Human Capital Management Software Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › HUMAN CAPITAL MANAGEMENT SOFTWARE

HCM Software: Buyers Pay for the Employer System of Record

How the listed payroll-led platforms are priced today, what buyers of whole companies actually paid for, and what separates the two ends of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Human Capital Management Software Coverage | September 2026 | Confidential

Sources & methodology

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1. 01

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › HUMAN CAPITAL MANAGEMENT SOFTWARE

   This is the cover for NeuraCap's September 2026 Human Capital Management Software sector outlook.

   We're opening the Human Capital Management Software outlook as of September 2026, built on EV/Revenue on CY2027E as the primary valuation basis. Here's the finding we'll walk through: buyers pay for the employer system of record.

   Everything on this page

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › HUMAN CAPITAL MANAGEMENT SOFTWARE HCM Software: Buyers Pay for the Employer System of Record How the listed payroll-led platforms are priced today, what buyers of whole companies actually paid for, and what separates the two ends of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E) Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix.

   We've structured this report so the bottom line comes first — section 01 gives you the whole story even if you read no further. From there we walk through the companies, valuation and situations, the deal tape, and strategic implications. So what: you can go as deep as you need, but the headline conclusion is on the very next page.

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   CONTENTS What This Report Covers 01 The Bottom Line Four Suite Platforms and One Adjacent Service Model, Priced Closer than They Operate 02 The Companies The Perimeter Is Narrow: Payroll-Led Suites That Hold the Employee Record 03 Valuation & Situations The Premium End Is Being Paid for Durability, Not Pace 04 The Deal Tape Buyers Bought Coverage and Modules, Plus One Whole Suite at Scale 05 Strategic Implications What Moves Value Here Sits Inside Management's Own Choices 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 2

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   01 · THE BOTTOM LINE

   Four Payroll-Led Workforce Platforms Set the Price; One Employer-of-Record Adjacency Sits Above Them

   This slide presents the report's core finding: four payroll-led workforce platforms set the price, with one employer-of-record adjacency priced above them.

   We find that four payroll-led workforce platforms hold 80% of this five-name set, pricing at a 4.9x EV/Revenue median on CY2027E, while the one employer-of-record adjacency prices higher, at 6.5x. Margin tells a sharper story than multiple: Paychex carries a 48% EBITDA margin and Paycom 47%, while ADP's 30% margin still prices at 4.7x, the range's low end. When buyers acquired whole companies, they paid above this listed range — Paychex agreed to buy Paycor at 6.3x EV/Revenue, and Thoma Bravo's agreement for Dayforce at $12.3B is the tape's largest recorded value. So what: the pricing spread across this set understates the operating spread, which is where the opportunity for owners and acquirers sits.

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   01 · THE BOTTOM LINE Four Payroll-Led Workforce Platforms Set the Price; One Employer-of-Record Adjacency Sits Above Them 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 (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (3 of 5 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 3 1 One Segment Holds Four of the Five Names Workforce management and talent applications covers 4 of the 5 approved companies, 80% of the set, and the middle of that group prices at 4.9x EV / Revenue on CY2027E. The single staffing and employer-of-record name prices at 6.5x on the same basis. 2 The Margin Gap Is Wider than the Price Gap Paychex, Inc. (PAYX) carries a 48% EBITDA margin on 5% forward growth and Paycom Software, Inc. (PAYC) carries 47% on 7%; ADP carries 30% on 6%. ADP prices at 4.7x EV / Revenue on CY2027E, the bottom end of the set, so the operating spread is not fully reflected in the pricing spread. 3 Buyers of Whole Companies Paid Above the Listed Range Paychex, Inc. agreed to acquire Paycor HCM, Inc. at 6.3x EV / Revenue, above where this listed set prices on CY2027E. Thoma Bravo's agreement for Dayforce, Inc. at $12.3B is the largest recorded value on this tape, with no multiple attached to it. 4 The Band Rests on Three of the Five Names Asure Software, Inc. (ASUR) and Paylocity Holding Corporation (PCTY) carry no usable forward multiple here, so the range is measured on 3 companies. The tightness may reflect which businesses are measurable as much as how the whole field is priced. 5.2x Sector median EV/Revenue CY2027E consensus · 3 rated of 5 companies 6.5x Premium tier median vs 4.7x discount top quartile (n=1) against bottom quartile (n=1) — the spread the report explains 29 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

   This divider introduces the section profiling the five approved companies in the sector's narrow perimeter.

