MPG Engineering, Design, PLM, and Simulation Software Market Update - 2019

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Engineering, Design, PLM & Simulation Software Market Update
December 2019
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© 2019 Madison Park Group

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Madison Park Group (MPG) actively tracks the design, engineering, manufacturing and PLM software landscape.
We have seen the convergence of PLM/CAD, simulation and engineering and believe that it is increasingly difficult
to differentiate vendors as pure-play design or engineering vendors. The categories MPG tracks include:
✓ 3D computer-aided
design (CAD)
✓ Product lifecycle
management (PLM)
✓ Multi-physics computer-
aided engineering (CAE)
✓ Electronic design
automation (EDA)
✓ Generative design &
topology optimization
✓ Product requirements
management
✓ Finite element analysis
(FEA)
✓ Printed circuit board design
(PCB)
✓ Composites & material
analysis
✓ Model-based systems
engineering (MBSE)
✓ Computational fluid
dynamics simulation (CFD)
✓ Thermal simulation and
analysis
✓ Geotechnical modeling
& data management
✓ Quality management
(QMS)
✓ Optical / photonic
simulation
✓ Computer-aided
manufacturing (CAM)
✓ Geospatial display and
modeling
✓ Manufacturing
execution (MES)
✓ Electromagnetics simulation
(EMAG)
✓ Additive manufacturing &
3D printing
✓ Product cost
estimation
✓ Maintenance, repair,
and operations (MRO)
✓ Noise, vibration, and
harshness analysis (NVH)
✓ Industrial Internet of Things
(IIoT)
Market Dynamics
Michael Magruder Ralph Verrilli Sean Stouffer Dave Hanrahan
Managing Director Managing Director Associate Senior Analyst
+1 (212) 660-9711 +1 (781) 929-4047 +1 (212) 660-9723 +1 (212) 660-9715
mmagruder@madisonparkgrp.com rverrilli@madisonparkgrp.com sstouffer@madisonparkgrp.com dhanrahan@madisonparkgrp.com
Highlighted Companies Inclusion Criteria
MPG Team

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Inside the Industry
Our Recent Observations
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Led by generative design tools, AI technologies are
transforming CAD design ideation and augmenting
engineering, design and manufacturing processes
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Industry leaders are relying on acquisitions rather than in-
house development to add design & simulation tools and
methodologies purpose-built for additive manufacturing
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Simulation is spreading across the entire design value chain,
accelerating product ideation at the early design stages and
reducing the need for costly physical testing & prototyping
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Rapidly evolving manufacturing technologies and
increasingly connected global supply chains have injected
cost modeling into early stage product development
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Industrial automation players continue to accelerate realization
of digital twins through strategic partnerships with engineering
software providers
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Rapid advances in autonomous and electric mobility
technology are driving usage of new advanced purpose-
built design and engineering simulation tools
In Case You Missed These Transactions Slide
Siemens acquired MultiMechanics 23
Advanced material modeling
Siemens acquired Atlas 3D 23
Additive manufacturing optimization
Altair acquired DEM Solutions 8
Discrete element modeling
PTC acquired Onshape 22
Cloud-based CAD & product development platform
ANSYS acquired Dynardo 10
Simulation process integration technology
Altair acquired Polliwog 8
PCB analysis & design
Synopsys acquired Qtronic 24
Automotive systems virtual prototyping
Siemens acquired Process Systems Enterprise (PSE) 23
Advanced process modeling
ANSYS acquired Livermore Software Technology Corporation 10
Advanced dynamics & finite element analysis
Hexagon acquired AMendate 20
Generative design for additive manufacturing
Dassault acquired Medidata Solutions 17
Clinical trial execution platform
Dassault acquired Argosim 17
System requirements validation
Dassault acquired Trace Software (Assets) 17
Electrical design and automation
Zuken acquired Vitech Solutions 25
Model-based systems engineering
3
Developing multi-disciplinary products increasingly requires
multi-physics design, simulation & analysis tools that
address mechanical and electrical processes
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High-performance cloud computing has taken root within the
CAE ecosystem for advanced simulation, but incumbents
continue to strategize cloud migration plans for CAD/PLM

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Deal Overview
Deal Highlight: PTC’s Acquisition of Onshape
Is The Dawn of the Engineering Cloud Upon Us?
Sources: Pitchbook, CapitalIQ, LinkedIn, Filings, Company Websites, Press Releases, IDC,
Purchase Price: $470.0 Million
% Cash 100.0%
% Stock -
Buy vs. Build in the Cloud
• PTC elected to acquire a commercialized platform product over rearchitecting and
migrating existing Creo (CAD) code base to the cloud
• PTC now owns the industry’s first native cloud-based 3D CAD platform
• The acquisition sets the stage for PTC to evaluate further buy/build/partner paths,
specifically in a SaaS-based PLM
Expansion Down Market
• Onshape’s current customer base consists of approximately +5,000 commercial users and
“tens of thousands” of free users primarily in SMB / mid-market manufacturers
• Due to prohibitively expensive implementations for traditional on-premise CAD and PLM
platforms, this SMB / mid-market base has gravitated to cloud-based platforms and
adopted much earlier than the enterprise market
• Significant first-mover advantage for PTC to address true cloud needs and move down
market
Shift to SaaS is Underway
• Adding multi-tenant cloud deployment capabilities marks a clear stated shift to a SaaS
model after PTC’s recent shift to a recurring revenue model
• Though only ~10% of engineering software applications today are deployed via a multi-
tenant cloud (Source: IDC), all indications suggest the broader market is on the cusp of a
cloud migration given the cost & performance advantages
Founded: 2012
HQ: Cambridge, MA
Est. Employees: 110 (▲11%)
Revenue: Undisclosed
EBITDA: Undisclosed
Total Funding: $169.0 Million
Key Investors:
Strategic Perspective
Acquired
November 2019

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Other Highlight M&A Transactions
Industry Leaders Go Deep into Core and New Markets
Counterparty
Transaction Acquisition Acquisition
Target
Closing Date September 2019 June 2019
Deal Size $775.0 million $5.8 billion
EV / LTM Revenue ~12.40x 8.72x
EV / LTM EBITDA n/m n/m
Commentary • In September 2019, ANSYS announced the acquisition of
Livermore Software Technology Corp. (LSTC), a provider of
explicit dynamics and advanced finite element analysis software
• The automotive industry has widely adopted the company’s LS-
DYNA solution, a highly scalable multi-physics solver used to
accurately predict a vehicle’s behavior and the effects of
occupants during a collision
• Though the company reported ~100 employees at the time of
acquisition, ANSYS noted that it expects the transaction to
contribute $60-$65 million on non-GAAP revenue to its 2020
results and to be neutral to modestly accretive to non-GAAP
operating margins, implying a total purchase price of 11.9-12.9x
revenue and +35x EBITDA(a)
• The acquisition positions ANSYS even more prominently in the
automotive market, one of its core verticals, and suggests LSTC
was a long-term partner the company did not want to let fall
into a competitor’s hands
• In June 2019, Dassault announced the acquisition of Medidata,
a clinical development software platform, for $5.8 billion or
$92.25 per share
• The acquisition, Dassault’s largest to-date, positions life
sciences behind transportation & mobility as Dassault’s second
largest core business, and further moves Dassault towards its
vision of evolving into a sciences & mathematics company
• The acquisition positions Dassault to lead the digital
transformation in the age of personalized medicine and
patient-centric experience by combining advanced modeling,
simulation, data science, AI, and collaboration to drive data-
driven decision making and tailored treatments for patients,
with a vision of effectively generating a digital twin for the
human body
• As part of this broader vision in the medical space, the
acquisition also coincided with a €65 million investment
Dassault led in BioSerenity, a provider of medical wearable
devices focused on the data retrieval and interpretation of
electrophysiological signals
Sources: Pitchbook, CapitalIQ, LinkedIn, Filings, Company Websites, Press Releases, engineering.com
(a) Assumes 35% operating margin, based on ANSYS CY2018 operating margin of 36.8% (ASC 606) or 32.8% (ASC 605)

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Highlight Fundraise Transactions
Advanced Manufacturing and Simulation Driving Interest
Sources: Pitchbook, CapitalIQ, LinkedIn, Company Websites, Press Releases
Company
Transaction Growth Capital Growth Capital Growth Capital
Investor
Closing Date September 2019 July 2019 April 2019
Investment
Amount
$26.8 million $20.0 million $10.0 million
Pre-Money
Valuation
Undisclosed $70.0 million Undisclosed
Company / Product
Description
• In September 2019, aPriori announced
a $26.8 million raise led by Autodesk,
with participation from NewSpring
Capital and existing investors
• Founded in 2003, aPriori provides real-
time product cost and
manufacturability assessment
solutions to drive hard-dollar product
cost savings for discrete
manufacturing and product innovation
companies
• Autodesk’s participation in the
investment centers around coupling
aPriori’s costing solutions into
generative design workflows within the
Fusion 360 platform to be able to
assess cost & manufacturability of
advanced design topologies
• In July 2019, nTopology announced a
$20.0 million raise from Canaan
Partners
• Founded in 2015, nTopology leverages
advanced computation and a
proprietary geometry engine to
optimize the topology of designs
based on specific parameters
• Demand for generative design
capabilities has surged in the last
several years with the rise of 3D
printing and advanced manufacturing
approaches
• As evidenced by PTC’s 2018
acquisition of Frustum, generative
design has become a key strategic
priority for 3D CAD vendors
• In April 2019, OnScale announced a
$10.0 million Series A led by Intel
Capital & Gradient Ventures
• After more than thirty years as a unit
within Weidlinger Associates and
Thornton Tomasetti, OnScale spun out
as an independent company in 2017
• Over its history within these
engineering organizations, the
company developed an expansive
library of multi-physics CAE solvers
through consulting engagements with
DARPA, DoD, and others
• Today OnScale leverages the high
performance cloud computing power
of AWS & Google Cloud to drive
simulations up to 100x faster than
legacy CAE offerings

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Altair
($ in millions)
Business Overview
Headquarters: Troy, MI
Employees (1-Year Growth): 2,661 (▲8%)
Ownership Status: Public (NasdaqGS: ALTR)
Disclosed Acquisitions: 24
Enterprise Value (EV): $2,598.9
Est. Revenue: $424.4
Est. EBITDA: $32.5
EV / Est. Revenue: 6.12x
EV / Est. EBITDA: n/m
Net Debt (Cash): ($48.1)
Dry Powder: $739.8
Description:
Provides broad portfolio of simulation technology under a
patented units-based software licensing model to apply
simulation, machine learning, and optimization throughout
product development lifecycles
Diversifying CAE Solutions Out of Core Automotive Market
M&A Activity: Broadening Solver Portfolio
• In November 2019, Altair acquired DEM Solutions, a provider of discrete element method
simulation software, for an undisclosed amount
− The addition of DEM’s EDEM software product for bulk material simulation adds systems-level
simulation capabilities for optimizing machinery design, material handling, and manufacturing
efficiency across a broad range of industry end markets
• In October 2019, Altair acquired Polliwog, a provider of system-level engineering solutions to the
printed circuit board (PCB) design and analysis market, for an undisclosed amount
− The addition of Polliwog’s PCB modeling, simulation, and design verification tools allows Altair
to better bridge the gap between mechanical and electrical design in integrated products
• In April 2019, Altair acquired the SEAM product for high-frequency noise and vibration prediction
from Cambridge Collaborative for an undisclosed amount
− The addition of SEAM software to Altair’s portfolio of simulation and solver solutions creates a
more expansive, comprehensive portfolio for solving tough engineering problems in optimizing
noise and comfort in cockpits, cabins, and appliances
• Of Altair’s 24 acquisitions made since the Company’s founding in 1985, 16 have come in the last
four years and 7 have come since the Company’s November 2017 IPO
Executive Team: New Sales & Marketing Leadership
• In January 2019, Altair added Amy Messano as Chief Marketing Officer (CMO) and Ubaldo
Rodriguez as SVP, Global Sales as the company continues building its global sales & marketing
organization for strategic growth
− Amy previously held the role of VP, Integrated Marketing & Communications at electric vehicle
components developer Aptiv
− Ubaldo previously held the role of VP Sales, Americas for ANSYS
Trailing 12-Month Performance (as of 6/30/2019)
ALTR NASDAQ
19.9%
6.7%
(-)
Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 11/4/2019

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Altium
($ in millions)
Business Overview
Headquarters: La Jolla, CA
Employees (1-Year Growth): 747 (▲11%)
Ownership Status: Public (ASX: ALU)
Est. EBITDA: $67.0
Dry Powder: $997.5
Description:
Printed circuit board (PCB) design software products and
electronic component data management
Diversifying into Manufacturing Operations
M&A Activity: Expanding into PCB Manufacturing Value Chain
Product Release: Enhanced Support for Collaboration
• In October 2019, Altium announced the release of Altium Concord Pro, a cloud-based application
for eCAD component management
− Concord Pro ensures that all of an organization’s designers, buyers, and manufacturing partners
have access to the same set of component data by vastly simplifying the setup, configuration,
use, and maintenance of managed component libraries
− Concord Pro ensures information reliability through built-in-connectivity to Octopart supply
chain information
• In October 2019, Altium announced the release of Altium Designer 20
− The latest release of Altium’s PCB design platform includes upgrades to the software’s unified
design environment, user experience, and improved PCB design capabilities including
interactive & high-speed routing and added support for multi-board and high-voltage design
• In April 2019, Altium acquired Gumstix, a small-scale assembler of printed circuit boards, for $5.0
million
− The $5.0 million total consideration is comprised of an upfront cash consideration of $2.5
million and a three-year maximum earnout of $2.5 million
− The company’s $385k gross revenue contribution to Altium during May-June 2019 implies a
trailing 12 month revenue of ~$2.3 million
− The addition of Gumstix’s expertise in development of circuit boards embedded within IoT,
industrials, smart homes, medical, military, and automotive applications will inform Altium’s
vision for a platform to support design to product realization
• The Gumstix deal marks Altium’s second consecutive acquisition in the PCB manufacturing domain,
following the July 2018 acquisition of PCB contract manufacturer PCB:NG
ALU NASDAQ
50.2%
6.7%
(-)

