Financial Technology Sector Summary
May 7, 2014 Table of Contents
I. GCA Savvian Overview
II. Market Summary
III. Payments / Banking
IV. Securities / Capital Markets / Data & Analytics
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, 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
− Insurance & Payments & Banking Securities & Capital Markets Insurance & Healthcare Healthcare
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 Significant Transaction Momentum
. GCA Savvian has Cumulative Deal Announcements advised on over $150 550 billion of transaction value 504 500 492 479 468 452 . Over 500 transactions, 445 450 432 including a number of 423 multi-billion dollar 401 industry-defining 400 384 transactions 367 355 350 344 326 . Demonstrated ability to 305 complete transactions 300 290 in all market conditions 273279 260 and geographies 255 250 239 219 205 200 190 171 156 150 135 124 111 99 100 86 91 76 65 55 40 50 31 22 14 6 11
0
Q4 '04 Q4 '06 Q3 '11 Q1 Q1'04 Q2'04 Q3'04 Q1'05 Q2'05 Q3'05 Q4'05 Q1'06 Q2'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1TD
Notes: 5 Current quarter represents deals announced to date. GCA Savvian Overview Financial Technology Team
San Francisco New York
th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090
Sean Minnihan Paul DiNardo Steve Fletcher Derek Bell Managing Director Managing Director Managing Director Director Financial Technology Software Digital Media Business Services
Phone: (212) 999-7077 Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (212) 999-7089 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (914) 953-0689 [email protected] [email protected] [email protected] [email protected]
Dick Filippini Zeke Navar Rob Freiman Alexander Berry Director Director Vice President Analyst Mobile Healthcare IT Financial Technology
Phone: (415) 318-3688 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7079 Mobile: (415) 297-3420 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (818) 851-2300 [email protected] [email protected] [email protected] [email protected]
6 II. Market Summary Market Summary Industry Stock Market Performance
Last 12 Months Last 3 Months
200 125
120 180
115
160
110
140
105
120
100
100 95
80 90 5/2/13 6/2/13 7/3/13 8/2/13 9/2/13 10/2/13 11/1/13 12/2/13 1/3/14 2/3/14 3/5/14 4/4/14 2/3/14 2/10/14 2/17/14 2/24/14 3/3/14 3/10/14 3/17/14 3/24/14 3/31/14 4/7/14 4/14/14 4/21/14 4/29/14
(1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus
(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. 8 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, PFMT, QTWO, SWX: TEMN. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX. Market Summary Indexed Price Performance by Sector
Last 3 Months 1 Year 3 Years
Online Broker Dealers 11.3% 66.5% 45.5%
Banking & Lending 8.8% 30.1% 56.9% Technology
Exchanges 6.4% 8.8% (0.2%)
Information Processors / 6.0% 12.3% 55.9% Credit Bureaus
Trading Platforms 3.2% 25.4% 22.6%
Financial, Data, Content, 2.4% 19.7% 25.5% & Analytics
Payments 2.1% 20.4% 99.1%
Investment Services, (0.3%) 38.7% Software, & Technology 24.8%
(10.0%) 0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 80.0% (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%120.0%
Notes: 9 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and EBITDA Margins
Long-Term EPS Growth EBITDA Margins
Online Broker Dealers 19.9% Trading Platforms 45.5%
Banking and Lending Technology 14.4%
Information Processors / Credit Bureaus 26.4%
Payments 14.3%
Banking and Lending Technology 25.8% Investment Services, Software, & Technology 13.6%
Financial Data, Content, & Analytics 11.7% Payments 20.5%
Information Processors / Credit Bureaus 10.9%
Financial Data, Content, & Analytics 20.4%
Trading Platforms 10.0%
Investment Services, Software, & Technology 19.3% Exchanges 7.7%
0% 5% 10% 15% 20% 25% 0% 10% 20% 30% 40% 50%
Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Price / Earnings Multiples and PEG Ratios
2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio)
Banking and Lending Technology 21.6x Exchanges 2.0
Online Broker Dealers 20.8x Information Processors / Credit Bureaus 1.7
Trading Platforms 20.5x Trading Platforms 1.4
Information Processors / Credit Bureaus 19.0x Investment Services, Software, & Technology 1.3
Investment Services, Software, & Technology 18.6x Banking and Lending Technology 1.2
Exchanges 18.4x Payments 1.1
Payments 17.3x Financial Data, Content, & Analytics 1.0
Financial Data, Content, & Analytics 14.2x Online Broker Dealers 0.8
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.5 1.0 1.5 2.0 2.5
Notes: 11 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. $128,453 17% 22.6x Blackhawk Network Holdings, Inc. $1,274 0% 19.8x MasterCard Incorporated 86,204 35% 24.4 Green Dot Corporation 841 3% 14.3 American Express Company 92,025 25% 16.0 Net 1 Ueps Technologies Inc. 464 28% 6.7 eBay Inc. 65,915 (3%) 17.3 Higher One Holdings, Inc. 289 (37%) 9.6 Discover Financial Services 26,340 26% 10.7 Sector Average $717 (1%) 12.6x Sector Average $79,787 20% 18.2x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Cardtronics Inc. $1,558 24% 15.2x Cielo SA $27,610 31% 19.5x Outerwall Inc. 1,459 34% 10.6 Total System Services, Inc. 6,073 37% 16.9 Global Cash Access Holdings, Inc. 436 (7%) 8.1 Global Payments Inc. 4,787 42% 15.3 Sector Average $1,151 17% 11.3x Wirecard AG 5,206 10% 32.4 Vantiv, Inc. 4,107 6% 15.9 LTM Price EVERTEC, Inc. 1,864 98% 14.2 