OUR ADDED VALUE & M&A TRENDS IN THE SOFTWARE &
FINANCIAL SERVICES SECTOR
BUY SIDE – FUNDRAISING - SELL SIDE
FEBRUARY 2023

2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market trends in the software & financial services sector 03
III. Our expertise, added-value & methodology in the software
& financial services sector 12
IV. About GEREJE Corporate Finance 23
II. M&A trends in the software & financial services sector 08

MARKET TRENDS IN
THE SOFTWARE &
FINANCIAL
SERVICES SECTOR
I

4
P R I V A T E & C O N F I D E N T I A L
SOFTWARE INDUSTRY IN FRANCE
Resilience of the sector explained by SaaS business models
§ 45% of the sector's revenue is due to SaaS solutions in 2021
A highly fragmented market with few big players
§ 10% of actors (revenue > €100m) realize >70% of total revenue in 2021
§ TOP5 publishers of Truffle 100 contribute to >50% of total sales
Increased demand for cloud, cybersecurity and mobility
solutions
§ Cybersecurity spending is expected to rise by +12% in 2021 to €150bn
Evolution of the sector’s revenue in France
2018–2023e (in €bn)
15,3
16,4
17,9
19,4
21,2
23,0
5
7
9
11
13
15
17
19
21
23
25
2018 2019 2020 2021 2022e 2023f
Sources : numeum, EY, Truffle 100, IT social, xerfi

5
P R I V A T E & C O N F I D E N T I A L
INTERNATIONAL PRESENCE OF FRENCH COMPANIES
EMEA is the most targeted area by French companies
French Software companies mainly target neighboring countries such as Spain,
Germany and the UK
Strong contribution of market leaders (revenue > €100m)
with 67% of sales realized outside France
§ Smaller companies (revenue < €50m) focus their growth in domestic market
Sources : numeum, EY
Geographic breakdown of revenue in 2021 of
French Software companies
Strong international activity driven by the largest French players (revenue > €100m).
In 2021, 59% of the sector’s revenue is generated abroad
The US: Largest market for French Software companies
after its domestic market
Sample of 254 companies
France
42%
EMEA
30%
Americas
21%
Asia
Pacific
7%

6
P R I V A T E & C O N F I D E N T I A L
The EdTech market in France is now undergoing a consolidation trend
Source: EY Parthenon, GCF Research
Example of consolidation
§ Kahoot! acquires: Drops, Clever, Motimate to consolidate its position &
growth in specific verticals
§ 360Learning acquires the UK's leading training company: Looop
§ Eduform’Action completed 3 acquisitions this summer: SOFIS, l’Ecole des
Métiers de l’Habitat, Projexia
A consolidation trend
§ 80% of the sector's turnover is represented by 20% of the players
§ 60% of the companies have no more than 10 employees and a turnover
< K500€
668 725 785
2 500
352
304
273
299
-
500
1 000
1 500
2 000
2 500
3 000
-
50
100
150
200
250
300
350
400
Investissements en M$
Nb total de transactions VC
2018 2019 2020 2021
Evolution of VC investments in EdTech in
Europe (2018-2021)
Investments in $M
Total nb of VC transactions

7
P R I V A T E & C O N F I D E N T I A L
FOCUS ON REGTECHS
Sources : Zion Market Research, Xerfi, EY, Thomson Reuters, GCF Research
Number of deals in regtech worldwide
325
353
444
5
55
105
155
205
255
305
355
405
455
505
2019 2020 2021
A record year for regtechs investment and particularly in
France
§ +244% global investment in 2021 vs 2020
§ French regtech companies raised €400m (+100% vs 2020)
Digitalization acceleration and technological advancements
in AI and machine learning will positively impact the
regtech industry
Demand for Regtech is carried by the continuous hardening
of the regulatory framework

M&A TRENDS IN THE
SOFTWARE & FINANCIAL
SERVICES SECTOR
II

9
P R I V A T E & C O N F I D E N T I A L
M&A TRENDS – VALUATION METRICS
Company Size
§ The largest the company, the higher the multiple with key
thresholds (10M revenue; 50M revenue; 100M revenue…)
Profitability
§ EBITDA margin compared to peers may be the most important
comparison criteria when the companies’ sizes are similar
Market position
§ A leading position within a local market improves a valuation
multiple, on the other hand, a mid-tier position will drive a
lower valuation.
Within the same sector, valuation multiples vary according to the size, profitability, and market positioning of
the company
European SaaS M&A activity 2019 - Sept 2022
Source : GP Bullhound
European SaaS fundraising activity 2019 - Sept 2022
2892 2740
2956
1834
2019 2020 2021 Sept. 2022
388 415
700
456
2019 2020 2021 Sept. 2022

