NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Systems and Infrastructure Software Sector Outlook — September 2026

NeuraCap's Systems and Infrastructure 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

11.9x
Sector median EV/EBITDA
21.4x
Premium end EV/EBITDA vs 6.3x at the discount end
33
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › SYSTEMS AND INFRASTRUCTURE SOFTWARE

Systems and Infrastructure Software: Earnings Matter

This report shows how earnings durability, install-base quality and business model shape positioning across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E)

Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Systems and Infrastructure Software is not one economic model. Core platforms depend on install-base durability and maintenance economics, carrier-facing businesses combine software value with equipment cycles, and adjacent models require company-specific analysis.

Key findings

  • Forward Earnings Give the Clearest View of Value
  • The Two Ends Carry Different Market Expectations
  • Embedded Software Still Carries Hardware-Cycle Exposure
  • Growth and Profitability Need a Quality Test

What each page shows

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

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › SYSTEMS AND INFRASTRUCTURE SOFTWARE

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › SYSTEMS AND INFRASTRUCTURE SOFTWARE.

    Cover — Systems and Infrastructure Software sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2026E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › SYSTEMS AND INFRASTRUCTURE SOFTWARE Systems and Infrastructure Software: Earnings Matter This report shows how earnings durability, install-base quality and business model shape positioning across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E) Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Earnings Quality Separates the Business Models 02 The Landscape Shared Buyers Do Not Mean Shared Economics 03 Valuation & Situations The Premium End Carries a Clear Durability Test 04 Precedent Transactions Precedent Transactions Give Owners Live Strategic Benchmarks 05 Strategic Implications Strengthen the Earnings Base That Buyers Can Underwrite 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Systems and Infrastructure Software Spans Core Platforms, Carrier Equipment and Adjacent Models

    Systems and Infrastructure Software Spans Core Platforms, Carrier Equipment and Adjacent Models.

    Systems and Infrastructure Software Spans Core Platforms, Carrier Equipment and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2026E), 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 CY2026E consensus (9 of 12 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 26%, 9 of 12 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 5 of 12 companies, so this report prices the whole set on CY2026E (9 of 12) rather than mixing periods.

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    01 · THE BOTTOM LINE Systems and Infrastructure Software Spans Core Platforms, Carrier Equipment and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2026E), 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 CY2026E consensus (9 of 12 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 26%, 9 of 12 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 5 of 12 companies, so this report prices the whole set on CY2026E (9 of 12) rather than mixing periods. Qualitative characterisations are NeuraCap views. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Earnings Give the Clearest View of Value Nine of 12 companies carry meaningful forward EBITDA, with the middle of the range at 11.9x on CY2026E. That coverage supports EV / EBITDA as the lead lens, with forecast growth already reflected in the measure. 2 The Two Ends Carry Different Market Expectations The premium end sits at 21.4x, while the discount end sits at 6.3x. The spread is associated with different expectations for earnings durability across the peer set. 3 Embedded Software Still Carries Hardware-Cycle Exposure Carrier transport equipment with embedded systems software represents 50% of the approved companies. Install-base depth, software attach and design-win lifecycles matter alongside exposure to equipment demand. 4 Growth and Profitability Need a Quality Test On the nine companies with forward estimates, three clear both the growth and profitability bars, while two clear neither. Renewal behaviour, recurring mix and maintenance annuity quality can help distinguish similar reported profiles. 11.9x Sector median EV/EBITDA CY2026E consensus · 9 rated of 12 companies 21.4x Premium end EV/EBITDA vs 6.3x at the discount end top quartile (n=3) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 33 Transactions with disclosed terms 75 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

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    Section 02 of 06 — Shared Buyers Do Not Mean Shared Economics. Software platforms, embedded systems and adjacent models carry different revenue quality and 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 LANDSCAPE Shared Buyers Do Not Mean Shared Economics Software platforms, embedded systems and adjacent models carry different revenue quality and exposure. 02 of 06 Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    The Money Sits Across Three Distinct Operating Models

    The Money Sits Across Three Distinct Operating Models.

