Financial Technology Sector Summary
July 2, 2014 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, 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 500 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 Prepaid Trading Platforms Title / Appraisal
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 Derek Bell Managing Director Advisory Director Managing Director Director Financial Technology Software Digital Media Business Services
Phone: (212) 999-7077 Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (212) 999-7089 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (914) 953-0689 [email protected] [email protected] [email protected] [email protected]
Dick Filippini Zeke Navar Rob Freiman Alexander Berry Director Director Vice President Analyst Mobile Healthcare IT Financial Technology
Phone: (415) 318-3688 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7079 Mobile: (415) 297-3420 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (818) 851-2300 [email protected] [email protected] [email protected] [email protected]
5 II. Market Summary Market Summary Industry Stock Market Performance
Last 12 Months Last 3 Months
150 115
140 110
130 105
120 100
110 95
100 90
90 85 6/27/13 7/28/13 8/27/13 9/26/13 10/27/13 11/26/13 12/27/13 1/27/14 2/26/14 3/28/14 4/29/14 5/29/14 3/27/14 4/4/14 4/13/14 4/21/14 4/30/14 5/8/14 5/16/14 5/25/14 6/2/14 6/10/14 6/18/14 6/26/14
(1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus Healthcare / Insurance (9) Technology (5) (6) Banking & Lending (7) Investment Services, (8) Trading Platforms Online Broker Dealers Technology Software, & Technology
Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, DRIV, 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, GFIG, INTL, ITG, MKTX. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, PFMT, QTWO, SWX: TEMN. 7 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX. 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
Financial, Data, Content, 9.1% 28.5% 42.7% & Analytics
Banking & Lending 5.3% 32.2% 74.1% Technology
Exchanges 3.9% 12.0% 12.9%
Investment Services, 3.5% 22.1% 49.2% Software, & Technology
Payments 1.8% 20.7% 118.0%
Trading Platforms 0.1% 15.2% 29.5%
Healthcare / Insurance (2.6%) 19.5% 75.0% Technology
Online Broker Dealers (2.8%) 31.9% 68.0%
Information Processors / (4.0%) 61.7% Credit Bureaus 4.4%
(10.0%) 0.0% 10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 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
Online Broker Dealers 19.4% Exchanges 57.4%
Investment Services, Software, & Technology 14.1% Trading Platforms 45.6%
Healthcare / Insurance Technology 13.6% Financial Data, Content, & Analytics 36.1%
Payments 13.5%
Healthcare / Insurance Technology 27.1%
Payments 13.5%
Information Processors / Credit Bureaus 26.4%
Financial Data, Content, & Analytics 12.0%
Banking and Lending Technology 25.8% Information Processors / Credit Bureaus 10.1%
Payments 20.5% Exchanges 8.9%
Trading Platforms 5.5% Investment Services, Software, & Technology 19.5%
0% 5% 10% 15% 20% 25% 0% 10% 20% 30% 40% 50% 60% 70%
Notes: 9 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Price / Earnings Multiples and PEG Ratios
2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio)
Banking and Lending Technology 22.5x Exchanges 1.9
Financial Data, Content, & Analytics 22.1x Information Processors / Credit Bureaus 1.7
Investment Services, Software, & Technology 21.3x Financial Data, Content, & Analytics 1.7
Online Broker Dealers 20.9x Investment Services, Software, & Technology 1.4
Exchanges 19.4x Trading Platforms 1.4
Healthcare / Insurance Technology 18.6x Healthcare / Insurance Technology 1.4
Information Processors / Credit Bureaus 18.3x Banking and Lending Technology 1.3
Payments 17.4x Payments 1.1
Trading Platforms 15.0x Online Broker Dealers 0.9
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0
Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2014 P/E – Payments / Banking
($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2014 Prepaid Market Cap. Performance P/E 2014
Visa Inc. $131,507 14% 23.2x Blackhawk Network Holdings, Inc. $1,484 26% 23.0x American Express Company 100,493 26% 17.4 Green Dot Corporation 881 (2%) 14.9 MasterCard Incorporated 85,760 29% 24.3 Net 1 Ueps Technologies Inc. 542 57% 7.0 eBay Inc. 63,469 (4%) 16.8 Higher One Holdings, Inc. 177 (67%) 5.7 Discover Financial Services 28,900 31% 11.7 Sector Average $771 3% 12.6x Sector Average $82,026 19% 18.7x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Outerwall Inc. $1,223 2% 8.8x Cielo SA $32,733 67% 22.3x Cardtronics Inc. 1,495 22% 14.8 Total System Services, Inc. 5,936 29% 16.4 Global Cash Access Holdings, Inc. 582 43% 9.9 Wirecard AG 5,296 55% 32.9 Sector Average $1,100 22% 11.2x Global Payments Inc. 5,208 (29%) 16.7 Vantiv, Inc. 4,868 (13%) 17.9 LTM Price EVERTEC, Inc. 1,904 90% 14.5 POS Hardware / Technology Market Cap. Performance P/E 2014 Heartland Payment Systems, Inc. 1,493 (57%) 17.7 Optimal Payments Plc 1,083 155% 22.2 NCR Corp. $5,782 4% 11.4x Digital River Inc. 515 (16%) 30.3 Ingenico SA 4,645 29% 20.8 Planet Payment, Inc. 140 (4%) 31.9 MICROS Systems, Inc. 5,060 57% 24.4 JetPay Corporation 26 (28%) NA VeriFone Systems, Inc. 4,076 116% 23.1 Sector Average $5,382 23% 22.3x PAR Technology Corporation 67 5% NA Sector Average $3,926 42% 19.9x LTM Price Money Transfer Market Cap. Performance P/E 2014 LTM Price Banking and Lending Technology Market Cap. Performance P/E 2014 The Western Union Company $9,296 2% 11.8x Euronet Worldwide Inc. 2,479 55% 20.0 Intuit Inc. $23,086 34% 21.4x Xoom Corporation 991 14% NM Fidelity National Information Services, Inc. 15,774 27% 17.7 Moneygram International Inc. 785 NA 10.7 Fiserv, Inc. 15,048 37% 18.2 Sector Average $3,388 24% 14.2x Jack Henry & Associates Inc. 5,028 25% 23.9 Temenos Group AG 2,603 59% 27.1 ACI Worldwide, Inc. 2,085 19% 22.5 LTM Price Bottomline Technologies (de), Inc. 1,185 19% 21.1 Closed Loop Market Cap. Performance P/E 2014 Ellie Mae, Inc. 868 33% 31.5 Alliance Data Systems Corporation $15,282 57% 22.8x Performant Financial Corporation 485 NA 23.3 FleetCor Technologies, Inc. 11,085 61% 26.5 Q2 Holdings, Inc. 481 NA NM Edenred SA 6,853 (3%) 25.0 Sector Average $6,664 32% 23.0x WEX Inc. 4,051 35% 21.5 Sector Average $9,318 37% 23.9x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2014 0 Experian plc $16,360 (5%) 17.7x Equifax Inc. 8,868 23% 18.9 Fair Isaac Corporation 2,156 36% 16.9 Acxiom Corporation 1,661 (6%) 33.4 Intersections Inc. 87 (47%) NM Sector Average $5,827 0% 21.7x
