Mobile Point of Sale Solutions July 2018 Mobile Point of Sale Solutions July 2018 Sector Dashboard [4] Public Basket Performance [5]

Sectorwatch: Mobile Point of Sale Solutions July 2018 Mobile Point of Sale Solutions July 2018 Sector Dashboard [4] Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics for • The most recently announced deals in the a basket of comparable public companies sector

3 Dashboard

Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % -0.07 average for last 3 years 40.6% Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 15.8%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 11.6% 1 - year gross profit % compared to gross profit % 0.6% average for last 3 years 0% 10% 20% 30% 40% 50% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation

Profitability Momentum Median TEV / LTM EBIT 18.2x 1 - year EBITDA % compared to EBITDA % average for -0.7% last 3 years Median Price / LTM Earnings 13.8x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 13.4x

Median TEV / LTM Revenue 3.1x

0x 5x 10x 15x 20x

4 Public Basket

Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k

LSI Software S.A. 10 14 38% 27% 17% 0.8 4.5 - NA GK Software SE 246 116 15% 27% 6% 2.2 35.7 1,011 115 PAX Global Technology Limited 253 460 23% 41% 16% 0.6 3.5 1,514 304 GHL Systems Berhad 274 64 -5% 43% 19% 4.5 22.9 - NA USA Technologies, Inc. 914 128 40% 28% 8% 7.1 95.0 91 1,409 VeriFone Systems, Inc. 3,256 1,819 -3% 41% 12% 1.8 14.8 5,600 325 ACI Worldwide, Inc. 3,690 1,002 -1% 55% 16% 3.7 23.4 3,979 252 Ingenico Group - GCS 7,580 3,014 9% 41% 20% 2.6 12.8 7,744 389 Square, Inc. 26,383 2,421 35% 38% -1% 10.9 0.0 2,338 1,036 First Data Corporation 42,207 8,331 6% 63% 35% 5.1 13.4 22,000 379 Average 8,481 1,737 16% 40% 15% 3.9 22.6 4,428 526 Median 2,085 731 12% 41% 16% 3.1 14.1 1,926 352 share price as of 13Jul18

5 Public Basket Valuation Trends

25x Public EBITDA Multiples over Time

25x 20x 20x 15x 10x 5x

15x 0x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 14.5x TEV/EBITDA - Median TEV/EBITDA - Average 10x Public Revenue Multiples over Time 4x 5x 3x 2.5x 2x 1x 0x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 TEV/Revenue - Median TEV/Revenue - Average TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

First Data Corporation First Data Corporation

ACI Worldwide, Inc. Ingenico Group - GCS

GHL Systems Berhad GHL Systems Berhad

Ingenico Group - GCS LSI Software S.A.

PAX Global Technology Limited PAX Global Technology Limited VeriFone Systems, Inc. ACI Worldwide, Inc. Square, Inc.

VeriFone Systems, Inc. USA Technologies, Inc.

USA Technologies, Inc. GK Software SE

GK Software SE LSI Software S.A.

Median Median

- 20% 40% 60% 80% - 10% 20% 30% 40%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

USA Technologies, Inc. USA Technologies, Inc.

LSI Software S.A. Square, Inc.

Square, Inc.

Ingenico Group - GCS PAX Global Technology Limited

First Data Corporation GK Software SE

Ingenico Group - GCS VeriFone Systems, Inc.

First Data Corporation PAX Global Technology Limited

ACI Worldwide, Inc. ACI Worldwide, Inc. VeriFone Systems, Inc.

GK Software SE GHL Systems Berhad

Median Median

(10%) 10% 30% 50% $- $500 $1,000 $1,500

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

PAX Global Technology USA Technologies, Inc. Limited

LSI Software S.A. Ingenico Group - GCS

GHL Systems Berhad ACI Worldwide, Inc.

VeriFone Systems, Inc. First Data Corporation

GK Software SE Square, Inc.

Square, Inc. GK Software SE

First Data Corporation VeriFone Systems, Inc.

ACI Worldwide, Inc. GHL Systems Berhad

Ingenico Group - GCS LSI Software S.A.

