Customer Experience and Engagement Software Sector Outlook — September 2026

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

Customer Experience Software: Growth Holds the Premium

How buyers price engagement platforms against service-led models, and what sits underneath the premium end of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-25 · primary valuation basis EV / EBITDA (CY2026E)

Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

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

   Cover page introducing the Customer Experience and Engagement Software sector report as of September 2026.

   We open this outlook on the Customer Experience and Engagement Software sector, priced primarily on EV/EBITDA for CY2026E. What follows shows where growth commands a premium and where service-led models trade apart, so clients can see the shape of the market before the detail.

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   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CUSTOMER EXPERIENCE AND ENGAGEMENT SOFTWARE Customer Experience Software: Growth Holds the Premium How buyers price engagement platforms against service-led models, and what sits underneath the premium end of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-25 · primary valuation basis EV / EBITDA (CY2026E) Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

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

   We walk through five sections — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications — plus a full appendix. We lead with the bottom line so a reader who stops there still has the complete story, and the rest of the deck builds the evidence behind it.

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   CONTENTS What This Report Covers 01 The Bottom Line Customer Experience and Engagement Software Prices Growth Platforms Apart from Service-Led Models 02 The Landscape Software-Led Engagement Carries Most of the Set; Service-Led Models Are Priced Apart 03 Valuation & Situations The Top of the Range Earns Its Premium on Growth Buyers Can Forecast 04 Precedent Transactions Sponsors and Suite Owners Have Been the Repeat Buyers in This Record 05 Strategic Implications The Premium Here Travels with Repeatable Growth and Margin That Holds 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Customer Experience and Engagement Software Prices Growth Platforms Apart from Service-Led Models

   Summarizes the report's core finding that growth platforms price apart from service-led models.

   We find that this market prices growth platforms apart from service-led models: on the names with a forward estimate, growth above 11% clears the set at 13.6x while the slower group sits at 5.5x. Seven of eight companies carry a forward EBITDA estimate, so the sector median of 10.8x is a profit-based read, not a revenue proxy. Software-led engagement covers 75% of the set and prices differently from the service-led group. This is the frame the rest of the deck builds on, so we start here before the detail.

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   01 · THE BOTTOM LINE Customer Experience and Engagement Software Prices Growth Platforms Apart from Service-Led Models The full story on one page · figures on EV / EBITDA (CY2026E), market data as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (7 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 16%, 7 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 4 of 8 companies, so this report prices the whole set on CY2026E (7 of 8) rather than mixing periods. Qualitative characterisations are NeuraCap views. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium Sits with the Faster-Growing Names On the 7 names with a forward estimate, the 4 growing above 11% sit at 13.6x in the middle, against 5.5x for the 3 below that line. The premium is associated with the growth rate, and it survives a forward lens that already credits next year's forecast. 2 The Growth Premium Is Being Paid on Thinner Current Margins Braze, Inc. (BRZE) sits at the top of the range on a 9% EBITDA margin, while Adobe Inc. (ADBE) runs a 47% margin and trades at 7.7x. In this set, the higher multiple is associated with heavy reinvestment in go-to-market rather than with reported profitability today. 3 Software Economics and Service Economics Carry Different Prices The digital customer service and support desk software group covers 6 of the 8 companies, 75% of the set, and sits at 12.8x in the middle. The adjacent models group has one name with a forward estimate, at 5.0x, so the shift from labour spend to software spend is visible in price as well as in positioning. 4 Most of the Set Can Now Be Priced on Profit 7 of the 8 companies carry a forward EBITDA estimate on CY2026E, so the profit multiple leads and the middle of the set sits at 10.8x. A revenue multiple would understate what the market is pricing in this group. 10.8x Sector median EV/EBITDA CY2026E consensus · 7 rated of 8 companies 22.8x Premium end EV/EBITDA vs 5.2x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 10 Transactions with disclosed terms 25 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market landscape section.

   We turn now to the market map: six of the eight companies sell engagement and service desk software, while two sell service-led delivery and monitoring. This split sets up the pricing differences we show next.

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   SECTION 02 02 THE LANDSCAPE Software-Led Engagement Carries Most of the Set; Service-Led Models Are Priced Apart 6 of the 8 companies sell engagement and service desk software; 2 sell service-led delivery and monitoring. 02 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Software-Led Engagement Holds 75% of the Set

   Shows software-led engagement companies hold most of the approved universe by group.

