3

CONTACTSDavid Francione Managing Director 617-419-2040dfrancione@capstoneheadwaters.com

December 2019www.capstoneheadwaters.com

Deal volume and financing across the Financial Technology (FinTech) industrydeclined 20% year-over-year (YoY) in 2019. This reflects the high valuationsevidenced throughout the year as well as the turbulence felt in public marketsand the broader economy at the end of 2018/beginning of 2019. In Q4, 81mergers and acquisitions (M&A) were announced in the space and 358transactions were announced for the full year.

Payments – A Significant Growth Opportunity

The fastest growing segment in FinTech continues to be the payments space.Of the 81 transactions during Q4, ~48% (39 deals) were payments-related.One-third of payment deals involved e-wallets, and 21% involved electronicpayment infrastructure and services focused on serving business users.

Given current trends in technology, a focus by business leaders to cut costs, andthe opportunities available in serving the under- and unbanked, we expect thestrong deal flow in electronic payments and wallets to continue.

FINANCIAL TECHNOLOGY & PAYMENTSQ4 2019FINANCIAL TECHNOLOGY INDUSTRY OVERVIEW

Source: Capital IQ, PitchBook, and Capstone Research

Num

ber o

fTra

nsac

tions

Capstone Headwaters

TABLE OF CONTENTS

FinTech Industry Overview Notable IPOs Select Transactions FinTech Coverage Verticals Multiples By Sector FinTech Coverage Verticals Public Company Data Report Contributor Firm Track Record

M&A Activity: Financial Technology

123 114104 104

9378

106

81

020406080

100120140

Q1' 18 Q2' 18 Q3' 18 Q4' 18 Q1' 19 Q2' 19 Q3' 19 Q4' 19

NOTABLE IPOS

2

Initial Public Offering (IPO) activity in Q4 across the FinTech industry remained healthy. Three notable IPOs were Bill.com (marketcap of $2,803.1 million), Canaan Creative (market cap of $1,016.9 million), and Silvergate Capital (market cap of $299.2 million).

Financial Technology & Payments | Q4 2019

Company: Silvergate CapitalTicker: SIExchange: NYSE Amount Raised ($mm): $40.00IPO Price Per Share: $12.00Enterprise Value ($mm): $153.20

Business Description

Silvergate Capital Corporation operates as a bank holding company for Silvergate Bank that provides banking products andservices to business and individual clients in the United States and internationally. The company went public on November6, 2019.

Business Description

Bill.com Holdings, Inc. provides cloud-based software that digitizes and automates back-office financial operations for smalland midsize businesses worldwide. It offers artificial-intelligence (AI)-enabled financial software platform. The companyprovides software-as-a-service, cloud-based payments products, which allow users to automate accounts payable andaccounts receivable transactions, as well as enable users to connect with their suppliers and/or customers to do business,manage cash flows, and enhance office efficiency. The company went public on December 12, 2019.

Company: Bill.comTicker: BILLExchange: NYSE Amount Raised ($mm): $223.00IPO Price Per Share: $22.00Enterprise Value ($mm): $2,885.30

Company: Canaan CreativeTicker: CANExchange: NASDAQAmount Raised ($mm): $90.00IPO Price Per Share: $9.00Enterprise Value ($mm): $997.00

Business Description

Canaan Inc. engages in the research, design, and sale of integrated circuit (IC) final system products by integrating ICproducts for bitcoin mining and related components primarily in the People’s Republic of China. It is also involved in theassembly of system products; and supply chain and distribution of system products. The company was founded in 2013 andis based in Hangzhou, the People’s Republic of China. The company went public on November 21, 2019.

