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INSURTECH SECTOR REPORTQ1 2018

2

Strong sector and product expertise across InsurTechGCA INSURANCE TECHNOLOGY OVERVIEW

Companies that focus on customer engagement, e.g., customer acquisition, sales and marketing, mobile solutions and other direct-to-consumer insurance channels, or other solutions that improve distribution or facilitate contact with the end consumer.

DISTRIBUTION & CUSTOMER ENGAGEMENT

RECENT INSURTECH TRANSACTIONS

REPRESENTATIVE FOCUS AREAS FINTECH TEAM

This tends to mean, actual insurance companies that are tech-enabled in some way. These insurers bring technology to traditionally low-tech areas by using newer or superior core systems and/or online/ mobile offerings.

INNOVATIVE PRODUCTS, PRICING & UNDERWRITING

Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems, in particular policy, claims, and billing software systems.

POLICY ADMINISTRATION, CLAIMS & BACK OFFICE

This includes companies that provide analytic capabilities to insurance companies to help them operate more efficiently and/or make better underwriting decisions.DATA & ANALYTICS

Strategic Investment

We Advised ControlExpert We Advised AWL

Acquired by

We Advised INS Web

Acquisition of

We Advised Finanzen.de

Acquired by

Sold

To

We Advised RGI Shareholders

Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised Asahi (close pending)

Acquired by

We Advised INS Web

Preferred Stock Investmentfrom

Financial Advisor

SEAN MINNIHANManaging DirectorHead of [email protected]

STEVE FLETCHERManaging DirectorHead of [email protected]

CHRIS GOUGHManaging DirectorM&A/Real Estate & Mortgage [email protected]

KEGAN [email protected] 415.318.3686

ROB [email protected]

DAVID KRUEGERVice PresidentCapital Markets [email protected]

We Advised BlackFin

Sold

To

3

CASE STUDY: SALE OF FINANZEN GROUP TO ELI GLOBAL

GCA advised the shareholders of Finanzen Group on its sale to Eli Global

GCA Value-Add

• GCA acted as exclusive financial adviser to BlackFin Capital Partners and the founders on the sale of Finanzen to Eli Global

• GCA advised on all aspects of the transaction, coordinating multiple highly interested strategic and financial investors and maintaining a competitive dynamic throughout the process

• Eli Global evolved as the most attractive partner due to a global footprint in the insurance sector

• Eli Global is a federation of over 100 independent technology, insurance, financial services and healthcare portfolio companies across 18 countries

Background

• Headquartered in Berlin, Germany, Finanzen Group (“Finanzen” or the “Company”) connects lead generators, such as online price comparison sites, with lead buyers, such as independent financial advisors and insurance agents

• Finanzen’s online marketplace allows leads to be traded in real-time, bridging the gap between online insurance consumers and the offline sales organizations of European carriers and brokers

• Additionally, the Company acts as an online broker for certain insurance products

Transaction Rationale / Details

• Finanzen and its majority shareholder, BlackFin Capital Partners, sought a strategic partner with an international footprint and relevant InsurTech experience to accelerate the Company’s growth

• Company shareholders aimed to realize a valuation reflecting Finanzen‘s strong growth, significant market potential and unique competitive positioning

Transaction DateFebruary 2018

Deal TypeM&A

IndustryInsurTech

To

Sold

GCA Advised BlackFin and the founders

4

EXECUTIVE SUMMARYQ1 2018 InsurTech wrap-up

• InsurTech key themes

• Market update and analysis

• Sector and transaction data

We take a deep dive into the numbers to understand what is

driving deal dynamics in the InsurTech sector.

In this report we cover:

Key Themes Commentary

…As do innovative partnerships

between InsurTechs and disruptors across multiple

categories

While incumbent M&A activity has

skyrocketed…

• So far this year, six of seven announced transactions above $1Bn in value among U.S. financial services firms involved insurers

• Total value of $27.4Bn in Q1 ‘18, surpassing values for all of ’16 and ‘17*

…But financings and corporate venture

capital activity abound…

• Over 50 financings in Q1 ’18, on pace with ~200 in ‘17• 120 corporate venture deals in ‘17, ~30% of which happened in Q4 ‘17

- AXA and MassMutual lead the pack with 8 InsurTech investments each, followed by XL and Munich Re with 6 each

- Non-insurers like Softbank, Google Ventures, Salesforce continue to invest in InsurTech

• Partnerships across complimentary technologies and ecosystems continue, including real estate (Hippo / Roostify), smart home (Ring / Roost), cyber risk (Cyence / Zeguro), travel (AIG / Expedia) and auto (Chubb / Grab)

• A number of insurers are partnering with car subscription and sharing programs in certain markets, with the goal of maximizing convenience and eliminating the need to choose and manage “ancillary” services like insurance

Notes:Source: CB Insights.*Excludes health insurance deals.

• A recent CB Insights / Willis Towers survey revealed that only 12% of insurance professionals with knowledge of their company's innovation strategy believe acquisitions are their organization's primary outlet for innovation, while 48% highlighted a build strategy and 40% highlighted a partnership strategy

• As the InsurTech landscape is evolving rapidly, insurers prefer to build nimble partnerships and monitor what will happen next vs. committing to technologies via M&A

• The investor base of a traditional insurer tends to be risk averse regarding “testing the waters” of new technologies

…InsurTechs have not been playing a

major role in M&A…

5

IoT / Telematics

Online DistributionPolicy Management Tools / Software

Innovative / Specialty Insurance

Claims Management Tools / Software

Employee Benefits Admin / InsuranceExchange Technology

Data / Analytics Peer-to-Peer (“P2P”)

Sales, Marketing & Engagement

Customer Origination

Mobile

Distribution / Comparison Health Insurance Carrier Affiliated / New Carriers

Auto Health

Home

EXECUTIVE SUMMARYInsurTech landscape/ ecosystem – selected, representative companies Le

gend

Distribution & CustomerEngagement

Products, Pricing & Underwriting

Data & AnalyticsPolicy Admin, Claims & Back Office

Insurance Value Chain

DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly shoot us a note at [email protected] and we would be happy to consider.

