Iberian M&A Overview

Tech companies

FY 2019

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Atrys Health acquires Real Life Data

Atrys Health, a company based in Spain dedicated to the development of new tools for the diagnosis and personalized treatment of oncological and precancerous diseases, has acquired, inJune 2019, a stake of 100% of the Spanish company Real Life Data. This company, based in Barcelona, develops its business in the development of Smart/Big Data solutions for the healthsector. In 2018, Real Life Data had a turnover of €2M and an adjusted EBITDA of €1.4M (with growth of 74% and 97%, respectively, compared to the previous year). The terms of thetransaction include the payment of an unknown fixed amount and a flexible amount up to EUR 2.5M depending the evolution of the EBITDA.

Tinsa acquires DataCentric

Tinsa, a Spanish real estate appraisal company in Europe and Latin America, has purchased 100% of DataCentric's shares. This is the tenth acquisition of the company since Cinven (Britishprivate equity) acquired a majority stake in Tinsa in August 2016. DataCentric focuses its activity on big data, geomarketing and digital solutions. It is a company with 20 years ofexperience in data management and data marketing. It provides digital and geolocation services for sectors such as telecommunications, energy, retail or financial services. In 2017,DataCentric's turnover was €5.9M. No financial data have been reported on the transaction.

Alantra acquires Urban Data Analytics

Alantra, a Spanish investment bank and asset manager, has acquired through its credit and real estate advisory division, a majority stake in UrbanData Analytics, a Spanish companyengaged on providing Big Data solutions to the sector southern Europe and Latin America. The company has more than 40 public and private sources with which it develops 190 financialand urban context indicators, generating with these, algorithms to maximize the return of investments in the real estate market. The operation data has not been made public.

Nunsys acquires Euroelettra

Nunsys, a Spanish technology group dedicated to offering integrated ICT solutions, has acquired Euroelettra in February 2019. This way, the company continues with its growth throughacquisitions and integrations. Euroelettra, is a Spanish company with more than 30 years of experience in the industrial automation and control sector. This firm, located in Castellón, isspecialized in the control and digitalization of industrial processes. In 2018, obtained a turnover of €2M. Deal value has not been disclosed.

Big Data

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

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Tiller Systems adquiere Caeteris [cross-border]

Tiller Systems, a French company developing a payment management software with more than 7,300 customers and present in 35 countries, has acquired Caeteris, a Spanish companybased in Valencia engaged on developing artificial intelligence software Beesniss (platform that allows the management of collections, orders and personnel, the scanning of invoices, thecontrol of the return and stock and analysis and statistics) and the Philomarket platform (tool that allows restaurants to find and connect different hospitality providers). The amount of thetransaction has not been made public.

Gympass acquires Flaner [cross-border]

Gympass, a Brazilian corporate fitness platform and present in 14 countries, has acquired Flaner, a start-up founded in Lisbon specialized in Artificial Intelligence and Machine Learning.Flaner's technology will enable the acquiring company to provide personalized experiences to its users (both corporate customers and physical activity venues that use them). Gympass'sPortuguese workforce is expected to reach 50 people. The economic details of the operation are unknown.

Repsol acquires Belmont Technology [cross-border]

The oil company Repsol has acquired through its venture capital Repsol Corporate Venturing fund a stake in Belmont Technology, a Houston-based U.S.-based company focused on the useof artificial intelligence for the oil and natural gas exploration and production (E&P) industry. The technology developed by Belmont Technology allows to increase efficiency, reducecosts, better and safer drilling of wells and optimization of resources. The company has a dozen oil companies as clients including Repsol.

Personio acquires Rollbox [cross-border]

The German company Personio, dedicated to the development of a recruitment and human resources platform, has acquired in April 2019 Rollbox, a Spanish company based in Madriddedicated to the development of artificial intelligence that offers payroll automation services. The German company will maintain the two offices, including the more than 200 employeesin both locations. The amount of the operation has not been released to the public.

Artificial intelligence

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LKS Ingienería adquiere Secure&IT

LKS Ingeniería, a Spanish cooperative for consulting architecture and engineering projects, acquired in May 2019 Secure &IT, a Spanish company that has more than a decade to live and 27employees. Secure&IT is a company dedicated to information security and focuses its work on four areas: compliance, IT processes and governance, systems and IT security and managedsecurity. Among the different services it offers are training, auditing, consulting, project execution, support and maintenance to all types of companies. In 2018, Secure&IT achievedrevenues of €2.2M and an EBITDA of €0.2M.