Source: 11 CapitalIQ and Wall Street Research. Market Summary LTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics
($MM) ($MM) LTM Price LTM Price Exchanges - Americas Market Cap. Performance P/E 2014 Investment Services, Software, & Technology Market Cap. Performance P/E 2014 0 CME Group Inc. $23,647 (8%) 21.2x SEI Investments Co. $5,454 13% 19.1x IntercontinentalExchange Group, Inc. 29,617 5% 19.4 Broadridge Financial Solutions, Inc. 4,920 55% 19.1 BM&F Bovespa SA 9,848 (5%) 14.7 DST Systems Inc. 3,633 39% 17.8 The Nasdaq OMX Group, Inc. 6,526 16% 13.1 SS&C Technologies Holdings, Inc. 3,629 32% 19.0 CBOE Holdings, Inc. 4,221 5% 22.2 TIBCO Software Inc. 3,248 (6%) 24.6 TMX Group Limited 2,975 NA 13.9 Financial Engines, Inc. 2,394 (1%) 51.0 Bolsa Mexicana de Valores SAB de CV 1,244 (15%) 21.6 Advent Software, Inc. 1,682 (7%) 23.6 Sector Average $11,154 (0%) 18.0x Envestnet, Inc. 1,679 104% 66.6 Sector Average $3,330 29% 30.1x
LTM Price Exchanges - Asia Market Cap. Performance P/E 2014 LTM Price 0 Financial Data, Content, & Analytics Market Cap. Performance P/E 2014 Hong Kong Exchanges & Clearing Limited 21,633 26% 32.3x ASX Limited 6,480 9% 17.7 Thomson Reuters Corporation $29,347 12% 19.2x Singapore Exchange Limited 5,933 (0%) 23.3 McGraw Hill Financial, Inc. 22,647 56% 22.0 Bursa Malaysia Bhd 1,293 3% 21.6 Moody's Corporation 18,786 45% 22.1 Verisk Analytics, Inc. 9,929 2% 24.7 Sector Average $8,835 9% 23.7x MSCI Inc. 5,275 38% 22.4 FactSet Research Systems Inc. 5,035 17% 21.6 LTM Price Dun & Bradstreet Corp. 4,081 13% 14.8 Exchanges - Europe Market Cap. Performance P/E 2014 Morningstar Inc. 3,203 (5%) 26.5 0 Bankrate, Inc. 1,846 21% 25.8 Deutsche Boerse AG 14,123 18% 15.0x Sector Average $11,128 22% 22.1x London Stock Exchange Group plc 9,205 68% 18.2 Bolsas y Mercados Españoles 3,886 89% 17.9 JSE Limited 771 27% NA LTM Price Hellenic Exchanges - Athens Stock Exchange S.A. Holding747 51% 21.2 Online Broker Dealers Market Cap. Performance P/E 2014 GPW 530 8% 13.4 The Charles Schwab Corporation $35,313 30% 28.1x Sector Average $4,877 43% 17.1x TD Ameritrade Holding Corporation 17,270 28% 21.5 E*TRADE Financial Corporation 6,116 68% 20.3 LTM Price Interactive Brokers Group, Inc. 1,262 40% 19.8 Trading Platforms Market Cap. Performance P/E 2014 FXCM Inc. 1,134 (9%) 53.8 GAIN Capital Holdings, Inc. 312 23% 14.8 MarketAxess Holdings Inc. $2,086 17% 29.9x Sector Average $10,234 30% 26.4x KCG Holdings, Inc. 1,473 NA 13.0 BGC Partners, Inc. 1,643 27% 13.4 Investment Technology Group Inc. 597 18% 13.5 GFI Group Inc. 416 (16%) 26.9 INTL FCStone Inc. 371 11% 16.5 Sector Average $1,098 11% 18.9x
Source: 12 CapitalIQ and Wall Street Research. III. Payments / Banking Payments / Banking Public Company Valuations: Financial Metrics
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/27/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Networks Visa Inc. $209.28 $170.99 $235.50 $131,507 ($3,494) $128,013 9.8x 8.8x 14.7x 12.9x 23.2x 19.5x 18.1% 1.1 11.5% 6.9% American Express Company 94.93 71.47 96.04 100,493 36,106 136,599 4.0 3.7 16.2 16.2 17.4 15.8 10.2% 1.6 5.6% 3.2% MasterCard Incorporated 73.40 56.65 84.75 85,760 (5,068) 80,692 8.6 7.7 14.5 12.6 24.3 20.4 17.6% 1.2 12.0% 14.2% eBay Inc. 50.08 48.06 59.70 63,469 (3,716) 59,753 3.3 2.9 9.8 8.9 16.8 14.8 13.1% 1.1 14.3% 13.7% Discover Financial Services 61.98 46.93 62.62 28,900 11,510 40,410 4.7 4.5 7.6 7.8 11.7 11.2 11.0% 1.0 4.5% (1.4%)
Mean 6.1x 5.5x 12.5x 11.7x 18.7x 16.3x 14.0% 1.2 9.6% 7.3% Median 4.7 4.5 14.5 12.6 17.4 15.8 13.1% 1.1 11.5% 6.9%
Merchant Processing Cielo SA $20.90 $12.35 $21.21 $32,733 $896 $33,628 9.6x 8.6x 16.5x 15.0x 22.3x 19.5x 11.4% 1.7 12.1% 7.0% Total System Services, Inc. 31.45 24.03 33.44 5,936 1,197 7,132 2.9 2.7 9.8 8.7 16.4 14.3 10.9% 1.3 9.2% 32.1% Wirecard AG 42.89 27.47 46.83 5,296 (904) 4,392 5.4 4.4 19.2 15.5 32.9 26.0 28.3% 0.9 21.1% 35.2% Global Payments Inc. 72.52 44.96 73.84 5,208 503 5,711 2.1 2.0 NA 9.6 16.7 15.0 11.3% 1.3 6.9% 6.5% Vantiv, Inc. 33.33 25.21 34.42 4,868 1,672 6,540 4.9 4.4 10.1 8.9 17.9 15.9 13.5% 1.2 12.2% 8.0% EVERTEC, Inc. 24.29 20.64 26.33 1,904 694 2,597 6.9 6.6 13.8 12.7 14.5 13.4 14.0% 1.0 5.8% (0.1%) Heartland Payment Systems, Inc. 41.66 36.47 50.44 1,493 103 1,596 2.5 2.3 10.4 9.0 17.7 15.3 14.4% 1.1 7.4% 4.4% Optimal Payments Plc 6.71 2.89 8.84 1,083 (153) 930 3.0 2.7 13.6 11.4 22.2 18.3 39.4% 0.5 14.2% 35.3% Digital River Inc. 15.78 14.69 20.29 515 (257) 259 0.7 0.6 5.6 4.5 30.3 18.4 10.0% 1.8 6.2% (11.9%) Planet Payment, Inc. 2.55 2.13 4.07 140 (5) 135 2.6 2.2 13.1 9.1 31.9 28.4 NM NM 17.6% (7.5%) JetPay Corporation 2.17 1.35 5.00 26 14 40 NA NA NA NA NA NA NM NA NA 6.3%
Mean 4.1x 3.6x 12.5x 10.4x 22.3x 18.5x 17.0% 1.2 11.3% 10.5% Median 3.0 2.7 13.1 9.3 20.1 17.1 13.5% 1.2 10.7% 6.5%
Money Transfer (1) The Western Union Company $17.25 $14.60 $19.50 $9,296 $2,154 $11,450 2.0x 2.0x 8.5x 8.1x 11.8x 11.1x 9.4% 1.2 3.2% 1.9% Euronet Worldwide Inc. 48.65 30.97 50.00 2,479 (49) 2,430 1.6 1.4 10.5 8.8 20.0 17.1 14.0% 1.2 11.5% 5.3% Xoom Corporation 26.08 16.90 36.46 991 (205) 786 4.9 4.0 55.4 32.2 NM 58.1 NM NM 24.0% 47.8% Moneygram International Inc. 14.38 12.45 23.39 785 841 1,626 1.1 1.1 5.5 5.4 10.7 10.2 13.5% 0.8 2.9% 10.1%
Mean 2.4x 2.1x 20.0x 13.6x 14.2x 24.1x 12.3% 1.1 10.4% 16.3% Median 1.8 1.7 9.5 8.5 11.8 14.1 13.5% 1.2 7.4% 7.7%
Closed Loop Alliance Data Systems Corporation $281.91 $171.30 $300.49 $15,282 $9,100 $24,382 4.6x 4.2x 15.6x 13.9x 22.8x 19.6x 15.6% 1.3 10.2% 17.0% FleetCor Technologies, Inc. 133.66 81.10 134.02 11,085 1,103 12,188 11.1 9.7 19.0 16.2 26.5 22.7 12.0% 1.9 14.2% 31.1% Edenred SA 30.22 27.99 36.94 6,853 394 7,247 5.1 4.6 13.5 11.9 25.0 21.4 10.4% 2.0 10.3% (4.5%) WEX Inc. 104.54 76.42 106.27 4,051 338 4,389 5.6 5.0 12.5 10.8 21.5 18.4 14.0% 1.3 13.0% 10.1%
Mean 6.6x 5.9x 15.2x 13.2x 23.9x 20.5x 13.0% 1.6 11.9% 13.4% Median 5.4 4.8 14.6 12.9 23.9 20.5 13.0% 1.6 11.7% 13.6%
Notes: 14 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Public Company Valuations: Financial Metrics (Cont.)
