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

Collaboration and Productivity Software Sector Outlook — September 2026

NeuraCap's Collaboration and Productivity 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

12.1x
Sector median EV/EBITDA
34.2x
Premium end EV/EBITDA vs 7.2x at the discount end
7
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › COLLABORATION AND PRODUCTIVITY SOFTWARE

Collaboration Software: Premiums Sit with Growth

This report shows where public valuations sit, what buyers agreed to pay and which operating choices strengthen market standing.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Collaboration and Productivity Software divides into team workflow applications and workplace infrastructure, with the observed premium concentrated among faster-growing workflow names. The forward earnings lens already reflects forecast growth, so retention, seat expansion and workflow embedment become the durability tests.

Key findings

  • Premium Standing Is Associated With a Durable Earnings Story
  • Faster Growth Sits with Higher Forward Valuation
  • Growth-Led Names Sit Above Margin-Led Names
  • Precedent Pricing Requires an Asset-Specific Read

What each page shows

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

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › COLLABORATION AND PRODUCTIVITY SOFTWARE

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › COLLABORATION AND PRODUCTIVITY SOFTWARE.

    Cover — Collaboration and Productivity 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 › COLLABORATION AND PRODUCTIVITY SOFTWARE Collaboration Software: Premiums Sit with Growth This report shows where public valuations sit, what buyers agreed to pay and which operating choices strengthen market standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Collaboration and Productivity 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 The Premium Sits with Faster-Growing Workflow Names 02 The Landscape Team Workflow Dominates the Set, While Infrastructure Holds Its Value 03 Valuation & Situations The Premium End Carries a Wide Forward Earnings Lead 04 Precedent Transactions Transaction Pricing Varies Widely by Asset and Buyer Logic 05 Strategic Implications Deepen Retention Before Choosing the Next Strategic Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Collaboration and Productivity Software: Workflow Growth Sits with Premiums; Workplace Tools Offer Steadier Economics

    Collaboration and Productivity Software: Workflow Growth Sits with Premiums; Workplace Tools Offer Steadier Economics.

    Collaboration and Productivity Software: Workflow Growth Sits with Premiums; Workplace Tools Offer Steadier Economics 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 8 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 28%, 8 of 8 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 Collaboration and Productivity Software: Workflow Growth Sits with Premiums; Workplace Tools Offer Steadier Economics 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 8 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 28%, 8 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Premium Standing Is Associated with a Durable Earnings Story The two premium-end names carry 34.2x forward EV / EBITDA, while the two discount-end names carry 7.2x. The lens covers 8 of 8 companies with meaningful forward EBITDA and already credits forecast earnings. 2 Faster Growth Sits with Higher Forward Valuation Among the eight names, the four faster-growing companies carry 18.5x forward EV / EBITDA versus 8.8x for the other four. Durable retention, seat expansion and workflow embedment remain central tests of that premium. 3 Growth-Led Names Sit Above Margin-Led Names Across the eight names, the three growth-only companies carry 21.5x, alongside 9.8x for the three margin-only companies. Strong margins still matter, but the observed premium sits with companies sustaining expansion. 4 Precedent Pricing Requires an Asset-Specific Read Recorded transaction revenue multiples span 0.6x to 56.7x. The range supports deal-by-deal attention to recurring revenue quality, buyer fit and the path to sustainable cash generation. 12.1x Sector median EV/EBITDA CY2027E consensus · 8 rated of 8 companies 34.2x Premium end EV/EBITDA vs 7.2x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 16 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — Team Workflow Dominates the Set, While Infrastructure Holds Its Value. The two models serve different roles but trade near one another at the middle of their ranges. 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 Team Workflow Dominates the Set, While Infrastructure Holds Its Value The two models serve different roles but trade near one another at the middle of their ranges. 02 of 06 Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Team Workflow Holds the Scale, While Infrastructure Anchors the Workplace

    Team Workflow Holds the Scale, While Infrastructure Anchors the Workplace.

