PowerPoint Presentation · – Cognizant – Genpact . General . Financial Technology – Overview . 2(2) $145 $257 $13 $7. $163 $77 $185 $45 $131 $125 $66 $57 $70 $69 $52 0 500 1,000

FinTech Monthly March 2018

1

Consumer, Corporate & Banking (CCB)

Card Payments Processing Remittance Network Infrastructure and

Support Services Leading Providers Include:

– PayPal – Visa

Payments

Banking Infrastructure Support – Service Bureau and Software

Specific Product Areas – Lending and Insurance

Leading Providers Include: – FIS – Fiserv

Bank and Insurance Systems

Securities Exchange Non-Traditional Trading

Platforms Leading Providers Include:

– CME – ICE

Trading Venues

Online / Retail Brokers Inter-Dealer Brokers Leading Providers Include:

– Charles Schwab – ICAP

Brokerage Related

Consumer, Corporate & Banking (CCB) Securities & Capital Markets (SCM)

Industry Specific IT Services Providers

Payroll Processors HR and Benefit Service

Providers Leading Providers Include:

– ADP – Paychex

HR & Payroll

Database Services Analytics Leading Providers Include:

– Equifax – Experian

Consumer & Business Analytics

Transaction Processors Infrastructure Providers Leading Providers Include:

– Broadridge – State Street

Infrastructure

Securities Data Vendors Trading Analytics Leading Providers Include:

– IHS Markit – S&P Global

Market Data & Analytics

Leading Providers Include: – Cerner – Emdeon

Healthcare

Leading Providers Include: – VeriSign – Akamai Technologies

Internet

Leading Providers Include: – Amdocs – Convergys

Telecommunications

Leading Providers Include: – Cognizant – Genpact

General

Financial Technology – Overview

2

$163

$77

$185

$45

$131 $145

$125

$66 $57 $70 $69

$52

0

500

1,000

1,500

2,000

2,500

020406080

100120140160180200

$220

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QTD

Global Announced Tech M&A Volume Global Qtrly. Announced Tech M&A Volume

Global Announced Tech LBO Volume Global Qtrly. Announced Tech LBO Volume

42

# of Deals with a Value > $1 Billion

($ in billions) ($ in billions)

($ in billions)

($ in billions)


8



0

49 14 22 30 39 32 37 58 55 41 69

10 2 4 6 7 4 13 14 7 8 12

Source: CapitalIQ. Note: LTM and QTD as of February 28, 2018. (1) Green bar represents Dell Inc’s LBO deal value of $20.5 billion; announced on February 5, 2013. (2) Green bar represents Avago’s deal of $37 billion to buy Broadcom; announced on May 28, 2015. (3) Green bar represents Dell’s acquisition of EMC Corporation for $65.8 billion; announced October 12, 2015. (4) Green bar represents Microsoft’s acquisition of LinkedIn for $24.6 billion; announced on June 13, 2016. (5) Green bar represents Qualcomm’s acquisition of NXP Semiconductors for $47.6 billion; announced on October 27, 2016.

2015

(2)

(1)

$69

(3)

(4)

(2) (3)

(4)(5)

2016

(5)

2015 2016

2017

9 16 9 19 7 22 11 15 25 6 15

2017

1 1 3 2 0 5 1 5 2 3 3

-

- - --

-

$264

$140 $139 $159$209

$166$199

$257

$498$447

$262 $282

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

050

100150200250300350400450500

$550

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 LTM

7

2018

-

-

$10

$18

$9

$2

$16

$13

$7

$4

$8

$4

$7

$1

0

50

100

150

0

5

10

15

$20

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QTD

$15 $14

$24 $27

$15

$63

$41 $43$38

$23 $22

200

250

300

350

400

450

0

10

20

30

40

50

60

$70

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 LTM2018

Global M&A Market, Tech – Global Tech M&A Volumes In Q4 2017 Remained Strong, Driven by Transactions Greater than $1 Billion

Volume # of Deals Volume # of Deals


3

$5 $6

$17$16

$8

$28$32

$28

$9$12

0

40

80

120

160

200

0

5

10

15

20

25

30

35

$40

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 LTM

$87

$44

$22

$83$76

$41

$18 $18$21

$39 $40

200

300

400

500

600

700

0

10

20

30

40

50

60

70

80

$90

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QTD


U.S. Announced Tech M&A Volume U.S. Qtrly. Announced Tech M&A Volume

24 # of Deals with a Value > $1 Billion


5 26 6 12 20 25 15 24 42 31 22 43

Source: CapitalIQ. Note: LTM and QTD as of February 28, 2018. (1) Green bar represents Dell Inc’s LBO deal value of $20.5 billion; announced on February 5, 2013. (2) Green bar represents Avago’s deal of $37 billion to buy Broadcom; announced on May 28, 2015. (3) Green bar represents Dell’s acquisition of EMC Corporation for $65.8 billion; announced on October 12, 2015. (4) Green bar represents Microsoft’s acquisition of LinkedIn for $24.6 billion; announced on June 13, 2016.

2015

(1)

2016

U.S. Announced Tech LBO Volume U.S. Qtrly. Announced Tech LBO Volume ($ in billions) ($ in billions)

5

# of Deals with a Value > $1 Billion # of Deals with a Value > $1 Billion 0 5 1 2 5 5 2 8 9 5 4 10

2015 2016

(2) (4) (3)

2017

9 11 7 5 11 4 14 16 2 5 4

2017

2 1 1 2 1 0 4 4 2 0 1

$152

$68 $69$94

$122

$69

$121

$165

$223

$96

$124

0

600

1,200

1,800

2,400

3,000

0

30

60

90

120

150

180

210

240

$270

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 LTM

(3) $316 (2)

(4)

$136

2018

(1) $48 $52

$8

$15

$5

$1

$11$10

$6

$1

$4

$2$3

$1

0

10

20

30

40

50

60

0

2

4

6

8

10

12

14

$16

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QTD2018

U.S. M&A Market, Tech – Total U.S. Tech M&A Volume Was Weighted More Towards the Middle Market in 2017 Versus Prior Years



4

Source: AMG data services, FactSet and CapitalIQ. Note: Market data as of February 28, 2018. LTM as of February 28, 2018.

