Bi-Weekly Finanial Technology Sector Report - GCA Savvian

Financial Technology Sector Summary February 15, 2017

1

FINANCIAL TECHNOLOGY DEAL DASHBOARD Industry Stock Market Performance (1)

$14.3 Bn | 919 Deals (3)

2016 Financing Volume

Amount ($MM) $200.0

eCommerce Unit

(3)

Last Twelve Months

Select Recent Financing Transactions (2)

Company

$103.3 Bn | 217 Deals

$32.5

2016 M&A Volume

180

Select Recent M&A Transactions (2)

170

Target

Acquirer

160

EV ($MM) $190.0

150

$150.0

140 130

$25.0

NA

120

$20.0

NA

110 100

$15.3

NA

90 2/16/16

$15.0

3/31/16

$13.5

5/16/16

6/29/16

8/12/16

9/27/16

Payments

Exchanges

Financial Data, Content, & Analytics

Information Processors / Credit Bureaus Banking & Lending Technology

Online Broker Dealers

$13.0

11/10/16 12/26/16

Investment Services, Software, & Technology

2/8/17

NA NA NA

Healthcare / Insurance Technology S&P 500

Quarterly Financing Volume (3)

$10 $8

223

244

$6

250

Quarterly M&A Volume (3)

269 235

227

$6.4

300 211

204

$6.6

$4 $2 $0

$3.6 $1.9

$2.8

$1.8

$2.0

$0.6

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Financing Volume ($Bn)

$60

250

$50

200

$40

150

$30

100

$20

50

$10

0

$0

76

67

71 60

53

63

$45.7

$22.2 $8.7

$2.3

45

$23.5

49

$22.9 $11.2

$10.4

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Financing Deal Count

Notes: Source: Capital IQ, PitchBook, and GCA FinTech Database. Market Data as of 2/10/17. 1) Refer to footnotes on page 5 for index composition. 2) Represents transactions announced between 1/31/17 and 2/14/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions.

M&A Volume ($Bn)

M&A Deal Count

2

80 70 60 50 40 30 20 10 0

TABLE OF CONTENTS

I. Market Summary II. Payments / Banking III. Securities / Capital Markets / Data & Analytics IV. Insurance / Benefits V. GCA Overview

3

SECTION I: Market Summary

4

MARKET SUMMARY Industry Stock Market Performance

Last 12 Months

180

Last 3 Years

160

170

150

160 140

150 130

140 120

130 110

120

100

110

90

100

90 2/16/16

3/31/16

5/16/16

6/29/16

8/12/16

9/27/16

11/10/16

12/26/16

2/8/17

Indexed Price Performance Sector

3 Months

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

13.1% 9.6% 9.2% 8.1% 8.0% 5.9% 5.2% 2.3%

80 2/13/14

6/3/14

9/19/14

Payments

1 Year

3 Years

15.3% 17.7% 63.3% 20.4% 20.1% 24.4% 19.3% 13.6%

33.3% 34.5% 46.1% 28.7% 51.9% 1.8% 35.6% 10.9%

1/7/15

4/27/15

(1)

12/1/15

3/18/16

7/6/16

Exchanges



8/13/15

(3)

(5)

(7)


10/24/16

2/9/17

(2)

Information Processors / Credit Bureaus

Banking & Lending Technology

(6)

Healthcare / Insurance Technology

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

(8)

(4)

MARKET SUMMARY EBITDA Multiples and Margins

2016E EBITDA Multiples

2016E EBITDA Margins


18.1x


46.0%


14.7x


57.2%


15.7x

Payments

Exchanges

33.7%

Banking and Lending Technology

14.3x

31.8%


13.7x


28.8%


13.7x


27.9%

Exchanges

13.6x

Payments


0.0x


12.0x

5.0x

10.0x

15.0x

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

25.6%

20.0x

20.0%

0%

10%

20%

30%

40%

50%

60%

70%

6

MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

2016E Price / Earnings Multiples

2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth


29.7x


27.7x

Exchanges


2.3

11.7%

2.3

13.0%


25.0x



24.5x



Exchanges


Payments

0.0x

23.4x

22.7x

21.1x

20.1x 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.

10.6%

2.4

2.1


13.5%

2.0


16.1%

1.8


15.0%

1.7

Payments

14.9%

1.4 0.0

0.5

1.0

1.5

15.0%

2.0

2.5

3.0

7

MARKET SUMMARY LTM Price Performance and 2016 P/E – Payments / Banking ($MM)

($MM)

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

Merchant Processing Cielo S.A. First Data Corporation Vantiv, Inc. Global Payments 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 Sector Average

Money Transfer The Western Union Company Euronet Worldwide, Inc. Sector Average

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

Market Cap.

LTM Price Performance

P/E 2016

$199,350 $115,712 $71,829 $49,004 $26,771

25% 31% 54% 21% 59%

29.3x 28.5x 13.1x 27.2x 12.1x

$92,533

38%

22.0x

Market Cap.


P/E 2016

$20,044 $14,412 $12,408 $11,948 $9,851 $6,801 $5,969 $5,145 $2,026 $1,271 $431 $409 $233 $49

50% 82% 38% 43% 39% (13%) 8% 69% 13% 44% (14%) NA 60% 8%

15.9x 12.3x 23.5x 24.4x 19.1x 23.0x 24.4x NM 78.9x 10.3x 15.2x NM 26.7x NM

$6,500

33%

24.9x

Market Cap.


P/E 2016

$9,505 $4,190

17% 28%

11.9x 20.1x

$6,847

23%

16.0x

Market Cap.


P/E 2016

$15,512 $13,113 $5,107 $5,097

49% 26% 39% 105%

24.6x 13.4x 23.3x 26.1x

$9,707

55%

21.9x

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

ATM / Kiosks Cardtronics plc TIO Networks Corp. Everi Holdings Inc. Sector Average

POS Hardware / Technology NCR Corporation Ingenico Group - GCS VeriFone Systems, 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. LendingClub Corporation ACI Worldwide, Inc. DH Corporation Q2 Holdings, Inc. Bottomline Technologies (de), 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 February 10, 2017.

0

Market Cap.


P/E 2016

$2,102 $1,337 $672

7% 48% 35%

24.4x 18.7x 7.0x

$1,370

30%

16.7x

Market Cap.


P/E 2016

$2,062 $208 $206

60% 87% 31%

14.0x 28.7x 4.5x

$825

59%

15.7x

Market Cap.


P/E 2016

$5,674 $5,080 $2,169 $103

134% (22%) (6%) 21%

15.2x 18.9x 13.9x NA

$3,256

32%

16.0x

Market Cap.


