Financial Technology Sector Summary July 13, 2016 · 2016-07-13 · Performance P/E 2016 Blackhawk...

Financial Technology Sector Summary

July 13, 2016

F i n a n c i a l T e c h n o l o g y S e c t o r S u m m a r y

Financial Technology Sector Summary

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

V. Insurance / Benefits

Table of Contents

2


I. GCA Savvian Overview

3


San Francisco

One Maritime Plaza

San Francisco, CA 94111

(415) 318-3600

GCA Savvian Overview Financial Technology Team

4

New York

640 Fifth Avenue, 10th

Fl.

New York, NY 10019

(212) 999-7090

Tokyo

11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230

Japan

+81 (3) 6212-7100

London

48 Dover Street

London W1S 4FF

United Kingdom

+44 (0) 207 038-3200

Rob Freiman Director

Phone: (212) 999-7075

Mobile: (973) 229-0436

[email protected]

David Ibarra Analyst

Phone: (212) 537-4532

Mobile: (917) 471-0821

[email protected]

Alexander Berry Associate

Phone: (212) 999-7079

Mobile: (818) 851-2300

[email protected]

David Krueger Vice President

Phone: (212) 537-4534

Mobile: (616) 822-7179

[email protected]

Saif Malik Vice President

Phone: +44 (0) 207 038-3216

Mobile: +44 (0) 778 606-8553

[email protected]

Sean Minnihan Managing Director

Phone: (212) 999-7077

Mobile: (917) 364-6230

[email protected]

Steve Fletcher Managing Director

Phone: (415) 318-3661

Mobile: (415) 518-6725

[email protected]

Paul DiNardo Advisory Director

Phone: (212) 999-7097

Mobile: (650) 483-7246

[email protected]

Peter Bang Managing Director

Phone: (212) 999-7074

Mobile: (917) 783-4057

[email protected]

Derek Bell Managing Director

Phone: (212) 999-7089

Mobile: (914) 953-0689

[email protected]

Scott Patrick Managing Director

Phone: (212) 999-7087

Mobile: (917) 340-0358

[email protected]


II. Market Summary

5


Payments (1)

Online Broker Dealers (5)

Financial Data, Content,

& Analytics

(3)

Investment Services,

Software, & Technology

(7)

Exchanges (2)

(6) Banking & Lending

Technology

Information Processors /

Credit Bureaus

(4)

Healthcare / Insurance

Technology

(8)

Market Summary Industry Stock Market Performance

6

Notes:

(1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, ONE, OUTR, PYPL, PAR, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, XTRA: WDI.

(2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1.

(3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI.

(4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN.

(5) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW.

(6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE.

(7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC.

(8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK.

65

75

85

95

105

115

125

7/8/15 8/7/15 9/7/15 10/7/15 11/6/15 12/7/15 1/6/16 2/5/16 3/7/16 4/6/16 5/6/16 6/6/16 7/6/16

50

70

90

110

130

150

170

190

7/8/13 10/7/13 1/6/14 4/7/14 7/7/14 10/6/14 1/5/15 4/6/15 7/6/15 10/5/15 1/4/16 4/4/16 7/4/16

Last 12 Months Last 3 Years

Indexed Pr i ce Per formance

Sector 3 Months 1 Y ear 3 Years

Information Processors / Credit Bureaus 8.8% 19.5% 42.0%

Banking & Lending Technology 7.2% 13.2% 70.1%

Healthcare / Insurance Technology 5.0% 10.0% 34.5%

Investment Services, Software, & Technology 3.4% (1.8%) 61.9%

Financial, Data, Content, & Analytics 3.3% 3.7% 49.9%

Exchanges 2.8% 3.0% 31.4%

Payments (2.9%) (0.9%) 31.7%

Online Broker Dealers (8.4%) (23.0%) 16.4%


10.5x

10.9x

11.7x

12.8x

13.1x

13.4x

15.1x

15.9x

0.0x 5.0x 10.0x 15.0x 20.0x

Online Broker Dealers

Exchanges

Payments

Financial Data, Content, & Analytics

Investment Services, Software, &

Technology

Banking and Lending Technology

Information Processors / Credit Bureaus

Healthcare / Insurance Technology

24.9%

25.3%

26.2%

28.9%

29.7%

38.9%

43.2%

56.4%

0% 10% 20% 30% 40% 50% 60%

Payments


Investment Services, Software, & Technology





Exchanges

Market Summary EBITDA Multiples and Margins

7 Notes:

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

2016E EBITDA Multiples 2016E EBITDA Margins


Market Summary Price / Earnings Multiples and PEG Ratios

8 Notes:

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

2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

1.2

1.3

1.8

1.9

1.9

2.0

2.1

2.1

0.0 0.5 1.0 1.5 2.0 2.5


Payments





Exchanges

Financial Data, Content, & Analytics 10.7%

9.5%

13.7%

16.2%

12.2%

14.5%

14.4%

15.6%17.9x

18.5x

18.8x

19.0x

21.6x

23.8x

25.2x

29.5x

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


Exchanges

Payments







Market Summary LTM Price Performance and 2016 P/E – Payments / Banking

9 Notes:

Source: CapitalIQ and Wall Street Research. Market data as of July 8, 2016.

($MM)

Network s Mark et Cap.

LTM Pr i ce

Per formance P/E 2016

Visa Inc. $182,255 14% 26.8x

MasterCard Incorporated $97,301 (5%) 25.0x

American Express Company $58,479 (19%) 11.3x

PayPal Holdings, Inc. $45,281 8% 25.0x

Discover Financial Services $22,664 (3%) 9.7x

Sector Average $81,196 (1%) 19.6x

Merchant Processi ng Mark et Cap.

LTM Pr i ce


Cielo S.A. $24,133 (4%) 19.5x

Global Payments Inc. $11,325 41% 23.0x

First Data Corporation $10,083 NA 8.4x

Total System Services, Inc. $9,917 29% 19.1x

Vantiv, Inc. $9,221 52% 22.3x

Worldpay Group plc $7,088 NA 24.5x

Wirecard AG $5,362 9% 23.3x

Square, Inc. $3,118 NA NM

GMO Payment Gateway, Inc. $1,948 42% 78.1x

EVERTEC, Inc. $1,205 (21%) 9.8x

Planet Payment, Inc. $219 93% 25.3x

JetPay Corporation $41 (20%) NM

Sector Average $7,602 30% 25.3x

Money Transfer Mark et Cap.

LTM Pr i ce


The Western Union Company $9,612 3% 12.0x

Euronet Worldwide, Inc. $3,697 16% 18.5x

Moneygram International Inc. $368 (21%) 7.7x


Cl osed Loop Mark et Cap.

LTM Pr i ce


FleetCor Technologies, Inc. $13,308 (6%) 21.6x

Alliance Data Systems Corporation $11,845 (32%) 12.0x

Edenred SA $4,991 (12%) 21.8x

WEX Inc. $3,587 (16%) 21.6x


($MM)

Prepai d Mark et Cap.

LTM Pr i ce


Blackhawk Network Holdings, Inc. $1,872 (20%) 13.2x

Green Dot Corporation $1,176 25% 16.8x

Net 1 Ueps Technologies Inc. $557 (46%) 5.6x

Higher One Holdings, Inc. $249 83% NM

Sector Average $964 11% 11.9x

ATM / Ki osk s Mark et Cap.

LTM Pr i ce


Cardtronics plc $1,822 21% NA

Outerwall Inc. $752 (45%) 7.0x

Everi Holdings Inc. $94 (81%) 2.4x

Sector Average $890 (35%) 4.7x

POS Hardware / Techno l ogy Mark et Cap.

LTM Pr i ce


Ingenico Group $7,212 2% 22.2x

NCR Corporation $3,629 1% 10.0x

VeriFone Systems, Inc. $2,054 (43%) 9.9x

PAR Technology Corporation $80 8% NA


Bank i ng and Lendi ng Techno l ogy Mark et Cap.

LTM Pr i ce


Intuit Inc. $29,548 11% 29.7x

Fidelity National Information Services, Inc. $24,877 22% 20.0x

Fiserv, Inc. $24,387 30% 24.8x

Jack Henry & Associates Inc. $6,925 33% 29.5x

Temenos Group AG $3,336 68% 25.9x

Ellie Mae, Inc. $2,836 34% 49.1x

DH Corporation $2,639 (17%) 13.9x

Black Knight Financial Services, Inc. $2,623 28% 33.9x

ACI Worldwide, Inc. $2,258 (18%) 36.5x

LendingClub Corporation $1,649 (70%) 33.3x

Q2 Holdings, Inc. $1,094 3% NM

Bottomline Technologies (de), Inc. $879 (23%) 16.4x

On Deck Capital, Inc. $371 (57%) NM

Performant Financial Corporation $79 (48%) NM


Informati on Processors / Credi t Bureaus Mark et Cap.

LTM Pr i ce


Experian plc $18,085 25% 21.6x

Equifax Inc. $15,738 37% 25.4x

Fair Isaac Corporation $3,581 24% 25.1x

Acxiom Corporation $1,717 31% 38.7x



Market Summary LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics

10

($MM)

Exchanges - Amer i cas Mark et Cap.

LTM Pr i ce


CME Group Inc. $33,492 2% 22.9x

Intercontinental Exchange, Inc. $30,582 14% 18.5x

Nasdaq, Inc. $10,838 34% 17.7x

BM&FBOVESPA S.A. $9,902 57% 16.9x

CBOE Holdings, Inc. $5,506 11% 27.3x

TMX Group Limited $2,230 5% 13.8x


Exchanges - Asi a Mark et Cap.

LTM Pr i ce


Hong Kong Exchanges & Clearing Limited $28,775 (21%) 35.1x

ASX Limited $6,964 16% 21.5x

Singapore Exchange Limited $6,014 (5%) 22.3x

Bursa Malaysia Berhad $1,167 7% 22.3x


Exchanges - Europe Mark et Cap.

LTM Pr i ce


Deutsche Boerse AG $14,669 (8%) 16.0x

London Stock Exchange Group plc $11,896 4% 21.2x

Bolsas y Mercados Españoles $2,289 (32%) 12.7x

JSE Limited $1,078 30% 14.5x

GPW $346 (30%) 11.6x

Hellenic Exchanges - Athens Stock Exch. $291 (10%) 26.4x


Tradi ng Pl atfo rms Mark et Cap.

LTM Pr i ce


MarketAxess Holdings Inc. $5,630 52% 59.9x

BGC Partners, Inc. $2,329 (1%) 11.5x

KCG Holdings, Inc. $1,227 14% 18.2x

Virtu Financial, Inc. $681 (26%) 12.9x

Investment Technology Group, Inc. $572 (32%) 19.1x

INTL FCStone Inc. $507 (17%) 9.7x


($MM)

Investment Servi ces, Software , &

Techno l ogy Mark et Cap.

