fintech sector report - gca advisors · 2019-09-07 · fintech deal dashboard. notes: source:...

FINTECHSECTOR REPORTNovember 2017

2

Strong sector and product expertise across FinTech and related sub-sectorsGCA OVERVIEW

New York640 Fifth Avenue, 10th Fl.

New York, NY 10019United States

Phone: (212) 999-7090

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111United States

Phone: (415) 318-3600

Rob FreimanDirectorFinTech

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

Kegan GreeneVice President

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

Steve FletcherManaging DirectorHead of Software

Phone: (415) 318 - 3661Mobile: (415) 518 - [email protected]

Chris GoughManaging Director

M&A/Real Estate TechPhone: (415) 318 - 3658Mobile: (415) 385 - [email protected]

Sean MinnihanManaging Director

Head of FinTechPhone: (212) 999 - 7077Mobile: (917) 364 - 6230

[email protected]

David KruegerVice President

FinTechPhone: (212) 537 - 4534Mobile: (616) 822 - [email protected]

3

A leading independent, global investment bankGCA OVERVIEW

San Francisco I New York I Manchester I London I Milan I Zurich I Frankfurt I Munich I Tel Aviv I Mumbai I New Delhi I Singapore I Shanghai I Osaka I Tokyo

GLOBAL

Global reach with 15 offices in 10 key markets – but deep local roots ensure close, hands-on support for our clients

TECH &INTERNET

Leading advisor in Tech and Internet sectors with strong networks in key tech hubs, including Silicon Valley

CROSS-BORDER

Expert advisor for cross-border transactions – the majority of our deals involve cross-border outcomes

GROWTHCOMPANIES

Strong expertise in advising growth companies and leading corporations in capital raising and M&A

400+

Over 400 M&A bankers and growth company experts in the U.S., in Europe and across Asia

350+

Over 350 deals closed in last 3 years, of which 33% were cross border

4

Selected recent FinTech experienceGCA OVERVIEW

We Advised TSYS

Acquisition of

We Advised Vindicia

Acquired by

We Advised Edo

Acquired byStrategic Investment

We Advised ControlExpertFinancial Advisor

Series C Financing

Sale of

Financial Advisor

to

Payments Banking & Lending Tech Payments Insurance Technology Payments Payments

We Advised Hitachi

Acquired bySale of 54% stake in

We Advised GP Net

to

Financial Advisor

Series B Financing

We Advised CHX

Acquired by

Investor Group led by Casin Group

We Advised Blucora

Acquisition of

We Advised AWL

Acquired by Series A Financing

Financial Advisor

Payments IT & BPO Services Insurance Technology Information Services Payments Payments Liquidity Venues

Acquired by

We Advised INS WebWe Advised TrustedID

Acquired by Acquired by

We Advised Bloomspot We Advised Simple

Acquired by

We Advised Capsilon

Growth Investmentfrom

Financial Advisor

Convertible NoteOffering

We Advised Skyslope

Majority sale to

Information Services Insurance Technology Payments Real Estate Tech Insurance Technology Banking & Lending Tech Real Estate Tech

We Advised Commissions Inc

Acquired by

We Advised INS Web

Acquisition of

Lead Generation Business

Acquired by

We Advised Kalmund Capital

sold its investment in

to the shareholders of

We Advised Finanzen.de

Acquired by

We Advised All Data Systems

Insurance Technology Insurance Technology Insurance Technology Insurance Technology Insurance TechnologyReal Estate Tech. PaymentsWe Advised Market Leader

Acquired by

We Advised Radius

Financing from

Payments

Acquisition of

We Advised TSYS

http://www.alldata.de/

5

Select November Financing Transactions Percent Change Select November M&A Transactions

Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

11/27/17 $200 29% 51% 11/30/17 $280

11/16/17 $301 20% 42% 11/29/17 $95

11/8/17 $100 33% 53% 11/28/17 $650

11/8/17 $220 25% 41% 11/16/17 $180

11/7/17 $93 19% 64% 11/13/17 $611

11/2/17 $280 24% 49% 11/2/17 $850

Quarterly Financing Activity ($Bn) 15% 12% Quarterly M&A Activity ($Bn)

28% 33%

45% 54%

20% 33%

28% 70%

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

$82 Bn | 918 DealsLTM M&A Volume

Aggregate FinTech Market 26% 46%

S&P 500 21% 27%

$24 Bn | 1,527 DealsLTM Financing Volume Industry Stock Market Performance

$17 $18 $24

$14

$23

$13

$32

$9

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Nov-17

$10 $9

$6 $4 $4

$9

$5 $5

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Nov-17

Real Estate & Mortgage Tech.

Benefits Administration/Payroll

Information Services

Investment Technology

Trading Technology

Banking & Lending Technology

Insurance Technology

Financial SaaS

IT & BPO Services

Payments

Liquidity Venues

1

1

9

3

1

6

1

2

8

9

7

6

5

4

3

10

11

3

9

436

377408

368

328

369

397264

244

195201

235

222 216

274

$12.6$23.9$10.8$12.2$16.3$22.1$22.9 $16.8

178

$148$58.6$97.9$69.7$123$73.8$64.4 $52.3

5

10

10

11

FINTECH DEAL DASHBOARD

Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 11/30/17.(1) Includes private company equity financings. “Nov-17” column represents transactions in Q4 through 11/30/17.(2) Represents weighted average by market cap.

FinTech is trading at 26% over the LTM period, compared with 21% for the S&P 500. Amounts raised through November approach the total raised in Q3 ’17, and financing volume YTD ‘17 is 92% of total ‘16 volume. That said, M&A volume and amounts raised have slowed

(1)

(1)

(2)

6

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


Benefits Administration/Payroll Financial SaaS



Combined Market Cap.: $16317E/16A Rev. Growth: 12.0%

17E EBITDA Margin: 26.3%








Combined Market Cap.: $3117E/16A Rev. Growth: 9.9% 17E EBITDA Margin: 11.4%

Combined Market Cap.: $32617E/16A Rev. Growth: 7.6% 17E EBITDA Margin: 31.8%

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 11/30/17.

1 2 3

4 5 6

7

FINTECH PUBLIC COMPANY LANDSCAPE (CONT’D)(3)

FinTech sub-sectors and key operating stats ($Bn)

Liquidity Venues PaymentsIT & BPO Services







Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 11/30/17.

7 8 9




Trading Technology



10 11

8

FINTECH STOCK PRICE PERFORMANCE

3 Year Share Price Performance

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 11/30/17.

Payments leads the FinTech pack on an LTM basis, while trading tech has outperformed over the past three years

6) Investment Technology

11) Trading Technology

1) Banking & Lending Technology

2) Benefits Administration/Payroll

3) Financial SaaS 5) Insurance Technology

4) Information Services

7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & Mortgage Technology

9

FINTECH PUBLIC COMPANY VALUATIONLiquidity venues has outperformed the rest of the FinTech market on both an EV / LTM revenue and EV / NTM revenue basis

Notes:Source: CapIq.Market data as of 11/30/17.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM RevenueEnterprise Value / LTM Revenue

Median Revenue Growth to EV / NTM Revenue MultipleEnterprise Value / NTM Revenue

1

2 3

4

5

67

8

910

11

3.5x 3.8x 4.0x4.7x

3.5x 3.8x 3.8x4.4x








10

FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS has outperformed the rest of the FinTech market on both an EV / LTM EBITDA and EV / NTM EBITDA basis

Notes:Source: CapIq.Market data as of 11/30/17.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM EBITDAEnterprise Value / LTM EBITDA

Median EBITDA Growth to EV / NTM EBITDA MultipleEnterprise Value / NTM EBITDA

1

23

4

5

6

7 89

10

11

15.1x 15.4x 15.6x17.1x

12.8x 13.0x 12.8x14.6x








11

Investment Technology6

Real Estate & Mort. Tech10

Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratiosFINTECH PUBLIC COMPANY VALUATION (CONT’D)

Notes: Figures represent medians of sub-sectors.Market data as of 11/30/17.Long-term EPS growth covers last 5 years.

