited
training resources to instantly meet employee training requirements
Intertek
Quality Assurance Services Leader Making In-Roads into SoftwareEnterprise Value (EV): $12,401
LTM Revenue: $3,570
LTM EBITDA: $712
EV / LTM Revenue: 3.47x
EV / LTM EBITDA: 17.4x
Net Debt (Cash): $992
Dry Powder: $4,851
Ownership Status: Public (LSE: ITRK)
Headquarters: London, UK
($ in millions)
Business Overview
Trailing 12 Month Performance
Note: Dry powder defined as cash + available debt capacity + available stock; debt capacity defined as greater of 5.0x LTM EBITDA or 150% of recurring revenue less outstanding debt; available
stock represents 20% of outstanding market capitalization
(0.18%)
6.63%
Intertek NASDAQ
25%
0
(25%)

19
IsoMetrix
Integrated Risk Management Platform with Strong Mining TiesEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Headquarters: Johannesburg, South Africa
($ in millions)
Business Overview
122
152
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
110
160
• Founded in 2004, IsoMetrix provides an integrated risk management platform spanning key EHSQ
functions, such as health & safety management and sustainability management, as well as GRC
functions, such as business continuity management and enterprise risk management
• Based in South Africa, IsoMetrix has origins serving the metals & mining industry and as a result
has developed tailings management and social sustainability / social license-to-operate solutions in
order to cater to specific needs of its customers in the “dirty” industries
• Over the last several years, IsoMetrix has continued to invest in growing its global footprint and
enhancing its solution set:
– Opened sales & support offices in the U.S. (Atlanta), Canada (Toronto), and Australia (Perth)
– Broadened its integrated risk management platform beyond primarily EHSQ through the launch
of GRC solutions including business continuity management, enterprise risk management, and
compliance management
• Verdantix named IsoMetrix one of 12 leaders in the 2019 EHS Green Quadrant

20
• Founded in 1999, Lisam Systems is a global provider of environmental, health, and safety software
solutions, with vertical expertise in chemical-intensive industries such as chemical & specialty
chemical, cosmetics, aromas and flavorings, detergents, paints, coverings, coatings, plastics, and
petrochemical / energy
• Lisam Systems has more than 800 customers on its flagship ExESS platform, which manages SDS
and label compliance through a combination of software and in-house regulatory content
• Lisam has made five tuck-in acquisitions primarily aimed at bolstering its platform capabilities and
R&D resources:
– 2002: Protheus Software
– 2006: Telegis, a provider of chemical regulatory consultancy services
– 2009: Hemmis, a provider of environmental monitoring solutions
– 2012: Cebecon, a provider of safety & risk management software
– 2019: Perillon Software, a provider of cloud-based EHS management software
• Additionally, Lisam Systems has opened offices outside of its Belgium headquarters in locations
including India, U.S., UK, Canada, Germany, Turkey, Romania, Brazil, China, Singapore, Lithuania,
and South Africa
Lisam Systems
Bootstrapped Chemical-focused EHS PlatformEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Headquarters: Ecaussines, Belgium
($ in millions)
Business Overview
87
95
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
60
100

21
PEC Safety
Contractor Safety Leader Expanding Footprint Under PE OwnershipEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Acquisitions Since 2015 1
Ownership Status: PE-backed (Thoma Bravo)
Headquarters: Mandeville, LA
($ in millions)
Business Overview
249
268
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
240
275
• Founded in 1993, PEC Safety is one of the largest contractor management networks in the world,
enabling companies in the energy industry to hire and manage safe and qualified contractors
through a centralized cloud-based software system, as well as providing licensed proprietary safety
learning content
• PEC Safety was bootstrapped until 2014, when it was acquired by Eagle Ridge Growth Partners, a
search fund led by Colby Lane, who prior served as Deputy Chief of Staff and Chief Counsel for
Governor Haley Barbour in Mississippi
• In November of 2018, Thoma Bravo announced a majority investment in PEC Safety, with intentions
of deepening PEC’s core capabilities and expanding into new verticals under its majority ownership
• In May of 2019, PEC Safety announced a merger with Veriforce, creating a leading platform of
safety & compliance solutions for contractor management in industrial markets
• PEC’s safety & compliance network consists of 350 hiring clients, 25,000 contractor companies,
11,000 accredited safety trainers and authorized evaluators, 400 industry-standard training courses,
and 1.5 million individual workers
• The combined entity is led by PEC Safety CEO Colby Lane, with Veriforce CEO, Louie Werderich,
assuming the role of Vice Chairman
• Veriforce’s majority owner Greenridge Investment Partners will remain a shareholder in the
combined entity
• Financial terms were not disclosed

22
Quentic
Rapidly Expanding Europe-focused EHSQ PlatformEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (One Peak, MSEP)
Headquarters: Berlin, Germany
($ in millions)
Business Overview
85
138
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
70
150
• Founded in 2007 as EcoIntense, Quentic is a Germany-based EHS software vendor whose
EcoWebDesk platform offers eight modules spanning environment, hazardous materials, health
and safety, legal compliance, process management, risks & audits, and sustainability
• Quentic received a €22 million investment in May 2017 to accelerate international growth and
product innovation from London-based growth equity firm One Peak Partners and Morgan Stanley
Expansion Capital
• In November of 2017, Quentic acquired NordSafety, a provider of mobile applications for worker
safety
• Prior to the acquisition, “When we first launched our EcoWebDesk software in 2007, the focus was
still on environmental management. Today we cover a much broader range of topics – from
occupational health & safety to the management of hazardous materials, legal compliance, and
sustainability. Through the acquisition of NordSafety, we have expanded our portfolio with an
innovative app and our new locations allow us to support even more customers transnationally.
Our new brand puts us on an ideal path to European market leadership.”
- Markus Becker, CEO of Quentic
• In October of 2018, EcoIntense merged its platforms to all operate under the Quentic brand
• In 2018, Quentic’s total revenue grew by ~50% for the second year in a row
• Quentic currently has +600 customers on its platform
• Quentic remains focused on the European market and expanded its European footprint in 2018 by
opening additional locations in Denmark, Germany, and the Netherlands
• On the heels of a strong performance in 2018, Quentic announced in May 2019 a follow-on growth
capital raise of €15mm from its existing investors

23
• Founded in 2004, SafetyCulture provides iAuditor, a workplace inspection mobile application, along
with Spotlight, a real-time incident reporting application
• From 2013-2015, SafetyCulture raised its first outside capital in the form of $9.4M from Australian
VC Blackbird Ventures and other individuals, including Atlassian co-founder and co-CEO Scott
Farquhar, who has participated in all previous funding rounds
• Shortly thereafter in October of 2016, Quentic raised a $23M Series B funding round led by Index
Ventures at a reported pre-money valuation of $137M
• Most recently, in May of 2018, Tiger Global Management led a $60M AUD ($42.2M) Series C
funding round, reportedly valuing SafetyCulture at $440M AUD
– At the time of the raise, CEO Luke Anear noted that SafetyCulture still had $18M AUD of funds
in the bank from its $30M AUD Series B funding round in October 2016
– SafetyCulture intends to use this funding to further their product development and reduce their
time to market
– In addition to internal improvements, SafetyCulture will integrate with equipment and hardware
manufacturers to provide customers with increased awareness and relevant weather event and
major incident information
– At the time of the raise, SafetyCulture employed 214 people, up from 85 employees 12 months
prior, and CEO Luke Anear noted that they have plans to double headcount over the next year,
with particular focus on growing the company’s beachhead in Kansas City, MO, which now
employs +40 people
SafetyCulture
Emerging Pure-play Leader in Inspection ManagementEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: VC-backed (Tiger Global)
Headquarters: Townsville, Australia
($ in millions)
Business Overview
229
264
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
200
300

