gca insurtech sector report q1 2019 · markets lovell minnick partners is a private equity firm...
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Insurance TechnologySector Summary
Q1 2019
2
CHRIS GOUGHManaging Directorcgough@gcaglobal.com415.318.3658
KEGAN GREENEDirectorkgreene@gcaglobal.com415.318.3686
Strong sector and product expertise across InsurTech
GCA INSURANCE TECHNOLOGY OVERVIEW
Companies that focus on customer engagement, e.g., customer acquisition, sales and marketing, mobile solutions and other direct-to-consumer insurance channels, or that offer solutions to improve distribution or facilitate engagement with the end consumer.
DISTRIBUTION & CUSTOMER ENGAGEMENT
RECENT TRANSACTIONS
REPRESENTATIVE FOCUS AREAS INSURTECH TEAM
Companies that improve existing methodologies for pricing or underwriting risk, or actual insurance companies that bring technology to traditionally low-tech areas by using newer or superior core systems and/or online/mobile offerings.
INNOVATIVE PRODUCTS, PRICING & UNDERWRITING
Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems - in particular policy, claims, and billing software systems.
POLICY ADMINISTRATION, CLAIMS & BACK OFFICE
Companies that provide analytic capabilities to insurance companies to help them operate more efficiently and/or make better underwriting and claims decisions.
DATA & ANALYTICS
We Advised AWL
Acquired by
We Advised Finanzen.de
Acquired byPreferred Stock Investmentfrom
We Advised EIS Group
Strategic Investment
We Advised ControlExpert
Acquired by
We Advised INS Web
Sold
To
We Advised RGI Shareholders
Preferred Financingfrom
We advised GOQii
Tender Offer for
Asahi Fire & MarineInsurance Co.
We Advised AsahiWe Advised BlackFin
Sold
To
We Advised Risk International
Sold majority stake to
We Advised QuoteWizard
Acquired by
We Advised Bexio
Acquired by
We Advised INS Web
Acquisition of
Acquired by
We advised ATTOM Data Solutions
3
GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.
TRANSACTION DETAILS
Closed
January 2019
SECTORS
Property / Insurance
Technology
Real Estate / Mortgage
Technology
DEAL TYPE
M&A
Transaction Summary
▪ On January 8, 2019, Lovell Minnick Partners announced that it had completed the acquisition of ATTOM Data Solutions (“ATTOM” or the “Company”)
− Financial terms of the transaction were not
disclosed
▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real estate, mortgage, insurance, marketing and adjacent markets
▪ Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies
▪ GCA acted as exclusive financial advisor to ATTOM in connection with the transaction
Strategic Rationale
▪ ATTOM is a leading, scale platform investment in the property data solutions market
− Company’s proprietary data solutions include
property tax, deed, mortgage, foreclosure,
environmental risk, natural hazard and
neighborhood data for 150+ million U.S. residential
and commercial properties, covering 99% of the
nation’s population
− Company serves 225+ data customers with
multiyear contracts
− ATTOM management has generated strong organic
growth and successfully pursued accretive strategic
opportunities, including its acquisition of
neighborhood data provider Onboard Informatics in
early 2018
▪ Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry
Q1 2019 INSURANCE TECHNOLOGY SECTOR SUMMARY
Case Study: Sale of ATTOM Data Solutions to Lovell Minnick Partners
4
EXECUTIVE SUMMARY
Q1 2019 InsurTech wrap-up
Select Q1 Active Investors Select Q1 Active Buyers
» InsurTech continues to be a highly active category, with ~$1.5Bn in financing volume and ~$1.9Bn in M&A volume during Q1 ’19
- 90 financings in Q1 ‘19 is 58% higher than the same period in ’18, and annualized financing volume is significantly outpacing ‘18 levels
- 19 M&A transactions in Q1 ‘19 is on par with 21 deals consummated during the same period in ’18
- Q1 M&A volume was bolstered by Willis’ $1.4Bn acquisition of Tranzact. Adjusting for that deal, Q1 ‘19 volume is still way ahead of year ago levels: $476MM in Q1 ‘19 M&A volume vs. $225MM in Q1 ‘18
» Increase in larger financings as category leaders begin to differentiate themselves and investors look to back established players
- Lots of Q1 financing activity for companies utilizing data and analytics to maximize the consumer experience obtaining home, renters and auto insurance (including Acko, The Guarantors and Jetty) as well as health / life insurance (including Clover, Limelight Health and WeFox)
- Corporate venture deals continued in Q1 including Amazon’s investment in Acko, Hiscox’s investment in Coverhound and Principal’s investment in Limelight Health
» Data & analytics and benefits administration / payroll companies lead the public company pack, trading at 5.9x and 4.8x EV/ ’19E Revenue,
respectively
Notes:Source: CapIQ. CBInsights. Pitchbook.
