Member FINRA | SIPC

Q Advisors M&A Transaction Update

Managed IT & Internet Infrastructure Services
October 2020

© Copyright 2020 Q Advisors LLC · All Rights Reserved. | WWW.QLLC.COM

Q Advisors Overview
Firm Profile Advisory Platform
• Founded in 2001 M&A ADVISORY PRIVATE PLACEMENTS
Sell-Side M&A Equity Financings
• Global boutique investment bank focused on Buy-Side M&A Debt Financings
telecom, media and technology (“TMT”) Divestitures Recapitalizations
Carve-Outs Minority Interest
• Significant M&A and financing advisory
experience in the U.S. and internationally
FINANCIAL STRATEGIC FINANCIAL
RESTRUCTURING ADVISORY
• 350+ transactions with value over $15B
Debt Advisory Valuation Analysis
Section 363 Sales Strategic Competitive
• Team of 21 professionals with offices in Denver,
CO; San Francisco, CA; and Amsterdam, Chapter 11 and Out of Court Analysis
Netherlands Debt Restructuring Fairness Opinions

Senior Team & Contact Information

Denver
Gerry DeHaven Michael Quinn Patrick Scott Brian Barnell, CFA
999 18th Street
Partner Partner Partner Managing Director
Suite 1645 (North Tower)
303.996.3004 303.996.3003 415.361.5608 415.361.5609
Denver, CO 80202
dehaven@qllc.com quinn@qllc.com pscott@qllc.com barnell@qllc.com
303.996.9660
Andrew Gaffney, CFA Daniel Kenney Andy Monroe Dmitry Netis San Francisco
Managing Director Managing Director Managing Director Managing Director 100 Drakes Landing Road
303.996.4005 303.996.3558 303.996.3006 303.996.1151 Suite 301
gaffney@qllc.com kenney@qllc.com monroe@qllc.com netis@qllc.com Greenbrae, CA 94904
415.361.5608
Jordan Rupar Hayley Hughes Dominick Robusto, CFA Amsterdam, Netherlands
Vice President Vice President Vice President Prinsengracht 719,
303.996.4004 303.996.3009 303.996.7553 Amsterdam, Netherlands
rupar@qllc.com hughes@qllc.com robusto@qllc.com 720.277.6357

2
Q Advisors Advantage

UNUSUAL BREADTH &
DEPTH
• Diverse expertise – banking,
consulting, operations & law
• 150+ years combined
experience
GLOBAL PERSPECTIVES &
RELATIONSHIPS
• 30+ cross-border transactions
• Significant experience with large
global players
BROAD C-LEVEL REACH
• Deep domestic and
international industry
relationships
• Global strategic acquirer and
private equity reach
CLIENT-CENTERED &
SOLUTION-ORIENTED
• Emphasis on repeat
assignments and referrals
• Partners who execute, not just
originate

Deep Industry Experience

COMMUNICATIONS MANAGED IT CLOUD SOFTWARE &

INFRASTRUCTURE & SVCS SERVICES COMMUNICATIONS TECHNOLOGY
Focus
Sub- Fiber Network & SD-WAN UCaaS Enterprise Software
Sectors Wireless & Tower Cloud & Data Center CPaaS SaaS / PaaS
Wholesale Data & Voice Security & Continuity Collaboration Digital Media / AdTech
Mobility Services IT Services CCaaS and Customer Technology Hardware
Infrastructure as a Service Engagement
IoT

Select
Clients

3
Select Recent Q Advisors Transactions

STRATEGIC SALE OF
CLEARSPAN UCAAS A PORTFOLIO COMPANY OF ACQUIRED BY
DIVISION TO
ACQUIRED BY ACQUIRED BY ACQUIRED BY

DEBT FINANCING BY A PORTFOLIO COMPANY OF

sell-side advisor sell-side advisor placement agent sell-side advisor sell-side advisor sell-side advisor

ACQUIRED BY

ACQUIRED BY RECAPITALIZATION BY ACQUIRED BY RECAPITALIZED BY

RECAPITALIZATION BY A PORTFOLIO COMPANY OF

sell-side advisor buy-side advisor sell-side advisor sell-side advisor sell-side advisor sell-side advisor

A PORFTOLIO COMPANY OF ACQUIRED BY

A PORTFOLIO COMPANY OF

RECAPITALIZATION BY ACQUIRED BY MERGED WITH

PORTFOLIO COMPANIES OF
ACQUIRED BY ACQUIRED

sell-side advisor sell-side advisor sell-side advisor sell-side advisor buy-side advisor sell-side advisor

4
SD-WAN Spotlight
Section I
Software Defined Wide Area Network (SD-WAN)
As companies continue to advance their digital transformation initiatives, SD-WAN is becoming increasingly foundational
to evolving network requirements

Global SD-WAN Infrastructure & Services Market

Global SD-WAN Revenues1 SD-WAN Market Penetration2 SD-WAN Deployment Status1

USD; billions Deployed SD-WAN Market Penetration N = 1,202 (Worldwide)

5.3 2019 2024P 95% enterprises

CAGR 39.6% 38.3% have or will
deploy SD-WAN
31%
within the next 24
mos.
17.1%

1.8 5.1%
<20% 60%
Current Plan to deploy Plan to deploy No plans to
deployed in the next 12 in the next 12 - deploy in the
months 24 months next 24
2018 2023 months

Key Trends Key Acquisitions / Investments

• Significant global SD-WAN adoption driven by the

acceleration of enterprise office branch network and
remote worker requirements
̶ Enables multi-location enterprises to resolve challenges $184 MM
created by increasing cloud, mobile, big data and
analytics traffic
$160 MM
̶ Optimizes network to support new cutting edge
technologies, improve performance, and provide
security to branch offices and remote workers
̶ Reduction in TCO with reduced router capex, router
maintenance / support and staffing needs
Source: (1) IDC; (2) Gartner

6
Select SD-WAN Market Vendors
• Evolving environment of SD-WAN technology vendors, SD-WAN Market Share by Vendor1 2018
segmented between:
Rest of Market, 20.8%
̶ Incumbent routing and switching vendors
̶ WAN optimization specialists Huawei, 3.2%
Cisco, 46.4%
Aryaka, 4.2%
̶ Pure-play SD-WAN startups
Riverbed, 4.3%
̶ Traditional telecom and managed services providers Nokia-Nuage, 4.9%
Silver Peak, 7.4%
VMware, 8.8%

