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

Marketing Automation Software Sector Outlook — September 2026

NeuraCap's Marketing Automation 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

14.7x
Sector median EV/EBITDA
33.5x
Premium end EV/EBITDA vs 4.8x at the discount end
22
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › MARKETING AUTOMATION SOFTWARE

Marketing Automation Software Is Entering an Earnings Ramp

The report shows how forward earnings, operating balance and buyer selectivity shape positioning across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Marketing Automation Software is a concentrated peer set with a wide forward earnings valuation range. Growth and current profitability do not sort the companies cleanly on their own. The more durable positioning case combines embedded lifecycle marketing, customer data activation, retention, channel resilience and visible earnings conversion. Precedent transactions reinforce a selective market in which buyer conviction varies by asset and use case.

Key findings

  • Forward Earnings Reveal a Wide Range
  • Growth Does Not Move in Lockstep With Valuation
  • Current Profitability Does Not Sort the Range
  • Transaction Pricing Varies Sharply by Asset

What each page shows

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

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › MARKETING AUTOMATION SOFTWARE

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › MARKETING AUTOMATION SOFTWARE.

    Cover — Marketing Automation 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 › MARKETING AUTOMATION SOFTWARE Marketing Automation Software Is Entering an Earnings Ramp The report shows how forward earnings, operating balance and buyer selectivity shape positioning across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Marketing Automation 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 Splits Within Go-to-Market Intelligence Platforms 02 The Companies One Peer Group Contains Several Operating Profiles 03 Valuation & Situations Forward Earnings Reveal a Wide Valuation Range 04 Precedent Transactions Precedent Transactions Show Selective Buyer Conviction 05 Strategic Implications Stronger Positioning Calls for Growth and Margin Execution 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Marketing Automation Software Value Splits Inside Go-to-Market Intelligence Platforms

    Marketing Automation Software Value Splits Inside Go-to-Market Intelligence Platforms.

    Marketing Automation Software Value Splits Inside Go-to-Market Intelligence Platforms 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 4 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 22%, 4 of 4 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 Marketing Automation Software Value Splits Inside Go-to-Market Intelligence Platforms 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 4 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 22%, 4 of 4 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Earnings Reveal a Wide Range The premium and discount ends sit at 33.5x and 4.8x on forward EV / EBITDA. The lens leads with 4 of 4 companies carrying meaningful reported forward EBITDA, while a revenue multiple would understate what the market is pricing. 2 Growth Does Not Move in Lockstep with Valuation Klaviyo, Inc. (KVYO) pairs 20% growth with 12.5x, while Braze, Inc. (BRZE) pairs 17% growth with 16.9x. The ordering sits alongside differences in lifecycle marketing depth, retention and customer data activation. 3 Current Profitability Does Not Sort the Range ZoomInfo Technologies Inc. (GTM) carries a 43% margin and sits at the discount end, while Braze, Inc. (BRZE) carries a 13% margin and sits in the core. The observed positions put weight on the durability of growth and earnings together. 4 Transaction Pricing Varies Sharply by Asset SendGrid was recorded at 14.3x EV / Revenue, while PersistIQ, Inc. was recorded at 2.7x. The spread is consistent with selective pricing for workflow depth, customer engagement reach and strategic relevance. 14.7x Sector median EV/EBITDA CY2027E consensus · 4 rated of 4 companies 33.5x Premium end EV/EBITDA vs 4.8x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 22 Transactions with disclosed terms 31 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — One Peer Group Contains Several Operating Profiles. The approved set shares a category but differs in growth, profitability and workflow exposure. 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 Peer Group Contains Several Operating Profiles The approved set shares a category but differs in growth, profitability and workflow exposure. 02 of 06 Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · THE COMPANIES

    A Shared Category Masks Different Routes to Customer Value

    A Shared Category Masks Different Routes to Customer Value.

    A Shared Category Masks Different Routes to Customer Value 4 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 Shared Category Masks Different Routes to Customer Value 4 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. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BRZE Braze, Inc. Enterprise value $2.3B EV/EBITDA (CY2027E) 16.9x Revenue growth 17% EBITDA margin 13% Braze, Inc. (BRZE) carries a core valuation with positive growth and a developing margin profile. GTM ZoomInfo Technologies Inc. Enterprise value $2.5B EV/EBITDA (CY2027E) 4.8x Revenue growth -2% EBITDA margin 43% ZoomInfo Technologies Inc. (GTM) combines high profitability with contraction and a discount position. KVYO Klaviyo, Inc. Enterprise value $3.7B EV/EBITDA (CY2027E) 12.5x Revenue growth 20% EBITDA margin 16% Klaviyo, Inc. (KVYO) brings the set's higher growth profile with operating conversion still developing. ZETA Zeta Global Holdings Corp. Enterprise value $16.3B EV/EBITDA (CY2027E) 33.5x Revenue growth 16% EBITDA margin 23% Zeta Global Holdings Corp. (ZETA) pairs positive growth with positive profitability at the premium end.