5
INNOVATION ACROSS THE
INSURANCE VALUE CHAIN
` ` `
` `
`
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 kgreene@gcaglobal.com and we would be happy to consider.
`Peer-to-Peer (P2P)
`Innovative & Specialty Insurance
Benefits Administration & Payroll Policy Management Tools & Software Claims Management Tools & Software
Insurance Data & Analytics IoT & Telematics: Auto`IoT & Telematics: Home
IoT & Telematics: Health
`Health Insurance
`Carrier Affiliated
Customer Origination
Mobile
`Online Distribution & Comparison `Sales, Marketing & Engagement
INSURANCE VALUE CHAIN:
Policy Admin,Claims &Back Office
InnovativeProducts, Pricing & Underwriting
Distribution & Customer Engagement
Data &Analytics
6
$351$702
$2,773 $2,694$3,185
$3,989
$1,520
2013 2014 2015 2016 2017 2018 Q1 '19
Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.*Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM.
Annualized Q1 ’19 financing volume is significantly outpacing ’18 levels
RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR
88
Selected Major InsurTech Financings
= Number of Transactions
= Financing Volume ($USD MM)
$52MM $60MM
$65MM
$38MM
$110MM
$500MM
$931MM
$38MM $120MM$160MM
$103MM
$400MM
$130MM
$200MM
$165MM
$50MM
*
$200MM
$160MM
$300MM
$500MM
127
206
163
216
90
360
55
$500MM
$125MM
$65MM
7
$731
$534
$1,581
$899
$621
$883
$1,586$1,520
Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
Ann. Date
CompanySelected
Investor(s)Amt.
Invested
Post-Money
Valuation
Segment / Value Chain
3/13 $65.0 $300
3/5 $125.0 NA
3/5 $45.0 NA
3/4 $60.0 NA
2/25 $15.0 NA
2/6 $25.0 NA
1/30 $500.0 NA
1/29 $58.0 $155
1/17 $33.5 $84
1/7 $43.0 $95
Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.(1) Includes private company equity financings, and Everquote IPO in Q2 2018.
Financing volume in Q1 ’19 nearly doubled financing volume in Q1 ’18
INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY
Quarterly Financing Activity ($MM)(1)
62
49
$14.6 $8.6 $32.3 $15.8 $14.4 $16.0 $26.0
Select Q1 2019 Financing Transactions ($MM)
90
$16.9
P&C Life Health Distribution & CustomerEngagement
Products, Pricing & Underwriting
Data & AnalyticsPolicy Admin, Claims & Back Office
Insurance Segment Insurance Value Chain
LTM financing volume: $4.6Bn across 249 Deals
Average Deal Size
57
43
55
61
50
8
SELECTED RECENT INSURTECH FINANCINGS
Utilizes data and analytics to ensure low prices based on a customer's risk profile and offers a transparent, stress-free and seamless process of buying insurance and filing claims, enabling users to access simplified and affordable insurance policies.Raised $65MM in
Series C funding on 3/13/2019
Founded
2016Headquarters
BangaloreTotal Funds Raised ($MM)
$132
Allows consumers to meet the requirements of posting an expensive security deposit, finding a lease guarantor and obtaining renters insurance.Raised $15MM in
Series B funding on 2/25/2019
Founded
2014Headquarters
New YorkTotal Funds Raised ($MM)
$27
Sele
cted
Inve
sto
rsSe
lect
edIn
vest
ors
Provides insurance recommendations to customers based on proprietary algorithms and data analytics. Offers a network of offline facilitators to help and provide claims assistance.Raised $25MM in
Series B funding on 2/6/2019
Founded
2015Headquarters
New YorkTotal Funds Raised ($MM)
$41
Sele
cted
Inve
sto
rs
Notes:Source: CapIQ. CBInsights. Pitchbook.
