We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies. This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in Software and technology related Industries.

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A L P S V E N T U R E P A R T N E R S 1
SOFTWARE
M&A TEARSHEET 2020-21
This report is intended solely for informational purposes and is not
intended to be and should not be used by any other person or entity. No
other person or entity is entitled to rely, in any manner or for any purpose,
on this report.
Application Software
IT Consulting
Internet Infrastructure
Data Processing

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A L P S V E N T U R E P A R T N E R S 2
Introduction
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies.
This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA),
Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in Software and technology
related Industries. The summarized 5 years results (2016-20) for the various industries are as follows:
Industry
Average
TEV/Revenue
Average
TEV/EBITDA
Average
Deal Value ($M)
Application Software 3.7x 21.0x $252.2
IT Consulting and Other Services 1.8x 15.1x $173.9
Internet Services and Infrastructure 2.8x 14.8x $220.9
Data Processing and Outsourced Services 3.6x 17.0x $1.768.1
Systems Software 3.8x 21.0x $1,105.4
Note: In our analysis we have only considered deals which are closed from January 01, 2020 to April 06, 2021. Further, in estimating the multiples we have
removed the following as outliers:
• TEV/Revenue Multiple: Less than 0.1x and more than 25.0x
• TEV/EBITDA Multiple: Less than 1.0x and more than 100.0x
We are confident you will find our analysis helpful and feel free to connect back to us to share your feedback.
Research Team
Alps Venture Partners

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A L P S V E N T U R E P A R T N E R S 3
Application Software – M&A Summary
Valuation Summary
Total Deal Value ($mm) $423,401
Average Deal Value ($mm) $221.2
Average TEV/Revenue 3.3x
Average TEV/EBITDA 18.7x
Average Day Prior Premium (%) 23%
Average Week Prior Premium (%) 25%
Average Month Prior Premium (%) 29%
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
Transaction Ranges
Greater than $1 billion 99
$500 - $999.9 mm 71
$100 - $499.9 mm 264
Less than $100 mm 1,474

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A L P S V E N T U R E P A R T N E R S 4
Application Software - Transaction Multiples
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
For estimation of multiples we have excluded TEV/Revenue multiples below 0.1x and above 25.0x, and TEV/EBITDA multiple below 1.0x and above 100.0x
2.9x 3.7x 3.9x 3.8x 4.1x 4.2x
16.6x
25.5x
19.2x 20.6x
22.9x
20.4x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2016 2017 2018 2019 2020 2021 5 Year
Average TEV/Revenue 2.9x 3.7x 3.9x 3.8x 4.1x 4.2x 3.7x
Average TEV/EBITDA 16.6x 25.5x 19.2x 20.6x 22.9x 20.4x 21.0x

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A L P S V E N T U R E P A R T N E R S 5
Application Software - Transaction Numbers
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
23
29 29
20 19
120 118
146
133
97
-
20
40
60
80
100
120
140
160
2016 2017 2018 2019 2020
Number
of
Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2016 2017 2018 2019 2020 2021 5 Year
Average Deal Value $255.9 $330.0 $194.1 $281.3 $199.9 $290.6 $252.2

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A L P S V E N T U R E P A R T N E R S 6
Application Software - Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions
Asia Pacific – 6.2%
Americas –
70.5%
Europe/MENA/Africa – 23.3%
Region / Transactions Number Total Value Average Size
Asia Pacific 552 $26,314 $47.7
Europe/MENA/Africa 680 $98,732 $145.2
Americas 682 $298,355 $437.5

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A L P S V E N T U R E P A R T N E R S 7
Application Software - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
United States 558 3.7x $525.2
United Kingdom 250 2.7x $142.8
China 181 4.7x $72.7
Japan 96 1.5x $31.9
Canada 93 3.0x $49.8
France 79 2.5x $59.0
Australia 75 3.8x $59.2
Germany 67 2.1x $87.3
South Korea 59 3.3x $12.8
Sweden 41 3.0x $89.6
Norway 38 2.5x $40.1
Israel 36 2.4x $83.7
Netherlands 35 2.9x $891.5
India 25 0.9x $11.3
Italy 25 1.7x $188.9
Others 250 3.1x $54.7
*Source – Data based on transactions during Jan 01, 2010 to April 6, 2021 from CapitalIQ, AlpsVP Analysis

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A L P S V E N T U R E P A R T N E R S 8
I T C ONS UL TI NG AND OTHER S ERV I C ES

