Bi-Weekly Finanial Technology Sector Report - GCA Savvian

Financial Technology Sector Summary March 29, 2017

1

FINANCIAL TECHNOLOGY DEAL DASHBOARD Industry Stock Market Performance (1)

$19.3 Bn | 1,271 Deals (3)

2016 Financing Volume

Select Recent Financing Transactions (2)

Company

$360.5 Bn | 3,231 Deals (3)

2016 M&A Volume

Last Twelve Months 160

Amount ($MM)

150

$302.0

140

Select Recent M&A Transactions (2)

Target

Acquirer

EV ($MM) $3,459.0

130

Dadao Financial

$29.0 $28.0 $22.0

$490.0

120

$350.0

110 100

NA Pre-Paid Card Service

90

$21.0 $20.0

80 3/24/16

$16.0

NA 5/9/16

6/22/16

8/5/16

9/20/16

11/3/16

2/1/17

3/17/17

Payments

Exchanges

Financial Data, Content, & Analytics

Information Processors / Credit Bureaus Banking & Lending Technology

Online Broker Dealers

$15.6

12/19/16

Investment Services, Software, & Technology

NA NA NA

Healthcare / Insurance Technology S&P 500

Quarterly Financing Volume (3)

$10

398

$8

$8.9 299

298

$6 $4

Quarterly M&A Volume (3)

276

$5.3

500

$120

400

$100

300 200

$2

$2.6

$2.6

Q3 2016

Q4 2016

$0

100 0

Q1 2016

Q2 2016 Financing Volume ($Bn)

$80 $60

876 754

1000

818

783

800

$99.4

$97.8

600

$83.1

$80.1

400

$40

200

$20 $0

0 Q1 2016

Financing Deal Count

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 3/24/17. 1) Refer to footnotes on page 5 for index composition. 2) Represents transactions announced between 3/13/17 and 3/27/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.

Q2 2016 M&A Volume ($Bn)

Q3 2016

Q4 2016

M&A Deal Count

2

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

150

Last 3 Years

160

150

140

140

130 130

120

120

110

110

100

100 90

90 80

80 3/24/16

5/9/16

6/22/16

8/5/16

9/20/16

11/3/16

12/19/16

2/1/17

3/17/17

Indexed Price Performance Sector

3 Months

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

10.0% 9.0% 8.5% 6.5% 6.2% 5.3% (0.6%) (5.4%)

70 3/24/14

7/10/14

10/28/14

Payments

1 Year

3 Years

18.3% 21.3% 20.6% 15.8% 19.7% 18.6% 5.4% 34.5%

7.7% 42.8% 31.3% 41.0% 43.1% 52.0% 14.7% 35.9%

2/13/15

6/3/15

(1)

1/7/16

4/26/16

8/12/16

Exchanges



9/21/15

(3)

(5)

(7)


11/30/16

3/20/17

(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, 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, GCAP, GLBR, 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

2017E EBITDA Multiples

2017 EBITDA Margins


Exchanges

14.7x


58.0%


14.3x

47.7%

Banking and Lending Technology

13.4x



13.3x


30.6%


13.1x


30.3%


29.4%

Payments

12.4x

Exchanges

0.0x

Payments

11.7x


10.0x

27.5%


10.2x

5.0x

37.4%

15.0x

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

20.0x

20.0%

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


28.3x


23.4x




22.2x



21.9x

Exchanges


21.7x



21.6x


Exchanges

19.9x

Payments

0.0x

17.2x 5.0x

10.0x 15.0x 20.0x 25.0x 30.0x

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

14.8%

2.1

2.0

13.5%

1.9

10.8%

1.9

10.6%

1.5

14.0%

1.4


15.3%

1.3

Payments

15.8%

1.3 0.0

0.5

1.0

1.5

15.0%

2.0

2.5

7

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

($MM)

Market Cap.

LTM Price Performance

P/E 2017

$206,985 $120,705 $70,374 $52,083 $25,802

20% 22% 29% 11% 35%

26.2x 26.2x 13.8x 24.9x 11.0x

$95,190

24%

20.4x

Market Cap.


P/E 2017

$20,083 $13,885 $12,442 $11,958 $9,499 $7,257 $6,548 $6,092 $1,940 $1,158 $467 $393 $202 $42

18% 26% 21% 30% 13% (6%) 46% 29% (20%) 17% (14%) NA 9% (10%)

14.1x 10.0x 19.8x 20.3x 16.6x 21.5x 22.7x 90.2x 62.4x 9.9x 14.7x NM 17.2x NM

Sector Average

$6,569

12%

26.6x

Money Transfer

Market Cap.


P/E 2017

$9,738 $4,374

8% 16%

12.0x 18.4x

$7,056

12%

15.2x

Market Cap.


P/E 2017

$14,418 $13,634 $5,474 $4,363

8% 15% 29% 26%

19.0x 13.2x 21.5x 19.1x

$9,472

19%

18.2x

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

The Western Union Company Euronet Worldwide, Inc. Sector Average

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

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

ATM / Kiosks Cardtronics plc Everi Holdings Inc. Sector Average

POS Hardware / Technology Ingenico Group - GCS NCR Corporation 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. ACI Worldwide, Inc. LendingClub Corporation 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 March 24, 2017.

0

Market Cap.


P/E 2017

$2,158 $1,660 $659

17% 43% 39%

23.8x 17.1x 7.1x

$1,492

33%

16.0x

Market Cap.


P/E 2017

$2,073 $306

31% 110%

15.6x 5.0x

$1,190

70%

10.3x

Market Cap.


P/E 2017

$5,776 $5,367 $2,089 $111

(15%) 50% (33%) 25%

18.0x 13.2x 12.6x NA

$3,336

7%

14.6x

Market Cap.


