Exhibit (c)(v)

Confidential Treatment Requested. Certain portions of this exhibit have been redacted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment. Special Committee Meeting Project Orange September 15, 2022 Morgan Stanley CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

Agenda 1 Process Update 2 Valuation Considerations 3 Next Steps PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 2

Morgan Stanley 8 Bidder Outreach Progress Detail Company Connected Earnmgs Pack rJ OA S1gned MP Scheduled Meetmg Held Respond’” 9 to H•gh Pn onty VOR Access Prov1ded Rece1ved lmt1al 6 1d 0 11gence 1 Sponsors [***] ~ ~ ~ ~ ~ ~ ~ [***] ~ ~ ~ ~ ~ X Stra!!pics [***] ~ X [***] ~ X [***] ~ ~ ~ ~ ~ ~ X [***] ~ ~ ~ ~ ~ X [***] ~ ~ ~ ~ ~ X [***] ~ ~ X [***] ~ X [***] ~ X [***] ~ ~ ~ ~ ~ X [***] ~ ~ ~ ~ ~ X [***] ~ ~ ~ ~ ~ ~ X [***] ~ ~ X [***] ~ X [***] ~ ~ ~ ~ X [***] ~ ~ ~ ~ ~ X Inside< [***] “‘l Not engaged X No Interest PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 3

[***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [**] [***] [***] [***] [***]

Morgan Stanley 8 Since I PO, Orange Share Price Has Outperformed Peers Since Orange IPO (1)(2) Share Price Performance Indexed to 100 (%) 225 200 175 150 125 21% 100 (2%) (2%) 75 (30%) 50 Apr 21 May 21 Jul 21 Aug 21 Sep 21 Nov 21 Dec 21 Jan 22 Feb 22 Apr 22 May 22 Jun 22 Aug 22 Sep 22 Orange High Growth Software High Growth Security S&P 500 Source: Capitai iQ Notes 1. Mar1<et data and Thomson estimates as of 9/1212022 2. Median of each category shown; High Growth Software includes: Allassian, Oocusign, Smartsheet, Jamf, Zoom Info, Asana, Sprout Social, Pagerduty, Hubspot; High Growth Security includes: Crowostrike, Okta, Qualys, Rapid?, Tenable, Zscaler PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 5

Morgan Stanley 8 Orange Recent Share Price History Key Share Price Information Current Price Average Since Q2 Earnings 30 day Average $19.41 $19.23 $19.37 Stock Price Performance Over the Last 3 Months r Volume(MM) 1 612412022 ~ 10.0 $22.50 L : Orange is added to the I I ~~~~~O~I::d::x ~ e .. 1 ~ 9.0 I 8/:W/2022 Orange I 1 7/18/2022 : 1 I Non Deal I 1 Special Convnittee gives Morgan I I Roadshow : Stanley permission to conduct a I L T 8.0 : limited outreach to potential non I I Violet bidders I 1 $20.00 _I I I 7.0 I $19.41 I I    ~1 $18.18 I $17.50 I 5.0 I I I I 4.0 r ‘ .. 3.0 I I r .. I 8/412022 I $15.00 I I 7/512022 ~ 1 : 02 2022 Earnings Announcemen~ : 1 711412022 1 Orange shows strong 02 earnings 2.0 : Special Convnittee : 1 1 1 with Beat and Raise 1 formed I Initial Morgan Stanley : 1 1 llf_ j__ T11L~ m ~~~~’ l. _I 1.0 $12.50 I I I II II I I I I I I I I I I I I I II 6/6/2022 6/15/2022 6/24/2022 7/5/2022 7/14/2022 712512022 8/3/2022 8/12/2022 8/23/2022 9/1/2022 9/12/2022 Volume Orange Share Price Average Source: Capitai iO Notes t . Mart<et Data as of 911212022 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 6

