Financial Technology Sector Summary · 2014-09-10 · Temenos Group AG 2,587 58% 27.7 ACI...

Financial Technology Sector SummarySeptember 10, 2014

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

V. Healthcare / Insurance

Financial Technology Sector SummaryTable of Contents

I. GCA Savvian Overview

Firm Statistics

Global Advisory Firm

GCA Savvian Focus

� Full spectrum of buy-side, sell-side and strategic advisory

� Public and private company experience

� Strategic early-stage growth companies through industry defining, multi-billion dollar transactions

Senior level attention and focus, extensive transaction

experience and deep domain insight

� Agented private capital raiser

� Equity and debt capital markets advisory services

� Core competency, with important relationships among the venture capital and private equity community

Relationships and marketintelligence; a highly experienced team in

the industry

Mergers & Acquisitions Private Capital Markets� Over 225 professionals today

� Headquarters in San Francisco and Tokyo; offices in New York, London, Shanghai, Mumbai, and Osaka

� Provides mergers and acquisitions advisory services, private capital & capital markets advisory services, and principal investing

� Over 500 transactions completed

� Publicly traded on the Tokyo Stock Exchange (2174)

GCA Savvian OverviewHighlights

Market Positioning

3

� Senior Team with

Unparalleled Transaction

Experience

� Highest Quality Client

Service

� Broad Network Including

Global 1000 Relationships

� M&A Advisory and Capital

Raising Expertise

Bulge Bracket

Transaction Expertise

� Growth Company Focus

� Sector Expertise / Domain

Knowledge

� Private Capital Access

� Late Stage Private through

Public Company Orientation

Growth Sector Focus

4

� GCA Savvian divides Financial Technology into three broad categories

− Payments & Banking

− Securities & Capital Markets

− Healthcare & Insurance

Payments & Banking Securities & Capital Markets

Financial Technology

AnalyticsATMs

Bill PaymentCollections

Core ProcessingFinancial Outsourcing

Information ProcessingIssuer ProcessingMarketing / Offers

Merchant AcquiringMobile

Money TransferOnline LendingP2P Lending

Prepaid

Crowd Funding

Digital Media

e-Brokerage

Exchanges

Hedge Fund Administration

Index Businesses

Mutual Fund Processing

Personal Financial Mgmt.

Risk & Analytics

Securities Brokerage

Software / SaaS

Trading Platforms

Healthcare & Insurance

BPO / IT Services

Brokerage

Claims Processing

Collections

CRM

Document Management

eCommerce

Information and Analytics

Payments

Risk Management

Software / SaaS

Title / Appraisal

GCA Savvian OverviewFinancial Technology Landscape

5

San Francisco150 California St., Ste. 2300San Francisco, CA 94111

United StatesPhone: (415) 318-3600

New York1330 Ave. of the Americas, 28

thFl.

New York, NY 10019United States

Phone: (212) 999-7090

GCA Savvian OverviewFinancial Technology Team

Sean MinnihanManaging Director


Phone: (212) 999-7077Mobile: (917) 364-6230

[email protected]

Steve FletcherManaging Director

Digital Media

Phone: (415) 318-3661Mobile: (415) 518-6725

[email protected]

Derek BellDirector

Business Services

Phone: (212) 999-7089Mobile: (914) [email protected]

Paul DiNardoAdvisory Director

Software

Phone: (212) 999-7097Mobile: (650) 483-7246

[email protected]

Dick FilippiniDirectorMobile

Phone: (415) 318-3688Mobile: (415) 297-3420

[email protected]

Rob FreimanVice President


Phone: (212) 999-7075Mobile: (973) 229-0436

[email protected]

Zeke NavarDirector

Healthcare IT

Phone: (415) 783-3276Mobile: (917) 229-0436

[email protected]

Alexander BerryAnalyst

Phone: (212) 999-7079Mobile: (818) 851-2300

[email protected]

II. Market Summary

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6/5/14 6/13/14 6/22/14 6/30/14 7/8/14 7/16/14 7/24/14 8/1/14 8/10/14 8/18/14 8/26/14 9/3/1490

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100

105

110

115

120

125

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135

9/5/13 10/6/13 11/5/13 12/5/13 1/6/14 2/5/14 3/7/14 4/7/14 5/8/14 6/8/14 7/8/14 8/7/14

7

Last 12 Months

Notes:1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, DRIV, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, TSS, UEPS, V, VNTV, WEX, WU, XOOM,

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, RATE, TRI.4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN.5) Trading Platforms: BGCP, GFIG, INTL, ITG, MKTX.6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW.7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, PFMT, QTWO, SWX: TEMN.8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX.9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK.

Last 3 Months

Market SummaryIndustry Stock Market Performance

Financial Data, Content,& Analytics

(3)

Payments

(1)

Online Broker Dealers(6)

Exchanges

(2)

Investment Services,Software, & Technology

(8)

Information Processors /Credit Bureaus

(4)

(5)Trading Platforms

(7)Banking & LendingTechnology

Healthcare / InsuranceTechnology

(9)

8

Market SummaryIndexed Price Performance by Sector

Last 3 Months 1 Year 3 Years

Notes: Numbers represent medians of sub-sectors. Details available in later pages.

1.1%

3.5%

4.6%

6.0%

7.1%

7.8%

8.3%

9.8%

10.0%

0.0% 10.0% 20.0%

Payments

Information Processors /Credit Bureaus

Investment Services,Software, & Technology

Banking & LendingTechnology

Financial, Data, Content,& Analytics

Trading Platforms

Healthcare / InsuranceTechnology

Online Broker Dealers

Exchanges

19.8%

6.3%

17.0%

30.3%

25.1%

12.3%

19.4%

28.0%

18.0%

0.0% 10.0% 20.0% 30.0% 40.0%

125.9%

85.0%

99.6%

108.8%

73.0%

53.7%

93.5%

140.8%

36.9%

0.0% 50.0% 100.0% 150.0%

9

Market SummaryLong-Term EPS Growth and LTM EBITDA Margins

Long-Term EPS Growth LTM EBITDA Margins (1)

Notes: Numbers represent medians of sub-sectors. Details available in later pages.(1) Online Broker Dealers and Trading Platforms not material.

16.4%

19.4%

21.4%

25.7%

26.0%

36.3%

57.3%

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

Exchanges

10.1%

11.5%

11.9%

12.4%

13.4%

13.8%

16.0%

16.5%

18.1%

0% 5% 10% 15% 20% 25% 30%

Exchanges




Payments



Trading Platforms


10

Market SummaryPrice / Earnings Multiples and PEG Ratios

2014E Price / Earnings Multiples 2014E PE / Growth ( “PEG” Ratio)

Notes: Numbers represent medians of sub-sectors. Details available in later pages.

16.1x

18.1x

19.6x

20.0x

21.2x

21.5x

22.3x

23.2x

23.5x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

Trading Platforms

Payments



Exchanges





1.1

1.1

1.2

1.3

1.3

1.5

1.6

1.7

2.0

0.0 0.5 1.0 1.5 2.0 2.5


Trading Platforms

Payments






Exchanges

11

Market SummaryLTM Price Performance and 2014 P/E – Payments / Banking

Source: CapitalIQ and Wall Street Research.

($MM)

Prepaid Market Cap.LTM Price

Performance P/E 2014

Blackhaw k Netw ork Holdings, Inc. $1,449 11% 22.1xGreen Dot Corporation 867 (23%) 13.1Net 1 Ueps Technologies Inc. 630 31% 6.0Higher One Holdings, Inc. 176 (49%) 6.5

Sector Average $781 (8%) 11.9x

ATM / Kiosks Market Cap.LTM Price


Outerw all Inc. $1,220 3% 10.6xCardtronics Inc. 1,562 (3%) 15.3Global Cash Access Holdings, Inc. 496 (3%) 8.8

Sector Average $1,093 (1%) 11.6x

POS Hardw are / Technology Market Cap.LTM Price


NCR Corp. $5,638 (8%) 11.2xIngenico SA 5,462 32% 23.1MICROS Systems, Inc. 5,095 36% 24.2VeriFone Systems, Inc. 3,899 66% 21.2PAR Technology Corporation 73 7% NA

Sector Average $4,033 27% 19.9x

Banking and Lending Technology Market Cap.LTM Price


Intuit Inc. $23,841 31% 26.2xFidelity National Information Services, Inc. 16,700 31% 18.9Fiserv, Inc. 16,354 34% 19.5Jack Henry & Associates Inc. 4,787 15% 23.6Temenos Group AG 2,587 58% 27.7ACI Worldw ide, Inc. 2,223 18% 22.7Bottomline Technologies (de), Inc. 1,102 4% 19.4Ellie Mae, Inc. 959 11% 33.9Performant Financial Corporation 448 NA 23.5Q2 Holdings, Inc. 512 NA NM


Information Processors / Credit Bureaus Market Cap.LTM Price


Experian plc $17,348 (2%) 18.6xEquifax Inc. 9,725 34% 20.6Fair Isaac Corporation 1,930 19% 16.4Acxiom Corporation 1,442 (26%) 24.8Intersections Inc. 76 (57%) NM

Sector Average $6,104 (6%) 20.1x

($MM)

Networks Market Cap.LTM Price


Visa Inc. $133,483 22% 23.8xAmerican Express Company 93,783 21% 16.3MasterCard Incorporated 89,002 22% 25.5eBay Inc. 66,901 4% 18.1Discover Financial Services 29,451 31% 12.0


Merchant Processing Market Cap.LTM Price


Cielo SA $28,539 50% 19.7xTotal System Services, Inc. 5,843 11% 16.5Wirecard AG 4,638 15% 32.0Global Payments Inc. 4,943 (36%) 16.6Vantiv, Inc. 4,444 (14%) 16.1EVERTEC, Inc. 1,816 99% 13.8Heartland Payment Systems, Inc. 1,750 (58%) 20.5Optimal Payments Plc 1,232 126% 23.9Digital River Inc. 505 (7%) 34.6Planet Payment, Inc. 141 2% 28.2JetPay Corporation 21 (60%) NA


Money Transfer Market Cap.LTM Price


The Western Union Company $9,292 (3%) 11.9xEuronet Worldw ide Inc. 2,726 46% 20.8Xoom Corporation 866 (19%) 97.7Moneygram International Inc. 760 NA 10.6


Closed Loop Market Cap.LTM Price


Alliance Data Systems Corporation $14,547 32% 21.1xFleetCor Technologies, Inc. 11,841 37% 28.0Edenred SA 6,506 (6%) 26.2WEX Inc. 4,396 40% 22.9


12

Market SummaryLTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics

Source: CapitalIQ and Wall Street Research.

