financial technologysector summary - gca advisors · verifone systems, inc. $2,089 (33%) 12.6x par...
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Financial Technology Sector SummaryMarch 29, 2017
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Select Recent Financing Transactions Select Recent M&A Transactions
Company Amount ($MM) Target Acquirer EV ($MM)
$302.0 $3,459.0
$29.0 $490.0
$28.0 $350.0
$22.0Pre-Paid Card Service
NA
$21.0 NA
$20.0 NA
$16.0 NA
$15.6 NA
Quarterly Financing Volume Quarterly M&A Volume
$19.3 Bn | 1,271 Deals2016 Financing Volume
Industry Stock Market Performance $360.5 Bn | 3,231 Deals2016 M&A VolumeLast Twelve Months
Dadao Financial
Payments
Online Broker Dealers
Financial Data, Content,& Analytics
Investment Services,Software, & Technology
Exchanges
Banking & LendingTechnology
Information Processors /Credit Bureaus
Healthcare / InsuranceTechnology
$80.1
$97.8
$83.1
$99.4
754
876783 818
0
200
400
600
800
1000
$0
$20
$40
$60
$80
$100
$120
Q1 2016 Q2 2016 Q3 2016 Q4 2016
M&A Volume ($Bn) M&A Deal Count
$5.3
$8.9
$2.6 $2.6
398
299 298 276
0
100
200
300
400
500
$0
$2
$4
$6
$8
$10
Q1 2016 Q2 2016 Q3 2016 Q4 2016
Financing Volume ($Bn) Financing Deal Count
80
90
100
110
120
130
140
150
160
3/24/16 5/9/16 6/22/16 8/5/16 9/20/16 11/3/16 12/19/16 2/1/17 3/17/17
S&P 500
FINANCIAL TECHNOLOGY DEAL DASHBOARD
Notes:Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 3/24/17.1) Refer to footnotes on page 5 for index composition.2) Represents transactions announced between 3/13/17 and 3/27/17.3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.
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I. Market Summary
II. Payments / Banking
III. Securities / Capital Markets / Data & Analytics
IV. Insurance / Benefits
V. GCA Overview
TABLE OF CONTENTS
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SECTION I: Market Summary
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Payments(1)
Online Broker Dealers(5)
Financial Data, Content,& Analytics
(3)
Investment Services,Software, & Technology
(7)
Exchanges(2)
(6)Banking & Lending
Technology
Information Processors /Credit Bureaus
(4)
Healthcare / InsuranceTechnology
(8)
Industry Stock Market PerformanceMARKET SUMMARY
Notes:(1) Payments: ADS, AIM: PPT, AIM:SCH, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, OUTR, PYPL, PAR, SQ, TSE:3769, TSXV:TNC, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, XTRA: WDI.(2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1.(3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI.(4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN.(5) Online Broker Dealers: AMTD, ETFC, GCAP, GLBR, IBKR, SCHW.(6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE.(7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC.(8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK.
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100
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3/24/16 5/9/16 6/22/16 8/5/16 9/20/16 11/3/16 12/19/16 2/1/17 3/17/1770
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3/24/14 7/10/14 10/28/14 2/13/15 6/3/15 9/21/15 1/7/16 4/26/16 8/12/16 11/30/16 3/20/17
Last 12 Months Last 3 Years
Indexed Price Performance
Sector 3 Months 1 Year 3 Years
Financial, Data, Content, & Analytics 10.0% 18.3% 7.7%Information Processors / Credit Bureaus 9.0% 21.3% 42.8%Payments 8.5% 20.6% 31.3%Exchanges 6.5% 15.8% 41.0%Investment Services, Software, & Technology 6.2% 19.7% 43.1%Banking & Lending Technology 5.3% 18.6% 52.0%Healthcare / Insurance Technology (0.6%) 5.4% 14.7%Online Broker Dealers (5.4%) 34.5% 35.9%
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EBITDA Multiples and MarginsMARKET SUMMARY
Notes: Numbers represent medians of sub-sectors. Details available in later pages.
2017E EBITDA Multiples 2017 EBITDA Margins
10.2x
11.7x
12.4x
13.1x
13.3x
13.4x
14.3x
14.7x
0.0x 5.0x 10.0x 15.0x 20.0x
Online Broker Dealers
Exchanges
Payments
Financial Data, Content, & Analytics
Investment Services, Software, &Technology
Banking and Lending Technology
Information Processors / Credit Bureaus
Healthcare / Insurance Technology
20.0%
27.5%
29.4%
30.3%
30.6%
37.4%
47.7%
58.0%
0% 10% 20% 30% 40% 50% 60% 70%
Healthcare / Insurance Technology
Payments
Investment Services, Software, &Technology
Banking and Lending Technology
Information Processors / Credit Bureaus
Financial Data, Content, & Analytics
Online Broker Dealers
Exchanges
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Price / Earnings Multiples and PEG RatiosMARKET SUMMARY
2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth
1.3
1.3
1.4
1.5
1.9
1.9
2.0
2.1
0.0 0.5 1.0 1.5 2.0 2.5
Payments
Online Broker Dealers
Investment Services, Software, &Technology
Healthcare / Insurance Technology
Exchanges
Financial Data, Content, & Analytics
Information Processors / Credit Bureaus
Banking and Lending Technology 14.8%
13.5%
10.8%
10.6%
14.0%
15.3%
15.8%
15.0%
Notes: Numbers represent medians of sub-sectors. Details available in later pages.
17.2x
19.9x
21.6x
21.7x
21.9x
22.2x
23.4x
28.3x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x
Payments
Exchanges
Financial Data, Content, & Analytics
Investment Services, Software, &Technology
Online Broker Dealers
Healthcare / Insurance Technology
Information Processors / Credit Bureaus
Banking and Lending Technology
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LTM Price Performance and 2017 P/E – Payments / BankingMARKET SUMMARY
Notes: Source: CapitalIQ and Wall Street Research. Market data as of March 24, 2017.
($MM)
Prepaid Market Cap.LTM Price
Performance P/E 2017
Blackhawk Network Holdings, Inc. $2,158 17% 23.8xGreen Dot Corporation $1,660 43% 17.1xNet 1 UEPS Technologies, Inc. $659 39% 7.1x
Sector Average $1,492 33% 16.0x
ATM / Kiosks Market Cap.LTM Price
Performance P/E 2017
Cardtronics plc $2,073 31% 15.6xEveri Holdings Inc. $306 110% 5.0x
Sector Average $1,190 70% 10.3x
POS Hardware / Technology Market Cap.LTM Price
Performance P/E 2017
Ingenico Group - GCS $5,776 (15%) 18.0xNCR Corporation $5,367 50% 13.2xVeriFone Systems, Inc. $2,089 (33%) 12.6xPAR Technology Corporation $111 25% NA
Sector Average $3,336 7% 14.6x
Banking and Lending Technology Market Cap.LTM Price
Performance P/E 2017
Intuit Inc. $30,623 17% 26.4xFidelity National Information Services, Inc $26,342 28% 18.9xFiserv, Inc. $24,877 16% 22.8xJack Henry & Associates, Inc. $7,245 12% 29.0xTemenos Group AG $5,588 56% 33.4xEll ie Mae, Inc. $3,314 17% 52.0xBlack Knight Financial Services, Inc. $2,649 30% 28.3xACI Worldwide, Inc. $2,567 13% 52.3xLendingClub Corporation $2,081 (38%) 95.7xDH Corporation $2,017 (34%) 11.8xQ2 Holdings, Inc. $1,428 58% NMBottomline Technologies (de), Inc. $905 (18%) 24.5xOn Deck Capital, Inc. $332 (39%) NMPerformant Financial Corporation $101 23% NA
Sector Average $7,862 10% 35.9x
Information Processors / Credit Bureaus Market Cap.LTM Price
Performance P/E 20170Experian plc $19,016 19% 21.7xEquifax Inc. $16,291 22% 22.5xFair Isaac Corporation $3,940 26% 24.3xAcxiom Corporation $2,185 31% 36.9x
Sector Average $10,358 24% 26.3x
($MM)
Networks Market Cap.LTM Price
Performance P/E 2017
Visa Inc. $206,985 20% 26.2xMastercard Incorporated $120,705 22% 26.2xAmerican Express Company $70,374 29% 13.8xPayPal Holdings, Inc. $52,083 11% 24.9xDiscover Financial Services $25,802 35% 11.0x
Sector Average $95,190 24% 20.4x
Merchant Processing Market Cap.LTM Price
Performance P/E 2017
Cielo S.A. $20,083 18% 14.1xFirst Data Corporation $13,885 26% 10.0xVantiv, Inc. $12,442 21% 19.8xGlobal Payments Inc. $11,958 30% 20.3xTotal System Services, Inc. $9,499 13% 16.6xWorldpay Group plc $7,257 (6%) 21.5xWirecard AG $6,548 46% 22.7xSquare, Inc. $6,092 29% 90.2xGMO Payment Gateway, Inc. $1,940 (20%) 62.4xEVERTEC, Inc. $1,158 17% 9.9xSafeCharge International Group Limited $467 (14%) 14.7xCardConnect Corp. $393 NA NMPlanet Payment, Inc. $202 9% 17.2xJetPay Corporation $42 (10%) NM
Sector Average $6,569 12% 26.6x
Money Transfer Market Cap.LTM Price
Performance P/E 2017
The Western Union Company $9,738 8% 12.0xEuronet Worldwide, Inc. $4,374 16% 18.4x
Sector Average $7,056 12% 15.2x
Closed Loop Market Cap.LTM Price
Performance P/E 2017
FleetCor Technologies, Inc. $14,418 8% 19.0xAlliance Data Systems Corporation $13,634 15% 13.2xEdenred SA $5,474 29% 21.5xWEX Inc. $4,363 26% 19.1x
Sector Average $9,472 19% 18.2x
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LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & AnalyticsMARKET SUMMARY
($MM)
Exchanges - Americas Market Cap.LTM Price
Performance P/E 20170CME Group Inc. $40,718 26% 24.6xIntercontinental Exchange, Inc. $35,631 28% 19.9xNasdaq, Inc. $11,647 9% 16.5xBM&FBOVESPA S.A. $10,730 45% 17.7xCBOE Holdings, Inc. $8,887 23% 25.4xTMX Group Limited $2,746 42% 13.9xBolsa Mexicana de Valores, S.A.B. de C.V. $959 5% 17.8x
Sector Average $15,903 25% 19.4x
Exchanges - Asia Market Cap.LTM Price
Performance P/E 20170Hong Kong Exchanges and Clearing Limite $30,877 8% 34.9xASX Limited $7,326 22% 21.6xSingapore Exchange Limited $5,775 (4%) 21.8xBursa Malaysia Berhad $1,181 (0%) 25.1x
Sector Average $11,290 6% 25.9x
Exchanges - Europe Market Cap.LTM Price
Performance P/E 20170Deutsche Börse Aktiengesellschaft $16,407 6% 17.1xLondon Stock Exchange Group plc $13,192 (6%) 20.4xBolsas y Mercados Españoles $2,725 3% 16.5xJSE Limited $914 11% 14.4xGPW $481 12% 15.4xHellenic Exchanges - Athens Stock Exch. $302 (10%) 24.8x
Sector Average $5,670 3% 18.1x
Trading Platforms Market Cap.LTM Price
Performance P/E 2017
MarketAxess Holdings Inc. $7,056 56% 56.8xBGC Partners, Inc. $3,062 21% 13.2xKCG Holdings, Inc. $1,205 53% 5.6xINTL FCStone Inc. $674 36% 11.8xInvestment Technology Group, Inc. $661 (5%) NMVirtu Financial, Inc. $683 (25%) 17.7x
Sector Average $2,224 23% 21.0x
($MM)
Investment Services, Software, & Technology Market Cap.