PAX Global Technology USA Technologies, Inc. Limited

Median Median

0x 2x 4x 6x 8x 10x 0 50 100 150 200

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Square, Inc. USA Technologies, Inc.

USA Technologies, Inc. GK Software SE

First Data Corporation ACI Worldwide, Inc.

GHL Systems Berhad GHL Systems Berhad

ACI Worldwide, Inc. VeriFone Systems, Inc. Ingenico Group - GCS First Data Corporation GK Software SE

Ingenico Group - GCS VeriFone Systems, Inc.

LSI Software S.A. LSI Software S.A.

PAX Global Technology PAX Global Technology Limited Limited

Median Median

0x 4x 8x 12x 16x 20x 0x 20x 40x 60x 80x 100x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

GK Software SE GK Software SE

GHL Systems Berhad GHL Systems Berhad

VeriFone Systems, Inc.

Ingenico Group - GCS ACI Worldwide, Inc.

First Data Corporation First Data Corporation

Ingenico Group - GCS PAX Global Technology Limited

LSI Software S.A.

LSI Software S.A. PAX Global Technology Limited

Median Median

0x 30x 60x 90x 120x 0x 20x 40x 60x

11 Valuation

Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate

100x 70% 100x 45% 39.8% 62.5% 37.9% 40% 90x 90x 35.2% 55.0% 60% 80x 80x 35% 30% 70x 50% 70x 40.6% 25% 60x 38.3% 60x 41.2% 40% 43.0% 23.2% 20% 50x 40.6% 50x 14.6% 28.0% 30% 15% 40x 40x 6.1% 10% 26.7% 27.2% 30x 20% 30x (0.9%) 8.6% (3.3%) 5% 20x 20x (4.9%) 0% 10% 10x 10x -5%

0x 3x 4x 13x 13x 15x 23x 23x 36x 95x 0x 3x 4x 13x 13x 15x 23x 23x 36x 95x

EBITDA(x) EBITDA(x) LTM GP% LTM

0x 0% 0x -10% RGR% LTM

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

21Jun18 TouchBistro, Inc. BDC Venture Capital; JPMorgan Mezzanine Corporation; Recruit 54.10 - - - Holdings Co.,Ltd.; Relay Ventures; OMERS Ventures; BDC IT Venture Fund; Napier Park Financial Partners 7Jun18 iMobile3, LLC Total System Services, Inc. - - - - 27Apr18 Qisda Corporation AU Optronics Corp. 115.55 4,763.07 0.5x 9.9x 26Apr18 Weebly, Inc. Square, Inc. 365.00 - - - 14Feb18 payworks GmbH Visa Inc.; Speedinvest GmbH; CommerzVentures GmbH; Finparx GmbH 14.50 - - - 12Feb18 MPOS Vietnam Technology Joint Stock GHL Systems Berhad 2.29 - - - Company 31Dec17 ShopKeep.com Inc. First Data Corporation - - - - 29Dec17 Net Element, Inc. Esousa Holdings LLC 7.55 59.93 - - 18Dec17 ExaDigm, Inc. Nexgo Inc. 5.00 - - - 31Oct17 Bixolon Co., Ltd IDIS Holdings Co., Ltd. 89.30 78.89 2.2x 13.0x 31Oct17 i3 Verticals, Inc. - 0.20 - - - 18Oct17 Lightspeed POS Inc. Caisse de dépôt et placement du Québec; iNovia Capital; 165.70 - - - Investissement Québec, Investment Arm 1Aug17 i3 Verticals, Inc. - 14.00 - - - 25Jul17 Toast, Inc. Bessemer Venture Partners; Generation Investment Management LLP; 101.00 - - - Lead Edge Capital Management, LLC 5Jul17 Net Element, Inc. Cobblestone Capital Partners LLC 10.00 59.04 - - 16May17 TouchBistro, Inc. BDC Venture Capital; Recruit Holdings Co.,Ltd.; Kensington Capital 12.07 - - - Partners Limited; Relay Ventures; BDC IT Venture Fund; Napier Park Financial Partners 21Mar17 Airpay Payment Services Pvt. Ltd. Kalaari Capital 3.67 - - - 14Mar17 Meerchant Inc. ShopKeep.com Inc. - - - - 1Mar17 Net Element, Inc. - 0.35 54.29 - - 3Feb17 Revel Systems, Inc. Welsh, Carson, Anderson & Stowe - - - - 31Dec16 Toast, Inc. F-Prime Capital Partners - - - - 13Oct16 TouchBistro, Inc. BDC Venture Capital; Kensington Capital Partners Limited; Relay 13.00 - - - Ventures; BDC IT Venture Fund; Round 13 Capital; Huff Capital Inc. 30Jun16 Square, Inc. Rizvi Traverse Management LLC - 1,524.35 - - 12Aug16 Posiflex Technology, Inc. - 38.15 99.96 - - 31May16 iqPOSitive Revel Systems, Inc. - - - - 30Jun16 i3 Verticals, Inc. - 10.00 - - - 31May16 Harbortouch Payments, LLC Searchlight Capital Partners 500.00 - - - 31May16 payworks GmbH Speedinvest GmbH; Speedinvest I; HW Capital GmbH; Rumford Ag 4.50 - - -