($MM)

Exchanges - Americas Market Cap.LTM Price


CME Group Inc. $25,689 4% 24.2xIntercontinentalExchange Group, Inc. 21,496 3% 21.2BM&F Bovespa SA 11,533 20% 20.9The Nasdaq OMX Group, Inc. 7,276 42% 14.9CBOE Holdings, Inc. 4,544 18% 24.6TMX Group Limited 2,710 NA 13.4Bolsa Mexicana de Valores SAB de CV 1,337 (2%) 23.8


Exchanges - Asia Market Cap.LTM Price


Hong Kong Exchanges & Clearing Limited 27,330 44% 41.1xASX Limited 6,628 9% 18.1Singapore Exchange Limited 6,180 2% 24.4Bursa Malaysia Bhd 1,350 14% 22.4


Exchanges - Europe Market Cap.LTM Price


Deutsche Boerse AG 13,089 (1%) 15.4xLondon Stock Exchange Group plc 9,061 33% 18.8Bolsas y Mercados Españoles 3,503 42% 16.9JSE Limited 847 26% NAHellenic Exchanges - Athens Stock Exchange S.A. Holding636 28% 18.8GPW 493 9% 13.5


Trading Platforms Market Cap.LTM Price


MarketAxess Holdings Inc. $2,224 10% 31.9xKCG Holdings, Inc. 1,339 26% 16.4BGC Partners, Inc. 1,635 33% 13.3Investment Technology Group Inc. 591 (4%) 13.3GFI Group Inc. 576 13% NMINTL FCStone Inc. 354 (5%) 16.1


($MM)

Investment Services, Software, & Technology Market Cap.

LTM Price Performance P/E 2014

SEI Investments Co. $6,199 24% 19.8xBroadridge Financial Solutions, Inc. 5,160 44% 19.9DST Systems Inc. 3,656 27% 17.9SS&C Technologies Holdings, Inc. 3,795 26% 19.6TIBCO Softw are Inc. 3,600 (8%) 26.9Financial Engines, Inc. 1,862 (36%) 38.2Advent Softw are, Inc. 1,710 20% 23.1Envestnet, Inc. 1,599 67% 62.9


Financial Data, Content, & Analytics Market Cap.LTM Price


Thomson Reuters Corporation $30,627 13% 19.9xMcGraw Hill Financial, Inc. 22,905 41% 21.8Moody's Corporation 20,110 50% 23.7Verisk Analytics, Inc. 10,761 2% 26.8MSCI Inc. 5,401 21% 23.2FactSet Research Systems Inc. 5,414 21% 23.3Dun & Bradstreet Corp. 4,370 19% 16.1Morningstar Inc. 3,080 (10%) 27.1Bankrate, Inc. 1,420 (21%) 19.9


Online Broker Dealers Market Cap.LTM Price


The Charles Schw ab Corporation $37,328 31% 29.7xTD Ameritrade Holding Corporation 17,859 22% 23.1E*TRADE Financial Corporation 6,318 41% 21.6Interactive Brokers Group, Inc. 1,358 37% 21.2FXCM Inc. 1,099 (25%) NMGAIN Capital Holdings, Inc. 264 (35%) NM


III. Payments / Banking

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.

(1)

Payments / BankingPublic Company Valuations: Financial Metrics

14

$MM, Except Per Share Data

Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth9/5/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ

NetworksVisa Inc. $214.21 $175.05 $235.50 $133,483 ($4,064) $129,419 10.0x 9.0x 14.8x 13.1x 23.8x 20.0x 17.1% 1.2 11.4% 5.1%American Express Company 89.61 72.08 96.24 93,783 39,839 133,622 3.9 3.8 14.3 14.0 16.3 14.9 10.6% 1.4 4.9% 5.7%MasterCard Incorporated 76.86 62.71 84.75 89,002 (4,220) 84,782 8.9 8.1 15.3 13.4 25.5 21.4 17.2% 1.2 10.1% 13.4%eBay Inc. 53.90 48.06 59.70 66,901 (2,048) 64,853 3.6 3.1 10.9 9.8 18.1 15.9 12.4% 1.3 13.9% 12.6%Discover Financial Services 63.76 47.71 64.44 29,451 13,254 42,705 4.9 4.7 NA NA 12.0 11.3 7.1% 1.6 3.6% 0.6%

Mean 6.3x 5.7x 13.8x 12.6x 19.1x 16.7x 12.9% 1.3 8.8% 7.5% Median 4.9 4.7 14.5 13.3 18.1 15.9 12.4% 1.3 10.1% 5.7%

Merchant ProcessingCielo SA $18.23 $12.49 $20.93 $28,539 $868 $29,406 7.9x 7.2x 15.7x 14.1x 19.7x 17.0x 16.9% 1.0 10.3% 14.2%Total System Services, Inc. 31.47 26.50 33.44 5,843 1,210 7,054 2.9 2.6 10.0 8.8 16.5 14.3 11.0% 1.3 9.6% 30.4%Global Payments Inc. 72.49 47.68 74.46 4,943 1,252 6,195 2.3 2.2 11.0 10.4 16.6 14.9 11.2% 1.3 6.3% 9.0%Wirecard AG 37.55 31.58 44.52 4,638 (889) 3,749 4.8 4.0 17.1 13.8 32.0 24.3 27.0% 0.9 20.8% 30.5%Vantiv, Inc. 30.44 25.21 34.90 4,444 3,256 7,700 5.5 4.7 11.4 9.6 16.1 13.9 14.3% 1.0 17.5% 17.2%EVERTEC, Inc. 23.10 20.64 26.33 1,816 671 2,487 6.7 6.3 13.6 12.5 13.8 12.8 13.7% 0.9 6.2% 2.2%Heartland Payment Systems, Inc. 48.64 36.95 50.44 1,750 142 1,893 2.9 2.5 10.7 8.8 20.5 16.7 15.0% 1.1 13.1% 6.6%Optimal Payments Plc 7.62 3.52 8.48 1,232 (153) 1,079 3.3 2.6 14.7 11.1 23.9 19.0 43.0% 0.4 27.3% 35.3%Digital River Inc. 15.80 13.61 19.67 505 (257) 248 0.7 0.6 4.7 4.3 34.6 24.7 10.0% 2.5 6.6% (3.1%)Planet Payment, Inc. 2.54 2.05 4.03 141 (6) 134 2.6 2.0 11.7 7.0 28.2 12.7 25.0% 0.5 25.6% 1.0%JetPay Corporation 1.80 1.35 5.00 21 15 36 NA NA NA NA NA NA NM NA NA 6.0%


Money TransferThe Western Union Company $17.54 $14.60 $19.50 $9,292 $2,150 $11,443 2.0x 2.0x 8.5x 8.2x 11.9x 11.2x 9.3% 1.2 2.8% 1.4%Euronet Worldwide Inc. 51.95 35.60 54.66 2,726 3 2,729 1.7 1.5 11.6 9.7 20.8 17.6 14.3% 1.2 12.0% 15.8%Xoom Corporation 22.68 16.90 36.07 866 (206) 660 4.1 3.3 44.4 26.0 97.7 51.7 20.0% 2.6 24.7% 19.0%Moneygram International Inc. 13.92 12.45 21.95 760 968 1,728 1.2 1.1 5.9 5.7 10.6 9.9 12.4% 0.8 2.6% 2.0%


Closed LoopAlliance Data Systems Corporation $261.97 $196.19 $300.49 $14,547 $9,653 $24,199 4.6x 4.1x 15.7x 13.8x 21.1x 18.0x 15.3% 1.2 11.9% 23.1%FleetCor Technologies, Inc. 142.24 98.41 149.92 11,841 1,174 13,015 11.8 9.8 20.1 16.8 28.0 23.8 12.0% 2.0 20.0% 23.8%Edenred SA 28.77 26.62 35.12 6,506 960 7,465 5.6 5.1 15.3 13.4 26.2 22.1 10.9% 2.0 8.9% 2.6%WEX Inc. 113.43 78.78 118.30 4,396 389 4,785 5.9 5.0 13.6 11.4 22.9 19.4 13.5% 1.4 17.6% 13.1%


15Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.

Payments / BankingPublic Company Valuations: Financial Metrics (Cont.)



