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Financial Technology Sector Review | Q3 2019 Financial Technology Sector Review | Q3 2019 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2019 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2019 TECHNOLOGY, MEDIA & TELECOM HARRIS WILLIAMS (“HW”) AS A FIRM (“TMT”) GROUP • Founded in 1991 • 35+ professionals across Boston, San Francisco, and London Managing Director [email protected] • 360+ professionals across eight offices globally • 42 closed transactions in the last 24 months Office: (617) 654-2133 • 170+ closed transactions in the last 24 months • 21st record year in 2018 • Compliance Software • Architecture, Engineering, and Managing Director • CRM and Member Management Construction [email protected] • 10 industry groups Software • eCommerce and Retail Software Office: (617) 654-2117 • Data and Analytics • Education Technology • Enterprise Software • Energy Technology • Human Capital Management • Facilities and Real Estate Managing Director • Infrastructure and Security Technology [email protected] Software • Financial Technology Office: +44 (0) 20 7518 8901 2017 • IT and Tech Enabled Services • Government Technology 2017 • Managed Services, Hosting, Data • Healthcare IT Center Solutions • Industrial and Supply Chain Managing Director • Online Marketing, Data, and Software [email protected] Research Office: (415) 217-3411 Director [email protected] OBSERVATIONS ON KEY FINTECH TRENDS Office: (415) 217-3420 • The financial technology market continues to attract strong interest from financial investors and strategic acquirers alike, with 700+ M&A transactions completed in the last 12 months globally • Consolidation has accelerated as the sector matures and is expected to continue as fintech market leaders reach scale and look to pursue inorganic add- Director [email protected] on opportunities Office: (617) 654-2122 • Blackstone’s announced sale of Refinitiv to the London Stock Exchange – less than a year after Blackstone carved the platform out of Thomson Reuters – serves to highlight how financial network providers continue to focus on delivering improved decision-making capabilities while further monetizing proprietary data assets derived from their clients’ network activities Director • The immediate-term viability of digital currencies and mainstream blockchain technology applications are called into question with PayPal, Visa, [email protected] Mastercard, Stripe, and eBay all leaving Facebook’s Libra consortium simultaneously in late Q3 as the platform faces significant regulatory constraints Office: (617) 654-2115 • Technology companies are increasingly seeking to integrate billing and payments directly into their solutions to both improve end-user experience and to capture incremental economics from payment processing • Corporations globally are eager to optimize B2B transactions and are investing in cloud-based software solutions that improve procurement, AP Director automation, supply chain finance, and settlement activities, as well as working capital exchanges that enhance profitability [email protected] Office: +44 (0) 20 7518 8909 • The banking and insurance industries continue to evolve as financial institutions increasingly adopt modern SaaS software solutions to defend against competitive unbundled offerings, improve operational workflows, and enhance client experience across business lines • Consumer adoption of digital and mobile payment and financial services solutions has accelerated globally as the proliferation of smartphones, digital Director currency, and digital native banks make online transaction increasingly frictionless, secure, and convenient [email protected] Office: (415) 217-3418 TECHNOLOGY, MEDIA & TELECOM PAGE | 1 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2019 Solutions focused on Solutions focused on serving Solutions focused on supporting B2C and B2B the specific operational and delivering improved financial payments and financial activity, compliance needs of banks, and payment experiences, and serving the financial needs insurance companies, and personal wealth management, of enterprises of all sizes asset managers and access to consumer loans PAYMENTS B2B TRANSACTIONS FINANCIAL SOFTWARE BANKING INSURANCE ASSET MGMT. / TRADING PAYMENTS PERSONAL FINANCE INVESTING Select Market Participants Select Market Participants Select Market Participants S E L E C T RECENT HW FINANCIAL TECHNOLOGY TRANSACTIONS Provider of integrated Provider of a SaaS Provider of next Provider of eLearning, Provider of mental and risk management, platform serving single generation integrated workforce behavioral health policy administration, family and condo high digital government management, and practice management, and insurance claims rise associations with has received a software and payment compliance solutions