Financial Technology M&A Report · SELECTED M&A TRANSACTIONS Financial Technology Companies ......

Financial Technology M&A Report

September 30, 2019

SELECTED M&A TRANSACTIONSFinancial Technology Companies2019 YTD

BUSINESS DESCRIPTIONSANNOUNCE BUYER DEAL RATIONALE INDUSTRY BUSINESS EV

DATE TARGET PRICE AND TERMS VERTICAL SOLUTION MODEL ($MM) REVENUE EBITDA EBIT

19-Sep-19 Buyer:Deutsche Bank AG

(Frankfurt,

Germany)

(DBK.DE: XETRA)

------------------

Target:Deposit Solutions

GmbH

(Hamburg,

Germany)

Minority Stake

Buyer: Deutsche Bank (1870) provides commercial and investment banking, retail banking, transaction banking and asset and

wealth management products and services to corporations, governments, institutional investors, small and medium-sized

businesses, and private individuals. As of December 31, 2018, the company operated 2,064 branches in 59 countries.

Target: Deposit Solutions provides the Open Banking platform, which allows a bank to offer third-party deposit products (that is,

deposits at other banks) to its own customers through their existing accounts. The platform allows “product banks” to gather

deposits in new markets without having to set up and operate their own retail infrastructure in such markets; “client banks”, which

offer third party products to their customers, to earn fee income through a revenue share on brokered deposits; and depositors to

access deposit offers without having to open a new account at another bank. Nearly 100 banks from 18 countries are using the

Company’s platform either to offer their clients deposit products or to source deposits for their balance sheets. Deposit Solutions

has raised $205.9 million in 6 rounds, according to Crunchbase. Other investors include Vitruvian Partners, e.ventures, Greycroft,

and FinLab.

Deal Rationale: Deutsche Bank’s objective with this investment is to benefit from the expected growth in valuation of Deposit

Solutions. Deutsche Bank already operates its “Zinsmarkt” deposit offering using technology supplied by Deposit Solutions. Since

2017 Zinsmarkt has enabled Deutsche Bank customers to access fixed-term deposit products from other European banks that pay

higher interest. Deutsche Bank is pursuing two goals with Zinsmarkt: offering clients alternative investment opportunities in

addition to the bank’s own products and at the same time increasing its fee income from the deposit business, particularly during a

period of sustained low interest rates. Zinsmarkt as well as the cooperation with Deposit Solutions are elements of Deutsche Bank's

platform strategy. Deutsche Bank’s Zinsmarkt can be used by Deutsche Bank customers and online broker Maxblue clients. The bank

is now planning to open it up to a wider range of clients within Deutsche Bank Group.

Terms: Deutsche Bank has acquired a 4.9% stake in Deposit Solutions for £50 million.

B DEPOSIT S/SER - - - -

CLASSIFICATION CODESENTERPRISE VALUE (1)/

Krall & Co. Inc. M&A Advisory Services Serving Financial Technology Companies






12-Sep-19 Buyer:Black Knight, Inc.

(Jacksonville, FL)

(NYSE: BKI)

------------------

Target:Compass Analytics,

LLC

(San Francisco, CA)

Buyer: Black Knight, Inc. (2013) provides software, data, and analytics solutions to the mortgage and consumer loan, real estate, and

capital market verticals primarily in the U.S. It operates through two segments, Software Solutions and Data and Analytics. The

Software Solutions segment offers software and hosting solutions that support loan servicing, loan origination and settlement

services. The Data and Analytics segment offers data and analytics solutions to the mortgage, real estate and capital markets

verticals. These solutions include property ownership data, lien data, servicing data, automated valuation models, collateral risk

scores, prepayment and default models, lead generation, and multiple listing service solutions.