P/E 2017

$30,623 $26,342 $24,877 $7,245 $5,588 $3,314 $2,649 $2,567 $2,081 $2,017 $1,428 $905 $332 $101

17% 28% 16% 12% 56% 17% 30% 13% (38%) (34%) 58% (18%) (39%) 23%

26.4x 18.9x 22.8x 29.0x 33.4x 52.0x 28.3x 52.3x 95.7x 11.8x NM 24.5x NM NA

$7,862

10%

35.9x

Market Cap.


P/E 2017

$19,016 $16,291 $3,940 $2,185

19% 22% 26% 31%

21.7x 22.5x 24.3x 36.9x

$10,358

24%

26.3x

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. Nasdaq, Inc. BM&FBOVESPA S.A. 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 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. INTL FCStone Inc. Investment Technology Group, Inc. Virtu Financial, Inc. Sector Average

0

Market Cap.


P/E 2017

$40,718 $35,631 $11,647 $10,730 $8,887 $2,746 $959

26% 28% 9% 45% 23% 42% 5%

24.6x 19.9x 16.5x 17.7x 25.4x 13.9x 17.8x

$15,903

25%

19.4x

Market Cap.


P/E 2017

$30,877 $7,326 $5,775 $1,181

8% 22% (4%) (0%)

34.9x 21.6x 21.8x 25.1x

$11,290

6%

25.9x

Market Cap.


P/E 2017

$16,407 $13,192 $2,725 $914 $481 $302

6% (6%) 3% 11% 12% (10%)

17.1x 20.4x 16.5x 14.4x 15.4x 24.8x

$5,670

3%

18.1x

Market Cap.


P/E 2017

$7,056 $3,062 $1,205 $674 $661 $683

56% 21% 53% 36% (5%) (25%)

56.8x 13.2x 5.6x 11.8x NM 17.7x

$2,224

23%

21.0x

Investment Services, Software, & Technology SEI Investments Co. Broadridge Financial Solutions, Inc. 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 March 24, 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

$8,015 $8,014 $7,234 $3,592 $2,463 $1,390

22% 19% 17% 4% 35% 24%

22.8x 20.6x 18.5x 18.6x 29.8x 25.1x

$5,118

20%

22.6x

Market Cap.


P/E 2017

$33,533 $31,826 $21,484 $16,525 $13,259 $8,814 $6,993 $3,860 $3,352 $865

35% 11% 21% NA 3% 38% 18% 3% (8%) 6%

21.6x 18.7x 21.6x 19.6x 24.2x 27.4x 23.7x 15.0x 24.6x 13.9x

$14,051

14%

21.0x

Market Cap.


P/E 2017

$53,425 $19,883 $9,238 $2,358 $392 $13

42% 21% 36% (10%) 30% (79%)

25.1x 21.9x 18.1x 23.3x 9.7x NA

$14,218

7%

19.6x

9

SECTION II: Payments / Banking

10

PAYMENTS / BANKING Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 3/24/17 Networks Visa Inc. Mastercard Incorporated American Express Company PayPal Holdings, Inc. Discover Financial Services

$89.19 111.98 78.20 43.13 67.21

LTM Price Range Low High $73.25 86.65 57.15 34.00 48.68

$92.05 113.50 82.00 44.52 74.33

Equity Value $206,985 120,705 70,374 52,083 25,802

Net Debt $6,930 (3,155) 29,063 (9,816) 13,616

Enterprise Value $220,930 117,578 101,037 42,267 39,993 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)

$8.89 15.13 63.42 78.42 51.81 3.63 52.99 16.59 52.69 15.75 3.16 13.50 3.76 2.35

$7.84 9.90 50.52 59.55 45.61 3.09 34.20 8.42 34.32 12.98 2.29 8.70 2.75 1.89

$12.12 16.67 66.24 81.56 56.54 4.01 53.93 18.17 72.77 18.60 3.40 14.65 4.97 3.25

$20,083 13,885 12,442 11,958 9,499 7,257 6,548 6,092 1,940 1,158 467 393 202 42

$2,510 18,104 3,116 3,970 2,939 1,193 (888) (512) (259) 598 (115) 123 (3) 9

$23,718 34,973 15,849 16,077 12,462 8,451 5,661 5,580 1,689 1,759 351 553 198 135 Mean Median

Money Transfer The Western Union Company Euronet Worldwide, Inc.

$20.25 83.54

$18.07 65.33

$22.70 84.81

$9,738 4,374

$1,902 (130)

$11,640 4,245 Mean Median

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

$156.90 243.79 23.64 102.08

$133.64 185.02 16.97 78.95

$176.42 251.19 24.27 122.91

$14,418 13,634 5,474 4,363

$3,383 19,090 668 2,014

$17,801 32,724 6,215 6,386 Mean Median

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

$38.70 32.78 12.54

$28.88 20.79 8.37

$39.55 33.64 13.81

$2,158 1,660 659

($428) 28 (176)

$1,734 1,688 487 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

12.2x 10.0x 3.1x 3.4x 4.1x

11.1x 9.0x 3.0x 2.9x 3.9x

17.4x 17.1x NM 13.3x NM

15.4x 15.2x NM 11.5x NM

26.2x 26.2x 13.8x 24.9x 11.0x

22.6x 22.6x 12.6x 21.2x 9.9x

17.1% 16.3% 9.1% 17.3% 8.7%

1.5 1.6 1.5 1.4 1.3

13.3% 9.3% 8.6% 16.3% 10.7%

25.1% 9.5% (7.0%) NM 3.4%

6.6x 4.1x

6.0x 3.9x

16.0x 17.1x

14.0x 15.2x

20.4x 24.9x

17.8x 21.2x

13.7% 16.3%

1.5 1.5

11.6% 10.7%

7.8% 6.5%

5.7x 2.9x 7.5x 4.7x 2.6x 5.4x 4.0x 3.3x 9.4x 4.4x 3.0x 0.8x 3.3x 2.0x

5.2x 2.8x 6.9x 4.3x 2.4x 4.9x 3.3x 2.8x 7.9x 4.3x 2.7x 0.7x 3.0x NA

12.4x 11.6x 15.9x 14.6x 10.9x 13.2x 13.3x 48.9x 29.4x 9.7x 9.7x 12.8x 11.5x 44.0x

