Financial Technology Sector Summary
January 7, 2015 Financial Technology Sector Summary Table of Contents
I. GCA Savvian Overview
II. Market Summary
III. Payments / Banking
IV. Securities / Capital Markets / Data & Analytics
V. Healthcare / Insurance I. GCA Savvian Overview GCA Savvian Overview Highlights
Firm Statistics GCA Savvian Focus
° Over 225 professionals today Mergers & Acquisitions Private Capital Markets ° Full spectrum of buy-side, sell- ° Agented private capital raiser ° Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, Singapore, and Osaka ° Equity and debt capital markets ° Public and private company advisory services experience ° Provides mergers and acquisitions advisory services, private ° Core competency, with important capital & capital markets advisory services, and principal ° Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions ° Over 500 transactions completed
° Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning
Bulge Bracket Growth Sector Focus Transaction Expertise ° Senior Team with ° Growth Company Focus Unparalleled Transaction ° Sector Expertise / Domain Experience Knowledge ° Highest Quality Client ° Private Capital Access Service ° Late Stage Private through ° Broad Network Including Public Company Orientation Global 1000 Relationships ° M&A Advisory and Capital Raising Expertise
3 GCA Savvian Overview Financial Technology Landscape
° GCA Savvian divides Financial Technology into Financial Technology three broad categories
− Payments & Banking
− Securities & Capital Markets
− Healthcare & Payments & Banking Securities & Capital Markets Healthcare & Insurance Insurance
Analytics Crowd Funding BPO / IT Services ATMs Digital Media Brokerage Bill Payment Collections e-Brokerage Claims Processing Core Processing Exchanges Collections Financial Outsourcing Hedge Fund Administration CRM Information Processing Index Businesses Document Management Issuer Processing Mutual Fund Processing eCommerce Marketing / Offers Merchant Acquiring Personal Financial Mgmt. Information and Analytics Mobile Risk & Analytics Payments Money Transfer Securities Brokerage Risk Management Online Lending Software / SaaS Software / SaaS P2P Lending Prepaid Trading Platforms Title / Appraisal
4 GCA Savvian Overview Financial Technology Team
San Francisco New York th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090
Sean Minnihan Paul DiNardo Steve Fletcher Derek Bell Managing Director Advisory Director Managing Director Director Financial Technology Software Digital Media Business Services
Phone: (212) 999-7077 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (212) 999-7089 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (914) 953-0689 [email protected] [email protected] [email protected] [email protected]
Dick Filippini Zeke Navar Rob Freiman Andrea DeLeon Director Director Vice President Analyst Mobile Healthcare IT Financial Technology
Phone: (415) 318-3688 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7099 Mobile: (415) 297-3420 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (917) 670-9656 [email protected] [email protected] [email protected] [email protected]
5 II. Market Summary Market Summary Industry Stock Market Performance
Last 12 Months Last 3 Months
130 125
125 120
120 115
115 110
110
105
105
100
100
95 95
90 90
85 85
80 80 1/2/14 2/2/14 3/4/14 4/3/14 5/5/14 6/4/14 7/4/14 8/4/14 9/3/14 10/3/14 11/3/14 12/3/14 10/2/14 10/10/14 10/19/14 10/27/14 11/4/14 11/12/14 11/20/14 11/28/14 12/7/14 12/15/14 12/23/14 1/1/15
(1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus Healthcare / Insurance (9) Technology (5) (6) Banking & Lending (7) Investment Services, (8) Trading Platforms Online Broker Dealers Technology Software, & Technology
Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, DRIV, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, 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, GFIG, INTL, ITG, MKTX. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, PFMT, QTWO, SWX: TEMN, YDLE. 7 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. Market Summary Indexed Price Performance by Sector
Last 3 Months 1 Year 3 Years
Trading Platforms 16.7% 20.1% 72.0%
Payments 13.2% 9.1% 111.3%
Investment Services, 11.8% Software, & Technology 4.8% 86.8%
Information Processors / 11.7% Credit Bureaus (2.1%) 47.1%
Banking & Lending 9.5% Technology 17.5% 103.4%
Financial, Data, Content, & 6.8% Analytics 11.3% 69.9%
Online Broker Dealers 5.6% 17.1% 145.9%
Exchanges 4.8% 8.2% 40.4%
Healthcare / Insurance 3.3% 1.6% 77.8% Technology
0.0% 10.0% 20.0% (10.0%) 0.0% 10.0% 20.0% 30.0% 0.0% 50.0% 100.0% 150.0% 200.0%
Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and LTM EBITDA Margins
Long-Term EPS Growth LTM EBITDA Margins (1)
Trading Platforms 31.7% Exchanges 57.5%
Online Broker Dealers 18.9%
Financial Data, Content, & Analytics 36.3%
Banking and Lending Technology 16.1%
Information Processors / Credit Bureaus 25.2% Payments 15.1%
Investment Services, Software, & Technology 13.6% Banking and Lending Technology 25.1%
Financial Data, Content, & Analytics 12.4% Investment Services, Software, & Technology 22.6%
Information Processors / Credit Bureaus 11.5%
Healthcare / Insurance Technology 16.0%
Healthcare / Insurance Technology 11.3%
Payments 15.5% Exchanges 10.4%
0% 5% 10% 15% 20% 25% 30% 35% 0% 10% 20% 30% 40% 50% 60% 70% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 9 (1) Online Broker Dealers and Trading Platforms not material. Market Summary Price / Earnings Multiples and PEG Ratios
2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio)
Online Broker Dealers 28.0x Exchanges 1.9
Financial Data, Content, & Analytics 23.6x Information Processors / Credit Bureaus 1.8
Banking and Lending Technology 23.1x Financial Data, Content, & Analytics 1.6
Trading Platforms 21.9x Banking and Lending Technology 1.5
Investment Services, Software, & Technology 21.3x Investment Services, Software, & Technology 1.4
Information Processors / Credit Bureaus 21.0x Healthcare / Insurance Technology 1.4
Exchanges 20.2x Payments 1.0
Payments 18.5x Online Broker Dealers 1.0
Healthcare / Insurance Technology 16.8x Trading Platforms 0.9
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 0.0 0.5 1.0 1.5 2.0
Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2014 P/E – Payments / Banking
($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2014 Prepaid Market Cap. Performance P/E 2014
Visa Inc. $163,850 20% 29.4x Blackhaw k Netw ork Holdings, Inc. $1,961 48% 26.2x MasterCard Incorporated 98,777 3% 27.8 Green Dot Corporation 1,198 (16%) 15.2 American Express Company 96,246 4% 16.8 Net 1 Ueps Technologies Inc. 541 32% 4.7 eBay Inc. 69,833 4% 19.1 Higher One Holdings, Inc. 201 (54%) 6.8 Discover Financial Services 29,639 18% 12.4 Sector Average $975 2% 13.2x Sector Average $91,669 10% 21.1x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Cardtronics Inc. $1,684 (11%) 16.2x Cielo SA $23,079 7% 18.8x Outerw all Inc. 1,353 6% 11.6 Total System Services, Inc. 6,352 4% 17.9 Global Cash Access Holdings, Inc. 460 (28%) 8.0 Vantiv, Inc. 5,455 5% 18.0 Sector Average $1,166 (11%) 11.9x Wirecard AG 5,348 38% 39.3 Global Payments Inc. 4,933 (34%) 18.1 LTM Price Heartland Payment Systems, Inc. 1,937 (56%) 22.4 POS Hardware / Technology Market Cap. Performance P/E 2014 EVERTEC, Inc. 1,714 (1%) 13.2 Optimal Payments Plc 897 (5%) 14.6 Ingenico S.A. $6,009 32% 26.2x Digital River Inc. 793 35% 49.0 NCR Corporation 4,921 (13%) 11.1 Planet Payment, Inc. 114 (28%) 40.8 VeriFone Systems, Inc. 4,233 45% 23.0 JetPay Corporation 30 5% NM PAR Technology Corporation 93 12% NA Sector Average $4,605 (3%) 25.2x Sector Average $3,814 19% 20.1x
