Retail and Hospitality Software Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

Retail & Hospitality Software: One Sector, Three Prices

How buyers price point-of-sale, property operations, store systems and corporate travel technology across four listed platforms and a live tape of announced deals.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Retail and Hospitality Software Coverage | September 2026 | Confidential

Sources & methodology

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1. 01

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

   Cover slide identifying the report as NeuraCap's Retail and Hospitality Software sector outlook dated September 2026.

   We open with our Retail and Hospitality Software sector outlook, dated September 2026, framed on EV/Revenue for CY2027E. This is the lens we use throughout to compare the listed platforms in scope and the deals behind them.

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   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE Retail & Hospitality Software: One Sector, Three Prices How buyers price point-of-sale, property operations, store systems and corporate travel technology across four listed platforms and a live tape of announced deals. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E) Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus appendix.

   The report runs five sections plus an appendix, starting with the bottom line so a reader who stops early still gets the full story. We then walk through the companies, valuation and situations, the deal tape, and what it means strategically, in that order.

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   CONTENTS What This Report Covers 01 The Bottom Line Owning the Operator's Daily Workflow Is What Gets Paid for Here 02 The Companies Four Platforms, Four Different Jobs Inside the Operator's Stack 03 Valuation & Situations The Spread Inside This Set Is Wider than the Sector Label Suggests 04 The Deal Tape Strategic Platforms Take Most of This Tape, and Modest Size Clears 05 Strategic Implications Value Tracks the Workflow You Own and the Revenue Mix You Sell 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 2

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   01 · THE BOTTOM LINE

   Retail and Hospitality Software Is a 4-name Universe — Each Name Is Its Own Story, and the Deal Tape Carries the Pricing Signal

   States the bottom line that this is a four-name universe where the deal tape carries the pricing signal.

   This is a four-name universe, and each name tells its own story on EV/Revenue for CY2027E. Agilysys prices at 6.9x, well above the 2.0x median for the rated cohort, while Global Business Travel Group prices at 1.6x despite carrying a 19% EBITDA margin. The public market rates three of the four names; the deal tape fills in the rest of the pricing signal, including Agilysys's 9.0x purchase of Book4Time. So the sector label tells you the market these companies play in, not what any one of them is worth.

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   01 · THE BOTTOM LINE Retail and Hospitality Software Is a 4-name Universe — Each Name Is Its Own Story, and the Deal Tape Carries the Pricing Signal 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 4 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 4 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 3 1 Property and Point-of-Sale Software Sets the Ceiling Agilysys, Inc. (AGYS) prices at 6.9x EV / Revenue on CY2027E, against 2.0x for the middle of the range across the four names in scope. A forward multiple already credits the growth in the forecast, so a premium that survives it points to durability rather than optimism. 2 Corporate Travel Technology: The Profit Is There, the Price Is Not Global Business Travel Group, Inc. (GBTG) prices at 1.6x EV / Revenue on CY2027E while running a 19% EBITDA margin. In this set, position in the operator's daily workflow is associated with a higher price than current profit is. 3 Growth Alone Is Not the Separator Two of the four names carry forward growth of 18%, yet one prices near the top of the range and one in the middle. Where they part company is margin: 26% against 12%, which in this sector is largely a question of how much processing and hardware sits in the revenue line. 4 The Deal Tape Pays More for Modules than the Screen Does Agilysys, Inc. (AGYS) paid 9.0x revenue for Book4Time in 2024, above where any of the four listed names price on CY2027E EV / Revenue. Of 38 active transactions in scope, 28 went to strategic buyers and 3 to sponsors, and 7 are unclassified, so that strategic share is a floor. 2.0x Sector median EV/Revenue CY2027E consensus · 3 rated of 4 companies 6.9x Premium tier median vs 1.6x discount top quartile (n=1) against bottom quartile (n=1) — the spread the report explains 21 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 02 on the four companies in scope.

   Section two turns to the four platforms themselves, each doing a different job inside the operator's stack. Because each segment in scope carries a single company, the prices we show next read as single-name prices, not sector averages.

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   SECTION 02 02 THE COMPANIES Four Platforms, Four Different Jobs Inside the Operator's Stack Each segment in scope carries one company, so segment prices read as single names. 02 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 4

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   02 · THE COMPANIES

   One Company per Segment, so Read These Prices as Single Names Rather than Sector Averages

   Introduces the four approved companies and their EV/Revenue where rated, as of September 2026.

