financial technology sector summary - gca advisors · performance p/e 2016. ncr corporation $5,674...

1

Financial Technology Sector Summary February 15, 2017

2

Select Recent Financing Transactions Select Recent M&A Transactions

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

$200.0 $190.0

$32.5 $150.0

$25.0 NA

$20.0 NA

$15.3 NA

$15.0 NA

$13.5 NA

$13.0 NA

Quarterly Financing Volume Quarterly M&A Volume

$14.3 Bn | 919 Deals2016 Financing Volume

Industry Stock Market Performance $103.3 Bn | 217 Deals2016 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

$8.7 $2.3 $10.4

$22.2

$45.7

$23.5 $22.9

$11.2

67

53

76 71

60 63

4549

01020304050607080

$0

$10

$20

$30

$40

$50

$60

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

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

$1.9 $2.8

$6.4

$1.8

$3.6

$6.6

$2.0 $0.6

223244 250

227

269235

211 204

0

50

100

150

200

250

300

$0

$2

$4

$6

$8

$10

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Financing Volume ($Bn) Financing Deal Count

90

100

110

120

130

140

150

160

170

180

2/16/16 3/31/16 5/16/16 6/29/16 8/12/16 9/27/16 11/10/16 12/26/16 2/8/17

S&P 500

eCommerce Unit

FINANCIAL TECHNOLOGY DEAL DASHBOARD

Notes: Source: Capital IQ, PitchBook, and GCA FinTech Database. Market Data as of 2/10/17. 1) Refer to footnotes on page 5 for index composition. 2) Represents transactions announced between 1/31/17 and 2/14/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions.

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3

I. Market Summary

II. Payments / Banking

III. Securities / Capital Markets / Data & Analytics

IV. Insurance / Benefits

V. GCA Overview

TABLE OF CONTENTS

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 / Insurance Technology

(8)

Industry Stock Market Performance MARKET SUMMARY

Notes: (1) Payments: ADS, AIM: PPT, AIM:SCH, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, OUTR, PYPL, PAR, SQ, TSE:3769, TSXV:TNC, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, XTRA: WDI. (2) Exchanges: ASX: ASX, ATSE: EXAE, BATS:BATS, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. (8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK.

90

100

110

120

130

140

150

160

170

180

2/16/16 3/31/16 5/16/16 6/29/16 8/12/16 9/27/16 11/10/16 12/26/16 2/8/1780

90

100

110

120

130

140

150

160

2/13/14 6/3/14 9/19/14 1/7/15 4/27/15 8/13/15 12/1/15 3/18/16 7/6/16 10/24/16 2/9/17

Last 12 Months Last 3 Years

Indexed Price Performance

Sector 3 Months 1 Year 3 Years

Information Processors / Credit Bureaus 13.1% 15.3% 33.3%Investment Services, Software, & Technology 9.6% 17.7% 34.5%Online Broker Dealers 9.2% 63.3% 46.1%Payments 8.1% 20.4% 28.7%Banking & Lending Technology 8.0% 20.1% 51.9%Financial, Data, Content, & Analytics 5.9% 24.4% 1.8%Exchanges 5.2% 19.3% 35.6%Healthcare / Insurance Technology 2.3% 13.6% 10.9%

6

EBITDA Multiples and Margins MARKET SUMMARY

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

2016E EBITDA Multiples 2016E EBITDA Margins

12.0x

13.6x

13.7x

13.7x

14.3x

14.7x

15.7x

18.1x

0.0x 5.0x 10.0x 15.0x 20.0x


Exchanges


Banking and Lending Technology

Investment Services, Software, &Technology

Payments



20.0%

25.6%

27.9%

28.8%

31.8%

33.7%

46.0%

57.2%

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


Payments






Exchanges

7

Price / Earnings Multiples and PEG Ratios MARKET SUMMARY

2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

1.4

1.7

1.8

2.0

2.1

2.3

2.3

2.4

0.0 0.5 1.0 1.5 2.0 2.5 3.0

Payments







Exchanges 10.6%

11.7%

13.0%

13.5%

16.1%

15.0%

14.9%

15.0%

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

20.1x

21.1x

22.7x

23.4x

24.5x

25.0x

27.7x

29.7x

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

Payments


Exchanges






8

LTM Price Performance and 2016 P/E – Payments / Banking MARKET SUMMARY

Notes: Source: CapitalIQ and Wall Street Research. Market data as of February 10, 2017.

($MM)

Prepaid Market Cap.LTM Price

Performance P/E 2016

Blackhawk Network Holdings, Inc. $2,102 7% 24.4xGreen Dot Corporation $1,337 48% 18.7xNet 1 UEPS Technologies, Inc. $672 35% 7.0x

Sector Average $1,370 30% 16.7x

ATM / Kiosks Market Cap.LTM Price


Cardtronics plc $2,062 60% 14.0xTIO Networks Corp. $208 87% 28.7xEveri Holdings Inc. $206 31% 4.5x

Sector Average $825 59% 15.7x

POS Hardware / Technology Market Cap.LTM Price


NCR Corporation $5,674 134% 15.2xIngenico Group - GCS $5,080 (22%) 18.9xVeriFone Systems, Inc. $2,169 (6%) 13.9xPAR Technology Corporation $103 21% NA


Banking and Lending Technology Market Cap.LTM Price


Intuit Inc. $30,166 29% 30.8xFidelity National Information Services, Inc $26,409 43% 21.0xFiserv, Inc. $23,674 19% 24.5xJack Henry & Associates, Inc. $7,033 18% 29.7xTemenos Group AG $4,802 70% 35.6xEll ie Mae, Inc. $3,311 58% 45.6xBlack Knight Financial Services, Inc. $2,660 48% 33.6xLendingClub Corporation $2,634 (3%) NMACI Worldwide, Inc. $2,328 21% 46.8xDH Corporation $1,909 (17%) 11.8xQ2 Holdings, Inc. $1,288 62% NMBottomline Technologies (de), Inc. $995 (0%) 25.4xOn Deck Capital, Inc. $406 (17%) NMPerformant Financial Corporation $82 (1%) 20.4x


Information Processors / Credit Bureaus Market Cap.LTM Price

Performance P/E 20160Experian plc $18,202 26% 21.7xEquifax Inc. $15,654 40% 23.9xFair Isaac Corporation $3,939 39% 26.1xAcxiom Corporation $2,215 49% 43.3x


($MM)

Networks Market Cap.LTM Price


Visa Inc. $199,350 25% 29.3xMastercard Incorporated $115,712 31% 28.5xAmerican Express Company $71,829 54% 13.1xPayPal Holdings, Inc. $49,004 21% 27.2xDiscover Financial Services $26,771 59% 12.1x


Merchant Processing Market Cap.LTM Price


Cielo S.A. $20,044 50% 15.9xFirst Data Corporation $14,412 82% 12.3xVantiv, Inc. $12,408 38% 23.5xGlobal Payments Inc. $11,948 43% 24.4xTotal System Services, Inc. $9,851 39% 19.1xWorldpay Group plc $6,801 (13%) 23.0xWirecard AG $5,969 8% 24.4xSquare, Inc. $5,145 69% NMGMO Payment Gateway, Inc. $2,026 13% 78.9xEVERTEC, Inc. $1,271 44% 10.3xSafeCharge International Group Limited $431 (14%) 15.2xCardConnect Corp. $409 NA NMPlanet Payment, Inc. $233 60% 26.7xJetPay Corporation $49 8% NM


