Exhibit (c)(6)

Used: 2/3/2025 Project Virgil: Preliminary Valuation Analysis February 2025

Proposed Agenda 1. Virgil Trading Performance 1 2. Preliminary Perspectives on Valuation 6 Appendix 15

Virgil Trading Performance

Virgil Share Price Over Time Share Price Since IPO Share Price Summary High Low Post-Earnings Price Reaction $30 Nov 2021 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%; IPO Price $25 $25.00 First Day Close: $24.94 $20 Avg Since IPO $26.57 $6.14 $10.45 LTM $13.29 $7.44 $10.58 Market Cap (-) Cash (+) Debt Enterprise Value Jan 2023 Named Dan Drees as President May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm Market & Operating Summary (1/31/2025) 2024E $2,363 EV / Revenue 4.7x ($386) EV / Gross Profit 6.4x $72 EV / EBITDA 25.7x $2,049 2025E 4.3x 5.7x 20.6x 2026E 3.8x 4.9x 15.7x Nov 2024 3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm Jul 2024 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm Jun 2023 Virgil Investor Day $15 $12.72 $10.60 $10 30% 1-day drop $5 Oct-21 Apr-22 Nov-22 May-23 Dec-23 Q2 Q4 CY22 Q1 Q2 CY23 Q3 Q4 CY23 Jan-25 Q3 (1) NTM Rev Growth 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% NTM Gross Margin(1) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% NTM EBITDA Margin(1) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% NTM Rule of 40 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% Source(s): FactSet. Market data as of 1/31/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins. 1 Jun-24 CY21 Q4 CY21 Q1 CY22 Q3 $8.94 Q1 CY24 Q2 Q3

Virgil Relative Share Price Performance vs. Peers Share Price Performance Since IPO Performance 150% Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (58%) 2% (5%) (3%) 3% Peers (0%) 14% 14% 31% 6% 0% 100% 50% (58%) 0% Oct-21 Apr-22 Nov-22 May-23 Virgil Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2 Dec-23 Jun-24 Peers (1) Jan-25

Virgil Q2 2024 Earnings Release on CY2024E Guidance CY24E Guidance Over Time Revenue Adj. EBITDA ($ in millions) ($ in millions) ∆ to Midpoint 0% (0.5%) (2.2%) Interest from customer funds $45 $45 $49 32% 0% $448.0 $447.0 $75 $447.5 $447.6 (3.8%) $75 $73 $71 $77 $73 $71 $444.4 $67 $442.0 $441.0 Q1 ‘24A May Roadshow $439.0 $436.0 $52 Q2 ‘24A Q1 ‘24A Consensus Source(s): FactSet, Broker Research, Company filings. 3 May Roadshow Q2 ‘24A

Multiples Compared to Peers Median EV / NTM Revenue Over Time 14.0x Virgil Peers Average EV / NTM Revenue 1 Year 2 Year 4.0x 4.0x 5.1x 5.5x 3 Year 4.0x 4.0x 10.0x 6.4x 6.0x 4.3x 2.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Median EV / NTM EBITDA Over Time(2) 30.0x Peers Average EV / NTM EBITDA 1 Year 2 Year 13.4x 12.3x 3 Year 12.5x 20.0x 15.4x 10.0x 0.0x Oct-21 Apr-22 Nov-22 Virgil May-23 Dec-23 Peers(1) Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period. 4 Jun-24 Jan-25

Summary of Broker Price Targets and Recommendations Share Price Targets % vs. Current: 13% 4% 42% Buy / Hold / Sell (15%) Price $12.00 Buy 47% Sell 12% $15.00 $10.60 Price Target History 3-Yr Max avg. price target $11.00 $9.00 $14.36 $12.00 $10.60 Hold 41% Current Mean Median Max Min Price Target and Valuation Methodology by Analyst Broker Wolfe Baird Wells Fargo BMO Goldman Sachs Keefe Bruyette KeyBanc BTIG UBS Barclays Morgan Stanley JP Morgan Piper Sandler Compass Point Deutsche Bank Susquehanna BofA Date of Latest Report Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology 1/29/2025 1/16/2025 1/16/2025 1/15/2025 1/9/2025 1/5/2025 12/18/2024 12/11/2024 12/7/2024 11/15/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/6/2024 $13.00 $14.00 $10.00 $11.00 $9.50 $11.00 $14.00 $14.00 $10.50 $13.00 $11.00 $10.00 $10.00 $15.00 $15.00 $14.00 $9.00 Buy Buy Hold Hold Sell Hold Buy Buy Hold Buy Hold Hold Hold Buy Buy Buy Sell 14.0x CY26 EV/EBITDA 4.5x CY26 EV/Revenue 14.0x CY26 EV/EBITDA 20.0x CY26 EV/EBITDA 12.0x CY26 EV/EBITDA 4.4x CY25 EV/Revenue 20.0x CY26 EV/EBITDA 5.0x CY26 EV/Gross Profit 7.0x CY25 EV/Gross Profit 15.0x CY26 EV/EBITDA 4.0x EV/Gross Profit DCF 2.9x CY25 EV/Revenue 0.48x CY26 P/S/G 3.0x CY26 EV/Revenue 4.5x CY26 EV/Gross Profit 4.0x CY26 EV/Gross Profit DCF - Source(s): FactSet, AlphaSense, Broker Research, Press release. Market data as of 1/31/2025. 5

