Financial Technology Sector Summary

1

Financial Technology Sector Summary January 4, 2017

2

I. GCA Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

V. Insurance / Benefits

TABLE OF CONTENTS

3

SECTION I: GCA Overview

4

Financial Technology Team GCA OVERVIEW

Rob Freiman Director

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

[email protected]

Alexander Berry Associate

Phone: (212) 999-7079 Mobile: (818) 851-2300 [email protected]

David Krueger Vice President

Phone: (212) 537-4534 Mobile: (616) 822-7179

[email protected]

Saif Malik*

Vice President

Phone: +44 (0) 207 038-3216 Mobile: +44 (0) 778 606-8553

[email protected]

Sean Minnihan Managing Director

Global Head of FinTech Phone: (212) 999-7077 Mobile: (917) 364-6230

[email protected]

Steve Fletcher Managing Director

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

[email protected]

Paul DiNardo Advisory Director

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

[email protected]

Peter Bang Managing Director


Derek Bell Managing Director


Scott Patrick Managing Director


Malik Gill Analyst


* Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation

San Francisco

One Maritime Plaza, 25th Fl. San Francisco, CA 94111

(415) 318-3600

New York

640 Fifth Avenue, 10th Fl. New York, NY 10019

(212) 999-7090

Tokyo

11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230

Japan +81 (3) 6212-7100

Michio Suzuki* Director

Phone: +81 3-6212-7145

Mobile: +81 90-7412-9411 [email protected]

London

1 Southampton St. London WC2R0LR United Kingdom

+44 20 7484 4040

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SECTION II: Market Summary

6

Payments (1)

Online Broker Dealers (5)

Financial Data, Content, & Analytics

(3)

Investment Services, Software, & Technology

(7)

Exchanges (2)

(6) Banking & Lending

Technology

Information Processors / Credit Bureaus

(4)

Healthcare / Insurance Technology

(8)

Industry Stock Market Performance MARKET SUMMARY

Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, OUTR, PYPL, PAR, SQ, TSE:3769, TSXV:TNC, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, XTRA: WDI. (2) Exchanges: ASX: ASX, ATSE: EXAE, BATS:BATS, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. (8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK.

65

75

85

95

105

115

125

1/4/16 2/17/16 4/1/16 5/17/16 6/30/16 8/15/16 9/28/16 11/11/16 12/27/1680

90

100

110

120

130

140

150

160

1/3/14 4/23/14 8/11/14 11/27/14 3/17/15 7/3/15 10/21/15 2/8/16 5/26/16 9/13/16 12/30/16

Last 12 Months Last 3 Years

Indexed Price Performance

Sector 3 Months 1 Year 3 Years

Online Broker Dealers 23.6% 23.0% 49.0%Banking & Lending Technology 1.4% 16.9% 41.0%Exchanges 1.0% 12.5% 26.0%Payments (0.7%) 8.5% 19.0%Investment Services, Software, & Technology (0.9%) 2.8% 25.0%Healthcare / Insurance Technology (6.0%) 3.2% 13.0%Financial, Data, Content, & Analytics (6.1%) 10.1% 26.0%Information Processors / Credit Bureaus (6.4%) 14.1% 27.0%

7

EBITDA Multiples and Margins MARKET SUMMARY

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

2016E EBITDA Multiples 2016E EBITDA Margins

11.6x

12.5x

12.5x

12.9x

13.4x

13.7x

14.3x

17.5x

0.0x 5.0x 10.0x 15.0x 20.0x

Online Broker Dealers

Banking and Lending Technology


Exchanges

Payments

Investment Services, Software, &Technology



19.8%

25.6%

28.8%

30.4%

31.5%

33.6%

41.9%

55.8%

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


Payments






Exchanges

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Price / Earnings Multiples and PEG Ratios MARKET SUMMARY

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

1.3

1.4

1.8

1.8

2.0

2.0

2.1

2.1

0.0 0.5 1.0 1.5 2.0 2.5

Payments




Exchanges



Healthcare / Insurance Technology 12.8%

11.9%

13.5%

11.2%

16.1%

15.0%

18.8%

15.0%

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

18.1x

20.7x

20.9x

21.5x

23.1x

23.7x

24.3x

29.2x

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

Payments



Exchanges





9

LTM Price Performance and 2016 P/E – Payments / Banking MARKET SUMMARY

Notes: Source: CapitalIQ and Wall Street Research. Market data as of December 30, 2016.

($MM)

Prepaid Market Cap.LTM Price

Performance P/E 2016

Blackhawk Network Holdings, Inc. $2,086 (15%) 24.2xGreen Dot Corporation $1,218 43% 16.5xNet 1 UEPS Technologies, Inc. $603 (15%) 6.3x

Sector Average $1,302 5% 15.7x

ATM / Kiosks Market Cap.LTM Price


Cardtronics plc $2,472 62% 16.8xTIO Networks Corp. $184 30% 26.1xEveri Holdings Inc. $143 (51%) 3.1x

Sector Average $933 14% 15.3x

POS Hardware / Technology Market Cap.LTM Price


NCR Corporation $5,033 66% 13.5xIngenico Group $4,903 (37%) 18.2xVeriFone Systems, Inc. $1,974 (37%) 12.6xPAR Technology Corporation $88 (17%) NA

Sector Average $2,999 (6%) 14.8x

Banking and Lending Technology Market Cap.LTM Price


Intuit Inc. $29,417 19% 29.2xFidelity National Information Services, Inc $24,827 25% 19.7xFiserv, Inc. $23,069 16% 23.9xJack Henry & Associates, Inc. $6,934 14% 29.1xTemenos Group AG $4,559 35% 33.7xEll ie Mae, Inc. $2,809 39% 38.2xBlack Knight Financial Services, Inc. $2,612 14% 33.0xACI Worldwide, Inc. $2,129 (15%) 39.8xLendingClub Corporation $2,070 (52%) NMDH Corporation $1,772 (27%) 10.8xQ2 Holdings, Inc. $1,158 9% NMBottomline Technologies (de), Inc. $914 (16%) 24.2xOn Deck Capital, Inc. $331 (55%) NMPerformant Financial Corporation $118 31% 29.4x


Information Processors / Credit Bureaus Market Cap.LTM Price

Performance P/E 20160Experian plc $18,106 10% 21.5xEquifax Inc. $14,159 6% 21.6xFair Isaac Corporation $3,689 27% 24.6xAcxiom Corporation $2,080 28% 40.8x


($MM)

Networks Market Cap.LTM Price


Visa Inc. $181,545 1% 26.7xMastercard Incorporated $112,503 6% 27.5xAmerican Express Company $67,802 7% 12.5xPayPal Holdings, Inc. $47,626 9% 26.4xDiscover Financial Services $28,432 34% 12.6x


Merchant Processing Market Cap.LTM Price


Cielo S.A. $19,365 21% 15.4xFirst Data Corporation $12,927 (11%) 10.9xGlobal Payments Inc. $10,668 8% 22.1xVantiv, Inc. $9,604 26% 22.1xTotal System Services, Inc. $9,013 (2%) 17.4xWorldpay Group plc $6,665 (26%) 22.7xWirecard AG $5,334 (15%) 22.3xSquare, Inc. $4,800 4% NMGMO Payment Gateway, Inc. $1,640 (8%) 63.8xEVERTEC, Inc. $1,316 6% 10.7xCardConnect Corp. $365 NA NMPlanet Payment, Inc. $215 34% 25.2xJetPay Corporation $40 (17%) NM


