Customer Experience and Engagement Software Sector Outlook — September 2026

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

Customer Experience Software: Operators Set the Price

How buyers price recurring revenue in customer experience and engagement software, and which transactions set the reference points as of the stated date.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E)

Customer Experience and Engagement Software Coverage | September 2026 | Confidential

Sources & methodology

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1. 01

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

   Cover slide identifying the sector, industry, and as-of date for the report.

   We open on customer experience and engagement software as of September 2026, framed around how operating buyers are pricing recurring revenue in this category. The rest of the deck builds the case for where retention and mix decide where a company sits.

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   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CUSTOMER EXPERIENCE AND ENGAGEMENT SOFTWARE Customer Experience Software: Operators Set the Price How buyers price recurring revenue in customer experience and engagement software, and which transactions set the reference points as of the stated date. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E) Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Table of contents listing the five sections and appendix covered in the report.

   We've structured this deck so the bottom line comes first: section one carries the full argument on a single page. From there we walk through the companies, valuation and situations, the deal tape, and strategic implications, with the appendix behind everything. So even a reader who stops after section one leaves with the complete story.

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   CONTENTS What This Report Covers 01 The Bottom Line One Product Family, and Operating Companies Doing the Buying 02 The Companies Self-Service Knowledge and Agent Assist Is the Whole Covered Set 03 Valuation & Situations The Premium End Holds Even After the Forecast Is Credited 04 The Deal Tape Strategic Acquirers, Not Sponsors, Set Most of the Reference Points 05 Strategic Implications What Moves the Price Here: Revenue Quality, Mix and Buyer Fit 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 2

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   01 · THE BOTTOM LINE

   One Product Family — Self-Service Knowledge and Agent Assist — Priced by Operating Buyers

   Summary page stating that one product family, self-service knowledge and agent assist, is priced by operating buyers.

   This page carries the full finding: the covered set is one product family, priced primarily on EV / Revenue for CY2027E. Two of the three companies carry an eligible multiple under our plausibility gates, and we show only what clears those gates. That's the frame we build on for the rest of the deck.

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   01 · THE BOTTOM LINE One Product Family — Self-Service Knowledge and Agent Assist — Priced by Operating Buyers The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (2 of 3 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 3 1 The Set Is One Segment, Not Many All 3 covered companies sell self-service knowledge and agent-assist applications, and the middle of the set prices at 2.1x forward revenue. With one product family on the board, retention and revenue quality carry the pricing argument rather than segment mix. 2 The Two Priced Names Sit Far Apart The premium end prices at 2.8x forward revenue and the discount end at 1.5x, on the 2 names in the set that carry a forward revenue multiple. That is a wide gap for businesses selling into the same workflow. 3 Growth, Not Size, Is the Dividing Line Growth across the covered set splits at 8%, and the name above that line carries the higher forward revenue multiple while the name below it carries the lower one. On 2 priced names this is association rather than proof, but it matches how buyers argue net revenue retention. 4 Whole-Company Deals Cleared Above Where the Listed Names Are Priced Two disclosed transactions in the tape priced at 2.6x and 3.3x revenue, above where the priced listed names sit on forward revenue. Operating companies were the buyer in 5 of the 9 transactions shown, so most of the reference points come from strategics rather than sponsors. 2.1x Sector median EV/Revenue CY2027E consensus · 2 rated of 3 companies 2.8x Premium tier median vs 1.5x discount top quartile (n=1) against bottom quartile (n=1) — the spread the report explains 9 Recorded transactions in this tier told as case studies in the deal section; the full tape is in the appendix

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   SECTION 02

   02

   Divider introducing section two, covering the companies in the self-service knowledge and agent-assist set.

   Section two turns to the companies themselves: all three sit inside a single product family, so mix arguments give way to revenue quality. We use this pause to reset before walking through each name.

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   SECTION 02 02 THE COMPANIES Self-Service Knowledge and Agent Assist Is the Whole Covered Set 3 of 3 companies sit in a single product family, so mix arguments give way to revenue quality. 02 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 4

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   02 · THE COMPANIES

   Knowledge, Self-Service and Agent Assist: One Board, Two Priced Names

   Overview of the three approved companies in the knowledge, self-service and agent-assist category, with EV / Revenue shown where rated.

   Here are the three companies we cover, one board with two names carrying a forward revenue multiple. We ground each description in our classification rationale so the comparison holds together. This is the roster the rest of the valuation work is built on.

