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1 Financial Technology Sector Summary Week of August 14, 2017

Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 [email protected] Alexander

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Page 1: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

1

Financial Technology Sector Summary

Week of August 14, 2017

Page 2: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

2

Select Recent Financing Transactions Select Recent M&A Transactions

Company Amount ($MM) Target Acquirer EV ($MM)

$250.0 $850.0

$220.0 $112.0

$126.0 NA

$100.0 NA

$40.0 NA

$35.0 NA

Linklogis $29.0 NA

$25.0 NA

Quarterly Financing Volume Quarterly M&A Volume

$12.06 Bn | 1,187 DealsLTM Financing Volume

Industry Stock Market Performance $67.9 Bn | 892 DealsLTM M&A VolumeLast Twelve Months

Payments

Online Broker Dealers

Financial Data, Content,& Analytics

Investment Services,Software, & Technology

Exchanges

Banking & LendingTechnology

Information Processors /Credit Bureaus

Healthcare / InsuranceTechnology

$12.7

$19.3

$12.9

$10.2

245 256

228210

0

50

100

150

200

250

300

$0

$5

$10

$15

$20

$25

Q3 2016 Q4 2016 Q1 2017 Q2 2017

M&A Volume ($Bn) M&A Deal Count

$2.6 $2.6

$3.0

$3.5298

276

316 290

0

50

100

150

200

250

300

350

400

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Q3 2016 Q4 2016 Q1 2017 Q2 2017

Financing Volume ($Bn) Financing Deal Count

S&P 500

80

90

100

110

120

130

140

150

160

8/11/16 9/18/16 10/25/16 12/1/16 1/8/17 2/14/17 3/23/17 4/30/17 6/6/17 7/13/17

Financial Technology

DEAL DASHBOARD

Notes:Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 8/11/17.1) Refer to footnotes on page 5 for index composition.2) Represents transactions announced between 7/26/17 and 8/14/17.3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.

(1)(3) (3)

(3) (3)

(2) (2)

Page 3: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

3

Financial Technology Team

GCA OVERVIEW

Rob FreimanDirector

Phone: (212) 999-7075Mobile: (973) 229-0436

[email protected]

Alexander BerryAssociate

Phone: (212) 999-7079Mobile: (818) [email protected]

David KruegerVice President

Phone: (212) 537-4534Mobile: (616) 822-7179

[email protected]

Saif Malik*

Vice President

Phone: +44 (0) 207 038-3216Mobile: +44 (0) 778 606-8553

[email protected]

Sean MinnihanManaging Director

Global Head of FinTechPhone: (212) 999-7077Mobile: (917) 364-6230

[email protected]

Steve FletcherManaging Director

Phone: (415) 318-3661Mobile: (415) 518-6725

[email protected]

Paul DiNardoManaging Director

Phone: (212) 999-7097Mobile: (650) 483-7246

[email protected]

Peter BangManaging Director

Phone: (212) 999-7074Mobile: (917) [email protected]

Derek BellManaging Director

Phone: (212) 999-7089Mobile: (914) [email protected]

Justin KellyAnalyst

Phone: (212) 537-4543Mobile: (617) [email protected]

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

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111(415) 318-3600

New York640 Fifth Avenue, 10

thFl.

New York, NY 10019(212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

+81 (3) 6212-7100

Michio Suzuki*

Director

Phone: +81 3-6212-7145Mobile: +81 90-7412-9411

[email protected]

London1 Southampton St.London WC2R0LRUnited Kingdom

+44 20 7484 4040

Glen KrugerDirector

Phone: (212) 999-7082Mobile: (617) [email protected]

Page 4: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

4

SECTION I: Market Summary

Page 5: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

5

Payments(1)

Online Broker Dealers(5)

Financial Data, Content,& Analytics

(3)

Investment Services,Software, & Technology

(7)

Exchanges(2)

(6)Banking & Lending

Technology

Information Processors /Credit Bureaus

(4)

Healthcare / InsuranceTechnology

(8)

Industry Stock Market Performance

MARKET SUMMARY

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, 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.

80

90

100

110

120

130

140

150

160

8/11/16 9/18/16 10/25/16 12/1/16 1/8/17 2/14/17 3/23/17 4/30/17 6/6/17 7/13/17

75

85

95

105

115

125

135

145

155

165

8/11/14 11/10/14 2/9/15 5/11/15 8/10/15 11/9/15 2/8/16 5/9/16 8/8/16 11/7/16 2/6/17 5/8/17 8/7/17

Last 12 Months Last 3 Years

Indexed Price Performance

Sector 3 Months 1 Year 3 Years

Payments 8.7% 25.2% 48.1%

Healthcare / Insurance Technology 8.2% 2.7% 34.2%

Financial, Data, Content, & Analytics 7.7% 15.2% 49.5%

Exchanges 7.4% 15.3% 43.0%

Online Broker Dealers 6.9% 38.5% 46.1%

Banking & Lending Technology 4.7% 17.0% 57.5%

Investment Services, Software, & Technology 1.5% 10.7% 47.3%

Information Processors / Credit Bureaus (3.4%) 2.7% 46.6%

Page 6: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

6

EBITDA Multiples and Margins

MARKET SUMMARY

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

2017E EBITDA Multiples 2017 EBITDA Margins

10.6x

12.9x

13.4x

14.6x

14.8x

14.9x

15.2x

18.5x

0.0x 5.0x 10.0x 15.0x 20.0x

Online Broker Dealers

Payments

Investment Services, Software, &Technology

Financial Data, Content, & Analytics

Information Processors / Credit Bureaus

Exchanges

Banking and Lending Technology

Healthcare / Insurance Technology

16.8%

25.4%

29.2%

30.3%

32.7%

39.3%

47.0%

59.1%

0% 10% 20% 30% 40% 50% 60% 70%

Healthcare / Insurance Technology

Payments

Banking and Lending Technology

Information Processors / Credit Bureaus

Investment Services, Software, &Technology

Financial Data, Content, & Analytics

Online Broker Dealers

Exchanges

Page 7: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

7

Price / Earnings Multiples and PEG Ratios

MARKET SUMMARY

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

1.3

1.3

1.8

1.9

2.0

2.2

2.4

2.6

0.0 0.5 1.0 1.5 2.0 2.5 3.0

Payments

Online Broker Dealers

Investment Services, Software, &Technology

Information Processors / Credit Bureaus

Financial Data, Content, & Analytics

Banking and Lending Technology

Exchanges

Healthcare / Insurance Technology 14.0%

9.3%

14.5%

10.2%

13.8%

13.5%

16.8%

15.0%18.1x

22.2x

22.5x

24.9x

25.5x

25.5x

25.9x

30.4x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x

Payments

Exchanges

Financial Data, Content, & Analytics

Investment Services, Software, &Technology

Information Processors / Credit Bureaus

Online Broker Dealers

Healthcare / Insurance Technology

Banking and Lending Technology

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

Page 8: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

8

LTM Price Performance and 2017 P/E – Payments / Banking

MARKET SUMMARY

Notes: Source: CapitalIQ and Wall Street Research. Market data as of 8/15/17.

($MM)

Prepaid Market Cap.

LTM Price

Performance P/E 2017

Blackhawk Network Holdings, Inc. $2,464 31% 25.9x

Green Dot Corporation $2,414 100% 22.6x

Net 1 UEPS Technologies, Inc. $547 (5%) 5.5x

Sector Average $1,809 42% 18.0x

Integrated Payments Hardware / Technology Market Cap.

LTM Price

Performance P/E 2017

Ingenico Group - GCS $6,285 (7%) 18.1x

NCR Corporation $4,327 6% 10.6x

VeriFone Systems, Inc. $2,060 (4%) 12.6x

Cardtronics plc $1,208 (44%) 9.3x

Everi Holdings Inc. $520 265% 9.2x

PAR Technology Corporation $151 76% NA

Sector Average $2,425 49% 12.0x

Banking and Lending Technology Market Cap.

LTM Price

Performance P/E 2017

Intuit Inc. $35,222 21% 30.2x

Fidelity National Information Services, Inc. $30,137 13% 21.2x

Fiserv, Inc. $26,245 21% 24.4x

Jack Henry & Associates, Inc. $8,271 20% 33.4x

Temenos Group AG $6,616 55% 39.1x

Ellie Mae, Inc. $2,897 (14%) 56.0x

Black Knight Financial Services, Inc. $2,895 7% 30.6x

ACI Worldwide, Inc. $2,616 19% 45.0x

LendingClub Corporation $2,398 0% NM

Q2 Holdings, Inc. $1,585 44% NM

Coupa Software Incorporated $1,580 NA NM

Bottomline Technologies (de), Inc. $1,187 38% 28.7x

On Deck Capital, Inc. $352 (20%) NM

Elevate Credit, Inc. $299 NA 21.2x

Performant Financial Corporation $91 (11%) NM

Sector Average $8,159 15% 33.0x

Information Processors / Credit Bureaus Market Cap.

LTM Price

Performance P/E 20170

Experian plc $18,153 (2%) 21.0x

Equifax Inc. $17,199 9% 23.5x

Fair Isaac Corporation $4,265 9% 27.4x

Acxiom Corporation $1,827 (9%) 32.2x

Sector Average $10,361 2% 26.1x

($MM)

Networks Market Cap.

LTM Price

Performance P/E 2017

Visa Inc. $234,691 27% 28.9x

Mastercard Incorporated $140,119 36% 29.9x

American Express Company $76,721 32% 15.1x

PayPal Holdings, Inc. $71,771 55% 32.5x

Discover Financial Services $23,037 6% 10.4x

Sector Average $109,268 31% 23.4x

Merchant Processing Market Cap.

LTM Price

Performance P/E 2017

Cielo S.A. $20,032 (20%) 15.1x

First Data Corporation $16,512 35% 11.7x

Global Payments Inc. $14,383 26% 23.9x

Vantiv, Inc. $14,095 34% 21.5x

Total System Services, Inc. $11,817 33% 19.5x

Wirecard AG $9,938 75% 31.9x

Square, Inc. $9,527 116% NM

GMO Payment Gateway, Inc. $2,377 21% 93.7x

EVERTEC, Inc. $1,343 8% 10.9x

SafeCharge International Group Limited $514 12% 15.9x

Planet Payment, Inc. $195 (5%) 20.9x

JetPay Corporation $27 (17%) NM

Sector Average $8,397 26% 26.5x

Money Transfer Market Cap.

LTM Price

Performance P/E 2017

The Western Union Company $8,918 (9%) 11.1x

Euronet Worldwide, Inc. $5,075 23% 21.2x

Sector Average $6,997 7% 16.2x

Closed Loop Market Cap.

LTM Price

Performance P/E 2017

FleetCor Technologies, Inc. $13,159 (15%) 17.1x

Alliance Data Systems Corporation $12,564 5% 12.5x

Edenred SA $6,138 15% 22.3x

WEX Inc. $4,398 7% 19.5x

Sector Average $9,065 3% 17.8x

Page 9: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

9

LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics

MARKET SUMMARY

($MM)

Exchanges - Americas Market Cap.