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ANSYS
($ in millions)
Business Overview
Headquarters: Canonsburg, PA
Ownership Status: Public (NasdaqGS: ANSS)
Est. Revenue: $1,390.6
Est. EBITDA: $554.6
EV / Est. EBITDA: 32.0x
Dry Powder: $6,954.6
Description:
Engineering simulation software solutions for product design
and development across aerospace & defense, automotive,
electronics, semiconductors, energy, consumer products, and
more
Doubling Down on Solutions for Next Generation Mobility
M&A Activity: Broadening Solution Portfolio, Largest Acquisition in Over a Decade
Partner Strategy: Focused on Autonomous & Electric Mobility
• In November 2019, ANSYS announced a strategic partnership industrial automation leader
Rockwell Automation to co-develop digital twin solutions for manufacturing processes
• In June 2019, ANSYS led a $7M investment in AV system developer Edge Case Research
• Additionally, ANSYS announced four key strategic partnerships focused on advancing solutions in
autonomous mobility across automotive (AVSimulation, BMW Group) and aerospace (Airbus) as
well as electric machine design (Motor-CAD)
• In November 2019, ANSYS acquired Dynardo, a leading provider of simulation process integration
and design optimization technology, for an undisclosed amount
− Dynardo’s optiSlang tool creates a more open ecosystem to connect simulation & optimization
results to simulation-driven design workflows across the product lifecycle
• In October 2019, ANSYS acquired Livermore Software Technology Corporation (LSTC), developers
of LS-DYNA, the market-leading solver for predicting vehicle collision effects, for $775 million
− LSTC’s explicit dynamics and advanced finite element analysis (FEA) technology reduces or even
eliminates the need for costly physical testing in automotive, aerospace, trains, and more
− The $775 million total consideration consists of $465 million (60%) in cash consideration and
$310 million (40%) paid through the issuance of ANSYS common stock
− The acquisition of LSTC, an ANSYS partner for the last 25 years, marks ANSYS’ largest disclosed
deal since the $832 million acquisition of Ansoft (EDA) in 2008
• In May 2019, ANSYS acquired DfR Solutions, developers of Sherlock, an automated electronic
design reliability analysis solution, for an undisclosed amount
− The acquisition aligns with current megatrends like 5G, AI, and cloud computing that are driving
more complex semiconductor chip design
• ANSYS’ January 2019 acquisition of Helic and February 2019 acquisition of Granta Design were
covered in MPG’s H2 2018 market update
ANSS NASDAQ 18.4%
6.7%
(-)

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Date Lead Investor Amount
11/29/18 $70.0 million (Series D)
9/6/17 $40.0 million (Series C)
1/26/15 $3.0 million (Series B)
Aras
($ in millions)
Business Overview
Headquarters: Andover, MA
Ownership Status: PE-backed (Goldman Sachs)
Enterprise Value (EV): n/a
Est. Revenue: n/a
Est. EBITDA: n/a
EV / Est. Revenue: n/a
EV / Est. EBITDA: n/a
Net Debt (Cash): n/a
Dry Powder: n/a
Recent Funding / Transaction History
Description:
Open product lifecycle management platform that connects
users in all disciplines and functions to critical product data and
processes across the lifecycle and throughout the extended
supply chain
Integrating Simulation Data into Product Record
Partner Strategy: Focused on Simulation Process & Data Management
• On the heels of the acquisition of simulation process management software provider Comet
Solutions in September 2018, Aras announced three strategic technology partnerships in H1 2019
that extend its support for simulation data management
− In June 2019, Aras and Modelon partnered to allow Aras to extend its vision for simulation
management and mixed-fidelity simulation using a systems-centric, unified data model across
all levels of model fidelity, physics, and disciplines
− In April 2019, Aras and MSC Software partnered to expand connectors in MSC’s Nastran finite
element analysis (FEA) solver and MSC’s Adams tool for advanced rigid and flexible multibody
dynamics simulation
− In February 2019, Aras and Visual Collaboration Technologies partnered to enable enhanced
simulation visualization, post-processing, and reporting
M&A Activity: No Acquisitions in YTD 2019
• The company did not execute an acquisition in YTD 2019
• Aras’ last M&A activity came in September 2018 with the acquisition of Comet Solutions
Product Release: Platform Refresh
• In June 2019, Aras released the latest version of its software platform Aras Innovator 12
− Platform enhancements include low-code capabilities for application modeling, graph
visualization, and supply chain security
− Aras Innovator 12 also features significant usability updates to the Aras web interface, enabling
greater efficiency for users across the extended enterprise
Note: Former client of MPG

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8/22/17 Undisclosed
8/13/14 $8.9 million (Series G)
5/31/11 Undisclosed $3.0 million (Series F)
5/4/05 $14.6 million (Series E)
Arena Solutions
($ in millions)
Business Overview
Headquarters: Foster City, CA
Ownership Status: PE-backed (JMI Equity)
Est. Revenue: n/a
Est. EBITDA: n/a
Dry Powder: n/a
Recent Funding / Transaction History
Description:
Product lifecycle (PLM) and quality management (QMS) solution
provider for electronic high tech and medical device companies,
allowing participants throughout the product realization process
from design to manufacturing to work together
High Tech / Electronics PLM Leader Maintaining Cloud Focus
Partner Strategy: Focused on Cloud Ecosystem, Geographic Expansion
• In October 2019, Arena announced a strategic partnership with Acumatica, a cloud-based ERP
solutions provider
− The integration allows for part & assembly information to automatically pass to Acumatica
Cloud ERP following design approval, giving procurement and production teams immediate and
accurate product record access to speed their planning and manufacturing
• In June 2019, Arena announced a strategic partnership with eBOM, a cloud product lifecycle
management (PLM) and project management solution provider based in Stockholm, Sweden
− As part of the partnership, eBOM will take up the role as the master distributor of Arena PLM in
EMEA and Israel
• Arena’s last M&A activity came in October 2018 with the acquisition of Omnify Software, which was
covered MPG’s H2 2018 market update
Product Release: Enhanced Cloud Support for Regulated Industries
• In April 2019, Arena Solutions launched Arena Product Lifecycle Management for AWS GovCloud, a
software designed for companies manufacturing products subject to the United States
International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR)
− This solution addresses the need for a secure, transparent single source of product record for
companies operating in controlled regulatory spaces
Note: Former client of MPG

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Autodesk
($ in millions)
Business Overview
Headquarters: San Rafael, CA
Ownership Status: Public (NasdaqGS: ADSK)
Est. EBITDA: $286.6
Net Debt (Cash): $1,164.7
Description:
Computer-aided design software for architecture,
engineering, construction, manufacturing, and media
Focusing on Manufacturing & Construction
Partner Strategy: Corporate Investments Focused on Intelligent Manufacturing
• In September 2019, Autodesk led a $26.8 million investment in enterprise product cost
management software company aPriori
− As part of the investment, Autodesk is introducing aPriori’s manufacturing cost insights into its
generative design capabilities within the Autodesk Fusion 360 platform, providing designers and
engineers with a key layer of information in the early stages of the development process
• In June 2019, Autodesk led a $22.7 million investment in specialty modular construction services
company Factory_OS
− Founded in 2017, the company began leveraging a modular construction approach to build
multi-family homes more affordably and sustainably to address the housing crisis in the San
Francisco Bay area
− With the investment, Autodesk will support the development of the Factory Floor Learning
Center, a space dedicated to education and research on industrialized construction and changes
needed in public policy to optimize its benefits
− Citigroup and undisclosed investors also participated in the round
• The investment in Factory_OS comes on the heels of Autodesk’s +$1 billion construction software
acquisition spree (PlanGrid, BuildingConnected) in 2018, which has driven growth in the current FY
• Autodesk’s last M&A activity came in December 2018 with the acquisition of BuildingConnected,
which was covered in MPG’s H2 2018 market update
ADSK NASDAQ
25.1%
6.7%
(-)

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Bentley Systems
($ in millions)
Business Overview
Headquarters: Exton, PA
Ownership Status: Independent
Est. Revenue: n/a
Est. EBITDA: n/a
Dry Powder: n/a
Description:
Software solutions for engineers, architects, geospatial
professionals, constructors and owner-operators for the design,
construction, and operations of infrastructure
Driving Digital Twin for Urban & Civil Engineering
M&A Activity: Focused on Digital Infrastructure Solutions for Cities
• In October 2019, Bentley acquired Citilabs, a provider of simulation software for transportation
& mobility, and Orbit Geospatial Technologies, a provider of GIS data management solutions,
both for an undisclosed amount
− The acquisitions bolster Bentley’s Digital Cities offering, which combines BIM and GIS to
engineer digital twins for cities spanning reality modeling, water, wastewater and stormwater
system planning, urban planning and visualization, geotechnical information management,
and mobility simulation and analytics
− Together, the acquisitions focus on advancing mobility digital twins through Orbit GT’s
automated mobile mapping workflows (digital context) and Citilabs’ CUBE simulations
(digital components) for predictive transportation scenarios
• In May 2019, Bentley acquired Keynetix, a geotechnical data management software platform,
for an undisclosed amount
− The acquisition expands Bentley’s geotechnical offerings and accelerates Bentley’s vision of
enabling subsurface digital twins for infrastructure projects and assets by capturing and
managing underground environment information for Bentley’s geotechnical analysis
applications, PLAXIS and SoilVision
• Bentley’s February 2019 acquisition of SignCAD Systems was covered in MPG’s H2 2018 market
update
Partner Strategy: Expanding Support for Digital Twin Readiness
• In March 2019, Bentley made a strategic investment of an undisclosed amount in Digital Water
Works, a provider of digital twin solutions for smart wet infrastructure
− As part of the strategic partnership, Bentley will license its OpenFlows and iTwin offerings to
Digital Water Works’ customers
n/a n/a n/a
Funding / Transaction History

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Cadence Design
($ in millions)
Business Overview
Headquarters: San Jose, CA
Ownership Status: Public (NasdaqGS: CDNS)
Est. EBITDA: $630.2
Description:
Electronic design automation (EDA) tools, IP portfolio for chip
designs, and comprehensive suite of verification tools and
hardware to verify the chip, package, board, and system
design
EDA Leader Gaining in Value Amidst Continued Performance
Partner Strategy: Enhancing Support for Hyperconnected Embedded Systems
• In February 2019, Cadence led a $150.0 million financing round in Green Hills Software, a
provider of real-time operating systems and software development tools for embedded
development
− Green Hills’ products are broadly deployed across multiple application domains, particularly
in aerospace and defense, with customers including Boeing and Lockheed Martin, and in
automotive, with many top OEM and Tier-1 customers, including Toyota and Ford
− Green Hills is considered an industry leader in embedded safety and security software
solutions, with its INTEGRITY-178B real-time operating system having been certified to
EAL6+, the highest Common Criteria security level achieved for an operating system
− The partnership furthers the Cadence System Design Enablement strategy and build its
leading core electronic design automation (EDA), verification hardware, embedded process,
and IP solutions to address new market expansion opportunities in the estimated +$3B
embedded system safety and security space
− The investment represents an approximate 16% ownership interest in Green Hills
• Cadence’s last M&A activity came in November 2017 with the acquisition of nusemi
CDNS NASDAQ
64.3%
6.7%
(-)

16
n/a n/a n/a
COMSOL
($ in millions)
Business Overview
Headquarters: Burlington, MA
Employees (1-Year Growth): 445 (■0%)
Ownership Status: Independent
Disclosed Acquisitions: -
Est. Revenue: n/a
Est. EBITDA: n/a
Dry Powder: n/a
Description:
Software solutions for multi-physics modeling and simulation
for R&D
Maintaining Organic Growth Path
Product Release: Enhanced Support for PCB Reliability Analysis
• In June 2019, COMSOL announced the latest advances in its COMSOL Multiphysics software to
support microwave and RF engineers working n 5G, IoT, automotive radars, and satellite
communications
– With these tools, designers can model different PCB materials and study how they affect the
performance of microwave and millimeter wave circuits
• In April 2019, COMSOL announced a major update for its COMSOL Client
– The latest update included COMSOL Client for Android, which allows researchers, engineers,
and students to perform simulation tasks from Android smartphones, tablets, and
Chromebooks simply by connecting COMSOL Server software which runs the computations
remotely
– Providing field technicians or sales representatives with the power of COMSOL Multiphysics
directly on their Android devices allows them to bring the R&D work on-site or to a sales pitch
• COMSOL has not completed an acquisition in the company’s history

