Insurance Technology Sector Summary Q4 2019
1 EXECUTIVE SUMMARY Q4 2019 InsurTech wrap-up
InsurTech continues to be a highly active category, with ~$2.0Bn in financing volume and ~$1.1Bn in M&A volume during Q4 2019
» Financings in Q4 2019 (62) were roughly flat with the same period in 2018, but 2019 total financing volume was up ~70% YoY
» M&A activity was somewhat tempered with 23 transactions during Q4 2019 as compared to 33 transactions during the same period in 2018
Large financing rounds took place in Q4 as renowned investors looked to back established players in the InsurTech space
» The largest financing rounds of Q4 include Bright Health’s $635M raise, Next Insurance’s $250M raise, and Wefox’s $235M raise
» Corporate VCs’ investments in the InsurTech space continued in Q4 as Munich Re invested in Next Insurance and AXA invested in Thimble
Q4 M&A activity included some attention-grabbing strategic deals, including iA Financial Group’s acquisition of Innovative Aftermarket Systems, Verisk Analytics’ acquisition of FAST, and MasterCard’s acquisition of RiskRecon
Data & analytics companies are trading at 6.2x EV/ ’20E Revenue and at 18.4x EV/ ’20E EBITDA, leading public company valuations
Select Q4 Active Investors Select Q4 Active Buyers
Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. 2 GCA INSURANCE TECHNOLOGY OVERVIEW Strong sector and product expertise across InsurTech REPRESENTATIVE FOCUS AREAS
Insurance is behind the curve in enterprise-level core Companies that focus on customer engagement (e.g., customer POLICY ADMIN, CLAIMS & technology, and InsurTech companies help modernize DISTRIBUTION & acquisition, sales and marketing, mobile solutions and other direct- BACK OFFICE these operating systems – in particular, policy, claims, CUSTOMER ENGAGEMENT to-consumer insurance channels) or that offer solutions to improve and billing software systems. distribution or facilitate engagement with the end consumer.
Companies that improve existing methodologies for pricing or Companies that provide analytic capabilities to insurance INNOVATIVE PRODUCTS, underwriting risk, or actual insurance companies that bring DATA & ANALYTICS companies to help them operate more efficiently and/or PRICING, UNDERWRITING technology to traditionally low-tech areas by using newer or make better underwriting and claims decisions. superior core systems and/or online/mobile offerings. INSURTECH TEAM
Chris Gough John Lambros Sascha Pfeiffer Rushi Bhanderi Managing Director Managing Director Managing Director Vice President [email protected] [email protected] [email protected] [email protected] 415.318.3658 212.999.7083 +49 177.741.5643 212.537.5482
RECENT TRANSACTIONS
3 INSURANCE VALUE CHAIN: INNOVATION ACROSS THE Distribution & Innovative Policy Admin, Data & Customer Products, Pricing Claims & Analytics INSURANCE VALUE CHAIN Engagement & Underwriting Back Office
`Online Distribution & Comparison `Sales, Marketing & Engagement Customer Origination
Mobile
Peer-to-Peer (P2P) Innovative & Specialty Insurance Health Insurance Carrier Affiliated ` ` ` `
Benefits Administration & Payroll Policy Management Tools & Software Claims Management Tools & Software ` ` `
Insurance Data & Analytics IoT & Telematics: Auto IoT & Telematics: Home ` ` `
IoT & Telematics: Health `
Notes: DISCLAIMER: This is a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly shoot us a note at 4 [email protected] and we would be happy to consider. RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR 2019 sets all-time record for InsurTech financing volume
Selected Major InsurTech Financings
= Number of Transactions 285 = Financing Volume ($MM) 260 248
169
$7,121 117
79 $4,210 $3,475 59 $2,974 $355 $1,851 $883
2013 2014 2015 2016 2017 2018 2019
$52MM $110MM(1) $931MM $400MM $160MM $540MM(2) $635MM
$65MM $500MM $160MM $130MM $500MM $500MM
$60MM $50MM $103MM $120MM $300MM $350MM
$38MM $38MM $200MM $300MM Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. Accordingly, this data may diverge from previous reports. $200MM $235MM 5 1) Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM. 2) Oscar raised two rounds in 2018 – one worth $165MM and the other worth $375MM. INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY Q4 2019 saw accelerating InsurTech financing amounts, up ~25% YoY
Quarterly Financing Activity ($MM)(1) Select Q4 2019 Financing Transactions ($MM)
LTM financing: Post- Segment / Ann. Selected Amt. Company Money Value $7.1Bn across 285 Deals Date Investor(s) Invested Valuation Chain 79 12/18 $45 $600 71 72 72
