J.P.Morgan Software Investment Banking

Strategics 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

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