UST Global acquires Necsia's cybersecurity business

UST Global, a technology company based in the United States of America, has acquired the cybersecurity business of Spain's Necsia for $10M. The cybersecurity business accounted for lessthan 50% of Necsia's total turnover. Since the close of the operation, Necsia has been dedicated exclusively to the field of digital transformation.

Cuatroochenta acquires Sofistic

Cuatroochenta, a Spanish technology startup, acquired the Panamanian company Sofistic in July 2019. The amount of the transaction has not been made public. Sofistic is specializes inbank cybersecurity and provides services to more than 20 banks in Central America. Sofistic is the leading distributor in Latin America of the DarkTrace solution, which autonomously

combats threats through artificial intelligence.

This is the second acquisition of Cuatroochenta in 2019. Previously, in April, they had acquired Asintec Gestión, S.L, a Spanish company that has a mobility task management system,CheckingPlan, used by the large facility services managers. The integration of the two companies, represents an increase in turnover by €5M. It has been one of the steps, in tandem withthe round of funding and the entry of prominent investors, to prepare Cuatroochenta for the departure to the Mercado Alternativo Bursátil (aSpanish equity market for companies of

reduced capitalization) in 2020.

Aggity acquires Necsia Perú [cross-border]

Aggity, a Spanish multinational company specialized in digital transformation for business management, has acquired in December 2019, the NCS Latam company, which works in Peru asNecsia Peru. The company operates in the cybersecurity and digital transformation market. In addition, provides services to clients such as Telefónica of Peru, Peruvian Air Forces and thePeruvian Land Superintendence. The value of the deal has amounted to €0.5M.

Cybersecurity

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Minsait and Cátenon constitute a joint venture

Minsait, a Spanish consulting company engaged in the digital transformation and IT technologies, and Cátenon, a Spanish company dedicated to the selection of personnel, haveconstituted a Joint Venture (JV Minsait Cátenon). The goal is to develop a cloud solution that uses big data and artificial intelligence to ensure the identification and acquisition of talentglobally. The operation will be close in 2020.

Accenture adquiere Pragsis Bidoop [cross-border]

Accenture, headquartered in Ireland, it’s a company specialized in the provision of consulting services, technological services and outsourcing, has acquired the Spanish Pragsis Bidoop, anexpert company in Big Data, Artificial Intelligence and Machine Learning. Pragsis has offices in Madrid, Barcelona and London. It has more than 200 employees who will be integrated intothe Applied Intelligence department of the Irish consultancy. The acquired company has as clients several companies of the Ibex 35, in addition to multinationals with presence in LatinAmerica. In 2018, Pragsis's revenues amounted to 11.7M and EBITDA to 2.6M.

Boston Consulting Group, Inc. acquires Kernel Analytics, S.L. [cross-border]

Boston Consulting Group, an American management consulting with more than 90 offices in 50 countries, has acquired the Spanish company Kernel Analytics SL, a company dedicated tothe consulting of Data Science, specifically, in the advanced analysis applied to decision making. Kernel Analytics has offices in Barcelona and Madrid and around 100 employees who willbecome part of Boston Consulting Group. Considered by the Financial Times as one of the most growing European companies, in 2017 it had a turnover of 4.8M and an EBITDA of 1.2M.

Indra acquires SIA-Sistemas Informáticos Abiertos

Indra, a Spanish technology company, acquired 100% of the Spanish company SIA-Sistemas Abiertos in December of 2019 for approximately €70M. SIA is a company based in Alcorcón thatoffers solutions and services in the area of Corporate Information specialized in cybersecurity services. It has branches in Spain and Portugal and more than 500 employees. In 2018, SIA’srevenues amounted to €48M and its EBITDA to €4.6M.

