Herd THE

HIGHLIGHTING THE TOP 100 PRIVATE U.S. TECHNOLOGY COMPANIES

2o
2o
 2020 has been marked by unprecedented
times, and despite a pandemic and ensuing
business disruptions and lockdowns, many
technology companies have successfully
adapted to serving customers remotely.
Late-stage private company valuations have
remained strong while public markets have
rebounded from initial March declines.
A surplus of VC mega-deals driven by high
levels of dry powder in the U.S. and investors
looking to protect value among their most
mature holdings have driven up broader pre-
money valuations, while VC deal count
remains largely flat. The level of valuation
step-ups has declined to date.
Major technology IPOs and S-1 filings have
accelerated throughout 2020 after coming
off a slowdown in the beginning of the year
as companies have regained confidence in
public markets. Renewed energy in the tech
sector is especially evident, counting a
number of notable IPOs and high-profile S-1
filings, many of which have occurred since
June 2020. We take a deeper dive into the
S-1 filings of 12 of these companies in this
year’s report.
AT A GL AN CE
D.A. DAV IDS O N ’S T HE H ERD :
T O P 1 0 0 P R IVAT E U.S . TECH N OL OGY COMPAN IES
R E CE N T T E CHN O L O GY IP O FIL IN GS: A D EEP D IVE
D.A. DAV IDS O N T E CHNOL OGY IN VESTMEN T BAN K IN G
2
D.A. Davidson’s second annual “The Herd”
recognizes 100 of the top private technology
companies in the United States. Ranging from
rising startups to private equity-backed
giants, companies in The Herd stand out for
their innovation, growth, and valuation.
This year’s Herd sees nearly 60 strong
members returning from last year’s list. We
have also seen a number graduate due to
IPO or acquisition, including, among others,
Snowflake (IPO filing), Duck Creek (IPO),
Asana (Direct Listing), Plaid (acquired by
Visa), and Vlocity (acquired by Salesforce).
Some exciting new additions to the 2020
Herd include Veeam, a data management
software provider; InVision, a digital product
design platform; and Sisense, a data and
business analytics platform.
While cloud software companies tend
to make up a larger portion of the
representative list, this year’s The Herd
consists of a robust and highly diverse
group, from DevOps and Infrastructure
companies to Financial Software and
Healthcare Technology platforms.
3–6
7–13
14–20
21–24
 AT A G L A N C E

Companies within The Herd have M E D I A N C O M PA N Y VA L U AT I O N B Y A G G R E G AT E C A P I TA L R A I S E D

(BILLIONS)
raised an estimated $50 billion in
aggregate disclosed venture, private >$500M $3.8

equity, and debt capital — an average $300M–$500M $1.7

of $500 million per company. As a $200M–$300M $0.9

group, The Herd saw a number of <$200M $0.7
constituents raise late-stage rounds
over the past year for ~$7 billion in
total equity value.
M E D I A N C O M PA N Y VA L U AT I O N B Y E M P L O Y E E G R O W T H R AT E 1
(BILLIONS)
The median and average post-money
valuation for companies in The Herd is >40% $2.6

$1.0 billion and $2.2 billion, respectively, 20%–40% $2.1

with a median of five historical financing 10%–20% $1.0

rounds per company. <10% $1.0

Data provided from LinkedIn

demonstrates that employee growth
M E D I A N VA L U AT I O N B Y Y E A R F O U N D E D
rates have slowed across The Herd
(BILLIONS)
likely due to effects from the pandemic;
however, The Herd is still hiring talent, >2014 $1.8

with more than half of the list 2011–2013 $1.6

demonstrating YoY employee growth 2008–2010 $1.0

of 10%+ in light of COVID impact. <2007 $0.8

Constituents continue to lean toward

the younger side, with over 50% of
C O M PA N Y D I S T R I B U T I O N B Y E M P L O Y E E G R O W T H R AT E 1
companies having been founded in
2010 or later. There is a strong uplift in ANNUAL EMPLOYEE GROWTH C O M PA N Y C O U N T

valuation for those founded in the past <10% 43

seven years (2014 and on), with a median 10%–20% 24

of $1.8 billion across those constituents. 20%–40% 18

Over 40 companies in The Herd have >40% 15

reached a valuation of $500 million
within six years of being founded.

Source: PitchBook; Capital IQ; LinkedIn

3 1
As of 9/1/2020
D. A. Davidson’s THE HERD:

AT A G L A N C E

Companies in The Herd have raised over $34 billion in aggregate venture capital across all previously
disclosed series rounds, including $8 billion across 40 rounds over the past 12 months. Constituents of the
list have waited a median of 1.5 years between rounds, historically, while demonstrating healthy step-up
multiples from prior valuations at a median of 2.1x across all rounds.

Notable rounds include Tanium’s $9 billion post-money series-G in June, representing a 2.5x step up
multiple; HashiCorp’s $5.3 billion post-money series-E in March, representing a 2.8x step-up multiple; and
Talkdesk’s $3.1 billion post-money series-C in July, representing a 6.3x step-up from its prior round.

C O U N T O F L AT E S T D I S C L O S E D F I N A N C I N G B Y S E R I E S R O U N D 34

22

13
8 10

SERIES A SERIES B SERIES C SERIES D SERIES E SERIES F SERIES G–K

S T E P - U P M U LT I P L E B Y S E R I E S R O U N D : A L L H I S T O R I C A L E Q U I T Y F I N A N C I N G S

4 .1 x
MEDIAN

3 .3 x 3 .2x
AV E R A G E 2.8x
2 .6 x 2.5x
2.4x 2.2x 2.4x
2.1x 2.1x
2.0x

SERIES B SERIES C SERIES D SERIES E SERIES F SERIES G–K

O T H E R S E L E C T E D S TAT I S T I C S
M E D I A N A V E R A G E

T O TA L S E R I E S R O U N D S 5.0 4.7
D AY S B E T W E E N P R E V I O U S T W O R O U N D S 553 699
S T E P - U P M U LT I P L E B E T W E E N P R E V I O U S T W O R O U N D S 2.1x 2.4x
DEAL SIZE OF MOST RECENT ROUND $100.0 MILLION $135.1 MILLION
L AT E S T P O S T- M O N E Y V A L U AT I O N $1.0 BILLION $2.2 BILLION

4 Source: Pitchbook; Capital IQ; LinkedIn

 D. A. Davidson’s THE HERD:

AT A G L A N C E

In aggregate, The Herd has received over 445 disclosed, unique financing rounds over the past 15 years.
We analyze some of the data behind these aggregated rounds below. While some companies in The Herd
have taken their time to mature into highly valued private companies, a majority have proven to hit
significant financing milestones of $500 million and $1 billion by years six and seven from founding, while
most tend to hit a $250 million valuation by year five.