11.4x 11.0x 14.4x 13.0x 10.1x 11.7x 10.9x 27.5x 22.7x 9.4x 8.0x 10.1x 9.6x NA

14.1x 10.0x 19.8x 20.3x 16.6x 21.5x 22.7x 90.2 62.4x 9.9x 14.7x NM 17.2x NM

12.7x 9.2x 17.6x 17.6x 15.0x 18.5x 18.1x 44.5 50.1x 9.3x 13.0x 64.3x 14.5x NA

12.5% 13.2% 14.5% 13.0% 11.8% 21.6% 28.0% 80.4% 24.4% 8.3% NM NM 22.5% NM

1.1 0.8 1.4 1.6 1.4 1.0 0.8 1.1 2.6 1.2 NM NM 0.8 NM

10.3% 3.8% 25.3% 41.1% 6.8% 29.7% NA 34.3% 52.8% 1.8% 10.9% 18.3% 10.7% 16.8%

24.3% (1.0%) 12.1% 30.4% 9.3% (5.2%) 33.8% 20.7% 63.8% 6.5% 3.2% 23.0% (9.4%) 48.8%

4.2x 3.6x

3.9x 3.3x

18.4x 13.0x

13.1x 11.0x

26.6x 18.5x

23.4x 17.6x

22.7% 14.5%

1.2 1.1

20.2% 16.8%

18.6% 16.4%

2.2x 2.0x

2.1x 1.8x

8.9x 10.7x

8.6x 9.4x

12.0x 18.4x

11.4x 16.1x

7.3% 14.5%

1.6 1.3

(0.3%) 8.7%

(0.6%) 10.5%

2.1x 2.1x

2.0x 2.0x

9.8x 9.8x

9.0x 9.0x

15.2x 15.2x

13.7x 13.7x

10.9% 10.9%

1.5 1.5

4.2% 4.2%

4.9% 4.9%

8.1x 4.2x 4.4x 5.4x

7.3x 3.8x 4.1x 4.9x

15.2x 15.4x 11.8x 13.2x

13.5x 13.6x 10.8x 11.8x

19.0x 13.2x 21.5x 19.1x

16.8x 11.6x 19.7x 16.6x

15.7% 15.5% 11.1% 15.0%

1.2 0.9 1.9 1.3

20.5% 8.4% 24.6% 16.7%

19.6% 4.5% 13.2% 36.8%

5.5x 4.9x

5.0x 4.5x

13.9x 14.2x

12.4x 12.7x

18.2x 19.1x

16.2x 16.7x

14.3% 15.2%

1.3 1.2

17.5% 18.6%

18.5% 16.4%

0.8x 2.1x 0.7x

0.7x 1.9x 0.8x

7.3x 9.0x 3.1x

6.3x 8.0x 2.9x

23.8x 17.1x 7.1x

19.6x 15.0x NA

15.6% 15.5% NM

1.5 1.1 NM

16.6% 14.5% 11.9%

3.2% 7.8% 0.8%

1.2x 0.8x

1.1x 0.8x

6.5x 7.3x

5.7x 6.3x

16.0x 17.1x

17.3x 17.3x

15.6% 15.6%

1.3 1.3

14.4% 14.5%

3.9% 3.2%

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 3/24/17 ATM / Kiosks Cardtronics plc Everi Holdings Inc.

$45.46 4.63

LTM Price Range Low High $34.66 1.13

$56.00 4.91

Equity Value $2,073 306

Net Debt

Enterprise Value

$429 994

$2,502 1,300 Mean Median

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

$94.11 43.61 18.72 7.04

$73.80 25.20 14.94 4.30

$119.92 49.90 29.73 7.25

$5,776 5,367 2,089 111

$121 2,553 757 (8)

$5,902 #REF! 2,884 103 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 DH Corporation Q2 Holdings, Inc. Bottomline Technologies (de), Inc. On Deck Capital, Inc. Performant Financial Corporation

$119.72 80.12 115.94 93.33 80.30 98.14 37.85 21.88 5.20 18.87 35.30 23.92 4.62 2.01

$99.20 62.05 92.81 79.00 47.95 74.11 28.67 15.11 3.44 10.52 21.51 18.48 3.64 1.50

$128.45 83.86 118.30 95.64 80.86 109.99 42.19 22.96 8.41 30.09 37.58 31.52 8.94 4.07

$30,623 26,342 24,877 7,245 5,588 3,314 2,649 2,567 2,081 2,017 1,428 905 332 101

$513 9,795 4,262 (14) 174 (422) 1,444 686 (516) 1,405 (97) 61 675 21

$31,136 36,241 29,139 7,231 5,762 2,892 5,156 3,253 1,565 3,421 1,331 966 1,012 122 Mean Median