6

EXECUTIVE SUMMARY2018 is off to a great start for insurance M&A

Notes:Source: CB Insights.

7

Most Active Insurance Technology Investors

Accelerators / Seed

Venture Capital / Private Equity

Corporate Investors

Alternative Investors

Ventures

EXECUTIVE SUMMARYSelected active investors in InsurTech

Notes:Source: CB Insights, Pitchbook.

8

EXECUTIVE SUMMARYCorporate venture capital is on the rise


9

EXECUTIVE SUMMARYMost active InsurTech investors – corporate venture capital

CurrentInsurTech

Investments

#8 8 6 6

5 5 45 4 3

Healthcare

Good Doctor

6*

Notes:Source: Wall Street Research, Capital IQ, Pitchbook.* Softbank rumored talks with PolicyBazaar and Swiss Re.

10

BankTech & InsurTech

Drones PropertyMgmt.

Smart Home Cyber Risk

Partnerships across complimentary technologies and ecosystemsEXECUTIVE SUMMARY

Retail * TravelInsurance

Auto

Notes:Source: Wall Street Research, Capital IQ, Pitchbook.* Softbank rumored talks with PolicyBazaar and Swiss Re; Walmart rumored talks with Humana.

11

InsurTech is blending into and integrating with the real estate industryEXECUTIVE SUMMARY

Partnering with apartments,

agencies

Partnering with large property

developers

Partnering with mortgage platforms

Landlord / Tenant Startups in title insurance


12

Insurers and car subscriptionsEXECUTIVE SUMMARY

Automakers

Non-automakers / Startups

» Central to the convenience with these programs is eliminating the need to choose and manage ancillary services like insurance

» These services are mostly piloting in a limited number of markets for the time being. But such experiments are worth keeping an eye on for the broader P&C insurance industry

Insurers Partnering with US Car Sub and Sharing ProgramsUS programs as of February 2, 2018*

Notes:Source: CB Insights.*Graphic is illustrative, not exhaustive.

13

INSURTECH DEAL DASHBOARD

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/18.(1) Includes private company equity financings.(2) Represents unweighted average, except for S&P 500.

Publicly traded InsurTech companies are up 20% over the LTM period, as compared to 12% for the S&P 500. Both financing volumeand number of transactions for Q1 ‘18 are up vs. Q3 & Q4 ’17

Lege

nd

P&C Life Health Distribution & CustomerEngagement

Products, Pricing & Underwriting

Data & AnalyticsPolicy Admin, Claims & Back Office

Insurance Segment Insurance Value Chain

Percent Change(2) Select Q1 Financing Transactions ($MM)

Subsector LTM 3 Years Date Company Selected Investors Amt. Sub-Sector

27% 52%

15% 38%

16% 42%

11% 28%

6% 7%

30% 57%

16% 34%

11% 13%

46% 61%

InsurTech Deal Volume by Stage Aggregate InsurTech Market 20% 37%

S&P 500 12% 24%

3/28/18 $165

3/27/18

2/28/18 $110

Insurance Technology Deal Dashboard(1) Industry Stock Market Performance$2.5 Bn | 207 Deals

LTM InsurTech Financing Volume(1)

Trends in InsurTech

2/20/18 $60

Quarterly InsurTech Financing Activity ($MM)(1)

1/10/18 $30

$51

$398 $230 $271 $283

$985

$312

$521

$718

Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18

Benefits Administration/Payroll

Property & Casualty

Health

Insurance Technology

Life

Brokerage & Distribution

Information Services

Financial SaaS

IT & BPO Services

1

2

8

9

7

6

5

4

3

51

64

$6.5$15.4$7.4$6.3$6.1$11.7 $14.1

34 3843

38

48

Average Deal Amount ($MM)

45

$11.6

41% 42% 48% 50%38%

19% 23% 19% 26%36%

16% 15% 10%12% 18%24% 20% 23% 12% 8%

2014 2015 2016 2017 Q1 2018

Seed/Angel Series A Series B Series C+

14

INSURTECH SELECTED PUBLIC COMPANY LANDSCAPESelected InsurTech subsectors and key operating stats ($Bn)

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 3/31/18.

Benefits Administration/Payroll

Combined Market Cap.: $10218/17 Rev. Growth: 13%18 EBITDA Margin: 21%

2Insurance Technology

Combined Market Cap.: $3318/17 Rev. Growth: 16% 18 EBITDA Margin: 13%

1 Brokerage & Distribution


3

Property & Casualty


4 Life


5 Health


6



7 IT & BPO Services


8 Financial SaaS


9

15

INSURTECH STOCK PRICE PERFORMANCE

3 Year Share Price Performance

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 3/31/18.

InsurTech shows strong performance over the last three years and the LTM period

6) Health1) Insurance Technology 2) Benefits Administration/Payroll

3) Brokerage & Distribution 5) Life4) Property & Casualty 7) Information Services 8) IT & BPO Services 9) Financial SaaS

16

-5%

0%

5%

10%

15%

20%

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x0.0x

3.0x

6.0x

9.0x

2015 2016 2017 2018 (NTM)

0.0x

3.0x

6.0x

9.0x

2015 2016 2017 2018 (LTM)

INSURTECH PUBLIC COMPANY VALUATIONInsurTech is trading at 2.2x NTM revenues, despite having a stronger growth profile than other subsectors

Notes:Source: CapIq.Market data as of 3/31/18.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM RevenueEnterprise Value / LTM Revenue

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

1

2

3

4

5

6 78

9

2.0x 2.2x 2.1x 2.2x

2.0x 2.1x2.5x 2.2x



17

0%

5%

10%

15%

20%

25%

30%

35%

0.0x 6.0x 12.0x 18.0x 24.0x 30.0x0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

2015 2016 2017 2018 (NTM)

0.0x

7.0x

14.0x

21.0x

28.0x

35.0x

2015 2016 2017 2018 (LTM)

INSURTECH PUBLIC COMPANY VALUATION (CONT’D)On an EBITDA basis, InsurTech has performed very well on both an EV/ LTM EBITDA and EV/ NTM EBITDA basis

Notes:Source: CapIq.Market data as of 3/31/18.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM EBITDAEnterprise Value / LTM EBITDA

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

1

23

4

5

68

7

9

9.3x11.5x

13.5x12.7x

9.2x10.0x

12.3x 12.2x



18

Long-term growth is not necessarily correlated with public company P/E multiples or PEG ratios(1)

INSURTECH PUBLIC COMPANY VALUATION (CONT’D)

Notes: (1) PEG ratio defined as 2018E price/earnings ratio divided by estimated long-term EPS growth rate.Figures represent medians of sub-sectors.Market data as of 3/31/18.Long-term EPS growth covers last 5 years.