P O S T- M O N E Y VA L U AT I O N B Y S E R I E S R O U N D
$5.8
(BILLIONS)

MEDIAN
$3.1
AV E R A G E

$1.7 $1.8
$1.5
$1.0 $0.9
$0.5 $0.5
$0.2 $0.3
$0.0 $0.1 $0.1

SERIES A SERIES B SERIES C SERIES D SERIES E SERIES F SERIES G–K

$2 48.4
DEAL SIZE BY SERIES ROUND
(MILLIONS)

MEDIAN
$158.1
$150.0
$123.0
AV E R A G E
$112.5
$85.0 $80.0
$70.0
$ 56.5
$ 4 0 .0
$ 3 1 .6
$ 1 5 .8 $ 2 1 .0
$7.3

SERIES A SERIES B SERIES C SERIES D SERIES E SERIES F SERIES G–K

C O M PA N Y D I S T R I B U T I O N : Y E A R S T O H I T VA L U AT I O N T H R E S H O L D

250M

500M

1,000M 12
14 14

10 10 10 10
8 9 9 9 9
8 8 8
7
6 6 6 6
5 5
4 4 4
3 3 4 3 3 3
2 2 2 2
1

0–2 2–3 3–4 4–5 5–6 6–7 7–8 8–9 9–10 10–11 11–12 >12

5 Source: Pitchbook; Capital IQ; LinkedIn

D. A. Davidson’s THE HERD:

AT A G L A N C E

MOST ACTIVE INVESTORS IN THE HERD

M O S T A C T I V E I N V E S T O R S B Y T O TA L I N V E S T M E N T S I N T H E H E R D

17
16 16
15
14
13

11 11
10 10

6 Source: Pitchbook
 D. A. Davidson’s THE HERD:

T O P 1 0 0 P R I VAT E U . S . T E C H N O L O G Y C O M PA N I E S

COMPAN Y DESCRIPTION HQ YEAR EMPLOYEE TOTAL LATEST

FOUNDED COUNT RAISED 1 VALUATION 2
(2020)

CHAT-BASED HEALTHCARE
PLATFORM
SEATTLE,
WA
2015 255 $133.9M $ 170.0M (2018)

MULTI-CLOUD DATA MANAGEMENT

SOFTWARE
WALTHAM,
MA
2009 397 $318.4M $ 1.3B (2018)

INVESTMENT MANAGEMENT
PLATFORM
MOUNTAIN
VIEW, CA
2009 390 $247.0M $ 560.0M (2017)

DOCUMENT MANAGEMENT
PLATFORM
BROOKLINE,
MA
2007 389 $30.0M $ 180.0M (2018)

2.6B
SAN
WORKPLACE COLLABORATION
PLATFORM
FRANCISCO,
CA
2012 309 $355.0M $ (2020)

CONSUMER HEALTHCARE FUNDING

PLATFORM
WALTHAM,
MA
1995 442 N/A N/A

CLOUD-BASED BANKING
PLATFORM
PLANO,
TX
2007 545 $390.3M $ 664.7M (2020)

1.0B
SAN
MOBILE ANALYTICS
PLATFORM
FRANCISCO, 2012 417 $185.1M $ (2020)
CA

IDENTITY AND AUTHENTICATION

PLATFORM
BELLEVUE,
WA
2013 716 $333.5M $ 1.9B (2020)

ROBOTIC PROCESS AUTOMATION

PLATFORM
SAN JOSE,
CA
2003 2,924 $840.0M $ 6.8B (2019)

AUTOMATED INVOICE AND

PAYMENT PROCESSING PLATFORM
CHARLOTTE,
NC
2000 1,106 $1.2B $ 1.7B (2017)

850.0M
MOBILE MARKETING CRM
AND AUTOMATION SOFTWARE
NEW YORK,
NY
2011 640 $177.1M $ (2018)
SOLUTIONS

2.8B
SAN
CORPORATE CREDIT CARD
PLATFORM
FRANCISCO, 2017 457 $466.6M $ (2020)
CA

WORKING CAPITAL
MARKETPLACE
LEAWOOD,
KS
2008 445 $403.0M $ 1.3B (2019)

VALUATION AND CAPITALIZATION

TABLE MANAGEMENT
PALO ALTO,
CA
2012 843 $692.0M $ 3.3B (2020)

Source: PitchBook; Capital IQ; LinkedIn

7 1
Total amount raised includes only primary equity venture capital raised.
2
Latest valuation includes latest publicly disclosed values only and may exclude undisclosed valuations from more recent deals.
D. A. Davidson’s THE HERD:

T O P 1 0 0 P R I VAT E U . S . T E C H N O L O G Y C O M PA N I E S

COMPAN Y DESCRIPTION HQ YEAR EMPLOYEE TOTAL LATEST

FOUNDED COUNT RAISED 1 VALUATION 2
(2020)

2.2B
SAN
ADVANCED BACKGROUND CHECK
TECHNOLOGY PLATFORM
FRANCISCO, 2014 429 $309.7M $ (2019)
CA

END-TO-END AUTOMATED
SOFTWARE DELIVERY SYSTEM
SAN JOSE,
CA
2010 460 $123.5M $ 432.0M (2019)

DATABASE MANAGEMENT
SOLUTIONS
NEW YORK,
NY
2015 179 $195.1M $ 886.6M (2020)

DATA MANAGEMENT AND STORAGE

SOLUTIONS
SAN JOSE,
CA
2013 1,317 $661.0M $ 2.5B (2020)

CROSS-ORGANIZATIONAL DATA
GOVERNANCE PLATFORM
BRUSSELS,
BELGIUM
2008 683 $390.0M $ 2.4B (2020)

