Financial Technology Sector Overview of Market Activity in the Financial Technology Sector

Quarterly Update Q2 2015

William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. About William Blair From 2010-2014, the investment banking group completed more than 330 merger-and- Investment Banking acquisition transactions worth $73 billion in value, involving parties in 36 countries and �ive continents, was an underwriter on more than 20% of all U.S. initial public offerings, and raised nearly $100 billion in public and private �inancing. William Blair

Financial Technology Sector – Midyear Update

Overall stock market volatility increased as the midyear point approached, driven largely by the oscillating financial crisis in Greece and a rapid and unprecedented correction in Chinese equity markets; however, global M&A and capital markets activity have remained strong, particularly in the United States.

During the first quarter, the most prominent storyline in the financial technology sector was the escalating bets made on mobile payments solutions by the likes of tech giants Apple, Google, and Samsung. As the year has progressed, however, the primary storyline for the sector has quickly shifted to a resurgence in prospective IPOs, particularly by large-scale companies taken private during the leveraged buyout boom of the mid-2000s. These include a number of household names already on file (e.g., SunGard and First Data) as well as numerous others rumored to file in the coming months. PayPal also contributed to the sector’s equity market headlines with its spin-off from eBay, which immediately made it one of the largest publicly traded payments providers globally in terms of market capitalization. We believe the market will successfully absorb these new offerings given the current environment and the relative lack of large-scale financial technology IPOs over the past couple of years.

Financial technology M&A activity remains near all-time highs, with PayPal’s $890 million acquisition of digital money transfer provider Xoom being the most recent high-profile transaction announced. While this sellers’ market is a boon for deal makers broadly, we are increasingly getting the sense from potential acquirers (both strategic and financial) that they are inundated and resource constrained by the sheer number of M&A opportunities in the market and that they are frustrated by valuation expectations that are driving them to the sidelines at the onset of discussions. These dynamics continue to amplify the level of selectivity seen recently by M&A participants and continue to drive sector outcomes into a distinct barbell distribution, with widespread demand for high-quality assets and limited interest in others. We also maintain our prior view that major industry-altering transactions in the financial technology sector are increasingly likely, which may, in fact, be contributing to the selectivity and capacity constraints we are currently witnessing with strategic corporate development teams, in particular.

Across the sector, technological innovation remains a key driver of growth, and favorable secular trends are as strong as ever. For financial technology companies looking to monetize their achievements or to raise capital, prospects remain extremely attractive. Demand for sector investments remains strong across the public, venture, and private equity communities, particularly in the emerging high-growth areas of mobile payments, personal wealth management, and online/marketplace lenders.

As always, we appreciate your interest in William Blair’s financial technology practice, and please do not hesitate to reach out if there is anything we can do to be helpful.

Best regards,

Your William Blair financial technology team:

Dan Daul Phil Olson Dan Laszlo Spencer Crawford Managing Director Managing Director Director Vice President

Financial Technology Sector – Q2 2015 Financial Technology Sector – Midyear Update 1

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William Blair Financial Technology Team Contact Information

Dan Daul, managing director and head of financial technology, joined the investment banking department of William Blair in 2004. While at William Blair and in his prior position at Robert W. Baird & Co., Mr. Daul focused on the investment banking needs of financial technology, transaction processing, and IT security companies. Mr. Daul has been involved in more than 50 transactions aggregating more than $5.0 billion in transaction value, with an emphasis on mergers and acquisitions. He graduated in 1991 from the University of Wisconsin with a B.S. degree. In 1997, he graduated from Northwestern University’s J.L. Kellogg Graduate School of Management and received an M.B.A. in finance and strategy. +1 312 364 8457 [email protected]

Phil Olson, managing director in the financial technology group, joined the investment banking department of William Blair in 2003. Both at William Blair and in his prior position at Merrill Lynch, he focused on the investment banking needs of financial technology and financial services companies. Mr. Olson graduated in 2001 with high honors from the University of Illinois with a B.S. in finance. In 2007, he graduated from Northwestern University’s J.L. Kellogg Graduate School of Management with an M.B.A. in finance and entrepreneurship. +1 312 364 8798 [email protected]

Daniel Laszlo, director in the financial technology group, joined William Blair in 2011. Previously he worked at GTCR, where he focused on private equity investments in the financial technology and specialty finance sectors. Before GTCR, Mr. Laszlo worked at Goldman Sachs, where he focused on the investment banking needs of a variety of financial services clients. During his career, he has completed more than 15 mergers and acquisitions and debt and equity transactions. Mr. Laszlo holds an M.B.A. in finance and a B.S. in accounting and finance from the Kelley School of Business at Indiana University. +1 312 364 5084 [email protected]

Spencer Crawford, vice president in the financial technology group, joined William Blair in 2014. Since starting at William Blair, Mr. Crawford has focused on mergers and acquisitions for financial technology companies. Previously, Mr. Crawford worked at Robert W. Baird and JPMorgan advising a wide range of clients on mergers and acquisitions and debt and equity capital raising transactions. He graduated in 2002 from Middlebury College with a B.A. in Economics. In 2011, he graduated from the University of Chicago’s Booth School of Business with an M.B.A. +1 415 796 6491 [email protected]

Financial Technology Sector – Q2 2015 2 William Blair Financial Technology Team Contact Information

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William Blair Industry Events

18th Annual William Blair Private Equity Conference

2015 Private Equity Conference to be held September 16-17, 2015, Four Seasons Hotel Chicago

50 participating companies More than 600 institutional private equity investors and venture capital investors to be hosted Roundtable discussions focused on the following industry sectors and topics: – Technology – Financial Services – Business Services – Commercial Services – Consumer & Retail – Healthcare – Industrials

Financial Technology Sector – Q2 2015 William Blair Industry Events 3

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Spotlight – William Blair Representative M&A and Private Capital Transactions

 William Blair acted as the exclusive financial advisor to SecureNet in connection with its sale Not Disclosed to Worldpay for an undisclosed amount.  SecureNet’s integrated suite of payment tools is the simplest and most advanced way for merchants of all sizes to manage commerce in any environment: in-store; online; and via has been acquired by mobile devices. Worldpay  The SecureNet acquisition strengthens Worldpay’s position as a leader in payments processing by leveraging SecureNet’s leading position in multichannel commerce. December 2014

 William Blair acted as the exclusive financial advisor to Sage Group in connection with its $157,800,000 acquisition of PayChoice for $157.8 million.  PayChoice provides full-service and self-service payroll and HR services to more than 100,000 SMBs in the United States through a direct salesforce and third-party licensee has acquired channel. PayChoice  PayChoice has developed a next-generation, cloud-based payroll and reporting platform (PAI Group, Inc) called ENCORE. The platform encompasses both mobile and Web-based payroll applications, operating from a single codebase for its direct and licensee clients. October 2014

 William Blair acted as the exclusive financial advisor to Welch ATM in connection with its sale $160,000,000 to Cardtronics (NASDAQ: CATM) for $160 million.  Welch ATM is a privately held company with over 26,000 ATMs under management nationwide. Founded in 2005, Welch ATM has developed relationships with over 500 has been acquired by financial institutions and hundreds of retailers. Cardtronics  The acquisition of Welch ATM was highly strategic for Cardtronics, bringing together two highly respected retail ATM services providers with complementary customer bases and October 2014 sales capabilities.

 William Blair acted as exclusive financial advisor to Santa Barbara Tax Products Group (TPG), $400,000,000 a leading tax-related financial products provider, in connection with its sale to Green Dot Corporation (NYSE: GDOT) for a total consideration of up to $400 million inclusive of an $80 million earnout dependent on predetermined performance targets. has been acquired by  TPG is the integrated tax refund processing and settlement engine for leading consumer tax preparation companies like TurboTax, Jackson Hewitt, and Liberty Tax Service. Green Dot Corporation  In the most recent tax season, TPG processed roughly $32 billion in tax refunds on behalf of October 2014 about 11 million U.S. tax filers.

 William Blair acted as the exclusive financial advisor to Vendavo in connection with its sale to Not Disclosed Francisco Partners.  Vendavo, based in Mountain View, California, provides B2B price optimization software solutions. has been acquired by  Vendavo delivers more than $2.5 billion of annual customer value to 140-plus blue chip Francisco Partners customers, more than 40% of which are Global 500 or Fortune 500 enterprises.

October 2014

Financial Technology Sector – Q2 2015 4 Spotlight – William Blair Representative M&A and Private Capital Transactions

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Spotlight – William Blair Representative Public Equity Transactions

 William Blair was a co-manager on the Envestnet IPO in 2010, a bookrunner on the October $172,500,000 2013 follow-on offering, and a co-manager on the convertible bond offering in December 2014.  Envestnet is a leading provider of unified wealth management software and services to financial advisors and institutions. Convertible  As of September 30, 2014, about 36,000 advisors used Envestnet’s technology platforms, Bond Offering supporting about $668 billion of assets in roughly 2.7 million investor accounts. December 2014

 William Blair was a bookrunner on the Paylocity initial public offering in March 2014 and a $120,750,000 bookrunner on the Paylocity follow-on offering in December 2014.  Paylocity is a leading provider of cloud-based payroll and human capital management, or HCM, software solutions for midsize organizations.  Paylocity’s solutions help drive strategic human capital decision-making and improve Follow-on Offering employee engagement by enhancing the human resource, or HR, payroll, and finance capabilities of Paylocity’s clients. December 2014

 William Blair was a co-manager on the LendingClub initial public offering in December 2014. $1,000,500,000  LendingClub is the world’s largest online marketplace connecting borrowers and investors.  Since launching in 2007, LendingClub has facilitated over $5 billion in loans.  LendingClub’s proprietary software automates key aspects of its operations, including the borrower application process, data gathering, credit decisioning and scoring, loan funding, Initial Public Offering investing and servicing, regulatory compliance, and fraud detection.

December 2014

 William Blair was a co-manager on the TriNet initial public offering in March 2014 and a co- $351,900,000 manager on the TriNet follow-on offering in September 2014.  TriNet is a leading provider of a comprehensive human resources solution for small to midsize businesses, or SMBs.  TriNet’s HR solution includes services such as payroll processing, human capital consulting, employment law compliance, and employee benefits, including health insurance, retirement Follow-on Offering plans, and workers’ compensation insurance. September 2014  TriNet served over 8,000 clients in 47 states, the District of Columbia, and Canada and co- employed roughly 218,000 of its clients’ employees.