25.0%

18.5%

13.5%

11.2%

12.6%

9.9%

14.2%

10.5%

9.5%

1.9

2.1

2.2

2.1

1.4

1.7

1.2

1.3

1.3

2018 P/E Multiple 2018 PEG Ratio

Long-Term EPS Growth

Life5

Benefits Admin/Payroll2

Financial SaaS9

Information Services7

Insurance Technology1

Health6

IT & BPO Services8

Property & Casualty4

Brokerage & Distribution3

9.3x

12.5x

15.2x

17.4x

17.9x

21.2x

26.0x

27.4x

37.7x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x

19

3/28/188VC, Brian Singerman, capitalG, Fidelity Investments, Founders Fund, General

Catalyst, Khosla Ventures, Thrive Capital, Verily Life SciencesSeries D $165.0

3/28/18 Bank Hapoalim, D.E. Shaw & Co., Moneta Seeds, Vertex Ventures Israel Series A $5.0

3/27/18 Redpoint Ventures, Ribbit Capital, Scale Venture Partners, Silicon Valley Bank Series C $51.0

3/26/18 AMP New Ventures, OneVentures, SEEK Series B $6.2

3/23/18Black Pearls VC, Concentric, London Co-Investment Fund, National Centre for

Research and DevelopmentSeries A $3.1

3/22/18Bloomberg Beta, Fenbushi Capital, Fidelity Investments, FuturePerfect

Ventures, GMP Securities, Graphene Ventures, Rakuten VenturesSeries A $10.4

3/15/18 Undisclosed Series A $5.2

3/14/18 HCS Capital Partners Series B $4.0

3/11/18 ClearSky Security, MassMutual Ventures, Glilot Capital Series A $11.0

3/7/18 8VC, Barry Sternlicht, Bienville Capital, Menlo Ventures Series B $33.0

3/6/18 Aegon NV VC $7.6

3/6/18Bain Capital Ventures, FirstMark Capital, Index Ventures, Redpoint Ventures,

Thrive CapitalSeries D $40.0

3/1/18Core Innovation Capital, Green Visor Capital, Jean Chatzky, Kairos Society

Ventures, NextView VenturesSeed VC $2.8

2/28/18Founders Fund, Google Ventures, Maverick Ventures, Mubadala Investment

Co, New Enterprise Associates, Sun Life FinancialSeries D $110.0

2/28/18 Deep Nishar, Ribbit Capital, Sam Altman, Valor Equity Partners, VY Capital Series A $10.0

2/21/18A Capital, Canvas Ventures, Correlation Ventures, Northwestern Mutual Future

Ventures, Project A Ventures, Securian Financial GroupSeries A $9.5

2/20/18Aflac Corporate Ventures, BlueCross BlueShield Venture Partners, MassMutual

VenturesSeries B $4.0

SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Notes: Source: CapIq. Pitchbook.Selected deals from Q1 2018.

Date

Announced Target Investors Type Amount ($MM)

20

2/20/18 Lemhi Ventures Series A $60.0

2/16/18500 Startups, August Capital, Chicago Ventures, Commerce Ventures, Omidyar

Network, Portag3 VenturesSeries A $13.1

2/14/18Aspect Ventures, Fintech71, LOUD Capital, NCT Ventures, Pete Kight, Precursor

Ventures, Rev1 Ventures, Revolution, Social CapitalSeries A $3.0

2/14/18 HanFor Holdings Series A - II $3.2

2/13/18 Sinai Ventures Series A $5.9

2/1/18 Sound Ventures Series B $39.3

1/23/18500 Startups, CVC Capital Partners, Nikko Asset Management, Tokio Marine

CapitalSeries B $13.3

1/22/18 Comcast Ventures, Fifth Wall Ventures, Plug and Play Ventures Series B $25.0

1/16/18 American Discovery Capital Series A - II $6.0

1/16/18 Elephant Venture Capital, Simon Nixon Series A $12.0

1/10/18Canaan Partners, Lightspeed Venture Partners, Nyca Partners, RRE Ventures,

Thomvest VenturesSeries B $30.0

1/9/18Hangzhou Win-Light Investment, Legend Star, Neovision Capital, Origins

Capital, QF Capital, Yonyou Happiness Capital ManagementSeries A - II $7.7

1/8/18 Andy Homer, Force Over Mass Capital, Pentech Ventures Series A $2.7

1/3/18 NextView Ventures, Plug and Play Ventures Series A $3.3

1/2/18 500 Startups, 8VC, Compound, Merus Capital Series A $6.0

1/2/18 Oak HC/FT Partners Series A $11.5

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

Date

Announced Target Investors Type Amount ($MM)

Notes: Source: CapIq. Pitchbook.Selected deals from Q1 2018.

21

SELECTED M&A ACTIVITY

Notes: Source: CapIq. Pitchbook.

