fintech sector report - gca altium€¦ · fintech sector report january 2019. 2 gca acted as...

FINTECHSECTOR REPORT

January 2019

2

GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.

TRANSACTION DETAILS

Closed

January 2019

SECTORS

Financial Technology

Real Estate / Mortgage

Technology

Data Licensing

DEAL TYPE

M&A

Transaction Summary

▪ On January 8th, Lovell Minnick Partners announced that it had completed the acquisition of ATTOM Data Solutions (“ATTOM” or the “Company”)

− Financial terms of the transaction were not

disclosed

▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real estate, mortgage, insurance, marketing and adjacent markets

▪ Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies

▪ GCA acted as exclusive financial advisor to ATTOM in connection with the transaction

Strategic Rationale

▪ ATTOM is a leading, scale platform investment in the real estate data solutions market

− Company’s proprietary data solutions include

property tax, deed, mortgage, foreclosure,

environmental risk, natural hazard and

neighborhood data for 150+ million U.S. residential

and commercial properties, covering 99% of the

nation’s population

− Company serves 225+ data customers with

multiyear contracts

− ATTOM management has generated strong organic

growth and successfully pursued accretive strategic

opportunities, including its acquisition of

neighborhood data provider Onboard Informatics in

early 2018

▪ Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry

CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTN ERS

3

Investment & Wealth Technology

Banking Technology

Real Estate & Mortgage Technology

Blockchain / Crypto

Insurance Technology

Payments / Billing / Money Transfer

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

KEY STATS SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC

& FINANCIAL CONTACTS

Online / Alternative Lending

Regulatory Technology

Trading & Capital Markets Technology

SaaS and

Enterprise

Software

Information

Services /

Data &

Analytics

Tech-

Enabled

Services

Transaction

Processing

400+ Bankers globally

21

375+Transactions in the last

three years

Strategic Acquirers

Private Equity / VC

Offices globally

3Continents – America, Asia and Europe

33%+Cross-border transactions

4

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

GCA FINTECH TEAM

Rob FreimanDirector

FinTech - 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]

Chris GoughManaging Director

Software / FinTech M&APhone: (415) 318 - 3658Mobile: (415) 385 - [email protected]

Selected Recent FinTech Experience

Sale of

Financial Advisor

Real Estate Tech

Financial Advisor

Growth Investment

Banking & Lending Tech

We Advised Skyslope

Majority sale to

Payments

We Advised Radius

Financing fromAcquired by

We Advised WorkMarket

Financial SaaS

To

We Advised RGI Shareholders


Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised Asahi


We Advised BlackFin

Sold


To

Payments

Acquired by

Fairness Opinion to Clearent

Strategic Investment

We Advised ControlExpert

Payments Insurance Technology

We Advised CHX

Acquired by

Liquidity Venues Financial SaaS

Acquired by

We Advised FieldEdgeWe Advised Principal

Acquired

Investment Technology

We Advised Risk International

Sold majority stake to


We Advised Bexio

Acquired by


We Advised Liqid’s shareholder HQ Trust

Received an investment from


We Advised QuoteWizard

Acquired by


Sold stake in

We Advised Silver Investment Partners

Acquired

Payments

Preferred Financingfrom

We advised GOQii


Acquired by

We advised Attom

Real Estate Tech

Preferred Financing

We advised Loanboox

Banking & Lending Tech

5

Select January Financing Transactions Select January M&A Transactions

Date Company Selected Investors Amount Date Target Buyer Value

1/30/19 $500 1/22/19 $1,420

1/29/19 $100 1/22/19Thunder Bridge

Acquisition, Ltd.$653

1/28/19 $105 1/16/19 $22,000

1/23/19 $125 1/8/19 NA

1/18/19 $100 1/8/19 $200

1/10/19 $300 1/7/19 $445

Quarterly Financing Activity ($Bn) Quarterly M&A Activity ($Bn)

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

$48 Bn | 1,484 Deals

LTM Financing Volume

$128 Bn | 757 Deals

LTM M&A Volume

$13

$32

$17

$46 $28 $26

$17 $25

Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19

$9

$5 $7

$8

$19

$10 $10

$4

Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19

$296

378377

397 397

222223

192

308

$17.9$12.7$23.3 $25.5$19.4

155

$77.1$147$58.6 $96.9$240$61.7

212

$182$26.5

177

$124

85145

$25.4

388378 216

FINTECH DEAL DASHBOARD

Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 1/31/19. (1) Q1-19 data represents January only.

Financing volume in Q1 ‘19 is on pace to exceed financing volume in Q1 ’18; M&A volume in Q1 ’19 is set to exceed Q1 ’18 volume due

to Fiserv’s $22Bn acquisition of FirstData

(1) (1)

GCA Transaction

6

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 1/31/19.

Information Services

Combined Market Cap: $33219/18 Rev. Growth: 5% 19 EBITDA Margin: 34%

4

Benefits Administration/Payroll

Combined Market Cap: $10519/18 Rev. Growth: 12%19 EBITDA Margin: 28%

2



5

Financial SaaS


3Banking & Lending Technology


1

7

Liquidity Venues


7Investment Technology


6

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 1/31/19.

Payments


8

8

(30%)

(15%)

0%

15%

30%

45%

Jan-18 Apr-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19

-12.5%

28.2%

8.5%

17.2%17.7%

15.0%

-6.7%

3.5%

-3.9%

-8.4%

FINTECH STOCK PRICE PERFORMANCE

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 1/31/19.

Financial SaaS leads the FinTech pack on an LTM 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

17.7% 15.0% 28.2% 3.5% 17.2% -12.5% -6.7% 8.5% -3.9% -8.4%

9

0.0x

2.5x

5.0x

7.5x

10.0x


8.0x

4.7x4.2x

7.3x

3.8x

5.2x5.8x

3.5x

3.0x3.5x

0%

5%

10%

15%

20%

25%

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

15A / 16A 16A / 17A 17A / 18E 18E / 19E

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

2016 2017 2018 2019E

FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS outperforms the FinTech market on a revenue growth and EV / ’19E Revenue basis

Notes:Source: CapIq.Market data as of 1/31/19.Lines display median multiples across comp groups for given year.

EV / ‘19E RevenueEV / Revenue

Median 18E/19E Revenue Growth to EV/’19E Revenue MultipleRevenue Growth

3.1x

4.4x

8.9%1

2

3

4

567

89

10


7.5%


12.1%

3) Financial SaaS

20.2%


5.3%

5) Insurance Technology

8.8%


9.0%

7) Liquidity Venues

7.6%

8) Payments

10.0%

9) Real Estate & Mortgage Technology

9.9%


5.5%18

E /

19

E R

ev.