65 65 12/17 62 $635 $2,240 59
12/11 $235 $1,890
12/09 $120 NA $2,033 $1,938 $1,636 $1,653 11/25 $66 NA $1,497 $1,365 11/20 $45 $210
$750 $460 11/18 $22 NA
10/17 $39 $209 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019
Average Deal Size 10/7 $250 $1,000 $10.6 $7.1 $21.0 $27.7 $26.9 $20.8 $20.9 $32.8
Insurance Segment Insurance Value Chain
$165MM $30MM $375MM $500MM $500MM $300MM $350MM $635MM P&C Life Health Distribution & Customer Products, Pricing & Policy Admin, Claims Data & Analytics Engagement Underwriting & Back Office
Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. 6 The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. Accordingly, this data may diverge from previous reports. SELECTED RECENT INSURTECH FINANCINGS
Founded Headquarters Total Funds Raised ($MM) 2015 Minneapolis $1,080 Developer of a health insurance services platform that partners with health systems and care partners to provide health plans Raised $635MM in and connected healthcare experience to support relationships between consumers and care providers Series D funding on 12/17/2019 Selected Investors
Founded Headquarters Total Funds Raised ($MM) 2014 Berlin $274 Developer of a web-based service platform intended to view, adjust, and complete insurance contracts anytime, anywhere in the world Raised $235MM in Series B funding on 12/11/2019 Selected Investors
Founded Headquarters Total Funds Raised ($MM) 2015 Palo Alto $386 Operator of an online business insurance platform that offers general and professional liability insurance for small businesses in numerous industries Raised $250MM in Series C funding on 10/07/2019 Selected Investors
Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. 7 INSURTECH LEADERS IN PRIVATE FUNDING Top 10 Company Headquarters Founded Amt. Raised ($MM)(1) Company Description
New York, NY 2012 $1,280 Online health insurance network
Health insurance platform partnering with health Minneapolis, MN 2015 $1,080 systems and care partners to provide health plans
Operator of PPO using data analysis and preventive Jersey City, NJ 2014 $925 care to improve health insurance
Online car insurance platform calculating insurance Columbus, OH 2015 $628 premiums based upon driver behavior
San Francisco, CA 2013 $598 Cloud-based human resources platform
Cloud-based payroll, benefits, and HR management San Francisco, CA 2011 $521 platform
P&C insurance platform designed to offer coverage New York, NY 2015 $480 quickly and affordably
Cloud-based self-insurance platform for all health San Francisco, CA 2013 $469 plans
Online platform intended to offer various insurance Gurugram, India 2008 $393 products and enable comparison shopping
Palo Alto, CA 2015 $386 Online insurance platform that offers general and professional liability insurance for small businesses
Round of financing in Q4 2019 Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. 8 1) Includes debt and equity financing. SELECTED ACTIVE INSURTECH INVESTORS
Investor Type Investor Logos
Accelerators / Seed
Venture Capital / Private Equity
Corporate Investors
Alternative Investors
Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. 9 MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL
Company Headquarters Number of Investments Investments (1) Paris, France 19 (2) Munich, Germany 13 Munich, Germany 12 Madison, WI 11 Springfield, MA 9 Paris, France 9 Mountain View, CA 9 Columbus, OH 8 San Francisco, CA 6 New York, NY 6
Shenzhen, China 5 Shuidi Chicago, IL 4
Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. 1) AXA invests through XL Innovate, AXA Venture Partners, and Kamet Ventures. 10 2) Allianz invests through Allianz X, Allianz Life Ventures, and Allianz Startups Accelerator. RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR 2019 continues the recent trend in InsurTech M&A volume, though deal count has levelled off
Selected Major InsurTech M&A Transactions
= Number of Transactions = Financing Volume ($MM) 117
98 100
$18,168 64 52 48 $12,986 $10,415 $11,227 $9,181 31 $8,136
$3,131
2013 2014 2015 2016 2017 2018 2019
$1.8Bn $2.7Bn $7.9Bn $4.5Bn $2.5Bn $6.7Bn $3.5Bn(1)
$1.1Bn $2.4Bn $6.0Bn $2.6Bn $919MM $1.5Bn $1.6Bn
$910MM $1.4Bn $560MM $525MM $1.5Bn(2)
Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. $490MM $370MM $1.4Bn Accordingly, this data may diverge from previous reports. 11 1) Includes additional earnout of up to $1.15bn contingent upon performance. 2) Figure represents estimated transaction values; terms of the deal were not fully disclosed. INSURTECH DEAL DASHBOARD – M&A ACTIVITY Q4 2019 M&A dollar volume is up ~10% YoY