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value ($MM) LTM LTM

Cynosure Software

4/4/2018 NA NA NA

3/22/2018 $33 1.7x NA

3/5/2018 $15,157 1.3x 13.8x

2/7/2018 $22 NA NA

1/29/2018 $18 ~5.0x NA

1/29/2018 $37 NA NA

1/29/2018 $414 NA NA

1/22/2018 $155 NA NA

1/16/2018 $51 NA NA

1/9/2018 NA NA NA

12/11/2017 $2,178 2.0x NA

11/30/2017 $280 NA NA

10/18/2017 $2,488 NA NA

10/6/2017 $275 NA NA

10/2/2017 $63 NA NA

9/28/2017 $1,741 1.5x NA

9/21/2017 $3,031 NA NA

9/6/2017 $60 NA NA

22

8/24/2017 $151 NA NA

8/21/2017 Sequel $324 9.8x 21.3x

8/4/2017 $490 7.5x 49.3x

7/27/2017 $107 NA NA

7/27/2017 $919 NA NA

6/8/2017 NA NA NA

5/24/2017 $95 2.4x NA

5/15/2017 NA NA NA

5/8/2017 $560 NA NA

4/27/2017 $115 NA NA

4/6/2017 $50 NA NA

4/4/2017 $225 4.7x NA

3/31/2017 $102 1.3x NA

2/16/2017 $160 3.9x NA

2/9/2017 $50 NA NA

1/9/2017 $150 2.5x NA

Median 2.4x 21.3x

SELECTED M&A ACTIVITY (CONT’D)

Notes: Source: CapIq. Pitchbook.

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value ($MM) LTM LTM

23

SELECTED PUBLIC COMPANY DETAIL

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

Bnft

s Adm

in./

Payr

oll

Insu

ranc

e Te

ch.

Brok

erag

e &

Dis

trib

.

Insurance TechnologyVerisk Analytics, Inc. $104.00 $17,162 $20,025 12% 2.2 7% 11% 4% 10% 49% 9.4x 8.5x 19.2x 17.5x 32.7x 26.0xGuidewire Software, Inc. $80.83 $6,459 $5,954 8% 10.6 26% 19% 30% 11% 20% 10.5x 8.8x 50.3x 45.2x 91.5x 84.7xHealthEquity, Inc. $60.54 $3,690 $3,450 33% 1.8 28% 24% 31% 33% 39% 15.2x 12.3x 42.0x 31.6x 91.5x 59.8xEbix, Inc. $74.50 $2,346 $2,665 15% 1.3 19% 24% 10% 33% 37% 7.5x 6.0x 21.7x 16.3x 23.8x 19.8xCorVel Corporation $50.55 $954 $901 NA NA 3% NA 4% NA NA 1.7x NM 12.6x NM 30.1x NMBenefitfocus, Inc. $24.40 $764 $824 25% NA 10% 8% NA 46% 10% 3.2x 3.0x 45.4x 31.0x NM NMCrawford & Company $8.22 $460 $631 NA NA 2% (1%) (6%) 8% 11% 0.6x 0.6x 5.3x 4.9x 10.6x 10.2xSapiens International Corporation N.V. $8.53 $424 $431 5% 4.4 26% 10% (14%) 60% 15% 1.6x 1.4x 15.3x 9.6x NM 21.9xeHealth, Inc. $14.31 $271 $231 NA NA (9%) 29% NM NA 3% 1.4x 1.1x NM 30.3x NM NMMajesco $5.06 $185 $187 NA NA (0%) 19% (12%) 126% 8% 1.5x 1.3x 34.9x 15.4x NM 50.6xSymbility Solutions Inc. $0.31 $75 $69 NA NA 19% 14% NM 14% 6% 1.7x 1.5x 26.7x 23.3x NM NM

Median 14% 2.2 10% 16% 4% 33% 13% 1.7x 2.2x 24.2x 20.4x 31.4x 26.0x

Benefits Administration/PayrollAutomatic Data Processing, Inc. $113.48 $50,302 $50,528 14% 1.9 6% 8% (3%) 12% 21% 4.0x 3.7x 19.4x 17.4x 30.1x 25.5xPaychex, Inc. $61.59 $22,128 $21,764 9% 2.6 6% 8% 8% 2% 41% 6.7x 6.2x 15.4x 15.2x 26.8x 23.3xThe Ultimate Software Group, Inc. $243.70 $7,451 $7,296 26% 2.0 20% 19% 16% 28% 25% 7.8x 6.6x 34.0x 26.6x 67.4x 53.7xPaycom Software, Inc. $107.39 $6,343 $6,333 26% 2.7 31% 26% 41% 25% 31% 14.7x 11.7x 47.7x 38.0x 85.2x 69.6xHealthEquity, Inc. $60.54 $3,690 $3,450 33% 1.8 28% 24% 31% 33% 39% 15.2x 12.3x 42.0x 31.6x 91.5x 59.8xTriNet Group, Inc. $46.32 $3,245 $3,332 20% 1.9 7% 10% (15%) 18% 6% 1.0x 0.9x 17.6x 14.9x 48.3x 37.7xInsperity, Inc. $69.55 $2,921 $2,670 17% 1.4 12% 13% 23% 13% 5% 0.8x 0.7x 15.3x 13.5x 29.5x 22.9xPaylocity Holding Corporation $51.23 $2,695 $2,584 27% 2.2 30% 23% 98% 32% 20% 8.6x 7.0x 46.0x 34.8x 76.5x 60.3xWageWorks, Inc. $45.20 $1,792 $1,144 15% 1.5 32% 9% 35% 14% 32% 2.4x 2.2x 7.8x 6.9x 25.4x 22.2xBenefitfocus, Inc. $24.40 $764 $824 25% NA 10% 8% NA 46% 10% 3.2x 3.0x 45.4x 31.0x NM NMCastlight Health, Inc. $3.65 $494 $406 25% NA 28% 24% NA NA (7%) 3.1x 2.5x NM NM NM NM

