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Financial Technology Sector Review Technology, Media & Telecom Group │ Q3 2017

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Financial Technology Sector Review Technology, Media & Telecom Group │ Q3 2017 FINANCIAL TECHNOLOGY SECTOR REVIEW TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017 www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, 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 under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. FINANCIAL TECHNOLOGY SECTOR REVIEW TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017 HARRIS WILLIAMS & CO. OVERVIEW KEY CONTACTS HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM FINTECH KEY FACTS . Tyler Dewing Director . 25+ year history with over 120 [email protected] closed transactions in the last +1 (617) 654-2133 24 months . Scott Reinig Vice President . Over 260 professionals across [email protected] eight offices in the U.S. and +1 (617) 654-2113 Europe 2017 UNITED STATES . Strategic relationships in India . Jeff Bistrong and China Managing Director HW&Co. Office [email protected] . 10 industry groups Network Office +1 (617) 654-2102 . Mike Wilkins Managing Director HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS [email protected] +1 (415) 217-3411 SOFTWARE / SAAS INTERNET & DIGITAL MEDIA . Sam Hendler Managing Director . Enterprise Software . IT and Tech-Enabled . Online Marketing . eCommerce and Retail [email protected] +1 (617) 654-2117 . Data and Analytics Services . Consumer Internet . Mobile . Infrastructure and . Data Center and . Digital Media and Content EUROPE Managed Services Security Software . Thierry Monjauze Managing Director TMT VERTICAL FOCUS AREAS [email protected] +44 (0) 20 7518 8901 . Education Technology . Fintech . Professional Services . Public Sector and Non-Profit . Engineering Solutions . Healthcare IT . Human Capital . Supply Chain, Transportation, Software Management and Logistics SELECT RECENT HW&CO. TMT TRANSACTIONS IAM assets of has received has received has received an has received an has received a majority has received a majority has been acquired by has beenhas acquired acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has beenhas acquired acquired by has acquired a growth has beena growth acquired by has been acquired by investment from investment from Investment from Investment from investment from investment from Undisclosed Undisclosed Strategic Buyer Strategic Buyer www.harrriswilliams.dew PAGE | 1 FINANCIAL TECHNOLOGY SECTOR REVIEW TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017 HW&CO. FINANCIAL TECHNOLOGY (FINTECH) TAXONOMY HW&Co.’s fintech practice is focused on companies with software and technology core to their value proposition and market position. ENTERPRISE & COMMERCIAL INSTITUTIONAL CONSUMER Solutions focused on supporting B2C and B2B Solutions focused on serving the specific Solutions focused on delivering improved financial payments and financial activity, and serving the operational and compliance needs of banks, and payment experiences, personal wealth financial needs of enterprises of all sizes insurance companies, and asset managers management, and access to consumer loans KEY FOCUS AREAS KEY FOCUS AREAS KEY FOCUS AREAS PAYMENTS BANKING PEER-TO-PEER B2B TRANSACTIONS INSURANCE PERSONAL FINANCE FINANCIAL SOFTWARE ASSET MANAGEMENT TRADING SELECT MARKET PARTICIPANTS SELECT MARKET PARTICIPANTS SELECT MARKET PARTICIPANTS SELECT HW&CO. FINANCIAL TECHNOLOGY TRANSACTIONS Enterprise communication lifecycle SaaS solutions that automate data Youth sports management software and solutions to manage assets and collection, bookkeeping, and integrated payments solutions has been has received a minority has received a majority acquired by expenses investment from accounting processes for SMBs investment from Integrated payments and member Integrated SaaS and payment solutions SaaS-based employee benefits management solutions for faith-based for health clubs and fitness centers management technology provider has received a majority has been has been investment from and non-profit organizations recapitalized by acquired by Data-driven marketing and analytics SaaS solutions that enable grants, giving, SaaS solutions that manage the process tools to the automotive industry and financial management for the non- of claim to payment for physicians has been has been has been acquired by acquired by profit community acquired by PAGE | 2 FINANCIAL TECHNOLOGY SECTOR REVIEW TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017 