Bi-Weekly Finanial Technology Sector Report - GCA Savvian

Financial Technology Sector Summary Week of May 8, 2017

1

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

(3)

Industry Stock Market Performance

LTM Financing Volume

$347.2 Bn | 3,159 Deals

Last Twelve Months

Select Recent Financing Transactions

Company

(3)

(1)

Amount ($MM) $110.0

LTM M&A Volume

160

Select Recent M&A Transactions

150

Target

Acquirer

140

EV ($MM) $675.0

130

$70.0 $56.0 $54.0

$30.0

120

NA

110 100

NA

90

$50.0

NA

80 5/5/16

6/20/16

$32.0

Aicai

$17.5

8/3/16

9/16/16

11/1/16

12/15/16

3/15/17

4/28/17

NA

Exchanges

Financial Data, Content, & Analytics

Information Processors / Credit Bureaus Banking & Lending Technology

Online Broker Dealers

$15.7

1/30/17

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

$120

876 783

$100 $80

(3)

1000

818

750

$99.4

$97.8 $83.1

$81.6

800

600

$60 $4

200

$2

$2.6

$2.6

Q3 2016

Q4 2016

$3.0

$0

100 0

Q2 2016

Financing Volume ($Bn)

Q1 2017

Financing Deal Count

400

$40

200

$20 $0

0 Q2 2016

Q3 2016 M&A Volume ($Bn)

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 5/5/17. 1) Refer to footnotes on page 5 for index composition. 2) Represents transactions announced between 4/24/17 and 5/8/17. 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]






Michio Suzuki*

David Krueger

Saif Malik*

Alexander Berry

Malik Gill

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 90 80

80 5/5/16

6/20/16

8/3/16

9/16/16

11/1/16

12/15/16

1/30/17

3/15/17

4/28/17

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

70 5/5/14

8/21/14

12/9/14

Payments

3 Months

1 Year

3 Years

12.0% 8.8% 7.8% 5.6% 4.3% 3.5% (1.1%) (2.2%)

17.7% 22.0% 18.7% 14.0% 18.7% 16.2% 42.0% (0.8%)

40.5% 55.6% 38.2% 51.9% 7.6% 38.6% 39.9% 29.6%

3/27/15

7/15/15

(1)

2/18/16

6/7/16

9/23/16

Exchanges



11/2/15

(3)

(5)

(7)


1/11/17

5/1/17

(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, SEIC, SSNC. (8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, BSE:532254, SY, VRSK.

5

(8)

(4)

MARKET SUMMARY EBITDA Multiples and Margins

2017E EBITDA Multiples

2017 EBITDA Margins


Exchanges

16.5x



14.8x

Banking and Lending Technology

14.2x


Exchanges

14.0x



13.9x



13.6x

Payments

12.7x


0.0x

10.0x

45.6%

36.8%

32.4%

31.2%


25.9%

Payments

25.6%


7.0x

5.0x

58.4%

15.0x

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

20.0x

18.8%

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


29.1x


25.0x


24.2x


23.0x



1.9

1.8



21.9x


Payments

0.0x

17.9x

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.

11.3%

10.8%

14.0%

1.5


16.0%

16.6%

1.3

Payments

1.2

0.0

0.5

1.0

1.5

15.7%

13.7%

2.0

Exchanges

22.0x

20.1x

2.1



Exchanges

2.2

14.9%

2.0

2.5

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

$212,329 $125,946 $70,001 $59,222 $22,926

19% 22% 23% 27% 10%

26.4x 27.2x 13.8x 27.8x 10.0x

$98,085

20%

21.0x

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

Integrated Payments Hardware / Technology

Market Cap.


P/E 2017

$19,949 $14,683 $13,124 $12,526 $10,574 $8,092 $7,427 $7,400 $1,837 $1,197 $506 $425 $224 $34

(10%) 45% 19% 18% 11% 7% 42% 52% (22%) 24% (1%) NA 5% (13%)

14.7x 10.5x 22.0x 19.5x 17.8x 23.2x 25.3x 93.7x 66.4x 10.1x 15.8x NM 19.2x NM

Sector Average

$7,000

14%

28.2x

Money Transfer

Market Cap.


P/E 2017

$9,138 $4,441

3% 12%

11.5x 18.7x

$6,790

7%

15.1x

Market Cap.


P/E 2017

$14,276 $12,307 $6,195 $4,265

28% (12%) 38% 10%

13.8x 16.0x 23.8x 18.7x

$9,261

16%

18.1x

Merchant Processing Cielo S.A. First Data Corporation Global Payments Inc. Vantiv, Inc. Total System Services, Inc. Worldpay Group plc Wirecard AG Square, Inc. GMO Payment Gateway, Inc. EVERTEC, Inc. SafeCharge International Group Limited CardConnect Corp. 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. On Deck Capital, Inc. Elevate Credit, 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 May 5, 2017.

0

Market Cap.


P/E 2017

$2,355 $1,757 $587

32% 53% (7%)

25.4x 17.9x 5.8x

$1,566

26%

16.3x

Market Cap.


P/E 2017

$5,875 $5,236 $2,085 $1,646 $440 $133

(18%) 55% (31%) (6%) 344% 51%

18.5x 12.8x 12.5x 12.7x 7.0x NA

$2,569

66%

12.7x

Market Cap.


P/E 2017

$32,265 $27,455 $25,485 $7,619 $6,181 $3,663 $2,927 $2,813 $2,322 $1,572 $952 $334 $330 $115

26% 18% 21% 19% 67% 41% 31% 23% (16%) 68% 2% (7%) NA 34%

27.9x 19.5x 23.4x 30.3x 36.8x 57.7x 30.8x 52.2x NM NM 25.6x NM 25.2x NA

$8,145

25%

32.9x

Market Cap.


P/E 2017

$20,377 $16,686 $4,270 $2,263

20% 16% 30% 29%

23.3x 22.9x 26.8x 38.3x

$10,899

24%

27.8x

8

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

($MM)

Exchanges - Americas

0

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

Exchanges - Asia

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. INTL FCStone Inc. Investment Technology Group, Inc. Virtu Financial, Inc. Sector Average

Market Cap.


P/E 2017

$40,354 $35,796 $12,452 $11,324 $9,380 $3,194 $1,055

28% 19% 31% 7% 34% 42% 15%

24.4x 20.1x 16.3x 16.5x 26.8x 16.3x 18.7x

$16,222

25%

19.9x

Market Cap.


P/E 2017

$29,695 $7,373 $5,666 $1,237

0% 17% (4%) 8%

33.4x 22.2x 21.9x 24.2x

$10,993

5%

25.4x

Market Cap.