LTM Price LTM Price Money Transfer Market Cap. Performance P/E 2014 Banking and Lending Technology Market Cap. Performance P/E 2014
The Western Union Company $9,371 5% 11.9x Intuit Inc. $26,043 20% NA Euronet Worldw ide Inc. 2,846 14% 21.0 Fidelity National Information Services, Inc. 17,709 18% 20.1 Xoom Corporation 666 (36%) 61.6 Fiserv, Inc. 17,229 21% 21.0 Moneygram International Inc. 491 (55%) 8.3 LendingClub Corporation 9,010 NA NM Sector Average $3,343 (18%) 25.7x Jack Henry & Associates Inc. 5,087 7% 25.2 Temenos Group AG 2,345 27% 25.8 ACI Worldw ide, Inc. 2,265 (6%) 27.9 LTM Price Ellie Mae, Inc. 1,156 50% 44.4 Closed Loop Market Cap. Performance P/E 2014 Bottomline Technologies (de), Inc. 1,012 (28%) 17.4 Alliance Data Systems Corporation $18,269 9% 22.9x Q2 Holdings, Inc. 646 NA NM FleetCor Technologies, Inc. 12,597 27% 29.4 Performant Financial Corporation 325 (38%) 19.6 Edenred SA 6,273 (18%) 26.8 Sector Average $8,250 14% 26.0x WEX Inc. 3,889 3% 19.6 Sector Average $10,257 5% 24.7x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2014 0 Experian plc $16,666 (7%) NA Equifax Inc. 9,806 19% 21.0 Fair Isaac Corporation 2,317 17% 18.6 Acxiom Corporation 1,509 (46%) 25.4 Intersections Inc. 70 (52%) NM Sector Average $6,074 (14%) 21.7x
Source: 11 CapitalIQ and Wall Street Research. Market Summary LTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics
($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2014 Technology Market Cap. Performance P/E 2014 0 CME Group Inc. $29,689 13% 26.4x SEI Investments Co. $6,623 16% 21.3x Intercontinental Exchange, Inc. 24,530 (3%) 22.6 Broadridge Financial Solutions, Inc. 5,473 16% 20.7 The Nasdaq OMX Group, Inc. 8,024 22% 16.5 SS&C Technologies Holdings, Inc. 4,625 24% 23.5 BM&F Bovespa SA 6,384 (20%) 12.9 DST Systems Inc. 3,600 5% 17.6 CBOE Holdings, Inc. 5,348 24% 28.0 Financial Engines, Inc. 1,866 (47%) 38.9 TMX Group Limited 2,405 (8%) 13.3 Envestnet, Inc. 1,675 22% 62.3 Bolsa Mexicana de Valores SAB de CV 1,015 (26%) 20.2 Advent Softw are, Inc. 1,559 (12%) 21.0 Sector Average $11,056 0% 20.0x Sector Average $3,977 6% 30.7x
LTM Price LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2014 Exchanges - Asia Market Cap. Performance P/E 2014 0 Thomson Reuters Corporation $31,956 7% 21.3x Hong Kong Exchanges & Clearing Limited $26,024 33% 40.3x McGraw Hill Financial, Inc. 24,071 14% 23.0 Singapore Exchange Limited 6,233 1% 26.3 Moody's Corporation 20,003 24% 23.6 ASX Limited 5,777 (9%) 18.1 Bursa Malaysia Bhd 1,229 (7%) 22.5 Verisk Analytics, Inc. 10,550 (2%) 26.7 FactSet Research Systems Inc. 5,869 30% 25.2 Sector Average $9,816 5% 26.8x MSCI Inc. 5,343 11% 23.9 Dun & Bradstreet Corp. 4,368 1% 16.3 LTM Price Morningstar Inc. 2,906 (17%) 26.2 Exchanges - Europe Market Cap. Performance P/E 2014 Bankrate, Inc. 1,290 (29%) 18.3 0 Sector Average $11,817 4% 22.7x Deutsche Boerse AG $13,124 (13%) 16.4x London Stock Exchange Group plc 11,835 19% 21.8 Bolsas y Mercados Españoles 3,297 6% 16.6 LTM Price JSE Limited 884 23% NA Online Broker Dealers Market Cap. Performance P/E 2014 GPW 537 (6%) 16.9 The Charles Schw ab Corporation $39,460 17% 31.5x Hellenic Exchanges - Athens Stock Exchange S.A. Holding373 (50%) 13.5 TD Ameritrade Holding Corporation 19,324 17% 24.4 Sector Average $5,008 (3%) 17.0x E*TRADE Financial Corporation 6,934 21% 22.3 Interactive Brokers Group, Inc. 1,697 18% 36.1 LTM Price FXCM Inc. 1,264 (10%) 46.6 Trading Platforms Market Cap. Performance P/E 2014 GAIN Capital Holdings, Inc. 378 17% 14.1 Sector Average $11,510 14% 29.2x MarketAxess Holdings Inc. $2,630 8% 36.7x BGC Partners, Inc. 2,007 52% 14.5 KCG Holdings, Inc. 1,397 (1%) 25.5 Investment Technology Group Inc. 706 (1%) 14.8 GFI Group Inc. 694 39% 72.5 INTL FCStone Inc. 385 11% 18.2 Sector Average $1,303 18% 30.4x
Source: 12 CapitalIQ and Wall Street Research. III. Payments / Banking Payments / Banking Public Company Valuations: Financial Metrics
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 1/2/15 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Networks Visa Inc. $265.02 $194.84 $269.32 $163,850 ($3,950) $159,900 12.4x 11.2x 18.3x 16.1x 29.4x 24.4x 17.3% 1.4 10.9% 8.6% MasterCard Incorporated 85.68 68.68 89.87 98,777 (4,825) 93,952 9.9 8.9 16.8 14.8 27.8 23.8 17.2% 1.4 12.3% 12.8% American Express Company 93.02 78.41 96.24 96,246 37,352 133,598 4.1 4.0 14.9 15.2 16.8 15.4 11.6% 1.3 3.9% (0.5%) eBay Inc. 56.21 46.34 59.70 69,833 (2,785) 67,048 3.7 3.3 11.6 10.6 19. 1 17.2 11.7% 1.5 12.2% 11.8% Discover Financial Services 65.36 51.63 66.75 29,639 13, 623 43,262 5.0 4.8 NA NA 12.4 11.9 7.2% 1.7 5.3% 5.8%
Mean 7.0x 6.4x 15.4x 14.2x 21.1x 18.5x 13.0% 1.4 8.9% 7.7% Median 5.0 4.8 15.9 15.0 19.1 17.2 11.7% 1.4 10.9% 8.6%
Merchant Processing Cielo SA $14.74 $11.49 $17.47 $23,079 $834 $23,913 8.4x 7.2x 16.1x 14.1x 18.8x 16.6x 16.6% 1.0 15.9% 1.1% Total System Services, Inc. 34.17 27.00 34.56 6,352 1,197 7,549 3.1 2.9 10.7 9.4 17.9 15.5 10.9% 1.4 8.3% 8.1% Global Payments Inc. 80.65 63.14 86.71 5,455 1,476 6,931 2.6 2.4 12.0 11.1 18.0 16.1 11.5% 1.4 7.3% 11.9% Wirecard AG 43.30 30.26 44.35 5,348 (834) 4,514 6.2 5.0 21.6 17.1 39.3 29. 1 28.7% 1.0 23.3% 15.3% Vantiv, Inc. 33.76 28.45 35.11 4,933 3,081 8,014 5.7 4.9 11.9 10.1 18.1 15. 7 13.8% 1.1 16.8% 31.0% Heartland Payment Systems, Inc. 53.48 37.25 56.28 1,937 474 2,411 3.6 3.1 14.0 10.8 22.4 17.8 16.8% 1.1 16.7% 7.8% EVERTEC, Inc. 21.98 20.47 26.33 1,714 650 2,364 6.5 6.2 13.1 12.2 13.2 12.3 1 5.5% 0.8 5.2% 1.4% Optimal Payments Plc 5.51 4.15 8.58 897 (192) 704 1.9 1.5 8. 3 6.5 14.6 12.2 35.0% 0.3 27.1% 34.4% Digital River Inc. 24.86 13.61 25.88 793 (251) 542 1.4 1.4 1 1.3 10.3 49.0 41.1 10.0% 4.1 6.2% 1.8% Planet Payment, Inc. 2.04 1.33 4.03 114 (8) 106 2.2 2.0 11.8 8.4 40.8 18.0 25.0% 0.7 13.4% 8.0% JetPay Corporation 2.14 1.42 4.20 30 15 45 1.4 1.1 21.3 13.8 N M NM NM NM 23.5% (1.0%)
Mean 3.9x 3.4x 13.8x 11.2x 25.2x 19.4x 18.4% 1.3 14.9% 10.9% Median 3.1 2.9 12.0 10.8 18.5 16.4 16.1% 1.0 15.9% 8.0%
Money Transfer (1) The Western Union Company $17.93 $14.60 $18.66 $9,371 $2,050 $11,421 2.0x 2.0x 8.2x 8.1x 11.9x 11.2x 10.2% 1.1 2.5% 2. 3% Euronet Worldwide Inc. 54.11 36.05 59.75 2,846 (73) 2,774 1.7 1.5 11.7 10.0 21.0 18.0 16.5% 1.1 11.1% 25.7% Xoom Corporation 17.33 13.14 29.82 666 (159) 507 3.2 2.7 29. 4 20.8 61.6 42.5 20.0% 2.1 21.8% 22.1% Moneygram International Inc. 9.09 7.57 20.42 491 966 1,456 1.0 1.0 5.3 5.6 8.3 9.5 12.1% 0.8 (2.4%) (6.5%)
Mean 2.0x 1.8x 13.6x 11.1x 25.7x 20.3x 14.7% 1.3 8.3% 10.9% Median 1.9 1.7 9.9 9.0 16.4 14.6 14.3% 1.1 6.8% 12.2%
Closed Loop Alliance Data Systems Corporation $285.37 $230.53 $300.49 $18,269 $10,502 $28,772 5.4x 4.4x 18.6x 14.9x 22.9x 19.1x 16.2% 1.2 24.1% 20.3% FleetCor Technologies, Inc. 150.26 101.48 160.40 12,597 1,051 13,647 12.1 7.6 20.9 13.5 29.4 23.4 12.0% 2.0 59.5% 31.1 % Edenred SA 27.51 23.17 30.18 6,273 960 7,233 5.8 5.4 15.9 14.1 26.8 23.2 1 2.8% 1.8 7.8% 2.6% WEX Inc. 100.31 78.78 119.11 3,889 562 4,451 5.5 4.8 12.1 11.3 19.6 17. 9 13.3% 1.3 12.9% 16.0%
Mean 7.2x 5.6x 16.9x 13.5x 24.7x 20.9x 13.6% 1.6 26.1% 17.5% Median 5.6 5.1 17.3 13.8 24.9 21.1 13.1% 1.6 18.5% 18.1% Prepaid Blackhawk Network Holdings, Inc. $37.01 $21.65 $40.51 $1,961 ($37) $1,924 1.3x 1.1x 13.4x 10.2x 26.2x 19.7x 20.1% 1. 0 23.4% 30.6% Green Dot Corporation 20.34 16.53 26.87 1,198 (716) 482 0. 8 0.7 3.8 2.7 15.2 11.7 22.0% 0.5 22.9% 5.5% Net 1 Ueps Technologies Inc. 11.65 7.03 14.24 541 (6) 536 0.8 0.8 3.5 NA 4.7 5.5 10.0% 0.6 NA 26.7% Higher One Holdings, Inc. 4.22 2.15 9.45 201 70 271 1.2 1.2 4.7 4.6 6.8 7.1 30.0% 0.2 2.8% 4.7%
Mean 1.0x 0.9x 6.4x 5.8x 13.2x 11.0x 20.5% 0.6 16.4% 16.9% Median 1.0 0.9 4.3 4.6 11.0 9.4 21.1% 0.5 22.9% 16.1% Notes: 14 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Public Company Valuations: Financial Metrics (Cont.)
