Bi-Weekly Financial Technology Sector Report - GCA Savvian

Financial Technology Sector Summary Week of June 19, 2017

1

DEAL DASHBOARD Financial Technology $11.7 Bn | 1,179 Deals

(3)

LTM Financing Volume

$77.6 Bn | 683 Deals

Last Twelve Months

Select Recent Financing Transactions

Company

(3)

Industry Stock Market Performance (1)

Amount ($MM) $300.0

LTM M&A Volume

160

Select Recent M&A Transactions

150

Target

Acquirer

EV ($MM)

140

$1,381.0

130

$145.5 $140.0 $65.0

$304.0

120

$89.0

110 100

$33.0

90

$28.0

80 6/16/16

$22.5 $12.0

NA 8/1/16

9/14/16

10/28/16 12/13/16

1/26/17

4/26/17

6/9/17

NA

Exchanges

Financial Data, Content, & Analytics

Information Processors / Credit Bureaus Banking & Lending Technology

Online Broker Dealers

$12.0

3/13/17

Payments

Investment Services, Software, & Technology

NA NA

Healthcare / Insurance Technology S&P 500

Quarterly Financing Volume

(3)

Quarterly M&A Volume

$10

$8

500 $8.9 299

298

$6

316

276

400 300

$30

219 196

$25 $20

(3)

205

250 188

$24.9

$24.5 $20.8

$20.4

200 150

$15 $4

200

$2

$2.6

$2.6

Q3 2016

Q4 2016

$3.0

$0 Q2 2016

Financing Volume ($Bn)

Q1 2017

Financing Deal Count

100

$10

100

$5

0

$0

50 0 Q2 2016

Q3 2016 M&A Volume ($Bn)

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 6/16/17. 1) Refer to footnotes on page 5 for index composition. 2) Represents transactions announced between 6/5/17 and 6/19/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.

Q4 2016

Q1 2017

M&A Deal Count

2

GCA OVERVIEW Financial Technology Team

San Francisco

New York

One Maritime Plaza, 25th Fl. San Francisco, CA 94111 (415) 318-3600

640 Fifth Avenue, 10 Fl. New York, NY 10019 (212) 999-7090

th

London

Tokyo

1 Southampton St. London WC2R0LR United Kingdom +44 20 7484 4040

11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230 Japan +81 (3) 6212-7100

Sean Minnihan

Peter Bang

Derek Bell

Paul DiNardo

Steve Fletcher

Rob Freiman

Managing Director Global Head of FinTech

Managing Director

Managing Director

Managing Director

Managing Director

Director

Phone: (212) 999-7077 Mobile: (917) 364-6230 [email protected]






Glen Kruger

Michio Suzuki*

David Krueger

Saif Malik*

Alexander Berry

Malik Gill

Director

Director

Vice President

Vice President

Associate

Analyst


Phone: +81 3-6212-7145 Mobile: +81 90-7412-9411 [email protected]


Phone: +44 (0) 207 038-3216 Mobile: +44 (0) 778 606-8553 [email protected]



* Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation

3

SECTION I: Market Summary

4

MARKET SUMMARY Industry Stock Market Performance 160

170

Last 12 Months

Last 3 Years

160

150

150

140

140

130 130 120

120 110

110

100 100

90

80 6/16/16

90

8/1/16

9/14/16

10/28/16

12/13/16

1/26/17

3/13/17

4/26/17

6/9/17

Indexed Price Performance Sector

3 Months

Banking & Lending Technology Healthcare / Insurance Technology Payments Financial, Data, Content, & Analytics Exchanges Investment Services, Software, & Technology Information Processors / Credit Bureaus Online Broker Dealers

8.1% 6.9% 6.2% 5.4% 5.2% 3.9% 2.4% (1.8%)

80 6/16/14

10/2/14

1/20/15

Payments

1 Year

3 Years

23.2% 7.7% 25.0% 20.8% 24.4% 18.1% 18.0% 43.9%

61.6% 36.1% 36.5% 3.6% 42.6% 47.3% 49.0% 53.4%

5/8/15

8/26/15

(1)

3/31/16

7/19/16

11/4/16

Exchanges



12/14/15

(3)

(5)

(7)


2/22/17

6/12/17

(2)

Information Processors / Credit Bureaus

Banking & Lending Technology

(6)

Healthcare / Insurance Technology

Notes: (1) Payments: ADS, AIM:SCH, ASX:PPT, AXP, BGC, BOVESPA:CIEL3, CATM, DFS, EEFT, ENXTPA:EDEN, FDC, FLT, GDOT, GPN, MA, PAR, PYPL, SHOP, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, WPG, WU, XTRA:WDI. (2) Exchanges: ASX:ASX, ATSE:EXAE, BME:BME, BMV:BOLSA A, BOVESPA:BVMF3, CBOE, CME, ICE, JSE:JSE, KLSE:BURSA, LSE, NDAQ, SEHK:388, SGX:S68, TSX:X, WSE:GPW, XTRA:DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA:FIM, FDS, HOSE:HHS, MCO, MORN, MSCI, RATE, SPGI, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Online Broker Dealers: AMTD, ETFC, GCAP, GLBR, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, ELVT, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN. (7) Investment Services, Software, & Technology: BR, DST, ENV, FNGN, LSE:ALFA, SEIC, SSNC. (8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, MJSO, SPNS, BSE:532254, SY, VRSK.

5

(8)

(4)

MARKET SUMMARY EBITDA Multiples and Margins

2017E EBITDA Multiples

2017 EBITDA Margins


17.9x


Exchanges


15.2x


14.5x



14.4x

Banking and Lending Technology


14.2x


Exchanges

0.0x

10.0x

32.9%

30.6%

26.7%

25.6%


9.8x

5.0x

39.3%

Payments

12.5x


46.1%


13.7x

Payments

58.8%

15.0x

Notes: Numbers represent medians of sub-sectors. Details available in later pages.

20.0x

16.4%

0%

10%

20%

30%

40%

50%

60%

70% 6

MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

2017E Price / Earnings Multiples

2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth


29.6x


28.9x


26.2x


24.9x


Exchanges

2.1

10.6%


2.1

15.5%


2.1

10.6%

2.1

13.8%


23.4x



23.0x


Exchanges

Payments

0.0x

21.6x

17.8x

5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x

Notes: Numbers represent medians of sub-sectors. Details available in later pages.

14.2%

2.5

1.5

16.0%

Payments

1.3

14.5%


1.3

17.4%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

7

MARKET SUMMARY LTM Price Performance and 2017 P/E – Payments / Banking ($MM)

($MM)

Networks Visa Inc. Mastercard Incorporated American Express Company PayPal Holdings, Inc. Discover Financial Services Sector Average

Market Cap.

LTM Price Performance

P/E 2017

$217,125 $130,726 $72,798 $62,273 $23,230

20% 30% 32% 40% 16%

27.0x 28.3x 14.3x 29.1x 10.1x

$101,230

28%

21.8x

Prepaid Blackhawk Network Holdings, Inc. Green Dot Corporation Net 1 UEPS Technologies, Inc. Sector Average

Integrated Payments Hardware / Technology

Market Cap.


P/E 2017

$19,633 $16,653 $13,655 $11,888 $10,849 $8,814 $8,336 $8,220 $2,115 $1,208 $496 $177 $33

(9%) 54% 20% 14% 13% 160% 58% 11% 9% 6% 7% (16%) (16%)

15.0x 11.8x 22.9x 18.5x 18.2x NM 27.9x 23.9x 75.1x 10.2x 15.5x 19.6x NM

Sector Average

$7,852

24%

23.5x

Money Transfer

Market Cap.


P/E 2017

$8,992 $4,593

1% 14%

11.4x 19.3x

$6,792

8%

15.3x

Market Cap.


P/E 2017

$14,192 $13,323 $6,061 $4,503

23% 0% 47% 19%

13.7x 17.3x 22.7x 19.8x

$9,520

22%

18.4x

Merchant Processing Cielo S.A. First Data Corporation Global Payments Inc. Vantiv, Inc. Total System Services, Inc. Square, Inc. Wirecard AG Worldpay Group plc GMO Payment Gateway, Inc. EVERTEC, Inc. SafeCharge International Group Limited Planet Payment, Inc. JetPay Corporation

The Western Union Company Euronet Worldwide, Inc. Sector Average

Closed Loop Alliance Data Systems Corporation FleetCor Technologies, Inc. Edenred SA WEX Inc. Sector Average

Ingenico Group - GCS NCR Corporation VeriFone Systems, Inc. Cardtronics plc Everi Holdings Inc. PAR Technology Corporation Sector Average

Banking and Lending Technology Intuit Inc. Fidelity National Information Services, Inc. Fiserv, Inc. Jack Henry & Associates, Inc. Temenos Group AG Ellie Mae, Inc. Black Knight Financial Services, Inc. ACI Worldwide, Inc. LendingClub Corporation Q2 Holdings, Inc. Bottomline Technologies (de), Inc. Elevate Credit, Inc. On Deck Capital, Inc. Performant Financial Corporation Sector Average

Information Processors / Credit Bureaus Experian plc Equifax Inc. Fair Isaac Corporation Acxiom Corporation Sector Average

Notes: Source: CapitalIQ and Wall Street Research. Market data as of June 16, 2017.

0

Market Cap.


P/E 2017

$2,321 $2,027 $557

24% 81% (2%)

25.0x 20.3x 5.5x

$1,635

34%

16.9x

Market Cap.


P/E 2017

$5,683 $4,820 $1,927 $1,522 $467 $136

(13%) 37% (9%) (16%) 365% 81%

17.3x 11.8x 11.8x 11.7x 6.9x NA

$2,426

74%

11.9x

Market Cap.


P/E 2017

$35,740 $28,162 $26,473 $8,137 $6,278 $3,790 $2,713 $2,631 $2,266 $1,560 $1,004 $349 $304 $127

31% 15% 17% 25% 63% 30% 13% 6% 13% 40% 6% NA (18%) 56%

30.6x 20.1x 24.3x 32.3x 37.4x 59.7x 28.7x 47.7x NM NM 25.1x 23.1x NM NM

$8,538

23%

32.9x

Market Cap.


P/E 2017

$19,152 $17,140 $4,193 $2,062

19% 17% 22% 21%

22.3x 23.5x 26.2x 35.9x

$10,637

20%

27.0x

8

MARKET SUMMARY LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM)

($MM)

Market Cap.


P/E 2017

$42,875 $38,230 $11,754 $11,721 $9,924 $2,928 $1,099

33% 26% 10% 24% 37% 34% 24%

26.0x 21.6x 17.3x 20.1x 26.2x 15.0x 18.4x

Sector Average

$16,933

27%

20.6x

Exchanges - Asia

Market Cap.


P/E 2017

$31,163 $7,688 $5,642 $1,314

10% 24% (4%) 16%

36.1x 22.5x 21.8x 25.4x

$11,452

12%

26.4x

Market Cap.


P/E 2017

$19,943 $16,502 $2,927 $846 $515 $367

33% 41% 28% (7%) 57% 21%

19.6x 25.0x 17.0x 15.2x 15.8x 34.7x

$6,850

29%

21.2x

Market Cap.


P/E 2017

$7,719 $3,519 $718 $708 $695

44% 38% 35% 41% (4%)

62.2x 15.1x NM 12.4x 18.0x

$2,672

31%

26.9x

Exchanges - Americas

0

CME Group Inc. Intercontinental Exchange, Inc. Nasdaq, Inc. BM&FBOVESPA S.A. CBOE Holdings, Inc. TMX Group Limited Bolsa Mexicana de Valores, S.A.B. de C.V.

0

Hong Kong Exchanges and Clearing Limited ASX Limited Singapore Exchange Limited Bursa Malaysia Berhad Sector Average

Exchanges - Europe

0

Deutsche Börse Aktiengesellschaft London Stock Exchange Group plc Bolsas y Mercados Españoles JSE Limited GPW Hellenic Exchanges - Athens Stock Exch. Sector Average

Trading Platforms MarketAxess Holdings Inc. BGC Partners, Inc. Investment Technology Group, Inc. INTL FCStone Inc. Virtu Financial, Inc. Sector Average

Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. SEI Investments Co. SS&C Technologies Holdings, Inc. DST Systems, Inc. Financial Engines, Inc. Alfa Financial Software Holdings PLC Envestnet, Inc. Sector Average


Notes: Source: CapitalIQ and Wall Street Research. Market data as of June 16, 2017.