MODERN REAL ESTATE

PLATFORM
NEW YORK,
NY
2012 14,923 $1.7B $ 6.4B (2019)

EVENT STREAMING
PLATFORM
MOUNTAIN
VIEW, CA
2014 1,185 $455.9M $ 4.5B (2020)

DATABASE FOR BUSINESS-CRITICAL

APPLICATIONS
SANTA CLARA,
CA
2009 542 $244.0M $ 580.0M (2020)

ONLINE EDUCATION AND LEARNING

PLATFORM
MOUNTAIN
VIEW, CA
2011 2,163 $463.3M $ 2.6B (2020)

1.6B
SAN
CYBER THREAT DEFENSE
PLATFORM
FRANCISCO, 2013 1,326 $388.4M $ (2018)
CA

6.2B
SAN
UNIFIED DATA ANALYTICS
PLATFORM
FRANCISCO, 2013 1,526 $897.4M $ (2019)
CA

ENTERPRISE AI AND MACHINE

LEARNING PLATFORM
NEW YORK,
NY
2013 482 $247.3M $ 1.5B (2020)

REAL-TIME AI INFORMATION
DISCOVERY PLATFORM
NEW YORK,
NY
2009 603 $572.4M $ 1.6B (2018)

MACHINE LEARNING AUTOMATION

PLATFORM
BOSTON,
MA
2012 1,029 $431.3M $ 1.3B (2019)

DATABASE SOFTWARE FOR CLOUD

APPLICATIONS
SANTA CLARA,
CA
2010 492 $190.8M $ 967.3M (2014)

Source: PitchBook; Capital IQ; LinkedIn

8 1
Total amount raised includes only primary equity venture capital raised.
2
Latest valuation includes latest publicly disclosed values only and may exclude undisclosed valuations from more recent deals.
 D. A. Davidson’s THE HERD:

T O P 1 0 0 P R I VAT E U . S . T E C H N O L O G Y C O M PA N I E S

COMPAN Y DESCRIPTION HQ YEAR EMPLOYEE TOTAL LATEST

FOUNDED COUNT RAISED 1 VALUATION 2
(2020)

DATA-AS-A-SERVICE
PLATFORM
REDWOOD
CITY, CA
2008 402 $120.5M $ 1.0B (2015)

SPEND AND EXPENSE

MANAGEMENT SOFTWARE
LEHI,
UT
2016 282 $252.5M $ 800.0M (2019)

299.0M
SAN
MOBILE REAL-TIME HEALTH
CONSULTATION PLATFORM
FRANCISCO, 2012 706 $240.0M $ (2018)
CA

CLOUD DATA PROTECTION

AND MANAGEMENT
SUNNYVALE,
CA
2008 785 $328.0M $ 1.0B (2019)

CONTENT INTELLIGENCE
PLATFORM
MOUNTAIN
VIEW, CA
2007 498 $138.5M $ 460.0M (2018)

ANALYTICS-LED SECURITY
INTELLIGENCE PLATFORM
FOSTER CITY,
CA
2013 523 $193.0M $ 820.0M (2019)

CYBER ANALYTICS
PLATFORM
SEATTLE,
WA
2007 514 $61.6M $ 300.0M (2014)

767.5M
SAN
DIGITAL IDENTITY MANAGEMENT
PLATFORM
FRANCISCO, 2009 661 $232.8M $ (2020)
CA

CUSTOMER ENGAGEMENT
SOFTWARE
SAN MATEO,
CA
2010 3,435 $400.2M $ 3.5B (2019)

515.0M
SAN
CUSTOMER SUCCESS MANAGEMENT
PLATFORM
FRANCISCO, 2009 710 $184.7M $ (2017)
CA

2.7B
SAN
DEVOPS MANAGEMENT SOFTWARE
PLATFORM
FRANCISCO, 2011 1,287 $413.8M $ (2019)
CA

3.8B
SAN
PAYROLL MANAGEMENT
PLATFORM
FRANCISCO, 2012 1,362 $521.3M $ (2019)
CA

5.3B
SAN
CLOUD INFRASTRUCTURE
AUTOMATION PLATFORM
FRANCISCO, 2012 1,035 $349.5M $ (2020)
CA

WEB AND MOBILE SECURITY

PLATFORM
BOSTON,
MA
2003 221 $50.0M $ 150.0M (2018)

CONTRACT MANAGEMENT
SOFTWARE
SEATTLE,
WA
2009 1,257 $171.5M $ 1.2B (2019)

Source: PitchBook; Capital IQ; LinkedIn

9 1
Total amount raised includes only primary equity venture capital raised.
2
Latest valuation includes latest publicly disclosed values only and may exclude undisclosed valuations from more recent deals.
D. A. Davidson’s THE HERD:

T O P 1 0 0 P R I VAT E U . S . T E C H N O L O G Y C O M PA N I E S

COMPAN Y DESCRIPTION HQ YEAR EMPLOYEE TOTAL LATEST

FOUNDED COUNT RAISED 1 VALUATION 2
(2020)

CLOUD-BASED CYBERSECURITY
PLATFORM
SUNNYVALE,
CA
2013 356 $332.5M $ 1.7B (2019)

DATA STORAGE MANAGEMENT

TECHNOLOGY
WALTHAM,
MA
2011 428 $325.0M $ 1.6B (2017)

1.3B
SAN
CUSTOMER MESSAGING
PLATFORM
FRANCISCO,
CA
2011 916 $240.5M $ (2018)

DIGITAL PRODUCT DESIGN

PLATFORM
NEW YORK,
NY
2011 1,188 $349.2M $ 2.0B (2018)

CLOUD AND MOBILITY SECURITY

PLATFORM
ATLANTA,
GA
2011 117 $192.6M $ 700.0M (2019)

OPEN-SOURCE ONLINE VIDEO

PLATFORM
NEW YORK,
NY
2006 548 $165.1M $ 500.0M (2016)

IT MANAGEMENT AND MONITORING

SOFTWARE SERVICES
MIAMI,
FL
2000 778 $544.4M $ 1.8B (2019)

INTEGRATED SECURITY AWARENESS

TRAINING PLATFORM
CLEARWATER,
FL
2010 946 $384.2M $ 1.0B (2019)