Equity Mutual Fund Flows


(volume in billions)

Monthly Volume

Equity Market Indices LTM

NASD S&P

DJIA

S&P 13.3% (2,714)

NASD 23.2% (7,273)

2016 2013 2014 2015 2018 2016

DJIA 18.5% (25,029)

DJIA

NYSE Volume Since 2007

Two-Year IPO Volume

2017 2017 2018

80%85%90%95%

100%105%110%115%120%125%130%135%

2/28/17 5/30/17 8/29/17 11/28/17 2/28/18

Value Implied ReturnsS&P NASDAQ DJIA S&P NASDAQ DJIA

Current 2,714 7,273 25,0296 Month 2,472 6,429 21,948 9.8% 13.1% 14.0%

1 Year 2,396 5,904 21,116 13.3% 23.2% 18.5% 3 Year 2,105 4,964 18,133 29.0% 46.5% 38.0% 5 Year 1,518 3,170 14,090 78.8% 129.5% 77.6%

0.020.040.060.080.0

100.0120.0140.0160.0180.0

1/1/07 10/9/09 7/17/12 4/25/15 1/31/18

$23

$68 $56

$41 $33

$14

$49

($5)($7)

($13)

($8)

($44)($50)

($9)($18)

$44

($16)($20)

$17 $25

(80)

(60)

(40)

(20)

0

20

40

60

$80

Q2 Q3 Q4 Q1 Q2Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q10%

20%

40%

60%

80%

100%

120%

140%

160%

180%

10.6 12.1

8.0

18.5

13.7

8.4

17.7 17.6

8.0

13.9

8.9

12.2 9.8

9.4 7.0

14.3

8.0 7.9 10.0

14.6

8.9

12.0

7.7 8.9

6.6

F M A M J J A S O N D J F M A M J J A S O N D J F

Equity Capital Markets – Equity Market Volatility Increased Sharply in February, Sending Most Major Global Indices Down

IPO Issuance Follow-on Issuance

5

$72 $38

$155$229

$300

$467

$325

$464

$90

0100200300400

$500

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

2017

Source: Wall Street research and market indices as of February 28, 2018. Note: Annual amounts may not match quarterly sums due to rounding. (1) BB and B data represents spreads to worst over LIBOR. (2) Through February 16, 2018.

Leveraged Loan Update High-Yield Update

Leveraged Loan Average Price and BB & B Spreads (1) Average High-Yield Bond Yields

Institutional Leveraged Loan New-Issue Activity High-Yield New-Issue Activity

Monthly Institutional Leveraged Loan New-Issue Activity Monthly High-Yield New-Issue Activity

One-Year Average 6.1%

Volume ($ in billions)

6.5%




245

99%

384

(2) (2)

2017

$665 $974

2018 (2) (2) 2018

200

400

600

800

1,000 bps

80%

85%

90%

95%

100%

2/16/17 4/30/17 7/12/17 9/23/17 12/5/17 2/16/18

Average Price as % of Par Value BB B

Average HY Bond YTW1-Year 6.1%5-Year 6.6%10-Year 8.2%

5.0%

6.0%

7.0%

8.0%

2/16/17 4/30/17 7/12/17 9/23/17 12/5/17 2/16/18

$53

$181

$302$246

$368 $399$356

$293 $286$328

$38

0

100

200

300

400

$500

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

$119$102 $101

$83

$52 $58$76

$52 $59$76

$110

$28

$62

0

25

50

75

100

$125

F M A M J J A S O N D J F

$25

$42

$27 $31

$18 $23 $23

$41

$24$17

$33$25

$13

0

15

30

45

$60

F M A M J J A S O N D J F

Debt Capital Markets – High-Yield Bond Spreads Increased in February in Tandem with Increased Equity Volatility

6

Source: Bloomberg as of February 28, 2018.

10YR BBB Spread Over Treas. – Since 2005 10YR BBB Spread Over Treas. – LTM

10YR BBB All-In Bond Yield – Since 2005 10YR BBB All-In Bond Yield – LTM

10-Year BBB Spread (bps) 10-Year U.S. Treasury (%) 10-Year BBB Spread (bps) 10-Year U.S. Treasury (%)

2.9%

130

4.2%

10-Year Average

4.7%

2.9%

130

4.2%

One-Year Average

3.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

100

200

300

400

500

600

700

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average BBB Spread Treasury1-yr 140 2.4%5-yr 163 2.3%10-yr 219 2.6%15-yr 195 3.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

0

50

100

150

200

250

300

3/1/17 4/30/17 6/30/17 8/30/17 10/29/17 12/29/17 2/28/18

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average BBB Bond Yield1-yr 3.8%5-yr 3.9%10-yr 4.7%15-yr 5.1%

3.0%

3.5%

4.0%

4.5%

5.0%

3/1/17 4/30/17 6/30/17 8/30/17 10/29/17 12/29/17 2/28/18

Debt Capital Markets – Treasury Yields Increased in February Reflecting Greater Inflation Expectations and Four Likely 2018 Fed Rate Rises

7

9.0x

12.0x

15.0x

18.0x

21.0x

24.0x

27.0x

1/3/12 7/18/13 1/31/15 8/15/16 2/28/18

22.7x 23.0x

21.4x

17.5x 17.4x

Source: CapitalIQ. Note: Index data equally weighted.