   We're moving into the company set now — a narrow perimeter of five approved names split into two groups, one of them a group of one. This section shows how the perimeter is defined and where each company sits within it. So what: knowing the perimeter first makes the valuation section that follows easier to read.

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   SECTION 02 02 THE COMPANIES The Perimeter Is Narrow: Payroll-Led Suites That Hold the Employee Record Two groups, five approved names, one of them a group of one. 02 of 06 Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 4

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   02 · THE COMPANIES

   Four Suite Platforms Hold the Perimeter; The Adjacent Service Model Prices Apart

   This slide profiles the four suite platforms holding the sector perimeter and the one adjacent service model that prices apart.

   We show all five approved companies here, rated on EV/Revenue (CY2027E) where a rating is available. Four of them are suite platforms that hold the employer record; the fifth is an adjacent staffing and employer-of-record model that prices differently. So what: this grouping is what drives every valuation comparison in the sections that follow.

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   02 · THE COMPANIES Four Suite Platforms Hold the Perimeter; The Adjacent Service Model Prices Apart 5 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. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 5 ADP ADP Enterprise value $112B EV/Revenue (CY2027E) 4.7x Revenue growth 6% EBITDA margin 30% The single rated name below the middle of the set on both price and EBITDA margin; mix, not growth, is the open question. ASUR ASUR Enterprise value n/a EV/Revenue (CY2027E) n/a Revenue growth n/a EBITDA margin n/a In the suite segment without a usable forward multiple here; its Lathem Time 2025, LLC purchase shows the bolt-on route to module coverage. PAYC PAYC Enterprise value $12.2B EV/Revenue (CY2027E) 5.2x Revenue growth 7% EBITDA margin 47% Prices at 5.2x EV / Revenue on CY2027E with the fastest forward growth of the rated names, marking the middle of the set. PAYX PAYX Enterprise value $45.9B EV/Revenue (CY2027E) 6.5x Revenue growth 5% EBITDA margin 48% The adjacent staffing and employer-of-record name and the premium end of the set, carrying the highest margin of the three rated names. PCTY PCTY Enterprise value n/a EV/Revenue (CY2027E) n/a Revenue growth n/a EBITDA margin n/a A payroll-led suite carried in the set without a forward multiple, appearing on the deal tape in Aug-2025 rather than in the rated band.

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   03

   This divider introduces the section on public market valuation and where the premium end of pricing sits.

   We turn now to valuation. The premium end of this set is being paid for durability, not pace — a forward multiple already assumes the forecast, so what's left to test is what holds up beyond it. So what: this section shows exactly what earns that premium.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Is Being Paid for Durability, Not Pace A forward multiple already credits the forecast; what survives it is the durable part. 03 of 06 Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 6

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   03 · PUBLIC MARKET VALUATION

   Durability Holds the Premium End; The Forecast Is Already in the Price

   This slide shows EV/Revenue (CY2027E) for every approved company against the rated set's 5.2x median.

   We rate three of the five companies on EV/Revenue (CY2027E); the other two are marked n/a where no eligible multiple exists. Against the rated set's 5.2x median, the spread shows where durability is being rewarded over growth. So what: this multiple, not EV/EBITDA, is the basis practitioners use here, and it's the basis the rest of the valuation section builds on.

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   03 · PUBLIC MARKET VALUATION Durability Holds the Premium End; The Forecast Is Already in the Price 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 (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (3 of 5 companies), so this report follows it. A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 5.2x median of the rated set. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 7 Company Ticker EV EV/Revenue (CY2027E) Rev growth EBITDA margin What sets the price ADP ADP $112B 4.7x 6% 30% The single rated name below the middle of the set on both price and EBITDA margin; mix, not growth, is the open question. ASUR ASUR n/a n/a n/a n/a In the suite segment without a usable forward multiple here; its Lathem Time 2025, LLC purchase shows the bolt-on route to module coverage. PAYC PAYC $12.2B 5.2x 7% 47% Prices at 5.2x EV / Revenue on CY2027E with the fastest forward growth of the rated names, marking the middle of the set. PAYX PAYX $45.9B 6.5x 5% 48% The adjacent staffing and employer-of-record name and the premium end of the set, carrying the highest margin of the three rated names. PCTY PCTY n/a n/a n/a n/a A payroll-led suite carried in the set without a forward multiple, appearing on the deal tape in Aug-2025 rather than in the rated band. 5.5x Deal-tape median EV/LTM revenue LTM at announcement · recorded transactions in this tier 29 Recorded transactions the deal tape in the next section prices what the public tape cannot $14.6B Largest recorded deal (Oct-2017) Exponent Private Equity / CEB Talent Assessment business (unit of Gartner, Inc.)