POS Hardware / Technology Market Cap. Performance P/E 2014 Heartland Payment Systems, Inc. 1,449 (50%) 16.6 Optimal Payments Plc 1,052 168% 23.7 NCR Corp. $5,079 4% 10.0x Digital River Inc. 530 13% 35.5 MICROS Systems, Inc. 3,971 22% 19.1 Planet Payment, Inc. 135 (16%) 50.8 Ingenico SA 4,855 42% 21.5 JetPay Corporation 25 (28%) NA VeriFone Systems, Inc. 3,704 55% 21.5 Sector Average $4,803 28% 24.1x PAR Technology Corporation 76 16% 68.9 Sector Average $3,537 28% 28.2x LTM Price Money Transfer Market Cap. Performance P/E 2014 LTM Price Banking and Lending Technology Market Cap. Performance P/E 2014 The Western Union Company $8,790 5% 11.2x Euronet Worldwide Inc. 2,363 51% 19.3 Intuit Inc. $21,331 25% 19.7x Moneygram International Inc. 846 (23%) 9.8 Fidelity National Information Services, Inc. 15,638 28% 17.5 Xoom Corporation 860 NA NM Fiserv, Inc. 15,347 43% 18.4 Sector Average $3,215 11% 13.4x Jack Henry & Associates Inc. 4,817 23% 22.8 ACI Worldwide, Inc. 2,122 22% 22.5 Temenos Group AG 2,376 46% 25.1 LTM Price Bottomline Technologies (de), Inc. 1,143 15% 21.6 Closed Loop Market Cap. Performance P/E 2014 Ellie Mae, Inc. 713 4% 25.9 Alliance Data Systems Corporation $13,434 38% 19.6x Performant Financial Corporation 417 NA 20.9 FleetCor Technologies, Inc. 9,990 56% 23.8 Q2 Holdings, Inc. 395 NA NM Edenred SA 7,402 0% 26.7 Sector Average $6,430 26% 21.6x WEX Inc. 3,609 36% 19.2 Sector Average $8,609 33% 22.3x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2014 0 Experian plc $18,835 8% 19.5x Equifax Inc. 8,653 15% 18.5 Acxiom Corporation 2,185 44% 34.8 Fair Isaac Corporation 1,950 23% 15.9 Intersections Inc. 108 (37%) NA Sector Average $6,346 11% 22.2x
Source: 12 CapitalIQ and Wall Street Research. Market Summary LTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics
($MM) ($MM) LTM Price LTM Price Exchanges - Americas Market Cap. Performance P/E 2014 Investment Services, Software, & Technology Market Cap. Performance P/E 2014 0 CME Group Inc. $23,355 15% 20.6x SEI Investments Co. $5,474 14% 19.1x IntercontinentalExchange Group, Inc. 23,284 18% 18.4 Broadridge Financial Solutions, Inc. 4,584 51% 17.4 BM&F Bovespa SA 9,886 (24%) 15.7 TIBCO Software Inc. 3,147 0% 16.7 The Nasdaq OMX Group, Inc. 6,271 23% 12.4 DST Systems Inc. 3,917 36% 18.1 CBOE Holdings, Inc. 4,565 41% 22.8 SS&C Technologies Holdings, Inc. 3,448 23% 17.7 TMX Group Limited 2,844 NA 14.4 Financial Engines, Inc. 2,315 27% 46.6 Bolsa Mexicana de Valores SAB de CV 1,217 (24%) 21.2 Advent Software, Inc. 1,492 2% 21.0 Sector Average $10,203 8% 17.9x Envestnet, Inc. 1,285 110% 53.1 Sector Average $3,208 33% 26.2x
LTM Price Exchanges - Asia Market Cap. Performance P/E 2014 LTM Price 0 Financial Data, Content, & Analytics Market Cap. Performance P/E 2014 Hong Kong Exchanges & Clearing Limited 21,024 8% 30.7x ASX Limited 6,328 (15%) 17.2 Thomson Reuters Corporation $28,955 6% 19.1x Singapore Exchange Ltd. 5,976 (8%) 22.9 McGraw Hill Financial, Inc. 20,162 38% 19.6 Bursa Malaysia Bhd 1,239 2% 21.0 Moody's Corporation 16,793 30% 19.8 Verisk Analytics, Inc. 9,939 (2%) 24.9 Sector Average $8,641 (3%) 23.0x MSCI Inc. 4,813 23% 20.4 FactSet Research Systems Inc. 4,456 12% 19.2 LTM Price Dun & Bradstreet Corp. 3,942 20% 14.2 Exchanges - Europe Market Cap. Performance P/E 2014 Morningstar Inc. 3,300 12% 26.6 0 Bankrate, Inc. 1,768 7% 23.8 Deutsche Boerse AG 13,625 20% 14.1x Sector Average $10,459 16% 20.8x London Stock Exchange Group plc 8,328 48% 16.6 Bolsas y Mercados Españoles 3,779 70% 18.1 JSE Limited 787 5% NA LTM Price Hellenic Exchanges - Athens Stock Exchange S.A. Holding801 82% 23.5 Online Broker Dealers Market Cap. Performance P/E 2014 GPW 523 (0%) 13.1 The Charles Schwab Corporation $34,722 62% 27.4x Sector Average $4,640 38% 17.1x TD Ameritrade Holding Corporation 17,571 63% 21.2 E*TRADE Financial Corporation 6,537 117% 21.4 LTM Price Interactive Brokers Group, Inc. 1,309 52% 20.4 Trading Platforms Market Cap. Performance P/E 2014 FXCM Inc. 1,168 15% 19.9 GAIN Capital Holdings, Inc. 418 131% 10.9 MarketAxess Holdings Inc. $2,058 27% 28.7x Sector Average $10,288 73% 20.2x KCG Holdings, Inc. 1,148 NA 12.3 BGC Partners, Inc. 1,600 26% 13.6 Investment Technology Group Inc. 713 71% 14.9 GFI Group Inc. 442 (12%) 26.5 INTL FCStone Inc. 362 10% 26.0 Sector Average $1,054 25% 20.3x
Source: 13 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 5/2/14 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. $204.42 $170.99 $235.50 $128,453 ($3,494) $124,959 9.6x 8.6x 14.3x 12.6x 22.6x 19.0x 18.0% 1.1 11.6% 6.9% MasterCard Incorporated 73.78 53.38 84.75 86,204 (5,068) 81,136 8.7 7.8 14.5 12.7 24.4 20.5 17.9% 1.1 11.8% 14.2% American Express Company 86.93 69.34 94.35 92,025 36,106 128,131 3.7 3.5 15.2 15.2 16.0 14.5 11.3% 1.3 5.6% 3.2% eBay Inc. 52.01 48.06 59.70 65,915 (3,716) 62,199 3.4 3.0 10.3 9.2 17.3 15.4 13.3% 1.2 14.5% 13.7% Discover Financial Services 56.49 44.95 60.00 26,340 11,510 37,850 4.4 4.2 7.1 7.3 10.7 10.2 10.5% 1.0 3.5% (1.4%)
Mean 5.9x 5.4x 12.3x 11.4x 18.2x 15.9x 14.2% 1.1 9.4% 7.3% Median 4.4 4.2 14.3 12.6 17.3 15.4 13.3% 1.1 11.6% 6.9%
