NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Financial Management and Accounting Software Sector Outlook — September 2026

NeuraCap's Financial Management and Accounting 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

7.4x
Sector median EV/EBITDA
15.6x
Premium end EV/EBITDA vs 7.1x at the discount end
14
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › FINANCIAL MANAGEMENT AND ACCOUNTING SOFTWARE

Accounting Software: Profit Is Associated with Value

The report shows how earnings, workflow depth and revenue quality distinguish financial software platforms.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Financial management and accounting software trades as a selective market rather than a uniform category. The forward earnings view separates the premium and discount ends, while the company map shows that margin alone does not account for positioning. Across peers and precedent transactions, the recurring commercial questions are workflow ownership, retention, subscription quality, payment economics and the credibility of operating leverage.

Key findings

  • The Premium Requires Confidence Beyond the Current Year
  • Profit Profiles Leave Owners With Different Priorities
  • Transaction Prices Put Revenue Quality Under Scrutiny
  • Workflow Ownership Is the Strategic Test

What each page shows

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

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › FINANCIAL MANAGEMENT AND ACCOUNTING SOFTWARE

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › FINANCIAL MANAGEMENT AND ACCOUNTING SOFTWARE.

    Cover — Financial Management and Accounting 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 › FINANCIAL MANAGEMENT AND ACCOUNTING SOFTWARE Accounting Software: Profit Is Associated with Value The report shows how earnings, workflow depth and revenue quality distinguish financial software platforms. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Financial Management and Accounting 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 companies, 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 Value Sits with Durable Earnings and Deeper Finance Workflows 02 The Companies One Broad Applications Group Contains Distinct Economic Models 03 Valuation & Situations The Premium End Prices in More Durable Forward Earnings 04 Precedent Transactions Precedent Transactions Favour Buyers with Conviction 05 Strategic Implications Workflow Depth and Earnings Quality Define the Operating Agenda 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Financial Management and Accounting Software Is a Horizontal Applications Peer Set with Uneven Economics

    Financial Management and Accounting Software Is a Horizontal Applications Peer Set with Uneven Economics.

    Financial Management and Accounting Software Is a Horizontal Applications Peer Set with Uneven 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 (4 of 5 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 27%, 4 of 5 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 Financial Management and Accounting Software Is a Horizontal Applications Peer Set with Uneven 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 (4 of 5 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 27%, 4 of 5 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium Requires Confidence Beyond the Current Year The premium end stands at 15.6x, while the discount end stands at 7.1x. Because both use forward earnings, the gap remains after forecast growth has already been credited. 2 Profit Profiles Leave Owners with Different Priorities Margins across the names with available figures run from 20% to 41%. That spread makes cost structure, pricing and reinvestment central operating questions. 3 Transaction Prices Put Revenue Quality Under Scrutiny Disclosed revenue multiples in the transaction record range from 2.6x to 10.9x. Our read is that retention, subscription mix and payment economics remain essential to how buyers assess that range. 4 Workflow Ownership Is the Strategic Test Horizontal business applications represent 100% of the mapped peer group. Within that group, ownership of record-to-report, procure-to-pay and embedded payments can shape strategic relevance. 7.4x Sector median EV/EBITDA CY2027E consensus · 4 rated of 5 companies 15.6x Premium end EV/EBITDA vs 7.1x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 28 recorded in this tier · 0 told as case studies, the full list in the appendix

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    SECTION 02

    02

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    Section 02 of 06 — One Broad Applications Group Contains Distinct Economic Models. Workflow ownership, recurring revenue and embedded payments shape how the platforms compare. 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 COMPANIES One Broad Applications Group Contains Distinct Economic Models Workflow ownership, recurring revenue and embedded payments shape how the platforms compare. 02 of 06 Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · THE COMPANIES

    A Single Segment Label Masks Different Routes into the Finance Stack

    A Single Segment Label Masks Different Routes into the Finance Stack.