Gro

wth

4.4x

3.9x

9.5%

15.6%9.7%

10

0%

5%

10%

15%

20%

25%

0.0x 6.0x 12.0x 18.0x 24.0x 30.0x

0.0%

15.0%

30.0%

45.0%

60.0%

75.0%

15A / 16A 16A / 17A 17A / 18E 18E / 19E

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x


15.6x

11.5x

6.6x

13.6x

14.0x14.7x

13.8x

12.7x

15.2x

18.9x

0.0x

6.0x

12.0x

18.0x

24.0x

30.0x

2016 2017 2018 2019E

FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS outperforms the FinTech market on an EBITDA growth and EV / ‘19E EBITDA basis

Notes:Source: CapIq.Market data as of 1/31/19.Lines display median multiples across comp groups for given year.

EV / ‘19E EBITDAEV / EBITDA

Median 18E/19E EBITDA Growth to EV/’19E EBITDA MultipleEBITDA Growth

13.9x

1

2

3

4

56

7

8910

14.0% 12.2%

18

E /

19

E

EBIT

DA

Gro

wth


10.3%


14.2%

3) Financial SaaS

23.5%


7.5%

5) Insurance Technology

13.1%


14.8%

7) Liquidity Venues

9.6%

8) Payments

13.2%

9) Real Estate & Mortgage Technology

11.3%


11.0%

12.1x

15.7x14.3x

9.8%11.9%

11

14.2x

15.3x

18.1x

18.2x

19.6x

20.9x

22.2x

23.0x

24.8x

26.2x

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

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 1/31/19.Long-term EPS growth covers last 5 years.

20%

18%

15%

14%

10%

11%

16%

16%

13%

21%

2.1

1.6

2.3

2.2

2.2

1.8

1.3

1.4

1.3

0.7

2019 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

12

1/31/19American Express Ventures, Goldman Sachs, HOOPP, Kleiner Perkins Caufield &

Byers, Pine BrookSeries C $70

1/30/19 London Stock Exchange Group Corporate $324

1/30/19Delphen SARL, DKB, Emmanuel Roth, Gerd HÃ¤usler, LGT Group Stiftung, Luzius

Meisser, Mutschler Ventures, Roland BergerSeries B $22

1/30/19Illuminate Financial Management, Jefferies Financial Group, OCA Ventures,

Pivot Investment Partners, Quantum Strategic Partners, Regions BankSeries B $15

1/30/19 Balderton Capital, Index Ventures Series B $30

1/30/19 Greenoaks Capital Management Series E $500

1/29/19 LL Funds Series A $60

1/29/19 Tiger Global Management Series E - II $100

1/29/19 Aflac Corporate Ventures, Chubb Insurance, Hiscox Holdings, MS&AD Series D $58

1/29/19 Munich Re Series B - II $35

1/29/19Afore Capital, Brooklyn Bridge Ventures, Greyhound Capital, Ride Ventures,

RiverPark Ventures, Rosecliff Ventures, Story Ventures, The Gramercy Fund, Series B $30

1/28/19Bain Capital Ventures, BlackRock, Comcast Ventures, DST Global, MSD Capital,

NBC Universal, The Rise Fund, TPG CapitalSeries E $105

1/28/19Highland Europe, Insight Venture Partners, Invoke Capital, IP Group,

MissionOG, Robert Sansom, TTV CapitalSeries D $34

1/25/19 Accel India, Nippon Life Global Investors America, Ribbit Capital Series B $18

1/25/19 Matrix Partners India, WaterBridge Ventures, Whiteboard Capital Series B $14

1/23/19Citi Ventures, Galaxy Digital Ventures, Nasdaq Ventures, Raptor Capital

Management, Undisclosed InvestorsSeries C $123

1/23/19Citi Ventures, Galaxy Digital Ventures, Nasdaq Ventures, Raptor Capital

Management, Undisclosed InvestorsSeries B $20

1/23/19 Benchmark, Index Ventures, Sequoia Capital Series D $125

1/23/19 Accel-KKR Growth Equity $105

1/23/19 Accenture Ventures, Beedie Capital Partners, Vistara Capital Partners Series B $17

1/22/19 Convoy Global Holdings, Goldman Sachs Principal Strategic Investments Series D $58

1/22/19 Insight Venture Partners Growth Equity $77


Real Estate & Mortgage Tech.

Banking & Lending Technology

Financial SaaS


Payments


Liquidity Venues



Financial SaaS

Financial SaaS


Payments

Financial SaaS



Trading Technology


Financial SaaS

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

GCA Transaction

13

1/22/19Anthem Venture Partners, BAM Capital, Goodwater Capital, PayPal, Western

Technology InvestmentSeries B $20

1/22/19 Undisclosed Investors Series B - II $14

1/22/19 Barclays Bank, Northzone Ventures, Santander InnoVentures Series B $34

1/18/19 Warburg Pincus Series C $100

1/17/19Aflac Corporate Ventures, AXA Venture Partners, Launchpad Digital Health,

MassMutual Ventures, Principal Life Insurance Company, Transamerica Series C $34

1/17/19Bessemer Venture Partners, Broadhaven Capital Partners, Canaan Partners,

Firebrand Ventures, Undisclosed Angel InvestorsSeries B $30

1/16/19 Volition Capital Growth Equity $10

1/16/19Battery Ventures, Felicis Ventures, FirstMark Capital, Global Founders Capital,

QBE Ventures, Stripes Group, TD AmeritradeSeries B $30

1/16/19 Blume Ventures, Nexus Venture Partners, Sequoia Capital India Series B $25

1/15/19 Foundry Group, RRE Ventures, FJ Labs, Corazon Capital, WTI Series B $400

1/15/19 Warburg Pincus Series C $65

1/15/19Menlo Ventures, NewView Capital, Salesforce Ventures, Scale Venture

Partners, Workday VenturesSeries C $33

1/15/19Curitiba Angels, e.Bricks Ventures, Endeavor Catalyst, FinTech Collective,

International Finance Corporation, Kaszek Ventures, Point72 Ventures, Series C $20