13 Mobile Point of Sale Solutions July 2018 APPENDIX: Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 14 Revenue Multiples - LSI Software S.A. 1.5x Public Basket 1.2x 0.9x 0.6x 0.3x LSI Software S.A. 0.0x LSI Software S.A. develops software for retail and hospitality applications. Its products include Bastion ERP, an enterprise management support system that covers various areas of TEV/Revenue Average company’s business; POSitive Retail, an integrated management system for the retail sector, which enhances enterprises EBITDA Multiples - LSI Software S.A. management services, including retail network, distribution, 15x logistics, processes management, resources management, and 12x business activity supervision; and POSitive Hospitality, a 9x software for the management of catering outlets, hotels, spas, 6x and sports/recreation facilities, as well as enhances the 3x operation of various point of sales and guest handling. The 0x company also offers computer hardware solutions, including sales, communication, production, inventory taking, advertising, and monitoring; and LSI systems equipment consisting of POS TEV/EBITDA Average terminals, terminals accessories, coupon printers, large-screen computers, and other customer support devices. In addition, it P/E Multiples - LSI Software S.A. provides professional, implementation, and maintenance 20x services. The company serves medium-sized enterprises, sales 15x chains, hotels, and catering outlets. LSI Software S.A. was founded in 1991 and is headquartered in Lodz, Poland. 10x 5x 0x

P/E Average

15 Revenue Multiples - GK Software SE 4x Public Basket 3x 2x 1x GK Software SE 0x GK Software SE develops and sells retail sector software worldwide. The company’s solutions comprise GK/Retail TEV/Revenue Average OmniPOS; GK/Retail Store Device Control that manages various store peripherals; GK/Retail Mobile Merchandise Management, which ensures end-to-end connection to the central SAP system; EBITDA Multiples - GK Software SE 150x GK/Retail Self Checkout; GK/Retail Label and Poster Print, a 120x solution for store-level label and poster printing; and GK/Retail Open Scale, a paradigm shift for various retail companies that 90x uses scales at various locations. Its solutions also consist of 60x GK/Retail Enterprise Storemanager, which manages the store 30x network; GK/Retail Enterprise Cockpit that offers an overview of 0x the retail organization; GK/Retail Sales Cockpit, a solution that enables management to make decisions at various place and time based on reliable data; and GK/Retail Enterprise TEV/EBITDA Average Promotions Management, a solution for creating and managing company-wide promotions and special offers. GK Software SE is P/E Multiples - GK Software SE a subsidiary of GK Software Holding GmbH. 100x 80x 60x Date Key Development Headline 40x 6/7/18 GK Software SE (DB:GKS) acquired valuephone GmbH. 1/28/18 An unknown buyer acquired 0.79% stake in GK Software AG 20x (DB:GKS) from Rainer Gläß for €1.8 million. 0x 10/31/17 GK Software AG (DB:GKS) completed the acquisition of majority stake in prudsys AG. GK Software is expecting the takeover to generate an inflow of expertise for the ongoing automation of P/E Average processes in the retail sector

