week of may 22, 2017 - gca advisors · verifone systems, inc. $1,951 (32%) 11.7x cardtronics plc...
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1
Financial Technology Sector Summary
Week of May 22, 2017
2
Select Recent Financing Transactions Select Recent M&A Transactions
Company Amount ($MM) Target Acquirer EV ($MM)
$130.0 $3,720.0
$120.0 NA
$63.0Z enith
M erchant
Services
NA
Wacai $42.0 NA
$42.0 NA
$37.0Payments
NA
$37.0 NA
$25.0 NA
Quarterly Financing Volume Quarterly M&A Volume
$11.9 Bn | 1,188 DealsLTM Financing Volume
Industry Stock Market Performance $75.9 Bn | 852 DealsLTM M&A VolumeLast Twelve Months
Payments
Online Broker Dealers
Financial Data, Content,& Analytics
Investment Services,Software, & Technology
Exchanges
Banking & LendingTechnology
Information Processors /Credit Bureaus
Healthcare / InsuranceTechnology
$24.5
$20.8
$24.9
$20.4
219
196 205188
0
50
100
150
200
250
$0
$5
$10
$15
$20
$25
$30
Q2 2016 Q3 2016 Q4 2016 Q1 2017
M&A Volume ($Bn) M&A Deal Count
$8.9
$2.6 $2.6$3.0
299 298276
316
0
100
200
300
400
500
$0
$2
$4
$6
$8
$10
Q2 2016 Q3 2016 Q4 2016 Q1 2017
Financing Volume ($Bn) Financing Deal Count
80
90
100
110
120
130
140
150
160
5/19/16 7/4/16 8/17/16 9/30/16 11/15/16 12/29/16 2/13/17 3/29/17 5/12/17
S&P 500
Financial Technology
DEAL DASHBOARD
Notes:Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 5/19/17.1) Refer to footnotes on page 5 for index composition.2) Represents transactions announced between 5/8/17 and 5/22/17.3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.
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(3) (3)
(3) (3)
3
Financial Technology Team
GCA OVERVIEW
Rob FreimanDirector
Phone: (212) 999-7075Mobile: (973) 229-0436
rfreiman@gcaglobal.com
Alexander BerryAssociate
Phone: (212) 999-7079Mobile: (818) 851-2300aberry@gcaglobal.com
David KruegerVice President
Phone: (212) 537-4534Mobile: (616) 822-7179
dkrueger@gcaglobal.com
Saif Malik*
Vice President
Phone: +44 (0) 207 038-3216Mobile: +44 (0) 778 606-8553
smalik@gcaglobal.com
Sean MinnihanManaging Director
Global Head of FinTechPhone: (212) 999-7077Mobile: (917) 364-6230
sminnihan@gcaglobal.com
Steve FletcherManaging Director
Phone: (415) 318-3661Mobile: (415) 518-6725
sfletcher@gcaglobal.com
Paul DiNardoManaging Director
Phone: (212) 999-7097Mobile: (650) 483-7246
pdinardo@gcaglobal.com
Peter BangManaging Director
Phone: (212) 999-7074Mobile: (917) 783-4057pbang@gcaglobal.com
Derek BellManaging Director
Phone: (212) 999-7089Mobile: (914) 953-0689dbell@gcaglobal.com
Malik GillAnalyst
Phone: (212) 537-4529Mobile: (646) 668-6714mgill@gcaglobal.com
* Saif Malik is a Vice President at GCA Savvian Europe Limited* Michio Suzuki is a Director at GCA Corporation
San FranciscoOne Maritime Plaza, 25th Fl.
San Francisco, CA 94111(415) 318-3600
New York640 Fifth Avenue, 10
thFl.
New York, NY 10019(212) 999-7090
Tokyo11-1 Marunouchi 1-chome
Chiyoda-ku, Tokyo 100-6230Japan
+81 (3) 6212-7100
Michio Suzuki*
Director
Phone: +81 3-6212-7145Mobile: +81 90-7412-9411
msuzuki@gcakk.com
London1 Southampton St.London WC2R0LRUnited Kingdom
+44 20 7484 4040
Glen KrugerDirector
Phone: (212) 999-7082Mobile: (617) 792-6496gkruger@gcaglobal.com
4
SECTION I: Market Summary
5
Payments(1)
Online Broker Dealers(5)
Financial Data, Content,& Analytics
(3)
Investment Services,Software, & Technology
(7)
Exchanges(2)
(6)Banking & Lending
Technology
Information Processors /Credit Bureaus
(4)
Healthcare / InsuranceTechnology
(8)
Industry Stock Market Performance
MARKET SUMMARY
Notes:(1) Payments: ADS, AIM:SCH, ASX:PPT, AXP, BGC, BOVESPA:CIEL3, CATM, DFS, EEFT, ENXTPA:EDEN, FDC, FLT, GDOT, GPN, MA, PAR, PYPL, SHOP, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, WPG, WU, XTRA:WDI.(2) Exchanges: ASX:ASX, ATSE:EXAE, BME:BME, BMV:BOLSA A, BOVESPA:BVMF3, CBOE, CME, ICE, JSE:JSE, KLSE:BURSA, LSE, NDAQ, SEHK:388, SGX:S68, TSX:X, WSE:GPW, XTRA:DB1.(3) Financial Data, Content & Analytics: DNB, ENXTPA:FIM, FDS, HOSE:HHS, MCO, MORN, MSCI, RATE, SPGI, TRI.(4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN.(5) Online Broker Dealers: AMTD, ETFC, GCAP, GLBR, IBKR, SCHW.(6) Banking & Lending Technology: ACIW, BKFS, ELLI, ELVT, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN.(7) Investment Services, Software, & Technology: BR, DST, ENV, FNGN, SEIC, SSNC.(8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, BSE:532254, SY, VRSK.
80
90
100
110
120
130
140
150
160
5/19/16 7/4/16 8/17/16 9/30/16 11/15/16 12/29/16 2/13/17 3/29/17 5/12/17
80
90
100
110
120
130
140
150
160
170
5/19/14 9/4/14 12/23/14 4/10/15 7/29/15 11/16/15 3/3/16 6/21/16 10/7/16 1/25/17 5/15/17
Last 12 Months Last 3 Years
Indexed Price Performance
Sector 3 Months 1 Year 3 Years
Banking & Lending Technology 5.6% 21.3% 57.5%
Information Processors / Credit Bureaus 4.3% 17.0% 53.0%
Payments 3.9% 20.0% 40.1%
Investment Services, Software, & Technology 1.9% 13.6% 53.9%
Exchanges 1.1% 16.7% 42.6%
Financial, Data, Content, & Analytics 1.0% 16.1% 8.6%
Healthcare / Insurance Technology (1.1%) 0.5% 30.8%
Online Broker Dealers (10.3%) 26.4% 51.0%
6
EBITDA Multiples and Margins
MARKET SUMMARY
Notes: Numbers represent medians of sub-sectors. Details available in later pages.
2017E EBITDA Multiples 2017 EBITDA Margins
7.6x
12.3x
12.9x
13.4x
13.8x
14.1x
14.8x
16.4x
0.0x 5.0x 10.0x 15.0x 20.0x
Online Broker Dealers
Payments
Exchanges
Financial Data, Content, & Analytics
Investment Services, Software, &Technology
Banking and Lending Technology
Information Processors / Credit Bureaus
Healthcare / Insurance Technology
18.8%
25.5%
25.9%
30.8%
32.3%
36.8%
45.5%
58.9%
0% 10% 20% 30% 40% 50% 60% 70%
Healthcare / Insurance Technology
Payments
Investment Services, Software, &Technology
Information Processors / Credit Bureaus
Banking and Lending Technology
Financial Data, Content, & Analytics
Online Broker Dealers
Exchanges
7
Price / Earnings Multiples and PEG Ratios
MARKET SUMMARY
2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth
1.2
1.3
1.4
1.8
1.9
2.0
2.0
2.0
0.0 0.5 1.0 1.5 2.0 2.5
Online Broker Dealers
Payments
Investment Services, Software, &Technology
Exchanges
Healthcare / Insurance Technology
Financial Data, Content, & Analytics
Information Processors / Credit Bureaus
Banking and Lending Technology 15.4%
13.7%
11.3%
14.4%
11.0%
16.0%
14.5%
17.4%18.4x
19.8x
21.6x
21.8x
22.1x
24.3x
24.4x
28.0x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x
Payments
Exchanges
Financial Data, Content, & Analytics
Healthcare / Insurance Technology
Investment Services, Software, &Technology
Online Broker Dealers
Information Processors / Credit Bureaus
Banking and Lending Technology
Notes: Numbers represent medians of sub-sectors. Details available in later pages.
8
LTM Price Performance and 2017 P/E – Payments / Banking
MARKET SUMMARY
Notes: Source: CapitalIQ and Wall Street Research. Market data as of May 19, 2017.
($MM)
Prepaid Market Cap.
LTM Price
Performance P/E 2017
Blackhawk Network Holdings, Inc. $2,363 34% 25.4x
Green Dot Corporation $1,833 54% 18.4x
Net 1 UEPS Technologies, Inc. $556 (7%) 5.5x
Sector Average $1,584 27% 16.4x
Integrated Payments Hardware / Technology Market Cap.
LTM Price
Performance P/E 2017
Ingenico Group - GCS $6,011 (14%) 18.6x
NCR Corporation $4,772 38% 11.7x
VeriFone Systems, Inc. $1,951 (32%) 11.7x
Cardtronics plc $1,576 (6%) 12.2x
Everi Holdings Inc. $455 473% 6.7x
PAR Technology Corporation $131 85% NA
Sector Average $2,483 91% 12.2x
Banking and Lending Technology Market Cap.
LTM Price
Performance P/E 2017
Intuit Inc. $32,070 24% 27.7x
Fidelity National Information Services, Inc. $27,504 15% 19.5x
Fiserv, Inc. $25,630 19% 23.6x
Jack Henry & Associates, Inc. $7,815 21% 31.0x
Temenos Group AG $6,364 74% 37.9x
Ellie Mae, Inc. $3,679 37% 58.0x
Black Knight Financial Services, Inc. $2,696 18% 28.4x
ACI Worldwide, Inc. $2,656 18% 49.3x
LendingClub Corporation $2,286 53% NM
Q2 Holdings, Inc. $1,603 76% NM
Bottomline Technologies (de), Inc. $1,000 3% 25.0x
Elevate Credit, Inc. $312 NA 20.6x
On Deck Capital, Inc. $246 (25%) NM
Performant Financial Corporation $121 44% NM
Sector Average $8,142 29% 32.1x
Information Processors / Credit Bureaus Market Cap.
