Vertical SaaS and HealthTech Weekly News Flow and Valuation as of 05/14/26

Research evidence excerpt

Vertical SaaS and HealthTech Weekly News Flow and Valuation as of 05/14/26

J P M O R G A N North America Equity Research

14 May 2026

Vertical SaaS and HealthTech

Weekly

News Flow and Valuation as of 05/14/26

We have updated the comparative valuation of our SMID Vertical SaaS and Health Vertical SaaS & HealthTech

ACTech coverage. In addition to providing relative valuation analysis of our covered Alexei Gogolev

universe, we also discuss how we select peer groups for our covered stocks and (1-212) 622-9391

sub-sectors. alexei.gogolev@jpmorgan.com

Ella Smith

• Stock Performance: The S&P was up 1% week over week (as of 05/13/26 (1-212) 622-2451

close), with our coverage universe largely underperforming the index. The ella.smith@jpmchase.com

largest outperformer was PTC (+3%). Meanwhile, the largest underperformers Destiny Jackson

included WIX (-26%), CCC (-18%), PCOR (-13%), NCNO (-12%), BRZE (- (1-212) 622-4360

11%), and PEGA and APPF (both -10%). destiny.jackson@jpmorgan.com

• Recent Events: TYL has announced that the Riverside County, California, Isabella(1-212) 834-2379A Camaj

Sheriff’s Office has committed to adopt Tyler’s Enterprise Corrections and bella.camaj@jpmorgan.com

replace its legacy jail management system. Separately, the company priced an J.P. Morgan Securities LLC

upsized $1.25B 0.5% convertible due 2031 (up from an initial size of $1B).

TYL is looking to repurchase ~$0.3B worth of shares (almost 3% of MCap) as

part of the convertible placement process. VEEV has announced that Smith The authors would like to thank Harsh

+Nephew, a medical technology company, has adopted Veeva Quality Cloud Goyal of the J.P. Morgan Global Research

for unified quality management and compliance. IOT has announced a new Center for contributions to this report.