Preliminary Perspectives on Valuation

Financial Summary – Company LRP (Dec 2024) Preliminary Financial Summary ($ in millions) 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E Total Revenue $248 $316 $381 $439 $487 $567 $668 $788 $922 % Growth 34% 27% 20% 15% 11% 16% 18% 18% 17% Total COGS ($97) ($114) ($117) ($116) ($127) ($135) ($147) ($158) ($166) 6% 7% Total Non-GAAP Gross Profit $151 $203 $264 $323 $359 $432 $521 $630 $756 29% 19% GM % 61% 64% 69% 73% 74% 76% 78% 80% 82% 10% 13% 14% 8% 9% 4% 11% 9% NA 37% NA 52% (14%) 6% 102% (16%) S&M (60) (73) (73) (79) (85) (93) (106) (126) (147) % of Revenue 24% 23% 19% 18% 18% 16% 16% 16% 16% R&D (60) (75) (86) (90) (91) (96) (99) (114) (129) % of Revenue 24% 24% 23% 20% 19% 17% 15% 15% 14% G&A (57) (70) (75) (74) (79) (82) (86) (87) (92) % of Revenue 23% 22% 20% 17% 16% 14% 13% 11% 10% ($177) ($218) ($234) ($243) ($255) ($271) ($292) ($327) ($369) 71% 69% 61% 55% 52% 48% 44% 41% 40% Non-GAAP EBITDA (Unburdened w/ SBC) ($26) ($15) $30 $80 $104 $161 $229 $303 $387 EBITDA Margin % (11%) (5%) 8% 18% 21% 28% 34% 39% 42% Depreciation & Amortization (31) (33) (36) (36) (37) (36) (32) (31) (34) % of Revenue 12% 10% 9% 8% 8% 6% 5% 4% 4% Total OpEx % of Revenue Non-GAAP EBIT ($57) ($48) ($5) $44 $67 $125 $197 $272 $353 Op Margin % (23%) (15%) (1%) 10% 14% 22% 29% 35% 38% Total CapEx ($32) ($22) ($18) ($20) ($22) ($30) ($22) ($24) ($27) % of Revenue 13% 7% 5% 5% 4% 5% 3% 3% 3% Purchase of Equipment and Facilities (15) (4) (2) (2) (3) (12) (3) (3) (3) Purchase of Software & Technology (17) (18) (16) (18) (19) (18) (18) (21) (24) Change in NWC ($2) ($3) ($22) ($20) $4 ($2) ($8) ($17) ($8) % of Revenue (1%) (1%) (6%) (5%) 1% (0%) (1%) (2%) (1%) Stock-based Compensation $21 $32 $41 $47 $54 $45 $47 $62 $69 % Revenue 9% 10% 11% 11% 11% 8% 7% 8% 7% Memo: Source(s): Based on Company LRP. 6 ‘21A - ‘24E 21% ‘24E - ‘29E 16%

Comparison of Virgil Company LRP and Consensus Financial Projections: Company LRP vs. Current Consensus vs. Extrapolated Consensus Historical ($ in millions) Current Consensus Company LRP CAGR (‘24E – ‘26E): 14% CAGR (‘24E – ‘29E): 16% ~$465mm 2025E preliminary budget based on discussions with Management Revenue $248 $316 $381 CY’21A CY’22A CY’23A 27% % Growth: 20% $439 $487 15% 11% CY’29E 16% 17% $80 ($15) % Margin [Budget]: CAGR (‘24E – ‘29E): 11% $745 $545 $438 CY’24E CY’25E CY’26E 15% 10% 13% $480 $545 CY’24E CY’25E CY’26E 15% 10% CY’29E 13% 11% CAGR (‘24E – ‘26E): 42% CAGR (‘24E – ‘29E): 37% CAGR (‘24E – ‘26E): (5%) 28% CAGR (‘24E – ‘26E): 28% CAGR (‘24E – ‘29E): 25% $387 ~$96mm 2025E budget $104 $80 $99 $246 $131 $80 $99 $131 $30 CY’21A CY’22A CY’23A 8% CY’24E CY’25E CY’26E 18% 21% 28% CY’29E 42% 21% Source(s): Company Filings, Broker Research and Company LRP.1. Unburdened by SBC. 2. Highly preliminary and not used in formal valuation. 7 $480 $161 (11%) 11% 6% NonGAAP EBITDA(1) % Margin: CAGR (‘24E – ‘26E): ~$465mm 2025E budget $438 ~$96mm 2025E preliminary budget based on discussions with Management ($26) 11% $922 $567 CY’24E CY’25E CY’26E % Growth [Budget]: CAGR (‘24E – ‘26E): Extrapolated Consensus(2) CY’24E CY’25E CY’26E 18% 21% 24% CY’24E CY’25E CY’26E 18% 21% 24% CY’29E 33%