LTM Price Performance P/E 2017
SEI Investments Co. $8,015 22% 22.8xBroadridge Financial Solutions, Inc. $8,014 19% 20.6xSS&C Technologies Holdings, Inc. $7,234 17% 18.5xDST Systems, Inc. $3,592 4% 18.6xFinancial Engines, Inc. $2,463 35% 29.8xEnvestnet, Inc. $1,390 24% 25.1x
Sector Average $5,118 20% 22.6x
Financial Data, Content, & Analytics Market Cap.LTM Price
Performance P/E 2017
S&P Global Inc. $33,533 35% 21.6xThomson Reuters Corporation $31,826 11% 18.7xMoody's Corporation $21,484 21% 21.6xIHS Markit Ltd. $16,525 NA 19.6xVerisk Analytics, Inc. $13,259 3% 24.2xMSCI Inc. $8,814 38% 27.4xFactSet Research Systems Inc. $6,993 18% 23.7xThe Dun & Bradstreet Corporation $3,860 3% 15.0xMorningstar, Inc. $3,352 (8%) 24.6xBankrate, Inc. $865 6% 13.9x
Sector Average $14,051 14% 21.0x
Online Broker Dealers Market Cap.LTM Price
Performance P/E 2017
The Charles Schwab Corporation $53,425 42% 25.1xTD Ameritrade Holding Corporation $19,883 21% 21.9xE*TRADE Financial Corporation $9,238 36% 18.1xInteractive Brokers Group, Inc. $2,358 (10%) 23.3xGAIN Capital Holdings, Inc. $392 30% 9.7xGlobal Brokerage, Inc. $13 (79%) NA
Sector Average $14,218 7% 19.6x
Notes: Source: CapitalIQ and Wall Street Research. Market data as of March 24, 2017.
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SECTION II: Payments / Banking
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Public Company Valuations: Financial MetricsPAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Revenue growth rates are estimates excluding TransFirst acquisition. 2) Convertible preferred equity assumed at 2x liquidation preference.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
NetworksVisa Inc. $89.19 $73.25 $92.05 $206,985 $6,930 $220,930 12.2x 11.1x 17.4x 15.4x 26.2x 22.6x 17.1% 1.5 13.3% 25.1%Mastercard Incorporated 111.98 86.65 113.50 120,705 (3,155) 117,578 10.0x 9.0x 17.1x 15.2x 26.2x 22.6x 16.3% 1.6 9.3% 9.5%American Express Company 78.20 57.15 82.00 70,374 29,063 101,037 3.1x 3.0x NM NM 13.8x 12.6x 9.1% 1.5 8.6% (7.0%)PayPal Holdings, Inc. 43.13 34.00 44.52 52,083 (9,816) 42,267 3.4x 2.9x 13.3x 11.5x 24.9x 21.2x 17.3% 1.4 16.3% NMDiscover Financial Services 67.21 48.68 74.33 25,802 13,616 39,993 4.1x 3.9x NM NM 11.0x 9.9x 8.7% 1.3 10.7% 3.4%
Mean 6.6x 6.0x 16.0x 14.0x 20.4x 17.8x 13.7% 1.5 11.6% 7.8% Median 4.1x 3.9x 17.1x 15.2x 24.9x 21.2x 16.3% 1.5 10.7% 6.5%
Merchant ProcessingCielo S.A. $8.89 $7.84 $12.12 $20,083 $2,510 $23,718 5.7x 5.2x 12.4x 11.4x 14.1x 12.7x 12.5% 1.1 10.3% 24.3%First Data Corporation 15.13 9.90 16.67 13,885 18,104 34,973 2.9x 2.8x 11.6x 11.0x 10.0x 9.2x 13.2% 0.8 3.8% (1.0%)Vantiv, Inc. 63.42 50.52 66.24 12,442 3,116 15,849 7.5x 6.9x 15.9x 14.4x 19.8x 17.6x 14.5% 1.4 25.3% 12.1%Global Payments Inc. 78.42 59.55 81.56 11,958 3,970 16,077 4.7x 4.3x 14.6x 13.0x 20.3x 17.6x 13.0% 1.6 41.1% 30.4%Total System Services, Inc. 51.81 45.61 56.54 9,499 2,939 12,462 2.6x 2.4x 10.9x 10.1x 16.6x 15.0x 11.8% 1.4 6.8% 9.3%Worldpay Group plc 3.63 3.09 4.01 7,257 1,193 8,451 5.4x 4.9x 13.2x 11.7x 21.5x 18.5x 21.6% 1.0 29.7% (5.2%)Wirecard AG 52.99 34.20 53.93 6,548 (888) 5,661 4.0x 3.3x 13.3x 10.9x 22.7x 18.1x 28.0% 0.8 NA 33.8%Square, Inc. 16.59 8.42 18.17 6,092 (512) 5,580 3.3x 2.8x 48.9x 27.5x 90.2 44.5 80.4% 1.1 34.3% 20.7%GMO Payment Gateway, Inc. 52.69 34.32 72.77 1,940 (259) 1,689 9.4x 7.9x 29.4x 22.7x 62.4x 50.1x 24.4% 2.6 52.8% 63.8%EVERTEC, Inc. 15.75 12.98 18.60 1,158 598 1,759 4.4x 4.3x 9.7x 9.4x 9.9x 9.3x 8.3% 1.2 1.8% 6.5%SafeCharge International Group Limited 3.16 2.29 3.40 467 (115) 351 3.0x 2.7x 9.7x 8.0x 14.7x 13.0x NM NM 10.9% 3.2%CardConnect Corp. 13.50 8.70 14.65 393 123 553 0.8x 0.7x 12.8x 10.1x NM 64.3x NM NM 18.3% 23.0%Planet Payment, Inc. 3.76 2.75 4.97 202 (3) 198 3.3x 3.0x 11.5x 9.6x 17.2x 14.5x 22.5% 0.8 10.7% (9.4%)JetPay Corporation 2.35 1.89 3.25 42 9 135 2.0x NA 44.0x NA NM NA NM NM 16.8% 48.8%
Mean 4.2x 3.9x 18.4x 13.1x 26.6x 23.4x 22.7% 1.2 20.2% 18.6% Median 3.6x 3.3x 13.0x 11.0x 18.5x 17.6x 14.5% 1.1 16.8% 16.4%
Money TransferThe Western Union Company $20.25 $18.07 $22.70 $9,738 $1,902 $11,640 2.2x 2.1x 8.9x 8.6x 12.0x 11.4x 7.3% 1.6 (0.3%) (0.6%)Euronet Worldwide, Inc. 83.54 65.33 84.81 4,374 (130) 4,245 2.0x 1.8x 10.7x 9.4x 18.4x 16.1x 14.5% 1.3 8.7% 10.5%
Mean 2.1x 2.0x 9.8x 9.0x 15.2x 13.7x 10.9% 1.5 4.2% 4.9% Median 2.1x 2.0x 9.8x 9.0x 15.2x 13.7x 10.9% 1.5 4.2% 4.9%
Closed LoopFleetCor Technologies, Inc. $156.90 $133.64 $176.42 $14,418 $3,383 $17,801 8.1x 7.3x 15.2x 13.5x 19.0x 16.8x 15.7% 1.2 20.5% 19.6%Alliance Data Systems Corporation 243.79 185.02 251.19 13,634 19,090 32,724 4.2x 3.8x 15.4x 13.6x 13.2x 11.6x 15.5% 0.9 8.4% 4.5%Edenred SA 23.64 16.97 24.27 5,474 668 6,215 4.4x 4.1x 11.8x 10.8x 21.5x 19.7x 11.1% 1.9 24.6% 13.2%WEX Inc. 102.08 78.95 122.91 4,363 2,014 6,386 5.4x 4.9x 13.2x 11.8x 19.1x 16.6x 15.0% 1.3 16.7% 36.8%
Mean 5.5x 5.0x 13.9x 12.4x 18.2x 16.2x 14.3% 1.3 17.5% 18.5% Median 4.9x 4.5x 14.2x 12.7x 19.1x 16.7x 15.2% 1.2 18.6% 16.4%
PrepaidBlackhawk Network Holdings, Inc. $38.70 $28.88 $39.55 $2,158 ($428) $1,734 0.8x 0.7x 7.3x 6.3x 23.8x 19.6x 15.6% 1.5 16.6% 3.2%Green Dot Corporation 32.78 20.79 33.64 1,660 28 1,688 2.1x 1.9x 9.0x 8.0x 17.1x 15.0x 15.5% 1.1 14.5% 7.8%Net 1 UEPS Technologies, Inc. 12.54 8.37 13.81 659 (176) 487 0.7x 0.8x 3.1x 2.9x 7.1x NA NM NM 11.9% 0.8%
Mean 1.2x 1.1x 6.5x 5.7x 16.0x 17.3x 15.6% 1.3 14.4% 3.9% Median 0.8x 0.8x 7.3x 6.3x 17.1x 17.3x 15.6% 1.3 14.5% 3.2%
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(1)
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Public Company Valuations: Financial Metrics (Cont.)PAYMENTS / BANKING
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
ATM / KiosksCardtronics plc $45.46 $34.66 $56.00 $2,073 $429 $2,502 1.7x 1.7x 7.5x 7.3x 15.6x 14.7x 14.3% 1.1 16.3% 2.1%Everi Holdings Inc. 4.63 1.13 4.91 306 994 1,300 1.5x 1.4x 6.3x 6.1x 5.0x 4.3x 20.0% 0.3 3.2% 6.4%
Mean 1.6x 1.6x 6.9x 6.7x 10.3x 9.5x 17.1% 0.7 9.7% 4.3% Median 1.6x 1.6x 6.9x 6.7x 10.3x 9.5x 17.1% 0.7 9.7% 4.3%
POS Hardware / TechnologyIngenico Group - GCS $94.11 $73.80 $119.92 $5,776 $121 $5,902 2.2x 2.0x 10.7x 9.6x 18.0x 16.0x 10.1% 1.8 11.2% 0.5%NCR Corporation 43.61 25.20 49.90 5,367 2,553 #REF! NA NA NA NA 13.2x 12.0x NM NM 2.1% 7.3%VeriFone Systems, Inc. 18.72 14.94 29.73 2,089 757 2,884 1.5x 1.4x 9.4x 8.5x 12.6x 11.7x 15.0% 0.8 (0.0%) (11.6%)PAR Technology Corporation 7.04 4.30 7.25 111 (8) 103 NA NA NA NA NA NA NM NA NA 6.0%
Mean NM NM NM NM 14.6x 13.3x NM NM 4.4% 0.5% Median NM NM NM NM 13.2x 12.0x NM NM 2.1% 3.3%
Banking and Lending TechnologyIntuit Inc. $119.72 $99.20 $128.45 $30,623 $513 $31,136 5.9x 5.5x 15.2x 13.7x 26.4x 24.1x 14.8% 1.8 8.5% 10.1%Fidelity National Information Services, Inc 80.12 62.05 83.86 26,342 9,795 36,241 3.8x 3.7x 11.8x 11.1x 18.9x 16.7x 12.0% 1.6 3.6% 30.5%Fiserv, Inc. 115.94 92.81 118.30 24,877 4,262 29,139 5.0x 4.8x 14.3x 13.4x 22.8x 20.4x 11.9% 1.9 5.0% 4.6%Jack Henry & Associates, Inc. 93.33 79.00 95.64 7,245 (14) 7,231 5.0x 4.6x 14.0x 12.9x 29.0x 26.1x 11.0% 2.6 4.8% 4.7%Temenos Group AG 80.30 47.95 80.86 5,588 174 5,762 8.3x 7.6x 23.4x 20.7x 33.4x 29.3x 14.1% 2.4 9.1% 13.3%Ellie Mae, Inc. 98.14 74.11 109.99 3,314 (422) 2,892 6.6x 5.4x 19.9x 15.1x 52.0x 39.8x 25.0% 2.1 21.8% 48.3%Black Knight Financial Services, Inc. 37.85 28.67 42.19 2,649 1,444 5,156 4.8x 4.4x 10.0x 9.0x 28.3x 24.2x 13.4% 2.1 5.4% 10.0%ACI Worldwide, Inc. 21.88 15.11 22.96 2,567 686 3,253 3.2x 3.1x 12.9x 12.3x 52.3x 36.2x 12.5% 4.2 1.1% 11.0%LendingClub Corporation 5.20 3.44 8.41 2,081 (516) 1,565 2.7x 2.2x 31.1x 12.9x 95.7x 23.7x 29.2% 3.3 15.5% (3.7%)DH Corporation 18.87 10.52 30.09 2,017 1,405 3,421 2.7x 2.6x 9.5x 9.0x 11.8x 10.6x NM NM 2.2% 3.7%Q2 Holdings, Inc. 35.30 21.51 37.58 1,428 (97) 1,331 6.9x 5.4x NM 64.9x NM NM 32.0% NM 28.7% 38.6%Bottomline Technologies (de), Inc. 23.92 18.48 31.52 905 61 966 2.7x 2.5x 12.7x 11.0x 24.5x 20.2x 17.3% 1.4 5.1% 0.8%On Deck Capital, Inc. 4.62 3.64 8.94 332 675 1,012 2.6x 2.3x NM 29.4x NM 20.2x 43.3% NM 50.1% (45.5%)Performant Financial Corporation 2.01 1.50 4.07 101 21 122 0.9x 0.8x 10.1x 7.5x NA 28.7x 20.0% NA (3.7%) (17.6%)
