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Insurance TechnologySector Summary
Q4 2019
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EXECUTIVE SUMMARYQ4 2019 InsurTech wrap-up
Select Q4 Active Investors Select Q4 Active Buyers
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.
InsurTech continues to be a highly active category, with ~$2.0Bn in financing volume and ~$1.1Bn in M&A volume during Q4 2019
» Financings in Q4 2019 (62) were roughly flat with the same period in 2018, but 2019 total financing volume was up ~70% YoY
» M&A activity was somewhat tempered with 23 transactions during Q4 2019 as compared to 33 transactions during the same period in 2018
Large financing rounds took place in Q4 as renowned investors looked to back established players in the InsurTech space
» The largest financing rounds of Q4 include Bright Health’s $635M raise, Next Insurance’s $250M raise, and Wefox’s $235M raise
» Corporate VCs’ investments in the InsurTech space continued in Q4 as Munich Re invested in Next Insurance and AXA invested in Thimble
Q4 M&A activity included some attention-grabbing strategic deals, including iA Financial Group’s acquisition of Innovative Aftermarket
Systems, Verisk Analytics’ acquisition of FAST, and MasterCard’s acquisition of RiskRecon
Data & analytics companies are trading at 6.2x EV/ ’20E Revenue and at 18.4x EV/ ’20E EBITDA, leading public company valuations
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GCA INSURANCE TECHNOLOGY OVERVIEW
Companies that focus on customer engagement (e.g., customer acquisition, sales and marketing, mobile solutions and other direct-to-consumer insurance channels) or that offer solutions to improve distribution or facilitate engagement with the end consumer.
RECENT TRANSACTIONS
INSURTECH TEAM
REPRESENTATIVE FOCUS AREAS
Companies that improve existing methodologies for pricing or underwriting risk, or actual insurance companies that bring technology to traditionally low-tech areas by using newer or superior core systems and/or online/mobile offerings.
Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems – in particular, policy, claims, and billing software systems.
Companies that provide analytic capabilities to insurance companies to help them operate more efficiently and/or make better underwriting and claims decisions.
DATA & ANALYTICS
Chris GoughManaging [email protected]
John LambrosManaging [email protected]
Strong sector and product expertise across InsurTech
Rushi BhanderiVice [email protected]
POLICY ADMIN, CLAIMS & BACK OFFICE
DISTRIBUTION & CUSTOMER ENGAGEMENT
INNOVATIVE PRODUCTS, PRICING, UNDERWRITING
Sascha PfeifferManaging [email protected]+49 177.741.5643
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INNOVATION ACROSS THEINSURANCE VALUE CHAIN
` ` `
` `
`
`Peer-to-Peer (P2P)
`Innovative & Specialty Insurance
Benefits Administration & Payroll Policy Management Tools & Software Claims Management Tools & Software
Insurance Data & Analytics IoT & Telematics: Auto`IoT & Telematics: Home
IoT & Telematics: Health
`Health Insurance
`Carrier Affiliated
Customer Origination
Mobile
`Online Distribution & Comparison `Sales, Marketing & Engagement
INSURANCE VALUE CHAIN:Policy Admin,Claims &Back Office
InnovativeProducts, Pricing & Underwriting
Distribution & Customer Engagement
Data &Analytics
Notes:DISCLAIMER: This is a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly shoot us a note at [email protected] and we would be happy to consider.
5
RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR
Selected Major InsurTech Financings
= Number of Transactions
= Financing Volume ($MM)
2019 sets all-time record for InsurTech financing volume
$355 $883
$2,974 $1,851
$3,475 $4,210
$7,121
59 79
117
169
248 260
285
2013 2014 2015 2016 2017 2018 2019
$52MM $110MM(1)
$65MM
$60MM
$38MM
$931MM
$500MM
$50MM
$38MM
$400MM
$160MM
$103MM
$160MM
$130MM
$120MM
$540MM(2)
$500MM
$300MM
$200MM
$200MM
$635MM
$500MM
$350MM
$300MM
$235MM
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. Accordingly, this data may diverge from previous reports.1) Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM.2) Oscar raised two rounds in 2018 – one worth $165MM and the other worth $375MM.