Preliminary Comparable Public Companies Operating and Valuation Metrics Through CY26 Price 1/31/2025 Equity Value Enterprise Value EV/Revenue CY24E CY25E CY26E EV/EBITDA CY24E CY25E CY26E Revenue Growth ‘24/’23 ‘25/’24 ‘26/’25 Gross Profit Margin EBITDA Margin CY25E CY25E CY26E Capex % Float of Rev Rev Mix CY25E CY25E Virgil (Company LRP) $10.60 $2,363 $2,049 4.7x 4.2x 3.6x 25.7x 19.6x 12.8x 15.4% 10.8% 16.5% 73.8% 21.4% 28.4% 4.5% 9.4% Virgil (Consensus) $10.60 $2,363 $2,049 4.7x 4.3x 3.8x 25.7x 20.6x 15.7x 15.1% 9.5% 13.4% 75.2% 20.7% 24.0% 4.6% 9.4% Virgil (Mgmt. Budget) $10.60 $2,363 $2,049 Adyen $1,632.09 $50,918 $41,817 20.3x 16.4x 13.1x 41.7x 31.2x 23.5x 22.2% 23.9% 24.6% NA 52.5% 55.9% 5.0% NA Corpay 380.49 27,397 33,901 8.2x 7.6x 6.9x 15.3x 14.0x 12.6x 6.7% 7.4% 10.0% 79.6% 54.4% 55.1% 4.8% 1.7% Shift4 119.85 12,150 13,281 9.1x 7.7x 6.5x 19.1x 15.4x 12.9x 28.8% 18.0% 19.0% 70.8% 50.0% 50.1% 10.8% NA Bill.com 96.77 10,620 10,069 7.3x 6.4x 5.4x 48.8x 42.4x 33.6x 17.4% 14.3% 17.8% 83.7% 15.1% 16.1% 1.9% 8.5% Wex 183.89 7,577 7,970 3.0x 2.9x 2.7x 6.9x 6.6x 6.0x 3.0% 3.3% 6.9% 61.3% 44.3% 45.7% 5.4% NA Blackline 63.85 4,245 4,333 6.6x 6.1x 5.5x 26.4x 23.6x 19.9x 10.5% 9.2% 10.3% 80.1% 25.7% 27.7% 4.0% NA Payoneer 10.60 4,221 3,701 3.9x 3.6x 3.2x 14.1x 14.5x 12.7x 15.3% 7.9% 11.8% 82.0% 24.6% 25.2% 2.1% 20.3% Paymentus 31.96 4,141 3,953 12.9x 10.9x 9.2x 43.8x 34.9x 27.8x 27.0% 18.5% 18.2% 80.8% 31.2% 33.2% 8.7% NA Flywire 19.33 2,589 1,908 4.0x 3.2x 2.6x 24.5x 16.8x 11.9x 26.2% 21.9% 23.6% 64.1% 19.3% 22.1% 1.9% NA Min 3.0x 2.9x 2.6x 14.1x 14.0x 11.9x 3.0% 3.3% 6.9% 61.3% 15.1% 16.1% 1.9% 1.7% Mean 8.4x 7.2x 6.1x 19.9x 16.9x 17.3x 17.5% 13.8% 15.8% 75.3% 35.2% 36.8% 5.0% 10.1% Median 7.3x 6.4x 5.5x 19.1x 15.4x 12.9x 17.4% 14.3% 17.8% 79.8% 31.2% 33.2% 4.8% 8.5% Max 20.3x 16.4x 13.1x 26.4x 23.6x 27.8x 28.8% 23.9% 24.6% 83.7% 54.4% 55.9% 10.8% 20.3% (1) 4.4x 21.4x (2) (2) (2) (2) (2) (2) (2) (2) 6.0% (2) (2) (2) (2) 20.6% Reference Valuation Metric Selected Range Implied Equity Value Implied Share Price 2025 Revenue (LRP) $487 4.0x - 7.0x $1,946 Implied EV - $3,406 $2,260 - $3,719 $10.14 - $16.54 2026 Revenue (LRP) 567 4.0x - 6.0x 2,267 - 3,400 2,580 - 3,714 $11.56 - $16.52 2025 EBITDA (LRP) 104 14.0x - 19.0x 1,461 - 1,983 1,774 - 2,296 $7.99 - $10.31 2026 EBITDA (LRP) 161 12.5x - 17.5x 2,008 - 2,812 2,322 - 3,125 $10.42 - $13.95 Source(s): FactSet. Market data as of 1/31/2025. 1. Adyen does not report gross profit values. 2. Excludes EV / EBITDA multiples greater than 30.0x and less than 7.0x. 8 R

Preliminary Selected Comparable Transactions Preliminary Comparable Transactions Announced Date Acquiror 01/07/2025 Enterprise Value Multiple Revenue EBITDA LTM NTM LTM NTM Target Enterprise Value NTM Rev. Growth Paychex Paycor $4,087 11% 34% 34% 5.9x 5.3x 17.5x 15.8x 21% 5% 09/18/2024 Bridgepoint / General Atlantic Esker $1,727 15% 17% 19% 8.2x 7.1x 47.9x 36.6x 30% 28% 05/08/2024 Corpay Paymerang $475 20% NA NA 9.6x 8.0x NA NA NA NA 10/23/2023 Vista Equity Partners EngageSmart $3,657 20% 18% 18% 10.6x 8.8x 57.6x 48.1x 23% 3% 12/12/2022 Thoma Bravo Coupa $8,148 17% 12% 10% 10.0x 8.5x NM NM 77% (60%) 09/28/2022 EQT Billtrust $1,467 35% (14%) (4%) 10.2x 7.5x NM NM 65% (13%) 08/08/2022 Vista Equity Partners Avalara $8,418 21% 6% 6% 10.7x 8.8x NM NM 27% (51%) 12/17/2021 Thoma Bravo Bottomline $2,605 11% 20% 20% 5.4x 4.9x 26.9x 23.7x 42% 5% 07/19/2021 Bill.com Invoice2go $625 24% NA NA 16.4x 13.3x NA NA NA NA 11/08/2018 Edenred Corporate Spending Innovations $600 21% 60% 60% 14.0x 11.5x 23.1x 19.4x NA NA Median 20% 18% 19% 10.1x 8.3x 26.9x 23.7x 30% 3% Mean 19% 19% 20% 10.1x 8.4x 34.6x 28.7x 41% (12%) Metric Selected Range EBITDA Margin LTM NTM Premiums 1-Day 52-Wk High Reference Valuation Implied Equity Value Implied Share Price 2024E Revenue $439 6.0x - 10.0x $2,636 - $4,393 $2,949 - $4,706 $13.18 - $20.86 2025E Revenue 487 4.0x - 8.0x 1,946 2,260 $10.14 - $18.67 Source(s): FactSet, company filings, Broker Research and other public information. Market data as of 1/31/2025. 9 Implied EV - 3,892 - 4,206

