financial technologysector summary - gca global · net 1 ueps technologies, inc. $520 (14%) 5.7x...
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Select Recent Financing Transactions Select Recent M&A Transactions
Company Amount ($MM) Target Acquirer EV ($MM)
$100.0Sequel
$323.0
$100.0 $60.0
$45.0 NA
$40.0 NA
$40.0 NA
$32.5Security Card Services NA
$23.5 NA
$19.0YouFirst Payments NA
Quarterly Financing Volume Quarterly M&A Volume
$13.1 Bn | 1,203 DealsLTM Financing Volume
Industry Stock Market Performance $68.3 Bn | 901 DealsLTM M&A VolumeLast Twelve Months
Payments
Online Broker Dealers
Financial Data, Content,& Analytics
Investment Services,Software, & Technology
Exchanges
Banking & LendingTechnology
Information Processors /Credit Bureaus
Healthcare / InsuranceTechnology
$12.7
$19.3
$12.9 $10.2
245 256228
210
0
50
100
150
200
250
300
$0
$5
$10
$15
$20
$25
Q3 2016 Q4 2016 Q1 2017 Q2 2017
M&A Volume ($Bn) M&A Deal Count
$2.6 $2.6$3.0
$3.5298
276316 290
050100150200250300350400
$0.0$0.5$1.0$1.5$2.0$2.5$3.0$3.5$4.0
Q3 2016 Q4 2016 Q1 2017 Q2 2017
Financing Volume ($Bn) Financing Deal Count
S&P 500
80
90
100
110
120
130
140
150
160
8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/17
Financial TechnologyDEAL DASHBOARD
Notes:Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 8/25/17.1) Refer to footnotes on page 5 for index composition.2) Represents transactions announced between 8/14/17 and 8/25/17.3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.
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(2) (2)
(3)
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Financial Technology TeamGCA OVERVIEW
Rob FreimanDirector
Phone: (212) 999-7075Mobile: (973) 229-0436
rfreiman@gcaglobal.com
Alexander BerryAssociate
Phone: (212) 999-7079Mobile: (818) 851-2300aberry@gcaglobal.com
David KruegerVice President
Phone: (212) 537-4534Mobile: (616) 822-7179
dkrueger@gcaglobal.com
Saif Malik*
Vice President
Phone: +44 (0) 207 038-3216Mobile: +44 (0) 778 606-8553
smalik@gcaglobal.com
Sean MinnihanManaging Director
Global Head of FinTechPhone: (212) 999-7077Mobile: (917) 364-6230
sminnihan@gcaglobal.com
Steve FletcherManaging Director
Phone: (415) 318-3661Mobile: (415) 518-6725
sfletcher@gcaglobal.com
Paul DiNardoManaging Director
Phone: (212) 999-7097Mobile: (650) 483-7246
pdinardo@gcaglobal.com
Peter BangManaging Director
Phone: (212) 999-7074Mobile: (917) 783-4057pbang@gcaglobal.com
Derek BellManaging Director
Phone: (212) 999-7089Mobile: (914) 953-0689dbell@gcaglobal.com
Justin KellyAnalyst
Phone: (212) 537-4543Mobile: (617) 620-3323jkelly@gcaglobal.com
* Michio Suzuki is a Director at GCA Corporation* Saif Malik is a Vice President at GCA Savvian Europe Limited
San FranciscoOne Maritime Plaza, 25th Fl.
San Francisco, CA 94111(415) 318-3600
New York640 Fifth Avenue, 10th Fl.
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
msuzuki@gcakk.com
London1 Southampton St.London WC2R0LRUnited Kingdom
+44 20 7484 4040
Glen KrugerDirector
Phone: (212) 999-7082Mobile: (617) 792-6496gkruger@gcaglobal.com
Kegan GreeneVice President
Phone: (415) 318-3648 Mobile: (917) 579-4838 kgreene@gcaglobal.com
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 PerformanceMARKET SUMMARY
Notes:(1) Payments: ADS, AIM:SCH, ASX:PPT, AXP, BGC, BOVESPA:CIEL3, CATM, DFS, EEFT, ENXTPA:EDEN, FDC, FLT, GDOT, GPN, MA, PAR, PYPL, SHOP, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, WU, XTRA:WDI.(2) Exchanges: ASX:ASX, ATSE:EXAE, BME:BME, BMV:BOLSA A, BOVESPA:BVMF3, CBOE, CME, ICE, JSE:JSE, KLSE:BURSA, LSE, NDAQ, SEHK:388, SGX:S68, TSX:X, WSE:GPW, XTRA:DB1.(3) Financial Data, Content & Analytics: DNB, ENXTPA:FIM, FDS, HOSE:HHS, MCO, MORN, MSCI, RATE, SPGI, TRI.(4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN.(5) Online Broker Dealers: AMTD, ETFC, GCAP, GLBR, IBKR, SCHW.(6) Banking & Lending Technology: ACIW, BKFS, ELLI, ELVT, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN.(7) Investment Services, Software & Technology: BR, DST, ENV, FNGN, LSE:ALFA, SEIC, SSNC.(8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, MJSO, SPNS, BSE:532254, SY, VRSK.
80
90
100
110
120
130
140
150
160
8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/1775
85
95
105
115
125
135
145
155
165
8/25/14 11/24/14 2/23/15 5/25/15 8/24/15 11/23/15 2/22/16 5/23/16 8/22/16 11/21/16 2/20/17 5/22/17 8/21/17
Last 12 Months Last 3 Years
Indexed Price Performance
Sector 3 Months 1 Year 3 Years
Exchanges 9.7% 19.3% 42.7%Payments 8.9% 29.4% 48.3%Financial, Data, Content & Analytics 7.2% 16.4% 49.1%Online Broker Dealers 6.2% 34.4% 38.7%Investment Services, Software & Technology 1.8% 11.7% 46.0%Healthcare / Insurance Technology 1.6% 1.7% 29.4%Banking & Lending Technology 0.5% 19.4% 54.0%Information Processors / Credit Bureaus (3.2%) 2.5% 42.2%
6
EBITDA Multiples and MarginsMARKET SUMMARY
Notes: Numbers represent medians of sub-sectors. Details available in later pages.
2017E EBITDA Multiples 2017 EBITDA Margins
10.4x
12.9x
13.5x
14.5x
14.7x
14.8x
14.9x
17.7x
0.0x 5.0x 10.0x 15.0x 20.0x
Online Broker Dealers
Payments
Investment Services, Software &Technology
Financial Data, Content & Analytics
Information Processors / Credit Bureaus
Exchanges
Banking and Lending Technology
Healthcare / Insurance Technology
16.8%
25.9%
29.2%
30.3%
32.7%
39.3%
46.9%
59.2%
0% 10% 20% 30% 40% 50% 60% 70%
Healthcare / Insurance Technology
Payments
Banking and Lending Technology
Information Processors / Credit Bureaus
Investment Services, Software &Technology
Financial Data, Content & Analytics
Online Broker Dealers
Exchanges
7
Price / Earnings Multiples and PEG RatiosMARKET SUMMARY
2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth
1.3
1.3
1.9
1.9
2.0
2.1
2.2
2.6
0.0 0.5 1.0 1.5 2.0 2.5 3.0
Online Broker Dealers
Payments
Investment Services, Software &Technology
Information Processors / Credit Bureaus
Financial Data, Content & Analytics
Exchanges
Banking and Lending Technology
Healthcare / Insurance Technology 14.0%
9.3%
14.5%
10.2%
13.8%
13.5%
16.8%
15.0%17.4x
21.7x
22.6x
24.0x
24.7x
25.2x
25.4x
30.7x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x
Payments
Exchanges
Financial Data, Content & Analytics
Investment Services, Software &Technology
Online Broker Dealers
Information Processors / Credit Bureaus
Healthcare / Insurance Technology
Banking and Lending Technology
Notes: Numbers represent medians of sub-sectors. Details available in later pages.
8
LTM Price Performance and 2017 P/E – Payments / BankingMARKET SUMMARY
Notes: Source: CapitalIQ and Wall Street Research. Market data as of 8/25/17.