 William Blair was a co-manager on the QIWI initial public offering in May 2013, a co-manager $318,933,200 on the QIWI follow-on offering in October 2013, and a co-manager on the QIWI follow-on offering in June 2014.  QIWI is a leading provider of next-generation payment services in Russia and the Commonwealth of Independent States (CIS). Follow-on Offering  QIWI has deployed more than 11 million virtual wallets and over 169,000 kiosks and terminals, and it has enabled more than 40,000 merchants to accept over RUB 39 billion in June 2014 cash and electronic payments monthly from more than 65 million consumers using the company’s network at least once a month.

Financial Technology Sector – Q2 2015 Spotlight – William Blair Representative Public Equity Transactions 5

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William Blair Financial Technology Transactions

Financial Technology M&A

Not Disclosed Not Disclosed $157,800,000 $160,000,000 $400,000,000

has been acquired by has been acquired by has acquired has been acquired by has been acquired by PayChoice Worldpay Francisco Partners Cardtronics Green Dot Corporation (PAI Group, Inc) December 2014 October 2014 October 2014 October 2014 October 2014

$205,000,000 $210,000,000 $532,500,000 $225,000,000 $420,000,000

has agreed to has been acquired by has been acquired by be acquired by has merged with has been acquired by ACI Worldwide Optimal Payments Plc WEX Inc. Taxware, LLC Global Payments, Inc.

August 2014 July 2014 July 2014 July 2014 March 2014

$41,000,000 $40,000,000 $148,780,000 $102,800,000 $361,000,000

has been acquired by has been acquired by has been acquired by Private Equity Private Equity ACI Worldwide, Inc. Digital River, Inc. Vantiv, Inc. Placement Placement February 2014 February 2014 November 2013 January 2013 November 2012

Financial Technology Public Equity

$172,500,000 $120,750,000 $1,000,500,000 $351,900,000 $318,933,200

Convertible Follow-on Offering Initial Public Offering Follow-on Offering Follow-on Offering Bond Offering December 2014 December 2014 December 2014 September 2014 June 2014

$151,800,000 $276,000,000 $92,000,000 $137,729,750 $169,708,412

Follow-on Offering Initial Public Offering Initial Public Offering Initial Public Offering Follow-on Offering

March 2014 March 2014 March 2014 March 2014 October 2013

$287,540,153 $517,500,000 $138,076,762 $17,249,993 $189,750,000

Confidentially Marketed Follow-on Offering Follow-on Offering Follow-on Offering Convertible Note Offering Follow-on Offering October 2013 September 2013 August 2013 June 2013 December 2012

Financial Technology Sector – Q2 2015 6 William Blair Financial Technology Transactions

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Relevant Financial Technology Research Coverage

Robert Napoli joined William Blair in 2011 and specializes in the financial technology industry. Previously, Mr. Napoli worked at Piper Jaffray as an equity analyst covering technology and financial services companies. Mr. Napoli received his B.S. degree in finance and accounting from Indiana University of Pennsylvania and an M.B.A. from the University of Pittsburgh.

Christopher Shutler, CFA, joined William Blair in 2007 and specializes in the financial technology industry. Previously, Mr. Shutler worked at Credit Suisse as an associate analyst covering educational and business services companies. Mr. Shutler received his B.B.A. degree in finance and business economics from the University of Notre Dame.

Euronet

Financial Technology Sector – Q2 2015 Relevant Financial Technology Research Coverage 7

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Update on Financial Technology and Payments Landscape

Card Networks

Market Valuations (EBITDA) Observations: FY1: 14.0x-16.0x  Continuing to diversify from core business and affect other markets (acquiring, FY2: 12.0x-14.0x mobile, e-commerce)  Looking to leverage their networks in the nontraditional channels  Investing heavily in mobile, prepaid, and international  Mobile wallets (Apple Pay, Google/Softcard, MasterPass, Serve, PayPal, Samsung/LoopPay) are battling for consumer attention  Faster growth outside the United States  Multi-decade secular growth opportunity  Remaining acquisitive  Success of OptBlue could bring American Express much closer to location acceptance parity in the United States  Regulatory uncertainty in Russia and Europe; legal uncertainties in the United States

Money Transfer

Market Valuations (EBITDA) Observations: FY1: 7.0x-9.0x  Traditional retail-based business under pressure; heighted regulatory scrutiny FY2: 5.5x-7.5x  New technologies are emerging (e.g., self-service, online)  Walmart launched private label money transfer product in the United States  Growth of global remittances forecast to grow 4%-5%, per World Bank  Diversifying products focused on underbanked consumer and underserved businesses  Globalization trend remains a positive for the industry

Financial Institution Processing

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Significant shift in mortgage processing to purchase mortgages given significant FY2: 10.0x-12.0x decline in refinancing volumes will create more competition and market share battles, amplified by implementation of CFPB rules in first quarter 2014 and risk of noncompliance in mortgage underwriting  Dodd-Frank regulations also creating significant data/compliance needs for mortgage originators; potential for HUD form changes could amplify these needs  Opportunity for multichannel and self-service offerings (retail, broker, self- service/consumer, secondary markets)  Multi-decade secular growth opportunity as electronic payments take share

Financial Technology Sector – Q2 2015 8 Update on Financial Technology and Payments Landscape

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Bank Functionality

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Largely consolidated (especially with ACI/S1 transaction and ACI/Online FY2: 10.0x-12.0x Resources transaction)  Focus will be on penetration of the financial institution base, building out biller networks, and acquiring new technology that improves the customer experience (e.g., mobile capture) or increases revenue (e.g., real-time bill pay and person-to- person payments)  Secular tailwinds support the transition from manual-based technology to automated invoicing, payments/remittance, settlement, and reconciliation providers (preferably SaaS providers)  Many banks are due for a refresh of their online banking capabilities to support growth of mobile banking

Merchant Acquiring

Market Valuations (EBITDA) Observations: FY1: 10.0x-12.0x  Value is primarily being driven by unique distribution and technology FY2: 9.0x-11.0x  Large players seeking growth and scale internationally and in e-commerce through consolidation—recent flurry of sale processes  Market is paying more attention to integrated point-of-sale solutions (Vantiv’s acquisition of Mercury Payment Systems, WCAS’s acquisition of TransFirst)

Fleet Processing

Market Valuations (EBITDA) Observations: FY1: 14.0x-16.0x  Consolidated market with just a handful of key participants—high barriers to FY2: 12.5x-14.5x entry (WEX acquired Fleet One in second half 2012 and FleetCor’s $3.4 billion [12 times EBITDA excluding NOL] acquisition of Comdata in fourth quarter 2014)  Focused on growth outside the United States by acquiring platform companies or keystone clients  Move to outsourcing by major oil companies likely outside the United States (e.g., WEX’s acquisition of Exxon’s Esso Card is one of the first in Europe and FleetCor’s outsourcing arrangement with Shell in Germany)  Business model is highly attractive with strong recurring revenue and attractive EBITDA margins  Augmenting growth by offering payment solutions to other industries, such as healthcare, education, and online travel  First Data sold its EFS fleet business to Warburg Pincus in April 2014 for $1.3 billion at roughly 11 times EBITDA

Financial Technology Sector – Q2 2015 Update on Financial Technology and Payments Landscape 9

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ATM Processing/ Payment Enablers

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Cross-border account-to-account transfer services gaining traction, as reflected FY2: 9.0x-11.0x in EEFT’s purchase of HiFX  Mature and steady—growth will primarily come from market share gains in the United States and overseas expansion  Consolidation continues, Cardtronics’ acquisition of Welch ATM and Sunwin Services  Adding ancillary services organically and growing through acquisition (e.g., Cardtronics’ purchase of Sunwin Services)  Mobile payments/alternative payments are potential long-term threats to cash- dependent business models  Regulatory concerns have eased, but macro uncertainty continues to pressure shares of QIWI, a leading enabler of electronic payments in Russia

E-commerce (1)

Market Valuations (EBITDA) Observations: FY1: 13.0x-15.0x  Continues to grow as a percentage of total retail spending and is growing about FY2: 10.0x-12.0x 15% per year—valuations remain robust  Online/mobile wallets, in-app payments, and tokenization is the buzz  Mobile wallets developed by PayPal, Visa, American Express, MasterCard, and Google will be battling for consumer attention  Consolidation continues: Google/Softcard; Samsung/LoopPay; PayPal/Braintree  Heavy investment in loyalty-related payment programs by American Express and Alliance Data Systems  Upcoming separation of eBay/PayPal

Prepaid /

Market Valuations (EBITDA) Observations: FY1: 5.0x-7.0x  Remains an attractive growth segment within payments FY2: 4.0x-5.0x  Current macro environment is favorable for prepaid providers  New entrants; industry is becoming more competitive  Highly fragmented—consolidation still occurring (TSYS’s purchase of NetSpend)  Wheels in motion for regulation to increase; will likely result in enhanced transparency for the consumer (1) Digital River provides a range of solutions (e.g., payments and e-commerce).