Preliminary Discounted Cash Flow Analysis Company LRP Preliminary Discounted Cash Flow Calendar Year Ended December 31 ($ in millions) Revenue % Growth Non-GAAP EBITDA (Unburdened w/ SBC) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E Terminal Year $439 $116 $370 $567 $668 $788 $922 $922 15% 10% 11% 16% 18% 18% 17% 17% $80 $21 $83 $161 $229 $303 $387 $387 % Margin 18% 18% 22% 28% 34% 39% 42% 42% Less: D&A (36) (10) (28) (36) (32) (31) (34) (27) Less: Stock-based Compensation (47) (11) (43) (45) (47) (62) (69) (69) Less: Non-Recurring Items (cash impact) (4) 0 (3) (3) (4) (4) (5) - ($7) $1 $10 $76 $146 $206 $280 $291 - - - - - - - (70) $221 Non-GAAP EBIT (Burdened w/ SBC) Less: Taxes(2) NOPAT (1) ($7) $1 $10 $76 $146 $206 $280 Plus: D&A 36 10 28 36 32 31 34 27 Less: Capital Expenditures (20) (6) (16) (30) (22) (24) (27) (27) Less: Change in NWC (20) (12) 16 (2) (8) (17) (8) (8) (5) (3) (17) (68) (27) (20) (19) (19) ($16) ($10) $20 $13 $123 $176 $259 $194 (4%) (9%) 6% 2% 18% 22% 28% 21% Less: Other Cash Items (3) Unlevered Free Cash Flow (uFCF) % Margin Implied EV Calculation Implied EV Calculation – Terminal LTM EBITDA Multiple $387 Terminal EBITDA Multiple 15.0x Terminal Value Terminal EV / LTM EBITDA Multiple $5,807 PV of unlevered FCF $379 11% PV of Terminal Value 3,066 89% Enterprise Value $3,445 100% WACC Terminal EBITDA Preliminary Implied Share Price Sensitivity Analysis 1671.6% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% $14.56 $15.49 $16.42 $17.35 $18.29 $19.22 $20.15 14.0% $14.04 $14.93 $15.82 $16.72 $17.61 $18.50 $19.40 15.0% $13.54 $14.40 $15.25 $16.11 $16.97 $17.82 $18.68 Preliminary Implied Perpetuity Growth Rate Sensitivity Analysis Terminal EV / LTM EBITDA Multiple 314 10.4% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x Equity Value $3,759 13.0% 8.6% 8.9% 9.2% 9.5% 9.7% 9.9% 10.0% FDSO 224.9 14.0% 9.5% 9.9% 10.2% 10.4% 10.7% 10.9% 11.0% Implied Share Price $16.72 15.0% 10.5% 10.9% 11.2% 11.4% 11.6% 11.8% 12.0% WACC Less Net Debt Source(s): Based on Company LRP. Note: Debt and cash balance as of Q1 CY25 Company LRP. Valuation date as of 3/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Company reports non-GAAP operating income with unburdened stock based compensation. 2. Assumes no cash taxes in forecast period and 24% normalized tax rate in Terminal Year. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 10

Preliminary Discounted Cash Flow Analysis Financial Performance Sensitivity Key Assumptions Preliminary Share Price - 15.0x Terminal Multiple 2024E - 2029E Revenue CAGR Delta vs. LRP (%)(1) • Assumes valuation date of 03/31/2025 0.0% • Preliminary figures based on Company LRP through 2029E • Assumes 14% WACC 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) Implied 2029E EBITDA Margin (%) • Assumes 15.0x Terminal LTM EV/EBITDA Multiple (4.0%) (4.8%) 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $16.72 $16.05 $15.40 $14.78 $14.18 $13.70 40.0% $15.90 $15.27 $14.66 $14.06 $13.49 $13.04 38.0% $15.09 $14.49 $13.91 $13.34 $12.80 $12.37 36.0% $14.28 $13.71 $13.16 $12.63 $12.11 $11.70 34.0% $13.47 $12.93 $12.41 $11.91 $11.42 $11.03 33.0% $13.06 $12.54 $12.04 $11.54 $11.07 $10.84 Extrapolated Consensus Implied 2029E EBITDA ($mm) 2024E - 2029E Revenue CAGR Delta vs. LRP (%)(1) 0.0% • Company LRP sensitized with annual revenue growth and EBITDA margin (1.0%) (2.0%) (3.0%) (4.0%) (4.8%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) Implied 2029E EBITDA Margin (%) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) 2024E to 2029E Implied Revenue CAGR (%) Source(s): Historicals per Filings, CY25E to CY29E based on Company LRP. 1. Revenue growth sensitized from 2025E to 2029E. 2. EBITDA margin sensitized from 2025E to 2029E. 11 (3.0%) LRP • Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology • Assumes other key financial metrics such as CapEx, Stock-based Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP (2.0%) 2024E to 2029E Implied Revenue CAGR (%) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) • Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management (1.0%) LRP 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $387 $371 $355 $340 $325 $313 40.0% $369 $353 $338 $323 $309 $298 38.0% $350 $335 $321 $307 $294 $283 36.0% $332 $318 $304 $291 $278 $268 34.0% $313 $300 $287 $275 $263 $254 33.0% $305 $292 $279 $267 $255 $246 Extrapolated Consensus

Preliminary Leveraged Buyout Return Analysis Company LRP Key Assumptions Preliminary Sources & Uses ($ in millions) • Assumes valuation date of 03/31/2025 • Based on Company LRP through 2029E • Acquisition for $13.49 / share, a ~27% premium to the current share price • • 32.5x implied Q1 2025E LTM Adj. EBITDA Multiple on $83mm EBITDA, assuming target Sponsor return of 22.5% Preliminary financing with: • • Sources 7.5x Q1 2025E LTM Adj. EBITDA (based on LRP), consisting of 1 st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $165 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $2,313mm of new equity $ 1st Lien $460 14.5% 2nd Lien 165 5.2% Excess Cash on B/S Sponsor Equity 236 2,313 7.4% 72.9% Total Sources: $3,174 100.0% Uses $ % Purchase Common Equity & Options $2,806 88.4% RSUs / PSUs / Others 215 6.8% Repay Existing Debt 72 2.3% 80 2.5% $3,174 100.0% Illustrative Total Fees Assumes minimum cash of $50mm, interest on cash equal to 1.0% 3/31/25 1st Lien 2nd Lien Target IRR PF Adj. $386 ($236) $150 $72 - (72) 460 165 460 165 Total Debt $72 $625 Net Debt (314) 475 Key Stats: Q1 2025E LTM Revenue Q1 2025E LTM EBITDA $450 $83 $450 $83 Total Debt / EBITDA Net Debt / EBITDA 0.9x (3.8x) 7.5x 5.7x 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $12.35 $11.94 $11.55 $11.18 $10.83 13.5x $13.42 $12.96 $12.52 $12.11 $11.72 15.0x $14.49 $13.97 $13.49 $13.04 $12.61 16.5x $15.55 $14.99 $14.46 $13.96 $13.49 18.0x $16.62 $16.01 $15.43 $14.88 $14.36 $13.5 EBITDA Exit Multiple (2) Existing Debt(2) Preliminary Ability to Pay 3/31/25 SQ (1) Total Cash(1) (3) Total Uses: Preliminary Pro Forma Cap Table ($ in millions) % Source(s): Historicals per Filings. CY25E to CY29E based on Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. 12