($MM)
Prepaid Market Cap.LTM Price
Performance P/E 2017
Green Dot Corporation $2,771 104% 23.2xBlackhawk Network Holdings, Inc. $2,419 28% 25.4xNet 1 UEPS Technologies, Inc. $520 (14%) 5.7x
Sector Average $1,904 39% 18.1x
Integrated Payments Hardware / Technology Market Cap.LTM Price
Performance P/E 2017
Ingenico Group - GCS $6,112 (12%) 17.4xNCR Corporation $4,316 5% 10.5xVeriFone Systems, Inc. $2,149 (0%) 13.1xCardtronics plc $1,173 (43%) 9.1xEveri Holdings Inc. $502 247% 8.8xPAR Technology Corporation $175 108% NA
Sector Average $2,405 51% 11.8x
Banking and Lending Technology Market Cap.LTM Price
Performance P/E 2017
Intuit Inc. $35,191 25% 30.7xFidelity National Information Services, Inc. $30,363 15% 21.3xFiserv, Inc. $25,744 19% 24.0xJack Henry & Associates, Inc. $7,750 14% 31.9xTemenos Group AG $6,782 65% 40.1xBlack Knight Financial Services, Inc. $2,895 7% 30.6xEll ie Mae, Inc. $2,795 (16%) 54.7xACI Worldwide, Inc. $2,603 18% 44.8xLendingClub Corporation $2,530 11% NMQ2 Holdings, Inc. $1,691 41% NMCoupa Software Incorporated $1,609 NA NMBottomline Technologies (de), Inc. $1,177 40% 28.4xOn Deck Capital, Inc. $341 (24%) NMElevate Credit, Inc. $264 NA 18.6xPerformant Financial Corporation $93 (13%) NM
Sector Average $8,122 15% 32.5x
Information Processors / Credit Bureaus Market Cap.LTM Price
Performance P/E 20170Experian plc $18,224 (2%) 21.1xEquifax Inc. $16,936 8% 23.2xFair Isaac Corporation $4,239 8% 27.2xAcxiom Corporation $1,807 (12%) 32.1x
Sector Average $10,302 1% 25.9x
($MM)
Networks Market Cap.LTM Price
Performance P/E 2017
Visa Inc. $236,337 29% 29.1xMastercard Incorporated $141,365 39% 30.1xAmerican Express Company $75,554 31% 14.9xPayPal Holdings, Inc. $72,108 60% 32.7xDiscover Financial Services $22,226 3% 10.1x
Sector Average $109,518 32% 23.4x
Merchant Processing Market Cap.LTM Price
Performance P/E 2017
Cielo S.A. $19,247 (19%) 14.4xFirst Data Corporation $16,761 38% 11.8xGlobal Payments Inc. $14,235 22% 23.6xVantiv, Inc. $13,972 34% 21.3xTotal System Services, Inc. $12,233 38% 20.2xWirecard AG $10,240 71% 32.3xSquare, Inc. $9,589 103% NMGMO Payment Gateway, Inc. $2,320 21% 90.4xEVERTEC, Inc. $1,372 12% 11.2xSafeCharge International Group Limited $505 (2%) 15.6xPlanet Payment, Inc. $196 (4%) 21.0xJetPay Corporation $30 (12%) NM
Sector Average $8,392 25% 26.2x
Money Transfer Market Cap.LTM Price
Performance P/E 2017
The Western Union Company $8,816 (12%) 10.9xEuronet Worldwide, Inc. $5,015 23% 21.0x
Sector Average $6,915 6% 16.0x
Closed Loop Market Cap.LTM Price
Performance P/E 2017
FleetCor Technologies, Inc. $13,086 (14%) 17.0xAlliance Data Systems Corporation $12,318 11% 12.3xEdenred SA $6,091 20% 21.9xWEX Inc. $4,572 8% 20.2x
Sector Average $9,017 6% 17.9x
9
LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & AnalyticsMARKET SUMMARY
($MM)
Exchanges - Americas Market Cap.LTM Price
Performance P/E 20170CME Group Inc. $43,203 20% 26.5xIntercontinental Exchange, Inc. $38,493 18% 22.2xB3 S.A. - Brasil , Bolsa, Balcão $14,459 27% 20.7xNasdaq, Inc. $12,635 7% 18.2xCBOE Holdings, Inc. $11,252 45% 29.6xTMX Group Limited $2,954 22% 14.0xBolsa Mexicana de Valores, S.A.B. de C.V. $1,067 (4%) 17.6x
Sector Average $17,723 19% 21.3x
Exchanges - Asia Market Cap.LTM Price
Performance P/E 20170Hong Kong Exchanges and Clearing Limited $33,607 12% 37.2xASX Limited $8,413 11% 24.3xSingapore Exchange Limited $5,846 (4%) 21.7xBursa Malaysia Berhad $1,273 7% 24.5x
Sector Average $12,285 6% 26.9x
Exchanges - Europe Market Cap.LTM Price
Performance P/E 20170Deutsche Börse Aktiengesellschaft $20,107 30% 19.0xLondon Stock Exchange Group plc $17,771 39% 26.8xBolsas y Mercados Españoles $3,012 13% 16.0xJSE Limited $895 (10%) 16.2xGPW $542 40% 13.7xHellenic Exchanges - Athens Stock Exch. $373 24% 49.6x
Sector Average $7,117 23% 23.6x
Trading Platforms Market Cap.LTM Price
Performance P/E 2017
MarketAxess Holdings Inc. $7,155 15% 57.7xBGC Partners, Inc. $3,706 49% 15.8xVirtu Financial, Inc. $1,619 4% 18.8xINTL FCStone Inc. $678 2% 11.8xInvestment Technology Group, Inc. $666 31% NM
Sector Average $2,765 20% 26.0x
($MM)
Investment Services, Software & Technology Market Cap.LTM Price
Performance P/E 2017
SEI Investments Co. $9,041 24% 25.0xBroadridge Financial Solutions, Inc. $8,953 11% 23.1xSS&C Technologies Holdings, Inc. $7,778 18% 19.5xDST Systems, Inc. $3,068 (16%) 16.6xFinancial Engines, Inc. $2,075 4% 24.0xEnvestnet, Inc. $1,893 10% 33.5xAlfa Financial Software Holdings PLC $1,652 NA 41.5x
Sector Average $4,236 5% 26.4x
Financial Data, Content & Analytics Market Cap.LTM Price
Performance P/E 2017
S&P Global Inc. $38,876 25% 23.9xThomson Reuters Corporation $32,698 10% 18.8xMoody's Corporation $25,286 25% 23.9xIHS Markit Ltd. $18,453 27% 22.6xVerisk Analytics, Inc. $13,110 (4%) 25.4xMSCI Inc. $10,290 29% 30.1xFactSet Research Systems Inc. $6,248 (10%) 21.3xThe Dun & Bradstreet Corporation $4,051 (20%) 15.6xMorningstar, Inc. $3,492 (1%) NABankrate, Inc. $1,231 80% 19.6x
Sector Average $15,374 16% 22.3x
Online Broker Dealers Market Cap.LTM Price
Performance P/E 2017
The Charles Schwab Corporation $53,243 30% 24.8xTD Ameritrade Holding Corporation $23,302 36% 24.7xE*TRADE Financial Corporation $11,294 61% 18.4xInteractive Brokers Group, Inc. $3,034 23% 29.3xGAIN Capital Holdings, Inc. $301 (2%) 24.5xGlobal Brokerage, Inc. $8 (86%) NA
Sector Average $15,197 10% 24.4x
Notes: Source: CapitalIQ and Wall Street Research. Market data as of 8/25/17.
11
Public Company Valuations: Financial MetricsPAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Convertible preferred equity assumed at 2x liquidation preference.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
8/25/17 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. $103.35 $75.17 $104.20 $236,337 $5,700 $250,166 13.5x 12.3x 19.3x 17.4x 29.1x 25.2x 17.0% 1.7 16.0% 25.8%Mastercard Incorporated 132.75 95.77 134.24 141,365 (1,633) 139,828 11.4x 10.3x 19.6x 17.5x 30.1x 25.9x 16.2% 1.9 13.5% 13.3%American Express Company 85.47 59.50 87.78 75,554 25,172 102,326 3.1x 3.0x NM NM 14.9x 13.6x 11.0% 1.4 10.3% (1.0%)PayPal Holdings, Inc. 59.97 36.30 61.30 72,108 (9,165) 62,943 4.9x 4.1x 18.9x 16.0x 32.7x 27.2x 17.9% 1.8 18.5% NMDiscover Financial Services 59.69 53.91 74.33 22,226 13,496 36,297 3.7x 3.5x NM NM 10.1x 9.1x 9.0% 1.1 11.9% (1.4%)
Mean 7.3x 6.6x 19.3x 17.0x 23.4x 20.2x 14.2% 1.6 14.0% 9.2% Median 4.9x 4.1x 19.3x 17.4x 29.1x 25.2x 16.2% 1.7 13.5% 6.2%
Merchant ProcessingCielo S.A. $7.10 $6.47 $8.97 $19,247 $1,663 $22,015 5.6x 5.2x 13.1x 11.8x 14.4x 13.3x 6.4% 2.2 4.0% (10.7%)First Data Corporation 18.16 12.74 19.20 16,761 17,814 37,540 3.1x 3.0x 12.3x 11.5x 11.8x 10.9x 10.7% 1.1 5.2% 3.0%Global Payments Inc. 93.35 64.63 97.99 14,235 3,502 17,891 5.2x 4.7x 15.7x 13.8x 23.6x 20.1x 15.2% 1.6 42.4% 14.2%Vantiv, Inc. 71.22 52.50 72.68 13,972 3,415 17,697 8.4x 7.6x 17.5x 15.4x 21.3x 18.8x 15.4% 1.4 25.9% 12.1%Total System Services, Inc. 66.40 46.22 67.51 12,233 2,711 14,958 3.1x 4.2x 12.7x 11.8x 20.2x 18.5x 11.3% 1.8 12.3% 47.3%Wirecard AG 82.87 45.83 83.49 10,240 (804) 9,437 5.7x 4.6x 19.6x 15.6x 32.3x 25.2x 27.7% 1.2 49.3% 45.7%Square, Inc. 24.99 10.88 27.97 9,589 (570) 9,018 5.3x 4.2x 67.9x 38.1x NM 58.5 87.8% NM 34.9% 25.8%GMO Payment Gateway, Inc. 62.99 34.88 66.93 2,320 (216) 2,113 10.1x 8.2x 36.9x 27.7x 90.4x 57.0x NM NM 77.7% 69.1%EVERTEC, Inc. 18.95 14.15 19.53 1,372 568 1,944 4.7x 4.5x 10.1x 9.7x 11.2x 10.7x 8.4% 1.3 6.3% 6.0%SafeCharge International Group Limited 3.44 2.47 3.81 505 (115) 390 3.4x 3.1x 11.1x 9.6x 15.6x 13.8x 13.0% 1.2 8.6% 3.2%Planet Payment, Inc. 3.65 2.75 4.64 196 (7) 189 3.3x 3.0x 11.0x 9.3x 21.0x 16.9x 25.0% 0.8 5.5% (4.5%)JetPay Corporation 1.90 1.45 3.19 30 8 121 1.6x 1.4x 25.1x 15.4x NM NM NM NM 34.2% 53.8%