Source: Capital IQ, PitchBook and Capstone Research

Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

12/23/19 EF Resources, Inc. Paleo Resources Provides financial technology platform that enables investors to put money into in oil and gas projects. - - -

12/23/19 ISGN Corporation Sagent Auto Provides mortgage technology and services for financial institutions, banks, credit unions, and lenders. - - -

12/20/19 Payment Gateway Business Viva Republica Provides a credit card payment solution for payments

to e-commerce companies and online retailers. - - -

12/20/19 ePath Learning Absorb Software Develops a cloud-based learning management software that improves training and human. - - -

12/18/19 Impact Technologies Zuryc Develops and markets insurance illustration software

primarily for insurance companies. - - -

12/18/19 Allat Corporation KG Mobilians Provides an electronic payment gateway. - - -

12/17/19 Remittance Solutions Assets of Fiserv Deluxe Corporation Comprises wholesale lockbox processing for business-

to-business (B2B) payments. $427.4 - -

12/16/19 LoMoStar APP Lemon Games Provides a blockchain game distribution platform. $27.6 - -

12/16/19 Insite Software Solutions EPiServer AB Provides B2B and business-to-consumer platforms and

shipping solutions worldwide. - - -

12/16/19 BluPay Tecnologia de Dados Valid Soluções Specializes in blockchain-based financial transactions. - - -

12/13/19 VersaPay Corporation 1233518 B.C. Provides cloud-based accounts receivable automation

software and integrated payment solutions. - - -

12/11/19 Investor Management RealPage Offers investment management software for

commercial real estate owners and investment firms. $407.5 - -

12/11/19 RedBlack Software Invesco Provides technology solutions to wealth managers,

broker dealers, and financial institutions. - - -

12/10/19 Pandora Core coinIX GmbH & Co. KGaA

Engages in the development of network protocols for the bitcoin blockchain. - - -

12/05/19 Glosfer Co. Glosfer Labs Operates the blockchain-based decentralized cryptocurrency exchange platform. - - -

12/04/19 Flexible Architecture & Simplified Tech. Verisk Analytics Provides insurance software for financial service clients. - - -

12/03/19 Paynova Rieberg & Soen Provides digital payment solutions for merchants. - - -

11/18/19 Sonatype Vista Equity Partners Provides software supply chain automation solutions. $1.3 - -

11/18/19 Northern Bitcoin Whinstone US Bitcoin mining company. $0.9 - -

11/14/19 Masary Ebtikar for Financial Investment Operates as an electronic payment gateway. - - -

11/14/19 PayTipper Enel X Provides payment processing services. - - -

Source: Capital IQ, PitchBook, FactSet, and Capstone Research

SELECT TRANSACTIONS

3

Financial Technology & Payments | Q4 2019

Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

11/12/19 Interswitch Visa Operates as an integrated digital payments and commerce company. - - -

11/12/19 Pacific Merchant Processing GRN Holding Offers personalized payment processing solutions in the

cannabis and auxiliary markets. - - -

11/09/19 Aeriandi Speik Provides call center payment card industry compliance and payment processing solutions. - - -

11/05/19 AllScore Payment Service Wirecard Provides internet payments, issues and accepts prepaid

cards, and cross border payments services. $72.2 - $510.2

10/30/19 House Of K S.R.L. Neosperience Develops artificial intelligence and blockchain software. - - -

10/30/19 Open Relay 20|30 Group Develops and operates the 0x-powered OpenRelay order book software suite. - - -

10/29/19 alldebit Pte Ltd Oriental Payment Group Holdings Offers online and in-store payment solutions. - - -

10/25/19 Electronic Commerce Philippines Globe Telecom Operates as an electronic payment service provider. - - -

10/25/19 BluePay Canada First Financial Merchant Services

Provides business to business payment processing systems and solutions for suppliers and vendors. $61.5 - -

10/25/19 Payroc First Financial Merchant Services Provides payment processing solutions. - - -

10/25/19 POS West/ NXGEN Canada Paystone Provides payment processing services and solutions. - - -

10/23/19 Argenpay SAU Banco Macro Provides online and offline electronic payments, digital and virtual wallets, and electronic commerce services. - - -