P/E 2016

$30,166 $26,409 $23,674 $7,033 $4,802 $3,311 $2,660 $2,634 $2,328 $1,909 $1,288 $995 $406 $82

29% 43% 19% 18% 70% 58% 48% (3%) 21% (17%) 62% (0%) (17%) (1%)

30.8x 21.0x 24.5x 29.7x 35.6x 45.6x 33.6x NM 46.8x 11.8x NM 25.4x NM 20.4x

$7,693

23%

29.6x

Market Cap.


P/E 2016

$18,202 $15,654 $3,939 $2,215

26% 40% 39% 49%

21.7x 23.9x 26.1x 43.3x

$10,002

38%

28.7x

8

MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM)

($MM)

Exchanges - Americas

0

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

Market Cap.


P/E 2016

$40,376 $34,321 $11,526 $10,792 $6,313 $3,349 $2,946 $849

33% 24% 16% 135% 25% NA 107% 22%

26.5x 21.0x 19.0x 18.7x 32.5x 24.5x 16.2x 18.4x

$13,809

52%

22.1x

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

Financial Data, Content, & Analytics Exchanges - Asia

0 Hong Kong Exchanges and Clearing Limite ASX Limited Singapore Exchange Limited Bursa Malaysia Berhad

Sector Average

Exchanges - Europe 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. KCG Holdings, Inc. Virtu Financial, Inc. INTL FCStone Inc. Investment Technology Group, Inc. Sector Average

0

Market Cap.


P/E 2016

$30,858 $7,568 $5,738 $1,056

20% 40% 10% (3%)

39.6x 24.4x 24.5x 24.4x

$11,305

17%

28.2x

Market Cap.


P/E 2016

$16,090 $13,434 $2,566 $1,005 $495 $295

9% 24% 7% 41% 37% 12%

18.9x 26.3x 15.5x 14.3x 16.2x 64.6x

$5,648

22%

26.0x

Market Cap.


P/E 2016

$7,021 $3,161 $989 $734 $697 $657

76% 34% 43% (8%) 50% 17%

73.7x 15.3x 19.7x 13.5x 12.8x 22.4x

$2,210

35%

26.2x

Notes: Source: CapitalIQ and Wall Street Research. Market data as of February 10, 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. FXCM Inc. Sector Average

Market Cap.


P/E 2016

$7,962 $7,891 $6,655 $3,741 $2,445 $1,647

26% 47% 19% 16% 58% 86%

24.3x 24.8x 20.3x 20.6x 34.7x 39.5x

$5,057

42%

27.4x

Market Cap.


P/E 2016

$32,633 $32,431 $20,650 $15,946 $14,153 $8,328 $7,040 $3,706 $3,344 $1,005

54% 28% 38% NA 27% 40% 30% 13% 3% (2%)

23.9x 21.4x 22.9x 22.5x 27.4x 30.9x 26.2x 13.7x 27.1x 17.8x

$13,924

26%

23.4x

Market Cap.


P/E 2016

$52,947 $22,348 $9,740 $2,598 $398 $16

80% 65% 76% 26% 21% (71%)

30.6x 27.7x 19.4x 29.0x 14.7x NA

$14,675

33%

24.3x

9

SECTION II: Payments / Banking

10

PAYMENTS / BANKING Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 2/10/17 Networks Visa Inc. Mastercard Incorporated American Express Company PayPal Holdings, Inc. Discover Financial Services

$85.90 107.27 78.48 40.58 68.82

LTM Price Range Low High $69.12 83.31 51.64 33.81 43.48

$86.82 111.07 78.69 44.52 74.33

Equity Value $199,350 115,712 71,829 49,004 26,771

Net Debt $6,930 (3,155) 28,000 (9,816) 11,677

Enterprise Value $213,036 112,585 101,429 39,188 39,023 Mean Median

Merchant Processing Cielo S.A. First Data Corporation Vantiv, Inc. Global Payments Inc. Total System Services, Inc.(1) Worldpay Group plc Wirecard AG Square, Inc. GMO Payment Gateway, Inc. EVERTEC, Inc. SafeCharge International Group Limited CardConnect Corp. Planet Payment, Inc. JetPay Corporation (2)

$8.87 15.82 63.25 78.47 53.59 3.40 48.31 14.61 55.03 17.15 2.91 13.65 4.34 2.75

$7.67 8.82 45.65 54.86 38.73 3.10 31.28 8.42 33.65 11.27 2.29 8.70 2.51 1.89

$12.13 16.11 64.48 80.88 56.54 4.01 50.22 15.91 71.37 18.60 3.40 14.55 4.97 3.25

$20,044 14,412 12,408 11,948 9,851 6,801 5,969 5,145 2,026 1,271 431 409 233 49

$2,510 18,416 3,116 3,970 2,939 1,815 (888) (514) (259) 602 (128) 123 3 19

$23,679 35,836 15,815 16,064 12,814 8,616 5,082 4,630 1,776 1,876 303 569 235 151 Mean Median

Money Transfer The Western Union Company Euronet Worldwide, Inc.

$19.74 80.25

$17.06 62.68

$22.70 84.81

$9,505 4,190

$1,909 (124)

$11,413 4,066 Mean Median

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

$168.91 227.03 22.06 119.28

$112.63 181.33 14.50 58.74

$176.42 241.69 23.88 119.85

$15,512 13,113 5,107 5,097

$3,383 19,090 1,270 2,014

$18,895 32,203 6,448 7,120 Mean Median

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

$37.95 26.64 12.79

$28.88 17.72 8.37

$39.30 28.99 13.20

$2,102 1,337 672

$276 34 (176)

$2,382 1,371 500 Mean Median

EV / Revenue CY 16E CY 17E

EV / EBITDA CY 16E CY 17E

Price / EPS CY 16E CY 17E

EPS Long Term Growth

PEG

Revenue Growth 16E/15A Y/Y MRQ

13.3x 10.4x 3.4x 3.6x 4.5x

11.8x 9.6x 3.1x 3.1x 4.0x

19.4x 18.1x NM 14.3x NM

16.8x 16.3x NM 12.4x NM

29.3x 28.5x 13.1x 27.2x 12.1x

25.2x 25.2x 13.9x 23.5x 11.3x

17.1% 15.0% 8.8% 17.0% 8.4%

1.7 1.9 1.5 1.6 1.4

13.6% 11.5% (2.4%) 17.2% (0.6%)

25.1% 9.5% (5.4%) NM 27.3%

7.1x 4.5x

6.3x 4.0x

17.3x 18.1x

15.2x 16.3x

22.0x 27.2x

19.8x 23.5x

13.2% 15.0%

1.6 1.6

7.9% 11.5%

14.1% 17.3%

6.3x 3.1x 4.4x 5.5x 3.1x 6.2x 4.7x 2.7x 15.1x 4.9x 2.8x 1.0x 4.2x 2.7x

5.6x 3.0x 7.5x 4.7x 2.7x 5.5x 3.6x 2.3x 9.8x 4.8x 2.5x 0.8x 3.8x 2.3x

13.8x 12.4x 17.5x 17.9x 12.3x 15.0x 15.7x NM 44.8x 10.1x 8.8x 15.0x 16.1x 73.8x

12.2x 11.9x 15.7x 14.5x 11.2x 13.2x 12.1x 46.6x 31.3x 10.2x 7.6x 12.0x 13.7x 49.4x