Financial Technology Sector – Q2 2015 10 Update on Financial Technology and Payments Landscape

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Mobile Payments

Market Valuations (EBITDA) Observations: FY1: 11.0x-12.0x  Smartphones will be more than 80% of the handset shipment by 2017 FY2: 10.0x-11.0x  Technology is rapidly adopting mobile POS solutions and geolocation-based couponing/ads  Many new technologies and strategies emerging; long-term winners still difficult to determine  Apple Pay acceptance continues to grow, 700,000 locations  Recent consolidation: Google/Softcard, Samsung/LoopPay  Land-grab strategy—near-term focus is on customer acquisition

Data/Analytics

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Continuing consolidation trend to offset costs of compliance and regulatory FY2: 10.0x-12.0x creep, particularly in residential real estate and mortgage  Expecting a significant opportunity in real estate/mortgage to provide analytics on residential mortgages as the market moves from taxpayer-supported industry to a mix of private capital and GSEs (private capital will require lots of data and want to do analytics on residential mortgage portfolios, especially if there is a return to securitization)  Growing opportunity for data/analytics in the commercial mortgage/loan space as the CMBS market heats up as a source of financing  Significant focus on providing platforms on data, not just data, especially for the midmarket that cannot afford customized solutions  Focus on the P&C insurance market, connecting real estate to consumers to underwriting using spatial, cost, and replacement data to improve underwriting and claims performance  Significant opportunity in commercial healthcare payment integrity

Financial Technology Sector – Q2 2015 Update on Financial Technology and Payments Landscape 11

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Security

Market Valuations (EBITDA) Observations: FY1: 10.0x-12.0x  Seemingly continuous news regarding breach activity continues to drive FY2: 9.0x-11.0x heightened demand for cybersecurity solutions; U.S. Office of Personnel Management (OPM) breach allowed records of about 18 million current, former, and prospective U.S. government employees (regarding background check information) to be compromised  PCI DSS 3.1 compliance enforcement becoming more aggressive as retail/credit card breaches escalate  Insurance/healthcare provider record vulnerabilities exposed by Anthem breach  Highly attractive multiples continue in the market—Intellinx acquired by Bottomline Technologies for 8.4 times expected CY2015 revenue contribution  Tighter compliance regulations and increasing awareness of network breaches driving higher demand  Sophistication of attacks is driving increased spending and support for innovation in earlier-stage companies that have latitude to design advanced, next-generation approaches to cybersecurity  Changes in traditional IT infrastructure, such as cloud, mobile, BYOD, and virtualization, are creating new opportunities in the security space

Payroll/HR

Market Valuations (EBITDA) Observations: FY1: 13.0x-15.0x  Focus on new technology and expanding product offering, especially for cloud- FY2: 12.0x-14.0x and SaaS-related products  Still highly fragmented market undergoing consolidation—macro environment is modest impediment to new client growth and interest rates remain a drag on profit margins, but those factors should eventually reverse  Focus on providing add-on offerings to core payroll product (e.g., insurance, screening, and HR management)  Increased focus on growth of consumer-directed benefits, private exchanges (WEX’s acquisition of Evolution1)  Healthcare savings accounts and high deductible healthplans continue to gain share  Valuations are robust, attracting recent equity activity (Paylocity and PayCom)

Financial Technology Sector – Q2 2015 12 Update on Financial Technology and Payments Landscape

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Investment Services Software/Technology

Market Valuations (EBITDA) Observations: FY1: 12.0x-13.0x  Technology driving growth of personalized investment advice for the masses, FY2: 10.0x-11.0x attempting to disrupt a historically dominant offline industry" (e.g., Betterment, Wealthfront, Personal Capital)  Financial software remains under pressure; however, the sector will benefit from increased investment in Basel I/II and Dodd-Frank initiatives  Move from defined benefit to defined contribution for retirement plans opens up management opportunities  Wealth management industry trends include independent advice, fee-based compensation, open architecture, and the fiduciary standard of care  Regulatory tailwind for independent investment advice to defined-contribution plans

Business-to-Business Payments

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Massive market opportunity with improving technology FY2: 10.0x-12.0x  Secular shift from paper to electronic payments remains in early stages  Strong value proposition that remains in its infancy  American Express increased focus on B2B payments space, which they target at $4 trillion market  Discover’s alliance with Ariba; Bottomline’s PayMode-X  FleetCor’s acquisition of Comdata marks its entry into the space, focusing on virtual cards, similar to WEX’s efforts

Financial Technology Sector – Q2 2015 Update on Financial Technology and Payments Landscape 13

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Financial Technology Sector Market Analysis

Sector Analysis

LTM Price Performance and 2015 P/E

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

ATM Processing/Payment Enablers

Ingenico $7,118.1 34.8% 24.0x NCR $5,102.0 (14.2%) 11.3x VeriFone $3,881.4 (7.6%) 17.6x Diebold $2,269.6 (12.9%) 19.3x Cardtronics $1,662.5 8.7% 13.1x Qiwi $1,645.5 (30.4%) 20.0x PayPoint $1,060.4 (17.1%) 16.5x DirectCash Payments $182.2 (26.0%) NMF Mitek Systems $116.5 13.8% 23.2x MOL Global $103.3 NA NA Sector Median $1,654.0 (12.9%) 18.5x

Bank Technology

Fiserv $19,613.2 37.3% 21.7x Fidelity National Information Services $17,518.1 12.9% 18.8x Jack Henry & Associates $5,240.2 8.9% 24.2x ACI Worldwide $2,868.5 32.0% 32.2x Temenos Group $2,168.9 (15.1%) 20.5x Ellie Mae $2,052.2 124.2% 61.5x Bottomline Technologies $1,078.4 (7.1%) 19.4x Monitise $365.8 (80.9%) NMF Sector Median $2,518.7 10.9% 21.7x

BPO

Tata Consultancy $78,507.6 (0.7%) NA Infosys $35,525.1 14.2% NA Wipro $20,984.7 (5.7%) 14.8x HCL Technologies $20,318.1 15.8% NA Genpact $4,667.0 21.7% 18.5x Convergys $2,519.2 18.9% 14.8x WNS (Holdings) $1,389.7 39.5% 15.8x TeleTech Holdings $1,311.9 (6.6%) 16.8x Sector Median $12,492.6 15.0% 15.8x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 14 Financial Technology Sector Market Analysis

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LTM Price Performance & 2015E P/E (cont’d.)

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

Card Networks

Visa $164,309.6 27.5% 25.2x MasterCard $106,589.3 27.2% 27.3x American Express $78,947.7 (18.1%) 14.2x Discover $25,497.1 (7.0%) 10.9x Sector Median $92,768.5 10.1% 19.7x

Data/Analytics

Thomson Reuters $29,887.5 4.6% 18.9x McGraw Hill Financial $27,493.2 21.0% 22.6x Moody's $21,829.5 23.2% 23.5x Experian $17,575.4 7.9% 19.6x Equifax $11,554.3 33.8% 22.4x IHS $8,849.4 (5.2%) 21.7x MSCI $6,919.8 34.2% 27.9x FactSet $6,744.2 35.1% 26.1x Dun & Bradstreet $4,396.3 10.7% 16.3x CoreLogic $3,580.5 30.7% 22.2x Morningstar $3,532.0 10.8% 26.7x Fair Isaac $2,818.9 42.4% 21.4x F. Marc de Lacharrière $2,368.9 10.3% NA Acxiom $1,374.3 (18.9%) 32.2x Yodlee $428.1 NA NMF Harte-Hanks $369.5 (17.1%) 12.7x Intersections $61.5 (37.6%) NA Sector Median $4,396.3 10.7% 22.3x

E-Commerce

Amazon.com $202,147.5 33.7% NMF eBay $73,180.9 20.3% 19.4x Demandware $2,660.2 2.5% NMF Sector Median $73,180.9 20.3% 19.4x

Fleet Processing/Technology

FleetCor Technologies $14,327.1 18.4% 25.4x WEX $4,404.8 8.6% 22.4x Sector Median $9,366.0 13.5% 23.9x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 Financial Technology Sector Market Analysis 15

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LTM Price Performance & 2015E P/E (cont’d.)

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

Investment Services Software & Technology

SEI Investments $8,145.9 49.6% 23.4x SS&C Technologies Holdings $6,320.5 41.3% 24.1x Broadridge Financial Solutions $5,994.9 20.1% 19.2x LendingClub $5,491.6 NA NMF Computershare $5,012.6 (23.4%) 14.6x DST Systems $4,623.2 36.7% 20.5x Advent Software $2,329.4 35.7% 28.6x Financial Engines $2,202.6 (6.2%) 44.4x Envestnet $1,426.9 (17.4%) 39.7x Fidessa $1,359.6 (5.5%) 27.4x Linedata Services $212.6 (7.1%) 10.8x Sector Median $4,623.2 7.3% 23.7x

Money Transfer

Western Union $10,496.6 17.2% 12.5x Xoom $821.5 (20.1%) 53.3x Moneygram. $488.9 (37.6%) 12.9x Sector Median $821.5 (20.1%) 12.9x

Payment Processing

Cielo $26,491.8 (18.1%) 22.4x Alliance Data Systems $18,114.6 3.8% 19.5x Total System Services $7,698.7 33.0% 18.6x Global Payments $6,875.1 42.0% 20.2x Vantiv $5,574.0 13.6% 17.8x Wirecard $4,725.0 (11.4%) 27.6x Euronet Worldwide $3,200.9 27.9% 20.4x Heartland Payment Systems $1,978.2 31.2% 19.2x EVERTEC $1,644.4 (12.4%) 12.5x Optimal Payments $1,610.7 (46.2%) 14.2x Net 1 Ueps Technologies $852.0 60.6% 8.5x Global Cash Access Holdings $509.3 (13.0%) 6.9x Sector Median $3,963.0 8.7% 18.9x

Payroll/HR

Automatic Data Processing $37,669.9 1.2% 25.8x Paychex $17,028.1 12.8% 24.4x Towers Watson. $8,720.6 20.7% 20.5x The Ultimate Software Group $4,696.9 18.9% 67.1x Paylocity $1,814.9 65.7% NMF WageWorks $1,445.5 (16.1%) 34.7x Sector Median $6,708.8 15.9% 25.8x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 16 Financial Technology Sector Market Analysis

William Blair

LTM Price Performance & 2015E P/E (cont’d.)