Bank & Insurance Systems Cons. & Bus. Analytics Payments

HR & Payroll S&P 500

192.6%

153.8%

305.6%

286.0%

112.5%

Summary Price Performance Since 2012 Price / NTM Earnings Since 2012

Stock Price Performance & Valuation Levels – CCB

Bank & Insurance Systems Cons. & Bus. Analytics Payments

HR & Payroll S&P 500

75%

100%

125%

150%

175%

200%

225%

250%

275%

300%

325%

350%

375%

400%

425%

1/3/12 7/18/13 1/31/15 8/15/16 2/28/18

8

10.0x

15.0x

20.0x

25.0x

1/3/12 7/18/13 1/31/15 8/15/16 2/28/18

50.0%

100.0%

150.0%

200.0%

250.0%

300.0%

350.0%

400.0%

1/3/12 7/18/13 1/31/15 8/15/16 2/28/1810.0x

15.0x

20.0x

25.0x

1/3/12 7/18/13 1/31/15 8/15/16 2/28/18

75.0%

125.0%

175.0%

225.0%

275.0%

325.0%

1/3/12 7/18/13 1/31/15 8/15/16 2/28/18

Source: CapitalIQ. Note: Index data equally weighted.

Summary Price Performance Since 2012 Price / NTM Earnings Since 2012

20.7x

17.4x

20.5x

17.4x 18.0x

20.4x

17.4x

S&P 500 Exchanges Market Data & Analytics

175.2% 176.4%

112.5%

211.1%

264.9%

231.2%

112.5%

Stock Price Performance & Valuation Levels – SCM

Retail Brokers S&P 500

Capital Markets Systems Interdealer Brokers

S&P 500 Exchanges Market Data & Analytics

Retail Brokers S&P 500

Capital Markets Systems Interdealer Brokers

9

Source: CapitalIQ. Note: Market data as of February 28, 2018.

Growth and perceived business stability are key drivers of sector relative valuation levels

Median TEV / CY 2018E EBITDA

Median TEV / CY 2018E EBITDA / LT Growth

Consumer Corporate Banking Securities, Capital Markets

Consumer Corporate Banking Securities, Capital Markets

11.5x

14.1x 14.6x

17.1x

7.0x

13.3x 15.1x 15.2x 16.0x

-

5.0x

10.0x

15.0x

20.0x

Payments Cons. & Bus.Analytics

HR & Payroll Bank &Insurance

Inter. Brokers Retail Brokers Cap MktSystems

Exchanges Mkt Data &Analytics

0.87x 1.02x

1.24x 1.38x

0.54x 0.69x

1.15x 1.27x

1.57x

-

0.50x

1.00x

1.50x

2.00x

Payments HR & Payroll Bank &Insurance

Cons. & Bus.Analytics

Retail Brokers Inter. Brokers Cap MktSystems

Mkt Data &Analytics

Exchanges

Stock Price Performance & Valuation Levels

10

Source: CapitalIQ. Note: Market data as of February 28, 2018; median values shown in chart; companies without analyst forward projections are excluded; CY2018E Revenue and EBITDA used to calculate all multiples. Note: Light blue represents EV/Revenue and dark gray represents EV/EBITDA. Size corresponds to relative multiple value of group.

Currently, improved growth vs. margin, on average, does not correspond to greater valuation levels

4.2x Δ

5.1x Δ

Financial Technology Valuation Levels – Growth vs. Margin

Projected Revenue Growth (CY2017-CY2018E)

<5% 5%-10% >10%

16.0x

13.7x

10.9x

11.5x 13.6x 15.7x

EV / EBITDA

EBIT

DA M

argi

n (C

Y201

8E)

>40%

4 Companies 9 Companies 23 Companies

BK-US, CHKP-US, S68-SG, VRSN-USASX-AU, CME-US, DB11-DE, EVTC-US, ICE-US, NDAQ-US,

PAYX-US, SPGI-US, SSNC-US

BR-US, CSGS-US, DOX-US, DST-US, EVRI-US, MGI-US,TCAP-GB, WU-US

ACXM-US, ADP-US, BNFT-US, CTSH-US, DFS-US, G-US,HAWK-US, ITG-US, MSI-CA, ONDK-US, WLN-FR

25%

-40%


<25%

BGCP-US, CATM-US, CVG-US, EEFT-US, ENV-US, EPAY-US,EQN-GB, EXLS-US, FDP-GB, FDSA-GB, GCAP-US, GDOT-US,

GWRE-US, HMSY-US, ING-FR, LC-US, LPLA-US, MDRX-US, PAY-US,PCTY-US, PEGA-US, QTWO-US, SQ-US, UEPS-US, ULTI-US,

WDAY-US, ZG-US

388-HK, AMTD-US, BME-ES, BVMF3-BR, CBOE-US, ENX-FR,ETFC-US, FLT-US, IBKR-US, LSE-GB, MA-US, MCO-US, MKTX-US,

MSCI-US, PAYC-US, SCHW-US, SEIC-US, VIRT-US, VRSK-US, V-US,WEX-US, WP-US, X-CA


ACIW-US, CPU-AU, DNB-US, EFX-US, FISV-US, INF-GB,REL-GB, TRI-CA, WLTW-US

ADS-US, AKAM-US, AON-US, AXP-US, CERN-US, EDEN-FR,FDC-US, FDS-US, FICO-US, FNGN-US, INFO-US, INTU-US,

IRE-AU, JKHY-US, STT-US, TNET-US, WAGE-US

ATHN-US, CLGX-US, CSGP-US, EBIX-US, ELLI-US, EXPN-GB,FIS-US, GPN-US, HQY-US, NTRS-US, PYPL-US, REIS-US,

RP-US, SIM-DK, SNN-GB, TEMN-CH, TRU-US, TSS-US, WDI-DE

EV / EBITDA

2.0x 2.7x 2.3x

3.3x 4.1x 5.6x

8.7x 8.0x 7.4x

8.7x 12.9x 10.5x

11.5x 12.3x 17.8x

14.1x 15.4x 16.5x

11

Source: Company filings, websites, press releases and news agencies. Note: Underlined wording provides hyperlink to press release.