Target: Compass Analytics, LLC (2003) is a mortgage technology company that offers valuation, pipeline risk management, and

hedge advisory services to mortgage lenders. Compass also provides mortgage servicing rights (MSR) analytics and an enterprise-level

product, pricing and eligibility (PPE) engine. More specifically, the Company offers CompassPoint, a software solution that enables

mortgage lenders to hedge mortgage pipelines, achieve best execution, reconcile profit and loss calculations, produce originator

scorecards, and create rate sheets for channels, branches and originators; CompassPPE, a product eligibility and pricing engine for

correspondent, wholesale and retail channels; CompassPoint MRS Analytics, which is used for MSR valuations, MSR hedging, MRS

rate shock modeling, and MSR scenario analysis; and CompassBid, which provides mortgage loan sellers with bid automation. The

Company also offers Compass Investor Services, which include CompassDirect, a user interface that allows investors to control how

they deliver, manage and adjust pricing; and buy-side analytics which deliver information about an investor’s bid performance.

Deal Rationale: The transaction expands Black Knight’s technology footprint in mortgage capital markets. Black Knight will be able

to integrate Compass’ products with its own Empower loan origination system to provide end-to-end connectivity between lenders

and investors. Black Knight will also integrate Compass’ MSR valuation tools with its Applied Financial Technology (AFT) data

models.

Terms: Black Knight, Inc. has acquired Compass Analytics, LLC. Financial terms were not disclosed.

M SECOND S/SER - - - -






10-Sep-19 Buyer:A360inc

(Carrollton, TX)

---------------

Target: CMAX, VendorScape

and iClear default

technology

platforms

(Dallas, TX)

----------------

Seller:Corelogic, Inc.

(Irvine, CA)

(NYSE: CLGX)

Buyer: a360inc is a technology and outsourcing services provider to the financial services, real estate, and legal industries. Based in

Carrollton, TX and with operations across six states, a360inc provides case management system technology and practice

management services to law firms, title agencies and underwriters, mortgage companies and investors.

Target: CMAX (Claims Maximization) is a claims management and processing software system designed to help mortgage loan

servicers generate accurate claims filings for reimbursement of advances made by the servicer on behalf of the Federal Housing

Authority (FHA), Veterans Affairs (VA), Fannie Mae (FNMA), Freddie Mac (FHLMC) and private mortgage insurers (MIs) on defaulted

loans pursuant to servicing contracts. CMAX helps servicers prepare, submit and manage claims filings in an accurate, compliant and

efficient manner, thereby reducing claims processing costs and increasing the likelihood of full reimbursement. VendorScape is a

default case management system used for communication and task/milestone tracking by default servicers and attorneys for

bankruptcy, foreclosure and loss mitigation. iClear is an electronic bill presentment and validation system used to manage

transactions between default servicers and their third-party vendors.

Seller: CoreLogic is a provider of property information, analytics and data-enabled services. The Company’s two business segments

are Property Intelligence & Risk Management Solutions ("PIRM") and Underwriting & Workflow Solutions ("UWS"). The PIRM

segment combines property information, mortgage information and consumer information to deliver housing market and property-

level insights, predictive analytics and risk management capabilities. This segment offers proprietary technology and software

platforms to access, automate or track this information and assist its clients with decision-making and compliance tools in the real

estate and insurance industries. The UWS segment combines property, mortgage and consumer information to provide mortgage

origination and monitoring solutions, including underwriting-related solutions and data-enabled valuations and appraisals.

Deal Rationale: On December 20, 2018, Corelogic announced its intention to exit non-core businesses consisting of its loan

origination software unit and its remaining legacy default management related platforms over the ensuing 24 months. CMAX,

VendorScape and iClear were among the business units that had been designated for sale. Through the transaction, a360inc expands

its default technology product offerings.

Terms: a360inc. has acquired CMAX, VendorScape and iClear products and businesses from CoreLogic. Terms were not disclosed.

M DEFAULT S/SER - - - -






09-Sep-19 Buyer:U.S. Bank National

Association

(Minneapolis, MN)

A subsidiary of:

U.S. Bancorp

(Minneapolis, MN)

(NYSE: USB)

------------

Target:Talech, Inc.

