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CEO Monthly FinTech Market Analysis

Financial Technology Partners

555 Mission St., 23rd Floor

San Francisco, CA 94105

Tel: 415.512.8700

Steve McLaughlin

Managing Partner

Tel: 415.992.8880

[email protected]

October 2016

The Only Investment Bank

Focused Exclusively on Financial Technology

Highly Confidential and proprietary information. Unauthorized distribution without prior consent from Financial Technology Partners LP or FTP Securities LLC (together “FT Partners”) is strictly prohibited.

This communication should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product or service, nor is it an official confirmation of any transaction, or representative of an official position or

statement of Financial Technology Partners LP, FTP Securities LLC or any other related entity. FTP Securities LLC is a FINRA registered broker-dealer. © 2016

FT Partners Awarded

“Boutique Investment Bank of the Year”

“Deal of the Decade”

www.ftpartners.com

http://www.linkedin.com/in/stevemclaughlin2


http://twitter.com/ftpartners


mailto:[email protected]

http://www.ftpartners.com/


http://www.ftpartners.com/news/awards.cfm



2

FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the

global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of

transactions in the sector combined with over 13 years of exclusive focus on Financial Technology.

Please visit our website for more proprietary FinTech Research &

Follow FT Partners on Twitter and LinkedIn for real time updates on our Research Publications

FT Partners' 248-page report provides an in-depth look at the

major waves of innovation and disruption that are beginning to

radically alter the insurance industry.

Prepare for the InsurTech Wave: Overview

of Key Insurance Technology Trends

Additional highlights of the report include:

• An analysis of specific trends across: Insurance Distribution, Sales,

Marketing and Engagement, Data and Analytics and Insurance

Administration

• The responses of incumbents to date including the innovations,

investments, partnerships and acquisitions being made to stay ahead of the

game

• Proprietary InsurTech financing and M&A statistics and a comprehensive

list of transactions in the space

• A detailed industry landscape of InsurTech providers as well as other

innovative, tangential companies and profiles of 54 companies operating in

the InsurTech ecosystem

FT Partners’ Research – InsurTech Industry Report

Insurance Technology and Services Market Analysis



http://www.ftpartners.com/fintech-research

https://twitter.com/FTPartners

https://www.linkedin.com/in/stevemclaughlinftpartners

http://finte.ch/InsurTech_Report













3

FT Partners’ Monthly FinTech Sector Market Analysis Reports

Comprehensive Multi-Sector Focused Market Analysis Reports

FT Partners provides the broadest and most specialized coverage of FinTech with our comprehensive monthly sector-

specific reports. Our depth of research and insight is unmatched in the industry and these reports are widely recognized

and reviewed by top CEO’s and investors in the market. Please review them below or visit our site to subscribe directly.

Click any of the above to view the FinTech Sector Market Analysis

Securities / Capital

Markets Technology

Digital Wealth Management •

Trading Technology • Back-Middle

Office Technology • Brokers and E-

Brokerages • Big Data Analytics &

Data Management

Alternative

Lending

Online / Non-bank Lending •

Pawn / Asset Banked Lending •

Leasing • Mortgage Originators

• Loan Servicing • Other

Specialty Lending

Financial Management

Solutions

Enterprise Resource Management

• Accounting & Budgeting • HR /

Payroll • B2B & B2C Invoicing •

Receivables Management • Risk

Management

Payments / Cards,

Loyalty and

eCommerce Solutions

Card-Based Payments • Money

Transfer • Merchant Services •

POS • Gateways • eCommerce •

E-Rewards / Loyalty

Bank Technology /

Processing, Credit

Platforms and PFM

Enterprise Banking Tech • Core

Processors • Online / Mobile

Banking • Real Estate /

Mortgage Tech • Credit Scoring

• Lenders / Capital Providers

Insurance Technology

and Services

Financial Healthcare

Information Technology

and Services Benefits Administration • Health

Insurance Sales & Distribution •

Revenue Cycle Management &

Billing • Payer Payment Integrity •

Financial Data & Analytics

Financial BPO / IT

Services

Accounting • Finance • Staffing •

Document Management •

Collections • Call Center

Management Software

Claims Management • Billing &

Payment • Policy Administration •

Broker Agency Management • CRM

& Marketing, Software • Data /

Analytics • Online Distribution /

Platforms



http://www.ftpartners.com/contact/sector-newsletters

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4

Proven Track Record of Success Across FinTech

FT Partners’ FinTech Market Expertise



$ 369,000,000

for total consideration of approximately

in its cash sale to

Financial Technology Partners LP

FTP Securities LLC

is pleased to announce its exclusive role as

sole strategic and financial advisor to



$ 525,000,000for cash consideration of approximately

in its sale to


FTP Securities LLC





$ 325,000,000

for cash consideration of approximately

in its sale to


FTP Securities LLC





$ 300,000,000


In its acquisition of


FTP Securities LLC


sole debt capital advisor to



$ 650,000,000valuing the equity at approximately

in its


FTP Securities LLC



$177,000,000

Initial Public Offering

A$480,000,000

valuing the equity at approximately

in its





FTP Securities LLC





in its sale to


FTP Securities LLC



$ 100,000,000+

Bank of America Merrill Lynch

Deutsche Bank

GE Capital



$ 675,000,000

in its debt financing co-led by


FTP Securities LLC



totaling



in its approximately 60% majority sale to


FTP Securities LLC



$ 900,000,000

for aggregate consideration of approx.




FTP Securities LLC

is pleased to announce its role as

strategic and financial advisor to

in its cash sale to

$1,650,000,000





FTP Securities LLC



in its cash sale to

from

$1,500,000,000




FTP Securities LLC



$ 1,300,000,000

valued at approximately

in its recapitalization by




FTP Securities LLC



$ 1,200,000,000

in its

valuing the equity at approximately

$138,000,000





FTP Securities LLC



$ 238,000,000

of approximately

in its recapitalization by




FTP Securities LLC



in its sale to

$200,000,000



in its growth investment by


FTP Securities LLC

is pleased to announce its exclusive role as sole


for a total valuation of nearly



in its minority investment from


FTP Securities LLC

is pleased to announce its

exclusive role as financial advisor to

$ 50,000,000

for total consideration of




FTP Securities LLC



$ 4,500,000,000

in its sale to








5

FT Partners’ FinTech Market Expertise

FT Partners has Significant Experience Advising Large Financing Rounds and “Unicorns”

Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds

Note: FT Partners represented investors in Dynamics (CIBC) and Credit Karma (Google Capital); some transactions include a combination of equity and smaller amount of debt financing.

FT Partners has

a history of

advising on

some of the

largest financing

transactions in

the FinTech

space

Representing

numerous

FinTech

“Unicorns”

above $1 billion

valuations

$420,000,000+

300,000,000+

250,000,000

238,000,000

235,000,000

150,000,000+

135,000,000

110,000,000+

100,000,000

85,000,000

75,000,000

60,000,000

50,000,000





6

GreenSky’s $50 Million Financing

FT Partners Advises GreenSky on its $50,000,000 Minority Investment

Transaction Overview and Rationale

Financial Technology Partners LPFTP Securities LLC






Overview of Transaction

■ On September 14, 2016, GreenSky announced a minority $50 million

financing round from Fifth Third Bancorp, bringing the total capital raised by

FT Partners for GreenSky to $350 million

■ GreenSky provides an online loan platform that allows businesses to offer

flexible credit programs to their customers – promoting higher transaction

values and driving sales growth

■ Feature story in the Wall Street Journal highlighting this strategic

fundraising and the $3.6 billion valuation ascribed to Greensky in this most

recent round

Significance of Transaction

■ In addition to the financing, GreenSky and Fifth Third announced a

strategic agreement, which enables Fifth Third to originate loans and offer

financing solutions to consumers through GreenSky's existing merchant

network

■ Fifth Third anticipates financing $2 billion in loans originated through

GreenSky's system over time

■ This transaction positions GreenSky to remain a leader in the Alternative

Lending space and enables the company to continue to innovate and bring

additional products to market

FT Partners’ Role

■ FT Partners served as exclusive strategic and financial advisor to

GreenSky and its Board of Directors

■ FT Partners leveraged its deep knowledge, extensive experience and

broad industry relationships to help achieve another highly favorable

outcome for the Company

■ This transaction demonstrates FT Partners' continued success advising

top-tier financial technology companies

■ FT Partners also advised GreenSky on its previous $300 million financing

round from TPG, DST, Iconiq and Wellington Management in October 2014


$ 50,000,000



http://www.ftpartners.com/news/greensky-fifth-third-bank

http://www.ftpartners.com/transactions/greensky



7









■ On September 21, 2016 Nav announced a minority $25 mm Series B equity

financing round

■ The round was led by Experian with participation from existing investors

including Kleiner Perkins Caufield & Byers and Crosslink Capital

■ Nav and Experian also announced a strategic partnership to provide SMBs

greater transparency into their business and personal credit data, along

with instant access to their most-qualified financing options

■ Nav enables SMBs to manage their entire credit and financial profile and

provides access to financing and business services through its marketplace

offerings

■ Experian is a leading global information services company, providing data

and analytical tools to help businesses manage credit risk, prevent fraud

and automate decision making


■ The transaction capitalizes on Nav's strong growth and traction and firmly

positions the Company to expand its marketplace offerings and continue to

disrupt the credit and financing space

■ The strategic partnership allows Nav to combine Experian's deep levels of

data on consumers and businesses with its industry leading platform,

empowering SMBs with technology to improve their credit and streamline

access to funding

FT Partners’ Role

■ FT Partners served as exclusive strategic and financial advisor to Nav and

its Board of Directors

■ Transaction demonstrates FT Partners' continued success advising on

financings for leading, world class Financial Technology companies


$ 25,000,000

FT Partners Advises Nav on its $25 mm Minority Financing

Nav’s $25 Million Financing





http://www.ftpartners.com/transactions/nav

http://www.ftpartners.com/transactions/nav

8

Palamon Capital and Corsair Capital Acquire Currencies Direct

FT Partners Advises on $310,000,000+ Sale of Currencies Direct








On August 11, 2015 Currencies Direct Holdings Ltd (“CDH” or the “Company”) announced its sale for $310+mm to a buyer consortium formed by Corsair Capital and Palamon Capital Partners

– Prior to the transaction, CDH was owned by the Azibo Group

Headquartered in London, CDH is a leading, privately-owned, non-bank provider of non-cash foreign exchange and payments solutions to private and corporate clients

– Comprehensive international payment offering is available to clients both online and offline

Corsair Capital and Palamon Capital Partners are leading, global private equity firms focused on financial services and European growth services, respectively

The transaction is expected to close by the end of calendar year 2015 and is subject to applicable regulatory approvals and other conditions


Enables CDH to continue to accelerate its growth strategy in the international payments market

Combined resources and expertise of CDH and the buyer consortium group position the Company extraordinarily well to further its leadership in the marketplace

FT Partners’ Role

FT Partners served as exclusive strategic and financial advisor to Currencies Direct and its Board

Developed extensive marketing materials and financial analyses to highlight the unique aspects of the business, and led all aspects of transaction execution

Transaction highlights FT Partners’ continued success advising leading companies and generating highly successful outcomes in the international payments space


in its sale to

$ 310,000,000+



http://www.ftpartners.com/transactions/currencies

http://www.ftpartners.com/transactions/currencies

9


■ On September 14, 2015, AvidXchange announced a minority $235mm

Series E financing round

■ Bain Capital Ventures led the equity round with additional investments

from the Foundry Group, TPG, KeyBank, and Nyca Partners

■ As part of this financing, Matt Harris of Bain Capital Ventures, Hans Morris

of Nyca Partners, and Brad Feld of the Foundry Group will be joining

AvidXchange’s Board of Directors

■ AvidXchange is a best-in-class business-to-business software company

that is revolutionizing how companies pay their bills by automating the

invoice and payment processes

■ The Company focuses on serving midmarket clients and spans multiple

industries including Real Estate, Financial Services, Energy and

Construction


■ The transaction will further help AvidXchange expand as the leading

independent business-to-business invoice and payment solution provider

■ Firmly positions the Company to continue to grow the core business, invest

in infrastructure and product development and pursue opportunistic

acquisitions

FT Partners’ Role

■ FT Partners served as exclusive strategic and financial advisor to

AvidXchange and its Board of Directors

■ FT Partners leveraged its deep knowledge, extensive experience and

broad industry relationships to help achieve a highly favorable outcome for

the Company

■ Transaction demonstrates FT Partners’ continued success advising

$100mm+ financings




AvidXchange’s $235 Million Financing

FT Partners Advises AvidXchange on its $235,000,000 Minority Financing




in its Series E minority financing from


$ 235,000,000



http://www.ftpartners.com/transactions/avidxchange225

http://www.ftpartners.com/transactions/avidxchange225

10






in its cash sale to


$1,650,000,000

Mercury Sale to Vantiv for $1.65 Billion

FT Partners Advises on Strategic Sale of Mercury for $1,650,000,000 bn in Cash to Vantiv



■ Mercury announced its sale to Vantiv for $1.65 billion in cash on May 12,

2014

■ Vantiv will fund the acquisition with committed financing, the transaction is

expected to close in the second quarter of 2014

■ This transaction is Vantiv’s largest acquisition to-date (~5x larger than its

acquisition of Litle) and one of the largest strategic merchant acquiring

M&A transactions consummated in over a decade


■ Vantiv’s acquisition of Mercury accelerates the Company’s growth in the

integrated payment space by significantly expanding distribution channels

and technology capabilities

■ Expands Vantiv’s reach into the SMB segment through Mercury’s

distribution network, complementary verticals and ability to design

integrated, value-added POS innovations

■ Enhances Vantiv’s competitive position in the payments sector broadly on

the basis of technology differentiation, leading processing scale and omni-

channel presence while increasing penetration into high growth channels

■ Expected to add one to two percentage points to Vantiv’s net revenue

growth per year while being modestly accretive to Vantiv’s non-GAAP

earnings per share in 2014 with accelerating accretion in 2015

FT Partners’ Role

■ FT Partners served as advisor to Mercury

■ FT Partners was also Mercury’s advisor in the Company’s 60% sale to

Silver Lake in April of 2010 at a $700mm valuation



http://www.ftpartners.com/transactions/vantiv

http://www.ftpartners.com/transactions/vantiv

11

Heartland’s $4.5 Billion Sale to Global Payments

FT Partners Advises Heartland Payment Systems on its $4,500,000,000 Sale





■ FT Partners served as strategic and financial advisor to

Heartland Payment Systems (NYSE: HPY) in its landmark $4.5

billion sale to Global Payments (NYSE: GPN) for a

combination of cash and stock

■ Global Payments acquired Heartland for $100 per share,

representing a total transaction value of approximately $4.5 billion

at closing

■ Consideration for the transaction consisted of 0.6687 shares of

Global Payments stock and $53.28 for each share of Heartland

stock at closing

■ This transaction creates the leading global provider of integrated

payments technology solutions

■ This deal represents the largest U.S. strategic merchant acquiring

acquisition in over a decade

■ Also represents the single largest U.S. strategic payment

processing deal in the last 8 years

■ This transaction underscores FT Partners' continued leadership

position as "advisor of choice" to the highest-quality companies in

the FinTech space

in its sale to



$ 4,500,000,000for total consideration of



http://www.ftpartners.com/transactions/heartland

http://www.ftpartners.com/transactions/heartland

12

9.7x

10.5x

11.8x

12.5x

13.4x

13.5x

15.6x

16.7x

16.9x

16.9x

17.1x

17.9x

18.4x

18.9x

21.3x

21.8x

22.1x

22.5x

24.0x

24.8x

25.0x

26.1x

26.4x

28.2x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x

BDC / Public Investment Vehicles

Payments - POS Devices / Solutions

Selected Diversified FIs

Payments - Prepaid / Money Transfer

Specialty Finance / Consumer Lending

Trust and Services Focused FIs

Payments - Processing / Outsourcing

eBrokerage / eFinance

Outsourced Processing Solutions - Offshore…

Outsourced Processing Solutions -…

Outsourced Processing Solutions - IT…

Healthcare Solutions

Alternative Trading Systems and Market Makers

Lending / Mortgage / Real Estate Solutions

Banking Solutions

Global Securities Exchanges

Outsourced Financial Solutions Providers

Payments - Software / Hardware

Insurance Solutions

Payments - Networks / Acquiring

Large Diversified Financial Information…

Capital Markets Focused Information Providers

Payroll / HR / Benefits Solutions

Trading Software / Solutions

9.0x

9.7x

10.7x

13.0x

10.3x

12.3x

13.7x

16.8x

15.2x

16.2x

15.6x

19.4x

19.0x

20.1x

18.8x

19.7x

19.2x

26.5x

22.1x

21.4x

22.5x

23.6x

24.1x

26.3x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x

Median Price / Earnings Multiples by FT Sector

2016E Price / Earnings Multiples 2017E Price / Earnings Multiples

Source: Wall Street Research, Reuters and Capital IQ.

Note: Prices updated as of September 30, 2016.