    The Money Sits Across Three Distinct Operating Models 12 approved companies grouped by business segment · median EV / EBITDA (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP The Money Sits Across Three Distinct Operating Models 12 approved companies grouped by business segment · median EV / EBITDA (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: CARRIER TRANSPORT EQUIPMENT WITH EMBEDDED SYSTEMS SOFTWARE 6 cos median 12.1x Motorola Solutions (MSI) Calix (CALX) Harmonic (HLIT) Aviat Networks (AVNW) Lantronix (LTRX) Inseego (INSG) Embedded software can deepen customer value, but carrier spending and equipment shipments remain important exposures. CORE INFRASTRUCTURE SOFTWARE — OPERATING SYSTEMS, DATABASE AND MIDDLEWARE 3 cos median 9.3x Oracle (ORCL) Amdocs Limited (DOX) NetScout Systems (NTCT) Entrenched workflows and maintenance renewals support durable earnings where the install base remains defensible. ADJACENT MODELS 3 cos 21.4x · 1 rated Broadcom (AVGO) Commvault Systems (CVLT) Formula Systems (FORTY) These businesses broaden the sector map, although limited forward coverage constrains conclusions about the group.

  6. 06
    02 · LANDSCAPE

    Install-Base Quality Separates Businesses Sharing the Same Sector Label

    Install-Base Quality Separates Businesses Sharing the Same Sector Label.

    Install-Base Quality Separates Businesses Sharing the Same Sector Label Segment view of the approved universe · EV / EBITDA (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Install-Base Quality Separates Businesses Sharing the Same Sector Label Segment view of the approved universe · EV / EBITDA (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Adjacent: carrier transport equipment with embedded systems software 6 50% 12.1x Motorola Solutions, Inc. (MSI) · Calix, Inc. (CALX) · +4 more Hardware cycles shape outcomes. These companies combine equipment exposure with embedded software, support and orchestration. Design wins and attach rates can improve revenue quality, while carrier spending cycles and certification timelines can delay demand. Core infrastructure software — operating systems, database and middleware 3 25% 9.3x Oracle Corporation (ORCL) · Amdocs Limited (DOX) · +1 more Install bases anchor value. Core platforms sit inside operating workflows where switching can be disruptive. Maintenance renewals, licence true-ups and the perpetual-to-subscription transition frame the durability of earnings. Adjacent models 3 25% 21.4x n=1 Broadcom Inc. (AVGO) · Commvault Systems, Inc. (CVLT) · +1 more Coverage limits broad conclusions. The group includes silicon platforms, implementation and managed services, and network-operator support systems. Their economics differ, so the strategic case is better assessed company by company.

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    SECTION 03

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    Section 03 of 06 — The Premium End Carries a Clear Durability Test. A forward earnings lens already credits forecast growth, leaving durability as the key distinction. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Carries a Clear Durability Test A forward earnings lens already credits forecast growth, leaving durability as the key distinction. 03 of 06 Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium End Requires Earnings That Can Hold Through the Forecast

    The Premium End Requires Earnings That Can Hold Through the Forecast.

    The Premium End Requires Earnings That Can Hold Through the Forecast EV / EBITDA (CY2026E) · all 9 rated companies, sorted descending · sector median 11.9x · 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 CY2026E consensus (9 of 12 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 26%, 9 of 12 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 5 of 12 companies, so this report prices the whole set on CY2026E (9 of 12) rather than mixing periods.

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    03 · PUBLIC MARKET VALUATION The Premium End Requires Earnings That Can Hold Through the Forecast EV / EBITDA (CY2026E) · all 9 rated companies, sorted descending · sector median 11.9x · 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 CY2026E consensus (9 of 12 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 26%, 9 of 12 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 5 of 12 companies, so this report prices the whole set on CY2026E (9 of 12) rather than mixing periods. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2026E) basis. Panel commentary is a NeuraCap view. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 21.4x CORE · median 11.0x DISCOUNT · median 6.3x Sector median 11.9x WHAT SEPARATES THE TWO ENDS The top carries durability. The premium end has a tier middle of 21.4x. Because the multiple is forward, that level already credits forecast earnings growth and leaves durability as an important market test. The bottom faces questions. The discount end has a tier middle of 6.3x. Aviat Networks, Inc. (AVNW) and Amdocs Limited (DOX) sit here with different business models, so the operating questions are company-specific. The spread demands proof. Lantronix, Inc. (LTRX), Broadcom Inc. (AVGO) and Motorola Solutions, Inc. (MSI) occupy the premium end. Their positions point owners toward earnings resilience, install-base value and repeatable software economics.

  9. 09
    03 · VALUATION DRIVERS

    Faster Growth Sits Alongside the Higher Forward Valuation

    Faster Growth Sits Alongside the Higher Forward Valuation.

