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Cover Sheet for MA Transactions

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Cover Sheet for MA Transactions Financial Technology M&A Report November 30, 2018 SELECTED M&A TRANSACTIONS Krall & Co. Inc. Financial Technology Companies M&A Advisory Services 2018 YTD Serving Financial Technology Companies BUSINESS DESCRIPTIONS CLASSIFICATION CODES ANNOUNCE BUYER DEAL RATIONALE INDUSTRY BUSINESS EV ENTERPRISE VALUE (1)/ DATE TARGET PRICE AND TERMS VERTICAL SOLUTION MODEL ($MM) REVENUE EBITDA EBIT 30-Nov-18 Buyer: Buyer: CUNA Mutual Holding Company is a mutual insuranCe holding company. CUNA Mutual Group is tHe dba for tHe holding B DOC S/SER - - - - CUNA Mutual company and its subsidiaries and affiliates. CUNA Mutual provides insurance and financial services to credit unions and tHeir Holding Company members. It offers Credit union proteCtion produCts, suCH as bond, business auto, Collateral proteCtion, Cyber and seCurity (dba CUNA Mutual inCident, management and professional liability, mortgage insuranCe, plastic Card, property and business liability, and worKers Group) compensation solutions. THe Company also offers investment solutions, including annuities, mutual fiduciary consulting (Madison, WI) serviCes, CommerCial mortgage loans, broKerage serviCes, and Capital advisory serviCes; employee benefits, suCH as 401K and ------------------- retirement plans, exeCutive benefits, total benefits prefunding, CHaritable donation aCCounts, employee group benefits, and Target: eduCation and training serviCes; and insuranCe programs, inCluding AD&D, auto and Home, HealtH, and life insuranCe. In ComplianCe addition, it provides lending solutions, suCH as Credit insuranCe, debt proteCtion, guaranteed asset proteCtion, lender Systems InC. development program, loan generation marKeting, doCument, online lending, meChaniCal repair Coverage, and mortgage (Grand Rapids, MI) payment proteCtion solutions. Target: ComplianCe Systems InC. provides teCHnology tHat enables finanCial institutions to produCe loan and deposit doCumentation that is Compliant with state and federal regulations. The Company’s Cloud-based software system handles deposit (IRA, HAS and ESA), Consumer, CommerCial, home equity and mortgage transaCtions. The software enables users to design compliant documents tHat matCH tHeir specific requirements. In addition, tHe software performs transactional analysis tHat ensures tHat all required data is present and validated for eaCH transaCtion. ComplianCe Systems’ in-House legal team monitors more tHan 14,500 Citations daily in order to ensure tHat doCumentation is Compliant witH tHe latest CHanges in state and federal regulations. THe Company provides a $1 million guarantee tHat doCuments produCed witH its software are Compliant. Deal Rationale: THe aCquisition will enable CUNA Mutual to modernize its existing doCument serviCes, LOANLINER DoCuments. Terms: CUNA Mutual Group has aCquired ComplianCe Systems InC. Terms were not disClosed. SELECTED M&A TRANSACTIONS Krall & Co. Inc. Financial Technology Companies M&A Advisory Services 2018 YTD Serving Financial Technology Companies BUSINESS DESCRIPTIONS CLASSIFICATION CODES ANNOUNCE BUYER DEAL RATIONALE INDUSTRY BUSINESS EV ENTERPRISE VALUE (1)/ DATE TARGET PRICE AND TERMS VERTICAL SOLUTION MODEL ($MM) REVENUE EBITDA EBIT 21-Nov-18 Buyer: Buyer: Radian Group InC. (“RDN”) (1977) provides mortgage and real estate produCts and serviCes. THe Mortgage InsuranCe M VENDOR S/SER - - - - Radian Group InC. segment provides Credit-related insuranCe Coverage, prinCipally tHrougH private mortgage insuranCe, as well as otHer Credit risk (PHiladelpHia, PA) management solutions to mortgage lending institutions nationwide. THe Company provides its mortgage insuranCe produCts (NYSE: RDN) mainly tHrougH its wHolly-owned subsidiary, Radian Guaranty. THe ServiCes segment is a fee-for-serviCe business tHat offers a ----------------- broad array of serviCes to marKet partiCipants aCross the mortgage and real estate value Chain. These serviCes are Comprised of Target: mortgage serviCes and real estate serviCes tHat provide mortgage lenders, finanCial institutions, mortgage and real estate investors Independent and government entities, among otHers, witH information and otHer resourCes and serviCes tHat are used to originate, evaluate, Settlement ServiCes, acquire, seCuritize, serviCe and monitor residential real estate and loans seCured by residential real estate. Mortgage serviCes LLC inClude transaCtion management services suCH as loan review, RMBS seCuritization and distressed asset reviews, servicer and loan (PittsburgH, PA) surveillanCe and underwriting. Real estate serviCes inClude REO asset management; review and valuation serviCes related to single family rental properties; real estate valuation serviCes; real estate broKerage serviCes; and