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. 5,199 16% 25.8 ACI Worldw ide, Inc. 2,298 2% 28.1 Temenos Group AG 2,167 14% 23.7 LTM Price Ellie Mae, Inc. 1,309 85% 50.2 Closed Loop Market Cap. Performance P/E 2014 On Deck Capital, Inc. 1,121 NA NM Alliance Data Systems Corporation $17,568 6% 22.0x Bottomline Technologies (de), Inc. 1,054 (20%) 18.1 FleetCor Technologies, Inc. 13,753 31% 29.3 Q2 Holdings, Inc. 665 NA NM Edenred SA 6,606 (1%) 28.3 Performant Financial Corporation 266 (30%) 16.6 WEX Inc. 3,803 12% 19.1 Sector Average $7,563 23% 27.0x Sector Average $10,432 12% 24.7x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2014 0 Experian plc $17,723 5% 19.4x Equifax Inc. 10,281 21% 22.0 Fair Isaac Corporation 2,453 52% 20.0 Acxiom Corporation 1,489 (45%) 25.0 Intersections Inc. 63 (49%) NM Sector Average $6,402 (3%) 21.6x
Source: 11 CapitalIQ and Wall Street Research. Market Summary LTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics
($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. $31,734 24% 28.0x SEI Investments Co. $7,062 26% 22.7x Intercontinental Exchange, Inc. 25,619 9% 23.9 Broadridge Financial Solutions, Inc. 6,211 42% 21.6 The Nasdaq OMX Group, Inc. 8,255 30% 17.1 SS&C Technologies Holdings, Inc. 5,104 63% 26.1 BM&F Bovespa SA 6,154 (18%) 13.1 DST Systems Inc. 3,913 17% 19.3 CBOE Holdings, Inc. 5,271 21% 27.3 Financial Engines, Inc. 2,074 (29%) 43.2 TMX Group Limited 2,052 (16%) 11.3 Advent Softw are, Inc. 2,318 51% 30.8 Bolsa Mexicana de Valores SAB de CV 1,008 (11%) 20.2 Envestnet, Inc. 1,867 39% 69.5 Sector Average $11,442 6% 20.1x Sector Average $4,078 30% 33.3x
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 $31,689 10% 21.2x Hong Kong Exchanges & Clearing Limited $26,745 48% 40.8x McGraw Hill Financial, Inc. 26,485 26% 25.4 Singapore Exchange Limited 6,452 13% 27.0 Moody's Corporation 20,039 28% 24.2 ASX Limited 5,992 (0%) 18.8 Bursa Malaysia Bhd 1,232 (1%) 22.6 Verisk Analytics, Inc. 10,878 6% 27.6 MSCI Inc. 6,281 38% 28.1 Sector Average $10,105 15% 27.3x FactSet Research Systems Inc. 6,172 45% 26.5 Dun & Bradstreet Corp. 4,385 26% 16.3 LTM Price Morningstar Inc. 3,088 (10%) 27.9 Exchanges - Europe Market Cap. Performance P/E 2014 Bankrate, Inc. 1,364 (19%) 19.5 0 Sector Average $12,265 17% 24.1x Deutsche Boerse AG $14,436 (1%) 17.8x London Stock Exchange Group plc 12,444 18% 21.8 Bolsas y Mercados Españoles 3,514 4% 17.5 LTM Price JSE Limited 917 42% NA Online Broker Dealers Market Cap. Performance P/E 2014 GPW 539 (0%) 17.1 The Charles Schw ab Corporation $38,011 19% 30.3x Hellenic Exchanges - Athens Stock Exchange S.A. Holding408 (43%) 14.9 TD Ameritrade Holding Corporation 19,453 16% 24.4 Sector Average $5,376 3% 17.8x E*TRADE Financial Corporation 7,353 29% 23.3 Interactive Brokers Group, Inc. 1,902 52% 53.6 LTM Price FXCM Inc. 177 (86%) 7.3 Trading Platforms Market Cap. Performance P/E 2014 GAIN Capital Holdings, Inc. 361 (6%) 11.1 Sector Average $11,210 4% 25.0x MarketAxess Holdings Inc. $3,053 34% 42.7x BGC Partners, Inc. 1,910 36% 13.8 KCG Holdings, Inc. 1,470 12% 24.8 Investment Technology Group Inc. 774 32% 16.1 GFI Group Inc. 771 65% 80.7 INTL FCStone Inc. 378 13% 18.0 Sector Average $1,393 32% 32.7x
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 2/6/15 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. $267.42 $194.84 $272.45 $164,169 ($4,580) $159,589 12.4x 11.2x 18.3x 16.2x 29.7x 24.8x 17.3% 1.4 10.3% 7.2% MasterCard Incorporated 84.16 68.68 89.87 97,000 (4,811) 92,189 9.8 9.1 16.5 15.6 27.4 24.2 17.6% 1.4 7.2% 13.6% American Express Company 85.01 78.41 96.24 86,965 39,000 125,965 3.7 3.6 NA 12.7 15.3 14.4 11.5% 1.2 3.2% 6.3% eBay Inc. 54.50 46.34 59.70 65,948 (2,471) 63,477 3.5 3.3 11.1 10.7 18. 5 17.1 11.2% 1.5 6.2% 8.6% Discover Financial Services 58.55 54.02 66.75 26,200 11, 318 37,518 4.3 4.2 NA 7.1 11.0 11.0 9.9% 1.1 4.4% 18.1%