Traditional Telecom &

Incumbent Routing &
Switching Vendors
Rolling out SD-WAN products
WAN Optimization Pure-Play SD-WAN Managed Services
Specialists Startups / Providers Providers
Adding proprietary or resold SD-WAN
Product expansion to include SD-WAN Focused solely on SD-WAN
capabilities to Managed Services

Source: (1) IHS Markit

7
Secure Access Service Edge – Managed Network and Security Convergence

Digital transformation and edge computing have inverted access requirements, with more users, devices, applications,
services located outside of the enterprise – driving a convergence between network and security technologies

Secure Access Service Edge (SASE) Overview Top Use Case Criteria for SD-WAN2

• SASE – the convergence of SD-WAN and security offerings delivered Securely connect SD-WAN sites
22.8%
to the edge – is driven by branch offices and remote workers need to directly to SaaS and IaaS providers
access networks in secure, cost effective manner, while not degrading
application performance1 Improve performance of SaaS and
21.1%
IaaS/PaaS applications
̶ More work is performed off the enterprise network than on the enterprise
network Automate and simplify
20.4%
̶ More applications are consumed via SaaS than consumed from enterprise management of WAN infrastructure
infrastructure
• 5G will be a catalyst to accelerate edge computing adoption and Accelerate and expedite WAN
20.2%
deployments/site provisioning
continue to drive the digital inversion of usage patterns off enterprise
networks Improve application availability by
• The need to agilely support digital business transformation while leveraging broadband internet or 19.0%
LTE at the branch
keeping the complexity of networks manageable will be the
predominant drivers of the market Utilize multiple WAN provider to
18.4%
achieve cost and service flexibility

Secure Access Service Edge Opportunity to save money (CapEx

18.1%
and OpEx)
Network Security as a
Network as a Service
Service Broadband internet access in place
17.6%
of a MPLS VPN services
• Network
Security Reduce appliance sprawl at the
• SD-WAN
Market • SWG branch by creating a virtualized
• CDN 15.7%
convergence • CASB
• WAN network edge
• VPN
Optimization Leverage existing installed CPE
• WAAPaaS
• Network-as-a- equipment with an SD-WAN
• FWaaS 15.6%
Service software upgrade
• DNS
• RBI
Secure Access
Source: (1) Gartner (2) IDC Service Edge

8
Market Trends & Recent
Transaction Activity
Section II
Enterprise Cloud IT and Infrastructure Ecosystem
Managed IT & Internet Infrastructure

Managed Internet
Managed IT Services Data Center & Cloud Bandwidth
VAR / IT Hardware Infrastructure and
Category & Outsourcing Infrastructure Infrastructure
Services
Significant Convergence of Enterprise-Focused Cloud IT & Infrastructure Solutions
• IT Consulting / Professional
• IT Outsourcing & Help • Private, Hybrid, Public
Services
Desk Cloud • REITs • Dark Fiber
• Hardware / Software
Service Procurement
• Business Continuity & • Managed Network and • Space / Power • Lit Fiber Services
Disaster Recovery Security
Examples • IT Distribution
• Interconnection • Wavelengths
• Digital Transformation • Managed Colocation
• Maintenance & Warranty
• Cloud Migration • Managed Voice
Services

Select
Companies

• Primarily non-recurring • Mix of non-recurring • High-proportion of • Primarily monthly • Primarily monthly

revenue and monthly recurring monthly recurring recurring revenue recurring revenue
Financial • Lower Margin revenue revenue • High Margin • High Margin
Profile • Minimal contractual • Mid-tier margin • Mid-tier margin • Long-term, multi-year • Long-term, multi-year
commitments • 2-3 year commitments • 2-3 year commitments commitments commitments
• Limited CapEx • Limited CapEx • Low-to-moderate CapEx • High CapEx • High CapEx

EV / Rev
Median 0.3x EV / Rev 1.9x EV / Rev 2.3x EV / Rev 12.3x EV / Rev 8.2x
Public EV / EBITDA 9.5x EV / EBITDA 11.9x EV / EBITDA 10.4x EV / EBITDA 23.8x EV / EBITDA 19.9x
Valuation
EBITDA Margin EBITDA Margin
Multiples 4% EBITDA Margin 15% EBITDA Margin 22% EBITDA Margin 48% 41%

and Margins
Increasing Valuations

10
Effect of COVID-19 on Public Market Valuations

Since the outbreak of COVID-19, Value Added Reseller and Managed Internet Infrastructure companies have seen
valuations compress whereas Infrastructure and Managed IT companies have seen valuations expand

12/31/2019 Valuations 10/7/2020 Valuations

Median LTM VAR / IT Hardware Valuations

17% decrease in
EV / Rev 0.4x EV / Rev 0.3x EBITDA Multiples
EV / EBITDA 11.4x EV / EBITDA 9.5x
Median LTM Managed IT Services & Outsourcing
23% increase in
EV / Rev 1.6x EV / Rev 1.9x EBITDA Multiples
EV / EBITDA 9.7x EV / EBITDA 11.9x
Median LTM Managed Internet Infrastructure and Services
10% decrease in
EV / Rev 2.3x EV / Rev 2.3x EBITDA Multiples
EV / EBITDA 11.6x EV / EBITDA 10.4x
Median LTM Data Center & Cloud Infrastructure
10% Increase in
EV / Rev 10.6x EV / Rev 12.3x EBITDA Multiples
EV / EBITDA 21.5x EV / EBITDA 23.8x
Median LTM Bandwidth Infrastructure
3% Increase in
EV / Rev 7.6x EV / Rev 8.2x EBITDA Multiples
EV / EBITDA 19.1x EV / EBITDA 19.9x

11
YTD Public Market Return Trends

Through September 30th, 2020, Managed IT and Outsourcing companies have performed in line with the market, whereas
Cloud and Bandwidth Infrastructure companies have vastly outperformed the market

S&P 500 Bandwidth Infrastructure Data Center & Cloud

Managed Internet Infrastructure Managed IT Services VAR IT Hardware
60%

50%

40%
38.2%

30%
22.7%
20%

10% 6.9%
4.1%
0%

-10% -8.3%

-12.4%
-20%

-30%

-40%

-50%
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

12
Managed IT – M&A Transaction Trends
• Managed Cloud IT and Internet Infrastructure continue to represent a critical and growing delivery mechanism, driven by
demand for a single-source provider with a full suite of IT, cloud, network, and security services
• IT Firms are adding technology, services and/or capabilities to establish more significant, diversified revenue streams, and
stickier customer relationships, seeking to become an end-to-end solution provider
Select Key M&A Trends