15.9x 12.3x 23.5x 24.4x 19.1x 23.0x 24.4x NM 78.9x 10.3x 15.2x NM 26.7x NM

14.0x 10.6x 19.8x 20.3x 17.2x 20.4x 21.1x NM 66.4x 10.3x 12.8x 86.7x 21.7x NM

11.9% 18.1% 14.5% 12.3% 11.3% 25.1% 27.9% 20.0% 24.4% 10.5% NM NM 22.5% NM

1.3 0.7 1.6 2.0 1.7 0.9 0.9 NM 3.2 1.0 NM NM 1.2 NM

34.6% 1.7% 112.8% 19.8% 6.8% 15.3% 24.5% 34.3% 44.2% 3.0% 6.5% 29.3% 6.7% 28.7%

24.3% 46.1% 12.1% 30.4% 9.3% (2.0%) 33.8% 32.2% 63.8% 1.6% 5.5% 37.3% 7.9% 47.6%

4.8x 4.3x

4.2x 3.7x

21.0x 15.0x

18.7x 12.7x

24.9x 23.0x

26.8x 20.1x

18.0% 18.1%

1.5 1.3

26.3% 22.1%

25.0% 27.3%

2.1x 2.1x

2.1x 1.9x

8.5x 11.7x

8.8x 10.1x

11.9x 20.1x

11.8x 17.6x

7.3% 14.7%

1.6 1.4

(1.1%) 10.5%

(0.6%) 10.5%

2.1x 2.1x

2.0x 2.0x

10.1x 10.1x

9.5x 9.5x

16.0x 16.0x

14.7x 14.7x

11.0% 11.0%

1.5 1.5

4.7% 4.7%

4.9% 4.9%

10.3x 4.5x 5.4x 7.1x

8.5x 4.2x 4.7x 5.9x

20.1x 15.4x 14.7x 19.3x

16.1x 15.3x 12.7x 14.4x

24.6x 13.4x 23.3x 26.1x

20.5x 12.3x 20.4x 22.1x

16.0% 14.3% 10.8% 15.0%

1.5 0.9 2.2 1.7

7.6% 10.8% 10.5% 17.9%

19.6% 4.5% (2.1%) 36.8%

6.8x 6.2x

5.8x 5.3x

17.4x 17.4x

14.6x 14.8x

21.9x 23.9x

18.8x 20.5x

14.0% 14.7%

1.6 1.6

11.7% 10.7%

14.7% 12.0%

1.2x 1.9x 0.8x

1.1x 1.8x 0.8x

11.5x 8.8x 3.2x

9.4x 7.7x 3.0x

24.4x 18.7x 7.0x

20.1x 15.3x 7.6

15.3% 15.0% 15.0%

1.6 1.2 0.5

8.0% 2.2% (4.4%)

2.5% 5.6% 0.8%

1.3x 1.2x

1.2x 1.1x

7.8x 8.8x

6.7x 7.7x

16.7x 18.7x

14.3x 15.3x

15.1% 15.0%

1.1 1.2

1.9% 2.2%

2.9% 2.5%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples 100 considered NM. 1) Revenue growth rates are estimates excluding TransFirst acquisition. 2) Convertible preferred equity assumed at 2x liquidation preference.

11

PAYMENTS / BANKING Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 2/10/17 ATM / Kiosks Cardtronics plc TIO Networks Corp. Everi Holdings Inc.

$45.49 2.39 3.12

LTM Price Range Low High $28.79 1.22 1.13

$56.00 2.52 3.60

Equity Value $2,062 208 206

Net Debt

Enterprise Value

$429 (42) 1,024

$2,491 167 1,230 Mean Median

POS Hardware / Technology NCR Corporation Ingenico Group - GCS VeriFone Systems, Inc. PAR Technology Corporation

$45.54 82.98 19.44 6.51

$19.24 72.64 14.94 4.30

$46.95 118.03 29.73 7.18

$5,674 5,080 2,169 103

$2,553 241 778 3

$9,549 5,327 2,986 105 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. LendingClub Corporation ACI Worldwide, Inc. DH Corporation Q2 Holdings, Inc. Bottomline Technologies (de), Inc. On Deck Capital, Inc. Performant Financial Corporation

$117.53 80.46 109.07 90.60 73.48 98.29 38.50 6.68 19.85 17.86 32.10 26.32 5.68 1.63

$91.50 56.83 92.41 77.05 40.50 65.67 25.73 3.44 15.07 10.75 18.23 18.48 3.64 1.51

$120.55 81.67 111.51 91.48 74.33 109.99 42.19 9.91 22.00 30.76 33.30 31.52 8.94 4.07

$30,166 26,409 23,674 7,033 4,802 3,311 2,660 2,634 2,328 1,909 1,288 995 406 82

$495 9,795 4,262 (14) 273 (423) 1,436 (521) 701 1,445 (92) 61 579 15

$30,661 36,308 27,936 7,019 5,075 2,888 5,160 2,113 3,029 3,354 1,196 1,057 989 97 Mean Median