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   03 · VALUATION DRIVERS

   What Actually Moves the Multiple Here: Retention, Attach and the Earnings Mix

   This slide examines what moves the EV/Revenue multiple across retention, attach and earnings mix.

   We look at what actually moves the multiple in this set — retention, module attach, and the mix of earnings quality. These readings are our view on the data supplied, and they describe association, not causation. So what: the drivers we highlight here are operating levers an owner can actually work, not just market sentiment.

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   03 · VALUATION DRIVERS What Actually Moves the Multiple Here: Retention, Attach and the Earnings Mix 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. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 8 Filing Depth Is the Hardest Part to Rebuild Multi-jurisdiction payroll tax calculation, remittance and filing is what keeps a suite in the system-of-record seat. Several transactions on this tape added modules or compliance capability to an existing platform rather than buying service revenue. Seat-Based Pricing Cuts Both Ways PEPY pricing participates in client headcount and wage growth, and in contraction just as directly. Forward growth across the 3 rated names runs 5%, 6% and 7%, so seat expansion and module attach carry the revenue line as much as new logos do. Float Income Is Underwritten on Its Own Interest on client funds held in trust is rate-sensitive and analysed apart from subscription economics. Where more of earnings rests on it, what a buyer tests is the quality of the earnings stack rather than the headline margin. Two Buyer Pools Are Bidding at Once The tape carries a sponsor take-private of a listed suite alongside module purchases by payroll platforms and a healthcare staffing buyer. Two pools competing for the same recurring base is associated with firmer pricing for whole companies.

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   03 · SITUATION MAP

   Where Price and Profitability Agree — and Where Nothing Sits at All

   This slide maps each company on EV/Revenue against the sector median and EBITDA margin against the covered median.

   We cut the set on two axes: EV/Revenue against the sector's 5.2x median and EBITDA margin against the 47% covered median. Where the two agree, pricing and profitability tell the same story; where nothing sits, the boundary itself is instructive. So what: this map identifies where a company's position is being fully priced and where it isn't — it observes, it doesn't recommend.

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   03 · SITUATION MAP Where Price and Profitability Agree — and Where Nothing Sits at All Cut on EV / Revenue vs the sector median (5.2x) (rows) and EBITDA margin vs the covered median (47%) (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. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 9 Paid for Profitability Above-median multiple · above-median EBITDA margin 2 names PAYX · PAYC Paychex, Inc. (PAYX) and Paycom Software, Inc. (PAYC) — 2 of the 3 rated names — price above the 5.2x middle of the set and run EBITDA margins above the 47% covered middle. Where price and margin agree, what a buyer tests is the durability of the recurring base rather than the level of profitability. Priced Ahead of Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Profitable, Priced Below Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below on Both Below-median multiple · below-median EBITDA margin 1 names ADP ADP is the single rated name below the middle on both price and EBITDA margin. On the 3 names carrying a forward multiple, that reads as a revenue mix question — recurring subscription versus service — more than a growth question.

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    03 · THE AGENDA

    Four Questions an Owner in This Set Should Be Able to Answer Today

    This slide poses four questions an owner in this set should be able to answer today.

    We frame four questions we believe any owner or acquirer in this set should have ready answers to, grounded in the cohort data shown earlier. These are our directional views, not investment advice. So what: an owner who can answer all four is positioned to negotiate from strength in any conversation that follows.