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/27/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Prepaid Blackhawk Network Holdings, Inc. $28.22 $20.25 $29.73 $1,484 ($22) $1,463 1.0x 0.9x 10.6x 8.8x 23.0x 18.9x 18.9% 1.0 18.4% 26.0% Green Dot Corporation 18.92 16.53 26.87 881 (798) 83 0.1 0.1 0.7 0.6 14.9 12.9 22.0% 0.6 9.5% 3.8% Net 1 Ueps Technologies Inc. 11.34 7.01 13.00 542 41 583 1.0 NA 4.7 4.5 7.0 NA 10.0% NA NA 24.3% Higher One Holdings, Inc. 3.74 3.47 11.93 177 92 269 1.1 1.1 4.5 4.3 5.7 5.1 20.3% 0.3 8.0% 16.0%
Mean 0.8x 0.7x 5.1x 4.6x 12.6x 12.3x 17.8% 0.6 11.9% 17.5% Median 1.0 0.9 4.6 4.4 10.9 12.9 19.6% 0.6 9.5% 20.1%
ATM / Kiosks Outerwall Inc. $60.01 $46.25 $74.30 $1,223 $759 $1,983 0.8x 0.8x 4.0x 3.9x 8.8x 7.6x 11.6% 0.7 3.2% 4.7% Cardtronics Inc. 33.61 27.36 44.46 1,495 490 1,985 2.0 1.8 8.1 7.3 14.8 12.9 14.3% 0.9 7.6% 23.9% Global Cash Access Holdings, Inc. 8.84 6.05 10.42 582 (95) 487 0.8 0.8 6.4 6.0 9.9 9.5 16.0% 0.6 1.2% 2.6%
Mean 1.2x 1.2x 6.2x 5.8x 11.2x 10.0x 13.9% 0.7 4.0% 10.4% Median 0.8 0.8 6.4 6.0 9.9 9.5 14.3% 0.7 3.2% 4.7%
POS Hardware / Technology NCR Corp. $34.44 $28.64 $41.63 $5,782 $3,443 $9,225 1.4x 1.3x 8.7x 7.9x 11.4x 10.0x 14.9% 0.7 5.9% 7.7% Ingenico SA 87.32 69.31 96.39 4,645 399 5,044 2.6 2.3 12.1 10.6 20.8 17.6 17.5% 1.0 11.2% 12.4% MICROS Systems, Inc. 67.72 42.71 70.24 5,060 (658) 4,401 NA 2.9 14.1 12.7 24.4 22.6 17.0% 1.3 NA 10.7% VeriFone Systems, Inc. 36.48 16.51 38.26 4,076 710 4,786 2.6 2.3 14.8 11.5 23.1 17.9 NM NM 8.7% 9.4% PAR Technology Corporation 4.26 3.80 5.92 67 (9) 57 NA NA NA NA NA NA NA NA NA (15.2%)
Mean 2.2x 2.2x 12.4x 10.7x 19.9x 17.0x 16.5% 1.0 8.6% 5.0% Median 2.6 2.3 13.1 11.0 22.0 17.8 17.0% 1.0 8.7% 9.4%
Banking and Lending Technology Intuit Inc. $81.32 $60.19 $82.40 $23,086 ($2,134) $20,952 4.5x 4.2x 11.1x 10.7x 21.4x 21.3x 13.2% 1.6 5.7% 14.2% Fidelity National Information Services, Inc. 54.81 42.61 56.68 15,774 4,045 19,819 3.1 2.9 10.2 9.5 17.7 15.7 12.0% 1.3 5.9% 2.9% Fiserv, Inc. 60.38 43.14 62.27 15,048 3,541 18,589 3.7 3.5 11.3 10.6 18.2 16.2 12.3% 1.3 5.1% 7.1% Jack Henry & Associates Inc. 59.46 46.96 60.34 5,028 (37) 4,991 4.0 3.6 11.8 NA 23.9 21.2 11.5% 1.8 9.1% 6.9% Temenos Group AG 38.46 23.16 39.70 2,603 96 2,700 5.3 4.9 16.2 14.2 27.1 23.0 18.4% 1.2 9.4% 5.7% ACI Worldwide, Inc. 54.98 45.78 65.94 2,085 726 2,811 2.6 2.5 9.7 9.0 22.5 18.8 13.5% 1.4 5.5% 36.7% Bottomline Technologies (de), Inc. 30.10 25.08 37.41 1,185 (79) 1,106 3.4 3.2 15.5 13.8 21.1 17.6 20.0% 0.9 7.9% 21.4% Ellie Mae, Inc. 30.89 21.96 33.24 868 (75) 794 5.3 4.3 19.9 14.1 31.5 24.3 22.9% 1.1 21.9% 4.3% Performant Financial Corporation 10.00 7.11 12.47 485 40 524 2.4 2.2 9.8 8.1 23.3 17.7 16.7% 1.1 8.7% 18.8% Q2 Holdings, Inc. 14.12 9.62 17.38 481 (79) 402 5.4 4.1 NM NM NM NM NA NA 31.8% 40.9%
Mean 4.0x 3.5x 12.8x 11.2x 23.0x 19.5x 15.6% 1.3 11.1% 15.9% Median 3.8 3.6 11.3 10.6 22.5 18.8 13.5% 1.3 8.3% 10.7%
Information Processors / Credit Bureaus Experian plc $16.77 $16.37 $21.70 $16,360 $3,964 $20,324 4.0x 3.8x 11.5x 10.8x 17.7x 16.2x 9.7% 1.7 7.2% NA Equifax Inc. 72.67 58.74 73.39 8,868 1,533 10,400 4.2 3.9 12.1 11.2 18.9 17.0 10.5% 1.6 7.7% 3.2% Fair Isaac Corporation 62.92 45.80 63.48 2,156 375 2,531 3.3 3.1 11.7 11.5 16.9 NA 12.2% NA 5.6% 3.4% Acxiom Corporation 21.56 20.30 39.30 1,661 (101) 1,560 1.5 1.4 7.3 6.9 33.4 28.9 8.9% 3.3 3.7% 0.0% Intersections Inc. 4.71 4.15 10.22 87 (17) 71 0.3 0.2 NA NA NM NM NA NA 12.4% (19.1%)
Mean 2.7x 2.5x 10.7x 10.1x 21.7x 20.7x 10.3% 2.2 7.3% (3.1%) Median 3.3 3.1 11.6 11.0 18.3 17.0 10.1% 1.7 7.2% 1.6% Notes: 15 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
6/26/14 Monitise plc Markco Media Ltd. Loyalty $94 NA
6/26/14 GFT UK Limited Rule Financial Limited Financial Outsourcing NA NA
6/25/14 Diebold, Incorporated Cryptera A/S ATMs NA NA
6/24/14 CIT Bank Direct Capital Corporation Online Lending NA NA
6/23/14 Oracle Corporation MICROS Systems, Inc. POS $4,604 3.4x
6/19/14 Universal Payment Gateway Accept Cards Merchant Acquiring NA NA
6/16/14 WEX Inc. Evolution1, Inc. Closed Loop $533 NA
6/16/14 Groupon, Inc. SnapSaves Loyalty NA NA
6/12/14 Powa Technologies Limited MPayMe Limited Loyalty / Rewards $75 NA
6/10/14 Checkalt Payment Solutions, Inc. Diebold Eras, Incorporated Processing NA NA
6/9/14 Moody's Analytics, Inc. WebEquity Solutions, LLC Lending Software NA NA
6/5/14 WSILC, LLC Thillens, Inc., ATM portfolio ATMs NA NA
Advanced Payment Solutions, LLC and Data Business 6/4/14 Charge Payment Credit Card Processing NA NA Systems Inc. and Payment Systems Inc.
6/3/14 Markit Ltd. Compliance Technologies International, LLP Compliance Software $99 NA
6/2/14 CRIF SpA High Mark Credit Information Services Private Limited Credit Bureau NA NA
6/2/14 Paycorp Saicom Group Unbanked Services NA NA
5/31/14 Ezetap Mobile Solutions Pvt. Ltd. Clinknow Marketing / Offers NA NA
5/28/14 Nordic Capital Euroline AB Merchant Acquiring $331 NA
5/28/14 Priority Payment Systems LLC Cynergy Data, LLC Merchant Acquiring NA NA
5/27/14 Kalixa Pay Ltd. PXP Solutions Limited Card Processing NA NA
Notes: 16 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
5/27/14 VASCO Data Security International Inc. Risk IDS Limited Payments Risk NA NA
5/20/14 CapFin Partners, LLC American Finance Solutions LLC Online Lending NA NA
5/19/14 MasterCard International Inc. ElectraCard Services Private Limited Card Processing NA NA
5/14/14 Intuit Inc. Invitco Pty Limited Accounting Software NA NA
5/15/14 PayByPhone Limited Adaptis Solutions Limited Merchant Processing NA NA
5/13/14 DirectCash Payments Inc. DirectCash Bank ATMs $15 NA
5/13/14 Gemalto N.V. Shoreline Solutions Card Manufacturing NA NA
5/13/14 Gemalto N.V. Source One Direct Card Manufacturing NA NA
5/12/14 SQS Software Quality Systems AG Thinksoft Global Services Limited Banking Software $38 1.3x
5/12/14 Vantiv, Inc. Mercury Payment Systems, LLC Merchant Processing $1,650 7.0x
5/9/14 eGlobal, LLC T.B.T.I. Inc. ATMs NA NA
5/6/14 Radian Group Inc. Clayton Holdings LLC Mortgage Services NA NA
5/2/14 Investor Group & Management NagraID S.A. Card Manufacturing NA NA
5/2/14 HighBitCoin, LLC (nka:PeerNova inc.) Technology IQ Ltd Digital Currencies NA NA
5/1/14 TCV, Sequoia Capital Elevate Online Lending NA NA