    A Single Segment Label Masks Different Routes into the Finance Stack 5 approved companies · EV / EBITDA (CY2027E) where rated · 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. Company descriptions are NeuraCap views grounded in the platform's classification rationale. 5

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    02 · THE COMPANIES A Single Segment Label Masks Different Routes into the Finance Stack 5 approved companies · EV / EBITDA (CY2027E) where rated · 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. Company descriptions are NeuraCap views grounded in the platform's classification rationale. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BILL Bill.com Holdings, Inc. Enterprise value $3.9B EV/EBITDA (CY2027E) 7.4x Revenue growth 11% EBITDA margin 27% Bill.com Holdings, Inc. (BILL) links accounts payable automation, accounts receivable automation and embedded payments. BL BlackLine, Inc. Enterprise value $1.8B EV/EBITDA (CY2027E) 7.1x Revenue growth 10% EBITDA margin 29% BlackLine, Inc. (BL) is positioned around financial close, continuous accounting and record-to-report processes. EXFY Expensify, Inc. Enterprise value $146M EV/EBITDA (CY2027E) n/a Revenue growth 0% EBITDA margin n/a Expensify, Inc. (EXFY) serves expense management, with monetization shaped by customer activity and payment usage. INTU Intuit Inc. Enterprise value $73.8B EV/EBITDA (CY2027E) 7.4x Revenue growth 9% EBITDA margin 41% Intuit Inc. (INTU) combines established profitability with broad ownership across accounting and related financial workflows. WK Workiva Inc. Enterprise value $3.8B EV/EBITDA (CY2027E) 15.6x Revenue growth 15% EBITDA margin 20% Workiva Inc. (WK) serves controlled reporting workflows where audit-ready data and collaboration matter.

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    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Prices in More Durable Forward Earnings. The forward earnings lens rewards confidence in the profit path beyond the current year. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 6

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Prices in More Durable Forward Earnings The forward earnings lens rewards confidence in the profit path beyond the current year. 03 of 06 Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6

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    03 · PUBLIC MARKET VALUATION

    Forward Earnings Separate the Premium and Discount Ends

    Forward Earnings Separate the Premium and Discount Ends.

    Forward Earnings Separate the Premium and Discount Ends EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 7.4x · 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 (4 of 5 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 27%, 4 of 5 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. 7

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    03 · PUBLIC MARKET VALUATION Forward Earnings Separate the Premium and Discount Ends EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 7.4x · 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 (4 of 5 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 27%, 4 of 5 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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7 PREMIUM · median 15.6x CORE · median 7.4x DISCOUNT · median 7.1x Sector median 7.4x WHAT SEPARATES THE TWO ENDS The premium looks forward. Workiva Inc. (WK), the one name at the premium end, trades at 15.6x forward EBITDA. That multiple already credits forecast growth, so its persistence signals confidence in earnings durability. The discount needs proof. BlackLine, Inc. (BL), the one name at the discount end, trades at 7.1x forward EBITDA. A clearer path from financial close depth to durable earnings would strengthen the valuation case. Durability matters after growth. A forward multiple incorporates the forecast step-up before the ranking is made. Retention, workflow depth and reinvestment needs therefore remain important when comparing the two ends.

  8. 08
    03 · VALUATION DRIVERS

    Profitability Varies More Widely than the Current Growth Profiles

    Profitability Varies More Widely than the Current Growth Profiles.

    Profitability Varies More Widely than the Current Growth Profiles 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 8

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    03 · VALUATION DRIVERS Profitability Varies More Widely than the Current Growth Profiles 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Profit Profiles Span the Four Names with Complete Estimates Margins range from 20% to 41%, with 28% marking the middle of the covered range. Pricing, customer acquisition and implementation burden are practical areas for management attention. Growth Remains Positive but Does Not Map Neatly to Margin Available growth figures run from 9% to 15%. The names at either end also carry different margin profiles, so the sample supports a balanced reading rather than a single-factor conclusion. Revenue Mix Changes the Quality of the Earnings Path Subscription durability and embedded payments can carry different retention, gross-margin and regulatory profiles. Owners should assess where expansion strengthens workflow ownership and where it adds dependence.