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

$20.44 135.93 126.85 27.94 3.88

$15.13 110.87 100.35 19.11 1.70

$20.60 137.76 133.14 30.40 4.23

$19,016 16,291 3,940 2,185 92

$3,161 2,543 533 99 3

$22,191 18,893 4,472 2,284 96 Mean Median





PEG


1.7x 1.5x

1.7x 1.4x

7.5x 6.3x

7.3x 6.1x

15.6x 5.0x

14.7x 4.3x

14.3% 20.0%

1.1 0.3

16.3% 3.2%

2.1% 6.4%

1.6x 1.6x

1.6x 1.6x

6.9x 6.9x

6.7x 6.7x

10.3x 10.3x

9.5x 9.5x

17.1% 17.1%

0.7 0.7

9.7% 9.7%

4.3% 4.3%

2.2x NA 1.5x NA

2.0x NA 1.4x NA

10.7x NA 9.4x NA

9.6x NA 8.5x NA

18.0x 13.2x 12.6x NA

16.0x 12.0x 11.7x NA

10.1% NM 15.0% NM

1.8 NM 0.8 NA

11.2% 2.1% (0.0%) NA

0.5% 7.3% (11.6%) 6.0%

NM NM

NM NM

NM NM

NM NM

14.6x 13.2x

13.3x 12.0x

NM NM

NM NM

4.4% 2.1%

0.5% 3.3%

5.9x 3.8x 5.0x 5.0x 8.3x 6.6x 4.8x 3.2x 2.7x 2.7x 6.9x 2.7x 2.6x 0.9x

5.5x 3.7x 4.8x 4.6x 7.6x 5.4x 4.4x 3.1x 2.2x 2.6x 5.4x 2.5x 2.3x 0.8x

15.2x 11.8x 14.3x 14.0x 23.4x 19.9x 10.0x 12.9x 31.1x 9.5x NM 12.7x NM 10.1x

13.7x 11.1x 13.4x 12.9x 20.7x 15.1x 9.0x 12.3x 12.9x 9.0x 64.9x 11.0x 29.4x 7.5x

26.4x 18.9x 22.8x 29.0x 33.4x 52.0x 28.3x 52.3x 95.7x 11.8x NM 24.5x NM NA

24.1x 16.7x 20.4x 26.1x 29.3x 39.8x 24.2x 36.2x 23.7x 10.6x NM 20.2x 20.2x 28.7x

14.8% 12.0% 11.9% 11.0% 14.1% 25.0% 13.4% 12.5% 29.2% NM 32.0% 17.3% 43.3% 20.0%

1.8 1.6 1.9 2.6 2.4 2.1 2.1 4.2 3.3 NM NM 1.4 NM NA

8.5% 3.6% 5.0% 4.8% 9.1% 21.8% 5.4% 1.1% 15.5% 2.2% 28.7% 5.1% 50.1% (3.7%)

10.1% 30.5% 4.6% 4.7% 13.3% 48.3% 10.0% 11.0% (3.7%) 3.7% 38.6% 0.8% (45.5%) (17.6%)

4.4x 4.3x

3.9x 4.0x

15.4x 13.4x

17.4x 12.9x

35.9x 28.3x

24.6x 24.1x

19.7% 14.8%

2.3 2.1

11.2% 5.3%

7.8% 7.3%

4.7x 5.6x 4.8x 2.5x NA

4.4x 5.2x 4.5x 2.2x NA

13.4x 15.1x 17.9x 12.6x NA

12.6x 13.8x 16.5x 10.7x NA

21.7x 22.5x 24.3x 36.9x NA

19.3x 20.3x 20.8x 28.4x NA

10.0% 11.0% 16.0% 18.0% NM

2.2 2.0 1.5 2.0 NA

NA 8.2% 4.4% 4.3% NA

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

4.4x 4.7x

4.1x 4.4x

14.8x 14.3x

13.4x 13.2x

26.3x 23.4x

22.2x 20.6x

13.8% 13.5%

1.9 2.0

5.6% 4.4%

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

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

Citi Pre-Paid Card Services

Prepaid

NA

NA

3/13/17

Vista Equity

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

Ecommerce

NA

NA

2/23/17

Argus Information & Advisory Services, LLC Airbnb, Inc.

2/23/17

Ebates, Inc.

ShopStyle, 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

$190

3.0x

2/27/17

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

13

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

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

2/8/17

Deluxe Corporation

RDM Corporation

Banking Software

$67

3.2x

2/8/17

Realtime Electronic Payments

Sigma Payment Solutions Inc.

Loan Servicing

NA

NA

2/6/17

Klarna AB

Billpay GmbH

Ecommerce Payments

$64

NA

2/1/17

i3 Verticals, LLC

NA

NA

2/1/17

Social Finance, Inc.

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

NA

NA

1/31/17

Cardtronics plc

Spark ATM Systems (Pty) Ltd.

ATMS

NA

NA

1/31/17

Zoopla

Hometrack

Real Estate Tech

$150

NA

1/30/17

Ingenico Group - GCS

TechProcess Payment Services Limited

Electronic Payments

NA

NA

1/30/17

Green Dot Corporation

UniRush, LLC

Prepaid

$161

NA

1/27/17

Ebates, Inc.

Cartera Commerce Inc.

Loyalty / Rewards

NA

NA

1/26/17

Alipay (UK) Limited

MoneyGram International, Inc.

Money Transfer

$1,519

0.9x

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

Accounting Software / Healthcare Payments Mobile Banking

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


14


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 Private Equity, LP Intellitix Holdings Limited

1/10/17

Coupa Software Incorporated

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 Loc Pay Systems B.V. Spend360 International Ltd

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.


15


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

DirectCash Payments Inc.

ATMS

$453

2.1x

The iTransact Group, LLC

Merchant Processing

NA

NA

10/18/16

10/3/16

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

9/15/16

Payroc LLC

10/4/16

Finectar Technologies Pvt. Ltd. NewDay Cards Ltd.

C24 Technologies Ltd.


16


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 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


Nera Payment Solutions Pte Ltd.

POS

$64

NA

7/21/16

VocaLink Holdings Limited Transaction Processing Products, Inc.


17


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.