Public FinTech Sector Universe



13

YTD YTD PE Multiples YTD YTD PE Multiples YTD YTD PE Multiples

Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E

3.9 % Global Securities Exchanges (1.9)% Selected Diversified FIs (12.6)% Healthcare Solutions

Hong Kong Exchanges & Clearing 3 % 40.3 x 34.8 x Barclays (23)% 16.2 x 9.4 x Cerner 3 % 26.2 x 23.0 x

CBOE (0) 26.9 24.0 Raymond James Financial 0 15.3 13.7 Allscripts-Misys Healthcare (14) 22.2 18.8

London Stock Exchange 2 24.0 20.1 Greenhill & Co. (18) 15.2 15.7 TriNet 12 18.6 15.6

CME Group 15 23.8 22.1 Federated Investors 3 15.0 14.2 eHealth 12 17.2 20.0

Singapore Exchange (4) 22.5 19.9 AIG (4) 14.7 10.7 Computer P&S (48) 12.3 10.5

BATS Global Markets na 21.9 19.7 JMP Group 1 13.8 10.6 Express Scripts (19) 11.1 10.3

Australian Stock Exchange 13 21.8 20.9 U.S. Bancorp 1 13.3 12.6 Accretive Health (24) nm nm

Intercontinental Exchange 5 19.5 17.4 UBS (32) 12.8 10.5 athenahealth (22) nm nm

NASDAQ OMX 16 18.2 16.0 Morgan Stanley 1 12.8 10.7 Castlight Health (3) nm nm

BM&F Bovespa 55 16.7 15.1 Lazard (19) 12.5 11.4 CorVel (13) na na

Deutsche Böerse (15) 15.9 14.5 Bank of America (7) 12.4 10.1 HealthEquity 28 nm nm

Euronext (20) 14.6 13.8 J.P. Morgan Chase 1 11.8 10.8 Medidata 13 nm 44.9

Bolsas y Mercados Espanoles (15) 13.4 13.8 American Express (8) 11.8 11.5 Quality Systems (30) nm 25.2

Bank of Montreal 10 11.8 11.1

(8.5)% Alternative Trading Systems and Market Makers Toronto Dominion 7 11.7 11.2 25.2 % Insurance Solutions

Interactive Brokers Group (19)% 22.4 x 22.2 x Royal Bank of Canada 10 11.5 11.2 Verisk Analytics 6 % 27.1 x 24.4 x

ICAP (9) 18.4 15.9 Goldman Sachs (11) 11.3 9.4 Sapiens 25 26.3 23.3

Virtu Financial (34) 14.9 12.6 Wells Fargo (19) 11.1 10.7 Ebix 73 21.7 20.8

ITG 1 nm 32.5 Synchrony Financial (8) 10.7 9.4 Crawford & Company 114 16.5 13.8

VIEL et Cie 3 na na Citigroup (9) 10.1 9.2 Guidewire Software (0) nm nm

CIBC 12 10.1 10.0

14.0 % Banking Solutions Discover Financial Services 5 9.9 9.3 (3.9)% Outsourced Financial Solutions Providers

Temenos Group 18 % 30.0 x 26.3 x HSBC 8 9.7 9.1 Envestnet 22 % 36.6 x 25.6 x

Jack Henry & Associates 10 28.8 26.7 FBR & Co (33) nm 32.3 Financial Engines (12) 27.1 22.9

Intuit 14 28.4 24.4 Broadridge Financial Solutions 26 24.1 20.3

Sage Group 22 26.6 23.0 (2.9)% eBrokerage / eFinance SEI Investments (13) 23.7 20.1

Fiserv 9 22.4 20.0 Charles Schwab (4)% 25.1 x 21.3 x DST Systems 3 20.5 16.9

Fidelity National Information Services 27 20.2 17.5 TD Ameritrade 2 22.7 19.9 Computershare (11) 19.1 18.4

EPIQ 26 18.5 16.5 E*TRADE Financial (2) 17.2 16.8 CETIP 15 17.9 15.9

H&R Block (31) 15.2 13.2 Matsui Securities (26) 16.2 15.6 LPL Financial (30) 15.9 15.6

De La Rue 34 14.2 13.7 BofI Holdings 6 11.3 9.9

Polaris Consulting & Services (24) 12.8 9.4 Gain Capital (24) 7.1 6.9 20.0 % Trading Software / Solutions

Q2 Holdings 9 nm nm FXCM (48) na na SimCorp (1)% 40.6 x 37.5 x

MarketAxess 48 nm 44.1 First Derivatives 31 37.9 32.3

27.4 % Large Diversified Financial Information Providers StatPro Group 44 37.4 30.0

Acxiom 27 % 44.5 x 38.3 x 11.1 % Capital Markets Focused Information Providers Fidessa 20 28.2 26.3

Forrester 37 32.2 26.9 Fimalac 31 % 46.5 x 44.3 x IRESS Market Technology 18 25.3 22.0

Gartner (2) 31.5 27.9 MSCI 16 28.8 24.2 SS&C Technologies (6) 19.9 16.6

Fair Isaac 32 26.2 22.7 Thomson Reuters 4 26.8 23.6 Linedata Services 36 13.7 13.2

Equifax 21 25.0 22.5 Morningstar (1) 26.1 23.7

TransUnion 25 24.9 22.4 FactSet (0) 23.9 22.5

Reed Elsevier 22 21.0 19.2 Moody's 8 23.6 21.0

Dun & Bradstreet 31 18.5 17.5 IHS Markit 24 21.4 18.4

Experian 29 17.1 15.5 Value Line 14 na na


2016E and 2017E Price / Earnings Multiples


Note: Prices updated as of September 30, 2016. YTD change for the group represents the median YTD change of all companies within each group; nm signifies negative value or value of >50.



14

YTD YTD PE Multiples YTD YTD PE Multiples YTD YTD PE Multiples

Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E

5.3 % Payments - Software / Hardware 5.6 % Payments - Networks / Acquiring 7.5 % Lending / Mortgage / Real Estate Solutions

ACI Worldwide (9)% 35.7 x 30.0 x Visa 7 % 28.7 x 23.8 x Black Knight Financial Services 24 % 35.6 x 31.2 x

NIC 19 33.0 30.9 Mastercard 5 28.1 24.3 LendingTree 9 30.9 24.5

Pegasystems 7 32.2 26.9 Worldline 13 26.8 23.7 Stewart Information Services 19 18.9 14.5

Mitek 102 32.1 26.7 Worldpay (4) 24.8 22.7 NetSol Technologies (19) 17.4 9.9

Diebold (18) 25.3 13.6 Global Payments 19 24.8 20.1 CoreLogic 16 17.2 15.7

Microgen 74 19.8 18.4 Planet Payment 22 23.2 17.1 Fidelity National Financial 6 15.0 13.9

Bottomline Technologies (22) 15.3 26.5 Vantiv 19 21.2 18.6 CoStar Group 5 nm 39.3

Gemalto 3 14.6 12.3 Total System Services (5) 16.8 14.8 Ellie Mae 75 nm nm

Cardtronics 33 13.7 14.5 First Data (18) 10.0 8.7 Reis (14) nm 33.0

Everi Holdings (44) 3.7 3.2 CardConnect Corp na nm 31.9 Ocwen Financial (47) nm nm

Shopify 66 nm nm Square (11) nm nm Zillow 48 na na

Tyler Technologies (2) nm 43.4

13.2 % Payments - Prepaid / Money Transfer

(28.7)% Payments - POS Devices / Solutions Euronet Worldwide 13 % 20.1 x 17.8 x 6.2 % Specialty Finance / Consumer Lending

Ingenico (33)% 18.2 x 16.0 x Green Dot 40 16.2 13.4 EZCorp 122 % 39.5 x na

NCR 32 10.9 9.9 Western Union 16 12.5 12.0 Cash America (1) 21.5 19.0

Verifone (44) 10.1 9.6 Blackhawk Network (32) 11.7 13.0 First Cash Financial Services 26 20.5 16.7

PAX Global Technology (29) 9.7 8.4 Moneygram International 13 9.0 7.0 Provident Financial (10) 17.7 16.7

PAR Technology (20) na na America's Car-Mart 36 15.3 12.6

13.2 % Payments - Processing / Outsourcing Aaron's 14 11.5 10.3

(3.3)% Outsourced Processing Solutions - IT Outsourcing / Consulting PayPal 13 % 27.4 x 23.7 x One Main (fka Springleaf) (25) 7.3 5.4

Accenture 17 % 22.0 x 20.1 x FleetCor Technologies 22 25.3 21.4 World Acceptance 32 5.9 7.6

Computer Sciences Corporation 60 20.7 15.8 WEX 22 25.1 20.7 Encore Capital Group (23) 4.4 4.1

Tata Consultancy Services (0) 18.5 17.1 OzForex (42) 18.4 14.6 Atlanticus Holdings (6) na na

CGI Group 13 17.5 16.4 PayPoint 12 16.8 15.7 LendingClub (44) nm nm

Infosys Technologies (6) 16.6 15.4 Paysafe 20 14.5 12.9 OnDeck (45) nm nm

HCL Technologies (7) 14.3 13.3 Deluxe 23 13.6 12.8

Cognizant (21) 14.2 13.0 Alliance Data Systems (22) 12.7 11.3

Wipro (15) 13.7 12.7 EVERTEC 0 10.1 9.7 8.8 % BDC / Public Investment Vehicles

Net 1 Ueps Technologies (37) 5.0 4.8 American Capital Strategies 23 % 18.4 x 26.4 x

(4.0)% Outsourced Processing Solutions - Offshore BPO Quotient Technology / Coupons.com 95 nm nm Ares Capital 9 10.3 9.6

WNS Holdings (4)% 26.7 x 27.0 x Gladstone Capital 11 9.7 na

Exlservice Holdings 11 21.5 19.0 12.4 % Payroll / HR / Benefits Solutions Apollo 11 8.2 8.4

Genpact (4) 16.9 15.2 WageWorks 34 % 43.6 x 36.6 x Fortress Investment Group (3) 6.5 5.8

Mphasis 5 13.9 12.3 Paychex 9 27.2 25.1 Capital Southwest 6 na na

Firstsource Solutions (6) 9.1 7.7 Automatic Data Processing 4 25.6 23.1 Harris & Harris (37) na na

Cornerstone OnDemand 33 nm nm

10.1 % Outsourced Processing Solutions - Specialized BPO Paycom 33 nm nm

Vasco Data Security 5 % 29.1 x 20.5 x Paylocity 10 nm nm

Oracle Financial Services Software (14) 20.7 18.1 The Ultimate Software Group 5 nm nm

Teletech Holdings 4 18.0 16.2 Workday 15 nm nm

Convergys 22 15.9 14.6

CSG Systems International 15 15.7 15.3 (0.7)% Trust and Services Focused FIs

Portfolio Recovery Associates (0) 11.0 9.4 UMB Financial 28 % 19.2 x 17.4 x

Performant Financial Corporation 65 nm nm Northern Trust (6) 16.0 14.9

PRGX Global 27 nm 20.5 State Street 5 13.8 12.6

Bank of New York Mellon (3) 13.2 11.9

PNC Financial (5) 12.8 12.0

Fifth Third Bancorp 2 12.2 12.0


2016E and 2017E Price / Earnings Multiples


Note: Prices updated as of September 30, 2016. YTD change for the group represents the median YTD change of all companies within each group; nm signifies negative value or value of >50.



15

Aggregate Multiples Growth Rates Margins

% LTM Mkt Cap EV Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G

Comparable FT Industry Segment High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E

Selected Diversified FIs 88 % $ 1,586,313 $ 4,247,297 11.8 x 10.7 x na na na na 0 % 4 % 7 % na na 1.8 x

Payments - Networks / Acquiring 92 363,459 406,780 24.8 21.4 13.3 11.8 4.8 4.6 14 15 16 32 33 1.5

Trust and Services Focused FIs 92 148,817 265,446 13.5 12.3 na na na na 1 5 8 na na 1.5

Outsourced Processing Solutions - IT Outsourcing / Consulting 84 269,839 260,253 17.1 15.6 10.9 10.4 2.1 2.0 8 8 12 21 21 1.2

Global Securities Exchanges 92 174,455 173,181 21.8 19.7 13.9 12.5 8.0 7.6 4 7 8 62 63 2.2

Banking Solutions 94 106,510 122,916 21.3 18.8 12.8 12.1 4.8 4.5 8 6 12 30 29 1.8

Capital Markets Focused Information Providers 93 90,158 102,268 26.1 23.6 15.0 14.0 5.9 5.6 2 6 13 36 36 2.1

Large Diversified Financial Information Providers 97 84,173 101,210 25.0 22.5 14.4 12.8 3.7 3.6 5 6 13 29 30 2.1

Healthcare Solutions 77 83,458 99,745 17.9 19.4 11.9 10.5 2.2 2.0 11 10 18 18 19 1.2

Payroll / HR / Benefits Solutions 93 98,424 94,399 26.4 24.1 16.7 16.2 6.7 6.2 25 22 20 22 19 2.6

eBrokerage / eFinance 82 79,056 83,224 16.7 16.8 11.8 10.9 5.5 5.1 17 9 18 46 45 1.2

Payments - Processing / Outsourcing 95 91,976 78,830 15.6 13.7 11.8 10.2 3.7 3.2 10 11 13 28 30 1.6

Lending / Mortgage / Real Estate Solutions 91 38,281 50,667 18.9 20.1 14.0 13.0 4.5 5.3 14 9 14 22 25 2.0

Specialty Finance / Consumer Lending 82 18,068 37,536 13.4 10.3 10.6 7.9 2.3 2.3 4 9 11 13 16 1.2

Outsourced Financial Solutions Providers 87 33,661 36,176 22.1 19.2 13.0 11.2 3.3 3.0 6 11 14 24 25 1.8

Payments - Software / Hardware 90 27,776 31,955 22.5 26.5 12.3 11.8 2.9 2.7 13 7 18 23 24 1.0

Insurance Solutions 93 22,076 23,808 24.0 22.1 18.2 15.5 6.9 6.3 11 9 12 18 23 2.1

Payments - Prepaid / Money Transfer 94 17,909 21,023 12.5 13.0 9.2 7.9 1.5 1.4 7 7 14 18 19 1.3

Payments - POS Devices / Solutions 64 12,043 16,850 10.5 9.7 7.8 7.7 1.3 1.3 2 6 14 18 19 1.2

BDC / Public Investment Vehicles 89 11,536 16,395 9.7 9.0 na na 7.6 7.5 (12) 2 5 na na 2.1

Trading Software / Solutions 94 12,888 15,473 28.2 26.3 16.6 14.7 4.5 3.9 13 5 14 24 25 1.6

Alternative Trading Systems and Market Makers 79 9,447 14,166 18.4 19.0 9.0 7.1 3.3 3.2 (11) 7 14 38 65 1.4

Outsourced Processing Solutions - Specialized BPO 84 12,287 13,719 16.9 16.2 8.3 8.6 1.5 1.5 (2) 5 13 15 17 1.5

Outsourced Processing Solutions - Offshore BPO 84 10,295 10,056 16.9 15.2 10.5 10.8 2.1 1.9 9 9 14 17 17 1.3

Median 91 % 18.2 x 18.9 x 12.3 x 11.2 x 3.7 x 3.4 x 7 % 7 % 13 % 23 % 25 % 1.6 x

Mean 88 18.8 17.7 12.5 11.3 4.0 3.8 7 8 13 26 29 1.6

Common Stock Comparison – Summary Analysis






16

Market Enterprise Multiples Growth Rates Margins

Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G

Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E

Global Securities Exchanges

Intercontinental Exchange $ 269.36 (5)% 94 % $ 32,166 $ 38,353 19.5 x 17.4 x 13.7 x 12.7 x 8.5 x 8.1 x 35 % 5 % 14 % 62 % 64 % 1.4 x

CME Group 104.52 (4) 95 35,607 36,596 23.8 22.1 14.8 13.8 10.3 9.7 7 6 12 70 71 1.9

Hong Kong Exchanges & Clearing 26.27 7 93 31,900 19,468 40.3 34.8 18.8 16.5 13.3 11.9 (16) 12 na 71 72 na

Deutsche Böerse 77.51 (5) 81 14,473 15,822 15.9 14.5 10.7 9.7 5.8 5.5 2 7 6 55 56 2.6

NASDAQ OMX 67.54 (6) 94 11,258 14,559 18.2 16.0 12.6 11.6 6.4 5.9 10 8 10 51 51 1.8

London Stock Exchange 37.22 2 95 13,213 13,889 24.0 20.1 13.9 12.3 6.8 6.2 (35) 8 18 49 51 1.3

BM&F Bovespa 5.21 (3) 82 9,378 9,352 16.7 15.1 15.7 13.6 13.0 11.8 5 10 na 68 70 na

Australian Stock Exchange 36.35 (6) 92 7,031 6,342 21.8 20.9 14.7 14.0 11.2 10.7 4 5 5 76 77 4.7

CBOE 64.85 (6) 89 5,271 5,232 26.9 24.0 14.6 12.5 8.0 7.6 4 7 11 55 61 2.4

Singapore Exchange 5.45 (2) 92 5,832 5,194 22.5 19.9 15.5 14.6 8.8 8.2 3 6 2 57 56 nm

BATS Global Markets 29.75 21 90 2,907 3,358 21.9 19.7 12.2 11.4 7.7 7.2 13 7 na 63 63 na

Euronext 42.51 (0) 78 2,954 2,905 14.6 13.8 9.2 8.7 5.1 4.9 (1) 4 5 56 57 3.2

Bolsas y Mercados Espanoles 29.60 (6) 74 2,465 2,111 13.4 13.8 8.5 8.6 5.8 5.8 (5) (1) (4) 68 68 nm

Median (4)% 92 % 21.8 x 19.7 x 13.9 x 12.5 x 8.0 x 7.6 x 4 % 7 % 8 % 62 % 63 % 2.2 x

Mean (1) 88 21.5 19.4 13.4 12.3 8.5 8.0 2 6 8 62 63 2.4

Alternative Trading Systems and Market Makers

Interactive Brokers Group $ 35.27 0 % 79 % $ 2,373 $ 5,715 22.4 x 22.2 x 5.4 x 5.3 x 3.7 x 3.5 x 30 % 5 % 16 % 68 % 66 % 1.4 x

ICAP 6.20 (3) 90 4,008 4,651 18.4 15.9 18.7 14.1 2.9 2.8 (5) 2 13 % 15 na 1.5 x

Virtu Financial 14.97 (9) 58 2,203 2,466 14.9 12.6 9.5 7.9 5.8 5.2 (17) 12 na 61 65 na

VIEL et Cie 4.03 1 94 300 830 na na na na na na na na na na na na

ITG 17.14 12 75 564 504 nm 32.5 8.5 6.2 1.1 1.0 (25) 10 na 13 16 na

Median 0 % 79 % 18.4 x 19.0 x 9.0 x 7.1 x 3.3 x 3.2 x (11)% 7 % 14 % 38 % 65 % 1.4 x

Mean 0 79 18.6 20.8 10.5 8.4 3.3 3.1 (4) 7 14 39 49 1.4

Common Stock Comparison

Global Securities Exchanges and ATS / Market Makers


Note: nm signifies negative value or value of >50.

(1) On February 23, 2016, The London Stock Exchange and Deutsche Boerse announced that they have agreed to merge; the transaction is expected to close in the first half of 2017.

(2) On September 26, 2016, CBOE announced the acquisition of Bats Global Markets for $3.2 bn; the transaction is expected to close in the first half of 2017.