Merchant Processing Cielo SA $17.56 $11.37 $17.97 $27,610 $875 $28,484 8.2x 7.3x 15.0x 13.3x 19.5x 17.6x 9.6% 1.8 12.8% (0.9%) Total System Services, Inc. 32.33 22.58 33.44 6,073 1,197 7,270 3.0 2.8 10.0 8.9 16.9 14.7 11.1% 1.3 7.0% 27.5% Global Payments Inc. 66.65 44.84 73.84 4,787 503 5,289 2.0 1.9 9.4 8.6 15.3 13.8 11.2% 1.2 6.9% 6.5% Wirecard AG 42.15 27.24 47.64 5,206 (422) 4,784 5.7 4.8 20.7 16.9 32.4 25.2 27.1% 0.9 20.2% 28.6% Vantiv, Inc. 29.28 22.21 34.42 4,107 1,672 5,779 4.6 4.2 9.3 8.4 15.9 14.4 14.2% 1.0 7.8% 8.0% EVERTEC, Inc. 23.78 19.43 26.33 1,864 713 2,577 6.8 6.4 13.6 12.4 14.2 12.9 14.0% 0.9 7.1% 2.6% Heartland Payment Systems, Inc. 39.77 30.50 50.44 1,449 103 1,552 2.4 2.2 10.0 8.6 16.6 14.5 14.7% 1.0 7.3% 4.4% Optimal Payments Plc 6.52 2.52 8.77 1,052 (153) 899 3.0 2.6 14.3 11.7 23.7 19.6 40.6% 0.5 14.4% 35.3% Digital River Inc. 16.22 13.11 20.29 530 (257) 273 0.7 0.7 5.9 4.7 35.5 21.3 10.0% 2.1 5.9% (14.0%) Planet Payment, Inc. 2.54 2.11 4.04 135 (6) 130 2.4 2.1 16.2 15.3 50.8 31.7 NM NM 15.0% 3.3% JetPay Corporation 2.18 1.35 5.00 25 14 39 NA NA NA NA NA NA NM NA NA 96.8%
Mean 3.9x 3.5x 12.4x 10.9x 24.1x 18.6x 16.9% 1.2 10.4% 18.0% Median 3.0 2.7 11.8 10.3 18.2 16.2 14.0% 1.0 7.5% 6.5%
Money Transfer (1) The Western Union Company $16.31 $14.60 $19.50 $8,790 $2,154 $10,944 1.9x 1.9x 8.1x 7.7x 11.2x 10.4x 9.5% 1.1 3.6% 1.9% Euronet Worldwide Inc. 46.38 28.83 50.00 2,363 (49) 2,314 1.5 1.3 10.0 8.5 19.3 16.7 14.3% 1.2 11.7% 5.3% Moneygram International Inc. 13.32 12.45 24.88 846 841 1,687 1.1 1.1 5.8 5.4 9.8 9.2 13.5% 0.7 4.7% 10.1% Xoom Corporation 22.65 16.90 36.46 860 (205) 656 4.1 3.5 47.0 27.3 NM 50.9 NM NM 18.5% 47.8%
Mean 2.2x 1.9x 17.7x 12.2x 13.4x 21.8x 12.4% 1.0 9.7% 16.3% Median 1.7 1.6 9.1 8.1 11.2 13.5 13.5% 1.1 8.2% 7.7%
Closed Loop Alliance Data Systems Corporation $238.89 $169.93 $300.49 $13,434 $9,099 $22,533 4.3x 3.9x 14.5x 12.9x 19.6x 16.8x 14.9% 1.1 10.2% 17.0% FleetCor Technologies, Inc. 120.45 78.88 132.22 9,990 1,103 11,093 10.1 8.8 17.3 14.7 23.8 20.5 17.6% 1.2 14.2% 31.1% Edenred SA 33.07 28.48 37.58 7,402 394 7,796 5.2 4.8 14.1 12.5 26.7 22.8 12.2% 1.9 8.7% (4.5%) WEX Inc. 93.14 69.41 101.58 3,609 338 3,947 5.1 4.5 11.3 9.8 19.2 16.5 14.2% 1.2 12.5% 10.1%
Mean 6.2x 5.5x 14.3x 12.5x 22.3x 19.1x 14.7% 1.3 11.4% 13.4% Median 5.1 4.7 14.3 12.7 21.7 18.6 14.6% 1.2 11.3% 13.6%
Notes: 15 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 5/2/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Prepaid Blackhawk Network Holdings, Inc. $24.22 $20.25 $29.73 $1,274 ($22) $1,252 0.9x 0.7x 9.1x 7.4x 19.8x 16.1x 18.9% 0.9 18.0% 26.0% Green Dot Corporation 18.13 16.53 26.87 841 (798) 44 0.1 0.1 0.4 0.3 14.3 12.6 20.0% 0.6 8.7% 3.8% Net 1 Ueps Technologies Inc. 9.40 6.60 13.00 464 73 537 1.0 NA 4.6 NA 6.7 NA 10.0% NA NA 23.2% Higher One Holdings, Inc. 6.12 5.72 11.93 289 90 379 1.7 1.5 6.5 6.0 9.6 8.4 20.3% 0.4 8.4% 13.7%
Mean 0.9x 0.8x 5.1x 4.6x 12.6x 12.4x 17.3% 0.6 11.7% 16.7% Median 0.9 0.7 5.5 6.0 11.9 12.6 19.5% 0.6 8.7% 18.4%
ATM / Kiosks Cardtronics Inc. $35.03 $27.04 $44.46 $1,558 $424 $1,982 2.0x 1.9x 8.0x 7.3x 15.2x 13.7x 14.7% 0.9 6.5% 23.9% Outerwall Inc. 71.60 46.25 74.30 1,459 759 2,219 0.9 0.9 4.5 4.5 10.6 10.0 10.6% 0.9 2.1% 4.7% Global Cash Access Holdings, Inc. 6.59 5.71 10.42 436 (11) 425 0.7 0.7 5.8 5.6 8.1 7.6 16.0% 0.5 1.1% 3.2%
Mean 1.2x 1.2x 6.1x 5.8x 11.3x 10.4x 13.7% 0.8 3.3% 10.6% Median 0.9 0.9 5.8 5.6 10.6 10.0 14.7% 0.9 2.1% 4.7%
POS Hardware / Technology NCR Corp. $30.25 $28.64 $41.63 $5,079 $3,443 $8,522 1.3x 1.2x 8.1x 7.4x 10.0x 8.9x 13.3% 0.7 4.4% 7.7% MICROS Systems, Inc. 53.08 41.35 59.46 3,971 (658) 3,313 2.3 2.2 10.8 12.5 19.1 17.5 15.3% 1.1 5.2% 10.7% Ingenico SA 91.95 67.89 98.07 4,855 399 5,254 2.6 2.4 12.4 11.0 21.5 18.4 17.6% 1.0 10.3% 12.4% VeriFone Systems, Inc. 33.34 15.34 35.11 3,704 752 4,456 2.4 2.2 13.6 NA 21.5 16.7 NM NM 8.8% 1.7% PAR Technology Corporation 4.82 3.80 5.92 76 (9) 67 0.3 0.3 NA NA 68.9 17.9 11.0% 1.6 3.6% (15.2%)
Mean 1.8x 1.7x 11.2x 10.3x 28.2x 15.9x 14.3% 1.1 6.5% 3.5% Median 2.3 2.2 11.6 11.0 21.5 17.5 14.3% 1.1 5.2% 7.7%
Banking and Lending Technology Intuit Inc. $75.29 $56.74 $82.40 $21,331 ($832) $20,499 4.4x 4.1x 10.7x 10.5x 19.7x 19.2x 12.9% 1.5 6.3% (11.5%) Fidelity National Information Services, Inc. 54.36 42.09 56.68 15,638 4,041 19,679 3.1 2.9 10.2 9.4 17.5 15.6 12.0% 1.3 5.8% 2.9% Fiserv, Inc. 61.58 42.30 61.74 15,347 3,541 18,888 3.8 3.6 11.5 10.7 18.4 16.4 11.8% 1.4 5.0% 7.1% Jack Henry & Associates Inc. 56.35 37.90 60.34 4,817 (146) 4,671 3.7 3.4 10.7 9.8 22.8 19.9 11.8% 1.7 9.1% 6.9% ACI Worldwide, Inc. 55.95 42.74 65.94 2,122 726 2,848 2.7 2.5 9.7 9.0 22.5 18.7 16.0% 1.2 5.6% 36.7% Temenos Group AG 35.11 22.70 36.36 2,376 96 2,472 4.9 4.5 15.2 13.1 25.1 21.2 18.4% 1.1 9.1% 5.7% Bottomline Technologies (de), Inc. 30.63 24.62 37.41 1,143 (79) 1,064 3.3 3.1 15.4 13.1 21.6 17.7 18.8% 0.9 7.1% 21.4% Ellie Mae, Inc. 25.50 20.87 33.24 713 (75) 638 4.2 3.5 16.0 11.5 25.9 19.9 22.9% 0.9 21.7% 4.3% Performant Financial Corporation 8.60 7.11 12.47 417 51 468 2.2 1.9 9.2 7.2 20.9 15.0 16.7% 0.9 13.6% 7.1% Q2 Holdings, Inc. 12.35 11.54 17.38 395 (11) 383 5.2 3.9 NM NM NM NM 0.0% NA 32.8% NA
Mean 3.7x 3.3x 12.0x 10.5x 21.6x 18.2x 14.1% 1.2 11.6% 9.0% Median 3.7 3.4 10.7 10.5 21.6 18.7 14.4% 1.2 8.1% 6.9%
Information Processors / Credit Bureaus Experian plc $18.97 $17.21 $21.77 $18,835 $3,286 $22,121 4.3x 4.0x 12.3x 11.2x 19.5x 17.8x 10.2% 1.8 7.2% 2.4% Equifax Inc. 70.91 57.54 72.90 8,653 1,533 10,186 4.2 3.9 11.9 11.1 18.5 16.7 10.5% 1.6 7.1% 3.2% Acxiom Corporation 28.61 19.23 39.30 2,185 (58) 2,128 2.0 1.9 9.6 8.3 34.8 25.8 11.4% 2.3 4.6% 1.7% Fair Isaac Corporation 56.90 44.06 63.48 1,950 375 2,325 3.0 2.8 10.3 11.1 15.9 15.8 12.0% 1.3 5.5% 3.4% Intersections Inc. 5.86 5.16 10.68 108 (18) 89 NA NA NA NA NA NA NA NA NA (14.2%)