Mean 6.8x 6.3x 15.3x 12.5x 20.4x 18.3x 13.5% 1.3 6.3% 10.8% Median 4.3 4.2 16.5 12.7 18.5 17.1 11.5% 1.4 6.2% 8.6%
Merchant Processing Cielo SA $14.98 $11.36 $16.93 $23,462 $1,257 $24,719 8.6x 8.0x 16.7x 16.0x 19.3x 17.7x 14.4% 1.2 7.1% 2.1% Total System Services, Inc. 36.48 28.17 37.00 6,782 1,167 7,948 3.3 3.0 11.1 10.1 19.2 16.6 10.9% 1.5 9.1% 5.7% Global Payments Inc. 90.21 64.66 90.94 6,049 1,491 7,541 2 .8 2.6 13.0 12.0 20.2 17.7 11.8% 1.5 7.3% 10.0% Wirecard AG 46.02 28.52 46.36 5,684 (834) 4,850 6.6 5.7 23.2 19.2 41.6 32. 6 29.6% 1.1 17.2% 15.3% Vantiv, Inc. 35.36 28.45 36.17 5,167 3,081 8,248 5.9 5.1 12.3 10.4 19.0 16. 5 13.8% 1.2 16.4% 31.0% Heartland Payment Systems, Inc. 52.85 37.25 56.28 1,914 474 2,388 3.6 3.1 13.8 10.6 22.1 17.6 16.8% 1.1 16.9% 7.8% EVERTEC, Inc. 21.28 19.50 25.98 1,659 650 2,309 6.4 6.1 12.7 11.9 12.8 11.9 1 5.5% 0.8 5.0% 1.4% Optimal Payments Plc 5.88 4.12 8.51 959 (192) 767 2.0 1.6 8. 7 6.8 14.7 12.4 35.0% 0.4 27.1% 34.4% Digital River Inc. 25.86 13.61 25.88 824 (251) 574 1.5 1.4 1 1.9 10.9 51.0 42.8 10.0% 4.3 6.2% 1.8% Planet Payment, Inc. 1.64 1.33 3.75 92 (8) 84 1.8 1.6 9.3 6.6 32.8 14.5 25.0% 0.6 13.4% 8.0% JetPay Corporation 2.53 1.42 4.20 35 15 50 1.5 1.2 23.9 15.5 N M NM NM NM 23.5% (1.0%)
Mean 4.0x 3.6x 14.2x 11.8x 25.3x 20.0x 18.3% 1.4 13.6% 10.6% Median 3.3 3.0 12.7 10.9 19.7 17.1 14.9% 1.1 13.4% 7.8%
Money Transfer (1) The Western Union Company $17.73 $14.60 $18.66 $9,266 $2,050 $11,316 2.0x 2.0x 8.1x 8.0x 11.7x 11.1x 8.5% 1.3 1.8% 2.3 % Euronet Worldwide Inc. 47.16 36.05 59.75 2,481 (73) 2,408 1.5 1.3 10.1 8.7 18.3 15.7 16.5% 1.0 10.1% 25.7% Xoom Corporation 15.78 13.14 29.82 607 (159) 448 2.8 2.3 25. 5 18.3 56.0 39.2 23.7% 1.7 22.2% 22.1% Moneygram International Inc. 9.26 7.55 20.20 500 966 1,466 1.0 1.0 5.3 5.7 8.4 9.9 12.2% 0.8 (2.5%) (6.5%)
Mean 1.8x 1.7x 12.3x 10.2x 23.6x 19.0x 15.2% 1.2 7.9% 10.9% Median 1.7 1.6 9.1 8.4 15.0 13.4 14.3% 1.1 6.0% 12.2%
Closed Loop Alliance Data Systems Corporation $274.41 $230.54 $301.18 $17,568 $13,097 $30,665 5.8x 4.7x 19.3x 15.8x 22.0x 18.4x 15.3% 1.2 23.1% 30.2% FleetCor Technologies, Inc. 150.04 106.13 160.40 13,753 3,117 16,870 14.8 10.2 25.8 17.9 29.3 24.7 17.4% 1.4 44.5% 47. 4% Edenred SA 28.97 21.84 30.77 6,606 960 7,565 6.1 6.0 16.6 15.7 28.3 26.0 1 2.2% 2.1 1.9% 2.6% WEX Inc. 98.09 86.17 119.11 3,803 1,051 4,854 6.0 5.5 13.4 13.5 19.1 18 .6 14.3% 1.3 8.4% 16.2%
Mean 8.1x 6.6x 18.8x 15.7x 24.7x 21.9x 14.8% 1.5 19.5% 24.1% Median 6.0 5.7 17.9 15.8 25.2 21.6 14.8% 1.4 15.7% 23.2% Prepaid Blackhawk Network Holdings, Inc. $36.98 $21.65 $40.51 $1,960 ($37) $1,923 1.3x 1.1x 13.4x 10.2x 26.0x 19.6x 21.4% 0. 9 23.4% 30.6% Green Dot Corporation 15.42 13.87 24.47 894 (567) 327 0.5 0.4 2.6 2.1 11.5 10.9 22.0% 0.5 21.8% 5.6% Net 1 Ueps Technologies Inc. 13.53 7.03 14.24 630 (11) 618 1.0 1.0 4.1 3.8 5.5 6.4 10.0% 0.6 NA 12.3% Higher One Holdings, Inc. 3.48 2.15 9.35 166 70 236 1.0 1.0 4.1 4.0 5.6 5.9 30.0% 0.2 2.8% 4.7%
Mean 1.0x 0.9x 6.1x 5.0x 12.1x 10.7x 20.9% 0.6 16.0% 1 3.3% Median 1.0 1.0 4.1 3.9 8.6 8.6 21.7% 0.6 21.8% 8.9%
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 2/6/15 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. $37.52 $28.03 $43.48 $1,672 $581 $2,253 2.2x 1.9x 8.9x 7.6x 16.1x 13.5x 15.0% 0.9 13.9% 17.3% Outerwall Inc. 65.43 51.17 77.94 1,238 720 1,959 0.8 0.8 4.2 4.1 10.1 9.2 11.9 % 0.8 2.7% 1.2% Global Cash Access Holdings, Inc. 7.02 6.04 9.39 460 (11) 449 0.8 0.7 5.9 5.5 8.0 7.1 20.0% 0.4 18.1% (0.4%)
Mean 0.8x 0.7x 5.0x 4.8x 9.1x 8.1x 16.0% 0.6 10.4% 0.4 % Median 0.8 0.7 5.0 4.8 9.1 8.1 16.0% 0.6 10.4% 0.4%
POS Hardware / Technology Ingenico S.A. $106.87 $68.22 $108.86 $6,405 $348 $6,753 3. 6x 2.9x 16.2x 13.3x 26.9x 22.5x 25.3% 0.9 22.0% 12.9% NCR Corporation 26.56 22.83 37.34 4,473 3,328 7,801 1.2 1.1 9.3 7.7 10.1 9.0 NA NA 3.8% 9.2% VeriFone Systems, Inc. 32.45 27.83 38.63 3,678 633 4,311 2.2 2.1 12.7 10.4 20.0 16.0 14.4% 1.1 8.1% 13.7% PAR Technology Corporation 5.52 3.75 6.30 86 6 92 NA NA NA NA NA NA NA NA NA 1.4%
