HW&Co. Financial Technology Report Q1:2013

Harris Williams & Co.’s Technology, Media & Telecom (TMT) Group is dedicated to providing superior

merger & acquisition and capital markets advisory services to market leading companies. Our extensive

industry knowledge and transaction leadership experience spans the software, digital media, IT services, and

communications sectors.

We are pleased to issue the Q1:2013 Financial Technology Report, which provides commentary and

analysis on the current FinTech M&A environment and key trends. We cover the following three FinTech

subsectors in this report:

FinTech Report

Contents

HW&Co. Financial Technology Report

Q1:2013

Derek Swaim

Director

Technology, Media & Telecom

Harris Williams & Co.

[email protected]

+1 (617) 654-2109

Payment Solutions Banking Solutions Asset Management and Trading

(AMT) Solutions

Market Insights and M&A Market Overview

Select Key Strategic Activity

Public Valuation Trends

Section

HW&Co.

FinTech Contact

Information

For more information regarding Harris Williams & Co.’s Financial Technology transaction experience, please

contact:

1

2-3

4

Page #

Payment

Solutions

5

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7

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Banking

Solutions

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AMT

Solutions

Announced Date Target/Issuer Buyer Enterprise Value

12/21/2012 Trans Infotech Pte. Ltd. Wirecard AG $34

12/17/2012 Multi Service Corporation World Fuel Services Corp. $137

12/11/2012 TNS Inc. Siris Capital $841

12/06/2012 PowerPay, LLC EVO Payments International, LLC NA

11/29/2012 Deutsche Card Services GmbH EVO Payments International, LLC NA

11/28/2012 Dependable/Discount Payment Processing, Inc. Financial Transaction Services, LLC NA

11/28/2012 Retalix Ltd. NCR Corp. $613

11/27/2012 FSV Payment Systems, Inc. Genpass Technologies LLC NA

11/15/2012 ProPay Inc. Total System Services, Inc. NA

11/07/2012 PT Integra Pratama, Point of Sale Activity Ingenico SA NA

11/06/2012 nFinanSe Inc AccountNow, Inc. NA

10/31/2012 Litle & Co. LLC Vantiv, LLC $361

10/19/2012 ViVOtech Incorporated Sequent Software, Inc. NA

10/16/2012 T-Chek Systems, Inc. Electronic Funds Source, LLC $303

10/16/2012 Enterprise jBilling Software Ltd. Origo Networks, Inc. NA

Market Insights

Deal Commentary

Retalix/NCR: Retalix offers

solutions for point-of-sale (POS),

sales channels and in-store

management, customer marketing,

merchandising, and logistics. The

Company’s software and services

are deployed in more than 70,000

retail locations in more than 50

countries. NCR plans to build upon

the business it has built from its

$1.2 billion mid-2011 acquisition of

POS software provider Radiant

Systems.

(EV/Rev.=2.3x;EV/EBITDA=25.5x)

Litle & Co./Vantiv: Litle is a fully-

integrated payments solution for

companies that sell goods and

services to consumers over the

internet and through direct response

marketing. The acquisition of Litle

increases Vantiv's capabilities in

eCommerce, expands its online

merchant customer base, and

provides cross-selling opportunities

of Litle's solutions to current Vantiv

customers.

Recent M&A Transactions

Select Prior M&A Transactions

M&A Market

Overview

Payment Solutions Trends

Mobile Point-of-Sale (mPOS) Market Heating Up

As mPOS competition heats up to win new small business customers and provide

payment alternatives to large enterprises, there remains an opportunity to capture

medium-sized business market share.

Flexible Application Programming Interfaces (API)

Developers, frustrated with the lack of current options available, are seeking flexible

payment options to support new monetization models.