Mean 4.4x 3.9x 15.4x 17.4x 35.9x 24.6x 19.7% 2.3 11.2% 7.8% Median 4.3x 4.0x 13.4x 12.9x 28.3x 24.1x 14.8% 2.1 5.3% 7.3%
Information Processors / Credit BureausExperian plc $20.44 $15.13 $20.60 $19,016 $3,161 $22,191 4.7x 4.4x 13.4x 12.6x 21.7x 19.3x 10.0% 2.2 NA 2.6%Equifax Inc. 135.93 110.87 137.76 16,291 2,543 18,893 5.6x 5.2x 15.1x 13.8x 22.5x 20.3x 11.0% 2.0 8.2% 20.2%Fair Isaac Corporation 126.85 100.35 133.14 3,940 533 4,472 4.8x 4.5x 17.9x 16.5x 24.3x 20.8x 16.0% 1.5 4.4% 9.8%Acxiom Corporation 27.94 19.11 30.40 2,185 99 2,284 2.5x 2.2x 12.6x 10.7x 36.9x 28.4x 18.0% 2.0 4.3% 1.0%Intersections Inc. 3.88 1.70 4.23 92 3 96 NA NA NA NA NA NA NM NA NA (12.0%)
Mean 4.4x 4.1x 14.8x 13.4x 26.3x 22.2x 13.8% 1.9 5.6% 4.3% Median 4.7x 4.4x 14.3x 13.2x 23.4x 20.6x 13.5% 2.0 4.4% 2.6%
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.
13
Selected Recent Acquisitions – Trailing 12 MonthsPAYMENTS / BANKING
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
3/21/17 Visma AS Bluegarden Holding A/S Payroll Software NA NA
3/16/17 First Data Corporation Acculynk, Inc. Ecommerce Payments NA NA
3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA
3/13/17 Wirecard AG Citi Pre-Paid Card Services Prepaid NA NA
3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x
3/13/17 Payment Data Systems, Inc. Singular Payments, LLC Vertical Payments NA NA
3/8/17 Flagship Community Bank BankMobile Mobile Payments NA NA
3/7/17 Optal Limited Invapay Payment Solutions Ltd. B2B Payments NA NA
3/6/17 TA Associates Management, L.P. Interswitch Limited Digital Payments NA NA
2/28/17 Technology Crossover Ventures Retail Merchant Services Ltd. Payment Services NA NA
2/27/17 Argus Information & Advisory Services, LLC
Fintellix Solutions Private Limited Data / Analytics NA NA
2/23/17 Airbnb, Inc. Tilt.com, Inc. Crowd Funding NA NA
2/23/17 Ebates, Inc. ShopStyle, Inc. Ecommerce NA NA
2/23/17 MYOB Group Limited Paycorp Holdings Pty Limited Payment Solutions Provider $37 NA
2/22/17 Bharti Airtel Services Limited Seynse Technologies Pvt. Ltd. Online Lending NA NA
2/16/17 CampusLogic, Inc. Cegment, Inc. Lending Tech NA NA
2/16/17 Volaris Group Inc. Telepin, Inc. Mobile Financial Services NA NA
2/16/17 Oxygen Finance Ltd. Satago Ltd. CF Management Software NA NA
2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x
2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $190 3.0x
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
14
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x
2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA
2/6/17 Klarna AB Billpay GmbH Ecommerce Payments $64 NA
2/1/17 i3 Verticals, LLC Randall Data Systems, LLC and CSC Links, LLC
Accounting Software / Healthcare Payments
NA NA
2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA
1/31/17 Cardtronics plc Spark ATM Systems (Pty) Ltd. ATMS NA NA
1/31/17 Zoopla Hometrack Real Estate Tech $150 NA
1/30/17 Ingenico Group - GCS TechProcess Payment Services Limited Electronic Payments NA NA
1/30/17 Green Dot Corporation UniRush, LLC Prepaid $161 NA
1/27/17 Ebates, Inc. Cartera Commerce Inc. Loyalty / Rewards NA NA
1/26/17 Alipay (UK) Limited MoneyGram International, Inc. Money Transfer $1,519 0.9x
1/26/17 Fusion RMS Innovantum Technologies Ltd. POS NA NA
1/25/17 McPayment Pte Ltd Genesis Payment Solutions Pte Ltd. Merchant Acquiring NA NA
1/24/17 Solera Holdings Inc. Digidentity B.V. Identity Protection NA NA
1/18/17 Clearent, LLC Payment Alliance International, Merchant Service Division
International Payments / FX NA NA
1/18/17 AnaCap Financial Partners LLP Heidelberger Payment GmbH Ecommerce Payments NA NA
1/18/17 Augeo Affinity Marketing Inc. Edo Interactive Inc. Loyalty / Rewards NA NA
1/17/17 Clarus Merchant Services North American Merchant Services, Inc. ISO NA NA
1/17/17 Clarus Merchant Services BC Technologies ISO NA NA
1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
15
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
1/13/17 Advent International Corporation; Bain Capital Private Equity, LP
ConCardis GmbH Merchant Processing NA NA
1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA
1/10/17 Coupa Software Incorporated Spend360 International Ltd Financial Software NA NA
1/10/17 Clarus Merchant Services ANARAQ Holdings, LLC, Payment Processing Assets
Merchant Acquiring NA NA
1/10/17 GoFundMe, Inc CrowdRise, Inc. Crowdfunding NA NA
1/6/17 Rock Holdings Inc. LowerMyBills, Inc. and Classes USA, Inc. Online Lending / Lead Gen NA NA
1/5/17 IRIS Software Group Limited PS Financials Ltd Accounting Software NA NA
1/4/17 EVO Payments International, LLC Sterling Payment Technologies, Inc. Merchant Processing NA NA
12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA
12/23/16 Volkswagen Financial Services AG PayByPhone Technologies And PayByPhone And Mobile Payment
Mobile Payments $32 NA
12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA
12/19/16 SENJO GROUP Pte. Ltd. Kalixa Payments Group Limited Merchant Acquiriing $37 1.6x
12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA
12/1/16 Flexpoint Ford, LLC Purchasing Power, LLC Online Consumer Lending NA NA
12/1/16 Visa Inc. CardinalCommerce Corporation eCommerce Payments NA NA
11/29/16 BluePay Canada ULC VersaPay, Merchant Services Portfolio Merchant Services Portfolio $8 NA
11/23/16 Klarna AB Cookies Labs GmbH Money Transfer NA NA
11/20/16 Symantec Corporation LifeLock, Inc. Anti-Fraud $2,362 3.6x
11/16/16 LendingTree, LLC Iron Horse Holdings, LLC Lead Gen $130 NA
11/15/16 Versara Lending, LLC Peerform, Inc. Online Lending NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
16
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
11/14/16 Finical, Inc. Safeguard Bankcard, LLC Merchant Services NA NA
11/10/16 Intrum Justitia AB 1st Credit Limited Collections $163 2.6x
11/10/16 MetaBank Specialty Consumer Services, LP Online Lending $54 NA
11/10/16 NPC Group, Inc. Moneris Solutions, Inc. Merchant Acquiring $425 NA
11/7/16 GTCR, LLC RevSpring, Inc. Healthcare Payments NA NA
11/4/16 BC Partners; Medina Capital Easy Solutions Inc. Fraud Detection NA NA
11/4/16 Broadridge Financial Solutions, Inc. M&O Systems, Inc. Accounting Software $25 NA
11/1/16 Hansen Technologies Ltd DST Billing Solutions Limited Billing Software NA NA
10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA
10/18/16 Lendingkart Technologies Private Limited
Finectar Technologies Pvt. Ltd. Online Lending NA NA
10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA
10/10/16 First American Mortgage Solutions, LLC TD Service Financial Corporation Mortgage Technology NA NA
10/10/16 Intuit Inc. MTS Global (Europe) Limited Accounting Software NA NA
10/10/16 TRGRP, Inc. Priory Solutions Limited Billing Software NA NA
10/10/16 Euronet Worldwide, Inc. YourCash Europe Limited ATMS NA NA
10/6/16 Capital One Financial Corporation Paribus Co. Ecommerce NA NA
10/6/16 Qiwi plc Plati Potom OOO Ecommerce NA NA
10/4/16 Gresham Computing plc (nka:Gresham Technologies plc)
C24 Technologies Ltd. Risk / Analytics $6 2.3x
10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x
9/15/16 Payroc LLC The iTransact Group, LLC Merchant Processing NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
17
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
9/14/16 Amdocs Limited Vindicia, Inc Billing Software NA NA
9/7/16 iZettle AB Intelligent Point Of Sale (Sales) Limited Point of Sales NA NA
9/6/16 Vista Equity Partners LLC; Vista Equity Fund III, L.P.