   We cover four approved companies here, each priced on EV/Revenue for CY2027E where a multiple is rated. Because one company represents each segment, what looks like a sector comparison is really four single-name stories. That distinction matters before we compare any of the prices on the following pages.

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   02 · THE COMPANIES One Company per Segment, so Read These Prices as Single Names Rather than Sector Averages 4 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. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 5 AGYS AGYS Enterprise value $2.9B EV/Revenue (CY2027E) 6.9x Revenue growth 18% EBITDA margin 26% Property operations and point-of-sale software for hotels, casinos and venues; the premium end of this set on CY2027E EV / Revenue. GBTG GBTG Enterprise value $6.1B EV/Revenue (CY2027E) 1.6x Revenue growth 10% EBITDA margin 19% Corporate travel booking and servicing technology; a solid margin at a discount price, and the subject of the largest announced deal on this tape. TOST TOST Enterprise value $18.0B EV/Revenue (CY2027E) 2.0x Revenue growth 18% EBITDA margin 12% Restaurant and retail point-of-sale with embedded payments; prices in the middle of the set with the lowest margin of the three rated names. VYX VYX Enterprise value n/a EV/Revenue (CY2027E) n/a Revenue growth n/a EBITDA margin n/a Hospitality and retail systems integration and managed support; carried in the set for structure, without a CY2027E EV / Revenue mark.

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   SECTION 03

   03

   Divider introducing Section 03 on public market valuation and situations.

   Section three covers the public market valuation of this set, and the spread inside it is wider than the sector label suggests. The premium end and the discount end are each a single company on CY2027E EV/Revenue.

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   SECTION 03 03 VALUATION & SITUATIONS The Spread Inside This Set Is Wider than the Sector Label Suggests The premium end and the discount end are one company each on CY2027E EV / Revenue. 03 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 6

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   03 · PUBLIC MARKET VALUATION

   The Top of This Set Prices Like Software; The Bottom Prices Like Transaction Flow

   Shows each approved company's EV/Revenue for CY2027E against the 2.0x median of the rated set.

   On EV/Revenue for CY2027E, the top of this set prices like software and the bottom prices more like transaction flow. Agilysys sits at 6.9x against a 2.0x median for the rated names, while Global Business Travel Group sits at 1.6x. Three of the four names carry an eligible multiple; the fourth is marked n/a rather than plotted. So the spread inside a single sector label is wide enough that the label alone tells a buyer little about price.

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   03 · PUBLIC MARKET VALUATION The Top of This Set Prices Like Software; The Bottom Prices Like Transaction Flow 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 4 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 4 companies), so this report follows it. A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 2.0x median of the rated set. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 7 Company Ticker EV EV/Revenue (CY2027E) Rev growth EBITDA margin What sets the price AGYS AGYS $2.9B 6.9x 18% 26% Property operations and point-of-sale software for hotels, casinos and venues; the premium end of this set on CY2027E EV / Revenue. GBTG GBTG $6.1B 1.6x 10% 19% Corporate travel booking and servicing technology; a solid margin at a discount price, and the subject of the largest announced deal on this tape. TOST TOST $18.0B 2.0x 18% 12% Restaurant and retail point-of-sale with embedded payments; prices in the middle of the set with the lowest margin of the three rated names. VYX VYX n/a n/a n/a n/a Hospitality and retail systems integration and managed support; carried in the set for structure, without a CY2027E EV / Revenue mark. 5.6x Deal-tape median EV/LTM revenue LTM at announcement · recorded transactions in this tier 21 Recorded transactions the deal tape in the next section prices what the public tape cannot $5.0B Largest recorded deal (May-2026) Long Lake and General Catalyst / Global Business Travel Group, Inc.

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   03 · VALUATION DRIVERS

   What Moves the Price in This Sector: Attach, Mix, Consents and Go-Live Capacity

   Reviews what associates with price in this sector: attach, mix, consents and go-live capacity.

   We look at what moves price in this sector — attach, revenue mix, consents and go-live capacity — using EV/Revenue for CY2027E across the rated names. These are associations drawn from the cohort's own data, not causal claims. Growth of 18% shows up in two of the names, yet margin — 26% against 12% — is what separates where they land in the range. So growth alone doesn't explain price here; margin composition does much of the work.

