基础设施软件行业报告——2024年3月

March2024 ATLANTAAUSTINLOS ANGELESMINNEAPOLISNASHVILLESEATTLENEW YORK Disclaimer This presentation is being furnished by Cascadia Capital, LLC (“Cascadia”) to the recipient and is intended as an outline ofmatters for informational and discussion purposes only. Theinformation contained in this presentation, including any market data and industry information, has been derived entirely from material supplied by public sources, which Cascadia believesto be accurate; however, no independent verification of such material has been made and any estimates made by Cascadia basedonmaterial from such sources are by their natureinherently inexact. Accordingly, Cascadia does not make any representation or warranty, nor is any such representation or warranty implied, as to the accuracy or completeness of theinformation contained herein, and Cascadia is not responsible for any misstatements or omissions in this presentation. Cascadiahas no obligation to update the information containedherein. This presentation may include certain statements, estimates and projections with respect to a company, or industry, includingcertain forward-looking statements. Any such statements,estimates and projections reflect various assumptions, which may or may not prove to be accurate or correct, concerning anticipated results and are subject to significant business,economic and competitive uncertainties and contingencies, all of which are beyond the control of Cascadia. Accordingly, therecan be no assurance that such statements, estimates andprojections will be realized. Such statements, estimates and projections are likely to vary from actual results and those variations may be material. No such statements, estimates orprojections constitute a guarantee, promise, forecast or prediction of the future and Cascadia does not represent or warrantthat any estimates or projections will be achieved. Cascadianeither: (i) accepts responsibility for or makes representations as to the accuracy or completeness of any forward-looking statements, estimates or projections contained in thispresentation, nor (ii) undertakes any obligation to update or revise any forward-looking statements, estimates or projections for any reason after the date of this presentation. All financialdata in this presentation is provided for informational and discussion purposes only. Past performance is not necessarily indicative, or a guarantee, of future results. There can be no assurance that any Cascadia project will achieve comparable results as those presentedherein. The information contained in this presentation is strictly confidential and may not be reproduced, distributed, disclosed ordisseminated, in whole or in part, to any third party without theprior written consent of Cascadia. Cascadia Infrastructure Software Team Table of Contents Nick MeyersVice Presidentnmeyers@cascadiacapital.com Matt Riendeau Rasik Parikh Seamus Cleary Managing Directormriendeau@cascadiacapital.com Associaterparikh@cascadiacapital.com Analystscleary@cascadiacapital.com Industry Insights &Landscape Overview1 Cascadia Overview Selected Engagements •Founded in 1999, Cascadia is an independentadvisory only investment bank, partnering withclients across the nation to deliver transactionadvisory services globally. We have completed over495 transactions globally and have seven officelocations•Cascadia leverages our bankers’ deep sub-verticalindustry expertise to deliver a more specializeddegree of knowledge, positioning and process,resulting in a premium valuation and highly efficientprocess•Cascadia focuses on optimizing outcomes, not justgetting deals done. Often this includes advice to goto market later when the combination of companyand market elements are more ideal. We prideourselves on giving advice focused solely on thebest interest of our clients Public Market, M&A,& Financings Update Cascadia Firm Overview Executive Summary After a lackluster 2023 in which only pockets of private markets performed well, both macroeconomic and leading marketindicators point to a broad-based private markets rebound in 2024 •Stabilizing inflation near 3%1combined with anend to the interest rate hiking cycleand anexpectationof near-term cuts2is driving macroeconomic improvements•CEO confidence rosesignificantly over 2023,more than 50% expect business conditions to improveover the next 12-monthsas of 1Q243•After a year of large scale Identity Access Management consolidationin which6% of market share wasacquiredin 20224, theindustry experienced a flurry of small and mid cap M&A in 2023•Monitoring & Observability experienceda similar trend oflarge scale consolidation in 2023 with 19.5%of market share acquired5, likelysignalinghigher industry small and mid cap M&A volume in 2024•Software valuations recovered broadly in 2023, with the median publicinfrastructure softwarecompanymultipleincreasing from less than 7x in early 2023 to more than 10xEV/LTM revenue6•Markets continued to place premiu