Week of June 19, 2017 - GCA Advisors · 2019. 9. 7. · Performance P/E 2017 Ingenico Group - GCS $5,683 (13%) 17.3x NCR Corporation $4,820 37% 11.8x VeriFone Systems, Inc. $1,927

1

Financial Technology Sector Summary

Week of June 19, 2017

2

Select Recent Financing Transactions Select Recent M&A Transactions

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

$300.0 $1,381.0

$145.5 $304.0

$140.0 $89.0

$65.0 $33.0

$28.0 NA

$22.5 NA

$12.0 NA

$12.0 NA

Quarterly Financing Volume Quarterly M&A Volume

$11.7 Bn | 1,179 DealsLTM Financing Volume

Industry Stock Market Performance $77.6 Bn | 683 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

$24.5

$20.8

$24.9

$20.4

219

196 205188

0

50

100

150

200

250

$0

$5

$10

$15

$20

$25

$30

Q2 2016 Q3 2016 Q4 2016 Q1 2017

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

$8.9

$2.6 $2.6$3.0

299 298276

316

0

100

200

300

400

500

$0

$2

$4

$6

$8

$10

Q2 2016 Q3 2016 Q4 2016 Q1 2017

Financing Volume ($Bn) Financing Deal Count

80

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100

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120

130

140

150

160

6/16/16 8/1/16 9/14/16 10/28/16 12/13/16 1/26/17 3/13/17 4/26/17 6/9/17

S&P 500

Financial Technology

DEAL DASHBOARD

Notes:Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 6/16/17.1) Refer to footnotes on page 5 for index composition.2) Represents transactions announced between 6/5/17 and 6/19/17.3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.

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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


Derek BellManaging Director


Malik GillAnalyst


* 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


4

SECTION I: Market Summary

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

80

90

100

110

120

130

140

150

160

6/16/16 8/1/16 9/14/16 10/28/16 12/13/16 1/26/17 3/13/17 4/26/17 6/9/17

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100

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6/16/14 10/2/14 1/20/15 5/8/15 8/26/15 12/14/15 3/31/16 7/19/16 11/4/16 2/22/17 6/12/17

Last 12 Months Last 3 Years

Indexed Price Performance

Sector 3 Months 1 Year 3 Years

Banking & Lending Technology 8.1% 23.2% 61.6%

Healthcare / Insurance Technology 6.9% 7.7% 36.1%

Payments 6.2% 25.0% 36.5%

Financial, Data, Content, & Analytics 5.4% 20.8% 3.6%

Exchanges 5.2% 24.4% 42.6%

Investment Services, Software, & Technology 3.9% 18.1% 47.3%

Information Processors / Credit Bureaus 2.4% 18.0% 49.0%

Online Broker Dealers (1.8%) 43.9% 53.4%

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

9.8x

12.5x

13.7x

14.2x

14.4x

14.5x

15.2x

17.9x

0.0x 5.0x 10.0x 15.0x 20.0x


Payments

Exchanges

Banking and Lending Technology

Investment Services, Software, &Technology

Financial Data, Content, & Analytics

Information Processors / Credit Bureaus

Healthcare / Insurance Technology

16.4%

25.6%

26.7%

30.6%

32.9%

39.3%

46.1%

58.8%

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


Payments






Exchanges

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

1.5

2.1

2.1

2.1

2.1

2.5

0.0 0.5 1.0 1.5 2.0 2.5 3.0


Payments





Exchanges

Healthcare / Insurance Technology 14.2%

10.6%

15.5%

10.6%

13.8%

16.0%

14.5%

17.4%17.8x

21.6x

23.0x

23.4x

24.9x

26.2x

28.9x

29.6x

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

Payments

Exchanges







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

8

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

MARKET SUMMARY

Notes: Source: CapitalIQ and Wall Street Research. Market data as of June 16, 2017.

($MM)

Prepaid Market Cap.

LTM Price

Performance P/E 2017

Blackhawk Network Holdings, Inc. $2,321 24% 25.0x

Green Dot Corporation $2,027 81% 20.3x

Net 1 UEPS Technologies, Inc. $557 (2%) 5.5x

Sector Average $1,635 34% 16.9x

Integrated Payments Hardware / Technology Market Cap.

LTM Price


Ingenico Group - GCS $5,683 (13%) 17.3x

NCR Corporation $4,820 37% 11.8x

VeriFone Systems, Inc. $1,927 (9%) 11.8x

Cardtronics plc $1,522 (16%) 11.7x

Everi Holdings Inc. $467 365% 6.9x

PAR Technology Corporation $136 81% NA


Banking and Lending Technology Market Cap.

LTM Price


Intuit Inc. $35,740 31% 30.6x

Fidelity National Information Services, Inc. $28,162 15% 20.1x

Fiserv, Inc. $26,473 17% 24.3x

Jack Henry & Associates, Inc. $8,137 25% 32.3x

Temenos Group AG $6,278 63% 37.4x

Ellie Mae, Inc. $3,790 30% 59.7x

Black Knight Financial Services, Inc. $2,713 13% 28.7x

ACI Worldwide, Inc. $2,631 6% 47.7x

LendingClub Corporation $2,266 13% NM

Q2 Holdings, Inc. $1,560 40% NM

Bottomline Technologies (de), Inc. $1,004 6% 25.1x

Elevate Credit, Inc. $349 NA 23.1x

On Deck Capital, Inc. $304 (18%) NM

Performant Financial Corporation $127 56% NM


Information Processors / Credit Bureaus Market Cap.