1/14/19 Ant Financial Services Group Series D $40

1/11/19 Welsh Carson Anderson & Stowe Private Equity - III $21

1/11/19Accel India, Balakrishna Adiga, HS Nagaraja, Nippon Life Global Investors

America, Omidyar NetworkSeries C $22

1/10/19 GIC, Insight Venture Partners, Undisclosed Investors Series D $300

1/9/19 Centana Growth Partners, JMI Equity Growth Equity - II $87

1/9/19 Insight Venture Partners Series A $60

1/7/19 Builders VC, Camber Creek, Corigin Ventures, Fika Ventures, Navitas Capital Series A $12

1/7/19American Family Ventures, Cox Enterprises, Hyde Park Angels, IA Capital

Group, LightbankSeries B $43

1/4/19ABA, Accenture, Arkadi Kuhlmann, First Data Ventures, Live Oak Ventures,

SunTrust Banks, T.N. Incorporation, Woodforest National BankSeries A $30

Financial SaaS

Financial SaaS

Financial SaaS

Payments


Payments


Financial SaaS




Financial SaaS


Payments



Financial SaaS

Financial SaaS





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


Date

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

14

Offer

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

12/14/18 NASDAQ: QFIN IPO $51 $16.50 (23%)

10/25/18 NASDAQ: STNE IPO $1,400 $24.00 (8%)

10/25/18 NASDAQ: PT IPO $44 $11.88 (7%)

10/12/18 NYSE: PLAN IPO $264 $17.00 85%

Median $158 $17 (8%)

Financial SaaS

Financial SaaS

Payments


SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Notes: Source: CapIq. Pitchbook.Price to Date as of 1/31/19.

Offer

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

1/31/19General Corporate Purposes /

Working CapitalNA NA $1 1.50%






Working CapitalNA NA $1,977 0.38%








Working Capital; OtherNA B2 $700 6.88%


Working Capital; OtherNA NA $750 10.25%



Median $725

Security Rating at Issuance



Payments

Liquidity Venues

Liquidity Venues

IT & BPO Services

IT & BPO Services

IT & BPO Services

IT & BPO Services

Liquidity Venues

15

SELECTED RECENT M&A ACTIVITY


Date Enterprise EV / Revenue EV / EBITDA

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

1/23/2019 $28 NA NA

1/22/2019 $1,420 NA NA

1/22/2019 Thunder Bridge Acquisition, Ltd. $653 4.6x NA

1/17/2019 $425 4.3x NA

1/16/2019 $22,000 4.0x 13.3x

1/15/2019 $102 1.9x NA

1/8/2019 NA NA NA

1/8/2019 NA NA NA

1/8/2019 $200 NA NA

1/7/2019 NA NA NA

1/7/2019 $445 NA NA

1/4/2019 NA NA NA

Median 4.2x 13.3x

Payments

Financial SaaS



Payments

Payments

Payments






GCA Transaction

16

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 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E


Intuit Inc. $215.82 $56,013 $55,106 15% 2.2 7% 11% 2% 13% 36% 8.0x 7.2x 22.1x 19.5x 32.4x 27.5x

Fidelity National Information Services, Inc. $104.53 $34,232 $42,638 12% 1.5 2% 3% 6% 5% 39% 4.9x 4.8x 12.7x 12.1x 18.2x 16.3x

First Data Corporation $24.65 $23,093 $40,247 14% 1.1 5% 5% 8% 5% 39% 4.4x 4.2x 11.2x 10.6x 14.8x 12.8x

Fiserv, Inc. $82.93 $32,438 $37,982 12% 2.0 6% 5% 6% 7% 38% 6.2x 5.8x 16.3x 15.2x 23.8x 21.0x

Wolters Kluwer N.V. $62.31 $16,893 $19,192 9% 2.4 5% 4% 7% 6% 28% 3.7x 3.6x 13.3x 12.5x 20.5x 18.9x

Jack Henry & Associates, Inc. $133.55 $10,323 $10,297 11% 3.1 3% 8% (1%) 11% 34% 6.3x 5.8x 18.8x 17.0x 34.9x 30.5x

Temenos AG $134.73 $9,352 $9,791 17% 2.4 15% 12% 17% 16% 38% 10.1x 9.0x 26.5x 22.9x 39.1x 33.3x

Black Knight, Inc. $49.19 $7,349 $8,730 15% 1.6 7% 8% 10% 10% 50% 7.3x 6.8x 14.6x 13.3x 24.1x 21.1x

Coupa Software Incorporated $86.96 $5,169 $4,935 NA NM 36% 21% NA 17% 8% 19.5x 16.0x NM NM NM NM

ACI Worldwide, Inc. $29.56 $3,428 $4,040 13% 2.3 3% 3% 10% 8% 28% 3.7x 3.6x 13.2x 12.3x 31.4x 25.4x

Q2 Holdings, Inc. $59.43 $2,578 $2,460 20% NM 27% 23% 20% 95% 8% 8.0x 6.5x NM 54.8x NM 106.0x

Ellie Mae, Inc. $75.80 $2,641 $2,369 14% 2.8 6% 9% 13% 15% 28% 4.7x 4.3x 16.4x 14.3x 38.7x 33.5x

Bottomline Technologies (de), Inc. $51.65 $2,226 $2,239 15% 2.2 7% 13% 7% 20% 24% 5.0x 4.4x 20.9x 17.4x 32.0x 26.4x

Enova International, Inc. $23.05 $774 $1,579 NA NM 13% 12% 18% 11% 20% 1.3x 1.1x 6.3x 5.7x 7.4x 6.2x

LendingClub Corporation $3.19 $1,360 $1,317 NA NM 14% 14% 43% 32% 17% 1.7x 1.4x 10.0x 7.6x 18.2x 12.7x

On Deck Capital, Inc. $7.52 $564 $1,305 NA NM 14% 11% 14% 33% 10% 2.9x 2.6x 27.7x 20.9x 14.7x 13.4x

GreenSky, Inc. $11.00 $632 $725 19% 0.8 28% 24% 21% 27% 40% 1.4x 1.1x 3.5x 2.7x 15.0x 11.7x

Elevate Credit, Inc. $4.45 $192 $685 NA NM 11% 13% 23% 15% 16% 0.8x 0.7x 4.9x 4.3x 6.5x 4.1x

Performant Financial Corporation $2.15 $114 $149 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.4x NM NM

Median 14% 2.2 7% 11% 10% 14% 28% 4.7x 4.3x 14.0x 12.9x 22.2x 21.0x


Automatic Data Processing, Inc. $139.84 $60,918 $61,338 15% 1.7 6% 7% 12% 13% 24% 4.2x 3.9x 17.3x 15.4x 24.9x 21.8x