Announced Date

Buyer Target Sector Transaction Size ($MM)

Target Description Link

2/22/18 Consumer & Business Analytics

NA Operates an online marketplace for retail customer leads in the finance and insurance sectors

2/22/18 Payments NA Provides mobile commerce and authentication solutions

2/21/18 Market Data & Analytics

NA Provides sector-relevant insights on global supply chains

2/21/18 HR & Payroll NA Provides compensation data and compensation planning software

2/20/18 Payments NA Provides an omnichannel payment gateway and EMV solutions

2/20/18 Capital Markets Systems

$1,960 Provides trading, investment and information solutions

2/14/18 Bank & Insurance Systems

NA Provides real estate brokerage services


NA Provides mobile workflow solutions and automation tools for property and collateral valuation

2/9/18 Payments NA Provides SaaS-based payments and transaction management solutions

2/8/18 Payments NA Provides full-service payments processing and acquiring solutions

2/7/18 Retail Brokers NA Provides broker dealer and alternative trading solutions


NA Provides lending technology solutions to the financial services industry

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

(Lending Solutions Business)

(Broker Dealer and Alternative Trading System)

FinTech Industry Recent News – M&A Activity

https://www.businesswire.com/news/home/20180222005134/en/Eli-Global-Acquire-Lead-Generation-Marketplace-Finanzen

http://investors.fiserv.com/releasedetail.cfm?releaseid=1056687

https://www.reuters.com/article/us-fidessa-group-m-a-temenos-group/temenos-in-talks-to-buy-british-trading-software-company-fidessa-idUSKCN1G40SI

https://www.coindesk.com/templum-acquires-liquid-m/

https://www.nmi.com/nmi-agrees-acquire-creditcall-expand-emv-omnichannel-capabilities/

http://www.corelogic.com/about-us/news/corelogic-acquires-etech-solutions.aspx

https://www.prnewswire.com/news-releases/uphold-acquires-secure-mobile-payments-platform-cortex-mcp-300602472.html

https://therealdeal.com/2018/02/14/compass-in-expansion-mode-buys-100-agent-westchester-firm/

https://www.businesswire.com/news/home/20180208006001/en/Payroc-Acquires-Full-Service-Processor-Integrity-Payment-Systems

https://solium.com/2018/02/21/solium-announces-acquisition-of-advanced-hr/

https://www.nasdaq.com/press-release/visa-acquires-fraedom-to-expand-its-global-commercial-offerings-20180209-00075

https://seekingalpha.com/news/3332764-s-and-p-global-set-acquire-panjiva

12


Announced Date

Buyer Target Sector Transaction Size ($MM)

Target Description Link

2/5/18 Consumer & Business Analytics

NA Provides digital customer engagement solutions


NA Provides trading and risk management solutions for the energy, commodities and financial services industries

2/2/18 Payments NA Provides cloud-based SaaS solutions, including a prepaid mobile money platform


NA Provides an FX electronic trading platform for banks and financial institutions

Link

Link

Link

Link

FinTech Industry Recent News – M&A Activity (cont’d)

https://www.capgemini.com/news/capgemini-reinforces-its-global-leadership-in-digital-with-the-acquisition-of-customer-engagement-firm-liquidhub/

https://www.prnewswire.com/news-releases/openlink-announces-agreement-to-be-acquired-by-ion-investment-group-300592670.html

https://www.finastra.com/about/press-releases/finastra-acquires-olfa-soft-sa

https://www.finextra.com/newsarticle/31623/urban-ft-agrees-to-buy-digiliti-money

13


Announced Date

Company Investors Sector Transaction Size ($MM)

Company Description Link

2/27/18Industry Specific

IT Services Providers

NA Provides detailed risk frameworks, a credit decisioning engine and big data management software


$100 Provides a marketplace for working capital

2/22/18 Payments 22 Operates a mobile payment platform and wallet for daily transactions

2/21/18 Payments 16 Provides a smart debit card for kids, teens and college students

2/19/18 HR & Payroll 9 Provides employees real-time access to earned wages


142 Provides financial services, including brokering and trading

2/15/18Consumer &

Business Analytics

23 Provides a digital identity authentication network

2/15/18 Payments 71 Provides payment solutions for large marketplaces


25 Operates a digital platform to streamline the loan process

2/14/18 Payments 15 Provides a next-generation point-of-sale payment gateway technology


30 Provides a cloud-based payables automation platform

2/13/18Consumer &

Business Analytics

18 Provides contextual and transparent location data solutions

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

FinTech Industry Recent News – Private Placements

http://ir.exlservice.com/releasedetail.cfm?releaseid=1058779

https://www.martechadvisor.com/news/geolocation/unacast-announces-175m-to-expand-its-location-data-products-into-european-market/

https://www.vccircle.com/religare-enterprises-to-raise-142-mn-from-bay-capital-others/

https://www.crowdfundinsider.com/2018/02/128331-tipalti-closes-30-million-series-c-funding-led-zeev-ventures/

https://newscenter.io/2018/02/dailypay-announces-9-million-series-b-funding/

https://www.finextra.com/pressarticle/72596/yapstone-closes-71m-series-c-funding-round

https://www.prnewswire.com/news-releases/c2fo-100mm-funding-round-led-by-allianz-x-and-mubadala-300604387.html

https://www.finextra.com/pressarticle/72646/payfone-raises-23-million

https://www.smp.law/EN/Press/SMP-advises-Payworks-on-USD-14-5-million-financing-round.php

https://www.prnewswire.com/news-releases/greenlight-raises-16-million-series-a-financing-and-announces-new-strategic-partnerships-300601503.html

https://www.housingwire.com/articles/42539-roostify-raises-25-million-to-fund-growth-of-digital-lending-platform

https://www.prnewswire.com/news-releases/recargapay-raises-us-22-million-in-series-b-investment-300602685.html

14


Announced Date

Company Investors Sector Transaction Size ($MM)

