NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Automation and Workflow Software Sector Outlook — September 2026

NeuraCap's Automation and Workflow Software sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

10.3x
Sector median EV/EBITDA
24.7x
Premium end EV/EBITDA vs 8.3x at the discount end
8
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › AUTOMATION AND WORKFLOW SOFTWARE

Automation and Workflow Software: Value Splits Widely

This report shows where forward pricing sits and which operating questions matter most.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Automation and Workflow Software contains several business models rather than one uniform valuation story. Forward earnings pricing spans a wide range, with faster-growth names holding a higher middle point but clear exceptions across the operating quadrants. Product architecture, recurring-revenue quality, implementation burden and cash conversion provide the practical framework for assessing durable standing.

Key findings

  • The Premium and Discount Ends of Forward Valuation Reflect Different Views on Durability
  • Faster-Growth Names Hold the Higher Middle Point
  • Forward Valuation Differs Across Business Models
  • Transaction Pricing May Point to Different Strategic Uses

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › AUTOMATION AND WORKFLOW SOFTWARE

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › AUTOMATION AND WORKFLOW SOFTWARE.

    Cover — Automation and Workflow Software sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › AUTOMATION AND WORKFLOW SOFTWARE Automation and Workflow Software: Value Splits Widely This report shows where forward pricing sits and which operating questions matter most. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Automation and Workflow Software Contains Distinct Valuation and Operating Profiles 02 The Landscape Workflow Platforms, Automation Tooling and Adjacent Models Carry Different Economics 03 Valuation & Situations Forward Earnings Multiples Split Sharply Across the Peer Set 04 Precedent Transactions Announced Transactions Show What Buyers Agreed to Pay Across Different Assets 05 Strategic Implications Product Depth and Revenue Quality Merit Attention Before Strategic Choices Narrow 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Automation and Workflow Software Splits Across Workflow Platforms, Automation Tooling and Adjacent Models

    Automation and Workflow Software Splits Across Workflow Platforms, Automation Tooling and Adjacent Models.

    Automation and Workflow Software Splits Across Workflow Platforms, Automation Tooling and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Automation and Workflow Software Splits Across Workflow Platforms, Automation Tooling and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium and Discount Ends of Forward Valuation Reflect Different Views on Durability Across the eight names with a forward estimate, the premium end is 24.7x EV / EBITDA versus 8.3x at the discount end. Because the multiple is forward, that spread remains after forecast earnings are credited and points to differing views on durability. 2 Faster-Growth Names Hold the Higher Middle Point The four higher-growth names show 13.8x versus 9.7x for the four lower-growth names. The association supports attention to organic recurring-revenue growth, retention and expansion across workflows without treating growth as a pricing formula. 3 Forward Valuation Differs Across Business Models Adjacent models sit at 20.1x, while application infrastructure, integration and automation tooling sits at 14.8x. The difference reinforces the need to separate product architecture, deployment burden and cash conversion across the set. 4 Transaction Pricing May Point to Different Strategic Uses The announced transaction record ranges from 20.2x EV / Revenue for Appian Corporation (APPN) to 3.0x for ClickSoftware. The range may point to buyers placing different weight on embedded workflow orchestration, data access, integration depth and artificial-intelligence substitution exposure. 10.3x Sector median EV/EBITDA CY2027E consensus · 8 rated of 9 companies 24.7x Premium end EV/EBITDA vs 8.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 8 Transactions with disclosed terms 29 recorded in this tier · 0 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — Workflow Platforms, Automation Tooling and Adjacent Models Carry Different Economics. The sector spans broad orchestration platforms, infrastructure tooling and specialized adjacent products. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Workflow Platforms, Automation Tooling and Adjacent Models Carry Different Economics The sector spans broad orchestration platforms, infrastructure tooling and specialized adjacent products. 02 of 06 Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    The Sector Spans Broad Platforms, Infrastructure Tooling and Specialized Adjacent Products

    The Sector Spans Broad Platforms, Infrastructure Tooling and Specialized Adjacent Products.