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   02 · THE COMPANIES Knowledge, Self-Service and Agent Assist: One Board, Two Priced Names 3 approved companies · EV / Revenue (CY2027E) where rated · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Company descriptions are NeuraCap views grounded in the platform's classification rationale. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 5 CXM CXM Enterprise value $1.3B EV/Revenue (CY2027E) 1.5x Revenue growth 2% EBITDA margin 20% The discount end: earnings intact, with the expansion motion as the open question buyers will price. EGAN EGAN Enterprise value n/a EV/Revenue (CY2027E) n/a Revenue growth n/a EBITDA margin n/a In the segment but without a forward multiple or estimates in this set, so it sits outside the ranked comparison. FRSH FRSH Enterprise value $3.0B EV/Revenue (CY2027E) 2.8x Revenue growth 14% EBITDA margin 28% The premium end of the set: an expansion motion funded out of real earnings, on the forward revenue standard.

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   SECTION 03

   03

   Divider introducing section three on public market valuation and situations.

   Section three tests whether the premium end of this cohort holds up once the forecast is already credited. EV / Revenue on CY2027E is our lead standard and it covers the full set of three companies.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Holds Even After the Forecast Is Credited EV / Revenue on CY2027E is the lead standard and it covers all 3 companies in the set. 03 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 6

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   03 · PUBLIC MARKET VALUATION

   Forward Revenue Already Credits the Forecast — and the Premium End Still Holds

   Chart comparing each covered company's EV / Revenue (CY2027E) against the rated-set median of 2.1x.

   Forward revenue already prices in the growth story here, and the premium end still holds above the 2.1x median of the rated set. Two of the three companies carry an eligible multiple; the third is marked n/a rather than plotted, consistent with our plausibility gates. So what buyers are paying for isn't just growth on paper, it's growth they believe will convert.

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   03 · PUBLIC MARKET VALUATION Forward Revenue Already Credits the Forecast — and the Premium End Still Holds EV / Revenue (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (2 of 3 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 2.1x median of the rated set. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 7 Company Ticker EV EV/Revenue (CY2027E) Rev growth EBITDA margin What sets the price CXM CXM $1.3B 1.5x 2% 20% The discount end: earnings intact, with the expansion motion as the open question buyers will price. EGAN EGAN n/a n/a n/a n/a In the segment but without a forward multiple or estimates in this set, so it sits outside the ranked comparison. FRSH FRSH $3.0B 2.8x 14% 28% The premium end of the set: an expansion motion funded out of real earnings, on the forward revenue standard. 4.2x Deal-tape median EV/LTM revenue LTM at announcement · recorded transactions in this tier 9 Recorded transactions the deal tape in the next section prices what the public tape cannot $8.0B Largest recorded deal (Nov-2018) SAP SE / Qualtrics International Inc.

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   03 · VALUATION DRIVERS

   What Buyers Pay for Here: Retention, Revenue Mix and Containment

   Analysis of what drives EV / Revenue in this cohort: retention, revenue mix and containment.

   We read retention, revenue mix and containment as the drivers behind where each name sits on EV / Revenue CY2027E. These are NeuraCap readings on the data supplied, association rather than causation. So what an owner controls operationally is exactly what this multiple is argued against.

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   03 · VALUATION DRIVERS What Buyers Pay for Here: Retention, Revenue Mix and Containment EV / Revenue (CY2027E) · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 8 The 8% Line Separates the Two Priced Names Growth in the covered set splits at that level, and the name above it also carries the higher forward revenue multiple. On 2 priced names that is an association worth testing, not a proven mechanism. Net Revenue Retention Is the Argument Behind the Multiple Pricing starts from recurring revenue and is then negotiated against growth, net retention and gross margin quality. Where seats are exposed to service-organisation headcount reduction, the renewal calendar and the expansion mix carry the debate. Subscription Mix Outranks Implementation Revenue Quality-of-revenue work separates subscription from implementation, managed service and pass-through revenue. Configurable orchestration that reduces services intensity is associated with the upper end of the range; growth that still needs people is argued down. Certification and Data Residency Are Gates, Not Features Security review, data residency and consent regimes decide which enterprise and public-sector logos are reachable at all. Those gates shape the reference-customer overlap a strategic buyer is actually paying for.