24
• In September of 2016, Baring Private Equity Asia acquired SAI Global for $1.1B AUD ($761M USD)
• The take-private transaction represents a significant opportunity for SAI Global to revitalize its
growth initiatives in software & the EHSQ category
– The investment capital from the acquisition provides SAI Global with the opportunity to grow its
EHSQ and integrated risk management software solutions
– SAI Global is well positioned to capitalize on the international expansion of the EHSQ software
market with their prominent presence in Asia Pacific, Eastern Europe, and the Middle East
• Since the take-private, SAI Global has prioritized broadening its integrated risk management
software business and has de-prioritized some of its more services-intensive legacy businesses
• In August 2018, SAI acquired Strategic BCP, a ~20 employee software business in Pennsylvania
focused solely on business continuity management solutions
• In April 2019, SAI acquired BWise, a provider of internal audit, regulatory compliance management,
and operational risk management software, from NASDAQ, who had previously acquired BWise in
2012
• Purchase prices for both deals were undisclosed
• “The pervasive and unpredictable risk landscape requires organizations to eliminate silos, and focus
on time to value across a broad set of use cases. Adding BWise's expertise in the financial services
sector and its award-winning governance, risk and compliance (GRC) technology solutions,
definitively positions SAI Global as the leader in integrated risk management.”
- Peter Grant, CEO of SAI Global
SAI Global
Pure-play Risk Management Leader Entering New Growth PhaseEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (Baring PE Asia)
Headquarters: Sydney, Australia
($ in millions)
Business Overview
1624
1587
1500
1550
1600
1650
1700
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
1500
1700

25
• Founded in 1994, Sparta Systems is an enterprise quality and compliance management software
provider, focused on the pharma / biotech, medical device, food & beverage, consumer products,
discrete manufacturing, and chemical / agrochemical industries
• Over Sparta Systems’ life it has traded private equity ownership several times including:
– 2006: Summit Partners and Altaris Capital Partners invested an undisclosed amount of
development capital
– 2014: Acquired by Thoma Bravo at a reported valuation of $370M
– 2017: Acquired by New Mountain Capital, a leading growth-oriented investment firm
headquartered in New York
– Previous majority investor Thoma Bravo retained a minority stake in Sparta Systems following
the acquisition
• In April 2018, Sparta Systems announced that it had appointed Dana Jones as CEO, who most
recently served as CEO of Active Network, the leader in activity and event management software,
where she grew the company to a strategic sale of the Sports and Communities divisions to Global
Payments in 2017 for $1.2B
– Former CEO Eileen Martinson, who had led Sparta since 2011, is remaining an active member of
the board and strategic advisor to the company
Sparta Systems
Quality Management Leader Trades PE Owners AgainEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (New Mountain Capital)
Headquarters: Hamilton, NJ
($ in millions)
Business Overview
311
314
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
300
330

26
• In June 2016, software-focused private equity firm Genstar Capital carved out the Operational
Excellence and Risk Management (OERM) assets from IHS for an undisclosed price
• IHS had built this business through a series of acquisitions including ESS’ EHS risk management
solutions (2009), Syntex’s risk management system (2010), Atrion’s product compliance database &
software (2010), and others
• As part of the carve-out, Genstar announced that Paul Marushka, former CEO of Marsh ClearSight,
a provider of risk management information systems, would serve as CEO of the new entity, which
they officially branded Sphera Solutions in September 2016
• At the time of the acquisition, Sphera had more than 2,500 customers across 70 countries,
including the majority of oil & gas and chemical companies
• Today, Sphera goes to market across three solution areas: Operational Risk, Environmental
Performance, and Product Stewardship
• In April 2017, Sphera acquired Rivo Software, a cloud-based EHS software platform based in the
UK, which helped to establish a beachhead in the UK and serve as the basis for SpheraCloud
• Sphera’s next two acquisitions were also based in the UK and were aimed at different facets of
operational risk management:
– 2018: Sparesfinder, a maintenance & repair operations (MRO) master data management
solution
– 2019: Petrotechnics, an operational risk management & permit-to-work solution for the
petrochemical market
• In May 2019, Sphera acquired SiteHawk to bolster its SDS management business within the
Product Stewardship group
Sphera
IHS OERM Assets Finding New Life Under PE OwnershipEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (Genstar Capital)
Headquarters: Chicago, IL
($ in millions)
Business Overview
463
549
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
420
580

27
• UL was founded in 1893 and at its core remains a product safety testing/certification services
business; however, UL has made a number of acquisitions & initiatives towards leveraging software
& data to provide integrated safety & compliance solutions to its customers
• UL has offices around the globe including in North America, 13 European countries, 16 APAC
countries, 4 LatAm countries, and 2 African countries
• UL’s acquisition of The Wercs in 2013 marked a significant step towards building out UL’s suite of
software offerings for its Supply Chain & Sustainability division, particularly on the
chemical/materials safety side
• Since acquiring The Wercs, UL has rounded out its chemical & EHS compliance software offerings
with the acquisitions of cr360 and Safeware Quasar in 2016, and ChemADVISOR in 2017
• Acquisitions will remain an important part of UL’s growth strategy, with a particular focus on
augmenting European geographic presence and adding new customer/data verticals to its Supply
Chain & Sustainability group
UL
TIC Leader Aggressively Competing in EHS SoftwareEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Headquarters: Northbrook, IL
($ in millions)
Business Overview
9078
9334
8900
9400
Note: MPG acted as exclusive financial advisor to both The Wercs and ChemADVISOR on their respective sales to UL

28
• Actua, a publicly-listed provider of vertically-focused software solutions, acquired MSDSonline, a
provider of SDS authoring & management solutions, in 2012 to form the basis of what would
become the VelocityEHS business
• VelocityEHS was formally formed in 2015 after Actua merged the MSDSonline assets with KMI, an
EHS & incident management software business
• In September 2017, Actua divested the VelocityEHS business along with Bolt Solutions, an
insurance-focused software business, to CVC Capital Partners for a total of $328M
– The separate valuations & financials of the two entities were not publicly disclosed
• VelocityEHS has made three acquisitions since CVC’s investment in September 2017:
– 2018: Humantech, a SaaS-based provider of workforce ergonomics solutions
– 2019: ChemTel, a provider of emergency response and consultancy services to companies that
manufacture, handle, and transport hazardous materials
– 2019: Spiramid, a provider of industrial hygiene management solutions
• Though the MSDSonline business, focused more on mid-market / SMB customers, remains a key
component of the business, VelocityEHS is focused on building its SaaS-based EHS platform
solutions and pushing them up market to enterprise customers
VelocityEHS
Expanding Scope Following PE InvestmentEnterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-backed (CVC Capital Partners)
Headquarters: Chicago, IL
($ in millions)
Business Overview
271
360
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
250
375