    The Sector Spans Broad Platforms, Infrastructure Tooling and Specialized Adjacent Products 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP The Sector Spans Broad Platforms, Infrastructure Tooling and Specialized Adjacent Products 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BUSINESS PROCESS AUTOMATION AND APPLICATION DEVELOPMENT PLATFORMS 4 cos median 9.7x ServiceNow (NOW) Pegasystems (PEGA) monday.com (MNDY) Vertex (VERX) These platforms compete on workflow breadth, low-code extensibility and expansion across departments. APPLICATION INFRASTRUCTURE, INTEGRATION AND AUTOMATION TOOLING 3 cos median 14.8x UiPath (PATH) Progress Software (PRGS) Appian (APPN) This group connects applications and automation layers, making integration depth and deployment reliability central. ADJACENT MODELS 2 cos median 20.1x Waystar Holding (WAY) Kornit Digital (KRNT) These businesses bring specialized workflows and economics that can sit apart from enterprise software benchmarks.

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    02 · LANDSCAPE

    Specialized Models Carry Higher Forward Valuations than the Broader Workflow Platform Group

    Specialized Models Carry Higher Forward Valuations than the Broader Workflow Platform Group.

    Specialized Models Carry Higher Forward Valuations than the Broader Workflow Platform Group Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Specialized Models Carry Higher Forward Valuations than the Broader Workflow Platform Group Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Business process automation and application development platforms 4 44% 9.7x ServiceNow, Inc. (NOW) · Pegasystems Inc. (PEGA) · +2 more Breadth supports expansion. Business process automation and application development platforms can expand across departments, decisioning and case management. Their standing depends on retention, implementation burden and the durability of enterprise workflow adoption. Application infrastructure, integration and automation tooling 3 33% 14.8x UiPath Inc. (PATH) · Progress Software Corporation (PRGS) · +1 more Integration depth matters. Application infrastructure, integration and automation tooling sits at 14.8x. Deep links into systems of record can support durable use, while brittle user-interface automation and migration risk can weaken the profile. Adjacent models 2 22% 20.1x Waystar Holding Corp. (WAY) · Kornit Digital Ltd. (KRNT) Specialization changes the frame. Adjacent models sit at 20.1x. Their economics require a separate assessment of specialized workflows, customer concentration, hardware exposure and recurring-revenue quality.

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    SECTION 03

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    Section 03 of 06 — Forward Earnings Multiples Split Sharply Across the Peer Set. The range remains wide after forecast earnings are already reflected. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS Forward Earnings Multiples Split Sharply Across the Peer Set The range remains wide after forecast earnings are already reflected. 03 of 06 Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Holds a Much Higher Forward Earnings Multiple

    The Premium End Holds a Much Higher Forward Earnings Multiple.

    The Premium End Holds a Much Higher Forward Earnings Multiple EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 10.3x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Holds a Much Higher Forward Earnings Multiple EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 10.3x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 24.7x CORE · median 10.3x DISCOUNT · median 8.3x Sector median 10.3x WHAT SEPARATES THE TWO ENDS The range stays wide. The premium end sits at 24.7x EV / EBITDA, compared with 8.3x at the discount end across the eight names with a forward estimate. Forecast growth is credited. A forward earnings multiple already incorporates forecast performance. A spread that remains therefore points to different market views on earnings durability, risk and business-model quality. One formula does not fit. The premium names do not share one operating profile. Product position, recurring-revenue quality, cash conversion and exposure to automation commoditization remain important distinctions.

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    03 · VALUATION DRIVERS

    Faster-Growth Names Sit at a Higher Forward Earnings Multiple

    Faster-Growth Names Sit at a Higher Forward Earnings Multiple.

    Faster-Growth Names Sit at a Higher Forward Earnings Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster-Growth Names Sit at a Higher Forward Earnings Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 27% Growth Shows the Clearer Split Among the eight names with a forward estimate, the four higher-growth names sit at 13.8x versus 9.7x for the four lower-growth names. This is an observed association rather than a pricing rule. Workflow Depth Can Strengthen the Quality Story Expansion across departments, deep integration into systems of record and low-code extensibility can support durable recurring revenue. The peer data does not establish one architecture as sufficient for a premium. Cash Conversion Remains a Necessary Test Subscription gross margin, sales efficiency and implementation burden shape the path from recurring revenue to cash. These operating factors help distinguish durable earnings from temporary efficiency gains.

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    03 · SITUATION MAP

    Three Names Pair Higher Growth with Higher Valuation

    Three Names Pair Higher Growth with Higher Valuation.