• High levels of recent M&A activity driven by the dynamics of a fragmented industry, with no one company
Consolidation of a occupying more than one to two percent market share
Highly Fragmented
• Acquirers are seeking add-on acquisitions in order to expediently scale, eliminate competition, expand
Industry
geographically, or enhance their technology services portfolio

• The prevalence and fragmentation of cloud-based services has complicated the traditional vendor, distributor,
Escalating Channel VAR distribution channel
Complexity &
• Consolidations are being driven by enterprises’ desire to have a single point of contact that manages the entirety
Disintermediation
of the development, deployment, and delivery of infrastructure, connectivity, voice, data, and cloud services

• Acquirers are consistently looking to bolster their portfolios and add new expertise including:
Bolstering › Technology such as security, SD-WAN, network engineering, multi-cloud, hybrid cloud, and application
Technology and management amongst others
Skillsets › Advisory, professional services, DevOps, and integration skillsets to ensure smooth development,
deployment or migration

• Historically, managed service providers have been geographically siloed, providing high-touch customized
Geographical solutions to businesses of relatively close-proximity
Expansion • Today these solutions are becoming modularized and acquirers are seeking target platforms with a strong
geographical foothold that they can layer additional solution capabilities onto, driving cross-selling synergies

• Value added resellers and hardware providers are seeking to move up the value chain and transition to higher
Higher Quality margin, longer term, monthly recurring managed service revenue
Revenue and Margin
• This stickier, more diversified portfolio of revenue drives longer term customer relationships, a more predictable
Expansion
financial profile, and margin expansion

13
Managed IT – Select Noteworthy M&A Transactions in 2020

High levels of M&A activity continued throughout 2020 driven by industry growth, consolidation, and technology/service
diversification facilitating stickier customer relationships and revenue streams

Managed IT and Internet Infrastructure – Select 2020 Acquisitions

Announce
Type Acquirer Target Valuation Transaction Highlights
Date
• Virtusa’s core services include consulting and system design, analytics
• EV: $2,308 MM and data, digital process automation, enterprise application
Private Equity September 2020 • EV / Rev: 1.6x integration, cloud services and managed services
• EV / EBITDA: 16.8x • BPEA is looking to take advantage of the trend towards digital
acceleration and Virtusa’s deep domain expertise

• EV: $220 MM • Chef Inc is a leader in DevOps and DevSecOps, providing complete
infrastructure automation to build, deploy, manage and secure
Strategic September 2020 • EV / Rev: 3.1x
application in modern multi-cloud and hybrid environments, as well as
• EV / EBITDA: NA on-premises
• Ahead LLC is a leading provider of enterprise cloud solutions by
• EV: NA weaving cloud infrastructure, intelligent operations and modern
Private Equity September 2020 • EV / Rev: NA applications solutions together to deliver digital transformation. Ahead
• EV / EBITDA: NA has tripled revenue from 2015 and Centerbridge is seeking to continue
the Company’s growth profile
• EV: $925 • The combination of HPE’s Aruba and Silver Peak will accelerate Cloud
transformation for enterprises with a comprehensive edge-to-cloud
Strategic July 2020 • EV / Rev: $7.0x
networking solution covering all aspects of wired, wireless LAN and
• EV / EBITDA: NA wide area networking

• EV: $400 MM • With the integration of CloudGenix’s cloud-managed SD-WAN

solutions, Palo Alto Networks will accelerate the intelligent onboarding
Strategic April 2020 • EV / Rev: NA
of remote branches and retail stores into Prisma Access, in turn
• EV / EBITDA: NA accelerating the shift from SD-WAN to SASE across its customer base

• EV: NA • TPx Communications is a leading managed services and business

Private Equity February 2020 • EV / Rev: NA communications solutions provider
• EV / EBITDA: NA • Platform investment for Siris to create a consolidator in the MSP space

• EV: NA • CDI is a leading provider of IT infrastructure hardware and software,

consulting and managed services
Private Equity January 2020 • EV / Rev: NA
• Completed two acquisitions in 2020 including PF Solutions, and Plan B
• EV / EBITDA: NA Technologies

14
Managed IT – Select Active Strategic Consolidators

Private equity and strategic acquirers continue to play a major role in Managed IT Services deal activity, driven by excess
funds raised, growth of the IT services market, and a fragmented market delivering multiple solutions

Managed IT and Internet Infrastructure — Select Consolidators

Acquirer /
Investor
November 2016 December 2016 November 2017 January 2018 April 2018 June 2018 February 2019

Managed Cloud IT
Managed IT Managed IT Managed IT Managed Cloud and Managed Cloud Managed Cloud
Focus and Database
Solutions Solutions Solutions Infrastructure and Infrastructure and Infrastructure
Solutions

2017

2018

2019

2020

15
Current Market Valuations
Section III
Managed IT – Select Valuation Drivers

1. 2. 3. 4. 5. 6.

Diversified Strong Sales

Technology / Quality of
Business Model Customer Channel and Specialization
Solution Service
Base Tools
Public, Private,
Hybrid Cloud Wholesale / Retail
Multi-Year Strong Channel Vertical Market
Contracted Size (Mid-Market SLAs
Proprietary Relationships Expertise
Revenues & Enterprise) /
Technology
High ARPU
Migration
Capabilities

Security Strong Sales

Size / Scale (ARR)
Low Customer Team with Network and Geographic
and Margin
Concentration Engineering Quality (QoS) Diversification
Consulting Profile
Capabilities

DRaaS

Integration with
Third Party Compelling Vendor and
Loyalty (Low Consultative Sales Data Protection
Platforms Revenue Partner Industry
Churn) Approach and Privacy
Composition Certifications
(via APIs)

Premium valuations are derived from a variety of attributes — from having an innovative product and solution set to
achieving double-digit revenue growth and industry leading margins

17
Public Comparables – Managed IT Services & Outsourcing
Managed Service Com ps - Managed IT Services & Outsourcing
Trading Multiples as of 10/07/2020; (US$ in millions) Margins Grow th Multiples

