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FINTECHSECTOR REPORT

August 2018

2

BUSINESS MODEL COVERAGE

GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve

virtually all sub-sectors and business models across the FinTech market

BROAD AND DEEP FINTECH PRACTICE

DEEP & EXPERIENCED GCA TEAM SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC

& FINANCIAL CONTACTS

Banking Technology

Blockchain / Crypto

Insurance Technology

Investment & Wealth Technology

Online / Alternative Lending

Payments / Billing / Money Transfer

Real Estate & Mortgage Technology

Regulatory Technology

Trading & Capital Markets Technology

SaaS and

Enterprise

Software

Information

Services /

Data &

Analytics

Balance

Sheet

Driven

Transaction

Processing

+20 Senior U.S. Bankers

+5

+350Transactions since 2015

+90

M&A / private

placement transactions

with $12Bn+ in deal

value since 2010

Strategic Acquirers

Private Equity / VC

Dedicated M&A Professionals

GCA’S EXTENSIVE TRANSACTION EXPERIENCE

+5 Private Capital Professionals

3

Strong sector and product expertise across FinTech and related sub-sectors

GCA FINTECH TEAM

Rob FreimanDirector

PaymentsPhone: (212) 999 - 7075Mobile: (973) 229 - 0436 [email protected]

Kegan GreeneDirector

FinTech/InsurTechPhone: (415) 318 - 3686Mobile: (917) 579 - 4838 [email protected]

Paul DiNardoManaging DirectorHead of SoftwarePhone: (212) 999 - 7097Mobile: (650) 483 - [email protected]

Clark CallanderManaging Director

Co-Head of Investment BankingPhone: (415) 318 - 3680Mobile: (415) 515 - 2468

[email protected]

Chris GoughManaging Director

Real Estate & Mortgage TechPhone: (415) 318 - 3658Mobile: (415) 385 - [email protected]

Selected Recent FinTech Experience

We Advised TSYS

Acquisition of

Payments

Sale of

Financial Advisor

Banking & Lending Tech

Financial Advisor

Growth Investment

Payments

We Advised Blucora

Acquisition of

Investment Technology

We Advised Skyslope

Majority sale to

Real Estate Tech

We Advised Capsilon

Growth Investmentfrom

Real Estate Tech Insurance Technology

We Advised AWL

Acquired by

We Advised Radius

Financing from

Payments

Acquired by

We Advised WorkMarket

Financial SaaS

To

We Advised RGI Shareholders


Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised Asahi (close pending)


We Advised BlackFin

Sold


To

Payments

Acquired by

Fairness Opinion to Clearent

Strategic Investment

We Advised ControlExpert


We Advised Vindicia

Acquired by

Payments

We Advised Commissions Inc

Acquired by

Real Estate Tech

We Advised CHX

Acquired by

Liquidity Venues Financial SaaS

Acquired by

We Advised FieldEdgeWe Advised Principal

Acquired


We Advised Risk International

Sold majority stake to


We Advised Bexio

Acquired by


4

Select August Financing Transactions Percent Change Select August M&A Transactions

Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

8/23/18 $62 39% 96% 8/29/18 $263

8/22/18 $100 44% 97% 8/29/18 $210

8/15/18 $100 47% 118% 8/27/18 $525

8/10/18 $270 20% 54% 8/8/18 $6,604

8/7/18 $60 46% 79% 8/8/18 $105

8/2/18 $57 19% 53% 8/2/18 $700

Quarterly Financing Activity ($Bn) 9% 32% Quarterly M&A Activity ($Bn)

44% 98%

9% 41%

31% 73%

Average Deal Size ($MM) Average Deal Size ($MM)

$118 Bn | 782 Deals

LTM M&A Volume

Aggregate FinTech Market 31% 74%

S&P 500 16% 47%

$42 Bn | 1,474 Deals

LTM Financing VolumeIndustry Stock Market Performance

$4 $4

$9

$5 $7

$8

$19

$7

Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18

$14

$23

$13

$32

$17

$46 $28

$16

Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18

Real Estate & Mortgage Tech.

Benefits Administration/Payroll

Information Services


Trading Technology

Banking & Lending Technology


Financial SaaS

Payments

Liquidity Venues

8

3

3

3

1

2

7

8

9

6

5

4

3

10

5

1

377

328

369

397

201

235

222 216

378

$12.6$23.9$10.8 $61.7$18.5

223

$148$58.6$97.9 $182$76.2

9

$19.4

397

192

$240

2

4

4

9

4

308

$18.3

155

$231

7

$116

140259

$27.4

FINTECH DEAL DASHBOARD

Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 8/31/18.(1) Includes private company equity financings.(2) Represents weighted average by market cap.(3) Q3-18 includes July and August only.

FinTech is trading at 31% on an LTM basis vs. 16% for the S&P 500. Financing volume thus far in Q3 ‘18 already exceeds Q3 ‘17 volume.

M&A volume thus far in Q3 ‘18 is in line with volume in Q3 ‘17

(1)

(1)

(2)

(3) (3)

5

FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 8/31/18.


Combined Market Cap: $36418/17 Rev. Growth: 8% 18 EBITDA Margin: 32%

4


Combined Market Cap: $11418/17 Rev. Growth: 8%18 EBITDA Margin: 22%

2



5

Financial SaaS


3Banking & Lending Technology


1

6

Liquidity Venues


7Investment Technology


6 Payments

Combined Market Cap: $1,06018/17 Rev. Growth: 11% 18 EBITDA Margin: 27%

8

Trading Technology


10Real Estate & Mortgage Tech.


9

FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 8/31/18.

7

FINTECH STOCK PRICE PERFORMANCE

3 Year Share Price Performance

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 8/31/18.