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    SECTION 03

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    Section 03 of 06 — Forward Earnings Reveal a Wide Valuation Range. The premium survives a lens that already credits forecast growth. 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 Forward Earnings Reveal a Wide Valuation Range The premium survives a lens that already credits forecast growth. 03 of 06 Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6

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    03 · PUBLIC MARKET VALUATION

    The Peer Set’s Premium End Holds on Forward Earnings

    The Peer Set’s Premium End Holds on Forward Earnings.

    The Peer Set’s Premium End Holds on Forward Earnings EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 14.7x · 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 4 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 22%, 4 of 4 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 The Peer Set’s Premium End Holds on Forward Earnings EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 14.7x · 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 4 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 22%, 4 of 4 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. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7 PREMIUM · median 33.5x CORE · median 14.7x DISCOUNT · median 4.8x Sector median 14.7x WHAT SEPARATES THE TWO ENDS The endpoints remain far apart. The premium-end median is 33.5x, compared with 4.8x at the discount end. Premium combines growth and profit. Zeta Global Holdings Corp. (ZETA) sits at the premium end with positive growth and positive profitability. Forward pricing tests durability. A forward multiple already credits forecast growth. A premium that survives that credit signals expected durability in the earnings ramp.

  8. 08
    03 · VALUATION DRIVERS

    Profitability Alone Does Not Sort the Valuation Range

    Profitability Alone Does Not Sort the Valuation Range.

    Profitability Alone Does Not Sort the Valuation Range 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 Alone Does Not Sort the Valuation Range 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. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Higher Current Margin Does Not Align Consistently with Higher Valuation ZoomInfo Technologies Inc. (GTM) carries a 43% margin at the discount end, while Braze, Inc. (BRZE) carries a 13% margin in the core. Growth and Valuation Do Not Move in Lockstep Klaviyo, Inc. (KVYO) pairs 20% growth with 12.5x, while Braze, Inc. (BRZE) pairs 17% growth with 16.9x. Workflow Depth Can Strengthen the Quality of Growth Embedded lifecycle marketing, campaign orchestration and customer data activation can deepen usage while reducing exposure to commoditized email functionality. Retention and Channel Resilience Remain Central Durable retention, email deliverability, sender reputation and consent management help distinguish recurring workflows from revenue exposed to external gatekeepers.

  9. 09
    03 · SITUATION MAP

    Operating Balance Separates the Four Strategic Positions

    Operating Balance Separates the Four Strategic Positions.

    Operating Balance Separates the Four Strategic Positions Cut on EV / EBITDA vs the sector median (14.7x) (rows) and EBITDA margin vs the covered median (20%) (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 Operating Balance Separates the Four Strategic Positions Cut on EV / EBITDA vs the sector median (14.7x) (rows) and EBITDA margin vs the covered median (20%) (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. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Premium with Profit Above-median multiple · above-median EBITDA margin 1 names Zeta Global Holdings Corp. (ZETA) Zeta Global Holdings Corp. (ZETA) combines an above-set multiple with an above-set EBITDA margin. The position is consistent with confidence in both current earnings and their durability. Premium Before Margin Above-median multiple · below-median EBITDA margin 1 names Braze, Inc. (BRZE) Braze, Inc. (BRZE) carries an above-set multiple with a below-set EBITDA margin. The position places emphasis on converting customer engagement growth into a clearer earnings ramp. Profit Before Premium Below-median multiple · above-median EBITDA margin 1 names ZoomInfo Technologies Inc. (GTM) ZoomInfo Technologies Inc. (GTM) carries a below-set multiple despite an above-set EBITDA margin. The position points to growth durability and product differentiation as the central questions. Execution Still Developing Below-median multiple · below-median EBITDA margin 1 names Klaviyo, Inc. (KVYO) Klaviyo, Inc. (KVYO) sits below the set on both valuation and EBITDA margin. The position focuses attention on enterprise penetration, retention and operating conversion.

  10. 10
    03 · THE AGENDA

    Growth, Profitability and Strategic Fit Offer Three Routes to Stronger Positioning

    Growth, Profitability and Strategic Fit Offer Three Routes to Stronger Positioning.