Paychex, Inc. $70.80 $25,424 $24,722 9% 2.7 17% 6% 12% 8% 39% 6.1x 5.8x 15.6x 14.4x 24.0x 22.1x

Insperity, Inc. $106.68 $4,460 $4,217 16% 1.5 12% 9% 16% 18% 6% 1.0x 0.9x 15.4x 13.1x 24.8x 21.0x

Paylocity Holding Corporation $71.03 $3,750 $3,646 24% 2.1 20% 23% 57% 28% 28% 8.0x 6.6x 28.6x 22.4x 51.1x 39.7x

HealthEquity, Inc. $62.34 $3,889 $3,559 30% 1.6 19% 17% 21% 22% 41% 10.6x 9.0x 26.1x 21.5x 47.3x 38.9x

TriNet Group, Inc. $45.66 $3,216 $3,359 NA NM 7% 11% 4% 11% 38% 3.6x 3.2x 9.5x 8.5x 14.2x 12.5x

Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 17% 19% 156% 85% 7% 6.2x 5.2x NM 46.3x NM 121.6x

WageWorks, Inc. $31.55 $1,251 $603 15% 0.9 3% 3% 7% 6% 31% 1.2x 1.2x 3.8x 3.6x 13.5x 12.6x

Castlight Health, Inc. $2.97 $415 $352 23% NM (1%) NA NA NA 2% 2.3x NM NM NM NM NM

Median 18% 1.6 12% 10% 14% 15% 28% 4.2x 4.6x 15.6x 14.9x 24.8x 21.9x

17

PUBLIC COMPANY VALUATIONS (CONT’D)

Info

rmat

ion

Ser

vice

s


Fin

anci

al S

aaS

Financial SaaS

Intuit Inc. $215.82 $56,013 $55,106 15% 2.2 7% 11% 2% 13% 36% 8.0x 7.2x 22.1x 19.5x 32.4x 27.5x

Workday, Inc. $181.53 $39,937 $39,545 38% 3.0 25% 22% 39% 38% 18% 11.2x 9.2x 62.1x 45.0x 113.2x 84.2x

SS&C Technologies Holdings, Inc. $51.49 $12,914 $18,868 20% 0.7 38% 5% 44% 9% 38% 4.0x 3.8x 10.5x 9.7x 14.4x 12.8x

The Sage Group plc $8.22 $8,929 $9,775 4% 5.4 11% 7% (1%) 8% 26% 3.7x 3.5x 14.6x 13.6x 20.4x 18.6x

Paycom Software, Inc. $148.24 $8,689 $8,678 26% 1.8 24% 21% 24% 21% 42% 12.5x 10.3x 29.9x 24.7x 46.0x 38.2x

Coupa Software Incorporated $86.96 $5,169 $4,935 NA NM 36% 21% NA 17% 8% 19.5x 16.0x NM NM NM NM

Xero Limited $31.70 $4,432 $4,676 NA NM 36% 27% 104% 52% 20% 9.9x 7.8x 50.0x 32.8x NM 83.6x

Paylocity Holding Corporation $71.03 $3,750 $3,646 24% 2.1 20% 23% 57% 28% 28% 8.0x 6.6x 28.6x 22.4x 51.1x 39.7x

Envestnet, Inc. $54.25 $2,480 $2,783 16% 1.6 9% 13% 12% 17% 20% 3.1x 2.8x 15.8x 13.5x 26.2x 22.2x

Q2 Holdings, Inc. $59.43 $2,578 $2,460 20% NM 27% 23% 20% 95% 8% 8.0x 6.5x NM 54.8x NM 106.0x

Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 17% 19% NM 85% 7% 6.2x 5.2x NM 46.3x NM 121.6x

Blucora, Inc. $29.51 $1,416 $1,588 NA NM 8% 8% 15% 12% 22% 2.6x 2.4x 11.7x 10.4x 13.6x 12.3x

Alfa Financial Software Holdings PLC $1.83 $550 $502 NA NM 15% 10% 29% 16% 36% 4.5x 4.0x 12.4x 10.7x 0.2x 0.2x

Median 20% 2.1 20% 19% 24% 17% 22% 8.0x 6.5x 18.9x 21.0x 26.2x 32.8x


RELX PLC $22.16 $43,472 $51,750 7% 2.5 8% 5% 9% 5% 35% 5.0x 4.8x 14.1x 13.4x 18.6x 17.3x

S&P Global Inc. $191.65 $48,085 $49,789 13% 1.7 5% 6% 5% 7% 50% 7.5x 7.1x 15.1x 14.0x 20.9x 18.9x

Moody's Corporation $158.51 $30,372 $34,195 10% 1.9 4% 6% 5% 8% 48% 7.3x 6.9x 15.2x 14.1x 20.1x 18.2x

Thomson Reuters Corporation $52.27 $26,211 $33,029 10% 4.4 8% 3% 8% 28% 24% 5.6x 5.4x 23.6x 18.5x 44.3x 28.9x

IHS Markit Ltd. $51.92 $20,631 $26,190 10% 2.0 11% 6% 12% 8% 39% 5.9x 5.5x 15.0x 13.8x 20.3x 18.1x

Experian plc $25.12 $22,635 $26,065 9% 2.5 4% 10% 4% 11% 34% 5.2x 4.7x 15.2x 13.7x 23.6x 20.9x

Verisk Analytics, Inc. $117.41 $19,328 $21,764 11% 2.3 7% 7% 8% 8% 48% 8.5x 8.0x 17.8x 16.5x 26.2x 23.7x

Wolters Kluwer N.V. $62.31 $16,893 $19,192 9% 2.4 5% 4% 7% 6% 28% 3.7x 3.6x 13.3x 12.5x 20.5x 18.9x

Nielsen Holdings plc $25.68 $9,116 $17,276 7% 1.6 (0%) 2% 2% 7% 29% 2.7x 2.6x 9.3x 8.6x 11.8x 10.4x

MSCI Inc. $170.27 $14,989 $16,166 10% 2.8 6% 10% 7% 13% 54% 10.6x 9.6x 19.5x 17.3x 28.3x 24.6x

Equifax Inc. $107.02 $12,904 $15,283 8% 2.2 3% 6% 5% 8% 34% 4.3x 4.1x 12.6x 11.6x 18.2x 16.4x

TransUnion $60.82 $11,270 $15,141 15% 1.5 14% 9% 15% 11% 39% 5.7x 5.2x 14.5x 13.0x 21.6x 18.6x