S&P Global Inc. Thomson Reuters Corporation Moody's Corporation IHS Markit Ltd. Verisk Analytics, Inc. MSCI Inc. FactSet Research Systems Inc. The Dun & Bradstreet Corporation Morningstar, Inc. Bankrate, Inc. Sector Average

Online Broker Dealers The Charles Schwab Corporation TD Ameritrade Holding Corporation E*TRADE Financial Corporation Interactive Brokers Group, Inc. GAIN Capital Holdings, Inc. Global Brokerage, Inc. Sector Average

Market Cap.


P/E 2017

$8,861 $8,612 $7,820 $3,659 $2,411 $1,556 $1,672

17% 12% 32% 4% 47% NA 8%

22.6x 24.2x 19.8x 18.0x 28.3x NA 30.4x

$4,941

20%

23.9x

Market Cap.


P/E 2017

$38,281 $33,046 $23,386 $19,416 $13,746 $9,554 $6,706 $3,907 $3,342 $1,007

38% 11% 26% NA 6% 42% 7% (16%) (4%) 42%

24.0x 19.3x 23.0x 23.0x 26.2x 29.2x 22.7x 15.1x NA 16.1x

$15,239

17%

22.1x

Market Cap.


P/E 2017

$56,053 $21,476 $10,187 $2,487 $280 $12

47% 38% 49% (0%) (5%) (78%)

26.2x 24.2x 18.8x 27.2x 69.2x NA

$15,083

8%

33.1x

9

SECTION II: Payments / Banking

10

PAYMENTS / BANKING Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 6/16/17 Networks Visa Inc. Mastercard Incorporated American Express Company PayPal Holdings, Inc. Discover Financial Services

$94.17 121.96 81.45 51.84 61.10

LTM Price Range Low High $73.25 86.65 57.15 34.00 50.32

$96.60 126.19 82.00 55.14 74.33

Equity Value $217,125 130,726 72,798 62,273 23,230

Net Debt $7,966 (2,444) 26,093 (8,928) 11,654

Enterprise Value $232,497 128,309 100,491 53,345 35,459 Mean Median

Merchant Processing Cielo S.A. First Data Corporation Global Payments Inc. Vantiv, Inc. Total System Services, Inc. Square, Inc. Wirecard AG Worldpay Group plc GMO Payment Gateway, Inc. EVERTEC, Inc. SafeCharge International Group Limited Planet Payment, Inc. JetPay Corporation(1)

$7.24 18.12 89.55 60.60 58.95 23.56 67.46 4.14 57.43 16.65 3.35 3.30 2.10

$6.19 9.90 64.63 50.98 46.22 8.42 36.10 3.17 34.40 14.15 2.34 2.75 1.75

$9.57 19.01 93.52 66.24 60.64 24.97 68.00 4.14 62.30 18.60 3.78 4.97 3.25

$19,633 16,653 13,655 11,888 10,849 8,814 8,336 8,220 2,115 1,208 496 177 33

$2,018 18,121 3,417 3,075 2,797 (546) (770) 1,689 (224) 592 (115) (5) 9

$22,809 37,760 17,217 15,259 13,661 8,268 7,565 9,909 1,900 1,804 381 171 125 Mean Median

Money Transfer The Western Union Company Euronet Worldwide, Inc.

$19.08 87.61

$18.07 65.33

$22.70 90.23

$8,992 4,593

$2,160 (159)

$11,152 4,436 Mean Median

Closed Loop Alliance Data Systems Corporation FleetCor Technologies, Inc. Edenred SA WEX Inc.

$254.90 144.41 25.99 104.98

$185.02 121.52 17.57 80.67

$266.25 176.42 27.40 122.91

$14,192 13,323 6,061 4,503

$18,804 3,322 623 2,173

$32,996 16,645 6,757 6,684 Mean Median

Prepaid Blackhawk Network Holdings, Inc. Green Dot Corporation Net 1 UEPS Technologies, Inc.

$41.20 39.53 9.67

$28.88 20.79 8.37

$44.90 40.20 13.81

$2,321 2,027 557

$373 NA (198)

$2,698 NA 363 Mean Median

EV / Revenue CY 17E CY 18E

EV / EBITDA CY 17E CY 18E

Price / EPS CY 17E CY 18E

EPS Long Term Growth

PEG

Revenue Growth 17E/16A Y/Y MRQ

12.7x 10.6x 3.1x 4.2x 3.6x

11.6x 9.5x 2.9x 3.6x 3.5x

18.3x 18.4x NM 16.4x NM

16.3x 16.4x NM 14.0x NM

27.0x 28.3x 14.3x 29.1x 10.1x

23.4x 24.4x 13.0x 24.4x 9.2x

17.5% 16.2% 10.1% 17.5% 9.4%

1.5 1.7 1.4 1.7 1.1

14.2% 12.2% 9.5% 17.3% 11.4%

23.5% 11.8% (4.0%) NM (2.6%)

6.9x 4.2x

6.2x 3.6x

17.7x 18.3x

15.6x 16.3x

21.8x 27.0x

18.9x 23.4x

14.1% 16.2%

1.5 1.5

12.9% 12.2%

7.2% 4.6%

6.0x 3.2x 5.0x 7.2x 2.8x 4.8x 5.0x 6.2x 9.2x 4.5x 3.3x 2.9x 1.7x

5.6x 3.0x 4.6x 6.6x 2.7x 3.8x 4.1x 5.7x 6.7x 4.4x 2.9x 2.6x 1.6x

13.3x 12.5x 15.4x 15.2x 11.7x 66.4x 16.9x 15.2x 33.1x 9.7x 10.5x 10.0x 25.2x

12.2x 11.8x 13.8x 13.7x 10.9x 37.5x 13.6x 13.4x 25.3x 9.4x 9.0x 8.3x 20.5x

15.0x 11.8x 22.9x 18.5x 18.2x NM 27.9x 23.9x 75.1x 10.2x 15.5x 19.6x NM

13.7x 11.0x 19.7x 16.5x 16.7x 60.7 22.2x 20.6x 53.6x 9.7x 13.7x 15.2x NM

7.8% 10.6% 13.9% 13.9% 11.9% 85.4% 26.1% 20.6% 25.0% 8.5% NM 25.0% NM

1.9 1.1 1.6 1.3 1.5 NM 1.1 1.2 3.0 1.2 NM 0.8 NM

0.7% 4.0% 41.9% 25.2% 12.2% 34.9% 34.8% 32.6% 75.7% 2.6% 11.1% 10.0% 32.4%

3.2% 0.6% 46.9% 13.4% NA 21.7% 23.4% 13.3% 89.8% 6.1% 3.2% (7.0%) 62.7%

4.8x 4.8x

4.2x 4.1x

19.6x 15.2x

15.3x 13.4x

23.5x 18.5x

22.8x 16.6x

22.6% 13.9%

1.5 1.3

24.5% 25.2%

23.1% 13.3%

2.1x 2.1x

2.0x 1.9x

8.6x 11.1x

8.3x 9.6x

11.4x 19.3x

10.8x 16.8x

7.6% 14.0%

1.5 1.4

0.1% 8.9%

0.4% 8.1%

2.1x 2.1x

2.0x 2.0x

9.8x 9.8x

8.9x 8.9x

15.3x 15.3x

13.8x 13.8x

10.8% 10.8%

1.4 1.4

4.5% 4.5%

4.2% 4.2%

4.2x 7.5x 4.6x 5.6x

3.8x 6.9x 4.2x 5.1x

16.5x 14.3x 12.1x 13.9x

14.6x 12.7x 11.0x 12.1x

13.7x 17.3x 22.7x 19.8x

11.9x 15.4x 20.6x 17.1x

14.1% 15.7% 13.6% 15.4%

1.0 1.1 1.7 1.3

9.5% 20.7% 31.1% 17.5%

12.1% 25.6% 13.2% 41.5%

5.5x 5.1x

5.0x 4.6x

14.2x 14.1x

12.6x 12.4x

18.4x 18.5x

16.2x 16.2x

14.7% 14.8%

1.3 1.2

19.7% 19.1%

23.1% 19.4%

1.2x NA 0.6x

1.1x NA 0.5x

11.4x NA 2.3x

9.8x NA 2.3x

25.0x 20.3x 5.5x

20.6x 17.5x 5.2

15.2% 16.8% NM

1.6 1.2 NM

17.5% 17.4% 10.7%

11.1% 11.0% 9.8%

0.9x 0.9x

0.8x 0.8x

6.9x 6.9x

6.1x 6.1x

16.9x 20.3x

14.4x 17.5x

16.0% 16.0%

1.4 1.4

15.2% 17.4%

10.6% 11.0%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples 100 considered NM. 1) Convertible preferred equity assumed at 2x liquidation preference.

11

PAYMENTS / BANKING Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 6/16/17 Integrated Payments Hardware / Technology Ingenico Group - GCS NCR Corporation VeriFone Systems, Inc. Cardtronics plc Everi Holdings Inc. PAR Technology Corporation

$91.49 39.77 17.23 33.35 7.07 8.61

LTM Price Range Low High $76.43 25.20 14.94 32.58 1.15 4.50

$124.19 49.90 20.98 56.00 7.47 9.00

Equity Value $5,683 4,820 1,927 1,522 467 136

Net Debt

Enterprise Value

$121 2,927 743 956 983 (4)

$5,808 8,904 2,697 2,478 1,450 132 Mean Median

Banking and Lending Technology Intuit Inc. Fidelity National Information Services, Inc. Fiserv, Inc. Jack Henry & Associates, Inc. Temenos Group AG Ellie Mae, Inc. Black Knight Financial Services, Inc. ACI Worldwide, Inc. LendingClub Corporation Q2 Holdings, Inc. Bottomline Technologies (de), Inc. Elevate Credit, Inc. (1) On Deck Capital, Inc. Performant Financial Corporation

$139.49 85.19 124.65 104.79 90.05 111.23 39.00 22.29 5.61 38.10 24.78 8.38 4.19 2.52

$103.03 68.03 92.81 79.00 48.80 77.60 33.06 15.11 4.03 25.23 18.48 6.50 3.29 1.50

$143.81 87.32 126.28 106.46 94.68 114.38 42.20 23.97 6.79 40.50 28.35 8.98 6.46 4.07

$35,740 28,162 26,473 8,137 6,278 3,790 2,713 2,631 2,266 1,560 1,004 349 304 127

($1,093) 8,800 4,330 7 169 (393) 1,467 603 (534) (82) 39 414 743 24

$34,647 37,074 30,803 8,144 6,447 3,396 5,225 3,234 1,731 1,478 1,043 763 1,054 151 Mean Median

Information Processors / Credit Bureaus Experian plc Equifax Inc. Fair Isaac Corporation Acxiom Corporation Intersections Inc.