29
Verisk Analytics
Verisk Investing into 3E BusinessEnterprise Value (EV): $26,460
LTM Revenue: $2,439
LTM EBITDA: $1,073
Net Debt (Cash): $2,891
Dry Powder: $7,269
Ownership Status: Public (Nasdaq:VRSK)
Headquarters: Jersey City, NJ
z
($ in millions)
Business Overview
• Verisk Analytics, a data analytics and risk assessment firm serving customers in insurance, natural
resources, financial services, government, and risk management, made its first in-roads into the
EHS risk management space through the $110M acquisition of 3E company in 2010
• 3E’s solutions include a database of material safety data sheets and potentially hazardous
substances, as well as EHS management software solutions
• Since 3E founder Jess Kraus departed the CEO role in 2004, 3E has seen management turnover:
– Bob Christie (2004-2014) joined after serving in a number of managerial roles at content
companies McGraw-Hill and Thomson Learning
– Uday Virkund (2014-2016) joined after serving as EVP of Verisk’s AIR insurance risk
management business
– Edmund Webecke (2016-Present) joined after serving as SVP of Business Development at Verisk
Insurance
• In February of 2019, Verisk acquired SAP’s content-as-a-service (CaaS) assets
– SAP’s CaaS business includes the Environmental Health and Safety Regulatory Content (ERC)
and Environmental Health and Safety Regulatory Documentation (ERD) teams and data assets
originally added through SAP’s acquisition of TechniData in in 2010
– As part of the acquisition, Verisk and SAP entered into a strategic partnership to codevelop the
next generation of product compliance solutions on the SAP S/4HANA platform
– The acquisition significantly expands Verisk 3E’s presence in Europe, marking a second global
expansion initiative after 3E opened a Beijing office in May 2018
• The 3E business falls into the “Energy and Specialized Markets” reporting unit in Verisk’s public
filings
Note: Dry powder defined as cash + available debt capacity + available stock; debt capacity defined as greater of 5.0x LTM EBITDA or 150% of recurring revenue less outstanding
debt; available stock represents 20% of outstanding market capitalization
36.06%
6.04%
Verisk Analytics NASDAQ
50%
0
(20%)

30
• Wolters Kluwer, a global provider of information, software, and services in the subject matter areas
of law, business, tax, accounting, finance, audit, and risk compliance, entered the EHS risk
management domain through its €250M acquisition of sustainability, EHS, and operational risk
management platform Enablon
• Prior to the acquisition, Enablon had been growing 50% compared to Wolters’ 2% growth, and the
business had reached a revenue scale of approximately €55M by the end of 2016
• Wolters Kluwer intends to extend Enablon’s risk management platform across its Legal &
Regulatory division customer base looking to comply with various complex laws & regulations
• Chris Joseph, who joined Enablon in September 2015, now leads the business as CEO
• In October of 2018, Wolters Kluwer made its first bolt-on acquisition to the Enablon platform by
acquiring Netherlands-based eVision:
– eVision is a global leader in industrial operational risk management software for the oil & gas,
chemical, pharmaceutical, and other high-risk and high-precision industries
– An initial $145 million was paid upon closing as well as an additional $35 million to be paid
depending on future financial performance benchmarks being met
– In 2017, eVision generated $25 million of revenue, 20% of which were recurring and 80%
booked in USD
• “The acquisition of eVision solidifies Wolters Kluwer as a leader in both environmental, health &
safety, and industrial operational risk management software, and expands the value we deliver to
corporations and our role in supporting their most critical workflows.”
- Stacey Caywood, CEO of Wolters Kluwer’s Legal & Regulatory Division
34.78%
6.63%
Wolters Kluwer NASDAQ
Wolters Kluwer
Legal & Regulatory Leader Aggressively Building EHS PlatformEnterprise Value (EV): $22,458
LTM Revenue: $4,878
LTM EBITDA: $1,336
Net Debt (Cash): $3,219
Dry Powder: $8,242
Ownership Status: Public (ENXTAM:WKL)
Headquarters: Holland, Netherlands
($ in millions)
Business Overview
50%
0
(20%)
Note: Dry powder defined as cash + available debt capacity + available stock; debt capacity defined as greater of 5.0x LTM EBITDA or 150% of recurring revenue less outstanding
debt; available stock represents 20% of outstanding market capitalization

32
Precedent M&A Transactions
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
Denotes EHSQ software acquisition
($ in Millions)
LTM Deal Deal Value / LTM
Date Target Description Revenue EBITDA Value Revenue EBITDA
Cority Total Disclosed M&A Deal Value: n/a
3/2/2017 IQS Quality management software n/a n/a n/a n/a n/a
2/15/2017 Regaction Environmental compliance software n/a n/a n/a n/a n/a
2/15/2012 Tempus Software (Assets) Occupational health software n/a n/a n/a n/a n/a
EcoOnline Total Disclosed M&A Deal Value: n/a
6/26/2018 DCM Compliance Chemical safety management solutions n/a n/a n/a n/a n/a
1/23/2018 3T Results Occupation health & safety software n/a n/a n/a n/a n/a
5/25/2016 ChemiControl Chemical documentation software n/a n/a n/a n/a n/a
6/11/2013 Prettybit Sofware (Assets) Chemicals management software n/a n/a n/a n/a n/a
Enviance Total Disclosed M&A Deal Value: $6.3 Million
6/21/2016 Actio Software Cloud-based materials safety & supply chain management n/a n/a n/a n/a n/a
4/28/2015 Remedy Interactive Safety risk management software $3.5 n/a $6.3 1.79x n/a
EtQ Total Disclosed M&A Deal Value: n/a
2/3/2016 Verse Solutions SaaS-based quality management software n/a n/a n/a n/a n/a
Health & Safety Institute (HSI) Total Disclosed M&A Deal Value: n/a
1/8/2019 EMS Safety Services First-aid and CPR training programs n/a n/a n/a n/a n/a
3/7/2018 Vivid Learning Systems Online safety training courses n/a n/a n/a n/a n/a
6/7/2017 CLMI Safety Training Workplace safety and emergency response videos n/a n/a n/a n/a n/a
1/11/2016 SafeTec Compliance Systems Chemical inventory management software n/a n/a n/a n/a n/a
3/5/2013 Summit Training Source EHS compliance training materials n/a n/a n/a n/a n/a
11/10/2010 GoToAID Emergency care instruction programs & database n/a n/a n/a n/a n/a
12/31/2009 EMP Canada Services Safety training manuals in Canada n/a n/a n/a n/a n/a
12/9/2008 24-7 EMS Classroom and online training programs used in EMS n/a n/a n/a n/a n/a
12/8/2008 JSL Communications Continuing education programs for first responders $11.9 n/a n/a n/a n/a
12/4/2006 Medic First Aid International Emergency care training programs n/a n/a n/a n/a n/a
Intelex Total Disclosed M&A Deal Value:
6/29/2016 Ecocion Environmental management software n/a n/a n/a n/a n/a
Intertek Total Disclosed M&A Deal Value: $2.4 Billion
8/21/2018 Alchemy Systems Food safety & workplace training software $66.0 $22.0 $480.0 7.27x 21.8x
6/7/2018 NTA Monitor Network security and assurance services $4.1 n/a n/a n/a n/a
4/12/2018 Proasem Oil & gas-focused testing & inspection $5.8 n/a n/a n/a n/a
4/12/2018 Aldo Abela Surveys Quality and quantity cargo inspection services $0.9 n/a n/a n/a n/a
12/13/2017 Acumen Security Security certification and validation services $4.6 n/a n/a n/a n/a
4/7/2017 KJ Tech Services Vehicle testing services $10.7 n/a n/a n/a n/a
10/1/2016 Electronic Warfare Associates-Canada Cyber security and IT network security services $11.8 n/a n/a n/a n/a
1/8/2016 Fit-Italia Risk, auditing, and certification for retail and food sectors $2.7 n/a n/a n/a n/a
11/23/2015 Professional Service Industries Construction, material, and environmental services $254.0 $40.0 $330.0 1.30x 8.3x
10/26/2015 MT Group Material testing and inspection Services $9.0 n/a n/a n/a n/a
9/14/2015 Dansk Institut for Certificering Quality management and auditing certification programs $2.9 $0.6 n/a n/a n/a
2/3/2015 Adelaide Inspection Services NDT & mechanical testing services $2.4 n/a $9.4 3.92x n/a
9/19/2014 ScanBi Diagnostics Provides diagnostic services for GMO agro-industry $2.0 $0.4 n/a n/a n/a

