Cybersecurity Snapshot May 2022 - Momentum Cyber

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David DeWalt Chairman Eric McAlpine Managing Partner Michael Tedesco Managing Partner Keith Skirbe Managing Director Dino Boukouris Managing Director Alex Sztejnberg Associate Adam Jasmin Associate Vilyam Yegikyan Associate Rachel Joseph Senior Analyst John Gould Research Associate Cybersecurity Snapshot May 2022

Cybersecurity Snapshot May 2022 Momentum Cyber Is Pleased To Release Its Monthly Cybersecurity Snapshot. We are dedicated to consistently providing valuable insights on the dynamic and rapidly evolving Cybersecurity landscape Purpose We maintain the industry leading proprietary M&A and Financing Transaction Database – unrivaled in its accuracy, quality, and scale We complement our proprietary database with data from various industry leading databases and research publishers, primarily from North America and around the world, representing millions of data points and decades of institutional industry knowledge and experience Our May Cybersecurity Snapshot focuses on private and public market strategic activity and key sectors Key highlights include: Background - Examined May Cybersecurity transactions (M&A and VC / PE) to provide valuable insights, identify key historical industry trends, and evaluate year-to-date performance - Updated the CYBERscape to reflect recently added Cybersecurity companies - Highlighted key M&A and financing transactions as well as public market performance 2

Table of Contents I. About Momentum Cyber 4 II. Executive Summary 11 III. Strategic M&A & Financing Deal Activity 15 IV. CYBERscape 25 V. Public Company Trading Analysis 27 VI. Transaction Spotlights 33 3

VII. About Momentum I. Cyber

The Authors World-Class Advisors, Operators, & Investors In Cybersecurity. Momentum Cyber Team Dave DeWalt Founder & Chairman david@momentumcyber.com Eric McAlpine Founder & Managing Partner eric@momentumcyber.com Michael Tedesco Founder & Managing Partner michael@momentumcyber.com Keith Skirbe Founder & Managing Director keith@momentumcyber.com Dino Boukouris Founder & Managing Director dino@momentumcyber.com Alex Sztejnberg Associate alexs@momentumcyber.com Adam Jasmin Associate adam@momentumcyber.com Vilyam Yegikyan Associate vilyam@momentumcyber.com Rachel Joseph Senior Analyst rachel@momentumcyber.com John Gould Research Associate john@momentumcyber.com Return To Table Of Contents 5

The Premier Strategic Advisor In Cybersecurity The First And Only M&A And Strategic Advisory Firm Focused Exclusively On Cybersecurity. Firm Highlights 300 Over A Century Of Experience In Cybersecurity As World Class Operators & Advisors 300B 50 Total M&A Transactions & Deal Value As A Team Since 1994 Cyber Exit Savvy – Deep Expertise Selling to Strategic & Financial Buyers Cybersecurity Transactions & Total Deal Value Executed By Team Members Since 2002 1M 360M Average Cybersecurity Deal Value Unparalleled Access with Executives, Board Members, Investors, & CISOs Categorized Data Points On 3,500 Cybersecurity Companies (CYBERcloud) 16B cloud Unrivaled Thought Leadership In Cybersecurity Through Insightful Research Firm Values Empathy Objectivity Action Tenacity Innovation Long-Term Loyalty Sense of Humor Return To Table Of Contents 6

A Holistic Strategic Advisory Approach Momentum Cyber Is A High-Impact Advisory Boutique With An Exceptional Client Focused Service Model. Momentum’s Advisory Approach Bespoke, Targeted, & Discrete Collaborative Approach With Management Deep Knowledge Capital & Relationships Across Cyber Active Dialogue With Top Strategic And Financial Buyers On Client Engagements Strategic Buyers No Broad Auctions Industry Thought Leadership / Company Positioning Unmatched Senior Level Dedication Financial Buyers Execution Experience & Excellence Exceptional Outcomes For Clients Return To Table Of Contents 7

