fintech sector report - gca advisors...fintech sector report december 2018 2 gca acted as exclusive...

FINTECHSECTOR REPORT

December 2018

2www.gcaglobal.com

GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.

TRANSACTION DETAILS

Closed

January 2019

SECTORS

Financial Technology

Real Estate / Mortgage

Technology

Data Licensing

DEAL TYPE

M&A

Transaction Summary

▪ On January 8th, Lovell Minnick Partners announced that it had completed the acquisition of ATTOM Data Solutions (“ATTOM” or the “Company”)

− Financial terms of the transaction were not

disclosed

▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real estate, mortgage, insurance, marketing and adjacent markets

▪ Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies

▪ GCA acted as exclusive financial advisor to ATTOM in connection with the transaction

Strategic Rationale

▪ ATTOM is a leading, scale platform investment in the real estate data solutions market

− Company’s proprietary data solutions include

property tax, deed, mortgage, foreclosure,

environmental risk, natural hazard and

neighborhood data for 150+ million U.S. residential

and commercial properties, covering 99% of the

nation’s population

− Company serves 225+ data customers with

multiyear contracts

− ATTOM management has generated strong organic

growth and successfully pursued accretive strategic

opportunities, including its acquisition of

neighborhood data provider Onboard Informatics in

early 2018

▪ Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry

CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTN ERS

3

Investment & Wealth Technology

Banking Technology

Real Estate & Mortgage Technology

Blockchain / Crypto

Insurance Technology

Payments / Billing / Money Transfer

BUSINESS MODEL COVERAGE

GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve

virtually all sub-sectors and business models across the FinTech market

BROAD AND DEEP FINTECH PRACTICE

KEY STATS SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC

& FINANCIAL CONTACTS

Online / Alternative Lending

Regulatory Technology

Trading & Capital Markets Technology

SaaS and

Enterprise

Software

Information

Services /

Data &

Analytics

Balance

Sheet

Driven

Transaction

Processing

+400 Bankers globally

19

+350Transactions in the last

three years

Strategic Acquirers

Private Equity / VC

Offices globally

3Continents – America, Asia and Europe

33%+Cross-border transactions

4

Strong sector and product expertise across FinTech and related sub-sectors

GCA FINTECH TEAM

Rob FreimanDirector

FinTech - PaymentsPhone: (212) 999 - 7075Mobile: (973) 229 - 0436 [email protected]

Kegan GreeneDirector

FinTech - InsurTechPhone: (415) 318 - 3686Mobile: (917) 579 - 4838 [email protected]

Paul DiNardoManaging DirectorHead of SoftwarePhone: (212) 999 - 7097Mobile: (650) 483 - [email protected]

Chris GoughManaging Director

Software / FinTech M&APhone: (415) 318 - 3658Mobile: (415) 385 - [email protected]

Selected Recent FinTech Experience

Sale of

Financial Advisor

Real Estate Tech

Financial Advisor

Growth Investment

Banking & Lending Tech

We Advised Skyslope

Majority sale to

Payments

We Advised Radius

Financing from

Acquired by

We Advised WorkMarket

Financial SaaS

To

We Advised RGI Shareholders


Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised Asahi


We Advised BlackFin

Sold


To

Payments

Acquired by

Fairness Opinion to Clearent

Strategic Investment

We Advised ControlExpert

Payments

We Advised Vindicia

Acquired by

Insurance Technology Payments

We Advised CHX

Acquired by

Liquidity Venues Financial SaaS

Acquired by

We Advised FieldEdgeWe Advised Principal

Acquired

Investment Technology

We Advised Risk International

Sold majority stake to


We Advised Bexio

Acquired by


We Advised Liqid’s shareholder HQ Trust

Received an investment from


We Advised QuoteWizard

Acquired by


Sold stake in

We Advised Silver Investment Partners

Acquired

Payments

Preferred Financingfrom

We advised GOQii


Acquired by

We advised Attom

Real Estate Tech

5

Select December Financing Transactions Select December M&A Transactions

Date Company Selected Investors Amount Date Target Buyer Value

12/31/18 $183 12/26/18 $250

12/20/18 $385 12/24/18 $711

12/11/18 $250 12/24/18 $1,900

12/9/18 $80 12/17/18 $481

12/6/18 $100 12/10/18 $257

12/4/18 $1,330 12/6/18 $112

Quarterly Financing Activity ($Bn) Quarterly M&A Activity ($Bn)

Average Deal Size ($MM) Average Deal Size ($MM)

$118 Bn | 736 Deals

LTM M&A Volume

$47 Bn | 1,471 Deals

LTM Financing Volume

$96.9

$4

$9

$5 $7

$8

$19

$10 $10

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18

$23

$13

$32

$17

$46

$28

$26

$17

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18

397

369

377 378

235

216223

397

$12.7$23.3$11.7 $26.5$17.9

192

$147$58.6$95.7 $124$77.1$19.4

155

$240$61.7

212

$182

177

378

$25.5

308

388

222

FINTECH DEAL DASHBOARD

Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 12/31/18.

Both financing and M&A volume in 2018 exceeded 2017 volume: $47Bn in financing volume in ’18 vs. $25Bn in ’17; $118Bn in M&A

volume in ’18 vs. $84Bn in ‘17

6

FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 12/31/18.

Information Services

Combined Market Cap: $33418/17 Rev. Growth: 8% 18 EBITDA Margin: 31%

4

Benefits Administration/Payroll

Combined Market Cap: $11018/17 Rev. Growth: 9%18 EBITDA Margin: 22%

2



5

Financial SaaS


3Banking & Lending Technology


1

7

Liquidity Venues


7Investment Technology


6

Trading Technology


10Real Estate & Mortgage Tech.


9

FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 12/31/18.

Payments


8

8

(25%)

(10%)

5%

20%

35%

50%

65%

Dec-17 Mar-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18

-15.3%

25.1%

10.5%11.3%12.1%

10.0%

-4.4%-2.3%

-5.8%

-13.1%

FINTECH STOCK PRICE PERFORMANCE

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 12/31/18.

Financial SaaS leads the FinTech pack on an LTM basis

6) Investment Technology

10) Trading Technology

1) Banking & Lending Technology

2) Benefits Administration/Payroll

3) Financial SaaS 5) Insurance Technology

4) Information Services

7) Liquidity Venues 8) Payments 9) Real Estate & Mortgage Technology

12.1% 10.0% 25.1% -2.3% 11.3% -15.3% -4.4% 10.5% -5.8% -13.1%

9

0%

5%

10%

15%

20%

25%

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x

0.0x

2.5x

5.0x

7.5x

10.0x

Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18

7.5x

4.0x4.2x

6.9x

3.9x

4.8x

3.5x3.3x

2.5x3.2x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

14A / 15A 15A / 16A 16A / 17A 17A / 18E

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

2015 2016 2017 2018E

FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS outperforms the FinTech market on an EV / ’18E Revenue basis

Notes:Source: CapIq.Market data as of 12/31/18.Lines display median multiples across comp groups for given year.

