#10 J.P.Morgan 0 AP O 0 gosti то 0 0 Exhibit C.III inovalon Discussion materials May 2021#2The JPMorgan Team dedicated to Inovalon Madhu Namburi Head of Global Technology Investment Banking Greg Chamberlain Head of Technology Equity Capital Markets J.P.Morgan Banking Coverage Stas Byhovsky Managing Director Scott Glowinski Managing Director Equity Capital Markets Alejandra Fernandez Executive Director Drago Rajkovic Vice Chairman of Mergers & Acquisitions Bianca Buck Vice President Mergers & Acquisitions Eric Rabinowitz Managing Director Equity-Linked Capital Markets Santosh Sreenivasan Managing Director Kyu Ha Lim Executive Director - Leveraged Finance Bradford Garvey Managing Director#3JPMorgan has led more software equity deals than any other bank 90 Software equity deals since 2016 $43bn Proceeds raised 67% Market share Software equity since 2016 (160 deals) 90 J.P.Morgan J.P.Morgan Source: Dealogic; excludes bought deals, REITS, and deals <$50mm 75 44 JPM+GS Goldman Sachs 69 41 JPM+MS Morgan Stanley Lead-Left zoom twilio Z zoominfo DiscoverOrg Duck Creek Technologies SurveyMonkey AAXON everbridge Akamai VARONIS tenable Kingsoft Cloud fiverr PELOTON alteryx Altair#4JPMorgan is the leading M&A advisor to technology companies 2019-21 Global Tech M&A deals Rank 1 2 3 4 5 Rank 1 2 3 4 Advisor 5 JPMorgan Goldman Sachs Morgan Stanley BofA Securities Citi 2021 YTD Global Tech M&A deals Advisor JPMorgan Goldman Sachs Morgan Stanley BofA Securities Volume ($mm) 559,017 Jefferies 600,108 471,103 393,885 189,486 Volume (Smm) 143,223 111,968 52.2849 28,717 25,511 No. of deals 168 163 121 101 66 No. of deals 40 35 17 16 13 Select marquee JPMorgan technology advisory transactions April 2021 $52,000,000,000 (DELL) December 2021 $9,500,000,000 Spin-off of its 81% stake in vmware August 2020 $11,000,000,000 Ellie Mae Has been acquired from THOMABRAVO ice December 2019 $16,000,000,000 IAC Has spun off matchgroup May 2019 $25,700,000,000 globalpayments Has merged with TSYS IBM October 2018 $34,000,000,000 Acquired redut October 2020 Spun off Managed Infrastructure Services Unit July 2020 $21,400,000,000 CO integrated. Has merged with ANALOG DEVICES August 2019 $10,700,000,000 Source: Dealogic. JPMorgan Note: Data as of 4/15/2021; rank eligible deals greater than equal to $100mm with any (target, acquiror, divestor) J.P.Morgan BROADCOM Has acquired ✔Symantec October 2020 $9,900,000,000 回 MARVELL Has acquired Inphi ..REALPAGE Has been acquired by THOMABRAVO December 2020 $7,200,000,000 INCRAMI Has been acquired by Puth Equity July 2020 $4,400,000,000 POSTMATES Has been acquired by Uber November 2019 $5,400,000,000 APOLLO Has acquired D Tech Data March 2021 $7,000,000,000 IIVI Has acquired COHERENT. December 2020 $1,150,000,000 VENAFI Has been acquired by THOMABRAVO May 2020 Undisclosed CISCO Has acquired Thousand Eyes October 2019 $3,900,000,000 SOPHOS Has been acquired by THOMABRAVO February 2021 $2,100,000,000 ZA Has acquired December 2020 $1,000,000,000 Kustomer Has been acquired by facebook. December 2019 $1,028,000,000 Has acquired SH-Pe August 2019 $4,800,000,000 vmware Has acquired Pivotal Carbon Black. February 2021 $5,340,000,000 dialog Has been acquired by RENESAS November 2020 $1,600,000,000 planview. Has been acquired by TPG December 2019 $4,400,000,000 LogMein Has been acquired by BE LIOTT ГР June 2019 €9,000,000,000 infineon Has acquired CYPRESS January 2021 $2,250,000,000 CITRIX Has acquired wrike July 2020 $925,000,000 Hewlett Packard Enterprise Has acquired A silver peak December 2019 $1,950,000,000 INSTRUCTURE Has been acquired by THOMABRAVO March 2019 $7,300,000,000 Has been acquired by#5#1 software M&A franchise generating the highest premium in sell-sides Global software advisory volume 2018 - 2020¹ ($bn) $277 $223 Goldman Sachs $221 Average tech sell-side premiums since 2013² 35% 41% 1-month 1-day J.P. Morgan 35% 1-day J.P. Morgan Morgan Stanley Source: JPMorgan, Dealogic (M&A Analytics); Note: Premium calculated based on offer price at announcement compared to the 1-day and 1-month unaffected pre-announcement trading price ¹Rank eligible deals greater than equal to $100mm with any (target, acquiror, divestor). Includes technology sell-side transactions with deal value greater than $500mm involving a U.S. public target J.P.Morgan 37% 1-month Goldman Sachs 31% 38% 1-day Morgan Stanley 1-month#6JPMorgan has the leading Healthcare practice Recent JPMorgan Healthcare Technology Advisory Deals January 2021 $1.4bn October 2020 talk space Financial advisor to Talkspace on $1.4bn merger with Hudson Executive Investment Corp May 2020 $1.1bn AGFA fo Sole advisor to Agfa on the sale of its HCIT business to Dedalus January 2020 March 2019 $1.1bn InTouch Health Sole advisor to InTouch on sale to Teladoc $1.4bn Advisor on sale of TRANZACT to Willis Towers Watson $1.4bn June 2020 +CarePort Financial advisor to Allscripts on its sale of CarePort Health March 2020 $5.0bn DXC.technology Sole advisor to DXC on the sale of its Medicaid technology business to Veritas September 2019 Citius Tech $1.0bn July 2019 Sole advisor to Citius Tech on its sale to Baring Private Equity Asia December 2018 Undisclosed Netsmart Advisor on sale of Allscripts stake to Gl Partners and TA Associates August 2018 Undisclosed Good Advisor to GoodRx on recapitalization by Silver Lake and Francisco Partners verscend Advisor and Lead Left Bookrunner on acquisition financing to acquire Cotiviti February 2020 $1.8bn $4.9bn gainwell Financial advisor and Lead Left Bookrunner on Gainwell's acquisition financing of HMS $2.7bn WAYSTAR Advisor to Waystar on its sale of a majority equity stake to EQT and CPPIB November 2018 Source: Dealogic Notes: Target industry is Healthcare; 2014-present: tombstones are mentioned as of completion year J.P. Morgan $5.7bn athenahealth Lead Left Bookrunner on Veritas acquisition financing of Athena Health 2014-2020 healthcare M&A advisory rankings Volume (sbn) $1,190 