Regulatory DataCorp, Inc. Compliance/Risk NA NA
8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA
8/4/16 FleetCor Technologies, Inc. Travelcard Nederland B.V. Closed Loop NA NA
8/4/16 Battery Ventures Insert Mobile Technologies, Ltd. Check Processing NA NA
8/3/16 SIA S.p.A. UniCredit Business Integrated Solutions, Card Processing Activities in
Payment Processing $559 NA
7/31/16 InComm, Inc. ValuAccess Limited Prepaid NA NA
7/28/16 BPCE SA Fidor Bank AG Digital Banking NA NA
7/21/16 MasterCard Incorporated (nka:Mastercard Incorporated)
VocaLink Holdings Limited Mobile Payments $1,225 5.1x
7/5/16 Next Group Holdings Inc. Transaction Processing Products, Inc. Gift Cards NA NA
6/30/16 Blackboard Inc. Higher One Holdings, Inc. Prepaid $237 1.5x
6/29/16 Wirecard AG Citigroup Inc., Prepaid Card Services Prepaid NA NA
6/17/16 Intercontinental Exchange, Inc. MERSCORP Holdings, Inc. Mortgage Registration NA NA
6/17/16 Net 1 UEPS Technologies, Inc. Masterpayment AG Merchant Processing NA NA
6/16/16 GTCR, LLC Optimal Blue LLC Mortgage Software NA NA
6/16/16 Cast & Crew Payroll, LLC Talent Acquisitions, LLC Payroll Software NA NA
6/7/16 Francisco Partners Capsilon Mortgage Software NA NA
6/2/16 Chequers Capital FIME SAS MPOS $9 0.2x
5/19/16 Ingenico Group - GCS Nera Payment Solutions Pte Ltd. POS $64 NA
18
Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
5/18/16 Fitbit, Inc. Coin, Inc., Wearable Payments Assets Wearables / IOT NA NA
5/9/16 Upserve, Inc. Breadcrumb POS NA NA
5/2/16 Mercury UK Holdco Limited Setefi S.p.A. and Intesa Sanpaolo Card D.O.O.
Issuer Processing $1,192 NA
4/28/16 Emerchants Limited (nka:EML Payments Limited)
Store Financial Services, LLC Prepaid $34 NA
4/28/16 Wizink Bank Sa Barclaycard, Consumer Payments Business in Portugal and Spain
Credit Cards NA NA
4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA
4/26/16 Ingenico Group - GCS Lyudia Inc. VAR $9 30.3x
4/19/16 Battery Ventures Goldleaf Enterprise Payments (GEPI), Inc.
Check Processing NA NA
4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA
4/18/16 Experian Information Solutions, Inc. CSIdentity Corporation Fraud Detection $360 NA
4/18/16 SuperCom Ltd. Powa Technologies Limited POS NA NA
4/7/16 RetailMeNot, Inc. GiftCardZen, Inc. Gift Cards $33 NA
4/6/16 Global Payments Inc. Web Active Corporation Pty Ltd. eCommerce Payments $50 NA
4/4/16 Net 1 UEPS Technologies, Inc. Masterpayment AG eCommerce Payments NA NA
4/1/16 Flipkart Online Services Pvt. Ltd. PhonePe Internet Private Limited Mobile Payments NA NA
19
Selected Recent Equity Financings – Trailing 12 MonthsPAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
3/27/17 Creamfinance Series B $22 Capitec Bank Holdings Limited Online Lending
3/23/17 Dadao Financial Series B $29 China Renaissance Private Equity Fund, PAG, Sequoia Capital China
Real Estate Tech
3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM
3/23/17 Qtum NA $15 Undisclosed Blockchain
3/22/17 figo NA $12 Berliner Volksbank Ventures, DB1 Ventures Bank API
3/22/17 Avaloq NA $300 Warburg Pincus Banking Software
3/20/17 Nested NA $10 GFC, Passion Capital Real Estate Tech
3/15/17 Flow Series A $13 Bain Capital Ventures Ecommerce
3/14/17 solarisBank NA $28 Arvato Financial Solutions, SBI Group Digital Banking
3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software
3/13/17 Viva Republica Series C $48 Altos Ventures, Bessemer Venture Partners, Goodwater Capital, Partech Ventures, PayPal Holdings
Money Transfer
3/9/17 Currencycloud Series D $25 Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire Ventures
Cross-Border Payments
3/8/17 Veem Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments
3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM
3/6/17 Atom Bank NA $102 BBVA, Toscafund Asset Management, Woodford Investment Management
Digital Banking
3/3/17 UpStart NA $33 First Round Capital, Khosla Ventures, Rakuten, Third Point Ventures
Online Lending
3/2/17 Sensibill Series A $12 Information Capital, OTEAF Expense Mgmt Software
3/1/17 Clearbank NA $31 CFFI Ventures, PPF Group Banking Software
2/24/17 Social Finance Series F $500 GPI Capital, Silver Lake, Softbank Group Online Lending
2/23/17 Nymbus NA $16 Home Credit Group Bank Software
Notes: Source: CapitalIQ and Pitchbook.
20
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
2/23/17 Tala Series B $30 IVP, Ribbit Capital Credit Scoring
2/22/17 Monzo NA $25 Orange Digital Ventures, Passion Capital, Thrive Capital Digital Banking
2/22/17 Prospa NA $19 AirTree Ventures Online Lending
2/22/17 Ecrebo NA $15 Joseph Schull, Octopus Ventures, Sir Keith Mills Offers / Marketing
2/22/17 Creditas Series B $19 Nasper's FinTech Arm, Redpoint Ventures, World Bank's International Finance Corp
Online Lending
2/20/17 True Balance Series B $15 SoftBank Ventures Mobile Balance Management
2/20/17 Kakao Pay NA $200 Ant Financial Mobile Payments
2/13/17 CrediFi Corp Series B $13 31Ventures, Battery Ventures, Carmel Ventures, Liberty Israel Venture Fund, OurCrowd, Stax
Data / Analytics
2/9/17 Better Mortgage Inc. Series B $15 Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook Partners
Mortgage Origination
2/8/17 Exactuals LLC Series A $10 City National Bank, TTV Capital Vertical Payments
2/2/17 Paytm E-Commerce NA $200 Alibaba, SAIF Partners eCommerce
1/31/17 Feedvisor Ltd. Series B $20 General Catalyst Partners, JAL Ventures, Oryzn Capital, Square Peg Capital, Titanium Investments
eCommerce
1/31/17 Knock Series A $33 Correlation Ventures, FJ Labs, Great Oaks Venture Capital, Greycroft, Redpoint, RRE Ventures
Real Estate Tech
1/30/17 Earnix NA $14 Jerusalem Venture Partners, Israel Growth Partners, Vintage Investment Partners
Data / Analytics
1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management
1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain
1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments
1/13/17 HouseCanary Series A $33 Alpha Edison, Europlay Capital Advisors, Raven Ventures Real Estate Data / Analytics
1/12/17 Funding Circle Series F $82 Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union Square Ventures
Online Lending
1/11/17 CompareEuropeGroup Ltd. Series A $20 ACE & Company, Nova Founders Capital, Pacific Century Group, SBI Holdings Inc.
Lead Gen
Notes: Source: CapitalIQ and Pitchbook.
