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FINTECHSECTOR REPORT
January 2019
2
GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.
TRANSACTION DETAILS
Closed
January 2019
SECTORS
Financial Technology
Real Estate / Mortgage
Technology
Data Licensing
DEAL TYPE
M&A
Transaction Summary
▪ On January 8th, Lovell Minnick Partners announced that it had completed the acquisition of ATTOM Data Solutions (“ATTOM” or the “Company”)
− Financial terms of the transaction were not
disclosed
▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real estate, mortgage, insurance, marketing and adjacent markets
▪ Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies
▪ GCA acted as exclusive financial advisor to ATTOM in connection with the transaction
Strategic Rationale
▪ ATTOM is a leading, scale platform investment in the real estate data solutions market
− Company’s proprietary data solutions include
property tax, deed, mortgage, foreclosure,
environmental risk, natural hazard and
neighborhood data for 150+ million U.S. residential
and commercial properties, covering 99% of the
nation’s population
− Company serves 225+ data customers with
multiyear contracts
− ATTOM management has generated strong organic
growth and successfully pursued accretive strategic
opportunities, including its acquisition of
neighborhood data provider Onboard Informatics in
early 2018
▪ Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry
CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTN ERS
3
Investment & Wealth Technology
Banking Technology
Real Estate & Mortgage Technology
Blockchain / Crypto
Insurance Technology
Payments / Billing / Money Transfer
BUSINESS MODEL COVERAGE
GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve
virtually all sub-sectors and business models across the FinTech market
BROAD AND DEEP FINTECH PRACTICE
KEY STATS SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC
& FINANCIAL CONTACTS
Online / Alternative Lending
Regulatory Technology
Trading & Capital Markets Technology
SaaS and
Enterprise
Software
Information
Services /
Data &
Analytics
Tech-
Enabled
Services
Transaction
Processing
400+ Bankers globally
21
375+Transactions in the last
three years
Strategic Acquirers
Private Equity / VC
Offices globally
3Continents – America, Asia and Europe
33%+Cross-border transactions
4
Strong sector and product expertise across FinTech and related sub-sectors
GCA FINTECH TEAM
Rob FreimanDirector
FinTech - PaymentsPhone: (212) 999 - 7075Mobile: (973) 229 - 0436 rfreiman@gcaglobal.com
Kegan GreeneDirector
FinTech - InsurTechPhone: (415) 318 - 3686Mobile: (917) 579 - 4838 kgreene@gcaglobal.com
Paul DiNardoManaging DirectorHead of SoftwarePhone: (212) 999 - 7097Mobile: (650) 483 - 7246pdinardo@gcaglobal.com
Chris GoughManaging Director
Software / FinTech M&APhone: (415) 318 - 3658Mobile: (415) 385 - 9427cgough@gcaglobal.com
Selected Recent FinTech Experience
Sale of
Financial Advisor
Real Estate Tech
Financial Advisor
Growth Investment
Banking & Lending Tech
We Advised Skyslope
Majority sale to
Payments
We Advised Radius
Financing fromAcquired by
We Advised WorkMarket
Financial SaaS
To
We Advised RGI Shareholders
Insurance Technology
Tender Offer for
Asahi Fire & MarineInsurance Co.
We Advised Asahi
Insurance Technology
We Advised BlackFin
Sold
Insurance Technology
To
Payments
Acquired by
Fairness Opinion to Clearent
Strategic Investment
We Advised ControlExpert
Payments Insurance Technology
We Advised CHX
Acquired by
Liquidity Venues Financial SaaS
Acquired by
We Advised FieldEdgeWe Advised Principal
Acquired
Investment Technology
We Advised Risk International
Sold majority stake to
Insurance Technology
We Advised Bexio
Acquired by
Insurance Technology
We Advised Liqid’s shareholder HQ Trust
Received an investment from
Investment Technology
We Advised QuoteWizard
Acquired by
Insurance Technology
Sold stake in
We Advised Silver Investment Partners
Acquired
Payments
Preferred Financingfrom
We advised GOQii
Insurance Technology
Acquired by
We advised Attom
Real Estate Tech
Preferred Financing
We advised Loanboox
Banking & Lending Tech
5
Select January Financing Transactions Select January M&A Transactions
Date Company Selected Investors Amount Date Target Buyer Value
1/30/19 $500 1/22/19 $1,420
1/29/19 $100 1/22/19Thunder Bridge
Acquisition, Ltd.$653
1/28/19 $105 1/16/19 $22,000
1/23/19 $125 1/8/19 NA
1/18/19 $100 1/8/19 $200
1/10/19 $300 1/7/19 $445
Quarterly Financing Activity ($Bn) Quarterly M&A Activity ($Bn)
Average Deal Size ($MM) Average Deal Size ($MM)
$48 Bn | 1,484 Deals
LTM Financing Volume
$128 Bn | 757 Deals
LTM M&A Volume
$13
$32
$17
$46 $28 $26
$17 $25
Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
$9
$5 $7
$8
$19
$10 $10
$4
Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
$296
378377
397 397
222223
192
308
$17.9$12.7$23.3 $25.5$19.4
155
$77.1$147$58.6 $96.9$240$61.7
212
$182$26.5
177
$124
85145
$25.4
388378 216
FINTECH DEAL DASHBOARD
Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 1/31/19. (1) Q1-19 data represents January only.
Financing volume in Q1 ‘19 is on pace to exceed financing volume in Q1 ’18; M&A volume in Q1 ’19 is set to exceed Q1 ’18 volume due
to Fiserv’s $22Bn acquisition of FirstData
(1) (1)
GCA Transaction
6
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 1/31/19.
Information Services
Combined Market Cap: $33219/18 Rev. Growth: 5% 19 EBITDA Margin: 34%
4
Benefits Administration/Payroll
Combined Market Cap: $10519/18 Rev. Growth: 12%19 EBITDA Margin: 28%
2
Insurance Technology
Combined Market Cap: $3819/18 Rev. Growth: 9% 19 EBITDA Margin: 16%
5
Financial SaaS
Combined Market Cap: $14919/18 Rev. Growth: 20%19 EBITDA Margin: 22%
3Banking & Lending Technology
Combined Market Cap: $20919/18 Rev. Growth: 7% 19 EBITDA Margin: 28%
1
7
Liquidity Venues
Combined Market Cap: $27319/18 Rev. Growth: 8%19 EBITDA Margin: 59%
7Investment Technology
Combined Market Cap: $24119/18 Rev. Growth: 9% 19 EBITDA Margin: 28%
6
Trading Technology
Combined Market Cap: $11519/18 Rev. Growth: 6% 19 EBITDA Margin: 55%
10Real Estate & Mortgage Tech.
Combined Market Cap: $21019/18 Rev. Growth: 10% 19 EBITDA Margin: 17%
9
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 1/31/19.
Payments
Combined Market Cap: $98119/18 Rev. Growth: 10% 19 EBITDA Margin: 27%
8
8
(30%)
(15%)
0%
15%
30%
45%
Jan-18 Apr-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19
-12.5%
28.2%
8.5%
17.2%17.7%
15.0%
-6.7%
3.5%
-3.9%
-8.4%
FINTECH STOCK PRICE PERFORMANCE
LTM Share Price Performance
Notes:Source: CapIq. Market data as of 1/31/19.