LTM Price

Performance P/E 20170

CME Group Inc. $42,802 20% 26.2x

Intercontinental Exchange, Inc. $38,758 18% 22.3x

B3 S.A. - Brasil, Bolsa, Balcão $13,893 15% 19.5x

Nasdaq, Inc. $12,843 10% 18.5x

CBOE Holdings, Inc. $11,000 43% 29.0x

TMX Group Limited $2,834 8% 13.7x

Bolsa Mexicana de Valores, S.A.B. de C.V. $1,039 (7%) 17.3x

Sector Average $17,596 15% 20.9x

Exchanges - Asia Market Cap.

LTM Price

Performance P/E 20170

Hong Kong Exchanges and Clearing Limited $33,161 5% 36.7x

ASX Limited $8,092 8% 23.1x

Singapore Exchange Limited $5,922 (2%) 22.2x

Bursa Malaysia Berhad $1,279 4% 24.7x

Sector Average $12,113 4% 26.7x

Exchanges - Europe Market Cap.

LTM Price

Performance P/E 20170

Deutsche Börse Aktiengesellschaft $19,487 23% 18.6x

London Stock Exchange Group plc $17,146 34% 26.0x

Bolsas y Mercados Españoles $3,026 16% 16.3x

JSE Limited $900 (18%) 16.5x

GPW $523 37% 12.8x

Hellenic Exchanges - Athens Stock Exch. $367 29% 49.5x

Sector Average $6,908 20% 23.3x

Trading Platforms Market Cap.

LTM Price

Performance P/E 2017

MarketAxess Holdings Inc. $7,226 17% 58.2x

BGC Partners, Inc. $3,651 42% 15.5x

Virtu Financial, Inc. $1,565 3% 18.2x

INTL FCStone Inc. $694 9% 12.1x

Investment Technology Group, Inc. $679 24% NM

Sector Average $2,763 19% 26.0x

($MM)

Investment Services, Software, & Technology Market Cap.

LTM Price

Performance P/E 2017

SEI Investments Co. $9,001 22% 24.9xBroadridge Financial Solutions, Inc. $8,861 12% 22.9xSS&C Technologies Holdings, Inc. $7,759 16% 19.5xDST Systems, Inc. $3,091 (15%) 16.7xFinancial Engines, Inc. $2,176 12% 25.2xEnvestnet, Inc. $1,959 14% 34.6xAlfa Financial Software Holdings PLC $1,626 NA 40.0x

Sector Average $4,245 8% 26.5x

Financial Data, Content, & Analytics Market Cap.

LTM Price

Performance P/E 2017

S&P Global Inc. $38,936 26% 23.9x

Thomson Reuters Corporation $33,091 10% 19.0x

Moody's Corporation $25,250 26% 24.0x

IHS Markit Ltd. $18,402 31% 22.5x

Verisk Analytics, Inc. $13,395 (0%) 25.9x

MSCI Inc. $9,841 25% 28.8x

FactSet Research Systems Inc. $6,363 (7%) 21.7x

The Dun & Bradstreet Corporation $4,213 (18%) 16.2x

Morningstar, Inc. $3,503 0% NA

Bankrate, Inc. $1,236 70% 19.7x

Sector Average $15,423 16% 22.4x

Online Broker Dealers Market Cap.

LTM Price

Performance P/E 2017

The Charles Schwab Corporation $54,810 35% 25.5x

TD Ameritrade Holding Corporation $23,013 40% 25.0x

E*TRADE Financial Corporation $11,093 58% 18.0x

Interactive Brokers Group, Inc. $2,950 15% 28.5x

GAIN Capital Holdings, Inc. $324 8% 26.3x

Global Brokerage, Inc. $10 (83%) NA

Sector Average $15,367 12% 24.7x

Notes: Source: CapitalIQ and Wall Street Research. Market data as of 8/15/17.

Page 10: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

10

SECTION II: Payments / Banking

Page 11: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

11

Public Company Valuations: Financial Metrics

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Convertible preferred equity assumed at 2x liquidation preference.

$MM, Except Per Share Data

Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth

8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ

NetworksVisa Inc. $102.63 $75.17 $102.78 $234,691 $5,700 $248,463 13.4x 12.2x 19.2x 17.3x 28.9x 25.0x 17.0% 1.7 16.0% 25.8%Mastercard Incorporated 131.58 94.41 132.20 140,119 (1,633) 138,582 11.3x 10.2x 19.4x 17.3x 29.9x 25.8x 16.2% 1.8 13.5% 13.3%American Express Company 86.79 59.50 86.97 76,721 25,172 103,493 3.1x 3.0x NM NM 15.1x 13.8x 9.4% 1.6 10.4% (1.0%)PayPal Holdings, Inc. 59.69 36.30 61.30 71,771 (9,165) 62,606 4.9x 4.1x 18.8x 15.9x 32.5x 27.1x 17.9% 1.8 18.5% NMDiscover Financial Services 61.87 53.91 74.33 23,037 13,496 37,108 3.8x 3.6x NM NM 10.4x 9.5x 8.7% 1.2 12.1% (1.4%)

Mean 7.3x 6.6x 19.2x 16.8x 23.4x 20.2x 13.9% 1.6 14.1% 9.2% Median 4.9x 4.1x 19.2x 17.3x 28.9x 25.0x 16.2% 1.7 13.5% 6.2%

Merchant ProcessingCielo S.A. $7.38 $6.38 $9.18 $20,032 $1,663 $22,800 5.9x 5.5x 13.8x 12.4x 15.1x 13.9x 6.2% 2.4 2.6% (10.7%)First Data Corporation 17.89 12.74 19.20 16,512 17,814 37,291 3.1x 3.0x 12.2x 11.4x 11.7x 10.7x 10.7% 1.1 5.3% 3.0%Global Payments Inc. 94.32 64.63 97.99 14,383 3,502 18,039 5.2x 4.7x 15.9x 13.9x 23.9x 20.3x 15.2% 1.6 42.4% 14.2%Vantiv, Inc. 71.85 52.50 71.91 14,095 3,415 17,821 8.4x 7.6x 17.7x 16.0x 21.5x 19.0x 15.4% 1.4 25.8% 12.1%Total System Services, Inc. 64.14 46.22 64.94 11,817 2,711 14,542 3.0x 4.1x 12.3x 11.5x 19.5x 17.8x 11.3% 1.7 12.3% 47.3%Wirecard AG 80.42 45.26 81.22 9,938 (770) 9,167 5.6x 4.6x 19.4x 15.5x 31.9x 24.9x 26.3% 1.2 45.3% 23.4%Square, Inc. 24.83 10.88 27.97 9,527 (570) 8,957 5.2x 4.2x 67.6x 38.0x NM 58.2 87.8% NM 34.9% 25.8%GMO Payment Gateway, Inc. 64.53 34.48 64.99 2,377 (216) 2,170 10.5x 8.5x 38.4x 28.8x 93.7x 59.1x NM NM 75.6% 69.1%EVERTEC, Inc. 18.55 14.15 19.53 1,343 568 1,915 4.6x 4.5x 10.0x 9.6x 10.9x 10.5x 8.4% 1.3 6.3% 6.0%SafeCharge International Group Limited 3.50 2.47 3.80 514 (115) 399 3.5x 3.1x 11.4x 9.8x 15.9x 14.1x 13.0% 1.2 8.6% 3.2%Planet Payment, Inc. 3.63 2.75 4.64 195 (7) 187 3.3x 2.9x 11.0x 9.3x 20.9x 16.8x 25.0% 0.8 5.5% (4.5%)JetPay Corporation 1.75 1.70 3.19 27 8 119 1.6x 1.5x 23.9x 19.4x NM NM NM NM 32.4% 53.8%

Mean 5.0x 4.5x 21.1x 16.3x 26.5x 24.1x 21.9% 1.4 24.7% 20.2% Median 4.9x 4.3x 14.8x 13.2x 20.2x 17.8x 14.1% 1.3 19.1% 13.1%

Money TransferThe Western Union Company $19.22 $18.42 $22.70 $8,918 $2,564 $11,482 2.1x 2.1x 8.9x 8.6x 11.1x 10.7x 9.0% 1.2 0.5% 0.2%Euronet Worldwide, Inc. 96.61 70.51 97.92 5,075 (196) 4,881 2.2x 2.0x 12.0x 10.4x 21.2x 18.5x 14.5% 1.5 12.0% 12.5%

Mean 2.2x 2.1x 10.4x 9.5x 16.2x 14.6x 11.8% 1.3 6.2% 6.4% Median 2.2x 2.1x 10.4x 9.5x 16.2x 14.6x 11.8% 1.3 6.2% 6.4%

Closed LoopFleetCor Technologies, Inc. $143.22 $121.52 $176.42 $13,159 $3,273 $16,432 7.4x 6.6x 14.1x 12.4x 17.1x 15.0x 16.2% 1.1 21.7% 29.5%Alliance Data Systems Corporation 226.45 193.67 266.25 12,564 19,761 32,325 4.1x 3.7x 16.3x 14.2x 12.5x 10.6x 14.9% 0.8 9.4% 4.2%Edenred SA 26.32 21.58 28.71 6,138 1,442 7,750 5.0x 4.7x 13.4x 12.4x 22.3x 20.4x 11.9% 1.9 37.6% 28.1%WEX Inc. 102.50 93.89 122.91 4,398 2,158 6,565 5.4x 4.9x 14.0x 12.4x 19.5x 16.6x 15.3% 1.3 18.9% 29.9%

Mean 5.5x 5.0x 14.5x 12.9x 17.8x 15.7x 14.6% 1.3 21.9% 22.9% Median 5.2x 4.8x 14.1x 12.4x 18.3x 15.8x 15.1% 1.2 20.3% 28.8%

PrepaidBlackhawk Network Holdings, Inc. $43.50 $28.88 $46.70 $2,464 $332 $2,801 1.2x 1.1x 11.9x 10.1x 25.9x 21.4x 15.3% 1.7 18.4% 18.4%Green Dot Corporation 46.45 21.45 46.88 2,414 NA NA NA NA NA NA 22.6x 19.6x 17.8% 1.3 20.6% 28.3%Net 1 UEPS Technologies, Inc. 9.70 8.37 13.81 547 (198) 353 0.5x 0.5x 2.2x 2.3x 5.5x 5.2 NM NM 10.7% 9.8%

Mean 0.9x 0.8x 7.1x 6.2x 18.0x 15.4x 16.5% 1.5 16.6% 18.8% Median 0.9x 0.8x 7.1x 6.2x 22.6x 19.6x 16.5% 1.5 18.4% 18.4%

(1)

Page 12: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

12

Public Company Valuations: Financial Metrics (Cont.)

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Revenue growth rates based on gross revenues before provision for loan losses and fundraising costs.