Financial SaaS leads the FinTech pack on both an LTM and three year basis

6) Investment Technology

10) Trading Technology

1) Banking & Lending Technology

2) Benefits Administration/Payroll

3) Financial SaaS 5) Insurance Technology

4) Information Services

7) Liquidity Venues 8) Payments 9) Real Estate & Mortgage Technology

8

0.0x

2.5x

5.0x

7.5x

10.0x

Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18

9.3x

5.7x

5.2x

7.9x

4.5x

5.4x

2.7x

4.9x

3.7x2.7x

FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS and Liquidity Venues outperform the FinTech market on both an EV / LTM revenue and EV / NTM revenue basis

Notes:Source: CapIq.Market data as of 8/31/18.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM RevenueEnterprise Value / LTM Revenue

Median NTM Revenue Growth to EV / NTM Revenue MultipleEnterprise Value / NTM Revenue

12

3

4

5

67

89

10

3.1x 3.1x

4.4x5.0x

3.6x3.1x

4.2x4.5x








9

0.0x

10.0x

20.0x

30.0x

Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18

20.7x19.4x

12.6x

15.3x

24.5x

17.5x

19.4x

14.1x

21.2x

25.8x

FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS outperforms on both an EV / LTM EBITDA and EV / NTM EBITDA basis

Notes:Source: CapIq.Market data as of 8/31/18.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM EBITDAEnterprise Value / LTM EBITDA

Median NTM EBITDA Growth to EV / NTM EBITDA MultipleEnterprise Value / NTM EBITDA

11.7x12.1x

15.7x

19.4x

11.1x 11.4x

14.0x15.0x

1

2

3

4

5

6

7

8

9

10








10

17.0x

20.5x

20.5x

21.9x

24.3x

24.4x

28.6x

29.5x

31.0x

33.7x

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

Investment Technology6

Real Estate & Mort. Tech9

Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

FINTECH PUBLIC COMPANY VALUATION (CONT’D)

Notes: Figures represent medians of sub-sectors.Market data as of 8/31/18.Long-term EPS growth covers last 5 years.

19%

18%

15%

14%

17%

10%

11%

15%

14%

22%

2.2

2.2

2.3

2.7

1.8

2.7

2.2

1.4

1.5

1.0

2018 P/E Ratio PEG Ratio Long-Term EPS Growth

Banking & Lending Tech1

Financial SaaS3

Information Services4

Insurance Technology5

Liquidity Venues7

Payments8

Trading Technology10

Benefits Admin/Payroll2

11

8/29/181kx, Arrington XRP Capital, Binance Labs, Dunamu & Partners, FBG Capital,

Hashed, Huobi Capital, Kenetic Capital, OKEx, Polychain Capital, TransLink Seed VC $32

8/28/18 Stripe, Tencent Holdings, Visa Ventures, Y Combinator Series A $8

8/28/18Andreessen Horowitz, Max Levchin, Nyca Investment Fund, Slow Ventures,

Vertex VenturesSeries A $9

8/28/18 Blenheim Chalcot, Legal & General Series B $20

8/28/18 Draper Esprit, IQ Capital Partners, Notion.vc Capital Series A $10

8/27/18 Accel, Aspect Ventures, Mission Holdings, Pelion Venture Partners, SLM Corp. Series C $17

8/27/18 Omidyar Network, PayU India, Ribbit Capital, Xiaomi Ventures Series A $13

8/24/18 Cota Capital Series A $8

8/23/18Atomic Management, Cherubic Ventures, Founders Fund, Khosla Venures,

Wing Venture CapitalSeries A $14

8/23/18Apoletto, CreditEase Fintech Investment Fund, FirstMark Capital, Noah

Holdings, Ribbit Capital, Sands Capital, Silicon Valley Bank, Union Square Series C $62

8/22/18 Undisclosed Angel Investors Seed $21

8/22/18 Convergence Ventures, Gunung Sewu Group, Mandiri Capital Series A $16

8/22/18AlphaX Partners, China Growth Capital, Fullshare Group, Gobi Partners, JAFCO

Asia, Lightspeed China Partners, Lightspeed Venture Partners, Morningside Series A $50

8/22/18Redpoint Ventures, Ribbit Capital, Scale Venture Partners, Tiger Global

ManagementSeries D $100

8/21/18 BV Investment Partners Private Equity $50

8/20/18Augmentum Fintech, Notion.vc Capital, Oak Investment Partners,

VentureFoundersSeries C $10

8/18/18 BNZ Seed $8

8/17/18 Undisclosed Investors Series A $10

8/17/18 Rethink Impact, Social Capital Series A $8

8/16/18Blockchain Capital, Danhua Capital, Digital Currency Group, Khosla Ventures,

Mark Britto, Nathan Blecharczyk, Social Capital, SV Angel, Tribe Capital, Upside Series A $23

8/15/18 Polychain Ventures VC $12

Payments

Payments

Financial SaaS


Financial SaaS




Payments




Financial SaaS

Financial SaaS

Trading Technology



Payments

Payments

Financial SaaS


SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.

Date

Announced Target Investors Type Amount ($MM) Sub-Sector

12

8/15/18 e.ventures, Kinnevik, Vitruvian Partners Series D $100

8/14/18 Health Enterprise Partners, Nashville Capital Network Series A $12

8/14/18 Edison Partners, FinTech Collective Series B $29

8/14/18Goldman Sachs Principal Strategic Investments, Invenergy Future Fund,

Northwater Capital ManagementSeries C $15

8/14/18 Undisclosed Investors Series A $15

8/14/18Andreessen Horowitz, Citigroup, Coatue Management, Digital Currency Group,

F-Prime Capital, Franklin Templeton Investments, Goldman Sachs, J.P. Morgan Series B $32

8/10/18 GSR Capital Private Equity $270

8/9/18 Creandum, Redalpine Venture Partners, Valar Ventures Series A $13

8/9/18Aspect Ventures, Elefund, Greycroft Partners, Moxley Holdings, Sirius

International Insurance GroupSeries A $11

8/7/18Canaan Partners, F-Prime Capital, Goldman Sachs, GreatPoint Ventures, Jacob

Gibson, Jason Owen, Lerer Hippeau VenturesSeries A $16

8/7/18 Dalian Finance Industry Investment Group Series E $40

8/7/18 Liberty City Ventures Series B $15

8/7/18 Fung Strategic Holdings Series A $35

8/7/18 Life Card, LINE, Mitsubishi UFJ Financial Group Series E $60

8/6/1825Madison, Clocktower Technology Ventures, Commerce Ventures, Omidyar

Network, Propel Venture Partners, Shaquille O'NealSeries A $9

8/6/18 Accel, Balderton Capital Series D $13

8/3/18 Fenbushi Capital Seed VC $30

8/3/18 Undisclosed Investors Series G $57

8/2/18GGV Capital, Matrix Partners, Scale Venture Partners, Sequoia Capital, Tenaya

Capital, True VenturesSeries E $60

8/2/18 Albion Capital, Dawn Capital, HSBC Venture Capital Series B $20

8/1/18Blockchain Capital, Digital Currency Group, Distributed Global, Elefund, Tusk

VenturesSeries A $10

Liquidity Venues

Payments


Payments



Payments

Financial SaaS




Financial SaaS

Financial SaaS

Financial SaaS



Payments



Payments


SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)

Date

Announced Target Investors Type Amount ($MM) Sub-Sector


13

Offer

Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector

6/28/18 NASDAQ: EVER IPO $84 $18.00 (26%)

6/15/18 NYSE: AVLR IPO $224 $24.00 54%

5/22/18 NASDAQ: EVOP IPO $224 $16.00 47%

4/12/18 NYSE: ZUO IPO $1,440 $14.00 97%

2/9/18 Nasdaq: CDLX IPO $70 $13.00 57%

1/23/18 NYSE: PAGS IPO $2,265 $21.50 34%

Median $224 $17 51%

Financial SaaS

Payments

Financial SaaS

Payments

Financial SaaS


SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Notes: Source: CapIq. Pitchbook.Price to Date as of 8/31/18.