Financial SaaS leads the FinTech pack on an LTM basis
6) Investment Technology
10) Trading Technology
1) Banking & Lending Technology
2) Benefits Administration/Payroll
3) Financial SaaS 5) Insurance Technology
4) Information Services
7) Liquidity Venues 8) Payments 9) Real Estate & Mortgage Technology
17.7% 15.0% 28.2% 3.5% 17.2% -12.5% -6.7% 8.5% -3.9% -8.4%
9
0.0x
2.5x
5.0x
7.5x
10.0x
Jan-18 Apr-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19
8.0x
4.7x4.2x
7.3x
3.8x
5.2x5.8x
3.5x
3.0x3.5x
0%
5%
10%
15%
20%
25%
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
15A / 16A 16A / 17A 17A / 18E 18E / 19E
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
2016 2017 2018 2019E
FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS outperforms the FinTech market on a revenue growth and EV / ’19E Revenue basis
Notes:Source: CapIq.Market data as of 1/31/19.Lines display median multiples across comp groups for given year.
EV / ‘19E RevenueEV / Revenue
Median 18E/19E Revenue Growth to EV/’19E Revenue MultipleRevenue Growth
3.1x
4.4x
8.9%1
2
3
4
567
89
10
1) Banking & Lending Technology
7.5%
2) Benefits Administration/Payroll
12.1%
3) Financial SaaS
20.2%
4) Information Services
5.3%
5) Insurance Technology
8.8%
6) Investment Technology
9.0%
7) Liquidity Venues
7.6%
8) Payments
10.0%
9) Real Estate & Mortgage Technology
9.9%
10) Trading Technology
5.5%18
E /
19
E R
ev.
Gro
wth
4.4x
3.9x
9.5%
15.6%9.7%
10
0%
5%
10%
15%
20%
25%
0.0x 6.0x 12.0x 18.0x 24.0x 30.0x
0.0%
15.0%
30.0%
45.0%
60.0%
75.0%
15A / 16A 16A / 17A 17A / 18E 18E / 19E
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Jan-18 Apr-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19
15.6x
11.5x
6.6x
13.6x
14.0x14.7x
13.8x
12.7x
15.2x
18.9x
0.0x
6.0x
12.0x
18.0x
24.0x
30.0x
2016 2017 2018 2019E
FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS outperforms the FinTech market on an EBITDA growth and EV / ‘19E EBITDA basis
Notes:Source: CapIq.Market data as of 1/31/19.Lines display median multiples across comp groups for given year.
EV / ‘19E EBITDAEV / EBITDA
Median 18E/19E EBITDA Growth to EV/’19E EBITDA MultipleEBITDA Growth
13.9x
1
2
3
4
56
7
8910
14.0% 12.2%
18
E /
19
E
EBIT
DA
Gro
wth
1) Banking & Lending Technology
10.3%
2) Benefits Administration/Payroll
14.2%
3) Financial SaaS
23.5%
4) Information Services
7.5%
5) Insurance Technology
13.1%
6) Investment Technology
14.8%
7) Liquidity Venues
9.6%
8) Payments
13.2%
9) Real Estate & Mortgage Technology
11.3%
10) Trading Technology
11.0%
12.1x
15.7x14.3x
9.8%11.9%
11
14.2x
15.3x
18.1x
18.2x
19.6x
20.9x
22.2x
23.0x
24.8x
26.2x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x
Investment Technology6
Real Estate & Mort. Tech9
Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios
FINTECH PUBLIC COMPANY VALUATION (CONT’D)
Notes: Figures represent medians of sub-sectors.Market data as of 1/31/19.Long-term EPS growth covers last 5 years.
20%
18%
15%
14%
10%
11%
16%
16%
13%
21%
2.1
1.6
2.3
2.2
2.2
1.8
1.3
1.4
1.3
0.7
2019 P/E Ratio PEG Ratio Long-Term EPS Growth
Banking & Lending Tech1
Financial SaaS3
Information Services4
Insurance Technology5
Liquidity Venues7
Payments8
Trading Technology10
Benefits Admin/Payroll2
12
1/31/19American Express Ventures, Goldman Sachs, HOOPP, Kleiner Perkins Caufield &
Byers, Pine BrookSeries C $70
1/30/19 London Stock Exchange Group Corporate $324
1/30/19Delphen SARL, DKB, Emmanuel Roth, Gerd Häusler, LGT Group Stiftung, Luzius
Meisser, Mutschler Ventures, Roland BergerSeries B $22
1/30/19Illuminate Financial Management, Jefferies Financial Group, OCA Ventures,
Pivot Investment Partners, Quantum Strategic Partners, Regions BankSeries B $15
1/30/19 Balderton Capital, Index Ventures Series B $30
1/30/19 Greenoaks Capital Management Series E $500
1/29/19 LL Funds Series A $60
1/29/19 Tiger Global Management Series E - II $100
1/29/19 Aflac Corporate Ventures, Chubb Insurance, Hiscox Holdings, MS&AD Series D $58
1/29/19 Munich Re Series B - II $35
1/29/19Afore Capital, Brooklyn Bridge Ventures, Greyhound Capital, Ride Ventures,
RiverPark Ventures, Rosecliff Ventures, Story Ventures, The Gramercy Fund, Series B $30
1/28/19Bain Capital Ventures, BlackRock, Comcast Ventures, DST Global, MSD Capital,
NBC Universal, The Rise Fund, TPG CapitalSeries E $105
1/28/19Highland Europe, Insight Venture Partners, Invoke Capital, IP Group,
MissionOG, Robert Sansom, TTV CapitalSeries D $34
1/25/19 Accel India, Nippon Life Global Investors America, Ribbit Capital Series B $18
1/25/19 Matrix Partners India, WaterBridge Ventures, Whiteboard Capital Series B $14
1/23/19Citi Ventures, Galaxy Digital Ventures, Nasdaq Ventures, Raptor Capital
Management, Undisclosed InvestorsSeries C $123
1/23/19Citi Ventures, Galaxy Digital Ventures, Nasdaq Ventures, Raptor Capital
Management, Undisclosed InvestorsSeries B $20
1/23/19 Benchmark, Index Ventures, Sequoia Capital Series D $125
1/23/19 Accel-KKR Growth Equity $105
1/23/19 Accenture Ventures, Beedie Capital Partners, Vistara Capital Partners Series B $17
1/22/19 Convoy Global Holdings, Goldman Sachs Principal Strategic Investments Series D $58
1/22/19 Insight Venture Partners Growth Equity $77
Investment Technology
Real Estate & Mortgage Tech.
Banking & Lending Technology
Financial SaaS
Insurance Technology
Payments
Insurance Technology
Liquidity Venues
Banking & Lending Technology
Investment Technology
Financial SaaS
Financial SaaS
Banking & Lending Technology
Payments
Financial SaaS
Investment Technology
Banking & Lending Technology
Trading Technology
Banking & Lending Technology
Financial SaaS
Financial SaaS
Real Estate & Mortgage Tech.
