fintech sector report · 2019-09-07 · fintech public company valuation financial saas outperforms...

FINTECHSECTOR REPORT

April 2019

2

GCA acted as exclusive financial advisor to zipLogix, a leading provider of real estate transaction management software, on its sale to Lone Wolf Technologies, a portfolio company of Vista Equity Partners.

TRANSACTION DETAILS

Closed

April 2019

SECTOR

Residential Real Estate

Technology

DEAL TYPE

M&A

Transaction Summary

▪ On April 22, 2019, Lone Wolf Technologies (“Lone Wolf”) announced that it had completed the acquisition of zipLogix LLC (“zipLogix” or the “Company”)

− Financial terms of the transaction were not

disclosed

▪ Headquartered in Fraser, Michigan, zipLogix is the leading provider of real estate transaction forms and transaction documentation management software for the residential real estate sector

▪ Lone Wolf, a portfolio company of Vista Equity Partners, provides real estate software solutions, such as back office management, marketing and e-signature platforms, to more than 20,000 real estate offices across North America

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

Strategic Rationale

▪ zipLogix will immediately establish Lone Wolf as the leader in real estate transaction forms

− zipLogix management has advanced market

penetration in the Company’s forms business having

successfully developed strong upsell opportunities

including e-signature, CRM and database linking

solutions

▪ Lone Wolf will support zipLogix’s continued operations and leverage the combined Company’s cross-selling opportunities

▪ The combined company will service over 1.4 million agents, 20,000 offices, and 1,000 MLSs and Associations in the U.S. and Canada

CASE STUDY: SALE OF ZIPLOGIX TO LONE WOLF TECHNOLOGIES

3

Payments / Billing / Money Transfer

Online / Alternative Lending

Investment & Wealth Technology

Banking Technology

Real Estate & Mortgage Technology

Blockchain / Crypto

Insurance Technology

BUSINESS MODEL COVERAGE

GCA has created an 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 ecosystem

BROAD AND DEEP FINTECH PRACTICE

KEY GCA STATS SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC

& FINANCIAL CONTACTS

Regulatory Technology

Trading & Capital Markets Technology

SaaS and

Enterprise

Software

Information

Services /

Data &

Analytics

Tech-

Enabled

Services

Transaction

Processing

400+ Bankers globally

21

375+Transactions 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 FreimanDirectorFinTech

Phone: (212) 999 - 7075Mobile: (973) 229 - 0436 [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 Banking & Lending Tech

We Advised Skyslope

Majority sale to

Payments

We Advised Radius

Financing fromAcquired 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 ClearentWe 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

Preferred Financing

We advised Loanboox

Banking & Lending Tech

We advised Bowmark Capital

Financial SaaS

Acquired

To

We advised zipLogix

Real Estate Tech

Acquired by

a portfolio company of

5

Select April Financing Transactions Select April M&A Transactions

Date Company Selected Investors Amount Date Target Buyer Value

4/30/19 $200 4/25/19 $325

4/30/19 $568 4/18/19 $113

4/11/19 $300 4/17/19 NA

4/8/19 $50 4/15/19 $82

4/3/19 $300 4/10/19 $170

4/2/19 $88 4/9/19 $850

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

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

$45 Bn | 1,529 Deals

LTM Financing Volume

$156 Bn | 767 Deals

LTM M&A Volume

$5 $7 $8

$19 $10 $10 $10

$3

Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

$32 $17

$46 $28 $26

$17

$92

$2

Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

$32.0

397397

378

308

216192

155

388

$19.4$17.9$12.7 $22.5$61.7

212

$240$77.1$147 $409$182$26.5

177

$124$25.5

225

$96.9

50130

$23.9

378

428

223

FINTECH DEAL DASHBOARD

Notes: Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 4/30/19. (1) Q2-19 data represents April only.

Both financing volume and M&A volume thus far in Q2 ‘19 lagged behind Q2 ’18

(1) (1)

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 4/30/19.

Information Services

Combined Market Cap: $37919/18 Rev. Growth: 6% 19 EBITDA Margin: 34%

4

Benefits Administration/Payroll

Combined Market Cap: $12419/18 Rev. Growth: 13%19 EBITDA Margin: 28%

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 4/30/19.

Payments

Combined Market Cap: $1,16219/18 Rev. Growth: 10% 19 EBITDA Margin: 27%

8

8

(30%)

(15%)

0%

15%

30%

45%

Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19

-10.5%

43.7%

32.0%

25.7%

30.6%

40.3%

4.4%

20.3%

-1.1%

-16.0%

FINTECH STOCK PRICE PERFORMANCE

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 4/30/19.

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

30.6% 40.3% 43.7% 20.3% 25.7% -10.5% 4.4% 32.0% -1.1% -16.0%

9

0.0x

2.5x

5.0x

7.5x

10.0x


4.7x

4.8x

7.7x

4.8x

5.4x5.6x

4.0x3.0x2.7x

9.3x

0%

5%

10%

15%

20%

25%

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

15A / 16A 16A / 17A 17A / 18E 18A / 19E

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

2016 2017 2018 2019E

FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS outperforms the FinTech market on a revenue growth and EV / ’19E Revenue basis

Notes:Source: CapIq.Market data as of 4/30/19.Lines display median multiples across comp groups for given year.

EV / ‘19E RevenueEV / Revenue

Median 18A/19E Revenue Growth to EV/’19E Revenue MultipleRevenue Growth

3.1x

4.8x

9.1%


8.5%


13.0%

3) Financial SaaS

20.2%


5.9%

5) Insurance Technology

10.1%


7.8%

7) Liquidity Venues

5.1%

8) Payments

9.9%

9) Real Estate & Mortgage Technology

9.7%


5.5%18

A /

19

E R

ev.

Gro

wth

4.4x

3.9x

9.5%

15.6%9.7% 1

2

3

4

5

6

7

89

10

10

0%

5%

10%

15%

20%

25%

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

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x


19.3x

13.8x

6.5x

14.7x14.8x

16.9x

12.4x

15.1x

17.5x

25.8x

0.0%

15.0%

30.0%

45.0%

60.0%

75.0%

15A / 16A 16A / 17A 17A / 18E 18A / 19E

0.0x

6.0x

12.0x

18.0x

24.0x

30.0x

2016 2017 2018 2019E

FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS outperforms the FinTech market on an EBITDA growth and EV / ‘19E EBITDA basis

Notes:Source: CapIq.Market data as of 4/30/19.Lines display median multiples across comp groups for given year.