$20.65 142.58 135.40 26.26 4.35

$15.86 110.87 105.70 20.47 1.70

$21.85 143.09 139.00 30.40 5.75

$19,152 17,140 4,193 2,062 104

$3,210 2,546 510 59 8

$22,374 19,750 4,703 2,120 112 Mean Median





PEG


2.1x 1.3x 1.4x 1.7x 1.6x NA

1.9x 1.3x 1.4x 1.7x 1.5x NA

10.2x 7.6x 9.2x 7.5x 7.0x NA

9.3x 7.2x 8.0x 7.6x 6.6x NA

17.3x 11.8x 11.8x 11.7x 6.9x NA

15.5x 10.9x 11.1x 11.1x 14.8x NA

11.1% NM 15.0% 13.5% 20.0% NM

1.6 NM 0.8 0.9 0.3 NA

14.6% 2.1% NA 15.8% 6.4% NA

0.5% 2.4% (10.0%) 17.9% 15.4% 19.1%

1.6x 1.6x

1.6x 1.5x

8.3x 7.6x

7.7x 7.6x

11.9x 11.8x

12.7x 11.1x

14.9% 14.3%

0.9 0.8

9.7% 10.5%

7.6% 8.9%

6.5x 4.0x 5.3x 5.6x 9.2x 7.7x 4.8x 3.2x 3.0x 7.6x 2.9x 1.1x 3.0x 1.1x

6.0x 3.8x 5.1x 5.2x 8.3x 6.3x 4.4x 3.1x 2.4x 6.0x 2.7x 0.9x 2.8x 0.9x

16.9x 12.0x 15.0x 15.7x 26.3x 23.4x 10.2x 12.8x 31.7x NM 13.1x 7.5x NM 13.4x

15.1x 11.4x 14.0x 14.6x 22.8x 17.7x 9.1x 11.9x 13.4x 72.3x 11.8x 4.8x 33.4x 8.2x

30.6x 20.1x 24.3x 32.3x 37.4x 59.7x 28.7x 47.7x NM NM 25.1x 23.1 NM NM

27.7x 17.8x 21.7x 29.4x 32.3x 45.7x 24.5x 38.7x 26.3x NM 21.0x 6.6x 17.7x 45.8x

15.9% 11.7% 11.5% 11.0% 15.5% 23.1% 14.1% 12.5% NM 32.0% 17.3% NA NM 20.0%

1.9 1.7 2.1 2.9 2.4 2.6 2.0 3.8 NM NM 1.4 NA NM NM

9.7% 1.4% 4.7% 4.9% 10.6% 21.8% 5.6% 1.4% 15.0% 29.2% 4.4% NA 20.0% (5.6%)

10.3% 3.4% 4.7% 6.2% 10.4% 26.3% 6.7% 2.4% (17.4%) 31.9% (0.2%) 17.0% 20.9% (13.5%)

4.6x 4.4x

4.1x 4.1x

16.5x 14.2x

18.6x 13.7x

32.9x 29.6x

27.3x 26.3x

16.8% 15.5%

2.3 2.1

9.5% 5.6%

7.8% 6.4%

5.1x 5.8x 5.0x 2.3x NA

4.8x 5.4x 4.7x 2.1x NA

14.5x 15.8x 19.1x 12.0x NA

13.7x 14.5x 17.2x 10.3x NA

22.3x 23.5x 26.2x 35.9x NA

19.9x 21.2x 22.1x 26.2x NA

9.6% 11.5% 16.0% 17.4% NM

2.3 2.0 1.6 2.1 NA

NA 8.3% 4.6% 4.0% NA

NA 14.3% 10.5% 0.1% (11.4%)

4.5x 5.0x

4.2x 4.7x

15.4x 15.2x

13.9x 14.1x

27.0x 24.9x

22.3x 21.6x

13.6% 13.8%

2.0 2.1

5.6% 4.6%

3.4% 5.3%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples 100 considered NM. 1) Revenue growth rates based on gross revenues before provision for loan losses and fundraising costs.

12

PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months ($MM) Announced Date

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

6/15/17

LendingTree, Inc.

Deposits Online, LLC.

Data / Analytics

$33

NA

6/13/17

Fiserv (Europe) Limited

Monitise plc

Banking Technology

$52

0.7x

Mobile Payments

NA

NA

Networks

$1,381

4.3x

Treasury Management

$2

NA

Mortgage Servicing

$304

NA

Student Lending

NA

NA

Financial Software

NA

NA

Retirement Administration

NA

NA

6/13/17

Halcash North America, Inc.

Helena Activos Líquidos Internacional, S.L. Qiwi plc

6/9/17

Otkritie Holding JSC; Otkritie Investments Cyprus Limited The Bankers Bank

6/8/17

ECN Capital Corp.

US Dataworks, Inc., Substantially All Assets Service Finance Company, LLC

6/7/17

Incenter Mortgage Solutions LLC

Campus Door Holdings, Inc.

6/7/17

Longview Solutions, Inc.

Tidemark Systems, Inc.

6/6/17

Ascensus, Inc.

Kravitz, Inc.

6/6/17

CoreLogic, Inc.

Mercury Network, LLC

Mortgage Technology

NA

NA

6/2/17

GTCR, LLC

Sage Payment Solutions, Inc.

Merchant Processing

$260

NA

6/1/17

Flywire

PACE Financial Group Ltd.

Invoicing

NA

NA

6/1/17

Aquiline Capital Partners LLC

Output Services Group, Inc.

Bill Pay

NA

NA

5/31/17

KeyBank National Association

HelloWallet, LLC

PFM

NA

NA

5/30/17

Optimal Blue LLC

Mortgage Tech

NA

NA

5/29/17

First Data Corporation

Comergence Compliance Monitoring, LLC CardConnect Corp.

Merchant Processing

$758

1.2x

5/24/17

Ebix, Inc.

Itz Cash Card Ltd.

Prepaid

$120

NA

5/17/17

Coupa Software Incorporated

Riskopy, Inc.

Risk / Data

NA

NA

5/17/17

North American Bancard Holdings, LLC

Total Merchant Services, Inc.

Merchant Acquiring

NA

NA

5/16/17

Mswipe Technologies Pvt Ltd

PayU Payments Private Limited

POS

NA

NA

6/12/17

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples 100 considered NM.

13

PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.) ($MM) Announced Date

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

Credit Bureau

$3,293

11.3x

EVO Payments International, LLC

Bureau van Dijk Electronic Publishing BV Zenith Merchant Services Inc

Merchant Acquiring

NA

NA

5/10/17

Swedbank AB (publ)

PayEx Finance AB

Consumer Payments

NA

NA

5/10/17

Cayan LLC

Card Payment Services, Inc.

Merchant Acquiring

NA

NA

5/8/17

AltaPay A/S

IPS Limited

Ecommerce Payments

NA

NA

5/1/17

FleetCor Technologies, Inc.

Cambridge Global Payments

Cross-Border Payments

$675

NA

4/25/17

Vantiv, Inc.

Paymetric, Inc.

Payment Processing

NA

NA

4/24/17

HCL Technologies Limited

Urban Fulfillment Services, LLC

Mortgage Processing

$30

0.6x

Ecommerce Payments

NA

NA

Accounting Software

NA

NA

Financial Software

NA

NA

Clearing

$27

NA

Coupons / Rewards

$455

1.5x

Banking Software

NA

NA

Sourcing Software

$45

NA

Merchant Acquiring

$32

NA

Ecommerce Payments

NA

NA

Digital Banking

NA

NA

Payment Processing

NA

NA

VAR

$38

6.2x

5/15/17

Moody's Analytics, Inc.

5/12/17

4/19/17

Ant Financial Services Group

4/19/17

Asset Vantage Inc.

HelloPay Singapore Pte. Ltd (nka:Alipay Singapore) Financial Navigator, Inc.

4/12/17

Stone Point Capital

Bankruptcy Management Solutions

Network For Electronic Transfers (Singapore) Pte Ltd. Harland Clarke Holdings Corp.

Banking Computer Services Private Limited and BCS Information System RetailMeNot, Inc.

4/11/17 4/10/17 4/10/17

New Access SA

4/7/17


Fidelity National Information Services, Inc., Ambit Private Banking Business Trade Extensions Tradeext AB

4/5/17

Nets Oy

4/5/17

Bain Capital & Advent International

OP Financial Group, Merchant Acquiring Business Ratepay

4/4/17

BNP Paribas SA

Compte Nickel

4/3/17

CU Cooperative Systems, Inc.

The Members Group LLC

4/3/17

CardConnect Corp.

MertzCo, Inc.


14


Target Subsector

Enterprise Value

EV / LTM Revenue

Payment Processing

NA

NA

Card Processing

$220

NA

Anti-Fraud

NA

NA

Gateway

$25

NA

Authentication

NA

NA

Payroll Software

NA

NA

Acculynk, Inc.

Ecommerce Payments

$85

NA

RAGE Frameworks, Inc.

Digital Transformation

NA

NA

Merchant Acquiring

NA

NA

Banking Technology

$3,459

2.8x

Acquirer

Target

4/3/17

Avangate Inc.

2Checkout.com, Inc.

3/31/17

M1 Limited

Areeba s.a.l.

3/29/17

Mastercard Incorporated

NuData Security Inc.

3/28/17

Wirecard AG

MyGate Communications (Pty) Ltd

3/27/17

Nxt-ID, Inc.

FitPay, Inc.

3/21/17

Visma AS

Bluegarden Holding A/S

3/16/17

First Data Corporation

3/14/17

Genpact Limited

3/13/17

Wirecard AG

3/13/17

Vista Equity

Citibank's Merchant Acquiring Services in Asia Pacific DH Corporation

3/13/17

Payment Data Systems, Inc.

Singular Payments, LLC

Vertical Payments

NA

NA

3/8/17

Flagship Community Bank

BankMobile

Mobile Payments

NA

NA

3/7/17

Optal Limited

Invapay Payment Solutions Ltd.

B2B Payments

NA

NA

3/6/17

TA Associates Management, L.P.

Interswitch Limited

Digital Payments

NA

NA

2/28/17

Technology Crossover Ventures

Retail Merchant Services Ltd.

Payment Services

NA

NA

Fintellix Solutions Private Limited

Data / Analytics

NA

NA

Tilt.com, Inc.

Crowd Funding

NA

2/27/17 2/23/17

Argus Information & Advisory Services, LLC Airbnb, Inc.

NA (1)

2/23/17

MYOB Group Limited

Paycorp Holdings Pty Limited

Payment Solutions Provider

$37

2/22/17

Bharti Airtel Services Limited

Seynse Technologies Pvt. Ltd.

Online Lending

NA

NA

2/16/17

CampusLogic, Inc.

Cegment, Inc.

Lending Tech

NA

NA

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples 100 considered NM. 1) Reflects updated merger consideration of $18 per share on April 15, 2017

NA

15


Target Subsector

Enterprise Value

EV / LTM Revenue

Telepin, Inc.

Mobile Financial Services

NA

NA

Oxygen Finance Ltd.

Satago Ltd.

CF Management Software

NA

NA

2/14/17

Temenos Solutions Australia Pty Ltd

Rubik Financial Limited

Financial Software

$59

1.9x

2/14/17

PayPal Holdings, Inc.

TIO Networks Corp.

Payment Processing

$185

2.6x

2/8/17

Deluxe Corporation

RDM Corporation

Banking Software

$67

3.2x

2/8/17

Realtime Electronic Payments

Sigma Payment Solutions Inc.

Loan Servicing

NA

NA

2/6/17

Klarna AB

Billpay GmbH

Ecommerce Payments

$64

NA

NA

NA

NA

NA

ATMS

NA

NA

Real Estate Tech

$150

NA

Electronic Payments

NA

NA

Prepaid

NA

NA

Loyalty / Rewards

NA

NA

Acquirer

Target

2/16/17

Volaris Group Inc.

2/16/17

2/1/17

i3 Verticals, LLC

2/1/17

Social Finance, Inc.

Randall Data Systems, LLC and CSC Links, LLC ZenBanx, Inc.

1/31/17

Cardtronics plc

Spark ATM Systems (Pty) Ltd.

1/31/17

Zoopla

Hometrack

1/30/17

Ingenico Group - GCS

TechProcess Payment Services Limited

1/30/17

Green Dot Corporation

UniRush, LLC

1/27/17

Ebates, Inc.

Cartera Commerce Inc.

1/26/17

Alipay (UK) Limited

MoneyGram International, Inc.

Money Transfer

$1,936

1.2x

1/26/17

Fusion RMS

Innovantum Technologies Ltd.

POS

NA

NA

1/25/17

McPayment Pte Ltd

Genesis Payment Solutions Pte Ltd.

Merchant Acquiring

NA

NA

1/24/17

Solera Holdings Inc.

Digidentity B.V.

Identity Protection

NA

NA

International Payments / FX

NA

NA

Ecommerce Payments

NA

NA

1/18/17

Clearent, LLC

1/18/17

AnaCap Financial Partners LLP

Payment Alliance International, Merchant Service Division Heidelberger Payment GmbH


Accounting Software / Healthcare Payments Mobile Banking

16


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

1/18/17

Augeo Affinity Marketing Inc.

Edo Interactive Inc.

Loyalty / Rewards

NA

NA

1/17/17

Clarus Merchant Services

North American Merchant Services, Inc.

ISO

NA

NA

1/17/17


BC Technologies

ISO

NA

NA

1/16/17

Daimler Financial Services AG

PayCash Europe S.A.

Electronic Payments

NA

NA

ConCardis GmbH

Merchant Processing

NA

NA

Closed Loop

NA

NA

Financial Software

NA

NA

Merchant Acquiring

NA

NA

Crowdfunding

NA

NA

Online Lending / Lead Gen

NA

NA

1/11/17

Advent International Corporation; Bain Capital Investors, LLC Intellitix Holdings Limited

1/10/17


1/13/17

Loc Pay Systems B.V. Spend360 International Ltd

1/10/17


1/10/17

GoFundMe, Inc

ANARAQ Holdings, LLC, Payment Processing Assets CrowdRise, Inc.

1/6/17

Rock Holdings Inc.

LowerMyBills, Inc. and Classes USA, Inc.

1/5/17

IRIS Software Group Limited

PS Financials Ltd

Accounting Software

NA

NA

1/4/17

EVO Payments International, LLC

Sterling Payment Technologies, Inc.