Offer

Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector

8/23/18General Corporate Purposes /

Working CapitalBBB+ A3 $1,162 1.13%


Working CapitalNA NA $447 4.50%

8/6/18 NA NA A1 $750 3.45%


Working CapitalBB B2 $400 5.75%


Working CapitalA A2 $1,241 4.25%

Median $750

Security Rating at Issuance

Liquidity Venues


Liquidity Venues



14

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector

8/29/2018 $263 5.5x 37.8x

8/29/2018 $210 NA NA

8/27/2018 $525 NA NA

8/21/2018 $30 NA NA

8/21/2018 Na NA NA

8/17/2018 NA NA NA

8/15/2018 NA NA NA

8/14/2018 NA NA NA

8/13/2018 NA NA NA

8/8/2018 $6,604 3.6x 12.4x

8/8/2018 $105 NA NA

8/7/2018 NA NA NA

8/6/2018 NA NA NA

8/2/2018 $700 NA NA

8/1/2018 NA NA NA

Median 4.6x 25.1x


Financial SaaS

Financial SaaS



Payments

Payments









SELECTED RECENT M&A ACTIVITY


15


Intuit Inc. $219.47 $56,313 $55,035 18% 2.0 17% 9% 18% 11% 37% 8.7x 8.0x 23.5x 21.1x 36.4x 32.7x

Fidelity National Information Services, Inc. $108.17 $35,569 $43,778 13% 1.6 (7%) 3% 20% 6% 37% 5.1x 5.0x 13.8x 13.0x 20.6x 18.5x

First Data Corporation $25.72 $24,016 $42,089 14% 1.2 6% 5% 8% 7% 39% 4.9x 4.7x 12.6x 11.9x 17.7x 15.8x

Fiserv, Inc. $80.07 $32,423 $36,881 12% 2.2 3% 5% 19% 4% 38% 6.3x 6.1x 16.7x 16.1x 25.5x 22.8x

Wolters Kluwer N.V. $63.38 $17,425 $19,723 8% 2.7 (6%) 4% (8%) 6% 27% 3.9x 3.8x 14.4x 13.6x 22.7x 21.1x

Temenos AG $180.49 $12,502 $12,919 18% 3.5 16% 12% 40% 12% 39% 15.3x 13.6x 39.7x 35.5x 60.9x 52.9x

Jack Henry & Associates, Inc. $158.44 $12,228 $12,197 12% 3.4 8% 7% 19% 10% 35% 7.7x 7.2x 22.0x 20.0x 40.1x 37.1x

Black Knight, Inc. $53.40 $7,978 $9,431 15% 2.0 6% 8% 35% 10% 48% 8.4x 7.8x 17.4x 15.8x 29.5x 26.1x

ACI Worldwide, Inc. $28.41 $3,289 $3,910 17% 2.3 2% 4% 35% 17% 25% 3.8x 3.6x 15.1x 12.9x 38.9x 27.3x

Coupa Software Incorporated $71.71 $4,087 $3,813 NA NM 40% 27% NA NA (2%) 20.4x 16.1x NM NM NM NM

Ellie Mae, Inc. $105.37 $3,650 $3,407 19% 3.0 21% 17% 25% 32% 26% 6.8x 5.8x 25.9x 19.6x 56.0x 42.6x

Bottomline Technologies (de), Inc. $65.97 $2,575 $2,592 16% 3.1 13% 9% 32% 11% 24% 6.3x 5.8x 26.3x 23.7x 49.7x 42.5x

Q2 Holdings, Inc. $62.30 $2,671 $2,570 20% NM 23% 24% 280% 53% 10% 10.8x 8.7x NM 73.5x NM NM

Enova International, Inc. $33.20 $1,134 $1,852 NA NM 27% 13% NA 19% 19% 1.7x 1.6x 9.0x 7.6x 13.4x 10.9x

LendingClub Corporation $3.61 $1,528 $1,443 NA NM 21% 18% NA 56% 12% 2.1x 1.8x 16.8x 10.7x 38.8x 19.0x

On Deck Capital, Inc. $8.22 $614 $1,295 NA NM 3% 18% NA 127% 3% 3.6x 3.0x NM 48.7x 25.7x 21.1x

Elevate Credit, Inc. $9.36 $404 $858 NA NM 19% 17% 68% 22% 17% 1.1x 0.9x 6.2x 5.0x 13.8x 8.5x

Performant Financial Corporation $2.42 $126 $158 NA NM 1% 17% NM NM 2% 1.2x 1.0x 58.5x 8.4x NM 30.3x

Median 15% 2.3 11% 11% 25% 12% 26% 5.7x 5.4x 16.8x 15.8x 29.5x 24.4x


Automatic Data Processing, Inc. $146.75 $64,289 $64,118 14% 2.3 8% 6% 6% 16% 22% 4.7x 4.4x 21.1x 18.1x 31.0x 26.8x

Paychex, Inc. $73.25 $26,297 $25,872 9% 3.1 7% 8% (2%) 11% 41% 7.5x 7.0x 18.2x 16.4x 28.9x 24.8x

HealthEquity, Inc. $94.21 $5,845 $5,542 33% 2.7 24% 23% 29% 28% 39% 19.6x 16.0x 50.7x 39.5x 89.9x 70.9x

Insperity, Inc. $119.85 $5,025 $4,813 17% 2.1 16% 11% 34% 13% 6% 1.3x 1.1x 21.3x 18.9x 34.1x 30.3x

TriNet Group, Inc. $59.07 $4,167 $4,359 NA NM 6% 12% 9% 12% 36% 5.1x 4.5x 14.1x 12.6x 22.6x 20.5x

Paylocity Holding Corporation $79.44 $4,192 $4,055 27% 2.2 25% 22% 43% 28% 21% 10.8x 8.9x 50.6x 39.6x 60.6x 71.6x

Benefitfocus, Inc. $44.10 $1,406 $1,481 20% NM (1%) 12% NM 130% 3% 5.8x 5.2x NM 74.1x NM NM

WageWorks, Inc. $53.50 $2,121 $1,473 15% 1.6 6% 6% 11% 10% 32% 2.9x 2.7x 9.1x 8.3x 23.7x 21.3x

Castlight Health, Inc. $3.00 $413 $344 23% NM 17% 19% NA NA (7%) 2.2x 1.9x NM 26.1x NM NM

Median 18% 2.2 8% 12% 11% 15% 22% 5.1x 4.5x 21.1x 18.9x 31.0x 26.8x

PUBLIC COMPANY VALUATIONS

Ben

efit

s A

dm

in/P

ayro

llB

anki

ng

& L

en

din

g Te

chn

olo

gy

Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.