EV / ‘19E EBITDAEV / EBITDA

Median 18A/19E EBITDA Growth to EV/’19E EBITDA MultipleEBITDA Growth

14.9x

1

2

3

4

56

7

8

910

14.0% 11.9%

18

A /

19

E

EBIT

DA

Gro

wth


9.8%


15.7%

3) Financial SaaS

20.3%


6.2%

5) Insurance Technology

13.2%


13.8%

7) Liquidity Venues

6.6%

8) Payments

13.1%

9) Real Estate & Mortgage Technology

10.4%


10.7%

12.1x

15.7x14.3x

9.8%11.9%

11

14.5x

17.2x

19.4x

21.1x

21.3x

22.9x

24.0x

26.3x

28.4x

28.4x

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 4/30/19.Long-term EPS growth covers last 5 years.

19%

20%

10%

16%

17%

8%

14%

17%

12%

14%

2.1

2.2

2.4

2.4

2.3

2.8

1.7

1.5

1.4

1.1

2019 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

4/30/19Arclight Securities, Castle Island Ventures, Cboe, CMT Digital, ConsenSys

Ventures, Dragonfly Capital Partners, DRW Venture Capital, ED&F Man Capital Series B - II $20

4/30/19 Group 11, Signia Venture Partners, Zeev Ventures Series B - II $30

4/30/19 MMC Ventures, Smedvig Capital Series E $20

4/30/19 Insight Partners, New Enterprise Associates, Pelion Venture Partners Series C $200

4/30/19Accel, capitalG, Coatue Management, Dragoneer Investment Group,

Institutional Venture Partners, Madrona Venture Group, Sands Capital, Sequoia Series D $568

4/25/19China Everbright Limited, China Merchants Capital, GGV Capital, Guotai Fund,

Xinda HanshiSeries D $100

4/24/1983North, Avigdor Willenz, David Strohm, Dell Technologies Capital, GGV

Capital, MS&AD Ventures, NTT DoCoMo, WRVI CapitalSeries B $32

4/23/19 Atlant Fonder, Dunross, Vostok Emerging Finance, Webrock Ventures Series B $11

4/23/19 Omidyar Network, PayU, Quona Capital, Reinventure, Ribbit Capital Series B $20

4/22/19 Loyal Valley Innovation Capital, Qicheng Capital Series C - III $26

4/19/19 Allianz Life Ventures, Piton Investment Management, William Blair Series A $11

4/18/19 Ally Ventures Series C - III $20

4/18/19Alta Ventures Mexico, Dalus Capital, Endeavor Catalyst, Kaszek Ventures, Oria

Capital, Riverwood Capital, Undisclosed InvestorsSeries C $50

4/18/19 Groupe Casino Series B $23

4/17/19CI Financial, FirePower Capital, Glenn Murphy, INFOR Financial, WD Capital,

Windsor Private CapitalSeries A $11

4/17/19 Index Ventures, Stripe Series B $40

4/17/19 Broadridge Financial Solutions, Goldman Sachs Principal Strategic Investments Series A $22

4/17/19 Affirm, Craft Ventures, TheVentureCity, Undisclosed Investors Series B $19

4/17/19Cambridge Innovation Capital, EQT Ventures, Parkwalk Advisors, Undisclosed

Angel InvestorsSeries B $33

4/17/19MassMutual, MassMutual Ventures, Synchrony Financial, TransUnion,

Wellington ManagementSeries G $24

4/16/19 Blenheim Chalcot, Legal & General Series C $33

4/15/19Allstate Strategic Ventures, Intel Capital, Starr Companies, State of Mind

VenturesSeries B $18

Liquidity Venues

Real Estate & Mortgage Tech.

Financial SaaS

Financial SaaS

Financial SaaS


Financial SaaS

Financial SaaS

Financial SaaS

Financial SaaS

Banking & Lending Technology




Financial SaaS


Financial SaaS

Financial SaaS


Payments



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

13

4/12/19 Undisclosed Investors Series A $28

4/11/19 Carrick Capital Partners, Goldman Sachs Series E $48

4/11/19 Infield Capital, Luminari Capital, Vision Ridge Partners Series D $17

4/11/19 ING, Prevision Sanitaria Nacional Series C $21

4/11/19Allianz X, General Catalyst, Google Ventures, OurCrowd, SoftBank Group,

Thrive CapitalSeries D $300

4/10/19 East Ventures, EDBI, Rakuten Ventures, Softbank Ventures Asia Series B $45

4/10/19 City National Bank, FinTech Collective, Point72 Ventures, Reciprocal Ventures Series A $11

4/9/19Bee Partners, Canaan Partners, Manulife Financial, Nyca Partners, Tola Capital,

XL InnovateSeries B $28

4/8/19Andreessen Horowitz, B Capital Group, CreditEase Fintech Investment Fund,

Formation 8, Foundation Capital, Foxhaven Asset Management, GreenSpring Series C $170

4/8/19 First National Bank of Omaha, HOOPP, Progressive Investment Company Series E $50

4/8/19Back in Black Capital, BESTSELLER, Brightfolk, Filip Engelbert, H&M Group,

Harvest Growth Capital, JFT Holdings, Jonas Nordlander, Justin Drees, Kool Unattributed VC $108

4/4/19 Franklin Templeton Investments Series B - II $30

4/3/19Baillie Gifford & Co., Fidelity Investments, Founders Fund, GIC, Lightspeed

Venture Partners, Moore Asset Backed Fund, Ribbit Capital, Sound Ventures, Series F $300

4/3/19 Accel, CME Ventures, Cristobal Conde, Dawn Capital Series E $10

4/3/19 Creandum, Redalpine Venture Partners, Valar Ventures Series B $30

4/3/19 FinVC, M12, Salesforce Ventures, SBI Group Series D $50

4/3/19Clal Insurance Enterprises Holdings, Digital Ventures, GF Investments, Harvey