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 1/2/15 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ
ATM / Kiosks Cardtronics Inc. $37.82 $28.03 $44.00 $1,684 $457 $2,141 2.1x 1.8x 8.5x 7.4x 16.2x 14.1x 15.0% 0.9 13.0% 16.2% Outerwall Inc. 71.52 51.17 76.38 1,353 832 2,185 0.9 0.9 4.7 4.5 11.6 9.1 10.2 % 0.9 4.5% (5.7%) Global Cash Access Holdings, Inc. 7.02 6.04 9.80 460 (11) 449 0.8 0.7 5.9 5.5 8.0 7.1 20.0% 0.4 8.5% (0.4%)
Mean 0.9x 0.8x 5.3x 5.0x 9.8x 8.1x 15.1% 0.6 6.5% (3.1%) Median 0.9 0.8 5.3 5.0 9.8 8.1 15.1% 0.6 6.5% (3.1%)
POS Hardware / Technology Ingenico S.A. $105.15 $70.15 $107.02 $6,009 $348 $6,357 3. 4x 2.6x 15.3x 11.9x 26.2x 20.7x 25.5% 0.8 28.8% 12.9% NCR Corporation 29.22 22.83 37.73 4,921 3,328 8,249 1.3 1.2 8.6 7.8 11.1 9.9 NA NA 4.0% 9.2% VeriFone Systems, Inc. 37.35 25.23 38.63 4,233 633 4,866 2.5 2.3 14.6 12.5 23.0 18.3 14.4% 1.3 8.5% 13.7% PAR Technology Corporation 5.97 3.75 6.30 93 6 99 NA NA NA NA NA NA NA NA NA 1.4%
Mean 2.4x 2.1x 12.8x 10.7x 20.1x 16.3x 20.0% 1.0 13.7% 9.3% Median 2.5 2.3 14.6 11.9 23.0 18.3 0.2 1.0 8.5% 11.0%
Banking and Lending Technology Intuit Inc. $91.21 $69.02 $95.84 $26,043 ($1,090) $24,953 5.5x 5.5x 15. 4x 17.2x NA 33.2x 14.2% 2.3 (0.4%) 8.0% Fidelity National Information Services, Inc. 62.41 48.17 64.30 17,709 4,363 22,072 3.4 3.2 11.4 10.6 20.1 17.9 12.2 % 1.5 7.0% 7.0% Fiserv, Inc. 70.62 53.68 73.27 17,229 3,439 20,668 4.1 3.9 12.5 11.8 21.0 18.7 11.8% 1.6 5.0% 5.2% LendingClub Corporation 24.93 24.75 29.29 9,010 2,518 11, 528 53.6 26.5 NM NM NM 94.1 NA NA 102.7% 104.5% Jack Henry & Associates Inc. 62.21 51.86 63.85 5,087 (28) 5,059 4.0 3.7 11.7 10.7 25.2 22.6 11.7% 1.9 7.5% 7.8% Temenos Group AG 35.51 25.01 36.62 2,345 162 2,507 5.1 4.6 1 4.8 13.4 25.8 22.0 15.5% 1.4 9.0% 3.8% ACI Worldwide, Inc. 19.71 17.32 21.65 2,265 893 3,159 3.1 2.8 12.1 10.6 27.9 21.8 17.7% 1.2 8.4% 16.7% Ellie Mae, Inc. 40.22 23.62 42.66 1,156 (85) 1,071 6.8 5.4 26.6 29.8 44.4 48.7 20.0% 2.4 26.2% 29.7% Bottomline Technologies (de), Inc. 25.35 22.14 37.41 1,012 (45) 967 3.0 2.8 11.9 13.5 17.4 17.3 18.3% 0.9 6.7% 21.0% Q2 Holdings, Inc. 18.89 9.62 20.48 646 (90) 557 7.1 5.4 NM NM NM NM NA NA 30.0% 46.5% Yodlee, Inc. 12.19 11.36 17.97 356 5 362 4.1 3.4 70.5 39.1 NM NM 22.5% NM 20.8 % 41.3% Performant Financial Corporation 6.58 5.95 11.56 325 29 354 1.8 1.8 7.7 7.6 19.6 19.0 16.7% 1.1 (0.5%) (48.4%)
Mean 8.5x 5.8x 19.5x 16.4x 25.2x 31.5x 16.1% 1.6 18.5% 20.3% Median 4.1 3.8 12.3 12.6 23.1 21.9 16.1% 1.5 7.9% 12.4%
Information Processors / Credit Bureaus Experian plc $16.83 $13.99 $18.17 $16,666 $3,816 $20,482 NA 4.1x 12.0x 11.8x NA 17.1x 8.1% 2.1 NA 2.1% Equifax Inc. 81.32 64.75 82.63 9,806 1,438 11,244 4.6 4.3 13.2 12.2 21.0 19 .0 10.5% 1.8 7.1% 7.2% Fair Isaac Corporation 72.17 50.26 74.39 2,317 441 2,758 3.5 3.3 13.3 13.0 18.6 17.2 12.7% 1.4 4.6% 16.4% Acxiom Corporation 19.60 16.04 39.30 1,509 195 1,705 1.6 1. 6 8.2 8.2 25.4 22.3 12.5% 1.8 0.6% (2.9%) Intersections Inc. 3.76 3.32 9.10 70 (11) 59 0.2 0.2 NA NA NM N M NA NA 13.4% (21.1%)
Mean 2.5x 2.7x 11.7x 11.3x 21.7x 18.9x 10.9% 1.8 6.4% 0.4% Median 2.5 3.3 12.6 12.0 21.0 18.1 11.5% 1.8 5.8% 2.1%
Notes: 15 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
12/29/14 Keyw are Technologies NV Global Pay NV POS NA NA
12/23/14 SafeCharge International Group Limited 3V Transaction Services Limited Issuer Processing $22 5.0x
12/22/14 ArcaTech Systems, L.L.C. CTS Group S.p.A. Banking Hardw are NA NA
12/19/14 Wolters Kluw er NV SBS Softw are GmbH Accounting Softw are NA NA
12/18/14 Investview , Inc. GATE Global Impact, LLC Impact Investing Marketplace $2 NA
12/18/14 PriceMatch SAS Pow erYourRoom Ltd. Accounting Softw are NA NA
12/18/14 Silverlake Axis Ltd Finzsoft Solutions Limited Financial Softw are $19 1.9x
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 $4 42.5x
12/15/14 Aquiline Capital Partners LenderLive Netw ork, 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. Gatew ays $8 2.9x
12/12/14 Kohli Ventures Dynacart Solutions Ltd. Gatew ays NA NA
12/11/14 Wirecard AG GFG Group Limited Gatew ays $42 NA
12/10/14 Intuit Inc. Acrede HR and Payroll Solutions (Jersey) Limited Payroll Softw are NA NA
12/10/14 Wigan Council Unit4's Invoice4 Solution Billing Softw are NA NA
12/8/14 Vanare, LLC NestEgg Wealth, Inc. Personal Financial Management NA NA
12/5/14 Microgen plc Unity Softw are Limited Financial Softw are $2 NA
12/4/14 Wirecard AG The AMARA Group Limited Issuer Processing $45 NA
Notes: 16 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
12/3/14 SignaPay, LTD. PayHub, Inc. Merchant Acquiring NA NA
12/3/14 AFS Technologies, Inc. The POP Company Pte. Ltd. Financial Softw are NA NA
Credit Suisse's Proprietary Commission Fees and 12/2/14 SmartStream Technologies Financial Softw are NA NA Expense Management Softw are 12/1/14 Bankrate, Inc. Wallaby Financial, Inc. Loyalty / Rew ards NA NA
11/27/14 Skrill Holdings Limited Smart Voucher Limited Cash Payments NA NA
11/25/14 Qiw i plc Money.Mail.Ru, LLC Netw ork NA NA
11/25/14 Sw ipp Holding ApS Paii ApS Mobile Payments NA NA
11/24/14 Acculynk PayPlum, LLC Compliance Softw are NA NA
11/21/14 iCash Payment Systems Limited Stargroup Limited ATMs $5 NA
11/21/14 Archw ay Technology Partners, LLC WealthTouch, Inc. Investor Softw are NA NA
11/20/14 AvidXchange, Inc. Piracle, Inc. ACH Processing NA NA
Specialized Technical Services Group, Electronic Fund 11/20/14 Spire Payments Ltd. Money Transfer NA NA Transfer Division Visa Processing Services (India) Private Limited and 11/18/14 Wirecard AG Issuer Processing $16 NA Certain Assets of Visa Processing Service Pte. 11/13/14 TrustBuddy International AB Geldvoorelkaar.nl P2P Lending $13 NA
11/13/14 TrustBuddy International AB 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 Gatew ay Services Business Gatew ay NA NA
11/5/14 NoteMachine UK Ltd. eurochange Ltd. FX Payments NA NA
11/5/14 Xero Limited. Monchilla, Inc. Accounting Softw are $7 NA
Notes: 17 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
The Carlyle Group LP; Euromoney Institutional 11/5/14 Dealogic (Holdings) plc Banking Softw are $503 3.6x Investor PLC; Carlyle Partners VI, L.P. 11/4/14 FinTech Group AG XCOM Group Banking Softw are NA NA
11/4/14 Ipreo Holdings LLC Shareholder InSite, Inc. Business Softw are NA NA
11/4/14 Proxama Plc Aconite Technology Ltd. Issuer Processing Softw are $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
10/23/14 Deluxe Corp. Wausau Financial Systems, Inc. Accounting Softw are $90 NA
10/23/14 Siris Capital Group, LLC; Siris Partners II LP Digital River Inc. eCommerce $646 1.7x
Southw est Business Corporation (nka:SWBC Equi-Trax Asset Solutions LP and Quality Valuation 10/20/14 Mortgage Technology NA NA Lending Solutions) Services 10/20/14 Onyx Payments Worldw ide 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 NA 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 $33 NA
10/13/14 Vista Equity Partners TransFirst, LLC Merchant Processing NA NA
10/12/14 AB Bank Limited Cashlink Bangladesh Limited ATMs NA NA
The Cash Store Financial Services Inc., Portion of 10/9/14 National Money Mart Company Inc. Alternative Finance NA NA Business and Assets 10/7/14 Boku, Inc. mopay AG Mobile NA NA
10/7/14 Northland Group, Inc. Accounts Receivable Management, Inc. Collections NA NA
10/3/14 Transnetw ork Corporation Citi Remesas, Inc. Remittance NA NA
10/1/14 Posera-HDX Limited Premier Payment Systems, Inc. Merchant Processing NA NA
Notes: 18 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
9/30/14 Global Payments Inc. Certegy Check Services, Inc., FIS Gaming Business Gaming Processing $237 NA
9/29/14 BancTec, Inc. SourceHOV LLC Transaction Processing NA NA
9/25/14 Blackhaw k Netw ork Holdings, Inc. Parago, Inc. Marketing / Offers $291 2.9x
9/24/14 Arrow Global Investments Holdings Limited CapQuest Group Limited ARM $258 5.1x
9/23/14 Equity Administration Solutions, Inc. Rivet Softw are, Inc. Financial Reporting Softw are NA NA
9/22/14 European Energy Exchange AG Pow ernext S.A. Trading Platform NA NA
9/19/14 ParTech, Inc. Brink Softw are, 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 Softw are NA NA
9/18/14 Green Dot Corporation Santa Barbara Tax Products Group, LLC Financial Softw are $401 NA
9/17/14 Strattam Capital Doxim Inc. Financial Softw are NA NA
9/16/14 The Collinson Group Ltd. Welcome Real-time S.A. Loyalty NA NA
9/16/14 Wolters Kluw er NV Beijing Dingxin Chuangzhi Technology Co., Ltd. Accounting Softw are NA NA