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

Prepaid

Green Dot $989.6 0.7% 13.9x Higher One Holdings $143.0 (21.5%) 7.2x Sector Median $566.3 (10.4%) 10.6x

Security

Symantec $15,826.9 1.5% 12.8x Check Point Software $14,387.0 18.7% 19.9x CA $12,972.8 1.9% 12.1x Fortinet $7,008.0 64.5% NMF Trend Micro $4,652.0 4.0% NA Imperva $2,071.4 158.6% NMF Sector Median $9,990.4 11.4% 12.8x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 Financial Technology Sector Market Analysis 17

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Index Price Performance Price by Sector (Market Value Weighted)

3 Months

10.2%

4.2% 2.0% 1.0% 0.7% 0.6% 0.3% 0.1% 0.1%

(0.1%) (0.2%) (0.8%) (1.0%) Prepaid E-Commerce Fleet Money Card Payment ATM Data / Security Bank Investment BPO Payroll / HR Processing / Transfer Networks Processing Processing / Analytics Technology Services Technology Payment Software & Enablers Technology

1 Year

10.0% 8.0%

4.1% 3.9% 3.3% 3.1% 2.3% 1.0% 1.5% 0.3% 0.3% 0.6%

(1.0%) Prepaid E-Commerce Fleet Money Card Payment ATM Data / Security Bank Investment BPO Payroll / HR Processing / Transfer Networks Processing Processing / Analytics Technology Services Technology Payment Software & Enablers Technology

3 Years

142.0%

26.3% 24.1% 13.4% 9.1% 8.2% 7.3% 5.5% 8.2% 11.8% 9.9% 11.8%

(10.7%)

Prepaid E-Commerce Fleet Money Card Payment ATM Data / Security Bank Investment BPO Payroll / HR Processing / Transfer Networks Processing Processing / Analytics Technology Services Technology Payment Software & Enablers Technology

Note: Sector indices are market capitalization weighted Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 18 Financial Technology Sector Market Analysis

William Blair

Financial Technology Sector Market Analysis

Public Comparable Analysis

ATM Processing/Payment Enablers

Mean $31.28 70.4% $2,314.1 $2,871.8 2.87x 2.86x 2.41x 12.8x 10.5x 9.4x 24.5x 18.2x 14.9x 17.3% 1.2x

Median $29.08 16.2% $1,654.0 $1,847.2 2.20x 2.22x 1.91x 11.8x 11.1x 9.7x 24.1x 18.5x 15.2x 17.0% 1.1x

Bank Technology

Mean $45.59 59.2% $6,363.2 $7,541.3 4.63x 4.17x 3.71x 16.2x 13.1x 11.1x 31.0x 28.3x 23.5x 14.8% 1.9x

Median $47.43 9.7% $2,518.7 $3,118.2 3.91x 3.78x 3.52x 15.0x 13.0x 11.8x 27.7x 21.7x 19.3x 12.8% 1.8x

(1) LTM as of March 31, 2015 or as otherwise indicated (2) LTM as of December 31, 2014 (3) LTM as of April 30, 2015 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 Financial Technology Sector Market Analysis 19

William Blair

BPO

Mean $22.40 12.6% $20,652.9 $19,616.7 2.67x 2.57x 2.32x 12.5x 11.8x 10.6x 24.8x 16.1x 14.5x 12.6% 1.3x

Median $23.41 11.5% $12,492.6 $12,377.5 2.61x 2.60x 2.38x 12.9x 12.3x 11.1x 23.5x 15.8x 14.4x 11.4% 1.3x

Card Networks

Mean $73.99 12.0% $93,835.9 $104,083.4 8.02x 7.41x 6.77x 18.6x 17.2x 15.1x 22.5x 19.4x 17.1x 14.6% 1.3x

Median $72.44 10.6% $92,768.5 $108,337.5 8.12x 7.39x 6.68x 18.6x 17.2x 15.1x 22.6x 19.7x 17.7x 16.0% 1.4x

(1) LTM as of March 31, 2015 or as otherwise indicated Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 20 Financial Technology Sector Market Analysis

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Data/Analytics

($ in millions) Enterprise Value/Revenue Enterprise Value/EBITDA Price/Earnings Ratio PEG Stock Price Change Since Market Enterprise LT Growth Ratio Public Company 6/25/15 52-Wk High Cap. Value LTM(1) 2015E 2016P LTM(1) 2015E 2016P LTM(1) 2015E 2016P Rate 2015 Thomson Reuters $38.12 11.4% $29,887.5 $38,320.5 3.06x 3.10x 3.01x 13.9x 11.1x 10.3x 40.1x 18.9x 16.6x 10.5% 1.8x McGraw Hill Financial $100.45 8.6% $27,493.2 $28,341.2 5.53x 5.30x 4.95x 14.0x 13.0x 11.7x 26.2x 22.6x 19.8x 14.9% 1.5x Moody's $107.96 2.9% $21,829.5 $23,642.2 6.89x 6.69x 6.20x 15.0x 14.5x 13.2x 26.3x 23.5x 20.7x 14.1% 1.7x Experian $18.23 9.1% $17,575.4 $20,864.4 4.34x 4.38x 4.18x 13.5x 12.2x 11.9x 28.0x 19.6x 18.2x 11.0% 1.8x Equifax $97.09 4.2% $11,554.3 $13,025.0 5.20x 4.97x 4.62x 14.9x 14.3x 13.0x 31.3x 22.4x 20.1x 12.0% 1.9x IHS(2) $128.63 11.9% $8,849.4 $10,752.6 4.72x 4.63x 4.38x 19.6x 14.7x 13.6x 50.6x 21.7x 19.9x 14.0% 1.6x MSCI $61.55 3.8% $6,919.8 $7,182.0 7.04x 6.65x 6.12x 17.1x 15.8x 14.1x 36.1x 27.9x 23.6x 11.3% 2.5x FactSet(2) $162.51 3.8% $6,744.2 $6,621.3 6.73x 6.43x 5.91x 18.5x 17.3x 15.9x 33.2x 26.1x 23.8x 12.5% 2.1x Dun & Bradstreet $122.00 12.5% $4,396.3 $5,753.9 3.43x 3.25x 3.05x 12.7x 10.9x 10.2x 18.7x 16.3x 15.2x 7.4% 2.2x Morningstar $39.69 2.9% $3,580.5 $4,810.0 3.33x 3.20x 3.07x 14.6x 11.7x 10.8x 32.6x 22.2x 19.5x 11.4% 1.9x CoreLogic $79.55 1.7% $3,532.0 $3,373.4 4.39x 4.18x 3.87x 14.8x 13.5x 12.2x 33.1x 26.7x 23.4x 14.0% 1.9x Fair Isaac $90.78 6.3% $2,818.9 $3,390.1 4.16x 3.97x 3.71x 18.6x 14.3x 13.6x 39.1x 21.4x NA 16.0% 1.3x F. Marc de Lacharrière(3) $88.00 17.7% $2,368.9 $3,057.4 NA NA NA NMF NMF NMF 40.0x NA NA NA NA Acxiom $17.58 27.0% $1,374.3 $1,520.9 1.49x 1.75x 1.76x 10.3x 9.2x 9.9x 40.6x 32.2x 26.2x 12.5% 2.6x Yodlee $14.44 24.4% $428.1 $360.1 3.83x 3.27x 2.71x NMF NMF 23.1x NMF NMF 70.1x NA NA Harte-Hanks $5.96 38.8% $369.5 $414.4 0.76x 0.76x 0.74x 7.7x 6.6x 5.8x 16.1x 12.7x 11.7x (1.8%) NMF Intersections $3.07 71.0% $61.5 $52.8 0.22x NA NA NMF NA NA NMF NA NA NA NA

Mean $69.15 15.2% $8,810.8 $10,087.2 4.07x 4.17x 3.88x 14.6x 12.8x 12.6x 32.8x 22.4x 23.5x 11.4% 1.9x

Median $79.55 9.1% $4,396.3 $5,753.9 4.25x 4.18x 3.87x 14.7x 13.2x 12.2x 33.1x 22.3x 20.0x 12.3% 1.9x

E-Commerce

Mean $188.47 4.2% $92,662.8 $95,621.3 6.92x 5.65x 4.52x 14.8x 18.1x 14.9x 33.1x 19.4x 17.7x 34.4% 1.6x

Median $71.08 4.3% $73,180.9 $75,370.9 4.17x 4.02x 3.64x 14.8x 18.1x 14.9x 33.1x 19.4x 17.7x 37.5% 1.6x

(1) LTM as of March 31, 2015 or as otherwise indicated (2) LTM as of May 31, 2015 (3) LTM as of December 31, 2014 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 Financial Technology Sector Market Analysis 21

William Blair

Fleet Processing/Technology

Mean $135.02 5.3% $9,366.0 $11,305.8 9.49x 8.23x 7.41x 18.9x 16.7x 14.4x 32.7x 23.9x 20.5x 15.0% 1.6x

Median $135.02 5.3% $9,366.0 $11,305.8 9.49x 8.23x 7.41x 18.9x 16.7x 14.4x 32.7x 23.9x 20.5x 15.0% 1.6x

Investment Services Software & Technology

($ in millions) Enterprise Value/Revenue Enterprise Value/EBITDA Price/Earnings Ratio PEG Stock Price Change Since Market Enterprise LT Growth Ratio Public Company 6/25/15 52-Wk High Cap. Value LTM(1) 2015E 2016P LTM(1) 2015E 2016P LTM(1) 2015E 2016P Rate 2015 SEI Investments $49.03 3.5% $8,145.9 $7,502.6 5.82x 5.51x 5.00x 19.2x 13.3x 11.6x 26.3x 23.4x 20.1x 13.7% 1.7x SS&C Technologies $62.50 4.3% $6,320.5 $6,827.4 8.67x 7.99x 7.47x 23.1x 19.2x 17.5x 48.5x 24.1x 21.4x 15.5% 1.6x Broadridge Financial $50.01 11.5% $5,994.9 $6,314.1 2.38x 2.28x 2.17x 11.9x 10.2x 9.3x 24.2x 19.2x 16.9x 11.6% 1.7x Solutions LendingClub $14.75 98.6% $5,491.6 $7,867.7 31.02x 20.30x 13.05x NA NMF NMF NMF NMF NMF 61.9% NA Computershare(2) $9.01 15.8% $5,012.6 $6,282.8 3.15x 3.17x 3.11x 13.3x 11.2x 10.6x 28.6x 14.6x 13.7x 5.3% 2.7x DST Systems $125.98 0.6% $4,623.2 $5,024.0 1.82x 2.48x 2.35x 11.6x 10.9x 10.5x 21.1x 20.5x 18.5x 11.0% 1.9x Advent Software $44.21 0.3% $2,329.4 $2,510.9 6.23x 5.95x 5.61x 23.7x 17.9x 15.7x 43.4x 28.6x 27.0x 12.0% 2.4x Financial Engines $42.48 6.9% $2,202.6 $2,086.4 7.17x 6.53x 5.62x NMF 21.0x 17.8x 58.3x 44.4x 36.9x 26.0% 1.7x Envestnet $40.43 44.0% $1,426.9 $1,363.9 3.72x 3.25x 2.69x NMF 18.0x 13.1x NMF 39.7x 28.4x 30.4% 1.3x Fidessa(2) $35.78 11.3% $1,359.6 $1,240.0 2.89x 2.69x 2.52x 15.9x 11.6x 10.7x 35.5x 27.4x 25.4x NA NA Linedata Services(2) $29.61 3.6% $212.6 $261.9 1.37x 1.39x 1.37x 6.0x 5.7x 5.6x 8.7x 10.8x 10.3x 1.5% 7.2x