to revenue cycle has been has been has acquired management software has acquired unified property strategic solutions, designed to enterprises and management, billings, acquired by acquired by solutions management, resident investment from improve government professionals across and integrated portals, accounting, operations, revenue financial services, payment processing payments, and security collection, and citizen healthcare, and real & solutions solutions engagement estate Provider of integrated Provider of member Provider of integrated Provider of integrated Provider of youth software, data and management software SaaS civic engagement SaaS, insurance, and sports management analytics solutions to and payment and payment solutions payments solutions for software and integrated the global energy processing solutions for government entities residential and has received a payments solutions has been has been has been has been market including for fraternal commercial property majority acquired by acquired by acquired by acquired by financial services, organizations and non- managers investment from capital markets, and profits trading and risk & professionals TECHNOLOGY, MEDIA & TELECOM PAGE | 2 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2019 Government agencies are under increasing pressure to modernize their IT systems, especially those serving today’s digital consumers. That’s opening up a $93 billion opportunity for technology vendors, and for the strategic buyers and financial investors that understand the space. has received a has been acquired In this article, Managing Director Tyler Dewing and Vice President Scott Reinig, both of the strategic investment by Harris Williams Technology, Media & Telecom (TMT) Group, explain the key drivers of this shift from and reveal one specific area creating noteworthy growth opportunities. “Modernizing payments is a quick win for both government agencies and technology vendors,” says Dewing. “For agencies, it delivers an almost instant and significant operational efficiency boost for employees and service improvement for the general public—without requiring a big-budget purchase. For vendors, it creates an attractive revenue model and enables those with a broad suite of solutions to get a foot in the door.” TECHNOLOGY, MEDIA & TELECOM PAGE | 3 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2019 HW’s TMT Group advised Tailwind Capital on its acquisition of Ventiv Technology. Ventiv Technology is a leading provider of integrated risk management, policy administration, and insurance claims management software solutions that simplify and optimize risk and compliance management processes across organizations Leveraging a highly scalable and uniquely configurable SaaS platform, the Company serves a diverse base of over 600 enterprise customers including self-insured corporations, public entities, and insurance carriers across multiple industry verticals has acquired The Company’s claims management and policy administration solutions continue to benefit from double digit growth in investments by insurance carriers and self-insured corporations to manage claims costs and streamline policy administration processes Managing Director Director Vice President [email protected] [email protected] [email protected] Office: (617) 654-2133 Office: (415) 217-3418 Office: (617) 654-2113 TECHNOLOGY, MEDIA & TELECOM PAGE | 4 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2019 250% 200% July 17, 2019 Payment networks that facilitate next generation payment channels 150% continue to benefit from accelerating migration of payments to digital environments 100% Payment networks are increasingly focused on enhancing their solution 50% offering to deliver fast, frictionless, and secure payment processing as Enterprise Value / 0% they seek to grow across end-markets and geographies PAYMENT PAYMENT NETWORKS Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 LTM Rev. LTM EBITDA 2019E EBITDA Enterprise Value: NA 11.2x 27.6x 25.2x S&P 500 Payment Networks Mastercard Launches A New B2B Effort To Displace Checks 250% 200% July 1, 2019 The traditional payment processing landscape is undergoing significant 150% change as incumbents seek to maintain market share through consolidation and expansion of service and technology capabilities that 100% improve customer experience 50% As payments continue to shift to digital platforms, software providers are Enterprise Value / keen to improve their competitive position by incorporating processing PAYMENT 0% LTM Rev. LTM EBITDA 2019E EBITDA Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 functionality directly into their solutions PROCESSING Capital Raised: $17.5M 10.7x 36.9x 19.4x S&P 500 Payment Processing Alternative Data in Payments Processing 250% 200% August
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