LTM Price
Performance P/E 20170
Experian plc $19,774 16% 22.9x
Equifax Inc. $16,393 11% 22.5x
Fair Isaac Corporation $4,125 27% 25.8x
Acxiom Corporation $2,020 34% 35.2x
Sector Average $10,578 22% 26.6x
($MM)
Networks Market Cap.
LTM Price
Performance P/E 2017
Visa Inc. $213,228 20% 26.5x
Mastercard Incorporated $126,031 24% 27.3x
American Express Company $68,642 22% 13.5x
PayPal Holdings, Inc. $59,330 31% 27.8x
Discover Financial Services $22,853 10% 10.0x
Sector Average $98,017 22% 21.0x
Merchant Processing Market Cap.
LTM Price
Performance P/E 2017
Cielo S.A. $18,742 (8%) 14.4x
First Data Corporation $15,017 49% 10.7x
Global Payments Inc. $13,730 21% 23.0x
Vantiv, Inc. $12,045 15% 18.8x
Total System Services, Inc. $10,766 10% 18.1x
Worldpay Group plc $8,338 11% 23.7x
Wirecard AG $7,891 39% 26.6x
Square, Inc. $7,448 107% 94.4x
GMO Payment Gateway, Inc. $1,980 (15%) 70.8x
EVERTEC, Inc. $1,205 21% 10.1x
SafeCharge International Group Limited $544 8% 17.0x
CardConnect Corp. $435 NA NM
Planet Payment, Inc. $197 (15%) 21.8x
JetPay Corporation $32 (13%) NM
Sector Average $7,026 18% 29.1x
Money Transfer Market Cap.
LTM Price
Performance P/E 2017
The Western Union Company $8,959 1% 11.3x
Euronet Worldwide, Inc. $4,376 9% 18.4x
Sector Average $6,667 5% 14.9x
Closed Loop Market Cap.
LTM Price
Performance P/E 2017
Alliance Data Systems Corporation $13,093 14% 12.7x
FleetCor Technologies, Inc. $12,527 (7%) 16.3x
Edenred SA $5,943 40% 22.3x
WEX Inc. $4,278 14% 18.8x
Sector Average $8,960 15% 17.5x
9
LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics
MARKET SUMMARY
($MM)
Exchanges - Americas Market Cap.
LTM Price
Performance P/E 20170
CME Group Inc. $39,698 22% 24.0x
Intercontinental Exchange, Inc. $35,121 14% 19.8x
BM&FBOVESPA S.A. $11,878 28% 17.4x
Nasdaq, Inc. $11,140 7% 16.4x
CBOE Holdings, Inc. $9,528 34% 25.1x
TMX Group Limited $2,900 31% 15.2x
Bolsa Mexicana de Valores, S.A.B. de C.V. $1,018 13% 17.7x
Sector Average $15,898 21% 19.4x
Exchanges - Asia Market Cap.
LTM Price
Performance P/E 20170
Hong Kong Exchanges and Clearing Limited $30,700 10% 35.9x
ASX Limited $7,401 20% 22.2x
Singapore Exchange Limited $5,573 (3%) 21.8x
Bursa Malaysia Berhad $1,289 13% 25.1x
Sector Average $11,241 10% 26.3x
Exchanges - Europe Market Cap.
LTM Price
Performance P/E 20170
Deutsche Börse Aktiengesellschaft $18,676 18% 18.4x
London Stock Exchange Group plc $15,709 20% 23.4x
Bolsas y Mercados Españoles $2,999 16% 17.3x
JSE Limited $904 6% 16.8x
GPW $524 33% 16.0x
Hellenic Exchanges - Athens Stock Exch. $361 4% 34.1x
Sector Average $6,529 16% 21.0x
Trading Platforms Market Cap.
LTM Price
Performance P/E 2017
MarketAxess Holdings Inc. $6,996 40% 56.4x
BGC Partners, Inc. $3,214 29% 13.8x
Investment Technology Group, Inc. $672 13% NM
INTL FCStone Inc. $637 29% 11.2x
Virtu Financial, Inc. $632 (10%) 16.3x
Sector Average $2,430 20% 24.4x
($MM)
Investment Services, Software, & Technology Market Cap.
LTM Price
Performance P/E 2017
Broadridge Financial Solutions, Inc. $8,624 17% 22.0xSEI Investments Co. $7,948 2% 22.3xSS&C Technologies Holdings, Inc. $7,536 26% 19.1xDST Systems, Inc. $3,661 1% 18.0xFinancial Engines, Inc. $2,483 53% 29.1xEnvestnet, Inc. $1,558 13% 28.3x
Sector Average $5,302 19% 23.1x
Financial Data, Content, & Analytics Market Cap.
LTM Price
Performance P/E 2017
S&P Global Inc. $35,612 29% 22.3x
Thomson Reuters Corporation $31,227 7% 18.3x
Moody's Corporation $21,952 23% 21.6x
IHS Markit Ltd. $18,097 NA 21.5x
Verisk Analytics, Inc. $13,130 4% 25.0x
MSCI Inc. $8,944 31% 27.3x
FactSet Research Systems Inc. $6,362 6% 21.5x
The Dun & Bradstreet Corporation $3,857 (13%) 14.9x
Morningstar, Inc. $3,152 (10%) 31.2x
Bankrate, Inc. $944 26% 15.0x
Sector Average $14,328 12% 21.9x
Online Broker Dealers Market Cap.
LTM Price
Performance P/E 2017
The Charles Schwab Corporation $51,159 32% 24.3x
TD Ameritrade Holding Corporation $19,338 21% 21.8x
E*TRADE Financial Corporation $9,362 29% 17.4x
Interactive Brokers Group, Inc. $2,375 (5%) 25.6x
GAIN Capital Holdings, Inc. $283 (13%) 69.9x
Global Brokerage, Inc. $12 (83%) NA
Sector Average $13,755 (3%) 31.8x
Notes: Source: CapitalIQ and Wall Street Research. Market data as of May 19, 2017.
10
SECTION II: Payments / Banking
11
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
5/19/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
NetworksVisa Inc. $92.48 $73.25 $93.72 $213,228 $7,966 $228,468 12.5x 11.4x 18.0x 16.1x 26.5x 23.0x 17.5% 1.5 14.2% 23.5%Mastercard Incorporated 117.58 86.65 119.71 126,031 (2,444) 123,614 10.2x 9.2x 17.8x 15.8x 27.3x 23.5x 16.0% 1.7 12.1% 11.8%American Express Company 76.80 57.15 82.00 68,642 26,093 96,335 2.9x 2.8x NM NM 13.5x 12.2x 9.1% 1.5 9.6% (4.0%)PayPal Holdings, Inc. 49.39 34.00 50.35 59,330 (8,928) 50,402 4.0x 3.4x 15.6x 13.3x 27.8x 23.5x 17.5% 1.6 17.1% NMDiscover Financial Services 60.11 50.32 74.33 22,853 11,654 35,082 3.6x 3.4x NM NM 10.0x 9.0x 8.7% 1.1 11.4% (2.6%)
Mean 6.7x 6.0x 17.1x 15.0x 21.0x 18.3x 13.7% 1.5 12.9% 7.2% Median 4.0x 3.4x 17.8x 15.8x 26.5x 23.0x 16.0% 1.5 12.1% 4.6%
Merchant ProcessingCielo S.A. $6.91 $6.20 $9.59 $18,742 $2,018 $21,918 5.8x 5.2x 12.7x 11.7x 14.4x 13.0x 9.5% 1.5 0.6% 3.2%First Data Corporation 16.34 9.90 17.02 15,017 18,121 36,124 3.0x 2.9x 11.9x 11.3x 10.7x 10.0x 10.6% 1.0 3.8% 0.6%Global Payments Inc. 90.04 64.63 90.31 13,730 3,417 17,292 5.0x 4.6x 15.4x 13.8x 23.0x 19.8x 13.9% 1.7 41.7% 46.9%Vantiv, Inc. 61.40 50.52 66.24 12,045 3,075 15,416 7.3x 6.7x 15.4x 13.9x 18.8x 16.8x 13.9% 1.3 25.1% 13.4%Total System Services, Inc. 58.50 46.22 58.97 10,766 2,797 13,578 2.8x 2.6x 11.6x 10.9x 18.1x 16.6x 11.3% 1.6 12.1% NAWorldpay Group plc 4.20 3.23 4.20 8,338 1,689 10,027 6.1x 5.6x 15.0x 13.3x 23.7x 20.4x 20.6% 1.2 35.3% 13.3%Wirecard AG 63.86 36.10 64.53 7,891 (770) 7,120 4.7x 3.9x 16.0x 12.8x 26.6x 21.1x 26.6% 1.0 34.7% 23.4%Square, Inc. 19.91 8.42 20.69 7,448 (546) 6,903 4.0x 3.2x 55.4x 31.4x 94.4 51.4 85.4% 1.1 34.9% 21.7%GMO Payment Gateway, Inc. 53.77 34.20 65.17 1,980 (224) 1,764 8.6x 6.3x 30.9x 23.8x 70.8x 51.2x 25.0% 2.8 74.7% 89.8%EVERTEC, Inc. 16.60 13.70 18.60 1,205 592 1,800 4.5x 4.4x 9.7x 9.4x 10.1x 9.6x 8.5% 1.2 2.6% 6.1%SafeCharge International Group Limited 3.68 2.38 3.85 544 (115) 429 3.7x 3.3x 11.8x 10.2x 17.0x 15.1x NM NM 11.1% 3.2%CardConnect Corp. 13.95 8.70 14.65 435 121 593 0.8x 0.7x 13.3x 10.5x NM 53.7x NM NM 18.9% 20.5%Planet Payment, Inc. 3.67 2.75 4.97 197 (5) 191 3.2x 2.9x 11.2x 9.2x 21.8x 16.9x 25.0% 0.9 10.0% (7.0%)JetPay Corporation 2.05 1.75 3.25 32 9 125 1.7x 1.6x 25.0x 20.4x NM NM NM NM 32.4% 62.7%
Mean 4.4x 3.8x 18.2x 14.5x 29.1x 24.3x 22.7% 1.4 24.1% 22.9% Median 4.3x 3.6x 14.2x 12.2x 20.3x 16.9x 13.9% 1.2 22.0% 13.4%
Money TransferThe Western Union Company $19.01 $18.07 $22.70 $8,959 $2,160 $11,119 2.0x 2.0x 8.6x 8.3x 11.3x 10.7x 7.6% 1.5 0.1% 0.4%Euronet Worldwide, Inc. 83.46 65.33 86.35 4,376 (159) 4,218 2.0x 1.8x 10.5x 9.2x 18.4x 16.0x 14.0% 1.3 8.9% 8.1%
Mean 2.0x 1.9x 9.5x 8.7x 14.9x 13.3x 10.8% 1.4 4.5% 4.2% Median 2.0x 1.9x 9.5x 8.7x 14.9x 13.3x 10.8% 1.4 4.5% 4.2%
Closed LoopAlliance Data Systems Corporation $235.17 $185.02 $266.25 $13,093 $18,804 $31,897 4.1x 3.7x 15.8x 14.0x 12.7x 11.0x 14.1% 0.9 9.6% 12.1%FleetCor Technologies, Inc. 135.78 121.52 176.42 12,527 3,322 15,849 7.1x 6.5x 13.7x 12.1x 16.3x 14.4x 15.7% 1.0 21.0% 25.6%Edenred SA 25.63 17.57 27.40 5,943 623 6,639 4.4x 4.1x 11.8x 10.8x 22.3x 20.1x 13.6% 1.6 31.9% 13.2%WEX Inc. 99.74 80.67 122.91 4,278 2,173 6,460 5.4x 4.9x 13.4x 11.6x 18.8x 16.2x 15.0% 1.3 17.5% 41.5%
Mean 5.3x 4.8x 13.7x 12.2x 17.5x 15.4x 14.6% 1.2 20.0% 23.1% Median 4.9x 4.5x 13.5x 11.9x 17.5x 15.3x 14.5% 1.1 19.2% 19.4%
PrepaidBlackhawk Network Holdings, Inc. $41.95 $28.88 $42.80 $2,363 $373 $2,740 1.2x 1.1x 11.6x 10.0x 25.4x 21.0x 15.2% 1.7 17.4% 11.1%Green Dot Corporation 35.75 20.79 38.34 1,833 NA NA NA NA NA NA 18.4x 15.9x 16.8% 1.1 17.4% 11.0%Net 1 UEPS Technologies, Inc. 9.65 8.37 13.81 556 (198) 362 0.6x 0.5x 2.3x 2.3x 5.5x 5.2 NM NM 10.7% 9.8%
Mean 0.9x 0.8x 7.0x 6.1x 16.4x 14.0x 16.0% 1.4 15.1% 10.6% Median 0.9x 0.8x 7.0x 6.1x 18.4x 15.9x 16.0% 1.4 17.4% 11.0%
Public Company Valuations: Financial Metrics
PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Convertible preferred equity assumed at 2x liquidation preference.