16 Revenue Multiples - PAX Global Technology 6x Limited Public Basket 5x 4x 3x 2x 1x PAX Global Technology Limited 0x PAX Global Technology Limited, an investment holding company, engages in the development and sale of electronic TEV/Revenue Average funds transfer point-of-sale products worldwide. It offers Smart POS, ECR, countertop, wireless, mobile, pin pad, and multilane E-payment terminals, as well as other accessories to process a EBITDA Multiples - PAX Global Technology 40x range of electronic payment types, including signature and PIN- Limited based debit cards, credit cards, contactless/radio frequency 30x identification cards, RF-enabled mobile phones, QR code, IC 20x cards, and pre-paid gift and other stored-value cards. The 10x company also develops and sells consumer activated devices and contactless devices, as well as E-payment terminal software; 0x and provides after-sales services. In addition, it provides payment solutions services, and maintenance and installation services. The company sells its E-payment terminal solutions for TEV/EBITDA Average the mobile and other payment solutions, services, and/or platforms. PAX Global Technology Limited was founded in 2000 P/E Multiples - PAX Global Technology and is headquartered in Wanchai, Hong Kong. 50x Limited 40x 30x 20x 10x 0x

P/E Average

17 Revenue Multiples - GHL Systems Berhad 10x Public Basket 8x 6x 4x 2x GHL Systems Berhad 0x GHL Systems Berhad, an investment holding company, provides payment services in Malaysia, the Philippines, Thailand, TEV/Revenue Average Indonesia, Singapore, and Australia. It operates through three segments: Transaction Payment Acquisition, Shared Services, and Solution Services. The company offers e-pay services, EBITDA Multiples - GHL Systems Berhad 50x which include Telco prepaid and other top-up facilities, and bill 40x collection services for consumers; and direct merchant acquiring and electronic payment services. It is involved in sale, rental, and 30x maintenance of electronic data capture terminals and other 20x payment acceptance devices. In addition, the company sells and 10x maintains hardware and software, including network devices and 0x related software, outsourced payment networks, management and processing of pre-paid and loyalty cards, and Internet payment processing. GHL Systems Berhad is headquartered in TEV/EBITDA Average Kuala Lumpur, Malaysia.

120x P/E Multiples - GHL Systems Berhad 90x Date Key Development Headline 60x 6/25/18 GHL Systems Berhad (KLSE:GHLSYS) completed the acquisition of PAYSYS (M) Sdn Bhd from a group of individual sellers. 30x 4/4/18 GHL Systems Berhad (KLSE:GHLSYS) entered into agreement to acquire PAYSYS (M) Sdn Bhd for MYR 74.5 million. 0x 2/11/18 GHL Systems Berhad (KLSE:GHLSYS) entered into share purchase agreement to acquire 95.69% stake in MPOS Vietnam Technology Joint Stock Company from Nguyen Huu Tuat AND P/E Average Nguyen Hoa Binh for for VND 52 billion.

18 Revenue Multiples - USA Technologies, 10x Inc. Public Basket 8x 6x 4x 2x USA Technologies, Inc. 0x USA Technologies, Inc. provides wireless networking, cashless transactions, asset monitoring, and other value-added services in TEV/Revenue Average the United States and internationally. It designs and markets systems and solutions that facilitate electronic payment options, as well as telemetry and machine-to-machine (M2M) services. EBITDA Multiples - USA Technologies, Inc. 100x The company's ePort Connect solution offers various POS 80x options, card processing, wireless connectivity, customer/consumer, online sales reporting, M2M telemetry and 60x DEX data transfer, over-the-air update capabilities, deployment 40x planning, and value-added services, as well as planning, project 20x management, installation support, marketing, and performance 0x evaluation services. USA Technologies, Inc. was founded in 1992 and is headquartered in Malvern, Pennsylvania. TEV/EBITDA Average

P/E Multiples - USA Technologies, Inc. 350x Date Key Development Headline 5/10/18 USA Technologies Seeks Acquisitions 280x 4/26/18 Ingenico Group and USA Technologies Announce Three Year 210x Strategic Alliance Agreement 140x 11/8/17 USA Technologies, Inc. (NasdaqGM:USAT) completed the 70x acquisition of Cantaloupe Systems, Inc. 11/6/17 USA Technologies, Inc. (NasdaqGM:USAT) signed a definitive 0x agreement to acquire Cantaloupe Systems, Inc. for $86.6 million.