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   03 · VALUATION DRIVERS What Moves the Price in This Sector: Attach, Mix, Consents and Go-Live Capacity 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. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 8 Attach into a Live Base, Not Seat Count, Moves the Price The highest-priced name in this set adds modules to locations already live, and paid for spa and wellness booking to do it. Module attach and payments attach grow revenue per location without requiring new go-lives. Payments Attach Buys Revenue and Costs Blended Margin Processing and hardware pass through at lower margin, so a payments-led platform reports the lowest EBITDA margin of the three rated names here. Buyers price the mix, which is why gross profit is the working denominator in diligence. Profitable Growth, Not Hypergrowth, Is the Bar Forward growth of 18% shows up at both the premium end and the middle of this set, so growth on its own does not decide the price. On these three rated names, the separation tracks margin quality. Brand Approval and Processor Consents Gate the Estate Franchisor brand standards and change-of-control provisions in payment processing agreements are customary gating items in this sector. Depth in a few multi-unit brands is valuable and concentrated at the same time.

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   03 · SITUATION MAP

   Where the Three Rated Names Sit When Price Is Set Against Margin

   Maps the three rated names on EV/Revenue versus EBITDA margin against the cohort medians of 2.0x and 19%.

   This map sets each rated name's EV/Revenue against the sector median of 2.0x, and its EBITDA margin against the covered median of 19%. The boundaries are the cohort's own medians, a directional view rather than a market-wide benchmark. It groups the three rated names into situations, not recommendations. So where a name sits here frames the conversation on the next page, rather than closing it.

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   03 · SITUATION MAP Where the Three Rated Names Sit When Price Is Set Against Margin Cut on EV / Revenue vs the sector median (2.0x) (rows) and EBITDA margin vs the covered median (19%) (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. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 9 Priced up and Profitable Above-median multiple · above-median EBITDA margin 1 names AGYS Agilysys, Inc. (AGYS) is the name above the middle on both measures, carrying a 26% EBITDA margin. On a single name, read it as evidence that a system-of-record position with module attach can carry margin and price together. Paid for the Installed Base Above-median multiple · below-median EBITDA margin 1 names TOST The store systems platform (TOST) prices at or above the middle of the set while reporting a 12% EBITDA margin, which reflects processing and hardware in the revenue line. On this one name, buyers appear to be paying for locations live and payments attach ahead of reported profit. Profit Without the Premium Below-median multiple · above-median EBITDA margin 1 names GBTG Global Business Travel Group, Inc. (GBTG) runs a 19% EBITDA margin yet prices below the middle of the set. The market appears to be pricing the variability of travel transaction volumes rather than the margin delivered today. Empty in This Set Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Four Questions an Owner in This Sector Should Settle First

    Lists four questions an owner in this sector should resolve first, framed as NeuraCap's view.

    We frame four questions an owner or acquirer in this sector should settle first, drawn from the cohort data on the prior pages. These are observations, not recommendations, and not investment advice. Getting clear on revenue mix, module attach, operator type and build-versus-buy is what turns this comparison into a decision. So the rest of this section works through each one in turn.

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    03 · THE AGENDA Four Questions an Owner in This Sector Should Settle First 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. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 10 Decide Which Revenue Line You Want to Grow Fastest Subscription, payments, hardware and services each carry a different margin and a different price in this set. The mix you push is a pricing decision as much as a product one, and it shows up in blended gross margin before it shows up in growth. What changes the answer: Gross margin by revenue line moving as payments attach rises. Test Whether Module Attach Beats Winning New Locations The premium name in this set has added modules to locations already live and bought one to do it. Compare the payback on attach into the installed base against the cost and time of winning a new location. What changes the answer: Attach rate per location rising faster than net location adds. Choose Breadth of Independents or Depth in Brands Independent venues churn when venues close; multi-unit and franchise estates take longer to win and are gated by brand-standard approval. The two paths produce different retention curves and attract different buyers. What changes the answer: Location churn separating clearly by operator type. Set the Build-Versus-Buy Line on Adjacent Modules This tape shows both software platforms and sponsors assembling suites through bolt-ons rather than single assets. Where a module is effectively a brand-standard requirement, buying the capability can cost less time than building it. What changes the answer: A bolt-on available below the cost and delay of building the same module.

