fintech sector report - gca altium · 2016 2017 2018 2019e fintech public company valuation...

FINTECHSECTOR REPORT

February 2019

2

Real Estate & Mortgage Technology

Payments / Billing / Money Transfer

Investment & Wealth Technology

Banking Technology


Blockchain / Crypto

Insurance Technology

BUSINESS MODEL COVERAGE

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

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

BROAD AND DEEP FINTECH PRACTICE

KEY STATS SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC

& FINANCIAL CONTACTS

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


Online / Alternative Lending

3

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

GCA FINTECH TEAM

Rob FreimanDirector

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

Kegan GreeneDirector

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

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

Chris GoughManaging Director

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

Selected Recent FinTech Experience

Sale of

Financial Advisor

Real Estate Tech

Financial Advisor

Growth Investment

Banking & Lending Tech

We Advised Skyslope

Majority sale to

Payments

We Advised Radius

Financing 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 Clearent

Strategic Investment

We Advised ControlExpert

Payments Insurance Technology

We Advised CHX

Acquired by

Liquidity Venues Financial SaaS

Acquired by

We Advised FieldEdgeWe Advised Principal

Acquired

Investment Technology

We Advised Risk International

Sold majority stake to


We Advised Bexio

Acquired by


We Advised Liqid’s shareholder HQ Trust

Received an investment from


We Advised QuoteWizard

Acquired by


Sold stake in

We Advised Silver Investment Partners

Acquired

Payments

Preferred Financingfrom

We advised GOQii


Acquired by

We advised Attom

Real Estate Tech

Preferred Financing

We advised Loanboox

Banking & Lending Tech

4

Select February Financing Transactions Select February M&A Transactions

Date Company Selected Investors Amount Date Target Buyer Value

2/26/19 $62 2/28/19 $750

2/22/19 $35 2/12/19 $3,680

2/13/19 $98 2/11/19 $301

2/8/19 $440 2/11/19 $864

2/6/19 $114 2/4/19 $23

2/4/19 $50 2/4/19 $11,000

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

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

$130 Bn | 744 Deals

LTM M&A Volume

$48 Bn | 1,471 Deals

LTM Financing Volume

$13

$32

$17

$46 $28 $26

$17

$42

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

$9

$5 $7

$8

$19

$10 $10

$6

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

$283

378377

397 397

222223

192

308

$17.9$12.7$23.3 $25.5$19.4

155

$77.1$147$58.6 $96.9$240$61.7

212

$182$26.5

177

$124

150265

$23.1

388378 216

FINTECH DEAL DASHBOARD

Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 2/28/19. (1) Q1-19 data represents January and February only.

Financing volume in Q1 ‘19 is on pace to exceed financing volume in Q1 ’18; M&A volume in Q1 ’19 is set to exceed Q1 ’18 volume due

to Hellman & Friedman’s $11Bn acquisition of Ultimate Software and Thoma Bravo’s $3.7Bn acquisition of EllieMae

(1) (1)

5

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 2/28/19.

Information Services

Combined Market Cap: $34919/18 Rev. Growth: 6% 19 EBITDA Margin: 34%

4

Benefits Administration/Payroll

Combined Market Cap: $11719/18 Rev. Growth: 14%19 EBITDA Margin: 28%

2



5

Financial SaaS


3Banking & Lending Technology


1

6

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 2/28/19.

Payments

Combined Market Cap: $1,05219/18 Rev. Growth: 10% 19 EBITDA Margin: 28%

8

7

(30%)

(15%)

0%

15%

30%

45%

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

-11.0%

43.9%

18.5%

23.6%

30.2%

34.7%

-1.7%

12.5%

-4.3%

-9.4%

FINTECH STOCK PRICE PERFORMANCE

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 2/28/19.

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

30.2% 34.7% 43.9% 12.5% 23.6% -11.0% -1.7% 18.5% -4.3% -9.4%

8

0%

5%

10%

15%

20%

25%

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

0.0x

2.5x

5.0x

7.5x

10.0x


9.1x

4.7x4.7x

7.3x

3.9x

5.1x5.1x

3.4x3.2x3.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

15A / 16A 16A / 17A 17A / 18E 18E / 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 2/28/19.Lines display median multiples across comp groups for given year.

EV / ‘19E RevenueEV / Revenue

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

3.1x

4.7x

9.1%1

2

3

4

56

7

89

10


7.4%


13.8%

3) Financial SaaS

20.2%


6.0%

5) Insurance Technology

9.9%


8.3%

7) Liquidity Venues

7.3%

8) Payments

9.9%

9) Real Estate & Mortgage Technology

10.0%


4.9%18

E /

19

E R

ev.

Gro

wth

4.4x

3.9x

9.5%

15.6%9.7%

9

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


18.3x

12.7x

5.7x

14.3x14.6x15.4x

12.4x

13.0x

16.3x

25.4x

0.0%

15.0%

30.0%

45.0%

60.0%

75.0%

15A / 16A 16A / 17A 17A / 18E 18E / 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 2/28/19.Lines display median multiples across comp groups for given year.

EV / ‘19E EBITDAEV / EBITDA

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

14.4x

1

2

3

4

56

7

89

10

14.0% 12.2%

18

E /

19

E

EBIT

DA

Gro

wth


10.6%


14.3%

3) Financial SaaS

20.4%


6.2%

5) Insurance Technology

15.0%


14.0%

7) Liquidity Venues

9.0%

8) Payments

13.0%

9) Real Estate & Mortgage Technology

12.7%


8.9%

12.1x

15.7x14.3x

9.8%11.9%

10

14.0x

16.4x

18.2x

19.4x

20.3x

22.1x

24.5x

24.6x

27.2x

29.0x

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

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 2/28/19.Long-term EPS growth covers last 5 years.