Informa plc $8.89 $11,119 $14,698 6% 2.2 26% 3% 30% 6% 34% 3.9x 3.8x 11.4x 10.8x 13.1x 12.2x

Gartner, Inc. $135.89 $12,351 $14,311 14% 2.3 10% 12% 11% 13% 18% 3.3x 3.0x 18.2x 16.1x 32.2x 27.5x

FactSet Research Systems Inc. $218.63 $8,316 $8,693 11% 2.0 6% 6% 10% 9% 35% 6.0x 5.6x 17.0x 15.6x 22.4x 20.2x

News Corporation $12.83 $7,506 $7,542 (34%) (1.0) 3% 1% 8% 8% 13% 0.7x 0.7x 5.8x 5.4x 35.4x 29.3x

Fair Isaac Corporation $225.20 $6,547 $7,299 10% 3.1 8% 7% (100%) NA NA 6.4x 5.9x NM NM 31.3x 28.3x

CoreLogic, Inc. $36.30 $2,924 $4,591 10% 1.2 (2%) 2% 1% 8% 28% 2.6x 2.5x 9.3x 8.7x 13.1x 11.3x

LiveRamp Holdings, Inc. $43.44 $2,961 $3,101 25% NM (55%) 32% (123%) NA (8%) 8.9x 6.7x NM 82.1x NM 117.6x

Euromoney Institutional Investor PLC $16.29 $1,750 $1,648 7% 2.2 NA 2% NA 6% 27% 3.1x 3.1x 11.7x 11.1x 16.4x 15.9x

comScore, Inc. $19.69 $1,160 $1,306 5% NM 5% 11% 119% 115% 6% 3.0x 2.7x 51.8x 24.1x NM NM

National Research Corporation $39.98 $990 $1,022 NA NM 5% NA NA NA NA 8.1x NM NM NM 9.3x NM

Forrester Research, Inc. $44.91 $820 $676 12% 2.3 5% NA 36% NA 14% 1.8x NM 12.9x NM 28.1x NM

Median 10% 2.2 5% 6% 8% 8% 34% 5.2x 4.8x 14.7x 13.7x 20.9x 18.9x




18


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Verisk Analytics, Inc. $117.41 $19,328 $21,764 11% 2.3 7% 7% 8% 8% 48% 8.5x 8.0x 17.8x 16.5x 26.2x 23.7x

Guidewire Software, Inc. $86.68 $7,024 $6,241 14% 5.5 27% 20% 12% 19% 22% 9.6x 8.0x 43.3x 36.5x 78.8x 66.7x

HealthEquity, Inc. $62.34 $3,889 $3,559 30% 1.6 19% 17% 21% 22% 41% 10.6x 9.0x 26.1x 21.5x 47.3x 38.9x

Ebix, Inc. $57.12 $1,786 $2,283 15% 0.8 25% 39% 22% 24% 32% 3.7x 2.7x 11.5x 9.2x 12.7x 10.2x

Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 9% 12% 94% 97% 4% 7.2x 6.4x NM NM NM NM

eHealth, Inc. $61.16 $1,336 $1,315 NA NM 31% 13% NA 139% 5% 5.8x 5.1x NM 52.4x NM 89.9x

CorVel Corporation $62.47 $1,171 $1,075 NA NM 8% NA 2% NA 12% 1.8x NM 15.2x NM NM NM

Crawford & Company $9.65 $515 $674 NA NM 2% 0% 14% 0% 11% 0.6x 0.6x 5.2x 5.2x 11.3x 9.7x

Sapiens International Corporation N.V. $12.20 $609 $623 5% 4.0 6% 6% 12% 10% 16% 2.0x 1.9x 13.0x 11.8x 19.8x 17.4x

Majesco $8.50 $312 $311 NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 15% 2.3 9% 13% 13% 20% 16% 5.8x 5.8x 15.2x 16.5x 23.0x 23.7x


The Bank of New York Mellon Corporation $52.32 $50,249 $73,315 10% 1.3 6% 3% NA NA NA 4.4x 4.3x NM NM 12.3x 11.8x

The Charles Schwab Corporation $46.77 $63,161 $39,196 19% 0.9 11% 6% 16% 6% 50% 3.5x 3.3x 6.9x 6.5x 16.6x 15.0x

State Street Corporation $70.90 $26,938 $34,137 14% 0.7 8% 5% NA NA NA 2.8x 2.7x NM NM 9.5x 8.6x

Northern Trust Corporation $88.46 $19,374 $30,288 11% 1.2 12% 12% NA NA NA 5.1x 4.5x NM NM 13.4x 12.2x

TD Ameritrade Holding Corporation $55.95 $31,352 $26,467 23% 0.6 6% 7% 18% 11% 54% 4.4x 4.1x 8.1x 7.3x 13.9x 12.3x

SS&C Technologies Holdings, Inc. $51.49 $12,914 $18,868 20% 0.7 38% 5% 44% 9% 38% 4.0x 3.8x 10.5x 9.7x 14.4x 12.8x

Broadridge Financial Solutions, Inc. $100.83 $11,772 $12,716 10% 2.1 6% 4% 11% 4% 20% 2.8x 2.7x 13.8x 13.3x 21.1x 19.4x

Computershare Limited $12.94 $7,027 $7,996 10% 1.6 4% 2% 10% 7% 30% 3.4x 3.3x 11.0x 10.3x 17.3x 16.0x

SEI Investments Co. $47.54 $7,304 $6,549 12% 1.3 1% 6% 11% 10% 35% 4.0x 3.8x 11.3x 10.4x 15.3x 13.5x

SimCorp A/S $78.94 $3,095 $3,059 13% 2.4 10% 8% 14% 8% 28% 6.4x 5.9x 22.6x 21.0x 31.5x 29.2x

Envestnet, Inc. $54.25 $2,480 $2,783 16% 1.6 9% 13% 12% 17% 20% 3.1x 2.8x 15.8x 13.5x 26.2x 22.2x

IRESS Limited $8.56 $1,463 $1,602 7% 3.4 10% 6% 15% 6% 28% 4.4x 4.2x 15.7x 14.8x 23.6x 21.7x

Blucora, Inc. $29.51 $1,416 $1,588 NA NM 8% 8% 15% 12% 22% 2.6x 2.4x 11.7x 10.4x 13.6x 12.3x

Equiniti Group plc $2.73 $977 $1,383 NA NM 8% 4% 12% 7% 25% 2.0x 1.9x 7.9x 7.4x 10.5x 9.9x