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
GCA Transaction
13
1/22/19Anthem Venture Partners, BAM Capital, Goodwater Capital, PayPal, Western
Technology InvestmentSeries B $20
1/22/19 Undisclosed Investors Series B - II $14
1/22/19 Barclays Bank, Northzone Ventures, Santander InnoVentures Series B $34
1/18/19 Warburg Pincus Series C $100
1/17/19Aflac Corporate Ventures, AXA Venture Partners, Launchpad Digital Health,
MassMutual Ventures, Principal Life Insurance Company, Transamerica Series C $34
1/17/19Bessemer Venture Partners, Broadhaven Capital Partners, Canaan Partners,
Firebrand Ventures, Undisclosed Angel InvestorsSeries B $30
1/16/19 Volition Capital Growth Equity $10
1/16/19Battery Ventures, Felicis Ventures, FirstMark Capital, Global Founders Capital,
QBE Ventures, Stripes Group, TD AmeritradeSeries B $30
1/16/19 Blume Ventures, Nexus Venture Partners, Sequoia Capital India Series B $25
1/15/19 Foundry Group, RRE Ventures, FJ Labs, Corazon Capital, WTI Series B $400
1/15/19 Warburg Pincus Series C $65
1/15/19Menlo Ventures, NewView Capital, Salesforce Ventures, Scale Venture
Partners, Workday VenturesSeries C $33
1/15/19Curitiba Angels, e.Bricks Ventures, Endeavor Catalyst, FinTech Collective,
International Finance Corporation, Kaszek Ventures, Point72 Ventures, Series C $20
1/14/19 Ant Financial Services Group Series D $40
1/11/19 Welsh Carson Anderson & Stowe Private Equity - III $21
1/11/19Accel India, Balakrishna Adiga, HS Nagaraja, Nippon Life Global Investors
America, Omidyar NetworkSeries C $22
1/10/19 GIC, Insight Venture Partners, Undisclosed Investors Series D $300
1/9/19 Centana Growth Partners, JMI Equity Growth Equity - II $87
1/9/19 Insight Venture Partners Series A $60
1/7/19 Builders VC, Camber Creek, Corigin Ventures, Fika Ventures, Navitas Capital Series A $12
1/7/19American Family Ventures, Cox Enterprises, Hyde Park Angels, IA Capital
Group, LightbankSeries B $43
1/4/19ABA, Accenture, Arkadi Kuhlmann, First Data Ventures, Live Oak Ventures,
SunTrust Banks, T.N. Incorporation, Woodforest National BankSeries A $30
Financial SaaS
Financial SaaS
Financial SaaS
Payments
Banking & Lending Technology
Payments
Insurance Technology
Financial SaaS
Insurance Technology
Insurance Technology
Banking & Lending Technology
Financial SaaS
Banking & Lending Technology
Payments
Investment Technology
Banking & Lending Technology
Financial SaaS
Financial SaaS
Real Estate & Mortgage Tech.
Insurance Technology
Banking & Lending Technology
Real Estate & Mortgage Tech.
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
14
Offer
Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector
12/14/18 NASDAQ: QFIN IPO $51 $16.50 (23%)
10/25/18 NASDAQ: STNE IPO $1,400 $24.00 (8%)
10/25/18 NASDAQ: PT IPO $44 $11.88 (7%)
10/12/18 NYSE: PLAN IPO $264 $17.00 85%
Median $158 $17 (8%)
Financial SaaS
Financial SaaS
Payments
Banking & Lending Technology
SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS
Notes: Source: CapIq. Pitchbook.Price to Date as of 1/31/19.
Offer
Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector
1/31/19General Corporate Purposes /
Working CapitalNA NA $1 1.50%
1/30/19General Corporate Purposes /
Working CapitalNA NA $2 2.58%
1/28/19General Corporate Purposes /
Working CapitalNA NA $599 4.50%
1/24/19General Corporate Purposes /
Working CapitalNA NA $1,977 0.38%
1/24/19General Corporate Purposes /
Working CapitalNA NA $1,128 0.88%
1/24/19General Corporate Purposes /
Working CapitalNA NA $1,129 1.25%
1/24/19General Corporate Purposes /
Working CapitalNA NA $1,403 1.75%
1/24/19General Corporate Purposes /
Working Capital; OtherNA B2 $700 6.88%
1/24/19General Corporate Purposes /
Working Capital; OtherNA NA $750 10.25%
1/8/19General Corporate Purposes /
Working CapitalNA NA $9 3.60%
Median $725
Security Rating at Issuance
Information Services
Information Services
Payments
Liquidity Venues
Liquidity Venues
IT & BPO Services
IT & BPO Services
IT & BPO Services
IT & BPO Services
Liquidity Venues
15
SELECTED RECENT M&A ACTIVITY
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date Enterprise EV / Revenue EV / EBITDA
Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector
1/23/2019 $28 NA NA
1/22/2019 $1,420 NA NA