9
Top 10
INSURTECH LEADERS IN PRIVATE FUNDING
Company Headquarters Founded
San Francisco, CA
Plymouth Meeting, PA
San Francisco, CA
Amt. Raised ($MM) Company Description
$259
$220
$285
2013
2007
2011
Haryana, India $3552008Provider of an online life insurance and general insurance comparison portal
Provider of cloud-based self-insurance platform
Provider of a personalized health and benefits platform
Waltham, MA $3692017Health insurance provider aiming to improve patient care with personalized plans
Provider of pay-per-mile car insurance
San Francisco, CA $5982012Provider of cloud-based SaaS for HR and benefits management
Round of financing in Q1 2019
Cambridge, MA $5032010Mobile application using data and analytics to make roads safer by making drivers better
Minneapolis, MN $4422015Partners with health systems and care partners to provide health plans
New York, NY $1,2802012 Provider of an online health insurance network
Jersey City, NJ $9252014Operator of PPO using data analysis and preventive care to improve health insurance
Notes:Source: CapIQ. CBInsights. Pitchbook.
10
Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19
INSURTECH COMPANY PROFILEClover Health
Cumulative Funds Raised ($MM)
Post Money Valuation ($MM)
Series E: $500
Founded Headquarters Total Funds Raised ($MM)
2014 Jersey City $925Clover’s health insurance platform utilizes patient-centered analytics to reduce avoidable spending and identify and better manage chronic diseases.
Series A: $100
$71
$100
N/A
$925
$264
$340m$135
$830
$295
Series B: $35 Series C: $160
$1,200
$425
Series D: $130
Notes:Source: CapIQ. CBInsights. Pitchbook.
11
Most Active Insurance Technology Investors
Accelerators / Seed
Venture Capital / Private Equity
Corporate Investors
Alternative Investors
Ventures
SELECTED ACTIVE INSURTECH INVESTORS
Notes:Source: CapIQ. CBInsights. Pitchbook.
12
MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL
Company Headquarters Number of Investments Investments
New York, NY 6
Paris, France 8
San Francisco, CA 6
Munich, Germany 6
Menlo Park, CA 8
Madison, WI 11
Springfield, MA 9
Mountain View, CA 9
Munich, Germany 10
San Francisco, CA 7
Columbus, OH 7
Notes:Source: CapIQ. CBInsights. Pitchbook.
13
$5,266$7,444
$18,547
$5,052 $5,559
$8,693
$1,876
2013 2014 2015 2016 2017 2018 Q1 '19
Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.
M&A activity in Q1 ’19 was bolstered by Willis Towers Watson’s $1.4Bn acquisition of Tranzact. Annualized number of transactionsis in line with 2018 levels
HEALTHY M&A DEAL ACTIVITY
Selected Major InsurTech M&A Transactions
88
19
58
71
= Number of Transactions
= M&A Volume ($USD MM)
Acquirer logo on top
$155MM$1.4Bn$8.7Bn$2.4Bn
$1.1Bn $400MM $760MM $174MM
$2.5Bn
$919MM
$490MM
Undisclosed
$160MM Undisclosed
$6.7Bn
85
67
7376
$1.8Bn $1.4Bn
$336MM
$322MM
$140MM
14
$1,381
$426
$2,967
$225$500 $689 $579 $476
Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
Carlyle’s $6.7Bn
acquisition of
Sedgwick
Ann. Date Buyer Target
Transaction Value
Segment / Value Chain
3/31 $1,400
3/13 $140
3/11 $336
3/6 NA
2/25 NA
2/21 NA
2/7 NA
1/14 NA
1/7 NA
1/3 NA
Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.(1) Q4-17 includes Assurant’s $2.5Bn acquisition of Warranty Group.(2) Q3-18 includes Carlyle’s $6.7Bn acquisition of Sedgwick Claims Management.(3) Q1-19 includes Willis Towers Watson’s $1.4Bn acquisition of Tranzact.
Q1 ‘19 volume significantly outpaced Q1 ‘18 levels thanks to Willis Towers Watson’s $1.4Bn acquisition of Tranzact
INSURTECH DEAL DASHBOARD – M&A ACTIVITY
Quarterly M&A Activity ($MM)
$55.3 $21.3 $156.2 $10.7 $33.3 $369.5 $34.1
Select Q1 2019 M&A Transactions ($MM)
$81.1
LTM M&A volume:
$10.0Bn across 71 deals
P&C Life Health Distribution & CustomerEngagement
Products, Pricing & Underwriting
Data & AnalyticsPolicy Admin, Claims & Back Office
Insurance Segment Insurance Value Chain
Average Deal Size
(1) (2)
$7,389(2)
21
25
2019
17
19
15
20
$1,876(3)
(3)
Willis’s $1.4Bn
acquisition of Tranzact
15
(120%)
(40%)
40%
120 %
200 %
280 %
360 %
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 3/31/19.