20%

18%

15%

14%

10%

9%

14%

15%

14%

19%

2.4

2.0

2.8

2.4

2.2

2.3

1.6

1.3

1.3

0.9

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

11

2/28/19 Danke ApartmentAnt Financial, Tiger Global Management, CMC Capital, Primavera Capital Group,

Joy Capital, and Gaorong CapitalSeries C $500

2/28/19 83North, Bain Capital, Elaia Partners, Felix Capital Series C $70

2/28/19Commerce Ventures, Flint Capital, Santander InnoVentures, Scale Venture

Partners, Sorenson Capital, Synchrony Financial, Two Sigma VenturesSeries C $30

2/27/19 Greycroft Partners, Series A $10

2/27/19Allen & Overy, Linklaters, London Stock Exchange Group, Santander

InnoVentures, Spencer Lake, Transamerica Ventures, Undisclosed InvestorsSeed VC $20

2/27/19Arrington XRP Capital, Electric Capital, FBG Capital, Hashed, Huobi Capital,

Kenetic Capital, MetaStable Capital, Pantera Capital, SV Angel, ZhenFundSeries A $50

2/27/19DCM Ventures, Digital Currency Group, DST Global, Morgan Creek Capital

Management, Nimble Ventures, Ribbit Capital, RPM Ventures, Undisclosed Series B $65

2/26/19 Oak HC/FT, Vertex Ventures Israel, Aquiline Technology Growth Series C $40

2/26/19Edison Partners, Greenspring Associates, The Raine Group, Undisclosed

InvestorsSeries B $62

2/25/198VC, Ascend Venture Capital, Engage Venture, Fontinalis Partners, Hearst

Ventures, Kelvin Beachum Jr, Pritzker Group Venture Capital, Prologis Series B $20

2/25/19Alven Capital, Global Founders Capital, Partech Partners, SilverTech Ventures,

White Star CapitalSeries B $15

2/25/19AddVentures, Cathay Financial Holding, FMO, OpenSpace Ventures, Siam

Cement Group, Vertex Ventures SE Asia, VinaCapitalSeries B $15

2/25/19 Vertex Ventures SE Asia Series A $10

2/22/19 Goodwater Capital, Union Square Ventures, Valar Ventures Series E $35

2/20/19 Yunnex Ajisen (China) Holdings, GSR Ventures (é‡‘æ²™æ±Ÿåˆ›æŠ•), Hezhi Investment Series B - II $20

2/20/19 Camber Creek, Goldman Sachs Principal Strategic Investments, QED Investors Series A $8

2/19/19Aspect Ventures, Galaxy Digital Ventures, Neotribe Ventures, WestWave

CapitalSeries A $15

2/18/19Acton Capital Partners, Bessemer Venture Partners, CommerzVentures, Point

Nine Capital, Runa CapitalSeries C $34

2/18/19Accel, Adams Street Partners, Balderton Capital, Google Ventures, Notion.vc

Capital, Passion Capital, Salesforce VenturesSeries E $75

2/18/19 DST Global, Index Ventures Series B $45

2/14/19 LMK Industri, Schibsted Growth Series D $54

2/13/19 General Catalyst, Ignia Fund, Stripe, Target Global, Undisclosed Investors Series B $40


Payments

Banking & Lending Technology

Financial SaaS


Financial SaaS

Payments




Real Estate & Mortgage Tech.



Payments


Financial SaaS



Payments


Financial SaaS


SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

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

Date

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

12

2/13/19 Harald McPike, Merian Chrysalis Investment Company, Merian Global Investors Series C $98

2/13/19 Cota Capital, NRD Capital, Bobby Cov Companies Series B $10

2/12/19 FTV Capital Growth Equity - II $10

2/12/19BEENEXT, Blume Ventures, DSP Adiko, Sequoia Capital India, Straddle Capital,

WEH VenturesSeries A $8

2/12/19 Accel, Benchmark Series B $30

2/12/19Bessemer Venture Partners, Citi Ventures, Goldman Sachs Principal Strategic

InvestmentsSeries A $20

2/11/19 Stripes Group Series A $30

2/11/19Goldman Sachs Principal Strategic Investments, Experian Ventures, Aries

Capital Partners, Incite Ventures (Burlingame), Hack VC, Incite Ventures, Series C $45

2/11/19 Greyhound Capital, SEED Capital, Socii Capital, Undisclosed Angel Investors Series A $15

2/8/19 Softbank Vision Fund, Clermont Group Unattributed VC $440

2/7/19 TVC Capital, Undisclosed Investors Series C $9

2/7/19 Insight Venture Partners, Skandinaviska Enskilda Banken, Nordea Funds, ABN

AMRO Bank and Sunstone Technology Ventures on February 7, 2019. Christian Growth Equity - II $65

2/7/19Polaris Partners, Ignition Partners, Mindset Ventures, Osage University

Partners, UL VenturesSeries B $22

2/7/19 DIGITAL+ PARTNERS Series B $17

2/6/19 Khosla Ventures, Ribbit Capital, Valar Ventures Series B $25

2/6/19 Index Ventures, PayPal, Ribbit Capital, Thrive Capital Series D $114

2/5/19 Daphni, IDInvest Partners, Index Ventures, Kima Ventures Series B $34

2/4/19Benhamou Global Ventures, Corsair Capital Management, Crosslink Capital,

IGM Financial, Institutional Venture Partners, VenrockSeries F $50

2/4/19 J.P. Morgan Asset Management Series C $42

2/4/19 True Ventures Unattributed VC $9

2/4/19Crane Venture Partners, Experian Ventures, Orange Digital Ventures, Sunstone

Capital, White Star CapitalSeries B $11

2/4/199yards capital, Australia and New Zealand Banking Group, Banco Sabadell,

Goldman Sachs, HSBC, InnoCells, Investec, Stanley FinkSeries A $20

Financial SaaS


Payments

Financial SaaS



Financial SaaS



Financial SaaS


Payments

Financial SaaS





Financial SaaS

Financial SaaS

Financial SaaS


Financial SaaS

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


Date

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

13

Offer

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

12/14/18 NASDAQ: QFIN IPO $51 $16.50 2%

10/25/18 NASDAQ: STNE IPO $1,400 $24.00 27%

10/25/18 NASDAQ: PT IPO $44 $11.88 (8%)

10/12/18 NYSE: PLAN IPO $264 $17.00 121%

Median $158 $17 14%

Financial SaaS

Financial SaaS

Payments


SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Notes: Source: CapIq. Pitchbook.Price to Date as of 2/28/19.