Momentum’s Proprietary Cybersecurity Data Platform cloud Unparalleled Proprietary Access & Insights Provides A Significant Competitive Advantage For Our Clients. Thousands Of Hours Dedicated To Building A Robust Cyber Big Data Platform Deep Relationships, Strategic Market / Industry Insights, & Proprietary Content Proprietary Industry Content Unrivalled Industry Network 3,500 12,000 Executives & Board Of Directors 2,500 Investors (VC / PE) Cyber Companies 20,000 1,000 400 450 Leading CISOs Channel & Service Providers Media & Influencers Strategic & Investor Contacts NSA / CIA Contacts 650,000 Emails Sent 6,000 Pages Of Content Created Frequent Releases Of Content To Highly Engaged Subscriber Base CYBERscape (800 Companies) Monthly, Quarterly, Mid-Year, & Annual Reports Detailed Transaction Profiles (1,000 Profiles) Strong Israel Network Transaction Database 6,850 Cybersecurity Transactions Proprietary Insights 1,850 5,000 300 100 50 Undisclosed Valuations M&A Transactions Financing Transactions Top Funded Cyber Companies Top Cyber Investors Most Active Cyber Acquirers Key Ecosystem Partners Bespoke Industry & Sub-Sector Coverage (45 Sectors) Channel Reports / Whitepapers Return To Table Of Contents 8

Balanced & Highly Experienced Advisors A Bespoke High-Impact Advisory Boutique With Unique Senior-Level Access. Advice. Bespoke Client Advisory Services Mergers & Acquisitions - Sellside - Buyside - Divestitures - Joint Ventures - Dual Track Corporate Finance PE / Growth Financing Partnerships & Business Development Access. Network Of Key Cyber Decision Makers Executives Entrepreneurs Board Members Policy Influencers Investors Chief Security Officers Board & Special Situation Advisory Corporate Strategy & Development Return To Table Of Contents 9

Tremendous Advisory Track Record In Cybersecurity Unrivalled Deal Experience And Comprehensive Coverage Across The Cybersecurity Landscape. strategic investment by acquired by merged with acquired by acquired by acquired by acquired by a portfolio company of Governance, Risk & Compliance Managed Detection & Response Managed Security Service Provider acquired strategic investment in acquired by acquired by strategic investment by a portfolio company of Extended Detection & Response Vulnerability Management Managed Security Service Provider Kubernetes Security Extended Detection & Response Secure Access Service Edge acquired by strategic investment in acquired acquired by acquired by Strategic Advisor Bot Mitigation & Fraud Prevention Bot Mitigation & Fraud Prevention Security Operations Diversified Security Security Analytics IoT Security Managed Security Service Provider Network Security Network Security acquired by acquired acquired acquired by acquired by acquired by acquired acquired acquired Security Analytics Cloud Security Secure Cloud Orchestration MDM Mobile Security Data Security Undisclosed Consumer Security Company Web Security Managed Detection & Response Consumer Security Return To Table Of Contents 10

I. Executive Summary II.

May 2022 Strategic Deal Flow Cybersecurity Activity Highlighted By Broadcom’s 69B Acquisition Of VMware And Abnormal’s 210M Raise. Strategic Deal Flow Commentary Financing Activity M&A Activity 22 71 M&A Transactions Announced; a 33% YoY decrease 69.8B Notable Deals Most Active Sectors In Disclosed M&A Deal Volume (median disclosed deal value of 88M) acquires acquires acquires 69B 400M 52M MSSP (6) Identity & Access Mgmt. (5) Risk & Compliance (4) 61% Notable Deals Financing transactions completed, a 17% YoY decrease, with total capital raised of 1.9B (median of 11M) Of total financing deals were Early Stage to Series A 300M Later Stage VC Most Active Sectors 210M Series C Risk & Compliance (10) May M&A Deals: Total Raised Prior to Exit 200M Series C 200M PE Growth Network & Infra. Security (9) Data Security (9) May Financing Deals: Breakdown By Stage2 # of Deals # of Deals 1,416.1 Total Amount Raised ( M) 13 34 21 9 3 3 Non-Exits 67.3 1 Not Disclosed 1 1M 1M- 10M 1 1 10M- 20M 20M- 50M 50M Early Stage Median Size 2.7 Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, Pitchbook, and 451 Group. (1) Includes target companies that have no financing history available or bootstrapped. Non-exits include targets that were previously acquired, divested / spun out, or listed on a public exchange. (2) Excludes debt & PIPE transactions. 85.2 7 298.5 Series A Series B Series C 14.5 36.0 67.5 Return To Table Of Contents 12

