Financial Technology Sector Summary June 1, 2016 · 2016-06-01 · Performance P/E 2016 Blackhawk...

Financial Technology Sector Summary

June 1, 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

150 California St., Ste. 2300

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 Analyst

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


70

80

90

100

110

120

130

2/29/16 3/7/16 3/14/16 3/21/16 3/28/16 4/4/16 4/11/16 4/18/16 4/25/16 5/2/16 5/9/16 5/16/16 5/23/1670

75

80

85

90

95

100

105

110

115

5/27/15 6/26/15 7/27/15 8/26/15 9/25/15 10/26/15 11/25/15 12/25/15 1/25/16 2/24/16 3/25/16 4/25/16 5/25/16

Last 12 Months Last 3 Months

Financial Data, Content,

& Analytics

(3)

Payments

(1)

Exchanges

(2)

Information Processors /

Credit Bureaus

(4)

Online Broker Dealers

(5) Investment Services,

Software, & Technology

(7) (6) Banking & Lending

Technology

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.


2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio)

14.7x

17.7x

18.4x

20.6x

22.4x

24.0x

24.3x

27.8x

0.0x 10.0x 20.0x 30.0x

Payments

Healthcare / Insurance Technology

Exchanges


Financial Data, Content, & Analytics

Investment Services, Software, &

Technology

Information Processors / Credit Bureaus

Banking and Lending Technology

1.3

1.3

1.8

1.8

1.8

2.0

2.1

2.2

0.0 0.5 1.0 1.5 2.0 2.5

Payments




Technology



Exchanges


Market Summary Price / Earnings Multiples and PEG Ratios

7 Notes:

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


8.6%

10.7%

12.0%

13.5%

13.7%

14.9%

15.6%

17.0%

0% 5% 10% 15% 20%

Exchanges



Payments


Investment Services, Software, & Technology



Long-Term EPS Growth LTM EBITDA Margins (1)

18.3%

20.0%

21.3%

23.0%

28.5%

34.3%

0% 10% 20% 30% 40%



Technology

Payments




Market Summary Long-Term EPS Growth and LTM EBITDA Margins

8 Notes:


(1) Online Broker Dealers and Trading Platforms not material.


Last 3 Months 1 Year 3 Years

Market Summary Indexed Price Performance by Sector

9 Notes:


3.7%

(6.2%)

7.0%

1.7%

11.2%

3.2%

(8.0%)

2.2%

(10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0%

4.9%

9.0%

10.3%

11.2%

15.3%

15.7%

17.2%

18.6%

0.0% 10.0% 20.0%

Healthcare / Insurance

Technology

Exchanges

Banking & Lending Technology

Payments

Information Processors /

Credit Bureaus

Financial, Data, Content, &

Analytics


Investment Services, Software,

& Technology

31.0%

29.3%

64.1%

38.6%

27.5%

46.3%

49.1%

67.4%

0.0% 20.0% 40.0% 60.0% 80.0%


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

10 Notes:

Source: CapitalIQ and Wall Street Research. Market data as of May 13, 2016.

($MM)

Network s Mark et Cap.

LTM Pr i ce

Per formance P/E 2016

Visa Inc. $189,982 15% 28.0x

MasterCard Incorporated $106,771 5% 27.4x

American Express Company $62,312 (18%) 12.0x

PayPal Holdings, Inc. $46,166 NA 25.5x

Discover Financial Services $23,406 (4%) 10.0x

Sector Average $85,727 (1%) 20.6x

Merchant Processi ng Mark et Cap.

LTM Pr i ce


Cielo S.A. $19,827 (8%) 17.5x

Global Payments Inc. $11,875 48% 24.1x

First Data Corporation $11,344 NA 9.5x

Total System Services, Inc. $9,897 31% 19.1x

Vantiv, Inc. $8,439 35% 20.4x

Worldpay Group plc $7,925 NA 24.8x

Wirecard AG $5,502 5% 24.2x

Square, Inc. $3,229 NA NM

GMO Payment Gateway, Inc. $2,227 117% 94.6x

EVERTEC, Inc. $1,138 (33%) 9.2x

Planet Payment, Inc. $231 84% 26.6x

JetPay Corporation $35 (15%) NM

Sector Average $7,421 35% 27.0x

Money Transfer Mark et Cap.

LTM Pr i ce


The Western Union Company $9,562 (11%) 11.9x

Euronet Worldwide, Inc. $4,152 30% 20.8x

Moneygram International Inc. $349 (35%) 7.3x


Cl osed Loop Mark et Cap.

LTM Pr i ce


FleetCor Technologies, Inc. $13,898 (2%) 22.6x

Alliance Data Systems Corporation $12,676 (28%) 12.8x

Edenred SA $4,226 (29%) 18.9x

WEX Inc. $3,569 (19%) 21.7x


($MM)

Prepai d Mark et Cap.

LTM Pr i ce


Blackhawk Network Holdings, Inc. $1,935 (0%) 13.6x

Green Dot Corporation $1,100 49% 15.8x

Net 1 Ueps Technologies Inc. $501 (24%) 6.1x

Higher One Holdings, Inc. $182 30% 16.4x

Sector Average $930 14% 13.0x

ATM / Ki osk s Mark et Cap.

LTM Pr i ce


Cardtronics Inc. $1,771 6% 12.5x

Outerwall Inc. $704 (47%) 6.5x

Everi Holdings Inc. $99 (81%) 2.5x

Sector Average $858 (41%) 7.2x

POS Hardware / Techno l ogy Mark et Cap.