Sanne Group plc $6.57 $941 $992 NA NM 18% 11% 23% 13% 34% 4.6x 4.2x 13.5x 12.0x 16.7x 14.9x

First Derivatives plc $29.17 $763 $794 NA NM 16% 11% 15% 11% 18% 2.6x 2.3x 14.4x 13.0x 25.4x 22.8x

StatPro Group plc $1.57 $103 $134 NA NM 9% 5% 15% 8% 17% 1.7x 1.7x 10.1x 9.3x 14.0x 12.2x

Median 13% 1.3 9% 6% 15% 8% 28% 3.5x 3.3x 11.5x 10.4x 15.3x 13.5x




19



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Liquidity Venues

CME Group Inc. $182.28 $65,216 $67,146 16% 1.6 20% 6% 18% 10% 68% 13.1x 12.4x 19.3x 17.6x 24.9x 22.8x

Intercontinental Exchange, Inc. $76.76 $43,721 $50,438 11% 1.9 7% 6% 8% 8% 65% 9.5x 9.0x 14.6x 13.6x 19.8x 17.7x

Deutsche Börse Aktiengesellschaft $133.16 $24,406 $25,895 12% 1.5 8% 7% 10% 9% 60% 7.7x 7.2x 12.8x 11.7x 19.3x 17.4x

London Stock Exchange Group plc $60.16 $20,889 $21,640 14% 1.7 9% 6% 14% 9% 54% 7.3x 6.9x 13.7x 12.5x 23.2x 20.4x

Nasdaq, Inc. $88.04 $14,435 $17,453 8% 2.4 4% 4% 3% 12% 51% 6.9x 6.7x 13.6x 12.1x 18.2x 16.1x

B3 S.A. - Brasil, Bolsa, Balcão $8.63 $17,639 $17,252 14% 1.5 18% 9% 19% 8% 72% 11.9x 10.9x 16.4x 15.2x 21.6x 19.3x

Cboe Global Markets, Inc. $93.27 $10,465 $11,370 12% 1.7 20% (0%) 23% (0%) 68% 9.5x 9.6x 14.0x 14.0x 19.6x 19.3x

Hong Kong Exchanges and Clearing Limited $31.10 $38,798 $10,526 10% 2.9 7% 9% 9% 14% 76% 4.9x 4.5x 6.4x 5.6x 29.7x 26.3x

ASX Limited $46.40 $8,980 $8,242 4% 4.5 7% 5% 6% 3% 76% 12.9x 12.2x 16.8x 16.3x 19.2x 24.3x

MarketAxess Holdings Inc. $214.77 $8,074 $7,827 NA NM 12% 11% 12% 13% 56% 16.1x 14.5x 29.0x 25.6x 42.2x 37.2x

Singapore Exchange Limited $5.68 $6,078 $5,561 5% 3.7 7% 5% 11% 5% 59% 8.1x 7.8x 13.8x 13.1x 20.2x 19.7x

Euronext N.V. $61.68 $4,286 $4,379 8% 1.8 5% 4% 6% 5% 59% 6.0x 5.7x 10.0x 9.5x 14.8x 13.9x

TMX Group Limited $60.22 $3,359 $4,053 NA NM 8% 5% 9% 6% 57% 6.3x 6.0x 11.2x 10.5x 14.3x 13.1x

Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$30.22 $2,513 $2,151 4% 3.9 4% 2% 5% 3% 62% 6.0x 5.8x 9.7x 9.4x 15.7x 15.2x

Bursa Malaysia Berhad $1.78 $1,441 $1,349 7% 3.6 4% 4% 2% 4% 59% 9.8x 9.4x 16.6x 16.0x 25.7x 24.6x

Bolsa Mexicana de Valores, S.A.B. de C.V. $2.01 $1,191 $1,060 12% 1.3 10% 7% 11% 9% 56% 5.4x 5.0x 9.5x 8.7x 15.9x 15.0x

JSE Limited $12.36 $1,057 $885 NA NM 15% 9% 16% 9% 50% 4.8x 4.4x 9.7x 8.9x 13.6x 12.7x

Gielda Papierów Wartosciowych w Warszawie S.A. $10.75 $451 $372 NA NM (2%) (1%) (7%) (3%) 56% 4.1x 4.2x 7.4x 7.7x 13.0x 14.0x

Hellenic Exchanges - Athens Stock Exchange SA $4.18 $252 $167 47% 0.7 17% 16% 55% 36% 38% 4.6x 4.0x 12.2x 9.0x 33.0x 22.7x

Median 11% 1.8 8% 6% 10% 8% 59% 7.3x 6.9x 13.6x 12.1x 19.6x 19.3x




20



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Payments

Networks

Visa Inc. $135.01 $296,625 $301,508 16% 1.5 10% 11% 12% 12% 71% 12.9x 11.6x 18.3x 16.3x 24.6x 21.0x

Mastercard Incorporated $211.13 $217,646 $215,602 19% 1.5 12% 13% 14% 15% 60% 12.9x 11.4x 21.3x 18.4x 28.0x 23.7x

American Express Company $102.70 $86,987 $120,987 11% 1.2 8% 7% 11% 8% 32% 2.8x 2.6x 8.6x 8.0x 12.6x 11.5x

PayPal Holdings, Inc. $88.76 $104,204 $97,093 19% 1.6 16% 18% 18% 19% 26% 5.4x 4.6x 20.7x 17.4x 30.7x 25.5x

Discover Financial Services $67.49 $22,339 $31,052 10% 0.8 7% 6% NA NA NA 2.7x 2.6x NM NM 7.8x 7.1x

Merchant Processing

First Data Corporation $24.65 $23,093 $40,247 14% 1.2 6% 5% 8% 8% 39% 4.7x 4.4x 12.1x 11.2x 16.8x 14.8x

Worldpay, Inc. $83.48 $24,824 $32,428 17% 1.3 83% 10% 83% 14% 48% 8.4x 7.6x 17.4x 15.2x 21.7x 18.0x

Square, Inc. $71.35 $29,503 $29,356 55% 1.8 43% 35% 65% 57% 19% 13.0x 9.7x 69.6x 44.4x 100.7x 65.6x

Global Payments Inc. $112.28 $17,764 $22,258 16% 1.1 12% 9% 14% 8% 37% 5.0x 4.6x 13.7x 12.7x 18.6x 16.0x

Adyen N.V. $741.92 $21,927 $20,817 45% NM 37% 35% 45% 43% 50% 39.3x 29.0x 79.0x 55.2x NM 79.7x