Money Transfer Market Cap.LTM Price


The Western Union Company $10,531 21% 13.1xEuronet Worldwide, Inc. $3,781 0% 18.1xMoneyGram International, Inc. $628 88% 14.5x


Closed Loop Market Cap.LTM Price


Alliance Data Systems Corporation $13,198 (17%) 13.5xFleetCor Technologies, Inc. $13,132 (1%) 20.6xWEX Inc. $4,769 26% 24.5xEdenred SA $4,608 5% 21.0x


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

($MM)

Exchanges - Americas Market Cap.LTM Price

Performance P/E 20160CME Group Inc. $39,144 27% 26.1xIntercontinental Exchange, Inc. $33,608 10% 20.5xNasdaq, Inc. $11,088 15% 18.3xBM&FBOVESPA S.A. $9,063 84% 15.5xCBOE Holdings, Inc. $6,006 14% 31.2xBATS Global Markets, Inc. $3,230 NA 23.5xTMX Group Limited $2,929 106% 16.3xBolsa Mexicana de Valores, S.A.B. de C.V. $786 (0%) 17.1x


Exchanges - Asia Market Cap.LTM Price

Performance P/E 20160Hong Kong Exchanges and Clearing Limite $28,893 (8%) 37.1xASX Limited $6,957 16% 22.5xSingapore Exchange Limited $5,304 (9%) 22.4xBursa Malaysia Berhad $1,058 2% 23.9x


Exchanges - Europe Market Cap.LTM Price

Performance P/E 20160Deutsche Börse Aktiengesellschaft $15,063 (9%) 18.3xLondon Stock Exchange Group plc $12,590 (11%) 24.7xBolsas y Mercados Españoles $2,461 (12%) 14.8xJSE Limited $1,025 45% 14.6xGPW $401 5% 13.3xHellenic Exchanges - Athens Stock Exch. $317 (10%) 68.9x


Trading Platforms Market Cap.LTM Price


MarketAxess Holdings Inc. $5,521 32% 58.0xBGC Partners, Inc. $2,853 4% 13.8xKCG Holdings, Inc. $895 8% 17.8xINTL FCStone Inc. $731 18% 13.5xInvestment Technology Group, Inc. $643 16% 21.9xVirtu Financial, Inc. $628 (30%) 11.5x


($MM)

Investment Services, Software, & Technology Market Cap.

LTM Price Performance P/E 2016

SEI Investments Co. $7,898 (6%) 24.7xBroadridge Financial Solutions, Inc. $7,895 23% 23.9xSS&C Technologies Holdings, Inc. $5,801 (16%) 17.7xDST Systems, Inc. $3,428 (6%) 18.9xFinancial Engines, Inc. $2,275 9% 32.3xEnvestnet, Inc. $1,518 18% 36.4x


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


Thomson Reuters Corporation $32,166 16% 21.3xS&P Global, Inc. $27,864 9% 20.4xMoody's Corporation $18,024 (6%) 20.0xIHS Markit Ltd. $14,731 NA 20.1xVerisk Analytics, Inc. $13,592 6% 26.3xMSCI Inc. $7,415 9% 26.5xFactSet Research Systems Inc. $6,488 1% 24.1xThe Dun & Bradstreet Corporation $4,463 17% 16.5xMorningstar, Inc. $3,167 (9%) 25.6xBankrate, Inc. $996 (17%) 17.6x


Online Broker Dealers Market Cap.LTM Price


The Charles Schwab Corporation $52,324 20% 30.4xTD Ameritrade Holding Corporation $22,936 26% 28.8xE*TRADE Financial Corporation $9,485 17% 19.0xInteractive Brokers Group, Inc. $2,482 (16%) 23.7xGAIN Capital Holdings, Inc. $320 (19%) 16.9xFXCM Inc. $39 (58%) NA

Sector Average $14,598 (5%) 23.7x

Notes: Source: CapitalIQ and Wall Street Research. Market data as of December 30, 2016.

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SECTION III: Payments / Banking

12

Public Company Valuations: Financial Metrics PAYMENTS / BANKING

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

$MM, Except Per Share Data

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

12/30/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ

NetworksVisa Inc. $78.02 $66.12 $83.96 $181,545 $6,944 $188,489 11.9x 10.4x 17.2x 14.9x 26.7x 22.8x 17.1% 1.6 12.3% 19.3%Mastercard Incorporated 103.25 78.52 108.93 112,503 (3,653) 108,850 10.1x 9.1x 17.2x 15.8x 27.5x 24.1x 15.7% 1.7 11.8% 13.8%American Express Company 74.08 50.27 75.74 67,802 21,012 88,814 2.8x 2.8x NM NM 12.5x 13.2x 9.9% 1.3 3.9% (4.9%)PayPal Holdings, Inc. 39.47 30.52 44.52 47,626 (5,088) 42,538 3.9x 3.4x 15.5x 13.4x 26.4x 22.9x 16.4% 1.6 17.2% NMDiscover Financial Services 72.09 42.86 73.62 28,432 14,772 43,204 4.8x 4.6x NM NM 12.6x 11.8x 7.5% 1.7 3.8% 6.6%

Mean 6.7x 6.0x 16.6x 14.7x 21.1x 19.0x 13.3% 1.6 9.8% 8.7% Median 4.8x 4.6x 17.2x 14.9x 26.4x 22.8x 15.7% 1.6 11.8% 10.2%

Merchant ProcessingCielo S.A. $8.57 $7.18 $11.61 $19,365 $2,668 $22,033 5.7x 5.3x 12.7x 11.7x 15.4x 14.0x 12.2% 1.3 36.9% 28.4%First Data Corporation 14.19 8.37 16.04 12,927 18,416 31,343 2.7x 2.6x 10.9x 10.4x 10.9x 9.5x 14.3% 0.8 1.8% 0.9%Global Payments Inc. 69.41 51.29 79.93 10,668 3,838 14,506 5.3x 4.3x 16.8x 12.8x 22.1x 18.0x 12.4% 1.8 12.8% 25.5%Vantiv, Inc. 59.62 42.01 60.25 9,604 2,835 12,439 6.5x 6.0x 13.8x 12.7x 22.1x 19.4x 14.3% 1.6 13.0% 12.0%Total System Services, Inc. 49.03 37.47 56.54 9,013 3,022 12,034 2.9x 2.6x 11.6x 10.6x 17.4x 15.6x 11.3% 1.5 6.8% 62.0%Worldpay Group plc 3.33 3.06 3.96 6,665 1,815 8,480 6.1x 5.5x 14.8x 13.2x 22.7x 20.6x 26.9% 0.8 15.2% (2.0%)Wirecard AG 43.16 31.04 50.77 5,334 (888) 4,446 4.1x 3.2x 13.8x 10.7x 22.3x 19.1x 27.7% 0.8 24.4% 33.8%Square, Inc. 13.63 9.00 15.91 4,800 (514) 4,285 2.5x 2.1x NM 43.1x NM NM 20.0% NM 34.3% 32.2%GMO Payment Gateway, Inc. 44.54 32.63 69.21 1,640 (247) 1,392 12.4x 8.6x 35.1x 25.5x 63.8x 59.7x 24.4% 2.6 37.4% 49.6%EVERTEC, Inc. 17.75 11.27 18.60 1,316 602 1,917 5.0x 4.9x 10.3x 10.4x 10.7x 10.6x 10.5% 1.0 3.0% 1.6%CardConnect Corp. 12.70 8.70 13.45 365 123 488 0.8x 0.7x 12.9x 10.3x NM 73.0x NM NM 29.3% 37.3%Planet Payment, Inc. 4.08 2.19 4.97 215 3 217 3.8x 3.5x 14.8x 12.6x 25.2x 20.4x 25.0% 1.0 7.0% 7.9%JetPay Corporation 2.25 1.89 3.25 40 19 59 1.1x 0.9x 28.6x 19.2x NM NM NM NM 28.7% 47.6%