21.7%

18.0%

17.3%

15.0%

13.2%

12.5%

15.7%

8.7%

11.0%

15.0%

13.5%

2.5

2.1

1.5

3.0

2.3

2.0

2.0

3.0

2.4

1.6

1.5

2017E P/E Multiple 2017E PEG Ratio

Long-Term EPS Growth

Banking & Lending Tech1

Benefits Admin/Payroll2

Financial SaaS3

Information Services4

Insurance Technology5

IT & BPO Services7

Liquidity Venues8

Payments9

Trading Technology11

12

SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

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

Date

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

11/30/17 Raptor Group, Route 66 Ventures NA $21

11/30/17 e.ventures, Greycroft Partners Series C $20

11/30/17 Scapital Cheung Kong Graduate School, SVB Capital Series B $15

11/28/17 Oak Hill Capital Partners Private Equity $10

11/27/17 Undisclosed NA $12

11/27/17 Inflexion Private Equity Private Equity $200

11/22/17 Incenter Series B $17

11/21/17 Tola Capital, United Services Automobile Association Series D $16

11/20/17 Digital Garage Series B $25

11/20/17 Blue Sky Alternative Investments, DKSH, Emerald Media, MDI Ventures Series B $65

11/20/17 Magenta Partners Private Equity $13

11/17/17 Undisclosed Series A $47

11/16/17 Bain Capital Private Equity $301

11/15/17 Undisclosed NA $14

11/15/17Mizuho Securities, Mobile Internet Capital, SoftBank Group, Yahoo! JAPAN

CorporationSeries C $22

11/15/17 Hudson Structured Capital Management Series E $15

11/15/17 National Pensions Reserve Fund (Ireland) NA $45

11/14/17 Citigroup, Index Ventures, Undisclosed Early VC $20

11/13/17Arbor Ventures, Assurant Growth Investing, Caffeinated Capital, Crystal Towers

Capital, Felicis Ventures, Nyca Partners, TenOneTen VenturesSeries B $22



IT & BPO Services

Trading Technology

Financial SaaS

Payments



Financial SaaS

IT & BPO Services

Payments

Payments

Financial SaaS

Payments

Trading Technology


IT & BPO Services


Financial SaaS

13

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

11/10/17Alven Capital Partners, Global Founders Capital, Partech Ventures, Rocket

Internet, Silvertech Ventures, White Star CapitalSeries A $12

11/9/17 83North, Harbert Management, Target Partners, Zobito NA $12

11/8/17 Fidelity Investments Series E $100

11/8/17Alibaba Entrepreneurs Fund, China Construction Bank, International Finance

CorporationSeries B $220

11/7/17 Frank Thelen, Undisclosed Investors Series A $12

11/7/17Goodwater Capital, Kevin Systrom, Michael Moritz, Orange Digital Ventures,

Passion Capital, Stripe, Thrive CapitalSeries C $93

11/6/17 Allen & Company, Liberty City Ventures Series B $43

11/6/17 Endiya Partners, Fosun RZ Capital, Prophet Capital, VenturEast Series A $10

11/6/17Jungle Ventures, Sequoia Capital India, SPRING Seeds Capital, Wavemaker

PartnersSeries B $14

11/4/17 China Broadband Capital Partners, China Capital Group, Shunwei Capital Series B $30

11/3/17 Indiabulls Housing Finance NA $118

11/2/17Andreessen Horowitz, Baillie Gifford & Co., Institutional Venture Partners, Old

Mutual Global Investors, Sapphire VenturesSeries E $280

11/1/17 Arba Seed Investment Group, Redpoint Ventures, Resolute Ventures Series A $13

11/1/17 Index Ventures, Nyca Partners Series A $21

11/1/17 Clearlake Capital Group, EDB Investments, Goldman Sachs, Sageview Private Equity $65

Median $21







Trading Technology

Payments




Payments

Financial SaaS


IT & BPO Services

14

Offer

Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector

11/28/17General Corporate Purposes,

Working CapitalNA NA $1,000 4.88%

11/28/17Redemption/Repayment of

Debt SecuritiesNA NA $500 4.00%

11/28/17Redemption/Repayment of

Debt SecuritiesNA NA $234 3.00%

11/27/17General Corporate Purposes,

Working Capital, Investment in Securities

BB NA $300 -

11/27/17 General Corporate Purposes BBB- NA $2 3.15%

11/16/17 General Corporate Purposes NA NA $1,000 3.80%





Median $400

Security Rating at Issuance

Liquidity Venues


Liquidity Venues

Trading Technology

Payments

Payments

Payments

Liquidity Venues

Liquidity Venues


SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Offer

Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector

Notes: Source: CapIq. Pitchbook.Price to Date as of 12/5/17.Selected financings from last calendar month.

11/20/17 NYSE: BKI Follow On $319 $45.50 (1%)

11/16/17 NasdaqGS: PSDO Follow On $114 $14.25 7%

11/14/17 NYSE: G Follow On $303 $30.26 6%

Median $303 $30.26 6%


IT & BPO Services

IT & BPO Services

15

11/30/2017 $280 NA NA

11/29/2017 $95 NA 19.0x

11/28/2017 $650 3.2x NA

11/20/2017 NA NA NA

11/20/2017 NA NA NA

11/16/2017 $180 5.6x NA

11/14/2017 NA NA NA

11/13/2017 European business $611 NA NA

11/13/2017 NA NA NA

11/8/2017 NA NA NA

11/7/2017 $87 3.6x NA

11/2/2017 $850 NA NA

11/1/2017 $59 NA NA

Median 3.6x 19.0x




Trading Technology


Financial SaaS

Payments

Payments

Benefits Administration/Payroll

Financial SaaS

Financial SaaS



SELECTED RECENT M&A ACTIVITY

Notes: Source: CapIq. Pitchbook.Selected deals >$50MM.

Date Enterprise EV / Revenue EV / EBITDA

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

16

PUBLIC COMPANY VALUATIONS

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Adm

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llBa

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Len

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Tec

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

Fina

ncia

l Saa

S

Banking & Lending TechnologyIntuit Inc. $157.22 $40,193 $40,291 15.0% 2.3 12.0% 9.9% 42.3% 8.9% 36.9% 7.4x 6.8x 20.1x 18.4x 34.6x 31.1x Fidelity National Information Services, Inc. $94.33 $31,494 $39,987 11.9% 1.8 (0.8%) (1.1%) 33.1% 5.7% 33.0% 4.4x 4.3x 13.2x 12.5x 21.4x 19.4x First Data Corporation $16.45 $15,191 $36,276 10.5% 1.0 4.0% 5.4% 14.4% 7.6% 25.4% 3.0x 2.9x 11.9x 11.1x 10.8x 10.6x Fiserv, Inc. $131.45 $27,394 $32,180 11.5% 2.2 2.9% 5.9% 18.5% 6.7% 36.0% 5.7x 5.4x 15.8x 14.8x 25.9x 22.9x Wolters Kluwer N.V. $51.83 $14,609 $17,205 8.1% 2.4 16.6% 4.8% 21.8% 2.2% 27.3% 3.3x 3.2x 11.9x 11.7x 19.3x 18.0x Temenos Group AG $123.45 $8,678 $8,955 15.3% 3.3 14.9% 15.1% 51.8% 18.1% 34.9% 12.3x 11.0x 35.2x 29.8x 49.9x 42.0x Jack Henry & Associates, Inc. $115.32 $8,907 $8,803 11.0% 3.3 5.2% 5.8% 4.5% 5.3% 35.2% 6.0x 5.7x 17.1x 16.2x 35.9x 33.8x Black Knight, Inc. $43.05 $2,962 $4,362 14.2% 2.2 3.1% 8.2% 47.4% 11.5% 47.9% 4.1x 3.8x 8.6x 7.7x 31.3x 26.6x ACI Worldwide, Inc. $22.88 $2,713 $3,339 11.0% 3.4 1.5% (0.2%) NA 8.0% 25.0% 3.3x 3.2x 13.1x 12.1x 36.9x 34.7x Ellie Mae, Inc. $88.39 $3,053 $2,687 13.2% 4.4 14.5% 18.0% 62.8% 15.1% 28.9% 6.5x 5.4x 22.5x 19.6x 57.7x 54.0x Coupa Software Incorporated $35.43 $1,899 $1,680 NM NM 33.4% 23.8% NA NA NA 9.4x 7.5x NM NM NM NMQ2 Holdings, Inc. $41.85 $1,744 $1,655 26.0% NM 29.1% 22.7% NA NA 5.0% 8.5x 6.9x NM 83.0x NM NMLendingClub Corporation $4.37 $1,813 $1,435 27.7% NM 15.9% NA NA NA 8.1% 2.5x 2.0x 30.4x 12.2x NM 23.5x Bottomline Technologies (de), Inc. $33.33 $1,349 $1,408 20.0% 1.6 5.6% 7.0% NA 8.2% 22.9% 3.9x 3.6x 16.9x 15.7x 31.1x 29.3x On Deck Capital, Inc. $5.29 $390 $1,050 NM NM 19.8% NA NA NA 1.6% 3.0x 2.7x NM 33.2x NM 20.5x Elevate Credit, Inc. $7.50 $314 $737 NM NM 16.1% 21.5% 78.9% 68.5% 14.1% 1.1x 0.9x 7.8x 4.6x 24.9x 7.5x Computer Services, Inc. $48.45 $677 $639 NM NA NA NA NA NA NA NA NA NA NA NA NAPerformant Financial Corporation $1.80 $92 $109 NM NM (8.8%) NA NA NA 6.2% 0.8x 0.9x 13.6x 42.7x NM NM