LTM Pr i ce


Ingenico Group $7,392 (5%) 22.7x

NCR Corporation $3,790 1% 10.4x

VeriFone Systems, Inc. $2,940 (30%) 11.6x

PAR Technology Corporation $71 11% NA


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

LTM Pr i ce


Intuit Inc. $27,606 3% 27.8x

Fidelity National Information Services, Inc. $24,291 17% 19.6x

Fiserv, Inc. $23,374 30% 23.7x

Jack Henry & Associates Inc. $6,653 30% 28.4x

Temenos Group AG $3,608 61% 27.8x

DH Corporation $2,846 (15%) 15.0x

Ellie Mae, Inc. $2,533 33% 43.9x

Black Knight Financial Services, Inc. $2,394 24% 31.0x

ACI Worldwide, Inc. $2,381 (15%) 38.4x

LendingClub Corporation $1,836 (75%) 27.7x

Bottomline Technologies (de), Inc. $1,026 (6%) 19.2x

Q2 Holdings, Inc. $979 8% NM

On Deck Capital, Inc. $352 (68%) NM

Performant Financial Corporation $86 (39%) NM


Informati on Processors / Credi t Bureaus Mark et Cap.

LTM Pr i ce


Experian plc $17,777 3% 21.2x

Equifax Inc. $15,030 26% 24.3x

Fair Isaac Corporation $3,479 28% 24.3x

Acxiom Corporation $1,657 32% 37.5x



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

11

($MM)

Exchanges - Amer i cas Mark et Cap.

LTM Pr i ce


CME Group Inc. $33,394 5% 22.8x

Intercontinental Exchange, Inc. $32,167 14% 19.3x

Nasdaq, Inc. $10,804 25% 17.5x

BM&FBOVESPA S.A. $8,025 39% 15.2x

CBOE Holdings, Inc. $5,202 9% 26.0x

TMX Group Limited $2,184 4% 13.5x


Exchanges - Asi a Mark et Cap.

LTM Pr i ce


Hong Kong Exchanges & Clearing Limited $28,328 (39%) 36.3x

ASX Limited $6,224 7% 20.3x

Singapore Exchange Limited $5,932 (12%) 22.5x

Bursa Malaysia Berhad $1,128 2% 22.4x


Exchanges - Europe Mark et Cap.

LTM Pr i ce


Deutsche Boerse AG $16,233 6% 17.8x

London Stock Exchange Group plc $13,802 9% 22.5x

Bolsas y Mercados Españoles $2,666 (25%) 14.4x

JSE Limited $930 30% 14.7x

GPW $385 (30%) 11.3x

Hellenic Exchanges - Athens Stock Exch. $378 (2%) 31.4x


Tradi ng Pl atfo rms Mark et Cap.

LTM Pr i ce


MarketAxess Holdings Inc. $5,217 58% 55.5x

BGC Partners, Inc. $2,513 (3%) 12.4x

KCG Holdings, Inc. $1,265 4% 18.8x

Virtu Financial, Inc. $671 (21%) 12.7x

Investment Technology Group, Inc. $621 (32%) 20.7x

INTL FCStone Inc. $527 (19%) 10.0x


($MM)

Investment Servi ces, Software , &

Techno l ogy Mark et Cap.

LTM Pr i ce


SEI Investments Co. $8,309 7% 25.2x

Broadridge Financial Solutions, Inc. $7,636 18% 22.7x

SS&C Technologies Holdings, Inc. $6,099 2% 19.1x

DST Systems Inc. $4,009 1% 17.5x

Financial Engines, Inc. $1,743 (36%) 27.0x

Envestnet, Inc. $1,434 (25%) 32.9x


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

LTM Pr i ce


Thomson Reuters Corporation $31,807 5% 20.5x

S&P Global, Inc. $29,495 6% 21.7x

Moody's Corporation $19,183 (9%) 21.6x

Verisk Analytics, Inc. $13,329 8% 25.7x

MSCI Inc. $7,655 27% 27.5x

FactSet Research Systems Inc. $6,523 (4%) 23.2x

Markit Ltd. $5,934 29% 23.4x

The Dun & Bradstreet Corporation $4,583 (2%) 17.2x

Morningstar Inc. $3,611 9% 27.5x

Bankrate, Inc. $796 (28%) 17.8x


Onl i ne Brok er Deal ers Mark et Cap.

LTM Pr i ce


The Charles Schwab Corporation $40,483 (4%) 24.3x

TD Ameritrade Holding Corporation $17,173 (14%) 20.6x

E*TRADE Financial Corporation $7,753 (7%) 16.9x

Interactive Brokers Group, Inc. $2,560 11% 24.5x

GAIN Capital Holdings, Inc. $332 (28%) 9.5x

FXCM Inc. $59 (26%) NA


Notes:

Source: CapitalIQ and Wall Street Research. Market data as of May 13, 2016.


III. Payments / Banking

12


Payments / Banking Public Company Valuations: Financial Metrics

13 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

5/27/16 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. $79.66 $60.00 $81.73 $189,982 ($4,021) $185,961 12.2x 10.7x 17.6x 15.7x 28.0x 23.7x 16.8% 1.4 8.3% 6.4%

MasterCard Incorporated 97.18 74.61 101.76 106,771 (2,875) 103,896 9.9x 9.0x 17.3x 15.2x 27.4x 23.5x 15.6% 1.5 8.6% 9.7%

American Express Company 65.52 50.27 81.92 62,312 25,018 87,330 2.7x 2.7x NM NM 12.0x 11.7x 9.0% 1.3 4.0% 1.6%

PayPal Holdings, Inc. 38.09 30.00 42.55 46,166 (4,767) 41,399 3.9x 3.3x 14.9x 12.7x 25.5x 21.6x 15.6% 1.4 15.8% NM

Discover Financial Services 56.78 42.86 59.88 23,406 12,637 36,043 4.0x 3.8x NM NM 10.0x 9.4x 6.2% 1.5 24.6% 6.6%

Mean 6.5x 5.9x 16.6x 14.5x 20.6x 18.0x 12.6% 1.4 12.3% 6.1%

Median 4.0x 3.8x 17.3x 15.2x 25.5x 21.6x 15.6% 1.4 8.6% 6.5%

Merchant Processing

Cielo S.A. $8.78 $6.48 $10.70 $19,827 $3,126 $22,953 6.7x 6.1x 14.7x 13.2x 17.5x 15.6x 12.5% 1.2 11.6% 29.6%