$MM, Except Per Share Data

Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth

8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ

Integrated Payments Hardware / TechnologyIngenico Group - GCS $100.99 $80.08 $116.69 $6,285 $193 $6,488 2.2x 2.0x 10.9x 9.8x 18.1x 16.1x 12.5% 1.5 19.6% 10.7%NCR Corporation 35.61 29.83 49.90 4,327 2,905 8,269 1.2x 1.2x 7.1x 6.9x 10.6x 9.8x NM NM 2.1% (1.7%)VeriFone Systems, Inc. 18.42 14.94 20.98 2,060 743 2,830 1.5x 1.4x 9.6x 8.4x 12.6x 11.6x 15.0% 0.8 NA (10.0%)Cardtronics plc 26.45 25.81 56.00 1,208 920 2,128 1.4x 1.6x 6.6x 7.1x 9.3x 10.3x 14.0% 0.7 17.1% 18.9%Everi Holdings Inc. 7.78 1.21 8.99 520 982 1,502 1.6x 1.5x 7.1x 6.7x 9.2x NM 20.0% 0.5 8.5% 13.2%PAR Technology Corporation 9.48 4.69 9.77 151 (2) 149 NA NA NA NA NA NA NM NA NA 18.2%

Mean 1.6x 1.6x 8.2x 7.8x 12.0x 11.9x 15.4% 0.9 11.8% 8.2% Median 1.5x 1.5x 7.1x 7.1x 10.6x 10.9x 14.5% 0.8 12.8% 12.0%

Banking and Lending TechnologyIntuit Inc. $137.47 $103.22 $143.81 $35,222 ($1,093) $34,129 6.4x 5.9x 16.6x 14.9x 30.2x 27.3x 15.9% 1.9 9.7% 10.3%Fidelity National Information Services, Inc. 90.66 73.25 92.78 30,137 8,926 39,177 4.3x 4.2x 12.7x 12.3x 21.2x 18.6x 11.5% 1.8 (0.9%) 1.6%Fiserv, Inc. 124.70 92.81 129.35 26,245 4,442 30,687 5.4x 5.1x 15.0x 14.1x 24.4x 21.6x 12.1% 2.0 4.0% 1.7%Jack Henry & Associates, Inc. 106.51 79.00 109.67 8,271 7 8,278 5.6x 5.3x 16.1x 14.9x 33.4x 29.9x 11.0% 3.0 5.8% 4.6%Temenos Group AG 94.90 58.03 98.39 6,616 300 6,916 9.7x 8.7x 28.1x 24.1x 39.1x 33.7x 14.9% 2.6 12.1% 13.5%Ellie Mae, Inc. 84.26 77.60 114.95 2,897 (334) 2,563 6.4x 5.3x 21.7x 16.7x 56.0x 45.1x 15.7% 3.6 12.0% 15.6%Black Knight Financial Services, Inc. 42.05 34.00 43.70 2,895 1,462 5,426 5.0x 4.6x 10.5x 9.5x 30.6x 26.3x 14.1% 2.2 4.9% 2.6%ACI Worldwide, Inc. 22.13 15.11 24.65 2,616 603 3,219 3.1x 3.0x 12.6x 11.7x 45.0x 37.6x 12.5% 3.6 1.8% 9.4%LendingClub Corporation 5.83 4.64 6.79 2,398 (538) 1,868 3.2x 2.5x 33.0x 14.1x NM 26.2x NM NM 15.2% 35.7%Q2 Holdings, Inc. 38.40 25.23 40.50 1,585 (79) 1,507 7.7x 6.2x NM 74.2x NM NM NM NM 29.7% 32.3%Coupa Software Incorporated 29.81 22.50 41.61 1,580 (238) 1,341 7.7x 6.2x NM NM NM NM NM NM 30.2% 41.0%Bottomline Technologies (de), Inc. 29.32 18.48 31.10 1,187 57 1,245 3.4x 3.2x 15.4x 13.9x 28.7x 25.5x 17.3% 1.7 5.2% 6.1%On Deck Capital, Inc. 4.81 3.29 6.46 352 666 1,023 2.9x 2.7x NM 31.6x NM 18.0x NM NM 19.9% 20.9%Elevate Credit, Inc. 7.18 6.50 9.48 299 368 667 1.0x 0.8x 6.7x 4.0x 21.2 5.9x NA NA NA 18.7%Performant Financial Corporation 1.80 1.50 4.07 91 22 113 0.8x 0.8x 9.2x 6.2x NM 40.0x 20.0% NM (3.1%) (5.7%)

Mean 4.9x 4.3x 16.5x 18.7x 33.0x 27.4x 14.5% 2.5 10.5% 13.9% Median 5.0x 4.6x 15.2x 14.1x 30.4x 26.3x 14.5% 2.2 7.7% 10.3%

Information Processors / Credit BureausExperian plc $19.49 $17.74 $21.96 $18,153 $3,210 $21,375 4.9x 4.6x 14.0x 13.3x 21.0x 19.0x 8.4% 2.5 NA NAEquifax Inc. 142.88 110.87 147.02 17,199 2,428 19,688 5.8x 5.4x 15.5x 14.3x 23.5x 21.2x 11.5% 2.0 8.4% 5.6%Fair Isaac Corporation 139.25 109.77 147.02 4,265 481 4,746 5.0x 4.7x 19.7x 17.3x 27.4x 23.3x 16.0% 1.7 4.7% (3.3%)Acxiom Corporation 22.98 22.64 30.40 1,827 67 1,894 2.1x 1.9x 11.3x 9.2x 32.2x 23.3x 17.7% 1.8 2.2% (1.1%)Intersections Inc. 3.57 1.70 5.75 85 11 96 NA NA NA NA NA NA NM NA NA (10.8%)

Mean 4.5x 4.1x 15.1x 13.5x 26.1x 21.7x 13.4% 2.0 5.1% (2.4%) Median 5.0x 4.7x 14.8x 13.8x 25.5x 22.2x 13.8% 1.9 4.7% (2.2%)

(1)

Page 13: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

13

Selected Recent Acquisitions – Trailing 12 Months

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

8/10/17 PayPal Holdings, Inc. Swift Financial Corporation Online Lending NA NA

8/10/17 SIX Payment Services Ltd Aduno SA Merchant Acquiring NA NA

8/8/17Bitcoin Crypto Currency Exchange

CorporationKaChingpay.com Inc. Token Network/Merchant Processing NA NA

8/3/17 Givex Corporation POS Canada Inc. POS NA NA

8/2/17 Thomas H. Lee Partners, L.P. Ten-X, LLC Real Estate Tech NA NA

8/2/17 Marlin Equity Partners, LLC Medius AB AP Automation NA NA

8/1/17 Fiserv, Inc. PCLender LLC Mortgage Software NA NA

7/28/17 Acana Capital Corp. Blockchain Technology Group Inc. Blockchain NA NA

7/27/17 Verisk Analytics, Inc. G2 Web Services, LLC Anti-Fraud $112 NA

7/27/17 Axis Bank LimitedAccelyst Solutions Pvt. Ltd and

Freecharge Payment Technologies Mobile Payments $60 NA

7/26/17 Stripe Payable Accounting Software NA NA

7/25/17 Worldline S.A.First Data Lietuva Uab and First Data

Latvia Sia and First Data EESTI OUMerchant Processing $85 3.2x

7/25/17 The Sage Group plc Intacct Corporation Accounting Software $850 9.7x

7/21/17 Paysafe Group Plc Delta Card Services, Inc. Merchant Processing $470 1.1x

7/21/17CVC Capital Partners Limited; The

Blackstone Group L.P.Paysafe Group Plc Payment Processing $4,014 3.8x

7/20/17 Ingenico Group - GCS Bambora Merchant Processing $1,746 7.4x

7/18/17 ABILITY Network Inc. Secure Bill Pay Healthcare Payments NA NA

7/18/17 Urban FT, Inc. iParse LLC Mobile Banking NA NA

7/17/17 Worldline S.A. Digital River World Payments AB Ecommerce Payments NA NA

7/17/17 Mastercard Brighterion, Inc. Fraud Protection NA NA

Page 14: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

14

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

7/12/17 Ceres inc. bitbank, Inc. Blockchain $29 19.3x

7/10/17 Linx Sistemas E Consultoria Ltda. Grupo Synthesys POS $26 NA

7/6/17 Blackfin Capital Partners SAS Buckaroo B.V. Gateway NA NA

7/6/17 Equiniti Group plc Nostrum Group Limited Loan Servicing NA NA

7/5/17 Vantiv, Inc. Worldpay Group plc Merchant Processing $11,453 7.5x

7/5/17 Vision Solutions Inc. Enforcive, Inc. Reg Tech NA NA

7/4/17 Blue Star Capital plc SatoshiPay Ltd Blockchain Nanopayments $7 NA

6/30/17 DBS Bank Ltd. AXS Pte. Ltd. Mobile Financial Services $60 NA

6/29/17HgCapital, Montagu Private Equity,

Intermediate Capital Group, GIC Pte. Visma AS Financial Software $5,453 5.7x

6/29/17 ScanSource, Inc. POS Portal, Inc. POS $158 NA

6/28/17 Vista Equity Partners LLC PayLease, LLC Vertical Payments NA NA

6/27/17 BlackRock, Inc. CacheMatrix Holdings LLC Enterprise Cash Management NA NA

6/20/17 LendingTree, LLC Magnify Money Lead Gen $40 NA

6/20/17 Global Blue SA EuroPass Wechat Gateway NA NA

6/15/17 LendingTree, LLC Deposits Online, LLC. Data / Analytics $33 NA

6/13/17 Fiserv (Europe) Limited Monitise plc Banking Technology $60 0.7x

6/12/17Otkritie Holding JSC; Otkritie

Investments Cyprus LimitedQiwi plc Networks $1,381 4.3x

6/9/17 The Bankers BankUS Dataworks, Inc., Substantially All

AssetsTreasury Management $2 NA

6/8/17 ECN Capital Corp. Service Finance Company, LLC Mortgage Servicing $304 NA

6/7/17 Incenter Mortgage Solutions LLC Campus Door Holdings, Inc. Student Lending NA NA

Page 15: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

15

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

6/7/17 Longview Solutions, Inc. Tidemark Systems, Inc. Financial Software NA NA

6/6/17 Ascensus, Inc. Kravitz, Inc. Retirement Administration NA NA

6/6/17 CoreLogic, Inc. Mercury Network, LLC Mortgage Technology NA NA

6/2/17 GTCR, LLC Sage Payment Solutions, Inc. Merchant Processing $260 NA

6/1/17 Flywire PACE Financial Group Ltd. Invoicing NA NA

6/1/17 Aquiline Capital Partners LLC Output Services Group, Inc. Bill Pay NA NA

5/31/17 KeyBank National Association HelloWallet, LLC PFM NA NA

5/30/17 Optimal Blue LLCComergence Compliance Monitoring,

LLCMortgage Tech NA NA

5/29/17 First Data Corporation CardConnect Corp. Merchant Processing $716 1.2x

5/24/17 Ebix, Inc. Itz Cash Card Ltd. Prepaid $120 NA

5/17/17 Coupa Software Incorporated Riskopy, Inc. Risk / Data NA NA

5/17/17 North American Bancard Holdings, LLC Total Merchant Services, Inc. Merchant Acquiring NA NA

5/16/17 Mswipe Technologies Pvt Ltd PayU Payments Private Limited POS NA NA

5/15/17 Moody's Analytics, Inc.Bureau van Dijk Electronic Publishing

BVCredit Bureau $3,293 11.3x

5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA

5/10/17 Swedbank AB (publ) PayEx Holding 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

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

Page 16: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

16

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x

4/19/17 Ant Financial Services GroupHelloPay Singapore Pte. Ltd (nka:Alipay

Singapore)Ecommerce Payments NA NA

4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA

4/11/17Network For Electronic Transfers

(Singapore) Pte Ltd.

