INVESTMENT BANKING FOR INSTITUTIONAL USE ONLY APRIL 2021 IN THIS ISSUE Advisory Transaction Activity 02 FINTECH INSIGHT Public Equity Analysis 20 About Us 33 MERGERS AND ACQUISITIONS, PUBLIC AND PRIVATE FINANCINGS & FINANCIAL ADVISORY SERVICES FINTECH INSIGHT ADVISORY TRANSACTION ACTIVITY RAYMOND JAMES INVESTMENT BANKING 2 FINTECH INSIGHT APRIL 2021 Selected Recent Strategic Buyer M&A Activity TRANSACTION BUYER TARGET SECTOR COMMENTS SIZE ($M) Bank Technology ND Novantas provides analytic advisory services and technology solutions to financial institutions Bank Technology ND Zero Financial provides mobile banking services to view credit card balances, bills and due dates PAI provides ATM portfolio management tools and services, including transaction processing, bank sponsorship, Bank Technology $213 maintenance and cash-in-transit (CIT) servicing Benefitexpress provides cloud-based benefits administration technology and human resources services which includes Benefits / Payroll $275 employee enrollment tools, Affordable Care Act compliance and dependent verification services Whinstone US is an operator of colocation data centres intended for cryptocurrency mining and video rendering. The Capital Markets $651 company operates data center facilities as well as manufactures a proprietary rack system that reduces operating Technology temperature, increases server density and reduces facility footprint Capital Markets ND Venture Back Office provides an accounting service for funders, private equity, private debt and real estate managers Technology Capital Markets Fixnetix provides outsourced front-office trading services to investment banks, hedge funds, proprietary trading firms ND Technology and exchanges worldwide Financial SaaS ND TaxJar provides cloud based solution for eCommerce sellers to manage sales tax Trim provides financial health services to the customers such as canceled subscriptions, spending analysis and Financial SaaS ND recommendations RAYMOND JAMES INVESTMENT BANKING 3 FINTECH INSIGHT APRIL 2021 Selected Recent Strategic Buyer M&A Activity TRANSACTION BUYER TARGET SECTOR COMMENTS SIZE ($M) DAVO Technologies provides automated sales tax compliance solution to merchants, restaurants and sole proprietors to Financial SaaS ND ensure available funds for tax obligations to avoid unplanned or underfunded expenses HubTran provides services like invoice processing, document management and payables automation using AI and Financial SaaS $97 machine learning Information Services $850 Ekata provides identity verification data via APIs and a SaaS solution to help businesses to assess the digital risks Transaction Network Services (TNS) provides real-time data communication network enabling industry participants to Information Services ND interact and transact with other businesses, while connecting to the data and applications they need Bridg offers a platform through which it provides point-of-sale data to drive marketing campaigns for restaurant and Information Services ND retail brands Information Services ND CPMI Professional Development provides insurance pre-licensing and education courses Insurance Technology ND Instec provides cloud-based software and enterprise solutions to property and casualty insurers Insurance Technology ND IXN Tech provides mobile and digital solutions for the life insurance industry E-TeleQuote offers online health and life insurance services within United State, also provides consumers with a Insurance Technology $600 licensed insurance agents for coverage suggestions RAYMOND JAMES INVESTMENT BANKING 4 FINTECH INSIGHT APRIL 2021 Selected Recent Strategic Buyer M&A Activity TRANSACTION BUYER TARGET SECTOR COMMENTS SIZE ($M) Terrene Labs provides information on small and mid-sized businesses to facilitate effective underwriting by commercial Insurance Technology ND property/casualty insurers Payments ND Cardsmobile offers a wallet app that aggregates retail loyalty cards in a users' smartphone Paragon Payment Solutions offers payment consulting, software engineering, intranet web portal and mobile Payments ND development services First American Payment System provides credit and debit card processing, electronic benefits transfer card processing, Payments $960 check services and online reporting Returnly provides post-purchase payments and return management tools such as package tracking, online returns, Payments $300 exchanges and Green Returns for direct-to-consumer brands Payments ND Clearwater Payments provides B2C and B2B payment solutions for enterprise clients in banking, insurance and utilities Sentenial is a cloud-native, API-first, enterprise-grade payment company provides the capabilities to manage payments Payments $109 across Mastercard, Visa and via account Payments