J.P.Morgan Software Investment Banking

Strategics 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

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