Rank 2 3 4 5 6 7 8 9 10 Advisor JPMorgan Goldman Sachs Morgan Stanley Citi Barclays BofA Securities Lazard Centerview Partners Jefferies Rothschild $1,252 $1,000 $533 $364 $327 $363 $468 $80 $67 Number of deals 293 204 136 111 110 75 72 68 67 58 40%+ more: than nearest competitor#7Situation overview inovalon#8Inovalon 3.0 — dramatic progress to-date Company view Established the company as the industry-leading technology platform in healthcare Significantly strengthened technology platform and go-to-market capabilities 3 Reached leading client presence across all healthcare verticals 1 2 4 Dramatically improved financial model dynamics to be consistent with leading software companies 5 Executed several strategic acquisitions and delivered strong return on invested capital 6 Delevered balance sheet 7 Rebuilt strong dialogue with investors J.P.Morgan 1 Market view Market perception of Inovalon story has dramatically improved over the last year 2 Increasing recognition of Inovalon as the premier technology platform in health care 3 Increasing belief in long-term growth potential Valuation trajectory has improved and continues to trend up 5 Increasing participation of software investors in shareholder base 7#9Since introducing Inovalon 2.0, the stock has outperformed the broader markets and is currently trading close to an all-time high Stock price performance since launch of Inovalon 2.0 300% 250% S&P 500 200% 150% 100% INOV 50% 0% کھا کہ اس سمت میں مجھے ان سے بهانه Dec-18 M 6M 22.0% 54.4% Mar-19 19 ابال 13.4% 27.2% 43.3% 43.1% 58.9% Nov-19 Since INOV 2.0'' 1 year 2 year 62.6% 117.7% 136.3% J.P.Morgan Source: FactSet as of 04/29/21; Equity research As of 12/12/18 investor day Feb-20 Jun 20 FV / 1-year forward EBITDA multiple evolution Sep-20 Jan 21 Apr-21 25.0x 2008 - 15.0x 10.0x High: 21.4x Low: 12.4x Dec-18 Apr-19 Jul-19 Nov-19 Feb-20 Jun-20 Sep-20 Jan-21 Apr-21#10Inovalon, positioned as a technology story, has further upside potential Healthcare technology / DaaS Large Cap Software inovalon $5.6 Veeva $44.4 Zzoominfo $21.4 GoodPx $16.8 DASSAULT SYSTEMES Firm value Revenue Growth ($bn) 2022E workday salesforce A Adobe $65.8 $64.8 $239.1 $249.9 11% 15% 18% 9% 27% 18% 19% 14% Gross margin 2022E 67% 72-75% 53% 69% 68% 63% 65% 63% 78% EBITDA Margin 2022E 37% 40% 34% 47% 36% 23% 25% 49% FV / Revenue 2022E 6.6x 18.1x 16.2x 25.7x 10.4x Median: 17.2x 11.0x 7.4x 14.1x Median: 11.0x FV / EBITDA 2022E 18.0x 22.6x² 44.9x 47.8x 54.9x 28.6x Median: 46.4x 47.4x 29.4x 28.7x Median: 29.4x FV / uFCF 2022E 27.9x³ 56.3x 61.7x 61.7x 47.8x Median: 59.0x 52.5× 39.9x 34.1x Median: 39.9x FV/Target UFCF* 2022E N/A 53.0x Target J.P. Morgan Source: Company Filings, Factset as of 04/29/21; Note: Sorted by 2022E FV/EBITDA; 'Pro forma for Slack acquisition; Burdened by $64mm in estimated capitalized software development costs: Inovalon 2022E uFCF calculated using 2021E UFCF target margin of 24% applied to 2022E revenue: Calculated by applying target UFCF margin to 2022E revenue 57.2x 46.2x 41.7x Median: 49.6x 36.7x 21.3x 31.4x Median: 31.4x#11Strong capital markets backdrop Strong equity issuance in 2020 with 2021 YTD off to a strong start ($bn) $382 Jan-20 $215 $167 2020 S&P 500 Nasdaq S&P 500 Technology Equity markets are at all time highs 60% 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) (40%) Apr-20 J.P.Morgan Source: Dealogic, Factset as of 04/29/21 $229 $79 $150 2021 YTD Jul-20 позната Oct-20 $32 Q1'20 Jan-21 $21 $11 57.0% 56.2% 30.4% Apr-21 IPOS = Follow-ons $129 $104 Q2'20 12% Debt rates are at their multi-year lows 9%- 6% $25 3% - $107 $43 $64 Q3'20 10-year average: 5.09% $114 $47 $29.5 Q4'20 -BB Yield $212 $74 $138 Q1'21 JPMorgan HY index yields 3.59% 0% Apr-11 Feb-12 Dec-12 Oct-13 Aug-14 May-15 Mar-16 Jan-17 Nov-17 Sep-18 Jul-19 May-20 Feb-21 10#12Recent equity issuance Recent marketed follow-ons (deal size > $500mm) JPMorgan led deals Issuer name Pricing date 03/18/21 03/02/21 52/18/21 02/18/21 02/11/21 02/09/21 02/05/21 02/04/21 01/13/21 61/12/21 12/10/20 12/09/20 12/03/20 12/01/20 11/18/20 04/20/21 04/07/21 03/17/21 03/01/21 52/10/21 02/04/21 02/02/21 01/27/21 11/30/20 10/27/20 04/20/21 04/07/21 03/17/21 03/01/21 02/10/21 Skillz Cardlytics Twilio Chegg Varonis Systems Lightspeed POS Allegro Microsystems Opendoor Lemonade Zoom Video Sea Fiserv Shine Payments Zoominfo Technologies Pinduoduo Mean Modian Zai Lab Maravai LifeSciences Sotera Syneos Health Oak Street Health Veracyte Argenx CureVac Elanco Animal Health Mirati Therapeutics Zai Lab Maraval LifeSciences Sotera Syneos Health Oak Street Health Mean Median J.P.Morgan Source: Dealogic, Factset as of 4/29/21 Size (Smm) Technology $768 501 1.833 476 518 676 586 771 796 2.000 2000 2,960 2.254 511 647 4,126 $1,295 $768 Healthcare $857 563 675 525 690 633 1,068 518 1,896 1,002 857 563 675 525 601 $803 $675 Mkt cap (5mm) $10,347 4,249 H 64 118 14,548 6.832 9,357 5.997 16,318 10.578 104 127 71,423 76,819 1.677 3,319 151,819 $36,769 $10,578 $14,133 3,137 7,848 8.068 13.833 5.168 16,535 17,661 14,436 10.275 14,133 3,137 7,848 8,068 13.833 $11,574 $12,054 % of mkt cap 8% 7% 10% 5% 3% 30% 19% 3% 8% 7% 6% 18% 9% 6% 3% 13% 10% 6% 18% 9% 7% 9% 8% % sec 47% 100% 100% 100% 100% 34% 0% 100% 100% 100% 100% 100% 8% 100% 100% 100% 100% 62% 100% Price performance (%) File/offer (22%) (8%) (9%) (3%) (3%) (5%) (10%) (5%) (10%) (8%) (12%) (7%) (5%) (9%) (10%) (5%) (3%) (3%) 3% (9%) (10%) (5%) (3%) Offer / Current 11 I (25%) 7% (12% (10%) (72%) (0%) (16%) (23%) (44%) 16%! 