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J.P.Morgan Software Investment Banking

Tech M&A activity has picked up significantly U.S. Tech M&A deal volume ($bn) # of deals: median premium¹: % sponsor deals: $167 42 125 '17 206 36% 25% $362 83 279 '18 208 24% 23% ■ Strategics $432 147 285 $19 202 30% 34% Sponsors $445 169 276 $20 222 38% 38% $31 21 10 $20YTD 47 23% 67% $215 34 181 ¹21YTD 75 28% 16% Source: Dealogic (as of 4/15/2021), any U.S. party involvement, only includes deals greater than $100mm with final stake >50%; FactSet 11-month median premium J.P.Morgan 2017-2021YTD software M&A volume ($bn) Strategic $324 $533bn Sponsor $209 -40% all software M&A since 2017 has been completed by sponsors 26

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