Digitization of large consultancies through M&A

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

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Tech companies

Financial data and valuation multiples of public companies

Source: Bloomberg

COMPANYTOTAL REVENUES EBITDA EBITDA Margin EV/Total revenue EV/EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1

Co

nsu

ltin

ggr

ou

ps GLOBAL DOMINION - 932 89 100 8,0% 10,7% - 0,6x 6,0x 5,3x

CAPGEMINI SE 13.737 14.126 1.822 2.161 13,3% 15,3% 1,5x 1,6x 12,3x 10,3x

CGI INC 8.216 8.634 1.461 1.676 17,8% 19,4% 2,6x 2,4x 14,4x 12,6x

SOPRA STERIA GRO 4.288 4.441 407 493 9,5% 11,1% 0,7x 0,9x 9,9x 8,2x

ALTRAN TECH 3.138 3.240 332 510 10,6% 15,7% 1,7x 1,7x 16,3x 10,6x

ALTEN 2.624 2.835 313 320 11,9% 11,3% 1,5x 1,4x 12,8x 12,5x

Median 11,2% 13,3% 1,5x 1,5x 12,5x 10,5x

Art

ific

ial

Inte

llige

nce BLUE PRISM GROUP - 201,87x -89,58x -69,40x -0,78x -0,34x - 7,86x -17,71x -22,9x

FIRST DERIVATIVE - 284 42 52 16,2% 18,4% - 3,3x 22,5x 18,0x

MICROSTRATEGY 434 487 28 - 6,5% - 2,0x 2,0x 34,9x -

DOMO INC 148 156 -87 -79 -58,6% -50,9% 2,5x 4,1x -7,5x -8,2x

Median -26,0% -34,4% 2,3x 3,7x 7,5x 4,9x

Big

dat

a ORACLE CORP 35.293 36.877 15.164 17.724 43,0% 48,1% 5,2x 5,2x 12,5x 10,7x

TERADATA CORP 1.697 1.719 156 300 9,2% 17,4% 1,7x 1,6x 17,6x 9,2x

ELASTIC NV 304 378 -125 -70 -40,9% -18,4% 16,1x 14,0x -42,5x -76,1x

Median 9,2% 17,4% 5,2x 5,2x 12,5x 9,2x

Cyb

erse

curi

ty

NORTONLIFELOCK 3.272 2.482 827 865 25,3% 34,9% 2,1x 1,7x 5,2x 4,9x

FORTINET INC 1.926 2.345 372 635 19,3% 27,1% 7,5x 7,3x 46,1x 27,1x

FIREEYE INC 794 870 -84 112 -10,6% 12,9% 4,1x 3,7x -38,3x 28,8x

IMPERVA INC 296 310 0,43 41 0,1% 13,3% 3,8x - - -

SSH COMMUNICATIONS

17 15 - 1 - 7,0% 3,2x 3,1x - 44,0x

Median 9,7% 13,3% 3,8x 3,4x 5,2x 27,9x

Oth

er IT SAP SE - 29.646 6.367 9.825 23,1% 33,1% - 5,5x 25,7x 16,6x

COMPUTACENTER PL 5.412 6.056 168 214 3,1% 3,5% 0,3x 0,4x 16,0x 12,6x

PARSONS CORP 3.017 3.566 233 288 7,7% 8,1% - 1,2x 18,1x 14,6x

Median 7,7% 8,1% 0,3x 1,2x 18,1x 14,6x

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

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Trending Topics – Technology Sector– FY 2019

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

Big Data is looking for talent to fill almost half a million jobs during 2019 (January 2019 International University of La Rioja Foundation)

In 2018, 350.000 jobs related to Big Data where left unfilled in Spain. In 2019, even more talented professionals are being sought in the sector, the estimated figure rises to 500.000 positions.

Spain, the country that invests the most in cyber security in the logistics and transport sector (December 2019 Security Notebooks)

The Spanish logistics and supply chain sector assigns 12.6% of its annual budget to cybersecurity, being the country that invests the most in this type of technologies, 4 tenths of a percent above the average for logistics companies.

Regulation and legislation of cybersecurity, a key challenge for the EU (June 2019 European Court of Auditors)

The European Court of Auditors presented an informative document in which it pointed out several aspects the EU must improve the coming years in the area of cybersecurity.The challenges in cybersecurity are becoming increasingly important and if they are not met, they could put citizens and private and public institutions at risk.

European expenditure on artificial intelligence will triple in the next four years (September 2019 It Trends- Tech magazine)

European organizations are betting strongly on artificial intelligence, and it has been estimated that spending in 2019 will exceed $7B. This trend will continue to develop over the following four years, growing at a year-to-year annual rate of 32% until 2023, when it will triple the current figure.

More than 100 million attacks on IoT devices in 2019 (November 2019 Security Notebooks)

A total of 105 million attacks on IoT devices from 276.000 unique IP addresses have been detected worldwide in the first half of 2019. This figure is seven times higher than the same period in 2018, when only about 12 million attacks from 69.000 IP addresses were detected.

IoT

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