Golub, Oak HC/FT Partners, Viola VenturesSeries C $25

4/2/19 Andreessen Horowitz, Polychain Capital Series A $30

4/2/19 Accomplice, FirstMark Capital, Juxtapose Series B $20

4/2/19Cross Creek Advisors, Fidelity Investments Canada, FleetCor Technologies,

Franklin Templeton Investments, Kayne Anderson Rudnick, MasterCard Series H $88

4/2/19Allianz Life Ventures, BNY Mellon, Commerce Ventures, F-Prime Capital,

FinTech Collective, Franklin Resources, Goldman Sachs Principal Strategic Series B $30



Financial SaaS

Financial SaaS

Financial SaaS



Payments




Payments




Payments


Payments

Financial SaaS

Financial SaaS


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

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

Date

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

14

SELECTED RECENT M&A ACTIVITY

Notes: Source: CapIq. Pitchbook. 451 Group.Selected deals from last calendar month.

Date Enterprise EV / Revenue EV / EBITDA

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

4/25/2019 $325 NA NA

4/24/2019 NA NA NA

4/20/2019 NA NA NA

4/18/2019 $113 NA NA

4/17/2019 NA NA NA

4/16/2018 NA NA NA

4/15/2019 $82 NA NA

4/15/2019 NA NA NA

4/10/2019 NA NA NA

4/10/2019 $170 NA NA

4/9/2019 $850 8.5x NA

4/4/2019 NA NA NA

4/2/2019 NA NA NA

Median 8.5x NA

Financial SaaS

Payments

Payments



Financial SaaS

Trading Technology


Payments




Payments

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 >85 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 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E


Intuit Inc. $251.06 $65,043 $64,123 16% 2.4 7% 11% 1% 12% 36% 9.3x 8.4x 25.8x 22.9x 37.7x 31.7x

Fidelity National Information Services, Inc. $115.93 $37,518 $46,602 11% 1.4 0% 4% 5% 7% 39% 5.5x 5.3x 14.1x 13.2x 15.6x 14.2x

First Data Corporation $25.86 $24,405 $41,227 13% 1.1 5% 5% 8% 5% 39% 4.5x 4.3x 11.5x 10.9x 15.5x 13.5x

Fiserv, Inc. $87.24 $34,206 $40,011 13% 1.9 6% 5% 8% 6% 38% 6.5x 6.2x 16.9x 16.0x 25.2x 22.6x

Wolters Kluwer N.V. $69.67 $18,911 $21,233 10% 2.4 4% 4% 7% 5% 29% 4.2x 4.0x 14.5x 13.7x 22.8x 21.4x

Temenos AG $166.08 $11,519 $12,068 16% 2.9 17% 12% 22% 14% 39% 12.2x 10.9x 31.6x 27.8x 47.8x 41.1x

Jack Henry & Associates, Inc. $149.06 $11,504 $11,478 12% 3.5 2% 7% (4%) 11% 33% 7.1x 6.6x 21.7x 19.5x 40.8x 35.5x

Black Knight, Inc. $56.42 $8,458 $10,152 12% 2.4 7% 8% 9% 10% 50% 8.5x 7.9x 17.2x 15.6x 28.9x 25.0x

Coupa Software Incorporated $103.33 $6,337 $6,190 30% NM 36% 21% NA 17% 8% 24.4x 20.1x NM NM NM NM

ACI Worldwide, Inc. $35.52 $4,139 $4,673 17% 2.4 10% 3% 26% 7% 29% 4.2x 4.1x 14.8x 13.8x 40.8x 33.8x

Q2 Holdings, Inc. $75.42 $3,327 $3,382 20% NM 28% 22% 11% 87% 7% 11.0x 9.0x NM NM NM NM

Bottomline Technologies (de), Inc. $50.57 $2,060 $2,082 20% 1.8 5% 11% 5% 13% 24% 4.8x 4.3x 19.8x 17.6x 36.5x 30.4x

Enova International, Inc. $27.43 $924 $1,662 NA NM 14% 17% 16% 10% 19% 1.3x 1.1x 6.8x 6.2x 8.1x 7.0x

LendingClub Corporation $3.18 $1,381 $1,476 NA NM 13% 13% 31% 40% 16% 1.9x 1.7x 11.5x 8.2x NM 80.2x

On Deck Capital, Inc. $5.46 $414 $1,197 NA NM 14% 11% 14% 33% 10% 2.7x 2.4x 25.4x 19.1x 10.7x 9.8x

GreenSky, Inc. $15.98 $985 $1,117 27% 0.8 33% 26% 23% 23% 38% 2.0x 1.6x 5.3x 4.3x 21.9x 17.5x

Elevate Credit, Inc. $4.48 $194 $640 NA NM 4% 11% 14% 14% 16% 0.8x 0.7x 4.8x 4.3x 7.6x 5.6x

Performant Financial Corporation $1.99 $106 $156 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.8x NM NM

Median 16% 2.4 8% 11% 10% 12% 29% 4.7x 4.3x 14.8x 13.8x 24.0x 22.6x


Automatic Data Processing, Inc. $164.39 $71,613 $71,782 15% 1.9 6% 7% 13% 12% 24% 4.9x 4.6x 20.1x 17.9x 29.2x 25.5x

Paychex, Inc. $84.31 $30,300 $30,422 9% 3.3 17% 6% 17% 7% 41% 7.5x 7.1x 18.4x 17.3x 28.4x 26.1x

Paylocity Holding Corporation $96.55 $5,109 $4,970 23% 3.1 20% 23% 57% 28% 28% 10.9x 8.9x 39.0x 30.5x 69.5x 53.9x

Insperity, Inc. $119.56 $4,932 $4,688 18% 1.4 13% 12% 18% 18% 7% 1.1x 1.0x 16.5x 13.9x 25.5x 21.7x

TriNet Group, Inc. $62.34 $4,363 $4,533 NA NM 7% 11% 4% 11% 38% 4.8x 4.3x 12.8x 11.5x 19.4x 17.1x

HealthEquity, Inc. $67.75 $4,232 $3,871 24% 2.2 18% 16% 15% 20% 40% 11.5x 9.9x 28.5x 23.8x 53.0x 43.6x

Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 17% 19% 156% 85% 7% 4.8x 4.1x 66.8x 36.1x NM NM

WageWorks, Inc. $48.79 $1,944 $1,165 15% 1.4 3% 3% 7% 6% 31% 2.3x 2.2x 7.3x 6.9x 20.9x 19.4x

Castlight Health, Inc. $3.73 $537 $495 23% NM (1%) NA NA NA 2% 3.2x NM NM NM NM NM

Median 19% 2.1 13% 11% 16% 15% 28% 4.8x 4.5x 19.3x 17.6x 28.4x 25.5x

16

PUBLIC COMPANY VALUATIONS (CONT’D)

Info

rmat

ion

Ser

vice

s


Fin

anci

al S

aaS




Financial SaaS

Intuit Inc. $251.06 $65,043 $64,123 16% 2.4 7% 11% 1% 12% 36% 9.3x 8.4x 25.8x 22.9x 37.7x 31.7x

Workday, Inc. $205.63 $46,347 $45,774 34% NM 26% 23% 38% 34% 19% 12.9x 10.5x 67.6x 50.3x NM NM

SS&C Technologies Holdings, Inc. $67.66 $17,096 $25,406 13% 1.4 36% 5% 47% 6% 40% 5.4x 5.1x 13.5x 12.7x 17.7x 16.1x

Paycom Software, Inc. $202.53 $11,427 $11,395 29% 2.2 26% 22% 20% 26% 41% 16.0x 13.1x 39.3x 31.3x 64.0x 50.5x

The Sage Group plc $9.45 $10,266 $11,113 4% 6.3 10% 7% (1%) 8% 26% 4.3x 4.0x 16.7x 15.5x 23.6x 21.5x

Coupa Software Incorporated $103.33 $6,337 $6,190 30% NM 36% 21% NA 17% 8% 24.4x 20.1x NM NM NM NM

Xero Limited $38.32 $5,365 $5,609 NA NM 31% 27% 98% 53% 20% 12.3x 9.7x 62.5x 40.9x NM NM

Paylocity Holding Corporation $96.55 $5,109 $4,970 23% 3.1 20% 23% 57% 28% 28% 10.9x 8.9x 39.0x 30.5x 69.5x 53.9x

Envestnet, Inc. $70.99 $3,461 $3,632 16% 2.1 9% 15% 14% 21% 20% 4.1x 3.6x 20.2x 16.8x 33.2x 27.7x

Q2 Holdings, Inc. $75.42 $3,327 $3,382 20% NM 28% 22% 11% 87% 7% 11.0x 9.0x NM NM NM NM

Blucora, Inc. $35.00 $1,689 $1,808 20% 0.9 7% 7% 6% 11% 21% 3.0x 2.8x 14.2x 12.8x 17.2x 14.8x

Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 17% 19% NM 85% 7% 4.8x 4.1x 66.8x 36.1x NM NM

Alfa Financial Software Holdings PLC $1.79 $536 $479 NA NM 15% 10% 29% 16% 36% 4.3x 3.8x 11.8x 10.2x 0.2x 0.2x

Median 20% 2.2 20% 19% 20% 21% 21% 9.3x 8.4x 25.8x 22.9x 28.4x 24.6x


S&P Global Inc. $220.66 $54,300 $57,287 13% 1.9 4% 6% 5% 7% 50% 8.8x 8.2x 17.4x 16.2x 24.4x 22.2x

RELX PLC $22.91 $44,627 $52,614 8% 2.3 7% 4% 9% 3% 36% 5.2x 4.9x 14.4x 14.0x 19.4x 18.1x

Moody's Corporation $196.62 $37,279 $42,129 10% 2.4 5% 6% 5% 8% 48% 9.0x 8.5x 18.9x 17.5x 24.9x 22.5x

Thomson Reuters Corporation $61.60 $30,819 $31,736 10% 5.2 8% 3% 8% 28% 24% 5.4x 5.2x 22.7x 17.7x 52.2x 34.0x

Experian plc $28.98 $26,115 $29,545 10% 2.8 4% 10% 4% 12% 34% 5.9x 5.3x 17.2x 15.4x 27.2x 24.2x

IHS Markit Ltd. $57.26 $22,890 $28,353 10% 2.2 11% 6% 12% 8% 39% 6.4x 6.0x 16.2x 15.0x 22.4x 19.9x

Verisk Analytics, Inc. $141.14 $23,100 $25,812 10% 3.2 7% 7% 6% 10% 47% 10.1x 9.4x 21.5x 19.5x 32.2x 28.7x

Wolters Kluwer N.V. $69.67 $18,911 $21,233 10% 2.4 4% 4% 7% 5% 29% 4.2x 4.0x 14.5x 13.7x 22.8x 21.4x

MSCI Inc. $225.38 $19,082 $21,206 10% 3.7 8% 9% 9% 12% 55% 13.7x 12.6x 25.2x 22.6x 36.8x 31.9x

Nielsen Holdings plc $25.53 $9,050 $17,741 10% 1.5 (0%) 2% 0% 4% 29% 2.7x 2.7x 9.6x 9.2x 15.0x 13.8x

Equifax Inc. $125.95 $15,286 $17,698 8% 2.8 2% 6% 3% 8% 34% 5.1x 4.8x 14.9x 13.8x 22.2x 20.2x

Gartner, Inc. $158.97 $14,299 $17,308 14% 2.8 7% 11% 3% 12% 17% 4.1x 3.6x 23.5x 20.9x 40.1x 34.2x

TransUnion $69.65 $13,043 $16,937 14% 1.9 12% 8% 12% 10% 39% 6.5x 6.0x 16.5x 15.0x 26.3x 23.0x

Informa plc $10.15 $12,697 $16,117 6% 2.4 22% 3% 28% 4% 35% 4.4x 4.2x 12.4x 11.9x 15.3x 14.4x

FactSet Research Systems Inc. $275.87 $10,549 $10,879 10% 2.7 6% 6% 12% 8% 36% 7.5x 7.1x 20.9x 19.3x 28.3x 25.5x

Fair Isaac Corporation $279.75 $8,133 $8,878 14% 2.7 8% 8% NA 15% 23% 7.8x 7.2x 33.8x 29.3x 38.2x 34.0x