9/15/14 Blackhaw k Netw ork 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 FolioDynamix, Inc. Broker Softw are $210 NA
9/11/14 Happ Controls, Inc. Comesterogroup S.r.l. POS / Vending NA NA
9/10/14 Redecard S.A. MaxiPago Serviços de Internet Ltda. Gatew ay NA NA
9/9/14 Rakuten, Inc. Ebates Performance Marketing, Inc. Marketing / Offer s $1,000 6.0x
9/9/14 Moneygram International Inc. Nexxo Financial Corporation Alternative Financial Services NA NA
Notes: 19 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
9/8/14 Barclaycard The Logic Group Holdings Ltd. Loyalty / Rew ards NA NA
IMPACT Financial Services LLC, IMPACT Overdraft 9/4/14 Velocity Solutions, Inc. Banking Softw are NA NA Softw are and Solutions Business 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
9/3/14 Fidelity National Information Services, Inc. Clear2Pay NV/SA Payments Softw are $493 NA
9/2/14 Moneygram International Inc. MTI Money Transfer Limited Money Transfer NA NA
9/2/14 Tungsten Netw ork, Inc. Image Integration Systems, Inc. Accounting Softw are $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 NA 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 Netw ork, Inc. Prepaid $3,360 5.8x
8/11/14 Heartland Payment Systems, Inc. Leaf Holdings, Inc. POS NA NA
8/11/14 Nets Holding A/S Payzone Nordic AB Merchant Processing NA NA
Notes: 20 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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 Softw are 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 Netw orks Corp. Verifone Commerce Solutions, Inc. Online Bill Pay $3 NA
8/5/14 Solium Capital Inc. Executive Trading Solutions, LLC Broker Softw are NA NA
8/4/14 American Bancard, LLC Electronic Payment Exchange, Inc. Card Processing $50 NA
8/4/14 Square, Inc. Serenic Softw are eCommerce NA NA
8/4/14 JRJ Group; TOMS Capital; 76 West Holdings LLC Demica Limited Accounting Softw are NA NA
8/4/14 InComm Holdings, Inc. SIRAS, Inc. (nka:InComm Produc t Control) POS NA NA
7/30/14 Intuit Inc. K.D.K. Softw ares (India) Pvt. Ltd. Accounting Softw are NA NA
7/30/14 Confirmation.com UK, Ltd ProConfirm Ltd. Accounting Softw are NA NA
7/30/14 First Data Corporation Gyft, Inc. Prepaid NA NA
7/30/14 CardCash Inc. Plastic Jungle, Inc. Gift Cards NA NA
7/30/14 Heartland Payment Systems, Inc. TouchNet Information Systems, Inc. Prepaid $347 5.0x
7/29/14 Ericsson MetraTech Corp. Billing Solutions NA NA
7/28/14 CoinTerra Inc. bits of proof zrt. Bitcoin NA NA
7/23/14 Computershare Limited Homeloan Management Limited Mortgage Servicing NA NA
7/21/14 Infantly Available, Inc. (nka:IFAN Financial, Inc.) MobiCash America, Inc. Mobile NA NA
Notes: 21 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
7/21/14 Altisource Portfolio Solutions S.A. Mortgage Builder Softw are, Inc. Mortgage Softw are NA NA
7/21/14 ACI Worldw ide ReD Info Services NA NA
7/18/14 Nordic Capital; Nordic Capital Fund VIII LP Lindorff Group AB Bill Pay NA NA
7/18/14 Ontario Teachers' Pension Plan First American Payment Systems, L.P. Merchant Acquiring NA NA
7/17/14 Milestone Partners PayLink Payment Plans, LLC VSC Processing NA NA
7/17/14 Factor Systems, Inc. Open Scan Technologies, Inc. B2B Payments NA NA
7/17/14 NetSuite Inc. Venda, Inc. eCommerce $51 NA
7/14/14 Collections Solutions Softw are, Inc. 123Comply, LLC Collections NA NA
7/14/14 Platinum Equity, LLC Transw orld Systems Inc. Collections NA NA
7/8/14 Top Image Systems Ltd. eGistics, Inc. Remittance Processing $18 1.7x
CARE Kalypto Risk Technologies and Advisory Services 7/3/14 Credit Analysis and Research Limited Risk & Analytics NA NA Private Limited 7/1/14 Optimal Payments Plc Global Merchant Advisors, Inc. ISO $15 1.8x
7/1/14 Optimal Payments Plc TK Global Partners LP Processing $211 2.8x
7/1/14 Marlin Equity Partners, LLC Longview Solutions, Inc. Accounting Softw are NA NA
6/26/14 Sylogist Ltd. Serenic Softw are Accounting Softw are $11 NA
6/26/14 Monitise plc Markco Media Limited Loyalty $94 NA
6/26/14 GFT UK Limited Rule Financial Limited Financial Outsourcing NA NA
6/25/14 Diebold, Incorporated Cryptera A/S ATMs NA NA
6/24/14 CIT Bank Direct Capital Corporation Online Lending NA NA
6/23/14 Oracle Corporation MICROS Systems, Inc. POS $4,604 3.4x
Notes: 22 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
6/19/14 Universal Payment Gatew ay Accept Cards Merchant Acquiring NA NA
6/16/14 WEX Inc. Evolution1, Inc. Closed Loop $533 6.0x
6/16/14 Groupon, Inc. SnapSaves Loyalty NA NA
6/12/14 Pow a Technologies Limited MPayMe Limited Loyalty / Rew ards $75 NA
6/10/14 Checkalt Payment Solutions, Inc. Diebold Eras, Incorporated Processing NA NA
6/9/14 Moody's Analytics, Inc. WebEquity Solutions, LLC Lending Softw are NA NA
6/5/14 WSILC, LLC Thillens, Inc., ATM portfolio ATMs NA NA
Advanced Payment Solutions, LLC and Data Business 6/4/14 Charge Payment Credit Card Processing NA NA Systems Inc. and Payment Systems Inc. 6/3/14 Markit Ltd. Compliance Technologies International, LLP Complianc e Softw are $99 NA
6/2/14 CRIF SpA High Mark Credit Information Services Private Limited Credit Bureau NA NA
6/2/14 Paycorp Saicom Group Unbanked Services NA NA
5/31/14 Ezetap Mobile Solutions Pvt. Ltd. Clinknow Marketing / Offers NA NA
5/28/14 Nordic Capital Euroline AB Merchant Acquiring $331 NA
5/28/14 Priority Payment Systems LLC Cynergy Data, LLC Merchant Acquiring NA NA
5/27/14 Kalixa Pay Ltd. PXP Solutions Limited Card Processing NA NA
5/27/14 VASCO Data Security International Inc. Risk IDS Limited Payments Risk NA NA
5/20/14 CapFin Partners, LLC American Finance Solutions LLC Online Lending NA NA
5/19/14 MasterCard International Inc. ElectraCard Services Private Limited Card Processing NA NA
5/15/14 PayByPhone Limited Adaptis Solutions Limited Merchant Processing NA NA
5/14/14 Intuit Inc. Invitco Pty Limited Accounting Softw are NA NA
Notes: 23 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
5/13/14 DirectCash Payments Inc. DirectCash Bank ATMs $15 NA
5/13/14 Gemalto N.V. Shoreline Solutions Card Manufacturing NA NA
5/13/14 Gemalto N.V. Source One Direct Card Manufacturing NA NA
Thinksoft Global Services Limited (nka:SQS India BFSI 5/12/14 SQS Softw are Quality Systems AG Banking Softw are $38 1.3x Limited) 5/12/14 Vantiv, Inc. Mercury Payment Systems, LLC Merchant Processing $1,650 7.0x
5/9/14 eGlobal, LLC T.B.T.I. Inc. ATMs NA NA
5/6/14 Radian Group Inc. Clayton Holdings LLC Mortgage Services $312 2.3x
5/2/14 Investor Group & Management NagraID S.A. Card Manufacturing NA NA
5/2/14 HighBitCoin, LLC (nka:PeerNova inc.) Technology IQ Ltd Digital Currencies NA NA
5/1/14 TCV, Sequoia Capital Elevate Online Lending NA NA
5/1/14 Capita Asset Services (London) Limited Capita Mortgage Services Limited Mortgage Services NA NA
5/1/14 WorldPay Limited Thisf Informatica Ltda. Gatew ay NA NA
4/23/14 Nayax Ltd. InOne Technology, LLC POS NA NA
4/22/14 Visa Inc. GP Net Merchant Processing NA NA
4/21/14 Cross Match Technologies, Inc. DigitalPersona, Inc. Authentication NA NA
4/16/14 MasterCard Incorporated Pinpoint Pty. Ltd. Loyalty NA NA
4/16/14 Assurant Services, LLC StreetLinks LLC Mortgage Technology $72 NA
4/16/14 Warburg Pincus LLC Electronic Funds Source LLC Corporate Payments $1,000 NA
4/14/14 Fidelity National Information Services, Inc. CMSI INC. Online Lending NA NA
4/14/14 Paymentus Corp. Tele-Works Inc. Bill Pay NA NA
Notes: 24 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
4/12/14 Transaction Services Holdings Ltd. Harlands Group Ltd DDA Payments NA NA
4/8/14 Intrix Technology, Inc. Witt Merchant Services Inc. Merchant Processing NA NA
4/2/14 Lone Star Funds DFC Global Corp. Online Lending $1,197 1.1x
4/1/14 CurvePay, LLC Transaction Labs LLC Loyalty NA NA
4/1/14 SIX Group CETREL (Remaining 50% Stake) Merchant Processing NA NA
3/31/14 Spire Payments Ltd. Altius Plus LTD Processing Softw are NA NA
3/31/14 Bottomline Technologies (de), Inc. Andera, Inc. Banking Softw are $48 NA
3/25/14 Global Analytics, Inc. Workpays LLC Consumer Finance NA NA
3/25/14 Merchant Warehouse Inc. Opticard Payment Services Incorporated Prepaid NA NA
3/24/14 Advent International, Bain Capital, ATP Group Nets Holding A/S Payments $3,140 NA
3/21/14 Equiniti Group Limited Pancredit Systems Ltd. Lending Softw are NA NA
3/19/14 Mitsubishi UFJ Fund Services Holdings Limited Meridian Fund Services Group Fund Administration NA NA
3/10/14 Euronet Worldw ide Inc. HiFX Plc Payments $241 3.7x
3/10/14 Pivotal Payments Inc. Capital Processing Netw ork LLC Merchant Processing NA NA