5/1/14 Capita Asset Services Crown Mortgage Management, Ltd. Mortgage Services NA NA
5/1/14 WorldPay Limited Thisf Informatica Ltda. Gateway NA NA
4/23/14 Nayax Ltd. InOne Technology, LLC POS NA NA
4/22/14 Visa Inc. GP Net Merchant Processing NA NA
4/21/14 Cross Match Technologies, Inc. DigitalPersona, Inc. Authentication NA NA
Notes: 17 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
4/16/14 MasterCard Incorporated Pinpoint Pty. Ltd. Loyalty NA NA
4/16/14 Assurant Services, LLC StreetLinks LLC Mortgage Technology $72 NA
4/16/14 Warburg Pincus LLC Electronic Funds Source LLC Corporate Payments $1,000 NA
4/14/14 Fidelity National Information Services, Inc. CoreLogic CMSI, Inc. Online Lending NA NA
4/14/14 Paymentus Corp. Tele-Works Inc. Bill Pay NA NA
4/12/14 Transaction Services Holdings Ltd. Harlands Group Ltd DDA Payments NA NA
4/11/14 Conquest Agri Limited Priority One Network Group Limited Loyalty NA NA
4/8/14 Intrix Technology, Inc. Witt Merchant Services Inc. Merchant Processing NA NA
4/2/14 Lone Star Funds DFC Global Corp. Online Lending $1,197 1.1x
4/1/14 CurvePay, LLC Transaction Labs LLC Loyalty NA NA
4/1/14 SIX Group CETREL (Remaining 50% Stake) Merchant Processing NA NA
3/31/14 Spire Payments Ltd. Altius Plus LTD Processing Software NA NA
3/31/14 Bottomline Technologies (de), Inc. Andera, Inc. Banking Software $45 NA
3/25/14 Global Analytics, Inc. Workpays LLC Consumer Finance NA NA
3/25/14 Merchant Warehouse Inc. Opticard Payment Services Incorporated Prepaid NA NA
3/24/14 Advent International, Bain Capital, ATP Group Nets Holding A/S Payments $3,140 NA
3/21/14 Equiniti Group Limited Pancredit Systems Limited Lending Software NA NA
3/19/14 Mitsubishi UFJ Fund Services Holdings Limited Meridian Fund Services Group Fund Administration NA NA
3/10/14 Euronet Worldwide Inc. HiFX Plc Payments $241 3.7x
3/10/14 Pivotal Payments Inc. Capital Processing Network LLC Merchant Processing NA NA
Notes: 18 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
3/4/14 Jack Henry & Associates Inc. Banno, LLC FI Technology NA NA
3/4/14 Mozido, LLC StickyStreet Inc. Loyalty NA NA
2/24/14 MasterCard Incorporated C-SAM, Inc. Mobile NA NA
2/20/14 BBVA Compass Bancshares Simple Finance Technology Online Banking Solutions $117 NA
2/19/14 L2 Capital Partners; Farragut Capital Partners, LLC reQuire, LLC Real Estate Software NA NA
2/16/14 GTCR LLC, Management Callcredit Information Group Limited Data & Analytics $586 NA
2/10/14 Misys Limited IND Group Online Banking Solutions NA NA
2/6/14 NBS Payment Solutions Inc. Equinox Payments, LLC POS NA NA
2/6/14 First American Financial Corporation Interthinx, Inc. Risk Analytics $155 NA
2/4/14 Xoom Corporation BlueKite, Ltd. Money Transfer $15 NA
2/3/14 Monitise plc Pozitron Yazilim A.S. Mobile $98 NA
1/24/14 Global Payments Inc. Payment Processing, Inc. Payments Technology $420 NA
1/18/14 Allied Wallet, Ltd. Cloudasia Limited Gateway NA NA
1/17/14 HID Global Corporation IdenTrust, Inc. Identity Security NA NA
1/16/14 arvato infoscore GmbH AfterPay B.V. eCommerce NA NA
1/13/14 Oki Electric Industry Co., Ltd. Grupo Itautec, Automation and Services Division ATMs $54 NA
1/13/14 DataCard Corporation Entrust, Inc. Identity Security NA NA
1/7/14 Deluxe Corp. Destination Rewards, Inc. Loyalty NA NA
1/7/14 Total Merchant Services Registroid POS NA NA
1/6/14 Coupons.com Incorporated Yub, Inc. Loyalty / Coupons NA NA
Notes: 19 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
12/20/13 DoubleBeam Inc. GoPago, Inc. POS NA NA
12/18/13 Klarna AB Sofort AG Gateway $199 NA
12/18/13 Payment Source Now Prepay Corp. Prepaid $4 NA
12/13/13 I Love Velvet WeXpay Mobile NA NA
12/12/13 LifeLock Lemon Mobile $43 72.2x
12/11/13 Square, Inc. Evenly P2P Payments NA NA
12/10/13 Management Trunkbow International Holdings, Ltd. Mobile $70 2.6x
12/9/13 Edenred SA Nets Prepaid Prepaid NA NA
12/9/13 PaySquare BV Montrada Card Processing NA NA
12/5/13 accesso Technology Group plc Siriusware, Inc. POS $13 1.6x
12/4/13 American Capital Mortgage Investment Corp. Residential Credit Solutions, Inc. Mortgage Services NA NA
12/3/13 RetailNext, Inc. Nearbuy Systems, Inc. Marketing / Offers NA NA
12/2/13 Fondi Italiani; Orizzonte; Fondo Strategico Italiano SIA S.p.A. Technology Infrastructure NA NA
12/2/13 NCR Limited Alaric Systems Limited Fraud Prevention $78 NA
12/2/13 NCR Corp. Digital Insight Corporation Banking Software $1,650 5.1x
12/2/13 Blackhawk Network Holdings, Inc. Retailo AG Prepaid NA NA
11/27/13 Wirecard AG PT. Aprisma Indonesia Banking Software $120 NA
11/26/13 Hitachi Consulting Software Services India Limited Prizm Payment Services Private Limited ATM / POS $246 3.1x
11/21/13 Boku Inc. Qubecell Mobile NA NA
11/19/13 Utiba Mobility, Inc. Alternet Transaction Systems Inc. Mobile $10 8.5x
Notes: 20 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
11/18/13 EVO Payments International, LLC Encore Payment Systems LLC Merchant Processing NA NA
11/7/13 EVO Payments International, LLC Centrum Elektronicznych Uslug Platniczych eService SA Merchant Processing $172 NA
11/7/13 Groupon Ticket Monster eCommerce NA NA
11/5/13 RetailMeNot, Inc. YSL Ventures, Inc. Marketing / Offers $18 NA
11/5/13 LoyaltyOne, Co. Brand Loyalty International B.V. Marketing / Offers $360 0.9x
10/29/13 First Data Corporation Perka, Inc. Marketing / Offers $26 NA
10/28/13 DirectCash Payments Inc. Threshold Financial Technologies Inc. ATMs $48 NA
10/23/13 Funding Circle Ltd. Endurance Lending Network Online Lending NA NA
10/21/13 Blackhawk Network Holdings, Inc. InteliSpend Prepaid Solutions, LLC Prepaid $97 NA
10/18/13 Wonga Billpay GmbH Consumer Lending NA NA
10/10/13 MasterCard Europe S.P.R.L. Provus Bilisim Hizmetleri A.S. Processing NA NA
9/26/13 PayPal, Inc. Braintree Payment Solutions, LLC Online Payments $800 NA
9/23/13 ACI Worldwide, Inc. (Nasdaq:ACIW) Official Payments Holdings (Nasdaq:OPAY) Government Payments $108 0.8x
Advanced Chrono Cash Services SA And MoneyGlobe 9/19/13 Moneygram International Inc. Money Transfer NA NA Payment Institution S.A.
9/12/13 Wirecard AG PaymentLink Prepaid $41 NA
Falcon Investment Advisors, LLC; Rockbridge Growth 8/31/13 Rapid Financial Services, LLC Online Lending NA NA Equity, LLC; Falcon Strategic Partners IV, L.P.