(1)
12
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
5/19/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Integrated Payments Hardware / TechnologyIngenico Group - GCS $97.94 $76.43 $124.19 $6,011 $121 $6,137 2.2x 2.0x 10.8x 9.8x 18.6x 16.4x 10.5% 1.8 14.7% 0.5%NCR Corporation 39.37 25.20 49.90 4,772 2,927 8,844 1.3x 1.3x 7.5x 7.2x 11.7x 10.8x NM NM 2.1% 2.4%VeriFone Systems, Inc. 17.48 14.94 28.24 1,951 757 2,746 1.4x 1.4x 9.0x 8.1x 11.7x 11.0x 15.0% 0.8 NA (11.6%)Cardtronics plc 34.53 34.03 56.00 1,576 956 2,532 1.7x 1.8x 7.7x 7.7x 12.2x 11.4x 14.0% 0.9 15.8% 17.9%Everi Holdings Inc. 6.88 1.13 7.26 455 983 1,438 1.6x 1.5x 6.9x 6.5x 6.7x 14.4x 20.0% 0.3 6.4% 15.4%PAR Technology Corporation 8.29 4.30 8.63 131 (4) 127 NA NA NA NA NA NA NM NA NA 19.1%
Mean 1.6x 1.6x 8.4x 7.9x 12.2x 12.8x 14.9% 0.9 9.7% 7.3% Median 1.6x 1.5x 7.7x 7.7x 11.7x 11.4x 14.5% 0.8 10.5% 8.9%
Banking and Lending TechnologyIntuit Inc. $125.38 $101.59 $128.45 $32,070 $513 $32,583 6.2x 5.8x 15.9x 14.4x 27.7x 25.2x 15.4% 1.8 8.2% 10.1%Fidelity National Information Services, Inc. 83.20 68.03 84.97 27,504 8,800 36,416 3.8x 3.7x 11.9x 11.1x 19.5x 17.3x 11.7% 1.7 2.6% 3.4%Fiserv, Inc. 120.68 92.81 122.91 25,630 4,330 29,960 5.2x 4.9x 14.6x 13.7x 23.6x 21.0x 11.5% 2.0 4.7% 4.7%Jack Henry & Associates, Inc. 100.64 79.00 100.84 7,815 7 7,822 5.3x 5.0x 15.1x 14.1x 31.0x 28.2x 11.0% 2.8 4.9% 6.2%Temenos Group AG 91.28 48.72 91.95 6,364 169 6,533 9.4x 8.5x 26.7x 23.1x 37.9x 33.1x 16.0% 2.4 9.9% 10.4%Ellie Mae, Inc. 107.99 77.60 112.77 3,679 (393) 3,286 7.5x 6.1x 22.7x 17.1x 58.0x 44.4x 23.1% 2.5 21.8% 26.3%Black Knight Financial Services, Inc. 38.60 32.60 42.20 2,696 1,467 5,209 4.8x 4.4x 10.1x 9.1x 28.4x 24.2x 14.1% 2.0 5.6% 6.7%ACI Worldwide, Inc. 22.50 15.11 23.97 2,656 603 3,259 3.2x 3.1x 13.6x 12.5x 49.3x 38.4x 12.5% 3.9 1.3% 2.4%LendingClub Corporation 5.66 3.71 6.79 2,286 (534) 1,751 3.0x 2.4x 34.8x 13.9x NM 26.6x NM NM 15.2% (17.4%)Q2 Holdings, Inc. 39.15 22.15 39.70 1,603 (82) 1,521 7.8x 6.2x NM 74.4x NM NM 32.0% NM 29.2% 31.9%Bottomline Technologies (de), Inc. 24.68 18.48 28.35 1,000 39 1,039 2.9x 2.7x 13.1x 11.8x 25.0x 20.9x 17.3% 1.4 4.4% (0.2%)Elevate Credit, Inc. 7.48 6.50 8.86 312 414 726 1.0x 0.9x 7.2x 4.6x 20.6 5.9x NA NA NA 17.0%On Deck Capital, Inc. 3.39 3.29 6.46 246 743 996 2.9x 2.6x NM 31.7x NM 14.4x NM NM 20.0% 20.9%Performant Financial Corporation 2.39 1.50 4.07 121 24 144 1.1x 0.9x 12.8x 7.8x NM 43.5x 20.0% NM (5.6%) (13.5%)
Mean 4.6x 4.1x 16.5x 18.5x 32.1x 26.4x 16.8% 2.3 9.4% 7.8% Median 4.3x 4.0x 14.1x 13.8x 28.0x 25.2x 15.4% 2.0 5.6% 6.4%
Information Processors / Credit BureausExperian plc $21.26 $15.95 $22.26 $19,774 $2,941 $22,727 5.1x 4.6x 14.4x 13.0x 22.9x 20.4x 10.7% 2.1 NA (100.0%)Equifax Inc. 136.37 110.87 139.89 16,393 2,546 19,003 5.6x 5.2x 15.2x 13.9x 22.5x 20.3x 11.3% 2.0 8.3% 14.3%Fair Isaac Corporation 133.20 104.70 139.00 4,125 510 4,634 4.9x 4.6x 18.8x 16.9x 25.8x 21.7x 16.0% 1.6 4.6% 10.5%Acxiom Corporation 25.77 19.13 30.40 2,020 59 2,079 2.3x 2.0x 12.0x 10.2x 35.2x 25.8x 17.4% 2.0 4.0% 0.1%Intersections Inc. 5.09 1.70 5.75 122 8 130 NA NA NA NA NA NA NM NA NA (11.4%)
Mean 4.5x 4.1x 15.1x 13.5x 26.6x 22.0x 13.8% 1.9 5.6% (17.3%) Median 5.0x 4.6x 14.8x 13.4x 24.4x 21.0x 13.7% 2.0 4.6% 0.1%
Public Company Valuations: Financial Metrics (Cont.)
PAYMENTS / BANKING
(1)
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Revenue growth rates based on gross revenues before provision for loan losses and fundraising costs.
13
Selected Recent Acquisitions – Trailing 12 Months
PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
5/17/17 Coupa Software Incorporated Riskopy, Inc. Risk / Data NA NA
5/17/17 North American Bancard Holdings, LLC Total Merchant Services, Inc. Merchant Acquiring NA NA
5/16/17 Mswipe Technologies Pvt Ltd PayU Payments Private Limited POS NA NA
5/15/17 Moody's Analytics, Inc.Bureau van Dijk Electronic Publishing
BVCredit Bureau $3,293 11.3x
5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA
5/10/17 Swedbank AB (publ) PayEx Finance AB Consumer Payments NA NA
5/10/17 Cayan LLC Card Payment Services, Inc. Merchant Acquiring NA NA
5/8/17 AltaPay A/S IPS Limited Ecommerce Payments NA NA
5/1/17 FleetCor Technologies, Inc. Cambridge Global Payments Cross-Border Payments $675 NA
4/25/17 Vantiv, Inc. Paymetric, Inc. Payment Processing NA NA
4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x
4/19/17 Ant Financial Services GroupHelloPay Singapore Pte. Ltd (nka:Alipay
Singapore)Ecommerce Payments NA NA
4/19/17 Asset Vantage Inc. Financial Navigator, Inc. Accounting Software NA NA
4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA
4/11/17Network For Electronic Transfers
(Singapore) Pte Ltd.