P/E 2017

$18,995 $15,317 $2,941 $905 $500 $344

19% 16% 11% 0% 22% (4%)

19.1x 23.0x 17.4x 17.1x 15.6x 33.1x

$6,500

11%

20.9x

Market Cap.


P/E 2017

$7,050 $3,288 $689 $669 $610

51% 28% 40% 7% (20%)

56.8x 14.1x 12.1x NM 15.8x

$2,461

21%

24.7x

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


Notes: Source: CapitalIQ and Wall Street Research. Market data as of May 5, 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

$8,150 $8,159 $7,630 $3,877 $2,515 $1,549

17% 8% 22% 3% 34% 19%

20.9x 22.9x 19.3x 18.7x 29.5x 27.8x

$5,313

17%

23.2x

Market Cap.


P/E 2017

$35,460 $32,361 $22,617 $17,864 $13,188 $9,004 $6,474 $4,176 $3,144 $998

31% 11% 27% NA 3% 33% 10% 3% (11%) 29%

22.2x 19.0x 22.3x 21.2x 25.1x 27.5x 21.8x 16.1x 31.2x 15.9x

$14,529

15%

22.2x

Market Cap.


P/E 2017

$53,645 $20,553 $9,843 $2,456 $292 $12

46% 35% 43% (2%) (9%) (82%)

25.1x 23.2x 18.3x 26.4x NM NA

$14,467

5%

23.3x

9

SECTION II: Payments / Banking

10

PAYMENTS / BANKING Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 5/5/17 Networks Visa Inc. Mastercard Incorporated American Express Company PayPal Holdings, Inc. Discover Financial Services

$92.09 117.50 78.32 49.30 60.30

LTM Price Range Low High $73.25 86.65 57.15 34.00 50.32

$92.98 119.71 82.00 49.44 74.33

Equity Value $212,329 125,946 70,001 59,222 22,926

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

Enterprise Value $227,538 123,529 97,694 50,294 35,155 Mean Median

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

$7.35 16.00 86.07 63.85 57.46 4.07 60.11 19.78 49.89 16.50 3.42 13.65 4.18 2.15

$6.42 9.90 64.63 50.52 46.22 3.21 35.45 8.42 33.82 13.11 2.37 8.70 2.75 1.75

$9.92 16.67 86.62 66.24 58.84 4.16 60.44 20.42 65.60 18.60 3.83 14.65 4.97 3.25

$19,949 14,683 13,124 12,526 10,574 8,092 7,427 7,400 1,837 1,197 506 425 224 34

$2,018 18,104 3,417 3,075 2,797 1,689 (920) (546) (224) 592 (115) 123 (3) 9

$23,125 35,771 16,686 15,897 13,387 9,781 6,507 6,854 1,622 1,793 391 585 221 126 Mean Median

Money Transfer The Western Union Company Euronet Worldwide, Inc.

$19.39 84.71

$18.07 65.33

$22.70 86.35

$9,138 4,441

$2,160 (159)

$11,298 4,284 Mean Median

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

$255.49 133.40 26.71 99.43

$185.02 121.52 17.25 80.67

$266.25 176.42 26.85 122.91

$14,276 12,307 6,195 4,265

$18,804 3,322 623 2,188

$33,080 15,629 6,891 6,461 Mean Median

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

$41.80 34.37 10.20

$28.88 20.79 8.37

$42.80 35.12 13.81

$2,355 1,757 587

$373 NA (198)

$2,732 NA 394 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

12.5x 10.2x 3.0x 4.0x 3.6x

11.3x 9.2x 2.8x 3.4x 3.4x

17.9x 17.8x NM 15.5x NM

16.0x 15.8x NM 13.2x NM

26.4x 27.2x 13.8x 27.8x 10.0x

22.9x 23.5x 12.5x 23.5x 9.0x

17.3% 16.4% 9.1% 17.5% 8.7%

1.5 1.7 1.5 1.6 1.2

14.2% 12.1% 9.5% 17.0% 11.4%

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

6.6x 4.0x

6.0x 3.4x

17.1x 17.8x

15.0x 15.8x

21.0x 26.4x

18.3x 22.9x

13.8% 16.4%

1.5 1.5

12.9% 12.1%

7.2% 4.6%

5.8x 3.0x 4.9x 7.6x 2.8x 6.0x 4.4x 4.0x 8.7x 4.5x 3.4x 0.8x 3.7x 1.9x

5.2x 2.9x 4.5x 6.9x 2.6x 5.5x 3.6x 3.2x 7.6x 4.4x 3.0x 0.7x 3.3x 1.8x

12.7x 11.9x 14.8x 15.9x 11.4x 14.8x 14.9x 55.2x 28.9x 9.6x 10.8x 13.5x 12.8x 38.1x

11.6x 11.3x 13.3x 14.3x 10.7x 13.1x 12.0x 31.6x 22.3x 9.4x 9.3x 10.7x 10.8x 27.6x