21
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
1/11/17 iZettle AB NA $60 American Express Co, Creandum, Index Ventures, Intel Capital, MasterCard Inc., Northzone Ventures
POS
1/10/17 Advanon AG Series A $14 b-to-v Partners, Swisscom Ltd., VI Partners Online Lending
1/10/17 MobileCause Inc. Series B $15 Level Equity Management LLC Crowdfunding
1/9/17 Activehours Inc. NA $22 Felices Ventures, March Capital Partners, Matrix Management Corp., Ribbit Capital LP
Online Lending
1/9/17 FreeCharge NA $57 SnapDeal Mobile Payments
1/5/17 CloudCraze LLC Series B $20 Insight Venture Partners, Salesforce Ventures B2B Commerce
1/5/17 Payfone Series E $24 American Express Ventures, BlueCross BlueShield Venture Partners, Relay Ventures, Verizon Ventures
Fraud Protection
1/4/17 Credible Labs NA $10 Undisclosed Online Lending
1/4/17 Magento Commerce NA $250 Hillhouse Capital Management eCommerce
1/3/17 Monese Series A $10 Exponential Ventures, Korea Investment Partners, STE Capital Digital Banking
1/3/17 Tandem Bank NA $43 House of Fraser Digital Banking
12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS
12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending
12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending
12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards
12/7/16 Nubank Series D $80 Digital Sky Technologies, Founders Fund, QED Investors, Sequoia Capital, Tiger Global Management
Online Banking
12/5/16 MoneyLion Inc. Series A $11 Citizen VC, Clocktower Technology Ventures, Edison Partners, FinTech Collective, Montage Ventures
Online Lending
11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software
11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments
11/24/16 Ximu Financial Information Services Series A $15 China Merchants Venture Capital Management Co., Ltd., Zhixin Capital
Rating Agency
Notes: Source: CapitalIQ and Pitchbook.
22
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS
11/23/16 Udaan.com Series A $10 Lightspeed Venture Partners India, Lightspeed U.S. Trading Platform
11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software
11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc. Electronic Transaction Software
11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software
11/10/16 Teamleader NV Series B $10 Fortino Capital CRM / Invoicing Software
11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software
11/1/16 StayClassy Productions Inc. Series C $30 Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril Capital Management, Salesforce Ventures
Crowdfunding
10/26/16 nanoPay Corporation Series A $10 APAGM Services, Goldman Sachs Merchant Banking Division, Jarnac Capital Management, Rohatton
Digital Currency
10/25/16 Lendio Inc. Series D $20 Blumberg Capital, Comcast Ventures, Napier Park Global Capital, North Hill Ventures, Stereo Capital, Tribeca Venture Partners
Online Lending
10/24/16 AEVI NA $11 Adveq Management POS
10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring
10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway
10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software
10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments
10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software
10/18/16 SecureKey Technologies Inc. Series D $21 Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank Financial Group
Identity / Authentication
10/13/16 TouchBistro Series B $13 BDC Capital, Huff Capital, Kensington Capital Partners, Relay Ventures, Round 13 Holdings Inc.
POS
10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software
10/7/16 FlexiLoans NA $15 Angel Investors Online Lending
Notes: Source: CapitalIQ and Pitchbook.
23
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
10/5/16 Money Forward Series D $11 Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank
Accounting Software
10/4/16 Iwoca Ltd. Series C $27 Prime Ventures, Acton Capital Partners, Commerz Ventures, Global Founders Capital, Redline Capital
Online Lending
9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer
9/30/16 Financeit NA $17 DNS Capital LLC, The Pritzker Organization Consumer Finance
9/30/16 Payoneer NA $180 Technology Crossover Ventures, Susquehanna Growth Equity Cross-Border Payments
9/29/16 Kyriba Corp. NA $23 Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC Treasury Software
9/29/16 Apttus Corporation NA $88 Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment Management LLC, Kuwait Investment Authority
Quote-To-Cash
9/26/16 Juzhen Financials Series A $23 Fenbushi Capital, Wanxiang Blockchain
9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software
9/22/16 51Credit Series C $310 Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe Capital Management
Online Lending
9/22/16 Avalara Inc. Series D $96 Sageview Capital, Technology Crossover Ventures, Warburg Pincus
Tax Software
9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending
9/21/16 Nav, Inc Series B $25 Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Peak Venture Partners, Tencent Holdings Ltd.
Business Lending
9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies
9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending
9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation
9/13/16 Uno Home Loans NA $17 Westpac Mortage Software
9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics
9/8/16 SmartAsset Series B $12 Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin Venture Partners, New York Life, Peterson Ventures, TTV Capital,
Financial Education
9/1/16 Boku Series E $14 Benchmark, DAG Ventures, GMO Payment Gateway, Index Ventures, Khosla Ventures, New Enterprise Associates
Mobile Payments
Notes: Source: CapitalIQ and Pitchbook.
24
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
($MM)Announced Target
Date Target Series Amount Investors Subsector
8/30/16 Paytm NA $60 MediaTek Mobile Commerce
8/30/16 Behalf Series C $27 Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity, Vintage Ventures Management Ltd.
SMB Lending
8/26/16 MobiKwik NA $40 NET 1 UEPS Technologies, Inc. Mobile Payments
8/22/16 InCred Finance Series A $75 Alpha Capital Partners, IDFC Alternatives Ltd. Online Lending
8/22/16 LendUp Series C $48 Bronze Investments, Data Collective, Google Ventures, QED Investors, Radicle Impact, Susa Ventures, SV Angel, Thomvest
Online Lending
8/17/16 Clara Lending NA $27 Redpoint Ventures, Venrock Mortgage Technology
8/15/16 Nymbus NA $12 Vensure Enterprises Banking Software
8/8/16 Yunnex Series B $45 Ajisen Ramen, GSR Ventures POS
8/5/16 Mosaic NA $220 Core innovation Capital, Obvious Ventures, Warburg Pincus Online Lending
7/28/16 Paidy Series B $15 Arbor Ventures, Eight Roads, Itochu Corp., SBI Holdings, SIG Asia eCommerce Payments
7/27/16 Gongzi Qianbao NA $30 SBCVC Payroll
7/25/16 QwikCilver Solutions Private Limited NA $10 Accel, Amazon, Helion Venture Partners, Sistema Asia Fund Gift Cards
7/20/16 Deposit Solutions NA $17 e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar Ventures
Open Banking Platform
7/20/16 Omise Series B $18 500 Startups, Ascend Money, Golden Gate Ventures, SBI Investment, Sinar Mas Digital Ventures
Gateway
7/19/16 CommonBond, Inc. Series C $30 August Capital, NB Private Equity Partners, Nyca Partners, Social Capital, Tribeca Venture Partners, Victory Park Capital
Online Lending
7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending
7/13/16 i3 Verticals NA $10 Undisclosed Merchant Processing
7/11/16 WeSwap.com Series B $10 Ascot Capital Partners, EC 1 Capital, IW Capital Multi-Currency Prepaid
7/7/16 Coinbase, Inc. Series D $11 Mistubishi Capital, Sozo Ventures, Bank of Tokyo Bitcoin
7/7/16 Payment Card Technologies NA $13 Undisclosed Debit
Notes: Source: CapitalIQ and Pitchbook.
25
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
7/4/16 NeoGrowth Credit NA $35 Aspada, IFMR Investments, IIFL Private Wealth Management, Khosla Impact, Omidyar Network, Quona Capital
Online Lending
6/28/16 BizFi NA $20 Metropolitan Equity Partners Online Lending
6/28/16 PredictSpring Series A $11 Beanstalk Ventures, Benvolio Group, Felicis Ventures, Novel TMT Ventures
Mobile Commerce
6/28/16 Lendingkart. ltd. Series B $32 Bertelsmann India, Darrin Capital, India Quotient, Mayfield, Saama Capital
Online Lending
6/27/16 D3 Banking Series E $16 West Partners Online Banking
6/23/16 Circle Internet Financial Series D $60 Accel, Baidu, Breyer Capital, China Everbright, CreditEase, General Catalyst Partners, IDG Capital Partners
Money Transfer
6/22/16 Pearl Capital NA $20 Arena Investors SMB Finance
6/21/16 Number26 GmbH Series B $40 Battery Ventures, Earlybird Venture Capital, Horizons Ventures, Redalpine Venture Partners, Valar Ventures
Mobile Banking
6/19/16 Plaid Technologies Series B $44 NEA, Goldman Sachs Bank APIs
6/16/16 Fenqile Series D $235 CoBuilder Partners, Huasheng Capital Online Lending
6/15/16 Payoff, Inc. Series C $47 Tencent Holdings Online Lending
6/15/16 PromisePay Series A $14 Carsales.com, Cultivation Capital, Rampersand, Reinventure Group