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    03 · THE AGENDA Four Questions an Owner in This Set Should Be Able to Answer Today 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. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 10 Decide What the Suite Has to Own Module attach and the employee record sit under the premium end of this set; standalone payroll with little surround is where pricing is most commoditised. The choice is which modules get built, which get bought and which are left to partners. What changes the answer: Attach rising at existing clients without gross retention slipping. Pick the Headcount Band and Price It Properly PEPY economics and churn behave very differently between the micro-employer band and the mid-market. Moving up or down a band is a pricing and service-cost decision before it is a sales decision. What changes the answer: New-band wins converting into second-year retention at the same gross margin. Know How Much of Earnings Is Float Income Interest on client funds held in trust is analysed apart from subscription economics and moves with rates. The operating question is how much subscription margin expansion is planned if that contribution normalises. What changes the answer: Subscription gross margin holding while float income moves. Build or Buy Filing Coverage Payroll tax filing depth across jurisdictions is the hardest capability to replicate and the one this tape shows buyers acquiring. The trade is engineering time against paying up for coverage that is already in production. What changes the answer: A jurisdiction gap costing deals in a target band.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions across sponsors, consolidators and one healthcare staffing buyer.

    We move now to the deal tape — nine recorded transactions spanning sponsors, payroll consolidators and a healthcare staffing buyer. This section shows what buyers actually paid for, module by module. So what: the tape tells us where real capital has already been committed in this sector.

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    SECTION 04 04 THE DEAL TAPE Buyers Bought Coverage and Modules, Plus One Whole Suite at Scale Nine recorded transactions across sponsors, payroll consolidators and a healthcare staffing buyer. 04 of 06 Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Coverage and Module Buys Dominate the Tape, with One Take-Private at Scale

    This slide presents three case studies drawn from a 29-transaction deal tape, including one take-private at scale.

    We select three of 29 recorded transactions as case studies, drawn from a tape dominated by coverage and module buys plus one take-private at scale. Deal multiples here are LTM at announcement, not directly comparable to the CY2027E public basis used elsewhere, so no spread is claimed between them. Twenty-five transactions without a disclosed value or multiple are excluded from the case studies and the tape, though they remain in the underlying record. So what: these case studies show buyers paying for specific capabilities — coverage and modules — rather than for scale alone.

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    04 · DEAL CASE STUDIES Coverage and Module Buys Dominate the Tape, with One Take-Private at Scale 3 of 29 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. 28 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. 25 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. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 12 Aug-2025 $75M AMN Healthcare Services, Inc. AMN Healthcare Services, Inc. buys Smart Square and moves into hospital scheduling software. EV / LTM revenue 4.4x EV / LTM EBITDA 12.5x WHY THE DEAL HAPPENED A healthcare staffing buyer acquiring a scheduling application suggests it wanted the workforce software sitting next to its own labour supply rather than more placement volume. The structure — an announced purchase of a named product business in Aug-2025 — points to capability and client workflow rather than scale. HOW THE TARGET WAS VALUED The tape records $75M at 4.4x EV / Revenue and 12.5x EV / EBITDA. Both marks sit below the revenue multiples recorded on the listed payroll-led suites in the same month, consistent with a single-module product rather than a full suite. Jan-2025 $4.1B Paychex, Inc. Paychex, Inc. acquires Paycor HCM, Inc. — a scaled processor buying a full HCM platform. EV / LTM revenue 6.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A payroll processor buying a listed suite suggests a move for the recurring base, the employee record and a new headcount band, not for service revenue. The $4.1B enterprise value and announced status in Jan-2025 mark it as the reference strategic purchase on this tape. HOW THE TARGET WAS VALUED The recorded multiple is 6.3x EV / Revenue, above where the listed names in this set price on CY2027E EV / Revenue. Paying above the public band for a suite is paying for retention, module attach and filing coverage that would otherwise have to be built. Jul-2021 $8.2B Foley Trasimene Acquisition Corp. acquires Alight, Inc. EV / LTM revenue 3.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Value shown as recorded in the filing; deal value unit unresolved. HOW THE TARGET WAS VALUED The filing records $8.2B of enterprise value, struck at 3.0x LTM revenue.

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    SECTION 05

    05

    This divider introduces the section on strategic implications for owners, acquirers and capital providers.

    We close the analysis by turning to what sits inside management's own choices — revenue quality, headcount band, module attach and earnings mix. This section translates the valuation and deal evidence into implications for owners, acquirers and capital providers. So what: it's where the data becomes a set of decisions rather than just a set of observations.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What Moves Value Here Sits Inside Management's Own Choices Revenue quality, headcount band, module attach and the earnings mix. 05 of 06 Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    What This Set Implies for Owners, Acquirers and Capital Providers

    This slide sets out what the sector's pricing and deal evidence implies for owners, acquirers and capital providers.