Mean 3.3x 3.1x 11.0x 10.4x 22.2x 19.0x 11.0% 1.7 6.1% (0.7%) Median 3.6 3.4 11.1 11.1 19.0 17.3 10.9% 1.7 6.3% 2.4% Notes: 16 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
5/1/14 WorldPay Limited Thisf Informatica Ltda. Gateway 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. Credit Management Solutions, 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
4/11/14 Conquest Agri Limited Priority One Network Group Limited Loyalty 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 $1,236 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 Software NA NA
3/31/14 Bottomline Technologies (de), Inc. Andera, Inc. Banking Software $48 NA
3/25/14 Global Analytics, Inc. Workpays LLC Consumer Finance NA NA
3/25/14 Merchant Warehouse Inc. Opticard Payment Services Incorporated Prepaid NA NA
3/24/14 Advent International, Bain Capital, ATP Group Nets Holding A/S Payments $3,140 NA
Notes: 17 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
3/21/14 Equiniti Group Limited Pancredit Systems Limited Lending Software NA NA
3/19/14 Mitsubishi UFJ Fund Services Holdings Limited Meridian Fund Services Group Fund Administration NA NA
3/10/14 Euronet Worldwide Inc. HiFX Plc Payments $241 3.7x
3/10/14 Pivotal Payments, Inc. Capital Processing Network LLC Merchant Processing NA NA
3/4/14 Jack Henry & Associates Inc. Banno, LLC FI Technology NA 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
2/19/14 L2 Capital Partners; Farragut Capital Partners, LLC reQuire, LLC Real Estate Software NA NA
2/16/14 GTCR LLC, Management Callcredit Information Group Limited Data & Analytics $586 NA
2/10/14 Misys Limited IND Group Online Banking Solutions NA NA
2/6/14 NBS Payment Solutions Inc. Equinox Payments, LLC POS NA NA
2/6/14 First American Financial Corporation Interthinx, Inc. Risk Analytics $155 NA
2/4/14 Xoom Corporation BlueKite, Ltd. Money Transfer $15 NA
2/3/14 Monitise plc Pozitron Yazilim A.S. Mobile $98 NA
1/24/14 Global Payments Inc. Payment Processing, Inc. Payments Technology $420 NA
1/18/14 Allied Wallet, Ltd. Cloudasia Limited Gateway NA NA
1/17/14 HID Global Corporation IdenTrust, Inc. Identity Security NA NA
1/16/14 arvato infoscore GmbH AfterPay B.V. eCommerce NA NA
1/13/14 Oki Electric Industry Co., Ltd. Grupo Itautec, Automation and Services Division ATMs $71 NA
Notes: 18 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
1/13/14 DataCard Corporation Entrust, Inc. Identity Security NA NA
1/7/14 Deluxe Corp. Destination Rewards, Inc. Loyalty NA NA
1/7/14 Total Merchant Services Registroid POS NA NA
1/6/14 Coupons.com Incorporated Yub, Inc. Loyalty / Coupons NA NA
12/20/13 DoubleBeam Inc. GoPago, Inc. POS NA NA
12/18/13 Klarna AB Sofort AG Gateway $199 NA
12/18/13 Payment Source Now Prepay Corp. Prepaid $4 NA
12/13/13 I Love Velvet WeXpay Mobile NA NA
12/12/13 LifeLock Lemon Mobile $43 72.2x
12/11/13 Square, Inc. Evenly P2P Payments NA NA
12/10/13 Management Trunkbow International Holdings, Ltd. Mobile $70 2.6x
12/9/13 Edenred SA Nets Prepaid Prepaid NA NA
12/9/13 PaySquare BV Montrada Card Processing NA NA
12/5/13 accesso Technology Group plc Siriusware, Inc. POS $13 1.6x
12/4/13 American Capital Mortgage Investment Corp. Residential Credit Solutions, Inc. Mortgage Services NA NA
12/3/13 RetailNext, Inc. Nearbuy Systems, Inc. Marketing / Offers NA NA
12/2/13 Fondi Italiani; Orizzonte; Fondo Strategico Italiano SIA S.p.A. Technology Infrastructure NA NA
12/2/13 NCR Limited Alaric Systems Limited Fraud Prevention $78 NA
12/2/13 NCR Corp. Digital Insight Corporation Banking Software $1,650 5.1x
12/2/13 Blackhawk Network Holdings, Inc. Retailo AG Prepaid NA NA
Notes: 19 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
11/27/13 Wirecard AG PT. Aprisma Indonesia Banking Software $120 NA
11/26/13 Hitachi Ltd. Prizm Payment Services Private Limited ATM / POS NA NA
11/21/13 Boku Inc. Qubecell Mobile NA NA
11/19/13 Utiba Mobility, Inc. Alternet Transaction Systems Inc. Mobile $10 8.2x
11/18/13 EVO Payments International, LLC Encore Payment Systems LLC Merchant Processing NA NA
11/7/13 EVO Payments International, LLC Centrum Elektronicznych Uslug Platniczych eService SA Merchant Processing $172 NA
11/7/13 Groupon Ticket Monster eCommerce NA NA
11/5/13 RetailMeNot, Inc. YSL Ventures, Inc. Marketing / Offers $18 NA
11/5/13 LoyaltyOne, Co. Brand Loyalty International B.V. Marketing / Offers $360 0.9x
10/29/13 First Data Corporation Perka, Inc. Marketing / Offers NA NA
10/28/13 DirectCash Payments Inc. Threshold Financial Technologies Inc. ATMs $48 NA
10/23/13 Funding Circle Ltd. Endurance Lending Network Online Lending NA NA
10/21/13 Blackhawk Network Holdings, Inc. InteliSpend Prepaid Solutions, LLC Prepaid NA NA
10/18/13 Wonga Billpay GmbH Consumer Lending NA NA
10/10/13 MasterCard Europe S.P.R.L. Provus Bilisim Hizmetleri A.S. Processing NA NA
9/26/13 PayPal, Inc. Braintree Payment Solutions, LLC Online Payments $800 NA
9/23/13 ACI Worldwide, Inc. (Nasdaq:ACIW) Official Payments Holdings (Nasdaq:OPAY) Government Payments $108 0.8x
Advanced Chrono Cash Services SA And MoneyGlobe 9/19/13 Moneygram International Inc. Money Transfer NA NA Payment Institution S.A.
9/12/13 Wirecard AG PaymentLink Prepaid $41 NA
Falcon Investment Advisors, LLC; Rockbridge Growth 8/31/13 Rapid Financial Services, LLC Online Lending NA NA Equity, LLC; Falcon Strategic Partners IV, L.P.
