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QEB-Q4-2019.Pdf QUARTERLY FINANCIAL TECHNOLOGY EXECUTIVE BRIEFING ANALYSIS THROUGH Q4 2019 JANUARY 3, 2020 Table of Contents Morgan Partners Overview – Leaders in FinTech M&A 3 Sub-Sector Comparison: Q4 2019 FinTech Sub-Sector Performance 5 Median Multiples by Sub-Sector 6 Variability by Sub-Sector 7 Sub-Sector Valuation Multiples Relative to Growth 8 Sub-Sector Aggregate Market Cap 9 Public & Private FinTech Transactions Spotlight 10 Sub-Sector Analysis Capital Markets Technology 14 Insurance Technology 16 Banking Technology 18 Payments 20 Data & Analytics 22 Service Providers 24 Tech-Led Financial Institutions 26 Contact Information 27 This communication is provided for informational purposes only, is not a formal confirmation of any particular transaction, and should not be regarded as an offer to sell or solicitation to buy any financial instrument or service. Morgan Partners LLC accepts no liability whatsoever arising directly or indirectly from the use of this document, and offers no warranty in relation to the accuracy or completeness off its contents. Unauthorized distribution without prior consent from Morgan Partners LLC is strictly prohibited. Morgan Partners LLC is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA / SIPC member firm. Quarterly Financial Technology Executive Briefing 2 Leaders in FinTech M&A • Founded in 2005, Morgan Partners is the leading investment bank specializing in the middle-market insurance, capital markets and banking technology space • Morgan Partners represents publicly traded, privately owned, and PEG- backed FinTech companies on the sell-side and buy-side in: • Strategic exits • Capital raises and recapitalizations • Buyouts • Acquisitions • Enterprise value of the typical transaction is $50 – 250M • All engagements are led by one of the firm’s partners, both of whom have previously founded and exited their own technology businesses • The firm has an exceptional FinTech industry reputation and track record of successful deals with satisfied, referenceable clients Selected FinTech Deal Experience Sub-Sector Comparison Quarterly Financial Technology Executive Briefing 4 FinTech Sub-Sector Performance Through Q4 20191 60.0% 53.2% 50.0% 46.3% 45.2% 40.0% 37.5% 34.5% 30.0% 28.7% 20.0% 15.9% 10.0% 5.2% 0.0% (10.0%) S&P 500 Insurance Technology Service Providers Capital Markets Technology Banking Technology Payments Data & Analytics Tech-led Financial Institutions • Data & Analytics continues to lead all FinTech sub-sectors through Q4 2019 totaling 53.2% growth, 6.9% more than any other sub-sector • Payments and Capital Markets Technology perform strongly in Q4 to become the next- best performing sub-sectors while Insurance Technology slips below its peak in Q3 • Tech-led Financial Institutions and Service Providers continue to lag all the other sub- sectors and the S&P 500 These seven indices are maintained by Morgan Partners, and shown on pages 14, 16,18, 20, 22, 24, and 26 1 Capital Markets Technology, Insurance Technology, Banking Technology, Payments, Data & Analytics, Service Providers, and Tech-led Financial Institutions performance reflects the constituents in this briefing, and are calculated as the market cap-weighted daily percentage price change from the base value for each constituent. Constituents must have pricing data for the entire measurement period for inclusion in the aggregate. Source: S&P Capital IQ, Morgan Partners Quarterly Financial Technology Executive Briefing 5 Sub-Sector Comparison (Median Multiples) Data & Analytics 7.2x 1 Banking Technology 7.0x Capital Markets Technology 4.6x Insurance Technology 3.4x Financial Technology Financial Payments 8.1x Service Providers 2.4x Tech-led Financial Institutions 4.6x Enterprise Value / LTM Revenue LTM / Value Enterprise S&P 500 3.2x Data & Analytics 25.4x 1 Banking Technology 27.4x Capital Markets Technology 18.8x Insurance Technology 14.7x Financial Technology Financial Payments 25.5x Service Providers 13.7x Tech-led Financial Institutions 16.9x Enterprise Value / LTM EBITDA LTM / Value Enterprise S&P 500 13.9x • Median revenue multiples for each sub-sector have grown since Q3, with the exception of Insurance Technology which remained at 3.4x • Data & Analytics exhibited the most substantial uptick in median revenue multiple, growing from 6.4x to 7.2x • Insurance Technology saw a notable decrease in median EBITDA multiple which contracted from 19.1x to 14.7x, while every other sub-sector saw an expansion 1Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 12/31/2019 where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ Quarterly Financial