T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 0

CLOUD MANAGED SERVICES AND HOSTING SECTOR REVIEW | Q1 2020

Technology, Media & Telecom

Cloud Managed Services and Hosting| Q2 2020

• Application Software

• Cloud Managed Services and Hosting Solutions

• Compliance Solutions

• CRM and Marketing Automation

• Human Capital Management

• Infrastructure and Security Software

• IT and Tech-Enabled Services

• Marketing, Research, and Insights Software

• Architecture, Engineering, and Construction Software

• Education Technology and Services

• Energy Technology

• Facilities and Real Estate Software

• Financial Technology and Payments

• Government Technology

• Healthcare IT

• Industrial and Supply Chain Technology

• Internet and eCommerce

• Retail Technology

HW Cloud Managed Services and Hosting Solutions Introduction

SELECT CLOUD AND MANAGED SERVICES HOSTING

EXPERIENCE

1

HW TECHNOLOGY, MEDIA & TELECOM (“TMT”) GROUPHARRIS WILLIAMS (“HW”)

• 25+ years and more than 1,000 closed transactions

• 350+ professionals across eight office globally

• 170+ closed transactions in the last 24 months

• 10 industry groups

• 35+ dedicated TMT professionals

• TMT offices include Boston, San Francisco, and London

FOCUSED ADVISORY SERVICES

• Mergers and acquisitions (M&A)

• Capital raises

• Corporate divestitures

VERTICAL FOCUS SECTORSHORIZONTAL FOCUS SECTORS

KEY TMT THEMES

✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning

CONSISTENT RECOGNITION FOR QUALITY

Thierry MonjauzeManaging Director

tmonjauze@harriswilliams.com Office: +44 20 7518 8901

Anthony BasmajianDirector

abasmajian@harriswilliams.comOffice: +1 (804) 887-6030

HW CLOUD MANAGED SERVICES AND HOSTING SOLUTIONS TEAM

Sylvain NobletDirector

snoblet@harriswilliams.com Office: +44 20 7518 8917

OTHER TMT GROUP LEADERSHIP

Erik SzyndlarManaging Director

eszyndlar@harriswilliams.comOffice: +1 (415) 217-3418

Tyler DewingManaging Director

tdewing@harriswilliams.com Office: +1 (617) 654-2133

Mike WilkinsManaging Director

mwilkins@harriswilliams.com Office: +1 (415) 217-3411

Sam HendlerManaging Director

shendler@harriswilliams.comOffice: +1 (617) 654-2117

has been acquired by has made a significant investment in

has acquired has been acquired by

&

has been acquired by has been acquired by has been acquired by

Priyanka NaithaniDirector

pnaithani@harriswilliams.comOffice: +1 (617) 654-2115

HW Current Market Observations and Insights

LATEST HW MARKET INSIGHTS

For access to HW’s latest insight and perspective, email us at insights@harriswilliams.com or visit www.harriswilliams.com/news-insights

M&A Learnings from Past Economic Disruptions

COVID-19 and M&A: Insights from Asia

Recent Publications

For access to HW’s TMT content, email us at TMT_Insights@harriswilliams.com

Deep Sector Expertise Across Key TMT Focus Areas

• Architecture, Engineering and Construction

• Education Technology and Services

• Financial Technology and Payments

• Healthcare IT

• Industrial and Supply Chain Technology

• and more

2

Global Consumer Businesses Consider Emergence from COVID-19

Buyer Sentiment

• The desire to invest remains – buyers are actively seeking to deploy capital

• Private equity firms and strategic acquirers have focused on meeting near-term operational needs and assessing the medium- to long-term impact of COVID-19

• Despite economic uncertainty, financial sponsors have record levels of capital to deploy, and many are communicating that they are “open for business” while acknowledging high-quality deal flow will be limited

• Investors have expressed greater flexibility in investment interest including minority, growth equity and merger transactions as a way to put capital to work

Economic Outlook

• Volatility in the public markets will likely remain as investors, businesses and policymakers evaluate rapidly evolving COVID-19 developments

• Economists and industry analysts expect a meaningful decline in GDP in 2Q’20 and 3Q’20 while they debate the shape and timing of the recovery