Money TransferThe Western Union Company $21.72 $16.02 $22.26 $10,531 $1,926 $12,457 2.3x 2.3x 9.3x 9.1x 13.1x 12.6x 7.4% 1.8 (1.1%) (1.5%)Euronet Worldwide, Inc. 72.43 52.00 84.81 3,781 (123) 3,658 1.9x 1.7x 10.5x 9.1x 18.1x 15.9x 14.7% 1.2 9.6% 8.9%MoneyGram International, Inc. 11.81 4.68 12.72 628 764 1,392 0.9x 0.9x 5.2x 4.9x 14.5x 11.1x 14.2% 1.0 6.1% 3.9%


Closed LoopAlliance Data Systems Corporation $228.50 $176.63 $275.94 $13,198 $17,839 $31,037 4.3x 3.9x 15.3x 14.1x 13.5x 12.2x 16.0% 0.8 12.6% 18.7%FleetCor Technologies, Inc. 141.52 107.56 176.42 13,132 3,531 16,663 9.1x 7.7x 17.4x 14.3x 20.6x 17.4x 16.0% 1.3 7.2% 7.3%WEX Inc. 111.60 54.42 117.14 4,769 1,752 6,522 6.5x 5.4x 17.7x 13.2x 24.5x 20.8x 15.0% 1.6 17.9% 27.3%Edenred SA 19.88 13.95 23.70 4,608 1,270 5,878 4.9x 4.4x 13.4x 11.7x 21.0x 18.5x 11.0% 1.9 10.3% (2.1%)


PrepaidBlackhawk Network Holdings, Inc. $37.68 $28.88 $43.67 $2,086 $276 $2,363 1.2x 1.1x 11.5x 9.2x 24.2x 19.8x 15.3% 1.6 8.1% 2.5%Green Dot Corporation 23.55 15.28 25.42 1,218 305 1,523 2.1x 2.0x 9.7x 8.6x 16.5x 13.6x 15.0% 1.1 2.2% 5.6%Net 1 UEPS Technologies, Inc. 11.48 8.37 13.29 603 (178) 425 0.7x 0.7x 2.7x 2.6x 6.3x 6.8 15.0% 0.4 (2.2%) 0.8%


13

Public Company Valuations: Financial Metrics (Cont.) PAYMENTS / BANKING




ATM / KiosksCardtronics plc $54.57 $28.01 $55.85 $2,472 $426 $2,898 2.3x 2.2x 9.1x 8.7x 16.8x 17.4x 14.3% 1.2 5.3% 5.5%TIO Networks Corp. 2.11 1.19 2.14 184 (42) 142 2.1x 1.8x 14.2x 10.4x 26.1x 24.9x NM NM 63.4% 54.8%Everi Holdings Inc. 2.17 1.13 4.50 143 1,024 1,167 1.4x 1.3x 6.0x 5.7x 3.1x 2.7x 20.0% 0.2 3.2% 6.4%


POS Hardware / TechnologyNCR Corporation $40.56 $18.02 $42.07 $5,033 $2,971 $8,004 1.2x 1.2x 7.4x 7.3x 13.5x 12.4x NM NM 1.7% 4.0%Ingenico Group 80.09 72.08 122.08 4,903 241 5,144 2.1x 2.0x 10.6x 9.6x 18.2x 16.5x 9.9% 1.8 1.3% 6.8%VeriFone Systems, Inc. 17.73 14.94 29.73 1,974 778 2,751 1.4x 1.4x 8.6x 8.8x 12.6x 11.9x 15.0% 0.8 (4.2%) (9.7%)PAR Technology Corporation 5.58 4.30 7.18 88 3 91 NA NA NA NA NA NA NM NA NA 5.9%

Mean 1.6x 1.5x 8.9x 8.6x 14.8x 13.6x 12.4% 1.3 (0.4%) 1.7% Median 1.4x 1.4x 8.6x 8.8x 13.5x 12.4x 12.4% 1.3 1.3% 4.9%

Banking and Lending TechnologyIntuit Inc. $114.61 $88.17 $118.66 $29,417 $495 $29,912 6.1x 5.7x 16.8x 14.8x 29.2x 25.4x 16.1% 1.8 9.6% 9.1%Fidelity National Information Services, Inc 75.64 55.11 81.67 24,827 10,088 34,915 3.7x 3.6x 11.8x 11.0x 19.7x 17.5x 12.0% 1.6 3.4% 46.2%Fiserv, Inc. 106.28 85.63 111.51 23,069 4,327 27,396 5.0x 4.7x 14.2x 13.3x 23.9x 21.4x 11.8% 2.0 4.9% 5.1%Jack Henry & Associates, Inc. 88.78 73.19 91.06 6,934 (85) 6,849 4.9x 4.7x 13.4x 13.2x 29.1x 27.3x 11.0% 2.6 7.2% 7.3%Temenos Group AG 69.80 40.02 71.47 4,559 273 4,832 7.7x 7.0x 20.6x 18.3x 33.7x 29.4x 18.2% 1.9 16.2% 10.8%Ellie Mae, Inc. 83.68 57.88 109.99 2,809 (387) 2,422 6.8x 5.6x 21.8x 16.9x 38.2x 35.2x 25.0% 1.5 39.3% 45.6%Black Knight Financial Services, Inc. 37.80 24.50 42.19 2,612 1,532 4,143 4.0x 3.7x 8.9x 8.0x 33.0x 28.6x 13.9% 2.4 11.2% 14.3%ACI Worldwide, Inc. 18.15 15.07 23.20 2,129 701 2,830 2.9x 2.8x 12.0x 11.2x 39.8x 35.6x 12.5% 3.2 (6.4%) (9.1%)LendingClub Corporation 5.25 3.44 11.25 2,070 (521) 1,549 3.2x 2.6x NM 25.3x NM 78.1x 2.0% NM 13.4% (1.5%)DH Corporation 16.59 10.47 29.94 1,772 1,445 3,218 2.6x 2.5x 9.7x 9.0x 10.8x 10.1x NM NM 14.9% 2.7%Q2 Holdings, Inc. 28.85 16.44 32.85 1,158 (92) 1,066 7.1x 5.5x NM NM NM NM 32.0% NM 37.3% 36.7%Bottomline Technologies (de), Inc. 25.02 18.48 31.52 914 45 960 2.8x 2.7x 12.5x 12.5x 24.2x 26.5x 17.3% 1.4 1.9% 0.2%On Deck Capital, Inc. 4.63 3.64 10.18 331 579 909 3.1x 2.4x NM NM NM NM 43.3% NM 13.9% (20.4%)Performant Financial Corporation 2.35 1.51 4.07 118 15 133 1.0x 1.1x 5.9x 22.2x 29.4 NM 20.0% 1.5 (14.0%) (19.0%)