Money Transfer Market Cap.LTM Price


The Western Union Company $9,505 17% 11.9xEuronet Worldwide, Inc. $4,190 28% 20.1x


Closed Loop Market Cap.LTM Price


FleetCor Technologies, Inc. $15,512 49% 24.6xAlliance Data Systems Corporation $13,113 26% 13.4xEdenred SA $5,107 39% 23.3xWEX Inc. $5,097 105% 26.1x


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LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics MARKET SUMMARY

($MM)

Exchanges - Americas Market Cap.LTM Price

Performance P/E 20160CME Group Inc. $40,376 33% 26.5xIntercontinental Exchange, Inc. $34,321 24% 21.0xNasdaq, Inc. $11,526 16% 19.0xBM&FBOVESPA S.A. $10,792 135% 18.7xCBOE Holdings, Inc. $6,313 25% 32.5xBATS Global Markets, Inc. $3,349 NA 24.5xTMX Group Limited $2,946 107% 16.2xBolsa Mexicana de Valores, S.A.B. de C.V. $849 22% 18.4x


Exchanges - Asia Market Cap.LTM Price

Performance P/E 20160Hong Kong Exchanges and Clearing Limite $30,858 20% 39.6xASX Limited $7,568 40% 24.4xSingapore Exchange Limited $5,738 10% 24.5xBursa Malaysia Berhad $1,056 (3%) 24.4x


Exchanges - Europe Market Cap.LTM Price

Performance P/E 20160Deutsche Börse Aktiengesellschaft $16,090 9% 18.9xLondon Stock Exchange Group plc $13,434 24% 26.3xBolsas y Mercados Españoles $2,566 7% 15.5xJSE Limited $1,005 41% 14.3xGPW $495 37% 16.2xHellenic Exchanges - Athens Stock Exch. $295 12% 64.6x


Trading Platforms Market Cap.LTM Price


MarketAxess Holdings Inc. $7,021 76% 73.7xBGC Partners, Inc. $3,161 34% 15.3xKCG Holdings, Inc. $989 43% 19.7xVirtu Financial, Inc. $734 (8%) 13.5xINTL FCStone Inc. $697 50% 12.8xInvestment Technology Group, Inc. $657 17% 22.4x


($MM)

Investment Services, Software, & Technology Market Cap.

LTM Price Performance P/E 2016

Broadridge Financial Solutions, Inc. $7,962 26% 24.3xSEI Investments Co. $7,891 47% 24.8xSS&C Technologies Holdings, Inc. $6,655 19% 20.3xDST Systems, Inc. $3,741 16% 20.6xFinancial Engines, Inc. $2,445 58% 34.7xEnvestnet, Inc. $1,647 86% 39.5x


Financial Data, Content, & Analytics Market Cap.LTM Price


S&P Global, Inc. $32,633 54% 23.9xThomson Reuters Corporation $32,431 28% 21.4xMoody's Corporation $20,650 38% 22.9xIHS Markit Ltd. $15,946 NA 22.5xVerisk Analytics, Inc. $14,153 27% 27.4xMSCI Inc. $8,328 40% 30.9xFactSet Research Systems Inc. $7,040 30% 26.2xThe Dun & Bradstreet Corporation $3,706 13% 13.7xMorningstar, Inc. $3,344 3% 27.1xBankrate, Inc. $1,005 (2%) 17.8x


Online Broker Dealers Market Cap.LTM Price


The Charles Schwab Corporation $52,947 80% 30.6xTD Ameritrade Holding Corporation $22,348 65% 27.7xE*TRADE Financial Corporation $9,740 76% 19.4xInteractive Brokers Group, Inc. $2,598 26% 29.0xGAIN Capital Holdings, Inc. $398 21% 14.7xFXCM Inc. $16 (71%) NA


Notes: Source: CapitalIQ and Wall Street Research. Market data as of February 10, 2017.

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SECTION II: Payments / Banking

11

Public Company Valuations: Financial Metrics PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 1) Revenue growth rates are estimates excluding TransFirst acquisition. 2) 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

2/10/17 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ

NetworksVisa Inc. $85.90 $69.12 $86.82 $199,350 $6,930 $213,036 13.3x 11.8x 19.4x 16.8x 29.3x 25.2x 17.1% 1.7 13.6% 25.1%Mastercard Incorporated 107.27 83.31 111.07 115,712 (3,155) 112,585 10.4x 9.6x 18.1x 16.3x 28.5x 25.2x 15.0% 1.9 11.5% 9.5%American Express Company 78.48 51.64 78.69 71,829 28,000 101,429 3.4x 3.1x NM NM 13.1x 13.9x 8.8% 1.5 (2.4%) (5.4%)PayPal Holdings, Inc. 40.58 33.81 44.52 49,004 (9,816) 39,188 3.6x 3.1x 14.3x 12.4x 27.2x 23.5x 17.0% 1.6 17.2% NMDiscover Financial Services 68.82 43.48 74.33 26,771 11,677 39,023 4.5x 4.0x NM NM 12.1x 11.3x 8.4% 1.4 (0.6%) 27.3%

Mean 7.1x 6.3x 17.3x 15.2x 22.0x 19.8x 13.2% 1.6 7.9% 14.1% Median 4.5x 4.0x 18.1x 16.3x 27.2x 23.5x 15.0% 1.6 11.5% 17.3%

Merchant ProcessingCielo S.A. $8.87 $7.67 $12.13 $20,044 $2,510 $23,679 6.3x 5.6x 13.8x 12.2x 15.9x 14.0x 11.9% 1.3 34.6% 24.3%First Data Corporation 15.82 8.82 16.11 14,412 18,416 35,836 3.1x 3.0x 12.4x 11.9x 12.3x 10.6x 18.1% 0.7 1.7% 46.1%Vantiv, Inc. 63.25 45.65 64.48 12,408 3,116 15,815 4.4x 7.5x 17.5x 15.7x 23.5x 19.8x 14.5% 1.6 112.8% 12.1%Global Payments Inc. 78.47 54.86 80.88 11,948 3,970 16,064 5.5x 4.7x 17.9x 14.5x 24.4x 20.3x 12.3% 2.0 19.8% 30.4%Total System Services, Inc. 53.59 38.73 56.54 9,851 2,939 12,814 3.1x 2.7x 12.3x 11.2x 19.1x 17.2x 11.3% 1.7 6.8% 9.3%Worldpay Group plc 3.40 3.10 4.01 6,801 1,815 8,616 6.2x 5.5x 15.0x 13.2x 23.0x 20.4x 25.1% 0.9 15.3% (2.0%)Wirecard AG 48.31 31.28 50.22 5,969 (888) 5,082 4.7x 3.6x 15.7x 12.1x 24.4x 21.1x 27.9% 0.9 24.5% 33.8%Square, Inc. 14.61 8.42 15.91 5,145 (514) 4,630 2.7x 2.3x NM 46.6x NM NM 20.0% NM 34.3% 32.2%GMO Payment Gateway, Inc. 55.03 33.65 71.37 2,026 (259) 1,776 15.1x 9.8x 44.8x 31.3x 78.9x 66.4x 24.4% 3.2 44.2% 63.8%EVERTEC, Inc. 17.15 11.27 18.60 1,271 602 1,876 4.9x 4.8x 10.1x 10.2x 10.3x 10.3x 10.5% 1.0 3.0% 1.6%SafeCharge International Group Limited 2.91 2.29 3.40 431 (128) 303 2.8x 2.5x 8.8x 7.6x 15.2x 12.8x NM NM 6.5% 5.5%CardConnect Corp. 13.65 8.70 14.55 409 123 569 1.0x 0.8x 15.0x 12.0x NM 86.7x NM NM 29.3% 37.3%Planet Payment, Inc. 4.34 2.51 4.97 233 3 235 4.2x 3.8x 16.1x 13.7x 26.7x 21.7x 22.5% 1.2 6.7% 7.9%JetPay Corporation 2.75 1.89 3.25 49 19 151 2.7x 2.3x 73.8x 49.4x NM NM NM NM 28.7% 47.6%