17
Dassault Systèmes
($ in millions)
Business Overview
Headquarters: Vèlizy-Villacoublay, France
Ownership Status: Public (PAR: DSY)
Est. EBITDA: $1,254.4
Net Debt (Cash): ($2,453.4)
Description:
3D modeling applications, simulation applications creating
virtual twins of products or production systems, social and
collaborative applications, and information intelligence
applications
Largest Acquisition To-Date Fortifies Commitment to Life Sciences
Partner Strategy: Focused on Linking Design / Development with Industrial Automation
• In February 2019, Dassault entered a global partnership with industrial automation leader ABB
– The partnership will combine the strengths of ABB’s Ability industrial operations management
platform with Dassault’s 3DEXPERIENCE platform to drive industrial digitalization across factory
automation & robotics, process industry automation, and smart building electrification
M&A Activity: Largest Acquisition To-Date, Tuck-ins Address Electrical Complexity
• In June 2019, Dassault acquired Medidata Solutions, a provider of software & data solutions for the
life sciences market, for $5.8 billion
– At $92.25 per share, Dassault acquired Medidata at a 17% premium above Medidata’s closing
price on April 18, the last day before Bloomberg reported Dassault’s interest in the company
– The acquisition marks Dassault’s largest ever and the first time the company has leveraged
external funding sources for an acquisition (€1B loan and €3B bridge-to-loan facility, alongside
available cash)
– Medidata’s clinical trial solutions dovetail with Dassault’s science-focused BIOVIA brand and the
rest of the 3DEXPERIENCE platform to help connect research, development, manufacturing,
clinical trials, and commercial deployment throughout the entire healthcare ecosystem
• In March 2019, Dassault acquired Argosim, a provider of model-based systems engineering and
architecture solutions for embedded systems, for an undisclosed amount
– Dassault intends to leverage the MBSE solutions to ensure consistent requirements in the
development of complex autonomous systems and connected products
• In February 2019, Dassault acquired the elecworks product line from Trace Software International, a
provider of electrical and automation design software, for an undisclosed amount
– The acquisition of the elecworks assets will help Dassault’s SOLIDWORKS customers address
electrical design challenges in the development of smart products
– Dassault has been selling elecworks under the name of SOLIDWORKS Electrical since 2012
DSY NASDAQ 16.5%
6.7%
(-)

18
ESI Group
($ in millions)
Business Overview
Headquarters: Paris, France
Employees (1-Year Growth): 1,841 (▼1%)
Ownership Status: Public (PAR: ESI)
Enterprise Value (EV): $244.4
Est. EBITDA: $16.1
Net Debt (Cash): $52.7
Dry Powder: $65.9
Description:
Virtual prototyping software that simulates a product’s
behavior during testing, manufacturing, and real-life use
Transitioning Leadership
Executive Team: CEO Succession
• In February 2019, ESI Group named Cristel de Rouvray as CEO
– An ESI Board member since 1999, Cristel prior served in a number of roles at the company,
including Chairwoman of the Compensation, Nomination & Governance Committee, project
leader for succession planning, and head of an operational committee for critical human
resources-related topics
– Alain de Rouvray, the Founder and former CEO, will remain as Chairman
• ESI’s last M&A activity came in February 2017 with the acquisition of Scilab Enterprises
Financial Update: Return to Growth after Decline
• In April 2019, ESI Group announced its annual financial result for the FY ended January 2019
– Total revenue increased 3.9% to €139.4 million, bolstered by renewed momentum in the
Licensing business
– The Company attributes the progress in sales to a successful business development approach
focused on key accounts and the launching of strategic initiatives in emerging areas such as
light-weight engineering and immersive human-centric engineering
• In January 2019, ESI Group announced a €40.0 million syndicated credit line from a consortium of
European banks
– The credit line will be used to fund the acceleration of ESI’s development plan and diversify its
financial partners while opening more opportunities for acquisitions
ESI NASDAQ 6.7%
-24.2%
(-)

19
5/10/18 Undisclosed (Secondary)
6/30/15 Undisclosed (LBO)
Gamma Technologies
($ in millions)
Business Overview
Headquarters: Westmont, IL
Ownership Status: PE-backed (TA, Cove Hill)
Est. Revenue: n/a
Est. EBITDA: n/a
Dry Powder: n/a
Description:
Multi-physics CAE system simulation software spanning fluid
flow, thermal, mechanical, electrical, magnetic, chemistry, and
controls primarily for engines, vehicle systems &
components, and more
Expanding Product Support through Partnerships
Partner Strategy: Continued Focus on Automotive, Expanded Support for Machine Types
• In June 2019, Gamma entered into an R&D partnership with automotive OEM Groupe PSA and
engineering institution Centrale Nantes
– The partnership is aimed at optimizing powertrain design processes and shortening time-to-
market for low-emission vehicles by frontloading more and more simulation for development
and testing
– As part of the partnership, engineers and experts at Groupe PSA and Centrale Nantes will
execute studies on engine calibration and component modeling for batteries and e-motors
using Gamma Technologies’ GT-SUITE
• In February 2019, Gamma announced an exclusive partnership with SoftInWay, a provider of
turbomachinery design, analysis and optimization software and services
– Through the partnership, GT-SUITE users can utilize SoftInWay’s AxSTREAM turbomachinery
component and performance map solvers to generate thousands of designs for turbines,
compressors, pumps, and fans
• In January 2019, Gamma announced a collaboration with PDM Analysis, a provider of software for
modeling, analysis, and design of rotary screw positive displacement machines
– The partnership involves integration of GT-SUITE with PDM Analysis’ SCORG product, enabling
optimized and high-fidelity multi-chamber and system-level modeling of screw type machines,
such as screw compressors, expanders, and pumps
• Gamma’s last M&A activity came in February 2018 with the acquisition of AutoLion

20
Hexagon
($ in millions)
Business Overview
Headquarters: Stockholm, Sweden
Ownership Status: Public (STO: HEXA-B)
Description:
Global leader in sensor, software, and autonomous solutions
for industrial, manufacturing, infrastructure, safety, and
mobility applications
Note: Employee count representative of MSC Software group
• In March 2019, Hexagon announced a collaborative partnership between its subsidiary MSC Software
and AVL List GmbH in Austria, focused on research, development, and customer projects in the field
of simulation and testing of Autonomous Driving (AD) and Advanced Driver Assistance Systems
(ADAS) systems
- AVL is developing a scenario-based open verification and validation toolchain to generate
operational scenarios, create the relevant test cases, and execute testing and homologation of
automated driving functions in combined virtual and real road environments based on an open
and integrated tool environment
Investing in MSC Business Following 2017 Acquisition
Partner Strategy: Focused on Advancing Autonomous Driving Systems
M&A Activity: Accelerating Shift to Additive Manufacturing
• In June 2019, Hexagon acquired AMendate, a provider of simulation software solutions that
support the generation and optimization of designs for additive manufacturing
– AMendate will join Hexagon Manufacturing Intelligence’s MSC Software business unit, which
provides computer-aided engineering (CAE) simulation software and services
– AMendate’s generative design solutions help to eliminate inefficient manual effort that slows
additive manufacturing workflows, addressing a major obstacle during design for companies
shifting to additive manufacturing processes
• Hexagon’s January 2019 acquisitions of j5 International and Etalon were covered in MPG’s H2 2018
market update
Product Release: Enhancing Support for Multi-Physics
• In February 2019, MSC Software announced the debut release of the MSC CoSim engine
– The software is developed to provide a co-simulation interface for the direct coupling of
different solvers / disciplines within a multi-physics framework
HEXA-B NASDAQ
6.7%
0.6%
(-)

21
6/26/18 $200.0 million
5/3/17 Undisclosed $10.0 million (Series B2)
3/30/15 $19.5 million (Series B1)
Jama Software
($ in millions)
Business Overview
Headquarters: Portland, OR
Employees (1-Year Growth): 204 (▼10%)
Ownership Status: PE-backed (Insight)
Est. Revenue: n/a
Est. EBITDA: n/a
Dry Powder: n/a
Description:
Product requirements, risk, and test management platform
for defining, aligning, and developing complex products,
systems, and software
Maintaining Growth Track Under Private Equity Ownership
Product Release: Enhanced Support for Regulated Industries
• In May 2019, Jama announced an update to its Jama Connect Risk Management Center
− In the latest update, Jama integrated FMEA templates directly into Jama Connect, transforming
Jama Connect into a comprehensive system of record to manage product risk
− Prior to this update, these capabilities were available exclusively to medical device companies
− Now the coverage includes all regulated industries, available via both cloud & self-hosted
platforms
• Jama’s last M&A activity came in January 2018 with the acquisition of Notion Data
Executive Team: Expansion of Management Team
• In September 2019, Jama expanded its executive team with the appointments of Josh Turpen as
Chief Product Officer (CPO), Stuart Heavyside as President of Field Operations, and Dave
Falkingham as VP of EMEA Sales
− Josh previously held the role of CPO for Cherwell Technologies
− Stuart previously held the role of SVP of Worldwide Sales for PTC’s CAD division
− Dave previously held the role of Sr. Director of Professional Channel for N. Europe for Dassault

22
PTC
($ in millions)
Business Overview
Headquarters: Boston, MA
Employees (1-Year Growth): 6,574 (▬0%)
Ownership Status: Public (NasdaqGS: PTC)
Est. EBITDA: $195.1
Net Debt (Cash): $342.1
Description:
Portfolio of computer-aided design (CAD) modeling, product
lifecycle management (PLM), service lifecycle management
(SLM) and industrial-focused AR / VR and IoT solutions
Seizing First Mover Advantage into SaaS
M&A Activity: Largest CAD Acquisition Ever and PTC’s Largest To-Date
• In November 2019, PTC acquired Onshape, provider of the first SaaS-based product development
platform that unites robust computer aided design (CAD) with powerful data management and
collaboration tools, for approximately $470 million
– Onshape was founded in 2012 by the team that founded SOLIDWORKS and marks the
industry’s first native 3D CAD solution
– Onshape has secured more than $169 million in funding and has more than 5,000 paid
subscribers around the world, primarily SMB & mid-market customers who are early adopters
of CAD in the cloud
• Jim Heppelmann, President & CEO of PTC, commented:
– “The acquisition of Onshape complements our on-premises business with the industry’s only
proven, scalable SaaS platform, which we expect will open new CAD and PLM growth
opportunities while positioning PTC to be the leader as the market transitions toward the SaaS
model.”
• In June 2019, PTC acquired TWNKLS, a specialized augmented reality (AR) company, for an
undisclosed amount
– The company leverages deep expertise in PTC’s Vuforia platform to develop and implement
tailor-made industrial AR applications
• In April 2019, PTC acquired Factora Solutions, a provider of manufacturing execution systems, for
an undisclosed amount
– The acquisition provides PTC in-house subject matter expertise to better service its customers
and partners that are driving growth in smart manufacturing
Partner Strategy: Continued Push in Industrial Augmented Reality
• In June 2019, PTC led an undisclosed investment in Matterport, a provider of immersive 3D
technology and spatial capture solutions
– The partnership enhances PTC’s Vuforia offerings with the ability to better visualize factories
PTC NASDAQ
6.7%
-4.0%
(-)

23
Siemens
($ in millions)
Business Overview
Headquarters: Munich, Germany
Ownership Status: Public (DB: SIE)
Description:
Software solutions for engineering, manufacturing, and
electronics design
Industrial Leader Expanding Scope of Siemens PLM Brand
M&A Activity: Focused on Advanced Manufacturing Solutions Portfolio
• In November 2019, Siemens acquired MultiMechanics, a provider of materials modeling software,
for an undisclosed amount
– MultiMechanics’ solutions will enable virtual failure prediction of advanced materials
• In November 2019, Siemens acquired Atlas 3D, a provider of cloud-based software for additive
manufacturing, for an undisclosed amount
– Atlas 3D’s software enables “right first time” 3D printing by interfacing with direct metal laser
sintering (DMLS) printers to automatically provide design engineers with the optimal print
orientation and requisite support structures for additive parts in near real-time
• In September 2019, Siemens acquired Process Systems Enterprise (PSE), a provider of advanced
process modeling software and services, for an undisclosed amount
– PSE incorporates advanced models & real-time process data to drive plant performance
optimization, acting across the Siemens Digital Industries portfolio in a similar vein as Mendix
• In June 2019, Siemens acquired ESTEQ, a South Africa-based PLM and manufacturing operations
software provider, for an undisclosed amount
– Siemens will incorporate ESTEQ into new software focused sales organizations in South Africa
and UAE, gaining direct presence to expand and support coverage of these regions
Partner Strategy: Enabling SaaS through Partners
• In October 2019, Siemens announced a strategic collaboration with Rescale to make Simcenter 3D
software and Simcenter Amesim software available through a SaaS deployment and pricing model
Product Release: Rebranding Towards Broader and Integrated Portfolio
• In September 2019, Siemens announced a rebranding from Siemens PLM Software to Siemens
Digital Industries Software, also introducing Xcelerator, a new integrated portfolio of software and
services encompassing its PLM, design, manufacturing, and IIoT solution set
SIE NASDAQ
6.7%
-6.9%
(-)
Note: Employee count representative of Siemens Digital Industries Software