   We map all eight approved companies by business segment, and software-led engagement holds 75% of the set. The rest sell service-led delivery and monitoring, a much smaller slice by count. This concentration is why we treat software-led engagement as the sector's center of gravity, and why the two groups warrant separate pricing lenses.

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   02 · MARKET MAP Software-Led Engagement Holds 75% of the Set 8 approved companies grouped by business segment · median EV / EBITDA (CY2026E) per group · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; 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. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIGITAL CUSTOMER SERVICE AND SUPPORT DESK SOFTWARE 6 cos median 12.8x Adobe (ADBE) Klaviyo (KVYO) Freshworks (FRSH) Braze (BRZE) Sprinklr (CXM) eGain (EGAN) Six names selling service desk, journey orchestration and omnichannel engagement; this is where the forward estimates and the higher multiples sit. ADJACENT MODELS 2 cos 5.0x · 1 rated Concentrix (CNXC) RADCOM (RDCM) Two names selling outsourced customer care and carrier service assurance, where delivery cost and labour mix set the economics.

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   02 · LANDSCAPE

   One Sector Label, Two Sets of Economics — and Prices to Match

   Compares the two segments' valuation medians under one sector label.

   We show one sector label covering two different economics: the two segments price at different medians. Digital customer service and support desk software prices at 12.8x, well above the adjacent service-led model. This gap is why we don't blend the two groups when we set expectations for value. Understanding which economics a business belongs to is the first strategic decision this data supports.

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   02 · LANDSCAPE One Sector Label, Two Sets of Economics — and Prices to Match Segment view of the approved universe · EV / EBITDA (CY2026E) medians on rated names · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; 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. Customer Experience and Engagement 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 Digital customer service and support desk software 6 75% 12.8x Adobe Inc. (ADBE) · Klaviyo, Inc. (KVYO) · +4 more Software economics, recurring revenue. These 6 names sell service desk, engagement and journey orchestration software on recurring contracts, and the group sits at 12.8x forward EBITDA in the middle. Net revenue retention, multi-product attach and the quality of ARR are what buyers underwrite here. Adjacent models 2 25% 5.0x n=1 Concentrix Corporation (CNXC) · RADCOM Ltd. (RDCM) Service-led and monitoring delivery. Concentrix Corporation (CNXC) runs outsourced customer care and RADCOM Ltd. (RDCM) sells carrier service assurance and subscriber experience monitoring. One of the two carries a forward estimate, at 5.0x, and these models are read on delivery cost and labour mix rather than on recurring software revenue.

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   03

   Section divider introducing the valuation section on public market pricing.

   We move next into valuation: a forward EV/EBITDA lens already credits next year's numbers, so a premium that survives it points to something durable. The following pages show where that premium sits and why.

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   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Earns Its Premium on Growth Buyers Can Forecast A forward EV / EBITDA lens already credits next year, so a premium that survives it points to durability. 03 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Sector Clears at 10.8x EV/EBITDA — Where a Company Sits Around That Matters More

   Ranks all rated companies by EV/EBITDA (CY2026E) and shows the sector median.

   The sector clears at a median of 10.8x EV/EBITDA on the rated companies, but where each company sits around that line is the more useful signal. We sort every rated name descending so clients can see the spread, not just the middle. Tier zones split the rated set at its own quartiles, giving a consistent read on who trades at a premium and who doesn't. This ranking is the foundation for the driver analysis that follows.

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   03 · PUBLIC MARKET VALUATION The Sector Clears at 10.8x EV/EBITDA — Where a Company Sits Around That Matters More EV / EBITDA (CY2026E) · all 7 rated companies, sorted descending · sector median 10.8x · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (7 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 16%, 7 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 4 of 8 companies, so this report prices the whole set on CY2026E (7 of 8) rather than mixing periods. 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 (CY2026E) basis. Panel commentary is a NeuraCap view. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 22.8x CORE · median 10.8x DISCOUNT · median 5.2x Sector median 10.8x WHAT SEPARATES THE TWO ENDS The top of the range. Premium-tier names — Braze, Inc. (BRZE), Klaviyo, Inc. (KVYO) — hold a median 22.8x. The bottom of the range. Discount-tier names — Sprinklr, Inc. (CXM), Concentrix Corporation (CNXC) — trade at a median 5.2x. Why it matters. Which end a company is benchmarked against frames every valuation conversation that follows.

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   03 · VALUATION DRIVERS

   Above 11% Growth the Multiples Sit Higher, and Margin Marks the Second Split

   Splits the rated set by revenue growth and EBITDA margin cohorts and compares median multiples.