Mean 5.0x 4.5x 21.1x 15.8x 26.2x 24.0x 22.1% 1.4 25.5% 22.1% Median 4.9x 4.4x 14.4x 12.8x 20.6x 18.5x 14.1% 1.3 19.1% 13.1%
Money TransferThe Western Union Company $19.00 $18.42 $22.70 $8,816 $2,564 $11,380 2.1x 2.1x 8.8x 8.6x 10.9x 10.6x 10.0% 1.1 0.5% 0.2%Euronet Worldwide, Inc. 95.46 70.51 97.92 5,015 (196) 4,820 2.2x 2.0x 11.8x 10.2x 21.0x 18.2x 14.5% 1.4 12.0% 12.5%
Mean 2.1x 2.0x 10.3x 9.4x 16.0x 14.4x 12.3% 1.3 6.2% 6.4% Median 2.1x 2.0x 10.3x 9.4x 16.0x 14.4x 12.3% 1.3 6.2% 6.4%
Closed LoopFleetCor Technologies, Inc. $142.43 $121.52 $176.42 $13,086 $3,273 $16,360 7.3x 6.6x 14.0x 12.3x 17.0x 14.9x 16.2% 1.1 21.7% 29.5%Alliance Data Systems Corporation 222.02 196.40 266.25 12,318 19,761 32,079 4.1x 3.7x 16.2x 14.1x 12.3x 10.4x 14.9% 0.8 9.4% 4.2%Edenred SA 26.12 21.85 29.07 6,091 1,442 7,703 4.9x 4.6x 13.2x 12.2x 21.9x 20.1x 11.9% 1.8 39.3% 28.1%WEX Inc. 106.57 97.26 122.91 4,572 2,158 6,739 5.6x 5.1x 14.4x 12.6x 20.2x 17.3x 15.3% 1.3 18.9% 29.9%
Mean 5.5x 5.0x 14.4x 12.8x 17.9x 15.7x 14.6% 1.3 22.3% 22.9% Median 5.2x 4.8x 14.2x 12.5x 18.6x 16.1x 15.1% 1.2 20.3% 28.8%
PrepaidGreen Dot Corporation $47.64 $21.45 $48.03 $2,771 NA NA NA NA NA NA 23.2x 20.1x 17.8% 1.3 20.7% 28.3%Blackhawk Network Holdings, Inc. 42.70 28.88 46.70 2,419 332 2,755 1.2x 1.1x 11.7x 10.0x 25.4x 21.0x 15.3% 1.7 18.4% 18.4%Net 1 UEPS Technologies, Inc. 9.23 8.37 13.81 520 (226) 297 0.5x 0.4x 1.9x 1.9x 5.7x 5.3 NM NM 2.7% 2.5%
Mean 0.9x 0.8x 6.8x 5.9x 18.1x 15.5x 16.5% 1.5 13.9% 16.4% Median 0.9x 0.8x 6.8x 5.9x 23.2x 20.1x 16.5% 1.5 18.4% 18.4%
(1)
12
Public Company Valuations: Financial Metrics (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Revenue growth rates based on gross revenues before provision for loan losses and fundraising costs.
(1)
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Integrated Payments Hardware / TechnologyIngenico Group - GCS $98.21 $81.09 $117.87 $6,112 $193 $6,315 2.1x 1.9x 10.5x 9.4x 17.4x 15.4x 12.5% 1.4 21.1% 10.7%NCR Corporation 35.52 29.83 49.90 4,316 2,905 8,256 1.2x 1.2x 7.1x 6.8x 10.5x 9.8x NM NM 2.1% (1.7%)VeriFone Systems, Inc. 19.22 14.94 20.98 2,149 743 2,920 1.6x 1.5x 9.9x 8.7x 13.1x 12.1x 15.0% 0.9 NA (10.0%)Cardtronics plc 25.70 24.91 56.00 1,173 920 2,093 1.4x 1.5x 6.5x 7.0x 9.1x 10.0x 14.0% 0.6 17.1% 18.9%Everi Holdings Inc. 7.52 1.21 8.99 502 982 1,484 1.6x 1.5x 7.0x 6.6x 8.8x NM 20.0% 0.4 8.5% 13.2%PAR Technology Corporation 11.00 4.69 11.00 175 (2) 173 NA NA NA NA NA NA NM NA NA 18.2%
Mean 1.6x 1.5x 8.2x 7.7x 11.8x 11.8x 15.4% 0.8 12.2% 8.2% Median 1.6x 1.5x 7.1x 7.0x 10.5x 11.0x 14.5% 0.8 12.8% 12.0%
Banking and Lending TechnologyIntuit Inc. $137.35 $103.22 $143.81 $35,191 ($289) $34,902 6.5x 5.9x 17.0x 15.5x 30.7x 27.3x 15.7% 2.0 10.6% 11.7%Fidelity National Information Services, Inc. 91.34 73.25 92.78 30,363 8,926 39,403 4.3x 4.2x 12.8x 12.3x 21.3x 18.8x 12.0% 1.8 (0.9%) 1.6%Fiserv, Inc. 122.32 92.81 129.35 25,744 4,442 30,186 5.3x 5.0x 14.7x 13.8x 24.0x 21.2x 12.1% 2.0 4.0% 1.7%Jack Henry & Associates, Inc. 100.08 79.00 109.67 7,750 (65) 7,685 5.2x 5.0x 15.1x 14.2x 31.9x 29.3x 11.5% 2.8 5.2% 4.6%Temenos Group AG 97.28 59.08 100.00 6,782 300 7,082 10.0x 9.0x 28.8x 24.7x 40.1x 34.6x 14.9% 2.7 12.1% 13.5%Black Knight Financial Services, Inc. 42.05 34.00 43.70 2,895 1,462 5,426 5.0x 4.6x 10.5x 9.5x 30.6x 26.3x 14.1% 2.2 4.9% 2.6%Ellie Mae, Inc. 81.29 77.60 114.95 2,795 (334) 2,461 6.1x 5.1x 20.8x 16.1x 54.7x 44.6x 15.7% 3.5 12.3% 15.6%ACI Worldwide, Inc. 22.02 15.11 24.65 2,603 603 3,206 3.1x 3.0x 12.6x 11.7x 44.8x 37.5x 12.5% 3.6 1.8% 9.4%LendingClub Corporation 6.15 4.64 6.79 2,530 (538) 1,999 3.3x 2.7x 35.3x 15.1x NM 27.6x NM NM 19.3% 35.7%Q2 Holdings, Inc. 40.95 25.23 41.70 1,691 (79) 1,612 8.3x 6.6x NM 79.4x NM NM NM NM 29.7% 32.3%Coupa Software Incorporated 30.37 22.50 41.61 1,609 (238) 1,371 7.9x 6.3x NM NM NM NM NM NM 30.2% 41.0%Bottomline Technologies (de), Inc. 29.05 21.52 31.10 1,177 57 1,234 3.4x 3.2x 15.2x 13.7x 28.4x 25.3x 17.3% 1.6 5.2% 6.1%On Deck Capital, Inc. 4.66 3.29 6.46 341 666 1,012 2.9x 2.7x NM 30.7x NM 17.5x NM NM 19.9% 20.9%Elevate Credit, Inc. 6.32 6.50 9.48 264 368 631 0.9x 0.7x 6.3x 3.8x 18.6 5.3x NA NA NA 18.7%Performant Financial Corporation 1.83 1.50 4.07 93 22 115 0.8x 0.8x 9.4x 6.3x NM 52.3x NM NM (2.0%) (5.7%)
Mean 4.9x 4.3x 16.6x 19.1x 32.5x 28.3x 14.0% 2.5 10.9% 14.0% Median 5.0x 4.6x 14.9x 14.0x 30.7x 27.3x 14.1% 2.2 7.9% 11.7%
Information Processors / Credit BureausExperian plc $19.57 $17.77 $22.00 $18,224 $3,210 $21,446 4.9x 4.6x 14.0x 13.3x 21.1x 19.1x 9.3% 2.3 NA NAEquifax Inc. 140.70 110.87 147.02 16,936 2,428 19,425 5.7x 5.3x 15.3x 14.1x 23.2x 20.8x 11.5% 2.0 8.4% 5.6%Fair Isaac Corporation 138.38 109.77 147.02 4,239 481 4,720 5.0x 4.7x 19.6x 17.2x 27.2x 23.2x 16.0% 1.7 4.7% (3.3%)Acxiom Corporation 22.69 21.80 30.40 1,807 67 1,874 2.1x 1.9x 11.2x 9.1x 32.1x 22.9x 17.7% 1.8 2.2% (1.1%)Intersections Inc. 3.07 1.70 5.75 73 11 84 NA NA NA NA NA NA NM NA NA (10.8%)
Mean 4.4x 4.1x 15.0x 13.5x 25.9x 21.5x 13.6% 2.0 5.1% (2.4%) Median 5.0x 4.6x 14.7x 13.7x 25.2x 21.9x 13.8% 1.9 4.7% (2.2%)
13
Selected Recent Acquisitions – Trailing 12 MonthsPAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
8/22/17 BluePay, Inc. Security Card Services, LLC Merchant Processing NA NA
8/21/17 Ebix, Inc.YouFirst Money Express Private Limited, Money Transfer Service
Remittance NA NA
8/21/17 Blockchain Global Limited BTCS Inc. Cryptocurrency NA NA
8/21/17 Innovest Systems, LLC PDS Companies, Inc. Financial Software NA NA
8/21/17 Fiserv, Inc. Dovetail Group Limited Banking Software NA NA
8/16/17 ShapeShift AG KeepKey, LLC Cryptocurrency NA NA
8/10/17 PayPal Holdings, Inc. Swift Financial Corporation Online Lending NA NA
8/10/17 SIX Payment Services Ltd Aduno SA Merchant Acquiring NA NA
8/8/17Bitcoin Crypto Currency Exchange Corporation
KaChingpay.com Inc. Token Network/Merchant Processing NA NA
8/3/17 Givex Corporation POS Canada Inc. POS NA NA
8/2/17 Thomas H. Lee Partners, L.P. Ten-X, LLC Real Estate Tech NA NA
8/2/17 Marlin Equity Partners, LLC Medius AB AP Automation NA NA
8/1/17 Fiserv, Inc. PCLender LLC Mortgage Software NA NA
7/28/17 Acana Capital Corp. Blockchain Technology Group Inc. Blockchain NA NA
7/27/17 Verisk Analytics, Inc. G2 Web Services, LLC Anti-Fraud $112 NA
7/27/17 Axis Bank LimitedAccelyst Solutions Pvt. Ltd and Freecharge Payment Technologies
Mobile Payments $60 NA
7/26/17 Stripe Payable Accounting Software NA NA
7/25/17 Worldline S.A.First Data Lietuva Uab and First Data Latvia Sia and First Data EESTI OU
Merchant Processing $85 3.2x
7/25/17 The Sage Group plc Intacct Corporation Accounting Software $850 9.7x
7/21/17 Paysafe Group Plc Delta Card Services, Inc. Merchant Processing $470 1.1x
14
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
7/21/17CVC Capital Partners Limited; The Blackstone Group L.P.