Offer

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

2/27/19General Corporate Purposes /

Repayment of Debt SecuritiesNA NA $398 4.13%


Working CapitalNA NA $749 3.00%


Working CapitalNA NA $1,249 3.40%


Working CapitalBBB- Baa3 $846 2.63%


Working CapitalBBB- Baa3 $847 1.88%


Working CapitalBBB- NA $1,697 1.63%


Working CapitalNA Baa3 $641 3.88%

Median $846

Security Rating at Issuance


Payments

Payments

Liquidity Venues

Liquidity Venues

Liquidity Venues

Liquidity Venues

14

Date Enterprise EV / Revenue EV / EBITDA

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

2/28/2019 $750 2.1x 8.3x

2/26/2019 NA NA NA

2/25/2019 NA NA NA

2/20/2019 NA NA NA

2/19/2019 NA NA NA

2/14/2019 NA NA NA

2/14/2019 NA NA NA

2/12/2019 $3,680 7.1x 27.9x

2/11/2019 $301 7.9x 18.4x

2/11/2019 $864 7.3x 97.4x

2/6/2019 NA NA NA

2/4/2019 $23 0.8x NM

2/4/2019 $11,000 9.9x 89.6x

Median 7.2x 27.9x

Financial SaaS

Payments




Payments

Financial SaaS

Financial SaaS

Financial SaaS


Financial SaaS


Financial SaaS

SELECTED RECENT M&A ACTIVITY


15

PUBLIC COMPANY VALUATIONS

Ben

efit

s A

dm

in/P

ayro

llB

anki

ng

& L

en

din

g Te

chn

olo

gy

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

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

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

Company 2/28/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E


Intuit Inc. $247.13 $64,025 $63,105 15% 2.5 7% 11% 1% 13% 36% 9.1x 8.3x 25.4x 22.5x 37.4x 31.3x

Fidelity National Information Services, Inc. $108.15 $34,924 $43,206 11% 1.3 (0%) 4% 5% 6% 39% 5.1x 5.0x 13.2x 12.4x 14.5x 13.2x

First Data Corporation $25.14 $23,564 $40,608 14% 1.1 5% 5% 8% 5% 39% 4.5x 4.3x 11.3x 10.7x 15.1x 13.1x

Fiserv, Inc. $84.69 $33,164 $38,708 12% 2.0 6% 5% 8% 6% 38% 6.3x 6.0x 16.3x 15.4x 24.5x 21.9x

Wolters Kluwer N.V. $66.03 $17,968 $20,287 9% 2.4 6% 4% 6% 5% 28% 3.9x 3.8x 13.9x 13.2x 21.5x 20.0x

Temenos AG $145.13 $10,074 $10,601 17% 2.6 17% 11% 19% 14% 38% 10.7x 9.7x 28.5x 24.9x 42.2x 36.0x

Jack Henry & Associates, Inc. $132.63 $10,236 $10,210 11% 3.2 2% 7% (2%) 11% 33% 6.3x 5.9x 18.9x 17.1x 36.4x 31.8x

Black Knight, Inc. $52.25 $7,730 $9,050 12% 2.2 7% 8% 9% 10% 50% 7.6x 7.1x 15.3x 14.0x 26.8x 23.2x

Coupa Software Incorporated $94.19 $5,599 $5,364 NA NM 36% 21% NA 17% 8% 21.2x 17.4x NM NM NM NM

ACI Worldwide, Inc. $31.87 $3,696 $4,220 12% 2.7 9% 4% 22% 9% 28% 3.8x 3.7x 13.8x 12.7x 33.2x 26.8x

Ellie Mae, Inc. $99.49 $3,471 $3,168 15% 3.5 6% 9% 19% 13% 29% 6.2x 5.7x 21.7x 19.3x 51.8x 44.7x

Q2 Holdings, Inc. $68.82 $2,999 $3,005 24% NM 28% 23% 11% 86% 7% 9.8x 8.0x NM 76.9x NM 145.9x

Bottomline Technologies (de), Inc. $49.88 $2,032 $2,045 15% 2.4 5% 11% 5% 14% 24% 4.7x 4.2x 19.5x 17.2x 35.4x 29.3x

Enova International, Inc. $25.52 $855 $1,660 NA NM 16% 15% 12% 10% 18% 1.3x 1.1x 7.0x 6.4x 8.2x 7.0x

LendingClub Corporation $2.97 $1,276 $1,619 36% NM 13% 13% 31% 40% 16% 2.1x 1.8x 12.7x 9.0x NM 56.9x

On Deck Capital, Inc. $6.14 $463 $1,219 NA NM 14% 11% 14% 33% 10% 2.7x 2.4x 25.9x 19.5x 12.0x 11.0x

GreenSky, Inc. $11.30 $649 $742 17% 0.9 28% 24% 22% 27% 40% 1.4x 1.1x 3.5x 2.8x 15.4x 12.0x

Elevate Credit, Inc. $4.38 $189 $693 NA NM 5% 11% 14% 14% 16% 0.8x 0.8x 5.2x 4.6x 7.6x 5.5x

Performant Financial Corporation $2.30 $122 $157 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.9x NM NM

Median 14% 2.4 7% 11% 11% 13% 28% 4.7x 4.3x 14.6x 13.6x 24.5x 23.2x


Automatic Data Processing, Inc. $153.03 $66,664 $67,084 15% 1.9 6% 7% 12% 13% 24% 4.6x 4.3x 19.0x 16.8x 27.2x 23.8x

Paychex, Inc. $77.02 $27,657 $26,956 9% 2.9 17% 6% 12% 8% 39% 6.7x 6.3x 17.0x 15.7x 26.1x 24.1x

Insperity, Inc. $126.27 $5,169 $4,926 17% 1.7 14% 12% 16% 20% 6% 1.1x 1.0x 17.7x 14.8x 27.5x 23.1x

HealthEquity, Inc. $80.48 $5,021 $4,691 30% 2.1 18% 17% 18% 17% 40% 13.9x 11.9x 34.8x 29.6x 61.2x 50.5x

Paylocity Holding Corporation $87.57 $4,634 $4,530 24% 2.6 20% 23% 57% 28% 28% 10.0x 8.1x 35.6x 27.8x 63.0x 48.9x

TriNet Group, Inc. $61.29 $4,301 $4,432 NA NM 7% 11% 4% 11% 38% 4.7x 4.2x 12.5x 11.2x 19.0x 16.8x