    Growth, Profitability and Strategic Fit Offer Three Routes to Stronger Positioning 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 Growth, Profitability and Strategic Fit Offer Three Routes to Stronger Positioning 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. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Deepen Embedded Lifecycle Workflows Greater workflow depth can increase product dependence and reduce exposure to commoditized campaign features. What changes the answer: Retention and expansion improve alongside broader use of journey orchestration and event-triggered campaigns. Reduce Channel and Consent Risk A stronger mix of consented customer data, reliable deliverability and omnichannel messaging can improve resilience. What changes the answer: Customer engagement remains durable as privacy rules and channel policies change. Convert Growth into Visible Earnings Sales efficiency, customer acquisition payback and disciplined implementation can strengthen the forward earnings case. What changes the answer: Growth persists while operating conversion and cash generation become more visible.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Show Selective Buyer Conviction. The transaction record spans whole-company acquisitions and targeted product extensions. 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 Show Selective Buyer Conviction The transaction record spans whole-company acquisitions and targeted product extensions. 04 of 06 Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11

  12. 12
    04 · DEAL CASE STUDIES

    Precedent Transactions Reflect Different Forms of Strategic Relevance

    Precedent Transactions Reflect Different Forms of Strategic Relevance.

    Precedent Transactions Reflect Different Forms of Strategic Relevance 2 of 22 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. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Reflect Different Forms of Strategic Relevance 2 of 22 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. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Apr-2026 $1.5B Diginex Limited Diginex Limited reaches into customer engagement through Resulticks Global Companies Pte. Limited. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests an interest in adding campaign orchestration and customer data activation. Resulticks Global Companies Pte. Limited extends Diginex Limited into recurring engagement workflows. HOW THE TARGET WAS VALUED $1.5B is the disclosed value as recorded. It serves as a whole-company scale marker within the transaction set. Sep-2025 $325M Zeta Global Holdings Corp. Zeta Global Holdings Corp. adds Marigold’s Enterprise Business to deepen enterprise reach. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a focus on expanding enterprise customer engagement capability. Marigold’s Enterprise Business adds established lifecycle marketing workflows to Zeta Global Holdings Corp. HOW THE TARGET WAS VALUED $325M is the disclosed value as recorded. It provides a scale marker for a targeted business acquisition within the transaction set.

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    SECTION 05

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    Section 05 of 06 — Stronger Positioning Calls for Growth and Margin Execution. Retention, workflow depth and earnings visibility matter alongside headline growth. 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 Stronger Positioning Calls for Growth and Margin Execution Retention, workflow depth and earnings visibility matter alongside headline growth. 05 of 06 Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    Growth and Margin Execution Supports a More Credible Earnings Ramp

    Growth and Margin Execution Supports a More Credible Earnings Ramp.

    Growth and Margin Execution Supports a More Credible Earnings Ramp 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 Growth and Margin Execution Supports a More Credible Earnings Ramp 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. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 FOR OWNERS Build Value Around Durable Customer Dependence Prioritize retention, embedded workflows and product breadth that deepen customer engagement without adding avoidable implementation burden. FOR MANAGEMENT Link Growth Investment to Operating Conversion Align enterprise penetration, customer acquisition and product investment with a credible path from recurring revenue growth to cash generation. FOR BOARDS Test Build-Versus-Buy Against Workflow Depth Evaluate whether capital is better directed toward internal product expansion or acquisitions that add orchestration, data activation or channel capability.

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    SECTION 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 Marketing Automation 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 (14.7x); amber marks below · 4 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. 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 (14.7x); amber marks below · 4 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Marketing Automation 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 — ≥21.0x · median 33.5x · 1 companies Zeta Global Holdings Corp. ZETA Adjacent: go-to-market intelligence platforms $16.3B 33.5x 16% 23% 39 CORE — 10.6x–21.0x · median 14.7x · 2 companies Braze, Inc. BRZE Adjacent: go-to-market intelligence platforms $2.3B 16.9x 17% 13% 30 Klaviyo, Inc. KVYO Adjacent: go-to-market intelligence platforms $3.7B 12.5x 20% 16% 36 DISCOUNT — <10.6x · median 4.8x · 1 companies ZoomInfo Technologies Inc. GTM Adjacent: go-to-market intelligence platforms $2.5B 4.8x -2% 43% 41