24
Synopsys
($ in millions)
Business Overview
Headquarters: Mountain View, CA
Ownership Status: Public (NasdaqGM: SNPS)
Est. EBITDA: $638.5
Description:
Silicon chip design, verification, IP integration, and application
security testing solutions
EDA Leader Making Aggressive Push into Automotive Market
M&A Activity: Expanded Tool Set for Automotive
• In August 2019, Synopsys acquired QTronic, a provider of simulation, test tools, and services for
automotive software and systems, for an undisclosed amount
− The acquisition addresses the rapid growth of software embedded in vehicles, along with the
complex interaction of hardware, software, and physical components, which are creating
significant challenges for OEMs and suppliers developing future powertrain, electric vehicle,
advanced driver assistance, and autonomous driver systems
− Synopsys expects QTronic’s simulation and test tools to accelerate delivery of a comprehensive
automotive virtual prototyping solution for system and software development throughout the
automotive electronic supply chain
Partner Strategy: Enhancing Operating Hardware for Automotive
• In September 2019, Synopsys announced a partnership with Infineon Technologies, a producer of
semiconductor solutions and microelectronics, to accelerate AI in automotive applications
− As part of the partnership, Infineon’s AURIX microcontrollers will integrate a new high-
performance AI accelerator called Parallel Processing Unit (PPU) that will employ Synopys’
DesignWare ARC EV Processor IP
• In May 2019, Synopsys announced a partnership with Elektrobit, a supplier of embedded and
connected software products for the automotive industry, aimed at enabling a transition from
physical to virtual system testing for automotive electronic systems
− As part of the collaboration, the two companies are bringing together Synopsys Virtualizer
Development Kits (VDKs), Elektrobit operating systems, development and test tools, and
complementary expertise to enable pre-silicon and pre-Electronic Control Unit (ECU) hardware
availability and software development
SNPS NASDAQ 51.4%
6.7%
(-)

25
Zuken
($ in millions)
Business Overview
Headquarters: Yokohama, Japan
Ownership Status: Public (TKS: 6497)
Enterprise Value (EV): $240.7
Est. EBITDA: $35.9
Dry Powder: $515.7
Description:
Software products and consulting services for electrical and
electronic engineering design processes
Focused on Support for Multi-Disciplinary Engineering
M&A Activity: MBSE Capabilities Expand Product Coverage
• In January 2019, Zuken acquired Vitech, a model-based systems engineering platform, for an
undisclosed amount
− As product complexity continues to increase, companies are adopting model-based system
engineering (MBSE) tools and processes to better define product requirements, structure, and
behavior
− Zuken expects Vitech’s platform to complement and expand Zuken’s advanced design
technologies portfolio with systems engineering capabilities
Partner Strategy: Focused on Electronic Data Export
• In October 2019, Zuken announced a partnership with CONTACT Software, product engineering
software platform, to enable end-to-end data and process integration across mechanical, electrical,
and electronic design
− The interface module links Zuken’s DS-2 platform to CONTACT Elements, supporting the secure
synchronization of part master data, parts lists, documents, and design data between Zuken’s
ECAD systems E3.series (electrical and fluid engineering), ad CR-8000 (PCB design), and CIM
Database PLM
• In September 2019, Zuken signed a V6 Community Membership agreement with Dassault
Systemes to develop solutions for an end-to-end system design and manufacturing process
enabling customers to manage electronic engineering information together with mechanical and
software engineering data and configurations
− The solution, developed by Zuken, will provide electronic library and design data management
capabilities within Dassault’s 3DEXPERIENCE platform
ZUKEN NASDAQ
6.7%
-0.2%
(-)

27
Priority Acquirers & Notable Deals
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Source: Pitchbook, Capital IQ, public filings, press releases, proprietary Madison Park Group research
($ in Millions) Target Overview Transaction Statistics
Estimated Deal Deal Value / Estimated
Announced Target Description Revenue EBITDA Value Revenue EBITDA
Altair Total Disclosed M&A Deal Value: $241.5 Million
11/07/2019 DEM Solutions Discrete element modelling software n/a n/a n/a n/a n/a
10/10/2019 Polliwog Co. EDA verification and evaluation n/a n/a n/a n/a n/a
04/01/2019 Cambridge Collaborative High-frequency noise and vibration simulation n/a n/a n/a n/a n/a
11/05/2018 Datawatch Enterprise data preparation & visualization $41.7 ($9.3) $176.0 4.22x n/m
10/17/2018 SIMSOLID Structural analysis simulation software n/a n/a $22.1 n/a n/a
05/10/2018 FluiDyna GmbH Fluid dynamics simulation software n/a n/a n/a n/a n/a
03/29/2018 CANDI Controls Real-time device control and data management n/a n/a $2.4 n/a n/a
09/28/2017 Runtime EDA software optimizing application computing n/a n/a $25.7 n/a n/a
09/14/2017 Componeering Composites analysis and design software n/a n/a n/a n/a n/a
06/20/2017 Carriots IoT device enablement platform n/a n/a $7.5 n/a n/a
05/24/2017 MODELiiS EDA for circuit modelling & systems design n/a n/a $2.0 n/a n/a
09/14/2016 Solid Iris Technologies Rendering software for architecture applications n/a n/a n/a n/a n/a
05/10/2016 CEDRAT Simulation software for mechatronic systems n/a n/a $5.1 n/a n/a
03/23/2016 Awe Communications Product design software for cellular devices n/a n/a n/a n/a n/a
09/30/2015 Click2Cast Casting process simulation software n/a n/a $0.7 n/a n/a
04/07/2015 Multiscale Design Systems Modeling, simulation, and testing software n/a n/a n/a n/a n/a
07/17/2014 Visual Solutions Commercial simulation software n/a n/a n/a n/a n/a
12/10/2013 EM Software & Systems Consulting services for electromagnetic analysis n/a n/a n/a n/a n/a
11/08/2012 Synopsis Consulting Business consulting services for product dev. n/a n/a n/a n/a n/a
01/11/2011 ACUSIM Software Computation fluid dynamics software n/a n/a n/a n/a n/a
10/28/2010 SimLab Corporation Auto industry modeling and simulation software n/a n/a n/a n/a n/a
01/07/2007 solidThinking Integrated rendering engine design software n/a n/a n/a n/a n/a
01/01/2007 Hiqube Simulation-driven business analytics suite n/a n/a n/a n/a n/a
03/10/2003 PBS Works Secure workload management for computing n/a n/a n/a n/a n/a
Altium Total Disclosed M&A Deal Value: $54.2 Million
04/30/2019 Gumstix Hardware development and manufacturing $2.3 n/a $5.0 2.17x n/a
07/31/2018 PCB:NG PCB manufacturing n/a n/a $4.8 n/a n/a
05/10/2018 FluiDyna Predictive aerodynamic simulation tools n/a n/a n/a n/a n/a
05/03/2018 CANDI Controls Data protocol management for edge devices n/a n/a n/a n/a n/a
Total High 21.67x 24.6x
Total Low 1.00x 7.1x
Total Average 5.42x 16.4x
Total Median 4.39x 16.8x

28
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Altium (Cont'd) Total Disclosed M&A Deal Value: $54.2 Million
02/21/2018 TES International Thermal solutions for complex flow mapping n/a n/a n/a n/a n/a
08/28/2017 Upverter Online circuit design platform n/a n/a $5.6 n/a n/a
01/17/2017 Premier EDA Solutions Electronic design automation n/a n/a $4.0 n/a n/a
09/15/2016 Transfer Electronics design software n/a n/a $1.8 n/a n/a
08/23/2016 Perception Software Engineering productivity application n/a n/a $7.9 n/a n/a
08/14/2015 Octopart Electronics parts search n/a n/a $18.0 n/a n/a
08/14/2015 Ciiva Electronic component management n/a n/a $4.0 n/a n/a
09/16/2010 Morfik Technology Cloud application development n/a n/a $3.1 n/a n/a
ANSYS Total Disclosed M&A Deal Value: $3.2 Billion
10/24/2019 Dynardo Process integration and design tools n/a n/a n/a n/a n/a
09/11/2019 Livermore Software Multi physics simulation software $62.5 n/a $775.0 12.40x n/a
05/02/2019 DfR Solutions EDA design reliability analysis software n/a n/a n/a n/a n/a
02/01/2019 Granta Design Engineering materials information management $20.0 $2.0 $198.7 9.94x n/m
01/21/2019 Helic Electro-magnetic cross-talk analysis software n/a n/a n/a n/a n/a
03/22/2018 Optis World Optics engineering & simulation software n/a n/a $291.0 n/a n/a
11/15/2017 3DSIM Additive manufacturing process software n/a n/a n/a n/a n/a
07/11/2017 Computational Engineering Scientific data visualization software n/a n/a $6.0 n/a n/a
03/17/2017 CLK Design Automation Static timing and power analysis software n/a n/a n/a n/a n/a
11/03/2016 KPIT Automotive engineering software n/a n/a n/a n/a n/a
09/01/2015 Delcross CEM & RF analysis software n/a n/a n/a n/a n/a
07/01/2015 Gear Design Semiconductor & electric design solutions n/a n/a $30.0 n/a n/a
02/05/2015 Newmerical In-flight icing simulation software n/a n/a $10.9 n/a n/a
11/03/2014 Parsec Holdings Technology-driven engineering services n/a n/a $8.4 n/a n/a
05/01/2014 SpaceClaim 3D direct modeling software $18.0 n/a $84.9 4.72x n/a
01/03/2014 Reaction Design Chemical modeling & simulation software n/a n/a $19.1 n/a n/a
05/22/2013 Tedaka Technologies Telecom transmission & networking n/a n/a $2.8 n/a n/a
04/03/2013 Evolutionary Engineering Aerospace and mechanical engineering n/a n/a $4.6 n/a n/a
07/01/2012 Esterel Technologies Embedded software design $21.0 n/a $58.0 2.76x n/a
06/30/2011 Apache Design Semiconductor design and verification $44.0 n/a $294.9 6.70x n/a

29
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
ANSYS (Cont'd) Total Disclosed M&A Deal Value: $3.2 Billion
08/01/2008 Ansoft Electronic design automation software $103.4 $41.7 $832.0 8.05x 19.9x
11/27/2007 Emerging Signals Railway signaling services n/a n/a $2.2 n/a n/a
05/01/2006 Fluent Computational fluid dynamics n/a n/a n/a n/a n/a
02/16/2006 Aavid Thermal Technologies Thermal management software solutions n/a n/a $565.0 n/a n/a
12/01/2005 Harvard Thermal Thermal management software solutions n/a n/a n/a n/a n/a
01/05/2005 Century Dynamics Hydro-dynamics simulation n/a n/a $10.0 n/a n/a
02/04/2003 CFX Group Computational fluid dynamics software $19.0 n/a $21.7 1.14x n/a
03/20/2002 IceBreaker Online informational management software n/a n/a n/a n/a n/a
11/14/2001 Cadoe CAD & acoustic testing n/a n/a $3.9 n/a n/a
08/31/2000 ICEM CFD Aeronautics & automobile design $6.8 n/a $12.4 1.82x n/a
Aras Corporation Total Disclosed M&A Deal Value: n/a
09/25/2018 Comet Solutions Process automation for CAE / simulation n/a n/a n/a n/a n/a
01/24/2018 Info Spectrum (Impressa) MRO management suite n/a n/a n/a n/a n/a
Arena Solutions Total Disclosed M&A Deal Value: n/a
10/24/2018 Omnify Software Electronics & medical device PLM / QMS n/a n/a n/a n/a n/a
Autodesk Total Disclosed M&A Deal Value: $3.1 Billion
01/23/2019 BuildingConnected Preconstruction planning solutions n/a n/a $275.0 n/a n/a
11/20/2018 PlanGrid Digital blueprint solutions $100.0 n/a $875.0 8.75x n/a
07/19/2018 Assemble Systems BIM solutions for construction management n/a n/a n/a n/a n/a
11/13/2017 BioLite Carbon credit license permits n/a n/a n/a n/a n/a
11/15/2016 Seebo IoT development modules n/a n/a n/a n/a n/a
06/01/2016 CadSoft PCB Design n/a n/a n/a n/a n/a
04/18/2016 Solid Angle Animation & visual effects rendering n/a n/a n/a n/a n/a
02/25/2016 Monolith Voxel modeling n/a n/a n/a n/a n/a
01/01/2016 Autodesk Substation Design AutoCAD software developer n/a n/a n/a n/a n/a
01/01/2016 SDS AutoCAD software systems n/a n/a n/a n/a n/a
10/29/2015 Configure One CPQ software n/a n/a n/a n/a n/a