6
$750
$460
$1,365
$1,636
$1,938
$1,497 $1,653
$2,033
71
65 65
59
72 72
79
62
Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019
INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY
Quarterly Financing Activity ($MM)(1)
LTM financing: $7.1Bn across 285 Deals
$10.6 $7.1 $21.0 $27.7 $26.9 $20.8 $20.9 $32.8
Average Deal Size
Ann. Date Company Selected
Investor(s)Amt.
Invested
Post-Money
Valuation
Segment / Value Chain
12/18 $45 $600
12/17 $635 $2,240
12/11 $235 $1,890
12/09 $120 NA
11/25 $66 NA
11/20 $45 $210
11/18 $22 NA
10/17 $39 $209
10/7 $250 $1,000
Select Q4 2019 Financing Transactions ($MM)
P&C Life Health Distribution & CustomerEngagement
Products, Pricing & Underwriting
Data & AnalyticsPolicy Admin, Claims & Back Office
Insurance Segment Insurance Value Chain
Q4 2019 saw accelerating InsurTech financing amounts, up ~25% YoY
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. Accordingly, this data may diverge from previous reports.
$635MM$350MM$300MM$500MM$500MM$375MM$30MM$165MM
7
Operator of an online business insurance platform that offers general and professional liability insurance for small businesses in numerous industries
Raised $250MM in Series C funding on 10/07/2019
Founded
2015Headquarters
Palo AltoTotal Funds Raised ($MM)
$386
Sele
cted
Inve
stor
s
SELECTED RECENT INSURTECH FINANCINGS
Developer of a health insurance services platform that partners with health systems and care partners to provide health plansand connected healthcare experience to support relationships between consumers and care providersRaised $635MM in
Series D funding on 12/17/2019
Founded
2015Headquarters Total Funds Raised ($MM)
$1,080
Sele
cted
Inve
stor
s
Minneapolis
Developer of a web-based service platform intended to view, adjust, and complete insurance contracts anytime, anywhere in the world
Raised $235MM in Series B funding on 12/11/2019
Founded
2014Headquarters
BerlinTotal Funds Raised ($MM)
$274
Sele
cted
Inve
stor
s
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.
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Company Headquarters Founded Amt. Raised ($MM)(1) Company Description
San Francisco, CA $4692013 Cloud-based self-insurance platform for all health plans
Round of financing in Q4 2019
Minneapolis, MN $1,0802015 Health insurance platform partnering with health systems and care partners to provide health plans
New York, NY $1,2802012 Online health insurance network
Jersey City, NJ $9252014 Operator of PPO using data analysis and preventive care to improve health insurance
New York, NY $4802015P&C insurance platform designed to offer coverage quickly and affordably
INSURTECH LEADERS IN PRIVATE FUNDING
Columbus, OH $6282015Online car insurance platform calculating insurance premiums based upon driver behavior
Top 10
San Francisco, CA $5212011 Cloud-based payroll, benefits, and HR management platform
Gurugram, India $3932008 Online platform intended to offer various insurance products and enable comparison shopping
Palo Alto, CA $3862015 Online insurance platform that offers general and professional liability insurance for small businesses
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.1) Includes debt and equity financing.
San Francisco, CA $5982013 Cloud-based human resources platform
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SELECTED ACTIVE INSURTECH INVESTORS
Investor Type Investor Logos
Accelerators / Seed
Venture Capital /Private Equity
Corporate Investors
Alternative Investors
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.
10
MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL
Company Headquarters Number of Investments Investments
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.1) AXA invests through XL Innovate, AXA Venture Partners, and Kamet Ventures.2) Allianz invests through Allianz X, Allianz Life Ventures, and Allianz Startups Accelerator.
(1) Paris, France 19Munich, Germany 13Munich, Germany 12
Madison, WI 11Springfield, MA 9
Paris, France 9Mountain View, CA 9
Columbus, OH 8San Francisco, CA 6
New York, NY 6Shenzhen, China 5
Chicago, IL 4
(2)
Shuidi
11
$3,131
$9,181
$18,168
$10,415 $8,136
$11,227 $12,986
31
48 52
64
98
117
100
2013 2014 2015 2016 2017 2018 2019
RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR
Selected Major InsurTech M&A Transactions
= Number of Transactions
= Financing Volume ($MM)
2019 continues the recent trend in InsurTech M&A volume, though deal count has levelled off
$1.8Bn
$1.1Bn
$2.7Bn
$2.4Bn
$7.9Bn
$6.0Bn
$4.5Bn
$2.6Bn
$2.5Bn
$919MM
$560MM$1.4Bn
$490MM
$6.7Bn
$1.5Bn
$525MM
$370MM
$3.5Bn(1)
$1.6Bn
$1.5Bn(2)
$1.4Bn
$910MM
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. Accordingly, this data may diverge from previous reports.1) Includes additional earnout of up to $1.15bn contingent upon performance.2) Figure represents estimated transaction values; terms of the deal were not fully disclosed.