Popularity of Quick Response (QR) Codes for Mobile Payments

Both mobile OEMs and merchants are adopting QR codes in order to provide new

payment options, while keeping infrastructure and implementation costs low.

mPOS Articles

• No Swiping Fees for Small Businesses

• mPOS Powering Roving Salespeople

• White-label mPOS for Corporations

API Articles

• Helping Developers Integrate Payments

• An API for Credit Cards

• Building Payment Services via API

QR Articles

• Apple’s Upcoming Use of QR Codes

• Microsoft’s QR Code Deal

• T Passes in Boston Will Use QR Codes

HW&Co. Financial Technology Report Payment Solutions

($ in millions)

($ in millions)

1


08/14/2012 Accelerated Payment Technologies, Inc. Global Payments Inc. $413

06/30/2012 Merchant e-Solutions, Inc. Cielo SA $670

04/02/2012 TxVia, Inc. Google Inc. NA

07/07/2011 Zong, Inc. PayPal, Inc. $240

06/29/2011 CashEdge, Inc. Fiserv, Inc. $460

04/28/2011 Fig Card Corporation PayPal, Inc. NA

01/01/2011 SPC, Inc. (nka:TSYS Merchant Solutions, LLC) Total System Services, Inc. $355

08/19/2010 DataCash Group plc (nka:Datacash Group Limited) MasterCard/Europay U.K. Limited $491

08/06/2010 RBS WorldPay, Inc. (nka:WorldPay US, Inc.) Advent International; Bain Capital $3,716

04/20/2010 CyberSource Corporation Visa, Inc. $1,843

Transaction Network Services

(TNS)/Trident: TNS provides

networking, managed connectivity,

and data communications

internationally. The deal is

expected to help TNS move from

being a legacy network provider to

building “value-added” data

communication applications for

several of its businesses, including

its TNS Secure Payments Network.

(EV/Rev.=1.5x;EV/EBITDA=6.5x)

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• Oct. 2012 – Announced launch of instant credit and

debit card issuance services

• June 2012 – Launched Central Source Capture for

automating financial institutions’ check processing

• Sept. 2011 – Acquired CashEdge for $465 million

to expand digital payments offering

Emerging Payment Providers Select Key

Strategic Activity

Payment Processors and Technology

• Dec. 2012 – Acquired ProPay, a provider of secure

payment solutions

• Sept. 2012 – Announced new NFC payment suite

• Aug. 2012 – Acquired 60% ownership in a joint

venture with Central Payment

• Aug. 2012 – Acquired Merchant Solutions, a

provider of payment solutions in Asia

• Sept. 2012 – Announced plans for Australian

version of the U.K. Faster Payments service with

partners VocaLink and Accenture

• June 2012 – Invested $18 million in German

operations


• Dec. 2012 – Introduced gift cards through Square

Wallet

• Sept. 2012 – Closed $200 million Series D

financing round at a $3.25 billion valuation

• Aug. 2012 – Starbucks invested $25 million in

Square and began partnership program

• Oct. 2012 – Announced launching in Salt Lake

City and Austin on October 22nd

• Sept. 2012 – Experienced a series of launch

delays, pushing the date past the expected launch

date

• Aug. 2011 – AT&T, T-Mobile, and Verizon

invest $100 million in the Isis venture

• Nov. 2012 – Launched GoPayment mPOS in the

U.K.