Banking Computer Services Private
Limited and BCS Information System Clearing $27 NA
4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $457 1.5x
4/10/17 New Access SAFidelity National Information Services,
Inc., Ambit Private Banking BusinessBanking Software NA NA
4/7/17 Coupa Software Incorporated Trade Extensions Tradeext AB Sourcing Software $45 NA
4/5/17 Nets OyOP Financial Group, Merchant Acquiring
BusinessMerchant Acquiring $32 NA
4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA
14
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
4/4/17 BNP Paribas SA Compte Nickel Digital Banking NA NA
4/3/17 CU Cooperative Systems, Inc. The Members Group LLC Payment Processing NA NA
4/3/17 CardConnect Corp. MertzCo, Inc. VAR $38 6.2x
4/3/17 Avangate Inc. 2Checkout.com, Inc. Payment Processing NA NA
3/31/17 M1 Limited Areeba s.a.l. Card Processing $220 NA
3/29/17 Mastercard Incorporated NuData Security Inc. Anti-Fraud NA NA
3/28/17 Wirecard AG MyGate Communications (Pty) Ltd Gateway $25 NA
3/27/17 Nxt-ID, Inc. FitPay, Inc. Authentication NA NA
3/21/17 Visma AS Bluegarden Holding A/S Payroll Software NA NA
3/16/17 First Data Corporation Acculynk, Inc. Ecommerce Payments NA NA
3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA
3/13/17 Wirecard AGCitibank's Merchant Acquiring Services
in Asia PacificMerchant Acquiring NA NA
3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x
3/13/17 Payment Data Systems, Inc. Singular Payments, LLC Vertical Payments NA NA
3/8/17 Flagship Community Bank BankMobile Mobile Payments NA NA
3/7/17 Optal Limited Invapay Payment Solutions Ltd. B2B Payments NA NA
3/6/17 TA Associates Management, L.P. Interswitch Limited Digital Payments NA NA
2/28/17 Technology Crossover Ventures Retail Merchant Services Ltd. Payment Services NA NA
2/27/17Argus Information & Advisory Services,
LLCFintellix Solutions Private Limited Data / Analytics NA NA
2/23/17 Airbnb, Inc. Tilt.com, Inc. Crowd Funding NA NA
15
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
2/23/17 MYOB Group Limited Paycorp Holdings Pty Limited Payment Solutions Provider $37 NA
2/22/17 Bharti Airtel Services Limited Seynse Technologies Pvt. Ltd. Online Lending NA NA
2/16/17 CampusLogic, Inc. Cegment, Inc. Lending Tech NA NA
2/16/17 Volaris Group Inc. Telepin, Inc. Mobile Financial Services NA NA
2/16/17 Oxygen Finance Ltd. Satago Ltd. CF Management Software NA NA
2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x
2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $185 2.6x
2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x
2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA
2/6/17 Klarna AB Billpay GmbH Ecommerce Payments $64 NA
2/1/17 i3 Verticals, LLCRandall Data Systems, LLC and CSC
Links, LLC
Accounting Software / Healthcare
Payments NA NA
2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA
1/31/17 Cardtronics plc Spark ATM Systems (Pty) Ltd. ATMS NA NA
1/31/17 Zoopla Hometrack Real Estate Tech $150 NA
1/30/17 Ingenico Group - GCS TechProcess Payment Services Limited Electronic Payments NA NA
1/30/17 Green Dot Corporation UniRush, LLC Prepaid $161 NA
1/27/17 Ebates, Inc. Cartera Commerce Inc. Loyalty / Rewards NA NA
1/26/17 Alipay (UK) Limited MoneyGram International, Inc. Money Transfer $1,936 1.2x
1/26/17 Fusion RMS Innovantum Technologies Ltd. POS NA NA
1/25/17 McPayment Pte Ltd Genesis Payment Solutions Pte Ltd. Merchant Acquiring NA NA
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.1) Reflects updated merger consideration of $18 per share on April 15, 2017
(1)
16
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
1/24/17 Solera Holdings Inc. Digidentity B.V. Identity Protection NA NA
1/18/17 Clearent, LLCPayment Alliance International,
Merchant Service DivisionInternational Payments / FX NA NA
1/18/17 AnaCap Financial Partners LLP Heidelberger Payment GmbH Ecommerce Payments NA NA
1/18/17 Augeo Affinity Marketing Inc. Edo Interactive Inc. Loyalty / Rewards NA NA
1/17/17 Clarus Merchant Services North American Merchant Services, Inc. ISO NA NA
1/17/17 Clarus Merchant Services BC Technologies ISO NA NA
1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA
1/13/17Advent International Corporation; Bain
Capital Investors, LLCConCardis GmbH Merchant Processing NA NA
1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA
1/10/17 Coupa Software Incorporated Spend360 International Ltd Financial Software NA NA
1/10/17 Clarus Merchant ServicesANARAQ Holdings, LLC, Payment
Processing AssetsMerchant Acquiring NA NA
1/10/17 GoFundMe, Inc CrowdRise, Inc. Crowdfunding NA NA
1/6/17 Rock Holdings Inc. LowerMyBills, Inc. and Classes USA, Inc. Online Lending / Lead Gen NA NA
1/5/17 IRIS Software Group Limited PS Financials Ltd Accounting Software NA NA
1/4/17 EVO Payments International, LLC Sterling Payment Technologies, Inc. Merchant Processing NA NA
12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA
12/23/16 Volkswagen Financial Services AGPayByPhone Technologies And
PayByPhone And Mobile Payment Mobile Payments $32 NA
12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA
12/19/16 SENJO GROUP Pte. Ltd. Kalixa Payments Group Limited Merchant Acquiriing $37 1.6x
12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
17
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
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
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 $25 NA
11/1/16 Hansen Technologies Ltd DST Billing Solutions Limited Billing Software NA NA
10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA
10/18/16Lendingkart Technologies Private
LimitedFinectar Technologies Pvt. Ltd. Online Lending NA NA
10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA
10/10/16 First American Mortgage Solutions, LLC TD Service Financial Corporation Mortgage Technology NA NA
10/10/16 Intuit Inc. MTS Global (Europe) Limited Accounting Software NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
18
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
10/10/16 TRGRP, Inc. Priory Solutions Limited Billing Software NA NA
10/10/16 Euronet Worldwide, Inc. YourCash Europe Limited ATMS NA NA
10/6/16 Capital One Financial Corporation Paribus Co. Ecommerce NA NA
10/6/16 Qiwi plc Plati Potom OOO Ecommerce NA NA
10/4/16Gresham Computing plc (nka:Gresham
Technologies plc)C24 Technologies Ltd. Risk / Analytics $6 2.3x
10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x
9/15/16 Payroc LLC The iTransact Group, LLC Merchant Processing NA NA
9/14/16 Amdocs Limited Vindicia, Inc Billing Software NA NA
9/7/16 iZettle AB Intelligent Point Of Sale (Sales) Limited Point of Sales NA NA
9/6/16Vista Equity Partners LLC; Vista Equity
Fund III, L.P.Regulatory DataCorp, Inc. Compliance/Risk NA NA
8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA
8/4/16 FleetCor Technologies, Inc. Travelcard Nederland B.V. Closed Loop NA NA
8/4/16 Battery Ventures Insert Mobile Technologies, Ltd. Check Processing NA NA
8/3/16 SIA S.p.A.UniCredit Business Integrated
Solutions, Card Processing Activities in Payment Processing $559 NA
7/31/16 InComm, Inc. ValuAccess Limited Prepaid NA NA
7/28/16 BPCE SA Fidor Bank AG Digital Banking NA NA
7/21/16MasterCard 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 $237 1.5x
6/29/16 Wirecard AG Citigroup Inc., Prepaid Card Services Prepaid NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
19
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
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 $9 0.2x
20
Selected Recent Equity Financings – Trailing 12 Months
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
5/17/17 Additiv Series A $5 BZ Bank Aktiengesellschaft Financial Software
5/16/17 Neighborly Series B $258VC, Abstract Ventures, Bee Partners, Emerson Collective,
FinTech Collective, Govtech Fund, Maven VenturesMarketplace Lending
5/16/17 LevelUp NA $37 CentroCredit Bank, JP Morgan Chase, U.S. Boston POS / Loyalty
5/15/17 Wacai Series C $42Ally Bridge Group, China Broadband Capital, China Development
Bank Capital, New Horizon CapitalPFM
5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments
5/10/17 Kreditech NA $120 PayU Consumer Credit
5/9/17 Finxact NA $12 Live Oak Ventures Banking Software
5/9/17 Broadway Technology NA $42 Long Ridge Equity Partners Banking Software
5/4/17 Signifyd Series C $56 American Express, Bain Capital Ventures, Menlo Ventures Ecommerce Fraud Protection
5/4/17 MPP Global Series B $15 Albion Ventures, Grafton Capital Ecommerce
5/3/17 Nav Series B $13Clocktower Ventures, CreditEase Fintech Investment Fund,
Goldman Sachs, Point72 VenturesCredit Scoring
5/2/17 Aicai Series C $32 Zhongshunyi Financial Student Logistics / Payments
5/2/17 ServiceChannel NA $54 Acce Vertical Payments
5/1/17 Airwallex Series A $13 Gobi Ventures, MasterCard, Sequoia China, Tencent Cross-Border Payments
4/29/17 Satispay NA $15 Iccrea Banca Mobile Payments
4/26/17 Ivalua NA $70 KKRSpend Management
Software
4/26/17 Robinhood Series C $110 DST Global, Index Ventures, NEA, Ribbit Capital Online Brokerage
4/24/17 Token Series A $16 EQT Ventures, Octopus Ventures, OP Financial Group Banking Software
4/19/17 IceKredit Series A $16 China Creation Ventures, Lingfeng Capital Underwriting Technology
4/18/17 Factom Series A $8 Harvest Equity, Peeli Ventures Blockchain
Notes: Source: CapitalIQ and Pitchbook.