Morgan Stanley 8 Preliminary Valuation Summary (1)(2) Share Price as of 9112/2022: $19.41 Public Tradina Comparables (l) Revenue (CY23E) Street Case: 6 Ox 9 Ox AV I CY23E Revenue of $415MM $15.19 .~~~~~~~ $2~1.86 Management Case: 6 Ox 9 Ox AV I CY23E Revenue of $440MM $16.00 $23.08 Free Cash Flow (CY23E) Street Case: 30.0x 45.0x P I CY23E FCF of $104MM : $ $16 $17 .85 .42 .~ii~~~~~i... 25$ .2126.06 Management Case: 30 Ox 45.0x P I CY23E FCF of $107MM 4 Discounted Equity Value ( ) Based on Revenue (CY25E) and discounted 2.3 Years at 12.3% cost of equity Street Case: 6 Ox 9 Ox AV I CY25E Revenue of $585MM $16.53 $19.32 ~~~~~ ..:$2~3~.5:9..... $27.69 Management Case: 6 Ox 9 Ox AV I CY25E Revenue of $697MM Based on Free Cash Flow (CY25E) and discounted 2.3 Years at 12.3% cost of equity ‘ Street Case: 30.0x 40.0x P I CY25E FCF of $136MM $16.53 ‘ $22.01 Management Case: 30.0x 40.0x P I CY25E FCF of $208MM $25.09 .. ·$33.42 4 Discounted Cash Flow Analysis ( ) $17.59 _____... Management Case: 11.3% 13.3% WACC; 3.0% 4.0% PGR $23.93 Precedent Transaction Multiples Revenue (NTM CY22E) Street Case: 7 Ox 11.0x AV I NTM Revenue of $374MM ..$~23 .91 $15.88 .~~;i;;~~~ Management Case: 7 Ox 11.0x AV I NTM Revenue of $388MM $16.39 $24.71 For Reference Precedent Transaction Premia 20 0% 50 0% Premium to Unaffected Spot ($19.41) 20.0% 50 0% Premium to 30 Day Average ($19.37) $23.29 :::::::$29.12 $23.25 $29 06 6 Historical Trading Range ( ) Last 30 Days Last90 Days $17.37 $20.80 Last 365 Days $14.29 $20.80 $14.29 $27.40 Anatvst Price Taraets Undiscounted (5) $19.00 $28.00 Discounted 1 Year@ 12.3% Cost of Equity Median $16.92 $0 $5 $10 $15 $20 $25 $30 $35 $40 Notes 4. Valuation date for DEV and DCF as of 9/1212022 1. Mar1<e1data and Thomson estimates as of911212022; Street financials represent consensus estimates through CY2024E 5. Cost of equity of 12.3% based on 1.49 Barra predicted beta, 3.4% risk free rate and 6.0% market risk premium 2. Management reflects forecast provided by Management on 8/1212022 6. Historical trading range based on daily last sale prices 3. Relevant public comparables include: Atlassian, DocuSign, Smartsheet, Jam!, Zoomlnfo, Asana, Sprout Social, PagerDuty, Hubspot, Okta, Qualys, Rapid?, Tenable, Crowds!Jike, Zscaler PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 7

Morgan Stanley 8 Orange Comparable Company Valuation Benchmarking CY2023E ( AV I Revenue 111 ) X 16.8 16.6 CY2023E Median: 7.6x CY2023E Median: 8.3x 7.9 CY2023E P I FCF I1H2H3l X CY2023E Median: 33.6x 66.5 CY2023E Median: 39.3x 34.6 33.5 N.M. N.M. N.M. N.M. Source: Capitai iQ, Thomson Consensus Notes 1. Mar1<et data and consensus estimates as of 9112/2022 • Orange Estimates • High Growth Software • High Growth Security 2. Management reflects forecast provided by Management on 8/12/2022 3. Free cash flow calculated as operating cash flow less capex PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 8

Morgan Stanley 8 Discounted Equity Value Based on CY2025E Revenue Street and Management Cases; Value at 12/31/2024 Discounted to 9/12/2022 (1H2H5) $MM, Except Where Noted Street Case ~g~ 2025E Revenue 585 697 2025E MuHiple 8.0x BOx Implied Future AV S4,679 S5,578 (+) PrOJ. cash 5/6 619 ( ) Proj. Total Debt 0 0 Future Equity Value S5,255 S6,196 Current F6§6 185.1 185.1 Annual Basic Share lncrease(6> 08% 1.00k Future FOSO 189.5 1905 Future Price per Share $27.73 $32.52 Cost of Equity (Ke) 12.3% 12.3% Discount Period (Years) 2.30 2.30 Price Per Share N PV $21.24 s24.9o Implied Fully Diluted Future Discounted Fully Diluted (3)(4) Share Price (at Dec 2024) Future Share Price • 3 Month Performance Street Case Management Case Street Case Management Case • 12 Month Performance Historical NTM CY2025E Revenue, Margin AV I NTM Multiple AV I Revenue Multiple $585 $697 18% 26% 6.0x $21.59 $25.23 $16.53 $19.32 7.0x 33% $24.66 $28.88 $18.89 $22.11 45% 8.0x $27.73 $32.52 $21.24 $24.90 9.0x $30.80 $36.16 $23.59 $27.69 10.0x $33.87 $39.81 $25.94 $30.49 11.0x $36.95 $43.45 $28.29 $33.28 12.0x $40.02 $47.09 $30.65 $36.07 13.0x $43.09 $50.74 $33.00 $38.86 14.0x $46.16 $54.38 $35.35 $41.65 Notes 4. Cost of equity of 12.3% based on 1.49 Barra predicted beta, 3.4% risk free rate and 6.0% market risk premium 1. Mar1<et data and consensus as of 9/1212022 5. Current FDSO based on implied share price; represents annualized increase in basic shares through 12131/2023 2. Management reflects forecast provided by Management on 8/12/2022 6. Share creep calculated based on projected cumulative SBC divided by current share price to determine CAGR over the period 3. Assumes future cash balance as of 12/31/2024 of $582MM in Street Case and $619MM in Management Case 2022 to2025 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 9