    Team Workflow Holds the Scale, While Infrastructure Anchors the Workplace 8 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 Team Workflow Holds the Scale, While Infrastructure Anchors the Workplace 8 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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 TEAM PRODUCTIVITY AND WORKFLOW APPLICATIONS 6 cos median 12.6x Atlassian (TEAM) Zoom (ZM) Figma (FIG) RingCentral (RNG) Asana (ASAN) 8x8 (EGHT) These products sit inside daily work and depend on retention, seat expansion and deeper cross-product adoption. DIGITAL WORKPLACE INTEGRATION AND COLLABORATION INFRASTRUCTURE 2 cos median 12.1x Dropbox (DBX) Box (BOX) These platforms support the content cloud and governance needs that can deepen enterprise workflow embedment.

  6. 06
    02 · LANDSCAPE

    Team Workflow Dominates the Set, but Both Models Hold Similar Valuations

    Team Workflow Dominates the Set, but Both Models Hold Similar Valuations.

    Team Workflow Dominates the Set, but Both Models Hold Similar Valuations 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 Team Workflow Dominates the Set, but Both Models Hold Similar Valuations 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. Collaboration and Productivity 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 Team productivity and workflow applications 6 75% 12.6x Atlassian Corporation (TEAM) · Zoom Communications, Inc. (ZM) · +4 more Daily workflows create reach. This group represents 75% of the set and carries 12.6x forward EV / EBITDA. Its standing rests on paid-seat penetration, retention and resistance to suite bundling. Digital workplace integration and collaboration infrastructure 2 25% 12.1x Dropbox, Inc. (DBX) · Box, Inc. (BOX) Infrastructure earns durable relevance. This group represents 25% of the set and carries 12.1x forward EV / EBITDA. Governance, interoperability and content control support its role in enterprise environments.

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    SECTION 03

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    Section 03 of 06 — The Premium End Carries a Wide Forward Earnings Lead. Forecast growth is already reflected, raising the importance of durability. 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 The Premium End Carries a Wide Forward Earnings Lead Forecast growth is already reflected, raising the importance of durability. 03 of 06 Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    Premium Workflow Names Hold a Wide Lead on Forward Earnings Value

    Premium Workflow Names Hold a Wide Lead on Forward Earnings Value.

    Premium Workflow Names Hold a Wide Lead on Forward Earnings Value EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 12.1x · 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 8 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 28%, 8 of 8 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 Premium Workflow Names Hold a Wide Lead on Forward Earnings Value EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 12.1x · 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 8 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 28%, 8 of 8 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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 34.2x CORE · median 12.1x DISCOUNT · median 7.2x Sector median 12.1x WHAT SEPARATES THE TWO ENDS The premium end grows. Across its two names, the premium end carries 34.2x forward EV / EBITDA and includes the faster-growing workflow platforms. The discount end matures. Across its two names, the discount end carries 7.2x and includes businesses facing slower growth despite established collaboration positions. Durability must stay visible. A forward multiple already credits forecast growth. The remaining gap points to expected durability in retention, expansion and earnings.

  9. 09
    03 · VALUATION DRIVERS

    Faster Growth Travels with Higher Forward Valuation

    Faster Growth Travels with Higher Forward Valuation.

    Faster Growth Travels with Higher Forward Valuation 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 Travels with Higher Forward Valuation 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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 28% The Growth Split Carries a Clear Valuation Contrast Among the eight names, the four above 6% growth carry 18.5x forward EV / EBITDA versus 8.8x for the four below. Margin Strength Sits Across Valuation Tiers Zoom Communications, Inc. (ZM) pairs a 43% margin with 7.9x, while Figma, Inc. (FIG) pairs an 11% margin with 46.8x. The examples show that profitability alone does not describe the observed range. Workflow Depth Frames the Durability Test Net revenue retention, seat expansion and cross-product adoption indicate whether current growth reflects deeper workflow embedment or more exposed seat economics.

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    03 · SITUATION MAP

    Three Names Pair Above-Middle Growth with Above-Middle Valuation

    Three Names Pair Above-Middle Growth with Above-Middle Valuation.