Premiums Paid for Precedent Technology Transactions Mean Premiums to 1-Day Unaffected Price Since 2020 45% 42% 42% Mean: 40% 35% 2020 31% 2021 2022 2023 Premiums to 1-Day Unaffected Stock Price 2024 Premiums to 30-Day Unaffected VWAP 54% 52% 42% 43% 40% 29% 27% First Quartile 40% Median Mean Third Quartile First Quartile Median Mean Third Quartile Source(s): FactSet, Company Filings. Transaction parameters include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. Specific technology verticals include Electronic Technology, Technology Services, Information Technology Services and others. 13

Preliminary Virgil Valuation Summary Price Per Share Current Price (01/31/25): $10.60 Comparable Companies Comparable Companies Preliminary Comparable Companies(1): $10.14 EV / CY2025E Revenue Valuation Methodology Notes $11.56 EV / CY2026E Revenue $7.99 EV / CY2025E EBITDA $16.52 $10.31 $10.42 EV / CY2026E EBITDA ● $16.54 $13.95 Precedent Transactions Precedent Transactions Preliminary Precedent Transactions: $13.18 EV / CY2024E Revenue ● 6.0x – 10.0x 2024 Company LRP Revenue of $439mm ● 4.0x – 8.0x 2025 Company LRP Revenue of $487mm $20.86 $10.14 EV / CY2025E Revenue $18.67 Preliminary DCF Analysis: DCF (Terminal Multiple) Preliminary 5-Year DCF $13.54 Company LRP $8.81 Extrapolated Consensus ● 13.0% - 15.0% WACC ● 12.0x - 18.0x Terminal EV / LTM EBITDA Multiple $20.15 $13.03 Preliminary DCF Analysis – Extrapolated Consensus: ● Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 11% from 2026E – 2029E and annual EBITDA Margin expansion of 3% for 2026E – 2029E LBO Preliminary 5-Year LBO $10.83 Company LRP $16.62 $11.55 Company LRP PF Acquisitions Reference Only 4.0x – 7.0x Company LRP 2025 Revenue of $487mm 4.0x – 6.0x Company LRP 2026 Revenue of $567mm 14.0x – 19.0x Company LRP 2025 EBITDA of $104mm 12.5x – 17.5x Company LRP 2026 EBITDA of $161mm $7.65 Extrapolated Consensus Analyst Price Analyst PriceTargets Targets ● 13.0% - 15.0% WACC ● 12.0x - 18.0x Terminal EV / LTM EBITDA Multiple $18.33 Preliminary 5-Year LBO Analysis: $11.24 $9.00 ● Company LRP Pro Forma Acquisitions assumes two acquisitions in 2026E and 2028E, each with $20mm EBITDA for $240mm (12.0x EV / EBITDA multiple) ● Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 11% from 2026E – 2029E and annual EBITDA Margin expansion of 3% for 2026E – 2029E ● 12.0x – 18.0x EBITDA Exit Multiple ● 20% - 25% Target IRR ● 7.5x (LTM EBITDA) leverage representing $625 - $630mm of debt $15.00 Recent Trading Recent Trading $7.44 52-Week Trading Range $13.29 Premiums Premiums $13.25 1-Day Unaffected $5 $10 Premiums: $16.43 $15 $20 $25 ● 1–Day premium of 25% – 55% for US-based Technology take-private transactions since 2020(2) : Individual Analyst Price Targets Source(s): Company Filings, Factset, Bloomberg and Broker Research. Market data as of 01/31/2025. Note: Calculation based on shares, options, RSUs as of 03/31/2025 based on management estimates. 1. Based on current trading of comparable companies including Adyen, Bill.com, Blackline, Corpay, Flywire, Paymentus, Payoneer, Shift4 and Wex. 2. Based on US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. 14

Appendix

Preliminary Discounted Cash Flow Analysis Extrapolated Consensus Preliminary Discounted Cash Flow Calendar Year Ended December 31 ($ in millions) Revenue % Growth Non-GAAP EBITDA (Unburdened w/ SBC) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E Terminal Year $438 $116 $364 $545 $605 $671 $745 $745 15% 10% 10% 13% 11% 11% 11% 11% $80 $22 $77 $131 $163 $202 $246 $246 % Margin 18% 19% 21% 24% 27% 30% 33% 33% Less: D&A (36) (10) (28) (36) (32) (31) (34) (27) Less: Stock-based Compensation (47) (11) (43) (45) (47) (62) (69) (69) Less: Non-Recurring Items (cash impact) (4) 0 (3) (3) (4) (4) (5) - ($7) $1 $4 $47 $81 $104 $139 $150 - - - - - - - (36) $114 Non-GAAP EBIT (Burdened w/ SBC) Less: Taxes(2) NOPAT (1) ($7) $1 $4 $47 $81 $104 $139 Plus: D&A 36 10 28 36 32 31 34 27 Less: Capital Expenditures (20) (6) (16) (30) (22) (24) (27) (27) Less: Change in NWC (20) (12) 16 (2) (8) (17) (8) (8) Less: Other Cash Items(3) (5) (3) (17) (68) (27) (20) (19) (19) ($16) ($10) $15 ($17) $57 $74 $118 $86 (4%) (8%) 4% (3%) 9% 11% 16% 12% Unlevered Free Cash Flow (uFCF) % Margin Implied EV Calculation Implied EV Calculation – Terminal LTM EBITDA Multiple $246 Terminal EBITDA Multiple 15.0x Terminal Value Terminal EV / LTM EBITDA Multiple $3,691 PV of unlevered FCF $156 7% PV of Terminal Value 1,948 93% Enterprise Value $2,104 100% WACC Terminal EBITDA Preliminary Implied Share Price Sensitivity Analysis 1084.3% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% $9.44 $10.04 $10.64 $11.24 $11.84 $12.44 $13.03 14.0% $9.12 $9.70 $10.27 $10.84 $11.42 $11.99 $12.56 15.0% $8.81 $9.36 $9.91 $10.46 $11.01 $11.56 $12.11 Preliminary Implied Perpetuity Growth Rate Sensitivity Analysis Terminal EV / LTM EBITDA Multiple 314 11.5% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x Equity Value $2,418 13.0% 9.9% 10.1% 10.3% 10.5% 10.7% 10.8% 10.9% FDSO 223.0 14.0% 10.9% 11.1% 11.3% 11.5% 11.7% 11.8% 11.9% Implied Share Price $10.84 15.0% 11.9% 12.1% 12.3% 12.5% 12.6% 12.8% 12.9% WACC Less Net Debt Source(s): Based on Consensus Estimates and highly preliminary extrapolation and Company LRP. Debt and cash balance as of Q1 CY25 Company LRP. Valuation date as of 3/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Company reports non-GAAP operating income with unburdened stock based compensation. 2. Assumes no cash taxes in forecast period and 25% normalized tax rate in Terminal Year. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 15