LTM Price


Experian plc $19,152 19% 22.3x

Equifax Inc. $17,140 17% 23.5x

Fair Isaac Corporation $4,193 22% 26.2x

Acxiom Corporation $2,062 21% 35.9x


($MM)

Networks Market Cap.

LTM Price


Visa Inc. $217,125 20% 27.0x

Mastercard Incorporated $130,726 30% 28.3x

American Express Company $72,798 32% 14.3x

PayPal Holdings, Inc. $62,273 40% 29.1x

Discover Financial Services $23,230 16% 10.1x


Merchant Processing Market Cap.

LTM Price


Cielo S.A. $19,633 (9%) 15.0x

First Data Corporation $16,653 54% 11.8x

Global Payments Inc. $13,655 20% 22.9x

Vantiv, Inc. $11,888 14% 18.5x

Total System Services, Inc. $10,849 13% 18.2x

Square, Inc. $8,814 160% NM

Wirecard AG $8,336 58% 27.9x

Worldpay Group plc $8,220 11% 23.9x

GMO Payment Gateway, Inc. $2,115 9% 75.1x

EVERTEC, Inc. $1,208 6% 10.2x

SafeCharge International Group Limited $496 7% 15.5x

Planet Payment, Inc. $177 (16%) 19.6x

JetPay Corporation $33 (16%) NM


Money Transfer Market Cap.

LTM Price


The Western Union Company $8,992 1% 11.4x

Euronet Worldwide, Inc. $4,593 14% 19.3x


Closed Loop Market Cap.

LTM Price


Alliance Data Systems Corporation $14,192 23% 13.7x

FleetCor Technologies, Inc. $13,323 0% 17.3x

Edenred SA $6,061 47% 22.7x

WEX Inc. $4,503 19% 19.8x


9

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

MARKET SUMMARY

($MM)

Exchanges - Americas Market Cap.

LTM Price


CME Group Inc. $42,875 33% 26.0x

Intercontinental Exchange, Inc. $38,230 26% 21.6x

Nasdaq, Inc. $11,754 10% 17.3x

BM&FBOVESPA S.A. $11,721 24% 20.1x

CBOE Holdings, Inc. $9,924 37% 26.2x

TMX Group Limited $2,928 34% 15.0x

Bolsa Mexicana de Valores, S.A.B. de C.V. $1,099 24% 18.4x


Exchanges - Asia Market Cap.

LTM Price


Hong Kong Exchanges and Clearing Limited $31,163 10% 36.1x

ASX Limited $7,688 24% 22.5x

Singapore Exchange Limited $5,642 (4%) 21.8x

Bursa Malaysia Berhad $1,314 16% 25.4x


Exchanges - Europe Market Cap.

LTM Price


Deutsche Börse Aktiengesellschaft $19,943 33% 19.6x

London Stock Exchange Group plc $16,502 41% 25.0x

Bolsas y Mercados Españoles $2,927 28% 17.0x

JSE Limited $846 (7%) 15.2x

GPW $515 57% 15.8x

Hellenic Exchanges - Athens Stock Exch. $367 21% 34.7x


Trading Platforms Market Cap.

LTM Price


MarketAxess Holdings Inc. $7,719 44% 62.2x

BGC Partners, Inc. $3,519 38% 15.1x

Investment Technology Group, Inc. $718 35% NM

INTL FCStone Inc. $708 41% 12.4x

Virtu Financial, Inc. $695 (4%) 18.0x


($MM)

Investment Services, Software, & Technology Market Cap.

LTM Price


Broadridge Financial Solutions, Inc. $8,861 17% 22.6xSEI Investments Co. $8,612 12% 24.2xSS&C Technologies Holdings, Inc. $7,820 32% 19.8xDST Systems, Inc. $3,659 4% 18.0xFinancial Engines, Inc. $2,411 47% 28.3xAlfa Financial Software Holdings PLC $1,556 NA NAEnvestnet, Inc. $1,672 8% 30.4x


Financial Data, Content, & Analytics Market Cap.

LTM Price


S&P Global Inc. $38,281 38% 24.0x

Thomson Reuters Corporation $33,046 11% 19.3x

Moody's Corporation $23,386 26% 23.0x

IHS Markit Ltd. $19,416 NA 23.0x

Verisk Analytics, Inc. $13,746 6% 26.2x

MSCI Inc. $9,554 42% 29.2x

FactSet Research Systems Inc. $6,706 7% 22.7x

The Dun & Bradstreet Corporation $3,907 (16%) 15.1x

Morningstar, Inc. $3,342 (4%) NA

Bankrate, Inc. $1,007 42% 16.1x


Online Broker Dealers Market Cap.

LTM Price


The Charles Schwab Corporation $56,053 47% 26.2x

TD Ameritrade Holding Corporation $21,476 38% 24.2x

E*TRADE Financial Corporation $10,187 49% 18.8x

Interactive Brokers Group, Inc. $2,487 (0%) 27.2x

GAIN Capital Holdings, Inc. $280 (5%) 69.2x

Global Brokerage, Inc. $12 (78%) NA


Notes: Source: CapitalIQ and Wall Street Research. Market data as of June 16, 2017.