10
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS IN SOFTWARE 1/2
Date Investor Target Information
Transaction
amount
More
info
Mar.
2023
Egerie (FR): SaaS platform of cyber risk
management solutions
€30m here
Jun.
2022
Ecovadis (FR): Platform for evaluating CSR
performance and responsible purchasing
€500m here
Jun.
2022
Dattak (FR): cybersecurity company €7m here
Jun.
2022
Strapi (FR): leading an opensource headless
CMS
€31m here
May.
2022
Whoz (FR): software publisher of a cloud
staffing solution
€25m here
Source : Mergermarket, Fusacq, GCF Research Click on the logo to access the website

11
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS IN SOFTWARE 2/2
Date Investor Target Information
Transaction
amount
More
info
May
2022
Total Specific Solutions (NL): European
leading publisher of vertical software
Prima Solutions (FR): software publisher for
insurance sector
- here
Feb.
2022
Sharpist (AL): offers online digital coaching
and personalized training solutions for
employees to accelerate the development of
companies and their employees' skills
€23m here
Jul.
2022
Contentsquare (FR): Leader software
company in improving the digital experience
€600m here
May
2021
Shift Technology (FR): Saas company in
cybersecurity for insurance sector
€182m here
Mar.
2021
Quadient (FR) : Leader in omnichannel
solutions
Beanworks (CA): Publisher of an account
payable automation solution
€70m here
Source : Mergermarket, Fusacq, GCF Research Click on the logo to access the website

OUR EXPERTISE,
ADDED-VALUE &
METHODOLOGY IN
THE SOFTWARE
& FINANCIAL
SERVICES SECTOR
III

13
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE 1/2
We have a solid track record and a strong expertise in the Software & Financial Services
industry. We have a direct access to >1 200 companies in this specific sector in Europe,
Asia, and internationally
1. Our Expertise & Experience in the Software & Financial Services sector
Our multicultural teams with our own offices in Europe and in Asia (Paris , Singapore,
Geneva, Lyon, Nantes, Vienna, Lisbon, Munich), and our partners in the Middle East,
Africa and the US
2. Our International presence
Entrepreneurs close to Entrepreneurs = reactivity & adaptability
3. Our “entrepreneurial” culture
Privileged access to > 1 400 investors (Cap development funds, VC, debt funds, Family
Offices), with a specific interest in the Software & Financial Services
4. Our Privileged access to Strategic & Financial Investors

14
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE 2/2
We prefer to act over the long term as partners alongside business leaders
5. Advisor & Partner
With over 80 closings between 2016 & 2022, GEREJE is No. 1 & No. 2 between 2016 & 2021
in the Advisory Fusacq ranking – Corporate banking fundraising rankings in France
6. Our Track-Record
Our expertise in structuring complex operations: Earn-Out, Management Buy-Out, Owner
Buy-Out, Joint Venture…
7. Our Expertise in complex structuring
We work with no conflict of interests and ensure confidentiality & discretion
8. Our independence

15
P R I V A T E & C O N F I D E N T I A L
Ex- GoMyPartner
Small Cap companies
~500 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Mid-Large Cap companies
~700 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
● ● ●
OUR DIRECT ACCESS TO STRATEGIC PLAYERS

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P R I V A T E & C O N F I D E N T I A L
OUR DIRECT ACCESS TO POTENTIAL INVESTORS
Being active in the M&A industry since 2007, we have a direct access to ~1 400 investors (PE, VC, CVC, Family
Offices, etc.) with a specific interest in the software and financial services sector - listed in our proprietary
data base

17
P R I V A T E & C O N F I D E N T I A L
Jean DE MORAS
Senior Advisor at GEREJE Corporate Finance
+ 13 years of experience in M&A advisory
+ 12 years as PE investor at Pléiade Investissement
EXPERIENCE & EXPERTISE
Ø Specific Expertise in the software sector :
§ 15 deals closed
§ 50 deals analyzed
§ Ongoing investor of GENERIX, a listed provider of Saas Software solutions for the Supply Chain and Logistics sector
§ Former investor in HARVEST, a software editor for wealth management
§ Former Chairman of the Supervisory & Strategic Board of Divalto for 10 years, a CRM and ERP solutions developer
§ Sell-side advisor for the divestment of CRM ENEIDE CONSO+ to the listed company COHERIS
Ø 70 deals closed in Small, Mid & Large cap in Europe and in Asia.
OUR EXPERTISE IN THE SOFTWARE SECTOR 1/2