eCommerce Payments
6/13/16 FlexShopper PIPE $22 Middlemarch Partners Online Lending
6/12/16 Tapp Commerce Series A $9 AMMA Private Equity Mobile Payments
6/12/16 Better Mortgage Series A $30 1/0 Capital, IA Ventures, KCK Group, Pine Brook, Goldman Sachs Mortgage Software
6/10/16 Ascend Consumer Finance Series A $11 Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA Ventures, Partech Ventures, Securian, Tekton Ventures
Online Lending
6/6/16 zipMoney PIPE $15 Undisclosed Online Lending
6/2/16 Vyze Series B $13 Austin Ventures, StarVest Partners Online Lending
6/2/16 Digit Series B $23 Baseline Ventures, Financial Solutions Lab, Freestyle Capital, General Catalyst, GV, Operative Capital, Ribbit Capital
Personal Financial Management
6/1/16 Zibby Series B $13 Blumberg Capital, Tribeca Venture Partners, Victory Park Capital Online Lending
26
Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
5/25/16 TransferWise NA $26 Baillie Gifford & Co. Money Transfer
5/25/16 Dashlane, Inc. Series C $23 Bessemer, FirstMark, Rho, TransUnion Digital Wallet
5/19/16 Tally Technologies Series A $15 Accelerate-IT Ventures, Cowboy Ventures, David Michaels, Shasta Ventures, SVB
Credit Cards
5/12/16 Capital Float Series B $25 Aspada Investment, Creation Investments Capital Management, SAIF Partners, Sequoia Capital
Online Lending
5/11/16 Wincor Nixdorf's Cashless PaymentsBusiness
NA $23 HPE Growth Capital Merchant Processing
5/11/16 Orderbird Series C $23 ConCardis, Digital+ Partners, Metro (Germany) POS
5/10/16 BigCommerce Series E $30 American Express, General Catalyst Partners, GGV Capital, Revolution Growth, SoftBank Capital, Split Rock Partners
eCommerce
5/9/16 Bridge2 Solutions NA $35 Updata Partners Loyalty / Rewards
5/5/16 Azimo NA $15 Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, Rakuten
Money Transfer
5/4/16 View the Space Series C $55 Insight Venture Partners, OpenView Venture Partners, Trinity Ventures
Real Estate Tech
5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software
5/3/16 Zooz Series C $24 Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium
Payment Optimization
5/2/16 Varo Money NA $27 Warburg Pincus Online Banking
4/27/16 Nubank NA $53 Goldman Sachs Credit Cards
4/26/16 Lendix, SA Series B $14 CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore Asset Management, Weber Investissements
Online Lending
4/21/16 Kueski Series A $10 Angel Ventures, Auria Capital, Core Ventures, CrunchFund, Richmond Global, Rise Capital, VARIV, Victory Park Capital
Online Lending
4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection
4/17/16 Transactis, Inc. Series E $30 Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, Wells Fargo
Bill Pay
4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending
4/12/16 Remitly, Inc. Series C $39 Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes Group, Trilogy Equity, Vulcan Capital
Money Transfer
27
SECTION III: Securities / Capital Markets /Data & Analytics
28
(1)
Public Company Valuations: Financial MetricsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Exchanges - AmericasCME Group Inc. $119.88 $89.00 $127.60 $40,718 $279 $40,997 10.8x 10.2x 15.2x 13.9x 24.6x 22.7x 11.1% 2.2 5.1% 12.2%Intercontinental Exchange, Inc. 59.85 45.88 61.98 35,631 5,934 41,638 9.0x 8.5x 13.9x 12.9x 19.9x 17.7x 13.6% 1.5 (0.8%) 30.1%Nasdaq, Inc. 69.85 61.19 72.52 11,647 3,127 14,774 6.0x 5.8x 11.7x 11.0x 16.5x 15.2x 9.5% 1.7 17.1% 12.5%BM&FBOVESPA S.A. 6.00 4.77 6.66 10,730 410 11,142 13.7x 11.6x 20.9x 18.3x 17.7x 17.1x 15.8% 1.1 14.3% 2.0%CBOE Holdings, Inc. 79.44 61.22 81.37 8,887 (97) 8,802 8.2x 7.3x 14.0x 11.6x 25.4x 21.7x 31.0% 0.8 62.5% 12.3%TMX Group Limited 49.77 34.19 57.09 2,746 492 3,238 5.7x 5.5x 10.6x 10.3x 13.9x 13.3x NM NM (4.6%) 13.4%Bolsa Mexicana de Valores, S.A.B. de C.V. 1.62 1.40 1.90 959 (89) 876 5.5x 5.1x 10.3x 9.6x 17.8x 16.1x 9.5% 1.9 15.8% (4.1%)
Mean 8.4x 7.7x 13.8x 12.5x 19.4x 17.7x 15.1% 1.5 15.6% 11.2% Median 8.2x 7.3x 13.9x 11.6x 17.8x 17.1x 12.4% 1.6 14.3% 12.3%
Exchanges - AsiaHong Kong Exchanges and Clearing Limited $25.29 $22.53 $27.45 $30,877 ($1,826) $29,066 17.9x 16.5x 25.2x 23.3x 34.9x 31.6x 2.3% 15.3 13.6% (4.4%)ASX Limited 37.88 31.00 40.03 7,326 (734) 6,592 10.8x 10.3x 14.0x 13.4x 21.6x 20.8x 4.7% 4.6 (8.0%) 1.5%Singapore Exchange Limited 5.40 4.97 5.75 5,775 (459) 5,316 9.0x 8.4x 15.1x 13.9x 21.8x 19.4x 2.2% 10.0 7.1% 0.6%Bursa Malaysia Berhad 2.20 1.85 2.26 1,181 (104) 1,081 9.0x 8.6x 15.5x 14.8x 25.1x 23.7x NM NM 8.5% (12.8%)
Mean 11.7x 11.0x 17.5x 16.3x 25.9x 23.9x 3.1% 10.0 5.3% (3.8%) Median 9.9x 9.5x 15.3x 14.3x 23.4x 22.2x 2.3% 10.0 7.8% (1.9%)
Exchanges - EuropeDeutsche Börse Aktiengesellschaft $87.83 $71.45 $90.39 $16,407 $904 $17,461 6.4x 6.1x 11.2x 10.1x 17.1x 15.1x 11.7% 1.5 (8.5%) 9.2%London Stock Exchange Group plc 37.69 28.23 42.37 13,192 (1,265) 12,555 5.7x 5.3x 11.3x 10.3x 20.4x 18.3x 15.6% 1.3 7.2% 2.4%Bolsas y Mercados Españoles 32.80 22.38 33.64 2,725 (299) 2,426 7.0x 7.0x 10.6x 10.6x 16.5x 16.6x NM NM 1.6% (2.1%)JSE Limited 10.68 10.68 15.14 914 (153) 761 4.0x 3.4x 9.8x 7.7x 14.4x 11.5x 5.6% 2.6 8.9% 16.0%GPW 11.46 7.87 12.40 481 (48) 433 5.5x 6.9x 9.5x 11.0x 15.4x 14.1x NM NM 5.1% (7.8%)Hellenic Exchanges - Athens Stock Exch. 4.98 4.10 6.01 302 (119) 183 4.8x 4.1x 10.4x 8.3x 24.8x 21.9x 10.6% 2.3 #DIV/0! 26.4%
Mean 5.6x 5.5x 10.5x 9.7x 18.1x 16.2x 10.9% 1.9 #DIV/0! 7.3% Median 5.6x 5.7x 10.5x 10.2x 16.8x 15.8x 11.2% 1.9 #DIV/0! 5.8%
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.
29
Public Company Valuations: Financial Metrics (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.(1) Financial metrics pro-forma for Yodlee acquisition.(2) Financial metrics reflect IHS / Markit merger.(3) Enterprise Value and Net Debt exclude Cash.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Investment Services, Software, & TechnologySEI Investments Co. $50.35 $41.25 $52.60 $8,015 ($696) $7,319 4.9x 4.5x 13.6x 11.6x 22.8x 19.2x 13.5% 1.7 6.2% 10.0%Broadridge Financial Solutions, Inc. 67.76 56.77 71.74 8,014 970 8,985 2.2x 2.1x 11.3x 10.9x 20.6x 18.1x NM NM (8.4%) 39.7%SS&C Technologies Holdings, Inc. 35.61 26.15 37.48 7,234 2,384 9,617 5.8x 5.5x 13.7x 12.6x 18.5x 16.6x 15.3% 1.2 28.2% 33.2%DST Systems, Inc. 114.16 94.52 128.66 3,592 313 3,905 2.6x 2.5x 9.9x 9.5x 18.6x 16.5x 10.0% 1.9 9.7% 4.1%Financial Engines, Inc. 40.00 23.56 45.75 2,463 (134) 2,329 4.8x 4.3x 14.6x 12.7x 29.8x 25.5x 21.2% 1.4 14.4% 43.8%Envestnet, Inc. 32.00 25.32 41.47 1,390 238 1,628 2.5x 2.2x 13.0x 10.2x 25.1x 19.8x 20.0% 1.3 14.1% 31.3%
Mean 3.8x 3.5x 12.7x 11.3x 22.6x 19.3x 16.0% 1.5 10.7% 27.0% Median 3.7x 3.4x 13.3x 11.2x 21.7x 18.7x 15.3% 1.4 11.9% 32.3%
Financial Data, Content, & AnalyticsS&P Global Inc. $129.69 $95.83 $133.08 $33,533 $1,164 $34,697 6.1x 5.7x 13.2x 12.3x 21.6x 19.5x 13.0% 1.7 0.8% 1.7%Thomson Reuters Corporation 43.75 38.23 45.68 31,826 5,160 36,986 3.3x 3.2x 11.1x 10.6x 18.7x 17.2x 8.0% 2.3 1.4% (0.9%)Moody's Corporation 112.47 87.30 114.03 21,484 1,138 22,622 6.0x 5.6x 12.9x 12.2x 21.6x 19.6x 10.2% 2.1 5.2% 8.8%IHS Markit Ltd. 40.33 32.78 41.00 16,525 3,263 19,788 5.6x 5.3x 14.3x 13.2x 19.6x 16.9x 14.4% 1.4 6.8% 57.2%Verisk Analytics, Inc. 79.71 75.72 87.40 13,259 2,249 15,508 7.4x 6.9x 14.7x 13.6x 24.2x 22.0x 10.8% 2.2 5.4% 6.0%MSCI Inc. 97.44 70.64 109.29 8,814 1,283 10,097 8.2x 7.6x 16.0x 14.5x 27.4x 23.5x 14.3% 1.9 7.4% 7.3%FactSet Research Systems Inc. 176.73 145.48 183.64 6,993 171 7,163 5.9x 5.5x 16.6x 15.3x 23.7x 21.8x 10.7% 2.2 6.2% 6.5%The Dun & Bradstreet Corporation 104.83 100.46 141.57 3,860 1,264 5,124 2.9x 2.8x 10.2x 9.7x 15.0x 14.3x 8.0% 1.9 3.7% 3.6%Morningstar, Inc. 78.09 67.74 89.44 3,352 (54) 3,298 3.9x 3.7x 11.9x 10.9x 24.6x 22.1x NM NM 5.0% 5.3%Bankrate, Inc. 9.60 6.91 11.90 865 119 984 1.9x 1.8x 7.8x 7.0x 13.9x 11.7x 15.7% 0.9 16.3% 21.2%
Mean 5.1x 4.8x 12.9x 11.9x 21.0x 18.9x 11.7% 1.8 5.8% 11.7% Median 5.8x 5.4x 13.1x 12.3x 21.6x 19.5x 10.8% 1.9 5.3% 6.3%
Online Broker DealersThe Charles Schwab Corporation $40.02 $23.83 $43.65 $53,425 $2,808 $56,233 6.6x 5.8x NA NA 25.1x 20.6x 20.7% 1.2 14.8% 21.0%TD Ameritrade Holding Corporation 37.69 26.37 47.41 19,883 1,769 21,652 6.0x 5.3x 12.6x 10.8x 21.9x 18.4x 12.0% 1.8 8.4% 5.6%E*TRADE Financial Corporation 33.64 21.52 38.61 9,238 2,360 11,598 5.3x 4.9x NA NA 18.1x 14.9x 15.7% 1.2 5.0% 13.4%Interactive Brokers Group, Inc. 34.69 31.97 41.40 2,358 5,672 8,030 5.1x 4.5x 7.7x 6.7x 23.3x 19.9x 16.0% 1.5 10.3% 18.6%GAIN Capital Holdings, Inc. 8.13 4.54 8.59 392 (1,055) (663) NM NM NM NM 9.7x 9.2x NM NM (2.1%) 14.4%Global Brokerage, Inc. 2.15 1.45 12.90 13 312 325 NA NA NA NA NA NA NM NA NA 20.1%
Mean 5.7x 5.1x 10.2x 8.8x 19.6x 16.6x 16.1% 1.4 7.3% 15.5% Median 5.7x 5.1x 10.2x 8.8x 21.9x 18.4x 15.8% 1.3 8.4% 16.5%
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(3)
(3)
(3)
(1)
(2)
30
Selected Recent Acquisitions – Trailing 12 MonthsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
3/27/17 DST Systems, Inc. International Financial Data Services Ltd.