($MM, except per share data)Stock EPS Operating Metrics Trading Metrics

Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS

Company 8/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E

16

PUBLIC COMPANY VALUATIONS (CONT’D)

Info

rmat

ion

Ser

vice

s


Fin

anci

al S

aaS




Financial SaaS

Intuit Inc. $219.47 $56,313 $55,035 18% 2.0 17% 9% 18% 11% 37% 8.7x 8.0x 23.5x 21.1x 36.4x 32.7x

Workday, Inc. $154.54 $33,381 $31,573 30% 4.2 30% 27% 52% 51% 17% 11.4x 9.0x 66.5x 44.2x 127.0x 84.0x

SS&C Technologies Holdings, Inc. $59.34 $14,220 $20,345 16% 1.4 NM 24% 68% 29% 33% 6.0x 4.8x 18.0x 14.0x 23.6x 19.5x

The Sage Group plc $7.73 $8,382 $9,302 8% 2.2 4% 9% 8% 9% 29% 3.9x 3.6x 13.4x 12.4x 18.3x 16.6x

Paycom Software, Inc. $155.12 $9,094 $9,075 24% 2.5 29% 23% 79% 22% 42% 16.3x 13.2x 39.0x 32.0x 59.2x 48.6x

Xero Limited $36.80 $5,147 $5,090 NA NM 38% 36% NA NM 6% 18.6x 13.7x NM NM NM NM

Paylocity Holding Corporation $79.44 $4,192 $4,055 27% 2.2 25% 22% 43% 28% 21% 10.8x 8.9x 50.6x 39.6x 60.6x 71.6x

Coupa Software Incorporated $71.71 $4,087 $3,813 NA NM 40% 27% NA NA (2%) 20.4x 16.1x NM NM NM NM

Envestnet, Inc. $63.20 $2,868 $3,186 15% 2.2 20% 13% 42% 19% 19% 3.9x 3.5x 20.6x 17.4x 33.7x 28.5x

Q2 Holdings, Inc. $62.30 $2,671 $2,570 20% NM 23% 24% 280% 53% 10% 10.8x 8.7x NM 73.5x NM NM

Blucora, Inc. $36.20 $1,725 $1,895 18% 1.1 11% 8% 17% 15% 21% 3.4x 3.1x 16.1x 14.0x 19.4x 16.7x


Alfa Financial Software Holdings PLC $2.17 $650 $602 NA NM (17%) 5% NM 34% 26% 6.4x 6.1x 24.4x 18.2x 0.3x 0.3x

Median 19% 2.2 22% 22% 43% 28% 21% 8.7x 8.0x 23.5x 21.1x 33.7x 28.5x


S&P Global Inc. $207.05 $52,073 $53,848 14% 1.7 8% 6% 5% 8% 49% 8.3x 7.8x 16.9x 15.8x 24.3x 21.9x

RELX PLC $22.19 $43,695 $51,973 8% 2.6 (3%) 4% 11% 5% 35% 5.3x 5.1x 15.2x 14.5x 20.4x 19.1x

Moody's Corporation $178.02 $34,162 $38,085 12% 2.0 13% 7% 6% 8% 48% 8.2x 7.7x 17.0x 15.7x 22.9x 20.8x

Thomson Reuters Corporation $44.37 $31,062 $37,971 NA NM NM 7% NM 10% 23% 6.9x 6.4x 29.8x 27.1x NM 34.7x

Experian plc $24.92 $22,505 $25,980 9% 2.6 13% 4% 7% 4% 34% 5.4x 5.2x 15.5x 15.0x 24.3x 23.8x

IHS Markit Ltd. $55.00 $21,561 $25,863 11% 2.1 9% 6% 11% 10% 39% 6.6x 6.2x 16.9x 15.4x 24.1x 21.4x

Verisk Analytics, Inc. $119.09 $19,615 $22,260 13% 2.2 12% 7% 16% 8% 48% 9.3x 8.7x 19.5x 18.0x 28.6x 26.4x

Wolters Kluwer N.V. $63.38 $17,425 $19,723 8% 2.7 (6%) 4% (8%) 6% 27% 3.9x 3.8x 14.4x 13.6x 22.7x 21.1x

Equifax Inc. $133.97 $16,132 $18,437 7% 3.0 4% 5% 0% 10% 33% 5.3x 5.0x 15.9x 14.5x 22.8x 21.3x

TransUnion $75.30 $13,908 $17,900 10% 3.1 22% 14% 20% 15% 39% 7.7x 6.7x 19.9x 17.2x 30.8x 26.7x

Nielsen Holdings plc $26.00 $9,235 $17,500 7% 1.8 (1%) 1% 7% 3% 29% 2.7x 2.7x 9.4x 9.1x 12.4x 11.4x

MSCI Inc. $180.26 $16,013 $17,219 10% 3.4 13% 9% 13% 11% 55% 12.0x 11.0x 21.9x 19.8x 34.2x 29.6x

Informa plc $9.90 $12,379 $15,958 5% 3.0 28% 23% 32% 27% 34% 5.3x 4.3x 15.8x 12.4x 15.9x 14.7x

Gartner, Inc. $149.76 $13,601 $15,890 15% 2.7 21% 10% 59% 13% 18% 4.0x 3.6x 21.7x 19.2x 39.9x 34.1x

FactSet Research Systems Inc. $229.39 $8,799 $9,130 11% 2.4 8% 7% 1% 9% 34% 6.7x 6.2x 19.6x 18.0x 26.0x 23.3x

News Corporation $13.07 $7,646 $7,564 9% 3.7 21% 4% 39% 11% 12% 0.8x 0.7x 6.4x 5.8x 34.0x 32.1x