3/4/14 Jack Henry & Associates Inc. Banno, LLC FI Technology $28 NA
3/4/14 Mozido, LLC StickyStreet Inc. Loyalty NA NA
2/24/14 MasterCard Incorporated C-SAM, INC. Mobile NA NA
2/20/14 BBVA Compass Bancshares Simple Finance Technology Online Banking Solutions $117 NA
L2 Capital Partners; Farragut Capital Partners, LLC; 2/19/14 reQuire, LLC Real Estate Softw are NA NA Farragut Mezzanine Partners III, LP 2/16/14 GTCR LLC, Management Callcredit Information Group Limited Data & Analytics $586 NA
Notes: 25 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
2/10/14 Misys Limited IND Group Online Banking Solutions NA NA
2/6/14 NBS Payment Solutions Inc. Equinox Payments, LLC POS NA NA
2/6/14 First American Financial Corporation Interthinx, Inc. Risk Analytics $155 NA
2/4/14 Xoom Corporation BlueKite, Ltd. Money Transfer $15 NA
2/3/14 Monitise plc Pozitron Yazilim A.S. Mobile $98 NA
1/24/14 Global Payments Inc. Payment Processing, Inc. Payments Technology $420 NA
1/18/14 Allied Wallet, Ltd. Cloudasia Limited Gatew ay NA NA
1/17/14 HID Global Corporation IdenTrust, Inc. Identity Security NA NA
1/16/14 arvato infoscore GmbH AfterPay B.V. eCommerce NA NA
1/13/14 Oki Electric Industry Co., Ltd. Grupo Itautec, Automation and Services Division ATMs $54 NA
1/13/14 DataCard Corporation Entrust, Inc. Identity Security NA NA
1/7/14 Deluxe Corp. Destination Rew ards, Inc. Loyalty $22 NA
1/7/14 Total Merchant Services Registroid POS NA NA
Notes: 26 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
12/24/14 Qw ikCilver Solutions Private Limited NA $9.9 Amazon.com, Accel Partners, Helion Venture Partners Gift Cards
Credit Saison, Dentsu, GMO VenturePartners, JAFCO, Mitsui 12/19/14 Money Forw ard, Inc. Series B $12.6 Accounting Softw are Sumitomo Insurance Venture Capital, SourceNext Corporation
12/18/14 VALITOR HF 38% Stake $28.6 Arion Bank eCommerce
12/17/14 PeerNova Inc. Series A $8.6 Mosaik Partners, Crypto Currency Partners Blockchain
General Atlantic, Temasek Holdings, Index Ventures, Felicis 12/16/14 Adyen B.V. Series B $250.0 Merchant Processing Ventures Adams Capital Management, Bain Capital Ventures, Canadian 11/25/14 Dynamics Inc. Series C $70.0 Card Manufacturing Imperial Bank of Commerce, MasterCard August Capital, Draper Fisher Jurvetson, KKR, RRE 11/7/14 Avant Credit Corporation NA $225.0 Online Lending Ventures, Tiger Global Management Anthemis Group, Aviva Life & Pensions, British Engines, 12/4/14 Atom Bank NA $39.3 Online Banking Polar Capital General Catalyst Partners, Khosla Ventures, Sequoia Capital, 12/2/14 Stripe, Inc. NA $70.0 Mobile Payments The Founders Fund, Thrive Capital CDC Group, Creation Investments, DEG, FMO, India Financial 11/29/14 Equitas Holdings Pvt. NA $53.0 Microfinance Inclusion Fund, International Finance Corporation
11/27/14 Monitise plc NA $77.4 Banco Santander (Mexico), Master card, Telefonica Mobile Payments
11/28/14 Reval NA $20.0 Goldman Sachs POS
BRM Group, Ping An Capital, SBT Venture Capital, Spark 11/23/14 eToro (Europe) Ltd. NA $27.0 Social Investing Capital Partners
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, Tr ibeca Venture Partners Financing Platform
Advanced Technology Ventures, Centerview Capital, Next 11/12/14 Host Analytics, Inc. Series E $25.0 Financial Softw are World Capital, StarVest Partners, Trident Capital
11/10/14 Avalara, Inc. NA $150.0 Warburg Pincus Sales Tax Softw are
11/7/14 Pow a Technologies Limited Series C $80.0 Wellington Management Company POS
Agri Pow er and Engineering Solutions, Kiran Vyapar Limited, 11/6/14 Indian Energy Exchange Limited NA $93.9 Trading Platform TVS Capital Funds
Notes: 27 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
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 / Rew ards
BBVA Ventures, Corsair Capital, CrossLink Capital, 10/28/14 Personal Capital Corporation Series D $50.0 PFM Institutional Venture Partners, USAA, Venrock
10/28/14 Argentum Spain S.L.U. NA $16.5 Access Industries, Holtzbrinck Ventures Online Lending
DAG Ventures, Dragoneer Investment Group, Greylock 10/27/14 Wealthfront Inc. NA $70.0 PFM Partners, Index Ventures, The Social+Capital Partnership
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 Softw are
10/20/14 MediGain, LLC NA $38.0 Prudential Capital Group Revenue Cycle Management
Highland Capital Partners, Buchanan Capital Management, 10/20/14 Bitnet Technologies Ltd. Series A $14.5 Cryptocurrency Highland Capital Partners, Rakuten
10/20/14 CreditSuppliers, LLC NA $12.5 G8 Capital Lending Technology
Devonshire Investors, e.ventures, Greycroft Partners, Polaris 10/20/14 Recurly, Inc. Series B $12.0 Bill Pay Partners
10/14/14 orderbird AG Series B $10.0 ConCardis POS
10/13/14 Financial Softw are & Systems (P) 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
FuturePerfect Ventures, Lightspeed Venture Partners, 10/6/14 Qkos Services Ltd. Series A $30.5 Cryptocurrency Mosaic Ventures, Prudence Holdings, Wicklow Capital
Notes: 28 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
Bessemer Venture Partners, Khosla Ventures, Spark Capital 9/30/14 Quantopian, Inc. Series B $15.0 Trading Platform Partners, Wicklow Capital Google Capital, Susquehanna Grow th Equity, Tiger Global 9/29/14 Credit Karma, Inc. NA $75.0 Credit Monitoring Management
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, Softw are AG, The Main Incubator B2B Payments
9/23/14 Invoice2go Corporation NA $35.0 Accel Partners, Ribbit Capital ARM / Invoicing
Crypto Currency Partners, Innovation Endeavors, Khosla 9/19/14 Blockstream Corp NA $21.0 Blockchain Ventures, Mosaic Ventures, Real Ventures, Ribbit Capital DCM, Lightspeed Venture Partners, Menlo Ventures, Rogers 9/16/14 FiveStars, Inc. Series B $26.0 Loyalty Communications iNovia Capital, Accel Partners, Hercules Technology Grow th 9/17/14 LightSpeed Retail Inc. NA $35.0 POS Capital
9/12/14 Square, Inc. Series E $100.0 Undisclosed Merchant Acquiring
Beijing Xiaomi Technology, Matrix Partners China, Shunw ei 9/5/14 Jimubox.com Series B $37.2 P2P Fund, Ventech China, Vertex Venture Holdings
9/4/14 KnCMiner AB Series A $14.0 Creandum Bitcoin
9/3/14 Snow ball 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 Softw are
8/13/14 Nubank Series A $14.3 Sequoia Capital; Kaszek Ventures Online Banking
Notes: 29 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
8/11/14 Transactis, Inc. Series D $11.0 Safeguard Sciences, StarVest Partners Online Bill Pay
Khosla, BoxGroup, Homebrew , Pantera Capital, RRE 8/7/14 Chain Inc. NA $9.5 Bitcoin Ventures, SV Angel, Thrive Capital
8/5/14 Social Finance, Inc. Series R $50.0 Undisclosed Online Lending
7/23/14 Freshbooks, Inc. Series A $30.0 Atlas, Georgian, Oak Investment Partners Accounting Softw are
7/17/14 Taulia Inc. Series D $27.0 DAG, Lakestar, Matrix, Ques tMark, Trinity B2B Payments
7/16/14 Funding Circle Ltd. Series D $65.0 Accel, Index, Ribbit, Union Square Online Lending
Blumberg Capital, Xseed Capital, lool ventures, Rhodium, 7/16/14 Zooz NA $12.0 Merchant Acquiring Access Industries, Camp One Ventures
7/11/14 Motionsoft, Inc. Series B $10.0 Edison, Route 66 Merchant Softw are
7/8/14 Xapo Inc. Series A-1 $20.0 Emergence Capital, Greylock, Index Bitcoin
Atalya Capital Management, FirstMark Capital, Jefferies 7/3/14 Insikt, Inc. Series B $16.0 Online Lending Capital Partners, Serengeti Asset Management
7/2/14 Plastiq Inc. Series B $10.0 Atlas, Flybridge, Khosla Online Payments
Avanti, Comerica, Horizon Technology Finance, Norw est, 6/30/14 mBlox, Inc. NA $43.5 Marketing / Offers Saints, Scale, Stratim, Trident
6/29/14 Osper Ltd. Seed $10.2 Horizons Ventures, Index Ventures Prepaid
6/24/14 Kreditech Holding SSL GmbH Series B $40.0 Blumberg, Point Nine, Värde Partners Online Lending
6/23/14 Ebury Partners UK Limited NA $30.6 Greylock FX Payments
6/20/14 Payoff, Inc. NA $12.0 Undisclosed Online Lending
6/19/14 First Data Holdings, Inc. NA $3,500.0 KKR, Stone Point, Trident Merchant Acquiring
6/17/14 BioCatch Ltd. Series A $10.0 Blumberg Capital, OurCrow d Security
6/16/14 WeLab Holdings Limited Series A $23.2 Sequoia, Tom Group Ltd. Online Lending
Notes: 30 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
Bridgescale, Crypto Currency, Grade-A, Liberty City, Radar, 6/16/14 BitGo, Inc. Series A $12.0 Bitcoin Redpoint, Bitcoin Opportunity Fund, Founders Fund
6/11/14 Ibotta, Inc. Series B $20.0 Jim Clark, Tom Jermoluk Loyalty / Rew ards
6/9/14 Affirm, Inc. NA $45.0 Khosla Ventures, Lightspeed Ventures, Nyca Partners Online Lending
