Bi-Weekly Finanial Technology Sector Report - GCA Savvian

Financial Technology Sector Summary Week of June 5, 2017

1

DEAL DASHBOARD Financial Technology $11.7 Bn | 1,189 Deals

(3)

Industry Stock Market Performance

LTM Financing Volume

$60.7 Bn | 803 Deals

Last Twelve Months

Select Recent Financing Transactions

Company

(3)

(1)

Amount ($MM) $160.0

LTM M&A Volume

150

Select Recent M&A Transactions

140

Target

Acquirer

EV ($MM)

130

$758.0

120

$107.0 $50.0 $41.2

$260.0

110

$120.0

100 90

NA

80

$30.0

NA

70 6/2/16

Research Index Plat f orm

7/18/16

$25.0 $24.0

8/31/16

10/14/16 11/29/16

1/12/17

4/12/17

5/26/17

NA

Exchanges

Financial Data, Content, & Analytics

Information Processors / Credit Bureaus Banking & Lending Technology

Online Broker Dealers

$13.5

2/27/17

Payments

Investment Services, Software, & Technology

NA NA

Healthcare / Insurance Technology S&P 500

Quarterly Financing Volume

(3)

Quarterly M&A Volume

$10 $8

500 $8.9 299

298

$6

316

276

400

300

$30

219 196

$25 $20

(3)

205

250 188

$24.9

$24.5 $20.8

$20.4

200

150

$15 $4

200

$2

$2.6

$2.6

Q3 2016

Q4 2016

$3.0

$0

Q2 2016

Financing Volume ($Bn)

Q1 2017

Financing Deal Count

100

$10

100

$5

0

$0

50 0 Q2 2016

Q3 2016 M&A Volume ($Bn)

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 6/2/17. 1) Refer to footnotes on page 5 for index composition. 2) Represents transactions announced between 5/22/17 and 6/5/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.

Q4 2016

Q1 2017

M&A Deal Count

2

GCA OVERVIEW Financial Technology Team

San Francisco

New York

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

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

th

London

Tokyo

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

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

Sean Minnihan

Peter Bang

Derek Bell

Paul DiNardo

Steve Fletcher

Rob Freiman

Managing Director Global Head of FinTech

Managing Director

Managing Director

Managing Director

Managing Director

Director

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






Glen Kruger

Michio Suzuki*

David Krueger

Saif Malik*

Alexander Berry

Malik Gill

Director

Director

Vice President

Vice President

Associate

Analyst


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


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



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

3

SECTION I: Market Summary

4

MARKET SUMMARY Industry Stock Market Performance 150

170

Last 12 Months

Last 3 Years

160

140

150

130

140

120 130 110

120 100

110

90 100

80

70 6/2/16

90

7/18/16

8/31/16

10/14/16

11/29/16

1/12/17

2/27/17

4/12/17

5/26/17

Indexed Price Performance Sector

3 Months

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

9.6% 8.0% 6.1% 5.8% 5.1% 4.7% 4.4% (5.4%)

80 6/2/14

9/18/14

1/6/15

Payments

1 Year

3 Years

22.1% 19.9% 3.2% 14.7% 10.3% 11.3% 13.9% 20.6%

61.8% 37.7% 37.8% 6.6% 49.1% 48.7% 39.2% 46.3%

4/24/15

8/12/15

(1)

3/17/16

7/5/16

10/21/16

Exchanges



11/30/15

(3)

(5)

(7)


2/8/17

5/29/17

(2)

Information Processors / Credit Bureaus

Banking & Lending Technology

(6)

Healthcare / Insurance Technology

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

5

(8)

(4)

MARKET SUMMARY EBITDA Multiples and Margins

2017E EBITDA Multiples

2017 EBITDA Margins


19.0x


Exchanges


14.8x

Banking and Lending Technology

14.4x



14.2x



13.8x

Exchanges

12.5x


0.0x

10.0x

36.8%

32.8%

30.6%


25.9%

Payments

25.4%


7.7x

5.0x

45.5%


13.0x

Payments

58.9%

15.0x

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

20.0x

16.4%

0%

10%

20%

30%

40%

50%

60%

70% 6

MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

2017E Price / Earnings Multiples

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


30.5x

Exchanges

2.6

10.2%


30.3x


2.6

14.2%


24.8x



24.7x


2.1

13.7%

2.0

11.3%


23.1x



22.6x


Exchanges

Payments

0.0x

20.1x

18.3x

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.

2.1

15.5%

1.5

Payments

16.0%

14.1%

1.4


1.2

0.0

0.5

1.0

1.5

17.4%

2.0

2.5

3.0

7

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

($MM)

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

Market Cap.

LTM Price Performance

P/E 2017

$221,690 $134,199 $70,153 $64,291 $22,397

20% 29% 18% 39% 3%

27.6x 29.1x 13.8x 30.1x 9.8x

$102,546

22%

22.1x

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

Integrated Payments Hardware / Technology

Market Cap.


P/E 2017

$19,258 $16,524 $14,088 $12,163 $10,900 $8,679 $8,407 $7,989 $2,136 $1,216 $534 $190 $32

(5%) 42% 17% 15% 10% 140% 55% 0% (5%) 6% 10% (22%) (20%)

14.7x 11.8x 23.6x 19.0x 18.3x NM 28.0x 23.0x 75.6x 10.2x 16.7x 21.1x NM

Sector Average

$7,855

19%

23.8x

Money Transfer

Market Cap.


P/E 2017

$9,086 $4,630

(1%) 8%

11.5x 19.5x

$6,858

3%

15.5x

Market Cap.


P/E 2017

$13,686 $13,242 $6,133 $4,350

(3%) 6% 43% 7%

17.8x 12.8x 22.9x 19.1x

$9,353

13%

18.1x

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

The Western Union Company Euronet Worldwide, Inc. Sector Average

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

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

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

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

Notes: Source: CapitalIQ and Wall Street Research. Market data as of June 2, 2017.

0

Market Cap.


P/E 2017

$2,518 $1,928 $537

27% 67% (15%)

27.1x 19.3x 5.3x

$1,661

26%

17.2x

Market Cap.


P/E 2017

$6,009 $4,968 $2,097 $1,548 $445 $137

(19%) 33% (30%) (16%) 384% 90%

18.3x 12.2x 12.6x 11.9x 6.5x NA

$2,534

74%

12.3x

Market Cap.


P/E 2017

$36,590 $28,651 $26,698 $8,171 $6,440 $3,872 $2,812 $2,766 $2,262 $1,636 $1,051 $296 $286 $113

32% 15% 18% 23% 64% 34% 14% 11% 11% 48% 2% NA (25%) 23%

31.3x 20.4x 24.5x 32.5x 38.5x 61.0x 29.6x 50.1x NM NM 26.3x 19.6x NM NM

$8,689

21%

33.4x

Market Cap.


P/E 2017

$19,147 $16,542 $4,281 $2,100

10% 9% 21% 23%

22.2x 22.7x 26.8x 36.6x

$10,517

16%

27.1x

8

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

($MM)

Market Cap.


P/E 2017

$39,732 $35,713 $11,726 $11,150 $9,720 $2,912 $989

20% 13% 28% 4% 38% 32% 6%

24.1x 20.1x 18.8x 16.4x 25.5x 15.2x 17.2x

Sector Average

$15,992

20%

19.6x

Exchanges - Asia

Market Cap.


P/E 2017

$32,368 $7,503 $5,655 $1,386

9% 20% (5%) 24%

37.6x 22.5x 22.0x 26.8x

$11,728

12%

27.2x

Market Cap.


P/E 2017

$19,721 $15,620 $3,010 $880 $549 $356

20% 15% 19% (8%) 50% 2%

19.3x 23.7x 17.2x 15.8x 16.6x 33.4x

$6,689

16%

21.0x

Market Cap.


P/E 2017

$7,191 $3,445 $679 $676 $641

35% 31% (8%) 9% 23%

58.0x 14.7x 17.6x NM 11.2x

$2,526

18%

25.4x

Exchanges - Americas

0

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

0

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

Exchanges - Europe

0

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

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

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


Notes: Source: CapitalIQ and Wall Street Research. Market data as of June 2, 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

$9,130 $8,161 $7,887 $3,737 $2,474 $1,616 $1,602

21% (1%) 26% (0%) 41% NA 2%

23.3x 22.9x 20.0x 18.4x 29.0x NA 29.1x

$4,944

15%

23.8x

Market Cap.