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

$19.56 130.56 126.81 28.46 3.82

$13.47 95.30 91.78 19.11 1.70

$20.23 136.97 132.95 30.40 4.23

$18,202 15,654 3,939 2,215 91

$3,161 2,543 533 99 3

$21,377 18,256 4,471 2,314 94 Mean Median





PEG


2.0x 2.4x 1.4x

1.7x 2.0x 1.4x

7.8x 16.2x 6.3x

7.5x 11.6x 6.0x

14.0x 28.7x 4.5x

15.6x 27.5x 3.9x

14.3% NM 20.0%

1.0 NM 0.2

5.4% 68.3% 3.2%

2.1% 54.8% 6.4%

1.9x 2.0x

1.7x 1.7x

10.1x 7.8x

8.3x 7.5x

15.7x 14.0x

15.7x 15.6x

17.1% 17.1%

0.6 0.6

25.6% 5.4%

21.1% 6.4%

1.5x 2.2x 1.5x NA

1.4x 2.0x 1.5x NA

8.8x 11.0x 9.3x NA

8.4x 10.0x 9.5x NA

15.2x 18.9x 13.9x NA

13.8x 17.1x 13.2x NA

10.0% 10.0% 14.2% NM

1.5 1.9 1.0 NA

2.7% 1.3% (4.2%) NA

7.3% 6.8% (9.7%) 5.9%

1.7x 1.5x

1.7x 1.5x

9.7x 9.3x

9.3x 9.5x

16.0x 15.2x

14.7x 13.8x

11.4% 10.0%

1.5 1.5

(0.1%) 1.3%

2.6% 6.4%

6.3x 3.9x 5.1x 5.0x 8.1x 8.0x 5.0x 4.3x 3.1x 2.7x 8.0x 3.1x 3.4x 0.7x

5.8x 3.8x 4.8x 4.8x 7.4x 6.6x 4.8x 3.6x 3.0x 2.5x 6.2x 2.9x 2.6x 0.8x

16.6x 12.4x 14.5x 13.8x 21.5x 25.6x 11.1x NM 13.1x 10.0x NM 13.7x NM 4.3x

14.8x 11.8x 13.7x 13.6x 19.1x 19.9x 10.0x 34.7x 12.0x 9.0x NM 13.9x NM 16.2x

30.8x 21.0x 24.5x 29.7x 35.6x 45.6x 33.6x NM 46.8x 11.8x NM 25.4x NM 20.4

25.7x 18.9x 21.4x 28.2x 31.2x 49.6x 28.8x 97.6x 40.6x 10.5x NM 27.0x NM NM

16.1% 12.0% 11.6% 11.0% 17.7% 25.0% 13.4% 2.0% 12.5% NM 32.0% 17.3% 43.3% 20.0%

1.9 1.8 2.1 2.7 2.0 1.8 2.5 NM 3.7 NM NM 1.5 NM 1.0

8.6% 1.1% 4.8% 7.4% 16.2% 41.9% 10.2% 13.3% (6.6%) 14.9% 37.1% 2.4% 13.9% (14.0%)

9.1% 30.4% 4.6% 4.7% 10.8% 48.3% 10.0% (1.5%) (9.1%) 2.7% 36.7% 0.8% (20.4%) (19.0%)

4.8x 4.7x

4.3x 4.3x

14.2x 13.7x

15.7x 13.8x

29.6x 29.7x

34.5x 28.2x

18.0% 16.1%

2.1 2.0

10.8% 9.4%

7.7% 4.7%

4.6x 5.8x 5.0x 2.6x NA

4.5x 5.4x 4.8x 2.5x NA

13.4x 16.3x 21.3x 15.0x NA

12.9x 14.6x 18.1x 12.9x NA

21.7x 23.9x 26.1x 43.3x NA

20.8x 21.6x 24.4x 37.4x NA

10.0% 11.3% 15.7% 18.0% NM

2.2 2.1 1.7 2.4 NA

(0.5%) 18.1% 6.1% 5.9% NA

2.6% 20.2% 9.8% 1.0% (12.0%)

4.5x 4.8x

4.3x 4.6x

16.5x 15.7x

14.6x 13.8x

28.7x 25.0x

26.1x 23.0x

13.8% 13.5%

2.1 2.1

7.4% 6.0%

4.3% 2.6%

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

12

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

Acquirer

Target

2/14/17

PayPal Holdings, Inc.

TIO Networks Corp.

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.

1/26/17

Alipay (UK) Limited

1/26/17

Target Subsector

Enterprise Value

EV / LTM Revenue

Payment Processing

$190

3.0x

Loan Servicing

NA

NA

Ecommerce Payments

NA

NA

Accounting Software / Healthcare Payments Mobile Banking

NA

NA

NA

NA

ATMS

NA

NA

Real Estate Tech

$150

NA

Electronic Payments

NA

NA

Prepaid

$167

NA

Loyalty / Rewards

NA

NA

MoneyGram International, Inc.

Money Transfer

$1,526

1.0x

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

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

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 Ltd Intellitix Holdings Limited

Loc Pay Systems B.V.

1/10/17

Coupa Software Incorporated

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

$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

1/13/17

12/23/16

ConCardis GmbH

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.


14


Target Subsector

Enterprise Value

EV / LTM Revenue

Merchant Services

NA

NA

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

11/14/16

Finical, Inc.

Safeguard Bankcard, LLC

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

10/18/16

Finectar Technologies Pvt. Ltd. NewDay Cards Ltd.

10/3/16

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

DirectCash Payments Inc.

ATMS

$453

2.1x

9/15/16

Payroc LLC

The iTransact Group, LLC

Merchant Processing

NA

NA

10/4/16

C24 Technologies Ltd.


15


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

9/14/16

Amdocs Limited

Vindicia, Inc

Billing Software

NA

NA

9/7/16

iZettle AB

Intelligent Point Of Sale (Sales) Limited

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; 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


Nera Payment Solutions Pte Ltd.

POS

$64

NA

7/21/16

VocaLink Holdings Limited Transaction Processing Products, Inc.


16


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

5/18/16

Fitbit, Inc.

Coin, Inc., Wearable Payments Assets

Wearables / IOT

NA

NA

5/9/16

Upserve, Inc.

Breadcrumb

POS

NA

NA

Issuer Processing

$1,192

NA

Prepaid

$34

NA

Credit Cards

NA

NA

Merchant Acquiring

NA

NA

VAR

$9

30.3x

Check Processing

NA

NA

Loyalty / Rewards

$12

NA

Fraud Detection

$360

NA

POS

NA

NA

Gift Cards

$33

NA

5/2/16

Mercury UK Holdco Limited

Setefi S.p.A. and Intesa Sanpaolo Card D.O.O. Store Financial Services, LLC

4/28/16

Emerchants Limited (nka:EML Payments Limited) Wizink Bank Sa

4/27/16

SumUp Limited

Barclaycard, Consumer Payments Business in Portugal and Spain Payleven Holding GmbH

4/26/16


Lyudia Inc.

4/28/16

4/19/16

Battery Ventures

4/19/16

Prodege, LLC

Goldleaf Enterprise Payments (GEPI), Inc. MyPoints.com, Inc.

4/18/16

Experian Information Solutions, Inc.

CSIdentity Corporation

4/18/16

SuperCom Ltd.

Powa Technologies Limited

4/7/16

RetailMeNot, Inc.

GiftCardZen, Inc.

4/6/16

Global Payments Inc.

Web Active Corporation Pty Ltd.

eCommerce Payments

$50

NA

4/4/16

Net 1 UEPS Technologies, Inc.

Masterpayment AG

eCommerce Payments

NA

NA

4/1/16

Flipkart Online Services Pvt. Ltd.

PhonePe Internet Private Limited

Mobile Payments

NA

NA

3/21/16

Asure Software, Inc.

Mangrove Software, Inc.

HR / Payroll Software

$18

NA

3/15/16

FEXCO Holdings Ltd

Currency Exchange Corporation Ltd.

Online Banking

NA

NA

3/15/16

Payoneer Inc.

Armor Payments, Inc.

B2B Payments

NA

NA

3/14/16

Square, Inc.

Framed Data

Data / Analytics

NA

NA

3/7/16

Banco Bilbao Vizcaya Argentaria, S.A.