TREASURY AND CASH MANAGEMENT

SOFTWARE
SAN DIEGO,
CA
2000 807 $154.3M $ 873.3M (2019)

1.8B
SAN
MOBILE SECURITY
SOFTWARE
FRANCISCO,
CA
2004 378 $380.7M $ (2020)

1.0B
COLLABORATIVE DIAGRAMMING
AND BRAND MANAGEMENT
SOUTH
JORDAN, UT
2009 677 $166.0M $ (2020)
SOFTWARE

NETWORK SECURITY
PLATFORM
SANTA CLARA,
CA
2004 781 $80.0M $ 625.0M (2016)

API PAYMENT CARD ISSUING AND

PAYMENT PROCESSING PLATFORM
OAKLAND,
CA
2009 461 $526.0M $ 4.3B (2020)

ON-DEMAND DIGITAL HEALTHCARE

PLATFORM
MIRAMAR,
FL
2009 386 $201.6M $ 1.0B (2020)

270.0M
SAN
REAL-TIME ANALYTICS
PLATFORM
FRANCISCO,
CA
2011 224 $110.9M $ (2018)

Source: PitchBook; Capital IQ; LinkedIn

10 1
Total amount raised includes only primary equity venture capital raised.
2
Latest valuation includes latest publicly disclosed values only and may exclude undisclosed valuations from more recent deals.
 D. A. Davidson’s THE HERD:

T O P 1 0 0 P R I VAT E U . S . T E C H N O L O G Y C O M PA N I E S

COMPAN Y DESCRIPTION HQ YEAR EMPLOYEE TOTAL LATEST

FOUNDED COUNT RAISED 1 VALUATION 2
(2020)

575.0M
MOUNTAIN
CYBERSECURITY PLATFORM VIEW,
CA
2013 237 $160.0M $ (2019)

540.0M
SAN
PAY-PER-MILE CAR INSURANCE
PLATFORM
FRANCISCO,
CA
2011 234 $285.2M $ (2018)

CLOUD SECURITY
PLATFORM
SANTA CLARA,
CA
2012 1,046 $744.3M $ 2.8B (2020)

REAL ESTATE LISTING

PLATFORM
CHANDLER,
AZ
2015 276 $485.0M $ 600.0M (2019)

PORTFOLIO ACCOUNTING OMAHA,

SOFTWARE NE
2003 503 N/A N/A

ONLINE PAYMENTS
PLATFORM
NEW YORK,
NY
2005 1,564 $305.0M $ 1.0B (2017)

CUSTOMER ENGAGEMENT
ANALYTICS PLATFORM
RALEIGH,
NC
2013 448 $208.5M $ 1.0B (2019)

CUSTOMER REVIEW MANAGEMENT

PLATFORM
LEHI,
UT
2014 901 $221.9M $ 1.5B (2020)

DATABASE MANAGEMENT
SYSTEM
MOUNTAIN
VIEW, CA
2011 379 $246.0M $ 1.0B (2020)

RESTAURANT MANAGEMENT AUSTIN,

2011 184 $127.5M
SOFTWARE TX N/A

CLOUD DATA MANAGEMENT

PLATFORM
PALO ALTO,
CA
2014 1,624 $553.0M $ 3.3B (2019)

1.5B
SAN
CUSTOMER DATA COLLECTION
PLATFORM
FRANCISCO,
CA
2012 565 $283.6M $ (2019)

ENDPOINT PROTECTION
SOFTWARE
MOUNTAIN
VIEW, CA
2013 579 $430.0M $ 1.1B (2020)

HOME SERVICE MANAGEMENT

SOFTWARE
GLENDALE,
CA
2007 992 $399.8M $ 2.3B (2020)

HEALTH AND WELLNESS

ENGAGEMENT PLATFORM
NORTH PORT,
FL
2010 2,924 $203.2M $ 513.0M (2016)

Source: PitchBook; Capital IQ; LinkedIn

11 1
Total amount raised includes only primary equity venture capital raised.
2
Latest valuation includes latest publicly disclosed values only and may exclude undisclosed valuations from more recent deals.
D. A. Davidson’s THE HERD:

T O P 1 0 0 P R I VAT E U . S . T E C H N O L O G Y C O M PA N I E S

COMPAN Y DESCRIPTION HQ YEAR EMPLOYEE TOTAL LATEST

FOUNDED COUNT RAISED 1 VALUATION 2
(2020)

DATA AND BUSINESS ANALYTICS

SOFTWARE
NEW YORK,
NY
2004 802 $283.5M $ 1.0B (2020)

CYBERSECURITY MANAGEMENT
SERVICES
SAN JOSE,
CA
2002 342 $208.7M N/A

CUSTOMER EXPERIENCE
MANAGEMENT PLATFORM
NEW YORK,
NY
2009 2,000 $446.0M $ 2.7B (2020)

36.0B
SAN
ONLINE PAYMENT PLATFORM FRANCISCO, 2009 2,984 $1.6B $ (2020)
CA

AI-ENABLED B2B SOLUTIONS

LOS ALTOS,
CA
2017 1,600 N/A N/A

3.1B
SAN
CALL CENTER SOFTWARE FRANCISCO, 2011 1,078 $269.5M $ (2020)
CA

ENDPOINT MANAGEMENT
AND SECURITY PLATFORM
EMERYVILLE,
CA
2007 1,451 $837.6M $ 9.0B (2020)

WEB ANALYTICS AND DIGITAL

MARKETING SOLUTIONS
SAN DIEGO,
CA
2008 525 $167.9M $ 850.0M (2019)

BUSINESS INTELLIGENCE AND BIG

DATA ANALYTICS PLATFORM
SUNNYVALE,
CA
2012 586 $557.5M $ 2.0B (2019)

RESTAURANT MANAGEMENT
PLATFORM
BOSTON,
MA
2011 1,580 $897.3M $ 4.9B (2020)

248.0M
SAN
DATA WRANGLING SOLUTIONS FRANCISCO, 2012 211 $269.9M $ (2018)
CA

END-TO-END TRAVEL MANAGEMENT

PLATFORM
PALO ALTO,
CA
2015 776 $607.1M $ 4.0B (2019)

APPLICATION RESOURCE
MANAGEMENT PLATFORM
BOSTON,
MA
2009 417 $194.9M $ 963.0M (2019)