• Oct. 2012 – Launched new online and mobile

platform for financial institutions

• March 2012 – Launched several new mobile

banking and payment services for SMBs, such as

Weave and MyBizTracker

• Sept. 2012 – Accepting mobile payments for its

mobile web service via carrier billing in the U.S.,

U.K., and Germany

• May 2012 – Acquired mobile gifting service

Karma Science

• Feb. 2012 – S-1 revealed $557 million in

payments revenue for 2011

• Oct. 2012 – Gap and Dunkin’ Brands, among

others, join the MCX

• Aug. 2012 – Announced formation of Merchant

Customer Exchange (MCX), a consortium of

large retailers developing a mobile commerce

application

• Dec. 2012 – Launched PayPal My Cash Card for

online shopping

• Aug. 2012 – Announced partnership with

Discover, enabling PayPal to reach millions of in-

store locations

• July 2012 – Acquired card.io, a provider of card

imaging technology

• Oct. 2012 – Acquired e-commerce payment

processor Litle & Co. for $361 million

• Sept. 2012 – Expanded relationship with Discover

by supporting PayPal’s in-store checkout efforts

• Aug. 2012 – Introduced Vantiv Mobile Accept, the

company’s first mobile payment application

2

• Sept. 2012 – Released iPhone 5 with new

Passbook application; did not include NFC

capabilities

• Nov. 2011 – Announced implementation of

Ingenico’s iSMP addon device for enabled mobile

payment capabilities on the iPhone

Diversified Hardware / Software Providers


• Oct. 2012 – Confirmed that Google Wallet users

will be able to purchase Web content

• Sept. 2012 – Verizon continues to block the

Google Wallet on the Galaxy Nexus

• April 2012 – Acquired payment technology

company TxVia in order to accelerate its “full

Google Wallet vision”

• June 2012 – Announced Windows Phone 8

Wallet Hub with NFC functionality

• May 2012 – Struck deal with Telefónica to enable

users to pay for content through their mobile

phone bills

• Feb. 2012 – AmEx announced plan to utilize

Kinect for financial services applications

Select Key

Strategic Activity

Payment Networks

• Nov. 2012 – Debuted membership rewards for

Mobile Gift Cards program

• Oct. 2012 – Launched Bluebird alongside

Walmart to provide alternative financial services

to consumers

• Jan. 2012 – Invested $125 million in Chinese

mobile micro payment company Lianlian Pay

• Dec. 2012 – Announced strategic partnership and

investment in mobile wallet provider C-SAM

• September 2012 – Acquired Truaxis, a provider of

loyalty rewards for debit and credit cards

• August 2012 – Signed five year deal with

Everything Everywhere for NFC / mobile payments

• Nov. 2012 – Partnered with more than 50

financial institutions for V.me digital wallet

implementation

• May 2012 – Participated in $30 million funding

round for Internet security solution provider

SecureKey Technologies

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Public Valuation

Trends Historical Multiples(1)

Source: CapitalIQ.

(1) Payment Solutions index includes: ACI Worldwide, Bottomline Technologies, Euronet Worldwide, Fiserv, Global Payments, Green Dot Corporation, Heartland

Payment Systems, MasterCard, Total System Services, Vantiv, Visa, and Western Union.

Q4:2012 Multiples(1)

Public Trading

Multiples

Payment Solutions

Fiserv, Inc. 10,767,267$ 13,909,267$ 3.1x 3.1x 10.2x 9.7x

The Western Union Company 8,071,714 10,066,814 1.8x 1.8x 6.0x 6.3x

Total System Services, Inc. 4,181,429 4,119,173 2.2x 2.2x 8.8x 7.8x

Global Payments Inc. 3,657,619 3,492,615 1.6x 1.5x 7.2x 7.2x

Vantiv, Inc. 2,881,345 4,460,524 2.5x 4.3x 8.7x 8.9x

ACI Worldwide, Inc. 1,760,074 2,069,217 3.6x 3.0x 18.8x 11.1x

Euronet Worldwide Inc. 1,198,511 1,272,702 1.0x 1.0x 8.7x 7.9x

Heartland Payment Systems, Inc. 1,137,502 1,163,914 0.6x 2.1x 8.6x 7.7x

Bottomline Technologies (de), Inc. 1,018,856 911,721 3.9x 3.8x 30.4x 20.7x

Green Dot Corporation 450,567 262,662 0.5x 0.5x 2.7x 2.4x

Payment Solutions Median 2,320,709$ 2,780,916$ 2.0x 2.2x 8.7x 7.9x

Payment Networks

Visa Inc. 103,929,580$ 101,112,580$ 9.7x 9.5x 15.4x 15.1x

Mastercard Incorporated 63,497,345 57,834,345 8.0x 7.8x 14.2x 13.9x

Payment Networks Median 83,713,463$ 79,473,463$ 8.9x 8.6x 14.8x 14.5x

Total Median 3,269,482$ 3,805,894$ 2.3x 2.6x 8.8x 8.4x

Trading Multiples of Public Comparables

As of December 31, 2012

($ in 000s)