Holvi Payment Services Oy

Online Banking

NA

NA


17

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

Target

Series

Amount

Investors

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

1/25/17

BitFury

NA

$30

Credit China FinTech Holdings

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

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

1/5/17

Payfone

Series E

$24

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

Notes: Source: CapitalIQ and Pitchbook.

Target Subsector Data / Analytics Mortgage Origination Vertical Payments eCommerce eCommerce Real Estate Tech Data / Analytics Cash Management Blockchain eCommerce Payments Real Estate Data / Analytics Online Lending Lead Gen POS Online Lending Crowdfunding Online Lending Mobile Payments B2B Commerce Fraud Protection

18

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

Target

Series

Amount

Investors

Target Subsector Online Lending

1/4/17

Credible Labs

NA

$10

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

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

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

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


POS

Loyalty / Rewards 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

19


Target

Series

Amount

Investors

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

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 Crowdfunding Digital Currency Online Lending POS Merchant Acquiring ISO / Gateway Expense Software Cross-Border Payments 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

9/29/16

Apttus Corporation

NA

$88

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

Quote-To-Cash


Accounting Software Online Lending Money Transfer Consumer Finance

20


Target

9/26/16

Juzhen Financials

9/22/16

Wave Accounting Inc.

Investors

Target Subsector

$23

Fenbushi Capital, Wanxiang

Blockchain

$11

BDC Capital, CRV, Social Capital, HarbourVest Partners

Series

Amount

Series A NA

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 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

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

Nymbus

NA

$12

Vensure Enterprises

8/22/16

LendUp

8/17/16 8/15/16


Business Lending Digital Currencies

Mortage Software Mobile Credit Analytics Financial Education Mobile Payments Mobile Commerce SMB Lending Mobile Payments Online Lending Online Lending Mortgage Technology Banking Software

21


Target

Series

Amount

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

Investors

NA

$17

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

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

7/20/16

Deposit Solutions

7/20/16

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 POS Online Lending eCommerce Payments Payroll Gift Cards Open Banking Platform Gateway Online Lending Online Lending Merchant Processing Multi-Currency Prepaid Bitcoin Debit Online Lending Online Lending Mobile Commerce Online Lending Online Banking Money Transfer SMB Finance

22


Target

Series

Amount

Investors

Target Subsector

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

6/10/16

Ascend Consumer Finance

6/6/16

zipMoney

6/2/16

Vyze

Series A

$11

PIPE

$15

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

NA

$23

5/11/16

Wincor Nixdorf's Cashless Payments Business Orderbird

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)

5/10/16

BigCommerce

Series E

$30

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

5/19/16

Tally Technologies

Series A

$15

5/12/16

Capital Float

Series B

$25

5/11/16


Mobile Banking Bank APIs

eCommerce Payments Online Lending Mobile Payments Mortgage Software Online Lending Online Lending Online Lending Personal Financial Management Online Lending Money Transfer Digital Wallet Credit Cards Online Lending Merchant Processing POS eCommerce

23


Target

Series

Amount

5/9/16

Bridge2 Solutions

NA

$35

5/5/16

Azimo

NA

$15

5/4/16

View the Space

Series C

$55

5/3/16

Bench

Series B

$16

Investors Updata Partners Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, Rakuten Insight Venture Partners, OpenView Venture Partners, Trinity Ventures Altos Ventures, Bain Capital Ventures, Contour Venture Partners

Series C

$24

Varo Money

NA

$27

Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium Warburg Pincus

Nubank

NA

$53

Goldman Sachs

5/3/16

Zooz

5/2/16 4/27/16

CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore Asset Management, Weber Investissements Angel Ventures, Auria Capital, Core Ventures, CrunchFund, Richmond Global, Rise Capital, VARIV, Victory Park Capital NEA, Scale Venture Partners, Sequoia

Target Subsector Loyalty / Rewards Money Transfer Real Estate Tech Financial Software Payment Optimization Online Banking Credit Cards

4/26/16

Lendix, SA

Series B

$14

4/21/16

Kueski

Series A

$10

4/21/16

Forter

Series C

$32

4/17/16

Transactis, Inc.

Series E

$30

4/17/16

SocietyOne Australia Pty. Ltd.

Series C

$25

4/12/16

Remitly, Inc.

Series C

$39

4/12/16

Affirm, Inc.

Series D

$100

4/11/16

Viva Republica

Series A

$23

Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes Group, Trilogy Equity, Vulcan Capital Andreessen Horowitz, Founders Fund, Jeffries, Khosla, Lightspeed Venture Partners, Spark Captial Altos Ventures, Goodwater Capital, KTB Network

4/6/16

Finanzcheck.de

Series C

$37

Acton Capital Partners, HarbourVest, Highland Capital

4/1/16

MobiKwik

Series C

$50

GMO Venture Partners, MediaTek, Sequoia Capital, Tree Line Asia

Mobile Wallet

3/31/16

Blispay

NA

$13

Accomplice, AngelList, FirstMark Capital, Founder Collective, NEA

Online Lending

3/24/16

Kreditech

Series C

$11

International Finance Corporation

Credit Scoring

3/23/16

Gusto (ZenPayroll)

Series B

$17

GV, General Catalyst, Obvious Ventures


Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, Wells Fargo Westpac Banking Corp.

Online Lending Online Lending Fraud Detection Bill Pay Online Lending Money Transfer Online Lending Money Transfer Marketplace Lending

HR / Payroll Software

24


Target

Series

Amount

Investors

Series C

$13

Accel, Balderton Capital, Notion Capital, Passion Capital

30% Stake

$15

Aurum

3/23/16

GoCardless Ltd.

3/17/16

Splitit

3/17/16

Momo App

Series B

$28

Goldman Sachs, Standard Chartered Private Equity

3/14/16

LendInvest Limited

Series B

$25

Atomico

Target Subsector Direct Debit Online Lending Mobile Payments Online Lending

NA

$27

EZBOB

Series C

$29

1/0 Capital, Blackstone, Colchis, DW Partners, Fenway Summer Ventures, Invus Financial, KCK, QED, Ridge Road Leumi Partners, Oaktree

3/10/16

Justworks, Inc.

Series C

$33

Bain Capital, Index Ventures, Redpoint Ventures, Thrive Capital

3/7/16

Property Partner

Series B

$18

Dawn Capital, Index Ventures, Octopus Investment

Crowdfunding

3/3/16

iAngels

Series B

$14

Thorney Investment Group

Crowdfunding

3/2/16

OurCrowd Ltd.

NA

$10

United Overseas Bank Limited

Crowdfunding

2/18/16

Aria Systems, Inc.

Series E

$50

2/16/16

UniRush, LLC

NA

$20

3/13/16

Future Finance

3/11/16


Bain Capital, Hercules Technology, Hummer Winblad, InterWest, Madison Bay, Rembrandt, Venrock, Vmware Main Street Capital

Online Lending Online Lending HR Software

Billing Software Prepaid

25

SECTION III: Securities / Capital Markets / Data & Analytics

26

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 2/10/17 Exchanges - Americas CME Group Inc. Intercontinental Exchange, Inc. Nasdaq, Inc. BM&FBOVESPA S.A. CBOE Holdings, Inc. BATS Global Markets, Inc. TMX Group Limited Bolsa Mexicana de Valores, S.A.B. de C.V.