10

SECTION II: Payments / Banking

11

$MM, Except Per Share Data

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

6/16/17 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. $94.17 $73.25 $96.60 $217,125 $7,966 $232,497 12.7x 11.6x 18.3x 16.3x 27.0x 23.4x 17.5% 1.5 14.2% 23.5%Mastercard Incorporated 121.96 86.65 126.19 130,726 (2,444) 128,309 10.6x 9.5x 18.4x 16.4x 28.3x 24.4x 16.2% 1.7 12.2% 11.8%American Express Company 81.45 57.15 82.00 72,798 26,093 100,491 3.1x 2.9x NM NM 14.3x 13.0x 10.1% 1.4 9.5% (4.0%)PayPal Holdings, Inc. 51.84 34.00 55.14 62,273 (8,928) 53,345 4.2x 3.6x 16.4x 14.0x 29.1x 24.4x 17.5% 1.7 17.3% NMDiscover Financial Services 61.10 50.32 74.33 23,230 11,654 35,459 3.6x 3.5x NM NM 10.1x 9.2x 9.4% 1.1 11.4% (2.6%)

Mean 6.9x 6.2x 17.7x 15.6x 21.8x 18.9x 14.1% 1.5 12.9% 7.2% Median 4.2x 3.6x 18.3x 16.3x 27.0x 23.4x 16.2% 1.5 12.2% 4.6%

Merchant ProcessingCielo S.A. $7.24 $6.19 $9.57 $19,633 $2,018 $22,809 6.0x 5.6x 13.3x 12.2x 15.0x 13.7x 7.8% 1.9 0.7% 3.2%First Data Corporation 18.12 9.90 19.01 16,653 18,121 37,760 3.2x 3.0x 12.5x 11.8x 11.8x 11.0x 10.6% 1.1 4.0% 0.6%Global Payments Inc. 89.55 64.63 93.52 13,655 3,417 17,217 5.0x 4.6x 15.4x 13.8x 22.9x 19.7x 13.9% 1.6 41.9% 46.9%Vantiv, Inc. 60.60 50.98 66.24 11,888 3,075 15,259 7.2x 6.6x 15.2x 13.7x 18.5x 16.5x 13.9% 1.3 25.2% 13.4%Total System Services, Inc. 58.95 46.22 60.64 10,849 2,797 13,661 2.8x 2.7x 11.7x 10.9x 18.2x 16.7x 11.9% 1.5 12.2% NASquare, Inc. 23.56 8.42 24.97 8,814 (546) 8,268 4.8x 3.8x 66.4x 37.5x NM 60.7 85.4% NM 34.9% 21.7%Wirecard AG 67.46 36.10 68.00 8,336 (770) 7,565 5.0x 4.1x 16.9x 13.6x 27.9x 22.2x 26.1% 1.1 34.8% 23.4%Worldpay Group plc 4.14 3.17 4.14 8,220 1,689 9,909 6.2x 5.7x 15.2x 13.4x 23.9x 20.6x 20.6% 1.2 32.6% 13.3%GMO Payment Gateway, Inc. 57.43 34.40 62.30 2,115 (224) 1,900 9.2x 6.7x 33.1x 25.3x 75.1x 53.6x 25.0% 3.0 75.7% 89.8%EVERTEC, Inc. 16.65 14.15 18.60 1,208 592 1,804 4.5x 4.4x 9.7x 9.4x 10.2x 9.7x 8.5% 1.2 2.6% 6.1%SafeCharge International Group Limited 3.35 2.34 3.78 496 (115) 381 3.3x 2.9x 10.5x 9.0x 15.5x 13.7x NM NM 11.1% 3.2%Planet Payment, Inc. 3.30 2.75 4.97 177 (5) 171 2.9x 2.6x 10.0x 8.3x 19.6x 15.2x 25.0% 0.8 10.0% (7.0%)JetPay Corporation 2.10 1.75 3.25 33 9 125 1.7x 1.6x 25.2x 20.5x NM NM NM NM 32.4% 62.7%


Money TransferThe Western Union Company $19.08 $18.07 $22.70 $8,992 $2,160 $11,152 2.1x 2.0x 8.6x 8.3x 11.4x 10.8x 7.6% 1.5 0.1% 0.4%Euronet Worldwide, Inc. 87.61 65.33 90.23 4,593 (159) 4,436 2.1x 1.9x 11.1x 9.6x 19.3x 16.8x 14.0% 1.4 8.9% 8.1%


Closed LoopAlliance Data Systems Corporation $254.90 $185.02 $266.25 $14,192 $18,804 $32,996 4.2x 3.8x 16.5x 14.6x 13.7x 11.9x 14.1% 1.0 9.5% 12.1%FleetCor Technologies, Inc. 144.41 121.52 176.42 13,323 3,322 16,645 7.5x 6.9x 14.3x 12.7x 17.3x 15.4x 15.7% 1.1 20.7% 25.6%Edenred SA 25.99 17.57 27.40 6,061 623 6,757 4.6x 4.2x 12.1x 11.0x 22.7x 20.6x 13.6% 1.7 31.1% 13.2%WEX Inc. 104.98 80.67 122.91 4,503 2,173 6,684 5.6x 5.1x 13.9x 12.1x 19.8x 17.1x 15.4% 1.3 17.5% 41.5%


PrepaidBlackhawk Network Holdings, Inc. $41.20 $28.88 $44.90 $2,321 $373 $2,698 1.2x 1.1x 11.4x 9.8x 25.0x 20.6x 15.2% 1.6 17.5% 11.1%Green Dot Corporation 39.53 20.79 40.20 2,027 NA NA NA NA NA NA 20.3x 17.5x 16.8% 1.2 17.4% 11.0%Net 1 UEPS Technologies, Inc. 9.67 8.37 13.81 557 (198) 363 0.6x 0.5x 2.3x 2.3x 5.5x 5.2 NM NM 10.7% 9.8%


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.