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    03 · SITUATION MAP

    Valuation and Margin Place Companies in Different Groups

    Valuation and Margin Place Companies in Different Groups.

    Valuation and Margin Place Companies in Different Groups Cut on EV / EBITDA vs the sector median (7.4x) (rows) and EBITDA margin vs the covered median (28%) (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. 9

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    03 · SITUATION MAP Valuation and Margin Place Companies in Different Groups Cut on EV / EBITDA vs the sector median (7.4x) (rows) and EBITDA margin vs the covered median (28%) (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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Higher Value, Higher Margin Above-median multiple · above-median EBITDA margin 1 names Intuit Inc. (INTU) Intuit Inc. (INTU) sits above the middle of both valuation and margin. Its position is associated with established profitability, while growth and workflow breadth remain relevant context. Higher Value, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Workiva Inc. (WK) Workiva Inc. (WK) sits above the middle of valuation and below the middle of margin. The position implies that investors credit the forward earnings path despite current profitability sitting lower in the mapped group. Lower Value, Higher Margin Below-median multiple · above-median EBITDA margin 1 names BlackLine, Inc. (BL) BlackLine, Inc. (BL) sits below the middle of valuation and above the middle of margin. The operating question is how financial close depth, retention and growth can support a stronger forward view. Lower Value, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Bill.com Holdings, Inc. (BILL) Bill.com Holdings, Inc. (BILL) sits below the middle of both valuation and margin. The agenda centres on payment economics, customer acquisition efficiency and the path to durable operating leverage.

  10. 10
    03 · THE AGENDA

    The Next Move Depends on Workflow Position and Earnings Quality

    The Next Move Depends on Workflow Position and Earnings Quality.

    The Next Move Depends on Workflow Position and Earnings Quality 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. 10

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    03 · THE AGENDA The Next Move Depends on Workflow Position and Earnings Quality 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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Deepen Ownership of the Finance Workflow Expand into adjacent modules where integrations, controls and customer data reinforce the existing product position. What changes the answer: Customer expansion supports retention without adding disproportionate implementation burden. Improve the Quality of Monetization Rebalance pricing, subscription mix and embedded payments toward revenue with durable retention and credible margins. What changes the answer: Payment growth improves customer economics without increasing regulatory or partner dependence. Convert Scale into Durable Earnings Focus investment on products and customer groups where acquisition cost, implementation effort and expansion economics support operating leverage. What changes the answer: Growth holds while sales efficiency and margin progression improve. Use Acquisitions to Close Product Gaps Evaluate build-versus-buy where an adjacent workflow can strengthen the finance stack or reach a new customer segment. What changes the answer: The target adds defensible workflow ownership that would be slower or riskier to build.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Favour Buyers with Conviction. The transaction record shows a wide range of prices for finance workflow assets. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 11

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Buyers with Conviction The transaction record shows a wide range of prices for finance workflow assets. 04 of 06 Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Disclosed Deal Values Span a Wide Range for Finance Workflow Assets

    Disclosed Deal Values Span a Wide Range for Finance Workflow Assets.

    Disclosed Deal Values Span a Wide Range for Finance Workflow Assets 3 of 14 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. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 14 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 Disclosed Deal Values Span a Wide Range for Finance Workflow Assets 3 of 14 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. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 14 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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Dec-2023 n/a Kohlberg Kravis Roberts & Co. L.P. acquires MYOB Group Limited EV / LTM revenue 5.4x EV / LTM EBITDA 12.8x WHY THE DEAL HAPPENED Kohlberg Kravis Roberts & Co. L.P. moved for MYOB Group Limited in Dec-2023; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Aug-2022 n/a Vista Equity Partners Management, LLC acquires Avalara, Inc. EV / LTM revenue 8.8x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED Vista Equity Partners Management, LLC moved for Avalara, Inc. in Aug-2022; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Dec-2018 n/a KKR & Co. Inc. acquires MYOB Group Limited EV / LTM revenue 5.4x EV / LTM EBITDA 27.5x WHY THE DEAL HAPPENED KKR & Co. Inc. moved for MYOB Group Limited in Dec-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