Money TransferThe Western Union Company $19.74 $17.06 $22.70 $9,505 $1,909 $11,413 2.1x 2.1x 8.5x 8.8x 11.9x 11.8x 7.3% 1.6 (1.1%) (0.6%)Euronet Worldwide, Inc. 80.25 62.68 84.81 4,190 (124) 4,066 2.1x 1.9x 11.7x 10.1x 20.1x 17.6x 14.7% 1.4 10.5% 10.5%


Closed LoopFleetCor Technologies, Inc. $168.91 $112.63 $176.42 $15,512 $3,383 $18,895 10.3x 8.5x 20.1x 16.1x 24.6x 20.5x 16.0% 1.5 7.6% 19.6%Alliance Data Systems Corporation 227.03 181.33 241.69 13,113 19,090 32,203 4.5x 4.2x 15.4x 15.3x 13.4x 12.3x 14.3% 0.9 10.8% 4.5%Edenred SA 22.06 14.50 23.88 5,107 1,270 6,448 5.4x 4.7x 14.7x 12.7x 23.3x 20.4x 10.8% 2.2 10.5% (2.1%)WEX Inc. 119.28 58.74 119.85 5,097 2,014 7,120 7.1x 5.9x 19.3x 14.4x 26.1x 22.1x 15.0% 1.7 17.9% 36.8%


PrepaidBlackhawk Network Holdings, Inc. $37.95 $28.88 $39.30 $2,102 $276 $2,382 1.2x 1.1x 11.5x 9.4x 24.4x 20.1x 15.3% 1.6 8.0% 2.5%Green Dot Corporation 26.64 17.72 28.99 1,337 34 1,371 1.9x 1.8x 8.8x 7.7x 18.7x 15.3x 15.0% 1.2 2.2% 5.6%Net 1 UEPS Technologies, Inc. 12.79 8.37 13.20 672 (176) 500 0.8x 0.8x 3.2x 3.0x 7.0x 7.6 15.0% 0.5 (4.4%) 0.8%


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12

Public Company Valuations: Financial Metrics (Cont.) PAYMENTS / BANKING




ATM / KiosksCardtronics plc $45.49 $28.79 $56.00 $2,062 $429 $2,491 2.0x 1.7x 7.8x 7.5x 14.0x 15.6x 14.3% 1.0 5.4% 2.1%TIO Networks Corp. 2.39 1.22 2.52 208 (42) 167 2.4x 2.0x 16.2x 11.6x 28.7x 27.5x NM NM 68.3% 54.8%Everi Holdings Inc. 3.12 1.13 3.60 206 1,024 1,230 1.4x 1.4x 6.3x 6.0x 4.5x 3.9x 20.0% 0.2 3.2% 6.4%


POS Hardware / TechnologyNCR Corporation $45.54 $19.24 $46.95 $5,674 $2,553 $9,549 1.5x 1.4x 8.8x 8.4x 15.2x 13.8x 10.0% 1.5 2.7% 7.3%Ingenico Group - GCS 82.98 72.64 118.03 5,080 241 5,327 2.2x 2.0x 11.0x 10.0x 18.9x 17.1x 10.0% 1.9 1.3% 6.8%VeriFone Systems, Inc. 19.44 14.94 29.73 2,169 778 2,986 1.5x 1.5x 9.3x 9.5x 13.9x 13.2x 14.2% 1.0 (4.2%) (9.7%)PAR Technology Corporation 6.51 4.30 7.18 103 3 105 NA NA NA NA NA NA NM NA NA 5.9%

Mean 1.7x 1.7x 9.7x 9.3x 16.0x 14.7x 11.4% 1.5 (0.1%) 2.6% Median 1.5x 1.5x 9.3x 9.5x 15.2x 13.8x 10.0% 1.5 1.3% 6.4%

Banking and Lending TechnologyIntuit Inc. $117.53 $91.50 $120.55 $30,166 $495 $30,661 6.3x 5.8x 16.6x 14.8x 30.8x 25.7x 16.1% 1.9 8.6% 9.1%Fidelity National Information Services, Inc 80.46 56.83 81.67 26,409 9,795 36,308 3.9x 3.8x 12.4x 11.8x 21.0x 18.9x 12.0% 1.8 1.1% 30.4%Fiserv, Inc. 109.07 92.41 111.51 23,674 4,262 27,936 5.1x 4.8x 14.5x 13.7x 24.5x 21.4x 11.6% 2.1 4.8% 4.6%Jack Henry & Associates, Inc. 90.60 77.05 91.48 7,033 (14) 7,019 5.0x 4.8x 13.8x 13.6x 29.7x 28.2x 11.0% 2.7 7.4% 4.7%Temenos Group AG 73.48 40.50 74.33 4,802 273 5,075 8.1x 7.4x 21.5x 19.1x 35.6x 31.2x 17.7% 2.0 16.2% 10.8%Ellie Mae, Inc. 98.29 65.67 109.99 3,311 (423) 2,888 8.0x 6.6x 25.6x 19.9x 45.6x 49.6x 25.0% 1.8 41.9% 48.3%Black Knight Financial Services, Inc. 38.50 25.73 42.19 2,660 1,436 5,160 5.0x 4.8x 11.1x 10.0x 33.6x 28.8x 13.4% 2.5 10.2% 10.0%LendingClub Corporation 6.68 3.44 9.91 2,634 (521) 2,113 4.3x 3.6x NM 34.7x NM 97.6x 2.0% NM 13.3% (1.5%)ACI Worldwide, Inc. 19.85 15.07 22.00 2,328 701 3,029 3.1x 3.0x 13.1x 12.0x 46.8x 40.6x 12.5% 3.7 (6.6%) (9.1%)DH Corporation 17.86 10.75 30.76 1,909 1,445 3,354 2.7x 2.5x 10.0x 9.0x 11.8x 10.5x NM NM 14.9% 2.7%Q2 Holdings, Inc. 32.10 18.23 33.30 1,288 (92) 1,196 8.0x 6.2x NM NM NM NM 32.0% NM 37.1% 36.7%Bottomline Technologies (de), Inc. 26.32 18.48 31.52 995 61 1,057 3.1x 2.9x 13.7x 13.9x 25.4x 27.0x 17.3% 1.5 2.4% 0.8%On Deck Capital, Inc. 5.68 3.64 8.94 406 579 989 3.4x 2.6x NM NM NM NM 43.3% NM 13.9% (20.4%)Performant Financial Corporation 1.63 1.51 4.07 82 15 97 0.7x 0.8x 4.3x 16.2x 20.4 NM 20.0% 1.0 (14.0%) (19.0%)