6/9/14 TransferWise Series B $25.2 Business Accelerator, IA, Index, Kima, Valar Money Transfer
5/30/14 Salsa Labs NA $5.0 Edison, Maryland Venture Fund Crow d Funding
Binary Financial, Crypto Currency Partners, GCF Partners, 5/30/14 Bitfury USA, Inc. NA $20.0 Bitcoin ZAD Investment Renren, Ackman-Ziff, Berman Enterprises, Collaborative 5/28/14 Fundrise Series A $31.0 Crow d Funding Fund
5/28/14 Ecw id, Inc Series B $5.0 iTech Advisors, Runa Capital eCommerce
5/22/14 Malauzai Softw are, Inc. Series C $6.5 Wellington Management Company Banking Softw are
5/21/14 Treasury Intelligence Solutions GmbH Series B $5.5 Target Partners, Zobito B2B Payments
Andreessen Horow itz, Atlas Venture, Collaborative Fund, 5/20/14 Earnest Inc NA $15.0 Online Lending First Round, Maveron
5/19/14 Dashlane, Inc. Series B $22.0 Bessemer, FirstMark, Rho Capital Partners Digital Wallet
5/19/14 Sw ipely Inc. Series C $20.0 First Round Capital, Index , Pritzker Group, Shasta POS / Loyalty
5/15/14 Verafin Inc. NA $55.1 Spectrum Fraud Detection
5/13/14 Sw agbucks First Round $60.0 TCV Marketing / Offers
5/13/14 auxmoney GmbH Series B $16.0 Foundation, Index, Partec h International, Union Square P2P Lending
Creandum, Daw n, Greylock Israel, Index, Intel Capital, SEB 5/9/14 iZettle AB Series C $55.1 POS Asset Management, Zouk
5/8/14 BitPay, Inc. Series A $30.0 AME Cloud, Felicis, Horizon, Index, RRE, Founders Fund, TTV Bitcoin
Balderton, Foundation, Goldman Sachs, Ignition, JPMP, 5/8/14 Motif Investing Inc. NA $35.0 Online Brokerage Norw est, Wicklow
Notes: 31 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
BlueRun, Lumia Capital, Mohr Davidow , SoftBank Capital, 5/5/14 Kabbage Inc. Series D $50.0 Online Lending TCW/Craton, Thomvest, UPS Strategic Enterprise Francisco Partners, Institutional Venture Partners, Phenomen 5/1/14 Prosper Marketplace, Inc. NA $70.0 P2P Lending Ventures
4/30/14 PunchTab, Inc. NA $6.3 Mohr Davidow Ventures Loyalty
4/28/14 OurCrow d Ltd. Series B $25.0 Undisclosed Crow dfunding
4/24/14 2Checkout.com, Inc. NA $60.0 Chicago Grow th Partners, Trident Capital Merchant Processing
4/24/14 ShopKeep POS Inc Series C $25.0 Canaan, Contour, Thayer Street, Tribeca, TTV POS
4/24/14 Ondot Systems, Inc. NA $18.0 Undisclosed Card Monitoring
4/23/14 freee K.K. Series B $8.0 DCM, Infinity Venture Partner s Accounting Softw are
BlackRock, Sands Capital Management, T.Row e Price, 4/16/14 LendingClub Corporation Series F $65.0 P2P Lending Wellington
4/15/14 The Currency Cloud Series B $10.0 Anthemis, Atlas, Notion, SVB, Xange Cross-Border Payments
4/11/14 Crow dRise, Inc. NA $23.0 Bezos, CAA, Index, RatPac-Dune, Spark, Union Square Crow dfunding
4/10/14 Fundbox Inc. Series A $17.5 Khosla, SV Angel SMB Online Lending
4/1/14 Buzz Points NA $19.0 Lead Edge Capital Loyalty / Rew ards
3/28/14 CJSC«Smartfin» Series B $5.0 Almaz Capital, ESN Group, InVenture Partners Merchant Acquiring / Mobile
3/26/14 Mobile Embrace Limited NA $11.0 Undisclosed Prepaid
Accel, Breyer, Fenw ay Summer, General Catalyst, Oak 3/26/14 Circle Internet Financial, Inc. Series B $17.0 Digital Currency Investment Partners, Pantera Capital Baseline, DCM, Discovery Capital Management, Innovation 3/25/14 Social Finance, Inc. Series C $80.0 Student Lending Endeavors, Renren, Wicklow Capital
3/25/14 Vend Limited Series B $20.0 Point Nine, Square Peg, Valar Ventures POS Softw are
3/14/14 Klarna AB NA $122.2 Atomico, General Atlantic, Sequoia Mobile Commerce
Notes: 32 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
3/13/14 Xapo Inc. First Round $20.0 Benchmark, Fortress, Ribbit Bitcoin Wallet
Adams Street, August, CM Capital, Tenaya, U.S. Venture 3/11/14 ThreatMetrix Inc. Series E $20.0 Fraud Protection Partners
3/11/14 WorldRemit Ltd Series A $40.0 Accel Remittance
Greycroft, eVentures, Frontier, ACCION, KRW Schindler, 3/11/14 Azimo Ltd Series A $10.0 Remittance Digital Ventures, TA Venture
3/7/14 Calpian, Inc. Series C $5.0 Craig Hall Merchant Processing
3/6/14 SocietyOne Australia Pty. Ltd. Series A $8.5 Global Founders, Reinventure P2P Lending
Susquehanna Grow th Equity, Vintage, Greylock Israel, 3/5/14 Payoneer, Inc. Series D $25.0 International Payments Carmel
3/4/14 Auction.com, LLC NA $50.0 Google Capital Real Estate Commerce
3/4/14 Borro Limited NA $111.7 Victory Park Capital Advisors Online Lending (Paw n)
Tiger Global, First Round, Google Ventures, Industry 2/27/14 On Deck Capital, Inc. NA $77.0 Online Lending Ventures, Institutional Venture Partners, RRE, SAP Ventures
2/25/14 Tradeshift Inc. Series C $75.0 Scentan Ventures Supply Chain Softw are
2/21/14 Ezetap Series B $8.0 Berggruen Holdings, Helion, The Social+Capital Partnership POS
2/19/14 mCash Series A $7.0 Entrée Capital, Northzone Ventures Mobile
2/19/14 ZenPayroll Series A $20.0 General Catalyst, Kleiner Perkins Caufeld & Byers Payroll
2/11/14 SpendSmart Payments NA $15.0 Undisclosed Prepaid
2/11/14 nCino, LLC NA $11.0 Wellington Management Company Banking Softw are
2/5/14 Tapingo Ltd. Series B $10.5 Carmel, Khosla eCommerce
2/3/14 Klarna AB 6.8% Stake $71.7 Undisclosed Mobile Commerce
1/30/14 Pow a Technologies Limited Series A $76.0 Wellington Management Company eCommerce
Notes: 33 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
1/29/14 Zopa Limited Series C $24.7 Arrow grass Capital Partner s P2P
1/28/14 GoCardless Ltd. Series B $7.0 Accel, Balderton, Passion Capital Direct Debit
1/23/14 Stripe, Inc. Series C $80.0 Allen & Company, Khosla, Sequoia, Founders Fund Mobile
1/22/14 QFPay Series B $16.5 Undisclosed Merchant Processing
1/16/14 WePay, Inc. Series C $15.0 August, Continental, Highland, Ignition Crow dfunding
1/14/14 Bank Bazaar Series B $13.0 Sequoia India, Walden Online Lending
1/13/14 Lending Works Ltd NA $5.8 David Kyte P2P
1/9/14 Iw oca Ltd. NA $8.2 Redline, Global Founders Online Lending
1/8/14 CAN Capital, Inc. Series C $33.0 MeriTech Capital, Acc el, Ribbit, QED Online Lending
1/7/14 RENREN DAI Business Consulting Series A $130.0 TrustBridge Partners Card Manufacturing
Notes: 34 Source: CapitalIQ, DowJones Venture Source. IV. Securities / Capital Markets / Data & Analytics Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 1/2/15 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Exchanges - Americas CME Group Inc. $88.14 $66.44 $93.91 $29,689 $947 $30,636 9.9x 9.2x 15.6x 14.0x 26.4x 23.4x 13.3% 1.8 8.0% 6.7% Intercontinental Exchange, Inc. 217.64 182.40 229.50 24,530 2,257 26,787 8.7 8.2 14.3 12.2 22.6 18.2 15.8% 1.1 6.3% 12 0.4% The Nasdaq OMX Group, Inc. 47.86 33.49 49.71 8,024 2,046 10,070 4.9 4.7 10.4 9.5 16.5 14.8 11.3% 1.3 4.7% 1.6% BM&F Bovespa SA 3.52 3.19 5.37 6,384 311 6,694 8.7 8.5 13.0 1 2.9 12.9 12.4 8.4% 1.5 2.2% (7.5%) CBOE Holdings, Inc. 63.36 46.52 65.39 5,348 (127) 5,221 8. 5 7.8 14.7 13.2 28.0 24.7 14.4% 1.7 8.7% 8.9% TMX Group Limited 44.28 41.01 52.34 2,405 856 3,261 5.3 5.0 10.7 10.0 13.3 12.1 NA NA 4.9% (4.8%) Bolsa Mexicana de Valores SAB de CV 1.71 1.55 2.07 1,015 (128) 887 5.5 5.1 12.1 10.9 20.2 18.7 NA NA 7.3% 15.2%
Mean 7.4x 6.9x 13.0x 11.8x 20.0x 17.7x 12.7% 1.5 6.0% 20.1% Median 8.5 7.8 13.0 12.2 20.2 18.2 13.3% 1.5 6.3% 6.7%
Exchanges - Asia Hong Kong Exchanges & Clearing Limited $22.31 $14.54 $24.37 $26,024 ($26,014) $10 NM NM NM NM 40.3x 30.1x 17.7% 1.7 2 5.7% 15.6% Singapore Exchange Limited 5.82 5.01 5.92 6,233 (657) 5,576 10.7 9.3 18.0 15.2 26.3 22.2 8.8% 2.5 14.2% (9.7%) ASX Limited 29.87 27.68 30.81 5,777 (4,730) 1,047 1.9 1.8 2.5 2.4 18.1 17. 5 6.1% 2.9 4.1% 4.8% Bursa Malaysia Bhd 2.30 2.23 2.31 1,229 (103) 1,126 8.0 7.3 14.3 12.5 22.5 20.9 12.0% 1.7 8.9% 6.7%
Mean 6.9x 6.2x 11.6x 10.0x 26.8x 22.7x 11.2% 2.2 13.2% 4.4% Median 8.0 7.3 14.3 12.5 24.4 21.6 10.4% 2.1 11.6% 5.8%
Exchanges - Europe Deutsche Boerse AG $71.25 $60.01 $76.11 $13,124 $1,068 $14,192 5.0x 4.8x 10.6x 10.1x 16.4x 14.9x 8.9% 1.7 5.6% 2.0% London Stock Exchange Group plc 34.19 26.56 34.99 11,835 (1,265) 10,570 5.3 4.4 11.3 9.8 21.8 18.9 9.0% 2.1 20.1% 11.5 % Bolsas y Mercados Españoles 39.55 32.76 43.52 3,297 (398) 2,899 7.2 6.9 10.2 9.7 16.6 15.7 7.8% 2.0 3.9% 2.3% JSE Limited 10.34 6.85 10.62 884 (120) 764 NA NA NA NA NA NA NA NA NA (0.5%) GPW 12.79 9.85 13.42 537(1) (34) 503 5.7 5.5 11.0 10.1 16.9 15.4 8.0% 1 .9 4.8% 6.3% Hellenic Exchanges - Athens Stock Exchange S.A. Hol5.71ding 5.30 11.45 373 (207) 167 2.8 2.6 4.6 4.3 13.5 12.3 23.0% 0. 5 5.2% 4.6%
Mean 5.2x 4.8x 9.5x 8.8x 17.0x 15.4x 11.3% 1.6 7.9% 4. 4% Median 5.3 4.8 10.6 9.8 16.6 15.4 8.9% 1.9 5.2% 3.4%
Notes: 36 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics (Cont.)
