Financial Technology Sector Summary August 5, 2015 · 2015-08-07 · Financial Technology Sector...

Financial Technology Sector Summary

August 5, 2015

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. Healthcare / Insurance

Table of Contents

2


I. GCA Savvian Overview

3


GCA Savvian Overview

� Provider of mergers and acquisitions, private

capital agency and capital markets

advisory services and private funds services

� Headquarters in San Francisco and offices in

New York, London, Tokyo, Osaka, Singapore,

Mumbai and Shanghai

� Majority of U.S. senior bankers previously

with Morgan Stanley, Robertson Stephens,

Goldman Sachs, and JPMorgan

� Senior level attention and focus, extensive

transaction experience and deep domain

insight

� Focused on providing strategic advice for our

clients’ long-term success

� 225+ professionals

An independent investment bank focused on the growth sectors of the global economy

100+ C R O S S - B O R D E R T R A N S A C T I O N S

20+ R E P R E S E N T A T I V E C O U N T R I E S

580+ C L O S E D T R A N S A C T I O N S

$145BN+ O F T R A N S A C T I O N V A L U E

7+ A R E A S O F I N D U S T R Y E X P E R T I S E

Technology Business & Tech Enabled Services

Media & Digital Media Industrial Technology

Telecommunications Financial Technology & Services

Healthcare

4


GCA Savvian OverviewFinancial Technology Landscape

� GCA Savvian divides Financial Technology into three broad categories

− Payments & Banking

− Securities & Capital Markets

− Healthcare & Insurance

Payments & Banking Securities & Capital Markets

Financial Technology

Analytics

ATMs

Bill Payment

Collections

Core Processing

Financial Outsourcing

Information Processing

Issuer Processing

Marketing / Offers

Merchant Acquiring

Mobile

Money Transfer

Online Lending

P2P Lending

Prepaid

Crowd Funding

Digital Media

e-Brokerage

Exchanges

Hedge Fund Administration

Index Businesses

Mutual Fund Processing

Personal Financial Mgmt.

Risk & Analytics

Securities Brokerage

Software / SaaS

Trading Platforms

Healthcare & Insurance

BPO / IT Services

Brokerage

Claims Processing

Collections

CRM

Document Management

eCommerce

Information and Analytics

Payments

Risk Management

Software / SaaS

Title / Appraisal

5


San Francisco150 California St., Ste. 2300

San Francisco, CA 94111

United States

Phone: (415) 318-3600

New York

1330 Ave. of the Americas, 28th

Fl.

New York, NY 10019

United States

Phone: (212) 999-7090

Sean MinnihanManaging Director


Phone: (212) 999-7077

Mobile: (917) 364-6230

[email protected]

Steve FletcherManaging Director

Digital Media

Phone: (415) 318-3661

Mobile: (415) 518-6725

[email protected]

Paul DiNardoAdvisory Director

Software

Phone: (212) 999-7097

Mobile: (650) 483-7246

[email protected]

Derek BellDirector

Business Services

Phone: (212) 999-7089

Mobile: (914) 953-0689

[email protected]

Rob FreimanVice President


Phone: (212) 999-7075

Mobile: (973) 229-0436

[email protected]

Andrea DeLeonAnalyst

Phone: (212) 999-7099

Mobile: (917) 670-9656

[email protected]

GCA Savvian OverviewFinancial Technology Team

6


II. Market Summary

7


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4/17/15 4/26/15 5/4/15 5/12/15 5/20/15 5/28/15 6/5/15 6/14/15 6/22/15 6/30/15 7/8/15 7/16/1580

90

100

110

120

130

140

150

160

170

180

7/17/14 8/17/14 9/16/14 10/16/14 11/16/14 12/16/14 1/16/15 2/16/15 3/18/15 4/17/15 5/18/15 6/17/15 7/17/15

Last 12 Months

Notes:

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

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

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

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

5) Trading Platforms: BGCP, INTL, ITG, MKTX, VIRT.

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

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

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

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

Last 3 Months

Financial Data, Content,

& Analytics

(3)

Payments

(1)

Online Broker Dealers(6)

Exchanges

(2)

Investment Services,

Software, & Technology

(8)

Information Processors /

Credit Bureaus

(4)

(5)

Trading Platforms

(7)Banking & Lending

Technology

Healthcare / Insurance

Technology

(9)

Market SummaryIndustry Stock Market Performance

8


22.8%

19.6%

69.3%

11.1%

20.6%

18.8%

43.0%

14.3%

29.6%

0.0% 20.0% 40.0% 60.0% 80.0%

69.3%

82.3%

144.9%

58.6%

89.4%

52.1%

109.1%

82.8%

165.0%

0.0% 50.0% 100.0% 150.0% 200.0%

(1.8%)

0.3%

2.9%

3.9%

4.4%

5.6%

6.0%

7.2%

9.0%

(10.0%) 0.0% 10.0%

Exchanges

Financial, Data, Content, &Analytics

Trading Platforms

Healthcare / InsuranceTechnology

Banking & LendingTechnology

Information Processors /Credit Bureaus

Investment Services,Software, & Technology

Payments

Online Broker Dealers

Last 3 Months 1 Year 3 Years

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

Market SummaryIndexed Price Performance by Sector

9


5.9%

11.7%

11.8%

12.3%

13.9%

14.0%

14.8%

17.0%

17.5%

0% 5% 10% 15% 20% 25% 30% 35%

Exchanges

Healthcare / Insurance Technology

Information Processors / Credit Bureaus

Financial Data, Content, & Analytics

Banking and Lending Technology

Payments

Investment Services, Software, & Technology

Trading Platforms


Long-Term EPS Growth LTM EBITDA Margins (1)

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

19.4%

21.3%

21.3%

24.6%

27.3%

37.4%

58.1%

0% 10% 20% 30% 40% 50% 60% 70%



Payments




Exchanges

Market SummaryLong-Term EPS Growth and LTM EBITDA Margins

10


2015E Price / Earnings Multiples 2015E PE / Growth ( “PEG” Ratio)

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

14.4x

14.9x

17.8x

19.4x

22.0x

23.3x

26.0x

28.5x

33.4x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x


Trading Platforms

Payments

Exchanges






1.1

1.1

1.3

1.5

1.8

1.8

1.8

1.9

2.3

0.0 0.5 1.0 1.5 2.0 2.5


Trading Platforms

Payments






Exchanges

Market SummaryPrice/Earnings Multiples and PEG Ratios

11


Source: CapitalIQ and Wall Street Research.

($MM)

Pr epai d Mark et Cap.

LTM Pr i ce

Per for mance P/E 2015

Blackhawk Network Holdings, Inc. $2,508 62% 20.3x

Green Dot Corporation 1,104 15% 15.1

Net 1 Ueps Technologies Inc. 905 82% 9.0

Higher One Holdings, Inc. 111 (44%) 5.6

Sector Average $1,157 29% 12.5x

ATM / Ki osk s Mark et Cap.

LTM Pr i ce


Cardtronics Inc. $1,664 (4%) 13.0x

Outerwall Inc. 1,287 29% 8.1

Global Cash Access Holdings, Inc. 332 (40%) 5.5

Sector Average $1,094 (5%) 8.9x

POS Hardware / Techno l ogy Mark et Cap.

LTM Pr i ce


Ingenico Group $8,002 30% 26.0x

NCR Corporation 4,676 (11%) 10.2

VeriFone Systems, Inc. 3,678 (4%) 16.7

PAR Technology Corporation 71 17% NA


Bank i ng and Lendi ng Technol ogy Mark et Cap.

LTM Pr i ce


Intuit Inc. $29,158 29% 36.8x

Fiserv, Inc. 20,375 41% 22.8

Fidelity National Information Services, Inc. 18,397 16% 19.8

Jack Henry & Associates Inc. 5,658 20% 26.0

LendingClub Corporation 5,402 NA NM

ACI Worldwide, Inc. 2,788 26% 31.1

Temenos Group AG 2,421 3% 22.7

Ellie Mae, Inc. 2,319 173% 58.4

Black Knight Financial Services, Inc. 2,128 NA 35.2

Bottomline Technologies (de), Inc. 1,065 (3%) 19.1

Q2 Holdings, Inc. 1,011 106% NM

On Deck Capital, Inc. 929 NA NM

Yodlee, Inc. 372 NA NM

Performant Financial Corporation 155 (67%) 99.1


Info rmati on Processor s / Credi t B ur eaus Mark et Cap.

LTM Pr i ce


Experian plc $18,118 9% 20.3x

Equifax Inc. 12,076 34% 23.1

Fair Isaac Corporation 2,824 59% 21.0

Acxiom Corporation 1,390 (2%) 31.0

Intersections Inc. 45 (39%) NA


($MM)

Network s Mark et Cap.

LTM Pr i ce


Visa Inc. $183,295 43% 28.8x

MasterCard Incorporated 110,267 31% 28.9

American Express Company 76,158 (14%) 13.9

PayPal Holdings, Inc. 47,165 NA 31.1

Discover Financial Services 24,294 (9%) 10.6


Merchant Processi ng Mark et Cap.

LTM Pr i ce


Cielo SA $24,236 (15%) 22.3x

Total System Services, Inc. 8,519 44% 20.2

Vantiv, Inc. 7,299 34% 20.6

Global Payments Inc. 6,432 62% 20.1

Wirecard AG 4,925 7% 29.0

Shopify Inc. 2,835 NA NM

Heartland Payment Systems, Inc. 2,280 31% 21.9

Optimal Payments Plc 1,805 (46%) 16.0

EVERTEC, Inc. 1,457 (16%) 11.1

Planet Payment, Inc. 134 9% 23.9

JetPay Corporation 42 41% NM


Money Transfe r Mark et Cap.

LTM Pr i ce


The Western Union Company $10,351 16% 12.3x

Euronet Worldwide, Inc. 3,611 37% 21.6

Xoom Corporation 977 15% 76.5

Moneygram International Inc. 543 (29%) 14.1


Cl osed Loop Mark et Cap.

LTM Pr i ce


Alliance Data Systems Corporation $17,066 5% 18.3x

FleetCor Technologies, Inc. 14,213 17% 25.2

Edenred SA 5,741 (20%) 23.6

WEX Inc. 3,944 (5%) 20.2

Sector Average $10,241 (1%) 21.8x

Market SummaryLTM Price Performance and 2015 P/E-Payments/Banking

12


($MM)

Exchanges - Amer i cas Mark et Cap.

LTM Pr i ce

Per fo rmance P/E 2015

CME Group Inc. $32,419 30% 24.8x

Intercontinental Exchange, Inc. 25,484 19% 19.4

The Nasdaq OMX Group, Inc. 8,634 21% 15.3

BM&F Bovespa SA 5,543 (42%) 12.8

CBOE Holdings, Inc. 5,174 28% 28.6

TMX Group Limited 2,055 (28%) 12.6

Bolsa Mexicana de Valores SAB de CV 1,069 (12%) 21.1


Exchanges - Asi a Mark et Cap.

LTM Pr i ce


Hong Kong Exchanges & Clearing Limited $32,434 21% 29.0x

Singapore Exchange Limited 6,233 3% 23.6

ASX Limited 6,306 (3%) 20.8

Bursa Malaysia Berhad 1,132 (19%) 21.8


Exchanges - Europe Mark et Cap.

LTM Pr i ce


Deutsche Boerse AG $16,814 26% 19.6x

London Stock Exchange Group plc 14,197 25% 21.2

Bolsas y Mercados Españoles 3,470 (9%) 17.0

JSE Limited 999 26% 18.6

GPW 547 14% 15.8

Hellenic Exchanges - Athens Stock Exch. 335 (48%) 16.1


Tr adi ng Pl atfo rms Mark et Cap.

LTM Pr i ce


MarketAxess Holdings Inc. $3,648 74% 38.3x

BGC Partners, Inc. 2,448 26% 12.6

KCG Holdings, Inc. 1,253 (7%) 23.1

Virtu Financial, Inc. 806 NA 17.1

Investment Technology Group Inc. 697 11% 12.8

INTL FCStone Inc. 553 49% 10.9


($MM)

Investment Servi ces, So ftware , &

Techno logy Mark et Cap.

