J.P.Morgan Software Investment Banking

Inovalon, 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

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