8/28/13 Francisco Partners Management LLC Paymetric, Inc. Payments Software NA NA
8/20/13 Charge Payment, LLC U.S. Data Capture, Inc. Merchant Processing NA NA
8/16/13 TA Associates BluePay, Inc. Merchant Processing NA NA
8/15/13 CVC Capital Partners Limited Skrill Holdings Limited Online Payments $801 3.0x
Notes: 21 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
8/15/13 Silver Lake Sumeru BlackLine Systems, Inc. SaaS / Financial Management NA NA
8/14/13 Advantech Co. Ltd. AdvanPOS Technology Co.,Ltd POS $15 NA
8/7/13 Cardtronics Cardpoint Services Limited ATM $167 1.6x
8/1/13 Higher One Holdings, Inc. PayDivvy, Inc. Money Transfer NA NA
7/29/13 Zotec Partners, LLC Medical Management Professionals, Inc. Healthcare Payments $202 1.6x
7/25/13 Vantiv, Inc. Element Payment Services, Inc. Merchant Acquiring $163 NA
7/23/13 Kareo, Inc. ECCO Health, LLC Healthcare Analytics NA NA
7/23/13 Davis + Henderson Corporation (nka:DH Corporation) Harland Financial Solutions, Inc. Banking Software $1,629 5.8x
7/15/13 Accenture plc Mortgage Cadence, LLC Mortgage Software NA NA
7/8/13 Equifax Inc. TrustedID, Inc. Risk / Fraud NA NA
7/8/13 Moneygram International Inc. Latino Services LLC Remittance NA NA
7/2/13 Outerwall Inc. ecoATM, Inc. ATMs $350 NA
7/1/13 Thoma Bravo Intuit Financial Services (nka:Digital Insight Corporation) Banking Software $1,025 3.4x
Notes: 22 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
6/24/14 Kreditech Holding SSL GmbH Series B $40.0 Blumberg, Point Nine, Värde Partners Online Lending
6/23/14 Ebury Partners UK Limited NA $30.6 Greylock FX Payments
6/19/14 First Data Holdings, Inc. NA $3,500.0 KKR, Stone Point, Trident Merchant Acquiring
6/17/14 BioCatch Ltd. Series A $10.0 Blumberg Capital, OurCrowd Security
6/16/14 WeLab Holdings Limited Series A $23.2 Sequoia, Tom Group Ltd. Online Lending
Bridgescale, Crypto Currency, Grade-A, Liberty City, Radar, 6/16/14 BitGo, Inc. Series A $12.0 BitCoin Redpoint, Bitcoin Opportunity Fund, Founders Fund
6/11/14 Ibotta, Inc. Series B $20.0 Jim Clark, Tom Jermoluk Loyalty / Rewards
6/9/14 Affirm, Inc. NA $45.0 Khosla Ventures, Lightspeed Ventures, Nyca Partners Online Lending
6/9/14 TransferWise Series B $25.2 Business Accelerator, IA, Index, Kima, Valar Money Transfer
5/30/14 Salsa Labs NA $5.0 Edison, Maryland Venture Fund Crowd Funding
Binary Financial, Crypto Currency Partners, GCF Partners, ZAD 5/30/14 Bitfury USA, Inc. NA $20.0 BitCoin Investment
5/28/14 Fundrise Series A $31.0 Renren, Ackman-Ziff, Berman Enterprises, Collaborative Fund Crowd Funding
5/28/14 Ecwid, Inc Series B $5.0 iTech Advisors, Runa Capital eCommerce
5/22/14 Malauzai Software, Inc. Series C $6.5 Wellington Management Company Banking Software
5/21/14 Treasury Intelligence Solutions GmbH Series B $5.5 Target Partners, Zobito B2B Payments
Andreessen Horowitz, Atlas Venture, Collaborative Fund, First 5/20/14 Earnest Inc NA $15.0 Online Lending Round, Maveron
5/19/14 Dashlane Inc. Series B $22.0 Bessemer, FirstMark, Rho Capital Partners Digital Wallet
5/19/14 Swipely Inc. Series C $20.0 First Round Capital, Index, Pritzker Group, Shasta POS / Loyalty
5/15/14 Verafin Inc. NA $55.1 Spectrum Fraud Detection
Notes: 23 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
5/13/14 Swagbucks First Round $60.0 TCV Marketing / Offers
5/13/14 auxmoney GmbH Series B $16.0 Foundation, Index, Partech International, Union Square P2P Lending
Creandum, Dawn, Greylock Israel, Index, Intel Capital, SEB Asset 5/9/14 iZettle AB Series C $55.1 POS Management, Zouk
5/8/14 BitPay, Inc. Series A $30.0 AME Cloud, Felicis, Horizon, Index, RRE, Founders Fund, TTV BitCoin
Balderton, Foundation, Goldman Sachs, Ignition, JPMP, Norwest, 5/8/14 Motif Investing Inc. NA $35.0 Online Brokerage Wicklow BlueRun, Lumia Capital, Mohr Davidow, SoftBank Capital, 5/5/14 Kabbage Inc. Series D $50.0 Online Lending TCW/Craton, Thomvest, UPS Strategic Enterprise Francisco Partners, Institutional Venture Partners, Phenomen 5/1/14 Prosper Marketplace, Inc. NA $70.0 P2P Lending Ventures
4/30/14 PunchTab, Inc. NA $6.3 Mohr Davidow Ventures Loyalty
4/28/14 OurCrowd Ltd. Series B $25.0 Undisclosed Crowdfunding
4/24/14 2Checkout.com, Inc. NA $60.0 Chicago Growth Partners, Trident Capital Merchant Processing
4/24/14 ShopKeep POS Inc Series C $25.0 Canaan, Contour, Thayer Street, Tribeca, TTV POS
4/24/14 Ondot Systems, Inc. NA $18.0 Undisclosed Card Monitoring
4/23/14 freee K.K. Series B $8.0 DCM, Infinity Venture Partners Accounting Software
4/16/14 LendingClub Corporation Series F $65.0 BlackRock, Sands Capital Management, T.Rowe Price, Wellington P2P Lending
4/15/14 The Currency Cloud Series B $10.0 Anthemis, Atlas, Notion, SVB, Xange Cross-Border Payments
4/11/14 CrowdRise, Inc. NA $23.0 Bezos, CAA, Index, RatPac-Dune, Spark, Union Square Crowdfunding
4/10/14 Fundbox Inc. Series A $17.5 Khosla, SV Angel SMB Online Lending
4/1/14 Buzz Points NA $19.0 Lead Edge Capital Loyalty / Rewards
3/28/14 Smartfin Series B $5.0 Almaz Capital, ESN Group, InVenture Partners Merchant Acquiring / Mobile
Notes: 24 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
3/26/14 Mobile Embrace Limited NA $11.0 Undisclosed Prepaid
Accel, Breyer, Fenway Summer, General Catalyst, Oak Investment 3/26/14 Circle Internet Financial, Inc. Series B $17.0 Digital Currency Partners, Pantera Capital Baseline, DCM, Discovery Capital Management, Innovation 3/25/14 Social Finance, Inc. Series C $80.0 Student Lending Endeavors, Renren, Wicklow Capital
3/25/14 Vend Limited Series B $20.0 Point Nine, Square Peg, Valar Ventures POS Software
3/14/14 Klarna AB NA $122.2 Atomico, General Atlantic, Sequoia Mobile Commerce
3/13/14 Xapo Inc. First Round $20.0 Benchmark, Fortress, Ribbit BitCoin Wallet
3/11/14 Threatmetrix, Inc. Series E $20.0 Adams Street, August, CM Capital, Tenaya, U.S. Venture Partners Fraud Protection
3/11/14 WorldRemit Ltd Series A $40.0 Accel Remittance
Greycroft, eVentures, Frontier, ACCION, KRW Schindler, Digital 3/11/14 Azimo Ltd Series A $10.0 Remittance Ventures, TA Venture
3/7/14 Calpian, Inc. Series C $5.0 Craig Hall Merchant Processing
3/6/14 SocietyOne Australia Pty. Ltd. Series A $8.5 Global Founders, Reinventure P2P Lending
3/5/14 Payoneer, Inc. Series D $25.0 Susquehanna Growth Equity, Vintage, Greylock Israel, Carmel International Payments
3/4/14 Auction.com, LLC NA $50.0 Google Capital Real Estate Commerce
3/4/14 Borro Limited NA $111.7 Victory Park Capital Advisors Online Lending (Pawn)
Tiger Global, First Round, Google Ventures, Industry Ventures, 2/27/14 OnDeck NA $77.0 Online Lending Institutional Venture Partners, RRE, SAP Ventures
2/25/14 Tradeshift Inc. Series C $75.0 Scentan Ventures Supply Chain Software
2/21/14 Ezetap Series B $8.0 Berggruen Holdings, Helion, The Social+Capital Partnership POS
2/19/14 mCash Series A $7.0 Entrée Capital, Northzone Ventures Mobile
2/19/14 ZenPayroll Series A $20.0 General Catalyst, Kleiner Perkins Caufeld & Byers Payroll
Notes: 25 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
2/11/14 SpendSmart Payments NA $15.0 Undisclosed Prepaid
2/11/14 nCino, LLC NA $11.0 Wellington Management Company Banking Software
12/6/13 PayNearMe Inc. Series E $20.0 GSV, Khosla, Maveron, True Ventures, August Cash Network
2/5/14 Tapingo Ltd. Series B $10.5 Carmel, Khosla eCommerce
2/3/14 Klarna AB 6.8% Stake $71.7 Undisclosed Mobile Commerce
1/30/14 Powa Technologies Limited Series A $76.0 Wellington Management Company eCommerce
1/29/14 Zopa Ltd. Series C $24.7 Arrowgrass Capital Partners P2P
1/28/14 GoCardless Ltd. Series B $7.0 Accel, Balderton, Passion Capital Direct Debit
1/23/14 Stripe, Inc. Series C $80.0 Allen & Company, Khosla, Sequoia, Founders Fund Mobile