LTM Pr i ce


SEI Investments Co. $8,844 49% 25.5x

SS&C Technologies Holdings, Inc. 6,579 57% 26.6

Broadridge Financial Solutions, Inc. 6,506 34% 21.0

DST Systems Inc. 3,973 21% 18.6

Financial Engines, Inc. 2,378 18% 47.9

Envestnet, Inc. 1,598 4% 45.0


Fi nanci al Data , Content, & Anal y ti cs Mark et Cap.

LTM Pr i ce


Thomson Reuters Corporation $31,565 7% 20.0x

McGraw Hill Financial, Inc. 27,727 27% 22.8

Moody's Corporation 22,119 27% 23.8

Verisk Analytics, Inc. 13,160 30% 26.2

MSCI Inc. 7,393 51% 30.8

FactSet Research Systems Inc. 6,861 38% 26.6

Markit Ltd. 4,632 5% 18.4

Dun & Bradstreet Corp. 4,496 13% 16.7

Morningstar Inc. 3,769 26% 27.7

Bankrate, Inc. 919 (46%) 13.0


Onl i ne Br ok er Deale rs Mark et Cap.

LTM Pr i ce


The Charles Schwab Corporation $45,816 26% 33.4x

TD Ameritrade Holding Corporation 19,966 14% 24.4

E*TRADE Financial Corporation 8,247 35% 25.4

Interactive Brokers Group, Inc. 2,459 74% 45.8

GAIN Capital Holdings, Inc. 342 10% 35.8

FXCM Inc. 88 (92%) NM


Source: CapitalIQ and Wall Street Research.

Market SummaryLTM Price Performance and 2015 P/E-Securities/Cap. Mkts./Data & Analytics

13


III. Payments / Banking

14


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

(1)

$MM, Except Per Share Data

Stock LTM EPS

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

7/31/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

Networks

Visa Inc. $75.34 $48.80 $76.92 $183,295 ($4,722) $178,573 12.6x 11.4x 18.0x 16.0x 28.8x 24.2x 17.6% 1.4 10.4% 11.5%

MasterCard Incorporated 97.40 69.64 98.82 110,267 (3,582) 106,685 10.9 9.6 18.6 16.1 28.9 24.1 18.4% 1.3 13.8% 0.9%

American Express Company 76.06 74.30 94.89 76,158 36,059 112,217 3.4 3.4 10.9 11.1 13.9 13.4 13.8% 1.0 0.8% (4.0%)

PayPal Holdings, Inc. 38.70 33.98 42.55 47,165 (4,306) 42,859 4.6 4.0 17.6 15.0 31.1 26.2 18.3% 1.4 16.6% 4171.7%

Discover Financial Services 55.81 54.02 66.75 24,294 13,644 37,938 4.3 4.1 7.3 7.0 10.6 9.8 7.9% 1.2 4.5% 6.6%

Mean 7.2x 6 .5x 14.5x 13.0x 22.6x 19.5x 15.2% 1.3 9.2% 837.4%

Median 4.6 4.1 17.6 15.0 28.8 24.1 17.6% 1.3 10.4% 6.6%

Merchant Processing

Cielo SA $12.89 $8.60 $13.64 $24,236 $3,474 $27,709 8.5x 7.7x 17.1x 15.5x 22.3x 19.7x 14.6% 1.4 10.0% 7.7%

Total System Services, Inc. 46.22 28.54 47.77 8,519 1,082 9,601 3.5 3.3 11.8 10.7 20.2 18.2 10.1% 1.8 6.9% 15.1%

Global Payments Inc. 112.09 67.34 114.32 7,299 1,684 8,984 3.2 3.1 15.2 13.3 20.6 18.5 11.9% 1.5 2.1% 4.8%

Vantiv, Inc. 44.00 29.35 44.30 6,432 2,808 9,240 5.6 5.2 11.6 10.5 20.1 17.6 14.3% 1.2 8.5% 29.1%

Wirecard AG 39.88 27.80 47.20 4,925 (746) 4,179 4.9 4.1 16.8 13.7 29.0 23.0 28.4% 0.8 20.0% (2.2%)

Shopify Inc. 37.39 24.11 42.13 2,835 (199) 2,636 14.4 10.4 NM NM NM NM 0.0% NA 38.9% NA

Heartland Payment Systems, Inc. 62.30 45.55 63.75 2,280 502 2,782 3.5 3.2 13.0 11.6 21.9 19.1 16.0% 1.2 7.7% 15.9%

Optimal Payments Plc 4.13 3.36 8.99 1,805 (15) 1,791 3.4 2.5 13.9 8.7 16.0 13.4 0.0% NA 34.4% 52.6%

EVERTEC, Inc. 18.82 18.23 23.51 1,457 650 2,107 5.7 5.4 11.3 10.6 11.1 10.4 13.5% 0.8 4.2% 4.5%

Planet Payment, Inc. 2.55 1.33 2.73 134 (13) 121 2.4 2.1 10.6 8.3 23.9 18.2 25.0% 0.7 12.5% 6.7%

JetPay Corporation 3.02 1.42 3.47 42 10 52 1.2 1.2 14.3 11.1 NM NM NM NM 6.6% 32.7%

Mean 5.1x 4 .4x 13.6x 11.4x 20.5x 17.6x 13.4% 1.2 13.8% 16.7%

Median 3.5 3.3 13.4 10.9 20.6 18.2 13.9% 1.2 8.5% 11.4%

Money Transfer

The Western Union Company $20.24 $15.32 $22.84 $10,351 $1,988 $12,339 2.2x 2.2x 9.0x 8.7x 12.3x 11.8x 8.6% 1.4 2.1% (1.6%)

Euronet Worldwide, Inc. 68.50 43.92 71.50 3,611 (102) 3,509 2.0 1.8 12.3 10.2 21.6 18.5 14.7% 1.3 11.2% 7.5%

Xoom Corporation 24.85 13.14 25.50 977 (187) 790 4.1 3.4 39.4 23.7 76.5 42.3 11.5% 3.7 20.7% 16.3%

Moneygram International Inc. 10.20 7.55 15.02 543 830 1,373 1.0 0.9 5.7 5.2 14.1 10.7 12.6% 0.8 6.9% (3.7%)

Mean 2.3x 2 .1x 16.6x 11.9x 31.1x 20.8x 11.8% 1.8 10.2% 4.6%

Median 2.1 2.0 10.6 9.5 17.8 15.2 12.1% 1.3 9.0% 3.0%

Closed Loop

Alliance Data Systems Corporation $275.04 $230.54 $312.00 $17,066 $13,829 $30,895 4.8x 4.2x 16.4x 14.4x 18.3x 15.9x 15.5% 1.0 12.4% 18.6%

FleetCor Technologies, Inc. 154.82 121.42 165.67 14,213 3,096 17,310 10.5 9.4 18.9 16.3 25.2 21.3 15.0% 1.4 11.0% 63.9%

Edenred SA 25.10 21.29 30.00 5,741 989 6,730 5.5 5.1 14.7 13.2 23.6 21.1 14.7% 1.4 7.3% (9.1%)

WEX Inc. 102.04 90.75 119.11 3,944 1,128 5,072 5.9 5.3 14.5 12.5 20.2 18.0 15.0% 1.2 10.8% 6.0%

Mean 6.7x 6 .0x 16.1x 14.1x 21.8x 19.1x 15.1% 1.3 10.4% 19.9%

Median 5.7 5.2 15.5 13.8 21.9 19.5 15.0% 1.3 10.9% 12.3%

Prepaid

Blackhawk Network Holdings, Inc. $45.93 $27.26 $46.05 $2,508 $101 $2,609 1.4x 1.2x 14.0x 11.7x 20.3x 17.6x 18.2% 1.0 16.1% 31.1%

Green Dot Corporation 20.72 13.87 24.47 1,104 (66) 1,038 1.4 1.3 6.5 6.0 15.1 13.8 16.0% 0.9 6.8% 14.6%

Net 1 Ueps Technologies Inc. 19.42 10.21 20.24 905 (51) 854 1.4 NA 5.2 NA 9.0 8.4 10.0% 0.8 NA 9.4%

Higher One Holdings, Inc. 2.32 2.15 4.61 111 53 164 0.8 0.8 3.3 3.9 5.6 5.9 NA NA (2.0%) (1.6%)

Mean 1.3x 1 .1x 7 .3x 7 .2x 12.5x 11.5x 14.7% 0.9 7.0% 13.4%

Median 1.4 1.2 5.8 6.0 12.1 11.1 16.0% 0.9 6.8% 12.0%

Payments/BankingPublic Company Valuations: Financial Metrics

15




Stock LTM EPS



ATM / Kiosks

Cardtronics Inc. $37.07 $30.77 $40.02 $1,664 $574 $2,238 1.9x 1.8x 7.5x 6.8x 13.0x 11.6x 14.0% 0.8 7.3% 16.8%

Outerwall Inc. 70.82 51.17 85.26 1,287 647 1,934 0.8 0.9 3.9 4.1 8.1 8.7 11.6% 0.7 (1.3%) (0.2%)

Global Cash Access Holdings, Inc. 5.05 5.04 8.53 332 1,019 1,351 1.6 1.6 6.6 5.9 5.5 4.1 20.0% 0.2 4.2% 42.4%

Mean 1.5x 1 .4x 6 .0x 5 .6x 8.9x 8 .1x 15.2% 0.6 3.4% 19.7%

Median 1.6 1.6 6 .6 5.9 8 .1 8 .7 14.0% 0.7 4.2% 16.8%

POS Hardware / Technology

Ingenico Group $131.86 $75.16 $132.24 $8,002 $485 $8,487 3.5x 3.2x 15.5x 13.9x 26.0x 23.0x 20.6% 1.1 11.7% 22.5%

NCR Corporation 27.54 22.83 36.50 4,676 3,054 7,730 1.2 1.1 9.3 7.4 10.2 9.2 NA NA 3.6% (3.3%)

VeriFone Systems, Inc. 32.18 28.19 39.25 3,678 609 4,287 2.1 1.9 10.7 9.3 16.7 13.9 0.0% NA 8.1% 5.1%

PAR Technology Corporation 4.56 3.71 6.30 71 1 72 NA NA NA NA NA NA NA NA NA 5.5%

Mean 2.3x 2 .1x 11.8x 10.2x 17.7x 15.4x 10.3% NM 7.8% 7.4%

Median 2.1 1.9 10.7 9.3 16.7 13.9 0.1 NM 8.1% 5.3%


Intuit Inc. $105.77 $77.96 $109.21 $29,158 ($1,585) $27,573 5.9x 5.2x 19.1x 13.5x 36.8x 25.0x 13.9% 1.8 13.6% (8.1%)

Fiserv, Inc. 86.86 60.54 88.77 20,375 3,706 24,081 4.5 4.3 13.5 12.6 22.8 20.2 11.3% 1.8 5.7% 3.6%

Fidelity National Information Services, Inc. 65.43 51.38 68.98 18,397 4,597 22,993 3.5 3.3 11.5 10.7 19.8 17.7 11.5% 1.5 5.4% (0.8%)

Jack Henry & Associates Inc. 69.86 51.86 70.50 5,658 25 5,683 4.4 4.0 12.6 11.4 26.0 23.0 11.7% 2.0 8.3% 6.3%

LendingClub Corporation 14.51 24.75 29.29 5,402 2,376 7,778 20.1 12.9 NM 70.4 NM 80.1 51.4% 1.6 55.9% 101.0%

ACI Worldwide, Inc. 23.67 17.33 25.80 2,788 785 3,573 3.4 3.3 12.8 11.7 31.1 28.0 16.0% 1.8 4.7% 4.3%

Temenos Group AG 36.89 27.00 39.08 2,421 407 2,827 5.4 4.9 15.4 12.9 22.7 19.7 12.5% 1.6 10.4% (6.9%)

Ellie Mae, Inc. 78.45 29.89 80.14 2,319 (90) 2,230 9.3 7.5 35.7 27.6 58.4 47.8 21.7% 2.2 23.8% 64.9%

