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Financial Technology Sector Summary Financial Technology Sector Summary June 3, 2015 Financial Technology Sector Summary Table of Contents I. GCA Savvian Overview II. Market Summary III. Payments / Banking IV. Securities / Capital Markets / Data & Analytics V. Healthcare / Insurance I. GCA Savvian Overview GCA Savvian Overview Highlights Firm Statistics GCA Savvian Focus . Over 225 professionals today Mergers & Acquisitions Private Capital Markets . Full spectrum of buy-side, sell- Agented private capital raiser Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, Singapore, and Osaka . Equity and debt capital markets . Public and private company advisory services experience . Provides mergers and acquisitions advisory services, private . Core competency, with important capital & capital markets advisory services, and principal . Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions . Over 550 transactions completed . Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning Bulge Bracket Growth Sector Focus Transaction Expertise . Senior Team with . Growth Company Focus Unparalleled Transaction . Sector Expertise / Domain Experience Knowledge . Highest Quality Client . Private Capital Access Service . Late Stage Private through . Broad Network Including Public Company Orientation Global 1000 Relationships . M&A Advisory and Capital Raising Expertise 3 GCA Savvian Overview Financial Technology Landscape . GCA Savvian divides Financial Technology into Financial Technology three broad categories − Payments & Banking − Securities & Capital Markets − Healthcare & Payments & Banking Securities & Capital Markets Healthcare & Insurance Insurance Analytics Crowd Funding BPO / IT Services ATMs Digital Media Brokerage Bill Payment Collections e-Brokerage Claims Processing Core Processing Exchanges Collections Financial Outsourcing Hedge Fund Administration CRM Information Processing Index Businesses Document Management Issuer Processing Mutual Fund Processing eCommerce Marketing / Offers Merchant Acquiring Personal Financial Mgmt. Information and Analytics Mobile Risk & Analytics Payments Money Transfer Securities Brokerage Risk Management Online Lending Software / SaaS Software / SaaS P2P Lending Trading Platforms Title / Appraisal Prepaid 4 GCA Savvian Overview Financial Technology Team San Francisco New York th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090 Sean Minnihan Paul DiNardo Steve Fletcher Managing Director Advisory Director Managing Director Financial Technology Software Digital Media Phone: (212) 999-7077 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] Derek Bell Rob Freiman Andrea DeLeon Director Vice President Analyst Business Services Financial Technology Phone: (212) 999-7089 Phone: (212) 999-7075 Phone: (212) 999-7099 Mobile: (914) 953-0689 Mobile: (973) 229-0436 Mobile: (917) 670-9656 [email protected] [email protected] [email protected] 5 II. Market Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 170 120 160 115 150 140 110 130 105 120 110 100 100 95 90 80 90 5/29/14 6/29/14 7/29/14 8/28/14 9/28/14 10/28/14 11/27/14 12/29/14 1/28/15 2/27/15 3/30/15 4/29/15 5/29/15 3/2/15 3/9/15 3/16/15 3/23/15 3/30/15 4/6/15 4/13/15 4/20/15 4/27/15 5/4/15 5/11/15 5/18/15 5/25/15 (1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus (9) Healthcare / Insurance (7) (8) Technology (5) (6) Banking & Lending Investment Services, Trading Platforms Online Broker Dealers Technology Software, & Technology Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, TSS, UEPS, V, VNTV, WEX, WU, XOOM, XTRA: WDI. 2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. 3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, INTL, ITG, MKTX. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 7 9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Exchanges 13.8% 29.2% 75.4% Trading Platforms 8.7% 54.7% 123.4% Online Broker Dealers 5.3% 26.3% 138.8% Financial, Data, Content, & 4.7% Analytics 24.1% 83.5% Information Processors / 3.0% Credit Bureaus 19.7% 56.8% Investment Services, 2.8% 33.1% Software, & Technology 105.4% Healthcare / Insurance 1.3% 11.5% 59.1% Technology Payments 0.9% 13.5% 82.2% Banking & Lending 0.8% 21.0% 90.6% Technology 0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 0.0% 50.0% 100.0% 150.0% Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and LTM EBITDA Margins Long-Term EPS Growth LTM EBITDA Margins (1) Online Broker Dealers 18.4% Exchanges 57.7% Payments 14.9% Financial Data, Content, & Analytics 36.1% Trading Platforms 14.8% Information Processors / Credit Bureaus 28.6% Investment Services, Software, & Technology 13.5% Banking and Lending Technology 13.1% Banking and Lending Technology 24.5% Financial Data, Content, & Analytics 12.2% Investment Services, Software, & Technology 22.5% Information Processors / Credit Bureaus 11.9% Payments 18.5% Healthcare / Insurance Technology 10.8% Healthcare / Insurance Technology 18.4% Exchanges 9.7% 0% 5% 10% 15% 20% 25% 30% 35% 0% 10% 20% 30% 40% 50% 60% 70% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 9 (1) Online Broker Dealers and Trading Platforms not material. Market Summary Price / Earnings Multiples and PEG Ratios 2015E Price / Earnings Multiples 2015E PE / Growth (“PEG” Ratio) Online Broker Dealers 24.9x Information Processors / Credit Bureaus 2.0 Banking and Lending Technology 24.1x Financial Data, Content, & Analytics 1.7 Financial Data, Content, & Analytics 23.5x Exchanges 1.7 Investment Services, Software, & Technology 22.8x Healthcare / Insurance Technology 1.7 Information Processors / Credit Bureaus 21.9x Banking and Lending Technology 1.6 Exchanges 20.0x Investment Services, Software, & Technology 1.5 Healthcare / Insurance Technology 19.5x Trading Platforms 1.4 Payments 18.9x Payments 1.2 Trading Platforms 15.4x Online Broker Dealers 1.0 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 0.0 0.5 1.0 1.5 2.0 Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2015 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2015 Prepaid Market Cap. Performance P/E 2015 Visa Inc. $168,053 28% 26.3x Blackhaw k Netw ork Holdings, Inc. $1,854 39% 15.6x MasterCard Incorporated 105,198 20% 26.8 Green Dot Corporation 780 (20%) 10.4 American Express Company 80,979 (13%) 14.6 Net 1 Ueps Technologies Inc. 676 30% 6.7 eBay Inc. 74,541 22% 19.7 Higher One Holdings, Inc. 136 (22%) 6.9 Discover Financial Services 25,785 (1%) 11.0 Sector Average $862 7% 9.9x Sector Average $90,911 11% 19.7x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2015 Merchant Processing Market Cap. Performance P/E 2015 Cardtronics Inc. $1,638 25% 13.0x Cielo SA $23,603 (17%) 20.5x Outerw all Inc. 1,415 7% 9.2 Total System Services, Inc. 7,594 35% 18.3 Global Cash Access Holdings, Inc. 509 (13%) 6.9 Vantiv, Inc. 6,937 28% 20.4 Sector Average $1,187 6% 9.7x Global Payments Inc. 5,838 51% 18.7 Wirecard AG 5,114 (5%) 30.2 LTM Price Heartland Payment Systems, Inc. 1,956 30% 18.9 POS Hardware / Technology Market Cap. Performance P/E 2015 Optimal Payments Plc 1,870 (33%) 17.0 EV ERTEC, Inc . 1,721 (7%) 13.1 Ingenico S.A. $7,437 38% 25.6x Planet Payment, Inc. 120 (19%) 21.3 NCR Corporation 5,093 (8%) 11.3 JetPay Corporation 40 31% NM VeriFone Systems, Inc. 4,341 15% 20.0 Sector Average $5,479 9% 19.8x PAR Technology Corporation 63 (10%) NA Sector Average $4,234 9% 19.0x LTM Price Money Transfer Market Cap. Performance P/E 2015 LTM Price Banking and Lending Technology Market Cap. Performance P/E 2015 The Western Union Company $11,333 37% 13.5x Euronet Worldw ide, Inc. 3,102 25% 19.8 Intuit Inc. $28,711 32% 36.3x Xoom Corporation 734 (17%) 47.6 Fiserv, Inc. 18,979 33% 21.0 Moneygram International Inc. 517 (28%) 14.3 Fidelity National Information Services, Inc. 17,773 16% 19.1 Sector Average $3,922 4% 23.8x LendingClub Corporation 7,152 NA NM Jack Henry & Associates Inc. 5,322 12% 24.1 ACI Worldw ide, Inc. 2,780 30% 31.2 LTM Price Temenos Group AG 2,385 0% 22.6 Closed Loop Market Cap. Performance P/E 2015 Ellie Mae, Inc.
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