real estate technology market update...real estate technology continues to be one of the most active...

PRELIMINARY CONFIDENTIAL DRAFT

Real Estate Technology Market Update

Q2 2019

22

EXECUTIVE SUMMARY – Q2 2019 REAL ESTATE TECHNOLOGY

Select Q2 2019 Active Investors Select Q2 2019 Active Acquirers

Real estate technology continues to be one of the most active areas of financing and M&A activity through the first half of 2019

▪ The U.S. real estate tech sector received ~$3.0Bn of growth equity capital in 1H 2019 in addition to more than $1.4Bn in debt for iBuyer and RE financing companies

▪ Investments continue to grow in size, with average equity financings over $21MM across 65 deals in Q2 2019, as competition for high-quality investments increases and the number of active strategics and private equity investors in the space continues to grow

Q2 2019 saw commercial real estate technology companies drive significant activity, with a flurry of capital raises and M&A transactions

▪ VTS raised $90M at a ~$1.0Bn valuation led by Brookfield Ventures, the venture arm of Brookfield Asset Management, signaling strong demand from real estate investors / property managers for next-generation solutions to streamline their operations and improve margins

▪ A sharp increase in private equity and strategic driven M&A reflects the growing influence of CRE tech companies and the land grab that’s currently underway as acquirers look to build platforms in the space

– Silver Lake and Battery Ventures backed LightBox announced two acquisitions in Q2 2019, Real Capital Markets and Digital Map Products, as they look to build an end-to-end software and data platform in the CRE space targeting commercial services firms, property owners, lenders and investors

– Green Street Advisors and Real Capital Analytics (RCA) both partnered with PE firms in Q2 2019, with Green Street being acquired by WCAS and RCA receiving a significant minority investment from Susquehanna Growth Equity → we expect both of these firms to continue to be active in the partnership and M&A market as they look to accelerate growth

1H 2019 investments in residential real estate technology have been largely centered around iBuyer and purchase financing firms who have received significant growth equity and debt to expand into new markets

▪ In the RRE software space, Vista-backed Lone Wolf Technologies acquired zipLogix in a highly strategic transaction that continues to consolidate the real estate transaction back-end and workflow market

33

GCA 1H 2019 PROPTECH TRANSACTIONS

January 2019

Real Estate Data Licensing

April 2019

Residential Real Estate Software / Transaction Management

May 2019

Commercial Real Estate Software / Business Intelligence

May 2019

Insurance Marketplace

GCA is one of the most active advisors to the global proptech ecosystem, with four announced deals in 1H 2019 and 21 proptech deals globally in the past 3 years

44

THE LEADING ADVISOR TO THE PROPTECH ECOSYSTEM

Key Sub-Sector Coverage Verticals

Residential RE Software

Commercial RE Software

Mortgage / Lending

Title / Insurance

Home Services

Facilities Management

Construction Tech

IWMS

Chris GoughManaging Director

Head of Real Estate TechnologyPhone: (415) [email protected]

Acquired by

We advised the seller

Acquired by


Acquired by


Acquired by


Acquired by


Acquired by


Majority Interest Acquired by


Acquired by


Acquired by


Investment from


Minority Investment From


MBO backed by


Acquired by

We advised the sellerWe advised the seller

Acquired by

The Leading Advisor in the Property Tech Ecosystem

Acquired by


A Portfolio Company of

Acquired by


A Portfolio Company of

55

GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.

TRANSACTION DETAILS

Closed

January 2019

SECTORS

Real Estate / Mortgage

Technology

Property / Insurance

Technology

Data Licensing

DEAL TYPE

M&A

Transaction Summary

▪ On January 8, 2019, Lovell Minnick Partners announced that it had completed the acquisition of ATTOM Data Solutions (“ATTOM” or the “Company”)

− Financial terms of the transaction were not

disclosed

▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real estate, mortgage, insurance, marketing and adjacent markets

▪ Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies

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

Strategic Rationale

▪ ATTOM is a leading, scale platform investment in the real estate data solutions market

− Company’s proprietary data solutions include

property tax, deed, mortgage, foreclosure,

environmental risk, natural hazard and

neighborhood data for 150+ million U.S. residential

and commercial properties, covering 99% of the

nation’s population

− Company serves 225+ data customers with

multiyear contracts

− ATTOM management has generated strong organic

growth and successfully pursued accretive strategic

opportunities, including its acquisition of

neighborhood data provider Onboard Informatics in

early 2018

▪ Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry

CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTN ERS

66

CASE STUDY: SALE OF ZIPLOGIX TO LONE WOLF REAL ESTATE TECHNOLOGIES

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

TRANSACTION DETAILS

Closed

April 2019

SECTOR

Residential Real Estate

Technology

DEAL TYPE

M&A

Transaction Summary

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


disclosed

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

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

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

Strategic Rationale

▪ zipLogix will enhance Lone Wolf’s position as the leader in real estate transaction forms

− zipLogix management has advanced market

penetration in the Company’s forms business having

successfully developed strong upsell opportunities

including e-signature, CRM and database linking

solutions

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

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

77

TRANSACTION DETAILS

Closed

May 2019

SECTORS

Commercial Real Estate

SaaS

Real Estate Technology

DEAL TYPE

M&A

Transaction Summary

▪ On May 13th, LightBox Holdings, L.P. (“LightBox”) announced that it had completed the acquisition of RealCapitalMarkets.com, LLC (“RCM” or “the Company”)


disclosed

▪ Headquartered in Carlsbad, California, RCM is a leading online marketplace and SaaS platform supporting commercial real estate (“CRE”) brokers throughout the transaction process

▪ RCM’s solutions include property marketing, transaction management and business intelligence tools to unify broker-level and firm-level data and workflows

▪ LightBox, a portfolio company of Silver Lake and Battery Ventures, delivers smarter commercial real estate decision-making through data, analytics and workflow innovations

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

Strategic Rationale

▪ RCM is central to Lightbox’s strategy of aggregating transaction volume and deepening relationships with large commercial services firms to expand its upstream connectivity to the commercial real estate transaction

− ~50% of all U.S. CRE assets greater than $10mm are

brought to market and sold using RCM’s online

marketplace

− Since inception, RCM has executed over 65,000

assignments with total consideration in excess of

$2.3 trillion

− RCM’s customers rely on the Company’s workflow,

marketing and business intelligence tools to drive

transactions and productivity

▪ Lightbox has acquired 4 companies since April 2018 that comprehensively create a leading commercial real estate technology platform focused on the transaction, lending data and analytics segments of the market – combined entity is a scale leader with established relationships with lenders, commercial services firms and principle investors