PrepaidBlackhawk Network Holdings, Inc. $27.44 $20.25 $29.73 $1,449 ($126) $1,324 0.9x 0.8x 9.6x 8.1x 22.1x 18.2x 19.5% 0.9 18.0% 25.7%Green Dot Corporation 18.46 16.53 26.87 867 (718) 149 0.2 0.2 1.2 1.1 13.1 12.0 20.0% 0.6 9.9% 4.5%Net 1 Ueps Technologies Inc. 13.71 7.03 13.76 630 19 649 1.0 0.9 4.0 3.9 6.0 7.0 10.0% 0.7 NA 55.0%Higher One Holdings, Inc. 3.73 3.47 10.69 176 85 261 1.2 1.1 5.0 5.0 6.5 6.2 23.0% 0.3 4.7% (8.2%)

Mean 0.8x 0.8x 4.9x 4.5x 11.9x 10.8x 18.1% 0.6 10.9% 1 9.3% Median 1.0 0.8 4.5 4.5 9.8 9.5 19.8% 0.6 9.9% 15.1%

ATM / KiosksCardtronics Inc. $35.13 $28.03 $44.46 $1,562 $482 $2,044 2.0x 1.8x 8.3x 7.3x 15.3x 13.2x 15.0% 0.9 9.3% 25.0%Outerwall Inc. 61.42 46.25 74.30 1,220 775 1,995 0.9 0.8 4.3 4.3 10.6 9.3 11.4% 0.8 3.4% (0.7%)Global Cash Access Holdings, Inc. 7.52 6.37 10.42 496 (66) 430 0.7 0.7 5.6 5.2 8.8 8.1 16.0% 0.5 1.9% (2.8%)

Mean 0.8x 0.8x 5.0x 4.8x 9.7x 8.7x 13.7% 0.7 2.6% (1.7 %) Median 0.8 0.8 5.0 4.8 9.7 8.7 13.7% 0.7 2.6% (1.7%)

POS Hardware / TechnologyNCR Corp. $33.54 $28.64 $41.63 $5,638 $3,449 $9,087 1.3x 1.3x 8.8x 7.8x 11.2x 9.8x 0.0% NA 5.6% 8.0%Ingenico S.A. 98.62 66.89 100.94 5,462 348 5,810 3.0 2.5 13.6 11.4 23.1 19.1 18.7% 1.0 18.6% 12.9%(Invalid Identifier) 67.99 47.80 70.24 5,095 (700) 4,395 3.0 2.9 13.3 12.4 24.2 22.7 17.0% 1.3 5.8% 20.6%VeriFone Systems, Inc. 34.49 21.44 38.26 3,899 660 4,560 2.4 2.2 13.1 10.6 21.2 16.5 0.0% NA 8.9% 14.4%PAR Technology Corporation 4.66 3.75 5.92 73 (12) 61 NA NA NA NA NA NA NA NA NA (3.6%)

Mean 2.4x 2.2x 12.2x 10.5x 19.9x 17.0x 8.9% 1.2 9.7% 1 0.5% Median 2.7 2.4 13.2 11.0 22.2 17.8 8.5% 1.2 7.4% 12.9%

Banking and Lending TechnologyIntuit Inc. $83.98 $63.54 $86.80 $23,841 ($1,415) $22,426 5.0x 5.0x 14.2x 15.4x 26.2x 29.4x 13.3% 2.2 0.5% 88.9%Fidelity National Information Services, Inc. 58.51 44.18 58.55 16,700 4,134 20,834 3.2 3.0 10.8 10.1 18.9 16.7 11.3% 1.5 6.5% 5.7%Fiserv, Inc. 65.62 48.37 65.80 16,354 3,519 19,873 3.9 3.8 12.1 11.3 19.5 17.4 11.2% 1.6 5.0% 4.6%Jack Henry & Associates Inc. 58.04 49.08 60.84 4,787 (61) 4,726 3.8 3.5 10.9 10.1 23.6 21.0 11.7% 1.8 7.7% 4.3%Temenos Group AG 38.22 22.20 39.13 2,587 121 2,708 5.4 4.9 16.3 14.3 27.7 23.0 17.6% 1.3 9.5% 2.1%ACI Worldwide, Inc. 19.49 16.22 21.98 2,223 705 2,928 2.7 2.6 10.1 8.9 22.7 19.1 16.0% 1.2 6.3% 23.8%Bottomline Technologies (de), Inc. 27.89 26.01 37.41 1,102 (43) 1,060 3.3 3.0 14.5 12.7 19.4 16.4 20.0% 0.8 7.8% 25.6%Ellie Mae, Inc. 33.86 22.46 36.22 959 (77) 882 5.8 4.8 21.2 15.0 33.9 26.1 23.0% 1.1 21.5% 16.7%Q2 Holdings, Inc. 14.96 9.62 17.38 512 (92) 420 5.5 4.2 NM NM NM NM NA NA 30.7% 36.4%Performant Financial Corporation 9.20 7.11 11.56 448 35 484 2.3 2.1 9.6 8.0 23.5 18.0 16.7% 1.1 8.4% (17.0%)


Information Processors / Credit BureausExperian plc $17.51 $15.69 $20.80 $17,348 $3,964 $21,312 4.3x 4.0x 12.2x 11.4x 18.6x 17.1x 8.6% 2.0 6.6% NAEquifax Inc. 79.86 58.86 79.94 9,725 1,461 11,186 4.6 4.2 12.9 11.9 20.6 18.5 11.3% 1.6 7.7% 4.6%Fair Isaac Corporation 60.04 49.56 65.62 1,930 437 2,367 3.0 2.9 12.0 11.7 16.4 NA 11.8% NA 5.5% 7.5%Acxiom Corporation 18.69 17.10 39.30 1,442 (82) 1,359 1.3 1.3 6.9 6.1 24.8 21.2 12.5% 1.7 1.9% (5.8%)Intersections Inc. 4.08 3.32 9.51 76 (11) 64 0.2 0.2 NA NA NM NM NA NA 13.4% (20.3%)

Mean 2.7x 2.5x 11.0x 10.3x 20.1x 18.9x 11.0% 1.8 7.0% (3.5%) Median 3.0 2.9 12.1 11.5 19.6 18.5 11.5% 1.7 6.6% (0.6%)

16

Payments / BankingSelected Recent Acquisitions – Trailing 12 Months


($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Sub-Sector Value Revenue

9/9/14 Rakuten, Inc. Ebates Performance Marketing, Inc. Marketing / Offers $1,000 NA

9/9/14 Moneygram International Inc. Nexxo Financial Corporation Alternative Financial Services NA NA

9/8/14 Barclaycard The Logic Group Holdings Ltd. Loyalty / Rew ards NA NA

9/4/14 Velocity Solutions, Inc.IMPACT Financial Services LLC, IMPACT Overdraft Softw are and Solutions Business

Banking Softw are NA NA

9/3/14 OP-Pohjola Checkout Finland Oy Online Payments NA NA

9/3/14 Wirecard AG Mikro Odeme A.S. Mobile Payments $34 NA

9/3/14 Telr Innovate Payments Online Payments NA NA

9/3/14 Hearst Magazines Corporation KUBRA Data Transfer Ltd. Bill Pay NA NA

9/3/14 Fidelity National Information Services, Inc. Clear2Pay nv/sa Payments Softw are $493 NA

9/2/14 Moneygram International Inc. MTI Money Transfer Limited Money Transfer NA NA

9/2/14 Tungsten Netw ork, Inc. Image Integration Systems, Inc. Accounting Softw are NA NA

8/29/14 Bridgepoint Advisers Limited TTT Moneycorp Limited Money Transfer $351 NA

8/26/14 Funding Circle USA LeapPay Inc. Asset-Based Lending NA NA

8/26/14 The Riverside Company The Database Marketing Agency Inc. Risk / Analytics NA NA

8/25/14 CPI Card Group, Inc. EFT Source, Inc. Card Security NA NA

8/19/14 Global Payout, Inc. Maxie Mobile, LLC Mobile Payments NA NA

8/19/14 Oberthur Technologies NagraID Security SA Card Manufacturing NA NA

8/18/14 Coinbase, Inc. Blockr.io Bitcoin NA NA

8/12/14 Manhattan Associates, Inc. GlobalBay Technologies Inc. POS NA NA

8/12/14 FleetCor Technologies, Inc. Comdata Netw ork, Inc. Prepaid $3,360 5.8x

17

Payments / BankingSelected Recent Acquisitions – Trailing 12 Months (Cont.)


($MM)



8/11/14 Heartland Payment Systems, Inc. Leaf Holdings, Inc. POS NA NA

8/11/14 Nets Holding A/S Payzone Nordic AB Merchant Processing NA NA

8/8/14 Misys Limited Custom Credit Systems, L.P. Credit Analysis NA NA

8/8/14 Gemalto NV SafeNet, Inc. Data Security $890 NA

8/7/14 Intuit Inc. PaySuite Limited Payroll Softw are NA NA

8/7/14 Blackboard Inc. CardSmith LLC Prepaid NA NA

8/6/14 Coupons.com Incorporated Eckim, LLC Offers NA NA

8/5/14 TIO Netw orks Corp. Verifone Commerce Solutions, Inc. Online Bill Pay $3 NA

8/5/14 Solium Capital Inc. Executive Trading Solutions, LLC Broker Softw are NA NA

8/4/14 Square, Inc. Serenic Softw are eCommerce NA NA

8/4/14 JRJ Group; TOMS Capital; 76 West Holdings LLC Demica Limited Accounting Softw are NA NA

8/4/14 InComm Holdings, Inc. SIRAS, Inc. POS NA NA

7/30/14 Intuit Inc. K.D.K. Softw ares (India) Pvt. Ltd. Accounting Softw are NA NA

7/30/14 Confirmation.com UK, Ltd ProConfirm Ltd. Accounting Softw are NA NA

7/30/14 First Data Corporation Gyft, Inc. Prepaid NA NA

7/30/14 CardCash Inc. Plastic Jungle, Inc. Gift Cards NA NA

7/30/14 Heartland Payment Systems, Inc. TouchNet Information Systems, Inc. Prepaid $375 NA

7/29/14 Ericsson MetraTech Corp. Billing Solutions NA NA

7/28/14 CoinTerra Inc. bits of proof zrt. Bitcoin NA NA

7/23/14 Computershare Limited Homeloan Management Limited Mortgage Servicing NA NA

18



($MM)



7/21/14 Altisource Portfolio Solutions S.A. Mortgage Builder Softw are, Inc. Mortgage Softw are NA NA

7/21/14 ACI Worldw ide ReD Info Services NA NA

7/18/14 Nordic Capital; Nordic Capital Fund VIII LP Lindorff Group AB Bill Pay $2,838 4.7x

7/18/14 Ontario Teachers' Pension Plan First American Payment Systems, L.P. Merchant Acquiring NA NA

7/17/14 Milestone Partners PayLink Payment Plans, LLC VSC Processing NA NA

7/17/14 Factor Systems, Inc. Open Scan Technologies, Inc. B2B Payments NA NA

7/17/14 NetSuite Inc. Venda, Inc. eCommerce $51 NA

7/14/14 Collections Solutions Softw are, Inc. 123Comply, LLC Collections NA NA

7/14/14 Platinum Equity, LLC Transw orld Systems, Inc. Collections NA NA

7/8/14 Top Image Systems Ltd. eGistics, Inc. Remittance Processing $18 1.7x

7/3/14 Credit Analysis and Research LimitedCARE Kalypto Risk Technologies and Advisory Services Private Limited