Mean 2.3x 2.1x 12.7x 10.5x 19.0x 15.9x 19.8% 1.0 11.3% 9.3% Median 2.2 2.1 12.7 10.4 20.0 16.0 0.2 1.0 8.1% 11.0%
Banking and Lending Technology Intuit Inc. $87.83 $69.02 $95.84 $25,078 ($1,090) $23,988 5.3x 5.3x 14. 8x 16.6x 26.7x 31.7x 14.6% 2.2 (0.4%) 8.0% Fiserv, Inc. 76.98 54.04 77.80 18,781 3,509 22,290 4.4 4.2 13.5 12.6 22.8 20.3 11.4% 1.8 5.1% 4.2% Fidelity National Information Services, Inc. 63.93 50.99 64.86 18,140 4,575 22,715 3.5 3.3 11.7 11.1 20.6 18.5 11.5 % 1.6 5.8% 7.0% LendingClub Corporation 20.43 24.75 29.29 7,384 2,518 9,902 47.0 26.2 NM NM NM NM 20.0% NM 79.2% 104.5% Jack Henry & Associates Inc. 63.58 51.86 65.07 5,199 (28) 5,171 4.1 3.8 11.9 11.0 25.8 22.9 11.7% 2.0 7.5% 7.2% ACI Worldwide, Inc. 19.99 17.32 21.04 2,298 893 3,191 3.1 2.8 12.0 10.7 28.1 22.1 17.7% 1.3 8.2% 16.7% Temenos Group AG 32.82 28.06 40.61 2,167 162 2,329 4.8 4.5 1 3.9 12.4 23.7 20.5 15.2% 1.4 7.7% 3.8% Ellie Mae, Inc. 45.55 23.62 46.20 1,309 (85) 1,224 7.8 6.2 30.3 33.0 50.2 55.0 20.0% 2.7 26.0% 29.7% On Deck Capital, Inc. 16.95 14.52 28.98 1,121 328 1,449 9. 4 5.7 NM NM NM NM NA NA 64.5% 117.9% Bottomline Technologies (de), Inc. 26.41 21.01 37.41 1,054 (33) 1,021 3.2 2.9 12.6 14.5 18.1 19.1 18.3% 1.0 7.7% 12.0% Q2 Holdings, Inc. 19.42 9.62 20.48 665 (88) 576 7.3 5.5 NM NM NM NM NA NA 33.2% 41.3% Performant Financial Corporation 5.40 3.65 10.97 266 29 296 1.5 1.5 6.5 6.3 16.6 15.5 16.7% 0.9 0.6% (48.4%) Yodlee, Inc. 9.34 8.90 17.97 273 (71) 202 2.3 1.9 39.3 21.8 NM NM 22.5% NM 20. 8% 36.1%
Mean 8.0x 5.7x 16.7x 15.0x 25.9x 25.1x 16.3% 1.7 20.5% 26.2% Median 4.4 4.2 13.0 12.5 23.7 20.5 16.7% 1.6 7.7% 12.0%
Information Processors / Credit Bureaus Experian plc $18.16 $13.88 $18.64 $17,723 $3,816 $21,539 4.4x 4.3x 12.5x 12.4x 19.4x 18.7x 7.8% 2.4 2.1% 2.1% Equifax Inc. 85.26 64.75 86.31 10,281 1,438 11,720 4.8 4.5 13.8 12.7 22.0 20.0 10.3% 1.9 7.0% 7.2% Fair Isaac Corporation 78.05 50.26 80.47 2,453 512 2,965 3.7 3.5 14.6 12.5 20.0 18.1 14.5% 1.3 6.0% 2.8% Acxiom Corporation 19.27 16.04 39.30 1,489 169 1,658 1.6 1. 6 8.0 7.7 25.0 21.4 12.5% 1.7 (0.2%) (6.3%) Intersections Inc. 3.40 3.32 6.77 63 (11) 52 0.2 0.2 NA NA NM N M NA NA 13.4% (21.1%)
Mean 3.0x 2.8x 12.3x 11.3x 21.6x 19.5x 11.3% 1.8 5.7% (3.0%) Median 3.7 3.5 13.2 12.5 21.0 19.3 11.4% 1.8 6.0% 2.1%
Notes: 15 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
2/5/15 Life-Pay ibox Holding Ltd. POS NA NA
2/3/15 MRI Softw are LLC Cougar Softw are Pty Limited Financial Softw are NA NA
2/2/15 Burroughs Inc. Pendum LLC ATMs NA NA
1/30/15 Valid USA, Inc. Card Cells, LLC (nka:Valid Secure Packaging, LLC) Prepaid $8 NA
1/30/15 MyECheck, Inc. Seergate Ltd. Payments Softw are NA NA
1/29/15 Slyce Inc. SnipSnap App LLC Offers $6 NA
1/28/15 BATS Global Markets, Inc. KCG Hotspot FX LLC FX Trading Platform $435 NA
1/27/15 Esker Inc. TermSync, Inc. AR / CRM Softw are NA NA
1/27/15 Prosper Marketplace, Inc. American HealthCare Lending, LLC Online Lending $21 NA
1/26/15 Givex Corporation Chase Paymentech, Gift Card Business Prepaid NA NA
1/26/15 Borderfree, Inc. Bundle Tech Limited Import Tax Softw are NA NA
1/26/15 CREALOGIX Holding AG MBA Systems Ltd. Banking Technology NA NA
1/26/15 Apex Peak Pte. Ltd. Cashnomix Online SMB Lending NA NA
1/21/15 Intuit Inc. Zeropaper Serviços de Informática S.A. Cash Management NA NA
1/20/15 Ingenico S.A. ROAM Data, Inc. Mobile POS NA NA
1/14/15 Kreditech Holding SSL GmbH Kontomierz.pl Sp. z o. o. Banking Technology NA NA
1/14/15 Ecart Invest Minox Softw are B.V. Accounting Softw are NA NA
CPI Card Group, Inc., Non Secure Card Operations in Las 1/13/15 PLI, LLP Card Manufacturing NA NA Vegas 1/13/15 Cinven Partners, LLP Premium Credit Limited Online Lending $701 NA