2 Discounted Equity Value – Based on CY2025E LFCF Street and Management Cases; Value at 12/31/2024 Discounted to 9/12/2022 (1)(2)(4) $MM, Except Where Noted Street Case Management Case Street Case Management Case 2025E Revenue 585 697 2025E FCF 143 208 2025E FCF Margin 24.4% 29.8% 2025E Multiple 35.0x 35.0x Implied Future EV $5,002 $7,284 Current FDSO 185.0 185.1 Annual Basic Share Increase (5) 0 8% 1.0% Future FDSO 189.4 190.7 Future Price per Share $26.40 $38.20 Cost of Equity (Ke) 12.3% 12.3% Discount Period (Years) 2 30 2.30 Price Per Share NPV $20.22 $29.26 Implied Fully Diluted Future Discounted Fully Diluted (3) Share Price (at Dec 2024) Future Share Price Street Case Management Case Street Case Management Case CY2025E LFCF, Margin P / NTM Multiple $143 $208 24% 30% 30.0x $22.65 $32.77 $17.35 $25.09 35.0x $26.40 $38.20 $20.22 $29.26 Current Discounted 2.3 NTM Years at 12.3% Cost Multiple of Equity 39.2x 40.0x $30.15 $43.64 $23.09 $33.42 @$19.41 45.0x $33.91 $49.08 $25.97 $37.59 Notes 4. Current FDSO based on implied share price; represents annualized increase in basic shares through 12/31/2023 1. Market data and consensus as of 9/12/2022 5. Share creep calculated based on projected cumulative SBC divided by current share price to determine CAGR over the period 2. Management reflects forecast provided by Management on 8/12/2022 2022 to 2025 3. Cost of equity of 12.3% based on 1.49 Barra predicted beta, 3.4% risk free rate and 6.0% market risk premium PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 10

2 Long Term Orange Financial Profile $MM, unless otherwise noted (1)(2) Extrapolations reviewed and approved by management Terminal CY19A CY20A CY21A CY22E CY23E CY24E CY25E CY26E CY27E CY28E CY29E CY30E CY31E CY32E Year Select DCF Input Financials Revenue 121 175 246 336 440 555 697 854 1,020 1,186 1,344 1,480 1,585 1,649 1,706 % Revenue Growth 45% 41% 36% 31% 26% 26% 22% 19% 16% 13% 10% 7% 4% 3% Adj. EBITDA 1 16 42 49 75 132 213 282 360 447 537 612 676 725 751 Margin % 1% 9% 17% 15% 17% 24% 31% 33% 35% 38% 40% 41% 43% 44% 44% D & A 8 12 14 14 16 21 25 26 31 36 40 44 48 49 51 % of Revenue 7% 7% 6% 4% 4% 4% 4% 3% 3% 3% 3% 3% 3% 3% 3% CapEx + Capitalized Content (17) (13) (12) (21) (25) (18) (20) (26) (31) (36) (40) (44) (48) (49) (51) % of Revenue 14% 8% 5% 6% 6% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% SBC (118) (5) (18) (26) (39) (42) (42) (43) (51) (59) (67) (74) (79) (82) (85) % of Revenue 98% 3% 8% 8% 9% 8% 6% 5% 5% 5% 5% 5% 5% 5% 5% Cash Taxes 0 0 (1) (1) (5) (25) (44) (53) (70) (88) (107) (123) (137) (148) (154) Rate % 5% 54% 8% 8% 25% 36% 30% 25% 25% 25% 25% 25% 25% 25% 25% Change in NWC 35 35 50 64 65 69 63 78 83 83 79 68 52 32 29 % Change in Revenue 64% 71% 72% 62% 60% 44% 50% 50% 50% 50% 50% 50% 50% 50% uFCF (99) 32 61 66 71 116 171 238 292 347 401 438 465 477 490 % of Revenue (82%) 18% 25% 20% 16% 21% 24% 28% 29% 29% 30% 30% 29% 29% 29% EBITDA % uFCF % 83% (9%) (8%) (5%) 1% 3% 6% 5% 7% 8% 10% 12% 13% 15% 15% Notes 1. Management case through to FY2025 reflects forecasts provided by Management on 8/12/2022 2. Extrapolations were reviewed and approved by Management on 9/1/2022 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 11