P/E 2017

$37,164 $31,891 $22,730 $19,224 $13,535 $9,449 $6,526 $3,886 $3,206 $953

31% 5% 19% NA 2% 33% 3% (17%) (11%) 19%

23.3x 18.7x 22.3x 22.8x 25.8x 28.9x 22.1x 15.1x 31.8x 15.2x

$14,856

9%

22.6x

Market Cap.


P/E 2017

$52,081 $19,934 $9,508 $2,433 $278 $13

26% 15% 23% (11%) (15%) (80%)

24.7x 22.5x 17.7x 26.5x 68.7x NA

$14,041

(7%)

32.0x

9

SECTION II: Payments / Banking

10

PAYMENTS / BANKING Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 6/2/17 Networks Visa Inc. Mastercard Incorporated American Express Company PayPal Holdings, Inc. Discover Financial Services

$96.15 125.20 78.49 53.52 58.91

LTM Price Range Low High $73.25 86.65 57.15 34.00 50.32

$96.19 125.30 82.00 53.64 74.33

Equity Value $221,690 134,199 70,153 64,291 22,397

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

Enterprise Value $237,218 131,782 97,846 55,363 34,626 Mean Median

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

$7.10 17.98 92.39 62.00 59.23 23.20 68.04 4.02 57.99 16.75 3.61 3.54 2.05

$6.28 9.90 64.63 50.52 46.22 8.42 36.38 3.19 34.52 14.15 2.36 2.75 1.75

$9.72 18.00 93.31 66.24 60.21 23.57 68.15 4.15 62.52 18.60 3.81 4.97 3.25

$19,258 16,524 14,088 12,163 10,900 8,679 8,407 7,989 2,136 1,216 534 190 32

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

$22,433 37,631 17,650 15,534 13,712 8,134 7,637 9,678 1,921 1,811 419 184 125 Mean Median

Money Transfer The Western Union Company Euronet Worldwide, Inc.

$19.28 88.30

$18.07 65.33

$22.70 89.14

$9,086 4,630

$2,160 (159)

$11,246 4,472 Mean Median

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

$148.35 237.84 26.45 101.42

$121.52 185.02 17.71 80.67

$176.42 266.25 27.60 122.91

$13,686 13,242 6,133 4,350

$3,322 18,804 623 2,173

$17,008 32,046 6,829 6,532 Mean Median

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

$44.70 37.60 9.32

$28.88 20.79 8.37

$44.90 38.34 13.81

$2,518 1,928 537

$373 NA (198)

$2,895 NA 343 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

13.0x 10.9x 3.0x 4.4x 3.6x

11.8x 9.8x 2.8x 3.7x 3.4x

18.6x 18.9x NM 17.1x NM

16.7x 16.8x NM 14.5x NM

27.6x 29.1x 13.8x 30.1x 9.8x

23.9x 25.1x 12.5x 25.3x 8.8x

17.5% 16.2% 9.1% 17.5% 9.4%

1.6 1.8 1.5 1.7 1.0

14.2% 12.1% 9.6% 17.1% 11.4%

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

7.0x 4.4x

6.3x 3.7x

18.2x 18.6x

16.0x 16.7x

22.1x 27.6x

19.1x 23.9x

13.9% 16.2%

1.5 1.6

12.9% 12.1%

7.2% 4.6%

5.8x 3.2x 5.1x 7.4x 2.8x 4.8x 5.0x 6.0x 9.3x 4.5x 3.6x 3.1x 1.7x

5.2x 3.0x 4.7x 6.7x 2.7x 3.8x 4.1x 5.5x 6.8x 4.4x 3.2x 2.8x 1.6x

12.8x 12.5x 15.8x 15.5x 11.7x 65.5x 17.0x 14.7x 33.4x 9.7x 11.5x 10.8x 25.0x

11.7x 11.8x 14.1x 14.0x 10.9x 37.1x 13.6x 13.0x 25.5x 9.5x 9.9x 8.9x 20.4x

14.7x 11.8x 23.6x 19.0x 18.3x NM 28.0x 23.0x 75.6x 10.2x 16.7x 21.1x NM

13.1x 10.9x 20.3x 16.9x 16.8x 59.9 22.2x 19.9x 53.9x 9.7x 14.8x 16.3x NM

7.8% 10.6% 13.9% 13.9% 11.3% 85.4% 26.1% 20.6% 25.0% 8.5% NM 25.0% NM

1.9 1.1 1.7 1.4 1.6 NM 1.1 1.1 3.0 1.2 NM 0.8 NM

1.6% 4.0% 41.9% 25.1% 12.2% 34.9% 35.7% 33.7% 76.3% 2.6% 11.1% 10.0% 32.4%

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

4.8x 4.8x

4.2x 4.1x

19.7x 14.7x

15.4x 13.0x

23.8x 19.0x

22.9x 16.9x

22.6% 13.9%

1.5 1.3

24.7% 25.1%

23.1% 13.3%

2.1x 2.1x

2.0x 1.9x

8.7x 11.2x

8.4x 9.7x

11.5x 19.5x

10.9x 16.9x

7.6% 14.0%

1.5 1.4

0.1% 8.9%

0.4% 8.1%

2.1x 2.1x

2.0x 2.0x

9.9x 9.9x

9.0x 9.0x

15.5x 15.5x

13.9x 13.9x

10.8% 10.8%

1.4 1.4

4.5% 4.5%

4.2% 4.2%

7.7x 4.1x 4.6x 5.5x

7.0x 3.7x 4.2x 5.0x

14.7x 16.0x 12.1x 13.6x

13.0x 14.2x 11.0x 11.8x

17.8x 12.8x 22.9x 19.1x

15.8x 11.1x 20.6x 16.5x

15.7% 14.1% 13.6% 15.0%

1.1 0.9 1.7 1.3

20.7% 9.6% 32.2% 17.5%

25.6% 12.1% 13.2% 41.5%

4.7x 4.6x

4.3x 4.2x

13.9x 13.6x

12.3x 11.8x

18.3x 19.1x

16.1x 16.5x

14.2% 14.1%

1.3 1.3

19.8% 17.5%

22.3% 13.2%

1.3x NA 0.5x

1.2x NA 0.5x

12.3x NA 2.2x

10.5x NA 2.2x

27.1x 19.3x 5.3x

22.3x 16.6x 5.0

15.2% 16.8% NM

1.8 1.2 NM

17.4% 17.4% 10.7%

11.1% 11.0% 9.8%

0.9x 0.9x

0.8x 0.8x

7.2x 7.2x

6.4x 6.4x

17.2x 19.3x

14.7x 16.6x

16.0% 16.0%

1.5 1.5

15.1% 17.4%

10.6% 11.0%

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

11

PAYMENTS / BANKING Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 6/2/17 Integrated Payments Hardware / Technology Ingenico Group - GCS NCR Corporation VeriFone Systems, Inc. Cardtronics plc Everi Holdings Inc. PAR Technology Corporation

$97.90 40.99 18.79 33.93 6.73 8.67

LTM Price Range Low High $77.00 25.20 14.94 33.56 1.15 4.50

$125.13 49.90 28.24 56.00 7.26 8.80

Equity Value $6,009 4,968 2,097 1,548 445 137

Net Debt

Enterprise Value

$121 2,927 757 956 983 (4)

$6,135 9,086 2,892 2,504 1,428 133 Mean Median

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

$142.81 86.67 125.71 105.23 92.37 113.64 40.25 23.43 5.60 39.95 25.94 7.10 3.95 2.23

$103.03 68.03 92.81 79.00 49.30 77.60 33.06 15.11 4.03 25.23 18.48 6.50 3.29 1.50

$142.89 87.32 125.91 106.46 94.76 114.38 42.20 23.97 6.79 40.50 28.35 8.86 6.46 4.07

$36,590 28,651 26,698 8,171 6,440 3,872 2,812 2,766 2,262 1,636 1,051 296 286 113

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

$35,497 37,563 31,028 8,178 6,609 3,478 5,324 3,368 1,727 1,554 1,090 710 1,036 136 Mean Median