14.7x 10.5x 22.0x 19.5x 17.8x 23.2x 25.3x 93.7 66.4x 10.1x 15.8x NM 19.2x NM

13.2x 9.8x 19.0x 17.4x 16.4x 20.0x 20.3x 51.2 48.8x 9.6x 14.0x 65.0x 16.3x NM

11.9% 9.4% 14.7% 13.9% 11.3% 20.6% 26.6% 85.4% 24.4% 8.5% NM NM 25.0% NM

1.2 1.1 1.5 1.4 1.6 1.1 1.0 1.1 2.7 1.2 NM NM 0.8 NM

5.5% 3.8% 41.6% 25.2% 12.1% 34.5% 31.7% 34.9% 58.6% 2.6% 11.1% 18.5% 10.9% 17.3%

3.2% 49.8% 46.9% 13.4% NA 13.3% 30.1% 21.7% 89.8% 6.1% 3.2% 23.0% (9.4%) 48.8%

4.4x 4.2x

3.9x 3.5x

19.0x 14.1x

14.9x 11.8x

28.2x 19.4x

24.7x 17.4x

22.9% 14.7%

1.3 1.2

22.0% 17.9%

26.1% 21.7%

2.1x 2.0x

2.0x 1.8x

8.7x 10.7x

8.4x 9.3x

11.5x 18.7x

10.9x 16.2x

7.6% 14.0%

1.5 1.3

0.1% 8.9%

0.4% 8.1%

2.0x 2.0x

1.9x 1.9x

9.7x 9.7x

8.9x 8.9x

15.1x 15.1x

13.6x 13.6x

10.8% 10.8%

1.4 1.4

4.5% 4.5%

4.2% 4.2%

4.2x 7.1x 4.7x 5.4x

3.8x 6.4x 4.4x 4.9x

16.4x 13.5x 12.6x 13.4x

14.6x 12.0x 11.5x 11.7x

13.8x 16.0x 23.8x 18.7x

12.0x 14.2x 21.6x 16.2x

14.1% 16.6% 13.6% 15.0%

1.0 1.0 1.7 1.2

9.6% 20.6% 29.1% 17.4%

12.1% 25.6% 13.2% 41.5%

5.4x 5.1x

4.9x 4.7x

14.0x 13.5x

12.4x 11.8x

18.1x 17.4x

16.0x 15.2x

14.8% 14.5%

1.2 1.1

19.1% 19.0%

23.1% 19.4%

1.2x NA 0.6x

1.1x NA 0.6x

11.6x NA 2.5x

9.9x NA 2.5x

25.4x 17.9x 5.8x

21.0x 15.6x 5.5

15.2% 16.7% NM

1.7 1.1 NM

17.3% 14.5% 10.4%

11.1% 7.8% 9.8%

0.9x 0.9x

0.8x 0.8x

7.0x 7.0x

6.2x 6.2x

16.3x 17.9x

14.0x 15.6x

16.0% 16.0%

1.4 1.4

14.1% 14.5%

9.6% 9.8%

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 5/5/17 Integrated Payments Hardware / Technology Ingenico Group - GCS NCR Corporation VeriFone Systems, Inc. Cardtronics plc Everi Holdings Inc. PAR Technology Corporation

$95.72 43.20 18.68 36.06 6.66 8.46

LTM Price Range Low High $75.04 25.20 14.94 35.63 1.13 4.30

$121.94 49.90 28.24 56.00 6.66 8.63

Equity Value $5,875 5,236 2,085 1,646 440 133

Net Debt

Enterprise Value

$121 2,927 757 956 994 (8)

$6,001 9,417 2,880 2,602 1,434 125 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. On Deck Capital, Inc.(1) Elevate Credit, Inc. Performant Financial Corporation

$126.14 83.05 120.00 98.15 88.66 107.53 41.90 23.83 5.75 38.40 25.18 4.64 7.98 2.27

$99.25 68.03 92.81 79.00 48.10 74.11 31.81 15.11 3.44 21.81 18.48 3.64 6.50 1.50

$128.45 84.97 122.91 98.73 89.57 112.77 42.20 23.87 7.14 39.70 28.35 6.46 8.86 4.07

$32,265 27,455 25,485 7,619 6,181 3,663 2,927 2,813 2,322 1,572 952 334 330 115

$513 8,800 4,330 (14) 169 (393) 1,467 603 (534) (82) 39 743 414 21

$32,778 36,367 29,815 7,605 6,350 3,270 5,440 3,416 1,788 1,490 991 1,084 744 135 Mean Median

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

$21.94 138.81 137.91 28.87 5.19

$15.86 110.87 103.50 19.11 1.70

$21.96 139.89 139.00 30.40 5.33

$20,377 16,686 4,270 2,263 126

$3,161 2,546 510 99 3

$23,552 19,296 4,780 2,362 129 Mean Median





PEG


2.2x 1.4x 1.5x 1.8x 1.6x NA

2.0x 1.4x 1.4x 1.8x 1.5x NA

10.7x 8.0x 9.5x 7.9x 6.9x NA

9.7x 7.7x 8.4x 7.8x 6.7x NA

18.5x 12.8x 12.5x 12.7x 7.0x NA

16.4x 11.8x 11.7x 11.9x 6.2x NA

10.7% NM 15.0% 14.0% 20.0% NM

1.7 NM 0.8 0.9 0.4 NA

12.7% 2.1% NA 15.7% 6.2% NA

0.5% 2.4% (11.6%) 17.9% 6.4% 6.0%

1.7x 1.6x

1.6x 1.5x

8.6x 8.0x

8.1x 7.8x

12.7x 12.7x

11.6x 11.8x

14.9% 14.5%

1.0 0.9

9.2% 9.5%

3.6% 4.2%

6.2x 3.8x 5.2x 5.2x 9.1x 7.5x 5.0x 3.4x 3.1x 7.7x 2.8x 2.8x 1.1x 1.0x

5.8x 3.7x 4.9x 4.9x 8.2x 6.1x 4.6x 3.2x 2.5x 6.1x 2.6x 2.4x 0.9x 0.9x

16.0x 11.9x 14.5x 14.7x 26.0x 22.5x 10.6x 13.9x 35.8x NM 12.4x NM 7.5x 11.3x

14.5x 11.0x 13.6x 13.7x 22.5x 17.0x 9.5x 12.8x 14.3x 73.3x 11.2x 28.8x 4.7x 8.3x

27.9x 19.5x 23.4x 30.3x 36.8x 57.7x 30.8x 52.2x NM NM 25.6x NM 25.2 NA

25.4x 17.2x 20.9x 27.5x 32.1x 44.3x 26.3x 38.5x 26.9x NM 21.4x 17.5x 6.4x 32.4x

15.4% 11.8% 11.5% 11.0% 16.0% 25.0% 14.1% 11.0% NM 32.0% 20.0% 84.6% NA 20.0%

1.8 1.7 2.0 2.8 2.3 2.3 2.2 4.7 NM NM 1.3 NM NA NA

8.2% 2.5% 4.7% 4.9% 9.9% 21.8% 5.6% 1.3% 15.2% 29.2% 4.3% 31.6% NA (3.7%)

10.1% 3.4% 4.7% 6.2% 10.4% 26.3% 6.7% 2.4% (17.4%) 31.9% (0.2%) 20.9% 17.0% (17.6%)

4.6x 4.4x

4.0x 4.1x

16.4x 14.2x

18.2x 13.6x

32.9x 29.1x

25.9x 26.3x

22.7% 15.7%

2.3 2.2

10.4% 5.6%

7.5% 6.4%

4.9x 5.7x 5.1x 2.6x NA

4.7x 5.3x 4.8x 2.3x NA

14.3x 15.4x 18.2x 13.1x NA

13.4x 14.1x 17.4x 11.1x NA

23.3x 22.9x 26.8x 38.3x NA

21.1x 20.7x 22.3x 29.3x NA

10.0% 11.3% 16.0% 18.0% NM

2.3 2.0 1.7 2.1 NA

NA 8.3% 4.8% 4.3% NA

2.6% 14.3% 10.5% 1.0% (11.0%)

4.6x 5.0x

4.3x 4.7x

15.3x 14.8x

14.0x 13.8x

27.8x 25.0x

23.3x 21.7x

13.8% 13.7%

2.0 2.1

5.8% 4.8%

3.5% 2.6%

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Cross-Border Payments

$675

NA

Paymetric, Inc.