Total System Services, Inc. $89.61 $16,349 $19,796 11% 1.6 7% 7% 6% 9% 36% 4.9x 4.5x 13.7x 12.6x 18.4x 16.2x

Wirecard AG $165.75 $20,481 $19,271 35% 1.0 28% 25% 37% 33% 29% 6.4x 5.1x 21.9x 16.5x 35.3x 26.1x

Cielo S.A. $3.27 $8,887 $10,195 3% 4.9 0% 6% (13%) 8% 34% 3.4x 3.2x 9.8x 9.1x 12.3x 11.2x

GMO Payment Gateway, Inc. $51.63 $3,803 $3,576 34% 2.1 20% 30% 33% 27% 33% 11.7x 9.1x 36.0x 28.5x 70.4x 55.1x

EVERTEC, Inc. $27.67 $1,954 $2,428 12% 1.2 5% 5% 6% 6% 47% 5.1x 4.9x 10.9x 10.2x 14.1x 13.1x

EVO Payments, Inc. $25.15 $1,944 $2,426 29% 1.1 9% 10% 14% 12% 27% 3.9x 3.6x 14.8x 13.1x 33.7x 27.5x

SafeCharge International Group Limited $4.02 $612 $526 13% 1.5 13% 13% 14% 13% 27% 3.4x 3.0x 12.7x 11.2x 19.0x 16.7x

i3 Verticals, Inc. $24.73 $227 $263 20% 2.3 NA 11% NA 13% 27% 2.4x 2.1x 8.9x 7.9x 45.8x 33.0x

Prepaid / Closed Loop

Alliance Data Systems Corporation $177.59 $9,674 $30,994 12% 0.6 5% 9% 8% 7% 27% 3.8x 3.5x 13.8x 12.9x 7.2x 6.5x

FleetCor Technologies, Inc. $201.81 $17,890 $21,675 17% 1.0 6% 10% 6% 12% 56% 8.5x 7.7x 15.0x 13.4x 17.3x 15.1x

Edenred SA $40.60 $9,630 $11,055 13% 2.1 10% 9% 13% 12% 39% 6.4x 5.8x 16.2x 14.5x 28.1x 24.6x

WEX Inc. $161.33 $6,954 $8,800 18% 1.0 9% 10% 13% 11% 43% 5.4x 5.0x 12.7x 11.4x 18.1x 15.7x

Green Dot Corporation $74.02 $3,901 $2,915 24% 0.8 10% 10% 15% 14% 25% 2.5x 2.3x 10.2x 8.9x 20.4x 17.5x

Net 1 UEPS Technologies, Inc. $2.85 $162 $190 15% 0.2 (7%) 6% NA 18% 14% 0.4x 0.3x 2.6x 2.2x 3.3x 3.4x

Other Payments Technology

The Western Union Company $18.25 $8,081 $10,542 3% 2.7 2% 2% 2% 2% 25% 1.8x 1.8x 7.4x 7.2x 9.4x 9.0x

The Sage Group plc $8.22 $8,929 $9,775 4% 5.4 11% 7% (1%) 8% 26% 3.7x 3.5x 14.6x 13.6x 20.4x 18.6x

NCR Corporation $26.75 $3,162 $5,863 4% 2.3 2% 2% 7% 2% 16% 0.9x 0.9x 5.6x 5.5x 9.2x 8.0x

Euronet Worldwide, Inc. $115.01 $5,930 $5,517 13% 1.3 14% 12% 23% 17% 21% 1.9x 1.7x 9.0x 7.7x 16.8x 14.5x

Ingenico Group - GCS $54.54 $3,368 $5,410 6% 1.8 12% 6% 14% 10% 19% 1.6x 1.5x 8.4x 7.6x 10.0x 9.1x

Cardtronics plc $27.07 $1,248 $2,038 NA NM (11%) 0% NM (90%) 217% 1.5x 1.5x 0.7x 7.1x 12.8x 13.2x

Everi Holdings Inc. $6.65 $467 $1,494 NA NM 13% 8% 8% 14% 49% 3.2x 3.0x 6.5x 5.7x NM NM

MoneyGram International, Inc. $2.13 $119 $813 NA NM (2%) (5%) (1%) (8%) 17% 0.6x 0.6x 3.4x 3.7x 3.6x 3.6x

Cass Information Systems, Inc. $49.09 $724 $544 NA NM NA NA NA NA NA NM NM NM NM NM NM

International Money Express, Inc. $11.50 $416 $442 NA NM 22% 24% 19% 25% 17% 1.3x 1.1x 7.9x 6.3x 16.3x 12.1x

Cardlytics, Inc. $17.49 $374 $373 20% NM 33% 33% NA NA (1%) 1.9x 1.4x NM 20.7x NM 61.4x

Earthport plc $0.50 $306 $266 NA NM 3% 36% NA NA (27%) 8.1x 5.9x NM NM NM NM

eServGlobal Limited $0.08 $101 $93 NA NM (8%) NA NA NA (55%) 8.2x NM NM NM NM NM

Median 16% 1.4 10% 10% 13% 12% 27% 3.8x 3.5x 12.7x 11.4x 18.1x 16.0x




21



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Real Estate & Mortgage Technology

Booking Holdings Inc. $1,832.81 $84,913 $86,491 16% 1.1 11% 11% 11% 10% 39% 5.4x 4.8x 13.8x 12.5x 18.2x 16.0x

Expedia Group, Inc. $119.25 $17,765 $19,011 19% 1.0 10% 10% 13% 13% 17% 1.5x 1.4x 8.8x 7.8x 18.2x 15.3x

CoStar Group, Inc. $390.74 $14,231 $13,159 17% 2.4 16% 15% 22% 22% 36% 9.6x 8.3x 26.5x 21.8x 39.9x 33.3x

Fidelity National Financial, Inc. $36.16 $9,952 $9,517 NA NM (2%) 2% (0%) 3% 15% 1.2x 1.2x 8.4x 8.1x 12.6x 11.7x

Black Knight, Inc. $49.19 $7,349 $8,730 15% 1.6 7% 8% 10% 10% 50% 7.3x 6.8x 14.6x 13.3x 24.1x 21.1x

Jones Lang LaSalle Incorporated $143.41 $6,535 $7,804 14% 1.0 2% 4% (0%) 5% 10% 0.9x 0.8x 8.6x 8.2x 13.0x 12.1x

REA Group Limited $55.15 $7,263 $7,440 11% 2.4 16% 11% NA 13% 59% 10.5x 9.4x 17.9x 15.8x 27.7x 23.9x