1/13/15 Fair Isaac Corporation Tonbeller AG Fraud Prevention NA NA
Notes: 16 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
1/12/15 LocoMobi, Inc. Smart Marketing Concepts Inc. POS NA NA
1/12/15 Marlin Equity Partners, LLC Asentinel LLC Expense Management Softw are NA NA
1/12/15 UniRush, LLC rapid! Financial Services LLC Payroll Cards NA NA
1/8/15 Virtus Partners, LLC Trade Settlement, Inc. Settlement Platform NA NA
Blackstone Tactical Opportunities Advisors L.L.C.; 1/7/15 Acenden Limited Mortgage Servicer NA NA TPG Special Situations Partners 1/6/15 Doxim Inc. Neocog Technologies Inc. Lending Softw are NA NA
1/6/15 Stone Point Capital LLC The Situs Companies LLC Financial Outsourcing NA NA
1/5/15 Main Capital Partners B.V. OnGuard International Holding BV Cash Management NA NA
12/31/14 Broadridge Securities Processing Solutions, Inc. Tw oFour Holdings LLC Cash Management NA NA
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 $18 5.0x
12/22/14 ArcaTech Systems, L.L.C. CTS Group S.p.A. Banking Hardw are NA NA
Wolters Kluw er Tax & Accounting Deutschland 12/19/14 SBS Softw are GmbH Accounting Softw are NA NA Gmbh 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 $4 42.5x
12/15/14 Aquiline Capital Partners LenderLive Netw ork, Inc. Mortgage Service Provider NA NA
Notes: 17 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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 $5 NA
11/21/14 Archw ay Technology Partners, LLC WealthTouch, Inc. Investor Softw are NA NA
11/20/14 AvidXchange, Inc. Piracle, Inc. ACH Processing NA NA
Notes: 18 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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 $35 NA
10/16/14 Gentera S.A.B. de C.V. Pagos Intermex, S.A. De C.V. Remittance NA NA
Notes: 19 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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
TenneT Holding B.V.; Elia System Operator SA; 9/22/14 EPEX Spot SE Trading Platform NA NA RTE Reseau de Transport d'electricite 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 $389 4.4x
9/17/14 Strattam Capital Doxim Inc. Financial Softw are NA NA
Notes: 20 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
9/16/14 The Collinson Group Ltd. Welcome Real-time S.A.S. 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
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 $351 NA
8/26/14 Funding Circle USA LeapPay Inc. Asset-Based Lending NA NA
Notes: 21 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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 PHOENIX PAYMENT SYSTEMS, INC. Card Processing $50 NA
8/4/14 Square, Inc. Serenic Softw are eCommerce NA NA
8/4/14 JRJ Group; TOMS Capital; 76 West Holdings LLC Demica Limited Accounting Softw are NA NA
8/4/14 InComm Holdings, Inc. SIRAS, Inc. (nka:InComm Produc t Control) POS NA NA
Notes: 22 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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 $50 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 $19 1.8x
CARE Kalypto Risk Technologies and Advisory Services 7/3/14 Credit Analysis and Research Limited Risk & Analytics NA NA Private Limited
Notes: 23 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
7/2/14 Axiologix, Inc. International Money Management, Inc. Prepaid NA NA
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 $9 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 $230 NA
6/23/14 Oracle Corporation MICROS Systems, Inc. POS $4,604 3.4x
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 $0 NA
6/9/14 Moody's Analytics, Inc. WebEquity Solutions, LLC Lending Softw are $130 8.7x
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 $99 NA
6/2/14 CRIF SpA High Mark Credit Information Services Pvt. Ltd. Credit Bureau NA NA
Notes: 24 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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 $312 2.3x