Payment Processing

NA

NA

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

$457

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

Payment Processing

NA

NA

Card Processing

$220

NA

Anti-Fraud

NA

NA

Gateway

$25

NA

Authentication

NA

NA

Acquirer

Target

5/1/17

FleetCor Technologies, Inc.

Cambridge Global Payments

4/25/17

Vantiv, Inc.

4/24/17

HCL Technologies Limited

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

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

4/10/17

New Access SA

4/7/17

Coupa Software Incorporated

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.

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.

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

3/21/17

Visma AS

Bluegarden Holding A/S

Payroll Software

NA

NA

3/16/17

First Data Corporation

Acculynk, Inc.

Ecommerce Payments

NA

NA

3/14/17

Genpact Limited

RAGE Frameworks, Inc.

Digital Transformation

NA

NA

3/13/17

Wirecard AG

Merchant Acquiring

NA

NA

3/13/17

Vista Equity

Citibank's Merchant Acquiring Services in Asia Pacific DH Corporation

Banking Technology

$3,459

2.8x

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

NA

2/23/17

Argus Information & Advisory Services, LLC Airbnb, Inc.

2/23/17

MYOB Group Limited

Paycorp Holdings Pty Limited

Payment Solutions Provider

$37

NA

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

2/16/17

Volaris Group Inc.

Telepin, Inc.

Mobile Financial Services

NA

NA

2/16/17

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

2/27/17


14


Acquirer

Target

2/8/17

Realtime Electronic Payments

Sigma Payment Solutions Inc.

2/6/17

Klarna AB

Billpay GmbH

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.

Target Subsector

Enterprise Value

EV / LTM Revenue

Loan Servicing

NA

NA

Ecommerce Payments

$64

NA

NA

NA

NA

NA

ATMS

NA

NA

Real Estate Tech

$150

NA

Electronic Payments

NA

NA

Prepaid

$161

NA

Loyalty / Rewards

NA

Accounting Software / Healthcare Payments Mobile Banking

NA (1)

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

Loyalty / Rewards

NA

NA

1/18/17

Clearent, LLC

1/18/17

AnaCap Financial Partners LLP

Payment Alliance International, Merchant Service Division Heidelberger Payment GmbH

1/18/17

Augeo Affinity Marketing Inc.

Edo Interactive Inc.

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

1/13/17

Advent International Corporation; Bain Capital Investors, LLC

ConCardis GmbH

Merchant Processing

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

15


Acquirer

Target

1/11/17

Intellitix Holdings Limited

Loc Pay Systems B.V.

1/10/17

Coupa Software Incorporated

Spend360 International Ltd

Target Subsector

Enterprise Value

EV / LTM Revenue

Closed Loop

NA

NA

Financial Software

NA

NA

Merchant Acquiring

NA

NA

Crowdfunding

NA

NA

Online Lending / Lead Gen

NA

NA

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

$37

1.6x

Fraud Prevention

NA

NA

Online Consumer Lending

NA

NA

eCommerce Payments

NA

NA

Merchant Services Portfolio

$8

NA

Money Transfer

NA

NA

Anti-Fraud

$2,362

3.6x

Lead Gen

$130

NA

Online Lending

NA

NA

Merchant Services

NA

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

11/23/16

Klarna AB

Cookies Labs GmbH

11/20/16

Symantec Corporation

LifeLock, Inc.

11/16/16

LendingTree, LLC

Iron Horse Holdings, LLC

11/15/16

Versara Lending, LLC

Peerform, Inc.

11/14/16

Finical, Inc.

Safeguard Bankcard, LLC


16


Target Subsector

Enterprise Value

EV / LTM Revenue

Collections

$163

2.6x

Online Lending

$54

NA

Merchant Acquiring

$425

NA

Healthcare Payments

NA

NA

Easy Solutions Inc.

Fraud Detection

NA

NA

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

Acquirer

Target

11/10/16

Intrum Justitia AB

1st Credit Limited

11/10/16

MetaBank

Specialty Consumer Services, LP

11/10/16

NPC Group, Inc.

Moneris Solutions, Inc.

11/7/16

GTCR, LLC

RevSpring, Inc.

11/4/16

BC Partners; Medina Capital

11/4/16

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

10/6/16

Qiwi plc

Plati Potom OOO

Ecommerce

NA

NA

Risk / Analytics

$6

2.3x

DirectCash Payments Inc.

ATMS

$453

2.1x

Merchant Processing

NA

NA

Billing Software

NA

NA

10/18/16

Finectar Technologies Pvt. Ltd. NewDay Cards Ltd.

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

10/4/16

C24 Technologies Ltd.


17


Acquirer

Target

9/7/16

iZettle AB

Intelligent Point Of Sale (Sales) Limited

Target Subsector

Enterprise Value

EV / LTM Revenue

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

$559

NA

Prepaid

NA

NA

Digital Banking

NA

NA

Mobile Payments

$1,225

5.1x

Gift Cards

NA

NA

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

6/17/16

Intercontinental Exchange, Inc.

MERSCORP Holdings, Inc.

Mortgage Registration

NA

NA

6/17/16

Net 1 UEPS Technologies, Inc.

Masterpayment AG

Merchant Processing

NA

NA

6/16/16

GTCR, LLC

Optimal Blue LLC

Mortgage Software

NA

NA

6/16/16

Cast & Crew Payroll, LLC

Talent Acquisitions, LLC

Payroll Software

NA

NA

6/7/16

Francisco Partners

Capsilon

Mortgage Software

NA

NA

6/2/16

Chequers Capital

FIME SAS

MPOS

$9

0.2x

5/19/16

Ingenico Group - GCS

Nera Payment Solutions Pte Ltd.

POS

$64

NA

5/18/16

Fitbit, Inc.

Coin, Inc., Wearable Payments Assets

Wearables / IOT

NA

NA

7/21/16

VocaLink Holdings Limited Transaction Processing Products, Inc.


18

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

Target

Series

Amount

Investors

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

4/5/17

Savedroid

NA

$22

Rhineland-Palatinate, Angel Investors

Notes: Source: CapitalIQ and Pitchbook.