GCA acted as exclusive financial advisor to Real Capital Markets, the leading commercial real estate transaction marketplace, SaaS transaction management and business intelligence platform, on its sale to LightBox, a portfolio company of Silver Lake and Battery Ventures

CASE STUDY: SALE OF REAL CAPITAL MARKETS (RCM) TO LIGHTBOX

88

$984

$1,306

$943

$1,707

$1,349

$100

$100

$50

$355

$969

$403

$422

$1,298

$1,700

$1,084

$1,356$1,298

$2,676

$1,752

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

Q2 2019 PRIVATE CAPITAL DEAL DASHBOARD

Source: Pitchbook and press releases. Represents U.S. data across CRE / Investment, Residential Real Estate and Mortgage Technology.

(1) Excludes Airbnb, Houzz, OYO Hotels and We Company financing rounds.(2) Includes $89MM to buy out DMGT’s existing stake; includes an unknown amount of debt.

($MM)Number of Deals Equity Raise

$21.8$11.7$25.8$23.2$7.3

Quarterly Financing Activity(1) Select Q2 2019 Financing Transactions

58

(7)

85

$11.4

Ann. Date Company

Select Investor(s)

Amount Invested

Funding to Date

Post-Money

Valuation

6/24 $130 $310 NA

6/19 $32 $38 $120

6/11 $30 $36 $81

6/4 $33 $137 $198

6/3 $115 NA $220

5/22 $12 $21 $48

5/21 $37 $72 $125

5/16 $43 $90 NA

5/15 $12 $30 $108

5/9$12 Equity / $203 Debt

$23 Equity / $303 Debt

NA

5/7 $90 $197 $1,000

4/30 $29 $40 $110

4/25 $25 $87 $280

4/18 $160 $185 $240

4/11 $300 $480 NA



NA

($MM)

60

$16.4

56

62

83

104

Debt Raise

$20.8

65

(2)

Avg. Equity Investment:

99

Company FoundedFunding to

Date

2014$1,345 Equity / $3,000 Debt

2012 $1,113

2009 $213

2014 $185

2015$150 Equity /

$825 Debt

2008 $104

2011 $103

2008 $85

2012 $85

2015 $76

Source: Pitchbook, Company filings, Company websites, press releases.(1) Excludes Airbnb and Houzz financing rounds.(2) Equity / debt mix per Mike DelPrete.

(3) Represents equity invested only.

(3)

Capital raise completed in Q2 2019

($MM)

(1)

REAL ESTATE PRIVATE COMPANY FUNDING LEADERS

(2)

Residential Real Estate Tech


Date

2015 $480

2012 $310

2013 $166

2014 $130

2018 $120

2010 $112

2015 $110

2009 $90

2010 $85

2015 $78

Mortgage / Closing / Insurance Tech


Date

2015 $1,110

2012 $326

2002 $307

2013 $297

1995 $259

2011 $197

2015 $179

2012 $175

2010 $137

2014 $133

CRE / Facilities / Construction Tech(1)

1010Source: Pitchbook, Company filings, Company websites, press releases.

REAL ESTATE PRIVATE COMPANY FUNDING LEADERS

$50MM - $100MM

$100MM - $200MM

$200MM - $500MM

>$500MM

$25MM - $50MM

1

1

1

Equity Raised to Date:

($4.4Bn) ($614MM) ($1.6Bn) ($7.4Bn Equity / $1Bn Debt)

Other Mega Funding Leaders

($420MM)

1111Source: Capital IQ , Pitchbook and press releases.(1) Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology.(2) Q2 through 6/25/19.

Q2 2019 M&A DEAL DASHBOARD

Quarterly M&A Activity(1) Select Q2 2019 M&A Transactions

($MM)

Ann. Date Target Acquirer Enterprise Value

6/25 NA

6/20 NA

6/20 NA

6/12 NA

6/4 (Credit, Verification, REO & Auction Businesses)

NA

6/3 NA

5/23 NA

5/15 NA

5/13 NA

5/13 NA

5/3 $500

5/1 $335

4/22 NA

4/17 NA

4/3 NA

(2)

20

16

29

23

26 27

25 26

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

1212

Date Company Select Investor(s)Amt.

InvestedFunding to

DatePost-Money

Valuation

6/19 $32 $38 $120

6/4 $33 $137 $198

6/3 $115 NA $220

5/15 $12 $30 $108

2/27 $90 $197 $1,000

Source: Capital IQ , Pitchbook and press releases.(1) Wall Street Journal, 7/2/19.(2) Deloitte, 3/13/19.(3) Includes $89MM to buy out DMGT’s existing stake; includes an unknown amount of debt.

CRE TECH SPOTLIGHT – GROWING STRATEGIC AND INSTITUTIONAL INTEREST IN COMMERCIAL REAL ESTATE TECHNOLOGY

Institutional investors clearly see the value in

proptechs. In our survey of 500 global CRE institutional

investors, nearly 90 percent of respondents believe

proptechs will have a moderate to significant influence

on the CRE industry. Investors plan to commit an

average of 14 percent of CRE capital to proptechs

globally.”

“

Surabhi Kejriwal & Saurabh

Mahajan, Deloitte (3)

Select Q2 CRE Tech Capital Raises

($MM)

Denotes strategic

investor participation

▪ Q2 2019 saw significant activity in the commercial real estate technology space, featuring major platform acquisitions and private capital raises

driven in part by strategic investor participation

– Silver Lake and Battery Ventures backed Lightbox acquired two CRE tech firms in Q2

– Capital raises in the CRE tech space included strategic investors such as Brookfield, Cox Enterprises, RealPage and Starwood Capital

For years, real-estate technology startups watched from the fringes as big banks and venture-capital firms lavished attention

on financial-technology firms. Now, ‘proptech’ has joined the party. Startups are raising more cash than ever while landlords are

adopting a range of new software and hardware that is changing the way they do business.”