    Three Names Pair Above-Middle Growth with Above-Middle Valuation Cut on EV / EBITDA vs the sector median (12.1x) (rows) and revenue growth vs the covered median (6%) (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 Above-Middle Growth with Above-Middle Valuation Cut on EV / EBITDA vs the sector median (12.1x) (rows) and revenue growth vs the covered median (6%) (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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Valuation Leaders Above-median multiple · above-median revenue growth 3 names Atlassian Corporation (TEAM) · Figma, Inc. (FIG) · Asana, Inc. (ASAN) Three of the eight names sit above the middle on both growth and valuation. Their task is to sustain retention, enterprise adoption and earnings credibility. Valued Mature Earners Above-median multiple · below-median revenue growth 1 names Dropbox, Inc. (DBX) One of the eight names sits above the middle on valuation despite lower growth. Defending that position calls for durable cash generation and stronger expansion economics. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 1 names Box, Inc. (BOX) One of the eight names delivers higher growth but sits below the middle on valuation. The gap puts revenue quality, retention and cost structure under sharper focus. Repositioning Required Below-median multiple · below-median revenue growth 3 names Zoom Communications, Inc. (ZM) · RingCentral, Inc. (RNG) · 8x8, Inc. (EGHT) Three of the eight names sit below the middle on both measures. Their operating agenda centres on product differentiation, seat economics and disciplined capital allocation.

  11. 11
    03 · GROWTH VS PROFITABILITY

    Higher Valuations Sit with Growth and Profitability

    Higher Valuations Sit with Growth and Profitability.

    Higher Valuations Sit with Growth and Profitability Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (6% growth, 28% 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=1; margin-only n=3; growth-only n=3; neither n=1). 11

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    03 · GROWTH VS PROFITABILITY Higher Valuations Sit with Growth and Profitability Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (6% growth, 28% 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=1; margin-only n=3; growth-only n=3; neither n=1). Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 20% 10% 20% 30% 40% MARGIN ONLY median 9.8x BALANCED median 11.2x NEITHER median 6.5x GROWTH ONLY median 21.5x DBX EGHT ZM RNG ASAN BOX TEAM FIG x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Each dot is a rated company. The crosshairs are the covered medians; the corner figures are the median multiple of each quadrant. The growth-only median rests on 3 names and is lifted by FIG at 46.8x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 8 names clear it (BOX, ZM).

  12. 12
    03 · THE AGENDA

    A Retention-Focused Path Pairs Deeper Customer Ties with Protected Economics

    A Retention-Focused Path Pairs Deeper Customer Ties with Protected Economics.

    A Retention-Focused Path Pairs Deeper Customer Ties with Protected Economics 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 A Retention-Focused Path Pairs Deeper Customer Ties with Protected Economics 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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen the Core Workflow Prioritise features and integrations that increase daily use, paid-seat penetration and switching costs within the existing customer base. What changes the answer: Net revenue retention and seat expansion improve alongside deeper product use. Broaden the Enterprise Motion Package governance, security and administration around the needs of larger deployments without weakening product-led acquisition. What changes the answer: Enterprise conversion strengthens while customer acquisition efficiency remains disciplined. Monetise AI with Discipline Focus AI investment on use cases that deepen adoption or support pricing rather than adding infrastructure cost without clear customer value. What changes the answer: Paid adoption and retention improve enough to support the added delivery cost. Use Build-Versus-Buy Selectively Assess adjacent products against workflow fit, integration complexity and their ability to strengthen retention or enterprise distribution. What changes the answer: An adjacent capability offers faster adoption and better economics than internal development.

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    SECTION 04

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    Section 04 of 06 — Transaction Pricing Varies Widely by Asset and Buyer Logic. Recurring revenue quality and strategic fit matter more than a single precedent. 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 Transaction Pricing Varies Widely by Asset and Buyer Logic Recurring revenue quality and strategic fit matter more than a single precedent. 04 of 06 Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Transaction Pricing Spans a Wide Range, so Fit Matters More than One Benchmark

    Transaction Pricing Spans a Wide Range, so Fit Matters More than One Benchmark.