ND Axia Technologies provides a health care payment and technology platform for facilitating secure patient payments Real Estate / Mortgage Glide Labs provides a real estate transaction management solution that offers digitization of key forms, eSignature and ND Solutions digital disclosures RAYMOND JAMES INVESTMENT BANKING 5 FINTECH INSIGHT APRIL 2021 Selected Recent Strategic Buyer M&A Activity TRANSACTION BUYER TARGET SECTOR COMMENTS SIZE ($M) Real Estate / Mortgage ND Yourkeys provides transactional and data platform for house builders and estate agents to sell properties Solutions Real Estate / Mortgage $1,675 Caliber Home Loans provides solutions to both conforming and non-conforming loans Solutions Tech-Enabled ND Lendify provides loan brokerage services which includes loan processing, document collection and loan administration Lending Platform Tech-Enabled LendCare Capital provides consumer finance which enables the company to specialize in financing consumer purchases $255 Lending Platform in the powersports, automotive, retail, healthcare and home improvement verticals Tech-Enabled White Clarke Group provides retail, fleet, wholesale and asset finance solutions for the automotive and equipment ND Lending Platform finance markets Transactional Punchh provides a loyalty and engagement platform that enables brands to deliver omnichannel customer loyalty $500 Marketing Services programs both in-store and digitally Wealth Management ND ProTrak International provides client relationship management solution to fulfill asset managers' needs Technology Wealth Management $55 E*Trade provides integrated technology and practice management support for registered investment advisors Technology Wealth Management ND Concord provides open architecture, independent trustee services, related administration and compliance services Technology RAYMOND JAMES INVESTMENT BANKING 6 FINTECH INSIGHT APRIL 2021 Selected Recent Strategic Buyer M&A Activity TRANSACTION BUYER TARGET SECTOR COMMENTS SIZE ($M) Wealth Management Harvest Savings and Wealth Technologies provides automated saving tool and wealth solution to banks, credit unions, ND Technology trust companies and other financial institutions Wealth Management ND Pillar helps consumers optimize their debt payments by focusing first on student loans Technology RAYMOND JAMES INVESTMENT BANKING 7 FINTECH INSIGHT APRIL 2021 Selected Recent Financial Buyer M&A Activity TRANSACTION BUYER TARGET SECTOR COMMENTS SIZE ($M) Therapy Brands offers customized practice management and EHR services along with integrated capabilities for Payments $1,200 telehealth, data collection and interoperability, revenue cycle management, e-prescribing and payments Real Estate / Mortgage ND Class Valuation provides regulatory-compliant appraisals to the mortgage lenders and originators Solutions Wealth Management Ascensus provides record keeping and administrative retirement plan solutions and it also offers outsourcing and $3,000 Technology product distribution, marketing and sales support, employee education, investment and trust RAYMOND JAMES INVESTMENT BANKING 8 FINTECH INSIGHT APRIL 2021 Selected Recent Growth Equity / Venture Capital Activity TRANSACTION INVESTOR TARGET SECTOR COMMENTS SIZE ($M) Bank Technology $73 Vivid Money provides a financial platform and mobile banking app that help customers save and invest money Bank Technology $220 Current offers mobile payments, online banking and financial services Bank Technology $100 Step provides financial services that builds mobile-based banking for teenagers Bank Technology $15 NYMBUS provides banking technology solutions to financial institutions Mantl provides banking technology that develops digital account tool for banks and credit unions to grow deposits and Bank Technology $40 streamline back-office tasks with an account opening platform Bank Technology $69 Veriff provides an AI driven verification platform that protect businesses and their customers from online identity fraud TrueLayer provides a fintech platform utilized to build financial apps that connect to bank data, verify accounts and Bank Technology $70 access transactions in real-time Alpian provides integration of both private banking and wealth management services with everyday banking to serve Schuyler Weiss Bank Technology $18 mass affluent investors Bank Technology $425 Plaid provides companies with the tools and access needed for the development of financial system RAYMOND JAMES INVESTMENT BANKING 9 FINTECH INSIGHT APRIL 2021 Selected Recent Growth Equity / Venture Capital Activity TRANSACTION INVESTOR TARGET SECTOR COMMENTS SIZE ($M) Salary.com provides employee compensation data, software and services to enterprises, small businesses, and Benefits / Payroll $67 individuals