Information Processors / Credit BureausExperian plc $19.56 $13.47 $20.23 $18,202 $3,161 $21,377 4.6x 4.5x 13.4x 12.9x 21.7x 20.8x 10.0% 2.2 (0.5%) 2.6%Equifax Inc. 130.56 95.30 136.97 15,654 2,543 18,256 5.8x 5.4x 16.3x 14.6x 23.9x 21.6x 11.3% 2.1 18.1% 20.2%Fair Isaac Corporation 126.81 91.78 132.95 3,939 533 4,471 5.0x 4.8x 21.3x 18.1x 26.1x 24.4x 15.7% 1.7 6.1% 9.8%Acxiom Corporation 28.46 19.11 30.40 2,215 99 2,314 2.6x 2.5x 15.0x 12.9x 43.3x 37.4x 18.0% 2.4 5.9% 1.0%Intersections Inc. 3.82 1.70 4.23 91 3 94 NA NA NA NA NA NA NM NA NA (12.0%)


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

13

Selected Recent Acquisitions – Trailing 12 Months 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 $190 3.0x

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

2/6/17 Klarna AB Billpay GmbH Ecommerce Payments NA NA

2/1/17 i3 Verticals, LLC Randall 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 $167 NA

1/27/17 Ebates, Inc. Cartera Commerce Inc. Loyalty / Rewards NA NA

1/26/17 Alipay (UK) Limited MoneyGram International, Inc. Money Transfer $1,526 1.0x

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, LLC Payment 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

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

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

14

Selected Recent Acquisitions – Trailing 12 Months (Cont.) PAYMENTS / BANKING



1/13/17 Advent International Corporation; Bain Capital Ltd

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 Services ANARAQ 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 AG PayByPhone 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 $37 1.6x

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 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


15




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 $54 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

10/18/16 Lendingkart 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

10/4/16 Gresham 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


16




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

9/6/16 Vista Equity Partners; 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 $559 NA

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

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

7/21/16 MasterCard Incorporated (nka:Mastercard Incorporated)

VocaLink Holdings Limited Mobile Payments $1,225 5.1x

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

6/17/16 Intercontinental Exchange, Inc. MERSCORP Holdings, Inc. Mortgage Registration NA NA

6/17/16 Net 1 UEPS Technologies, Inc. Masterpayment AG Merchant Processing NA NA

6/16/16 GTCR, LLC Optimal Blue LLC Mortgage Software NA NA

6/16/16 Cast & Crew Payroll, LLC Talent Acquisitions, LLC Payroll Software NA NA

6/7/16 Francisco Partners Capsilon Mortgage Software NA NA

6/2/16 Chequers Capital FIME SAS MPOS $9 0.2x

5/19/16 Ingenico Group - GCS Nera Payment Solutions Pte Ltd. POS $64 NA


17





5/18/16 Fitbit, Inc. Coin, Inc., Wearable Payments Assets Wearables / IOT NA NA

5/9/16 Upserve, Inc. Breadcrumb POS NA NA

5/2/16 Mercury UK Holdco Limited Setefi S.p.A. and Intesa Sanpaolo Card D.O.O.

Issuer Processing $1,192 NA

4/28/16 Emerchants Limited (nka:EML Payments Limited)

Store Financial Services, LLC Prepaid $34 NA

4/28/16 Wizink Bank Sa Barclaycard, Consumer Payments Business in Portugal and Spain

Credit Cards NA NA

4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA

4/26/16 Ingenico Group - GCS Lyudia Inc. VAR $9 30.3x

4/19/16 Battery Ventures Goldleaf Enterprise Payments (GEPI), Inc.

Check Processing NA NA

4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA

4/18/16 Experian Information Solutions, Inc. CSIdentity Corporation Fraud Detection $360 NA

4/18/16 SuperCom Ltd. Powa Technologies Limited POS NA NA

4/7/16 RetailMeNot, Inc. GiftCardZen, Inc. Gift Cards $33 NA

4/6/16 Global Payments Inc. Web Active Corporation Pty Ltd. eCommerce Payments $50 NA

4/4/16 Net 1 UEPS Technologies, Inc. Masterpayment AG eCommerce Payments NA NA

4/1/16 Flipkart Online Services Pvt. Ltd. PhonePe Internet Private Limited Mobile Payments NA NA

3/21/16 Asure Software, Inc. Mangrove Software, Inc. HR / Payroll Software $18 NA

3/15/16 FEXCO Holdings Ltd Currency Exchange Corporation Ltd. Online Banking NA NA

3/15/16 Payoneer Inc. Armor Payments, Inc. B2B Payments NA NA

3/14/16 Square, Inc. Framed Data Data / Analytics NA NA

3/7/16 Banco Bilbao Vizcaya Argentaria, S.A. Holvi Payment Services Oy Online Banking NA NA

18

Selected Recent Equity Financings – Trailing 12 Months PAYMENTS / BANKING

($MM)Announced Target

Date Target Series Amount Investors Subsector

2/13/17 CrediFi Corp Series B $13 31Ventures, Battery Ventures, Carmel Ventures, Liberty Israel Venture Fund, OurCrowd, Stax

Data / Analytics

2/9/17 Better Mortgage Inc. Series B $15 Goldman 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 $20 General Catalyst Partners, JAL Ventures, Oryzn Capital, Square Peg Capital, Titanium Investments

eCommerce

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

Real Estate Tech

1/30/17 Earnix NA $14 Jerusalem 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 $82 Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union Square Ventures

Online Lending

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

Lead Gen

1/11/17 iZettle AB NA $60 American 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 $22 Felices 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 $24 American Express Ventures, BlueCross BlueShield Venture Partners, Relay Ventures, Verizon Ventures

Fraud Protection

Notes: Source: CapitalIQ and Pitchbook.