Multiples Summary

Market Enterprise Enterprise Value/Revenue Enterprise Value/EBITDA

Company Capitalization Value CY2011 CY2012P CY2011 CY2012P


4

Deal Commentary


12/20/2012 Bloomspot, Inc. Chase Bank USA, National Association NA

10/12/2012 Hoell Computer & Software GmbH Avaloq Group AG NA

09/20/2012 edge IPK Limited Temenos Group AG NA

09/07/2012 Transoft International, Inc. NCR Corp. NA

08/30/2012 UNIK S/A Wright Express Corp. $43

07/31/2012 MoneyReef, LLC MoneyDesktop, Inc. NA

07/16/2012 Financial Architects nv Wolters Kluwer Financial Services, Inc. NA

07/11/2012 SwiftKnowledge, LLC SNL Financial LC NA

06/27/2012 ABI Informatic AG AIM Software GmbH NA

06/25/2012 FIS, Healthcare Solutions Business Lightyear Capital LLC $335

04/10/2012 Clavelink Consultoria FircoSoft SAS NA

03/24/2012 ClairMail, Inc. Monitise plc $174

02/29/2012 Beacon Software, Inc. Integrated Bank Technology, Inc. NA

02/26/2012 Banks.com, Inc Remark Media, Inc. $5

02/07/2012 Misys plc Vista Equity Partners $2,042


06/29/2011 CashEdge, Inc. Fiserv, Inc. $460

06/06/2011 Fundamo (Pty) Ltd. Visa, Inc. $110

01/14/2011 Detica Group Holdings (Ireland) Limited BAE Systems (Holdings) Ltd. $223

09/27/2010 Odyssey Financial Technologies S.A. Temenos Group AG $101

05/06/2010 iPay Technologies, LLC Jack Henry & Associates Inc. $301

04/20/2010 Sybase, Inc. SAP America, Inc. $5,423

01/25/2010 OneVu Limited VocaLink Limited NA

12/23/2009 Viveo Group SAS Temenos Group AG $81

12/23/2009 Financial Software & Systems (P) Ltd. New Enterprise Associates; Jacob Ballas Capital $150

10/29/2009 Pemco Technology Services, Inc. Jack Henry & Associates Inc. $60

HW&Co. Financial Technology Report Banking Solutions

Financial Architects/Wolters

Kluwer: Financial Architects

develops financial management

and business intelligence software

for banks and financial institutions

globally. While the product,

Financial Studio, is in itself a gain

for Wolters Kluwer, the base data

platform is of equal interest. Brian

Longe, CEO of Wolters Kluwer

Financial & Compliance Services

stated, “We could also combine

our credit risk or anti-money

laundering system with the FinArch

data management platform.”

Transoft/NCR: Transoft is a

global leader in cash cost

optimization software for financial

institutions and retailers. NCR will

integrate Transoft's software and

SaaS-based product suite into its

Financial Services line of business

in order to strengthen NCR's

existing cash management offering.

SwiftKnowledge/SNL:

SwiftKnowledge provides Web-

based business intelligence

software solutions in the United

States and internationally. By

integrating SwiftKnowledge into

the new SNLBanker solution, SNL

can now offer a single platform for

monitoring and analyzing a bank's

daily and monthly internal

operations, as well as external

information such as news, peer

data, competitive rate pricing, and

demographics.