    Faster Growth Sits Alongside the Higher Forward Valuation Median EV / EBITDA (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 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=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster Growth Sits Alongside the Higher Forward Valuation Median EV / EBITDA (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 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=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 26% Growth Separates the Two Valuation Groups On the nine companies with forward estimates, the five at or above 11% growth have a 12.1x median, versus 8.0x for the four below the split. This is an observed association, not evidence that growth alone sets valuation. Revenue Quality Tests Whether Growth Can Hold Net revenue retention, maintenance renewal and recurring mix help distinguish growth tied to an install base from growth exposed to project timing or equipment shipments. Embedded Positions Can Extend Visibility Long-lived design wins and carrier certification can support customer continuity. They also bring procurement timing, concentration and equipment-cycle exposure into the earnings case.

  10. 10
    03 · SITUATION MAP

    The Strategic Agenda Changes with Growth and Market Recognition

    The Strategic Agenda Changes with Growth and Market Recognition.

    The Strategic Agenda Changes with Growth and Market Recognition Cut on EV / EBITDA vs the sector median (11.9x) (rows) and revenue growth vs the covered median (11%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP The Strategic Agenda Changes with Growth and Market Recognition Cut on EV / EBITDA vs the sector median (11.9x) (rows) and revenue growth vs the covered median (11%) (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. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Recognised Growth Above-median multiple · above-median revenue growth 4 names Broadcom Inc. (AVGO) · Oracle Corporation (ORCL) · Motorola Solutions, Inc. (MSI) · +1 more Four companies sit above both reference lines. The priority is to protect retention, recurring mix and the earnings durability already reflected in valuation. Valued Resilience Above-median multiple · below-median revenue growth 1 names Lantronix, Inc. (LTRX) Lantronix, Inc. (LTRX) sits above the valuation line and below the growth line. Its position puts emphasis on sustaining the forward earnings case while strengthening repeatable growth. Unrecognised Growth Below-median multiple · above-median revenue growth 1 names Harmonic Inc. (HLIT) Harmonic Inc. (HLIT) sits below the valuation line and above the growth line. The value case may depend on converting growth into durable earnings and reducing exposure to project or equipment timing. Operating Reset Below-median multiple · below-median revenue growth 3 names Amdocs Limited (DOX) · NetScout Systems, Inc. (NTCT) · Aviat Networks, Inc. (AVNW) Amdocs Limited (DOX), NetScout Systems, Inc. (NTCT) and Aviat Networks, Inc. (AVNW) sit below both reference lines. Their agendas centre on revenue quality, cost structure and where focused investment can improve the forward profile.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both Bars Helps, but It Does Not Fully Describe Value

    Clearing Both Bars Helps, but It Does Not Fully Describe Value.

    Clearing Both Bars Helps, but It Does Not Fully Describe Value Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (11% growth, 26% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). 11

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    03 · GROWTH VS PROFITABILITY Clearing Both Bars Helps, but It Does Not Fully Describe Value Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (11% growth, 26% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 0% 20% 40% 60% MARGIN ONLY median 7.6x BALANCED median 18.8x NEITHER median 20.6x GROWTH ONLY median 11.1x AVNW NTCT DOX LTRX MSI CALX ORCL HLIT AVGO x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS On the nine companies with forward estimates, three clear both the 11% growth bar and the 26% profitability bar, with a median of 18.8x. Two clear profitability alone at 7.6x, and two clear growth alone at 11.1x. The two clearing neither sit at 20.6x, showing that company-specific expectations remain important in this small sample. The neither median rests on 2 names and is lifted by LTRX at 34.3x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 4 of 9 names clear it (AVGO, MSI, ORCL, HLIT).

  12. 12
    03 · THE AGENDA

    Choose the Operating Path That Strengthens Durable Earnings

    Choose the Operating Path That Strengthens Durable Earnings.

    Choose the Operating Path That Strengthens Durable Earnings NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA Choose the Operating Path That Strengthens Durable Earnings 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. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen the Recurring Base Prioritise renewal quality, attach rate and subscription conversion where the install base can support more repeatable revenue. What changes the answer: The answer changes when retention, support renewal or recurring mix weakens. Concentrate on Embedded Positions Allocate product and engineering effort toward design wins, certifications and workflows where replacement is operationally difficult. What changes the answer: The answer changes when customer concentration or equipment-cycle exposure outweighs lifecycle visibility. Build or Buy Missing Capability Test whether orchestration, data protection, device management or observability gaps are better closed through internal development or a transaction. What changes the answer: The answer changes when time to certification, engineering capacity or customer demand shifts. Reshape the Cost Architecture Align legacy platform support, services intensity and product investment with the revenue streams that carry durable earnings. What changes the answer: The answer changes when maintenance economics no longer fund the required product roadmap.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Give Owners Live Strategic Benchmarks. Terms vary with recurring mix, earnings quality and the role of the asset in a buyer's platform. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Give Owners Live Strategic Benchmarks Terms vary with recurring mix, earnings quality and the role of the asset in a buyer's platform. 04 of 06 Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Price Different Forms of Strategic Fit

    Precedent Transactions Price Different Forms of Strategic Fit.