19

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



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 $80 Digital Sky Technologies, Founders Fund, QED Investors, Sequoia Capital, Tiger Global Management

Online Banking

12/5/16 MoneyLion Inc. Series A $11 Citizen 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 $15 China 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


20




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

Crowdfunding

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

Digital Currency

10/25/16 Lendio Inc. Series D $20 Blumberg 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 $21 Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank Financial Group

Identity / Authentication

10/13/16 TouchBistro Series B $13 BDC 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 $11 Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank

Accounting Software

10/4/16 Iwoca Ltd. Series C $27 Prime 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 $88 Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment Management LLC, Kuwait Investment Authority

Quote-To-Cash


21




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 $310 Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe Capital Management

Online Lending

9/22/16 Avalara Inc. Series D $96 Sageview 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 $25 Experian, 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 $12 Contour 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 $14 Benchmark, 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 $27 Mission 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 $48 Bronze 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


22




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 $17 e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar Ventures

Open Banking Platform

7/20/16 Omise Series B $18 500 Startups, Ascend Money, Golden Gate Ventures, SBI Investment, Sinar Mas Digital Ventures

Gateway

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

Online Lending

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 $35 Aspada, IFMR Investments, IIFL Private Wealth Management, Khosla Impact, Omidyar Network, Quona Capital

Online Lending

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

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

Mobile Commerce

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

Online Lending

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

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

Money Transfer

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


23




6/21/16 Number26 GmbH Series B $40 Battery Ventures, Earlybird Venture Capital, Horizons Ventures, Redalpine Venture Partners, Valar Ventures

Mobile Banking

6/19/16 Plaid Technologies Series B $44 NEA, Goldman Sachs Bank APIs

6/16/16 Fenqile Series D $235 CoBuilder Partners, Huasheng Capital Online Lending

6/15/16 Payoff, Inc. Series C $47 Tencent Holdings Online Lending

6/15/16 PromisePay Series A $14 Carsales.com, Cultivation Capital, Rampersand, Reinventure Group

eCommerce Payments

6/13/16 FlexShopper PIPE $22 Middlemarch Partners Online Lending

6/12/16 Tapp Commerce Series A $9 AMMA Private Equity Mobile Payments

6/12/16 Better Mortgage Series A $30 1/0 Capital, IA Ventures, KCK Group, Pine Brook, Goldman Sachs Mortgage Software

6/10/16 Ascend Consumer Finance Series A $11 Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA Ventures, Partech Ventures, Securian, Tekton Ventures

Online Lending

6/6/16 zipMoney PIPE $15 Undisclosed Online Lending

6/2/16 Vyze Series B $13 Austin Ventures, StarVest Partners Online Lending

6/2/16 Digit Series B $23 Baseline Ventures, Financial Solutions Lab, Freestyle Capital, General Catalyst, GV, Operative Capital, Ribbit Capital

Personal Financial Management

6/1/16 Zibby Series B $13 Blumberg Capital, Tribeca Venture Partners, Victory Park Capital Online Lending

5/25/16 TransferWise NA $26 Baillie Gifford & Co. Money Transfer

5/25/16 Dashlane, Inc. Series C $23 Bessemer, FirstMark, Rho, TransUnion Digital Wallet

5/19/16 Tally Technologies Series A $15 Accelerate-IT Ventures, Cowboy Ventures, David Michaels, Shasta Ventures, SVB

Credit Cards

5/12/16 Capital Float Series B $25 Aspada Investment, Creation Investments Capital Management, SAIF Partners, Sequoia Capital

Online Lending

5/11/16 Wincor Nixdorf's Cashless PaymentsBusiness

NA $23 HPE Growth Capital Merchant Processing

5/11/16 Orderbird Series C $23 ConCardis, Digital+ Partners, Metro (Germany) POS

5/10/16 BigCommerce Series E $30 American Express, General Catalyst Partners, GGV Capital, Revolution Growth, SoftBank Capital, Split Rock Partners

eCommerce


24





5/9/16 Bridge2 Solutions NA $35 Updata Partners Loyalty / Rewards

5/5/16 Azimo NA $15 Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, Rakuten

Money Transfer

5/4/16 View the Space Series C $55 Insight Venture Partners, OpenView Venture Partners, Trinity Ventures

Real Estate Tech

5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software

5/3/16 Zooz Series C $24 Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium

Payment Optimization

5/2/16 Varo Money NA $27 Warburg Pincus Online Banking

4/27/16 Nubank NA $53 Goldman Sachs Credit Cards

4/26/16 Lendix, SA Series B $14 CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore Asset Management, Weber Investissements

Online Lending

4/21/16 Kueski Series A $10 Angel Ventures, Auria Capital, Core Ventures, CrunchFund, Richmond Global, Rise Capital, VARIV, Victory Park Capital

Online Lending

4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection

4/17/16 Transactis, Inc. Series E $30 Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, Wells Fargo

Bill Pay

4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending

4/12/16 Remitly, Inc. Series C $39 Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes Group, Trilogy Equity, Vulcan Capital

Money Transfer

4/12/16 Affirm, Inc. Series D $100 Andreessen Horowitz, Founders Fund, Jeffries, Khosla, Lightspeed Venture Partners, Spark Captial

Online Lending

4/11/16 Viva Republica Series A $23 Altos Ventures, Goodwater Capital, KTB Network Money Transfer

4/6/16 Finanzcheck.de Series C $37 Acton Capital Partners, HarbourVest, Highland Capital Marketplace Lending

4/1/16 MobiKwik Series C $50 GMO Venture Partners, MediaTek, Sequoia Capital, Tree Line Asia Mobile Wallet

3/31/16 Blispay NA $13 Accomplice, AngelList, FirstMark Capital, Founder Collective, NEA Online Lending

3/24/16 Kreditech Series C $11 International Finance Corporation Credit Scoring

3/23/16 Gusto (ZenPayroll) Series B $17 GV, General Catalyst, Obvious Ventures HR / Payroll Software

25





3/23/16 GoCardless Ltd. Series C $13 Accel, Balderton Capital, Notion Capital, Passion Capital Direct Debit

3/17/16 Splitit 30% Stake $15 Aurum Online Lending

3/17/16 Momo App Series B $28 Goldman Sachs, Standard Chartered Private Equity Mobile Payments

3/14/16 LendInvest Limited Series B $25 Atomico Online Lending

3/13/16 Future Finance NA $27 1/0 Capital, Blackstone, Colchis, DW Partners, Fenway Summer Ventures, Invus Financial, KCK, QED, Ridge Road

Online Lending

3/11/16 EZBOB Series C $29 Leumi Partners, Oaktree Online Lending

3/10/16 Justworks, Inc. Series C $33 Bain Capital, Index Ventures, Redpoint Ventures, Thrive Capital HR Software

3/7/16 Property Partner Series B $18 Dawn Capital, Index Ventures, Octopus Investment Crowdfunding

3/3/16 iAngels Series B $14 Thorney Investment Group Crowdfunding

3/2/16 OurCrowd Ltd. NA $10 United Overseas Bank Limited Crowdfunding

2/18/16 Aria Systems, Inc. Series E $50 Bain Capital, Hercules Technology, Hummer Winblad, InterWest, Madison Bay, Rembrandt, Venrock, Vmware

Billing Software

2/16/16 UniRush, LLC NA $20 Main Street Capital Prepaid

26

SECTION III: Securities / Capital Markets / Data & Analytics

27

(1)

Public Company Valuations: Financial Metrics SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS




Exchanges - AmericasCME Group Inc. $118.98 $89.00 $124.01 $40,376 $279 $40,655 11.3x 10.8x 16.3x 15.1x 26.5x 24.6x 11.1% 2.4 8.1% 12.2%Intercontinental Exchange, Inc. 57.65 45.44 60.54 34,321 5,934 40,328 9.0x 8.7x 14.4x 13.7x 21.0x 19.2x 13.6% 1.5 (3.9%) 30.1%Nasdaq, Inc. 69.77 60.08 71.92 11,526 2,955 14,481 3.9x 5.9x 12.7x 11.6x 19.0x 16.5x 9.5% 2.0 77.3% 12.5%BM&FBOVESPA S.A. 6.04 3.21 6.67 10,792 (261) 10,534 14.8x 12.2x 22.2x 18.7x 18.7x 16.2x 27.6% 0.7 27.4% 2.0%CBOE Holdings, Inc. 77.67 61.22 80.10 6,313 (97) 6,229 9.7x 8.5x 17.6x 16.6x 32.5x 29.8x 13.3% 2.4 1.7% 4.7%BATS Global Markets, Inc. 34.82 22.40 35.53 3,349 435 3,784 8.6x 8.3x 13.4x 13.0x 24.5x 21.0x 6.5% 3.8 14.3% 1.5%TMX Group Limited 53.54 27.54 58.36 2,946 534 3,480 6.3x 6.0x 12.5x 11.4x 16.2x 14.9x NM NM (0.1%) 6.9%Bolsa Mexicana de Valores, S.A.B. de C.V. 1.43 1.11 1.75 849 (85) 777 5.7x 5.3x 10.7x 9.9x 18.4x 16.7x 12.5% 1.5 (9.4%) (5.6%)


Exchanges - AsiaHong Kong Exchanges and Clearing Limited $25.23 $20.77 $27.48 $30,858 ($23,869) $7,006 4.8x 4.2x 6.9x 6.0x 39.6x 33.7x 0.1% 355.3 (12.2%) (13.8%)ASX Limited 39.13 30.05 40.28 7,568 (680) 6,888 12.6x 11.3x 16.4x 14.7x 24.4x 22.2x 5.1% 4.8 (16.2%) (0.2%)Singapore Exchange Limited 5.36 4.75 5.67 5,738 (459) 5,279 9.6x 9.1x 17.1x 15.2x 24.5x 21.9x 1.5% 16.3 (6.0%) 0.6%Bursa Malaysia Berhad 1.97 1.87 2.12 1,056 (104) 956 8.6x 8.0x 14.8x 14.0x 24.4x 22.8x NM NM (6.5%) (12.8%)

Mean 8.9x 8.1x 13.8x 12.5x 28.2x 25.2x 2.2% 125.5 (10.2%) (6.5%) Median 9.1x 8.5x 15.6x 14.3x 24.5x 22.5x 1.5% 16.3 (9.3%) (6.5%)

Exchanges - EuropeDeutsche Börse Aktiengesellschaft $86.17 $70.33 $88.97 $16,090 $1,316 $17,558 7.0x 6.6x 12.4x 11.5x 18.9x 17.0x 9.8% 1.9 (16.7%) 1.9%London Stock Exchange Group plc 38.39 27.04 42.39 13,434 (1,265) 12,801 6.6x 6.0x 13.7x 12.0x 26.3x 21.7x 14.5% 1.8 (7.8%) (5.9%)Bolsas y Mercados Españoles 30.82 22.03 33.11 2,566 (355) 2,211 6.5x 6.5x 9.8x 9.8x 15.5x 15.7x NM NM (9.8%) (9.3%)JSE Limited 11.75 9.67 14.03 1,005 (119) 886 4.9x 4.4x 10.0x 9.0x 14.3x 12.9x NM NM 28.1% (3.7%)GPW 11.80 7.66 12.07 495 (46) 449 6.0x 5.9x 10.4x 9.8x 16.2x 15.4x NM NM (10.6%) (6.9%)Hellenic Exchanges - Athens Stock Exch. 4.84 4.03 5.91 295 (119) 176 6.1x 4.5x 18.6x 9.5x 64.6x 23.7x 10.6% 6.1 (18.6%) 26.4%

Mean 6.2x 5.7x 12.5x 10.3x 26.0x 17.7x 11.6% 3.3 (5.9%) 0.4% Median 6.3x 5.9x 11.4x 9.8x 17.6x 16.4x 10.6% 1.9 (10.2%) (4.8%)


28

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.




Investment Services, Software, & TechnologyBroadridge Financial Solutions, Inc. $67.32 $53.58 $71.74 $7,962 $970 $8,933 2.6x 2.1x 13.1x 11.3x 24.3x 20.5x NM NM (11.6%) 39.7%SEI Investments Co. 49.62 34.51 52.54 7,891 (696) 7,195 5.1x 4.8x 13.7x 13.8x 24.8x 22.2x 13.5% 1.8 5.0% 10.0%SS&C Technologies Holdings, Inc. 32.81 23.62 34.19 6,655 2,388 9,043 6.0x 5.4x 14.9x 13.0x 20.3x 17.2x 15.0% 1.4 16.5% 36.5%DST Systems, Inc. 116.91 94.52 128.66 3,741 313 4,054 2.6x 2.7x 10.8x 10.3x 20.6x 19.1x 10.0% 2.1 12.3% (44.9%)Financial Engines, Inc. 39.50 23.22 39.99 2,445 (119) 2,327 5.5x 4.8x 17.4x 14.9x 34.7x 29.9x 25.0% 1.4 36.3% 42.6%Envestnet, Inc. 38.25 19.44 41.47 1,647 240 1,887 3.3x 2.8x 18.7x 14.1x 39.5x 28.6x 20.0% 2.0 10.0% 44.3%


Financial Data, Content, & AnalyticsS&P Global, Inc. $126.29 $82.89 $128.49 $32,633 $1,164 $33,797 6.0x 5.9x 13.7x 12.8x 23.9x 21.0x 13.0% 1.8 6.5% 1.7%Thomson Reuters Corporation 44.26 34.43 45.68 32,431 4,833 37,264 3.3x 3.3x 11.8x 11.2x 21.4x 18.9x 8.0% 2.7 (8.5%) (9.1%)Moody's Corporation 108.00 79.26 110.83 20,650 1,360 22,010 6.2x 5.8x 13.7x 12.9x 22.9x 21.3x 10.1% 2.3 2.5% 9.8%IHS Markit Ltd. 39.67 32.78 39.98 15,946 3,263 19,209 5.5x 5.4x 19.6x 13.9x 22.5x 19.3x 14.6% 1.5 6.8% 57.2%Verisk Analytics, Inc. 84.52 66.97 86.00 14,153 2,118 16,271 8.1x 7.7x 16.3x 15.2x 27.4x 25.2x 11.4% 2.4 (3.3%) 5.9%MSCI Inc. 91.22 65.54 94.80 8,328 1,100 9,429 8.2x 7.6x 16.6x 15.0x 30.9x 25.7x 14.3% 2.2 7.0% 7.3%FactSet Research Systems Inc. 177.94 136.70 183.17 7,040 171 7,211 6.3x 5.9x 17.6x 16.7x 26.2x 23.8x 10.7% 2.5 10.6% 6.5%The Dun & Bradstreet Corporation 100.75 89.76 141.57 3,706 1,279 4,985 2.9x 2.8x 10.1x 9.9x 13.7x 14.5x 5.9% 2.3 4.1% 3.6%Morningstar, Inc. 77.67 67.74 89.44 3,344 (205) 3,139 4.0x 3.8x 12.6x 11.6x 27.1x 24.9x 12.0% 2.3 0.3% 0.4%Bankrate, Inc. 11.15 6.59 12.93 1,005 159 1,164 2.6x 2.3x 10.2x 9.4x 17.8x 16.2x 16.0% 1.1 18.8% 29.2%