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

$20.62 137.61 138.24 26.75 4.83

$15.77 110.87 105.70 20.47 1.70

$22.01 139.89 139.00 30.40 5.75

$19,147 16,542 4,281 2,100 115

$2,941 2,546 510 59 8

$22,100 19,152 4,790 2,159 124 Mean Median





PEG


2.2x 1.4x 1.5x 1.7x 1.6x NA

2.0x 1.3x 1.4x 1.7x 1.5x NA

10.7x 7.7x 9.5x 7.6x 6.9x NA

9.7x 7.4x 8.5x 7.6x 6.5x NA

18.3x 12.2x 12.6x 11.9x 6.5x NA

16.3x 11.2x 11.9x 11.2x 14.1x NA

10.5% NM 15.0% 13.5% 20.0% NM

1.7 NM 0.8 0.9 0.3 NA

15.6% 2.1% NA 15.8% 6.4% NA

0.5% 2.4% (11.6%) 17.9% 15.4% 19.1%

1.7x 1.6x

1.6x 1.5x

8.5x 7.7x

7.9x 7.6x

12.3x 12.2x

12.9x 11.9x

14.7% 14.3%

0.9 0.9

10.0% 11.0%

7.3% 8.9%

6.7x 4.0x 5.4x 5.6x 9.4x 7.9x 4.9x 3.3x 3.0x 8.0x 3.0x 1.0x 3.0x 1.0x

6.2x 3.9x 5.1x 5.2x 8.5x 6.4x 4.5x 3.2x 2.4x 6.3x 2.8x 0.8x 2.7x 0.8x

17.3x 12.2x 15.1x 15.8x 27.0x 24.0x 10.4x 13.7x 33.7x NM 13.7x 7.0x NM 12.1x

15.5x 11.4x 14.2x 14.7x 23.4x 18.1x 9.3x 12.6x 13.8x 76.0x 12.4x 4.5x 32.8x 7.4x

31.3x 20.4x 24.5x 32.5x 38.5x 61.0x 29.6x 50.1x NM NM 26.3x 19.6 NM NM

28.3x 18.1x 21.9x 29.5x 33.2x 46.7x 25.3x 40.7x 26.4x NM 22.0x 5.6x 16.7x 40.5x

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

2.0 1.7 2.1 3.0 2.5 2.6 2.1 4.0 NM NM 1.5 NA NM NM

9.7% 1.6% 4.7% 4.9% 10.5% 21.8% 5.6% 1.4% 15.1% 29.2% 4.4% NA 20.1% (5.6%)

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

4.7x 4.5x

4.2x 4.2x

16.8x 14.4x

19.0x 14.0x

33.4x 30.5x

27.3x 26.4x

16.8% 15.5%

2.4 2.1

9.5% 5.6%

7.8% 6.4%

5.0x 5.6x 5.1x 2.4x NA

4.7x 5.2x 4.8x 2.1x NA

14.4x 15.3x 19.5x 12.3x NA

13.6x 14.0x 17.5x 10.5x NA

22.2x 22.7x 26.8x 36.6x NA

19.9x 20.5x 22.5x 26.7x NA

9.6% 11.3% 16.0% 17.4% NM

2.3 2.0 1.7 2.1 NA

NA 8.3% 4.6% 4.0% NA

(100.0%) 14.3% 10.5% 0.1% (11.4%)

4.5x 5.1x

4.2x 4.7x

15.3x 14.8x

13.9x 13.8x

27.1x 24.8x

22.4x 21.5x

13.6% 13.7%

2.0 2.1

5.6% 4.6%

(17.3%) 0.1%

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

12

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

Acquirer

Target

6/2/17

GTCR, LLC

Sage Payment Solutions, Inc.

6/1/17

Flywire

PACE Financial Group Ltd.

6/1/17

Aquiline Capital Partners LLC

Output Services Group, Inc.

5/31/17

KeyBank National Association

HelloWallet, LLC

5/30/17

Optimal Blue LLC

5/29/17

First Data Corporation

Comergence Compliance Monitoring, LLC CardConnect Corp.

5/24/17

Ebix, Inc.

Itz Cash Card Ltd.

5/17/17

Coupa Software Incorporated

Riskopy, Inc.

5/17/17

North American Bancard Holdings, LLC

Total Merchant Services, Inc.

5/16/17

Mswipe Technologies Pvt Ltd

PayU Payments Private Limited

5/15/17

Moody's Analytics, Inc.

5/12/17

Target Subsector

Enterprise Value

EV / LTM Revenue

Merchant Processing

$260

NA

Invoicing

NA

NA

Bill Pay

NA

NA

PFM

NA

NA

Mortgage Tech

NA

NA

Merchant Processing

$758

1.2x

Prepaid

$120

NA

Risk / Data

NA

NA

Merchant Acquiring

NA

NA

POS

NA

NA

Credit Bureau

$3,293

11.3x

EVO Payments International, LLC

Bureau van Dijk Electronic Publishing BV Zenith Merchant Services Inc

Merchant Acquiring

NA

NA

5/10/17

Swedbank AB (publ)

PayEx Finance AB

Consumer Payments

NA

NA

5/10/17

Cayan LLC

Card Payment Services, Inc.

Merchant Acquiring

NA

NA

5/8/17

AltaPay A/S

IPS Limited

Ecommerce Payments

NA

NA

5/1/17

FleetCor Technologies, Inc.

Cambridge Global Payments

Cross-Border Payments

$675

NA

4/25/17

Vantiv, Inc.

Paymetric, Inc.

Payment Processing

NA

NA

4/24/17

HCL Technologies Limited

Urban Fulfillment Services, LLC

Mortgage Processing

$30

0.6x

Ecommerce Payments

NA

NA

Accounting Software

NA

NA

4/19/17

Ant Financial Services Group

4/19/17

Asset Vantage Inc.

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

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

13

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

Acquirer

Target

Stone Point Capital

Bankruptcy Management Solutions

4/10/17

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

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

4/10/17

New Access SA

4/7/17


4/12/17 4/11/17

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

Target Subsector

Enterprise Value

EV / LTM Revenue

Financial Software

NA

NA

Clearing

$27

NA

Coupons / Rewards

$455

1.5x

Banking Software

NA

NA

Sourcing Software

$45

NA

Merchant Acquiring

$32

NA

Ecommerce Payments

NA

NA

Digital Banking

NA

NA

Payment Processing

NA

NA

VAR

$38

6.2x

Payment Processing

NA

NA

Card Processing

$220

NA

Anti-Fraud

NA

NA

Gateway

$25

NA

Authentication

NA

NA

Payroll Software

NA

NA

4/5/17

Nets Oy

4/5/17

Bain Capital & Advent International

OP Financial Group, Merchant Acquiring Business Ratepay

4/4/17

BNP Paribas SA

Compte Nickel

4/3/17

CU Cooperative Systems, Inc.

The Members Group LLC

4/3/17

CardConnect Corp.

MertzCo, Inc.

4/3/17

Avangate Inc.

2Checkout.com, Inc.

3/31/17

M1 Limited

Areeba s.a.l.

3/29/17

Mastercard Incorporated

NuData Security Inc.

3/28/17

Wirecard AG

MyGate Communications (Pty) Ltd

3/27/17

Nxt-ID, Inc.

FitPay, Inc.

3/21/17

Visma AS

Bluegarden Holding A/S

3/16/17

First Data Corporation

Acculynk, Inc.

Ecommerce Payments

$85

NA

3/14/17

Genpact Limited

RAGE Frameworks, Inc.

Digital Transformation

NA

NA

Merchant Acquiring

NA

NA

Banking Technology

$3,459

2.8x

3/13/17

Wirecard AG

3/13/17

Vista Equity

Citibank's Merchant Acquiring Services in Asia Pacific DH Corporation


14


Target Subsector

Enterprise Value

EV / LTM Revenue

Singular Payments, LLC

Vertical Payments

NA

NA

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

Acquirer

Target

3/13/17

Payment Data Systems, Inc.

3/8/17

2/23/17

Argus Information & Advisory Services, LLC Airbnb, Inc.

2/23/17

MYOB Group Limited

Paycorp Holdings Pty Limited

Payment Solutions Provider

$37

NA

2/22/17

Bharti Airtel Services Limited

Seynse Technologies Pvt. Ltd.

Online Lending

NA

NA

2/16/17

CampusLogic, Inc.

Cegment, Inc.

Lending Tech

NA

NA

2/16/17

Volaris Group Inc.

Telepin, Inc.

Mobile Financial Services

NA

NA

2/16/17

Oxygen Finance Ltd.

Satago Ltd.

CF Management Software

NA

NA

2/14/17

Temenos Solutions Australia Pty Ltd

Rubik Financial Limited

Financial Software

$59

1.9x

2/14/17

PayPal Holdings, Inc.

TIO Networks Corp.

Payment Processing

$185

2.6x

2/8/17

Deluxe Corporation

RDM Corporation

Banking Software

$67

3.2x

2/8/17

Realtime Electronic Payments

Sigma Payment Solutions Inc.