21
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
4/13/17 College Avenue Student Loans NA $30 Comcast Ventures, Leading Edge Ventures Student Loan Marketplace
4/11/17 Mswipe Technologies Series D $21 DSG Consumer Partners, Falcon Edge Capital, Fosun Capital Mobile Payments
4/10/17 MintQuantum Series A $15 Undisclosed Online Lending
4/6/27 Upgrade Series A $60Union Square Ventures, Credit Ease, FirstMark Capital, Noah
Holdings, Ribbit Capital, Sands Capital VenturesOnline Lending
4/6/17 WeCash Series C $80China Merchants Innovation Investment Management, Forebright
Capital Management, SIGCredit Scoring
4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments
4/5/17 Jucaicat Series A $15 TIZA Online Lending
4/5/17 Savedroid NA $22 Rhineland-Palatinate, Angel Investors PFM / Digital Banking
3/31/17 Fiilament Series B $15 Bullpen Capital, Verizon Ventures Blockchain
3/30/17 Yongqianbao NA $67 Golden Brick Capital Management, CICC Alpha Online Lending
3/29/17 ShapeShift AG Series A $10Access Venture Partners, Earlybird Venture Capital, Pantera
Capital, Lakestar, Blockchain CapitalDigital Currency
3/27/17 cloudvirga Series B $15 Incenter Mortgage POS
3/27/17 Creamfinance Series B $22 Capitec Bank Holdings Limited Online Lending
3/23/17 Dadao Financial Series B $29China Renaissance Private Equity Fund, PAG, Sequoia Capital
ChinaReal Estate Tech
3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM
3/23/17 Qtum NA $15 Undisclosed Blockchain
3/22/17 figo NA $12 Berliner Volksbank Ventures, DB1 Ventures Bank API
3/22/17 Avaloq NA $300 Warburg Pincus Banking Software
3/20/17 Nested NA $10 GFC, Passion Capital Real Estate Tech
3/15/17 Flow Series A $13 Bain Capital Ventures Ecommerce
Notes: Source: CapitalIQ and Pitchbook.
22
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
3/14/17 solarisBank NA $28 Arvato Financial Solutions, SBI Group Digital Banking
3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software
3/13/17 Viva Republica Series C $48Altos Ventures, Bessemer Venture Partners, Goodwater Capital,
Partech Ventures, PayPal HoldingsMoney Transfer
3/9/17 Currencycloud Series D $25Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire
VenturesCross-Border Payments
3/8/17 Veem Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments
3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM
3/6/17 Atom Bank NA $102BBVA, Toscafund Asset Management, Woodford Investment
ManagementDigital Banking
3/3/17 UpStart NA $33First Round Capital, Khosla Ventures, Rakuten, Third Point
VenturesOnline Lending
3/2/17 Sensibill Series A $12 Information Capital, OTEAF Expense Mgmt Software
3/1/17 Clearbank NA $31 CFFI Ventures, PPF Group Banking Software
2/24/17 Social Finance Series F $500 GPI Capital, Silver Lake, Softbank Group Online Lending
2/23/17 Nymbus NA $16 Home Credit Group Bank Software
2/23/17 Tala Series B $30 IVP, Ribbit Capital Credit Scoring
2/22/17 Monzo NA $25 Orange Digital Ventures, Passion Capital, Thrive Capital Digital Banking
2/22/17 Prospa NA $19 AirTree Ventures Online Lending
2/22/17 Ecrebo NA $15 Joseph Schull, Octopus Ventures, Sir Keith Mills Offers / Marketing
2/22/17 Creditas Series B $19Nasper's FinTech Arm, Redpoint Ventures, World Bank's
International Finance Corp Online Lending
2/20/17 True Balance Series B $15 SoftBank VenturesMobile Balance
Management
2/20/17 Kakao Pay NA $200 Ant Financial Mobile Payments
2/13/17 CrediFi Corp Series B $1331Ventures, Battery Ventures, Carmel Ventures, Liberty Israel
Venture Fund, OurCrowd, StaxData / Analytics
Notes: Source: CapitalIQ and Pitchbook.
23
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
2/9/17 Better Mortgage Inc. Series B $15Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook
PartnersMortgage Origination
2/8/17 Exactuals LLC Series A $10 City National Bank, TTV Capital Vertical Payments
2/2/17 Paytm E-Commerce NA $200 Alibaba, SAIF Partners eCommerce
1/31/17 Feedvisor Ltd. Series B $20General Catalyst Partners, JAL Ventures, Oryzn Capital, Square
Peg Capital, Titanium InvestmentseCommerce
1/31/17 Knock Series A $33Correlation Ventures, FJ Labs, Great Oaks Venture Capital,
Greycroft, Redpoint, RRE VenturesReal Estate Tech
1/30/17 Earnix NA $14Jerusalem Venture Partners, Israel Growth Partners, Vintage
Investment PartnersData / Analytics
1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management
1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain
1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments
1/13/17 HouseCanary Series A $33 Alpha Edison, Europlay Capital Advisors, Raven Ventures Real Estate Data / Analytics
1/12/17 Funding Circle Series F $82Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union
Square VenturesOnline Lending
1/11/17 CompareEuropeGroup Ltd. Series A $20ACE & Company, Nova Founders Capital, Pacific Century Group,
SBI Holdings Inc.Lead Gen
1/11/17 iZettle AB NA $60American Express Co, Creandum, Index Ventures, Intel Capital,
MasterCard Inc., Northzone VenturesPOS
1/10/17 Advanon AG Series A $14 b-to-v Partners, Swisscom Ltd., VI Partners Online Lending
1/10/17 MobileCause Inc. Series B $15 Level Equity Management LLC Crowdfunding
1/9/17 Activehours Inc. NA $22Felices Ventures, March Capital Partners, Matrix Management
Corp., Ribbit Capital LPOnline Lending
1/9/17 FreeCharge NA $57 SnapDeal Mobile Payments
1/5/17 CloudCraze LLC Series B $20 Insight Venture Partners, Salesforce Ventures B2B Commerce
1/5/17 Payfone Series E $24American Express Ventures, BlueCross BlueShield Venture
Partners, Relay Ventures, Verizon VenturesFraud Protection
1/4/17 Credible Labs NA $10 Undisclosed Online Lending
Notes: Source: CapitalIQ and Pitchbook.
24
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
1/4/17 Magento Commerce NA $250 Hillhouse Capital Management eCommerce
1/3/17 Monese Series A $10 Exponential Ventures, Korea Investment Partners, STE Capital Digital Banking
1/3/17 Tandem Bank NA $43 House of Fraser Digital Banking
12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS
12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending
12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending
12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards
12/7/16 Nubank Series D $80Digital Sky Technologies, Founders Fund, QED Investors, Sequoia
Capital, Tiger Global ManagementOnline Banking
12/5/16 MoneyLion Inc. Series A $11Citizen VC, Clocktower Technology Ventures, Edison Partners,
FinTech Collective, Montage Ventures Online Lending
11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software
11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments
11/24/16 Ximu Financial Information Services Series A $15China Merchants Venture Capital Management Co., Ltd., Zhixin
CapitalRating Agency
11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS
11/23/16 Udaan.com Series A $10 Lightspeed Venture Partners India, Lightspeed U.S. Trading Platform
11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software
11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc.Electronic Transaction
Software
11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software
11/10/16 Teamleader NV Series B $10 Fortino Capital CRM / Invoicing Software
11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software
11/1/16 StayClassy Productions Inc. Series C $30Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril
Capital Management, Salesforce VenturesCrowdfunding
Notes: Source: CapitalIQ and Pitchbook.
25
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
10/26/16 nanoPay Corporation Series A $10APAGM Services, Goldman Sachs Merchant Banking Division,
Jarnac Capital Management, RohattonDigital Currency
10/25/16 Lendio Inc. Series D $20Blumberg Capital, Comcast Ventures, Napier Park Global Capital,
North Hill Ventures, Stereo Capital, Tribeca Venture PartnersOnline Lending
10/24/16 AEVI NA $11 Adveq Management POS
10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring
10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway
10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software
10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments
10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software
10/18/16 SecureKey Technologies Inc. Series D $21Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank
Financial GroupIdentity / Authentication
10/13/16 TouchBistro Series B $13BDC Capital, Huff Capital, Kensington Capital Partners, Relay
Ventures, Round 13 Holdings Inc.POS
10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software
10/7/16 FlexiLoans NA $15 Angel Investors Online Lending
10/5/16 Money Forward Series D $11Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture
Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga BankAccounting Software
10/4/16 Iwoca Ltd. Series C $27Prime Ventures, Acton Capital Partners, Commerz Ventures,
Global Founders Capital, Redline CapitalOnline Lending
9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer
9/30/16 Financeit NA $17 DNS Capital LLC, The Pritzker Organization Consumer Finance
9/30/16 Payoneer NA $180 Technology Crossover Ventures, Susquehanna Growth Equity Cross-Border Payments
9/29/16 Kyriba Corp. NA $23 Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC Treasury Software
9/29/16 Apttus Corporation NA $88Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment
Management LLC, Kuwait Investment AuthorityQuote-To-Cash
9/26/16 Juzhen Financials Series A $23 Fenbushi Capital, Wanxiang Blockchain
Notes: Source: CapitalIQ and Pitchbook.
26
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software
9/22/16 51Credit Series C $310Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe
Capital ManagementOnline Lending
9/22/16 Avalara Inc. Series D $96Sageview Capital, Technology Crossover Ventures, Warburg
PincusTax Software
9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending
9/21/16 Nav, Inc Series B $25Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers,
Peak Venture Partners, Tencent Holdings Ltd.Business Lending
9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies
9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending
9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation
9/13/16 Uno Home Loans NA $17 Westpac Mortage Software
9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics
9/8/16 SmartAsset Series B $12Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin
Venture Partners, New York Life, Peterson Ventures, TTV Capital, Financial Education
9/1/16 Boku Series E $14Benchmark, DAG Ventures, GMO Payment Gateway, Index
Ventures, Khosla Ventures, New Enterprise AssociatesMobile Payments
8/30/16 Paytm NA $60 MediaTek Mobile Commerce
8/30/16 Behalf Series C $27Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity,
Vintage Ventures Management Ltd.SMB Lending
8/26/16 MobiKwik NA $40 NET 1 UEPS Technologies, Inc. Mobile Payments
8/22/16 InCred Finance Series A $75 Alpha Capital Partners, IDFC Alternatives Ltd. Online Lending
8/22/16 LendUp Series C $48Bronze Investments, Data Collective, Google Ventures, QED
Investors, Radicle Impact, Susa Ventures, SV Angel, Thomvest Online Lending
8/17/16 Clara Lending NA $27 Redpoint Ventures, Venrock Mortgage Technology
8/15/16 Nymbus NA $12 Vensure Enterprises Banking Software
8/8/16 Yunnex Series B $45 Ajisen Ramen, GSR Ventures POS
Notes: Source: CapitalIQ and Pitchbook.