Market Insights

M&A Market

Overview

Banking Solutions Trends Online Banking Articles

• Making Banking Less Painful

• Financial Health Via Social Analysis

• Online Tools for Financial Institutions

ACH Articles

• New Era for SMB Banking

• Eliminating ACH Delays

• Visibility / Control of B2B Payments

Debt Management Articles

• Visualizing and Managing Student Debt

• Managing Loans with Less Confusion

• Analyze Your Financial Situation Online

Enhanced Online Banking Experiences

As banking customers increasingly utilize multiple points of access to their accounts,

many banks are offering simple, yet robust, tools that enhance or replace the

traditional branch banking experience.

Better Automated Clearing House (ACH) Solutions

As the pace of transaction processing continues to accelerate, banks are finding that

multi-day transfer delays are no longer acceptable as customers demand speed,

visibility, and control.

Focused Debt Management Technology Solutions

The competition for helping consumers refinance their debt is heating up, as

customers look for better tools to manage their loans and minimize their costs.

($ in millions)

($ in millions)

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• Nov. 2012 – Selected by AmEx Bluebird for

InstantFunds remote check capture technology

• June 2012 – Sold Healthcare Benefit Solutions

business to Lightyear Capital for $335 million

• Nov. 2011 – Participated in $18 million

investment round for mobile financial services

provider mFoundry

• Oct. 2012 – Introduced MaxConnect Interactive

(via ProfitStars), a Web-based loan and deposit

pricing engine

• June 2012 – Launched iBizManager to provide

mobile banking functionality to businesses

• May 2010 – Acquired online billing company

iPay Technologies for $301 million

• July 2012 – Acquired LendingSpace Partners, a

provider of Web-based mortgage loan origination

software solutions, for $11 million

• March 2011 – Acquired PCLender, a provider of

Web-based software and services for the

mortgage industry, for $13 million

• Sept. 2012 – Acquired Edge IPK Limited, which

delivers business process solutions for the

financial services sector

• March 2012 – Merger talks with British banking

software firm Misys ended when the two parties

could not agree on terms

• May 2012 – Acquired Avista Solutions, a

provider of mortgage loan origination software,

for $40 million

• April 2011 – Acquired Mortgagebot, a provider

of Web-based mortgage point-of-sale solutions,

for $232 million

• June 2012 – Vista acquired the company for over

$2 billion and merged it with Turaz

• March 2012 – Transaction discussions occur with

Temenos, Vista Equity Partners, and the duo of

CVC Capital Partners and ValueAct Capital

• Nov. 2010 – Acquired capital markets software

vendor Sophis for $604 million

Banking Solutions Providers Select Key

Strategic Activity

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Historical Multiples(1)

Source: CapitalIQ.

(1) Banking Solutions index includes: FIS, Jack Henry, LPS, Oracle Financial Services Software, Polaris Financial Technology, and Temenos.


Multiples Summary





($ in 000s)

Banking Solutions

Fidelity National Information Services, Inc. 10,429,060$ 14,541,360$ 2.5x 2.5x 8.5x 8.3x

Oracle Financial Services Software Limited 5,106,065 4,264,848 6.6x 6.7x 18.3x 19.2x