Quarterly M&A Activity ($MM) Select Q4 2019 M&A Transactions ($MM)
LTM M&A: Ann. Transaction Segment / Date Buyer Target $13.0 Bn across 100 Deals Value Value Chain 35 33 12/30 NA 30 29 29 12/5 NA 25 23 12/4 $720
12/4 $194 $9,732 $9,037 13 12/4 NA
12/4 NA
$2,072 $507 11/20 NA $730 $953 $113 $1,069
Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 11/20 NA Largest Deal Size
$155 $314 $6,700 $370 $1,400 $112 $3,500 $720 10/15 NA
10/10 NA
Insurance Segment Insurance Value Chain Notes: Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 12/31/19. 12 The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening P&C Life Health Distribution & Customer Products, Pricing & Policy Admin, Claims Data & Analytics methodology. Accordingly, this data may diverge from previous reports. Engagement Underwriting & Back Office CASE STUDY: IA FINANCIAL GROUP ACQUIRES IAS
Transaction Overview IAS Overview Headquarters: Austin, TX − On December 6, 2019, iA Financial Group Founded: 1984 (TSE: IAG) announced that it had signed a Employees: ~600 definitive agreement to acquire Innovative AftermarketGCA acted Systems as exclusive (IAS) for financial a total upfront advisor to RGI,CEO: a portfolio companyPatrick Brown of Corsair Capital, on the acquisition of Acquired by considerationNovum of $720MM Description: Developer of software suites designed for the finance and insurance departments of automotive dealerships − iA Financial Group is a Canadian-based life and health insurance company that offers a IAS Highlights suite of products such as savings and Customer Segments retirement plans, and auto and home $720MM insurance Provides finance and insurance solutions through seven specialized segments: Announced − The transaction is expected to close in the first half of 2020, subject to obtaining 1 2 3 4 Vehicle customary regulatory approvals Ancillary Retail Income Service Strategic Rationale Coverages Technology Development Contracts » This transaction leverages the expertise and experience in dealer services that iA Financial Group has built over the last 20+ years in Canada and more recently in the US 5 6 7 » IAS will accelerate iA Financials growth strategy, capitalizing on positive Turnkey Training Performance growth trends within the vehicle warranty market Reinsurance Institute Marketing » IAS will create a leading US vehicle warranty platform of scale with significant synergies, which will drive iA's participation in future industry consolidation Stats Selected Transaction Commentary Over 35 years of experience in the US market for extended auto “Going forward, as part of a publicly-traded company with a market insurance space warranties: $39Bn+ capitalization of more than C$7.0Bn, we are well-positioned to continue the long-term support of our valued distribution partners.” Provides vehicle warranties and related software to over 4,300 dealers Patrick Brown, CEO, IAS across all 50 states
Notes: Source: Press releases, company websites. 13 CASE STUDY: VERISK ACQUIRES FAST
Transaction Overview FAST Overview Headquarters: Iselin, NJ − On December 4, 2019, Verisk Founded: 2010 (NASDAQ:VRSK), a leading data analytics Employees: ~100 provider, announced that it had signed a definitiveGCA acted agreement as exclusive to acquire financial FAST advisor to RGI,CEO: a portfolio companyTom Famularo of Corsair Capital, on the acquisition of Acquired by Novum Description: FAST offers a flexible policy administration system that helps − FAST (“Flexible Architecture, Simplified insurers accelerate underwriting and claims to enhance the Technology”) is a software provider for the customer experience and support profitable growth. Its SaaS suite life insurance and annuity industries features out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration − The purchase price was $193.5MM cash systems. $194MM − The transaction is subject to the completion Announced of customary closing conditions Prior investors:
FAST Offering Highlights Selected Transaction Commentary
FAST software consists of three key areas built to provide flexibility to “Verisk has become a leader in developing solutions that help insurers support the needs of legacy insurers, today’s modern demands, and make critical decisions with increased speed and precision. As part of the unknown future (i.e. legacy proofed) Verisk, we’ll be able to enhance our software, expand our reach, and provide robust analytics to meet the rapidly changing needs of life insurers and their customers.