title and settlement serviCes tHat inClude title searCH, settlement and Closing services. RDN provides its Services produCts and services primarily tHrougH Clayton and its subsidiaries, inCluding Green River Capital, Red Bell, ValuAmeriCa and Entitle DireCt Group. Target: Independent Settlement ServiCes, LLC (2005) provides national appraisal and title management serviCes in all 50 states. The Company’s proprietary vendor management and settlement serviCes teCHnology platform, Vendor Information Bridge (“VIBe”), enables its Customers to aCCess a nationwide vendor networK and to manage tHe ordering and delivery of produCts and serviCes. Customers Consist of lenders, appraisers, mortgage loan serviCers, due diligenCe firms and appraisal management companies. Deal Rationale: THe transaCtion is consistent witH RDN’s growtH and diversifiCation strategy and complements RDN’s prior acquisition of ValuAmeriCa and Entitle DireCt Group. Terms: Radian Group InC. has aCquired Independent Settlement ServiCes, LLC. Terms were not disClosed. SELECTED M&A TRANSACTIONS Krall & Co. Inc. Financial Technology Companies M&A Advisory Services 2018 YTD Serving Financial Technology Companies BUSINESS DESCRIPTIONS CLASSIFICATION CODES ANNOUNCE BUYER DEAL RATIONALE INDUSTRY BUSINESS EV ENTERPRISE VALUE (1)/ DATE TARGET PRICE AND TERMS VERTICAL SOLUTION MODEL ($MM) REVENUE EBITDA EBIT 20-Nov-18 Buyer: Minority Investment B DB S/SER - - - - Temenos Group AG (Geneva, Buyer: Temenos (1993) offers software tHat manages finanCial institutions’ front, middle and baCK offiCe aCtivities, inCluding Switzerland) retail, private, Corporate and Commercial banKing (inCluding e-banKing), treasury and investment, fund and asset management, (SIX: TEMN) trade finanCe and risK management. Temenos Has two Core banKing systems that Cover Core funCtions suCH as deposit-taKing, --------------------------- lending and Internet banKing. TEMENOS T24 (T24), supports Retail, Corporate & Correspondent, Universal, Private, Islamic and Target: MiCrofinanCe & Community banKs globally. TEMENOS CorebanKing (TCB) is aimed at tHe world’s largest retail banKs (+10m NuoDP acCounts). Temenos Has 64 offiCes in 41 Countries and more tHan 2,000 Customers in more tHan 150 Countries. (Cambridge, MA) Target: NuoDB provides an enterprise-Class, distributed relational SQL database tHat runs in tHe cloud. THe Company’s peer-to- peer arChiteCture ensures that database serviCes Can be natively distributed aCross multiple nodes, data Centers, and even Clouds witHout tHe Complexity, expense and additional software tHat traditional relational databases require. THis means tHat a banK’s always-on appliCation Can benefit from an “active-active” database on premises, in tHe Cloud, or in a Hybrid deployment, wHile maintain ACID guarantees and serving up data at in-memory speeds. NuoDB’s aCtive-aCtive Capabilities enable appliCations to actively read and write to up to tHree data Centers or Availability Zones at tHe same time, even in a Hybrid Cloud or multi-Cloud environment. NuoDB was founded in 2008 as Nimbus DB and CHanged its name in 2011. Clients inClude Dassault Systèmes and UAE ExCHange. Deal Rationale: THe partnersHip will enable banKs to easily migrate Temenos banKing software produCts to multiple cloud databases, such as MiCrosoft Azure and Amazon Web ServiCes (AWS), in order to mitigate the risK of downtime, enable Cloud-to- cloud baCKup and reduce operational coats. THe partnersHip is in Keeping witH Temenos’ open strategy to worK witH all database vendors tHat are able to answer tHe demands of sCale in tHe Cloud. Terms: Temenos has made a minority investment in NuoDB. Along witH tHe investment, Temenos has entered into a TeCHnology Partner Agreement with NuoDB. FinanCial terms were not disClosed. 20-Nov-18 Buyer: Buyer: Moneyfarm is an independent finanCial serviCes provider tHat provides digital wealtH management serviCes in tHe U.K. and B PFM S/SER - - - - MFM Investment Italy. Moneyfarm uses a blend of algorithmiC-based investment adviCe baCKed by a team of Consultants. The Company’s Customer Ltd (dba base Consists of 27,000 aCtive retail investors. Moneyfarm raised £60 million in Capital from Allianz Global Investors, UK private Moneyfarm) equity firm, Cabot Square Capital, and Venture Capital fund, United Ventures. (London, England, UK) Target: Vaamo Finanz AG (2013) offers digital wealtH management serviCes to individuals. It provides online automated --------------- investment solutions and finanCial advice. THe Company also provides an application software to traCK tHe investment reCords. Target: Customers inClude German CHallenger banKs N26 and 1822direKt. THe Company launCHed its goal saving app at FinovateEurope Vaamo Finanz AG 2014 in London. THe Company Has raised €2.500,000 in a seed round from Route 66 Ventures and €450,000
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