Jack Henry & Associates Inc. 3,521,246 3,430,263 3.3x 3.2x 10.1x 9.9x

Lender Processing Services, Inc. 2,195,970 3,121,854 1.5x 1.5x 11.4x 5.9x

Temenos Group AG 1,226,123 1,402,418 3.2x 3.1x 29.9x 13.0x

Polaris Financial Technology Limited 213,950 158,450 0.4x 0.4x 2.5x 2.7x

Median 2,858,608$ 3,276,059$ 2.8x 2.8x 10.7x 9.1x


Public Valuation

Trends

Public Trading

Multiples

7

Deal Commentary


12/20/2012 NYSE Euronext, Inc. IntercontinentalExchange, Inc. $10,511

12/17/2012 Oslo Clearing ASA SIX Group AG $32

11/13/2012 Fundspire Inc. eVestment Alliance, LLC NA

11/13/2012 PerTrac Financial Solutions, LLC eVestment Alliance, LLC NA

10/26/2012 Xtrakter Limited MarketAxess Holdings Inc. $42

10/22/2012 RedKite Financial Markets Ltd. Actimize, Inc. NA

10/18/2012 Hedgemetrix LLC SS&C Technologies Holdings, Inc. NA

10/17/2012 Pyxis Systems Pvt. Ltd. Polaris Financial Technology Limited NA

10/16/2012 Burgundy AB Oslo Børs ASA NA

10/12/2012 Investment Cafe, LLC eFront SA NA

10/09/2012 Zephyr Associates, Inc. Informa Investment Solutions, Inc. $62

09/28/2012 Redshift Horizons First Derivatives plc $5

09/28/2012 Gravity Financial, LLC (nka:SS&C GlobeOp) SS&C Technologies Holdings, Inc. NA

09/26/2012 Track.com, LLC FX Concepts, LLC NA

09/14/2012 Nyenburgh Holding B.V. Virtu Financial LLC NA

HW&Co. Financial Technology Report Asset Management and Trading Solutions

Fundspire & PerTrac/eVestment

Alliance: Fundspire is a cloud-

based provider of hedge fund

analytics. PerTrac is a provider of

hedge fund analysis software and

workflow solutions. eVestment

management believes customers

are moving toward a hybrid model

of investing, where alternative and

traditional investments combine in

a singular marketplace. With the

acquisitions, eVestment now serves

over 2,500 clients across the entire

investment industry spectrum.

Hedgemetrix/SS&C: Hedgemetrix

provides premium accounting and

administration services to hedge

funds, private equity funds, funds of

funds, and their investment

managers. The acquisition of

Hedgemetrix will enhance the

services options SS&C provides to

existing customers, will add 20

additional customers, and will

operate as part of SS&C’s

GlobeOp business.

Pyxis/Polaris: Pyxis is a

specialized player in technologies

for global markets front office and

market risk related to cash and

derivatives. Polaris offers solutions

for core banking, corporate

banking, wealth & asset

management, and insurance

providers. Polaris acquired Pyxis

customer contracts within its

domain expertise.



Market Insights

M&A Market

Overview


05/17/2012 FX Alliance Inc Thomson Reuters Corporation $611

04/30/2012 Alpha Trading Systems Ltd. The Maple Group $177

02/28/2012 Thomson Reuters, Portia Investment Operations SS&C Technologies Holdings, Inc. $170

02/23/2012 GlobeOp Financial Services S.A SS&C Technologies Holdings, Inc. $717

02/16/2012 360 Treasury Systems AG Summit Partners NA

09/28/2011 Triple Point Technology, Inc. Welsh, Carson, Anderson & Stowe $500

09/23/2011 Turaz Vista Equity Partners NA

07/19/2011 ALPS Funds Services, Inc. DST Systems Inc. $250

05/12/2011 Black Diamond Performance Reporting, LLC Advent Software, Inc. $72

02/18/2011 Chi-X Europe Ltd. Bats Trading, Inc. $300

11/23/2010 Matrix Financial Solutions, Inc. Broadridge Investor Communication Solutions, Inc. $201

02/28/2010 RiskMetrics Group, Inc. MSCI Inc. $1,619

Asset Management and Trading Solutions Trends Personal Investing Articles

• Democratizing Financial Advice Access

• Comparing Investment Vehicles Online

• Future Impact of Asset Purchases

Crowdsourced Equity Articles

• Redefining VC Through Crowdfunding

• Managing A Social Capital Raise

• A Marketplace for Startups and Angels

Bond Platform Articles

• Preparing for More Derivatives Trading

• Betting on a Proprietary Platform

• Greater Corporate Debt Liquidity

Data-driven, Online Personal Investing

Financial services companies are broadening their access to new clients, as

consumers feel increasingly comfortable buying services through the use of web-

based comparison tools.

Crowdsourced Startup Equity Investment Marketplaces

Although traditional financial sponsor models remain intact, both entrepreneurs and

sponsors are increasingly experimenting with new, social investing models.

