J.P.Morgan Software Investment Banking

Strategics 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

View entire presentation