Loan Servicing

NA

NA

2/6/17

Klarna AB

Billpay GmbH

Ecommerce Payments

$64

2/27/17

2/1/17

i3 Verticals, LLC

2/1/17

Social Finance, Inc.

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

1/31/17

Cardtronics plc

Spark ATM Systems (Pty) Ltd.

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

Accounting Software / Healthcare Payments Mobile Banking ATMS

NA

NA (1)

NA

NA

NA

NA

NA

15


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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

NA

NA

1/27/17

Ebates, Inc.

Cartera Commerce Inc.

Loyalty / Rewards

NA

NA

1/26/17

Alipay (UK) Limited

MoneyGram International, Inc.

Money Transfer

$1,936

1.2x

1/26/17

Fusion RMS

Innovantum Technologies Ltd.

POS

NA

NA

1/25/17

McPayment Pte Ltd

Genesis Payment Solutions Pte Ltd.

Merchant Acquiring

NA

NA

1/24/17

Solera Holdings Inc.

Digidentity B.V.

Identity Protection

NA

NA

International Payments / FX

NA

NA

Ecommerce Payments

NA

NA

Loyalty / Rewards

NA

NA

1/18/17

Clearent, LLC

1/18/17

AnaCap Financial Partners LLP

Payment Alliance International, Merchant Service Division Heidelberger Payment GmbH

1/18/17

Augeo Affinity Marketing Inc.

Edo Interactive Inc.

1/17/17

Clarus Merchant Services

North American Merchant Services, Inc.

ISO

NA

NA

1/17/17


BC Technologies

ISO

NA

NA

1/16/17

Daimler Financial Services AG

PayCash Europe S.A.

Electronic Payments

NA

NA

ConCardis GmbH

Merchant Processing

NA

NA

Closed Loop

NA

NA

Financial Software

NA

NA

Merchant Acquiring

NA

NA

Crowdfunding

NA

NA

Online Lending / Lead Gen

NA

NA

1/11/17

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

1/10/17


1/13/17

Loc Pay Systems B.V. Spend360 International Ltd

1/10/17


1/10/17

GoFundMe, Inc

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

1/6/17

Rock Holdings Inc.

LowerMyBills, Inc. and Classes USA, Inc.


16


Target Subsector

Enterprise Value

EV / LTM Revenue

PS Financials Ltd

Accounting Software

NA

NA

EVO Payments International, LLC

Sterling Payment Technologies, Inc.

Merchant Processing

NA

NA

BBVA Bancomer, S.A.

Openpay SAPI de C.V.

Ecommerce Payments

NA

NA

Mobile Payments

$32

NA

Fraud Protection

NA

NA

Merchant Acquiriing

$30

1.3x

Fraud Prevention

NA

NA

Online Consumer Lending

NA

NA

eCommerce Payments

NA

NA

Merchant Services Portfolio

$8

NA

Money Transfer

NA

NA

Anti-Fraud

$2,362

3.6x

Lead Gen

$130

NA

Online Lending

NA

NA

Merchant Services

NA

NA

Collections

$163

2.6x

Online Lending

NA

NA

Merchant Acquiring

$425

NA

Healthcare Payments

NA

NA

Fraud Detection

NA

NA

Acquirer

Target

1/5/17

IRIS Software Group Limited

1/4/17 12/23/16 12/23/16

Volkswagen Financial Services AG

12/19/16

Akamai Technologies, Inc.

PayByPhone Technologies And PayByPhone And Mobile Payment Cyberfend, Inc.

12/19/16

SENJO GROUP Pte. Ltd.

Kalixa Payments Group Limited

12/6/16

American Express Company

InAuth, Inc.

12/1/16

Flexpoint Ford, LLC

Purchasing Power, LLC

12/1/16

Visa Inc.

CardinalCommerce Corporation

11/29/16

BluePay Canada ULC

VersaPay, Merchant Services Portfolio

11/23/16

Klarna AB

Cookies Labs GmbH

11/20/16

Symantec Corporation

LifeLock, Inc.

11/16/16

LendingTree, LLC

Iron Horse Holdings, LLC

11/15/16

Versara Lending, LLC

Peerform, Inc.

11/14/16

Finical, Inc.

Safeguard Bankcard, LLC

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

Easy Solutions Inc.


17


Acquirer

Target

11/4/16

Broadridge Financial Solutions, Inc.

M&O Systems, Inc.

11/1/16

Hansen Technologies Ltd

DST Billing Solutions Limited

10/26/16

Groupon, Inc.

LivingSocial, Inc.

Target Subsector

Enterprise Value

EV / LTM Revenue

Accounting Software

$25

NA

Billing Software

NA

NA

Ecommerce

NA

NA

Online Lending

NA

NA

Credit Cards

NA

NA

10/11/16

Lendingkart Technologies Private Limited CVC Capital Partners Limited; Cinven

10/10/16

First American Mortgage Solutions, LLC

TD Service Financial Corporation

Mortgage Technology

NA

NA

10/10/16

Intuit Inc.

MTS Global (Europe) Limited

Accounting Software

NA

NA

10/10/16

TRGRP, Inc.

Priory Solutions Limited

Billing Software

NA

NA

10/10/16

Euronet Worldwide, Inc.

YourCash Europe Limited

ATMS

NA

NA

10/6/16

Capital One Financial Corporation

Paribus Co.

Ecommerce

NA

NA

10/6/16

Qiwi plc

Plati Potom OOO

Ecommerce

NA

NA

Risk / Analytics

$6

2.3x

DirectCash Payments Inc.

ATMS

$453

2.1x

Merchant Processing

NA

NA

Billing Software

NA

NA

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

10/18/16

Finectar Technologies Pvt. Ltd. NewDay Cards Ltd.

10/3/16

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

9/15/16

Payroc LLC

The iTransact Group, LLC

9/14/16

Amdocs Limited

Vindicia, Inc

9/7/16

iZettle AB

Intelligent Point Of Sale (Sales) Limited

10/4/16

C24 Technologies Ltd.

8/18/16

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

8/4/16

FleetCor Technologies, Inc.

Travelcard Nederland B.V.

8/4/16

Battery Ventures

Insert Mobile Technologies, Ltd.

9/6/16


18


Acquirer

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

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

Payment Processing

NA

NA

Prepaid

NA

NA

Digital Banking

NA

NA

Mobile Payments

$1,224

5.2x

Gift Cards

NA

NA

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

7/21/16

VocaLink Holdings Limited Transaction Processing Products, Inc.


19

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

Target

Series

Amount

Investors

6/3/17

Max

Series A

$23

Credit Mutuel Arkea

6/1/17

Zopa

Series F

$41

Northzone Ventures, Wadhawan Global Capital

5/31/17

TouchBistro

Series C

$12

5/30/17

Wave Accounting

Series E

$24

5/26/17

RateSetter

Series C

$17

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

5/25/17

BillTrust

Series D

$50

Riverwood Capital

5/24/17

Zibby

Series C

$14

5/23/17

R3

Series A

$107

5/22/17

LedgerX

Series B

$11

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

5/17/17

Additiv

Series A

$5

BZ Bank Aktiengesellschaft

5/16/17

Neighborly

Series B

$25

5/16/17

LevelUp

NA

$37

5/15/17

Wacai

Series C

$42

5/11/17

Verse

Series B

5/10/17

Kreditech

5/9/17

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

Target Subsector PFM Digital Banking POS Accounting Software Online Lending AR / Invoicing Consumer Lending Blockchain Cryptocurrency Financial Software Marketplace Lending POS / Loyalty

$20

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

Mobile Payments

NA

$120

PayU

Consumer Credit

Finxact

NA

$12

Live Oak Ventures

Banking Software

5/9/17

Broadway Technology

NA

$42

Long Ridge Equity Partners

Banking Software

5/4/17

Signifyd

Series C

$56

American Express, Bain Capital Ventures, Menlo Ventures

5/4/17

MPP Global

Series B

$15

Albion Ventures, Grafton Capital

$13

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

5/3/17

Nav

Series B

Notes: Source: CapitalIQ and Pitchbook.

