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Financial Technology Sector Report

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Financial Technology Sector Report FINTECH SECTOR REPORT October 2018 Q3 2018 INSURANCE TECHNOLOGY SECTOR SUMMARY Case Study: Sale of QuoteWizard.com LLC to LendingTree, Inc. (NasdaqGS: TREE) GCA acted as exclusive financial advisor to QuoteWizard, provider of a customer acquisition technology platform, on its sale to LendingTree. Transaction Summary Strategic Rationale ▪ On October 4th, 2018, QuoteWizard.com LLC ▪ QuoteWizard will immediately establish LendingTree as a (“QuoteWizard”) announced it had entered into a leader in the high growth online insurance market definitive agreement to be acquired by LendingTree, Inc. − Since its founding in 2006, QuoteWizard has helped (NasdaqGS:TREE) (“LendingTree”) for up to $370MM over 40 million consumers compare and find TRANSACTION DETAILS − $300MM in up-front consideration at close, payable insurance policies online Closed in cash October 2018 ▪ QuoteWizard’s customer acquisition technology platform − $70MM in potential earn-out consideration based and network of over 30 top tier carriers and 10,000 SECTOR on achievement of certain growth milestones in the insurance agents across the country create a scale and Insurance Technology first three years following transaction close network advantage for high-quality insurance lead distribution Digital Media ▪ The QuoteWizard management team, led by CEO Scott Peyree, will continue as QuoteWizard leadership − Will significantly expand LendingTree’s relationships DEAL TYPE following closing with insurance carriers and agents enable cross M&A ▪ QuoteWizard generated $75.6MM in revenue and selling of mortgage / home related products that $12.8MM in EBITDA for the six months ending June 30, are core to LendingTree’s market 2018 ▪ Numerous product and traffic synergies as part of the ▪ GCA acted as exclusive financial advisor to QuoteWizard MyLendingTree platform and overall LendingTree in connection with this transaction consumer experience 2 BROAD AND DEEP FINTECH PRACTICE GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve virtually all sub-sectors and business models across the FinTech market SELECTED BLUE CHIP STRATEGIC DEEP & EXPERIENCED GCA TEAM SECTOR COVERAGE & FINANCIAL CONTACTS Strategic Acquirers Banking Technology +20 Senior U.S. Bankers Blockchain / Crypto Insurance Technology Dedicated M&A +5 Professionals Investment & Wealth Technology Online / Alternative Lending +5 Private Capital Professionals Payments / Billing / Money Transfer GCA’S EXTENSIVE TRANSACTION Real Estate & Mortgage Technology Private Equity / VC EXPERIENCE Regulatory Technology Transactions +350 since 2015 Trading & Capital Markets Technology M&A / private BUSINESS MODEL COVERAGE placement transactions +90 with $12Bn+ in deal Information value since 2010 SaaS and Balance Services / Transaction Enterprise Sheet Data & Processing Software Driven Analytics 3 GCA FINTECH TEAM Strong sector and product expertise across FinTech and related sub-sectors Chris Gough Paul DiNardo Clark Callander Rob Freiman Kegan Greene Managing Director Managing Director Managing Director Director Director Software / FinTech M&A Head of Software Co-Head of Investment Banking Payments InsurTech Phone: (415) 318 - 3658 Phone: (212) 999 - 7097 Phone: (415) 318 - 3680 Phone: (212) 999 - 7075 Phone: (415) 318 - 3686 Mobile: (415) 385 - 9427 Mobile: (650) 483 - 7246 Mobile: (415) 515 - 2468 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 [email protected] [email protected] [email protected] [email protected] [email protected] Selected Recent FinTech Experience Received an Acquired Acquired by Acquired by Acquired Acquired by investment from Sold majority stake to We Advised Silver We Advised Liqid’s Investment Partners We Advised QuoteWizard shareholder HQ Trust We Advised Bexio We Advised Risk International We Advised Principal We Advised CHX Payments Insurance Technology Investment Technology Insurance Technology Insurance Technology Investment Technology Liquidity Venues Sold Sold stake in Acquired by Acquired by Tender Offer for Acquired by Financing from To Asahi Fire & Marine To Insurance Co. Fairness Opinion to Clearent We Advised FieldEdge We Advised BlackFin We Advised Asahi We Advised WorkMarket We Advised RGI Shareholders We Advised Radius Payments Financial SaaS Insurance Technology Insurance Technology