“

Peter Grant & Konrad Putzier,

Wall Street Journal

(2)

(1)

1313

CRE CASE STUDY: LIGHTBOX – BUILDING A LEADING CRE PLATFORM

Appraisal /

Underwriting

Data / Services

Market Data /

Analytics /

Geospatial

Solutions

Investor

Portal

Broker

Business

Intelligence

Transaction

Workflow

Transaction

Marketplace

Applications Leasing Lending RefinancingSale / Purchase

Transactions

CustomersCommercial

Services FirmsInvestors Lenders Appraisers

Capital Markets

▪ LightBox has assembled a leading end-to-end commercial real estate technology platform:

− Acquired four companies since April 2018, that collectively create one of the largest tech players in the CRE market

− Platform built to service all constituents in the CRE transaction: brokers, lenders, commercial services firms, investors and CRE transaction service providers

The world’s largest online commercial real estate transaction marketplace, SaaS transaction management

and business intelligence platform

Cloud-based real estate data, analytics and GIS

solutions

Database of environmental records and land use

information / underwriting & due diligence platform

Real estate appraisal management software

Due Diligence

Auctions

Transaction

Marketing

Risk Mitigation

Data Licensing

Valuation

DevelopersGovernment

PlannersBuilders

Environmental Firms

1414

($MM) Series A Recapitalization / PE Growth

Date 1/1/07 6/3/19

Amount Raised $7.5 NA

Post-Money

Valuation$18.8 ~$220

Source: Pitchbook, Company website, news reports, press releases.

RCA Highlights

− On June 3, Real Capital Analytics (RCA) announced that it had received growth funding from Susquehanna Growth Equity (SGE) in a combination of cash and debt totaling $115MM

− The investment valued the Company at ~$220MM

− $89MM will be used to purchase Daily Mail and General Trust’s 40% stake acquired in 2007

− RCA plans to use the remaining $26MM for investments in overseas CRE data firms

PE Growth

Transaction Overview RCA Overview

$115MM Invested

Headquarters: New York, NY

Founded: 2000

Employees: ~90

Description: Provider of commercial real estate market data and analytics. TheCompany offers a database of commercial real estatetransactions, property sales, recapitalization and refinancingacross markets and property types, enabling investors, lenders,brokers and advisors to get comprehensive data and uniqueinsight to formulate investment strategy, assess risk, source newopportunities and execute transactions

Current Investors:

RCA Fundraising Timeline

We’ve gotten to know Bob White and the RCA team over the last decade and could not be more excited to support RCA as it continues to transform the commercial real estate industry.-Scott Feldman, Managing Director, SGE

”

“My team and I are confident that SGE will provide tremendous support, expertise and financial flexibility to RCA.-Bob White, Founder & CEO

”

“

Select Deal CommentaryTotal recorded transaction value

$18Tr

200,000Investors Profiled

Countries Tracked

172

100%Penetration with top CRE brokers

Market-Leading PositionCurrent Investments

Indian commercial real estate data and analytics provider

2015

Dutch commercial real estate data and analytics provider tracking over 400,000

buildings

2017

Commercial real estate data and analytics provider for U.S. and Latin American

properties

2018 / 2016

CRE CASE STUDY: REAL CAPITAL ANALYTICS RAISES $115MM IN DEBT AND EQUITY FOR RECAP & EXPANSION

1515Source: Crunchbase, Pitchbook, Wall Street Journal, Company website, press releases.(1) Figures as of 5/7/19.(2) Represents merger with Hightower; Amount Raised represents Hightower’s funding to date; Post-Money Valuation represents valuation of combined company.

VTS Highlights

− On May 7, VTS announced that it had received $90MM in its series D round of funding led by customer and new investor Brookfield Ventures, the technology investment arm of Brookfield Asset Management (NYSE:BAM)

− The investment puts VTS’s total equity raised at $197MM with a post-money valuation at ~$1.0Bn

− VTS plans to use the proceeds to enhance its commercial property management platform and launch Truva, its CRE marketplace

Series D

Transaction Overview VTS Overview

$90MM Invested

Headquarters: New York, NY

Founded: 2012

Employees: 188

Description: Provider of a commercial property leasing and asset managementplatform. The Company’s platform allows landlords to maximizeportfolio performance by streamlining their leasing and assetmanagement process and unlocking real-time insights

History: Merged with competitor Hightower Inc. in 2016

Current Investors:

Product Summary Market-Leading Position

VTS 3 VTS Marketview

Business Intelligence

Inventory Management

Tenant Management

Deal Management

Real-Time Property Market Metrics

Portfolio Risk Management

Business Intelligence

VTS Fundraising Timeline

Generally a strong sign in any industry when a company’s largest customers are their leading investors. In my opinion, the long-term outlook for VTS is extremely bright as it has found a way to equally align with brokers and owners with value creation tools that optimize otherwise archaic processes.

-Jesse Weber, Managing Director, Newmark Knight Frank”

“

Select Deal CommentarySquare Feet Managed

$10Bn+

47,000Buildings managed

International Markets

35

35,000Users

CRE CASE STUDY: VTS RAISES $90MM IN SERIES D ROUND

(1) ($MM) Seed Series A Series A1 Series B Series C Merger(2) Series D

Date 6/27/12 12/2/13 1/14/15 7/15/15 5/4/16 11/29/16 5/7/19

Amount Raised $1.4 $7.0 $3.3 $21.0 $55.0 $19.2 $90.0

Raised to Date $1.4 $8.4 $11.7 $32.7 $87.7 $106.9 $196.9

Post-Money

Valuation$10.6 $23.5 $33.3 $90.3 $186.0 $300.0 $1,000.0

1616

2/21/19: Zil low announces Q4 results with revenue above Wall Street estimates, driven by

growth in the iBuyer (Homes) segment and

Mortgage revenue up 44% YoY following the acquisition of Mortgage Lenders of America

5/9/19: Zil low announces Q1 results with revenue and EBITDA above Wall Street estimates driven largely by a revenue beat in its Homes segment

6200.0

6700.0

7200.0

7700.0

8200.0

8700.0

$25.00

$30.00

$35.00

$40.00

$45.00

$50.00

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

Shar

e P

rice

(U

SD)

Share Price Nasdaq Dot

5/9/19: Zillow discloses the sale of 414 and purchase of 898 homes in Q1 through its Offers

business, a part of the Homes segment

2/21/19: Zil low announces the appointment of Co-Founder Rich Barton as CEO

RRE TECH SPOTLIGHT – ZILLOW BUILDS MOMENTUM WITH MORTGAGE AND HOMES EXPANSION

Zillow Group (Nasdaq:ZG) YTD Stock Price Performance

55%

25%

(8%)

(37%)

(56%)

Source: Capital IQ , Company filings.(1) Represents period from 1/1/19 through 7/1/19.