Median 13.2% 2.3 12.0% 7.6% 37.7% 8.1% 26.3% 4.1x 3.8x 14.7x 15.2x 31.2x 25.1x

Benefits Administration/PayrollAutomatic Data Processing, Inc. $114.46 $50,762 $50,417 10.5% 2.9 5.7% 7.1% (4.7%) 11.4% 20.4% 4.0x 3.7x 19.4x 17.4x 30.3x 28.1x Paychex, Inc. $67.31 $24,186 $23,875 8.1% 3.6 5.6% 6.9% 7.6% 6.7% 43.6% 7.4x 6.9x 16.9x 15.9x 29.2x 27.3x The Ultimate Software Group, Inc. $211.03 $6,305 $6,176 23.3% 2.5 19.6% 17.9% NA 27.5% 23.0% 6.6x 5.6x 28.8x 22.6x 58.4x 46.5x Paycom Software, Inc. $82.00 $4,778 $4,745 28.1% 2.3 31.3% 26.4% 95.2% 25.4% 30.7% 11.0x 8.7x 35.7x 28.5x 65.1x 53.2x TriNet Group, Inc. $44.76 $3,110 $3,278 NM NM NA NA NA 1.4% 34.6% 4.1x 3.9x 11.8x 11.6x 22.4x 22.3x HealthEquity, Inc. $51.87 $3,138 $2,927 28.3% 2.7 27.3% 24.3% 52.2% 27.5% 36.5% 12.9x 10.5x 35.4x 27.7x 76.6x 60.5x Paylocity Holding Corporation $46.14 $2,423 $2,326 28.9% 2.1 26.1% 22.5% NA 27.3% 19.9% 7.0x 5.7x 35.2x 27.6x 60.5x 47.7x Insperity, Inc. $117.90 $2,457 $2,274 16.5% 1.5 11.7% 10.9% 45.7% 14.3% 5.3% 0.7x 0.6x 13.0x 11.4x 25.0x 22.3x WageWorks, Inc. $64.15 $2,543 $1,895 15.0% 2.4 31.7% 10.8% NA 14.3% 30.4% 3.9x 3.6x 13.0x 11.3x 36.0x 32.7x Benefitfocus, Inc. $27.10 $848 $913 20.0% NM 9.9% 7.5% NA 47.0% 7.4% 3.6x 3.2x 48.2x 32.8x NM NMCastlight Health, Inc. $3.90 $522 $440 25.0% NM 28.6% 24.9% NA NA NA 3.4x 2.7x NM NM NM NM

Median 21.7% 2.5 22.8% 14.4% 45.7% 19.9% 26.7% 4.1x 3.9x 24.1x 20.0x 36.0x 32.7x

Financial SaasIntuit Inc. $157.22 $40,193 $40,291 15.0% 2.3 12.0% 9.9% 42.3% 8.9% 36.9% 7.4x 6.8x 20.1x 18.4x 34.6x 31.1x Workday, Inc. $103.00 $21,630 $19,892 32.3% NM 36.0% 26.1% NA 29.2% 16.2% 9.3x 7.5x 57.6x 44.6x NM 89.1x The Sage Group plc $10.46 $11,303 $12,292 10.2% 2.5 13.4% 10.7% 19.3% 8.3% 30.0% 5.3x 4.8x 17.7x 16.4x 25.9x 22.6x SS&C Technologies Holdings, Inc. $41.29 $8,500 $10,614 15.0% 1.4 13.1% 6.6% 34.4% 10.8% 41.2% 6.3x 6.0x 15.4x 13.9x 21.4x 18.9x Paycom Software, Inc. $82.00 $4,778 $4,745 28.1% 2.3 31.3% 26.4% 95.2% 25.4% 30.7% 11.0x 8.7x 35.7x 28.5x 65.1x 53.2x Xero Limited $21.91 $3,008 $2,949 NM NM 39.1% 14.4% NA NA 2.8% 11.1x 8.3x NM 66.7x NM NMEnvestnet, Inc. $49.15 $2,178 $2,388 17.5% 2.2 17.6% 15.7% NA 26.6% 17.9% 3.5x 3.0x 19.6x 15.5x 37.8x 30.3x Paylocity Holding Corporation $46.14 $2,423 $2,326 28.9% 2.1 26.1% 22.5% NA 27.3% 19.9% 7.0x 5.7x 35.2x 27.6x 60.5x 47.7x Alfa Financial Software Holdings PLC $6.55 $1,965 $1,939 NM NM 28.9% 6.0% NA 10.8% NA 16.6x 14.8x 36.0x 32.5x 46.1x 40.2x Coupa Software Incorporated $35.43 $1,899 $1,680 NM NM 33.4% 23.8% NA NA NA 9.4x 7.5x NM NM NM NMQ2 Holdings, Inc. $41.85 $1,744 $1,655 26.0% NM 29.1% 22.7% NA 106.7% 5.0% 8.5x 6.9x NM 83.0x NM NMFinancial Engines, Inc. $27.90 $1,767 $1,569 13.0% 1.6 13.3% 8.4% NA 6.5% 32.9% 3.3x 3.1x 9.9x 9.3x 20.3x 19.3x Blucora, Inc. $20.55 $948 $1,232 18.5% 0.8 10.5% 6.3% 27.6% 18.5% 19.8% 2.4x 2.3x 12.3x 10.4x 14.8x 12.2x Benefitfocus, Inc. $27.10 $848 $913 20.0% NM 9.9% 7.5% NA 47.0% 7.4% 3.6x 3.2x 48.2x 32.8x NM NM

Median 18.0% 2.1 26.1% 14.4% 34.4% 18.5% 19.9% 7.4x 6.8x 19.9x 23.0x 34.6x 30.7x

$MM, Except Per Share Data

Stock EPS Operating Metrics Trading MetricsPrice Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS

11/30/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E

17





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Information ServicesRELX PLC $23.34 $46,679 $53,264 8.1% 2.6 18.5% 7.4% 37.3% 9.8% 34.7% 5.3x 5.1x 15.2x 13.8x 21.4x 20.0x S&P Global Inc. $165.48 $42,197 $44,668 13.3% 1.9 5.4% 5.8% 16.2% 6.9% 48.1% 7.5x 7.1x 15.6x 14.6x 24.9x 22.9x Thomson Reuters Corporation $44.09 $31,371 $38,245 9.3% 1.9 1.6% 3.5% 42.8% 4.2% 30.0% 3.4x 3.3x 11.2x 10.8x 17.9x 16.9x Moody's Corporation $151.82 $29,013 $33,875 9.5% 2.7 13.6% 10.9% 19.1% 11.4% 47.8% 8.3x 7.5x 17.3x 15.6x 25.6x 23.2x Experian plc $20.77 $18,915 $22,390 8.8% 2.6 NA 7.1% NA 6.2% 35.5% 5.2x 4.7x 14.7x 13.8x 23.2x 19.8x IHS Markit Ltd. $44.62 $17,662 $21,579 12.8% 1.7 30.4% 6.0% NA 9.4% 38.8% 6.0x 5.7x 15.6x 14.2x 21.7x 20.2x Nielsen Holdings plc $36.72 $13,078 $21,064 7.2% 1.9 4.0% 4.1% 24.8% 1.9% 30.8% 3.2x 3.1x 10.4x 10.2x 13.8x 14.2x Verisk Analytics, Inc. $96.42 $15,880 $18,616 9.3% 3.2 6.8% 8.7% 11.0% 8.1% 48.9% 8.7x 8.1x 17.9x 16.5x 30.3x 27.8x Wolters Kluwer N.V. $51.83 $14,609 $17,205 8.1% 2.4 16.6% 4.8% 21.8% 2.2% 27.3% 3.3x 3.2x 11.9x 11.7x 19.3x 18.0x Equifax Inc. $114.12 $13,703 $16,160 11.0% 1.8 6.5% 2.3% 8.4% 0.5% 36.3% 4.8x 4.7x 13.3x 13.2x 19.3x 19.2x Gartner, Inc. $120.89 $10,959 $13,679 17.1% 2.0 37.4% 29.9% 74.0% 19.8% 20.8% 4.1x 3.4x 19.6x 16.4x 35.0x 29.9x MSCI Inc. $128.70 $11,592 $12,870 14.0% 2.4 10.4% 11.6% 15.7% 13.8% 51.9% 10.1x 9.2x 19.5x 17.2x 33.6x 28.5x TransUnion $55.52 $10,126 $12,344 11.0% 2.7 12.4% 10.0% 31.5% 11.9% 38.8% 6.4x 5.9x 16.6x 14.8x 29.8x 26.2x Informa plc $10.13 $8,343 $10,380 6.0% 2.7 41.1% 13.2% 51.1% 5.8% 33.6% 4.4x 4.3x 13.2x 12.4x 16.2x 15.1x News Corporation $16.16 $9,419 $8,211 17.2% 2.1 0.6% 0.5% 39.9% 2.9% 11.4% 1.0x 1.0x 8.8x 8.5x 36.7x 30.4x FactSet Research Systems Inc. $199.88 $7,817 $8,165 11.3% 2.4 10.6% 10.7% 8.1% 8.6% 34.4% 6.4x 6.0x 18.8x 17.3x 26.5x 23.8x The Dun & Bradstreet Corporation $123.11 $4,550 $5,817 10.0% 1.7 3.3% 3.2% 11.8% 4.1% 28.6% 3.3x 3.2x 11.6x 11.1x 17.2x 16.7x CoreLogic, Inc. $43.61 $3,592 $5,240 11.0% 1.7 (5.4%) 0.3% 12.9% 3.7% 25.6% 2.8x 2.8x 11.1x 10.7x 18.7x 17.8x Fair Isaac Corporation $157.06 $4,710 $5,209 16.0% 2.0 5.2% 6.6% 10.3% 16.7% 24.1% 5.5x 5.2x 22.8x 19.6x 31.7x 27.7x Morningstar, Inc. $92.30 $3,925 $3,806 NM NA 7.6% NA NA NA NA NA NA NA NA NA NAAcxiom Corporation $27.25 $2,159 $2,219 12.5% 2.9 2.3% 9.5% NA 26.3% 19.1% 2.5x 2.2x 12.9x 10.2x 36.6x 27.5x Euromoney Institutional Investor PLC $15.45 $1,658 $1,891 NM NM 15.6% 12.9% 8.7% 4.1% 26.8% 3.2x 3.2x 12.1x 11.7x 14.8x 14.1x comScore, Inc. $28.99 $1,660 $1,547 NM NM NA 40.9% NA 22.9% 26.0% 2.5x 2.3x 9.7x 7.9x 14.7x 11.7x National Research Corporation $52.50 $1,285 $1,251 NM NA 8.2% NA 9.5% 10.3% 32.8% 10.6x 9.8x 32.3x 29.2x NA NAForrester Research, Inc. $46.45 $835 $701 13.5% 2.9 1.8% 4.5% (5.5%) 20.8% 11.5% 2.1x 2.0x 18.3x 15.2x 38.5x 30.8x

Median 11.0% 2.4 7.6% 7.1% 16.0% 8.3% 31.8% 4.6x 4.5x 14.9x 13.8x 23.2x 20.2x

Insurance TechnologyVerisk Analytics, Inc. $96.42 $15,880 $18,616 9.3% 3.2 6.8% 8.7% 11.0% 8.1% 48.9% 8.7x 8.1x 17.9x 16.5x 30.3x 27.8x Guidewire Software, Inc. $74.39 $5,714 $5,153 15.6% 5.4 26.1% 24.5% NA 11.3% 20.9% 9.1x 7.6x 43.5x 39.1x 84.4x 76.5x HealthEquity, Inc. $51.87 $3,138 $2,927 28.3% 2.7 27.3% 24.3% 52.2% 27.5% 36.5% 12.9x 10.5x 35.4x 27.7x 76.6x 60.5x Ebix, Inc. $77.30 $2,432 $2,713 15.0% 1.6 19.1% 18.3% 11.5% 20.8% 34.4% 7.6x 6.6x 22.2x 18.4x 24.7x 21.7x CorVel Corporation $55.25 $1,041 $1,003 NM NA 4.5% NA NA NA NA NA NA NA NA NA NABenefitfocus, Inc. $27.10 $848 $913 20.0% NM 9.9% 7.5% NA 47.0% 7.4% 3.6x 3.2x 48.2x 32.8x NM NMCrawford & Company $10.02 $559 $747 10.0% 1.3 1.5% 6.5% 21.0% 11.9% 11.4% 0.7x 0.6x 5.8x 5.2x 12.9x 11.8x Sapiens International Corporation N.V. $11.96 $589 $587 10.0% 3.5 26.2% 18.0% (5.3%) 62.8% 10.4% 2.2x 1.9x 20.7x 12.7x 35.4x 19.1x eHealth, Inc. $22.94 $427 $376 NM NM (8.8%) 5.7% NA NA NA 2.2x 2.0x NM 46.9x NM NMMajesco $5.33 $195 $202 NM NM (6.6%) 13.9% 14.1% NA 3.6% 1.7x 1.5x 48.3x 15.7x NM 24.2x Symbility Solutions Inc. $0.30 $72 $67 NM NM 23.6% 12.6% NA 23.4% 4.9% 2.1x 1.9x 43.6x 35.4x NM NA