Fair Isaac Corporation $230.98 $6,732 $7,371 10% 3.5 11% 8% (10%) 24% 24% 7.0x 6.4x 29.3x 23.5x 34.7x 29.4x

The Dun & Bradstreet Corporation $142.92 $5,306 $6,443 8% 2.1 0% 2% 10% 4% 30% 3.7x 3.6x 12.3x 11.8x 17.1x 16.4x

CoreLogic, Inc. $50.84 $4,115 $5,837 11% 1.7 0% 1% 18% 4% 27% 3.1x 3.1x 11.7x 11.3x 18.2x 17.0x

Acxiom Corporation $45.69 $3,540 $3,673 16% 3.0 5% 7% 27% 9% 19% 3.9x 3.6x 20.1x 18.4x 47.9x 45.1x

Euromoney Institutional Investor PLC $16.72 $1,795 $1,861 NA NM (7%) 0% 2% 2% 27% 3.5x 3.5x 12.8x 12.6x 17.0x 16.8x

comScore, Inc. $18.89 $1,094 $1,233 5% NM 0% 3% NA NA (14%) 3.0x 3.0x NM NM NM NM

National Research Corporation $39.15 $969 $1,002 NA NM 8% 8% 10% NA 33% 7.9x 7.3x 23.6x NM 35.3x 32.4x

Forrester Research, Inc. $49.20 $889 $746 12% 3.0 7% 5% (0%) 21% 12% 2.1x 2.0x 17.2x 14.2x 35.9x 31.7x

Median 10% 2.7 8% 6% 10% 9% 32% 5.3x 5.1x 16.9x 15.2x 24.3x 23.3x

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Verisk Analytics, Inc. $119.09 $19,615 $22,260 13% 2.2 12% 7% 16% 8% 48% 9.3x 8.7x 19.5x 18.0x 28.6x 26.4x

Guidewire Software, Inc. $100.57 $8,072 $7,380 8% 11.4 27% 20% 12% 19% 22% 11.3x 9.4x 51.3x 43.2x 91.4x 77.4x

HealthEquity, Inc. $94.21 $5,845 $5,542 33% 2.7 24% 23% 29% 28% 39% 19.6x 16.0x 50.7x 39.5x 89.9x 70.9x

Ebix, Inc. $79.65 $2,508 $2,983 15% 1.5 39% 20% 33% 20% 34% 6.0x 5.0x 17.6x 14.7x 21.9x 18.1x


CorVel Corporation $59.45 $1,122 $1,049 NA NM 8% NA 2% NA 12% 1.7x NM 14.8x NM NM NM

Crawford & Company $8.72 $481 $660 NA NM (3%) 2% 6% 12% 11% 0.6x 0.6x 5.6x 5.0x 11.8x 9.3x

Sapiens International Corporation N.V. $12.04 $600 $619 5% 4.6 7% 6% 78% 14% 15% 2.2x 2.0x 14.7x 13.0x 23.0x 19.9x

eHealth, Inc. $29.19 $560 $529 NA NM 31% 13% NA 139% 5% 2.3x 2.1x 50.4x 21.1x NM 42.9x

Majesco $7.15 $262 $264 NA NM (7%) NA (55%) NA 1% 2.4x NM NM NM NM NM

Symbility Solutions Inc. $0.40 $96 $79 NA NM (7%) 18% 14% 46% 11% 2.6x 2.2x 24.4x 16.6x 52.0x 52.0x

Median 14% 2.7 8% 13% 14% 20% 12% 2.6x 5.0x 19.5x 18.0x 28.6x 34.6x


The Bank of New York Mellon Corporation $52.15 $52,147 $75,490 8% 1.5 7% 2% NA NA NA 4.5x 4.4x NM NM 12.4x 11.8x

The Charles Schwab Corporation $50.79 $68,620 $50,568 22% 1.0 17% 12% NA 13% 50% 5.0x 4.5x 10.0x 8.8x 20.8x 17.9x

State Street Corporation $86.91 $32,975 $42,439 11% 1.0 9% 4% NA NA NA 3.5x 3.3x NM NM 11.1x 10.1x

TD Ameritrade Holding Corporation $58.57 $33,247 $29,730 29% 0.6 39% 8% NA 21% 46% 5.3x 4.9x 11.5x 9.5x 17.0x 14.3x

Northern Trust Corporation $107.46 $23,994 $27,605 14% 1.2 11% 5% NA NA NA 4.6x 4.4x NM NM 16.6x 15.2x

SS&C Technologies Holdings, Inc. $59.34 $14,220 $20,345 16% 1.4 NM 24% 68% 29% 33% 6.0x 4.8x 18.0x 14.0x 23.6x 19.5x

Broadridge Financial Solutions, Inc. $135.14 $15,720 $16,510 14% 2.3 3% 5% (1%) 12% 19% 3.8x 3.6x 19.8x 17.7x 31.3x 27.9x

SEI Investments Co. $63.08 $9,893 $9,199 12% 1.7 8% 5% 37% 6% 39% 5.6x 5.3x 14.4x 13.6x 20.1x 18.8x

Computershare Limited $13.85 $7,520 $8,489 12% 1.8 6% 4% 17% 10% 29% 3.7x 3.5x 12.8x 11.7x 20.5x 19.0x

SimCorp A/S $94.58 $3,709 $3,694 12% 3.6 10% 9% 1% 15% 27% 8.2x 7.5x 30.5x 26.6x 42.9x 38.4x

Envestnet, Inc. $63.20 $2,868 $3,186 15% 2.2 20% 13% 42% 19% 19% 3.9x 3.5x 20.6x 17.4x 33.7x 28.5x

Blucora, Inc. $36.20 $1,725 $1,895 18% 1.1 11% 8% 17% 15% 21% 3.4x 3.1x 16.1x 14.0x 19.4x 16.7x

IRESS Limited $9.68 $1,655 $1,793 7% 4.3 1% 7% 9% 10% 27% 5.4x 5.0x 19.6x 17.8x 29.7x 27.6x

First Derivatives plc $55.03 $1,430 $1,452 NA NM 14% 12% 50% 11% 18% 5.5x 4.9x 30.3x 27.2x 54.4x 49.5x

Equiniti Group plc $2.87 $1,031 $1,436 NA NM 20% 6% 40% 11% 24% 2.2x 2.1x 9.1x 8.2x 13.0x 11.5x

Sanne Group plc $7.98 $1,134 $1,152 NA NM 18% 14% 7% 14% 35% 6.4x 5.6x 18.3x 16.0x 23.8x 20.8x