30
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Autodesk (Cont'd) Total Disclosed M&A Deal Value: $3.1 Billion
10/15/2015 Indeeo Apple graphic design applications n/a n/a n/a n/a n/a
09/24/2015 NetFabb 3D printing software and services $18.6 n/a $44.5 2.39x n/a
08/27/2015 SeeControl IoT business applications platform n/a n/a n/a n/a n/a
02/09/2015 Tweak Software PLM software hosting n/a n/a n/a n/a n/a
01/08/2015 Synthicity Urban planning data processing n/a n/a n/a n/a n/a
12/10/2014 Magestic Systems 3D nesting of composites $3.0 n/a $10.0 3.33x n/a
11/21/2014 Terrible Labs Mobile and web application development n/a n/a n/a n/a n/a
11/20/2014 TeamUp Technologies Three dimensional cloud platform n/a n/a $60.0 n/a n/a
11/20/2014 Lagoa 3D rendering platform n/a n/a $60.0 n/a n/a
10/14/2014 Modio Character animation software n/a n/a n/a n/a n/a
10/02/2014 Robobat Polska Structural engineering software n/a n/a n/a n/a n/a
06/27/2014 Shotgun Software Animation & creative software n/a n/a $54.5 n/a n/a
06/27/2014 The Living Building design studio n/a n/a n/a n/a n/a
06/09/2014 Bitsquid Mobile game engine n/a n/a n/a n/a n/a
05/29/2014 Within Technologies Engineering design optimization n/a n/a $88.8 n/a n/a
05/14/2014 NEi Nastran Solver Engineering analysis and simulation n/a n/a n/a n/a n/a
04/29/2014 Ilesfay Technology PLM data replication n/a n/a n/a n/a n/a
03/19/2014 Creative Market Labs Digital content design marketplace n/a n/a n/a n/a n/a
02/06/2014 Delcam Automated multi-vertical CAD/CAM $75.6 n/a $285.4 3.78x n/a
01/06/2014 Schrauwen Bruneel Electronic circuits design software n/a n/a n/a n/a n/a
01/06/2014 Circuits.io Application for designing electronic circuits n/a n/a n/a n/a n/a
01/01/2014 Majestic Systems Industrial manufacturing software n/a n/a n/a n/a n/a
12/04/2013 Azalient Traffic simulation modeling n/a n/a n/a n/a n/a
12/04/2013 Graitec Innovation Structural building construction CAD n/a n/a $88.1 n/a n/a
11/04/2013 Virtual Shape Automotive modeling & design n/a n/a n/a n/a n/a
10/14/2013 for-each Software focused on mobile development n/a n/a n/a n/a n/a
08/19/2013 Bestech Systems Bridge span analysis n/a n/a n/a n/a n/a
08/19/2013 Savoy Computing Transportation path analysis n/a n/a n/a n/a n/a
05/19/2013 Tinkercad Cloud-based 3D design tools n/a n/a n/a n/a n/a
03/19/2013 Firehole Technologies Composite materials design n/a n/a $10.0 n/a n/a

31
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
01/31/2013 Allpoint 3D data processing n/a n/a n/a n/a n/a
01/08/2013 PI-VR Automotive visualization n/a n/a $49.3 n/a n/a
10/04/2012 Qontext Enterprise social collaboration n/a n/a $26.0 n/a n/a
10/01/2012 HSMWorks Computer aided manufacturing n/a n/a n/a n/a n/a
08/28/2012 Inforbix Product data searching n/a n/a n/a n/a n/a
08/13/2012 Exotic Matter 3D fluid solver and dynamics framework n/a n/a n/a n/a n/a
07/20/2012 Socialcam Video data capture n/a n/a $60.0 n/a n/a
06/08/2012 Vela Systems Construction field software n/a n/a $76.0 n/a n/a
12/22/2011 T-Splines Surface modeling software n/a n/a n/a n/a n/a
12/16/2011 Horizontal Systems BIM platform n/a n/a n/a n/a n/a
11/06/2011 GRIP Entertainment Artificial intelligence games n/a n/a n/a n/a n/a
10/21/2011 Micro Application CAD/CAM for fabrication & construction n/a n/a $23.0 n/a n/a
08/25/2011 Numenus High-end visualization n/a n/a n/a n/a n/a
08/22/2011 Darwin Dimensions 3D character modeling n/a n/a n/a n/a n/a
08/01/2011 Instructables User-generated DIY content n/a n/a $30.2 n/a n/a
07/19/2011 Code Mine Cloud-based image tools and utilities n/a n/a n/a n/a n/a
05/25/2011 Datastay PLM software n/a n/a n/a n/a n/a
03/11/2011 Blue Ridge Numerics Fluid dynamics and simulation n/a n/a $39.0 n/a n/a
03/01/2011 Scaleform UI software for consumer electronics n/a n/a $36.0 n/a n/a
12/20/2010 Sim Ops 3D gaming technology n/a n/a n/a n/a n/a
07/21/2010 Illuminate Labs Game lighting technology n/a n/a n/a n/a n/a
05/01/2010 3am Solutions (Assets) Project visualization n/a n/a n/a n/a n/a
12/17/2009 PlanPlatform 2D & 3D engineering software n/a n/a $25.0 n/a n/a
08/26/2009 Boss International Water analysis & engineering n/a n/a n/a n/a n/a
01/20/2009 ALGOR Mechanical/civil engineering software n/a n/a $30.4 n/a n/a
12/22/2008 BIMWorld BIM solutions n/a n/a n/a n/a n/a
12/22/2008 Logimetrix Design/engineering automation n/a n/a n/a n/a n/a
11/18/2008 SoftImage 3D animation n/a n/a $36.0 n/a n/a
09/11/2008 Bigvan Develops Computer Aided Design software n/a n/a n/a n/a n/a
09/08/2008 3D Geo 3D urban modeling software n/a n/a n/a n/a n/a

32
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
08/20/2008 ECS Digital schematic prototyping n/a n/a n/a n/a n/a
07/25/2008 Moldflow Design-to-manufacture automation $61.3 $10.3 $267.3 4.36x n/m
06/26/2008 Square One Research Architectural software n/a n/a n/a n/a n/a
05/07/2008 Kynogon Interactive application intelligence n/a n/a n/a n/a n/a
05/07/2008 Realviz Digital content creation n/a n/a n/a n/a n/a
01/11/2008 Carmel Software HVAC mechanical engineering software n/a n/a n/a n/a n/a
01/07/2008 Hanna Strategies AutoCAD and AutoDesk software n/a n/a $13.5 n/a n/a
10/16/2007 Skymatter Mudbox 3D modelling software n/a n/a $19.0 n/a n/a
10/10/2007 Intelisolve Hydrology and hydraulic analysis software n/a n/a n/a n/a n/a
08/27/2007 PlassoTech 3D simulation application software n/a n/a n/a n/a n/a
08/20/2007 Opticore Graphics communication software $12.9 $7.3 n/a n/a n/a
08/09/2007 NavisWorks Computer-aided design software $3.9 $2.0 $26.2 6.76x 13.3x
08/01/2007 Cumulate Labs CAD diagramming software n/a n/a n/a n/a n/a
10/01/2006 ImpactXoft Product development software n/a n/a n/a n/a n/a
03/31/2006 Constructware Construction collaboration n/a n/a $45.7 n/a n/a
01/10/2006 Alias Systems Digital content creation n/a n/a $197.0 n/a n/a
10/19/2005 Engineering Intent Enterprise engineering automation services n/a n/a n/a n/a n/a
08/22/2005 Solid Dynamics Kinematics and dynamics technology $1.3 $0.0 n/a n/a n/a
07/06/2005 c-plan Geographic information systems n/a n/a n/a n/a n/a
03/01/2005 Compass Systems Data management services n/a n/a $17.2 n/a n/a
03/04/2004 VIA Development Engineering automation software n/a n/a n/a n/a n/a
02/24/2004 Mechsoft Automated component creation software n/a n/a n/a n/a n/a
03/04/2003 Linius Technologies CAD connectivity n/a n/a n/a n/a n/a
12/18/2002 TruEInnovations File and data management software n/a n/a n/a n/a n/a
08/06/2002 CAiCE Software Surveying and engineering applications n/a n/a $10.0 n/a n/a
02/21/2002 Revit Technology AEC parametric building modeler n/a n/a $133.0 n/a n/a
08/28/2001 Buzzsaw Construction data management n/a n/a $15.0 n/a n/a
03/31/1997 Softdesk Integrated AEC software $34.5 n/a $90.6 2.63x n/a
03/27/1987 Cadetron Solids modeling n/a n/a $6.0 n/a n/a

33
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Bentley Total Disclosed M&A Deal Value: n/a
10/21/2019 Citilabs Mobility analytics platform n/a n/a n/a n/a n/a
10/21/2019 Orbit GeoSpatial Technologies Geospatial 3D mapping software n/a n/a n/a n/a n/a
05/13/2019 Keynetix Geotechnical data management software n/a n/a n/a n/a n/a
02/11/2019 SignCAD Systems Traffic sign design software n/a n/a n/a n/a n/a
11/12/2018 AIworx Machine learning & IoT technologies n/a n/a n/a n/a n/a
10/15/2018 Agency9 Advanced digital twin modelling n/a n/a n/a n/a n/a
10/15/2018 Legion Pedestrian simulation software n/a n/a n/a n/a n/a
06/20/2018 Synchro Software 4D building information modelling n/a n/a n/a n/a n/a
04/26/2018 Plaxis Geotechnical software tools n/a n/a n/a n/a n/a
04/26/2018 SoilVision Systems Software database for geotechnical engineers n/a n/a n/a n/a n/a
01/22/2018 S-Cube Futuretech Structural engineering management tools n/a n/a n/a n/a n/a
10/09/2017 ACTION Modulers Water Modeling Software Business n/a n/a n/a n/a n/a
11/01/2016 Comply Serve Infrastructure compliance management n/a n/a n/a n/a n/a
09/14/2015 E-On Software 3D system simulation n/a n/a n/a n/a n/a
03/09/2015 EADOC Construction project management software n/a n/a n/a n/a n/a
02/10/2015 Acute3D High-resolution 3D modelling n/a n/a n/a n/a n/a
01/13/2015 C3 Global Asset performance improvement applications n/a n/a n/a n/a n/a
09/25/2014 BLUERIDGE Analytics 3D civil / site design software n/a n/a n/a n/a n/a
11/05/2013 Engineering Systems Structural analysis & design software n/a n/a n/a n/a n/a
11/12/2012 EuResearch Software for pressure vessels & exchangers n/a n/a n/a n/a n/a
09/18/2012 IVARA Corporation Asset performance management software n/a n/a n/a n/a n/a
05/15/2012 InspectTech Systems Mobile inspection & asset management solutions n/a n/a n/a n/a n/a
03/07/2012 Hannappel Software CAD software for electrical installations n/a n/a n/a n/a n/a
11/08/2011 Pointools Point cloud conversion applications and plug-ins n/a n/a n/a n/a n/a
11/08/2011 Formation Design Systems 3D modelling & analysis software n/a n/a n/a n/a n/a
03/02/2011 Engineering Dynamics Offshore simulation software n/a n/a n/a n/a n/a
07/07/2010 BLUERIDGE Analytics 3D civil / site design software n/a n/a n/a n/a n/a
02/09/2010 Enterprise Informatics Document and records management software n/a n/a n/a n/a n/a
02/08/2010 Exor Corporation Infrastructure asset management software n/a n/a n/a n/a n/a
10/14/2009 gINT Software Environmental and geotechnical software n/a n/a n/a n/a n/a

34
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Cadence Design Total Disclosed M&A Deal Value: $3.4 Billion
11/01/2017 nusemi Communications IP Developer n/a n/a n/a n/a n/a
07/05/2016 Rocketick Chip verification software n/a n/a $38.0 n/a n/a
01/22/2016 Sibridge Technologies Media software designer n/a n/a n/a n/a n/a
06/16/2014 Jasper Design Automation Electronic design automation technology n/a n/a $139.4 n/a n/a
02/19/2014 Forte Design Systems Semiconductor design software n/a n/a n/a n/a n/a
02/12/2014 TranSwitch Intellectual Property Service n/a n/a n/a n/a n/a
06/13/2013 Evatronix Mixed signal intellectual property developer n/a n/a n/a n/a n/a
05/23/2013 Cosmic Circuits Silicon based IP cores manufacturer n/a n/a $48.0 n/a n/a
04/22/2013 Tensilica Controllers and processor cores for SoC design n/a n/a $326.0 n/a n/a
07/02/2012 Sigrity Signal and power integration technology provider n/a n/a $78.5 n/a n/a
07/11/2011 Azuro Electronic design automation software n/a n/a n/a n/a n/a
05/10/2011 Altos Design Automation Electronic data automation service n/a n/a n/a n/a n/a
06/17/2010 Denali Software Electronic design automation software $41.9 n/a $309.4 7.39x n/a
03/22/2010 Taray Computer system designer n/a n/a n/a n/a n/a
03/07/2008 Chip Estimate Integrated circuit prediction technology n/a n/a n/a n/a n/a
08/15/2007 Clear Shape Technologies DFM software n/a n/a $41.3 n/a n/a
07/12/2007 Invarium Advanced layout print service n/a n/a n/a n/a n/a
01/01/2006 CommandCAD Integrated circuits layout optimization n/a n/a $25.8 n/a n/a
04/07/2005 Verisity Verification process automation $58.0 ($5.6) $325.4 5.61x n/m
04/08/2004 Neolinear Analog silicon design software n/a n/a $78.1 n/a n/a
01/04/2004 Q Design Atuomation Integrated circuit layout provider n/a n/a n/a n/a n/a
08/26/2003 Verplex Systems Functional verification software n/a n/a $85.1 n/a n/a
05/07/2003 K2 Technologies Semiconductor design software n/a n/a n/a n/a n/a
04/10/2003 Get2Chip Architectural platform for chip manufacturers n/a n/a n/a n/a n/a
03/06/2003 SpinCircuit B2B e-commerce portal operator n/a n/a n/a n/a n/a
01/15/2003 Celestry Physical design software n/a n/a $64.4 n/a n/a
11/22/2002 Antrim Design Systems Analog design software n/a n/a n/a n/a n/a
06/27/2002 Simplex Solutions Electronic chip design and verification software n/a n/a $329.7 n/a n/a
04/24/2002 Plato Design Systems Routing and physical design optimization solution n/a n/a $75.0 n/a n/a
12/20/2001 Silicon Perspective Electronic design automation software n/a n/a n/a n/a n/a