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A L P S V E N T U R E P A R T N E R S 9
IT Consulting – M&A Summary
Valuation Summary1
Total Deal Value ($mm) $147,365
Average Deal Value ($mm) $126.2
Average TEV/Revenue 1.5x
Average TEV/EBITDA 13.0x
Average Day Prior Premium (%) 13%
Average Week Prior Premium (%) 16%
Average Month Prior Premium (%) 19%
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
Transaction Ranges
Greater than $1 billion 28
$500 - $999.9 mm 20
$100 - $499.9 mm 130
Less than $100 mm 990

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A L P S V E N T U R E P A R T N E R S 10
IT Consulting - Transaction Multiples
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
For estimation of multiples we have excluded TEV/Revenue multiples below 0.1x and above 25.0x, and TEV/EBITDA multiple below 1.0x and above 100.0x
1.6x 1.7x 1.8x 1.9x 2.0x
1.0x
13.2x 12.9x
15.1x
17.3x 17.1x
8.5x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2016 2017 2018 2019 2020 2021 5 Year
Average TEV/Revenue 1.6x 1.7x 1.8x 1.9x 2.0x 1.0x 1.8x
Average TEV/EBITDA 13.2x 12.9x 15.1x 17.3x 17.1x 8.5x 15.1x
Average Deal Value $129.1 $123.4 $196.0 $152.2 $268.9 $143.2 $173.9

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A L P S V E N T U R E P A R T N E R S 11
IT Consulting - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
United States 200 1.2x $309.8
United Kingdom 123 1.5x $86.9
China 111 3.3x $69.6
Japan 101 0.6x $43.9
Canada 24 0.8x $43.1
France 46 1.1x $233.2
Australia 44 1.1x $49.8
Germany 47 0.9x $33.2
South Korea 39 0.9x $44.2
Sweden 26 1.0x $85.9
Norway 18 1.0x $214.4
*Source – Data based on transactions during Jan 01, 2010 to April 6, 2021 from CapitalIQ, AlpsVP Analysis
Region / Transactions Number Total Value Average Size
Asia Pacific 476 $28,076 $59.0
Europe/MENA/Africa 431 $53,387 $123.9
Americas 261 $65,902 $252.5

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A L P S V E N T U R E P A R T N E R S 12
I NTERNET S ERV I C ES AND I NFRAS TRUC TURE

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A L P S V E N T U R E P A R T N E R S 13
Internet Infrastructure – M&A Summary
Valuation Summary
Total Deal Value ($mm) $57,851
Average Deal Value ($mm) $198.1
Average TEV/Revenue 2.5x
Average TEV/EBITDA 12.9x
Average Day Prior Premium (%) 29%
Average Week Prior Premium (%) 29%
Average Month Prior Premium (%) 45%
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
Transaction Ranges
Greater than $1 billion 16
$500 - $999.9 mm 9
$100 - $499.9 mm 34
Less than $100 mm 232

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A L P S V E N T U R E P A R T N E R S 14
Internet Infrastructure - Transaction Multiples
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
For estimation of multiples we have excluded TEV/Revenue multiples below 0.1x and above 25.0x, and TEV/EBITDA multiple below 1.0x and above 100.0x
2.9x 2.7x 3.1x
1.7x
3.6x
1.3x
19.2x
16.4x
10.6x
12.5x
15.6x
8.2x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples1 2016 2017 2018 2019 2020 2021 5 Year
Average TEV/Revenue 2.9x 2.7x 3.1x 1.7x 3.6x 1.3x 2.8x
Average TEV/EBITDA 19.2x 16.4x 10.6x 12.5x 15.6x 8.2x 14.8x
Average Deal Value $236.2 $446.0 $243.7 $137.0 $41.3 $670.6 $220.9

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A L P S V E N T U R E P A R T N E R S 15
Internet Infrastructure - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
United States 65 3.2x $644.8
United Kingdom 54 1.9x $105.3
China 25 4.3x $51.9
Australia 18 2.4x $66.5
Japan 15 0.7x $57.7
Canada 13 1.7x $87.6
France 11 0.8x $20.5
Germany 11 1.2x $82.1
Italy 9 1.2x $80.7
South Korea 7 1.5x $55.8
India 5 0.8x $2.2
*Source – Data based on transactions during Jan 01, 2010 to April 6, 2021 from CapitalIQ, AlpsVP Analysis
Region / Transactions Number Total Value Average Size
Asia Pacific 88 $4,135 $47.0
Europe/MENA/Africa 117 $9,015 $77.0
Americas 87 $44,701 $513.8

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A L P S V E N T U R E P A R T N E R S 16
D A TA PROC ES S I NG A ND OUTS OURC ED S ERV I C ES