The Cybersecurity Dashboard May 2022 11.2 Billion 428 100.7 Billion 121 YTD 2022 Financing Volume YTD 2022 Financing Transactions YTD 2022 M&A Volume YTD 2022 M&A Transactions Notable Financing Transactions YTD 2022 Date Company Financing Activity Amt. ( M) 02/14/22 01/19/22 1,000 80 11.2 620 04/26/22 412 2021 05/03/22 300 Deal Value ( B) 05/10/22 200 Application Security Blockchain Cloud Security Data Security Digital Risk Management Endpoint Security Fraud & Transaction Security Identity & Access Management IoT Messaging Security Mobile Security MSSP Network & Infrastructure Security Risk & Compliance SecOps / IR / Threat Intel Security Consulting & Services Web Security 44 52 17 13 0 Jul-19 57 27 51 53 21 15 Oct-19 64 19 66 54 50 41 Jan-20 Apr-20 78 69 73 76 48 61 70 8 Jul-20 17 14 Oct-20 22 Jan-21 Apr-21 Deal Count 41 19 55 95 16 2021 Total: 1,030 168 17 0- 50M 12 55 108 21 69,207 26 22 6,200 2021 Apr-22 50M- 100M Deal Value ( B) 4,000 293 2,500 121 700 20% 13% 100M- 250M 20 13% 250M- 1B 2021 570 M&A M&A Activity Activity 10 24 60 5 6 2021 Total: 293 19 2 10 -3 9 18 14 9 1 2 2 2022 YTD Total: 121 15 18 21 31 19 40 617 YTD 2022 Deal Count 1B 50 5 7 18 44 15 1,201 38% 8 11 34 5,326 YTD 2022 18% 33 2022 YTD Total: 428 16 22 EV ( M) 6,900 29 Jan-22 7% 52 51 23 20 86 102 Oct-21 23% 30 133 Acquirer 100.7 81.2 71 2022 YTD 45% Financing Financing Activity Activity 52 Jul-21 22 16 16 18 16% Min 1.7x 2022 (EV / 2022E Rev) Multiple as of 05/31/22 41 30 24 8% Median 7.0x 2021 (EV / 2021E Rev) Multiple as of 05/31/21 78 62 2021 Median 7.8x YTD 2022 87 Cyber M&A EV Distribution 1030 2021 Notable M&A Transactions YTD 2022 Target 97 95 81 66 67 33 31 27 24 27 21 Max 16.7x Min 1.9x 92 92 99 70 Public Comps 428 M&A M&A 47 16 16 15 14 15 13 9 Max 37.1x 210 03/08/22 63 40 YTD 2022 215 200 60 20 250 05/24/22 85 100 Financing 113 120 550 04/12/22 117 28.9 01/27/22 02/23/22 Monthly Deal Count Pulse 3 21 48 8 3 12 3 21 3

Innovation Program for Start-Ups High-Value Platform For Companies To Showcase The New Ways They Are Tackling Present & Future Cybersecurity Issues. RSA Conference 2022 Innovation Programs Overview Behind every great Cybersecurity company is a stroke of genius that started it all. When it comes to getting those ideas off the ground, there’s no better place than RSA Conference. RSAC Early Stage Expo and RSAC Innovation Sandbox Contest are part of the RSA Conference Innovation Programs, which present an opportunity for start-up companies to compete in and showcase their brilliant industry solutions. Click here to learn more about the RSAC Innovation Programs. RSAC Innovation Sandbox Contest Monday, June 6, 2022 RSAC Early Stage Expo June 8 – 9, 2022 The RSAC Innovation Sandbox Contest brings out Cybersecurity’s boldest new innovators who have made it their mission to minimize risk. Each year, 10 finalists grab the spotlight for a three-minute pitch while demonstrating groundbreaking security technologies to the broader RSA Conference community. The RSA Conference Early Stage Expo is an innovation space dedicated to promoting up-and-comers in the industry. With emerging talent at every kiosk, this is an opportunity to meet 35 of the industry's most promising newcomers. Learn about their innovative products and solutions by visiting their kiosks or sitting in on a short demo at the Early Stage Expo Briefing Center. Event Details RSA Conference 2022 Full Conference Pass and Expo Plus Pass holders can watch this event live on Monday, June 6 at 12:00 PM PT. Moderator Judges Panel Event Details RSA Conference 2022 Full Conference Pass, Expo Plus Pass, and Expo Pass holders can access the RSAC Early Stage Expo on Wednesday, June 8 and Thursday, June 9. RSAC 2022 Early Stage Expo Participants Hugh Thompson Dorit Dor Niloofar Howe Program Committee Chair Paul Kocher Shlomo Kramer Independent Researcher RSAC 2022 Top 10 Innovation Sandbox Contest Finalists Christopher Young Explore the RSAC Early Stage Expo participants you’ll find at RSAC 2022. Registration Information Click here to register for RSA Conference 2022. Sources: RSAC Innovation Programs and Company Websites. Return To Table Of Contents 14