32% 9% 76% 16% 10% (6%) 12% 22% (5%) 11% (34%) (9%) 28% 6% (19%) 12% 22% (5%) 11% 10% 5% 11%#13Recent transaction activity in Healthcare Technology Microsoft Transaction date: April 2021 Transaction size: $17.3 billion Transaction multiple: 12.2x Revenue / 44.8x EBITDA Percentage premium: 23% DASSAULT SYSTEMES NUANCE UNITEDHEALTH GROUP OPTUM Transaction date: June 2019 Transaction size: $5.8 billion Transaction multiple: 7.8x Revenue/31.2x EBITDA Percentage premium: 21% medidata Note: Based on 1-yr fwd multiples J.P.Morgan CHANGE HEALTHCARE Transaction date: January 2021 Transaction size: $13.1 billion Transaction multiple: 4.3x Revenue / 14.7x EBITDA Percentage premium: 41% Strategic rationale Accelerates Microsoft's healthcare industry cloud strategy Builds upon the commercial partnership established between the companies in October 2019 to accelerate delivery of ambient intelligence technologies in the doctor's office Doubles Microsoft's healthcare provider TAM, bringing the company's total healthcare TAM to nearly $500 billion Creates a true integrated, end-to-end business platform for the life sciences industry Combines Medidata's leading position in clinical trials and commercialization solutions with Dassault's life sciences solutions on the 3DEXPERIENCE collaborative platform Facilitates new therapeutic innovations by leveraging combined company's knowledge and know-how Complementary capabilities help customers more effectively connect and simplify core clinical, administrative and payment processes Enhances clinicians' ability to make the most informed and clinically advanced patient care decisions, more quickly and easily Accelerates healthcare industry's movement to a more modern, real-time and transparent payment system for payers, providers and consumers 12#14What should Inovalon do next? Continue on standalone path ■ Capitalize on scarcity of healthcare technology platforms, performance momentum and high historical valuation ■ Organic growth Aggressive M&A strategy ■ Next Steps Raise offensive capital J.P.Morgan Combine with larger platform Leverage combined strengths to solidify leading position in healthcare technology ■Capitalize on scarcity of healthcare technology platform and high market valuation Next steps Consider strategic dialogue with potential buyers 13#15inovalon Raise offensive capital - discussion#16Capital structure is in line with growth SaaS technology players Summary observations Strong balance sheet Estimated capitalization As of 12/31/2020 Cash and cash equivalents $100mm Revolving Credit Facility Secured debt Total debt Net debt 03/31/21 LTM Adj. EBITDA J.P. Morgan Source: Company filings Amount ($mm) $129 $886 $915 $786 $242 ✓ Leverage down to 3.2x from ~5.5x at time of Ability acquisition XEBITDA 3.7x 3.8x 3.2x Loan trading levels ($) $102.00 $101.00 $100.00 $99.00 $98.00 $97.00 $96.00 $95.00 Apr-20 Jun-20 Aug-20 Debt matures in 2025 and trades close to par Oct-20 Dec-20 Feb-21 $99.25 Yield: 3.12% Apr-21 15#17Raise offensive capital - capital markets alternatives Discussion Considerations Illustrative terms J.P.Morgan Common stock Opportunity for Management to fully market the story and attract software growth investors Increase daily liquidity and technicals Great track record of deploying capital - both organically and for acquisitions ■ Significant embedded upside for investors Preserves balance sheet flexibility for future financing needs 1-2 weeks of preparation; target offering post earnings NDR and analyst day Dilution Size: $400-$700mm Discount: mid-single digits Convert Low cost debt financing for issuers Equity sold at a premium if converted Net-share settlement feature can significantly reduce dilution 1-2 week execution timeline Debt on balance sheet → refinancing obligation at maturity if not converted May add friction costs in change of control situation Size: $500mm Coupon: 0.25% - 0.75% Premium/share price: 30.0% - 35.0% / $39.75 Call spread: 2.00% coupon / 100% conversion premium @ $60.00 Debt Cheapest form of capital Strong track record as existing issuer ■ Receptive debt markets Software investors typically see leverage at up to 3.0-3.5x May be best option for an identified acquisition L+325-350 with O floor at 99-99.50 at 5.0x gross leverage 16#18Roadmap for a successful equity offering for Inovalon 1 J.P. Morgan Attract new growth tech-oriented investors Only 4 out of Inovalon's top 20 shareholders are top holders of technology SaaS peers Improve liquidity and trading technicals to facilitate building positions ■ADTV is only $16mm, 0.4% of market cap and 0.7% of float Use proceeds to accelerate growth plan Every acquisition significantly outperformed expectations and delivered strong return on invested capital Highlight significant upside on a relative valuation basis Trades at a discount to SaaS peers 17#19Majority of Inovalon's investors have been increasing positions 2Q 20 (207) (49) (1,562) 178 (57) Change in position - shares (000's) 1Q 20 4Q 19 (791) (1,827) (300) (139) (1,884) (765) 48 633 Investor Black Creek IM Neuberger Berman IA Fidelity Bernzott Capital Advisors Pura Vida Investments Tikvah Mgmt Redwood Investments Invesco CM Arrowstreet Capital Eaton Vance Mgmt Teachers Advisors Goldman Sachs AM Charles Schwab IM Samjo Capital BlackRock Advisors Dimensional Fund Advisors Point72 AM TIAA-CREF IM Millennium Mgmt Spence AM Top 20 active investors Style Growth Growth Growth Growth Hedge Fund Hedge Fund Growth GARP GARP GARP GARP GARP GARP Hedge Fund Growth Value Hedge Fund GARP Hedge Fund Growth 4Q 20 Rank % O/S Position 5.0% 3,843 3.3% 2,521 2.8% 2,144 2.2% 1,708 1.9% 1.6% 1 2 3 4 5 1,429 6 1,245 7 1.2% 950 8 1.1% 871 9 1.1% 851 684-> 10 11 0.9% 0.8% 636 12 0.8% 602-> 13 0.7% 559 14 0.6% 460 15 0.6% 430 0.6% 426 16 17 18 0.5% 424- 0.5% 422 20 0.5% 389 21 376 0.5% 27.2% 20,976 4Q 20 906 283 (1,486) (353) 297 1 236 (35) (18) 43 8 460 2 7 424 18 149 (1) 1,113 3Q 20 (1,548) (310) 947 440 85 (50) (62) (182) (2) 96 (41) 3 8 999 68 83 211. 