5/2/14 Investor Group & Management NagraID S.A. Card Manufacturing NA NA
5/2/14 HighBitCoin, LLC (nka:PeerNova inc.) Technology IQ Ltd Digital Currencies NA NA
5/1/14 TCV, Sequoia Capital Elevate Online Lending NA NA
Notes: 25 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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. (nka:Cayan LLC) Opticard Payment Services Incorporated Prepaid NA NA
3/24/14 Advent International, Bain Capital, ATP Group Nets Holding A/S Payments $3,140 NA
Notes: 26 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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 $586 NA
Notes: 27 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
Tybourne Capital Management, Valiant Capital Management, 2/5/15 Accelyst Solutions Pvt. Ltd. Series C $80.0 Prepaid Mobile ruNet, Sequoia Capital, Sofina
2/3/15 KnCMiner AB Series B $15.0 Accel Partners, Creandum, GP Bullhound Bitcoin
Third Point Ventures, Institutional Venture Partners, 2/3/15 Social Finance, Inc. Series D $200.0 Online Lending Wellington Management Company Salesforce Ventures, K1 Investment Management, Iconiq 2/2/15 Apttus Inc. Series B $41.0 Financial Softw are Capital Maveron, Andreessen Horow itz, Atlas Venture, Collaborative 1/27/15 Earnest Inc Series A $17.0 Online Lending Fund, First Round Capital Andreessen Horow itz, Index Ventures, Seedcamp, Valar 1/25/15 TransferWise Ltd Series C $58.0 Money Transfer Ventures, IA Ventures New Enterprise Associates, Bessemer Venture Partners, 1/22/15 Raise Marketplace Inc. Series B $56.0 Gift Card Marketplace Listen Ventures, The Pritzker Organization
1/21/15 Taulia Inc. NA $15.0 Zouk Capital Invoice Management
Draper Fisher Jurvetson, BBVA, Andreessen Horow itz, New 1/20/15 Coinbase, Inc. Series C $75.0 Digital Currencies York Stock Exchange, Ribbit Capital, Union Square Ventures
1/14/15 Global Debt Registry, LLC Series A $7.0 Undisclosed Debt Registry
1/12/15 Insite Softw are Solutions, Inc. NA $15.0 Volition Capital eCommerce
Bain Capital Ventures, Spark Capital, Accel Partners, QED 1/7/15 peerTransfer Education Corporation Series C $22.0 Money Transfer Investors, Devonshire Investors
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 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 $39.3 Online Banking Polar Capital
Notes: 28 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
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
Adams Capital Management, Bain Capital Ventures, Canadian 11/25/14 Dynamics Inc. Series C $70.0 Card Manufacturing Imperial Bank of Commerce, MasterCard 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 Technology Crossover Ventures, Warburg Pincus Accounting 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
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 $70.0 PFM Partners, Index Ventures, The Social+Capital Partnership
Notes: 29 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
10/27/14 Credorax, Inc. NA $40.0 Blumberg Capital, Columbus Nov a 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 Pvt. 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 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 $21.0 Blockchain Ventures, Mosaic Ventures, Real Ventures, Ribbit Capital
Notes: 30 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
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
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 $12.0 Merchant Acquiring Access Industries, Camp One Ventures
Notes: 31 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
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
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 $31.0 Crow d Funding Fund
Notes: 32 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
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 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 $18.0 Undisclosed Card Monitoring