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

Breadcrumb 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


18

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

Target

Series

Amount

Investors Capitec Bank Holdings Limited

Target Subsector

3/27/17

Creamfinance

Series B

$22

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

3/7/17

Qapital

Series A

$12

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. Anthemis, Northzone, Rocketship VC

Online Lending Real Estate Tech PFM Blockchain Bank API

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

3/6/17

Atom Bank

NA

$102

3/3/17

UpStart

NA

$33

3/2/17

Sensibill

Series A

$12

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

3/1/17

Clearbank

NA

$31

CFFI Ventures, PPF Group

2/24/17

Social Finance

Series F

$500

GPI Capital, Silver Lake, Softbank Group

Online Lending

2/23/17

Nymbus

NA

$16

Home Credit Group

Bank Software

Notes: Source: CapitalIQ and Pitchbook.

Digital Banking Online Lending Expense Mgmt Software Banking Software

19

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

Target

Investors

Target Subsector

Series

Amount

Series B

$30

IVP, Ribbit Capital

Credit Scoring

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

2/2/17

Paytm E-Commerce

NA

$200

2/22/17

Creditas

2/20/17

True Balance

2/20/17

Kakao Pay

2/13/17

Series B

$19

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 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


Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union Square Ventures ACE & Company, Nova Founders Capital, Pacific Century Group, SBI Holdings Inc.

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 eCommerce Payments Real Estate Data / Analytics Online Lending Lead Gen

20


Target

Series

Amount

NA

$60

Investors

Target Subsector

$14

American Express Co, Creandum, Index Ventures, Intel Capital, MasterCard Inc., Northzone Ventures b-to-v Partners, Swisscom Ltd., VI Partners

Online Lending

Series B

$15

Level Equity Management LLC

Crowdfunding

Activehours Inc.

NA

$22

1/9/17

FreeCharge

NA

$57

1/5/17

CloudCraze LLC

Series B

$20

1/11/17

iZettle AB

1/10/17

Advanon AG

Series A

1/10/17

MobileCause Inc.

1/9/17

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

POS

Online Lending Mobile Payments B2B Commerce

Series E

$24

Credible Labs

NA

$10

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

1/4/17

Magento Commerce

NA

$250

Hillhouse Capital Management

1/3/17

Monese

Series A

$10

Exponential Ventures, Korea Investment Partners, STE Capital

Digital Banking

1/3/17

Tandem Bank

NA

$43

House of Fraser

Digital Banking

Series A

$20

Oak View Group, Shamrock Capital Advisors

1/5/17

Payfone

1/4/17

Fraud Protection Online Lending eCommerce

12/20/16

Appetize Technologies Inc.

12/15/16

Kreditech

NA

$10

Rakuten Fintech Fund

Online Lending

12/14/16

BillFront

Series A

$35

4FINANCE, Finleap, NIBC Bank N.V.

Online Lending

12/8/16

Thanx Inc.

Series B

$17

Icon Ventures, Javelin Venture Partners, Sequoia Capital

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

China Merchants Venture Capital Management Co., Ltd., Zhixin Capital


POS

Loyalty / Rewards Online Banking Online Lending Banking Software eCommerce Payments Rating Agency

21


Target

Series

Amount

11/23/16

Wynd

Series B

$32

Bpifrance, Orange Digital Ventures, Sodexo Ventures

11/23/16

Udaan.com

Series A

$10

Lightspeed Venture Partners India, Lightspeed U.S.

Trading Platform

11/18/16

AdvisorEngine

Series A

$20

WisdomTree Investments, Inc.

Broker Software

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

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 POS

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 Identity / Authentication POS AP Software Online Lending

22


Target

Series

Amount

Investors

Target Subsector

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

9/26/16

Juzhen Financials

9/22/16

Wave Accounting Inc.

NA

$88

Series A

$23

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

NA

$11

BDC Capital, CRV, Social Capital, HarbourVest Partners 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

9/22/16

51Credit

Series C

$310

9/22/16

Avalara Inc.

Series D

$96

9/21/16

FirstP2P

Series C

$70

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

9/8/16

SmartAsset

Series B

$12

9/1/16

Boku

Series E

$14


Freestyle Capital, Seed-Resolute, Wing Venture Capital 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

Online Lending Tax Software Online Lending Business Lending Digital Currencies

Mortage Software Mobile Credit Analytics Financial Education Mobile Payments

23


Target

Series

Amount

Investors

Target Subsector

8/30/16

Paytm

NA

$60

MediaTek

Mobile Commerce

8/30/16

Behalf

Series C

$27

8/26/16

MobiKwik

NA

$40

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

8/22/16

InCred Finance

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

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

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

8/22/16

LendUp

8/17/16


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 Merchant Processing Multi-Currency Prepaid Bitcoin Debit

24


Target

Series

Amount

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

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

Target Subsector Online Lending 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

6/10/16

Ascend Consumer Finance

6/6/16

zipMoney

6/2/16

Vyze

Series A

$11

PIPE

$15

Series B

$13

6/2/16

Digit

Series B

$23

6/1/16

Zibby

Series B

$13


Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA Ventures, Partech Ventures, Securian, Tekton Ventures Undisclosed Austin Ventures, StarVest Partners Baseline Ventures, Financial Solutions Lab, Freestyle Capital, General Catalyst, GV, Operative Capital, Ribbit Capital Blumberg Capital, Tribeca Venture Partners, Victory Park Capital

Mobile Banking Bank APIs

eCommerce Payments Online Lending Mobile Payments Mortgage Software Online Lending Online Lending Online Lending Personal Financial Management Online Lending

25


Target

Series

Amount

Investors

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

Series E

$30

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

5/3/16

Zooz

Series C

$24

5/2/16

Varo Money

NA

$27

4/27/16

Nubank

NA

$53

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


American Express, General Catalyst Partners, GGV Capital, Revolution Growth, SoftBank Capital, Split Rock Partners 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 Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium Warburg Pincus Goldman Sachs 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 Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, Wells Fargo Westpac Banking Corp. Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes Group, Trilogy Equity, Vulcan Capital

Target Subsector Money Transfer Digital Wallet Credit Cards Online Lending Merchant Processing POS eCommerce Loyalty / Rewards Money Transfer Real Estate Tech Financial Software Payment Optimization Online Banking Credit Cards Online Lending Online Lending Fraud Detection Bill Pay Online Lending Money Transfer

26

SECTION III: Securities / Capital Markets / Data & Analytics

27

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 3/24/17 Exchanges - Americas CME Group Inc. Intercontinental Exchange, Inc. Nasdaq, Inc. BM&FBOVESPA S.A. CBOE Holdings, Inc. TMX Group Limited Bolsa Mexicana de Valores, S.A.B. de C.V.