Company Description Link

2/12/18Consumer &

Business Analytics

$40 Provides fraud detection solutions using unsupervised machine learning


38 Operates a micro-investing application for first-time investors


87 Operates an online lending platform to provide working capital finance for SMEs

2/6/18Consumer &

Business Analytics

16 Provides commercial real estate analytics solutions


50 Provides an automotive financing platform for car purchases

Link

Link

Link

Link

Link

FinTech Industry Recent News – Private Placements (cont’d)

http://markets.businessinsider.com/news/stocks/datavisor-secures-40-million-to-fight-fraud-globally-1015510859

https://www.bizjournals.com/losangeles/news/2018/02/05/l-a-car-leasing-startup-raises-50-million-gets.html

https://techcrunch.com/2018/02/12/simplified-investing-app-stash-raises-37-5-million-series-d-as-it-heads-into-banking/

https://www.reuters.com/article/us-usa-property-reonomy/property-data-firm-reonomy-raises-16-million-announces-partnership-idUSKBN1FQ1PX

https://www.oddup.com/article/sme-lending-startup-lendingkart-raises-over-87-million

15

Announced Date Company Sector Type Seniority Type Size ($MM)

2/21/18 Payments Corporate Bond Senior $500

2/20/18 Bank & Insurance Systems Corporate Bond Senior 200

2/5/18 Industry Specific IT Service Providers Corporate Bond Senior 300

1/26/18 Capital Markets Systems Term Loan Senior 750

1/26/18 Capital Markets Systems Term Loan Senior 1,000

1/8/18 Interdealer Broker Term Loan Senior 624

12/19/17 Industry Specific IT Service Providers Corporate Bond Senior 300

12/6/17 Payments Revolver Senior 3,000

Announced Date Company Sector Use of Funds Offer Type Offer Size ($MM)

2/13/18 Bank & Insurance Systems Liquidity for Private Owners Follow-On $374

12/13/17 Retail Brokers & Interdealer Brokers Liquidity for Private Owners Follow-On 1,425

11/20/17 Bank & Insurance Systems Liquidity for Private Owners Follow-On 243

11/14/17 Industry Specific IT Service Providers General Corporate Purposes Follow-On 311

10/23/17 Payments General Corporate Purposes Follow-On 3,650

9/28/17 Bank & Insurance Systems Acquisition Financing Follow-On 750

9/12/17 Capital Markets Systems Acquisition Financing Follow-On 160

9/11/17 Payments Liquidity for Private Owners Follow-On 1,602

Public Equity

Debt


FinTech Industry Selected Public Equity & Debt Financings

16

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Valuation Metrics ($ in millions, except per share data) Share Price Enterprise Value as a Multiple of: Price as a Multiple of:

Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/Category / Company 2/28/18 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

PaymentsLarge ProvidersAlliance Data Systems Corporation $240.96 86.6% 115.3% $13,367 $27,396 15.3% 3.30x 12.3x 0.80x 10.6x 0.69xFleetCor Technologies, Inc. 199.93 93.5% 164.5% 18,675 22,252 17.6% 8.75x 16.6x 0.94x 19.4x 1.10xGlobal Payments Inc. 113.39 98.4% 148.3% 18,100 21,594 16.9% 5.47x 15.7x 0.93x 22.5x 1.34xMastercard Incorporated 175.76 98.1% 159.6% 185,641 183,383 20.0% 12.66x 21.6x 1.08x 29.3x 1.46xPayPal Holdings, Inc. 79.41 92.0% 190.2% 95,428 84,802 19.4% 5.56x 20.8x 1.07x 34.7x 1.79xWorldpay, Inc. 81.28 99.0% 137.5% 162,560 167,550 15.6% NM NM NM 21.8x 1.40xVisa Inc. 122.94 96.9% 139.9% 253,840 264,386 18.1% 12.77x 17.9x 0.99x 26.8x 1.48x

Mean 17.6% 8.09x 17.5x 0.97x 23.6x 1.32xMedian 17.6% 7.16x 17.3x 0.97x 22.5x 1.40x

Retail FocusBlackhawk Network Holdings, Inc. $44.75 95.2% 137.3% $2,598 $3,042 16.6% 1.31x 11.5x 0.69x 22.6x 1.36xFirst Data Corporation 15.62 81.2% 106.5% 14,609 36,243 10.5% 2.85x 11.0x 1.04x 11.3x 1.07xSquare, Inc. 46.05 92.9% 285.8% 20,019 19,512 87.7% 14.54x NM NM NM NM Total System Services, Inc. 87.95 97.8% 172.6% 16,120 18,979 16.5% 5.06x 14.3x 0.87x 21.0x 1.27xWirecard AG 120.54 88.9% 227.9% 14,894 13,954 25.4% 6.14x 21.3x 0.84x 34.8x 1.37xWorldline S.A. 51.14 89.1% 157.4% 6,804 6,804 17.4% 3.25x 14.6x 0.84x 30.4x 1.75x


IssuersAmerican Express Company $97.51 95.2% 129.1% $84,166 $110,321 12.3% 3.05x 8.7x 0.71x 13.7x 1.11xDiscover Financial Services 78.83 96.2% 137.1% 27,965 41,545 8.0% 3.88x NA NA 10.1x 1.27x


OtherCardtronics plc $22.38 47.2% 141.6% $1,022 $1,889 12.0% 1.48x 7.4x 0.61x 15.1x 1.26xCass Information Systems, Inc. 58.56 90.1% 110.0% 658 416 1.4% NA NA NA NA NA Euronet Worldwide, Inc. 84.87 84.0% 111.3% 4,686 4,327 15.0% 1.71x 9.0x 0.60x 16.1x 1.08xEveri Holdings Inc. 7.45 82.9% 235.0% 541 1,572 20.0% 1.56x 6.9x 0.34x 6.4x 0.32xGreen Dot Corporation 65.13 93.9% 221.8% 3,385 2,535 0.0% 2.54x 10.5x NA 22.7x NA Ingenico Group 87.33 72.1% 101.9% 5,436 7,278 10.2% 2.14x 10.9x 1.07x 14.6x 1.44xMoneyGram International, Inc. 10.73 59.9% 108.2% 582 1,321 NA 0.80x 4.6x NA 9.6x NA Net 1 UEPS Technologies, Inc. 10.25 75.8% 115.6% 583 627 96.5% 1.09x NA NA 6.5x 0.07xVeriFone Systems, Inc. 16.60 77.3% 103.8% 1,865 2,593 16.0% 1.43x 8.1x 0.51x 10.6x 0.67xThe Western Union Company 19.82 89.2% 107.8% 9,119 11,314 4.2% 1.99x 8.1x 1.94x 10.7x 2.57xWEX Inc. 149.55 93.7% 153.8% 6,419 8,345 15.0% 5.84x 14.0x 0.93x 19.7x 1.31x