    Three Names Pair Higher Growth with Higher Valuation Cut on EV / EBITDA vs the sector median (10.3x) (rows) and revenue growth vs the covered median (11%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; 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. 10

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    03 · SITUATION MAP Three Names Pair Higher Growth with Higher Valuation Cut on EV / EBITDA vs the sector median (10.3x) (rows) and revenue growth vs the covered median (11%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; 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. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Valuation Above-median multiple · above-median revenue growth 3 names ServiceNow, Inc. (NOW) · Waystar Holding Corp. (WAY) · Appian Corporation (APPN) Among the eight names with a forward estimate, three pair higher growth with higher valuation. The operating question is whether retention, workflow expansion and cash conversion can sustain that position. Lower Growth, Higher Valuation Above-median multiple · below-median revenue growth 1 names Kornit Digital Ltd. (KRNT) Among the eight names with a forward estimate, one holds higher valuation despite lower growth. Product differentiation, specialized economics and earnings durability merit closer review. Higher Growth, Lower Valuation Below-median multiple · above-median revenue growth 1 names monday.com Ltd. (MNDY) Among the eight names with a forward estimate, one delivers higher growth while remaining in the lower half of valuation. The gap focuses attention on margin quality, retention and the cost of delivering that growth. Lower Growth, Lower Valuation Below-median multiple · below-median revenue growth 3 names Pegasystems Inc. (PEGA) · UiPath Inc. (PATH) · Vertex, Inc. (VERX) Among the eight names with a forward estimate, three sit below the middle on both measures. The agenda centers on product focus, recurring-revenue quality, cost structure and exposure to commoditization.

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    03 · GROWTH VS PROFITABILITY

    Higher Multiples Also Appear Outside the Balanced Operating Group

    Higher Multiples Also Appear Outside the Balanced Operating Group.

    Higher Multiples Also Appear Outside the Balanced Operating Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (11% growth, 27% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). 11

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    03 · GROWTH VS PROFITABILITY Higher Multiples Also Appear Outside the Balanced Operating Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (11% growth, 27% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 8% 10% 12% 15% 18% 10% 20% 30% 40% MARGIN ONLY median 8.3x BALANCED median 13.8x NEITHER median 20.0x GROWTH ONLY median 14.8x KRNT PATH PEGA VERX WAY APPN MNDY NOW x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS On the eight names with a forward estimate, the chart splits revenue growth at 11% and EBITDA margin at 27%. Two names clear both bars, while two sit in each of the other three groups. The balanced group does not contain the highest middle valuation point. The result supports a broader review of retention, architecture and earnings durability. The neither median rests on 2 names and is lifted by KRNT at 29.9x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 8 names clear it (NOW, WAY).

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    03 · THE AGENDA

    Product Depth and Earnings Quality Frame the Strategic Options

    Product Depth and Earnings Quality Frame the Strategic Options.

    Product Depth and Earnings Quality Frame the Strategic Options 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 2026-09-28; 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. 12

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    03 · THE AGENDA Product Depth and Earnings Quality Frame the Strategic Options 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 2026-09-28; 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. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen the Core Workflow Position The central question is whether greater orchestration, decisioning or case-management depth can expand use within existing customers and strengthen retention. What changes the answer: Customer expansion improves while implementation burden and acquisition payback remain controlled. Simplify the Delivery Model A tighter product and services mix can improve subscription economics, reduce deployment friction and sharpen the path from recurring revenue to cash. What changes the answer: Services concentration, hosting costs or customer migration requirements continue to weigh on cash conversion. Test Build Versus Buy Capability gaps in orchestration, governance or regulated workflows can be assessed against internal development time, integration risk and capital allocation priorities. What changes the answer: Customer demand moves faster than the current product roadmap can support.

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    SECTION 04

    04

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    Section 04 of 06 — Announced Transactions Show What Buyers Agreed to Pay Across Different Assets. The transaction record spans platform software, automation products and specialized workflow assets. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Announced Transactions Show What Buyers Agreed to Pay Across Different Assets The transaction record spans platform software, automation products and specialized workflow assets. 04 of 06 Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Buyers Agreed to a Wide Range Across Platform Software and Automation Assets

    Buyers Agreed to a Wide Range Across Platform Software and Automation Assets.

    Buyers Agreed to a Wide Range Across Platform Software and Automation Assets 3 of 8 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list 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.

