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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
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.

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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
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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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
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
varied industries. Our
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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A L P S V E N T U R E P A R T N E R S 27
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