.

YTD Stock Price Performance

$47.15

21%

▪ Zillow YTD stock price has outperformed the market, driven by strong momentum behind the Zillow Offers initiative and continued growth of its mortgage

segment with MLOA

▪ Meanwhile, several traditional and tech-driven brokerages have lagged in 1H 2019, partially driven by five straight months of declining YoY home sales to

start the year as well as a fiercely competitive environment to attract and retain top agents

Zillow Performance

(1)

(1)

1717Source: Press releases, public filings, Cowen Research, Susquehanna Financial Group, Pitchbook and company websites.(1)Market capitalization as of 7/1/19.(2)Cowen Research, 4/26/2018.

− On April 12, 2018 Zillow (NasdaqGS: ZG) announced plans to expand its“Offers” (iBuyer) program, following its launch in early 2017

− Zillow’s iBuyer program is now active in Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Phoenix, Raleigh and Riverside and plans to grow the program to 20 markets by 2020

− Zillow believes the iBuyer program represents a $1.8Tn TAM

− In 2018, Zillow purchased 686 and sold 177 homes; the program accelerated in 2019, with 898 purchased and 414 sold homes in Q1 2019 alone; 993 homes are held in inventory as of March 31

− Purchasing homes presents Zillow with an opportunity to enter into adjacent markets such as mortgage / title

Offers Program

Offers Model (2)

− Zillow will focus on single family homes priced between $200k - $300k

− Zillow will commit ~20% of the value of the home in equity, with the remaining balance held as debt

− Zillow will work with lenders to create a funding vehicle to finance these properties

− Zillow assumes a 90-day holding period

Offers Purchasing and Financing

Select iBuyer Landscape as of Apr. 2019

Revenue (Selling price of homes)

Less: Purchase price of homes

Less: Costs to purchase homes (commissions, escrow, title)

Less: Home improvement costs (including direct labor)

Gross Margin

Less: Holding costs (insurance, taxes, HOA fees)

Less: Costs to sell homes (closing costs, commissions, escrow, title)

Less: Corporate overhead (indirect labor, marketing)

EBITDA

“Assuming an average transaction value of ~$260k Zillow can expect a net

operating profit of ~$7k (~3% margin)” (2)

RRE CASE STUDY: ZILLOW CONTINUES ROLL OUT OF ITS OFFERS PROGRAM

Founded

/ Entered Funding ($MM) Current Markets

2014$1,345 Equity /

$3,000 Debt19

2015$150 Equity /

$825 Debt12

2015$58 Equity /

$414 Debt5

2017$56 Equity /

$216 Debt3

2017 Mkt Cap: $9.3Bn 9

2017 Mkt Cap: $1.7Bn 6

2018 Mkt Cap: $843MM 3

(1)

(1)

(1)

1818

26% 24% 26% 30%

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

MORTGAGE / FINANCING TECHNOLOGY SPOTLIGHT

Source: Capital IQ , Mortgage Bankers Association as of 6/25/19.

.

Date Company Select Investor(s)Amt.

InvestedFunding to

DatePost-Money

Valuation

6/24 $130 $310 NA

6/11 $30 $36 $81

5/16 $43 $90 NA



NA

4/1 NA NA NA

Select Q2 Mortgage Tech Capital Raises Select Q2 Mortgage Tech M&A Transactions

($MM)

Date Target AcquirerEnterprise

Value

6/5 NA

6/4(Select Businesses)

NA

5/1 $335

4/24 NA

4/1 NA

LTM Mortgage Origination Refinance ShareLTM Mortgage Origination ($Bn)

▪ Mortgage origination volume declined significantly in Q1 2019, driven by declining purchase volume and a slowdown in refinancing activity

▪ Nevertheless, there continues to be a highly active market in the mortgage tech category on both the M&A and growth capital front

– Thoma Bravo closed its acquisition of Ellie Mae in Q2, Simplifile was acquired by ICE for $335MM and Blend raised $130MM in growth equity from

Temasek and General Atlantic

$334 $346 $291$228

$118 $111$101

$97

$452 $457$392

$325

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

New Purchase Volume

Refinancing Volume

19

($MM) Series A Series B Series B1 Series C Series D Series D1 Series E

Date 6/22/12 10/2/14 7/14/15 12/18/15 8/24/17 3/27/18 6/24/19

Amount Raised $6.1 $11.0 $10.0 $38.0 $100.0 $15.0 $130.0

Raised to Date $6.1 $17.1 $27.1 $65.1 $165.1 $180.1 $310.1

Post-Money

Valuation$20.1 $61.0 $100.0 $270.0 $500.0 $600.0 NA

Headquarters: San Francisco, CA

Founded: 2012

Employees: ~400

Description: Developer of a digital lending platform intended to simplify andfasten consumer finance processes. The company's machine-learning based platform uses verified source data to build aconsumer's complete financial profile, automates third-partyverification to reduce frauds, identifies delay-causing issues andmanages the tasks needed to close a loan.

Current Investors:

Source: Pitchbook, Company website.(1) Pitchbook estimate.

MORTGAGE CASE STUDY: BLEND RAISES $130MM IN SERIES E ROUND

Blend Highlights

Transaction Overview Blend Overview

Blend Fundraising Timeline

Mortgage

Home Equity

Deposit Accounts

Digital Lending Platform

In our conversations with investors over the past few months, it wasclear that there is an appetite to understand and drive the future oftechnology in financial services—and Blend is at the forefront. Financialinstitutions, and lenders specifically, are under increasing pressure fromconsumers to deliver a top-notch digital, intuitive, and satisfyingexperience. Blend’s lending platform can deliver all three.

-Marc Greenberg, Head of Finance, Blend

“

Product SummaryCustomers

Capabilities:

₋ Application Portal/Processing

₋ CRM

₋ Data Management

Third-Party Integrations:

₋ LOS

₋ Lead Generation

₋ Credit

₋ Price Engine

₋ Processing & Underwriting

“

Series E

$130MM Invested

− On June 24, Blend announced that it had raised $130 million in its series E round of funding led by General Atlantic and Temasek that also included 8VC, Founders Fund, Greylock Partners and Lightspeed Venture Partners

− The investment puts Blend’s total equity raised at $310MM

− Blend plans to use the money to grow its team, seek new partnerships, develop new technology and expand its offering into a broader suite of consumer lending products

Powers $1B+ in loans per day with 150+ lending institutions

Select Deal Commentary

(1)

2020

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

25%

3%

14% 6%

58%

(5%)

(49%)

18%

(3%)

Source: Capital IQ.