Information Processors / Credit BureausExperian plc $19.43 $13.14 $19.83 $18,106 $3,161 $21,267 4.6x 4.4x 13.4x 12.4x 21.5x 20.0x 10.0% 2.2 (0.5%) 2.6%Equifax Inc. 118.23 91.72 136.97 14,159 2,732 16,891 5.4x 4.9x 15.1x 13.6x 21.6x 19.7x 12.0% 1.8 18.0% 20.5%Fair Isaac Corporation 119.22 80.20 132.95 3,689 495 4,184 4.7x 4.5x 20.1x 19.7x 24.6x 23.3x 15.7% 1.6 5.2% 1.3%Acxiom Corporation 26.80 17.32 27.70 2,080 (1) 2,079 2.4x 2.3x 13.5x 11.8x 40.8x 37.6x 15.0% 2.7 5.3% 4.8%Intersections Inc. 3.99 1.70 4.23 95 3 98 NA NA NA NA NA NA NM NA NA (12.0%)



14

Selected Recent Acquisitions – Trailing 12 Months PAYMENTS / BANKING

($MM)Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA

12/23/16 Volkswagen Financial Services AG 4 subsidiaries of PayPoint PLC Mobile Payments $32 NA

12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

12/19/16 SENJO GROUP Pte. Ltd. Kalixa Group Merchant Acquiriing $37 1.6x

12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA

12/1/16 Flexpoint Ford, LLC Purchasing Power, LLC Online Consumer Lending NA NA

12/1/16 Visa Inc. CardinalCommerce Corporation eCommerce Payments NA NA

11/29/16 BluePay Canada ULC VersaPay, Merchant Services Portfolio Merchant Services Portfolio $8 NA

11/23/16 Klarna AB Cookies Labs GmbH Money Transfer NA NA

11/20/16 Symantec Corporation LifeLock, Inc. Anti-Fraud $2,362 3.6x

11/16/16 LendingTree, LLC Iron Horse Holdings, LLC Lead Gen $130 NA

11/15/16 Versara Lending, LLC Peerform, Inc. Online Lending NA NA

11/14/16 Finical, Inc. Safeguard Bankcard, LLC Merchant Services NA NA

11/10/16 Intrum Justitia AB 1st Credit Limited Collections $163 2.6x

11/10/16 MetaBank Specialty Consumer Services, LP Online Lending $54 NA

11/10/16 NPC Group, Inc. Moneris Solutions, Inc. Merchant Acquiring $425 NA

11/7/16 GTCR, LLC RevSpring, Inc. Healthcare Payments $400 NA

11/4/16 BC Partners; Medina Capital Easy Solutions Inc. Fraud Detection NA NA

11/4/16 Broadridge Financial Solutions, Inc. M&O Systems, Inc. Accounting Software $25 NA

11/1/16 Hansen Technologies Ltd DST Billing Solutions Limited Billing Software NA NA

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

15

Selected Recent Acquisitions – Trailing 12 Months (Cont.) PAYMENTS / BANKING



10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA

10/18/16 Lendingkart Technologies Private Limited

Finectar Technologies Pvt. Ltd. Online Lending NA NA

10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA

10/10/16 First American Mortgage Solutions, LLC TD Service Financial Corporation Mortgage Technology NA NA

10/10/16 Intuit Inc. MTS Global (Europe) Limited Accounting Software NA NA

10/10/16 TRGRP, Inc. Priory Solutions Limited Billing Software NA NA

10/10/16 Euronet Worldwide, Inc. YourCash Europe Limited ATMS NA NA

10/6/16 Capital One Financial Corporation Paribus Co. Ecommerce NA NA

10/6/16 Qiwi plc Plati Potom OOO Ecommerce NA NA

10/4/16 Gresham Computing plc (nka:Gresham Technologies plc)

C24 Technologies Ltd. Risk / Analytics $6 2.3x

10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x

9/15/16 Payroc LLC The iTransact Group, LLC Merchant Processing NA NA

9/14/16 Amdocs Limited Vindicia, Inc Billing Software NA NA

9/7/16 iZettle AB Intelligent Point Of Sale (Sales) Limited Point of Sales NA NA

9/6/16 Vista Equity Partners; Vista Equity Fund III, L.P.

Regulatory DataCorp, Inc. Compliance/Risk NA NA

8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA

8/4/16 FleetCor Technologies, Inc. Travelcard Nederland B.V. Closed Loop NA NA

8/4/16 Battery Ventures Insert Mobile Technologies, Ltd. Check Processing NA NA

8/3/16 SIA S.p.A. UniCredit Business Integrated Solutions, Card Processing Activities in

Payment Processing $559 NA

7/31/16 InComm, Inc. ValuAccess Limited Prepaid NA NA


16




7/28/16 BPCE SA Fidor Bank AG Digital Banking NA NA

7/21/16 MasterCard Incorporated (nka:Mastercard Incorporated)

VocaLink Holdings Limited Mobile Payments $1,225 5.1x

7/5/16 Next Group Holdings Inc. Transaction Processing Products, Inc. Gift Cards NA NA

6/30/16 Blackboard Inc. Higher One Holdings, Inc. Prepaid $237 1.5x

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

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

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

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

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

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

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

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

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

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

5/2/16 Mercury UK Holdco Limited Setefi S.p.A. and Intesa Sanpaolo Card D.O.O.

Issuer Processing $1,192 NA

4/28/16 Emerchants Limited (nka:EML Payments Limited)

Store Financial Services, LLC Prepaid $34 NA

4/28/16 Wizink Bank Sa Barclaycard, Consumer Payments Business in Portugal and Spain

Credit Cards NA NA

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

4/26/16 Ingenico Group Lyudia Inc. VAR $9 30.3x

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

Check Processing NA NA


17




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

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

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

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

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

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

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

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

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

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

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

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

3/7/16 CardConnect Corp. FinTech Acquisition Corp. Merchant Processing $350 NA

3/2/16 Network International LLC Emerging Markets Payments Holdings Limited

Payment Processing $340 NA

2/29/16 Wirecard AG Provus Service Provider S.A. Payment Processing $35 NA

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

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

2/3/16 Blackhawk Network Holdings, Inc. NimbleCommerce, Inc. Gift Cards $17 NA

1/21/16 Firstsource Group USA Inc ISGN Solutions, Inc. Mortgage Technology $13 NA

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


18

Selected Recent Equity Financings – Trailing 12 Months PAYMENTS / BANKING

($MM)Announced Target

Date Target Series Amount Investors Subsector

12/27/16 Freee Co. Ltd Series D $29 And Future Creation Fund, Chibagin Capital, DCM, Japan Co-Invest Limited Partnership, Nippon Life Insurance