Notes: 20 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
8/28/13 Francisco Partners Management LLC Paymetric, Inc. Payments Software NA NA
8/20/13 Charge Payment, LLC U.S. Data Capture, Inc. Merchant Processing NA NA
8/16/13 TA Associates BluePay, Inc. Merchant Processing NA NA
8/15/13 CVC Capital Partners Limited Skrill Holdings Limited Online Payments $801 3.0x
8/15/13 Silver Lake Sumeru BlackLine Systems, Inc. SaaS / Financial Management NA NA
8/14/13 Advantech Co. Ltd. AdvanPOS Technology Co.,Ltd POS $15 NA
8/7/13 Cardtronics Cardpoint Limited ATM $167 1.6x
8/1/13 Higher One Holdings, Inc. PayDivvy, Inc. Money Transfer NA NA
7/29/13 Zotec Partners, LLC Medical Management Professionals, Inc. Healthcare Payments $202 1.6x
7/25/13 Vantiv, Inc. Element Payment Services, Inc. Merchant Acquiring $163 NA
7/23/13 Kareo, Inc. ECCO Health, LLC Healthcare Analytics NA NA
7/23/13 Davis + Henderson Corporation Harland Financial Solutions, Inc. Banking Software $1,629 5.8x
7/15/13 Accenture plc Mortgage Cadence, LLC Mortgage Software NA NA
7/8/13 Equifax Inc. TrustedID, Inc. Risk / Fraud NA NA
7/8/13 Moneygram International Inc. Latino Services LLC Remittance NA NA
7/2/13 Outerwall Inc. ecoATM, Inc. ATMs $350 NA
7/1/13 Thoma Bravo Intuit Financial Services (nka:Digital Insight Corporation) Banking Software $1,025 3.4x
6/26/13 TestLink Ltd. Airis ATM Technologies, LLC (nka:TestLink USA inc.) ATMs NA NA
6/18/13 Payformance Corporation mPay Gateway, Inc. Health Care Payments NA NA
6/17/13 Vitera Healthcare Solutions, LLC SuccessEHS, Inc. Health Care Payments NA NA
Notes: 21 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
6/10/13 Parallon The Outsource Group Collections - Healthcare NA NA
6/10/13 First Data Merchant Solutions Merchant Acquiring NA NA
6/3/13 Cardtronics USA, Inc. Merrimak ATM Group, LLC ATMs NA NA
Lender Processing Services, Inc. (nka:Black Knight 5/28/13 Fidelity National Financial Mortgage Processing $3,881 2.1x InfoServ, LLC)
5/22/13 TOT Group, Inc. Aptito.com, Inc. (nka:Aptito, Inc.) POS NA NA
5/22/13 GiftCards.com, LLC GoLocal, Inc. Prepaid NA NA
5/21/13 Healthland, Inc. American HealthTech, Inc. Healthcare Information Processing NA NA
5/8/13 Trulia, Inc. Market Leader, Inc. CRM $314 6.6x
5/7/13 Higher One, Inc. Sallie Mae, Inc., Campus Solutions Division Refund Processing $47 NA
Notes: 22 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
Francisco Partners, Institutional Venture Partners, Phenomen 5/4/14 Prosper Marketplace, Inc. NA $70.0 P2P Lending Ventures
4/30/14 PunchTab, Inc. NA $6.3 Mohr Davidow Ventures Loyalty
4/28/14 OurCrowd Ltd. Series B $25.0 Undisclosed Crowdfunding
4/24/14 2 Checkout.com, Inc. NA $60.0 Chicago Growth Partners, Trident Capital Merchant Processing
4/24/14 ShopKeep POS Inc Series C $25.0 Canaan, Contour, Thayer Street, Tribeca, TTV POS
4/24/14 Ondot Systems, Inc. NA $18.0 Undisclosed Card Monitoring
4/23/14 freee K.K. Series B $8.0 DCM, Infinity Venture Partners Accounting Software
4/16/14 LendingClub Corporation Series F $65.0 BlackRock, Sands Capital Management, T.Rowe Price, Wellington P2P Lending
4/15/14 The Currency Cloud Series B $10.0 Anthemis, Atlas, Notion, SVB, Xange Cross-Border Payments
4/11/14 CrowdRise, Inc. NA $23.0 Bezos, CAA, Index, RatPac-Dune, Spark, Union Square Crowdfunding
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 / Rewards
3/28/14 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, Fenway Summer, General Catalyst, Oak Investment 3/26/14 Circle Internet Financial, Inc. Series B $17.0 Digital Currency 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 Software
3/14/14 Klarna AB NA $122.2 Atomico, General Atlantic, Sequoia Mobile Commerce
3/13/14 Xapo Inc. First Round $20.0 Benchmark, Fortress, Ribbit BitCoin Wallet
Notes: 23 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
3/11/14 Threatmetrix, Inc. Series E $20.0 Adams Street, August, CM Capital, Tenaya, U.S. Venture Partners Fraud Protection
3/11/14 WorldRemit Ltd Series A $40.0 Accel Remittance
Greycroft, eVentures, Frontier, ACCION, KRW Schindler, Digital 3/11/14 Azimo Ltd Series A $10.0 Remittance 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
3/5/14 Payoneer, Inc. Series D $25.0 Susquehanna Growth Equity, Vintage, Greylock Israel, Carmel International Payments
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 (Pawn)
Tiger Global, First Round, Google Ventures, Industry Ventures, 2/27/14 OnDeck NA $77.0 Online Lending Institutional Venture Partners, RRE, SAP Ventures
2/25/14 Tradeshift Inc. Series C $75.0 Scentan Ventures Supply Chain Software
2/21/14 Ezetap Series B $8.0 Berggruen Holdings, Helion, The Social+Capital Partnership POS
2/19/14 mCash Series A $7.0 Entrée Capital, Northzone Ventures Mobile
2/19/14 ZenPayroll Series A $20.0 General Catalyst, Kleiner Perkins Caufeld & Byers Payroll
2/11/14 SpendSmart Payments NA $15.0 Undisclosed Prepaid
2/11/14 nCino, LLC NA $11.0 Wellington Management Company Banking Software
12/6/13 PayNearMe Inc. Series E $20.0 GSV, Khosla, Maveron, True Ventures, August Cash Network
2/5/14 Tapingo Ltd. Series B $10.5 Carmel, Khosla eCommerce
2/3/14 Klarna AB 6.8% Stake $71.7 Undisclosed Mobile Commerce
1/30/14 Powa Technologies Ltd. Series A $76.0 Wellington Management Company eCommerce
Notes: 24 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
1/29/14 Zopa Ltd. Series C $24.7 Arrowgrass Capital Partners P2P
1/28/14 GoCardless Ltd. Series B $7.0 Accel, Balderton, Passion Capital Direct Debit
1/23/14 Stripe, Inc. Series C $80.0 Allen & Company, Khosla, Sequoia, Founders Fund Mobile
1/22/14 QFPay Series B $16.5 Undisclosed Merchant Processing
1/16/14 WePay, Inc. Series C $15.0 August, Continental, Highland, Ignition Crowdfunding
1/14/14 Bank Bazaar Series B $13.0 Sequoia India, Walden Online Lending
1/13/14 Lending Works Ltd NA $5.8 David Kyte P2P
1/9/14 Iwoca Ltd NA $8.2 Redline, Global Founders Online Lending
1/8/14 CAN Capital, Inc. Series C $33.0 MeriTech Capital, Accel, Ribbit, QED Online Lending
1/7/14 RENREN DAI Business Consulting Series A $130.0 TrustBridge Partners Card Manufacturing