Benefitfocus, Inc. $49.12 $1,574 $1,621 20% NM 17% 19% 156% 85% 7% 5.4x 4.5x 74.4x 40.2x NM 106.8x

WageWorks, Inc. $32.90 $1,304 $656 15% 0.9 3% 3% 7% 6% 31% 1.3x 1.3x 4.1x 3.9x 14.1x 13.1x

Castlight Health, Inc. $3.19 $446 $372 28% NM (1%) NA NA NA 2% 2.4x NM NM NM NM NM

Median 18% 2.0 14% 11% 14% 15% 28% 4.7x 4.4x 18.3x 16.3x 27.2x 24.0x

16

PUBLIC COMPANY VALUATIONS (CONT’D)

Info

rmat

ion

Ser

vice

s


Fin

anci

al S

aaS

Financial SaaS

Intuit Inc. $247.13 $64,025 $63,105 15% 2.5 7% 11% 1% 13% 36% 9.1x 8.3x 25.4x 22.5x 37.4x 31.3x

Workday, Inc. $197.93 $43,545 $42,971 35% 3.5 25% 23% 31% 38% 18% 12.2x 9.9x 67.1x 48.5x 122.7x 91.1x

SS&C Technologies Holdings, Inc. $61.58 $15,445 $23,534 15% 1.1 36% 4% 46% 7% 39% 5.0x 4.8x 12.6x 11.7x 16.2x 14.7x

Paycom Software, Inc. $181.73 $10,649 $10,638 26% 2.2 26% 22% 20% 26% 41% 14.9x 12.2x 36.7x 29.2x 57.5x 45.4x

The Sage Group plc $8.79 $9,540 $10,387 4% 5.7 12% 7% 1% 8% 26% 3.9x 3.7x 15.3x 14.2x 21.5x 19.6x

Coupa Software Incorporated $94.19 $5,599 $5,364 NA NM 36% 21% NA 17% 8% 21.2x 17.4x NM NM NM NM

Xero Limited $33.76 $4,724 $4,967 NA NM 34% 27% 99% 52% 20% 10.7x 8.4x 54.0x 35.5x NM 90.3x

Paylocity Holding Corporation $87.57 $4,634 $4,530 24% 2.6 20% 23% 57% 28% 28% 10.0x 8.1x 35.6x 27.8x 63.0x 48.9x

Q2 Holdings, Inc. $68.82 $2,999 $3,005 24% NM 28% 23% 11% 86% 7% 9.8x 8.0x NM 76.9x NM 145.9x

Envestnet, Inc. $61.01 $2,790 $2,961 16% 1.8 8% 14% 11% 19% 20% 3.4x 2.9x 16.9x 14.3x 29.0x 24.6x

Benefitfocus, Inc. $49.12 $1,574 $1,621 20% NM 17% 19% NM 85% 7% 5.4x 4.5x 74.4x 40.2x NM 106.8x

Blucora, Inc. $26.89 $1,292 $1,468 20% 0.7 6% 7% 8% 12% 22% 2.5x 2.3x 11.4x 10.2x 13.1x 11.4x

Alfa Financial Software Holdings PLC $1.63 $489 $441 NA NM 15% 10% 29% 16% 36% 3.9x 3.5x 10.9x 9.4x 0.2x 0.1x

Median 20% 2.4 20% 19% 20% 19% 22% 9.1x 8.0x 25.4x 25.2x 29.0x 38.3x


RELX PLC $22.98 $45,031 $53,018 9% 2.2 10% 5% 12% 3% 36% 5.1x 4.8x 14.1x 13.7x 19.0x 17.7x

S&P Global Inc. $200.37 $49,812 $51,539 13% 1.8 4% 6% 6% 7% 51% 7.9x 7.4x 15.6x 14.5x 22.1x 20.0x

Moody's Corporation $173.12 $33,118 $36,982 11% 2.1 5% 6% 5% 7% 48% 7.9x 7.5x 16.6x 15.5x 22.0x 19.8x

Thomson Reuters Corporation $54.35 $27,264 $27,698 10% 4.6 8% 3% 8% 28% 24% 4.7x 4.5x 19.8x 15.5x 46.1x 30.0x

Experian plc $26.10 $23,518 $26,948 9% 2.6 4% 9% 4% 11% 34% 5.4x 4.9x 15.7x 14.1x 24.2x 21.8x

IHS Markit Ltd. $53.17 $21,236 $26,796 10% 2.0 11% 6% 12% 8% 39% 6.0x 5.7x 15.3x 14.1x 20.8x 18.5x

Verisk Analytics, Inc. $126.43 $20,673 $23,253 10% 2.8 7% 7% 9% 8% 48% 9.1x 8.5x 18.9x 17.5x 28.5x 25.7x

Wolters Kluwer N.V. $66.03 $17,968 $20,287 9% 2.4 6% 4% 6% 5% 28% 3.9x 3.8x 13.9x 13.2x 21.5x 20.0x

MSCI Inc. $184.72 $15,576 $17,248 10% 3.1 7% 10% 8% 11% 55% 11.3x 10.3x 20.6x 18.5x 30.6x 26.3x

Nielsen Holdings plc $26.20 $9,313 $17,176 8% 1.7 (1%) 2% (0%) 10% 28% 2.7x 2.6x 9.3x 8.5x 14.2x 11.6x

TransUnion $64.56 $11,989 $15,834 18% 1.4 11% 8% 12% 10% 39% 6.1x 5.6x 15.4x 14.0x 24.6x 21.3x

Equifax Inc. $109.51 $13,218 $15,630 8% 2.4 2% 6% 2% 10% 34% 4.5x 4.2x 13.3x 12.1x 19.3x 17.5x

Informa plc $9.37 $11,730 $15,308 6% 2.3 27% 3% 31% 6% 34% 4.0x 3.9x 11.8x 11.1x 13.6x 12.8x

Gartner, Inc. $142.30 $12,766 $14,891 14% 2.5 7% 11% 3% 12% 17% 3.5x 3.1x 20.2x 18.0x 35.8x 30.5x

FactSet Research Systems Inc. $235.17 $8,945 $9,322 11% 2.1 6% 6% 10% 9% 35% 6.4x 6.0x 18.3x 16.8x 24.1x 21.7x