PFM

Ecommerce Fraud Protection Ecommerce Credit Scoring

20

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

Target

Series

Amount

Investors

Series C

$32

Zhongshunyi Financial

NA

$54

Acce

5/2/17

Aicai

5/2/17

ServiceChannel

5/1/17

Airwallex

Series A

$13

Gobi Ventures, MasterCard, Sequoia China, Tencent

4/29/17

Satispay

NA

$15

Iccrea Banca

4/26/17

Ivalua

4/26/17

Target Subsector Student Logistics / Payments Vertical Payments Cross-Border Payments Mobile Payments Spend Management Software Online Brokerage

NA

$70

KKR

Robinhood

Series C

$110

DST Global, Index Ventures, NEA, Ribbit Capital

4/24/17

Token

Series A

$16

EQT Ventures, Octopus Ventures, OP Financial Group

4/19/17

IceKredit

Series A

$16

China Creation Ventures, Lingfeng Capital

4/18/17

Factom

Series A

$8

Harvest Equity, Peeli Ventures

4/13/17

College Avenue Student Loans

NA

$30

Comcast Ventures, Leading Edge Ventures

4/11/17

Mswipe Technologies

Series D

$21

DSG Consumer Partners, Falcon Edge Capital, Fosun Capital

4/10/17

MintQuantum

Series A

$15

Undisclosed

4/6/27

Upgrade

Series A

$60

4/6/17

WeCash

Series C

$80

4/6/17

Flow

Series A

$16

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

4/5/17

Jucaicat

Series A

$15

TIZA

4/5/17

Savedroid

NA

$22

Rhineland-Palatinate, Angel Investors

3/31/17

Fiilament

Series B

$15

Bullpen Capital, Verizon Ventures

3/30/17

Yongqianbao

NA

$67

Golden Brick Capital Management, CICC Alpha

Online Lending

$10

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

Digital Currency

3/29/17

ShapeShift AG


Series A

Banking Software Underwriting Technology Blockchain Student Loan Marketplace Mobile Payments Online Lending Online Lending Credit Scoring Cross-Border Payments Online Lending PFM / Digital Banking Blockchain

21


Target

Series

Amount

Investors

Target Subsector

3/27/17

cloudvirga

Series B

$15

Incenter

Mortgage POS

3/27/17

Creamfinance

Series B

$22

Capitec Bank Holdings Limited

Online Lending

3/23/17

Dadao Financial

Series B

$29

3/23/17

Clarity Money

Series B

$11

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

3/23/17

Qtum

NA

$15

Undisclosed

3/22/17

figo

NA

$12

Berliner Volksbank Ventures, DB1 Ventures

3/22/17

Avaloq

NA

$300

Warburg Pincus

Banking Software

3/20/17

Nested

NA

$10

GFC, Passion Capital

Real Estate Tech

3/15/17

Flow

Series A

$13

Bain Capital Ventures

3/14/17

solarisBank

NA

$28

Arvato Financial Solutions, SBI Group

3/13/17

Canopy

NA

$20

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

3/13/17

Viva Republica

Series C

$48

3/9/17

Currencycloud

Series D

$25

3/8/17

Veem

Series B

$24

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

3/7/17

Qapital

Series A

$12

Anthemis, Northzone, Rocketship VC

3/6/17

Atom Bank

NA

$102

3/3/17

UpStart

NA

$33

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


Real Estate Tech PFM Blockchain Bank API

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

22


Target

Investors

Target Subsector

Series

Amount

NA

$16

Home Credit Group

Bank Software

Series B

$30

IVP, Ribbit Capital

Credit Scoring

2/23/17

Nymbus

2/23/17

Tala

2/22/17

Monzo

NA

$25

Orange Digital Ventures, Passion Capital, Thrive Capital

Digital Banking

2/22/17

Prospa

NA

$19

AirTree Ventures

Online Lending

2/22/17

Ecrebo

NA

$15

Joseph Schull, Octopus Ventures, Sir Keith Mills

Series B

$15

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

NA

$200

Ant Financial

CrediFi Corp

Series B

$13

2/9/17

Better Mortgage Inc.

Series B

$15

2/8/17

Exactuals LLC

Series A

$10

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

2/2/17

Paytm E-Commerce

NA

$200

Alibaba, SAIF Partners

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

$82

Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union Square Ventures

2/22/17

Creditas

2/20/17

True Balance

2/20/17

Kakao Pay

2/13/17

1/12/17

Funding Circle


Series B

Series F

$19

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

23


Target

Series

Amount

Series A

$20

NA

$60

1/11/17

CompareEuropeGroup Ltd.

1/11/17

iZettle AB

1/10/17

Advanon AG

Series A

1/10/17

MobileCause Inc.

Series B

Investors

Target Subsector

$14

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

Online Lending

$15

Level Equity Management LLC

Crowdfunding

1/9/17

Activehours Inc.

NA

$22

1/9/17

FreeCharge

NA

$57

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

1/5/17

CloudCraze LLC

Series B

$20

Insight Venture Partners, Salesforce Ventures

Lead Gen 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


POS

Loyalty / Rewards Online Banking Online Lending Banking Software eCommerce Payments

24


Target

Series

Amount

Investors

11/24/16

Ximu Financial Information Services

Series A

$15

11/23/16

Wynd

Series B

$32

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

11/23/16

Udaan.com

Series A

$10

Lightspeed Venture Partners India, Lightspeed U.S.

11/18/16

AdvisorEngine

Series A

$20

WisdomTree Investments, Inc.

11/15/16

eOriginal, Inc.

NA

$27

LLR Partners, Inc.

11/15/16

Mavenlink, Inc.

Series D

$39

Goldman Sachs Growth Partners

11/10/16

Teamleader NV

Series B

$10

Fortino Capital

11/7/16

Zafin Labs America Inc.

NA

$10

Beedie Capital Partners, Vistara Capital Partners

11/1/16

StayClassy Productions Inc.

Series C

$30

10/26/16

nanoPay Corporation

Series A

$10

10/25/16

Lendio Inc.

Series D

$20

10/24/16

AEVI

NA

$11

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

10/21/16

China UnionPay Merchant Services

NA

$296

Everbright-IDG Industrial Fund

10/20/16

PaySimple Inc.

NA

$115

Providence Equity Partners

10/20/16

TravelBank

Series A

$10

Accel Partners, New Enterprise Associates

10/18/16

PayCommerce Inc.

Series B

$22

Tritium Partners

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

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

25


Target

Series

Amount

NA

$15

Investors Angel Investors

Target Subsector

10/7/16

FlexiLoans

10/5/16

Money Forward

Series D

$11

10/4/16

Iwoca Ltd.

Series C

$27

9/30/16

Remitly, Inc.

NA

$38

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

9/30/16

Financeit

NA

$17

DNS Capital LLC, The Pritzker Organization

9/30/16

Payoneer

NA

$180

Technology Crossover Ventures, Susquehanna Growth Equity

Cross-Border Payments

9/29/16

Kyriba Corp.

NA

$23

Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC

Treasury Software

NA

$88

Series A

$23

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

NA

$11

BDC Capital, CRV, Social Capital, HarbourVest Partners

51Credit

Series C

$310

9/22/16

Avalara Inc.

Series D

$96

9/21/16

FirstP2P

Series C

$70

9/29/16

Apttus Corporation

9/26/16

Juzhen Financials

9/22/16

Wave Accounting Inc.

9/22/16

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

Online Lending Accounting Software Online Lending Money Transfer Consumer Finance

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

9/21/16

Nav, Inc

Series B

$25

9/15/16

Ripple Labs Inc.

Series B

$55

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

9/14/16

GreenSky Credit

NA

$50

Fifth Third BanCorp

Online Lending

9/14/16

Tipalti Solutions Ltd.

NA

$14

SG VC

AP Automation

9/13/16

Uno Home Loans

NA

$17

Westpac

9/9/16

Juvo

Series A

$14

Freestyle Capital, Seed-Resolute, Wing Venture Capital

$12

Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin Venture Partners, New York Life, Peterson Ventures, TTV Capital,

9/8/16

SmartAsset


Series B

Business Lending Digital Currencies

Mortage Software Mobile Credit Analytics Financial Education

26


Target

Series

Amount

9/1/16

Boku

Series E

$14

8/30/16

Paytm

NA

$60

Investors 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.

InCred Finance

Series A

$75

Alpha Capital Partners, IDFC Alternatives Ltd.