Median 15.0% 3.0 9.9% 13.3% 12.8% 22.1% 11.4% 2.9x 2.6x 35.4x 23.0x 32.9x 24.2x

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Investment TechnologyThe Bank of New York Mellon Corporation $54.74 $56,055 $79,487 7.7% 2.0 3.6% 4.0% NA NA NA 5.0x 4.8x NA NA 15.5x 14.1x The Charles Schwab Corporation $48.79 $65,407 $56,359 18.8% 1.6 15.0% 12.6% NA 18.1% NA 6.6x 5.8x 14.3x 12.1x 30.3x 25.2x State Street Corporation $95.35 $35,359 $43,136 11.4% 1.3 14.4% 11.6% NA NA NA 3.7x 3.5x NA NA 15.3x 13.8x TD Ameritrade Holding Corporation $51.17 $29,010 $31,001 20.4% 1.4 20.1% 35.7% NA 25.6% 42.7% 7.8x 6.2x 18.2x 14.5x 28.8x 21.1x Northern Trust Corporation $97.78 $22,237 $19,746 10.7% 1.9 7.8% 10.2% NA NA NA 3.7x 3.4x NA NA 20.6x 18.2x Broadridge Financial Solutions, Inc. $90.26 $10,520 $11,524 10.0% 2.6 22.4% 2.5% 31.3% 1.1% 19.7% 2.7x 2.7x 13.8x 13.7x 25.9x 23.8x SS&C Technologies Holdings, Inc. $41.29 $8,500 $10,614 15.0% 1.4 13.1% 6.6% 34.4% 10.8% 41.2% 6.3x 6.0x 15.4x 13.9x 21.4x 18.9x SEI Investments Co. $70.36 $11,080 $10,435 12.0% 2.5 8.0% 10.0% 54.7% 16.7% 41.1% 6.9x 6.3x 16.8x 14.4x 30.0x 25.9x Computershare Limited $12.47 $6,780 $7,875 9.3% 2.3 5.5% 4.5% 31.4% 8.5% 26.7% 3.7x 3.6x 13.7x 12.7x 21.8x 19.4x DST Systems, Inc. $62.58 $3,769 $4,273 10.0% 2.0 33.3% 7.6% 29.1% 12.5% 20.5% 2.1x 1.9x 10.0x 8.9x 20.3x 17.4x Envestnet, Inc. $49.15 $2,178 $2,388 17.5% 2.2 17.6% 15.7% NA 26.6% 17.9% 3.5x 3.0x 19.6x 15.5x 37.8x 30.3x SimCorp A/S $60.18 $2,373 $2,383 13.6% 2.3 29.5% 20.2% 40.8% 15.1% 26.0% 5.9x 5.4x 22.6x 19.7x 31.8x 27.5x Equiniti Group plc $3.97 $1,446 $1,804 NM NM 14.7% 13.5% 41.5% 11.8% 24.5% 3.3x 3.0x 13.6x 12.2x 18.9x 17.3x Financial Engines, Inc. $27.90 $1,767 $1,569 13.0% 1.6 13.3% 8.4% NA 6.5% 32.9% 3.3x 3.1x 9.9x 9.3x 20.3x 19.3x IRESS Limited $8.24 $1,394 $1,528 6.1% 4.3 14.5% 8.0% 15.2% 15.2% 26.7% 4.7x 4.4x 17.8x 15.4x 26.3x 23.2x Sanne Group plc $9.86 $1,369 $1,393 24.0% 1.2 NA 30.4% NA 23.1% 37.4% 8.9x 7.2x 23.7x 19.3x 29.5x 25.2x First Derivatives plc $50.53 $1,280 $1,297 NM NM NA 19.5% NA 12.1% 18.2% 5.6x 4.9x 30.6x 27.3x 60.4x 51.4x Blucora, Inc. $20.55 $948 $1,232 18.5% 0.8 10.5% 6.3% 27.6% 18.5% 19.8% 2.4x 2.3x 12.3x 10.4x 14.8x 12.2x Fidessa group plc $33.19 $1,278 $1,186 NM NM 15.9% 4.6% 38.3% 3.5% 21.6% 2.5x 2.5x 11.6x 11.2x 26.3x 25.0x StatPro Group plc $2.02 $132 $156 NM NM 42.7% 22.1% 76.7% 27.0% 14.2% 2.4x 2.0x 16.6x 13.1x 30.0x 21.0x

Median 12.5% 2.0 14.6% 10.1% 34.4% 15.1% 25.2% 3.7x 3.6x 15.4x 13.7x 26.1x 21.0x

IT & BPO ServicesInternational Business Machines Corporation $153.97 $142,544 $176,801 4.9% 2.3 (1.6%) 0.7% 2.9% 4.1% 24.3% 2.2x 2.2x 9.3x 8.9x 11.2x 11.1x Accenture plc $148.01 $90,984 $87,640 9.8% 2.5 6.6% 9.0% 7.9% 10.5% 17.1% 2.5x 2.3x 14.4x 13.0x 24.7x 22.1x Tata Consultancy Services Limited $40.87 $78,233 $73,243 12.8% 1.6 9.0% 9.2% 5.3% 6.6% 26.6% 3.9x 3.6x 14.7x 13.8x 20.0x 18.3x Cognizant Technology Solutions Corporation $72.28 $42,620 $38,730 14.4% 1.3 9.8% 9.6% 13.9% 15.6% 20.5% 2.6x 2.4x 12.7x 11.0x 19.5x 16.6x DXC Technology Company $96.14 $27,426 $33,647 10.5% 1.4 60.3% NA NA 25.1% 19.5% 1.7x 1.4x 8.5x 6.8x 14.4x 11.6x Infosys Limited $15.13 $34,583 $29,151 9.4% 1.6 7.0% 8.1% 3.5% 4.8% 26.7% 2.7x 2.5x 10.1x 9.6x 15.4x 14.7x Capgemini SE $115.37 $18,383 $20,855 7.9% 2.1 14.9% 7.0% 22.0% 7.1% 13.4% 1.4x 1.3x 10.2x 9.6x 16.3x 15.2x NTT Data Corporation $11.77 $16,513 $20,144 9.2% 3.4 30.1% 5.8% 18.0% 6.9% 14.3% 1.1x 1.1x 7.7x 7.2x 30.9x 26.3x Wipro Limited $4.52 $21,896 $18,274 8.7% 1.8 5.4% 4.0% 13.5% (0.7%) 21.5% 2.2x 2.1x 10.0x 10.1x 16.1x 15.6x HCL Technologies Limited $13.14 $17,576 $16,577 13.5% 1.0 15.6% 12.1% 15.8% 6.9% 22.2% 2.1x 2.0x 9.5x 8.9x 13.4x 13.1x CGI Group Inc. $52.83 $14,956 $16,376 16.0% 1.1 6.9% 2.2% 13.9% 6.2% 18.1% 1.9x 1.9x 10.6x 10.0x 18.2x 16.6x Atos SE $147.97 $15,494 $15,716 12.2% 1.2 22.8% 9.8% 21.9% 5.3% 13.0% 1.0x 1.0x 8.0x 7.6x 15.0x 13.7x Nomura Research Institute, Ltd. $45.28 $10,813 $10,290 NM NM 12.7% 7.1% 12.3% 6.7% 20.5% 2.6x 2.5x 12.5x 11.7x 26.7x 25.0x Capita plc $6.30 $4,195 $7,158 17.4% 0.6 (3.4%) (7.3%) 2.1% 3.2% 13.2% 1.2x 1.2x 9.3x 9.0x 9.8x 9.2x Genpact Limited $32.24 $6,224 $7,004 10.3% 2.0 6.0% 6.2% 7.9% 10.2% 16.7% 2.6x 2.4x 15.4x 14.0x 20.1x 18.2x Tech Mahindra Limited $7.58 $7,404 $6,351 17.1% 0.8 11.8% 8.7% (0.4%) 11.9% 13.6% 1.4x 1.3x 9.9x 8.9x 14.4x 13.4x EPAM Systems, Inc. $101.44 $5,357 $4,869 19.9% 1.5 24.7% 22.6% 52.0% 24.2% 17.9% 3.4x 2.8x 18.8x 15.2x 29.6x 24.3x Conduent Incorporated $15.26 $3,210 $4,804 NM NM (6.2%) (3.1%) NA 8.7% 11.1% 0.8x 0.8x 7.2x 6.6x 19.4x 15.6x Syntel, Inc. $25.61 $2,122 $2,401 10.0% 1.4 (7.1%) (4.8%) (15.7%) 2.0% 25.3% 2.7x 2.7x 10.6x 10.4x 13.8x 14.2x Presidio, Inc. $15.44 $1,416 $2,314 9.0% 1.4 2.6% 5.8% 22.7% 4.9% 8.4% 0.8x 0.8x 9.6x 9.2x 12.2x 11.6x WNS (Holdings) Limited $41.13 $2,072 $1,991 14.4% 3.1 17.3% 11.7% 34.1% 21.3% 18.1% 2.9x 2.6x 16.0x 13.2x 44.2x 28.2x ExlService Holdings, Inc. $61.38 $2,083 $1,880 14.0% 1.7 10.5% 9.4% 31.6% 13.6% 17.2% 2.5x 2.3x 14.4x 12.7x 23.4x 21.4x MphasiS Limited $11.31 $2,185 $1,856 10.3% 1.8 8.5% 11.2% 4.6% 12.8% 15.4% 1.9x NA 12.4x 11.0x 18.8x 15.9x Luxoft Holding, Inc. $51.50 $1,729 $1,674 17.0% 1.1 18.0% 18.4% 41.6% 27.5% 15.4% 1.9x 1.6x 12.3x 9.7x 18.4x 15.1x Hexaware Technologies Limited $5.22 $1,551 $1,483 13.5% 1.5 17.2% 11.2% 23.4% 11.0% 16.9% 2.4x 2.2x 14.4x 12.9x 20.1x 18.8x Globant S.A. $40.00 $1,404 $1,370 NM NM 26.1% 22.2% 6.9% 27.9% 16.0% 3.4x 2.8x 21.0x 16.4x 30.7x 25.7x Virtusa Corporation $46.35 $1,361 $1,319 21.3% 1.5 19.4% 16.2% 27.4% 41.1% 7.1% 1.4x 1.2x 19.4x 13.8x 31.3x 23.4x Mindtree Limited $8.35 $1,369 $1,286 14.1% 1.4 6.8% 11.2% (6.7%) 19.5% 12.4% 1.6x 1.4x 12.6x 10.5x 20.0x 17.7x Perficient, Inc. $19.36 $676 $738 17.0% 0.9 3.5% 11.7% 40.2% 14.5% 14.5% 1.5x 1.4x 10.5x 9.2x 16.0x 13.9x Persistent Systems Limited $10.12 $809 $697 13.9% 1.1 12.9% 14.2% 24.7% 18.3% 15.8% 1.5x 1.3x 9.4x 7.9x 15.9x 13.5x