    Transaction Pricing Spans a Wide Range, so Fit Matters More than One Benchmark 2 of 7 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. 26 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 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 Transaction Pricing Spans a Wide Range, so Fit Matters More than One Benchmark 2 of 7 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. 26 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2024 $7.5B Blackstone Inc. & Vista Equity Partners Management, LLC Blackstone Inc. & Vista Equity Partners Management, LLC agreed to acquire Smartsheet Inc. as a scaled work management platform. EV / LTM revenue 6.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The sponsor pairing suggests confidence in durable recurring revenue and the potential to improve go-to-market efficiency. Smartsheet Inc. also offers workflow embedment and enterprise distribution. HOW THE TARGET WAS VALUED The announced transaction valued Smartsheet Inc. at $7.5B and 6.4x revenue. It provides a revenue-based reference distinct from the public forward EV / EBITDA lens. Apr-2023 $12M Anzu Special Acquisition Corp I Anzu Special Acquisition Corp I announced a combination with Envoy Medical Corporation at a high revenue benchmark. EV / LTM revenue 56.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests the acquisition vehicle viewed Envoy Medical Corporation as suitable for a public combination. The pairing reflects financial-buyer conviction rather than an evident collaboration-software adjacency. HOW THE TARGET WAS VALUED The announced transaction records $12M of value and 56.7x revenue. That revenue multiple sits at the upper endpoint of the transaction record.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Deepen Retention Before Choosing the Next Strategic Move. Product depth, seat economics and cost discipline shape the available paths. 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 Deepen Retention Before Choosing the Next Strategic Move Product depth, seat economics and cost discipline shape the available paths. 05 of 06 Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Stronger Revenue Quality Sits Alongside Broader Choices on Pricing, Mix and Capital Allocation

    Stronger Revenue Quality Sits Alongside Broader Choices on Pricing, Mix and Capital Allocation.

    Stronger Revenue Quality Sits Alongside Broader Choices on Pricing, Mix and Capital Allocation 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 Stronger Revenue Quality Sits Alongside Broader Choices on Pricing, Mix and Capital Allocation 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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Embedded Workflow Concentrate capital on retention, seat expansion and cross-product adoption where the product already sits inside recurring customer work. FOR MANAGEMENT Match Growth with Discipline Keep enterprise investment tied to conversion, sales efficiency and sustainable margins rather than broad spending across unproven adjacencies. FOR BOARDS Test Strategic Fit Early Frame capital allocation and build-versus-buy choices around workflow depth, buyer relevance, integration risk and durable cash generation.

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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 Collaboration and Productivity 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 (12.1x); amber marks below · 8 rated companies · 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. 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 (12.1x); amber marks below · 8 rated companies · 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. Collaboration and Productivity 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 — ≥16.9x · median 34.2x · 2 companies Figma, Inc. FIG Team productivity and workflow applications $9.1B 46.8x 24% 11% 35 Atlassian Corporation TEAM Team productivity and workflow applications $45.4B 21.5x 12% 27% 39 CORE — 9.3x–16.9x · median 12.1x · 4 companies Asana, Inc. ASAN Team productivity and workflow applications $1.8B 15.4x 8% 13% 21 Dropbox, Inc. DBX Digital workplace integration and collaboration… $10.2B 13.1x 0% 31% 31 Box, Inc. BOX Digital workplace integration and collaboration… $4.9B 11.2x 9% 32% 40 RingCentral, Inc. RNG Team productivity and workflow applications $7.7B 9.8x 5% 29% 33 DISCOUNT — <9.3x · median 7.2x · 2 companies Zoom Communications, Inc. ZM Team productivity and workflow applications $17.9B 7.9x 4% 43% 47 8x8, Inc. EGHT Team productivity and workflow applications $592M 6.5x 4% 12% 16

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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 7 transactions with disclosed terms in this tier (16 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. 26 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 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 7 transactions with disclosed terms in this tier (16 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. 26 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2024 Blackstone Inc. & Vista Equity Partners Management, LLC → Smartsheet Inc. $7.5B 6.4x n/a The announced transaction valued Smartsheet Inc. at $7.5B and 6.4x revenue, providing a reference for a scaled work management asset. Sep-2024 Blackstone Inc. and Vista Equity Partners → Smartsheet Inc. n/a 6.9x n/a The abandoned Smartsheet Inc. record carries 6.9x revenue, reinforcing the need to distinguish transaction status when reading precedents. Apr-2023 Anzu Special Acquisition Corp I → Envoy Medical Corporation $12M 56.7x n/a The announced pairing of Anzu Special Acquisition Corp I and Envoy Medical Corporation sits at the upper endpoint of the recorded revenue range. Dec-2020 Salesforce → Slack Technologies, Inc. n/a 29.0x n/a The announced Salesforce and Slack Technologies, Inc. transaction carries 29.0x revenue and illustrates the pricing possible for strategic collaboration adjacency. Dec-2019 Francisco Partners → LogMeIn, Inc. n/a 3.4x 10.7x The announced Francisco Partners and LogMeIn, Inc. transaction carries 3.4x revenue and 10.7x EBITDA, offering both revenue and profit references. May-2019 Enghouse Systems Limited → Vidyo, Inc. n/a 0.6x n/a The completed Enghouse Systems Limited and Vidyo, Inc. transaction carries 0.6x revenue, illustrating the lower end of the recorded range. May-2017 Wave Systems → Jive Software n/a 1.7x 16.2x The announced Wave Systems and Jive Software transaction carries 1.7x revenue and 16.2x EBITDA, showing why the chosen metric matters.