Median 25% 1.9 20% 13% 23% 22% 21% 4.0x 3.7x 26.7x 22.0x 48.3x 37.7x

Brokerage & DistributionMarsh & McLennan Companies, Inc. $82.59 $41,924 $46,206 12% 1.6 5% 7% 9% 6% 24% 3.3x 3.1x 13.5x 12.7x 21.8x 19.0xAon plc $140.33 $34,564 $39,341 13% 1.3 (15%) 8% (5%) 13% 27% 4.0x 3.7x 15.6x 13.8x 21.5x 17.5xWill is Towers Watson Public Limited Company $152.19 $20,122 $23,627 11% 1.4 3% 5% 9% 11% 25% 2.9x 2.8x 12.2x 11.0x 18.1x 15.5xArthur J. Gallagher & Co. $68.73 $12,512 $14,964 15% 1.3 8% 10% 9% 12% 17% 2.5x 2.2x 14.6x 13.1x 23.0x 19.2xBrown & Brown, Inc. $25.44 $7,025 $7,403 (11%) NA 4% 5% 1% 2% 31% 4.0x 3.8x 12.7x 12.4x 27.4x 21.4xJardine Lloyd Thompson Group plc $17.99 $3,805 $4,334 13% 1.4 18% 12% NA 9% 21% 2.4x 2.1x 11.0x 10.1x 22.7x 18.2xMoneysupermarket.com Group PLC $4.03 $2,158 $2,111 6% 3.1 16% 5% 17% 2% 37% 4.7x 4.4x 12.1x 11.9x 18.0x 17.4xQuinStreet, Inc. $12.77 $590 $548 25% 2.0 8% 17% NM 57% 8% 1.7x 1.4x 26.7x 17.0x NM 49.7xeHealth, Inc. $14.31 $271 $231 NA NA (7%) 27% NA NA 9% 1.3x 1.0x NM 11.2x NM 14.8xiSelect Limited $0.78 $168 $142 NA NA 18% 9% 27% 14% 16% 0.9x 0.9x 5.9x 5.2x 13.0x 10.8x

Median 13% 1.4 7% 9% 9% 11% 23% 2.7x 2.5x 12.7x 12.2x 21.6x 17.9x

($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

Company 3/31/18 Value Value Growth PEG 17E/16A 18E/17E 17E/16A 18E/17E 18E 17E 18E 17E 18E 17E 18E

24

SELECTED PUBLIC COMPANY DETAIL (CONT’D)


Prop

erty

& C

asua

ltyLi

feHe

alth

Property & CasualtyAllianz SE $227.40 $99,653 $116,849 5% 2.1 16% 6% NA 11% 10% 0.8x 0.7x 8.4x 7.6x 12.2x 10.7xChubb Limited $136.77 $63,474 $74,874 8% 1.7 5% 3% (18%) 36% 24% 2.7x 2.7x 15.1x 11.1x 19.1x 12.7xAmerican International Group, Inc. $54.42 $49,145 $68,037 11% 0.9 (6%) (2%) NM 44% 25% 1.4x 1.4x 8.2x 5.7x 21.3x 9.9xThe Travelers Companies, Inc. $138.86 $37,690 $39,022 10% 1.3 4% 5% NM 17% 17% 1.5x 1.5x 10.0x 8.5x 21.3x 12.9xThe Allstate Corporation $94.80 $33,478 $37,266 10% 1.2 3% 2% 56% (11%) 13% 1.2x 1.1x 7.5x 8.5x 15.5x 11.4xThe Progressive Corporation $60.93 $35,486 $35,658 12% 1.4 16% 16% 37% 8% 9% 1.3x 1.1x 14.1x 13.1x 25.0x 16.4xThe Hartford Financial Services Group, Inc. $51.52 $18,392 $21,113 16% 0.8 1% 2% NA 21% 13% 1.1x 1.1x 10.3x 8.5x 18.6x 11.8xMarkel Corporation $1,170.25 $16,264 $15,004 NA NA 6% 12% NM 75% 12% 2.5x 2.2x 33.0x 18.8x NM 32.5xCNA Financial Corporation $49.35 $13,385 $14,449 6% 2.1 8% 2% 14% 0% 21% 2.1x 2.0x 9.6x 9.6x 15.7x 12.5xCincinnati Financial Corporation $74.26 $12,185 $12,379 8% 2.8 5% 2% (16%) 22% 14% 2.2x 2.1x 18.6x 15.2x 27.9x 22.3xW. R. Berkley Corporation $72.70 $8,836 $9,765 13% 1.6 1% 6% (11%) 0% 15% 1.5x 1.4x 9.8x 9.8x 30.5x 20.1xAmerican Financial Group, Inc. $112.22 $9,923 $9,378 15% 0.9 6% 3% (0%) 8% 24% 2.1x 2.0x 9.1x 8.4x 18.7x 13.8xRSA Insurance Group plc $8.84 $8,946 $8,268 13% 1.0 15% 7% (3%) 11% 10% 0.9x 0.8x 9.2x 8.3x 15.7x 12.5xAssurant, Inc. $91.41 $4,803 $4,590 NA NA (16%) 5% NM 63% 11% 0.7x 0.7x 10.4x 6.4x 24.7x 11.4xAmTrust Financial Services, Inc. $12.31 $2,416 $2,775 NA NA 5% 11% (10%) 46% 0% 0.5x 0.5x NM NM 10.0x 9.8x

Median 11% 1.3 5% 5% (3%) 17% 13% 1.4x 1.4x 9.9x 8.5x 18.9x 12.5x

LifeMetLife, Inc. $45.89 $47,572 $106,663 13% 0.7 (8%) (1%) (14%) 4% 12% 1.7x 1.7x 15.2x 14.6x 11.2x 9.3xAXA SA $26.61 $63,425 $88,804 4% 1.8 17% (1%) 12% (0%) 8% 0.7x 0.7x 8.9x 9.0x 8.8x 8.0xZurich Insurance Group AG $328.68 $49,362 $44,668 10% 1.3 (1%) 1% (16%) 18% 13% 0.9x 0.9x 8.3x 7.0x 17.6x 13.2xAflac Incorporated $43.76 $34,105 $36,452 8% 1.4 (4%) 0% NA 10% 21% 1.7x 1.7x 8.8x 8.1x 13.0x 11.4xManulife Financial Corporation $18.55 $36,784 $28,985 12% 0.8 17% (15%) NM (7%) 14% 0.6x 0.7x 4.9x 5.3x 10.4x 9.2xPrudential Financial, Inc. $103.55 $43,686 $27,396 10% 0.9 (1%) 4% 2% 7% 14% 0.5x 0.5x 3.8x 3.6x 9.8x 8.5xAmeriprise Financial, Inc. $147.94 $21,613 $23,604 NA NA 3% 8% NA 9% 30% 2.0x 1.9x 6.8x 6.2x 14.9x 10.2xLincoln National Corporation $73.06 $15,946 $18,703 14% 0.6 4% 9% NA NA NA 1.3x 1.2x 9.0x NM 9.5x 8.5xPrincipal Financial Group, Inc. $60.91 $17,643 $15,935 10% 1.1 11% 2% NA NA NA 1.2x 1.1x 6.0x NM 11.6x 10.6xAegon N.V. $6.75 $13,791 $7,134 3% 2.5 10% 4% NA NA NA 0.3x 0.3x 1.9x NM 7.9x 7.9xLegal & General Group Plc $3.62 $21,481 $1,312 6% 1.7 4% 7% 24% (4%) 22% 0.1x 0.1x 0.5x 0.5x 10.6x 10.0xAviva plc $6.96 $27,964 ($24,155) 7% 1.3 (11%) 7% 22% 27% 7% NM NM NM NM 9.7x 8.6xSun Life Financial Inc. $41.03 $24,951 ($28,058) NA NA 3% 14% NA NA NA NM NM NM NM 12.5x 11.4x