1. TECHNOLOGY 2. INSURANCE 3. CLOUD Tom Famularo, CEO, FAST PLATFORM COMPONENTS SERVICES
Configuration and automation combined with microservice / event-driven 1 “The acquisition of FAST will extend our offerings to the life insurance architecture providing flexibility to drive rapid implementation market as we build a comprehensive suite of innovative solutions to support insurer modernization. By working with FAST technology and its Pre-configured, out-of-the-box insurance components, products, and 2 processes that perform all the functions typically found in core systems – customers, we’ll be able to improve our predictive models and offer New Business, Underwriting, Policy Admin, Claims, etc. integrated data analytics to life insurers through an end-to-end workflow solution.” FaaS (function as a service) for the most common insurance functionality, 3 to be customized to provide the ultimate insurance toolkit in the cloud Mark Anquillare, COO, Verisk
Notes: Source: Press releases, company websites. 14 INSURTECH PUBLIC COMPANY VALUATION Online Distribution companies lead the InsurTech pack due to outperformance by eHealth and Everquote LTM Share Price Performance
160.0% 140.0% 140% 120.0% 100.0% 80.0% 60.0% 60% 40.0% 39% 26% 20.0% 24% 0.0% 23% Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Benefits Admin & Payroll Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution Public InsurTech Ecosystem Benefits Admin. / Payroll Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution
23% 39% 60% 24% 26% 140%
LTM Share Price Performance
Notes: Source: S&P Capital IQ as of 12/31/19. 15 INSURTECH PUBLIC COMPANY VALUATION Selected InsurTech subsectors and multiples Enterprise Value / 2020E Revenue Enterprise Value / 2020E EBITDA
7.0x 20.0x 18.7x 18.4x 6.2x 6.0x 16.0x 16.0x 14.8x 4.9x 5.0x 4.6x 11.8x 11.8x 12.0x 4.0x 3.1x 3.0x 2.8x 8.0x 1.9x 2.0x 4.0x 1.0x
0.0x 0.0x Data & Brokerage Benefits Insurance Online IT & BPO Benefits Data & Brokerage Insurance Online IT & BPO Analytics Admin./Payroll Software Distribution Services Admin./Payroll Analytics Software Distribution Services Public InsurTech Ecosystem Benefits Admin. / Payroll Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution
4.6x / 18.7x 4.9x / 16.0x 6.2x / 18.4x 3.1x / 14.8x 1.9x / 11.8x 2.8x / 11.8x
2020E Rev. / 2020E EBITDA Multiples
Notes: Source: S&P Capital IQ as of 12/31/19. 16 SELECTED PUBLIC COMPANY DETAIL ($MM, except per share data) Trading Metrics Operating Metrics Stock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company 12/31/2019 Cap Value (EV) CY19E CY20E CY19E CY20E 19E/18A 20E/19E CY19E CY20E
Benefits Administration / Payroll Automatic Data Processing $172.81 $74,775 $76,254 5.2x 4.9x 21.1x 18.7x 5% 6% 25% 26%
Paychex $87.37 $31,312 $31,663 7.9x 7.4x 19.3x 18.0x 17% 6% 41% 41%
Paylocity Holding Corporation $136.35 $7,296 $7,251 14.0x 11.7x 49.6x 40.6x 24% 20% 28% 29%
