Customer Experience and Engagement Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

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

Buyers Reward Proof of AI Revenue, Not AI Roadmaps

This update covers the two-week period of September 11–25, 2026 in Customer Experience and Engagement Software: movers, company news and the transaction record.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

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

   Cover slide introducing the Customer Experience and Engagement Software bi-weekly update for September 11–25, 2026.

   We open this bi-weekly on Customer Experience and Engagement Software with the two-week record for September 11–25, 2026. From here we walk through what changed, who moved and why, what transacted, and what it means for your next decision.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CUSTOMER EXPERIENCE AND ENGAGEMENT SOFTWARE Buyers Reward Proof of AI Revenue, Not AI Roadmaps This update covers the two-week period of September 11–25, 2026 in Customer Experience and Engagement Software: movers, company news and the transaction record. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Companies That Turned AI into Named, Contracted Revenue Led the Period

   Summarizes the two-week period across 10 covered names in one page.

   Six of ten covered names rose over the period, with the median move at +3.5% versus the S&P 500's +1.1%. Twilio Inc. (TWLO) led the set at +31.8% on named AI customer wins and raised guidance, while PAR Technology Corporation (PAR) fell -22.6%, the sharpest reversal in the set. The gap between these two names is the widest we've seen this period, and it tells us the market is pricing evidence, not ambition. So what: capital rewarded contracted AI revenue this period, not AI positioning alone.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Companies That Turned AI into Named, Contracted Revenue Led the Period The two-week period in one page · 10 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 10 Covered Names Rose; The Median Move Was +3.5% The median covered name outpaced the S&P 500 at +1.1% over the two-week period. The gains were concentrated at the top rather than broad-based. 2 Twilio Led the Set on AI Customer Wins and Raised Guidance Twilio Inc. (TWLO) rose +31.8%, with its largest single day of +9.1% on Sep 21. In-window coverage pointed to new AI customer wins and raised 2026 organic revenue guidance. 3 One Steep Decline Ran Against the Direction of the Set PAR Technology Corporation (PAR) fell -22.6% while the median covered name rose +3.5%, the widest gap between a single name and the set this period. 4 The Tiering Thesis Held Through the Window NeuraCap's standing view has the sector clearing at 10.8x EV/EBITDA, with Premium-tier names at 22.8x and Discount-tier names at 5.2x. Nothing in the period's evidence challenged that frame. +31.8% Best mover — Twilio Inc. (TWLO) worst: PAR -22.6% · 6 up / 4 down of 10 covered +3.5% Sector median two-week return vs S&P 500 +1.1%

3. 03
   PUBLIC MARKET MOVERS

   Where the Money Moved: AI Wins at the Top, a Sharp Reversal at the Bottom

   Ranks the period's public market movers from the largest gain to the largest decline.

   Twilio Inc. (TWLO) topped the board at +31.8%, including a single-day move of +9.1% on Sep 21, against a sector median of +3.5% and the S&P 500 at +1.1%. At the other end, PAR Technology Corporation (PAR) fell -22.6%, the sharpest reversal against the period's median. Our materiality bar for this period is set at ±7.0% sector-relative, so both of these moves clear the bar for attention. So what: the dispersion between top and bottom is the signal — it shows where evidence, not sentiment, is driving price.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Money Moved: AI Wins at the Top, a Sharp Reversal at the Bottom Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median +3.5% · S&P 500 +1.1% · materiality bar ±7.0% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +3.5% Twilio Inc. (TWLO) +31.8% Shares moved following Sep 16 coverage of new AI customer wins alongside raised 2026 organic revenue guidance, after earlier in-window coverage of early traction on the company's new AI platform. The largest day, Sep 21, added +9.1%. Named AI customer wins with guidance behind them are being paid for; roadmap language on its own is not. COMPANY-SPECIFIC PAR Technology Corporation (PAR) -22.6% No notable in-window news was identified that clearly explains the move. PAR Technology Corporation (PAR) fell -22.6% while the median covered name rose +3.5%. Customer wins alone do not set the price; investors weigh the full revenue mix and margin structure behind them. UNEXPLAINED Freshworks Inc. (FRSH) +7.7% Freshworks Inc. (FRSH) rose +7.7%, with its largest day of +6.3% on Sep 14. Sep 16 commentary pointed to GAAP profitability reached in Q2 on lower headcount and stock-based compensation Core-tier names re-rate on profitability already sitting in the numbers, not on profitability promised later. COMPANY-SPECIFIC eGain Corporation (EGAN) +10.1% No notable in-window news was identified that clearly explains the move. eGain Corporation (EGAN) rose +10.1% against a median covered move of +3.5%. Smaller Core-tier names trade thin, so moves there travel further than the sector median on modest volume. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Named Wins, Analyst Recognition and an Earnings Round-Trip

   Catalogs the period's highest-impact company news, from named AI wins to an earnings round-trip.