Fair Isaac Corporation $247.82 $7,204 $7,957 10% 3.4 8% 7% NA NA NA 6.9x 6.5x NM NM 34.5x 31.1x

News Corporation $13.02 $7,619 $7,655 (34%) (1.0) 3% 1% 6% 8% 13% 0.7x 0.7x 5.9x 5.5x 34.5x 28.0x

CoreLogic, Inc. $36.67 $2,937 $4,645 8% 1.8 (7%) 2% (6%) 8% 28% 2.8x 2.8x 10.0x 9.3x 15.1x 13.1x

LiveRamp Holdings, Inc. $53.75 $3,668 $2,121 25% NM (56%) 29% (135%) NA (12%) 6.2x 4.8x NM NM NM NM

Euromoney Institutional Investor PLC $17.02 $1,830 $1,728 7% 2.2 4% 5% 3% 6% 28% 3.1x 3.0x 11.4x 10.7x 16.4x 15.5x

comScore, Inc. $21.81 $1,295 $1,432 6% NM 5% 11% 119% 115% 6% 3.3x 3.0x 56.8x 26.5x NM NM

National Research Corporation $38.93 $965 $998 NA NM 6% NA NA NA NA 7.9x NM NM NM 9.1x NM

Forrester Research, Inc. $50.20 $917 $772 16% 1.9 29% NA 21% NA 11% 1.7x 1.5x 14.6x 11.9x 31.2x 24.9x

Median 10% 2.2 6% 6% 6% 8% 34% 5.1x 4.7x 15.4x 14.0x 22.1x 20.7x




17


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Verisk Analytics, Inc. $126.43 $20,673 $23,253 10% 2.8 7% 7% 9% 8% 48% 9.1x 8.5x 18.9x 17.5x 28.5x 25.7x

Guidewire Software, Inc. $91.74 $7,434 $6,651 14% 5.8 27% 20% 12% 19% 22% 10.2x 8.5x 46.2x 38.9x 83.4x 70.6x

HealthEquity, Inc. $80.48 $5,021 $4,691 30% 2.1 18% 17% 18% 17% 40% 13.9x 11.9x 34.8x 29.6x 61.2x 50.5x

Ebix, Inc. $58.27 $1,822 $2,379 15% 0.9 25% 39% 22% 24% 32% 3.9x 2.8x 11.9x 9.6x 13.0x 10.4x

Benefitfocus, Inc. $49.12 $1,574 $1,621 20% NM 9% 12% 94% 97% 4% 6.3x 5.6x NM 84.9x NM NM

eHealth, Inc. $53.41 $1,166 $1,158 NA NM 31% 13% NA 139% 5% 5.1x 4.5x NM 46.1x NM 78.5x

CorVel Corporation $67.30 $1,254 $1,158 NA NM 8% NA 2% NA 12% 1.9x NM 16.3x NM NM NM

Sapiens International Corporation N.V. $13.70 $683 $697 5% 4.1 10% 8% 24% 12% 17% 2.2x 2.0x 13.0x 11.6x 20.6x 16.9x

Crawford & Company $10.28 $551 $688 NA NM 3% 4% (1%) 3% 11% 0.6x 0.6x 5.5x 5.3x 12.1x 10.9x

Majesco $7.28 $312 $311 NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 15% 2.8 10% 13% 15% 18% 17% 5.1x 5.1x 16.3x 23.6x 24.6x 25.7x


The Bank of New York Mellon Corporation $52.48 $50,110 $73,176 10% 1.3 6% 3% NA NA NA 4.4x 4.3x NM NM 12.3x 11.9x

State Street Corporation $71.87 $27,214 $34,413 14% 0.7 8% 5% NA NA NA 2.9x 2.7x NM NM 9.6x 8.8x

The Charles Schwab Corporation $46.01 $61,326 $27,348 19% 0.9 9% 6% 14% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 14.9x

TD Ameritrade Holding Corporation $56.33 $31,565 $26,680 23% 0.6 5% 8% 19% 11% 54% 4.4x 4.1x 8.2x 7.4x 13.9x 12.3x

Northern Trust Corporation $93.20 $20,356 $23,751 11% 1.3 12% 12% NA NA NA 4.0x 3.6x NM NM 14.1x 12.8x

SS&C Technologies Holdings, Inc. $61.58 $15,445 $23,534 15% 1.1 36% 4% 46% 7% 39% 5.0x 4.8x 12.6x 11.7x 16.2x 14.7x

Broadridge Financial Solutions, Inc. $101.25 $11,713 $12,657 10% 2.1 6% 5% 14% 5% 20% 2.8x 2.7x 13.6x 13.0x 21.0x 19.3x

Computershare Limited $12.26 $6,657 $8,105 10% 1.7 4% 1% 11% 6% 31% 3.4x 3.4x 11.0x 10.4x 16.4x 15.5x

SEI Investments Co. $52.75 $8,107 $7,353 12% 1.4 1% 6% 11% 10% 35% 4.5x 4.2x 12.7x 11.6x 17.0x 15.0x

SimCorp A/S $90.13 $3,579 $3,525 15% 2.3 10% 8% 12% 7% 29% 7.3x 6.8x 25.1x 23.5x 35.4x 32.5x

Envestnet, Inc. $61.01 $2,790 $2,961 16% 1.8 8% 14% 11% 19% 20% 3.4x 2.9x 16.9x 14.3x 29.0x 24.6x

IRESS Limited $8.53 $1,459 $1,581 10% 2.5 8% 6% 18% 9% 28% 4.5x 4.2x 16.2x 14.8x 24.8x 22.2x

Blucora, Inc. $26.89 $1,292 $1,468 20% 0.7 6% 7% 8% 12% 22% 2.5x 2.3x 11.4x 10.2x 13.1x 11.4x

Equiniti Group plc $2.67 $956 $1,361 NA NM 9% 4% 13% 7% 25% 1.9x 1.8x 7.7x 7.2x 10.1x 9.6x

Sanne Group plc $6.85 $981 $1,031 NA NM 20% 12% 24% 13% 34% 4.7x 4.2x 13.9x 12.3x 17.3x 15.4x