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P R I V A T E & C O N F I D E N T I A L 18
Fabrice LOMBARDO
Founder & CEO of GEREJE Corporate Finance
Expertise at the international level, in Europe, Asia (especially ASEAN), Middle East & Africa, in
GEREJE’s 8 key sectors
Education:
BBA at Oxford Brookes Université, Grenoble Business School, Executive MBA at ESSEC, SFAF
Certified
Key Points:
● + 12 years in Business Dev. (multinationals) ● Creation of GEREJE: 2008 ● +100 deals closed
OUR EXPERTISE IN THE SOFTWARE SECTOR 2/2
EXPERIENCE & EXPERTISE
Ø + 15 years in M&A consulting for SMID & Large Caps
Ø Buy-Side Mandate & Sell-Side Mandate
Ø Fundraisings (Equity / Debt)
Ø Valuation & Structuring
Ø Speaker & Lecturer at ESSEC Paris, EGE, EDC Paris BS
Ø Specific expertise in Fintech :
Ø Fundraising advisor for Weeloy, a SaaS plateform
Ø Fundraising advisor for Goswiff (then acquired by
PaySwiff in 2017)
Ø Financing advisor for Uangteman

19
P R I V A T E & C O N F I D E N T I A L
OUR BUY-SIDE METHODOLOGY
Option: Preparation of a "Long-List" of
potential targets in the targeted sector
and geographical area and ranking them
in order of interest and according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Meeting between GEREJE and the client
to select a short list of targets to be
approached in phase 2
Assist our client in the final Due
Diligence
Optimize the discussions between all
involved parties: legal, audit,
accounting…
Advise on the best strategy and tactic
for final negotiations with the target(s)
until closing.
Assist in the drafting & proof-reading of
final contracts.
Drafting & negotiation of a Letter of
Intent (LOI)
Management of client’s questions &
requests (Q&A)
Optimize the negotiations with the
target
Advise on the best structuring (equity /
debt / mix) in the interest of the
shareholders
Option : Preparation of a strategic and
financial note (detailed profile of the
target) for the client
Signing of the Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA).
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – 1 to 3 months
Market Screening & Preliminary
Approach
Phase 2 – 4 to 9 months
Maximization of Negotiations –
Signing of LOI
Phase 3 – 2 to 4 months
Final DD – Offer – Optimization of the
Closing

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P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE clear & ambitious strategies for yourself & the
potential target
1
2
BE PROACTIVE: approach actionable and specific targets
à value creation
3
TIME is the essence: giving rhythm by respecting a
structured process
4
COMMUNICATION: take the time to explain every step
until the closing
1
2
3
4

21
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
OPTIMIZE the structuring to align the interests regarding
valuation
5
THINK about the forward value by working on a joint
business model
6
ANTICIPATE tax and legal issues (shareholders' agreement)
7
ANTICIPATE the cultural differences (cross border)
8

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P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL SIDE PROCESS
Phase 1 – 1 to 2 months
Preparation phase
Financial analysis (past results and
business plan)
Structuration (equity/debt/mix)
Electronic dataroom (docsend)
Blind Teaser on our online platform
In order to optimize the process, it is essential to prepare the project seriously, explain the use of the
funds and demonstrate the positive impact on turnover and margins
Phase 2 – 2 to 6 months
Selection, teasing and approach of
investors
Maximization (digital) of the investor
approach process (electronic NDA)
Checking of candidates’ seriousness
and motivation
Management & Optimization of
negotiations
Optimization of different structuring
options for the deal
Phase 3 – 1 to 2 months
Closing optimization
Optimization of the Due Diligence
process
Optimize the discussions between all
involved parties: legal, audit,
accounting…
Advise on the best strategy and tactic
for final negotiations until closing.
Advise on the different structuring
schemes including earn out
Analysis and validation of the final
offer
Prepare a Strategic & Financial Note for
investors
Negotiation and signature of the Letter
of Intent (LOI)
Transition to phase 2 after mutual
consent

23
P R I V A T E & C O N F I D E N T I A L
DIFFERENT TYPE OF INVESTORS
Strategic and financial investors have different investment criteria and objectives involving different sales
strategies and structuring scenarios themselves
• Strategic investors are often competitors, suppliers or customers of the target.
• Their objective is to identify companies whose products or services can be integrated in synergy with their
existing portfolio or gain market share, in order to create long-term value for their shareholders.
• The main driver of the acquisition is strategic (vs. rapid return on investment). These buyers may also be
unconnected to the target and seek to expand in its market to diversify their revenue sources.
Strategic
investors
• Financial investors/buyers include private equity firms, hedge funds, family offices ...
• These players make investments in companies and achieve a return on investment within 5-7 years with a
sale or IPO.
• Some Family Offices have an unlimited time horizon and can invest large sums of money to support the
growth of the business at all stages of its development.
Financial
investors
These buyers have fundamentally different objectives, so the way they will approach
the activities of the targets in an M&A process will differ considerably.

ABOUT GEREJE
CORPORATE FINANCE
IV

25
P R I V A T E & C O N F I D E N T I A L
THE “GEREJE” PHILOSOPHY
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as
well as our working philosophy.