(Palo Alto, CA)

Buyer: U.S. Bancorp (1863), a financial services holding company, operates in five segments: Corporate and Commercial Banking,

Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate

Support. The Company offers depository services, including checking accounts, savings accounts, and time certificate contracts; and

lending services, such as traditional credit products, as well as credit card services, lease financing and import/export trade, asset-

backed lending, agricultural finance, and other products. It also provides ancillary services comprising capital markets, treasury

management, and receivable lock-box collection services to corporate customers; and a range of asset management and fiduciary

services for individuals, estates, foundations, business corporations, and charitable organizations. In addition, the company offers

investment and insurance products to its customers principally within its markets, as well as fund administration services to a range

of mutual and other funds. Further, it provides corporate and purchasing card, and corporate trust services; and merchant

processing services, as well as cash and investment management, ATM processing, mortgage banking, and brokerage and leasing

services.

Target: Talech (2012) provides software that allows businesses to manage multiple operational tasks – such as order management,

inventory and staff reporting, customer management, business insights and payments processing – in a single, integrated point-of-

sale system. The company serves over 8,000 restaurants, retailers and professional services companies representing $2.3 billion in

processing volume. Talech’s investors include AME Cloud Ventures, Morado Venture Partners, Stata Labs, renren, Visionnaire

Ventures, and Lucas Venture Group.

Deal Rationale: The transaction supports U.S. Bank’s roadmap to provide enhanced customer experience for its small business

customers. Talech will become a part of U.S. Bank’s newly formed digital team, which drives the bank’s digital strategy for all of its

business lines.

Terms: U.S. Bank has acquired Talech, Inc. Financial terms were not disclosed.

CORP P S/SER - - - -






28-Aug-19 Buyer:Temenos Group AG

(Geneva,

Switzerland)

(SIX: TEMN)

-----------------------

Target:Kony Inc.

(Austin, TX)

Buyer: Temenos (1993) offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth

management software products to banks and other financial institutions. Among other things, Temenos offers Temenos T24

Transact, a cloud-native and cloud-agnostic core banking platform; and Transaction Infinity, an independent, omni-channel digital

front office product that helps banks orchestrate all customer interactions and provides multi-country onboarding capabilities.

Both products leverage the common Temenos Platform architecture. Temenos has more than 3,000 customers worldwide,

including 41 of the top 50 banks.

Target: Kony Inc. (2007) offers various mobile software applications across an array of devices and systems to top tier and mid-

market banks in the US and internationally. The Company offers the Kony Quantum, a low-code platform that supports the entire

application software development lifecycle (SDLC) and enables financial institutions to define, design, build, integrate, deploy and

manage mobile apps on their own; and Kony DBX, an omni-channel digital banking experience platform that combines out-of-the-

box applications with high levels of customizable experiences. Kony has about 230 employees and a customer base of more than 100

banks across the US, Europe, Middle East and Asia. In the US, Kony has 50 bank and credit union customers. Customer retention is

good, with a mid-single digit customer attrition rate. In May 2017, Diebold Nixdorf acquired a minority equity stake in Kony Inc. in

conjunction with the formation of a strategic partnership to deliver a white label mobile application suite for banks and retailers.

The size of the investment was not disclosed. Kony had raised $115.5 million in seven funding rounds prior to the Diebold financing,

according to Crunchbase. Investors include Insight Venture Partners, SoftBank Capital, Telstra Ventures, Georgian Partners, Delta-V

and Hamilton Lane.

Deal Rationale: The Kony acquisition accelerates Temenos’ growth in the US, adds significant digital expertise, and strengthens and

accelerates the growth of Temenos Infinity, a digital front office product. The acquisition also provides the opportunity to cross-sell

Temenos products, including T24 Transact, to Kony’s customer base. In December 2018, Temenos also acquired Avoka Technologies

for $245 million to enhance its digital front office product and strengthen its position in the US.