EV / ‘18E RevenueEV / Revenue

Median 17A/18E Revenue Growth to EV/’18E Revenue MultipleRevenue Growth

3.1x 3.1x

4.4x

3.9x

4.2%

9.5%

15.6%

9.0%

1

2

3

4

56

7

8

9

10


13.0%


8.8%

3) Financial SaaS

21.5%


8.0%

5) Insurance Technology

10.2%


9.1%

7) Liquidity Venues

5.7%

8) Payments

11.6%

9) Real Estate & Mortgage Technology

8.1%


19.0%17

A /

18

E R

ev.

Gro

wth

10

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

Dec-17 Mar-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18

16.2x

13.0x

6.0x

13.5x

14.4x15.3x

14.3x

12.6x

18.0x16.3x

0%

10%

20%

30%

40%

50%

60%

0.0x 6.0x 12.0x 18.0x 24.0x 30.0x

0.0%

15.0%

30.0%

45.0%

60.0%

75.0%

14A / 15A 15A / 16A 16A / 17A 17A / 18E

0.0x

6.0x

12.0x

18.0x

24.0x

30.0x

2015 2016 2017 2018E

FINTECH PUBLIC COMPANY VALUATION (CONT’D)Insurance Technology outperforms the FinTech market on an EV / ‘18E EBITDA basis

Notes:Source: CapIq.Market data as of 12/31/18.Lines display median multiples across comp groups for given year.

EV / ‘18E EBITDAEV / EBITDA

Median 17A/18E EBITDA Growth to EV/’18E EBITDA MultipleEBITDA Growth

11.7x 12.1x

15.7x14.3x

1

2

3

4

56

7

8 9

10

6.4% 9.8%11.9% 11.9%

17

A /

18

E

EBIT

DA

Gro

wth


8.3%


19.3%

3) Financial SaaS

38.0%


7.9%

5) Insurance Technology

15.8%


17.5%

7) Liquidity Venues

6.9%

8) Payments

12.3%

9) Real Estate & Mortgage Technology

10.4%


55.5%

11

15.1x

16.2x

17.7x

20.0x

20.9x

21.4x

23.1x

24.0x

25.6x

25.7x

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

Investment Technology6

Real Estate & Mort. Tech9

Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

FINTECH PUBLIC COMPANY VALUATION (CONT’D)

Notes: Figures represent medians of sub-sectors.Market data as of 12/31/18.Long-term EPS growth covers last 5 years.

20%

18%

14%

15%

10%

12%

17%

15%

14%

26%

1.8

1.9

2.1

2.3

2.4

1.8

1.6

1.3

1.0

0.7

2018 P/E Ratio PEG Ratio Long-Term EPS Growth

Banking & Lending Tech1

Financial SaaS3

Information Services4

Insurance Technology5

Liquidity Venues7

Payments8

Trading Technology10

Benefits Admin/Payroll2

12

SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.

Date

Announced Target Investors Type Amount ($MM) Sub-Sector

12/31/18 Camber Creek Series B $18

12/31/18Alan Howard, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch, Horizons

Ventures, Intercontinental Exchange, M12, Pantera Capital, PayU, Protocol Series A $183

12/29/18 ABC Technology MindWorks Ventures, Qiming Venture Partners, SIG Asia Investments Series B $30

12/27/18 Meritech Capital Partners, Tribe Capital, Undisclosed Investors Series D $80

12/26/18 Bessemer Venture Partners Series B $20

12/26/18 Softbank China Venture Capital, Zhongmi Capital Series C $15

12/21/18 DFJ, Union Square Ventures Series E - II $21

12/20/18 Route 66 Ventures Series B $12

12/20/18 Hong Kong X, Sun Life Financial Series A $30

12/20/18CreditEase, Exponential Ventures, G Squared, Munich Re/HSB Ventures,

SoftBank GroupSeries B $385

12/20/18Andreessen Horowitz, Coatue Management, DST Global, March Capital

Partners, Matrix Partners, Ribbit Capital, Spark CapitalSeries C $125

12/19/18 Softbank Private Equity $500

12/19/18 Dolfin Capital, Undisclosed Investors Series A $120

12/19/18 Creation Investments Capital Management Series A $29

12/19/18 Cyprus Ardalan, Jean-Phillipe Blochet, Maurice Levy Angel $13

12/19/18 Bain & Company, Credo Ventures, DIGITAL+ PARTNERS, Talis Capital Series B - II $29

12/18/18 Upper90 Series A - II $50

12/17/18 Peter Thiel, Founders Fund, Collaborative Fund Seed $16

12/17/18 American Family Ventures, IA Capital Group Series A $8

12/14/18Kalaari Capital, Ramakant Sharma, Stellaris Venture Partners, Unilever

Ventures, VY CapitalSeries B $11

12/14/18Alexa von Tobel, Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Nyca

Partners, Omidyar Network, Thirty Five VenturesSeries A $13 Financial SaaS

Payments


Trading Technology

Financial SaaS


Financial SaaS


Liquidity Venues

Payments


Financial SaaS


Banking & Lending Technology


Financial SaaS


Financial SaaS



Trading Technology

13

12/14/18 Vostok Emerging Finance, Hard Yaka, Practica Capital, Revo Capital, U-Start Series B $18

12/13/18 Odey Asset Management Series A - II $13

12/13/18 Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan Chase & Co. Series A - II $18

12/12/18 Felicis Ventures, Propel Venture Partners, Tiger Global Management Series C $35

12/12/18 Felicis Ventures, Ribbit Capital, Zigg Capital Series B $25

12/11/18Andreessen Horowitz, Goldman Sachs Investment Partners, Index Ventures,

Mary Meeker, New Enterprise Associates, Spark CapitalSeries C $250

12/11/18Tribeca Venture Partners, First Data, Salesforce Ventures, Coffin Capital &

Ventures, ORIX Growth Capital, Square 1 BankSeries E $65

12/10/18 Allianz Series B $11

12/10/18Blake Mycoskie, Blockchange Ventures, BlockTower Capital, Boost VC, Breyer

Capital, Cross Culture Ventures, Galaxy Digital Ventures, Justin Rosenstein, Ken Series A $30