27
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
8/5/16 Mosaic NA $220 Core innovation Capital, Obvious Ventures, Warburg Pincus Online Lending
7/28/16 Paidy Series B $15 Arbor Ventures, Eight Roads, Itochu Corp., SBI Holdings, SIG Asia eCommerce Payments
7/27/16 Gongzi Qianbao NA $30 SBCVC Payroll
7/25/16 QwikCilver Solutions Private Limited NA $10 Accel, Amazon, Helion Venture Partners, Sistema Asia Fund Gift Cards
7/20/16 Deposit Solutions NA $17e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar
VenturesOpen Banking Platform
7/20/16 Omise Series B $18500 Startups, Ascend Money, Golden Gate Ventures, SBI
Investment, Sinar Mas Digital VenturesGateway
7/19/16 CommonBond, Inc. Series C $30August Capital, NB Private Equity Partners, Nyca Partners, Social
Capital, Tribeca Venture Partners, Victory Park CapitalOnline Lending
7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending
7/13/16 i3 Verticals NA $10 Undisclosed Merchant Processing
7/11/16 WeSwap.com Series B $10 Ascot Capital Partners, EC 1 Capital, IW Capital Multi-Currency Prepaid
7/7/16 Coinbase, Inc. Series D $11 Mistubishi Capital, Sozo Ventures, Bank of Tokyo Bitcoin
7/7/16 Payment Card Technologies NA $13 Undisclosed Debit
7/4/16 NeoGrowth Credit NA $35Aspada, IFMR Investments, IIFL Private Wealth Management,
Khosla Impact, Omidyar Network, Quona CapitalOnline Lending
6/28/16 BizFi NA $20 Metropolitan Equity Partners Online Lending
6/28/16 PredictSpring Series A $11Beanstalk Ventures, Benvolio Group, Felicis Ventures, Novel TMT
VenturesMobile Commerce
6/28/16 Lendingkart. ltd. Series B $32Bertelsmann India, Darrin Capital, India Quotient, Mayfield,
Saama CapitalOnline Lending
6/27/16 D3 Banking Series E $16 West Partners Online Banking
6/23/16 Circle Internet Financial Series D $60Accel, Baidu, Breyer Capital, China Everbright, CreditEase,
General Catalyst Partners, IDG Capital PartnersMoney Transfer
6/22/16 Pearl Capital NA $20 Arena Investors SMB Finance
6/21/16 Number26 GmbH Series B $40Battery Ventures, Earlybird Venture Capital, Horizons Ventures,
Redalpine Venture Partners, Valar VenturesMobile Banking
Notes: Source: CapitalIQ and Pitchbook.
28
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
PAYMENTS / BANKING
($MM)
Announced Target
Date Target Series Amount Investors Subsector
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 $14Carsales.com, Cultivation Capital, Rampersand, Reinventure
GroupeCommerce 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 $11Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA
Ventures, Partech Ventures, Securian, Tekton VenturesOnline 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 $23Baseline 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
Notes: Source: CapitalIQ and Pitchbook.
29
SECTION III: Securities / Capital Markets /
Data & Analytics
30
(1)
Public Company Valuations: Financial Metrics
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
5/19/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Exchanges - AmericasCME Group Inc. $116.83 $92.29 $127.60 $39,698 $857 $40,555 10.8x 10.3x 15.2x 14.0x 24.0x 22.3x 12.1% 2.0 4.0% (0.5%)Intercontinental Exchange, Inc. 59.32 48.15 61.98 35,121 5,686 40,876 8.8x 8.4x 13.7x 12.7x 19.8x 17.6x 13.7% 1.4 3.3% 0.9%BM&FBOVESPA S.A. 5.83 4.55 6.33 11,878 (359) 11,522 14.9x 13.3x 21.8x 19.0x 17.4x 16.7x 15.8% 1.1 8.5% 21.3%Nasdaq, Inc. 67.44 61.19 72.52 11,140 3,169 14,309 6.0x 5.7x 11.8x 11.1x 16.4x 15.1x 9.8% 1.7 14.4% 7.3%CBOE Holdings, Inc. 85.04 61.58 86.28 9,528 1,292 10,833 10.8x 9.6x 17.3x 14.4x 25.1x 22.1x 32.4% 0.8 52.8% 108.9%TMX Group Limited 52.47 37.06 58.99 2,900 462 3,362 6.1x 5.9x 11.3x 10.7x 15.2x 14.1x NM NM (8.1%) 0.2%Bolsa Mexicana de Valores, S.A.B. de C.V. 1.72 1.41 1.91 1,018 (118) 907 5.5x 5.2x 10.1x 9.6x 17.7x 16.5x 11.9% 1.5 18.6% 5.1%
Mean 9.0x 8.3x 14.5x 13.1x 19.4x 17.8x 16.0% 1.4 13.4% 20.4% Median 8.8x 8.4x 13.7x 12.7x 17.7x 16.7x 12.9% 1.5 8.5% 5.1%
Exchanges - AsiaHong Kong Exchanges and Clearing Limited $25.14 $22.48 $27.39 $30,700 ($27,067) $3,648 2.3x 2.0x 3.2x 2.8x 35.9x 30.9x 3.2% 11.3 10.0% 10.6%ASX Limited 38.27 32.36 39.33 7,401 (734) 6,668 11.3x 10.7x 14.8x 14.0x 22.2x 21.2x 4.4% 5.0 (11.0%) 1.5%Singapore Exchange Limited 5.21 5.02 5.66 5,573 (529) 5,043 8.5x 7.8x 14.4x 12.8x 21.8x 18.7x 3.1% 7.0 8.5% (5.2%)Bursa Malaysia Berhad 2.40 1.90 2.41 1,289 (115) 1,177 9.3x 9.0x 15.7x 15.1x 25.1x 24.1x 4.5% 5.6 13.9% (6.6%)
Mean 7.8x 7.4x 12.0x 11.2x 26.3x 23.7x 3.8% 7.2 5.3% 0.1% Median 8.9x 8.4x 14.6x 13.4x 23.7x 22.7x 3.8% 6.3 9.2% (1.8%)
Exchanges - EuropeDeutsche Börse Aktiengesellschaft $99.98 $74.00 $106.23 $18,676 $649 $19,491 6.9x 6.4x 11.8x 10.9x 18.4x 16.4x 11.5% 1.6 (4.6%) (3.4%)London Stock Exchange Group plc 45.09 29.44 45.52 15,709 (1,265) 15,071 6.6x 6.2x 12.9x 11.6x 23.4x 20.8x 15.5% 1.5 12.2% 2.4%Bolsas y Mercados Españoles 36.10 23.18 37.61 2,999 (362) 2,638 7.3x 7.3x 10.9x 11.1x 17.3x 17.3x NM NM 6.6% (6.5%)JSE Limited 10.57 9.21 14.22 904 (153) 751 4.6x 4.0x 12.0x 9.7x 16.8x 13.8x 4.6% 3.6 (5.9%) 16.0%GPW 12.49 8.27 13.03 524 (31) 494 6.0x 5.9x 10.4x 9.9x 16.0x 14.7x NM NM 10.6% 5.6%Hellenic Exchanges - Athens Stock Exch. 5.98 4.31 6.30 361 (109) 252 7.4x 5.9x 19.9x 12.2x 34.1x 29.3x 10.6% 3.2 29.9% (50.1%)
Mean 6.4x 6.0x 13.0x 10.9x 21.0x 18.7x 10.5% 2.5 8.1% (6.0%) Median 6.7x 6.0x 11.9x 11.0x 17.9x 16.8x 11.0% 2.4 8.6% (0.5%)
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.
31
Public Company Valuations: Financial Metrics (Cont.)