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   03 · SITUATION MAP

   Two Priced Names, Two Very Different Stories

   A two-by-two map placing the two priced companies against the sector median EV / Revenue and the covered median EBITDA margin, without recommending action.

   We cut the two priced names on EV / Revenue against the sector median of 2.1x, and on EBITDA margin against the cohort's own median, using the cohort's own boundaries. This is a characterisation of situations, not a recommendation to buy or sell either name. So what looks like two similar businesses on paper reads as two different situations once margin enters the picture.

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   03 · SITUATION MAP Two Priced Names, Two Very Different Stories Cut on EV / Revenue vs the sector median (2.1x) (rows) and EBITDA margin vs the covered median (24%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 9 Paying up for Profitable Growth Above-median multiple · above-median EBITDA margin 1 names FRSH FRSH sits above the middle of the set on both the forward revenue multiple and EBITDA margin, with 14% growth and a 28% margin. That pairing is what buyers say they pay for: an expansion motion funded out of real earnings. Priced Ahead of the Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Earnings Without the Rating Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Cash Conversion, Growth Unresolved Below-median multiple · below-median EBITDA margin 1 names CXM CXM sits below the middle on both, with a 20% EBITDA margin on 2% growth. The earnings support a floor, and the work is restarting expansion: pricing model, land-and-expand motion, and which products earn the higher multiple.

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    03 · THE AGENDA

    Four Questions an Owner in This Category Should Resolve

    Four questions an owner or acquirer in this category should resolve, framed as directional NeuraCap views.

    We frame four questions we think an owner or acquirer in this category needs to resolve, grounded in the cohort data shown earlier. These are directional views, not investment advice. So the agenda becomes a working list for the conversations that follow.

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    03 · THE AGENDA Four Questions an Owner in This Category Should Resolve NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 10 Does the Pricing Model Protect the Base as Automation Lands? As assisted interactions are deflected and contained, a seat-based book can shrink while usage rises. The question is whether consumption or outcome-based pricing captures that usage before seats reprice at renewal. What changes the answer: Expansion mix shifting from seat growth to consumption uplift across the largest renewals. Is Breadth or Depth the Thing Buyers Are Paying For? The strategic acquirers in this tape bought capability that plugs into an installed base. Whether orchestration breadth or depth in one high-value workflow earns the higher multiple is a live test for a point solution inside a consolidating suite market. What changes the answer: A suite vendor paying for depth in a single workflow rather than channel coverage. Has Configurability Actually Reduced Services Intensity? Growth that still requires people shows up as implementation and managed-service revenue inside the top line. Quality-of-revenue work separates the two, and the subscription share is what the multiple is argued against. What changes the answer: Subscription gross margin holding steady while professional services attach falls. Where Does Renewal and Concentration Risk Actually Sit? Contract assignability, change-of-control provisions and a small number of large renewals decide how a buyer prices durability. Concentration in a few logos gets argued down even where headline retention looks strong. What changes the answer: A renewal calendar clustered into one or two quarters with the largest contracts inside it.

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    SECTION 04

    04

    Divider introducing section four on the precedent transaction tape.

    Section four turns to the deal tape: strategic acquirers, not sponsors, set most of the reference points here. Six of the nine transactions shown disclose a value; the rest are read from parties, structure and status.

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    SECTION 04 04 THE DEAL TAPE Strategic Acquirers, Not Sponsors, Set Most of the Reference Points 6 of the 9 transactions shown disclose a value; the rest are read from parties, structure and status. 04 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Operating Companies Did Most of the Buying in This Tape

    Three case studies from the nine recorded transactions, showing multiples on LTM financials at announcement where disclosed.

    We walk through three of the nine recorded transactions as case studies, with multiples on LTM financials at announcement where disclosed. These deal multiples aren't directly comparable to the CY2027E public basis, so we don't claim a spread between them. Our read of why each deal happened is a NeuraCap view on the recorded evidence. So the tape gives context for the public multiples rather than a like-for-like benchmark.