Median 13.5% 1.5 10.1% 9.2% 13.9% 10.3% 16.8% 2.0x 2.0x 10.6x 10.1x 18.6x 15.7x

19



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Liquidity VenuesCME Group Inc. $149.54 $50,888 $51,401 10.2% 3.1 1.0% 4.9% 5.0% 8.7% 70.9% 14.1x 13.2x 20.0x 18.4x 31.3x 28.1x Intercontinental Exchange, Inc. $71.45 $41,800 $47,454 9.2% 2.6 3.1% 4.6% 7.3% 8.9% 63.7% 10.2x 9.7x 16.1x 14.8x 24.2x 21.2x Deutsche Börse Aktiengesellschaft $113.43 $21,190 $21,623 10.9% 1.9 (2.6%) (11.8%) 22.1% 8.8% 59.0% 7.4x 6.9x 12.6x 11.6x 20.9x 18.1x London Stock Exchange Group plc $51.04 $17,679 $18,583 16.0% 1.6 24.7% 15.8% 51.6% 14.9% 50.5% 7.3x 6.6x 14.4x 12.6x 25.7x 21.9x Nasdaq, Inc. $79.16 $13,158 $16,323 8.5% 2.2 5.5% NA 5.7% 6.6% 50.8% 6.8x 6.4x 13.3x 12.5x 18.9x 17.7x B3 S.A. - Brasil, Bolsa, Balcão $7.11 $14,501 $15,649 3.0% 8.6 68.8% 26.5% 80.9% 13.9% 68.2% 13.0x 11.7x 19.0x 16.7x 25.4x 21.4x Cboe Global Markets, Inc. $123.43 $14,004 $15,199 34.0% 1.1 53.4% NA NA 20.6% 64.6% 15.1x 13.2x 23.3x 19.4x 36.3x 31.1x ASX Limited $43.28 $8,370 $7,657 4.6% 5.4 2.6% NA (11.5%) 4.2% 76.5% 12.9x 12.3x 16.8x 16.1x 25.2x 24.3x MarketAxess Holdings Inc. $195.27 $7,330 $7,125 NM NM 7.5% 14.0% 5.2% 19.0% 55.2% 17.9x 15.6x 32.5x 27.3x 49.5x 41.8x Hong Kong Exchanges and Clearing Limited $30.11 $37,294 $5,664 8.8% 4.5 15.9% 18.8% 27.5% 13.6% 72.1% 3.4x 3.1x 4.7x 4.2x 39.7x 34.9x Singapore Exchange Limited $5.56 $5,961 $5,319 4.1% 5.6 10.7% 6.9% 25.0% 12.7% 58.1% 8.7x 8.1x 15.1x 13.4x 22.7x 19.9x Euronext N.V. $61.06 $4,243 $4,275 5.9% 3.0 20.9% (0.6%) 18.0% 12.7% 54.8% 6.7x 6.2x 12.3x 10.9x 17.8x 16.3x TMX Group Limited $53.93 $2,985 $3,402 NM NM (5.6%) NA (7.1%) 14.8% 54.2% 6.0x 5.5x 11.1x 9.7x 14.9x 13.3x Bolsas y Mercados Españoles, Sociedad Holding de Mercado $33.58 $2,792 $2,412 0.8% 19.8 12.4% (0.1%) 13.5% 0.3% 66.3% 6.3x 6.3x 9.5x 9.5x 15.2x 15.1x Bursa Malaysia Berhad $2.37 $1,272 $1,187 5.7% 4.1 21.2% 10.0% 25.5% 3.2% 58.8% 8.8x 8.6x 15.0x 14.5x 23.3x 22.9x Bolsa Mexicana de Valores, S.A.B. de C.V. $1.72 $1,018 $921 14.0% 1.2 21.7% 6.6% 31.6% 7.8% 56.0% 5.5x 5.1x 9.8x 9.1x 16.9x 15.7x JSE Limited $9.81 $839 $687 4.6% 3.2 (8.1%) (2.9%) NA 23.7% 37.7% 4.3x 3.8x 11.3x 9.2x 14.6x 12.9x Gielda Papierów Wartosciowych w Warszawie S.A. $12.28 $515 $465 NM NM 27.9% 2.5% 29.0% 5.7% 60.2% 4.9x 4.8x 8.1x 7.7x 12.8x 12.0x Hellenic Exchanges - Athens Stock Exchange SA $5.55 $335 $235 93.5% 0.8 25.7% NA 20.3% NA 30.8% 7.1x 5.4x 23.1x 11.4x 71.7x 28.0x