Gross
LTM LTM EBITDA FWD LTM LTM
Com parable Com panies TEV Market Cap. Profit
Revenue EBITDA (LTM) Revenue Revenue EBITDA
(LTM)
Managed IT Services & Outsourcing
Infosys Limited $59,222.2 $61,623.9 $12,770.0 $3,121.0 32.3% 24.4 % 7.1 % 4.6x 19.0x
Cognizant Technology Solutions Corporation $36,749.7 $37,864.7 $16,757.0 $3,294.0 35.8% 19.7 % (1.5)% 2.2x 11.2x
NTT DATA Corporation $22,259.7 $17,650.6 $21,061.3 $3,066.1 25.1% 14.6 % (2.8)% 1.1x 7.3x
Capgemini SE $30,088.8 $21,437.0 $16,541.8 $2,085.3 26.6% 12.6 % 12.4 % 1.8x 14.4x
CGI Inc. $19,930.2 $17,466.8 $8,967.3 $1,571.3 30.7% 17.5 % 0.8 % 2.2x 12.7x
Wipro Limited $22,293.1 $26,098.8 $8,104.5 $1,577.2 28.9% 19.5 % (1.2)% 2.8x 14.1x
DXC Technology Company $13,099.5 $4,547.5 $19,189.0 $2,927.0 22.3% 15.3 % (11.0)% 0.7x 4.5x
Atos SE $11,373.1 $8,913.5 $12,909.1 $1,541.8 10.1% 11.9 % (2.6)% 0.9x 7.4x
Tech Mahindra Limited $9,426.9 $10,056.6 $4,940.6 $684.5 32.6% 13.9 % 1.3 % 1.9x 13.8x
Sopra Steria Group SA $4,257.1 $3,220.6 $4,944.4 $431.8 13.0% 8.7 % (0.8)% 0.9x 9.9x

Sources: Capital IQ, SEC Filings, Press Releases and Q Advisors LLC Estimates Mean 25.7 % 15.8 % 0.2 % 1.9x 11.4x
Median 27.7 % 14.9 % (1.0)% 1.9x 11.9x

Managed IT Services & Outsourcing – Three Year EV / EBITDA

14.0x Median Max Min Average
13.0x
12.0x 12.3x
11.0x 11.9x
10.0x
10.1x
9.0x
8.0x
7.0x
6.0x
5.6x
5.0x
Nov-17

Nov-18

Nov-19
Jul-18

Jul-19

May-20

Jul-20
Apr-18
May-18
Jun-18

Apr-19
May-19
Jun-19

Apr-20

Jun-20
Sep-17

Dec-17

Feb-18
Mar-18

Aug-18
Sep-18

Dec-18

Feb-19
Mar-19

Aug-19
Sep-19

Dec-19

Feb-20
Mar-20

Aug-20
Sep-20
Jan-18

Jan-19

Jan-20
Oct-17

Oct-18

Oct-19

18
Public Comparables – Managed Internet Infrastructure
Managed Service Com ps - Managed Internet Infrastructure
Trading Multiples as of 10/07/2020; (US$ in millions) Margins Grow th Multiples

Gross
LTM LTM EBITDA FWD LTM LTM
Com parable Com panies TEV Market Cap. Profit
Revenue EBITDA (LTM) Revenue Revenue EBITDA
(LTM)
Managed Internet Infrastructure
GTT Communications, Inc. $3,905.6 $298.2 $1,702.3 $375.6 44.9% 22.1 % (2.6)% 2.3x 10.4x
Endurance International Group Holdings, Inc. $2,429.5 $826.1 $1,100.6 $278.5 57.4% 25.3 % (1.1)% 2.2x 8.7x
SecureWorks Corp. $773.6 $926.3 $563.0 $6.3 55.7% 1.1 % 0.7 % 1.4x NM
iomart Group plc $559.6 $484.9 $140.2 $49.0 60.8% 34.9 % 2.9 % 4.0x 11.4x
Redcentric plc $320.7 $276.0 $108.9 $4.8 63.1% 4.4 % 4.5 % 2.9x NM

Sources: Capital IQ, SEC Filings, Press Releases and Q Advisors LLC Estimates Mean 56.4 % 17.6 % 0.9 % 2.6x 10.2x
Median 57.4 % 22.1 % 0.7 % 2.3x 10.4x

Managed Internet Infrastructure – Three Year EV / EBITDA

16.0x Median Max Min Average

14.0x 14.2x

12.0x
10.4x
10.0x 10.5x

8.0x
7.7x

6.0x
Jul-18

Jul-19

May-20

Jul-20
Apr-18
May-18
Jun-18

Apr-19
May-19
Jun-19

Apr-20

Jun-20
Sep-17

Nov-17
Dec-17

Feb-18
Mar-18

Aug-18
Sep-18

Nov-18
Dec-18

Feb-19
Mar-19

Nov-19
Aug-19
Sep-19

Dec-19

Feb-20
Mar-20

Aug-20
Sep-20
Jan-18

Jan-19

Jan-20
Oct-17

Oct-18

Oct-19

19
M&A Comparables - Managed IT & Internet Infrastructure

Precedent Transaction Comparables (US$ in Millions) Operating Metrics TEV Multiple