News Corporation $12.42 $7,269 $7,305 (35%) (1.0) 3% 0% 5% 8% 13% 0.7x 0.7x 5.7x 5.2x 33.2x 26.2x

CoreLogic, Inc. $40.61 $3,277 $5,073 11% 1.5 (6%) 1% (5%) 7% 28% 3.0x 3.0x 10.8x 10.1x 16.3x 14.4x

LiveRamp Holdings, Inc. $58.33 $4,018 $2,471 25% NM (56%) 29% (136%) NA (12%) 7.2x 5.6x NM NM NM NM

Euromoney Institutional Investor PLC $16.00 $1,720 $1,618 7% 2.1 3% 6% 0% 6% 27% 3.0x 2.8x 11.0x 10.4x 15.7x 14.8x

National Research Corporation $39.58 $984 $987 NA NM 8% NA NA NA 34% 7.6x NM 22.3x NM 34.1x NM

comScore, Inc. $12.55 $760 $920 NA NM 5% 11% 119% 115% 6% 2.1x 1.9x 36.5x 17.0x NM NM

Forrester Research, Inc. $50.86 $937 $797 16% 2.0 29% NA 21% NA 11% 1.7x 1.6x 15.0x 12.3x 31.6x 25.3x

Median 10% 2.4 6% 6% 6% 8% 34% 5.4x 5.1x 16.9x 15.0x 26.3x 22.8x

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Verisk Analytics, Inc. $141.14 $23,100 $25,812 10% 3.2 7% 7% 6% 10% 47% 10.1x 9.4x 21.5x 19.5x 32.2x 28.7x

Guidewire Software, Inc. $106.50 $8,671 $7,908 19% NM 27% 20% 12% 19% 22% 12.1x 10.1x 54.9x 46.2x NM 81.9x

HealthEquity, Inc. $67.75 $4,232 $3,871 24% 2.2 18% 16% 15% 20% 40% 11.5x 9.9x 28.5x 23.8x 53.0x 43.6x

Ebix, Inc. $50.48 $1,542 $2,099 15% 0.8 22% 22% 21% 19% 33% 3.5x 2.8x 10.4x 8.7x 11.4x 9.2x

Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 9% 12% 94% 97% 4% 5.7x 5.0x NM 76.2x NM NM

eHealth, Inc. $60.74 $1,376 $1,268 NA NM 31% 13% NA 139% 5% 5.6x 5.0x NM 50.5x NM NM

CorVel Corporation $71.80 $1,338 $1,242 NA NM 8% NA 2% NA 12% 2.1x NM 17.5x NM NM NM

Sapiens International Corporation N.V. $15.37 $768 $808 10% 2.3 10% 9% 24% 11% 17% 2.5x 2.3x 15.1x 13.6x 22.9x 19.1x

Crawford & Company $8.82 $473 $752 NA NM 3% 3% (1%) 7% 11% 0.7x 0.7x 6.0x 5.6x 10.7x 9.7x

Majesco $7.80 $335 $295 NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 17% 2.3 10% 13% 13% 19% 17% 5.6x 5.0x 17.5x 21.6x 22.9x 23.9x


The Bank of New York Mellon Corporation $49.66 $47,550 $70,616 10% 1.2 6% 3% NA NA NA 4.3x 4.2x NM NM 11.7x 11.2x

State Street Corporation $67.66 $25,489 $32,688 12% 0.7 8% 5% NA NA NA 2.7x 2.6x NM NM 9.0x 8.3x

The Charles Schwab Corporation $45.78 $61,081 $27,103 15% 1.1 9% 5% 13% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 15.2x

SS&C Technologies Holdings, Inc. $67.66 $17,096 $25,406 13% 1.4 36% 5% 47% 6% 40% 5.4x 5.1x 13.5x 12.7x 17.7x 16.1x

TD Ameritrade Holding Corporation $52.58 $29,093 $24,208 20% 0.7 4% 6% 15% 10% 53% 4.1x 3.8x 7.7x 7.0x 13.3x 11.9x

Northern Trust Corporation $98.55 $21,452 $23,982 10% 1.4 12% 12% NA NA NA 4.0x 3.6x NM NM 14.9x 13.6x

Broadridge Financial Solutions, Inc. $118.13 $13,665 $14,548 10% 2.5 6% 5% 19% 4% 21% 3.2x 3.0x 14.9x 14.3x 24.5x 22.4x

Computershare Limited $12.55 $6,813 $8,261 8% 2.2 4% 1% 11% 5% 31% 3.5x 3.4x 11.3x 10.7x 16.8x 15.9x

SEI Investments Company $54.45 $8,305 $7,686 12% 1.4 2% 6% 13% 8% 36% 4.6x 4.4x 13.1x 12.1x 17.2x 15.4x

SimCorp A/S $97.92 $3,887 $3,833 15% 2.5 9% 8% 10% 8% 29% 8.0x 7.5x 27.8x 25.7x 39.0x 35.8x

Envestnet, Inc. $70.99 $3,461 $3,632 16% 2.1 9% 15% 14% 21% 20% 4.1x 3.6x 20.2x 16.8x 33.2x 27.7x

IRESS Limited $10.08 $1,736 $1,859 10% 3.0 7% 6% 16% 9% 28% 5.3x 5.0x 19.2x 17.6x 29.6x 26.5x

Blucora, Inc. $35.00 $1,689 $1,808 20% 0.9 7% 7% 6% 11% 21% 3.0x 2.8x 14.2x 12.8x 17.2x 14.8x

Equiniti Group plc $2.80 $1,002 $1,396 NA NM 7% 4% 12% 8% 24% 1.9x 1.9x 8.0x 7.4x 11.2x 10.5x

Sanne Group plc $8.15 $1,168 $1,236 NA NM 17% 12% 27% 12% 35% 5.8x 5.2x 16.5x 14.7x 21.9x 19.4x

First Derivatives plc $41.29 $1,083 $1,115 NA NM 15% 11% 14% 12% 18% 3.7x 3.3x 20.4x 18.2x 36.5x 32.8x