Merchant Processing

NA

NA

BBVA Bancomer, S.A.

Openpay SAPI de C.V.

Ecommerce Payments

NA

NA

Mobile Payments

$32

NA

Fraud Protection

NA

NA

Merchant Acquiriing

$30

1.3x

Fraud Prevention

NA

NA

Online Consumer Lending

NA

NA

eCommerce Payments

NA

NA

Merchant Services Portfolio

$8

NA

12/23/16 12/23/16

Volkswagen Financial Services AG

12/19/16

Akamai Technologies, Inc.

PayByPhone Technologies And PayByPhone And Mobile Payment Cyberfend, Inc.

12/19/16

SENJO GROUP Pte. Ltd.

Kalixa Payments Group Limited

12/6/16

American Express Company

InAuth, Inc.

12/1/16

Flexpoint Ford, LLC

Purchasing Power, LLC

12/1/16

Visa Inc.

CardinalCommerce Corporation

11/29/16

BluePay Canada ULC

VersaPay, Merchant Services Portfolio


17


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

11/23/16

Klarna AB

Cookies Labs GmbH

Money Transfer

NA

NA

11/20/16

Symantec Corporation

LifeLock, Inc.

Anti-Fraud

$2,362

3.6x

11/16/16

LendingTree, LLC

Iron Horse Holdings, LLC

Lead Gen

$130

NA

11/15/16

Versara Lending, LLC

Peerform, Inc.

Online Lending

NA

NA

11/14/16

Finical, Inc.

Safeguard Bankcard, LLC

Merchant Services

NA

NA

11/10/16

Intrum Justitia AB

1st Credit Limited

Collections

$163

2.6x

11/10/16

MetaBank

Specialty Consumer Services, LP

Online Lending

NA

NA

11/10/16

NPC Group, Inc.

Moneris Solutions, Inc.

Merchant Acquiring

$425

NA

11/7/16

GTCR, LLC

RevSpring, Inc.

Healthcare Payments

NA

NA

11/4/16

BC Partners; Medina Capital

Easy Solutions Inc.

Fraud Detection

NA

NA

11/4/16

Broadridge Financial Solutions, Inc.

M&O Systems, Inc.

Accounting Software

$25

NA

11/1/16

Hansen Technologies Ltd

DST Billing Solutions Limited

Billing Software

NA

NA

10/26/16

Groupon, Inc.

LivingSocial, Inc.

Ecommerce

NA

NA

Online Lending

NA

NA

Credit Cards

NA

NA

10/11/16

Lendingkart Technologies Private Limited CVC Capital Partners Limited; Cinven

10/10/16

First American Mortgage Solutions, LLC

TD Service Financial Corporation

Mortgage Technology

NA

NA

10/10/16

Intuit Inc.

MTS Global (Europe) Limited

Accounting Software

NA

NA

10/10/16

TRGRP, Inc.

Priory Solutions Limited

Billing Software

NA

NA

10/10/16

Euronet Worldwide, Inc.

YourCash Europe Limited

ATMS

NA

NA

10/6/16

Capital One Financial Corporation

Paribus Co.

Ecommerce

NA

NA

10/18/16

Finectar Technologies Pvt. Ltd. NewDay Cards Ltd.


18


Acquirer

Target

10/6/16

Qiwi plc

Plati Potom OOO

Target Subsector

Enterprise Value

EV / LTM Revenue

Ecommerce

NA

NA

Risk / Analytics

$6

2.3x

DirectCash Payments Inc.

ATMS

$453

2.1x

Merchant Processing

NA

NA

Billing Software

NA

NA

Point of Sales

NA

NA

Regulatory DataCorp, Inc.

Compliance/Risk

NA

NA

Bitnet Technologies

Digital Currency

NA

NA

Closed Loop

NA

NA

Check Processing

NA

NA

Payment Processing

NA

NA

Prepaid

NA

NA

Digital Banking

NA

NA

Mobile Payments

$1,224

5.2x

Gift Cards

NA

NA

10/3/16

Gresham Computing plc (nka:Gresham Technologies plc) Cardtronics Holdings Limited

9/15/16

Payroc LLC

The iTransact Group, LLC

9/14/16

Amdocs Limited

Vindicia, Inc

9/7/16

iZettle AB

Intelligent Point Of Sale (Sales) Limited

10/4/16

C24 Technologies Ltd.

8/18/16

Vista Equity Partners LLC; Vista Equity Fund III, L.P. Rakuten, Inc.

8/4/16

FleetCor Technologies, Inc.

Travelcard Nederland B.V.

8/4/16

Battery Ventures

Insert Mobile Technologies, Ltd.

9/6/16

8/3/16

SIA S.p.A.

7/31/16

InComm, Inc.

UniCredit Business Integrated Solutions, Card Processing Activities in ValuAccess Limited

7/28/16

BPCE SA

Fidor Bank AG

7/5/16

MasterCard Incorporated (nka:Mastercard Incorporated) Next Group Holdings Inc.

6/30/16

Blackboard Inc.

Higher One Holdings, Inc.

Prepaid

$237

1.5x

6/29/16

Wirecard AG

Citigroup Inc., Prepaid Card Services

Prepaid

NA

NA

7/21/16

VocaLink Holdings Limited Transaction Processing Products, Inc.


19

PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months ($MM) Announced Date

Target

Series

Amount

Investors

Target Subsector

6/15/17

Ingo Money

NA

$12

Camden Partners, CNF Investments, MissionOG

Risk Management

6/9/17

Cardlytics

NA

$12

Undisclosed

Loyalty / Rewards

6/8/17

AvidXchange

Series F

$300

6/7/17

Plynk

Series A

$28

Caisse de depot et placement du Quebec, MasterCard Worldwide, Peter Thiel, Temasek Holdings Swiss Privee

6/3/17

Max

Series A

$23

Credit Mutuel Arkea

6/1/17

Zopa

Series F

$41

Northzone Ventures, Wadhawan Global Capital

5/31/17

TouchBistro

Series C

$12

5/30/17

Wave Accounting

Series E

$24

5/26/17

RateSetter

Series C

$17

Napier Park Financial Partners, Recruit Holdings, BDC IT Venture Fund, Relay Ventures, Kensington Capital Partners BDC Venture Capital, CRV, Exhibition Capital, HarbourVest Partners, National Australia Bank Clean Energy Finance Corporation

5/25/17

BillTrust

Series D

$50

Riverwood Capital

5/24/17

Zibby

Series C

$14

5/23/17

R3

Series A

$107

5/22/17

LedgerX

Series B

$11

Blumberg Capital, CURO Financial Technologies, MissionOG, Tribeca Venture Partners Banco Bradesco, Bangkok Bank, Bank of America, Bank of Montreal, Barclays Huiyin Blockchain Venture, Miami International Holdings

5/17/17

Additiv

Series A

$5

BZ Bank Aktiengesellschaft

5/16/17

Neighborly

Series B

$25

5/16/17

LevelUp

NA

$37

8VC, Abstract Ventures, Bee Partners, Emerson Collective, FinTech Collective, Govtech Fund, Maven Ventures CentroCredit Bank, JP Morgan Chase, U.S. Boston

AP Automation Money Transfer PFM Digital Banking POS Accounting Software Online Lending AR / Invoicing Consumer Lending Blockchain Cryptocurrency Financial Software Marketplace Lending POS / Loyalty

5/15/17

Wacai

Series C

$42

5/11/17

Verse

Series B

$20

Ally Bridge Group, China Broadband Capital, China Development Bank Capital, New Horizon Capital e.ventures, Greycroft Partners, Spark Capital

5/10/17

Kreditech

NA

$120

PayU

Consumer Credit

5/9/17

Finxact

NA

$12

Live Oak Ventures

Banking Software

Notes: Source: CapitalIQ and Pitchbook.

PFM Mobile Payments

20

PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.) ($MM) Announced Date

Target

Series

Amount

Investors

NA

$42

Long Ridge Equity Partners

5/9/17

Broadway Technology

5/4/17

Signifyd

Series C

$56

American Express, Bain Capital Ventures, Menlo Ventures

5/4/17

MPP Global

Series B

$15

Albion Ventures, Grafton Capital

5/3/17

Nav

Series B

$13

5/2/17

Aicai

Series C

$32

Clocktower Ventures, CreditEase Fintech Investment Fund, Goldman Sachs, Point72 Ventures Zhongshunyi Financial

5/2/17

ServiceChannel

NA

$54

Acce

5/1/17

Airwallex

Series A

$13

Gobi Ventures, MasterCard, Sequoia China, Tencent

4/29/17

Satispay

NA

$15

Iccrea Banca

4/26/17

Ivalua

NA

$70

KKR

4/26/17

Robinhood

Series C

$110

DST Global, Index Ventures, NEA, Ribbit Capital

4/24/17

Token

Series A

$16

EQT Ventures, Octopus Ventures, OP Financial Group

4/19/17

IceKredit

Series A

$16

China Creation Ventures, Lingfeng Capital

4/18/17

Factom

Series A

$8

Harvest Equity, Peeli Ventures

4/13/17

College Avenue Student Loans

NA

$30

Comcast Ventures, Leading Edge Ventures

4/11/17

Mswipe Technologies

Series D

$21

DSG Consumer Partners, Falcon Edge Capital, Fosun Capital

4/10/17

MintQuantum

Series A

$15

Undisclosed

4/6/27

Upgrade

Series A

$60

4/6/17

WeCash

Series C

$80

4/6/17

Flow

Series A

$16

Union Square Ventures, Credit Ease, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures China Merchants Innovation Investment Management, Forebright Capital Management, SIG Bain Capital Ventures, Fung Capital, Forerunner Ventures

4/5/17

Jucaicat

Series A

$15

TIZA


Target Subsector Banking Software Ecommerce Fraud Protection Ecommerce Credit Scoring Student Logistics / Payments Vertical Payments Cross-Border Payments Mobile Payments Spend Management Software Online Brokerage Banking Software Underwriting Technology Blockchain Student Loan Marketplace Mobile Payments Online Lending Online Lending Credit Scoring Cross-Border Payments Online Lending

21


Target

Series

Amount

Investors

4/5/17

Savedroid

NA

$22

Rhineland-Palatinate, Angel Investors

3/31/17

Fiilament

Series B

$15

Bullpen Capital, Verizon Ventures

3/30/17

Yongqianbao

NA

$67

Golden Brick Capital Management, CICC Alpha

3/29/17

ShapeShift AG

Series A

$10

3/27/17

cloudvirga

Series B

$15

Access Venture Partners, Earlybird Venture Capital, Pantera Capital, Lakestar, Blockchain Capital Incenter

3/27/17

Creamfinance

Series B

$22

Capitec Bank Holdings Limited

Target Subsector PFM / Digital Banking Blockchain Online Lending Digital Currency Mortgage POS Online Lending

3/23/17

Dadao Financial

Series B

$29

3/23/17

Clarity Money

Series B

$11

China Renaissance Private Equity Fund, PAG, Sequoia Capital China Citi Ventures, RRE Ventures

3/23/17

Qtum

NA

$15

Undisclosed

3/22/17

figo

NA

$12

Berliner Volksbank Ventures, DB1 Ventures

3/22/17

Avaloq

NA

$300

Warburg Pincus

Banking Software

3/20/17

Nested

NA

$10

GFC, Passion Capital

Real Estate Tech

3/15/17

Flow

Series A

$13

Bain Capital Ventures

3/14/17

solarisBank

NA

$28

Arvato Financial Solutions, SBI Group

3/13/17

Canopy

NA

$20

Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners

3/13/17

Viva Republica

Series C

$48

3/9/17

Currencycloud

Series D

$25

3/8/17

Veem

Series B

$24

Altos Ventures, Bessemer Venture Partners, Goodwater Capital, Partech Ventures, PayPal Holdings Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire Ventures GV, NAB Ventures, SBI Investment Co.

