Rhode Island State Investment Commission

CASE STUDY: PROKARMA COMPANY DESCRIPTION Global information technology consulting firm providing customized solutions for large companies PARTNERSHIP DEVELOPMENT & INVESTMENT DYNAMIC Endeavour built a relationship with Company founders after being introduced on an exclusive basis through one of its long-standing regional investment banking relationships ■ INVESTMENT RATIONALE Partner with an experienced team leading a well-respected company in a growing industry Accelerate growth in new service offerings and markets, while increasing focus on cost efficiencies Develop an internal 'ProKarma University' and technology practice groups to further establish technical expertise in certain high value service categories Act as a consolidator in a highly fragmented industry by acquiring smaller teams with niche capabilities ■ H After a year of getting to know the business and the founders, Endeavour made a minority investment in the Company H ■ ■ Value Creation & Growth Initiatives Supported the team in developing and executing an organic and acquisition growth plan to more than double revenue in four years ENDEAVOUR Built out a national IT services sales organization that led to growth in existing client relationships and a meaningful expansion in new customers Developed acquisition roadmap; assisted the company with three add-on acquisitions Buy vs. Build evaluation of growth strategy led to green- fielding of new capabilities to augment the acquisition strategy I EBITDA Growth Employees Multiple Expansion Outcome ProKarma was sold to a large PE firm in 2016 Gross MOI ProKarma DEPLOY STRATEGY 5.0x QA [d] Created 1,000 new jobs + 6.4x (EBITDA multiple) IS + 190% (over life of investment) 01 02 03 This case study is being provided at the request of the Rhode Island State Investment Commission. The case study is not intended to be exhaustive and certain case studies have not been included, which, if included, would yield different results. Please see important definitions and disclaimers sections in this document. DESIGN 6 DEVELOPMENT 13

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