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Ann. Date Buyer Target Transaction
ValueSegment /
Value Chain
12/30 NA
12/5 NA
12/4 $720
12/4 $194
12/4 NA
12/4 NA
11/20 NA
11/20 NA
10/15 NA
10/10 NA
INSURTECH DEAL DASHBOARD – M&A ACTIVITY
Quarterly M&A Activity ($MM) Select Q4 2019 M&A Transactions ($MM)
P&C Life Health Distribution & CustomerEngagement
Products, Pricing & Underwriting
Data & AnalyticsPolicy Admin, Claims & Back Office
Insurance Segment Insurance Value Chain
Q4 2019 M&A dollar volume is up ~10% YoY
$507 $730
$9,037
$953 $2,072
$113
$9,732
$1,069
25
3029
33
35
13
29
23
Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019
$155 $314 $6,700 $370 $1,400 $112 $3,500 $720
Largest Deal Size
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19.The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. Accordingly, this data may diverge from previous reports.
LTM M&A: $13.0 Bn across 100 Deals
13
GCA acted as exclusive financial advisor to RGI, a portfolio company of Corsair Capital, on the acquisition of Novum
CASE STUDY: IA FINANCIAL GROUP ACQUIRES IAS
Transaction Overview
− On December 6, 2019, iA Financial Group (TSE: IAG) announced that it had signed a definitive agreement to acquire Innovative Aftermarket Systems (IAS) for a total upfront consideration of $720MM
− iA Financial Group is a Canadian-based life and health insurance company that offers a suite of products such as savings and retirement plans, and auto and home insurance
− The transaction is expected to close in the first half of 2020, subject to obtaining customary regulatory approvals
Acquired by
Announced$720MM
IAS OverviewHeadquarters: Austin, TX
Founded: 1984
Employees: ~600
CEO: Patrick Brown
Description: Developer of software suites designed for the finance and insurancedepartments of automotive dealerships
Strategic Rationale» This transaction leverages the expertise and experience in dealer services
that iA Financial Group has built over the last 20+ years in Canada and more recently in the US
» IAS will accelerate iA Financials growth strategy, capitalizing on positive growth trends within the vehicle warranty market
» IAS will create a leading US vehicle warranty platform of scale with significant synergies, which will drive iA's participation in future industry consolidation
IAS Highlights
Provides finance and insurance solutions through seven specialized segments:
Customer Segments
Stats
Over 35 years of experience in the insurance space
Provides vehicle warranties and related software to over 4,300 dealers across all 50 states
US market for extended auto warranties: $39Bn+
Selected Transaction Commentary
“Going forward, as part of a publicly-traded company with a market capitalization of more than C$7.0Bn, we are well-positioned to continue the long-term support of our valued distribution partners.”
Patrick Brown, CEO, IAS
Ancillary Coverages
1
Retail Technology
2Vehicle Service
Contracts
3
Income Development
4
Turnkey Reinsurance
5
Training Institute
6
Performance Marketing
7
Notes:Source: Press releases, company websites.
14
GCA acted as exclusive financial advisor to RGI, a portfolio company of Corsair Capital, on the acquisition of Novum
CASE STUDY: VERISK ACQUIRES FAST
Transaction Overview
− On December 4, 2019, Verisk (NASDAQ:VRSK), a leading data analytics provider, announced that it had signed a definitive agreement to acquire FAST
− FAST (“Flexible Architecture, Simplified Technology”) is a software provider for the life insurance and annuity industries
− The purchase price was $193.5MM cash
− The transaction is subject to the completion of customary closing conditions
Acquired by
Announced$194MM
FAST OverviewHeadquarters: Iselin, NJ
Founded: 2010
Employees: ~100
CEO: Tom Famularo
Description: FAST offers a flexible policy administration system that helpsinsurers accelerate underwriting and claims to enhance thecustomer experience and support profitable growth. Its SaaS suitefeatures out-of-the-box components that life insurers can use toquickly enhance or replace their legacy policy administrationsystems.