3/7/17

Qapital

Series A

$12

Anthemis, Northzone, Rocketship VC

$102

BBVA, Toscafund Asset Management, Woodford Investment Management

3/6/17

Atom Bank


NA

Real Estate Tech PFM Blockchain Bank API

Ecommerce Digital Banking Accounting / Tax Software Money Transfer Cross-Border Payments B2B Payments PFM Digital Banking

22


Target

Series

Amount

3/3/17

UpStart

NA

$33

3/2/17

Sensibill

Series A

$12

First Round Capital, Khosla Ventures, Rakuten, Third Point Ventures Information Capital, OTEAF

3/1/17

Clearbank

NA

$31

CFFI Ventures, PPF Group

2/24/17

Social Finance

Series F

$500

GPI Capital, Silver Lake, Softbank Group

Online Lending

2/23/17

Nymbus

NA

$16

Home Credit Group

Bank Software

2/23/17

Tala

Series B

$30

IVP, Ribbit Capital

Credit Scoring

2/22/17

Monzo

NA

$25

Orange Digital Ventures, Passion Capital, Thrive Capital

Digital Banking

2/22/17

Prospa

NA

$19

AirTree Ventures

Online Lending

2/22/17

Ecrebo

NA

$15

Joseph Schull, Octopus Ventures, Sir Keith Mills

Investors

2/22/17

Creditas

Series B

$19

2/20/17

True Balance

Series B

$15

Nasper's FinTech Arm, Redpoint Ventures, World Bank's International Finance Corp SoftBank Ventures

2/20/17

Kakao Pay

NA

$200

Ant Financial

2/13/17

CrediFi Corp

Series B

$13

2/9/17

Better Mortgage Inc.

Series B

$15

2/8/17

Exactuals LLC

Series A

$10

31Ventures, Battery Ventures, Carmel Ventures, Liberty Israel Venture Fund, OurCrowd, Stax Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook Partners City National Bank, TTV Capital

2/2/17

Paytm E-Commerce

NA

$200

Alibaba, SAIF Partners

1/31/17

Feedvisor Ltd.

Series B

$20

1/31/17

Knock

Series A

$33

1/30/17

Earnix

NA

$14

1/26/17

Raisin GmbH

Series C

$30


General Catalyst Partners, JAL Ventures, Oryzn Capital, Square Peg Capital, Titanium Investments Correlation Ventures, FJ Labs, Great Oaks Venture Capital, Greycroft, Redpoint, RRE Ventures Jerusalem Venture Partners, Israel Growth Partners, Vintage Investment Partners Index Ventures, Ribbit Capital, Thrive Capital

Target Subsector Online Lending Expense Mgmt Software Banking Software

Offers / Marketing Online Lending Mobile Balance Management Mobile Payments Data / Analytics Mortgage Origination Vertical Payments eCommerce eCommerce Real Estate Tech Data / Analytics Cash Management

23


Target

Series

Amount

1/25/17

BitFury

NA

1/19/17

Iyzico

1/13/17

Investors

Target Subsector

$30

Credit China FinTech Holdings

Blockchain

Series C

$13

212 Ltd, International Finance Corp., Vostok Emerging Finance

HouseCanary

Series A

$33

Alpha Edison, Europlay Capital Advisors, Raven Ventures

1/12/17

Funding Circle

Series F

$82

1/11/17

CompareEuropeGroup Ltd.

Series A

$20

1/11/17

iZettle AB

NA

$60

1/10/17

Advanon AG

Series A

$14

Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union Square Ventures ACE & Company, Nova Founders Capital, Pacific Century Group, SBI Holdings Inc. American Express Co, Creandum, Index Ventures, Intel Capital, MasterCard Inc., Northzone Ventures b-to-v Partners, Swisscom Ltd., VI Partners

1/10/17

MobileCause Inc.

Series B

$15

Level Equity Management LLC

1/9/17

Activehours Inc.

NA

$22

1/9/17

FreeCharge

NA

$57

Felices Ventures, March Capital Partners, Matrix Management Corp., Ribbit Capital LP SnapDeal

1/5/17

CloudCraze LLC

Series B

$20

Insight Venture Partners, Salesforce Ventures

eCommerce Payments Real Estate Data / Analytics Online Lending Lead Gen POS Online Lending Crowdfunding Online Lending Mobile Payments B2B Commerce

Series E

$24

Credible Labs

NA

$10

American Express Ventures, BlueCross BlueShield Venture Partners, Relay Ventures, Verizon Ventures Undisclosed

1/4/17

Magento Commerce

NA

$250

Hillhouse Capital Management

1/3/17

Monese

Series A

$10

Exponential Ventures, Korea Investment Partners, STE Capital

Digital Banking

1/3/17

Tandem Bank

NA

$43

House of Fraser

Digital Banking

Series A

$20

Oak View Group, Shamrock Capital Advisors

1/5/17

Payfone

1/4/17

Fraud Protection Online Lending eCommerce

12/20/16

Appetize Technologies Inc.

12/15/16

Kreditech

NA

$10

Rakuten Fintech Fund

Online Lending

12/14/16

BillFront

Series A

$35

4FINANCE, Finleap, NIBC Bank N.V.

Online Lending

12/8/16

Thanx Inc.

Series B

$17

Icon Ventures, Javelin Venture Partners, Sequoia Capital


POS

Loyalty / Rewards

24


Target

Series

Amount

12/7/16

Nubank

Series D

$80

12/5/16

MoneyLion Inc.

Series A

$11

11/28/16

Five Degrees Solutions

Series A

$13

Digital Sky Technologies, Founders Fund, QED Investors, Sequoia Capital, Tiger Global Management Citizen VC, Clocktower Technology Ventures, Edison Partners, FinTech Collective, Montage Ventures 5square, Karmijn Kapitaal, Velocity Capital Private Equity

11/25/16

Stripe Inc.

NA

$150

CapitalG, General Catalyst Partners, Sequoia Capital

Investors

11/24/16

Ximu Financial Information Services

Series A

$15

11/23/16

Wynd

Series B

$32

China Merchants Venture Capital Management Co., Ltd., Zhixin Capital Bpifrance, Orange Digital Ventures, Sodexo Ventures

11/23/16

Udaan.com

Series A

$10

Lightspeed Venture Partners India, Lightspeed U.S.

11/18/16

AdvisorEngine

Series A

$20

WisdomTree Investments, Inc.

11/15/16

eOriginal, Inc.

NA

$27

LLR Partners, Inc.

11/15/16

Mavenlink, Inc.

Series D

$39

Goldman Sachs Growth Partners

11/10/16

Teamleader NV

Series B

$10

Fortino Capital

11/7/16

Zafin Labs America Inc.

NA

$10

Beedie Capital Partners, Vistara Capital Partners

11/1/16

StayClassy Productions Inc.

Series C

$30

10/26/16

nanoPay Corporation

Series A

$10

10/25/16

Lendio Inc.

Series D

$20

10/24/16

AEVI

NA

$11

Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril Capital Management, Salesforce Ventures APAGM Services, Goldman Sachs Merchant Banking Division, Jarnac Capital Management, Rohatton Blumberg Capital, Comcast Ventures, Napier Park Global Capital, North Hill Ventures, Stereo Capital, Tribeca Venture Partners Adveq Management

10/21/16

China UnionPay Merchant Services

NA

$296

Everbright-IDG Industrial Fund

10/20/16

PaySimple Inc.

NA

$115

Providence Equity Partners

10/20/16

TravelBank

Series A

$10

Accel Partners, New Enterprise Associates

10/18/16

PayCommerce Inc.

Series B

$22

Tritium Partners


Target Subsector Online Banking Online Lending Banking Software eCommerce Payments Rating Agency POS Trading Platform Broker Software Electronic Transaction Software Financial Software CRM / Invoicing Software Banking Software Crowdfunding Digital Currency Online Lending POS Merchant Acquiring ISO / Gateway Expense Software Cross-Border Payments

25


Target

Series

Amount

NA

$11

Investors

10/18/16

IbanFirst

Xavier Niel, Other Investors

10/18/16

SecureKey Technologies Inc.

Series D

$21

10/13/16

TouchBistro

Series B

$13

10/12/16

Nexus Systems

NA

$28

Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank Financial Group BDC Capital, Huff Capital, Kensington Capital Partners, Relay Ventures, Round 13 Holdings Inc. Mainsail Partners

10/7/16

FlexiLoans

NA

$15

Angel Investors

Target Subsector Banking Software Identity / Authentication POS AP Software Online Lending

10/5/16

Money Forward

Series D

$11

10/4/16

Iwoca Ltd.

Series C

$27

9/30/16

Remitly, Inc.

NA

$38

Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank Prime Ventures, Acton Capital Partners, Commerz Ventures, Global Founders Capital, Redline Capital International Finance Corp, Silicon Valley Bank

9/30/16

Financeit

NA

$17

DNS Capital LLC, The Pritzker Organization

9/30/16

Payoneer

NA

$180

Technology Crossover Ventures, Susquehanna Growth Equity

Cross-Border Payments

9/29/16

Kyriba Corp.

NA

$23

Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC

Treasury Software

NA

$88

Series A

$23

Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment Management LLC, Kuwait Investment Authority Fenbushi Capital, Wanxiang

NA

$11

BDC Capital, CRV, Social Capital, HarbourVest Partners

51Credit

Series C

$310

9/22/16

Avalara Inc.

Series D

$96

9/21/16

FirstP2P

Series C

$70

9/29/16

Apttus Corporation

9/26/16

Juzhen Financials

9/22/16

Wave Accounting Inc.

9/22/16

Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe Capital Management Sageview Capital, Technology Crossover Ventures, Warburg Pincus CCB International, San Shan Capital Partners

9/21/16

Nav, Inc

Series B

$25

9/15/16

Ripple Labs Inc.

Series B

$55

Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Peak Venture Partners, Tencent Holdings Ltd. Accenture Technology Ventures, CME Ventures

9/14/16

GreenSky Credit

NA

$50

Fifth Third BanCorp


Accounting Software Online Lending Money Transfer Consumer Finance

Quote-To-Cash Blockchain Accounting Software Online Lending Tax Software Online Lending Business Lending Digital Currencies Online Lending

26


Target

Series

Amount

Investors

9/14/16

Tipalti Solutions Ltd.

NA

$14

SG VC

9/13/16

Uno Home Loans

NA

$17

Westpac

9/9/16

Juvo

Series A

$14

Freestyle Capital, Seed-Resolute, Wing Venture Capital

9/8/16

SmartAsset

Series B

$12

9/1/16

Boku

Series E

$14

8/30/16

Paytm

NA

$60

8/30/16

Behalf

8/26/16

MobiKwik

8/22/16

InCred Finance

Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin Venture Partners, New York Life, Peterson Ventures, TTV Capital, Benchmark, DAG Ventures, GMO Payment Gateway, Index Ventures, Khosla Ventures, New Enterprise Associates MediaTek

Series C

$27

NA

$40

Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity, Vintage Ventures Management Ltd. NET 1 UEPS Technologies, Inc.

Series A

$75

Alpha Capital Partners, IDFC Alternatives Ltd.

Series C

$48

Clara Lending

NA

$27

Bronze Investments, Data Collective, Google Ventures, QED Investors, Radicle Impact, Susa Ventures, SV Angel, Thomvest Redpoint Ventures, Venrock

8/15/16

Nymbus

NA

$12

Vensure Enterprises

8/8/16

Yunnex

Series B

$45

Ajisen Ramen, GSR Ventures

8/5/16

Mosaic

NA

$220

Core innovation Capital, Obvious Ventures, Warburg Pincus

7/28/16

Paidy

Series B

$15

Arbor Ventures, Eight Roads, Itochu Corp., SBI Holdings, SIG Asia

7/27/16

Gongzi Qianbao

NA

$30

SBCVC

7/25/16

QwikCilver Solutions Private Limited

NA

$10

Accel, Amazon, Helion Venture Partners, Sistema Asia Fund

8/22/16

LendUp

8/17/16

7/20/16

Deposit Solutions

NA

$17

7/20/16

Omise

Series B

$18

7/19/16

CommonBond, Inc.

Series C

$30


e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar Ventures 500 Startups, Ascend Money, Golden Gate Ventures, SBI Investment, Sinar Mas Digital Ventures August Capital, NB Private Equity Partners, Nyca Partners, Social Capital, Tribeca Venture Partners, Victory Park Capital

Target Subsector AP Automation Mortage Software Mobile Credit Analytics Financial Education Mobile Payments Mobile Commerce SMB Lending Mobile Payments Online Lending Online Lending Mortgage Technology Banking Software POS Online Lending eCommerce Payments Payroll Gift Cards Open Banking Platform Gateway Online Lending

27


Target

Series

Amount

Investors

7/19/16

Deal4Loans

NA

$15

Franklin Templeton Group

7/13/16

i3 Verticals

NA

$10

Undisclosed

7/11/16

WeSwap.com

Series B

$10

Ascot Capital Partners, EC 1 Capital, IW Capital

7/7/16

Coinbase, Inc.