    We show that owners in this set land at their end of the pricing range based on revenue quality, not growth headlines — the premium end is held by the highest margin, not the fastest forecast. Acquirers on this tape rewarded coverage and modules over service revenue, which is what diligence should separate out. Capital providers see two buyer pools, sponsor and strategic, active within the same window, a combination associated with firmer pricing, though the evidence rests on a limited transaction count. So what: each audience has a specific lever here, and none of them is simply 'grow faster.'

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    05 · STRATEGIC IMPLICATIONS What This Set Implies for Owners, Acquirers and Capital Providers 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. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 14 FOR OWNERS Your Revenue Mix Decides Your End of the Range In this set the premium end is held by the highest EBITDA margin, not the fastest forecast growth. The lever is revenue quality — recurring subscription share, module attach and gross retention — rather than adding headline growth. FOR ACQUIRERS The Tape Rewards Coverage and Modules Buyers here took scheduling, time and a full payroll suite; service revenue was not the prize. Diligence that separates recurring subscription from implementation and pass-through revenue is what decides whether a price like the ones recorded here is defensible. FOR CAPITAL PROVIDERS Two Buyer Pools Are Active in the Same Window A sponsor take-private and strategic consolidation appear within the same twelve months on this tape. That combination is associated with firmer pricing for platform assets, though the evidence here rests on 9 recorded transactions.

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    06

    This divider introduces the appendix covering the full comparables set, deal tape, and methodology.

    We close with the full universe — every comparable behind the figures shown earlier, the complete deal tape, and the methodology underlying this report. So what: any figure in the body can be traced back to its source from here.

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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 Human Capital Management 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

    This slide lists all five approved companies on EV/Revenue (CY2027E), with three rated and two not rated.

    We show all five approved companies here, grouped against the 5.2x sector median — three carry an eligible EV/Revenue multiple and two do not. So what: this is the complete rated universe behind every valuation chart in this report, with sources next to each name.

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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 (5.2x); amber marks below · 3 rated companies; 2 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 3 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. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 16 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥5.8x · median 6.5x · 1 companies PAYX PAYX Adjacent: staffing and employer-of-record services $45.9B 6.5x 5% 48% 54 CORE — 4.9x–5.8x · median 5.2x · 1 companies PAYC PAYC Workforce management and talent applications $12.2B 5.2x 7% 47% 54 DISCOUNT — <4.9x · median 4.7x · 1 companies ADP ADP Workforce management and talent applications $112B 4.7x 6% 30% 36

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    The Full Deal Tape, Newest First

    This slide begins the full deal tape of 29 recorded transactions, newest first.