StatPro Group plc $1.68 $111 $142 NA NM 8% 6% 14% 12% 17% 1.9x 1.8x 10.8x 9.7x 15.6x 13.3x

Median 12% 1.4 8% 6% 14% 9% 28% 4.0x 3.6x 13.8x 12.7x 17.2x 15.4x

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Liquidity Venues

CME Group Inc. $178.90 $64,017 $67,230 7% 3.9 15% 7% 4% 10% 64% 13.6x 12.7x 21.0x 19.2x 25.9x 23.5x

Intercontinental Exchange, Inc. $81.35 $46,022 $53,223 8% 2.6 5% 5% 4% 7% 64% 10.2x 9.7x 15.9x 14.8x 21.7x 19.5x

Deutsche Börse Aktiengesellschaft $133.22 $24,426 $25,286 11% 1.8 4% 7% 5% 7% 61% 7.7x 7.2x 12.5x 11.7x 19.8x 18.0x

Hong Kong Exchanges and Clearing Limited $34.67 $43,510 $24,992 10% 3.2 11% 12% 13% 14% 75% 11.1x 9.9x 14.7x 13.0x 32.1x 28.2x

London Stock Exchange Group plc $65.31 $22,770 $23,646 12% 2.1 7% 7% 17% 11% 54% 8.1x 7.6x 14.9x 13.4x 26.2x 22.8x

Nasdaq, Inc. $92.20 $15,251 $18,738 6% 3.0 4% 4% 3% 12% 51% 7.4x 7.2x 14.6x 13.0x 19.1x 16.9x

B3 S.A. - Brasil, Bolsa, Balcão $8.74 $17,865 $17,357 16% 1.4 12% 13% 12% 13% 71% 12.4x 10.9x 17.5x 15.5x 22.6x 20.6x

Cboe Global Markets, Inc. $101.61 $11,350 $12,240 8% 2.8 20% (0%) 23% (0%) 68% 10.3x 10.3x 15.1x 15.1x 21.3x 21.0x

MarketAxess Holdings Inc. $278.33 $10,492 $10,238 8% 6.7 11% 12% 10% 15% 55% 21.2x 19.0x 38.6x 33.6x 54.6x 47.4x

ASX Limited $52.43 $10,149 $9,346 5% 5.8 5% 5% 5% 5% 75% 15.1x 14.3x 20.0x 19.0x 29.6x 28.0x

Singapore Exchange Limited $5.42 $5,798 $5,308 5% 3.8 8% 3% 8% 6% 57% 7.7x 7.5x 13.4x 12.7x 19.8x 19.0x

Euronext N.V. $69.41 $4,832 $4,934 9% 2.0 1% 4% 3% 6% 59% 6.9x 6.7x 11.9x 11.2x 17.6x 16.4x

TMX Group Limited $63.59 $3,556 $4,198 NA NM 3% 6% 9% 9% 57% 6.8x 6.4x 12.0x 11.0x 16.0x 14.4x

Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$28.32 $2,351 $1,997 (2%) (9.2) (3%) 2% (4%) 2% 61% 5.9x 5.8x 9.7x 9.6x 15.8x 15.4x

Bursa Malaysia Berhad $1.63 $1,317 $1,234 7% 3.6 (1%) 4% (7%) 7% 57% 9.4x 9.1x 16.6x 15.6x 25.4x 24.1x

Bolsa Mexicana de Valores, S.A.B. de C.V. $2.06 $1,219 $1,072 7% 2.3 8% 10% 10% 15% 56% 5.5x 5.0x 9.8x 8.6x 16.7x 15.0x

JSE Limited $9.68 $827 $649 NA NM 4% 9% 7% 10% 49% 4.1x 3.8x 8.4x 7.6x 12.9x 11.6x

Gielda Papierów Wartosciowych w Warszawie S.A. $10.87 $456 $354 NA NM (7%) 1% (14%) 2% 54% 4.1x 4.1x 7.6x 7.5x 14.3x 14.6x

Hellenic Exchanges - Athens Stock Exchange SA $5.02 $303 $218 NA NM 7% 14% 21% 43% 32% 6.7x 5.9x 21.2x 14.9x 62.9x 40.6x

Median 8% 2.8 5% 6% 7% 9% 57% 7.7x 7.5x 14.7x 13.0x 21.3x 19.5x

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Payments

Networks

Visa Inc. $164.43 $359,343 $364,449 17% 1.7 10% 11% 12% 13% 71% 15.6x 14.0x 22.1x 19.6x 29.6x 25.4x

Mastercard Incorporated $254.24 $259,715 $259,246 18% 1.9 12% 13% 15% 15% 61% 15.5x 13.7x 25.4x 22.1x 33.4x 28.4x

PayPal Holdings, Inc. $112.77 $132,497 $126,647 19% 2.0 16% 18% 16% 21% 25% 7.0x 6.0x 27.6x 22.9x 37.8x 32.1x

American Express Company $117.23 $97,896 $125,983 13% 1.2 8% 8% NA NA NA 2.9x 2.7x NM NM 14.5x 13.0x

Discover Financial Services $81.49 $26,484 $37,647 9% 1.0 7% 5% NA NA NA 3.3x 3.1x NM NM 9.3x 8.5x

Merchant Processing

Worldpay, Inc. $117.21 $36,449 $44,019 16% 1.9 83% 10% 83% 14% 48% 11.4x 10.3x 23.6x 20.6x 30.5x 25.3x

First Data Corporation $25.86 $24,405 $41,227 13% 1.3 6% 5% 8% 8% 39% 4.8x 4.5x 12.4x 11.5x 17.6x 15.5x

Square, Inc. $72.82 $30,797 $30,753 45% NM 42% 34% 63% 56% 19% 13.6x 10.1x 73.5x 47.1x NM 65.5x

Global Payments Inc. $146.07 $23,057 $28,016 17% 1.4 12% 9% 14% 13% 36% 6.3x 5.8x 17.5x 15.5x 24.3x 20.8x

Adyen N.V. $813.00 $24,061 $22,634 38% NM 37% 36% 40% 40% 53% 41.2x 30.4x 77.4x 55.1x NM 81.2x

Total System Services, Inc. $102.24 $18,137 $22,057 12% 1.7 6% 7% 7% 8% 36% 5.4x 5.1x 15.0x 13.9x 21.0x 18.4x