Online Broker DealersThe Charles Schwab Corporation $39.94 $22.18 $42.61 $52,947 $0 $52,947 7.1x 6.2x NA NA 30.6x 25.2x 20.2% 1.5 18.4% 20.8%TD Ameritrade Holding Corporation 42.34 25.55 47.41 22,348 1,769 24,117 7.3x 6.4x 15.8x 13.1x 27.7x 23.5x 13.8% 2.0 3.9% 5.6%E*TRADE Financial Corporation 35.56 20.31 38.61 9,740 1,403 11,143 5.3x 5.0x NA NA 19.4x 18.4x 13.2% 1.5 13.8% 10.5%Interactive Brokers Group, Inc. 38.22 30.24 41.40 2,598 4,367 6,965 5.2x 4.3x 8.2x 6.6x 29.0x 25.5x 16.0% 1.8 (3.6%) 13.9%GAIN Capital Holdings, Inc. 8.17 4.54 8.59 398 (1,167) (769) NM NM NM NM 14.7x 12.6x NM NM (4.5%) (45.4%)FXCM Inc. 2.90 2.75 17.44 16 349 366 NA NA NA NA NA NA NM NA NA 2.9%


(3)

(3)

(3)

(3)

(3)

(1)

(2)

29

Selected Recent Acquisitions – Trailing 12 Months SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS



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 Strategies Advise Technologies, Ascendant Compliance Management, The

Regulatory Tech NA NA

1/27/17 Linedata Services SA 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

1/18/17 North 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 $20 NA

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

1/4/17 NewSpring 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

12/5/16 Benefit Plans Administrative Services, Inc.

Northeast Retirement Services, Inc. Fund Administration $115 NA

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


30

Selected Recent Acquisitions – Trailing 12 Months (Cont.) SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS



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 NA NA

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

11/14/16 Playtech plc CFH Group A/S Foreign Exchange $62 3.2x

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 $2,792 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 $3,662 1.9x

9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA


31





9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA

9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA

9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA

9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA

9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA

8/25/16 BGC Partners, Inc. Perimeter Markets Inc. Trading Platform NA NA

8/24/16 Yintech Investment Holdings Limited Gold Master (HK) Company Limited Trading Platform $218 6.8x

8/11/16 Aegon UK plc Cofunds Holdings Limited Personal Financial Management $182 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 $725 7.0x

7/18/16 Moody's Singapore Pte. Ltd. Korea Investors Service, Inc. Ratings Agency $97 3.4x

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

6/30/16 Teachers Insurance & Annuity Association of America, Endowment

MYVEST CORP Advisor Software NA NA

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

6/14/16 Broadridge Financial Solutions, Inc. 4Sight Financial Software Limited Financial Software $40 3.3x

6/14/16 Fair Isaac Corporation QuadMetrics Inc. Risk & Analytics $6 NA

5/25/16 Bregal Sagemount Discovery Data Data / Analytics NA NA

5/11/16 Broadridge Financial Solutions, Inc. Dojima LLC (nka:Broadridge Derivatives Clearing)

Clearing / Settlement NA NA

5/5/16 ISEG Limited Startup Stock Exchange Exchanges NA NA

4/27/16 Affirm, Inc. Sweep, Inc. Personal Financial Management NA NA

32





4/14/16 Euclid Opportunities Fund Enso LP Risk Analytics NA NA

4/13/16 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges NA NA

4/11/16 Huatai International Finance I Limited AssetMark, Inc. Wealth Management Software NA NA

4/5/16 Ally Financial Inc. TradeKing Group, Inc. Online Broker $275 NA

3/31/16 Morningstar, Inc. RightPond Broker Software NA NA

3/21/16 Institutional Capital Network, Inc. Credit Suisse Group AG, HedgeFocus Business

Fund Administration NA NA

3/21/16 IHS Inc. (nka:IHS Markit Ltd.) Markit Ltd. Data / Information Services $6,139 5.5x

3/16/16 Markit Ltd. Fitch Solutions, Inc., Credit Default Swap Pricing Service

Risk Analytics NA NA

3/9/16 Nasdaq, Inc. International Securities Exchange Holdings, Inc.

Exchanges $1,100 NA

3/8/16 Equiniti Group plc RiskFactor Solutions Ltd Risk Analytics NA NA

3/7/16 Axioma, Inc. ConceptONE, LLC, Regulatory Reporting And Risk Reporting Units

Risk Analytics NA NA

3/2/16 Tradeweb Markets LLC CodeStreet LLC Broker Dealer Software NA NA

3/1/16 Pico Quantitative Trading, LLC AlgoSpan Limited Data / Trading Platform NA NA

3/1/16 Intercontinental Exchange, Inc. Standard & Poor's Securities Evaluations, Inc. and Credit Market

Data / Analytics NA NA

2/29/16 BI-SAM Technologies S.A. FinAnalytica, Inc. Risk / Analytics NA NA

2/26/16 Singapore Exchange Limited The Baltic Exchange Limited Exchanges $108 NA

2/23/16 Deutsche Börse Aktiengesellschaft London Stock Exchange Group plc Exchanges $14,482 7.2x

33

Selected Recent Equity Financings – Trailing 12 Months SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS




1/31/17 Wealthsimple NA $15 Power Financial Corp. Robo Advisors

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 $18 Andreessen 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 $15 Andreessen 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 $25 Andreessen Horowitz, Bessemer Venture Partners, Khosla Ventures, Point72 Asset Management, Spark Capital

Trading Technology

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

Robo-Advisor

11/14/16 Roofstock Inc. Series B $20 Bain 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 Fargo Trading / 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 $30 JPMorgan 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

34

Selected Recent Equity Financings – Trailing 12 Months (Cont.) SECURITIES / CAPITAL MARKETS / 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

6/19/16 Quoine Series A $20 JAFCO Bitcoin Trading

6/7/16 NexusCrowd NA $16 Downing Street Financial Crowdfunding

5/19/16 Tink Series B $10 ABN AMRO, Creades, Skandinaviska Enskilda Banken, Sunstone Capital

PFM

5/19/16 Personal Capital Corporation Series E $75 IGM Financial Robo-Advisor

5/12/16 EuroCCP NA $16 Euronext Clearing / Settlement

4/25/16 bitFlyer Series C $27 SBI FinTech Fund, Venture Labo Investment Bitcoin Exchange