Accounting Software

12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS

12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending

12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending

12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards

12/7/16 Nubank Series D $80 Digital Sky Technologies, Founders Fund, QED Investors, Sequoia Capital, Tiger Global Management

Online Banking

12/5/16 MoneyLion Inc. Series A $11 Citizen VC, Clocktower Technology Ventures, Edison Partners, FinTech Collective, Montage Ventures

Online Lending

11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments

11/24/16 Ximu Financial Information Services Series A $15 China Merchants Venture Capital Management Co., Ltd., Zhixin Capital

Rating Agency

11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS

11/23/16 Udaan.com Series A $10 Lightspeed Venture Partners India, Lightspeed U.S. Trading Platform

11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software

11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc. Electronic Transaction Software

11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software

11/10/16 Teamleader NV Series B $10 Fortino Capital CRM / Invoicing Software

11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software

11/1/16 StayClassy Productions Inc. Series C $30 Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril Capital Management, Salesforce Ventures

Crowdfunding

10/26/16 nanoPay Corporation Series A $10 APAGM Services, Goldman Sachs Merchant Banking Division, Jarnac Capital Management, Rohatton

Digital Currency

10/25/16 Lendio Inc. Series D $20 Blumberg Capital, Comcast Ventures, Napier Park Global Capital, North Hill Ventures, Stereo Capital, Tribeca Venture Partners

Online Lending

Notes: Source: CapitalIQ and Pitchbook.

19

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



10/24/16 AEVI NA $11 Adveq Management POS

10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring

10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway

10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software

10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments

10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software

10/18/16 SecureKey Technologies Inc. Series D $21 Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank Financial Group

Identity / Authentication

10/13/16 TouchBistro Series B $13 BDC Capital, Huff Capital, Kensington Capital Partners, Relay Ventures, Round 13 Holdings Inc.

POS

10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software

10/7/16 FlexiLoans NA $15 Angel Investors Online Lending

10/5/16 Money Forward Series D $11 Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank

Accounting Software

10/4/16 Iwoca Ltd. Series C $27 Prime Ventures, Acton Capital Partners, Commerz Ventures, Global Founders Capital, Redline Capital

Online Lending

9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer

9/30/16 Financeit NA $17 DNS Capital LLC, The Pritzker Organization Consumer Finance

9/30/16 Payoneer NA $180 Technology Crossover Ventures, Susquehanna Growth Equity Cross-Border Payments

9/29/16 Kyriba Corp. NA $23 Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC Treasury Software

9/29/16 Apttus Corporation NA $88 Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment Management LLC, Kuwait Investment Authority

Quote-To-Cash

9/26/16 Juzhen Financials Series A $23 Fenbushi Capital, Wanxiang Blockchain

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software

9/22/16 51Credit Series C $310 Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe Capital Management

Online Lending


20




9/22/16 Avalara Inc. Series D $96 Sageview Capital, Technology Crossover Ventures, Warburg Pincus

Tax Software

9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending

9/21/16 Nav, Inc Series B $25 Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Peak Venture Partners, Tencent Holdings Ltd.

Business Lending

9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies

9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending

9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation

9/13/16 Uno Home Loans NA $17 Westpac Mortage Software

9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics

9/8/16 SmartAsset Series B $12 Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin Venture Partners, New York Life, Peterson Ventures, TTV Capital,

Financial Education

9/1/16 Boku Series E $14 Benchmark, DAG Ventures, GMO Payment Gateway, Index Ventures, Khosla Ventures, New Enterprise Associates

Mobile Payments

8/30/16 Paytm NA $60 MediaTek Mobile Commerce

8/30/16 Behalf Series C $27 Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity, Vintage Ventures Management Ltd.

SMB Lending

8/26/16 MobiKwik NA $40 NET 1 UEPS Technologies, Inc. Mobile Payments

8/22/16 InCred Finance Series A $75 Alpha Capital Partners, IDFC Alternatives Ltd. Online Lending

8/22/16 LendUp Series C $48 Bronze Investments, Data Collective, Google Ventures, QED Investors, Radicle Impact, Susa Ventures, SV Angel, Thomvest

Online Lending

8/17/16 Clara Lending NA $27 Redpoint Ventures, Venrock Mortgage Technology

8/15/16 Nymbus NA $12 Vensure Enterprises Banking Software

8/8/16 Yunnex Series B $45 Ajisen Ramen, GSR Ventures POS

8/5/16 Mosaic NA $220 Core innovation Capital, Obvious Ventures, Warburg Pincus Online Lending

7/28/16 Paidy Series B $15 Arbor Ventures, Eight Roads, Itochu Corp., SBI Holdings, SIG Asia eCommerce Payments


21




7/27/16 Gongzi Qianbao NA $30 SBCVC Payroll

7/25/16 QwikCilver Solutions Private Limited NA $10 Accel, Amazon, Helion Venture Partners, Sistema Asia Fund Gift Cards

7/20/16 Deposit Solutions NA $17 e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar Ventures

Open Banking Platform

7/20/16 Omise Series B $18 500 Startups, Ascend Money, Golden Gate Ventures, SBI Investment, Sinar Mas Digital Ventures

Gateway

7/19/16 CommonBond, Inc. Series C $30 August Capital, NB Private Equity Partners, Nyca Partners, Social Capital, Tribeca Venture Partners, Victory Park Capital

Online Lending

7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending

7/13/16 i3 Verticals NA $10 Undisclosed Merchant Processing

7/11/16 WeSwap.com Series B $10 Ascot Capital Partners, EC 1 Capital, IW Capital Multi-Currency Prepaid

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

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

7/4/16 NeoGrowth Credit NA $35 Aspada, IFMR Investments, IIFL Private Wealth Management, Khosla Impact, Omidyar Network, Quona Capital

Online Lending

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

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

Mobile Commerce

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

Online Lending

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

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

Money Transfer

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

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

Mobile Banking

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

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


22




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

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

eCommerce Payments

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

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

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

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

Online Lending

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

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

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

Personal Financial Management

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

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

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

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

Credit Cards

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

Online Lending

5/11/16 Wincor Nixdorf's Cashless PaymentsBusiness

NA $23 HPE Growth Capital Merchant Processing

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

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

eCommerce

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

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

Money Transfer

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

Real Estate Tech


23




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

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

Payment Optimization

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

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

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

Online Lending

4/21/16 Kueski Series A $10 Angel Ventures, Auria Capital, Core Ventures, CrunchFund, Richmond Global, Rise Capital, VARIV, Victory Park Capital

Online Lending

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

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

Bill Pay

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

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

Money Transfer

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

Online Lending

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

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

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

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

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

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

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

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

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


24





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

3/13/16 Future Finance NA $27 1/0 Capital, Blackstone, Colchis, DW Partners, Fenway Summer Ventures, Invus Financial, KCK, QED, Ridge Road

Online Lending

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

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

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

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

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

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

Billing Software

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

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

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

Fraud Prevention

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

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

2/5/16 Bit9 Series F $68 .406 Ventures, Accomplice, Agman, Blackstone, Evolution Equity, Founders Circle, Highland, Kleiner Perkins, Sequoia