78 9 14 104 40 377 (150) (211) 27 139 (29) 396 (609) 577 171 0 (47) 52 (2) 89 60 (92) (2,306) (867) 871 272 (15) 27 163 22 15 152 (1,562) J.P.Morgan Source: CFIT, FactSet as of 12/31/20 filings, Active investors excludes Broker/Dealers and index investors; Note: Shading represents increase in shares in 2020 compared to end of 2019 3Q 19 (1,329) (382) 411 11 75 919 25 159 55 18 103 29 (3) (445) 165 2Q 19 (10) 36 357 1,414 (18) 7 60 15 46 131 (738) 53 (172) 1Q 19 (475) (281) (577) 290 (57) 18 (9) 14 6 (290) (7) 617 1,354 (1,369) 4Q 18 Position % 0/S Rank 9,123 12.7% 1 3,665 5.1% 3 6,702 9.3% 2 0.0% 0.0% 2.2% 0.0% 0.1% 0.0% 684 1.0% 136 0.2% 208 0.3% 390 0.5% 0.0% 102 0.1% 124 0.2% 1,028 1.4% 157 0.2% 0.0% 0.0% 23,942 33.3% 1,564 57 18 TH 35 7 21 15 10 27 22 6 19#20Only 4 of Inovalon's top holders are also top holders of the technology SaaS peers AUM (sbn) $124 Total Peers $mm 1,139 1,355 131 189 Investor Morgan Stanley IM T. Rowe Price Fidelity Artisan Partners Franklin Advisers Brown CM William Blair IM AllianceBernstein Baron Capital Wells CM Norges Bank IM Jackson Square Partners BlackRock IM (UK) Allianz Gl U.S. Federated Global IM Invesco Advisers JPM IM Fred Alger Mgmt Capital Research World Wellington Mgmt Arrowstreet Capital American Century IM Winslow CM Discovery Value Fund (IM) Dragoneer Investment Capital Research & Mgmt (GI) Goldman Sachs AM TIAA-CREF IM Columbia Mgmt IA Tiger Global Mgmt J.P. Morgan Source: FactSet as of 12/31/20 filings II LI I I 15,934 718 2,643 497 1,151 10,192 256 5,477 773 237 3,359 4,637 415 908 670 85 II 64827026 622 317 239 296 Inovalon (Smm) 2 2 5 GoodRx ($mm) $48 85 27 21 80 51 19 84 Peers Veeva (Smm) $3,446 2,720 1,229 -- 1,652 800 656 548 464 226 370 381 417 207 46 325 142 380 377 47 252 232 226 225 209 133 144 Zoominfo ($mm) $225 5 381 105 209 73 56 169 348 69 172 8 297 248 167 211 $3,719 2,725 1,695 1,652 905 656 548 471 461 443 436 417 397 394 394 393 388 377 297 294 252 226 225 218 211 209 152 144 92 -- -- 19 #held 3/3 2/3 313 1/3 2/3 1/3 1/3 2/3 3/3 2/3 II 2/3 1/3 3/3 2/3 2/3 3/3 3/3 1/3 1/3 2/3 13 1/3 1/3 1/3 2/3 1/3 1/3 2/3 1/3 2/3#21Investor targets for Inovalon equity offering Peers held Smm $3,719 Institution Morgan Stanley T.Rowe Price Fidelity ARTISAN PARTNERS FRANKLIN TEMPLETON BARON CAPITAL. NORGES BANK BLACKROCK Federated. Growth PM Will Danoff, Steve Wymer Kyle Weaver Ashim Mehra, Phillip Shefter J.P.Morgan Source: FactSet as of 12/31/20 filings Peers held: Veeva, GoodRx, Zoominfo Tech Armistead Nash Alan Tu, Sam Johnson Will Walker, Marly Eddie Yoon, Amy Morgus Ge, Justin Segalini Ashish Rao Jonathan Curtis, Dan Searle Sam Lau Adam Lieb Brandon Oak Healthcare Jason Yeung Rouven Wool- Lewis, Ziad Bakri, Nina Xu Tony Kim, Will Abecassis Dan Reagan Gary Ko, Brad Carris Wen-Tse Tseng Susan Robbins Rohan Dighe Erin Xie, Jeff Lee, Arslan Mian Steve Abrahamson Vivian Wohl Inovalon pos $mm ! # 62 3 * 2 5 1 4 1 I 1 1 3 1 I I 2 2,725 1 3 1 1 I 11 1 T I I t 1 1 1 1 13 2 2 12 1 T 2 1 t I 1 1 1 12 1 3 1,695 1,652 I I 905 4711 461 I 443 436 397 1 394 I Institution Invesco J.P.Morgan Asset Management ALGER Capital Group WELLINGTON MANAGEMENT" DRAGONTER American Century Investments Capital Group World www Asset Management OTIAA COLUMBIA THREADNEEDLE Growth PM Jeff Wantman, Michael Carmen Marc Stad Nalin Yogasundram, Scott Marolf Tech Healthcare Ash Shah, Ryan Justin Livengood, Dolan Henry Wu Joe Wilson Kyle Chen Julien Gaertner Mathews Cherian, Mishaan Mehta Jared Middleman Eric Jones Greg Tuorto Terry Kontos Matt Cohen, Chris Carter Teresa McRoberts Israel Hernandez Danyaal Farooqui Kimberly Wong. Rich Wolf, Diana Wagner, Sunny Kwak Anant. Padmanabhan Joanne Pigassou Larry Lin, Daniel Kurland Inovalon I pos Smm - 18 12 6 1 I I I 1 I Peers held 1 3 3 1 12 I 1 1 2 1 1 1 1 1 I 12 I I 11 I 20 $mm $393 388 377 297 1 294 218 I 217 I 211 I 209 1 1 152 I 1 144 I#22Illustrative sizing analysis for Inovalon equity offering INOV current trading details (as of 04/29/21) Stock price % of 52-week high Mkt cap ($mm/shs) Float ($mm / shs) 30-day ADTV (Smm / shs) Sizing analysis at current price level Offering size ($mm) $400 Offering size (shs) of mkt cap I %% of float 1 30-day ADTV mult. J.P.Morgan Source: Dealogic, Factset as of 4/29/21 13.4 9% 18% 29.9x $500 16.8 11% 23% 37.4x $29.78 96.78% $4,626mm /155.9mm $2,195mm/74.3mm $12.9mm /449k $600 20.1 13% 27% 44.9x $700 23.5 15% 32% 52.4x Recent marketed follow-ons (deal size > $500mm) Pricing date Issuer name LIII- 03/18/21 Skillz 03/02/21 Cardlytics 52/18/21 Twilio 02/18/21 Chegg 02/11/21 Varonis Systems 02/09/21 Lightspeed POS 02/05/21 Allegro Microsystems 02/04/21 Opendoor 01/13/21 Lemonade 01/12/21 Zoom Video Mean Median 04/20/21 Zai Lab 04/07/21 Maravai LifeSciences 03/17/21 Sotera 03/01/21 Syneos Health 52/10/21 Oak Street Health 02/04/21 Veracyte 02/02/21 Argenx 01/27/21 CureVac 11/30/20 Elanco Animal Health 10/27/20 Mirati Therapeutics Mean Median --- JPMorgan led deals Size Mkt cap % of mkt (Smm) ($mm) Technology $768 $10,347 501 4,249 --- 64,118 ------ 14,548 1,833 476 518 6,832 676 9,357 586 5,997 771 16,318 796 10,578 2,000 104,127 $892 $24,647 $722 $10,463 Healthcare $857 $14,133 563 3,137 675 7,848 525 8,068 690 13,833 633 5,168 1,068 16,535 518 17,661 1,896 14,436 1,002 10,275 $842 $11,722 $675 $13,833 ------ ---- --- cap % sec 7% 47% 12% 3% 8% 7% 10% 100% 5% 8% 32% 6% 20% 7% 0% 6% 18% 100% 9% 100% 7% 100% --- 5% 100% 12% 6% 3% 13% 100% 10% 9% 8% 8% 53% 71% Price performance (%) Offer! Current File/ offer (22%) (8%) (4%) (9%) (3%) (3%) (5%) (5%) (10%) 1% (7%) (5%) (9%) (10%) (5%) (3%) 4% 0% (14%) (3%) 3% (3%) 21 (25%) 7% (12% (10%) (72%) (0%) (16%) (23%) (44%) (6% (20%) (14%) 12% 22% (5%) 11% 10% (34%) (9%) 28% 6% (19%) 1% 6%#23Recent JPMorgan-led equity transactions have outperformed the market zoom January 2021 $2.0bn Follow-on Sole Underwriter & Stabilization Agent Largest software follow-on... ever ✓ Priced at a premium to launch: 0.7% J.P.Morgan OAK STREET HEALTH February 2021 $690mm Follow-on Lead Left Bookrunner & Stabilization Agent ✓ Upsized 24% from launch ✓ 167% premium to IPO price, and 22% to FFO 2 months prior Priced at a premium to launch: 4.4% Ⓒtwilio February 2021 $1.8bn Follow-on Lead Bookrunner ✓ Priced at tight (4.2%) discount to last trade ✓ Raised $5bn+ since IPO in 2016 22#24Inovalon equity offering can be completed in 1-2 weeks 3 Deal phase Preparation 1 week