1、See end pages for analyst certification and important disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors sho

2、uld consider this report as only a single factor in making their investment decision.North America Equity ResearchAugust 2025Vertical Application Software Marketing DeckSMID Cap Software Vertical ApplicationsAlexei Gogolev AC+1-212-622-Bloomberg JPMA GogolevJ.P.Morgan Securities LLCElla Smith AC+1-2

3、12-622-J.P.Morgan Securities LLCBella Camaj+1-212-834-J.P.Morgan Securities LLCDestiny Jackson+1-212-622-J.P.Morgan Securities LLC21.Sector Overview and PerformanceStock Performance vs.SPXThe SPX is up+7%YTD;6 out of 22 names in our coverage are beating the SPXSource:Bloomberg Finance L.P.Pricing as

4、 of 08/18/25.45%28%23%15%15%13%10%9%(2%)(2%)(7%)(12%)(16%)(17%)(22%)(25%)(27%)(28%)(34%)(39%)(40%)(50%)(40%)(30%)(20%)(10%)0%10%20%30%40%50%Source:J.P.Morgan estimates and Bloomberg Finance L.P.Pricing as of 8/18/25 market close.Table:Coverage OverviewTickerAnalystLast PriceMarket Cap3M Trading Valu

5、e2025 YTD PerformanceJPM RatingJPM PTJPM Upside/(Downside)Financial ServicesSS&C Technologies Holdings IncSSNCAlexei Gogolev$87$21B$94M15%N$948%Clearwater Analytics HoldingsCWANAlexei Gogolev$20$6B$92M(28%)OW$2842%Intapp IncINTAAlexei Gogolev$42$3B$40M(34%)OW$8090%Digital BankingQ2 Holdings IncQTWOE

6、lla Smith$76$5B$54M(25%)OW$11552%Alkami Technology IncALKTElla Smith$22$2B$33M(39%)OW$4078%nCino IncNCNOElla Smith$28$3B$45M(16%)N$307%Insurance SoftwareGuidewire Software IncGWREAlexei Gogolev$215$18B$197M28%OW$28834%CCC Intelligent Solutions HoldCCCSAlexei Gogolev$10$6B$77M(17%)UW$103%Real Estate