Series D

$11

Mistubishi Capital, Sozo Ventures, Bank of Tokyo

7/7/16

Payment Card Technologies

NA

$13

Undisclosed

7/4/16

NeoGrowth Credit

NA

$35

6/28/16

BizFi

NA

$20

6/28/16

PredictSpring

Series A

$11

6/28/16

Lendingkart. ltd.

Series B

$32

6/27/16

D3 Banking

Series E

$16

6/23/16

Circle Internet Financial

6/22/16

Pearl Capital


Series D

$60

NA

$20

Aspada, IFMR Investments, IIFL Private Wealth Management, Khosla Impact, Omidyar Network, Quona Capital Metropolitan Equity Partners Beanstalk Ventures, Benvolio Group, Felicis Ventures, Novel TMT Ventures Bertelsmann India, Darrin Capital, India Quotient, Mayfield, Saama Capital West Partners Accel, Baidu, Breyer Capital, China Everbright, CreditEase, General Catalyst Partners, IDG Capital Partners Arena Investors

Target Subsector Online Lending Merchant Processing Multi-Currency Prepaid Bitcoin Debit Online Lending Online Lending Mobile Commerce Online Lending Online Banking Money Transfer SMB Finance

28

SECTION III: Securities / Capital Markets / Data & Analytics

29

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 6/16/17 Exchanges - Americas CME Group Inc. Intercontinental Exchange, Inc. Nasdaq, Inc. BM&FBOVESPA S.A. CBOE Holdings, Inc. TMX Group Limited Bolsa Mexicana de Valores, S.A.B. de C.V.

$126.18 64.57 71.16 5.75 88.57 52.98 1.85

LTM Price Range Low High

Equity Value

$92.29 48.15 61.19 4.54 61.58 38.04 1.47

$42,875 38,230 11,754 11,721 9,924 2,928 1,099

$127.66 64.79 72.52 6.32 90.29 60.42 1.99

Net Debt $857 5,686 3,169 (359) 1,292 462 (118)

Enterprise Value $43,732 43,985 14,923 11,365 11,228 3,390 988 Mean Median

Exchanges - Asia Hong Kong Exchanges and Clearing Limited ASX Limited Singapore Exchange Limited Bursa Malaysia Berhad

$25.33 39.75 5.27 2.45

$22.43 33.11 5.03 1.92

$27.33 40.23 5.67 2.60

$31,163 7,688 5,642 1,314

($27,067) (734) (529) (115)

$4,110 6,954 5,113 1,202 Mean Median

Exchanges - Europe Deutsche Börse Aktiengesellschaft London Stock Exchange Group plc Bolsas y Mercados Españoles JSE Limited GPW Hellenic Exchanges - Athens Stock Exch.

$106.76 47.47 35.23 9.89 12.28 6.08

$74.00 28.90 23.18 9.49 8.25 4.31

$106.85 47.47 37.61 14.65 13.15 6.30

$19,943 16,502 2,927 846 515 367

$649 (1,265) (362) (153) (31) (107)

$20,758 15,865 2,566 693 485 260 Mean Median





PEG


11.7x 9.5x 6.2x 9.4x 11.1x 6.0x 5.8x

11.1x 9.0x 6.0x 8.7x 9.9x 5.8x 5.5x

16.4x 14.9x 12.3x 14.7x 17.9x 11.2x 10.6x

15.1x 13.7x 11.5x 12.7x 14.9x 10.5x 10.0x

26.0x 21.6x 17.3x 20.1x 26.2x 15.0x 18.4x

24.2x 19.2x 15.9x 17.2x 22.9x 13.9x 17.1x

12.1% 13.7% 9.8% NM 32.1% NM 11.9%

2.1 1.6 1.8 NM 0.8 NM 1.5

3.9% 3.4% 14.5% 68.8% 54.0% (5.9%) 23.5%

(0.5%) 0.9% 7.3% 21.3% 108.9% 0.2% 5.1%

8.5x 9.4x

8.0x 8.7x

14.0x 14.7x

12.6x 12.7x

20.6x 20.1x

18.6x 17.2x

15.9% 12.1%

1.6 1.6

23.2% 14.5%

20.4% 5.1%

2.6x 11.5x 8.5x 9.4x

2.3x 11.0x 7.9x 9.1x

3.6x 15.1x 14.5x 15.9x

3.2x 14.3x 12.9x 15.3x

36.1x 22.5x 21.8x 25.4x

31.6x 21.6x 18.8x 24.4x

3.2% 4.2% 3.1% 4.5%

11.4 5.4 7.1 5.6

10.3% (9.2%) 9.2% 15.0%

10.6% 1.5% (5.2%) (6.6%)

8.0x 9.0x

7.6x 8.5x

12.3x 14.8x

11.4x 13.6x

26.4x 23.9x

24.1x 23.0x

3.7% 3.7%

7.4 6.3

6.3% 9.8%

0.1% (1.8%)

7.3x 6.9x 7.1x 4.0x 5.9x 8.2x

6.8x 6.4x 7.1x 3.5x 5.8x 6.1x

12.4x 13.7x 10.7x 10.7x 10.2x 25.5x

11.5x 12.1x 10.7x 8.7x 9.8x 12.7x

19.6x 25.0x 17.0x 15.2x 15.8x 34.7x

17.4x 21.9x 16.8x 12.5x 14.5x 30.1x

11.3% 15.3% NM 4.6% NM 10.6%

1.7 1.6 NM 3.3 NM 3.3

(4.8%) 11.9% 6.1% (1.9%) 10.3% 20.3%

(3.4%) 2.4% (6.5%) 16.0% 5.6% (32.7%)

6.6x 7.0x

5.9x 6.2x

13.9x 11.6x

10.9x 11.1x

21.2x 18.3x

18.9x 17.1x

10.5% 11.0%

2.5 2.5

7.0% 8.2%

(3.1%) (0.5%)

(1)

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples 100 considered NM.

30

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 6/16/17 Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. SEI Investments Co. SS&C Technologies Holdings, Inc. DST Systems, Inc. (1) Financial Engines, Inc. Envestnet, Inc.(1) Alfa Financial Software Holdings PLC

$75.36 54.26 38.33 59.24 38.35 38.15 5.19

LTM Price Range Low High $59.86 42.12 26.15 47.26 23.56 30.80 4.16

$78.00 54.40 39.17 64.33 45.75 41.47 5.73

Equity Value $8,861 8,612 7,820 3,659 2,411 1,672 1,556

Net Debt

Enterprise Value

$997 (661) 2,336 470 (138) 245 0

$9,858 7,950 10,155 4,129 2,273 1,917 1,556 Mean Median

Financial Data, Content, & Analytics S&P Global Inc. Thomson Reuters Corporation Moody's Corporation IHS Markit Ltd. (2) Verisk Analytics, Inc. MSCI Inc. FactSet Research Systems Inc. The Dun & Bradstreet Corporation Morningstar, Inc. Bankrate, Inc.

$148.49 45.78 122.25 47.53 83.14 105.62 169.94 105.90 77.85 11.25

$99.15 38.23 87.30 32.78 75.60 71.51 149.39 100.46 67.74 6.91

$149.17 46.44 122.54 47.67 87.40 109.29 183.64 141.57 85.49 11.95

$38,281 33,046 23,386 19,416 13,746 9,554 6,706 3,907 3,342 1,007

$1,154 6,571 1,813 3,574 2,129 1,379 180 1,332 (83) 113

$39,435 39,617 25,200 22,990 15,875 10,933 6,885 5,239 3,260 1,120 Mean Median

Online Broker Dealers The Charles Schwab Corporation (3) TD Ameritrade Holding Corporation (3) E*TRADE Financial Corporation (3) Interactive Brokers Group, Inc. (3) GAIN Capital Holdings, Inc. (3) Global Brokerage, Inc.

$41.92 40.67 37.05 36.58 5.88 2.00

$23.83 26.37 21.52 31.97 4.54 1.45

$43.65 47.41 38.61 39.68 8.75 11.00

$56,053 21,476 10,187 2,487 280 12

$3,802 1,765 2,612 4,638 (110) 163

$59,855 23,241 12,799 7,125 170 176 Mean Median





PEG


2.3x 5.4x 6.1x 2.0x 4.7x 2.9x NA

2.3x 5.0x 5.7x 1.8x 4.2x 2.5x NA

12.8x 14.5x 14.7x 9.5x 14.3x 15.3x NA

12.2x 12.7x 13.4x 9.1x 12.4x 12.3x NA

22.6x 24.2x 19.8x 18.0x 28.3x 30.4x NA

20.9x 20.9x 17.6x 15.7x 24.9x 24.2x NA

NM 13.5% 16.0% 10.0% 25.0% 20.0% NM

NM 1.8 1.2 1.8 1.1 1.5 NA

21.6% 5.8% 13.2% 35.6% 14.2% 14.6% (100.0%)

46.5% 7.7% 25.8% 6.5% 23.9% 19.7% #DIV/0!

3.9x 3.8x

3.6x 3.4x

13.5x 14.4x

12.0x 12.3x

23.9x 23.4x

20.7x 20.9x

16.9% 16.0%

1.5 1.5

0.7% 14.2%

#DIV/0! #DIV/0!

6.8x 3.5x 6.5x 6.5x 7.6x 8.8x 5.5x 3.0x NA 2.2x

6.4x 3.4x 6.2x 6.2x 7.2x 8.2x 5.1x 2.9x NA 2.0x

14.5x 11.8x 13.8x 16.6x 15.4x 17.2x 16.0x 10.5x NA 8.9x

13.5x 11.3x 13.1x 15.3x 14.3x 15.6x 14.8x 9.9x NA 7.8x

24.0x 19.3x 23.0x 23.0x 26.2x 29.2x 22.7x 15.1x NA 16.1x

21.6x 17.9x 21.1x 19.9x 23.7x 25.1x 20.9x 14.4x NA 13.7x

13.1% 8.0% 10.2% 13.5% 10.4% 14.3% 10.6% 7.3% NM 15.0%

1.8 2.4 2.3 1.7 2.5 2.0 2.1 2.1 NA 1.1

2.5% 1.6% 7.1% 29.2% 4.4% 8.2% 9.7% 3.9% (100.0%) 16.3%

8.4% 0.8% 19.5% 53.9% 2.0% 8.0% 4.5% 1.7% 9.1% 26.9%

5.6x 6.5x

5.3x 6.2x

13.9x 14.5x

12.8x 13.5x

22.1x 23.0x

19.8x 20.9x

11.4% 10.6%

2.0 2.1

(1.7%) 5.7%

13.5% 8.2%

6.9x 6.3x 5.7x 5.0x 0.5x NA

6.2x 5.5x 5.3x 4.4x 0.5x NA

NA 13.7x 12.3x 7.4x 3.6x NA

NA 11.5x NA 6.5x 2.0x NA

26.2x 24.2x 18.8x 27.2x 69.2x NA

21.8x 20.0x 16.3x 23.1x 8.4x NA

20.0% 18.7% 16.2% 13.5% NM NM

1.3 1.3 1.2 2.0 NM NA

16.1% 11.4% 7.7% (0.0%) (17.4%) NA

18.0% 6.8% 12.1% (19.8%) (49.6%) (23.9%)

4.9x 5.7x

4.4x 5.3x

9.2x 9.8x

6.7x 6.5x

33.1x 26.2x

17.9x 20.0x

17.1% 17.4%

1.4 1.3

3.6% 7.7%

(9.4%) (6.5%)

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples 100 considered NM. (1) Financial metrics pro-forma for Yodlee acquisition. (2) Financial metrics reflect IHS / Markit merger. (3) Enterprise Value and Net Debt exclude Cash.

31

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months ($MM) Announced Date 6/13/17

Acquirer

Target

Lending Science DM, Inc.

Scoring Solutions, Inc.

5/30/17

Thoma Bravo, LLC; Thoma Bravo Discover Fund Partnership London Stock Exchange Grouop

6/1/17

Intercontinental Exchange, Inc.

5/31/17

HealthEquity, Inc.

The Yield Book, Citi Fixed Income Indices BofA Merrill Lynch, Research Division, Index Platform BenefitGuard, LLC

5/17/17

Liquidnet Holdings, Inc.

OTAS Technologies Limited

5/10/17

Cinnober Financial Technology AB

Ancoa Software Ltd.

5/10/17

TTT Moneycorp Limited

Commonwealth Foreign Exchange, Inc.

6/7/17

Riskonnect, Inc.