Launch / execution 1-2 days Close (Post-pricing) 3 days J.P.Morgan Key action items Organizational call Due-diligence Prepare legal documents, roadshow presentation, press releases IR targeting discussion Launch follow-on via press release / file preliminary pro-sup with SEC Research analyst teach-in Management call with underwriters' salesforce Investor calls Price transaction with management team and Pricing Committee Execute Underwriting Agreement and issue pricing press release Finalize and file final prospectus with SEC ■ Closing and settlement Deal considerations ■ Earnings release 4/28 ■ Non-deal roadshow following earnings release ■ Target -20 accounts ■ -10 new investors, 10 existing investors Analyst day 5/18 ■ Presenting at JPMorgan conference 5/25 Launch aftermarket on 5/25 or 5/26 April 2021 MTWTF 1 2 5 6 7 8 9 12 13 14 15 16 19 20 21 22 23 26 27 28 29 30 Holiday May 2021 MTWTF 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 31 Execution window June 2021 MTWTF 1 2 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 29 30 Inovalon earnings 23#25Strategic discussion inovalon#26Inovalon is the only true technology platform in healthcare Technology Cloud-based, highly integrated platform Comprehensive and constantly expanding data asset Powerful analytics capabilities Superior tech infrastructure Continuous innovation Modern technology J.P.Morgan inovalon Data as a service Healthcare Empowering data-driven healthcare at scale Marquee client base across all major healthcare verticals Unique ability to generate actionable insights Full technology stack to enable industry transition to value based care Unique ability to create comprehensive patient and population based data views Leading client footprint across all healthcare verticals 25#27Tech M&A activity has picked up significantly U.S. Tech M&A deal volume ($bn) # of deals: median premium¹: % sponsor deals: $167 42 125 '17 206 36% 25% $362 83 279 '18 208 24% 23% ■ Strategics $432 147 285 $19 202 30% 34% Sponsors $445 169 276 $20 222 38% 38% $31 21 10 $20YTD 47 23% 67% $215 34 181 ¹21YTD 75 28% 16% Source: Dealogic (as of 4/15/2021), any U.S. party involvement, only includes deals greater than $100mm with final stake >50%; FactSet 11-month median premium J.P.Morgan 2017-2021YTD software M&A volume ($bn) Strategic $324 $533bn Sponsor $209 -40% all software M&A since 2017 has been completed by sponsors 26#28Select software transactions - strategic buyers NTM FV / revenue 1-day premium paid Announce Date Firm value (bn) NTM rev. growth FV/NTM EBITDA 8.5x Target BlueYonder Acquirer Panasonic Microsoft 23% $8.5 8% 12.2x 33.0x NUANCE < 20% revenue growth Apr-21 Apr-21 Aug-20 $17.3 $11.0 9% 44.8x 13.5x …….….ahtır.a 9.3x 7,8x wrike slack VERAFIN T 12.0x Ice 14% 15% Ellie Mae Carbon Black. smedidata 24.4x 8.1x 21% 7.8x vmware sr 14% Aug-19 Jun-19 Jun-19 $2.1 $5.8 40% 17% 31.2x 11.1x 63% 18% NM redhat $15.7 $33.4 Oct-18 IBM SAP 12% 15% 34.1x CallidusCloud Jan-18 $2.3 18% 45.9x 1 1 CITRIX Jan-21 $2.3 30% - 55% J.P.Morgan Source: Company filings, Wall Street research, Renaissance reports, FactSet: Quote from CFO at Morgan Stanley TMT conference 11/16/2018 26.9x Pres $28.0 12.0x 25% Nasdaq 20-30% revenue growth Dec-20 Nov-20 May-20 $2.8 30% 19.5 CISCO $1.0 14.0x¹ 19% qualtricsSendGrid -$8.0 10.9x -30% -25% NM SAP twilio cloudera 3% Nov-18 Oct-18 Oct-18 $1.8 6.0x 23% 45 ETOWWORKS $2.3 21% 11.0x Marketo AT 40 $4.8 11.6x workday Sep-18 Jun-18 22% Adaptive $1.6 22% 7.5x Magento A May-18 $1.7 25% 27#29Select software transactions - financial sponsors NTM FV / revenue 1-day premium paid Target Acquirer Announce Date Firm value (bn) NTM rev. growth FV/NTM EBITDA 34% 8.0x proofpoint? Apr-21 THOMABRAVO V $12.3bn 15% 46.0x 8% 7.1x PLURALSIGHT VISTA Dec-20 $3.5 13% NM < 20% revenue growth 6.6x TA ASSOCIATES planview. SOPHOS Nov-20 $1.7 8% 16.7x 54% J.P.Morgan Source: Company filings, Wall Street research, Renaissance reports, FactSet 5.5x THOMABRAVO Oct-19 $3.9 -10% 30.8x 19% 7.9x Ultimate SOFTWARE Feb-19 $10.7 Hellman & Friedman VVISTA 19% 53% 33.2x 7.0x APPTIO Nov-18 $1.8 17% NM 1 1 9.0x THOMABRAVO Dec-20 $1.2 31% -30% 7.5x VENAFIALPAGE Gainsight = INSTRUCTURE THOMABRAVO Dec-20 $9.5 -20% 20-30% revenue growth 26.3x 12.0x VISTA Nov-20 $1.1 22% 21% - 6.5x THOMABRAVO Dec-19 $1.9 -20% 30% 6.6x Ellie Mae THOMABRAVO Feb-19 $1.9 -20% 23.0x 68% 6.6x OMINDBODY VVISTA Dec-18 $1.9 25% NM 28#30Control premiums in US technology transactions % Control premiums 2016-2021YTD; US Technology J.P.Morgan Source: Dealogic 30% 33% 1-day - Median Mean 1st quartile 44% 37% 38% 1-month 49% 29#31Preliminary Inovalon valuation summary For illustrative purposes only 52-week range Analyst price targets $31.00 $15.25 $35.00 $22.00 Trading multiples $44.75 $35.00 22E EBITDA (Smm) $321 '22E FV / EBITDA 20.0-25.0x Discounted equity value¹ $54.25 $39.75 23E-24E EBITDA (Smm) $382-$431 *22E FV/ EBITDA 20.0-25.0x Discounted cash flow $55.00 $35.25 Discou rate 7.5%-8.5% Terminal growth 2.5%-3.5% Metrics Transaction multiples $53.75 Multiples (x) $34.25 NTM Revenue (Smm) $789 FV / NTM Revenue 8.0-12.0x Sponsor ability to pay² $48.50 $34.50 Revenue CAGR (20A-26E) 11.0%-15.0% EBITDA margin ('26E) 40.0%-45.0% Current share price: $29.78 At 22.5x exit multiple and 20% required IRR Premiums paid J.P.Morgan Note: Share prices rounded to the nearest $0.25: Current share price reflects as of 4/29/21; Based on adjusted street case: Assumes 8.0% discount rate; Assumes transaction entry date of 12/31/21 and exit of 12/31/26, 7.5x max pro forma net debt $47.75 $38.75 Current share price $29.78 1-day premiums paid 30%-60% to current 30#32Illustrative valuation at various prices Premium to current Premium to 90-day VWAP FV/ Revenue 2021E Revenue 2022E Revenue FV/ EBITDA (no synergies) 2021E EBITDA 2022E EBITDA Metric (Smm) $761 $875 $271 $321 FV/PF EBITDA ($50mm illustrative synergies) 2021E PF EBITDA $321 Current $29.78 $5,591 17% 7.4x 6.4x 20.6x 17.4x 17.4x $40.00 $7,250 34% 57% 2022E PF EBITDA $371 15.1x Source: Company filings; FactSet as of 4/29/21; Based on adjusted street case; Note: Firm values rounded to the nearest $25mm; Reflects fully diluted firm value J.P.Morgan 9.5x 8.3x 26.8x 22.6x 22.6x 19.5x $42.00 $7,575 41% 65% 10.0x 8.7x 28.0x 23.6x 23.6x 20.4x Share price $44.00 Firm value (Smm)¹ $7,875 48% 72% 10.4x 9.0x 29.1x 24.5× 24.6x $46.00 21.2x $8,200 54% 80% 10.8x 9.4x 30.3x 25.6x 25.6x 22.1x $48.00 $8,525 61% 88% 11.2x 9.7x 31.5x 26.6x 26.6x 23.0x $50.00 $8,850 68% 96% 11.6x 10.1x 32.7x 27.6x 27.6x 23.9x 31#33Potential strategic partners Tier 1 Alphabet amazon IQVIA salesforce J.P.Morgan DASSAULT SYSTEMES Tier 2 Microsoft ORACLE medidata SAP BROADCOM citrix FICO FORTIVE IBM NTT ROPER splunk> Veeva workday. Z zoominfo Key investment themes 1 Significant emphasis on vertical-focused data/Al opportunities 2) Most players are actively analyzing angles to enter and disrupt the healthcare ecosystem at scale 3) Increasing focus on customer 360 degree platform 4 Cloud infrastructure providers are targeting select verticals with a strategy of market segment ownership 32#34Potential financial sponsor partners Advent International GLOBAL PRIVATE EQUITY FP FRANCISCO PARTNERS 11/ PERMIRA Sponsors J.P.Morgan BainCapital Blackstone Hellman & Friedman THOMABRAVO SILVERLAKE TPG Key investment themes 1 Strong appetite for software assets, especially platforms with high margin potential and sticky customer bases 2 Increasing focus on high-growth healthcare / healthcare technology 3 Making larger, more concentrated bets in high-quality market leaders 4 Premiums paid for platform assets with clear strategic potential to drive highly accretive M&A 33#35Illustrative sponsor ability to pay analysis Illustrative sources and uses at $40 / share (-35% premium), Smm Sources Uses Existing cash Existing debt Transaction debt Purchase equity New equity Minimum cash Transaction cost Total sources $129 2,250 5,121 2026E EBITDA margin $7,499 Total uses Revenue CAGR vs. EBITDA margin 20% required IRR ☐ 22.5x exit EBITDA multiple Implied offer price / offer premium Revenue CAGR 2020A-2026E 11.0% ▲ 13.0% 40.0% $34.50 / 16% 42.5% 36.50/23% 45.0% 38.50/29% $915 6,455 50 80 $7,499 15.0% $38.75/30% $43.50 / 46% 43.25/45% 41.00/38% 46.00/54% 48.50 / 63% J.P.Morgan Note: Share prices rounded to the nearest $0.25; Based on adjusted street case: Offer premiums reflect with respect to share price as of 4/29/21 Assumes transaction entry date of 12/31/21 and exit of 12/31/26, leverageable EBITDA of $300mm Illustrative pro forma cap. at $40 / share (-35% premium), $mm Leverageable EBITDA Cash Revolver Term Loan B Senior unsecured Total debt New equity Total capitalization 2026E EBITDA margin Exit EBITDA multiple vs. EBITDA margin ☐ 20% required IRR ☐ 13.0% revenue CAGR (2020A-2026E) 40.0% Amount $50 Implied offer price / offer premium 42.5% 1,500 750 45.0% $2,250 $5,121 $6,598 Street '20A-23E CAGR: 12% Street '23E margin: 38% 37.00/24% 39.00/31% % cap 1% 23% 11% 34% 78% 100% FV/EBITDA exit multiple (1-year forward) 20.0x 22.5x 25.0x $35.00/ 18% 41.00/38% 5.0x 2.5x 7.5x 17.1x 22.0x $38.75/30% $42.50/43% 43.25/45% 45.00/51% 47.50/60% 34#36Process to discover change of control value [ JPMorgan to proactively reach out to key potential strategic partners and have a discussion around a transformation of the business, strategic fit and desirability of the asset - Company to continue its current dialogue with strategics JPMorgan will also have a dialogue with a couple of the key financial sponsors as to their view on Inovalon as a go-private possibility and understand the exact thinking of this group of potential partners • All of these conversations will be "banker style" conversations, not as part of any formal or attributed process Depending on reactions / feedback from these meetings, JPM will make connections with the management team and catalyze further discussion if/ as appropriate Articulation of strong interest / proposal will provide a platform to broadly test this path for the company Main objective is to catalyze one of the parties to express interest and submit a formal proposal J.P. Morgan 35#37M&A process can be executed in ~12 weeks Post earnings End of May End of June End of July September/ October Buyer education and discover of interest Further engagement if serious interest materializes Launch formal process with several parties Required approvals J.P.Morgan JPM to connect with key decision makers at tier 1 strategics and select sponsors Target to filter down to highly probable 3-5 strategics and 2 sponsors and set up introductory meeting with management Shareholder approach Management meetings with serious interested parties only Post meetings, receive indications of value Management involvement required If indications are compelling, perform market check in a tight process Due diligence and access to dataroom Negotiation of legal documentation Sign and announce Regulatory approvals Shareholder approval Low Medium High 1 High High Medium Information / materials required Initial buyer education phase Investor day presentation materials Short form of management presentation Key KPIs and financial projections Management meetings Phase 1: 15-20 page presentation based on public information / investor day materials Phase 2: 2-3 hour presentation based on internal information including projections ☐Phase 3: Functional meetings including product, GTM, financials Dataroom To cover product, R&D, sales / GTM / customers, financials /accounting, HR, IT, legal 36#38Strategics buyer insights - Salesforce JPMorgan relationship Strategic rationale How they assess value Notable M&A deals JPM advised Marc Benioff Chairman & CEO islack Dec '20 23.9x rev Channel-based messaging • Highly aligned with Salesforce's increasing focus and investor messaging around a more fulsome suite of healthcare solutions • Increased sales point connectivity and cross