Global Payments Inc. 77.11 50.70 77.53 11,875 1,254 13,129 4.8x 3.9x 15.0x 12.5x 24.1x 20.2x 14.0% 1.4 (4.8%) 2.2%

First Data Corporation 12.50 8.37 17.99 11,344 19,150 30,494 2.6x 2.5x 10.4x 9.8x 9.5x 8.2x 13.2% 0.6 52.7% 2.6%

Total System Services, Inc. 53.90 37.47 56.69 9,897 977 10,873 2.6x 2.2x 10.4x 9.3x 19.1x 16.9x 9.6% 1.8 52.3% 11.7%

Vantiv, Inc. 53.98 37.69 58.09 8,439 2,993 11,432 6.2x 5.7x 12.7x 11.6x 20.4x 18.2x 13.3% 1.4 (41.4%) 16.0%

Worldpay Group plc 3.96 3.49 4.66 7,925 1,790 9,714 6.1x 5.5x 15.3x 13.4x 24.8x 21.9x 26.5% 0.8 11.9% 14.0%

Wirecard AG 44.53 32.72 54.49 5,502 (761) 4,741 4.2x 3.5x 14.1x 11.4x 24.2x 19.2x 27.2% 0.7 27.2% 30.8%

Square, Inc. 9.63 11.90 15.91 3,229 (414) 2,815 4.4x 3.3x NM 34.0x NM NM 20.0% NM (49.2%) 51.4%

GMO Payment Gateway, Inc. 60.48 26.90 72.83 2,227 (281) 1,946 16.8x 13.4x 48.2x 37.5x 94.6x 74.4x 27.0% 2.8 31.4% 36.0%

EVERTEC, Inc. 15.15 11.27 23.12 1,138 621 1,758 4.6x 4.5x 9.6x 9.3x 9.2x 8.7x 16.0% 0.5 2.4% 4.4%

Planet Payment, Inc. 4.25 2.06 4.67 231 (14) 217 3.7x 3.3x 14.7x 12.2x 26.6x 20.5x 24.5% 0.8 11.3% 12.8%

JetPay Corporation 2.41 2.00 3.18 35 12 47 1.0x 0.9x 15.1x 9.6x NM NM 0.0% NA 7.3% 7.4%

Mean 5.3x 4.6x 16.4x 15.3x 27.0x 22.4x 17.0% 1.2 9.4% 18.2%

Median 4.5x 3.7x 14.7x 11.9x 22.3x 18.7x 15.0% 1.0 11.4% 13.4%

Money Transfer

The Western Union Company $19.47 $16.02 $22.34 $9,562 $2,046 $11,608 2.1x 2.1x 8.6x 8.4x 11.9x 11.2x 8.2% 1.4 (0.2%) (1.8%)

Euronet Worldwide, Inc. 79.77 51.79 82.49 4,152 (51) 4,101 2.1x 1.9x 11.6x 10.2x 20.8x 18.1x 14.7% 1.2 11.2% 10.8%

Moneygram International Inc. 6.49 4.68 10.92 349 799 1,148 0.7x 0.7x 4.2x 4.0x 7.3x 6.2x 13.0% 0.5 8.2% 8.4%

Mean 1.6x 1.6x 8.1x 7.6x 13.4x 11.8x 12.0% 1.0 6.4% 5.8%

Median 2.1x 1.9x 8.6x 8.4x 11.9x 11.2x 13.0% 1.2 8.2% 8.4%

C losed Loop

FleetCor Technologies, Inc. $150.17 $107.56 $164.61 $13,898 $2,376 $16,274 9.2x 8.2x 17.0x 14.9x 22.6x 19.5x 16.5% 1.2 4.1% (0.5%)

Alliance Data Systems Corporation 215.06 176.63 307.78 12,676 16,961 29,636 4.2x 3.7x 14.5x 13.1x 12.8x 11.4x 14.1% 0.8 10.1% 4.7%

Edenred SA 18.48 14.71 27.09 4,226 713 4,939 4.0x 3.7x 11.1x 9.9x 18.9x 16.8x 9.2% 1.8 10.8% (2.2%)

WEX Inc. 92.23 54.42 118.97 3,569 676 4,245 4.7x 4.2x 13.0x 11.1x 21.7x 18.6x 15.0% 1.2 5.7% 1.8%

Mean 5.5x 5.0x 13.9x 12.2x 19.0x 16.6x 13.7% 1.3 7.7% 1.0%

Median 4.4x 4.0x 13.7x 12.1x 20.3x 17.7x 14.6% 1.2 7.9% 0.7%

Prepaid

Blackhawk Network Holdings, Inc. $34.46 $29.91 $48.40 $1,935 $330 $2,265 1.1x 1.0x 11.2x 9.4x 13.6x 12.4x 14.4% 0.9 11.0% 14.6%

Green Dot Corporation 22.20 14.59 23.67 1,100 82 1,183 1.7x 1.6x 7.4x 6.6x 15.8x 13.0x 12.5% 1.0 1.7% (0.5%)

Net 1 Ueps Technologies Inc. 10.98 8.44 21.48 501 (62) 439 0.7x 0.7x 2.9x 2.6x 6.1x 5.6 10.0% 0.6 1.3% (10.8%)

Higher One Holdings, Inc. 3.78 1.85 4.45 182 2 184 1.3x 1.1x 6.1x 8.0x 16.4x 42.0x NA NA (10.9%) (9.7%)

Mean 1.2x 1.1x 6.9x 6.7x 13.0x 18.2x 12.3% 0.8 0.8% (1.6%)

Median 1.2x 1.0x 6.8x 7.3x 14.7x 12.7x 12.5% 0.9 1.5% (5.1%)


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

14 Notes:



Stock LTM EPS



ATM / Kiosks

Cardtronics Inc. $39.17 $28.01 $40.63 $1,771 $515 $2,287 1.8x 1.8x 7.1x 7.2x 12.5x 13.0x 13.5% 1.0 5.1% 7.6%

Outerwall Inc. 40.84 24.81 85.26 704 604 1,308 0.7x 0.7x 3.6x 4.1x 6.5x 8.9x 10.0% 0.9 (10.8%) (11.9%)