Debt Markets

• In contrast to the first half of 1Q’20, debt markets have shifted to a risk-off mentality. Recent activity levels / discussions suggest lender support for M&A is starting to return

• Concerns over liquidity and funding availability contribute to uncertainty regarding the duration of the COVID-19 risk mitigation focus

M&A Valuations

• COVID-19 has pushed timelines for many transactions, but select deals are still closing successfully. Sectors benefitting from COVID (i.e., distance learning, eCommerce, etc.) have seen valuations hold at pre-COVID levels

• For new processes, sellers are deploying a “match making” strategy by engaging with a smaller universe of most likely buyers and communicating expectations (value and terms) early on in the process

CURRENT MARKET OBSERVATIONS

has been acquired byhas been acquired by

&

have been acquired byhas acquiredhas made a significant

investment in

Cloud Managed Services and Hosting Taxonomy

S E L E C T E D H W C L O U D M A N A G E D S E R V I C E S A N D H O S T I N G T R A N S A C T I O N S

SELECTED MARKET PARTICIPANTS SELECTED MARKET PARTICIPANTS SELECTED MARKET PARTICIPANTS

WEB HOSTING MANAGED SERVICES IT OUTSOURCING

Refers to a service in which a vendor offers the housing of business-to-business or business-to-

consumer eCommerce websites via vendor-owned shared or dedicated servers and applications for enterprises at the provider-controlled facilities

Refers to the use of external service providers to effectively deliver IT-enabled business process, application service and infrastructure solutions

for business outcomes

Refers to the delivery of network, application, system and e-management services across a network to

multiple enterprises, using a “pay as you go” pricing model

3

has been acquired by

Provider of SME-focused hosting and cloud solutions,

including domain and website hosting, email for

smaller customers, and managed servers and applications for larger

customers

Provider of managed technology services with

national scale in the US and the capability to design,

deploy and support technology solutions from

cable to cloud

Provider of web domains, shared web hosting and

value-added services with leading positions in Sweden and the Czech Republic, and presence in Central Europe

and the UK

Provider of services allowing SMEs to move

their IT infrastructure and operations into the cloud, as well as providing end

user support and consulting as part of a full-service IT

offering

Provider of mass hosting services for SMEs, including

web hosting, domains, eCommerce and

application solutions in the Benelux, Nordic countries

and Switzerland

Provider of a post-warranty alternative for storage, server

and networking hardware maintenance for IT data

centers

Registry business

MA

NA

GED

SE

RV

ICES

1.2x 13.8x 9.0x

Enterprise Value /

LTM Rev. LTM EBITDA 2020E EBITDA

Market Observations

*Group weighted average stock price performance over the past year based on market capitalizations** Based on BCE methodology, which counts each expansion within a building as a separate data center

Key Public Comparables Indexed stock price performance1 Market Observations2Transaction Spotlight

May 7, 2020 The global Cloud Managed Services (“CMS”) market is projected to reach $116bn by 2025, a 13.3% CAGR, primarily driven by businesses looking to avoid significant infrastructural capital

investments and shift into operational costs by adopting CMS

Enterprise Value /

LTM Rev. LTM EBITDA 2020E EBITDA

2.5x 11.2x 9.6x

Key Public Comparables Indexed stock price performance1 Market Observations3

GLO

BA

L IT

SE

RV

ICES

Transaction Spotlight

June 24, 2020 IT Services spending is expected to decline 7.7% to $950bn in 2020 as organizations prioritize spending on mission-critical

technology and services over those aimed at growth or transformation in light of COVID-19 and the effects of the

global recessionEnterprise Value /

LTM Rev. LTM EBITDA 2020E EBITDA

2.0x 10.5x 8.7x60

80

100

120

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

Key Public Comparables Indexed stock price performance1 Market Observations4

LOC

AL

IT S

ERV

ICES Transaction Spotlight

June 3, 2020 Across the Nordics, IT outsourcing is predicted to continue at a similar or higher pre-COVID-19 pace over the next two

years, with businesses citing more scalability being the key driver alongside cost optimization