Black Knight Financial Services, Inc. 32.58 24.50 33.10 2,128 1,613 3,740 4.0 3.7 9.1 8.4 35.2 31.2 16.7% 1.9 7.2% 8.3%

Bottomline Technologies (de), Inc. 27.46 21.01 30.78 1,065 17 1,081 3.1 2.8 15.2 12.9 19.1 15.2 18.3% 0.8 11.2% 4.7%

Q2 Holdings, Inc. 27.19 12.44 30.44 1,011 (119) 892 8.4 6.6 NM NM NM NM NA NA 28.2% 43.5%

On Deck Capital, Inc. 13.37 11.15 28.98 929 189 1,118 4.3 2.8 NM 35.0 NM 41.1 0.0% NA 51.3% 113.3%

Yodlee, Inc. 12.56 8.90 17.97 372 (68) 304 2.8 2.3 31.7 19.6 NM 61.0 0.0% NA 20.7% 24.5%

Performant Financial Corporation 3.13 2.33 10.25 155 32 187 1.2 1.0 9.0 4.7 99.1 11.8 16.7% 0.7 19.0% (34.2%)

Mean 5.7x 4 .6x 16.9x 19.3x 37.1x 32.4x 15.5% 1.6 19.0% 23.2%

Median 4.3 3.9 13.5 12.9 28.5 25.0 13.9% 1.8 12.4% 5.5%


Experian plc $18.78 $14.23 $19.77 $18,118 $3,266 $21,384 4.5x 4.3x 12.7x 12.5x 20.3x 19.2x 11.0% 1.7 2.9% NA

Equifax Inc. 102.13 69.04 102.96 12,076 1,397 13,473 5.1 4.7 14.6 13.2 23.1 20.6 11.0% 1.9 7.8% 10.5%

Fair Isaac Corporation 90.69 53.09 97.56 2,824 564 3,388 4.0 3.8 15.9 13.5 21.0 17.6 16.0% 1.1 6.2% 5.9%

Acxiom Corporation 17.91 15.78 21.25 1,390 147 1,536 1.8 1.8 9.6 10.1 31.0 27.9 12.5% 2.2 (1.3%) (4.2%)

Intersections Inc. 2.25 2.12 4.43 45 (9) 36 NA NA NA NA NA NA NA NA NA (15.8%)

Mean 3.8x 3 .6x 13.2x 12.3x 23.9x 21.3x 12.6% 1.7 3.9% (0 .9%)

Median 4.2 4.0 13.6 12.9 22.0 19.9 11.8% 1.8 4.6% 0.9%

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

16



($MM)

Anno unced Ente r pr i se EV / LTM

Date Acqui r er Tar get Tar get Sub-Secto r Val ue Revenue

7/31/15 Q2 Holdings, Inc.Centrix Solutions, Inc. (nka:Centrix Solutions, a Q2

company)Risk/Compliance Software NA NA

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

7/23/15 Priority Payment Systems LLC American Credit Card Processing Corporation Card Processing NA NA

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

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

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

7/15/15 Andromeda Sales and Distribution Pvt. Ltd. Apnapaisa Pvt. Ltd. Online 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 NA NA

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

7/14/15 TIO Networks Corp. Softgate Systems, Inc. Bill Pay NA NA

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 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

Payments/BankingSelected Recent Acquisitions - Trailing 12 Months

17



($MM)



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

6/25/15 Citi Retail Services Brooks Brothers Group, Inc., Credit Card Portfolio Credit Cards NA NA

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 Hyperledger 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 $43 0.6x

6/22/15 Continental Exchange Solutions, Inc. IME (M) SDN. BHD. Tax Software NA NA

6/19/15Advent International Corporation; Bain Capital, LLC;

Clessidra SGR S.p.A.Istituto Centrale delle Banche Popolari Italiane Spa Payment Processing NA NA

6/18/15 CoinBR Servicos Digitais Ltda. Coinverse Digital Currencies NA NA

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 NA NA

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

6/10/15 Crowd Mobile Limited Track Concepts B.V. Mobile Payments $30 1.6x

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

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

18



($MM)



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

5/29/15 EVO Payments International, LLC Postbank P.O.S. Transact GmbH Merchant Acquiring NA NA

5/28/15 Harshman Phillips & Company, LLC Cloudsourced Accounting Accounting Software NA NA

5/28/15 MYOB Finance NZ Limited Ace Payroll Plus Limited Payroll Software $10 NA

5/22/15 BitGold Inc. Net Transactions Limited Trading Platform $48 NA

5/20/15 Factor4, LLC SparkBase, Inc., Book of Business Prepaid NA NA

5/19/15 Axxiome AG HartterGroup Banking Technology NA NA

5/19/15 AvidXchange, Inc. Strongroom Solutions, Inc. AP Software NA NA

5/12/15 Hansen Technologies Ltd. TeleBilling A/S Bill Pay $24 1.3x

5/8/15 Visma AS e-conomic international a/s, Core Scandinavian Business Accounting Software $226 NA

5/7/15 Tangoe, Inc.International Business Machines Corp., Rivermine

Telecommunications Expense Management BusinessAccounting Software $22 NA

5/5/15 Pitney Bowes International Holdings, Inc. Borderfree, Inc. eCommerce $372 3.0x

5/2/15 Bitnational, Inc. Bitcoin Brains, Inc. Digital Currencies NA NA

4/30/15 Payex Holding AB 4T Sverige AB Mobile NA NA

4/28/15 BigCommerce Pty. Ltd. Zing POS NA NA

4/28/15 Bitcoin Shop Inc. (nka:BTCS Inc.) Spondoolies Tech Ltd. Blockchain NA NA

4/27/15 Freelancer Limited Escrow.com, Inc. Online Escrow $8 1.5x

4/27/15 Dun & Bradstreet, Inc. Dun & Bradstreet Credibility Corp. Credit Monitoring $350 2.6x


19



($MM)



4/23/15 i3 Verticals, LLC RentShare, Inc. Online Payments NA NA

4/17/15 World Business Lenders, LLC Plan B Growth, LLC, certain business loan operations Online Lending NA NA

4/16/15 CU Cooperative Systems, Inc. Everlink Payment Services Inc. Gateway NA NA

4/14/15 Securus Technologies, Inc. JPay, Inc. Money Transfer NA NA

4/14/15 Lendio Inc. Business Bounce SMB Online Lending NA NA

4/13/15 Australia & New Zealand Banking Group Limited Shout For Good Pty. Ltd. Micro Donations NA NA

4/13/15 Satoshi Citadel Industries Inc. BuyBitcoin.ph Digital Currencies NA NA

4/13/15 PPM 2000 Inc. Resolver Inc. Financial Software NA NA

4/8/15 Accela, Inc. SoftRight, LLC and Springbrook Software, Inc. Financial Software NA NA

4/8/15 Coinsetter LLC Canadian Virtual Exchange Digital Currencies NA NA

4/8/15 Basware UK Ltd. ProcServe Holdings Limited Financial Software $28 2.7x

4/8/15 Jasper Infotech Private Limited Accelyst Solutions Pvt. Ltd. Mobile Top-Up NA NA

4/6/15 Gimmal LLC Imagitek, Ltd. Financial Software NA NA

4/2/15 CapitalWorks, LLC Synergy by Association, Inc. ATMs NA NA

4/1/15 Bankrate, Inc. Quizzle.com Credit Monitoring NA NA

3/31/15 Jasper Infotech Private Limited Tetra Media Pvt. Ltd. Personal Finance NA NA

3/25/15 Stone Point Capital LLC; Trident VI, L.P. Black Mountain Systems, LLC Investment Software NA NA

3/30/15 Loans4less Com Inc. 321 Lend, Inc. P2P NA NA

3/30/15 DH Corporation Fundtech Ltd. Banking Technology $1,250 4.8x

3/25/15 ShopKeep POS Inc Payment Revolution, LLC ISO NA NA


20



($MM)



3/25/15 Global Payments Inc. Realex Payments Gateway $125 NA

3/23/15 Netinvest Limited Skrill Holdings Limited eCommerce Payments $1,695 NA

3/23/15 card complete Service Bank AG DC Bank AG Issuer Processing NA NA

3/17/15 Net Element, Inc.; TOT Group Europe LTDPayOnline System LLC, Innovative Payment Technologies,

Polimore Capital and Brosword HoldingeCommerce $8 NA

3/16/15 Diebold, Incorporated Phoenix Interactive Design, Inc. ATMs NA NA

3/11/15 Square, Inc. Kili Technology Corporation Merchant Processing NA NA

3/9/15The Carlyle Group LP; Cardinal Capital Group;

Carlyle Cardinal Ireland Fund, L.P.Payzone Ireland Limited Merchant Processing NA NA

3/9/15Baring Private Equity Asia; Sion Investment

Holdings Pte LtdCMS Info Systems Pvt. Ltd. (57% Stake) ATMs NA NA

3/3/15 Ryan, LLC Second Decimal, LLC Accounting Software NA NA

3/3/15 RKL eSolutions, LLC Clients First Business Solutions LLC Accounting Software NA NA

3/2/15 Suzo-Happ Group North America SCAN COIN AB Cash Management NA NA

3/2/15 Coin Outlet Inc. LibertyX's Bitcoin ATM Network ATMs / Digital Currency NA NA

3/2/15 PayPal Holdings, Inc. Paydiant, Inc. Mobile Wallet NA NA

3/2/15 Heartland Payment Systems, Inc. Payroll 1, Inc. Payroll Processing NA NA

2/27/15 Visa Inc. TrialPay, Inc. Marketing NA NA

2/26/15 igot TagPesa Limited Remittance NA NA

2/24/15 Orange Money Ltd. WDFC UK Limited, Everline Online Lending NA NA

2/20/15 FinLab AG; Club Deal AG Venturate AG Crowdfunding NA NA

2/19/15 Mobi724 Global Solutions Inc. iQ 7/24 Inc. Loyalty NA NA

2/18/15 Samsung Electronics America, Inc. LoopPay, Inc. Mobile Wallet NA NA


21



($MM)



2/13/15 UPG plc PayCo GmbH Online Payments NA NA

2/13/15 Heartland Payment Systems, Inc. Dinerware, Inc. and pcAmerica Tablet POS NA NA

2/11/15 Commonwealth Bank of Australia TYME SA Banking Technology $31 NA

2/11/15 Thoma Bravo, LLC; Thoma Bravo XI PowerPlan, Inc. Accounting Software NA NA

2/10/15 Temenos U.S.A., Inc. Akcelerant Software LLC Lending Software $55 NA

2/10/15 ArbiterSports, LLC Pay OGFE Inc. Vertical Payments NA NA

2/9/15 LINE Pay Corporation WebPay Holdings eCommerce Payments NA NA

2/5/15 Life-Pay ibox Holding Ltd. POS NA NA

2/3/15 MRI Software LLC Cougar Software Pty Limited Financial Software NA NA

2/2/15 Burroughs Inc. Pendum LLC ATMs NA NA

1/30/15 Valid USA, Inc. Card Cells, LLC (nka:Valid Secure Packaging, LLC) Prepaid $8 NA

1/30/15 MyECheck, Inc. Seergate Ltd. Payments Software $2 NA

1/29/15 Slyce Inc. SnipSnap App, LLC Offers $6 NA

1/27/15 Esker Inc. TermSync, Inc. AR / CRM Software NA NA

1/27/15 Prosper Marketplace, Inc. American HealthCare Lending, LLC Online Lending $21 NA

1/26/15 Givex Corporation Chase Paymentech, Gift Card Business Prepaid NA NA

1/26/15 Borderfree, Inc. Bundle Tech Limited Import Tax Software $21 NA

1/26/15 CREALOGIX Holding AG MBA Systems Ltd. Banking Technology NA NA

1/26/15 ApexPeak Pte. Ltd. Cashnomix Online SMB Lending NA NA

1/21/15 Intuit Inc. Zeropaper Serviços de Informática S.A. Cash Management NA NA


22



($MM)