LTM Pr i ce


SEI Investments Co. $7,962 1% 24.1x

Broadridge Financial Solutions, Inc. $7,876 26% 23.6x

SS&C Technologies Holdings, Inc. $5,875 (7%) 18.4x

DST Systems Inc. $3,966 (6%) 17.9x

Financial Engines, Inc. $1,614 (40%) 25.2x

Envestnet, Inc. $1,511 (19%) 34.6x


F i nanci a l Data, Content, & Anal y ti cs Mark et Cap.

LTM Pr i ce


Thomson Reuters Corporation $30,683 9% 19.9x

S&P Global, Inc. $28,829 8% 21.2x

Moody's Corporation $18,795 (11%) 21.2x

Verisk Analytics, Inc. $14,025 15% 26.9x

MSCI Inc. $7,667 28% 27.6x

FactSet Research Systems Inc. $6,554 0% 23.7x

IHS Markit Ltd. $5,738 22% 22.1x

The Dun & Bradstreet Corporation $4,490 2% 16.9x

Morningstar Inc. $3,492 0% 26.6x

Bankrate, Inc. $700 (23%) 14.4x


Onl i ne Brok er Deal ers Mark et Cap.

LTM Pr i ce


The Charles Schwab Corporation $34,007 (20%) 20.7x

TD Ameritrade Holding Corporation $14,750 (23%) 17.9x

E*TRADE Financial Corporation $6,574 (17%) 14.5x

Interactive Brokers Group, Inc. $2,265 (19%) 22.2x

GAIN Capital Holdings, Inc. $324 (23%) 9.3x

FXCM Inc. $49 (34%) NA


Notes:

Source: CapitalIQ and Wall Street Research. Market data as of July 8, 2016.


III. Payments / Banking

11


Payments / Banking Public Company Valuations: Financial Metrics

12 Notes:

Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

$MM, Except Per Share Data

Stock LTM EPS

Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth

7/8/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ

Networks

Visa Inc. $76.42 $60.00 $81.73 $182,255 ($4,021) $178,234 11.6x 9.9x 16.7x 14.3x 26.8x 22.4x 17.5% 1.5 9.7% 6.4%

MasterCard Incorporated 88.56 74.61 101.76 97,301 (2,875) 94,426 9.0x 8.1x 15.8x 13.9x 25.0x 21.5x 16.1% 1.5 8.5% 9.7%

American Express Company 61.49 50.27 81.66 58,479 25,018 83,497 2.6x 2.6x NM NM 11.3x 11.0x 9.9% 1.1 3.9% 1.6%

PayPal Holdings, Inc. 37.36 30.00 42.55 45,281 (4,767) 40,514 3.8x 3.3x 14.7x 12.5x 25.0x 21.2x 15.5% 1.6 15.8% NM

Discover Financial Services 54.98 42.86 59.88 22,664 12,637 35,301 3.9x 3.8x NM NM 9.7x 9.1x 6.1% 1.6 24.5% 6.6%

Mean 6.2x 5.5x 15.7x 13.6x 19.6x 17.0x 13.0% 1.5 12.5% 6.1%

Median 3.9x 3.8x 15.8x 13.9x 25.0x 21.2x 15.5% 1.5 9.7% 6.5%

Merchant Processing

Cielo S.A. $10.69 $7.13 $11.78 $24,133 $3,441 $27,574 7.2x 6.7x 15.9x 14.5x 19.5x 17.4x 12.5% 1.6 12.7% 29.6%

Global Payments Inc. 73.54 50.70 78.92 11,325 1,254 12,579 4.6x 3.8x 14.4x 11.9x 23.0x 19.3x 13.5% 1.7 (4.7%) 2.2%

First Data Corporation 11.11 8.37 17.99 10,083 19,150 29,233 2.5x 2.4x 10.0x 9.4x 8.4x 7.3x 14.4% 0.6 52.8% 2.6%

Total System Services, Inc. 54.01 37.47 56.69 9,917 977 10,894 2.6x 2.2x 10.5x 9.3x 19.1x 17.0x 10.8% 1.8 52.2% 11.7%

Vantiv, Inc. 58.98 38.20 59.41 9,221 2,993 12,214 6.6x 6.1x 13.6x 12.4x 22.3x 19.9x 14.3% 1.6 (41.4%) 16.0%

Worldpay Group plc 3.54 3.17 4.24 7,088 1,626 8,714 6.0x 5.5x 15.0x 13.3x 24.5x 21.7x 26.3% 0.9 12.0% 14.0%

Wirecard AG 43.39 32.54 54.19 5,362 (757) 4,604 4.1x 3.3x 13.8x 11.0x 23.3x 18.5x 27.6% 0.8 26.6% 30.8%

Square, Inc. 9.30 11.90 15.91 3,118 (414) 2,704 4.2x 3.2x NM 33.6x NM NM 20.0% NM (49.2%) 51.4%

GMO Payment Gateway, Inc. 52.91 30.95 77.17 1,948 (298) 1,650 13.4x 10.7x 38.5x 30.0x 78.1x 61.4x 27.0% 2.9 31.4% 36.0%

EVERTEC, Inc. 16.08 11.27 21.40 1,205 621 1,826 4.8x 4.6x 10.0x 9.6x 9.8x 9.3x 16.0% 0.6 2.4% 4.4%

Planet Payment, Inc. 4.04 2.06 4.69 219 (14) 206 3.5x 3.1x 13.9x 11.5x 25.3x 19.5x 24.5% 1.0 11.3% 12.8%

JetPay Corporation 2.30 2.00 3.18 41 12 53 1.1x 1.1x 17.0x 10.8x NM NM NA NA 7.3% 7.4%

Mean 5.0x 4.4x 15.7x 14.8x 25.3x 21.1x 18.8% 1.3 9.4% 18.2%

Median 4.4x 3.5x 13.9x 11.7x 22.7x 18.9x 16.0% 1.3 11.6% 13.4%

Money Transfer

The Western Union Company $19.57 $16.02 $20.62 $9,612 $2,046 $11,657 2.1x 2.1x 8.6x 8.5x 12.0x 11.2x 7.6% 1.6 (0.3%) (1.8%)

Euronet Worldwide, Inc. 71.04 51.79 82.49 3,697 (51) 3,647 1.9x 1.7x 10.4x 9.1x 18.5x 16.1x 14.7% 1.3 10.6% 10.8%

Moneygram International Inc. 6.84 4.68 10.92 368 799 1,167 0.8x 0.7x 4.3x 4.1x 7.7x 6.6x 13.6% 0.6 8.2% 8.4%

Mean 1.6x 1.5x 7.8x 7.2x 12.7x 11.3x 12.0% 1.1 6.2% 5.8%

Median 1.9x 1.7x 8.6x 8.5x 12.0x 11.2x 13.6% 1.3 8.2% 8.4%

C losed Loop

FleetCor Technologies, Inc. $143.79 $107.56 $164.61 $13,308 $2,376 $15,684 8.8x 7.8x 16.4x 14.3x 21.6x 18.6x 16.5% 1.3 4.9% (0.5%)

Alliance Data Systems Corporation 200.96 176.63 307.78 11,845 16,961 28,805 4.1x 3.6x 14.0x 12.7x 12.0x 10.6x 14.3% 0.8 10.1% 4.7%

Edenred SA 21.55 14.63 26.94 4,991 709 5,700 4.6x 4.3x 12.7x 11.4x 21.8x 19.5x 9.3% 2.3 11.4% (2.2%)

WEX Inc. 92.68 54.42 112.74 3,587 676 4,263 4.4x 3.6x 11.7x 9.3x 21.6x 18.4x 15.0% 1.4 13.8% 1.8%

Mean 5.5x 4.9x 13.7x 11.9x 19.2x 16.8x 13.8% 1.5 10.0% 1.0%

Median 4.5x 4.0x 13.4x 12.0x 21.6x 18.5x 14.6% 1.4 10.8% 0.7%

Prepaid

Blackhawk Network Holdings, Inc. $33.35 $29.91 $48.40 $1,872 $330 $2,203 1.1x 1.0x 10.8x 9.0x 13.2x 12.0x 14.4% 0.9 10.8% 14.6%

Green Dot Corporation 23.73 15.28 23.90 1,176 82 1,258 1.8x 1.7x 7.8x 7.0x 16.8x 13.9x 12.5% 1.3 1.7% (0.5%)

Net 1 Ueps Technologies Inc. 10.02 8.44 21.48 557 (62) 495 0.8x 0.8x 3.2x 3.0x 5.6x 5.1 10.0% 0.6 1.3% (10.8%)

Higher One Holdings, Inc. 5.13 1.85 5.14 249 2 251 1.4x 1.5x 10.4x 10.9x NM 57.0x NA NA 10.8% (9.7%)

Mean 1.3x 1.2x 8.1x 7.5x 11.9x 22.0x 12.3% 0.9 6.2% (1.6%)

Median 1.3x 1.2x 9.1x 8.0x 13.2x 12.9x 12.5% 0.9 6.2% (5.1%)


Payments / Banking Public Company Valuations: Financial Metrics (Cont.)

13 Notes:



Stock LTM EPS



ATM / Kiosks

Cardtronics plc $40.29 $28.01 $41.25 $1,822 $515 $2,337 1.9x 1.9x 7.3x 7.4x NA NA 0.0% NA 5.2% 7.6%

Outerwall Inc. 43.59 24.81 85.26 752 604 1,356 0.7x 0.8x 3.7x 4.3x 7.0x 9.5x 10.0% 0.7 (10.8%) (11.9%)

Everi Holdings Inc. 1.43 1.13 7.60 94 1,031 1,125 1.4x 1.3x 5.8x 5.5x 2.4x 2.1x 20.0% 0.1 0.3% (0.8%)

Mean 1.3x 1.3x 5.6x 5.7x 4.7x 5.8x 10.0% 0.4 (1.8%) (1.7%)

Median 1.4x 1.3x 5.8x 5.5x 4.7x 5.8x 10.0% 0.4 0.3% (0.8%)

POS Hardware / Technology

Ingenico Group $117.81 $95.62 $143.05 $7,212 $271 $7,483 2.8x 2.5x 13.1x 11.6x 22.2x 19.1x 14.6% 1.5 9.9% 26.0%

NCR Corporation 29.29 18.02 32.09 3,629 3,188 6,817 1.1x 1.1x 6.4x 6.2x 10.0x 9.2x NA NA (1.3%) (2.2%)

VeriFone Systems, Inc. 18.58 16.99 34.34 2,054 798 2,852 1.3x 1.3x 7.4x 7.7x 9.9x 8.6x 15.0% 0.7 4.3% 7.4%

PAR Technology Corporation 5.13 3.91 7.53 80 (3) 77 NA NA NA NA NA NA NA NA NA 0.2%

Mean 1.7x 1.6x 8.9x 8.5x 14.0x 12.3x 14.8% 1.1 4.3% 7.8%

Median 1.3x 1.3x 7.4x 7.7x 10.0x 9.2x 14.8% 1.1 4.3% 3.8%

Bank ing and Lending Technology

Intuit Inc. $115.48 $79.63 $116.03 $29,548 ($613) $28,935 6.0x 5.5x 16.3x 14.0x 29.7x 25.8x 16.9% 1.8 7.7% 7.9%

Fidelity National Information Services, Inc. 76.03 55.11 76.18 24,877 10,602 35,479 3.8x 3.6x 12.4x 11.4x 20.0x 17.4x 11.3% 1.8 43.0% 40.3%

Fiserv, Inc. 109.69 77.96 109.93 24,387 4,166 28,553 5.1x 4.8x 14.9x 13.9x 24.8x 22.0x 11.7% 2.1 6.2% 4.4%

Jack Henry & Associates Inc. 87.79 63.84 88.12 6,925 46 6,972 5.0x 4.7x 14.5x 13.4x 29.5x 27.3x 11.7% 2.5 6.7% 7.6%

Temenos Group AG 51.11 30.24 58.46 3,336 280 3,616 6.0x 5.4x 15.1x 13.5x 25.9x 22.5x 16.4% 1.6 12.0% 26.6%

Ellie Mae, Inc. 94.57 57.88 97.12 2,836 (68) 2,768 8.4x 6.8x 28.9x 20.1x 49.1x 36.4x 23.3% 2.1 29.7% 35.9%

DH Corporation 24.71 21.88 33.86 2,639 1,459 4,098 3.1x 3.0x 10.8x 9.8x 13.9x 12.1x NA NA 13.6% 39.7%

Black Knight Financial Services, Inc. 37.96 24.50 38.85 2,623 1,485 4,108 4.1x 3.8x 9.0x 8.2x 33.9x 29.9x 13.2% 2.6 8.7% 6.5%

ACI Worldwide, Inc. 19.38 15.07 24.62 2,258 678 2,936 2.9x 2.8x 11.4x 10.5x 36.5x 31.7x 10.7% 3.4 (3.9%) (2.9%)

LendingClub Corporation 4.32 3.44 15.14 1,649 (569) 1,080 2.1x 1.8x 16.3x 10.0x 33.3x 19.6x 28.9% 1.2 19.2% 87.5%

Q2 Holdings, Inc. 27.90 16.44 30.44 1,094 (105) 990 6.7x 5.2x NM NM NM NM NA NA 35.6% 39.7%

Bottomline Technologies (de), Inc. 21.47 20.44 31.58 879 20 898 2.6x 2.4x 12.3x 11.7x 16.4x 14.9x 16.0% 1.0 3.6% 5.2%

On Deck Capital, Inc. 5.25 4.20 14.90 371 331 703 2.5x 1.9x NM NM NM NM 56.8% NM 58.3% 11.7%

Performant Financial Corporation 1.59 1.51 3.39 79 20 99 0.7x 0.7x 6.1x 6.2x NM 45.4x 20.0% NM (15.4%) (0.7%)

Mean 4.2x 3.7x 14.0x 11.9x 28.4x 25.4x 19.7% 2.0 16.1% 22.1%

Median 3.9x 3.7x 13.4x 11.6x 29.5x 24.1x 16.2% 1.9 10.3% 9.8%


Experian plc $19.16 $13.45 $19.25 $18,085 $3,083 $21,168 4.7x 4.3x 13.0x 12.2x 21.6x 19.1x 11.0% 2.0 (3.0%) NA

Equifax Inc. 132.24 90.94 132.67 15,738 2,972 18,711 6.0x 5.5x 17.1x 15.3x 25.4x 22.7x 12.1% 2.1 17.0% 11.7%

Fair Isaac Corporation 114.86 77.57 116.34 3,581 526 4,107 4.7x 4.4x 20.4x 18.0x 25.1x 21.3x 16.0% 1.6 3.6% (0.2%)

Acxiom Corporation 22.07 16.80 23.57 1,717 1 1,718 2.0x 1.8x 11.9x 10.4x 38.7x 33.9x 15.3% 2.5 (16.2%) 9.2%

Intersections Inc. 2.17 1.81 3.55 51 (7) 44 NA NA NA NA NA NA NA NA NA (17.8%)

Mean 4.3x 4.0x 15.6x 14.0x 27.7x 24.2x 13.6% 2.0 0.4% 0.7%

Median 4.7x 4.3x 15.1x 13.8x 25.2x 22.0x 13.7% 2.0 0.3% 4.5%


Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

14

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

7/6/16 Heinrich Bauer Verlag KG Zmarta Group Online Lending NA NA

7/5/16 NEXT Group Holdings, Inc. Accent InterMedia, LLC Gift Cards NA NA

7/4/16 Klik and Pay LLC PAYMILL GmbH eCommerce Payments NA NA

6/30/16 The ai Corporation Limited Iridium Corporation Limited Merchant Processing NA NA

6/30/16 Blackboard Inc. Higher One Holdings, Inc. Prepaid $260 1.7x

6/29/16 Wirecard AG Citigroup Inc., Prepaid Card Services Prepaid NA NA

6/28/16 Sandpiper Digital Payments AG InterCard AG Informationssysteme Prepaid NA NA

6/27/16 Payward, Inc. CleverCoin B.V. Bitcoin NA NA

6/21/16 Kuber Financial, LLC Mobilend, Inc. Online Lending NA NA

6/20/16 MassVenture Inc. Equity Brick, LLC Crowdfunding NA NA

6/17/16 Intercontinental Exchange, Inc. MERSCORP Holdings, Inc. Mortgage Registration NA NA

6/17/16 Net 1 Ueps Technologies Inc. Masterpayment AG Merchant Processing NA NA

6/16/16 GTCR, LLC Optimal Blue LLC Mortgage Software NA NA

6/16/16 Stockpile Spark Gift Sales LLC Gift Cards NA NA

6/16/16 Cast & Crew Payroll, LLC Talent Acquisitions, LLC Payroll Software NA NA

6/8/16 Shandong Luyitong Intelligent Electric Plc. Canaan Creative Blockchain Hardware NA NA

6/2/16 Chequers Capital FIME SAS MPOS $9 0.2x

5/19/16 Ingenico Group Nera Payment Solutions Pte Ltd. POS $65 NA

5/18/16 Telenor ASA Prabhu Money Transfer Sdn. Bhd. Money Transfer NA NA

5/18/16 Fitbit Inc. Coin, Inc., Wearable Payments Assets Wearables / IOT NA NA

Notes:



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

15

($MM)



5/11/16 DIMOCO Europe GmbH Onebip S.r.l Mobile Payments NA NA

5/10/16 Indiegogo, Inc. Celery eCommerce NA NA

5/9/16 Upserve, Inc. Breadcrumb POS NA NA

5/9/16 Bango PLC Danal, Inc. eCommerce $3 NA

5/4/16 Zoftec, LLCJDA Software Group, Inc., JDA Point-of-Sale

SolutionsPOS NA NA

5/3/16 Big Apple Energy LLCVantage Commodities Financial Services,

LLCAlternative Lending NA NA

5/2/16 Mercury UK Holdco LimitedSetefi S.p.A. and Intesa Sanpaolo Card

D.O.O.Issuer Processing $1,149 NA

4/28/16 Emerchants Limited Store Financial Services, LLC Prepaid $34 NA

4/28/16 Bancopopular-e, S.A.Barclaycard, Consumer Payments Business

in Portugal and SpainCredit Cards NA NA

4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA

4/26/16 Ingenico Group Lyudia Inc. VAR $10 30.3x

4/20/16 SoftPay Mobile International Pte. Ltd. MPOS Vietnam POS NA NA

4/19/16 Battery Ventures Goldleaf Enterprise Payments (GEPI), Inc. Check Processing NA NA

4/19/16 Lendix, SA Invex SAS Online Lending NA NA

4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA

4/18/16 Experian Information Solutions, Inc. CSIdentity Corporation Fraud Detection $360 NA

4/18/16 Zomaron Inc. Zomaron Inc. (Spin Off) Merchant Processing NA NA

4/18/16 SuperCom Ltd. Powa Technologies Limited POS NA NA

4/12/16 Electronic Payments, Inc. Complete Merchant Solutions LLC Merchant Processing NA NA

4/7/16 RetailMeNot, Inc. GiftCardZen, Inc. Gift Cards $33 NA

Notes:




16

($MM)



4/6/16 Global Payments Inc. Web Active Corporation Pty Ltd. eCommerce Payments $50 NA

4/4/16 Net 1 Ueps Technologies Inc. Masterpayment AG eCommerce Payments NA NA

4/1/16 Flipkart Online Services Pvt. Ltd. PhonePe Internet Private Limited Mobile Payments NA NA

4/1/16 Reserve Dash Mobile Payments NA NA

3/24/16 Ebates, Inc. Shopular, Inc. Marketing / Offers NA NA

3/21/16 Ola Cabs Qarth Technologies Pvt. Ltd. Mobile Payments NA NA

3/21/16 Bypass Mobile, LLC Parametric Dining, LLC POS NA NA

3/21/16 Asure Software, Inc. Mangrove Software, Inc. HR / Payroll Software $18 NA

3/15/16 FEXCO Holdings Ltd Currency Exchange Corporation Ltd. FX NA NA

3/15/16 Payoneer, Inc. Armor Payments, Inc. B2B Payments NA NA

3/14/16 Inflexion Private Equity Partners LLP Global Reach Partners Limited FX NA NA

3/14/16 Square, Inc. Framed Data Data / Analytics NA NA

3/14/16 Goldman Sachs Investment Management Honest Dollar Benefits Software NA NA

3/7/16 Banco Bilbao Vizcaya Argentaria, S.A. Holvi Payment Services Oy Online Banking NA NA

3/7/16 CardConnect, LLC FinTech Acquisition Corp. Merchant Processing NA NA

3/3/16 Ben White Business ConsortiumPowa Technologies Limited, PowaTag

BusinessMobile Payments NA NA

3/3/16 Greenlight Marketing LimitedPowa Technologies Limited, PowaWeb

BusinesseCommerce Payments NA NA

3/3/16 H.I.G. Capital, LLC; H.I.G. Middle Market fund Quicken Investment Services, Inc. PFM NA NA

3/2/16 AMP New Ventures MoneyBrilliant Pty Ltd PFM NA NA

3/2/16 Network International LLCEmerging Markets Payments Holdings

LimitedPayment Processing $93 NA

Notes:




17

($MM)



2/29/16 Wirecard AG Provus Service Provider S.A. Payment Processing $36 NA

2/19/16 PostFinance AG SIX Paynet Ltd Bill Pay NA NA

2/18/16 Finstar Financial Group Prestamos Prima SL Online Lending NA NA

2/17/16 Invoice Cloud, Inc. Metropolitan Communications, LLC Bill Pay NA NA

2/16/16 Amazon Seller Services Private Limited EMVANTAGE Payments Private Limited Bill Pay NA NA