8/22/16

LendUp

Series C

$48

8/17/16

Clara Lending

NA

$27

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

8/15/16

Nymbus

NA

$12

Vensure Enterprises

8/8/16

Yunnex

Series B

$45

Ajisen Ramen, GSR Ventures

8/5/16

Mosaic

NA

$220

Core innovation Capital, Obvious Ventures, Warburg Pincus

7/28/16

Paidy

Series B

$15

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

7/27/16

Gongzi Qianbao

NA

$30

SBCVC

7/25/16

QwikCilver Solutions Private Limited

NA

$10

Accel, Amazon, Helion Venture Partners, Sistema Asia Fund

8/30/16

Behalf

8/26/16

MobiKwik

8/22/16

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

7/20/16

Deposit Solutions

7/20/16


Target Subsector Mobile Payments Mobile Commerce SMB Lending Mobile Payments Online Lending Online Lending Mortgage Technology Banking Software POS Online Lending eCommerce Payments Payroll Gift Cards Open Banking Platform Gateway Online Lending Online Lending Merchant Processing Multi-Currency Prepaid Bitcoin

27

PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.) ($MM) Announced Date 7/7/16

Target Payment Card Technologies

Series

Amount

NA

$13

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 Undisclosed 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 Debit Online Lending Online Lending Mobile Commerce Online Lending Online Banking Money Transfer SMB Finance

6/21/16

Number26 GmbH

Series B

$40

6/19/16

Plaid Technologies

Series B

$44

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

6/16/16

Fenqile

Series D

$235

CoBuilder Partners, Huasheng Capital

Online Lending

6/15/16

Payoff, Inc.

Series C

$47

Tencent Holdings

Online Lending


Mobile Banking Bank APIs

28

SECTION III: Securities / Capital Markets / Data & Analytics

29

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 6/2/17 Exchanges - Americas CME Group Inc. Intercontinental Exchange, Inc. BM&FBOVESPA S.A. Nasdaq, Inc. CBOE Holdings, Inc. TMX Group Limited Bolsa Mexicana de Valores, S.A.B. de C.V.

$116.93 60.32 5.76 67.50 86.75 52.69 1.67

LTM Price Range Low High

Equity Value

$92.29 48.15 4.61 61.19 61.58 37.17 1.41

$39,732 35,713 11,726 11,150 9,720 2,912 989

$127.60 61.98 6.42 72.52 87.00 59.16 1.92

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

Enterprise Value $40,588 41,468 11,370 14,319 11,024 3,374 878 Mean Median

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

$26.31 38.79 5.29 2.58

$22.46 32.32 5.04 1.92

$27.36 39.28 5.68 2.60

$32,368 7,503 5,655 1,386

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

$5,315 6,769 5,125 1,274 Mean Median

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

$105.57 44.89 36.22 10.29 13.07 5.90

$74.56 29.11 23.35 9.50 8.37 4.34

$107.04 45.01 37.89 14.67 13.18 6.35

$19,721 15,620 3,010 880 549 356

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

$20,536 14,982 2,649 727 518 249 Mean Median





PEG


10.9x 8.9x 14.6x 6.0x 11.0x 6.1x 5.3x

10.3x 8.5x 13.0x 5.7x 9.8x 5.9x 5.1x

15.2x 13.9x 17.5x 11.8x 17.5x 11.3x 9.8x

14.0x 12.8x 13.5x 11.1x 14.6x 10.7x 9.3x

24.1x 20.1x 18.8x 16.4x 25.5x 15.2x 17.2x

22.4x 17.9x 16.6x 15.1x 22.6x 14.2x 16.0x

12.1% 13.7% 4.0% 9.8% 32.4% NM 11.9%

2.0 1.5 4.7 1.7 0.8 NM 1.4

3.8% 3.3% 9.3% 14.4% 53.0% (7.8%) 19.0%

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

9.0x 8.9x

8.3x 8.5x

13.9x 13.9x

12.3x 12.8x

19.6x 18.8x

17.8x 16.6x

14.0% 12.0%

2.0 1.6

13.6% 9.3%

20.4% 5.1%

3.4x 11.5x 8.6x 10.0x

3.0x 10.9x 7.9x 9.6x

4.7x 15.0x 14.5x 16.8x

4.1x 14.2x 12.9x 16.2x

37.6x 22.5x 22.0x 26.8x

32.4x 21.5x 18.9x 25.7x

3.2% 4.4% 3.1% 4.5%

11.9 5.0 7.1 6.0

9.9% (11.4%) 8.9% 14.9%

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

8.4x 9.3x

7.9x 8.8x

12.8x 14.8x

11.9x 13.6x

27.2x 24.6x

24.6x 23.6x

3.8% 3.8%

7.5 6.5

5.6% 9.4%

0.1% (1.8%)

7.1x 6.6x 7.2x 4.2x 6.2x 7.8x

6.7x 6.1x 7.3x 3.7x 6.1x 5.8x

12.3x 13.0x 10.8x 11.3x 10.7x 24.3x

11.3x 11.7x 11.0x 9.1x 10.3x 12.1x

19.3x 23.7x 17.2x 15.8x 16.6x 33.4x

17.1x 21.0x 17.1x 13.0x 15.2x 29.0x

11.5% 14.6% NM 4.6% NM 10.6%

1.7 1.6 NM 3.4 NM 3.1

(3.7%) 11.5% 7.8% (1.7%) 11.8% 21.2%

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

6.5x 6.9x

5.9x 6.1x

13.7x 11.8x

10.9x 11.2x

21.0x 18.2x

18.7x 17.1x

10.3% 11.0%

2.5 2.4

7.8% 9.6%

(3.1%) (0.5%)

(1)

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

30

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.) $MM, Except Per Share Data Stock Price 6/2/17 Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. SEI Investments Co. SS&C Technologies Holdings, Inc. DST Systems, Inc. (1) Financial Engines, Inc. (1) Alfa Financial Software Holdings PLC Envestnet, Inc.

$77.65 51.42 38.66 121.01 39.35 5.39 36.55

LTM Price Range Low High $59.86 42.12 26.15 94.52 23.56 4.19 30.80

$78.00 52.60 38.75 128.66 45.75 5.77 41.47

Equity Value $9,130 8,161 7,887 3,737 2,474 1,616 1,602

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

Enterprise Value $10,127 7,499 10,223 4,207 2,336 1,616 1,847 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.

$144.16 44.18 118.82 47.06 81.86 104.46 165.38 105.31 74.67 10.65

$99.15 38.23 87.30 32.78 75.60 71.51 149.39 100.46 67.74 6.91

$145.30 46.00 119.99 47.08 87.40 109.29 183.64 141.57 85.49 11.95

$37,164 31,891 22,730 19,224 13,535 9,449 6,526 3,886 3,206 953

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

$38,318 38,462 24,544 22,798 15,664 10,828 6,705 5,217 3,123 1,066 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.

$38.95 37.75 34.58 35.78 5.84 2.10

$23.83 26.37 21.52 31.97 4.54 1.45

$43.65 47.41 38.61 40.38 8.75 11.00

$52,081 19,934 9,508 2,433 278 13

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

$55,883 21,699 12,120 7,071 168 176 Mean Median





PEG


2.4x 5.1x 6.1x 2.1x 4.8x NA 2.8x

2.3x 4.7x 5.8x 1.8x 4.3x NA 2.5x

13.2x 13.6x 14.8x 11.0x 14.7x NA 14.7x

12.5x 11.9x 13.5x 9.3x 12.7x NA 11.9x

23.3x 22.9x 20.0x 18.4x 29.0x NA 29.1x

21.6x 19.8x 17.8x 16.1x 25.6x NA 23.2x

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

NM 1.7 1.2 1.8 1.2 NA 1.5

21.6% 5.8% 13.2% 29.2% 14.2% (100.0%) 14.6%

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

3.9x 3.8x

3.6x 3.4x

13.7x 14.2x

12.0x 12.2x

23.8x 23.1x

20.7x 20.7x

16.9% 16.0%

1.5 1.5

(0.2%) 14.2%

#DIV/0! #DIV/0!