1/20/15 Ingenico Group ROAM Data, Inc. Mobile POS NA NA

1/14/15 Kreditech Holding SSL GmbH Kontomierz.pl Sp. z o. o. Banking Technology NA NA

1/14/15 Ecart Invest Minox Software B.V. Accounting Software NA NA

1/13/15 PLI, LLPCPI Card Group, Inc., Non Secure Card Operations in Las

VegasCard Manufacturing NA NA

1/13/15 Cinven Partners, LLP Premium Credit Limited Online Lending $701 NA

1/13/15 Fair Isaac Corporation Tonbeller AG Fraud Prevention NA NA

1/12/15 LocoMobi, Inc. Smart Marketing Concepts Inc. POS NA NA

1/12/15 Marlin Equity Partners, LLC Asentinel LLC Expense Management Software NA NA

1/12/15 UniRush, LLC rapid! Financial Services LLC Payroll Cards NA NA

1/8/15 Virtus Partners, LLC Trade Settlement, Inc. Settlement Platform NA NA

1/7/15Blackstone Tactical Opportunities Advisors L.L.C.;

TPG Special Situations PartnersAcenden Limited Mortgage Servicer NA NA

1/6/15 Doxim Inc. Neocog Technologies Inc. Lending Software NA NA

1/6/15 Stone Point Capital LLC; Trident VI, L.P. The Situs Companies LLC Financial Outsourcing NA NA

1/5/15 Main Capital Partners B.V. OnGuard International Holding BV Cash Management NA NA

12/29/14 Keyware Technologies NV Global Pay NV POS NA NA

12/23/14 SafeCharge International Group Limited 3V Transaction Services Limited Issuer Processing $18 5.0x

12/22/14 ArcaTech Systems, L.L.C. CTS Group S.p.A. Banking Hardware NA NA

12/19/14Wolters Kluwer Tax & Accounting Deutschland

GmbhSBS Software GmbH Accounting Software NA NA

12/18/14 Investview, Inc. GATE Global Impact, LLC Impact Investing Marketplace $2 NA

12/18/14 PriceMatch SAS PowerYourRoom Ltd. Accounting Software NA NA


23



($MM)



12/18/14 Silverlake Axis Ltd Finzsoft Solutions Limited Financial Software $18 1.3x

12/18/14 Mozido, LLC SK C&C USA Inc. Mobile Commerce NA NA

12/17/14 Deutscher Sparkassen Verlag GmbH PAYONE GmbH eCommerce NA NA

12/16/14 FiCentive, Inc. Akimbo Financial, Inc. Prepaid $6 24.0x

12/15/14 Aquiline Capital Partners LenderLive Network, Inc. Mortgage Service Provider NA NA

12/15/14 Fortress Investment Group LLC MicroFinancial Inc. Microfinance NA NA

12/12/14 SafeCharge International Group Limited Credit Guard Ltd. Gateways $8 2.9x

12/12/14 Kohli Ventures Dynacart Solutions Ltd. Gateways NA NA

12/11/14 Wirecard AG GFG Group Limited Gateways $42 NA

12/10/14 Intuit Inc. Acrede HR and Payroll Solutions (Jersey) Limited Payroll Software NA NA

12/10/14 Wigan Council Unit4's Invoice4 Solution Billing Software NA NA

12/8/14 Vanare LLC NestEgg Wealth, Inc. Personal Financial Management NA NA

12/5/14 Microgen plc Unity Software Limited Financial Software $2 NA

12/4/14 Wirecard AG The AMARA Group Limited Issuer Processing $45 NA

12/3/14 SignaPay, LTD. PayHub, Inc. Merchant Acquiring NA NA

12/2/14 AFS Technologies, Inc. The POP Company Pte. Ltd. Financial Software NA NA

12/2/14 SmartStream TechnologiesCredit Suisse's Proprietary Commission Fees and

Expense Management SoftwareFinancial Software NA NA

12/1/14 Bankrate, Inc. Wallaby Financial, Inc. Loyalty / Rewards NA NA

11/27/14 Skrill Holdings Limited Smart Voucher Limited Cash Payments NA NA

11/25/14 Qiwi plc Money.Mail.Ru, LLC Network NA NA


24



($MM)



11/25/14 Swipp Holding ApS Paii ApS Mobile Payments NA NA

11/24/14 Acculynk PayPlum, LLC Compliance Software NA NA

11/21/14 iCash Payment Systems Limited Stargroup Limited ATMs $5 NA

11/21/14 Archway Technology Partners, LLC WealthTouch, Inc. Investor Software NA NA

11/20/14 AvidXchange, Inc. Piracle, Inc. ACH Processing NA NA

11/20/14 Spire Payments Ltd.Specialized Technical Services Group, Electronic Fund

Transfer DivisionMoney Transfer NA NA

11/18/14 Wirecard AGVisa Processing Services (India) Private Limited and

Certain Assets of Visa Processing Service Pte.Issuer Processing $16 NA

11/18/14 Mozido, LLC PayEase, Inc. Merchant Services $750 NA

11/13/14TrustBuddy International AB (nka:TrustBuddy AB

(publ))Geldvoorelkaar.nl P2P Lending $13 NA

11/13/14TrustBuddy International AB (nka:TrustBuddy AB

(publ))AGATA Spa P2P Lending $6 NA

11/11/14 WorldPay Limited SecureNet Payment Systems, LLC POS NA NA

11/10/14 JetPay Corporation ACI Merchant Services, Inc. Merchant Processing $18 NA

11/6/14 DataCash Group Limited TNS Inc., Payment Gateway Services Business Gateway NA NA

11/5/14 NoteMachine UK Ltd. eurochange Ltd. FX Payments NA NA

11/5/14 Xero Limited. Monchilla, Inc. Accounting Software $7 NA

11/5/14The Carlyle Group LP; Euromoney Institutional

Investor PLC; Carlyle Partners VI, L.P.Dealogic (Holdings) plc Banking Software $503 3.6x

11/4/14 FinTech Group AG XCOM Group Banking Software NA NA

11/4/14 Proxama Plc Aconite Technology Ltd. Issuer Processing Software $6 2.3x

10/31/14 Heartland Payment Systems, Inc. XPIENT Solutions, LLC POS $30 NA

10/28/14 Soft Space Sdn Bhd. Fass Payment Solutions Sdn Bhd mPOS NA NA


25



($MM)



10/23/14 Deluxe Corp. Wausau Financial Systems, Inc. Accounting Software $90 NA

10/23/14 Siris Capital Group, LLC; Siris Partners II LP Digital River Inc. eCommerce $646 1.7x

10/20/14Southwest Business Corporation (nka:SWBC

Lending Solutions)

Equi-Trax Asset Solutions LP and Quality Valuation

Services, LLCMortgage Technology NA NA

10/20/14 Onyx Payments Worldwide Payment Systems, S.A. Vertical Payments $35 NA

10/16/14 Gentera S.A.B. de C.V. Pagos Intermex, S.A. De C.V. Remittance $16 NA

10/13/14 PayU Payments Private Limited Cobboc Pvt. Ltd. Mobile NA NA

10/13/14 Cuscal Limited Strategic Payments Services Pty Ltd. Card Processing $33 NA

10/13/14 Vista Equity Partners TransFirst, LLC Merchant Processing NA NA

10/12/14 AB Bank Limited Cashlink Bangladesh Limited ATMs NA NA

10/9/14 National Money Mart Company Inc.The Cash Store Financial Services Inc., Portion of

Business and AssetsAlternative Finance NA NA

10/7/14 Boku, Inc. mopay AG Mobile NA NA

10/7/14 Northland Group, Inc. Accounts Receivable Management, Inc. Collections NA NA

10/3/14 Transnetwork Corporation Citi Remesas, Inc. Remittance NA NA

10/1/14 Posera-HDX Limited Premier Payment Systems, Inc. Merchant Processing NA NA

9/30/14 Global Payments Inc. Certegy Check Services, Inc., FIS Gaming Business Gaming Processing $237 NA

9/29/14 SourceHOV LLC BancTec, Inc. Transaction Processing NA NA

9/25/14 Blackhawk Network Holdings, Inc. Blackhawk Engagement Solutions, Inc. Marketing / Offers $291 2.9x

9/24/14 Arrow Global Investments Holdings Limited CapQuest Group Limited ARM $258 5.1x

9/23/14Equity Administration Solutions, Inc. (nka:Certent,

Inc.)Rivet Software, Inc. Financial Reporting Software NA NA

9/22/14TenneT Holding B.V.; Elia System Operator SA; RTE

Reseau de Transport d'electriciteEPEX Spot SE Trading Platform NA NA


26



($MM)



9/19/14 ParTech, Inc. Brink Software, Inc. POS $17 NA

9/18/14 DC Australasia Pty Ltd Ezeatm Services Pty Ltd ATMs $11 NA

9/18/14 RCS Capital Corporation Docupace Technologies, Inc. Financial Software NA NA

9/18/14 Green Dot Corporation Santa Barbara Tax Products Group, LLC Financial Software $389 4.4x

9/17/14 Strattam Capital, LLC Doxim Inc. Financial Software NA NA

9/16/14 The Collinson Group Ltd. Welcome Real-time S.A.S. Loyalty NA NA

9/16/14 Wolters Kluwer NV Beijing Dingxin Chuangzhi Technology Co., Ltd. Accounting Software NA NA

9/15/14 Blackhawk Network Holdings, Inc. CardLab, Inc. Gift Cards NA NA

9/15/14 Global Payments Inc. Ezi Holdings Pty Ltd. Debit $275 NA

9/15/14 Actua Corporation Folio Dynamics, Inc. Broker Software $201 8.0x

9/11/14 Suzo-Happ Group North America Comesterogroup S.r.l. POS / Vending NA NA

9/10/14 Redecard S.A. MaxiPago Serviços de Internet Ltda. Gateway NA NA

9/9/14 Rakuten, Inc. Ebates, Inc. Marketing / Offers $1,000 6.0x

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

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

9/4/14 Velocity Solutions, Inc.IMPACT Financial Services LLC, IMPACT Overdraft

Software and Solutions BusinessBanking Software NA NA

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

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

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

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


27



($MM)



9/3/14 Fidelity National Information Services, Inc. Clear2Pay NV/SA Payments Software $493 NA

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

9/2/14 Tungsten Network, Inc. Image Integration Systems, Inc. Accounting Software $7 2.1x

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

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

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

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

8/19/14 Global Payout, Inc. Maxie Mobile, LLC Mobile Payments $7 NA

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

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

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

8/12/14 FleetCor Technologies, Inc. Comdata Network, Inc. Prepaid $5,533 9.5x

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

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

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

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

8/7/14 Intuit Inc. PaySuite Limited Payroll Software NA NA

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

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

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


28



($MM)



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

8/4/14 American Bancard, LLC Phoenix Payment Systems, Inc. Card Processing $50 NA

8/4/14 Square, Inc. Serenic Software eCommerce NA NA

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

8/4/14 InComm Holdings, Inc. SIRAS, Inc. (nka:InComm Product Control) POS NA NA


29


Notes:Source: CapitalIQ, DowJones Venture Source.