Composite Mean 20.3% 4.55x 12.7x 0.88x 18.4x 1.23xComposite Median 16.0% 3.15x 11.5x 0.87x 17.8x 1.29x

CCB, Payments – Valuation Levels

17

Valuation Metrics ($ in millions, except per share data)


Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 2/28/18 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

Bank & Insurance Systems Core ProcessesEVERTEC, Inc. $16.20 83.0% 128.6% $1,173 $1,742 0.0% 4.16x 10.1x NA 11.8x NA Fidelity National Information Services, Inc. 97.18 93.8% 123.2% 32,712 40,919 1.8% 4.77x 13.1x NM 18.7x NM Fiserv, Inc. 143.39 97.3% 126.6% 30,226 34,801 12.5% 5.96x 16.5x 1.32x 23.0x 1.84xJack Henry & Associates, Inc. 117.30 92.1% 128.2% 9,063 9,105 11.0% 5.82x 17.1x 1.55x 31.4x 2.86xQ2 Holdings, Inc. 45.55 96.7% 142.6% 2,017 1,918 NA 8.15x NM NM NM NM Temenos Group AG 117.49 77.0% 146.5% 8,541 8,814 18.8% 10.20x 27.3x 1.45x 39.9x 2.12x


Real EstateBlack Knight, Inc. $47.65 89.9% 115.9% $3,350 $4,773 15.0% 4.27x 8.8x 0.59x 26.8x 1.79xCoreLogic, Inc. 45.50 92.3% 118.2% 3,737 5,372 8.0% 2.91x 11.3x 1.40x 17.3x 2.16xCoStar Group, Inc. 342.13 95.3% 173.2% 12,433 11,222 18.7% 9.51x 30.1x 1.61x NM NM Ellie Mae, Inc. 88.67 77.1% 111.2% 3,179 2,938 20.0% 5.90x 22.5x 1.13x NM NM RealPage, Inc. 52.25 100.0% 161.8% 4,448 5,028 20.5% 5.98x 22.9x 1.12x 36.1x 1.76xReis, Inc. 19.25 86.7% 120.7% 223 206 NA 3.86x 12.7x NA NM NA Zillow Group, Inc. 47.54 93.4% 145.7% 9,082 8,705 NA 6.66x 28.1x NA NM NA


Lending PlatformsLendingClub Corporation $3.15 48.0% 100.0% $1,315 $1,263 NA 1.85x 15.2x NA 37.7x NA On Deck Capital, Inc. 5.19 81.6% 157.8% 383 1,008 NA 2.67x NM NA 18.9x NA

Mean NA 2.26x 15.2x NA 28.3x NA Median NA 2.26x 15.2x NA 28.3x NA

OtherACI Worldwide, Inc. $23.65 94.5% 120.7% $2,783 $3,399 12.3% 3.27x 12.8x 1.04x 35.0x 2.84xBottomline Technologies, Inc. 37.98 96.2% 176.5% 1,549 1,625 16.0% 4.04x 17.8x 1.11x 31.2x 1.95xEbix, Inc. 83.95 95.9% 160.2% 2,647 2,928 15.0% 6.99x 19.1x 1.27x 23.1x 1.54xGuidewire Software, Inc. 80.32 96.2% 147.8% 6,427 5,866 11.8% 8.67x NM NM NM NM Intuit Inc. 166.86 94.0% 145.3% 43,079 43,456 16.3% 7.30x 19.8x 1.22x 30.4x 1.87xPegasystems, Inc. 58.00 89.4% 142.3% 4,757 4,533 30.0% 4.77x NM NM NM NM



CCB, Banks & Insurance Systems – Valuation Levels

18





Cons. & Bus. AnalyticsAcxiom Corporation $27.37 94.0% 125.6% $2,203 $2,255 12.5% 2.33x 10.9x 0.87x 26.4x 2.11xDun & Bradstreet Corporation 125.04 98.9% 123.6% 4,629 5,881 8.0% 3.31x 11.3x 1.41x 15.3x 1.91xEquifax Inc. 113.00 76.9% 126.1% 13,626 16,082 11.0% 4.66x 13.1x 1.19x 18.8x 1.71xExperian plc 21.47 91.1% 109.0% 19,835 23,124 8.8% 4.79x 14.1x 1.59x 20.5x 2.32xFair Isaac Corporation 169.94 95.5% 136.4% 5,247 5,817 16.0% 5.73x 21.1x 1.32x 26.8x 1.67xRELX Group 20.60 83.7% 106.7% 39,240 46,235 7.4% 4.46x 14.2x 1.92x 17.0x 2.29xTransUnion 57.07 92.9% 154.5% 10,751 13,174 11.7% 6.18x 15.9x 1.36x 24.9x 2.13xVerisk Analytics. Inc. 102.19 98.4% 135.2% 17,299 20,162 12.1% 8.52x 17.6x 1.46x 25.6x 2.12x