StatPro Group plc $1.73 $114 $144 NA NM 12% 7% 60% 13% 16% 2.0x 1.8x 12.4x 11.0x 19.3x 15.5x

Median 14% 1.5 11% 7% 27% 13% 27% 4.6x 4.4x 17.1x 14.0x 20.5x 18.8x

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Liquidity Venues

CME Group Inc. $174.73 $59,512 $61,751 11% 2.3 14% 7% 18% 5% 73% 14.9x 13.9x 20.3x 19.4x 26.2x 24.6x

Intercontinental Exchange, Inc. $76.23 $43,713 $50,097 11% 2.1 6% 6% 6% 8% 64% 10.2x 9.6x 15.8x 14.7x 22.0x 19.8x

Hong Kong Exchanges and Clearing Limited $28.46 $35,403 $32,355 9% 3.2 21% 11% 27% 14% 75% 16.0x 14.4x 21.5x 18.8x 30.1x 26.2x

London Stock Exchange Group plc $60.01 $20,827 $21,578 14% 1.8 7% 8% 26% 10% 54% 7.9x 7.3x 14.8x 13.4x 26.3x 22.8x

Nasdaq, Inc. $95.44 $15,701 $19,066 10% 2.3 7% 4% 15% 7% 52% 7.4x 7.1x 14.2x 13.3x 21.7x 19.4x

Cboe Global Markets, Inc. $100.80 $11,271 $12,214 11% 2.0 15% (1%) 17% (3%) 67% 10.6x 10.8x 15.8x 16.3x 22.6x 22.5x

B3 S.A. - Brasil, Bolsa, Balcão $5.27 $10,770 $11,114 14% 1.3 (6%) 9% 36% 10% 71% 9.8x 9.0x 13.7x 12.5x 17.2x 15.4x

ASX Limited $48.74 $9,433 $8,694 5% 6.2 (2%) 7% (21%) 5% 77% 14.5x 13.5x 18.8x 17.9x 27.9x 27.1x

MarketAxess Holdings Inc. $189.82 $7,132 $6,867 5% 8.6 9% 14% 2% 19% 55% 15.8x 13.9x 28.8x 24.2x 43.1x 36.2x

Deutsche Börse Aktiengesellschaft $138.13 $25,556 $6,599 14% 1.7 10% 6% 19% 13% 57% 2.0x 1.9x 3.6x 3.2x 22.5x 19.7x

Singapore Exchange Limited $5.40 $5,781 $5,154 6% 3.4 2% 5% 9% 10% 58% 8.2x 7.8x 14.3x 13.0x 21.3x 20.3x

Euronext N.V. $65.70 $4,565 $4,730 5% 3.5 10% 6% 15% 9% 57% 6.7x 6.3x 11.7x 10.7x 17.1x 15.3x

TMX Group Limited $66.90 $3,726 $4,453 NA NM 10% 4% (6%) 6% 55% 7.1x 6.8x 12.7x 12.0x 16.3x 15.3x

Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$32.76 $2,724 $2,355 NA NM (6%) 2% (12%) 5% 61% 6.5x 6.4x 10.7x 10.1x 16.8x 16.0x

Bursa Malaysia Berhad $1.87 $1,506 $1,392 NA NM 3% 4% 5% 5% 60% 9.9x 9.5x 16.4x 15.7x 26.1x 25.0x

Bolsa Mexicana de Valores, S.A.B. de C.V. $2.01 $1,194 $1,084 11% 1.5 16% 7% 22% 7% 56% 5.9x 5.5x 10.5x 9.8x 17.1x 16.1x

JSE Limited $11.03 $943 $772 NA NM (12%) 13% 5% 4% 56% 5.0x 4.4x 8.8x 8.5x 13.8x 13.1x

Gielda Papierów Wartosciowych w Warszawie S.A. $11.23 $471 $371 NA NM (8%) (1%) (11%) (4%) 59% 4.0x 4.1x 6.8x 7.1x 12.2x 11.8x

Hellenic Exchanges - Athens Stock Exchange SA $5.19 $313 $214 74% 0.7 11% 19% 36% 47% 36% 6.0x 5.0x 16.4x 11.1x 48.9x 27.8x

Median 11% 2.2 7% 6% 15% 7% 58% 7.9x 7.3x 14.3x 13.0x 22.0x 19.8x

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Networks

Visa Inc. $146.89 $326,847 $331,573 18% 1.7 13% 11% 14% 14% 70% 15.6x 14.0x 22.2x 19.5x 30.7x 26.4x

Mastercard Incorporated $215.56 $223,849 $221,962 20% 1.6 20% 13% 20% 14% 60% 14.8x 13.2x 24.9x 21.9x 33.5x 28.8x

American Express Company $105.98 $91,255 $119,030 12% 1.3 21% 6% NA 11% 31% 3.0x 2.8x NM NM 14.6x 13.2x

PayPal Holdings, Inc. $92.33 $109,288 $100,901 21% 1.9 19% 16% 24% 18% 26% 6.5x 5.6x 25.6x 21.6x 39.3x 32.6x

Discover Financial Services $78.12 $26,768 $37,720 11% 0.9 8% 7% NA NA 0% 3.5x 3.3x NM NM 10.0x 9.0x

Merchant Processing

First Data Corporation $25.72 $24,016 $42,089 14% 1.2 6% 5% 8% 7% 39% 4.9x 4.7x 12.6x 11.9x 17.7x 15.8x

Worldpay, Inc. $97.39 $28,965 $36,727 16% 1.5 83% 10% 83% 14% 48% 9.5x 8.6x 19.7x 17.2x 25.4x 21.0x

Square, Inc. $88.64 $36,380 $35,830 54% NM 60% 39% 91% 80% 16% 23.2x 16.6x NM 78.9x NM 111.3x

Wirecard AG $222.05 $27,438 $26,081 33% 2.0 31% 26% 36% 33% 28% 11.2x 8.9x 40.5x 30.5x 65.1x 48.5x

Global Payments Inc. $124.58 $19,707 $23,482 18% 1.3 12% 10% 23% 12% 36% 5.9x 5.4x 16.7x 15.0x 24.2x 20.8x

Total System Services, Inc. $97.14 $17,720 $21,335 13% 1.6 13% 6% 31% 8% 35% 5.6x 5.3x 15.9x 14.7x 22.1x 19.9x

Adyen N.V. $701.10 $20,698 $19,589 37% NM NA 35% 54% 43% 47% 50.3x 37.3x NM 74.8x NM 110.6x

Cielo S.A. $3.66 $9,925 $10,833 1% 12.7 (20%) 4% (23%) 6% 42% 3.8x 3.6x 9.1x 8.5x 11.3x 10.8x