Benefits admin. / payroll companies lead the InsurTech pack. Excluding eHealth, online distribution is performing in line with brokerage
INSURTECH PUBLIC COMPANY VALUATION
LTM Share Price Performance
Public InsurTech Ecosystem
Benefits Admin. / Payroll
Brokerage Online DistributionData & Analytics IT & BPO ServicesInsurance Software
LTM Share Price
Performance
41%
Benefits Admin. / Payroll
17%
Brokerage
26%
Data & Analytics
26%
IT & BPO Services
9%
Insurance Software
17%
Online Distribution
41%
17% 17% 26% 26%
9%
336%350%
eHealth
16
5.9x
4.8x
3.7x
2.9x
2.1x 2.0x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
Data &Analytics
BenefitsAdmin./Payroll
Brokerage InsuranceSoftware
IT & BPOServices
OnlineDistribution
18.7x
15.9x15.2x
14.4x13.7x
12.0x
0.0x
4.0x
8.0x
12.0x
16.0x
20.0x
BenefitsAdmin./Payroll
OnlineDistribution
Data &Analytics
InsuranceSoftware
Brokerage IT & BPOServices
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 3/31/19.
Selected InsurTech subsectors and multiples
INSURTECH PUBLIC COMPANY VALUATION
Enterprise Value / 2019E Revenue
Public InsurTech Ecosystem
Enterprise Value / 2019E EBITDA
2019E Rev. / 2019E
EBITDA Multiple
4.8x / 18.7x 3.7x / 13.7x
Brokerage
5.9x / 15.2x
Data & Analytics
2.1x / 12.0x
IT & BPO Services
2.0x / 15.9x
Online Distribution
2.9x / 14.4x
Insurance SoftwareBenefits Admin. / Payroll
17Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
SELECTED PUBLIC COMPANY DETAIL
Benefits Administration/Payroll
Automatic Data Processing, Inc. $159.74 $69,587 $70,007 6% 7% 24% 4.8x 4.5x 19.8x 17.6x
Paychex, Inc. $80.20 $28,824 $28,945 17% 6% 41% 7.2x 6.8x 17.6x 16.5x
Insperity, Inc. $123.66 $5,062 $4,819 14% 12% 6% 1.1x 1.0x 17.3x 14.5x
Paylocity Holding Corporation $89.19 $4,720 $4,616 20% 23% 28% 10.2x 8.3x 36.2x 28.3x
TriNet Group, Inc. $59.74 $4,192 $4,323 7% 11% 38% 4.6x 4.1x 12.2x 11.0x
HealthEquity, Inc. $73.98 $4,622 $4,260 17% 15% 40% 12.6x 10.9x 31.3x 26.3x
Benefitfocus, Inc. $49.52 $1,587 $1,634 17% 19% 7% 5.4x 4.6x 75.0x 40.5x
WageWorks, Inc. $37.76 $1,505 $726 3% 3% 31% 1.4x 1.4x 4.6x 4.3x
Castlight Health, Inc. $3.75 $538 $466 (1%) NA 2% 3.0x NM NM NM
Median 14% 11% 28% 4.8x 4.5x 18.7x 17.0x
Brokerage
Marsh & McLennan Companies, Inc. $93.90 $47,660 $52,418 5% 5% 25% 3.3x 3.2x 13.2x 13.0x
Aon plc $170.70 $40,968 $46,475 5% 6% 28% 4.1x 3.9x 14.8x 13.6x
Willis Towers Watson Public Limited Company $175.65 $22,677 $26,248 5% 4% 25% 2.9x 2.8x 11.9x 11.2x
Arthur J. Gallagher & Co. $78.10 $14,466 $17,469 9% 7% 17% 2.4x 2.2x 14.0x 12.3x
Brown & Brown, Inc. $29.51 $8,317 $9,372 16% 6% 30% 4.0x 3.8x 13.3x 12.5x
Goosehead Insurance, Inc $27.88 $403 $433 43% 40% 26% 7.1x 5.1x 27.5x 18.6x
Median 7% 6% 26% 3.7x 3.5x 13.7x 12.8x
Data & Analytics
RELX PLC $21.38 $41,721 $49,708 7% 4% 36% 4.9x 4.7x 13.6x 13.2x
Experian plc $27.07 $24,394 $27,824 4% 9% 34% 5.5x 5.1x 16.2x 14.5x
Verisk Analytics, Inc. $133.00 $21,747 $24,327 7% 7% 48% 9.5x 8.9x 19.8x 18.4x