10/22/19 CHSI Technologies Corporation

Bow River Capital Partners Develops cloud based insurance management software. $312.7 $0.1 -

10/21/19 O3 Labs Saint Bitts Develops blockchain based digital gateways and applications for crypto currency wallet services. - - -

10/21/19 First Bitcoin Capital Athena Bitcoin Develops digital currencies, proprietary Blockchain

technologies, and the digital currency exchange. - - -

10/17/19 Masary Ebtikar for Financial Investment Operates as an electronic payment gateway. - - -

10/14/19 BILLHIGHWAY Lovell Minnick Partners

Provides cloud-based solutions that combine payment processing, banking, and accounting. $1.9 - -

10/08/19 BitCasas, Inc. First Bitcoin Capital

Develops and operates blockchain based platform for making investments in mortgage loans. - - -

10/08/19 Paytech OOD Bulgarian-American Credit Bank

Develops financial services and electronic payments processing software platform. - - -

10/04/19 Cloud Payments International

Joint Stock Co. Tinkoff Bank

Designs online payment solutions for the e-commerce market. $60.0 - $2.2

10/03/19 Cash Payment Solutions Glory Provides an electronic cash payment solutions. - - -

Source: Capital IQ, PitchBook, FactSet, and Capstone Research

SELECT TRANSACTIONS (CONTINUED)

4

Financial Technology & Payments | Q4 2019

MULTIPLES BY SECTOR

5

Bank Technology

Financial Systems Software/Processing

Risk Management Providers

Financial Information/Data Providers

Payment Processors

Investment Research Data

Source: Capital IQ as of December 31, 2019

6.2x 7.1x 8.1x 8.9x

23.5x27.4x 30.2x

35.8x

05

10152025303540

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

6.1x 6.8x 8.0x 8.9x

24.9x 27.1x31.0x

34.4x

05

10152025303540

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

5.6x 5.9x 6.4x 7.2x

35.2x 36.4x 34.7x

45.5x

0

10

20

30

40

50

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

5.0x 5.3x 5.5x 5.8x

15.5x 16.3x 17.4x 18.1x

0

5

10

15

20

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

4.9x 5.4x 6.0x 6.9x

19.9x25.7x

22.8x26.6x

05

101520253035

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

3.1x 3.3x 4.1x 5.3x

11.7x 11.8x13.3x

16.0x

0

5

10

15

20

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

Financial Technology & Payments | Q4 2019

MULTIPLES BY SECTOR

6

Payment Services

Payment Technology Providers Card Solutions

Card Networks/Associations

4.5x 4.8x 4.7x 4.1x

24.2x26.3x 27.2x

19.3x

05

1015202530

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

7.0x 7.1x 7.4x 6.8x

19.7x 18.8x 17.4x

29.2x

0

10

20

30

40

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

1.5x 1.6x 1.3x 1.2x

8.1x9.3x

7.1x6.1x

0

2

4

6

8

10

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

6.8x 7.5x 8.5x

18.4x

10.9x 11.9x 13.4x

28.8x

05

101520253035

2014 2016 2018 LTM

EV / Revenue EV / EBITDA

Financial Technology & Payments | Q4 2019

Source: Capital IQ as of December 31, 2019

FINANCIAL TECHNOLOGY COVERAGE VERTICALS

7

Our FinTech practice provides high-quality corporate finance advice to software and hardware technology and serviceproviders that serve the entire payments spectrum, banks, brokerage firms, asset managers, and insurance company markets.

We leverage domain expertise to provide high-quality M&A, institutional financing and strategic advisory services to privateand publicly traded financial technology and information-based companies globally.

FinTech companies are attractive - we make sure every penny counts.

Capital Markets Banks

Insurance

Asset Mgt

Payments

Loan Management

Digital/Mobile Banking

PayFac

Risk Assessment / Analytics

Predictive Analytics

Fraud Detection

Risk Management

Credit Monitoring

Gateway

POS

ProcessorAcquiror/Issuer

Payment Platform

Risk Management

Trading Analytics

Securities Trading

Policy / ClaimsMgt

Financial Technology & Payments | Q4 2019

8

PUBLIC COMPANY TRADING & OPERATING DATA

Source: Capital IQ as of December 31, 2019

($USD in millions, except per share data)

EV as a Multiple of:

Stock Price % of 52‐Week Market Enterprise LTM LTM LTM

Company Name Ticker 12/31/2019 High Low Cap Value Revenue EBITDA Revenue EBITDA

.Bank Technology

Bottomline Technologies (de), Inc. EPAY $53.60 98.8% 144.7% $2,357 2,402 $428 38.1 5.6x 63.1x

Deluxe Corporation DLX $49.92 92.2% 138.2% $2,102 2,998 $2,011 414.2 1.5x 7.2x

Fiserv, Inc. FISV $115.63 98.0% 168.9% $78,616 101,985 $7,693 2,540.0 13.3x 40.2x

Jack Henry & Associates, Inc. JKHY $145.67 95.3% 120.4% $11,207 11,185 $1,598 443.7 7.0x 25.2x

Q2 Holdings, Inc. QTWO $81.08 86.6% 175.8% $3,904 3,725 $296 (30.5) 12.6x NM

Temenos AG TEMN $158.18 83.0% 143.3% $11,224 12,399 $922 286.6 13.4x 43.3x

Median $7,556 $7,455 $1,260 $350 9.8x 40.2x

Mean $18,235 $22,449 $2,158 $615 8.9x 35.8x

.BPO (Business Process Outsourcing)

ExlService Holdings, Inc. EXLS $69.46 97.8% 138.9% $2,368 2,433 $969 130.1 2.5x 18.7x

Genpact Limited G $42.17 94.7% 160.8% $8,011 9,140 $3,415 545.3 2.7x 16.8x

WNS (Holdings) Limited WNS $66.15 98.9% 168.6% $3,280 3,376 $851 161.4 4.0x 20.9x

Median $3,280 $3,376 $969.4 $161.4 2.7x 18.7x

Mean $4,553 $4,983 $1,745.2 $278.9 3.1x 18.8x

.Merchant Acquirer/Card Solutions

Alliance Data Systems Corporation ADS $112.20 61.3% 113.1% $5,168 23,204 $7,710 1,712.2 3.0x 13.6x

FleetCor Technologies, Inc. FLT $287.72 91.1% 159.8% $24,969 28,478 $2,593 1,450.9 11.0x 19.6x

Square, Inc. SQ $62.56 75.2% 119.7% $26,881 26,776 $4,333 421.2 6.2x 63.6x

WEX Inc. WEX $209.46 94.5% 155.9% $9,067 11,671 $1,665 576.3 7.0x 20.3x

Median $17,018.1 $24,989.9 $3,463.0 $1,013.6 6.6x 19.9x

Mean $16,521.1 $22,532.1 $4,075.1 $1,040.2 6.8x 29.2x

.Card Networks/Associations

American Express Company NYSE:AXP $124.49 96.3% 133.5% $101,867 119,810 $39,162 NA NA NA

Discover Financial Services DFS $84.82 91.2% 146.8% $26,588 37,720 $8,127 NA NA NA

Mastercard Incorporated MA $298.59 99.0% 165.0% $301,237 303,704 $16,276 9,703.0 18.7x 31.3x

Visa Inc. V $187.90 99.0% 146.9% $404,885 415,002 $22,977 15,737.0 18.1x 26.4x

Median $201,551.6 $211,756.8 $19,626.5 $12,720.0 18.4x 28.8x

Mean $208,644.2 $219,058.9 $21,635.5 $12,720.0 18.4x 28.8x

. Investment Research Data

Envestnet, Inc. ENV $69.63 94.2% 148.7% $3,654 4,251 $870 89.7 4.9x 47.4x

Morningstar, Inc. MORN $151.31 92.3% 151.8% $6,478 6,836 $1,109 265.9 6.2x 25.7x

MSCI Inc. MSCI $258.18 96.5% 183.0% $21,870 23,751 $1,513 791.7 15.7x 30.0x

Median $6,477.6 $6,836.2 $1,109.3 $265.9 6.2x 30.0x

Mean $10,667.0 $11,612.7 $1,164.1 $382.4 8.9x 34.4x

. Financial Information

Ebix, Inc. EBIX $33.41 52.3% 107.6% $1,019 1,711 $571 158.8 3.0x 10.8x

Equifax Inc. EFX $140.12 94.3% 154.5% $16,966 20,151 $3,437 719.9 5.9x 28.0x

FactSet Research Systems Inc. FDS $268.30 87.9% 138.4% $10,181 10,659 $1,450 511.3 7.3x 20.8x

Informa plc INF $11.35 95.1% 142.2% $14,207 18,207 $3,584 1,129.7 5.1x 16.1x

Moody's Corporation MCO $237.41 98.8% 174.7% $44,811 49,591 $4,656 2,172.9 10.7x 22.8x

Pearson plc LSE:PSON $8.44 61.8% 104.4% $6,571 8,771 $5,201 737.0 1.7x 11.9x

S&P Global Inc. SPGI $273.05 99.0% 166.5% $66,733 71,210 $6,501 3,256.0 11.0x 21.9x

TransUnion TRU $85.61 98.0% 158.7% $16,120 19,800 $2,584 944.3 7.7x 21.0x

Trifast plc TRI $2.38 74.4% 120.8% $289 331 $255 $29.1 1.3x 11.4x

Wolters Kluwer N.V. WKL $72.97 96.0% 130.1% $19,451 22,070 $5,057 1,382.6 4.4x 16.0x

Median $15,163.8 $19,003.4 $3,510.3 $840.7 5.5x 18.5x

Mean $19,634.9 $22,250.1 $3,329.5 $1,104.2 5.8x 18.1x

.Payment Hardware Solutions

Diebold Nixdorf, Incorporated DBD $10.56 72.0% 437.3% $811 2,928 $4,547 355.1 0.6x 8.2x

Ingenico Group ‐ GCS ING $108.63 97.4% 218.0% $6,773 8,892 $3,442 576.6 2.6x 15.4x

NCR Corporation NCR $35.16 99.3% 156.8% $4,486 8,625 $6,830 885.0 1.3x 9.7x

PayPoint plc PAY $13.40 87.4% 132.6% $906 877 $257 66.8 3.4x 13.1x

Median $2,696.0 $5,776.9 $3,994.4 $465.9 1.9x 11.4x

Mean $3,244.1 $5,330.7 $3,769.0 $470.9 2.0x 11.6x

Financial Technology & Payments | Q4 2019

9

PUBLIC COMPANY TRADING & OPERATING DATA($USD in millions, except per share data)

EV as a Multiple of:

Stock Price % of 52‐Week Market Enterprise LTM LTM LTM

Company Name Ticker 12/31/2019 High Low Cap Value Revenue EBITDA Revenue EBITDA

. Financial Systems Software / Processing

Broadridge Financial Solutions, Inc. BR $123.54 90.2% 133.6% $14,163 15,818 $4,338 892.5 3.6x 17.7x

Fidelity National Information Services, Inc. FIS $139.09 98.4% 141.8% $85,485 104,944 $9,158 2,830.0 11.5x 37.1x

Guidewire Software, Inc. GWRE $109.77 88.8% 143.8% $9,065 8,476 $696 40.4 12.2x 209.8x

Intuit Inc. INTU $261.93 88.6% 139.2% $68,182 66,702 $6,933 2,078.0 9.6x 32.1x

Linedata Services S.A. ENXTPA:LIN $29.96 69.7% 107.7% $199 301 $198 40.5 1.5x 7.4x

SimCorp A/S CPSE:SIM $113.76 97.8% 172.5% $4,505 4,551 $497 168.8 9.2x 27.0x

SS&C Technologies Holdings, Inc. SSNC $61.40 90.7% 144.4% $15,516 23,395 $4,540 1,680.2 5.2x 13.9x

The Sage Group plc SGE $9.92 90.7% 130.9% $10,824 11,345 $2,381 594.1 4.8x 19.1x

Median $12,493.5 $13,581.6 $3,359.6 $743.3 7.2x 23.0x

Mean $25,992.4 $29,441.4 $3,592.8 $1,040.6 7.2x 45.5x

.Payment Processing

Cardtronics plc CATM $44.65 99.8% 179.0% $1,992 2,811 $1,338 277.8 2.1x 10.1x

Euronet Worldwide, Inc. EEFT $157.56 92.0% 163.4% $8,513 8,227 $2,706 555.7 3.0x 14.8x

EVERTEC, Inc. EVTC $34.04 91.1% 135.5% $2,390 2,869 $478 189.9 6.0x 15.1x

Filinvest Development Corporation FDC $0.26 79.8% 110.2% $2,217 4,811 $1,551 513.1 3.1x 9.4x

Global Payments Inc. GPN $182.56 98.5% 185.2% $54,868 63,046 $3,805 1,569.6 16.6x 40.2x

  InnoTec TSS AG TSS $11.33 75.9% 106.9% $108 106 $112 16.7 0.9x 6.4x

Median $2,303.5 $3,839.8 $1,444.9 $395.5 3.1x 12.5x

Mean $11,681.3 $13,644.9 $1,665.2 $520.5 5.3x 16.0x

.Payment Services

Green Dot Corporation GDOT $23.30 27.7% 106.1% $1,200 359 $1,081 170.6 0.3x 2.1x

MoneyGram International, Inc. MGI $2.10 31.3% 157.9% $150 923 $1,310 149.7 0.7x 6.2x

The Western Union Company WU $26.78 95.6% 159.3% $11,228 13,330 $5,386 1,325.8 2.5x 10.1x

Median $1,199.9 $923.3 $1,309.6 $170.6 0.7x 6.2x

Mean $4,192.6 $4,870.8 $2,592.1 $548.7 1.2x 6.1x

.Payment Technology Solutions

ACI Worldwide, Inc. ACIW $37.89 99.4% 150.8% $4,379 5,745 $1,178 226.9 4.9x 25.3x

Cass Information Systems, Inc. CASS $57.74 94.7% 130.2% $837 621 $162 53.9 3.8x 11.5x

Mitek Systems, Inc. MITK $7.65 58.5% 109.9% $313 280 $85 14.0 3.3x 20.1x

PayPal Holdings, Inc. PYPL $108.17 89.0% 132.1% $127,012 122,027 $17,037 3,235.0 7.2x 37.7x

Qiwi plc QIWI $19.36 76.7% 149.8% $1,214 687 $584 129.6 1.2x 5.3x

Wirecard AG WDI $120.64 63.0% 125.0% $14,907 12,679 $2,817 809.1 4.5x 15.7x

Median $2,796.8 $3,215.7 $881.4 $178.2 4.2x 17.9x

Mean $24,777.1 $23,673.3 $3,644.0 $744.7 4.1x 19.3x

.Risk Management / BI

Cognizant Technology Solutions Corporation CTSH $62.02 82.9% 109.3% $33,960 32,583 $16,628 3,169.0 2.0x 10.3x

Fair Isaac Corporation FICO $374.68 98.5% 210.0% $10,851 11,576 $1,160 283.2 10.0x 40.9x

NICE Ltd. NICE $155.06 94.8% 141.8% $9,635 9,782 $1,555 400.1 6.3x 24.4x

Open Text Corporation OTEX $44.07 98.7% 140.2% $11,875 13,729 $2,898 903.4 4.7x 15.2x

Pegasystems Inc. PEGA $79.65 99.8% 176.0% $6,319 6,279 $891 (73.5) 7.0x NM

Progress Software Corporation PRGS $41.55 87.3% 130.5% $1,861 2,012 $413 136.6 4.9x 14.7x

GlobalData Plc DATA $17.08 96.3% 223.7% $2,016 2,140 $217 38.7 9.8x 55.3x

Verisk Analytics, Inc. VRSK $149.34 90.5% 142.3% $24,472 27,102 $2,544 1,068.3 10.7x 25.4x

Median $10,243.0 $10,678.6 $1,357.3 $341.6 6.7x 24.4x

Mean $12,623.6 $13,150.2 $3,288.3 $740.7 6.9x 26.6x

Financial Technology & Payments | Q4 2019

Source: Capital IQ as of December 31, 2019

FINANCIAL TECHNOLOGY REPORT CONTRIBUTOR

10

2019US MIDDLE MARKET INVESTMENT BANK

OF THE YEAR

TURNAROUND AWARDS

2019

INVESTMENT BANKING FIRM OF THE YEAR

INTERNATIONAL AWARDS

2019

INVESTMENT BANKING FIRM OF THE YEAR

2020MIDDLE MARKETINVESTMENT BANK

OF THE YEAR

2020

INVESTMENT BANKING FIRM OF THE YEAR

David FrancioneManaging Director, FinTech dfrancione@capstoneheadwaters.com | 617-419-2040

David has over 22 years of investment banking experience advising FinTech companies of a varietyof transaction types. Previously, David served as Senior Vice President at Silverwood Partners. Priorto joining Silverwood Partners, he was head of corporate development for Elcom International, Inc., a$500 million international publicly-traded eCommerce technology platform company. David beganhis career with SS&C Technologies (Nasdaq:SSNC), a leader in securities processing software andanalytics and then joined the investment banking group at Advest, Inc. (acquired by Merrill Lynch),where he focused on public offerings, mergers and acquisitions, private financings and valuations forfinancial services, technology and consumer products companies.

David holds a Bachelor of Science degree in Finance from CCSU and earned an MBA in finance fromthe University of Connecticut. He serves as a member of the board of directors for the University ofConnecticut alumni association and is co-chair of its investment committee.

Financial Technology & Payments | Q4 2019

FIRM TRACK RECORD

11

has been obtaineda senior credit facility

has been acquired by

has been acquired by

has been acquired by

has been acquired by

has been acquired by

a portfolio co. of

Provider of accounting solutions for financial institutions, offering both accounts payable and payment automation technology

has been acquired by

has been acquired by

Provider of B2B integrated payments solutions for the ERP channel

has been acquired by

has divested its subsidiary

to

has been acquired by

has been acquired by

buy-side advisoryhas obtained junior

debt financing second-lien term loan

a portfolio company of

Financial Technology & Payments | Q4 2019

12

www.capstoneheadwaters.com

Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle marketbusiness owners, investors and creditors. Capstone Headwaters provides merger & acquisition, private placement, corporaterestructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises.Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a globalreach that includes over 450 professionals in 40 countries.

BUILT FOR THE MIDDLE MARKET

UNITED STATES170+ professionals17 offices

Boston Boise Burlington Chicago Dallas Denver Greenwich HoustonLos Angeles New York Orange County Philadelphia San Diego San Francisco St Louis TampaWashington DC

INTERNATIONAL450+ professionals

60+ offices in 40 countries

Asia: China India Japan Latin America: Argentina Brazil Chile Colombia Mexico Peru

Africa: Congo Egypt Ghana Ivory Coast Mauritius Morocco Senegal South AfricaEurope: Belgium Bosnia Croatia Czech Republic Finland France Germany Herzegovina

Hungary Ireland Italy London Netherlands Norway Poland Russia Serbia Slovenia Spain Sweden Switzerland Turkey United Kingdom