Risk & Analytics NA NA

7/1/14 Optimal Payments Plc Global Merchant Advisors, Inc. ISO $15 1.8x

7/1/14 Optimal Payments Plc Meritus Payment Solutions, Inc. Processing $211 2.8x

7/1/14 Marlin Equity Partners, LLC Longview Solutions, Inc. Accounting Softw are NA NA

6/26/14 Sylogist Ltd. Serenic Softw are Accounting Softw are $11 NA

6/26/14 Monitise plc Markco Media Limited Loyalty $94 NA

6/26/14 GFT UK Limited Rule Financial Limited Financial Outsourcing NA NA

6/25/14 Diebold, Incorporated Cryptera A/S ATMs NA NA

6/24/14 CIT Bank Direct Capital Corporation Online Lending NA NA

6/23/14 Oracle Corporation MICROS Systems, Inc. POS $4,604 3.4x

19



($MM)



6/19/14 Universal Payment Gatew ay Accept Cards Merchant Acquiring NA NA

6/16/14 WEX Inc. Evolution1, Inc. Closed Loop $533 6.0x

6/16/14 Groupon, Inc. SnapSaves Loyalty NA NA

6/12/14 Pow a Technologies Limited MPayMe Limited Loyalty / Rew ards $75 NA

6/10/14 Checkalt Payment Solutions, Inc. Diebold Eras, Incorporated Processing NA NA

6/9/14 Moody's Analytics, Inc. WebEquity Solutions, LLC Lending Softw are NA NA

6/5/14 WSILC, LLC Thillens, Inc., ATM portfolio ATMs NA NA

6/4/14 Charge PaymentAdvanced Payment Solutions, LLC and Data Business Systems Inc. and Payment Systems Inc.

Credit Card Processing NA NA

6/3/14 Markit Ltd. Compliance Technologies International, LLP Compliance Softw are $99 NA

6/2/14 CRIF SpA High Mark Credit Information Services Private Limited Credit Bureau $2 NA

6/2/14 Paycorp Saicom Group Unbanked Services NA NA

5/31/14 Ezetap Mobile Solutions Pvt. Ltd. Clinknow Marketing / Offers NA NA

5/28/14 Nordic Capital Euroline AB Merchant Acquiring $331 NA

5/28/14 Priority Payment Systems LLC Cynergy Data, LLC Merchant Acquiring NA NA

5/27/14 Kalixa Pay Ltd. PXP Solutions Limited Card Processing NA NA

5/27/14 VASCO Data Security International Inc. Risk IDS Limited Payments Risk NA NA

5/20/14 CapFin Partners, LLC American Finance Solutions LLC Online Lending NA NA

5/19/14 MasterCard International Inc. ElectraCard Services Private Limited Card Processing NA NA

5/15/14 PayByPhone Limited Adaptis Solutions Limited Merchant Processing NA NA

5/14/14 Intuit Inc. Invitco Pty Limited Accounting Softw are NA NA

20



($MM)



5/13/14 DirectCash Payments Inc. DirectCash Bank ATMs $15 NA

5/13/14 Gemalto N.V. Shoreline Solutions Card Manufacturing NA NA

5/13/14 Gemalto N.V. Source One Direct Card Manufacturing NA NA

5/12/14 SQS Softw are Quality Systems AGThinksoft Global Services Limited (nka:SQS India BFSI Limited)

Banking Softw are $38 1.3x

5/12/14 Vantiv, Inc. Mercury Payment Systems, LLC Merchant Processing $1,650 7.0x

5/9/14 eGlobal, LLC T.B.T.I. Inc. ATMs NA NA

5/6/14 Radian Group Inc. Clayton Holdings LLC Mortgage Services NA NA

5/2/14 Investor Group & Management NagraID S.A. Card Manufacturing NA NA

5/2/14 HighBitCoin, LLC (nka:PeerNova inc.) Technology IQ Ltd Digital Currencies NA NA

5/1/14 TCV, Sequoia Capital Elevate Online Lending NA NA

5/1/14 Capita Asset Services Capita Mortgage Services Limited Mortgage Services NA NA

5/1/14 WorldPay Limited Thisf Informatica Ltda. Gatew ay NA NA

4/23/14 Nayax Ltd. InOne Technology, LLC POS NA NA

4/22/14 Visa Inc. GP Net Merchant Processing NA NA

4/21/14 Cross Match Technologies, Inc. DigitalPersona, Inc. Authentication NA NA

4/16/14 MasterCard Incorporated Pinpoint Pty. Ltd. Loyalty NA NA

4/16/14 Assurant Services, LLC StreetLinks LLC Mortgage Technology $72 NA

4/16/14 Warburg Pincus LLC Electronic Funds Source LLC Corporate Payments $1,000 NA

4/14/14 Fidelity National Information Services, Inc. CMSI INC. Online Lending NA NA

4/14/14 Paymentus Corp. Tele-Works Inc. Bill Pay NA NA

21



($MM)



4/12/14 Transaction Services Holdings Ltd. Harlands Group Ltd DDA Payments NA NA

4/11/14 Conquest Agri Limited Priority One Netw ork Group Limited Loyalty NA NA

4/8/14 Intrix Technology, Inc. Witt Merchant Services Inc. Merchant Processing NA NA

4/2/14 Lone Star Funds DFC Global Corp. Online Lending $1,197 1.1x

4/1/14 CurvePay, LLC Transaction Labs LLC Loyalty NA NA

4/1/14 SIX Group CETREL (Remaining 50% Stake) Merchant Processing NA NA

3/31/14 Spire Payments Ltd. Altius Plus LTD Processing Softw are NA NA

3/31/14 Bottomline Technologies (de), Inc. Andera, Inc. Banking Softw are $45 NA

3/25/14 Global Analytics, Inc. Workpays LLC Consumer Finance NA NA

3/25/14 Merchant Warehouse Inc. Opticard Payment Services Incorporated Prepaid NA NA

3/24/14 Advent International, Bain Capital, ATP Group Nets Holding A/S Payments $3,140 NA

3/21/14 Equiniti Group Limited Pancredit Systems Limited Lending Softw are NA NA

3/19/14 Mitsubishi UFJ Fund Services Holdings Limited Meridian Fund Services Group Fund Administration NA NA

3/10/14 Euronet Worldw ide Inc. HiFX Plc Payments $241 3.7x

3/10/14 Pivotal Payments Inc. Capital Processing Netw ork LLC Merchant Processing NA NA

3/4/14 Jack Henry & Associates Inc. Banno, LLC FI Technology $28 NA

3/4/14 Mozido, LLC StickyStreet Inc. Loyalty NA NA

2/24/14 MasterCard Incorporated C-SAM, INC. Mobile NA NA

2/20/14 BBVA Compass Bancshares Simple Finance Technology Online Banking Solutions $117 NA

2/19/14L2 Capital Partners; Farragut Capital Partners, LLC; Farragut Mezzanine Partners III, LP

reQuire, LLC Real Estate Softw are NA NA

22



($MM)



2/16/14 GTCR LLC, Management Callcredit Information Group Limited Data & Analytics $586 NA

2/10/14 Misys Limited IND Group Online Banking Solutions NA NA

2/6/14 NBS Payment Solutions Inc. Equinox Payments, LLC POS NA NA

2/6/14 First American Financial Corporation Interthinx, Inc. Risk Analytics $155 NA

2/4/14 Xoom Corporation BlueKite, Ltd. Money Transfer $15 NA

2/3/14 Monitise plc Pozitron Yazilim A.S. Mobile $98 NA

1/24/14 Global Payments Inc. Payment Processing, Inc. Payments Technology $420 NA

1/18/14 Allied Wallet, Ltd. Cloudasia Limited Gatew ay NA NA

1/17/14 HID Global Corporation IdenTrust, Inc. Identity Security NA NA

1/16/14 arvato infoscore GmbH AfterPay B.V. eCommerce NA NA

1/13/14 Oki Electric Industry Co., Ltd. Grupo Itautec, Automation and Services Division ATMs $54 NA

1/13/14 DataCard Corporation Entrust, Inc. Identity Security NA NA

1/7/14 Deluxe Corp. Destination Rew ards, Inc. Loyalty $22 NA

1/7/14 Total Merchant Services Registroid POS NA NA

1/6/14 Coupons.com Incorporated Yub, Inc. Loyalty / Coupons $10 NA

12/20/13 DoubleBeam Inc. GoPago, Inc. POS NA NA

12/18/13 Klarna AB Sofort AG Gatew ay $199 NA

12/18/13 Payment Source Now Prepay Corp. Prepaid $4 NA

12/13/13 I Love Velvet WeXpay Mobile NA NA

12/12/13 LifeLock Lemon Mobile $43 72.2x

23



($MM)



12/11/13 Square, Inc. Evenly P2P Payments NA NA

12/10/13 Management Trunkbow International Holdings, Ltd. Mobile $70 2.6x

12/9/13 Edenred SA Nets Prepaid Prepaid NA NA

12/9/13 PaySquare BV Montrada Card Processing NA NA

12/5/13 accesso Technology Group plc Siriusw are, Inc. POS $13 1.6x

12/4/13 American Capital Mortgage Investment Corp. Residential Credit Solutions, Inc. Mortgage Services NA NA

12/3/13 RetailNext, Inc. Nearbuy Systems, Inc. Marketing / Offers NA NA

12/2/13 Fondi Italiani; Orizzonte; Fondo Strategico Italiano SIA S.p.A. Technology Infrastructure NA NA

12/2/13 NCR Limited Alaric Systems Limited Fraud Prevention $78 NA

12/2/13 NCR Corp. Digital Insight Corporation Banking Softw are $1,650 5.1x

12/2/13 Blackhaw k Netw ork Holdings, Inc. Retailo AG Prepaid NA NA

11/27/13 Wirecard AG PT. Aprisma Indonesia Banking Softw are $110 NA

11/26/13 Hitachi Consulting Softw are Services India Limited Prizm Payment Services Private Ltd. ATM / POS $246 3.1x

11/21/13 Boku Inc. Qubecell Mobile NA NA

11/19/13 Utiba Mobility, Inc. Alternet Transaction Systems Inc. Mobile $10 8.5x

11/18/13 EVO Payments International, LLC Encore Payment Systems LLC Merchant Processing NA NA

11/7/13 EVO Payments International, LLC Centrum Elektronicznych Uslug Platniczych eService SA Merchant Processing $172 NA

11/7/13 Groupon Ticket Monster eCommerce NA NA

11/5/13 RetailMeNot, Inc. YSL Ventures, Inc. Marketing / Offers $18 NA

11/5/13 LoyaltyOne, Co. Brand Loyalty International B.V. Marketing / Offers $360 0.9x

24


Notes:Source: CapitalIQ, DowJones Venture Source.