First Derivatives plc $29.11 $762 $793 NA NM 17% 11% 16% 11% 18% 2.6x 2.3x 14.2x 12.8x 25.1x 22.5x

StatPro Group plc $1.52 $100 $130 NA NM 10% 5% 16% 8% 17% 1.7x 1.6x 9.7x 9.0x 13.6x 12.2x

Median 14% 1.3 8% 6% 14% 9% 28% 3.4x 3.4x 12.7x 11.7x 16.4x 14.9x




18



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Liquidity Venues

CME Group Inc. $181.91 $65,087 $68,040 10% 2.6 17% 7% 9% 9% 66% 13.5x 12.6x 20.4x 18.7x 25.8x 23.4x

Intercontinental Exchange, Inc. $77.15 $43,860 $50,577 9% 2.3 5% 6% 6% 7% 65% 9.6x 9.1x 14.9x 13.9x 20.3x 18.1x

Hong Kong Exchanges and Clearing Limited $34.47 $43,012 $40,040 10% 3.3 9% 12% 12% 12% 76% 18.1x 16.2x 23.8x 21.3x 32.5x 28.6x

Deutsche Börse Aktiengesellschaft $126.52 $23,189 $24,679 11% 1.6 6% 7% 7% 8% 61% 7.3x 6.9x 12.0x 11.1x 18.5x 16.9x

London Stock Exchange Group plc $59.91 $20,718 $21,593 12% 1.9 12% 6% 20% 9% 53% 7.1x 6.7x 13.5x 12.4x 22.8x 20.1x

Nasdaq, Inc. $91.57 $15,148 $18,332 8% 2.5 4% 4% 3% 12% 51% 7.3x 7.0x 14.3x 12.8x 19.0x 16.7x

B3 S.A. - Brasil, Bolsa, Balcão $8.74 $17,876 $17,367 15% 1.5 15% 11% 20% 10% 73% 12.1x 10.9x 16.4x 15.0x 22.5x 20.0x

Cboe Global Markets, Inc. $95.91 $10,703 $11,608 12% 1.7 20% (0%) 23% (0%) 68% 9.7x 9.8x 14.3x 14.3x 20.1x 19.9x

MarketAxess Holdings Inc. $243.88 $9,898 $9,563 NA NM 12% 11% 12% 13% 56% 19.7x 17.7x 35.4x 31.3x 47.9x 42.2x

ASX Limited $49.59 $9,600 $8,797 5% 5.8 6% 4% 6% 4% 75% 14.0x 13.4x 18.6x 17.9x 28.0x 26.9x

Singapore Exchange Limited $5.80 $6,210 $5,693 5% 3.9 7% 4% 10% 5% 59% 8.3x 8.0x 14.2x 13.5x 21.0x 20.2x

Euronext N.V. $61.10 $4,245 $4,356 8% 1.9 3% 4% 4% 7% 58% 6.0x 5.7x 10.4x 9.7x 15.1x 14.0x

TMX Group Limited $62.75 $3,501 $4,142 NA NM 7% 5% 12% 7% 56% 6.5x 6.2x 11.5x 10.7x 15.1x 13.7x

Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$28.56 $2,375 $2,013 4% 3.8 2% 2% 3% 2% 61% 5.6x 5.5x 9.2x 9.0x 15.0x 14.6x

Bursa Malaysia Berhad $1.74 $1,406 $1,314 7% 3.5 4% 4% 2% 4% 59% 9.5x 9.1x 16.1x 15.6x 25.0x 24.0x

Bolsa Mexicana de Valores, S.A.B. de C.V. $2.09 $1,237 $1,099 9% 1.8 9% 8% 9% 16% 55% 5.6x 5.2x 10.2x 8.8x 16.6x 15.3x

JSE Limited $11.49 $983 $804 NA NM 14% 9% 19% 9% 50% 4.6x 4.2x 9.3x 8.5x 13.4x 12.5x

Gielda Papierów Wartosciowych w Warszawie S.A. $10.64 $447 $361 NA NM (5%) (1%) (9%) (3%) 56% 4.1x 4.1x 7.3x 7.6x 13.0x 14.1x

Hellenic Exchanges - Athens Stock Exchange SA $4.76 $287 $202 47% 0.8 17% 16% 55% 36% 38% 5.6x 4.9x 14.9x 11.0x 37.8x 26.0x

Median 9% 2.3 7% 6% 9% 8% 59% 7.3x 7.0x 14.3x 12.8x 20.3x 19.9x




19



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Payments

Networks

Visa Inc. $148.12 $325,429 $330,312 16% 1.6 10% 11% 12% 12% 71% 14.1x 12.7x 20.0x 17.8x 27.0x 23.1x

Mastercard Incorporated $224.77 $230,594 $228,550 19% 1.5 12% 13% 15% 15% 61% 13.6x 12.0x 22.5x 19.5x 29.8x 25.2x

American Express Company $107.74 $90,865 $125,575 11% 1.2 8% 8% 10% 8% 32% 2.9x 2.7x 9.0x 8.3x 13.2x 12.0x

PayPal Holdings, Inc. $98.07 $115,057 $107,946 19% 1.8 16% 18% 18% 19% 26% 6.0x 5.1x 23.1x 19.4x 34.0x 28.2x

Discover Financial Services $71.61 $23,516 $37,434 10% 0.8 7% 6% NA NA NA 3.3x 3.1x NM NM 8.3x 7.5x

Merchant Processing

First Data Corporation $25.14 $23,564 $40,608 14% 1.3 6% 5% 8% 8% 39% 4.7x 4.5x 12.2x 11.3x 17.1x 15.1x

Worldpay, Inc. $95.80 $28,784 $36,483 17% 1.5 83% 10% 83% 14% 48% 9.4x 8.6x 19.5x 17.1x 24.9x 20.6x

Square, Inc. $81.24 $34,096 $33,872 49% 2.3 42% 34% 64% 54% 19% 15.0x 11.2x 80.7x 52.3x 109.5x 72.5x

Global Payments Inc. $130.38 $20,548 $25,165 15% 1.4 12% 9% 14% 13% 36% 5.6x 5.2x 15.7x 13.9x 21.6x 18.5x