Notes: 33 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
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
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 $25.0 International Payments Carmel
Notes: 34 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
3/4/14 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 Banki ng Softw are
Notes: 35 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 2/6/15 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. $94.21 $66.44 $95.21 $31,734 $667 $32,401 10.4x 9.6x 16.2x 14.2x 28.0x 24.2x 12.3% 2.0 9.4% 22.4% Intercontinental Exchange, Inc. 228.72 182.40 230.99 25,619 2,437 28,056 9.1 8.3 15.0 12.8 23.9 18.9 15.8% 1.2 8.7% 49 .3% The Nasdaq OMX Group, Inc. 49.24 33.49 49.71 8,255 1,712 9,967 4.8 4.7 10.3 9.4 17.1 14.7 9.9% 1.5 2.6% 8.2% BM&F Bovespa SA 3.40 3.09 5.20 6,154 311 6,465 8.3 8.7 12.6 1 3.2 13.1 12.9 5.6% 2.3 (3.8%) (7.5%) CBOE Holdings, Inc. 62.46 46.52 68.00 5,271 (148) 5,123 8. 3 7.8 14.3 13.2 27.3 25.2 13.7% 1.8 6.5% 17.4% TMX Group Limited 37.78 36.78 49.03 2,052 832 2,884 4.7 4.8 9.4 10.1 11.3 12.0 NA NA (3.1%) (4.7%) Bolsa Mexicana de Valores SAB de CV 1.70 1.53 2.00 1,008 (128) 880 5.5 5.1 11.9 10.9 20.2 18.9 12.2% 1.5 6.0% 15.2%
Mean 7.3x 7.0x 12.8x 12.0x 20.1x 18.1x 11.6% 1.7 3.8% 14.3% Median 8.3 7.8 12.6 12.8 20.2 18.9 12.2% 1.7 6.0% 15.2%
Exchanges - Asia Hong Kong Exchanges & Clearing Limited $22.92 $14.55 $24.38 $26,745 ($26,014) $731 0.6x 0.5x 0.9x 0.7x 40.8x 30.8x 17.7% 1.7 25.0% 15.6% Singapore Exchange Limited 6.02 4.93 6.03 6,452 (653) 5,798 11.0 9.3 18.5 15.8 27.0 22.3 5.9% 3.8 19.0% 13.0% ASX Limited 30.98 26.58 31.24 5,992 (4,730) 1,262 2.3 2.3 3.0 3.0 18.8 18. 9 5.4% 3.5 (0.1%) 4.8% Bursa Malaysia Bhd 2.31 2.22 2.34 1,232 (109) 1,123 7.9 7.7 14.2 13.5 22.6 21.6 12.0% 1.8 2.8% 5.9%
Mean 5.5x 4.9x 9.1x 8.2x 27.3x 23.4x 10.2% 2.7 11.7% 9 .8% Median 5.1 5.0 8.6 8.2 24.8 22.0 9.0% 2.7 10.9% 9.4%
Exchanges - Europe Deutsche Boerse AG $78.38 $56.56 $78.73 $14,436 $1,068 $15,504 5.5x 5.5x 11.6x 11.7x 17.8x 17.2x 9.2% 1.9 (0.8%) 2.0% London Stock Exchange Group plc 35.94 26.78 36.91 12,444 (1,265) 11,179 5.6 4.0 11.8 9.7 21.8 19.9 11.3% 1.8 39.6% 11. 5% Bolsas y Mercados Españoles 42.16 30.88 42.47 3,514 (398) 3,116 7.6 7.8 10.8 10.9 17.5 17.5 7.8% 2.2 (1.7%) 2.3% JSE Limited 10.72 7.08 10.84 917 (120) 797 NA NA NA NA NA NA NA NA NA (0.5%)
GPW 12.84 9.60 13.08 539(1) (34) 505 5.8 5.6 11.2 10.2 17.1 15.9 8.0% 2 .0 3.6% 6.3% Hellenic Exchanges - Athens Stock Exchange S.A. Hol6.23ding 5.00 10.79 408 (207) 201 3.4 3.4 5.6 5.7 14.9 14.7 23.0% 0. 6 (2.5%) 4.6%
Mean 5.6x 5.2x 10.2x 9.6x 17.8x 17.1x 11.9% 1.7 7.6% 4 .4% Median 5.6 5.5 11.2 10.2 17.5 17.2 9.2% 1.9 (0.8%) 3.4%
Notes: 37 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 2/6/15 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. $42.23 $29.92 $42.71 $7,062 ($667) $6,394 5.0x 4.7x 11.5x 10.3x 22.7x 19.9x 13.5% 1.5 7.9% 7.9% Broadridge Financial Solutions, Inc. 51.39 35.35 51.39 6,211 210 6,421 2.5 2.3 11.4 10.3 21.6 19.6 12.9% 1.5 7.3% 10.4 % SS&C Technologies Holdings, Inc. 61.00 35.47 62.83 5,104 526 5,630 7.3 6.5 17.6 15.7 26.1 23.6 16.2% 1.5 13.6% 7.3% DST Systems Inc. 104.07 81.83 104.18 3,913 401 4,314 2.1 2. 1 9.4 9.4 19.3 17.3 10.5% 1.6 (0.7%) 5.9% Advent Software, Inc. 44.30 25.42 44.30 2,318 184 2,502 6. 3 6.0 19.0 17.4 30.8 28.9 14.0% 2.1 5.7% 3.2% Financial Engines, Inc. 39.92 29.40 64.08 2,074 (296) 1,778 6.3 5.5 17.9 17.3 43.2 41.1 26.5% 1.5 14.4% 17.2% Envestnet, Inc. 54.37 33.12 55.48 1,867 (76) 1,791 5.1 4.1 32.5 22.7 69.5 48.5 28.3% 1.7 24.8% 26.8%
Mean 5.0x 4.5x 17.0x 14.7x 33.3x 28.4x 17.4% 1.6 10.4% 11.2% Median 5.1 4.7 17.6 15.7 26.1 23.6 14.0% 1.5 7.9% 7.9%