$119.88 59.85 69.85 6.00 79.44 49.77 1.62

LTM Price Range Low High

Equity Value

$89.00 45.88 61.19 4.77 61.22 34.19 1.40

$40,718 35,631 11,647 10,730 8,887 2,746 959

$127.60 61.98 72.52 6.66 81.37 57.09 1.90

Net Debt $279 5,934 3,127 410 (97) 492 (89)

Enterprise Value $40,997 41,638 14,774 11,142 8,802 3,238 876 Mean Median

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

$25.29 37.88 5.40 2.20

$22.53 31.00 4.97 1.85

$27.45 40.03 5.75 2.26

$30,877 7,326 5,775 1,181

($1,826) (734) (459) (104)

$29,066 6,592 5,316 1,081 Mean Median

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

$87.83 37.69 32.80 10.68 11.46 4.98

$71.45 28.23 22.38 10.68 7.87 4.10

$90.39 42.37 33.64 15.14 12.40 6.01

$16,407 13,192 2,725 914 481 302

(1)

$904 (1,265) (299) (153) (48) (119)

$17,461 12,555 2,426 761 433 183 Mean Median





PEG


10.8x 9.0x 6.0x 13.7x 8.2x 5.7x 5.5x

10.2x 8.5x 5.8x 11.6x 7.3x 5.5x 5.1x

15.2x 13.9x 11.7x 20.9x 14.0x 10.6x 10.3x

13.9x 12.9x 11.0x 18.3x 11.6x 10.3x 9.6x

24.6x 19.9x 16.5x 17.7x 25.4x 13.9x 17.8x

22.7x 17.7x 15.2x 17.1x 21.7x 13.3x 16.1x

11.1% 13.6% 9.5% 15.8% 31.0% NM 9.5%

2.2 1.5 1.7 1.1 0.8 NM 1.9

5.1% (0.8%) 17.1% 14.3% 62.5% (4.6%) 15.8%

12.2% 30.1% 12.5% 2.0% 12.3% 13.4% (4.1%)

8.4x 8.2x

7.7x 7.3x

13.8x 13.9x

12.5x 11.6x

19.4x 17.8x

17.7x 17.1x

15.1% 12.4%

1.5 1.6

15.6% 14.3%

11.2% 12.3%

17.9x 10.8x 9.0x 9.0x

16.5x 10.3x 8.4x 8.6x

25.2x 14.0x 15.1x 15.5x

23.3x 13.4x 13.9x 14.8x

34.9x 21.6x 21.8x 25.1x

31.6x 20.8x 19.4x 23.7x

2.3% 4.7% 2.2% NM

15.3 4.6 10.0 NM

13.6% (8.0%) 7.1% 8.5%

(4.4%) 1.5% 0.6% (12.8%)

11.7x 9.9x

11.0x 9.5x

17.5x 15.3x

16.3x 14.3x

25.9x 23.4x

23.9x 22.2x

3.1% 2.3%

10.0 10.0

5.3% 7.8%

(3.8%) (1.9%)

6.4x 5.7x 7.0x 4.0x 5.5x 4.8x

6.1x 5.3x 7.0x 3.4x 6.9x 4.1x

11.2x 11.3x 10.6x 9.8x 9.5x 10.4x

10.1x 10.3x 10.6x 7.7x 11.0x 8.3x

17.1x 20.4x 16.5x 14.4x 15.4x 24.8x

15.1x 18.3x 16.6x 11.5x 14.1x 21.9x

11.7% 15.6% NM 5.6% NM 10.6%

1.5 1.3 NM 2.6 NM 2.3

(8.5%) 7.2% 1.6% 8.9% 5.1% #DIV/0!

9.2% 2.4% (2.1%) 16.0% (7.8%) 26.4%

5.6x 5.6x

5.5x 5.7x

10.5x 10.5x

9.7x 10.2x

18.1x 16.8x

16.2x 15.8x

10.9% 11.2%

1.9 1.9

#DIV/0! #DIV/0!

7.3% 5.8%


28

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 3/24/17 Investment Services, Software, & Technology SEI Investments Co. $50.35 Broadridge Financial Solutions, Inc. 67.76 SS&C Technologies Holdings, Inc. 35.61 DST Systems, Inc. 114.16 Financial Engines, Inc. 40.00 Envestnet, Inc.(1) 32.00

LTM Price Range Low High $41.25 56.77 26.15 94.52 23.56 25.32

$52.60 71.74 37.48 128.66 45.75 41.47

Equity Value $8,015 8,014 7,234 3,592 2,463 1,390

Net Debt

Enterprise Value

($696) 970 2,384 313 (134) 238

$7,319 8,985 9,617 3,905 2,329 1,628 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.

$129.69 43.75 112.47 40.33 79.71 97.44 176.73 104.83 78.09 9.60

$95.83 38.23 87.30 32.78 75.72 70.64 145.48 100.46 67.74 6.91

$133.08 45.68 114.03 41.00 87.40 109.29 183.64 141.57 89.44 11.90

$33,533 31,826 21,484 16,525 13,259 8,814 6,993 3,860 3,352 865

$1,164 5,160 1,138 3,263 2,249 1,283 171 1,264 (54) 119

$34,697 36,986 22,622 19,788 15,508 10,097 7,163 5,124 3,298 984 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.