Target Subsector 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 PFM / Digital Banking

19

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

Target

3/31/17

Fiilament

3/30/17

Yongqianbao

Investors

Target Subsector

$15

Bullpen Capital, Verizon Ventures

Blockchain

$67

Golden Brick Capital Management, CICC Alpha

Series

Amount

Series B NA

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

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

3/6/17

Atom Bank

NA

$102

3/3/17

UpStart

NA

$33


BBVA, Toscafund Asset Management, Woodford Investment Management First Round Capital, Khosla Ventures, Rakuten, Third Point Ventures

Real Estate Tech PFM Blockchain Bank API

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

20


Target

Investors

Target Subsector

Series

Amount

Series A

$12

Information Capital, OTEAF

NA

$31

CFFI Ventures, PPF Group

Series F

$500

GPI Capital, Silver Lake, Softbank Group

Online Lending

NA

$16

Home Credit Group

Bank Software

Series B

$30

IVP, Ribbit Capital

Credit Scoring

3/2/17

Sensibill

3/1/17

Clearbank

2/24/17

Social Finance

2/23/17

Nymbus

2/23/17

Tala

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

Series B

$15

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

NA

$200

Ant Financial

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

2/22/17

Creditas

2/20/17

True Balance

2/20/17

Kakao Pay

2/13/17

Series B

$19

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

1/25/17

BitFury

NA

$30

Credit China FinTech Holdings


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 Blockchain

21


Target

Series

Amount

1/19/17

Iyzico

Series C

$13

212 Ltd, International Finance Corp., Vostok Emerging Finance

1/13/17

HouseCanary

Series A

$33

Alpha Edison, Europlay Capital Advisors, Raven Ventures

Investors

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

Target Subsector eCommerce Payments Real Estate Data / Analytics Online Lending Lead Gen POS Online Lending Crowdfunding

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

1/5/17

Payfone

Series E

$24

1/4/17

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

Online Lending Mobile Payments B2B Commerce 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

$80

Digital Sky Technologies, Founders Fund, QED Investors, Sequoia Capital, Tiger Global Management

12/7/16

Nubank


Series D

POS

Loyalty / Rewards Online Banking

22


Target

Series

Amount

Investors

12/5/16

MoneyLion Inc.

Series A

$11

11/28/16

Five Degrees Solutions

Series A

$13

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

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

10/18/16

IbanFirst

NA

$11

Xavier Niel, Other Investors


Target Subsector 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 Banking Software

23


Target

Series

Amount

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 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

9/29/16

Apttus Corporation

NA

$88

9/26/16

Juzhen Financials

Series A

$23

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

9/22/16

Wave Accounting Inc.

NA

$11

BDC Capital, CRV, Social Capital, HarbourVest Partners

9/22/16

51Credit

Series C

$310

9/22/16

Avalara Inc.

Series D

$96

9/21/16

FirstP2P

Series C

$70

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

Accounting Software Online Lending Money Transfer Consumer Finance

Quote-To-Cash Blockchain Accounting Software Online Lending Tax Software Online Lending

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

Online Lending

9/14/16

Tipalti Solutions Ltd.

NA

$14

SG VC

AP Automation


Business Lending Digital Currencies

24


Target

9/13/16

Uno Home Loans

9/9/16

Juvo

Series

Amount

Investors

Target Subsector

NA

$17

Westpac

Mortage Software

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

7/19/16

Deal4Loans

NA

$15


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 Franklin Templeton Group

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 Online Lending

25


Target

Series

Amount

Investors

NA

$10

Undisclosed

7/13/16

i3 Verticals

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

6/21/16

Number26 GmbH

Series B

$40

6/19/16

Plaid Technologies

Series B

$44

Battery Ventures, Earlybird Venture Capital, Horizons Ventures, Redalpine Venture Partners, Valar Ventures NEA, Goldman Sachs

6/16/16

Fenqile

Series D

$235

CoBuilder Partners, Huasheng Capital

Online Lending

6/15/16

Payoff, Inc.

Series C

$47

Tencent Holdings

Online Lending

6/15/16

PromisePay

Series A

$14

6/13/16

FlexShopper

PIPE

$22

Carsales.com, Cultivation Capital, Rampersand, Reinventure Group Middlemarch Partners

6/12/16

Tapp Commerce

Series A

$9

AMMA Private Equity

6/12/16

Better Mortgage

Series A

$30

1/0 Capital, IA Ventures, KCK Group, Pine Brook, Goldman Sachs

$11

Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA Ventures, Partech Ventures, Securian, Tekton Ventures

6/10/16

Ascend Consumer Finance


Series A

Mobile Banking Bank APIs

eCommerce Payments Online Lending Mobile Payments Mortgage Software Online Lending

26


Target

6/6/16

zipMoney

6/2/16

Vyze

Series

Amount

Investors

PIPE

$15

Undisclosed

Series B

$13

Austin Ventures, StarVest Partners

6/2/16

Digit

Series B

$23

6/1/16

Zibby

Series B

$13

Baseline Ventures, Financial Solutions Lab, Freestyle Capital, General Catalyst, GV, Operative Capital, Ribbit Capital Blumberg Capital, Tribeca Venture Partners, Victory Park Capital

5/25/16

TransferWise

NA

$26

Baillie Gifford & Co.

5/25/16

Dashlane, Inc.

Series C

$23

Bessemer, FirstMark, Rho, TransUnion

5/19/16

Tally Technologies

Series A

$15

5/12/16

Capital Float

Series B

$25

NA

$23

Accelerate-IT Ventures, Cowboy Ventures, David Michaels, Shasta Ventures, SVB Aspada Investment, Creation Investments Capital Management, SAIF Partners, Sequoia Capital HPE Growth Capital

Series C

$23

ConCardis, Digital+ Partners, Metro (Germany)

5/11/16 5/11/16

Wincor Nixdorf's Cashless Payments Business Orderbird

5/10/16

BigCommerce

5/9/16

Bridge2 Solutions


Series E

$30

NA

$35

American Express, General Catalyst Partners, GGV Capital, Revolution Growth, SoftBank Capital, Split Rock Partners Updata Partners

Target Subsector Online Lending Online Lending Personal Financial Management Online Lending Money Transfer Digital Wallet Credit Cards Online Lending Merchant Processing POS eCommerce Loyalty / Rewards

27

SECTION III: Securities / Capital Markets / Data & Analytics

28

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 5/5/17 Exchanges - Americas CME Group Inc. Intercontinental Exchange, Inc. BM&FBOVESPA S.A. Nasdaq, Inc. CBOE Holdings, Inc. TMX Group Limited Bolsa Mexicana de Valores, S.A.B. de C.V.