33
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
Intertek (Cont'd) Total Disclosed M&A Deal Value: $2.4 Billion
9/19/2014 Lynx Diagnostics Seed breeding and testing practice services n/a n/a n/a n/a n/a
4/8/2014 El Salvador Petroleum Testing Laboratory Tests for LPG, crude oil, diesel, fuel oil, and asphalt n/a n/a n/a n/a n/a
3/3/2014 International Inspection Services Engineering and testing service for oil and gas n/a n/a $66.2 n/a n/a
12/24/2013 Architectural Testing Performance testing for building products n/a n/a $96.6 n/a n/a
10/11/2013 ETEC LABS On-road vehicle performance testing n/a n/a n/a n/a n/a
10/3/2013 Global X-Ray & Testing Provider of NDT and evaluation for oil and gas industry n/a n/a $72.4 n/a n/a
7/9/2013 Melbourn Scientific Analytical services for pharma and biotech $11.5 $3.5 n/a n/a n/a
3/4/2013 E-TEST Laboratorio Toy and consumer products testing laboratory n/a n/a $10.3 n/a n/a
3/1/2013 Food Safety Assessment Food product assessment services n/a n/a $0.7 n/a n/a
12/31/2012 Tickford Powertrain Test Vehicle engine testing services for manufacturers n/a n/a $8.9 n/a n/a
11/26/2012 Laboratory Services International Analytical testing for minerals n/a n/a $8.6 n/a n/a
9/10/2012 Materials Testing & Inspection Services NDT lab services $15.3 $2.7 $27.4 1.78x 10.0x
5/15/2012 Vigalab Mineral testing services for mining companies n/a n/a $5.2 n/a n/a
4/5/2012 Automation Technology Asset integrity support services n/a n/a $16.0 n/a n/a
3/21/2012 4th Strand Product benchmarking services n/a n/a $6.4 n/a n/a
9/30/2011 Inspectorate Griffith Chile Field inspection services for agriculture n/a n/a $2.1 n/a n/a
8/1/2011 QinetiQ Fuel and lubricant testing business n/a n/a $0.8 n/a n/a
7/31/2011 Food Analytical Laboratories Food testing laboratory-functional food and drinks $11.2 n/a $9.7 0.86x n/a
6/29/2011 RDC Environment Provider of environmental consulting services $4.0 $0.5 $4.8 1.21x 9.4x
4/28/2011 Moody International Technical and inspection services for oil & gas and power n/a n/a $735.7 n/a n/a
1/12/2011 Americal Analytical Chemicstry Laboratories Food and chemical testing n/a n/a $6.9 n/a n/a
9/17/2010 Pacifica Marine Survey, inspection, and marine insurance services n/a n/a n/a n/a n/a
9/1/2010 Profitech Lab technology modelling services n/a n/a $1.6 n/a n/a
10/1/2010 Metoc Engineering and environmental consulting services $12.2 $0.0 $12.7 1.04x n/m
7/1/2010 Expertises Technologies & Services Analyses Cargo inspection and laboratory testing services $17.8 $2.9 $11.5 0.64x 3.9x
5/6/2010 Norca Ingenieria de Calidad Inspection services for nuclear and thermal power facilities n/a n/a $5.4 n/a n/a
4/6/2010 Cantox Health Sciences Scientific consulting for health & safety issues n/a n/a n/a n/a n/a
5/5/2009 Sagentia Catella Consulting for energy storage industry $2.1 n/a n/a n/a n/a
2/17/2009 APTECH Engineering Services Engineering and litigation support to asset owners n/a n/a $11.0 n/a n/a
2/13/2009 WISco Enterprises Project support services for oil and gas industry n/a n/a $26.5 n/a n/a
1/8/2009 Porst and Partner Chemical, physical, and microbiological testing n/a n/a $3.3 n/a n/a
12/30/2008 RQA Auditing of food industry n/a n/a $4.9 n/a n/a
12/1//2008 Eko-Lab User-generated DIY content n/a n/a $5.1 n/a n/a
9/30/2008 HP White Laboratory Ballistics testing laboratory n/a n/a $36.9 n/a n/a
7/22/2008 Applica (Germany) Residue and applied chemical analysis for food n/a n/a $7.1 n/a n/a
4/10/2008 4-Front Research Clinical and in-vitro research company $3.4 $0.6 $20.6 6.06x n/m
4/9/2008 Hi-Cad Technical Services 3D data capture and measurement services $6.7 $1.6 $32.9 4.90x 21.0x
4/8/2008 Contract Manufacturing Services Environmental Compliance Implementation Services n/a n/a n/a n/a n/a
2/19/2008 CML Biotech Microbiological testing services n/a n/a $19.6 n/a n/a
2/12/2008 Bioclin Laboratories Imicrobiology and pharmokinetics lab testing n/a n/a $6.2 n/a n/a
2/6/2008 Epsilon Technical Services Product Testing and Certification Services $2.7 $0.0 $4.7 1.74x n/m
1/7/2008 EMIS (UK) Oil and gas calibration business $2.6 $0.4 $1.8 0.67x 4.9x
9/2/2007 Plastic Technology Laboratory Polymer materials testing like plastics n/a n/a n/a n/a n/a
10/22/2007 Ageus Solutions Environmental compliance consulting $2.3 n/a $9.0 3.92x n/a

34
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
Intertek (Cont'd) Total Disclosed M&A Deal Value: $2.4 Billion
9/26/2007 Biodata Analytik Agricultural analysis laboratory n/a n/a $5.0 n/a n/a
9/18/2007 National Software Testing Labs Quality assurance testing services n/a n/a $24.0 n/a n/a
9/7/2007 Carnot Emission Services Engine emission test services n/a n/a $12.3 n/a n/a
8/2/2007 Product Quality Partners Provider of testing services for technology industries n/a n/a n/a n/a n/a
7/11/2007 V.I.P Cargo Surveys Testing of cargo shipements for oil companies n/a n/a $3.0 n/a n/a
6/5/2007 ASTA BEAB Certification Services Testing and certification services $6.3 $0.1 $8.7 1.39x n/m
6/1/2007 Union Lab Group Petroleum products testing and inspection services n/a n/a $3.8 n/a n/a
5/1/2007 Quantitative Technologies Operator of a pharmaceutical laboratory n/a n/a $25.0 n/a n/a
4/23/2007 Genalysis Laboratory Services Laboratory testing services for mining & minerals n/a n/a $46.3 n/a n/a
3/19/2007 NATLABS Electromagnetic compatibility and safety testing n/a n/a $1.7 n/a n/a
1/16/2007 CB Iberica Oil and gas testing company + consultancy n/a n/a $11.2 n/a n/a
1/9/2007 Umitek Testing and evaluation of chemicals for oil and gas $25.0 $24.3 $18.2 0.73x 0.7x
12/4/2006 Alta Analytical Laboratory Liquid chromatography, mass spectrometry, & chemcial n/a n/a $25.5 n/a n/a
11/1/2005 PerkinElmer Automotive Research Automotive testing services $24.0 n/a $34.5 1.44x n/a
8/2/2005 PARC Technical Services Chemical and automotive engine testing services $12.9 $7.3 $7.0 0.54x 1.0x
5/10/2004 Entela Testing for industrial, consumer, and medical products $22.9 n/a $26.5 1.16x n/a
12/17/2003 Amtac Certification Services Audits and certifications for multiple industries n/a n/a $2.5 n/a n/a
Lisam Systems Total Disclosed M&A Deal Value: n/a
6/4/2019 Perillon Software Cloud-based risk and compliance management solutions n/a n/a n/a n/a n/a
5/1/2012 Cebecon Safety & risk management software n/a n/a n/a n/a n/a
1/1/2009 Hemmis Environmental monitoring solutions n/a n/a n/a n/a n/a
1/1/2006 Telegis Chemical regulatory consultancy services n/a n/a n/a n/a n/a
1/1/2002 ESI (Protheus Software) Undisclosed n/a n/a n/a n/a n/a
PEC Safety Total Disclosed M&A Deal Value: n/a
5/15/2019 Veriforce Contractor PHMSA OQ, D&A, and OSHA compliance n/a n/a n/a n/a n/a
Quentic Total Disclosed M&A Deal Value: n/a
12/1/2017 NordSafety Mobile HSE data documentation platform $0.5 n/a n/a n/a n/a
SAI Global Total Disclosed M&A Deal Value: $407.4 Million
4/1/2019 BWise Enterprise integrated risk management software n/a n/a n/a n/a n/a
8/20/2018 Strategic BCP Business continuity management software n/a n/a n/a n/a n/a
8/31/2016 Modulo International IT governance, risk, and compliance technology n/a n/a $5.3 n/a n/a
10/22/2014 Encompass (Assets) Australian sales distribution channel n/a n/a n/a n/a n/a
9/1/2013 IQMS Food safety training & management $1.0 $0.2 n/a n/a n/a
4/1/2013 Steritech Group (Assets) Supply chain auditing services n/a n/a n/a n/a n/a
12/7/2012 QPRO International Food safety assessment services n/a n/a $6.3 n/a n/a
5/1/2012 Global Trust Certification Seafood sanitation and quality assessment n/a n/a $5.0 n/a n/a
1/31/2012 Compliance 360 SaaS-based enterprise GRC softare n/a n/a $46.0 n/a n/a
11/10/2011 Saigas Africa Training and facilitation services n/a n/a n/a n/a n/a
7/1/2011 Advancing Food Safety Food safety training services n/a n/a $1.6 n/a n/a
9/14/2010 Integrity Interactive Web-based corporate ethics and compliance solutions n/a n/a $170.0 n/a n/a
4/7/2010 FoodCheck Auditing and assurance services for the food sector n/a n/a $6.1 n/a n/a