Cyber Security

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

Blockchain

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

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

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

Loyalty / Rewards

1/21/16 Digital Asset Holdings, LLC Series A $62 ABN AMRO, ASX Limited, BNP Paribas, Broadridge Financial, Citigroup, CME, Goldman Sachs, IBM, JPMorgan, PNC

Blockchain

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

Online Lending

25

SECTION IV: Securities / Capital Markets / Data & Analytics

26

(1)

Public Company Valuations: Financial Metrics SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS




Exchanges - AmericasCME Group Inc. $115.35 $81.87 $124.01 $39,144 $727 $39,871 11.2x 10.6x 16.1x 15.1x 26.1x 24.0x 12.5% 2.1 6.6% (1.0%)Intercontinental Exchange, Inc. 56.42 45.44 59.86 33,608 5,823 39,431 8.8x 8.4x 14.2x 13.0x 20.5x 18.4x 11.6% 1.8 (4.1%) 32.1%Nasdaq, Inc. 67.12 55.27 71.92 11,088 3,397 14,485 6.4x 5.9x 12.5x 11.5x 18.3x 16.1x 10.7% 1.7 9.0% 6.7%BM&FBOVESPA S.A. 5.07 2.99 6.38 9,063 (261) 8,802 12.4x 11.1x 20.1x 16.1x 15.5x 14.1x 27.6% 0.6 26.9% 2.0%CBOE Holdings, Inc. 73.89 58.43 77.29 6,006 (73) 5,933 9.3x 8.3x 16.9x 13.6x 31.2x 28.0x 13.0% 2.4 0.7% (16.5%)BATS Global Markets, Inc. 33.51 22.40 34.43 3,230 530 3,760 8.6x 8.0x 13.3x 12.7x 23.5x 20.7x NM NM 14.1% (10.2%)TMX Group Limited 53.25 26.07 54.19 2,929 534 3,464 6.3x 6.1x 12.6x 11.7x 16.3x 15.3x NM NM (0.2%) 6.9%Bolsa Mexicana de Valores, S.A.B. de C.V. 1.32 1.02 1.73 786 (85) 701 5.1x 4.8x 9.7x 9.0x 17.1x 15.5x 12.5% 1.4 (9.6%) (5.6%)


Exchanges - AsiaHong Kong Exchanges and Clearing Limited $23.63 $20.65 $27.49 $28,893 ($23,869) $5,024 3.4x 3.0x 5.0x 4.3x 37.1x 31.7x 0.1% 332.3 (12.2%) (13.8%)ASX Limited 35.97 27.04 37.90 6,957 (680) 6,276 11.5x 10.9x 15.0x 14.2x 22.5x 21.7x 4.6% 4.9 (16.5%) (0.2%)Singapore Exchange Limited 4.95 4.57 5.57 5,304 (683) 4,621 8.3x 8.0x 15.0x 13.8x 22.4x 20.2x 1.5% 14.9 (5.1%) (9.3%)Bursa Malaysia Berhad 1.97 1.80 2.10 1,058 (99) 959 8.3x 7.9x 14.7x 13.8x 23.9x 22.2x NM NM (2.5%) (1.7%)

Mean 7.9x 7.5x 12.4x 11.5x 26.5x 23.9x 2.1% 117.4 (9.1%) (6.2%) Median 8.3x 7.9x 14.8x 13.8x 23.2x 21.9x 1.5% 14.9 (8.7%) (5.5%)

Exchanges - EuropeDeutsche Börse Aktiengesellschaft $80.67 $69.79 $87.62 $15,063 $1,316 $16,379 6.3x 5.9x 12.0x 10.8x 18.3x 16.3x 9.8% 1.9 (14.3%) 1.9%London Stock Exchange Group plc 35.98 25.72 36.55 12,590 (1,265) 11,325 5.8x 5.4x 12.1x 10.6x 24.7x 20.6x 14.3% 1.7 (7.3%) (5.9%)Bolsas y Mercados Españoles 29.55 21.86 32.90 2,461 (355) 2,105 6.2x 6.3x 9.3x 9.5x 14.8x 15.2x NM NM (10.0%) (9.3%)JSE Limited 11.98 8.02 13.71 1,025 (119) 906 5.1x 4.6x 10.2x 9.4x 14.6x 13.4x NM NM 28.1% (3.7%)GPW 9.56 7.44 9.96 401 (46) 355 4.9x 4.9x 8.7x 8.7x 13.3x 13.5x NM NM (12.1%) (6.9%)Hellenic Exchanges - Athens Stock Exch. 5.16 3.59 5.87 317 (119) 198 6.8x 5.1x 20.9x 10.8x 68.9x 25.5x 10.6% 6.5 (18.6%) 26.4%

Mean 5.9x 5.4x 12.2x 10.0x 25.8x 17.4x 11.6% 3.4 (5.7%) 0.4% Median 6.0x 5.2x 11.1x 10.1x 16.6x 15.7x 10.6% 1.9 (11.0%) (4.8%)


27

Public Company Valuations: Financial Metrics (Cont.) SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. (1) Financial metrics pro-forma for Yodlee acquisition. (2) Financial metrics reflect IHS / Markit merger. (3) Enterprise Value and Net Debt exclude Cash.




Investment Services, Software, & TechnologySEI Investments Co. $49.36 $32.01 $52.54 $7,898 ($623) $7,274 5.2x 4.8x 13.9x 12.4x 24.7x 21.8x 13.5% 1.8 4.4% 5.7%Broadridge Financial Solutions, Inc. 66.30 48.56 71.74 7,895 898 8,793 2.5x 2.1x 12.9x 11.0x 23.9x 20.0x NM NM (10.4%) 50.5%SS&C Technologies Holdings, Inc. 28.60 23.62 34.19 5,801 2,388 8,189 5.4x 4.9x 13.5x 11.4x 17.7x 15.0x 15.0% 1.2 16.5% 36.5%DST Systems, Inc. 107.15 94.52 128.66 3,428 248 3,676 2.8x 2.4x 9.7x 9.7x 18.9x 17.2x 9.0% 2.1 (6.5%) 4.1%Financial Engines, Inc. 36.75 23.22 39.95 2,275 (119) 2,156 5.1x 4.5x 16.1x 13.9x 32.3x 28.1x 25.0% 1.3 36.1% 42.6%Envestnet, Inc. 35.25 19.30 41.47 1,518 240 1,758 3.0x 2.6x 17.4x 13.2x 36.4x 26.4x 20.0% 1.8 10.0% 44.3%