(1)

(1)

(2)



17




Outsourced Financial Solutions Providers

Broadridge Financial Solutions $ 67.79 (3)% 94 % $ 8,267 $ 8,561 24.1 x 20.3 x 12.9 x 11.1 x 2.5 x 2.0 x 26 % 22 % 13 % 19 % 18 % 1.9 x

SEI Investments 45.61 (0) 83 7,661 6,602 23.7 20.1 13.3 11.5 4.7 4.3 4 10 14 36 38 1.7

Computershare 7.79 3 86 4,260 5,263 19.1 18.4 13.0 13.0 3.4 3.2 3 7 6 26 25 3.0

DST Systems 117.92 (3) 92 3,875 4,535 20.5 16.9 11.8 10.7 2.7 2.7 (23) (2) 10 23 25 2.0

LPL Financial 29.91 2 62 2,664 4,085 15.9 15.6 8.3 8.2 1.0 1.0 (6) 0 15 12 12 1.1

CETIP 13.24 (1) 97 3,467 3,510 17.9 15.9 12.6 10.9 8.9 7.9 8 13 13 70 72 1.3

Envestnet 36.45 (9) 88 1,632 1,884 36.6 25.6 18.8 13.9 3.2 2.7 38 18 20 17 20 1.8

Financial Engines 29.71 (7) 74 1,836 1,734 27.1 22.9 13.3 11.2 4.1 3.6 35 15 x 25 31 32 1.1

Median (2)% 87 % 22.1 x 19.2 x 13.0 x 11.2 x 3.3 x 3.0 x 6 % 11 % 14 % 24 % 25 % 1.8 x

Mean (2) 85 23.1 19.5 13.0 11.3 3.8 3.4 11 10 15 29 30 1.7

Trading Software / Solutions

SS&C Technologies $ 32.15 (4)% 83 % $ 6,785 $ 9,290 19.9 x 16.6 x 14.7 x 12.9 x 6.2 x 5.6 x 46 % 9 % 15 % 42 % 44 % 1.3 x

SimCorp 57.90 8 95 2,328 2,329 40.6 37.5 29.5 27.8 7.1 6.8 5 5 na 24 24 na

IRESS Market Technology 8.91 (5) 94 1,417 1,538 25.3 22.0 17.1 15.2 5.2 4.7 11 11 13 30 31 1.9

Fidessa 31.95 (5) 90 1,223 1,134 28.2 26.3 10.9 10.3 2.6 2.5 13 3 na 24 25 na

First Derivatives 26.19 (3) 93 677 697 37.9 32.3 20.6 18.6 4.5 3.9 41 14 na 22 21 na

Linedata Services 50.00 18 97 362 376 13.7 13.2 6.7 6.6 2.0 1.9 1 2 na 29 29 na

StatPro Group 1.48 9 96 97 109 37.4 30.0 16.6 14.7 2.3 2.2 17 4 na 14 15 na

Median (3)% 94 % 28.2 x 26.3 x 16.6 x 14.7 x 4.5 x 3.9 x 13 % 5 %na 14 % 24 % 25 % 1.6 x

Mean 3 93 29.0 25.4 16.6 15.1 4.3 4.0 19 7 14 26 27 1.6


Outsourced Financial Solutions Providers and Trading Software / Solutions





18

Banking Solutions and eBrokerage / eFinance







Banking Solutions

Fidelity National Information Services $ 77.03 (3)% 94 % $ 25,721 $ 36,196 20.2 x 17.5 x 12.3 x 11.4 x 3.8 x 3.6 x 43 % 5 % 12 % 31 % 32 % 1.7 x

Intuit 110.01 (2) 94 28,555 28,475 28.4 24.4 16.3 14.0 5.9 5.5 15 9 16 36 39 1.8

Fiserv 99.47 (4) 89 22,376 26,667 22.4 20.0 13.9 12.9 4.8 4.5 6 6 12 34 35 1.9

Sage Group 9.61 1 99 10,340 10,693 26.6 23.0 17.8 16.0 5.3 4.7 12 13 13 30 29 2.0

Jack Henry & Associates 85.55 (3) 95 6,722 6,652 28.8 26.7 13.2 12.9 4.8 4.6 7 5 11 36 36 2.6

H&R Block 23.15 7 62 5,081 5,849 15.2 13.2 7.0 6.9 1.9 1.9 (1) 1 10 28 28 1.6

Temenos Group 63.12 6 98 4,819 5,114 30.0 26.3 21.0 18.5 8.0 7.3 14 10 16 38 40 1.8

Q2 Holdings 28.66 1 93 1,225 1,129 nm nm nm nm 7.6 5.9 37 28 na (3) 4 na

EPIQ 16.49 0 99 633 1,012 18.5 16.5 8.9 8.4 1.9 1.8 6 6 10 21 21 1.9

De La Rue 7.75 (2) 92 793 940 14.2 13.7 8.0 7.6 1.5 1.5 (3) 0 na 19 20 na

Polaris Consulting & Services 2.40 (12) 74 246 190 12.8 9.4 5.1 5.1 0.6 0.6 8 0 na 12 12 na

Median (2)% 94 % 21.3 x 18.8 x 12.8 x 12.1 x 4.8 x 4.5 x 8 % 6 % 12 % 30 % 29 % 1.8 x

Mean (1) 90 21.7 19.1 12.4 11.4 4.2 3.8 13 8 13 26 27 1.9

eBrokerage / eFinance

Charles Schwab $ 31.57 2 % 91 % $ 42,237 $ 39,327 25.1 x 21.3 x 12.2 x 11.2 x 5.3 x 4.8 x 17 % 11 % 19 % 44 % 43 % 1.3 x

TD Ameritrade 35.24 8 93 18,570 18,481 22.7 19.9 11.8 10.9 5.5 5.1 4 7 14 46 47 1.6

E*TRADE Financial 29.12 11 94 8,067 8,897 17.2 16.8 10.3 9.6 4.7 4.3 32 9 18 46 45 1.0

BofI Holdings 22.40 3 62 1,417 6,559 11.3 9.9 na na 18.2 15.3 32 19 10 na na 1.1

MarketAxess 165.59 (2) 93 6,364 6,101 nm 44.1 29.8 25.9 16.6 14.7 22 12 19 56 57 na

Matsui Securities 7.96 (11) 71 2,045 3,473 16.2 15.6 na na 11.6 11.4 (14) 2 na na na na

Gain Capital 6.18 (2) 73 301 347 7.1 6.9 4.5 4.9 0.8 0.9 (7) (3) na 18 18 na

FXCM 8.77 (5) 35 55 39 na na na na na na na na na na na na

Median (0)% 82 % 16.7 x 16.8 x 11.8 x 10.9 x 5.5 x 5.1 x 17 % 9 % 18 % 46 % 45 % 1.2 x

Mean 1 77 16.6 19.2 13.7 12.5 9.0 8.1 12 8 16 42 42 1.3



19




Payments - Networks / Acquiring

Visa $ 82.70 2 % 99 % $ 196,039 $ 208,883 28.7 x 23.8 x 19.5 x 16.6 x 13.3 x 11.4 x 11 % 17 % 17 % 68 % 69 % 1.7 x

Mastercard 101.77 4 99 112,542 109,433 28.1 24.3 17.9 16.0 10.3 9.3 9 11 15 57 58 1.8

First Data 13.16 (6) 73 12,515 34,391 10.0 8.7 11.9 11.3 4.8 4.6 2 4 17 40 40 0.6

Global Payments 76.76 (0) 96 11,829 15,809 24.8 20.1 18.3 14.1 5.8 4.7 35 24 14 32 33 1.8

Vantiv 56.27 5 94 8,890 12,038 21.2 18.6 13.4 12.3 6.4 6.0 12 8 14 48 48 1.5

Total System Services 47.15 (5) 83 8,723 11,930 16.8 14.8 11.8 10.4 2.8 2.4 53 16 11 24 23 1.5

Worldpay 3.86 0 92 7,670 9,448 24.8 22.7 16.2 14.3 6.4 5.8 16 10 30 40 41 0.8

Square 11.66 (3) 73 5,251 4,847 nm nm nm nm 2.9 2.4 32 21 20 1 4 na

Worldline 30.29 (6) 92 4,025 3,536 26.8 23.7 12.0 10.1 2.4 2.0 9 15 13 20 20 2.1

CardConnect Corp 9.77 (3) 85 115 228 nm 31.9 6.0 4.8 0.4 0.3 29 25 na 6 6 na

Planet Payment 3.71 2 75 193 193 23.2 17.1 13.2 10.8 3.3 3.0 14 12 25 25 27 0.9

Median (0)% 92 % 24.8 x 21.4 x 13.3 x 11.8 x 4.8 x 4.6 x 14 % 15 % 16 % 32 % 33 % 1.5 x

Mean (1) 87 22.7 20.6 14.0 12.1 5.3 4.7 20 15 18 33 34 1.4

Payments - Prepaid / Money Transfer

Western Union $ 20.82 (3)% 96 % $ 10,185 $ 12,232 12.5 x 12.0 x 9.2 x 9.0 x 2.2 x 2.2 x (1)% 2 % 7 % 24 % 24 % 1.7 x

Euronet Worldwide 81.83 5 99 4,426 4,371 20.1 17.8 12.4 10.8 2.2 2.0 9 10 15 18 19 1.4

Blackhawk Network 30.17 (11) 62 1,718 1,987 11.7 13.0 9.4 7.9 1.0 0.9 11 14 15 11 11 0.8

Moneygram International 7.10 (1) 65 379 1,354 9.0 7.0 5.1 4.8 0.9 0.8 7 7 14 17 17 0.7

Green Dot 23.06 (1) 94 1,200 1,080 16.2 13.4 6.8 6.2 1.5 1.4 3 5 13 22 23 1.3

Median (1)% 94 % 12.5 x 13.0 x 9.2 x 7.9 x 1.5 x 1.4 x 7 % 7 % 14 % 18 % 19 % 1.3 x

Mean (2) 83 13.9 12.6 8.6 7.7 1.6 1.5 6 8 13 18 19 1.2

Payments - Processing / Outsourcing

PayPal $ 40.97 11 % 98 % $ 48,505 $ 43,548 27.4 x 23.7 x 15.6 x 13.7 x 4.0 x 3.5 x 18 % 16 % 15 % 26 % 25 % 1.8 x

Alliance Data Systems 214.53 2 71 12,568 na 12.7 11.3 nm nm nm nm 11 11 15 28 28 0.8

FleetCor Technologies 173.73 4 99 16,633 18,972 25.3 21.4 19.6 16.4 10.3 8.8 8 16 17 53 54 1.5

WEX 108.09 5 99 4,621 5,573 25.1 20.7 15.3 11.6 5.6 4.7 18 20 15 37 40 1.7

Deluxe 66.82 (2) 95 3,295 3,840 13.6 12.8 7.7 7.8 2.1 2.0 5 4 9 27 26 1.6

Paysafe 4.46 (0) 97 2,205 2,569 14.5 12.9 11.5 10.2 3.4 3.1 nm 11 na 30 30 na

EVERTEC 16.78 (2) 85 1,254 1,878 10.1 9.7 10.1 9.9 4.9 4.8 4 2 11 48 48 1.0

Quotient Technology / Coupons.com 13.31 1 93 1,163 1,006 nm nm 37.8 23.3 3.7 3.3 19 15 nm 10 14 na

PayPoint 13.44 1 96 915 810 16.8 15.7 10.6 10.2 3.0 3.0 (5) (1) 6 28 30 2.8

OzForex 1.46 (21) 54 350 336 18.4 14.6 12.1 9.7 3.7 3.1 23 19 6 30 32 3.0

Net 1 Ueps Technologies 8.56 (10) 47 468 299 5.0 4.8 2.0 1.9 0.5 0.4 (3) 10 na 24 23 na

Median 1 % 95 % 15.6 x 13.7 x 11.8 x 10.2 x 3.7 x 3.2 x 10 % 11 % 13 % 28 % 30 % 1.6 x

Mean (1) 85 16.9 14.7 14.2 11.5 4.1 3.7 10 11 12 31 32 1.8

Payments – Networks / Acquiring and Prepaid / Money Transfer and Processing / Outsourcing






20


Payments – Software / Hardware and Payment POS Devices / Solutions






Payments - Software / Hardware

Tyler Technologies $ 171.23 3 % 93 % $ 6,774 $ 6,845 nm 43.4 x 31.7 x 26.8 x 8.9 x 7.9 x 31 % 13 % 17 % 28 % 29 % na

Gemalto 64.16 (9) 85 5,730 6,112 14.6 12.3 9.0 7.9 1.7 1.6 2 7 18 19 20 0.8

Shopify 42.92 6 95 3,960 3,781 nm nm nm nm 10.3 7.2 87 43 25 (0) 2 na

Diebold 24.79 (11) 65 1,616 3,591 25.3 13.6 11.9 7.5 1.0 0.7 47 48 22 8 9 1.1

ACI Worldwide 19.38 1 79 2,297 2,980 35.7 30.0 11.7 10.6 3.0 2.8 (3) 4 14 25 27 2.6

Cardtronics 44.60 1 92 2,020 2,491 13.7 14.5 7.8 7.9 2.0 2.0 6 (1) 14 25 25 1.0

Pegasystems 29.49 14 98 2,338 2,201 32.2 26.9 17.8 15.1 2.8 2.5 18 13 35 16 16 0.9

NIC 23.50 2 99 1,550 1,422 33.0 30.9 16.7 15.3 4.5 4.2 8 7 15 27 27 2.2

Everi Holdings 2.47 17 46 163 1,193 3.7 3.2 6.0 5.8 1.4 1.4 3 3 20 23 24 0.2

Bottomline Technologies 23.31 0 74 883 922 15.3 26.5 12.3 12.4 2.7 2.5 2 6 17 22 20 0.9

Mitek 8.29 5 87 285 260 32.1 26.7 30.9 22.7 7.1 5.8 34 22 25 nm 26 1.3

Microgen 2.45 4 94 159 158 19.8 18.4 12.4 11.8 3.1 3.0 25 2 na 25 26 na

Median 2 % 90 % 22.5 x 26.5 x 12.3 x 11.8 x 2.9 x 2.7 x 13 % 7 % 18 % 23 % 24 % 1.0 x

Mean 3 84 22.6 22.4 15.3 13.1 4.0 3.5 22 14 20 20 21 1.2

Payments - POS Devices / Solutions

NCR $ 32.19 (5)% 92 % $ 3,999 $ 7,961 10.9 x 9.9 x 7.6 x 7.3 x 1.2 x 1.2 x (0)% 2 % na 16 % 17 % na

Ingenico 87.42 (20) 64 5,386 5,637 18.2 16.0 10.9 9.7 2.2 2.0 4 9 10 20 21 1.9

Verifone 15.74 (22) 50 1,747 2,604 10.1 9.6 7.9 8.1 1.3 1.3 (2) (1) na 17 16 na

PAX Global Technology 0.73 (5) 53 827 567 9.7 8.4 5.9 5.1 1.3 1.1 17 14 18 22 22 0.5

PAR Technology 5.36 4 71 84 81 na na na na na na na na na na na na

Median (5)% 64 % 10.5 x 9.7 x 7.8 x 7.7 x 1.3 x 1.3 x 2 % 6 % 14 % 18 % 19 % 1.2 x

Mean (10) 66 12.2 11.0 8.1 7.5 1.5 1.4 5 6 14 19 19 1.2



21




Payroll / HR / Benefits Solutions

Automatic Data Processing $ 88.20 (3)% 92 % $ 40,348 $ 39,141 25.6 x 23.1 x 16.6 x 16.2 x 3.2 x 3.0 x 11 % 7 % 11 % 20 % 19 % 2.4 x

Paychex 57.87 (5) 94 20,956 20,604 27.2 25.1 15.7 14.5 6.7 6.3 12 7 9 43 43 3.0

Workday 91.69 4 99 19,323 17,776 nm nm nm nm 11.4 8.7 34 31 37 8 11 na

The Ultimate Software Group 204.39 (3) 91 5,988 5,900 nm nm 31.2 24.8 7.6 6.2 27 22 26 24 25 na

Paycom 50.13 (2) 95 2,886 2,834 nm nm 33.6 26.1 8.7 6.7 48 29 30 26 26 na

Cornerstone OnDemand 45.95 3 96 2,662 2,629 nm nm nm 49.1 6.2 5.0 25 22 20 nm 10 na

Paylocity 44.46 (1) 90 2,388 2,301 nm nm nm nm 8.8 7.0 45 26 25 11 13 na

WageWorks 60.91 (3) 93 2,318 1,828 43.6 36.6 16.8 14.3 5.1 4.6 8 11 15 30 32 2.9

Insperity 72.64 10 88 1,555 1,386 20.6 17.4 9.8 8.2 0.5 0.4 13 11 17 5 5 1.2

Median (2)% 93 % 26.4 x 24.1 x 16.7 x 16.2 x 6.7 x 6.2 x 25 % 22 % 20 % 22 % 19 % 2.6 x

Mean 0 93 29.3 25.6 20.6 21.9 6.5 5.3 25 19 21 21 20 2.4

Large Diversified Financial Information Providers

Reed Elsevier $ 19.45 2 % 99 % $ 23,205 $ 29,379 21.0 x 19.2 x 9.5 x 9.1 x 3.3 x 3.2 x 10 % 5 % 8 % 35 % 35 % 2.5 x

Experian 20.10 3 97 19,016 23,049 17.1 15.5 11.1 10.5 3.9 3.7 (2) 5 11 35 35 1.6

Equifax 134.58 1 98 16,203 19,094 25.0 22.5 17.3 15.4 6.1 5.5 18 9 13 35 36 2.0

TransUnion 34.50 4 96 6,596 8,375 24.9 22.4 13.7 12.4 5.0 4.6 12 8 12 37 37 2.1

Gartner 88.45 (3) 86 7,341 7,743 31.5 27.9 16.5 14.7 3.2 2.9 13 11 16 19 19 1.9

Dun & Bradstreet 136.62 (1) 97 4,994 6,364 18.5 17.5 12.7 12.0 3.7 3.6 4 3 6 29 30 3.0

Fair Isaac 124.59 (4) 94 4,001 4,484 26.2 22.7 21.7 16.6 5.1 4.8 4 6 16 23 29 1.7

Acxiom 26.65 2 98 2,104 2,136 44.5 38.3 14.4 12.8 2.4 2.4 (14) 4 15 17 18 2.9

Forrester 38.90 (5) 93 712 586 32.2 26.9 15.4 13.2 1.8 1.7 5 7 13 12 13 2.5

Median 1 % 97 % 25.0 x 22.5 x 14.4 x 12.8 x 3.7 x 3.6 x 5 % 6 % 13 % 29 % 30 % 2.1 x

Mean (0) 95 26.8 23.7 14.7 13.0 3.8 3.6 6 6 12 27 28 2.2

Capital Markets Focused Information Providers

Thomson Reuters $ 54.25 (1)% 94 % $ 40,620 $ 49,386 26.8 x 23.6 x 15.6 x 14.8 x 4.4 x 4.3 x (8)% 2 % 8 % 28 % 29 % 3.4 x

Moody's 108.28 (0) 98 21,114 22,738 23.6 21.0 14.4 13.3 6.4 6.0 2 7 11 45 45 2.1

MSCI 83.94 (6) 92 7,972 9,148 28.8 24.2 16.4 14.9 8.0 7.4 7 8 14 48 50 2.0

IHS Markit 37.55 1 99 7,289 7,979 21.4 18.4 8.1 5.7 2.9 2.2 147 31 15 36 39 1.4

FactSet 162.10 (10) 88 6,727 6,774 23.9 22.5 16.5 15.4 5.9 5.6 14 6 10 36 36 2.4

Morningstar 79.27 (4) 89 3,414 3,122 26.1 23.7 12.2 11.2 3.9 3.7 1 6 14 32 33 1.9

Fimalac 114.43 0 99 2,863 2,988 46.5 44.3 nm nm 18.9 18.0 (37) 5 na 12 14 na

Value Line 16.24 (4) 82 158 133 na na na na na na na na na na na na

Median (3)% 93 % 26.1 x 23.6 x 15.0 x 14.0 x 5.9 x 5.6 x 2 % 6 % 13 % 36 % 36 % 2.1 x

Mean (3) 93 28.1 25.4 13.9 12.5 7.2 6.7 18 9 12 34 35 2.2


Payroll / HR / Benefits Solutions and Financial Information Providers





22




Healthcare Solutions

Express Scripts $ 70.53 (2)% 79 % $ 44,692 $ 59,359 11.1 x 10.3 x 8.1 x 7.9 x 0.6 x 0.6 x (0)% 3 % 11 % 7 % 7 % 1.0 x

Cerner 61.75 (5) 90 21,482 21,436 26.2 23.0 13.3 11.7 4.4 4.0 11 10 13 33 34 2.0

athenahealth 126.12 2 74 5,036 5,196 nm nm 22.1 18.2 4.7 3.9 19 19 24 21 22 na

Allscripts-Misys Healthcare 13.17 2 83 2,457 3,942 22.2 18.8 13.6 12.1 2.5 2.3 12 10 17 18 19 1.3

Medidata 55.76 4 98 3,162 3,100 nm 44.9 29.3 23.4 6.7 5.6 16 19 21 23 24 na

HealthEquity 37.85 28 100 2,349 2,199 nm nm 35.4 27.6 12.4 9.9 41 25 33 35 36 na

TriNet 21.63 2 94 1,565 1,871 18.6 15.6 10.5 9.2 0.7 0.6 (6) 16 20 7 7 0.9

Quality Systems 11.32 (4) 65 696 758 nm 25.2 8.6 8.0 1.5 1.5 2 3 15 18 18 na

CorVel 38.40 1 72 760 724 na na na na na na na na na na na na

Computer P&S 26.06 2 44 347 499 12.3 10.5 8.6 7.4 1.8 1.7 49 4 14 21 23 0.9

Castlight Health 4.16 1 77 461 335 nm nm nm nm 3.3 2.6 nm nm 30 nm nm na

Accretive Health 2.44 25 71 246 187 nm nm nm nm 0.9 0.5 (7) 65 30 (21) (2) na

eHealth 11.21 (1) 74 205 139 17.2 20.0 8.6 7.0 0.7 0.7 8 1 10 8 10 1.7

Median 2 % 77 % 17.9 x 19.4 x 11.9 x 10.5 x 2.2 x 2.0 x 11 % 10 % 18 % 18 % 19 % 1.2 x