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 1/2/15 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $39.60 $29.92 $41.22 $6,623 ($578) $6,045 4.8x 4.3x 10.9x 9.8x 21.3x 18.4x 12.0% 1.5 10.0% 14.7% Broadridge Financial Solutions, Inc. 45.60 34.94 46.78 5,473 193 5,665 2.2 2.1 10.2 9.3 20.7 17.6 13.6% 1.3 6.1% 1.9% SS&C Technologies Holdings, Inc. 55.28 35.47 59.76 4,625 526 5,152 6.7 5.8 16.1 14.4 23.5 21.2 16.2% 1.3 15.0% 7.3% DST Systems Inc. 94.60 81.83 100.38 3,600 525 4,125 2.0 2.0 9.0 8.8 17.6 16.0 11.4% 1.4 1.9% 4.2% Financial Engines, Inc. 35.92 29.40 69.17 1,866 (296) 1,570 5.6 4.9 15.8 15.4 38.9 37.1 24.3% 1.5 14.0% 17.2% Envestnet, Inc. 48.76 33.12 54.88 1,675 (76) 1,599 4.6 3.7 29.0 20.5 62.3 43.7 28.3% 1.5 23.8% 26.8% Advent Software, Inc. 30.15 25.42 35.73 1,559 218 1,777 4. 5 4.2 13.5 12.6 21.0 19.5 13.6% 1.4 5.4% 2.3%
Mean 4.3x 3.9x 14.9x 12.9x 29.3x 24.8x 17.1% 1.4 10.9% 10.6% Median 4.6 4.2 13.5 12.6 21.3 19.5 13.6% 1.4 10.0% 7.3%
Financial Data, Content, & Analytics Thomson Reuters Corporation $39.96 $33.21 $41.44 $31,956 $7,212 $39,168 3.1x 3.0x 11.6x 10.6x 21.3x 18.1x 12.4% 1.5 1.5% 0.7% McGraw Hill Financial, Inc. 88.66 71.93 93.94 24,071 (1, 119) 22,952 4.5 4.3 11.8 10.7 23.0 20.4 14.7% 1.4 5.7% 9.6% Moody's Corporation 95.89 72.57 102.24 20,003 431 20,434 6 .2 5.7 13.4 12.4 23.6 20.8 13.9% 1.5 7.7% 15.7% Verisk Analytics, Inc. 63.97 56.37 67.48 10,550 840 11,390 6.5 6.0 14.2 12.9 26.7 23.5 12.1% 1.9 9.1% 8.9% FactSet Research Systems Inc. 140.59 101.41 145.33 5,869 (140) 5,729 6.1 5.6 16.5 15.3 25.2 22.8 11.8% 1.9 8.2% 8.8% MSCI Inc. 47.69 39.78 51.98 5,343 345 5,687 5.7 5.2 14.0 13.3 23.9 22.4 1 1.3% 2.0 8.8% 10.1% Dun & Bradstreet Corp. 121.65 94.29 128.03 4,368 1,323 5, 692 3.4 3.3 11.1 10.7 16.3 15.5 6.5% 2.4 2.3% 1.5% Morningstar Inc. 65.18 61.03 84.34 2,906 (196) 2,710 3.6 3. 3 12.6 11.0 26.2 22.3 14.0% 1.6 7.7% 11.3% Bankrate, Inc. 12.35 9.39 21.49 1,290 121 1,411 2.6 2.3 10.2 8.9 18.3 15.4 18. 0% 0.9 11.8% 16.9%
Mean 4.6x 4.3x 12.8x 11.8x 22.7x 20.1x 12.7% 1.7 7.0% 9.3% Median 4.5 4.3 12.6 11.0 23.6 20.8 12.4% 1.6 7.7% 9.6%
Online Broker Dealers The Charles Schwab Corporation(1) $30.22 $23.35 $31.00 $39,460 $1,900 $41,360 6.9x 6.3x 17.8x 15.4x 31.5x 26.4x 22.0% 1 .2 9.3% 9.7% TD Ameritrade Holding Corporation(1) 35.57 28.34 37.08 19, 324 $778 20,102 6.3 5.8 13.2 11.8 24.4 NA 17.2% NA 8.0% 12.2% E*TRADE Financial Corporation(1) 24.01 18.20 25.58 6,934 $5,575 12,509 7.0 6.9 17.6 18.0 22.3 21.6 25.1% 0.9 1.9% 13.2% Interactive Brokers Group, Inc.(1) 29.03 20.35 29.85 1,697 $4,494 6,191 5.3 4.3 8.7 6.5 36.1 23.7 11.0% 2.2 22.7% (47.6%) FXCM Inc. (1) 16.55 12.05 18.42 1,264 $188 1,451 3.2 2.7 13.8 8.6 46.6 20.7 2 0.7% 1.0 16.9% 2.3% GAIN Capital Holdings, Inc. 9.15 5.89 12.30 378 (948) (570) NM NM NM NM 14.1 12.4 14.0% 0.9 8.1% 68.6%
Mean 5.7x 5.2x 14.2x 12.0x 29.2x 21.0x 18.3% 1.2 11.2% 9.7% Median 6.3 5.8 13.8 11.8 28.0 21.6 18.9% 1.0 8.7% 11.0%
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 37 (1) Enterprise Value and Net Debt exclude Cash. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
1/2/15 Orc Group Holding AB (publ) Tbricks AB Rating Agency NA NA
12/22/14 Warburg Pincus LLC; The Carlyle Group LP DBRS Limited Trading Platform NA NA
12/19/14 New s Corporation FinDirect Services Private Limited PFM NA NA
12/15/14 Trading Central S.A. Recognia, Inc. Analytics NA NA
12/12/14 The Hearst Corporation Fitch Group, Inc. Rating Agency $6,550 NA
12/8/14 CFH Group A/S Tradimo Interactive ApS PFM NA NA
12/4/14 New York Life Investment Management LLC IndexIQ, Inc. Online Brokerage NA NA
12/1/14 Centerbridge Partners, 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 Softw are NA NA
11/20/14 OptionsCity Softw are, Inc. Optionshop Brokerage, LLC Trading Softw are 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 Softw are NA NA
10/31/14 GAIN Capital Holdings, Inc. City Index (Holdings) Limited FX $118 0.9x
10/29/14 Seedrs Limited Junction Investments, Inc. Crow dfunding NA NA
10/27/14 Moody's Corporation Lew tan Technologies, Inc. Data & Analytics NA NA
10/13/14 Janus Capital Group, Inc. VelocityShares Personal Financial Management $30 NA
10/2/14 TFG Financial Systems Risk Technology Solutions Risk and Analytics NA NA
9/10/14 Intercontinental Exchange, Inc. Holland Clearing House N.V. Trading Platform NA NA
9/10/14 FxPro Group Limited Quotix Limited FX NA NA
Notes: 38 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
Market Crew Investment Advisor Co., Ltd. 9/9/14 ZuluTrade Inc. FX NA NA (nka:ZuluTrade Japan Co Ltd.) 9/5/14 Intercontinental Exchange, Inc. SuperDerivatives Inc. Data & Analytics $350 NA
9/4/14 Associated Foreign Exchange, Inc. GFX Partners Inc. FX NA NA
International Strategy & Investment Group LLC and 8/3/14 Evercore L.P. Analytics NA NA International Strategy & Investment (UK) Limited 7/30/14 Investment Technology Group Inc. ID's SAS Trading Platform NA NA
7/30/14 CME Group Inc. GFI Group Inc. Trading Platform NA NA
7/28/14 XP Investimentos CCTVM S/A CLEAR Corretora de Títulos e Valores Mobiliários S.A. Personal Financial Management $40 NA
7/15/14 Equity Administration Solutions, Inc. Option Admin, Inc. FX NA NA
7/11/14 Forexw are, LLC Boston Technologies, Inc. Shareholder Services NA NA
7/9/14 Bloomberg Inc. RTS Realtime Systems AG Trading Platform NA NA
7/8/14 NASDAQ OMX TruEquity Shareholder Softw are NA NA
7/1/14 Cinnober Financial Technology AB Markit Group Limited, BOAT Trade Reporting Service Compliance Softw are NA NA
7/1/14 Thomson Reuters Corporation UBS AG, UBS Convertible Indices Indices NA NA
6/30/14 NinjaTrader, LLC Mirus Futures, Inc. Trading Platform NA NA
6/30/14 Miles Softw are Solutions Pvt. Ltd. Beans & Intellect Financial Technology Private Limited Trading Softw are NA NA
6/27/14 MSCI ESG Research Inc. Governance Holdings Co. Ratings $15 NA
6/26/14 London Stock Exchange Group plc Frank Russell Company Indices $2,700 1.7x
6/23/14 ULLINK SAS NYFIX, Inc. Trading Platform NA NA
6/23/14 ULLINK SAS NYFIX, Inc. Trading Platform NA NA
Genstar Capital, LLC; Genstar Capital Partners VI 6/20/14 Asset International, Inc. Data & Analytics NA NA LP
Notes: 39 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
6/19/14 Moody's Singapore Pte. Ltd. ICRA Limited Ratings $391 8.0x
6/18/14 SR Labs, Inc. Wombat Financial Softw are Softw are NA NA
6/11/14 REDI Holdings, LLC InstaQuote Business Data & Analytics NA NA
6/3/14 Heritage Global Inc. National Loan Exchange Inc. Receivables Exchange $7 1.7x
5/29/14 Morningstar Inc. HelloWallet Personal Financial Management NA NA
5/29/14 North Street Global Fund Services, LLC Hedge Solutions, Inc. Risk & Analytics NA NA
5/27/14 Intuit Inc. Check, Inc. Personal Financial Management $342 NA
5/27/14 AST Fund Solutions, LLC D.F. King & Co., Inc. Shareholder Services NA NA
5/27/14 General Atlantic LLC OM Securities & OptionsHouse Trading Platform NA NA
5/23/14 Centurion Investments Travelex Holdings Limited FX NA NA
Stake in Boston Technologies, Inc. and Boston Prime 5/16/14 CFH Group A/S Brokerage Platform NA NA Limited 5/14/14 BSE Ltd. United Stock Exchange of India Limited Exchanges NA NA
5/8/14 TransUnion Corp. Credit Information Bureau (India) Ltd. Bureau NA NA
5/8/14 Momentum Global Investment Management Limited YourWealth.co.uk Personal Financial Management NA NA
5/7/14 Forex Capital Markets LLC FXDirectDealer, LLC, U.S. Retail Forex Accounts FX NA NA
5/5/14 FIS Wealth Management Services, Inc. Reliance Financial Corporation Wealth Management $110 NA
5/1/14 BGC Partners, Inc. Remate Lince S.A.P.I. de C.V. Brokerage NA NA
5/1/14 Professional Trading Solutions, Inc. Sterling Trader, Inc. Trading Platform NA NA
4/29/14 Affiliated Managers Group Inc. Veritas Asset Management LLP Asset Management NA NA
4/23/14 Clearstream International SA Citco Global Securities Services Limited Hedge Fund Processing NA NA
Notes: 40 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
4/16/14 Dough (nka:dough, Inc.) tastytrade, Inc. Trading Platform NA NA
Goldman Sachs Group, Merchant Banking Division; 4/14/14 Ipreo Holdings LLC Risk & Analytics $1,119 NA The Blackstone Group L.P. 4/14/14 Taxw are, LLC VAT Resource B.V. Tax Softw are NA NA
4/8/14 FTSE TMX Global Debt Capital Markets MTS S.p.A, Indices Business Indexes NA NA