LTM Share Price Performance

PUBLIC COMPANY PERFORMANCE

RE Media / Portals

Property MgmtSoftware

RE Sharing Economy / Travel

Residential Brokerage

LTM Share Price Performance

25%

Property Management

Software

TREE: 81%QNST: 29%MONY: 12%

Credit / Mortgage Marketing

58%


Public Real Estate Technology Ecosystem

(49%)


RE Data / RE Software

Traditional Mortgage / Title

14%


(5%)


18%

Broader Data

Broader Data

3%


Commercial Brokerage

(3%)


6%

RE Media / Portals

2121

11.8x

6.7x6.0x

5.3x

3.5x 3.1x

1.5x 1.0x 0.9x

21.7x 21.1x

18.2x 18.1x16.3x

12.4x

9.2x 8.6x 8.1x


Traditional Mortgage

/ Title

RE Sharing Economy /

Travel



Property Mgmt

Software

RE Media / Portals

Enterprise Value / 2019E Revenue Enterprise Value / 2019E EBITDA

Public Real Estate Technology Ecosystem

Broader Data

Source: Capital IQ.Multiples represent median value of sector group.



Traditional Mortgage

/ Title

RE Sharing Economy /

Travel



Property Mgmt

Software

RE Media / Portals

Broader Data


PUBLIC COMPANY VALUATION

2019E Revenue / 2019E EBITDA Multiple

5.3x / 21.1x

Property Management

Software

6.0x / 18.1x


1.5x / 8.1x


1.0x / 8.6x


3.5x / 12.4x


6.7x / 18.2x

Broader Data

0.9x / 9.2x


3.1x / 16.3x


11.8x / 21.7x

RE Media / Portals

22

APPENDIX

2323

6/20/2019 NA NA NA NA NA Online multifamily marketplace service for student housing in the United States

6/20/2019 NA NA NA NA NA provider of technology for tracking and engaging potential multifamily property residents and analyzing

marketing returns.

6/12/2019 NA NA NA NA NA Provider of advisory services, data management, partner management, application management and data

analytics for the commercial real estate industry.

6/4/2019 NA NA NA NA NA The credit, flood, income and tax verification services, government services, REO management and disposition,

online foreclosure auction and homeowners association (HOA) tracking units of Chronos Solutions.

6/3/2019 NA NA NA NA NA Provider of research, data and analytics to the commercial real estate industry in North America and Europe.

5/23/2019 NA NA NA NA NA Provider of ERP software and SaaS for the multifamily and commercial real estate sectors, providing features

for accounting, budgeting and forecasting, job costing, lease management, reporting and Web design.

5/13/2019 NA NA NA NA NA Online marketplace and SaaS platform supporting commercial real estate (“CRE”) brokers through property

marketing, transaction management and business intelligence tools.

5/13/2019 NA NA NA NA NA Provider of cloud-based real estate and location data platforms serving more that 350,000 business and

government users.

5/3/2019 $500 NA NA NA NA Provider of cloud-based operations management software that automates enterprise asset management

workflows such as work order, inventory, energy, capital planning and facility scheduling.

5/1/2019 335 NA NA NA NA Operator of a network connecting agents and jurisdictions that underpin residential mortgage records,

streamlining the local recording of residential mortgage transactions.

4/22/2019 NA NA NA NA NAProvider of real etstate transaction forms and transaction management software for the residential real estate

industry.

4/17/2019 NA NA NA NA NAOnline mortgage lender leveraging advanced analytics to offer no origination fees, fast approvals and

competitive rates.

4/3/2019 NA NA NA NA NA Provider of an office space management platform and office management logistics.

4/1/2019 NA NA NA NA NA Provider of loan origination and servicing software systems for the residential real estate lending industry.

3/26/2019 NA NA NA NA NA Provider of an operational cost analytics platform for commercial real estate facilities.

3/19/2019 2,083 3.1x 3.1x 12.3x 12.3x Provider of capital markets and brokerage services to owners of commercial real estate.

3/7/2019 ~400 NA NA NA NA Provider of an online hotel booking platform offering low rates on last-minute bookings.

3/5/2019 NA NA NA NA NA Operator of a real estate appraisal firm that specializes in right-of-way appraisal and litigation.

3/4/2019 NA NA NA NA NA Operator of a luxury residential real estate company focusing on the San Francisco Bay Area.

3/1/2019 NA NA NA NA NA Provider of an online real estate brokerage offering low-cost home sales.

(Select Businesses)

APPENDIX

($MM)

Selected M&A Activity

Source: Capital IQ , Pitchbook and Company filings.(1) Per Skift report, 3/8/19.

20

19

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value LTM NTM LTM NTM Target Description

(1)

2424

2/27/2019 NA NA NA NA NA Provider of AI-based customer relationship management SaaS to real estate brokers and agents.

2/14/2019 NA NA NA NA NAProvides an online platform for home exchanges, connecting like-minded travelers and enabling them to swap

vacation homes.

2/12/2019 $3,390 7.1x 6.3x 27.7x 21.9x Provider of loan origination SaaS for the financial sector.

2/7/2019 NA NA NA NA NA Provider of residential real estate workflow and transaction management software.

2/7/2019 NA NA NA NA NA Developer of a data platform that tracks the identity and behavior of people in the physical world.

2/4/2019 NA NA NA NA NA Provider of operating cost analytics software for large data center operators.

1/9/2019 / NA NA NA NA NA Provider of applicant screening platforms for the multifamily real estate industry and corporate employers.

1/8/2019 NA NA NA NA NA Provider of an AI tool that automates leasing communication for property managers.

1/7/2019 NA NA NA NA NA Provider of national real estate data and analytics.

12/21/2018 105 6.3x NA 8.8x NAProvider of an online analysis website for consumers seeking advice on financial topics such as insurance,

investing and credit cards.

12/20/2018 275 NA NA NA NADeveloper of a construction bid management platform designed to connect businesses in the construction

industry.

12/17/2018 NA NA NA NA NA Provider of marketing services for real estate in Chantilly, Virginia.

12/6/2018 NA NA NA NA NA Provider of real estate settlement and title underwriting services.