Preliminary Leveraged Buyout Paydown Company LRP Preliminary 5-Year Paydown Summary Fiscal Year ($ in millions) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E ‘24E-’29E CAGR 2029E Revenue % Growth $439 15% $116 10% $370 11% $567 16% $668 18% $788 18% $922 17% 16.0% PF Non-GAAP EBITDA (Unburdened w/ SBC)(1) % Margin $80 18% $21 18% $87 24% $167 29% $235 35% $309 39% $393 43% 37.6% Less: CapEx Less: Change in NWC Less: Stock-based Compensation Expenses (16) 16 (43) (30) (2) (45) (22) (8) (47) (24) (17) (62) (27) (8) (69) Less: Net Cash Interest Expense (36) (45) (40) (31) (15) Less: Other Cash Items(2) (17) (68) (27) (20) (19) Less: Cash Taxes (3) Levered Free Cash Flow(4) - - - - - ($8) ($24) $92 $155 $254 1st Lien 460 457 392 300 145 - 2nd Lien Revolver 165 - 165 - 165 - 165 - 165 - 55 - Total Debt $625 $622 $557 $465 $310 $55 Cash Balance $150 $138 $50 $50 $50 $50 Total Debt / LTM EBITDA 7.5x 5.7x 3.3x 2.0x 1.0x 0.1x Net Debt / LTM EBITDA 5.7x 4.4x 3.0x 1.8x 0.8x 0.0x 1st Lien / LTM EBITDA 5.5x 4.2x 2.4x 1.3x 0.5x 0.0x 2nd Lien / LTM EBITDA 2.0x 1.5x 1.0x 0.7x 0.5x 0.1x LTM EBITDA / Interest Expense 2.3x 3.7x 5.8x 9.9x 25.9x % of Total Debt Repaid % of Cumulative Free Cash Flow / Net Debt 1% (2%) 11% (7%) 26% 13% 50% 45% 91% 99% Leverage Statistics Source(s): Historicals per Company Filings. CY25E to CY29E based on Company LRP. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Assumes no cash taxes in forecast period. 4. Levered cash flow does not include non-operating item related to stock donation. 16

Preliminary Leveraged Buyout Return Analysis Company LRP Pro Forma Acquisitions Key Assumptions • • • • • • Preliminary Sources & Uses Assumes valuation date of 03/31/2025 Based on Company LRP through 2029E Acquisition for $14.66 / share, a ~38% premium to the current share price • 35.7x implied Q1 2025E LTM Adj. EBITDA Multiple on $83mm EBITDA, assuming target Sponsor return of 22.5% Preliminary financing with: • 7.5x Q1 2025E LTM Adj. EBITDA (based on LRP), consisting of 1 st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $165 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $2,597mm of new equity Assumes minimum cash of $50mm, interest on cash equal to 1.0% Assumes Acquisition #1 in 2026E for $240mm (12.0x on $20mm EBITDA) and Acquisition #2 in 2028E for $240mm (12.0x on $20mm EBITDA) • Assumes synergies of $3mm in the year following the acquisition and $5mm thereafter • Assumes EBITDA Margin expansion of 5% per annum • Assumes acquisitions financed with incremental debt ($ in millions) Sources $ 1st Lien $460 13.4% 2nd Lien 165 4.8% Excess Cash on B/S Sponsor Equity 236 2,579 6.9% 75.0% Total Sources: $3,440 100.0% Uses $ % Purchase Common Equity & Options $3,054 88.8% RSUs / PSUs / Others 233 6.8% Repay Existing Debt 72 2.1% 80 2.3% $3,440 100.0% Illustrative Total Fees 3/31/25 1st Lien 2nd Lien Target IRR PF Adj. $386 ($236) $150 $72 - (72) 460 165 460 165 Total Debt $72 $625 Net Debt (314) 475 Key Stats: Q1 2025E LTM Revenue Q1 2025E LTM EBITDA $450 $83 $450 $83 Total Debt / EBITDA Net Debt / EBITDA 0.9x (3.8x) 7.5x 5.7x 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $13.21 $12.76 $12.34 $11.93 $11.55 13.5x $14.49 $13.98 $13.50 $13.04 $12.61 15.0x $15.77 $15.20 $14.66 $14.15 $13.66 16.5x $17.05 $16.42 $15.82 $15.25 $14.72 18.0x $18.33 $17.63 $16.98 $16.36 $15.77 $14.7 EBITDA Exit Multiple (2) Existing Debt(2) Preliminary Ability to Pay 3/31/25 SQ (1) Total Cash(1) (3) Total Uses: Preliminary Pro Forma Cap Table ($ in millions) % Source(s): Historicals per Filings. CY25E to CY29E based on Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. 17