35
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Cadence Design (Cont'd) Total Disclosed M&A Deal Value: $3.4 Billion
02/28/2001 CadMos Design Technology Noise analysis products n/a n/a $105.3 n/a n/a
03/22/2000 Westport Technology IP Development Services n/a n/a $3.5 n/a n/a
12/01/1999 Diablo Research Company High tech product development services n/a n/a $80.8 n/a n/a
07/16/1999 OrCAD Electronic design software $11.6 $17.2 $122.2 10.55x 7.1x
05/25/1999 Quickturn Design Systems Level verification solutions n/a n/a $253.0 n/a n/a
09/30/1998 Ambit Design Systems EDA software for electronic design n/a n/a $255.0 n/a n/a
05/07/1997 Cooper & Chyan Technology Semiconductor designer n/a n/a $422.0 n/a n/a
12/05/1991 Valid Logic CAD Equipment Manufacturer n/a n/a $200.0 n/a n/a
10/09/1989 Gateway Design Automation CAE Software n/a n/a n/a n/a n/a
Dassault Total Disclosed M&A Deal Value: $11.0 Billion
06/12/2019 Medidata Solutions Cloud-based solutions for clinical development $661.0 $85.4 $5,763.8 8.72x n/m
03/05/2019 Argosim System requirements validation software n/a n/a n/a n/a n/a
02/11/2019 Trace Software (Assets) Electrical design and automation software n/a n/a n/a n/a n/a
12/11/2018 IQMS Mid-market manufacturing ERP / MES $56.0 n/a $425.0 7.59x n/a
06/14/2018 Centric Software Lifecycle management software $61.0 n/a n/a n/a n/a
10/25/2017 No Magic Model-based systems for engineering design n/a n/a n/a n/a n/a
09/28/2017 Exa Corporation Simulation software for vehicle manufacturers $72.7 $1.5 $400.3 5.51x n/m
06/20/2017 Outscale Cloud security and operations management n/a n/a n/a n/a n/a
06/01/2017 AITAC Marine and offshore engineering software n/a n/a n/a n/a n/a
12/09/2016 Xflow CFD Dynamic fluid flow simulation n/a n/a n/a n/a n/a
07/21/2016 Computer Simulation Multiphysics simulation $51.2 n/a $247.3 4.83x n/a
06/02/2016 Ortems Production scheduling and dispatching $5.4 n/a n/a n/a n/a
04/01/2016 3DPLM Software Product development and QA n/a n/a n/a n/a n/a
04/23/2015 Modelon Transportation & mobility modeling n/a n/a n/a n/a n/a
09/09/2014 Quintiq Production, logistics, and workforce $97.6 n/a $322.7 3.31x n/a
07/10/2014 Simpack Multi-body industrial simulation n/a n/a n/a n/a n/a
01/01/2014 Accelrys Process discovery & simulation $168.5 ($2.2) $750.0 4.45x n/m
12/05/2013 RTT 3D visualization technology $111.1 $9.0 $274.1 2.47x n/m
09/04/2013 Safety Technology Product durability simulation n/a n/a n/a n/a n/a

36
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Dassault (Cont'd) Total Disclosed M&A Deal Value: $11.0 Billion
07/25/2013 SFE Transportation & mobility modeling n/a n/a n/a n/a n/a
07/02/2013 Apriso Manufacturing operations execution n/a n/a $205.0 n/a n/a
04/25/2013 Archivideo 3D images & maps n/a n/a n/a n/a n/a
04/25/2013 Fe-Design Non-parametric optimization n/a n/a n/a n/a n/a
04/18/2013 Simpoe Plastic injection-molding simulation n/a n/a n/a n/a n/a
01/07/2013 SquareClock 3D space planning n/a n/a n/a n/a n/a
12/21/2012 Tuscany Design Automation Visualization services for circuit design n/a n/a n/a n/a n/a
12/21/2012 Pinpoint Semiconductor design collaboration n/a n/a n/a n/a n/a
07/11/2012 Gemcom Supply chain planning and optimization $80.4 n/a $354.9 4.41x n/a
02/09/2012 Netvibes Personalized dashboard publishing n/a n/a n/a n/a n/a
10/27/2011 Elsys Electrical engineering schematics n/a n/a n/a n/a n/a
10/04/2011 Simulayt Draping simulation technology n/a n/a n/a n/a n/a
04/27/2011 Enginuity PLM Chemical product development n/a n/a n/a n/a n/a
03/17/2011 Intercim Supply chain operations management n/a n/a $36.5 n/a n/a
10/01/2010 Inceptra LLC Product lifecycle management solutions n/a n/a n/a n/a n/a
06/22/2010 Geensoft Embedded systems development n/a n/a $6.7 n/a n/a
06/08/2010 Exalead Unified search platform n/a n/a $164.9 n/a n/a
04/01/2010 IBM (PLM) PLM sales & support operations n/a n/a $600.0 n/a n/a
07/21/2008 Engineous Process integration & design software n/a n/a $40.0 n/a n/a
01/07/2008 Deneb Robotics Multi-computer manufacturing CAD n/a n/a $105.0 n/a n/a
09/24/2007 Seemage Automotive & aerospace ALM n/a n/a n/a n/a n/a
06/12/2007 ICEM Automotive & industrial visualization n/a n/a $108.2 n/a n/a
05/11/2006 MatrixOne Collaborative PLM $135.5 ($18.2) $410.0 3.03x n/m
10/04/2005 Abaqus Advanced finite element analysis $100.0 n/a $413.0 4.13x n/a
07/25/2005 Virtools 3D application development $3.1 n/a $14.5 4.63x n/a
11/01/2000 Spatial Data translation and visualization technology n/a n/a n/a n/a n/a
01/01/2000 SRAC CAD analysis programs n/a n/a $22.0 n/a n/a
07/29/1997 Solidworks Mechanical design software n/a n/a $325.0 n/a n/a

37
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
ESI Group Total Disclosed M&A Deal Value: $35.7 Million
02/27/2017 Scilab Enterprises Numerical computation platform n/a n/a n/a n/a n/a
09/12/2016 Correct Checks Background screening services n/a n/a n/a n/a n/a
02/08/2016 Mineset Technological data management n/a n/a $4.7 n/a n/a
01/06/2016 ITI Simulation tools & software n/a n/a $19.3 n/a n/a
05/13/2015 Amoeba Technologies Cooling simulation & design optimization n/a n/a n/a n/a n/a
04/15/2015 Ciespace Web-based CAE modeling solutions n/a n/a n/a n/a n/a
04/01/2015 Picviz Labs Data mining & cybersecurity services n/a n/a n/a n/a n/a
03/27/2015 Civitec Embedded perception system design n/a n/a n/a n/a n/a
02/12/2014 Cam Mechanical Solutions Technical assistance services n/a n/a n/a n/a n/a
10/24/2013 CyDesign Labs Modelling systems for engineers n/a n/a n/a n/a n/a
09/24/2012 OpenCFD Open source CFD software package n/a n/a $3.1 n/a n/a
12/13/2011 Efield Integrated modelling & simulation environments $0.5 n/a n/a n/a n/a
08/16/2011 ICIDO Virtual reality engineering solutions n/a n/a n/a n/a n/a
04/26/2011 Comet Technology Vibro-acoustic simulation software n/a n/a n/a n/a n/a
12/01/2008 Mindware Engineering Engineering & customized software services $5.6 n/a $5.6 1.00x n/a
12/01/2008 Vdot Project management & execution platform n/a n/a n/a n/a n/a
08/01/2006 ATE Technology International Contract for difference (CFD) product distributor n/a n/a n/a n/a n/a
09/18/2002 Vibro-Acoustic Sciences Digital high-frequency noise simulation software n/a n/a $3.0 n/a n/a
08/17/2001 Liquid Process Performance Materials & composites simulation software n/a n/a n/a n/a n/a
Gamma Technologies Total Disclosed M&A Deal Value: n/a
02/28/2018 AutoLion Lithium-ion battery simulation software n/a n/a n/a n/a n/a
Hexagon Total Disclosed M&A Deal Value: $4.7 Billion
06/24/2019 AMendate Generative design for additive manufacturing n/a n/a n/a n/a n/a
02/25/2019 Thermopylae Govt. & defense geospatial applications $20.0 n/a n/a n/a n/a
01/17/2019 j5 International Operational risk management software n/a n/a n/a n/a n/a
01/01/2019 Etalon Machine / equipment calibration solutions n/a n/a n/a n/a n/a
10/23/2018 Bricsys CAD software for AEC market $14.7 $1.5 n/a n/a n/a
09/14/2018 External-Array Software Metrology software for CMM manufacturers n/a n/a n/a n/a n/a

38
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Hexagon (Cont'd) Total Disclosed M&A Deal Value: $4.7 Billion
06/21/2018 Geocloud (Assets) Ski slope infrastructure measurement n/a n/a n/a n/a n/a
06/19/2018 SPRING Technologies Machine tool simulation & verification software $9.5 $0.4 n/a n/a n/a
06/02/2018 AutonomouStuff Integrated autonomous vehicle solutions $45.0 n/a n/a n/a n/a
05/15/2018 Nextsense Non-contact profile measurement & inspection $13.5 n/a n/a n/a n/a
04/23/2018 Licom Systems German distributor of Alphacam CAM software n/a n/a n/a n/a n/a
04/05/2018 ProCAM Group Italian distributor of Vero Software n/a n/a n/a n/a n/a
03/15/2018 AGTEK Construction project modeling software n/a n/a n/a n/a n/a
01/22/2018 Plant Design Solutions Distributor of CADWorx & Analysis software n/a n/a n/a n/a n/a
01/12/2018 Industrial Business Solutions Digital project completion & commissioning n/a n/a n/a n/a n/a
10/04/2017 Luciad Real-time geospatial information visualization $21.7 n/a n/a n/a n/a
06/28/2017 InfraMeasure Laser-based rail measurement system n/a n/a n/a n/a n/a
06/13/2017 DST Computer Services Pipe stress analysis software n/a n/a n/a n/a n/a
06/05/2017 FASys Industrie System integration specialist for production tasks n/a n/a n/a n/a n/a
05/15/2017 VIRES Driver-assisted & autonomous simulation n/a n/a n/a n/a n/a
05/05/2017 Catavolt Mobile app development & edge computing n/a n/a n/a n/a n/a
04/26/2017 MSC Software Computer aided engineering software $230.0 n/a $834.0 3.63x n/a
01/18/2017 MiPlan Consulting Mobile mine production management software n/a n/a n/a n/a n/a
09/26/2016 GISquadrat Location-based geospatial software n/a n/a n/a n/a n/a
08/31/2016 Apodius Composite component measurement solutions n/a n/a n/a n/a n/a
08/15/2016 Multivista Construction visual documentation services n/a n/a n/a n/a n/a
08/01/2016 p3d systems Laser scanning system & 3D modeling software n/a n/a n/a n/a n/a
06/15/2016 Ingegneria dei Sistemi (Assets) Radar solutions for structural health monitoring $20.0 n/a n/a n/a n/a
06/13/2016 Nestix Prefabrication and production control software n/a n/a n/a n/a n/a
03/31/2016 AICON 3D Systems Industrial 3D optical measuring systems $21.1 $1.8 n/a n/a n/a
03/23/2016 Forming Technologies (FTI) Manufacturing software for sheet metal forming n/a n/a n/a n/a n/a
03/02/2016 M&P Survey Equipment Surveying equipment & construction lasers n/a n/a n/a n/a n/a
02/16/2016 Sigma Space Optoelectronic aerospace instrumentation $25.0 n/a n/a n/a n/a
01/13/2016 SCCS Provider of survey equipment for Leica $15.0 $7.8 n/a n/a n/a
04/07/2015 Q-Das Statistical process control (SPC) services n/a n/a n/a n/a n/a
07/21/2014 Vero Software CAD/CAM software $106.2 n/a n/a n/a n/a