ROBOTIC PROCESS AUTOMATION

SOFTWARE
NEW YORK,
NY
2005 2,804 $1.2B $ 10.2B (2020)

VACATION RENTAL MANAGEMENT

SERVICES
PORTLAND,
OR
2009 1,632 $639.5M $ 1.0B (2019)

Source: PitchBook; Capital IQ; LinkedIn

12 1
Total amount raised includes only primary equity venture capital raised.
2
Latest valuation includes latest publicly disclosed values only and may exclude undisclosed valuations from more recent deals.
 D. A. Davidson’s THE HERD:

T O P 1 0 0 P R I VAT E U . S . T E C H N O L O G Y C O M PA N I E S

COMPAN Y DESCRIPTION HQ YEAR EMPLOYEE TOTAL LATEST

FOUNDED COUNT RAISED 1 VALUATION 2
(2020)

INTELLIGENT DATA MANAGEMENT

SOFTWARE
NEW YORK,
NY
2006 3,985 $505.0M $ 5.0B (2020)

MACHINE IDENTITY PROTECTION

PLATFORM
SALT LAKE
CITY, UT
2000 358 $190.0M $ 600.0M (2018)

PLATFORM FOR COMMERCIAL

REAL ESTATE USE
NEW YORK,
NY
2012 568 $190.0M $ 940.0M (2019)

MEDICAL CLAIMS MANAGEMENT

AND PATIENT PAYMENT SOFTWARE
LOUISVILLE,
KY
2000 806 N/A $ 2.7B (2019)

CUSTOMER EXPERIENCE
MANAGEMENT PLATFORM
LEHI,
UT
2019 531 $156.1M $ 969.9M (2018)

CONSUMER HEALTH ENTERPRISE

PLATFORM
DENVER,
CO
2009 394 $339.4M $ 860.4M (2020)

MODERN WORK MANAGEMENT

SOFTWARE
LEHI,
UT
2001 1,049 $101.3M $ 393.0M (2015)

COLLABORATIVE WORK
MANAGEMENT PLATFORM
SAN JOSE,
CA
2006 973 $36.0M $ 800.0M (2018)

GLOBAL PAYMENTS
PLATFORM
WALNUT
CREEK, CA
1999 255 $126.7M $ 471.3M (2017)

DISASTER RECOVERY TECHNOLOGY

PLATFORM
BOSTON,
MA
2009 672 $183.4M $ 261.2M (2018)

Source: PitchBook; Capital IQ; LinkedIn

13 1
Total amount raised includes only primary equity venture capital raised.
2
Latest valuation includes latest publicly disclosed values only and may exclude undisclosed valuations from more recent deals.
D. A. Davidson’s THE HERD:

PERSPECTIVES FROM RECENT

TECHNOLOGY IPO FILINGS

U.S. technology IPO filings have regained momentum in 2020, coming off the heels of a large hiatus since
Datadog’s IPO in August 2019. ZoomInfo marked the only major technology IPO in 2020 until Lemonade’s
June offering. Renewed energy and a better sense of stability in technology markets have since been
highlighted by a number of notable IPOs and S-1 filings in recent months, a number of which were
highlighted in D.A. Davidson’s 2019 Herd list.

In meetings with private technology companies eyeing the prospects of the capital markets, we are often
asked which KPIs investors we will focus on. For The Herd 2020, we take a deeper dive and analyze some
of the data behind the recent wave of S-1 filings to better highlight the common metrics being disclosed.

Our analysis included review of (i) revenue, including scale (annualized most recent quarter) and growth
rates; (ii) gross margins; (iii) retention and expansion metrics, including the relevant calculation
methodology when disclosed; and (iv) customer-level analytics. We continue to be impressed with the
growth rates achieved by these companies, especially Snowflake, which is growing at 120% on over $500
million of annualized revenue.

P R E - I P O G R O W T H R AT E S PRE-IPO REVENUE SCALE (MILLIONS)1

138% $1,007.6

121% $532.6

82% $364.4

71% $357.0

59% $339.6

54% $332.9

50% $204.5

46% $190.8

43% $188.8

31% $178.8

24% $145.7

20% $122.0

14 Annualized most recent quarter or reported period prior to IPO

1
D. A. Davidson’s THE HERD:

RECENT TECHNOLOGY IPO FILINGS:

A DEEP DIVE

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 82,000+ Net Dollar Retention: 120%

ARPC: $2,300+
Unique Statistics:
Over 30% of Fortune 500
S-1 filed 8/24/2020 companies as customers; over
Amended S-1 filed 1.3M paid users; 3.5M+ free
9/18/2020 activated accounts since
inception; 190 countries.
Gross Dollar Retention: N/A
Cohort Details:
Net dollar retention is the simple arithmetic average of the
quarterly dollar-based net retention rate for the four quarters
ending with the most recent fiscal quarter.

REVENUE GROWTH, SCALE & MARGIN +57.0% REVENUE GROWTH

(MILLIONS) Fiscal year ended January 31st $208.0MM ANNUALIZED
$52.0
$44.7
REVENUE $43.5
G R O S S M A R GIN % $38.1
$33.1
$28.0
87% 87%
$24.3 87%
86% 86%
$20.6 85%
84%
82%

Q 3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 202 0

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 8,800+ Net Dollar Retention: 146%

ARPC: $37,800+
Unique Statistics:
590+ customers with ARR over
S-1 filed 8/23/2019 $100K and 40+ over $1M as of
Amended S-1 filed 6/30/19; ~35% of the Fortune 100
9/17/2019 are Datadog customers.
Gross Dollar Retention: 90% – 95%
Cohort Details:
Net dollar retention calculated with ARR from the cohort of
all customers as of 12 months prior to period-end, or the
Prior Period ARR. ARR from these customers as of the
current period-end is divided by Prior Period ARR to arrive
at net dollar retention rate.