2 Discounted Cash Flow Analysis Preliminary Discounted Cash Flow Analysis $MM Discounted Cash Flow Analysis Perpetuity Growth Rate 3.0% 3.5% 4.0% Discount Rate 13.3% 12.3% 11.3% 13.3% 12.3% 11.3% 13.3% 12.3% 11.3% Implied Valuation NPV of UFCF 1,440 1,513 1,590 1,440 1,513 1,590 1,440 1,513 1,590 FV of Terminal Value 4,904 5,432 6,088 5,179 5,769 6,510 5,485 6,147 6,991 PV of Terminal Value 1,500 1,807 2,205 1,584 1,919 2,358 1,677 2,045 2,532 Aggregate Value 2,940 3,320 3,795 3,024 3,432 3,948 3,117 3,557 4,122 Net Cash 315 315 315 315 315 315 315 315 315 Equity Value 3,255 3,635 4,111 3,339 3,747 4,264 3,433 3,873 4,438 FDSO 185.0 185.2 185.3 185.1 185.2 185.4 185.1 185.3 185.4 Price / Share $17.59 $19.63 $22.18 $18.04 $20.23 $23.00 $18.54 $20.90 $23.93 % Premium / (Discount) to Current (9%) 1% 14% (7%) 4% 18% (4%) 8% 23% % of Aggregate Value UFCF 49% 46% 42% 48% 44% 40% 46% 43% 39% Terminal Value 51% 54% 58% 52% 56% 60% 54% 57% 61% Implied Terminal EBITDA Multiple 6.5x 7.2x 8.1x 6.9x 7.7x 8.7x 7.3x 8.2x 9.3x Implied Exit FCF Multiple (P/LFCF) 10.7x 11.7x 13.1x 11.2x 12.4x 13.9x 11.8x 13.2x 14.9x Share Price Sensitivity(2)(5) Implied Exit Multiples (2)(3) Revenue and FCF Sensitivity(4)(5) $/Share, Growth declines to 4% by 2032; EBITDA margin X, Growth declines to 4% by 2032; EBITDA margin $/Share, FY2032 Revenue Growth (linear decline from increases to 44% increases to 44%; Assumes 12.3% WACC FY2026) WACC Multiple 2032 Revenue Growth 13.3% 12.8% 12.3% 11.8% 11.3% AV / Revenue AV / EBITDA P / FCF 2% 4% 8% 12% 16% 2.5% $17.18 $18.05 $19.09 $20.16 $21.45 2.5% 3.0x 6.8x 11.1x 34% $14.96 $15.77 $17.51 $19.46 $21.61 3.0% $17.59 $18.52 $19.63 $20.78 $22.18 3.0% 3.2x 7.2x 11.7x EBITDA 39% $17.06 $18.00 $20.02 $22.27 $24.77 GR 3.5% $18.04 $19.04 $20.23 $21.48 $23.00 3.5% 3.4x 7.7x 12.4x 44% $19.17 $20.23 $22.53 $25.08 $27.92 PGR P Margin 4.0% $18.54 $19.61 $20.90 $22.27 $23.93 4.0% 3.6x 8.2x 13.2x Terminal 49% $21.28 $22.46 $25.03 $27.89 $31.07 4.5% $19.10 $20.26 $21.66 $23.16 $25.00 4.5% 3.9x 8.8x 14.1x 54% $23.38 $24.69 $27.54 $30.71 $34.22 Notes Range from Football Field (p. 7) 1. Management case through to FY2025 reflects forecasts provided by Management on 8/12/2022 2. Extrapolations were reviewed and approved by Management on 9/1/2022 3. Calculated as implied exited aggregate value divided by relevant perpetual operating metric 4. Table assumes 12 3% WACC and 3.5% PGR 5. FDSO based on basic share count and dilutive securities schedule per latest filing 6. CY2023E NPV of uFCF stubbed for mid year PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 12