HARRIS WILLIAMS & CO. FINTECH ECOSYSTEM CONSUMER PLATFORMS INSTITUTIONAL PLATFORMS ENTERPRISE & COMMERCIAL PLATFORMS Solutions focused on delivering improved financial Solutions focused on serving the specific Solutions focused on supporting B2B and payment experiences, personal wealth operational and compliance needs of payments and financial activity, and serving management, and access to consumer loans banks, insurance companies, and asset the financial needs of enterprises of all sizes managers B2B P2P LENDING PAYMENTS MARKETPLACE ACCOUNTING LENDING D P2P ATA PAYMENTS Form of Payment & A GLOBAL REMITTANCE NALYTICS CONSUMER MOBILE COMMERCIAL WALLET BUSINESS SUPPLY CHAIN CREDIT & MONITORING Goods / Services PROCUREMENT Capture Payment Payment Capture Information CROWD SUBSCRIPTION FUNDING BILLING UNDER- PERSONAL HR, PAYROLL, Settlement WRITING FINANCIAL & BENEFITS MGMT D Route ISTRIBUTED to Network TRADING ACQUIRER / PAYMENT PROCESSOR NETWORK Authorization L INSURANCE EDGER ASSET COMPLIANCE MANAGEMENT Transaction Data T & TRADING ECHNOLOGY CORE RISK Authentication SYSTEMS MGMT WEALTH MGMT UNDER- CORE WRITING LENDING BANK SYSTEMS * Dotted lines represent the typical flow of payment transactions. PAGE | 3 FINANCIAL TECHNOLOGY SECTOR REVIEW TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017 TRANSACTION SPOTLIGHT: GLOBAL PAYMENTS AND ACTIVE NETWORK Global Payments to Acquire ACTIVE Network | August 3, 2017 . Global Payments agreed to acquire the communities and sports divisions of ACTIVE Network from Vista Equity Partners . The $1.2 billion transaction is being funded with $600 million in cash and $600 million of Global Payments’ stock, and is expected to close in Q4 2017 1 2 3 4 INDUSTRY LEADER STRATEGIC FIT LARGE MARKET VALUE CREATION Market leader providing Dovetails with Global Target market Drive growth through cloud-based, mission Payment’s technology- encompasses more than Global Payments direct critical software solutions enabled, software driven $60 billion in volume salesforce; cross-sell payments strategy worldwide opportunities with existing Serves over 620,000 vertical market businesses activities and 36,000 Adds new vertical markets Market remains highly merchants with over 51 with no channel conflict fragmented and Leverage ACTIVE Network’s million annual registrations underpenetrated development resources High recurring revenue with and data and analytics Strong, growing footprint long-term contracts capabilities managing software and payments in 74+ countries TRANSACTION OBSERVATIONS . While private equity investors have been active in pursuing integrated software and payment platforms, particularly vertically-focused players in highly fragmented markets, Global Payments’ purchase of ACTIVE represents one of the first vertically-focused software acquisitions of scale by a traditional payment processor . As a greater percentage of payments move online and into mobile environments, software interfaces are becoming the POS . By addressing unique workflows and driving end-customer engagement, software solutions are increasingly capturing higher payment volumes and improved economics, often on a predictable and recurring basis . Integrated software and payment vendors with strong value propositions and long-term, subscription contracts are gaining meaningful leverage in the payment processing ecosystem PAGE | 4 FINANCIAL TECHNOLOGY SECTOR REVIEW TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017 ENTERPRISE & COMMERCIAL MARKET OBSERVATIONS1 Payment Networks Payment Processing B2B Transactions Data & Compliance Payroll & Benefits Valuations Valuations Valuations Valuations Valuations TEV / LTM Revenue TEV / LTM EBITDA TEV / LTM EBITDA TEV / LTM EBITDA TEV / LTM EBITDA 10.0x 20.0x 20.0x 20.0x 50.0x 40.0x 7.5x 15.0x 15.0x 15.0x 30.0x 5.0x 10.0x 10.0x 10.0x 20.0x 5.0x 2.5x 5.0x 5.0x 10.0x 0.0x 0.0x 0.0x 0.0x 0.0x Enterprise Value / LTM Rev. LTM EBITDA 17E EBITDA 8.3x 21.3x 20.5x 5.0x 15.4x 14.0x 3.2x 13.1x 10.3x 4.9x 13.7x 13.1x 6.7x 37.3x 22.3x Key Public Comps Key Public Comps Key Public Comps Key Public Comps Key Public Comps Transaction Spotlight Transaction Spotlight Transaction Spotlight Transaction Spotlight Transaction Spotlight July 26, 2017 July 21, 2017 July 25, 2017 August 2, 2017 June 19, 2017 Capital Raise: $25M Enterprise Value: $470M Enterprise Value: $850M Enterprise Value: N/A Enterprise Value: $475M Observations Observations Observations Observations Observations . Rapid global adoption of emerging
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