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Financial Technology Sector Review | Q3 2018

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FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2018 Investment banking services are provided by Harris Williams LLC and Solebury Capital LLC, registered broker-dealers and members of FINRA and SIPC, and Harris Williams Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business. FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2018 TECHNOLOGY, MEDIA & TELECOM HARRIS WILLIAMS (“HW”) AS A FIRM (“TMT”) GROUP Managing Director • Founded in 1991 • 35 professionals across Boston, San Francisco, and London [email protected] Office: (617) 654-2102 • 300+ professionals across eight offices globally • 47 closed transactions in the last 24 months • 140+ closed transactions in the last 24 months • 20th record year in 2017 • Consumer Internet • Enterprise Software • Digital Media and Content • Data and Analytics Managing Director • 10 industry groups • eCommerce and Retail • Data Center and Managed [email protected] Office: (617) 654-2133 • Mobile Services • Online Marketing • Infrastructure and Security Software • IT and Tech-Enabled Services Managing Director 2017 [email protected] 2017 • Education Technology • Membership Management Office: (617) 654-2117 • Fintech • Public Sector Software • Healthcare IT • Supply Chain, Transportation • Human Capital Management and Logistics • Internet and Digital Media • Infrastructure and Security Managing Director • Manufacturing Technology Software [email protected] OBSERVATIONS ON KEY FINTECH TRENDS Office: +44 (0) 20 7518 8901 • The financial technology market continues to garner significant interest from financial investors and strategic acquirers alike, with 597 M&A transactions completed year-to-date through Q3'18 Managing Director • Software companies are increasingly seeking opportunities to integrate payments and billing directly into their solutions to [email protected] both improve end-user experience and capture additional economics from financial management and payment processing Office: (415) 217-3411 • Global payment processors continue to seek opportunities to grow and differentiate the payment streams they capture and integrated capabilities they provide, evidenced by continued acquisition interest across sectors, and as payments continue to migrate online and into software driven environments Director • Corporations globally are seeking software that optimizes supply chain and procurement activities through digital B2B [email protected] payments solutions, as well as working capital exchanges that streamline corporate finance functions Office: (415) 217-3418 • The banking and insurance industries continue to undergo significant transformation as financial institutions adopt software solutions that improve operational workflows and enhance client experience across all business lines • Consumer adoption of digital and mobile payment solutions has accelerated globally as the proliferation of smartphones, Director digital currency, and mobile wallets make online transaction increasingly frictionless, secure, and convenient [email protected] Office: +44 (0)20 7518 8909 TECHNOLOGY, MEDIA & TELECOM PAGE | 1 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2018 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 PEER-TO-PEER PERSONAL FINANCE Select Market Participants Select Market Participants Select Market Participants S E L E C T RECENT HW FINANCIAL TECHNOLOGY TRANSACTIONS Provider of mental and Provider of integrated Provider of member Provider of integrated Provider of integrated behavioral health software, data and management software SaaS civic engagement SaaS, insurance, and practice management, analytics solutions to and payment and payment solutions payments solutions for revenue cycle the global energy processing solutions for government entities residential and has been management, billings, has been market including has been for non-profit has been has been commercial property acquired by and integrated acquired by financial services, acquired by organizations, camps, acquired by acquired by managers payment processing capital markets, and and sports leagues solutions trading and risk professionals Provider of SaaS Provider of enterprise Provider of youth Provider of integrated Provider of integrated solutions that automate communication sports management payments and member SaaS and payment data collection, lifecycle solutions to software and integrated management solutions solutions for health has received a bookkeeping, and manage assets and has received a payments solutions has received a for faith-based and clubs and fitness has been has been minority accounting processes expenses majority majority non-profit organizations centers acquired by recapitalized by investment from for SMBs investment from investment from TECHNOLOGY, MEDIA & TELECOM PAGE | 2 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2018 HW’s TMT Group advised Therapy Brands on its acquisition by Lightyear Capital and Oak HC/FT. COMPANY OVERVIEW Therapy Brands is a leading provider of fully-integrated practice management, electronic health record (EHR), payment and revenue cycle management (RCM) solutions for the mental and behavioral health market. a portfolio company of Through its comprehensive SaaS platform purpose built for mental and behavioral health practitioners across diverse specialties, Therapy Brands’ solutions streamline practice management, EHR, RCM, billing, and payments, driving operational efficiencies while improving customer satisfaction and clinical outcomes. AND Therapy Brands serves thousands of practices across diverse end-markets, including psychotherapy, applied behavioral analysis, substance abuse, speech and occupational therapy throughout the US and processes billions in patient payments and insurance claims annually. has been acquired by RELEVANT SUB - SECTORS AND HW DEAL CONTACTS Managing Director Managing Director Vice President [email protected] [email protected] [email protected] Office: (617) 654-2102 Office: (617) 654-2133 Office: (617) 654-2115 TECHNOLOGY, MEDIA & TELECOM PAGE | 3 FINANCIAL TECHNOLOGY SECTOR REVIEW | Q3 2018 250% 200% August 8, 2018 Payment networks that can facilitate next generation payment channels 150% continue to benefit from accelerating migration of digital transactions 100% Payment networks are increasingly focused on enhancing their solution offering to deliver frictionless and secure payment processing as they 50% seek to grow across end-markets and geographies Enterprise Value / PAYMENT 0% NETWORKS LTM Rev. LTM EBITDA 2019P EBITDA Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Capital Raised: NA 9.8x 25.6x 21.9x S&P 500 Payment Networks Is Plastic the Future for Digital Payments? 250% 200% September 27, 2018 As payments continue to shift to digital platforms, software providers are 150% increasingly incorporating processing functionality directly into their solutions to streamline workflows and capture more economics 100% As integrated payment offerings further improve customer experiences, 50% traditional payment processors have been forced to evolve in order to Enterprise Value / 0% maintain relevance and share PAYMENT LTM Rev. LTM EBITDA 2019P EBITDA Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 PROCESSING Enterprise Value: $415M 4.5x 16.4x 14.6x S&P 500 Payment Processing Uber's 'Pay With Venmo' signals the slow death of traditional POS 250% 200% July 9, 2018 B2B payments continue to be a key focus area for businesses globally 150% as supply chains move online, driving demand for solutions that improve operations and reduce payment friction 100% Businesses continue to adopt solutions that improve collections, B2B 50% increase transparency across their entire ecosystem, and improve Enterprise Value / 0% compliance LTM Rev. LTM EBITDA 2019P EBITDA Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Enterprise Value: $300M TRANSACTIONS 4.3x 12.2x 9.3x S&P 500 B2B Transactions Keeping Tabs on B2B Payments' Tipping Point 250% 200% August 22, 2018 Increasingly stringent compliance requirements across all industries are 150% driving the adoption of software solutions that improve data collection and automate regulatory documentation 100% Heightened awareness of and focus on privacy and data protection is 50% driving the need for innovative solutions that offer security and DATA & DATA Enterprise Value / 0% improved visibility LTM Rev. LTM EBITDA 2019P EBITDA Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 COMPLIANCE Capital Raised: $68M 5.8x 16.9x 15.3x S&P 500 Data & Compliance Cost of Compliance 2018 250% 200% July 31 ,2018 Companies of all sizes across the globe continue to transition from 150% disparate legacy offerings to software solutions that improve the overall employee experience and provide
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