Prior investors:
“Verisk has become a leader in developing solutions that help insurers make critical decisions with increased speed and precision. As part of Verisk, we’ll be able to enhance our software, expand our reach, and provide robust analytics to meet the rapidly changing needs of life insurers and their customers.
Tom Famularo, CEO, FAST
FAST Offering Highlights Selected Transaction Commentary
“The acquisition of FAST will extend our offerings to the life insurance market as we build a comprehensive suite of innovative solutions to support insurer modernization. By working with FAST technology and its customers, we’ll be able to improve our predictive models and offer integrated data analytics to life insurers through an end-to-end workflow solution.”
Mark Anquillare, COO, Verisk
Notes:Source: Press releases, company websites.
FAST software consists of three key areas built to provide flexibility to support the needs of legacy insurers, today’s modern demands, and
the unknown future (i.e. legacy proofed)
1. TECHNOLOGY PLATFORM
2. INSURANCE COMPONENTS
3. CLOUD SERVICES
1 Configuration and automation combined with microservice / event-driven architecture providing flexibility to drive rapid implementation
2Pre-configured, out-of-the-box insurance components, products, and processes that perform all the functions typically found in core systems –New Business, Underwriting, Policy Admin, Claims, etc.
3 FaaS (function as a service) for the most common insurance functionality, to be customized to provide the ultimate insurance toolkit in the cloud
15
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Benefits Admin & Payroll Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution
INSURTECH PUBLIC COMPANY VALUATION
LTM Share Price Performance
Public InsurTech Ecosystem
LTM Share Price Performance
24%
39%
23%
60%
140%
26%
Online Distribution companies lead the InsurTech pack due to outperformance by eHealth and Everquote
Benefits Admin. / Payroll Brokerage Data & Analytics IT & BPO ServicesInsurance Software Online Distribution
23% 39% 60% 26% 140%24%
Notes:Source: S&P Capital IQ as of 12/31/19.
16
18.7x 18.4x
16.0x14.8x
11.8x 11.8x
0.0x
4.0x
8.0x
12.0x
16.0x
20.0x
BenefitsAdmin./Payroll
Data &Analytics
Brokerage InsuranceSoftware
OnlineDistribution
IT & BPOServices
6.2x
4.9x4.6x
3.1x2.8x
1.9x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
Data &Analytics
Brokerage BenefitsAdmin./Payroll
InsuranceSoftware
OnlineDistribution
IT & BPOServices
INSURTECH PUBLIC COMPANY VALUATION
Enterprise Value / 2020E Revenue
Public InsurTech Ecosystem
Enterprise Value / 2020E EBITDA
2020E Rev. / 2020E EBITDA Multiples
4.6x / 18.7x 4.9x / 16.0x 6.2x / 18.4x 1.9x / 11.8x 2.8x / 11.8x 3.1x / 14.8x
Selected InsurTech subsectors and multiples
Benefits Admin. / Payroll Brokerage Data & Analytics IT & BPO ServicesInsurance Software Online Distribution
Notes:Source: S&P Capital IQ as of 12/31/19.