REVENUE GROWTH, SCALE & MARGIN +82.2% REVENUE GROWTH

(MILLIONS) $332.9MM ANNUALIZED $83.2
$70.1
REVENUE
$61.6
G R O S S M A R GIN % $51.1
$45.7
$39.7
$33.7
$26.7 79%
77% 77% 77% 76%
74% 75%
73%

Q 3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 201 9

15
D. A. Davidson’s THE HERD:

RECENT TECHNOLOGY IPO FILINGS:

A DEEP DIVE CONTINUED

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 150+ Net Dollar Retention: 113%

ARPC: $1.4M+ Gross Dollar Retention: N/A
Unique Statistics: Cohort Details:
The Company has improved net Annualize SaaS revenue in the last month of the
S-1 filed 7/23/2020 retention each year for the past measurement period for those customers in place
Amended S-1 filed three years. throughout the entire measurement period, divide the
8/12/2020 result by annualized SaaS revenue from the month that is
immediately prior to the measurement period.

REVENUE GROWTH, SCALE & MARGIN +7.3% REVENUE GROWTH +24.3% REVENUE GROWTH
(MILLIONS) Fiscal year ended August 31st $30.1MM ARR 8/31/18 $ 4 3 . 2 M M ARR 5/31/19
$51.7MM ARR 8/31/19 $ 7 5 . 8 M M ARR 5/31/20
REVENUE
$171.3
$159.7 $153.4
G R O S S M A R GIN %

$123.4
60%
58% 56% 56%

F Y 2018 F Y 2019 9 MO. 2019 9 MO. 2020

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 5,800+ Net Dollar Retention: 139%

ARPC: $25,100+
Unique Statistics:
286 customers with revenues
S-1 filed 8/24/2020 over $100K as of June 30, 2020;
Amended S-1 filed over 75% of the Fortune 100
9/14/2020 were JFrog customers.
Gross Dollar Retention: 98%
Cohort Details:
Net dollar retention rate compares ARR from the same set
of customers across comparable periods, including ARR
from monthly subscription customers, so long as revenue is
generated from these customers on an annualized basis.

REVENUE GROWTH, SCALE & MARGIN +46.3% REVENUE GROWTH

(MILLIONS) $145.7MM ANNUALIZED $36.4
$32.8
REVENUE $30.8
$27.8
G R O S S M A R GIN % $24.9
$21.2
$19.1
$16.7
83% 84%
82% 81% 82%
81% 80% 80%

Q 3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 202 0

16
D. A. Davidson’s THE HERD:

RECENT TECHNOLOGY IPO FILINGS:

A DEEP DIVE CONTINUED

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: ~730,000 Year 2 Customer Retention: 76%

ARPC: ~$145
Unique Statistics:
NPS scores of 70+; Customer
S-1 filed 6/8/2020 count has more than doubled
S-1 filed 7/1/2020 since December 2018.
Gross Dollar Retention: N/A
Cohort Details:
Year 2 Customer Retention Rate is based upon the customer
cancellations within the second year of product usage.

REVENUE GROWTH, SCALE & MARGIN +138.2% REVENUE GROWTH

(MILLIONS) $104.8MM ANNUALIZED $26.2
$23.5
REVENUE
$19.0
G R O S S M A R GIN %

$13.8
$11.0
$9.0
$6.8 22%
$4.2 17% 21% 21%

21% 24% 18% 16%

Q 2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 202 0

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 1,100+ Net Dollar Retention: 147%

ARPC: $162,000+ Gross Dollar Retention: N/A
Unique Statistics: Cohort Details:
161 customers paying Subscription revenue retention rate is calculated as total
S-1 filed 6/22/2020 > $100K LTM. subscription revenues in a fiscal year from customers who
Amended S-1 filed purchases any of our solutions as of January 31 of the prior
7/1/2020 FY, expresses as a percentage of total subscription revenues
for the prior FY.

REVENUE GROWTH, SCALE & MARGIN +49.9% REVENUE GROWTH

(MILLIONS) Fiscal year ended January 31st $178.8MM ANNUALIZED
$44.7

REVENUE $37.9 $38.5

$29.8 $32.0
G R O S S M A R GIN %
$26.2
$22.6 $23.7

54% 55% 56%

51% 50% 53% 52%
48%

Q 2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 202 1

17
D. A. Davidson’s THE HERD:

RECENT TECHNOLOGY IPO FILINGS:

A DEEP DIVE CONTINUED

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 125 Net Dollar Retention: N/A

ARPC: $8.1M+ Gross Dollar Retention: N/A
Unique Statistics: Cohort Details:
Customer base includes some of No details provided on calculation of retention metrics.
the largest and most significant
S-1 filed 8/25/2020 public and private institutions in
Amended S-1 filed
the world across 150+ countries.
9/21/2020

REVENUE GROWTH, SCALE & MARGIN +42.9% REVENUE GROWTH

(MILLIONS) $1,007.6MM ANNUALIZED
$251.9
REVENUE $229.4 $229.3
G R O S S M A R GIN % $176.3 $190.5
$146.3

69% 68% 72% 73%

66% 67%

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 8,500+ Net Dollar Retention: 117%

ARPC: $39,924 Gross Dollar Retention: 95%
Unique Statistics: Cohort Details:
655 customers with revenues Net retention calculated by dividing the total current period
over $100K; 1.3M+ users; 125+ ARR by the total prior period ARR, giving effect to expansion,
S-1 filed countries with active projects contraction, or churn to calculate the net retention rate.
2/28/2020 on Procore.

REVENUE GROWTH, SCALE & MARGIN +53.8% REVENUE GROWTH

(MILLIONS) $339.6MM ANNUALIZED $84.9
$76.2
REVENUE
$67.4
G R O S S M A R GIN % $60.8
$55.2
$49.1
$43.6
$38.5 81% 82% 82% 81%
81% 81%
79% 79%

Q 1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 201 9

18
D. A. Davidson’s THE HERD:

RECENT TECHNOLOGY IPO FILINGS:

A DEEP DIVE CONTINUED

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 3,117 Net Dollar Retention: 158%

ARPC: $170,863
Unique Statistics:
500M+ daily Queries; 70+ NPS
S-1 filed 8/24/2020 score; Customer count has more
Amended S-1 filed than doubled in the year prior
9/14/2020 to S-1 filing.
Gross Dollar Retention: N/A
Cohort Details:
Net revenue calculated by dividing the product revenue
from the cohort in the second year of the measurement
period by the product revenue from this cohort in the first
year of the measurement period.