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    SECTION 04

    04

    Divider introducing Section 04 on the deal tape and strategic buyer share.

    Section four turns to the deal tape, where strategic platforms take most of the volume and modest-size deals clear. Of 38 active transactions in scope, 28 went to strategic buyers and 3 to sponsors, with 7 unclassified.

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    SECTION 04 04 THE DEAL TAPE Strategic Platforms Take Most of This Tape, and Modest Size Clears Of 38 active transactions, 28 went to strategic buyers and 3 to sponsors, with 7 unclassified. 04 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Nine Announced Deals Show the Price Following Revenue Quality, Not the Sector Label

    Presents deal case studies showing price following revenue quality rather than the sector label, including Agilysys's Book4Time purchase.

    We walk through case studies from the deal tape, including Agilysys's 2024 purchase of Book4Time at 9.0x revenue. These deals price on revenue quality, not the sector label, and the multiples are LTM at announcement, so they aren't directly comparable to the CY2027E public basis used elsewhere. The complete tape sits in the appendix for any deal a client wants to trace. So the case studies show why buyers pay up for the right module, not just for exposure to this space.

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    04 · DEAL CASE STUDIES Nine Announced Deals Show the Price Following Revenue Quality, Not the Sector Label 3 of 21 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. 25 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; parent financials detached); figures are shown as recorded in the filing. 18 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. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 12 May-2026 $5.0B Long Lake and General Catalyst acquires Global Business Travel Group, Inc. EV / LTM revenue 1.7x EV / LTM EBITDA 9.1x WHY THE DEAL HAPPENED Long Lake and General Catalyst announced the purchase of Global Business Travel Group, Inc. (GBTG) in May-2026, with the filing recorded as announced rather than completed. The structure suggests a buying group underwriting an established travel transaction business for its earnings and cash generation rather than for a growth story. HOW THE TARGET WAS VALUED The recorded terms are 1.7x revenue and 9.1x EBITDA. That revenue multiple sits close to where Global Business Travel Group, Inc. (GBTG) prices on CY2027E EV / Revenue, so what buyers paid for the whole company and what the screen says broadly agree. Apr-2025 $1.1B TPG affiliate A TPG affiliate takes a $1.1B hospitality systems division out of a larger group EV / LTM revenue 3.4x EV / LTM EBITDA 133.0x WHY THE DEAL HAPPENED A TPG affiliate announced the purchase of a division (unit of Hospitality Solutions) in April 2025, with divestiture roles reassigned in the filing. A carve-out of this shape suggests a buyer prepared to own hosting, support and customer transition in exchange for a system-of-record position with hotel operators. HOW THE TARGET WAS VALUED The deal was recorded at 3.4x revenue and 133.0x EBITDA. The earnings multiple indicates current profit was not the basis of the price, while on revenue it sits above the middle of the listed set, which is where buyers pay for a conversion path rather than for delivered margin. Aug-2024 $150M Agilysys, Inc. acquires Book4Time EV / LTM revenue 9.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Agilysys, Inc. (AGYS) announced the purchase of Book4Time in August 2024, a spa and wellness booking product sold to the same hotel and resort operators. The move reads as land-and-expand: another module to attach to locations that are already live on the property operations platform. HOW THE TARGET WAS VALUED The deal was recorded at $150M and 9.0x revenue. That is a high revenue multiple on this disclosed tape and above where Agilysys, Inc. (AGYS) itself prices on CY2027E EV / Revenue, which is what module attach into an installed base has commanded here.

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    SECTION 05

    05

    Divider introducing Section 05 on strategic implications for owners, buyers and sponsors.

    Section five sets out what this comparison means for owners, strategic buyers and sponsors over the next twelve months. Value here tracks the workflow a company owns and the revenue mix it sells, and that shapes positioning, pricing, retention and capital allocation choices.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Value Tracks the Workflow You Own and the Revenue Mix You Sell What the comparison implies for positioning, pricing, retention and capital allocation. 05 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    What This Comparison Means for Owners, Strategic Buyers and Sponsors

    Sets out NeuraCap's view of what this comparison means for owners, strategic buyers and sponsors.

