Analysis of recent transactions in System Software Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

1. page A L P S V E N T U R E P A R T N E R S 1
This report is intended solely for the informational 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.
IT CONSULTING!
T R A N S A C T I O N M U LT I P L E S | H I S T O R I C A L T R E N D S | G E O G R A P H I C H E AT M A P

2. page A L P S V E N T U R E P A R T N E R S 2
Merger & Acquisition Summary – IT Consulting & Other Services
Valuation Summary
Total Deal Value ($mm) 71,212
Average Deal Value ($mm) 153
Average TEV/Revenue 1.9x
Average TEV/EBITDA 12.4x
Average Day Prior Premium (%) 10%
Average Week Prior Premium (%) 12%
Average Month Prior Premium (%) 19%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jan 1, 2013 – March 25, 2019
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Transaction Ranges
Greater than $1 billion 12
$500 - $999.9 mm 9
$100 - $499.9 mm 56
Less than $100 mm 387

3. page A L P S V E N T U R E P A R T N E R S 3
Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis
1.3x 1.8x 2.0x 2.2x 1.9x 2.1x
10.3x 10.1x
13.3x 12.7x
14.3x
19.9x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2014 2015 2016 2017 2018 2019
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2014 2015 2016 2017 2018 2019 5 Year
Average TEV/Revenue 1.3x 1.8x 2.0x 2.2x 1.9x 2.1x 1.9x
Average TEV/EBITDA 10.3x 10.1x 13.3x 12.7x 14.3x 19.9x 12.1x
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4. page A L P S V E N T U R E P A R T N E R S 4
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis
13
8
13 15
5
2
74
80
74
82
64
13
-
10
20
30
40
50
60
70
80
90
2014 2015 2016 2017 2018 2019
Number of Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2014 2015 2016 2017 2018 2019 5 Year
Average Deal Value $61.7 $168.2 $155.1 $138.8 $251.4 $211.9 $155.0
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5. page A L P S V E N T U R E P A R T N E R S 5
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 22.0% Americas – 56.8% Europe/MENA/Africa – 21.1%
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Region / Transactions Number Total Value Average Size
Asia Pacific 217 $15,691 $72
Europe/MENA/Africa 159 $15,061 $95
Americas 88 $40,460 $460

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Investment Focus
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Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
China 69 4.0x 88.5
United States 65 1.4x 610.5
United Kingdom 48 1.8x 37.3
India 35 1.4x 58.9
Japan 28 1.4x 67.0
South Korea 21 1.0x 28.2
France 18 1.1x 158.5
Hong Kong 17 2.2x 23.8
Australia 17 1.2x 60.0
Germany 13 0.8x 52.8
Sweden 12 1.0x 54.5
Italy 12 0.9x 92.6
Singapore 10 3.5x 338.0
Canada 10 1.1x 37.1
Spain 10 1.1x 53.1
Others 79 1.7x 102.4
*Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis

7. page A L P S V E N T U R E P A R T N E R S 7
Largest Transactions
Target Deal Value ($mm)
CSRA Inc. $9,951.1
Everett Spinco, Inc. $8,859.0
Rackspace Hosting, Inc. $4,948.2
iGATE Corporation $4,600.8
Accenture Holdings plc $3,821.8
Sapient Corp. $3,686.7
Dell $3,055.0
Aricent Inc. $2,000.0
ConvergeOne Holdings, Inc. $1,651.5
Groupe Steria SCA $1,330.6
*Source – CapitalIQ, AlpsVP Analysis
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8. page A L P S V E N T U R E P A R T N E R S 8
IND UST RY INSIG HT S

9. page A L P S V E N T U R E P A R T N E R S 9
Industry Outlook (1/4)
[1] Source: IT Consulting in US published by IBISWorld, Dec 2018
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IT Consulting in US1
The IT Consulting industry comprises companies that help businesses design and implement information technology
(IT) systems and infrastructure. Due to the low capital requirements of the industry, a modest number of operators are
small nonemployers or independent contractors. Over the five years to 2018, shifting technological trends toward cloud
computing and data analytics have caused larger operators to acquire smaller companies and develop new products to
stay relevant. For example, Accenture PLC purchased more than six major companies in 2017, including OCTO
Technology, a leading digital consulting firm. Likewise, International Business Machines Corp. (IBM) announced its
biggest anticipated acquisition in company history in October 2018 with the purchase of open software company Red
Hat Inc. for $33.0 billion, signaling the company’s rising interest in developing hybrid cloud systems.
25.6%
11.9%
11.3%
11.0%
8.7%
31.5%
Custom services IT infrastructure
Technical consulting Technical support
Computer systems development Others
Shifting technology trends have boosted demand for new
services and encouraged companies to replace older, more-
traditional technology. Additionally, strong corporate profit
growth during most of the current period and constantly rising
investment in computers and software have helped support the
industry’s growth. Overall, industry revenue is projected to
expand at an annualized rate of 2.7% to $426.0 billion over the
five years to 2018. This includes a projected 4.9% increase in
2018, supported by a strong anticipated 6.7% jump in
corporate profit over the same year. With rising revenue and
low barriers to entry, industry competition is also expected to
intensify as new players enter the market to provide emerging
technologies to customers. However, sustained demand will
still enable profit margins to reach a healthy 7.1% of annual
industry revenue in 2018.