Terms: Temenos has agreed to acquire Kony Inc. for an enterprise value of $559 million plus an earnout of $21 million. Kony has $50

million in debt on its balance sheet. Approximately 60% of Kony’s revenue is recurring, and the majority of recurring revenue is SaaS.

Kony’s total revenue is expected to reach approximately $115 million in 2020. The transaction is subject to US anti=trust approvals.

B IB S/SER $559.0 - - -

27-Aug-19 Buyer:Raisin GmbH

(Berlin, Germany)

-----------------

Target:Fairr.de GmbH

(Frankfurt,

Germany)

Buyer: Raisin GmbH (2013) operates an online marketplace for term deposits in Europe. Raisin enables retail bank customers to

make deposits at Raisin’s panel of more than 80 partner banks across Europe through a single Raisin online transaction account.

Conversely, Raisin offers partner banks a digital solution to expand deposit taking into new markets. To date, more than 200,000

European customers have invested over EUR 15.5 billion in 31 European countries at partner banks. Raisin also offers ETF’s in the

German market. In February 2019, Raisin closed a $114 million Series D funding with existing investors consisting of Index Ventures,

Paypal Ventures, Ribbit Capital, Thrive Capital, and btov partners, and a new investor, Orange Digital Ventures. Raisin has raised

$206 million in 6 rounds with 13 investors, all-in-all, according to Crunchbase. Raisin GmbH was formerly known as SavingGlobal

GmbH. In September 2017, Raisin acquired PBF Solutions, which provides customer acquisition, onboarding, and marketing

services to U.K. challenger banks and overseas banks entering the U.K. market.

Target: Fairr is a financial technology company offering a pension servicing and planning service in Germany. Fairr’s investors

included IBB Investitionsbank Berlin, Transamerica Ventures, Pro7Sat.1 Accelerator and Söderberg & Partners.

Deal Rationale: Raisin’s acquisition of Fairr is part of a strategy to enter the European pension and retirement savings market as a

natural extension to current focus on deposits and ETFs.

Terms: Financial terms were not disclosed.

B PFM S/SER - - - -






06-Aug-19 Buyer: Sagent Auto, LLC

(King of Prussia, PA)

--------------------

Target:defi SOLUTIONS,

Inc.

(Westlake, TX)

Buyer: In February 2018, Warburg Pincus acquired a 55% stake in the Lending Solutions business (the “Business”) of Fiserv, Inc. In

September 2018, the Business was rebranded as Sagent Lending Technologies. The Business is housed in two entities, Sagent Auto,

LLC and Sagent M&C, LLC, which do business as Sagent Lending Technologies. Sagent Auto owns Fiserv’s automotive loan origination

and servicing products and related operations. Sagent M&C owns LoanServ, Fiserv’s mortgage and consumer loan servicing

platform.

Target: defi SOLUTIONS, Inc. (2012) provides a configurable SaaS platform for loan origination, servicing and analytics for auto

lending. Originally a provider of a LOS for auto lending, recently defi has expanded its offerings to include defi SERVICING, a loan

management and servicing platform; and defi ANALYTICS, a data analytics platform that is integrated with defi LOS. In January 2018,

Bain Capital Ventures acquired a majority stake in defi for $55 million.

Deal Rationale: The combined company provides software solutions and services across all elements of the lending lifecycle: digital

engagement, originations, servicing, loan and lease care, lease maturity management, remarketing and analytics.

Terms: defi SOLUTIONS-DE, LLC and Sagent Auto, LLC, two leaders in auto lending technology and services, have signed an agreement

to merge. The resulting company, to be known as defi SOLUTIONS, will have the financial backing of Warburg Pincus, Bain Capital

Ventures, and Fiserv, Inc. Financial terms were not disclosed.