Morgan Stanley 8 Precedent Software Transaction Multiples Selected Software Transactions NTM Aggregate Value I Revenue Highest Multiple Strategic Software Deals Select Sponsor Software and Strategic Deals 44.9 35.0x+ 25.7 24.9 I r ..I 1 Orange I 1 I $ .41/share I 19 1 16·5 15.7 15.7 1 8.8x I 13.713.6 13.2 L r .! 11.0 11 0 10.8 10.3 9.3 92 9 1 9 Median 7.7x · it8 .3 8.2 8.2 8.0 7.8 7 8 7.6 7.3 7.0 6.8 6.8 6.6 6 6 “ 4.. ~~ ~ ~~~ ~~~n~r 4 6 42 . . · 4.1 3 8 3.7 3.6 3.4 3.3 3.2 Year 20 21 21 20 18 18 18 17 22 22 18 19 21 14 21 21 16 22 18 19 20 19 20 15 22 21 18 19 18 19 16 16 16 21 21 19 20 17 18 22 18 15 17 17 16 19 16 16 Growth ev 59% NA 20% 33% 30% 39% 25% 31% 16% 18% 24% 38% 20% 23% 100k 8% 21% 16% 14% 14% 12% 14% 18% 19% 19% 15% 16% 3% 24% 16% 16% 28% 28% 8% 10% 7% 4% 16% 4% 26% 7% 8% NA 17% 3% 4% 1% 12% Source Morgan Stanley Database, Capitai iQ, Thomson Consensus, Col!llany Filings, Public Information Sponsor Deals Strategic Deals Notes t . Twitio I Send Grid rruttipte as of closing date PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 13

Morgan Stanley 8 Precedent Technology M&A Premia $1 Bn+ Aggregate Value Software Transactions Since 2014 (1) # of Deals = 72 Unaffected Spot Premium % #of deals 20 18 Median: 30% 15 11 8 <20% 20% 30% 30% 40% 40% 50% 50%+ %Premium 28% 25% 21% 11% 15% % Distribution Unaffected 30 Day Average % #of deals Median: 35% 20 14 13 13 12 %Premium < 20% 20% 30% 30% 40% 40% 50% 50%+ % Distribution 18% 28% 19% 17% 18% Notes 1. Transaction data as of September 2022; excludes withdrawn deals and those by strategic acquirers PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 14

Morgan Stanley e Recent Software M&A With Sponsors 2021 and 2022 Select Public Transactions l l’“llmau& l:rk>dnllln y v~~ ~.~ I THOf~AOR/IWO I THOf~AOR/IWO P E RM”’ IR A I I rHO<.....,• I>O I I rHO<.....,•I>O I I rHO<.....,• I>O v ~~ .~.: ; ~ Medallia ci~nx hnaplan ®Sa~Point ~~ zendesk rll ~.valera Deal Size ($Bn) $11.2 $6.4 $16.5 $10.4 $6.8 $10.2 $2.8 $8.2 Date 4/26/2021 7/26/2021 1/31/2022 3/20/2022 4/11/2022 6/24/2022 8/3/2022 8/8/2022 Consideration 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash Activist Involvement X X X X X Premium to Unaffected 34% 20% 24% 31% 32% 34% 63% 27% NTM Revenue 10% 20% 3% 16% 18% 26% 19% 16% Growth NTM LFCF Margin 17% (8%) 21% 2% 1% 12% (1%) 1% Rule of 401 11 28% 12% 24% 18% 19% 38% 18% 17% NTM Purchase Rev 9.3x 10.8x 5.1x 13.5x 13.2x 4.6x 7.6x 9.0x Multiple Source: CapiQ, DeaiPoint Data Notes 1. Rule of 40 based on NTM Revenue Growth + NTM FCF Margin PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 15

3 Next Steps Process • Verbal feedback from Violet expected after market close on September 16 –Pre scripted response on key potential offer items • Should a 13 D filing occur, Morgan Stanley to: 1. Reconnect with previously contacted parties to see if there’s interest in reengaging in light of the filing 2. Report inbound interest to the Special Committee and discuss potential engagement • If we proceed with Violet, then: 1. Diligence continue confirmatory diligence, including code scan 2. Financing debt and equity sources notified (with our permission) 3. Documentation merger agreement and associated documentation PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 16