2/9/16 Interswitch VANSO Mobile Payments / Banking NA NA

2/8/16 BluePay, Inc. Billhighway Inc. Financial Software NA NA

2/3/16 Blackhawk Network Holdings, Inc. NimbleCommerce, Inc. Gift Cards NA NA

1/28/16 Firstsource Group USA Inc ISGN Solutions, Inc. Mortgage Technology $13 NA

1/27/16 SIA S.p.A. UBIQ srl Offers NA NA

1/26/16 Total System Services, Inc. TransFirst Holdings Corp. Merchant Processing $2,350 8.2x

1/20/16 Fiserv, Inc.ACI Worldwide, Inc., Community Financial

Services BusinessBanking Technology $200 NA

1/20/16 Flywire ScholarFX Money Transfer NA NA

1/18/16 omNovos Minicheckout Mobile Payments NA NA

1/15/16 VeriFone Systems, Inc. AJB Software Design Inc. Gateway $90 NA

1/6/16 Blackhawk Network Holdings, Inc. Omni Prepaid, LLC Prepaid $120 NA

1/5/16 InComm, Inc. TibiDono Handelsinnovationen GmbH Prepaid NA NA

1/4/16 EchoSat Communications Group, Inc.Heartland Payment Systems, Inc., Smartlink

DivisionGateway $10 NA

12/31/15 MCI.EuroVentures Mobiltek eCommerce Payments NA NA

12/28/15 Grovepoint Capital LLP Payzone UK Limited Mobile Payments $58 NA

Notes:




18

($MM)



12/23/15 Genero Capital LLC cashU Inc. eCommerce Payments NA NA

12/22/15 Gradifi, Inc. Valoreon, SmarterBucks Program Student Lending NA NA

12/22/15 Invoice Cloud, Inc. ImageVision.net, Inc. Online Payments NA NA

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,414 7.4x

12/8/15 Morpho SA AIRTAG SA Mobile Payments NA NA

12/7/15 Paytm Mobile Solutions Private Limited ThumbSpot Inc. eCommerce $2 NA

12/1/15 Q2 Software, Inc. SmartyPig, LLC Banking Software $11 NA

11/30/15 EQT Partners AB; EQT VIIIndustrial and Financial Systems, IFS AB

(publ)Financial Software $1,003 2.6x

11/30/15 Excel Corporation Calpian, Inc. ISO NA NA

11/26/15 Exponent Private Equity LLP Wowcher Limited Marketing / Offers NA NA

11/23/15 Eurazeo Fintrax Group Holdings Ltd. Multi-Currency Payments $409 1.9x

11/18/15 Lightspeed POS Inc. SEOshop Group B.V. eCommerce NA NA

11/11/15 Necessity Funding Partners, LLCZoom-Cash Inc., Exclusive Rights Of Legal

Funding Payment SystemCash Payments NA NA

11/9/15 Netcetera, Swisscard, Aduno Group SwissWallet Digital Wallet NA NA

11/9/15 VeriFone Systems, Inc. InterCard AG POS $96 NA

11/4/15 ACI Worldwide, Inc. PAY.ON AG Gateway $200 NA

11/3/15 Permira Magento eCommerce NA NA

11/3/15 Worldline S.A. PaySquare SE Processing $80 1.0x

11/2/15 Visa Inc. Visa Europe Limited Networks NA NA

10/30/15 Heartland Payment Systems, Inc. Menusoft Systems Corp. POS $19 NA

Notes:




19

($MM)



10/28/15 Digital Asset Holdings, LLC Blockstack Inc. Blockchain NA NA

10/27/15 FlexiGroup Limited Fisher & Paykel Finance Limited Financial Marketplace NA NA

10/27/15 Wirecard AGPayments Business and 60% Stake in GI

Technology Private LimitedPrepaid $378 NA

10/26/15 Early Warning Services, LLC clearXchange LLC Money Transfer NA NA

10/22/15 CREALOGIX Holding AG80% in Elaxy Financial Software & Solutions

And 20% in Elaxy Business Solution & Banking Software NA NA

10/22/15 Eze Software Group LLC TKS Solutions, LLC Accounting Software NA NA

10/21/15 Citrus Payment Solutions Pvt. Ltd. Zwipe Payment Technologies Private Limited Gateway NA NA

10/19/15 WEX Inc. Electronic Funds Source LLC Closed Loop $1,470 NA

10/17/15 Diebold, Incorporated Wincor Nixdorf Aktiengesellschaft ATMs / Kiosks $2,163 0.8x

10/17/15 Payscout, Inc. Advanced Payment Systems, Inc. Merchant Processing NA NA

10/15/15 SpareBank 1 Nord-Norge Auka AS Mobile Payments NA NA

10/15/15 Evolution1, Inc. Benaissance LLC Merchant Processing $81 6.1x

10/15/15 Velocity Mobile Limited Tab Payments, Corp. Mobile Payments NA NA

10/8/15 Clayton Holdings LLC ValuAmerica, Inc. Real Estate Software NA NA

10/6/15 Merchant Link, LLCPrecidia Technologies Inc. (nka:iPocket232

Inc.)Merchant Processing NA NA

10/1/15 Flywire Uni-Pay Limited Cross Border Payments NA NA

9/24/15 NRT Technology Corp.Sightline Payments, LLC, ATM and Cash

Advance AssetsATM NA NA

9/24/15 Prosper Marketplace, Inc. BillGuard, Inc. Anti-Fraud $30 NA

9/23/15 DC Payments Australasia Pty Ltd.GRG International Limited, Australian ATM

BusinessATM $3 NA

9/22/15 Velocity Mobile Limited Cover, Inc. POS NA NA

Notes:




20

($MM)



9/21/15 Crédit Mutuel Arkéa Leetchi SA Money Transfer $65 NA

9/21/15 ShopKeep.com Inc. Refulgent Software LLC POS NA NA

9/18/15 TeamSystem S.p.A. MadBit Entertainment S.r.l. Billing Software $3 NA

9/18/15 Silverlake Axis LtdSunGard Ambit (Singapore) Pte. Ltd.

(nka:Silverlake Symmetri (Singapore) Pte. Lending Software $17 NA

9/16/15 Bambora Beanstream Internet Commerce Inc. Merchant Processing NA NA

9/16/15 Volkswagen Financial Services AG sunhill technologies GmbH Mobile Payments NA NA

9/16/15 Arlington Capital Partners Ontario Systems, LLC Collections NA NA

9/9/15 Finicity Corporation Aurora Financial Systems, Inc. Prepaid NA NA

9/9/15 SteelBrick Holdings, Inc. Acertis Cloud Ltd (nka:SteelBrick Billing) Billing Software NA NA

9/4/15 NTT DATA Asia Pacific Pte. Ltd iPay88 Sdn Bhd. Online Payments NA NA

9/3/15 Asseco Poland Spólka Akcyjna Exictos SGPS, S.A. Banking Software $39 0.8x

9/3/15 Urban FT, Inc. Wipit, Inc. Mobile Payments NA NA

9/2/15 The Riverside Company Baker Hill Corporation Loan Management Software $100 3.2x

9/2/15 Sovos Compliance, LLC WineDirect Compliance eCommerce NA NA

9/2/15 SS&C Technologies Holdings, Inc. Varden Technologies, Inc. Financial Software $25 NA

9/2/15 DaoPay GmbH Boku, Inc., Pay by Call Payment Business Telephonic Payments NA NA

9/2/15 Flipkart Payments Pvt. Ltd. FX Mart Pvt. Ltd. Money Transfer $4 NA

9/1/15 Asia United Bank Corporation Pinoy Express Pte Ltd. Money Transfer $4 NA

9/1/15 EVERTEC Group, LLC Processa S.A.S Payment Processing $9 NA

9/1/15 EVO Payments International, LLCBanco Nacional de Mexico S.A., Merchant

Acquiring BusinessMerchant Acquiring NA NA

Notes:




21

($MM)



8/19/15 Braintree Payment Solutions, LLC MODEST, INC. eCommerce NA NA

8/18/15 CGI Group Inc. Solutions Only Financial Solutions Ltd. Financial Software NA NA

8/13/15 Boku, Inc. Mobileview Italia Srl Mobile Payments NA NA

8/12/15 Coinify ApS Coinzone B.V. Digital Currency NA NA

8/12/15 i3 Verticals Innovative Financial Technologies Merchant Processing NA NA

8/12/15 i3 Verticals NJOY Products Merchant Processing NA NA

8/12/15 CT-Payment Inc. Smart Card Marketing Systems Inc. Merchant Processing NA NA

8/11/15 Enova International, Inc. The Business Backer, LLC SMB Lending $27 1.4x

8/11/15Corsair Capital LLC; Palamon Capital

Partners, LPCurrencies Direct Ltd Money Transfer NA NA

8/10/15 Blackbaud Inc. Smart Tuition, LLC Education Payments $190 NA

8/10/15 Envestnet, Inc. Yodlee, Inc. Banking Technology $542 5.5x

8/5/15 Affirm, Inc. LendLayer, Inc. Education Payments NA NA

7/31/15 Q2 Software, Inc. Centrix Solutions, Inc. Risk / Compliance Software $29 NA

7/27/15 FrontStream Holdings, LLC BiddingForGood, Inc. Crowdfunding NA NA

7/23/15 Priority Payment Systems LLCAmerican Credit Card Processing

CorporationCard Processing NA NA

7/21/15 BSI Netherlands BVFawry Banking & Payment Technology

Services Ltd.Bill Pay NA NA

7/21/15 ApexPeak Pte. Ltd. ASYX International BV Factoring NA NA

7/21/15 Mozido, LLC NettCash Mobile Wallet NA NA

7/20/15 First Data Corporation Spree Commerce, Inc. eCommerce NA NA

7/20/15 KMD A/S Banqsoft AS Financial Software NA NA

Notes:




22 Notes:


($MM)



7/15/15 Andromeda Sales and Distribution Pvt. Ltd.Apna Paisa Marketing and Services Private

LimitedOnline Lending NA NA

7/14/15 Equiniti Limited TransGlobal Payment Solutions Limited International Payments NA NA

7/14/15 First Data Corporation Transaction Wireless, Inc. Digital Gift Cards $65 NA

7/14/15 RALLY4, Inc. mGive, Inc. Mobile Payments NA NA

7/14/15 TIO Networks Corp. Softgate Systems, Inc. Bill Pay $30 0.8x

7/8/15 Paratus AMC Limited Funding Empire Limited Online Lending NA NA


Payments / Banking

23

Selected Recent Equity Financings – Trailing 12 Months ($MM)

Announced Target

Date Target Series Amount Investors Subsector

7/7/16 Coinbase, Inc. Series D $11 Mistubishi Capital, Sozo Ventures, Bank of Tokyo Bitcoin

7/7/16 Payment Card Technologies NA $13 Undisclosed Debit

7/4/16 NeoGrowth Credit NA $35Aspada, IFMR Investments, IIFL Private Wealth Management, Khosla