Target Subsector

Enterprise Value

EV / LTM Revenue

Risk / Analytics

NA

NA

Risk / Compliance

NA

NA

Analytics

NA

NA

Indices

NA

NA

401k Solutions

NA

NA

Trading Platform

NA

NA

Analytics

NA

NA

FX

NA

NA

5/9/17

Apex Fund Services (Bermuda) ltd

5/3/17

ETF Securities Ltd.

5/2/17

Ncontracts LLC

Equinoxe Alternative Investment Services ANZ ETFS Management (AUS) Limited (nka:ETFS Management (AUS) Limited) Supernal Software, LLC

4/27/17

Invesco Ltd.

Source UK Services Limited

Exchange Traded Products

NA

NA

4/27/17

AdvisorEngine, Inc.

Kredible Technologies, Inc.

Broker Software

NA

NA

4/26/17

Virtus Partners Holdings, LLC

Alphakinetic Limited

Fund Management Software

NA

NA

4/20/17

Brelion, LLC

Peer Realty, LLC

Crowdfunding

NA

NA

4/18/17

Investment Grade Technologies LLC

TradeWarrior Inc.

Broker Software

NA

NA

4/18/17

Investoo Group

100ForexBrokers.com

FX Lead Gen

NA

NA

4/7/17

StatPro Group plc

UBS Delta AG

Risk / Analytics

$14

0.8x

Trading Platform

NA

NA

Shareholder Servicing

$350

NA

4/3/17

Cowen Group, Inc. (nka:Cowen Inc.)

3/27/17

DST Systems, Inc.

ConvergEx Group, LLC (nka:Cowen Execution Services LLC) International Financial Data Services Ltd.


Fund Administration

NA

NA

Exchange Traded Products

NA

NA

Risk Management

NA

NA

32

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.) ($MM) Announced Date

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

3/22/17

Trumid Financial LLC

Electronifie Inc.

Trading Platform

NA

NA

3/21/17

Sterling Trading Tech

CBOE Livevol, LLC, Livevol X

Trading Platform

NA

NA

3/20/17

FactSet Research Systems Inc.

BI-SAM Technologies S.A.

Risk / Analytics

NA

NA

3/17/17

BinckBank N.V.

Pritle N.V.

Robo Advisors

NA

NA

3/16/17

Horizon21; H21 Macro Ltd.

Leonteq AG

Investment Platform

NA

NA

3/15/17

Virtu Financial, Inc.

KCG Holdings, Inc.

Trading Services

$1,268

0.9x

3/9/17

Broadridge Financial Solutions, Inc.

Message Automation Limited

Trade Processing

NA

NA

3/8/17

Numerix LLC

TFG Financial Systems

Risk

NA

NA

3/7/17

Hellman & Friedman LLC; GIC Pte. Ltd.

Allfunds Bank S.A.

Mutual Fund Platform

NA

NA

3/3/17

European Energy Exchange AG

Nodal Exchange, LLC

Exchanges

NA

NA

3/1/17

Payward, Inc.

Cryptowatch

Analytics

NA

NA

2/21/17

Covisum, LLC

PrairieSmarts, LLC

Risk Platform

NA

NA

2/15/17

Moody's Corporation

Data / Analytics

NA

NA

2/15/17

AdvisorEngine, Inc.

SCDM Germany GmbH, Structured Finance Data and Analytics Business Wealthminder, Inc.

Wealth Management Software

NA

NA

2/6/17

Thomson Reuters Corporation

Avox Limited

Compliance Data

NA

NA

2/6/17


Clarient Global LLC

Regulatory Data

NA

NA

2/1/17

BT Group plc

IP Trade SA

Trading Technology

NA

NA

2/1/17

StoneCastle Insured Cash Sweep, LLC

Intermedium Financial LLC

Broker Software

NA

NA

Regulatory Tech

NA

NA

Fund Management Software

NA

NA

1/30/17

Compliance Solutions Strategies

1/27/17

Linedata Services S.A.

Advise Technologies, Ascendant Compliance Management, The Gravitas Technology Services, LLC


33


Target Subsector

Enterprise Value

EV / LTM Revenue

Think Liquidity LLC

Risk / Analytics

NA

NA

Visible Alpha, LLC

ONEaccess

Data / Analytics

NA

NA

FairFX Group Plc

Q Money Limited

Online Brokerage

$2

NA

Access Investors Network, Inc.

Investing Platform

NA

NA

Spark Finance, LLC

Data / Analytics

NA

NA

Acquirer

Target

1/25/17

IS Prime Risk Services Inc.

1/23/17 1/19/17

1/18/17

North Capital Investment Technology Inc. StockTwits, Inc.

1/9/17

InvestCloud, LLC

Babel Systems Limited

Trade Processing

NA

NA

1/4/17

Dash Financial LLC

LiquidPoint, LLC

Trading Platform

NA

NA

Capital Markets Software

NA

NA

Quant House SAS

Trading Platform

NA

NA

Broker Software

$67

NA

Fund Administration

$89

NA

Online Broker

NA

NA

Fund Administration

NA

NA

Fund Administration

NA

NA

Crowdfunding

NA

NA

Trading Platform

NA

NA

Fund Administration

NA

NA

1/18/17

1/4/17 1/4/17

NewSpring Capital; NewSpring Holdings L.P. Company owned by Pierre Feligioni

Vertical Management Systems, Inc.

12/20/16

FactSet Research Systems Inc.

Vermilion Software Inc.

12/15/16

SS&C Technologies Holdings, Inc.

Conifer Financial Services LLC

12/9/16

comdirect bank Aktiengesellschaft

OnVista AG

12/1/16

Benefit Plans Administrative Services, Inc. Ascensus, Inc.

Northeast Retirement Services, LLC (nka:Cohiba Merger Sub, LLC) National Retirement Services, Inc.

11/30/16

Capital Foundry LLC, Investment Arm

EquityNet, LLC

12/5/16

11/28/16

Virtu Financial, Inc.

11/28/16

MainstreamBPO Limited

Teza Technologies, Select Strategic Telecommunications Assets Galileo Fund Services Limited

11/28/16

Insurance Services Office, Inc.

IntelliStance, LLC

Data / Analytics

NA

NA

11/21/16

London Stock Exchange Group plc

Mergent, Inc.

Data / Analytics

$144

NA

11/21/16

AcadiaSoft, Inc.

ProtoColl

Collateral Management

NA

NA


34


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

11/14/16

Playtech plc

CFH Group A/S

Foreign Exchange

NA

NA

11/8/16

Preqin Ltd.

Baxon Solutions Limited

Broker Software

NA

NA

11/2/16

Folio Dynamics Inc.

SAS Capital Management, LLC

Broker Software

NA

NA

10/24/16

TD Ameritrade Holding Corporation

Scottrade Financial Services, Inc.

Online Brokerage

NA

NA

10/24/16


Salentica Inc.

Broker Software

NA

NA

10/20/16

Forum Trading Solutions Ltd

GMEX Technologies Limited

Trading Technology

NA

NA

10/14/16

Morningstar, Inc.

PitchBook Data, Inc.

Data / Analytics

$225

7.2x

10/13/16

Investview, Inc.

RoboVest, Inc.

Trading Platform

NA

NA

10/11/16

Drillinginfo, Inc.

GlobalView Software, Inc.

Trading Platform

NA

NA

10/10/16

Yodlee, Inc.

Wheelhouse Analytics, LLC

Data / Analytics

NA

NA

10/6/16

Ion Investment Group Limited

Reval Holdings, Inc.

Treasury Software

NA

NA

9/28/16

SourceHOV LLC

TransCentra, Inc.

Treasury Software

NA

NA

9/26/16

CBOE Holdings, Inc.

BATS Global Markets, Inc.

Exchanges

$3,680

1.9x

9/22/16


REDI Holdings, LLC

Data / Analytics

NA

NA

9/21/16

LexisNexis Legal & Professional Inc.

Intelligize, Inc.

Trading Platform

NA

NA

9/14/16

IRESS Limited

INET BFA Pty Ltd.

Data / Analytics

$10

NA

9/14/16


Wells Fargo Global Fund Services LLC

Fund Administration

NA

NA

9/13/16

TD Securities Inc.

Albert Fried & Company, LLC

Trading Platform

NA

NA

9/7/16

McKinsey & Company, Inc.

PriceMetrix, Inc.

Broker Software

NA

NA

8/25/16

BGC Partners, Inc.

Perimeter Markets Inc.

Trading Platform

NA

NA


35


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

8/24/16

Yintech Investment Holdings Limited

Gold Master (HK) Company Limited

Trading Platform

NA

NA

8/11/16

Aegon UK plc

Cofunds Holdings Limited

Personal Financial Management

NA

NA

8/11/16

KCG Hotspot FX LLC

Javelin SEF, LLC

Ratings Agency

NA

NA

7/25/16

E-Trade Financial

OptionsHouse, LLC

Trading Platform

NA

NA

7/18/16

Moody's Singapore Pte. Ltd.

Korea Investors Service, Inc.

Ratings Agency

NA

NA

7/7/16

Legg Mason, Inc.

Financial Guard LLC

Robo Advisors

NA

NA

Advisor Software

NA

NA

Risk & Analytics

NA

NA

6/30/16 6/20/16

Teachers Insurance & Annuity Association of America, Endowment Markit Ltd.

MYVEST CORP Prism Valuation Inc.


36

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months ($MM) Announced Date 6/13/17

Target Futu Securities

Series

Amount

Series C

$146

Investors Matrix Partners China, Sequoia Capital China, Tencent Holdings

6/9/17

Singapore Diamond Investment Excg.

Series B

$10

6/8/17

Addepar

Series D

$140

Alain Vandenborre, Richard Ji, Simon Murray, Vertex Venture Holdings 8VC, Harald McPike, Valor Equity Partners

6/7/17

MoneySmart

Series B

$10

Golden Gate Ventures;Kakaku.com;SPH Media Fund

Target Subsector Online Brokerage Exchanges Broker Software Lead Gen

6/6/17

Cadre

Series C

$65

5/25/17

Prumentum Grouop

Series A

$25

Andreessen Horowitz, Breyer Capital, Ford Foundation, General Catalyst, Goldman Sachs, Khosla Ventures Fremont Group, The Cynosure Group

5/16/17

Symphony Communication Services

Series C

$63

BNP Paribas, Goldman Sachs, Google

5/11/17

Wealthsimple

NA

$37

Power Financial Corp.

5/4/17

Fumi Technology

Series A

$15

Hongdao Fund, Mobai Capital, Shunwei Capital

4/26/17

Quovo

NA

$10

F-Prime Capital, Napier Park Global

4/13/17

55 Capital

Series A

$10

Calibrate Management, Point72Ventures, Tectonic Ventures

Advisor Software

3/31/17

The Naga Group AG

Series A

$13

Fosun

Trading Platform

Investment Platform Robo-Advisor Messaging Robo-Advisor Trading Platform API Manager

NA

$13

OpenFin

Series B

$15

2/7/17

Folio

Series A

$16

Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho Securities Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca Partners, Pivot Investment Partners JAFCO, Monex Ventures, Rakuten Fintech Fund

1/31/17

Wealthsimple

NA

$15

Power Financial Corp.

Robo-Advisor

12/24/16

Pakistan Stock Exchange

NA

$84

Chinese Consortium

Exchanges

12/23/16

Nutmeg Savings and Investment Ltd.

NA

$15

Taipei Fubon Commercial Bank

12/22/16

Axoni

Series A

$18

12/15/16

Personal Capital Corp.

NA

$25

2/19/17

One Tap Buy

2/16/17


Andreessen Horowitz, Digital Currency Group, Euclid Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson Silicon Valley Bank

Trading Platform Trading Platform Asset Management Platform

Robo-Advisor Distributed Ledger Robo-Advisor

37

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.) ($MM) Announced Date

Target

Series

Amount

12/14/16

Stash

Series B

$25

11/17/16

Peer Street Inc.

Series A

$15

11/17/16

T-REX Group Inc.

Series B

$10

Investors Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Andreessen Horowitz, Felicis Ventures, The Kaiser Family Foundation, Montage Ventures, Rembrandt Venture Partners The Ecosystem Integrity Fund, Safeguard Scientifics Inc.

Target Subsector Robo-Advisor Crowdfunding Risk / Analytics

11/1/16

Droit Financial Technologies

Series A

$16

Andreessen Horowitz, Bessemer Venture Partners, Khosla Ventures, Point72 Asset Management, Spark Capital Amanda Investment Group, Balderton Capital Management, Pentech Ventures, Schroders Bain Capital Ventures, Khosla Ventures, Lightspeed Venture Partners, Nyca Partners, QED Investors, SV Angel DRW, Goldman Sachs, Pivot Investment Partners, Wells Fargo

10/31/16

Riskalyze Inc.