12/6/2018 NA NA NA NA NAProvider of an online hotel booking platform intended to serve the travelers, expets and locals around the

world.

12/5/2018 NA NA NA NA NA Provider of software designed to offer workplace space management and optimization.

11/21/2018 NA NA NA NA NAProvider of appraisal and title management services to mortgage originators, quality control companies, due

diligence firms, and other institutions involved in the real estate finance industry.

11/20/2018 875 NA 8.8x NA NA Developer of a construction productivity software intended to deliver real-time project information.

11/8/2018 68 NA NA NA NAProvider of an online property rental management platform designed to make the rental process simple,

secure and intuitive.

11/6/2018 NA NA NA NA NA Provider of information services that help clients in processing real estate transactions.

10/25/2018 NA NA NA NA NA Developer of a property management platform designed to offer information on short-term rentals.

APPENDIX

($MM)

Selected M&A Activity

Source: Capital IQ , Pitchbook and Company filings.(1) EBITDA multiples based on adjusted EBITDA.

20

19

(1) (1)



20

18

2525

10/22/2018 $122 3.5x NA 40.2x NAProvides SaaS-based insurance claims management mobile applications for businesses in the property and

health insurance sector. Also provides insurance claims analytics and change management services.

10/12/2018 57 NA NA NA NA Developer of data analytics platform intended to provide business intelligence to manage properties.

10/4/2018 370 2.0x NA 11.7x NAProvides an online automotive, home, renter's and health insurance quote comparison service for consumers

as well as lead generation services for insurance agents and other businesses.

10/2/2018 NA NA NA NA NAOperates a high-end serviced home rentals platform for rental properties in sixteen countries around the

world.

10/1/2018 NA NA NA NA NALoanDecisions, LoanLogics' product, pricing and eligibility (PPE) unit, offers a platform that allows lenders to

quickly process and price mortgages and other loan products.

9/11/2018 NA NA NA NA NA Provides an online marketplace designed to make buying a home simple and affordable.

8/30/2018 263 5.1x 4.6x 17.0x 14.9x Provides information and marketing services to the commercial real estate industry.

8/29/2018 NA NA NA NA NA Leading luxury real estate brokerage serving California.

8/29/2018 210 NA NA NA NADevelops an online real estate referrals platform designed to match top agents with qualified home buyers and

sellers in real-time.

8/22/2018 NA NA NA NA NA Provides an online platform designed to offer on-demand home repair services.

8/8/2018 6,675 3.7x 3.8x 12.5x 12.6x Provider of business information and software for risk and supply management decisions.

8/6/2018 NA NA NA NA NA Operates an online direct mortgage lending company.

8/2/2018 117 5.9x NA NA NA Operates an innovative interactive media company intended to support the apartment industry.

8/2/2018 NA NA NA NA NAFocuses on reducing expense and exposure of clients' portfolios from origination to disposition, enabling

clients to manage risk across the mortgage lifecycle.

7/31/2018 2,000 7.4x NA 20.0x NA Provides enterprise contract management software.

7/10/2018 NA NA NA NA NADevelops whole loan mortgage trade management software intended to bring automation and transparency to

the spot market for mortgage loans.

7/10/2018 NA NA NA NA NA Develops cloud-based software intended to improve government processes.

7/9/2018 NA NA NA NA NA Operates a residential real estate brokerage in the San Francisco Bay Area.

7/2/2018 39 1.1x NA 12.2x NA Provides commission free real estate services.

6/12/2018 290 NA NA NA NADevelops real-time facility support software services intended for facility maintenance management and

process optimization.

(Mortgage Solutions Business)

(LoanDecisions Unit)

Source: Capital IQ , Pitchbook and Company filings.(1) Includes $70.2MM in potential earn-outs.(2) Multiples based on $300MM up-front consideration.(3) Includes $14.0MM in potential earn-outs.

APPENDIXSelected M&A Activity (cont’d)

($MM)

(3)

20

18

(1) (2) (2)



2626

6/6/2018 NA NA NA NA NAProvides software which helps maintenance teams manage work orders, organize / execute preventative

maintenance, predict asset maintenance and manage enterprise assets and equipment inventory.

6/4/2018 NA NA NA NA NA Developer of facility scheduling and event management software.

6/4/2018 NA NA NA NA NA Develops a mortgage processing software designed to accelerate the speed and scaling of mortgage processing.

5/11/2018 $3,208 9.7x 7.6x 27.8x 19.6xProvides a searchable real estate classified ads website of properties for sale or rent for consumers in the UK.

Also provides online home value reference content and related rental mobile apps.

5/1/2018 97 NA NA NA NA Provider of property data analytics to the financial sector.

4/23/2018 1,200 NA 6.0x NA NA Provides cloud, SaaS, and on premise commercial construction software solutions.

4/20/2018 219 9.9x 6.8x NA NA Provides a SaaS-based payment and billing platform for the multi-family and commercial real estate industry.

4/12/2018 NA NA NA NA NA Develops desktop, mobile, and Web tools for real estate and mortgage industries.

3/21/2018 NA NA NA NA NA Provides cloud-based medical device and facilities management SaaS for the healthcare industry.

3/18/2018 1,138 0.6x 0.6x 10.1x 7.8x Provides title insurance and real estate transaction services.

3/13/2018 205 2.8x NA NA NA Provides environmental risk information services and solutions.

3/8/2018 NA NA NA NA NA Provides housing software and services intended to help housing authorities effectively manage processes.

2/12/2018 3,587 2.2x 1.7x NM NMProvides servicing, origination, and transaction based services primarily to single-family residences in the

United States.

2/8/2018 NA NA NA NA NA Develops software for property management.

2/7/2018 419 NA NA NA NAProvides automotive finance and real-estate lending software solutions for banks, thrifts, credit unions,

mortgage companies, and captive finance companies in the United States.

2/2/2018 485 9.2x NA NA NAProvides cloud-based construction program management software to meet the needs of repeat builders in the

construction industry.

1/3/2018 NA NA NA NA NAProvides mobile physical asset management and surveying SaaS for the education, retail, healthcare,

government, infrastructure, leisure and commercial property sectors globally.

12/14/2017 NA NA NA NA NA Provides property management, accounting and facilities management software.

11/17/2017 NA NA NA NA NAProvides an online portal that provides information on real estate properties. Its portal provides ads and other

advertising materials for real estate.