Impact, Omidyar Network, Quona CapitalOnline Lending

6/28/16 BizFi NA $20 Metropolitan Equity Partners Online Lending

6/28/16 PredictSpring Series A $11Beanstalk Ventures, Benvolio Group, Felicis Ventures, Novel TMT

VenturesMobile Commerce

6/28/16 Lendingkart. ltd. Series B $32Bertelsmann India, Darrin Capital, India Quotient, Mayfield, Saama

CapitalOnline Lending

6/27/16 D3 Banking Series E $16 West Partners Online Banking

6/23/16 Circle Internet Financial Series D $60Accel, Baidu, Breyer Capital, China Everbright, CreditEase, General

Catalyst Partners, IDG Capital PartnersMoney Transfer

6/22/16 Pearl Capital NA $20 Arena Investors SMB Finance

6/21/16 Number26 GmbH Series B $40Battery Ventures, Earlybird Venture Capital, Horizons Ventures, Redalpine

Venture Partners, Valar VenturesMobile Banking

6/19/16 Plaid Technologies Series B $44 NEA, Goldman Sachs Bank APIs

6/16/16 Fenqile Series D $235 CoBuilder Partners, Huasheng Capital Online Lending

6/15/16 Payoff, Inc. Series C $47 Tencent Holdings Online Lending

6/15/16 PromisePay Series A $14 Carsales.com, Cultivation Capital, Rampersand, Reinventure Group eCommerce Payments

6/13/16 FlexShopper PIPE $22 Middlemarch Partners Online Lending

6/12/16 Tapp Commerce Series A $9 AMMA Private Equity Mobile Payments

6/12/16 Better Mortgage Series A $30 1/0 Capital, IA Ventures, KCK Group, Pine Brook, Goldman Sachs Mortgage Software

6/10/16 Ascend Consumer Finance Series A $11Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA Ventures,

Partech Ventures, Securian, Tekton VenturesOnline Lending

6/7/16 Capsilon NA NA Francisco Partners Mortgage Software

6/6/16 zipMoney PIPE $15 Undisclosed Online Lending

Notes:

Source: CapitalIQ and DowJones Venture Source.


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

24

($MM)

Announced Target


6/2/16 Vyze Series B $13 Austin Ventures, StarVest Partners Online Lending

6/2/16 Digit Series B $23Baseline Ventures, Financial Solutions Lab, Freestyle Capital, General

Catalyst, GV, Operative Capital, Ribbit CapitalPersonal Financial Management

6/1/16 Zibby Series B $13 Blumberg Capital, Tribeca Venture Partners, Victory Park Capital Online Lending

5/25/16 TransferWise NA $26 Baillie Gifford & Co. Money Transfer

5/25/16 Dashlane, Inc. Series C $23 Bessemer, FirstMark, Rho, TransUnion Digital Wallet

5/19/16 Tally Technologies Series A $15Accelerate-IT Ventures, Cowboy Ventures, David Michaels, Shasta

Ventures, SVBCredit Cards

5/12/16 Capital Float Series B $25Aspada Investment, Creation Investments Capital Management, SAIF

Partners, Sequoia CapitalOnline Lending

5/11/16Wincor Nixdorf's Cashless Payments

BusinessNA $23 HPE Growth Capital Merchant Processing

5/11/16 Orderbird Series C $23 ConCardis, Digital+ Partners, Metro (Germany) POS

5/10/16 BigCommerce Series E $30American Express, General Catalyst Partners, GGV Capital, Revolution

Growth, SoftBank Capital, Split Rock PartnerseCommerce

5/9/16 Bridge2 Solutions NA $35 Updata Partners Loyalty / Rewards

5/5/16 Azimo NA $15 Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, Rakuten Money Transfer

5/4/16 View the Space Series C $55 Insight Venture Partners, OpenView Venture Partners, Trinity Ventures Real Estate Tech

5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software

5/3/16 Zooz Series C $24Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund Partners,

iAngels, Kreos Capital, Lool Ventures, RhodiumPayment Optimization

5/2/16 Varo Money NA $27 Warburg Pincus Online Banking

4/27/16 Nubank NA $53 Goldman Sachs Credit Cards

4/26/16 Lendix, SA Series B $14CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore Asset

Management, Weber InvestissementsOnline Lending

4/21/16 Kueski Series A $10Angel Ventures, Auria Capital, Core Ventures, CrunchFund, Richmond

Global, Rise Capital, VARIV, Victory Park CapitalOnline Lending

4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection

Notes:




25

($MM)

Announced Target


4/17/16 Transactis, Inc. Series E $30Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, Wells

FargoBill Pay

4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending

4/12/16 Remitly, Inc. Series C $39Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes Group,

Trilogy Equity, Vulcan CapitalMoney Transfer

4/12/16 Affirm, Inc. Series D $100Andreessen Horowitz, Founders Fund, Jeffries, Khosla, Lightspeed

Venture Partners, Spark CaptialOnline Lending

4/11/16 Viva Republica Series A $23 Altos Ventures, Goodwater Capital, KTB Network Money Transfer

4/6/16 Finanzcheck.de Series C $37 Acton Capital Partners, HarbourVest, Highland Capital Marketplace Lending

4/1/16 MobiKwik Series C $50 GMO Venture Partners, MediaTek, Sequoia Capital, Tree Line Asia Mobile Wallet

3/31/16 Blispay NA $13 Accomplice, AngelList, FirstMark Capital, Founder Collective, NEA Online Lending

3/24/16 Kreditech Series C $11 International Finance Corporation Credit Scoring

3/23/16 Gusto (ZenPayroll) Series B $17 GV, General Catalyst, Obvious Ventures HR / Payroll Software

3/23/16 GoCardless Ltd. Series C $13 Accel, Balderton Capital, Notion Capital, Passion Capital Direct Debit

3/17/16 Splitit 30% Stake $15 Aurum Online Lending

3/17/16 Momo App Series B $28 Goldman Sachs, Standard Chartered Private Equity Mobile Payments

3/14/16 LendInvest Limited Series B $25 Atomico Online Lending

3/13/16 Future Finance NA $271/0 Capital, Blackstone, Colchis, DW Partners, Fenway Summer

Ventures, Invus Financial, KCK, QED, Ridge RoadOnline Lending

3/11/16 EZBOB Series C $29 Leumi Partners, Oaktree Online Lending

3/10/16 Justworks, Inc. Series C $33 Bain Capital, Index Ventures, Redpoint Ventures, Thrive Capital HR Software

3/7/16 Property Partner Series B $18 Dawn Capital, Index Ventures, Octopus Investment Crowdfunding

3/3/16 iAngels Series B $14 Thorney Investment Group Crowdfunding

3/2/16 OurCrowd Ltd. NA $10 United Overseas Bank Limited Crowdfunding

Notes:




26

($MM)

Announced Target


2/18/16 Aria Systems, Inc. Series E $50Bain Capital, Hercules Technology, Hummer Winblad, InterWest, Madison

Bay, Rembrandt, Venrock, VmwareBilling Software

2/16/16 UniRush, LLC NA $20 Main Street Capital Prepaid

2/11/16 Payleven Series D $10 B Cinque, Holtzbrinck, MePay, NEA, ru-Net, Seventure Partners Mobile Payments

2/10/16 Riskified Series B $25Entrée Capital, Genesis Partners, NTT DoCoMo Ventures, Phoenix

Insurance, Qumra CapitalFraud Prevention

2/9/16 WorldRemit Ltd. NA $45 SVB, Triple Point Capital Money Transfer

2/9/16 SwervePay Series B $10 Garland Capital Group, KGC Capital, Mandell Ventures Vertical Payments

2/5/16 Bit9 Series F $68.406 Ventures, Accomplice, Agman, Blackstone, Evolution Equity,

Founders Circle, Highland, Kleiner Perkins, SequoiaCyber Security

2/2/16 Blockstream Corp Series A $55AME Cloud, AXA Strategic Ventures, Blockchain Capital, Digital Garage,

FuturePerfect Ventures, Horizons, Khosla, MosaicBlockchain

2/2/16 Receipt Bank Limited Series A $10 Kennet Partners Accounting Software

2/2/16 Spotcap Spain SL Series C $32 Finstart Financial, HV Holtzbrink Ventures Online Lending

1/22/16 FiveStars, Inc. Series C $50 DCM, HarbourVest, Lightspeed Venture Partners, Menlo Ventures Loyalty / Rewards

1/21/16 Digital Asset Holdings, LLC Series A $62ABN AMRO, ASX Limited, BNP Paribas, Broadridge Financial, Citigroup,

CME, Goldman Sachs, IBM, JPMorgan, PNCBlockchain

1/20/16 WeLab Holdings Limited Series B $152Guangdong Technology Financial Group, ING Bank, Khazanah Nasional

BerhadOnline Lending

1/20/16 Blend Labs, Inc. Series C $40 Formation8 Partners, Lightspeed Venture Partners, The Founders Fund Mortgage Technology

1/19/16 Brightpearl Limited Series C $11 Eden Ventures, MMC Ventures, Norion Capital Partners POS / Retail Software

1/15/16 College Avenue Student Loans LLC NA $20 Comcast Ventures, DW Partners, Fenway Summer Online Lending

1/11/16 Starling NA $70 Harald McPike Mobile Banking

1/6/16 Lendful NA $15 Alterna Bank Online Lending

12/24/15 Nu Pagamentos S.A. Series C $52Kaszek Ventures, Sequoia Capital, Founders Fund, Tiger Global

ManagementMobile Banking

12/23/15 Toast, Inc. NA $30 Bessemer Venture Partners, GV POS

Notes:




27

($MM)

Announced Target


12/15/15 Bluevine Capital, Inc. NA $4083North, Correlation Ventrues, Lightspeed Venture Partners, Menlo

Ventures, RakutenOnline Lending

12/6/15 Masabi Limited NA $12 Keolis, Lepe Partners, MasterCard, MMC Ventures Mobile Payments

12/1/15 Progressa Series A $11 Conconi Growth Partners, Cypress Hills Partners Online Lending

11/29/15 Tyro Payments Limited NA $72 TDM Asset Management, Tiger Global Management Merchant Processing

11/24/15 Atom Bank NA $128BBVA Group, Marathon, Polar Capital, Toscafund Asset Management,

Woodford Investment ManagementOnline Banking

11/18/15 Ebury Partners UK Ltd NA $83 83 North, Vitruvian Partners SMB Lending

11/17/15 Align Commerce Corporation Series A $13Digital Currency, Fenway Summer, Kleiner Perkins, Pantera, Recruit

Strategic, Silicon Valley BankMoney Transfer

11/17/15 Earnest Operations LLC Series B $75 Adams Street Partners, Battery Ventures, Maveron Online Lending

11/11/15 Oaknorth Bank Limited NA $100 Indiabulls Housing Finance Online Lending

11/11/15 NCR Corporation PIPE $820 Blackstone POS

11/11/15 CircleUp Network, Inc. Series C $30 Collaborative Fund, Canaan, Maveron, QED, Rose Park, Union Square Crowdfunding