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12




Integrated Payments Hardware / TechnologyIngenico Group - GCS $91.49 $76.43 $124.19 $5,683 $121 $5,808 2.1x 1.9x 10.2x 9.3x 17.3x 15.5x 11.1% 1.6 14.6% 0.5%NCR Corporation 39.77 25.20 49.90 4,820 2,927 8,904 1.3x 1.3x 7.6x 7.2x 11.8x 10.9x NM NM 2.1% 2.4%VeriFone Systems, Inc. 17.23 14.94 20.98 1,927 743 2,697 1.4x 1.4x 9.2x 8.0x 11.8x 11.1x 15.0% 0.8 NA (10.0%)Cardtronics plc 33.35 32.58 56.00 1,522 956 2,478 1.7x 1.7x 7.5x 7.6x 11.7x 11.1x 13.5% 0.9 15.8% 17.9%Everi Holdings Inc. 7.07 1.15 7.47 467 983 1,450 1.6x 1.5x 7.0x 6.6x 6.9x 14.8x 20.0% 0.3 6.4% 15.4%PAR Technology Corporation 8.61 4.50 9.00 136 (4) 132 NA NA NA NA NA NA NM NA NA 19.1%


Banking and Lending TechnologyIntuit Inc. $139.49 $103.03 $143.81 $35,740 ($1,093) $34,647 6.5x 6.0x 16.9x 15.1x 30.6x 27.7x 15.9% 1.9 9.7% 10.3%Fidelity National Information Services, Inc. 85.19 68.03 87.32 28,162 8,800 37,074 4.0x 3.8x 12.0x 11.4x 20.1x 17.8x 11.7% 1.7 1.4% 3.4%Fiserv, Inc. 124.65 92.81 126.28 26,473 4,330 30,803 5.3x 5.1x 15.0x 14.0x 24.3x 21.7x 11.5% 2.1 4.7% 4.7%Jack Henry & Associates, Inc. 104.79 79.00 106.46 8,137 7 8,144 5.6x 5.2x 15.7x 14.6x 32.3x 29.4x 11.0% 2.9 4.9% 6.2%Temenos Group AG 90.05 48.80 94.68 6,278 169 6,447 9.2x 8.3x 26.3x 22.8x 37.4x 32.3x 15.5% 2.4 10.6% 10.4%Ellie Mae, Inc. 111.23 77.60 114.38 3,790 (393) 3,396 7.7x 6.3x 23.4x 17.7x 59.7x 45.7x 23.1% 2.6 21.8% 26.3%Black Knight Financial Services, Inc. 39.00 33.06 42.20 2,713 1,467 5,225 4.8x 4.4x 10.2x 9.1x 28.7x 24.5x 14.1% 2.0 5.6% 6.7%ACI Worldwide, Inc. 22.29 15.11 23.97 2,631 603 3,234 3.2x 3.1x 12.8x 11.9x 47.7x 38.7x 12.5% 3.8 1.4% 2.4%LendingClub Corporation 5.61 4.03 6.79 2,266 (534) 1,731 3.0x 2.4x 31.7x 13.4x NM 26.3x NM NM 15.0% (17.4%)Q2 Holdings, Inc. 38.10 25.23 40.50 1,560 (82) 1,478 7.6x 6.0x NM 72.3x NM NM 32.0% NM 29.2% 31.9%Bottomline Technologies (de), Inc. 24.78 18.48 28.35 1,004 39 1,043 2.9x 2.7x 13.1x 11.8x 25.1x 21.0x 17.3% 1.4 4.4% (0.2%)Elevate Credit, Inc. 8.38 6.50 8.98 349 414 763 1.1x 0.9x 7.5x 4.8x 23.1 6.6x NA NA NA 17.0%On Deck Capital, Inc. 4.19 3.29 6.46 304 743 1,054 3.0x 2.8x NM 33.4x NM 17.7x NM NM 20.0% 20.9%Performant Financial Corporation 2.52 1.50 4.07 127 24 151 1.1x 0.9x 13.4x 8.2x NM 45.8x 20.0% NM (5.6%) (13.5%)


Information Processors / Credit BureausExperian plc $20.65 $15.86 $21.85 $19,152 $3,210 $22,374 5.1x 4.8x 14.5x 13.7x 22.3x 19.9x 9.6% 2.3 NA NAEquifax Inc. 142.58 110.87 143.09 17,140 2,546 19,750 5.8x 5.4x 15.8x 14.5x 23.5x 21.2x 11.5% 2.0 8.3% 14.3%Fair Isaac Corporation 135.40 105.70 139.00 4,193 510 4,703 5.0x 4.7x 19.1x 17.2x 26.2x 22.1x 16.0% 1.6 4.6% 10.5%Acxiom Corporation 26.26 20.47 30.40 2,062 59 2,120 2.3x 2.1x 12.0x 10.3x 35.9x 26.2x 17.4% 2.1 4.0% 0.1%Intersections Inc. 4.35 1.70 5.75 104 8 112 NA NA NA NA NA NA NM NA NA (11.4%)


Public Company Valuations: Financial Metrics (Cont.)

PAYMENTS / BANKING

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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.

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

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

6/13/17 Fiserv (Europe) Limited Monitise plc Banking Technology $52 0.7x

6/13/17 Halcash North America, Inc.Helena Activos Líquidos Internacional,

S.L.Mobile Payments NA NA

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

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 $758 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

14

Selected Recent Acquisitions – Trailing 12 Months (Cont.)