12/31/13 Festival Transaction Services, Inc. NA $8.5 Reverence Capital Partners Merchant Processing
12/23/13 Shanghai DianRong Financial Services NA $12.0 Northern Light Venture P2P Lending
12/23/13 Thames Card Technology Ltd. NA $5.2 Business Growth Fund plc Card Manufacturing
Bezos Expeditions, Founder's Co-op, QED, TomorrowVentures, 12/20/13 Remitly, Inc. Series A $5.5 Remittance Trilogy
12/13/13 peerTransfer Education Corporation NA $6.3 Maveron, QED, Spark Capital Partners Money Transfer
12/13/13 QuickPay Corp. (nka:LocoMobi, Inc.) NA $5.5 Ecomobilite, Fontinalis, IncWell Mobile
12/12/13 Coinbase, Inc. Series B $25.0 Andreessen Horowitz, Ribbit, Union Square Bitcoin
12/12/13 Zafin Labs Technologies Ltd NA $5.0 Beedie Capital Partners Banking Software
12/12/13 Loop Series A $10.0 Undisclosed Mobile
Notes: 25 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
12/10/13 PaeDae, Inc NA $11.6 Silicon Valley Bank Marketing / Offers
12/9/13 Citrus Payment Solutions Series B $5.5 Beenos Asia, econtext Asia, Sequoia Cap India eCommerce
12/4/13 Proxama NA $14.1 Undisclosed Mobile
12/3/13 Tradeshift Inc. NA $57.4 Undisclosed Invoicing Software
11/27/13 Mozido, LLC NA $70.0 Atlanticus Holdings, Brentwood Investments, TomorrowVentures Mobile
11/25/13 Norse Corporation Series A $10.0 Oak Investment Partners Fraud Prevention
11/19/13 Index Inc. Series A $7.0 819, Alberta Investment, Innovation Endeavors, Khosla Loyalty
11/19/13 FinanceIt Series A $13.0 Inter-Atlantic Group, Second City Capital, TTV Capital Consumer Lending
Battery, DAG, Draper Fisher Jurvetson, Greylock, Index, 11/18/13 Yub, Inc. NA $12.0 Loyalty QuestionMark, T. Rowe Price, Visa
11/12/13 LoanLogics, Inc. NA $11.2 Volition Capital Mortgage Technology
11/12/13 LendingClub Corporation NA $57.0 Coatue Management, L.L.C. ; DST Global Online Lending
11/12/13 LendUp Series A $14.0 Data Collective, Google Ventures Online Lending
11/7/13 CardCash Inc. NA $6.0 Guggenheim Partners Gift Cards
11/6/13 Loop Commerce, Inc. Series A $7.0 Novel TMT Ventures Limited eCommerce
10/31/13 Circle Internet Financial, Inc. Series A $9.0 Accel Partners, General Catalyst Partners Bitcoin
Digicel Group Limited, Storm Ventures, SVG Partners, True 10/25/13 Flint Mobile, Inc. Series B $6.0 Mobile POS Ventures Accel Partners, Index Ventures, Ribbit Capital, Union Square 10/18/13 Funding Circle Ltd. Series C $37.0 Online Lending Ventures Heartland Payment Systems, Morgan Creek Capital Management, 10/3/13 TabbedOut Series B $7.8 POS New Enterprise Associates
10/1/13 Ingo Money, Inc. NA $8.4 Camden Partners Prepaid
Notes: 26 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
9/27/13 Cozy Services Ltd. NA $5.0 General Catalyst Partners, The Social+Capital Partnership Issuer
9/19/13 Deem NA $98.2 NA eCommerce / Offers
9/9/13 MokiMobility, Inc. NA $7.1 Allegis Capital, EPIC Ventures, Pelion Venture Partners, Plus550 Mobile
9/4/13 CommonBond, Inc. NA $100.0 The Social+Capital Partnership, Tribeca Venture Partners P2P
Grade-A Investments, Karlin Ventures, The Social+Capital 8/31/13 Gyft, Inc. Series A $5.0 Mobile Gift Cards Partnership
8/27/13 Credorax Inc. NA $40.0 FTV Capital Merchant Acquiring
General Catalyst Partners, North Bridge Venture Partners, Stage 1 8/26/13 Paydiant, Inc. NA $20.5 Mobile Ventures
8/25/13 Yellowpepper Holding Corp. Series C $15.0 International Finance Corporation, LatinIdea Ventures Mobile Banking
8/22/13 JetPay Corporation Series A $40.0 Flexpoint Ford Merchant Processing
7 Ventures, Andreessen Horowitz, Cisco Systems, DAG Ventures, 8/15/13 Belly Inc. Series B $15.0 Marketing / Offers Lightbank, New Enterprise Associates
8/9/13 Genesis Financial Solutions, Inc. NA $40.0 NA Lending
DAG Ventures, Klaus Hommels Capital, Matrix Partners, TELUS 8/8/13 Taulia Inc. Series C $18.0 AR Solutions Ventures, Trinity Ventures
8/5/13 Clutch Holdings, LLC Series B $5.3 Atomico, GSR, SMIT Corp Mobile
7/26/13 Avant Credit Corporation Series B $40.0 August Capital, Victory Park Capital Advisors Online Lending
7/26/13 Tradescape, Inc. NA $11.4 NA SaaS / Billing
7/25/13 iBoxpay International Inc Series B $9.8 Atomico, GSR, SMIT Corp Merchant Acquiring
7/24/13 LendKey Technologies, Inc. NA $12.7 Draper Fisher, Gotham Ventures, TTV Capital, Updata Partners Lending Technology
7/23/13 Viableware, Inc. Series B $6.5 Swiftsure Capital POS
7/15/13 JudoPay Seed $5.0 NA Mobile
Notes: 27 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
7/8/13 Sequent Software, Inc. Series B $12.0 Jado Investments, Opus Capital, SBT Venture Capital Mobile
7/1/13 PayVeris, LLC NA $5.2 Connecticut Innovations, Ironwood Capital Bill Payment
6/26/13 Clinkle Corporation Seed $25.0 Accel Management, Andreesen Horowitz, Intel Capital, Intuit Mobile
6/24/13 E la Carte Inc. Series B $13.5 Intel Capital, Romulus Capital POS
Adams Street Partners, Intel Capital, Norwest Venture Partners, 6/18/13 CareCloud Corporation Series B $29.0 Healthcare Payments Tenaya Capital Morgan Stanley, Goldman Sachs, Credit Suisse, Jefferies, Stifel, 6/17/13 RetailMeNot IPO $230.0 Marketing / Offers RBC, William Blair
6/13/13 Wrapp Series B $15.0 American Express, Atomico, Creadum, Greylock, Qualcomm, SEB Social Gifting
6/11/13 nCino, LLC Series A $9.0 Individual Investors Banking Optimization
6/10/13 iZettle AB NA $6.6 Banco Santander Merchant Services
5/30/13 iVantage Health Analytics, Inc. NA $10.9 Great Point Partners Healthcare Analytics
5/29/13 Earthport NA $10.0 International Finance Corporation Cross-Border Payments
5/28/13 SumUp Limited NA NA American Express Ventures, Groupon POS
5/28/13 Easy Solutions Inc. Series B $11.0 Medina Capital Fraud Prevention
Cygnus Asset Management, Fides - Europa, IPConcept Fund, 5/23/13 peerTransfer Education Corporation NA $6.4 P2P Maveron, QED Investors, Spark Capital
5/17/13 Cardlytics, Inc. NA $40.0 Undisclosed Marketing / Offers
5/14/13 TransferWire NA $6.0 Valar Ventures Money Transfer
5/14/13 Ripple Labs Inc. Series A NA Google Ventures; IDG Capital Partners Bitcoins
5/14/13 Numbrs AG NA $7.9 Centralway Holding Personal Financial Management