   This period's highest-impact events include named AI customer wins, analyst recognition, and an earnings round-trip that moved shares in both directions. Each item here links back to its filing or article, and every 'why it matters' line is our read of that evidence, not a claim beyond it. So what: the events that moved stock were the ones backed by a contract or a guidance number, not by roadmap language.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Named Wins, Analyst Recognition and an Earnings Round-Trip The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · Business Wire PAR Excellence acquires Terso Solutions Capability bought rather than built is how this sector closes gaps in the stack quickly. It also shows deal activity continuing at the operational end even when no sector-scale transaction prices. Add-on purchases remain the fastest route to filling a product gap without a new build cycle. Sep 15 · NEWS · Business Wire Kwik Fill selects PAR Retail to run its guest engagement programme A multi-unit operator committing to a guest engagement platform is the reference-value logo buyers underwrite: it opens a land-and-expand path across sites and channels. Enterprise logos with expansion room are the evidence that supports a revenue multiple at renewal. Sep 11 · NEWS · 24/7 Wall Street Adobe shares round-trip a session on a soft Q4 outlook and a CEO handoff Adobe Inc. (ADBE) fell 3% early and finished practically unchanged, an earnings reaction that ran against a firmer session for large-cap technology. Suite vendors are being judged on the outlook they guide to, not the quarter they just delivered. Sep 11 · NEWS · 24/7 Wall Street Adobe keeps beating and raising while the share price lags Shares are down 29% this year even as earnings beats and guidance raises continue, with one manager holding a target implying a 55% gain. That gap is the Core-tier valuation debate in one name. Delivery alone is not re-rating Core-tier suites; the market wants durable growth evidence with it. Sep 24 · NEWS · Business Wire Braze again named a Leader in the Gartner Magic Quadrant for Multichannel Marketing Hubs Analyst leadership positions shorten enterprise procurement cycles for journey orchestration and omnichannel engagement. For Braze, Inc. Third-party recognition is procurement currency in suite-versus-point-solution bake-offs. Sep 17 · NEWS · GlobeNewsWire Concentrix publishes an independent Everest Group study on the two routes to AI success Concentrix Corporation (CNXC), a Discount-tier name, is positioning itself on the AI adoption question rather than only on delivery capacity. Delivery-led providers are recasting automation as a service they sell, not only a cost they absorb.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Holds While Operators Build the Next Set of Proof Points

   Reviews the trailing transaction record of 25 recorded deals against a period with no new pricings.

   No new sector transactions priced during this two-week window, so the reference set for underwriting remains the trailing record of 25 recorded deals. Deal multiples in that record are LTM at announcement where disclosed, and we do not re-present old transactions as new. So what: with the deal record steady, the operators building visible AI proof points now are the ones setting up the next re-rating.

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   M&A & STRATEGIC ACTIVITY The Transaction Record Holds While Operators Build the Next Set of Proof Points September 11–25, 2026 · precedent transactions: 25 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 25 precedent transactions to price against, with the sector's standing lens clearing at 10.8x EV/EBITDA. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 25 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   Who Is Getting Paid for AI, and What That Means Now

   Translates the period's evidence into implications for operators, acquirers and advisors.

   For owners and operators, contracted AI revenue is the evidence being rewarded — Twilio Inc. (TWLO) at +31.8% is the clearest example this period. For acquirers, the reference set is unchanged at 25 transactions and a sector clearing at 10.8x EV/EBITDA, with Premium at 22.8x and Discount at 5.2x, so underwriting still runs off that trailing record. For advisors, the period's lesson is to lead with production revenue first and tier second. So what: revenue you can name is what moved price this period.

   Everything on this page

   WHAT IT MEANS Who Is Getting Paid for AI, and What That Means Now The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2026E) median 10.8x 8 companies in the study 3 valuation tiers Standing thesis: Customer Experience and Engagement Software is priced in tiers — and tier membership, not the sector label, sets the conversation FOR OWNERS & OPERATORS Contracted AI Revenue Is the Evidence Being Rewarded The names that rose this period carried visible customer commitments behind their AI positioning, led by Twilio Inc. (TWLO) at +31.8%. FOR ACQUIRERS The Reference Set Is Unchanged; The Evidence Set Improved No new sector transactions priced during the two-week period, so underwriting still runs off the trailing record of 25 transactions and a sector clearing at 10.8x EV/EBITDA, with Premium at 22.8x and Discount at 5.2x. FOR ADVISORS Lead with Production Revenue, Then with Tier The period's theme is simple: AI capability already sitting in contracted revenue got paid, and general AI positioning did not.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure in this update.

   Every figure in this update links to the record it was taken from, and the publishers and filings drawn on for the period are listed on this page. Narrative claims are calibrated reads of that evidence, distinct from the verified figures themselves. So what: this page is where you verify before you act, and where every number in the prior six pages can be traced to its source.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Customer Experience and Engagement Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T152526Z_638_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · 247wallst.com · globenewswire.com

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