1/22/14 QFPay Series B $16.5 Undisclosed Merchant Processing
1/16/14 WePay, Inc. Series C $15.0 August, Continental, Highland, Ignition Crowdfunding
1/14/14 Bank Bazaar Series B $13.0 Sequoia India, Walden Online Lending
1/13/14 Lending Works Ltd NA $5.8 David Kyte P2P
1/9/14 Iwoca Ltd NA $8.2 Redline, Global Founders Online Lending
1/8/14 CAN Capital, Inc. Series C $33.0 MeriTech Capital, Accel, Ribbit, QED Online Lending
1/7/14 RENREN DAI Business Consulting Series A $130.0 TrustBridge Partners Card Manufacturing
12/31/13 Festival Transaction Services, Inc. NA $8.5 Reverence Capital Partners Merchant Processing
12/23/13 Shanghai DianRong Financial Services NA $12.0 Northern Light Venture P2P Lending
12/23/13 Thames Card Technology Ltd. NA $5.2 Business Growth Fund plc Card Manufacturing
Notes: 26 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
Bezos Expeditions, Founder's Co-op, QED, TomorrowVentures, 12/20/13 Remitly, Inc. Series A $5.5 Remittance Trilogy
12/13/13 peerTransfer Education Corporation NA $6.3 Maveron, QED, Spark Capital Partners Money Transfer
12/13/13 QuickPay Corp. (nka:LocoMobi, Inc.) NA $5.5 Ecomobilite, Fontinalis, IncWell Mobile
12/12/13 Coinbase, Inc. Series B $25.0 Andreessen Horowitz, Ribbit, Union Square Bitcoin
12/12/13 Zafin Labs Technologies Ltd NA $5.0 Beedie Capital Partners Banking Software
12/12/13 Loop Series A $10.0 Undisclosed Mobile
12/10/13 PaeDae, Inc. (nka:The Mobile Majority) NA $11.6 Silicon Valley Bank Marketing / Offers
12/9/13 Citrus Payment Solutions Series B $5.5 Beenos Asia, econtext Asia, Sequoia Cap India eCommerce
12/4/13 Proxama NA $14.1 Undisclosed Mobile
12/3/13 Tradeshift Inc. NA $57.4 Undisclosed Invoicing Software
11/27/13 Mozido, LLC NA $70.0 Atlanticus Holdings, Brentwood Investments, TomorrowVentures Mobile
11/25/13 Norse Corporation Series A $10.0 Oak Investment Partners Fraud Prevention
11/19/13 Index Inc. Series A $7.0 819, Alberta Investment, Innovation Endeavors, Khosla Loyalty
11/19/13 FinanceIt Series A $13.0 Inter-Atlantic Group, Second City Capital, TTV Capital Consumer Lending
Battery, DAG, Draper Fisher Jurvetson, Greylock, Index, 11/18/13 Yub, Inc. NA $12.0 Loyalty QuestionMark, T. Rowe Price, Visa
11/12/13 LoanLogics, Inc. NA $11.2 Volition Capital Mortgage Technology
11/12/13 LendingClub Corporation NA $57.0 Coatue Management, L.L.C. ; DST Global Online Lending
11/12/13 LendUp Series A $14.0 Data Collective, Google Ventures Online Lending
11/7/13 CardCash Inc. NA $6.0 Guggenheim Partners Gift Cards
Notes: 27 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
11/6/13 Loop Commerce, Inc. Series A $7.0 Novel TMT Ventures Limited eCommerce
10/31/13 Circle Internet Financial, Inc. Series A $9.0 Accel Partners, General Catalyst Partners Bitcoin
Digicel Group Limited, Storm Ventures, SVG Partners, True 10/25/13 Flint Mobile, Inc. Series B $6.0 Mobile POS Ventures Accel Partners, Index Ventures, Ribbit Capital, Union Square 10/18/13 Funding Circle Ltd. Series C $37.0 Online Lending Ventures Heartland Payment Systems, Morgan Creek Capital Management, 10/3/13 TabbedOut Series B $7.8 POS New Enterprise Associates
10/1/13 Ingo Money, Inc. NA $8.4 Camden Partners Prepaid
9/27/13 Cozy Services Ltd. NA $5.0 General Catalyst Partners, The Social+Capital Partnership Issuer
9/19/13 Deem NA $98.2 NA eCommerce / Offers
9/9/13 MokiMobility, Inc. NA $7.1 Allegis Capital, EPIC Ventures, Pelion Venture Partners, Plus550 Mobile
9/4/13 CommonBond, Inc. NA $100.0 The Social+Capital Partnership, Tribeca Venture Partners P2P
Grade-A Investments, Karlin Ventures, The Social+Capital 8/31/13 Gyft, Inc. Series A $5.0 Mobile Gift Cards Partnership
8/27/13 Credorax Inc. NA $40.0 FTV Capital Merchant Acquiring
General Catalyst Partners, North Bridge Venture Partners, Stage 1 8/26/13 Paydiant, Inc. NA $20.5 Mobile Ventures
8/25/13 Yellowpepper Holding Corp. Series C $15.0 International Finance Corporation, LatinIdea Ventures Mobile Banking
8/22/13 JetPay Corporation Series A $40.0 Flexpoint Ford Merchant Processing
7 Ventures, Andreessen Horowitz, Cisco Systems, DAG Ventures, 8/15/13 Belly Inc. Series B $15.0 Marketing / Offers Lightbank, New Enterprise Associates
8/9/13 Genesis Financial Solutions, Inc. NA $40.0 NA Lending
DAG Ventures, Klaus Hommels Capital, Matrix Partners, TELUS 8/8/13 Taulia Inc. Series C $18.0 AR Solutions Ventures, Trinity Ventures
8/5/13 Clutch Holdings, LLC Series B $5.3 Atomico, GSR, SMIT Corp Mobile
Notes: 28 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
7/26/13 Avant Credit Corporation Series B $40.0 August Capital, Victory Park Capital Advisors Online Lending
7/26/13 Tradescape, Inc. NA $11.4 NA SaaS / Billing
7/25/13 iBoxpay International Inc Series B $9.8 Atomico, GSR, SMIT Corp Merchant Acquiring
7/24/13 LendKey Technologies, Inc. NA $12.7 Draper Fisher, Gotham Ventures, TTV Capital, Updata Partners Lending Technology
7/23/13 Viableware, Inc. Series B $6.5 Swiftsure Capital POS
7/15/13 JudoPay Seed $5.0 NA Mobile
7/8/13 Sequent Software Inc. Series B $12.0 Jado Investments, Opus Capital, SBT Venture Capital Mobile
7/1/13 PayVeris, LLC NA $5.2 Connecticut Innovations, Ironwood Capital Bill Payment
Notes: 29 Source: CapitalIQ, DowJones Venture Source. IV. Securities / Capital Markets / Data & Analytics Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/27/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Exchanges - Americas CME Group Inc. $70.42 $66.44 $84.71 $23,647 $982 $24,628 8.0x 7.3x 12.5x 11.1x 21.2x 18.5x 12.4% 1.5 10.2% 8.2% IntercontinentalExchange Group, Inc. 187.93 173.54 229.50 29,617 3,860 33,477 9.6 9.2 16.8 14.3 19.4 15.5 16.8% 0.9 4.4% 164.8% BM&F Bovespa SA 5.33 4.14 6.07 9,848 (196) 9,652 10.4 9.2 15.5 13.8 14.7 14.1 16.3% 0.9 12.3% (15.7%) The Nasdaq OMX Group, Inc. 38.24 29.51 41.25 6,526 2,110 8,636 4.1 3.9 8.7 8.0 13.1 11.6 12.7% 0.9 5.0% 20.7% CBOE Holdings, Inc. 49.09 44.44 59.28 4,221 (199) 4,022 6.6 6.1 11.4 10.2 22.2 19.3 13.0% 1.5 9.5% 10.6% TMX Group Limited 54.87 39.96 57.48 2,975 950 3,925 5.7 5.4 11.1 10.3 13.9 12.7 NA NA 6.1% (3.5%) Bolsa Mexicana de Valores SAB de CV 2.10 1.76 2.83 1,244 (164) 1,080 6.0 5.6 13.3 11.7 21.6 19.5 10.0% 2.0 5.8% (2.3%)
Mean 7.2x 6.7x 12.7x 11.3x 18.0x 15.9x 13.5% 1.3 7.6% 26.1% Median 6.6 6.1 12.5 11.1 19.4 15.5 12.9% 1.2 6.1% 8.2%
Exchanges - Asia Hong Kong Exchanges & Clearing Limited $18.56 $14.55 $19.61 $21,633 ($6,045) $15,587 12.3x 10.4x 17.7x 14.3x 32.3x 25.9x 5.8% 4.5 17.9% 5.2% ASX Limited 33.47 31.02 35.75 6,480 (4,536) 1,944 3.0 2.9 4.0 3.8 17.7 16.6 5.7% 2.9 6.0% (10.0%) Singapore Exchange Limited 5.54 5.33 6.16 5,933 (578) 5,354 9.2 8.5 15.8 13.5 23.3 20.0 12.5% 1.6 8.5% (14.3%) Bursa Malaysia Bhd 2.43 2.15 2.64 1,293 (366) 927 6.1 5.5 10.0 9.2 21.6 19.8 12.0% 1.7 9.9% 5.6%
Mean 7.6x 6.8x 11.9x 10.2x 23.7x 20.6x 9.0% 2.7 10.6% (3.4%) Median 7.6 7.0 12.9 11.4 22.5 19.9 8.9% 2.3 9.2% (2.4%)
Exchanges - Europe Deutsche Boerse AG $76.71 $67.87 $86.28 $14,123 $1,009 $15,132 4.9x 4.7x 9.8x 9.1x 15.0x 13.3x 10.3% 1.3 5.0% 16.8% London Stock Exchange Group plc 33.87 22.47 34.94 9,205 520 9,724 4.5 4.4 10.0 8.2 18.2 15.9 6.5% 2.5 2.5% 63.2% Bolsas y Mercados Españoles 46.66 24.95 49.34 3,886 (435) 3,451 7.7 7.6 11.0 11.0 17.9 17.9 4.2% 4.3 0.2% 26.8%
JSE Limited 9.01 6.52 10.06 771 (1) (128) 643 NA NA NA NA NA NA NA NA NA (11.6%) Hellenic Exchanges - Athens Stock Exchange S.A. Holding11.42 7.51 12.98 747 (237) 510 6.8 6.3 10.8 9.6 21.2 18.5 31.9% 0.6 9.0% 23.9% GPW 12.62 11.39 14.79 530 (37) 493 4.8 4.5 9.1 8.4 13.4 12.0 NA NA 7.1% 17.5%
Mean 5.7x 5.5x 10.1x 9.3x 17.1x 15.5x 13.2% 2.2 4.8% 22.8% Median 4.9 4.7 10.0 9.1 17.9 15.9 8.4% 1.9 5.0% 20.7%
Notes: 31 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics (Cont.)