1/22/2019 Thunder Bridge Acquisition, Ltd. $653 4.6x NA
1/17/2019 $425 4.3x NA
1/16/2019 $22,000 4.0x 13.3x
1/15/2019 $102 1.9x NA
1/8/2019 NA NA NA
1/8/2019 NA NA NA
1/8/2019 $200 NA NA
1/7/2019 NA NA NA
1/7/2019 $445 NA NA
1/4/2019 NA NA NA
Median 4.2x 13.3x
Payments
Financial SaaS
Benefits Administration/Payroll
Benefits Administration/Payroll
Payments
Payments
Payments
Insurance Technology
Information Services
Information Services
Investment Technology
Banking & Lending Technology
GCA Transaction
16
PUBLIC COMPANY VALUATIONS
Ben
efit
s A
dm
in/P
ayro
llB
anki
ng
& L
en
din
g Te
chn
olo
gy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E
Banking & Lending Technology
Intuit Inc. $215.82 $56,013 $55,106 15% 2.2 7% 11% 2% 13% 36% 8.0x 7.2x 22.1x 19.5x 32.4x 27.5x
Fidelity National Information Services, Inc. $104.53 $34,232 $42,638 12% 1.5 2% 3% 6% 5% 39% 4.9x 4.8x 12.7x 12.1x 18.2x 16.3x
First Data Corporation $24.65 $23,093 $40,247 14% 1.1 5% 5% 8% 5% 39% 4.4x 4.2x 11.2x 10.6x 14.8x 12.8x
Fiserv, Inc. $82.93 $32,438 $37,982 12% 2.0 6% 5% 6% 7% 38% 6.2x 5.8x 16.3x 15.2x 23.8x 21.0x
Wolters Kluwer N.V. $62.31 $16,893 $19,192 9% 2.4 5% 4% 7% 6% 28% 3.7x 3.6x 13.3x 12.5x 20.5x 18.9x
Jack Henry & Associates, Inc. $133.55 $10,323 $10,297 11% 3.1 3% 8% (1%) 11% 34% 6.3x 5.8x 18.8x 17.0x 34.9x 30.5x
Temenos AG $134.73 $9,352 $9,791 17% 2.4 15% 12% 17% 16% 38% 10.1x 9.0x 26.5x 22.9x 39.1x 33.3x
Black Knight, Inc. $49.19 $7,349 $8,730 15% 1.6 7% 8% 10% 10% 50% 7.3x 6.8x 14.6x 13.3x 24.1x 21.1x
Coupa Software Incorporated $86.96 $5,169 $4,935 NA NM 36% 21% NA 17% 8% 19.5x 16.0x NM NM NM NM
ACI Worldwide, Inc. $29.56 $3,428 $4,040 13% 2.3 3% 3% 10% 8% 28% 3.7x 3.6x 13.2x 12.3x 31.4x 25.4x
Q2 Holdings, Inc. $59.43 $2,578 $2,460 20% NM 27% 23% 20% 95% 8% 8.0x 6.5x NM 54.8x NM 106.0x
Ellie Mae, Inc. $75.80 $2,641 $2,369 14% 2.8 6% 9% 13% 15% 28% 4.7x 4.3x 16.4x 14.3x 38.7x 33.5x
Bottomline Technologies (de), Inc. $51.65 $2,226 $2,239 15% 2.2 7% 13% 7% 20% 24% 5.0x 4.4x 20.9x 17.4x 32.0x 26.4x
Enova International, Inc. $23.05 $774 $1,579 NA NM 13% 12% 18% 11% 20% 1.3x 1.1x 6.3x 5.7x 7.4x 6.2x
LendingClub Corporation $3.19 $1,360 $1,317 NA NM 14% 14% 43% 32% 17% 1.7x 1.4x 10.0x 7.6x 18.2x 12.7x
On Deck Capital, Inc. $7.52 $564 $1,305 NA NM 14% 11% 14% 33% 10% 2.9x 2.6x 27.7x 20.9x 14.7x 13.4x
GreenSky, Inc. $11.00 $632 $725 19% 0.8 28% 24% 21% 27% 40% 1.4x 1.1x 3.5x 2.7x 15.0x 11.7x
Elevate Credit, Inc. $4.45 $192 $685 NA NM 11% 13% 23% 15% 16% 0.8x 0.7x 4.9x 4.3x 6.5x 4.1x
Performant Financial Corporation $2.15 $114 $149 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.4x NM NM
Median 14% 2.2 7% 11% 10% 14% 28% 4.7x 4.3x 14.0x 12.9x 22.2x 21.0x
Benefits Administration/Payroll
Automatic Data Processing, Inc. $139.84 $60,918 $61,338 15% 1.7 6% 7% 12% 13% 24% 4.2x 3.9x 17.3x 15.4x 24.9x 21.8x
Paychex, Inc. $70.80 $25,424 $24,722 9% 2.7 17% 6% 12% 8% 39% 6.1x 5.8x 15.6x 14.4x 24.0x 22.1x
Insperity, Inc. $106.68 $4,460 $4,217 16% 1.5 12% 9% 16% 18% 6% 1.0x 0.9x 15.4x 13.1x 24.8x 21.0x
Paylocity Holding Corporation $71.03 $3,750 $3,646 24% 2.1 20% 23% 57% 28% 28% 8.0x 6.6x 28.6x 22.4x 51.1x 39.7x
HealthEquity, Inc. $62.34 $3,889 $3,559 30% 1.6 19% 17% 21% 22% 41% 10.6x 9.0x 26.1x 21.5x 47.3x 38.9x
TriNet Group, Inc. $45.66 $3,216 $3,359 NA NM 7% 11% 4% 11% 38% 3.6x 3.2x 9.5x 8.5x 14.2x 12.5x
Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 17% 19% 156% 85% 7% 6.2x 5.2x NM 46.3x NM 121.6x
WageWorks, Inc. $31.55 $1,251 $603 15% 0.9 3% 3% 7% 6% 31% 1.2x 1.2x 3.8x 3.6x 13.5x 12.6x
Castlight Health, Inc. $2.97 $415 $352 23% NM (1%) NA NA NA 2% 2.3x NM NM NM NM NM
Median 18% 1.6 12% 10% 14% 15% 28% 4.2x 4.6x 15.6x 14.9x 24.8x 21.9x
17
PUBLIC COMPANY VALUATIONS (CONT’D)
Info
rmat
ion
Ser
vice
s
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Fin
anci
al S
aaS
Financial SaaS
Intuit Inc. $215.82 $56,013 $55,106 15% 2.2 7% 11% 2% 13% 36% 8.0x 7.2x 22.1x 19.5x 32.4x 27.5x
Workday, Inc. $181.53 $39,937 $39,545 38% 3.0 25% 22% 39% 38% 18% 11.2x 9.2x 62.1x 45.0x 113.2x 84.2x
SS&C Technologies Holdings, Inc. $51.49 $12,914 $18,868 20% 0.7 38% 5% 44% 9% 38% 4.0x 3.8x 10.5x 9.7x 14.4x 12.8x
The Sage Group plc $8.22 $8,929 $9,775 4% 5.4 11% 7% (1%) 8% 26% 3.7x 3.5x 14.6x 13.6x 20.4x 18.6x