Mean 4 79 17.9 21.0 15.8 13.3 3.4 2.8 13 16 20 15 18 1.3

Insurance Solutions

Verisk Analytics $ 81.28 (2)% 95 % $ 14,512 $ 16,587 27.1 x 24.4 x 16.5 x 15.4 x 8.3 x 7.8 x (3)% 6 % 12 % 50 % 51 % 2.2

Guidewire Software 59.98 (3) 93 4,434 3,806 nm nm 48.5 32.9 8.6 7.5 16 15 18 18 23 na

Ebix 56.85 (2) 96 1,852 2,015 21.7 20.8 18.2 16.7 6.9 6.3 11 9 10 38 38 2.2

Crawford & Company 11.35 0 91 637 821 16.5 13.8 6.8 6.2 0.7 0.7 (7) 2 10 11 12 1.7

Sapiens 12.77 (6) 90 640 578 26.3 23.3 18.3 15.5 2.7 2.3 19 15 13 15 15 2.1

Median (2)% 93 % 24.0 x 22.1 x 18.2 x 15.5 x 6.9 x 6.3 x 11 % 9 % 12 % 18 % 23 % 2.1 x

Mean (3) 93 22.9 20.6 21.7 17.4 5.5 4.9 7 9 12 26 28 2.0


Healthcare / Insurance Solutions





23




Outsourced Processing Solutions - IT Outsourcing / Consulting

Accenture $ 122.17 6 % 98 % $ 76,063 $ 73,170 22.0 x 20.1 x 13.0 x 12.2 x 2.2 x 2.0 x 8 % 7 % 10 % 17 % 17 % 2.1 x

Tata Consultancy Services 36.44 (3) 88 71,795 67,788 18.5 17.1 13.8 12.8 3.8 3.5 25 9 15 28 27 1.2

Infosys Technologies 15.58 0 81 35,618 35,617 16.6 15.4 12.7 11.6 3.5 3.1 18 10 13 27 27 1.2

Cognizant 47.71 (17) 68 29,158 25,585 14.2 13.0 9.1 8.2 1.9 1.7 9 11 15 21 21 0.9

HCL Technologies 12.01 2 90 17,008 16,986 14.3 13.3 11.1 10.5 2.7 2.4 5 13 9 24 23 1.5

CGI Group 47.61 (4) 95 15,080 16,355 17.5 16.4 10.8 10.3 2.0 2.0 5 2 17 19 19 1.1

Wipro 7.17 (1) 78 17,691 14,822 13.7 12.7 8.8 7.9 1.8 1.7 16 6 11 21 22 1.2

Computer Sciences Corporation 52.21 10 73 7,426 9,930 20.7 15.8 8.3 7.4 1.3 1.3 (8) 4 8 16 17 2.6

Median (1)% 84 % 17.1 x 15.6 x 10.9 x 10.4 x 2.1 x 2.0 x 8 % 8 % 12 % 21 % 21 % 1.2 x

Mean (1) 84 17.2 15.5 10.9 10.1 2.4 2.2 10 8 12 22 22 1.5

Outsourced Processing Solutions - Offshore BPO

Genpact $ 23.95 0 % 84 % $ 4,998 $ 5,413 16.9 x 15.2 x 12.4 x 11.3 x 2.1 x 1.9 x 6 % 9 % 13 % 17 % 17 % 1.3 x

Exlservice Holdings 49.84 (3) 91 1,701 1,546 21.5 19.0 12.9 10.8 2.2 2.0 12 12 14 17 18 1.5

WNS Holdings 29.95 2 87 1,527 1,380 26.7 27.0 10.5 11.2 2.6 2.5 6 6 14 25 22 1.9

Mphasis 7.83 (7) 84 1,644 1,172 13.9 12.3 8.1 7.2 1.2 1.2 9 7 13 15 16 1.1

Firstsource Solutions 0.61 (5) 75 425 545 9.1 7.7 7.8 6.9 1.0 0.9 15 12 17 13 13 0.5

Median (3)% 84 % 16.9 x 15.2 x 10.5 x 10.8 x 2.1 x 1.9 x 9 % 9 % 14 % 17 % 17 % 1.3 x

Mean (3) 84 17.6 16.2 10.3 9.5 1.8 1.7 9 9 14 17 17 1.3

Outsourced Processing Solutions - Specialized BPO

Oracle Financial Services Software $ 48.43 (6)% 79 % $ 4,172 $ 3,618 20.7 x 18.1 x 13.0 x 11.5 x 5.4 x 4.9 x 16 % 11 % 6 % 42 % 43 % 3.5 x

Portfolio Recovery Associates 34.54 12 62 1,601 3,450 11.0 9.4 10.9 9.2 3.8 3.6 (4) 6 13 35 39 0.8

Convergys 30.42 2 98 2,924 2,980 15.9 14.6 7.6 7.1 1.0 0.9 1 6 10 13 13 1.6

Teletech Holdings 28.99 2 94 1,371 1,459 18.0 16.2 8.4 8.0 1.1 1.1 (1) 4 13 13 14 1.4

CSG Systems International 41.33 (7) 89 1,269 1,402 15.7 15.3 7.6 7.7 1.9 1.8 1 4 9 25 23 1.7

Vasco Data Security 17.61 (4) 82 699 564 29.1 20.5 16.9 12.0 2.7 2.3 (12) 15 26 16 19 1.1

Performant Financial Corporation 2.95 41 85 148 161 nm nm 8.2 10.4 1.2 1.2 (12) (5) 20 14 12 na

PRGX Global 4.71 (2) 81 103 88 nm 20.5 5.7 4.5 0.6 0.6 (4) 5 na 11 14 na

Median (0)% 84 % 16.9 x 16.2 x 8.3 x 8.6 x 1.5 x 1.5 x (2)% 5 % 13 % 15 % 17 % 1.5 x

Mean 5 84 18.4 16.4 9.8 8.8 2.2 2.1 (2) 6 14 21 22 1.7


Outsourced Processing Solutions





24




Lending / Mortgage / Real Estate Solutions

Fidelity National Financial $ 36.91 (1)% 96 % $ 10,406 $ 13,364 15.0 x 13.9 x 9.2 x 8.6 x 1.6 x 1.6 x (11)% 1 % na 18 % 19 % na

Zillow 34.65 1 87 7,302 7,112 na na nm 31.3 8.5 6.9 30 23 na 16 22 na

CoStar Group 216.53 3 96 7,097 6,969 nm 39.3 28.0 21.3 8.3 7.3 18 14 19 30 34 na

Black Knight Financial Services 40.90 5 97 3,845 6,470 35.6 31.2 14.0 12.6 6.3 5.8 10 9 14 45 46 2.6

Ocwen Financial 3.67 9 44 455 6,307 nm nm na na 4.5 5.3 (20) (15) na na na na

CoreLogic 39.22 (5) 90 3,491 5,035 17.2 15.7 10.2 9.6 2.6 2.6 27 2 12 26 27 1.5

Ellie Mae 105.30 6 99 3,353 3,264 nm nm 31.9 23.0 9.6 7.7 36 24 22 30 33 na

LendingTree 96.91 2 74 1,293 1,134 30.9 24.5 17.3 13.4 2.9 2.4 nm 22 4 17 18 nm

Stewart Information Services 44.45 (4) 91 1,039 1,013 18.9 14.5 7.5 5.7 0.5 0.5 (6) 4 na 7 9 na

Reis 20.46 (1) 77 237 211 nm 33.0 13.9 10.6 4.2 3.8 2 11 na 30 36 na

NetSol Technologies 6.26 6 66 68 74 17.4 9.9 na 5.1 1.1 1.0 na 12 na na 19 na

Median 2 % 91 % 18.9 x 20.1 x 14.0 x 13.0 x 4.5 x 5.3 x 14 % 9 % 14 % 22 % 25 % 2.0 x

Mean 2 86 23.5 23.2 16.9 15.7 5.0 4.5 10 9 14 24 26 2.0

Specialty Finance / Consumer Lending

One Main (fka Springleaf) $ 30.95 3 % 60 % $ 4,171 $ 17,791 7.3 x 5.4 x 10.7 x 8.6 x 5.0 x 4.4 x 109 % 13 % na 46 % 51 % na

Provident Financial 39.49 (1) 83 5,720 7,625 17.7 16.7 11.4 10.9 4.9 4.5 4 9 9 43 41 1.9

Encore Capital Group 22.48 4 54 575 3,335 4.4 4.1 8.2 7.2 2.9 2.8 (1) 5 14 35 38 0.3

Aaron's 25.42 4 62 1,850 2,101 11.5 10.3 6.2 5.8 0.6 0.6 3 4 11 10 11 1.0

LendingClub 6.18 17 41 2,501 1,928 nm nm nm 35.3 4.1 3.3 12 23 2 (8) 9 na

First Cash Financial Services 47.08 (6) 88 1,331 1,531 20.5 16.7 10.8 6.5 1.7 1.1 27 59 na 16 16 na

EZCorp 11.06 9 99 755 935 39.5 na 13.5 na 1.3 na (12) na 5 9 na nm

OnDeck 5.70 (9) 44 404 888 nm nm nm nm 3.1 2.3 14 33 36 (14) (1) na

World Acceptance 49.04 (1) 88 428 778 5.9 7.6 5.6 6.6 1.5 1.5 (9) (3) na 26 23 na

America's Car-Mart 36.39 (12) 85 293 412 15.3 12.6 10.6 8.6 0.7 0.7 4 5 11 7 8 1.4

Atlanticus Holdings 3.01 (1) 82 41 212 na na na na na na na na na na na na

Cash America 22.70 6 85 190 157 21.5 19.0 10.4 9.7 1.1 1.1 3 4 na 11 11 na

Median (1)% 82 % 13.4 x 10.3 x 10.6 x 7.9 x 2.3 x 2.3 x 4 % 9 % 11 % 13 % 16 % 1.2 x

Mean 1 72 15.3 10.5 9.6 11.2 2.6 2.4 15 16 13 17 22 1.2


Lending / Mortgage / Real Estate Solutions and Specialty Finance





25

Market Multiples Growth Rates

Price % MTD % LTM Value Price / Earnings Revenue EPS P / E / G

Company Name 09/30/16 Change High ($ mm) CY 16E CY 17E CY 16E CY 17E LT CY 16E

Trust and Services Focused FIs

PNC Financial $ 90.09 0 % 92 % $ 44,641 12.8 x 12.0 x (1)% 3 % 4 % 3.1 x

Bank of New York Mellon 39.88 (4) 89 42,804 13.2 11.9 (0) 5 na na

State Street 69.63 (1) 92 27,157 13.8 12.6 0 5 na na

Fifth Third Bancorp 20.46 2 97 15,739 12.2 12.0 1 2 2 nm

Northern Trust 67.99 (3) 89 15,509 16.0 14.9 6 5 11 1.5

UMB Financial 59.45 (1) 97 2,967 19.2 17.4 10 5 18 1.0

Median (1)% 92 % 13.5 x 12.3 x 1 % 5 % 8 % 1.5 x

Mean (1) 93 14.5 13.5 3 4 9 1.9

BDC / Public Investment Vehicles

Ares Capital $ 15.50 (4)% 94 % $ 4,866 10.3 x 9.6 x (2)% 20 % 5 % 2.1 x

American Capital Strategies 16.91 (0) 99 3,830 18.4 26.4 (21) (22) na na

Apollo 5.80 (5) 91 1,305 8.2 8.4 (23) (3) 4 2.1

Fortress Investment Group 4.94 (1) 79 1,070 6.5 5.8 1 8 nm na

Capital Southwest 14.70 (1) 88 232 na na na na na na

Gladstone Capital 8.13 (6) 89 190 9.7 na na na na na

Harris & Harris 1.39 (10) 58 43 na na na na na na

Median (4)% 89 % 9.7 x 9.0 x (12)% 2 % 5 % 2.1 x

Mean (4) 85 10.6 12.6 (11) 1 5 2.1


Trust and Services Focused FIs and Business Development / Public Investment Vehicles





26

Market Multiples Growth Rates

Price % MTD % LTM Value Price / Earnings Revenue EPS P / E / G

Company Name 09/30/16 Change High ($ mm) CY 16E CY 17E CY 16E CY 17E LT CY 16E


J.P. Morgan Chase $ 66.59 (1)% 96 % $ 242,637 11.8 x 10.8 x 2 % 5 % 4 % 2.7 x

Wells Fargo 44.28 (12) 79 224,033 11.1 10.7 3 3 7 1.6

Bank of America 15.65 (2) 87 160,417 12.4 10.1 (2) 5 5 2.5

Citigroup 47.23 (0) 84 137,221 10.1 9.2 (8) 3 6 1.8

HSBC 5.79 2 97 103,234 9.7 9.1 (11) (2) 2 4.8

Royal Bank of Canada 61.91 (0) 98 92,106 11.5 11.2 13 2 5 2.4

Toronto Dominion 44.37 (1) 99 82,548 11.7 11.2 3 0 7 1.8

U.S. Bancorp 42.89 (3) 96 73,744 13.3 12.6 5 3 5 2.5

Goldman Sachs 161.27 (4) 81 69,245 11.3 9.4 (13) 8 11 1.1

AIG 59.34 (0) 92 63,533 14.7 10.7 (12) (3) 11 1.4

Morgan Stanley 32.06 0 90 61,293 12.8 10.7 (5) 5 7 1.8

American Express 64.04 (1) 82 59,369 11.8 11.5 (3) 0 8 1.5

UBS 13.50 (6) 65 50,048 12.8 10.5 (10) 5 18 0.7

Bank of Montreal 65.50 (1) 98 42,343 11.8 11.1 10 1 5 2.4

Barclays 2.23 (2) 65 30,850 16.2 9.4 (21) 4 12 1.3

CIBC 77.51 (2) 97 30,662 10.1 10.0 5 5 5 2.0

Synchrony Financial 28.00 1 77 23,532 10.7 9.4 10 8 4 2.4

Discover Financial Services 56.55 (5) 94 22,828 9.9 9.3 3 4 7 1.4

Raymond James Financial 58.21 1 97 8,290 15.3 13.7 6 11 15 1.1

Lazard 36.36 (1) 73 4,517 12.5 11.4 (2) 5 na na

Federated Investors 29.63 (8) 89 2,952 15.0 14.2 24 6 11 1.4

Greenhill & Co. 23.57 5 80 698 15.2 15.7 26 (2) na na

JMP Group 5.52 (2) 82 116 13.8 10.6 (11) 24 na na

FBR & Co 13.24 (3) 59 98 nm 32.3 (11) 20 na na

Median (1)% 88 % 11.8 x 10.7 x 0 % 4 % 7 % 1.8 x

Mean (2) 86 12.4 11.9 0 5 8 1.9







27

U.S. FinTech IPO Tracker

FT Partners’ Monthly FinTech Sector Market Analysis

09/08/16 TBD Publicly filed for its IPO FMS

09/24/15 TBD Filed confidentially according to the Company Bnkg

09/03/15 TBD Latest filing amendment dated June 6, 2016 HCIT

1/4/2016 9/29/2016 $52 mm $12.00 $14.32 $222 mm 19% HCIT

05/09/16 06/02/16 91 14.00 13.11 $1,589 -6% HCIT

04/06/16 05/25/16 238 19.00 33.24 2,997 75% HCIT

04/04/16 04/27/16 101 13.50 18.19 910 35% CapMkts

12/16/15 04/15/16 253 19.00 24.51 2,362 29% CapMkts

11/16/15 12/18/15 75 10.00 24.09 1,409 141% Banking

07/24/15 11/19/15 243 9.00 12.19 4,166 35% Payments

07/20/15 10/14/15 2,560 16.00 13.92 12,667 -13% Payments

08/10/15 10/09/15 138 10.00 5.52 305 -45% Payments

04/17/15 06/26/15 74 12.00 18.42 620 54% FMS

06/15/15 06/24/15 627 22.50 32.99 6,028 47% Banking

05/11/15 06/19/15 100 14.00 17.35 689 24% Payments

05/05/15 06/10/15 196 17.00 24.87 1,497 46% HCIT

04/14/15 05/20/15 131 17.00 41.36 3,595 143% Payments

12/23/14 05/19/15 441 24.50 39.02 2,696 59% Banking

Source: FT Partners’ Proprietary Transaction Database.


= Click star / logo for detailed FT Partners’ IPO Profile

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Raised

IPO

Price

Current

Price

Current

Market Cap

Total

ReturnSector

For more details on

FinTech IPO activity,

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IPO Infographic

2016 YTD

4# of IPOs

$683 mm Amount Raised

2015

12# of IPOs

$5,498 mm Amount Raised

Filing

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28

Date

Highlighted Transactions

Value ($ mm) CommentsAcquirer / Target

09/14/16 $130

• Citrus Payment Solutions, a provider of consumer payment and mobile banking services, is working to

revolutionize mobile and digital payments

• PayU is an online provider of payment solutions for individuals, business and developers, providing

APIs, alternative payments and web checkout solutions

• This acquisition will increase PayU’s India-based customers to over 30 million with an expected 150

million transactions to be processed

• At the completion of the transaction, Citrus Pay will be wholly owned by Naspers, PayU’s parent

company

• The acquisition is expected to close in the third quarter of 2016

09/13/16 na

• Repay (a.k.a. Realtime Electronic Payments) provides electronic transaction processing services for

merchants and offers a comprehensive line of solutions

• The Company provides an integrated technology platform and multiple payment channels

• Repay currently processes for more than 8,000 merchant locations across all product lines

• The buyer was not disclosed and the seller was New Capital Partners, a private equity firm focused on

healthcare and financial services, who acquired a majority interest in the Company in 2013

09/12/16 na

• BlueSquare Resolutions offers a variety of services, including mobile, prepaid and loyalty solutions, to

merchants across a wide range of verticals

• Applied Merchant Systems (AMS) is a leader in payment processing services for small and medium

sized businesses and also provides mobile payment solutions and cash advance for merchants

• AMS has an annual run rate of over $4 billion in processing volume

• As a result of the merger, BlueSquare’s founder, Sabin Burrell, has become a significant shareholder

and Senior Executive of AMS

• The merger also allows AMS to expand its senior credit facility with Goldman Sachs Specialty Lending

Group and Business Development Corporation of America


Payments

Selected FinTech M&A Transactions

Click for in-depth

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Undisclosed Buyer



http://finte.ch/2cS5Xj6

29

Date

Highlighted Transactions (cont.)