    Precedent Transactions Price Different Forms of Strategic Fit 3 of 33 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. 121 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Price Different Forms of Strategic Fit 3 of 33 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. 121 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2021 $66.1B Broadcom Inc. acquires VMware, Inc. EV / LTM revenue 5.5x EV / LTM EBITDA 15.4x WHY THE DEAL HAPPENED The transaction suggests a buyer saw strategic fit in an infrastructure software asset. It broadens the context for how buyers assemble platform capability. HOW THE TARGET WAS VALUED The transaction adds a benchmark for what buyers agreed to pay for whole companies. It should be read alongside the target's revenue quality and earnings profile. Dec-2021 $2.6B Thoma Bravo LP acquires Bottomline Technologies, Inc. EV / LTM revenue 5.4x EV / LTM EBITDA 26.6x WHY THE DEAL HAPPENED The transaction suggests strategic interest in an established software position. The relevant owner question is how the asset complements a buyer's install base and operating model. HOW THE TARGET WAS VALUED The transaction provides another whole-company valuation reference. Its relevance depends on recurring mix, renewal behaviour and the cost structure a buyer can underwrite. Oct-2025 $2.0B Jawbreaker Parent, Inc. Jawbreaker Parent, Inc. set a clear benchmark for Jamf Holding Corp. EV / LTM revenue 2.8x EV / LTM EBITDA 11.6x WHY THE DEAL HAPPENED The announced transaction suggests strategic value in Jamf Holding Corp.'s installed position and platform relevance. The buyer logic is consistent with acquiring an established infrastructure software franchise. HOW THE TARGET WAS VALUED The announced value was $2.0B, equal to 2.8x revenue and 11.6x EBITDA. The two measures benchmark Jamf Holding Corp. on both scale and earnings.

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    SECTION 05

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    Section 05 of 06 — Strengthen the Earnings Base That Buyers Can Underwrite. Revenue mix, retention, software attach and cost structure are the practical areas within management's control. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Base That Buyers Can Underwrite Revenue mix, retention, software attach and cost structure are the practical areas within management's control. 05 of 06 Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Value Without Betting on the Market

    Owners Can Strengthen Value Without Betting on the Market.

    Owners Can Strengthen Value Without Betting on the Market NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Value Without Betting on the Market 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. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Earnings Base Focus management attention on renewal behaviour, recurring mix, software attach and the cost of supporting legacy platforms. FOR MANAGEMENT TEAMS Choose Where to Compete Direct capital toward products and customer segments where certification, workflow depth and install-base access can support repeatable economics. FOR BOARDS Test Build Versus Buy Compare internal development with targeted capability transactions where product gaps limit cross-attach, retention or customer relevance.

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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. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

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

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

    Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.9x); amber marks below · 9 rated companies; 3 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 9 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. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.9x); amber marks below · 9 rated companies; 3 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 9 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. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥18.8x · median 21.4x · 3 companies Lantronix, Inc. LTRX Adjacent: carrier transport equipment with embedded… $281M 34.3x 8% 6% n/a Broadcom Inc. AVGO Adjacent: silicon platforms anchoring infrastructure… $1709B 21.4x 75% 68% n/a Motorola Solutions, Inc. MSI Adjacent: carrier transport equipment with embedded… $83.9B 18.8x 11% 34% 41 CORE — 9.3x–18.8x · median 11.0x · 4 companies Calix, Inc. CALX Adjacent: carrier transport equipment with embedded… $1.9B 12.1x 19% 13% 31 Oracle Corporation ORCL Core infrastructure software — operating systems… $523B 11.9x 28% 55% 99 Harmonic Inc. HLIT Adjacent: carrier transport equipment with embedded… $1.2B 10.1x 44% 22% 34 NetScout Systems, Inc. NTCT Core infrastructure software — operating systems… $2.2B 9.3x 3% 27% 33 DISCOUNT — <9.3x · median 6.3x · 2 companies Aviat Networks, Inc. AVNW Adjacent: carrier transport equipment with embedded… $284M 6.8x 0% 9% n/a Amdocs Limited DOX Core infrastructure software — operating systems… $7.1B 5.9x 4% 26% n/a

