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Payments / Banking Financial Technology Sector Summary February 13, 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 Dick Filippini Managing Director Advisory Director Managing Director Managing Director Financial Technology Software Digital Media Mobile Phone: (212) 999-7077 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3688 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (415) 297-3420 [email protected] [email protected] [email protected] [email protected] Derek Bell Zeke Navar Rob Freiman Andrea DeLeon Director Director Vice President Analyst Business Services Healthcare IT Financial Technology Phone: (212) 999-7089 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7099 Mobile: (914) 953-0689 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 140 120 115 130 110 120 105 110 100 100 95 90 90 80 85 2/6/14 3/9/14 4/8/14 5/9/14 6/9/14 7/9/14 8/8/14 9/8/14 10/8/14 11/7/14 12/8/14 1/8/15 11/6/14 11/14/14 11/23/14 12/1/14 12/9/14 12/17/14 12/26/14 1/4/15 1/12/15 1/20/15 1/28/15 2/5/15 (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, ONDK, 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 15.1% 35.5% 70.1% Information Processors / 13.0% Credit Bureaus 7.6% 50.8% Investment Services, 12.9% Software, & Technology 28.0% 88.4% Financial, Data, Content, & 6.1% Analytics 19.9% 68.9% Exchanges 5.4% 16.7% 28.8% Healthcare / Insurance 4.8% 6.6% Technology 64.2% Banking & Lending 1.9% 21.3% 83.4% Technology Online Broker Dealers 1.5% 18.2% 115.9% Payments 0.5% 10.8% 94.7% 0.0% 10.0% 20.0% (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 50.0% 100.0% 150.0% 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 24.0% Exchanges 57.5% Online Broker Dealers 18.9% Financial Data, Content, & Analytics 36.3% Banking and Lending Technology 16.7% Information Processors / Credit Bureaus 25.2% Payments 15.8% Investment Services, Software, & Technology 13.6% Banking and Lending Technology 25.1% Financial Data, Content, & Analytics 13.1% Investment Services, Software, & Technology 22.6% Information Processors / Credit Bureaus 11.4% Healthcare / Insurance Technology 16.0% Healthcare / Insurance Technology 11.3% Payments 15.5% Exchanges 9.0% 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) Investment Services, Software, & Technology 26.1x Exchanges 1.9 Financial Data, Content, & Analytics 25.4x Financial Data, Content, & Analytics 1.8 Online Broker Dealers 23.9x Information Processors / Credit Bureaus 1.8 Banking and Lending Technology 23.7x Banking and Lending Technology 1.6 Trading Platforms 21.4x Investment Services, Software, & Technology 1.5 Information Processors / Credit Bureaus 21.0x Trading Platforms 1.5 Exchanges 20.2x Healthcare / Insurance Technology 1.5 Payments 18.5x Online Broker Dealers 1.3 Healthcare / Insurance Technology 17.5x Payments 1.1 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. $164,169 22% 29.7x Blackhaw k Netw ork Holdings, Inc. $1,960 43% 26.0x MasterCard Incorporated 97,000 12% 27.4 Green Dot Corporation 894 (29%) 11.5 American Express Company 86,965 (1%) 15.3 Net 1 Ueps Technologies Inc. 630 66% 5.5 eBay Inc. 65,948 0% 18.5 Higher One Holdings, Inc. 166 (57%) 5.6 Discover Financial Services 26,200 8% 11.0 Sector Average $912 6% 12.1x Sector Average $88,056 8% 20.4x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Cardtronics Inc. $1,672 (2%) 16.1x Cielo SA $23,462 12% 19.3x Outerw all Inc. 1,238 3% 10.1 Total System Services, Inc. 6,782 26% 19.2 Global Cash Access Holdings, Inc. 460 (14%) 8.0 Vantiv, Inc. 6,049 16% 20.2 Sector Average $1,123 (5%) 11.4x Wirecard AG 5,684 18% 41.6 Global Payments Inc. 5,167 (29%) 19.0 LTM Price Heartland Payment Systems, Inc. 1,914 (49%) 22.1 POS Hardware / Technology Market Cap. Performance P/E 2014 EVERTEC, Inc. 1,659 10% 12.8 Optimal Payments Plc 959 (15%) 14.7 Ingenico S.A. $6,405 21% 26.9x Digital River Inc. 824 62% 51.0 NCR Corporation 4,473 (24%) 10.1 Planet Payment, Inc. 92 (51%) 32.8 VeriFone Systems, Inc. 3,678 13% 20.0 JetPay Corporation 35 40% NM PAR Technology Corporation 86 3% NA Sector Average $4,784 4% 25.3x Sector Average $3,660 3% 19.0x 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 $9,266 16% 11.7x Intuit Inc. $25,078 24% 26.7x Euronet Worldw ide Inc. 2,481 11% 18.3 Fiserv, Inc. 18,781 40% 22.8 Xoom Corporation 607 (42%) 56.0 Fidelity National Information Services, Inc. 18,140 22% 20.6 Moneygram International Inc. 500 (50%) 8.4 LendingClub Corporation 7,384 NA NM Sector Average $3,213 (16%) 23.6x Jack Henry & Associates Inc.
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