($MM)

Announced

DateTarget Ser i es Amount Investor s Tar get Sub- Sector

7/30/15 Iwoca Ltd. Series B $20.0Acton Capital partners GMbH, CommerzVentures GmbH,

Redline Capital Management S.A.Online Lending

7/27/15 ShopKeep POS Inc Series D $60.0 Activant Capital Group LLC POS

7/17/15 Mswipe Technologies Pvt Ltd Series C $25.0Falcon Edge Capital, ANI Technologies Pvt. Ltd, Meru Capital

GroupPOS

7/21/15 Circle Back Lending Series A $17.5 Undisclosed Online Lending

7/29/15 Behalf Inc. Series B $119.0Mission Perators Group, Marverick Ventures, Victory Park

Capital Advisors, Sequoia CapitalOnline Lending

7/16/15 Flypay Limited Series A $10.6 Time Out Group Mobile Payments

7/15/15 Ethoca Limited NA $45.0 Spectrum Equity Management CNP Payments

7/7/15 View The Space, LLC Series B $21.0 OpenView Venture Partners, Trinity Ventures Financial Software

7/15/15 Credit Benchmark Ltd. Series B $20.0 Balderton Capital, Index Ventures Risk/Analytics

7/14/15 Fastacash Pte. Ltd. Series B $15.0Rising Dragons Singapore, Life.Sreda, UOB, Venture

Investments IIP2P Payments

7/14/15 Fenergo Ltd. NA $75.0 Insight Venture Partners Banking Software

7/12/15 Upstart Network, Inc. Series C $35.0Third Point Ventures, First Round Capital, Collaborative Fund,

Khosla Ventures, Eric Schmidt, Marc BenioffOnline Lending

7/9/15 Bitfury USA, Inc. NA $20.0 Georgian Co-Investment Fund, DRW Holdings, iTech Advisors Cryptocurrency

7/8/15 Lendingkart. ltd. Series A $635.0Mayfield, Saama Capital Management, Shailesh Mehta,

Ashvin ChadhaOnline SMB Lending

7/7/15 SlimPay S.A. NA $16.4 Prime Ventures DDA Payments

7/2/15 PRET d'UNION S.A. NA $34.4Eurazeo, Kernel Investissements, Crédit Mutuel Arkéa,

Schibsted Growth, AG2R La MondialeP2P Lending

7/2/15 A & A Dukaan Financial Services Private LimitedSeries C $59.1Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia,

Walden InternationalLending Marketplace

7/2/15 Marlette Funding, LLC NA $75.0 Invus Financial Advisors, Navient Corporation Online Lending

7/2/15 Malauzai Software, Inc. Series D $11.0 Undisclosed Mobile Banking Software

Payments/Banking

30

Selected Recent Equity Financings – Trailing 12 Months



($MM)

Announced


7/1/15 Realty Mogul, Co. Series B $35.0 Sorenson Capital, Canaan Partners Online Lending

6/30/15 StayClassy Productions, Inc. NA $18.0Methril Capital Management, Salesforce Ventures, Bullpen

Capital, Venture51, Galileo PartnersCrowd funding

6/25/15 Chrome River Technologies, Inc. Series D $100.0 Great Hill Partners Financial Software

6/22/15 Adaptive Insights, Inc. Series G $75.0Norwest Venture Partners, Onset Ventures, Bessemer Venture

Partners, Cardinal Venture Capital, Monitor VenturesFinancial Software

6/29/15 Velocity NA $12.0 Undisclosed Mobile Payments

6/19/15 Snap Advances LLC NA $28.0 Undisclosed SMB Lending

6/16/15 Pollen, Inc. NA $40.0 Undisclosed Working Capital Management

6/25/15 PayRange Inc. Series A $12.0 Matrix Partners, Google Ventures, Nyca Partners Mobile Payments

6/23/15 Credit Karma, Inc. Series D $175.0Tiger Global Management, Viking Global Investors, Valinor

ManagementCredit Monitoring

6/18/15 Wealth India Financial Services Pvt. Ltd. Series C $11.0 Faering Capital, Foundation Capital, Inventus Capital Online Brokerage

6/18/15 BOND STREET Servicing, LLC Series A $110.0Spark Capital, Jefferies, Homebrew Management, Founder

Collective, Collaborative Fund, Red Swan VenturesOnline Lending

6/15/15 LendInvest Limited Series A $49.8 Beijing Kunlun Tech Online Lending

6/15/15 Azimo Ltd Series B $20.0 Frog Capital, MCI Management, e.ventures, Greycroft Partners Money Transfer

6/10/15 Miura Systems Limited NA $16.0 DFJ Esprit Secondaries Payments Hardware

6/9/15 Moula Money Pty Limited NA $23.0 Liberty Financial, NCN Investments Online Lending

6/4/15 Lavu Inc. NA $15.0 Aldrich Capital Partners POS

6/4/15 TabbedOut Series C $21.5Wellington Management Group, NEA, Morgan Creek Capital

ManagementMobile Payments

6/2/15 Nubank Series B $28.6Tiger Global Management, Kaszek Ventures, QED Investors,

Sequoia CapitalOnline Banking

5/27/15 Payfirma Corporation Series A $10.4 Dundee Capital Markets Merchant Acquiring

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

31



($MM)

Announced


5/26/15 Coupa Software Incorporated NA $80.0T. Rowe Price Associates, Iconiq Capital, Crosslink Capital,

Battery Ventures, El Dorado Ventures, Rally VenturesFinancial Software

5/21/15 Tumblbug Series A $15.6 Strong Ventures, DCM, Line Ventures Crowdfunding

5/20/15 WePay, Inc. Series D $40.0FTV Capital, Rakuten, Highland Capital Partners, August

Capital, Continental Investors, Ignition PartnersGateways

5/19/15 PAYITSIMPLE USA Inc. NA $10.0 Simpel Management Consumer Finance

5/19/15 Hightower, Inc. Series B $13.0RRE Ventures, Thrive Capital, Bessemer Venture Partners,

Pritzker Group Venture CapitalLeasing Software

5/18/15 Feedzai S.A. Series B $17.5Oak HC/FT Partners, Sapphire Ventures, Espirito Santo

VenturesAnti-Fraud

5/12/15 Credit Sesame, Inc. Series D $16.0Syncora Alternative Investments, Globespan Capital Partners,

Investus Capital Partners, Menlo Ventures, IA CapitalCredit Monitoring

5/7/15 itBit Pte. Ltd. Series A $25.0 RRE Ventures, Liberty City Ventures Digital Currencies

5/6/15 Affirm, Inc. NA $275.0Spark Capital Partners, Jefferies, Andreessen Horowitz,

Khosla Ventures, Lightspeed Venture PartnersOnline Lending

5/5/15 Hello Digit, Inc. Series A $11.3General Catalyst Partners, Baseline Ventures, Google

VenturesOnline Banking

5/5/15 Fintellix Solutions Ltd. NA $15.0 Undisclosed Mobile Payments

5/2/15 Lendico Global Services GmbH NA $22.4 Rocket Internet, Hotlzbrinck Ventures, Access Industries Online Lending

5/1/15 edo interactive, Inc. Series E $23.1 VantagePoint Capital Partners, Baird Venture Partners Card-Linked Offers

5/1/15 Zenefits Series C $512.6Fidelity, TPG Growth, Insight Venture Partners, Andreessen

Horowitz, IVP, Founders Fund, Khosla VenturesHR Software

4/30/15 MX, Inc. Series A $30.0 USAA Investment Management, Digital Garage Banking Technology

4/29/15 Justworks, Inc. Series B $13.0 Bain Capital Ventures, Index Ventures, Thrive Capital HR Software

4/29/15 Circle Internet Financial, Inc. NA $50.0Goldman Sachs, IDG Capital Partners, Accel Partners, General

Catalyst Partners, Oak Investment PartnersMoney Transfer

4/28/15 Loop Commerce, Inc. NA $16.0 Paypal, Novel TMT Ventures, Wicklow Capital eCommerce

4/27/15 Wave Accounting, Inc. Series C $14.0The Social+Capital Partnership, Charles River Ventures,

OMERS VenturesAccounting Software


32



($MM)

Announced


4/22/15 Funding Circle Ltd. NA $150.0Baillie Gifford & Co., BlackRock, Sands Capital Management,

Temasek HoldingsOnline Lending

4/21/15 Compare Asia Group Series A $40.0Goldman Sachs, Nova Founders Capital, Jardine Pacific, ACE

& Company Development Group, Route 66 VentureseCommerce

4/16/15 NUMBER26 GmbH Series A $10.6Valar Ventures, Earlybird Venture Capital, Redalpine Venture

PartnersOnline Banking

4/15/15 Clearent LLC NA $25.0 FTV Capital Merchant Processing

3/31/15 CurrencyFair Ltd NA $10.6 Octopus Investments Limited, Frontline Ventures Money Transfer

4/15/15 Lsq Funding Group, L.C. NA $100.0 Levell Minnick Equity Partners SMB Online Lending

4/15/15 Factor Systems, Inc. NA $25.0 Goldman Sachs, Bain Capital Ventures B2B Payments

4/14/15 TouchBistro Inc. Series A $6.0Kensington Capital Partners, Relay Ventures, Difference

Capital, Just EatPOS

4/8/15 Patch of Land, Inc. Series A $23.6 SF Capital Group Crowdfunding

4/7/15 Prosper Marketplace, Inc. Series D $165.0Credit Suisse, SunTrust Equity Funding, United Services

Automobile Association, JP Morgan, BBVA VenturesP2P

12/24/14 Kyriba Corporation Series C $21.0HSBC, BRED Banque Populaire, Daher Capital, Iris Capital,

Upfront VenturesTreasury Software

3/31/15 PrimeRevenue, Inc. NA $80.0 BBH Capital Partners, Battery Ventures Lending Platform

3/30/15 RateSetter NA $29.7 Woodford Investment Management, Artemis P2P

3/27/15 AssetAvenue, Inc. Series A $11.0 DCM Ventures, Netease Capital, Matrix Partners Online Lending

3/27/15 ZenPayroll, Inc. Series B $60.0Google Capital, Emergence Capital Partners, Ribbit Capital,

General Catalyst Partners, Kleiner Perkins Caufield & ByersPayroll Software

3/25/15 FinancialForce.com, inc. NA $110.0 Technology Crossover Ventures, Salesforce Ventures Financial Software

3/19/15 Fundbox Inc. Series B $40.0General Catalyst Partners, Khosla Ventures, Blumberg Capital,

NyCa PartnersOnline SMB Lending

3/18/15 Ingo Money, Inc. NA $13.5Camden Partners, MissonOG, Spring Capital Partners, CNF

Investments, Matrix Partners, Ribbit CapitalPrepaid

3/12/15 Lendio Inc. Series C $22.0Napier Park Global Capital, Blumberg Capital, North Hill

Ventures, Pivot Investment PartnersOnline SMB Lending


33



($MM)

Announced


3/11/15 Remitly, Inc. NA $12.5Draper Fisher Jurvetson, DN Capital Limited, QED Investors,

Trilogy Equity PartnersRemittance

3/10/15 21 Inc. NA $116.0Andreessen Horowitz, RRE Ventures, Yuan Capital, Qualcomm

Ventures, Khosla Ventures, Data CollectiveCryptocurrency

3/3/15 Booker Software, Inc. Series C $35.0Medina Capital, First Data Corporation, Signal Peak Ventures,

Jump Capital, Bain Capital Ventures, Revolution VenturesPOS

2/25/15 Xero Limited. NA $111.0 Accel Partners, Matrix Capital Management Company Accounting Software

2/23/15 DriverUp Series A $50.0 Emerald Development Managers, RRE Ventures Online Lending

2/18/15 WorldRemit Ltd Series B $100.0 Accel Partners, Technology Crossover Ventures Remittance

2/13/15 Itz Cash Card Ltd. NA $16.1 Ashok Goel Prepaid

2/12/15 nCino, Inc. NA $37.7 Insight Venture Partners, Wellington Management Company Banking Technology

2/11/15 Bill.com, Inc. NA $50.0Silicon Valley Bank, American Express, August Capital, Napier

Park Global Capital, Scale Venture PartnersB2B Payments

2/10/15 Zen Lefin Pvt Ltd Series A $13.0 SAIF Partners, Sequoia Capital, Aspada Investment Advisors SMB Lending

2/10/15 Borro Limited Series E $19.8OurCrowd, Rocket Internet, Augmentum Capital, Canaan

Partners, Eden VenturesOnline Secured Lending

2/6/15 Oportun Financial Corporation NA $91.1Fidelity Management & Research Company; Insitutional

Venture PartnersOnline Lending

2/5/15 Accelyst Solutions Pvt. Ltd. Series C $80.0Tybourne Capital Management, Valiant Capital Management,

ruNet, Sequoia Capital, SofinaPrepaid Mobile

2/3/15 KnCMiner AB Series B $15.0 Accel Partners, Creandum, GP Bullhound Bitcoin

2/2/15 Social Finance, Inc. Series D $200.0Third Point Ventures, Institutional Venture Partners,