($MM)



10/29/13 First Data Corporation Perka, Inc. Marketing / Offers $26 NA

10/28/13 DirectCash Payments Inc. Threshold Financial Technologies Inc. ATMs $48 NA

10/23/13 Funding Circle Ltd. Endurance Lending Netw ork Online Lending NA NA

10/21/13 Blackhaw k Netw ork Holdings, Inc. InteliSpend Prepaid Solutions, LLC Prepaid $97 NA

10/18/13 Wonga Billpay GmbH Consumer Lending NA NA

10/10/13 MasterCard Europe S.P.R.L. Provus Bilisim Hizmetleri A.S. Processing NA NA

9/26/13 PayPal, Inc. Braintree Payment Solutions, LLC Online Payments $800 NA

9/23/13 ACI Worldw ide, Inc. (Nasdaq:ACIW) Off icial Payments Holdings (Nasdaq:OPAY) Government Payments $108 0.8x

9/19/13 Moneygram International Inc.Advanced Chrono Cash Services SA And MoneyGlobe Payment Institution S.A.

Money Transfer NA NA

9/12/13 Wirecard AG PaymentLink Prepaid $41 NA

25

Payments / BankingSelected Recent Equity Financings – Trailing 12 Months


($MM)

Announced Date

Target Series Amount Investors Target Sub-Sector

9/4/14 KnCMiner AB Series A $14.0 Creandum Bitcoin

9/2/14 FreeCharge Series B $33.0 ruNet Holdings, Sequoia Capital, Sofina Mobile Top-Up

9/2/14 Itz Cash Card Ltd. Series C $15.0 Undisclosed Prepaid

8/29/14 Strategic Funding Source, Inc. NA $110.0 Pine Brook Road Partners Lending Platform

8/27/14 Payteller LLC NA $9.5 ISS Management Alternative Financial Services

8/7/14 Chain Inc. NA $9.5Khosla, BoxGroup, Homebrew , Pantera Capital, RRE Ventures, SV Angel, Thrive Capital

Bitcoin

8/15/14 Continuity Control, Inc. NA $10.0 BancVue, River Cities Capital Compliance Softw are

8/11/14 Transactis, Inc. Series D $11.0 Safeguard Sciences, StarVest Partners Online Bill Pay

8/5/14 Social Finance, Inc. Series R $50.0 Undisclosed Online Lending

7/23/14 Freshbooks, Inc. Series A $30.0 Atlas, Georgian, Oak Investment Partners Accounting Softw are

7/17/14 Taulia Inc. Series D $27.0 DAG, Lakestar, Matrix, QuestMark, Trinity B2B Payments

7/16/14 Funding Circle Ltd. Series D $65.0 Accel, Index, Ribbit, Union Square Online Lending

7/16/14 Zooz NA $12.0Blumberg Capital, Xseed Capital, lool ventures, Rhodium, Access Industries, Camp One Ventures

Merchant Acquiring

7/11/14 Motionsoft, Inc. Series B $10.0 Edison, Route 66 Merchant Softw are

7/8/14 Xapo Inc. Series A-1 $20.0 Emergence Capital, Greylock, Index Bitcoin

7/2/14 Plastiq Inc. Series B $10.0 Atlas, Flybridge, Khosla Online Payments

6/30/14 mBlox, Inc. NA $43.5Avanti, Comerica, Horizon Technology Finance, Norw est, Saints, Scale, Stratim, Trident

Marketing / Offers

6/29/14 Osper Ltd. Seed $10.2 Horizons Ventures, Index Ventures Prepaid

6/24/14 Kreditech Holding SSL GmbH Series B $40.0 Blumberg, Point Nine, Värde Partners Online Lending

26

Payments / BankingSelected Recent Equity Financings – Trailing 12 Months (Cont.)


($MM)

Announced Date


6/23/14 Ebury Partners UK Limited NA $30.6 Greylock FX Payments

6/19/14 First Data Holdings, Inc. NA $3,500.0 KKR, Stone Point, Trident Merchant Acquiring

6/17/14 BioCatch Ltd. Series A $10.0 Blumberg Capital, OurCrow d Security

6/16/14 WeLab Holdings Limited Series A $23.2 Sequoia, Tom Group Ltd. Online Lending

6/16/14 BitGo, Inc. Series A $12.0Bridgescale, Crypto Currency, Grade-A, Liberty City, Radar, Redpoint, Bitcoin Opportunity Fund, Founders Fund

Bitcoin

6/11/14 Ibotta, Inc. Series B $20.0 Jim Clark, Tom Jermoluk Loyalty / Rew ards

6/9/14 Affirm, Inc. NA $45.0 Khosla Ventures, Lightspeed Ventures, Nyca Partners Online Lending

6/9/14 TransferWise Series B $25.2 Business Accelerator, IA, Index, Kima, Valar Money Transfer

5/30/14 Salsa Labs NA $5.0 Edison, Maryland Venture Fund Crow d Funding

5/30/14 Bitfury USA, Inc. NA $20.0Binary Financial, Crypto Currency Partners, GCF Partners, ZAD Investment

Bitcoin

5/28/14 Fundrise Series A $31.0Renren, Ackman-Ziff, Berman Enterprises, Collaborative Fund

Crow d Funding

5/28/14 Ecw id, Inc Series B $5.0 iTech Advisors, Runa Capital eCommerce

5/22/14 Malauzai Softw are, Inc. Series C $6.5 Wellington Management Company Banking Softw are

5/21/14 Treasury Intelligence Solutions GmbH Series B $5.5 Target Partners, Zobito B2B Payments

5/20/14 Earnest Inc NA $15.0Andreessen Horow itz, Atlas Venture, Collaborative Fund, First Round, Maveron

Online Lending

5/19/14 Dashlane Inc. Series B $22.0 Bessemer, FirstMark, Rho Capital Partners Digital Wallet

5/19/14 Sw ipely Inc. Series C $20.0 First Round Capital, Index, Pritzker Group, Shasta POS / Loyalty

5/15/14 Verafin Inc. NA $55.1 Spectrum Fraud Detection

5/13/14 Sw agbucks First Round $60.0 TCV Marketing / Offers

27



($MM)

Announced Date


5/13/14 auxmoney GmbH Series B $16.0 Foundation, Index, Partech International, Union Square P2P Lending

5/9/14 iZettle AB Series C $55.1Creandum, Daw n, Greylock Israel, Index, Intel Capital, SEB Asset Management, Zouk

POS

5/8/14 BitPay, Inc. Series A $30.0 AME Cloud, Felicis, Horizon, Index, RRE, Founders Fund, TTV Bitcoin

5/8/14 Motif Investing Inc. NA $35.0Balderton, Foundation, Goldman Sachs, Ignition, JPMP, Norw est, Wicklow

Online Brokerage

5/5/14 Kabbage Inc. Series D $50.0BlueRun, Lumia Capital, Mohr Davidow , SoftBank Capital, TCW/Craton, Thomvest, UPS Strategic Enterprise

Online Lending

5/1/14 Prosper Marketplace, Inc. NA $70.0Francisco Partners, Institutional Venture Partners, Phenomen Ventures

P2P Lending

4/30/14 PunchTab, Inc. NA $6.3 Mohr Davidow Ventures Loyalty

4/28/14 OurCrow d Ltd. Series B $25.0 Undisclosed Crow dfunding

4/24/14 2Checkout.com, Inc. NA $60.0 Chicago Grow th Partners, Trident Capital Merchant Processing

4/24/14 ShopKeep POS Inc Series C $25.0 Canaan, Contour, Thayer Street, Tribeca, TTV POS

4/24/14 Ondot Systems, Inc. NA $18.0 Undisclosed Card Monitoring

4/23/14 freee K.K. Series B $8.0 DCM, Infinity Venture Partners Accounting Softw are

4/16/14 LendingClub Corporation Series F $65.0BlackRock, Sands Capital Management, T.Row e Price, Wellington

P2P Lending

4/15/14 The Currency Cloud Series B $10.0 Anthemis, Atlas, Notion, SVB, Xange Cross-Border Payments

4/11/14 Crow dRise, Inc. NA $23.0 Bezos, CAA, Index, RatPac-Dune, Spark, Union Square Crow dfunding

4/10/14 Fundbox Inc. Series A $17.5 Khosla, SV Angel SMB Online Lending

4/1/14 Buzz Points NA $19.0 Lead Edge Capital Loyalty / Rew ards

3/28/14 CJSC«Smartf in» Series B $5.0 Almaz Capital, ESN Group, InVenture Partners Merchant Acquiring / Mobile

3/26/14 Mobile Embrace Limited NA $11.0 Undisclosed Prepaid

28



($MM)

Announced Date


3/26/14 Circle Internet Financial, Inc. Series B $17.0Accel, Breyer, Fenw ay Summer, General Catalyst, Oak Investment Partners, Pantera Capital

Digital Currency

3/25/14 Social Finance, Inc. Series C $80.0Baseline, DCM, Discovery Capital Management, Innovation Endeavors, Renren, Wicklow Capital