Paysafe Group Plc Payment Processing $4,014 3.8x
7/20/17 Ingenico Group - GCS Bambora Merchant Processing $1,746 7.4x
7/18/17 ABILITY Network Inc. Secure Bill Pay Healthcare Payments NA NA
7/18/17 Urban FT, Inc. iParse LLC Mobile Banking NA NA
7/17/17 Worldline S.A. Digital River World Payments AB Ecommerce Payments NA NA
7/17/17 Mastercard Brighterion, Inc. Fraud Protection NA NA
7/12/17 Ceres inc. bitbank, Inc. Blockchain $29 19.3x
7/10/17 Linx Sistemas E Consultoria Ltda. Grupo Synthesys POS $26 NA
7/6/17 Blackfin Capital Partners SAS Buckaroo B.V. Gateway NA NA
7/6/17 Equiniti Group plc Nostrum Group Limited Loan Servicing NA NA
7/5/17 Vantiv, Inc. Worldpay Group plc Merchant Processing $11,453 7.5x
7/5/17 Vision Solutions Inc. Enforcive, Inc. Reg Tech NA NA
7/4/17 Blue Star Capital plc SatoshiPay Ltd Blockchain Nanopayments $7 NA
6/30/17 DBS Bank Ltd. AXS Pte. Ltd. Mobile Financial Services $60 NA
6/29/17HgCapital, Montagu Private Equity, Intermediate Capital Group, GIC Pte.
Visma AS Financial Software $5,453 5.7x
6/29/17 ScanSource, Inc. POS Portal, Inc. POS $158 NA
6/28/17 Vista Equity Partners LLC PayLease, LLC Vertical Payments NA NA
6/27/17 BlackRock, Inc. CacheMatrix Holdings LLC Enterprise Cash Management NA NA
6/20/17 LendingTree, LLC Magnify Money Lead Gen $40 NA
6/20/17 Global Blue SA EuroPass Wechat Gateway NA NA
15
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
6/15/17 LendingTree, LLC Deposits Online, LLC. Data / Analytics $33 NA
6/13/17 Fiserv (Europe) Limited Monitise plc Banking Technology $60 0.7x
6/12/17Otkritie Holding JSC; Otkritie Investments Cyprus Limited
Qiwi plc Networks $1,381 4.3x
6/9/17 The Bankers BankUS Dataworks, Inc., Substantially All Assets
Treasury 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, LLC
Mortgage Tech NA NA
5/29/17 First Data Corporation CardConnect Corp. Merchant Processing $716 1.2x
5/24/17 Ebix, Inc. Itz Cash Card Ltd. Prepaid $120 NA
5/17/17 Coupa Software Incorporated Riskopy, Inc. Risk / Data NA NA
5/17/17 North American Bancard Holdings, LLC Total Merchant Services, Inc. Merchant Acquiring NA NA
5/16/17 Mswipe Technologies Pvt Ltd PayU Payments Private Limited POS NA NA
5/15/17 Moody's Analytics, Inc.Bureau van Dijk Electronic Publishing BV
Credit Bureau $3,293 11.3x
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
16
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA
5/10/17 Swedbank AB (publ) PayEx Holding AB Consumer Payments NA NA
5/10/17 Cayan LLC Card Payment Services, Inc. Merchant Acquiring NA NA
5/8/17 AltaPay A/S IPS Limited Ecommerce Payments NA NA
5/1/17 FleetCor Technologies, Inc. Cambridge Global Payments Cross-Border Payments $675 NA
4/25/17 Vantiv, Inc. Paymetric, Inc. Payment Processing NA NA
4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x
4/19/17 Ant Financial Services GroupHelloPay Singapore Pte. Ltd (nka:Alipay Singapore)
Ecommerce Payments NA NA
4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA
4/11/17Network For Electronic Transfers (Singapore) Pte Ltd.
Banking Computer Services Private Limited and BCS Information System
Clearing $27 NA
4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $455 1.5x
4/10/17 New Access SAFidelity National Information Services, Inc., Ambit Private Banking Business
Banking 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 Business
Merchant Acquiring $32 NA
4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA
4/4/17 BNP Paribas SAFinanciere Des Paiements Electroniques S.A.S.
Digital Banking NA NA
4/3/17 CU Cooperative Systems, Inc. The Members Group LLC Payment Processing NA NA
4/3/17 CardConnect Corp. MertzCo, Inc. VAR $38 6.2x
4/3/17 Avangate Inc. 2Checkout.com, Inc. Payment Processing NA NA
3/31/17 M1 Limited Areeba s.a.l. Card Processing $220 NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
17
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
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 Pacific
Merchant 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, LLC
Fintellix Solutions Private Limited Data / Analytics NA NA
2/23/17 Airbnb, Inc. Tilt.com, Inc. Crowd Funding NA NA
2/23/17 MYOB Group Limited Paycorp Holdings Pty Limited Payment Solutions Provider $37 NA
2/22/17 Bharti Airtel Services Limited Seynse Technologies Pvt. Ltd. Online Lending NA NA
2/16/17 CampusLogic, Inc. Cegment, Inc. Lending Tech NA NA
2/16/17 Volaris Group Inc. Telepin, Inc. Mobile Financial Services NA NA
2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
18
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $185 2.6x
2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x
2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA
2/5/17 Klarna AB (nka:Klarna Bank AB (publ)) Billpay GmbH Ecommerce Payments $75 NA
2/1/17 i3 Verticals, LLCRandall Data Systems, LLC and CSC Links, LLC
Accounting Software / Healthcare Payments
NA NA
2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA
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 $1,936 1.2x
1/26/17 Fusion RMS Innovantum Technologies Ltd. POS NA NA
1/25/17 McPayment Pte Ltd Genesis Payment Solutions Pte Ltd. Merchant Acquiring NA NA
1/24/17 Solera Holdings Inc. Digidentity B.V. Identity Protection NA NA
1/18/17 Clearent, LLCPayment Alliance International, Merchant Service Division
International Payments / FX NA NA
1/18/17 AnaCap Financial Partners LLP Heidelberger Payment GmbH Ecommerce Payments NA NA
1/18/17 Augeo Affinity Marketing Inc. Edo Interactive Inc. Loyalty / Rewards NA NA
1/17/17 Clarus Merchant Services North American Merchant Services, Inc. ISO NA NA
1/17/17 Clarus Merchant Services BC Technologies ISO NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
19
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA
1/13/17Advent International Corporation; Bain Capital Investors, LLC
ConCardis 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 Assets
Merchant 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
11/23/16 Klarna AB (nka:Klarna Bank AB (publ)) Cookies Labs GmbH Money Transfer NA NA
11/20/16 Symantec Corporation LifeLock, Inc. Anti-Fraud $2,362 3.6x
11/16/16 LendingTree, LLC Iron Horse Holdings, LLC Lead Gen $130 NA
20
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
11/15/16 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 Limited
Finectar Technologies Pvt. Ltd. Online Lending NA NA
10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA
10/10/16 First American Mortgage Solutions, LLC TD Service Financial Corporation Mortgage Technology NA NA
10/10/16 Intuit Inc. MTS Global (Europe) Limited Accounting Software NA NA
10/10/16 TRGRP, Inc. Priory Solutions Limited Billing Software NA NA
10/10/16 Euronet Worldwide, Inc. YourCash Europe Limited ATMS NA NA
10/6/16 Capital One Financial Corporation Paribus Co. Ecommerce NA NA
10/6/16 Qiwi plc Plati Potom OOO Ecommerce NA NA
10/4/16Gresham Computing plc (nka:Gresham Technologies plc)
C24 Technologies Ltd. Risk / Analytics $6 2.3x
10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x
21
Selected Recent Equity Financings – Trailing 12 MonthsPAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
8/24/17 Ezetap Mobile Solutions Series D $16 Horizons Ventures, JS Capital Management, Social Capital POS
8/24/17 Blend Series D $100 Emergence Capital Partners, Greylock Partners Mortgage Tech
8/23/17 EmailAge Series B $10Anthos Capital, Mucker Capital, Radian Capital, Tallwave Capital, Wipro Ventures
Anti-Fraud
8/21/17 Prodigy Finance Series C $40 AlphaCode, Balderton Capital, Index Ventures Online Lending
8/21/17 Capital Float Series C $45 Ribbit Capital, SAIF Partners, Sequoia Capital India Online Lending
8/21/17 Emoov Series B $12Episode 1 Ventures LLP, JXC Ventures Ltd, Maxfield Capital Management Fund, Spire Ventures Ltd, Startive Ventures, Inc.