Date Buyer Target Im plied TEV Revenue EBITDA Revenue EBITDA

Managed IT and Internet Infrastructure

09/29/2020 Nexus Technologies, Inc. Symmetrix Solutions NA NA NA NA NA

09/22/2020 CDI LLC P5 Solutions NA NA NA NA NA
09/21/2020 PagerDuty, Inc. Rundeck, Inc. $100 NA NA NA NA
09/20/2020 HCL Australia Services Pty Limited DWS Limited $149 $135 $16 1.1x 9.5x
09/16/2020 Pure Storage, Inc. Portw orx Inc. $370 NA NA NA NA
09/10/2020 Baring Private Equity Asia Virtusa Corporation $2,308 $1,443 $137 1.6x 16.8x
09/09/2020 Pragmatic Works Inc. 3Cloud, LLC NA NA NA NA NA
09/08/2020 Progress Softw are Chef $220 $71 NA 3.1x NA
09/02/2020 Centerbridge Partners LP AHEAD NA $1,300 NA NA NA
09/01/2020 Apex Systems, LLC LeapFrog Systems, Inc. $72 NA NA NA NA
08/28/2020 The Acacia Group TradeHelm NA NA NA NA NA
08/25/2020 Dynamic Quest Southern Data Solutions (SDS) NA NA NA NA NA
08/11/2020 Meriplex Communications Preferred Technology Solutions (PTS) NA NA NA NA NA
08/10/2020 Presidio Coda Global NA NA NA NA NA
07/29/2020 Nexon Asia Pacific GCOMM NA NA NA NA NA
07/28/2020 Cognizant New Signature $305 NA NA NA NA
07/28/2020 LDC DoubleEdge Professional Services, Foehn, and Metaphor IT $39 NA NA NA NA
07/21/2020 Dynamic Quest Nexxtep Technology Services NA NA NA NA NA
07/21/2020 Eze Castle Integration Alphaserve Technologies NA NA NA NA NA
07/14/2020 Datapath Bright Bear Technology Solutions NA NA NA NA NA
07/13/2020 Aruba Netw orks Silver Peak Systems $925 $132 NA 7.0x NA
07/07/2020 CDI LLC Plan B Technologies NA NA NA NA NA
06/16/2020 Calligo Limited Itomic Voice & Data Ltd. NA NA NA NA NA
06/08/2020 Orion Innovation Zodiac Systems NA NA NA NA NA
06/04/2020 Deloitte Ireland DNM NA NA NA NA NA
06/03/2020 Effectual Five Talent NA NA NA NA NA
06/03/2020 Navisite Privo NA NA NA NA NA
06/02/2020 ProArch iv4 NA NA NA NA NA
05/31/2020 Stellar IT Solutions StanSource NA NA NA NA NA
05/27/2020 Telecom Italia Noovle NA NA NA NA NA
04/21/2020 BCM One nexVortex NA NA NA NA NA
04/20/2020 Globe Telecom Cascadeo $4 NA NA NA NA
04/20/2020 Accenture Gekko NA NA NA NA NA
04/07/2020 Accenture Revolutionary Security NA NA NA NA NA
03/31/2020 Palo Alto Netw orks CloudGenix $400 NA NA NA NA
03/25/2020 One Equity Partners MCL Computer & Zubehor GMBH NA NA NA NA NA
02/12/2020 Siris TPX Communications* NA NA NA NA NA
02/06/2020 Dynamic Quest Cohn Consulting Corporation NA NA NA NA NA

20
M&A Comparables - Managed IT & Internet Infrastructure (cont.)

Precedent Transaction Comparables (US$ in Millions) Operating Metrics TEV Multiple

Date Buyer Target Im plied TEV Revenue EBITDA Revenue EBITDA

Managed IT and Internet Infrastructure

01/27/2020 GCI Managed Services Group Nasstar plc (AIM: NASA) $101 $36 $7 2.8x 14.5x
01/27/2020 Comcast Business Blueface NA NA NA NA NA
01/09/2020 Calligo Limited DC Netw orks Limited NA NA NA NA NA
01/06/2020 Trinity Hunt Partners Dataprise, Inc. NA NA NA NA NA
01/06/2020 One Equity Partners Computer Design and Integration LLC NA NA NA NA NA
12/19/2019 BC Partners Presidio, Inc. $2,375 $3,047 $220 0.8x 10.8x
12/17/2019 Carbon60 Netw orks Cirrus9 Inc. NA NA NA NA NA
12/17/2019 Arkphire Ireland Limited Trilogy Technologies Ltd NA NA NA NA NA
11/19/2019 Kape Technologies Plc (AIM:KAPE) Private Internet Access, Inc. $128 $47 $15 2.7x 8.7x
11/11/2019 Open Text Corporation Carbonite $1,396 $517 $144 2.7x 9.7x
11/06/2019 Staple Street Capital LLC CyberlinkASP Technology NA NA NA NA NA
11/04/2019 Rackspace Hosting, Inc. Onica Inc. NA NA NA NA NA
10/29/2019 New Era Technology, Inc. Cameo Global, Inc. NA NA NA NA NA
10/18/2019 AMP Capital Investors Expedient Holdings USA, LLC NA NA NA NA NA
09/24/2019 Sentinel Capital Partners New Era Technology NA NA NA NA NA
09/09/2019 RDX Navisite NA NA NA NA NA
08/01/2019 Perspecta Inc. Knight Point Systems, LLC $250 $154 NA 1.6x NA
07/30/2019 Transaction Netw ork Services NetXpress LLC NA NA NA NA NA
07/25/2019 Pensare Acquisition Corp. Stratos Management Systems $65 NA NA NA NA
04/04/2019 Momentum Telecom Metro Optical Solutions* NA NA NA NA NA
04/02/2019 Netw ork Utilities (Systems) Limited Metropolitan Netw orks Limited NA NA NA NA NA
04/01/2019 Coretelligent United Technology Group NA $11 NA NA NA
03/27/2019 Calligo Limited Connected Technologies Inc. NA NA NA NA NA
01/18/2019 Iliad SA Jaguar Netw ork SAS $114 $35 $11 3.2x 10.6x
01/07/2019 Dynamic Quest, Inc. Carolina Netw orks, Inc. NA NA NA NA NA
01/03/2019 CVC Capital Partners ConvergeOne Holdings, Inc. $1,640 $1,367 $112 1.2x 14.7x
01/03/2019 GI Partners Single Digits, Inc. NA NA NA NA NA
01/01/2019 Hostw ay Corporation Hosting.com NA NA NA NA NA
12/04/2018 Dynamic Quest, Inc. Enroute Netw orks, Inc. NA NA NA NA NA
10/23/2018 Hitachie Vantara Corp. REAN Cloud $120 $35 NA 3.4x NA
10/01/2018 Clairvest Partners Meriplex Communications* NA NA NA NA NA
10/01/2018 GTT Communications, Inc. Access Point, Inc. $40 NA NA NA NA
09/28/2018 ConvergeOne Holdings Advantel, Inc. $16 NA NA NA NA
09/20/2018 Apax Partners France Expereo International B.V. $369 $105 NA 3.5x NA
08/14/2018 Orange Business Services Basefarm $410 $117 NA 3.5x NA
08/09/2018 Cox Business Solutions Rapidscale $63 $23 NA 2.7x NA
07/26/2018 Synoptek, Inc. Indusa Technical Corp. NA NA NA NA NA
05/31/2018 GTT Communications, Inc. Interoute $2,268 $857 $197 2.6x 11.5x

21
M&A Comparables - Managed IT & Internet Infrastructure (cont.)

Precedent Transaction Comparables (US$ in Millions) Operating Metrics TEV Multiple