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    04 · DEAL CASE STUDIES Buyers Agreed to a Wide Range Across Platform Software and Automation Assets 3 of 8 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list 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. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Nov-2025 n/a Renesas Electronics Corporation acquires Appian EV / LTM revenue 20.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Renesas Electronics Corporation moved for Appian in Nov-2025; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Aug-2022 n/a Roper Technologies, Inc. acquires Frontline Technologies EV / LTM revenue n/a EV / LTM EBITDA 21.3x WHY THE DEAL HAPPENED Roper Technologies, Inc. moved for Frontline Technologies in Aug-2022; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Dec-2021 n/a SS&C Technologies Holdings, Inc. acquires Blue Prism Group plc EV / LTM revenue 7.2x EV / LTM EBITDA 5.8x WHY THE DEAL HAPPENED SS&C Technologies Holdings, Inc. moved for Blue Prism Group plc in Dec-2021; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Product Depth and Revenue Quality Merit Attention Before Strategic Choices Narrow. Owners can test where workflow breadth, retention and deployment economics support durable standing. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Product Depth and Revenue Quality Merit Attention Before Strategic Choices Narrow Owners can test where workflow breadth, retention and deployment economics support durable standing. 05 of 06 Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Standing Starts with Workflow Depth, Retention and Cash Conversion

    Durable Standing Starts with Workflow Depth, Retention and Cash Conversion.

    Durable Standing Starts with Workflow Depth, Retention and Cash Conversion 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 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Durable Standing Starts with Workflow Depth, Retention and Cash Conversion 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 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which Economics Define the Business The peer set spans broad workflow platforms, infrastructure tooling and adjacent models. Strategic choices become clearer when revenue mix, deployment burden and recurring-revenue quality are assessed against the relevant model. FOR MANAGEMENT TEAMS Protect Expansion Without Adding Friction Workflow breadth carries more weight when customers can expand across departments without heavy implementation. Product priorities can focus on integration depth, retention and sales efficiency. FOR BOARDS Test Durability Behind the Forecast Forward valuation already reflects expected earnings. Board review can therefore focus on whether growth, cost structure and cash conversion remain resilient under artificial-intelligence substitution and procurement pressure.

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    SECTION 06

    06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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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 Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

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

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.3x); amber marks below · 8 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 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. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.3x); amber marks below · 8 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 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. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.8x · median 24.7x · 2 companies Kornit Digital Ltd. KRNT Adjacent: digital print production systems $301M 29.9x 7% 4% 12 Appian Corporation APPN Application infrastructure, integration and automation… $2.7B 19.5x 11% 14% 25 CORE — 9.9x–17.8x · median 10.3x · 4 companies ServiceNow, Inc. NOW Business process automation and application… $133B 17.3x 19% 40% 59 Waystar Holding Corp. WAY Healthcare revenue-cycle and administrative workflow… $6.3B 10.4x 11% 42% 53 UiPath Inc. PATH Application infrastructure, integration and automation… $5.1B 10.1x 8% 26% 35 monday.com Ltd. MNDY Business process automation and application… $3.0B 10.1x 15% 18% 33 DISCOUNT — <9.9x · median 8.3x · 2 companies Pegasystems Inc. PEGA Business process automation and application… $5.2B 9.2x 9% 28% 36 Vertex, Inc. VERX Business process automation and application… $1.9B 7.3x 11% 28% 39

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (29 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list 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. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (29 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list 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. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Renesas Electronics Corporation → Appian n/a 20.2x n/a Renesas Electronics Corporation announced the acquisition of Appian Corporation (APPN) at 20.2x EV / Revenue. The pairing suggests strategic interest in workflow orchestration and application development capabilities. Jun-2024 SAP SE → WalkMe Ltd. n/a 4.0x n/a SAP SE announced the acquisition of WalkMe Ltd. at 4.0x EV / Revenue. The combination links a broad enterprise software provider with digital adoption and workflow guidance capabilities. Aug-2022 Roper Technologies, Inc. → Frontline Technologies n/a n/a 21.3x Roper Technologies, Inc. announced the acquisition of Frontline Technologies at 21.3x EV / EBITDA. The transaction connects a diversified software owner with a specialized workflow asset. Dec-2021 SS&C Technologies Holdings, Inc. → Blue Prism Group plc n/a 7.2x 5.8x SS&C Technologies Holdings, Inc. announced the acquisition of Blue Prism Group plc at 7.2x EV / Revenue and 5.8x EV / EBITDA. The pairing suggests interest in adding robotic process automation to a broader software and services base. Nov-2021 Vista Equity Partners Management, LLC → Oqton n/a 14.9x n/a Vista Equity Partners Management, LLC announced the acquisition of Oqton at 14.9x EV / Revenue. The transaction pairs a software investor with an automation asset serving specialized industrial workflows. Sep-2020 Compass Diversified Holdings → Boa Technology, Inc. n/a n/a 15.1x Compass Diversified Holdings announced the acquisition of Boa Technology, Inc. at 15.1x EV / EBITDA. The transaction suggests interest in a specialized product platform with distinct operating economics. Aug-2013 Standard Register → WorkflowOne n/a n/a 6.3x Standard Register announced the acquisition of WorkflowOne at 6.3x EV / EBITDA. The combination brought together related workflow and business-communications capabilities. n/a Francisco Partners → ClickSoftware n/a 3.0x n/a Francisco Partners announced the acquisition of ClickSoftware at 3.0x EV / Revenue. The transaction pairs a software investor with a specialized field-service workflow provider.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    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 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Automation and Workflow Software and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 1 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 359 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 (358) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Forward Pricing Remains Dispersed, Making Durability the Central Question to Resolve.