Financial Data, Content, & Analytics Thomson Reuters Corporation $39.81 $33.21 $41.44 $31,689 $7,212 $38,901 3.1x 3.0x 11.5x 10.6x 21.2x 18.2x 13.4% 1.4 1.2% 0.7% McGraw Hill Financial, Inc. 97.55 71.93 99.61 26,485 (1, 119) 25,366 5.0 4.7 13.1 11.9 25.4 22.6 14.6% 1.5 5.9% 9.6% Moody's Corporation 98.04 74.36 102.24 20,039 870 20,909 6.3 5.9 13.8 12.8 24.2 21.4 13.0% 1.6 6.9% 12.6% Verisk Analytics, Inc. 65.96 56.37 67.48 10,878 840 11,719 6.7 6.2 14.6 13.3 27.6 24.3 12.1% 2.0 8.6% 8.9% MSCI Inc. 56.03 39.78 56.76 6,281 345 6,626 6.6 6.2 16.3 14.9 28.1 25.8 1 1.8% 2.2 7.3% (6.2%) FactSet Research Systems Inc. 147.99 101.85 149.09 6,172 (140) 6,032 6.4 5.9 17.4 16.0 26.5 23.9 11.9% 2.0 8.4% 8.8% Dun & Bradstreet Corp. 122.10 94.44 128.03 4,385 1,323 5, 708 3.4 3.3 11.1 10.9 16.3 15.8 6.4% 2.5 2.8% 2.7% Morningstar Inc. 69.26 61.03 84.34 3,088 (196) 2,891 3.8 3. 5 13.4 11.8 27.9 23.7 14.0% 1.7 7.7% 11.3% Bankrate, Inc. 13.06 9.39 21.49 1,364 121 1,485 2.7 2.4 10.8 9.3 19.5 16.4 0.0 % NA 11.6% 16.9%
Mean 4.9x 4.6x 13.6x 12.4x 24.1x 21.3x 10.8% 1.9 6.7% 7.3% Median 5.0 4.7 13.4 11.9 25.4 22.6 12.1% 1.8 7.3% 8.9%
Online Broker Dealers The Charles Schwab Corporation(1) $29.11 $23.35 $31.00 $38,011 $0 $38,011 6.3x 5.8x 16.3x 14.1x 30.3x 26.0x 20.6% 1.3 8. 2% 8.1% TD Ameritrade Holding Corporation(1) 35.79 28.34 37.08 19,453 723 20,176 6.3 5.9 13.2 12.4 24.4 21.7 16.8% 1.3 6.4% 8.6% E*TRADE Financial Corporation(1) 25.46 18.20 26.07 7,353 8, 810 16,163 9.0 8.8 22.7 22.8 23.3 22.9 27.2% 0.8 1.9% (12.5%) Interactive Brokers Group, Inc.(1) 32.53 20.35 32.74 1,902 3,233 5,135 4.8 3.8 8.7 5.8 53.6 26.8 11.0% 2.5 27.5% (16.7%) GAIN Capital Holdings, Inc. 8.73 5.89 12.30 361 (14) 347 0.9 0.8 5.1 4.2 11.1 9.1 14.0% 0.7 11.4% 68.6% FXCM Inc. (1) 2.32 1.28 17.97 177 188 365 0.8 0.8 3.7 2.4 7.3 NM 5.8% NM (1.2%) 2.3%
Mean 4.7x 4.3x 11.6x 10.3x 25.0x 21.3x 15.9% 1.3 9.0% 9.7% Median 5.6 4.8 10.9 9.1 23.9 22.9 15.4% 1.3 7.3% 5.2%
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 38 (1) Enterprise Value and Net Debt exclude Cash. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
2/2/15 SS&C Technologies Holdings, Inc. Advent Softw are, Inc. Financial Softw are $2,550 6.4x
2/2/15 Fidelity Investments eMoney Advisor, LLC Financial Softw are NA NA
1/26/15 Virtus Investment Partners, Inc. ETF Issuer Solutions, Inc. ETF Platform NA NA
1/28/15 Bridgepoint Advisers Limited eFront S.A. PE Fund Softw are $340 4.1x
Thomson Transaction Analytics (nka:VistaOne 1/22/15 The Transaction Auditing Group, Inc. Compliance NA NA Regulatory Services) 1/22/15 CoreOne Technologies The Transaction Auditing Group, Inc. Compliance NA NA
Thomson Transaction Analytics (nka:VistaOne 1/22/15 CoreOne Technologies Analytics NA NA Regulatory Services) Wilmington Trust Retirement and Institutional Services 1/21/15 Matrix Financial Solutions, Inc. Trading Platform NA NA Company, Trade Processing Business 1/20/15 Ipreo Holdings LLC ClearMomentum, Inc. Portfolio Monitoring NA NA
1/15/15 Welsh, Carson, Anderson & Stow e AIM Softw are GmbH Data / Analytics NA NA
1/12/15 Capital One Financial Corporation Level Money, Inc. Personal Financial Management NA NA
1/2/15 Orc Group AB Tbricks AB Trading Platform 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 Personal Financial Management 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 Personal Financial Management 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 $95 1.4x
Notes: 39 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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 $40 NA
7/15/14 Equity Administration Solutions, Inc. Option Admin, Inc. FX NA NA
7/11/14 Boston Technologies, Inc. Forexw are, LLC Shareholder Services NA NA
Notes: 40 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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 $16 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 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 $342 NA
5/27/14 AST Fund Solutions, LLC D.F. King & Co., Inc. Shareholder Services NA NA
