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HW Financial Technology Introduction HW Financial Technology Introduction HARRIS WILLIAMS (“HW”) HW TECHNOLOGY, MEDIA & TELECOM (“TMT”) GROUP • 25+ years and more than 1,000 closed transactions • 35+ dedicated TMT professionals • 350+ professionals across eight office globally • TMT offices include Boston, San Francisco, and London • 170+ closed transactions in the last 24 months • 10 industry groups KEY TMT THEMES ✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning FOCUSED ADVISORY SERVICES HORIZONTAL FOCUS SECTORS VERTICAL FOCUS SECTORS • Mergers and acquisitions (M&A) • Application Software • Architecture, Engineering, and Construction Software • Capital raises • Cloud Managed Services and Hosting Solutions • Education Technology and Services • Corporate divestitures • Compliance Solutions • Energy Technology • CRM and Marketing Automation • Facilities and Real Estate Software • Human Capital Management • Financial Technology and Payments CONSISTENT RECOGNITION FOR QUALITY • Infrastructure and Security Software • Government Technology • IT and Tech-Enabled Services • Healthcare IT • Marketing, Research, and Insights Software • Industrial and Supply Chain Technology • Internet and eCommerce • Retail Technology HW FINANCIAL TECHNOLOGY TEAM OTHER TMT GROUP LEADERSHIP Tyler Dewing Scott Reinig Julien Oussadon Mike Quealy Sam Hendler Thierry Monjauze Erik Szyndlar Managing Director Director Director Vice President Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Office: (617) 654-2133 Office: (617) 654-2113 Office: +44 (0)20 7518 8909 Office: (617) 654-2126 Office: (617) 654-2117 Office: +44 20 7518 8901 Office: (415) 217-3418 SELECT HW has received a strategic has acquired has acquired has been acquired by has acquired has acquired has been acquired by has been acquired by FINTECH investment from EXPERIENCE & 1 Financial Technology Taxonomy ENTERPRISE AND COMMERCIAL INSTITUTIONAL CONSUMER Solutions focused on supporting Solutions focused on serving Solutions focused on delivering B2C and B2B payments and the specific operational and improved financial and payment financial activity and serving the compliance needs of banks, experiences, personal wealth financial needs of enterprises of insurance companies, and asset management, and access to all sizes managers consumer loans PAYMENTS OFFICE OF THE CFO BANKING INSURANCE ASSET MGMT. / TRADING PAYMENTS PERSONAL FINANCE INVESTING Select Market Participants Select Market Participants Select Market Participants SELECT RECENT HW FINANCIAL TECHNOLOGY TRANSACTIONS Provider of an all-in-one, Provider of SaaS Provider of business Provider of integrated Provider of a SaaS cloud-based marketing property and investment management and risk management, policy platform serving single- automation platform for management software revenue cycle administration, and family and condo high- financial professionals, solutions for the management (RCM) insurance claims rise associations with has been has acquired broker dealers, has acquired residential and services to the health has acquired management software has acquired unified property insurance agents, and commercial real estate acquired by and wellness, child care, solutions management, resident enterprises markets insurance, and leisure portals, accounting, and attraction verticals payments, and security solutions Provider of next- Provider of e-learning, Provider of integrated Provider of member Provider of integrated generation integrated workforce management, software, data, and management software SaaS civic engagement digital government and compliance analytics solutions to and payment processing and payment solutions has received a software and payment solutions to enterprises the global energy solutions for fraternal for government entities has been has been has been has been strategic solutions, designed to and professionals across market, including organizations and acquired by acquired by acquired by acquired by investment from improve government financial services, financial services, nonprofits operations, revenue healthcare, and real capital markets, and collection, and citizen estate trading and risk & engagement professionals 2 Case Study: FMG Suite FMG Suite Overview FMG’s Proprietary Marketing Automation Platform FMG Suite is a leading, cloud-based marketing automation platform for financial professionals, broker dealers, insurance agents, and enterprises. More than 40,000 financial professionals use FMG Suite every day to engage with clients and prospects to grow their businesses. Key Investment Highlights ✓ Leading all-in-one cloud-based marketing automation platform for financial professionals ✓ Highly scalable