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    Section 05 of 06 — Workflow Depth and Earnings Quality Define the Operating Agenda. Owners can strengthen their standing through product breadth, retention and disciplined reinvestment. 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 05 05 STRATEGIC IMPLICATIONS Workflow Depth and Earnings Quality Define the Operating Agenda Owners can strengthen their standing through product breadth, retention and disciplined reinvestment. 05 of 06 Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Value Through Workflow Depth and Better Earnings

    Owners Can Strengthen Value Through Workflow Depth and Better Earnings.

    Owners Can Strengthen Value Through Workflow Depth and Better Earnings 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. 14

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Value Through Workflow Depth and Better Earnings 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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 FOR OWNERS Choose Where the Platform Should Own the Workflow Prioritize modules that deepen customer dependence, support retention and strengthen the company’s role in the office of the CFO. FOR MANAGEMENT Match Investment to Proven Customer Economics Direct product and commercial spending toward customer groups with durable retention, efficient acquisition and credible expansion. FOR BOARDS Test Build-Versus-Buy Against Strategic Fit Assess whether adjacent capabilities improve workflow ownership, payment economics or access to a relevant customer segment.

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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. 15

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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 Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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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 (7.4x); amber marks below · 4 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 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. 16

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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 (7.4x); amber marks below · 4 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.5x · median 15.6x · 1 companies Workiva Inc. WK Adjacent: horizontal business applications $3.8B 15.6x 15% 20% 36 CORE — 7.3x–9.5x · median 7.4x · 2 companies Intuit Inc. INTU Adjacent: horizontal business applications $73.8B 7.4x 9% 41% 50 Bill.com Holdings, Inc. BILL Adjacent: horizontal business applications $3.9B 7.4x 11% 27% 38 DISCOUNT — <7.3x · median 7.1x · 1 companies BlackLine, Inc. BL Adjacent: horizontal business applications $1.8B 7.1x 10% 29% 40

  17. 17
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (28 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. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 14 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. 17

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (28 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. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 14 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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 n/a → Workday, Inc. n/a 5.5x 14.8x Workday, Inc. was recorded at 5.5x revenue and 14.8x EBITDA. The relationship between those measures suggests that both platform scale and earnings were relevant valuation reference points. Dec-2023 Kohlberg Kravis Roberts & Co. L.P. → MYOB Group Limited n/a 5.4x 12.8x Kohlberg Kravis Roberts & Co. L.P. agreed to acquire MYOB Group Limited at 5.4x revenue and 12.8x EBITDA. The transaction suggests interest in recurring finance software with an established earnings base. Aug-2022 Vista Equity Partners Management, LLC → Avalara, Inc. n/a 8.8x 8.8x Vista Equity Partners Management, LLC agreed to acquire Avalara, Inc. at 8.8x revenue and 8.8x EBITDA. The transaction suggests value in a deeply embedded compliance workflow. Dec-2018 Everi Holdings Inc. → MYOB Group Limited n/a 2.6x n/a Everi Holdings Inc. was recorded as acquirer of MYOB Group Limited at 2.6x revenue. The disclosed revenue measure provides the available benchmark for this transaction record. Dec-2018 KKR & Co. Inc. → MYOB Group Limited n/a 5.4x 27.5x KKR & Co. Inc. was recorded as acquirer of MYOB Group Limited at 27.5x EBITDA. The transaction shows how far an earnings benchmark can extend when a buyer has conviction in the asset. Dec-2018 Kohlberg Kravis Roberts & Co. L.P. → MYOB Group Limited n/a 5.4x 22.7x Kohlberg Kravis Roberts & Co. L.P. was recorded as acquirer of MYOB Group Limited at 22.7x EBITDA. The transaction suggests sponsor interest in established accounting software and its recurring customer relationships. Dec-2018 KKR → MYOB Group Limited n/a 4.9x 12.1x KKR was recorded as acquirer of MYOB Group Limited at 4.9x revenue and 12.1x EBITDA. The two benchmarks frame the business through both customer monetization and established profitability. Jun-2018 Workday, Inc. → Adaptive Insights, Inc. n/a 10.9x n/a Workday, Inc. agreed to acquire Adaptive Insights, Inc. at 10.9x revenue. The transaction suggests strategic value in adding planning capabilities to a broader enterprise applications platform. Jan-2018 Vista Equity Partners Management, LLC → Apptio, Inc. n/a 8.1x n/a Vista Equity Partners Management, LLC agreed to acquire Apptio, Inc. at 8.1x revenue. The transaction suggests sponsor interest in software that connects technology spending with financial management.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (28 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. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 14 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. 18