6.6x 3.4x 6.4x 6.5x 7.5x 8.7x 5.3x 2.9x 3.6x 2.1x

6.2x 3.3x 6.0x 6.2x 7.1x 8.1x 4.9x 2.8x 3.5x 1.9x

14.1x 11.4x 13.5x 16.4x 15.2x 17.1x 15.6x 10.5x 13.4x 8.5x

13.2x 11.0x 12.8x 15.1x 14.1x 15.4x 14.4x 9.9x 11.9x 7.4x

23.3x 18.7x 22.3x 22.8x 25.8x 28.9x 22.1x 15.1x 31.8x 15.2x

21.0x 17.3x 20.5x 19.7x 23.3x 24.8x 20.3x 14.3x 26.3x 13.0x

13.1% 8.0% 10.2% 14.0% 10.1% 14.3% 10.6% 8.0% 12.0% 15.0%

1.8 2.3 2.2 1.6 2.6 2.0 2.1 1.9 2.6 1.0

2.5% 1.5% 7.1% 29.2% 4.4% 8.2% 9.8% 3.9% 7.5% 16.3%

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

5.3x 5.8x

5.0x 5.5x

13.6x 13.8x

12.5x 13.0x

22.6x 22.6x

20.1x 20.4x

11.5% 11.3%

2.0 2.0

9.0% 7.3%

13.5% 8.2%

6.5x 5.9x 5.4x 4.9x 0.5x NA

5.8x 5.2x 5.0x 4.4x 0.5x NA

NA 12.9x NA 7.7x 3.5x NA

NA 10.6x NA 6.9x 2.0x NA

24.7x 22.5x 17.7x 26.5x 68.7x NA

20.2x 18.5x 15.3x 22.7x 8.3x NA

20.0% 18.7% 16.2% 13.5% NM NM

1.2 1.2 1.1 2.0 NM NA

15.9% 11.4% 7.4% (0.5%) (17.4%) NA

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

4.6x 5.4x

4.2x 5.0x

8.0x 7.7x

6.5x 6.9x

32.0x 24.7x

17.0x 18.5x

17.1% 17.4%

1.4 1.2

3.3% 7.4%

(9.4%) (6.5%)

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

31

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

Acquirer

Target

5/30/17

London Stock Exchange Grouop

6/1/17

Intercontinental Exchange, Inc.

5/31/17

HealthEquity, Inc.

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

5/17/17

Liquidnet Holdings, Inc.

OTAS Technologies Limited

5/10/17

Cinnober Financial Technology AB

Ancoa Software Ltd.

5/10/17

TTT Moneycorp Limited

Commonwealth Foreign Exchange, Inc.

Target Subsector

Enterprise Value

EV / LTM Revenue

Analytics

NA

NA

Indices

NA

NA

401k Solutions

NA

NA

Trading Platform

NA

NA

Analytics

NA

NA

FX

NA

NA

5/9/17

Apex Fund Services (Bermuda) ltd

5/3/17

ETF Securities Ltd.

5/2/17

Ncontracts LLC

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

4/27/17

Invesco Ltd.

Source UK Services Limited

Exchange Traded Products

NA

NA

4/27/17

AdvisorEngine, Inc.

Kredible Technologies, Inc.

Broker Software

NA

NA

4/26/17

Virtus Partners Holdings, LLC

Alphakinetic Limited

Fund Management Software

NA

NA

4/20/17

Brelion, LLC

Peer Realty, LLC

Crowdfunding

NA

NA

4/18/17

Investment Grade Technologies LLC

TradeWarrior Inc.

Broker Software

NA

NA

4/18/17

Investoo Group

100ForexBrokers.com

FX Lead Gen

NA

NA

4/7/17

StatPro Group plc

UBS Delta AG

Risk / Analytics

$14

0.8x

4/3/17

Cowen Group, Inc.

ConvergEx Group, LLC

Trading Platform

$116

0.6x

Shareholder Servicing

$350

NA

Trading Platform

NA

NA

Trading Platform

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


Fund Administration

NA

NA

Exchange Traded Products

NA

NA

Risk Management

NA

NA

32

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

Target Subsector

Enterprise Value

EV / LTM Revenue

BI-SAM Technologies S.A.

Risk / Analytics

NA

NA

BinckBank N.V.

Pritle N.V.

Robo Advisors

$13

NA

3/16/17

Horizon21; H21 Macro Ltd.

Leonteq AG

Investment Platform

NA

NA

3/15/17

Virtu Financial, Inc.

KCG Holdings, Inc.

Trading Services

$1,268

0.9x

3/9/17


Message Automation Limited

Trade Processing

NA

NA

3/8/17

Numerix LLC

TFG Financial Systems

Risk

NA

NA

3/7/17

Hellman & Friedman LLC; GIC Pte. Ltd.

Allfunds Bank S.A.

Mutual Fund Platform

$1,904

NA

3/3/17

European Energy Exchange AG

Nodal Exchange, LLC

Exchanges

NA

NA

3/1/17

Payward, Inc.

Cryptowatch

Analytics

NA

NA

2/21/17

Covisum, LLC

PrairieSmarts, LLC

Risk Platform

NA

NA

2/15/17

Moody's Corporation

Data / Analytics

NA

NA

2/15/17

AdvisorEngine, Inc.

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

Wealth Management Software

NA

NA

2/6/17

Thomson Reuters Corporation

Avox Limited

Compliance Data

NA

NA

2/6/17


Clarient Global LLC

Regulatory Data

NA

NA

2/1/17

BT Group plc

IP Trade SA

Trading Technology

NA

NA

2/1/17

StoneCastle Insured Cash Sweep, LLC

Intermedium Financial LLC

Broker Software

NA

NA

Regulatory Tech

NA

NA

Fund Management Software

NA

NA

Acquirer

Target

3/20/17

FactSet Research Systems Inc.

3/17/17

1/30/17

Compliance Solutions Strategies

1/27/17

Linedata Services SA

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

1/25/17

IS Prime Risk Services Inc.

Think Liquidity LLC

Risk / Analytics

NA

NA

1/23/17

Visible Alpha, LLC

ONEaccess

Data / Analytics

NA

NA


33

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.) ($MM) Announced Date 1/19/17

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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, 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

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


34


Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

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

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


35


Target Subsector

Enterprise Value

EV / LTM Revenue

Ratings Agency

NA

NA

Trading Platform

$725

7.0x

Korea Investors Service, Inc.

Ratings Agency

$97

3.4x

Financial Guard LLC

Robo Advisors

NA

NA

Advisor Software

NA

NA

Risk & Analytics

NA

NA

Financial Software

$40

3.3x

Risk & Analytics

$6

NA

Acquirer

Target

8/11/16

KCG Hotspot FX LLC

Javelin SEF, LLC

7/25/16

E-Trade Financial

OptionsHouse, LLC

7/18/16

Moody's Singapore Pte. Ltd.

7/7/16

Legg Mason, Inc.

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.

6/30/16

MYVEST CORP Prism Valuation Inc.


36

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

Target

Series

Amount

Investors

Target Subsector

5/25/17

Prumentum Grouop

Series A

$25

Fremont Group, The Cynosure Group

Robo-Advisor

5/16/17

Symphony Communication Services

Series C

$63

BNP Paribas, Goldman Sachs, Google

Messaging

5/11/17

Wealthsimple

NA

$37

Power Financial Corp.

5/4/17

Fumi Technology

Series A

$15

Hongdao Fund, Mobai Capital, Shunwei Capital

4/26/17

Quovo

NA

$10

F-Prime Capital, Napier Park Global

4/13/17

55 Capital

Series A

$10

Calibrate Management, Point72Ventures, Tectonic Ventures

Advisor Software

3/31/17

The Naga Group AG

Series A

$13

Fosun

Trading Platform

2/19/17

One Tap Buy

NA

$13

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-Advisor

12/24/16

Pakistan Stock Exchange

NA

$84

Chinese Consortium

Exchanges

12/23/16

Nutmeg Savings and Investment Ltd.

NA

$15

Taipei Fubon Commercial Bank

Series A

$18

NA

$25

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

Stash

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

12/22/16

Axoni

12/15/16

Personal Capital Corp.

12/14/16


Andreessen Horowitz, Felicis Ventures, The Kaiser Family Foundation, Montage Ventures, Rembrandt Venture Partners The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Andreessen Horowitz, Bessemer Venture Partners, Khosla Ventures, Point72 Asset Management, Spark Capital Amanda Investment Group, Balderton Capital Management, Pentech Ventures, Schroders

Robo-Advisor Trading Platform API Manager

Trading Platform Trading Platform Asset Management Platform

Robo-Advisor Distributed Ledger Robo-Advisor Robo-Advisor Crowdfunding Risk / Analytics Trading Technology Robo-Advisor

37

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

Target

Series

Amount

Series B

$20

Investors

Target Subsector

11/1/16

Droit Financial Technologies

Series A

$16

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

10/12/16

Cloud9 Technologies

NA

$30

9/30/16

OpenGamma

NA

$13

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

9/21/16

OurCrowd Ltd.