Paycom Software, Inc. $148.24 $8,689 $8,678 26% 1.8 24% 21% 24% 21% 42% 12.5x 10.3x 29.9x 24.7x 46.0x 38.2x
Coupa Software Incorporated $86.96 $5,169 $4,935 NA NM 36% 21% NA 17% 8% 19.5x 16.0x NM NM NM NM
Xero Limited $31.70 $4,432 $4,676 NA NM 36% 27% 104% 52% 20% 9.9x 7.8x 50.0x 32.8x NM 83.6x
Paylocity Holding Corporation $71.03 $3,750 $3,646 24% 2.1 20% 23% 57% 28% 28% 8.0x 6.6x 28.6x 22.4x 51.1x 39.7x
Envestnet, Inc. $54.25 $2,480 $2,783 16% 1.6 9% 13% 12% 17% 20% 3.1x 2.8x 15.8x 13.5x 26.2x 22.2x
Q2 Holdings, Inc. $59.43 $2,578 $2,460 20% NM 27% 23% 20% 95% 8% 8.0x 6.5x NM 54.8x NM 106.0x
Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 17% 19% NM 85% 7% 6.2x 5.2x NM 46.3x NM 121.6x
Blucora, Inc. $29.51 $1,416 $1,588 NA NM 8% 8% 15% 12% 22% 2.6x 2.4x 11.7x 10.4x 13.6x 12.3x
Alfa Financial Software Holdings PLC $1.83 $550 $502 NA NM 15% 10% 29% 16% 36% 4.5x 4.0x 12.4x 10.7x 0.2x 0.2x
Median 20% 2.1 20% 19% 24% 17% 22% 8.0x 6.5x 18.9x 21.0x 26.2x 32.8x
Information Services
RELX PLC $22.16 $43,472 $51,750 7% 2.5 8% 5% 9% 5% 35% 5.0x 4.8x 14.1x 13.4x 18.6x 17.3x
S&P Global Inc. $191.65 $48,085 $49,789 13% 1.7 5% 6% 5% 7% 50% 7.5x 7.1x 15.1x 14.0x 20.9x 18.9x
Moody's Corporation $158.51 $30,372 $34,195 10% 1.9 4% 6% 5% 8% 48% 7.3x 6.9x 15.2x 14.1x 20.1x 18.2x
Thomson Reuters Corporation $52.27 $26,211 $33,029 10% 4.4 8% 3% 8% 28% 24% 5.6x 5.4x 23.6x 18.5x 44.3x 28.9x
IHS Markit Ltd. $51.92 $20,631 $26,190 10% 2.0 11% 6% 12% 8% 39% 5.9x 5.5x 15.0x 13.8x 20.3x 18.1x
Experian plc $25.12 $22,635 $26,065 9% 2.5 4% 10% 4% 11% 34% 5.2x 4.7x 15.2x 13.7x 23.6x 20.9x
Verisk Analytics, Inc. $117.41 $19,328 $21,764 11% 2.3 7% 7% 8% 8% 48% 8.5x 8.0x 17.8x 16.5x 26.2x 23.7x
Wolters Kluwer N.V. $62.31 $16,893 $19,192 9% 2.4 5% 4% 7% 6% 28% 3.7x 3.6x 13.3x 12.5x 20.5x 18.9x
Nielsen Holdings plc $25.68 $9,116 $17,276 7% 1.6 (0%) 2% 2% 7% 29% 2.7x 2.6x 9.3x 8.6x 11.8x 10.4x
MSCI Inc. $170.27 $14,989 $16,166 10% 2.8 6% 10% 7% 13% 54% 10.6x 9.6x 19.5x 17.3x 28.3x 24.6x
Equifax Inc. $107.02 $12,904 $15,283 8% 2.2 3% 6% 5% 8% 34% 4.3x 4.1x 12.6x 11.6x 18.2x 16.4x
TransUnion $60.82 $11,270 $15,141 15% 1.5 14% 9% 15% 11% 39% 5.7x 5.2x 14.5x 13.0x 21.6x 18.6x
Informa plc $8.89 $11,119 $14,698 6% 2.2 26% 3% 30% 6% 34% 3.9x 3.8x 11.4x 10.8x 13.1x 12.2x
Gartner, Inc. $135.89 $12,351 $14,311 14% 2.3 10% 12% 11% 13% 18% 3.3x 3.0x 18.2x 16.1x 32.2x 27.5x
FactSet Research Systems Inc. $218.63 $8,316 $8,693 11% 2.0 6% 6% 10% 9% 35% 6.0x 5.6x 17.0x 15.6x 22.4x 20.2x
News Corporation $12.83 $7,506 $7,542 (34%) (1.0) 3% 1% 8% 8% 13% 0.7x 0.7x 5.8x 5.4x 35.4x 29.3x
Fair Isaac Corporation $225.20 $6,547 $7,299 10% 3.1 8% 7% (100%) NA NA 6.4x 5.9x NM NM 31.3x 28.3x
CoreLogic, Inc. $36.30 $2,924 $4,591 10% 1.2 (2%) 2% 1% 8% 28% 2.6x 2.5x 9.3x 8.7x 13.1x 11.3x
LiveRamp Holdings, Inc. $43.44 $2,961 $3,101 25% NM (55%) 32% (123%) NA (8%) 8.9x 6.7x NM 82.1x NM 117.6x
Euromoney Institutional Investor PLC $16.29 $1,750 $1,648 7% 2.2 NA 2% NA 6% 27% 3.1x 3.1x 11.7x 11.1x 16.4x 15.9x
comScore, Inc. $19.69 $1,160 $1,306 5% NM 5% 11% 119% 115% 6% 3.0x 2.7x 51.8x 24.1x NM NM
National Research Corporation $39.98 $990 $1,022 NA NM 5% NA NA NA NA 8.1x NM NM NM 9.3x NM
Forrester Research, Inc. $44.91 $820 $676 12% 2.3 5% NA 36% NA 14% 1.8x NM 12.9x NM 28.1x NM
Median 10% 2.2 5% 6% 8% 8% 34% 5.2x 4.8x 14.7x 13.7x 20.9x 18.9x
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E
18
PUBLIC COMPANY VALUATIONS (CONT’D)
Inve
stm
ent
Tech
no
logy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Insu
ran
ce T
ech
no
logy
Insurance Technology
Verisk Analytics, Inc. $117.41 $19,328 $21,764 11% 2.3 7% 7% 8% 8% 48% 8.5x 8.0x 17.8x 16.5x 26.2x 23.7x
Guidewire Software, Inc. $86.68 $7,024 $6,241 14% 5.5 27% 20% 12% 19% 22% 9.6x 8.0x 43.3x 36.5x 78.8x 66.7x
HealthEquity, Inc. $62.34 $3,889 $3,559 30% 1.6 19% 17% 21% 22% 41% 10.6x 9.0x 26.1x 21.5x 47.3x 38.9x
Ebix, Inc. $57.12 $1,786 $2,283 15% 0.8 25% 39% 22% 24% 32% 3.7x 2.7x 11.5x 9.2x 12.7x 10.2x
Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 9% 12% 94% 97% 4% 7.2x 6.4x NM NM NM NM
eHealth, Inc. $61.16 $1,336 $1,315 NA NM 31% 13% NA 139% 5% 5.8x 5.1x NM 52.4x NM 89.9x
CorVel Corporation $62.47 $1,171 $1,075 NA NM 8% NA 2% NA 12% 1.8x NM 15.2x NM NM NM
Crawford & Company $9.65 $515 $674 NA NM 2% 0% 14% 0% 11% 0.6x 0.6x 5.2x 5.2x 11.3x 9.7x