Key Public Comparables Indexed stock price performance1 Market Observations6

DA

TA C

ENTE

RS

/ C

OLO

CA

TIO

N

Transaction Spotlight

June 1, 2020 The data center industry is set to see rising demand in the near-term as it supports the increasing digitalization to

online services for businesses, schools and not-for-profits brought on by the COVID-19 pandemic

Enterprise Value /

LTM Rev. LTM EBITDA 2020E EBITDA

11.3x 22.4x 20.8x

Key Public Comparables Indexed stock price performance1 Market Observations5

WEB

HO

STIN

G

Transaction Spotlight

April 7, 2020

Enterprise Value /

LTM Rev. LTM EBITDA 2020E EBITDA

3.3x 14.2x 15.4x

With physical retail stores having shut, consumer buying patterns have likely changed permanently as a result of

COVID-19, which will serve as a catalyst for growth in the web hosting services market as the pace of eCommerce

adoption dramatically increases

4

60

80

100

120

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

40

80

120

160

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

60

120

180

240

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

80

100

120

140

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

Portfolio of 25**

data centers from

In the NewsArq Group rebrands again, remaining business emerges as

Webcentral Group

In the NewsWipro names Thierry Delaporte as CEO

In the NewsBechtle expands cloud portfolio with Pickit

In the NewsWalmart partners with Shopify to expand its online marketplace

In the NewsEquinix and GIC enter into $1bn+ data center

joint venture in Japan

Acquired an additional 45% stake, bringing total

shareholding to 75%

Impact of COVID-19 on Cloud Managed Services and Hosting

The global COVID-19 pandemic represents a pivotal moment for Cloud Managed Services and Hosting as consumer, business and government behaviors change dramatically, with significant short- and long-term implications

*Group weighted average stock price performance for the year-to-date period ended June 30, 2020, based on market capitalizations

Y E A R - T O - D AT E P U B L I C E Q U I T Y P E R F O R M A N C E 1

S T R O N G E S T S U B - S E C T O R P E R F O R M E R S ( Y T D ) 1

Whilst managed services providers in select end-markets such ashospitality and travel have been materially impacted by the pandemic, thebroader Managed Services market has faired fairly well, with manycompanies accelerating ongoing cloud migration as workforces for bothsmall and large enterprises shift to working-from-home. In turn, this shift,which is expected to persist post-COVID-19, has driven significant demandfor remote-centric solutions, particularly security services

MANAGED SERVICES

IT Services are likely to continue to underperform other sub-sectors asbusinesses shift away from large new projects and focus on costoptimization in the current environment; however, a growing need forcloud-enabled solutions brought on by rapid digitalization in the currentenvironment poses a significant opportunity

IT SERVICES

Overall, the sub-sector has experienced strong performance driven byCOVID-19 related demand for services such as cloud platforms and videostreaming. Similar to managed services, data centers have benefitted fromcloud adoption with companies shifting away from on-premise solutions, atrend that has been greatly accelerated in the current environment

DATA CENTERS / COLOCATION

Web hosting providers have seen a significant increase in the volume ofcustomers and overall user base resulting from lockdown restrictions andits effects on bricks-and-mortars, which has positively impacted financialsand valuations in the near-term. The sub-sector is likely to be a structuralwinner post-COVID-19 as its impact has accelerated eCommerce adoptionand has likely shifted consumer buying patterns permanently, both ofwhich will serve as catalysts for growth

WEB HOSTING

1.4%

(2.2%)

10.7%

102.8%

9.6%

Managed

Services

Global

IT Services

Local

IT Services

Web

Hosting

Data Centers /

Colocation

S&P 500 Index

Managed Services 21.9%

Redcentric continues to see strong demand in light of COVID-19,with recurring revenue orders in Q1-FY21 marginally ahead ofQ1-FY20 and significantly ahead of the Board’s expectations

Global IT Services 2.1%

Atos has outperformed the broader sub-sector due to its largelyresilient revenue profile, of which two-thirds is based on multi-year contracts

Local IT Services 37.2%

Primarily exposed to the public sector, Netcompany is wellpositioned to benefit from government stimulus and accelerateddigitalization plans brought on by COVID-19

WebHosting 138.7%

Shopify has significantly outperformed the broader sector withdemand surging as businesses shift to eCommerce during thepandemic, a trend that is driving short- and long-term valuations