Series C

$72

Undisclosed Investors

Crowdfunding

9/14/16

InvestCloud

NA

$25

Undisclosed Investors

Broker Software

9/12/16

Quandl

Series B

$12

August Capital, Nexus Venture Partners

Data / Analytics

8/18/16

Lancai

Series B

$27

Letv.com

8/17/16

Crowdcube

NA

$11

Balderton Capital

7/22/16

Fantex

NA

$59

Undisclosed

Trading Platform

7/13/16

OpenDoor Trading

NA

$10

J F Hartfield & Company

Trading Platform

7/6/16

National Stock Exchange of India

NA

$135

Veracity Insurance Solutions

6/19/16

Quoine

Series A

$20

JAFCO

Bitcoin Trading

6/7/16

NexusCrowd

NA

$16

Downing Street Financial

Crowdfunding

11/14/16

Roofstock Inc.


Crowdfunding Trading / Regulatory Software Broker Software

Trading Technology Risk / Analytics

Investing Platform Crowdfunding

Exchanges

38

SECTION IV: Insurance / Benefits

39

INSURANCE / BENEFITS Public Company Valuations: Financial Metrics $MM, Except Per Share Data Stock Price 6/2/17 Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. Verisk Analytics, Inc. athenahealth, Inc. Guidewire Software, Inc. Ebix, Inc. Crawford & Company Majesco Sapiens International Corporation N.V. Polaris Consulting & Services Limited Symbility Solutions Inc.

$87.93 81.86 138.21 69.33 55.25 9.41 5.07 12.55 3.44 0.37

LTM Price Range Low High

Equity Value

Net Debt

$61.21 75.60 90.11 49.18 44.80 7.40 4.50 11.35 2.20 0.25

$19,291 13,535 5,505 5,157 1,742 529 185 615 351 88

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

$88.43 87.40 142.40 69.85 65.10 14.37 6.29 15.98 3.61 0.41

Enterprise Value $26,743 15,664 5,691 4,679 1,928 704 186 620 269 82 Mean Median





PEG


3.3x 7.5x 4.7x 8.6x 5.5x 0.6x 1.5x 2.3x NA 2.7x

3.1x 7.1x 4.1x 7.3x 4.9x 0.6x 1.2x 2.0x NA 2.4

13.2x 15.2x 21.7x 41.3x 16.4x 5.2x 19.0 21.6 NA 52.4

12.2x 14.1x 17.9x 28.8x 14.5x 4.6x 11.9x 13.7x NA 41.0

19.4x 25.8x 74.3x 81.9x 18.8x 12.7x 56.3x 34.9x NA NM

16.9x 23.3x 57.8x 59.0x 17.2x 10.8x 24.1x 20.4x NA NA

14.2% 10.1% 25.1% 18.3% 15.0% 10.0% NM 10.0% NM NM

1.4 2.6 3.0 4.5 1.3 1.3 NM 3.5 NA NM

49.6% 4.4% 12.9% 21.4% 17.0% 1.7% NA NA NA 17.9%

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

4.1x 3.3x

3.6x 3.1x

22.9x 19.0x

17.6x 14.1x

40.5x 30.3x

28.7x 21.8x

14.7% 14.2%

2.5 2.6

17.9% 17.0%

14.8% 12.5%

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

40

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

Acquirer

Target

Target Subsector

Enterprise Value

EV / LTM Revenue

5/17/17

Advanced Solutions International, Inc.

Innovative Software Solutions, Inc.

Benefits Software

NA

NA

5/3/17

Genpact Limited

BrightClaim, Inc.

Claims Management

NA

NA

4/27/17

Disruptive Capital Finance LLP

REG UK Ltd.

Insurance Risk Management

$10

NA

4/25/17

Vertafore, Inc.

RiskMatch, LLC

Insurance Analytics

NA

NA

4/6/17

Open GI Limited

Transactor Global Solutions Limited

Insurance Software

$50

NA

3/13/17

The Travelers Companies, Inc.

Simply Business

Insurance Tech

$490

NA

2/28/17

Advent International Corporation

CCC Information Services Inc.

Claims Management

NA

NA

Healthcare Payments

NA

NA

Insurance Tech

$102

1.3x

Revenue Cycle Management

NA

NA

Benefits Platform

$4,800

2.1x

Insurance Tech

NA

NA

Lead Gen

NA

NA

2/21/17

CareCredit, LLC

2/15/17

Sapiens International Corporation N.V.

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

2/14/17

Riverside Partners LLC

2/10/17

The Blackstone Group L.P.

2/9/17

Charles Taylor InsureTech Limited

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

2/8/17

Compare Africa Group

TopCheck UG (haftungsbeschränkt)

2/7/17

Centauri Health Solutions, Inc.

Human Arc Corporation


NA

NA

1/26/17

Insurity, Inc.

Valen Technologies, Inc.

Insurance Data / Analytics

NA

NA

Benefits Software

NA

NA

Telematics

$49

NA

Insurance Data / Analytics

NA

NA

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

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

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

12/23/16

Ebix, Inc.

Wdev Soluções em Tecnologia S.A.

Insurance Tech

NA

NA

12/19/16

Guidewire Software, Inc.

ISCS, Inc.

Insurance Tech

$160

NA


41

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

Target Subsector

Enterprise Value

EV / LTM Revenue

HR/Benefits Software

NA

NA

Claims Admin. Software

NA

NA

Insurance Exchange

NA

NA

Insurance

$1,430

NA


NA

NA

HAS and COBRA Administration

$235

NA

Analytics

NA

NA

Convey Health Solutions, Inc.

Healthcare Insurance Administration

NA

NA

ACR Capital Holdings Pte. Ltd.

Reinsurance

NA

NA

Insurance Trading

NA

NA

Insurance Software

NA

NA

Insurance Data

NA

NA

Acquirer

Target

12/15/16

Mercer LLC

Thomsons Online Benefits Limited

12/8/16

Insurity, Inc.

Systema Software, LLC

11/30/16

Vimo, Inc.

Array Health Solutions Inc.

11/28/16

Allstate Non-Insurance Holdings, Inc.

SquareTrade, Inc.

11/17/16

nThrive, Inc.

Adreima, Inc.

11/1/16

WageWorks, Inc.

ADP's HAS & COBRA Businesses

10/24/16

AIR Worldwide Corporation

Analyze Re Inc.

9/29/16

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

9/28/16

RGI S.P.A.

IS2, eTrading Platform for Personal Lines Kapia Solutions Sas

9/26/16

Callcredit Information Group Limited

Recipero Limited

9/26/16

IRESS Limited

Financial Synergy Pty. Limited

Insurance Software

$67

3.2x

8/9/16

Applied Systems, Inc.

Relay Software Limited

Insurance Software

NA

NA

8/4/16

Guidewire Software, Inc.

FirstBest Systems, Inc.

Risk Assessment

$34

NA

8/4/16

Benefit Express Services, LLC

Transcend Technologies Group, Inc.

HR Software

NA

NA

7/21/16

GoHealth, LLC

1SourceAdmin LLC

HR Software

NA

NA

6/29/16

Global Healthcare Exchange, LLC

H-Card, LLC

Healthcare Payments

NA

NA

6/7/16

Connecture, Inc.

ConnectedHealth, LLC

Benefits Tech

$7

NA

10/6/16 10/5/16


42

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

Target

Series

Amount

6/1/17

Bright Health

Series B

$160

5/24/17

PolicyGenius

Series C

$30

5/12/17

Vet+a

NA

$27

5/10/17

Clover Health

5/2/17

One Inc.

4/27/17

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

Series D

$130

NA

$16

Singapore Life

Series A

$50

4/25/17

Hibob

Series A

$18

4/20/17

Lemonade Inc.

NA

NA

4/10/17

Next Insurance

Series A

$25

4/10/17

BIMA

NA

$17

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

4/6/17

Trov

NA

$45

Munich Re HSB Ventures

Arbor Ventures, Battery Ventures, Bessemer Venture Partners, Eight Roads Ventures Allianz

Series C

$25

Decisely

NA

$60

3/25/17

Ottonova

NA

$16

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

3/21/17

Jellyvision

Series B

$20

Updata Partners

3/17/17

simplesurance

NA

$21

2/22/17

EverQuote, Inc.

Series B

$13

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

2/7/17

CXA Group

Series B

$25

B Capital Group, EDBI

4/4/17

Amino

3/30/17

1/5/17

Namely Inc.

Series D

$50

12/5/16

Lemonade Inc.

Series B

$34


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

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

43

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

Target

Series

Amount

11/15/16

CareCloud

Series C

$32

11/3/16

EasyPolicy

NA

$10

Investors 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

Manulife Financial, OMERS Ventures, Power Financial, Quantum Valley Investments, Real Ventures, RBC


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

44