Student Lending

3/25/14 Vend Limited Series B $20.0 Point Nine, Square Peg, Valar Ventures POS Softw are

3/14/14 Klarna AB NA $122.2 Atomico, General Atlantic, Sequoia Mobile Commerce

3/13/14 Xapo Inc. First Round $20.0 Benchmark, Fortress, Ribbit Bitcoin Wallet

3/11/14 ThreatMetrix Inc. Series E $20.0Adams Street, August, CM Capital, Tenaya, U.S. Venture Partners

Fraud Protection

3/11/14 WorldRemit Ltd Series A $40.0 Accel Remittance

3/11/14 Azimo Ltd Series A $10.0Greycroft, eVentures, Frontier, ACCION, KRW Schindler, Digital Ventures, TA Venture

Remittance

3/7/14 Calpian, Inc. Series C $5.0 Craig Hall Merchant Processing

3/6/14 SocietyOne Australia Pty. Ltd. Series A $8.5 Global Founders, Reinventure P2P Lending

3/5/14 Payoneer, Inc. Series D $25.0Susquehanna Grow th Equity, Vintage, Greylock Israel, Carmel

International Payments

3/4/14 Auction.com, LLC NA $50.0 Google Capital Real Estate Commerce

3/4/14 Borro Limited NA $111.7 Victory Park Capital Advisors Online Lending (Paw n)

2/27/14 OnDeck NA $77.0Tiger Global, First Round, Google Ventures, Industry Ventures, Institutional Venture Partners, RRE, SAP Ventures

Online Lending

2/25/14 Tradeshif t Inc. Series C $75.0 Scentan Ventures Supply Chain Softw are

2/21/14 Ezetap Series B $8.0 Berggruen Holdings, Helion, The Social+Capital Partnership POS

2/19/14 mCash Series A $7.0 Entrée Capital, Northzone Ventures Mobile

2/19/14 ZenPayroll Series A $20.0 General Catalyst, Kleiner Perkins Caufeld & Byers Payroll

2/11/14 SpendSmart Payments NA $15.0 Undisclosed Prepaid

29



($MM)

Announced Date


2/11/14 nCino, LLC NA $11.0 Wellington Management Company Banking Softw are

2/5/14 Tapingo Ltd. Series B $10.5 Carmel, Khosla eCommerce

2/3/14 Klarna AB 6.8% Stake $71.7 Undisclosed Mobile Commerce

1/30/14 Pow a Technologies Limited Series A $76.0 Wellington Management Company eCommerce

1/29/14 Zopa Limited Series C $24.7 Arrow grass Capital Partners P2P

1/28/14 GoCardless Ltd. Series B $7.0 Accel, Balderton, Passion Capital Direct Debit

1/23/14 Stripe, Inc. Series C $80.0 Allen & Company, Khosla, Sequoia, Founders Fund Mobile

1/22/14 QFPay Series B $16.5 Undisclosed Merchant Processing

1/16/14 WePay, Inc. Series C $15.0 August, Continental, Highland, Ignition Crow dfunding

1/14/14 Bank Bazaar Series B $13.0 Sequoia India, Walden Online Lending

1/13/14 Lending Works Ltd NA $5.8 David Kyte P2P

1/9/14 Iw oca Ltd NA $8.2 Redline, Global Founders Online Lending

1/8/14 CAN Capital, Inc. Series C $33.0 MeriTech Capital, Accel, Ribbit, QED Online Lending

1/7/14 RENREN DAI Business Consulting Series A $130.0 TrustBridge Partners Card Manufacturing

12/31/13 Festival Transaction Services, Inc. NA $8.5 Reverence Capital Partners Merchant Processing

12/23/13 Shanghai DianRong Financial Services NA $12.0 Northern Light Venture P2P Lending

12/23/13 Thames Card Technology Ltd. NA $5.2 Business Grow th Fund plc Card Manufacturing

12/20/13 Remitly, Inc. Series A $5.5Bezos Expeditions, Founder's Co-op, QED, Tomorrow Ventures, Trilogy

Remittance

12/13/13 peerTransfer Education Corporation NA $6.3 Maveron, QED, Spark Capital Partners Money Transfer

30



($MM)

Announced Date


12/13/13 QuickPay Corp. (nka:LocoMobi, Inc.) NA $5.5 Ecomobilite, Fontinalis, IncWell Mobile

12/12/13 Coinbase, Inc. Series B $25.0 Andreessen Horow itz, Ribbit, Union Square Bitcoin

12/12/13 Zafin Labs Technologies Ltd NA $5.0 Beedie Capital Partners Banking Softw are

12/12/13 Loop Series A $10.0 Undisclosed Mobile

12/10/13 PaeDae, Inc. (nka:The Mobile Majority) NA $11.6 Silicon Valley Bank Marketing / Offers

12/9/13 Citrus Payment Solutions Series B $5.5 Beenos Asia, econtext Asia, Sequoia Cap India eCommerce

12/6/13 PayNearMe Inc. Series E $20.0 GSV, Khosla, Maveron, True Ventures, August Cash Netw ork

12/4/13 Proxama NA $14.1 Undisclosed Mobile

12/3/13 Tradeshif t Inc. NA $57.4 Undisclosed Invoicing Softw are

11/27/13 Mozido, LLC NA $70.0Atlanticus Holdings, Brentw ood Investments, Tomorrow Ventures

Mobile

11/25/13 Norse Corporation Series A $10.0 Oak Investment Partners Fraud Prevention

11/19/13 Index Inc. Series A $7.0 819, Alberta Investment, Innovation Endeavors, Khosla Loyalty

11/19/13 FinanceIt Series A $13.0 Inter-Atlantic Group, Second City Capital, TTV Capital Consumer Lending

11/18/13 Yub, Inc. NA $12.0Battery, DAG, Draper Fisher Jurvetson, Greylock, Index, QuestionMark, T. Row e Price, Visa

Loyalty

11/12/13 LoanLogics, Inc. NA $11.2 Volition Capital Mortgage Technology

11/12/13 LendingClub Corporation NA $57.0 Coatue Management, L.L.C. ; DST Global Online Lending

11/12/13 LendUp Series A $14.0 Data Collective, Google Ventures Online Lending

11/7/13 CardCash Inc. NA $6.0 Guggenheim Partners Gift Cards

11/6/13 Loop Commerce, Inc. Series A $7.0 Novel TMT Ventures Limited eCommerce

31



($MM)

Announced Date


10/31/13 Circle Internet Financial, Inc. Series A $9.0 Accel Partners, General Catalyst Partners Bitcoin

10/25/13 Flint Mobile, Inc. Series B $6.0Digicel Group Limited, Storm Ventures, SVG Partners, True Ventures

Mobile POS

10/18/13 Funding Circle Ltd. Series C $37.0Accel Partners, Index Ventures, Ribbit Capital, Union Square Ventures

Online Lending

10/3/13 TabbedOut Series B $7.8Heartland Payment Systems, Morgan Creek Capital Management, New Enterprise Associates

POS

10/1/13 Ingo Money, Inc. NA $8.4 Camden Partners Prepaid

9/27/13 Cozy Services Ltd. NA $5.0 General Catalyst Partners, The Social+Capital Partnership Issuer

9/19/13 Deem NA $98.2 NA eCommerce / Offers

9/9/13 MokiMobility, Inc. NA $7.1Allegis Capital, EPIC Ventures, Pelion Venture Partners, Plus550

Mobile

IV. Securities / Capital Markets / Data & Analytics


(1)

Securities / Capital Markets / Data & AnalyticsPublic Company Valuations: Financial Metrics

33



Exchanges - AmericasCME Group Inc. $76.45 $66.44 $84.71 $25,689 $997 $26,686 8.8x 8.0x 14.2x 12.4x 24.2x 20.8x 11.6% 1.8 10.4% (9.8%)Intercontinental Exchange, Inc. 186.67 177.26 229.50 21,496 1,848 23,344 7.1 7.0 12.7 10.8 21.2 16.8 15.0% 1.1 1.5% 101.6%BM&F Bovespa SA 6.30 4.04 6.33 11,533 346 11,879 12.8 11.5 20.1 17.7 20.9 18.0 5.4% 3.3 11.5% (22.1%)The Nasdaq OMX Group, Inc. 43.12 29.90 44.06 7,276 2,063 9,339 4.5 4.3 9.6 8.8 14.9 13.1 12.7% 1.0 4.7% 6.3%CBOE Holdings, Inc. 53.33 44.44 59.28 4,544 (145) 4,399 7.3 6.7 12.6 11.3 24.6 21.4 14.1% 1.5 8.5% (4.5%)TMX Group Limited 49.91 39.19 56.36 2,710 940 3,650 5.5 5.2 10.9 10.0 13.4 12.1 NA NA 6.2% (2.4%)Bolsa Mexicana de Valores SAB de CV 2.25 1.75 2.65 1,337 (132) 1,205 6.7 6.3 14.5 13.7 23.8 21.7 0.0% NA 5.0% (2.4%)

Mean 7.5x 7.0x 13.5x 12.1x 20.4x 17.7x 9.8% 1.8 6.8% 9 .5% Median 7.1 6.7 12.7 11.3 21.2 18.0 12.1% 1.5 6.2% (2.4%)

Exchanges - AsiaHong Kong Exchanges & Clearing Limited $23.45 $14.55 $23.87 $27,330 ($401) $26,929 21.3x 17.6x 30.8x 24.2x 41.1x 31.8x 11.3% 2.8 21.0% 2.9%ASX Limited 34.27 31.90 35.60 6,628 (4,730) 1,898 3.0 2.9 3.9 3.8 18.1 17.4 5.7% 3.0 4.9% 4.8%Singapore Exchange Limited 5.78 5.31 6.09 6,180 (608) 5,572 10.1 8.9 16.7 14.2 24.4 20.3 8.8% 2.3 13.7% (13.2%)Bursa Malaysia Bhd 2.53 2.29 2.62 1,350 (349) 1,002 6.4 5.9 10.5 9.9 22.4 20.6 12.0% 1.7 7.9% (7.5%)