II. Strategic M&A and Financing III. Deal Activity

Highlighted May M&A Transactions

M&A Transactions Cybersecurity M&A Deals During May 2022. Enterprise Value ( M) Total Raised ( M) Target HQ Sector Target Description 05/26/22 69,207 NM Palo Alto, CA Cloud Security Provides multi-cloud services spanning application modernization, cloud management, cloud infrastructure, networking, security, and anywhere workspaces. The Company delivers a digital foundation on which enterprises build, run, manage, connect, and protect complex workloads. 05/25/22 ND ND Raleigh, NC Risk & Compliance Offers security education services for application security. Using “security belt” programs, the platform guides users through the process of building long-term, sustainable application security culture at all levels of their organizations. 05/24/22 ND NM Darmstadt, Germany Risk & Compliance Provider of security awareness training services specializing in establishing sustainable security culture. The Company uses a proprietary security awareness indicator to make security awareness training measurable and comparable. 05/23/22 17 NM Austin, TX MSSP Delivers Cybersecurity privacy, security, compliance, and health IT audit services to help highly regulated industries tackle security and privacy issues. Key services include risk assessments, incident response, compliance program assessments, and web application security testing. 05/23/22 400 8 Reston, VA Security Consulting & Services Government Cybersecurity consultancy offering services to the intelligence community, federal civilian customers, and critical infrastructure markets. Cyber offerings include threat management, security architecture & engineering, SOC support, risk management, and compliance. 05/22/22 ND ND Zug, Switzerland Risk & Compliance Offers services enabling users to improve Cybersecurity awareness and test IT defenses. The Company’s solution suite includes attack simulation, infrastructure testing, awareness training, and employee engagement programs. 05/17/22 125 ND Maia, Portugal MSSP Combined under the holding company Maxive Cybersecurity, S21Sec and Excellium provide an array of services including Cybersecurity consulting, integration, incident detection & response, auditing, and managed security services in Europe. 05/17/22 ND ND Dallas, TX Date Target Acquirer 1 Provider of data security and compliance solutions for ERP applications. The Company’s platform Source: Company Press Release and Website, 451 Group, Capital IQ, Crunchbase, and Pitchbook. NM – Not Meaningful, ND – Not Disclosed 1 – Companies acquired under Maxive Cybersecurity, a holding company. Identity & Access manages risks associated with ERP data using a suite of solutions including dynamic identity & Management access governance, data security, and user activity & transaction monitoring. Return To Table Of Contents 17

M&A Transactions Cybersecurity M&A Deals During May 2022. Enterprise Value ( M) Total Raised ( M) Target HQ Sector Target Description 05/17/22 ND ND Hamburg, Germany MSSP Delivers protection solutions for SAP security and compliance. The product suite includes managed services for SAP, security & access governance consulting services, and the Company’s SAST Suite which provides preconfigured real-time security for SAP ERP and S/4HANA systems. 05/17/22 ND ND Lehi, UT Risk & Compliance Provides governance, risk and compliance management (GRCM) software solutions to offer customers a unified view of their application environment to reduce fraud, increase efficiency, and assist with compliance requirements. 05/17/22 ND ND Herent, Belgium Date Target Acquirer Provides identity & access management solutions for SAP access governance. The Company’s 05/16/22 8 ND Worcester, MA 05/12/22 ND 16 Paris, France ND ND Brandon, FL 05/06/22 ND ND Houten, Netherlands ND validate authorizations, and build roles tuned to the organization's security requirements. Security Consulting & Services Security consulting firm offering tailored services to reduce Cyber risk. Services include virtual CISO and Privacy Officers, risk assessments, training & awareness, and third-party risk management solutions. Identity verification firm that aims to protect users against identity theft and having their personal 05/11/22 05/05/22 Identity & Access products offer analytic control solutions that audit and monitor SAP environments, manage and Management 1 Donostia-San Sebastián, Spain Source: Company Press Release and Website, 451 Group, Capital IQ, Crunchbase, and Pitchbook. NM – Not Meaningful, ND – Not Disclosed Identity & Access data leaked or misused. The Company’s solution suite protects users through a remote hybrid Management verification process combining both AI and experts with video verification tools. MSSP Assists organizations through managed services offerings to plan, build, optimize, and implement Cybersecurity solutions for McAfee. Managed services include endpoint security, SIEM, and ePolicy orchestration, as well as risk assessments and other professional services. Delivers authorization management through a suite of products tailored for Cybersecurity access Identity & Access control. The Company’s solution suite includes an identity manager, password manager, audit box, Management and attestation services. Application Security Provider of continuous application security services that natively integrate into all stages of the software lifecycle (SDLC). The platform accurately discovers security vulnerabilities and protects applications, microservices, and APIs from a broad range of attacks and exploits. Return To Table Of Contents 18