Median 8.7% 3.0 12.4% 5.8% 20.3% 10.8% 58.8% 7.3x 6.6x 14.4x 12.5x 23.3x 21.2x

20



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PaymentsVisa Inc. $112.59 $255,445 $260,374 16.6% 1.9 17.1% 9.5% 19.3% 12.5% 70.3% 13.9x 12.6x 19.8x 17.6x 31.3x 26.6x Mastercard Incorporated $150.47 $159,297 $157,363 18.3% 1.8 15.5% 14.2% 16.6% 14.4% 58.6% 12.6x 11.2x 21.6x 18.9x 33.1x 28.2x American Express Company $97.71 $84,812 $109,859 10.0% 1.7 11.7% 16.8% NA 8.5% NA 3.3x 3.1x 9.8x 9.1x 16.7x 15.3x PayPal Holdings, Inc. $75.73 $91,021 $80,415 20.3% 2.0 19.7% 19.8% 59.9% 19.7% 25.9% 6.2x 5.2x 23.9x 20.0x 40.4x 33.4x Discover Financial Services $70.60 $25,655 $39,150 8.3% 1.4 36.4% 45.8% NA NA NA 4.0x 3.7x NA NA 11.9x 10.7x First Data Corporation $16.45 $15,191 $36,276 10.5% 1.0 4.0% 56.1% 14.4% 7.6% 25.4% 3.0x 2.9x 11.9x 11.1x 10.8x 10.6x Alliance Data Systems Corporation $239.27 $13,219 $33,376 13.7% 1.0 8.6% 12.6% 37.1% 15.3% 25.9% 4.3x 3.9x 16.6x 14.4x 13.2x 11.2x Cielo S.A. $7.01 $19,020 $21,413 5.6% 2.7 (3.2%) 39.0% (4.6%) 7.3% 44.1% 5.9x 5.6x 13.3x 12.4x 14.9x 14.2x Global Payments Inc. $100.56 $16,003 $20,241 15.1% 1.7 23.6% (8.7%) 17.1% 19.7% 32.9% 5.7x 5.1x 17.5x 14.6x 25.2x 21.4x FleetCor Technologies, Inc. $181.87 $16,288 $19,990 16.6% 1.3 22.5% 14.3% 28.0% 12.9% 53.3% 8.9x 7.9x 16.7x 14.8x 21.5x 18.7x Vantiv, Inc. $75.00 $13,334 $18,047 15.3% 1.5 11.1% NA 18.5% 14.2% 47.6% 8.5x 7.6x 17.9x 15.7x 22.4x 20.0x Total System Services, Inc. $74.36 $13,671 $16,231 11.6% 1.9 (19.0%) (26.3%) NA 7.7% 35.2% 4.8x 4.5x 13.7x 12.7x 22.3x 20.3x Square, Inc. $39.22 $15,240 $14,725 NM NM 37.2% NA NA 80.3% 14.1% 15.2x 11.6x NM 60.0x NM 87.6x Worldpay Group plc $5.70 $11,330 $13,090 17.9% 1.8 20.5% 6.8% 30.1% 14.3% 40.7% 7.8x 7.2x 19.2x 16.8x 32.2x 27.3x The Sage Group plc $10.46 $11,303 $12,292 10.2% 2.5 13.4% 10.0% 19.3% 8.3% 30.0% 5.3x 4.8x 17.7x 16.4x 25.9x 22.6x Wirecard AG $106.66 $13,179 $12,269 26.3% 1.6 34.8% 66.7% 56.8% 28.8% 28.0% 7.1x 5.7x 25.2x 19.6x 41.3x 31.8x The Western Union Company $19.69 $9,043 $11,384 5.6% 1.9 1.0% 1.5% (1.0%) 0.9% 24.7% 2.1x 2.0x 8.4x 8.3x 10.8x 10.8x Edenred SA $28.63 $6,681 $8,293 11.5% 2.1 39.8% 20.0% 54.8% 7.0% 37.3% 5.2x 4.9x 14.1x 13.1x 24.2x 22.0x WEX Inc. $128.72 $5,523 $7,709 15.4% 1.6 22.2% 13.0% 63.9% 16.1% 38.9% 6.2x 5.5x 15.9x 13.7x 24.0x 20.4x Ingenico Group - GCS $104.85 $6,526 $6,729 13.8% 1.4 21.9% 21.9% 30.6% 20.6% 20.3% 2.3x 1.9x 11.1x 9.2x 18.7x 16.0x NCR Corporation $31.29 $3,811 $6,677 NM NM (0.8%) 1.6% 32.3% 4.3% 17.5% 1.0x 1.0x 5.9x 5.6x 9.9x 9.4x Nets A/S $26.19 $5,250 $6,364 23.3% 1.4 18.5% 4.4% 59.8% 7.3% 36.6% 5.1x 4.9x 14.0x 13.1x 32.1x 24.8x Euronet Worldwide, Inc. $91.35 $4,812 $4,495 15.0% 1.3 15.2% 11.5% 26.0% 15.3% 18.4% 2.0x 1.8x 10.8x 9.4x 20.0x 17.2x VeriFone Systems, Inc. $17.34 $1,946 $2,694 15.0% 0.8 (2.8%) 2.8% 39.5% 4.2% 16.4% 1.4x 1.4x 8.7x 8.4x 12.1x 10.9x Blackhawk Network Holdings, Inc. $36.75 $2,088 $2,532 15.3% 1.5 14.4% 10.6% 57.7% 16.9% 10.7% 1.2x 1.1x 10.9x 9.3x 22.5x 18.4x GMO Payment Gateway, Inc. $73.62 $2,711 $2,504 NM NM 79.6% 23.9% 41.7% 34.0% 26.4% 11.9x 9.5x 44.9x 33.5x 93.7x 69.3x Green Dot Corporation $61.80 $3,059 $2,414 23.1% 1.3 22.9% 15.2% NA 17.7% 22.9% 2.7x 2.4x 12.0x 10.2x 29.0x 24.7x Cardtronics plc $18.73 $856 $1,744 12.0% 0.5 17.1% (8.8%) 13.0% (17.4%) 22.7% 1.2x 1.3x 5.2x 6.3x 6.5x 8.5x EVERTEC, Inc. $13.90 $1,006 $1,604 1.8% 5.4 2.0% (3.8%) 13.9% 0.5% 43.7% 4.0x 4.0x 9.2x 9.2x 9.5x 9.8x Everi Holdings Inc. $8.15 $549 $1,569 20.0% 0.5 12.1% 5.8% 17.4% 7.8% 22.1% 1.6x 1.5x 7.4x 6.8x 9.8x NAMoneyGram International, Inc. $14.24 $773 $1,513 NM NM (2.1%) (1.6%) 23.2% 3.1% 17.1% 0.9x 0.9x 5.5x 5.4x 13.9x 12.8x Net 1 UEPS Technologies, Inc. $11.10 $632 $636 12.5% 0.5 1.8% NA (18.5%) 10.0% 21.1% 1.1x 1.0x 5.0x 4.5x 6.7x 7.0x Cass Information Systems, Inc. $61.92 $761 $518 NM NA 6.9% NA NA NA NA NA NA NA NA NA NASafeCharge International Group Limited $4.07 $598 $485 13.0% 1.6 7.0% 13.2% 10.3% 14.7% 30.5% 4.4x 3.8x 14.3x 12.4x 20.5x 18.2x PAR Technology Corporation $8.72 $140 $140 NM NA 12.1% NA NA NA NA NA NA NA NA NA NAeServGlobal Limited $0.14 $127 $135 NM NM 3.4% NA NA NA NA 11.8x 8.9x NM 89.2x NM NAEarthport plc $0.22 $132 $108 NM NM 33.2% 36.2% NA NA NA 2.3x 1.7x NM NM NM NMJetPay Corporation $1.90 $30 $38 NM NM 35.7% NA 76.9% 45.9% 6.1% 0.5x 0.4x 8.2x 5.6x NM NM