Adyen N.V. $751.62 $22,213 $22,213 38% NM 38% 33% 37% 40% 52% 40.3x 30.3x 78.0x 55.7x NM 77.1x

Total System Services, Inc. $94.40 $16,701 $20,148 11% 1.7 7% 7% 6% 9% 36% 5.0x 4.6x 13.9x 12.8x 19.4x 17.1x

Wirecard AG $137.23 $16,957 $15,746 35% 0.8 28% 25% 36% 33% 29% 5.2x 4.2x 17.9x 13.5x 29.2x 21.6x

Cielo S.A. $2.90 $7,868 $9,176 3% 4.5 (3%) 6% (15%) 8% 35% 3.1x 2.9x 9.0x 8.4x 11.3x 10.7x

GMO Payment Gateway, Inc. $59.44 $4,372 $4,067 31% 2.7 23% 22% 30% 26% 30% 12.7x 10.4x 41.9x 33.1x 82.9x 63.9x

EVERTEC, Inc. $28.62 $2,013 $2,486 6% 2.7 4% 5% 3% 6% 47% 5.3x 5.0x 11.3x 10.6x 15.3x 14.0x

EVO Payments, Inc. $26.72 $1,944 $2,426 29% 1.2 9% 9% 13% 12% 27% 4.0x 3.6x 14.8x 13.2x 36.3x 29.6x

SafeCharge International Group Limited $3.66 $557 $471 13% 1.3 13% 13% 14% 13% 27% 3.0x 2.7x 11.3x 10.0x 17.3x 15.2x

i3 Verticals, Inc. $21.04 $193 $246 20% 1.9 NA 11% NA 13% 27% 2.2x 2.0x 8.3x 7.4x 39.0x 28.1x

Prepaid / Closed Loop

Alliance Data Systems Corporation $173.00 $9,169 $30,489 12% 0.7 3% 8% (1%) 7% 26% 3.8x 3.5x 14.9x 13.9x 7.9x 7.0x

FleetCor Technologies, Inc. $233.28 $20,026 $23,811 16% 1.3 7% 10% 10% 12% 57% 9.1x 8.4x 15.9x 14.2x 20.1x 17.5x

Edenred SA $44.44 $10,590 $11,349 14% 2.1 13% 10% 17% 10% 40% 6.3x 5.8x 15.8x 14.3x 29.7x 26.0x

WEX Inc. $178.06 $7,675 $9,521 19% 1.0 10% 9% 13% 11% 42% 5.8x 5.3x 13.7x 12.4x 19.9x 17.3x

Green Dot Corporation $64.55 $3,419 $2,364 10% 1.7 10% 10% 26% 13% 28% 2.1x 1.9x 7.5x 6.6x 17.7x 15.5x

Net 1 UEPS Technologies, Inc. $3.91 $222 $250 NA NM (21%) 11% NA 161% 6% 0.6x 0.5x 9.6x 3.7x 17.4x 7.1x

Other Payments Technology

The Sage Group plc $8.79 $9,540 $10,387 4% 5.7 12% 7% 1% 8% 26% 3.9x 3.7x 15.3x 14.2x 21.5x 19.6x

The Western Union Company $17.87 $7,789 $10,250 3% 2.7 1% 2% 2% 2% 25% 1.8x 1.8x 7.3x 7.1x 9.6x 8.9x

Euronet Worldwide, Inc. $134.32 $6,926 $6,513 13% 1.6 15% 14% 24% 17% 21% 2.2x 2.0x 10.6x 9.1x 19.4x 16.6x

NCR Corporation $28.02 $3,326 $6,027 4% 2.5 2% 2% 13% 4% 16% 0.9x 0.9x 5.7x 5.5x 10.0x 8.8x

Ingenico Group - GCS $67.21 $4,151 $5,931 12% 1.1 15% 6% 11% 13% 18% 1.7x 1.6x 9.5x 8.5x 12.6x 11.3x

Cardtronics plc $29.51 $1,361 $2,139 NA NM (11%) 0% NM (90%) 217% 1.6x 1.6x 0.7x 7.5x 14.0x 14.4x

Everi Holdings Inc. $7.69 $540 $1,567 NA NM 13% 8% 8% 14% 49% 3.4x 3.1x 6.8x 6.0x NM NM

MoneyGram International, Inc. $2.43 $135 $891 NA NM (4%) 4% (10%) 8% 16% 0.6x 0.6x 4.0x 3.7x 5.5x 4.9x

Cass Information Systems, Inc. $52.23 $770 $590 NA NM NA NA NA NA NA NM NM NM NM NM NM

International Money Express, Inc. $10.33 $374 $400 NA NM 22% 23% 20% 24% 17% 1.2x 1.0x 7.1x 5.7x 14.9x 11.4x

Cardlytics, Inc. $17.62 $377 $376 20% NM 33% 33% NA NA (1%) 1.9x 1.4x NM 20.9x NM 61.8x

Earthport plc $0.61 $378 $338 NA NM 3% 36% NA NA (27%) 10.2x 7.5x NM NM NM NM

eServGlobal Limited $0.08 $95 $75 NA NM (8%) NA NA NA (55%) 6.7x NM NM NM NM NM

Median 14% 1.6 10% 10% 13% 12% 28% 3.9x 3.6x 13.0x 12.4x 19.4x 17.1x




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Booking Holdings Inc. $1,697.04 $76,388 $78,778 15% 1.1 7% 11% 5% 10% 39% 5.1x 4.6x 13.1x 11.9x 16.8x 15.1x

Expedia Group, Inc. $123.31 $18,150 $19,396 19% 0.9 10% 10% 14% 12% 18% 1.6x 1.4x 8.7x 7.7x 17.8x 15.2x

CoStar Group, Inc. $457.53 $16,678 $15,577 17% 2.7 16% 15% 19% 19% 36% 11.3x 9.8x 31.3x 26.3x 45.9x 39.0x

Fidelity National Financial, Inc. $35.09 $9,661 $9,180 NA NM (2%) 2% 12% 4% 15% 1.2x 1.2x 8.4x 8.1x 12.9x 11.9x

Black Knight, Inc. $52.25 $7,730 $9,050 12% 2.2 7% 8% 9% 10% 50% 7.6x 7.1x 15.3x 14.0x 26.8x 23.2x