sell of solutions . Natural alignment with embedded Tableau capabilities to get a better perspective of both customers and patients . Further leverage Vlocity's healthcare industry cloud beachhead and connectivity capabilities to expand customer access • Favourably positioned to monetize robust data access across a wide base of healthcare constituents • Primarily valuation methodology is a DCF, giving credit to synergies J.P.Morgan Company filings: press releases; FactSet as of 4/29/21 Note: All transaction multiples reflect NTM, unless noted otherwise Key decision makers Click Aug '20 $1.4bn SaaS operations management J.P. Morgan +ableau Bret Taylor President and COO Salesforce Jun '19 9.0x rev $14.7bn Data visualization salesforce.org Apr '19 $300mm non-profit social enterprise J.P.Morgan MuleSoft Mar '18 13.2x rev $5.8bn API development J.P. Morgan 1 1 I John Somorjai EVP Corporate Development demandware Market cap: $236bn FV/'22E Rev.: 7.4x FV / 22E UFCF: 39.9x Jun '16 8.9x rev $2.7bn e-commerce platform I Exact Target. Jun '13 5.5x rev $2.3bn e-mail marketing J.P.Morgan 37#39Strategics buyer insights - SAP JPMorgan relationship Strategic rationale How they assess value Notable M&A deals JPM advised Hasso Plattner Chairman qualtrics™ Jan 21 $1.8bn Spin-off IPO J.P.Morgan • Major entry point into healthcare with unprecedented, highly functional data • Immediate exposure to all major constituent bases in healthcare • Strengthens SAP's push to cloud model • Likely will require time to get conviction on the space • Look at synergized DCF and transaction comps, with a focus on SAP's prior deals vs. market comps • EPS and balance sheet sensitive J.P.Morgan Company filings: press releases; FactSet as of 4/19/21 Note: All transaction multiples reflect NTM, unless noted otherwise Key decision makers Christian Klein CEO Jan 21 $1.0bn Business process management SIGNAVIO Qualtrics™MC. CONCUR Sep '18 8.5x $7.2bn Travel management Nov '18 27.6x $8.0bn Experience management J.P.Morgan (hybris 7.4x $2.5bn Jun '13 $1.5bn eCommerce software Online training management J.P.Morgan J.P.Morgan CallidusCloud Jan '18 Market cap: $176bn FV/'22E Rev.: 5.1x FV / ¹22E UFCF: 24.4x Luka Mucic CFO ARIBA 7.5x $4.6bn Business commerce software J.P.Morgan successfactors ASAP C Dec '11 7.6x $3.1bn Human capital management J.P.Morgan 38#40Strategics buyer insights - Microsoft JPMorgan relationship Strategic rationale How they assess value Notable M&A deals JPM advised Establish scaled moat with two of the most significant healthcare technology assets of scale • Microsoft / Nuance Al capabilities highly complementary to Inovalon's data access . Combined platform would have unparalled patient insight capabilities • Meaningful cross sell potential DCF with synergies • Precedent transactions with a similar financial profile NUANCE Apr 21 $17.3bn 12.2x rev 44.8x EBITDA Conversational Al ZeniMax Satya Nadella CEO Sep 20 $7.5bn Video game developer & publisher J.P.Morgan Company filings: press releases; FactSet as of 4/19/21 Note: All transaction multiples reflect NTM, unless noted otherwise GitHub Jun '18 $7.5bn 20.3x rev Software development version control Key decision makers Linked in Jun '16 $26.3bn 6.8x rev 25.4x EBITDA Employment- oriented social media GMOJANG NOKIA (Devices & Services) 11 Sep 14 $2.5bn 5.0x rev Video game development Sep 13 $7.2bn Smartphones J.P.Morgan J.P.Morgan yammer* Jun '12 $1.2bn -10x rev Intra-enterprise social networking Amy Hood CFO skype May '11 $8.5bn 8.3x rev 32.2x LTM EBITDA J.P.Morgan 1 Market cap: $1,902bn FV / 22E Rev.: 9.6x FV/'22E UFCF: 28.9x fast aQuantive Jan '08 $1.2bn 6x rev 57.0x EBITDA May '07 $5.9bn 7.4x rev 28.4x EBITDA 39#41Strategics buyer insights - Oracle JPMorgan relationship Strategic rationale How they assess value Notable M&A deals JPM advised • Have been highly active searching for the right asset in healthcare • Highly aligned with Oracle Cloud for Healthcare capabilities and positioned to provide in-depth customer insights • Some potential enterprise solution cross sell in certain segments • Would likely require significant time to establish conviction; sizeable transaction relative to historical activity • DCF-based valuation giving credit for synergies • Assess value looking at cash-on-cash returns analysis aconex Dec '17 7.5x rev $1.2bn Mobile collaboration Larry Ellison Chairman & CTO J.P.Morgan Company filings: press releases; FactSet as of 4/19/21 Note: All transaction multiples reflect NTM, unless noted otherwise MOAT Apr '17 $850mm Online advertising Key decision makers NETSUITE Jul '16 7.9x rev $8.8bn Cloud computing J.P.Morgan datalogix Dec '14 $1.2bn Marketing services micros Jun '14 3.0x rev $4.5bn Healthcare CRM J.P.Morgan Safra Catz CEO Primavera SYSTEMS Dec '08 $550mmC J.P.Morgan Market cap: $219bn FV/'22E Rev.: 6.4x FV/'22E uFCF: 16.7x Retek Mar '05 3.0x rev $500mm Retail software J.P.Morgan 40#42Strategics buyer insights - Amazon JPMorgan relationship Strategic rationale How they assess value Notable M&A deals JPM advised Andy Jassy CEO, Amazon ZOOX . Further demonstrates commitment to build out healthcare platform • Data access to further expand both telehealth and PillPack customer connectivity and capabilities . Strategic position and access poised to inform next leg of stool in healthcare • Extremely valuation disciplined . Only willing to step in absolute must own situations • Utilizes DCF and trading comparables to support valuation • Assess standalone valuation as well as PF value within Amazon Jun 20 $1.2bn Autonomous mobility Z ZWIFT Key decision makers Sep 20 $450mm¹ Connected fitness J.P.Morgan CANVAS Adam Selipsky CEO, Amazon Web Services Apr '19 Autonomous delivery eero Feb '19 Autonomous delivery J.P.Morgan ring Feb '18 $900mm Home security J.P.Morgan J.P.Morgan Company fitings: press releases; FactSet as of 4/19/21 Note: All transaction multiples reflect NTM, unless noted otherwise, JPM provided