3 Next Steps – Communications In Case of Proposal by Violet • Days leading up to 13 D filing / public announcement of proposal: – Monitor for potential leaks – Develop and finalize communication materials – Hold sector leader touch base • Day of announcement of proposal: – Upload and issue press release – Alert NASDAQ – 13 D filing becomes public – Distribute employee e mail, investor / analyst courtesy note – Host daily employee briefing – Respond to inquiries, as appropriate • Days / weeks / months following announcement of proposal: – Special Committee to evaluate Violet proposal – Respond to media and stakeholder inquiries, as appropriate PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 17

Recent Software M&A With Sponsors 2021 and 2022 Select Public Transactions I Icll man & Friedman | TbO’.UBHiVfl |E n-O\UBiiivfi yj vista II THOMABRAJO II THOMABRAJO PERM IR A | TbO’.UBIIAVfl Vv’    Medallia cilrix Anaplan ®SailPoint zendesk H Avalara Deal Size ($Bn) $11.2 $6.4 $16.5 $10.4 $6.8 $10.2 $2.8 $8.2 Date 4/26/2021 7/26/2021 1/31/2022 3/20/2022 4/11/2022 6/24/2022 8/3/2022 8/8/2022 Consideration 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash Activist Involvement X X z z X z X X Premium to Unaffected 34% 20% 24% 31% 32% 34% 63% 27% NTM Revenue Growth 10% 20% 3% 16% 18% 26% 19% 16% NTM LFCF Margin 17% (8%) 21% 2% 1% 12% (1%) 1% Rule of40(1) 28% 12% 24% 18% 19% 38% 18% 17% NTM Purchase Rev Multiple 9.3x 10.8x 5.1x 13.5x 13.2x 4.6x 7.6x 9.0x Source: CaplQ, DealPoint Data Notes 1. Rule of 40 based on NTM Revenue Growth + NTM FCF Margin

3 Sponsor and Strategic Outreach Considerations Sponsors Strategics Tier 1A Tier 1 [***] [***] Tier 1B Tier 2 [***] Tier 2 [***] [***] Outreach Has Occurred PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 19

APPENDIX Reference Materials PRELIMINARY AND CONFIDENTIAL DRAFT 20

Morgan Stanley 1 2 Overview of Street vs. Management Plan ( H ) Total Revenue Gross Profit $MM $MM $697 $622 _ o $503 $100 Total Revenue Growth Gross Profit Margin % % 59.1% 25.6% o 19.7% 17.7% 84.7% 82.9% o Actuals o Street 0 · Street Extrapolations o Management Notes 1. Street financials represent Thomson consensus estimates as of 9/1212022 2. Management reflects forecast provided by Management on 8/12/2022 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 21

Morgan Stanley Overview of Street vs. Management Plan (Cont’d) (1H 2 > Adj. EBITDA Levered Free Cash Flow $MM $MM $213 $208 C> _o , $138 $143 $19 $1 Adj. EBITDA Margin Levered Free Cash Flow Margin % % 30.6% 29.8% _ o <> 16.5% 24.4% 23.6% o Actuals o Street 0 · Street Extrapolations o Management Notes 1. Street financials represent Thomson consensus estimates as of 9/1212022 2. Management reflects forecast provided by Management on 8/12/2022 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 22

Morgan Stanley Orange Performance Has Been Volatile Since IPO, Particularly During Recent Market Turbulence .. . Share Price Performance Since IPO (1)(2) Price per Share ($) Volume (MM) 40 15 71212021: Kaseya 101212021 Orange ransomware announces~will acquire 51312022 Broader marl<et attad< SecurityAdvisor and volatility arrid heightened intruduce a New Information Secur~ uncertainty around inflation, 35 quantitative tightening, cateQOJY titled “Human Detection and Response· 2/16/2022 Orange China slowdown and 12 announces transition of Russia I Ukraine war Co President and CFO 6/24/2022 Orange is 6/8/2021: Orange Krish Venkataraman to launches new 1111012021 Orange added to the Russell Board of Directors 30 announces upsize and 1000 Index Compliance Plus Training Module pricing of proposed Follow On Offering 9 25 Orange Capitalization $MM, unless otherwise noted <1l 6 Share Pr ice S19.41 20 $19.41 Orange adds FOSO 185 Michael Williams as new Chief Fully Dilut ed Equity Value $3,594 Marketi Officer ( )Cash (315) 7/20/2021 3 15 (+)Debt 0 Aggregate Value $3,279 AV ICY 2022E Revenue 9.8x AV ICY 2023E Revenue 7.9x 10 0 Apr 21 May 21 Jul 21 Aug 21 Sep 21 Nov 21 Dec 21 Jan 22 Feb 22 Apr 22 May 22 Jun 22 Aug 22 Sep 22 Volume Price Source: Capilal IQ Notes 1. Mart<etdataasof 9/12/2022 2. High and low based on closing prices as of Capilai iQ PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 23