GMO Payment Gateway, Inc. $119.27 $4,394 $4,226 33% 3.2 NA 28% 37% 31% 31% 17.0x 13.2x 54.5x 41.7x 103.5x 81.0x

EVO Payments, Inc. $23.52 $1,826 $2,332 43% 1.1 NA 8% 19% 14% 25% 4.1x 3.8x 16.3x 14.3x 46.8x 31.0x

EVERTEC, Inc. $24.05 $1,691 $2,201 11% 1.2 12% 5% 38% 5% 46% 5.0x 4.7x 10.7x 10.2x 13.6x 12.7x

SafeCharge International Group Limited $4.10 $608 $499 15% 1.4 16% 13% 15% 14% 29% 3.9x 3.4x 13.4x 11.8x 20.7x 18.4x

i3 Verticals, Inc. $18.62 $169 $201 NA NM NA 11% NA 13% 27% 1.8x 1.6x 6.8x 6.0x 34.5x 24.8x

JetPay Corporation $1.70 $26 $33 NA NM (5%) 17% 13% 19% 10% 0.5x 0.4x 4.8x 4.0x NM NM

Prepaid / Closed Loop

Alliance Data Systems Corporation $238.58 $13,108 $33,782 13% 0.8 5% 9% 17% 11% 26% 4.2x 3.8x 15.9x 14.3x 10.5x 9.3x

FleetCor Technologies, Inc. $213.74 $18,892 $22,721 17% 1.2 7% 9% 12% 12% 57% 9.5x 8.6x 16.6x 14.8x 20.4x 17.8x

Edenred SA $38.11 $9,038 $10,463 13% 2.3 0% 9% 13% 10% 38% 6.5x 6.0x 17.0x 15.4x 29.6x 26.5x

WEX Inc. $190.22 $8,197 $10,391 20% 1.2 18% 11% 30% 14% 42% 7.1x 6.4x 17.0x 15.0x 23.5x 20.1x

Green Dot Corporation $85.67 $4,503 $3,441 22% 1.2 17% 10% 38% 14% 24% 3.3x 3.0x 13.9x 12.2x 27.8x 24.4x

Net 1 UEPS Technologies, Inc. $7.24 $412 $372 15% 0.3 (0%) 0% NA NA NA 0.6x 0.6x NM NM 5.0x 6.2x

Other Payments Technology

The Western Union Company $18.92 $8,462 $10,853 4% 2.5 4% 3% 4% 3% 25% 1.9x 1.9x 7.8x 7.6x 10.2x 9.8x

The Sage Group plc $7.73 $8,382 $9,302 8% 2.2 4% 9% 8% 9% 29% 3.9x 3.6x 13.4x 12.4x 18.3x 16.6x

Ingenico Group - GCS $70.27 $4,340 $6,382 10% 1.3 4% 9% (2%) 11% 20% 2.0x 1.9x 10.4x 9.4x 12.8x 11.4x

NCR Corporation $28.41 $3,350 $6,119 4% 2.7 (1%) 3% 1% 7% 16% 1.0x 0.9x 6.1x 5.7x 10.9x 9.6x

Euronet Worldwide, Inc. $97.80 $4,990 $4,832 13% 1.4 13% 10% 18% 14% 19% 1.9x 1.7x 9.9x 8.7x 18.0x 15.8x

Cardtronics plc $35.09 $1,617 $2,451 NA NM (13%) 0% NM 2% 20% 1.9x 1.9x 9.2x 9.1x 22.1x 21.3x

Everi Holdings Inc. $8.67 $603 $1,651 20% NM 6% 4% 8% 5% 53% 3.8x 3.6x 7.2x 6.9x NM NM

MoneyGram International, Inc. $6.51 $362 $1,067 NA NM (5%) 1% 6% 3% 16% 0.7x 0.7x 4.3x 4.1x 9.5x 8.8x

Cass Information Systems, Inc. $71.53 $879 $753 NA NM NA NA NA NA NA NM NM NM NM NM NM

Cardlytics, Inc. $20.39 $434 $431 NA NM 19% 34% NA NA (8%) 2.8x 2.1x NM NM NM NM

International Money Express, Inc. $9.80 $355 $403 NA NM NA 20% NA 18% 16% 1.5x 1.3x 9.4x 8.0x 13.4x 14.5x

eServGlobal Limited $0.09 $82 $73 NA NM 55% NA NA NA (2%) 3.8x NM NM NM NM NM

Earthport plc $0.13 $81 $40 NA NM 10% 24% NA NA (22%) 1.2x 1.0x NM NM NM NM

Median 15% 1.4 11% 10% 18% 13% 27% 3.9x 3.6x 13.4x 12.4x 20.5x 19.2x

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Real Estate & Mortgage Technology

Booking Holdings Inc. $1,951.55 $92,644 $94,075 18% 1.2 14% 12% 10% 12% 40% 6.6x 5.9x 16.5x 14.7x 21.9x 19.3x

Expedia Group, Inc. $130.50 $19,503 $19,171 17% 1.5 12% 12% 45% 15% 17% 1.7x 1.5x 10.1x 8.8x 24.4x 20.6x

CoStar Group, Inc. $442.16 $16,091 $15,124 17% 3.3 23% 17% 37% 26% 33% 12.7x 10.9x 38.0x 30.1x 56.0x 44.7x

Fidelity National Financial, Inc. $40.10 $11,024 $10,676 NA NM 1% 3% (1%) 6% 14% 1.4x 1.3x 9.4x 8.9x 14.3x 13.1x

Black Knight, Inc. $53.40 $7,978 $9,431 15% 2.0 6% 8% 35% 10% 48% 8.4x 7.8x 17.4x 15.8x 29.5x 26.1x

Zillow Group, Inc. $48.10 $9,616 $9,110 5% 16.7 25% 44% 26% 29% 19% 6.8x 4.7x 36.7x 28.6x 83.4x 61.6x

REA Group Limited $65.67 $8,649 $8,883 18% 2.2 9% 14% 18% 16% 58% 14.1x 12.4x 24.4x 21.0x 38.7x 32.5x

Jones Lang LaSalle Incorporated $152.52 $6,945 $8,267 14% 1.1 25% (5%) 7% 4% 9% 0.9x 0.9x 9.6x 9.3x 14.9x 14.0x

Ocwen Financial Corporation $4.18 $560 $7,552 NA NM (15%) (10%) NA NA NA 7.6x 8.4x NM NM NM NM