39
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
07/16/2014 Geodata Diffusion Real time kinematic correction services $4.0 $1.8 n/a n/a n/a
06/11/2014 North West Geomatics Digital remote sensing/aerial photography $13.5 n/a n/a n/a n/a
06/02/2014 iLab Sistemas Planning/optimization for agro-businesses n/a n/a n/a n/a n/a
06/01/2014 Mintec Software services for mining industry n/a n/a n/a n/a n/a
04/30/2014 Arvus Tecnologia Software services for agro businesses n/a n/a n/a n/a n/a
03/14/2014 Veripos Satellite position software/hardware/services $44.0 $15.8 n/a n/a n/a
03/13/2014 SAFEmine Traffic safety products and services $17.2 n/a n/a n/a n/a
02/18/2014 Aibotix Manufacturer of flying robots n/a n/a n/a n/a n/a
12/03/2013 Pixis Provider of digital engineering services n/a n/a n/a n/a n/a
10/07/2013 Devex Tecnologia e Sistemas Mine-management software services n/a n/a n/a n/a n/a
06/05/2013 Geosoft Software for cartography/photogrammetry n/a n/a n/a n/a n/a
05/13/2013 Navgeokom Surveying and mapping products n/a n/a n/a n/a n/a
04/15/2013 Manfra & Companhia Topography software systems $9.2 n/a n/a n/a n/a
01/28/2013 LISTECH Developer of construction software n/a n/a n/a n/a n/a
01/08/2013 New River Kinematics 3D analysis software for metrology application $13.3 n/a n/a n/a n/a
12/03/2012 GTA Geoinformatik Provider of 3D city mapping technologies n/a n/a n/a n/a n/a
01/19/2012 Microsurvey Software Developer of surveying and mapping software $2.6 n/a n/a n/a n/a
08/19/2011 Sisgraph Supplier of engineering and geospatial software $14.3 n/a n/a n/a n/a
07/01/2010 Intergraph Engineering and geospatial software n/a n/a $2,130.0 n/a n/a
12/10/2009 MYCRONA Manufacturer of multi-sensor machines n/a n/a n/a n/a n/a
10/05/2009 Mahr Multisensor Industrial measuring instruments n/a n/a n/a n/a n/a
10/14/2008 Rinex Technology Yield mapping tools for agro businesses $4.5 n/a n/a n/a n/a
07/24/2008 Serein Metrology Manufacturer of precision measuring equipment $4.0 n/a n/a n/a n/a
06/27/2008 m&h Group Manufacturer of machine tool probes $13.3 n/a n/a n/a n/a
06/24/2008 Messtechnik Wetzlar Software for quality control of mechanical parts $3.3 n/a n/a n/a n/a
06/23/2008 Viewserve Web based fleet management system $1.1 n/a n/a n/a n/a
06/09/2008 Advanced Metrology Solutions Distributor of precision metrology products $4.5 n/a n/a n/a n/a
02/26/2008 Santiago & Cintra Positioning applications for construction/agro $20.7 n/a n/a n/a n/a
02/07/2008 Haselbach Surveying InstrumentsDistributor and seller of surveying equipment $750.0 n/a n/a n/a n/a
02/07/2008 Surveyors Service Company Distributor of surveying equipment n/a n/a n/a n/a n/a

40
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
12/01/2007 Leica Geosystems Hungary Surveying and construction equipment n/a n/a n/a n/a n/a
11/28/2007 NovAtel Satellite system components $76.0 $17.8 $438.9 5.78x 24.6x
11/21/2007 Junglas Construction and machine control equipment n/a n/a n/a n/a n/a
11/21/2007 Rudolf & August Rost Vertriebs Surveying and construction equipment n/a n/a n/a n/a n/a
11/19/2007 Elcome Technologies GPS and navigation surveying services $14.8 n/a n/a n/a n/a
09/04/2007 CogniTens 3D non-contact measurement systems $8.0 n/a $20.0 2.50x n/a
07/24/2007 Jingjiang Measuring Tools Manufacturer of linear measuring tools $10.9 n/a n/a n/a n/a
06/19/2007 IONIC Software Software for geospatial information systems $12.6 n/a n/a n/a n/a
05/22/2007 Transmetal Distributor of metrology products $5.4 n/a n/a n/a n/a
05/18/2007 Jigsaw Technologies GPS-based machine automation software $9.0 n/a n/a n/a n/a
05/16/2007 GAMFI International Construction laser tools and instruments $1.5 n/a n/a n/a n/a
05/09/2007 D&P Systems Developer of multidimensional systems n/a n/a n/a n/a n/a
05/01/2007 Allen Precision Equipment Surveying and construction products $24.0 n/a n/a n/a n/a
04/13/2007 Topolaser System Distributor of survey equipment n/a n/a n/a n/a n/a
04/01/2007 Acquis Data editing and management software $3.0 n/a n/a n/a n/a
01/15/2007 Svensk ByggnadsGeodesi Software systems for measuring and planning $6.8 $0.8 n/a n/a n/a
01/01/2007 Willi Geßwein Manufacturer of surveying instruments $1.3 n/a n/a n/a n/a
10/01/2005 Leica Geosystems Surveying and mapping equipment n/a n/a $1,140.0 n/a n/a
05/01/2002 Newport Metrological tools and technology n/a n/a n/a n/a n/a
05/03/2001 Brown & Sharpe Manufacturer of metrological tools n/a n/a $170.0 n/a n/a
Jama Software Total Disclosed M&A Deal Value: n/a
01/16/2018 Notion Data Product analytics platform n/a n/a n/a n/a n/a
PTC Total Disclosed M&A Deal Value: $2.1 Billion
11/01/2019 Onshape Cloud-based 3D CAD platform n/a n/a $470.0 n/a n/a
06/11/2019 TWNKLS Augmented reality solutions & services n/a n/a n/a n/a n/a
04/26/2019 Factora Solutions Manufacturing execution & operations mgmt. n/a n/a n/a n/a n/a
11/19/2018 Frustum Topology optimization & generative design n/a n/a $69.6 n/a n/a
02/16/2018 Waypoint Labs Augmented reality for frontline workers $20.0 n/a n/a n/a n/a

41
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
PTC (Cont'd) Total Disclosed M&A Deal Value: $2.6 Billion
01/12/2016 Kepware Manufacturing device connectivity $20.0 n/a $118.0 5.90x n/a
11/03/2015 Vuforia Vision-based AR platform n/a n/a $64.8 n/a n/a
05/05/2015 ColdLight Solutions Machine learning predictive analytics $7.1 n/a $103.8 14.56x n/a
01/01/2015 Caugnate Augmented reality technologies services n/a n/a n/a n/a n/a
07/23/2014 ITA Holdings Sensor connectivity n/a n/a $170.0 n/a n/a
07/01/2014 Atego Model-based systems applications $20.0 n/a $49.3 2.47x n/a
12/30/2013 ThingWorx IoT platform for machines $6.0 n/a $130.0 21.67x n/a
09/10/2013 NetIDEAS Product development and PLM $1.0 n/a $20.0 20.00x n/a
07/16/2013 Enigma Manufacturing content management n/a n/a $10.0 n/a n/a
10/02/2012 Servigistics Strategic service management $80.0 n/a $220.0 2.75x n/a
09/06/2011 4CS Warranty lifecycle management n/a n/a $14.9 n/a n/a
01/01/2011 Mortice Kern Systems Configuration management software $67.9 $10.1 $304.0 4.48x n/m
02/08/2010 Planet Metrics Carbon information management n/a n/a n/a n/a n/a
06/08/2009 Relex Reliability analysis software n/a n/a $24.3 n/a n/a
02/12/2009 Synapsis Manufacturing supply chain optimization n/a n/a $7.5 n/a n/a
12/10/2008 Synapsis Technology Software applications and consulting services n/a n/a $7.5 n/a n/a
02/07/2008 Digital Human Human simulation model n/a n/a $1.1 n/a n/a
12/03/2007 CoCreate Software Flexible CAD & PLM for electronics $78.0 n/a $247.5 3.17x n/a
11/07/2007 LBS Integrated logistics support software n/a n/a n/a n/a n/a
09/24/2007 NetRegulus Enterprise regulatory management n/a n/a $2.3 n/a n/a
05/16/2007 NC Grpahics High-speed machining and engineering tools n/a n/a n/a n/a n/a
04/26/2006 Mathsoft Calculation management $24.0 $0.9 $63.0 2.62x n/m
11/28/2005 Cadtrain E-learning courses for engineers n/a n/a n/a n/a n/a
07/19/2005 Arbortext Code authoring & publishing $40.0 n/a $190.0 4.75x n/a
06/06/2005 Aptavis Technologies Life cycle management software n/a n/a n/a n/a n/a
04/08/2004 OHIO Design Automation Electronics design collaboration software n/a n/a $12.0 n/a n/a
03/09/1999 Auxilium Manufacturing collaboration n/a n/a $79.0 n/a n/a
10/06/1998 InPart Industrial 3D CAD n/a n/a $26.4 n/a n/a
08/02/1995 Rasna Design optimization & simulation $22.7 n/a $163.4 7.19x n/a

42
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Siemens Total Disclosed M&A Deal Value: $13.9 Billion
11/15/2019 MultiMechanics Materials modeling software n/a n/a n/a n/a n/a
11/12/2019 Atlas 3D Additive manufacturing optimization software n/a n/a n/a n/a n/a
09/17/2019 Process Systems Enterprise Advanced modeling software n/a n/a n/a n/a n/a
07/05/2019 Innovation Systems (IST) Industrial transport planning software n/a n/a n/a n/a n/a
06/11/2019 ESTEQ (South Africa) Developer and distributor of PLM and MOM n/a n/a n/a n/a n/a
06/07/2019 Saab Medav (Assets) NVH testing products and services n/a n/a n/a n/a n/a
12/03/2018 Comsa Wire-harness engineering software n/a n/a n/a n/a n/a
10/01/2018 Mendix Low code application development platform n/a n/a $730.0 n/a n/a
09/19/2018 Lightwork Design 3D rendering designs and visualization systems n/a n/a n/a n/a n/a
07/27/2018 Omative Factory optimization system n/a n/a n/a n/a n/a
06/26/2018 Comfy Smart building management software n/a n/a n/a n/a n/a
06/22/2018 Austemper Design Electronic design tools for circuit components n/a n/a n/a n/a n/a
03/29/2018 Agilion Real-time location systems (RTLS) n/a n/a n/a n/a n/a
02/07/2018 Sarokal Test Systems Testing equipment platform for ASIC & FPGA n/a n/a n/a n/a n/a
01/31/2018 Milanovic Engineering Engineering and manufacturing services n/a n/a n/a n/a n/a
12/01/2017 Solido Design Automation Variation-aware design and characterization n/a n/a n/a n/a n/a
10/16/2017 Mentor Infolytica Electromagnetic and thermal analysis n/a n/a n/a n/a n/a
10/09/2017 Wi-Tronix Predictive maintenance for rail services n/a n/a n/a n/a n/a
08/30/2017 Tass International Design and testing software for automotive n/a n/a n/a n/a n/a
03/31/2017 Mentor Graphics Electronic design automation $1,282.5 $267.2 $4,500.0 3.51x 16.8x
11/07/2016 Conworx Technology Lab device interfaces n/a n/a n/a n/a n/a
03/01/2016 CD-adapco Specialized simulation based on CFD $190.0 n/a $970.0 5.11x n/a
03/01/2016 Neo New Oncology Medical diagnostic technology n/a n/a n/a n/a n/a
11/25/2015 Polarion Software Application lifecycle management n/a n/a n/a n/a n/a
07/02/2015 Zenco Systems Traffic enforcement technology n/a n/a n/a n/a n/a
03/03/2015 AxIT Order management & logistics n/a n/a n/a n/a n/a
10/15/2014 Camstar Manufacturing execution systems n/a n/a $160.0 n/a n/a
01/22/2014 IBS Industrial productivity software n/a n/a n/a n/a n/a
12/19/2013 TESIS PLMware Product lifecycle management n/a n/a n/a n/a n/a
06/25/2013 Sky Eye Transport fleet management n/a n/a n/a n/a n/a

43
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Siemens (Cont'd) Total Disclosed M&A Deal Value: $13.9 Billion
06/03/2013 Preactor Manufacturing planning & scheduling n/a n/a n/a n/a n/a
05/02/2013 Invensys Rail Railway design & system automation $1,179.5 n/a $2,660.0 2.26x n/a
11/15/2012 LMS PLM simulation & testing $241.7 n/a $870.0 3.60x n/a
09/28/2012 VRcontext Visualization technology n/a n/a n/a n/a n/a
01/06/2012 eMeter Energy information management n/a n/a n/a n/a n/a
12/01/2011 Vistagy Specialized engineering environments $18.0 n/a n/a n/a n/a
08/16/2011 Advanced Telemetry Energy management n/a n/a n/a n/a n/a
10/01/2009 Energy4u Energy IT services n/a n/a n/a n/a n/a
09/30/2009 YSNC Machine engineering n/a n/a n/a n/a n/a
04/01/2009 Elan Software Process control software n/a n/a n/a n/a n/a
11/17/2008 Syncos Digital manufacturing engineering n/a n/a n/a n/a n/a
05/07/2007 UGS 2D & 3D PLM and industry automation $1,150.0 n/a $3,500.0 3.04x n/a
02/02/2007 ETM Supervisory & data acquisition systems n/a n/a n/a n/a n/a
10/31/2006 VistaScape Surveillance video analysis n/a n/a n/a n/a n/a
09/28/2005 Garderos Local area network management n/a n/a n/a n/a n/a
08/14/2005 Transmitton Railway infrastructure management n/a n/a n/a n/a n/a
04/08/2005 Myrio IP video networking n/a n/a $50.0 n/a n/a
12/06/2004 Chantry Networks Mobility-enabled wireless networking n/a n/a $85.0 n/a n/a
04/01/2003 Cycos Unified messaging systems n/a n/a $45.6 n/a n/a
04/23/2002 Symbian Mobile operating system n/a n/a $309.0 n/a n/a
Synopsys Total Disclosed M&A Deal Value: $3.8 Billion
10/02/2019 Qtronic Automotive virtual prototyping solutions n/a n/a n/a n/a n/a
08/13/2018 Source III Specialist simulation and test data management n/a n/a n/a n/a n/a
03/21/2018 Silicon and Beyond SerDes technology used in data-intensive applications n/a n/a n/a n/a n/a
02/08/2018 PhoeniX Software Manufacturing automation software n/a n/a n/a n/a n/a
01/10/2018 Kilopass SoC system developer n/a n/a n/a n/a n/a
12/11/2017 Black Duck Open source security and license management $75.0 n/a $548.0 7.31x n/a
10/11/2017 Sidense Embedded non-volatile memory IP n/a n/a n/a n/a n/a
09/18/2017 QuantumWise Materials modeling simulation n/a $35.0 n/a n/a n/a