    We list the deal tape here, newest first, with multiples on LTM financials at announcement where disclosed. Eighteen of 29 transactions are shown across this and the next page; the remainder sit in the companion workbook. So what: this is the underlying evidence behind the case studies and the strategic reads earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) The Full Deal Tape, Newest First 29 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. 28 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. 25 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. 18 of 29 transactions shown; the rest are in the companion workbook. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Thoma Bravo → Dayforce, Inc. $12.3B n/a n/a Thoma Bravo agreed to acquire Dayforce, Inc. in Aug-2025 at $12.3B enterprise value, recorded as announced. No revenue or earnings multiple is attached on this tape, so it stands as a value point rather than a pricing benchmark. Aug-2025 n/a → Paylocity Holding Corporation n/a 5.5x 14.8x Paylocity Holding Corporation is recorded in Aug-2025 at 5.5x EV / Revenue and 14.8x EV / EBITDA, with no acquirer named and no enterprise value disclosed. It is useful as a pricing mark on a payroll-led suite rather than as evidence of a change of ownership. Aug-2025 n/a → Paycom Software, Inc. n/a 5.5x 14.8x Paycom Software, Inc. is recorded in Aug-2025 on the same basis, 5.5x EV / Revenue and 14.8x EV / EBITDA, with no acquirer named. Two suite names carrying identical marks in the same month points to a sector-level read rather than two separately negotiated outcomes. Aug-2025 AMN Healthcare Services, Inc. → Smart Square $75M 4.4x 12.5x AMN Healthcare Services, Inc. agreed to acquire Smart Square in Aug-2025 for $75M at 4.4x EV / Revenue. Value is shown as recorded in the filing, the value unit is unresolved and the status is carried as announced. Jul-2025 Asure Software, Inc. → Lathem Time 2025, LLC $40M n/a n/a Asure Software, Inc. agreed to acquire Lathem Time 2025, LLC in Jul-2025 at $40M, with no multiple recorded. Value is shown as recorded in the filing, with the value unit unresolved and the status carried as announced. Jan-2025 Paychex, Inc. → Paycor HCM, Inc. $4.1B 6.3x n/a Paychex, Inc. agreed to acquire Paycor HCM, Inc. in Jan-2025 at $4.1B enterprise value, recorded as announced. It is the clearest strategic benchmark on this tape: a scaled processor buying a full HCM platform in an adjacent headcount band. Apr-2023 PTC Inc. → ServiceMax $2.5B n/a n/a PTC Inc. agreed to acquire ServiceMax in Apr-2023 at $2.5B, with no multiple recorded. It sits at the edge of the perimeter — workforce-adjacent software bought by an enterprise vendor — and value is shown as recorded in the filing. Dec-2022 Pearson plc → Personnel Decisions Research Institutes, LLC $190M n/a n/a Pearson plc agreed to acquire Personnel Decisions Research Institutes, LLC in Dec-2022 at $190M, with no multiple recorded. Assessment and talent content trades on different logic from payroll-led suites, and value is shown as recorded in the filing. Dec-2022 Undisclosed buyer → WorkLLama $19M n/a n/a WorkLLama was acquired by an undisclosed buyer in Dec-2022 at $19M, with no multiple recorded. The tape shows divestiture roles reassigned and the status carried as announced, placing it at the small end of the perimeter.

18. 18
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    The Full Deal Tape, Newest First

    This slide completes the full deal tape of 29 recorded transactions, newest first.

    We continue the tape here, again on LTM multiples at announcement where disclosed, which are not directly comparable to the CY2027E public basis used elsewhere in this report. So what: together with the previous page, this gives you the complete recorded transaction history behind our deal-tape conclusions.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) The Full Deal Tape, Newest First 29 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. 28 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. 25 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. 18 of 29 transactions shown; the rest are in the companion workbook. Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2022 Hellman & Friedman → Ultimate Software n/a 9.4x n/a Value shown as recorded in the filing; status defaulted announced. Jul-2021 Cannae Holdings, Inc. → Alight, Inc. $2.5B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2021 Foley Trasimene Acquisition Corp. → Alight, Inc. $8.2B 3.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Jan-2021 Workday, Inc. → Peakon ApS $700M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Nov-2020 HealthStream, Inc. → Change Healthcare staff scheduling business $68M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jul-2020 Asure Software, Inc. → Payroll Tax Management, Inc. $4M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Mar-2020 HealthStream, Inc. → NurseGrid $25M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Nov-2019 Formula Systems (1985) Ltd. → Unique Software Industries Ltd. $61M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Aug-2019 Salesforce, Inc. → ClickSoftware $1.4B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced.

19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the sources, assumptions and data-quality treatment behind the report.

    We set out here how this analysis was built — the valuation basis used, what was excluded and why, and where each underlying disclosure sits. So what: this page is the reference point for checking any figure elsewhere in the report against its source.

    Everything on this page

    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. Human Capital Management Software Coverage | September 2026 | Confidential 19 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (3 of 5 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Human Capital Management Software and it clears the coverage gate with 5 of 5 companies (100%). EV / Revenue, P / E are carried as a cross-check. DATA QUALITY & EXCLUSIONS 3 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 309 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 (308) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    Margin Quality, Not Forecast Growth, Is What This Set Is Being Paid For.

    This is the closing slide, stating that margin quality rather than forecast growth is what this set is being paid for.

    We end where we began: margin quality, not forecast growth, is what this set is being paid for. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further. So what: the conclusion is decision-ready today, and the full evidence trail is available if you need it.

    Everything on this page

    Margin Quality, Not Forecast Growth, Is What This Set Is Being Paid For. NeuraCap AI — Human Capital Management Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Human Capital Management Software Coverage | September 2026 | Confidential Sources & methodology 20

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