$118.98 57.65 69.77 6.04 77.67 34.82 53.54 1.43

LTM Price Range Low High $89.00 45.44 60.08 3.21 61.22 22.40 27.54 1.11

$124.01 60.54 71.92 6.67 80.10 35.53 58.36 1.75

Equity Value $40,376 34,321 11,526 10,792 6,313 3,349 2,946 849

Net Debt $279 5,934 2,955 (261) (97) 435 534 (85)

Enterprise Value $40,655 40,328 14,481 10,534 6,229 3,784 3,480 777 Mean Median

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

$25.23 39.13 5.36 1.97

$20.77 30.05 4.75 1.87

$27.48 40.28 5.67 2.12

$30,858 7,568 5,738 1,056

($23,869) (680) (459) (104)

$7,006 6,888 5,279 956 Mean Median

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

$86.17 38.39 30.82 11.75 11.80 4.84

$70.33 27.04 22.03 9.67 7.66 4.03

$88.97 42.39 33.11 14.03 12.07 5.91

$16,090 13,434 2,566 1,005 495 295 (1)

$1,316 (1,265) (355) (119) (46) (119)

$17,558 12,801 2,211 886 449 176 Mean Median





PEG


11.3x 9.0x 3.9x 14.8x 9.7x 8.6x 6.3x 5.7x

10.8x 8.7x 5.9x 12.2x 8.5x 8.3x 6.0x 5.3x

16.3x 14.4x 12.7x 22.2x 17.6x 13.4x 12.5x 10.7x

15.1x 13.7x 11.6x 18.7x 16.6x 13.0x 11.4x 9.9x

26.5x 21.0x 19.0x 18.7x 32.5x 24.5x 16.2x 18.4x

24.6x 19.2x 16.5x 16.2x 29.8x 21.0x 14.9x 16.7x

11.1% 13.6% 9.5% 27.6% 13.3% 6.5% NM 12.5%

2.4 1.5 2.0 0.7 2.4 3.8 NM 1.5

8.1% (3.9%) 77.3% 27.4% 1.7% 14.3% (0.1%) (9.4%)

12.2% 30.1% 12.5% 2.0% 4.7% 1.5% 6.9% (5.6%)

8.7x 8.8x

8.2x 8.4x

15.0x 13.9x

13.8x 13.4x

22.1x 20.0x

19.9x 18.0x

13.4% 12.5%

2.0 2.0

14.4% 4.9%

8.0% 5.8%

4.8x 12.6x 9.6x 8.6x

4.2x 11.3x 9.1x 8.0x

6.9x 16.4x 17.1x 14.8x

6.0x 14.7x 15.2x 14.0x

39.6x 24.4x 24.5x 24.4x

33.7x 22.2x 21.9x 22.8x

0.1% 355.3 5.1% 4.8 1.5% 16.3 NM NM

(12.2%) (16.2%) (6.0%) (6.5%)

(13.8%) (0.2%) 0.6% (12.8%)

8.9x 9.1x

8.1x 8.5x

13.8x 15.6x

12.5x 14.3x

28.2x 24.5x

25.2x 22.5x

2.2% 125.5 1.5% 16.3

(10.2%) (9.3%)

(6.5%) (6.5%)

7.0x 6.6x 6.5x 4.9x 6.0x 6.1x

6.6x 6.0x 6.5x 4.4x 5.9x 4.5x

12.4x 13.7x 9.8x 10.0x 10.4x 18.6x

11.5x 12.0x 9.8x 9.0x 9.8x 9.5x

18.9x 26.3x 15.5x 14.3x 16.2x 64.6x

17.0x 21.7x 15.7x 12.9x 15.4x 23.7x

9.8% 14.5% NM NM NM 10.6%

1.9 1.8 NM NM NM 6.1

(16.7%) (7.8%) (9.8%) 28.1% (10.6%) (18.6%)

1.9% (5.9%) (9.3%) (3.7%) (6.9%) 26.4%

6.2x 6.3x

5.7x 5.9x

12.5x 11.4x

10.3x 9.8x

26.0x 17.6x

17.7x 16.4x

11.6% 10.6%

3.3 1.9

(5.9%) (10.2%)

0.4% (4.8%)


27

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 2/10/17 Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. $67.32 SEI Investments Co. 49.62 SS&C Technologies Holdings, Inc. 32.81 DST Systems, Inc. 116.91 Financial Engines, Inc. 39.50 Envestnet, Inc.(1) 38.25

LTM Price Range Low High $53.58 34.51 23.62 94.52 23.22 19.44

$71.74 52.54 34.19 128.66 39.99 41.47

Equity Value $7,962 7,891 6,655 3,741 2,445 1,647

Net Debt

Enterprise Value

$970 (696) 2,388 313 (119) 240

$8,933 7,195 9,043 4,054 2,327 1,887 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.

$126.29 44.26 108.00 39.67 84.52 91.22 177.94 100.75 77.67 11.15

$82.89 34.43 79.26 32.78 66.97 65.54 136.70 89.76 67.74 6.59

$128.49 45.68 110.83 39.98 86.00 94.80 183.17 141.57 89.44 12.93

$32,633 32,431 20,650 15,946 14,153 8,328 7,040 3,706 3,344 1,005

$1,164 4,833 1,360 3,263 2,118 1,100 171 1,279 (205) 159

$33,797 37,264 22,010 19,209 16,271 9,429 7,211 4,985 3,139 1,164 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) FXCM Inc.