11/10/15 Bread Series A $14 Bessemer, RRE Consumer Finance

11/9/15 Guardian Analytics Series E $11 Undisclosed Fraud Protection

11/5/15 Meili Jirong Series A $65 Bertelsmann Asia, GX, Morningside, Wacai.com P2P Lending

11/3/15 Invoice2go Corporation Series C $15 Accel Partners, Ribbit Capital Accounting Software

11/3/15 FactorTrust, Inc. NA $42 ABS, Mission Operators Group Credit Scoring

10/27/15 Marqeta Inc. Series C $2583 North, Commerce Ventures, CommerzVentrues, Granite Ventures, IA

Capital GroupIssuer Processing

10/26/15 Zebit Series A $10 Correlation Ventures, Crosslink, Leapfrog, Wildcat Ventures Partners Consumer Finance

10/22/15 Poynt Co. Series B $28Matrix Partners, Nyca Partners, Oak HC/FT, StartX, Webb Investment

NetworkPOS

10/21/15 Money Forward, Inc. Series C $13 Fenox, Mitsubishi, Mitsui & Co., Toho Bank, Yamaguchi Financial Personal Financial Management

Notes:




28

($MM)

Announced Target


10/19/15 Wave Crest Holdings Limited Series E $14 Vesuvius Ventures Payments

10/14/15 Kabbage Inc. Series E $135BlueRun, ING, Recruit, Reverence Capital, Santander, Scotiabank,

Thomvest Ventures, UPS Strategic EnterpriseOnline Lending

10/6/15 Paga Series B $13Acumen Fund, Adlevo Capital, Capricorn Investment Group, Omidyar

NetworkMobile Payments

10/1/15 Transaction Mobility Series A $33 Undisclosed Gateways

9/30/15 Citrus Payment Solutions Pvt. Ltd. Series C $25 Ascent Capital, BEENOS Asia, econtext Asia, Sequoia Mobile Payments

9/30/15 Credible Labs Series A $10 Undisclosed Online Lending

9/28/15 Ibotta, Inc. Series C $40 Jim Clark Loyalty / Rewards

9/28/15 Kreditech Series C $92J.C. Flowers, Amadeus Capital, Varde Partners, HPE Growth Capital,

Blumberg CapitalOnline Banking

9/25/15 Social Finance, Inc. Series E $1,000 SoftBank Online Lending

9/24/15 DriverUp Series B $20 Emerald Development Managers, RRE Ventures, SF Capital Group Online Lending

9/17/15 Fundera, Inc. Series B $12First Round Capital, Khosla Ventures, QED Investors, Susquehanna

Growth EquityOnline Lending

9/16/15 Lightspeed POS Inc. Series C $61Accel Partners, Caisse de depot et placement du Quebec, iNovia Capital,

Investissement QuebecPOS

9/11/15 Abra Series A $12 Arbor Ventures, First Round Capital, RRE Ventures Money Transfer

9/10/15 Fundbox Ltd. NA $50Bezos Expoditions, Blumberg Capital, Entrée Capital, General Catalyst,

Khosla Ventures, Sound Ventures, Spark CapitalSMB Lending

9/10/15 Neft Series A $10 Undisclosed Credit Monitoring

9/10/15 Orchard, Inc. Series B $30Canaan Partners, Conversion Capital, Nyca Partners, QED Investors, Spark

Capital, Thomvest Ventures, Thrive CapitalOnline Lending

9/3/15 Shift Payments NA $50 Undisclosed Debit

9/2/15 InVenture Series A $10Collaborative Fund, Data Collective, Female Founders Fund, Lowercase

CapitalMobile Payments

8/31/15 Chain Inc. Series B $30Capital One Ventures, Citi Ventures, Fiserv, Khosla Ventures, The NASDAQ

OMX Group, Orange Capital, RRE VenturesBlockchain

8/27/15 CommonBond, Inc. Series B $35August Capital, Nyca Partners, The Social+Capital Partnership, Tribeca

Venture PartnersOnline Lending

Notes:




29

($MM)

Announced Target


8/27/15 SumUp Limited NA $11 Amercian Express Ventures, BBVA Ventures, Groupon POS

8/23/15 freee K.K. Series C $29 DCM, Recruit Holdings Accounting Software

8/18/15 GroupLend Inc. NA $10 Markus Frind, Lance Tracey Online Lending

8/13/15 C2FO Series E $40 Temasek, Union Square, Tiger Global, Summerhill, Mithril Invoice Finance

8/12/15 Payoneer, Inc. Series E $50 Susquehanna Growth Equity, Wellington Management Group Cross-Border Payments

8/10/15 Vatbox Ltd. Series B $24 Viola Private Equity Tax / Financial Software

8/10/15 Prodigy Finance Ltd. NA $100 Balderton Capital, Credit Suisse Group Online Lending

8/6/15 Ezetap Mobile Solutions Pvt. Ltd. Series C $24Berggruen Holdings, Capricorn Investment Group, Helion Venture

Partners, Horizons VenturesMobile Payments

8/5/15 SavingGlobal GmbH Series B $22 Index Ventures, Ribbit Capital Online Banking

7/31/15 iZettle AB Series D $67Intel Capital, Zouk Capital, American Express, Dawn Capital, Creandum

AB, 83 North, Northzone Ventures, Index VenturesPOS

7/30/15 Iwoca Ltd. Series B $20Acton Capital partners GMbH, CommerzVentures GmbH, Redline Capital

Management S.A.Online Lending

7/29/15 Behalf Inc. Series B $119Mission Perators Group, Marverick Ventures, Victory Park Capital

Advisors, Sequoia CapitalOnline Lending

7/27/15 ShopKeep.com Inc. Series D $60 Activant Capital Group POS

7/21/15 Circle Back Lending Series A $18 Undisclosed Online Lending

7/17/15 Mswipe Technologies Pvt Ltd Series C $25 Falcon Edge Capital, ANI Technologies Pvt. Ltd, Meru Capital Group POS

7/16/15 Flypay Limited Series A $11 Time Out Group Mobile Payments

7/15/15 Ethoca Limited NA $45 Spectrum Equity Management CNP Payments

7/15/15 Credit Benchmark Ltd. Series B $20 Balderton Capital, Index Ventures Risk / Analytics

7/14/15 Fastacash Pte. Ltd. Series B $15 Rising Dragons Singapore, Life.Sreda, UOB, Venture Investments II P2P Payments

7/14/15 Fenergo Ltd. NA $75 Insight Venture Partners Banking Software

Notes:




30 Notes:


($MM)

Announced Target


7/12/15 Upstart Network, Inc. Series C $35Third Point Ventures, First Round Capital, Collaborative Fund, Khosla

Ventures, Eric Schmidt, Marc BenioffOnline Lending

7/9/15 Bitfury USA, Inc. NA $20 Georgian Co-Investment Fund, DRW Holdings, iTech Advisors Cryptocurrency

7/8/15 Lendingkart. ltd. Series A $635 Mayfield, Saama Capital Management, Shailesh Mehta, Ashvin Chadha Online SMB Lending


IV. Securities / Capital Markets / Data & Analytics

31


(1)

Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics

32 Notes:



Stock LTM EPS



Exchanges - Americas

CME Group Inc. $98.90 $81.87 $100.87 $33,492 $1,005 $34,496 9.6x 9.1x 13.9x 12.8x 22.9x 21.3x 11.3% 2.0 7.8% 10.9%

Intercontinental Exchange, Inc. 256.89 220.28 271.95 30,582 6,273 36,855 8.1x 7.7x 13.2x 12.0x 18.5x 16.7x 14.2% 1.3 35.7% 35.8%

Nasdaq, Inc. 65.88 47.95 67.61 10,838 2,150 12,988 5.8x 5.4x 11.9x 10.6x 17.7x 15.8x 9.1% 1.9 (33.7%) 5.5%

BM&FBOVESPA S.A. 5.54 2.90 5.57 9,902 (1,026) 8,877 12.2x 11.2x 18.1x 17.0x 16.9x 15.3x 10.0% 1.7 7.7% 2.0%

CBOE Holdings, Inc. 67.64 58.25 72.53 5,506 (107) 5,398 8.2x 7.8x 14.6x 13.5x 27.3x 24.9x 11.1% 2.5 3.4% 13.6%

TMX Group Limited 40.97 25.54 41.57 2,230 631 2,861 5.1x 4.9x 10.9x 10.2x 13.8x 12.7x NA NA (4.9%) (1.8%)

Bolsa Mexicana de Valores SAB de CV 1.53 1.15 1.69 909 (122) 787 5.1x 4.7x 9.9x 9.1x 18.3x 16.6x 8.7% 2.1 8.1% 7.9%

Mean 7.7x 7.3x 13.2x 12.2x 19.3x 17.6x 10.7% 1.9 3.5% 10.5%

Median 8.1x 7.7x 13.2x 12.0x 18.3x 16.6x 10.5% 2.0 7.7% 7.9%

Exchanges - Asia

Hong Kong Exchanges & Clearing Limited $23.66 $20.64 $31.58 $28,775 ($20,765) $8,011 5.3x 4.8x 7.7x 6.8x 35.1x 30.3x 6.0% 5.8 (9.2%) (1.6%)

ASX Limited 36.00 27.95 36.37 6,964 (744) 6,219 11.0x 10.3x 14.3x 13.4x 21.5x 20.3x 4.7% 4.6 (17.0%) 6.2%

Singapore Exchange Limited 5.62 4.90 6.34 6,014 (567) 5,447 9.1x 8.6x 14.9x 14.0x 22.3x 20.6x NA NA (2.6%) 3.3%

Bursa Malaysia Berhad 2.18 1.88 2.27 1,167 (124) 1,043 7.8x 7.3x 13.5x 12.6x 22.3x 20.7x NA NA 4.2% 5.6%

Mean 8.3x 7.8x 12.6x 11.7x 25.3x 23.0x 5.3% 5.2 (6.1%) 3.4%

Median 8.4x 8.0x 13.9x 13.0x 22.3x 20.7x 5.3% 5.2 (5.9%) 4.4%

Exchanges - Europe

Deutsche Boerse AG $79.64 $76.73 $96.74 $14,669 $2,077 $16,746 6.0x 5.6x 10.8x 10.2x 16.0x 14.7x 4.7% 3.4 (9.6%) 8.1%

London Stock Exchange Group plc 34.00 27.55 39.14 11,896 (1,265) 10,632 5.2x 5.0x 10.5x 9.4x 21.2x 18.3x 15.3% 1.4 9.7% 12.0%

Bolsas y Mercados Españoles 27.44 22.92 44.05 2,289 (388) 1,901 5.3x 5.3x 7.8x 7.8x 12.7x 12.8x NM NM (6.1%) (11.7%)

