Customer Experience and Engagement Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CUSTOMER EXPERIENCE AND ENGAGEMENT SOFTWARE

Automation Earns the Re-Rating; Logo Wins Alone Do Not

This update covers what moved, what companies announced and what it means for the sector over September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CUSTOMER EXPERIENCE AND ENGAGEMENT SOFTWARE

   Cover slide introducing the bi-weekly Customer Experience and Engagement Software update for September 11–25, 2026.

   We open this bi-weekly update on Customer Experience and Engagement Software, covering the two weeks of September 11–25, 2026. Here we set up what follows: what moved, who moved and why, what transacted, and what it means for the market.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CUSTOMER EXPERIENCE AND ENGAGEMENT SOFTWARE Automation Earns the Re-Rating; Logo Wins Alone Do Not This update covers what moved, what companies announced and what it means for the sector over September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   The Market Paid for Automation That Has Already Reached the Revenue Line

   Summarizes the two-week period's price action across the ten-name covered set.

   We start with the numbers: across our ten-name covered set, the median move was +3.5% against the S&P 500's +1.1% over September 11–25, 2026. Twilio Inc. (TWLO) led the group at +31.8%, while PAR Technology Corporation (PAR) was the outlier at -22.6%. The gains clustered around names whose AI story has reached the revenue line, not just the roadmap. That distinction is the lens we use for the rest of this update.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE The Market Paid for Automation That Has Already Reached the Revenue Line The two-week period in one page · 10 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 10 Covered Names Rose; The Median Move Was +3.5% The set's median move of +3.5% ran ahead of the S&P 500 at +1.1% over September 11–25, 2026. The gains clustered in names with an AI revenue story attached to them. 2 Twilio Led the Set as AI Wins Reached the Revenue Line Twilio Inc. (TWLO) gained +31.8%, with its biggest single day, +9.1%, on Sep 21. In-window coverage pointed to new AI customer wins and a raised 2026 organic revenue outlook, and the reaction was consistent with that. 3 The Downside Was Concentrated in a Single Name PAR Technology Corporation (PAR) moved -22.6% over the two-week period, with a -6.6% session on Sep 15, against the set's +3.5% median. 4 Tier Membership Still Sets the Conversation NeuraCap's standing view has the sector clearing at 10.8x EV/EBITDA, with the Premium tier at 22.8x and the Discount tier at 5.2x. This period's moves were consistent with that spread: the names carrying evidence led. +31.8% Best mover — Twilio Inc. (TWLO) worst: PAR -22.6% · 6 up / 4 down of 10 covered +3.5% Sector median two-week return vs S&P 500 +1.1%

3. 03
   PUBLIC MARKET MOVERS

   Where the Bid Went: Consumption Stories Led, Customer Wins Did Not Carry the Price

   Breaks down which public names moved and links each move to recorded filings and news.

   We look at where the bid actually went this period: consumption-driven stories led, while customer-win headlines alone did not carry the price. The sector median move was +3.5%, well above the S&P 500's +1.1%, and our ±7.0% materiality bar separates signal from noise. We attribute each move only to filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. That discipline is what lets us trust the pattern instead of chasing headlines.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Bid Went: Consumption Stories Led, Customer Wins Did Not Carry the Price Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median +3.5% · S&P 500 +1.1% · materiality bar ±7.0% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +3.5% Twilio Inc. (TWLO) +31.8% Shares moved following in-window coverage of Twilio Inc. (TWLO) AI platform traction, including a Sep 16 item citing new AI customer wins alongside a raised 2026 organic revenue outlook. The biggest single day, +9.1%, came Sep 21. Automation shows up in the multiple once it shows up in revenue and the growth outlook. COMPANY-SPECIFIC PAR Technology Corporation (PAR) -22.6% No notable in-window news was identified that clearly explains the move. The -22.6% move sits against a +3.5% median for the covered set. Customer wins and add-on purchases are not, on their own, what the market prices. UNEXPLAINED Freshworks Inc. (FRSH) +7.7% The reaction was consistent with a Sep 16 Seeking Alpha piece on Freshworks Inc. (FRSH) reaching GAAP profitability in Q2 on lower headcount and lower stock compensation. The biggest single day, +6.3%, came Sep 14. Core-tier names get paid for converting growth into profit, not for promising it. COMPANY-SPECIFIC eGain Corporation (EGAN) +10.1% No notable in-window news was identified that clearly explains the move. The +10.1% gain ran ahead of the +3.5% median across the covered set. In a set this size, a single Core-tier name can outrun the median without changing the sector frame. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Wins, Rankings and an Outlook Reset

   Reviews the highest-impact company announcements and events recorded during the window.