12/10/18 Blamar, Plug and Play Ventures Series A $13

12/10/18 Elevar Equity, Faering Capital Series B $14

12/9/18Altos Ventures, Bessemer Venture Partners, Goodwater Capital, Kleiner

Perkins Caufield & Byers, KTB Network, Novel, PayPal, Qualcomm Ventures, Series D $80

12/6/18 Michael Spencer Angel $52

12/6/18Andreessen Horowitz, Battery Ventures, CreditEase Fintech Investment Fund,

Kohlberg Kravis Roberts & Co., LionTree Partners, Ribbit CapitalUnattributed VC $100

12/5/18 Crowdcube Angel - III $25

12/5/18 Project Verte Amir Chaluts, Jane Gol Angel $50

12/5/18Vitruvian Partners, GV, CapitalG, Allegion Ventures, Citi Ventures, Dimension

Data, EDBI, IVP, Cross Creek Advisors, Andreessen Horowitz and The Goldman Series D $90

12/5/18 FTV Capital Private Equity $63

12/4/18All-Stars Investment, Goldman Sachs, Hedosophia, Hermitage Capital, JP

Morgan, LionRock Capital, Macquarie Group, Primavera Capital Group, Qatar Private Equity - II $1,330

12/4/18 Fidelity Investments, Nasdaq Ventures Series B $28

12/3/18 Undisclosed Unattributed VC $28

Financial SaaS

Payments


Payments


Financial SaaS

Financial SaaS

Real Estate & Mortgage Tech.






Financial SaaS


Liquidity Venues



Payments

Payments


SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)


Date

Announced Target Investors Type Amount ($MM) Sub-Sector

14

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector

12/26/2018 $250 6.8x NA

12/24/2018 $711 5.7x NA

12/24/2018 $1,900 8.0x NA

12/18/2018 NA NA NA

12/18/2018 NA NA NA

12/18/2018 $24 NA NA

12/17/2018 $481 NA NA

12/17/2018 NA NA NA

12/17/2018 NA NA NA

12/12/2018 $245 NA NA

12/10/2018 $257 NA NA

12/6/2018 $112 19.9x NA

12/6/2018 $87 3.5x NA

12/5/2018 NA NA NA

12/5/2018 NA NA NA

Median 6.8x NA


Financial SaaS

Financial SaaS

Payments

Liquidity Venues



Payments

Financial SaaS



Payments




SELECTED RECENT M&A ACTIVITY


15

PUBLIC COMPANY VALUATIONS

Ben

efit

s A

dm

in/P

ayro

llB

anki

ng

& L

en

din

g Te

chn

olo

gy

Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.

($MM, except per share data)Stock EPS Operating Metrics Trading Metrics

Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS

Company 12/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E


Intuit Inc. $196.85 $51,090 $50,183 15% 2.1 18% 7% 23% 1% 38% 7.8x 7.3x 20.6x 20.3x 31.2x 29.6x

Fidelity National Information Services, Inc. $102.55 $33,584 $41,990 13% 1.5 (7%) 2% 3% 6% 37% 5.0x 4.8x 13.3x 12.6x 19.6x 17.8x

Fiserv, Inc. $73.49 $29,284 $33,886 13% 1.8 2% 6% 5% 8% 37% 5.8x 5.5x 15.7x 14.6x 23.5x 20.9x

First Data Corporation $16.91 $15,836 $32,990 12% 1.0 6% 5% 8% 8% 39% 3.8x 3.6x 9.9x 9.2x 11.5x 10.1x

Wolters Kluwer N.V. $59.15 $16,035 $18,333 9% 2.5 (7%) 5% (8%) 7% 27% 3.7x 3.5x 13.6x 12.7x 21.4x 19.5x

Jack Henry & Associates, Inc. $126.52 $9,780 $9,665 11% 2.8 7% 3% 6% (1%) 35% 6.1x 5.9x 17.6x 17.7x 31.9x 33.1x

Temenos AG $119.82 $8,318 $8,756 17% 2.4 15% 13% 20% 16% 37% 10.3x 9.1x 27.6x 23.7x 40.4x 34.7x

Black Knight, Inc. $45.06 $6,732 $8,113 15% 1.7 6% 8% 7% 10% 49% 7.3x 6.7x 15.0x 13.6x 24.5x 22.0x

ACI Worldwide, Inc. $27.67 $3,209 $3,821 13% 2.5 3% 4% 6% 10% 26% 3.6x 3.5x 13.8x 12.5x 33.1x 29.3x

Coupa Software Incorporated $62.86 $3,737 $3,502 NA NM 40% 31% NA NA (2%) 18.7x 14.3x NM NM NM NM

Bottomline Technologies (de), Inc. $48.00 $2,068 $2,091 17% 2.2 13% 8% 17% 8% 24% 5.1x 4.7x 21.1x 19.6x 35.9x 29.9x

Q2 Holdings, Inc. $49.55 $2,149 $2,031 20% NM 24% 27% 88% 26% 8% 8.4x 6.6x NM 83.8x NM NM

Ellie Mae, Inc. $62.83 $2,189 $1,917 14% 2.4 15% 6% 4% 13% 27% 4.0x 3.8x 15.0x 13.3x 33.1x 31.8x

Enova International, Inc. $19.46 $667 $1,457 NA NM 31% 14% 32% 19% 19% 1.3x 1.2x 7.0x 5.8x 7.6x 6.2x

On Deck Capital, Inc. $5.90 $443 $1,184 NA NM 9% 13% NA 62% 6% 3.1x 2.7x 55.8x 34.4x 12.3x 11.8x

LendingClub Corporation $2.63 $1,121 $1,078 NA NM 21% 15% 107% 47% 13% 1.6x 1.3x 11.7x 8.0x 27.8x 14.4x

Elevate Credit, Inc. $4.48 $194 $686 NA NM 18% 11% 31% 23% 14% 0.9x 0.8x 6.0x 4.9x 16.5x 6.6x

GreenSky, Inc. $9.57 $550 $643 19% 0.9 25% 28% NA 21% 42% 1.6x 1.2x 3.7x 3.1x 16.8x 13.1x

Performant Financial Corporation $2.25 $119 $154 NA NM 1% 17% NM NM (6%) 1.2x 1.0x NM NM NM NM

Median 14% 2.1 13% 8% 8% 10% 27% 4.0x 3.8x 14.4x 13.3x 24.0x 20.2x


Automatic Data Processing, Inc. $131.12 $57,395 $58,233 14% 1.9 8% 6% 18% 18% 22% 4.2x 4.0x 19.0x 16.2x 27.2x 23.6x