Median 10% 1.3 3% 4% 7% 7% 14% 0.9x 0.9x 6.8x 6.6x 10.6x 9.3x

HealthUnitedHealth Group Incorporated $214.00 $207,080 $223,282 15% 1.2 9% 12% 13% 13% 9% 1.1x 1.0x 12.9x 11.4x 21.4x 17.1xAetna Inc. $169.00 $55,253 $58,222 10% 1.5 (4%) 1% 8% 2% 10% 1.0x 0.9x 9.5x 9.3x 17.3x 15.4xAnthem, Inc. $219.70 $56,182 $51,966 15% 1.0 5% 3% 23% 13% 7% 0.6x 0.6x 8.6x 7.6x 18.4x 14.5xCigna Corporation $167.74 $40,801 $43,069 13% 1.0 4% 7% 16% 7% 11% 1.0x 1.0x 9.2x 8.6x 16.1x 13.0xHumana Inc. $268.83 $37,122 $28,584 14% 1.4 (2%) 4% 15% (8%) 6% 0.5x 0.5x 7.5x 8.2x 23.1x 19.4xCentene Corporation $106.87 $18,703 $18,871 17% 0.9 18% 27% 4% 44% 4% 0.4x 0.3x 11.2x 7.7x 21.4x 14.9xAegon N.V. $6.75 $13,791 $7,134 3% 2.5 10% 4% NA NA NA 0.3x 0.3x 1.9x NM 7.9x 7.9xWellCare Health Plans, Inc. $193.63 $8,622 $5,136 16% 1.3 19% 10% (3%) 19% 4% 0.3x 0.3x 7.5x 6.3x 23.0x 19.7x

Median 14% 1.2 7% 6% 13% 13% 7% 0.6x 0.5x 8.9x 8.2x 19.9x 15.2x



25



Info

rmat

ion

Serv

ices

Information ServicesS&P Global Inc. $191.06 $47,643 $48,421 15% 1.5 6% 8% 14% 11% 49% 8.1x 7.5x 16.8x 15.2x 28.7x 22.4xRELX PLC $20.56 $40,771 $47,225 7% 2.4 18% 4% 19% 5% 35% 4.7x 4.5x 13.5x 12.9x 18.9x 17.5xMoody's Corporation $161.30 $30,826 $35,183 12% 1.8 14% 14% 19% 17% 49% 8.6x 7.5x 18.0x 15.4x 27.0x 20.9xThomson Reuters Corporation $38.61 $27,397 $33,697 8% 1.9 1% 1% 8% 1% 30% 3.0x 2.9x 9.9x 9.7x 15.8x 14.9xExperian plc $21.58 $19,556 $23,021 9% 2.3 (5%) 12% (1%) 8% 34% 5.4x 4.8x 15.1x 14.0x 24.1x 20.6xIHS Markit Ltd. $48.24 $18,441 $22,565 12% 1.8 30% 9% 40% 10% 39% 6.3x 5.8x 16.3x 14.8x 23.5x 21.2xVerisk Analytics, Inc. $104.00 $17,162 $20,025 12% 2.2 7% 11% 4% 10% 49% 9.4x 8.5x 19.2x 17.5x 32.7x 26.0xNielsen Holdings plc $31.79 $11,338 $19,123 8% 1.6 4% 4% 5% 1% 30% 2.9x 2.8x 9.4x 9.3x 12.1x 12.1xWolters Kluwer N.V. $53.21 $14,803 $17,287 8% 2.3 17% 0% 21% (0%) 27% 3.2x 3.2x 12.0x 12.0x 19.7x 18.2xEquifax Inc. $117.81 $14,152 $16,520 9% 2.1 6% 4% 9% (4%) 34% 4.9x 4.7x 13.4x 13.9x 19.9x 19.9xMSCI Inc. $149.47 $13,434 $14,622 14% 2.0 11% 13% 16% 19% 55% 11.5x 10.2x 22.1x 18.7x 39.0x 28.5xGartner, Inc. $117.62 $10,684 $13,424 16% 1.8 35% 26% 53% 11% 19% 4.1x 3.2x 19.2x 17.3x 34.1x 30.2xTransUnion $56.78 $10,441 $12,768 12% 2.1 12% 11% 17% 12% 39% 6.7x 6.0x 17.1x 15.4x 30.5x 24.6xInforma plc $10.09 $8,307 $10,163 4% 3.5 41% 5% 44% 6% 34% 4.3x 4.1x 13.0x 12.3x 16.1x 14.9xFactSet Research Systems Inc. $199.42 $7,782 $8,092 11% 2.1 11% 8% 14% (1%) 34% 6.4x 5.9x 17.2x 17.5x 26.5x 22.9xNews Corporation $15.80 $9,212 $7,637 14% 2.0 1% 1% 0% 4% 12% 0.9x 0.9x 8.2x 7.8x 35.8x 28.2xFair Isaac Corporation $169.37 $5,093 $5,663 16% 1.7 5% 7% 10% 21% 27% 6.0x 5.6x 24.8x 20.6x 34.2x 26.7xThe Dun & Bradstreet Corporation $117.00 $4,339 $5,575 8% 1.8 3% 1% 2% 4% 29% 3.2x 3.1x 11.1x 10.7x 16.3x 14.3xCoreLogic, Inc. $45.23 $3,688 $5,323 8% 2.2 (5%) 0% (6%) 1% 26% 2.9x 2.9x 11.4x 11.2x 19.4x 17.4xMorningstar, Inc. $95.52 $4,059 $3,886 NA NA 7% 4% (7%) 12% 29% 4.5x 4.3x 16.7x 14.9x 40.6x 33.6xEuromoney Institutional Investor PLC $17.18 $1,844 $2,065 NA NA 14% 3% 17% 4% 27% 3.6x 3.5x 13.4x 12.9x 16.7x 16.0xAcxiom Corporation $22.71 $1,787 $1,839 13% 3.5 6% 12% 15% 18% 21% 2.0x 1.8x 9.7x 8.2x NM 43.7xcomScore, Inc. $24.07 $1,316 $1,287 5% 1.9 11% 11% 35% 32% 16% 2.7x 2.4x 19.8x 15.0x 12.2x 9.7xNational Research Corporation $49.83 $1,221 $1,188 NA NA 8% 8% 10% 10% 33% 10.0x 9.3x 30.6x 27.8x 56.6x 52.5xForrester Research, Inc. $41.45 $749 $615 14% 2.2 2% 7% (3%) 5% 11% 1.9x 1.7x 16.1x 15.3x 34.3x 29.3x

