Spectrum Equity Management, Inc., together with certain affiliates (collectively, “SEM”), provides investment advisory services to a series of private equity funds (the “Spectrum Funds”) that principally specialize in growth stage investments in private companies. SEM was founded in 1993 and the first Spectrum Fund was established approximately one year later in 1994. To date, SEM has provided management services to all Spectrum Funds. Spectrum Equity Management, Inc. is wholly-owned by Spectrum Equity Management, L.P. The principal owners of Spectrum Equity Management, L.P. are Christopher T. Mitchell, Victor E. Parker, Benjamin C. Spero, Stephen M. LeSieur and Michael W. Farrell. The Spectrum Funds’ investment activity, and consequently SEM’s advisory business, is principally focused on growth stage investments in Internet-enabled software and data services businesses. The Spectrum Funds principally seek investment opportunities in private companies with established business models that are run by experienced management teams and that present opportunities for future growth, either organically, through acquisition, or both. The Spectrum Funds’ investment portfolios include private companies and public companies. As either a minority or majority investor, the Spectrum Funds provide equity capital in a wide variety of transactions including:
•Primary capital for growth;
•Recapitalizations and dividends;
•Acquisition financings; and
•Secondary share purchases.
SEM provides the services described above pursuant to a series of contracts with the Spectrum Funds. Generally, an entity affiliated with SEM acts as the general partner of each Spectrum Fund, and SEM serves as investment adviser to each Spectrum Fund. References to SEM in this Brochure include, as the context requires, affiliates through which SEM provides investment advisory services or that act in any capacity referenced in the previous sentence. SEM tailors its

advisory services to the specific investment objectives and restrictions of each Spectrum Fund as set forth in such Spectrum Fund’s confidential offering memorandum (or similar offering documents), limited partnership agreement, subscription agreement and investment management agreement. Investors and prospective investors of each Spectrum Fund should refer to the confidential offering memorandum (or similar offering documents), limited partnership agreement, subscription agreement, investment management agreement and/or other governing documents (collectively, the “Governing Documents”) of the applicable Spectrum Fund for complete information on the investment objectives and investment restrictions with respect to such Spectrum Fund. SEM and its affiliates make no assurance that any of the Spectrum Funds’ investment objectives will be achieved. In accordance with common industry practice, one or more of the Spectrum Funds and/or their general partners have entered into “side letters” or similar agreements with certain investors pursuant to which the general partner of the applicable Spectrum Fund grants such investors specific rights, benefits, or privileges that are not made available to investors generally. Certain current and/or former employees, consultants, advisors of SEM and other persons with a strategic relationship with SEM are typically given the opportunity to invest on a side-by-side basis with the Spectrum Funds through one or more co- investment vehicles that are structured to facilitate those investments (each, an “Employee Investment Fund”). SEM generally forms separate Employee Investment Funds to co-invest alongside most Spectrum Funds. SEM does not participate in any wrap fee programs. SEM manages all assets on a discretionary basis in accordance with the terms and conditions of each Spectrum Fund’s Governing Documents. As of December 31, 2023, the amount of assets SEM manages on a discretionary basis is $8,324,089,186.