TripAdvisor, Inc. $54.31 $7,470 $6,792 14% 2.7 6% 9% 39% 9% 23% 4.2x 3.8x 18.1x 16.6x 38.3x 34.1x

Realogy Holdings Corp. $21.39 $2,653 $6,291 NA NM 2% 4% (7%) 4% 11% 1.0x 1.0x 8.8x 8.5x 11.3x 9.4x

First American Financial Corporation $56.86 $6,349 $5,955 NA NM 2% 3% 28% 6% 14% 1.0x 1.0x 7.1x 6.7x 12.5x 11.9x

RealPage, Inc. $62.40 $5,648 $5,873 NA NM 30% 15% 63% 23% 26% 6.7x 5.9x 25.6x 20.8x 42.7x 35.8x

CoreLogic, Inc. $50.84 $4,115 $5,837 11% 1.7 0% 1% 18% 4% 27% 3.1x 3.1x 11.7x 11.3x 18.2x 17.0x

Rightmove plc $6.39 $5,745 $5,726 10% 2.8 5% 8% 5% 8% 76% 16.6x 15.3x 21.8x 20.2x 27.4x 24.9x

Radian Group Inc. $20.33 $4,336 $4,301 19% 0.4 5% 7% NA NA 0% 3.3x 3.1x NM NM 8.0x 7.5x

Colliers International Group Inc. $81.37 $3,189 $3,505 23% 0.9 27% 11% 28% 22% 11% 1.3x 1.1x 11.4x 9.4x 21.4x 18.3x

Ellie Mae, Inc. $105.37 $3,650 $3,407 19% 3.0 21% 17% 25% 32% 26% 6.8x 5.8x 25.9x 19.6x 56.0x 42.6x

LendingTree, Inc. $253.35 $3,247 $3,198 34% 1.3 24% 21% 40% 26% 20% 4.2x 3.5x 21.1x 16.7x 43.8x 34.3x

AppFolio, Inc. $85.40 $2,923 $2,870 NA NM 30% 24% 123% 45% 24% 15.5x 12.5x 64.7x 44.7x 98.2x 63.3x

Moneysupermarket.com Group PLC $3.69 $1,976 $1,944 6% 3.0 (1%) 7% 5% 7% 37% 4.3x 4.0x 11.7x 10.9x 16.9x 15.7x

Redfin Corporation $19.81 $1,757 $1,566 NA NM 30% 27% 63% NM 1% 3.3x 2.6x NM 56.5x NM NM

Marcus & Mill ichap, Inc. $36.41 $1,406 $1,088 6% 2.9 9% 4% 9% 7% 16% 1.4x 1.4x 9.0x 8.4x 17.7x 16.6x

RE/MAX Holdings, Inc. $49.25 $874 $1,063 7% 3.1 9% 7% 3% 11% 49% 4.9x 4.6x 10.1x 9.1x 21.7x 19.5x

Stewart Information Services Corporation $44.78 $1,063 $1,040 NA NM 0% 2% (4%) 25% 6% 0.5x 0.5x 9.2x 7.4x 18.8x 14.4x

Altisource Portfolio Solutions S.A. $36.15 $616 $887 NA NM (15%) (10%) NA NA NA 1.1x 1.2x NM NM 20.2x 32.9x

Lifull Co., Ltd. $6.16 $731 $692 23% 1.2 79% 21% NA 35% 15% 2.1x 1.8x 13.9x 10.3x 26.7x 20.5x

QuinStreet, Inc. $15.17 $715 $650 25% 1.5 35% 11% 95% 27% 9% 1.5x 1.4x 16.3x 12.8x 37.2x 27.7x

Agilysys, Inc. $16.07 $378 $343 NA NM 6% 14% NA (13%) 7% 2.5x 2.2x 36.5x 42.2x NM NM

Real Matters Inc. $4.21 $373 $307 82% 0.5 4% 24% 47% 49% 14% 3.2x 2.6x 22.2x 14.9x 38.3x 28.1x

Reis, Inc. $23.05 $267 $252 NA NM 1% 8% 23% 16% 26% 5.2x 4.8x 19.6x 16.9x NM NM

Median 17% 1.8 9% 9% 26% 15% 19% 3.3x 3.1x 16.5x 14.8x 24.4x 20.6x

Trading Technology

The Charles Schwab Corporation $50.79 $68,620 $50,568 22% 1.0 17% 12% 26% 13% 50% 5.0x 4.5x 10.0x 8.8x 20.8x 17.9x

TD Ameritrade Holding Corporation $58.57 $33,247 $29,730 29% 0.6 39% 8% 45% 21% 46% 5.3x 4.9x 11.5x 9.5x 17.0x 14.3x

E*TRADE Financial Corporation $58.86 $15,281 $15,341 23% 0.7 20% 8% 25% 11% 53% 5.4x 5.0x 10.1x 9.1x 16.5x 14.7x

Virtu Financial, Inc. $21.80 $2,333 $3,224 5% 2.6 78% (2%) NM (7%) 58% 3.5x 3.6x 6.0x 6.5x 12.9x 12.4x

Interactive Brokers Group, Inc. $62.16 $4,667 $2,935 19% 1.5 19% 17% 59% 15% 91% 1.5x 1.3x 1.7x 1.5x 28.0x 24.4x

Investment Technology Group, Inc. $21.88 $722 $539 NA NM 8% 7% NA NA NM 1.0x 1.0x NM NM 17.9x 12.8x

GAIN Capital Holdings, Inc. $7.37 $329 $234 NA NM 14% 1% 145% 3% 25% 0.7x 0.7x 2.6x 2.6x 11.6x 10.4x

INTL FCStone Inc. $55.76 $1,054 ($986) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 22% 1.0 19% 8% 45% 12% 51% 3.5x 3.6x 8.0x 7.7x 17.0x 14.3x

Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK

GCA operates as GCA in America and Asia, and GCA Altium in Europe.

NEW YORK

ZURICH

MILAN

FRANKFURT

MUNICH

TEL AVIVSAN FRANCISCO

LONDON

MANCHESTER

MUMBAI

OSAKA

SHANGHAI

SINGAPORE

TOKYO

NEW DELHI

NAGOYA

HO CHI MINH CITY

TAIPEI

Globally integrated

platform with 18

offices across

America, Asia and

Europe

Geographically balanced,

synergistic and complementary

sector focus areas

across the firm

Strong in key

growth sectors

such as Technology and Industrials

Strong cross-border

capabilities and

deal flow: ~35% of

all transactions are

cross-border

400+professionals

350+ deals closed in the last 3 years

21

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