Wirecard AG $149.80 $18,511 $16,967 36% 0.9 28% 25% 33% 33% 29% 5.7x 4.6x 19.8x 14.9x 32.8x 24.2x

Cielo S.A. $1.95 $5,286 $6,667 (14%) (0.7) (11%) 6% (29%) 12% 32% 2.5x 2.3x 7.8x 7.0x 9.3x 8.4x

GMO Payment Gateway, Inc. $78.75 $5,793 $5,488 31% NM 24% 25% 29% 28% 30% 17.0x 13.6x 57.6x 45.0x NM 83.2x

EVERTEC, Inc. $31.31 $2,199 $2,719 6% 2.7 4% 5% 3% 6% 47% 5.8x 5.5x 12.4x 11.6x 16.8x 15.4x

EVO Payments, Inc. $29.71 $1,944 $2,459 14% 3.8 8% 9% 9% 13% 27% 4.0x 3.7x 15.2x 13.5x 53.6x 40.7x

SafeCharge International Group Limited $4.36 $664 $571 13% 1.6 15% 14% 11% 14% 26% 3.6x 3.2x 13.8x 12.1x 21.2x 18.4x

i3 Verticals, Inc. $24.14 $222 $275 NA NM NA 11% NA 13% 27% 2.5x 2.2x 9.3x 8.2x 44.7x 32.2x

Prepaid / Closed Loop

Alliance Data Systems Corporation $160.10 $8,386 $28,971 17% 0.5 (26%) 7% (27%) 10% 26% 5.0x 4.7x 19.0x 17.3x 8.2x 6.7x

FleetCor Technologies, Inc. $260.95 $22,405 $25,863 16% 1.4 7% 9% 9% 12% 57% 9.9x 9.1x 17.4x 15.5x 22.4x 19.5x

Edenred SA $47.07 $11,204 $11,962 13% 2.4 14% 9% 17% 10% 40% 6.7x 6.1x 16.7x 15.1x 31.2x 27.5x

WEX Inc. $210.30 $9,095 $11,701 16% 1.5 14% 11% 13% 12% 41% 6.9x 6.2x 16.6x 14.8x 23.1x 20.0x

Green Dot Corporation $63.77 $3,389 $2,335 10% 1.7 10% 10% 27% 13% 28% 2.0x 1.9x 7.3x 6.5x 17.5x 15.3x

PaySign, Inc. $8.13 $380 $375 NA NM 69% 60% 115% 83% 27% 9.5x 5.9x 35.5x 19.3x 73.9x 33.2x

Net 1 UEPS Technologies, Inc. $3.57 $203 $231 15% 1.1 (21%) 11% NA 161% 6% 0.5x 0.5x 8.9x 3.4x 15.9x 6.5x

Other Payments Technology

The Sage Group plc $9.45 $10,266 $11,113 4% 6.3 10% 7% (1%) 8% 26% 4.3x 4.0x 16.7x 15.5x 23.6x 21.5x

The Western Union Company $19.44 $8,478 $10,938 4% 2.9 0% 2% 2% 2% 25% 1.9x 1.9x 7.8x 7.6x 10.4x 9.7x

Euronet Worldwide, Inc. $149.89 $7,785 $7,696 10% 2.1 12% 13% 25% 15% 22% 2.7x 2.4x 12.5x 10.8x 21.5x 18.4x

Ingenico Group - GCS $84.21 $5,203 $6,976 11% 1.4 19% 6% 14% 9% 18% 1.9x 1.8x 11.0x 10.0x 15.8x 14.6x

NCR Corporation $28.95 $3,478 $6,681 4% 2.6 2% 2% 13% 7% 16% 1.0x 1.0x 6.3x 5.9x 10.3x 9.0x

Cardtronics plc $35.76 $1,656 $2,513 4% 4.2 (11%) 0% NM (2%) 22% 1.9x 1.9x 8.6x 8.8x 16.9x 17.4x

Everi Holdings Inc. $10.29 $731 $1,753 20% NM 13% 8% 8% 14% 49% 3.8x 3.5x 7.6x 6.7x NM NM

MoneyGram International, Inc. $3.31 $187 $956 NA NM (4%) 2% (10%) 4% 16% 0.7x 0.7x 4.3x 4.2x 7.9x 7.3x

Cass Information Systems, Inc. $49.33 $717 $486 NA NM NA NA NA NA NA NM NM NM NM NM NM

International Money Express, Inc. $12.07 $437 $481 NA NM 20% 20% 21% 21% 17% 1.5x 1.2x 8.4x 7.0x 19.4x 15.2x

Cardlytics, Inc. $15.60 $352 $359 20% NM 26% 40% NA NA (3%) 1.9x 1.4x NM 22.5x NM 53.8x

Earthport plc $0.48 $303 $274 NA NM 3% 36% NA NA (27%) 8.3x 6.1x NM NM NM NM

eServGlobal Limited $0.07 $85 $66 NA NM (8%) NA NA NA (55%) 5.8x NM NM NM NM NM

Median 14% 1.7 10% 10% 13% 13% 27% 4.8x 4.3x 15.1x 13.9x 21.1x 18.9x

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Booking Holdings Inc. $1,854.99 $81,428 $83,818 17% 1.1 7% 10% 5% 10% 38% 5.4x 4.9x 14.0x 12.8x 18.5x 16.6x

Expedia Group, Inc. $129.84 $19,315 $19,429 20% 0.9 10% 10% 13% 12% 18% 1.6x 1.4x 8.7x 7.7x 18.8x 16.1x

CoStar Group, Inc. $496.25 $18,134 $17,046 17% 2.9 16% 15% 19% 19% 36% 12.4x 10.8x 34.2x 28.7x 49.3x 41.7x

Fidelity National Financial, Inc. $39.95 $10,980 $11,202 NA NM 2% 0% 28% (8%) 16% 1.5x 1.4x 9.0x 9.7x 14.4x 13.3x

Black Knight, Inc. $56.42 $8,458 $10,152 12% 2.4 7% 8% 9% 10% 50% 8.5x 7.9x 17.2x 15.6x 28.9x 25.0x