M&A Transactions Cybersecurity M&A Deals During May 2022. Enterprise Value ( M) Total Raised ( M) Target HQ 05/05/22 ND ND San Francisco, CA 05/04/22 ND ND Basingstoke, UK MSSP Managed security services firm offering a wide array of tailored solutions. Services include risk analysis, incident response, assurance testing, Cyber recovery, Cyber maturity program advisory, and a 24/7 SOC. 05/03/22 ND ND Scottsdale, AZ MSSP Offers managed security services primarily aimed at managed detection and response (MDR). The firm’s MDR capabilities include threat detection, validation, and response, as well as 24/7/365 continuous monitoring though a SOC, deep forensic analysis, and threat intelligence services. 05/03/22 ND 27 San Francisco, CA Date Target Acquirer 05/02/22 ND ND McLean, VA 05/02/22 52 3 Barcelona, Spain Sector Target Description Security Memory-focused incident investigation platform that provides unique data-enrichment and query Operations & capabilities. The platform diagnoses Cyber attacks through memory, detecting breaches, reducing Incident Response time and cost of investigations, and empowering teams with specialized knowledge. Provides continuous authentication services through a predictive behavioral biometrics solution. Identity & Access The Company’s platform converts mobile signals from touchscreen and sensors into rules and Management advanced mobile behavioral biometric-based authentication capabilities to secure users. Data Security The Company’s M3 solution combines signal-rich data with expertise to help users detect when their data das been manipulated by third parties. The solution aims to protect against data manipulation by foreign governments in the information security space. Delivers a cross-platform monitoring and parental control solution to protect K-12 schools. The Endpoint Security Company’s solutions include features such as web filters, activity monitoring, tracking, and Cyber safety observing. END OF M&A TRANSACTIONS Source: Company Press Release and Website, 451 Group, Capital IQ, Crunchbase, and Pitchbook. NM – Not Meaningful, ND – Not Disclosed Return To Table Of Contents 19

Highlighted May Financing Transactions

Financing Transactions Selected Cybersecurity Capital Raises During May 2022. Deal Stage Amount Raised ( M) Total Raised ( M) Sector Founding Date HQ 05/31/22 Series B 40 43 Risk & Compliance 2016 Helsinki, Finland 05/31/22 Series A 10 10 Security Operations & Incident Response 2021 Summit, NJ 05/31/22 Later Stage VC 30 120 Messaging Security 2004 Hem, France 05/26/22 Series B 26 43 IoT 2007 Seoul, South Korea 05/25/22 Series A 11 16 Data Security 2018 New York, NY 05/24/22 Series B 15 34 Security Consulting & Services 2015 Alexandria, VA 05/24/22 Series C 200 292 Identity & Access Management 2013 Hoboken, NJ 05/19/22 Early Stage VC 11 11 Data Security 2021 Tel Aviv, Israel Date Company Source: Company Press Release and Website, 451 Group, Capital IQ, Crunchbase, and Pitchbook. Includes transactions 10M in value. Select Investors Return To Table Of Contents 21

Financing Transactions Selected Cybersecurity Capital Raises During May 2022. Deal Stage Amount Raised ( M) Total Raised ( M) Sector Founding Date HQ 05/17/22 Series B 36 43 Blockchain 2018 Tel Aviv, Israel 05/17/22 Series A 25 25 Application Security 2021 Palo Alto, CA 05/17/22 PE Growth 200 200 Identity & Access Management 2004 Flemington, NJ 05/17/22 Series C 27 46 Data Security 2007 Milpitas, CA 05/12/22 Series B 21 35 Application Security 2019 Denver, CO 05/11/22 Series A 15 30 Data Security 2018 San Jose, CA 05/11/22 Later Stage VC 12 12 Endpoint Security 2017 Seoul, South Korea 05/11/22 Series C 100 162 Messaging Security 2017 Redwood City, CA Date Company Source: Company Press Release and Website, 451 Group, Capital IQ, Crunchbase, and Pitchbook. Includes transactions 10M in value. Select Investors Return To Table Of Contents 22