Banking Computer Services Private

Limited and BCS Information System Clearing $27 NA

4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $455 1.5x

4/10/17 New Access SAFidelity National Information Services,

Inc., Ambit Private Banking BusinessBanking Software NA NA

4/7/17 Coupa Software Incorporated Trade Extensions Tradeext AB Sourcing Software $45 NA

4/5/17 Nets OyOP Financial Group, Merchant Acquiring

BusinessMerchant Acquiring $32 NA

4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA

4/4/17 BNP Paribas SAFinanciere Des Paiements

Electroniques S.A.S.Digital Banking NA NA

4/3/17 CU Cooperative Systems, Inc. The Members Group LLC Payment Processing NA NA

4/3/17 CardConnect Corp. MertzCo, Inc. VAR $38 6.2x

4/3/17 Avangate Inc. 2Checkout.com, Inc. Payment Processing NA NA

3/31/17 M1 Limited Areeba s.a.l. Card Processing $220 NA

3/29/17 Mastercard Incorporated NuData Security Inc. Anti-Fraud NA NA

3/28/17 Wirecard AG MyGate Communications (Pty) Ltd Gateway $25 NA

3/27/17 Nxt-ID, Inc. FitPay, Inc. Authentication NA NA

3/21/17 Visma AS Bluegarden Holding A/S Payroll Software NA NA

3/16/17 First Data Corporation Acculynk, Inc. Ecommerce Payments $85 NA

3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

Page 17: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

17

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

3/13/17 Wirecard AGCitibank's Merchant Acquiring Services

in Asia PacificMerchant Acquiring NA NA

3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x

3/13/17 Payment Data Systems, Inc. Singular Payments, LLC Vertical Payments NA NA

3/8/17 Flagship Community Bank BankMobile Mobile Payments NA NA

3/7/17 Optal Limited Invapay Payment Solutions Ltd. B2B Payments NA NA

3/6/17 TA Associates Management, L.P. Interswitch Limited Digital Payments NA NA

2/28/17 Technology Crossover Ventures Retail Merchant Services Ltd. Payment Services NA NA

2/27/17Argus Information & Advisory Services,

LLCFintellix Solutions Private Limited Data / Analytics NA NA

2/23/17 Airbnb, Inc. Tilt.com, Inc. Crowd Funding NA NA

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

2/14/17 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

2/5/17 Klarna AB (nka:Klarna Bank AB (publ)) Billpay GmbH Ecommerce Payments $75 NA

2/1/17 i3 Verticals, LLCRandall Data Systems, LLC and CSC

Links, LLC

Accounting Software / Healthcare

Payments NA NA

2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

Page 18: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

18

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

1/31/17 Cardtronics plc Spark ATM Systems (Pty) Ltd. ATMS NA NA

1/31/17 Zoopla Hometrack Real Estate Tech $150 NA

1/30/17 Ingenico Group - GCS TechProcess Payment Services Limited Electronic Payments NA NA

1/30/17 Green Dot Corporation UniRush, LLC Prepaid 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

1/18/17 Clearent, LLCPayment Alliance International,

Merchant Service DivisionInternational Payments / FX NA NA

1/18/17 AnaCap Financial Partners LLP Heidelberger Payment GmbH Ecommerce Payments NA NA

1/18/17 Augeo Affinity Marketing Inc. Edo Interactive Inc. Loyalty / Rewards NA NA

1/17/17 Clarus Merchant Services North American Merchant Services, Inc. ISO NA NA

1/17/17 Clarus Merchant Services BC Technologies ISO NA NA

1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA

1/13/17Advent International Corporation; Bain

Capital Investors, LLCConCardis GmbH Merchant Processing NA NA

1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA

1/10/17 Coupa Software Incorporated Spend360 International Ltd Financial Software NA NA

1/10/17 Clarus Merchant ServicesANARAQ Holdings, LLC, Payment

Processing AssetsMerchant Acquiring NA NA

1/10/17 GoFundMe, Inc CrowdRise, Inc. Crowdfunding NA NA

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

Page 19: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

19

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

1/6/17 Rock Holdings Inc. LowerMyBills, Inc. and Classes USA, Inc. Online Lending / Lead Gen NA NA

1/5/17 IRIS Software Group Limited PS Financials Ltd Accounting Software NA NA

1/4/17 EVO Payments International, LLC Sterling Payment Technologies, Inc. Merchant Processing NA NA

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA

12/23/16 Volkswagen Financial Services AGPayByPhone Technologies And

PayByPhone And Mobile Payment Mobile Payments $32 NA

12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

12/19/16 SENJO GROUP Pte. Ltd. Kalixa Payments Group Limited Merchant Acquiriing $30 1.3x

12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA

12/1/16 Flexpoint Ford, LLC Purchasing Power, LLC Online Consumer Lending NA NA

12/1/16 Visa Inc. CardinalCommerce Corporation eCommerce Payments NA NA

11/29/16 BluePay Canada ULC VersaPay, Merchant Services Portfolio Merchant Services Portfolio $8 NA

11/23/16 Klarna AB (nka:Klarna Bank AB (publ)) Cookies Labs GmbH Money Transfer NA NA

11/20/16 Symantec Corporation LifeLock, Inc. Anti-Fraud $2,362 3.6x

11/16/16 LendingTree, LLC Iron Horse Holdings, LLC Lead Gen $130 NA

11/15/16 Versara Lending, LLC Peerform, Inc. Online Lending NA NA

11/14/16 Finical, Inc. Safeguard Bankcard, LLC Merchant Services NA NA

11/10/16 Intrum Justitia AB 1st Credit Limited Collections $163 2.6x

11/10/16 MetaBank Specialty Consumer Services, LP Online Lending NA NA

11/10/16 NPC Group, Inc. Moneris Solutions, Inc. Merchant Acquiring $425 NA

11/7/16 GTCR, LLC RevSpring, Inc. Healthcare Payments NA NA

Page 20: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

20

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

11/4/16 BC Partners; Medina Capital Easy Solutions Inc. Fraud Detection NA NA

11/4/16 Broadridge Financial Solutions, Inc. M&O Systems, Inc. Accounting Software $25 NA

11/1/16 Hansen Technologies Ltd DST Billing Solutions Limited Billing Software NA NA

10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA

10/18/16Lendingkart Technologies Private

LimitedFinectar Technologies Pvt. Ltd. Online Lending NA NA

10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA

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

10/4/16Gresham Computing plc (nka:Gresham

Technologies plc)C24 Technologies Ltd. Risk / Analytics $6 2.3x

10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x

9/15/16 Payroc LLC The iTransact Group, LLC Merchant Processing NA NA

9/14/16 Amdocs Limited Vindicia, Inc Billing Software NA NA

9/7/16 iZettle AB Intelligent Point Of Sale (Sales) Limited Point of Sales NA NA

9/6/16Vista Equity Partners LLC; Vista Equity

Fund III, L.P.Regulatory DataCorp, Inc. Compliance/Risk NA NA

8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA

Page 21: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

21

Selected Recent Equity Financings – Trailing 12 Months

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

8/11/17 NextBlock NA $20 Undisclosed Blockchain

8/10/17 Coinbase Series D $100Battery Ventures, Draper Associates, Greylock Partners,

Institutional Venture Partners, Section 32, Spark CapitalCryptocurrency

8/10/17 Linklogis Series B $29Bertelsmann Asia Investments, China Merchants Capital, CITIC

Capital Private Equity, Loyal Valley Innovation Capital, Tencent Online Lending

8/10/17 Vyze Series C $13 Austin Ventures, Fathom Capital, Starvest Partners Consumer Lending

8/9/17 Socure Series B $14Commerce Ventures, Flint Capital, Santander InnoVentures,

Synchrony Financial, Two Sigma Ventures, Work-BenchIdentity Verification

8/7/17 UangTeman Series A $12 Draper Associates, K2 Venture Capital, STI Financial Group Online Lending

8/3/17 Neyber Series C $21 Wadhawan Global Capital PFM

8/3/17 Kabbage Series F $250 SoftBank Group Online Lending

8/2/17 PeerIQ Series A $12Hearst Ventures, John Mack, Macquarie Group, TransUnion,

UprisingData/Analytics

8/2/17 DianRong Series D $220 China Minsheng Investment, GIC, Simone Investment Managers Online Lending

8/2/17 Bread Series B $126 Bessemer Venture Partners, Menlo Ventures, RRE Ventures Online Lending

8/1/17 Juvo Series B $40 New Enterprise Associates, SignalFire, Wing Venture Capital Micro Lending

7/31/17 Flutterwave Series A $10Glynn Capital Management, Green Visor Capital, Greycroft

Partners, Y CombinatorBank/Payments Software

7/26/17 Marqeta Series D $2583North, Commerce Ventures, CommerzVentures, CreditEase,

Granite Ventures, IA Capital Group, VisaPrepaid

7/25/17 Beqom NA $35 Goldman Sachs Financial Software

7/25/17 Rimilia NA $25 Kennet Partners, Eight Roads Ventures AR Automation

7/25/17 Toast, Inc. Series C $101Bessemer Venture Partners, Generation Investment

Management, Lead Edge CapitalPOS

7/21/17 Devign Lab Series A $27 Undisclosed Investors Digital Currency

7/20/17 Receipt Bank Series B $50 Insight Venture Partners Accounting Software

7/19/17 Karmic Labs Series B $17Alsop-Louie Partners, Arbor Ventures, Greycroft Partners,

Marketplace Funds, Startup Capital VenturesExpense Management Cards

Notes: Source: CapitalIQ and Pitchbook.