26
P R I V A T E & C O N F I D E N T I A L
OUR WORLDWIDE REACH
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial
advisory services, composed of a multidisciplinary team based between Europe & Asia
Our Corporate Film
EUROPE
§ Paris
§ Lyon
§ Geneva
§ Nantes
§ Vienna
§ Lisbon
§ Munich
ASIA
§ Singapore
§ Hong-Kong
EUROPE
MOYEN-ORIENT
ASIE

27
P R I V A T E & C O N F I D E N T I A L
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Fabrice LOMBARDO
Founder & CEO
Antoine ALEMANY
Partner, Lisbon
Clarisse SUN
M&A Associate, Paris
Laurent GOBINET
Partner, Nantes
Hélène PEYRUSQUE
M&A Analyst, Paris
Hugo MONNET
M&A Vice President, Lyon
Servais MICOLOT
Partner, Geneva
Jeff CZELUSTA
M&A Director, Munich

28
P R I V A T E & C O N F I D E N T I A L
SENIORS BRINGING SECTOR & GEOGRAPHIC EXPERTISES
François LAURENT
Senior Advisor, Hong-Kong
Olivier JOB
Senior Advisor, Lyon
Jean de MORAS
Senior Advisor, Paris
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
Gregory LAM
M&A Vice President, Singapore
Bertrand LAM
Partner, Singapore

29
P R I V A T E & C O N F I D E N T I A L
Partial or Total Sell mandate
Managing and Optimizing a sell process, leveraging on
our structuring experience, valuation expertise &
international network to maximize the transaction price.
Using every financial tool to align the interests of all
parties.
OUR SERVICES
The quality of our services relies
in our 100% in-house team
enabling us to manage the
entire transaction process,
thereby ensuring efficiency,
confidentiality and tangible
results
Buy mandate / Acquisition / Joint Ventures
Optimizing external cross-borders expansion strategies.
Global Knowhow, Local Approach
Strategic Advisory – Business Consultancy
The experience and operational know-how of the senior
team allows us to optimize the development strategies of
companies and thus facilitate the management of
corporate finance issues (Fundraising or acquisition)
Fund raising mandate & IPO – Capital development
Structure a solid & realistic business plan in order to
maximize the valuation forward and raise the capital
needed (Equity, Debt, Convertible Shares).
Local Markets Approach and Implementation Assistance
for IPO to maximize forward value & optimize
Transaction Structuring

30
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized
execution, enhanced by a multidisciplinary team acting under one hat !
Execution
Excellence
Each assignment is managed by
one Team leader to optimize the process
We rely on our own proprietary
research
Our mandates are on an exclusivity basis
only, including fixed and success fee
Our mandates are tailor-made
We manage 100% of the Transaction
coordinating the process
We deliver regular reports to optimize
the momentum
Our digital platform allows us to have constant
access to all the necessary information

31
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
Our solid network of partners in Europe and Asia enable us to get qualified, updated information in order to
accompany our clients and create value.
EUROPE
Access to +1,100 Family Offices
+150 banks & private bankers
+100 law firms
ASIA
Access to +700 Family Offices
+200 banks & private bankers
+150 law firms
Partnership signed with Business France (website) in 2021
Coverage of 110 countries, offering a direct access to
international investors

32
P R I V A T E & C O N F I D E N T I A L
TESTIMONIES
In this complicated economic
environment, the support and
involvement of the GEREJE teams
were key to the success of the
project.
Mr. François-
Denis POITRINAL
Founder & CEO
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
GEREJE supported us successfully &
diligently in structuring our
fundraising process so we can keep
control of our company, They did a
great job at finding the right
investors for our projects!
Mr. Francois
CHABANIAN
Founder & CEO
In this complicated economic context,
the support and involvement of the
GEREJE teams were key elements in
the success of the operation
Mr. Guillaume
RAGUET
CEO
*click on a logo to access the website

33
P R I V A T E & C O N F I D E N T I A L
Articles
Surveys
Sorainen - Top 10 TMT trends for 2021
Tool Advisor - Les logiciels SaaS et On-Premise en 23 chiffres
Business Scoot - Le marché du software et service en France
The business research company - Software Products Global Market Report 2022
Statzon - The Global Robotics Market Growing Rapidly
France fintech - Un ecosystème en plein essor
Alantra - Trends driving sector M&A
EY - Les principales tendances du secteur TMT post-pandémie
KPMG - Technology, media, and telecom M&A skyrocketed in 2021
PWC - Global M&A Trends in Technology, Media and Telecommunications: 2022 Mid-Year Update
PWC - The future of TMT sector
Deloitte - Top TMT industry trends and emerging issues to tackle in 2022

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