Preliminary Leveraged Buyout Paydown Company LRP Pro Forma Acquisitions Preliminary 5-Year Paydown Summary Fiscal Year ($ in millions) 2024E Revenue % Growth PF Non-GAAP EBITDA (Unburdened w/ SBC) % Margin (1) Q1 25E ‘24E-’29E CAGR 2029E 2028E 2027E 2026E Q2-Q4 25E $439 15% $116 10% $370 11% $647 33% $756 17% $965 28% $1,116 16% 20.5% $80 18% $21 18% $87 24% $187 29% $264 35% $368 38% $470 42% 42.6% (16) (34) (24) (32) (33) Less: CapEx Less: Change in NWC 16 (2) (9) (19) (10) Less: Stock-based Compensation Expenses (43) (51) (53) (76) (83) Less: Net Cash Interest Expense (36) (54) (59) (59) (53) (17) - (68) 240 (27) - (20) 240 (19) - - (240) - - (240) - - ($8) ($24) $93 $162 $271 (2) Less: Other Cash Items (3) Plus: Incremental Borrowings Less: Acquisition (4) Less: Cash Taxes Levered Free Cash Flow (5) 1st Lien 2nd Lien Revolver Total Debt 460 165 $625 457 165 $622 567 230 $797 474 230 $704 487 295 $782 216 295 $511 Cash Balance $150 $138 $50 $50 $50 $50 7.5x 5.7x 5.5x 2.0x 5.7x 4.4x 4.2x 1.5x 2.3x 4.3x 4.0x 3.0x 1.2x 3.4x 2.7x 2.5x 1.8x 0.9x 4.5x 2.1x 2.0x 1.3x 0.8x 6.2x 1.1x 1.0x 0.5x 0.6x 8.8x 1% (2%) 8% (5%) 19% 8% 29% 23% 54% 52% Leverage Statistics Total Debt / LTM EBITDA Net Debt / LTM EBITDA 1st Lien / LTM EBITDA 2nd Lien / LTM EBITDA LTM EBITDA / Interest Expense % of Total Debt Repaid % of Cumulative Free Cash Flow / Net Debt Source(s): Historicals per Company Filings. CY25E to CY29E based on Company LRP and pro forma acquisitions. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Incremental borrowings consists of 73% of 1st lien and 27% of 2nd lien, consistent with the initial re-levered debt split at the transaction date 4. Assumes no cash taxes in forecast period. 5. Levered cash flow does not include non-operating item related to stock donation. 18

Preliminary Leveraged Buyout Return Analysis Extrapolated Consensus Key Assumptions Preliminary Sources & Uses ($ in millions) • Assumes valuation date of 03/31/2025 • Based on Consensus Estimates between 2024E and 2026E and extrapolation through 2029E • Acquisition for $9.30/ share, a ~12% discount to the current share price • • Preliminary financing with: • • 20.9x implied Q1 2025E LTM Adj. EBITDA Multiple on $84mm EBITDA, assuming target Sponsor return of 22.5% 7.5x Q1 2025E LTM Adj. EBITDA, consisting of 1st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $170 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $1,355mm of new equity Sources $ 1st Lien $460 2nd Lien 170 7.7% 236 1,355 10.6% 61.0% Total Sources: $2,221 100.0% Uses $ % Purchase Common Equity & Options $1,920 86.5% RSUs / PSUs / Others 148 6.7% Repay Existing Debt 72 3.3% 80 3.6% $2,221 100.0% 3/31/25 1st Lien 2nd Lien Target IRR PF Adj. $386 ($236) $150 $72 - (72) 460 170 460 170 Total Debt $72 $630 Net Debt (314) 480 Key Stats: Q1 2025E LTM Revenue Q1 2025E LTM EBITDA $448 $84 $448 $84 Total Debt / EBITDA Net Debt / EBITDA 0.9x (3.7x) 7.5x 5.7x 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $8.49 $8.26 $8.05 $7.84 $7.65 13.5x $9.18 $8.92 $8.67 $8.44 $8.22 15.0x $9.87 $9.57 $9.30 $9.04 $8.79 16.5x $10.56 $10.23 $9.92 $9.63 $9.35 18.0x $11.24 $10.88 $10.54 $10.22 $9.92 $9.3 EBITDA Exit Multiple (2) Existing Debt(2) Preliminary Ability to Pay 3/31/25 SQ (1) Total Cash(1) (3) Total Uses: Preliminary Pro Forma Cap Table ($ in millions) 20.7% Excess Cash on B/S Sponsor Equity Illustrative Total Fees Assumes minimum cash of $50mm, interest on cash equal to 1.0% % Source(s): Historicals per Filings. Based on Consensus Estimates and highly preliminary extrapolation and Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. 19

Preliminary Leveraged Buyout Paydown Extrapolated Consensus Preliminary 5-Year Paydown Summary Fiscal Year ($ in millions) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E ‘24E-’29E CAGR 2029E Revenue % Growth $438 15% $116 10% $364 10% $545 13% $605 11% $671 11% $745 11% 11.2% PF Non-GAAP EBITDA (Unburdened w/ SBC)(1) % Margin $80 18% $22 19% $82 22% $137 25% $169 28% $207 31% $252 34% 25.9% Less: CapEx Less: Change in NWC Less: Stock-based Compensation Expenses (16) 16 (43) (30) (2) (45) (22) (8) (47) (24) (17) (62) (27) (8) (69) Less: Net Cash Interest Expense (36) (47) (46) (44) (39) (17) (68) (27) (20) (19) - - - - - ($14) ($55) $21 $40 $89 Less: Other Cash Items (2) Less: Cash Taxes(3) Levered Free Cash Flow(4) 1st Lien 460 457 430 409 368 279 2nd Lien Revolver 170 - 170 - 170 - 170 - 170 - 170 - Total Debt $630 $627 $600 $579 $538 $449 Cash Balance $150 $132 $50 $50 $50 $50 Total Debt / LTM EBITDA 7.5x 6.0x 4.4x 3.4x 2.6x 1.8x Net Debt / LTM EBITDA 5.7x 4.8x 4.0x 3.1x 2.4x 1.6x 1st Lien / LTM EBITDA 5.5x 4.4x 3.1x 2.4x 1.8x 1.1x 2nd Lien / LTM EBITDA 2.0x 1.6x 1.2x 1.0x 0.8x 0.7x LTM EBITDA / Interest Expense 2.2x 2.9x 3.7x 4.7x 6.4x % of Total Debt Repaid % of Cumulative Free Cash Flow / Net Debt 1% (3%) 5% (14%) 8% (10%) 15% (2%) 29% 17% Leverage Statistics Source(s): Historicals per Company Filings. CY25E to CY29E based on Consensus Estimates and highly preliminary extrapolation and Company LRP. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Assumes no cash taxes in forecast period. 4. Levered cash flow does not include non-operating item related to stock donation. 20