REVENUE GROWTH, SCALE & MARGIN +120.7% REVENUE GROWTH

(MILLIONS) Fiscal year ended January 31st $532.6MM ANNUALIZED
$133.1
REVENUE
$108.8
G R O S S M A R GIN %
$87.7
$73.0
$60.3
$43.7
$36.7
$28.7 60% 61% 61% 62%
53%
52% 44% 45%

Q 3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 202 1

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 2,100+ Net Dollar Retention: 120% – 130%

ARPC: $94,000+
Unique Statistics:
~330 customers with
S-1 filed 8/21/2020 revenues over $100K;
Amended S-1 filed 18.6 billion events scanned
9/8/2020 per second on the platform.
Gross Dollar Retention: N/A
Cohort Details:
Divide ARR in the current quarter attributable to the base
customers by the ARR attributable to those base customers
in the quarter one year prior, then average the result of the
current quarter with those of the past three quarters.

REVENUE GROWTH, SCALE & MARGIN +30.8% REVENUE GROWTH

(MILLIONS) Fiscal year ended January 31st $197.6MM ANNUALIZED $49.4
$47.2
REVENUE $44.3
$40.5
G R O S S M A R GIN %
$37.8
$32.5
$30.4
$27.0
76% 71%
73% 73% 72%
74% 69%
65%

Q 3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 202 1

19
D. A. Davidson’s THE HERD:

RECENT TECHNOLOGY IPO FILINGS:

A DEEP DIVE CONTINUED

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 4,000+ Net Dollar Retention: 109%

ARPC: $89,245 Gross Dollar Retention: N/A
Unique Statistics: Cohort Details:
Over 50% of the Fortune 500 Net revenue retention calculation takes into account any
S-1 filed 7/2/2020 are Vertex customers; provide revenue lost from departing customers or customers who
Amended S-1 filed customers with tax support in have downgraded as well as any revenue expansion from
7/28/2020 130+ countries. upgrades, cross-sells, or upsells of the software.

REVENUE GROWTH, SCALE & MARGIN +19.6% REVENUE GROWTH

(MILLIONS) $357.0MM ANNUALIZED
$89.2
REVENUE $86.1
$82.4
$74.6 $78.4
G R O S S M A R GIN % $72.9
$66.9 $69.1

68% 66% 65% 67%

64% 65%
64%

56%

Q 2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 202 0

CUSTOMER PROFILE R E T E N T I O N & C A L C U L AT I O N

Number of Customers: 14,000+ Net Dollar Retention: 109%

ARPC: $29,000 Gross Dollar Retention: N/A
Unique Statistics: Cohort Details:
580 customers with revenues Net dollar retention defined as total ACV generated by
over $100K. customers and customers of Pre-Acquisition ZI at the end of
S-1 filed the year divided by the ACV generated by the same group
2/26/2020 of customers at the end of the prior year.

REVENUE GROWTH, SCALE & MARGIN1 +58.6% REVENUE GROWTH

(MILLIONS) $408.0MM ANNUALIZED $102.0
$91.1
REVENUE
$79.1
G R O S S M A R GIN % $67.5 $68.5
$64.3
$57.3
$48.8
80% 80%
74% 77%

Q 2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 202 0

Pro Forma for the acquisition of Zoom Information; Pro forma

1

20 gross margins prior to the acquisition are not available

D. A. Davidson’s THE HERD:

D.A. DAVIDSON & CO.’S

F U L L - S E R V I C E P L AT F O R M

D . A . D AV I D S O N M C F WORLD-CLASS INVESTMENT HOLISTIC APPROACH

I N T E R N AT I O N A L P R O V I D E S BANKING PROFESSIONALS T O A D V I S O R Y, O F F E R I N G
GLOBAL ACCESS W I T H I N D U S T R Y- L E A D I N G EXPERTISE IN PUBLIC
TR ACK RECORDS A N D P R I VAT E M A R K E T S

98 BR
A CKET CAP
AB
I
40+
TRANSACTIONS E INSTITUTIONAL EQUITY

LI
COMPLETED IN 2019 RESEARCH PROFESSIONALS
LG

TI
BU

ES
150+ 25+
INVESTMENT BANKING SALES & TRADING
PROFESSIONALS PROFESSIONALS

5 BO
~400
UT US
INDUSTRY COVERAGE COMPANIES UNDER

IQUE FOC
GROUPS RESEARCH COVERAGE

SHAREHOLDERS’ EQUITY NET REVENUE A S S E T S U N D E R A D M I N I S T R AT I O N

(MILLIONS) (MILLIONS) (BILLIONS)

$49.7

$482.4
$43.8

$263.7 $348.7
$21.7
$179.0 $ 211.0

$ 130.8

$ 263.7M
2 019 S H A R E H O L D E R S’ EQ U I T Y
$ 482.4M
2 019 N E T R E V E N U E
$ 49.7B
2 019 AUA

21
 D. A. Davidson’s THE HERD:

OUR EXPERIENCED GROUP OF SENIOR

TECHNOLOGY INVESTMENT BANKERS

COMPLETED 10 D . A . D AV I D S O N ’ S SECTOR-FOCUSED A N N UA L S O F T WA R E
C A P I TA L M A R K E T S THE HERD – A SALES & TRADING & INTERNET
TR ANSAC TIONS TO P R O P R I E TA R Y AND EQUIT Y CONFERENCE
DAT E I N 2 0 2 0 F O R A LIST OF THE 10 0 RESEARCH
T O T A L O F $ 7. 2 B FA S T E S T- G R OW I N G PROFESSIONALS
T E C H C O M PA N I E S

20 $ 9.8B 37 10+
TOTAL PUBLIC OFFERINGS RAISED FOR TECH DEDICATED TECHNOLOGY UNIQUE TECHNOLOGY
COMPLETED SINCE 2018 CLIENTS SINCE 2018 PROFESSIONALS VERTICALS UNDER
COVERAGE

D.A. Davidson’s Technology team brings a unique perspective based on decades of experience, deep
industry knowledge, and a proven track record of superior execution. Our senior professionals are focused
on developing long-term relationships and delivering lasting value to our clients while helping them
navigate and capitalize on the industry’s rapidly evolving landscape.