First Round Capital, Greylock Partners, Index Ventures, Shasta 5/10/13 Swipely Inc. Series B $12.0 Merchant Processing Ventures
Notes: 28 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
5/8/13 Avant Credit Corporation Series A $9.0 August Capital, Victory Park Capital Online Lending
Founder Collective, Gemini Israel Funds, General Catalyst 5/6/13 LoyalBlocks Ltd. Series A $9.0 Loyalty Partners
5/6/13 QIWI Wallet IPO $212.5 JP Morgan, Credit Suisse Alternative Payments
Notes: 29 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 5/2/14 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. $69.57 $59.68 $84.71 $23,355 $982 $24,336 7.8x 7.1x 12.2x 10.7x 20.6x 17.8x 12.6% 1.4 10.6% 8.2% IntercontinentalExchange Group, Inc. 202.30 162.95 229.50 23,284 4,023 27,307 7.4 6.9 12.5 10.7 18.4 15.0 18.2% 0.8 6.0% 89.4% BM&F Bovespa SA 5.33 4.09 6.58 9,886 (128) 9,758 10.2 9.2 15.3 13.5 15.7 13.5 15.4% 0.9 10.0% (17.4%) The Nasdaq OMX Group, Inc. 36.85 29.51 41.25 6,271 1,933 8,204 3.9 3.6 8.2 7.5 12.4 11.1 13.0% 0.9 8.4% 20.7% CBOE Holdings, Inc. 52.78 37.55 59.28 4,565 (199) 4,366 6.9 6.4 11.9 10.7 22.8 20.2 13.1% 1.5 8.4% 10.6% TMX Group Limited 52.50 38.72 52.89 2,844 994 3,838 5.7 5.4 11.3 10.6 14.4 13.2 0.0% NA 5.6% (4.1%) Bolsa Mexicana de Valores SAB de CV 2.05 1.76 2.83 1,217 (164) 1,053 5.9 5.4 12.5 11.1 21.2 19.2 10.5% 1.8 8.0% (2.3%)
Mean 6.8x 6.3x 12.0x 10.7x 17.9x 15.7x 11.8% 1.2 8.1% 15.0% Median 6.9 6.4 12.2 10.7 18.4 15.0 13.0% 1.1 8.4% 8.2%
Exchanges - Asia Hong Kong Exchanges & Clearing Limited $18.12 $14.47 $19.61 $21,024 ($389) $20,634 16.2x 13.8x 23.0x 19.0x 30.7x 25.5x 5.8% 4.4 17.4% 22.9% ASX Limited 32.69 29.67 37.02 6,328 (4,536) 1,792 2.8 2.7 3.7 3.5 17.2 16.1 6.1% 2.6 6.1% (10.0%) Singapore Exchange Ltd. 5.59 5.31 6.26 5,976 (578) 5,397 9.2 8.5 15.5 13.7 22.9 20.2 9.3% 2.2 7.9% (14.3%) Bursa Malaysia Bhd 2.32 2.11 2.59 1,239 (366) 872 5.8 5.3 9.5 8.8 21.0 19.1 11.9% 1.6 10.4% 5.6%
Mean 8.5x 7.6x 12.9x 11.2x 23.0x 20.2x 8.3% 2.7 10.4% 1.0% Median 7.5 6.9 12.5 11.2 22.0 19.6 7.7% 2.4 9.1% (2.2%)
Exchanges - Europe Deutsche Boerse AG $74.00 $63.30 $87.77 $13,625 $1,009 $14,634 4.6x 4.5x 9.3x 8.6x 14.1x 12.5x 9.4% 1.3 2.3% 16.8% London Stock Exchange Group plc 30.81 21.56 34.64 8,328 493 8,821 4.4 4.1 9.4 8.6 16.6 14.8 5.6% 2.6 6.7% 33.9% Bolsas y Mercados Españoles 45.38 25.38 45.83 3,779 (435) 3,344 7.6 7.5 11.0 11.0 18.1 18.2 3.0% 6.1 1.0% 26.8%
JSE Limited 9.20 6.60 9.26 787 (1) (128) 659 NA NA NA NA NA NA NA NA NA (11.6%) Hellenic Exchanges - Athens Stock Exchange S.A. Holding12.25 6.99 13.20 801 (228) 573 8.3 6.8 13.8 10.4 23.5 19.8 38.9% 0.5 21.9% 61.0% GPW 12.46 11.46 14.87 523 (64) 459 4.5 4.3 8.4 8.0 13.1 11.9 NA NA 5.5% (1.8%)
Mean 5.9x 5.4x 10.4x 9.3x 17.1x 15.4x 14.2% 2.7 7.5% 20.9% Median 4.6 4.5 9.4 8.6 16.6 14.8 7.5% 2.0 5.5% 21.8%
Notes: 31 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 5/2/14 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. $32.36 $27.28 $35.59 $5,474 ($546) $4,928 3.9x 3.6x 9.5x 8.6x 19.1x 16.8x 12.0% 1.4 8.1% 11.2% Broadridge Financial Solutions, Inc. 38.38 25.10 40.36 4,584 284 4,868 1.9 NA 9.0 NA 17.4 NA 10.5% NA (100.0%) 5.6% TIBCO Software Inc. 19.34 18.83 27.15 3,147 (216) 2,931 2.5 2.3 9.1 8.3 16.7 14.8 13.8% 1.1 8.7% 6.3% DST Systems Inc. 93.00 64.01 99.89 3,917 529 4,446 2.0 1.9 9.4 8.9 18.1 15.9 10.0% 1.6 3.8% 0.2% SS&C Technologies Holdings, Inc. 40.48 30.63 46.61 3,448 651 4,099 5.3 5.0 12.9 11.8 17.7 16.3 13.3% 1.2 7.7% 7.3% Financial Engines, Inc. 45.16 35.56 71.08 2,315 (246) 2,070 7.1 6.0 21.2 17.6 46.6 37.8 35.0% 1.1 19.7% 27.0% Advent Software, Inc. 29.02 25.42 36.21 1,492 250 1,742 4.4 4.2 14.6 12.3 21.0 18.9 14.0% 1.4 4.9% 4.7% Envestnet, Inc. 37.74 17.92 48.54 1,285 (50) 1,235 3.7 3.1 23.2 16.3 53.1 36.1 28.4% 1.3 20.5% 67.6%
Mean 3.9x 3.7x 13.6x 12.0x 26.2x 22.4x 17.1% 1.3 (3.3%) 16.2% Median 3.8 3.6 11.2 11.8 18.6 16.8 13.6% 1.3 7.9% 6.8%
Financial Data, Content, & Analytics Thomson Reuters Corporation $35.70 $31.38 $38.73 $28,955 $7,344 $36,299 2.9x 2.8x 10.7x 9.7x 19.1x 16.1x 10.1% 1.6 2.3% (1.4%) McGraw Hill Financial, Inc. 74.07 52.67 82.39 20,162 (732) 19,430 3.8 3.5 10.2 9.3 19.6 17.3 14.6% 1.2 6.8% 4.7% Moody's Corporation 78.58 56.75 85.70 16,793 128 16,921 5.3 4.9 11.5 10.6 19.8 17.6 13.2% 1.3 7.5% 4.8% Verisk Analytics, Inc. 59.73 56.37 69.09 9,939 844 10,783 6.1 5.6 13.4 12.0 24.9 21.9 12.0% 1.8 10.0% 8.7% MSCI Inc. 41.24 32.56 46.40 4,813 542 5,355 5.4 4.9 12.5 11.5 20.4 17.3 11.3% 1.5 11.4% 9.2% FactSet Research Systems Inc. 105.25 93.26 119.08 4,456 (103) 4,353 4.7 4.4 12.5 11.6 19.2 17.5 11.3% 1.5 6.6% 6.5% Dun & Bradstreet Corp. 106.50 86.49 124.59 3,942 1,280 5,222 3.1 3.0 10.0 9.6 14.2 13.5 7.4% 1.8 2.6% 0.2% Morningstar Inc. 73.78 65.89 85.97 3,300 (262) 3,038 4.0 3.8 13.3 11.6 26.6 22.0 NA NA 7.2% 7.3% Bankrate, Inc. 16.88 13.05 23.14 1,768 67 1,835 3.5 3.1 12.3 10.5 23.8 20.1 20.7% 1.0 12.0% 31.1%
Mean 4.3x 4.0x 11.8x 10.7x 20.8x 18.1x 12.6% 1.5 7.4% 7.9% Median 4.0 3.8 12.3 10.6 19.8 17.5 11.7% 1.5 7.2% 6.5%
Online Broker Dealers The Charles Schwab Corporation (1) $26.70 $16.63 $29.13 $34,722 $1,900 $36,622 6.1x 5.5x 15.4x 12.9x 27.4x 22.6x 22.1% 1.0 11.5% 14.6% TD Ameritrade Holding Corporation (1) 31.86 19.86 35.82 17,571 $1,155 18,726 5.8 5.2 12.0 10.4 21.2 17.3 20.3% 0.9 10.9% 19.8% E*TRADE Financial Corporation (1) 22.67 10.52 25.58 6,537 $11,746 18,283 10.2 9.8 26.1 23.3 21.4 17.7 34.8% 0.5 3.8% 27.1% Interactive Brokers Group, Inc.(1) 23.95 15.36 25.03 1,309 $2,965 4,274 3.2 2.9 5.1 4.6 20.4 19.4 10.7% 1.8 9.0% 64.2% FXCM Inc.(1) 15.29 13.34 19.97 1,168 $156 1,324 2.8 2.6 8.7 7.2 19.9 15.8 19.5% 0.8 10.5% (1.6%) GAIN Capital Holdings, Inc. 10.42 4.47 14.62 418 (117) 301 0.9 0.9 4.0 3.4 10.9 8.5 17.0% 0.5 6.2% 156.7%
Mean 4.8x 4.5x 11.9x 10.3x 20.2x 16.9x 20.7% 0.9 8.6% 46.8% Median 4.5 4.1 10.4 8.8 20.8 17.5 19.9% 0.8 9.8% 23.4%
Notes: 32 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Enterprise Value and Net Debt exclude Cash. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
4/23/14 Clearstream International S.A. 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 NA NA The Blackstone Group L.P.