$118.76 60.46 6.13 67.91 83.76 57.79 1.78

LTM Price Range Low High

Equity Value

$92.14 48.15 4.71 61.19 61.58 36.63 1.38

$40,354 35,796 12,452 11,324 9,380 3,194 1,055

$127.60 61.98 6.54 72.52 84.63 58.31 1.88

Net Debt $857 5,686 410 3,015 1,292 492 (118)

Enterprise Value $41,210 41,551 12,864 14,339 10,685 3,686 944 Mean Median

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

$24.32 38.12 5.29 2.31

$22.48 31.86 4.96 1.89

$27.39 38.89 5.59 2.39

$29,695 7,373 5,666 1,237

($1,826) (734) (529) (115)

$27,885 6,640 5,136 1,125 Mean Median

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

$101.68 43.93 35.40 10.58 11.92 5.69

$72.66 29.27 22.76 9.03 8.11 4.23

$102.33 44.10 36.93 13.94 12.77 6.11

$18,995 15,317 2,941 905 500 344

$649 (1,265) (362) (153) (31) (109)

$19,809 14,680 2,580 752 470 235 Mean Median





PEG


11.0x 8.9x 16.2x 6.0x 10.1x 6.6x 5.9x

10.4x 8.5x 12.3x 5.7x 9.0x 6.4x 5.5x

15.3x 14.0x 19.1x 11.8x 16.7x 12.3x 10.8x

14.3x 13.1x 17.1x 11.1x 14.1x 11.9x 10.2x

24.4x 20.1x 16.3x 16.5x 26.8x 16.3x 18.7x

22.6x 17.9x 17.1x 15.2x 22.9x 15.6x 17.5x

12.1% 13.7% 15.8% 9.8% 31.4% NM 11.1%

2.0 1.5 1.0 1.7 0.9 NM 1.7

4.1% 3.5% 11.1% 14.6% 60.7% (6.5%) 16.7%

(0.5%) 0.9% 39.7% 7.3% 119.4% 13.4% 5.1%

9.2x 8.9x

8.3x 8.5x

14.3x 14.0x

13.1x 13.1x

19.9x 18.7x

18.4x 17.5x

15.7% 12.9%

1.5 1.6

14.9% 11.1%

26.5% 7.3%

17.1x 11.3x 8.6x 8.9x

15.7x 10.7x 8.1x 8.6x

24.2x 14.8x 14.7x 15.1x

22.1x 13.9x 13.2x 14.5x

33.4x 22.2x 21.9x 24.2x

30.2x 21.2x 19.2x 23.2x

2.3% 4.7% 3.1% 4.5%

14.6 4.7 7.1 5.4

14.0% (11.5%) 8.6% 13.4%

(4.4%) 1.5% (5.2%) (6.6%)

11.5x 10.1x

10.8x 9.7x

17.2x 14.9x

15.9x 14.2x

25.4x 23.2x

23.5x 22.2x

3.6% 3.8%

8.0 6.2

6.1% 11.0%

(3.7%) (4.8%)

7.1x 6.5x 7.2x 4.7x 5.8x 7.3x

6.6x 6.1x 7.3x 4.1x 5.7x 5.7x

12.2x 12.6x 10.9x 12.3x 10.1x 20.4x

11.3x 11.4x 11.1x 9.9x 9.6x 11.8x

19.1x 23.0x 17.4x 17.1x 15.6x 33.1x

17.0x 20.4x 17.5x 14.1x 14.3x 29.2x

11.5% 15.5% NM 4.6% NM 10.6%

1.7 1.5 NM 3.7 NM 3.1

(6.3%) 11.0% 4.8% (7.7%) 8.4% 21.8%

(3.4%) 2.4% (6.5%) 16.0% 5.6% (50.1%)

6.4x 6.8x

5.9x 5.9x

13.1x 12.2x

10.9x 11.2x

20.9x 18.3x

18.7x 17.3x

10.5% 11.0%

2.5 2.4

5.3% 6.6%

(6.0%) (0.5%)

(1)

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

29

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 5/5/17 Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. SEI Investments Co. SS&C Technologies Holdings, Inc. DST Systems, Inc. Financial Engines, Inc. Envestnet, Inc.(1)

$68.91 51.41 37.40 123.09 40.00 35.50

LTM Price Range Low High $58.66 42.12 26.15 94.52 23.56 27.59

$71.74 52.60 37.97 128.66 45.75 41.47

Equity Value $8,150 8,159 7,630 3,877 2,515 1,549

Net Debt

Enterprise Value

$970 (661) 2,336 470 (138) 238

$9,121 7,498 9,966 4,348 2,377 1,787 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.

$137.55 44.83 118.23 43.73 79.76 99.54 164.07 113.17 73.24 11.15

$97.65 38.23 87.30 32.78 75.60 71.51 147.83 100.46 67.74 6.91

$138.05 46.00 119.99 44.00 87.40 109.29 183.64 141.57 85.49 11.95

$35,460 32,361 22,617 17,864 13,188 9,004 6,474 4,176 3,144 998

$1,154 6,489 1,813 3,574 2,129 1,379 180 1,264 (83) 113

$36,614 38,850 24,431 21,438 15,317 10,383 6,654 5,440 3,062 1,111 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.