  20. 20
    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. Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 8 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 28%, 8 of 8 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 Collaboration and Productivity Software and it clears the coverage gate with 8 of 8 companies (100%). 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 4 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 447 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 (446) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, Higher Forward Valuations Sit More Often with Faster Growth.

    In This Set, Higher Forward Valuations Sit More Often with Faster Growth..

    Closing — In This Set, Higher Forward Valuations Sit More Often with Faster Growth. 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

    In This Set, Higher Forward Valuations Sit More Often with Faster Growth. NeuraCap AI — Collaboration and Productivity Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Collaboration and Productivity Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Collaboration and Productivity Software (Information Technology › Software and Services › Collaboration and Productivity Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Collaboration and Productivity 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: Asana, Inc. (ASAN), Box, Inc. (BOX), Dropbox, Inc. (DBX), 8x8, Inc. (EGHT), Figma, Inc. (FIG), RingCentral, Inc. (RNG), Atlassian Corporation (TEAM), Zoom Communications, Inc. (ZM). The market map groups them by business vertical — Team productivity and workflow applications: 6 companies (TEAM, ZM, FIG, RNG, ASAN, EGHT); Digital workplace integration and collaboration infrastructure: 2 companies (DBX, BOX). 8 of the 8 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 Collaboration and Productivity Software (Information Technology › Software and Services › Collaboration and Productivity Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Collaboration and Productivity 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: Asana, Inc. (ASAN), Box, Inc. (BOX), Dropbox, Inc. (DBX), 8x8, Inc. (EGHT), Figma, Inc. (FIG), RingCentral, Inc. (RNG), Atlassian Corporation (TEAM), Zoom Communications, Inc. (ZM). The market map groups them by business vertical — Team productivity and workflow applications: 6 companies (TEAM, ZM, FIG, RNG, ASAN, EGHT); Digital workplace integration and collaboration infrastructure: 2 companies (DBX, BOX). 8 of the 8 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

4 records failed a validation gate and never feed a statistic in this report (4 excluded from aggregate). Each exclusion, with its reason: ASAN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · EGHT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FIG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TEAM — 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 8 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 28%, 8 of 8 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 Collaboration and Productivity Software and it clears the coverage gate with 8 of 8 companies (100%). 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 8 companies; EV / rEVenue: 8 of 8 companies; P/E: 8 of 8 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 ≥16.9x, Core 9.3x–16.9x, Discount <9.3x — 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: 12.1x = median(ev_ebitda CY2027E) (8 rated companies) · 34.2x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 12.1x = median(ev_ebitda CY2027E) within Core tier (n=4) · 7.2x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 18.5x = median(ev_ebitda CY2027E) | growth ≥ 6% (n=4) · 8.8x = median(ev_ebitda CY2027E) | growth < 6% (n=4) · 10.5x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 28% (n=4) · 18.5x = median(ev_ebitda CY2027E) | EBITDA margin < 28% (n=4) · 34% = median Rule of 40 score (revenue growth + EBITDA margin) (n=8) · 11.2x = median(ev_ebitda CY2027E) within balanced quadrant (n=1) · 9.8x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=3) · 21.5x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=3) · 6.5x = median(ev_ebitda CY2027E) within neither quadrant (n=1) · 46.8x = ev_ebitda CY2027E for FIG (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Collaboration and Productivity 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. 16 transactions were recorded for this industry; 7 are shown. 9 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: 7 × deal value unit unresolved; 15 × no evidence record; 3 × duplicate precedent id; 1 × divestiture roles reassigned. Case studies lead with the 2 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. 451 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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