Mean $45.80 18.2% $3,920.0 $4,298.3 6.75x 5.59x 4.63x 15.6x 13.9x 12.2x 32.7x 25.3x 21.9x 18.9% 2.5x

Median $42.48 6.9% $4,623.2 $5,024.0 3.72x 3.25x 3.11x 14.6x 12.4x 11.2x 28.6x 23.7x 20.8x 12.8% 1.7x

(1) LTM as of March 31, 2015 or as otherwise indicated (2) LTM as of December 31, 2014 (3) Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 22 Financial Technology Sector Market Analysis

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Money Transfer

Mean $16.86 37.7% $3,935.7 $4,822.1 2.48x 2.30x 2.07x 7.5x 7.2x 11.6x 19.2x 26.2x 19.0x 11.0% 2.4x

Median $20.33 33.9% $821.5 $1,274.7 2.24x 2.29x 2.25x 7.5x 7.2x 9.0x 19.2x 12.9x 12.0x 11.5% 1.4x

Payment Processing

($ in millions) Enterprise Value/Revenue Enterprise Value/EBITDA Price/Earnings Ratio LT PEG Stock Price Change Since Market Enterprise Growth Ratio Public Company 6/25/15 52-Wk High Cap. Value LTM(1) 2015E 2016P LTM(1) 2015E 2016P LTM(1) 2015E 2016P Rate 2015 Cielo $14.09 0.6% $26,491.8 $30,847.4 11.95x 8.86x 8.21x 24.7x 19.3x 17.4x 23.7x 22.4x 19.7x 15.9% 1.4x Alliance Data Systems $291.94 6.9% $18,114.6 $31,754.0 5.60x 4.85x 4.33x 20.4x 16.6x 14.6x 28.8x 19.5x 16.9x 15.4% 1.3x Total System Services $41.77 2.9% $7,698.7 $8,841.9 3.51x 3.38x 3.16x 14.6x 11.1x 10.3x 25.4x 18.6x 16.8x 9.8% 1.9x Global Payments (2) $103.45 4.2% $6,875.1 $8,440.8 3.08x 2.97x 2.75x 14.6x 13.7x 12.3x 32.5x 20.2x 17.8x 11.7% 1.7x Vantiv $38.19 7.6% $5,574.0 $8,940.1 6.01x 5.50x 5.08x 14.5x 11.3x 10.3x 44.2x 17.8x 15.8x 14.3% 1.3x Wirecard $38.26 24.4% $4,725.0 $4,118.7 5.81x 4.87x 4.04x 21.1x 16.5x 13.4x 50.2x 27.6x 21.9x 28.4% 1.0x Euronet Worldwide $61.70 1.7% $3,200.9 $3,149.6 1.85x 1.78x 1.62x 13.4x 11.4x 9.7x 38.2x 20.4x 17.7x 14.7% 1.4x Heartland Payment $54.05 4.1% $1,978.2 $2,522.6 3.57x 3.17x 2.94x 14.1x 11.9x 10.6x 26.4x 19.2x 16.8x 15.2% 1.3x Systems Optimal Payments(3) $21.24 16.1% $1,644.4 $2,294.0 6.28x 6.16x 5.91x 14.9x 12.3x 11.6x 31.2x 12.5x 11.7x 13.5% 0.9x EVERTEC $3.68 145.5% $1,610.7 $1,596.1 4.38x 2.99x 2.23x 22.8x 12.4x 7.7x 18.4x 14.2x 11.9x NA NA Net 1 Ueps Technologies $18.28 7.8% $852.0 $801.3 1.24x 1.30x NA 4.2x 4.9x NA 8.6x 8.5x 7.9x 10.0% 0.9x Global Cash Access $7.74 18.0% $509.3 $1,536.0 2.36x 1.86x 1.79x 15.3x 6.9x 6.3x 54.3x 6.9x 5.6x 20.0% 0.3x

Mean $57.87 20.0% $6,606.2 $8,736.9 4.64x 3.98x 3.82x 16.2x 12.4x 11.3x 31.8x 17.3x 15.1x 15.4% 1.2x

Median $38.23 7.2% $3,963.0 $3,634.1 3.97x 3.28x 3.16x 14.7x 12.1x 10.6x 30.0x 18.9x 16.8x 14.7% 1.3x

(1) LTM as of March 31, 2015 or as otherwise indicated (2) LTM as of February 28, 2015 (3) LTM as of December 31, 2014 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 Financial Technology Sector Market Analysis 23

William Blair

Payroll/HR

Mean $82.26 19.2% $11,896.0 $11,394.2 5.96x 5.36x 4.60x 15.9x 13.0x 14.2x 25.0x 34.5x 29.2x 18.1% 2.2x

Median $63.56 12.0% $6,708.8 $6,420.9 4.92x 4.58x 4.25x 13.8x 13.0x 13.0x 25.0x 25.8x 23.2x 17.0% 2.4x

Prepaid

Mean $11.06 42.8% $566.3 $600.5 1.19x 1.16x 1.13x 5.8x 5.1x 5.2x 12.3x 10.6x 10.2x 14.5% 1.0x

Median $11.06 42.8% $566.3 $600.5 1.19x 1.16x 1.13x 5.8x 5.1x 5.2x 12.3x 10.6x 10.2x 14.5% 1.0x

Security

Mean $45.90 10.0% $9,486.4 $8,911.6 6.22x 5.72x 5.12x 11.6x 10.5x 9.7x 22.6x 14.9x 25.7x 12.4% 3.3x

Median $37.80 10.0% $9,990.4 $9,095.7 6.22x 5.60x 4.99x 10.5x 9.7x 9.2x 22.5x 12.8x 14.8x 10.5% 2.0x

(1) LTM as of March 31, 2015 or as otherwise indicated (2) LTM as of May 31, 2015 (3) LTM as of April 3, 2015 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 24 Financial Technology Sector Market Analysis

William Blair

Valuation by Sector

Median 2015E Price/Earnings Multiples

25.8x 23.9x 23.7x 22.3x 21.7x 19.7x 19.4x 18.9x 18.5x 15.8x 12.9x 12.8x 10.6x

Payroll / HR Fleet Investment Data / Bank Card E-Commerce Payment ATM BPO Money Security Prepaid Processing / Services Analytics Technology Networks Processing Processing / Transfer Technology Software & Payment Technology Enablers

Median 2015E Price/Earnings to Growth (PEG Ratio)

2.4x 2.0x 1.9x 1.8x 1.7x 1.6x 1.6x 1.4x 1.4x 1.3x 1.3x 1.1x 1.0x

Note: Data represents global sector averages Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of June 30, 2015

Financial Technology Sector – Q2 2015 Financial Technology Sector Market Analysis 25

William Blair

Recent M&A Activity

Transactions Since January 1, 2015

($ in millions)

Aggregate Value/ Aggregate LTM LTM Date Closed Acquirer Target Sector Value (1) Revenue EBITDA Pending PayPal Xoom Money Transfer $1,068.9 5.10x 96.1x

Pending TradeFX Ava Trade Money Transfer $105.0 1.50x ~6.0x

Pending Redknee Orga Systems Payroll / HR $42.5 0.60x NA

Pending Advent International, Bain Capital, ICBPI BPO $2,435.9 NA NA and Clessidra

Pending NETS Group Nordea Banks' Merchant Acquiring Business Payment Processing $258.6 NA NA

Pending Crowd Mobile Track Holdings Mobile $29.8 1.60x 3.0x

Pending EVO Payments International Postbank P.O.S. Transact Payments Enablers NA NA NA

Pending Net Element PayOnline Payments Enablers $8.5 NA NA

Pending Axxiome HartterGroup Bank Technology NA NA NA

Pending AvidXchange Strongroom Solutions BPO NA NA NA

Pending Hengbao Shenzhen 1card1 Payments Enablers $48.4 NA NA

Pending CU Cooperative Systems Everlink Payment Processing NA NA NA

Pending Securus Technologies Jpay Inc Money Transfer NA NA NA

Pending Early Warning Services Authentify Payments Enablers NA NA NA

Pending Optimal Payments Skrill Payments Enablers $1,694.5 NA 20.7x

Pending ArbiterSports Pay OGFE Payment Processing NA NA NA

06/22/15 Ria IME Money Transfer NA NA NA

06/18/15 CoinBR Coinverse BPO NA NA NA

06/17/15 Mitek Systems IDchecker BPO $10.6 NA NA

06/17/15 Cegid Group SA Altaven Payroll / HR NA NA NA

06/17/15 C&H Financial Services Regal Payment Systems Payment Processing NA NA NA

06/09/15 Pitney Bowes Borderfree Payments Enablers $372.0 3.00x NMF

06/09/15 ACCEO Solutions Multipost Payments Enablers NA NA NA

06/03/15 NeoXam Smartco Bank Technology NA NA NA

06/02/15 Global Payments FIS's Gaming Business BPO $236.5 NA NA

Note: Dollars in millions; displays M&A activity from January 1, 2015 through June 30, 2015 (1) Aggregate value includes the common equity, preferred equity, net debt, minority interest, and any other consideration offered, such as earnouts Source: Dealogic and Capital IQ

Financial Technology Sector – Q2 2015 26 Recent M&A Activity

William Blair

Transactions Since January 1, 2015

($ in millions)

Aggregate Value/ Aggregate LTM LTM Date Closed Acquirer Target Sector Value (1) Revenue EBITDA 06/02/15 Avalara EZtax BPO NA NA NA

06/02/15 Orderbird Pepperbill Payments Enablers NA NA NA

06/01/15 Apax Partners ZAP Mobile $36.0 NA NA

05/31/15 MasterCard Applied Predictive Technologies BPO $600.0 7.53x 84.8x

05/26/15 John Hancock Financial Services Guide Financial Bank Technology NA NA NA