  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 22 transactions with disclosed terms in this tier (31 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. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (31 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. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 22 transactions shown; the rest are in the companion workbook. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 Diginex Limited → Resulticks Global Companies Pte. Limited $1.5B n/a n/a The pending transaction pairs Diginex Limited with Resulticks Global Companies Pte. Limited. It suggests interest in adding campaign orchestration and customer engagement capability. Nov-2025 n/a → Braze, Inc. n/a 4.5x n/a The terminated Braze, Inc. transaction was recorded at 4.5x EV / Revenue. The outcome separates indicated pricing from completed buyer commitment. Nov-2025 n/a → Zeta Global Holdings, Corp. n/a 3.0x n/a The completed Zeta Global Holdings, Corp. transaction was recorded at 3.0x EV / Revenue. It provides a recent reference for a scaled go-to-market intelligence platform. Nov-2025 n/a → Braze n/a 4.5x n/a The announced Braze transaction was recorded at 4.5x EV / Revenue. It adds another reference for customer engagement software. Sep-2025 Zeta Global Holdings Corp. → Marigold’s Enterprise Business $325M n/a n/a Zeta Global Holdings Corp. completed the acquisition of Marigold’s Enterprise Business. The combination suggests an emphasis on enterprise customer engagement workflows. Jan-2021 Wishpond Technologies Ltd. → PersistIQ, Inc. n/a 2.7x n/a Wishpond Technologies Ltd. announced the acquisition of PersistIQ, Inc. at 2.7x EV / Revenue. The transaction suggests a targeted extension into go-to-market workflows. Jan-2019 Cision Ltd. → Falcon.io ApS n/a 4.6x n/a Cision Ltd. announced the acquisition of Falcon.io ApS at 4.6x EV / Revenue. The pairing suggests broader campaign management and customer engagement reach. Oct-2018 Twilio → SendGrid n/a 14.3x n/a Twilio completed the acquisition of SendGrid at 14.3x EV / Revenue. The transaction sits at the upper end of the disclosed revenue multiples in this set. May-2018 The Jordan Company, L.P. → Simpleview, Inc. n/a 4.9x n/a The Jordan Company, L.P. announced the acquisition of Simpleview, Inc. at 4.9x EV / Revenue. The transaction provides a sponsor-backed reference for a software asset.

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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 22 transactions with disclosed terms in this tier (31 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. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (31 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. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 22 transactions shown; the rest are in the companion workbook. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2016 Vista Equity Partners → Marketo, Inc. n/a 7.5x n/a Nov-2015 Endurance International Group Holdings, Inc. → Constant Contact, Inc. n/a 2.3x 11.3x Jul-2015 HGGC, LLC → Selligent SA n/a 9.3x n/a Jun-2015 Aurea Software, Inc. → Lyris, Inc. n/a 0.5x 30.4x Value shown as recorded in the filing; deal value unit unresolved. Apr-2015 NetSuite Inc. → Bronto Software, Inc. n/a 5.0x n/a Jan-2014 Vista → Marketo n/a 5.9x n/a Dec-2013 MGM Casino Next Lion, LLC → Responsys, Inc. n/a 1.5x 15.1x Value shown as recorded in the filing; deal value unit unresolved. Dec-2013 Oracle Corporation → Responsys, Inc. n/a 6.9x 58.0x Jun-2013 salesforce.com, inc. → ExactTarget, Inc. n/a 6.5x n/a

  19. 19
    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. Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 4 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 22%, 4 of 4 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 Marketing Automation Software and it clears the coverage gate with 4 of 4 companies (100%). 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 4 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 193 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 (192) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    The Observed Premium Sits Where Growth and Profitability Appear Together.

    The Observed Premium Sits Where Growth and Profitability Appear Together..

    Closing — The Observed Premium Sits Where Growth and Profitability Appear Together. 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 Observed Premium Sits Where Growth and Profitability Appear Together. NeuraCap AI — Marketing Automation Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Marketing Automation Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Marketing Automation Software (Information Technology › Software and Services › Marketing Automation Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 4 listed companies whose core business is Marketing Automation 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: Braze, Inc. (BRZE), ZoomInfo Technologies Inc. (GTM), Klaviyo, Inc. (KVYO), Zeta Global Holdings Corp. (ZETA). The market map groups them by business vertical — Adjacent: go-to-market intelligence platforms: 4 companies (ZETA, KVYO, GTM, BRZE). 4 of the 4 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 Marketing Automation Software (Information Technology › Software and Services › Marketing Automation Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 4 listed companies whose core business is Marketing Automation 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: Braze, Inc. (BRZE), ZoomInfo Technologies Inc. (GTM), Klaviyo, Inc. (KVYO), Zeta Global Holdings Corp. (ZETA). The market map groups them by business vertical — Adjacent: go-to-market intelligence platforms: 4 companies (ZETA, KVYO, GTM, BRZE). 4 of the 4 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

4 records failed a validation gate and never feed a statistic in this report (4 excluded from aggregate). Each exclusion, with its reason: BRZE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · KVYO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ZETA — EBITDA 278665.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · ZETA — 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 4 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 22%, 4 of 4 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 Marketing Automation Software and it clears the coverage gate with 4 of 4 companies (100%). 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 4 companies; EV / rEVenue: 4 of 4 companies; P/E: 4 of 4 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 ≥21.0x, Core 10.6x–21.0x, Discount <10.6x — 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: 14.7x = median(ev_ebitda CY2027E) (4 rated companies) · 33.5x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 14.7x = median(ev_ebitda CY2027E) within Core tier (n=2) · 4.8x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 38% = 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 Marketing Automation 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. 31 transactions were recorded for this industry; 22 are shown. 9 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 11 × deal value unit unresolved; 18 × no evidence record; 2 × duplicate precedent id. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 197 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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