   Above 11% revenue growth, the median multiple sits meaningfully higher than below it — 13.6x for the faster names against 5.5x for the slower ones. We also cut the set by margin, and margin marks a second, smaller split in the data. These readings are an association we observe in the supplied companies, not a claim that growth causes the premium. Together they tell us growth is the first-order lever buyers have paid for in this set.

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   03 · VALUATION DRIVERS Above 11% Growth the Multiples Sit Higher, and Margin Marks the Second Split Median EV / EBITDA (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 16% Growth Above the Line Carries the Higher Multiple On the 7 names with a forward estimate, the 4 above the growth line sit at 13.6x in the middle against 5.5x for the 3 below it. The premium is associated with the growth rate; it is not associated with the margin ranking. Margin Does Not Rank the Same Way as Price Freshworks Inc. (FRSH) carries a 27% margin and sits in the Core tier, while Braze, Inc. (BRZE) sits at 29.1x on a 9% margin. Margin structure and multiple ranking part company across this set, which is why reinvestment discipline is the question buyers put to the top end. Consumption-Linked Revenue and Seat- or Labour-Based Revenue Price Differently Both names at the premium end are growing 24%, while Concentrix Corporation (CNXC) at 1% and Sprinklr, Inc. (CXM) at 2% sit at the bottom of the growth range. The higher multiples here sit with revenue that expands with message and interaction volume, and the lower ones with seat- and labour-based delivery — an association in this sample, not a rule.

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    03 · SITUATION MAP

    Two of the 7 Names with a Forward Estimate Hold Both Price and Margin

    Places rated companies on a grid of price versus margin relative to the sector medians.

    We cut the names with a forward estimate on EV/EBITDA versus the 10.8x sector median and on EBITDA margin versus the 16% covered median, and only two hold both price and margin together. This is an observation about where each company sits today, not a recommendation to buy or sell. The pattern tells us premium pricing and premium margin don't automatically travel together in this set, which matters for how a management team frames its own story to the market.

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    03 · SITUATION MAP Two of the 7 Names with a Forward Estimate Hold Both Price and Margin Cut on EV / EBITDA vs the sector median (10.8x) (rows) and EBITDA margin vs the covered median (16%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; 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. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Profitable Today Above-median multiple · above-median EBITDA margin 2 names Klaviyo, Inc. (KVYO) · Freshworks Inc. (FRSH) Klaviyo, Inc. (KVYO) and Freshworks Inc. (FRSH) sit above the middle of the set on both forward multiple and EBITDA margin. Consumption-linked revenue and an established margin structure are being paid for together in these two. Priced up, Margin Still Building Above-median multiple · below-median EBITDA margin 2 names Braze, Inc. (BRZE) · eGain Corporation (EGAN) Braze, Inc. (BRZE) and eGain Corporation (EGAN) carry above-middle multiples on below-middle margins. The forward estimate is doing the work in both cases, so the margin path is what buyer diligence will press on. Profitable, Priced Below the Middle Below-median multiple · above-median EBITDA margin 2 names Adobe Inc. (ADBE) · Sprinklr, Inc. (CXM) Adobe Inc. (ADBE) and Sprinklr, Inc. (CXM) run margins above the middle of the set and sit below it on forward profit. Profitability on its own has not carried the multiple in this sample. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names Concentrix Corporation (CNXC) Concentrix Corporation (CNXC) sits below the middle on both price and margin, growing 1% in outsourced customer care. Service-led delivery is read on labour economics, and how much agent workload converts to automated resolution is the live question in that model.

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    03 · THE AGENDA

    Decide Where the Next Dollar of Reinvestment Goes: Revenue Mix, Retention and Pricing

    Frames the operating questions on revenue mix, retention and pricing that the data raises.

    We frame the questions an owner or acquirer should resolve next: where reinvestment goes across revenue mix, retention and pricing. These are observations grounded in the cohort data shown earlier, not recommendations. The agenda gives management teams a checklist for the conversations this pricing pattern is likely to prompt with the market or with a counterparty.