Data Centers / Colocation 20.3%

Equinix is well positioned to continue benefiting from severalsecular trends, principally accelerated cloud option, as a resultof its unique interconnection-focused data centers

5

(4.0%)

Atos’ acquisition of Paladion7

Netrics merges with Waterland-backed Tineo and nexellent7

• A portfolio of 25* data center facilities across 8 Canadian cities, adding 1.2 million gross square feet of data center space and400,000 square feet of colocation space to Platform Equinix

• The transaction will add more than 500 net new customers across various sectors and segments, including enterprise, cloud and IT, government and financial services

• The acquisition will transform Equinix into a data center and interconnection services market leader in Canada while also serving as a platform for future expansion

Select Cloud Managed Services and Hosting M&A Transactions

Loopia Group’s double acquisition of Hostingpalvelu and Domainhotelli7

• Hostingpalvelu and Domainhotelli are Finnish providers of SME-focused web hosting and domain services

• Combined, Hostingpalvelu and Domainhotelli have over 40,000 customers and will enable the Loopia Group to continue executing its growth strategy in the Nordics and Central Eastern Europe

• After the transaction, the Loopia Group will have 600,000 customers across Europe supported by a workforce of 300 employees

Announced April 10, 2020

Equinix’s acquisition of 25* data centers from BCE7Announced June 1, 2020

Team.Blue’s acquisition of Natro7

• Founded in 1999, Natro is a Turkish hosting provider

• The company primarily provides domain services, web hosting solutions and security solutions to over 120,000 customers acrossmultiple market segments

• The transaction will enable Team.Blue to expand its footprint to the fast-growing Turkish market as well as serve as a platform for consolidation in the region

Announced June 19, 2020

• Founded in 2002, Netrics is a Swiss IT services provider to SMEs and large enterprises operating across various verticals

• Netrics is particularly focused on digitalization using cloud solutions as well as modern workplace services

• The merger combines Netrics’ cloud expertise with Tineo and nexellent’s IT infrastructure solutions and colocation services, creating a group with a broad service offering and a nationwide geographic presence

Announced June 24, 2020

• Paladion is a US provider of managed security services with more than 800 employees and cybersecurity experts globally

• The company provides cloud-native managed detection and response (“MDR”) services to over 400 clients across 12 countries via a network of security delivery centers in the US, Middle East and India

• The acquisition builds on Atos’ broader strategy to expand its cybersecurity and cloud solutions by adding MDR capabilities to its portfolio and enhancing its Prescriptive Security Operations Center offering

Announced June 24, 2020

Local IT Services

Web Hosting

Managed Services

6

Web Hosting

Portfolio of 25* data centers from

Data Centers / Colocation

* Based on BCE methodology, which counts each expansion within a building as a separate data center

IT & Tech-Enabled Services – Trading Comparables

VALUATION1

As of June 30, 2020 ($ in millions)

M A N A G E D S E R V I C E S

iomart $544 $473 85.6% 8.0% 14.2% 4.6% 4.5% 37.1% 3.8x 3.6x 10.3x 9.6x

Redcentric $277 $227 92.5% 52.5% 51.1% 1.9% 5.2% 26.0% 2.5x 2.4x 9.6x 9.0x

Proact IT $204 $172 69.9% (25.1%) (14.5%) (0.1%) 7.5% 8.7% 0.6x 0.5x 6.4x 5.7x

Managed Services Median $277 $227 85.6% 8.0% 14.2% 1.9% 5.2% 26.0% 2.5x 2.4x 9.6x 9.0x

G L O B A L I T S E R V I C E SAccenture $134,139 $136,604 98.5% 16.2% 73.6% 3.4% 5.6% 17.8% 3.0x 2.8x 16.7x 16.2x

Tata Consultancy Services $99,866 $103,431 90.7% (6.5%) 76.3% 2.3% 7.4% 26.3% 4.8x 4.4x 18.2x 16.6x

Infosys $38,879 $41,318 86.9% (8.3%) 34.6% (1.0%) 6.1% 24.0% 3.1x 3.0x 13.0x 12.0x

Capgemini $21,245 $19,413 84.3% (6.8%) 12.7% 11.6% 8.5% 14.4% 1.2x 1.1x 8.3x 7.4x