HealthEquity $70.97 $5,030 $6,167 11.8x 7.5x 33.5x 23.2x 82% 57% 35% 32%
TriNet Group $57.38 $4,007 $4,190 4.5x 4.2x 11.5x 10.5x 4% 8% 39% 40%
Insperity $91.99 $3,679 $3,690 0.9x 0.8x 14.7x 13.0x 12% 10% 6% 6%
Benefitfocus $20.78 $680 $831 2.8x 2.5x NM 30.5x 14% 14% 5% 8%
Castlight Health $1.54 $225 $189 1.3x 1.4x NM NM (9%) (5%) (8%) (6%)
Summary Statistics Mean 6.1x 5.0x 24.9x 22.1x 19% 14% 21% 22% Median 4.9x 4.6x 20.2x 18.7x 13% 9% 27% 28%
Brokerage Marsh & McLennan Companies $112.21 $56,629 $70,459 9.6x 8.9x 17.1x 15.6x 7% 8% 56% 57%
Aon plc $209.03 $48,942 $56,818 5.1x 4.9x 17.8x 16.4x 7% 6% 29% 30%
Willis Towers Watson Public Limited Compan $204.07 $26,238 $32,514 3.6x 3.4x 14.1x 13.2x 6% 6% 26% 26%
Arthur J. Gallagher & Co. $95.81 $17,871 $22,331 3.1x 2.8x 17.1x 14.7x 7% 11% 18% 19%
Brown & Brown $40.59 $11,436 $12,716 5.3x 5.0x 18.0x 16.6x 18% 7% 30% 30%
Goosehead Insurance $45.18 $688 $705 8.4x 6.2x 30.8x 20.2x 39% 36% 27% 31%
Summary Statistics Mean 5.9x 5.2x 19.2x 16.1x 14% 12% 31% 32% Median 5.2x 4.9x 17.5x 16.0x 7% 7% 28% 30%
Notes: Source: S&P Capital IQ as of 12/31/19. 17 Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >100 considered NM SELECTED PUBLIC COMPANY DETAIL (CONT.) ($MM, except per share data) Trading Metrics Operating Metrics Stock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company 12/31/2019 Cap Value (EV) CY19E CY20E CY19E CY20E 19E/18A 20E/19E CY19E CY20E
Data & Analytics RELX PLC $26.07 $50,299 $58,920 5.6x 5.4x 15.6x 14.8x 10% 4% 36% 36%
Experian plc $34.42 $31,258 $35,477 7.1x 6.6x 21.0x 18.4x 3% 7% 34% 36%
Verisk Analytics $158.65 $25,998 $28,628 11.0x 10.1x 23.6x 21.4x 9% 9% 47% 47%
Equifax Inc. $149.77 $18,135 $21,320 6.1x 5.7x 18.1x 16.7x 3% 6% 34% 34%
TransUnion $91.69 $17,265 $20,945 7.9x 7.3x 20.2x 18.4x 13% 9% 39% 40%
Fair Isaac Corporation $403.87 $11,697 $12,421 10.5x 9.8x 32.8x 29.7x 12% 7% 32% 33%
CoreLogic $44.84 $3,566 $5,342 3.0x 3.1x 10.9x 10.4x (2%) (2%) 28% 30%
LiveRamp Holdings $43.44 $2,941 $2,186 7.7x 5.8x NM NM 30% 33% NM NM
Summary Statistics Mean 7.4x 6.7x 20.3x 18.6x 10% 9% 36% 37% Median 7.4x 6.2x 20.2x 18.4x 9% 7% 34% 36%
Insurance Software Guidewire Software $113.00 $9,332 $8,743 12.2x 11.5x NM NM 10% 6% 18% 15%
Sapiens International Corporation N.V. $25.88 $1,295 $1,347 4.2x 3.7x 24.4x 20.6x 12% 12% 17% 18%
Ebix $34.05 $1,038 $1,730 2.9x 2.4x 9.6x 9.0x 18% 21% 31% 27%
Majesco $7.44 $320 $290 2.1x 2.0x NM NM 14% 4% 0% 0%
Summary Statistics Mean 5.3x 4.9x 17.0x 14.8x 14% 11% 17% 15% Median 3.5x 3.1x 17.0x 14.8x 13% 9% 18% 17%
Notes: Source: S&P Capital IQ as of 12/31/19. 18 Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >100 considered NM SELECTED PUBLIC COMPANY DETAIL (CONT.) ($MM, except per share data) Trading Metrics Operating Metrics Stock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company 12/31/2019 Cap Value (EV) CY19E CY20E CY19E CY20E 19E/18A 20E/19E CY19E CY20E