B LEND S/SER - - - -

06-Aug-19 Buyer:Mastercard

Incorporated

(Purchase, NY)

(NYSE: MA)

---------------

Target:The clearing and

instant payment

services and e-

billing solutions of

Nets’ Corporate

Services business

--------------

Seller:Nets Group

(Ballerup, Denmark)

Buyer: Mastercard (1966) provides transaction processing and other payment-related products and services in the U.S. and

internationally. It facilitates the processing of payment transactions, including authorization, clearing, and settlement, as well as

delivers related products and services. The Company also offers value-added services, such as loyalty and reward programs,

information and consulting services, issuer and acquirer processing solutions, and payment and mobile gateways. In addition, it

provides various payment products and solutions for cardholders, merchants, financial institutions, and governments; programs

that enable issuers to provide consumers with cards to defer payments; payment products and solutions that allow its customers to

access funds in deposit and other accounts; prepaid payment programs and management services; and commercial payment

products and solutions. Further, the company provides products and services to prevent, detect, and respond to fraud and cyber-

attacks, and ensure the safety of transactions. It offers payment solutions and services under the MasterCard, Maestro, and Cirrus

brands.

Target: The operations to be acquired by Mastercard represent the majority of Nets’ Corporate Services division and consist of

account-to-account based services, which include clearing and instant payment services, and e-billing solutions. The acquisition

includes Betalingsservice in Denmark and AvtaleGiro/eFaktura in Norway. Nets will retain its e-ID and Digitization services, which it

regards as core.

Deal Rationale: The transaction enables Nets to focus on its core businesses within merchant services (Merchant Services) and

processing (Financial & Network Services) for banks. The transaction strengthens Mastercard’s existing account-to-account

capabilities and complements other recent Mastercard acquisitions – Vocalink (2016), Transfast (2019), and Transactis (2019). In

recent years, Mastercard has developed and acquired B2B, P2M (Person to Merchant) and P2P capabilities to become a “multi-rail”

payments company in support businesses, governments and consumers.

Terms: Mastercard has entered into agreement to acquire Nets' account-to-account based services and e-billing solutions for €2.85

billion (approximately DKK 21.3 billion).

B P S/SER € 2,850.0 - - -






04-Aug-19 Buyer:KKR & Co. Inc.

(New York, NY)

(NYSE: KKR)

------------

Target: heidelpay Group

(Heidelberg,

Germany)

------------

Seller:AnaCap Financial

Partners LLP

(London, England,

UK)

Buyer: KKR & Co. Inc. is a private equity and real estate investment firm specializing in direct and fund of fund investments. It

specializes in acquisitions, leveraged buyouts, management buyouts, credit special situations, growth equity, mature, mezzanine,

distressed, turnaround, lower middle market and middle market investments.

Target: heidelpay (2003) is a full-service payment provider that facilitates payment acceptance on behalf of merchants across various

payment methods for e-commerce, m-commerce and at the physical point of sale. It covers the entire spectrum of electronic

payment processing: from processing to acquiring, monitoring and risk management to receivables management. The Company uses

its own specially developed solutions - such as payment via invoice, instalment payment, direct debit, direct payment and

prepayment - and those of leading providers of credit cards or wallet solutions. heidelpay currently serves more than 30,000 retailers

and marketplace operators, focusing on SMEs and corporates.

Seller: AnaCap Financial Partners is a specialist private equity firm focused on investing in the European financial services sector.

Established in 2005, AnaCap has raised funds with aggregate commitments of €4.4 billion across private equity and credit

opportunities strategies as well as co-invest. AnaCap's funds have attracted a global investor base including Goldman Sachs,

Honeywell and Allianz.

Terms: AnaCap has agreed to sell its majority stake in heidelpay Group to KKR. Mirko Hu llemann, founder and CEO of heidelpay, and

other key managers will remain as long-term shareholders. KKR will make this investment from its European Fund V. Financial details

of the transaction were not disclosed.