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.(1) Financial metrics pro-forma for Yodlee acquisition.(2) Financial metrics reflect IHS / Markit merger.(3) Enterprise Value and Net Debt exclude Cash.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
5/19/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Investment Services, Software, & TechnologyBroadridge Financial Solutions, Inc. $73.35 $59.86 $73.56 $8,624 $997 $9,621 2.3x 2.2x 12.5x 11.9x 22.0x 20.4x NM NM 21.6% 46.5%SEI Investments Co. 50.08 42.12 52.60 7,948 (661) 7,287 4.9x 4.6x 13.3x 11.6x 22.3x 19.3x 13.5% 1.7 5.8% 7.7%SS&C Technologies Holdings, Inc. 36.94 26.15 38.18 7,536 2,336 9,872 5.9x 5.6x 14.3x 13.0x 19.1x 17.0x 16.0% 1.2 13.2% 25.8%DST Systems, Inc. 118.56 94.52 128.66 3,661 470 4,131 2.1x 1.8x 10.8x 9.1x 18.0x 15.7x 10.0% 1.8 29.2% 6.5%Financial Engines, Inc. 39.50 23.56 45.75 2,483 (138) 2,346 4.8x 4.3x 14.8x 12.8x 29.1x 25.6x 25.0% 1.2 14.2% 23.9%Envestnet, Inc. 35.55 30.80 41.47 1,558 245 1,803 2.7x 2.4x 14.4x 11.6x 28.3x 22.6x 20.0% 1.4 14.6% 19.7%
Mean 3.8x 3.5x 13.3x 11.7x 23.1x 20.1x 16.9% 1.4 16.5% 21.7% Median 3.8x 3.3x 13.8x 11.7x 22.1x 19.8x 16.0% 1.4 14.4% 21.8%
Financial Data, Content, & AnalyticsS&P Global Inc. $138.14 $99.15 $139.45 $35,612 $1,154 $36,766 6.3x 6.0x 13.5x 12.6x 22.3x 20.2x 13.1% 1.7 2.5% 8.4%Thomson Reuters Corporation 43.26 38.23 46.00 31,227 6,571 37,798 3.3x 3.2x 11.2x 10.8x 18.3x 17.0x 8.0% 2.3 1.5% 0.8%Moody's Corporation 114.75 87.30 119.99 21,952 1,813 23,765 6.2x 5.9x 13.1x 12.4x 21.6x 19.8x 10.2% 2.1 7.1% 19.5%IHS Markit Ltd. 44.30 32.78 44.47 18,097 3,574 21,671 6.1x 5.9x 15.6x 14.4x 21.5x 18.5x 14.0% 1.5 29.2% 53.9%Verisk Analytics, Inc. 79.41 75.60 87.40 13,130 2,129 15,259 7.3x 6.9x 14.8x 13.7x 25.0x 22.6x 10.1% 2.5 4.4% 2.0%MSCI Inc. 98.88 71.51 109.29 8,944 1,379 10,323 8.3x 7.7x 16.3x 14.7x 27.3x 23.5x 14.3% 1.9 8.2% 8.0%FactSet Research Systems Inc. 161.24 149.39 183.64 6,362 180 6,542 5.2x 4.8x 15.2x 14.0x 21.5x 19.8x 10.6% 2.0 9.8% 4.5%The Dun & Bradstreet Corporation 104.52 100.46 141.57 3,857 1,332 5,188 2.9x 2.8x 10.4x 9.8x 14.9x 14.2x 8.0% 1.9 3.9% 1.7%Morningstar, Inc. 73.41 67.74 85.49 3,152 (83) 3,069 3.6x 3.4x 13.2x 11.7x 31.2x 25.8x 12.0% 2.6 7.5% 9.1%Bankrate, Inc. 10.55 6.91 11.95 944 113 1,057 2.1x 1.9x 8.4x 7.4x 15.0x 12.7x 15.0% 1.0 16.3% 26.9%
Mean 5.1x 4.9x 13.2x 12.2x 21.9x 19.4x 11.5% 2.0 9.0% 13.5% Median 5.7x 5.3x 13.4x 12.5x 21.6x 19.8x 11.3% 2.0 7.3% 8.2%
Online Broker DealersThe Charles Schwab Corporation $38.26 $23.83 $43.65 $51,159 $4,052 $55,211 6.4x 5.7x NA NA 24.3x 19.9x 20.0% 1.2 15.9% 18.0%TD Ameritrade Holding Corporation 36.62 26.37 47.41 19,338 1,765 21,103 5.7x 5.0x 12.5x 10.3x 21.8x 18.0x 18.7% 1.2 11.4% 6.8%E*TRADE Financial Corporation 34.05 21.52 38.61 9,362 2,612 11,974 5.3x 4.9x NA NA 17.4x 15.0x 16.2% 1.1 7.4% 12.1%Interactive Brokers Group, Inc. 34.93 31.97 40.38 2,375 4,638 7,013 4.9x 4.4x 7.6x 6.9x 25.6x 22.2x 13.5% 1.9 (0.3%) (19.8%)GAIN Capital Holdings, Inc. 5.94 4.54 8.75 283 (110) 173 0.5x 0.5x 3.6x 2.1x 69.9x 8.5x NM NM (17.4%) (49.6%)Global Brokerage, Inc. 1.90 1.45 11.50 12 163 175 NA NA NA NA NA NA NM NA NA (35.7%)
Mean 4.6x 4.1x 7.9x 6.4x 31.8x 16.7x 17.1% 1.3 3.4% (11.4%) Median 5.3x 4.9x 7.6x 6.9x 24.3x 18.0x 17.4% 1.2 7.4% (6.5%)
(3)
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(3)
(3)
(3)
(1)
(2)
32
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA
5/10/17 Cinnober Financial Technology AB Ancoa Software Ltd. Analytics NA NA
5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA
5/9/17 Apex Fund Services (Bermuda) ltdEquinoxe Alternative Investment
ServicesFund Administration NA NA
5/3/17 ETF Securities Ltd.ANZ ETFS Management (AUS) Limited
(nka:ETFS Management (AUS) Limited)Exchange Traded Products NA NA
5/2/17 Ncontracts LLC Supernal Software, LLC Risk Management NA NA
4/27/17 Invesco Ltd. Source UK Services Limited Exchange Traded Products NA NA
4/27/17 AdvisorEngine, Inc. Kredible Technologies, Inc. Broker Software NA NA
4/26/17 Virtus Partners Holdings, LLC Alphakinetic Limited Fund Management Software NA NA
4/20/17 Brelion, LLC Peer Realty, LLC Crowdfunding NA NA
4/18/17 Investment Grade Technologies LLC TradeWarrior Inc. Broker Software NA NA
4/18/17 Investoo Group 100ForexBrokers.com FX Lead Gen NA NA
4/7/17 StatPro Group plc UBS Delta AG Risk / Analytics $14 0.8x
4/3/17 Cowen Group, Inc. ConvergEx Group, LLC Trading Platform $116 0.6x
3/27/17 DST Systems, Inc.International Financial Data Services
Ltd.Shareholder Servicing $350 NA
3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA
3/21/17 Sterling Trading Tech CBOE Livevol, LLC, Livevol X Trading Platform NA NA
3/20/17 FactSet Research Systems Inc. BI-SAM Technologies S.A. Risk / Analytics NA NA
3/17/17 BinckBank N.V. Pritle N.V. Robo Advisors $13 NA
3/16/17 Horizon21; H21 Macro Ltd. Leonteq AG Investment Platform NA NA
Selected Recent Acquisitions – Trailing 12 Months
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
33
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
3/15/17 Virtu Financial, Inc. KCG Holdings, Inc. Trading Services $1,268 0.9x
3/9/17 Broadridge Financial Solutions, Inc. Message Automation Limited Trade Processing NA NA
3/8/17 Numerix LLC TFG Financial Systems Risk NA NA
3/7/17 Hellman & Friedman LLC; GIC Pte. Ltd. Allfunds Bank S.A. Mutual Fund Platform $1,904 NA
3/3/17 European Energy Exchange AG Nodal Exchange, LLC Exchanges NA NA
3/1/17 Payward, Inc. Cryptowatch Analytics NA NA
2/21/17 Covisum, LLC PrairieSmarts, LLC Risk Platform NA NA
2/15/17 Moody's CorporationSCDM Germany GmbH, Structured
Finance Data and Analytics BusinessData / Analytics NA NA
2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA
2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA
2/6/17 Thomson Reuters Corporation Clarient Global LLC Regulatory Data NA NA
2/1/17 BT Group plc IP Trade SA Trading Technology NA NA
2/1/17 StoneCastle Insured Cash Sweep, LLC Intermedium Financial LLC Broker Software NA NA
1/30/17 Compliance Solutions StrategiesAdvise Technologies, Ascendant
Compliance Management, The Regulatory Tech NA NA
1/27/17 Linedata Services 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 $2 NA
1/18/17North Capital Investment Technology
Inc.Access Investors Network, Inc. Investing Platform NA NA
1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
34
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing $20 NA
1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA
1/4/17NewSpring Capital; NewSpring
Holdings L.P.Vertical Management Systems, Inc. Capital Markets Software NA NA
1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA
12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA
12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA
12/9/16 comdirect bank Aktiengesellschaft OnVista AG Online Broker NA NA
12/5/16Benefit Plans Administrative Services,
Inc.Northeast Retirement Services, LLC Fund Administration $115 NA
12/1/16 Ascensus, Inc. National Retirement Services, Inc. Fund Administration NA NA
11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA
11/28/16 Virtu Financial, Inc.Teza Technologies, Select Strategic
Telecommunications AssetsTrading Platform NA NA
11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA
11/28/16 Insurance Services Office, Inc. IntelliStance, LLC Data / Analytics NA NA
11/21/16 London Stock Exchange Group plc Mergent, Inc. Data / Analytics 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 $2,792 NA
10/24/16 SS&C Technologies Holdings, Inc. Salentica Inc. Broker Software NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
35
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
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 $3,697 1.9x
9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA
9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA
9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA
9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA
9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA
9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA
8/25/16 BGC Partners, Inc. Perimeter Markets Inc. Trading Platform NA NA
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 $97 3.4x
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
36
Selected Recent Acquisitions – Trailing 12 Months (Cont.)
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
7/7/16 Legg Mason, Inc. Financial Guard LLC Robo Advisors NA NA
6/30/16Teachers Insurance & Annuity
Association of America, Endowment MYVEST CORP Advisor Software NA NA
6/20/16 Markit Ltd. Prism Valuation Inc. Risk & Analytics NA NA
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 $6 NA
5/25/16 Bregal Sagemount Discovery Data Data / Analytics NA NA
37
Selected Recent Equity Financings – Trailing 12 Months
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)
Announced Target
Date Target Series Amount Investors Subsector
5/16/17 Symphony Communication Services Series C $63 BNP Paribas, Goldman Sachs, Google Messaging
5/11/17 Wealthsimple NA $37 Power Financial Corp. Robo-Advisor
5/4/17 Fumi Technology Series A $15 Hongdao Fund, Mobai Capital, Shunwei Capital Trading Platform
4/26/17 Quovo NA $10 F-Prime Capital, Napier Park Global API Manager
4/13/17 55 Capital Series A $10 Calibrate Management, Point72Ventures, Tectonic Ventures Advisor Software
3/31/17 The Naga Group AG Series A $13 Fosun Trading Platform
2/19/17 One Tap Buy NA $13Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho
SecuritiesTrading Platform
2/16/17 OpenFin Series B $15Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca
Partners, Pivot Investment PartnersTrading Platform
2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform
1/31/17 Wealthsimple NA $15 Power Financial Corp. Robo 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 $18Andreessen Horowitz, Digital Currency Group, Euclid
Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson Distributed Ledger
12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo-Advisor
12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo-Advisor
11/17/16 Peer Street Inc. Series A $15Andreessen Horowitz, Felicis Ventures, The Kaiser Family
Foundation, Montage Ventures, Rembrandt Venture PartnersCrowdfunding
11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics
11/14/16 Quantopian Series C $25Andreessen Horowitz, Bessemer Venture Partners, Khosla
Ventures, Point72 Asset Management, Spark CapitalTrading Technology
11/14/16 Nutmeg Saving and Investment Ltd. NA $32Amanda Investment Group, Balderton Capital Management,
Pentech Ventures, SchrodersRobo-Advisor
11/14/16 Roofstock Inc. Series B $20Bain Capital Ventures, Khosla Ventures, Lightspeed Venture
Partners, Nyca Partners, QED Investors, SV AngelCrowdfunding
Notes: Source: CapitalIQ and Pitchbook.