Paychex, Inc. $65.15 $23,395 $22,693 8% 3.0 7% 15% (1%) 14% 41% 6.6x 5.7x 16.2x 14.2x 25.6x 22.0x

Insperity, Inc. $93.36 $3,903 $3,642 17% 1.5 16% 12% 33% 16% 6% 1.0x 0.8x 15.4x 13.3x 25.2x 21.7x

HealthEquity, Inc. $59.65 $3,721 $3,391 30% 1.8 24% 21% 33% 24% 40% 11.9x 9.8x 30.0x 24.3x 52.8x 43.8x

TriNet Group, Inc. $41.95 $2,955 $3,098 NA NM 9% 7% 19% 4% 39% 3.5x 3.3x 9.1x 8.7x 14.3x 13.0x

Paylocity Holding Corporation $60.21 $3,179 $3,094 24% 1.9 38% 21% 43% 28% 19% 7.5x 6.2x 38.6x 30.2x 46.0x 54.2x

Benefitfocus, Inc. $45.72 $1,461 $1,540 20% NM 9% 12% NM 97% 4% 6.0x 5.3x NM 80.6x NM NM

WageWorks, Inc. $27.16 $1,077 $429 15% 0.8 2% 3% 2% 7% 30% 0.9x 0.8x 2.9x 2.7x 12.5x 11.6x

Castlight Health, Inc. $2.17 $303 $240 23% NM 16% 2% NA NA (9%) 1.6x 1.5x NM NM NM NM

Median 18% 1.9 9% 12% 19% 17% 22% 4.2x 4.0x 16.2x 15.2x 25.6x 22.0x

16

PUBLIC COMPANY VALUATIONS (CONT’D)

Info

rmat

ion

Ser

vice

s


Fin

anci

al S

aaS

Financial SaaS

Intuit Inc. $196.85 $51,090 $50,183 15% 2.1 18% 7% 23% 1% 38% 7.8x 7.3x 20.6x 20.3x 31.2x 29.6x

Workday, Inc. $159.68 $35,130 $34,738 38% 3.4 31% 25% 33% 41% 17% 12.4x 9.9x 73.9x 52.6x 126.0x 99.4x

SS&C Technologies Holdings, Inc. $45.11 $11,237 $17,191 20% 0.8 NM 37% 80% 43% 36% 5.0x 3.6x 13.7x 9.6x 16.0x 12.6x

The Sage Group plc $7.66 $8,321 $9,168 3% 6.1 1% 6% (3%) (4%) 29% 3.9x 3.7x 13.6x 14.2x 18.5x 20.0x

Paycom Software, Inc. $122.45 $7,177 $7,127 27% 1.7 29% 24% 71% 24% 42% 12.7x 10.2x 30.5x 24.6x 46.9x 38.2x

Xero Limited $29.62 $4,139 $4,383 NA NM 29% 32% 423% NM 13% 12.6x 9.5x NM 48.4x NM NM

Coupa Software Incorporated $62.86 $3,737 $3,502 NA NM 40% 31% NA NA (2%) 18.7x 14.3x NM NM NM NM

Paylocity Holding Corporation $60.21 $3,179 $3,094 24% 1.9 38% 21% 43% 28% 19% 7.5x 6.2x 38.6x 30.2x 46.0x 54.2x

Envestnet, Inc. $49.19 $2,249 $2,552 16% 1.6 19% 11% 22% 15% 19% 3.1x 2.8x 16.3x 14.1x 25.7x 22.6x

Q2 Holdings, Inc. $49.55 $2,149 $2,031 20% NM 24% 27% 88% 26% 8% 8.4x 6.6x NM 83.8x NM NM


Blucora, Inc. $26.64 $1,278 $1,450 18% 0.8 10% 8% 17% 15% 21% 2.6x 2.4x 12.3x 10.7x 14.1x 12.2x

Alfa Financial Software Holdings PLC $1.47 $442 $394 NA NM (17%) 5% NM 34% 26% 4.2x 4.0x 16.0x 11.9x 0.2x 0.2x

Median 20% 1.8 21% 21% 38% 26% 19% 7.5x 6.2x 16.3x 22.5x 25.7x 22.6x


RELX PLC $20.60 $40,492 $48,770 7% 2.6 (3%) 5% (3%) 5% 35% 5.1x 4.9x 14.5x 13.8x 19.2x 17.8x

S&P Global Inc. $169.94 $42,638 $44,141 13% 1.6 5% 5% 7% 6% 50% 7.0x 6.6x 14.0x 13.2x 20.0x 18.3x

Thomson Reuters Corporation $48.32 $24,398 $31,216 10% NM NM 8% NM 8% 24% 5.7x 5.3x 24.0x 22.3x NM 40.9x

Moody's Corporation $140.04 $26,833 $30,656 10% 1.8 8% 5% 9% 5% 48% 6.8x 6.4x 14.1x 13.4x 18.6x 17.4x

Experian plc $24.28 $21,804 $25,234 9% 2.5 13% 3% 9% 4% 34% 5.2x 5.0x 15.3x 14.7x 23.5x 22.9x

IHS Markit Ltd. $47.97 $18,908 $24,814 9% 2.2 12% 12% 11% 15% 38% 6.2x 5.5x 16.1x 14.0x 21.1x 18.8x

Verisk Analytics, Inc. $109.04 $17,950 $20,386 11% 2.3 12% 7% 8% 8% 47% 8.5x 8.0x 18.0x 16.7x 26.3x 24.3x

Wolters Kluwer N.V. $59.15 $16,035 $18,333 9% 2.5 (7%) 5% (8%) 7% 27% 3.7x 3.5x 13.6x 12.7x 21.4x 19.5x

Nielsen Holdings plc $23.33 $8,282 $16,442 7% 1.6 (1%) (0%) (10%) 2% 28% 2.5x 2.5x 9.0x 8.8x 11.4x 10.6x

TransUnion $56.80 $10,525 $14,396 13% 1.8 21% 14% 22% 15% 39% 6.2x 5.4x 15.7x 13.7x 23.0x 20.1x

MSCI Inc. $147.43 $12,979 $14,155 10% 2.8 13% 8% 19% 9% 54% 9.9x 9.1x 18.1x 16.6x 28.1x 24.7x

Informa plc $8.03 $10,049 $13,627 5% 2.4 25% 23% 25% 26% 33% 4.6x 3.7x 13.8x 10.9x 13.0x 12.2x

Equifax Inc. $93.13 $11,229 $13,608 6% 2.6 2% 4% (7%) 5% 34% 4.0x 3.8x 11.8x 11.2x 16.3x 15.8x