PAYMENTS / BANKING


($MM)



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 Finance AB Consumer Payments NA NA

5/10/17 Cayan LLC Card Payment Services, Inc. Merchant Acquiring NA NA

5/8/17 AltaPay A/S IPS Limited Ecommerce Payments NA NA

5/1/17 FleetCor Technologies, Inc. Cambridge Global Payments Cross-Border Payments $675 NA

4/25/17 Vantiv, Inc. Paymetric, Inc. Payment Processing NA NA

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

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

Singapore)Ecommerce Payments NA NA

4/19/17 Asset Vantage Inc. Financial Navigator, Inc. Accounting Software 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 SA Compte Nickel 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

15

($MM)



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

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


PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.1) Reflects updated merger consideration of $18 per share on April 15, 2017

(1)

16


PAYMENTS / BANKING

($MM)



2/16/17 Volaris Group Inc. Telepin, Inc. Mobile Financial Services NA NA

2/16/17 Oxygen Finance Ltd. Satago Ltd. CF Management Software NA NA

2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x

2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $185 2.6x

2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x

2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA

2/6/17 Klarna AB Billpay GmbH Ecommerce Payments $64 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

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


17


PAYMENTS / BANKING

($MM)



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

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


18


PAYMENTS / BANKING

($MM)



11/23/16 Klarna AB 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

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


19


PAYMENTS / BANKING


($MM)



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

8/4/16 FleetCor Technologies, Inc. Travelcard Nederland B.V. Closed Loop NA NA

8/4/16 Battery Ventures Insert Mobile Technologies, Ltd. Check Processing NA NA

8/3/16 SIA S.p.A.UniCredit Business Integrated

Solutions, Card Processing Activities in Payment Processing NA NA

7/31/16 InComm, Inc. ValuAccess Limited Prepaid NA NA

7/28/16 BPCE SA Fidor Bank AG Digital Banking NA NA

7/21/16MasterCard Incorporated

(nka:Mastercard Incorporated)VocaLink Holdings Limited Mobile Payments $1,224 5.2x

7/5/16 Next Group Holdings Inc. Transaction Processing Products, Inc. Gift Cards NA NA

6/30/16 Blackboard Inc. Higher One Holdings, Inc. Prepaid $237 1.5x

6/29/16 Wirecard AG Citigroup Inc., Prepaid Card Services Prepaid NA NA

20

Selected Recent Equity Financings – Trailing 12 Months

PAYMENTS / BANKING

($MM)

Announced Target

Date Target Series Amount Investors Subsector

6/15/17 Ingo Money NA $12 Camden Partners, CNF Investments, MissionOG Risk Management

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

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

Notes: Source: CapitalIQ and Pitchbook.

21

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

PAYMENTS / BANKING

($MM)

Announced Target


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

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


22


PAYMENTS / BANKING

($MM)

Announced Target


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

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


23


PAYMENTS / BANKING

($MM)

Announced Target


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

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


24


PAYMENTS / BANKING

($MM)

Announced Target


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

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


25


PAYMENTS / BANKING

($MM)

Announced Target


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

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


26


PAYMENTS / BANKING

($MM)

Announced Target


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

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


27


PAYMENTS / BANKING

($MM)

Announced Target


9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation

9/13/16 Uno Home Loans NA $17 Westpac Mortage Software

9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics

9/8/16 SmartAsset Series B $12Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin

Venture Partners, New York Life, Peterson Ventures, TTV Capital, Financial Education

9/1/16 Boku Series E $14Benchmark, DAG Ventures, GMO Payment Gateway, Index

Ventures, Khosla Ventures, New Enterprise AssociatesMobile Payments

8/30/16 Paytm NA $60 MediaTek Mobile Commerce

8/30/16 Behalf Series C $27Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity,

Vintage Ventures Management Ltd.SMB Lending

8/26/16 MobiKwik NA $40 NET 1 UEPS Technologies, Inc. Mobile Payments

8/22/16 InCred Finance Series A $75 Alpha Capital Partners, IDFC Alternatives Ltd. Online Lending

8/22/16 LendUp Series C $48Bronze Investments, Data Collective, Google Ventures, QED

Investors, Radicle Impact, Susa Ventures, SV Angel, Thomvest Online Lending

8/17/16 Clara Lending NA $27 Redpoint Ventures, Venrock Mortgage Technology

8/15/16 Nymbus NA $12 Vensure Enterprises Banking Software

8/8/16 Yunnex Series B $45 Ajisen Ramen, GSR Ventures POS

8/5/16 Mosaic NA $220 Core innovation Capital, Obvious Ventures, Warburg Pincus Online Lending

7/28/16 Paidy Series B $15 Arbor Ventures, Eight Roads, Itochu Corp., SBI Holdings, SIG Asia eCommerce Payments

7/27/16 Gongzi Qianbao NA $30 SBCVC Payroll

7/25/16 QwikCilver Solutions Private Limited NA $10 Accel, Amazon, Helion Venture Partners, Sistema Asia Fund Gift Cards

7/20/16 Deposit Solutions NA $17e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar

VenturesOpen Banking Platform

7/20/16 Omise Series B $18500 Startups, Ascend Money, Golden Gate Ventures, SBI

Investment, Sinar Mas Digital VenturesGateway

7/19/16 CommonBond, Inc. Series C $30August Capital, NB Private Equity Partners, Nyca Partners, Social

Capital, Tribeca Venture Partners, Victory Park CapitalOnline Lending


28


PAYMENTS / BANKING

($MM)

Announced Target


7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending

7/13/16 i3 Verticals NA $10 Undisclosed Merchant Processing

7/11/16 WeSwap.com Series B $10 Ascot Capital Partners, EC 1 Capital, IW Capital Multi-Currency Prepaid