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    03 · THE AGENDA Decide Where the Next Dollar of Reinvestment Goes: Revenue Mix, Retention and Pricing 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 2026-09-25; 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. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Push Growth Past the Line the Market Pays Above The premium in this set sits with the faster-growing names, and the forward lens already credits the forecast. Growth that comes from expansion inside existing accounts, rather than from new logos alone, is the version buyers in this record have paid up for. What changes the answer: Expansion revenue holding as a share of new ARR through the next two renewal cycles. Own the Customer Profile Rather than Rent Access to It Depth in the unified customer profile, identity resolution and consent management raises switching cost and supports consumption pricing. The names at the top of this range sell orchestration on consented, owned-channel data, and they carry the higher forward multiples. What changes the answer: Multi-product attach rate and the share of revenue tied to volume rather than to seats. Defend Delivered Gross Margin Net of Channel Cost Messaging, telephony and deliverability costs sit inside revenue, and delivered margin is what a buyer re-underwrites before setting a multiple. Three of the 7 names with a forward estimate run EBITDA margins below the middle of the set, so the margin path weighs as much as the growth rate. What changes the answer: Gross margin net of pass-through cost holding as interaction volumes grow.

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    SECTION 04

    04

    Section divider introducing the precedent transactions section.

    We turn to the deal record next: what buyers have actually agreed to pay across the announced, completed and terminated transactions here. Sponsors and suite owners have been the repeat buyers in this record, and the case studies show why.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Sponsors and Suite Owners Have Been the Repeat Buyers in This Record What buyers agreed to pay across the announced, completed and terminated transactions recorded here. 04 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Sponsors Have Bought the Platforms; Strategics Have Bought the Modules

    Presents three transactions with disclosed terms as case studies illustrating buyer behavior.

    We tell three of the transactions with disclosed terms as case studies, using multiples on LTM financials at announcement. Sponsors have bought whole platforms while strategics have bought individual modules, a pattern visible across this record. These deal multiples sit on a different basis than our CY2026E public comparables, so we don't claim a spread between them. The full transaction list, including records with data-quality flags, sits in the appendix.

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    04 · DEAL CASE STUDIES Sponsors Have Bought the Platforms; Strategics Have Bought the Modules 3 of 10 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 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 15 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 CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jan-2023 $12.1B Silver Lake & CPPIB Silver Lake & CPPIB take Qualtrics International Inc. private at $12.1B. EV / LTM revenue 7.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A sponsor pair buying a listed experience-management platform points to an underwriting built on retention and renewal mechanics rather than on near-term growth. The size of the cheque suggests a buyer content to own a category platform outright rather than a module inside someone else's suite. HOW THE TARGET WAS VALUED The transaction is recorded at $12.1B and 7.1x revenue. That sits far above the 0.7x paid for a feedback point solution elsewhere in this record, which is the spread between owning a platform and adding a module. Jul-2021 $5.7B Thoma Bravo Thoma Bravo buys Medallia, Inc. for $5.7B in the feedback analytics layer. EV / LTM revenue 10.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A software-focused sponsor buying a voice-of-the-customer platform suggests an underwriting on enterprise contract length and renewal quality rather than on growth alone. Owning the feedback layer gives the buyer the closed-loop workflow that sits between the service desk and the marketing stack. HOW THE TARGET WAS VALUED The deal is recorded at $5.7B and 10.8x revenue. That is a reference point for an established enterprise base, and it sits well above the revenue multiples recorded on the smaller point-solution transactions here. Jan-2026 $122M StratoCore Solutions Ltd. StratoCore Solutions Ltd. agrees to buy XMax Inc. at $122M. EV / LTM revenue 7.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A purchase at this size reads as capability buying rather than consolidation of installed base: the buyer adding a product line it can sell into customers it already has. The fit is distribution — an existing customer relationship carrying a new module. HOW THE TARGET WAS VALUED The transaction is recorded at $122M and 7.3x revenue, with the value shown as recorded in the filing. That revenue multiple sits close to what sponsor buyers agreed for listed experience-management platforms in this record.

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    SECTION 05

    05

    Section divider introducing strategic implications.

    We close the analysis with strategic implications: where an owner's operating decisions show up in how the market prices the business. The premium here has traveled with repeatable growth and margin that holds, and the next pages set out what that means for owners, management teams and capital allocators.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Premium Here Travels with Repeatable Growth and Margin That Holds Where an owner's operating decisions show up in how the market prices the business. 05 of 06 Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Premium Sits with Growth That Repeats and Margin That Holds

    Sets out the questions this data raises for owners, management teams and capital allocators over the next twelve months.

    We read the premium in this set as sitting with growth that repeats and margin that holds, not with either one alone. For owners, that means growth funded by expanding usage inside existing accounts has been the version buyers have paid up for. For management teams, the next test is whether higher multiples paid on thinner margins convert into durable profit. These are NeuraCap views drawn from the analysis, offered as observations rather than recommendations.