35
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
SAI Global (Cont'd) Total Disclosed M&A Deal Value: $407.4 Million
4/1/2010 Imtest Laboratories Equipment testing services company n/a n/a n/a n/a n/a
3/1/2010 Espreon Outsourced settlement services for legal matters n/a n/a $53.9 n/a n/a
10/30/2009 Enertech Austrailia Product performance testing for gas and electrical n/a n/a n/a n/a n/a
10/22/2009 Cinellate Environmental, health, and safety management software $9.0 n/a $12.8 1.42x n/a
4/21/2009 Syrus Global Ethics, compliance, and reputation management n/a n/a n/a n/a n/a
9/9/2008 Universal Title Searches Online property & business information services n/a n/a $2.5 n/a n/a
3/6/2008 80-20 Software Corporate GRC management software n/a n/a n/a n/a n/a
2/29/2008 Quality Management Institute International certification and training services $27.9 n/a $39.9 1.43x n/a
1/22/2007 Midi Corporate compliance content n/a n/a n/a n/a n/a
1/19/2007 Compliance and Ethics Learnings Solutions Compliance and ethics online education & awareness n/a n/a $45.0 n/a n/a
4/4/2003 Excel Partnership On-site training services for auditing and 6-sigma $8.7 n/a $13.0 1.49x n/a
Sparta Systems Total Disclosed M&A Deal Value: n/a
1/20/2016 123Compliance Enterprise quality management software n/a n/a n/a n/a n/a
Sphera Total Disclosed M&A Deal Value: n/a
5/7/2019 Sitehawk Web-based SDS / chemical management software n/a n/a n/a n/a n/a
1/8/2019 Petrotechnics Operational risk management software $9.4 ($3.9) n/a n/a n/a
8/16/2018 Sparesfinder MRO data management n/a n/a n/a n/a n/a
4/6/2017 Rivo Software Cloud-based EHS software n/a n/a n/a n/a n/a
UL Total Disclosed M&A Deal Value: $275.0 Million
9/6/2018 Medical Device Usability Medical human factors consulting n/a n/a n/a n/a n/a
11/17/2017 ChemADVISOR EHS / chemical regulatory content & software n/a n/a n/a n/a n/a
8/24/2017 AE Performance Testing Lab Performance testing services n/a n/a n/a n/a n/a
5/5/2017 Cleb Building envelope testing services n/a n/a n/a n/a n/a
4/21/2017 Emergo Group Regulatory compliance consulting for medical device n/a n/a n/a n/a n/a
10/4/2016 Consumer Testing Laboratories Product testing services for retailers and manufacturers n/a n/a n/a n/a n/a
9/26/2016 AWS Truepower Software & services for renewable energy n/a n/a n/a n/a n/a
9/7/2016 Safeware Quasar Chemical regulatory software & consultancy n/a n/a n/a n/a n/a
1/29/2016 cr360 ESG, CSR, and social management software $10.8 ($0.6) n/a n/a n/a
12/4/2015 InfoGuard Laboratories Product safety certification services $4.3 n/a n/a n/a n/a
11/20/2015 Acquirer Systems Payment software services n/a n/a n/a n/a n/a
7/1/2015 National Analysis Center Wireless compatibility testing services n/a n/a n/a n/a n/a
10/31/2014 Futuremark Performance analysis software for hardware electronics $4.8 n/a n/a n/a n/a
9/30/2014 Advanced Furniture Testing Furniture testing facility n/a n/a n/a n/a n/a
12/24/2013 Kashima Electromagnetic compatability testing services n/a n/a n/a n/a n/a
11/15/2013 The Wercs SDS authoring & supply chain risk mgmt. software n/a n/a n/a n/a n/a
3/6/2013 Testtech Electrical safety testing services n/a n/a n/a n/a n/a
1/14/2013 Innovadex Information exchange platform for chemicals n/a n/a n/a n/a n/a
1/3/2013 National Everclean Services Food safety & sanitation training services n/a n/a n/a n/a n/a
11/9/2012 Wiklund Research and Design Consumer & medical products research n/a n/a n/a n/a n/a
8/2/2012 GoodGuide Information on EHS impact of products and companies n/a n/a n/a n/a n/a
8/1/2012 ICQ Global Consumer products testing services n/a n/a n/a n/a n/a
8/1/2012 ICQ Holding Renewable energy project services $54.6 $20.0 n/a n/a n/a