Technology Executive Briefing 6 Sub-Sector Variability (25th and 75th Percentile Multiples)1 Data & Analytics 6.3x 10.5x 2 Banking Technology 4.3x 11.7x Capital Markets Technology 2.1x 5.1x Insurance Technology 2.5x 7.4x Payments 4.8x 12.8x Financial TechnologyFinancial Service Providers 1.9x 3.2x Tech-led Financial Institutions 1.4x 8.7x Enterprise Value / LTM Revenue LTM / Value Enterprise S&P 500 1.5x 5.4x Data & Analytics 21.9x 30.0x 2 Banking Technology 23.6x 37.8x Capital Markets Technology 15.5x 27.3x Insurance Technology 11.2x 24.9x Payments 19.1x 38.3x Financial TechnologyFinancial Service Providers 10.7x 17.2x Tech-led Financial Institutions 10.9x 20.8x Enterprise Value / LTM EBITDA LTM / Value Enterprise S&P 500 9.8x 19.0x • Revenue and EBITDA multiples ranges generally increased across the board, with a few minor exceptions • The tracked FinTech sub-sectors are broadly earning higher revenue and EBITDA multiples than the S&P 500 1Variability represented by 25th and 75th percentile multiples from each sub-sector 2Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 12/31/2019, where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ Quarterly Financial Technology Executive Briefing 7 Sub-Sector Valuation Multiples Relative to Growth 1 20% 18% 16% 14% 12% Payments 10% Insurance Technology Traditional Financial Banking Technology 8% Institutions Service Providers 6% 4% Capital Markets Data & Analytics Technology 2% 0% Median Rev Growth to EV / LTM Revenue LTM / EV to Growth Rev Median 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 1 30% Capital Markets Technology 25% 20% 15% Payments Service Providers Traditional Financial 10% Institutions 5% Banking Technology Insurance Technology Data & Analytics 0% 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x 22.0x 24.0x 26.0x 28.0x 30.0x Median EBITDA Growth to EV / LTM EBITDA LTM / EV to Growth EBITDA Median • Data & Analytics continues to command high revenue and EBITDA multiples despite slower growth relative to the other sub-sectors • Banking Technology continues to edge out the other sub-sectors in median EBITDA multiples 1 Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 12/31/2019, where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ Quarterly Financial Technology Executive Briefing 8 Sub-Sector Aggregate Market Cap $60,126 $43,982 $237,008 $301,832 $1,189,307 $392,823 $578,156 Sector Aggregate Market Cap ($M)Cap Market Aggregate Sector - Sub Payments Service Providers Tech-led Financial Finstitutions Data & Analytics Banking Technology Capital Markets Insurance Technology Market Cap Market Cap Sub-Sector ($M) Growth % (1/1/2019) (12/31/2019) Payments $767,532 $1,189,307 55.0% Service Providers 495,832 578,156 16.6% Tech-led Financial Finstitutions 330,372 392,823 18.9% Data & Analytics 200,836 301,832 50.3% Banking Technology 117,671 237,008 101.4% Capital Markets 44,809 60,126 34.2% Insurance Technology 32,518 43,982 35.3% Total 1,222,038 1,613,927 • All sub-sectors experienced robust increases in aggregate market capitalization through 2019 • Banking Technology experienced notable market capitalization growth due to significant M&A activity, including Fiserv’s acquisition of First Data and FIS’ acquisition of Worldpay Source: S&P Capital IQ Quarterly Financial Technology Executive Briefing 9 Public & Private FinTech Transactions Spotlight Quarterly Financial Technology Executive Briefing 10 Public FinTech M&A Activity 2019 = 54 2017 - 2018 = 100 Number of Deals 2015 - 2016 = 75 2013 - 2014 = 54 5 4 1 2019 9 6 2 1 3 8 3 2 4 5 7 2017-2018 7 3 11 5 4 4 2 11 6 1 5 11 7 6 1 3 3 5 4 4 3 7 6 2015-2016 Number of Transactions of Number 7 5 4 3 4 5 8 7 4 4 2 7 8 3 6 2 3 3 3 3 3 2013-2014 2 1 1 2 2 2 1 2019 = $99,716 1,2 2017 - 2018 = $33,074 Total Deal Size $99,716 ($M)hgr 2015 - 2016 = $42,718 2013 - 2014 = $6,703 $35,932 $28,989 $12,515 $6,786 $4,085 $4,452 $2,251 Annual Aggregated Deal Size Over Time Over Size Deal Aggregated Annual 2012 2013 2014 2015 2016 2017 2018 2019 1Transaction count includes both acquisitions and divestitures and leads to double counting for select transactions within public FinTech universe, while aggregated deal size controls for double counting 22019 spike is due to the $43.6 billion Fidelity National acquisition of Worldpay and the $41.8 billion Fiserv acquisition of First Data Corporation Source: S&P Capital IQ Quarterly Financial Technology Executive Briefing 11 Financial Sponsor Spotlight Financial Recent Relevant FinTech Latest Fund Sponsor Transaction Investments Raised Fund VII $2.5B Acquisition December 2019 Fund II $425M Minority Investment
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