5/27/14 General Atlantic LLC OM Securities & OptionsHouse Trading Platform NA NA
Notes: 41 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
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
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 $1,119 NA The Blackstone Group L.P. 4/14/14 Taxw are, LLC VAT Resource B.V. Tax Softw are NA NA
4/8/14 FTSE TMX Global Debt Capital Markets MTS S.p.A, Indices Business Indexes NA NA
4/8/14 Associated Foreign Exchange, Inc. Jameson Bank Foreign Exchange NA NA
4/4/14 Advantage Futures LLC Institutional Liquidity, LLC, Futures Accounts Trading Platform NA NA
4/4/14 Pico Quantitative Trading, LLC SpryWare LLC (nka:Pico Technology Solutions) Trading Data NA NA
4/2/14 Bloomberg UBS Australia Bond Indexes Indexes NA NA
4/1/14 FolioDynamix, Inc. GlobalBridge, Inc. Personal Financial Management NA NA
Notes: 42 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
4/1/14 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 $40 NA
2/17/14 FEXCO InterCash Bureau de Change Foreign Exchange NA NA
Notes: 43 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
2/3/15 Archer NA $12.5 New Spring Grow th Capital Investment Softw are
1/20/15 Motif Investing Inc. Series E $40.0 Renren Personal Financial Management
Long Ridge Equity Partners, Carmel Ventures, Genesis 1/12/15 TradAir Ltd. NA $15.0 Trading Technology Partners
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 $50.0 Formation8 Partners, Valor Equity Partners Analytics
Notes: 44 Source: CapitalIQ, DowJones Venture Source. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
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
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
Notes: 45 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 2/6/15 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. $65.96 $56.37 $67.48 $10,878 $840 $11,719 6.7x 6.2x 14.6x 13.3x 27.6x 24.3x 12.1% 2.0 8.6% 8.9% IMS Health Holdings, Inc. 25.15 21.63 28.48 8,381 3,403 1 1,784 4.5 4.2 13.5 12.9 18.6 17.4 9.7% 1.8 6.8% 0.6% athenahealth, Inc. 145.18 97.30 206.70 5,535 94 5,629 7.5 6 .1 40.4 35.1 NM NM 22.7% NM 22.9% 24.3% Solera Holdings Inc. 53.22 45.69 69.97 3,581 1,891 5,472 N A 4.7 12.2 11.3 17.5 16.1 11.1% 1.5 15.9% 18.3% Guidewire Software, Inc. 52.98 33.66 58.00 3,687 (500) 3, 187 8.7 8.2 42.1 55.6 79.4 NM 15.0% NM 6.3% 19.8% Ebix Inc. 23.40 12.12 23.76 858 16 875 4.2 3.8 9.9 10.1 14.7 14.9 10.0% 1. 5 11.8% 1.0% Crawford & Company 10.06 8.04 12.22 554 144 698 0.6 0.6 6.2 5 .6 14.4 11.7 10.0% 1.2 7.0% 0.2% Polaris Consulting & Services Limited 2.18 2.00 4.49 218 (38) 180 0.6 0.5 4.4 4.4 6.8 6.8 5.0% 1.4 6.5% (27.7%) Symbility Solutions Inc. 0.28 0.19 0.34 59 (12) 47 1.9 2.4 N A NA NA NM NA NA (19.1%) 12.0%
Mean 4.3x 4.1x 17.9x 18.5x 25.6x 15.2x 12.0% 1.5 7.4% 6.4% Median 4.3 4.2 12.8 12.1 17.5 15.5 10.6% 1.5 7.0% 8.9%
Notes: 47 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Healthcare / Insurance Selected Recent Acquisitions – 5/10/14 to Present
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
1/28/15 Performant Financial Corporation Premier Healthcare Exchange, Inc. Claims Processing $149 NA
1/12/15 Adreima, Inc. HealthCPA, LLC Revenue Cycle Management NA NA
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
12/11/14 Emdeon Inc. AdminiSource Communications, Inc. Healthcare Payments $35 NA
12/11/14 Meridian Medical Management Origin Healthcare Solutions LLC Revenue Cycle Management $4 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 $111 NA
Notes: 48 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Healthcare / Insurance Selected Recent Acquisitions – 5/10/14 to Present (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
6/18/14 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
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: 49 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.