$39.94 42.34 35.56 38.22 8.17 2.90

$22.18 25.55 20.31 30.24 4.54 2.75

$42.61 47.41 38.61 41.40 8.59 17.44

$52,947 22,348 9,740 2,598 398 16

$0 1,769 1,403 4,367 (1,167) 349

$52,947 24,117 11,143 6,965 (769) 366 Mean Median





PEG


2.6x 5.1x 6.0x 2.6x 5.5x 3.3x

2.1x 4.8x 5.4x 2.7x 4.8x 2.8x

13.1x 13.7x 14.9x 10.8x 17.4x 18.7x

11.3x 13.8x 13.0x 10.3x 14.9x 14.1x

24.3x 24.8x 20.3x 20.6x 34.7x 39.5x

20.5x 22.2x 17.2x 19.1x 29.9x 28.6x

NM 13.5% 15.0% 10.0% 25.0% 20.0%

NM 1.8 1.4 2.1 1.4 2.0

(11.6%) 5.0% 16.5% 12.3% 36.3% 10.0%

39.7% 10.0% 36.5% (44.9%) 42.6% 44.3%

4.2x 4.2x

3.8x 3.8x

14.8x 14.3x

12.9x 13.4x

27.4x 24.5x

22.9x 21.3x

16.7% 15.0%

1.7 1.8

11.4% 11.1%

21.4% 38.1%

6.0x 3.3x 6.2x 5.5x 8.1x 8.2x 6.3x 2.9x 4.0x 2.6x

5.9x 3.3x 5.8x 5.4x 7.7x 7.6x 5.9x 2.8x 3.8x 2.3x

13.7x 11.8x 13.7x 19.6x 16.3x 16.6x 17.6x 10.1x 12.6x 10.2x

12.8x 11.2x 12.9x 13.9x 15.2x 15.0x 16.7x 9.9x 11.6x 9.4x

23.9x 21.4x 22.9x 22.5x 27.4x 30.9x 26.2x 13.7x 27.1x 17.8x

21.0x 18.9x 21.3x 19.3x 25.2x 25.7x 23.8x 14.5x 24.9x 16.2x

13.0% 8.0% 10.1% 14.6% 11.4% 14.3% 10.7% 5.9% 12.0% 16.0%

1.8 2.7 2.3 1.5 2.4 2.2 2.5 2.3 2.3 1.1

6.5% (8.5%) 2.5% 6.8% (3.3%) 7.0% 10.6% 4.1% 0.3% 18.8%

1.7% (9.1%) 9.8% 57.2% 5.9% 7.3% 6.5% 3.6% 0.4% 29.2%

5.3x 5.7x

5.1x 5.6x

14.2x 13.7x

12.9x 12.8x

23.4x 23.4x

21.1x 21.1x

11.6% 11.7%

2.1 2.3

4.5% 5.3%

11.3% 6.2%

7.1x 7.3x 5.3x 5.2x NM NA

6.2x 6.4x 5.0x 4.3x NM NA

NA 15.8x NA 8.2x NM NA

NA 13.1x NA 6.6x NM NA

30.6x 27.7x 19.4x 29.0x 14.7x NA

25.2x 23.5x 18.4x 25.5x 12.6x NA

20.2% 13.8% 13.2% 16.0% NM NM

1.5 2.0 1.5 1.8 NM NA

18.4% 3.9% 13.8% (3.6%) (4.5%) NA

20.8% 5.6% 10.5% 13.9% (45.4%) 2.9%

6.2x 6.2x

5.5x 5.6x

12.0x 12.0x

9.8x 9.8x

24.3x 27.7x

21.0x 23.5x

15.8% 14.9%

1.7 1.7

5.6% 3.9%

1.4% 8.1%

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.

28

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

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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 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

Quant House SAS

Trading Platform

NA

NA

Broker Software

$67

NA

Fund Administration

$89

NA

Online Broker

NA

NA

Northeast Retirement Services, Inc.

Fund Administration

$115

NA

National Retirement Services, Inc.

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

12/5/16 12/1/16

Benefit Plans Administrative Services, Inc. Ascensus, Inc.


29

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Crowdfunding

NA

NA

Trading Platform

NA

NA

Fund Administration

NA

NA

IntelliStance, LLC

Data / Analytics

NA

NA

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

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

$3,662

1.9x

9/22/16


REDI Holdings, LLC

Data / Analytics

NA

NA

Acquirer

Target

11/30/16

Capital Foundry LLC, Investment Arm

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.

11/21/16


30


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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

Legg Mason, Inc.

Financial Guard LLC

Robo Advisors

NA

NA

Advisor Software

NA

NA

Risk & Analytics

NA

NA

Financial Software

$40

3.3x

7/7/16

6/20/16

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

6/14/16


4Sight Financial Software Limited

6/14/16

Fair Isaac Corporation

QuadMetrics Inc.

Risk & Analytics

$6

NA

5/25/16

Bregal Sagemount

Discovery Data

Data / Analytics

NA

NA

5/11/16


Clearing / Settlement

NA

NA

5/5/16

ISEG Limited

Dojima LLC (nka:Broadridge Derivatives Clearing) Startup Stock Exchange

Exchanges

NA

NA

4/27/16

Affirm, Inc.

Sweep, Inc.

Personal Financial Management

NA

NA

6/30/16

MYVEST CORP Prism Valuation Inc.


31


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

4/14/16

Euclid Opportunities Fund

Enso LP

Risk Analytics

NA

NA

4/13/16

European Energy Exchange AG

Cleartrade Exchange Pte. Ltd.

Exchanges

NA

NA

4/11/16

Huatai International Finance I Limited

AssetMark, Inc.

Wealth Management Software

NA

NA

4/5/16

Ally Financial Inc.

TradeKing Group, Inc.

Online Broker

$275

NA

3/31/16

Morningstar, Inc.

RightPond

Broker Software

NA

NA

3/21/16

Institutional Capital Network, Inc.

Fund Administration

NA

NA

3/21/16

IHS Inc. (nka:IHS Markit Ltd.)

Data / Information Services

$6,139

5.5x

3/16/16

Markit Ltd.

Risk Analytics

NA

NA

3/9/16

Nasdaq, Inc.

Exchanges

$1,100

NA

3/8/16

Equiniti Group plc

Risk Analytics

NA

NA

3/7/16

Axioma, Inc.

3/2/16

Tradeweb Markets LLC

3/1/16

Pico Quantitative Trading, LLC

Credit Suisse Group AG, HedgeFocus Business Markit Ltd. Fitch Solutions, Inc., Credit Default Swap Pricing Service International Securities Exchange Holdings, Inc. RiskFactor Solutions Ltd ConceptONE, LLC, Regulatory Reporting And Risk Reporting Units CodeStreet LLC

Risk Analytics

NA

NA

Broker Dealer Software

NA

NA

AlgoSpan Limited

Data / Trading Platform

NA

NA

Data / Analytics

NA

NA

Risk / Analytics

NA

NA

3/1/16

Intercontinental Exchange, Inc.

2/29/16

BI-SAM Technologies S.A.

Standard & Poor's Securities Evaluations, Inc. and Credit Market FinAnalytica, Inc.

2/26/16

Singapore Exchange Limited

The Baltic Exchange Limited

Exchanges

$108

NA

2/23/16

Deutsche Börse Aktiengesellschaft

London Stock Exchange Group plc

Exchanges

$14,482

7.2x


32

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

Target

Series

Amount

Investors

Target Subsector

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

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

11/14/16

Quantopian

Series C

$25

11/14/16

Nutmeg Saving and Investment Ltd.

NA

$32

11/14/16

Roofstock Inc.