36
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
UL (Cont'd) Total Disclosed M&A Deal Value: $275.0 Million
7/25/2012 Integrated Design Engineering Systems Plastic materials information services n/a n/a n/a n/a n/a
5/18/2012 Magnus Textile Services Textile lab testing services in Bangladesh n/a n/a n/a n/a n/a
5/15/2012 eco-INSTITUT Product and emissions tester n/a n/a n/a n/a n/a
4/9/2012 EduNeering Cloud computing machine services for compliance n/a n/a n/a n/a n/a
4/3/2012 International Wind energy measurement services $17.2 $2.9 n/a n/a n/a
4/2/2012 Collis Holding Secure transaction technology services n/a n/a n/a n/a n/a
1/4/2012 Witham Laboratories Payment card security and protects against fraud n/a n/a n/a n/a n/a
12/6/2011 PureWorks Employee safety and health services provider $26.4 n/a n/a n/a n/a
9/1/2011 STR Holdings (Quality Assurance) Provider of quality assurance services n/a n/a $275.0 n/a n/a
8/2/2011 Mdt Medical Device Testing Testing services for regulatory and routine purposes n/a n/a n/a n/a n/a
5/31/2011 Springboard Engineering Product development service provider n/a n/a n/a n/a n/a
6/8/2010 RFI Global Services Testing, approval, and consulting for technology market $10.9 $0.7 n/a n/a n/a
2/4/2010 Luminaire Testing Laboratory Provider of photometric test reports n/a n/a n/a n/a n/a
1/4/2010 Compliance Certification Services Provider of electromagnetic and wireless testing services n/a n/a n/a n/a n/a
3/30/2009 Covestro Thermoplastics testing services for injection molding n/a n/a n/a n/a n/a
9/3/2008 Wakefield Laboratories Electrical testing laboratory n/a n/a n/a n/a n/a
9/20/2007 Parkside Laboratories Electrical product testing for consultants and designers n/a n/a n/a n/a n/a
3/27/2003 A-Pex International CB testing for UL Demko-products testing company n/a n/a n/a n/a n/a
VelocityEHS Total Disclosed M&A Deal Value: n/a
5/20/2019 Spiramid Industrial hygiene management software n/a n/a n/a n/a n/a
4/9/2019 ChemTel Emergency response and consultancy services n/a n/a n/a n/a n/a
6/12/2018 Humantech Ergonomics management software & services n/a n/a n/a n/a n/a
9/29/2016 e3 Solutions Cloud-based enviromental information management n/a n/a n/a n/a n/a
2/29/2016 ErgoAdvocate Web-based occupational healthcare management n/a n/a n/a n/a n/a
Verisk Analytics Total Disclosed M&A Deal Value: $5.1 Billion
2/25/2019 SAP (CaaS Assets) EHS regulatory content and documentation solutions n/a n/a n/a n/a n/a
12/17/2018 Rulebook Insurance underwriting and analytics software n/a n/a $87.0 n/a n/a
6/21/2018 Validus-IVC SaaS-based claims management software $13.0 $2.6 n/a n/a n/a
2/21/2018 Business Insight Insurance risk management software n/a n/a $23.9 n/a n/a
1/4/2018 Marketview Consumer spending analytics and trends n/a n/a $4.0 n/a n/a
12/31/2017 Power Advocate Cloud-based energy intelligence platform $36.0 $11.0 $280.0 7.78x n/m
9/9/2017 Rebmark Legal Solutions Injury claims calculator software n/a n/a n/a n/a n/a
8/31/2017 LCI (Commercial Services) Bankruptcy process automation software & services n/a n/a $151.0 n/a n/a
8/23/2017 Sequel Business Solutions Complex commercial & specialty insurance software $33.2 $14.2 $320.3 9.64x 22.6x
8/3/2017 G2 Web Services Merchant compliance monitoring services n/a n/a $112.0 n/a n/a
5/19/2017 MAKE Consulting Data analytics company for the wind-power industry n/a $0.3 $16.9 n/a n/m
3/31/2017 Fintellix Solutions Business intelligence and analytics for financial sector $6.1 n/a n/a n/a n/a
2/24/2017 Emergent Network Intelligence Financial and risk management software n/a n/a $6.2 n/a n/a
2/16/2017 Healix Risk Rating Automated medical risk assessment software $5.9 n/a n/a n/a n/a
1/21/2017 Arium Risk Architecture Risk modelling and decision support system software n/a n/a $1.9 n/a n/a
9/23/2016 MarketStance Insurance market intelligence and analytics n/a n/a $8.6 n/a n/a
9/11/2016 The GeoInformation Group Geographic information and geospatial mapping $1.9 $0.2 $6.3 3.39x n/m

37
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
Verisk Analytics (Cont'd) Total Disclosed M&A Deal Value: $5.1 Billion
10/20/2016 Analyze Re Provider of pricing optimization software n/a n/a $9.5 n/a n/a
8/29/2016 Quest Offshore Resources Market data analysis for offshore oil and gas sector n/a n/a n/a n/a n/a
4/14/2016 Risk Intelligence Ireland, InsuranceLink Insurance management services software n/a n/a $6.8 n/a n/a
9/20/2015 PCI Consulting Group Plastic and chemical research and analtics services n/a n/a n/a n/a n/a
9/6/2015 Infield Systems Business intelligence and analytics for oil, gas, and marine n/a n/a $21.0 n/a n/a
5/19/2015 Wood Mackenzie Commercial intelligence for the natural resources sector $374.1 $163.7 $2,860.0 7.64x 17.5x
12/8/2014 Maplecroft Risk analysis and mapping service $8.4 $0.0 $31.7 3.79x n/m
1/29/2014 Inovatus Consulting services for the insurance industry n/a n/a n/a n/a n/a
1/1/2013 Sensomatix Analytical platform for auto-insurance industry n/a n/a n/a n/a n/a
12/20/2012 Insurance and Risk Management Services Insurance brokerage services n/a n/a $0.0 n/a n/a
8/6/2012 Argus Information and Advisory Financial information, scoring solutions, and advisory n/a n/a $425.0 n/a n/a
7/2/2012 Aspect Loss Prevention EBR analytics to identify fraud and emplyee compliance n/a n/a $6.9 n/a n/a
3/30/2012 MediConnect Global Online medical services retrieval and transmission $58.6 n/a $348.6 5.95x n/a
6/17/2011 Health Risk Partners Risk management for healthcare industry n/a n/a $60.0 n/a n/a
4/27/2011 Bloodhound Technologies Claims editing and analytics services n/a n/a $82.0 n/a n/a
12/16/2010 3E EHS compliance and information management $42.0 n/a $110.0 2.62x n/a
12/14/2010 Crowe Paradis Services Legal and Medicare compliance services in US $16.7 n/a $90.0 5.39x n/a
3/1/2010 Strategy Analytics Credit risk and capital management for lenders n/a n/a $7.9 n/a n/a
10/30/2009 Enabl-u Technologies Data management and data loss prevention services n/a ($0.4) $2.7 n/a n/m
1/14/2009 D2Hawkeye Advanced analytics for healthcare industry $0.8 n/a n/a n/a n/a
11/20/2008 Atmospheric and Environmental Research Environmental consulting and research services n/a n/a n/a n/a n/a
1/1/2007 National Equipment Register Database to help prevent agro and construction theft n/a n/a n/a n/a n/a
8/14/2006 Xactware Solutions Estimation software for tool replacement costs n/a n/a n/a n/a n/a
8/16/2005 eLIENS Provider of lien holder and mortgagee notification service n/a n/a n/a n/a n/a
3/21/2005 Sysdome Automated loan analysis and data validation n/a n/a n/a n/a n/a
5/11/2004 DxCG Healthcare software to predict costs and drug prices n/a n/a n/a n/a n/a
1/28/2004 Quality Planning Corporation Decision integrity services for the insurance industry n/a n/a n/a n/a n/a
3/13/2003 AscendantOne 3rd party admin services to help individual insurers n/a n/a n/a n/a n/a
5/14/2002 AIR Worldwide Catastrophe and risk weather modeling n/a n/a n/a n/a n/a
3/13/2002 Insurance Information Exchange Motor vehicle data for risk assessment n/a n/a n/a n/a n/a
Wolters Kluwer Total Disclosed M&A Deal Value: $2.3 Billion
5/15/2019 CLM Matrix Contract lifecycle management software $3.0 n/a $35.0 11.67x n/a
11/6/2018 Legisway Contract management platform for legal services n/a n/a n/a n/a n/a
10/30/2018 eVision Operational risk management & control of work software $25.0 n/a $180.0 7.20x n/a
9/1/2017 Adsolut Integrated software suite for accountants $121.8 n/a n/a n/a n/a
4/6/2017 CCH Tagetik Automates business finance operations $47.8 n/a $321.0 6.72x n/a
11/15/2016 Emmi Solutions Patient engagement and empowerment technology $29.0 n/a $170.0 5.86x n/a
7/1/2016 Enablon Sustainability and safety & risk management software $60.9 n/a $276.6 4.55x n/a
6/1/2016 CPE Link Online CPE for accounting and finance professions n/a n/a n/a n/a n/a
2/2/2016 Triad Professional Services Legal and compliance services company n/a n/a n/a n/a n/a
11/5/2015 Banco E-ccelerated Compliance Solutions Provider of financial advisory services-lending n/a n/a n/a n/a n/a
9/1/2015 Learner's Digest International Educational technology for the healthcare sector $39.0 n/a $150.0 3.85x n/a
7/10/2015 Effacts Software services for legal departments n/a n/a n/a n/a n/a