Morgan Stanley ... With Valuation Multiples Converging on Those of Peers Over Time Since Orange IPO (1)(2) AV I NTM Revenue P I NTM FCF 13H4l X X 30 120 88.4x 20 80 17.6 15 60 12.5 43.5x 10 40 41 .7x 8.8x 8.8x 39.2x 8.5x 5 20 0 0 Apr 21 Jun 21 Aug 21 Oct 21 Dec 21 Feb 22 Apr 22 Jun 22 Sep 22 Apr 21 Jun 21 Aug 21 Oct 21 Dec 21 Feb 22 Apr 22 Jun 22 Sep 22 Orange High Growth Software High Growth Security o range High Growth Software High Growth Security Source: Capitai iQ Notes 1. Mar1<et data and Thomson estimates as of 9/1212022 2. Median of each category shown; High Growth Software includes: Allassian. Oocusign, Smartsheet. Jamf, Zoom Info, Asana, Sprout Social, Pagerduty, Hubspot; High Growth Security includes: Crowostrike, Okta, Qualys, Rapid?, Tenable, Zscaler 3. FCF defined as operating cash flow less capex 4. FCF multiples above 110 Ox shown as N M. PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 24

Morgan Stanley Software Multiples Have Significantly Compressed From Recent Highs NTM Forward Revenue Multiples of Software Companies Since January 2002 NTM AV I Revenue Multiple SOx All Top 5 Time Software Average Revenue Peak 2021 : 67.5x 70x Period Revenue Multiple Multiple Jan 2002 Pre GFC 7.5x 3.6x Nov 2007 60x Dec 2007 GFC 6.0x 2.8x Jun 2009 SOx Post GFC Jul2009 13.1x 5.1x to COVID Jan 2020 COVID to Jan 2020 45.4x 12.0x Peak Oct 2021 40x 2021 Oct 2021 67.5x 14.6x Peak 30x Current 19.4x 6.1x 20x Peak 2021: 14.6x 19.4x 10x All Software Top 5 Software Average of All Software (1998 2014) Average of All Software (2014 ) Source: Capitai iQ, as of 9/1212022 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 25

Orange Comparable Company Operational Benchmarking (1) CY2023E CY2023E Revenue Growth (%) CY2023E Adj. EBITDA Margin (%) CY2023E Free Cash Flow Margin (%)(2) CY2023E Rule of (%)(3) 31 17 25 56 Management Management Street Management 24 17 24 49 Street Street Management Street 31 44 37 68 Sprout Social ZoomInfo ZoomInfo ZoomInfo 30 22 19 48 ZoomInfo Jamf Atlassian Atlassian 30 20 18 40 Asana DocuSign DocuSign Jamf 29 19 18 38 Smartsheet Atlassian Jamf Hubspot 28 12 14 36 Atlassian Hubspot Hubspot Sprout Social 4 6 32 Hubspot 24 PagerDuty PagerDuty Smartsheet (0) 5 30 24 PagerDuty PagerDuty Sprout Social Sprout Social 23 (1) 4 29 Jamf Smartsheet Smartsheet DocuSign (32) (18) 12 DocuSign 11 Asana Asana Asana 39 36 69 37 Crowdstrike Crowdstr ke Qualys Qualys 20 32 55 32 Zscaler Zscaler Crowdstrike Crowdstrike 16 23 53 Okta 29 Zscaler Zscaler Qualys 21 12 17 38 Rapid7 Tenable Tenable Tenable 21 9 11 36 Tenable Rapid7 Rapid7 Okta 17 0 7 32 Qualys Okta Okta Rapid7 Source: Capital IQ, Thomson Consensus, Company Management Notes 1. Market data and consensus estimates as of 9/12/2022 Orange Estimates High Growth Software High Growth Security 2. Management reflects forecast provided by Management on 8/12/2022 3. Free cash flow calculated as operating cash flow less capital expenditures 4. Rule of defined as the sum of revenue growth and free cash flow margin PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 26