Gartner, Inc. $127.84 $11,620 $13,580 14% 2.4 20% 9% 8% 11% 18% 3.4x 3.1x 19.1x 17.1x 34.1x 30.4x

FactSet Research Systems Inc. $200.13 $7,612 $7,989 11% 2.0 8% 6% 7% 12% 34% 5.8x 5.5x 17.2x 15.3x 22.8x 20.5x

News Corporation $11.35 $6,641 $6,591 9% 2.7 20% 3% 28% 7% 12% 0.7x 0.6x 5.3x 5.0x 24.8x 29.3x

The Dun & Bradstreet Corporation $142.74 $5,300 $6,403 6% 3.2 (1%) 4% (0%) 6% 29% 3.7x 3.6x 12.5x 11.8x 17.6x 16.5x

Fair Isaac Corporation $187.00 $5,415 $6,089 10% 2.9 12% 8% 9% 8% 23% 5.7x 5.3x 25.3x 23.5x 29.4x 26.0x

CoreLogic, Inc. $33.42 $2,692 $4,359 11% 1.1 (3%) (1%) 1% 2% 27% 2.4x 2.4x 9.0x 8.9x 12.2x 11.8x

LiveRamp Holdings, Inc. $38.63 $2,627 $2,767 25% NM (13%) (55%) (33%) (122%) 15% 3.5x 8.0x 23.7x NM NM NM

Euromoney Institutional Investor PLC $14.71 $1,580 $1,478 NA NM (9%) (1%) (6%) (4%) 28% 2.8x 2.9x 10.1x 10.5x 14.5x 15.1x

comScore, Inc. $14.43 $850 $996 5% NM 3% 5% NA 119% 3% 2.4x 2.3x NM 39.5x NM NM

National Research Corporation $38.14 $944 $976 NA NM 8% 8% 10% NA 33% 7.7x 7.1x 23.0x NM 34.4x 31.5x

Forrester Research, Inc. $44.70 $816 $672 12% 2.7 5% 5% 10% 36% 11% 1.9x 1.8x 17.4x 12.8x 33.0x 27.9x

Median 10% 2.4 8% 5% 8% 7% 31% 4.8x 4.9x 15.3x 13.6x 21.4x 19.8x




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Verisk Analytics, Inc. $109.04 $17,950 $20,386 11% 2.3 12% 7% 8% 8% 47% 8.5x 8.0x 18.0x 16.7x 26.3x 24.3x

Guidewire Software, Inc. $80.23 $6,501 $5,718 14% 5.1 27% 20% 12% 19% 22% 8.8x 7.3x 39.7x 33.4x 72.9x 61.7x

HealthEquity, Inc. $59.65 $3,721 $3,391 30% 1.8 24% 21% 33% 24% 40% 11.9x 9.8x 30.0x 24.3x 52.8x 43.8x

Ebix, Inc. $42.56 $1,331 $1,828 15% 0.8 35% 22% 29% 19% 33% 3.7x 3.0x 11.1x 9.3x 11.7x 9.7x


CorVel Corporation $61.72 $1,157 $1,067 NA NM 8% NA 2% NA 12% 1.8x NM 15.0x NM NM NM

eHealth, Inc. $38.42 $746 $725 NA NM 31% 13% NA 139% 5% 3.2x 2.8x 69.1x 28.9x NM 56.5x

Crawford & Company $9.00 $496 $656 NA NM (0%) 2% (14%) 14% 10% 0.6x 0.6x 5.8x 5.1x 12.6x 10.5x

Sapiens International Corporation N.V. $11.03 $550 $565 5% 4.0 7% 6% 59% 12% 15% 2.0x 1.9x 13.2x 11.8x 20.0x 17.9x

Majesco $7.09 $260 $257 NA NM (6%) NA 20% NA 5% 2.3x NM 48.7x NM NM NM

Median 15% 2.3 10% 13% 16% 19% 13% 3.5x 4.2x 18.0x 20.5x 23.1x 24.3x


The Bank of New York Mellon Corporation $47.07 $46,542 $69,608 11% 1.0 6% 3% NA NA NA 4.2x 4.1x NM NM 11.1x 10.6x

The Charles Schwab Corporation $41.53 $56,084 $32,119 20% 0.9 17% 12% 27% 18% 49% 3.2x 2.8x 6.4x 5.5x 17.1x 14.5x

State Street Corporation $63.07 $23,937 $31,136 10% 0.8 8% 5% NA NA NA 2.6x 2.5x NM NM 8.4x 7.7x

TD Ameritrade Holding Corporation $48.96 $27,534 $24,132 24% 0.6 39% 6% 55% 20% 47% 4.3x 4.0x 9.1x 7.6x 13.9x 12.0x

Northern Trust Corporation $83.59 $18,506 $22,530 15% 0.8 12% 12% NA NA NA 3.8x 3.4x NM NM 12.7x 11.5x

SS&C Technologies Holdings, Inc. $45.11 $11,237 $17,191 20% 0.8 NM 37% 80% 43% 36% 5.0x 3.6x 13.7x 9.6x 16.0x 12.6x

Broadridge Financial Solutions, Inc. $96.25 $11,237 $12,176 14% 1.6 1% 5% (1%) 12% 19% 2.8x 2.7x 14.4x 12.9x 22.0x 20.2x

Computershare Limited $12.12 $6,578 $7,548 11% 1.6 4% 5% 11% 11% 29% 3.3x 3.1x 11.4x 10.3x 18.0x 16.6x

SEI Investments Co. $46.20 $7,186 $6,444 12% 1.2 7% 3% 36% 2% 39% 4.0x 3.9x 10.0x 9.9x 14.6x 14.1x

SimCorp A/S $68.35 $2,680 $2,644 12% 2.7 5% 10% 6% 14% 27% 6.1x 5.5x 22.3x 19.6x 31.8x 27.2x

Envestnet, Inc. $49.19 $2,249 $2,552 16% 1.6 19% 11% 22% 15% 19% 3.1x 2.8x 16.3x 14.1x 25.7x 22.6x

IRESS Limited $7.84 $1,340 $1,479 7% 3.6 (2%) 7% (2%) 11% 27% 4.5x 4.2x 16.7x 15.0x 24.9x 22.4x

Blucora, Inc. $26.64 $1,278 $1,450 18% 0.8 10% 8% 17% 15% 21% 2.6x 2.4x 12.3x 10.7x 14.1x 12.2x

Equiniti Group plc $2.76 $989 $1,395 NA NM 18% 5% 18% 8% 24% 2.2x 2.1x 8.9x 8.2x 12.5x 11.1x

Sanne Group plc $7.40 $1,061 $1,111 NA NM 18% 13% 13% 16% 34% 6.1x 5.4x 18.0x 15.5x 22.4x 19.4x

