S2P Case Study

2 avidxchange™ O billtrust® 10.5x FWD year revenue at deal announcement 3 17.5x 9.4x 5.5x Software and FinTech Median Anaplan Avalara ☑BLACKLINE DocuSign Paymentus flywire 15.1x Peer select trading and operating metrics corcentric Bill.com¹ 43.8x **coupa FV/CY22E Revenue 8.1x 0.3x FV / CY22E Revenue / CY22E growth 0.8x 0.7x 0.4x 0.3x 0.6x CY22E Revenue Growth 27% 57% 23% 24% 19% 26% CY22E Adj. Gross margin 69% 80% 70% 57% 71% 78% CY22E Adj. EBITDA margin 28% (11%) 19% (12%) (8%) 7% corcentric™ Source: Company materials; FactSet as of 12/3/2021; Renaissance report (1) Adjusted for Divvy acquisition, CY21E revenue adjusted to include full year of revenue from Divvy; (2) AVDX went public on 10/12/2021. Their 2022E revenue is based on estimate from Renaissance research's initiating coverage. (3) FV / 2021E Revenue at deal announcement 34 =4

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