Overview Key strengths Key risks Growing end market from increase in clinical trial volume. Very high leverage, thin cash flow, and the potential for additional debt-funded acquisitions. Increasing penetration from the transition to electronic clinical outcomes assessments (eCOA) from paper. Lower customer switching costs compared with enterprise-wide products. Leading market share in clinical trial software for many of the largest pharmaceutical companies. Emerging competition from start-ups. Dependent on the pharmaceutical industry?s investment in new products. Moderate customer concentration. Signant, Buccaneer Intermediate Holdco Ltd. ?s operating name, has an aggressive acquisition strategy, which will keep leverage high. We expect adjusted debt leverage will decrease to the high-7x area for fiscal 2023 (ending March 31, 2023) from high-8x in fiscal 2022 (ending