Page 22: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

22

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

7/18/17 Freshbooks Series B $43 Accomplice, Georgian Partners, Oak Investment Partners Accounting Software

7/18/17 NewStore Series B $50 Activant Capital Group, General Catalyst, Stephan Schambach Mobile Commerce

7/12/17 Curve Series A $10Alessandro Hatami, Breega Capital, Connect Ventures, Emilian

Popa, Gael de Boissard, Henry Ritchotte, Investec, Oxford Capital Payment Cards

7/12/17 Revolut Series B $66 Balderton Capital, Index Ventures, Ribbit Capital Digital Banking

7/11/17 Innoviti Payment Solutions Series B $19Bessemer Venture Partners, Catamaran Ventures, SBI Jefferies

Asia FundGateway

7/7/17 Dashu Finance Series C $118Everbright Financial Holdings, PAG, Primavera Capital Group,

Sequoia Capital ChinaOnline Lending

7/5/17 Ohpen Series B $17 Amerborgh Core Banking Software

7/5/17 Tide Series A $14 Anthemis Group, Creandum, LocalGlobe, Passion Capital Digital Banking

7/5/17 InstaReM Series B $13Fullerton Financial Holdings, Global Founders Capital, GSR

Ventures, SBI Ven Capital, Vertex Ventures ChinaCross-Border Payments

7/3/17 Qonto Series A $11 Alven Capital, Valar Ventures Digital Banking

6/29/17 Spruce Finance NA $25 HPS Investment Partners Consumer Lending

6/27/17 Riskified NA $33 C4 Ventures, Capital One Growth Ventures, Pitango Growth Fraud Protection

6/26/17 Yoyo Wallet Series B $15Metro Group, Touchstone Innovations, Woodford Investment

ManagementMobile Payments

6/22/17 Blockchain Series B $40Digital Currency Group, Google Ventures, Lakestar, Lightspeed

Venture Partners, Mosaic Venture Partners, Virgin GroupBlockchain

6/21/17 Mswipe Technologies Series D $31DSG Consumer Partners, Falcon Edge Capital, Matrix Partners

India, UC-RNT FundPOS

6/21/17 FloQast Series B $25 Insight Venture Partners, Polaris Partners, Toba Capital Accounting Software

6/21/17 Soldo Series A $11Accel Partners, Connect Ventures, InReach Ventures, R204

Partners, U-Start Ventures

Expense Management

Software

6/20/17 Sequent Software Series C $16JADO Investments, MoneyTime Ventures, Opus Capital, TIS INTEC

GroupTokenization

6/15/17 PayBreak (Afford It Now) NA $31 Undisclosed Consumer / POS Lending

6/9/17 Cardlytics NA $12 Undisclosed Loyalty / Rewards

Notes: Source: CapitalIQ and Pitchbook.

Page 23: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

23

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

6/8/17 AvidXchange Series F $300Caisse de depot et placement du Quebec, MasterCard

Worldwide, Peter Thiel, Temasek HoldingsAP Automation

6/7/17 Plynk Series A $28 Swiss Privee Money Transfer

6/3/17 Max Series A $23 Credit Mutuel Arkea PFM

6/1/17 Zopa Series F $41 Northzone Ventures, Wadhawan Global Capital Digital Banking

5/31/17 TouchBistro Series C $12Napier Park Financial Partners, Recruit Holdings, BDC IT Venture

Fund, Relay Ventures, Kensington Capital PartnersPOS

5/30/17 Wave Accounting Series E $24BDC Venture Capital, CRV, Exhibition Capital, HarbourVest

Partners, National Australia BankAccounting Software

5/26/17 RateSetter Series C $17 Clean Energy Finance Corporation Online Lending

5/25/17 BillTrust Series D $50 Riverwood Capital AR / Invoicing

5/24/17 Zibby Series C $14Blumberg Capital, CURO Financial Technologies, MissionOG,

Tribeca Venture PartnersConsumer Lending

5/23/17 R3 Series A $107Banco Bradesco, Bangkok Bank, Bank of America, Bank of

Montreal, BarclaysBlockchain

5/22/17 LedgerX Series B $11 Huiyin Blockchain Venture, Miami International Holdings Cryptocurrency

5/17/17 Additiv Series A $5 BZ Bank Aktiengesellschaft Financial Software

5/16/17 Neighborly Series B $258VC, Abstract Ventures, Bee Partners, Emerson Collective,

FinTech Collective, Govtech Fund, Maven VenturesMarketplace Lending

5/16/17 LevelUp NA $37 CentroCredit Bank, JP Morgan Chase, U.S. Boston POS / Loyalty

5/15/17 Wacai Series C $42Ally Bridge Group, China Broadband Capital, China Development

Bank Capital, New Horizon CapitalPFM

5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments

5/10/17 Kreditech NA $120 PayU Consumer Credit

5/9/17 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 Ecommerce Fraud Protection

Notes: Source: CapitalIQ and Pitchbook.

Page 24: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

24

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

5/4/17 MPP Global Series B $15 Albion Ventures, Grafton Capital Ecommerce

5/3/17 Nav Series B $13Clocktower Ventures, CreditEase Fintech Investment Fund,

Goldman Sachs, Point72 VenturesCredit Scoring

5/2/17 Aicai Series C $32 Zhongshunyi Financial Student Logistics / Payments

5/2/17 ServiceChannel NA $54 Acce Vertical Payments

5/1/17 Airwallex Series A $13 Gobi Ventures, MasterCard, Sequoia China, Tencent Cross-Border Payments

4/29/17 Satispay NA $15 Iccrea Banca Mobile Payments

4/26/17 Ivalua NA $70 KKRSpend Management

Software

4/26/17 Robinhood Series C $110 DST Global, Index Ventures, NEA, Ribbit Capital Online Brokerage

4/24/17 Token Series A $16 EQT Ventures, Octopus Ventures, OP Financial Group Banking Software

4/19/17 IceKredit Series A $16 China Creation Ventures, Lingfeng Capital Underwriting Technology

4/18/17 Factom Series A $8 Harvest Equity, Peeli Ventures Blockchain

4/13/17 College Avenue Student Loans NA $30 Comcast Ventures, Leading Edge Ventures Student Loan Marketplace

4/11/17 Mswipe Technologies Series D $21 DSG Consumer Partners, Falcon Edge Capital, Fosun Capital Mobile Payments

4/10/17 MintQuantum Series A $15 Undisclosed Online Lending

4/6/27 Upgrade Series A $60Union Square Ventures, Credit Ease, FirstMark Capital, Noah

Holdings, Ribbit Capital, Sands Capital VenturesOnline Lending

4/6/17 WeCash Series C $80China Merchants Innovation Investment Management, Forebright

Capital Management, SIGCredit Scoring

4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments

4/5/17 Jucaicat Series A $15 TIZA Online Lending

4/5/17 Savedroid NA $22 Rhineland-Palatinate, Angel Investors PFM / Digital Banking

3/31/17 Fiilament Series B $15 Bullpen Capital, Verizon Ventures Blockchain

Notes: Source: CapitalIQ and Pitchbook.

Page 25: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

25

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

3/30/17 Yongqianbao NA $67 Golden Brick Capital Management, CICC Alpha Online Lending

3/29/17 ShapeShift AG Series A $10Access Venture Partners, Earlybird Venture Capital, Pantera

Capital, Lakestar, Blockchain CapitalDigital Currency

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 $29China Renaissance Private Equity Fund, PAG, Sequoia Capital

ChinaReal Estate Tech

3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM

3/23/17 Qtum NA $15 Undisclosed Blockchain

3/22/17 figo NA $12 Berliner Volksbank Ventures, DB1 Ventures Bank API

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 Ecommerce

3/14/17 solarisBank NA $28 Arvato Financial Solutions, SBI Group Digital Banking

3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software

3/13/17 Viva Republica Series C $48Altos Ventures, Bessemer Venture Partners, Goodwater Capital,

Partech Ventures, PayPal HoldingsMoney Transfer

3/9/17 Currencycloud Series D $25Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire

VenturesCross-Border Payments

3/8/17 Veem Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments

3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM

3/6/17 Atom Bank NA $102BBVA, Toscafund Asset Management, Woodford Investment

ManagementDigital Banking

3/3/17 UpStart NA $33First Round Capital, Khosla Ventures, Rakuten, Third Point

VenturesOnline Lending

3/2/17 Sensibill Series A $12 Information Capital, OTEAF Expense Mgmt Software

Notes: Source: CapitalIQ and Pitchbook.

Page 26: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

26

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

3/1/17 Clearbank NA $31 CFFI Ventures, PPF Group Banking Software

2/24/17 Social Finance Series F $500 GPI Capital, Silver Lake, Softbank Group Online Lending

2/23/17 Nymbus NA $16 Home Credit Group Bank Software

2/23/17 Tala Series B $30 IVP, Ribbit Capital Credit Scoring

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 Offers / Marketing

2/22/17 Creditas Series B $19Nasper's FinTech Arm, Redpoint Ventures, World Bank's

International Finance Corp Online Lending

2/20/17 True Balance Series B $15 SoftBank VenturesMobile Balance

Management

2/20/17 Kakao Pay NA $200 Ant Financial Mobile Payments

2/13/17 CrediFi Corp Series B $1331Ventures, Battery Ventures, Carmel Ventures, Liberty Israel

Venture Fund, OurCrowd, StaxData / Analytics

2/9/17 Better Mortgage Inc. Series B $15Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook

PartnersMortgage Origination

2/8/17 Exactuals LLC Series A $10 City National Bank, TTV Capital Vertical Payments

2/2/17 Paytm E-Commerce NA $200 Alibaba, SAIF Partners eCommerce

1/31/17 Feedvisor Ltd. Series B $20General Catalyst Partners, JAL Ventures, Oryzn Capital, Square

Peg Capital, Titanium InvestmentseCommerce

1/31/17 Knock Series A $33Correlation Ventures, FJ Labs, Great Oaks Venture Capital,

Greycroft, Redpoint, RRE VenturesReal Estate Tech

1/30/17 Earnix NA $14Jerusalem Venture Partners, Israel Growth Partners, Vintage

Investment PartnersData / Analytics

1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management

1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain

1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments

Notes: Source: CapitalIQ and Pitchbook.

Page 27: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

27

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

1/13/17 HouseCanary Series A $33 Alpha Edison, Europlay Capital Advisors, Raven Ventures Real Estate Data / Analytics

1/12/17 Funding Circle Series F $82Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union

Square VenturesOnline Lending

1/11/17 CompareEuropeGroup Ltd. Series A $20ACE & Company, Nova Founders Capital, Pacific Century Group,

SBI Holdings Inc.Lead Gen

1/11/17 iZettle AB NA $60American Express Co, Creandum, Index Ventures, Intel Capital,

MasterCard Inc., Northzone VenturesPOS

1/10/17 Advanon AG Series A $14 b-to-v Partners, Swisscom Ltd., VI Partners Online Lending

1/10/17 MobileCause Inc. Series B $15 Level Equity Management LLC Crowdfunding

1/9/17 Activehours Inc. NA $22Felices Ventures, March Capital Partners, Matrix Management

Corp., Ribbit Capital LPOnline Lending

1/9/17 FreeCharge NA $57 SnapDeal Mobile Payments

1/5/17 CloudCraze LLC Series B $20 Insight Venture Partners, Salesforce Ventures B2B Commerce

1/5/17 Payfone Series E $24American Express Ventures, BlueCross BlueShield Venture

Partners, Relay Ventures, Verizon VenturesFraud Protection

1/4/17 Credible Labs NA $10 Undisclosed Online Lending

1/4/17 Magento Commerce NA $250 Hillhouse Capital Management eCommerce

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

12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS

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 Loyalty / Rewards

12/7/16 Nubank Series D $80Digital Sky Technologies, Founders Fund, QED Investors, Sequoia

Capital, Tiger Global ManagementOnline Banking

12/5/16 MoneyLion Inc. Series A $11Citizen VC, Clocktower Technology Ventures, Edison Partners,

FinTech Collective, Montage Ventures Online Lending

Notes: Source: CapitalIQ and Pitchbook.