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/27/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $32.24 $27.84 $35.59 $5,454 ($546) $4,908 3.9x 3.6x 10.4x 9.5x 19.1x 17.0x 12.0% 1.4 7.9% 11.2% Broadridge Financial Solutions, Inc. 40.77 26.03 42.32 4,920 280 5,199 2.0 1.9 9.5 8.8 19.1 NA 10.5% NA 5.5% 5.1% DST Systems Inc. 91.53 65.12 99.89 3,633 529 4,162 2.1 2.0 8.9 8.5 17.8 15.7 NA NA 4.1% 0.2% SS&C Technologies Holdings, Inc. 43.77 32.51 46.61 3,629 651 4,281 5.6 5.2 13.4 12.4 19.0 17.6 14.1% 1.2 7.4% 7.3% TIBCO Software Inc. 19.96 18.20 27.15 3,248 (33) 3,215 2.9 2.8 14.0 12.0 24.6 20.8 11.8% 1.8 5.9% 2.6% Financial Engines, Inc. 46.54 37.14 71.08 2,394 (259) 2,136 7.5 6.3 22.2 18.4 51.0 40.8 33.3% 1.2 19.0% 22.3% Advent Software, Inc. 32.68 25.42 36.21 1,682 250 1,932 4.8 4.6 14.2 13.1 23.6 21.5 14.5% 1.5 6.4% 4.7% Envestnet, Inc. 49.30 24.23 50.38 1,679 (53) 1,626 4.8 4.0 30.8 22.0 66.6 47.0 26.8% 1.8 20.1% 68.4%
Mean 4.2x 3.8x 15.4x 13.1x 30.1x 25.8x 17.6% 1.5 9.5% 15.2% Median 4.4 3.8 13.7 12.2 21.3 20.8 14.1% 1.4 6.9% 6.2%
Financial Data, Content, & Analytics Thomson Reuters Corporation $36.32 $32.36 $38.73 $29,347 $7,344 $36,691 2.9x 2.8x 10.8x 9.9x 19.2x 16.3x 9.8% 1.7 2.1% (1.4%) McGraw Hill Financial, Inc. 83.20 52.86 84.81 22,647 (732) 21,915 4.3 4.0 11.4 10.4 22.0 19.4 14.6% 1.3 6.8% 4.7% Moody's Corporation 87.91 59.69 89.08 18,786 128 18,914 5.9 5.5 12.9 11.8 22.1 19.7 13.2% 1.5 7.5% 4.8% Verisk Analytics, Inc. 59.67 56.37 69.09 9,929 844 10,773 6.1 5.5 13.3 11.9 24.7 21.7 12.0% 1.8 11.1% 8.7% MSCI Inc. 45.20 32.72 46.40 5,275 542 5,817 5.9 5.4 14.1 12.8 22.4 19.4 11.3% 1.7 8.9% 9.2% FactSet Research Systems Inc. 119.88 100.83 120.24 5,035 (134) 4,901 5.2 4.9 14.1 13.1 21.6 19.6 11.5% 1.7 7.1% 8.0% Dun & Bradstreet Corp. 110.26 94.29 124.59 4,081 1,246 5,327 3.2 3.1 10.2 9.8 14.8 14.0 8.1% 1.7 2.6% 0.2% Morningstar Inc. 71.59 67.77 85.97 3,203 (262) 2,940 3.9 3.7 13.1 11.5 26.5 21.8 15.0% 1.5 7.2% 7.3% Bankrate, Inc. 17.62 14.11 23.14 1,846 53 1,899 3.5 3.1 12.8 11.0 25.8 21.3 20.7% 1.0 11.6% 25.8%
Mean 4.5x 4.2x 12.5x 11.3x 22.1x 19.2x 12.9% 1.5 7.2% 7.5% Median 4.3 4.0 12.9 11.5 22.1 19.6 12.0% 1.7 7.2% 7.3%
Online Broker Dealers The Charles Schwab Corporation (1) $27.14 $20.44 $29.13 $35,313 $1,902 $37,215 6.2x 5.5x 15.8x 13.1x 28.1x 23.1x 22.6% 1.0 11.8% 14.6% TD Ameritrade Holding Corporation (1) 31.31 24.12 35.82 17,270 $656 17,926 5.6 5.0 11.9 9.9 21.5 17.3 20.3% 0.9 11.9% 19.8% E*TRADE Financial Corporation (1) 21.21 12.33 25.58 6,116 $5,557 11,673 6.6 6.3 16.7 15.2 20.3 17.6 34.2% 0.5 4.1% 27.2% Interactive Brokers Group, Inc.(1) 23.08 15.90 25.03 1,262 $4,433 5,694 4.3 3.9 6.8 6.2 19.8 18.9 10.7% 1.8 9.0% 64.3% FXCM Inc.(1) 14.85 12.41 19.97 1,134 $207 1,341 3.2 2.6 13.8 8.1 53.8 19.4 18.5% 1.0 23.1% (8.7%) GAIN Capital Holdings, Inc. 7.77 5.20 14.62 312 (106) 206 0.7 0.6 4.3 2.8 14.8 7.7 16.5% 0.5 15.8% 51.7%
Mean 4.4x 4.0x 11.6x 9.2x 26.4x 17.3x 20.5% 0.9 12.6% 28.1% Median 4.9 4.5 12.9 9.0 20.9 18.3 19.4% 0.9 11.8% 23.5%
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 32 (1) Enterprise Value and Net Debt exclude Cash. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
6/27/14 MSCI ESG Research Inc. GMI Ratings Ratings $15 NA
6/26/14 London Stock Exchange Group plc Frank Russell Company Indexes $2,700 1.7
6/23/14 ULLINK SAS NYFIX, Inc. Trading Platform NA NA
6/20/14 Genstar Capital, LLC Asset International, Inc. Data & Analytics NA NA
6/19/14 Moody's Singapore Pte. Ltd. ICRA Limited Ratings $399 8.3
6/18/14 SR Labs, Inc. Wombat Financial Software Software NA NA
6/11/14 REDI Holdings, LLC InstaQuote Business Data & Analytics NA NA
6/3/14 Heritage Global Inc. National Loan Exchange Inc. Receivables Exchange $7 NA
5/29/14 Morningstar Inc. HelloWallet Personal Financial Management NA NA
5/29/14 North Street Global Fund Services, LLC Hedge Solutions, Inc. Risk & Analytics NA NA
5/27/14 Intuit Inc. Check, Inc. Personal Financial Management $360 NA
5/27/14 AST Fund Solutions, LLC D.F. King & Co., Inc. Shareholder Services NA NA
5/27/14 General Atlantic LLC OM Securities & OptionsHouse Trading Platform NA NA
5/23/14 Centurion Investments Travelex Holdings Limited FX NA NA
Stake in Boston Technologies, Inc. and Boston Prime 5/16/14 CFH Group A/S Brokerage Platform NA NA Limited
5/14/14 BSE Ltd. United Stock Exchange of India Limited Exchanges NA NA
5/8/14 TransUnion Corp. Credit Information Bureau (India) Ltd. Bureau NA NA
5/8/14 Momentum Global Investment Management Limited YourWealth.co.uk Personal Financial Management NA NA
5/7/14 Forex Capital Markets LLC FXDirectDealer, LLC, U.S. Retail Forex Accounts FX NA NA
5/5/14 FIS Wealth Management Services, Inc. Reliance Financial Corporation Wealth Management $110 NA
Notes: 33 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
5/1/14 BGC Partners, Inc. Remate Lince S.A.P.I. de C.V. Brokerage NA NA
5/1/14 Professional Trading Solutions, Inc. Sterling Trader, Inc. Trading Platform NA NA
4/29/14 Affiliated Managers Group Inc. Veritas Asset Management LLP Asset Management NA NA
4/23/14 Clearstream International S.A. Citco Global Securities Services Limited Hedge Fund Processing NA NA
4/16/14 Dough (nka:dough, Inc.) tastytrade, Inc. Trading Platform NA NA
Goldman Sachs Group, Merchant Banking Division; 4/14/14 Ipreo Holdings LLC Risk & Analytics NA NA The Blackstone Group L.P.