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    05 · STRATEGIC IMPLICATIONS The Premium Sits with Growth That Repeats and Margin That Holds 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 2026-09-25; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Growth Is the Lever This Market Has Been Paying For In this set the higher forward multiples sit with the faster-growing names, and the forward lens already credits next year. Revenue that expands with customer volume, on data the company owns, is the kind of growth buyers in this record have paid up for. FOR MANAGEMENT TEAMS Margin Quality Is the Next Question a Buyer Asks Some of the above-middle multiples here sit on margins below the middle of the set, so the test is whether reinvestment converts into durable profit. Gross margin net of messaging and delivery cost, and cost-to-serve as volumes rise, are where that answer lives. FOR CAPITAL ALLOCATORS Build-Versus-Buy Is Being Settled in the Data Layer The transactions recorded here show loyalty, feedback and experience-management assets moving to sponsors and to suite owners. Where a capability sits next to a customer base a buyer already has, it has been agreed at a fraction of what whole platforms commanded.

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    SECTION 06

    06

    Section divider introducing the appendix of comparables, transactions and methodology.

    We close with the full universe behind every figure in this report: the comparables detail, the complete transaction list, and the methodology and sources. This is where a client can trace any number back to its underlying disclosure.

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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 Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier

    Lists all rated companies on EV/EBITDA (CY2026E), grouped by valuation tier, linked to source.

    We show the rated companies on EV/EBITDA (CY2026E), shaded against the 10.8x sector median, with one company not rated for lack of an eligible multiple. Every ticker links to its underlying source so a client can verify the figure directly. This table is the full detail behind the ranking we showed earlier in the valuation section.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.8x); amber marks below · 7 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. All 7 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. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥15.6x · median 22.8x · 2 companies Braze, Inc. BRZE Digital customer service and support desk software $2.5B 29.1x 24% 9% 30 Klaviyo, Inc. KVYO Digital customer service and support desk software $4.0B 16.4x 24% 16% 36 CORE — 6.6x–15.6x · median 10.8x · 3 companies eGain Corporation EGAN Digital customer service and support desk software $82M 14.7x -5% 6% n/a Freshworks Inc. FRSH Digital customer service and support desk software $2.8B 10.8x 15% 27% 42 Adobe Inc. ADBE Digital customer service and support desk software $96.8B 7.7x 11% 47% n/a DISCOUNT — <6.6x · median 5.2x · 2 companies Sprinklr, Inc. CXM Digital customer service and support desk software $842M 5.5x 2% 18% 22 Concentrix Corporation CNXC Adjacent: outsourced CX operations and managed… $7.2B 5.0x 1% 15% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, part one of two.

    We list the transactions with disclosed terms in this tier, newest first, with deal values linked to the underlying filing. Deal multiples here are LTM at announcement, not on the same basis as our forward public comparables, so we don't claim a spread. This is the primary reference for anyone tracing a specific transaction.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (25 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 15 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 CY2026E public basis and no spread is claimed. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Capillary PTE. Ltd → SessionM, Inc. n/a 0.3x 8.2x Capillary PTE. Ltd agreed in Feb-2026 to acquire SessionM, Inc. at 0.3x revenue and 8.2x EBITDA. A customer data and loyalty capability moved at a level well below where the listed engagement platforms sit on forward profit. Jan-2026 StratoCore Solutions Ltd. → XMax Inc. $122M 7.3x n/a StratoCore Solutions Ltd. agreed in Jan-2026 to acquire XMax Inc. for $122M at 7.3x revenue, with the value shown as recorded in the filing. Mid-market technology purchases in this record are priced on recurring revenue rather than on current profit. Nov-2025 n/a → Sprinklr, Inc. n/a 1.6x n/a A transaction involving Sprinklr, Inc. (CXM) was announced in Nov-2025 at 1.6x revenue. That sits toward the lower end of the revenue multiples recorded for listed engagement platforms here. Nov-2025 n/a → Sprinklr, Inc. n/a 1.6x n/a A transaction involving Sprinklr, Inc. (CXM) was announced in Nov-2025 at 1.6x revenue. That sits toward the lower end of the revenue multiples recorded for listed engagement platforms here. Nov-2025 n/a → Braze, Inc. n/a 4.5x n/a A Nov-2025 transaction involving Braze, Inc. (BRZE) at 4.5x revenue is recorded as terminated. Higher-growth orchestration platforms have attracted interest at revenue multiples several turns above the service-led end of this record. Mar-2023 Quartz Holdco, LLC → Qualtrics International Inc. $11.7B n/a n/a Quartz Holdco, LLC completed the acquisition of Qualtrics International Inc. in Mar-2023 at $11.7B. Large experience-management platforms in this record have changed hands with sponsor capital rather than through a merger of listed peers. Jan-2023 Silver Lake & CPPIB → Qualtrics International Inc. $12.1B 7.1x n/a Silver Lake & CPPIB announced the acquisition of Qualtrics International Inc. in Jan-2023 at $12.1B and 7.1x revenue, with the value shown as recorded in the filing. Voice-of-the-customer assets with intact retention have attracted sponsor buyers as growth moderated. Jul-2021 Thoma Bravo → Medallia, Inc. $5.7B 10.8x n/a Thoma Bravo announced the acquisition of Medallia, Inc. in Jul-2021 for $5.7B. The closed-loop feedback layer that sits between service desk and marketing has been bought whole rather than assembled. Dec-2018 Verint Systems Inc. → ForeSee, Inc. n/a 0.7x n/a Verint Systems Inc. completed the acquisition of ForeSee, Inc. in Dec-2018 at 0.7x revenue. Feedback point solutions absorbed into a larger suite have been priced on a fraction of revenue in this record.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of precedent transactions with disclosed terms, newest first, part two of two.