First Derivatives plc $27.02 $702 $733 NA NM 11% 12% 8% 11% 18% 2.8x 2.5x 15.3x 13.7x 26.9x 24.3x

StatPro Group plc $1.42 $93 $124 NA NM 8% 7% 22% 13% 16% 1.7x 1.6x 10.8x 9.6x 16.2x 13.1x

Median 14% 1.0 9% 7% 18% 13% 27% 3.3x 3.1x 13.0x 10.5x 16.2x 14.1x

18



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Liquidity Venues

CME Group Inc. $188.12 $67,305 $69,235 15% 1.9 16% 23% 15% 17% 69% 16.4x 13.3x 23.8x 20.3x 28.0x 25.4x

Intercontinental Exchange, Inc. $75.33 $42,907 $50,078 13% 1.7 7% 7% 7% 9% 64% 10.1x 9.5x 15.8x 14.6x 21.0x 19.4x

Deutsche Börse Aktiengesellschaft $120.16 $22,023 $23,513 14% 1.4 6% 8% 7% 11% 59% 7.5x 7.0x 12.8x 11.5x 19.4x 17.4x

London Stock Exchange Group plc $51.77 $17,976 $18,726 14% 1.7 13% 7% 13% 11% 51% 6.9x 6.5x 13.5x 12.1x 23.7x 20.5x

Nasdaq, Inc. $81.57 $13,374 $16,902 11% 1.5 4% 4% 3% 12% 51% 6.7x 6.5x 13.1x 11.8x 16.9x 14.9x

B3 S.A. - Brasil, Bolsa, Balcão $6.93 $14,155 $13,768 14% 1.5 1% 10% 9% 11% 71% 11.2x 10.2x 15.7x 14.1x 21.3x 18.3x

Cboe Global Markets, Inc. $97.83 $10,977 $12,054 14% 1.5 20% (0%) 23% (0%) 68% 10.1x 10.2x 14.8x 14.9x 20.6x 20.3x

Hong Kong Exchanges and Clearing Limited $28.94 $36,102 $7,831 10% 2.9 20% 7% 23% 9% 75% 3.9x 3.6x 5.2x 4.7x 29.9x 27.6x

MarketAxess Holdings Inc. $211.31 $7,944 $7,650 5% 9.3 9% 11% 8% 15% 55% 17.6x 15.8x 31.9x 27.7x 46.5x 41.1x

ASX Limited $42.25 $8,176 $7,438 4% 5.9 (4%) 4% (3%) 5% 77% 12.7x 12.1x 16.5x 15.7x 24.8x 24.0x

Singapore Exchange Limited $5.25 $5,617 $4,984 8% 2.7 3% 6% 4% 10% 58% 7.9x 7.4x 13.6x 12.4x 20.9x 19.0x

Euronext N.V. $57.59 $4,002 $4,094 5% 2.9 9% 5% 12% 8% 57% 5.9x 5.6x 10.2x 9.4x 14.8x 13.9x

TMX Group Limited $51.83 $2,892 $3,585 NA NM 12% 4% 0% 6% 55% 6.0x 5.8x 10.9x 10.3x 13.7x 12.8x

Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$27.85 $2,315 $1,953 4% 3.8 (10%) 4% (15%) 5% 62% 5.6x 5.4x 9.2x 8.8x 14.9x 14.4x

Bursa Malaysia Berhad $1.65 $1,336 $1,251 7% 3.3 0% 4% 1% 4% 60% 9.1x 8.7x 15.3x 14.7x 23.8x 23.0x

Bolsa Mexicana de Valores, S.A.B. de C.V. $1.70 $1,011 $879 12% 1.2 11% 7% 14% 7% 56% 4.9x 4.6x 8.8x 8.2x 14.7x 13.9x

JSE Limited $11.51 $984 $813 NA NM (10%) 11% (0%) 15% 50% 5.0x 4.5x 10.2x 8.9x 14.1x 13.4x

Gielda Papierów Wartosciowych w Warszawie S.A. $9.77 $410 $331 NA NM (9%) (4%) (11%) (8%) 59% 3.6x 3.7x 6.1x 6.7x 8.3x 11.9x

Hellenic Exchanges - Athens Stock Exchange SA $4.24 $256 $171 47% 1.4 (2%) 15% (5%) 59% 28% 5.3x 4.6x 18.8x 11.8x 67.0x 34.5x

Median 12% 1.8 6% 7% 7% 9% 59% 6.9x 6.5x 13.5x 11.8x 20.9x 19.0x




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Payments

Networks

Visa Inc. $131.94 $290,823 $295,744 17% 1.6 13% 11% 12% 13% 70% 14.0x 12.6x 20.1x 17.8x 27.6x 23.8x

Mastercard Incorporated $188.65 $194,837 $192,702 21% 1.4 20% 13% 23% 14% 60% 12.9x 11.5x 21.6x 19.0x 29.2x 25.1x

American Express Company $95.32 $81,428 $108,706 11% 1.2 21% 7% (7%) 11% 31% 2.7x 2.5x 8.6x 7.7x 12.9x 11.7x

PayPal Holdings, Inc. $84.09 $99,088 $91,501 20% 1.8 18% 17% 16% 19% 26% 5.9x 5.1x 22.9x 19.2x 35.1x 29.1x

Discover Financial Services $58.98 $19,815 $30,778 15% 0.5 8% 7% NA NA 0% 2.9x 2.7x NM NM 7.5x 6.8x

Merchant Processing

First Data Corporation $16.91 $15,836 $32,990 12% 1.0 6% 5% 8% 8% 39% 3.8x 3.6x 9.9x 9.2x 11.5x 10.1x

Worldpay, Inc. $76.43 $22,727 $30,332 16% 1.2 83% 10% 83% 14% 48% 7.8x 7.1x 16.2x 14.2x 19.9x 16.5x

Square, Inc. $56.09 $23,193 $23,046 55% 2.2 60% 43% 83% 66% 16% 14.6x 10.2x NM 54.6x 120.7x 78.3x

Global Payments Inc. $103.13 $16,316 $20,810 16% 1.2 13% 12% 22% 14% 36% 5.2x 4.7x 14.6x 12.8x 19.9x 17.0x

Total System Services, Inc. $81.29 $14,831 $18,242 13% 1.4 13% 7% 13% 6% 35% 4.8x 4.5x 13.4x 12.7x 18.2x 16.8x

Wirecard AG $152.05 $18,788 $17,578 35% 1.3 32% 28% 30% 37% 27% 7.5x 5.8x 27.2x 19.9x 45.0x 32.3x