17
SELECTED PUBLIC COMPANY DETAIL($MM, except per share data)
Trading Metrics Operating MetricsStock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
Company 12/31/2019 Cap Value (EV) CY19E CY20E CY19E CY20E 19E/18A 20E/19E CY19E CY20E
Benefits Administration / Payroll
Automatic Data Processing $172.81 $74,775 $76,254 5.2x 4.9x 21.1x 18.7x 5% 6% 25% 26%
Paychex $87.37 $31,312 $31,663 7.9x 7.4x 19.3x 18.0x 17% 6% 41% 41%
Paylocity Holding Corporation $136.35 $7,296 $7,251 14.0x 11.7x 49.6x 40.6x 24% 20% 28% 29%
HealthEquity $70.97 $5,030 $6,167 11.8x 7.5x 33.5x 23.2x 82% 57% 35% 32%
TriNet Group $57.38 $4,007 $4,190 4.5x 4.2x 11.5x 10.5x 4% 8% 39% 40%
Insperity $91.99 $3,679 $3,690 0.9x 0.8x 14.7x 13.0x 12% 10% 6% 6%
Benefitfocus $20.78 $680 $831 2.8x 2.5x NM 30.5x 14% 14% 5% 8%
Castlight Health $1.54 $225 $189 1.3x 1.4x NM NM (9%) (5%) (8%) (6%)
Summary StatisticsMean 6.1x 5.0x 24.9x 22.1x 19% 14% 21% 22%
Median 4.9x 4.6x 20.2x 18.7x 13% 9% 27% 28%
Brokerage
Marsh & McLennan Companies $112.21 $56,629 $70,459 9.6x 8.9x 17.1x 15.6x 7% 8% 56% 57%
Aon plc $209.03 $48,942 $56,818 5.1x 4.9x 17.8x 16.4x 7% 6% 29% 30%
Willis Towers Watson Public Limited Compan $204.07 $26,238 $32,514 3.6x 3.4x 14.1x 13.2x 6% 6% 26% 26%
Arthur J. Gallagher & Co. $95.81 $17,871 $22,331 3.1x 2.8x 17.1x 14.7x 7% 11% 18% 19%
Brown & Brown $40.59 $11,436 $12,716 5.3x 5.0x 18.0x 16.6x 18% 7% 30% 30%
Goosehead Insurance $45.18 $688 $705 8.4x 6.2x 30.8x 20.2x 39% 36% 27% 31%
Summary StatisticsMean 5.9x 5.2x 19.2x 16.1x 14% 12% 31% 32%
Median 5.2x 4.9x 17.5x 16.0x 7% 7% 28% 30%
Notes:Source: S&P Capital IQ as of 12/31/19.Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >100 considered NM
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SELECTED PUBLIC COMPANY DETAIL (CONT.)
Data & Analytics
RELX PLC $26.07 $50,299 $58,920 5.6x 5.4x 15.6x 14.8x 10% 4% 36% 36%
Experian plc $34.42 $31,258 $35,477 7.1x 6.6x 21.0x 18.4x 3% 7% 34% 36%
Verisk Analytics $158.65 $25,998 $28,628 11.0x 10.1x 23.6x 21.4x 9% 9% 47% 47%
Equifax Inc. $149.77 $18,135 $21,320 6.1x 5.7x 18.1x 16.7x 3% 6% 34% 34%
TransUnion $91.69 $17,265 $20,945 7.9x 7.3x 20.2x 18.4x 13% 9% 39% 40%
Fair Isaac Corporation $403.87 $11,697 $12,421 10.5x 9.8x 32.8x 29.7x 12% 7% 32% 33%
CoreLogic $44.84 $3,566 $5,342 3.0x 3.1x 10.9x 10.4x (2%) (2%) 28% 30%
LiveRamp Holdings $43.44 $2,941 $2,186 7.7x 5.8x NM NM 30% 33% NM NM
Summary StatisticsMean 7.4x 6.7x 20.3x 18.6x 10% 9% 36% 37%
Median 7.4x 6.2x 20.2x 18.4x 9% 7% 34% 36%
Insurance Software
Guidewire Software $113.00 $9,332 $8,743 12.2x 11.5x NM NM 10% 6% 18% 15%
Sapiens International Corporation N.V. $25.88 $1,295 $1,347 4.2x 3.7x 24.4x 20.6x 12% 12% 17% 18%
Ebix $34.05 $1,038 $1,730 2.9x 2.4x 9.6x 9.0x 18% 21% 31% 27%
Majesco $7.44 $320 $290 2.1x 2.0x NM NM 14% 4% 0% 0%
Summary StatisticsMean 5.3x 4.9x 17.0x 14.8x 14% 11% 17% 15%
Median 3.5x 3.1x 17.0x 14.8x 13% 9% 18% 17%
($MM, except per share data)Trading Metrics Operating Metrics
Stock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA MarginCompany 12/31/2019 Cap Value (EV) CY19E CY20E CY19E CY20E 19E/18A 20E/19E CY19E CY20E
Notes:Source: S&P Capital IQ as of 12/31/19.Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >100 considered NM
19
SELECTED PUBLIC COMPANY DETAIL (CONT.)($MM, except per share data)
Trading Metrics Operating MetricsStock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