Date Buyer Target Im plied TEV Revenue EBITDA Revenue EBITDA

Managed IT and Internet Infrastructure

05/08/2018 Mayfair Private Equity GCI Telecom Group $270 $114 NA 2.4x NA
04/30/2018 Presidio Red Sky Solutions $41 NA $6 NA 6.8x
03/12/2018 GTT Communications, Inc. Accelerated Connections $39 $35 $5 1.1x 7.2x
02/28/2018 Internap Corporation SingleHop, LLC $132 $48 $17 2.8x 8.0x
01/08/2018 GTT Communications, Inc. Custom Connect $32 $28 $3 1.2x 10.0x
12/13/2017 ABRY Partners, LLC Nexus Technologies, Inc. NA NA NA NA NA
11/16/2017 Rackspace Hosting, Inc. Datapipe, Inc. NA NA NA NA NA
11/01/2017 SysGroup plc Rockford IT Limited $5 $6 $1 0.9x 5.0x
10/03/2017 GTT Communications, Inc. Transbeam* NA NA NA NA NA
10/02/2017 Cincinnati Bell Inc. OnX Enterprise Solutions Ltd. $199 $614 $29 0.3x 6.9x
08/01/2017 Peak 10 Holding Corporation ViaWest, Inc. $1,675 NA NA NA NA
07/31/2017 Cisco Systems, Inc. Viptela, Inc. $610 NA NA NA NA
07/28/2017 Windstream Holdings Broadview Netw orks $196 $288 $46 0.7x 4.3x
07/03/2017 Consolidated Communications Fairpoint Communications $1,461 $812 $333 1.8x 4.4x
05/01/2017 GTT Communications, Inc. Giglinx Global $21 $21 NA 1.0x NA
04/22/2017 Ufinet Telecom Holdings IFX Netw orks $108 $40 $13 2.7x 8.5x
03/31/2017 DXC Technology Company Everett Spinco, Inc. $8,642 $19,032 $1,704 0.5x 5.1x
02/27/2017 Windstream Holdings EarthLink Holdings $1,061 $990 $207 1.1x 5.1x
02/10/2017 Onvoy Inteliquent $681 $349 $71 2.0x 9.5x
02/02/2017 Madison Dearborn Partners, LLC Intermedia.net, Inc. NA $200 NA NA NA
12/23/2016 Daisy Intermediate Holdings Limited Alternative Netw orks Plc $232 $177 $21 1.3x 11.2x
12/21/2016 Berkshire Partners LLC Masergy Communications, Inc. $950 $240 $60 4.0x 15.8x
11/14/2016 Fusion Telecommunications Apptix, Inc. $28 $25 NA 1.1x NA
11/08/2016 Investcorp Calligo* NA NA NA NA NA
11/03/2016 Inception Parent, Inc. Rackspace Hosting, Inc. $4,404 $2,073 $588 2.1x 7.5x
09/02/2016 Nasstar plc Modrus Limited $17 $9 $2 1.9x 7.3x
07/06/2016 SysGroup plc System Professional Ltd $7 $7 $1 1.0x 5.4x
03/31/2016 Tierpoint, LLC CoSentry NA $50 NA NA NA
02/04/2016 GTT Communications, Inc. Telnes Broadband, Inc. $18 $17 NA 1.1x NA
01/26/2016 Redcentric plc City Lifeline Ltd $7 $5 $1 1.4x 8.0x
01/22/2016 Castle Street Investments plc Selection Services Limited $51 $54 $5 0.9x 9.8x
10/22/2015 GTT Communications, Inc. One Source Netw orks $175 $75 $14 2.3x 12.6x

Sources: Capital IQ, SEC Filings, Press Releases and Q Advisors LLC Estimates Mean 2.0x 9.2x
*Proprietary transaction data included in median and mean multiples Median 1.8x 9.0x

22
Select Q Advisors’ Case Studies
Section IV
Case Study: Q Advisors Represents TPx Communications

TPx Communications is a leading managed services and business

Company communications solutions provider. The Company delivers connectivity, cloud,
Description IT and continuity solutions to 75,000 locations for customers ranging from small
businesses to enterprises.
ACQUIRED BY

TPx was seeking to accelerate its on-going transition to a high growth, high
margin managed services business model through strategic acquisitions. Q
Situation
sell-side advisor Advisors has been a long-term advisor for TPx, serving as the Company’s buy-
Overview side advisor in identifying managed services acquisitions as well as sell-side
advisor in it’s pending exit to Siris Capital.

TPx initially engaged Q Advisors to find the right target to drive the Company’s
managed services growth profile. Q Advisors highlighted a group of potential
ACQUIRED targets and worked with TPx’s team to refine the list. After initial conversations
with several parties, TPx chose DSCI Corporation due to its segment-leading
unified communications, managed IT and connectivity services, customer service
focus and OSS system.
buy-side advisor Q Advisors sourced and evaluated multiple financing proposals from traditional
lenders and private debt funds, while operating within the time constraints of a
Result complex M&A transaction. Despite an expedited process, Q Advisors reached
out to numerous industry-relevant lenders and managed a competitive
financing process through signing.
In TPx’s sale to Siris Capital, Q Advisors acted as the company’s sell-side advisor.
DEBT FINANCING BY This transaction valued TPx at over $925M. Q Advisors values the long-term
partnership between TPx and itself that led to this transaction. The partnership
saw TPx transition from a traditional telecom provider to full managed service
and IT provider and ultimately helped TPx shareholders realize full enterprise
value.

placement agent

24
Case Study: Q Advisors Represents Metro Optical Solutions

Founded in 2001, Metro Optical is a leading provider of managed network, data

and internet solutions to enterprise and carrier customers globally. The Company
Company
is well-positioned in the attractive NY/NJ metro market with the ability to rapidly
Description
design, install and manage reliable connectivity solutions for any customer
location globally.
ACQUIRED BY

After 17 years of growing the business, the founder of Metro Optical was seeking
a liquidity event through an M&A transaction with a PE fund or strategic buyer.
A PORTFOLIO
Metro Optical sought an advisor with deep industry experience and relationships
Situation Overview
COMPANY OF to guide a competitive sale process. Q Advisors was selected given its expertise
and relevant track record in both the managed network and communications
infrastructure sectors.
sell-side advisor

Acting as exclusive financial advisor, Q Advisors procured multiple offers from a

combination of strategic buyers and private equity funds. Ultimately, Momentum
Telecom (backed by Court Square), a premier provider of cloud voice, network
services and unified communications solutions, recognized the strategic benefit of
Result
Metro Optical’s solution capabilities, strong channel presence and global reach.
The transaction resulted in an attractive liquidity event for Metro Optical’s founder
and executive team, while providing future upside opportunity through retained
equity in Momentum.