Financing Transactions Selected Cybersecurity Capital Raises During May 2022. Deal Stage Amount Raised ( M) Total Raised ( M) Sector Founding Date HQ 05/10/22 Series F 170 537 Blockchain 2014 New York, NY 05/10/22 Series C 210 284 Network & Infrastructure Security 2018 San Francisco, CA 05/04/22 Series B 101 118 Web Security 2019 Toronto, CA 05/03/22 Series C 110 172 Identity & Access Management 2015 San Francisco, CA 05/03/22 Series A1 18 23 Risk & Compliance 2019 Boston, MA 05/03/22 Later Stage VC 300 316 Data Security 2017 Neuchâtel, Switzerland 05/03/22 Series A 15 20 Network & Infrastructure Security 2020 Evergreen, CO PE Growth 35 35 Cloud Security 2022 Tel Aviv, Israel Date 05/03/22 Company SkyHawk Security Source: Company Press Release and Website, 451 Group, Capital IQ, Crunchbase, and Pitchbook. Includes transactions 10M in value. Select Investors Return To Table Of Contents 23

Financing Transactions Selected Cybersecurity Capital Raises During May 2022. Deal Stage Amount Raised ( M) Total Raised ( M) Sector Founding Date HQ 05/03/22 Series B 60 80 Application Security 2018 San Francisco, CA 05/03/22 Later Stage VC 13 16 Risk & Compliance 2013 Chicago, IL Date Company Select Investors END OF FINANCING TRANSACTIONS Source: Company Press Release and Website, 451 Group, Capital IQ, Crunchbase, and Pitchbook. Includes transactions 10M in value. Return To Table Of Contents 24

IV.

Public III. Company Trading V. Analysis

May 2022 Stock Price Performance The Majority Of Cybersecurity Stocks Have Declined With The Broader Market. May 2022 Stock Price Performance Company Price 9.63 1 Change (%) 24% Company Price Stock Price Performance Analysis May 2022 Indexed Stock Performance Change (%) 50.30 (9%) 110 128.10 19% 502.78 (10%) 105 11.96 8% 138.90 (12%) 95 0.9% (0.6)% (3.6)% 90 (9.3)% 58.86 5% 8.11 (14%) 85 294.14 2% 6.12 (14%) 35.11 1% 4.62 (15%) 22.05 0% 102.56 (16%) 5.20 (1%) 159.99 (20%) 63.44 (1%) 153.09 (24%) 125.08 (1%) 17.78 (25%) 24.34 (3%) 70.87 (26%) 130.68 (4%) 18.90 (28%) 11.64 (6%) 23.79 (28%) 19.16 (6%) 83.05 (30%) Source: Capital IQ. Market data updated as of May 31st, 2022 1Stock price reflective of acquisition by Broadcom. 100 (16.2)% 80 75 70 5/2 5/9 5/16 5/23 5/30 LTM Indexed Stock Performance 150 140 130 120 110 100 90 80 70 May-21 Index Legend (1.7)% (10.0)% (10.5)% (12.1)% (18.2)% Jun-21 Jul-21 Aug-21 High Growth Security Sep-21 Oct-21 Low Growth Security Nov-21 Dec-21 Jan-22 S&P 500 Feb-22 Mar-22 NASDAQ Apr-22 May-22 HACK Return To Table Of Contents 28

Public Company Trading Analysis High-Growth Cybersecurity Comps ( In Millions Excl. Stock Price). Company Stock Price LTM Price Performance Market Cap Enterprise Value EV / Revenue Revenue Growth LTM CY 2022E CY 2023E LTM CY 2022E EV / EBITDA CY 2023E LTM CY 2022E CY 2023E High-Growth Cybersecurity ( 20% 2019A – 2022E CAGR) * * * 502.78 40% 50,095 50,171 30% 25% 21% 9.7x 8.2x 6.8x NM NM NM 294.14 37% 47,217 46,080 32% 31% 21% 12.8x 10.5x 8.7x NM NM NM 159.99 (28%) 37,121 35,911 45% 48% 35% 24.7x 16.7x 12.3x NM NM NM 153.09 (20%) 21,599 20,946 61% 48% 32% 21.6x 16.5x 12.5x NM NM NM 83.05 (62%) 13,099 12,626 44% 37% 34% 9.7x 7.1x 5.3x NM NM NM 23.79 (44%) 6,629 4,988 82% 81% 64% 24.4x 13.4x 8.2x NM NM NM 50.30 22% 5,562 5,460 25% 25% 20% 9.5x 8.1x 6.7x NM NM NM 70.87 (15%) 4,129 4,813 32% 29% 22% 8.4x 7.0x 5.7x NM NM NM 17.78 (5%) 3,113 2,830 41% 35% 26% 10.6x 8.5x 6.7x NM NM NM 4.62 (6%) 2,987 2,678 35% 36% 29% 7.7x 5.7x 4.4x NM NM NM 19.16 (48%) 1,615 1,302 31% 21% 26% 7.1x 6.1x 4.8x NM NM NM 8.11 (57%) 939 585 22% 20% 19% 2.3x 2.0x 1.7x NM NM NM 5.20 (80%) 858 406 26% 12% 25% 1.7x 1.6x 1.3x NM NM NM Mean 39% 34% 29% 11.5x 8.6x 6.6x NM NM NM Median 32% 31% 26% 9.7x 8.1x 6.7x NM NM NM Source: Capital IQ. Market data updated as of May 31st, 2022. Note: NM – Not Meaningful, NA – Not Available. * Stock price performance from IPO price. Return To Table Of Contents 29