Electronic Bond Trading Platforms

Both increased governmental regulation and the need for more efficient trading

infrastructure has spawned a platform war among the major traders of fixed assets.

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Asset Management and Trading Solutions Providers

• Sept. 2012 – Announced the availability of a

multi-custodial rebalancing solution for its Black

Diamond platform

• June 2011 – Acquired web-based portfolio

management platform provider Black Diamond

for $72 million

• Oct. 2012 – Announced the acquisition of

Hedgemetrix, a fund administrator

• March 2012 – Trumped a bid by TPG Capital in

order to acquire GlobeOp Financial Services for

$818 million

• Oct. 2012 – Acquired capital market benchmark

provider IPD Group for $125 million

• June 2010 – Acquired RiskMetrics for $1.6

billion to expand multi-asset class risk

management analytics offering

• Sept. 2012 – Launched bank-to-client

communications tool Fluent for enhancing

customer engagement

• Sept. 2011 – Acquired Paladyne Systems for $77

million to complement the offerings of

Broadridge’s Securities Processing Solutions

division

• Nov. 2012 – Named European Asset Servicing

Technology Vendor of the Year

• July 2011 – Acquired ALPS for $250 million,

which provides asset servicing and asset

gathering solutions

• July 2012 – Launched a new Canadian trading

platform

• Jan. 2012 – Launched Fidessa Intelligence

product suite, offering enhanced financial

analysis tools for both buy-side and sell-side

firms

Select Key

Strategic Activity

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Asset Management and Trading Solutions

AMT Software Providers

MSCI Inc. 3,903,388$ 4,334,528$ 4.7x 4.6x 10.4x 10.0x

Broadridge Financial Solutions, Inc. 2,869,843 3,182,443 1.4x 1.4x 9.3x 7.6x

DST Systems Inc. 2,784,925 3,455,325 1.4x 1.8x 9.6x 8.3x

SS&C Technologies Holdings, Inc. 1,821,527 2,812,070 5.9x 5.1x 15.7x 13.4x

Advent Software, Inc. 1,118,847 1,020,418 2.9x 2.8x 14.5x 10.6x

SimCorp A/S 958,226 903,824 3.4x 3.3x 14.2x 13.5x

Fidessa group plc 899,757 820,259 1.9x 1.8x 9.1x 8.2x

Envestnet, Inc. 448,205 427,072 3.0x 2.7x 27.7x 18.0x

AMT Software Providers Median 1,470,187$ 1,916,244$ 2.9x 2.8x 12.3x 10.3x

Business Information Providers

Thomson Reuters Corporation 24,295,344$ 31,057,344$ 2.3x 2.4x 10.3x 8.6x

Moody's Corp. 11,586,342 11,832,342 4.7x 4.5x 10.9x 10.2x

FactSet Research Systems Inc. 3,987,443 3,762,204 4.6x 4.6x 12.1x 11.8x

Dun & Bradstreet Corp. 3,507,711 4,398,711 2.6x 2.6x 8.3x 7.7x

Fair Isaac Corporation 1,504,530 1,914,913 2.8x 2.8x 9.8x 10.1x

Business Information Providers Median 3,987,443$ 4,398,711$ 2.8x 2.8x 10.3x 10.1x

Total Median 2,784,925$ 3,182,443$ 2.9x 2.8x 10.7x 10.1x

0.0x2.5x5.0x7.5x10.0x12.5x15.0x17.5x20.0x22.5x25.0x

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2.0x

3.0x

4.0x

5.0x

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Historical Multiples(1)

Source: CapitalIQ.

(1) Asset Management and Trading Solutions index includes: Advent Software, Broadridge, DST Systems, Evestnet, Fidessa, MSCI, SimCorp, and SS&C Technologies.




($ in 000s)

Multiples Summary




Public Valuation

Trends

Public Trading

Multiples

10

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TMT Group Overview and Disclosures

HW&Co. Financial Technology Report Q1:2013

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