Mean 10.2x 8.8x 15.5x 13.0x 26.5x 22.5x 9.5% 2.5 11.8% (3.2%) Median 8.2 7.4 13.6 12.1 23.4 20.5 10.1% 2.6 10.8% (2.3%)

Exchanges - EuropeDeutsche Boerse AG $71.09 $65.58 $82.03 $13,089 $1,177 $14,266 4.8x 4.5x 10.1x 9.4x 15.4x 13.5x 8.7% 1.5 6.3% 5.1%London Stock Exchange Group plc 33.28 24.49 34.16 9,061 (1,265) 7,797 3.8 3.7 7.8 6.9 18.8 16.5 6.8% 2.4 2.3% 70.4%Bolsas y Mercados Españoles 42.03 28.53 46.91 3,503 (419) 3,083 7.1 6.9 10.3 9.8 16.9 16.1 5.7% 2.8 3.5% 11.6%JSE Limited 9.91 7.40 9.99 847 (120) 727 NA NA NA NA NA NA NA NA NA (0.5%)Hellenic Exchanges - Athens Stock Exchange S.A. Holding9.73 7.52 12.34 636 (236) 401 5.9 5.1 9.7 7.8 18.8 16.1 34.1% 0.5 14.5% (67.9%)GPW 11.75 10.86 13.99 493 (44) 450 4.7 4.4 9.2 8.5 13.5 12.5 NA NA 6.5% 17.7%

Mean 5.3x 4.9x 9.4x 8.5x 16.7x 14.9x 13.8% 1.8 6.6% 6. 1% Median 4.8 4.5 9.7 8.5 16.9 16.1 7.8% 2.0 6.3% 8.3%

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.(1) Enterprise Value and Net Debt exclude Cash.

Securities / Capital Markets / Data & AnalyticsPublic Company Valuations: Financial Metrics (Cont.)

34



Investment Services, Software, & TechnologySEI Investments Co. $36.95 $29.40 $38.14 $6,199 ($532) $5,667 4.5x 4.1x 11.5x 9.8x 19.8x 17.0x 12.0% 1.4 9.9% 16.1%Broadridge Financial Solutions, Inc. 43.17 29.70 43.36 5,160 176 5,337 2.1 1.9 9.5 8.8 19.9 16.5 13.0% 1.3 6.9% 2.4%DST Systems Inc. 92.01 71.55 99.89 3,656 589 4,244 2.1 1.8 9.3 8.7 17.9 15.7 NA NA 16.2% 3.4%SS&C Technologies Holdings, Inc. 45.45 34.67 46.61 3,795 595 4,390 5.7 5.3 13.8 12.8 19.6 18.3 13.8% 1.3 7.4% 6.3%TIBCO Software Inc. 21.73 18.20 27.15 3,600 (33) 3,567 3.3 3.1 15.2 13.2 26.9 22.7 11.8% 1.9 5.7% 2.6%Financial Engines, Inc. 35.98 33.92 71.08 1,862 (281) 1,581 5.6 4.7 15.9 13.5 38.2 31.2 30.0% 1.0 18.9% 20.8%Advent Software, Inc. 33.18 25.42 36.11 1,710 239 1,949 4.9 4.6 15.2 14.1 23.1 21.2 16.5% 1.3 6.3% 4.4%Envestnet, Inc. 46.81 27.55 50.38 1,599 (64) 1,535 4.5 3.7 28.7 20.6 62.9 43.8 26.8% 1.6 22.1% 64.3%


Financial Data, Content, & AnalyticsThomson Reuters Corporation $38.11 $33.21 $38.73 $30,627 $7,348 $37,975 3.0x 2.9x 11.2x 10.2x 19.9x 17.1x 11.0% 1.5 2.0% (0.1%)McGraw Hill Financial, Inc. 84.55 59.10 84.81 22,905 (818) 22,087 4.2 4.0 11.3 10.3 21.8 19.4 13.8% 1.4 6.8% 7.7%Moody's Corporation 95.22 63.60 95.36 20,110 145 20,256 6.1 5.7 13.3 12.3 23.7 21.0 13.5% 1.6 7.4% 15.5%Verisk Analytics, Inc. 64.64 56.37 69.09 10,761 852 11,613 6.6 5.9 14.3 12.8 26.8 23.6 12.4% 1.9 11.6% 8.5%MSCI Inc. 46.35 37.97 47.42 5,401 115 5,516 5.5 5.0 13.4 12.6 23.2 21.0 11.3% 1.9 8.9% 11.3%FactSet Research Systems Inc. 128.68 101.41 129.28 5,414 (134) 5,280 5.6 5.2 15.2 13.9 23.3 20.7 11.8% 1.8 7.6% 8.0%Dun & Bradstreet Corp. 120.16 94.29 124.59 4,370 1,281 5,651 3.4 3.3 10.9 10.4 16.1 15.2 6.9% 2.2 2.8% 1.7%Morningstar Inc. 68.87 66.30 85.97 3,080 (219) 2,861 3.8 3.5 13.3 11.5 27.1 22.3 15.0% 1.5 7.1% 8.0%Bankrate, Inc. 13.60 13.20 23.14 1,420 121 1,541 2.8 2.5 11.2 9.5 19.9 16.9 20.7% 0.8 12.0% 23.8%


Online Broker DealersThe Charles Schwab Corporation $28.64 $20.44 $29.16 $37,328 $1,901 $39,229 6.5x 5.8x 16.7x 13.9x 29.7x 24.3x 21.5% 1.1 12.4% 10.5%TD Ameritrade Holding Corporation 32.62 25.47 35.82 17,859 $710 18,569 5.9 5.3 12.5 10.6 23.1 18.7 18.3% 1.0 10.8% 5.3%E*TRADE Financial Corporation 21.91 15.54 25.58 6,318 $5,583 11,901 6.7 6.5 16.8 16.5 21.6 19.4 26.1% 0.7 2.8% 8.5%Interactive Brokers Group, Inc. 23.78 17.07 25.03 1,358 $4,116 5,474 4.3 3.9 6.7 6.1 21.2 20.3 11.1% 1.8 10.8% 8.9%FXCM Inc. 14.39 12.05 19.97 1,099 $181 1,280 3.2 2.5 17.7 8.3 NM 21.6 17.9% 1.2 26.4% (30.0%)GAIN Capital Holdings, Inc. 6.42 5.89 14.62 264 (938) (674) NM NM NM NM NM 7.7 15.5% 0.5 19.0% (6.4%)

Mean 5.3x 4.8x 14.1x 11.1x 23.9x 18.7x 18.4% 1.1 13.7% (0.5%) Median 5.9 5.3 16.7 10.6 22.3 19.8 18.1% 1.1 11.6% 6.9%

(1)

(1)

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(1)

35

Securities / Capital Markets / Data & AnalyticsSelected Recent Acquisitions - Trailing 12 Months


($MM)



9/5/14 Intercontinental Exchange, Inc. SuperDerivatives Inc. Data & Analytics $350 NA

9/4/14 Associated Foreign Exchange, Inc. GFX Partners Inc. FX NA NA

8/3/14 Evercore L.P.International Strategy & Investment Group LLC and International Strategy & Investment (UK) Limited

Analytics NA NA

7/30/14 Investment Technology Group Inc. ID's SAS Trading Platform NA NA

7/30/14 CME Group Inc. GFI Group Inc. Trading Platform NA NA

7/28/14 XP Investimentos CCTVM S/A Clear Corretora de Títulos e Valores Mobiliários Ltda. Personal Financial Management $40 NA

7/15/14 Equity Administration Solutions, Inc. Option Admin, Inc. FX NA NA

7/11/14 Forexw are, LLC Boston Technologies, Inc. Shareholder Services NA NA

7/9/14 Bloomberg Inc. RTS Realtime Systems AG Trading Platform NA NA

7/8/14 NASDAQ OMX TruEquity Shareholder Softw are NA NA

7/1/14 Cinnober Financial Technology AB Markit Group Limited, BOAT Trade Reporting Service Compliance Softw are NA NA

7/1/14 Thomson Reuters Corporation UBS AG, UBS Convertible Indices Indices NA NA

6/30/14 NinjaTrader, LLC Mirus Futures, Inc. Trading Platform NA NA

6/30/14 Miles Softw are Solutions Pvt. Ltd. Beans & Intellect Financial Technology Private Limited Trading Softw are NA NA

6/27/14 MSCI ESG Research Inc. Governance Holdings Co. Ratings $15 NA

6/26/14 London Stock Exchange Group plc Frank Russell Company Indices $2,700 1.7x

6/23/14 ULLINK SAS NYFIX, Inc. Trading Platform NA NA

6/20/14Genstar Capital, LLC; Genstar Capital Partners VI LP

Asset International, Inc. Data & Analytics NA NA

6/19/14 Moody's Singapore Pte. Ltd. ICRA Limited Ratings $391 8.0x

6/18/14 SR Labs, Inc. Wombat Financial Softw are Softw are NA NA

36

Securities / Capital Markets / Data & AnalyticsSelected Recent Acquisitions - Trailing 12 Months (Cont.)