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    04 · DEAL CASE STUDIES Operating Companies Did Most of the Buying in This Tape 3 of 9 recorded transactions, told as case studies · multiples on LTM financials at announcement where disclosed · the complete tape is in the appendix · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 10 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 16 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 12 Feb-2026 $230M Rezolve AI plc acquires Reward Loyalty UK Limited EV / LTM revenue 2.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Rezolve AI plc closed the acquisition of Reward Loyalty UK Limited in Feb-2026. A whole-company purchase by an operating buyer suggests loyalty program management was treated as a capability gap worth owning, not a partnership to renew. HOW THE TARGET WAS VALUED The filing records $230M of value at 2.6x revenue. That sits above where the priced listed names in this set are valued on forward revenue, which is the pattern when the buyer is paying for installed-base fit rather than standalone scale. Aug-2025 $1.3B Zebra Technologies Corporation Zebra Technologies Corporation reaches for the customer-facing endpoint with Elo Holdings, Inc. EV / LTM revenue 3.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Zebra Technologies Corporation announced Elo Holdings, Inc. in Aug-2025 and the tape records the status as announced. An operating buyer taking the whole company suggests it wanted the customer-facing interaction footprint inside its own distribution rather than an integration agreement. HOW THE TARGET WAS VALUED The filing records $1.3B at 3.3x revenue. That is above where the two priced listed names sit on forward revenue and inside the range this tape records for whole-company deals. Jan-2023 $8.0B SAP SE SAP SE's second run at Qualtrics International Inc. — the largest disclosed value in this tape, later terminated. EV / LTM revenue 6.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED SAP SE recorded a Jan-2023 transaction for Qualtrics International Inc., which the tape marks terminated. The same buyer and target also appear in Nov-2018, which suggests voice-of-customer data was a durable strategic priority for a platform vendor rather than an opportunistic trade. HOW THE TARGET WAS VALUED The filing records $8.0B at 6.1x revenue, the largest disclosed value in this tape. Set against the forward revenue multiples of the priced listed names, it shows what a platform acquirer has been willing to pay for voice of customer at scale.

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    SECTION 05

    05

    Divider introducing section five on strategic implications for owners, buyers and boards.

    Section five turns the data toward what moves the price here: revenue quality, mix and buyer fit. We separate the operating levers an owner controls from the arguments a buyer will bring.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What Moves the Price Here: Revenue Quality, Mix and Buyer Fit The operating levers an owner controls, and the arguments a buyer will bring. 05 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    What the Tape Means for Owners, Buyers and Boards

    Directional NeuraCap views on what the tape means for owners, strategic buyers, sponsors and boards over the next twelve months.

    We lay out what this data puts on the table for owners, strategic buyers, sponsors and boards over the next twelve months. These are directional NeuraCap views drawn from the analysis in this report, framed as observations rather than recommendations. So each audience leaves with a specific question to work through rather than a general takeaway.

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    05 · STRATEGIC IMPLICATIONS What the Tape Means for Owners, Buyers and Boards NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 14 FOR OWNERS Your Multiple Is Argued on Retention and Mix, Not on Scale With one product family covering the whole set, the levers that move price are revenue quality, expansion motion and the subscription share of the top line. Strengthening those is what moves a business from the lower end of this range toward the upper end. FOR STRATEGIC BUYERS Installed-Base Fit Is What the Reference Points Reward Most transactions here were done by operating companies closing capability gaps in knowledge, loyalty and engagement. Integration depth and reference-customer overlap look as decisive as headline price on a short, curated buyer list. FOR SPONSORS The Aggregation Path Is Visible, on 3 of the 9 Transactions Sponsor activity in this tape runs through take-privates and platform builds around adjacent point solutions, with delivery and go-to-market consolidated behind them. On 3 of the 9 transactions shown the base is thin, so treat the pattern as directional.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    The final section holds the full universe behind every figure in the body, the valuation basis, and where each underlying disclosure sits. We use it as the reference section for anyone who wants to trace a number back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 15

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Full comparables table on EV / Revenue (CY2027E), grouped by valuation tier, covering two rated companies and one not rated.

    This table lists every covered company on EV / Revenue CY2027E, grouped above and below the 2.1x sector median. Two companies carry a rated multiple; the third has no eligible EV/Revenue and is marked accordingly. So this is the complete public comparable set behind the valuation pages earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (2.1x); amber marks below · 2 rated companies; 1 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. All 2 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 16 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥2.4x · median 2.8x · 1 companies FRSH FRSH Self-service knowledge and agent-assist applications $3.0B 2.8x 14% 28% 42 DISCOUNT — <1.8x · median 1.5x · 1 companies CXM CXM Self-service knowledge and agent-assist applications $1.3B 1.5x 2% 20% 22

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    The Full Deal Tape, Newest First

    Full tape of nine recorded transactions, newest first, with multiples on LTM financials at announcement where disclosed.