Page 28: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

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Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments

11/24/16 Ximu Financial Information Services Series A $15China Merchants Venture Capital Management Co., Ltd., Zhixin

CapitalRating Agency

11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS

11/23/16 Udaan.com Series A $10 Lightspeed Venture Partners India, Lightspeed U.S. Trading Platform

11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software

11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc.Electronic Transaction

Software

11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software

11/10/16 Teamleader NV Series B $10 Fortino Capital CRM / Invoicing Software

11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software

11/1/16 StayClassy Productions Inc. Series C $30Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril

Capital Management, Salesforce VenturesCrowdfunding

10/26/16 nanoPay Corporation Series A $10APAGM Services, Goldman Sachs Merchant Banking Division,

Jarnac Capital Management, RohattonDigital Currency

10/25/16 Lendio Inc. Series D $20Blumberg Capital, Comcast Ventures, Napier Park Global Capital,

North Hill Ventures, Stereo Capital, Tribeca Venture PartnersOnline Lending

10/24/16 AEVI NA $11 Adveq Management POS

10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring

10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway

10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software

10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments

10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software

10/18/16 SecureKey Technologies Inc. Series D $21Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank

Financial GroupIdentity / Authentication

Notes: Source: CapitalIQ and Pitchbook.

Page 29: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

29

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

PAYMENTS / BANKING

Notes: Source: CapitalIQ and Pitchbook.

($MM)

Announced Target

Date Target Series Amount Investors Subsector

10/13/16 TouchBistro Series B $13BDC Capital, Huff Capital, Kensington Capital Partners, Relay

Ventures, Round 13 Holdings Inc.POS

10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software

10/7/16 FlexiLoans NA $15 Angel Investors Online Lending

10/5/16 Money Forward Series D $11Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture

Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga BankAccounting Software

10/4/16 Iwoca Ltd. Series C $27Prime Ventures, Acton Capital Partners, Commerz Ventures,

Global Founders Capital, Redline CapitalOnline Lending

9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer

9/30/16 Financeit NA $17 DNS Capital LLC, The Pritzker Organization Consumer Finance

9/30/16 Payoneer NA $180 Technology Crossover Ventures, Susquehanna Growth Equity Cross-Border Payments

9/29/16 Kyriba Corp. NA $23 Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC Treasury Software

9/29/16 Apttus Corporation NA $88Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment

Management LLC, Kuwait Investment AuthorityQuote-To-Cash

9/26/16 Juzhen Financials Series A $23 Fenbushi Capital, Wanxiang Blockchain

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software

9/22/16 51Credit Series C $310Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe

Capital ManagementOnline Lending

9/22/16 Avalara Inc. Series D $96Sageview Capital, Technology Crossover Ventures, Warburg

PincusTax Software

9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending

9/21/16 Nav, Inc Series B $25Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers,

Peak Venture Partners, Tencent Holdings Ltd.Business Lending

9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies

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 Mortage Software

Page 30: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

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SECTION III: Securities / Capital Markets /

Data & Analytics

Page 31: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

31

(1)

Public Company Valuations: Financial Metrics

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.

$MM, Except Per Share Data

Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth

8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ

Exchanges - AmericasCME Group Inc. $125.92 $98.95 $127.96 $42,802 $786 $43,587 11.8x 11.2x 16.7x 15.5x 26.2x 23.9x 10.0% 2.6 2.4% 2.0%Intercontinental Exchange, Inc. 65.86 52.27 67.48 38,758 5,482 44,275 9.5x 9.0x 14.9x 13.6x 22.3x 19.7x 9.3% 2.4 3.3% 4.3%B3 S.A. - Brasil, Bolsa, Balcão 6.81 4.68 6.85 13,893 1,269 15,165 12.3x 11.1x 18.3x 16.3x 19.5x 19.0x NM NM 72.3% 63.6%Nasdaq, Inc. 77.00 63.30 77.20 12,843 3,056 15,899 6.6x 6.3x 13.0x 12.3x 18.5x 17.0x 8.5% 2.2 14.9% 11.5%CBOE Holdings, Inc. 97.54 61.58 98.06 11,000 1,152 12,165 12.3x 10.8x 18.9x 15.8x 29.0x 25.2x 21.5% 1.3 50.3% 270.2%TMX Group Limited 51.21 43.58 62.63 2,834 422 3,256 5.6x 5.4x 10.3x 9.7x 13.7x 13.0x NM NM (2.1%) (2.2%)Bolsa Mexicana de Valores, S.A.B. de C.V. 1.75 1.48 2.00 1,039 (87) 960 5.6x 5.2x 10.1x 9.5x 17.3x 15.8x 12.2% 1.4 24.5% 9.9%

Mean 9.1x 8.4x 14.6x 13.2x 20.9x 19.1x 12.3% 2.0 23.6% 51.3% Median 9.5x 9.0x 14.9x 13.6x 19.5x 19.0x 10.0% 2.2 14.9% 9.9%

Exchanges - AsiaHong Kong Exchanges and Clearing Limited $27.00 $22.70 $29.81 $33,161 ($1,570) $31,609 19.6x 17.8x 27.2x 24.5x 36.7x 32.9x 6.4% 5.8 13.2% 9.5%ASX Limited 41.84 34.85 42.67 8,092 (734) 7,358 12.0x 11.3x 15.9x 14.8x 23.1x 22.3x 4.4% 5.3 (7.7%) 1.5%Singapore Exchange Limited 5.54 5.09 5.72 5,922 (579) 5,344 8.8x 8.3x 15.4x 13.6x 22.2x 19.8x 6.9% 3.2 10.3% 2.6%Bursa Malaysia Berhad 2.38 1.91 2.59 1,279 (114) 1,168 9.2x 8.8x 15.4x 14.8x 24.7x 23.9x 5.7% 4.3 14.7% 3.1%

Mean 12.4x 11.6x 18.5x 16.9x 26.7x 24.7x 5.8% 4.6 7.6% 4.2% Median 10.6x 10.1x 15.7x 14.8x 23.9x 23.1x 6.0% 4.8 11.8% 2.9%

Exchanges - EuropeDeutsche Börse Aktiengesellschaft $104.32 $77.54 $115.44 $19,487 $609 $20,241 6.9x 6.5x 11.7x 10.8x 18.6x 16.4x 11.0% 1.7 (1.8%) 12.2%London Stock Exchange Group plc 49.61 33.57 50.55 17,146 (1,265) 16,577 7.0x 6.4x 13.5x 12.1x 26.0x 22.6x 15.9% 1.6 15.5% 17.6%Bolsas y Mercados Españoles 36.40 30.49 39.41 3,026 (367) 2,660 6.9x 7.0x 10.3x 10.5x 16.3x 16.4x NM NM 12.5% 1.1%JSE Limited 10.52 9.15 13.25 900 (152) 749 4.6x 4.2x 12.0x 9.7x 16.5x 14.3x 4.6% 3.6 (6.2%) 4.3%GPW 12.47 9.46 13.53 523 (60) 464 5.5x 5.4x 9.5x NA 12.8x 14.2x NM NM 13.5% 25.8%Hellenic Exchanges - Athens Stock Exch. 6.09 4.67 7.34 367 (113) 255 7.2x 5.8x 18.9x 12.1x 49.5x 29.9x 93.5% 0.5 34.4% 4.9%

Mean 6.3x 5.9x 12.7x 11.0x 23.3x 19.0x 31.3% 1.9 11.3% 11.0% Median 6.9x 6.1x 11.9x 10.8x 17.6x 16.4x 13.5% 1.7 13.0% 8.5%

Page 32: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

32

Public Company Valuations: Financial Metrics (Cont.)

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >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.

$MM, Except Per Share Data

Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth

8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ

Investment Services, Software, & TechnologySEI Investments Co. $56.93 $42.90 $57.50 $9,001 ($660) $8,341 5.5x 5.1x 13.4x 12.5x 24.9x 21.5x 13.5% 1.8 7.6% 8.3%Broadridge Financial Solutions, Inc. 76.08 59.86 78.00 8,861 831 9,692 2.3x 2.3x 12.1x 11.5x 22.9x 20.0x 10.0% 2.3 22.0% 38.1%SS&C Technologies Holdings, Inc. 37.77 28.43 40.21 7,759 2,209 9,968 5.9x 5.6x 14.5x 13.1x 19.5x 17.3x 13.0% 1.5 13.5% 10.2%DST Systems, Inc. 51.08 47.26 62.95 3,091 506 3,597 1.8x 1.6x 8.4x 7.5x 16.7x 14.3x 10.0% 1.7 31.1% 68.0%Financial Engines, Inc. 34.45 25.00 45.75 2,176 (170) 2,006 4.1x 3.7x 12.7x 10.9x 25.2x 21.9x 20.0% 1.3 14.2% 11.5%Envestnet, Inc. 44.50 30.80 45.18 1,959 232 2,191 3.3x 2.9x 17.3x 14.0x 34.6x 28.0x 17.5% 2.0 16.4% 18.1%Alfa Financial Software Holdings PLC 5.42 4.18 6.35 1,626 0 1,626 14.9x 13.0x 31.3x 27.3x 40.0x 34.4x 14.0% 2.9 20.8% NA

Mean 5.4x 4.9x 15.7x 13.8x 26.3x 22.5x 14.0% 1.9 17.9% 25.7% Median 4.1x 3.7x 13.4x 12.5x 24.9x 21.5x 13.5% 1.8 16.4% 14.8%

Financial Data, Content, & AnalyticsS&P Global Inc. $151.50 $107.21 $158.35 $38,936 $1,182 $40,118 6.8x 6.5x 14.6x 13.6x 23.9x 21.7x 13.2% 1.8 3.8% 1.8%Thomson Reuters Corporation 46.30 39.23 48.57 33,091 6,526 39,617 3.5x 3.4x 11.6x 11.1x 19.0x 17.8x 9.9% 1.9 1.9% 0.5%Moody's Corporation 132.20 93.51 135.20 25,250 1,520 26,770 6.8x 6.4x 14.4x 13.4x 24.0x 22.2x 10.2% 2.3 9.2% 7.7%IHS Markit Ltd. 46.39 34.13 47.92 18,402 3,837 22,239 6.3x 6.0x 16.0x 14.8x 22.5x 19.5x 14.0% 1.6 29.6% 54.1%Verisk Analytics, Inc. 81.40 75.60 88.17 13,395 2,259 15,654 7.5x 7.0x 15.4x 14.3x 25.9x 23.8x 9.8% 2.6 4.9% 5.0%MSCI Inc. 109.27 76.52 113.38 9,841 1,326 11,167 8.8x 8.1x 17.0x 15.2x 28.8x 24.7x 14.3% 2.0 10.1% 8.8%FactSet Research Systems Inc. 162.21 150.95 183.64 6,363 381 6,745 5.3x 5.0x 15.7x 14.5x 21.7x 19.9x 10.6% 2.0 10.2% 8.6%The Dun & Bradstreet Corporation 114.00 100.46 139.86 4,213 1,300 5,513 3.1x 3.0x 11.1x 10.5x 16.2x 15.4x 8.0% 2.0 3.7% 1.7%Morningstar, Inc. 82.37 67.74 84.68 3,503 (110) 3,394 NA NA NA NA NA NA NM NA NA 15.6%Bankrate, Inc. 13.90 7.10 14.25 1,236 108 1,344 2.7x 2.4x 10.5x 9.5x 19.7x 16.8x 10.0% 2.0 16.1% 17.9%