    We continue the same list of transactions with disclosed terms, completing the record for this tier. The basis stays consistent across both pages: LTM multiples at announcement, values linked to the source filing. Together the two pages give a client the complete precedent record behind our case studies.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (25 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 15 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 CY2026E public basis and no spread is claimed. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters n/a n/a → Sprout Social n/a 1.3x n/a Value shown as recorded in the filing; status defaulted announced.

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    06 · REPORTED FIGURES AND THEIR FILINGS

    Every Reported Figure, Linked to the Filing It Was Taken From

    Links every reported figure in the report to the SEC filing it was taken from.

    We link every reported figure across all eight companies back to the filing it came from, with a text fragment that scrolls the browser to the number itself. Estimates are consensus and carry no filing link, which we flag directly. This page is how a client checks any as-reported number in the deck without taking our word for it.

    Everything on this page

    06 · REPORTED FIGURES AND THEIR FILINGS Every Reported Figure, Linked to the Filing It Was Taken From 8 of 8 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Each figure links to the company's own filing on SEC EDGAR, and the link carries a text fragment so the browser scrolls to the number inside the document. Figures shown are as reported (not estimates); a blank cell means the platform holds no filing-sourced value for that figure. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Company Revenue EBITDA Net income EPS (diluted) Year Form Adobe Inc. (ADBE) $23,769M A $8,941M A 20.94A 2025 8-K Braze, Inc. (BRZE) $738M A $42M A 0.17A 2026 8-K Concentrix Corporation (CNXC) $9,826M A $-1,279M A 2.69A 2025 10-K Sprinklr, Inc. (CXM) $857M A $23M A 0.38A 2026 10-K eGain Corporation (EGAN) $68M A $8M A 0.11A 2025 8-K Freshworks Inc. (FRSH) $839M A $184M A 0.66A 2025 8-K Klaviyo, Inc. (KVYO) $1,234M A $-32M A 0.50A 2025 8-K RADCOM Ltd. (RDCM) $71M A $18M A 1.09A 2025 6-K

21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Describes the data sources, valuation basis, exclusions and data-quality standards behind the report.

    We set out here how this report was built: the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure in the report links back to the record it was taken from, so a client can audit any conclusion we've drawn. This is the page to send to a client's own analysts before they push back on a number.

    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 2026-09-25 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. Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2026E consensus (7 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 16%, 7 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 4 of 8 companies, so this report prices the whole set on CY2026E (7 of 8) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Customer Experience and Engagement Software and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of 8 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 3 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 398 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 (397) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

22. 22

    In This Set the Premium Has Sat with Growth That Repeats, and Not with Margin Alone.

    Closing slide restating that the premium sits with repeatable growth rather than margin alone.

    In this set, the premium has sat with growth that repeats, not with margin alone. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    In This Set the Premium Has Sat with Growth That Repeats, and Not with Margin Alone. NeuraCap AI — Customer Experience and Engagement Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Customer Experience and Engagement Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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