31-Jul-19 Buyer:American Express

Company

(NYSE: AXP)

(New York, New

York)

------------

Target: Acompaytm digital

payment

automation

platform for

accounts payable

-----------

Seller:ACOM Solutions,

Inc.

(Long Beach, CA)

Buyer: American Express Company (1850) provides charge and credit payment card products, and travel-related services to

consumers and businesses worldwide. The Company's products and services include charge and credit card products, as well as other

payment and financing products; network services; expense management products and services; travel-related services; and prepaid

products. Other products and services include merchant acquisition and processing, servicing and settlement, point-of-sale

marketing, and information products and services for merchants; and fraud prevention services, as well as the design and operation

of customer loyalty programs.

Target: acompaytm is a digital payment automation platform that helps businesses make supplier payments, manage business spend

and improve cash flow. The platform, which was developed by ACOM Solutions, Inc. in 2016, integrates with enterprise resource

planning and accounting systems. It supports check, ACH and card payments.

Seller: ACOM Solutions (1983) is a B2B payment technology provider. ACOM will continue to offer other products not related to

acompaytm, including EZPay Suite, EZConnect, EZ Content Manager, and Document Management.

Deal Rationale: The acquisition of acompaytm strengthens American Express’ accounts payment automation capabilities. In 2006,

American Express acquired Harbor Payments, a provider of e-invoice and e-payment solutions to corporations and their suppliers.

Terms: American Express Company has signed an agreement to acquire acompaytm, a digital payment automation platform, from

ACOM Solutions, Inc. Terms were not disclosed.

C P S/SER - - - -






22-Jul-19 Buyer:New Capital

Partners

(Birmingham, AL)

------------------

Target:ACES Risk

Management Corp.

(Pompano Beach,

FL)

Buyer: New Capital Partners is a private equity firm that invests in private companies in the lower middle market with a focus on

healthcare services and IT, financial services and IT, and general business services. Its third and most recent fund has committed

capital of $232 million.

Target: ACES Risk Management Corp. (ARMCO) provides ACES Audit Technology, which is enterprise mortgage loan quality control

software. The software is used during the origination process to detect and resolve errors prior to closing, post-closing for due

diligence, and by servicers to fulfill compliance requirements, eliminate defects and reduce legal liability. The Company also offers

ACES Automated Document Manager, which identifies, bookmarks and organizes loan documents; Fraud Case Manager, which helps

lenders manage fraud investigations; DataSure, which improves the data validation process for closed loans before they are delivered

to investors and insurers; and professional services. Customers are mortgage loan lenders and servicers.

Terms: New Capital Partners has made a control investment in ACES Risk Management Corp. Terms were not disclosed.

M C S/SER - - - -

17-Jul-19 Buyer:Temenos Group AG

(Geneva,

Switzerland)

(SIX: TEMN)

---------------------------

Target:Logical Glue Ltd.

(London, England,

UK)

Buyer: Temenos (1993) offers software that manages financial institutions’ front, middle and back office activities, including retail,

private, corporate and commercial banking (including e-banking), treasury and investment, fund and asset management, trade

finance and risk management. Among other things, Temenos offers Temenos T24 Transact, a cloud-native and cloud-agnostic core

banking platform; and Transaction Infinity, an independent, omni-channel digital front office product that helps banks orchestrate

all customer interactions and provides multi-country onboarding capabilities. Both products leverage the common Temenos

Platform architecture. Temenos has 64 offices in 41 countries and more than 2,000 customers in more than 150 countries.

Target: Logical Glue (2012) provides the Explainable AI (“XAI”) platform to financial services clients in the UK and Europe. The

patented XAI platform produces AI credit scoring models that enable lenders to improve underwriting via AI automated decision

making and recommendations that are transparent and explainable to the end users. Other used cases for XA robo-advisor,

intelligent pricing, product recommendation, real-time fraud detection, and debt collection products. Regulators are increasingly

mandating that financial institutions be able to explain to customers the results of automated decisions, and Logical Glue’s

Explainable AI platform helps financial institutions do so.