05/15/15 defi SOLUTIONS Open Rule Systems Bank Technology NA NA NA

05/12/15 Hansen Technologies Limited TeleBilling Payroll / HR NA NA NA

05/07/15 MyECheck SeerGate Bank Technology $3.0 NA NA

05/04/15 Telefonica Weve BPO NA NA NA

04/30/15 Davis + Henderson Fundtech Payments Enablers $1,250.0 4.76x 18.3x

04/30/15 PayEx 4T Sverige Mobile NA NA NA

04/15/15 Gentera Pagos Intermex Money Transfer NA NA NA

04/13/15 Satoshi Citadel Industries BuyBitcoin Payments Enablers NA NA NA

04/10/15 Gemalto NV Trub Security NA NA NA

04/08/15 Jasper Infotech Accelyst Solutions Payments Enablers $449.7 NA NA

04/02/15 CapitalWorks Bancsource Payment Enablers NA NA NA

04/01/15 Visa TrialPay Bank Technology NA NA NA

04/01/15 Skrill Ukash Payments Enablers NA NA NA

03/30/15 Silverlake Axis Finzsoft Bank Technology $20.0 1.90x 6.6x

03/30/15 Ingo Money Fuze Network Payments Enablers NA NA NA

03/26/15 Coin Outlet Moon Bank Technology NA NA NA

03/25/15 ShopKeep Payment Revolution Payment Processing NA NA NA

03/25/15 Global Payments Realex Payments Payment Processing $125.6 NA NA

03/24/15 Carlyle Cardinal Ireland Fund Payzone Ireland Payment Processing NA NA NA

02/23/15 Wirecard AG Visa's India Processing Services Payment Processing $16.0 NA NA

01/31/15 SafeCharge CreditGuard Payments Enablers $8.4 2.90x 16.8x

Financial Technology Sector – Q2 2015 Recent M&A Activity 27

William Blair

Recent Equity Capital Markets Activity

Initial Public Offerings & Follow-On Offerings In Registration

($ in millions)

Proposed Proposed Filing Date Symbol Issuer Issuer Business Description Deal Value Exchange 06/11/2015 RPD Rapid7 Inc Provider of unified vulnerability management solutions. $80.0 NASDAQ

06/04/2015 SunGard Provider of software to financial institutions globally including those associated with trading, $100.0 NYSE securities operations, administering investment portfolios, and compliance requirements. 05/07/2015 ARIS ARI Network Services Inc Provides electronic data interchange and other computerized network and information $4.5 NASDAQ services.

03/2/2015 Veracode Inc Company that tests corporate software for back doors and other security holes. $800.0 NYSE

12/19/2014 RMIT Reverse Mortgage Investment To originate, acquire, service, invest in, and manage reverse mortgage loans and securities $100.0 NYSE Trust Inc backed by reverse mortgage loans.

10/9/2014 IFSP Intercorp Financial Services Holding company engaged in financial services and commercial banking. $400.0 NYSE Inc

7/8/2014 YO Yodle Inc Online advertising firm. $75.0 NASDAQ

Sources: Dealogic and FactSet Research Systems as of June 30, 2015

Initial Public Offerings

($ in millions) At Filing At Pricing Initial Offer Ticker Shares/ADS Filing Deal Value Shares/ADS Offer Deal Relative Filing Date Date Symbol Issuer Exc. Ovl. Range at Midpoint Inc. Ovl. Price Value to Range

05/22/15 06/25/15 ALRM Alarm.com 7.0 $13.00 - $15.00 $98.0 7.0 $14.00 $98.0 In Range

04/14/15 05/20/15 SHOP Shopify 7.7 $12.00 - $14.00 $100.1 8.9 $17.00 $150.5 Above

03/31/15 06/24/15 TRU TransUnion 29.5 $21.00 - $23.00 $650.0 34.0 $22.50 $764.5 In Range

03/20/15 04/23/15 APIC Apigee 5.1 $16.00 - $18.00 $87.0 5.1 $17.00 $87.0 In Range

03/04/15 04/15/15 ETSY Etsy 16.7 $14.00 - $16.00 $250.0 19.2 $16.00 $306.7 In Range

02/03/15 03/05/15 MXPT MaxPoint Interactive 6.5 $10.50 - $12.50 $74.8 6.5 $11.50 $74.8 In Range

01/5/15 03/18/15 NCOM National Commerce Corp 1.6 $18.50 - $20.50 $31.2 2.0 $19.50 $38.1 In Range

12/23/14 05/19/15 BKFS Black Knight Financial 17.0 $22.00 - $25.00 $399.5 20.7 $24.50 $507.2 In Range

11/10/14 12/16/14 ONDK On Deck Capital 10.0 $16.00 - $18.00 $170.0 11.5 $20.00 $230.0 Above

08/27/14 12/10/14 LC LendingClub 57.7 $10.00 - $12.00 $634.7 66.7 $15.00 $1,000.5 Above

07/14/14 10/08/14 MOLG MOL Global 19.5 $12.50 - $14.50 $262.7 13.5 $12.50 $168.8 In Range

06/30/14 10/02/14 YDLE Yodlee 6.3 $11.00 - $13.00 $75.0 7.0 $12.00 $84.1 In Range

06/24/14 09/23/14 CYBR CyberArk Software 5.4 $13.00 - $15.00 $75.0 6.2 $16.00 $98.6 Above

Sources: Dealogic and FactSet Research Systems as of June 30, 2015

Financial Technology Sector – Q2 2015 28 Recent Equity Capital Markets Activity

William Blair

Initial Public Offerings (cont’d)

06/10/14 07/30/14 HQY HealthEquity 9.1 $10.00 - $12.00 $100.1 10.5 $14.00 $146.5 Above

05/07/14 07/08/14 CAFN Cachet Financial Solutions 9.2 $2.00 - $3.00 $23.0 4.5 $1.50 $6.8 Below

05/05/14 06/18/14 MRKT Markit 45.7 $23.00 - $25.00 $1,097.0 61.5 $24.00 $1,475.8 In Range

04/10/14 05/14/14 ZEN Zendesk 11.1 $8.00 - $10.00 $100.0 12.8 $9.00 $115.0 In Range

04/07/14 06/11/14 MOBL MobileIron 11.1 $8.00 - $10.00 $100.0 11.1 $9.00 $100.0 In Range

04/02/14 05/07/14 CMCM Cheetah Mobile 12.0 $12.50 - $14.50 $162.0 13.8 $14.00 $193.2 In Range

03/13/14 07/30/14 SYF Synchrony Financial 125.0 $23.00 - $26.00 $3,062.5 128.5 $23.00 $2,955.4 In Range

03/10/14 04/15/15 VIRT Virtu Financial 16.5 $17.00 - $19.00 $297 19.0 $19.00 $361.2 In Range

03/10/14 04/14/14 PAYC Paycom Software 6.6 $18.00 - $20.00 $126.3 7.6 $15.00 $114.6 Below

02/18/14 03/20/14 BRDR Borderfree 5.0 $14.00 - $16.00 $75.0 5.0 $16.00 $80.0 In Range

02/12/14 03/19/14 QTWO Q2 Holdings 7.8 $11.00 - $13.00 $93.1 8.9 $13.00 $116.0 In Range

01/31/14 03/06/14 COUP Coupons.com 10.0 $12.00 - $14.00 $130.0 10.5 $16.00 $168.0 Above

01/30/14 03/18/14 PCTY Paylocity 6.7 $14.00 - $16.00 $100.1 7.0 $17.00 $119.8 Above

12/20/13 07/22/14 MTBC Medical Transcription Billing 3.0 $9.00 - $11.00 $30.0 4.1 $5.00 $20.4 Below

10/01/13 11/05/13 CUDA Barracuda Networks 4.1 $18.00 - $21.00 $80.7 4.1 $18.00 $74.5 In Range

09/18/13 10/29/13 CRTO Criteo 7.2 $23.00 - $26.00 $176.4 8.1 $31.00 $250.6 Above

08/14/13 09/17/13 BNFT Benefitfocus 4.5 $21.50 - $24.50 $103.5 4.9 $26.50 $130.8 Above

08/02/13 09/19/13 FEYE FireEye 14.0 $12.00 - $14.00 $182.0 15.2 $20.00 $303.5 Above

Santander Consumer USA 07/03/13 01/23/14 SC 65.2 $22.00 - $24.00 $1,500.0 75.0 $24.00 $1,799.8 In Range Holdings

06/17/13 07/18/13 SALE RetailMeNot 9.1 $20.00 - $22.00 $190.9 10.5 $21.00 $219.5 In Range

04/11/13 07/25/13 LIQD Liquid Holdings Group 5.0 $9.00 - $11.00 $50.0 3.2 $9.00 $28.6 In Range