Shareholder Servicing $350 NA
3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA
3/21/17 Sterling Trading Tech CBOE Livevol, LLC, Livevol X Trading Platform NA NA
3/20/17 FactSet Research Systems Inc. BI-SAM Technologies S.A. Risk / Analytics NA NA
3/16/17 Horizon21; H21 Macro Ltd. Leonteq AG Investment Platform NA NA
3/17/17 BinckBank N.V. Pritle N.V. Robo Advisors $13 NA
3/9/17 Broadridge Financial Solutions, Inc. Message Automation Limited Trade Processing NA NA
3/8/17 Numerix LLC TFG Financial Systems Risk NA NA
3/7/17 Hellman & Friedman LLC; GIC Pte. Ltd. Allfunds Bank S.A. Mutual Fund Platform $1,904 NA
3/3/17 European Energy Exchange AG Nodal Exchange, LLC Exchanges NA NA
3/1/17 Payward, Inc. Cryptowatch Analytics NA NA
2/21/17 Covisum, LLC PrairieSmarts, LLC Risk Platform NA NA
2/15/17 Moody's Corporation SCDM Germany GmbH, Structured Finance Data and Analytics Business
Data / Analytics NA NA
2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA
2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA
2/6/17 Thomson Reuters Corporation Clarient Global LLC Regulatory Data NA NA
2/1/17 BT Group plc IP Trade SA Trading Technology NA NA
2/1/17 StoneCastle Insured Cash Sweep, LLC Intermedium Financial LLC Broker Software NA NA
1/30/17 Compliance Solutions Strategies Advise Technologies, Ascendant Compliance Management, The
Regulatory Tech NA NA
1/27/17 Linedata Services SA Gravitas Technology Services, LLC Fund Management Software NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
31
Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
1/25/17 IS Prime Risk Services Inc. Think Liquidity LLC Risk / Analytics NA NA
1/23/17 Visible Alpha, LLC ONEaccess Data / Analytics NA NA
1/19/17 FairFX Group Plc Q Money Limited Online Brokerage $2 NA
1/18/17 North Capital Investment Technology Inc.
Access Investors Network, Inc. Investing Platform NA NA
1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA
1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing $20 NA
1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA
1/4/17 NewSpring Capital; NewSpring Holdings L.P.
Vertical Management Systems, Inc. Capital Markets Software NA NA
1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA
12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA
12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA
12/9/16 comdirect bank Aktiengesellschaft OnVista AG Online Broker NA NA
12/5/16 Benefit Plans Administrative Services, Inc.
Northeast Retirement Services, LLC Fund Administration $115 NA
12/1/16 Ascensus, Inc. National Retirement Services, Inc. Fund Administration NA NA
11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA
11/28/16 Virtu Financial, Inc. Teza Technologies, Select Strategic Telecommunications Assets
Trading Platform NA NA
11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA
11/28/16 Insurance Services Office, Inc. IntelliStance, LLC Data / Analytics NA NA
11/21/16 London Stock Exchange Group plc Mergent, Inc. Data / Analytics NA NA
11/21/16 AcadiaSoft, Inc. ProtoColl Collateral Management NA NA
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
32
Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
11/14/16 Playtech plc CFH Group A/S Foreign Exchange $62 3.2x
11/8/16 Preqin Ltd. Baxon Solutions Limited Broker Software NA NA
11/2/16 Folio Dynamics Inc. SAS Capital Management, LLC Broker Software NA NA
10/24/16 TD Ameritrade Holding Corporation Scottrade Financial Services, Inc. Online Brokerage $2,792 NA
10/24/16 SS&C Technologies Holdings, Inc. Salentica Inc. Broker Software NA NA
10/20/16 Forum Trading Solutions Ltd GMEX Technologies Limited Trading Technology NA NA
10/14/16 Morningstar, Inc. PitchBook Data, Inc. Data / Analytics $225 7.2x
10/13/16 Investview, Inc. RoboVest, Inc. Trading Platform NA NA
10/11/16 Drillinginfo, Inc. GlobalView Software, Inc. Trading Platform NA NA
10/10/16 Yodlee, Inc. Wheelhouse Analytics, LLC Data / Analytics NA NA
10/6/16 Ion Investment Group Limited Reval Holdings, Inc. Treasury Software NA NA
9/28/16 SourceHOV LLC TransCentra, Inc. Treasury Software NA NA
9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,697 1.9x
9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA
9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA
9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA
9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA
9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA
9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA
8/25/16 BGC Partners, Inc. Perimeter Markets Inc. Trading Platform NA NA
33
Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
8/24/16 Yintech Investment Holdings Limited Gold Master (HK) Company Limited Trading Platform $218 6.8x
8/11/16 Aegon UK plc Cofunds Holdings Limited Personal Financial Management $182 NA
8/11/16 KCG Hotspot FX LLC Javelin SEF, LLC Ratings Agency NA NA
7/25/16 E-Trade Financial OptionsHouse, LLC Trading Platform $725 7.0x
7/18/16 Moody's Singapore Pte. Ltd. Korea Investors Service, Inc. Ratings Agency $97 3.4x
7/7/16 Legg Mason, Inc. Financial Guard LLC Robo Advisors NA NA
6/30/16 Teachers Insurance & Annuity Association of America, Endowment
MYVEST CORP Advisor Software NA NA
6/20/16 Markit Ltd. Prism Valuation Inc. Risk & Analytics NA NA
6/14/16 Broadridge Financial Solutions, Inc. 4Sight Financial Software Limited Financial Software $40 3.3x
6/14/16 Fair Isaac Corporation QuadMetrics Inc. Risk & Analytics $6 NA
5/25/16 Bregal Sagemount Discovery Data Data / Analytics NA NA
5/11/16 Broadridge Financial Solutions, Inc. Dojima LLC (nka:Broadridge Derivatives Clearing)
Clearing / Settlement NA NA
5/5/16 ISEG Limited Startup Stock Exchange Exchanges NA NA
4/27/16 Affirm, Inc. Sweep, Inc. Personal Financial Management NA NA
4/14/16 Euclid Opportunities Fund Enso LP Risk Analytics NA NA
4/13/16 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges NA NA
4/11/16 Huatai International Finance I Limited AssetMark, Inc. Wealth Management Software NA NA
4/5/16 Ally Financial Inc. TradeKing Group, Inc. Online Broker $275 NA
3/31/16 Morningstar, Inc. RightPond Broker Software NA NA
34
Selected Recent Equity Financings – Trailing 12 MonthsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
2/19/17 One Tap Buy NA $13 Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho Securities
Trading Platform
2/16/17 OpenFin Series B $15 Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca Partners, Pivot Investment Partners
Trading Platform
2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform
1/31/17 Wealthsimple NA $15 Power Financial Corp. Robo Advisors
12/24/16 Pakistan Stock Exchange NA $84 Chinese Consortium Exchanges
12/23/16 Nutmeg Savings and Investment Ltd. NA $15 Taipei Fubon Commercial Bank Robo-Advisor
12/22/16 Axoni Series A $18 Andreessen Horowitz, Digital Currency Group, Euclid Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson
Distributed Ledger
12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo-Advisor
12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo-Advisor
11/17/16 Peer Street Inc. Series A $15 Andreessen Horowitz, Felicis Ventures, The Kaiser Family Foundation, Montage Ventures, Rembrandt Venture Partners
Crowdfunding
11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics
11/14/16 Quantopian Series C $25 Andreessen Horowitz, Bessemer Venture Partners, Khosla Ventures, Point72 Asset Management, Spark Capital
Trading Technology
11/14/16 Nutmeg Saving and Investment Ltd. NA $32 Amanda Investment Group, Balderton Capital Management, Pentech Ventures, Schroders
Robo-Advisor
11/14/16 Roofstock Inc. Series B $20 Bain Capital Ventures, Khosla Ventures, Lightspeed Venture Partners, Nyca Partners, QED Investors, SV Angel
Crowdfunding
11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells Fargo Trading / Regulatory Software
10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software
10/26/16 AX Trading Group NA $20 Undisclosed Trading Platform
10/17/16 InnoTREE Network Tech Co. Series B $15 Baoli (Hengqin) Capital Management Data / Analytics
10/12/16 Cloud9 Technologies NA $30 JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson Ridge Asset Management
Trading Technology
9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics
35
Selected Recent Equity Financings – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS
Notes: Source: CapitalIQ and Pitchbook.