Exploring the sale of our business was a new experience and we couldn't have found a better partner. The Q Advisors team's knowledge of
our industry is exceptional. Equally important, they took the time to get to know us and the unique attributes of Metro Optical. They did a
great job positioning our business and their senior-level relationships with potential buyers helped identify several attractive options. They
managed the entire process with a high degree of professionalism and we really appreciated their hands-on approach to every step. We're
thrilled with the outcome and would highly recommend the Q Advisors team.
Ande Hornig
Metro Optical, CEO

25
Case Study: Q Advisors Represents Meriplex Communications

Founded in 2001 by Arthur Henley and David Henley, Meriplex Communications

is a managed solutions provider specializing in delivering intelligent network
Company
solutions, cloud enablement and managed services for the mid-enterprise
Description
market. The Company is based in Houston, Texas and serves enterprise
customers throughout the U.S. utilizing a nationwide SDWAN network.

Meriplex was seeking an advisor to assist them in recapitalizing the Company.

EQUITY RECAPITALIZATION BY The Company was looking for a PE partner that could provide liquidity to friends
and family shareholders, as well as additional capital and resources to support
Situation Overview
organic growth and potential M&A activity. Q Advisors was selected based on
their knowledge of the cloud and managed services sector and their extensive
reach within the private equity community.
sell-side advisor

Q Advisors ran a tight but highly competitive process that resulted in multiple
attractive offers. Clairvest Group was chosen based on its expertise in telecom
and IT services and its history of partnering with management teams to drive
Result
growth. The transaction allowed certain shareholders to achieve liquidity at an
attractive valuation while allowing the senior leadership team to maintain a large
ownership stake going forward.

Q Advisors was recommended to us because of their industry-leading footprint in the cloud and managed services space, particularly
around managed network, security and storage and SD-WAN. The firm ran a tight recap process for us with a very good outcome for
our stakeholders. Our team is excited about rapidly growing our business with our new partner, Clairvest, and look forward to future
transactions with the Q team.
David Henley,
CEO, Meriplex

26
Case Study: Q Advisors Represents NexVortex

Founded in 2002, Herndon, Virginia-based NexVortex is a leading provider of SIP

Trunking, Managed SIP Trunking, UCaaS, Hosted Voice, and SD-WAN for SMBs,
Company supported by a resilient and QoS-enabled network.
Description
Strong technical team and history of innovative development, including an
internally developed SD-WAN solution and proprietary Hosted Voice platform.

ACQUIRED BY
After seeing significant activity in the SIP Trunking and broader UC market,
NexVortex’s leadership decided to explore strategic options for the Company’s
Situation Overview
multiple segments. NexVortex engaged Q Advisors to find the right partner in a
A PORTFOLIO COMPANY OF targeted process.

BCM One and its private equity sponsor Thompson Street Capital Partners (TSCP)
sell-side advisor were identified as the ideal go-forward partner for NexVortex‘s SIP Trunking
business due to the firm’s complementary product suite and ability to capitalize on
significant revenue and cost synergies.
The acquisition of NexVortex allows BCM One to aggressively expand its managed
Result service footprint, SIP platform, and customer base. The combined company now
serves 17,000+ customers worldwide with a variety of solutions including unified
communications, SIP Trunking and UCaaS services, SD-WAN, cloud, security and
connectivity solutions.
As part of the transaction, NexVortex’s management spun out the Hosted Voice
and SD-WAN operations, and now operates on a standalone basis.

When we first met Q Advisors we were just starting to contemplate the possible sale of our business. Q Advisors’ knowledge of our
industry is exceptional and was invaluable to the process. As they led us through that process, they took the time to get to know us
and the unique attributes of NexVortex. They did a great job positioning our business and their senior-level relationships with
potential buyers helped identify several options. They managed the entire process with a high degree of professionalism, and we
appreciated their hands-on approach to every step. We achieved a great outcome and highly recommend the Q Advisors team.
Wes Rogers – Founder & COO, NexVortex
Fred Fromm – CEO, NexVortex

27
Case Study: Calligo Ltd.

Calligo Limited (“Calligo”) is an innovative provider of trusted cloud infrastructure

Company (“IaaS”), cloud applications (“SaaS”), and managed services to global enterprises over
Description its proprietary encrypted platform. The Company is based in the Channel Islands and
serves customers across Europe, North America, and Asia.
DEBT REFINANCING BY

Q Advisors engaged in Calligo’s first institutional equity raise to institute a roll up,
where the Company was seeking an advisor to assist them in a $20 M growth equity
raise to build out the Company’s global cloud presence through organic growth and
placement agent strategic acquisitions. Q Advisors then assisted with the Company’s roll up strategy,
Situation Overview
acquiring several companies in North America and Europe to grow both its
technological capabilities and reach. Upon the successful culmination of these
acquisitions, the decision was made to further this strategy and continue to scale,
leading to a need for additional debt capital to be raised.

In the initial transaction, Q Advisors ran a tightly managed, competitive process to

find Calligo an equity partner. Investcorp, a leading global private equity firm focused
EQUITY FINANCING on the TMT, data analytics and IT security sectors, was selected as the preferred
BY partner and invested $20MM in Calligo to fund the Company’s next phase of growth,
Result primarily through strategic acquisitions. In 2020, Q Advisors worked with the
Company and Investcorp to raise additional capital for further M&A transactions,
through a $20MM+ debt placement and accordion facility with Cordet. Q Advisors
placement agent continues to serve as Calligo’s exclusive financial advisor as the Company seeks
additional acquisition targets.

Roll Up Strategy

North America Europe

28
Appendix
Section V
Public Comparables – VAR / IT Hardware Channel Comps
Managed Service Com ps - VAR / IT Hardw are Channel
Trading Multiples as of 10/07/2020; (US$ in millions) Margins Grow th Multiples