Adyen N.V. $543.91 $16,075 $14,965 44% NM 46% 37% NA 45% 47% 39.0x 28.4x 82.6x 57.1x NM 85.5x

Cielo S.A. $2.30 $6,233 $7,171 (9%) (0.8) (14%) 0% (23%) (3%) 41% 2.4x 2.4x 5.8x 6.0x 7.0x 7.6x

GMO Payment Gateway, Inc. $42.66 $3,142 $2,915 34% 2.1 NA 23% NA 31% 29% 11.5x 9.3x 39.2x 29.9x 73.1x 58.7x

EVERTEC, Inc. $28.70 $2,026 $2,500 12% 1.4 11% 5% 18% 6% 47% 5.6x 5.3x 11.9x 11.2x 15.7x 14.6x

EVO Payments, Inc. $24.67 $1,944 $2,426 44% 1.1 NA 9% NA 14% 26% 4.3x 3.9x 16.8x 14.8x 47.4x 33.2x

SafeCharge International Group Limited $3.00 $456 $370 13% 1.2 23% 12% 9% 13% 27% 2.7x 2.4x 10.0x 8.8x 16.0x 14.1x

i3 Verticals, Inc. $24.10 $220 $256 20% 2.2 NA 11% NA 13% 27% 2.3x 2.1x 8.7x 7.7x 44.6x 32.1x

Prepaid / Closed Loop

Alliance Data Systems Corporation $150.08 $8,175 $29,202 14% 0.5 2% 5% 7% 7% 26% 3.7x 3.5x 14.1x 13.1x 6.6x 6.0x

FleetCor Technologies, Inc. $185.72 $16,464 $20,012 16% 1.1 7% 7% 19% 9% 56% 8.3x 7.7x 14.7x 13.5x 17.7x 15.6x

Edenred SA $36.76 $8,721 $10,146 13% 2.2 (2%) 10% (4%) 13% 38% 6.5x 5.9x 16.8x 14.9x 29.0x 25.6x

WEX Inc. $140.06 $6,037 $7,883 18% 1.0 18% 11% 44% 12% 43% 5.3x 4.8x 12.4x 11.1x 17.1x 15.0x

Green Dot Corporation $79.52 $4,191 $3,204 24% 1.0 17% 11% 22% 15% 24% 3.1x 2.8x 12.8x 11.2x 24.7x 21.9x

Net 1 UEPS Technologies, Inc. $4.69 $267 $302 15% 0.2 (7%) (10%) NA NA NA 0.5x 0.6x NM NM 3.7x 4.8x

Other Payments Technology

The Western Union Company $17.06 $7,554 $10,080 4% 2.1 2% 3% 3% 3% 25% 1.8x 1.7x 7.2x 7.0x 8.9x 8.8x

The Sage Group plc $7.66 $8,321 $9,168 3% 6.1 1% 6% (3%) (4%) 29% 3.9x 3.7x 13.6x 14.2x 18.5x 20.0x

Ingenico Group - GCS $56.72 $3,503 $5,545 7% 1.6 2% 10% (8%) 13% 19% 1.8x 1.7x 9.5x 8.4x 11.3x 9.9x

NCR Corporation $23.08 $2,728 $5,521 4% 2.2 (2%) 2% (10%) 7% 15% 0.9x 0.8x 5.6x 5.3x 8.8x 7.9x

Euronet Worldwide, Inc. $102.38 $5,279 $5,038 13% 1.4 13% 14% 19% 23% 19% 2.0x 1.7x 10.2x 8.3x 18.7x 15.0x

Cardtronics plc $26.00 $1,199 $1,988 NA NM (11%) 0% NM (90%) 217% 1.5x 1.5x 0.7x 7.0x 12.3x 12.7x

Everi Holdings Inc. $5.15 $361 $1,388 NA NM 13% 8% 8% 14% 49% 3.0x 2.8x 6.0x 5.3x NM NM

MoneyGram International, Inc. $2.00 $111 $805 NA NM (9%) (2%) (13%) (1%) 17% 0.6x 0.6x 3.4x 3.4x 2.8x 3.4x

Cass Information Systems, Inc. $52.92 $780 $600 NA NM NA NA NA NA NA NM NM NM NM NM NM

International Money Express, Inc. $11.96 $433 $459 NA NM NA 22% NA 18% 17% 1.7x 1.4x 9.7x 8.2x 16.9x 16.9x

Cardlytics, Inc. $10.83 $232 $231 NA NM 13% 34% NA NA (6%) 1.6x 1.2x NM NM NM NM

Earthport plc $0.36 $221 $181 NA NM 10% 24% NA NA (22%) 5.4x 4.4x NM NM NM NM

eServGlobal Limited $0.06 $68 $59 NA NM (8%) NA NA NA (55%) 5.3x NM NM NM NM NM

Median 15% 1.3 12% 10% 12% 13% 27% 3.9x 3.6x 12.6x 11.2x 17.7x 16.1x

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Real Estate & Mortgage Technology

Booking Holdings Inc. $1,722.42 $79,799 $81,377 16% 1.2 15% 11% 17% 11% 39% 5.6x 5.0x 14.3x 12.8x 19.2x 16.9x

Expedia Group, Inc. $112.65 $16,782 $17,131 21% 1.0 12% 10% 12% 14% 17% 1.5x 1.4x 9.0x 7.9x 20.0x 17.1x

CoStar Group, Inc. $337.34 $12,286 $11,214 17% 2.5 23% 16% 44% 23% 34% 9.4x 8.1x 27.9x 22.7x 42.2x 34.3x

Fidelity National Financial, Inc. $31.44 $8,653 $8,218 NA NM 2% (2%) 6% 1% 15% 1.0x 1.1x 7.1x 7.0x 11.4x 11.0x

Black Knight, Inc. $45.06 $6,732 $8,113 15% 1.7 6% 8% 7% 10% 49% 7.3x 6.7x 15.0x 13.6x 24.5x 22.0x

Ocwen Financial Corporation $1.34 $179 $7,230 NA NM (13%) 10% NA NA NA 6.9x 6.3x NM NM NM NM

REA Group Limited $52.14 $6,868 $7,102 16% 2.1 6% 13% 6% 15% 58% 11.6x 10.3x 20.1x 17.5x 32.0x 26.9x

Jones Lang LaSalle Incorporated $126.60 $5,769 $7,038 14% 0.8 13% 2% 20% (1%) 10% 0.8x 0.8x 7.7x 7.8x 11.4x 11.5x

TripAdvisor, Inc. $53.94 $7,426 $6,763 17% 1.8 4% 9% 25% 11% 26% 4.2x 3.9x 16.3x 14.6x 31.2x 28.5x