Real Estate Tech
8/18/17 Lai Yong Che Series A $15 Meili Jirong, Xingyi Capital, Zhejiang Jinke Entertainment Culture Online Leasing
8/15/17 nCino Series D $18 Aequitas Capital Management, Insight Venture Partners Banking Software
8/15/17 HomeLight Series B $40 Citi Ventures, Menlo Ventures Real Estate Tech
8/14/17 i3 Verticals NA $14 Undisclosed Integrated Payments
8/11/17 NextBlock NA $20 Undisclosed Blockchain
8/10/17 Coinbase Series D $100Battery Ventures, Draper Associates, Greylock Partners, Institutional Venture Partners, Section 32, Spark Capital
Cryptocurrency
8/10/17 Linklogis Series B $29Bertelsmann Asia Investments, China Merchants Capital, CITIC Capital Private Equity, Loyal Valley Innovation Capital, Tencent
Online Lending
8/10/17 Vyze Series C $13 Austin Ventures, Fathom Capital, Starvest Partners Consumer Lending
8/9/17 Socure Series B $14Commerce Ventures, Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, Work-Bench
Identity Verification
8/7/17 UangTeman Series A $12 Draper Associates, K2 Venture Capital, STI Financial Group Online Lending
8/3/17 Neyber Series C $21 Wadhawan Global Capital PFM
8/3/17 Kabbage Series F $250 SoftBank Group Online Lending
8/2/17 PeerIQ Series A $12Hearst Ventures, John Mack, Macquarie Group, TransUnion, Uprising
Data/Analytics
8/2/17 DianRong Series D $220 China Minsheng Investment, GIC, Simone Investment Managers Online Lending
Notes: Source: CapitalIQ and Pitchbook.
22
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
8/2/17 Bread Series B $126 Bessemer Venture Partners, Menlo Ventures, RRE Ventures Online Lending
8/1/17 Juvo Series B $40 New Enterprise Associates, SignalFire, Wing Venture Capital Micro Lending
7/31/17 Flutterwave Series A $10Glynn Capital Management, Green Visor Capital, Greycroft Partners, Y Combinator
Bank/Payments Software
7/26/17 Marqeta Series D $2583North, Commerce Ventures, CommerzVentures, CreditEase, Granite Ventures, IA Capital Group, Visa
Prepaid
7/25/17 Beqom NA $35 Goldman Sachs Financial Software
7/25/17 Rimilia NA $25 Kennet Partners, Eight Roads Ventures AR Automation
7/25/17 Toast, Inc. Series C $101Bessemer Venture Partners, Generation Investment Management, Lead Edge Capital
POS
7/21/17 Devign Lab Series A $27 Undisclosed Investors Digital Currency
7/20/17 Receipt Bank Series B $50 Insight Venture Partners Accounting Software
7/19/17 Karmic Labs Series B $17Alsop-Louie Partners, Arbor Ventures, Greycroft Partners, Marketplace Funds, Startup Capital Ventures
Expense Management Cards
7/18/17 Freshbooks Series B $43 Accomplice, Georgian Partners, Oak Investment Partners Accounting Software
7/18/17 NewStore Series B $50 Activant Capital Group, General Catalyst, Stephan Schambach Mobile Commerce
7/12/17 Curve Series A $10Alessandro Hatami, Breega Capital, Connect Ventures, Emilian Popa, Gael de Boissard, Henry Ritchotte, Investec, Oxford Capital
Payment Cards
7/12/17 Revolut Series B $66 Balderton Capital, Index Ventures, Ribbit Capital Digital Banking
7/11/17 Innoviti Payment Solutions Series B $19Bessemer Venture Partners, Catamaran Ventures, SBI Jefferies Asia Fund
Gateway
7/7/17 Dashu Finance Series C $118Everbright Financial Holdings, PAG, Primavera Capital Group, Sequoia Capital China
Online Lending
7/5/17 Ohpen Series B $17 Amerborgh Core Banking Software
7/5/17 Tide Series A $14 Anthemis Group, Creandum, LocalGlobe, Passion Capital Digital Banking
7/5/17 InstaReM Series B $13Fullerton Financial Holdings, Global Founders Capital, GSR Ventures, SBI Ven Capital, Vertex Ventures China
Cross-Border Payments
7/3/17 Qonto Series A $11 Alven Capital, Valar Ventures Digital Banking
Notes: Source: CapitalIQ and Pitchbook.
23
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
6/29/17 Spruce Finance NA $25 HPS Investment Partners Consumer Lending
6/27/17 Riskified NA $33 C4 Ventures, Capital One Growth Ventures, Pitango Growth Fraud Protection
6/26/17 Yoyo Wallet Series B $15Metro Group, Touchstone Innovations, Woodford Investment Management
Mobile Payments
6/22/17 Blockchain Series B $40Digital Currency Group, Google Ventures, Lakestar, Lightspeed Venture Partners, Mosaic Venture Partners, Virgin Group
Blockchain
6/21/17 Mswipe Technologies Series D $31DSG Consumer Partners, Falcon Edge Capital, Matrix Partners India, UC-RNT Fund
POS
6/21/17 FloQast Series B $25 Insight Venture Partners, Polaris Partners, Toba Capital Accounting Software
6/21/17 Soldo Series A $11Accel Partners, Connect Ventures, InReach Ventures, R204 Partners, U-Start Ventures
Expense Management Software
6/20/17 Sequent Software Series C $16JADO Investments, MoneyTime Ventures, Opus Capital, TIS INTEC Group
Tokenization
6/15/17 PayBreak (Afford It Now) NA $31 Undisclosed Consumer / POS Lending
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 Holdings
AP 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 Partners
POS
5/30/17 Wave Accounting Series E $24BDC Venture Capital, CRV, Exhibition Capital, HarbourVest Partners, National Australia Bank
Accounting 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 Partners
Consumer Lending
5/23/17 R3 Series A $107Banco Bradesco, Bangkok Bank, Bank of America, Bank of Montreal, Barclays
Blockchain
Notes: Source: CapitalIQ and Pitchbook.
24
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
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 Ventures
Marketplace 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 Capital
PFM
5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments
5/10/17 Kreditech NA $120 PayU Consumer Credit
5/9/17 Finxact NA $12 Live Oak Ventures Banking Software
5/9/17 Broadway Technology NA $42 Long Ridge Equity Partners Banking Software
5/4/17 Signifyd Series C $56 American Express, Bain Capital Ventures, Menlo Ventures Ecommerce Fraud Protection
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 Ventures
Credit 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 $16 China Creation Ventures, Lingfeng Capital Underwriting Technology
Notes: Source: CapitalIQ and Pitchbook.
25
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
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 Ventures
Online Lending
4/6/17 WeCash Series C $80China Merchants Innovation Investment Management, Forebright Capital Management, SIG
Credit Scoring
4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments
4/5/17 Jucaicat Series A $15 TIZA Online Lending
4/5/17 Savedroid NA $22 Rhineland-Palatinate, Angel Investors PFM / Digital Banking
3/31/17 Fiilament Series B $15 Bullpen Capital, Verizon Ventures Blockchain
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 Capital
Digital 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 China
Real 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 $10 GFC, Passion Capital Real Estate Tech
Notes: Source: CapitalIQ and Pitchbook.
26
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
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 Holdings
Money Transfer
3/9/17 Currencycloud Series D $25Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire Ventures
Cross-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 Management
Digital Banking
3/3/17 UpStart NA $33First Round Capital, Khosla Ventures, Rakuten, Third Point Ventures
Online 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 $200 Ant Financial Mobile Payments
Notes: Source: CapitalIQ and Pitchbook.
27
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
2/13/17 CrediFi Corp Series B $1331Ventures, Battery Ventures, Carmel Ventures, Liberty Israel Venture Fund, OurCrowd, Stax
Data / Analytics
2/9/17 Better Mortgage Inc. Series B $15Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook Partners
Mortgage 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 Investments
eCommerce
1/31/17 Knock Series A $33Correlation Ventures, FJ Labs, Great Oaks Venture Capital, Greycroft, Redpoint, RRE Ventures
Real Estate Tech
1/30/17 Earnix NA $14Jerusalem Venture Partners, Israel Growth Partners, Vintage Investment Partners
Data / Analytics
1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management
1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain
1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments
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 Ventures
Online 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 Ventures
POS
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 LP
Online 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 $24American Express Ventures, BlueCross BlueShield Venture Partners, Relay Ventures, Verizon Ventures
Fraud Protection
Notes: Source: CapitalIQ and Pitchbook.