    For owners, the read here is to grow the revenue line that prices highest, since mix and attach move where a company sits on EV/Revenue. For strategic buyers, this tape pays for modules sold into an already-live base, gated by consent and quality-of-earnings terms. For sponsors, cash-generative estates and carve-outs keep clearing where earnings support the capital structure. These are directional views grounded in the data shown earlier, not recommendations to act.

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    05 · STRATEGIC IMPLICATIONS What This Comparison Means for Owners, Strategic Buyers and Sponsors 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. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 14 FOR OWNERS Grow the Revenue Line That Prices Highest In this set the premium goes to the platform that owns the operator's daily workflow and sells more modules into locations already live. Mix, retention and attach are the levers that move where a company sits; processing and hardware add revenue while diluting blended margin. FOR STRATEGIC BUYERS Modules into a Live Base Are What This Tape Pays For PAR Technology Corporation and Agilysys, Inc. (AGYS) both bought adjacent products for operators they already serve, and Flywire Corporation bought hospitality workflow to sit closer to the payment. Recurring-revenue quality of earnings, franchisor consent and processor change-of-control terms are the gating items each time. FOR SPONSORS Cash-Generative Estates and Carve-Outs Keep Clearing The tape shows sponsor interest around travel transaction platforms and carve-outs of non-core product lines, where established earnings support the capital structure and a bolt-on pipeline is visible. Transition services for hosting, support and hardware logistics belong in the underwriting, not the appendix.

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    SECTION 06

    06

    Divider introducing Section 06, the full comparables universe, methodology and sources.

    Section six is the reference section: the full comparables universe, the deal tape in full, and the methodology behind every figure in the body. It's where a client can trace any 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 Retail and Hospitality 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

    Lists all approved public comparables on EV/Revenue for CY2027E, grouped by valuation tier.

    This page carries all four approved companies, three of them rated on EV/Revenue for CY2027E and one not rated for lack of an eligible multiple. Shading marks whether a name sits above or below the 2.0x sector median. Every rated row here is also in the companion workbook, which carries the complete field set. So this is the full public universe behind the comparisons in the body of the report.

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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 (2.0x); amber marks below · 3 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 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. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 16 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥4.5x · median 6.9x · 1 companies AGYS AGYS Point-of-sale and property operations applications $2.9B 6.9x 18% 26% 43 CORE — 1.8x–4.5x · median 2.0x · 1 companies TOST TOST Store systems and commerce payments infrastructure $18.0B 2.0x 18% 12% 31 DISCOUNT — <1.8x · median 1.6x · 1 companies GBTG GBTG Travel distribution and agency technology $6.1B 1.6x 10% 19% 29

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    The Full Deal Tape, Newest First

    Lists the deal tape, newest first, covering part of the 21 recorded transactions in this tier.