$40.13 38.96 35.80 36.13 6.12 1.95

$23.83 26.37 21.52 31.97 4.54 1.45

$43.65 47.41 38.61 40.38 8.75 12.16

$53,645 20,553 9,843 2,456 292 12

$0 1,765 2,612 4,005 (110) 312

$53,645 22,318 12,455 6,461 182 324 Mean Median





PEG


2.2x 5.1x 5.9x 2.2x 4.9x 2.7x

2.1x 4.7x 5.6x 1.9x 4.4x 2.4x

11.8x 13.6x 14.4x 11.4x 15.0x 14.3x

11.3x 11.9x 13.1x 9.6x 12.9x 11.5x

20.9x 22.9x 19.3x 18.7x 29.5x 27.8x

18.4x 19.8x 17.2x 16.3x 26.0x 22.0x

NM 13.5% 16.0% 10.0% 19.3% 20.0%

NM 1.7 1.2 1.9 1.5 1.4

20.5% 5.8% 13.2% 29.2% 14.2% 14.0%

39.7% 7.7% 25.8% 6.5% 23.9% 31.3%

3.8x 3.8x

3.5x 3.4x

13.4x 13.9x

11.7x 11.7x

23.2x 21.9x

19.9x 19.1x

15.8% 16.0%

1.5 1.5

16.2% 14.1%

22.5% 24.9%

6.3x 3.4x 6.4x 6.1x 7.3x 8.3x 5.3x 3.1x 3.6x 2.2x

6.0x 3.3x 6.1x 5.8x 6.9x 7.7x 4.9x 3.0x 3.4x 2.0x

13.5x 11.6x 13.7x 15.4x 14.8x 16.4x 15.4x 11.0x 13.1x 8.9x

12.6x 11.1x 13.1x 14.2x 13.8x 14.8x 14.1x 10.4x 11.7x 7.8x

22.2x 19.0x 22.3x 21.2x 25.1x 27.5x 21.8x 16.1x 31.2x 15.9x

20.1x 17.6x 20.5x 18.3x 22.6x 23.7x 20.0x 15.4x 25.8x 13.6x

13.1% 8.0% 10.2% 14.0% 10.6% 14.3% 10.7% 8.0% 12.0% 15.0%

1.7 2.4 2.2 1.5 2.4 1.9 2.0 2.0 2.6 1.1

2.5% 1.5% 5.9% 29.2% 4.5% 8.2% 10.1% 3.7% 7.5% 16.4%

8.4% 0.8% 19.5% 53.9% 2.0% 8.0% 4.5% 1.7% 9.1% 27.2%

5.2x 5.7x

4.9x 5.3x

13.4x 13.6x

12.4x 12.9x

22.2x 22.0x

19.8x 20.0x

11.6% 11.3%

2.0 2.0

9.0% 6.7%

13.5% 8.2%

6.2x 6.0x 5.6x 4.5x 0.6x NA

5.5x 5.3x 5.1x 4.0x 0.5x NA

NA 13.3x NA 7.0x 4.0x NA

NA 11.2x NA 6.3x 2.1x NA

25.1x 23.2x 18.3x 26.4x NM NA

20.7x 19.3x 15.8x 22.8x 8.3x NA

20.0% 17.0% 16.2% 13.5% NM NM

1.3 1.4 1.1 2.0 NM NA

16.1% 11.4% 7.1% (0.2%) (18.6%) NA

18.0% 6.8% 12.1% (25.1%) (49.0%) 20.1%

4.6x 5.6x

4.1x 5.1x

8.1x 7.0x

6.5x 6.3x

23.3x 24.2x

17.4x 19.3x

16.6% 16.6%

1.4 1.3

3.2% 7.1%

(2.9%) 9.4%

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.

30

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

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

Exchange Traded Products

NA

NA

Risk Management

NA

NA

5/3/17

ETF Securities Ltd.

5/2/17

Ncontracts LLC

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

4/3/17

Cowen Group, Inc.

ConvergEx Group, LLC

Trading Platform

$116

0.6x

3/27/17

DST Systems, Inc.

Shareholder Servicing

$350

3/22/17

Trumid Financial LLC

International Financial Data Services Ltd. Electronifie Inc.

3/21/17

Sterling Trading Tech

CBOE Livevol, LLC, Livevol X

3/20/17

FactSet Research Systems Inc.

3/17/17

NA (1)

Trading Platform

NA

Trading Platform

NA

NA

BI-SAM Technologies S.A.

Risk / Analytics

NA

NA

BinckBank N.V.

Pritle N.V.

Robo Advisors

$13

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


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

$1,904

NA

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples 100 considered NM. 1) Excludes collateralized financing.

NA

31

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Nodal Exchange, LLC

Exchanges

NA

NA

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

Acquirer

Target

3/3/17

European Energy Exchange AG

3/1/17

1/30/17

Compliance Solutions Strategies

1/27/17

Linedata Services SA

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

1/25/17

IS Prime Risk Services Inc.

Think Liquidity LLC

Risk / Analytics

NA

NA

1/23/17

Visible Alpha, LLC

ONEaccess

Data / Analytics

NA

NA

1/19/17

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

1/18/17

North Capital Investment Technology Inc. StockTwits, Inc.

1/9/17

InvestCloud, LLC

Babel Systems Limited

Trade Processing

$20

NA

1/4/17

Dash Financial LLC

LiquidPoint, LLC

Trading Platform

NA

NA

Capital Markets Software

NA

NA

Trading Platform

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. Quant House SAS


32


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

12/20/16

FactSet Research Systems Inc.

Vermilion Software Inc.

Broker Software

$67

NA

12/15/16

SS&C Technologies Holdings, Inc.

Conifer Financial Services LLC

Fund Administration

$89

NA

12/9/16

comdirect bank Aktiengesellschaft

OnVista AG

Online Broker

NA

NA

Northeast Retirement Services, LLC

Fund Administration

$115

NA

National Retirement Services, Inc.

Fund Administration

NA

NA

Crowdfunding

NA

NA

Trading Platform

NA

NA

Fund Administration

NA

NA

12/1/16

Benefit Plans Administrative Services, Inc. Ascensus, Inc.

11/30/16

Capital Foundry LLC, Investment Arm

12/5/16

EquityNet, LLC

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

NA

NA

11/21/16

AcadiaSoft, Inc.

ProtoColl

Collateral Management

NA

NA

11/14/16

Playtech plc

CFH Group A/S

Foreign Exchange

$62

3.2x

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

$2,792

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


33


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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

$3,697

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

8/24/16

Yintech Investment Holdings Limited

Gold Master (HK) Company Limited

Trading Platform

$218

6.8x

8/11/16

Aegon UK plc

Cofunds Holdings Limited

Personal Financial Management

$182

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

$725

7.0x

7/18/16

Moody's Singapore Pte. Ltd.

Korea Investors Service, Inc.

Ratings Agency

$97

3.4x

7/7/16

Legg Mason, Inc.

Financial Guard LLC

Robo Advisors

NA

NA

Advisor Software

NA

NA

Risk & Analytics

NA

NA

Financial Software

$40

3.3x

6/20/16

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

6/14/16


6/30/16

MYVEST CORP Prism Valuation Inc. 4Sight Financial Software Limited


34

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

Target

Series

Amount

Investors

Series A

$15

Hongdao Fund, Mobai Capital, Shunwei Capital

NA

$10

F-Prime Capital, Napier Park Global

Target Subsector

5/4/17

Fumi Technology

Trading Platform

4/26/17

Quovo

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

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 Advisors

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

2/19/17

One Tap Buy

2/16/17

12/22/16

Axoni

12/15/16

Personal Capital Corp.

12/14/16

Stash

Series A

$18

NA

$25

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

Series B

$25

Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures

11/17/16

Peer Street Inc.

Series A

$15

11/17/16

T-REX Group Inc.

Series B

$10

Andreessen Horowitz, Felicis Ventures, The Kaiser Family Foundation, Montage Ventures, Rembrandt Venture Partners The Ecosystem Integrity Fund, Safeguard Scientifics Inc.