Median 15.0% 1.6 14.8% 12.6% 26.0% 12.9% 26.1% 4.3x 3.9x 13.5x 12.6x 21.0x 18.5x

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Real Estate & Mortgage TechnologyThe Priceline Group Inc. $1,739.71 $84,845 $87,229 15.7% 1.5 16.9% 14.0% 13.5% 13.6% 37.5% 6.9x 6.1x 18.5x 16.3x 23.4x 20.8x Expedia, Inc. $122.50 $18,681 $20,770 15.6% 1.7 15.3% 12.3% 61.8% 14.4% 17.2% 2.1x 1.8x 12.0x 10.5x 26.5x 22.1x Nationstar Mortgage Holdings Inc. $18.07 $1,766 $16,640 NM NM (6.5%) NA NA 16.4% 31.7% 9.9x 8.7x 31.3x 26.9x 57.7x 9.9x Fidelity National Financial, Inc. $40.46 $11,052 $11,136 NM NM 4.5% NA (18.2%) (10.6%) 16.2% 1.4x 1.4x 8.8x 9.8x 17.3x 16.8x CoStar Group, Inc. $304.97 $11,023 $10,706 18.7% 3.5 15.2% 15.6% 34.1% 30.0% 29.9% 11.1x 9.6x 37.1x 28.6x 64.9x 50.0x Jones Lang LaSalle Incorporated $152.49 $6,918 $8,186 13.5% 1.3 12.1% 4.6% 8.9% 7.0% 9.3% 1.1x 1.0x 11.6x 10.8x 18.1x 17.0x REA Group Limited $59.68 $7,860 $7,964 19.3% 2.0 13.2% 23.0% 28.3% 20.0% 56.6% 14.4x 12.2x 25.4x 21.1x 39.5x 32.8x Zillow Group, Inc. $41.06 $7,547 $7,247 20.0% 3.8 26.7% 21.6% NA 34.3% 22.0% 6.8x 5.6x 30.7x 22.8x 76.3x 47.8x Realogy Holdings Corp. $27.91 $3,757 $7,156 20.0% 0.9 5.4% 4.4% (3.8%) 6.2% 11.9% 1.2x 1.1x 9.8x 9.2x 18.1x 15.2x Ocwen Financial Corporation $3.19 $417 $6,930 NM NM (14.4%) NA NA NA NA 5.8x 7.6x NA NA NM NMFirst American Financial Corporation $55.59 $6,160 $5,757 NM NM 2.9% 0.1% 12.4% 16.8% 12.1% 1.0x 1.0x 8.3x 7.1x 15.8x 14.9x CoreLogic, Inc. $43.61 $3,592 $5,240 11.0% 1.7 (5.4%) 0.3% 12.9% 3.7% 25.6% 2.8x 2.8x 11.1x 10.7x 18.7x 17.8x Rightmove plc $54.45 $4,957 $4,935 12.1% 2.1 20.8% 13.7% 23.2% 9.7% 75.6% 15.0x 13.8x 19.9x 18.1x 25.4x 22.8x Black Knight, Inc. $43.05 $2,962 $4,362 14.2% 2.2 3.1% 8.2% 47.4% 11.5% 47.9% 4.1x 3.8x 8.6x 7.7x 31.3x 26.6x TripAdvisor, Inc. $34.62 $4,808 $4,317 12.4% 2.5 4.4% 1.7% 49.7% (3.2%) 20.8% 2.8x 2.7x 13.4x 13.9x 31.2x 32.3x Radian Group Inc. $20.49 $4,417 $4,290 8.5% 1.4 (4.7%) 8.5% NA NA NA 3.6x 3.4x NA NA 11.6x 10.5x RealPage, Inc. $45.35 $3,759 $4,047 24.1% 2.0 18.0% 24.5% NA 29.5% NA 6.0x 5.0x 25.0x 19.3x 49.3x 37.9x LendingTree, Inc. $301.95 $3,614 $3,504 32.1% 2.4 58.4% 28.4% NA 30.5% 18.5% 5.8x 4.6x 31.1x 23.8x 78.5x 59.0x Colliers International Group Inc. $61.16 $2,378 $2,786 25.0% 0.8 16.0% 8.5% 20.0% 11.4% 10.6% 1.3x 1.2x 11.9x 10.7x 20.9x 19.1x Ellie Mae, Inc. $88.39 $3,053 $2,687 13.2% 4.4 14.5% 18.0% 62.8% 15.1% 28.9% 6.5x 5.4x 22.5x 19.6x 57.7x 54.0x Moneysupermarket.com Group PLC $4.52 $2,426 $2,403 11.2% 1.8 16.3% 11.5% 28.5% 8.0% 38.3% 5.3x 4.9x 13.8x 12.8x 20.2x 18.3x ZPG Plc $4.36 $1,902 $2,159 16.4% 1.4 25.5% 27.0% 58.1% 20.3% 42.7% 6.7x 6.1x 15.6x 13.0x 22.5x 17.8x Redfin Corporation $22.78 $1,855 $1,642 NM NM 37.0% 32.2% NA NA (0.1%) 4.5x 3.4x NM NM NM NMAppFolio, Inc. $43.15 $1,465 $1,422 NM NM 34.3% 28.0% NA 34.4% 19.0% 10.0x 7.9x 52.8x 39.2x NM 73.1x Marcus & Millichap, Inc. $31.96 $1,219 $962 6.0% 3.6 (1.7%) NA (9.2%) 5.0% 14.3% 1.4x 1.3x 9.6x 9.1x 21.6x 19.6x Stewart Information Services Corporation $40.33 $958 $939 NM NM (3.8%) 0.7% (10.1%) 33.7% 6.0% 0.5x 0.5x 8.1x 6.0x 20.0x 14.6x Lifull Co., Ltd. $8.19 $972 $934 NM NM 13.9% 20.2% NA NA 11.9% 4.8x 2.6x 40.6x 17.3x 91.1x 30.8x Altisource Portfolio Solutions S.A. $26.66 $477 $744 NM NM (7.4%) (17.3%) (50.5%) 25.9% 9.6% 0.8x 1.0x 8.4x 6.7x 17.6x 24.0x RE/MAX Holdings, Inc. $53.35 $944 $703 8.5% 3.3 11.3% 7.7% 15.5% 6.8% 54.0% 3.6x 3.3x 6.6x 6.2x 28.1x 26.0x Real Matters Inc. $6.88 $605 $538 100.0% NM 12.9% 21.6% (31.4%) 61.9% 3.5% 1.7x 1.4x 47.5x 29.3x NM 45.3x QuinStreet, Inc. $10.69 $489 $438 30.0% NM 8.0% 11.2% NA 34.5% 6.3% 1.4x 1.2x 21.4x 15.9x NM 78.2x Agilysys, Inc. $12.24 $285 $247 25.0% NM (0.7%) 6.5% NA NA 4.4% 1.9x 1.8x 43.4x 25.1x NM NMReis, Inc. $21.70 $249 $231 NM NM 1.9% 8.9% 29.5% 32.1% 25.4% 4.8x 4.3x 18.8x 14.2x NM 62.9x

Median 15.7% 2.0 12.1% 11.5% 17.8% 15.7% 18.8% 4.1x 3.4x 17.1x 14.0x 24.4x 23.4x

Trading TechnologyThe Charles Schwab Corporation $48.79 $65,407 $67,398 18.8% 1.6 15.0% 12.6% 24.4% 18.1% NA 7.9x 6.9x 17.1x 14.5x 30.3x 25.2x TD Ameritrade Holding Corporation $51.17 $29,010 $30,193 20.4% 1.4 20.1% 35.7% 24.9% 25.6% 42.7% 7.6x 6.0x 17.7x 14.1x 28.8x 21.1x Interactive Brokers Group, Inc. $57.06 $23,492 $26,101 10.0% 3.7 10.5% 15.4% 29.1% 14.6% 67.2% 16.4x 15.5x 24.5x 21.3x 37.0x 34.2x E*TRADE Financial Corporation $48.14 $12,981 $13,485 15.8% 1.3 12.9% 6.3% 13.2% 2.9% NA 5.7x 5.2x 11.3x 11.0x 20.6x 18.7x Virtu Financial, Inc. $16.30 $3,082 $4,296 NM NM 25.4% 29.3% NA 104.4% NA 8.3x 5.3x 22.3x 10.9x 37.7x 17.6x INTL FCStone Inc. $43.88 $821 $760 NM NA 35.7% NA NA NA NA NA NA NA NA NA NAInvestment Technology Group, Inc. $17.99 $595 $448 NM NM 1.9% 6.8% NA 39.6% 16.1% 0.9x 0.9x 5.9x 4.2x 78.3x 16.6x GAIN Capital Holdings, Inc. $7.55 $340 $250 NM NM (18.0%) 5.1% NA 71.4% 15.8% 0.8x 0.7x 4.8x 2.8x NM 10.8x

Median 17.3% 1.5 14.0% 12.6% 24.6% 25.6% 29.4% 7.6x 5.3x 17.1x 11.0x 33.6x 18.7x

fintech sector report - gca advisors · 2019-09-07 · fintech deal dashboard. notes: source:...

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