38
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
Wolters Kluwer (Cont'd) Total Disclosed M&A Deal Value: $2.3 Billion
6/30/2015 SureTax Provider of tax calculation services n/a n/a n/a n/a n/a
4/2/2015 Basecone Online app for processing invoices and documents n/a n/a n/a n/a n/a
1/31/2015 SBS Software Software for accounting and payroll n/a n/a n/a n/a n/a
9/16/2014 Beijing Dingxin Chuangzhi Technology CompanyAccounting and tax related services in China n/a n/a n/a n/a n/a
4/10/2014 Innovation Square Private custom computer programming services n/a n/a $2.6 n/a n/a
4/7/2014 Datacert E-billing products for law firms $45.6 n/a $290.0 6.37x n/a
3/31/2014 Bay State Corporate Services Public record information and retrieval services n/a n/a $3.0 n/a n/a
1/3/2014 Financial Tools Financial analysis and credi risk management software n/a n/a n/a n/a n/a
9/14/2013 Best Practice Managed Solutions Accounting software for companies n/a n/a n/a n/a n/a
9/9/2013 CitizenHawk Online brand protection and global domain recovery n/a n/a n/a n/a n/a
7/8/2013 Red Moon Solutions Tax and accounting software n/a n/a n/a n/a n/a
6/5/2013 QS Advantiq Information retrieval, trademark research, and consultancy n/a n/a n/a n/a n/a
5/20/2013 Prosoft Tecnologia Tax and accounting software in Brazil n/a n/a n/a n/a n/a
3/6/2013 iSentry Group Developer of SDX and workflow systems n/a n/a n/a n/a n/a
10/17/2012 Health Language Automates IT services for healthcare industry n/a n/a n/a n/a n/a
9/3/2012 BSI Media International tax, legal, and business info services n/a n/a n/a n/a n/a
7/16/2012 Financial Architects Financial management and intelligence software n/a n/a n/a n/a n/a
10/16/2011 Shanghai Advanced Software Financial reporting software in China n/a n/a n/a n/a n/a
6/20/2011 Editorial Bosch Publisher of law books n/a n/a n/a n/a n/a
6/14/2011 Twinfield International Online accounting service provider n/a n/a n/a n/a n/a
9/23/2010 FRS Belgium Risk and compliance management for financial markets n/a n/a n/a n/a n/a
6/29/2010 Earnst & Young Austrailia (Assets) Streamline corporate tax compliance workflow n/a n/a n/a n/a n/a
4/29/2010 The Simply HR Company HR software for personnel management & records $1.2 ($0.4) n/a n/a n/a
7/17/2009 Axentis Enterprise governance, risk, and compliance software n/a n/a n/a n/a n/a
6/8/2009 Schleupen Tax preparation services n/a n/a n/a n/a n/a
10/22/2008 ProVation medical Provider of documentation and support for surgery centers n/a n/a $112.0 n/a n/a
10/22/2008 UpToDate Clinical decision support by physicians for physicans $80.0 n/a n/a n/a n/a
9/24/2008 CCH Sword Dev. and supplier of risk control software products n/a n/a n/a n/a n/a
9/16/2008 Addison Software Business critical software (accounting in Germany) $65.7 n/a n/a n/a n/a
4/1/2008 MYOB (Assets) Provider of accounting software and services $25.0 n/a $71.0 2.84x n/a
1/3/2008 Stewart Lender Services (Assets) Provider of financial and lending services n/a n/a n/a n/a n/a
12/11/2007 GEE Publishing Publisher of legal information n/a n/a n/a n/a n/a
11/19/2007 PWC (TeamMate Software Division) Software intended for internal auditing services n/a n/a n/a n/a n/a
8/2/2007 International Centre for Financial & Economic DevelopmentPublisher of magazines for professionals n/a n/a $109.1 n/a n/a
7/18/2007 Technical Answer Group Provider of information on retirement plans n/a n/a n/a n/a n/a
6/17/2007 MediRegs Healthcare compliance content and software services n/a n/a n/a n/a n/a
2/16/2007 Desert Document Services Automated document preparation services n/a n/a n/a n/a n/a
12/30/2005 Best Case SaaS bankruptcy software to help attorneys w/ petitions $4.1 n/a n/a n/a n/a
5/25/2005 Utet Professionale Provider of publishing services n/a n/a n/a n/a n/a
4/22/2005 Nolis Operator of a freight exchange platform $9.2 $4.7 n/a n/a n/a
12/1/2004 CT Summation Developer of litigation workflow software n/a n/a n/a n/a n/a
12/10/2002 Gainskeeper Automated investment record keeping services n/a n/a n/a n/a n/a
10/8/2002 AnNotext Law firm management software $9.0 n/a n/a n/a n/a

39
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
Wolters Kluwer (Cont'd) Total Disclosed M&A Deal Value: $2.3 Billion
5/23/2002 WeTeach Distance learning courses intended for schools $2.4 n/a $5.3 2.15x n/a
5/22/2002 Ciceron Legal workflow management software $4.0 n/a n/a n/a n/a
5/15/2002 Charles D Spencer & Associates Publisher of employee benefits information services $3.0 n/a n/a n/a n/a
5/9/2002 Intercounty Clearance Filing and retrieval services of public information $15.0 n/a n/a n/a n/a
5/1/2002 Val Solutions Software applications developer n/a n/a n/a n/a n/a
3/11/2002 ARTEL Software House Provider of business applications for small-med enterprises n/a n/a n/a n/a n/a
2/21/2002 National Media Technologies Digital document conversion and filing services $5.4 n/a n/a n/a n/a
1/17/2002 ABG Professional Information Accountancy magazines and CDs publisher $19.7 n/a $56.2 2.85x n/a
1/17/2002 Uniform Information Services Regulatory information products for finance industry $11.6 n/a n/a n/a n/a
12/14/2001 Medi-Span Provides drug information for healthcare professionals $24.6 n/a n/a n/a n/a
12/7/2001 Cutter Environment Publisher of newsletter and special reports n/a n/a n/a n/a n/a
12/5/2001 Execusite Premier web site for accounting and tax professionals n/a n/a n/a n/a n/a
9/26/2001 Capitol Commerce Report Provider of commercial code search and retrieval services $3.0 n/a n/a n/a n/a
7/23/2001 DTI Legal document and support software $4.4 n/a n/a n/a n/a
6/15/2001 SilverPlatter Information Database services on CDs provider $70.0 n/a n/a n/a n/a
5/10/2001 OSRA Tax compliance and HR software $13.8 n/a n/a n/a n/a
3/14/2001 Compliance International Electronic regulatory information for finance industry $3.5 n/a n/a n/a n/a
2/7/2001 CBF Systems Provider of mortgage document automation $21.0 n/a n/a n/a n/a
1/31/2001 Loislaw.com Online legal library service $12.1 ($21.7) $111.2 9.16x n/m
1/25/2001 TSoft Financial Software Financial software for loan programs n/a n/a n/a n/a n/a
1/24/2001 Emanuel Publishing Publisher of specialized study aids $2.2 n/a n/a n/a n/a
11/22/2000 Resources for Educators Published reuseable parent involvement newsletters $3.8 n/a n/a n/a n/a
7/12/2000 DPC Computers Tax rate information and related software n/a n/a n/a n/a n/a
6/1/2000 A3 Software Developer of labor, fiscal, and accounting software $10.2 n/a n/a n/a n/a
11/24/1999 Summers Press Publisher of employment related law and compliance $5.0 n/a n/a n/a n/a
8/13/1999 Bankers Systems Financial services compliance tools $100.0 n/a $190.0 1.90x n/a
6/3/1998 Internal and External Communication Training softwaer to improve employee performance n/a $0.1 n/a n/a n/a
1/15/1993 Liber Publisher of educational books n/a n/a $201.6 n/a n/a
Total High 11.67x 22.6x
Total Low 0.54x 0.7x
Total Average 3.76x 11.0x
Total Median 2.85x 9.4x