Wellington Management CompanyOnline Lending

2/2/15 Apttus Corporation Series B $41.0Salesforce Ventures, K1 Investment Management, Iconiq

CapitalFinancial Software

1/30/15 MineralTree, Inc. NA $11.1First Data Corporation, .406 Ventures, Fidelity Growth

PartnersBill Pay

1/27/15 Earnest Operations LLC Series A $17.0Maveron, Andreessen Horowitz, Atlas Venture, Collaborative

Fund, First Round CapitalOnline Lending

1/26/15 Ripple Labs Inc. Series A $28.0Andreesen Horowitz, Google Ventures, IDG Capital Partners,

Bitcoin Opportunity Corp., RRE VenturesCryptocurrency


34



($MM)

Announced


1/25/15 TransferWise Ltd Series C $58.0Andreessen Horowitz, Index Ventures, Seedcamp, Valar

Ventures, IA VenturesMoney Transfer

1/22/15 Raise Marketplace Inc. Series B $56.0New Enterprise Associates, Bessemer Venture Partners, Listen

Ventures, The Pritzker OrganizationGift Card Marketplace

1/21/15 Taulia Inc. NA $15.0 Zouk Capital Invoice Management

1/20/15 Coinbase, Inc. Series C $75.0Draper Fisher Jurvetson, BBVA, Andreessen Horowitz, New

York Stock Exchange, Ribbit Capital, Union Square VenturesDigital Currencies

1/16/15 Zuora, Inc. NA $115.0Wellington Management Company, BlackRock, PremjiInvest,

Passport Capital, Greylock Partners, Benchmark CapitalSoftware

1/14/15 Global Debt Registry, LLC Series A $7.0 Undisclosed Debt Registry

1/12/15 Insite Software Solutions, Inc. NA $15.0 Volition Capital eCommerce

1/7/15 peerTransfer Education Corporation Series C $22.0Bain Capital Ventures, Spark Capital, Accel Partners, QED

Investors, Devonshire InvestorsMoney Transfer

12/24/14 QwikCilver Solutions Private Limited NA $9.9 Amazon.com, Accel Partners, Helion Venture Partners Gift Cards

12/19/14 Money Forward, Inc. Series B $12.6Credit Saison, Dentsu, GMO VenturePartners, JAFCO, Mitsui

Sumitomo Insurance Venture Capital, SourceNext CorporationAccounting Software

12/18/14 VALITOR HF 38% Stake $28.6 Arion Bank eCommerce

12/17/14 PeerNova inc. Series A $19.0 Mosaik Partners, Crypto Currency Partners, Overstock.com Blockchain

12/16/14 Adyen B.V. Series B $250.0General Atlantic, Temasek Holdings, Index Ventures, Felicis

VenturesMerchant Processing

12/4/14 Atom Bank NA $39.3Anthemis Group, Aviva Life & Pensions, British Engines, Polar

CapitalOnline Banking

12/2/14 Stripe, Inc. NA $70.0General Catalyst Partners, Khosla Ventures, Sequoia Capital,

The Founders Fund, Thrive CapitalMobile Payments

11/29/14 Equitas Holdings Pvt. NA $53.0CDC Group, Creation Investments, DEG, FMO, India Financial

Inclusion Fund, International Finance CorporationMicrofinance

11/27/14 Monitise plc NA $77.4 Banco Santander (Mexico), Mastercard, Telefonica Mobile Payments

11/28/14 Reval NA $20.0 Goldman Sachs Risk Management

11/25/14 Dynamics Inc. Series C $70.0Adams Capital Management, Bain Capital Ventures, Canadian

Imperial Bank of Commerce, MasterCardCard Manufacturing


35



($MM)

Announced


11/23/14 eToro (Europe) Ltd. NA $27.0BRM Group, Ping An Capital, SBT Venture Capital, Spark

Capital PartnersSocial Investing

11/20/14 Fast Pay Partners LLC NA $15.0 Oak HC/FT Partners Online Lending

11/19/14 Cognical NA $10.0 Blumberg Capital, ER Accelerator, Tribeca Venture Partners Financing Platform

11/12/14 Host Analytics, Inc. Series E $25.0Advanced Technology Ventures, Centerview Capital, Next

World Capital, StarVest Partners, Trident CapitalFinancial Software

11/10/14 Avalara, Inc. NA $150.0 Technology Crossover Ventures, Warburg Pincus Accounting Software

11/7/14 Avant Credit Corporation (nka:Avant Corporation)NA $225.0 August Capital, Draper Fisher Jurvetson, KKR, RRE Ventures Online Lending

11/7/14 Powa Technologies Limited Series C $80.0 Wellington Management Company POS

11/6/14 SecureKey Technologies Inc. Series C $19.0 Blue Sky Capital, Rogers Venture Partners Anti-Fraud

11/6/14 Indian Energy Exchange Limited NA $93.9Agri Power and Engineering Solutions, Kiran Vyapar Limited,

TVS Capital FundsTrading Platform

11/4/14 BlueSnap Inc. NA $50.0 Parthenon Capital Partners, Great Hill Partners eCommerce

11/4/14 Trustly Group AB NA $28.9 Bridgepoint Development Capital Banking Technology

10/30/14 Transverse LLC Series B $25.0 Siedentopf Revenue Cycle Management

10/29/14 Cardlytics, Inc. Series F $70.0 Discovery Capital Corporation Marketing / Rewards

10/28/14 Personal Capital Corporation Series D $50.0BBVA Ventures, Corsair Capital, CrossLink Capital,

Institutional Venture Partners, USAA, VenrockPersonal Financial Management

10/28/14 Argentum Spain S.L.U. NA $16.5 Access Industries, Holtzbrinck Ventures Online Lending

10/27/14 Wealthfront Inc. NA $70.0DAG Ventures, Dragoneer Investment Group, Greylock

Partners, Index Ventures, The Social+Capital PartnershipPersonal Financial Management

10/27/14 Credorax, Inc. NA $40.0 Blumberg Capital, Columbus Nova Technology Partners Merchant Acquiring

10/22/14 Tipalti Solutions Ltd. Series B $13.0 Wicklow Capital Payments Software

10/20/14 MediGain, LLC NA $38.0 Prudential Capital Group Revenue Cycle Management


36



($MM)

Announced


10/20/14 CreditSuppliers, LLC NA $12.5 G8 Capital Lending Technology

10/20/14 Recurly, Inc. Series B $12.0Devonshire Investors, e.ventures, Greycroft Partners, Polaris

PartnersBill Pay

10/15/14 Linkable Networks, Inc. Series C $11.7 Kepha Partners, CommonAngels, Blue Chip Venture Company Card-Linked Offers

10/14/14 Bitnet Technologies Ltd. Series A $14.5Highland Capital Partners, Buchanan Capital Management,

Highland Capital Partners, RakutenCryptocurrency

10/14/14 orderbird AG Series B $10.0 ConCardis POS

10/13/14 Financial Software & Systems Pvt. Ltd. NA $57.2 PremjiInvest Processing

10/10/14 Mozido, LLC NA $185.0 MasterCard, Wellington Management Company Mobile

10/9/14 Bitfury USA, Inc. Series A $20.0 Georgian Co-Investment Fund Cryptocurrency

10/6/14 Orchard, Inc. Series A $12.0 Canaan Partners, Spark Capital Partners Online Lending

10/6/14 Blockchain Ltd. Series A $30.5FuturePerfect Ventures, Lightspeed Venture Partners, Mosaic

Ventures, Prudence Holdings, Wicklow CapitalCryptocurrency

9/30/14 Quantopian, Inc. Series B $15.0Bessemer Venture Partners, Khosla Ventures, Spark Capital

Partners, Wicklow CapitalTrading Platform

9/29/14 Credit Karma, Inc. NA $75.0Google Capital, Susquehanna Growth Equity, Tiger Global

ManagementCredit Monitoring

9/29/14 Credivalores-Crediservicios, S.A.S. NA $34.0 Gramercy Funds Management Underbanked

9/24/14 E la Carte Inc. NA $35.0 Intel Capital, Romulus Capital, TriplePoint Capital POS

9/23/14 Traxpay AG Series B $15.0 Earlybird Venture Capital, Software AG, The Main Incubator B2B Payments

9/23/14 Invoice2go Corporation NA $35.0 Accel Partners, Ribbit Capital ARM / Invoicing

9/19/14 Blockstream Corp NA $21.0Crypto Currency Partners, Innovation Endeavors, Khosla

Ventures, Mosaic Ventures, Real Ventures, Ribbit CapitalBlockchain

9/17/14 LightSpeed Retail Inc. NA $35.0iNovia Capital, Accel Partners, Hercules Technology Growth

CapitalPOS

9/16/14 FiveStars, Inc. Series B $26.0DCM, Lightspeed Venture Partners, Menlo Ventures, Rogers

CommunicationsLoyalty


37



($MM)

Announced


9/12/14 Square, Inc. Series E $100.0 Undisclosed Merchant Acquiring

9/5/14 Jimubox.com Series B $37.2Beijing Xiaomi Technology, Matrix Partners China, Shunwei

Fund, Ventech China, Vertex Venture Holdings P2P

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

9/3/14 Snowball Finance Ltd. Series C $40.0 Renren, Morningside Ventures, Sequoia Capital Social Finance

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

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

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

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

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

8/13/14 Nubank Series A $14.3 Sequoia Capital; Kaszek Ventures Online Banking

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

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

SV Angel, Thrive CapitalBitcoin

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


38


IV. Securities / Capital Markets / Data & Analytics

39



(1)

$MM, Ex cept Per Share Data

Stock LTM EPS



Exchanges - Americas

CME Group Inc. $96.04 $72.25 $100.87 $32,419 $1,014 $33,433 10.0x 9.1x 14.9x 13.3x 24.8x 22.1x 14.0% 1.6 9.0% 12.1%

Intercontinental Exchange, Inc. 228.04 184.27 242.96 25,484 2,563 28,047 8.6 8.0 13.3 11.8 19.4 16.5 16.9% 1.0 7.3% 6.3%

The Nasdaq OMX Group, Inc. 51.03 38.43 52.94 8,634 1,693 10,327 5.0 4.8 11.2 9.5 15.3 14.1 8.5% 1.7 4.4% (6.7%)

BM&F Bovespa SA 3.08 2.53 4.26 5,543 442 5,985 9.4 8.9 14.2 13.1 12.8 12.2 8.0% 1.5 5.9% 2.0%

CBOE Holdings, Inc. 61.98 47.02 68.00 5,174 (90) 5,084 8.5 7.9 15.4 13.5 28.6 25.1 13.1% 1.9 7.2% 3.3%

TMX Group Limited 37.82 35.36 44.18 2,055 746 2,801 4.9 4.6 10.2 9.5 12.6 11.4 NA NA 4.8% (14.5%)

Bolsa Mexicana de Valores SAB de CV 1.80 1.44 1.89 1,069 (99) 969 6.0 5.5 12.1 11.0 21.1 18.7 15.4% 1.2 8.4% 4.5%

Mean 7.5x 7.0x 13.1x 11 .7x 19 .2x 17 .1x 12.7% 1.5 6.7% 1 .0%

Median 8.5 7 .9 13 .3 11.8 19.4 16.5 13.6% 1.6 7.2% 3 .3%

Exchanges - Asia

Hong Kong Exchanges & Clearing Limited $27.12 $20.90 $40.17 $32,434 ($28,736) $3,698 2.0x 1.7x 2.6x 2.2x 29.0x 24.9x 10.5% 2.4 14.9% 19.8%

Singapore Exchange Limited 5.82 4.97 6.43 6,233 (586) 5,647 9.4 9.2 16.2 16.4 23.6 22.9 5.9% 3.9 2.3% 15.6%

ASX Limited 32.61 24.99 33.28 6,306 (784) 5,522 10.5 10.1 13.6 13.0 20.8 19.9 5.4% 3.7 4.6% (3.2%)

Bursa Malaysia Berhad 2.12 2.04 2.36 1,132 (110) 1,022 7.7 7.2 13.4 12.4 21.8 20.0 NA NA 7.5% (11.5%)