28
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
1/4/17 Credible Labs NA $10 Undisclosed Online Lending
1/4/17 Magento Commerce NA $250 Hillhouse Capital Management eCommerce
1/3/17 Monese Series A $10 Exponential Ventures, Korea Investment Partners, STE Capital Digital Banking
1/3/17 Tandem Bank NA $43 House of Fraser Digital Banking
12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS
12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending
12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending
12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards
12/7/16 Nubank Series D $80Digital Sky Technologies, Founders Fund, QED Investors, Sequoia Capital, Tiger Global Management
Online 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 Capital
Rating 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 $10 Beedie Capital Partners, Vistara Capital Partners Banking Software
Notes: Source: CapitalIQ and Pitchbook.
29
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
11/1/16 StayClassy Productions Inc. Series C $30Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril Capital Management, Salesforce Ventures
Crowdfunding
10/26/16 nanoPay Corporation Series A $10APAGM Services, Goldman Sachs Merchant Banking Division, Jarnac Capital Management, Rohatton
Digital Currency
10/25/16 Lendio Inc. Series D $20Blumberg Capital, Comcast Ventures, Napier Park Global Capital, North Hill Ventures, Stereo Capital, Tribeca Venture Partners
Online Lending
10/24/16 AEVI NA $11 Adveq Management POS
10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring
10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway
10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software
10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments
10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software
10/18/16 SecureKey Technologies Inc. Series D $21Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank Financial Group
Identity / 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 Bank
Accounting Software
10/4/16 Iwoca Ltd. Series C $27Prime Ventures, Acton Capital Partners, Commerz Ventures, Global Founders Capital, Redline Capital
Online 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 $88Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment Management LLC, Kuwait Investment Authority
Quote-To-Cash
30
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
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 Management
Online Lending
9/22/16 Avalara Inc. Series D $96Sageview Capital, Technology Crossover Ventures, Warburg Pincus
Tax Software
9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending
9/21/16 Nav, Inc Series B $25Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Peak Venture Partners, Tencent Holdings Ltd.
Business Lending
9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies
9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending
9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation
9/13/16 Uno Home Loans NA $17 Westpac Mortage Software
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 Associates
Mobile 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
32
(1)
Public Company Valuations: Financial MetricsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Exchanges - AmericasCME Group Inc. $127.10 $98.95 $127.96 $43,203 $786 $43,988 12.0x 11.3x 16.8x 15.6x 26.5x 24.1x 10.0% 2.7 2.4% 2.0%Intercontinental Exchange, Inc. 65.41 52.27 67.48 38,493 5,482 44,010 9.5x 9.0x 14.8x 13.6x 22.2x 19.6x 11.0% 2.0 3.2% 4.3%B3 S.A. - Brasil, Bolsa, Balcão 7.09 4.74 7.30 14,459 1,269 15,732 12.6x 11.4x 19.1x 16.6x 20.7x 20.2x NM NM 74.5% 63.6%Nasdaq, Inc. 75.75 63.30 77.75 12,635 3,056 15,691 6.5x 6.3x 12.8x 12.1x 18.2x 16.7x 8.5% 2.1 14.9% 11.5%CBOE Holdings, Inc. 99.77 61.58 99.99 11,252 1,152 12,417 12.6x 11.0x 19.3x 16.1x 29.6x 25.8x 21.5% 1.4 50.3% 270.2%TMX Group Limited 53.38 45.06 63.92 2,954 422 3,377 5.6x 5.5x 10.4x 9.9x 14.0x 13.3x NM NM (0.1%) (2.2%)Bolsa Mexicana de Valores, S.A.B. de C.V. 1.80 1.49 2.02 1,067 (87) 988 5.7x 5.3x 10.3x 9.7x 17.6x 16.0x 12.2% 1.4 25.9% 9.9%
Mean 9.2x 8.5x 14.8x 13.4x 21.3x 19.4x 12.6% 1.9 24.4% 51.3% Median 9.5x 9.0x 14.8x 13.6x 20.7x 19.6x 11.0% 2.0 14.9% 9.9%
Exchanges - AsiaHong Kong Exchanges and Clearing Limited $27.36 $22.70 $29.81 $33,607 ($1,570) $32,055 19.8x 18.0x 27.6x 24.8x 37.2x 33.3x 6.4% 5.8 13.2% 9.5%ASX Limited 43.50 35.35 43.62 8,413 (713) 7,700 12.4x 11.9x 16.4x 15.6x 24.3x 23.3x 4.7% 5.2 (6.5%) 6.1%Singapore Exchange Limited 5.46 5.13 5.77 5,846 (579) 5,267 8.6x 8.1x 15.1x 13.3x 21.7x 19.4x 6.9% 3.1 11.2% 2.6%Bursa Malaysia Berhad 2.37 1.92 2.61 1,273 (114) 1,162 9.1x 8.7x 15.3x 14.7x 24.5x 23.7x 5.7% 4.3 15.2% 3.1%
Mean 12.5x 11.7x 18.6x 17.1x 26.9x 24.9x 5.9% 4.6 8.3% 5.3% Median 10.7x 10.3x 15.8x 15.1x 24.4x 23.5x 6.0% 4.7 12.2% 4.6%
Exchanges - EuropeDeutsche Börse Aktiengesellschaft $107.64 $78.52 $116.89 $20,107 $609 $20,861 7.0x 6.6x 11.9x 11.0x 19.0x 16.7x 11.0% 1.7 (0.6%) 12.2%London Stock Exchange Group plc 51.20 33.62 51.58 17,771 (1,265) 17,202 7.3x 6.6x 14.1x 12.5x 26.8x 23.2x 15.9% 1.7 16.0% 17.6%Bolsas y Mercados Españoles 36.22 30.88 39.90 3,012 (367) 2,645 6.8x 6.8x 10.1x 10.3x 16.0x 16.1x NM NM 13.9% 1.1%JSE Limited 10.47 9.31 12.80 895 (152) 744 4.5x 4.1x 11.8x 9.5x 16.2x 14.0x 4.6% 3.5 (4.6%) 4.3%GPW 12.92 9.74 13.82 542 (60) 483 5.0x 5.1x 8.4x 8.2x 13.7x 13.1x NM NM 28.9% 25.8%Hellenic Exchanges - Athens Stock Exch. 6.18 4.73 7.43 373 (113) 260 7.2x 5.9x 19.0x 12.2x 49.6x 30.0x 93.5% 0.5 36.1% 4.9%
Mean 6.3x 5.8x 12.6x 10.6x 23.6x 18.9x 31.3% 1.9 15.0% 11.0% Median 6.9x 6.2x 11.8x 10.6x 17.6x 16.4x 13.5% 1.7 15.0% 8.5%
33
Public Company Valuations: Financial Metrics (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.(1) Financial metrics pro-forma for Yodlee acquisition.(2) Financial metrics reflect IHS / Markit merger.(3) Enterprise Value and Net Debt exclude Cash.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Investment Services, Software, & TechnologySEI Investments Co. $57.18 $42.90 $57.50 $9,041 ($660) $8,380 5.6x 5.1x 13.5x 12.6x 25.0x 21.6x 13.5% 1.9 7.6% 8.3%Broadridge Financial Solutions, Inc. 76.87 59.86 78.00 8,953 831 9,784 2.3x 2.3x 12.2x 11.6x 23.1x 20.2x 10.0% 2.3 22.0% 38.1%SS&C Technologies Holdings, Inc. 37.86 28.43 40.21 7,778 2,209 9,986 5.9x 5.6x 14.6x 13.1x 19.5x 17.3x 13.0% 1.5 13.5% 10.2%DST Systems, Inc. 50.71 47.26 62.95 3,068 506 3,575 1.8x 1.6x 8.3x 7.5x 16.6x 14.2x 10.0% 1.7 31.1% 68.0%Financial Engines, Inc. 32.85 25.00 45.75 2,075 (170) 1,905 3.9x 3.5x 12.0x 10.4x 24.0x 20.9x 20.0% 1.2 14.2% 11.5%Envestnet, Inc. 43.00 30.80 45.18 1,893 232 2,125 3.2x 2.8x 16.7x 13.5x 33.5x 27.0x 17.5% 1.9 16.4% 18.1%Alfa Financial Software Holdings PLC 5.51 4.19 6.36 1,652 0 1,652 15.1x 13.2x 31.7x 27.7x 41.5x 36.2x 14.0% 3.0 21.0% NA
Mean 5.4x 4.9x 15.6x 13.8x 26.2x 22.5x 14.0% 1.9 18.0% 25.7% Median 3.9x 3.5x 13.5x 12.6x 24.0x 20.9x 13.5% 1.9 16.4% 14.8%
Financial Data, Content, & AnalyticsS&P Global Inc. $151.27 $107.21 $158.35 $38,876 $1,182 $40,058 6.8x 6.4x 14.5x 13.6x 23.9x 21.6x 13.2% 1.8 3.8% 1.8%Thomson Reuters Corporation 45.75 39.23 48.57 32,698 6,526 39,224 3.4x 3.3x 11.4x 11.0x 18.8x 17.6x 9.9% 1.9 1.9% 0.5%Moody's Corporation 132.39 93.51 135.20 25,286 1,520 26,806 6.8x 6.3x 14.3x 13.2x 23.9x 21.9x 10.2% 2.3 9.9% 7.7%IHS Markit Ltd. 46.52 34.13 47.92 18,453 3,837 22,291 6.3x 6.0x 16.0x 14.8x 22.6x 19.6x 14.0% 1.6 29.6% 54.1%Verisk Analytics, Inc. 79.67 75.60 88.17 13,110 2,259 15,369 7.3x 6.9x 15.1x 14.0x 25.4x 23.3x 9.8% 2.6 4.9% 5.0%MSCI Inc. 114.26 76.52 114.78 10,290 1,326 11,616 9.2x 8.4x 17.7x 15.8x 30.1x 25.8x 14.3% 2.1 10.1% 8.8%FactSet Research Systems Inc. 159.27 150.95 183.64 6,248 381 6,629 5.3x 4.9x 15.4x 14.3x 21.3x 19.5x 10.6% 2.0 10.2% 8.6%The Dun & Bradstreet Corporation 109.61 100.46 139.70 4,051 1,300 5,351 3.0x 2.9x 10.8x 10.2x 15.6x 14.8x 8.0% 1.9 3.7% 1.7%Morningstar, Inc. 82.11 67.74 84.68 3,492 (110) 3,383 NA NA NA NA NA NA NM NA NA 15.6%Bankrate, Inc. 13.85 7.10 14.25 1,231 108 1,340 2.7x 2.4x 10.5x 9.5x 19.6x 16.7x 10.0% 2.0 16.1% 17.9%
Mean 5.6x 5.3x 14.0x 12.9x 22.3x 20.1x 11.1% 2.0 10.0% 12.2% Median 6.3x 6.0x 14.5x 13.6x 22.6x 19.6x 10.2% 2.0 9.9% 8.1%