Deal Rationale: Temenos will embed the XAI platform within its cloud-native, cloud-agnostic Temenos Banking platform. The XAI

platform will be fully integrated with the Temenos Data Lake to give banks a real-time, end-to-end Smart Data Lake, offering higher

quality and richness of data through multiple sources. More generally, the transaction accelerates Temenos AI roadmap. Temenos

picks up a team of AI and Machine Learning experts.

Terms: Temenos Group AG has acquired Logical Glue Ltd. for GBP 12 million.

B LEND S/SER £12.0 - - -






16-Jul-19 Buyer:nCino

(Wilmington, NC)

--------------

Target:Visible Equity LLC

(Salt Lake City, UT)

Buyer: nCino (2012) provides the nCino Bank Operating System, an end-to-end platform that features loan origination, customer

relationship management (CRM), customer onboarding, account opening, deposit accounts, credit analysis, enterprise content

management, and reporting. Initially, the Bank Operating System was used to originate commercial loans. Subsequently, nCino

rolled out a retail lending application. The Company has 250 financial institution customers ranging in size from 20 million to $2

trillion in total assets. nCino was a spinoff of Live Oak Bancshares, Inc. (“LOB”), the bank holding company for Live Oak Banking

Company (the “Bank”). The Bank specializes in providing lending services to small businesses nationwide in targeted industries. LOB

developed a cloud-based software platform on Salesforce.com, Inc.’s Force cloud computing infrastructure platform, to optimize

the Bank's loan origination process, customer experience, reporting metrics, and servicing activity. In January 2012, LOB formed

nCino, LLC to hold and further develop and sell cloud-based banking software. In June 2014, LOB divested its investment in nCino in

the form of a dividend to shareholders with a subsequent investment of $6.1 million later in 2014. During 2015, the Company sold

its remaining investment in nCino, resulting in no ownership as of December 31, 2015. In total, nCino has raised $133.2 million

over 7 rounds, according to CrunchBase. Investors include Wellington Management, Insight Venture Partners, SalesForce Ventures

and Bessemer Partners.

Target: Visible Equity (2008) is a SaaS provider of portfolio management, analytics, data warehousing, reporting, and compliance

solutions to banks and credit unions. The Company’s flagship product is Loan Portfolio Analytics, a Web-based software application

that helps analysts, CFOs, chief lending officers, and lenders to identify, measure, and monitor the risks and opportunities in their

loan portfolios. Visible Equity also offers ALL/CECL software, which enables banks to segment their portfolios and calculate a base

loss rate using CECL-compliant methods; Application Analytics, which lets banks track the sources of their applications, review

approval and denial rates, and identify trends; Deposit Analytics, which helps banks estimate balance changes due to changes in

interest rates and track volumes and concentrations by deposit type; Fair Lending Analytics helps banks see whether any prohibited

basis groups are receiving disadvantaged pricing or products; Customer Analytics, which enables data-driven marketing; and Peer

Analytics, which helps a bank compare its own performance to peer performance.

Deal Rationale: nCino picks up complementary products. nCino will integrate Visible Equity’s products with its own Bank

Operating System and will also continue to sell Visible Equity products standalone.

Terms: nCino has acquired Visible Equity LLC. Terms were not disclosed.

B LEND

D&A

S/SER - - - -

09-Jul-19 Buyer:Royal Bank of

Canada

(Toronto, Ontario,

Canada)

(NYSE: RY)

---------------

Target:WayPay Inc.

(Burlington,

Ontario, Canada)

Buyer: Royal Bank of Canada (1864) operates as a diversified financial service company worldwide and is Canada’s largest bank.

Target: WayPay (2014) offers businesses a cloud-based payments platform for accounts payable automation and payment

optimization. WayPay, which connects to leading accounting platforms, helps businesses reduce their payable pain points by

improving the reconciliation and approvals process.