Sources: Dealogic and FactSet Research Systems as of June 30, 2015

Financial Technology Sector – Q2 2015 Recent Equity Capital Markets Activity 29

William Blair

Follow-On Offerings

($ in millions) Pricing Performance - % Change % Shares Offered Last Trade Before Shares/ ADS Deal Pricing Offered Offer Value Offer/ Offer/ Offer/ Date Ticker Issuer Issuer Business Description (mm) Price (mm) Primary Secondary Filing Offer Current 06/29/15 VGGL Viggle Inc Creator of loyalty rewards program 2.05 $2.1 $4.2 100% 0% 2% 2% 3% Provider of software products to the 100% 0% 61% 63% 1% 06/19/15 SSNC SS&C Technologies Holdings financial services industry 12.1 $61.5 $742.6 06/16/15 OMAM OM Asset Management Asset management company 15.3 $17.5 $267.0 0% 100% 19% 18% 2% Provider of enterprise security 18% 82% 64% 63% 2% 06/10/15 CYBR CyberArk Software software 5.6 $61.0 $343.7 Software platform provider of financial 0% 100% 26% 26% 2% 06/04/15 MRKT Markit information 13.5 $25.8 $346.4 05/22/15 VGGL Viggle Creator of loyalty rewards program 3.6 $2.5 $9.1 100% 0% 3% 3% (15%) Provides loans, retail financing, and 70% 30% 52% 52% (9%) 04/28/15 LEAF Springleaf Holdings other credit related products 27.9 $51.5 $1,435.0 Provider of commercial real estate 0% 100% 17% 17% 64% 03/17/15 WD Walker & Dunlop financial services 5.2 $16.4 $86.0 Specializes in private banking, 100% 0% 60% 60% 10% 03/13/15 FRC First Republic Bank investment management, and lending 3.5 $58.5 $204.6 Provides banking, lending and investing 0% 100% 18% 18% 11% 03/13/15 EVER EverBank products and services 2.9 $18.0 $52.2 03/12/15 IMPV Imperva Provider of data security solutions 3.5 $39.00 $134.6 100% 0% (15%) (4%) (21%) 03/11/15 CYBR CyberArk Software Provider of enterprise security 4.6 $51.00 $234.6 0% 100% (18%) (7%) 34% software sensitive company data 102/26/15 QTWO Q2 Holdings Provider of cloud-based virtual banking 5.9 $19.75 $116.3 29% 71% 4% (4%) 9% solutions 01/14/15 PAYC Paycom Software Provider of human capital management 6.4 $22.50 $144.5 0% 100% (21%) (5%) (8%) software 12/18/14 ALLY Ally Financial Provider of automotive and mortgage 54.9 $23.25 $1,277.0 0% 100% 5% 5% 5% finance 12/11/14 PCTY Paylocity Holding Cloud-based provider of payroll and 4.6 $26.25 $120.8 16% 84% (13%) (2%) 3% human capital management services 11/21/14 OTIV On Track Innovations Manufacturer of smart card technology 6.3 $1.60 $10.0 100% 0% (16%) (16%) (5%) 09/11/14 TNET TriNet Group Provider of human resources solutions 13.8 $25.50 $351.9 0% 100% (6%) (1%) (15%) for small and medium enterprises 08/14/14 ADVS Advent Software Provider of client/server sofware 3.8 $31.33 $117.5 0% 100% 0% (4%) 4% products and related services 07/16/14 BNFT Benefitfocus Provider of cloud-based benefits 2.9 $38.50 $109.9 0% 100% (16%) (19%) 63% software 06/16/14 QIWI QIWI Provider of mobile payment services 8.0 $40.00 $318.9 25% 75% (13%) (16%) 67% 06/13/14 APAM Artisan Partners Investment management firm 1.8 $55.17 $101.3 0% 100% 0% 0% 17% 05/29/14 VNTV Vantiv Provider of payment processing 5.8 $30.95 $178.9 0% 100% 0% (0%) (7%) services 05/15/14 LIQD Liquid Holdings Provider of software technology 32.0 $1.25 $40.0 100% 0% (48%) (72%) 37% 04/25/14 VGGL Viggle Creator of loyalty rewards program 4.4 $8.00 $35.0 100% 0% (58%) (66%) 142% 03/27/14 MGI MoneyGram International Provider of money transfer and 1.2 $16.50 $132.0 0% 100% (9%) (12%) NA payment services 03/21/14 CRTO Criteo Pay-per-click performance display 5.3 $45.00 $236.3 10% 90% (23%) (24%) 18% advertising solution provider 03/06/14 FEYE FireEye Provider of network access controls 14.0 $82.00 $1,148.0 40% 60% 12% (8%) 182% 03/05/14 VNTV Vantiv Provider of payment processing 18.8 $31.55 $592.5 0% 100% (1%) (1%) (5%) services 01/14/14 WDAY Workday Provider of enterprise cloud-based 6.9 $89.00 $614.1 100% 0% 1% (3%) 9% applications for HCM 01/07/14 GRPN Groupon Operator of e-commerce marketplace 13.8 $11.80 $163.1 0% 100% (1%) (1%) 63% 12/11/13 SALE RetailMeNot Online coupon and deal marketplace 7.2 $26.00 $187.4 32% 68% (15%) (3%) 87% operator Sources: Dealogic and FactSet Research Systems as of June 30, 2015

Financial Technology Sector – Q2 2015 30 Recent Equity Capital Markets Activity

William Blair

Follow-On Offerings (Cont’d)

Financial Technology Sector – Q2 2015 Recent Equity Capital Markets Activity 31

William Blair

Debt Capital Markets

Leveraged Loans

($ in millions) Facilities Revolver Date Rating Borrower Sponsor(s) Status Use Total Credit Term Loan 6/23/2015 BB-/B1 First Data Corp Kohlberg, Kravis & Roberts Done Refinancing $725 $0 $725

6/22/2015 BB-/B1 AVAST Software CVC Done Refinancing 274 0 274

6/11/2015 CCC+/Caa2 Deltek Systems Inc Thoma Bravo LLC Done Recap/Dividend 390 0 390

6/11/2015 B/B1 Deltek Systems Inc Thoma Bravo LLC Done Recap/Dividend 30 30 0

6/11/2015 B/B1 Deltek Systems Inc Thoma Bravo LLC Done Recap/Dividend 840 0 840

5/28/2015 CCC+/Caa2 TransFirst Holdings Inc Vista Equity Partners Done Refinancing 65 0 65

5/28/2015 B/B2 TransFirst Holdings Inc Vista Equity Partners Done Refinancing 764 0 764

5/27/2015 B/B3 Retail Solutions Group Apax Partners Done Recap/Dividend 165 15 150

5/20/2015 B/B2 Informatica Corp Permira Done LBO 150 150 0

5/20/2015 B/B2 Informatica Corp Permira Done LBO 1,710 0 1,710

5/18/2015 BB-/B2 NXT Capital LLC Stone Point Capital Done Corp Purpose 100 0 100

5/18/2015 B+/Ba3 TransUnion LLC Advent International Done Refinancing 1,877 0 1,877

4/28/2015 B/B2 ConvergeOne LLC Clearlake Capital Group Done Acquisition 50 0 50

3/20/2015 B/B2 NFP Corp Madison Dearborn Partners Done Acquisition 165 0 165

2/9/2015 B-/Caa2 IPC Systems Inc Centerbridge Partners Complete LBO 305 $0 305

2/5/2015 BB-/B1 BATS Global Markets Inc Not Sponsored Complete Acquisition 228 0 228

2/5/2015 NR/NR DBRS Limited Carlyle Group Complete LBO 50 50 0

2/5/2015 NR/NR DBRS Limited Carlyle Group Complete LBO 225 0 225

1/29/2015 B/B2 AssuredPartners Inc GTCR Golder Rauner Complete Acquisition 150 0 150

1/21/2015 B/B1 Digital River Inc SIRIS Capital Group Complete LBO 265 10 255

1/20/2015 B/B1 Mitchell International Inc Kohlberg, Kravis & Roberts Complete Acquisition 55 0 55

1/13/2015 B/B2 Duff & Phelps LLC Carlyle Group Complete Acquisition 160 0 80

1/8/2015 B/B1 IPC Systems Inc Centerbridge Partners Complete LBO 620 25 595

1/8/2015 NR/NR Kaufman Hall & Associates Madison Dearborn Partners Complete LBO 170 20 150

Source: Standard & Poor’s as of June 30, 2015

Financial Technology Sector – Q2 2015 32 Debt Capital Markets

William Blair

High-Yield Issuance

($ in millions) Trade Date Purpose Name SP Moody's Maturity Date Years Size Coupon Price Yield Spread 6/29/2015 Acquisition SS&C Technologies Inc B+ B3 7/15/2023 8 $600 5.875% $100.0 5.875% 365

6/2/2015 LBO Informatica Corp CCC+ Caa2 7/12/2023 8 650 7.125% 100.0 7.125% 502

5/14/2015 Refinancing Ally Financial BB+ NR 5/19/2022 7 400 4.625% 98.4 4.900% 295

5/14/2015 Refinancing Ally Financial BB+ NR 5/19/2018 3 1,000 3.600% 99.4 3.800% 290

5/12/2015 Acquisition NFP Corp CCC+ Caa2 7/15/2021 6 275 9.000% 99.5 9.103% 720

4/17/2015 Refinancing NewStar Financial Inc BB- NR 5/1/2020 5 300 7.250% 100.0 7.250% 594

3/25/2015 Corp Purpose Ally Financial BB+ NR 3/30/2020 5 750 4.125% 98.9 4.375% 296

3/25/2015 Corp Purpose Ally Financial BB+ NR 3/30/2025 10 500 4.625% 98.0 4.875% 295

3/25/2015 Corp Purpose Navient Corporation BB Ba3 3/25/2021 6 500 5.875% 99.4 6.000% 459

3/24/2015 Recap/Stock VeriSign BB+ Baa3 4/1/2025 10 500 5.250% 100.0 5.250% 337 Repurchase 3/2/2015 Refinancing E*Trade Financial Corp BB- Ba2 9/15/2023 8 460 4.625% 100.0 4.625% 265

2/10/2015 Refinancing Ally Financial BB+ B1 2/13/2022 7 650 4.125% 98.5 4.375% 256

2/10/2015 Refinancing Ally Financial BB+ B1 2/13/2018 3 600 3.250% 99.3 3.500% 247

1/7/2015 Corp Purpose General Motors Financial BBB- Ba1 1/15/2020 5 1,000 3.150% 100.0 3.176% 170

1/7/2015 Corp Purpose General Motors Financial BBB- Ba1 1/15/2025 10 1,000 4.000% 99.0 4.064% 210

Source: Standard & Poor’s as of June 30, 2015

Financial Technology Sector – Q2 2015 Debt Capital Markets 33

William Blair

Recent Private Equity Financings

Date(1) Target Acquirer(s) Size Business Description 06/30/15 Chrome River Great Hill Partners $100.0 Provider of expense reporting and supplier invoice automation software

06/23/15 Credit Karma Tiger Global Management / Valinor Management / Viking Global 175.0 Provides credit scoring, reporting, and monitoring services Investors

06/23/15 Currency Cloud Sapphire Venutres / Rakuten / Anthemis / Atlas Ventures / Notion 18.0 Operates as a foreign exchange broker and international payments Capital / Xange Private Equity company

06/15/15 Lavu Aldrich Capital Partners 15.0 Provider of mobile point-of-sale software for service-industry business management

06/03/15 Mirror Route 66 Ventures / Crosslink Capital / Battery Ventures / RRE 8.8 Peer-to-peer bitcoin trading platform Ventures / Tim Draper