7/7/16 Coinbase, Inc. Series D $11 Mistubishi Capital, Sozo Ventures, Bank of Tokyo Bitcoin

7/7/16 Payment Card Technologies NA $13 Undisclosed Debit

7/4/16 NeoGrowth Credit NA $35Aspada, IFMR Investments, IIFL Private Wealth Management,

Khosla Impact, Omidyar Network, Quona CapitalOnline Lending

6/28/16 BizFi NA $20 Metropolitan Equity Partners Online Lending

6/28/16 PredictSpring Series A $11Beanstalk Ventures, Benvolio Group, Felicis Ventures, Novel TMT

VenturesMobile Commerce

6/28/16 Lendingkart. ltd. Series B $32Bertelsmann India, Darrin Capital, India Quotient, Mayfield,

Saama CapitalOnline Lending

6/27/16 D3 Banking Series E $16 West Partners Online Banking

6/23/16 Circle Internet Financial Series D $60Accel, Baidu, Breyer Capital, China Everbright, CreditEase,

General Catalyst Partners, IDG Capital PartnersMoney Transfer

6/22/16 Pearl Capital NA $20 Arena Investors SMB Finance


29

SECTION III: Securities / Capital Markets /

Data & Analytics

30

(1)


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.




Exchanges - AmericasCME Group Inc. $126.18 $92.29 $127.66 $42,875 $857 $43,732 11.7x 11.1x 16.4x 15.1x 26.0x 24.2x 12.1% 2.1 3.9% (0.5%)Intercontinental Exchange, Inc. 64.57 48.15 64.79 38,230 5,686 43,985 9.5x 9.0x 14.9x 13.7x 21.6x 19.2x 13.7% 1.6 3.4% 0.9%Nasdaq, Inc. 71.16 61.19 72.52 11,754 3,169 14,923 6.2x 6.0x 12.3x 11.5x 17.3x 15.9x 9.8% 1.8 14.5% 7.3%BM&FBOVESPA S.A. 5.75 4.54 6.32 11,721 (359) 11,365 9.4x 8.7x 14.7x 12.7x 20.1x 17.2x NM NM 68.8% 21.3%CBOE Holdings, Inc. 88.57 61.58 90.29 9,924 1,292 11,228 11.1x 9.9x 17.9x 14.9x 26.2x 22.9x 32.1% 0.8 54.0% 108.9%TMX Group Limited 52.98 38.04 60.42 2,928 462 3,390 6.0x 5.8x 11.2x 10.5x 15.0x 13.9x NM NM (5.9%) 0.2%Bolsa Mexicana de Valores, S.A.B. de C.V. 1.85 1.47 1.99 1,099 (118) 988 5.8x 5.5x 10.6x 10.0x 18.4x 17.1x 11.9% 1.5 23.5% 5.1%


Exchanges - AsiaHong Kong Exchanges and Clearing Limited $25.33 $22.43 $27.33 $31,163 ($27,067) $4,110 2.6x 2.3x 3.6x 3.2x 36.1x 31.6x 3.2% 11.4 10.3% 10.6%ASX Limited 39.75 33.11 40.23 7,688 (734) 6,954 11.5x 11.0x 15.1x 14.3x 22.5x 21.6x 4.2% 5.4 (9.2%) 1.5%Singapore Exchange Limited 5.27 5.03 5.67 5,642 (529) 5,113 8.5x 7.9x 14.5x 12.9x 21.8x 18.8x 3.1% 7.1 9.2% (5.2%)Bursa Malaysia Berhad 2.45 1.92 2.60 1,314 (115) 1,202 9.4x 9.1x 15.9x 15.3x 25.4x 24.4x 4.5% 5.6 15.0% (6.6%)

Mean 8.0x 7.6x 12.3x 11.4x 26.4x 24.1x 3.7% 7.4 6.3% 0.1% Median 9.0x 8.5x 14.8x 13.6x 23.9x 23.0x 3.7% 6.3 9.8% (1.8%)

Exchanges - EuropeDeutsche Börse Aktiengesellschaft $106.76 $74.00 $106.85 $19,943 $649 $20,758 7.3x 6.8x 12.4x 11.5x 19.6x 17.4x 11.3% 1.7 (4.8%) (3.4%)London Stock Exchange Group plc 47.47 28.90 47.47 16,502 (1,265) 15,865 6.9x 6.4x 13.7x 12.1x 25.0x 21.9x 15.3% 1.6 11.9% 2.4%Bolsas y Mercados Españoles 35.23 23.18 37.61 2,927 (362) 2,566 7.1x 7.1x 10.7x 10.7x 17.0x 16.8x NM NM 6.1% (6.5%)JSE Limited 9.89 9.49 14.65 846 (153) 693 4.0x 3.5x 10.7x 8.7x 15.2x 12.5x 4.6% 3.3 (1.9%) 16.0%GPW 12.28 8.25 13.15 515 (31) 485 5.9x 5.8x 10.2x 9.8x 15.8x 14.5x NM NM 10.3% 5.6%Hellenic Exchanges - Athens Stock Exch. 6.08 4.31 6.30 367 (107) 260 8.2x 6.1x 25.5x 12.7x 34.7x 30.1x 10.6% 3.3 20.3% (32.7%)

Mean 6.6x 5.9x 13.9x 10.9x 21.2x 18.9x 10.5% 2.5 7.0% (3.1%) Median 7.0x 6.2x 11.6x 11.1x 18.3x 17.1x 11.0% 2.5 8.2% (0.5%)

31

Public Company Valuations: Financial Metrics (Cont.)