10. page A L P S V E N T U R E P A R T N E R S 10
Industry Outlook (2/4)
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IT Consulting in US1
As the economy continues to strengthen, corporate profit will rise further and support increased investment in computers
and software. In particular, growth in demand from the finance and insurance sector, which represents the largest
market for industry operators, is anticipated to benefit the IT Consulting industry. Additionally, the continued shift to cloud
computing and rising use of data analytics will heighten security concerns for businesses, precipitating increased
demand for industry services. As a result of robust downstream demand, IBISWorld expects industry revenue to rise at
an annualized rate of 2.4% to $479.7 billion over the five years to 2023.
381.7 398.2 406.0 426.0 443.2 452.9 461.4 470.6 479.7
5.4%
4.3%
2.0%
4.9%
4.0%
2.2%
1.9% 2.0% 1.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
100
200
300
400
500
600
2015 2016 2017 2018 2019 2020 2021 2022 2023
ITConsultinginUSRevenue($B)
Market Size ($B) Growth (%age)
[1] Source: IT Consulting in US published by IBISWorld, Dec 2018

11. page A L P S V E N T U R E P A R T N E R S 11
Alps Venture Partners has established
a team of experts that have experience
in valuing businesses across diverse
industry sectors and all developmental
stages; ranging from clients with seed
funding to pre-IPO stage.
With the team having experience of
both valuations and audits, our detailed
and insightful valuation appraisal
reports, along with our responsive
support, help our clients easily pass
through any stringent audit review
process in a smooth, efficient and
time-bound manner.

12. page A L P S V E N T U R E P A R T N E R S 12
Corporate Finance Services
We provide clients with high quality
research, analytical and advisory
support for transactions. We offer a
range of services such as initial
opportunity assessment, market
analysis, financial modeling,
commercial and financial due
diligence, valuation, capital structure
planning, and deal structuring.
v Investment Opportunity
Assessment
v Target Identification
v Preparation of Pitch Books
v Buyer & Seller Services
v Fairness Opinions
v Financial Modeling
v Business and Financial Due
Diligence etc.
Transaction advisory Financial Modeling
Whether it is evaluating new
business ventures, proposed
transactions or financial and
operational strategies, a robust and
dynamic financial model is an
integral component to the decision-
making process.
Transaction Identification
We can help by global target
identification considering the
requirements with maximum
synergy.
The financial due diligence process
is a necessity to any transaction. Our
aim is to enable owners and
managers to make such investments
with confidence by supporting and
advising at every stage. We will help
reduce the risk – and stress – of
investing at home or in another
country.
Due Diligence
Custom Research
We provide clients with customized
research report, model, decks with
client specific requirements such as:
v Business plan development,
v Diagnostic review of operations
v Competitor benchmark analysis
v Intellectual Property
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13. page A L P S V E N T U R E P A R T N E R S 13
Financial Reporting and Tax Compliance Services
IRC 409a
We have experience of handling
more than 2000+ 409a valuations
across Industries. With the team
having experience of both valuations
and audits, our detailed and
insightful Section 409A appraisal
reports, along with our responsive
support, help our clients easily pass
through any stringent audit review
process in a smooth, efficient and
time-bound manner.
Fair Value Measurement
We help PE and VC clients to
comply with ASC 820 and IFRS 13
standard’s complex provisions and
avoid any audit issues in their
quarterly and annual reporting.
Relative TSR Programs
We value the awards with Relative
TSR metrics, using sophisticated
modeling techniques which allow
clients to quickly and accurately
value new grants.
Our business valuation experienced
team along with the team of veteran
Patent lawyers position us uniquely
to assist clients in completing annual
Goodwill and Investment
Impairment testing.
ASC 350 / IAS 38
ASC 718 (FAS 123R)/IFRS 2
Our experienced team at Alps
Venture Partners has performed
hundreds of stock options valuations
for ASC 718 for privately held
companies and publicly listed
companies across diverse industry
sectors and enterprise development
stages.
ASC 805 / IFRS 3
We have unmatched proficiency in
delivering Business Combinations
Accounting solutions to clients in
v a r i e d i n d u s t r i e s . O u r
comprehensive USPAP compliant
appraisal reports are auditable and
cost-effective, and help our clients
stay focused on the deal.
IRC 83 B Election
Alps Venture Partners has extensive
experience in assisting companies
seeking to comply with IRC 83 B
election. Failing to make a timely
83(b) election may lead to disastrous
tax consequences for a start-up
company founder or employee.
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14. page A L P S V E N T U R E P A R T N E R S 14
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