Jones Lang LaSalle Incorporated $154.57 $7,070 $9,119 16% 0.8 4% 3% (3%) 12% 10% 1.0x 0.9x 9.8x 8.8x 13.5x 12.4x

Ocwen Financial Corporation $1.69 $227 $8,157 NA NM 8% 2% NA NA NA 7.1x 7.0x NM NM NM NM

REA Group Limited $56.23 $7,406 $7,582 13% 2.4 10% 11% 14% 15% 58% 11.3x 10.2x 19.5x 17.0x 30.2x 26.2x

TripAdvisor, Inc. $53.23 $7,400 $6,589 13% 2.2 8% 9% 12% 12% 27% 3.8x 3.5x 13.9x 12.4x 27.6x 24.1x

RealPage, Inc. $65.21 $6,017 $6,466 18% 2.1 14% 11% 22% 16% 28% 6.5x 5.9x 23.0x 19.7x 37.2x 31.8x

First American Financial Corporation $57.06 $6,396 $6,252 NA NM 1% 1% 20% (1%) 16% 1.1x 1.1x 6.7x 6.8x 12.2x 11.7x

Rightmove plc $7.04 $6,247 $6,238 13% 2.1 10% 8% 9% 8% 77% 16.6x 15.4x 21.6x 20.0x 27.0x 24.6x

Zillow Group, Inc. $33.21 $6,812 $6,106 5% NM 53% 42% (77%) 102% 2% 3.0x 2.1x NM 64.7x NM NM

Radian Group Inc. $23.42 $5,004 $5,917 5% 1.6 11% 5% NA NA NA 4.2x 4.0x NM NM 8.4x 7.8x

Realogy Holdings Corp. $13.02 $1,487 $5,867 NA NM (1%) 2% (9%) 5% 10% 1.0x 1.0x 9.8x 9.4x 11.0x 9.7x

LendingTree, Inc. $384.82 $4,956 $5,344 34% 1.6 42% 19% 41% 26% 20% 4.9x 4.2x 24.8x 19.6x 55.1x 40.0x

CoreLogic, Inc. $40.61 $3,277 $5,073 11% 1.5 (6%) 1% (5%) 7% 28% 3.0x 3.0x 10.8x 10.1x 16.3x 14.4x

Colliers International Group Inc. $64.05 $2,529 $3,532 19% 0.7 10% 6% 19% 8% 12% 1.1x 1.1x 9.5x 8.8x 13.8x 12.7x

AppFolio, Inc. $97.11 $3,296 $3,334 NA NM 33% 24% 30% 34% 21% 13.2x 10.7x 63.3x 47.4x NM 69.5x

Moneysupermarket.com Group PLC $4.74 $2,541 $2,503 NA NM 12% 6% 10% 7% 36% 4.9x 4.7x 13.7x 12.9x 19.9x 18.4x

Redfin Corporation $20.68 $1,881 $1,567 NA NM 30% 27% 63% NM 1% 3.3x 2.6x NM 56.6x NM NM

Marcus & Mill ichap, Inc. $43.10 $1,682 $1,446 NA NM 4% 3% (2%) 5% 15% 1.7x 1.7x 11.4x 10.9x 18.6x 17.8x

Stewart Information Services Corporation $42.51 $1,014 $1,096 NA NM (2%) 2% 5% 27% 7% 0.6x 0.6x 8.9x 7.0x 19.5x 13.2x

RE/MAX Holdings, Inc. $43.33 $772 $999 173% 0.1 32% 3% 2% 5% 38% 3.5x 3.4x 9.4x 8.9x 19.4x 18.3x

Lifull Co., Ltd. $5.39 $723 $686 20% 1.2 20% 12% 16% 21% 16% 1.8x 1.6x 11.6x 9.6x 24.4x 18.9x

Altisource Portfolio Solutions S.A. $23.67 $385 $669 NA NM (14%) NA (24%) NA 8% 0.8x NM 10.4x NM 11.3x NM

QuinStreet, Inc. $14.27 $711 $648 25% 1.2 9% 15% 27% 34% 11% 1.3x 1.2x 12.4x 9.3x 31.0x 20.5x

Agilysys, Inc. $19.13 $441 $404 NA NM 11% 14% (5%) 65% 7% 2.7x 2.3x 38.9x 23.5x NM NM

Real Matters Inc. $4.24 $367 $304 57% 1.1 (7%) 2% (38%) 109% 2% 1.1x 1.1x 52.4x 25.0x 60.6x 53.0x

Median 17% 1.5 10% 8% 10% 12% 16% 3.0x 2.8x 12.4x 12.6x 19.4x 18.3x

Trading Technology

The Charles Schwab Corporation $45.78 $61,081 $27,103 15% 1.1 9% 5% 13% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 15.2x

TD Ameritrade Holding Corporation $52.58 $29,093 $24,208 20% 0.7 4% 6% 15% 10% 53% 4.1x 3.8x 7.7x 7.0x 13.3x 11.9x

E*TRADE Financial Corporation $50.66 $12,293 $12,353 13% 0.9 5% 3% 8% 1% 56% 4.1x 4.0x 7.3x 7.2x 11.8x 11.0x

Virtu Financial, Inc. $24.58 $2,648 $3,540 5% 2.9 16% 10% 0% 13% 52% 3.0x 2.7x 5.7x 5.0x 14.5x 11.2x

Interactive Brokers Group, Inc. $54.24 $4,073 $2,341 20% 1.1 6% 10% 66% 11% NM 1.2x 1.1x 1.1x 1.0x 22.8x 20.5x

GAIN Capital Holdings, Inc. $5.27 $197 $102 8% NM (26%) 29% (89%) NA 4% 0.4x 0.3x 10.3x 1.4x NM 8.8x

INTL FCStone Inc. $40.56 $774 ($1,399) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 14% 1.1 5% 8% 11% 10% 52% 2.7x 2.5x 6.5x 4.9x 14.5x 11.5x

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 21

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 with 35%

of all transactions

cross-border

400+professionals

375+ deals closed in the last 3 years

PARISLEEDS

FUKUOKA

fintech sector report · 2019-09-07 · fintech public company valuation financial saas outperforms...

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