($MM)



6/11/14 REDI Holdings, LLC InstaQuote Business Data & Analytics NA NA

6/3/14 Heritage Global Inc. National Loan Exchange Inc. Receivables Exchange $7 1.7x

5/29/14 Morningstar Inc. HelloWallet Personal Financial Management NA NA

5/29/14 North Street Global Fund Services, LLC Hedge Solutions, Inc. Risk & Analytics NA NA

5/27/14 Intuit Inc. Check, Inc. Personal Financial Management $360 NA

5/27/14 AST Fund Solutions, LLC D.F. King & Co., Inc. Shareholder Services NA NA

5/27/14 General Atlantic LLC OM Securities & OptionsHouse Trading Platform NA NA

5/23/14 Centurion Investments Travelex Holdings Limited FX NA NA

5/16/14 CFH Group A/SStake in Boston Technologies, Inc. and Boston Prime Limited

Brokerage Platform NA NA

5/14/14 BSE Ltd. United Stock Exchange of India Limited Exchanges NA NA

5/8/14 TransUnion Corp. Credit Information Bureau (India) Ltd. Bureau NA NA

5/8/14 Momentum Global Investment Management Limited YourWealth.co.uk Personal Financial Management NA NA

5/7/14 Forex Capital Markets LLC FXDirectDealer, LLC, U.S. Retail Forex Accounts FX NA NA

5/5/14 FIS Wealth Management Services, Inc. Reliance Financial Corporation Wealth Management $110 NA

5/1/14 BGC Partners, Inc. Remate Lince S.A.P.I. de C.V. Brokerage NA NA

5/1/14 Professional Trading Solutions, Inc. Sterling Trader, Inc. Trading Platform NA NA

4/29/14 Affiliated Managers Group Inc. Veritas Asset Management LLP Asset Management NA NA

4/23/14 Clearstream International S.A. Citco Global Securities Services Limited Hedge Fund Processing NA NA

4/16/14 Dough (nka:dough, Inc.) tastytrade, Inc. Trading Platform NA NA

4/14/14Goldman Sachs Group, Merchant Banking Division; The Blackstone Group L.P.

Ipreo Holdings LLC Risk & Analytics NA NA

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($MM)



4/14/14 Taxw are, LLC VAT Resource B.V. Tax Softw are NA NA

4/8/14 FTSE TMX Global Debt Capital Markets MTS S.p.A, Indices Business Indexes NA NA

4/8/14 Associated Foreign Exchange, Inc. Jameson Bank Foreign Exchange NA NA

4/4/14 Advantage Futures LLC Institutional Liquidity, LLC, Futures Accounts Trading Platform NA NA

4/4/14 Pico Quantitative Trading, LLC SpryWare LLC (nka:Pico Technology Solutions) Trading Data NA NA

4/2/14 Bloomberg UBS Australia Bond Indexes Indexes NA NA

4/1/14 FolioDynamix, Inc. GlobalBridge, Inc. Personal Financial Management NA NA

4/1/14 Morningstar Inc. ByAllAccounts, Inc. Analytics $28 NA

4/1/14 Computershare Canada Inc. SG Vestia Systems Inc. Shareholder Administration NA NA

3/18/14 Vestar Capital Partners Institutional Shareholder Services Inc. Shareholder Services $367 NA

3/18/14 Liquidnet Holdings, Inc. Vega-Chi Limited Trading Platform NA NA

3/14/14 Fitch Group, Inc. Business Monitor International Ltd Data & Analytics NA NA

3/6/14 London Stock Exchange (LSE:LSE) Bonds.com Group, Inc. Exchanges NA NA

3/4/14 HgCapital ULLINK SAS Trading Softw are NA NA

2/24/14 The Bank of New York Mellon Corporation Hedgemark International, LLC Hedge Fund Analytics $40 NA

2/17/14 FEXCO InterCash Bureau de Change Foreign Exchange NA NA

2/3/14 The Conifer Group, LLC Vastardis Fund Services LLC Fund Administration NA NA

1/21/14 Fabrikant.ru Ltd. CJSC MICEX-Information Technologies Exchanges $13 NA

1/16/14 RCS Capital Corporation Cetera Financial Holdings, Inc. Personal Financial Management $1,150 1.1x

1/14/14 Financial Machineries Data Contributions Data & Analytics NA NA

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($MM)



1/13/14 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges $24 NA

1/3/14 Eurex Zürich AG Taiw an Futures Exchange Corporation Exchanges $940 NA

1/3/14 Wolters Kluw er Financial Services, Inc. Financial Tools, Inc. Risk & Analytics NA NA

12/24/13 Qkos Services Ltd. ZeroBlock, LLC Data & Analytics NA NA

12/18/13 Optimal Blue, LLC LoanSifter, Inc. Risk & Analytics NA NA

12/11/13 Moody's Amba Investment Services Risk & Analytics NA NA

12/2/13 Wipro Ltd. Opus Capital Markets Consultants, LLC Risk & Analytics $75 NA

11/20/13 U.S. Bancorp Fund Services, LLC Quintillion Limited Fund Administration NA NA

11/19/13 ICE Singapore Holdings Pte. Ltd. Singapore Mercantile Exchange Pte Ltd. Exchanges $150 1363.6x

10/24/13 Deutsche Boerse AG Global Markets Exchange Group International LLP Trading Platform NA NA

10/15/13 TransUnion Corp. TLO, LLC Risk & Analytics $154 12.7x

10/8/13 eFront Société Anonyme AnalytX, Inc. Exchanges NA NA

9/12/13 Tradew eb Markets LLC BondDesk Group LLC Softw are NA NA

39

Securities / Capital Markets / Data & AnalyticsSelected Recent Equity Financings – Trailing 12 Months


($MM)

Announced Date


8/22/14 IEX Group, Inc. NA $75.0Bain Capital Ventures, Cleveland Capital Mgmt, Franklin Resources, MassMutual Ventures, Spark Capital, TDF Ventures

Trading Platform

7/20/14 Multi Commodity Exchange of India Ltd 15% Stake $76.0 Kotak Mahindra Bank Limited Exchanges

7/18/14 dough, Inc. NA $25.0 TCV Personal Financial Management

6/25/14 Nutmeg Saving and Investment Limited Series B $32.0 Balderton, Shroders plc Personal Financial Management

6/5/14 Wikinvest Series C $10.0 Undisclosed Personal Financial Management

6/5/14 w ikifolio Financial Technologies GmbH Series B $8.2Lang & Schw arz, Michael Grabner Media, Speed Invest, VBH Ventures

Alternative Investing

5/28/14 DemystData Ltd Series A $5.0 Accion, ARBOR, Notion Capital, SingTel Innov8 Risk & Analytics

5/14/14 FutureAdvisor Series B $15.5 Canvas, Morgenthaler, Sequoia, Y Combinator Personal Financial Management

5/13/14 Addepar, LLC Series C $50.0 Formation8 Partners, Valor Equity Partners Analytics

5/9/14National Commodity and Derivatives Exchange

NA $11.1 Undisclosed Exchanges

4/15/14 AngelList NA $25.0Cendana Capital, Makena Capital, Venture Investment Associates

Angel Investing

4/14/14 LearnVest, Inc. NA $28.0 Accel, American Express Ventures, Northw estern Mutual Personal Financial Management

4/1/14 Betterment LLC Series C $32.0Anthemis, Bessemer, Citi Ventures, Globespan Capital, Menlo, Northw estern Mutual

Personal Financial Management

4/1/14 Wealthfront Inc. Series C $35.0 DAG, Greylock, Index, Ribbit, The Social+Capital Partnership Personal Financial Management

3/25/14 Payw ard, Inc. Series A $5.0 Hummingbird Ventures Trading Platform

3/21/14 Financial Insight Technology, Inc. Series A $5.2 Javelin Venture Partners, SV Angel Financial Literacy

3/15/14 Realty Mogul, Co. Series A $9.1 Canaan Partners Crow dfunding

3/12/14 Credit Karma, Inc. Third Round $85.0 Google Capital, Ribbit, Susquehanna, Tiger Global Personal Financial Management

2/28/14 CircleUp Netw ork, Inc. Series B $14.0Canaan, Google Ventures, Maveron, Rose Park, Union Square

Crow dfunding

40

Securities / Capital Markets / Data & AnalyticsSelected Recent Equity Financings – Trailing 12 Months (Cont.)


($MM)

Announced Date


2/28/14 Acorns Series B $8.3 Jacobs Asset Management Personal Financial Management

12/31/13 OKCoin.com Inc. Series A $10.0 Ceyuan, Manda Capital, VenturesLab BitCoin Exchange

10/10/13 Level Money, Inc. Series A $5.0 Kleiner, Perkins, Cauf ield & Byers Personal Financial Management

9/16/13 Ebury Partners UK Limited NA $5.6 Envestors Limited FX Brokerage

V. Healthcare / Insurance


Healthcare / InsurancePublic Company Valuations: Financial Metrics

42



Healthcare / Insurance TechnologyVerisk Analytics, Inc. $64.64 $56.37 $69.09 $10,761 $852 $11,613 6.6x 5.9x 14.3x 12.8x 26.8x 23.6x 12.4% 1.9 11.6% 8.5%IMS Health Holdings, Inc. 28.26 21.63 28.41 9,383 3,719 13,102 4.9 4.6 14.9 13.4 20.3 17.3 11.5% 1.5 6.8% 8.0%Solera Holdings Inc. 60.88 50.62 71.15 4,177 1,030 5,207 4.8 4.3 11.8 10.6 20.0 17.9 12.5% 1.4 11.7% 22.6%athenahealth, Inc. 142.03 97.30 206.70 5,392 107 5,499 7.4 5.9 40.9 33.3 NM NM 23.0% NM 23.8% 27.1%Guidewire Software, Inc. 45.81 33.66 58.00 3,141 (444) 2,696 7.4 7.0 40.4 47.2 78.0 NM 15.0% NM 6.7% 22.0%Ebix Inc. 15.00 9.25 17.95 575 2 577 2.8 2.7 6.9 6.7 10.1 9.7 10.0% 1.0 1.8% 0.9%Crawford & Company 9.45 7.62 12.22 521 144 664 0.6 0.6 5.8 5.0 11.6 9.5 10.0% 1.0 4.5% (3.6%)Polaris Financial Technology Limited 3.66 1.90 4.43 365 (100) 265 0.6 0.6 5.0 4.7 11.7 9.1 6.0% 1.5 9.9% 1.7%Symbility Solutions Inc. 0.27 0.22 0.46 56 (15) 41 1.6 1.9 15.6 NM NM NM NA NA (16.7%) 16.0%


Financial Technology Sector Summary · 2014-09-10 · Temenos Group AG 2,587 58% 27.7 ACI...

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Transcript of Financial Technology Sector Summary · 2014-09-10 · Temenos Group AG 2,587 58% 27.7 ACI...