Gross
LTM LTM EBITDA FWD LTM LTM
Com parable Com panies TEV Market Cap. Profit
Revenue EBITDA (LTM) Revenue Revenue EBITDA
(LTM)
VAR / IT Hardw are Channel
CDW Corporation $21,116.6 $17,558.4 $18,199.5 $1,488.0 17.0% 8.2 % (2.4)% 1.2x 14.2x
Arrow Electronics, Inc. $8,561.2 $6,366.2 $27,404.2 $959.1 11.3% 3.5 % (7.0)% 0.3x 8.9x
Tech Data Corporation $0.0 $0.0 $36,767.2 $733.6 6.3% 2.0 % 0.0 % 0.0x 0.0x
Avnet, Inc. $3,851.3 $2,596.4 $17,634.3 $404.1 11.7% 2.3 % (6.7)% 0.2x 9.5x
Insight Enterprises, Inc. $2,693.2 $2,056.6 $8,322.5 $325.5 15.2% 3.9 % 6.5 % 0.3x 8.3x
Computacenter plc $3,318.2 $3,349.8 $6,299.8 $241.4 13.4% 3.8 % 2.1 % 0.5x 13.7x
ALSO Holding AG $3,529.3 $3,399.6 $12,738.5 $220.8 5.5% 1.7 % 10.4 % 0.3x 16.0x
Cancom SE $1,929.0 $2,074.4 $1,823.6 $146.6 28.1% 8.0 % 6.6 % 1.1x 13.2x
ePlus inc. $1,180.0 $1,037.7 $1,562.1 $119.1 24.3% 7.6 % (7.6)% 0.8x 9.9x
ScanSource, Inc. $754.5 $530.6 $3,047.7 $100.1 11.7% 3.3 % (2.6)% 0.2x 7.5x
PC Connection, Inc. $957.9 $1,108.3 $2,707.9 $107.2 16.1% 4.0 % (8.2)% 0.4x 8.9x

Sources: Capital IQ, SEC Filings, Press Releases and Q Advisors LLC Estimates Mean 14.6 % 4.4 % (0.8)% 0.5x 10.0x
Median 13.4 % 3.8 % (2.4)% 0.3x 9.5x
VAR / IT Hardware Channel – Three Year EV / EBITDA

14.0x Median Max Min Average

13.0x
12.0x
11.4x
11.0x
10.0x 9.5x
9.0x 9.2x
8.0x
7.0x
6.0x 6.1x
5.0x
Nov-17

Nov-18

Nov-19
Jul-18

Jul-19

May-20

Jul-20
Apr-18
May-18
Jun-18

Apr-19
May-19
Jun-19

Apr-20

Jun-20
Sep-17

Dec-17

Feb-18
Mar-18

Aug-18
Sep-18

Dec-18

Feb-19
Mar-19

Aug-19
Sep-19

Dec-19

Feb-20
Mar-20

Aug-20
Sep-20
Jan-18

Jan-19

Jan-20
Oct-17

Oct-18

Oct-19

30
Public Comparables – Data Center & Cloud Infrastructure
Managed Service Com ps - Data Center & Cloud Infrastructure
Trading Multiples as of 10/07/2020; (US$ in millions) Margins Grow th Multiples

Gross
LTM LTM EBITDA FWD LTM LTM
Com parable Com panies TEV Market Cap. Profit
Revenue EBITDA (LTM) Revenue Revenue EBITDA
(LTM)
Data Center & Cloud Infrastructure
Equinix, Inc. (REIT) $80,718.6 $70,033.6 $5,649.6 $2,400.7 48.6% 42.5 % 7.2 % 14.3x NM
Digital Realty Trust, Inc. $56,665.7 $41,164.3 $3,315.5 $1,695.2 61.0% 51.1 % 19.0 % 17.1x NM
CyrusOne Inc. $12,407.8 $9,035.5 $1,007.1 $518.6 61.4% 51.5 % 5.0 % 12.3x 23.9x
CoreSite Realty Corporation $7,196.5 $5,356.9 $588.8 $302.1 62.7% 51.3 % 5.6 % 12.2x 23.8x
QTS Realty Trust, Inc. $6,220.8 $3,961.1 $504.8 $205.0 63.5% 40.6 % 11.1 % 12.3x NM
Sw itch, Inc. $3,009.7 $1,716.8 $497.9 $218.5 47.3% 43.9 % 11.7 % 6.0x 13.8x

Sources: Capital IQ, SEC Filings, Press Releases and Q Advisors LLC Estimates Mean 57.4 % 46.8 % 9.9 % 12.4x 20.5x
Median 61.2 % 47.5 % 9.2 % 12.3x 23.8x

Data Center & Cloud Infrastructure – Three Year EV / EBITDA

30.0x Median Max Min Average

28.0x 27.9x
26.0x
23.8x
24.0x
22.0x
21.6x
20.0x
18.0x 17.8x
16.0x
Aug-18

Jun-19

Aug-19

Aug-20
Jul-18

Jul-19

Nov-19

Jul-20
Apr-18

Jun-18
Nov-17

May-18

Sep-18

Nov-18

Feb-19

Apr-19
May-19

Apr-20
May-20
Jun-20
Sep-17

Dec-17
Jan-18
Feb-18
Mar-18

Dec-18
Jan-19

Mar-19

Sep-19

Dec-19
Jan-20
Feb-20
Mar-20

Sep-20
Oct-17

Oct-18

Oct-19

31
Public Comparables – Bandwidth Infrastructure
Managed Service Com ps - Bandw idth Infrastructure
Trading Multiples as of 10/07/2020; (US$ in millions) Margins Grow th Multiples

Gross
LTM LTM EBITDA FWD LTM LTM
Com parable Com panies TEV Market Cap. Profit
Revenue EBITDA (LTM) Revenue Revenue EBITDA
(LTM)
Bandw idth Infrastructure
Cable One, Inc. $12,425.5 $11,107.8 $1,253.2 $598.3 67.3% 47.7 % 13.5 % 9.9x 20.8x
Cogent Communications Holdings, Inc. $3,551.5 $2,821.6 $543.8 $186.1 62.2% 34.2 % 4.4 % 6.5x 19.1x

Sources: Capital IQ, SEC Filings, Press Releases and Q Advisors LLC Estimates Mean 64.7 % 41.0 % 9.0 % 8.2x 19.9x
Median 64.7 % 41.0 % 9.0 % 8.2x 19.9x

Bandwidth Infrastructure – Three Year EV / EBITDA

26.0x Median Max Min Average

24.0x
23.0x
22.0x
20.0x 19.9x
18.0x
16.0x 17.0x
14.0x 13.6x
12.0x
10.0x
8.0x
Nov-17

Nov-18

Nov-19
Jul-18

Jul-19

May-20

Jul-20
Jun-18

Jun-19

Jun-20
Apr-18
May-18

Apr-19
May-19

Apr-20
Sep-17

Dec-17

Feb-18
Mar-18

Aug-18
Sep-18

Dec-18

Feb-19
Mar-19

Aug-19
Sep-19

Dec-19

Feb-20
Mar-20

Aug-20
Sep-20
Jan-18

Jan-19

Jan-20
Oct-17

Oct-18

Oct-19

32
 Member FINRA | SIPC

Q Advisors M&A Transaction Update

Managed IT & Internet Infrastructure Services
October 2020

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