Everi Holdings Inc. 1.50 1.13 8.50 99 1,031 1,130 1.4x 1.3x 5.8x 5.5x 2.5x 1.8x 20.0% 0.1 0.2% (0.8%)

Mean 1.3x 1.3x 5.5x 5.6x 7.2x 7.9x 14.5% 0.6 (1.8%) (1.7%)

Median 1.4x 1.3x 5.8x 5.5x 6.5x 8.9x 13.5% 0.9 0.2% (0.8%)

POS Hardware / Technology

Ingenico Group $121.75 $96.15 $143.84 $7,392 $272 $7,664 2.8x 2.6x 13.3x 11.8x 22.7x 19.5x 14.3% 1.4 10.1% 26.0%

NCR Corporation 30.59 18.02 36.50 3,790 3,188 6,978 1.1x 1.1x 6.4x 6.3x 10.4x 9.6x NA NA (1.3%) (2.2%)

VeriFone Systems, Inc. 26.68 20.14 39.25 2,940 747 3,687 1.7x 1.6x 8.9x NA 11.6x 10.1x 0.0% NA 7.3% 5.6%

PAR Technology Corporation 4.54 3.91 7.53 71 (3) 68 NA NA NA NA NA NA NA NA NA 0.2%

Mean 1.9x 1.8x 9.5x 9.1x 14.9x 13.1x 7.2% NM 5.3% 7.4%

Median 1.7x 1.6x 8.9x 9.1x 11.6x 10.1x 7.2% NM 7.3% 2.9%

Bank ing and Lending Technology

Intuit Inc. $107.89 $79.63 $108.20 $27,606 ($613) $26,993 5.6x 5.1x 15.2x 13.0x 27.8x 24.1x 17.3% 1.4 7.7% 7.9%

Fidelity National Information Services, Inc. 74.41 55.11 74.57 24,291 10,602 34,893 3.7x 3.5x 12.1x 11.2x 19.6x 17.0x 11.3% 1.5 42.8% 40.3%

Fiserv, Inc. 105.13 77.96 106.13 23,374 4,166 27,540 4.9x 4.7x 14.4x 13.4x 23.7x 21.1x 11.7% 1.8 6.0% 4.4%

Jack Henry & Associates Inc. 84.34 63.84 86.23 6,653 46 6,699 4.8x 4.5x 14.0x 12.9x 28.4x 26.2x 11.7% 2.2 6.7% 7.6%

Temenos Group AG 55.32 29.32 56.22 3,608 280 3,888 6.4x 5.8x 16.6x 14.8x 27.8x 23.9x 16.7% 1.4 12.7% 26.6%

DH Corporation 26.65 21.78 33.70 2,846 1,452 4,298 3.3x 3.2x 11.4x 10.4x 15.0x 13.1x NA NA 13.6% 39.7%

Ellie Mae, Inc. 84.46 57.88 94.20 2,533 (68) 2,465 7.5x 6.1x 25.8x 17.9x 43.9x 32.5x 23.3% 1.4 29.6% 35.9%

Black Knight Financial Services, Inc. 34.65 24.50 38.85 2,394 1,485 3,879 3.8x 3.6x 8.5x 7.8x 31.0x 27.3x 13.2% 2.1 8.5% 6.5%

ACI Worldwide, Inc. 20.43 15.07 25.80 2,381 678 3,058 3.0x 2.9x 11.9x 10.9x 38.4x 31.0x 13.5% 2.3 (3.9%) (2.9%)

LendingClub Corporation 4.81 24.75 19.48 1,836 (569) 1,267 2.0x 1.5x 13.8x 8.6x 27.7x 17.2x 28.9% 0.6 46.1% 87.5%

Bottomline Technologies (de), Inc. 25.07 21.64 31.58 1,026 20 1,046 3.0x 2.7x 14.7x 13.9x 19.2x 17.3x 20.0% 0.9 3.6% 5.2%

Q2 Holdings, Inc. 24.96 16.44 30.44 979 (105) 874 5.9x 4.6x NM NM NM NM NA NA 35.6% 39.7%

On Deck Capital, Inc. 4.98 4.20 15.85 352 331 684 2.4x 1.8x NM NM NM NM 56.8% NM 57.6% 11.7%

Performant Financial Corporation 1.73 1.51 3.42 86 20 106 0.8x 0.8x 6.5x 6.6x NM 49.4x 20.0% 2.5 (15.4%) (0.7%)

Mean 4.1x 3.6x 13.7x 11.8x 27.5x 25.0x 20.4% 1.6 17.9% 22.1%

Median 3.8x 3.6x 13.9x 12.0x 27.8x 24.0x 17.0% 1.5 10.6% 9.8%


Experian plc $18.79 $14.80 $18.98 $17,777 $2,918 $20,695 4.6x 4.2x 12.8x 12.1x 21.2x 18.6x 11.0% 1.7 (2.8%) NA

Equifax Inc. 126.29 90.94 126.51 15,030 2,972 18,003 5.8x 5.3x 16.5x 14.7x 24.3x 21.7x 12.0% 1.8 17.0% 11.7%

Fair Isaac Corporation 111.57 77.57 111.64 3,479 526 4,004 4.6x 4.3x 20.0x 17.8x 24.3x 20.6x 16.0% 1.3 3.6% (0.2%)

Acxiom Corporation 21.38 15.97 23.57 1,657 1 1,658 1.9x 1.8x 11.5x 10.2x 37.5x 33.8x 15.3% 2.2 (16.2%) 9.2%

Intersections Inc. 2.37 1.81 3.70 56 (7) 49 NA NA NA NA NA NA NA NA NA (17.8%)

Mean 4.2x 3.9x 15.2x 13.7x 26.8x 23.7x 13.6% 1.7 0.4% 0.7%

Median 4.6x 4.2x 14.7x 13.4x 24.3x 21.2x 13.7% 1.8 0.4% 4.5%


Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

15

($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

5/19/16 Ingenico Group Nera Payment Solutions Pte Ltd. POS $64 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