financing with respect to the Whole Foods transaction; Amazon participated in the $450mm Series C investment Peter Krawiec VP, Worldwide Corporate Development Pill Pack Market cap: $1,750bn FV/'22E Rev.: 3.2x FV / '22E UFCF: 33.8x Jun '18 $753mm Online pharmacy I WHOLE FOODS Jun '17 9.9x EBITDA $13.5bn Grocery J.P. Morgan 41#43Strategics buyer insights - Alphabet JPMorgan relationship Strategic rationale How they assess value Notable M&A deals JPM advised Don Harrison President Partnership & Corp Dev • Major entry point into healthcare with unprecedented, highly functional data • Immediate exposure to all major constituent bases in healthcare • Cross functionality with data to both sell into healthcare channel and use across broader user base Jio July 20 $4.7bn Network J.P. Morgan Key decision makers • Commercial / product opportunity most important valuation driver • Use precedent transaction multiples and long-term investment IRRs as support J.P.Morgan Company filings: press releases; FactSet as of 4/19/21 Note: All transaction multiples reflect NTM, unless noted otherwise Sanjay Kapoor Head of Corporate Development Pointy Jan '20 $163mm Search fitbit Nov '19 1.1x rev $1.6bn Wearables looker Jun '19 $2.6bn Business intelligence bebop Nov '15 $380mm Enterprise applications Market cap: $1,508bn FV/'22E Rev.: 5.8x FV / '22E UFCF: 24.9x Bill Ready President of Commerce nest Nov '15 $380mm Enterprise applications 42#44Strategics buyer insights - Dassault Systems / Medidata JPMorgan relationship Strategic rationale Notable M&A deals #medidata Jun '19 $5.8bn Life Sciences lifecycle management Bernard Charles CEO J.P.Morgan Company filings: press releases: FactSet as of 4/29/21 Note: All transaction multiples reflect NTM, unless noted otherwise Extend Dassault's life sciences business as its core competency to become its largest business segment in the company • Immediately access Inovalon's massive primary-source datasets to enhance Dassault / Medidata's cloud-based data & analytics capabilities • Enable Dassault's expansion into other key segments of healthcare, including payers and providers • Cross-sell opportunities and synergies with Inovalon platform IQMS Manufacturing ERP Key decision makers Dec '18 $425mm Manufacturing ERP software Pascal Daloz COO & CFO Corporate Strategy Officer Market cap: $63.3bn FV / 22E Rev.: 10.4x FV /'22E uFCF: 47.8x Exa Sep '17 $400mm Product engineering software Tarek Shelif CEO & Co-founder, Medidata 43#45Strategics buyer insights - IQVIA JPMorgan relationship Strategic rationale Notable M&A deals Ari Bousbib Chairman & CEO · Q²Solutions . Combination of leading end-to-end data & analytics solutions for clinical research with the industry's largest primary-source real world data repository Meaningful synergy potential across key life sciences verticals • Unmatched scale across key healthcare constituents with significant cross-sell potential Apr ¹21 $1.9bn Clinical lab services J.P.Morgan Company filings: press releases: FactSet as of 4/19/21 Note: All transaction multiples reffect NTM, unless noted otherwise Quintiles MS™ Key decision makers May '16 $23.0bn Merger of equals Ron Bruehlman CFO imshealth April '14 $1.3bn Initial public offering J.P.Morgan QUINTILES Market cap: $45.1bn FV / 22E Rev.: 3.9x FV / '22E uFCF: 27.8x May '13 $0.9bn Initial public offering J.P.Morgan 44#46Additional potential strategic partners Company BROADCOM citrix FICO FORTIVE IBM NTT ROPER splunk> Veeva Key management Hock Tan (President, CEO) Kirsten Separs (CFO/CAO) David Henshall, (President, CEO) Arlen Shenkman (CFO, EVP) Will Lansing (President, CEO) Michael McLaughlin (CFO, EVP) James Lico, (President, CEO) Charles McLaughlin, (CFO) Arvind Krishna, (Chairman, CEO) James Kavanaugh, (CFO, SVP) Yo Honma (President) Toshi Fujiwara (CFO, CTO) Laurence Hunn (President, CEO) Robert Crisci (CFO, EVP) Douglas Merritt (CEO) Jason Child (CFO, SVP) Peter Gassner (Founder, CEO) Brent Bowman (CFO) Aneel Bhusri (Chairman, Co-CEO) Robynne Sisco (Co-President, CFO) workday. Z zoominfo Henry Shuck (Chairman, CEO) Cameron Hyzer (CFO) J.P.Morgan Source: Company filings, FactSet as of 4/29/21 Market cap ($bn) $190bn $16bn $16bn $25bn $129bn $22bn $47bn $21bn $46bn $47bn $5bn 2022E Revenue growth 5% 8% 10% 5% 1% 3% 5% 24% 18% 17% 27% 2022E EBITDA margin 60% 35% 40% 25% 25% 16% 36% 4% 40% 24% 47% 2022E FV/Revenue 8.1x 4.7x 11.2x 5.3x 2.4x 1.2x 8.4x 6.9x 18.1x 10.2x 12.0x 2022E FV/uFCF 45 15.4x 14.6x ΝΑ 26.5× 14.3x 25.3x 26.0x 44.1x 56.3x 49.5× 29.0x#47Financial sponsor buyer universe Advent International OLORES PRIVATE EQUITY BainCapital Blackstone FP FRANCISCO PARTNERS Hellman & Friedman PERMIRA SILVERLAKE THOMABRAVO TPG Fund size $18bn $9bn $25bn $8bn $16bn $11bn $20bn $18bn $11bn Select software transactions Blue Coat CENTRALSQUARE alight aconex UNIT4 Informatica Lucidworks skills fr Diligent Ultimate SOFTWARE NUTANIX RENAISSANCE GENESYS Ultimate SOFTWARE payscale Magento Synamedia ellucian McAfee J.P.Morgan Source: Press releases, company filings; Note: Fund size reflects size of most recent flagship fund AVAYA DELL EMC² solarwinds Ellie Mae proofpoint.REALPAGE planview. Select healthcare transactions Cotiviti HEALTHCARE IQVIA zelis #/ RED CARD WAYSTAR GoodR CHANGE ALTHEA GoodR DEFINITIVE HEALTHCARE 9 Syneos imshealth TEAMHealth. ORCHARD Software Multi-lan PPD PHARMAQ Multi-en patients likeme GHX. imprivata Sparta Systems WellSky Key Contact Bryan Taylor, Managing Director Lauren Young, Managing Director ■ David Humphrey, Managing Director Joseph Baratta, Global Head of Private Equity Martin Brand, Head of U.S. Private Equity Dipanjan (DJ) Deb, Co-Founder and CEO David Tunnell, Managing Partner Tarim Wasim, Partner ■ Sameer Narang, Partner Brian Ruder, Partner Henry Minello, Partner Greg Mondre, Co-CEO Orlando Bravo, Founder & Managing Partner Holden Spaht, Managing Partner Seth Boro, Managing Partner Todd Sisitsky, Managing Partner Nehal Raj, Partner 46#48inovalon