Value ($ mm) CommentsAcquirer / Target

09/08/16 $36

• Wolters Kluwer is a provider of information services and solutions for professionals in the health, tax and

accounting, risk and compliance, finance and legal sectors

• Reynolds & Reynolds is a provider of automobile dealership software, services and forms serving

automotive dealers in North America and Europe

• On September 8, 2016, Reynolds & Reynolds announced it acquired Wolters Kluwer’s indirect loan

origination solutions, including its AppOne software platform

• The Company will use the acquisition to expand its existing documents product portfolio and to serve a

broader set of markets and customers

09/06/16 na

• LaunchKey provides a multifactor authentication and real-time authorization mobile platform

• iovation is a provider of fraud prevention and customer authentication solutions for businesses

• On September 6, 2016, iovation announced it acquired LaunchKey

• The Company launched a new iovation LaunchKey MFA solution, combining technologies to provide a

flexible authentication solution for businesses


Banking / Lending Technology


Lending Origination Solutions



30

Date Value ($ mm) CommentsAcquirer / Target

09/26/16 $3,200

• Bats Global Market is a global operator of exchanges and services provider, supporting traders,

investors and issuers

• CBOE is the largest US options exchange, offering equity, index and ETF options

• On September 26, 2016, CBOE announced that it had agreed to acquire Bats Global Markets for $3.2

bn in cash and stock

• The acquisition gives CBOE access to new asset classes, technology and global markets; underscores

the rise of electronic trading and decline of “open outcry” floor trading

09/22/16 na

• REDI provides an end-to-end trade management platform, enabling users to execute various

transactions, from simple stock trades to complex strategies that span across markets and asset classes

• Thomson Reuters is an information and technology solutions provider to the global financial industry

• On September 22, 2016, Thomson Reuters announced that it had agreed to acquire REDI for an

undisclosed amount

• The acquisition will allow Thomson Reuters to boost its buy-side offerings

09/14/16 na

• Wells Fargo Global Fund Services provides comprehensive fund administration, offering middle- and

back-office operations along with reporting services for hedge funds, private equity funds and investors

• SS&C Technologies provides software and software-enabled services to the financial services industry

• On September 14, 2016, SS&C Technologies announced that it had agreed to acquire Wells Fargo

Global Fund services for an undisclosed amount

• SS&C Technologies plans to expand its fund services offerings, adding 250 employees to serve more

than 130 fund relationships


Securities / Capital Markets Technology



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31


09/21/16 na

• Mosaic Insurance (fka Axa Re Property & Casualty Insurance Co) is an insurance carrier; Through the

acquisition, Metromile will now be able to underwrite its own insurance policies

• Metromile is a offers mileage-based insurance coverage along with a smart driving app that utilizes the

Metromile Pulse – a plug-in device for your car

• Metromile plans to use Mosaic’s platform to expand underwriting capabilities to all 50 states and

increase operations

• In the interim, Metromile has acquired licenses to operate in all 50 states, although it currently only

underwrites policies in four; Statewide roll out will start accelerating at the beginning of 2017





Click for in-depth

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http://finte.ch/2d6VGvz

32


09/12/16 $275

• Anthelio Healthcare Solutions is a provider of information technology and business process outsourcing

services to hospitals, healthcare providers and other businesses

• Atos is a provider of information technology services, offering digital services, consulting, systems

integration and managed services to deliver business outcomes globally

• The acquisition uniquely positions Atos to reach a broader customer base in the US healthcare market

by strengthening the scale and scope of its services

• Following the acquisition, Atos is expected to add 1,700 additional Anthelio employees and generate

approximately $2.5 bn in revenue in North America

• The newly formed US healthcare practice expects to reach double digit organic growth in 2018


Financial HCIT



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33


09/06/16 na

• RDC operates in the Government Risk and Compliance industry providing counterparty risk and financial

regulatory compliance data and software to financial institutions and technology companies

• On September 6, 2016, RDC announced that it has been acquired by Bain Capital Partners and Vista

Equity Partners

• RDC plans to use the capital to increase its investment in risk and compliance software and data

solutions


Financial BPO





34


Selected Recent M&A Transactions

09/29/16Direct Pay Online Group Acquires a Majority Stake in PayGate for $7.3

mmPayGate Direct Pay Online Group $7 Details

09/26/16 Big Bus Tours Acquires Smart Destinations Smart Destinations Big Bus Tours na Details

09/19/16Digital Check Corporation has Agreed to Acquire Burroughs' SmartSource

Check Scanner and Receipt Printer Business

Burroughs' SmartSource Check Scanner

and Receipt Printer BusinessDigital Check Corporation na Details

09/16/16 CashFlows Acquires iCheque Network iCheque Network CashFlows na Details

09/14/16 Naspers' PayU Agrees to Acquire Citrus Payment Solutions Citrus Payment Solutions Naspers 130 Details

09/13/16 New Capital Partners Sells Repay Repay Undisclosed Investors na Details

09/12/16 Applied Merchant Systems and BlueSquare Resolutions Merge BlueSquare Resolutions Applied Merchant Systems na Details

09/08/16Alliance Data Systems has Agreed to Acquire Williams-Sonoma's Credit

Card PortfolioWilliams-Sonoma's Credit Card Portfolio Alliance Data Systems na Details

09/06/16 iZettle Acquires intelligentpos Intelligent Point of Sale iZettle na Details

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.

Note: Bolded transactions are profiled on the previous pages.

CompanyTransaction Overview Selected Buyers / InvestorsAmount

($MM)

FinTech

Database

Announced

Date

Payments

09/28/16 Link Financial Group Acquires Everyday Finance Everyday Finance LCH European Portfolio Holdings na Details

09/19/16 Atradius Acquires Graydon Graydon Holding Atradius na Details

09/15/16Financeit and Concentra Acquire TD Bank's Indirect Home Improvement

Financing Assets

TD Bank Group's Indirect Home

Improvement Financing AssetsConcentra; Financeit na Details

09/12/16 VersaBank has Agreed to Acquire PWC Capital PWC Capital VersaBank na Details

09/08/16

Reynolds & Reynolds has Agreed to Acquire Wolters Kluwer' Indirect

Loan Origination Solutions and AppOne Software Platform for

Approximately $36 mm in Cash

AppOne Reynolds & Reynolds $36 Details

09/06/16 iovation Acquires LaunchKey LaunchKey iovation na Details

09/06/16 First American Financial Acquires RedVision RedVision First American Financial na Details

09/02/16 Tieto Acquires Emric Emric Tieto na Details

09/01/16 E Mortgage Management Acquires Fortren Funding Fortren Funding E Mortgage Management na Details


($MM)

FinTech

Database

Announced

Date




http://db.ftpartners.com/TransactionDetail?id=a0870000013aZTXAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aXrIAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aRk9AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aQp8AAE

http://db.ftpartners.com/TransactionDetail?id=a087000000qijJJAAY

http://db.ftpartners.com/TransactionDetail?id=a0870000013aOcxAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aMpoAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJugAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aIiAAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aZR2AAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aQtjAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aPT8AAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aNklAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKfcAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJn6AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aIk6AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aFsMAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aFr4AAE

35



09/30/16 IG Group has Agreed to Acquire DailyFX for Approximately $40 mm DailyFX IG Group $40 Details

09/26/16Chicago Board Options Exchange has Agreed to Acquire Bats Global

Markets for $3200 mm in Cash and StocksBats Global Markets Chicago Board Options Exchange (CBOE) 3,200 Details

09/26/16IRESS has Agreed to Acquire Financial Synergy for Approximately $68.8

mmFinancial Synergy IRESS 69 Details

09/22/16 Thomson Reuters has Agreed to Acquire REDI REDI Thomson Reuters na Details

09/21/16 LexisNexis Legal & Professional has Agreed to Acquire Intelligize Intelligize LexisNexis Legal & Professional na Details

09/14/16 IRESS has Agreed to Acquire INET BFA for Approximately $10.5 mm INET BFA IRESS 11 Details

09/14/16SS&C Technologies has Agreed to Acquire Wells Fargo Global Fund

ServicesWells Fargo's Global Fund Services SS&C Technologies Holdings na Details

09/13/16 TD Securities Acquires Albert Fried & Company Albert Fried & Company TD Securities na Details

09/09/16 CRIF Acquires China Credit Information Service China Credit Information Service CRIF na Details

09/08/16 INTL FCStone has Agreed to Acquire ICAP's EMEA Oils Business ICAP's EMEA Oils Business INTL FCStone na Details

09/07/16CFRA has Agreed to Acquire S&P Global Market Intelligence's Equity and

Fund Research

S&P Global Market Intelligence’s Equity

and Fund ResearchCFRA na Details

09/07/16 McKinsey & Company Acquires PriceMetrix PriceMetrix McKinsey & Company na Details

09/02/16Kennedy Cabot Acquisition has Agreed to Acquire 90% Stake in Siebert

FinancialSiebert Financial Kennedy Cabot Acquisition na Details




($MM)

FinTech

Database

Announced

Date


09/29/16 Applied Systems Acquires IS2 eTrading IS2 eTrading Applied Systems na Details

09/29/16 RGI Group Acquires Kapia Solutions Kapia Solutions RGI Group na Details

09/27/16 Recipero Acquires Callcredit Recipero Callcredit na Details

09/27/16 OneDigital Acquired MRCT MRCT OneDigital na Details

09/21/16 Metromile has Agreed to Acquire Mosaic Insurance Co. Mosaic Insurance Co. Metromile na Details

09/13/16 Esure Group Agrees to the Spin-off of Gocompare.com in its IPO Gocompare.com N/A na Details


($MM)

FinTech

Database

Announced

Date




http://db.ftpartners.com/TransactionDetail?id=a0870000013aZadAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aVvXAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aVssAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aU2qAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUaOAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aOarAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aOHuAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aNk2AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKf8AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKbkAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJonAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJo9AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aH3pAAE

http://db.ftpartners.com/TransactionDetail?QS=Applied Systems Acquires IS2 eTrading

http://db.ftpartners.com/TransactionDetail?QS=RGI Group Acquires Kapia Solutions

http://db.ftpartners.com/TransactionDetail?QS=Recipero Acquires Callcredit

http://db.ftpartners.com/TransactionDetail?QS=OneDigital Acquired MRCT

http://db.ftpartners.com/TransactionDetail?QS=MetroMile-has-Agreed-to-Acquire-Mosaic-Insurance

http://db.ftpartners.com/TransactionDetail?QS=Esure-Group-Agrees-to-the-Spin-off-of-Gocompare-com-in-its-IPO

36



09/29/16Falfurrias Capital Partners Acquires Majority Stake in Marquis Software

SolutionsMarquis Software Solutions Falfurrias Capital Partners na Details

09/26/16 Accenture has Agreed to Acquire DayNine DayNine Consulting Accenture na Details

09/16/16Pioneer Square Labs Completes the Spin-off of LumaTax into an

Independent EntityLuma Tax na na Details

09/14/16 Amdocs Acquires Vindicia Vindicia Amdocs na Details

09/01/16 Blackline Systems Acquires Runbook Runbook Blackline Systems na Details


($MM)

FinTech

Database

Announced

Date

Financial Management Solutions

09/23/16Constellation Healthcare Technologies Acquires VEGA Medical

Professionals for $24 mm in Cash and StockVEGA Medical Professionals Constellation Healthcare Technologies $24 Details

09/12/16Atos Acquires Anthelio Healthcare Solutions for approximately $275

mmAnthelio Healthcare Solutions Atos 275 Details

09/08/16Streamline Health Acquires Opportune IT Healthcare Solutions for $1.4

mmOpportune IT Healthcare Solutions Streamline Health 1 Details


($MM)

FinTech

Database

Announced

Date

Financial HCIT

09/29/16 IBM has Agreed to Acquire Promontory Financial Group Promontory Financial Group IBM na Details

09/28/16 SourceHOV Acquires TransCentra TransCentra SourceHOV na Details

09/19/16 HgCapital Acquires Visma BPO Visma BPO HgCapital na Details

09/13/16 Ant Financial Acquires EyeVerify EyeVerify Ant Financial na Details

09/06/16 Vista Equity Partners Acquires RDC RDC Vista Equity Partners na Details


($MM)

FinTech

Database

Announced

Date

Financial BPO





http://db.ftpartners.com/TransactionDetail?QS=Falfurrias Capital Partners Acquires Majority Stake in Marquis Software Solutions

http://db.ftpartners.com/TransactionDetail?QS=Accenture has Agreed to Acquire DayNine

http://db.ftpartners.com/TransactionDetail?QS=Pioneer Square Labs Completes the Spin off of LumaTax into an Independent Entity

http://db.ftpartners.com/TransactionDetail?QS=Amdocs Acquires Vindicia

http://db.ftpartners.com/TransactionDetail?QS=Blackline Systems Acquires Runbook

http://db.ftpartners.com/TransactionDetail?QS=Constellation-Healthcare-Technologies-Acquires-VEGA-Medical-Professionals-for-24-mm-in-Cash-and-Stock

http://db.ftpartners.com/TransactionDetail?QS=Atos-Acquires-Anthelio-Healthcare-Solutions-for-approximately-275-mm

http://db.ftpartners.com/TransactionDetail?QS=Streamline-Health-Acquires-Opportune-IT-Healthcare-Solutions-for-1-4-mm

http://db.ftpartners.com/TransactionDetail?QS=IBM has Agreed to Acquire Promontory Financial Group

http://db.ftpartners.com/TransactionDetail?QS=SourceHOV Acquires TransCentra

http://db.ftpartners.com/TransactionDetail?QS=HgCapital Acquires Visma BPO

http://db.ftpartners.com/TransactionDetail?QS=Ant Financial Acquires EyeVerify

http://db.ftpartners.com/TransactionDetail?QS=Vista Equity Partners Acquires RDC

37

Date

Highlighted Transactions

Value ($ mm) Comments


Payments

Selected FinTech Financings

09/23/16 $2,400

• Nets is a leading provider of digital payment services and related technology solutions across the Nordic

region

• In 2015, Nets processed approximately 7.3 billion card transactions through its business relationships

with more than 300,000 merchants and 240 banks

• On September 23, 2016, the Company announced that it had raised a total of DKK 15.75 bn

(approximately $2.4 bn) in its IPO, with DKK 5.5 bn (approximately $830 mm) going to the Company and

the remaining to existing shareholders

• The proceeds will be used to repay and refinance existing debt facilities

09/14/16 14

• Tipalti offers a payment automation solution to streamline all phases of the payment management

workflow into one cloud platform

• On September 14, 2016, the Company announced that it has raised $14 mm in a financing round led by

SGVC

• The financing will be used to accelerate growth by investing further in product development, R&D and

customer support, as well as grow the sales and marketing team

• As a result of the transaction, Dovi Frances, a Managing Partner at SGVC, will be joining Tipalti’s board

of directors

09/02/16 19

• Signifyd provides a full-service cloud platform that automates fraud prevention and offers a financial

guarantee to protect online retailers from chargebacks

• At the end of 2015, Signifyd announced that it has an annual run rate of $5.6 bn in transaction volume

and it now serves over 5,000 e-commerce companies

• On September 2, 2016, the Company announced that it had raised $19 mm in a financing round from

Menlo Ventures, TriplePoint Capital and American Express Ventures

• Signifyd will use the funding to scale its infrastructure and further optimize its best-in-class machine

learning technology

Target / Investor(s)

Investor(s): SGVC

Investor(s): Menlo

Ventures; TriplePoint

Capital; American

Express Ventures

Click for in-depth

profile



http://finte.ch/2d285Q5

38

Date Value ($ mm) Comments

09/01/16 $14

• Boku is the largest carrier billing mobile payment company and has integrated with hundreds of mobile

operators globally and partnered with leading digital marketplaces

• On September 1, 2016, the Company announced that it received $14 million in financing from existing

investors Khosla Ventures, Benchmark Capital, NEA, Index Ventures and DAG Ventures, among others

• This funding will allow Boku to build and activate new waves of carrier connections around the world to

reach millions of new cell phone subscribers


Payments (cont.)




Investor(s): Khosla

Ventures; Benchmark

Capital; NEA; Index

Ventures; DAG Ventures



39

09/21/16 $25

• Nav provides personal and business credit monitoring services, financial self-help tools and a financing

marketplace for small business owners

• On September 21, 2016, Nav announced it raised $25 mm in a Series B financing round led by

Experian, with participation from existing investors including Kleiner Perkins Caufield & Byers and

Crosslink Capital

• The Company also announced a strategic partnership with Experian which will give small businesses

greater transparency and access to their credit data and financing options

• FT Partners served as exclusive strategic advisor to Nav in the transaction

09/15/16 150

• Hero FinCorp is an Indian non-bank financial company that offers two-wheeler loans, property-backed

loans and SME & commercial loans

• On September 15, 2016, Hero FinCorp raised approximately $150 mm in funding from ChrysCapital,

Hero MotoCorp and Credit Suisse

• The Company will use the funding to expand its product portfolio and asset size to meet increasing

demand from rural India

09/15/16 55

• Ripple is a provider of blockchain-based cross-border payment solutions for financial institutions

• On September 15, 2016, Ripple raised $55 mm in funding from Standard Chartered, Accenture

Ventures, SCB Digital Ventures, SBI Holdings, Santander Innoventures, CME Ventures, Seagate

Technology, Venture51 and Siam Commercial Bank

• The Company will use the funding to accelerate its customer growth, pursue strategic partnerships and

grow its team internationally

Investor(s): Standard Chartered,

Accenture Ventures, SCB Digital

Ventures, SBI Holdings,

Santander Innoventures, CME

Ventures, Seagate Technology,

Venture51, Siam Commercial

Bank







Investor(s): Experian,

Kleiner Perkins Caufield &

Byers, Crosslink Capital

Investor(s): ChrysCapital,

Hero MotoCorp, Credit

Suisse

Click for in-depth

profile

Click for in-depth

profile

Click for in-depth

profile



http://finte.ch/2dxlJ1w

http://finte.ch/2crG5UI

http://finte.ch/2cXI1XQ

40


09/14/16 $50

• GreenSky provides an online loan platform that allows merchants to offer flexible credit programs to

small businesses and consumers

• The Company specializes in home improvement and retail financing

• On September 14, 2016, GreenSky announced it raised $50 mm in financing from Fifth Third Bank

• The Company also announced an agreement which allows Fifth Third to originate loans through

GreenSky’s merchant network, and offer GreenSky’s financing solutions to its own merchants

• FT Partners served as exclusive financial advisor to GreenSky in the transaction






Investor(s): Fifth Third

Bank



41

09/21/16 $72

• OurCrowd is an equity-based crowdfunding platform for accredited investors to provide venture capital to

Israeli startups

• OurCrowd allows minimum investments as low as $10,000 and has platform usage fees that are

significantly lower than traditional venture capital

• On September 21, 2016, OurCrowd announced that it had secured $72 mm in Series C financing from

United Overseas Bank and other undisclosed sources

• OurCrowd intends to use the proceeds to build out the Company’s global offices, further develop its

platform and match investments made on the Company’s platform

09/20/16 25

• InvestCloud delivers cloud-based solutions to the investment management community, transforming the

way the financial industry processes and interacts with data

• InvestCloud is recognized for its proprietary PWP (“Programs Writing Programs”) that generates

customized solutions for each client

• On September 20, 2016, InvestCloud announced that it had secured $25 mm in financing from JP

Morgan Chase

• Along with its investment, JP Morgan entered into a strategic partnership with InvestCloud, which will

accelerate the launch of its new online investing capabilities

09/12/16 12

• Quandl consolidates financial, economic and alternative data from hundreds of sources and generates a

report in various formats

• Quandl offers a suite of alpha-generating, alternative data sets, enabling clients to make informed

decisions

• On September 12, 2016, Quandl announced that it had secured $12 mm in Series B financing from

Nexus Venture Partners and August Capital

• Quandl plans to use the proceeds to expand its alternative data coverage







Investor(s): United

Overseas Bank

Investor(s): JP

Morgan Chase

Investor(s): Nexus Venture

Partners, August Capital

Investor(s): IMC Group

Click for in-depth

profile



http://finte.ch/2cNlQ7b

42


09/01/16 na

• McKay Brothers designs, engineers, builds and operates low latency networks that connect financial

markets

• McKay Brothers uses microwave bandwidth to “level the playing field” by reducing latency, improving

reliability and offering equal access to all of its subscribers

• On September 1, 2016, McKay Brothers announced that it had secured an undisclosed amount of

financing from IMC Group

• McKay Brothers will use the funding to improve its network speed, reach, data coverage and quality






Investor(s): IMC Group



43


09/28/16 $500

• Sedgwick provides technology solutions for risk management, data analytics and risk modeling for

insurance claims and policies

• On September 28, 2016, Sedgwick secured $500 mm in financing from Caisse de dépôt et placement du

Québec (CDPQ)

• CDPQ is a money management firm based in Quebec, Canada responsible for managing the Quebec

Pension Plan through various investments

• CDPQ joins KKR (majority shareholder), Stone Point Capital and managing employees as a significant

minority shareholder

09/21/16 28

• FinanceFox is an app and online insurance platform that utilizes the latest digital technology and allows

for more efficiently managed insurance products and polices by consumers, brokers and insurance

companies alilke

• On September 21, 2016, FinanceFox raised $28 mm in financing from Horizon Ventures and Target

Global

• FinanceFox plans to use the funding to continue to expand its products, marketing and sales in

Switzerland and Germany, as well as extend operations into Austria by the end of Q4 2016.