Sapiens International Corporation N.V. $12.20 $609 $623 5% 4.0 6% 6% 12% 10% 16% 2.0x 1.9x 13.0x 11.8x 19.8x 17.4x
Majesco $8.50 $312 $311 NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 15% 2.3 9% 13% 13% 20% 16% 5.8x 5.8x 15.2x 16.5x 23.0x 23.7x
Investment Technology
The Bank of New York Mellon Corporation $52.32 $50,249 $73,315 10% 1.3 6% 3% NA NA NA 4.4x 4.3x NM NM 12.3x 11.8x
The Charles Schwab Corporation $46.77 $63,161 $39,196 19% 0.9 11% 6% 16% 6% 50% 3.5x 3.3x 6.9x 6.5x 16.6x 15.0x
State Street Corporation $70.90 $26,938 $34,137 14% 0.7 8% 5% NA NA NA 2.8x 2.7x NM NM 9.5x 8.6x
Northern Trust Corporation $88.46 $19,374 $30,288 11% 1.2 12% 12% NA NA NA 5.1x 4.5x NM NM 13.4x 12.2x
TD Ameritrade Holding Corporation $55.95 $31,352 $26,467 23% 0.6 6% 7% 18% 11% 54% 4.4x 4.1x 8.1x 7.3x 13.9x 12.3x
SS&C Technologies Holdings, Inc. $51.49 $12,914 $18,868 20% 0.7 38% 5% 44% 9% 38% 4.0x 3.8x 10.5x 9.7x 14.4x 12.8x
Broadridge Financial Solutions, Inc. $100.83 $11,772 $12,716 10% 2.1 6% 4% 11% 4% 20% 2.8x 2.7x 13.8x 13.3x 21.1x 19.4x
Computershare Limited $12.94 $7,027 $7,996 10% 1.6 4% 2% 10% 7% 30% 3.4x 3.3x 11.0x 10.3x 17.3x 16.0x
SEI Investments Co. $47.54 $7,304 $6,549 12% 1.3 1% 6% 11% 10% 35% 4.0x 3.8x 11.3x 10.4x 15.3x 13.5x
SimCorp A/S $78.94 $3,095 $3,059 13% 2.4 10% 8% 14% 8% 28% 6.4x 5.9x 22.6x 21.0x 31.5x 29.2x
Envestnet, Inc. $54.25 $2,480 $2,783 16% 1.6 9% 13% 12% 17% 20% 3.1x 2.8x 15.8x 13.5x 26.2x 22.2x
IRESS Limited $8.56 $1,463 $1,602 7% 3.4 10% 6% 15% 6% 28% 4.4x 4.2x 15.7x 14.8x 23.6x 21.7x
Blucora, Inc. $29.51 $1,416 $1,588 NA NM 8% 8% 15% 12% 22% 2.6x 2.4x 11.7x 10.4x 13.6x 12.3x
Equiniti Group plc $2.73 $977 $1,383 NA NM 8% 4% 12% 7% 25% 2.0x 1.9x 7.9x 7.4x 10.5x 9.9x
Sanne Group plc $6.57 $941 $992 NA NM 18% 11% 23% 13% 34% 4.6x 4.2x 13.5x 12.0x 16.7x 14.9x
First Derivatives plc $29.17 $763 $794 NA NM 16% 11% 15% 11% 18% 2.6x 2.3x 14.4x 13.0x 25.4x 22.8x
StatPro Group plc $1.57 $103 $134 NA NM 9% 5% 15% 8% 17% 1.7x 1.7x 10.1x 9.3x 14.0x 12.2x
Median 13% 1.3 9% 6% 15% 8% 28% 3.5x 3.3x 11.5x 10.4x 15.3x 13.5x
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E
19
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Liq
uid
ity
Ve
nu
es
Liquidity Venues
CME Group Inc. $182.28 $65,216 $67,146 16% 1.6 20% 6% 18% 10% 68% 13.1x 12.4x 19.3x 17.6x 24.9x 22.8x
Intercontinental Exchange, Inc. $76.76 $43,721 $50,438 11% 1.9 7% 6% 8% 8% 65% 9.5x 9.0x 14.6x 13.6x 19.8x 17.7x
Deutsche Börse Aktiengesellschaft $133.16 $24,406 $25,895 12% 1.5 8% 7% 10% 9% 60% 7.7x 7.2x 12.8x 11.7x 19.3x 17.4x
London Stock Exchange Group plc $60.16 $20,889 $21,640 14% 1.7 9% 6% 14% 9% 54% 7.3x 6.9x 13.7x 12.5x 23.2x 20.4x
Nasdaq, Inc. $88.04 $14,435 $17,453 8% 2.4 4% 4% 3% 12% 51% 6.9x 6.7x 13.6x 12.1x 18.2x 16.1x
B3 S.A. - Brasil, Bolsa, Balcão $8.63 $17,639 $17,252 14% 1.5 18% 9% 19% 8% 72% 11.9x 10.9x 16.4x 15.2x 21.6x 19.3x
Cboe Global Markets, Inc. $93.27 $10,465 $11,370 12% 1.7 20% (0%) 23% (0%) 68% 9.5x 9.6x 14.0x 14.0x 19.6x 19.3x
Hong Kong Exchanges and Clearing Limited $31.10 $38,798 $10,526 10% 2.9 7% 9% 9% 14% 76% 4.9x 4.5x 6.4x 5.6x 29.7x 26.3x
ASX Limited $46.40 $8,980 $8,242 4% 4.5 7% 5% 6% 3% 76% 12.9x 12.2x 16.8x 16.3x 19.2x 24.3x
MarketAxess Holdings Inc. $214.77 $8,074 $7,827 NA NM 12% 11% 12% 13% 56% 16.1x 14.5x 29.0x 25.6x 42.2x 37.2x
Singapore Exchange Limited $5.68 $6,078 $5,561 5% 3.7 7% 5% 11% 5% 59% 8.1x 7.8x 13.8x 13.1x 20.2x 19.7x
Euronext N.V. $61.68 $4,286 $4,379 8% 1.8 5% 4% 6% 5% 59% 6.0x 5.7x 10.0x 9.5x 14.8x 13.9x
TMX Group Limited $60.22 $3,359 $4,053 NA NM 8% 5% 9% 6% 57% 6.3x 6.0x 11.2x 10.5x 14.3x 13.1x
Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$30.22 $2,513 $2,151 4% 3.9 4% 2% 5% 3% 62% 6.0x 5.8x 9.7x 9.4x 15.7x 15.2x
Bursa Malaysia Berhad $1.78 $1,441 $1,349 7% 3.6 4% 4% 2% 4% 59% 9.8x 9.4x 16.6x 16.0x 25.7x 24.6x
Bolsa Mexicana de Valores, S.A.B. de C.V. $2.01 $1,191 $1,060 12% 1.3 10% 7% 11% 9% 56% 5.4x 5.0x 9.5x 8.7x 15.9x 15.0x
JSE Limited $12.36 $1,057 $885 NA NM 15% 9% 16% 9% 50% 4.8x 4.4x 9.7x 8.9x 13.6x 12.7x
Gielda Papierów Wartosciowych w Warszawie S.A. $10.75 $451 $372 NA NM (2%) (1%) (7%) (3%) 56% 4.1x 4.2x 7.4x 7.7x 13.0x 14.0x
Hellenic Exchanges - Athens Stock Exchange SA $4.18 $252 $167 47% 0.7 17% 16% 55% 36% 38% 4.6x 4.0x 12.2x 9.0x 33.0x 22.7x