4/21/16 Acorns Series D $30 e.ventures, Greycroft, PayPal, Rakuten Robo Advisors

4/13/16 Vestmark NA $30 Summit Partners Wealth Management Software

4/5/16 Reonomy Series C $22 Bain Capital, Softbank Data / Analytics

4/1/16 Swanest NA $10 Andreessen Horowitz Robo-Advisor

35

SECTION IV: Insurance / Benefits

36

Public Company Valuations: Financial Metrics INSURANCE / BENEFITS




Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $79.56 $60.06 $81.45 $19,586 $1,200 $20,786 3.9x 2.6x 17.9x 10.1x 20.6x 17.8x 14.6% 1.4 24.3% 3.9%Verisk Analytics, Inc. 84.52 66.97 86.00 14,153 2,118 16,271 8.1x 7.7x 16.3x 15.2x 27.4x 25.2x 11.4% 2.4 (3.3%) 5.9%athenahealth, Inc. 113.88 90.11 143.85 4,500 144 4,644 4.3x 3.6x 19.2x 15.2x 63.4x 45.9x 26.0% 2.4 17.1% 11.9%Guidewire Software, Inc. 54.57 42.71 64.00 4,011 (530) 3,481 7.9x 6.6x 44.6x 32.7x 78.8x 66.2x 17.4% 4.5 12.0% 14.4%Ebix, Inc. 58.10 31.26 63.00 1,883 152 2,036 6.9x 6.4x 18.3x 16.7x 21.1x 20.6x 10.0% 2.1 NA 11.7%Crawford & Company 11.87 4.13 14.37 661 143 804 0.7x 0.7x 6.8x 5.9x 16.8x 14.0x 10.0% 1.7 (3.6%) (5.5%)Polaris Consulting & Services Limited 2.51 2.11 3.25 255 (70) 186 0.6x NA NA NA 10.7x NA NM NM (2.3%) (2.9%)Symbility Solutions Inc. 0.38 0.18 0.43 91 (5) 86 3.4x 2.9 NM 96.5 NM NM NM NM (1.9%) 13.9%

Mean 4.5x 4.4x 20.5x 27.5x 34.1x 31.6x 14.9% 2.4 6.0% 6.7% Median 4.1x 3.6x 18.1x 15.2x 21.1x 22.9x 13.0% 2.3 (1.9%) 8.8%


37

Selected Recent Acquisitions – Trailing 12 Months INSURANCE / BENEFITS




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

1/25/17 PlanSource Benefits Administration, Inc.

Next Generation Enrollment, Inc. Benefits Software NA NA

1/19/17 Inflexion Private Equity Partners LLP; Inflexion Enterprise Fund IV

My 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

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

10/6/16 New Mountain Capital, LLC; New Mountain Capital Partners IV L.P.; Eir

Convey Health Solutions, Inc. Healthcare Insurance Administration NA NA

10/5/16 Shenzhen 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

38

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




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

9/26/16 IRESS Limited Financial Synergy Pty. Limited Insurance Software $69 3.3x

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

6/7/16 Connecture, Inc. ConnectedHealth, LLC Benefits Tech $7 NA

5/2/16 Vista Equity Partners; Bain Capital Private Equity, LP

Vertafore, Inc. Insurance Tech NA NA

4/18/16 Apax Partners LLP Duck Creek Technologies, Inc. Claims Software NA NA

4/5/16 SwervePay, LLC Symbiosis Health Inc. Healthcare Payments NA NA

3/29/16 Guidewire Software, Inc. EagleEye Analytics, Inc. Insurance Analytics $42 NA

3/7/16 Protector Holdings, LLC BetterWay Insurance Services LIC Insurance Tech NA NA

2/17/16 Medical Transcription Billing, Corp. Gulf Coast Billing, Inc. Medical Billing $2 NA

39

Selected Recent Equity Financings – Trailing 12 Months INSURANCE / BENEFITS



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

1/5/17 Namely Inc. Series D $50 Altimeter Capital, Four Rivers Group, Greenspring Associates, Matrix Partners, Scale Venture Partners, Sequoia Capital

HR / Benefits Software

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

Insurance

11/15/16 CareCloud Series C $32 Adams 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 $23 BrownSavano Direct Capital Partners, Oceanic Partners, Stratim Capital LLC, T Capital Management LLC

Insurance Lead Gen

10/19/16 Ladder Financial Inc. Series A $14 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca Partners LLC

Life Insurance

10/4/16 Hixme Inc. Series B $14 Kleiner Perkins Caufield & Byers, Propel Venture Partners, Rosemark Capital Group, Transamerica Ventures Fund

HR 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

6/14/16 League Series A $25 Manulife Financial, OMERS Ventures, Power Financial, Quantum Valley Investments, Real Ventures, RBC

Health Insurance Tech

5/20/16 Clover Health Series C $165 Advanced Finance & Investment Group, AME Cloud, Arena Ventures, Casdin Capital, First Round, Floodgate, Sequoia

Insurance

5/19/16 Shift Technology Series A $10 Accel, Elaia Partners, Iris Capital Management Claims Analytics

5/17/16 Embroker Series A $12 500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca Partners, Vertical Venture Partners, XL Innovate

Insurance

5/10/16 Simplificare Series C $20 83North, American Express, Heritage Group, Social Capital Healthcare Payments / Financing

4/26/16 Trov, Inc. Series C $23 Anthemis Group, Guidewire, Oak, Suncorp Group Insurance

4/14/16 Eligible NA $25 Undisclosed Healthcare Payments

4/6/16 Bright Health Series A $80 Bessemer, Flare Capital, NEA, Waterline Ventures Health Insurance Innovator

3/21/16 Maxwell Health Series C $22 Adams Street, Cambia Health, Catalyst Health, Cendana Capital, GIS, Industry Ventures, Lerer Hippeau, Schooner

HR / Benefits Software


40

SECTION V: GCA Overview

41

Financial Technology Team GCA OVERVIEW

Rob Freiman Director

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

[email protected]

Alexander Berry Associate

Phone: (212) 999-7079 Mobile: (818) 851-2300 [email protected]

David Krueger Vice President

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

[email protected]

Saif Malik*

Vice President

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

[email protected]

Sean Minnihan Managing Director

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

[email protected]

Steve Fletcher Managing Director

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

[email protected]

Paul DiNardo Managing Director

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

[email protected]

Peter Bang Managing Director


Derek Bell Managing Director


Scott Patrick Managing Director


Malik Gill Analyst


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

San Francisco

One Maritime Plaza, 25th Fl. San Francisco, CA 94111

(415) 318-3600

New York

640 Fifth Avenue, 10th Fl. New York, NY 10019

(212) 999-7090

Tokyo

11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230

Japan +81 (3) 6212-7100

Michio Suzuki* Director

Phone: +81 3-6212-7145

Mobile: +81 90-7412-9411 [email protected]

London

1 Southampton St. London WC2R0LR United Kingdom

+44 20 7484 4040

financial technology sector summary - gca advisors · performance p/e 2016. ncr corporation $5,674...

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