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 $4 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 $1,152 NA

4/28/16 Emerchants Limited Store Financial Services, LLC Prepaid $33 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 $9 30.3x

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

4/19/16 Battery Ventures Goldleaf Enterprise Payments, 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

Notes:



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

16

($MM)



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

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 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

Notes:




17

($MM)



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

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 NA 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

Notes:




18

($MM)



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

DivisionGateway NA NA

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

12/28/15 Grovepoint Capital LLP Payzone UK Limited Mobile Payments $64 NA

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. Healthcare Payments NA NA

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,406 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 Holdings, Inc. SmartyPig, LLC Banking Software $11 NA

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

(publ)Financial Software $1,020 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 $410 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 NA NA

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

11/3/15 Permira Magento eCommerce NA NA

Notes:




19

($MM)



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

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 $2,168 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

Notes:




20

($MM)



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

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

Notes:




21

($MM)



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 $8 NA

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

Acquiring BusinessMerchant Acquiring NA NA

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

Notes:




22

($MM)



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

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

7/6/15 Coupa Software Incorporated InvoiceSmash Pty. Ltd. Accounting Software NA NA

7/2/15 ezetop Ltd. iSend, LLC Money Transfer NA NA

7/1/15 Credit Control, LLC Professional Recovery Services, Inc. ARM NA NA

7/1/15 PayPal, Inc. Xoom Corporation Money Transfer $867 5.0x

6/30/15 AppTech Corp. FlowPay Corporation Crowdfunding NA NA

6/30/15 Wolters Kluwer Tax & Accounting US SureTax, LLC Tax Software NA NA

6/30/15 RideScout LLC GlobeSherpa Inc. Mobile Payments NA NA

6/29/15 Transzap, Inc. ADP, LLC Supply Chain Software NA NA

6/29/15 Payfort FZ-LLC White Payments Technologies FZE eCommerce Payments NA NA

6/29/15 Silver Lake Cast & Crew Payroll, LLC Payroll Software NA NA

6/25/15 Citi Retail Services LLCBrooks Brothers Group, Inc., Credit Card

PortfolioCredit Cards NA NA

Notes:




23 Notes:


($MM)



6/25/15 Newtek Business Services Corp. Premier Payments LLC Merchant Processing $16 NA

6/25/15 Digital Asset Holdings, LLC bits of proof zrt. Blockchain NA NA

6/25/15 Digital Asset Holdings, LLC Hyper, Inc. Blockchain NA NA

6/23/15 Konga.com Online Shopping Limited Zinternet Nigeria Limited Mobile Payments NA NA

6/23/15 Insight Venture Partners Fourth Ltd. Financial Software NA NA

6/23/15 Redknee (Germany) GmbH Orga Systems GmbH Billing Software $42 0.6x

6/22/15 Continental Exchange Solutions, Inc. IME (M) SDN. BHD. Tax Software $83 2.1x

6/19/15Advent International Corporation; Bain

Capital, LP; Clessidra SGR S.p.A.

Istituto Centrale delle Banche Popolari

Italiane SpaPayment Processing $2,393 5.0x

6/18/15 Patriot Technology Solutions, Inc. InsureLinx, Inc. Benefits Software $6 NA

6/17/15 LocoMobi, Inc. Ultimate Systems Solutions, LLC Vertical Payments NA NA

6/17/15 Cegid Group SA Altaven SAS Tax Software NA NA

6/17/15 C&H Financial Services, Inc. Regal Payment Systems, LLC ISO NA NA

6/16/15 Avalara, Inc. VAT Applications N.V. Tax Software $10 NA

6/10/15 GoCoin LLC Ziftr, LLC Merchant Processing NA NA

6/10/15 Crowd Mobile Limited Track Concepts B.V. Mobile Payments $33 1.8x

6/9/15 Bitso SAPI de CV UNISEND S.A.P.I. DE C.V. Cryptocurrency NA NA

6/9/15 ACCEO Solutions Inc. Multipost Ltd. POS $5 NA

6/3/15 NeoXam SmartCo Banking Software NA NA

6/2/15 orderbird AG pepperbill GmbH POS NA NA

6/2/15 Avalara, Inc. EZtax, Inc. Financial Software NA NA


Payments / Banking

24

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

Announced Target

Date Target Series Amount Investors Subsector

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

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

5/19/16 Tally Technologies Series A $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

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

Notes:

Source: CapitalIQ and DowJones Venture Source.


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

25

($MM)

Announced Target


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

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

Notes:




26

($MM)

Announced Target


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

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

Notes:




27

($MM)

Announced Target


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

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

Notes:




28

($MM)

Announced Target


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

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

Notes:




29

($MM)

Announced Target


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

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

Notes:




30

($MM)

Announced Target


7/7/15 VTS, Inc. Series B $21 OpenView Venture Partners, Trinity Ventures Financial Software

7/7/15 SlimPay S.A. NA $16 Prime Ventures DDA Payments

7/2/15 PRET d'UNION S.A. NA $34Eurazeo, Kernel Investissements, Crédit Mutuel Arkéa, Schibsted Growth,

AG2R La MondialeP2P Lending

7/2/15A & A Dukaan Financial Services Private

LimitedSeries C $59

Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia, Walden

InternationalLending Marketplace

7/2/15 Marlette Funding, LLC NA $75 Invus Financial Advisors, Navient Corporation Online Lending

7/2/15 Malauzai Software, Inc. Series D $11 Undisclosed Mobile Banking Software

7/1/15 Realty Mogul, Co. Series B $35 Sorenson Capital, Canaan Partners Online Lending

6/29/15 Velocity NA $12 Undisclosed Mobile Payments

6/25/15 PayRange Inc. Series A $12 Matrix Partners, Google Ventures, Nyca Partners Mobile Payments

6/25/15 Chrome River Technologies, Inc. Series D $100 Great Hill Partners Financial Software

6/23/15 Credit Karma, Inc. Series D $175 Tiger Global Management, Viking Global Investors, Valinor Management Credit Monitoring