4/14/14 Taxware, LP VAT Resource B.V. Tax Software NA NA
4/8/14 FTSE TMX Global Debt Capital Markets MTS S.p.A, Indices Business Indexes NA NA
4/8/14 Associated Foreign Exchange, Inc. Jameson Bank Foreign Exchange NA NA
4/4/14 Advantage Futures LLC Institutional Liquidity, LLC, Futures Accounts Trading Platform NA NA
4/4/14 Pico Quantitative Trading, LLC SpryWare LLC (nka:Pico Technology Solutions) Trading Data NA NA
4/2/14 Bloomberg UBS Australia Bond Indexes Indexes NA NA
4/1/14 FolioDynamix, Inc. GlobalBridge, Inc. Personal Financial Management NA NA
4/1/14 Morningstar Inc. ByAllAccounts, Inc. Analytics $28 NA
4/1/14 Computershare Canada Inc. SG Vestia Systems Inc. Shareholder Administration NA NA
3/18/14 Vestar Capital Partners Institutional Shareholder Services, Inc. Shareholder Services $367 NA
3/18/14 Liquidnet Holdings, Inc. Vega-Chi Limited Trading Platform NA NA
3/14/14 Fitch Group, Inc. Business Monitor International Ltd Data & Analytics NA NA
3/6/14 London Stock Exchange (LSE:LSE) Bonds.com Group, Inc. Exchanges NA NA
3/4/14 HgCapital Ullink SAS Trading Software NA NA
2/24/14 The Bank of New York Mellon Corporation Hedgemark International, LLC Hedge Fund Analytics NA NA
2/17/14 FEXCO InterCash Bureau de Change Foreign Exchange NA NA
2/3/14 The Conifer Group, LLC Vastardis Fund Services LLC Fund Administration NA NA
Notes: 33 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
1/21/14 Fabrikant.ru Ltd. CJSC MICEX-Information Technologies Exchanges $13 NA
1/16/14 RCS Capital Corporation Cetera Financial Group, Inc. Personal Financial Management $1,150 NA
1/14/14 Financial Machineries Data Contributions Data & Analytics NA NA
1/13/14 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges $24 NA
1/3/14 Eurex Zürich AG Taiwan Futures Exchange Corporation Exchanges $940 NA
1/3/14 Wolters Kluwer Financial Services, Inc. Financial Tools, Inc. Risk & Analytics NA NA
12/24/13 Qkos Services Ltd. ZeroBlock, LLC Data & Analytics NA NA
12/18/13 Optimal Blue, LLC LoanSifter, Inc. Risk & Analytics NA NA
12/11/13 Moody's Amba Investment Services Risk & Analytics NA NA
12/2/13 Wipro Ltd. Opus Capital Markets Consultants, LLC Risk & Analytics $75 NA
11/20/13 U.S. Bancorp Fund Services, LLC Quintillion Limited Fund Administration NA NA
11/19/13 ICE Singapore Holdings Pte. Ltd. Singapore Mercantile Exchange Pte Ltd. Exchanges $150 NA
10/24/13 Deutsche Boerse AG Global Markets Exchange Group International LLP Trading Platform NA NA
10/15/13 TransUnion Corp. TLO, LLC Risk & Analytics $154 12.7x
10/8/13 eFront Société Anonyme AnalytX, Inc. Exchanges NA NA
9/12/13 Tradeweb Markets LLC BondDesk Group LLC Software NA NA
8/26/13 BATS Global Markets, Inc. Direct Edge Holdings LLC Exchange NA NA
8/8/13 Intuit Inc. GoodApril, Inc. Personal Financial Management $20 NA
8/6/13 IRESS Limited Avelo FS Holdings Limited Financial Software $320 3.8x
7/19/13 HgCapital; HgCapital Technology Fund IntelliFlo, Ltd. Risk & Analytics NA NA
Notes: 34 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
7/18/13 Ipreo Holdings LLC Discovery Data Risk & Analytics NA NA
6/17/13 Datawatch Corporation Panopticon Software AB Risk & Analytics $31 6.3x
6/17/13 Innovative Market Analysis, LLC Equis International LLC Risk & Analytics NA NA
6/12/13 RCAP Holdings, LLC FAS Holdings, Inc. Personal Financial Management NA NA
6/6/13 Thomson Reuters Corporation Pricing Partners SAS Risk & Analytics NA NA
5/21/13 Temasek Holdings (Private) Limited Markit Group Limited Risk & Analytics $5,000 NA
5/8/13 TPG Advent Software (14.9% of Shares Outstanding) Investor Software $1,473 3.3x
Notes: 35 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
4/15/14 AngelList NA $25.0 Cendana Capital, Makena Capital, Venture Investment Associates Angel Investing
4/14/14 LearnVest, Inc. NA $28.0 Accel, American Express Ventures, Northwestern Mutual Personal Financial Management
Anthemis, Bessemer, Citi Ventures, Globespan Capital, Menlo, 4/2/14 Betterment LLC Series C $32.0 Personal Financial Management Northwestern Mutual
4/1/14 Wealthfront Inc. Series C $35.0 DAG, Greylock, Index, Ribbit, The Social+Capital Partnership Personal Financial Management
3/25/14 Payward, 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 Crowdfunding
3/12/14 Credit Karma, Inc. Third Round $85.0 Google Capital, Ribbit, Susquehanna, Tiger Global Personal Financial Management
2/28/14 CircleUp Network, Inc. Series B $14.0 Canaan, Google Ventures, Maveron, Rose Park, Union Square Crowdfunding
2/28/14 Acorns Series B $8.3 Jacobs Asset Management Personal Financial Management
12/31/13 OKCoin.com Inc. Series A $10.0 Ceyuan, Manda Capital, VenturesLab BitCoin Exchange
10/10/13 Level Money, Inc. Series A $5.0 Kleiner, Perkins, Caufield & Byers Personal Financial Management
9/16/13 Ebury Partners UK Limited NA $5.6 Envestors Limited FX Brokerage
8/21/13 Check, Inc. NA $24.0 Menlo Ventures, Morgenthaler, Pitango Venture Capital Personal Financial Management
Clarium Capital, Eastward Capital, Kensington Capital, Lightspeed, 7/31/13 ZestFinance, Inc. Series C $20.0 Risk & Analytics Matrix Partners, Northgate Capital
7/19/13 LearnVest, Inc. NA $16.5 Accel, American Express Ventures, Claritas Personal Financial Management
7/23/13 C2FO NA $18.0 Mithrill, OpenAir, Summerhill, Union Square Exchanges (Working Capital
7/15/13 Focus Financial Partners, LLC NA $216.0 Centerbridge Personal Financial Management
7/2/13 SigFig Wealth Management LLC Series B $15.0 Bain Capital Ventures, DCM, Union Square Ventures Personal Financial Management
Notes: 36 Source: CapitalIQ, DowJones Venture Source. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
Bain Capital Ventures, Prism VentureWorks, Redpoint Ventures, 6/24/13 The Receivables Exchange, LLC NA $10.0 Exchanges StarVest Partners
6/10/13 Novus NA NA Bain Capital Ventures, Index Ventures Risk & Analytics
Amadeus Capital Partners, Bay Partners, Spark Capital, Union 6/7/13 Covestor, Inc. Series B $15.3 Personal Financial Management Square Ventures Blackrock, CrossLink Capital, Institutional Venture Partners, 5/30/13 Personal Capital Corporation NA $25.0 Personal Financial Management Venrock
Notes: 37 Source: CapitalIQ, DowJones Venture Source.