HR & PayrollAutomatic Data Processing, Inc. $115.35 92.1% 120.8% $51,291 $51,517 13.2% 3.75x 17.7x 1.35x 26.0x 1.97xAon plc 140.32 91.8% 122.1% 34,544 39,386 12.6% 3.68x 13.5x 1.08x 17.5x 1.40xBenefitfocus, Inc. 24.20 65.2% 108.5% 769 834 20.0% 2.97x 30.1x 1.50x NM NM Edenred SA 35.32 99.2% 140.8% 8,233 8,948 11.4% 5.23x 13.8x 1.21x 26.0x 2.28xHealthEquity, Inc. 57.58 99.8% 153.1% 3,630 3,405 34.0% 12.23x NM NM NM NM Verisk Analytics. Inc. 18.34 97.6% 126.0% 1,031 1,245 NM 2.37x 12.5x NM 23.7x NM Paychex, Inc. 65.13 89.1% 120.2% 23,491 23,286 8.2% 6.73x 15.4x 1.88x 24.5x 3.00xPaycom Software, Inc. 98.92 97.8% 184.2% 5,718 5,707 26.5% 10.50x 26.2x 0.99x NM NM Paylocity Holding Corporation 46.77 86.7% 137.0% 2,460 2,349 27.1% 5.78x 27.8x 1.02x NM NM The Ultimate Software Group, Inc. 238.46 95.3% 131.3% 7,314 7,159 26.2% 6.43x 25.8x 0.99x NM NM TriNet Group, Inc. 47.17 100.0% 184.6% 3,350 3,437 NA 4.03x 11.1x 0.55x 18.2x 0.91xWageWorks, Inc. 52.45 65.2% 100.0% 2,096 1,449 15.0% 2.77x 8.6x 0.58x 25.8x 1.72xWillis Towers Watson Public Limited Company 157.90 95.7% 125.7% 20,849 24,505 10.0% 2.88x 11.3x 1.01x 16.0x 1.43xWorkday, Inc. 126.67 96.6% 157.1% 27,466 25,690 33.0% 9.55x NM NM NM NM


CCB, Cons. & Bus. Analytics and HR & Payroll – Valuation Levels

19





Market Data & AnalyticsFactSet Research Systems Inc. $203.18 97.2% 131.0% $8,127 $8,448 11.1% 6.15x 18.0x 1.63x 23.8x 2.15xIHS Markit Ltd. 47.05 95.6% 124.4% 19,258 23,336 13.0% 6.07x 15.3x 1.18x 20.8x 1.60xInforma plc 9.59 90.0% 144.9% 7,925 9,835 4.3% 3.99x 11.5x 2.68x 14.6x 3.40xMoody's Corporation 166.88 97.2% 151.6% 32,208 36,565 11.8% 7.77x 16.0x 1.36x 21.6x 1.84xMorningstar, Inc. 93.45 90.3% 136.6% 3,976 3,803 NA NA NA NA NA NA MSCI Inc. 141.52 94.9% 151.0% 12,746 13,934 14.0% 9.67x 17.8x 1.27x 26.4x 1.89xS&P Global Inc. 191.80 98.1% 150.7% 49,008 51,193 14.7% 7.96x 16.1x 1.10x 22.5x 1.53xThomson Reuters Corporation 39.47 80.5% 102.6% 28,111 34,817 8.0% 3.03x 10.0x 1.25x 15.4x 1.92x


ExchangesNorth AmericanCboe Global Markets, Inc. $112.01 80.9% 144.2% $12,662 $13,766 22.3% 11.92x 17.7x 0.79x 24.6x 1.10xCME Group Inc. 166.16 98.0% 144.7% 56,543 56,783 12.2% 14.28x 20.0x 1.64x 26.0x 2.13xIntercontinental Exchange, Inc. 73.08 96.0% 126.9% 42,682 48,259 11.2% 9.87x 15.2x 1.37x 20.6x 1.85xMarketAxess Holdings Inc. 202.40 95.9% 118.1% 7,688 7,429 NA NM 29.1x NA NM NM Nasdaq, Inc. 80.75 97.0% 122.4% 13,445 17,122 9.6% 6.64x 13.0x 1.35x 16.8x 1.74xTMX Group Limited 59.88 96.0% 118.4% 3,337 4,210 2.5% 6.72x 11.7x 4.77x 14.5x 5.89x


ROWASX Limited $45.51 98.9% 120.2% $8,806 $7,961 5.4% 12.30x 16.2x 3.00x 23.9x 4.42xBM&FBOVESPA S.A. 8.01 94.8% 160.8% 16,411 16,919 8.1% 12.29x 18.0x 2.21x 23.5x 2.89xBolsas y Mercados Españoles 33.87 82.6% 108.5% 2,816 2,451 0.5% 6.25x 9.5x NM 15.0x NM Deutsche Börse Aktiengesellschaft 133.64 98.8% 141.8% 26,063 26,510 12.5% 8.16x 13.8x 1.10x 20.7x 1.66xEuronext N.V. 69.96 99.9% 145.5% 4,890 4,880 8.0% 6.64x 12.0x 1.50x 17.9x 2.24xHong Kong Exchanges and Clearing Limited 36.29 92.8% 150.7% 44,286 42,806 7.6% NM 29.3x 3.85x 39.0x 5.12xLondon Stock Exchange Group plc 55.57 97.9% 134.5% 19,283 20,174 15.5% 7.08x 13.2x 0.85x 23.0x 1.48xSingapore Exchange Limited 5.71 88.8% 104.9% 6,111 5,549 8.6% 8.66x 15.1x 1.76x 21.8x 2.54x


Exchanges Composite Mean 9.5% 9.23x 16.7x 2.02x 22.1x 2.76xExchanges Composite Median 8.6% 8.41x 15.2x 1.57x 21.8x 2.19x

SCM, Market Data & Analytics and Exchanges – Valuation Levels

20





Capital Markets SystemsNorth American Broadridge Financial Solutions, Inc. $100.38 98.2% 151.0% $12,004 $12,860 13.6% 2.99x 15.4x 1.14x 24.2x 1.78xDST Systems, Inc. 83.17 98.4% 165.6% 5,043 5,583 10.0% 2.58x 11.5x 1.15x 20.3x 2.03xEnvestnet, Inc. 55.10 94.5% 178.9% 2,541 2,722 15.0% 3.32x 17.8x 1.19x 30.2x 2.01xFinancial Engines, Inc. 33.50 73.2% 137.0% 2,118 1,894 15.0% 3.65x 11.1x 0.74x 18.3x 1.22xLPL Financial Holdings Inc. 64.27 96.4% 171.9% 5,945 7,610 24.1% 1.56x 10.3x 0.43x 16.1x 0.67xSEI Investments Co. 72.83 94.0% 148.5% 12,043 11,329 12.0% 6.73x 16.7x 1.39x 22.5x 1.88xSS&C Technologies Holdings, Inc. 49.52 96.4% 142.5% 10,832 12,813 11.0% 7.21x 16.9x 1.54x 21.8x 1.98x