Median 11% 1.8 8% 6% 10% 8% 59% 7.3x 6.9x 13.6x 12.1x 19.6x 19.3x
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E
20
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Pa
ymen
ts
Payments
Networks
Visa Inc. $135.01 $296,625 $301,508 16% 1.5 10% 11% 12% 12% 71% 12.9x 11.6x 18.3x 16.3x 24.6x 21.0x
Mastercard Incorporated $211.13 $217,646 $215,602 19% 1.5 12% 13% 14% 15% 60% 12.9x 11.4x 21.3x 18.4x 28.0x 23.7x
American Express Company $102.70 $86,987 $120,987 11% 1.2 8% 7% 11% 8% 32% 2.8x 2.6x 8.6x 8.0x 12.6x 11.5x
PayPal Holdings, Inc. $88.76 $104,204 $97,093 19% 1.6 16% 18% 18% 19% 26% 5.4x 4.6x 20.7x 17.4x 30.7x 25.5x
Discover Financial Services $67.49 $22,339 $31,052 10% 0.8 7% 6% NA NA NA 2.7x 2.6x NM NM 7.8x 7.1x
Merchant Processing
First Data Corporation $24.65 $23,093 $40,247 14% 1.2 6% 5% 8% 8% 39% 4.7x 4.4x 12.1x 11.2x 16.8x 14.8x
Worldpay, Inc. $83.48 $24,824 $32,428 17% 1.3 83% 10% 83% 14% 48% 8.4x 7.6x 17.4x 15.2x 21.7x 18.0x
Square, Inc. $71.35 $29,503 $29,356 55% 1.8 43% 35% 65% 57% 19% 13.0x 9.7x 69.6x 44.4x 100.7x 65.6x
Global Payments Inc. $112.28 $17,764 $22,258 16% 1.1 12% 9% 14% 8% 37% 5.0x 4.6x 13.7x 12.7x 18.6x 16.0x
Adyen N.V. $741.92 $21,927 $20,817 45% NM 37% 35% 45% 43% 50% 39.3x 29.0x 79.0x 55.2x NM 79.7x
Total System Services, Inc. $89.61 $16,349 $19,796 11% 1.6 7% 7% 6% 9% 36% 4.9x 4.5x 13.7x 12.6x 18.4x 16.2x
Wirecard AG $165.75 $20,481 $19,271 35% 1.0 28% 25% 37% 33% 29% 6.4x 5.1x 21.9x 16.5x 35.3x 26.1x
Cielo S.A. $3.27 $8,887 $10,195 3% 4.9 0% 6% (13%) 8% 34% 3.4x 3.2x 9.8x 9.1x 12.3x 11.2x
GMO Payment Gateway, Inc. $51.63 $3,803 $3,576 34% 2.1 20% 30% 33% 27% 33% 11.7x 9.1x 36.0x 28.5x 70.4x 55.1x
EVERTEC, Inc. $27.67 $1,954 $2,428 12% 1.2 5% 5% 6% 6% 47% 5.1x 4.9x 10.9x 10.2x 14.1x 13.1x
EVO Payments, Inc. $25.15 $1,944 $2,426 29% 1.1 9% 10% 14% 12% 27% 3.9x 3.6x 14.8x 13.1x 33.7x 27.5x
SafeCharge International Group Limited $4.02 $612 $526 13% 1.5 13% 13% 14% 13% 27% 3.4x 3.0x 12.7x 11.2x 19.0x 16.7x
i3 Verticals, Inc. $24.73 $227 $263 20% 2.3 NA 11% NA 13% 27% 2.4x 2.1x 8.9x 7.9x 45.8x 33.0x
Prepaid / Closed Loop
Alliance Data Systems Corporation $177.59 $9,674 $30,994 12% 0.6 5% 9% 8% 7% 27% 3.8x 3.5x 13.8x 12.9x 7.2x 6.5x
FleetCor Technologies, Inc. $201.81 $17,890 $21,675 17% 1.0 6% 10% 6% 12% 56% 8.5x 7.7x 15.0x 13.4x 17.3x 15.1x
Edenred SA $40.60 $9,630 $11,055 13% 2.1 10% 9% 13% 12% 39% 6.4x 5.8x 16.2x 14.5x 28.1x 24.6x
WEX Inc. $161.33 $6,954 $8,800 18% 1.0 9% 10% 13% 11% 43% 5.4x 5.0x 12.7x 11.4x 18.1x 15.7x
Green Dot Corporation $74.02 $3,901 $2,915 24% 0.8 10% 10% 15% 14% 25% 2.5x 2.3x 10.2x 8.9x 20.4x 17.5x
Net 1 UEPS Technologies, Inc. $2.85 $162 $190 15% 0.2 (7%) 6% NA 18% 14% 0.4x 0.3x 2.6x 2.2x 3.3x 3.4x
Other Payments Technology
The Western Union Company $18.25 $8,081 $10,542 3% 2.7 2% 2% 2% 2% 25% 1.8x 1.8x 7.4x 7.2x 9.4x 9.0x
The Sage Group plc $8.22 $8,929 $9,775 4% 5.4 11% 7% (1%) 8% 26% 3.7x 3.5x 14.6x 13.6x 20.4x 18.6x
NCR Corporation $26.75 $3,162 $5,863 4% 2.3 2% 2% 7% 2% 16% 0.9x 0.9x 5.6x 5.5x 9.2x 8.0x
Euronet Worldwide, Inc. $115.01 $5,930 $5,517 13% 1.3 14% 12% 23% 17% 21% 1.9x 1.7x 9.0x 7.7x 16.8x 14.5x
Ingenico Group - GCS $54.54 $3,368 $5,410 6% 1.8 12% 6% 14% 10% 19% 1.6x 1.5x 8.4x 7.6x 10.0x 9.1x
Cardtronics plc $27.07 $1,248 $2,038 NA NM (11%) 0% NM (90%) 217% 1.5x 1.5x 0.7x 7.1x 12.8x 13.2x
Everi Holdings Inc. $6.65 $467 $1,494 NA NM 13% 8% 8% 14% 49% 3.2x 3.0x 6.5x 5.7x NM NM
MoneyGram International, Inc. $2.13 $119 $813 NA NM (2%) (5%) (1%) (8%) 17% 0.6x 0.6x 3.4x 3.7x 3.6x 3.6x
Cass Information Systems, Inc. $49.09 $724 $544 NA NM NA NA NA NA NA NM NM NM NM NM NM
International Money Express, Inc. $11.50 $416 $442 NA NM 22% 24% 19% 25% 17% 1.3x 1.1x 7.9x 6.3x 16.3x 12.1x
Cardlytics, Inc. $17.49 $374 $373 20% NM 33% 33% NA NA (1%) 1.9x 1.4x NM 20.7x NM 61.4x
Earthport plc $0.50 $306 $266 NA NM 3% 36% NA NA (27%) 8.1x 5.9x NM NM NM NM
eServGlobal Limited $0.08 $101 $93 NA NM (8%) NA NA NA (55%) 8.2x NM NM NM NM NM
Median 16% 1.4 10% 10% 13% 12% 27% 3.8x 3.5x 12.7x 11.4x 18.1x 16.0x
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E
21
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Rea
l Est
ate
& M
ort
gage
Te
ch.
Trad
ing
Tech
.