Ocwen Financial Corporation $1.68 $225 $7,275 NA NM 10% (3%) NA NA NA 6.4x 6.6x NM NM NM NM

TripAdvisor, Inc. $57.38 $7,899 $7,236 16% 1.9 9% 10% 11% 14% 26% 4.1x 3.8x 15.7x 13.7x 30.5x 25.8x

Zillow Group, Inc. $34.81 $7,075 $6,147 5% 17.4 43% 46% 11% 37% 12% 3.3x 2.2x 27.3x 20.0x 87.2x 77.0x

Realogy Holdings Corp. $17.75 $2,097 $5,670 NA NM 1% 3% (1%) 3% 11% 0.9x 0.9x 8.6x 8.4x 9.6x 8.8x

Rightmove plc $6.20 $5,514 $5,495 13% 1.8 12% 8% 12% 8% 76% 14.5x 13.5x 19.0x 17.6x 23.9x 21.7x

RealPage, Inc. $55.77 $5,048 $5,365 NA NM 15% 11% 24% 17% 28% 5.3x 4.8x 18.8x 16.1x 31.6x 27.2x

Radian Group Inc. $19.24 $4,105 $5,039 6% 1.2 9% 6% NA NA NA 3.6x 3.3x NM NM 6.9x 6.3x

CoreLogic, Inc. $36.30 $2,924 $4,591 10% 1.2 (2%) 2% 1% 8% 28% 2.6x 2.5x 9.3x 8.7x 13.1x 11.3x

First American Financial Corporation $50.08 $5,598 $4,215 NA NM (0%) 3% 1% 5% 15% 0.7x 0.7x 5.0x 4.8x 11.0x 10.5x

LendingTree, Inc. $296.34 $3,801 $3,784 31% 1.2 32% 18% 32% 24% 20% 3.7x 3.1x 18.6x 15.0x 37.9x 29.6x

Colliers International Group Inc. $63.83 $2,503 $3,209 21% 0.7 10% 9% 19% 9% 12% 1.0x 1.0x 8.8x 8.0x 13.9x 13.0x

Ellie Mae, Inc. $75.80 $2,641 $2,369 14% 2.8 6% 9% 13% 15% 28% 4.7x 4.3x 16.4x 14.3x 38.7x 33.5x

AppFolio, Inc. $63.31 $2,168 $2,123 18% 2.9 27% 22% 44% 34% 27% 8.9x 7.3x 33.3x 24.9x 52.5x 39.1x

Moneysupermarket.com Group PLC $3.98 $2,135 $2,103 NA NM 12% 6% 12% 8% 37% 4.2x 4.0x 11.4x 10.5x 16.3x 14.9x

Redfin Corporation $17.89 $1,602 $1,270 NA NM 30% 27% 63% NM 1% 2.6x 2.1x NM 45.9x NM NM

Marcus & Mill ichap, Inc. $39.60 $1,531 $1,237 6% 3.0 3% 3% 6% 5% 16% 1.5x 1.5x 9.6x 9.1x 18.1x 17.4x

Stewart Information Services Corporation $44.45 $1,055 $1,016 NA NM 1% 2% 18% 18% 7% 0.5x 0.5x 7.6x 6.4x 16.0x 13.1x

RE/MAX Holdings, Inc. $41.72 $740 $918 150% 0.1 3% 4% 3% 6% 49% 4.2x 4.0x 8.5x 8.0x 18.1x 17.0x

QuinStreet, Inc. $19.04 $938 $876 25% 1.3 15% 13% 41% 27% 11% 1.7x 1.5x 15.3x 12.0x 32.7x 20.6x

Lifull Co., Ltd. $6.56 $880 $814 21% 1.1 19% 14% 20% 19% 16% 2.1x 1.9x 13.1x 11.1x 23.8x 19.4x

Altisource Portfolio Solutions S.A. $23.68 $402 $639 NA NM (14%) NA (24%) NA 8% 0.8x NM 9.9x NM 11.3x NM

Agilysys, Inc. $17.70 $417 $380 NA NM 13% 15% (12%) 74% 6% 2.5x 2.1x 39.4x 22.6x NM NM

Real Matters Inc. $3.07 $268 $198 59% 0.7 (7%) 2% (38%) 109% 2% 0.7x 0.7x 34.2x 16.3x 43.9x 38.4x

Median 16% 1.3 10% 9% 11% 13% 17% 3.0x 2.5x 13.8x 12.5x 18.2x 18.4x

Trading Technology

The Charles Schwab Corporation $46.77 $63,161 $39,196 19% 0.9 11% 6% 16% 6% 50% 3.5x 3.3x 6.9x 6.5x 16.6x 15.0x

TD Ameritrade Holding Corporation $55.95 $31,352 $26,467 23% 0.6 6% 7% 18% 11% 54% 4.4x 4.1x 8.1x 7.3x 13.9x 12.3x

E*TRADE Financial Corporation $46.66 $11,499 $11,559 22% 0.5 4% 4% 6% 4% 55% 3.9x 3.7x 7.0x 6.7x 11.3x 10.1x

Virtu Financial, Inc. $25.55 $2,712 $3,604 NA NM (2%) 6% (15%) 15% 57% 3.6x 3.4x 6.4x 5.5x 14.2x 12.1x

Interactive Brokers Group, Inc. $50.40 $3,785 $2,053 20% 1.0 9% 12% 61% 11% 97% 1.0x 0.9x 1.0x 0.9x 20.7x 18.3x

Investment Technology Group, Inc. $30.26 $1,001 $818 NA NM 8% 7% NA NA NA 1.5x 1.4x NM NM 18.1x 14.8x

GAIN Capital Holdings, Inc. $6.47 $287 $191 NA NM (7%) 5% (10%) NA 24% 0.6x 0.5x 2.3x NM 11.0x 8.7x

INTL FCStone Inc. $38.23 $727 ($1,012) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 21% 0.7 6% 6% 11% 11% 55% 3.5x 3.3x 6.6x 6.5x 14.2x 12.3x




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 21

offices across

America, Asia and

Europe

Geographically balanced,

synergistic and complementary

sector focus areas

across the firm

Strong in key

growth sectors

such as Technology and Industrials

Strong cross-border

capabilities and

deal flow with 35%

of all transactions

cross-border

400+professionals

375+ deals closed in the last 3 years

PARISLEEDS

FUKUOKA

fintech sector report - gca altium€¦ · fintech sector report january 2019. 2 gca acted as...

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