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (28 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. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 14 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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2015 SS&C Technologies Holdings, Inc. → Advent Software, Inc. n/a 6.8x 19.4x Value shown as recorded in the filing; deal value unit unresolved. Sep-2014 SAP SE → Concur Technologies, Inc. n/a 12.6x n/a n/a n/a → BlackLine, Inc. n/a 4.7x n/a n/a n/a → Workday, Inc. n/a 5.0x n/a Value shown as recorded in the filing; status defaulted announced. n/a n/a → Xero Limited n/a 5.5x n/a Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 19

    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. Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 5 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 27%, 4 of 5 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 Financial Management and Accounting Software and it clears the coverage gate with 4 of 5 companies (80%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 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 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 243 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 (242) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Selected Names; Earnings and Workflow Depth Frame the Agenda.

    The Premium Sits with Selected Names; Earnings and Workflow Depth Frame the Agenda..

    Closing — The Premium Sits with Selected Names; Earnings and Workflow Depth Frame the Agenda. 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. 20

    Everything on this page

    The Premium Sits with Selected Names; Earnings and Workflow Depth Frame the Agenda. NeuraCap AI — Financial Management and Accounting Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Financial Management and Accounting Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Financial Management and Accounting Software (Information Technology › Software and Services › Financial Management and Accounting Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 5 listed companies whose core business is Financial Management and Accounting 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: Bill.com Holdings, Inc. (BILL), BlackLine, Inc. (BL), Expensify, Inc. (EXFY), Intuit Inc. (INTU), Workiva Inc. (WK). The market map groups them by business vertical — Adjacent: horizontal business applications: 5 companies (INTU, BILL, WK, BL, EXFY). 4 of the 5 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 Financial Management and Accounting Software (Information Technology › Software and Services › Financial Management and Accounting Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 5 listed companies whose core business is Financial Management and Accounting 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: Bill.com Holdings, Inc. (BILL), BlackLine, Inc. (BL), Expensify, Inc. (EXFY), Intuit Inc. (INTU), Workiva Inc. (WK). The market map groups them by business vertical — Adjacent: horizontal business applications: 5 companies (INTU, BILL, WK, BL, EXFY). 4 of the 5 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

3 records failed a validation gate and never feed a statistic in this report (3 excluded from aggregate). Each exclusion, with its reason: BILL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · EXFY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WK — 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 (4 of 5 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 27%, 4 of 5 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 Financial Management and Accounting Software and it clears the coverage gate with 4 of 5 companies (80%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 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: 4 of 5 companies; EV / rEVenue: 5 of 5 companies; P/E: 5 of 5 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 ≥9.5x, Core 7.3x–9.5x, Discount <7.3x — 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: 7.4x = median(ev_ebitda CY2027E) (4 rated companies) · 15.6x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 7.4x = median(ev_ebitda CY2027E) within Core tier (n=2) · 7.1x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 39% = median Rule of 40 score (revenue growth + EBITDA margin) (n=4)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Financial Management and Accounting 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. 28 transactions were recorded for this industry; 14 are shown. 14 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: 23 × no evidence record; 7 × deal value unit unresolved; 1 × duplicate precedent id. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 247 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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