• Target Ventures and Horizon Ventures join a list of current investors that include Idinvest, Salesforce

Ventures, Speedinvest, Seedcamp, AngelList and more

09/21/16 50

• Metromile is a offers mileage-based insurance coverage along with a smart driving app that utilizes the

Metromile Pulse – a plug-in device for your car

• On September 21, 2016, Metromile secured $50 mm in a strategic investment from China Pacific

Insurance

• On the same day Metromile announced its previously undisclosed Series D financing round of $103.1

mm; Along with the latest strategic investment, Metromile’s total financing is approximately $206 mm

• Metromile used this funding to acquire an insurance carrier called Mosaic Insurance to handle the

underwriting of its policies itself; as well as to expand to new states in the U.S. and continue building its

platform






Investor(s): Horizons

Ventures; Target

Ventures

Investor(s): China

Pacific Insurance

Investor(s): Caisse de

dépôt et placement du

Québec

Click for in-depth

profile

Click for in-depth

profile



http://finte.ch/2d6VGvz

http://finte.ch/2cFdVG3

44

Date Value ($ mm) CommentsTarget / Investor(s)

09/20/16 $50

• Designed for the insurance and communication / media industries, Vlocity delivers a streamlined and

integrated product to enhance customer experience

• On September 20, 2016, Vlocity closed a funding round of $50 mm led by Sutter Hill and including

Salesforce Ventures, Accenture, New York Life Investment Management LLC, Kennet Partners, TDF

Ventures and Wildcat Venture Partners

• Vlocity plans to use this round of financing to continue expansion of operations outside the US

• With the completion of this round, Vlocity reports a total of over $100 mm raised to date including their

previous round of $42.8 mm led by Salesforce Ventures and Accenture





Investor(s): Sutter Hill Ventures;

Salesforce Ventures; Accenture;

New York Life Investment

Management LLC; Kennet

Partners; TDF Ventures; Wildcat

Venture Partners

Click for in-depth

profile



http://finte.ch/2dkbn4t

45


09/26/16 $50

• InstaMed is a provider of a payments network and solutions, connecting providers, payers and

consumers on one platform

• On September 26, 2016, InstaMed announced a $50 mm investment from Carrick Capital Partners

• The investment will be used to drive the growth of the InstaMed Network, accelerate go-to-market

strategy and drive further innovation in healthcare payments technology

• Jim Madden, Co-Founder and Managing Director of Carrick Capital Partners will join the InstaMed board

of directors, and Chris Wenner, a Vice President at Carrick Capital Partners, will become an observer to

the board of directors

09/22/16 na

• Sharecare is a health and wellness engagement platform that provides people with personalized

resources to help them live their healthiest lives

• On September 22, 2016, Sharecare announced it has secured financing from Swiss Re

• Swiss Re’s strategic investment in Sharecare marks the close of its latest round of funding, bringing its

total funding to more than $220 mm

• Beginning in early 2017, users will have access to actionable tools and solutions to help strengthen their

financial standing, reduce their money-related stress, and ultimately improve their health

• Swiss Re will help interested Sharecare users identify additional resources to take control of their

financial health, thereby improving their overall health and well-being


Financial HCIT




Investor(s): Carrick

Capital Partners

Click for in-depth

profile

Investor(s): Swiss Re

Click for in-depth

profile



http://finte.ch/2d9zHos

http://finte.ch/2dCsOLr

46


09/29/16 $88

• Apttus provides SaaS, Quote-to-Cash solutions for enterprise applications with the goal to automate

business functions and facilitate the needs of organizations

• The Company’s solutions are built on the Salesforce1 platform and it is a partner / participant in the

Salesforce ecosystem

• On September 29, 2016, Apttus announced it raised $88 mm from Gulf Islamic Investments, K1

Investment Management, Iconiq Capital and Kuwait Investment Authority

• The funds will allows Apttus to continue delivering transformative business solutions around the world,

and run its operations profitably, while continuing to grow rapidly

09/22/16 96

• Avalara is cloud-based software that provides a variety of compliance solutions in the sales tax and

transactional tax space

• Avalara integrates into leading ERP and e-commerce software systems

• On September 22, 2016, Avalara announced it raised $96 mm from existing investors Sageview Capital,

Technology Crossover Ventures and Warburg Pincus

• Approximately $50 mm will be used as growth and acquisition capital and the remaining capital will be

used to repurchase shares from early investors

09/12/16 6

• Fusebill is a subscription and billing management platform that automates manual accounting and

financial processes and workflows

• On September 12, 2016, Fusebill announced that it has raises $6 mm in funding led by ScaleUp

Ventures and Langdell Investments

• As a part of the transaction Kent Thexton, General Partner ScaleUp Ventures, and Pratik Budhdev,

Principal at Langdell Investments, will join Fusebill’s Board of Directors






Investor(s): Sageview Capital;

Technology Crossover

Ventures and Warburg Pincus

Investor(s): ScaleUp Ventures;

Langdell Investments; OMERS

Ventures; BDC Capital

Click for in-depth

profile

Investor(s): Gulf Islamic

Investments; K1 Investment

Management; Iconiq Capital

and Kuwait Investment

Authority

Click for in-depth

profile



http://finte.ch/2d9sdTi

http://finte.ch/2dC9AoO

47


09/08/16 na

• Coupa provides a cloud-based solutions to control and streamline the purchase and expense lifecycle

within large and small organizations globally

• Solutions are designed specifically for the financial services, food & beverage, healthcare, oil & gas,

retail and technology industries

• On September 8, 2016, Coupa filed a S-1 with the Securities and Exchange Commission for its initial

public offering

• The Company expects to use the net proceeds from this offering for working capital and other general

corporate purposes






Investor(s): Undisclosed

Investors

Click for in-depth

profile




48

Selected Recent Financing Transactions

09/30/16 Remitly Secures $38 mm in Debt and Equity Financing RemitlyInternational Finance Corporation; Silicon Valley

Bank; Undisclosed Investors$38 Details

09/29/16 Unocoin Secures $1.5 mm in Financing Unocoin

Blume Ventures; Mumbai Angels; ah! Ventures;

Digital Currency Group; Boost VC; Bank To The

Future; Bitcoin Capital; FundersClub

2 Details

09/29/16 Payzer Secures $4.3 mm in Financing PayzerIDEA Fund Partners; Route 66 Ventures; Grotech

Ventures4 Details

09/29/16 LYDIA Secures Approximately $7.8 mm in Financing LYDIA NewAlpha Asset Management; Oddo et Cie 8 Details

09/28/16 AnyPerk Secures $11.5 mm in Series A Financing AnyPerk

DCM; CyberAgent; Itochu Technology; GMO

Venture Partners; Nissay Capital; Undisclosed

Investors

12 Details

09/28/16 Paddle Secures $3.2 mm in Series A Financing Led by BGF Ventures Paddle BGF Ventures; Spring Partners 3 Details

09/28/16Bitso Secures $2.5 mm in Financing from MONEXgroup and VARIV

CapitalBitso MONEXgroup; Variv Capital 3 Details

09/26/16 Direct Pay Online Group Secures Financing From Apis Partners Direct Pay Online Group Apis Partners na Details

09/23/16 Nets Raises Approximately $2.4 bn in its IPO Nets Holding Undisclosed Investors 2,370 Details

09/20/16 Curve Secures $3 mm in Financing Curve Samos Investments; Connect Ventures 3 Details

09/20/16 Allset Secures $2.4 mm in Seed Financing Led by Metamorphic Ventures AllsetAndreessen Horowitz; FJ Labs; Metamorphic

Ventures; SMRK VC Fund; Undisclosed Investors2 Details

09/15/16 Pleo Secures $3 mm in Seed Financing Led by Founders Pleo Founders 3 Details

09/14/16 Tipalti Secures $14 mm in Financing Led by SGVC Tipalti SGVC 14 Details

09/12/16 AceitaFacil Secures Financing from Vindi AceitaFacil Vindi <1 Details

09/07/16 UQUID Secures Seed Financing UQUID Undisclosed Investors <1 Details

09/07/16 MOVO Secures $1.8 mm in Financing Led by Tech Coast Angels MOVO Tech Coast Angels 2 Details

09/06/16 payworks Secures $4.5 mm in Financing payworks Rumford; HW Capital; Speedinvest 5 Details

09/06/16Afrimarket Secures Approximately $11.2 mm in Financing Led by Global

Innovation FundAfrimarket Global Innovation Fund; Proparco 11 Details

09/04/16 Localweb Acquires 40% Stake in CheBuoni.it for Approximately $3.1 mm CheBuoni.it Local Web 3 Details

09/02/16 Transfer Galaxy Secures Financing Transfer Galaxy Undisclosed Investors <1 Details

09/02/16 Signifyd Secures $19 mm in Financing SignifydMenlo Ventures; Triplepoint Capital; American

Express Ventures19 Details

09/01/16 BOKU Secures $13.8 mm in Financing BOKU

Khosla Ventures; Benchmark Capital; Index

Ventures; DAG Ventures; New Enterprise

Associates

14 Details




($MM)

FinTech

Database

Announced

Date

Payments

Selected FinTech Financing Transactions



http://db.ftpartners.com/TransactionDetail?id=a0870000013aZb2AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aZVxAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aZOXAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aYfNAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aZPGAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aYfwAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aYe5AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aZTmAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aFtoAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aRjzAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUwtAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aPRRAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aOZeAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aMrCAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJs6AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJm8AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aHbIAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aIiyAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aH2rAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aH2hAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKawAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aFjAAAU

49



09/29/16 WikiRe Secures Approximately $0.3 mm in Financing from Ligurcapital WikiRe LigurCapital; Undisclosed Investors <$1 Details

09/28/16Trunomi Secures $3 mm in Seed Financing Led by Saturn Asset

Management and FintoniaTrunomi

Saturn Asset Management; Fintonia; WorldQuant;

Undisclosed Investors3 Details

09/26/16Praetura Asset Finance Secures Approximately $23.3 mm in Financing

from British Business Bank InvestmentsPraetura Asset Finance British Business Bank Investments 23 Details

09/26/16 SocietyOne Secures $1.5 mm in Financing from Beyond Bank SocietyOne Beyond Bank 2 Details

09/23/16 FinLocker Secures $0.9 mm in Financing FinLocker Undisclosed Investors <1 Details

09/23/16 SavvyMoney Secures Series D Financing Led by TransUnion SavvyMoney TransUnion; TB Capital; Tugboat Ventures na Details

09/23/16 PrecisionLender Secures Series B Financing Led by Georgian Partners PrecisionLender Georgian Partners na Details

09/22/16 TenantCloud Secures $2 mm in Financing Led by User Friendly Media TenantCloud User Friendly Media; Undisclosed Investors 2 Details

09/22/16Hangzhou En Niu Network Technology Secures $310 mm in Series C

Financing51Credit

Tiantu Capital; Xinhu Zhongbao; Shenzhen Qianhe

Capital Management; HgCapital; Undisclosed

Investors

310 Details

09/21/16 Nav Secures $25 mm in Financing Led by Experian NavExperian; Kleiner Perkins Caufield & Byers;

Crosslink Capital25 Details

09/21/16 Zero Secures $2.5 mm in Seed Financing Led by ENIAC Ventures ZeroENIAC Ventures; New Enterprise Associates;

NYCA Partners; Lightbank; Middleland Capital3 Details

09/21/16 Nested Secures Approximately $1.6 mm in Financing NestedPassion Capital; Global Founders Capital;


09/21/16 FirstP2P Secures $70 mm in Series C Financing FirstP2P CCB International; San Shan Capital Partners 70 Details

09/20/16 BankGo Secures Financing BankGo Undisclosed Investors na Details

09/19/16 Jojonomic Secures $1.5 mm in Financing Led by Maloekoe Ventures JojonomicMaloekoe Ventures; Golden Gate Ventures; Fenox

Venture Capital; East Ventures2 Details

09/15/16Hero FinCorp Secures Approximately $150 mm in Financing Led by

ChrysCapitalHero FinCorp Credit Suisse; ChrysCapital; Hero Group 150 Details

09/15/16 Ripple Secures $55 mm in Series B Financing Ripple

Standard Chartered PLC; Accenture Ventures;

SCB Digital Ventures; SBI Holdings; Santander

Innoventures; CME Ventures; Seagate

Technology; Venture51; Siam Commercial Bank

55 Details

09/14/16 GreenSky Secures $50 mm in Financing from Fifth Third Bank GreenSky Credit Undisclosed Investors 50 Details

09/13/16 uno Secures $16.5 mm in Financing from Westpac uno Westpac 17 Details

09/13/16 Point Secures $8.4 mm in Series A Led by Andreessen Horowitz PointAndreessen Horowitz; Ribbit Capital; Bloomberg

Beta; Undisclosed Investors8 Details

09/09/16 Cermati Secures $1.9 mm in Financing Led by East Ventures Cermati East Ventures; Beenos 2 Details

09/09/16 Juvo Raises $14 mm in Financing JuvoFreestyle Capital; Wing Venture Partners; Seed-

Resolute; Undisclosed Investors14 Details




($MM)

FinTech

Database

Announced

Date




http://db.ftpartners.com/TransactionDetail?id=a0870000013aZStAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aYf3AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aXoxAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aWsUAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aWtXAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aVvIAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aZP1AAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUanAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUa4AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aTiPAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aThHAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUxhAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUekAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUZVAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUZLAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUc0AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aPHRAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKbVAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aOaXAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aMvsAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aLuEAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aL48AAE

50


09/09/16Unilend Secures Approximately $2.8 mm in Financing from NewAlpha

Asset ManagementUnilend NewAlpha Asset Management $3 Details

09/08/16 SmartAsset Secures $12 mm in Series B Financing Led IA Capital Group SmartAsset

IA Capital Group; TTV Capital; Contour Venture

Partners; New York Life Insurance Co; Javelin

Venture Partners; Transamerica Ventures; Fitz

Gate Ventures

12 Details

09/08/16 NoBroker Secures Financing NoBroker Undisclosed Investors na Details

09/08/16 Tradico AG Secures Approximately $2.8 mm in Financing TradicoDvH Ventures; Earlybird Venture Capital;

Speedinvest3 Details

09/07/16 DoorKeys Secures $2 mm in Seed Financing DoorKeys Undisclosed Investors 2 Details

09/06/16Divido Secures Approximately $3.3 mm in Seed Financing Led by

Mangrove Capital PartnersDivido DN Capital; Mangrove Capital Partners 3 Details




($MM)

FinTech

Database

Announced

Date

Banking / Lending Technology (cont.)




http://db.ftpartners.com/TransactionDetail?id=a0870000013aLtpAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKbaAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKb6AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aLvbAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJnLAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aHbcAAE

51


09/29/16South Street Securities Secures $30 mm in Financing from Atlas Merchant

CapitalSouth Street Securities Atlas Merchant Capital $30 Details

09/29/16 Benzinga Secures $3 mm in Financing led by WorldQuant Ventures Benzinga WorldQuant; Undisclosed Investors 3 Details

09/26/16 Iconomi Secures $5.8 mm in Financing Iconomi Undisclosed Investors 6 Details

09/26/16 Allianz SE has Agreed to Acquire Minority Stake in MoneyFarm Moneyfarm Allianz SE na Details

09/21/16 OurCrowd Secures $72 mm in Series C Financing OurCrowd Undisclosed Investors 72 Details

09/20/16 InvestCloud Secures $25 mm in Financing from JP Morgan Chase InvestCloud JP Morgan Chase 25 Details

09/20/16 WorkingGroupLink Secures Seed Financing from Inspiration Ventures WorkingGroupLink Inspiration Ventures na Details

09/20/16 Capshare Secures Financing from Standish Management Capshare Standish Management na Details

09/20/16 Vestwell Secures $4.5 mm in Seed Financing VestwellFinTech Collective; Commerce Ventures; F-Prime

Capital; Primary Venture Partners5 Details

09/19/16 Spiking Secures $0.8 mm in Seed Financing Spiking Undisclosed Investors <1 Details

09/15/16 Ellevest Secures $9 mm in Financing EllevestAspect Ventures; Uluventures; Astia Angels; Khosla

Ventures; Morningstar; Undisclosed Investors9 Details

09/14/16 CBRS Aps Acquires 10.14% stake in EuroInvestor.com EuroInvestor.com CBRS Aps na Details

09/14/16Fairr.de Secures Financing from Transamerica Ventures and IBB

BeteiligungsgesellschaftFairr.de

Transamerica Ventures; IBB

Beteiligungsgesellschaft; Undisclosed Investorsna Details

09/12/16Quandl Secures $12 mm in Series B Financing Led by Nexus Venture

PartnersQuandl Nexus Venture Partners; August Capital 12 Details

09/12/16 Huddlestock Secures $1.5 mm in Financing Huddlestock Undisclosed Investors 2 Details

09/09/16 M1 Finance Secures $9 mm in Financing M1 Finance Undisclosed Investors 9 Details

09/09/16 Motivate Secures $1.5 mm in Financing Led by NFX Guild Motivate NFX Guild 2 Details

09/08/16 Zoomdata Secures Financing from In-Q-Tel Zoomdata In-Q-Tel na Details

09/08/16 Ulule Secures Approximately $5.6 mm in Financing Ulule MAIF; BNP Paribas 6 Details

09/07/16 Kyckr Secures $5.2 mm in Financing Kyckr Undisclosed Investors 5 Details

09/05/16Crypto Facilities Secures $1.5 mm in Financing from Playfair Capital,

String Ventures and Digital Currency GroupCrypto Facilities

Playfair Capital; String Ventures; Digital Currency

Group; Undisclosed Investors2 Details

09/01/16 Nova Credit Secures $0.1 mm in Financing from Pear Nova Credit Pear <1 Details

09/01/16 Northholders Secures Financing Northholders Undisclosed Investors na Details

09/01/16 IMC Group has Agreed to Acquire Minority Stake in McKay Brothers McKay Brothers IMC Group na Details




($MM)

FinTech

Database

Announced

Date





http://db.ftpartners.com/TransactionDetail?id=a0870000013aZRRAA2

http://db.ftpartners.com/TransactionDetail?id=a0870000013aZ5QAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aWsoAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aVu0AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aSndAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aSnTAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aShuAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aRqRAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUvlAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aUcKAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aPTcAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aPRlAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aPQiAAM

http://db.ftpartners.com/TransactionDetail?id=a0870000013aMpFAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aLwAAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aLtzAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aLv2AAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKbfAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aKbBAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aJmmAAE

http://db.ftpartners.com/TransactionDetail?id=a0870000013aIjIAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aH2NAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aH2XAAU

http://db.ftpartners.com/TransactionDetail?id=a0870000013aH3aAAE

52


09/28/16Sedgwick Secures $500 mm in Financing from Caisse de Depot et

Placement du QuebecSedgwick Caisse de Depot et Placement du Quebec $500 Details

09/21/16FinanceFox Secures $28 mm in Series A Financing Led by Target

Ventures and Horizons VenturesFinanceFox Horizons Ventures; Target Ventures 28 Details