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A L P S V E N T U R E P A R T N E R S 17
Data & Outsourced Services – M&A Summary
Valuation Summary
Total Deal Value ($mm) $237,635
Average Deal Value ($mm) $873.7
Average TEV/Revenue 3.5x
Average TEV/EBITDA 13.7x
Average Day Prior Premium (%) 19%
Average Week Prior Premium (%) 21%
Average Month Prior Premium (%) 28%
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
Transaction Ranges
Greater than $1 billion 27
$500 - $999.9 mm 16
$100 - $499.9 mm 54
Less than $100 mm 175

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A L P S V E N T U R E P A R T N E R S 18
Data & Outsourced Services - Transaction Multiples
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
For estimation of multiples we have excluded TEV/Revenue multiples below 0.1x and above 25.0x, and TEV/EBITDA multiple below 1.0x and above 100.0x
2.9x 2.7x 3.1x
1.7x
3.6x
1.3x
19.2x
16.4x
10.6x
12.5x
15.6x
8.2x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2016 2017 2018 2019 2020 2021 5 Year
Average TEV/Revenue 2.0x 3.5x 5.2x 3.1x 4.4x 2.0x 3.6x
Average TEV/EBITDA 17.1x 12.6x 16.5x 13.5x 25.4x 10.8x 17.0x
Average Deal Value $464.5 $436.5 $1,202.5 $6,612.4 $124.4 $76.6 $1,768.1

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A L P S V E N T U R E P A R T N E R S 19
Data & Outsourced Services - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
United States 65 3.7x $2,632.8
China 28 3.6x $108.1
Japan 23 2.3x $57.5
United Kingdom 22 3.1x $1,440.3
India 21 3.5x $14.1
South Korea 16 1.3x $74.4
Australia 10 2.9x $70.7
Canada 10 2.4x $415.9
Belgium 6 2.6x $123.7
Malaysia 6 1.3x $7.5
Netherlands 6 7.7x $220.7
*Source – Data based on transactions during Jan 01, 2010 to April 6, 2021 from CapitalIQ, AlpsVP Analysis
Region / Transactions Number Total Value Average Size
Asia Pacific 117 $7,067 $60.4
Europe/MENA/Africa 73 $46,516 $637.2
Americas 82 $184,052 $2,244.5

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A L P S V E N T U R E P A R T N E R S 20
S YS TEM S OFTWARE

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A L P S V E N T U R E P A R T N E R S 21
Systems Software – M&A Summary
Valuation Summary
Total Deal Value ($mm) $198,790
Average Deal Value ($mm) $680.8
Average TEV/Revenue 3.7x
Average TEV/EBITDA 20.3x
Average Day Prior Premium (%) 22%
Average Week Prior Premium (%) 22%
Average Month Prior Premium (%) 23%
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
Transaction Ranges
Greater than $1 billion 32
$500 - $999.9 mm 13
$100 - $499.9 mm 46
Less than $100 mm 201

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A L P S V E N T U R E P A R T N E R S 22
Systems Software - Transaction Multiples
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
For estimation of multiples we have excluded TEV/Revenue multiples below 0.1x and above 25.0x, and TEV/EBITDA multiple below 1.0x and above 100.0x
4.5x 3.5x
1.9x
4.5x 4.7x
3.6x
22.7x
14.7x
18.9x
28.7x
20.0x
16.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2016 2017 2018 2019 2020 2021 5 Year
Average TEV/Revenue 4.5x 3.5x 1.9x 4.5x 4.7x 3.6x 3.8x
Average TEV/EBITDA 22.7x 14.7x 18.9x 28.7x 20.0x 16.5x 21.0x
Average Deal Value $1,507.3 $124.2 $1,245.7 $2,156.3 $493.6 $187.5 $1,105.4

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A L P S V E N T U R E P A R T N E R S 23
Systems Software - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
United States 96 4.5x $1,739.6
South Korea 28 3.2x $16.8
China 26 3.2x $470.3
France 17 1.8x $144.4
Japan 17 1.5x $32.0
United Kingdom 15 3.8x $353.4
India 11 3.6x $7.2
Canada 10 2.2x $67.7
Finland 10 2.8x $51.9
Norway 8 0.7x $5.2
Israel 7 4.1x $140.7
*Source – Data based on transactions during Jan 01, 2010 to April 6, 2021 from CapitalIQ, AlpsVP Analysis
Region / Transactions Number Total Value Average Size
Asia Pacific 103 $14,433 $140.1
Europe/MENA/Africa 79 $16,567 $209.7
Americas 110 $167,790 $1,525.4

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A L P S V E N T U R E P A R T N E R S 24
Alps Venture Partners has established
a team of experts that have experience
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A L P S V E N T U R E P A R T N E R S 25
Corporate Finance Services
We provide clients with high quality
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26. page
A L P S V E N T U R E P A R T N E R S 26
Financial Reporting and Tax Compliance Services
IRC 409a
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A L P S V E N T U R E P A R T N E R S 27
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