  19. 19
    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 33 transactions with disclosed terms in this tier (75 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. 121 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (75 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. 121 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 WD Capital Partners → Priority Technology Holdings, Inc. $1.6B 1.6x 6.8x WD Capital Partners announced the $1.6B transaction for Priority Technology Holdings, Inc. at 1.6x revenue and 6.8x EBITDA. The terms offer both revenue and earnings reference points. Apr-2026 Brand Engagement Network Inc. → Cataneo GmbH $20M n/a n/a Brand Engagement Network Inc. completed its $20M transaction for Cataneo GmbH. The combination adds a smaller strategic reference to the transaction record. Oct-2025 Jawbreaker Parent, Inc. → Jamf Holding Corp. $2.0B 2.8x 11.6x Jawbreaker Parent, Inc. announced a transaction for Jamf Holding Corp. The disclosed terms provide both revenue and EBITDA benchmarks. Oct-2025 N. Harris Computer Corporation → Jamf Holding Corp. n/a 0.8x 4.8x N. Harris Computer Corporation announced a transaction for Jamf Holding Corp. at 0.8x revenue and 4.8x EBITDA. The terms show how benchmarks can vary around the same target. Jun-2025 Cellebrite DI Ltd. → Corellium, Inc. $170M n/a n/a Cellebrite DI Ltd. announced the $170M transaction for Corellium, Inc. The pairing suggests strategic interest in adding a focused capability to an existing platform. Oct-2023 Undisclosed buyer → BlackBerry Limited $2.7B 3.3x n/a An Undisclosed buyer announced the $2.7B transaction for BlackBerry Limited at 3.3x revenue. The terms provide a scaled revenue benchmark within the transaction record. Oct-2023 Vista Equity Partners Management, LLC → EngageSmart, Inc. n/a 8.8x n/a Vista Equity Partners Management, LLC announced a transaction for EngageSmart, Inc. at 8.8x revenue. The valuation offers a reference for a business assessed primarily through revenue. May-2023 Silver Lake Technology Management, L.L.C. → Software AG n/a 2.5x 37.5x Silver Lake Technology Management, L.L.C. announced a transaction for Software AG at 2.5x revenue and 37.5x EBITDA. The gap between the two lenses highlights the importance of earnings profile and forward underwriting. Aug-2022 Open Text Corporation → Micro Focus International Limited (formerly Micro Focus International plc) $6.0B n/a n/a Open Text Corporation announced the $6.0B transaction for Micro Focus International Limited (formerly Micro Focus International plc). The combination points to strategic value in a scaled infrastructure software portfolio.

  20. 20
    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 33 transactions with disclosed terms in this tier (75 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. 121 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (75 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. 121 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 42 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2022 Palladyne Ai → RE2 n/a 5.3x n/a Value shown as recorded in the filing; deal value unit unresolved. Jan-2022 H.I.G. Capital, L.L.C. → Mobileum Inc. n/a n/a 6.8x Jan-2022 Evergreen Coast & Vista Equity Partners → Citrix Systems, Inc. n/a 5.2x 24.4x Dec-2021 Thoma Bravo LP → Bottomline Technologies, Inc. $2.6B 5.4x 26.6x Value shown as recorded in the filing; deal value unit unresolved. Apr-2021 Broadcom Inc. → VMware, Inc. $66.1B 5.5x 15.4x Value shown as recorded in the filing; deal value unit unresolved. Dec-2019 TELUS International (Cda) Inc. → CCC Holding GmbH n/a n/a 9.8x Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Parent → Sigma Systems n/a 15.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2018 International Business Machines Corp. → Red Hat, Inc. n/a 9.4x n/a Mar-2018 salesforce.com, inc. → MuleSoft, Inc. n/a 21.8x n/a

  21. 21
    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. 21

    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. Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2026E consensus (9 of 12 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 26%, 9 of 12 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 5 of 12 companies, so this report prices the whole set on CY2026E (9 of 12) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Systems and Infrastructure Software and it clears the coverage gate with 9 of 12 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of 12 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 7 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 661 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 (660) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  22. 22

    In This Sample, Durable Earnings Sit Alongside the Higher Forward Valuations.

    In This Sample, Durable Earnings Sit Alongside the Higher Forward Valuations..