Online Broker DealersThe Charles Schwab Corporation $39.76 $29.86 $44.10 $53,243 $3,504 $56,747 6.6x 5.8x 13.8x 12.0x 24.8x 20.6x 19.0% 1.3 15.8% 16.5%TD Ameritrade Holding Corporation 43.15 31.65 47.41 23,302 2,561 25,863 6.8x 5.9x 14.7x 12.3x 24.7x 20.2x 18.9% 1.3 15.0% 10.6%E*TRADE Financial Corporation 41.07 25.59 42.19 11,294 3,459 14,753 6.3x 5.9x NA NA 18.4x 16.7x 14.7% 1.3 12.1% 32.8%Interactive Brokers Group, Inc. 42.45 31.97 42.57 3,034 4,001 7,035 4.7x 4.3x 7.1x 6.2x 29.3x 27.0x 13.5% 2.2 4.6% 1.7%GAIN Capital Holdings, Inc. 6.38 4.54 8.75 301 (110) 191 0.6x 0.5x 3.3x 2.1x 24.5x 8.8x NM NM (16.2%) (9.8%)Global Brokerage, Inc. 1.30 1.20 9.80 8 0 8 NA NA NA NA NA NA NM NA NA (11.8%)
Mean 5.0x 4.5x 9.7x 8.1x 24.4x 18.6x 16.5% 1.5 6.3% 6.7% Median 6.3x 5.8x 10.4x 9.1x 24.7x 20.2x 16.8% 1.3 12.1% 6.1%
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34
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
8/25/17 Sportstradex Limited Algorbet and Global Sports Exchange Trading Platform NA NA
8/16/17 DRW Holdings, LLC RGM Advisors, LLC Trading Platform $60 NA
8/10/17 Lend Academy Investments Algorithmic, Inc. Robo Advisors NA NA
8/9/17 dough, Inc. Seed CX Ltd. Trading Platform NA NA
8/7/17 PlanPlus Inc. (nka:PlanPlus Global) FinaMetrica Pty Ltd Risk / Analytics NA NA
7/13/17 Vela Trading Technologies, LLC Object Trading UK Limited Trading Platform NA NA
7/12/17 Equiniti Group plc Wells Fargo Shareowner Services Investor Services NA NA
7/11/17 Broadridge Financial Solutions, Inc. Spence Johnson Data / Analytics NA NA
7/6/17 The Philippine Stock Exchange, Inc.Philippine Dealing System Holdings Corp.
Exchanges $39 2.3x
7/5/17 SEI Investments Co. Archway Technology Partners, LLC Fund Mgmt Software $88 4.9x
6/20/17 Vela Trading Technologies, LLC OptionsCity Software, Inc. Trading Analytics NA NA
6/13/17 Lending Science DM, Inc. Scoring Solutions, Inc. Risk / Analytics NA NA
6/7/17Thoma Bravo, LLC; Thoma Bravo Discover Fund Partnership
Riskonnect, Inc. Risk / Compliance NA NA
6/1/17 Intercontinental Exchange, Inc.BofA Merrill Lynch, Research Division, Index Platform
Indices NA NA
5/31/17 HealthEquity, Inc. BenefitGuard, LLC 401k Solutions NA NA
5/30/17 London Stock Exchange GrouopThe Yield Book, Citi Fixed Income Indices
Analytics NA NA
5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA
5/10/17Cinnober Financial Technology AB (publ)
Ancoa Software Ltd. Analytics NA NA
5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA
5/9/17 Apex Fund Services (Bermuda) ltdEquinoxe Alternative Investment Services
Fund Administration NA NA
Selected Recent Acquisitions – Trailing 12 MonthsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
35
Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
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
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 $1,268 0.9x
3/9/17 Broadridge Financial Solutions, Inc. Message Automation Limited Trade Processing NA NA
3/8/17 Numerix LLC TFG Financial Systems Risk NA NA
3/7/17 Hellman & Friedman LLC; GIC Pte. Ltd. Allfunds Bank S.A. Mutual Fund Platform NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
36
Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
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 Business
Data / Analytics NA NA
2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA
2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA
2/6/17 Thomson Reuters Corporation Clarient Global LLC Regulatory Data NA NA
2/1/17 BT Group plc IP Trade SA Trading Technology NA NA
2/1/17 StoneCastle Insured Cash Sweep, LLC Intermedium Financial LLC Broker Software NA NA
1/30/17 Compliance Solutions StrategiesAdvise Technologies, Ascendant Compliance Management, The
Regulatory Tech NA NA
1/27/17 Linedata Services S.A. Gravitas Technology Services, LLC Fund Management Software NA NA
1/25/17 IS Prime Risk Services Inc. Think Liquidity LLC Risk / Analytics NA NA
1/23/17 Visible Alpha, LLC ONEaccess Data / Analytics NA NA
1/19/17 FairFX Group Plc Q Money Limited Online Brokerage $2 NA
1/18/17North Capital Investment Technology Inc.
Access Investors Network, Inc. Investing Platform NA NA
1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA
1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing NA NA
1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA
1/4/17NewSpring Capital; NewSpring Holdings L.P.
Vertical Management Systems, Inc. Capital Markets Software NA NA
1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
37
Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
12/20/16 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 Assets
Trading Platform NA NA
11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA
11/28/16 Insurance Services Office, Inc. IntelliStance, LLC Data / Analytics NA NA
11/21/16 London Stock Exchange Group plc Mergent, Inc. Data / Analytics $144 NA
11/21/16 AcadiaSoft, Inc. ProtoColl Collateral Management NA NA
11/14/16 Playtech plc CFH Group A/S Foreign Exchange NA NA
11/8/16 Preqin Ltd. Baxon Solutions Limited Broker Software NA NA
11/2/16 Folio Dynamics Inc. SAS Capital Management, LLC Broker Software NA NA
10/24/16 TD Ameritrade Holding Corporation Scottrade Financial Services, Inc. Online Brokerage NA NA
10/24/16 SS&C Technologies Holdings, Inc. Salentica Inc. Broker Software NA NA
10/20/16 Forum Trading Solutions Ltd GMEX Technologies Limited Trading Technology NA NA
10/14/16 Morningstar, Inc. PitchBook Data, Inc. Data / Analytics $225 7.2x
10/13/16Investview, Inc., Prior to Reverse Merger with Wealth Generators, LLC
RoboVest, Inc. Trading Platform NA NA
10/11/16 Drillinginfo, Inc. GlobalView Software, Inc. Trading Platform NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
38
Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
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
9/28/16SourceHOV LLC (nka:Exela Technologies, Inc.)
TransCentra, Inc. Treasury Software NA NA
9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,680 1.9x
9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA
9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA
9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA
9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA
9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA
9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA
39
Selected Recent Equity Financings – Trailing 12 MonthsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)Announced Target
Date Target Series Amount Investors Subsector
8/23/17 Ellevest Series C $32 Mohamed El-Erian, Rethink Impact, Venus Williams Robo Advisor
8/16/17 Options Technology NA $100 Bregal Sagemount Capital Markets Software
8/8/17 Guideline Series B $15 Felicis Ventures 401k Provider
8/1/17 Personal Capital Series E $40 IGM Financial PFM
8/1/17 ETC Global Group NA $68 Cerberus Capital Management, Quantlab Investments Brokerage/Clearing
7/26/17 Qiancheng Technology Series B $30 51Xinyongka, Tiantu Capital Risk Management
7/21/17 Betterment Series E $70Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo Ventures
Robo Advisor
7/18/17 Capital.com NA $25 Larnabel Enterprises, VP Capital Trading Platform
7/13/17 Stash Invest Series C $40Breyer Capital, Coatue Management, Goodwater Capital, Valar Ventures
PFM
7/12/17 Quantitative Brokers NA $24 Centana Growth Partners Data / Analytics
7/11/17 CompareAsiaGroup Series B $50ACE & Company, Alibaba Group, Goldman Sachs, H&Q Asia Pacific, International Finance Corporation, Nova Founders
PFM
7/10/17 Trumid NA $10 Deutsche Börse Trading Platform
6/23/17 Fintonic Series B $28Atresmedia, Inception Capital, ING, Onza Capital, Prevision Sanitaria Nacional
PFM
6/19/17 Scalable Capital Series B $33 BlackRock Robo Advisor
6/27/17 Resolver Inc. NA $20 Klass Capital Risk / Compliance
6/13/17 Futu Securities Series C $146 Matrix Partners China, Sequoia Capital China, Tencent Holdings Online Brokerage
6/9/17 Singapore Diamond Investment Excg. Series B $10Alain Vandenborre, Richard Ji, Simon Murray, Vertex Venture Holdings
Exchanges
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 $65Andreessen Horowitz, Breyer Capital, Ford Foundation, General Catalyst, Goldman Sachs, Khosla Ventures
Investment Platform
Notes: Source: CapitalIQ and Pitchbook.