Public Company Trading Analysis Operating Metrics High-Growth Cybersecurity Comps. Company Revenue Growth Revenue LTM CY 2022E CY 2023E LTM CY 2022E EBITDA CY 2023E LTM EBITDA Margin CY 2022E CY 2023E LTM CY 2022E CY 2023E High-Growth Cybersecurity ( 20% 2019A – 2022E CAGR) 5,170 6,086 7,352 29.7% 25.3% 20.8% ( 1) 1,399 1,727 (0.0%) 23.0% 23.5% 3,587 4,382 5,302 31.5% 31.1% 21.0% 768 1,214 1,497 21.4% 27.7% 28.2% 1,452 2,154 2,911 45.3% 48.4% 35.2% ( 80) 393 582 (5.5%) 18.3% 20.0% 970 1,272 1,676 61.1% 48.0% 31.8% ( 277) 183 266 (28.6%) 14.4% 15.8% 1,300 1,782 2,380 43.9% 37.1% 33.5% ( 608) ( 149) ( 41) (46.8%) (8.3%) (1.7%) 205 371 608 82.1% 81.2% 63.9% ( 260) ( 184) ( 97) (127.0%) (49.5%) (15.9%) 577 677 815 25.3% 25.1% 20.4% ( 29) 61 98 (5.1%) 9.0% 12.1% 575 689 842 32.4% 28.7% 22.1% ( 94) 41 67 (16.3%) 6.0% 8.0% 268 332 420 41.5% 34.9% 26.3% ( 2) 44 63 (0.6%) 13.3% 15.0% 347 473 612 34.7% 36.0% 29.4% 10 52 89 3.0% 11.0% 14.5% 184 214 269 30.8% 20.9% 25.9% ( 38) ( 30) ( 5) (20.8%) (13.9%) (1.8%) 256 291 346 22.0% 20.2% 18.9% ( 120) ( 84) ( 84) (46.9%) (29.0%) (24.2%) 237 256 318 26.3% 11.5% 24.6% ( 82) ( 67) ( 53) (34.6%) (26.3%) (16.5%) Source: Capital IQ. Note: NM – Not Meaningful, NA – Not Available. Return To Table Of Contents 30

Public Company Trading Analysis Low-Growth Cybersecurity Comps ( In Millions Excl. Stock Price). Company Stock Price LTM Price Performance Market Cap Enterprise Value EV / Revenue Revenue Growth LTM CY 2022E CY 2023E LTM CY 2022E EV / EBITDA CY 2023E LTM CY 2022E CY 2023E Low-Growth Cybersecurity ( 20% 2019A – 2022E CAGR) 1 128.10 (20%) 53,981 63,115 8% 6% 8% 4.9x 4.6x 4.3x 21.7x 12.4x 11.8x 102.56 (10%) 16,506 19,138 24% 25% 22% 6.7x 5.7x 4.7x NM NM 41.4x 125.08 9% 16,024 12,253 6% 6% 5% 5.6x 5.3x 5.1x 13.4x 11.8x 11.2x 24.34 (10%) 14,046 15,984 10% 5% 6% 5.7x 5.5x 5.2x 12.1x 10.2x 9.8x 58.86 37% 8,211 6,212 1% (2%) 7% 3.8x 3.8x 3.6x 11.7x 13.5x 12.4x 6.12 4% 6,373 6,753 3% 4% 6% 7.2x 6.9x 6.5x 15.4x 13.2x 12.2x 63.44 41% 5,984 5,989 22% 19% 21% 12.9x 11.5x 9.5x NM NM NM 35.11 34% 5,810 5,650 20% 17% 18% 8.8x 7.8x 6.6x 49.8x 33.2x 26.8x 138.90 18% 5,568 4,912 10% 18% 22% 9.5x 8.3x 6.8x NM NM NM 22.05 (1%) 5,120 4,560 NA 16% 23% 9.1x 8.1x 6.6x NM NM NM 130.68 43% 5,075 4,581 15% 18% 17% 10.7x 9.4x 8.1x 28.7x 23.5x 20.5x 11.64 (62%) 1,868 3,091 12% 3% 7% 4.3x 4.2x 3.9x 30.6x 10.2x 9.4x 18.90 (17%) 1,612 1,709 26% 13% 19% 5.4x 5.1x 4.3x NM NM NM 11.96 (25%) 1,015 817 (4%) (10%) 4% 1.5x 1.7x 1.6x NM NM NM 9.63 (71%) 654 548 20% (3%) 18% 2.3x 2.3x 2.0x NM 26.7x 17.7x Mean 12% 2% 13% 6.6x 6.0x 5.3x 22.9x 17.2x 17.3x Median 12% 6% 17% 5.7x 5.5x 5.1x 18.6x 13.2x 12.3x Source: Capital IQ. Market data updated as of May 31st, 2022. Note: NM – Not Meaningful, NA – Not Available. * Price performance from IPO price; 1 Pro forma for divestiture of FireEye’s Products business to Symphony Technology Group Return To Table Of Contents 31