Mean 7.4x 7.0x 11.5x 11 .0x 23 .8x 21 .9x 7.3% 3.3 7.3% 5 .2%

Median 8.6 8 .2 13 .5 12.7 22.7 21.4 5.9% 3.7 6.1% 6 .2%

Exchanges - Europe

Deutsche Boerse AG $91.29 $55.13 $96.57 $16,814 $689 $17,503 6.8x 6.3x 12.8x 11.5x 19.6x 17.8x 10.7% 1.7 7.4% 2.8%

London Stock Exchange Group plc 40.84 27.54 42.62 14,197 (1,265) 12,932 3.4 4.8 10.7 10.4 21.2 20.8 10.7% 1.9 (29.6%) 11.5%

Bolsas y Mercados Españoles 41.60 30.10 48.06 3,470 (375) 3,095 7.7 7.4 10.6 10.2 17.0 15.9 5.4% 2.9 4.6% (14.0%)

JSE Limited 11.69 7.52 11.86 999 (139) 860 NA NA NA NA 18.6 16.5 NA NA NA 4.1%

GPW 13.03 9.39 14.12 547 (57) 490 5.5 5.3 10.1 9.3 15.8 14.8 0.0% NA 3.7% (10.0%)

Hellenic Exchanges - Athens Stock Exch. 5.13 3.84 8.40 335 (168) 167 3.3 2.9 6.2 5.2 16.1 13.6 5.0% 2.8 12.6% (58.5%)

Mean 5.3x 5.3x 10.1x 9 .3x 18 .1x 16 .5x 6.4% 2.3 (0.3%) (10.7%)

Median 5.5 5 .3 10 .6 10.2 17.8 16.2 5.4% 2.3 4.6% (3.6%)

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

40


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


Stock LTM EPS




SEI Investments Co. $53.31 $32.95 $54.19 $8,844 ($625) $8,219 6.0x 5.5x 16.0x 13.9x 25.5x 21.9x 13.7% 1.6 10.5% 5.9%

SS&C Technologies Holdings, Inc. 68.03 41.51 68.40 6,579 (264) 6,314 6.1 4.7 14.7 10.8 26.6 22.5 16.0% 1.4 29.2% 12.7%

Broadridge Financial Solutions, Inc. 54.27 38.28 55.78 6,506 319 6,825 2.5 2.4 11.1 10.2 21.0 18.5 11.2% 1.6 4.6% 4.6%

DST Systems Inc. 109.15 81.83 134.65 3,973 395 4,368 2.2 2.1 10.0 9.4 18.6 16.6 11.0% 1.5 3.0% 2.2%

Financial Engines, Inc. 45.86 29.40 46.34 2,378 (311) 2,067 6.5 5.6 20.7 17.6 47.9 39.8 26.0% 1.5 15.7% 13.8%

Envestnet, Inc. 45.29 37.76 58.21 1,598 (64) 1,535 3.7 3.0 20.5 15.0 45.0 32.1 27.8% 1.2 20.9% 22.8%

Mean 4.5x 3.9x 15.5x 12.8x 30.7x 25.2x 17.6% 1.5 14.0% 10.3%

Median 4.9 3 .9 15 .3 12.4 26 .0 22 .2 14.8% 1.5 13.1% 9 .3%

F inancial Data, Content, & Analyt ics

Thomson Reuters Corporation $40.45 $34.88 $42.64 $31,565 $7,571 $39,136 3.2x 3.1x 11.3x 10.5x 20.0x 17.5x 11.0% 1.6 2.8% (3.8%)

McGraw Hill Financial, Inc. 101.75 73.96 109.13 27,727 (226) 27,501 5.1 4.6 12.4 11.1 22.8 20.4 14.2% 1.4 10.8% 3.1%

Moody's Corporation 110.43 85.50 113.87 22,119 1,059 23,178 6.5 6.1 14.1 13.0 23.8 21.0 14.0% 1.5 7.7% 5.1%

Verisk Analytics, Inc. 78.11 57.97 79.88 13,160 3,170 16,331 7.7 6.7 16.3 14.3 26.2 23.5 12.0% 2.0 14.9% 17.5%

MSCI Inc. 68.16 41.16 68.83 7,393 345 7,738 7.2 6.6 16.8 15.0 30.8 25.8 11.3% 2.3 8.8% 6.4%

FactSet Research Systems Inc. 165.66 110.77 168.70 6,861 (148) 6,713 6.5 6.0 17.6 16.1 26.6 24.3 12.5% 1.9 8.8% 9.8%

Markit Ltd. 26.62 20.99 27.63 4,632 228 4,860 4.4 4.2 10.1 10.1 18.4 17.6 2.4% 7.4 5.7% 4.7%

Dun & Bradstreet Corp. 124.77 105.64 137.25 4,496 1,348 5,844 3.3 3.1 11.1 10.4 16.7 15.6 7.4% 2.1 6.4% (1.5%)

Morningstar Inc. 85.19 61.03 85.99 3,769 (222) 3,547 4.4 4.1 13.3 12.0 27.7 23.8 16.0% 1.5 8.0% 6.7%

Bankrate, Inc. 9.12 9.02 16.98 919 159 1,078 2.0 2.0 7.4 7.0 13.0 12.0 20.0% 0.6 3.5% 1.7%

Mean 5.0x 4.6x 13.1x 11.9x 22.6x 20.1x 12.1% 2.2 7.7% 5 .0%

Median 4.8 4 .4 12 .9 11.5 23 .3 20 .7 12.3% 1.8 7.8% 4 .9%


The Charles Schwab Corporation $34.88 $23.35 $35.53 $45,816 $0 $45,816 7.2x 5.9x 17.8x 13.1x 33.4x 22.6x 18.4% 1.2 21.1% 4.8%

TD Ameritrade Holding Corporation 36.73 28.34 39.05 19,966 1,810 21,776 6.7 5.8 14.3 11.4 24.4 18.9 17.7% 1.1 14.3% 3.2%

E*TRADE Financial Corporation 28.42 18.20 31.48 8,247 9,566 17,813 9.9 8.8 25.9 20.2 25.4 19.5 19.8% 1.0 11.4% 3.8%

Interactive Brokers Group, Inc. 40.15 22.88 45.95 2,459 3,150 5,609 4.5 3.5 8.8 5.3 45.8 25.6 17.2% 1.5 27.1% 0.0%

GAIN Capital Holdings, Inc. 6.98 5.89 10.38 342 (14) 328 0.7 0.6 7.2 3.7 35.8 8.6 16.0% 0.5 14.4% 13.8%

FXCM Inc. 1.10 1.01 17.44 88 342 430 1.4 1.2 9.6 5.9 NM NM 0.0% NA NA (15.3%)

Mean 5.0x 4.3x 13.9x 9.9x 33.0x 19.1x 14.9% 1.1 17.7% 1 .7%

Median 5.6 4 .7 11 .9 8.7 33 .4 19 .5 17.5% 1.1 14.4% 3 .5%

(1)

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

41



($MM)

Anno unced Enter pr i se EV / LTM

Date Acqui re r Tar get Tar ge t Sub-Sector Val ue Revenue

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

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

AgIndices $611 NA

7/27/15 McGraw Hill Financial, Inc. SNL Financial LC Data/Analytics $2,225 NA

7/26/15 Deutsche Boerse AG 360 Treasury Systems AG Trading Platform $796 NA

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

7/22/15 Linear Investments Limited AQX Securities GmbH, Agency Execution Business Trading Platform NA NA

7/14/15 Vestmark Advanced Objects' Proposal Generation Technology Analytics/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 NA NA

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

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

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

42



($MM)



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

5/28/15 Rakuten Securities, Inc. FXCM Asia Ltd. FX Trading Platform $36 NA

5/26/15 John Hancock Financial Corporation Guide Financial, Inc. Robo Advisors NA NA

5/6/15 Envestnet, Inc. Oltis Software LLC Broker Software $32 NA

5/4/15 Asset International Inc. Intelligent Financial Systems Limited Data / Analytics NA NA

5/4/15 NZX Limited iFarm New Zealand Limited Data / Analytics NA NA

4/23/15 Interactive Brokers Group, Inc. Covestor, Inc. Personal Financial Management NA NA

4/14/15 Private Investment Group OTAS Technologies Limited Data / Analytics NA NA

4/9/15 Jefferies Group LLC Faros Trading LLC Trading Platform NA NA

3/31/15 Avant Corporation ReadyForZero Inc. Personal Financial Management NA NA

3/26/15 Monecor (London) Limited Alpari (UK) Limited FX Trading Platform NA NA

3/25/15 Northwestern Mutual Capital LearnVest, Inc. Personal Financial Management NA NA

3/25/15 Rakuten Securities, Inc. FXCM Japan Securities Co., Ltd. FX Trading Platform $62 NA

3/24/15 First Derivatives plc ActivateClients Limited Trading Platform $7 6.5x

3/12/15 Moody's Corporation Equilibrium Clasificadora de Riesgo S.A. Risk / Analytics NA NA

3/11/15 R.J. O'Brien Europe Limited The Kyte Group Limited Trading Platform NA NA

3/10/15 TradeKing Group, Inc. TraderOS Technologies Inc. (nka:TradeKing Media LLC) Trading Platform NA NA

3/4/15 Temenos Group AG IGEFI Group s.à r.l. Fund Software $260 NA

2/27/15 Tera Group, Inc. MGT Capital Investments, Inc. Trading Platform NA NA

2/26/15 Envestnet, Inc. Upside Financial, LLC Broker Software $3 NA

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

43



($MM)



2/19/15 CameronTec Intressenter AB LaSalle Technology Inc. Trading Platform NA NA

2/9/15 FactSet Research Systems Inc. Code Red, Inc. Data / Analytics NA NA

2/2/15 SS&C Technologies Holdings, Inc. Advent Software, Inc. Financial Software $2,550 6.4x

2/2/15 Fidelity Investments eMoney Advisor, LLC Financial Software NA NA

1/28/15 BATS Global Markets, Inc. KCG Hotspot FX LLC FX Trading Platform $435 NA

1/27/15 Bridgepoint Advisers Limited eFront S.A. PE Fund Software $341 4.1x

1/26/15 Virtus Investment Partners, Inc. ETF Issuer Solutions, Inc. ETF Platform NA NA

1/22/15 The Transaction Auditing Group, Inc.Thomson Transaction Analytics (nka:VistaOne Regulatory

Services)Compliance NA NA

1/21/15 CoreOne Technologies LLC The Transaction Auditing Group, Inc. Compliance NA NA

1/22/15 CoreOne Technologies LLCThomson Transaction Analytics (nka:VistaOne Regulatory

Services)Analytics NA NA

1/21/15 Matrix Financial Solutions, Inc.Wilmington Trust Retirement and Institutional Services

Company, Trade Processing BusinessTrading Platform $61 NA

1/20/15 Ipreo Holdings LLC ClearMomentum, Inc. Portfolio Monitoring NA NA

1/15/15 Welsh, Carson, Anderson & Stowe AIM Software GmbH Data / Analytics NA NA

1/12/15 Capital One Bank (USA), National Association Level Money, Inc. Personal Financial Management NA NA

1/5/15 Paul Burt SaveUp, Inc. Personal Financial Management NA NA

1/2/15 Orc Group AB Tbricks AB Trading Platform NA NA

12/31/14 Broadridge Securities Processing Solutions, Inc. Broadridge FX and Liquidity Solutions Cash Management $33 NA

12/22/14 Warburg Pincus LLC; The Carlyle Group LP DBRS Limited Trading Platform NA NA

12/19/14 News Corporation FinDirect Services Private Limited Personal Financial Management NA NA

12/15/14 Trading Central S.A. Recognia, Inc. Analytics NA NA


44



($MM)



12/12/14 The Hearst Corporation Fitch Group, Inc. Rating Agency $6,632 NA

12/8/14 CFH Group A/S Tradimo Interactive ApS Personal Financial Management NA NA

12/4/14 New York Life Investment Management LLC IndexIQ, Inc. Online Brokerage NA NA