44
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Synopsys (Cont'd) Total Disclosed M&A Deal Value: $3.8 Billion
01/10/2017 Forcheck Security software n/a n/a n/a n/a n/a
11/30/2016 Cigital Software security consulting services n/a n/a n/a n/a n/a
11/30/2016 Codiscope Complementary security tools n/a n/a n/a n/a n/a
05/23/2016 Gold Standard Simulations Simulation tools for design technology n/a n/a n/a n/a n/a
05/17/2016 Simpleware 3D image processing software n/a n/a n/a n/a n/a
03/02/2016 WinterLogic Electronic design automation (EDA) tool n/a n/a n/a n/a n/a
12/18/2015 Red Lizard Software Source code analysis tools n/a n/a n/a n/a n/a
11/06/2015 Protecode License management tools n/a n/a n/a n/a n/a
08/03/2015 Atrenta Semicondutor realization solutions n/a n/a n/a n/a n/a
07/20/2015 Seeker Security Computer security testing services n/a n/a n/a n/a n/a
06/29/2015 Codenomicon Automated interface testing tools $11.1 n/a n/a n/a n/a
06/29/2015 Elliptic Technologies Security software and semiconductor IP engines n/a n/a n/a n/a n/a
03/25/2014 Coverity Source code analysis tools $70.0 n/a $375.0 5.36x n/a
02/28/2014 Brandenburg Automotive design software n/a n/a n/a n/a n/a
02/07/2014 Target Compiler Technologies Application-specific processor design n/a n/a n/a n/a n/a
10/04/2012 EVE-USA SoC verification platform n/a n/a n/a n/a n/a
08/01/2012 Ciranova EDA software n/a n/a n/a n/a n/a
05/08/2012 RSoft Design Group Developer of designing software. n/a n/a n/a n/a n/a
02/22/2012 Magma Design Automation Chip design software $146.4 $16.3 $523.0 3.57x n/m
02/15/2012 Luminescent Technologies Lithography enhancement services n/a n/a n/a n/a n/a
01/23/2012 ExpertIO Internet protocol verification services n/a n/a n/a n/a n/a
01/01/2012 Mojave Design Physical verification technology n/a n/a n/a n/a n/a
10/07/2011 Extreme DA Electronic design automation n/a n/a n/a n/a n/a
09/02/2011 nSys Design Systems Provider of business verification services. n/a n/a n/a n/a n/a
10/07/2010 Optical Research Associates Optical application software n/a n/a n/a n/a n/a
06/10/2010 Virage Logic Semiconductor intellectual property (IP) $72.0 ($5.6) $315.0 4.38x n/m
06/10/2010 Synfora Algorithmic synthesis tools n/a n/a n/a n/a n/a
06/01/2010 Nusym Technology Verification closure solutions n/a n/a n/a n/a n/a
03/23/2010 CoWare Electronic system-level design software n/a n/a n/a n/a n/a
02/02/2010 VaST Systems Technology Embedded system design automation solutions n/a n/a n/a n/a n/a

45
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Synopsys (Cont'd) Total Disclosed M&A Deal Value: $3.8 Billion
11/03/2009 Gemini Design Technology EDA software n/a n/a n/a n/a n/a
05/08/2009 Chipidea Mikroelektronika Mixed-signal semiconductor design software n/a n/a $22.0 n/a n/a
05/08/2009 MIPS Technologies (Assets) Software design solutions for semiconductor n/a n/a $22.0 n/a n/a
12/18/2008 Pro Design Electronic Hardware verification services n/a n/a n/a n/a n/a
10/02/2007 Sandwork Design Transistor-level debugging & waveform analysis n/a n/a $24.0 n/a n/a
06/18/2007 ArchPro Design Automation Advanced EDA products n/a n/a $13.0 n/a n/a
01/01/2007 TeraRoute Routing sofware n/a n/a n/a n/a n/a
12/07/2005 Hpl Technologies Yield optimization software $9.3 ($27.2) $13.0 1.39x n/m
05/11/2005 Nassda Full-chip circuit verification software $45.6 ($70.8) $200.2 4.39x n/m
01/01/2005 TriCN Associates Accounting, tax, and finance service n/a n/a n/a n/a n/a
11/02/2004 Integrated Systems EngineeringECAD software n/a n/a $107.5 n/a n/a
11/02/2004 Leda Design Digital library platform developer n/a n/a n/a n/a n/a
10/19/2004 Cascade IP Digital IP solutions n/a n/a n/a n/a n/a
10/13/2004 Monterey Design Systems SoC verification platform n/a n/a n/a n/a n/a
03/15/2004 IRoC (Memory BIST Division) Electronic design automation (EDA) tool n/a n/a n/a n/a n/a
02/26/2004 Analog Design Automation Automated circuit optimization software n/a n/a $13.0 n/a n/a
02/23/2004 Accelerant Networks Manufacturer of computer transceivers n/a n/a $22.5 n/a n/a
01/01/2004 Progressant Technologies Manufacturer of resistance transistor n/a n/a n/a n/a n/a
06/25/2003 InnoLogic Systems Equivalence checking technology n/a n/a n/a n/a n/a
03/03/2003 Numerical Technologies Lithography tool vendor n/a n/a $250.0 n/a n/a
07/23/2002 InSilicon Communications products n/a n/a $74.6 n/a n/a
06/06/2002 Avanti Engineering & environmental regulatory support n/a n/a $735.0 n/a n/a
03/04/2002 Co-Design Developer of design language and tools n/a n/a $36.0 n/a n/a
11/13/2001 C Level Design Graphic design and web marketing service n/a n/a n/a n/a n/a
11/01/1998 Everest Design Automation Complex chip assembly software n/a n/a n/a n/a n/a
03/03/1997 EPIC Design Simulation and analysis tools for chip management n/a n/a $427.1 n/a n/a
05/10/1995 Silicon Architect Designer of Structured ASIC Methodology n/a n/a n/a n/a n/a
02/18/1994 Logic Modeling Provider of high-level design automation software n/a n/a $118.0 n/a n/a

46
ANSYS
Autodesk
PTC
Siemens
Dassault
Hexagon
Aras
Altium
Altair
Arena
Solutions
Bentley
Gamma
Technologies
ESI Group
Jama
Synopsys
Zuken
Cadence
Zuken Total Disclosed M&A Deal Value: n/a
01/29/2019 Vitech Systems engineering solutions n/a n/a n/a n/a n/a
01/11/2018 Alphatech CAD Provider in Japan n/a n/a n/a n/a n/a
12/10/2015 CAETEK Schematic red liner design and implementation software n/a n/a n/a n/a n/a

47
Other Notable M&A
Announced Acquirer Target Description Revenue EBITDA Value Revenue EBITDA
11/06/2019 Harris BobCAD-CAM CNC programming and CAD/CAM software n/a n/a n/a n/a n/a
10/19/2019 CATI Fisher Unitech 3D CAD software / hardware support & services n/a n/a n/a n/a n/a
10/04/2019 Wipro ITI CAD product data interoperability solutions n/a n/a $45.0 n/a n/a
10/03/2019 Seequent Geoslope Geotechnical analysis software n/a n/a n/a n/a n/a
04/18/2019 Roper Industries Foundry Computer graphics and VFX software $61.0 $20.0 $537.0 8.80x n/m
01/28/2019 Rockwell Automation Emulate3D Industrial / factory digital twin softare n/a n/a n/a n/a n/a
12/20/2018 Seequent Geosoft Geological modeling and geoscience software n/a n/a n/a n/a n/a
08/16/2018 Sphera Solutions Sparesfinder MRO data management n/a n/a n/a n/a n/a
07/24/2018 Spectris VI-grade Vehicle simulation solutions n/a n/a n/a n/a n/a
03/01/2018 AVEVA Schneider Electric (Assets) Industrial software $1,088.3 n/a $4,190.0 3.85x n/a
11/07/2017 Schneider Electric IGE+XAO Electrical engineering CAD & PLM software $35.0 $10.2 $220.9 6.30x 21.6x
05/18/2017 Innovyze XP Solutions Stormwater / floodwater modeling n/a n/a $49.0 n/a n/a
03/31/2017 CATI 3DVision Technologies 3D modeling software and services VAR n/a n/a n/a n/a n/a
01/18/2017 IFS Mxi Technologies Aviation maintenance management n/a n/a n/a n/a n/a
01/17/2017 TriMech Computer-Aided Products 3D printing & CAD software training services n/a n/a n/a n/a n/a

48
Notable Fundraises
($ in Millions)
Company Overview Fundraise Summary
Employee Last Amount Pre-Money Implied Step-up Raised
Company Count Description Lead Investor(s) Fundraise Raised Valuation Ownership Over Last Rd To-Date
Early Stage
Link3D 19 Additive manufacturing workflow & MES AI Capital Oct-19 $7.0 n/a n/a n/a $7.0
Tulip Interfaces 88 Manufacturing app development DMG Mori Sep-19 $21.1 $170.0 11.0% 1.92x $88.4
ComplianceQuest 50 Force.com-based QMS Insight Venture Partners Sep-19 $36.0 n/a n/a n/a $36.0
Backbone PLM 66 Consumer goods PLM & manufacturing management Grotech Ventures, Foundry Group Aug-19 $18.0 n/a n/a n/a $23.0
nTopology 70 Generative design & topology optimization Canaan Partners Jul-19 $20.0 $70.0 22.2% n/a $30.7
Suuchi 84 Fashion PLM & supply chain management Edison Partners Apr-19 $8.0 $32.0 20.0% n/a $8.0
Dyndrite 23 3D printing workflow Gradient Ventures Apr-19 $10.0 $30.0 25.0% n/a $13.0
OnScale 63 HPC-based cloud CAE simulation Intel Capital, Gradient Ventures Apr-19 $10.0 n/a n/a n/a $29.6
Vention 68 3D CAD for machine assembly Bain Capital Ventures Jan-19 $12.6 n/a n/a n/a n/a
PropelPLM 69 Force.com-based PLM / QMS / PIM Norwest Venture Partners Nov-18 $18.0 $42.0 30.0% 2.08x $28.2
Upchain 80 Cloud-based PLM First Ascent Ventures Nov-18 $5.7 n/a n/a n/a $10.7
Cognata 39 Autonomous vehicle simulation Scale Venture Partners Oct-18 $18.5 n/a n/a n/a $23.5
Median 67 $15.3 $42.0 22.2% 2.00x $23.5
Late Stage
aPriori 168 Product cost management Autodesk, NewSpring Capital Aug-19 $26.8 n/a n/a n/a $74.3
CATI 190 3D printing and design software / hardware VAR CIVC Partners Apr-19 n/a n/a n/a n/a n/a
Aras 367 Open enterprise PLM Goldman Sachs Nov-18 $70.0 $350.0 16.7% 1.45x $135.3
SigmaTEK Systems 196 Computer-aided nesting Battery Ventures Oct-18 n/a n/a n/a n/a n/a
Ikon Science 165 Geological prediction Great Hill Partners Oct-18 n/a n/a n/a n/a n/a
Rescale 139 HPC simulation infrastructure Initialized Capital Jul-18 $32.0 $150.0 17.6% 2.94x $52.4
Compusoft 162 Kitchen & bathroom design CAD TA Associates Jul-18 n/a n/a n/a n/a n/a
Jama Software 213 Product requirements management Insight Venture Partners Jun-18 $200.0 n/a n/a n/a $43.4
Zemax 98 Optical & illumination design EQT Partners Jun-18 n/a n/a n/a n/a n/a
Gamma Technologies 131 Multi-physics CAE simulation Cove Hill Partners May-18 n/a n/a n/a n/a n/a
Seequent 335 Geological modeling & data management Accel-KKR Apr-18 n/a n/a n/a n/a n/a
Arena Solutions 194 Cloud-based PLM / QMS / ALM JMI Equity Aug-17 n/a n/a n/a n/a $55.2
Sparta Systems 322 Enterprise quality management New Mountain Capital Aug-17 n/a n/a n/a n/a n/a
EtQ 347 Enterprise quality management Technology Crossover Ventures Aug-17 $130.0 n/a n/a n/a n/a
20-20 Technologies 656 Interior design CAD Golden Gate Capital May-17 $280.0 n/a n/a n/a $81.0
Innovyze 165 Smart water infrastructure modeling & simulation EQT Partners May-17 $270.0 n/a n/a n/a n/a
Exocad 65 Dentistry CAD / CAM Carlyle Group Sep-16 $129.1 n/a n/a n/a n/a
Bamboo Rose 223 Retail PLM & supply chain management McCarthy Capital Jul-16 n/a n/a n/a n/a n/a
Autoform Engineering 234 Sheet metal formation simulation Astorg Partners Jun-16 $721.0 n/a n/a n/a n/a
Median 194 $130.0 $250.0 17.1% 2.20x $64.8

49
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MPG Engineering, Design, PLM, and Simulation Software Market Update - 2019