SaaS solution provides high ROI value proposition ✓ Turnkey solution combines websites, marketing automation, and traditional marketing tools ✓ Compelling financial profile with high recurring revenue and profitability ✓ Underpenetrated market opportunity supported by favorable secular trends ✓ Industry compliance requirements provide a material barrier to entry ✓ Proven management team with deep domain and acquisition expertise Process Notes ▪ Competitive process with strategic, quasi-strategic, and financial sponsor involvement ▪ Buyers primarily interacted with Management on a virtual has acquired basis, with a select few number of parties having met with Management in-person pre-COVID The Most Comprehensive Turnkey Marketing Automation Platform for Financial Professionals and Enterprises ▪ Aurora Capital Partners delivered a fully baked LOI after completing all business, legal, tax, and other diligence 3 Select Financial Technology M&A Transactions1 Closed September 21, 2020 Thoma Bravo’s take-private of Majesco Insurance • Majesco is a leading provider of cloud-based core software solutions for the insurance industry, offering distribution management, data and analytics, and digital engagement. • Majesco serves over 200 customers ranging from large, global insurance carriers to mid-market insurers, MGAs, startups, mutual, and Enterprise Value: $702M EV / Rev: 4.7x regional carriers. Rev: $150M EV / EBITDA: 35.6x • Thoma Bravo’s take-private deal was an opportunity to expand its investments in tech-enabled services and will enable Majesco to invest significantly in accelerating growth. Announced September 17, 2020 Clearlake’s acquisition of Zywave Insurance • Zywave is a leading provider of mission-critical, cloud-based insurance distribution software, streamlining and automating key revenue- generating activities including sales, renewals, and quote delivery, as well as content generation, data tracking, and analytics. • Zywave serves over 6,000 brokerages, including the top 100 U.S. insurance firms. Enterprise Value: $900M EV / Rev: NA • Clearlake’s acquisition will further enable Zywave to continue acquisitions in adjacent areas, building on recent purchases of miEdge, Rev: NA EV / EBITDA: NA RateFactory, Code SixFour, and HR360 as it seeks to expand its offerings. Closed September 4, 2020 ICE’s acquisition of Ellie Mae Banking • Ellie Mae is a provider of cloud-based mortgage workflow solutions to automate and digitize the residential mortgage process, with solutions that address origination, closing documents, and ongoing compliance. • Ellie Mae has over 3,000 clients across the residential mortgage ecosystem, and its solutions are used to process over 40% of U.S. Enterprise Value: $11B EV / Rev: NA mortgage originations annually. Rev: NA EV / EBITDA: NA • Ellie Mae will be merged into ICE Mortgage Services, strengthening existing end-to-end digital mortgage offerings built on ICE’s 2016 acquisition of MERS and 2018 acquisition of Simplifile. American Express’s acquisition of Kabbage Closed August 17, 2020 B2B Transactions • Kabbage is an automated online cash flow solution and payments platform for small businesses that leverages real-time data to understand performance and underwrites flexible solutions including lines of credit, business checking, and payments management. • Kabbage users are able to deposit cash across a network of over 90,000 retailers and service centers, and the Company’s heavy Enterprise Value: $850M EV / Rev: NA involvement in the recent PPP stimulus program has made it the third largest PPP lender by volume with over 225,000 loans for $6B. Rev: NA EV / EBITDA: NA • The addition of Kabbage to the American Express platform deepens American Express’s offerings to its millions of small business customers across the U.S., and gives it access to a unique data-driven view on small American Express business performance. Announced August 13, 2020 Roper’s acquisition of Vertafore Insurance • Vertafore provides cloud-based agency management software that fully integrates applications across the property and casualty insurance distribution channel, enabling data-driven decisions to both capitalize on growth opportunities and reduce compliance risks. • Vertafore’s solutions are used by over 20,000 agencies, 1,000 carriers, 23 state governments, and 500,000 insurance professionals. Enterprise Value: $5.3B EV / Rev: NA • The Vertafore acquisition is Roper’s largest to date and follows on its 2019 acquisition of iPipeline, a life insurance-oriented software Rev: NA EV / EBITDA: NA platform, bolstering its presence in the insurance market. Both firms will continue to operate independently and fit within
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