Ocwen Financial Corporation $2.14 $287 $8,074 NA NM 13% 7% NA NA NA 6.7x 6.3x NM NM NM NM

Jones Lang LaSalle Incorporated $165.12 $7,533 $8,058 13% 1.2 3% 3% (4%) 10% 10% 0.9x 0.8x 8.8x 7.9x 14.5x 13.3x

REA Group Limited $57.96 $7,634 $7,810 13% 2.3 12% 11% 15% 14% 58% 11.3x 10.2x 19.5x 17.1x 30.3x 26.3x

Zillow Group, Inc. $41.43 $8,476 $7,770 5% NM 51% 32% (74%) 123% 3% 3.9x 2.9x NM 67.0x NM NM

TripAdvisor, Inc. $53.17 $7,345 $6,758 13% 2.1 8% 9% 12% 12% 27% 3.9x 3.6x 14.3x 12.7x 27.5x 23.9x

RealPage, Inc. $61.21 $5,587 $5,956 NA NM 14% 11% 22% 16% 28% 6.0x 5.4x 21.2x 18.2x 35.0x 30.1x

Rightmove plc $6.41 $5,699 $5,690 13% 1.8 13% 8% 13% 8% 76% 14.8x 13.8x 19.4x 18.1x 24.4x 22.2x

Radian Group Inc. $20.36 $4,346 $5,281 6% 1.3 11% 6% NA NA NA 3.7x 3.5x NM NM 7.3x 6.7x

Realogy Holdings Corp. $13.60 $1,543 $5,113 NA NM (1%) 4% (8%) 6% 10% 0.9x 0.8x 8.4x 7.9x 9.8x 8.1x

First American Financial Corporation $50.79 $5,662 $4,967 11% 1.0 0% 2% 11% 5% 15% 0.9x 0.8x 5.8x 5.5x 11.2x 10.7x

CoreLogic, Inc. $36.67 $2,937 $4,645 8% 1.8 (7%) 2% (6%) 8% 28% 2.8x 2.8x 10.0x 9.3x 15.1x 13.1x

LendingTree, Inc. $318.95 $4,086 $4,357 32% 1.3 35% 18% 37% 23% 20% 4.2x 3.6x 20.7x 16.8x 41.5x 31.7x

Colliers International Group Inc. $68.28 $2,687 $3,232 19% 0.8 10% 7% 20% 8% 12% 1.0x 1.0x 8.7x 8.0x 14.6x 13.6x

Ellie Mae, Inc. $99.49 $3,471 $3,168 15% 3.5 6% 9% 19% 13% 29% 6.2x 5.7x 21.7x 19.3x 51.8x 44.7x

Moneysupermarket.com Group PLC $4.58 $2,458 $2,420 NA NM 14% 4% 13% 7% 36% 4.7x 4.5x 12.9x 12.1x 18.7x 17.1x

AppFolio, Inc. $72.28 $2,451 $2,410 18% 3.2 26% 24% 57% 34% 27% 10.1x 8.1x 37.8x 28.3x 58.3x 40.7x

Redfin Corporation $19.97 $1,807 $1,493 NA NM 30% 27% 63% NM 1% 3.1x 2.5x NM 53.9x NM NM

Marcus & Mill ichap, Inc. $38.62 $1,499 $1,155 6% 2.8 3% 3% (2%) 5% 15% 1.4x 1.3x 9.1x 8.7x 16.6x 16.0x

Stewart Information Services Corporation $42.93 $1,019 $912 NA NM 1% 2% 15% 19% 7% 0.5x 0.5x 6.8x 5.7x 15.3x 12.4x

RE/MAX Holdings, Inc. $39.23 $697 $864 150% 0.1 21% 3% 2% 6% 41% 3.3x 3.2x 8.1x 7.7x 17.5x 16.4x

Lifull Co., Ltd. $5.71 $766 $729 21% 1.1 19% 14% 18% 17% 16% 1.9x 1.7x 11.9x 10.2x 22.3x 17.9x

Altisource Portfolio Solutions S.A. $25.07 $409 $651 NA NM (14%) NA (24%) NA 8% 0.8x NM 10.1x NM 11.9x NM

QuinStreet, Inc. $13.39 $667 $604 25% 1.2 9% 16% 27% 32% 11% 1.2x 1.1x 11.6x 8.8x 29.1x 19.2x

Agilysys, Inc. $20.90 $482 $445 NA NM 13% 15% (12%) 74% 6% 2.9x 2.5x 46.1x 26.5x NM NM

Real Matters Inc. $3.75 $327 $257 59% 0.9 (7%) 2% (38%) 109% 2% 0.9x 0.9x 44.4x 21.2x 53.6x 46.9x

$30

Median 15% 1.3 10% 8% 13% 12% 17% 3.2x 2.9x 12.4x 12.1x 18.2x 17.1x

Trading Technology

The Charles Schwab Corporation $46.01 $61,326 $27,348 19% 0.9 9% 6% 14% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 14.9x

TD Ameritrade Holding Corporation $56.33 $31,565 $26,680 23% 0.6 5% 8% 19% 11% 54% 4.4x 4.1x 8.2x 7.4x 13.9x 12.3x

E*TRADE Financial Corporation $48.99 $11,969 $12,029 19% 0.6 4% 4% 4% 6% 54% 4.0x 3.9x 7.4x 7.0x 11.8x 10.6x

Virtu Financial, Inc. $25.14 $2,669 $3,560 NA NM (1%) 4% (12%) 18% 55% 3.5x 3.4x 6.5x 5.5x 14.2x 11.7x

Interactive Brokers Group, Inc. $55.23 $4,148 $2,416 20% 1.1 8% 12% 61% 11% 97% 1.2x 1.0x 1.2x 1.1x 22.8x 20.2x

GAIN Capital Holdings, Inc. $6.90 $306 $211 8% 1.8 (6%) 6% (4%) NA 25% 0.6x 0.6x 2.5x NM 13.3x 10.1x

INTL FCStone Inc. $43.50 $830 ($909) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 19% 0.9 5% 6% 9% 11% 54% 3.0x 2.9x 5.7x 5.5x 14.0x 12.0x




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 - gca altium · 2016 2017 2018 2019e fintech public company valuation...

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