11/16/2017 NA NA NA NA NADevelops an online rental platform designed to help people with disabilities find reasonable and accessible

accommodations when traveling.

(Lending Solutions Business)

(Australia)

Source: Capital IQ , Pitchbook and Company filings.(1) Represents value of the 55% stake acquired.


($MM)

($MM)

20

18



(1)

20

17

2727

11/7/2017 NA NA NA NA NA Provides engineering content management software for businesses and government agencies globally.

10/23/2017 NA NA NA NA NA Developer of rental housing software designed to manage complex tenancy relationships.

10/17/2017 NA NA NA NA NAProvides a cloud-based software system for clients in the condominium development and sales sector with a

comprehensive web-based application.

10/16/2017 NA NA NA NA NADevelops cloud-based transaction management systems designed to create, store, sign and manage all listing,

sales and lease files online.

10/16/2017 NA NA NA NA NAProvides housing management software for public housing authorities and private affordable housing

developments.

10/4/2017 NA NA NA NA NADevelops and supplies real estate management software designed to provide full access to vital information in

real estate.

10/2/2017 NA NA NA NA NADevelops a SaaS-based real estate transaction management software created to help real estate agents manage

their transactions online.

9/12/2017 $385 3.9x NA 25.7x NAOperates an online rental search destination that connects apartment shoppers to rental properties throughout

the United States and Canada.

9/8/2017 NA NA NA NA NA Provider of real estate listing management technology to developers and builders.

8/31/2017 128 NA NA NA NAProvides cloud-based intelligent sales software that enables mortgage companies to close more loans by

helping loan officers respond quickly to prospective borrowers.

8/9/2017 NA NA NA NA NA Provides Web-based integrated workplace management SaaS for enterprises.

8/2/2017 1,700 NA NA 18.9x NAProvides an online real estate marketplace allows people to buy and sell commercial and residential real estate

properties online using desktop and mobile technology.

8/2/2017 250 NA NA NA NAProvides a real estate leasing platform that facilitates communicaty marketing, renter qualification, lease

contract generation and document storage.

8/1/2017 NA NA NA NA NA Provides mortgage loan application software, loan origination software, and data security solutions.

7/25/2017 NA NA NA NA NA Develops customer relationship management software and a marketing platform for real estate professionals.

7/10/2017 NA NA NA NA NA Provides an online marketplace that connects borrowers and lenders.

7/3/2017 1,434 3.0x 2.8x 14.2x 11.1x Provider of financial publishing services in the United States.

6/19/2017 70 2.3x NA NA NA Provider of utility management and energy services.

6/13/2017 78 NA NA NA NAProvider of an online real estate agent platform, offering agents maximum property exposure and a host of

services.

6/6/2017 NA NA NA NA NAProvider of an appraisal management platform that uses desktop and cloud-based valuation supply chain

technology that connects all of the parties involved in the appraisal process.

Mean 4.6x 4.7x 18.3x 13.2x

Median 3.7x 4.6x 15.6x 12.6x


($MM)

($MM)

Source: Capital IQ , Pitchbook and Company filings.

20

17



2828

APPENDIXReal Estate Technology Ecosystem

Source: Capital IQ.“NM” signifies multiple >40x.

($MM, except per share data)

Stock Trading Metrics Operating Metrics

Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA CY Rev. Growth EBITDA Margin

Company 07/01/19 Value Debt Value CY18A CY19E CY18A CY19E CY18A CY19E 17A/18A 18A/19E CY18A CY19E

RE Media / Portals

CoStar Group, Inc. $559.35 $20,440 ($1,088) $19,352 $1,192 $1,380 16.2x 14.0x NM 38.8x 23.5% 15.8% 29.6% 36.1%

Zillow Group, Inc. $47.15 9,674 (414) 9,260 1,334 2,363 6.9x 3.9x NM NM 23.8% 77.2% 1.5% 2.1%

Scout24 AG $54.42 5,906 797 6,702 630 699 10.6x 9.6x 24.6x 18.4x 7.6% 10.9% 43.2% 52.2%

REA Group Limited $68.09 8,969 176 9,145 660 657 13.9x 13.9x 27.1x 23.9x 10.3% (0.4%) 51.1% 58.3%

Rightmove plc $6.86 6,086 (9) 6,077 341 366 17.8x 16.6x 23.6x 21.7x 3.8% 7.1% 75.4% 76.7%

LIFULL Co., Ltd. $4.65 624 (54) 571 317 389 1.8x 1.5x 10.7x 10.3x 74.2% 22.7% 16.8% 14.2%

RE Media / Portals

Mean 11.2x 9.9x 21.5x 22.6x 24% 22% 36% 40%

Median 12.2x 11.8x 24.1x 21.7x 17% 13% 36% 44%


Black Knight, Inc. $60.66 $8,959 $1,694 $10,652 $1,114 $1,191 9.6x 8.9x 29.4x 18.0x 5.9% 6.9% 32.6% 49.6%

CoreLogic, Inc. $42.31 3,414 1,797 5,210 1,788 1,677 2.9x 3.1x 13.4x 11.1x (3.4%) (6.2%) 21.8% 28.0%

Altus Group Limited $24.44 969 137 1,106 374 425 3.0x 2.6x 26.2x 18.2x (1.6%) 13.6% 11.3% 14.3%

Real Matters Inc. $5.22 447 (63) 383 268 294 NM NM NM 23.0x NA NA NM NM


Mean 5.1x 4.9x 23.0x 17.6x 0% 5% 22% 31%

Median 3.0x 3.1x 26.2x 18.1x (2%) 7% 22% 28%

Property Management Software

RealPage, Inc. $59.29 $5,471 $464 $5,935 $869 $991 6.8x 6.0x NM 21.1x 29.6% 14.0% 16.2% 28.3%

AppFolio, Inc. $103.23 3,510 38 3,549 190 254 18.7x 13.9x NM NM 32.2% 33.9% 12.9% 16.2%

Agilysys, Inc. $22.24 516 (41) 475 136 152 3.5x 3.1x NM NM 8.2% 11.7% (4.9%) 7.3%

Property Management Software

Mean 9.7x 7.7x NM 21.1x 23% 20% 8% 17%

Median 6.8x 6.0x NM 21.1x 30% 14% 13% 16%


eXp World Holdings, Inc. $10.82 $667 ($18) $650 $500 $931 1.3x 0.7x NM NM 220.4% 86.2% (4.3%) 1.4%