Public Company Trading Analysis Operating Metrics Low-Growth Cybersecurity Comps. Company Revenue CY 2022E LTM Revenue Growth CY 2023E LTM CY 2022E EBITDA CY 2023E LTM EBITDA Margin CY 2022E CY 2023E LTM CY 2022E CY 2023E Low-Growth Cybersecurity ( 20% 2019A – 2022E CAGR) 1 12,945 13,634 14,708 7.6% 6.1% 7.9% 2,902 5,098 5,340 22.4% 37.4% 36.3% 2,846 3,331 4,054 23.9% 24.6% 21.7% ( 906) 165 462 (31.9%) 4.9% 11.4% 2,202 2,302 2,419 5.6% 6.2% 5.1% 915 1,043 1,098 41.6% 45.3% 45.4% 2,796 2,892 3,063 9.6% 5.1% 5.9% 1,322 1,561 1,625 47.3% 54.0% 53.0% 1,616 1,614 1,730 1.2% (2.4%) 7.1% 529 461 501 32.8% 28.5% 29.0% 9

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CHAPTER 3 MOMENTUM AND IMPULSE prepared by Yew Sze Ling@Fiona, KML 2 3.1 Momentum and Impulse Momentum The linear momentum (or "momentum" for short) of an object is defined as the product of its mass and its velocity. p mv & & SI unit of momentum: kgms-1 or Ns Momentum is vector quantity that has the same direction as the velocity.

momentum), it is optimal for investors to hold less or may short the momentum asset and hence sufier less or even beneflt from momentum crashes. Key words: Portfolio selection, momentum crashes, dynamic optimal momentum strategy. JEL Classiflcation: C32, G11 Date: March 11, 2016. 1

Momentum ANSWER KEY AP Review 1/29/2018 Momentum-1 Bertrand Momentum How hard it is to stop a moving object. Related to both mass and velocity. For one particle p mv For a system of multiple particles P p i m i v Units: N s or kg m/s Momentum is a vector! Problem: Momentum (1998) 43. The magnitude of the momentum of the

momentum is kg·m/s. Linear Momentum Linear momentum is defined as the product of a system's mass multiplied by its velocity: p mv. (8.2) Example 8.1Calculating Momentum: A Football Player and a Football (a) Calculate the momentum of a 110-kg football player running at 8.00 m/s. (b) Compare the player's momentum with the

1. Impulse and Momentum: You should understand impulse and linear momentum so you can: a. Relate mass, velocity, and linear momentum for a moving body, and calculate the total linear momentum of a system of bodies. Just use the good old momentum equation. b. Relate impulse to the change in linear momentum and the average force acting on a body.

Momentum: Unit 1 Notes Level 1: Introduction to Momentum The Definition Momentum is a word we sometime use in everyday language. When we say someone has a lot of momentum, it means they are on a roll, difficult to stop, really moving forward. In physics, momentum means "mass in motion". The more mass an object has, the more momentum it has.

Momentum (p mv)is a vector, so it always depends on direction. Sometimes momentum is if velocity is in the direction and sometimes momentum is if the velocity is in the direction. Two balls with the same mass and speed have the same kinetic energy but opposite momentum. Momentum vs. Kinetic Energy A B Kinetic Energy Momentum

Brownie Cybersecurity Explore cybersecurity by earning these three badges! Badge 1: Cybersecurity Basics Badge 2: Cybersecurity Safeguards Badge 3: Cybersecurity Investigator This Cybersecurity badge booklet for girls provides the badge requirements, background information, and fun facts about cybersecurity for all three Brownie