Mean 5.6x 5.3x 14.0x 13.0x 22.4x 20.2x 11.1% 2.0 10.0% 12.2% Median 6.3x 6.0x 14.6x 13.6x 22.5x 19.9x 10.2% 2.0 9.2% 8.1%

Online Broker DealersThe Charles Schwab Corporation $40.93 $29.86 $44.10 $54,810 $3,504 $58,314 6.8x 6.0x 14.1x 12.3x 25.5x 21.2x 19.0% 1.3 15.8% 16.5%TD Ameritrade Holding Corporation 43.58 30.94 47.41 23,013 2,561 25,574 6.7x 5.8x 14.5x 12.2x 25.0x 20.6x 18.9% 1.3 14.5% 10.6%E*TRADE Financial Corporation 40.34 24.85 42.19 11,093 3,459 14,552 6.2x 5.8x NA NA 18.0x 16.5x 14.7% 1.2 12.0% 32.8%Interactive Brokers Group, Inc. 41.28 31.97 41.59 2,950 4,001 6,951 4.6x 4.2x 7.0x 6.1x 28.5x 26.2x 13.5% 2.1 4.6% 1.7%GAIN Capital Holdings, Inc. 6.85 4.54 8.75 324 (110) 214 0.6x 0.6x 3.7x 2.4x 26.3x 9.4x NM NM (16.2%) (9.8%)Global Brokerage, Inc. 1.70 1.45 10.25 10 0 10 NA NA NA NA NA NA NM NA NA (11.8%)

Mean 5.0x 4.5x 9.9x 8.2x 24.7x 18.8x 16.5% 1.5 6.1% 6.7% Median 6.2x 5.8x 10.6x 9.1x 25.5x 20.6x 16.8% 1.3 12.0% 6.1%

(3)

(3)

(3)

(3)

(3)

(1)

(2)

(1)

Page 33: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

33

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

8/10/17 Lend Academy Investments Algorithmic, Inc. Robo Advisors NA NA

8/9/17 dough, Inc. Seed CX Ltd. Trading Platform NA NA

8/7/17 PlanPlus Inc. (nka:PlanPlus Global) FinaMetrica Pty Ltd Risk / Analytics NA NA

7/13/17 Vela Trading Technologies, LLC Object Trading UK Limited Trading Platform NA NA

7/12/17 Equiniti Group plc Wells Fargo Shareowner Services Investor Services NA NA

7/11/17 Broadridge Financial Solutions, Inc. Spence Johnson Data / Analytics NA NA

7/6/17 The Philippine Stock Exchange, Inc.Philippine Dealing System Holdings

Corp.Exchanges $39 2.3x

7/5/17 SEI Investments Co. Archway Technology Partners, LLC Fund Mgmt Software $88 4.9x

6/20/17 Vela Trading Technologies, LLC OptionsCity Software, Inc. Trading Analytics NA NA

6/13/17 Lending Science DM, Inc. Scoring Solutions, Inc. Risk / Analytics NA NA

6/7/17Thoma Bravo, LLC; Thoma Bravo

Discover Fund PartnershipRiskonnect, Inc. Risk / Compliance NA NA

6/1/17 Intercontinental Exchange, Inc.BofA Merrill Lynch, Research Division,

Index PlatformIndices NA NA

5/31/17 HealthEquity, Inc. BenefitGuard, LLC 401k Solutions NA NA

5/30/17 London Stock Exchange GrouopThe Yield Book, Citi Fixed Income

IndicesAnalytics NA NA

5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA

5/10/17Cinnober Financial Technology AB

(publ)Ancoa Software Ltd. Analytics NA NA

5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA

5/9/17 Apex Fund Services (Bermuda) ltdEquinoxe Alternative Investment

ServicesFund Administration NA NA

5/3/17 ETF Securities Ltd.ANZ ETFS Management (AUS) Limited

(nka:ETFS Management (AUS) Limited)Exchange Traded Products NA NA

5/2/17 Ncontracts LLC Supernal Software, LLC Risk Management NA NA

Selected Recent Acquisitions – Trailing 12 Months

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

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34

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

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. (nka:Cowen Inc.)ConvergEx Group, LLC (nka:Cowen

Execution Services LLC)Trading Platform NA NA

3/27/17 DST Systems, Inc.International Financial Data Services

Ltd.Shareholder Servicing $350 NA

3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA

3/21/17 Sterling Trading Tech CBOE Livevol, LLC, Livevol X Trading Platform NA NA

3/20/17 FactSet Research Systems Inc. BI-SAM Technologies S.A. Risk / Analytics NA NA

3/17/17 BinckBank N.V. Pritle N.V. Robo Advisors NA 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 Broadridge Financial Solutions, Inc. 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 NA NA

3/3/17 European Energy Exchange AG Nodal Exchange, LLC Exchanges NA NA

3/1/17 Payward, Inc. Cryptowatch Analytics NA NA

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

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35

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

2/21/17 Covisum, LLC PrairieSmarts, LLC Risk Platform NA NA

2/15/17 Moody's CorporationSCDM Germany GmbH, Structured

Finance Data and Analytics BusinessData / Analytics NA NA

2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA

2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA

2/6/17 Thomson Reuters Corporation 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

1/30/17 Compliance Solutions StrategiesAdvise Technologies, Ascendant

Compliance Management, The Regulatory Tech NA NA

1/27/17 Linedata Services S.A. Gravitas Technology Services, LLC Fund Management Software NA NA

1/25/17 IS Prime Risk Services Inc. Think Liquidity LLC Risk / Analytics NA NA

1/23/17 Visible Alpha, LLC ONEaccess Data / Analytics NA NA

1/19/17 FairFX Group Plc Q Money Limited Online Brokerage $2 NA

1/18/17North Capital Investment Technology

Inc.Access Investors Network, Inc. Investing Platform NA NA

1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA

1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing NA NA

1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA

1/4/17NewSpring Capital; NewSpring

Holdings L.P.Vertical Management Systems, Inc. Capital Markets Software NA NA

1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA

12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA

12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

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36

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

12/9/16 comdirect bank Aktiengesellschaft OnVista AG Online Broker NA NA

12/5/16Benefit Plans Administrative Services,

Inc.

Northeast Retirement Services, LLC

(nka:Cohiba Merger Sub, LLC)Fund Administration NA NA

12/1/16 Ascensus, Inc. National Retirement Services, Inc. Fund Administration NA NA

11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA

11/28/16 Virtu Financial, Inc.Teza Technologies, Select Strategic

Telecommunications AssetsTrading Platform NA NA

11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA

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 $144 NA

11/21/16 AcadiaSoft, Inc. ProtoColl Collateral Management NA NA

11/14/16 Playtech plc CFH Group A/S Foreign Exchange NA NA

11/8/16 Preqin Ltd. Baxon Solutions Limited Broker Software NA NA

11/2/16 Folio Dynamics Inc. SAS Capital Management, LLC Broker Software NA NA

10/24/16 TD Ameritrade Holding Corporation Scottrade Financial Services, Inc. Online Brokerage NA NA

10/24/16 SS&C Technologies Holdings, Inc. 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

10/13/16Investview, Inc., Prior to Reverse

Merger with Wealth Generators, LLCRoboVest, 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

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

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37

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

9/28/16SourceHOV LLC (nka:Exela

Technologies, Inc.)TransCentra, Inc. Treasury Software NA NA

9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,680 1.9x

9/22/16 Thomson Reuters Corporation 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 SS&C Technologies Holdings, Inc. 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 NA NA

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38

Selected Recent Equity Financings – Trailing 12 Months

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

($MM)

Announced Target

Date Target Series Amount Investors Subsector

8/8/17 Guideline Series B $15 Felicis Ventures 401k Provider

8/1/17 Personal Capital Series E $40 IGM Financial PFM

8/1/17 ETC Global Group NA $68 Cerberus Capital Management, Quantlab Investments Brokerage/Clearing

7/26/17 Qiancheng Technology Series B $30 51Xinyongka, Tiantu Capital Risk Management

7/21/17 Betterment Series E $70Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo

VenturesRobo Advisor

7/18/17 Capital.com NA $25 Larnabel Enterprises, VP Capital Trading Platform

7/13/17 Stash Invest Series C $40Breyer Capital, Coatue Management, Goodwater Capital, Valar

VenturesPFM

7/12/17 Quantitative Brokers NA $24 Centana Growth Partners Data / Analytics

7/11/17 CompareAsiaGroup Series B $50ACE & Company, Alibaba Group, Goldman Sachs, H&Q Asia

Pacific, International Finance Corporation, Nova Founders PFM

7/10/17 Trumid NA $10 Deutsche Börse Trading Platform

6/23/17 Fintonic Series B $28Atresmedia, Inception Capital, ING, Onza Capital, Prevision

Sanitaria NacionalPFM

6/19/17 Scalable Capital Series B $33 BlackRock Robo-Advisor

6/27/17 Resolver Inc. NA $20 Klass Capital Risk / Compliance

6/13/17 Futu Securities Series C $146 Matrix Partners China, Sequoia Capital China, Tencent Holdings Online Brokerage

6/9/17 Singapore Diamond Investment Excg. Series B $10Alain Vandenborre, Richard Ji, Simon Murray, Vertex Venture

HoldingsExchanges

6/8/17 Addepar Series D $140 8VC, Harald McPike, Valor Equity Partners Broker Software

6/7/17 MoneySmart Series B $10 Golden Gate Ventures, Kakaku.com, SPH Media Fund Lead Gen

6/6/17 Cadre Series C $65Andreessen Horowitz, Breyer Capital, Ford Foundation, General

Catalyst, Goldman Sachs, Khosla VenturesInvestment Platform

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

Notes: Source: CapitalIQ and Pitchbook.

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Selected Recent Equity Financings – Trailing 12 Months (Cont.)

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Pitchbook.