Median 11% 2.1 7% 7% 14% 8% 30% 4.5x 4.3x 16.1x 14.8x 25.3x 21.2x



26



IT &

BPO

Ser

vice

s

IT & BPO ServicesInternational Business Machines Corporation $153.43 $141,335 $175,611 (0%) NA (2%) 2% 0% 2% 24% 2.2x 2.2x 9.2x 9.0x 11.1x 11.1xAccenture plc $153.50 $98,714 $95,144 11% 2.1 7% 12% 4% 16% 17% 2.7x 2.4x 16.3x 14.0x 25.6x 22.7xTata Consultancy Services Limited $43.78 $83,812 $78,095 10% 2.0 10% 5% 6% 5% 26% 4.1x 3.9x 15.6x 14.8x 21.2x 19.9xCognizant Technology Solutions Corporation $80.50 $47,338 $43,155 15% 1.2 10% 10% 9% 20% 21% 2.9x 2.7x 15.0x 12.5x 21.7x 17.7xDXC Technology Company $100.53 $28,720 $34,334 8% 1.4 NM 20% NM 30% 21% 1.7x 1.4x 8.8x 6.8x 15.1x 11.3xInfosys Limited $17.39 $37,799 $34,184 8% 2.0 9% 4% 7% 2% 26% 3.1x 3.0x 11.7x 11.5x 17.5x 16.6xCapgemini SE $124.68 $20,891 $22,561 7% 2.4 16% 4% 17% 4% 14% 1.5x 1.4x 10.5x 10.1x 17.5x 16.6xHCL Technologies Limited $14.88 $20,723 $19,972 12% 1.2 19% 4% 15% 6% 23% 2.5x 2.4x 11.4x 10.8x 15.0x 15.3xNTT Data Corporation $10.66 $14,949 $18,320 8% 2.8 30% 11% 17% 12% 15% 1.0x 0.9x 6.9x 6.2x 28.1x 22.9xCGI Group Inc. $57.62 $16,367 $17,698 10% 1.8 10% 2% 8% 3% 18% 2.0x 2.0x 11.2x 10.9x 19.3x 17.5xWipro Limited $4.33 $19,461 $16,996 9% 1.7 6% 2% 10% (3%) 21% 2.0x 2.0x 9.3x 9.5x 15.3x 14.9xAtos SE $136.87 $14,387 $14,018 7% 1.9 24% 1% 38% 3% 14% 0.9x 0.9x 6.6x 6.4x 13.7x 12.7xNomura Research Institute, Ltd. $47.46 $10,663 $10,146 9% 2.7 13% 14% 9% 13% 20% 2.5x 2.2x 12.3x 10.9x 28.1x 24.6xTech Mahindra Limited $9.81 $9,615 $8,460 11% 1.4 13% 5% (1%) 24% 16% 1.8x 1.7x 13.1x 10.6x 18.5x 16.0xGenpact Limited $31.99 $6,189 $6,900 10% 1.9 6% 9% 7% 10% 17% 2.5x 2.3x 15.2x 13.8x 20.0x 18.5xEPAM Systems, Inc. $114.52 $6,074 $5,517 19% 1.4 25% 25% 23% 25% 18% 3.8x 3.0x 21.6x 17.2x 33.5x 27.9xConduent Incorporated $18.64 $3,923 $5,326 NA NA (6%) (3%) 5% 9% 13% 0.9x 0.9x 8.0x 7.3x 23.0x 17.3xCapita plc $2.02 $1,346 $4,215 (0%) NA (6%) 1% (7%) (18%) 10% 0.7x 0.7x 5.7x 7.0x 3.2x 4.9xSyntel, Inc. $25.53 $2,118 $2,354 8% 1.8 (7%) 4% (18%) 3% 25% 2.6x 2.5x 10.4x 10.1x 13.7x 13.7xPresidio, Inc. $15.64 $1,438 $2,301 7% 1.6 NA 4% NA (2%) 8% 0.8x 0.8x 9.6x 9.8x 12.4x 11.0xWNS (Holdings) Limited $45.33 $2,280 $2,175 14% 2.2 23% 13% 16% 39% 23% 3.2x 2.8x 17.2x 12.3x 48.8x 29.8xMphasiS Limited $12.97 $2,506 $2,122 8% 2.3 9% 9% (5%) 16% 16% 2.2x 2.0x 14.0x 12.1x 21.4x 17.7xMindtree Limited $11.89 $1,950 $1,853 16% 1.4 8% 10% (10%) 31% 15% 2.2x 2.0x 18.1x 13.8x 27.9x 22.1xGlobant S.A. $51.54 $1,814 $1,759 NA NA 26% 23% (0%) 32% 17% 4.3x 3.5x 27.0x 20.6x 39.6x 32.5xExlService Holdings, Inc. $55.77 $1,907 $1,703 15% 1.3 11% 11% 10% 15% 18% 2.2x 2.0x 13.1x 11.4x 21.2x 20.2xHexaware Technologies Limited $5.79 $1,719 $1,635 12% 1.6 19% 10% 24% 8% 17% 2.6x 2.4x 15.6x 14.4x 22.0x 20.0xLuxoft Holding, Inc. $40.95 $1,385 $1,316 NA NA 17% 12% 2% 13% 15% 1.5x 1.3x 9.8x 8.7x 14.8x 13.5xVirtusa Corporation $48.46 $1,426 $1,263 21% 1.1 19% 25% 82% 39% 8% 1.3x 1.0x 18.5x 13.4x 32.8x 22.6xPerficient, Inc. $22.92 $798 $847 NA NA (7%) 6% 9% 10% 16% 1.9x 1.8x 12.1x 11.0x 18.9x 15.4xPersistent Systems Limited $10.61 $849 $715 13% 1.1 14% 10% 14% 17% 17% 1.5x 1.4x 9.6x 8.3x 16.7x 14.4x