$40.02 37.69 33.64 34.69 8.13 2.15

$23.83 26.37 21.52 31.97 4.54 1.45

$43.65 47.41 38.61 41.40 8.59 12.90

$53,425 19,883 9,238 2,358 392 13

$2,808 1,769 2,360 5,672 (1,055) 312

$56,233 21,652 11,598 8,030 (663) 325 Mean Median





PEG


4.9x 2.2x 5.8x 2.6x 4.8x 2.5x

4.5x 2.1x 5.5x 2.5x 4.3x 2.2x

13.6x 11.3x 13.7x 9.9x 14.6x 13.0x

11.6x 10.9x 12.6x 9.5x 12.7x 10.2x

22.8x 20.6x 18.5x 18.6x 29.8x 25.1x

19.2x 18.1x 16.6x 16.5x 25.5x 19.8x

13.5% NM 15.3% 10.0% 21.2% 20.0%

1.7 NM 1.2 1.9 1.4 1.3

6.2% (8.4%) 28.2% 9.7% 14.4% 14.1%

10.0% 39.7% 33.2% 4.1% 43.8% 31.3%

3.8x 3.7x

3.5x 3.4x

12.7x 13.3x

11.3x 11.2x

22.6x 21.7x

19.3x 18.7x

16.0% 15.3%

1.5 1.4

10.7% 11.9%

27.0% 32.3%

6.1x 3.3x 6.0x 5.6x 7.4x 8.2x 5.9x 2.9x 3.9x 1.9x

5.7x 3.2x 5.6x 5.3x 6.9x 7.6x 5.5x 2.8x 3.7x 1.8x

13.2x 11.1x 12.9x 14.3x 14.7x 16.0x 16.6x 10.2x 11.9x 7.8x

12.3x 10.6x 12.2x 13.2x 13.6x 14.5x 15.3x 9.7x 10.9x 7.0x

21.6x 18.7x 21.6x 19.6x 24.2x 27.4x 23.7x 15.0x 24.6x 13.9x

19.5x 17.2x 19.6x 16.9x 22.0x 23.5x 21.8x 14.3x 22.1x 11.7x

13.0% 8.0% 10.2% 14.4% 10.8% 14.3% 10.7% 8.0% NM 15.7%

1.7 2.3 2.1 1.4 2.2 1.9 2.2 1.9 NM 0.9

0.8% 1.4% 5.2% 6.8% 5.4% 7.4% 6.2% 3.7% 5.0% 16.3%

1.7% (0.9%) 8.8% 57.2% 6.0% 7.3% 6.5% 3.6% 5.3% 21.2%

5.1x 5.8x

4.8x 5.4x

12.9x 13.1x

11.9x 12.3x

21.0x 21.6x

18.9x 19.5x

11.7% 10.8%

1.8 1.9

5.8% 5.3%

11.7% 6.3%

6.6x 6.0x 5.3x 5.1x NM NA

5.8x 5.3x 4.9x 4.5x NM NA

NA 12.6x NA 7.7x NM NA

NA 10.8x NA 6.7x NM NA

25.1x 21.9x 18.1x 23.3x 9.7x NA

20.6x 18.4x 14.9x 19.9x 9.2x NA

20.7% 12.0% 15.7% 16.0% NM NM

1.2 1.8 1.2 1.5 NM NA

14.8% 8.4% 5.0% 10.3% (2.1%) NA

21.0% 5.6% 13.4% 18.6% 14.4% 20.1%

5.7x 5.7x

5.1x 5.1x

10.2x 10.2x

8.8x 8.8x

19.6x 21.9x

16.6x 18.4x

16.1% 15.8%

1.4 1.3

7.3% 8.4%

15.5% 16.5%

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

29

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

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

Shareholder Servicing

$350

NA

Trading Platform

NA

NA

Trading Platform

NA

NA

Risk / Analytics

NA

NA

3/27/17

DST Systems, Inc.

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.

BI-SAM Technologies S.A.

3/16/17

Horizon21; H21 Macro Ltd.

Leonteq AG

Investment Platform

NA

NA

3/17/17

BinckBank N.V.

Pritle N.V.

Robo Advisors

$13

NA

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

3/3/17

European Energy Exchange AG

Nodal Exchange, LLC

Exchanges

NA

NA

3/1/17

Payward, Inc.

Cryptowatch

Analytics

NA

NA

2/21/17

Covisum, LLC

PrairieSmarts, LLC

Risk Platform

NA

NA

Data / Analytics

NA

NA

Wealth Management Software

NA

NA

2/15/17

Moody's Corporation

2/15/17

AdvisorEngine, Inc.

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

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


30

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Think Liquidity LLC

Risk / Analytics

NA

NA

Visible Alpha, LLC

ONEaccess

Data / Analytics

NA

NA

FairFX Group Plc

Q Money Limited

Online Brokerage

$2

NA

Access Investors Network, Inc.

Investing Platform

NA

NA

Spark Finance, LLC

Data / Analytics

NA

NA

Acquirer

Target

1/25/17

IS Prime Risk Services Inc.

1/23/17 1/19/17

1/18/17

North Capital Investment Technology Inc. StockTwits, Inc.

1/9/17

InvestCloud, LLC

Babel Systems Limited

Trade Processing

$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, LLC

Fund Administration

$115

NA

National Retirement Services, Inc.

Fund Administration

NA

NA

Crowdfunding

NA

NA

Trading Platform

NA

NA

Fund Administration

NA

NA

1/18/17

1/4/17 1/4/17

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

Vertical Management Systems, Inc.

12/20/16

FactSet Research Systems Inc.

Vermilion Software Inc.

12/15/16

SS&C Technologies Holdings, Inc.

Conifer Financial Services LLC

12/9/16

comdirect bank Aktiengesellschaft

OnVista AG

12/1/16

Benefit Plans Administrative Services, Inc. Ascensus, Inc.