JSE Limited 12.60 7.68 13.13 1,078 (133) 945 5.1x 4.8x 10.0x 9.8x 14.5x 14.3x NA NA 23.4% 25.1%

GPW 8.25 7.79 13.04 346 (60) 287 3.7x 3.6x 7.1x 6.6x 11.6x 10.8x 5.0% 2.3 (5.2%) (8.1%)

Hellenic Exchanges - Athens Stock Exch. 4.62 3.60 6.47 291 (152) 139 3.6x 3.1x 8.3x 6.4x 26.4x 19.6x 15.3% 1.7 6.7% (23.6%)

Mean 4.8x 4.6x 9.1x 8.4x 17.1x 15.1x 10.1% 2.2 3.2% 0.3%

Median 5.1x 4.9x 9.1x 8.6x 15.3x 14.5x 10.2% 2.0 0.8% 0.0%



Stock LTM EPS




SEI Investments Co. $49.15 $32.01 $55.48 $7,962 ($638) $7,324 5.2x 4.7x 14.0x 11.6x 24.1x 19.7x 13.9% 1.7 4.8% 2.7%

Broadridge Financial Solutions, Inc. 66.62 48.56 66.74 7,876 465 8,341 2.6x 2.4x 12.7x 11.2x 23.6x 20.2x 10.8% 2.2 15.9% 8.6%

SS&C Technologies Holdings, Inc. 29.64 23.62 38.60 5,875 2,622 8,497 5.7x 5.2x 13.6x 11.9x 18.4x 15.4x 15.0% 1.2 50.3% 57.5%

DST Systems Inc. 119.52 95.54 134.65 3,966 648 4,614 2.3x 2.1x 10.5x 9.9x 17.9x 16.1x 10.0% 1.8 (29.9%) 6.2%

Financial Engines, Inc. 25.64 23.22 46.34 1,614 (97) 1,517 3.7x 3.3x 12.2x 10.9x 25.2x 20.7x 20.0% 1.3 31.9% 22.8%

Envestnet, Inc. 35.39 19.30 46.45 1,511 256 1,767 3.0x 2.5x 17.3x 12.8x 34.6x 24.6x 17.8% 1.9 38.4% 36.7%

Mean 3.8x 3.4x 13.4x 11.4x 24.0x 19.5x 14.6% 1.7 18.6% 22.4%

Median 3.4x 2.9x 13.1x 11.4x 23.8x 20.0x 14.5% 1.8 23.9% 15.7%

F inancial Data, Content, & Analytics

Thomson Reuters Corporation $40.89 $33.96 $42.81 $30,683 $8,233 $38,916 3.4x 3.3x 12.2x 11.5x 19.9x 17.6x 8.4% 2.4 (6.8%) (1.0%)

S&P Global, Inc. 108.87 78.55 112.75 28,829 2,341 31,170 5.5x 5.2x 13.0x 11.9x 21.2x 18.9x 11.2% 1.9 6.5% 5.3%

Moody's Corporation 96.73 77.76 113.87 18,795 1,362 20,157 5.7x 5.3x 12.7x 11.6x 21.2x 18.7x 9.9% 2.1 1.9% (5.7%)

Verisk Analytics, Inc. 83.40 64.79 83.40 14,025 2,846 16,871 8.4x 7.9x 16.5x 15.3x 26.9x 24.2x 12.2% 2.2 (2.7%) 28.2%

MSCI Inc. 79.45 56.87 79.86 7,667 1,135 8,802 7.6x 7.1x 16.0x 14.4x 27.6x 23.1x 14.3% 1.9 7.1% 6.1%

FactSet Research Systems Inc. 161.02 135.95 177.28 6,554 89 6,642 5.8x 5.4x 16.2x 15.0x 23.7x 22.1x 10.3% 2.3 11.5% 13.0%

IHS Markit Ltd. 32.03 25.78 35.77 5,738 653 6,391 5.3x 5.0x 12.4x 11.5x 22.1x 20.9x 3.9% 5.6 7.3% 6.0%

The Dun & Bradstreet Corporation 123.82 85.99 128.87 4,490 1,380 5,869 3.4x 3.3x 11.9x 11.2x 16.9x 15.8x 8.0% 2.1 5.3% 5.3%

Morningstar Inc. 81.38 74.78 89.44 3,492 (152) 3,340 4.1x 3.9x 12.9x 12.0x 26.6x 24.1x 14.0% 1.9 2.4% 1.2%

Bankrate, Inc. 7.75 6.59 15.80 700 89 790 1.8x 1.6x 7.5x 4.6x 14.4x 8.7x 17.5% 0.8 17.4% 4.8%

Mean 5.1x 4.8x 13.1x 11.9x 22.0x 19.4x 11.0% 2.3 5.0% 6.3%

Median 5.4x 5.1x 12.8x 11.8x 21.6x 19.9x 10.7% 2.1 5.9% 5.3%


The Charles Schwab Corporation $25.73 $21.51 $35.72 $34,007 $3,603 $37,610 5.2x 4.6x 12.0x 9.7x 20.7x 17.3x 17.7% 1.2 15.8% 15.6%

TD Ameritrade Holding Corporation 27.89 24.88 38.72 14,750 1,814 16,564 4.6x 4.5x 10.5x 9.8x 17.9x 15.4x 13.6% 1.3 12.9% 4.9%

E*TRADE Financial Corporation 23.59 19.61 30.98 6,574 1,533 8,107 4.3x 4.1x NA NA 14.5x 13.5x 16.7% 0.9 3.4% 15.4%

Interactive Brokers Group, Inc. 35.39 29.50 45.73 2,265 3,512 5,777 3.6x 3.3x 5.3x 5.0x 22.2x 21.4x 15.6% 1.4 17.3% 18.0%

GAIN Capital Holdings, Inc. 6.69 5.75 8.84 324 (945) (620) NM NM NM NM 9.3x 8.1x 7.5% 1.2 (1.0%) 20.0%

FXCM Inc. 8.79 5.26 24.77 49 314 363 NA NA NA NA NA NA NA NA NA 2.2%

Mean 4.4x 4.1x 9.3x 8.2x 16.9x 15.1x 14.2% 1.2 9.7% 12.7%

Median 4.4x 4.3x 10.5x 9.7x 17.9x 15.4x 15.6% 1.2 12.9% 15.5%

(1)

(1)

(1)

(1)

(1)

(2)

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

33

Notes:


(1) Enterprise Value and Net Debt exclude Cash.

(2) Financial metrics pro-forma for Yodlee acquisition.


Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months

34

($MM)



7/7/16 Legg Mason Inc. Financial Guard LLC Robo Advisors NA NA

6/30/16Teachers Insurance & Annuity Association of

America, Endowment ArmMYVEST CORP Advisor Software NA NA

6/20/16 Markit Ltd. (nka:IHS Markit Ltd.) Prism Valuation Inc. Risk & Analytics NA NA

6/14/16 Global Advisors (Jersey) Limited XBT Provider AB (publ) Bitcoin ETF NA NA

6/14/16 Broadridge Financial Solutions, Inc. 4Sight Financial Software Limited Financial Software $40 3.3x

6/14/16 Fair Isaac Corporation QuadMetrics Inc. Risk & Analytics NA NA

5/25/16 Bregal Sagemount Discovery Data, Inc. Data / Analytics NA NA

5/11/16 Broadridge Financial Solutions, Inc.Dojima LLC (nka:Broadridge Derivatives

Clearing)Clearing / Settlement NA NA

5/5/16 ISEG Limited Startup Stock Exchange Exchanges NA NA

4/27/16 Affirm, Inc. Sweep, Inc. Personal Financial Management NA NA

4/14/16 Euclid Opportunities Fund Enso LP Risk Analytics NA NA

4/13/16 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges NA NA

4/11/16 Huatai International Finance I Limited AssetMark, Inc. Wealth Management Software NA NA

4/5/16 Ally Financial Inc. TradeKing Group, Inc. Online Broker $275 NA

3/31/16 Morningstar Inc. RightPond Broker Software NA NA

3/21/16 Institutional Capital Network, Inc.Credit Suisse Group AG, HedgeFocus

BusinessFund Administration NA NA

3/21/16 Markit Ltd. (nka:IHS Markit Ltd.) IHS Inc. Data / Information Services $10,278 4.6x

3/16/16 Markit Ltd. (nka:IHS Markit Ltd.)Fitch Solutions, Inc., Credit Default Swap

Pricing ServiceRisk Analytics NA NA

3/9/16 Nasdaq, Inc.International Securities Exchange Holdings,

Inc.Exchanges $1,100 NA

3/8/16 Equiniti Group plc RiskFactor Solutions Ltd Risk Analytics NA NA

Notes:



Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

35

($MM)



3/7/16 Axioma, Inc.ConceptONE, LLC, Regulatory Reporting And

Risk Reporting UnitsRisk Analytics NA NA

3/2/16 Tradeweb Markets LLC CodeStreet LLC Broker Dealer Software NA NA

3/1/16 Pico Quantitative Trading, LLC AlgoSpan Limited Data / Trading Platform NA NA

3/1/16 Intercontinental Exchange, Inc.Standard & Poor's Securities Evaluations,

Inc. and Credit Market Analysis LimitedData / Analytics NA NA

2/29/16 BI-SAM Technologies S.A. FinAnalytica, Inc. Risk / Analytics NA NA

2/26/16 Singapore Exchange Limited The Baltic Exchange Limited Exchanges NA NA

2/23/16 Deutsche Boerse AG London Stock Exchange Group plc Exchanges $14,591 7.8x

2/5/16 Citadel Securities, LLCKCGA Americas LLC, Designated Market

Maker BusinessMarket Maker NA NA

2/5/16 Chongqing Casin Enterprise Group Chicago Stock Exchange, Inc. Exchanges NA NA

1/24/16 J.C. Flowers & Co. LLC Chi-X Global Holdings LLC Trading Platforms NA NA

1/22/16 StatPro Group plc Investor Analytics, LLC Data Analytics $16 3.2x

1/20/16 European Energy Exchange AG Power Exchange Central Europe, a. s. Exchanges NA NA

12/23/15 Wipro Ltd. Viteos Capital Market Services Limited Capital Markets Tech $130 4.9x

12/9/15 Moody's Corporation BlackBox Logic LLC Data / Analytics NA NA

12/8/15 Nasdaq, Inc. Chi-X Canada ATS Ltd. Trading Platform $110 NA

12/2/15 Wealthsimple Financial Inc. Canadian ShareOwner Investments Inc. Robo Advisors NA NA

12/2/15 AS ExpobankFXCM Securities Limited (nka:Walbrook

Capital Markets)Trading Platform NA NA

11/16/15 Intercontinental Exchange, Inc. Trayport Limited Trading Platform $860 11.0x

11/11/15 Broadridge Output Solutions, Inc. QED Financial Systems, Inc. Data Management NA NA

11/11/15ICAP plc, Global Hybrid Voice Broking and

Information Business including iSwap and Tullett Prebon plc Broking Infrastructure NA NA