    Forward Pricing Remains Dispersed, Making Durability the Central Question to Resolve..

    Closing — Forward Pricing Remains Dispersed, Making Durability the Central Question to Resolve. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    Forward Pricing Remains Dispersed, Making Durability the Central Question to Resolve. NeuraCap AI — Automation and Workflow Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Automation and Workflow Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Automation and Workflow Software (Information Technology › Software and Services › Automation and Workflow Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Automation and Workflow Software according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Appian Corporation (APPN), Kornit Digital Ltd. (KRNT), monday.com Ltd. (MNDY), ServiceNow, Inc. (NOW), UiPath Inc. (PATH), Pegasystems Inc. (PEGA), Progress Software Corporation (PRGS), Vertex, Inc. (VERX), Waystar Holding Corp. (WAY). The market map groups them by business vertical — Business process automation and application development platforms: 4 companies (NOW, PEGA, MNDY, VERX); Application infrastructure, integration and automation tooling: 3 companies (PATH, PRGS, APPN); Adjacent models: 2 companies (WAY, KRNT). 8 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Automation and Workflow Software (Information Technology › Software and Services › Automation and Workflow Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Automation and Workflow Software according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Appian Corporation (APPN), Kornit Digital Ltd. (KRNT), monday.com Ltd. (MNDY), ServiceNow, Inc. (NOW), UiPath Inc. (PATH), Pegasystems Inc. (PEGA), Progress Software Corporation (PRGS), Vertex, Inc. (VERX), Waystar Holding Corp. (WAY). The market map groups them by business vertical — Business process automation and application development platforms: 4 companies (NOW, PEGA, MNDY, VERX); Application infrastructure, integration and automation tooling: 3 companies (PATH, PRGS, APPN); Adjacent models: 2 companies (WAY, KRNT). 8 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

1 record failed a validation gate and never feed a statistic in this report (1 excluded from aggregate). Each exclusion, with its reason: KRNT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Automation and Workflow Software and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 8 of 9 companies; EV / rEVenue: 9 of 9 companies; P/E: 9 of 9 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥17.8x, Core 9.9x–17.8x, Discount <9.9x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 10.3x = median(ev_ebitda CY2027E) (8 rated companies) · 24.7x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 10.3x = median(ev_ebitda CY2027E) within Core tier (n=4) · 8.3x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 13.8x = median(ev_ebitda CY2027E) | growth ≥ 11% (n=4) · 9.7x = median(ev_ebitda CY2027E) | growth < 11% (n=4) · 9.8x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 27% (n=4) · 14.8x = median(ev_ebitda CY2027E) | EBITDA margin < 27% (n=4) · 35% = median Rule of 40 score (revenue growth + EBITDA margin) (n=8) · 13.8x = median(ev_ebitda CY2027E) within balanced quadrant (n=2) · 8.3x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 14.8x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 20.0x = median(ev_ebitda CY2027E) within neither quadrant (n=2) · 29.9x = ev_ebitda CY2027E for KRNT (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Automation and Workflow Software recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 29 transactions were recorded for this industry; 8 are shown. 21 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 9 × deal value unit unresolved; 10 × no evidence record; 3 × duplicate precedent id; 3 × financial target ev not meaningful. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 363 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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