6/22/15 Adaptive Insights, Inc. Series G $75Norwest Venture Partners, Onset Ventures, Bessemer Venture Partners,

Cardinal Venture Capital, Monitor VenturesFinancial Software

6/19/15 Snap Advances LLC NA $28 Undisclosed SMB Lending

6/18/15 Wealth India Financial Services Pvt. Ltd. Series C $11 Faering Capital, Foundation Capital, Inventus Capital Online Brokerage

6/18/15 BOND STREET Servicing, LLC Series A $110Spark Capital, Jefferies, Homebrew Management, Founder Collective,

Collaborative Fund, Red Swan VenturesOnline Lending

6/16/15 Pollen, Inc. NA $40 Undisclosed Working Capital Management

6/15/15 LendInvest Limited Series A $50 Beijing Kunlun Tech Online Lending

6/15/15 Azimo Limited Series B $20 Frog Capital, MCI Management, e.ventures, Greycroft Partners Money Transfer

6/10/15 Miura Systems Limited NA $16 DFJ Esprit Secondaries Payments Hardware

6/9/15 Moula Money Pty Limited NA $23 Liberty Financial, NCN Investments Online Lending

Notes:




31 Notes:


($MM)

Announced Target


6/4/15 ATX Innovation, Inc. Series C $24Aeterna Capital, Morgan Creek, New Enterprise Associates, Wellington

ManagementMobile Payments

6/4/15 Lavu Inc. NA $15 Aldrich Capital Partners POS

6/4/15 TabbedOut Series C $22 Wellington Management Group, NEA, Morgan Creek Capital Management Mobile Payments

5/28/15 Classy, Inc. NA $18Methril Capital Management, Salesforce Ventures, Bullpen Capital,

Venture51, Galileo PartnersCrowd funding

5/27/15 Payfirma Corporation Series A $10 Dundee Capital Markets Merchant Acquiring


IV. Securities / Capital Markets / Data & Analytics

32


(1)

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

33 Notes:



Stock LTM EPS



Exchanges - Americas

CME Group Inc. $98.61 $81.87 $100.87 $33,394 $1,005 $34,398 9.6x 9.1x 13.9x 12.9x 22.8x 21.2x 11.6% 1.8 7.6% 10.9%

Intercontinental Exchange, Inc. 270.21 220.28 271.72 32,167 6,273 38,440 8.4x 8.0x 13.6x 12.3x 19.3x 17.4x 14.3% 1.2 36.3% 35.8%

Nasdaq, Inc. 65.67 47.81 67.61 10,804 2,150 12,954 5.8x 5.4x 11.6x 10.3x 17.5x 15.6x 9.7% 1.6 (34.0%) 5.5%

BM&FBOVESPA S.A. 4.49 2.64 5.06 8,025 (932) 7,093 10.8x 9.9x 16.1x 14.9x 15.2x 14.3x 10.0% 1.4 6.7% 2.0%

CBOE Holdings, Inc. 63.91 56.42 72.53 5,202 (107) 5,095 7.8x 7.4x 13.7x 12.7x 26.0x 23.6x 11.1% 2.1 3.3% 13.6%

TMX Group Limited 40.16 25.43 41.61 2,184 628 2,813 5.1x 4.8x 10.8x 10.1x 13.5x 12.5x NA NA (4.9%) (1.8%)

Bolsa Mexicana de Valores SAB de CV 1.54 1.15 1.68 911 (122) 790 5.2x 4.8x 10.0x 9.2x 18.4x 16.7x 8.7% 1.9 8.2% 7.9%

Mean 7.5x 7.0x 12.8x 11.8x 19.0x 17.3x 10.9% 1.7 3.3% 10.5%

Median 7.8x 7.4x 13.6x 12.3x 18.4x 16.7x 10.5% 1.7 6.7% 7.9%

Exchanges - Asia

Hong Kong Exchanges & Clearing Limited $23.47 $20.61 $39.03 $28,328 ($20,739) $7,589 5.1x 4.5x 7.4x 6.0x 36.3x 27.7x 6.0% 4.6 (9.9%) (1.6%)

ASX Limited 32.18 26.54 32.98 6,224 (707) 5,517 10.3x 9.7x 13.5x 12.5x 20.3x 19.2x 4.7% 4.1 (17.2%) 6.2%

Singapore Exchange Limited 5.54 4.80 6.26 5,932 (555) 5,377 9.1x 8.6x 14.9x 14.1x 22.5x 20.8x NA NA (1.5%) 3.3%

Bursa Malaysia Berhad 2.11 1.81 2.18 1,128 (120) 1,008 7.8x 7.4x 13.5x 12.7x 22.4x 20.8x NA NA 4.2% 5.6%

Mean 8.1x 7.6x 12.3x 11.3x 25.4x 22.1x 5.3% 4.4 (6.1%) 3.4%

Median 8.4x 8.0x 13.5x 12.6x 22.4x 20.8x 5.3% 4.4 (5.7%) 4.4%

Exchanges - Europe

Deutsche Boerse AG $88.13 $77.68 $97.28 $16,233 $2,088 $18,321 6.5x 6.0x 11.8x 11.0x 17.8x 16.0x 8.6% 1.9 (9.1%) 8.1%

London Stock Exchange Group plc 39.65 30.32 43.09 13,802 (1,265) 12,537 5.5x 5.3x 11.3x 10.1x 22.5x 19.5x 15.0% 1.3 9.6% 12.0%

Bolsas y Mercados Españoles 31.96 27.11 44.66 2,666 (390) 2,276 6.2x 6.1x 9.1x 8.8x 14.4x 14.0x 3.2% 4.4 (4.8%) (11.7%)

JSE Limited 10.87 6.99 11.29 930 (121) 809 4.9x 4.7x 9.8x 9.7x 14.7x 13.7x NA NA 19.6% 25.1%

GPW 9.18 8.37 13.35 385 (60) 325 3.9x 4.0x 7.2x 7.1x 11.3x 11.6x 5.0% 2.3 (0.3%) (8.1%)