40
Selected Recent Equity Financings – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
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 Securities
Trading Platform
2/16/17 OpenFin Series B $15Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca Partners, Pivot Investment Partners
Trading Platform
2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform
1/31/17 Wealthsimple NA $15 Power Financial Corp. Robo Advisor
12/24/16 Pakistan Stock Exchange NA $84 Chinese Consortium Exchanges
12/23/16 Nutmeg Savings and Investment Ltd. NA $15 Taipei Fubon Commercial Bank Robo Advisor
12/22/16 Axoni Series A $18Andreessen Horowitz, Digital Currency Group, Euclid Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson
Distributed Ledger
12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo Advisor
12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo Advisor
11/17/16 Peer Street Inc. Series A $15Andreessen Horowitz, Felicis Ventures, The Kaiser Family Foundation, Montage Ventures, Rembrandt Venture Partners
Crowdfunding
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 Capital
Trading Technology
11/14/16 Nutmeg Saving and Investment Ltd. NA $32Amanda Investment Group, Balderton Capital Management, Pentech Ventures, Schroders
Robo Advisor
41
Selected Recent Equity Financings – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
11/14/16 Roofstock Inc. Series B $20Bain Capital Ventures, Khosla Ventures, Lightspeed Venture Partners, Nyca Partners, QED Investors, SV Angel
Crowdfunding
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 Management
Trading 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
43
Public Company Valuations: Financial MetricsINSURANCE / BENEFITS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $98.82 $70.10 $99.95 $21,397 $8,021 $29,418 3.7x 3.5x 14.7x 13.5x 21.6x 18.7x 14.0% 1.5 49.7% 68.7%Verisk Analytics, Inc. 79.67 75.60 88.17 13,110 2,259 15,369 7.3x 6.9x 15.1x 14.0x 25.4x 23.3x 9.8% 2.6 4.9% 5.0%athenahealth, Inc. 139.55 90.11 158.66 5,572 209 5,781 4.7x 4.2x 21.7x 18.4x 72.9x 56.7x 27.0% 2.7 13.2% 15.0%Guidewire Software, Inc. 72.31 49.18 73.36 5,378 (477) 4,901 9.0x 7.7x 41.9x 33.3x 84.2x 63.7x 18.3% 4.6 21.0% 24.9%Ebix, Inc. 57.40 52.38 65.10 1,805 245 2,050 5.9x 5.2x 17.1x 14.7x 19.1x 17.7x 15.0% 1.3 17.3% 20.4%Sapiens International Corporation N.V. 10.80 10.57 15.98 530 (8) 521 1.9x 1.7x 17.7 11.2x 30.6x 17.3x 10.0% 3.1 NA 30.2%Crawford & Company 9.38 8.22 14.37 524 187 711 0.6x 0.6x 5.3x 4.8x 12.2x 10.8x 10.0% 1.2 (0.2%) (4.6%)Polaris Consulting & Services Limited 3.78 2.21 4.08 387 (82) 305 NA NA NA NA NA NA NM NA NA 17.1%Majesco 4.70 4.35 6.29 172 8 180 1.5x 1.3x 35.3 18.5x NM 33.6x NM NM NA (14.2%)Symbility Solutions Inc. 0.34 0.31 0.45 81 (5) 76 2.3x 2.1 45.2 35.4 NM NA NM NM 27.4% 12.9%
Mean 4.1x 3.7x 23.8x 18.2x 38.0x 30.2x 14.9% 2.4 19.1% 17.5% Median 3.7x 3.5x 17.7x 14.7x 25.4x 21.0x 14.0% 2.6 17.3% 16.0%
44
Selected Recent Acquisitions – Trailing 12 MonthsINSURANCE / BENEFITS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
8/21/17 Verisk Analytics, Inc. Sequel Business Solutions Limited Risk $323 9.6x
7/10/17 Cotiviti Rowdmap, Inc. Data / Analytics NA NA
5/17/17 Advanced Solutions International, Inc. Innovative Software Solutions, Inc. Benefits Software NA NA
5/3/17 Genpact Limited BrightClaim, Inc. Claims Management NA NA
4/27/17 Disruptive Capital Finance LLP REG UK Ltd. Insurance Risk Management $10 NA
4/25/17 Vertafore, Inc. RiskMatch, LLC Insurance Analytics NA NA
4/6/17 Open GI Limited Transactor Global Solutions Limited Insurance Software $50 NA
3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech NA NA
2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA
2/21/17 CareCredit, LLCCitibank, N.A., Citi Health Card Portfolio
Healthcare 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 $4,800 2.1x
2/9/17 Charles Taylor InsureTech Limited Otak Limited Insurance Tech NA NA
2/8/17 Compare Africa Group TopCheck UG (haftungsbeschränkt) Lead Gen NA NA
2/7/17 Centauri Health Solutions, Inc. Human Arc Corporation Revenue Cycle Management NA NA
1/26/17 Insurity, Inc. Valen Technologies, Inc. Insurance Data / Analytics NA NA
1/25/17PlanSource Benefits Administration, Inc.
Next Generation Enrollment, Inc. Benefits Software NA NA
1/19/17Inflexion Private Equity Partners LLP; Inflexion Enterprise Fund IV
My Policy Limited Telematics NA NA
1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA
45
Selected Recent Acquisitions – Trailing 12 Months (Cont’d)INSURANCE / BENEFITS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA
12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA
12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA
12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA
11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA
11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance NA NA
11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA
11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA
10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA
10/6/16New Mountain Capital, LLC; New Mountain Partners IV, L.P.; Eir Partners
Convey Health Solutions, Inc. Healthcare Insurance Administration NA NA
10/5/16Shenzhen Investment Holdings Co., Ltd.; Shenzhen Qianhai Financial
ACR Capital Holdings Pte. Ltd. Reinsurance NA NA
9/29/16 Applied Systems, Inc.IS2, eTrading Platform for Personal Lines
Insurance Trading NA NA
9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA
9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA
46
Selected Recent Equity Financings – Trailing 12 MonthsINSURANCE / BENEFITS
($MM)Announced Target
Date Target Series Amount Investors Subsector
8/23/17 Lumity Series B $19 Draper Fisher Jurvetson, Social Capital, True Ventures Benefits Software
8/23/17 Baozhunniu Series B $14Denise Peng, Marathon Venture Partners, Matrix Partners China, Xinyi Capital, Zhongguancun Development Group
Insurance Tech
8/22/17 Stride Health Series B $24F-Prime Capital, New Enterprise Associates, Portag3 Ventures, Venrock
Benefits Software
8/8/17 Jetty Series A $12BoxGroup, Red Swan Ventures, Ribbit Capital, SV Angel, Valar Ventures
Insurance Tech
7/26/17 SyncHR NA $16National Enterprise Associates, Boulder Ventures, Grayhawk Capital, EPIC Ventures, Acadia Woods, Peninsula Ventures
HR Software
7/19/17 Gravie Series C $14Aberdare Ventures, FirstMark Capital, GE Ventures, Split Rock Partners
Benefits Marketplace
7/17/17 Impact Health Series A $13 Techstars Venture Capital Fund Insurance Tech
7/4/17 Ottonova Series C $11Debeka, Holtzbrinck Ventures, Tengelmann Ventures, Vorwerk Ventures
Insurance Tech
6/13/17 Snapsheet Series D $12 Tola Capital Insurance Tech
6/1/17 Bright Health Series B $160Bessemer Venture Partners, Cross Creek Advisors, Flare Capital Partners, Greenspring Associates, Greycroft
Insurance Innovator
5/24/17 PolicyGenius Series C $30AXA Strategic Ventures, Fika Ventures, Karlin Ventures, MassMutual Ventures, Norwest Ventures
Insurance 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 Capital
Insurance Admin
5/2/17 One Inc. NA $16American Family Ventures, AXA Strategic Ventures, Centana Growth Partners, MassMutual Ventures
Insurance 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 Ventures
HR 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 Ventures
Insurance Tech
4/10/17 BIMA NA $17 Axiata Digital Insurance Tech
4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech
Notes: Source: CapitalIQ and Pitchbook.
47
Selected Recent Equity Financings – Trailing 12 Months (Cont’d)INSURANCE / BENEFITS
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
4/4/17 Amino Series C $25Highland Capital Management, Accel, Aspect Ventures, CRV, Northwestern Mutual Future Ventures, Pilot Wall Group
Benefits Software
3/30/17 Decisely NA $60Two Sigma Private Investments, EPIC Insurance Brokers and Consultants
Benefits 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 Ventures
Insurance 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 Capital
HR / Benefits Software
12/5/16 Lemonade Inc. Series B $34Aleph, General Catalyst, Google Ventures, Sequoia Capital, Thrive Capital, Tusk Ventures, XL Innovate
Insurance
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 LLC
Insurance Lead Gen
10/19/16 Ladder Financial Inc. Series A $148VC, Canaan Partners, Lightspeed Venture Partners, Nyca Partners LLC
Life Insurance
10/4/16 Hixme Inc. Series B $14Kleiner Perkins Caufield & Byers, Propel Venture Partners, Rosemark Capital Group, Transamerica Ventures Fund
HR Software
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