P/E Average

19 Revenue Multiples - VeriFone Systems, 5x Inc. Public Basket 4x 3x 2x 1x VeriFone Systems, Inc. 0x VeriFone Systems, Inc. provides payments and commerce solutions at the point of sale (POS) worldwide. It offers TEV/Revenue Average countertop solutions that accept payment options, including contactless, NFC, mobile wallets, and EMV; PIN pads that EBITDA Multiples - VeriFone Systems, Inc. support credit and debit card, EBT, EMV, and other PIN-based 30x transactions; and multilane consumer facing commerce devices. 25x It also provides portable payment devices, including small, 20x portable, and handheld devices that enable merchants to accept 15x electronic payments wherever wireless connectivity is available; 10x and mobile solutions that attach to and interface with iOS or 5x Android based smartphones and tablets. VeriFone Systems, Inc. 0x is headquartered in San Jose, California.

TEV/EBITDA Average

P/E Multiples - VeriFone Systems, Inc. Date Key Development Headline 150x 4/8/18 An investor group led by Francisco Partners Management LLC 120x and British Columbia Investment Management Corporation 90x entered into an agreement and a plan of merger to acquire VeriFone Systems, Inc. (NYSE:PAY) for $2.5 billion. 60x 2/12/18 Mash Announces Partnership with Verifone to Provide Pay-Later 30x Solutions Across Europe 0x 12/12/17 VeriFone Systems Seeks Acquisitions 9/7/17 VeriFone Systems Seeks Acquisitions

P/E Average

20 Revenue Multiples - ACI Worldwide, Inc. 5x Public Basket 4x 3x 2x 1x ACI Worldwide, Inc. 0x ACI Worldwide, Inc. provides software products and services for facilitating electronic payments to banks, intermediaries, TEV/Revenue Average merchants, and corporates worldwide. It offers UP Retail Payments solution that enables banks to accept, authorize, EBITDA Multiples - ACI Worldwide, Inc. route, and secure payment transactions; and ACI Card and 50x Merchant Management solutions, including credit, debit, smart 40x card, and prepaid card issuance and management, as well as 30x merchant account management and settlement. The company also provides UP Immediate Payments solution, which provides 20x connectivity to country-level real-time payment schemes and 10x create various products; and UP Real-Time Payments solution 0x that allows banks to address RTGS, SWIFT messaging, and real-time faster payments. In addition, it offers Postilion; ACI PAY.ON Payments Gateway; ACI ReD Shield, a real-time fraud TEV/EBITDA Average prevention solution, as well as UP eCommerce Payments solution; and UP Payments Risk Management solution and ACI P/E Multiples - ACI Worldwide, Inc. Universal Online Banker platform. Further, the company provides 150x UP Bill Payment solutions, which enable customers to present 120x bills and collect payments from consumers electronically through 90x a single and integrated platform that controls bill payments 60x operation. ACI Worldwide, Inc. was founded in 1975 and is 30x headquartered in Naples, Florida. 0x

Date Key Development Headline 3/20/18 UnionPay International Announces Strategic Partnership with ACI P/E Average Worldwide

21 Revenue Multiples - Ingenico Group - GCS 5x Public Basket 4x 3x 2x 1x Ingenico Group - GCS 0x Ingenico Group - GCS, together with its subsidiaries, provides payment solutions through in-store, mobile, and online channels worldwide. It offers in-store solutions, such as payment terminals TEV/Revenue Average and applications; management of installed terminals, including security application updates; connectivity; after-sales services; EBITDA Multiples - Ingenico Group - GCS centralization of transactions; end-to-end security from terminal 30x to bank or processor; value-added services; and customer loyalty 24x solutions, including loyalty card, loyalty program management, 18x prepaid card, gift card management, customer data analysis, and 12x marketing campaign management. Ingenico Group - GCS was 6x founded in 1980 and is headquartered in Paris, France. 0x