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.




Investment Services, Software, & TechnologyBroadridge Financial Solutions, Inc. $75.36 $59.86 $78.00 $8,861 $997 $9,858 2.3x 2.3x 12.8x 12.2x 22.6x 20.9x NM NM 21.6% 46.5%SEI Investments Co. 54.26 42.12 54.40 8,612 (661) 7,950 5.4x 5.0x 14.5x 12.7x 24.2x 20.9x 13.5% 1.8 5.8% 7.7%SS&C Technologies Holdings, Inc. 38.33 26.15 39.17 7,820 2,336 10,155 6.1x 5.7x 14.7x 13.4x 19.8x 17.6x 16.0% 1.2 13.2% 25.8%DST Systems, Inc. 59.24 47.26 64.33 3,659 470 4,129 2.0x 1.8x 9.5x 9.1x 18.0x 15.7x 10.0% 1.8 35.6% 6.5%Financial Engines, Inc. 38.35 23.56 45.75 2,411 (138) 2,273 4.7x 4.2x 14.3x 12.4x 28.3x 24.9x 25.0% 1.1 14.2% 23.9%Envestnet, Inc. 38.15 30.80 41.47 1,672 245 1,917 2.9x 2.5x 15.3x 12.3x 30.4x 24.2x 20.0% 1.5 14.6% 19.7%Alfa Financial Software Holdings PLC 5.19 4.16 5.73 1,556 0 1,556 NA NA NA NA NA NA NM NA (100.0%) #DIV/0!

Mean 3.9x 3.6x 13.5x 12.0x 23.9x 20.7x 16.9% 1.5 0.7% #DIV/0!Median 3.8x 3.4x 14.4x 12.3x 23.4x 20.9x 16.0% 1.5 14.2% #DIV/0!

Financial Data, Content, & AnalyticsS&P Global Inc. $148.49 $99.15 $149.17 $38,281 $1,154 $39,435 6.8x 6.4x 14.5x 13.5x 24.0x 21.6x 13.1% 1.8 2.5% 8.4%Thomson Reuters Corporation 45.78 38.23 46.44 33,046 6,571 39,617 3.5x 3.4x 11.8x 11.3x 19.3x 17.9x 8.0% 2.4 1.6% 0.8%Moody's Corporation 122.25 87.30 122.54 23,386 1,813 25,200 6.5x 6.2x 13.8x 13.1x 23.0x 21.1x 10.2% 2.3 7.1% 19.5%IHS Markit Ltd. 47.53 32.78 47.67 19,416 3,574 22,990 6.5x 6.2x 16.6x 15.3x 23.0x 19.9x 13.5% 1.7 29.2% 53.9%Verisk Analytics, Inc. 83.14 75.60 87.40 13,746 2,129 15,875 7.6x 7.2x 15.4x 14.3x 26.2x 23.7x 10.4% 2.5 4.4% 2.0%MSCI Inc. 105.62 71.51 109.29 9,554 1,379 10,933 8.8x 8.2x 17.2x 15.6x 29.2x 25.1x 14.3% 2.0 8.2% 8.0%FactSet Research Systems Inc. 169.94 149.39 183.64 6,706 180 6,885 5.5x 5.1x 16.0x 14.8x 22.7x 20.9x 10.6% 2.1 9.7% 4.5%The Dun & Bradstreet Corporation 105.90 100.46 141.57 3,907 1,332 5,239 3.0x 2.9x 10.5x 9.9x 15.1x 14.4x 7.3% 2.1 3.9% 1.7%Morningstar, Inc. 77.85 67.74 85.49 3,342 (83) 3,260 NA NA NA NA NA NA NM NA (100.0%) 9.1%Bankrate, Inc. 11.25 6.91 11.95 1,007 113 1,120 2.2x 2.0x 8.9x 7.8x 16.1x 13.7x 15.0% 1.1 16.3% 26.9%

Mean 5.6x 5.3x 13.9x 12.8x 22.1x 19.8x 11.4% 2.0 (1.7%) 13.5% Median 6.5x 6.2x 14.5x 13.5x 23.0x 20.9x 10.6% 2.1 5.7% 8.2%

Online Broker DealersThe Charles Schwab Corporation $41.92 $23.83 $43.65 $56,053 $3,802 $59,855 6.9x 6.2x NA NA 26.2x 21.8x 20.0% 1.3 16.1% 18.0%TD Ameritrade Holding Corporation 40.67 26.37 47.41 21,476 1,765 23,241 6.3x 5.5x 13.7x 11.5x 24.2x 20.0x 18.7% 1.3 11.4% 6.8%E*TRADE Financial Corporation 37.05 21.52 38.61 10,187 2,612 12,799 5.7x 5.3x 12.3x NA 18.8x 16.3x 16.2% 1.2 7.7% 12.1%Interactive Brokers Group, Inc. 36.58 31.97 39.68 2,487 4,638 7,125 5.0x 4.4x 7.4x 6.5x 27.2x 23.1x 13.5% 2.0 (0.0%) (19.8%)GAIN Capital Holdings, Inc. 5.88 4.54 8.75 280 (110) 170 0.5x 0.5x 3.6x 2.0x 69.2x 8.4x NM NM (17.4%) (49.6%)Global Brokerage, Inc. 2.00 1.45 11.00 12 163 176 NA NA NA NA NA NA NM NA NA (23.9%)

Mean 4.9x 4.4x 9.2x 6.7x 33.1x 17.9x 17.1% 1.4 3.6% (9.4%) Median 5.7x 5.3x 9.8x 6.5x 26.2x 20.0x 17.4% 1.3 7.7% (6.5%)