09/21/16MetroMile Secures $50 mm in Financing from China Pacific

InsuranceMetroMile China Pacific Insurance 50 Details

09/20/16 Vlocity Secures $50 mm in Financing Led by Sutter Hill Ventures Vlocity

Sutter Hill Ventures; Salesforce Ventures;

Accenture; New York Life Investment

Management LLC; Kennet Partners; TDF

Ventures; Wildcat Venture Partners

50 Details

09/08/16 Gewerbeversicherung24 Secures Financing from German Startups Group Gewerbeversicherung24 German Startups Group na Details

09/02/16 QBIS Insurance Solutions Secures $3 mm in Series A Financing QBIS Insurance SolutionsHeffernan Insurance Brokers; Undisclosed

Investors3 Details




($MM)

FinTech

Database

Announced

Date



09/28/16 Tabula Rasa Healthcare Raises Approximately $52 mm in its IPO Tabula Rasa Healthcare Undisclosed Investors $52 Details

09/28/16 HealthMyne Secures $2.4 mm in Series A Financing HealthMyne Undisclosed Investors 2 Details

09/26/16 InstaMed Secures $50 mm in Financing from Carrick Capital Partners InstaMed Carrick Capital Partners 50 Details

09/22/16 Sharecare Secures Financing from Swiss Re Sharecare Swiss Re na Details

09/21/16Catalyze Raises $6.5 mm in Series B Financing Led by Lewis & Clark

VenturesCatalyze

Lewis & Clark Ventures; Arthur Ventures; Baird

Venture Capital; Chicago Venture Partners6 Details

09/01/16 IATAI Enterprises Secures $5 mm in Financing from CASEIF III L.P. IATAI Enterprises CASEIF III L.P. 5 Details


($MM)

FinTech

Database

Announced

Date

Financial HCIT



http://db.ftpartners.com/TransactionDetail?QS=Sedgwick-Secures-500-mm-in-Financing-from-Caisse-de-Depot-et-Placement-du-Quebec

http://db.ftpartners.com/TransactionDetail?QS=FinanceFox-Secures-28-mm-in-Series-A-Financing-Led-by-Target-Ventures-and-Horizons-Ventures

http://db.ftpartners.com/TransactionDetail?QS=MetroMile-Secures-50-mm-in-Financing-from-China-Pacific-Insurance

http://db.ftpartners.com/TransactionDetail?QS=Vlocity-Secures-50-mm-in-Financing-Led-by-Sutter-Hill-Ventures

http://db.ftpartners.com/TransactionDetail?QS=Gewerbeversicherung24-Secures-Financing-from-German-Startups-Group

http://db.ftpartners.com/TransactionDetail?QS=QBIS-Insurance-Solutions-Secures-3-mm-in-Series-A-Financing

http://db.ftpartners.com/TransactionDetail?QS=Tabula-Rasa-Healthcare-Raises-Approximately-52-mm-in-its-IPO

http://db.ftpartners.com/TransactionDetail?QS=HealthMyne-Secures-2-4-mm-in-Series-A-Financing

http://db.ftpartners.com/TransactionDetail?QS=InstaMed-Secures-50-mm-in-Financing-from-Carrick-Capital-Partners

http://db.ftpartners.com/TransactionDetail?QS=Sharecare-Secures-Financing-from-Swiss-Re

http://db.ftpartners.com/TransactionDetail?QS=Catalyze-Raises-6-5-mm-in-Series-B-Financing-Led-by-Lewis-Clark-Ventures

http://db.ftpartners.com/TransactionDetail?QS=IATAI-Enterprises-Secures-5-mm-in-financing-from-CASEIF-III-L-P

53

09/29/16 Apttus Secures $88 mm in Series D Financing Apttus

Gulf Islamic Investments; K1 Investment

Management; Iconiq Capital; Kuwait Investment

Authority

$88 Details

09/29/16 Kyriba Secures $23 mm in Series D Financing Led by Bpifrance KyribaUndisclosed Investors; Bpifrance; HSBC Holdings

plc; Daher Capital23 Details

09/28/16 Dooer Secures $4.6 mm in Financing Dooer Undisclosed Investors 5 Details

09/28/16 DaySmart Software Secures Financing from SFW Capital Partners DaySmart Software SFW Capital Partners na Details

09/28/16 BigchainDB Secures Approximately $3.4 mm in Series A Financing BigchainDBEarlybird Venture Capital; Anthemis Group; Digital

Currency Group; innogy SE3 Details

09/27/16 IDnow Secures Financing from BayBG and Seventure IDnow BayBG; Seventure na Details

09/22/16 Collaborative Solutions Secures Financing from WestView Collaborative Solutions WestView Capital na Details

09/22/16 Avalara Secures $96 mm in Financing AvalaraWarburg Pincus; Sageview Capital; Technology

Crossover Ventures; Undisclosed Investors96 Details

09/19/16 Billogram Secures $1.2 mm in Financing Billogram Edstra Venture Capital; Undisclosed Investors 1 Details

09/19/16 DueCourse Secures Approximately $1.6 mm in Equity Financing DueCourse Undisclosed Investors 2 Details

09/16/16 Connective Secures Approximately $5 mm in Financing Connective Undisclosed Investors 5 Details

09/14/16 LumaTax Secures $2 mm in Financing Luma TaxMadrona Venture Group; Greycroft Partners;


09/13/16 Sourcery Secures $5 mm in Financing Led by Marker LLC SourceryMarker LLC; Steadfast Venture Capital; Palantir

Technologies; Undisclosed Investors5 Details

09/12/16Fusebill Secures $6 mm in Financing Led by ScaleUp Ventures and

Langdell InvestmentsFusebill Scale-Up Venture Capital; Langdell Investments 6 Details

09/08/16 Cyence Secures $40 mm in Financing Led by New Enterprise Associates Cyence New Enterprise Associates 40 Details

09/08/16 Coupa Files for its IPO Coupa Undisclosed Investors na Details

09/08/16 SALIDO Secures $2 mm in Financing SALIDO Undisclosed Investors 2 Details

09/07/16kWh Analytics Secures $5 mm in Series A Financing Led by Anthemis

GroupkWh Analytics Anthemis Group; ENGIE 5 Details

09/07/16 InstaSupply Secures $1.5 mm in Seed Financing InstaSupply Undisclosed Investors 2 Details





($MM)

FinTech

Database

Announced

Date

Financial Management Systems




http://db.ftpartners.com/TransactionDetail?QS=Apttus Secures 88 mm in Series D Financing

http://db.ftpartners.com/TransactionDetail?QS=Kyriba Secures 23 mm in Series D Financing Led by Bpifrance

http://db.ftpartners.com/TransactionDetail?QS=Dooer Secures 4 6 mm in Financing

http://db.ftpartners.com/TransactionDetail?QS=DaySmart Software Secures Financing from SFW Capital Partners

http://db.ftpartners.com/TransactionDetail?QS=BigchainDB Secures Approximately 3 4 mm in Series A Financing

http://db.ftpartners.com/TransactionDetail?QS=IDnow Secures Financing from BayBG and Seventure

http://db.ftpartners.com/TransactionDetail?QS=Collaborative Solutions Secures Financing from WestView

http://db.ftpartners.com/TransactionDetail?QS=Avalara Secures 96 mm in Financing

http://db.ftpartners.com/TransactionDetail?QS=Billogram Secures 1 2 mm in Financing

http://db.ftpartners.com/TransactionDetail?QS=DueCourse Secures Approximately 1 6 mm in Equity Financing

http://db.ftpartners.com/TransactionDetail?QS=Connective Secures Approximately 5 mm in Financing

http://db.ftpartners.com/TransactionDetail?QS=LumaTax Secures 2 mm in Financing

http://db.ftpartners.com/TransactionDetail?QS=Sourcery Secures 5 mm in Financing Led by Marker LLC

http://db.ftpartners.com/TransactionDetail?QS=Fusebill Secures 6 mm in Financing Led by ScaleUp Ventures and Langdell Investments

http://db.ftpartners.com/TransactionDetail?QS=Cyence Secures 40 mm in Financing Led by New Enterprise Associates

http://db.ftpartners.com/TransactionDetail?QS=Coupa Files for its IPO

http://db.ftpartners.com/TransactionDetail?QS=SALIDO Secures 2 mm in Financing

http://db.ftpartners.com/TransactionDetail?QS=kWh Analytics Secures 5 mm in Series A Financing Led by Anthemis Group

http://db.ftpartners.com/TransactionDetail?QS=InstaSupply Secures 1 5 mm in Seed Financing

54





($MM)

FinTech

Database

Announced

Date

Financial BPO


Financial BPO

09/23/16 Captio Secures $1.1 mm in Financing Led by Sabadell Venture Capital CaptioSabadell Venture Capital; Venturcap; Telegraph

Hill Capital; Kibo Ventures$1 Details

09/09/16 Hanse Orga Secures Financing from Waterland Hanse OrgaWaterland Private Equity Investments; Undisclosed

Investorsna Details



http://db.ftpartners.com/TransactionDetail?QS=Captio Secures 1 1 mm in Financing Led by Sabadell Venture Capital

http://db.ftpartners.com/TransactionDetail?QS=Hanse Orga Secures Financing from Waterland

55

Oct. 03, 2016 InsTech London Meetup

The event is centered around the leading insurance-focused accelerators from both

London and Europe who will be presenting their varying business models to an audience

packed with start-ups and young talent.

London, UK Detail

Oct. 03, 2016 Dreamforce InsurTech Summit

With speakers from Trov, Embroker, PolicyGenius, Zenefits and many more, Dreamforce

InsurTech Summit delivers a one day event focused on the digital transformation and

innovative strides in the insurtech world. Including incumbent insurers, VC’s and

startups, this event has something for anybody interested in the space at any level.

San Francisco, CA, USA Detail

Oct. 04 - 06, 2016 MENA New Age Banking Summit 2016

The MENA New Age Banking Summit aims to highlight the challenges and opportunities

and provide a knowledge and networking platform that will bring the MENA banking

industry at par with its counter parts across the globe. The summit will empower the

banks to devise strategies that will help them keep pace with the evolving financial eco-

system in this digital age.

Doha, Qatar Detail

Oct. 05 - 06, 2016 BAI Beacon 2016

BAI Beacon is an all-new immersive two-day conference that provides new perspectives

in a more focused and meaningful way with 360-degree views on the most important

issues impacting the financial services industry.

Chicago, IL, USA Detail

Selected FinTech Events

Key Industry Conferences

Date Conference Location Website



http://www.meetup.com/instech/events/233799993/

https://docs.google.com/presentation/d/14I458hUAfNlB5HclFJ3VkPXqcQ4ffVQVR-Y7FGVjeFQ/edit#slide=id.g15f912d226_0_0

http://newagebanking.com/mena/

https://www.bai.org/baibeacon

56

Oct. 05 - 06, 2016 MobeyDay 2016

MobeyDay is the annual flagship event by Mobey Forum that brings together decision

makers from the financial services and FinTech industries. It is two day event with

opportunities for companies to make strategic business contacts and hear eye-opening

presentations from industry leaders.

Barcelona, Spain Detail

Oct. 05 – 06, 2016 InsureTech Connect 2016

InsureTech Connect offers unparalleled access to the largest and most comprehensive

gathering of tech entrepreneurs, investors, builders, and forward thinking carriers. More

than 150 speakers will chair two days of insights across four distinct tracks, all designed

to increase success in today’s mobile first, digital world while helping prepare for the

ever-changing future.

Las Vegas, NV, USA Detail

Oct. 05 - 07, 2016 Lend360 2016

LEND360 2016 focuses on lenders conducting business in many verticals in consumer

and small business lending will be in search of innovative solutions to maximize profits.

Vendors will be ready to showcase their solutions to streamline the online lending

process.


Oct. 05 - 07, 2016 SAP TechEd Bangalore 2016

At SAP TechEd, attendees will gain insight into SAP strategy and product direction from

the executive leadership team,get advice, best practices, and how-to tips from the SAP

technology experts, delve into current product road maps and get answers to your

questions as well as discuss – and influence – future product functionality.

Bangalore, India Detail






http://mobeyday.com/

http://www.insuretechconnect.com/

http://www.lend360.org/

http://events.sap.com/teched-2016-india/en/home

57

Oct. 06 - 07, 2016 CCG Catalyst Summit ‘16

The Catalyst Summit is an exclusive two day summit for banks. Day One inspires

transformation, new forms of strategic planning using design thinking. Day Two, banks

will meet early stage FinTech companies, to review and validate the merits of the

business. The Summit provides bankers with an opportunity to learn different forms of

strategic thinking to transform the traditional banking business model.

Phoenix, AZ, USA Detail

Oct. 10 – 12, 2016 Tiburon CEO Summit XXXI 2016

Tiburon’s CEO Summit allows a select cross-industry group of senior executives to

examine a variety of issues associated with the future of banking, brokerage,

investments, insurance, advice and wealth management. This summit provides a unique

opportunity for CEOs throughout the financial services industry to discuss business

opportunities. Tiburon’s CEO Summit includes guest presentations, panel discussions

and break-out sessions.


Oct. 11 - 12, 2016 LendIt Europe 2016

LendIt is the largest conference series dedicated to connecting the global online lending

community. Financial innovators, investors and pioneers from all over the world attend

LendIt for an opportunity to learn from market leaders, form key business alliances, and

showcase and launch industry-moving products and services. LendIt hosts three

conferences per year in the USA, Europe and China.

London, UK Detail

Oct. 12 – 13, 2016 Global Payment Summit 2016

The Global Payment Summit is a platform for and by professionals in the transaction

space. Developments in the payments and transaction space are a focus of the

conference, which offers global state-of-the-art expertise on the space.

Singapore, Singapore Detail






https://www.ccg-catalyst.com/summit/

http://www.tiburonadvisors.com/CEO_Summits.html

http://www.lendit.com/europe/2016

https://globalpaymentsummit.com/

58

Oct. 16 - 18, 2016 ABA Annual Convention

The American Bankers Association (ABA) Annual Convention is the industry's premier

event for CEOs, presidents and other senior executives from financial services firms

across the nation. At the Convention, bank executives can network and learn about

strategies, tactics and new products that will make their institutions more successful.

Nashville, TN, USA Detail

Oct. 16 - 20, 2016 Gartner Symposium IT Xpo 2016

Gartner Symposium IT Xpo 2016 is a significant gathering of CIOs and Senior IT

Executives. This year’s theme, Lead 360. Drive Digital to the Core, will attendees see

further, explore deeper and discover how to make digital a core competence for the

attendee and their organization

Orlando, FL, USA Detail

Oct. 18 - 19, 2016 Next Edge Health Experience Summit

The age of telemedicine, wearables, remote data capture, and sophisticated wellness

programs has advanced patient-centered care to the next edge. Patients as individuals

are, more than ever before, the primary stakeholders in their own care. This year’s Next

Edge Summit will hone in on the patient journey, the path healthcare professionals have

to pave to fully empower the patient. It’s time to iron out the edges and work together to

make the patient journey a smooth, connected path from start to finish. The future of the

patient-led experience will require constant collaboration from care providers, payers,

pharma and most importantly, the patients themselves. Join leaders, experts and

innovators from all corners of the healthcare ecosystem, as we chart a course for the

future of connected care.

Boston, MA, USA Detail

Oct. 18 – 20, 2016 FIA Futures and Options Expo

FIA Futures and Options Expo provides breaking news, valuable insights and innovative

solutions for the industry of listed derivatives and cleared swaps. The Expo is an

opportunity to connect with business leaders, stakeholders and top regulators within the

industry.







http://www.aba.com/Training/Conferences/Pages/annual.aspxhttp:/mobeyday.com/

http://www.aba.com/Training/Conferences/Pages/annual.aspx

http://www.aba.com/Training/Conferences/Pages/annual.aspxhttp:/mobeyday.com/

http://www.gartner.com/events/na/orlando-symposium

http://www.nextedgesummit.com/about.html

https://expo2016.fia.org/

59

Oct. 19 – 20, 2016 TradeTech Asia 2016

TradeTech is the only conference dedicated to the buy-side, offering content that

address equity trading’s biggest technology pain points. With 300 influential buy-side

Heads of Equities Trading and Heads of Trading Technology under one roof, TradeTech

offers a unique opportunity to benchmark businesses with those that are at the forefront

of the industry and new financial landscape.

Singapore, Singapore Detail

Oct. 19 – 21, 2016 ETA Strategic Leadership Forum

The ETA Strategic Leadership Forum features executives at the nexus of technology,

mobile and e-commerce who are advancing the payments industry. The event covers all

aspects of payments and is designed to create an optimal setting for networking with and

learning from the top individuals in the space.

Palm Beach, FL, USA Detail

Oct. 20 - 21, 2016 CFO Rising West Summit 2016

CFO Rising West Summit 2016 provides a platform for leading finance professionals to

discuss, engage and question the processes that are fundamental for CFO Innovation,

Corporate Finance Tech and Compliance & Risk.


Oct. 20 - 21, 2016 Connected Health Symposium

The Connected Health Symposium is a change-agent conference that promotes

innovative thinking and the application of personal consumer health technologies to

support new models of care delivery. Over its 12 year history, the Symposium has

become an important venue for health care providers, hospitals, payers, government

agencies, investors and technology developers to convene, share ideas and establish

partnerships that are changing health care delivery for the future.







http://tradetechasia.wbresearch.com/

http://electran.org/events/slf16/

https://theinnovationenterprise.com/summits/cfo-rising-west-summit-san-francisco-2016

https://symposium.connectedhealth.org/

60

Oct. 23 - 26, 2016 Money20/20

Money20/20 is the world's biggest, boldest and best event covering payments and

financial services innovation for connected commerce at the intersection of mobile, retail,

marketing services, data and technology. With 10,000+ attendees, including more than

1,000 CEOs, from 3,000 companies and 75 countries, expected at our 2016 U.S. event,

Money20/20 is critical to realizing the vision of disruptive ways in which consumers and

businesses manage, spend and borrow money.


Oct. 23 - 27, 2016 Insight 2016

From IBM Information on Demand to IBM Insight to the brand new IBM World of Watson,

the IBM Insight conference continues to be the premier industry event for data and

analytics professionals, delivering unmatched value and exciting on-site opportunities to

connect with peers, hear from thought leaders, experience engaging content and receive

training and certification


Nov. 02, 2016 Digital Healthcare Innovation Summit

Digital Healthcare Innovation Summit 2016 emphasizes disruptive solutions to the health

care conundrum. Leading stakeholders from hospitals, insurers, and critical regulatory

bodies sit down with the technology industry’s top innovators, investors, and

entrepreneurs to discuss how technology can unwrap the inefficiencies of the massive

healthcare sector.


Nov. 02 – 03, 2016 FIMA 2016

FIMA 2016 focuses on the CDOs and senior-level data professionals from top banks and

asset management companies striving to meet regulatory requirements, to provide a

best-in-class service to internal customers and determine which cutting-edge

technologies to implement.

London, UK Detail






http://www.money2020.com/money2020-2015-overview

http://www-01.ibm.com/software/events/insight/index.html?cm_mc_uid=84549048871214247167060&cm_mc_sid_50200000=1424716706

http://healthegy.com/digital-healthcare-innovation-summit-2016/

http://fimaeurope.wbresearch.com/

61

Nov. 07, 2016 Empire Startups FinTech Conference SF 2016

Hear from those forging new trails in payments, real-estate, lending, insurance tech, and

more. In addition to attracting hundreds of FinTech entrepreneurs, this New York

conference also plays host to the investors and service providers that help accelerate

startups. The audience can also look forward to keynotes, panels and demo updates

from some of the top FinTech startups in the world.