Financial SaaS Insurance Technology Payments Sale of Growth Investment Majority sale to Growth Investment Strategic Investment Acquired by Acquired by from We Advised Skyslope Financial Advisor Financial Advisor We Advised ControlExpert We Advised Vindicia We Advised Commissions Inc We Advised Capsilon Real Estate Tech Banking & Lending Tech Payments Insurance Technology Payments Real Estate Tech Real Estate Tech 4 FINTECH DEAL DASHBOARD FinTech is trading at 14% on an LTM basis vs. 50% for the S&P 500. Financing volume thus far in Q4 ‘18 of $4Bn is on track to exceed Q4 ‘17 volume of $7Bn. That said, M&A volume in October is well below levels seen in Q4 ‘17 $45 Bn | 1,486 Deals $115 Bn | 779 Deals Industry Stock Market Performance LTM Financing Volume (1) LTM M&A Volume Select October Financing Transactions Percent Change (2) Select October M&A Transactions Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector 10/31/18 $109 1 1 Banking & Lending Technology 22% 63% 10/23/18 $225 3 10/30/18 $70 1 2 Benefits Administration/Payroll 24% 64% 10/22/18 $176 8 10/30/18 $300 2 3 Financial SaaS 24% 77% 10/22/18 $52 8 10/16/18 $300 5 4 Information Services 8% 34% 10/22/18 $99 5 10/15/18 $116 5 5 Insurance Technology 28% 74% 10/9/18 $2,200 6 10/5/18 $125 1 6 Investment Technology -1% 29% 10/4/18 $370 5 (1) Quarterly Financing Activity ($Bn) 7 Liquidity Venues 4% 25% Quarterly M&A Activity ($Bn) 397 397 8 Payments 22% 76% 388 235 378 $19 223 377 9 Real Estate & Mortgage Tech. -1% 15% 222 216 192 369 308 155 10 Trading Technology 6% 47% 140 $10 141 $46 $9 $32 $8 $26 71 $7 $23 $5 $17 $4 $4 Aggregate FinTech Market 14% 50% $13 $28 $3 (3) Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 (3) Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 $95.7 $58.6 $147 $77.1 $240 $182 $124 $45.1 $23.9 $12.6 $18.5 $19.4 $18.3 $61.7 $26.5 $24.8 S&P 500 5% 29% Average Deal Size ($MM) Average Deal Size ($MM) Notes: Source: Pitchbook. CapIq. GCA Deal Database. Market data as of 10/31/18. 5 (1) Includes private company equity financings. (2) Represents weighted average by market cap. (3) Q4-18 includes October only. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn) 1 Banking & Lending Technology 2 Benefits Administration/Payroll 3 Financial SaaS Combined Market Cap: $119 Combined Market Cap: $106 Combined Market Cap: $129 18/17 Rev. Growth: 12% 18/17 Rev. Growth: 9% 18/17 Rev. Growth: 21% 18 EBITDA Margin: 27% 18 EBITDA Margin: 22% 18 EBITDA Margin: 19% 4 Information Services 5 Insurance Technology Combined Market Cap: $324 Combined Market Cap: $39 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 9% 18 EBITDA Margin: 32% 18 EBITDA Margin: 12% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 10/31/18. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn) 6 Investment Technology 7 Liquidity Venues 8 Payments Combined Market Cap: $239 Combined Market Cap: $259 Combined Market Cap: $973 18/17 Rev. Growth: 9% 18/17 Rev. Growth: 7% 18/17 Rev. Growth: 11% 18 EBITDA Margin: 27% 18 EBITDA Margin: 58% 18 EBITDA Margin: 27% 9 Real Estate & Mortgage Tech. 10 Trading Technology Combined Market Cap: $209 Combined Market Cap: $113 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 18% 18 EBITDA Margin: 18% 18 EBITDA Margin: 52% Notes: 7 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 10/31/18. FINTECH STOCK PRICE PERFORMANCE Insurance Technology leads the FinTech pack on an LTM basis LTM Share Price Performance 65% 50% 27.7% 35% 24.2% 23.9% 22.2% 20% 22.2% 7.7% 6.2% 5% 4.5% -1.0% -1.0% (10%) Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 3 Year Share Price Performance 120% 90% 76.7% 75.6% 73.8% 63.8% 60% 62.6% 47.0% 34.1% 30% 29.3% 24.6% 14.7% 0% (30%) Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 8 Source: CapIq. Market data as of 10/31/18. FINTECH PUBLIC COMPANY VALUATION Financial SaaS outperforms the FinTech market on an EV / ’18E Revenue basis EV / Revenue EV / ‘18E Revenue 10.0x 10.0x 8.0x 8.2x 7.5x 7.5x 6.0x 4.9x 4.4x 4.4x 4.6x 5.0x 4.2x 4.1x 4.0x 3.8x 3.1x 3.1x 3.6x 3.2x 2.5x 3.1x 2.0x 0.0x 0.0x Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 2015 2016 2017 2018E Revenue Growth Median 17A/18E Revenue Growth to EV/’18E Revenue Multiple 50.0% 25% 3 40.0% 20% 10 30.0% 15% 1 20.0% 10% 8 15.6% 5 6 2 9 4 9.5% 8.8% 7 10.0% 5% 4.2% 0.0% 0% 14A / 15A 15A / 16A 16A / 17A 17A / 18E 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 9 Source: CapIq.
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