(3)

(3)

(3)

(3)

(3)

(1)

(2)

(1)

32

($MM)



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

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

IndicesAnalytics 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

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

5/10/17 Cinnober Financial Technology AB 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

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




33



($MM)



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

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


34



($MM)



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

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


35



($MM)



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

10/13/16 Investview, Inc. RoboVest, Inc. Trading Platform NA NA

10/11/16 Drillinginfo, Inc. GlobalView Software, Inc. Trading Platform NA NA

10/10/16 Yodlee, Inc. Wheelhouse Analytics, LLC Data / Analytics NA NA

10/6/16 Ion Investment Group Limited Reval Holdings, Inc. Treasury Software NA NA

9/28/16 SourceHOV LLC TransCentra, Inc. Treasury Software NA NA

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


36




($MM)



8/24/16 Yintech Investment Holdings Limited Gold Master (HK) Company Limited Trading Platform NA NA

8/11/16 Aegon UK plc Cofunds Holdings Limited Personal Financial Management NA NA

8/11/16 KCG Hotspot FX LLC Javelin SEF, LLC Ratings Agency NA NA

7/25/16 E-Trade Financial OptionsHouse, LLC Trading Platform NA NA

7/18/16 Moody's Singapore Pte. Ltd. Korea Investors Service, Inc. Ratings Agency NA NA

7/7/16 Legg Mason, Inc. Financial Guard LLC Robo Advisors NA NA

6/30/16Teachers Insurance & Annuity

Association of America, Endowment MYVEST CORP Advisor Software NA NA

6/20/16 Markit Ltd. Prism Valuation Inc. Risk & Analytics NA NA

37



($MM)

Announced Target


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

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


38



($MM)

Announced Target


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

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

7/22/16 Fantex NA $59 Undisclosed Trading Platform

7/13/16 OpenDoor Trading NA $10 J F Hartfield & Company Trading Platform

7/6/16 National Stock Exchange of India NA $135 Veracity Insurance Solutions Exchanges


39

SECTION IV: Insurance / Benefits

40


INSURANCE / BENEFITS




Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $87.13 $61.21 $88.43 $19,116 $7,452 $26,568 3.3x 3.1x 13.1x 12.1x 19.2x 16.7x 14.2% 1.4 49.6% 72.5%Verisk Analytics, Inc. 83.14 75.60 87.40 13,746 2,129 15,875 7.6x 7.2x 15.4x 14.3x 26.2x 23.7x 10.4% 2.5 4.4% 2.0%athenahealth, Inc. 145.36 90.11 146.75 5,790 186 5,976 4.9x 4.3x 22.8x 18.8x 78.1x 60.6x 25.1% 3.1 12.9% 11.4%Guidewire Software, Inc. 67.24 49.18 70.30 5,001 (477) 4,524 8.3x 7.0x 39.9x 27.8x 78.8x 57.3x 18.3% 4.3 21.4% 24.9%Ebix, Inc. 55.00 44.80 65.10 1,734 186 1,920 5.5x 4.8x 16.3x 14.4x 18.7x 17.1x 15.0% 1.2 17.0% 11.3%Sapiens International Corporation N.V. 11.37 11.12 15.98 558 5 562 2.1x 1.9x 19.6 12.4x 31.6x 18.4x 10.0% 3.2 NA 14.1%Crawford & Company 9.00 7.56 14.37 506 175 681 0.6x 0.6x 5.0x 4.5x 12.2x 10.3x 10.0% 1.2 1.7% (3.6%)Polaris Consulting & Services Limited 3.71 2.19 3.79 379 (82) 297 NA NA NA NA NA NA NM NA NA 13.6%Majesco 4.80 4.50 6.29 175 1 176 1.4x 1.2x 17.9 11.3x 53.3x 22.9x NM NM NA (12.8%)Symbility Solutions Inc. 0.35 0.25 0.42 83 (6) 77 2.5x 2.2 48.5 38.0 NM NA NM NM 20.4% 14.8%


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

41




($MM)



5/17/17 Advanced Solutions International, Inc. Innovative Software Solutions, Inc. Benefits Software NA NA

5/3/17 Genpact Limited BrightClaim, Inc. Claims Management NA NA

4/27/17 Disruptive Capital Finance LLP REG UK Ltd. Insurance Risk Management $10 NA

4/25/17 Vertafore, Inc. RiskMatch, LLC Insurance Analytics NA NA

4/6/17 Open GI Limited Transactor Global Solutions Limited Insurance Software $50 NA

3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech $490 NA

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

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 $49 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

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

42

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



($MM)



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 $1,430 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. Limited Insurance Software $67 3.2x

8/9/16 Applied Systems, Inc. Relay Software Limited Insurance Software NA NA

8/4/16 Guidewire Software, Inc. FirstBest Systems, Inc. Risk Assessment $34 NA

8/4/16 Benefit Express Services, LLC Transcend Technologies Group, Inc. HR Software NA NA

7/21/16 GoHealth, LLC 1SourceAdmin LLC HR Software NA NA

6/29/16 Global Healthcare Exchange, LLC H-Card, LLC Healthcare Payments NA NA

43



($MM)

Announced Target


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

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


44

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



($MM)

Announced Target


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

Documents

Week of June 19, 2017 - GCA Advisors · 2019. 9. 7. · Performance P/E 2017 Ingenico Group - GCS $5,683 (13%) 17.3x NCR Corporation $4,820 37% 11.8x VeriFone Systems, Inc. $1,927