Purplebricks Group plc $1.23 376 (82) 295 163 201 1.8x 1.5x NM NM 48.4% 22.8% (27.7%) (5.1%)

Realogy Holdings Corp. $6.87 785 4,380 5,165 5,873 5,900 0.9x 0.9x 7.8x 8.9x (3.9%) 0.5% 11.3% 9.9%

Redfin Corporation $17.94 1,632 (218) 1,414 487 663 2.9x 2.1x NM NM 31.6% 36.1% (7.3%) (8.9%)

RE/MAX Holdings, Inc. $30.70 547 227 774 213 288 3.6x 2.7x 8.0x 7.3x 9.8% 35.4% 45.6% 36.6%


Mean 2.1x 1.6x 7.9x 8.1x 61% 36% 4% 7%

Median 1.8x 1.5x 7.9x 8.1x 32% 35% (4%) 1%

2929

APPENDIXReal Estate Technology Ecosystem (cont’d)

Source: Capital IQ.“NM” signifies multiple >40x.






CBRE Group, Inc. $52.32 $17,218 $4,270 $21,488 $21,340 $23,226 1.0x 0.9x 13.6x 10.7x 14.6% 8.8% 7.4% 8.6%

Colliers International Group Inc. $71.36 2,817 1,003 3,820 2,825 3,102 1.4x 1.2x 12.6x 10.3x 16.0% 9.8% 10.7% 12.0%

Cushman & Wakefield plc $17.95 3,891 2,814 6,705 8,220 8,837 0.8x 0.8x 22.1x 9.2x 18.7% 7.5% 3.7% 8.2%

Jones Lang LaSalle Incorporated $141.13 6,455 2,049 8,504 9,090 9,646 0.9x 0.9x 8.7x 8.9x 14.1% 6.1% 10.7% 9.9%

Newmark Group, Inc. $9.14 1,632 1,558 3,190 1,865 2,166 1.7x 1.5x 9.9x 5.6x 19.4% 16.1% 17.3% 26.5%

Savills plc $11.38 1,549 (94) 1,455 2,245 2,244 0.6x 0.6x 7.6x 7.5x 3.8% (0.1%) 8.5% 8.7%

Marcus & Millichap, Inc. $30.77 1,201 (236) 966 747 782 1.3x 1.2x 8.1x 9.5x 3.8% 4.7% 15.9% 13.1%


Mean 1.1x 1.0x 11.8x 8.8x 13% 8% 11% 12%

Median 1.0x 0.9x 9.9x 9.2x 15% 8% 11% 10%


Fidelity National Financial, Inc. $40.69 $11,184 $222 $11,406 $5,088 $7,772 2.2x 1.5x 11.7x 9.1x (33.6%) 52.7% 19.1% 16.1%

First American Financial Corporation $54.25 6,081 (144) 5,937 5,802 5,882 1.0x 1.0x 7.5x 6.4x 0.5% 1.4% 13.6% 15.8%

Radian Group Inc. $23.57 4,903 (346) 4,557 1,311 1,430 3.5x 3.2x 5.7x NM 7.4% 9.1% NA NA

Stewart Information Services Corporation $40.52 966 82 1,048 1,908 1,871 0.5x 0.6x 9.0x 8.6x (2.5%) (1.9%) 6.1% 6.5%

Altisource Portfolio Solutions S.A. $20.34 331 284 615 838 782 0.7x 0.8x NM NM (11.0%) (6.7%) 0.3% 0.1%


Mean 1.6x 1.4x 8.5x 8.0x (8%) 11% 10% 10%

Median 1.0x 1.0x 8.2x 8.6x (2%) 1% 10% 11%


LendingTree, Inc. $415.69 $5,354 $388 $5,741 $765 $1,082 7.5x 5.3x NM 26.6x 23.8% 41.5% 13.1% 19.9%

Moneysupermarket.com Group PLC $5.15 2,764 (38) 2,726 453 494 6.0x 5.5x 18.2x 15.3x 1.7% 8.9% 33.0% 36.2%

QuinStreet, Inc. $15.27 766 (67) 699 446 484 1.6x 1.4x 26.6x 16.3x 33.0% 8.5% 5.9% 8.8%


Mean 5.0x 4.1x 22.4x 19.4x 20% 20% 17% 22%

Median 6.0x 5.3x 22.4x 16.3x 24% 9% 13% 20%


Booking Holdings Inc. $1,898.42 $82,185 $5,163 $87,348 $14,527 $15,283 6.0x 5.7x 15.1x 14.8x 14.6% 5.2% 39.8% 38.6%

Expedia Group, Inc. $133.24 19,821 114 19,935 11,223 12,136 1.8x 1.6x 15.8x 8.9x 11.6% 8.1% 11.3% 18.5%

TripAdvisor, Inc. $46.79 6,505 (639) 5,866 1,615 1,685 3.6x 3.5x 24.8x 12.4x 3.8% 4.4% 14.7% 28.1%


Mean 3.8x 3.6x 18.5x 12.0x 10% 6% 22% 28%

Median 3.6x 3.5x 15.8x 12.4x 12% 5% 15% 28%

3030Source: Capital IQ.“NM” signifies multiple >40x.

APPENDIXReal Estate Technology Ecosystem (cont’d)

Broader Data

Experian plc $30.42 $27,443 $3,318 $30,761 $4,843 $5,020 6.4x 6.1x 18.6x 18.2x 7.1% 3.7% 34.2% 33.7%

TransUnion $73.50 13,764 3,893 17,658 2,317 2,617 7.6x 6.7x 21.5x 17.4x 19.8% 12.9% 35.4% 38.8%

Equifax Inc. $135.83 16,412 2,749 19,160 3,412 3,466 5.6x 5.5x 25.7x 16.1x 1.5% 1.6% 21.8% 34.3%

Moody's Corporation $198.33 37,603 4,850 42,453 4,443 4,678 9.6x 9.1x 20.1x 19.0x 5.7% 5.3% 47.5% 47.7%

Fair Isaac Corporation $316.74 9,182 745 9,928 1,062 1,160 9.3x 8.6x NM 28.0x 12.4% 9.2% 23.2% 30.6%

Broader Data

Mean 7.7x 7.2x 21.5x 19.7x 9% 7% 32% 37%

Median 7.6x 6.7x 20.8x 18.2x 7% 5% 34% 34%





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