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


31


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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

$3,697

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


32


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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.

Prism Valuation Inc.

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

Clearing / Settlement

NA

NA

Exchanges

NA

NA

Personal Financial Management

NA

NA

Risk Analytics

NA

NA

Exchanges

NA

NA

Wealth Management Software

NA

NA

Online Broker

$275

NA

Broker Software

NA

NA

6/30/16

MYVEST CORP

5/11/16


5/5/16

ISEG Limited

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

4/27/16

Affirm, Inc.

Sweep, Inc.

4/14/16

Euclid Opportunities Fund

Enso LP

4/13/16

European Energy Exchange AG

Cleartrade Exchange Pte. Ltd.

4/11/16

Huatai International Finance I Limited

AssetMark, Inc.

4/5/16

Ally Financial Inc.

TradeKing Group, Inc.

3/31/16

Morningstar, Inc.

RightPond


33

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

Target

Series

Amount

NA

$13

Investors

Target Subsector

2/19/17

One Tap Buy

2/16/17

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

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.

Trading Platform Trading Platform Asset Management Platform

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

11/14/16

Quantopian

11/14/16

Nutmeg Saving and Investment Ltd.

11/14/16

Roofstock Inc.

Series C

$25

NA

$32

Series B

$20

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

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

Trading Technology Risk / Analytics

34

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

Target

Investors

Target Subsector

Series

Amount

Series C

$72

Undisclosed Investors

Crowdfunding

NA

$25

Undisclosed Investors

Broker Software Data / Analytics

9/21/16

OurCrowd Ltd.

9/14/16

InvestCloud

9/12/16

Quandl

Series B

$12

August Capital, Nexus Venture Partners

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

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

Investing Platform Crowdfunding

Exchanges

PFM Robo-Advisor Clearing / Settlement Bitcoin Exchange Robo Advisors

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


35

SECTION IV: Insurance / Benefits

36

INSURANCE / BENEFITS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 3/24/17 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.

$77.99 79.71 108.60 55.47 60.35 9.42 2.64 0.38

LTM Price Range Low High

Equity Value

Net Debt

$61.21 75.72 90.11 49.18 36.20 5.63 2.16 0.21

$18,400 13,259 4,292 4,102 1,901 528 269 92

$5,962 2,249 144 (583) 155 106 (70) (5)

$83.04 87.40 143.85 64.00 65.10 14.37 3.32 0.42

Enterprise Value $24,362 15,508 4,435 3,519 2,056 635 200 87 Mean Median





PEG


3.0x 7.4x 3.4x 6.6x 6.3x 0.6x NA 2.9x

2.9x 6.9x 3.0x 5.7x 5.8x 0.5x NA 2.6

12.0x 14.7x 14.4x 41.0x 16.9x 4.6x NA 56.8

10.8x 13.6x 12.4x 24.5x 15.7x 4.2x NA 50.3

17.4x 24.2x 44.1x 81.8x 20.3x 12.1x NA NM

14.9x 22.0x 35.7x 50.3x 18.0x 10.3x NA NM

12.9% 10.8% 25.4% 18.5% 15.0% 10.0% NM NM

1.3 2.2 1.7 4.4 1.4 1.2 NA NM

49.8% 5.4% 19.0% 17.8% NA 3.3% (100.0%) 17.6%

73.1% 6.0% 11.9% 13.2% 14.0% (4.4%) (2.9%) 13.9%

4.3x 3.4x

3.9x 3.0x

22.9x 14.7x

18.8x 13.6x

33.3x 22.2x

25.2x 20.0x

15.4% 14.0%

2.1 1.5

1.8% 17.6%

15.6% 12.6%


37

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

Acquirer

Target

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

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

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.


NA

NA


38

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

Target Subsector

Enterprise Value

EV / LTM Revenue

HAS and COBRA Administration

$235

NA

Analytics

NA

NA

Convey Health Solutions, Inc.

Healthcare Insurance Administration

NA

NA

ACR Capital Holdings Pte. Ltd.

Reinsurance

NA

NA

Insurance Trading

NA

NA

Insurance Software

NA

NA

Insurance Data

NA

NA

Acquirer

Target

11/1/16

WageWorks, Inc.

ADP's HAS & COBRA Businesses

10/24/16

AIR Worldwide Corporation

Analyze Re Inc.

9/29/16

New Mountain Capital, LLC; New Mountain 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


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

Connecture, Inc.

ConnectedHealth, LLC

Benefits Tech

$7

NA

10/6/16 10/5/16

6/7/16

Vertafore, Inc.

Insurance Tech

NA

NA

4/18/16

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

Duck Creek Technologies, Inc.

Claims Software

NA

NA

4/5/16

SwervePay, LLC

Symbiosis Health Inc.

Healthcare Payments

NA

NA

3/29/16


EagleEye Analytics, Inc.

Insurance Analytics

$42

NA

5/2/16


39

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

Target

Series

Amount

Investors

3/25/17

Ottonova

NA

$16

B-to-V Partners, STS Ventures, Tengelmann Ventures

3/21/17

Jellyvision

Series B

$20

Updata Partners

3/17/17

simplesurance

NA

$21

2/22/17

EverQuote, Inc.

Series B

$13

2/7/17

CXA Group

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

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

5/17/16 5/10/16

Embroker Simplificare


Series A Series C

$12 $20

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

Target Subsector 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 HR Software Claims Management Healthcare Payments Insurance Tech Health Insurance Tech Insurance Claims Analytics Insurance Healthcare Payments / Financing

40

SECTION V: GCA Overview

41

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

Sean Minnihan

Managing Director Global Head of FinTech

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

Peter Bang

Derek Bell

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

Managing Director

Managing Director

Managing Director

Paul DiNardo

Managing Director

Steve Fletcher

Rob Freiman






Director

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

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

Associate

Analyst

42