Hellenic Exchanges - Athens Stock Exch. 5.90 3.62 6.51 378 (153) 225 5.5x 4.8x 12.4x 9.7x 31.4x 23.4x 15.3% 1.5 11.5% (23.6%)

Mean 5.4x 5.1x 10.3x 9.4x 18.7x 16.4x 9.4% 2.3 4.4% 0.3%

Median 5.5x 5.1x 10.6x 9.7x 16.2x 15.0x 8.6% 1.9 4.6% 0.0%



Stock LTM EPS



Investment Services, Software, & Technology

SEI Investments Co. $51.29 $32.01 $55.48 $8,309 ($638) $7,670 5.5x 4.9x 14.7x 12.2x 25.2x 20.5x 13.9% 1.5 4.8% 2.7%

Broadridge Financial Solutions, Inc. 64.59 48.56 66.05 7,636 465 8,101 2.7x 2.6x 12.3x 11.3x 22.7x 20.1x 10.8% 1.9 6.8% 8.6%

SS&C Technologies Holdings, Inc. 61.54 47.23 77.19 6,099 2,622 8,721 5.8x 5.3x 14.0x 12.2x 19.1x 15.9x 15.8% 1.0 50.5% 57.5%

DST Systems Inc. 120.83 95.54 134.65 4,009 648 4,657 2.2x 1.9x 10.2x 9.6x 17.5x 15.5x 10.0% 1.5 (24.9%) 6.2%

Financial Engines, Inc. 27.68 23.22 46.34 1,743 (97) 1,645 4.0x 3.6x 13.2x 11.8x 27.0x 22.3x 20.0% 1.1 32.3% 22.8%

Envestnet, Inc. 33.58 19.30 46.45 1,434 256 1,690 2.9x 2.4x 16.7x 12.5x 32.9x 23.4x 17.8% 1.3 38.3% 36.7%

Mean 3.8x 3.5x 13.5x 11.6x 24.1x 19.6x 14.7% 1.4 18.0% 22.4%

Median 3.5x 3.1x 13.6x 12.0x 24.0x 20.3x 14.9% 1.4 19.6% 15.7%

F inancial Data, Content, & Analytics

Thomson Reuters Corporation $42.28 $33.96 $42.43 $31,807 $8,233 $40,040 3.5x 3.4x 12.5x 11.8x 20.5x 18.2x 8.4% 2.2 (6.8%) (1.0%)

S&P Global, Inc. 111.47 78.55 112.00 29,495 2,341 31,836 5.6x 5.3x 13.3x 12.2x 21.7x 19.3x 11.2% 1.7 6.4% 5.3%

Moody's Corporation 98.73 77.76 113.87 19,183 1,362 20,545 5.8x 5.4x 13.0x 11.9x 21.6x 19.0x 9.9% 1.9 1.5% (5.7%)

Verisk Analytics, Inc. 79.26 64.79 82.00 13,329 2,846 16,175 8.0x 7.5x 15.8x 14.7x 25.7x 23.1x 12.0% 1.9 (2.7%) 28.2%

MSCI Inc. 79.32 56.87 79.33 7,655 1,135 8,789 7.6x 7.0x 16.0x 14.4x 27.5x 23.1x 14.3% 1.6 7.3% 6.1%

FactSet Research Systems Inc. 159.57 135.95 177.28 6,523 102 6,625 5.7x 5.3x 15.8x 14.7x 23.2x 21.8x 10.3% 2.1 12.5% 13.7%

Markit Ltd. 34.24 25.36 35.77 5,934 653 6,587 5.5x 5.2x 12.7x 11.8x 23.4x 22.0x 3.5% 6.2 7.3% 6.0%

The Dun & Bradstreet Corporation 126.40 85.99 130.91 4,583 1,380 5,963 3.5x 3.3x 12.1x 11.4x 17.2x 16.1x 6.2% 2.6 5.4% 5.3%

Morningstar Inc. 84.15 74.78 89.44 3,611 (152) 3,459 4.3x 4.1x 13.4x 12.4x 27.5x 25.0x 14.0% 1.8 2.4% 1.2%

Bankrate, Inc. 8.81 6.59 15.80 796 89 886 2.2x 2.0x 9.0x 7.6x 17.8x 14.1x 17.7% 0.8 8.1% 4.8%

Mean 5.2x 4.9x 13.4x 12.3x 22.6x 20.2x 10.7% 2.3 4.1% 6.4%

Median 5.6x 5.2x 13.1x 12.0x 22.4x 20.5x 10.7% 1.9 5.9% 5.3%


The Charles Schwab Corporation $30.63 $21.51 $35.72 $40,483 $3,603 $44,086 6.0x 5.3x 13.7x 11.8x 24.3x 19.9x 18.0% 1.1 16.8% 15.6%

TD Ameritrade Holding Corporation 32.47 24.88 39.05 17,173 1,814 18,987 5.3x 5.2x 12.1x 10.9x 20.6x 17.6x 14.1% 1.3 12.9% 4.9%

E*TRADE Financial Corporation 27.82 19.61 31.48 7,753 1,533 9,286 4.9x 4.6x 10.8x 10.8x 16.9x 15.5x 17.7% 0.9 3.7% 15.4%

Interactive Brokers Group, Inc. 40.01 29.50 45.95 2,560 3,512 6,072 3.7x 3.5x 5.5x 5.3x 24.5x 23.7x 15.6% 1.5 18.7% 18.0%

GAIN Capital Holdings, Inc. 6.85 5.75 10.38 332 (14) 317 0.8x 0.8x 3.7x 3.4x 9.5x 8.3x 7.5% 1.1 (1.0%) 20.0%

FXCM Inc. 10.54 5.26 24.77 59 314 373 NA NA NA NA NA NA NA NA NA 2.2%

Mean 4.1x 3.9x 9.2x 8.5x 19.1x 17.0x 14.6% 1.2 10.2% 12.7%

Median 4.9x 4.6x 10.8x 10.8x 20.6x 17.6x 15.6% 1.1 12.9% 15.5%

(1)

(1)

(1)

(1)

(1)