HCL Technologies $19,542 $20,004 89.3% (4.6%) 12.0% 1.7% 6.1% 23.6% 2.0x 1.9x 8.5x 7.9x

CGI $19,054 $16,220 74.7% (15.0%) 29.1% 0.9% 3.8% 19.5% 2.1x 2.0x 10.9x 10.4x

Wipro $13,439 $16,554 77.0% (21.6%) 13.2% 0.5% 3.3% 19.2% 1.7x 1.6x 8.7x 8.3x

Atos $12,704 $9,304 92.0% 3.2% (38.2%) (2.5%) 1.0% 13.9% 1.0x 1.0x 7.2x 6.7x

Indra Sistemas $2,128 $1,388 61.5% (21.3%) (44.6%) (3.9%) 3.3% 9.7% 0.6x 0.6x 6.2x 5.3x

Global IT Services Median $19,542 $19,413 86.9% (6.8%) 13.2% 0.9% 5.6% 19.2% 2.0x 1.9x 8.7x 8.3x

L O C A L I T S E R V I C E SBechtle $7,713 $7,421 94.9% 55.4% 179.1% 6.1% 9.8% 6.0% 1.2x 1.1x 20.1x 18.3x

TietoEVRY $4,407 $3,236 77.5% (6.8%) (10.3%) 0.0% 2.6% 15.5% 1.4x 1.4x 9.1x 8.2x

Netcompany $3,352 $3,224 98.6% 64.5% NM 16.6% 19.5% 28.6% 7.8x 6.5x 27.1x 22.2x

Capita $2,739 $904 23.8% (58.2%) (93.6%) (8.8%) 3.9% 12.2% 0.7x 0.6x 5.4x 4.7x

Atea $1,265 $1,055 67.6% (20.2%) (17.3%) 8.1% 4.9% 3.5% 0.3x 0.3x 8.9x 7.0x

NNIT $516 $436 89.6% (7.3%) (40.9%) (6.6%) 1.2% 15.6% 1.2x 1.2x 7.7x 7.4x

Local IT Services Median $3,045 $2,139 83.6% (7.0%) (17.3%) 3.0% 4.4% 13.8% 1.2x 1.1x 9.0x 7.8x

Hosting and Managed Services Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth 2020E EBITDA Enterprise Value /

Company Value Capitalization Week High Performance Performance 2020E 2021P Margin '20E Rev. '21P Rev. '20E EBITDA '21P EBITDA

7

IT & Tech-Enabled Services – Trading Comparables

W E B H O S T I N GShopify $111,083 $113,303 99.0% 216.2% 992.3% 37.5% 35.4% 2.6% NM 37.8x NM NM

VeriSign $24,551 $23,897 93.3% (1.1%) 122.5% 2.1% 3.8% 71.0% 19.5x 18.8x 27.5x 25.9x

GoDaddy $13,952 $12,119 86.8% 4.5% 72.9% 8.9% 10.1% 25.0% 4.3x 3.9x 17.2x 14.5x

Wix.com $12,924 $13,202 99.7% 80.3% 268.1% 25.8% 24.1% 16.1% 13.5x 10.9x NM NM

United Internet $9,966 $7,946 98.2% 30.2% (21.7%) 2.1% 3.0% 23.9% 1.7x 1.6x 7.0x 6.8x

Endurance $2,228 $566 65.1% (16.0%) (51.7%) (2.4%) 1.7% 26.6% 2.1x 2.0x 7.7x 7.4x

Tucows $718 $606 85.1% (6.1%) 7.1% (2.6%) (2.6%) 14.2% 2.2x 2.2x 15.4x 15.8x

Web Hosting Median $12,924 $12,119 93.3% 4.5% 72.9% 2.1% 3.8% 23.9% 3.2x 3.9x 15.4x 14.5x

D A T A C E N T E R S / C O L O C A T I O NKDDI $85,561 $68,995 93.7% 17.9% 8.7% 1.4% 2.4% 33.1% 1.7x 1.7x 5.3x 5.2x

Equinix $74,072 $62,164 97.8% 39.3% 63.6% 8.3% 9.3% 47.5% 12.5x 11.4x 26.2x 23.6x