($MM)

Announced Target

Date Target Series Amount Investors Subsector

5/11/17 Wealthsimple NA $37 Power Financial Corp. Robo-Advisor

5/4/17 Fumi Technology Series A $15 Hongdao Fund, Mobai Capital, Shunwei Capital Trading Platform

4/26/17 Quovo NA $10 F-Prime Capital, Napier Park Global API Manager

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 $13Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho

SecuritiesTrading Platform

2/16/17 OpenFin Series B $15Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca

Partners, Pivot Investment PartnersTrading Platform

2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform

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 Robo-Advisor

12/22/16 Axoni Series A $18Andreessen Horowitz, Digital Currency Group, Euclid

Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson Distributed Ledger

12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo-Advisor

12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo-Advisor

11/17/16 Peer Street Inc. Series A $15Andreessen Horowitz, Felicis Ventures, The Kaiser Family

Foundation, Montage Ventures, Rembrandt Venture PartnersCrowdfunding

11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics

11/14/16 Quantopian Series C $25Andreessen Horowitz, Bessemer Venture Partners, Khosla

Ventures, Point72 Asset Management, Spark CapitalTrading Technology

11/14/16 Nutmeg Saving and Investment Ltd. NA $32Amanda Investment Group, Balderton Capital Management,

Pentech Ventures, SchrodersRobo-Advisor

11/14/16 Roofstock Inc. Series B $20Bain Capital Ventures, Khosla Ventures, Lightspeed Venture

Partners, Nyca Partners, QED Investors, SV AngelCrowdfunding

11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells FargoTrading / Regulatory

Software

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40

Selected Recent Equity Financings – Trailing 12 Months (Cont.)

SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Pitchbook.

($MM)

Announced Target

Date Target Series Amount Investors Subsector

10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software

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 $30JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson

Ridge Asset ManagementTrading Technology

9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics

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 Investing Platform

8/17/16 Crowdcube NA $11 Balderton Capital Crowdfunding

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41

SECTION IV: Insurance / Benefits

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42

Public Company Valuations: Financial Metrics

INSURANCE / BENEFITS

$MM, Except Per Share Data

Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth

8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ

Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $91.53 $70.10 $93.53 $19,819 $8,021 $27,840 3.5x 3.3x 13.9x 12.8x 20.0x 17.4x 14.0% 1.4 49.7% 68.7%Verisk Analytics, Inc. 81.40 75.60 88.17 13,395 2,259 15,654 7.5x 7.0x 15.4x 14.3x 25.9x 23.8x 9.8% 2.6 4.9% 5.0%athenahealth, Inc. 142.51 90.11 158.66 5,690 209 5,899 4.8x 4.2x 22.1x 18.8x 74.4x 57.9x 27.0% 2.8 13.2% 15.0%Guidewire Software, Inc. 69.82 49.18 73.36 5,193 (477) 4,716 8.7x 7.4x 40.3x 32.0x 81.4x 61.5x 18.3% 4.4 21.0% 24.9%Ebix, Inc. 57.05 52.38 65.10 1,794 245 2,039 5.8x 5.2x 17.0x 14.6x 19.0x 17.6x 15.0% 1.3 17.3% 20.4%Sapiens International Corporation N.V. 11.23 10.86 15.98 551 (8) 542 2.0x 1.8x 18.5 11.7x 31.8x 18.0x 10.0% 3.2 NA 30.2%Crawford & Company 9.00 8.22 14.37 503 187 690 0.6x 0.6x 5.2x 4.6x 11.7x 10.3x 10.0% 1.2 (0.2%) (4.6%)Polaris Consulting & Services Limited 3.66 2.20 4.06 375 (82) 293 NA NA NA NA NA NA NM NA NA 17.1%Majesco 4.55 4.50 6.29 166 8 174 1.5x 1.3x 34.2 17.9x NM 32.5x NM NM NA (14.2%)Symbility Solutions Inc. 0.34 0.29 0.44 81 (6) 75 2.3x 2.1 45.3 35.4 NM NA NM NM 24.8% 14.8%

Mean 4.1x 3.7x 23.5x 18.0x 37.8x 29.9x 14.9% 2.4 18.7% 17.7% Median 3.5x 3.3x 18.5x 14.6x 25.9x 20.9x 14.0% 2.6 17.3% 16.0%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.

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43

Selected Recent Acquisitions – Trailing 12 Months

INSURANCE / BENEFITS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

7/10/17 Cotiviti Rowdmap, Inc. Data / Analytics NA NA

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 NA NA

2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA

2/21/17 CareCredit, LLCCitibank, N.A., Citi Health Card

PortfolioHealthcare Payments NA NA

2/15/17 Sapiens International Corporation N.V. StoneRiver, Inc. Insurance Tech $102 1.3x

2/14/17 Riverside Partners LLCMedical Reimbursements of America,

Inc.Revenue Cycle Management NA NA

2/10/17 The Blackstone Group L.P.Aon plc, Benefits Administration and

HR Business Process Outsourcing Benefits Platform $4,800 2.1x

2/9/17 Charles Taylor InsureTech Limited Otak Limited Insurance Tech NA NA

2/8/17 Compare Africa Group TopCheck UG (haftungsbeschränkt) Lead Gen NA NA

2/7/17 Centauri Health Solutions, Inc. Human Arc Corporation Revenue Cycle Management NA NA

1/26/17 Insurity, Inc. Valen Technologies, Inc. Insurance Data / Analytics NA NA

1/25/17PlanSource Benefits Administration,

Inc.Next Generation Enrollment, Inc. Benefits Software NA NA

1/19/17Inflexion Private Equity Partners LLP;

Inflexion Enterprise Fund IVMy Policy Limited Telematics NA NA

1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA

12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA

Page 44: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

44

Selected Recent Acquisitions – Trailing 12 Months (Cont’d)

INSURANCE / BENEFITS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA

12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA

12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA

11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA

11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance NA NA

11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA

11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA

10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA

10/6/16New Mountain Capital, LLC; New

Mountain Partners IV, L.P.; Eir PartnersConvey Health Solutions, Inc. Healthcare Insurance Administration NA NA

10/5/16Shenzhen Investment Holdings Co.,

Ltd.; Shenzhen Qianhai Financial ACR Capital Holdings Pte. Ltd. Reinsurance NA NA

9/29/16 Applied Systems, Inc.IS2, eTrading Platform for Personal

LinesInsurance Trading NA NA

9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA

9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA

9/26/16 IRESS Limited Financial Synergy Pty Ltd Insurance Software $67 3.2x

Page 45: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

45

Selected Recent Equity Financings – Trailing 12 Months

INSURANCE / BENEFITS

($MM)

Announced Target

Date Target Series Amount Investors Subsector

8/8/17 Jetty Series A $12BoxGroup, Red Swan Ventures, Ribbit Capital, SV Angel, Valar

VenturesInsurance Tech

7/26/17 SyncHR NA $16National Enterprise Associates, Boulder Ventures, Grayhawk

Capital, EPIC Ventures, Acadia Woods, Peninsula VenturesHR Software

7/19/17 Gravie Series C $14Aberdare Ventures, FirstMark Capital, GE Ventures, Split Rock

PartnersBenefits Marketplace

7/17/17 Impact Health Series A $13 Techstars Venture Capital Fund Insurance Tech

7/4/17 Ottonova Series C $11Debeka, Holtzbrinck Ventures, Tengelmann Ventures, Vorwerk

VenturesInsurance Tech

6/13/17 Snapsheet Series D $12 Tola Capital Insurance Tech

6/1/17 Bright Health Series B $160Bessemer Venture Partners, Cross Creek Advisors, Flare Capital

Partners, Greenspring Associates, GreycroftInsurance Innovator

5/24/17 PolicyGenius Series C $30AXA Strategic Ventures, Fika Ventures, Karlin Ventures,

MassMutual Ventures, Norwest VenturesInsurance Lead Gen

5/12/17 Vet+a NA $27 Kartesia Advisor Insurance Software

5/10/17 Clover Health Series D $130First Round Capital, Google Ventures, Greenoaks Capital

Management, Palm Drive Capital, Sequoia CapitalInsurance Admin

5/2/17 One Inc. NA $16American Family Ventures, AXA Strategic Ventures, Centana

Growth Partners, MassMutual VenturesInsurance Software

4/27/17 Singapore Life Series A $50 Impact Capital Holdings, IPGL Insurance Software

4/25/17 Hibob Series A $18Arbor Ventures, Battery Ventures, Bessemer Venture Partners,

Eight Roads VenturesHR Software

4/20/17 Lemonade Inc. NA NA Allianz Insurance

4/10/17 Next Insurance Series A $25Munich Re/HSB Ventures, Ribbit Capital, TLV Partners, , Zeev

VenturesInsurance Tech

4/10/17 BIMA NA $17 Axiata Digital Insurance Tech

4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech

4/4/17 Amino Series C $25Highland Capital Management, Accel, Aspect Ventures, CRV,

Northwestern Mutual Future Ventures, Pilot Wall GroupBenefits Software

3/30/17 Decisely NA $60Two Sigma Private Investments, EPIC Insurance Brokers and

ConsultantsBenefits Software

3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech

Notes: Source: CapitalIQ and Pitchbook.

Page 46: Bi-Weekly Financial Technology Sector Report · 3 Financial Technology Team GCA OVERVIEW Rob Freiman Director Phone: (212) 999-7075 Mobile: (973) 229-0436 rfreiman@gcaglobal.com Alexander

46

Selected Recent Equity Financings – Trailing 12 Months (Cont’d)

INSURANCE / BENEFITS

Notes: Source: CapitalIQ and Pitchbook.

($MM)

Announced Target

Date Target Series Amount Investors Subsector

3/21/17 Jellyvision Series B $20 Updata Partners HR Software

3/17/17 simplesurance NA $21Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66

VenturesInsurance Tech

2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace

2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software

1/5/17 Namely Inc. Series D $50Altimeter Capital, Four Rivers Group, Greenspring Associates,

Matrix Partners, Scale Venture Partners, Sequoia CapitalHR / Benefits Software

12/5/16 Lemonade Inc. Series B $34Aleph, General Catalyst, Google Ventures, Sequoia Capital,

Thrive Capital, Tusk Ventures, XL InnovateInsurance

11/15/16 CareCloud Series C $32Adams Street Partners, Blue Cloud Ventures, First Data, Intel

Capital, Norwest Venture Partners, PNC Financial Services Group, Revenue Cycle Management

11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen

10/20/16 EverQuote, Inc. Series B $23BrownSavano Direct Capital Partners, Oceanic Partners, Stratim

Capital LLC, T Capital Management LLCInsurance Lead Gen

10/19/16 Ladder Financial Inc. Series A $148VC, Canaan Partners, Lightspeed Venture Partners, Nyca

Partners LLCLife Insurance

10/4/16 Hixme Inc. Series B $14Kleiner Perkins Caufield & Byers, Propel Venture Partners,

Rosemark Capital Group, Transamerica Ventures FundHR Software

9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management

9/26/16 InstaMed Communications, LLC NA $50 Carrick Capital Partners LLC Healthcare Payments

9/21/16 FinanceFox Series A $28 Horizons Ventures, Target Ventures Insurance Tech