(2)

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

34

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

35

($MM)



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. IHS Inc. Data / Information Services $10,278 4.6x

3/16/16 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

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

Notes:



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

36

($MM)



2/23/16 Deutsche Boerse AG London Stock Exchange Group plc Exchanges $14,625 7.1x

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 NA 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

11/5/15 Kratos Energy Research Canada Inc.ITG Investment Research ULC. And Recharge

Inc.Trading Platform $121 NA

11/3/15 OneMarketData, LLC Tick Data, Inc. Data / Analytics NA NA

10/26/15 Intercontinental Exchange, Inc. Interactive Data Holdings Corporation Data / Analytics $7,450 7.9x

10/22/15 The NASDAQ Private Market, LLC SecondMarket Solutions, Inc. Exchanges NA NA

10/14/15 Blucora, Inc. HDV Holdings, Inc. Personal Financial Management $600 2.0x

10/8/15 Rapid Addition Limited DET Technologies s.r.o. Broker Technology NA NA

Notes:



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

37

($MM)



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 $807 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

7/6/15 Eagle Financial Publications DividendInvestor.com Data & Analytics $1 NA

7/1/15 ProfitStars, Inc. Bayside Business Solutions, Inc. Lending Platform $8 NA

6/26/15 Link Market Services Limited Link Market Services NZ Shareholder Services $19 NA

6/22/15 New Asia Holdings, Inc. Magdallen Quant Pte. Ltd. Trading Platform $9 NA

6/17/15 Allegro Development Corporation JustCommodity Software Solutions Pte Ltd Trading Software NA NA

6/4/15 IRESS Limited INNERGI Pty Ltd. Broker Software $2 NA

6/2/15 eVestment Alliance, LLC TopQ Software Ltd PE Software NA NA

6/2/15 CBOE Holdings, Inc.Maxima Analytics, Inc., Market Data Services

and Trading Analytics PlatformsData / Analytics $7 NA

6/2/15 Markit Ltd. Information Mosaic Holdings Ltd. Risk Management NA NA

6/1/15 Backstop Solutions Group, LLC Cogency Software, Inc. Investor Software NA NA

6/1/15 Asset International Inc. FinGate GmbH Investor Software NA NA

6/1/15 Playtech plc Plus500 Ltd. Trading Platform NA NA

5/29/15 London Stock Exchange Group plc Exactpro Systems, LLC Trading Software $6 NA

Notes:



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

38

($MM)

Announced Target


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

7/14/15 India Infoline NA $225 Fairfax India Holdings Market Data

6/23/15 FX Capital Securities Ltd. Series C $18Sapphire Ventures, Rakuten, Atlas Venture, Anthemis Group, Notion

Capital Partners, Xange Private EquityTrading Platform

6/19/15 Indian Energy Exchange Limited16.6%

Stake$56

Aditya Birla Private Equity, Agri Power and Engineering Solutions, Kiran

Vyapar, DCB Power VentureExchanges

Notes:



V. Insurance / Benefits

39


Insurance / Benefits Public Company Valuations: Financial Metrics

40 Notes:



Stock LTM EPS




Verisk Analytics, Inc. $79.26 $64.79 $82.00 $13,329 $2,846 $16,175 8.0x 7.5x 15.8x 14.7x 25.7x 23.1x 12.0% 1.9 (2.7%) 28.2%

IMS Health Holdings, Inc. 25.35 22.36 33.52 8,362 4,173 12,535 3.9x 3.7x 13.1x 12.1x 15.9x 14.4x 9.9% 1.4 10.5% 22.5%

athenahealth, Inc. 125.97 110.68 170.42 4,946 198 5,144 4.6x 3.9x 21.8x 17.8x 70.2x 55.6x 24.5% 2.3 20.6% 24.1%

Guidewire Software, Inc. 58.70 42.32 64.78 4,230 (591) 3,639 8.4x 7.3x 43.7x 28.4x 85.9x 57.8x 20.0% 2.9 9.5% 14.2%

Ebix Inc. 45.97 19.78 49.92 1,506 156 1,662 5.7x 5.0x 14.4x 13.1x 17.7x 17.1x 10.0% 1.7 NA 11.5%

Crawford & Company 8.25 3.99 8.99 457 186 642 0.6x 0.6x 5.5x 4.9x 12.9x 10.1x 10.0% 1.0 (6.5%) (3.7%)

Polaris Consulting & Services Limited 2.96 2.20 3.34 300 (55) 245 NA 0.7x NA 5.5x 11.2x 9.4x 12.4% 0.8 (100.0%) 8.3%

Symbility Solutions Inc. 0.27 0.18 0.31 65 (5) 60 2.4x 2.0 NA NA NM NA NA NA (1.0%) 56.7%

Mean 4.8x 3.8x 19.1x 13.8x 34.2x 26.8x 14.1% 1.7 (9.9%) 20.2%

Median 4.6x 3.8x 15.1x 13.1x 17.7x 17.1x 12.0% 1.7 (1.0%) 18.3%


Insurance / Benefits Selected Recent Acquisitions – Trailing 12 Months

41 Notes:


($MM)



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

6/25/15 Bolder Healthcare Solutions LLC Receivables Outsourcing, Inc. Revenue Cycle Management NA NA


Insurance / Benefits Selected Recent Equity Financings – Trailing 12 Months

42 Notes:


($MM)

Announced Target


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

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


Insurance / Benefits Selected Recent Equity Financings – Trailing 12 Months

43 Notes:


($MM)

Announced Target


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

7/7/15 Remedy Partners, Inc. Series B $50 Bain Capital Ventures Healthcare Payments

6/15/15 Namely Inc. Series C $45Greenspring Associates, Lerer Hippeau, Matrix Partners, Sequoia, True

Ventures

Healthcare Insurance

Innovations

Financial Technology Sector Summary June 1, 2016 · 2016-06-01 · Performance P/E 2016 Blackhawk...

Documents

Transcript of Financial Technology Sector Summary June 1, 2016 · 2016-06-01 · Performance P/E 2016 Blackhawk...