40
Cority
Enviance
Intelex
Lisam Systems
Quentic
SAI Global
Sparta Systems
Sphera
VelocityEHS
Intertek
Others
EcoOnline
UL
Wolters Kluwer
PEC Safety
Verisk Analytics
EtQ
($ in Millions)
Date Acquirer Target Description Revenue EBITDA Value Revenue EBITDA
6/19/2019 FoodChain ID Decernis Food, CPG, and chemical compliance content n/a n/a n/a n/a n/a
6/6/2019 Industrial Scientific (Fortive) Intelex EHSQ management software platform n/a n/a $570.0 n/a n/a
5/31/2019 Trinity Consultants ECOSA Ecological services n/a n/a n/a n/a n/a
5/28/2019 Thoma Bravo Cority Cloud-based EHSQ software n/a n/a n/a n/a n/a
4/11/2019 Tanarra Group INX Software Mining-focused workplace EHS software n/a n/a n/a n/a n/a
2/26/2019 Trinity Consultants The Redstone Group Chemical compliance consulting n/a n/a n/a n/a n/a
1/17/2019 Hexagon j5 International Industrial operations safety management n/a n/a n/a n/a n/a
1/14/2019 Ideagen Scannell Solutions EHSQ software n/a n/a $4.6 n/a n/a
12/21/2018 Thoma Bravo PEC Safety Contractor mgmt. software & safety training content n/a n/a n/a n/a n/a
9/5/2018 Ideagen InspectionXpert Quality inspection management $2.8 $0.2 $7.0 2.50x n/m
8/8/2018 Providence Equity KPA EHS compliance software & on-site audit n/a n/a n/a n/a n/a
6/5/2018 Bertram Capital Registrar Corp FDA compliance services & data solutions n/a n/a n/a n/a n/a
4/1/2018 Carlyle Group NOSA EHS risk management services n/a n/a $62.1 n/a n/a
3/29/2018 KPA ERS Environmental compliance consulting n/a n/a n/a n/a n/a
10/16/2017 IQVIA Pilgrim Quality Life sciences quality management n/a n/a n/a n/a n/a
9/23/2017 CVC Capital Actua (Assets) VelocityEHS & Bolt Solutions businesses n/a n/a $328.0 n/a n/a
8/17/2017 TCV EtQ EHSQ solutions n/a n/a $130.0 n/a n/a
7/24/2017 GRC Solutions COBA (Assets) Compliance division n/a n/a n/a n/a n/a
7/17/2017 New Mountain Capital Sparta Systems Quality & compliance management system n/a n/a n/a n/a n/a
6/7/2017 Thoma Bravo Riskonnect Risk management software platform n/a n/a n/a n/a n/a
4/28/2017 Hg Capital Mitratech Enterprise legal and risk management software n/a n/a $650.0 n/a n/a
4/6/2017 eCompliance FieldiD Inspection & safety compliance n/a n/a n/a n/a n/a
1/30/2017 Selerant Prosisoft Hazardous material management n/a n/a n/a n/a n/a
11/30/2016 KPA Succeed EMS Enterprise risk and occupational safety solutions n/a n/a n/a n/a n/a
9/26/2016 Baring Private Equity SAI Global Corporate compliance information solutions $416.7 $85.2 $757.7 1.82x 8.9x
8/4/2016 SafetyChain Vigilistics Food & beverage quality and sustainability solutions n/a n/a n/a n/a n/a
6/21/2016 Mitratech CMO Software EHS & GRC workflow software n/a n/a n/a n/a n/a
6/1/2016 Genstar Capital IHS (OERM Assets) EHS software suite, Sphera Solutions n/a n/a n/a n/a n/a
3/23/2016 Landbell Group H2 Compliance Chemical & environmental regulatory solutions n/a n/a n/a n/a n/a
3/21/2016 Nimonik Conformance Check EHS & legal compliance audit software n/a n/a n/a n/a n/a
2/10/2016 Vector Solutions Scenario Learning Safety & compliance training system n/a n/a n/a n/a n/a
10/12/2015 Inflexion Alcumus Group Tech-enabled certification & verification mgmt $38.9 $10.2 $141.0 3.63x 13.8x
9/15/2015 TA Associates Mitratech Enterprise legal and risk management software n/a n/a $315.0 n/a n/a
5/19/2015 Riverside Company Health & Safety Institute Safety training solutions n/a n/a n/a n/a n/a
2/6/2015 Battery Ventures Enviance EHS software solutions n/a n/a n/a n/a n/a
Total High 3.63x 13.8x
Total Low 1.82x 8.9x
Total Average 2.65x 11.3x
Total Median 2.50x 11.3x

41
Our Strategy
Trusted Advisors to the EHSQ Market
EHSQ Software
Leaders
Jonathan Adler
Managing Director
(201) 503-0339
jadler@madisonparkgrp.com
Sean Stouffer
Associate
(212) 776-4475
sstouffer@madisonparkgrp.com
Detailed Market Understanding Creative & Customized Execution Complete Lifecycle Support
• Constant industry interaction • Strategy-first transaction planning • Pre-transaction business preparation
• Key decision-maker relationships • Sole focus on management’s goals • Collaborative identification of goals
• Multiple relevant transactions • Broad transaction-type track record • Tenacious execution & support
“Madison Park Group provided invaluable advice throughout each step of the sale
process. Their depth of sector knowledge proved instrumental in positioning
ChemADVISOR’s unique value to strategic acquirers, and MPG’s skillful process
execution demonstrated its value to the company’s shareholders & employees
beyond even our highest expectations. I look forward to working with them again.”
- ChemADVISOR President, Andy Dsida
Comprehensive Approach to Advisory Services
Sale to
OH
Occupational
Health
EHS
Environmental, Health,
and Safety
SM
Sustainability
Management
IH
Industrial
Hygiene
ORM
Operational Risk
Management
SDS
Safety Data Sheet
Authoring / Mgmt.
PS
Product Stewardship /
Compliance
AMS
Audit & Incident
Management
EMIS
Environmental
Management
EM
Ergonomics
Management
QMS
Quality Management
System
CSR
Corporate Social
Responsibility
Key Coverage Segments
Bobby Andreozzi
Analyst
(212) 776-1985
bandreozzi@madisonparkgrp.com

42
This presentation has been prepared by Madison Park Group and may only be used for informational purposes. This presentation provides an overview of
the environmental, health, safety, and quality (EHSQ) management and is not intended to be taken by, and should not be taken by, any individual recipient
as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. Acceptance
of this information further constitutes your acknowledgement and agreement that Madison Park Group does not make any express or implied
representation or warranty as to the accuracy or completeness of the information contained herein and shall have no liability to the recipient or its
representatives relating to or arising from the use of the information contained herein or any omissions therefrom. Any use, disclosure, distribution,
dissemination, copying or reproduction of this information without prior written consent or approval from Madison Park Group is strictly prohibited. Any
third party trademarks, service marks, logos, and trade names included in the report are property of their respective owners.
Madison Park Group, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar
corporate finance matters. Madison Park Group is not a retail broker-dealer. The firm does not conduct underwriting activities, provide research or analyst
reports or solicit or carry accounts for, or offer or sell securities products to retail customers. Madison Park Group is regulated by the Financial Industry
Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm. The information and services provided in this presentation are not provided to and may not
be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any
governmental authority or regulatory or self-regulatory organization or where Madison Park Group is not authorized to provide such information or
services.
Disclosure Statement
Madison Park Group, LLC
3 Park Avenue, 31st Floor
New York, NY 10016
225 Franklin Street, 26th Floor
Boston, MA 02110
www.madisonparkgrp.com

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