4/14/14 Taxware, LP VAT Resource B.V. Tax Software NA NA
4/8/14 FTSE TMX Global Debt Capital Markets MTS S.p.A, Indices Business Indexes NA NA
4/8/14 Associated Foreign Exchange, Inc. Jameson Bank Foreign Exchange NA NA
4/4/14 Advantage Futures LLC Institutional Liquidity, LLC, Futures Accounts Trading Platform NA NA
4/4/14 Pico Quantitative Trading, LLC SpryWare LLC (nka:Pico Technology Solutions) Trading Data NA NA
4/2/14 Bloomberg UBS Australia Bond Indexes Indexes NA NA
4/1/14 FolioDynamix, Inc. GlobalBridge, Inc. Personal Financial Management NA NA
4/1/14 Morningstar Inc. ByAllAccounts, Inc. Analytics $28 NA
4/1/14 Computershare Canada Inc. SG Vestia Systems Inc. Shareholder Administration NA NA
3/18/14 Vestar Capital Partners Institutional Shareholder Services Inc. Shareholder Services $367 NA
3/18/14 Liquidnet Holdings, Inc. Vega-Chi Limited Trading Platform NA NA
3/14/14 Fitch Group, Inc. Business Monitor International Ltd Data & Analytics NA NA
3/6/14 London Stock Exchange (LSE:LSE) Bonds.com Group, Inc. Exchanges NA NA
3/4/14 HgCapital ULLINK SAS Trading Software NA NA
Notes: 34 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
2/24/14 The Bank of New York Mellon Corporation Hedgemark International, LLC Hedge Fund Analytics NA NA
2/17/14 FEXCO InterCash Bureau de Change Foreign Exchange NA NA
2/3/14 The Conifer Group, LLC Vastardis Fund Services LLC Fund Administration NA NA
1/21/14 Fabrikant.ru Ltd. CJSC MICEX-Information Technologies Exchanges $13 NA
1/16/14 RCS Capital Corporation Cetera Financial Holdings, Inc. Personal Financial Management $1,150 1.1
1/14/14 Financial Machineries Data Contributions Data & Analytics NA NA
1/13/14 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges $24 NA
1/3/14 Eurex Zürich AG Taiwan Futures Exchange Corporation Exchanges $940 NA
1/3/14 Wolters Kluwer Financial Services, Inc. Financial Tools, Inc. Risk & Analytics NA NA
12/24/13 Qkos Services Ltd. ZeroBlock, LLC Data & Analytics NA NA
12/18/13 Optimal Blue, LLC LoanSifter, Inc. Risk & Analytics NA NA
12/11/13 Moody's Amba Investment Services Risk & Analytics NA NA
12/2/13 Wipro Ltd. Opus Capital Markets Consultants, LLC Risk & Analytics $75 NA
11/20/13 U.S. Bancorp Fund Services, LLC Quintillion Limited Fund Administration NA NA
11/19/13 ICE Singapore Holdings Pte. Ltd. Singapore Mercantile Exchange Pte Ltd. Exchanges $150 NA
10/24/13 Deutsche Boerse AG Global Markets Exchange Group International LLP Trading Platform NA NA
10/15/13 TransUnion Corp. TLO, LLC Risk & Analytics $154 12.7x
10/8/13 eFront Société Anonyme AnalytX, Inc. Exchanges NA NA
9/12/13 Tradeweb Markets LLC BondDesk Group LLC Software NA NA
8/26/13 BATS Global Markets, Inc. Direct Edge Holdings LLC Exchange NA NA
Notes: 35 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)
($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue
8/8/13 Intuit Inc. GoodApril, Inc. Personal Financial Management $20 NA
8/6/13 IRESS Limited Avelo FS Holdings Limited Financial Software $320 3.8x
7/19/13 HgCapital; HgCapital Technology Fund IntelliFlo, Ltd. Risk & Analytics NA NA
7/18/13 Ipreo Holdings LLC Discovery Data Risk & Analytics NA NA
Notes: 36 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
6/25/14 Nutmeg Saving and Investment Limited Series B $32.0 Balderton, Shroders plc Personal Financial Management
6/5/14 Wikinvest Series C $10.0 Undisclosed Personal Financial Management
Lang & Schwarz, Michael Grabner Media, Speed Invest, VBH 6/5/14 wikifolio Financial Technologies GmbH Series B $8.2 Alternative Investing Ventures
5/28/14 DemystData Ltd Series A $5.0 Accion, ARBOR, Notion Capital, SingTel Innov8 Risk & Analytics
5/14/14 FutureAdvisor Series B $15.5 Canvas, Morgenthaler, Sequoia, Y Combinator Personal Financial Management
5/13/14 Addepar, LLC Series C $50.0 Formation8 Partners, Valor Equity Partners Analytics
National Commodity and Derivatives 5/9/14 NA $11.1 Undisclosed Exchanges Exchange
4/15/14 AngelList NA $25.0 Cendana Capital, Makena Capital, Venture Investment Associates Angel Investing
4/14/14 LearnVest, Inc. NA $28.0 Accel, American Express Ventures, Northwestern Mutual Personal Financial Management
Anthemis, Bessemer, Citi Ventures, Globespan Capital, Menlo, 4/2/14 Betterment LLC Series C $32.0 Personal Financial Management Northwestern Mutual
4/1/14 Wealthfront Inc. Series C $35.0 DAG, Greylock, Index, Ribbit, The Social+Capital Partnership Personal Financial Management
3/25/14 Payward, Inc. Series A $5.0 Hummingbird Ventures Trading Platform
3/21/14 Financial Insight Technology, Inc. Series A $5.2 Javelin Venture Partners, SV Angel Financial Literacy
3/15/14 Realty Mogul, Co. Series A $9.1 Canaan Partners Crowdfunding
3/12/14 Credit Karma, Inc. Third Round $85.0 Google Capital, Ribbit, Susquehanna, Tiger Global Personal Financial Management
2/28/14 CircleUp Network, Inc. Series B $14.0 Canaan, Google Ventures, Maveron, Rose Park, Union Square Crowdfunding
2/28/14 Acorns Series B $8.3 Jacobs Asset Management Personal Financial Management
12/31/13 OKCoin.com Inc. Series A $10.0 Ceyuan, Manda Capital, VenturesLab BitCoin Exchange
10/10/13 Level Money, Inc. Series A $5.0 Kleiner, Perkins, Caufield & Byers Personal Financial Management
Notes: 37 Source: CapitalIQ, DowJones Venture Source. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months (Cont.)
($MM) Announced Target Series Amount Investors Target Sub-Sector Date
9/16/13 Ebury Partners UK Limited NA $5.6 Envestors Limited FX Brokerage
8/21/13 Check, Inc. NA $24.0 Menlo Ventures, Morgenthaler, Pitango Venture Capital Personal Financial Management
Clarium Capital, Eastward Capital, Kensington Capital, Lightspeed, 7/31/13 ZestFinance, Inc. Series C $20.0 Risk & Analytics Matrix Partners, Northgate Capital
7/23/13 C2FO NA $18.0 Mithrill, OpenAir, Summerhill, Union Square Exchanges (Working Capital)
7/19/13 LearnVest, Inc. NA $16.5 Accel, American Express Ventures, Claritas Personal Financial Management
7/15/13 Focus Financial Partners, LLC NA $216.0 Centerbridge Personal Financial Management
7/2/13 SigFig Wealth Management LLC Series B $15.0 Bain Capital Ventures, DCM, Union Square Ventures Personal Financial Management
Notes: 38 Source: CapitalIQ, DowJones Venture Source. V. Healthcare / Insurance Healthcare / Insurance Public Company Valuations: Financial Metrics
$MM, Except Per Share Data
Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/27/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Healthcare / Insurance Technology Verisk Analytics, Inc. $59.67 $56.37 $69.09 $9,929 $844 $10,773 6.1x 5.5x 13.3x 11.9x 24.7x 21.7x 12.0% 1.8 11.1% 8.7% IMS Health Holdings, Inc. 25.45 21.63 26.56 8,447 4,435 12,882 4.8 4.5 14.7 13.3 18.6 15.6 12.1% 1.3 6.9% 7.6% Solera Holdings Inc. 66.03 50.39 71.15 4,543 963 5,506 5.1 4.7 12.2 11.5 20.8 18.8 12.1% 1.6 7.6% 22.3% athenahealth, Inc. 127.09 83.57 206.70 4,809 95 4,904 6.6 5.3 37.2 30.0 NM 96.7 22.8% 4.2 24.0% 29.8% Guidewire Software, Inc. 40.69 33.66 58.00 2,790 (430) 2,359 6.5 5.9 37.6 34.3 79.8 72.9 15.0% 4.9 10.7% 20.2% Ebix Inc. 14.24 8.31 17.95 547 (4) 542 2.6 2.5 6.4 6.0 9.3 8.8 20.0% 0.4 3.8% (2.2%) Crawford & Company 10.37 5.62 12.22 570 138 708 0.6 0.6 6.1 5.3 12.4 10.4 9.0% 1.2 4.2% (3.8%) Polaris Financial Technology Limited 3.43 1.62 3.92 342 (100) 242 0.5 0.5 3.9 3.7 9.0 7.3 21.1% 0.3 9.0% 2.3% Symbility Solutions Inc. 0.29 0.22 0.48 60 (16) 43 1.6 1.9 17.2 NM NM NM NA NA (16.7%) 33.1%
Mean 3.8x 3.5x 16.5x 14.5x 24.9x 31.5x 15.5% 2.0 6.7% 13.1% Median 4.8 4.5 13.3 11.7 18.6 17.2 13.6% 1.4 7.6% 8.7%
Notes: 40 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.