Median 10% 1.7 10% 9% 9% 11% 17% 2.2x 2.0x 11.9x 10.9x 19.7x 17.4x



27



Fina

ncia

l Saa

S

Financial SaaSIntuit Inc. $173.35 $44,397 $44,774 16% 1.9 12% 10% 8% 10% 37% 8.2x 7.5x 22.4x 20.4x 38.1x 31.6xWorkday, Inc. $127.11 $26,947 $25,171 35% 3.4 35% 25% 91% 24% 16% 11.8x 9.4x 75.3x 60.8x 131.0x 118.8xSS&C Technologies Holdings, Inc. $53.64 $11,084 $13,065 11% 2.1 10% 6% 13% 9% 43% 7.8x 7.4x 18.9x 17.3x 27.8x 23.6xThe Sage Group plc $8.97 $9,714 $10,704 10% 1.9 19% 14% 16% 12% 30% 4.6x 4.1x 15.4x 13.7x 22.2x 18.9xPaycom Software, Inc. $107.39 $6,343 $6,333 26% 2.7 31% 26% 41% 25% 31% 14.7x 11.7x 47.7x 38.0x 85.2x 69.6xXero Limited $25.71 $3,531 $3,473 NA NA 33% 48% NA NA 15% 13.7x 9.3x NM 63.6x NM NMEnvestnet, Inc. $57.30 $2,563 $2,743 15% 2.1 18% 21% 22% 26% 19% 4.0x 3.3x 22.5x 17.9x 44.0x 31.2xPaylocity Holding Corporation $51.23 $2,695 $2,584 27% 2.2 30% 23% 98% 32% 20% 8.6x 7.0x 46.0x 34.8x 76.5x 60.3xCoupa Software Incorporated $45.62 $2,583 $2,333 NA NA 36% 23% NA NA (5%) 12.8x 10.5x NM NM NM NMFinancial Engines, Inc. $35.00 $2,207 $1,983 15% 1.3 14% 8% 18% 8% 33% 4.1x 3.8x 12.5x 11.6x 25.4x 19.2xQ2 Holdings, Inc. $45.55 $1,914 $1,815 20% NA 29% 21% NA 108% 9% 9.4x 7.7x NM NM NM NMBlucora, Inc. $24.60 $1,149 $1,427 19% 0.8 10% 8% 6% 7% 20% 2.8x 2.6x 14.3x 13.3x 17.7x 14.8xAlfa Financial Software Holdings PLC $4.82 $1,446 $1,404 NA NA 18% 17% 15% 18% 48% 11.8x 10.0x 24.8x 21.0x 0.4x 0.3xBenefitfocus, Inc. $24.40 $764 $824 25% NA 10% 8% NA 46% 10% 3.2x 3.0x 45.4x 31.0x NM NM

Median 19% 2.1 19% 19% 17% 21% 20% 8.4x 7.4x 22.5x 20.7x 33.0x 27.4x



28

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 AvivMumbai I New Delhi I Singapore I Shanghai I Osaka I Tokyo I Ho Chi Minh City I Taipei I Nagoya

GLOBAL

Global reach with 18 offices in 10 key markets, with deep local roots to ensure hands-on support for our clients

TECH FOCUS

Leading technology advisor with strong networks in key tech hubs globally

GROWTHCOMPANIES

Expert advisor for cross-border transactions – ~33% of our deals involve cross-border outcomes

CROSS-BORDER

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., Europe, and Asia

350+

Over 350 deals closed over the last 3 years

29

Selected FinTech experienceGCA OVERVIEW

We Advised TSYS

Acquisition of

Financial Advisor

Growth Investment

Sale of

Financial Advisor

to

Payments

Banking & Lending Tech Payments

We Advised GP Net

We Advised CHX

Acquired by

We Advised Blucora

Acquisition of

We Advised AWL

Acquired by

Preferred Stock Investmentfrom

Financial Advisor

Investment Technology Insurance Technology

Insurance Technology Payments

Liquidity Venues

Acquired by

We Advised INS WebWe Advised Simple

Acquired by

We Advised Capsilon

Growth Investmentfrom

We Advised Skyslope

Majority sale to


Real Estate Tech

Banking & Lending Tech

Real Estate Tech

We Advised INS Web

Acquisition of

We Advised Finanzen.de

Acquired by

Insurance Technology Insurance Technology

Real Estate Tech

Payments

We Advised Market Leader

Acquired by

We Advised Radius

Financing from

Payments

Acquisition of

We Advised TSYS

Acquired by

Growth InvestmentFor Blockchain Technology

Financial Advisor


Acquired by

We Advised WorkMarket

Financial SaaS

Sold

To

We Advised RGI Shareholders


Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised Asahi (close pending)

Insurance TechnologyWe Advised BlackFin

Sold


To

Payments

Acquired by

Fairness Opinion to Clearent

We Advised Vindicia

Acquired by

We Advised Edo

Acquired byStrategic Investment

We Advised ControlExpert

Insurance Technology Payments Payments

Financial Advisor

Growth Investment

Payments

We Advised Commissions Inc

Acquired by

Real Estate Tech

Notes:The above transactions represent a compilation of deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.

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