12/1/14Centerbridge Partners, L.P.; Centerbridge Capital

Partners II, L.P.IPC Systems, Inc. Trading Platform $1,200 NA

12/1/14 SS&C Technologies Holdings, Inc. DST Global Solutions Limited Fund Administration $95 1.4x

12/1/14 Confluence Technologies, Inc. Orfival SA. Broker Software NA NA

11/20/14 OptionsCity Software, Inc. Optionshop Brokerage, LLC Trading Software NA NA

11/17/14 Continental Africa Holdings Limited Bourse Africa Limited Exchanges $41 NA

11/11/14 Citigroup Fund Services, LLC Moventum S.C.A. Investment Software NA NA

11/4/14 Ipreo Holdings LLC Shareholder InSite, Inc. Business Software NA NA

10/31/14 GAIN Capital Holdings, Inc. City Index (Holdings) Limited FX $63 0.5x

10/29/14 Seedrs Limited Junction Investments, Inc. Crowdfunding NA NA

10/27/14 Moody's Corporation Lewtan Technologies, Inc. Data & Analytics NA NA

10/13/14 Janus Capital Group, Inc. VelocityShares Personal Financial Management $30 NA

10/2/14 TFG Financial Systems Risk Technology Solutions Risk and Analytics NA NA

9/10/14 Intercontinental Exchange, Inc. Holland Clearing House N.V. (nka:ICE Clear Netherlands) Trading Platform NA NA

9/10/14 FxPro Group Limited Quotix Limited FX NA NA

9/9/14 BGC Partners, L.P. GFI Group Inc. Trading Platform NA NA

9/9/14 ZuluTrade Inc.Market Crew Investment Advisor Co., Ltd. (nka:ZuluTrade

Japan Co Ltd.)FX NA NA

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


45



($MM)



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


46



($MM)

Announced


7/29/15 Seedrs Limited Series A $15.6 Augmentum Capital, Woodford Investment Management Crowd Funding

7/14/15 India Infoline NA $225.0 Fairfax India Holdings Corp Market Data

6/23/15 FX Capital Securities Ltd. Series C $18.0Sapphire Ventures, Rakuten, Atlas Venture, Anthemis Group,

Notion Capital Partners, Xange Private EquityTrading Platform

6/19/15 Indian Energy Exchange Limited 16.6% Stake $56.2Aditya Birla Private Equity, Agri Power and Engineering

Solutions, Kiran Vyapar, DCB Power VentureExchanges

5/27/15 Kantox S.L. Series B $11.0 Partech International, IDInvest Partners, Cabiedes & Partners FX

1/30/15 NerdWallet, Inc. NA $64.0 IVP, RRE Ventures, iGlobe Partners Personal Financial Management

5/7/15 Cryex Group AB NA $10.0 Northzone Ventures, White Star Capital Trading Platform

5/7/15 Robinhood Financial, LLC Series B $50.0New Enterprise Associates, Vaizra Investments, Index

Ventures, Ribbit Capital, Social LeverageOnline Brokerage

4/7/15 Artivest Holdings, Inc. Series A $15.0KKR, RRE Ventures, Nyca Partners, FinTech Collective,

Anthemis Group, Deep Fork CapitalInvesting Platform

4/6/15 RealtyShares, Inc. Series A $12.1 Menlo Ventures, General Catalyst Partners Data & Analytics

4/2/15 Acorns Grow Inc. NA $30.0Greycroft Partners, e.ventures, Sound Ventures, Garland

Capital Group, Math Venture PartnersPersonal Financial Management

3/13/15 Aequitas Innovations Inc. NA $23.5British Columbia Investment Management Corporation, Davis-

Rea, Invesco Canada, Vernon & Park CapitalPrivate Capital Markets

2/17/15 Betterment LLC NA $60.0Francisco Partners, Bessemer Ventures Partners, Menlo

Ventures, Northwestern Mutual CapitalPersonal Financial Management

2/3/15 Archer NA $12.5 NewSpring Growth Capital Investment Software

1/20/15 Motif Investing Inc. Series E $40.0 Renren Personal Financial Management

1/12/15 TradAir Ltd. NA $15.0Long Ridge Equity Partners, Carmel Ventures, Genesis

PartnersTrading Technology

11/26/14 Metropolitan Stock Exchange of India Ltd.4.9% Stake $14.3 Derive Investments, SKS Capital & Research Exchanges

11/23/14 eToro (Europe) Ltd. Series D $29.0Ping An Capital, SBT Venture Capital, BRM Group, Spark

Capital PartnersPersonal Financial Management

11/20/14 Kensho Technologies Inc. NA $15.0 Goldman Sachs, NBCUniversal Media Analytics

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

47


Securities/Capital Markets/Data & Analytics


($MM)

Announced


10/15/14 iMatchative, Inc. Series B-1 $25.0 Control Empreasrial de Capitales, Wells Fargo Data & Analytics

9/24/14 Context Relevant, Inc. Series B-1 $14.6Bloomberg Beta, Formation8 Partners, Goldman Sachs, Bank

of America Merrill Lynch, New York Life Investment MgmtData & Analytics

9/23/14 Robinhood Financial, LLC Series A $13.0Index Ventures, Ribbit Capital, Andressen Horowitz, Google

Ventures, Social LeverageTrading Platform

9/18/14 Yieldbroker Pty Limited 49% Stake $65.0 ASX Limited Trading Platform

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

Resources, Spark CapitalTrading Platform

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

48


V. Healthcare / Insurance

49




Stock LTM EPS




Verisk Analytics, Inc. $78.11 $57.97 $79.88 $13,160 $3,170 $16,331 7.7x 6.7x 16.3x 14.3x 26.2x 23.5x 12.0% 2.0 14.9% 17.5%

IMS Health Holdings, Inc. 33.15 23.58 33.52 10,852 3,845 14,697 5.1 4.6 16.3 14.5 22.6 19.7 10.2% 1.9 10.4% 12.1%

athenahealth, Inc. 139.96 107.88 153.25 5,408 185 5,593 6.1 5.0 33.1 27.3 NM 93.8 26.5% 3.5 21.3% 20.9%

Guidewire Software, Inc. 59.05 39.28 60.86 4,166 (550) 3,616 9.3 8.3 56.7 43.8 NM 87.7 20.0% 4.4 11.8% 4.2%

Solera Holdings Inc. 36.59 36.30 67.39 2,456 1,888 4,343 3.7 3.3 9.4 8.5 12.5 11.9 11.7% 1.0 10.9% 7.1%

Ebix Inc. 30.99 12.17 38.04 1,084 109 1,193 4.7 4.4 12.7 11.5 16.2 14.9 10.0% 1.5 NA 24.0%

Crawford & Company 6.92 6.86 11.00 383 192 575 0.5 0.5 5.4 4.5 10.6 8.4 10.0% 0.8 3.9% 5.6%

Polaris Consulting & Services Limited 2.99 2.07 4.33 299 (32) 267 0.9 0.8 7.2 6.3 11.3 9.5 NA NA 6.9% (21.4%)

Symbility Solutions Inc. 0.23 0.20 0.33 53 (4) 49 2.4 1.8 NM 21.2 NM NM NA NA 29.9% (38.8%)

Mean 4.5x 3.9x 19.6x 16.9x 16.6x 33.7x 14.3% 2.2 13.7% 3.5%

Median 4.7 4 .4 14.5 14.3 14.4 17.3 11.7% 1.9 11.3% 7.1%

Healthcare/InsurancePublic Company Valuations: Financial Metrics

50



($MM)

Announced Ente rpr i se EV / LTM

Date Acqui re r Targe t Targe t Sub-Sector Val ue R evenue

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

4/30/15 GetixHealth, LLC QUBE, LLC Revenue Cycle Management NA NA

4/13/15 The SSI Group, Inc. Provider Advantage NW, Inc. Revenue Cycle Management NA NA

3/23/15 Healthland, Inc. Rycan Technologies, Inc. Revenue Cycle Management NA NA

3/17/15 RevSpring, Inc. Revenue Advantage, Inc. Revenue Cycle Management NA NA

3/17/15 Constellation Healthcare Technologies, Inc. Physicians Practice Plus, Inc. Revenue Cycle Management $20 1.9x

3/15/15LDC (Managers) Limited; Scottish Equity Partners

LLPSSP Holdings Limited Insurance Technology $305 NA

2/23/15 Navigant Healthcare Cymetrix Corporation RevenueMed, Inc. Revenue Cycle Management $26 NA

2/19/15 MSG Global Solutions Inc.; LOGiQ³ Corp. Tindall Associates Inc. Insurance Software NA NA

2/4/15 Pinnacle Bank (Nashville TN) Bankers Healthcare Group, Inc. Healthcare Finance $250 2.6x

1/28/15 Performant Financial Corporation Premier Healthcare Exchange, Inc. Claims Processing $149 NA

1/12/15 Adreima, Inc. HealthCPA, LLC Revenue Cycle Management NA NA

12/30/14 Modernizing Medicine, Inc. Aesyntix Health, Inc. Revenue Cycle Management NA NA

12/15/14 Solera Holdings Inc. IBS Automotive s.r.o. Data / Analytics NA NA

12/11/14 Compugroup Medical South Africa (Pty) Ltd Medical EDI Services (Pty) Ltd. Claims Processing NA NA

12/11/14 Emdeon Inc. AdminiSource Communications, Inc. Healthcare Payments $35 NA

12/11/14 Meridian Medical Management Origin Healthcare Solutions LLC Revenue Cycle Management $4 NA

12/10/14 Moelis Capital Partners LLC Insurance Technologies, LLC Insurance Software NA NA

11/19/14 Emdeon Inc. Change Healthcare Corporation Benefits Software $185 NA

Healthcare/InsuranceSelected Recent Acquisitions – Trailing 12 Months

51



($MM)

Announced Ente rpr i se EV / LTM

Date Acqui re r Targe t Targe t Sub-Sector Val ue R evenue

11/10/14Syncordia Technologies and Healthcare Solutions

Corp.Health Services Integration, Inc. Claims Processing NA NA

11/7/14 iMedX, Inc. Superior Global Solutions, Inc. and Medwrite Inc. Revenue Cycle Management NA NA

9/30/14 Healthcare Insights, LLC NOMISe Systems, Inc. Analytics NA NA

9/25/14 ZirMed Inc. MethodCare, Inc. Analytics NA NA

9/23/14 Maestro Healthcare Technology, Inc. WealthCare Marketplace Benefit Solutions NA NA

9/10/14 Team Health Holdings, Inc.Emergency Medicine Specialists, P.C. and Midwest

Emergency Services, L.L.C.Claims Management NA NA

9/2/14 Kofax Limited SOFTPRO GmbH Insurance Software $35 2.6x

8/18/14 Montagu Private Equity LLP Open International Limited Insurance Technology NA NA

8/7/14 Digital Payments plc M2 Systems Corporation Healthcare Payments $15 NA

Healthcare/InsuranceSelected Recent Acquisitions – Trailing 12 Months (Cont.)

52



($MM)

Announced


7/28/15 Kareo, Inc. NA $55.4Greenspring Associates, Montreux Equity partners, openView

Venture Partners, Silicon Valey bankMedical Billing

7/7/15 Remedy Partners, Inc. Series B $50.0 Bain Capital Ventures Healthcare Payments

3/18/15 Collective Health LLC Series B $32.0New Enterprise Associates, Founders Fund, Redpoint

Ventures, RRE Ventures, Subtraction Capital, Rock HealthHealth Investing

10/14/14 Phreesia, Inc. NA $30.0 Ascension Ventures, HLM Venture Partners, LLR Partners Healthcare Payments

9/11/14 InstaMed Communications, LLC NA $15.0 Undisclosed Healthcare Payments

8/18/14 Clinverse, Inc. Series C $9.1 Edison Partners, Hatteras Venture Partners Healthcare Payments

8/5/14 Array Health Solutions Inc. NA $13.0 Noro-Moseley Partners, Vocap Ventures Insurance Marketplace

Healthcare/InsuranceSelected Recent Equity Financings– Trailing 12 Months

53

Financial Technology Sector Summary August 5, 2015 · 2015-08-07 · Financial Technology Sector...

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