TEV/EBITDA Average Date Key Development Headline 4/26/18 Ingenico Group and USA Technologies Announce Three Year Strategic Alliance Agreement P/E Multiples - Ingenico Group - GCS 2/1/18 Ingenico Group - GCS (ENXTPA:ING) completed the acquisition 50x of Airlink Technology Co., Ltd. 40x 1/16/18 Ingenico Group - GCS (ENXTPA:ING) signed an agreement to acquire Paymark Limited from ASB Bank Limited, ANZ Bank New 30x Zealand Limited, BNZ Investments Limited and Westpac NZ 20x Operations Limited for approximately NZD 190 million. 10x 12/30/17 Ingenico Group - GCS (ENXTPA:ING) completed the acquisiton 0x of IECISA Electronic Payment System from Informática El Corte Inglés, S.A. 12/6/17 Ingenico Group - GCS (ENXTPA:ING) agreed to acquire Airlink Technology Co., Ltd. P/E Average

22 Revenue Multiples - Square, Inc. 15x Public Basket 12x 9x 6x 3x Square, Inc. 0x Square, Inc. provides payment and point-of-sale solutions in the United States and internationally. The company’s commerce ecosystem includes point-of-sale software and hardware that TEV/Revenue Average enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts Europay, MasterCard, and Visa (EMV) chip cards and Near Field Communication payments; Chip card reader, which accepts EMV chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions. Square, Inc. was founded in 2009 and is headquartered in San Francisco, California.

Date Key Development Headline 5/30/18 Square, Inc. (NYSE:SQ) completed the acquisition of Weebly, Inc. from Sequoia Capital and others. 4/25/18 Square, Inc. (NYSE:SQ) entered into a definitive agreement to acquire Weebly, Inc. from Sequoia Capital and others for approximately $370 million.

23 Revenue Multiples - First Data Corporation 10x Public Basket 8x 6x 4x 2x First Data Corporation 0x First Data Corporation provides electronic commerce solutions for merchants, financial institutions, and card issuers worldwide. TEV/Revenue Average It operates through three segments: Global Business Solutions (GBS), Global Financial Solutions (GFS), and Network & EBITDA Multiples - First Data Corporation Security Solutions (NSS). The GBS segment offers retail point- 20x of-sale merchant acquiring and e-commerce services; and 15x mobile payment services, as well as its cloud-based Clover point-of-sale operating system, which includes a marketplace for 10x proprietary and third-party business applications. The company 5x was founded in 1989 and is headquartered in Atlanta, Georgia. 0x

Date Key Development Headline TEV/EBITDA Average 5/23/18 SIA S.p.A. signed an agreement to acquire card processing businesses in seven countries of First Data Corporation (NYSE:FDC) for approximately €380 million. P/E Multiples - First Data Corporation 11/30/17 First Data Corporation (NYSE:FDC) completed the acquisition of 50x BluePay, Inc. from TA Associates Management, L.P., BluePay 40x management and others. 30x 10/20/17 BluePay Holdings, Inc., First Data Corporation - M&A Call 20x 10/19/17 First Data Corporation (NYSE:FDC) entered into a definitive stock purchase agreement to acquire BluePay, Inc. from TA Associates 10x Management, L.P., BluePay management and others for $760 0x million. 9/26/17 Worldline S.A. (ENXTPA:WLN) completed the acquisition of First Data Lietuva Uab and First Data Latvia Sia and First Data EESTI OU from First Data Corporation (NYSE:FDC). P/E Average

24 Contact Information 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close- knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC. Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.373.3737 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected] Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected]

Sydney Larese, Associate 704.899.5960 [email protected]

Marty Johnson, Associate 704.899.5960 [email protected]

Rory Julyan, Associate 704.899.5960 [email protected] Garth Martin, Associate 704.899.5960 x 109 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected]