proptech market update - gcaglobal.com

PropTech Market Update

Q2 2021 Review

22

EXECUTIVE SUMMARY – Q2 AND 1H 2021 PROPTECH MARKET UPDATE

» Investment into the PropTech market continues to accelerate, and 1H 2021 saw the most investment activity in the market since GCA began tracking the space in 2017

» ~$4Bn in equity and debt growth investment into the U.S. PropTech market in Q2 2021 across 134 investments

» 1H 2021 equity and debt investment of $8.5Bn already surpasses the total amount of capital invested in 2020

» 25 financing rounds north of $50MM and 10 financing rounds over $100MM in Q2 2021 into leaders such as Figure, Snapdocs, Cherre, Tomo and multiple others

» Continued activity in the M&A market, with ~36 transactions, ~90% of which were driven by strategic consolidators – M&A activity in 2021 on pace for a record year

» Public market momentum and valuations remains very healthy: Multiple high-profile SPAC and IPO transactions announced in the quarter

» Better, Sonder and SmartRent announced SPAC mergers while Blend and Procore went public

» GCA continues to be one of the most active advisors to the PropTech market and expects continued strong PropTech market activity in 2021 given the momentum and tailwinds in the sector

Announced on 4/22

SPAC Mergers and IPOs

IPO on 5/20IPO on 7/16 Announced on 5/11 Announced on 4/30

Notes:(1) Deal values represent Enterprise Values.

Significant M&A Transactions(1)

/$250MM

/$156MM

/$925MM

Significant Capital Raises

$150MM Equity Raised $50MM Equity Raised $60MM Equity Raised

$100MM Equity Raised $50MM Equity Raised$55MM Equity Raised

33

received an investmentfrom

We advised Tado

LEADING ADVISORY TEAM FOCUSED ON THE PROPTECH MARKET

Key Sub-Sector Coverage Verticals

Residential RE Software Commercial RE Software

Mortgage / Lending Title / Insurance

Home Services Facilities Management

Construction Tech IWMS

Chris GoughManaging Director

Head of Real Estate TechnologyPhone: (415) [email protected]

Leader in PropTech Advisory – 30+ Global PropTech Deals Announced since 2017

Adrian ReedManaging Director

Phone: +44 (161) [email protected]

Dominic Orsini, [email protected]

GCA European PropTech Team

GCA U.S. PropTech Team

Acquired by

We advised the seller

Acquired by


Acquired by


Acquired by


Majority interest acquired by


Acquired by


Acquired by


Acquired by


A Portfolio Company of

Acquired by



Majority interest acquired by


Acquired

We advised the buyerWe advised Mobysoft

Investment from


Investment from


Majority investment from


Acquired by

We advised the sellerPending

Majority investment from


Acquired by


1H ’21 Deals

Rip FurnissVice President

Phone: (212) [email protected]


Acquired by

Acquired by


4

I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

55

$1,923 $1,784

$718

$2,848

$815

$1,754

$3,283 $3,568

$291 $397

$1,085

$250

$1,297 $356

$2,214 $2,182

$728

$3,933

$815

$2,004

$4,580

$3,923

$0

$150

$300

$450

$600

$750

$900

$1,050

$1,200

$1,350

$1,500

$1,650

$1,800

$1,950

$2,100

$2,250

$2,400

$2,550

$2,700

$2,850

$3,000

$3,150

$3,300

$3,450

$3,600

$3,750

$3,900

$4,050

$4,200

$4,350

$4,500

$4,650

$4,800

$4,950

$5,100

$5,250

$5,400

$5,550

$5,700

$5,850

$6,000

Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

PROPTECH PRIVATE CAPITAL DEAL DASHBOARD – Q2 2021

Select Q2 2021 Financing TransactionsFinancing Activity

($MM)

Source: Capital IQ, Pitchbook, CB Insights, press releases. Data as of 7/16/2021.(1) Per Pitchbook.

Avg. Deal Value:

$18.5$21.4 $24.1 $10.6 $38.5 $14.0

($MM)

Date CompanySelect

Investor(s)Amt. Equity

InvestedEquity Funding to

Date

Latest Reported Valuation

6/30 $200 $828 $9,500

6/30 $70 $110 NA

6/23 $100 $100 NA

6/10 $150 $192 $800

6/2 $60 $109 NA

5/27$136 equity /

$235 debt$162 ~$800

5/25 $150 $260 $1,500

5/20 $200 $430 $3,200

5/19 $50 $80 NA

4/28 $55 $88 $439

4/27 $50 $109 $230

4/22 $50 $75 $260

4/14 $60 $107 NA

4/13 $90 $90 NA

Debt Raise ValueEquity Raise Value Number of Deals

90

75

68

74

58

$32.5

101

95

134

$26.6

(1)

66

PROPTECH PRIVATE COMPANY FUNDING LEADERS

$50MM - $100MM

$100MM - $200MM

$200MM - $500MM

>$500MM

$25MM - $50MM

Equity Raised to Date:

($614MM) ($3.1Bn)

Other Mega Funding Leaders

59 companies

raised $100MM+

175 companies

raised $25MM+

Source: PitchBook, CB Insights, company filings, company websites, press releases. Funding totals exclude secondary transactions. Equity raised to date as of 7/16/2021.(1) Based on transaction announced date.

IPO / SPAC Announcement(1)

Q2 ’21 Movers

2021 YTD Acquired(1)

2020 2021 YTD

7

− On June 2nd, Spruce announced a $60MM Series C funding round led by ZiggCapital, with participation from existing investors Bessemer Venture Partners and Scale Venture Partners

− This latest investment will be used to build upon Spruce's title and residential closing technology offerings

− This round brings total equity raised to ~$109MM

Series CLed by

$60MM Raised

Headquarters: New York, NY

Founded: 2016

Description: Spruce is a neutral third party that helps coordinate transactionsbetween homeowners and their lender or real estate institution.Spruce provides mortgage lenders, real estate investors andPropTech companies with a platform to digitize real estatetransactions.

Current Investors:

SPRUCE RAISES $60MM IN SERIES C ROUND

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases.

Transaction Overview Spruce Overview

Spruce Fundraising Timeline

A BSeries: CA-II

Solution Overview

LendersModern title & closing technology

Detailed audit trails of the entire transaction from

beginning to end

Integrate with current loan origination system or

proprietary transaction software

Real Estate TechPartner with industry experts to create optimal

workflows

Digital closing experience has an NPS of 60 and

allows customers to view & sign documents, link

bank accounts and schedule closing

InvestorsAccomplish multi-state strategies or remote

acquisitions with a consultative approach

Support for all types of investment models

$5 $20

$49

$16

$29

$60

$5

$20

$49

$109

$0. 0

$20 .0

$40 .0

$60 .0

$80 .0

$10 0.0

May-17 Jul-18 May-20 Jun-21

Previously Raised New Funding

8

SPRUCE RAISES $60MM IN SERIES C ROUND (CONT’D)

Source: CB Insights, Pitchbook, Company website, press releases, LinkedIn.(1) As of 6/2/2021.

Established Industry Partners

Impact and Growth to Date(1) Select Deal Commentary

Spruce has the key qualities of a world class technology

company; exceptional product and operations teams delivering

quantifiable value for its customers. Spruce's platform is central

in enabling better, faster and more affordable real estate

transactions. Zigg's significant investment in Spruce shows not

only our confidence in the Spruce team but also in the real estate

technology sector at large.

Dave Eisenberg, Managing

Partner, Zigg Capital

“

”

While we're just getting started, we're more excited than ever

to work with our innovative partners to build the one-click

checkout for real estate–especially as the attention on consumer

needs and expectations has surged.

“

”

Patrick Burns, CEO and Co-

Founder, Spruce

Select Client Commentary

The closing process was seamless and easy to follow with no

hassle. It just worked!“

”

The process was transparent, service was convenient and

communication was excellent.“

”

Anonymous, Spruce Users

Saves homeowners up to 20% on closing costs

Reduces transaction times by up to 25% on average

Has grown more than 450% annually

Powers tens of thousands of digital transactions

American Digital

Title Insurance

Company

Chicago Title

Insurance

Company

Fidelity National

Title Insurance

Company

First American

Title

WFG National

Title Insurance

9

− On May 27th, Homeward announced the closing of a $371MM Series B round led by Norwest Venture Partners. Homeward raised $136MM in equity and $235MM in debt

− The company plans to use its new capital to double down on its offerings, scale up to meet outsized demand and open additional markets

− Currently, Homeward operates in Texas, Colorado and Georgia


Series BLed by

$371MM Raised

Headquarters: Austin, TX

Founded: 2018

Description: Developer of a real estate management platform designed tosimplify the process of purchasing homes online. The Company'splatform specializes in providing home mortgages and offersaccurate home valuation to facilitate easy selling of houses,eliminating the need for agents.

Current Investors:

HOMEWARD RAISES $371MM IN SERIES B ROUND

Transaction Overview Homeward Overview

Homeward Fundraising Timeline Key Metrics(1)

Series: 900+%12-month growth in agent

referred customers

161New employees hired

since January 2021

5xIncrease in the volume of

homes transacted

375+%12-month growth in homes

under contract

600+%Year over year Gross Merchandise

Value Run Rate

9xYoY growth in the number

of new customers

Seed Seed

$2 $6 $26

$4 $20

$136

$2 $6

$26

$162

$0. 0

$20 .0

$40 .0

$60 .0

$80 .0

$10 0.0

$12 0.0

$14 0.0

$16 0.0

Jan-19 Jul-19 May-20 May-21

Previously Raised Equity Raised

A B

Source: CB Insights, Pitchbook, Company website, Press Release.(1) As of 5/27/2021.

10

HOMEWARD RAISES $371MM IN SERIES B ROUND (CONT’D)

Homeward Home Buying Process

Select Deal Commentary

Homeward is an agent-led company: While most alternatives to traditional

real estate minimize or replace the agent, Homeward teams up with agents.

Homeward approves applicants for a specific

amount. After being approved, buyers are ready

to make a cash offer.

Get approved

Homeward works with the buyer’s real estate agent to make a cash offer on a new

home. Cash offers are three times more likely to

beat financed offers.

Make a cash

offer

Once the buyer’s mortgage is ready, the buyer will

close on the new home by buying it back from

Homeward.

Buy back new

home

Homeward then closes on the home once the title is

ready. The buyer can move in the next day and rent

from Homeward.

Move into new

home

After the seller accepts, Homeward finalizes the

purchase. The buyer then completes the EMD,

inspection and signs the mortgage disclosure

statements.

Win the home1 2 3 4 5

The pandemic has greatly

increased demand for our product.

It’s a historic seller’s market with

unprecedented demand from

buyers and the lowest inventory

levels in decades. Right now, we

have a waiting list in every market

across the country, so this growth

capital will enable us to meet that

demand.

Homeward is innovating at the

intersection of real estate and

fintech — that’s the next frontier.

Homeward’s cash offer addresses

real problems for homebuyers in all

market conditions and the team has

identified a winning strategy by

partnering with agents and their

clients.

“ “

““

Jeff Crowe,

Managing Partner,

Norwest Venture

Tim Heyl, CEO,

Homeward

Homeward For Agents

Source: Company website, press releases.

11

Projects in 55 countries

250MM images of active construction projects

4Bn square feet captured

− On April 28th, OpenSpace announced a $55MM Series C funding round led by AlkeonCapital Management

− OpenSpace will use the funding to further expand its ClearSight analytics suite into areas like safety management and quality control, as well as accelerate its international expansion


Series CLed by

$55MM Raised

Headquarters: San Francisco, CA

Founded: 2017

Description: OpenSpace delivers an artificial intelligence-based photodocumentation solution for job sites. It generates real time visualdata of any job site using a 360-degree camera mounted to ahardhat. The Company’s products include OpenSpace Photo,OpenSpace Project and OpenSpace Portfolio. OpenSpace servestrades, general contractors, owners, insurers, lenders and others.

Current Investors:

OPENSPACE RAISES $55MM IN SERIES C ROUND

Transaction Overview OpenSpace Overview

OpenSpace Fundraising Timeline Company Footprint

ASeries: CB

Source: CB Insights, Pitchbook, Company website, press releases.

$17

$33 $14

$16

$55

$17

$33

$88

$0. 0

$10 .0

$20 .0

$30 .0

$40 .0

$50 .0

$60 .0

$70 .0

$80 .0

$90 .0

$10 0.0

Aug-19 Jul-20 Apr-21

Previously Raised New Funding

12

OPENSPACE RAISES $55MM IN SERIES C ROUND (CONT’D)

Source: Company website, press releases, LinkedIn

Alkeon has been investing in leading construction technology

companies for more than a decade. Based on our experience and

extensive market research, it quickly became clear to us that

OpenSpace is not only the leader in the emerging field of

automated site capture/analytics, but also one of the most

dynamic construction technology companies in the world.

OpenSpace's combination of advanced AI technology, an easy-to-

use platform and an exciting product roadmap positions the

company well for further growth in this rapidly-advancing

industry. And we believe this is one of the strongest executive

teams in vertical software—one we're excited to back for years

to come.”

“

Mark McLaughlin, General

Partner, Alkeon

Select Deal Commentary

Key CustomersOpenSpace Product Offerings

OpenSpace Project includes all the features in Photo, plus video recording capabilities, increased capture speeds and access to VDC tools.

OpenSpace Photo is the Company’s entry-level photo documentation offering. This version provides the ability to capture 360 photos at a speed of up to 10,000 square feet per hour and allows for integrations and exports.

OpenSpace Enterprise includes all the features of OpenSpace Project and adds customer support, onboarding and training, custom reports and insights.

13

− On April 22, Cherre announced the closing of a $50MM Series B round led by TrustBridgePartners

− Cherre will use the funding to expand platform offerings, introduce and integrate additional partner data sets and applications, launch its customer advisory board and grow the team to support its rapid customer growth


Series BLed by

$50MM Raised

Headquarters: New York, NY

Founded: 2016

Description: Developer of a SaaS-based financial database platform intendedto collect and augment real estate data from public, private andinternal sources. Cherre’s platform offers market evaluations andanalysis, valuations, property characteristics, tax assessments andrelated information, enabling clients to save on manual analyticscosts and optimize strategic decision making.

Current Investors:

CHERRE RAISES $50MM IN SERIES B ROUND

Source: CB Insights, Pitchbook, Company website, press releases.

Transaction Overview Cherre Overview

Equity Fundraising Timeline Product Offerings

Series: Seed A B

$9

$25 $16

$50

$9

$25

$75

$0. 0

$10 .0

$20 .0

$30 .0

$40 .0

$50 .0

$60 .0

$70 .0

$80 .0

$90 .0

Oct-18 Feb-20 Apr-21

Previously Raised Equity Raised

• Faster Market: Source off-

market deals and identify key

value drivers

• Automate Workflows: Data

connection for automated

reporting and benchmarking

• Expand Competition: Increase

data from Cherre’s network

• Instant Answers: Gain access

into asset and market

benchmarks

Real estate analytics and insights

platform

• Unified Information: Control

properties, markets and

financials

• Instant Answers: Automated

streamline reporting and

benchmarking

• Unlock Insights: Identify data

patterns and opportunities

Real estate data management

platform that serves as a single

source of information across an

entire organization

CoreConnect CoreExplore

14Source: Pitchbook, Company website, press releases.

Cherre Connections Select Deal Commentary

Business Model Use Cases

CRE is a massive sector that continues to grow quickly across

the globe, yet it lacks the digital data infrastructure of other

financial sectors. We believe that Cherre has built the right

solution for addressing the data needs of all CRE players – a

unique platform that combines seamless connection with a broad

range of datasets with a well-crafted knowledge graph

architecture. We are excited about Cherre’s tremendous growth

and market leadership and are thrilled to join their journey to

transform how the CRE industry utilizes data to generate

valuable insights.

Lior Liwak, Managing Partner,

Gilot Capital Partners

“

”

Cherre works with partners to create a centralized information hub

Acquisitions and

Financing

Asset Management

Performance

Monitoring

Users can leverage Cherre’s built-in analytics for market

performance factors, submarket trends and risk factorsMarkets

Cherre identifies off-market opportunities that meet users’

criteria and conducts due diligence on propertiesProperties

Cherre allows users to pull contact information from the true

property owners and associated portfolios Owners

Cherre allows portfolio managers to benchmark and monitor

operation, financial performance, risk exposure and

competitive pressuresPortfolio

Cherre aggregates data from its partners to create one hub for business analytics

CHERRE RAISES $50MM IN SERIES B ROUND (CONT’D)

1515Source: PitchBook, 451 Research, press releases.(1) Transaction took place in Q3.

PROPTECH M&A DEAL DASHBOARD – Q2 2021

• Q2 2021 M&A activity

− 92% strategic acquirers

− 8% financial acquirers

($MM)

Q2 2021 U.S. PropTech M&A Activity

Buyer Target Announced DateEnterprise

Value

7/1 NA

6/30 NA

6/30 NA

6/29 NA

5/28 $250

5/10 NA

5/10 NA

5/6 $24

5/6 NA

5/4 $925

4/14 $156

4/8 NA

Select U.S. Q2 2021 PropTech M&A Transactions

30

23 25

23 22

32

43

36

5

10

15

20

25

30

35

40

45

Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

(1)

16

BLACK KNIGHT (NYSE: BKI) ACQUIRES TOP OF MIND NETWORKS

− On May 28th, Black Knight Inc (NYSE: BKI) announced its plan to acquire Top of Mind Networks from Primus Capital for ~$250MM

− Black Knight plans to integrate Top of Mind Network’s Surefire platform within the wider Black Knight mortgage technology ecosystem

− Black Knight expects Top of Mind Networks to contribute approx. $13MM in incremental revenue to Black Knight’s Origination Software Business

Acquired

Source: Capital IQ as of 7/2/21, Wall Street Research, Company websites, press releases.(1) Projected figures per Wall Street research consensus.

0.0mm

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12.0mm

14.0mm

$30.00

$45.00

$60.00

$75.00

$90.00

$105.00

$120.00

Jul-

18

Sep

-18

No

v-18

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-19

Jan

-20

Mar

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May

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Jul-

20

Sep

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No

v-20

Jan

-21

Mar

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May

-21

Jul-

21

August 27, 2020

September 12, 2019

July 27, 2020

November 6, 2018

March 17, 2021

May 17, 2021

May 28, 2021

March 03, 2020

($MM)

$1,114

$1,177 $1,239

$1,423 $1,539

$543 $583 $610

$706 $787

$0

$20 0

$40 0

$60 0

$80 0

$1, 000

$1, 200

$1, 400

$1, 600

$1, 800

CY18A CY19A CY20A CY21E CY22E

Revenues Adj. EBITDA

CAGR: 10%

CAGR: 8%

$250MM

Transaction Overview Black Knight Financial Detail(1)

Black Knight 3-Year Stock Price Performance & Select Acquisition History

17

BLACK KNIGHT (NYSE: BKI) ACQUIRES TOP OF MIND NETWORKS (CONT’D)

Source: Company websites and press releases.

Top of Mind and Black Knight are a

great strategic fit because we both

share a passion for delivering

innovation, adding value and driving

growth for our clients. Our team is

looking forward to working with

Black Knight to help lenders and

servicers create customers for life by

engaging their customers with timely

communications and highly

personalized touchpoints.

Bill Hayes,

CEO, Top of Mind

Networks

The acquisition of Top of Mind is a

continuation of our strategy to

deliver innovative solutions to our

clients that will help them achieve

their strategic priorities. Our

combined clients will be able to

access additional market-leading

offerings from a single, trusted

provider, while we will be able to

further expand Black Knight's

opportunities to cross-sell our

solutions.

Anthony Jabbour,

Chairman and CEO,

Black Knight

“ “

““

Top of Mind Networks was created

to provide customized, turn-key

CRM solutions to the mortgage

industry

Black Knight is a provider of

integrated software, data and

analytics that automate business

processes across home ownership

Black Knight’s acquisition of Top of Mind Networks was driven by the

success of Top of Mind Network’s Surefire customer relationship

management platform

Initial integration: Integrate Surefire with Black Knight’s

employer loan origination

Continued Enhancement: Integrate Surefire with Optimal Blue

PPE to continue enhancing the Black Knight platform

Future Opportunities: Growth opportunities through the

Paragon MLS Platform

Retention: Surefire provides ongoing guidance, custom alerts and

close workflows designed to recapture customers

Value: Provides customers with marketing automation built around

industry best practices and improves time to value

Speed: Features such as lead nurturing, rate alerts and more help

Loan Origination System engage with leads and borrowers quicker

Automation: Provides an omnichannel marketing approach using

automations and customizations

Acquisition Overview Black Knight and Top of Mind Synergies

Select Transaction CommentarySurefire CRM Platform

18

0.0mm

2.0mm

4.0mm

6.0mm

8.0mm

10.0mm

12.0mm

14.0mm

16.0mm

18.0mm

20.0mm

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

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No

v-1

9

Jan

-20

Mar

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-20

Jul-

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Sep

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No

v-2

0

Jan

-21

Mar

-21

May

-21

Jul-

21

CoStar Group 3-Year Stock Price Performance & Select Acquisition History

Transaction Overview CoStar Group Financial Detail(1)

COSTAR (NASDAQ: CSGP) ACQUIRES HOMES.COM

− On May 25th, CoStar Group (NASDAQ: CSGP) announced that it had completed the acquisition of Homes.com, previously announced on April 14, 2021

− The all-cash deal is valued at $156MM

− CoStar expects Homes.com to contribute approximately $10MM in incremental revenue and approximately $15MM in negative adj. EBITDA in 2021

Acquires

Source: Capital IQ as of 7/2/21, Wall Street Research, Company websites and press releases.(1) Projected figures per Wall Street research consensus.

($MM)

November 22, 2020

October 12, 2018

June 20, 2019 April 14, 2021

$1,192

$1,400

$1,659

$1,947

$2,269

$418 $507

$553 $644

$824

$0

$50 0

$1, 000

$1, 500

$2, 000

$2, 500



CAGR: 18%

CAGR: 17%

$156MM

19

“Agent’s Professional Tool” “Home Buyer’s Portal”

Select Transaction Commentary

COSTAR (NASDAQ: CSGP) ACQUIRES HOMES.COM (CONT’D)

Source: Company websites, press releases and LinkedIn.

Strategic Rationale Homes.com Highlights

We are excited to welcome the Homes.com team to the CoStar

family. We believe that the acquisition of Homes.com is highly

complementary alongside Homesnap, the industry-leading

workflow and marketing platform for residential real estate agents

that we acquired in December last year. The combination of

Homes.com’s online portal and consumer traffic with Homesnap’s

powerful mobile tools and highly effective agent marketing

solutions has the potential to create a differentiated service that

uniquely focuses on selling a house faster and at a better price,

rather than just trying to take agent fees.”

CoStar conducts expansive, ongoing

research to produce and maintain a

comprehensive database of

commercial real estate information

Homes.com provides home buyers,

sellers, renters and home value

seekers with up-to-date real estate

information, tools and home listings

across the US and Canada

CoStar has a strong hold in the commercial real estate information

space, but the acquisition of Homes.com will significantly help the

Company’s efforts to expand its presence in the residential real estate

information space

Andrew Florance, Founder and

CEO, CoStar Group

“

The Homes.com team and I are looking forward to working with our new colleagues at CoStar. Together we will be dedicated to growing the Homes.com brand and building innovative solutions that expand the marketing options available to consumers and their agents. ”

Dave Mele, President,

Homes.com

“

Connected to 700+

MLS organizations

Covers 98% of U.S.

markets

Integration with Homesnap

+

By leveraging Homes.com’s audience, CoStar hopes to sell

Homesnap’s productivity and marketing platform to more real

estate agents and create an integrated platform

2020

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6.0mm

8.0mm

10.0mm

12.0mm

14.0mm

16.0mm

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

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May

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Jul-

20

Sep

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No

v-2

0

Jan

-21

Mar

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May

-21

Jul-

21

GLOBAL PAYMENTS (NYSE: GPN) ACQUIRES ZEGO

Transaction Overview Global Payments Financial Detail(1)

− On May 4, Global Payments Inc. (NYSE: GPN) announced an agreement to acquire Zegofrom Vista Equity Partners

− Under the terms of the acquisition agreement, Global Payments will acquire Zego in an all-cash transaction valued at $925MM, inclusive of a tax asset

− The acquisition will be financed with an existing credit facility and cash on hand

To acquire

$925MM

Source: Capital IQ as of 7/2/2021, Wall Street Research, 451 Research, company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus.

($MM)

Global Payments 3-Year Stock Price Performance & Select Acquisition History

August 2, 2018

Global Payments to Acquire Zego Announcement

May 4, 2021

September 27, 2018

February 13, 2019

February 14, 2019

May 28, 2019

(Austrian Acquiring Business)May 4, 2021

$3,366

$4,912

$7,424

$7,613 $8,337

$1,316 $1,925

$2,828

$3,590 $4,050

$0

$1, 000

$2, 000

$3, 000

$4, 000

$5, 000

$6, 000

$7, 000

$8, 000

$9, 000



CAGR: 32%

CAGR: 25%

2121

Modern rent payment software

that allows residents to pay their

rent online or in-person

Customizable resident experience

management app for multifamily

properties

We are delighted to expand our software and digital commerce

portfolio with the addition of Zego, a real estate technology

company that modernizes the resident experience with a

comprehensive property management software platform. This

acquisition aligns perfectly with Global Payments’ strategy by

enhancing our position at the convergence of software and

payments in one of the largest and most attractive vertical

markets worldwide, where digital commerce and omni-channel

trends are rapidly accelerating.

Cameron Bready, President

and COO, Global Payments

Zego Selected CustomersZego Addressable Market

Select Transaction Commentary

GLOBAL PAYMENTS (NYSE: GPN) TO ACQUIRE ZEGO (CONT’D)

Source: Company websites, filings, earnings transcripts and press releases.

“

“Zego Mobile Doorman Zego Pay

Zego Platform Use Cases

Total Volume

Opportunity:

>$1Tn

Zego facilitates ~$30Bn in payments annually through a cloud native SaaS platform that includes 7,000+ property management customers representing 11MM+ residential units in the US.

Zego’s solutions support property managers and residents throughout the real estate lifecycle, from leasing and onboarding to one-time and recurring payments, work orders, utility management, resident communications, renewals and offboarding.

• Resident experience management tools designed to increase

operational efficiency

Property

Managers

• Platform to help property owners minimize operating

expenses and increase revenue to increase NOI and property

values

Property

Owners

• Differentiate properties and achieve rent premiums with

high-tech amenities

• Comprehensive smart apartment technology packages

Property

Developers

• Automations for digital payments for HOA portfolios

• Broad range of digital payment options, helping to streamline

dues collections

Homeowner

Associations

2222


II. PUBLIC MARKETS


2323

Commercial Brokerage

Credit / Mortgage Marketing

LTM Share Price Performance

PROPTECH PUBLIC COMPANY PERFORMANCE

RE Media / Portals

Residential Brokerage

LTM Share Price Performance

Public PropTech Ecosystem

RE Data / RE Software

Broader Data

Source: Capital IQ as of 7/30/2021.Residential Brokerage index excludes Opendoor and Compass.

CBRE: 123%JLL: 125%CWK: 71%CIGI: 132%

NMRK: 200%SVS: 64%MMI: 44%

RE Sharing Economy / Travel

(25%)


33%

Broader Data

26%

RE Media / Portals

92%


118%


Mortgage / Title

22%


22%

Mortgage / Title

13%


(50%)

0%

50%

100%

150%

200%

250%

Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

92%

26%

13%

33%

(25%)

118%

22%22%

2424

39.4x

27.6x

22.1x 21.9x16.7x

13.0x7.6x 6.5x

0.0 x

6.0 x

12. 0x

18. 0x

24. 0x

30. 0x

36. 0x

42. 0x

RE Sharing / Travel

RE Media Portals


Broader Data Credit / Mortgage Marketing



Mortgage / Title

16.1x

10.6x8.5x 8.0x

3.6x 2.8x1.6x 1.4x

Enterprise Value / 2021E Revenue Enterprise Value / 2021E EBITDA

Public PropTech Ecosystem

PROPTECH PUBLIC COMPANY VALUATION

Source: Capital IQ as of 7/30/2021.Multiples represent median value of sector group.


Mortgage/ Title

RE Sharing Economy /

Travel



RE Media / Portals

Broader Data



Mortgage/ Title



RE Sharing Economy /

Travel

RE Media / Portals


2.8x / 16.7x


8.5x / 21.9x

Broader Data

16.1x / 27.6x

RE Media / Portals

1.6x / 7.6x


1.4x / 13.0x


8.0x / 39.4x


3.6x / 6.5x

Mortgage / Title

10.6x / 22.1x


2021E Revenue / 2021E EBITDA Multiple

Broader Data

2525

THE RISING ROLE OF SPACS (SPECIAL PURPOSE ACQUISITION COMPANIES)

Source: Company websites, press releases, company investor presentations, Wall Street research.(1) SPAC Insider as of 7/8/2021.

SPAC Industry Overview Selected 2021 YTD PropTech-Related SPACs

» SPACs are publicly traded “blank check” companies (i.e., “blind pool” capital) launched to acquire a public-market ready operating business

» SPAC “sponsors” are typically experienced executive teams and / or deal professionals who take a shell company public, then source / diligence a deal with a private operating company, negotiate the transaction and generally provide ongoing expertise / sit on the board (but do not usually act as operators)

» The SPAC market has seen 364 SPAC IPOs, raising $112.4Bn in capital(1)

» Given general momentum in the PropTechmarket and public market investor appetite to invest behind the PropTech market, there have been multiple successful PropTech mergers and active SPACs currently focused on the PropTech space (e.g., Property Solutions Acquisition Corp & Lionheart Acquisition Corp. II)

Enterprise Value at Announcement: $5.0Bn

Raising PIPE capital from

To merge with



To merge with To merge with



To merge with



To merge with





To merge with



To merge withTo merge with





To merge with



To merge with


With existing investor rollover from

To merge with



To merge with

2626

2015 2016 2017 2018 2019 2020

DIGITAL LENDING PLATFORM BLEND COMPLETES IPO

Source: Company filings, Company website, LinkedIn and press releases.(1) Valuations calculated using IPO closing share price of $20.90, using Balance Sheet data as of 3/31/21. Represents 219,593,737 in Class A, B and C shares, as well as 47,715,650 in option dilution.(2) 2021E represents Q1 2021 Revenue results multiplied by 4. (3) Per Gartner, American Land Title Association, IBISWorld, National Association of Realtors, EffectiveAgents.com and St. Louis Federal Reserve.

− Blend Labs, Inc., the San Francisco based digital lending firm, went public on July 16, selling 20MM in Class A shares at $18.00 per share for total proceeds of $360MM

− The Company’s shares gained ~16% on their trading debut, closing at $20.90

− The Company trades at an Enterprise Value of $5.7Bn

Transaction Overview(1)

$72

$321

$19

$106

$124

$0

$50

$10 0

$15 0

$20 0

$25 0

$30 0

$35 0

$40 0

GlobalEnterprise IT

Spending

Title InsurancePremiums

HomeInsurancePremiums

RealtorCommissions

TotalAddressable

Market

Blend Revenue(2)

162%

2020 Dollar-Based Net Retention Rate

98%

2020 Pro Forma Revenue Growth Rate

$33Bn

ServiceableAddressable Market

~$1.4Tn

2020 Loan Volume

1.4MMBanking Transactions in 2020

190%Growth Rate

Large Addressable Market ($Bn)(3) Banking Transaction Volume

$51

$96

$128

CY19A CY20A CY21E

CAGR:58%

($MM)

IPO 7/16(NYSE:BLND)

Equity Value at IPO:~$5.6Bn

(Post Day-1 Trading)

2727

DIGITAL LENDING PLATFORM BLEND COMPLETES IPO (CONT’D)

Source: Company filings, Company website and press releases.(1) By assets under management, as of 12/31/20.(2) By loan volume, as of 12/31/20.

Mortgage Suite Product Overview

Consumer Banking Suite Product Overview

Customers include 31 of the top 100 financial services firms in the U.S.(1)

and 24 of the top 100 non-bank mortgage lenders(2)One Platform – take borrowers from application to close in a

single platform

Technology-driven Resources – data-driven workflows

automate tasks for conditioning, fulfillment and closing

Pre-built Integrations – unify systems of record, data providers

and best-in-class services

Consumer Banking Solution – provide same experience for

customers when applying to a personal loan or deposit account

Accelerated Deployment Times – Blend’s modular approach to

configuration allows customers to expedite time to market

Extensive Partner Network – customers leverage Blend’s

integration with data providers

Select Customers

Growth Strategies

Increase the volume of banking transactions – attract new

customers and grow relationships with existing customers

Continue to invest in new product offerings – opportunities to

expand product suite both horizontally and vertically

Integrate more marketplaces into end-to-end consumer

journeys – increase revenue per banking transaction

28

Transaction Overview(1) Management Team

− Procore, the Company providing all-in-one construction management software, went public on May 20, selling 9.47MM shares at $67.00 per share for total proceeds of $635MM

− The Company’s shares gained ~31% on their trading debut, closing at $88.00

− The Company had an Enterprise Value at IPO of $11.7Bn, which represents ~29.3x CY20A revenue

IPO 5/20(NYSE:PCOR)

Tooey CourtemancheFounder, President

& CEO

Steve ZahmPresident &

Chief Culture Officer

Sam CrigmanCTO

Paul LyandresCFO

Pat WadorsChief People Officer

Dennis LyandresCRO

Benjamin SingerChief Legal Officer & Corporate Secretary

Michael HansonCIO

Large Addressable Market ($Bn)

Annual Spending on

Construction

Annual Spending on

Construction IT

Solutions

Annual Spending on

Construction

Application Software

Annual Market

Opportunity for

Current Products

$9.4Bn

$10Tn

$170Bn

$12Bn

Source: Capital IQ, Company filings and press releases. (1) Valuations calculated using 5/20 closing share price of $88.00, using Balance Sheet data as of 3/31/21. Calculated using 128,134,774 in common shares and 9,829,559 in option/RSU dilution.

PROCORE COMPLETES IPO

Equity Value at IPO:~$12.1Bn

(Post Day-1 Trading)

29Source: Company filings and press releases.

Growth Strategy Financial Profile

Geographic Presence

Acquire New Customers

Increase Spend within Customer

Base

Expand Internationally

Extend Industry Connectivity and

Position as a Trusted Brand

Pursue Targeted Acquisitions

Maintain and Advance

Technology Leadership

Preconstruction: The Preconstruction products facilitate collaboration between internal and

external stakeholders during the planning, budgeting, estimating, bidding and partner

selection phase of a construction project

Project Management: The Project Management products connect entire construction

project teams by ensuring project information is aggregated in a cloud-based platform,

available to all project participants and accurate so that work is completed correctly

Resource Management: The Resource Management product helps customers track labor

productivity and manage profitability on construction projects

Financial Management: The Financial Management products provide customers with

visibility into the financial health of their individual construction projects and portfolios and

facilitate untethered access to financial data, linking the field and the office in real-time. Addressable Geographies: United States, Canada, Mexico, the United Kingdom, Ireland, Australia, New Zealand, Singapore and the United Arab Emirates.

($MM)

Product Categories

PROCORE COMPLETES IPO (CONT’D)

$186

$289

$400

($57)($83) ($96)

($200)

($100)

$0

$10 0

$20 0

$30 0

$40 0

$50 0

CY18A CY19A CY20A

Revenues Net Loss

CAGR: 47%

30

To merge with

Enterprise Value at Announcement:

$6.7Bn

BETTER TO GO PUBLIC THROUGH MERGER WITH AURORA ACQUISITION CORP.(NASDAQ: AURC)

− On May 11, Better announced that it entered into a definitive merger agreement with Aurora Acquisition Corp. (NASDAQ: AURC), a blank-check SPAC sponsored by Novator Capital

− The offer price implies an enterprise value of ~$6.7Bn, which represents ~2.5x 2022E Revenue and ~9.4x 2022E Adj. EBITDA

− The transaction is expected to provide up to $1.8Bn in gross proceeds, including PIPE proceeds of $1.5Bn and $278MM of cash held in the trust account of Aurora Acquisition Corp.(1)

Transaction Overview Pro-Forma Ownership Structure

Financial Overview(5)

1% Founder Shares(2)

4% SPAC Public Holders(3)

76% Existing

Shareholders(4)

Home Finance • Lowest prices and

fast turnaround

time enabled by

low-cost

manufacturing

• D2C and B2B Go-

to-market

• Asset light

balance sheet

strategy

Current Busines Lines

Source: Company websites, press releases and company investor presentation. (1) Assumes Sponsor backstop of 100% of the shares redeemed by existing shareholders pre-closing.(2) Excludes the impact of 1.4MM AURC founder shares vesting ratably at $12.50, $15.00 and $17.50 within 5 years of closing.

(3) Includes 3.5MM of AURC units purchased by Founders in a private placement, consummated concurrently with the closing of the AURC Initial Public Offering in March 2021.(4) Subject to increase if secondary proceeds are lower than $950MM. (5) 2020 figures are preliminary and unaudited.

19% PIPE Shareholders

$89

$876$1,387

$2,705

$5,140

(75%)

26%9% 17%

25%

(100.0 %)

(80.0% )

(60.0% )

(40.0% )

(20.0% )

-

20.0%

40.0%

-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

CY19A CY20A CY21E CY22E CY23E

Total Revenue ($MM) Adj. EBITDA Margin

Insurance• One-click Title

• One-click HOI

• Integrated

directly into

mortgage

workflow

Real Estate• Offered through

both in-house

and partner

agent network

3131

BETTER TO GO PUBLIC THROUGH MERGER WITH AURORA ACQUISITION CORP.(NASDAQ: AURC) (CONT’D)

Source: Company websites, press releases and company investor presentation.

This transaction is the beginning of an amazing new chapter in

Better’s history. This transaction provides investment capital to

accelerate Better’s growth and support our mission to make

homeownership simpler, faster, more affordable and more

accessible for all Americans, and eventually everyone else. This all

got started because I wanted a place for my kids to call home…

Now, every one of our customers and partners and friends will be

able to participate in our growth and our mission. Together, we will

make home better.”

“

Vishal Garg, Founder & CEO, Better

Growth Strategy Large TAM

Customer Experience

Organic Traffic

Data

Product Offerings

Lower Cost

Structure

Lower

Prices

Digital First

Platform

More

Customers

$5TnConsumer Financial Network

$4Tn Home Services Ecosystem

$4Tn International Home

Finance

$4Tn US Home

Finance

$15+Tn

$11Tn

$7TnCu

mu

lati

ve M

arke

t Si

ze

Core Expansion

Select Deal CommentaryInvestment Rationale

Huge Market: The homeownership market has a tremendous market

opportunity, cumulatively $15+Tn

Highly Fragmented Market: Market is highly fragmented and

characterized by an excessive amount of intermediaries, high

transaction costs, extended underwriting processes and lackluster

customer experience

Scalable Digital Platform: An emerging market leader with an

attractive business model and a highly scalable digital platform

High-Growth: Opportunity to invest in high-growth business built for

profitability

3232


II. PUBLIC MARKETS


3333

7/13/2021 NA NA NA NA NA Offers a mobile and cloud enabled access control system for businesses and landlords

7/7/2021 NA NA NA NA NA Provider of mortgage audit software and document processing automation

7/1/2021 NA NA NA NA NA Developer of cloud-based workplace experience and asset management software for corporations

6/30/2021 NA NA NA NA NA Developer of business management software for landscape, snow and ice companies

6/30/2021 NA NA NA NA NA Operator of a real estate and mortgage servicing platform designed to optimize closing processes and services for

mortgage lenders

6/29/2021 NA NA NA NA NA Provider of property management services across the states of Pennsylvania, New Jersey, Maryland and Virginia

6/1/2021 $250 NA NA NA NA Developer of marketing automation and customer relationship management (CRM) software designed to help

organizations win new business, earn repeat business and gain referral business

5/25/2021 NA NA NA NA NA Developer of a cloud-based digital mortgage platform designed to revolutionize the mortgage industry

5/11/2021 $197 NA NA NA NA Provider of a wide range of mortgage products including conventional purchase and refinance home loans focused on the

northeastern U.S. market

5/10/2021 NA NA NA NA NA Provider of customer relationship management platform intended to run the entire business from one system

5/10/2021 NA NA NA NA NA Developer of a real estate platform designed to help agents and brokers to target prospects online

5/6/2021 $24 NA NA NA NA Developer of data science analytics platform designed to examine growth outlooks

5/6/2021 NA NA NA NA NA Developer of estimating and digital takeoff software for the construction industry

5/6/2021 NA NA NA NA NA Developer of a construction intelligence platform designed to help clients gain real-time visibility into their construction

site

5/4/2021 NA NA NA NA NA Developer of software for online compliance training and administrative services for the multifamily industry

5/4/2021 $925 NA NA NA NA Developer of an on-demand insurance platform intended to offer a range of flexible motor, professional and commercial

insurance options

4/27/2021 NA NA NA NA NA A mobile-first app for Airbnb and short-term rental hosts. Allows users to manage and automate operations across

multiple listings and accounts on different platforms

4/26/2021 NA NA NA NA NA Developer of a real estate project management software designed to assist in professional, full-service transaction

coordination of real estate businesses

4/20/2021 E4:9 Holdings $29 2.3x NA NA NA Operator of three subsidiaries serving the residential real estate sector: Encompass Lending Group, Dagley Insurance

Agency and Real Results

4/14/2021 $156 NA NA NA NA Operator of an online real estate listing site intended for real estate professionals

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value LTM NTM LTM NTM Target Description

APPENDIX

($MM)

Select M&A Activity

Source: Capital IQ as of 7/16/2021, PitchBook, company filings.(1) LTM multiples reflect 2020A figures.

20

21

(1)

3434

4/8/2021 NA NA NA NA NA Developer of multi-channel management platform designed to automate workflows in order to assist short-term rental

organizations rapidly scale their business

4/8/2021 $9 NA NA NA NA Developer of a real estate platform built to offer local expertise content and property data

4/8/2021 NA NA NA NA NA Provider of residential mortgage appraisal management services intended to help homeowners get into the home of their

dreams

3/31/2021 NA NA NA NA NA Provider of credit data and related origination services to the mortgage industry

3/25/2021 NA NA NA NA NA Developer of back-office software catering to the real estate sector



3/17/2021LOS

NA NA NA NA NA NexSpring Financial’s cloud-based online loan origination system (LOS)

3/15/2021 $500 NA NA NA NA Provider of title insurance and settlement services

3/11/2021 NA NA NA NA NA Operator of a full-service rental property management platform intended to provide premier vacation homes in various

travel destinations

3/9/2021 NA NA NA NA NA Developer of a tenant management platform designed to streamline the process of managing a property

3/3/2021 NA NA NA NA NA Developer of a SaaS based real estate technology platform designed to track, manage and communicate the

performance of income property portfolios

2/25/2021 NA NA NA NA NA Provider of field-based construction delivery services aimed at better construction and project performance

2/24/2021 NA NA NA NA NA Developer of a construction management software designed to manage, schedule and budget all construction procedures

2/23/2021 NA NA NA NA NA Developer of cloud-based real estate CRM software designed to help real estate professionals to optimize their business

2/19/2021 $608 3.1x NA NA NA Provider of digital marketing services intended to empower clients to find apartments and houses for rent

2/16/2021 NA NA NA NA NA Provider of real estate marketing and consulting brokerage services

2/16/2021 $1,000 NA NA NA NA Producer and servicer of residential mortgage loans

2/11/2021 NA NA NA NA NA Provider of hospitality services intended to offer co-working spaces and social clubs designed for women

2/10/2021 $500 NA NA NA NA Developer of showing management and market stats platform for the real estate industry

APPENDIX

($MM)

Select M&A Activity (cont’d)

Source: Capital IQ as of 7/16/2021, PitchBook, company filings.

20

21



3535

2/4/2021 $7,545 4.6x 4.5x 11.8x 11.8x Provider of data and analytics for the real estate sector

1/14/2021 NA NA NA NA NA Developer and provider of application software designed to measure, estimate, simulate and present roof repair and

replacement projects

1/14/2021 NA NA NA NA NA Developer of home inspection software

1/14/2021 $22 NA NA NA NA Provider of data management and business intelligence services for automotive, retail, restaurants, travel and financial

industries

1/14/2021 $100 NA NA NA NA Provider of property and casualty insurance brokerage services intended for homeowners and residential investors

1/6/2021 NA NA NA NA NA Developer of mortgage compliance software designed to reduce the complexity of mortgage regulatory compliance

1/5/2021 NA NA NA NA NA Provider of mortgage lending services to lenders in wholesale, retail, joint ventures, non-delegated correspondent and

financial institutions sectors

1/4/2021 NA NA NA NA NA Provider of voice, video, and cable television services committed to delivering deliver quality telecommunication

experience for multi-dwelling unit housing developments and businesses

1/4/2021 NA NA NA NA NA Operator of an online platform designed to search commercial properties in North America

1/1/2021 NA NA NA NA NA Developer of property management applications designed to interact with residents on their mobile devices

12/24/2020 NA NA NA NA NA Provider of cloud-based software for homebuilders, remodelers and specialty contractors

12/21/2020 NA NA NA NA NA Developer of ResWare title and escrow production platform

12/21/2020 $10,200 9.1x NA 32.5x NA Provider of a technology platform that enables real estate owners and managers to change how people experience and

use rental space

12/18/2020 Houses.com domain name NA NA NA NA NA The acquisition of Houses.com sets the stage for CoStar Group's entry into residential real estate marketplaces

12/16/2020 NA NA NA NA NA Developer of an online platform for independent landlords and tenants that provides the tools, education and support to

make renting easy

12/8/2020 NA NA NA NA NA Provider of web-based software solutions for the real estate industry

11/22/2020 250 NA NA NA NA Provides agents and homebuyers with real-time MLS data and enhanced property features alongside digital marketing

tools to reinforce client-agent relationships

11/9/2020 NA NA NA NA NA Provider of original InsurTech that allows consumers and businesses to easily compare and purchase insurance

11/3/2020 NA NA NA NA NA Developer of technology that supports the ongoing valuation, underwriting and asset management of commercial and

multifamily real estate assets and loans

10/29/2020 NA NA NA NA NA Provider of residential property management software

APPENDIXSelect M&A Activity (cont’d)

($MM)

Source: Capital IQ as of 7/16/2021, PitchBook, company filings.(1) Enterprise Value based on Equity Value disclosed in transaction announcement, adjusted using F1Q21 financials.

20

20

20

21


Announced Acquirer Target Value LTM NTM LTM NTM Target Description(1)

3636

10/23/2020 NA NA NA NA NA Leading provider of transaction management, forms and back-office software to the residential real estate broker, MLS

and agent ecosystem

10/15/2020 NA NA NA NA NA Provider of a personal finance app that lets people save for a down payment on a home, manage the equity in their home

and monitor their credit score

10/5/2020 NA NA NA NA NA Developer of a real estate technology platform intended to provide a seamless home closing experience

9/21/2020 NA NA NA NA NA Developer of a location intelligence software designed to collect and analyze geospatial data

9/15/2020 NA NA NA NA NA Developer of risk management software intended to help the residential mortgage industry solve fundamental problems

and minimize operational risks

9/1/2020 180 NA NA NA NA Provider of online consumer payment portals for real estate-related payment processing

9/1/2020 NA NA NA NA NA Developer of a digital platform designed for mortgage loan originators and borrowers

8/31/2020 NA NA NA NA NA Operator of a B2B internet of things company intended to offer internet of things services to the real estate industry,

with a focus on access and energy management tools

8/30/2020 NA NA NA NA NA Developer of construction accounting software and payroll services for small- to mid-sized specialty contractors

8/27/2020 NA NA NA NA NA Developer and provider of digital document verification solutions

8/18/2020 NA NA NA NA NA Developer of a property disclosure software designed to help real estate agents manage property disclosures listings

8/6/2020 NA NA NA NA NA Developer of lease administration software

8/6/2020 $11,000 12.2x NA 23.4x NA Developer of software products and services designed to be used by mortgage lenders to process mortgage applications

8/3/2020 NA NA NA NA NA Developer of real estate search and consumer engagement platform

7/27/2020 1,800 NA NA NA NA Operator of an online mortgage marketplace catering to investors, lenders and originators

7/22/2020 NA NA NA NA NA Developer of software solutions for enabling construction companies

7/8/2020 NA NA NA NA NA Operator of a real estate data technology

7/7/2020 NA NA NA NA NA Provider of home inspection and building services intended to provide interior and exterior caring services

6/30/2020 NA NA NA NA NA Provider of CMA platform that assists real estate agents with managing deals and graphics generation

6/25/2020 NA NA NA NA NA Provider of mortgage lending and real estate software solution that maximizes repeat business for lenders and agents by

empowering consumers to build wealth through homeownership


($MM)

Source: Capital IQ as of 7/16/2021, PitchBook, company filings.(1) LTM multiples reflect 2020E figures.

(1) (1)

20

20



3737

6/24/2020 NA NA NA NA NA Provider of real estate search applications, which actively manages over $1 trillion worth of active listings data from over

600 individual Multiple Listings Services (MLS)

6/24/2020 NA NA NA NA NA Provider of a residential real estate search site and end-to-end platform for consumers and agents to collaborate

6/11/2020 NA NA NA NA NA Provider of a cloud-based platform for institutional real estate investors and global property managers

6/11/2020 NA NA NA NA NA Provider of a technology platform designed to build highly personalized, premium prefab homes

6/4/2020 NA NA NA NA NA Provider of professional appraisal management services

5/13/2020 NA NA NA NA NA Provider of tools to access data across the entire enterprise that optimize space use, meeting room coordination,

workplace moves and asset management

5/13/2020 190 3.3x NA NA NA Provider of a platform for digital commercial real estate transactions that accelerates the property sales process

4/2/2020 NA NA NA NA NA Provider of a web-based real estate financial modeling, analysis, and presentation application that includes a suite of

smart, flexible models, calculators and tools for the single-family real estate sector

3/31/2020 NA NA NA NA NA Provider of software solutions for the UK social housing sector

3/9/2020 NA NA NA NA NA Provider of a visual marketing platform designed to offer videos and 3D models

3/3/2020 NA NA NA NA NA Provider of automated valuation models and other property valuation tools for appraisers, appraisal management

companies, lenders, investors and government agencies

2/25/2020 $7,100 7.1x NA NA NA Developer of financial education and recommendation platform intended to offer free credit scores and reports with

monitoring

2/19/2020 NA NA NA NA NA Provider of online commercial real estate marketplace that connects tenants and buyers with brokers

2/13/2020 350 NA NA NA NA Provider of document, eSign, eClosing and compliance technology

1/22/2020 NA NA NA NA NA Provider of multifamily real estate resident engagement solution

1/22/2020 NA NA NA NA NA Provider of geographic data sciences and predictive, location-based analytics for businesses across the U.S. and Canada

1/14/2020 NA NA NA NA NA Provider of client relationship management (CRM) software company for CRE brokers

1/8/2020 NA NA NA NA NA Provider of property management software and services for public and affordable housing organizations in the United

States

12/18/2019 NA NA NA NA NA Provider of data science, machine learning and human interaction to help real estate professionals better leverage the

value of their personal network

12/18/2019 NA NA NA NA NA Provider of technology for home subscription sign-ups, and associated concierge offerings


($MM)

Source: Capital IQ as of 7/16/2021, PitchBook, company filings.

20

19

20

20



3838

12/11/2019 NA NA NA NA NA Provider of an Investor Relationship Management (IRM) platform

12/6/2019 NA NA NA NA NA Provider of augmented reality technology for home improvement technicians

11/19/2019 NA NA NA NA NA Provider of a system designed to integrate artificial intelligence and machine learning solutions into an organization's

overall business strategy

11/12/2019 NA NA NA NA NA Provider of real estate marketing automation services

11/7/2019Globa l Re loc a tion Busine ss

400 NA NA NA NA Provider of Relocation assets of Realogy's Cartus subsidiary

11/6/2019 580 11.6x NA NA NA Provider of property management SaaS solutions

11/6/2019 NA NA NA NA NA Provider of an automated RFP solution for commercial real estate property managers

10/28/2019 NA NA NA NA NA Provider of cloud-based document management technologies for the mortgage industry

10/16/2019 NA NA NA NA NA Provider of a lease automation and software platform for retail landlords

10/1/2019 450 7.0x NA 28.1x NA Provider of data benchmarking, analytics and marketplace insights to global hospitality sectors

10/1/2019 NA NA NA NA NA Provider of a search platform for real estate properties designed to collaborate and make the process of finding and

purchasing a home more efficient and personalized

9/25/2019 NA NA NA NA NA Provider of property tax management services to lenders, real estate investment trusts, and property management

companies

9/20/2019 $152 NA NA NA NA Provider of storage facility services

9/12/2019 NA NA NA NA NA Developer of a software platform for real estate brokers

9/10/2019 NA NA NA NA NA Provider of an end-to-end marketplace designed to make renting apartments easy

9/6/2019 NA NA NA NA NA Provider of a showing scheduling platform for the residential real estate industry

9/5/2019 NA NA NA NA NA Provider of national residential and commercial title and escrow services

8/31/2019 NA NA NA NA NA Provider of AI-powered data extraction solutions for real estate and corporate documents

8/27/2019 NA NA NA NA NA Platform offering empty restaurant spaces as co-working spaces during the closed hours

8/22/2019 NA NA NA NA NA Largest vacation rental marketplace in the Canadian market

Mean 7.2x 4.5x 24.0x 11.8x

Median 7.1x 4.5x 25.8x 11.8x


($MM)

Source: Capital IQ as of 7/16/2021, PitchBook, company filings.(1) LTM multiples reflect 2019E figures.

20

19

(1) (1)



3939

PROPTECH ECOSYSTEM

Source: Capital IQ as of 7/30/2021.Notes: “NM” signifies multiple >40x or <0x. Latch’s CY20A and CY21E EBITDA Margin is (324%) and (181%), respectively.

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Trading Statistics

Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue

Company 7/30/2021 Value Debt Value CY20E CY21E CY20A CY21E CY20A CY21E 20A / 19A 21E / 20A CY20A CY21E

RE Media / Portals

CoStar Group, Inc. $88.85 $35,092 $2,544 $32,547 $1,659 $1,950 19.6x 16.7x NM NM 19% 18% 33% 32%

Zillow Group, Inc. $107.13 $26,532 $913 $25,618 $3,340 $5,509 7.7x 4.6x NM 47.1x 22% 65% 10% 10%

REA Group Limited $118.76 $15,691 ($111) $15,802 $677 $726 23.3x 21.8x 41.0x 35.2x 6% 7% 57% 62%

Rightmove plc $9.76 $8,362 $77 $8,285 $281 $419 29.5x 19.8x 42.8x 26.3x (27%) 49% 69% 75%

Scout24 AG $85.67 $7,257 ($20) $7,277 $460 $452 15.8x 16.1x 28.0x 27.6x 13% (2%) 56% 58%

Porch Group, Inc. $18.53 $1,783 $173 $1,610 $72 $178 22.3x 9.0x NM NM (7%) 147% (24%) (14%)

LIFULL Co., Ltd. $3.02 $399 $8 $390 $334 $347 1.2x 1.1x 9.4x 6.9x (9%) 4% 12% 16%

RE Media / Portals

Mean: 17.1x 12.7x 30.3x 28.6x 2% 41% 31% 34%

Median: 19.6x 16.1x 34.5x 27.6x 6% 18% 33% 32%


Black Knight, Inc. $82.81 $12,866 ($2,261) $15,126 $1,239 $1,425 12.2x 10.6x 24.8x 21.4x 5% 15% 49% 50%

Procore Technologies, Inc. $103.28 $13,331 $320 $13,011 $400 $489 32.5x 26.6x NM NM 38% 22% (10%) (6%)

AppFolio, Inc. $141.60 $4,886 $3 $4,882 $310 $351 15.7x 13.9x NM NM 21% 13% 15% 13%

Altus Group Limited $47.09 $1,947 ($100) $2,047 $440 $505 4.6x 4.1x 26.4x 22.7x 9% 15% 18% 18%

Latch, Inc. $13.33 $1,883 ($16) $1,899 $18 $52 NM 36.7x NM NM 21% 186% NM NM

Agilysys, Inc. $55.56 $1,358 $91 $1,267 $140 $159 9.0x 8.0x NM 47.0x (11%) 13% 16% 17%

Real Matters Inc. $10.24 $817 $71 $746 $472 $499 1.6x 1.5x 9.9x 14.0x 29% 6% 16% 11%


Mean: 12.6x 14.5x 20.4x 26.3x 16% 39% 17% 17%

Median: 10.6x 10.6x 24.8x 22.1x 21% 15% 16% 15%


Opendoor Technologies Inc. $14.82 $8,954 $1,257 $7,697 $2,583 $5,379 3.0x 1.4x NM NM (46%) 108% (4%) (1%)

Redfin Corporation $58.57 $6,094 ($75) $6,168 $886 $1,668 7.0x 3.7x NM NM 14% 88% 6% 2%

Realogy Holdings Corp. $17.72 $2,066 ($3,216) $5,282 $6,221 $7,650 0.8x 0.7x 7.3x 5.8x 6% 23% 12% 12%

Compass, Inc. $13.66 $5,382 ($196) $5,577 $3,721 $5,504 1.5x 1.0x NM NM 56% 48% (6%) (4%)

eXp World Holdings, Inc. $35.92 $5,200 $101 $5,099 $1,798 $2,941 2.8x 1.7x NM NM 84% 64% 3% 3%

RE/MAX Holdings, Inc. $34.30 $648 ($175) $823 $266 $308 3.1x 2.7x 8.9x 7.6x (6%) 16% 35% 35%

Purplebricks Group plc $1.01 $310 $101 $208 $149 $134 1.4x 1.6x 18.7x 12.1x 15% (10%) 8% 13%


Mean: 2.8x 1.8x 11.6x 8.5x 17% 48% 8% 9%

Median: 2.8x 1.6x 8.9x 7.6x 14% 48% 6% 3%

4040

PROPTECH ECOSYSTEM (CONT’D)

Source: Capital IQ as of 7/30/2021.Notes: “NM” signifies multiple >40x or <0x. Blend 2021E Revenue represents Q1 2021 Revenue results multiplied by 4.






CBRE Group, Inc. $96.46 $31,740 ($2,225) $33,966 $23,826 $26,755 1.4x 1.3x 17.9x 13.1x (0%) 12% 8% 10%

Jones Lang LaSalle Incorporated $222.57 $11,419 ($2,345) $13,765 $8,900 $9,868 1.5x 1.4x 16.0x 13.0x (11%) 11% 10% 11%

Cushman & Wakefield plc $18.67 $4,162 ($2,758) $6,919 $7,844 $8,365 0.9x 0.8x 13.7x 10.9x (10%) 7% 6% 8%

Colliers International Group Inc. $128.37 $5,646 ($1,126) $6,772 $2,787 $3,421 2.4x 2.0x 18.7x 15.1x (9%) 23% 13% 13%

Newmark Group, Inc. $12.88 $2,376 ($1,833) $4,208 $1,905 $2,368 2.2x 1.8x 11.8x 9.4x (14%) 24% 19% 19%

Savills plc $15.96 $2,211 ($173) $2,384 $2,376 $2,614 1.0x 0.9x 10.1x 9.9x (6%) 10% 10% 9%

Marcus & Millichap, Inc. $39.79 $1,572 $145 $1,427 $717 $857 2.0x 1.7x 18.8x 13.5x (11%) 20% 11% 12%


Mean: 1.6x 1.4x 15.3x 12.1x (9%) 15% 11% 12%

Median: 1.5x 1.4x 16.0x 13.0x (10%) 12% 10% 11%

Mortgage / Title

Rocket Companies, Inc. $17.24 $34,227 ($8,235) $42,462 $15,981 $11,692 2.7x 3.6x 3.8x 8.0x 204% (27%) 70% 46%

Fidelity National Financial, Inc. $44.61 $12,895 ($318) $13,213 $10,815 $11,608 1.2x 1.1x 6.1x 4.7x 28% 7% 20% 24%

Finance Of America Companies Inc. $6.45 $1,647 ($8,631) $10,278 $1,797 $1,751 5.7x 5.9x 17.2x 21.8x 101% (3%) 33% 27%

Home Point Capital Inc. $4.98 $692 ($6,963) $7,656 $1,445 $1,050 5.3x 7.3x 8.7x 27.4x 461% (27%) 61% 27%

First American Financial Corporation $67.31 $7,399 $326 $7,073 $7,087 $8,128 1.0x 0.9x 6.3x 5.0x 14% 15% 16% 17%

Radian Group Inc. $22.58 $4,320 ($1,494) $5,814 $1,439 $1,353 4.0x 4.3x NA NA (6%) (6%) NA NA

UWM Holdings Corporation $7.63 $787 ($4,600) $5,387 $5,001 $3,020 1.1x 1.8x 1.3x 3.4x 284% (40%) 84% 52%

Open Lending Corporation $38.00 $4,795 ($54) $4,849 $109 $216 44.5x 22.4x NM 33.0x 17% 98% 64% 68%

Blend Labs, Inc. $18.06 $3,966 ($106) $4,071 $96 $128 42.4x 31.8x NM NA 90% 33% (77%) NA

Stewart Information Services Corporation $59.01 $1,583 $149 $1,434 $2,288 $2,971 0.6x 0.5x 5.9x 3.7x 18% 30% 11% 13%

Altisource Portfolio Solutions S.A. $9.24 $147 ($223) $370 $366 $211 1.0x 1.8x 36.1x NM (44%) (42%) 3% (9%)

Mortgage / Title

Mean: 10.0x 7.4x 10.7x 13.4x 106% 4% 28% 29%

Median: 2.7x 3.6x 6.2x 6.5x 28% (3%) 27% 27%


LendingTree, Inc. $195.22 $2,598 ($530) $3,128 $910 $1,111 3.4x 2.8x 25.3x 21.6x (18%) 22% 14% 13%

Moneysupermarket.com Group PLC $3.53 $1,896 ($29) $1,925 $471 $479 4.1x 4.0x 13.1x 12.8x (8%) 2% 31% 31%

QuinStreet, Inc. $18.34 $983 $88 $895 $520 $584 1.7x 1.5x 22.2x 16.7x 8% 12% 8% 9%


Mean: 3.1x 2.8x 20.2x 17.1x (6%) 12% 18% 18%

Median: 3.4x 2.8x 22.2x 16.7x (8%) 12% 14% 13%

4141

PROPTECH ECOSYSTEM (CONT’D)

Source: Capital IQ as of 7/30/2021.Notes: “NM” signifies multiple >40x or <0x.






Booking Holdings Inc. $2,178.26 $89,424 ($2,015) $91,439 $6,796 $9,289 13.5x 9.8x NM 42.1x (55%) 37% 13% 23%

Airbnb, Inc. $144.01 $87,605 $2,026 $85,579 $3,378 $5,408 25.3x 15.8x NM NM (30%) 60% (7%) 14%

Expedia Group, Inc. $160.87 $23,643 ($4,612) $28,255 $5,199 $8,252 5.4x 3.4x NM 22.3x (57%) 59% (7%) 15%

TripAdvisor, Inc. $37.95 $5,196 ($268) $5,464 $604 $878 9.0x 6.2x NM 39.4x (61%) 45% (8%) 16%


Mean: 13.3x 8.8x NA 34.6x (51%) 50% (3%) 17%

Median: 11.3x 8.0x NA 39.4x (56%) 52% (7%) 16%

Broader Data

Moody's Corporation $376.00 $70,003 ($4,029) $74,032 $5,371 $5,945 13.8x 12.5x 27.8x 24.2x 11% 11% 50% 51%

Experian plc $44.05 $40,165 ($4,223) $44,388 $5,272 $5,913 8.4x 7.5x 24.8x 21.9x 4% 12% 34% 34%

Equifax Inc. $260.60 $31,751 ($3,424) $35,174 $4,128 $4,814 8.5x 7.3x 23.5x 21.5x 18% 17% 36% 34%

TransUnion $120.06 $22,991 ($2,943) $25,934 $2,717 $3,057 9.5x 8.5x 24.8x 21.2x 2% 13% 38% 40%

Fair Isaac Corporation $523.91 $15,076 ($826) $15,903 $1,308 $1,329 12.2x 12.0x 31.9x 29.7x 9% 2% 38% 40%

Broader Data

Mean: 10.5x 9.5x 26.6x 23.7x 9% 11% 39% 40%

Median: 9.5x 8.5x 24.8x 21.9x 9% 12% 38% 40%

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