Nov. 08, 2016 FinovateAsia 2016

Finovate is the only conference series focused exclusively on showcasing the best and

most innovative new financial and banking technologies. Finovate conferences

consistently attract large, high-impact audiences of senior financial and banking

executives, venture capitalists, press, industry analysts, bloggers, regulators, and

entrepreneurs.

Hong Kong, China Detail

Nov. 14 - 15, 2016 Clearing and Settlement World 2016

Clearing and Settlement World 2016 brings together operations leaders from top buy

and sell side institutions to benchmark their post-trade function with those who were

identified as best in class.

London, UK Detail

Nov. 14 – 16, 2016 InsurTech Rising 2016

The InsurTech Rising conference unifies insurers & insurtechs around the industry's

biggest challenges & most innovative solutions. Hear from industry leaders on how they

are harnessing the power of InsurTech to accelerate their digital transformation

strategies and deliver customer-centric solutions. Meet the innovators driving this

change, from insurers and entrepreneurs to VCs and solution providers. Hear from

experts on how distributed ledger technology can fundamentally transform the industry

through a deep dive focused exclusively on blockchain and insurance. Learn the

fundamentals and explore the use cases that can deliver value, from automating claims

to tackling fraud.

London, UK Detail






http://www.empirefintechconference.com/

http://asia2016.finovate.com/

http://clearingsettlement.wbresearch.com/

https://finance.knect365.com/insurtech/

62

Nov. 15, 2016 CIO Finance 2016

CIO Finance 2016 Europe is an opportunity for technology executives to have in-depth

discussions on the best practices and strategies necessary to build customer centric

organizations. The event includes interactive educational sessions as well as formal and

informal networking opportunities that will allow attendees to make new business

contacts and exchange ideas.

London, UK Detail

Nov. 15 – 16, 2016 Insurance IoT USA 2016

Insurance IoT USA 2016 is the only customer built event created specifically to discuss

the applications of connected devices in the insurance industry in North America. The

conference will evaluate business-critical topics on how to devise a business plan as

real-time data and usage-based insurance models will completely overhaul the way that

insurers evaluate risk and connect to their customers.


Nov. 15 - 18, 2016 Accountex 2016

Technology drives the future of accounting and staying informed is imperative to a

successful future. Accountex is a leading annual accounting event where attendees can

discover all of the leading innovations, not just one technology, and get insights on what

disruptions will change what your job means.


Nov. 15 – 18, 2016 Payments International

Payments International is a leading payments event in Europe that attracts senior

executives from banks, corporations, technology and infrastructure providers and

regulators and service providers. The conference will focus on four different trends:

blockchain, payments regulation, the future of payments and PSD2.

London, UK Detail






http://eu.ciofinancesummit.com/

http://www.fc-bi.com/insuranceiotusa/

http://www.accountexusa.com/

https://finance.knect365.com/payments-international/

63

Nov. 16 - 17, 2016 Big Data & Analytics Innovation Summit 2016, London

This summit will bring together the worlds industry leading experts, providing the perfect

platform for thought-sharing and innovative discussion. Hear from industry leading

experts and gain insight into the strategies and processes implemented by some of the

worlds most successful organizations. The summit will provide a platform to meet,

discuss and learn from fellow experts working within the Big Data and Analytics fields.

London, UK Detail

Nov. 29 - 30, 2016 Predictive Analytics Innovation Summit, Chicago 2016

Predictive Analytics Innovation Summit, Chicago 2016 provides a platform for leading

executives to share unique insight into the innovations that are driving success in the

worlds most successful organizations.


Nov. 29 - 30, 2016 Business Intelligence Innovation Summit 2016

Business Intelligence is playing a key role in modern business and is considered central

to identifying new opportunities within an organization. Making use of new opportunities

and implementing an effective strategy can provide a competitive market advantage and

long-term stability for a business.


Nov. 30 – Dec. 02, 2016 Forbes Healthcare Summit 2016

Healthcare is transforming itself, both slowly (see: the creeping adoption of electronic

health records) and instantly (we can now cure hepatitis C!). We'll once again gather the

top executives from insurance, pharma, and the hospital industry to take on medicine's

toughest problems. And we'll throw in a mix of patients, technologies, and big ideas.

Don't miss this opportunity to change the way you think about the future of health.

New York, NY, USA Detail






https://theinnovationenterprise.com/summits/big-data-analytics-innovation-summit-london-2016

https://theinnovationenterprise.com/summits/predictive-analytics-innovation-chicago-2016

https://theinnovationenterprise.com/summits/business-intelligence-innovation-summit-chicago-2016

http://www.forbesconferences.com/event/2016-forbes-healthcare-summit/

64

Nov. 30 – Dec. 02, 2016 TEDMED 2016

TEDMED bridges the gap between science and the public by finding and sharing stories

that inform, inspire, engage and provoke action across a broad, passionate community

both inside and outside of health and medicine. TEDMED values inclusiveness, multi-

disciplinary collaboration and diversity in its mission to catalyze a healthier world. Our

annual event brings the world together to focus on what’s new and important in health

and medicine. We forge partnerships with industry leaders, medical research institutions,

think tanks, government agencies and foundations, to ensure that cutting-edge

biomedical thinking is shared across disciplines and made accessible to the public at

large.

Palm Springs, CA, USA Detail

Dec. 05, 2016 InsTech 20/20

Chief Operating Officers, Chief Innovation Officers, Chief Marketing Officers, Chief Data

Officers and Chief Technologists from the top 250 insurance and re-insurance

companies form the advisory board and the panel of speakers and participants. Dozens

of innovators will be joining the panels and debates, with some of the most senior C-level

executives from the world’s largest insurance giants, as well as medium size

underwriters, brokers and small companies, to explore the future impact of this

technology on your business. In short, all of your competitors, partners and future

employers will be at this event.

London, UK Detail

Dec. 06 - 07, 2016 FinTech Connect Live 2016

An exhibition featuring over 150 exhibitors, FinTech Connect Live also plays host to a

keynote auditorium with inspirational case studies from around the world, a series of

sub-sector oriented micro-conferences, a showcase theatre of product demos,

educational workshops for start up leaders, micro-mentoring clinics and much more.

London, UK Detail

Dec. 07, 2016 Health IT Leadership Summit 2016

Created in 2010 by the Georgia Department of Economic Development, the Metro

Atlanta Chamber and the Technology Association of Georgia’s Health Society, the

Health IT Leadership Summit brings together leaders from across the healthcare

continuum to discuss how the industry can drive innovation to enable better healthcare

delivery at lower costs to more people.







http://www.tedmed.com/event/stage2016

http://instech2020.com/

http://www.fintechconnectlive.com/

https://digitalhealthsummit.com/

65

Dec. 07, 2016 Health IT Leadership Summit 2016

Created in 2010 by the Georgia Department of Economic Development, the Metro

Atlanta Chamber and the Technology Association of Georgia’s Health Society, the

Health IT Leadership Summit brings together leaders from across the healthcare

continuum to discuss how the industry can drive innovation to enable better healthcare

delivery at lower costs to more people.


Dec. 08 – 09, 2016 Inside FinTech Conference & Expo

Inside FinTech Conference & Expo explores a variety of topics, including blockchain

technology and other decentralized solutions for financial processes. The conference

brings together leaders from throughout the FinTech ecosystem, from entrepreneurs to

industry analysts to policy makers.

Seoul, South Korea Detail

Jan. 05 – 08, 2017 The Digital Money Forum 2017

The Digital Money Forum looks at the role of new payment systems from borderless e-

commerce to biometrics and authentication systems to virtual currencies and blockchain.

The forum explores how the industry will come to together to transform to a cashless,

safe and global economy.







https://digitalhealthsummit.com/

http://www.insidefintechconference.com/seoul/2016

http://thedigitalmoneyforum.com/

66

FT Partners Research

FT Partners Research – U.S. FinTech IPO Analysis

FT Partners' IPO Infographic provides an in-depth analysis of U.S.

FinTech IPOs over the past decade

Highlights of the Infographic include:

• Yearly breakdowns by capital raised and FinTech sector

• Rankings of largest IPOs by capital raised, best and worst performing and

most recent FinTech IPO transactions

• Insight into pending IPOs, spin-offs and companies acquired while on file

for an IPO

• Details on the most active investors in FinTech IPOs and a list of the most

well funded private FinTech companies

FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial

Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with

over 13 years of exclusive focus on Financial Technology.

















67

FT Partners Research – Digital Wealth Management Report

FT Partners' 145-page report provides a comprehensive overview of key

industry trends driving innovation in the wealth management space and

how the industry is reacting to the emergence of Robo Advisors and

other Digital Wealth Management disruptors.

Additional highlights of the report include:

• A discussion of the different Automated Digital Wealth Management

platforms and business models

• The responses of incumbents in the wealth management space, including

the innovations, partnerships and acquisitions being made to stay ahead

of the game

• Interviews with eight CEOs of leading Digital Wealth pioneers including

Betterment, Link Pacific Advisors, MyVest, NextCapital, Nutmeg,

Riskalyze, SigFig and Vanare

• A detailed industry landscape of Digital Wealth Management providers as

well as other innovative, tangential companies, profiles of 33 companies

and a comprehensive list of private equity financing and M&A transactions

in the space

Are the Robots Taking Over?

The Emergence of Automated Digital

Wealth Management Solutions

FT Partners Research

FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial

Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with

over 13 years of exclusive focus on Financial Technology.





http://finte.ch/DigitalWealth






68

Overview of FT Partners

The FT Partners Senior Banker Team

Name / Position Prior Background Experience / Education Years of Experience

Steve McLaughlin

Founder, CEO and

Managing Partner

■ Formerly with Goldman, Sachs & Co. in New York and

San Francisco from 1995-2002

■ Formerly Co-Head of Goldman Sachs’ Financial

Technology Group (#1 market share)

■ Wharton M.B.A.

21

Larry Furlong

Managing Director

■ Formerly with Goldman, Sachs & Co. in New York, London

and Los Angeles beginning in 1995

■ Wharton M.B.A.

21

Greg Smith

Managing Director

■ Formerly award winning Equity Research Analyst at Merrill

Lynch / J.P. Morgan / Sterne Agee

■ Recent coverage included V, MA, TSS, GPN, HPY, WU,

EEFT, DST, ENV, FISV, FIS & JKHY among others

20

Steve Stout

Managing Director■ Formerly with J.P. Morgan and UBS

■ Formerly Global Head of Strategy at First Data18

Tim Wolfe

Managing Director

■ Formerly with Goldman, Sachs & Co. beginning in 2000

■ Started at FT Partners beginning in 2002

■ 40 Under 40 M&A Advisor Award Winner 2013

■ Harvard M.B.A.

14

Andrew McLaughlin

Managing Director, Research &

Business Development

■ Leads FT Partners’ Research and Business Development

Team

■ Formerly with Deloitte Consulting10



69

Avg Years of Director / MD Experience

6 7 8 9 10 11 12 13 14 15 16 13 15 16 17 19

12

4 5 6

1314

17

21

27

31

3538

46

58

67

3 35 5 6 6 611 12 13 14

4548

6772

95

101

116

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Employees Number of Directors / MDs Total Exp. Of Directors / MDs (Years)

~5x Number of resources

~9x Total senior banker experience

~2x Average senior banker experience

~6x Number of senior bankers

FT Partners’ Last Decade


Platform of Choice for Clients and Bankers Alike



70


FT Partners’ Press / Client Testimonials

“One of the most sought after investment banks working the acquiring side of the payment card industry is Financial

Technology Partners.” – Nilson Report Feature on FT Partners

“The FT Partners team truly partnered with Chrome River as we approached this latest round of financing for future

growth. FT Partners connected us with leading investors in the space and ultimately helped us find a true partner for

our next chapter.” – Alan Rich, Co-Founder and CEO of Chrome River

“FT Partners is a top choice in investment banking for CEOs in the financial technology space.”

– Matt Golis, Co-Founder and CEO and Tom Villante, Co-Founder and Chairman, Yapstone

“The FT Partners team was instrumental in achieving a successful outcome for our Company. They clearly

demonstrated a deep understanding of our business and industry and delivered excellent advice throughout every step

of the process.” – Andy Roberts, CEO, FleetOne

“FT Partners more than lived up to our expectations through the creation of both substantial value for our shareholders

and a transaction that ensures an optimal future for our company.” – Matt Taylor, CEO, Mercury

“Steve and the FT Partners team have been a trusted partner for Tora through this entire process. Their guidance on

structuring this transaction and helping to connect us with a premier investor was critical to making this transaction an

overwhelming success for all involved.” Robert Dykes, CEO, Tora

“FT Partners’ support throughout this process was unwavering and they provided the highest level of expertise and

top-notch advice at every step of the process.” – Peter Gustavson, Chairman, Custom House

“We could not be more pleased with the level of professionalism, tenacity, industry experience, advice and passion…”

– Jim McKenzie, Chief Executive Officer, Network Merchants

“I enjoyed working with the team at FT Partners…Their knowledge of the insurance and financial technology industry

dynamics and potential buyer landscape proved invaluable.” – Dan Smith, CEO, Aplifi







71


FT Partners’ Recent Awards and Recognition

The 2015 FinTech Finance 35:

#4 Steve McLaughlin, Financing Technology Partners

(excerpt from article published in Institutional Investor)

“Steve personifies the combination of talent, vision, energy and

experience that add up to the unprecedented level of leadership

and influence in FinTech.”

– Jeff Kutler, Feature Editor Click to view

M&A Advisor Awards

Investment Banking Dealmaker of the Year (2015) – Steve McLaughlin, CEO & Managing

Partner of FT Partners

Technology Deal of the Year $1.5 Billion (2015) – TransFirst’s $1.5 Billion Sale to Vista

Equity PartnersClick to view

The Information’s “Silicon Valley’s Most Popular Dealmakers” (2016)

Ranked as the #2 top Technology Investment Banker by The Information subscribers

Only FinTech focused investment banking firm and banker on the list

Click to view







http://www.ftpartners.com/views/media/news/FinTech Finance 35-SteveMcLaughlin.pdf

http://www.ftpartners.com/views/media/news/FinTech Finance 35-SteveMcLaughlin.pdf

http://www.ftpartners.com/awards


http://finte.ch/1UDzAPt

http://finte.ch/1UDzAPt

72

Awards Overview

Dealmaker of the Year

Investment Bank of the Year

Deal of the Decade

■ FT Partners consistently receives top honors and recognition from

national association:

– Cross Border Deal of the Year (2016)

– Technology Deal of the Year (2015)

– Dealmaker of the Year (2007, 2008, 2009, 2012 and 2015)

– Professional Services Deal of the Year (2012)

– Equity Financing Deal of the Year (2014)

– Boutique Investment Bank of the Year (2011)

– Deal of the Decade (2011)

– Middle Market Deal of the Year, Cross-Border Deal of the Year

and IT Services Deal of the Year (2010)

– Investment Banking Firm of the Year (2004, 2006 and 2016)

– Financing Professional of the Year (2006)

– Product of the Year – IPO Advisory (2006)

– Deals of the Year (2005, 2006 and 2007)

■ 2015 ranked 4th on Institutional Investor’s 2015 “FinTech Finance 35”

■ 2008’s top ranked investment banker named on Institutional Investors

annual “Online Finance 40” ranking

– Consecutively ranked for 3 years (2008, 2007, 2006)

■ Founder and Managing Partner, Steve McLaughlin, lauded highest

honors as both “Dealmaker of the Year” and “Financing Professional of

the Year”

■ Top award winning Investment Bank collecting more than 12 separate

awards for outstanding performance and client results

– FT Partners has received over 75 award nominations across an

unprecedented array of categories

■ FT Partners’ ”IPO Advisory” service – as demonstrated in one of the

most successful Payments IPOs in history, Verifone – received its third

industry award in 12 months for Product of the Year

– Previously recognized in our 2006 Financing Professional of the

Year award and 2005 Deal of the Year

“M&A Advisor” Selects FT Partners for M&A Industry-Wide Awards

Selected Transactions:

■ $4.50 billion Heartland’s Sale to Global Payments

■ $1.65 billion Mercury Payments Systems’ sale to Vantiv

■ $1.50 billion TransFirst’s sale to Vista Equity Partners

■ $900 million Mercury Payments Systems’ 60% strategic investment by Silver Lake

■ $525 million Sale of Lynk Systems to RBS

■ $370 million Sale of Custom House to Western Union

■ $369 million Sale of Fleet One to Wright Express

■ $325 million Sale of Verus to Sage Group

■ $300 million Sale of Currencies Direct to Palamon and Corsair Capital

■ $300 million Minority Capital Raise for GreenSky

■ $300 million Jack Henry’s acquisition of iPay Technologies

■ $238 million Growth Equity Investment in SquareTrade by Bain Capital and Bain Capital Ventures

■ $235 million AvidXchange’s Series E financing

■ $177 million Financial advisory role on Verifone’s IPO

■ $135 million Minority Capital Raise for Kabbage

■ $100 million Growth Equity Investment in Chrome River

FT Partners Named “Dealmaker” and “Investment Bank” of the Year












73

In Financial Technology’s Most Important Strategic Transactions,

CEOs’ Advisor of Choice is FT Partners

FT Partners is focused on the flawless execution of our industry’s most

important, mission critical transactions

Dealmaker of the Year

Boutique Investment Bank of the Year

Deal of the Decade

10 Deal of the Year Nominations

Sole strategic and financial

advisor to Yapstone in its

minority investment led by

Accel Partners

Sole strategic advisor and

provided fairness opinion

to ATD and its Board of

Directors in its sale to

Citigroup

Sole advisor to Mercury

Payment Systems and its

Board of Directors in its

60% strategic growth

investment by Silver Lake

Sole advisor in the sale of

the largest private

transaction processor in

North America

Financial and strategic

advisor to the largest

provider of electronic

payment solutions globally




FTP Securities LLC

is pleased to announce its role as sole


in its approximately 60% majority sale to

$900,000,000

for aggregate consideration of approx.







https://twitter.com/ftpartners




74

FT Partners’ Focused Universe

At the Convergence of Financial Services and Technology

P&C / Life / Health Insurance

Securities / Clearing

Payments

Banking

Insurance

Risk Management

Wealth Management

Investment Advice

Financial Supply Chain

Global Custody

POS Hardware / ATM

Brokerage

Credit Cards

Title / Appraisal

Remittance

Mortgage / Lending

FX / Treasury

Compliance

Loan Servicing

Payroll

Processing

Straight-Through Processing

T + 1 / Settlement

Financial Media / Data

Aggregation

Software

Exchanges / ECNs

EBPP

Wireless

Internet

IT Services

Data

Business Intelligence

CRM

Fraud Detection

ACH / ATM Networks

Decisioning/ Analytics

Imaging

Outsourcing / BPO

Security

Technology and

Services SolutionsFinancial Services

Financial

BPO

Insurance

IT &

Services

Healthcare IT &

Services /

Revenue Cycle

Mgt.

Payments /

Transaction

Processing

Banking /

Lending / Credit

Financial

Management

Solutions

Securities /

Capital Markets

Strategic Advisory Financial Advisory

Fairness Opinions Valuation

Mergers

Anti-Raid Advice

Acquisitions Divestitures

Services

Capital Raising Private Equity Restructuring

IPO Advisory









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