Financial Data, Content, & AnalyticsThomson Reuters Corporation $43.78 $33.96 $45.68 $32,166 $8,520 $40,686 3.6x 3.6x 12.9x 12.2x 21.3x 18.7x 8.0% 2.7 (8.1%) (0.1%)S&P Global, Inc. 107.54 78.55 128.40 27,864 1,564 29,428 5.3x 5.2x 11.9x 11.2x 20.4x 18.5x 12.9% 1.6 5.4% 8.7%Moody's Corporation 94.27 77.76 110.83 18,024 1,360 19,385 5.4x 5.1x 12.1x 11.3x 20.0x 18.4x 10.1% 2.0 2.6% 9.8%IHS Markit Ltd. 35.41 32.78 37.85 14,731 3,065 17,797 5.1x 5.0x 18.1x 12.9x 20.1x 17.2x 15.0% 1.3 6.8% 29.9%Verisk Analytics, Inc. 81.17 64.79 86.00 13,592 2,118 15,710 7.9x 7.4x 15.7x 14.7x 26.3x 24.2x 11.8% 2.2 (3.3%) 5.9%MSCI Inc. 78.78 62.17 90.79 7,415 1,100 8,515 7.4x 6.9x 15.0x 13.6x 26.5x 22.7x 14.3% 1.9 6.9% 7.3%FactSet Research Systems Inc. 163.43 135.95 183.17 6,488 171 6,659 5.8x 5.5x 16.3x 15.4x 24.1x 21.9x 10.7% 2.3 10.8% 6.5%The Dun & Bradstreet Corporation 121.32 85.99 141.57 4,463 1,279 5,742 3.4x 3.3x 11.6x 11.2x 16.5x 15.8x 4.2% 4.0 4.2% 1.6%Morningstar, Inc. 73.56 67.74 89.44 3,167 (205) 2,962 3.7x 3.6x 11.8x 10.9x 25.6x 23.6x 12.0% 2.1 0.3% 0.4%Bankrate, Inc. 11.05 6.59 13.12 996 159 1,155 2.6x 2.3x 10.1x 9.3x 17.6x 16.0x 17.5% 1.0 18.8% 29.2%


Online Broker DealersThe Charles Schwab Corporation $39.47 $21.51 $40.58 $52,324 $5,807 $58,131 7.8x 6.9x NA NA 30.4x 25.0x 21.3% 1.4 18.5% 19.8%TD Ameritrade Holding Corporation 43.60 24.88 44.79 22,936 1,817 24,753 6.9x 6.9x 16.4x 14.4x 28.8x 25.5x 13.4% 2.2 12.9% (0.4%)E*TRADE Financial Corporation 34.65 19.61 36.04 9,485 1,534 11,019 5.7x 5.1x NA NA 19.0x 18.8x 20.8% 0.9 5.4% 20.2%Interactive Brokers Group, Inc. 36.51 29.50 43.14 2,482 4,700 7,182 4.6x 4.4x 6.9x 6.9x 23.7x 23.1x 16.8% 1.4 12.7% (12.7%)GAIN Capital Holdings, Inc. 6.58 4.54 7.98 320 (1,167) (846) NM NM NM NM 16.9x 10.1x NM NM (9.1%) (45.4%)FXCM Inc. 7.05 7.00 18.51 39 349 389 NA NA NA NA NA NA NM NA NA 2.9%

Mean 6.2x 5.8x 11.6x 10.6x 23.7x 20.5x 18.1% 1.5 8.1% (2.6%) Median 6.3x 6.0x 11.6x 10.6x 23.7x 23.1x 18.8% 1.4 12.7% 1.3%

(3)

(3)

(3)

(3)

(3)

(1)

(2)

28

Selected Recent Acquisitions – Trailing 12 Months SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS



12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA

12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA

12/9/16 comdirect bank AG OnVista AG Online Broker NA NA

12/5/16 Benefit Plans Administrative Services, Inc.

Northeast Retirement Services, Inc. Fund Administration $115 NA

12/1/16 Ascensus, Inc. National Retirement Services, Inc. Fund Administration NA NA

11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA

11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA

11/28/16 Insurance Services Office, Inc. IntelliStance, LLC Data / Analytics NA NA

11/21/16 London Stock Exchange Group plc Mergent, Inc. Data / Analytics NA NA

11/21/16 AcadiaSoft, Inc. ProtoColl Collateral Management NA NA

11/14/16 Playtech plc CFH Group A/S Foreign Exchange $62 3.2x

11/8/16 Preqin Ltd. Baxon Solutions Limited Broker Software NA NA

10/24/16 TD Ameritrade Holding Corporation Scottrade Financial Services, Inc. Online Brokerage $2,792 NA

10/24/16 SS&C Technologies Holdings, Inc. Salentica Inc. Broker Software NA NA

10/20/16 Forum Trading Solutions Ltd GMEX Technologies Limited Trading Technology NA NA

10/14/16 Morningstar Inc. PitchBook Data, Inc. Data / Analytics $225 7.2x

10/13/16 Investview, Inc. RoboVest, Inc. Trading Platform NA NA

10/11/16 Drillinginfo Inc. GlobalView Software, Inc. Trading Platform NA NA

10/10/16 Yodlee, Inc. Wheelhouse Analytics, LLC Data / Analytics NA NA

10/6/16 Ion Investment Group Limited Reval Holdings, Inc. Treasury Software NA NA


29

Selected Recent Acquisitions – Trailing 12 Months (Cont.) SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS



9/28/16 SourceHOV LLC TransCentra, Inc. Treasury Software NA NA

9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,662 1.9x

9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA

9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA

9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA

9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA

9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA

9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA

8/25/16 BGC Partners, Inc. Perimeter Markets Inc. Trading Platform NA NA

8/24/16 Yintech Investment Holdings Limited Gold Master (HK) Company Limited Trading Platform $218 6.8x

8/11/16 Aegon UK plc Cofunds Holdings Limited Personal Financial Management $182 NA

8/11/16 KCG Hotspot FX LLC Javelin SEF, LLC Ratings Agency NA NA

7/25/16 E-Trade Financial OptionsHouse, LLC Trading Platform $725 7.0x

7/18/16 Moody's Singapore Pte. Ltd. Korea Investors Service, Inc. Ratings Agency $97 3.4x

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

6/30/16 Teachers Insurance & Annuity Association of America, Endowment

MYVEST CORP Advisor Software NA NA

6/20/16 Markit Ltd. Prism Valuation Inc. Risk & Analytics NA NA

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

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

5/25/16 Bregal Sagemount Discovery Data Data / Analytics NA NA


30





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

Clearing / Settlement NA NA

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

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

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

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

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

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

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

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

Fund Administration NA NA

3/21/16 IHS Inc. (nka:IHS Markit Ltd.) Markit Ltd. Data / Information Services $6,139 5.5x

3/16/16 Markit Ltd. Fitch Solutions, Inc., Credit Default Swap Pricing Service

Risk Analytics NA NA

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

Exchanges $1,100 NA

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

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

Risk Analytics NA NA

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

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

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

Data / Analytics NA NA

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

2/26/16 Singapore Exchange Limited The Baltic Exchange Limited Exchanges $108 NA

2/23/16 Deutsche Boerse AG London Stock Exchange Group plc Exchanges $14,482 7.2x

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2/5/16 Citadel Securities, LLC KCGA Americas LLC, Designated Market Maker Business

Market Maker NA NA

2/5/16 Chongqing Casin Enterprise Group CHX Holdings, Inc. Exchanges NA NA

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

1/22/16 StatPro Inc. Investor Analytics, LLC Data Analytics $16 3.2x

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

32

Selected Recent Equity Financings – Trailing 12 Months SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS




12/24/16 Pakistan Stock Exchange NA $84 Chinese Consortium Exchanges

12/23/16 Nutmeg Savings and Investment Ltd. NA $15 Taipei Fubon Commercial Bank Robo-Advisor

12/22/16 Axoni Series A $18 Andreessen Horowitz, Digital Currency Group, Euclid Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson

Distributed Ledger

12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo-Advisor

12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo-Advisor

11/17/16 Peer Street Inc. Series A $15 Andreessen Horowitz, Felicis Ventures, The Kaiser Family Foundation, Montage Ventures, Rembrandt Venture Partners

Crowdfunding

11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics

11/14/16 Quantopian Series C $25 Andreessen Horowitz, Bessemer Venture Partners, Khosla Ventures, Point72 Asset Management, Spark Capital

Trading Technology

11/14/16 Nutmeg Saving and Investment Ltd. NA $32 Amanda Investment Group, Balderton Capital Management, Pentech Ventures, Schroders

Robo-Advisor

11/14/16 Roofstock Inc. Series B $20 Bain Capital Ventures, Khosla Ventures, Lightspeed Venture Partners, Nyca Partners, QED Investors, SV Angel

Crowdfunding

11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells Fargo Trading / Regulatory Software

10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software

10/26/16 AX Trading Group NA $20 Undisclosed Trading Platform

10/17/16 InnoTREE Network Tech Co. Series B $15 Baoli (Hengqin) Capital Management Data / Analytics

10/12/16 Cloud9 Technologies NA $30 JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson Ridge Asset Management

Trading Technology

9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics

9/21/16 OurCrowd Ltd. Series C $72 Undisclosed Investors Crowdfunding

9/14/16 InvestCloud NA $25 Undisclosed Investors Broker Software

9/12/16 Quandl Series B $12 August Capital, Nexus Venture Partners Data / Analytics

8/18/16 Lancai Series B $27 Letv.com Investing Platform

33

Selected Recent Equity Financings – Trailing 12 Months (Cont.) SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS




8/17/16 Crowdcube NA $11 Balderton Capital Crowdfunding

7/22/16 Fantex NA $59 Undisclosed Trading Platform

7/13/16 OpenDoor Trading NA $10 J F Hartfield & Company Trading Platform

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

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

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

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

PFM

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

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

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

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

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

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

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

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

Data

34

SECTION V: Insurance / Benefits

35

Public Company Valuations: Financial Metrics INSURANCE / BENEFITS




Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $76.05 $55.01 $81.45 $18,722 $1,200 $19,922 3.7x 2.4x 17.2x 9.7x 19.5x 16.9x 13.9% 1.4 24.2% 3.9%Verisk Analytics, Inc. 81.17 64.79 86.00 13,592 2,118 15,710 7.9x 7.4x 15.7x 14.7x 26.3x 24.2x 11.8% 2.2 (3.3%) 5.9%athenahealth, Inc. 105.17 90.11 167.46 4,150 161 4,311 3.9x 3.3x 17.8x 13.9x 58.5x 43.2x 26.8% 2.2 18.8% 17.2%Guidewire Software, Inc. 49.33 42.32 64.00 3,626 (530) 3,096 7.0x 5.9x 39.6x 29.1x 71.2x 59.9x 17.4% 4.1 12.0% 14.4%Ebix, Inc. 57.05 28.28 63.00 1,849 152 2,002 6.8x 6.3x 17.9x 16.4x 20.7x 20.2x 10.0% 2.1 NA 11.7%Crawford & Company 12.56 3.99 14.37 699 143 842 0.7x 0.7x 6.7x 6.0x 17.8x 14.8x 10.0% 1.8 (3.6%) (5.5%)Polaris Consulting & Services Limited 2.22 2.08 3.20 225 (71) 154 0.5x NA NA NA 9.4x NA NM NM 2.7% (3.6%)Symbility Solutions Inc. 0.38 0.18 0.42 91 (5) 86 3.4x 2.9 NM 85.3 NM NM NM NM (1.9%) 13.9%



36

Selected Recent Acquisitions – Trailing 12 Months INSURANCE / BENEFITS




12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA

12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA

12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA

12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA

11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA

11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance $1,430 NA

11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA

11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA

10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA

10/6/16 New Mountain Capital, LLC; New Mountain Capital Partners IV L.P.; Eir

Convey Health Solutions, Inc. Healthcare Insurance Administration NA NA

10/5/16 Shenzhen Investment Holdings Co., Ltd.; Shenzhen Qianhai Financial

ACR Capital Holdings Pte. Ltd. Reinsurance NA NA

9/29/16 Applied Systems, Inc. IS2, eTrading Platform for Personal Lines

Insurance Trading $5 0.7x

9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA

9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA

9/26/16 IRESS Limited Financial Synergy Pty. Limited Insurance Software $69 3.3x

8/9/16 Applied Systems, Inc. Relay Software Limited Insurance Software $5 0.7x

8/4/16 Guidewire Software, Inc. FirstBest Systems, Inc. Risk Assessment $34 NA

8/4/16 Benefit Express Services, LLC Transcend Technologies Group, Inc. HR Software NA NA

7/21/16 GoHealth, LLC 1SourceAdmin LLC HR Software NA NA

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

37

Selected Recent Acquisitions – Trailing 12 Months (Cont’d) INSURANCE / BENEFITS




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

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

Vertafore, Inc. Insurance Tech NA NA

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

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

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

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

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

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

38

Selected Recent Equity Financings – Trailing 12 Months INSURANCE / BENEFITS



12/5/16 Lemonade Inc. Series B $34 Aleph, General Catalyst, Google Ventures, Sequoia Capital, Thrive Capital, Tusk Ventures, XL Innovate

Insurance

11/15/16 CareCloud Series C $32 Adams Street Partners, Blue Cloud Ventures, First Data, Intel Capital, Norwest Venture Partners, PNC Financial Services Group,

Revenue Cycle Management

11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen

10/20/16 EverQuote, Inc. Series B $23 BrownSavano Direct Capital Partners, Oceanic Partners, Stratim Capital LLC, T Capital Management LLC

Insurance Lead Gen

10/19/16 Ladder Financial Inc. Series A $14 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca Partners LLC

Life Insurance

10/4/16 Hixme Inc. Series B $14 Kleiner Perkins Caufield & Byers, Propel Venture Partners, Rosemark Capital Group, Transamerica Ventures Fund

HR Software

9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management

9/26/16 InstaMed Communications, LLC NA $50 Carrick Capital Partners LLC Healthcare Payments

9/21/16 FinanceFox Series A $28 Horizons Ventures, Target Ventures Insurance Tech

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

Health Insurance Tech

5/20/16 Clover Health Series C $165 Advanced Finance & Investment Group, AME Cloud, Arena Ventures, Casdin Capital, First Round, Floodgate, Sequoia

Insurance

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

5/17/16 Embroker Series A $12 500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca Partners, Vertical Venture Partners, XL Innovate

Insurance

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

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

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

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

3/21/16 Maxwell Health Series C $22 Adams Street, Cambia Health, Catalyst Health, Cendana Capital, GIS, Industry Ventures, Lerer Hippeau, Schooner

HR / Benefits Software

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

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


Financial Technology Sector Summary

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