   We walk through what companies actually did this period, from customer wins to ranking updates to an outlook reset. Each event here links back to its underlying filing or article, and our 'why it matters' lines are our own read of that evidence. Sourcing follows a fixed reliability order, with filings and press releases ahead of general press. This is the record we use to explain the price moves on the prior page.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Wins, Rankings and an Outlook Reset The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · Business Wire PAR Excellence announces the acquisition of Terso Solutions Capability buying continued at the edges of the sector during a window with no broader transaction announcements. It shows add-on assembly still clears in a quiet stretch. Buyers keep assembling capability; what they pay for it is the open question. Sep 15 · NEWS · Business Wire Kwik Fill selects PAR Retail as its guest engagement platform A multi-unit retail win speaks to the land-and-expand motion that underpins revenue quality at the commerce end of the sector. Reference logos support the expansion case at renewal. Enterprise logos help the expansion story; net revenue retention is what confirms it. Sep 11 · NEWS · 24/7 Wall Street Adobe pairs a CEO handoff with a softer Q4 outlook in its earnings reaction Large suite vendors set the reference point for how buyers read demand across engagement software. Adobe Inc. (ADBE) traded at $241.52 early in the session before finishing practically unchanged. A softer outlook at the suite level raises the bar for point solutions at renewal. Sep 11 · NEWS · 24/7 Wall Street Adobe's earnings beats and raised guidance sit against a share price down 29% this year The distance between operating results and the share price is the sector's live question: which characteristics are actually being rewarded. One analyst price target implies a 55% move higher. Delivery alone has not set the multiple; the market is underwriting durability. Sep 24 · NEWS · Business Wire Braze named a Leader in the 2026 Gartner Magic Quadrant for Multichannel Marketing Hubs Analyst placement is procurement currency in enterprise journey orchestration and omnichannel engagement deals. For a Premium-tier name, it supports the suite-versus-point-solution argument. Procurement standing is part of how premium multiples get defended. Sep 17 · NEWS · GlobeNewsWire Concentrix publishes Everest Group findings on two routes to AI adoption The delivery-led end of the sector is positioning automation as a way to defend seat-based contracts rather than erode them. That framing matters for how a Discount-tier name argues its economics. People-led care is arguing automation as defence; the market will test it at renewal.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window for Transactions, with the Reference Set Intact

   Confirms no new transactions were recorded in the window, leaving the 25-deal reference set intact.

   We checked the market for new transactions this period and found none: the reference set holds at 25 recorded deals. That absence of new supply means acquirers and targets alike are still pricing against the existing precedent set. Deal multiples in that set are LTM at announcement where disclosed, and our 'why the deal happened' commentary remains a read of the recorded evidence. A quiet window does not reset the comparables; it reinforces them.

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   M&A & STRATEGIC ACTIVITY A Quiet Window for Transactions, with the Reference Set Intact September 11–25, 2026 · precedent transactions: 25 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 25 precedent transactions still frames pricing against the standing 10.8x EV/EBITDA sector median. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 25 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What This Period Changes for Operators, Buyers and Advisors

   Translates the period's evidence into implications for operators, acquirers and advisors.

   We turn the two weeks of evidence into what it changes for the people who act on it: operators, acquirers and advisors. For operators, the moves that stuck had consumption growth and margin evidence behind them. For acquirers, the unchanged 25-deal reference set and the 10.8x EV/EBITDA sector median still do the pricing work. For advisors, the lesson is to lead conversations with automation that has already converted into revenue.

   Everything on this page

   WHAT IT MEANS What This Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2026E) median 10.8x 8 companies in the study 3 valuation tiers Standing thesis: Customer Experience and Engagement Software is priced in tiers — and tier membership, not the sector label, sets the conversation FOR OWNERS & OPERATORS The Moves That Stuck Had Operating Evidence Behind Them Companies across the covered set traded higher, with a median move of +3.5%. The gains sat with names showing consumption growth that compounds without a new sales cycle and a clearer margin path. FOR ACQUIRERS The Reference Set Is Unchanged, so Precedent Still Does the Pricing With no announcements in the window, buyers price against the trailing record of 25 transactions and a 10.8x EV/EBITDA sector median, with Premium at 22.8x and Discount at 5.2x. What the period added is evidence, not comparables: Twilio Inc. FOR ADVISORS Lead with Automation Converted into Revenue The theme of the two-week period is that AI shows up in the price when it shows up in the revenue line. The evidence to lead with: Twilio Inc. (TWLO) up +31.8% on AI customer wins and a raised 2026 organic revenue outlook, Freshworks Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure in the update.

   We close by showing our work: every figure in this update links to the record it came from, and we list the publishers and filings drawn on for the period. This is how we keep calibrated language calibrated, distinguishing observed moves from our own reads of why they happened. Understanding the methodology here is what lets a reader trust the calls made on the prior six pages.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T152526Z_638_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · 247wallst.com · globenewswire.com

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