4/8/14 Associated Foreign Exchange, Inc. Jameson Bank Foreign Exchange NA NA
4/4/14 Advantage Futures LLC Institutional Liquidity, LLC, Futures Accounts Trading Platform NA NA
4/4/14 Pico Quantitative Trading, LLC SpryWare LLC (nka:Pico Technology Solutions) Trading Data NA NA
4/2/14 Bloomberg UBS Australia Bond Indexes Indexes NA NA
4/1/14 FolioDynamix, Inc. GlobalBridge, Inc. Personal Financial Management NA NA
4/1/14 Morningstar Inc. ByAllAccounts, Inc. Analytics $28 NA
4/1/14 Computershare Canada Inc. SG Vestia Systems Inc. Shareholder Administration $6 NA
3/18/14 Vestar Capital Partners Institutional Shareholder Services Inc. Shareholder Services $367 NA
3/18/14 Liquidnet Holdings, Inc. Vega-Chi Limited Trading Platform NA NA
3/14/14 Fitch Group, Inc. Business Monitor International Ltd Data & Analytics NA NA
3/6/14 London Stock Exchange (LSE:LSE) Bonds.com Group, Inc. Exchanges NA NA
3/4/14 HgCapital ULLINK SAS Trading Softw are NA NA
2/24/14 The Bank of New York Mellon Corporation Hedgemark International, LLC Hedge Fund Analytics $40 NA
2/17/14 FEXCO InterCash Bureau de Change Foreign Exchange NA NA
2/3/14 The Conifer Group, LLC Vastardis Fund Services LLC Fund Administration NA NA
1/21/14 Fabrikant.ru Ltd. CJSC MICEX-Information Technologies Exchanges $13 NA
Notes: 41 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
1/16/14 RCS Capital Corporation Cetera Financial Holdings, Inc. Personal Financial Management $1,150 1.1x
1/14/14 Financial Machineries Data Contributions Data & Analytics NA NA
1/13/14 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges $24 NA
Notes: 42 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
11/26/14 MCX Stock Exchange Ltd. 4.9% Stake $14.3 Derive Investments, SKS Capital & Research Exchanges
11/20/14 Kensho Technologies Inc. NA $15.0 Goldman Sachs, NBCUniversal Media Analytics
10/15/14 iMatchative, Inc. Series B-1 $25.0 Control Empreasrial de Capitales, Wells Fargo Data & Analytics
Bloomberg Beta, Formation8 Partners, Goldman Sachs, Bank 9/24/14 Context Relevant, Inc. Series B-1 $14.6 Data & Analytics of America Merrill Lynch, New York Life Investment Mgmt Index Ventures, Ribbit Capital, Andressen Horow itz, Google 9/23/14 Robinhood Financial, LLC Series A $13.0 Trading Platform Ventures, Social Leverage
9/18/14 Yieldbroker Pty Limited 49% Stake $65.0 ASX Limited Trading Platform
Bain Capital Ventures, Cleveland Capital Mgmt, Franklin 8/22/14 IEX Group, Inc. NA $75.0 Trading Platform Resources, Spark Capital
7/20/14 Multi Commodity Exchange of India Ltd 15% Stake $76.0 Kotak Mahindra Bank Limited Exchanges
7/18/14 dough, Inc. NA $25.0 TCV Personal Financial Management
6/25/14 Nutmeg Saving and Investment Limited Series B $32.0 Balderton, Shroders plc Personal Financial Management
6/5/14 Wikinvest Series C $10.0 Undisclosed Personal Financial Management
Lang & Schw arz, Michael Grabner Media, Speed Invest, VBH 6/5/14 w ikifolio Financial Technologies GmbH Series B $8.2 Alternative Investing Ventures
5/28/14 DemystData Ltd Series A $5.0 Accion, ARBOR, Notion Capital, SingTel Innov8 Risk & Analytics
Ackman-Ziff Real Estate, Berman Enterprises, Guggenheim 5/27/14 Fundrise Fund, LLC Series A $38.0 Crow d Funding Partners, Renren, Rising Realty Partners
5/14/14 FutureAdvisor Series B $15.5 Canvas, Morgenthaler, Sequoia, Y Combinator Personal Financial Management
5/13/14 Addepar, LLC Series C $50.0 Formation8 Partners, Valor Equity Partners Analytics
National Commodity and Derivatives 5/9/14 NA $11.1 Undisclosed Exchanges Exchange Cendana Capital, Makena Capital, Venture Investment 4/15/14 AngelList NA $25.0 Angel Investing Associates
4/14/14 LearnVest, Inc. NA $28.0 Accel, American Express Ventures, Northw estern Mutual Personal Financial Management
Notes: 43 Source: CapitalIQ, DowJones Venture Source. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
Anthemis, Bessemer, Citi Ventures, Globespan Capital, 4/1/14 Betterment LLC Series C $32.0 Personal Financial Management Menlo, Northw estern Mutual
4/1/14 Wealthfront Inc. Series C $35.0 DAG, Greylock, Index, Ribbit, The Social+Capital Partnership Personal Financial Management
3/25/14 Payw ard, Inc. Series A $5.0 Hummingbird Ventures Trading Platform
3/21/14 Financial Insight Technology, Inc. Series A $5.2 Javelin Venture Partners, SV Angel Financial Literacy
3/15/14 Realty Mogul, Co. Series A $9.1 Canaan Partners Crow dfunding
3/12/14 Credit Karma, Inc. Third Round $85.0 Google Capital, Ribbit, Susquehanna, Tiger Global Personal Financial Management
Canaan, Google Ventures, Maveron, Rose Park, Union 2/28/14 CircleUp Netw ork, Inc. Series B $14.0 Crow dfunding Square
2/28/14 Acorns Series B $8.3 Jacobs Asset Management Personal Financial Management
12/31/13 OKCoin.com Inc. Series A $10.0 Ceyuan, Manda Capital, VenturesLab BitCoin Exchange
Notes: 44 Source: CapitalIQ, DowJones Venture Source. V. Healthcare / Insurance Healthcare / Insurance Public Company Valuations: Financial Metrics
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 1/2/15 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Healthcare / Insurance Technology Verisk Analytics, Inc. $63.97 $56.37 $67.48 $10,550 $840 $11,390 6.5x 6.0x 14.2x 12.9x 26.7x 23.5x 12.1% 1.9 9.1% 8.9% IMS Health Holdings, Inc. 25.63 21.63 28.48 8,541 3,561 1 2,102 4.6 4.3 13.8 12.8 18.9 16.7 10.5% 1.6 5.8% 3.6% athenahealth, Inc. 147.99 97.30 206.70 5,638 108 5,745 7.7 6.3 41.3 34.8 NM NM 22.7% NM 23.0% 25.7% Solera Holdings Inc. 51.13 45.69 71.15 3,488 1,366 4,855 4 .4 4.0 10.8 9.7 16.8 15.0 12.4% 1.2 9.9% 28.5% Guidewire Software, Inc. 49.97 33.66 58.00 3,477 (500) 2, 977 8.1 7.6 39.3 52.0 74.9 NM 15.0% NM 6.3% 19.8% Ebix Inc. 16.81 12.12 17.95 617 16 633 3.1 2.7 7.2 7.3 10.6 10.7 10.0% 1.1 11.8% 1.0% Crawford & Company 10.19 7.62 12.22 562 144 705 0.6 0.6 6.3 5 .6 14.6 11.9 10.0% 1.2 7.0% 0.2% Polaris Consulting & Services Limited 2.79 1.96 4.39 278 (39) 239 0.7 0.7 5.6 5.3 9.1 7.7 5.0% 1.5 11.4% (25.1%) Symbility Solutions Inc. 0.32 0.20 0.37 66 (12) 55 2.3 2.6 N A NA NA NM NA NA (13.6%) 12.0%
Mean 4.2x 3.9x 17.3x 17.6x 24.5x 14.3x 12.2% 1.4 7.8% 8.3% Median 4.4 4.0 12.3 11.3 16.8 13.4 11.3% 1.4 9.1% 8.9%
Notes: 46 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Healthcare / Insurance Selected Recent Acquisitions – 5/10/14 to Present
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
12/12/14 Emdeon Inc. AdminiSource Communications, Inc. Healthcare Payments $35 NA
12/11/14 Meridian Medical Management Origin Healthcare Solutions LLC Revenue Cycle Management NA NA
12/10/14 Moelis Capital Partners LLC Insurance Technologies, LLC Insurance Softw are NA NA
11/19/14 Emdeon Inc. Change Healthcare Corporation Benefits Softw are $185 NA
Syncordia Technologies and Healthcare Solutions, 11/10/14 Health Services Integration, Inc. Claims Processing NA NA Inc. 11/7/14 iMedX, Inc. Superior Global Solutions, Inc. and Medw rite 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
Emergency Medicine Specialists, P.C. and Midw est 9/10/14 Team Health Holdings, Inc. Claims Management NA NA Emergency Services, L.L.C. 9/2/14 Kofax Limited SOFTPRO GmbH Insurance Softw are $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
7/16/14 Onex Corporation; Onex Partners III, L.P. York Risk Services Group, Inc. Insurance Claims Management NA NA
7/11/14 HgCapital Sequel Business Solutions Limited Insurance Softw are NA NA
6/23/14 Emdeon Inc. Capario, Inc. Revenue Cycle Management $115 NA
6/18/14 Medical Reimbursements of America, LLC Blackmaple Provider Recovery Group, LLC Healthcare Payments NA NA
6/16/14 WEX Inc. Evolution1, Inc. Healthcare Payments $533 6.0x
Notes: 47 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Healthcare / Insurance Selected Recent Acquisitions – 5/10/14 to Present (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
6/6/14 Stone Point Capital LLC LTCG Holdings Corp. Insurance Processing NA NA
5/29/14 Ardian RGI SpA Insurance Softw are NA NA
5/27/14 Solera Holdings Inc. sachcontrol AG Claims Softw are NA NA
5/20/14 Pharos Capital Group Employee Benefit Solutions, Inc . Benefits Card NA NA
5/20/14 OneShield, Inc. Clear Data Strategies, LLC Insurance Softw are NA NA
5/14/14 Navigant Consulting Inc. Cymetrix Corporation Revenue Cycle Management $100 NA
Notes: 48 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.