($MM)Announced Target
Date Target Series Amount Investors Subsector
9/21/16 OurCrowd Ltd. Series C $72 Undisclosed Investors Crowdfunding
9/14/16 InvestCloud NA $25 Undisclosed Investors Broker Software
9/12/16 Quandl Series B $12 August Capital, Nexus Venture Partners Data / Analytics
8/18/16 Lancai Series B $27 Letv.com Investing Platform
8/17/16 Crowdcube NA $11 Balderton Capital Crowdfunding
7/22/16 Fantex NA $59 Undisclosed Trading Platform
7/13/16 OpenDoor Trading NA $10 J F Hartfield & Company Trading Platform
7/6/16 National Stock Exchange of India NA $135 Veracity Insurance Solutions Exchanges
6/19/16 Quoine Series A $20 JAFCO Bitcoin Trading
6/7/16 NexusCrowd NA $16 Downing Street Financial Crowdfunding
5/19/16 Tink Series B $10 ABN AMRO, Creades, Skandinaviska Enskilda Banken, Sunstone Capital
PFM
5/19/16 Personal Capital Corporation Series E $75 IGM Financial Robo-Advisor
5/12/16 EuroCCP NA $16 Euronext Clearing / Settlement
4/25/16 bitFlyer Series C $27 SBI FinTech Fund, Venture Labo Investment Bitcoin Exchange
4/21/16 Acorns Series D $30 e.ventures, Greycroft, PayPal, Rakuten Robo Advisors
4/13/16 Vestmark NA $30 Summit Partners Wealth Management Software
4/5/16 Reonomy Series C $22 Bain Capital, Softbank Data / Analytics
4/1/16 Swanest NA $10 Andreessen Horowitz Robo-Advisor
36
SECTION IV: Insurance / Benefits
37
Public Company Valuations: Financial MetricsINSURANCE / BENEFITS
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ
Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $77.99 $61.21 $83.04 $18,400 $5,962 $24,362 3.0x 2.9x 12.0x 10.8x 17.4x 14.9x 12.9% 1.3 49.8% 73.1%Verisk Analytics, Inc. 79.71 75.72 87.40 13,259 2,249 15,508 7.4x 6.9x 14.7x 13.6x 24.2x 22.0x 10.8% 2.2 5.4% 6.0%athenahealth, Inc. 108.60 90.11 143.85 4,292 144 4,435 3.4x 3.0x 14.4x 12.4x 44.1x 35.7x 25.4% 1.7 19.0% 11.9%Guidewire Software, Inc. 55.47 49.18 64.00 4,102 (583) 3,519 6.6x 5.7x 41.0x 24.5x 81.8x 50.3x 18.5% 4.4 17.8% 13.2%Ebix, Inc. 60.35 36.20 65.10 1,901 155 2,056 6.3x 5.8x 16.9x 15.7x 20.3x 18.0x 15.0% 1.4 NA 14.0%Crawford & Company 9.42 5.63 14.37 528 106 635 0.6x 0.5x 4.6x 4.2x 12.1x 10.3x 10.0% 1.2 3.3% (4.4%)Polaris Consulting & Services Limited 2.64 2.16 3.32 269 (70) 200 NA NA NA NA NA NA NM NA (100.0%) (2.9%)Symbility Solutions Inc. 0.38 0.21 0.42 92 (5) 87 2.9x 2.6 56.8 50.3 NM NM NM NM 17.6% 13.9%
Mean 4.3x 3.9x 22.9x 18.8x 33.3x 25.2x 15.4% 2.1 1.8% 15.6% Median 3.4x 3.0x 14.7x 13.6x 22.2x 20.0x 14.0% 1.5 17.6% 12.6%
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.
38
Selected Recent Acquisitions – Trailing 12 MonthsINSURANCE / BENEFITS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech $490 NA
2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA
2/21/17 CareCredit, LLC Citibank, N.A., Citi Health Card Portfolio
Healthcare Payments NA NA
2/15/17 Sapiens International Corporation N.V. StoneRiver, Inc. Insurance Tech $102 1.3x
2/14/17 Riverside Partners LLC Medical Reimbursements of America, Inc.
Revenue Cycle Management NA NA
2/10/17 The Blackstone Group L.P. Aon plc, Benefits Administration and HR Business Process Outsourcing
Benefits Platform $4,800 2.1x
2/9/17 Charles Taylor InsureTech Limited Otak Limited Insurance Tech NA NA
2/8/17 Compare Africa Group TopCheck UG (haftungsbeschränkt) Lead Gen NA NA
2/7/17 Centauri Health Solutions, Inc. Human Arc Corporation Revenue Cycle Management NA NA
1/26/17 Insurity, Inc. Valen Technologies, Inc. Insurance Data / Analytics NA NA
1/25/17 PlanSource Benefits Administration, Inc.
Next Generation Enrollment, Inc. Benefits Software NA NA
1/19/17 Inflexion Private Equity Partners LLP; Inflexion Enterprise Fund IV
My Policy Limited Telematics $49 NA
1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA
12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA
12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA
12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA
12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA
11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA
11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance $1,430 NA
11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA
39
Selected Recent Acquisitions – Trailing 12 Months (Cont’d)INSURANCE / BENEFITS
Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.
($MM)Announced Enterprise EV / LTM
Date Acquirer Target Target Subsector Value Revenue
11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA
10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA
10/6/16 New Mountain Capital, LLC; New Mountain Capital Partners IV L.P.; Eir
Convey Health Solutions, Inc. Healthcare Insurance Administration NA NA
10/5/16 Shenzhen Investment Holdings Co., Ltd.; Shenzhen Qianhai Financial
ACR Capital Holdings Pte. Ltd. Reinsurance NA NA
9/29/16 Applied Systems, Inc. IS2, eTrading Platform for Personal Lines
Insurance Trading NA NA
9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA
9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA
9/26/16 IRESS Limited Financial Synergy Pty. Limited Insurance Software $69 3.3x
8/9/16 Applied Systems, Inc. Relay Software Limited Insurance Software NA NA
8/4/16 Guidewire Software, Inc. FirstBest Systems, Inc. Risk Assessment $34 NA
8/4/16 Benefit Express Services, LLC Transcend Technologies Group, Inc. HR Software NA NA
7/21/16 GoHealth, LLC 1SourceAdmin LLC HR Software NA NA
6/29/16 Global Healthcare Exchange, LLC H-Card, LLC Healthcare Payments NA NA
6/7/16 Connecture, Inc. ConnectedHealth, LLC Benefits Tech $7 NA
5/2/16 Vista Equity Partners LLC; Bain Capital Private Equity, LP
Vertafore, Inc. Insurance Tech NA NA
4/18/16 Apax Partners LLP Duck Creek Technologies, Inc. Claims Software NA NA
4/5/16 SwervePay, LLC Symbiosis Health Inc. Healthcare Payments NA NA
3/29/16 Guidewire Software, Inc. EagleEye Analytics, Inc. Insurance Analytics $42 NA
40
Selected Recent Equity Financings – Trailing 12 MonthsINSURANCE / BENEFITS
($MM)Announced Target
Date Target Series Amount Investors Subsector
3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech
3/21/17 Jellyvision Series B $20 Updata Partners HR Software
3/17/17 simplesurance NA $21 Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66 Ventures
Insurance Tech
2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace
2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software
1/5/17 Namely Inc. Series D $50 Altimeter Capital, Four Rivers Group, Greenspring Associates, Matrix Partners, Scale Venture Partners, Sequoia Capital
HR / Benefits Software
12/5/16 Lemonade Inc. Series B $34 Aleph, General Catalyst, Google Ventures, Sequoia Capital, Thrive Capital, Tusk Ventures, XL Innovate
Insurance
11/15/16 CareCloud Series C $32 Adams Street Partners, Blue Cloud Ventures, First Data, Intel Capital, Norwest Venture Partners, PNC Financial Services Group,
Revenue Cycle Management
11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen
10/20/16 EverQuote, Inc. Series B $23 BrownSavano Direct Capital Partners, Oceanic Partners, Stratim Capital LLC, T Capital Management LLC
Insurance Lead Gen
10/19/16 Ladder Financial Inc. Series A $14 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca Partners LLC
Life Insurance
10/4/16 Hixme Inc. Series B $14 Kleiner Perkins Caufield & Byers, Propel Venture Partners, Rosemark Capital Group, Transamerica Ventures Fund
HR Software
9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management
9/26/16 InstaMed Communications, LLC NA $50 Carrick Capital Partners LLC Healthcare Payments
9/21/16 FinanceFox Series A $28 Horizons Ventures, Target Ventures Insurance Tech
6/14/16 League Series A $25 Manulife Financial, OMERS Ventures, Power Financial, Quantum Valley Investments, Real Ventures, RBC
Health Insurance Tech
5/20/16 Clover Health Series C $165 Advanced Finance & Investment Group, AME Cloud, Arena Ventures, Casdin Capital, First Round, Floodgate, Sequoia
Insurance
5/19/16 Shift Technology Series A $10 Accel, Elaia Partners, Iris Capital Management Claims Analytics
5/17/16 Embroker Series A $12 500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca Partners, Vertical Venture Partners, XL Innovate
Insurance
5/10/16 Simplificare Series C $20 83North, American Express, Heritage Group, Social Capital Healthcare Payments / Financing
Notes: Source: CapitalIQ and Pitchbook.
41
SECTION V: GCA Overview
42
Financial Technology TeamGCA OVERVIEW
Rob FreimanDirector
Phone: (212) 999-7075Mobile: (973) 229-0436
Alexander BerryAssociate
Phone: (212) 999-7079Mobile: (818) [email protected]
David KruegerVice President
Phone: (212) 537-4534Mobile: (616) 822-7179
Saif Malik*
Vice President
Phone: +44 (0) 207 038-3216Mobile: +44 (0) 778 606-8553
Sean MinnihanManaging Director
Global Head of FinTechPhone: (212) 999-7077Mobile: (917) 364-6230
Steve FletcherManaging Director
Phone: (415) 318-3661Mobile: (415) 518-6725
Paul DiNardoManaging Director
Phone: (212) 999-7097Mobile: (650) 483-7246
Peter BangManaging Director
Phone: (212) 999-7074Mobile: (917) [email protected]
Derek BellManaging Director
Phone: (212) 999-7089Mobile: (914) [email protected]
Malik GillAnalyst
Phone: (212) 537-4529Mobile: (646) [email protected]
* Saif Malik is a Vice President at GCA Savvian Europe Limited* Michio Suzuki is a Director at GCA Corporation
San FranciscoOne Maritime Plaza, 25th Fl.
San Francisco, CA 94111(415) 318-3600
New York640 Fifth Avenue, 10th Fl.
New York, NY 10019(212) 999-7090
Tokyo11-1 Marunouchi 1-chome
Chiyoda-ku, Tokyo 100-6230Japan
+81 (3) 6212-7100
Michio Suzuki*Director
Phone: +81 3-6212-7145Mobile: +81 90-7412-9411
London1 Southampton St.London WC2R0LRUnited Kingdom
+44 20 7484 4040