ROWComputershare Limited $13.91 97.2% 135.3% $7,550 $8,682 11.6% 3.89x 13.4x 1.15x 20.9x 1.80xEquiniti Group plc 3.97 90.0% 155.4% 1,195 1,575 NA 2.32x 9.4x NA 17.0x NA Fidessa group plc 51.74 95.5% 185.6% 2,013 1,886 2.7% 3.93x 17.4x NM 36.9x NM First Derivatives plc 52.22 85.2% 168.2% 1,420 1,438 1.0% 5.28x 29.5x NM NM NM IRESS Limited 8.09 77.5% 100.4% 1,372 1,500 7.5% 4.14x 15.1x 2.00x 23.2x 3.10xSanne Group plc 8.90 77.1% 111.4% 1,268 1,293 NA 6.91x 19.5x NA 25.0x NA SimCorp A/S 62.87 85.5% 112.3% 2,558 2,556 14.6% 5.55x 20.1x 1.38x 27.3x 1.87x


Custody BanksNorthern Trust Corporation $105.87 96.3% 127.3% $24,099 $23,410 16.0% 3.95x 11.5x 0.72x 17.3x 1.08xState Street Corporation 106.15 92.9% 141.0% 39,054 51,763 17.1% 4.22x 11.4x 0.66x 13.9x 0.81xThe Bank of New York Mellon Corporation 57.03 96.7% 126.4% 57,863 84,497 7.5% 5.11x 13.0x 1.74x 14.1x 1.88x



SCM, Capital Markets Systems – Valuation Levels

21





Retail BrokersThe Charles Schwab Corporation $53.02 94.3% 142.7% $72,250 $80,579 26.5% 8.05x 16.5x 0.62x 22.1x 0.84xE*TRADE Financial Corporation 52.23 93.3% 162.0% 13,911 16,957 21.8% 6.17x 11.5x 0.53x 16.2x 0.74xGAIN Capital Holdings, Inc. 7.09 53.5% 127.5% 321 230 10.6% 0.62x 2.6x 0.24x 9.8x 0.93xTD Ameritrade Holding Corporation 57.50 96.0% 159.2% 32,639 33,097 27.5% 6.21x 15.2x 0.55x 18.1x 0.66x


Interdealer BrokersBGC Partners, Inc. $13.22 77.9% 127.2% $3,860 $5,997 16.1% 1.55x 7.3x 0.45x 9.8x 0.61xInteractive Brokers Group, Inc. 69.40 97.4% 210.2% 4,960 8,285 10.1% 4.48x 5.6x 0.56x 32.1x 3.19xINTL FCStone Inc. 39.65 88.3% 119.7% 758 1,950 9.7% NA NA NA NA NA Investment Technology Group, Inc. 19.82 82.7% 112.4% 656 522 NA 0.99x 4.4x NA 18.5x NA TP ICAP plc 7.42 95.9% 122.5% 4,097 3,973 10.0% 1.60x 8.2x 0.82x 13.1x 1.31xVirtu Financial, Inc. 29.70 87.4% 226.7% 2,735 3,626 5.5% 3.82x 7.0x 1.28x 19.4x 3.51x


SCM, Retail Brokers & Interdealer Brokers – Valuation Levels

22





Industry Specific IT Services ProvidersHealthcareAllscripts Healthcare Solutions, Inc. $13.87 86.0% 123.3% $2,508 $4,401 14.6% 2.00x 10.1x 0.69x 18.0x 1.23xathenahealth, Inc. 139.74 88.1% 147.1% 5,677 5,785 20.1% 4.29x 16.5x 0.82x 37.3x 1.86xCerner Corporation 64.16 86.9% 118.8% 21,654 21,375 13.6% 3.86x 12.3x 0.91x 24.3x 1.79xHMS Holdings Corp. 16.04 76.7% 145.7% 1,330 1,486 13.2% 2.63x 11.3x 0.86x 19.6x 1.49x

InternetAkamai Technologies, Inc. $67.46 97.0% 151.1% $11,439 $11,390 13.6% 4.21x 11.4x 0.84x 22.7x 1.67xCheck Point Software Technologies Ltd. 103.89 87.2% 109.3% 18,640 17,230 9.4% 8.84x 16.3x 1.74x 18.1x 1.93xVeriSign, Inc. 116.02 95.4% 140.5% 11,268 11,263 NA 9.32x 13.1x NA 26.3x NA

TelecommunicationsAmdocs Limited $65.79 92.2% 109.1% $9,549 $8,621 8.5% 2.17x 10.5x 1.24x 16.3x 1.92xConvergys Corporation 23.21 87.1% 115.2% 2,131 2,252 9.0% 0.85x 6.9x 0.76x 13.8x 1.53xCSG Systems International, Inc. 46.68 95.6% 131.6% 1,561 1,631 NA 2.02x 9.0x 1.20x 16.7x 2.22x

GeneralCognizant Technology Solutions Corporation $82.02 97.9% 143.9% $48,272 $44,089 14.9% 2.72x 12.9x 0.87x 18.0x 1.21xExlService Holdings, Inc. 57.02 88.6% 127.4% 1,960 1,756 15.3% 2.08x 11.8x 0.77x 20.6x 1.35xGenpact Limited 31.37 90.2% 134.4% 6,118 6,834 9.8% 2.30x 13.6x 1.39x 18.1x 1.85x


Industry Specific IT Services Providers – Valuation Levels

23

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