38
Selected Recent Equity Financings – Trailing 12 Months (Cont.)
SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)
Announced Target
Date Target Series Amount Investors Subsector
11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells FargoTrading / Regulatory
Software
10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software
10/26/16 AX Trading Group NA $20 Undisclosed Trading Platform
10/17/16 InnoTREE Network Tech Co. Series B $15 Baoli (Hengqin) Capital Management Data / Analytics
10/12/16 Cloud9 Technologies NA $30JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson
Ridge Asset ManagementTrading Technology
9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics
9/21/16 OurCrowd Ltd. Series C $72 Undisclosed Investors Crowdfunding
9/14/16 InvestCloud NA $25 Undisclosed Investors Broker Software
9/12/16 Quandl Series B $12 August Capital, Nexus Venture Partners Data / Analytics
8/18/16 Lancai Series B $27 Letv.com Investing Platform
8/17/16 Crowdcube NA $11 Balderton Capital Crowdfunding
7/22/16 Fantex NA $59 Undisclosed Trading Platform
7/13/16 OpenDoor Trading NA $10 J F Hartfield & Company Trading Platform
7/6/16 National Stock Exchange of India NA $135 Veracity Insurance Solutions Exchanges
6/19/16 Quoine Series A $20 JAFCO Bitcoin Trading
6/7/16 NexusCrowd NA $16 Downing Street Financial Crowdfunding
Notes: Source: CapitalIQ and Pitchbook.
39
SECTION IV: Insurance / Benefits
40
Public Company Valuations: Financial Metrics
INSURANCE / BENEFITS
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
5/19/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $83.05 $61.21 $85.59 $18,274 $7,452 $25,726 3.2x 3.0x 12.7x 11.6x 18.4x 15.9x 13.8% 1.3 49.7% 72.5%Verisk Analytics, Inc. 79.41 75.60 87.40 13,130 2,129 15,259 7.3x 6.9x 14.8x 13.7x 25.0x 22.6x 10.1% 2.5 4.4% 2.0%athenahealth, Inc. 130.41 90.11 142.40 5,195 186 5,380 4.4x 3.8x 20.5x 16.8x 69.8x 53.1x 25.1% 2.8 12.9% 11.4%Guidewire Software, Inc. 62.04 49.18 64.00 4,588 (583) 4,005 7.6x 6.5x 46.7x 27.9x 90.7x 56.3x 18.5% 4.9 17.9% 13.2%Ebix, Inc. 55.00 44.43 65.10 1,734 186 1,920 5.9x 5.5x 16.4x 15.0x 18.5x 17.4x 15.0% 1.2 8.4% 11.3%Crawford & Company 8.71 7.40 14.37 489 175 665 0.6x 0.6x 4.9x 4.4x 11.8x 10.0x 10.0% 1.2 1.7% (3.6%)Polaris Consulting & Services Limited 3.46 2.19 3.59 353 (82) 271 NA NA NA NA NA NA NM NA NA 14.8%Symbility Solutions Inc. 0.36 0.25 0.41 86 (6) 80 2.7x 2.4 51.8 40.6 NM NA NM NM 17.6% 14.8%
Mean 4.5x 4.1x 24.0x 18.6x 39.0x 29.2x 15.4% 2.3 16.1% 17.1% Median 4.4x 3.8x 16.4x 15.0x 21.8x 20.0x 14.4% 1.9 12.9% 12.3%
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.
41
Selected Recent Acquisitions – Trailing 12 Months
INSURANCE / BENEFITS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
5/17/17 Advanced Solutions International, Inc. Innovative Software Solutions, Inc. Benefits Software NA NA
5/3/17 Genpact Limited BrightClaim, Inc. Claims Management NA NA
4/27/17 Disruptive Capital Finance LLP REG UK Ltd. Insurance Risk Management $10 NA
4/25/17 Vertafore, Inc. RiskMatch, LLC Insurance Analytics NA NA
4/6/17 Open GI Limited Transactor Global Solutions Limited Insurance Software $50 NA
3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech $490 NA
2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA
2/21/17 CareCredit, LLCCitibank, N.A., Citi Health Card
PortfolioHealthcare Payments NA NA
2/15/17 Sapiens International Corporation N.V. StoneRiver, Inc. Insurance Tech $102 1.3x
2/14/17 Riverside Partners LLCMedical Reimbursements of America,
Inc.Revenue Cycle Management NA NA
2/10/17 The Blackstone Group L.P.Aon plc, Benefits Administration and
HR Business Process Outsourcing Benefits Platform $4,800 2.1x
2/9/17 Charles Taylor InsureTech Limited Otak Limited Insurance Tech NA NA
2/8/17 Compare Africa Group TopCheck UG (haftungsbeschränkt) Lead Gen NA NA
2/7/17 Centauri Health Solutions, Inc. Human Arc Corporation Revenue Cycle Management NA NA
1/26/17 Insurity, Inc. Valen Technologies, Inc. Insurance Data / Analytics NA NA
1/25/17PlanSource Benefits Administration,
Inc.Next Generation Enrollment, Inc. Benefits Software NA NA
1/19/17Inflexion Private Equity Partners LLP;
Inflexion Enterprise Fund IVMy Policy Limited Telematics $49 NA
1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA
12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA
12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA
42
Selected Recent Acquisitions – Trailing 12 Months (Cont’d)
INSURANCE / BENEFITS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA
12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA
11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA
11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance $1,430 NA
11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA
11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA
10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA
10/6/16New Mountain Capital, LLC; New
Mountain Partners IV, L.P.; Eir PartnersConvey Health Solutions, Inc. Healthcare Insurance Administration NA NA
10/5/16Shenzhen Investment Holdings Co.,
Ltd.; Shenzhen Qianhai Financial ACR Capital Holdings Pte. Ltd. Reinsurance NA NA
9/29/16 Applied Systems, Inc.IS2, eTrading Platform for Personal
LinesInsurance Trading NA NA
9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA
9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA
9/26/16 IRESS Limited Financial Synergy Pty. Limited Insurance Software $67 3.2x
8/9/16 Applied Systems, Inc. Relay Software Limited Insurance Software NA NA
8/4/16 Guidewire Software, Inc. FirstBest Systems, Inc. Risk Assessment $34 NA
8/4/16 Benefit Express Services, LLC Transcend Technologies Group, Inc. HR Software NA NA
7/21/16 GoHealth, LLC 1SourceAdmin LLC HR Software NA NA
6/29/16 Global Healthcare Exchange, LLC H-Card, LLC Healthcare Payments NA NA
6/7/16 Connecture, Inc. ConnectedHealth, LLC Benefits Tech $7 NA
43
Selected Recent Equity Financings – Trailing 12 Months
INSURANCE / BENEFITS
($MM)
Announced Target
Date Target Series Amount Investors Subsector
5/12/17 Vet+a NA $27 Kartesia Advisor Insurance Software
5/10/17 Clover Health Series D $130First Round Capital, Google Ventures, Greenoaks Capital
Management, Palm Drive Capital, Sequoia CapitalInsurance Admin
5/2/17 One Inc. NA $16American Family Ventures, AXA Strategic Ventures, Centana
Growth Partners, MassMutual VenturesInsurance Software
4/27/17 Singapore Life Series A $50 Impact Capital Holdings, IPGL Insurance Software
4/25/17 Hibob Series A $18Arbor Ventures, Battery Ventures, Bessemer Venture Partners,
Eight Roads VenturesHR Software
4/20/17 Lemonade Inc. NA NA Allianz Insurance
4/10/17 Next Insurance Series A $25Munich Re/HSB Ventures, Ribbit Capital, TLV Partners;, Zeev
VenturesInsurance Tech
4/10/17 BIMA NA $17 Axiata Digital Insurance Tech
4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech
4/4/17 Amino Series C $25Highland Capital Management, Accel, Aspect Ventures, CRV,
Northwestern Mutual Future Ventures, Pilot Wall GroupBenefits Software
3/30/17 Decisely NA $60Two Sigma Private Investments, EPIC Insurance Brokers and
ConsultantsBenefits Software
3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech
3/21/17 Jellyvision Series B $20 Updata Partners HR Software
3/17/17 simplesurance NA $21Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66
VenturesInsurance Tech
2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace
2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software
1/5/17 Namely Inc. Series D $50Altimeter Capital, Four Rivers Group, Greenspring Associates,
Matrix Partners, Scale Venture Partners, Sequoia CapitalHR / Benefits Software
12/5/16 Lemonade Inc. Series B $34Aleph, General Catalyst, Google Ventures, Sequoia Capital,
Thrive Capital, Tusk Ventures, XL InnovateInsurance
11/15/16 CareCloud Series C $32Adams Street Partners, Blue Cloud Ventures, First Data, Intel
Capital, Norwest Venture Partners, PNC Financial Services Group, Revenue Cycle Management
11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen
Notes: Source: CapitalIQ and Pitchbook.
44
Selected Recent Equity Financings – Trailing 12 Months (Cont’d)
INSURANCE / BENEFITS
Notes: Source: CapitalIQ and Pitchbook.
($MM)
Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA
12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA
11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA
11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance $1,430 NA
11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA
11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA
10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA
10/6/16New Mountain Capital, LLC; New
Mountain Partners IV, L.P.; Eir PartnersConvey Health Solutions, Inc. Healthcare Insurance Administration NA NA
10/5/16Shenzhen Investment Holdings Co.,
Ltd.; Shenzhen Qianhai Financial ACR Capital Holdings Pte. Ltd. Reinsurance NA NA
9/29/16 Applied Systems, Inc.IS2, eTrading Platform for Personal
LinesInsurance Trading NA NA
9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA
9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA
9/26/16 IRESS Limited Financial Synergy Pty. Limited Insurance Software $67 3.2x
8/9/16 Applied Systems, Inc. Relay Software Limited Insurance Software NA NA
8/4/16 Guidewire Software, Inc. FirstBest Systems, Inc. Risk Assessment $34 NA
8/4/16 Benefit Express Services, LLC Transcend Technologies Group, Inc. HR Software NA NA
7/21/16 GoHealth, LLC 1SourceAdmin LLC HR Software NA NA
6/29/16 Global Healthcare Exchange, LLC H-Card, LLC Healthcare Payments NA NA
6/7/16 Connecture, Inc. ConnectedHealth, LLC Benefits Tech $7 NA
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