Broker Estimates for Orange Select Analyst Estimates and Targets (1) $MM, except per share data Following Q2’22 Earnings Announcement, broker price targets range decreased from $19 $29 Revenue Gross Margin Adj. EBITDA Free Cash Flow Current Price Target Valuation Broker Date of Report Rating Price Target Methodology Methodology CY22E CY23E CY24E CY22E CY23E CY24E CY22E CY23E CY24E CY22E CY23E CY24E ~12x CY2023E AV / Cowen Cowen 8/4/2022 Outperform 28.00 AV / FCF $335 $415 87% 87% $87 $123 Revenue DCF (20x CY2032 Truist Truist 8/4/2022 Buy 28.00 AV / FCF, DCF $334 $424 86% 85% $54 $59 $81 $98 FCF TV) DCF (25x CY2026E Piper Sandler Piper Sandler 8/4/2022 Overweight 25.00 AV / FCF, DCF $334 $421 87% 85% $83 $114 FCF) ~40x CY2023E AV / AV / Revenue, Canaccord Canaccord 8/4/2022 Buy 25.00 $334 $421 87% 87% $80 $105 FCF AV / FCF 10x CY2023E AV / Stephens Stephens 8/4/2022 Overweight 25.00 AV / Revenue $334 $422 $515 88% 87% 87% $53 $72 $98 $81 $114 Revenue 9.7x AV / CY2023E Needham Needham 8/4/2022 Buy 24.00 AV / Revenue $334 $415 $507 87% 87% 87% $80 $107 $133 Revenue 85% 7.5x AV / Goldman Sachs GS 8/4/2022 Buy 22.00 Revenue; 15% AV / Revenue $332 $412 $492 86% 85% 85% $46 $65 $90 $64 $106 $146 Strategic Ppaids 25x CY2027E Morgan Stanley MS 8/4/2022 Equal Weight 21.00 AV / FCF $333 $413 $502 86% 86% 87% $46 $60 $93 $85 $84 $115 AV/FCF 7x CY2023E AV / Bank of America BofA 8/4/2022 Buy 20.00 AV / Revenue $334 $420 $521 87% 85% 85% $57 $72 $97 $79 $98 $110 Revenue 8.0x CY2023E AV / Citi Citi 8/5/2022 Neutral 20.00 AV / Revenue $334 $394 $484 83% 78% 78% $52 $63 $79 $84 $98 $126 Revenue 8.0x CY2023E AV / UBS UBS 8/4/2022 Neutral 19.00 AV / Revenue $333 $407 $475 87% 87% 88% $60 $75 $89 $82 $95 $109 Revenue Mean $23.36 $334 $415 $499 87% 85% 85% $53 $66 $91 $81 $104 $123 Median $24.00 $334 $415 $502 87% 86% 87% $53 $65 $92 $81 $105 $121 Post earnings, median CY22 revenue estimates increased from $332; CY23 estimates Notes 1. Latest available broker estimates, excludes Berenberg due to price target as of 2/17/2022 decreased from $417 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 27

WACC Calculation Predicted Beta (1)(2) Orange WACC Analysis (1) 1.6 WACC Calculation 1.5 Low Base High 1.4 Market Risk Premium 6.0% 6.0% 6.0% 1.3 Barra Predicted Beta (2) 1.49 1.49 1.49 1.2 Risk Free Rate 10 Year Spot as of 09/12/22 3.4% 3.4% 3.4% 1.1 Sensitivity Adjustment (1.0%) 0.0% 1.0% 1 Cost of Equity 11.3% 12.3% 13.3% 21 21 21 21 21 22 22 22 22    Apr Jun Aug Oct Dec Feb Apr Jun Sep Equity / Total Capitalization 100.0% 100.0% 100.0% Pre Tax Cost of Debt Tax Rate 25% 25% 25% After Tax Cost of Debt Total Debt / Total Capitalization WACC 11.3% 12.3% 13.3% Notes 1. Market data as of 9/12/2022 2. Barra Beta per Capital IQ as of 9/12/2022 PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 28

Orange Capitalization Summary and Aggregate Value Build $MM, Except Where Noted (1)(2)(3) Current Spot Current Share Price ($) $19.41 Basic Total Shares Outstanding (#MM) 175.7 Shares Weighted Avg Diluted Shares Outstanding Dilutive Instruments (#MM) Strike Price ($) (#MM) RSUs Outstanding 2.79 0.00 2.79 Options Outstanding 8.04 $3.25 6.69 Total 9.48 Debt Amount Total Debt Fully Diluted Shares Outstanding (#MM) 185.2 Fully Diluted Equity Value $3,594 (+) Debt Principal ( ) Cash ($315) Fully Diluted Aggregate Value $3,279 Notes 1. Market data as of 9/12/2022 2. Debt balance, options, and RSUs as of 6/30/2022 3. Assumes $315MM Cash and 175.7MM basic shares outstanding as of 6/30/2022 per 10Q PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT REFERENCE MATERIALS 29

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