Zillow Group, Inc. $31.43 $6,388 $5,460 5% 14.9 23% 44% (14%) 14% 15% 4.1x 2.9x 27.0x 23.7x 74.4x 67.7x

Realogy Holdings Corp. $14.68 $1,735 $5,308 NA NM 0% 0% (10%) (0%) 11% 0.9x 0.9x 8.1x 8.1x 9.3x 8.0x

Rightmove plc $5.51 $4,901 $4,882 11% 2.2 3% 8% 3% 8% 76% 14.4x 13.3x 18.9x 17.6x 24.1x 22.0x

RealPage, Inc. $48.19 $4,362 $4,679 NA NM 29% 15% 42% 23% 27% 5.4x 4.7x 20.2x 16.4x 32.4x 27.3x

CoreLogic, Inc. $33.42 $2,692 $4,359 11% 1.1 (3%) (1%) 1% 2% 27% 2.4x 2.4x 9.0x 8.9x 12.2x 11.8x

First American Financial Corporation $44.64 $4,990 $3,607 NA NM 0% (1%) 37% 1% 14% 0.6x 0.6x 4.3x 4.3x 10.0x 9.9x

Radian Group Inc. $16.36 $3,490 $3,411 20% 0.3 6% 10% NA NA 0% 2.6x 2.4x NM NM 6.2x 5.8x

Colliers International Group Inc. $55.18 $2,163 $2,869 19% 0.7 23% 10% 27% 19% 11% 1.0x 0.9x 9.3x 7.9x 13.9x 12.1x

LendingTree, Inc. $219.57 $2,817 $2,799 31% 1.2 25% 31% 34% 30% 20% 3.6x 2.8x 18.2x 14.0x 37.0x 28.5x

AppFolio, Inc. $59.22 $2,028 $1,983 18% 4.1 31% 27% 57% 44% 24% 10.6x 8.3x 44.8x 31.1x 73.4x 49.1x

Ellie Mae, Inc. $62.83 $2,189 $1,917 14% 2.4 15% 6% 4% 13% 27% 4.0x 3.8x 15.0x 13.3x 33.1x 31.8x

Moneysupermarket.com Group PLC $3.51 $1,883 $1,851 5% 3.2 0% 8% (4%) 8% 37% 4.1x 3.8x 11.3x 10.4x 16.1x 14.9x

Marcus & Mill ichap, Inc. $34.33 $1,327 $1,033 6% 2.8 11% 3% 9% 6% 15% 1.3x 1.3x 8.5x 8.0x 16.6x 15.6x

Redfin Corporation $14.40 $1,289 $958 NA NM 30% 27% 63% NM 1% 2.0x 1.6x NM 34.6x NM NM

Stewart Information Services Corporation $41.40 $983 $943 NA NM 0% 2% 4% 18% 6% 0.5x 0.5x 8.1x 6.8x 17.4x 14.4x

QuinStreet, Inc. $16.23 $800 $729 25% 1.6 33% 15% 67% 41% 9% 1.6x 1.4x 17.9x 12.8x 39.6x 24.0x

Lifull Co., Ltd. $6.67 $792 $726 21% 1.4 77% 18% 132% 19% 16% 2.2x 1.9x 14.1x 11.8x 29.1x 24.4x

RE/MAX Holdings, Inc. $30.75 $546 $723 150% 0.1 8% 3% 4% 3% 49% 3.4x 3.3x 6.9x 6.7x 13.7x 13.4x

Altisource Portfolio Solutions S.A. $22.49 $382 $619 NA NM (14%) NA (24%) NA 8% 0.8x NM 9.6x NM 10.7x NM

Agilysys, Inc. $14.34 $337 $305 NA NM 8% 13% 89% (16%) 8% 2.2x 2.0x 27.9x 33.0x NM NM

Real Matters Inc. $2.42 $212 $144 51% 0.7 (7%) 2% (38%) 109% 2% 0.5x 0.5x 24.8x 11.8x 34.5x 30.2x

Median 17% 1.6 8% 10% 10% 12% 16% 2.5x 2.4x 14.3x 12.8x 20.0x 19.6x

Trading Technology

The Charles Schwab Corporation $41.53 $56,084 $32,119 20% 0.9 17% 12% 27% 18% 49% 3.2x 2.8x 6.4x 5.5x 17.1x 14.5x

TD Ameritrade Holding Corporation $48.96 $27,534 $24,132 24% 0.6 39% 6% 55% 20% 47% 4.3x 4.0x 9.1x 7.6x 13.9x 12.0x

E*TRADE Financial Corporation $43.88 $11,154 $11,214 28% 0.4 22% 6% 25% 3% 54% 3.9x 3.7x 7.2x 7.0x 11.6x 10.6x

Virtu Financial, Inc. $25.76 $2,734 $3,626 NA NM 73% (6%) NM (22%) 68% 3.8x 4.0x 5.5x 7.1x 15.1x 15.2x

Interactive Brokers Group, Inc. $54.65 $4,104 $2,372 30% 0.8 13% 11% 57% 19% 90% 1.2x 1.1x 1.4x 1.2x 25.1x 21.1x

Investment Technology Group, Inc. $30.24 $1,000 $817 NA NM 6% 8% NA NA NM 1.6x 1.5x NM NM 27.9x 18.1x

GAIN Capital Holdings, Inc. $6.16 $273 $178 NA NM 19% (8%) 184% (10%) 27% 0.5x 0.5x 1.8x 2.0x 7.3x 9.4x

INTL FCStone Inc. $36.58 $692 ($1,447) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 26% 0.7 19% 6% 55% 11% 51% 3.2x 2.8x 6.0x 6.2x 15.1x 14.5x




Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK

GCA operates as GCA in America and Asia, and GCA Altium in Europe.

NEW YORK

ZURICH

MILAN

FRANKFURT

MUNICH

TEL AVIVSAN FRANCISCO

LONDON

MANCHESTER

MUMBAI

OSAKA

SHANGHAI

SINGAPORE

TOKYO

NEW DELHI

NAGOYA

HO CHI MINH CITY

TAIPEI

Globally integrated

platform with 19

offices across

America, Asia and

Europe

Geographically balanced,

synergistic and complementary

sector focus areas

across the firm

Strong in key

growth sectors

such as Technology and Industrials

Strong cross-border

capabilities and

deal flow: ~35% of

all transactions are

cross-border

400+professionals

350+ deals closed in the last 3 years

21

PARIS

fintech sector report - gca advisors...fintech sector report december 2018 2 gca acted as exclusive...

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