Equifax Inc. $118.50 $14,382 $16,794 2% 6% 34% 4.8x 4.5x 14.3x 13.0x
TransUnion $66.84 $12,517 $16,362 11% 8% 39% 6.3x 5.8x 16.2x 14.6x
Fair Isaac Corporation $271.63 $7,897 $8,649 8% 7% NA 7.6x 7.0x NM NM
CoreLogic, Inc. $37.26 $2,985 $4,694 (7%) 2% 28% 2.8x 2.8x 10.1x 9.4x
LiveRamp Holdings, Inc. $54.57 $3,738 $2,192 (56%) 29% (12%) 6.4x 5.0x NM NM
Median 5% 7% 34% 5.9x 5.0x 15.2x 13.9x
($MM, except per share data)Stock Operating Metrics Trading Metrics
Price Equity Enterprise Revenue Growth EBITDA Margin EV / Revenue EV / EBITDA
Company 3/31/19 Value Value 19E/18A 20E/19E 19E 19E 20E 19E 20E
18Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
SELECTED PUBLIC COMPANY DETAIL
Insurance Software
Guidewire Software, Inc. $97.16 $7,910 $7,147 29% 10% 22% 10.8x 9.8x 49.3x 47.3x
Ebix, Inc. $49.37 $1,508 $2,065 21% 22% 34% 3.4x 2.8x 10.2x 8.6x
Sapiens International Corporation N.V. $15.28 $764 $778 10% 8% 17% 2.4x 2.3x 14.4x 12.9x
Majesco $7.05 $302 $301 NA 19% NA 1.9x 1.6x NM 30.1x
Median 21% 14% 22% 2.9x 2.5x 14.4x 21.5x
IT & BPO Services
Accenture plc $176.02 $112,271 $107,827 8% 7% 17% 2.5x 2.3x 14.7x 13.5x
Tata Consultancy Services Limited $28.89 $108,407 $101,909 12% 10% 26% 4.5x 4.1x 17.2x 15.6x
Infosys Limited $10.74 $46,547 $42,783 11% 8% 25% 3.4x 3.1x 13.5x 12.5x
Cognizant Technology Solutions Corporation $72.45 $41,666 $37,900 8% 8% 22% 2.2x 2.0x 10.1x 9.3x
DXC Technology Company $64.31 $17,253 $22,338 (5%) 2% 23% 1.1x 1.1x 4.7x 4.4x
HCL Technologies Limited $15.70 $21,287 $20,950 13% 11% 24% 2.2x 2.0x 9.4x 8.4x
CGI Inc. $68.74 $18,778 $20,124 6% 2% 19% 2.2x 2.2x 12.0x 11.8x
Wipro Limited $3.68 $22,082 $18,456 7% 2% 20% 2.1x 2.1x 10.3x 10.4x
Genpact Limited $35.18 $6,665 $7,602 12% 9% 17% 2.3x 2.1x 13.0x 11.7x
Capita plc $1.61 $2,675 $3,388 (2%) 2% 12% 0.7x 0.7x 5.9x 5.2x
WNS (Holdings) Limited $53.27 $2,662 $2,602 8% 9% 20% 3.1x 2.8x 15.1x 12.2x
Mphasis Limited $14.27 $2,658 $2,493 13% 15% 18% 2.1x 1.8x 11.5x 10.1x
Mindtree Limited $13.63 $2,239 $2,099 14% 11% 15% 1.9x 1.7x 12.6x 11.6x
ExlService Holdings, Inc. $60.02 $2,060 $2,065 12% 8% 17% 2.1x 1.9x 12.2x 10.9x
Virtusa Corporation $53.45 $1,599 $1,672 13% 13% 10% 1.2x 1.1x 12.9x 9.8x
Hexaware Technologies Limited $4.98 $1,484 $1,367 17% 13% 16% 1.7x 1.5x 11.0x 9.8x
CorVel Corporation $65.24 $1,216 $1,119 8% NA 12% 1.9x NM 15.8x NM
Crawford & Company $9.13 $490 $627 3% 3% 11% 0.6x 0.5x 5.0x 4.7x
Firstsource Solutions Limited $0.68 $469 $527 9% 7% 13% 0.9x 0.8x 6.7x 6.3x
Median 9% 8% 17% 2.1x 2.0x 12.0x 10.2x
Online Distribution
Moneysupermarket.com Group PLC $4.85 $2,599 $2,561 11% 6% 36% 5.1x 4.8x 14.1x 13.2x
eHealth, Inc. $62.34 $1,406 $1,397 20% 20% 10% 6.1x 5.1x 63.5x 32.8x
QuinStreet, Inc. $13.39 $667 $604 35% 17% 8% 1.5x 1.3x 17.7x 12.5x
GoCompare.com Group plc $1.00 $420 $506 7% 7% 25% 2.4x 2.3x 9.9x 7.9x
EverQuote, Inc. $7.44 $186 $145 28% 17% (4%) 0.9x 0.8x NM NM
