Education Technology Insight - Raymond James

1 INVESTMENT BANKING Q3 2021. Education IN THIS ISSUE. Market Update 2. Technology Insight About Us 21. Early Childhood // K-12 // Higher Education // Corporate // B2C. FOR INSTITUTIONAL USE ONLY. Education Technology Insight Q3 2021. Education Technology M&A & Capital Raising Activity Number of Deals by Quarter(1) Dollar Volume of Deals by Quarter(1)(2). 450 $20,000 ($ in millions) $19,480. 411. 400 $18,000. 357 $5,430. $16,000. 350. $14,000 $13,000. 290. 300 $12,420. 269. $12,000. 250 310. $4,960. 261 $10,000 $4,810. 195. 200. 174 207 $11,080. 160 $8,000. 201. 150.

2 $6,000. 153 $4,691 $5,150. $5,220. 100 120 154 $3,925. $4,000 $3,515. 46 46. $1,060 $3,030. 39. 50 32 $2,680. $2,000 $1,207. 17 16 $2,150 $491 $2,970 $2,880. 44 50 55 $2,390. 10 26 36 $713 $2,040. 23 $415 $1,170. 0 10 $138. $0. Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21. Strategic PE - Majority / Sale PE - Minority Strategic PE - Majority / Sale PE - Minority 411 transactions were announced in Q3 2021, Roughly $ billion in Q3 2021 announced transaction, approximately 75% of which were minority PE deals approximately 78% of value were PE deals 1.

3 Source: PitchBook for the period January 1st 2020 to September 30th 2021. 2. Comprised of deals where the $ amount of investment was disclosed Raymond James INVESTMENT BANKING 2. Education Technology Insight Q3 2021. Education Technology M&A & Capital Raising Activity Q3 2021 Deals by Sector Q3 2021 Deals by Domain Payments, Early Childhood Web Filtering Tution Mgmt. Communications 2% / Security & Commerce & Social 3% <1%. 3%. Admissions &. Enrollment 4%. B2C. 7%. LMS, Classroom & Other Learning Tech 8%. Online Learning Higher Ed K-12 36%. ERP / SIS. 18% 34% 9%.

4 B2C. 9%. Data Analytics, Corporate Learning, Corporate Assessments & Student Certification &. 22%. Success Recruiting 13% 16%. Companies serving the K-12, Corporate and Higher Ed The industry focused on Online Learning, Corporate markets comprised 74% of the transactions Learning, Certification & Recruiting and Data Analytics, announced in Q3 2021 Assessments & Student Success in Q3 2021, which comprised 65% of total transactions Source: Mergermarket; Selected Recent Strategic M&A Activity and Selected Recent Private Equity Activity from the period July 1st to September 30th 2021.

5 Raymond James INVESTMENT BANKING 3. Education Technology Insight Q3 2021. Market Valuation Metrics Education Technology TEV / Revenue(1)(3). Duolingo, Inc. Docebo Inc. Tyler Chegg, Inc. Workday, Inc. Coursera, Inc. PowerSchool Learning Instructure Constellation Sylogist Ltd. Blackbaud, Inc. 2U, Inc. Technologies, Holdings, Inc. Technologies Holdings, Inc. Software Inc. Inc. Group plc 2021 2022. Education Technology TEV / EBITDA(2)(3). NM NM. 2U, Inc. PowerSchool Holdings, Chegg, Inc. Instructure Holdings, Learning Technologies ReadyTech Holdings Blackbaud, Inc.

6 Sylogist Ltd. Oracle Corporation Inc. Inc. Group plc Limited 2021 2022. Source: CapIQ and Equity Research as of September 30, 2021. 1. Revenue multiples > are considered Not Meaningful (NM) Raymond James INVESTMENT BANKING 4. 2. EBITDA multiples < or > are considered Not Meaningful (NM). 3. Omits companies where multiples for both FY2021 and FY2022 are either not available or not meaningful Education Technology Insight Q3 2021. Market Valuation Metrics Education Services TEV / Revenue(1)(3). Tribal Group plc Houghton Mifflin Harcourt John Wiley & Sons, Inc. Aspen Group, Inc.

7 Pearson plc Stride, Inc. Company 2021 2022. Education Services TEV / EBITDA(2)(3). NM. Aspen Group, Inc. Tribal Group plc Houghton Mifflin Harcourt Pearson plc John Wiley & Sons, Inc. Stride, Inc. Company 2021 2022. Source: CapIQ and Equity Research as of September 30, 2021. 1. Revenue multiples > are considered Not Meaningful (NM) Raymond James INVESTMENT BANKING 5. 2. EBITDA multiples < or > are considered Not Meaningful (NM). 3. Omits companies where multiples for both FY2021 and FY2022 are either not available or not meaningful Education Technology Insight Q3 2021.

8 Public Comparables TEV. Education Technology Revenue(2) EBITDA(3) Revenue Growth EBITDA Margin(2). Stock Price Market Enterprise Company 09/30/21 Cap Value(1) 2021E 2022E 2021E 2022E 20A / 21E 21E/ 22E 2021E 2022E. Oracle Corporation $ $243,214 $287,033 5% 5% 51% 50%. Workday, Inc. 62,773 61,607 NM NM 18% 19% 28% 25%. Constellation Software Inc. 1, 34,778 35,675 29% 15% 30% 29%. Tyler Technologies, Inc. 19,336 20,649 NM NM 39% 18% 27% 27%. Chegg, Inc. 10,310 9,940 26% 23% 37% 38%. Duolingo, Inc. 7,412 7,489 NM NM 49% 28% NM NM. PowerSchool Holdings, Inc. 3,900 5,456 NM 25% 11% 28% 29%.

9 Coursera, Inc. 5,003 4,225 NM NM 39% 24% NM NM. Blackbaud, Inc. 3,349 3,891 NM 2% 25% 26%. Instructure Holdings, Inc. 3,129 3,869 32% 11% 33% 34%. 2U, Inc. 2,576 2,447 NM 22% 16% 7% 8%. Learning Technologies Group plc 2,354 2,333 31% 7% 34% 36%. Docebo Inc. 2,497 2,285 NM NM NM 63% 39% NM NM. ReadyTech Holdings Limited 270 285 38% 27% 37% 37%. Sylogist Ltd. 194 191 2% 12% 40% 40%. Mean 30% 17% 31% 32%. Education Technology Median 30% 16% 31% 32%. TEV. Education Services Revenue(2) EBITDA(3) Revenue Growth EBITDA Margin(2). Stock Price Market Enterprise Company 09/30/21 Cap Value(1) 2021E 2022E 2021E 2022E 20A / 21E 21E / 22E 2021E 2022E.

10 Pearson plc $ $7,240 $8,346 0% 4% 18% 19%. John Wiley & Sons, Inc. 2,934 3,982 10% 2% 21% 21%. Houghton Mifflin Harcourt Company 1,715 2,030 (7%) 6% 18% 20%. Stride, Inc. 1,445 1,507 19% 1% 15% 17%. Tribal Group plc 299 297 7% 3% 20% 20%. Aspen Group, Inc. 139 147 NM 28% 22% 2% 7%. Mean 9% 6% 16% 17%. Education Services Median 8% 4% 18% 19%. Overall Median 20% 12% 26% 26%. *EBITDA excludes stock-based compensation Source: CapIQ and Equity Research 1. Sorted by Enterprise Value Raymond James INVESTMENT BANKING 6. 2. Revenue multiples > are considered Not Meaningful (NM).