Series A

$20

FTV Management Group LP

10/26/16

AX Trading Group

NA

$20

Undisclosed

Trading Platform

10/17/16

InnoTREE Network Tech Co.

Series B

$15

Baoli (Hengqin) Capital Management

Data / Analytics

11/14/16

Quantopian

11/14/16

Nutmeg Saving and Investment Ltd.

11/14/16

Roofstock Inc.

Series C

$25

NA

$32

Series B

$20

Trading Technology Robo-Advisor Crowdfunding Trading / Regulatory Software Broker Software

10/12/16

Cloud9 Technologies

NA

$30

9/30/16

OpenGamma

NA

$13

JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson Ridge Asset Management Accel Partners, ICAP Plc

9/21/16

OurCrowd Ltd.

Series C

$72

Undisclosed Investors

Crowdfunding

9/14/16

InvestCloud

NA

$25

Undisclosed Investors

Broker Software

9/12/16

Quandl

Series B

$12

August Capital, Nexus Venture Partners

Data / Analytics

8/18/16

Lancai

Series B

$27

Letv.com

8/17/16

Crowdcube

NA

$11

Balderton Capital

7/22/16

Fantex

NA

$59

Undisclosed

Trading Platform

7/13/16

OpenDoor Trading

NA

$10

J F Hartfield & Company

Trading Platform

7/6/16

National Stock Exchange of India

NA

$135

Veracity Insurance Solutions


Trading Technology Risk / Analytics

Investing Platform Crowdfunding

Exchanges

38

SECTION IV: Insurance / Benefits

39

INSURANCE / BENEFITS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 6/16/17 Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. Verisk Analytics, Inc. athenahealth, Inc. Guidewire Software, Inc. Ebix, Inc. Sapiens International Corporation N.V. Crawford & Company Polaris Consulting & Services Limited Majesco Symbility Solutions Inc.

$87.13 83.14 145.36 67.24 55.00 11.37 9.00 3.71 4.80 0.35

LTM Price Range Low High

Equity Value

Net Debt

$61.21 75.60 90.11 49.18 44.80 11.12 7.56 2.19 4.50 0.25

$19,116 13,746 5,790 5,001 1,734 558 506 379 175 83

$7,452 2,129 186 (477) 186 5 175 (82) 1 (6)

$88.43 87.40 146.75 70.30 65.10 15.98 14.37 3.79 6.29 0.42

Enterprise Value $26,568 15,875 5,976 4,524 1,920 562 681 297 176 77 Mean Median





PEG


3.3x 7.6x 4.9x 8.3x 5.5x 2.1x 0.6x NA 1.4x 2.5x

3.1x 7.2x 4.3x 7.0x 4.8x 1.9x 0.6x NA 1.2x 2.2

13.1x 15.4x 22.8x 39.9x 16.3x 19.6 5.0x NA 17.9 48.5

12.1x 14.3x 18.8x 27.8x 14.4x 12.4x 4.5x NA 11.3x 38.0

19.2x 26.2x 78.1x 78.8x 18.7x 31.6x 12.2x NA 53.3x NM

16.7x 23.7x 60.6x 57.3x 17.1x 18.4x 10.3x NA 22.9x NA

14.2% 10.4% 25.1% 18.3% 15.0% 10.0% 10.0% NM NM NM

1.4 2.5 3.1 4.3 1.2 3.2 1.2 NA NM NM

49.6% 4.4% 12.9% 21.4% 17.0% NA 1.7% NA NA 20.4%

72.5% 2.0% 11.4% 24.9% 11.3% 14.1% (3.6%) 13.6% (12.8%) 14.8%

4.0x 3.3x

3.6x 3.1x

22.1x 17.9x

17.1x 14.3x

39.8x 28.9x

28.4x 20.6x

14.7% 14.2%

2.4 2.5

18.2% 17.0%

14.8% 12.5%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples 100 considered NM.

40

INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months ($MM) Announced Date

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

5/17/17

Advanced Solutions International, Inc.

Innovative Software Solutions, Inc.

Benefits Software

NA

NA

5/3/17

Genpact Limited

BrightClaim, Inc.

Claims Management

NA

NA

4/27/17

Disruptive Capital Finance LLP

REG UK Ltd.

Insurance Risk Management

$10

NA

4/25/17

Vertafore, Inc.

RiskMatch, LLC

Insurance Analytics

NA

NA

4/6/17

Open GI Limited

Transactor Global Solutions Limited

Insurance Software

$50

NA

3/13/17

The Travelers Companies, Inc.

Simply Business

Insurance Tech

$490

NA

2/28/17

Advent International Corporation

CCC Information Services Inc.

Claims Management

NA

NA

Healthcare Payments

NA

NA

Insurance Tech

$102

1.3x

Revenue Cycle Management

NA

NA

Benefits Platform

$4,800

2.1x

Insurance Tech

NA

NA

Lead Gen

NA

NA

2/21/17

CareCredit, LLC

2/15/17

Sapiens International Corporation N.V.

Citibank, N.A., Citi Health Card Portfolio StoneRiver, Inc.

2/14/17

Riverside Partners LLC

2/10/17

The Blackstone Group L.P.

2/9/17

Charles Taylor InsureTech Limited

Medical Reimbursements of America, Inc. Aon plc, Benefits Administration and HR Business Process Outsourcing Otak Limited

2/8/17

Compare Africa Group

TopCheck UG (haftungsbeschränkt)

2/7/17

Centauri Health Solutions, Inc.

Human Arc Corporation


NA

NA

1/26/17

Insurity, Inc.

Valen Technologies, Inc.

Insurance Data / Analytics

NA

NA

Benefits Software

NA

NA

Telematics

$49

NA

Insurance Data / Analytics

NA

NA

1/25/17 1/19/17 1/4/17

PlanSource Benefits Administration, Inc. Inflexion Private Equity Partners LLP; Inflexion Enterprise Fund IV Duck Creek Technologies, Inc.

Next Generation Enrollment, Inc. My Policy Limited Yodil, Inc.

12/23/16

Ebix, Inc.

Wdev Soluções em Tecnologia S.A.

Insurance Tech

NA

NA

12/19/16

Guidewire Software, Inc.

ISCS, Inc.

Insurance Tech

$160

NA


41

INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months (Cont’d) ($MM) Announced Date

Target Subsector

Enterprise Value

EV / LTM Revenue

HR/Benefits Software

NA

NA

Claims Admin. Software

NA

NA

Insurance Exchange

NA

NA

Insurance

$1,430

NA


NA

NA

HAS and COBRA Administration

$235

NA

Analytics

NA

NA

Convey Health Solutions, Inc.

Healthcare Insurance Administration

NA

NA

ACR Capital Holdings Pte. Ltd.

Reinsurance

NA

NA

Insurance Trading

NA

NA

Insurance Software

NA

NA

Insurance Data

NA

NA

Acquirer

Target

12/15/16

Mercer LLC

Thomsons Online Benefits Limited

12/8/16

Insurity, Inc.

Systema Software, LLC

11/30/16

Vimo, Inc.

Array Health Solutions Inc.

11/28/16

Allstate Non-Insurance Holdings, Inc.

SquareTrade, Inc.

11/17/16

nThrive, Inc.

Adreima, Inc.

11/1/16

WageWorks, Inc.

ADP's HAS & COBRA Businesses

10/24/16

AIR Worldwide Corporation

Analyze Re Inc.

9/29/16

New Mountain Capital, LLC; New Mountain Partners IV, L.P.; Eir Partners Shenzhen Investment Holdings Co., Ltd.; Shenzhen Qianhai Financial Applied Systems, Inc.

9/28/16

RGI S.P.A.

IS2, eTrading Platform for Personal Lines Kapia Solutions Sas

9/26/16

Callcredit Information Group Limited

Recipero Limited

9/26/16

IRESS Limited

Financial Synergy Pty. Limited

Insurance Software

$67

3.2x

8/9/16

Applied Systems, Inc.

Relay Software Limited

Insurance Software

NA

NA

8/4/16

Guidewire Software, Inc.

FirstBest Systems, Inc.

Risk Assessment

$34

NA

8/4/16

Benefit Express Services, LLC

Transcend Technologies Group, Inc.

HR Software

NA

NA

7/21/16

GoHealth, LLC

1SourceAdmin LLC

HR Software

NA

NA

6/29/16

Global Healthcare Exchange, LLC

H-Card, LLC

Healthcare Payments

NA

NA

10/6/16 10/5/16


42

INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months ($MM) Announced Date 6/13/17

Target Snapsheet

Series

Amount

Series D

$12

6/1/17

Bright Health

Series B

$160

5/24/17

PolicyGenius

Series C

$30

5/12/17

Vet+a

NA

$27

5/10/17

Clover Health

5/2/17

One Inc.

4/27/17

Singapore Life

4/25/17

Hibob

4/20/17

Lemonade Inc.

Series D

$130

NA

$16

Series A

$50

Series A

$18

NA

NA

Investors Tola Capital Bessemer Venture Partners, Cross Creek Advisors, Flare Capital Partners, Greenspring Associates, Greycroft AXA Strategic Ventures, Fika Ventures, Karlin Ventures, MassMutual Ventures, Norwest Ventures Kartesia Advisor First Round Capital, Google Ventures, Greenoaks Capital Management, Palm Drive Capital, Sequoia Capital American Family Ventures, AXA Strategic Ventures, Centana Growth Partners, MassMutual Ventures Impact Capital Holdings, IPGL Arbor Ventures, Battery Ventures, Bessemer Venture Partners, Eight Roads Ventures Allianz

Series A

$25

BIMA

NA

$17

Munich Re/HSB Ventures, Ribbit Capital, TLV Partners;, Zeev Ventures Axiata Digital

Trov

NA

$45

Munich Re HSB Ventures

4/10/17

Next Insurance

4/10/17 4/6/17

Series C

$25

Decisely

NA

$60

3/25/17

Ottonova

NA

$16

Highland Capital Management, Accel, Aspect Ventures, CRV, Northwestern Mutual Future Ventures, Pilot Wall Group Two Sigma Private Investments, EPIC Insurance Brokers and Consultants B-to-V Partners, STS Ventures, Tengelmann Ventures

3/21/17

Jellyvision

Series B

$20

Updata Partners

4/4/17

Amino

3/30/17

3/17/17

simplesurance

NA

$21

2/22/17

EverQuote, Inc.

Series B

$13

Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66 Ventures Link Ventures, Second Alpha

2/7/17

CXA Group

Series B

$25

B Capital Group, EDBI

$50

Altimeter Capital, Four Rivers Group, Greenspring Associates, Matrix Partners, Scale Venture Partners, Sequoia Capital

1/5/17

Namely Inc.


Series D

Target Subsector Insurance Tech Insurance Innovator Insurance Lead Gen Insurance Software Insurance Admin Insurance Software Insurance Software HR Software Insurance Insurance Tech Insurance Tech Insurance Tech Benefits Software Benefits Software Insurance Tech HR Software Insurance Tech Insurance Marketplace Benefits Software HR / Benefits Software

43

INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months (Cont’d) ($MM) Announced Date

Target

Series

Amount

12/5/16

Lemonade Inc.

Series B

$34

11/15/16

CareCloud

Series C

$32

11/3/16

EasyPolicy

NA

$10

Investors Aleph, General Catalyst, Google Ventures, Sequoia Capital, Thrive Capital, Tusk Ventures, XL Innovate Adams Street Partners, Blue Cloud Ventures, First Data, Intel Capital, Norwest Venture Partners, PNC Financial Services Group, Burman Family Office, Unilazer Ventures

10/20/16

EverQuote, Inc.

Series B

$23

10/19/16

Ladder Financial Inc.

Series A

$14

10/4/16

Hixme Inc.

Series B

$14

9/28/16

Sedgwick

NA

$500

BrownSavano Direct Capital Partners, Oceanic Partners, Stratim Capital LLC, T Capital Management LLC 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca Partners LLC Kleiner Perkins Caufield & Byers, Propel Venture Partners, Rosemark Capital Group, Transamerica Ventures Fund Caisse de Depot et Placement du Quebec

9/26/16

InstaMed Communications, LLC

NA

$50

Carrick Capital Partners LLC

9/21/16

FinanceFox

Series A

$28

Horizons Ventures, Target Ventures


Target Subsector Insurance Revenue Cycle Management Insurance Lead Gen Insurance Lead Gen Life Insurance HR Software Claims Management Healthcare Payments Insurance Tech

44