1、I N D U S T R Y W N O T EJuly 7,2025Brett Huff,CFA,Analyst501-377-Covered Companies Mentioned:BRZE$28.78CRM$272.15CSGP$82.12FI$175.55FIS$81.77GPN$81.85HUBS$560.86JKHY$181.32KVYO$33.91ORCL$237.32OS$26.66TEAM$213.53WK$69.22XYZ$69.23Weekly/Monthly Report:EnterpriseSoftware Weekly ReaderReason for Repor

2、t:WeeklyThoma/VRNT;Figma S1 Insights;Hg/Visma,Ambrook+MoEngage Funds;BRZE CEO CallINVESTMENT CONCLUSION:Top Five Highlights:Thoma Bravo potentially buying Verint:we break down potentialvaluation vs.peers.Figma files for IPO:we break down the S-1 including KPIs vs.fast-growth front office comps,key p

3、roduct overview,and othernotable S-1 items.Hg may take its SMB/mid-market European back office softwarecompany Visma public in London.M&A/investments:Ambrook accounting software(from Thrive,Field Ventures),MoEngage customer experience software(fromTR Capital).Stephens is hosting a BRZE CEO virtual f

4、ireside chat at 10 a.m.ET on Wednesday,July 9.Hope everyone had a good July 4th long weekend.See below for detail.KEY POINTS:Recently-Published Notes:6/12:4Q View:FY26=More Than Promised Growth/Visibility Evenw/Stargate Not Included(ORCL 4Q results)6/16:Weekly:ORCL AI-Driven RPO,Anaplan Update,CRM/S

5、lackData and LLMs,M&A+More 6/17:CRM Updates AI Pricing:Bundling in AI 6/23:Weekly:CRM New AI Prices,Much AP/Exp Mgt Activity,AISvcs Consolidation+More 7/1:Weekly:ORCL$30 Bil.Contract,CRM AI,ESG Panel,SignUp for BRZE CEO Call+MoreTable of Contents:Stephens Commentary on Industry News Publics:BRZE,VRN

6、T Privates:Ambrook,Figma,MoEngage,Visma Enterprise SW M&A List:24-25 10.2x Avg EV/FY1 Rev Multiple Valuation Tables/Operating Metrics:FY2E Rev Growth/MRQCRPO Growth/EV/FY2 Rev Average Val for Front Office+9%/+13%/3.5x and Back Office+12%/+16%/6.1x Stock Performance and Short Interest Industry Scatte