Vertical SaaS and HealthTech Weekly News Flow and Valuation as of 08/05/26

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Vertical SaaS and HealthTech

Weekly

News Flow and Valuation as of 08/05/26

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

Tech coverage. In addition to providing relative valuation analysis of our covered

universe, we also discuss how we select peer groups for our covered stocks and

sub-sectors.

Stock Performance: The S&P was up 4% week-over-week (as of 08/04/26

close), with our coverage universe largely performing in line with the index.

The largest outperformers were PCOR and WIX (both +14%), APPF (+12%),

PTC (+11%), QTWO and PEGA (both +8%), and INTA (+7%). Meanwhile,

the underperformers were GDDY (-13%), TYL (-6%) and CSGP (-2%).

Recent Events: TYL announced that it has acquired CODY Systems, a public

safety software and systems provider as well as data management, integration

and exchange solutions. Separately, the company announced that the

Tennessee Comptroller of the Treasury has deployed Tyler’s Enterprise

Assessment and Tax solution to offer enhanced property assessment services

to counties and taxpayers. Apartments.com, a CSGP subsidiary, reported the

U.S. apartment rents were flat MoM in July 2026, after months of consecutive

positive rent growth. Separately, in an industry report, the company expects the

U.S. industrial vacancy to rise slightly through 2027 before a gradual descent,

a modest improvement from the previous forecast. GWRE has launched

Qusar, which includes claims and underwriting agents as well as Developer

and Builder Assistants. It also includes the Agentic Framework to enable

insurers to build, deploy, and manage AI agents on Guidewire Cloud Platform.

PEGA has expanded the Pega Cloud for Government capabilities (FedRAMP)

to include its AI-powered workflow automation, decisioning, and process

optimization capabilities. SSNC announced that First Plus Asset Management

(FPAM), a Singapore-based APAC focused asset management firm, has

selected SS&C to service cross-border operations for $200M AUM. ADSK

announced the completion of its previously announced acquisition of

MaintainX. Separately, the company announced the opening of Autodesk

…