Digital Realty Trust $53,757 $38,130 89.7% 20.6% 25.8% 17.2% 12.1% 54.9% 14.3x 12.7x 25.9x 22.8x

CenturyLink $45,786 $11,008 65.6% (14.7%) (58.0%) (8.2%) (3.0%) 42.4% 2.2x 2.3x 5.2x 5.4x

CyrusOne $11,650 $8,381 91.2% 26.0% 30.5% 4.9% 10.7% 52.5% 11.3x 10.2x 21.6x 19.2x

CoreSite Realty $6,412 $4,589 94.2% 5.1% 16.9% 5.7% 8.3% 52.9% 10.6x 9.8x 20.0x 18.5x

QTS Realty Trust $6,275 $4,153 92.9% 38.8% 22.5% 10.9% 12.2% 52.8% 11.8x 10.5x 22.4x 19.7x

Switch $3,114 $1,838 91.1% 36.1% NM 12.1% 11.3% 49.6% 6.0x 5.4x 12.1x 10.8x

Data Centers / Colocation Median $28,718 $9,694 92.1% 23.3% 22.5% 7.0% 10.0% 51.1% 11.0x 10.0x 20.8x 18.8x

VALUATION1

As of June 30, 2020 ($ in millions)

Hosting and Managed Services Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth 2020E EBITDA Enterprise Value /

Company Value Capitalization Week High Performance Performance 2020E 2021P Margin '20E Rev. '21P Rev. '20E EBITDA '21P EBITDA

8

04/02/2020 Yes ler Accenture US-based provider of B2B marketing and bus iness support services , including digi ta l marketing, managed services and s trategic resourcing solutions

04/06/2020 IKOR Ufenau Capita l Germany-based technology consultancy and integration specia l i s t

04/07/2020 Neustar's regis try bus iness GoDaddy US-based regis try bus iness of Neustar

04/07/2020 alphaQuest Fami ly Trust Investor Germany-based IT services provider specia l i zing in data analytics , bus iness analytics and software engineering

04/07/2020 Acora Pa latine Private EquityUK-based managed IT services provider offering a range of IT support and cloud solutions to help mid-market organizations modernize their infrastructure and

operate in the digi ta l economy

04/07/2020 Vantage Data Centers Next Generation Data UK-based Tier I I I data center faci l i ty offering customers low latency between Wales and London

04/07/2020 Revolutionary Securi ty AccentureUS-based provider of enterprise cybersecuri ty for IT and operational technology environments with a service offering that includes the des igning and bui lding

of securi ty programs and functions

04/10/2020 Suomen Hostingpalvelu Loopia Group Finland-based hosting services provider

04/10/2020 Domainhotel l i Loopia Group Finland-based hosting services provider

04/10/2020 GleSYS Stockholm Internet eXchange Sweden-based technology company

04/20/2020 Gekko Accenture France-based Amazon Web Services (AWS) cloud services company

04/22/2020 Miner & Kasch Atos US-based arti ficia l intel l igence and data science consulting fi rm

04/30/2020 NIKE Group Accenture Ita ly-based consulting fi rm that provides regulatory technology services and solutions to financia l services fi rms

05/05/2020 Cal l i s to Integration AccentureUS-based provider of consulting and digi ta l manufacturing services , including des ign and implementation of manufacturing execution systems, IoT systems

and shop-floor control systems

05/05/2020 Finavis ta Cegeka Netherlands-based IT consulting fi rm with operations in the field of data migration, data governance, data qual i ty and data analys is

05/06/2020 Kates Kes ler Accenture US-based organizational des ign consultancy focused on helping companies des ign and activate new organizational s tructures

05/07/2020UKFast

(incremental 45% stake)Inflexion UK-based cloud hosting provider

05/13/2020 Project Informatica HIG Capita l Ita ly-based provider of IT securi ty, system integration and cloud computing services for private and publ ic companies

05/18/2020 Byte Prophecy Accenture India-based automated ins ights and big data analytics company

05/19/2020 PLM Systems Accenture Ita ly-based boutique systems integrator, specia l i zed in des igning and bui lding information systems for product l i fecycle management