Company 12/31/2019 Cap Value (EV) CY19E CY20E CY19E CY20E 19E/18A 20E/19E CY19E CY20E
IT & BPO Services
Accenture plc $207.26 $131,609 $129,612 3.0x 2.8x 17.7x 15.7x 8% 7% 17% 18%
Tata Consultancy Services Limited $31.49 $118,175 $111,187 5.1x 4.8x 19.4x 18.1x 8% 7% 26% 26%
Infosys Limited $10.85 $46,023 $43,803 3.5x 3.2x 14.3x 12.9x 10% 9% 24% 25%
Cognizant Technology Solutions Corporation $61.85 $33,867 $32,490 1.9x 1.9x 10.2x 9.7x 4% 3% 19% 19%
CGI Inc. $86.16 $23,115 $24,722 2.6x 2.5x 14.2x 13.6x 11% 5% 18% 18%
Wipro Limited $3.51 $19,962 $16,490 1.9x 1.9x 9.3x 9.4x 3% 4% 21% 20%
ExlService Holdings $71.93 $2,452 $2,517 2.6x 2.4x 15.4x 13.3x 12% 7% 17% 18%
Mphasis Limited $12.76 $2,379 $2,315 1.9x 1.8x 10.8x 9.4x 11% 11% 18% 19%
Mindtree Limited $12.56 $2,066 $1,998 1.9x 1.7x 14.3x 11.8x 11% 9% 13% 15%
Virtusa Corporation $42.04 $1,255 $1,518 1.2x 1.1x 12.9x 9.6x 9% 10% 9% 11%
Crawford & Company $9.25 $491 $751 0.7x 0.7x 6.4x 5.9x (4%) 3% 11% 12%
Summary StatisticsMean 2.4x 2.2x 13.2x 11.8x 7% 7% 18% 18%
Median 1.9x 1.9x 14.2x 11.8x 9% 7% 18% 18%
Online Distribution
Moneysupermarket.com Group PLC $4.20 $2,254 $2,270 4.4x 4.2x 12.1x 11.5x 14% 6% 36% 36%
eHealth $89.07 $2,057 $2,008 5.1x 4.1x 28.0x 19.2x 58% 24% 18% 21%
EverQuote $30.95 $809 $767 3.2x 2.5x NM NM 49% 27% 3% 4%
QuinStreet $14.64 $750 $695 1.5x 1.3x 20.5x 12.0x 7% 12% 7% 11%
GoCo Group plc $1.30 $543 $637 3.0x 2.8x 15.5x 11.7x 8% 9% 20% 24%
Summary StatisticsMean 3.4x 3.0x 19.0x 13.6x 27% 16% 17% 19%
Median 3.2x 2.8x 18.0x 11.8x 14% 12% 18% 21%
Notes:Source: S&P Capital IQ as of 12/31/19.Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >100 considered NM
20
Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leadersGCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
ZURICH
MILAN
FRANKFURT
MUNICH
TEL AVIV
LONDON
BIRMINGHAM
MUMBAI
SHANGHAI
SINGAPORE
TOKYO
NEW DELHI
NAGOYA
HO CHI MINH CITY
TAIPEI
PARISLEEDS
FUKUOKA
NEW YORK
SAN FRANCISCO
Sector expertise: Expansive coverage
and deep specialization
Exceptional cross-border capabilities:
Over a third of all transactions
Global platform:23 offices in key markets across
America, Asia, and Europe
Broad spectrum of clients:
Leadingconglomerates, top
private equity firms and emerging high-growth companies
Experienced team: Over 450 employees
across the globe
Strong reputation and track record: High number of
repeat clients and referrals
Diversified business model:Geographically
balanced, synergistic and complementary
focus areas
KYOTO
OSAKA
MANCHESTER
Notes:GCA operates as GCA in America and Asia, and as GCA Altium in Europe.
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Payments Real Estate Tech Banking & Lending Tech Insurance TechnologyPaymentsInsurance TechnologyFinancial SaaS
Insurance TechnologyPayments Insurance TechnologyLiquidity VenuesInvestment TechnologyWe Advised Asahi
Insurance TechnologyInsurance Technology
Selected FinTech experienceGCA OVERVIEW
Insurance Technology Transaction
Investment TechnologyInsurance TechnologyPaymentsInsurance TechnologyProperty TechBanking & Lending TechFinancial SaaS
Real Estate TechReal Estate TechInsurance TechnologyInsurance TechnologyReal Estate TechInsurance TechnologyReal Estate Tech
Growth Investment
Notes:The above transactions represent a compilation of deals that GCA entities,including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.