Premiums Paid for Precedent Technology Transactions 1-Day Unaffected Premium 30 Days 90 Days VWAP Premium Target Acquiror 180 Days 52-Week High Zuora GIC; Silver Lake $10.00 10/17/2024 18% 14% 15% 15% (15%) Model N Vista Equity Partners $30.00 4/8/2024 11% 22% 23% 10% (30%) Vizio Walmart $11.50 2/20/2024 47% 56% 72% 74% 12% (0%) Acquisition Price Date Announced Everbridge Thoma Bravo $35.00 2/5/2024 47% 54% 61% 49% EngageSmart Vista Equity Partners; General Atlantic $23.00 10/23/2023 23% 30% 28% 25% 3% NextGen Healthcare Thoma Bravo $23.95 9/6/2023 46% 45% 46% 38% 15% Avid Technology STG Partners $27.05 8/9/2023 32% 13% 0% 3% (19%) Momentive Global STG Partners $9.46 3/13/2023 46% 53% 22% (20%) (62%) Sumo Logic Francisco Partners $12.05 2/9/2023 57% 50% 56% 54% (5%) Duck Creek Technologies Vista Equity Partners $19.00 1/9/2023 46% 63% 63% 33% (35%) ForgeRock Thoma Bravo $23.25 10/11/2022 53% 44% 20% 26% (32%) Billtrust EQT Partners $9.50 9/28/2022 65% 43% 64% 56% (13%) Computer Services Centerbridge; Bridgeport Partners; CFT Capital $58.00 8/20/2022 53% 54% 47% 35% (3%) Ping Identity Thoma Bravo $28.50 8/3/2022 63% 54% 29% 29% (6%) Covetrus TPG; CD&R; Covetrus $21.00 5/20/2022 17% 35% 26% 18% (26%) (6%) Plantronics HP $40.00 3/28/2022 47% 47% 44% 40% Houghton Mifflin Veritas Capital $21.00 2/22/2022 36% 35% 38% 63% 21% Vocera Communications Stryker $79.25 1/6/2022 27% 28% 43% 65% 18% Bottomline Technologies Thoma Bravo $57.00 12/17/2021 42% 41% 43% 38% 5% QAD Thoma Bravo $87.50 6/28/2021 20% 21% 24% 34% 11% Sykes Enterprises Sitel Worldwide $54.00 6/18/2021 31% 29% 25% 34% 17% NIC Tyler Technologies $34.00 2/10/2021 14% 22% 35% 44% 14% Cubic Veritas Capital; Evergreen $75.00 2/8/2021 69% 64% 67% 63% 0% Glu Mobile Electronic Arts $12.50 2/8/2021 36% 36% 44% 44% 19% Pluralsight Vista Equity; Partners Group $22.50 12/13/2020 40% 34% 22% 35% 1% MTS Systems Amphenol $58.50 12/9/2020 52% 77% 125% 176% 12% Endurance International Group Clearlake Capital $9.50 11/2/2020 79% 65% 93% 142% 45% Virtusa Corp EQT $51.35 9/10/2020 27% 29% 55% 44% 3% Forescout Technologies Advent; Crosspoint Capital $29.00 2/6/2020 14% (4%) (13%) (20%) (37%) 1st Quartile 27% 29% 24% 26% (15%) Mean 40% 40% 42% 43% (3%) Median 42% 41% 43% 38% 0% 3rd Quartile 52% 54% 56% 54% 12% Source(s): FactSet, Company Filings, Barclays Technology Transaction Study of 29 peers since 2020 for US domiciled targets with Enterprise Value between $1.0-4.0bn and all-cash consideration. 21

Preliminary Analysis at Various Prices Virgil Current ($ in millions, except for per share data) Share Price ($) $10.60 Transaction Stock Prices of: $11.50 $12.50 $13.50 $14.50 $15.50 $16.50 $17.50 $18.50 $19.50 - 8% 18% 27% 37% 46% 56% 65% 75% 84% Fully Diluted Shares (mm) 222.9 223.2 223.5 223.9 224.3 224.6 224.8 225.0 225.2 225.4 Fully Diluted Equity Value $2,363 $2,567 $2,794 $3,023 $3,252 $3,481 $3,709 $3,938 $4,167 $4,396 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 Less: Cash (386) (386) (386) (386) (386) (386) (386) (386) (386) (386) Net Debt ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) Total Enterprise Value $2,049 $2,253 $2,481 $2,709 $2,938 $3,167 $3,396 $3,625 $3,853 $4,082 % Premium to Current Add: Gross Debt (1) (1) Premiums Analysis: Virgil Current Price (01/31/25) $10.60 - 8% 18% 27% 37% 46% 56% 65% 75% 84% 30-Day Closing Average (01/31/25) $10.42 2% 10% 20% 30% 39% 49% 58% 68% 78% 87% 90-Day Closing Average (01/31/25) $9.76 9% 18% 28% 38% 49% 59% 69% 79% 90% 100% 52 Week High (02/29/24) $13.29 (20%) (13%) (6%) 2% 9% 17% 24% 32% 39% 47% $7.44 42% 55% 68% 81% 95% 108% 122% 135% 149% 162% $11.00 (4%) 5% 14% 23% 32% 41% 50% 59% 68% 77% 52 Week Low (09/17/24) Analyst Price Target - Median (2) LRP Metric: Multiples Analysis: CY2024E Revenue $439 4.7x 5.1x 5.6x 6.2x 6.7x 7.2x 7.7x 8.3x 8.8x 9.3x CY2025E Revenue $487 4.2x 4.6x 5.1x 5.6x 6.0x 6.5x 7.0x 7.5x 7.9x 8.4x CY2026E Revenue $567 3.6x 4.0x 4.4x 4.8x 5.2x 5.6x 6.0x 6.4x 6.8x 7.2x CY2024E EBITDA(3) $80 25.7x 28.3x 31.1x 34.0x 36.9x 39.7x 42.6x 45.5x 48.4x 51.2x (3) $104 19.6x 21.6x 23.8x 26.0x 28.2x 30.4x 32.5x 34.7x 36.9x 39.1x (3) $161 12.8x 14.0x 15.4x 16.9x 18.3x 19.7x 21.1x 22.6x 24.0x 25.4x CY2025E EBITDA CY2026E EBITDA Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation. 22

Disclaimer The following pages contain material that was provided to the Board of Directors (the “Board”) of Virgil (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 23