Series B

$20

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

Robo-Advisor Distributed Ledger Robo-Advisor 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

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


Trading Technology Risk / Analytics

33

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

Target

Series

Amount

Investors

Target Subsector

8/18/16

Lancai

Series B

$27

Letv.com

Investing Platform

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

Crowdfunding

Exchanges

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

4/25/16

bitFlyer

Series C

$27

SBI FinTech Fund, Venture Labo Investment

4/21/16

Acorns

Series D

$30

e.ventures, Greycroft, PayPal, Rakuten

4/13/16

Vestmark

NA

$30

Summit Partners

4/5/16

Reonomy

Series C

$22

Bain Capital, Softbank

Wealth Management Software Data / Analytics

4/1/16

Swanest

NA

$10

Andreessen Horowitz

Robo-Advisor


PFM Robo-Advisor Clearing / Settlement Bitcoin Exchange Robo Advisors

34

SECTION IV: Insurance / Benefits

35

INSURANCE / BENEFITS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 2/10/17 Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. Verisk Analytics, Inc. athenahealth, Inc. Guidewire Software, Inc. Ebix, Inc. Crawford & Company Polaris Consulting & Services Limited Symbility Solutions Inc.

$79.56 84.52 113.88 54.57 58.10 11.87 2.51 0.38

LTM Price Range Low High

Equity Value

Net Debt

$60.06 66.97 90.11 42.71 31.26 4.13 2.11 0.18

$19,586 14,153 4,500 4,011 1,883 661 255 91

$1,200 2,118 144 (530) 152 143 (70) (5)

$81.45 86.00 143.85 64.00 63.00 14.37 3.25 0.43

Enterprise Value $20,786 16,271 4,644 3,481 2,036 804 186 86 Mean Median





PEG


3.9x 8.1x 4.3x 7.9x 6.9x 0.7x 0.6x 3.4x

2.6x 7.7x 3.6x 6.6x 6.4x 0.7x NA 2.9

17.9x 16.3x 19.2x 44.6x 18.3x 6.8x NA NM

10.1x 15.2x 15.2x 32.7x 16.7x 5.9x NA 96.5

20.6x 27.4x 63.4x 78.8x 21.1x 16.8x 10.7x NM

17.8x 25.2x 45.9x 66.2x 20.6x 14.0x NA NM

14.6% 11.4% 26.0% 17.4% 10.0% 10.0% NM NM

1.4 2.4 2.4 4.5 2.1 1.7 NM NM

24.3% (3.3%) 17.1% 12.0% NA (3.6%) (2.3%) (1.9%)

3.9% 5.9% 11.9% 14.4% 11.7% (5.5%) (2.9%) 13.9%

4.5x 4.1x

4.4x 3.6x

20.5x 18.1x

27.5x 15.2x

34.1x 21.1x

31.6x 22.9x

14.9% 13.0%

2.4 2.3

6.0% (1.9%)

6.7% 8.8%


36

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Insurance Tech

NA

NA

Lead Gen

NA

NA

Human Arc Corporation

Revenue Cycle Management

NA

NA

Valen Technologies, Inc.

Insurance Data / Analytics

NA

NA

Benefits Software

NA

NA

Telematics

$49

NA

Insurance Data / Analytics

NA

NA

Acquirer

Target

2/9/17

Charles Taylor InsureTech Limited

Otak Limited

2/8/17

Compare Africa Group

TopCheck UG (haftungsbeschränkt)

2/7/17

Centauri Health Solutions, Inc.

1/26/17

Insurity, Inc.

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

11/30/16

Vimo, Inc.

Array Health Solutions Inc.

Insurance Exchange

NA

NA

11/28/16

Allstate Non-Insurance Holdings, Inc.

SquareTrade, Inc.

Insurance

$1,430

NA

11/17/16

nThrive, Inc.

Adreima, Inc.

Revenue Cycle Management

NA

NA

11/1/16

WageWorks, Inc.

ADP's HAS & COBRA Businesses

HAS and COBRA Administration

$235

NA

10/24/16

AIR Worldwide Corporation

Analyze Re Inc.

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

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.

10/6/16 10/5/16

IS2, eTrading Platform for Personal Lines Kapia Solutions Sas


37

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Insurance Data

NA

NA

Financial Synergy Pty. Limited

Insurance Software

$69

3.3x

Applied Systems, Inc.

Relay Software Limited

Insurance Software

NA

NA

8/4/16


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

Vertafore, Inc.

Insurance Tech

NA

NA

Duck Creek Technologies, Inc.

Claims Software

NA

NA

Healthcare Payments

NA

NA

Insurance Analytics

$42

NA

Acquirer

Target

9/26/16

Callcredit Information Group Limited

Recipero Limited

9/26/16

IRESS Limited

8/9/16

4/18/16

Vista Equity Partners; Bain Capital Private Equity, LP Apax Partners LLP

4/5/16

SwervePay, LLC

Symbiosis Health Inc.

3/29/16


EagleEye Analytics, Inc.

3/7/16

Protector Holdings, LLC

BetterWay Insurance Services LIC

Insurance Tech

NA

NA

2/17/16

Medical Transcription Billing, Corp.

Gulf Coast Billing, Inc.

Medical Billing

$2

NA

5/2/16


38

INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months ($MM) Announced Date 2/7/17

Target CXA Group

Series

Amount

Series B

$25

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

Investors B Capital Group, EDBI 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

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

6/14/16

League

Series A

$25

5/20/16

Clover Health

Series C

$165

5/19/16

Shift Technology

Series A

$10

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 Accel, Elaia Partners, Iris Capital Management

Target Subsector Benefits Software HR / Benefits Software Insurance Revenue Cycle Management Insurance Lead Gen Insurance Lead Gen Life Insurance HR Software Claims Management Healthcare Payments Insurance Tech Health Insurance Tech Insurance Claims Analytics

5/17/16

Embroker

Series A

$12

5/10/16

Simplificare

Series C

$20

500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca Partners, Vertical Venture Partners, XL Innovate 83North, American Express, Heritage Group, Social Capital

4/26/16

Trov, Inc.

Series C

$23

Anthemis Group, Guidewire, Oak, Suncorp Group

Healthcare Payments / Financing Insurance

4/14/16

Eligible

NA

$25

Undisclosed

Healthcare Payments

4/6/16

Bright Health

Series A

$80

Bessemer, Flare Capital, NEA, Waterline Ventures

$22

Adams Street, Cambia Health, Catalyst Health, Cendana Capital, GIS, Industry Ventures, Lerer Hippeau, Schooner

3/21/16

Maxwell Health


Series C

Insurance

Health Insurance Innovator HR / Benefits Software

39

SECTION V: GCA Overview

40

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

Sean Minnihan

Managing Director Global Head of FinTech

th

Scott Patrick

Peter Bang

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

Derek Bell

Paul DiNardo

Steve Fletcher

Managing Director

Managing Director

Managing Director

Managing Director

Managing Director

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






Rob Freiman

Michio Suzuki*

David Krueger Vice President

Vice President

Saif Malik*

Alexander Berry

Malik Gill


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]



Director

Director

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

Associate

Analyst

41