    The full deal tape runs 21 recorded transactions in this tier, shown newest first with multiples on LTM financials at announcement where disclosed. Eighteen of the 21 are shown across both appendix pages; the rest sit in the companion workbook. These multiples aren't directly comparable to the CY2027E public basis used elsewhere in the report, so no spread is claimed between the two. So this page is where a client checks any deal-level number cited in the body.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) The Full Deal Tape, Newest First 21 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. 25 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; parent financials detached); figures are shown as recorded in the filing. 18 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 21 transactions shown; the rest are in the companion workbook. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Skyview Equity → Upserve U.S. hospitality product line $81M n/a n/a Skyview Equity announced the purchase of the Upserve U.S. hospitality product line at $81M in May-2026. Carve-outs of non-core or regional product lines supply much of the sell-side flow here, and they normally travel with transition services covering hosting, support and hardware logistics. May-2026 Long Lake and General Catalyst → Global Business Travel Group, Inc. $5.0B 1.7x 9.1x Long Lake and General Catalyst announced a $5.0B purchase of Global Business Travel Group, Inc. (GBTG) in May-2026, recorded as announced. A travel transaction platform with established earnings is the classic candidate for this structure, where cash generation supports the capital structure. Apr-2025 TPG affiliate → division (unit of Hospitality Solutions) $1.1B 3.4x 133.0x A TPG affiliate announced the $1.1B purchase of a division (unit of Hospitality Solutions) in April 2025, with divestiture roles reassigned in the filing. At 3.4x revenue it was recorded above where the listed set prices today, which suggests the buyer underwrote the conversion path of a hotel systems estate. Feb-2025 Flywire Corporation → Sertifi LLC $330M n/a n/a Flywire Corporation announced the $330M purchase of Sertifi LLC in February 2025. It fits the pattern of payments platforms buying into hotel and venue workflow to sit closer to the merchant relationship and the processing flow behind it. Jan-2025 PAR Technology Corporation → Delaget, LLC $132M n/a n/a PAR Technology Corporation announced the $132M purchase of Delaget, LLC in January 2025. Restaurant software groups buy adjacent back-of-house modules to widen what a location already live is paying for each month. Aug-2024 Agilysys, Inc. → Book4Time $150M 9.0x n/a Agilysys, Inc. (AGYS) announced the $150M purchase of Book4Time in August 2024. It reads as land-and-expand: spa and wellness booking added to a property operations footprint where the locations are already live. Jul-2024 trivago N.V. → Holisto Ltd $33M n/a n/a trivago N.V. announced the $33M purchase of Holisto Ltd in July 2024. Much of this tape clears at modest size, and travel-specific buyers keep consolidating booking and servicing technology to widen customer coverage. Jul-2024 PAR Technology Corporation → TASK Group Holdings Limited $132M n/a n/a PAR Technology Corporation also announced the purchase of TASK Group Holdings Limited in July 2024, recorded at the same size as its January 2025 bolt-on. Two acquisitions of that shape point to a defined pipeline behind one platform rather than a single-asset case. Jan-2024 Advantage Solutions Inc. → Acxion Foodservice $100M n/a n/a Advantage Solutions Inc. announced the $100M purchase of Acxion Foodservice in January 2024. Services-weighted assets at this end of the sector are negotiated off earnings, with diligence focused on how repeatable the revenue is.

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

    The Full Deal Tape, Newest First

    Continues the deal tape, newest first, completing the 18 of 21 transactions shown in the appendix.

    This page completes the deal tape shown across both appendix pages, still 18 of the 21 recorded transactions in this tier. The multiples here are LTM at announcement, drawn from filings, and are kept separate from the CY2027E public multiples used in the body. So together with the prior page, this is the complete visible record behind every deal reference in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) The Full Deal Tape, Newest First 21 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. 25 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; parent financials detached); figures are shown as recorded in the filing. 18 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 21 transactions shown; the rest are in the companion workbook. Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2023 Nayax Ltd. → Retail Pro International $36M 2.6x 9.1x Value shown as recorded in the filing; deal value unit unresolved. Nov-2022 MakeMyTrip Limited → Simplotel Technologies Private Limited $6M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. May-2022 Global Business Travel Group, Inc. → Apollo Strategic Growth Capital $776M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Mar-2021 Lightspeed POS Inc. → Vend Limited $205M 6.0x n/a Value shown as recorded in the filing; deal value unit unresolved, status inferred from filings. Dec-2020 Lightspeed POS Inc. → Upserve Inc. $430M 10.8x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Nov-2020 Lightspeed POS Inc. → ShopKeep Inc. $145M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2020 StoneCo Ltd. → Linx S.A. $1.2B 5.2x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Nov-2019 PAR Technology Corporation → Restaurant Magic $42M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Aug-2019 Wyndham Destinations, Inc. → Alliance Reservations Network, LLC $92M 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

    Explains the report's sources, assumptions and data-quality treatment.

    This page sets out how the report was built: the EV/Revenue on CY2027E basis, what was excluded and why, and where every underlying disclosure lives. It's the reference point for any question about how a figure in the body was derived. So a client can check our numbers independently before acting on them.

    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. Retail and Hospitality Software Coverage | September 2026 | Confidential 19 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (3 of 4 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 4 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Retail and Hospitality Software and it clears the coverage gate with 4 of 4 companies (100%). EV / Revenue is carried as a cross-check. 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 257 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 (256) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    Price Here Follows the Workflow You Own, Not the Revenue You Happen to Report.

    Closing slide restating that price in this sector follows the workflow a company owns, not the revenue it reports.

    We close on the line that price here follows the workflow a company owns, not the revenue it happens to report. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    Price Here Follows the Workflow You Own, Not the Revenue You Happen to Report. NeuraCap AI — Retail and Hospitality Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Retail and Hospitality Software Coverage | September 2026 | Confidential Sources & methodology 20

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