    Closing — In This Sample, Durable Earnings Sit Alongside the Higher Forward Valuations. 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. 22

    Everything on this page

    In This Sample, Durable Earnings Sit Alongside the Higher Forward Valuations. NeuraCap AI — Systems and Infrastructure Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Systems and Infrastructure Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Systems and Infrastructure Software (Information Technology › Software and Services › Systems and Infrastructure Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 12 listed companies whose core business is Systems and Infrastructure 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: Broadcom Inc. (AVGO), Aviat Networks, Inc. (AVNW), Calix, Inc. (CALX), Commvault Systems, Inc. (CVLT), Amdocs Limited (DOX), Formula Systems (1985) Ltd. (FORTY), Harmonic Inc. (HLIT), Inseego Corp. (INSG), Lantronix, Inc. (LTRX), Motorola Solutions, Inc. (MSI), NetScout Systems, Inc. (NTCT), Oracle Corporation (ORCL). The market map groups them by business vertical — Adjacent: carrier transport equipment with embedded systems software: 6 companies (MSI, CALX, HLIT, AVNW, LTRX, INSG); Core infrastructure software — operating systems, database and middleware: 3 companies (ORCL, DOX, NTCT); Adjacent models: 3 companies (AVGO, CVLT, FORTY). 9 of the 12 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 Systems and Infrastructure Software (Information Technology › Software and Services › Systems and Infrastructure Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 12 listed companies whose core business is Systems and Infrastructure 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: Broadcom Inc. (AVGO), Aviat Networks, Inc. (AVNW), Calix, Inc. (CALX), Commvault Systems, Inc. (CVLT), Amdocs Limited (DOX), Formula Systems (1985) Ltd. (FORTY), Harmonic Inc. (HLIT), Inseego Corp. (INSG), Lantronix, Inc. (LTRX), Motorola Solutions, Inc. (MSI), NetScout Systems, Inc. (NTCT), Oracle Corporation (ORCL). The market map groups them by business vertical — Adjacent: carrier transport equipment with embedded systems software: 6 companies (MSI, CALX, HLIT, AVNW, LTRX, INSG); Core infrastructure software — operating systems, database and middleware: 3 companies (ORCL, DOX, NTCT); Adjacent models: 3 companies (AVGO, CVLT, FORTY). 9 of the 12 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

7 records failed a validation gate and never feed a statistic in this report (7 excluded from aggregate). Each exclusion, with its reason: HLIT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INSG — EBITDA 300000.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · INSG — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · INSG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INSG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INSG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LTRX — 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 CY2026E consensus (9 of 12 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 26%, 9 of 12 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 5 of 12 companies, so this report prices the whole set on CY2026E (9 of 12) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Systems and Infrastructure Software and it clears the coverage gate with 9 of 12 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of 12 companies carry a meaningful forward EBITDA on CY2026E, 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: 5 of 12 companies; EV / rEVenue: 11 of 12 companies; P/E: 10 of 12 companies. 1 company shows a non-meaningful EV / EBITDA denominator and is excluded from that statistic. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

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 ≥18.8x, Core 9.3x–18.8x, Discount <9.3x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.9x = median(ev_ebitda CY2026E) (9 rated companies) · 21.4x = median(ev_ebitda CY2026E) within Premium tier (n=3) · 11.0x = median(ev_ebitda CY2026E) within Core tier (n=4) · 6.3x = median(ev_ebitda CY2026E) within Discount tier (n=2) · 12.1x = median(ev_ebitda CY2026E) | growth ≥ 11% (n=5) · 8.0x = median(ev_ebitda CY2026E) | growth < 11% (n=4) · 11.9x = median(ev_ebitda CY2026E) | EBITDA margin ≥ 26% (n=5) · 11.1x = median(ev_ebitda CY2026E) | EBITDA margin < 26% (n=4) · 32% = median Rule of 40 score (revenue growth + EBITDA margin) (n=9) · 18.8x = median(ev_ebitda CY2026E) within balanced quadrant (n=3) · 7.6x = median(ev_ebitda CY2026E) within marginOnly quadrant (n=2) · 11.1x = median(ev_ebitda CY2026E) within growthOnly quadrant (n=2) · 20.6x = median(ev_ebitda CY2026E) within neither quadrant (n=2) · 34.3x = ev_ebitda CY2026E for LTRX (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Systems and Infrastructure 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. 75 transactions were recorded for this industry; 33 are shown. 42 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: 29 × deal value unit unresolved; 86 × no evidence record; 3 × duplicate precedent id; 2 × duplicate filings collapsed; 1 × divestiture roles reassigned. Case studies lead with the 3 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. 665 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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