05/27/2020 Weiss IT Solutions BayBG Germany-based provider of IT services to more than 85,000 users at over 30 locations in Germany

05/29/2020Cisco’s Sel f-Optimizing Network

technologyHCL Technologies

US-based Cisco Systems’ Sel f-Optimizing Network technology, a powerful platform us ing machine learning and a set of appl ications to automate the Radio

Access Network

06/01/2020 25 BCE data centers Equinix 25 Canada-based data centers at 13 s i tes

06/02/2020Internap's Houston data center

faci l i tiesNetra l i ty Properties US-based data center faci l i ty

06/02/2020 SIAB KPMG Austria-based IT consulting services provider, specia l i zed in SAP consulting services

06/03/2020 Suomen Konehuone NetNordic Finland-based IT company focused on modern hyperconverged solutions for data centers and associated profess ional services

06/05/2020 Privo Navis i te US-based consulting partner in the Amazon Web Series Partner Network

06/10/2020 Infradax BB Capita l Netherlands-based IT service provider

IT & Tech-Enabled Services – Transaction Activity

SELECT RECENT M&A TRANSACTIONS7

9

Announced date Target / Issuer Buyer Description

IT & Tech-Enabled Services – Transaction Activity

SELECT RECENT M&A TRANSACTIONS7

10

06/11/2020 CloudKnox Securi ty Wipro US-based cloud securi ty platform

06/15/2020 DataCenter Frys lân Penta Infra Netherlands-based operator of two high qual i ty and wel l connected data center faci l i ties in the Fries land region

06/15/2020 Sentel is Accenture France-based independent data consulting and engineering company, focused on industria l i zing AI and big data technologies

06/17/2020 Productora de Software Perficient Colombia-based provider of custom appl ication and software development services specia l i zing in the development and deployment of agi le software

06/19/2020 Natro team.blue Turkey-based hosting provider with a product range that includes domain names, web hosting solutions , emai l , vi rtual servers and various securi ty solutions

06/22/2020 Technogroup Evernex Germany-based hardware maintenance fi rm providing data center maintenance and va lue-add services for data centers

06/23/2020 Stel la Telecom Celeste Bulgaria-based suppl ier of global telecom solutions , internet, fibre, VPN, securi ty, fixed and mobi le telephony and cloud services

06/24/2020 Paladion Atos US-based provider of Managed Securi ty Services

06/24/2020 Al ia Consulting Atos France-based IT consulting company specia l i zed in SAP appl ications for the uti l i ties sector and S/4HANA transformation

06/24/2020 netrics Tineo and Nexel lent Switzerland-based cloud pioneer and managed services provider

06/25/2020 matrix technology Ufenau Capita l Partners Germany-based IT services provider, specia l i zed in IT services and IT consulting as wel l as IT outsourcing operations

06/26/2020 Felton Cloud Securi ty Group Netherlands-based IT managed services provider

06/30/2020Chris tiaens

(50% stake)Sofindev

Belgium-based ful l service IT services provider, focused on implementing ERP software from Microsoft Dynamics 365 Bus iness Centra l and related software

solutions

Announced date Target / Issuer Buyer Description

Shared HostingColocation / DedicatedData Centers

Managed Services

Managed Hosting Managed Applications

Diversified Comms.

Cloud Consultancies and VARs

IT Outsourcing / Diversified System Integration

Domain Registrars

IT & Tech-Enabled Services – Representative LandscapeRepresentative IT & Tech-Enabled Services providers

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Harris Williams Capabilities and Locations

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Harris Williams has a broad range of industry expertise, which create powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

Healthcare & Life Sciences

Energy, Power & Infrastructure

IndustrialsAerospace, Defense & Government Services

Building Products & Materials

Business Services

Consumer Specialty Distribution

Technology, Media & Telecom

Transportation & Logistics

HARRIS WILLIAMS OFFICE LOCATIONS

U N I T E D S T A T E S E U R O P E

BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 202-207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

Sources and Disclosures

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The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

1. CapIQ; market data as of June 30, 2020.

2. Businesswire.

3. Gartner.

4. Whitelane Research.

5. RBC Capital Markets.

6. Data Center Frontier.

7. Mergermarket.

Disclosures

Sources