    Here is the complete tape of nine recorded transactions, newest first, with deal values and multiples shown as disclosed. These multiples sit on LTM financials at announcement, not on the CY2027E public basis, so we don't draw a spread between the two. So this page is the full record behind the case studies shown earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) The Full Deal Tape, Newest First 9 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 10 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 16 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Rezolve AI plc → Reward Loyalty UK Limited $230M 2.6x n/a Rezolve AI plc acquired Reward Loyalty UK Limited in Feb-2026 and the transaction is recorded as closed. An operating buyer taking the whole company points to loyalty program management being a capability it wanted to own rather than partner for. Aug-2025 Zebra Technologies Corporation → Elo Holdings, Inc. $1.3B 3.3x n/a Zebra Technologies Corporation announced Elo Holdings, Inc. in Aug-2025. The structure suggests an operating buyer extending its reach to customer-facing interaction points it can sell through its own channel. Jul-2025 Project Labrador Holdco, LLC → Bakkt Loyalty Business division (unit of Bakkt Loyalty and Travel Redemption Business) $11M n/a n/a Project Labrador Holdco, LLC closed the Bakkt Loyalty Business division at $11M in Jul-2025. Loyalty carve-outs of this size tend to be priced on what the acquirer can run and retain, not on platform comparables. Jan-2023 SAP SE → Qualtrics International Inc. $8.0B 6.1x n/a SAP SE's Jan-2023 transaction for Qualtrics International Inc. is recorded as terminated. Voice-of-customer assets have attracted the largest strategic values in this tape, and this one did not complete. Jul-2021 Thoma Bravo → Medallia, Inc. n/a 13.0x n/a Thoma Bravo's Jul-2021 announcement for Medallia, Inc. is recorded at 13.0x revenue. It marks the upper end of what this tape records for a voice-of-customer platform under sponsor ownership. Mar-2021 TTEC Holdings, Inc. → Avtex Solutions Holdings, LLC $490M n/a n/a TTEC Holdings, Inc. announced Avtex Solutions Holdings, LLC at $490M in Mar-2021. Integrators buy contact centre modernisation and implementation capacity alongside the software itself. Sep-2020 Apax Partners SAS (nka: Seven2 SAS) → Odigo SAS n/a n/a 11.5x Apax Partners SAS (nka: Seven2 SAS) announced Odigo SAS in Sep-2020 at 11.5x EBITDA. Where an asset has crossed into durable profitability, buyers move to an earnings standard and the question becomes cash conversion. Nov-2018 SAP SE → Qualtrics International Inc. $8.0B n/a n/a SAP SE first announced Qualtrics International Inc. in Nov-2018, with $8.0B recorded in the filing. The repeat appearance of the same buyer and target shows how long strategic interest in voice of customer has run. n/a n/a → n/a n/a 4.2x n/a One transaction in the tape carries a revenue multiple of 4.2x with no counterparties recorded. It sits above where the priced listed names trade on forward revenue, so treat it as a data point without context.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explanation of sources, valuation basis, exclusions and data-quality treatment behind the figures in this report.

    This page sets out the sources, the valuation basis and how we handled exclusions and data-quality flags across the underlying figures. It's the reference point for tracing any figure in this deck back to where it comes from. So it's here for verification of what's shown, not a step for any other business to follow.

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    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-15 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial) and should be reviewed in the brand face before external distribution. Customer Experience and Engagement Software Coverage | September 2026 | Confidential 18 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (2 of 3 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Customer Experience and Engagement Software and it clears the coverage gate with 3 of 3 companies (100%). No secondary cross-check clears its own gate. DATA QUALITY & EXCLUSIONS 0 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 189 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (188) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Operating Buyers Set the Price Here; Retention and Mix Decide Where You Sit.

    Closing statement that operating buyers set the price and retention and mix decide where a company sits.

    Operating buyers set the price here, and retention and mix decide where you sit within that range. The companion tables carry the full universe and source index for any figure a client wants to trace further.

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    Operating Buyers Set the Price Here; Retention and Mix Decide Where You Sit. NeuraCap AI — Customer Experience and Engagement Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Customer Experience and Engagement Software Coverage | September 2026 | Confidential Sources & methodology 19

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