SENIOR TECHNOLOGY GROUP PROFESSIONALS

RORY MCKINNEY
HEAD OF INVESTMENT BANKING
R M C K I N N E Y@ DA D C O . C O M
( 3 10 ) 5 0 0 - 3 8 6 5
JOE MORGAN
M A N AG I N G D I R E C T O R ,
HEAD OF TECHNOLOGY
J M O R G A N @ DA D C O . C O M
( 7 14 ) 8 5 0 - 8 3 5 5
TIM MONFORT
M A N AG I N G D I R E C T O R ,
E Q U I T Y C A P I TA L M A R K E T S
T M O N F O R T @ DA D C O . C O M
( 2 12 ) 2 2 3 - 5 4 0 1
AMY JOHNSON
M A N AG I N G D I R E C T O R ,
H E A D O F D E B T A DV I S O R Y
A S J O H N S O N @ DA D C O . C O M
( 2 12 ) 8 8 2 - 3 9 0 9
DEREK BELL KEVIN BERRY BRAD GEVURTZ
M A N AG I N G D I R E C T O R M A N AG I N G D I R E C T O R M A N AG I N G D I R E C T O R
D B E L L @ DA D C O . C O M K B E R R Y@ DA D C O . C O M B G E V U R T Z @ DA D C O . C O M
( 2 12 ) 8 8 2 - 3 9 2 1 ( 7 14 ) 8 5 0 - 8 3 5 0 (503) 603 -3060

STEVE O’DONNELL GREG HARTLEIN G R A DY M C C O N N E L L GREG THOMAS J AC K R O B B I N S ANDREW STIVERS DAV I D D O U G L A S

M A N AG I N G D I R E C T O R DIRECTOR DIRECTOR DIRECTOR VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT
S O D O N N E L L @ DA D C O . C O M G H A R T L E I N @ DA D C O . C O M G M C C O N N E L L @ DA D C O . C O M G T H O M A S @ DA D C O . C O M J R O B B I N S @ DA D C O . C O M A S T I V E R S @ DA D C O . C O M D D O U G L A S @ DA D C O . C O M
( 8 5 7 ) 3 18 - 0 2 0 6 ( 8 5 7 ) 3 18 - 0 2 0 5 ( 7 14 ) 8 5 0 - 8 3 4 8 (503) 603 -3055 ( 7 14 ) 8 5 0 - 8 3 5 2 ( 2 12 ) 8 8 2 - 3 9 19 (503) 603 -3097

22
D. A. Davidson’s THE HERD:

D . A . D A V I D S O N P R O V I D E S D ATA A N D T H E S I S -
D R I V E N P R O P R I E TA R Y I N S T I T U T I O N A L R E S E A R C H

12 130+ 200+
RESEARCH TECHNOLOGY NDRS & VNDRS
ANALYSTS COMPANIES UNDER COMPLETED
COVERAGE SINCE 2018

Software Coverage

RISHI JALURIA

A P P L I C AT I O N
& DATA B A S E
SO F T WA R E

A N DY N O W I N S K I

INFRASTRUCTURE
& CYBERSECURIT Y

HANNAH BAADE PHIL RIGBY HANNAH RUDOFF

H E A LT H C A R E SALES & HR & ED TECH

TECHNOLOGY MARKETING
SO F T WA R E

Financial Technology & Vertical Solutions

PETE HECKMANN

P AY M E N T S
& VERTICAL
SO F T WA R E

E-Commerce & Commerce Enablement

TOM FORTE

CONSUMER
TECHNOLOGY

Internet

TOM WHITE FR ANCO

G R A N DA
INTERNET
SERVICES GAMING

Semiconductor & Design Software

T O M D I F F E LY

S E M I C A P, E D A
SO F T WA R E ,
L ASER /OPTICAL

23
 THE STRENGTH OF ADVICE
®

D.A. Davidson & Co.’s dedicated Technology Group has decades of experience helping clients achieve their
strategic and financial objectives.

has completed an initial has completed a follow-on has completed a public offering has completed an initial offering has completed a follow-on
public offering of common stock offering of common stock of senior convertible notes of common stock offering of common stock

$3,864,000,000 $87,831,250 $517,500,000 $465,750,000 $184,000,000

CO-MANAGER CO-MANAGER CO-MANAGER CO-MANAGER CO-MANAGER

PUBLIC OFFERINGS

has completed a follow-on has completed a follow-on has completed a public offering has completed a public offering has completed a public offering
offering of common stock offering of common stock of senior convertible notes of senior convertible notes of convertible notes

$286,350,000 $422,400,000 $565,000,000 $253,000,000 $600,000,000

CO-MANAGER CO-MANAGER CO-MANAGER CO-MANAGER CO-MANAGER

has completed a follow-on has completed a public offering has completed a follow-on has completed a follow-on has completed an initial
offering of common stock of convertible senior notes public offering of common stock public offering of common stock public offering of common stock

$78,562,000 $550,000,000 $645,322,500 $117,515,739 $207,000,000

CO-MANAGER CO-MANAGER CO-MANAGER CO-MANAGER CO-MANAGER

has been acquired by

has been acquired by has been acquired by has been acquired by has been acquired by

Profile Capital Management

a subsidiary of

SELL-SIDE ADVISOR SELL-SIDE ADVISOR SELL-SIDE ADVISOR SELL-SIDE ADVISOR SELL-SIDE ADVISOR
MERGERS & ACQUISITIONS

© 2020 D.A. Davidson & Co. Member SIPC

has received a growth equity

has received an investment from has been acquired by has received an investment from has been acquired by
investment from

FINANCIAL ADVISOR SELL-SIDE ADVISOR FINANCIAL ADVISOR FINANCIAL ADVISOR SELL-SIDE ADVISOR

has been acquired by a portfolio company of has received an investment from

has been acquired by has been acquired by

has been acquired in a

strategic transaction

SELL-SIDE ADVISOR SELL-SIDE ADVISOR FINANCIAL ADVISOR SELL-SIDE ADVISOR SELL-SIDE ADVISOR

This presentation is proprietary to D.A. Davidson & Co. and may not be reproduced, distributed or used for any other
purpose without the prior written consent of D.A. Davidson & Co.
The analyses contained herein rely upon information obtained from the recipient or from public sources, the accuracy
of which has not been verified, and cannot be assured, by D.A. Davidson & Co.