iSelect Limited $0.48 $104 $88 (2%) 5% (3%) 0.5x 0.5x NM 4.1x
Median 15% 12% 9% 2.0x 1.8x 15.9x 12.5x
($MM, except per share data)Stock Operating Metrics Trading Metrics
Price Equity Enterprise Revenue Growth EBITDA Margin EV / Revenue EV / EBITDA
Company 3/31/19 Value Value 19E/18A 20E/19E 19E 19E 20E 19E 20E
19
NEW YORK
ZURICH
MILAN
FRANKFURT
MUNICH
TEL AVIVSAN FRANCISCO
LONDON
MANCHESTER
MUMBAI
OSAKA
SHANGHAI
SINGAPORE
TOKYO
NEW DELHI
NAGOYA
HO CHI MINH CITY
TAIPEI
Globally integrated
platform with 21
offices across
America, Asia and
Europe
Geographically balanced,
synergistic and complementary
sector focus areas
across the firm
Strong in key
growth sectors
such as Technology and Industrials
Strong cross-border
capabilities and
deal flow with 35%
of all transactions
cross-border
400+professionals
375+ deals closed in the last 3 years
PARISLEEDS
FUKUOKA
Global investment bank providing M&A and capital markets advisory services to growth companies and market leaders
GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
GCA operates as GCA in America and Asia, and GCA Altium in Europe.
20Notes:The above transactions represent a compilation of deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.
Payments
Insurance Technology Payments
Payments
Insurance TechnologyPayments Insurance TechnologyLiquidity Venues
Financial SaaS
Investment TechnologyInsurance Technology
Acquired by
Fairness Opinion to Clearent
Real Estate Tech Banking & Lending Tech
We Advised Vindicia
Acquired by
Insurance Technology
Financial Advisor
Growth Investment
Payments
Payments
We Advised Principal
Acquired
Investment Technology
We Advised Risk International
Sold majority stake to
Insurance Technology
We Advised CHX
Acquired by
Insurance Technology
Financial Advisor
Growth Investment Strategic Investment
We Advised ControlExpert
We Advised Edo
Acquired by
Sale of
Financial Advisor
to
We Advised Radius
Financing from
Sold
To
We Advised RGI Shareholders We Advised Skyslope
Majority sale toAcquired by
We Advised WorkMarket
Tender Offer for
Asahi Fire & MarineInsurance Co.
We Advised AsahiWe Advised BlackFin
Sold
to
We Advised Bexio
Acquired by
We Advised Liqid’s shareholder HQ TrustWe Advised QuoteWizard
Selected FinTech experience
GCA OVERVIEW
We Advised Silver Investment Partners
Payments
We advised GOQii
Insurance Technology
Insurance / Property Technology Transaction
Insurance TechnologyInsurance Technology
Acquired by Preferred Stock Investmentfrom
Financial AdvisorWe Advised AWL
Acquired by
Real Estate Tech Real Estate Tech
We Advised Capsilon
Growth Investmentfrom
We Advised Commissions Inc
Property Tech
We advised ATTOMWe advised Loanboox
Banking & Lending Tech
We advised Bowmark Capital
Financial SaaS
Received an investment from
Acquired byAcquiredPreferred Financing
fromAcquired byPreferred Financing Acquired
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