Real Estate & Mortgage Technology
Booking Holdings Inc. $1,832.81 $84,913 $86,491 16% 1.1 11% 11% 11% 10% 39% 5.4x 4.8x 13.8x 12.5x 18.2x 16.0x
Expedia Group, Inc. $119.25 $17,765 $19,011 19% 1.0 10% 10% 13% 13% 17% 1.5x 1.4x 8.8x 7.8x 18.2x 15.3x
CoStar Group, Inc. $390.74 $14,231 $13,159 17% 2.4 16% 15% 22% 22% 36% 9.6x 8.3x 26.5x 21.8x 39.9x 33.3x
Fidelity National Financial, Inc. $36.16 $9,952 $9,517 NA NM (2%) 2% (0%) 3% 15% 1.2x 1.2x 8.4x 8.1x 12.6x 11.7x
Black Knight, Inc. $49.19 $7,349 $8,730 15% 1.6 7% 8% 10% 10% 50% 7.3x 6.8x 14.6x 13.3x 24.1x 21.1x
Jones Lang LaSalle Incorporated $143.41 $6,535 $7,804 14% 1.0 2% 4% (0%) 5% 10% 0.9x 0.8x 8.6x 8.2x 13.0x 12.1x
REA Group Limited $55.15 $7,263 $7,440 11% 2.4 16% 11% NA 13% 59% 10.5x 9.4x 17.9x 15.8x 27.7x 23.9x
Ocwen Financial Corporation $1.68 $225 $7,275 NA NM 10% (3%) NA NA NA 6.4x 6.6x NM NM NM NM
TripAdvisor, Inc. $57.38 $7,899 $7,236 16% 1.9 9% 10% 11% 14% 26% 4.1x 3.8x 15.7x 13.7x 30.5x 25.8x
Zillow Group, Inc. $34.81 $7,075 $6,147 5% 17.4 43% 46% 11% 37% 12% 3.3x 2.2x 27.3x 20.0x 87.2x 77.0x
Realogy Holdings Corp. $17.75 $2,097 $5,670 NA NM 1% 3% (1%) 3% 11% 0.9x 0.9x 8.6x 8.4x 9.6x 8.8x
Rightmove plc $6.20 $5,514 $5,495 13% 1.8 12% 8% 12% 8% 76% 14.5x 13.5x 19.0x 17.6x 23.9x 21.7x
RealPage, Inc. $55.77 $5,048 $5,365 NA NM 15% 11% 24% 17% 28% 5.3x 4.8x 18.8x 16.1x 31.6x 27.2x
Radian Group Inc. $19.24 $4,105 $5,039 6% 1.2 9% 6% NA NA NA 3.6x 3.3x NM NM 6.9x 6.3x
CoreLogic, Inc. $36.30 $2,924 $4,591 10% 1.2 (2%) 2% 1% 8% 28% 2.6x 2.5x 9.3x 8.7x 13.1x 11.3x
First American Financial Corporation $50.08 $5,598 $4,215 NA NM (0%) 3% 1% 5% 15% 0.7x 0.7x 5.0x 4.8x 11.0x 10.5x
LendingTree, Inc. $296.34 $3,801 $3,784 31% 1.2 32% 18% 32% 24% 20% 3.7x 3.1x 18.6x 15.0x 37.9x 29.6x
Colliers International Group Inc. $63.83 $2,503 $3,209 21% 0.7 10% 9% 19% 9% 12% 1.0x 1.0x 8.8x 8.0x 13.9x 13.0x
Ellie Mae, Inc. $75.80 $2,641 $2,369 14% 2.8 6% 9% 13% 15% 28% 4.7x 4.3x 16.4x 14.3x 38.7x 33.5x
AppFolio, Inc. $63.31 $2,168 $2,123 18% 2.9 27% 22% 44% 34% 27% 8.9x 7.3x 33.3x 24.9x 52.5x 39.1x
Moneysupermarket.com Group PLC $3.98 $2,135 $2,103 NA NM 12% 6% 12% 8% 37% 4.2x 4.0x 11.4x 10.5x 16.3x 14.9x
Redfin Corporation $17.89 $1,602 $1,270 NA NM 30% 27% 63% NM 1% 2.6x 2.1x NM 45.9x NM NM
Marcus & Mill ichap, Inc. $39.60 $1,531 $1,237 6% 3.0 3% 3% 6% 5% 16% 1.5x 1.5x 9.6x 9.1x 18.1x 17.4x
Stewart Information Services Corporation $44.45 $1,055 $1,016 NA NM 1% 2% 18% 18% 7% 0.5x 0.5x 7.6x 6.4x 16.0x 13.1x
RE/MAX Holdings, Inc. $41.72 $740 $918 150% 0.1 3% 4% 3% 6% 49% 4.2x 4.0x 8.5x 8.0x 18.1x 17.0x
QuinStreet, Inc. $19.04 $938 $876 25% 1.3 15% 13% 41% 27% 11% 1.7x 1.5x 15.3x 12.0x 32.7x 20.6x
Lifull Co., Ltd. $6.56 $880 $814 21% 1.1 19% 14% 20% 19% 16% 2.1x 1.9x 13.1x 11.1x 23.8x 19.4x
Altisource Portfolio Solutions S.A. $23.68 $402 $639 NA NM (14%) NA (24%) NA 8% 0.8x NM 9.9x NM 11.3x NM
Agilysys, Inc. $17.70 $417 $380 NA NM 13% 15% (12%) 74% 6% 2.5x 2.1x 39.4x 22.6x NM NM
Real Matters Inc. $3.07 $268 $198 59% 0.7 (7%) 2% (38%) 109% 2% 0.7x 0.7x 34.2x 16.3x 43.9x 38.4x
Median 16% 1.3 10% 9% 11% 13% 17% 3.0x 2.5x 13.8x 12.5x 18.2x 18.4x
Trading Technology
The Charles Schwab Corporation $46.77 $63,161 $39,196 19% 0.9 11% 6% 16% 6% 50% 3.5x 3.3x 6.9x 6.5x 16.6x 15.0x
TD Ameritrade Holding Corporation $55.95 $31,352 $26,467 23% 0.6 6% 7% 18% 11% 54% 4.4x 4.1x 8.1x 7.3x 13.9x 12.3x
E*TRADE Financial Corporation $46.66 $11,499 $11,559 22% 0.5 4% 4% 6% 4% 55% 3.9x 3.7x 7.0x 6.7x 11.3x 10.1x
Virtu Financial, Inc. $25.55 $2,712 $3,604 NA NM (2%) 6% (15%) 15% 57% 3.6x 3.4x 6.4x 5.5x 14.2x 12.1x
Interactive Brokers Group, Inc. $50.40 $3,785 $2,053 20% 1.0 9% 12% 61% 11% 97% 1.0x 0.9x 1.0x 0.9x 20.7x 18.3x
Investment Technology Group, Inc. $30.26 $1,001 $818 NA NM 8% 7% NA NA NA 1.5x 1.4x NM NM 18.1x 14.8x
GAIN Capital Holdings, Inc. $6.47 $287 $191 NA NM (7%) 5% (10%) NA 24% 0.6x 0.5x 2.3x NM 11.0x 8.7x
INTL FCStone Inc. $38.23 $727 ($1,012) NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 21% 0.7 6% 6% 11% 11% 55% 3.5x 3.3x 6.6x 6.5x 14.2x 12.3x
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E
Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders
GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
GCA operates as GCA in America and Asia, and GCA Altium in Europe
NEW YORK
ZURICH
MILAN
FRANKFURT
MUNICH
TEL AVIVSAN FRANCISCO
LONDON
MANCHESTER
MUMBAI
OSAKA
SHANGHAI
SINGAPORE
TOKYO
NEW DELHI
NAGOYA
HO CHI MINH CITY
TAIPEI
Globally integrated
platform with 21
offices across
America, Asia and
Europe
Geographically balanced,
synergistic and complementary
sector focus areas
across the firm
Strong in key
growth sectors
such as Technology and Industrials
Strong cross-border
capabilities and
deal flow with 35%
of all transactions
cross-border
400+professionals
375+ deals closed in the last 3 years
PARISLEEDS
FUKUOKA
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