Notes:



Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

36

($MM)



8/12/15 Markit Ltd. (nka:IHS Markit Ltd.) CoreOne Technologies LLC Data / Analytics $200 NA

8/12/15 ObjectWay S.p.A. Thomson Financial - MIS Systems Brokerage Software NA NA

8/12/15 Fidelity National Information Services, Inc. SunGard Data Systems Inc. Capital Markets Software $9,911 3.5x

8/11/15 Computer Sciences Corporation Fixnetix Ltd. Risk / Data $113 NA

8/5/15 IPC Systems ASPone Capital Markets Software NA NA

7/30/15 BNP Paribas SA Sharekhan Limited Online Brokerage $334 NA

7/27/15 Deutsche Boerse AG49.9% stake in STOXX Ltd and 50.1% stake

in Indexium AgIndices $611 NA

7/27/15McGraw Hill Financial, Inc. (nka:S&P Global,

Inc.)SNL Financial LC Data / Analytics $2,225 9.9x

7/26/15 Deutsche Boerse AG 360 Treasury Systems AG Trading Platform $805 14.5x

7/23/15 Ipreo Holdings LLC iLEVEL Solutions, LLC PE Software NA NA

7/22/15 Linear Investments LimitedAQX Securities GmbH, Agency Execution

BusinessTrading Platform NA NA

7/14/15 VestmarkAdvanced Objects' Proposal Generation

TechnologyAnalytics / Software NA NA

7/10/15 Computershare Limited SIX SAG AG Shareholder Services NA NA

Notes:



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

37

($MM)

Announced Target


7/6/16 National Stock Exchange of India NA $135 Veracity Insurance Solutions Exchanges

6/19/16 Quoine Series A $20 JAFCO Bitcoin Trading

6/7/16 NexusCrowd NA $16 Downing Street Financial Crowdfunding

5/19/16 Tink Series B $10 ABN AMRO, Creades, Skandinaviska Enskilda Banken, Sunstone Capital PFM

5/19/16 Personal Capital Corporation Series E $75 IGM Financial Robo-Advisor

5/12/16 EuroCCP NA $16 Euronext Clearing / Settlement

4/25/16 bitFlyer Series C $27 SBI FinTech Fund, Venture Labo Investment Bitcoin Exchange

4/21/16 Acorns Series D $30 e.ventures, Greycroft, PayPal, Rakuten Robo Advisors

4/13/16 Vestmark NA $30 Summit Partners Wealth Management Software

4/5/16 Reonomy Series C $22 Bain Capital, Softbank Data / Analytics

4/1/16 Swanest NA $10 Andreessen Horowitz Robo-Advisor

2/8/16 Xignite, Inc. Series C $21 Altos Ventures, QUICK Corp, Startup Capital Ventures, StarVest Ventures Data

11/16/15 Hanweck Associates NA $10 Argentum Group Risk & Analytics

11/9/15 MoneyFarm SIM S.p.a. NA $16 Cabot Square, United Ventures Robo-Advisor

10/27/15 Indian Energy Exchange NA $13 TVB Shriram Growth Fund Exchanges

9/30/15 InvestCloud Series B $45 FTV Insurance Tech

9/22/15 TruMid Financial LLC NA $27 Peter Thiel, Shumway Capital, Soros Fund Trading Platform

8/13/15 eShares, Inc. Series B $17 Spark Capital, Union Square Ventures Transfer Agent

7/29/15 Seedrs Limited Series A $16 Augmentum Capital, Woodford Investment Management Crowdfunding

7/15/15 DISCERN Investment Analytics, Inc Series A $20 Artiman Management Data / Analytics

Notes:



V. Insurance / Benefits

38


Insurance / Benefits Public Company Valuations: Financial Metrics

39 Notes:



Stock LTM EPS




Verisk Analytics, Inc. $83.40 $64.79 $83.40 $14,025 $2,846 $16,871 8.4x 7.9x 16.5x 15.3x 26.9x 24.2x 12.2% 2.2 (2.7%) 28.2%

IMS Health Holdings, Inc. 27.68 22.36 33.52 9,131 4,173 13,304 4.1x 3.9x 13.9x 12.9x 17.4x 15.7x 11.0% 1.6 10.5% 22.5%

athenahealth, Inc. 140.27 111.91 170.42 5,507 198 5,705 5.1x 4.3x 24.2x 19.9x 78.1x 61.9x 24.5% 3.2 20.6% 24.1%

Guidewire Software, Inc. 63.28 42.32 64.78 4,589 (579) 4,011 9.1x 8.0x 46.3x 35.3x 83.9x 68.0x 19.2% 4.4 11.7% 15.7%

Ebix Inc. 49.14 19.78 49.92 1,610 156 1,766 6.1x 5.6x 15.3x 13.9x 19.0x 18.1x 10.0% 1.9 NA 11.5%

Crawford & Company 9.59 3.99 9.62 531 186 716 0.7x 0.6x 6.2x 5.5x 15.0x 11.8x 10.0% 1.5 (6.5%) (3.7%)

Polaris Consulting & Services Limited 2.96 2.20 3.33 301 (55) 246 0.8x 0.7x NA 5.5x 11.3x 9.4x 12.4% 0.9 5.1% 8.3%

Symbility Solutions Inc. 0.29 0.18 0.31 69 (5) 64 2.5x 2.2 NM NM NM NM NA NA (0.8%) 56.7%

Mean 4.6x 4.1x 20.4x 15.5x 35.9x 29.9x 14.2% 2.2 5.4% 20.4%

Median 4.6x 4.1x 15.9x 13.9x 19.0x 18.1x 12.2% 1.9 5.1% 19.1%


Insurance / Benefits Selected Recent Acquisitions – Trailing 12 Months

40 Notes:


($MM)



6/29/16 Global Healthcare Exchange, LLC H-Card, LLC Healthcare Payments NA NA

6/7/16 Connecture, Inc. ConnectedHealth, LLC Benefits Tech $7 NA

5/2/16Vista Equity Partners; Bain Capital Private

EquityVertafore, Inc. Insurance Tech NA NA

4/18/16 Apax Partners LLP Duck Creek Technologies, Inc. Claims Software NA NA

4/5/16 SwervePay, LLC Symbiosis Health Inc. Healthcare Payments NA NA

3/29/16 Guidewire Software, Inc. EagleEye Analytics, Inc. Insurance Analytics $42 NA

3/7/16 Protector Holdings, LLC BetterWay Insurance Services LIC Insurance Tech NA NA

2/17/16 Medical Transcription Billing, Corp. Gulf Coast Billing, Inc. Medical Billing NA NA

1/19/16 Ventiv Technology Inc. 4iSoft, LLC. Insurance Technology NA NA

12/23/15 Keylane B.V. GENEVA-ID GmbH Core Processing NA NA

11/5/15 All Web Leads, Inc. Insurancequotes, Inc. And NetQuote, Inc. Insurance Marketplace $165 NA

8/17/15 WebPT, Inc. Therabill LLC Healthcare Financial Software NA NA

8/16/15 Cardon Outreach, LLC Diversified Healthcare Resources, Inc. Healthcare Financial Software NA NA

8/12/15 Premier Healthcare Solutions, Inc. Healthcare Insights, LLC Healthcare Financial Software $69 NA

8/6/15 Marlin Equity Partners, LLC ADP AdvancedMD, Inc. Heathcare Financial Software NA NA

7/14/15 MTBC QHR Corporation's RCM Assets Billing Software NA NA


Insurance / Benefits Selected Recent Equity Financings – Trailing 12 Months

41 Notes:


($MM)

Announced Target


6/14/16 League Series A $25Manulife Financial, OMERS Ventures, Power Financial, Quantum Valley

Investments, Real Ventures, RBCHealth Insurance Tech

5/20/16 Clover Health Series C $165Advanced Finance & Investment Group, AME Cloud, Arena Ventures,

Casdin Capital, First Round, Floodgate, SequoiaInsurance

5/19/16 Shift Technology Series A $10 Accel, Elaia Partners, Iris Capital Management Claims Analytics

5/17/16 Embroker Series A $12500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca Partners,

Vertical Venture Partners, XL InnovateInsurance

5/10/16 Simplificare Series C $20 83North, American Express, Heritage Group, Social CapitalHealthcare Payments /

Financing

4/26/16 Trov, Inc. Series C $23 Anthemis Group, Guidewire, Oak, Suncorp Group Insurance

4/14/16 Eligible NA $25 Undisclosed Healthcare Payments

4/6/16 Bright Health Series A $80 Bessemer, Flare Capital, NEA, Waterline Ventures Health Insurance Innovator

3/21/16 Maxwell Health Series C $22Adams Street, Cambia Health, Catalyst Health, Cendana Capital, GIS,

Industry Ventures, Lerer Hippeau, SchoonerHR / Benefits Software

3/17/16 Friendsurance Series B $15 Horizons Ventures P2P Insurance

3/15/16 Next Insurance Series A $13 Ribbit Capital, TLV Partners, Zeev Ventures Insurance Tech

2/17/16 The StoneEagle Group NA $76 FTV Capital Claims Payments (HC)

2/12/16 Maestro Healthcare Technology Series A $53 Oak Investment Partners, SV Life Sciences Advisers Health Insurance / Benefits

1/19/16 Bankers Healthcare Group LLC NA $114 Pinnacle Bank Lending Platform

12/8/15 Lemonade Inc. NA $13 Aleph, Sequoia Insurance

12/2/15 Aver Inc. NA $14Cardinal Health, GE Ventures, Hearst Health Ventures, Heritage Group,

NCT Ventures, StartUp HealthHealthcare Insurance Tech

10/26/15 Knip AG Series B $16CREATHOR Venture Management, Orange Growth Capital, QED Investors,

Redalpine, Route 66Insurance Tech

10/21/15 insureon Inc. NA $31 Accretive, Oak HC/FT Insurance Agency

10/20/15 CollectiveHealth, Inc. Series C $81Google, Maverick Capital, New Enterprise Associates, Redpoint, RRE,

Founders FundAlternative Health Insurance

10/6/15 Censio Series A $10 Bain Capital, General Catalyst Partners, Lakestar Insurance Technology


Insurance / Benefits Selected Recent Equity Financings – Trailing 12 Months

42 Notes:


($MM)

Announced Target


9/15/15 Oscar Insurance Corporation NA $33 Google Healthcare Insurance Services

8/7/15 PokitDok, Inc. Series B $34 Lemhi Ventures Healthcare Lending & Software

7/28/15 Kareo, Inc. NA $55Greenspring Associates, Montreux Equity Partners, openView Venture

Partners, Silicon Valley BankMedical Billing

Financial Technology Sector Summary July 13, 2016 · 2016-07-13 · Performance P/E 2016 Blackhawk...

Documents

Transcript of Financial Technology Sector Summary July 13, 2016 · 2016-07-13 · Performance P/E 2016 Blackhawk...