05/27/15 EverCompliant Carmel Ventures / Nyca Partners 3.5 Provides cloud-based cyber risk intelligence and merchant fraud detection solutions

05/20/15 WePay FTV Capital / August Capital / Continental Investors / Highland Capital 40.0 Offers online payment collection solutions Partners / Ignition Partners / Rakuten

05/18/15 Ripple Labs IDG Capital Partners / CME Group / Seagate Technology Ventures / 28.0 Provides Ripple protocol, an open-source distributed payment AME Cloud Ventures / Route 66 Ventures / China Growth Capital / network that enables payments to merchants, consumers, and Wicklow developers 05/16/15 Wave Charles River Ventures / Social+Capital Partnership / OMERS 12.0 Offers online accounting programs for small businesses Ventures

05/12/15 Credit Sesame Syncora Alternative Investments / Menlo Ventures / IA Capital / 16.0 Owns and operates an online analytics engine that manages credit Globespan Capital / Inventus Capital and loans

05/11/15 NerdWallet Institutional Venture Partners / RRE Ventures / iGlobe Partners / Core 64.0 Develops and operates a financial advisory and money Innovation Capital management platform

05/07/15 Robinhood New Enterprise Associates / Index Ventures / Ribbit Capital / Social 50.0 Provides stock trading services to buy and sell stocks Leverage / Vaizra Investments

05/07/15 itBit Liberty City Ventures / Raptor Holdco / RRE Ventures 25.0 Develops and operates an Internet based bitcoin exchange for institutional and retail investors

05/04/15 Ycharts Morningstar / Amicus Capital Partners / I2A / Hyde Park Angels / 6.0 Financial analytics website, provides data and analytics solutions Reed Elsevier for investment professionals, portfolio managers, and wealth advisors 05/01/15 Clearent FTV Capital 25.0 Provides payment processing services to financial institutions, ISOs, and merchants

04/30/15 MX USAA / Digital Garage Incubation 30.0 Develops an omnibanking technology based cross-platform application that provides financial management and transactional banking solutions 04/30/15 Payzer Grotech Ventures / Route 66 Ventures / Scale Finance 4.2 Provides a mobile and online banking and payments platform

04/24/15 Coverfox Accel Partners / SAIF Partners 11.8 Provides insurance brokerage services

04/23/15 ezbob Oaktree Capital Management 45.2 Provides micro financing services for online merchants through a web portal

04/22/15 Funding Circle DST Global / Baillie Gifford / BlackRock / Sands Capital Ventures / 150.0 Operates an online marketplace for business loans Temasek

Note: Dollars in millions; displays M&A activity from January 1, 2015, through June 30, 2015. Above transactions may not reflect all deals done within the financial technology sector. May include acquisitions of minority and majority stakes (1) Represents transaction announcement date

Financial Technology Sector – Q2 2015 34 Recent Private Equity Financings

William Blair

Recent Private Equity Financings (cont’d)

Date(1) Target Acquirer(s) Size Business Description 04/22/15 Smava Phenomenon Ventures / Earlybird Venture Capital / Neuhaus Partners 16.0 Operates as an online marketplace for person to person loans

04/21/15 Compare Asia Group ACE & Co Development Group / Goldman Sachs Asset Management / 40.0 Develops and operates a financial comparison website Jardine Pacific / Nova Founders Capital / Route 66 Ventures

04/21/15 Jimubox Investec Bank / Haitong Kaiyuan Investment / Mandra Capital / Zhong 84.0 Operates as an online peer-to-peer lending platform Capital Fund / Matrix China Partners / Xiaomi / Shunwei / Ventech

04/20/15 eToro BRM Group / CommerzVentures / Ping An Capital / SBT Ventures / 29.0 Develops and operates a social investment network and financial Spark Capital Partners trading platform for consumers worldwide

04/15/15 Billtrust Goldman Sachs Private Capital / Bain Capital Ventures 25.0 Provides automated invoice-to-cash solutions for businesses across B2B and B2C markets in North America

04/14/15 PrimeRevenue Battery Ventures / BBH Capital Partners 80.0 Provides cloud-based financial supply chain solutions to optimize cash flows

04/08/15 DealStruck Trinity Ventures 8.3 Provides an online lending marketplace that connects small and medium-sized businesses with accredited and institutional investor

04/07/15 Kyriba HSBC / BRED Banque Populaire / Daher Capital / Iris Capital / Upfront 21.0 Offers cloud based Software-as-a-Service (SaaS) treasury and Ventures payment automation solutions

04/06/15 ZenPayroll Google Capital / Google Ventures / General Catalyst Partners / 60.0 Provides an online portal for payroll management Emergence Capital / Ribbit Capital / Kleiner Perkins

03/26/15 Dream Payments Blue Sky Capital / Real Ventures / Rouge River Capital 6.0 Provides terminals that allow clients to accept cash, credit, and debit card payments through their tablets and mobile devices

03/19/15 Remitly Draper Fisher Jurvetson / DN Capital / QED Investors / Trilogy Equity 12.5 Global remittance provider Partners

03/19/15 Fundbox General Catalyst Partners / Blumberg Capital / Khosla Ventures / 40.0 Cash flow optimization tool for small businesses NyCa Investment Partners / Shlomo Kramer

03/16/15 YeePay TA Associates / Far East Horizon NA Provides e-payment applications in China

03/09/15 LendingHome NA 70.4 Provides mortgage financing services to borrowers and investors

02/23/15 DriverUp Emerald Development Managers / RRE Ventures 50.0 Online auto finance marketplace for buying, selling, and investing in vehicles

02/18/15 WorldRemit Technology Crossover Ventures / Accel Partners 100.0 Enables migrants and expats to send quick, convenient and low cost remittance payments to families and friends abroad

02/11/15 Bill.com SVB / DCM Ventures / Scale Venture Partners / August Capital / 50.0 Cloud-based financial application that gives clients command and Napier Park Global Capital / American Express Ventures / Commerce control over cash flow, payables, and receivables Ventures 02/11/15 AppDirect Mithril Capital Management / Foundry Group / iNovia Capital / 50.0 Operates as a cloud service marketplace and management platform StarVest Partners

02/10/15 MineralTree First Data / .406 Ventures / Fidelity Growth Partners 11.1 Operates an integrated platform that delivers online payments solutions to banks

02/10/15 Borro OurCrowd / Rocket Internet / Augmentum Capital / Canaan Partners / 19.5 Offers online pawn broking services in the United Kingdom and the Eden Ventures United States

02/05/15 FreeCharge Sequoia Capital / Sofina / Tybourne Capital / Valiant Capital Partners 80.0 Operates a Website that provides online prepaid mobile recharge / ru-Net services

Financial Technology Sector – Q2 2015 Recent Private Equity Financings 35

William Blair

Recent Private Equity Financings (cont’d)

Date(1) Target Acquirer(s) Size Business Description 02/03/15 YellowPepper LIV Capital / Fondo de Fondos / International Finance Corporation / 19.0 Mobile wallet platform focused on the Latin American market Mexico Ventures

02/02/15 Apttus Salesforce Ventures / Iconiq / K1 Capital 41.0 Quote-to-cash solution provider

01/29/15 Volusion Main Street Capital 55.0 Provides ecommerce software and services for businesses ranging from startups to large enterprises

01/28/15 BlueVine 83North / Lightspeed Venture Partners / Correlation Ventures / 18.5 Provider of working capital financing to small businesses Silicon Valley Bank

01/28/15 TransferWise Andreesen Horowitz / IA Ventures / Index Ventures / Valar Ventures / 58.0 A peer-to-peer money transfer startup Seedcamp / Sir Richard Branson

01/28/15 eFront Bridgepoint Partners 340.1 Provides software solutions to the financial industry primarily in France

01/26/15 Raise New Enterprise Associates / Bessemer Venture Partners / Pritzker 56.0 Operates a peer-to-peer secondary gift card marketplace Group VC / Listen Ventures

01/26/15 Ripple Labs Andreesen Horowitz / Google Ventures / IDG Capital Partners 30.0 Developed technology similar to bitcoin that enables institutions to transfer money around the world

01/23/15 Kreditech Victory Park Capital (providing credit) 200.0 Consumer finance technology company that uses 20,000 data points to feed its credit-scoring algorithm

01/21/15 Direct Connect Beekman Group NA Provider of credit and debit card payment processing services

01/20/15 Coinbase DFJ Growth / Andreesen Horowitz / Union Square Ventures / Ribbit 75.0 Offers an international digital wallet solution that allows users to Capital / more securely buy, use, and accept bitcoin currency

01/14/15 TrialCard Excellere Capital NA Leading provider of patient access and medication adherence support services on behalf of pharmaceutical manufacturers

01/14/15 BlockCypher AME Cloud Ventures / Crypto Currency Partners / Foundation Capital 3.1 Provider of an open-source block explorer to showcase four different / New Enterprise Associates / Upside Partnership/ more cryptocurrencies: Bitcoin, Litecoin, Dogecoin and BlockCypher Testnet 01/12/15 Insite Software Volition Capital 15.0 Provides B2B commerce platforms and data-driven solutions to manufacturers and distributors

01/12/15 Giact Systems Tritium Partners NA Designs and develops real time risk management solutions for electronic payments

01/07/15 peerTransfer Bain Capital Ventures 22.0 Provides global payment solutions for the education industry

Financial Technology Sector – Q2 2015 36 Recent Private Equity Financings

William Blair

Notes

Financial Technology Sector – Q2 2015 Notes 37

William Blair

Disclosures

William Blair is a trade name for William Blair and William Blair International, Limited. William Blair, is a Delaware company and is regulated by the Securities and Exchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom. William Blair® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, Regulated by the Financial Conduct Authority (FCA), and is directed only at, and is only made available to, persons falling within COB 3.5 and 3.6 of the FCA Handbook (being “Eligible Counterparties” and Professional Clients). This Document is not to be distributed or passed on to any “Retail Clients.” No persons other than persons to whom this document is directed should rely on it or its contents or use it as the basis to make an investment decision. William Blair | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com July 27, 2015 Financial Technology Sector – Q2 2015 38 Disclosures

Quarterly Update Q2 2015

Financial Technology Sector Overview of Market Activity in the Financial Technology Sector