IT & BPO Services Accenture plc $207.26 $131,609 $129,612 3.0x 2.8x 17.7x 15.7x 8% 7% 17% 18%
Tata Consultancy Services Limited $31.49 $118,175 $111,187 5.1x 4.8x 19.4x 18.1x 8% 7% 26% 26%
Infosys Limited $10.85 $46,023 $43,803 3.5x 3.2x 14.3x 12.9x 10% 9% 24% 25%
Cognizant Technology Solutions Corporation $61.85 $33,867 $32,490 1.9x 1.9x 10.2x 9.7x 4% 3% 19% 19%
CGI Inc. $86.16 $23,115 $24,722 2.6x 2.5x 14.2x 13.6x 11% 5% 18% 18%
Wipro Limited $3.51 $19,962 $16,490 1.9x 1.9x 9.3x 9.4x 3% 4% 21% 20%
ExlService Holdings $71.93 $2,452 $2,517 2.6x 2.4x 15.4x 13.3x 12% 7% 17% 18%
Mphasis Limited $12.76 $2,379 $2,315 1.9x 1.8x 10.8x 9.4x 11% 11% 18% 19%
Mindtree Limited $12.56 $2,066 $1,998 1.9x 1.7x 14.3x 11.8x 11% 9% 13% 15%
Virtusa Corporation $42.04 $1,255 $1,518 1.2x 1.1x 12.9x 9.6x 9% 10% 9% 11%
Crawford & Company $9.25 $491 $751 0.7x 0.7x 6.4x 5.9x (4%) 3% 11% 12%
Summary Statistics Mean 2.4x 2.2x 13.2x 11.8x 7% 7% 18% 18% Median 1.9x 1.9x 14.2x 11.8x 9% 7% 18% 18%
Online Distribution Moneysupermarket.com Group PLC $4.20 $2,254 $2,270 4.4x 4.2x 12.1x 11.5x 14% 6% 36% 36%
eHealth $89.07 $2,057 $2,008 5.1x 4.1x 28.0x 19.2x 58% 24% 18% 21%
EverQuote $30.95 $809 $767 3.2x 2.5x NM NM 49% 27% 3% 4%
QuinStreet $14.64 $750 $695 1.5x 1.3x 20.5x 12.0x 7% 12% 7% 11%
GoCo Group plc $1.30 $543 $637 3.0x 2.8x 15.5x 11.7x 8% 9% 20% 24%
Summary Statistics Mean 3.4x 3.0x 19.0x 13.6x 27% 16% 17% 19% Median 3.2x 2.8x 18.0x 11.8x 14% 12% 18% 21%
Notes: Source: S&P Capital IQ as of 12/31/19. 19 Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >100 considered NM GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders
MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA TEL AVIV SAN FRANCISCO FUKUOKA TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY
Global platform: Sector expertise: Exceptional cross- 23 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 450 employees and deep Over a third of all America, Asia, and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies
Notes: GCA operates as GCA in America and Asia, and as GCA Altium in Europe. 20 GCA OVERVIEW Selected FinTech experience
Real Estate Tech Insurance Technology Real Estate Tech Insurance Technology Insurance Technology Real Estate Tech Real Estate Tech
Financial SaaS Banking & Lending Tech Property Tech Insurance Technology Payments Insurance Technology Investment Technology
We Advised Asahi Insurance Technology Insurance Technology Investment Technology Liquidity Venues Payments Insurance Technology Insurance Technology
Growth Investment
Financial SaaS Insurance Technology Payments Real Estate Tech Banking & Lending Tech Payments Insurance Technology
Notes: Insurance Technology Transaction The above transactions represent a compilation of deals that GCA entities, 21 including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.