Series C

$25

NA

$32

Roofstock Inc.

Series B

$20

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

11/14/16

Quantopian

11/14/16

Nutmeg Saving and Investment Ltd.

11/14/16


Trading Platform Trading Platform Asset Management Platform

Robo-Advisor Distributed Ledger Robo-Advisor Robo-Advisor Crowdfunding Risk / Analytics Trading Technology Robo-Advisor Crowdfunding Trading / Regulatory Software Broker Software

35

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

Target

10/26/16

AX Trading Group

10/17/16

InnoTREE Network Tech Co.

Investors

Target Subsector

Series

Amount

NA

$20

Undisclosed

Trading Platform

Series B

$15

Baoli (Hengqin) Capital Management

Data / Analytics

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

6/19/16

Quoine

Series A

$20

JAFCO

Bitcoin Trading

6/7/16

NexusCrowd

NA

$16

Downing Street Financial

Crowdfunding

5/19/16

Tink

Series B

$10

5/19/16

Personal Capital Corporation

Series E

$75

ABN AMRO, Creades, Skandinaviska Enskilda Banken, Sunstone Capital IGM Financial

5/12/16

EuroCCP

NA

$16

Euronext


Trading Technology Risk / Analytics

Investing Platform Crowdfunding

Exchanges

PFM Robo-Advisor Clearing / Settlement

36

SECTION IV: Insurance / Benefits

37

INSURANCE / BENEFITS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 5/5/17 Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. Verisk Analytics, Inc. Guidewire Software, Inc. athenahealth, Inc. Ebix, Inc. Crawford & Company Polaris Consulting & Services Limited Symbility Solutions Inc.

$83.30 79.76 61.49 104.02 62.25 10.84 3.23 0.32

LTM Price Range Low High

Equity Value

Net Debt

$61.21 75.60 49.18 90.11 44.27 6.30 2.20 0.24

$20,783 13,188 4,547 4,144 1,969 609 330 77

$7,440 2,129 (583) 186 186 175 (70) (6)

$85.59 87.40 64.00 142.40 65.10 14.37 3.61 0.41

Enterprise Value $28,223 15,317 3,964 4,329 2,154 785 260 71 Mean Median





PEG


3.5x 7.3x 7.5x 3.5x 6.6x 0.7x NA 2.4x

3.3x 6.9x 6.4x 3.1x 6.1x 0.6x NA 2.1

13.9x 14.8x 46.2x 16.5x 17.7x 6.1x NA 44.1

12.8x 13.8x 27.6x 13.5x 16.5x 5.4x NA 35.9

18.4x 25.1x 89.9x 55.8x 21.0x 14.0x NA NM

16.0x 22.6x 55.8x 41.8x 18.6x 11.9x NA NA

13.1% 10.6% 18.5% 25.1% 15.0% 10.0% NM NM

1.4 2.4 4.9 2.2 1.4 1.4 NA NM

49.7% 4.5% 17.9% 12.9% 9.9% 5.4% NA 16.1%

72.5% 2.0% 13.2% 11.4% 11.3% 0.8% (2.9%) 15.5%

4.5x 3.5x

4.1x 3.3x

22.8x 16.5x

17.9x 13.8x

37.4x 23.0x

27.8x 20.6x

15.4% 14.0%

2.3 1.8

16.6% 12.9%

15.5% 11.4%

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

38

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

Acquirer

Target

5/3/17

Genpact Limited

BrightClaim, Inc.

4/25/17

Vertafore, Inc.

RiskMatch, LLC

4/6/17

Open GI Limited

Transactor Global Solutions Limited

3/13/17

The Travelers Companies, Inc.

Simply Business

2/28/17

Advent International Corporation

CCC Information Services Inc.

2/21/17

CareCredit, LLC

2/15/17

Sapiens International Corporation N.V.

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Claims Management

NA

NA

Insurance Risk Management

NA

NA

Insurance Software

$50

NA

Insurance Tech

$490

NA

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

2/14/17

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

12/15/16

Mercer LLC

Thomsons Online Benefits Limited

HR/Benefits Software

NA

NA

12/8/16

Insurity, Inc.

Systema Software, LLC

Claims Admin. Software

NA

NA


39

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

Acquirer

Target

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.

Target Subsector

Enterprise Value

EV / LTM Revenue

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

9/29/16

New Mountain Capital, LLC; New Mountain Capital Partners IV L.P.; Eir 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

$69

3.3x

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

6/7/16

Connecture, Inc.

ConnectedHealth, LLC

Benefits Tech

$7

NA

10/6/16 10/5/16


40

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

Target

5/2/17

One Inc.

4/27/17

Singapore Life

4/25/17

Hibob

4/20/17

Lemonade Inc.

Series

Amount

NA

$16

Series A

$50

Series A

$18

NA

NA

Investors 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

1/5/17

Namely Inc.

Series D

$50

12/5/16

Lemonade Inc.

Series B

$34

11/15/16

CareCloud

Series C

$32

11/3/16

EasyPolicy

NA

$10

10/20/16

EverQuote, Inc.

Series B

$23

10/19/16

Ladder Financial Inc.

Series A

$14


Altimeter Capital, Four Rivers Group, Greenspring Associates, Matrix Partners, Scale Venture Partners, Sequoia Capital 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 BrownSavano Direct Capital Partners, Oceanic Partners, Stratim Capital LLC, T Capital Management LLC 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca Partners LLC

Target Subsector 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 Insurance Revenue Cycle Management Insurance Lead Gen Insurance Lead Gen Life Insurance

41

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

Target

Series

Amount

Target Subsector

$500

Kleiner Perkins Caufield & Byers, Propel Venture Partners, Rosemark Capital Group, Transamerica Ventures Fund Caisse de Depot et Placement du Quebec

Claims Management

NA

$50

Carrick Capital Partners LLC

Healthcare Payments

Series A

$28

Horizons Ventures, Target Ventures

10/4/16

Hixme Inc.

Series B

$14

9/28/16

Sedgwick

NA

9/26/16

InstaMed Communications, LLC

9/21/16

FinanceFox

6/14/16

League

Series A

$25

5/20/16

Clover Health

Series C

$165


Investors

Manulife Financial, OMERS Ventures, Power Financial, Quantum Valley Investments, Real Ventures, RBC Advanced Finance & Investment Group, AME Cloud, Arena Ventures, Casdin Capital, First Round, Floodgate, Sequoia

HR Software

Insurance Tech Health Insurance Tech Insurance

42