Deal Rationale: The acquisition of WayPay adds an automated payables and payments solution to RBC’s suite of business offerings.

WayPay will continue to be an agnostic solution which means users can benefit even if they wish to use products from other financial

institutions on the platform.

Terms: Royal Bank of Canada has acquired WayPay Inc. Terms were not disclosed.

B P S/SER - - - -






02-Jul-19 Buyer:NCR Corporation

(Atlanta, GA)

(NYSE: NCR)

---------------

Target:D3 Technology, Inc.

(Omaha, NE)

Buyer: NCR (1884) provides software and services for the financial, retail, hospitality, telecommunications, and technology

industries worldwide. Its Software segment offers industry-based software platforms, applications, and application suites for the

financial services, retail, hospitality, and small business industries; and cash management software, video banking software, fraud

and loss prevention, check and document imaging, remote-deposit capture, and customer-facing mobile and digital banking

applications for the financial services industry. This segment also provides electronic and mobile payment solutions, sector-specific

point of sale (POS) software applications, and back-office inventory, and store and restaurant management applications for the retail

and hospitality industries; and software support and maintenance, and consulting and implementation services for its software

solutions. Its Services segment offers assessment and preparation, staging, installation, implementation, and maintenance and

support; and systems management and managed services for its hardware solutions. The Company's Hardware segment offers multi-

function and thin-client ATMs, interactive teller machines, cash dispensers, cash recycling ATMs, and hardware for check and image

processing; financial services hardware; and POS terminals, self-checkout kiosks, order and payment kiosks, bar code scanners,

printers, and peripherals, among other things.

Target: D3 (2007) is a provider of online and mobile banking software for consumers and small businesses. The D3 Platform includes

pre-built, highly configurable solutions that enable banks and credit unions to rapidly deploy features for consumer and business

banking across channels ranging from web to mobile to smartwatch and voice. The platform also provides Business intelligence &

Analytics, Marketing Campaigns, and Account Opening. D3 enables its bank customers to tailor the CX, from basic text and color

changes to full scale custom user interfaces built on top of D3’s APIs. The D3 platform is a single tenant solution. D3 offers on-

premises or dedicated-hosted in the cloud options. D3 sells to larger financial institutions with assets of $15 billion and above. Its

customers include Arvest Bank, First Tennessee Bank, Synovus Bank, Shazam, TCF Bank, and Zions Bancorporation.

Deal Rationale: NCR entered the online and mobile banking software business in January 2014 through the acquisition of Digital

Insight from Thoma Bravo for $1.65 billion. NCR’s online and mobile banking business focuses on community financial institutions,

whereas D3’s software is aimed at large financial institutions. This transaction follows two other recent acquisitions of

online/mobile banking software: Finastra/Malauzai Software (2018) and Alogent/Jwalla (2017).

Terms: NCR Corporation has acquired D3 Technology, Inc. Financial terms were not disclosed.

B IB S/SER - - - -






01-Jul-19 Buyer:Jack Henry &

Associates, Inc.

(Monett, MO)

(NASDAQ: JKHY)

--------------------

Target:DebtFolio, Inc. (dba

Geezeo)

(Braintree, MA)

Buyer: Jack Henry & Associates, Inc. (1976) is a provider of core information processing solutions for community banks. The

Company’s products and services include processing transactions, automating business processes, and managing information for

over 9,000 financial institutions and diverse corporate entities. JHA provides its products and services through three business

brands: Jack Henry Banking, a leading provider of integrated data processing systems to approximately 1,080 banks ranging from

community banks to multi-billion dollar institutions with assets of up to $50 billion; Symitar, a leading provider of core data

processing solutions for credit unions of all sizes, with approximately 820 credit union customers; ProfitStars, a leading provider of

highly specialized core agnostic products and services (such as payments processing, information security and online and mobile

solutions) to financial institutions that are primarily not core customers of the Company.

Target: Geezeo (2006) provides white-label personal financial management (PFM) software to banks and credit unions. The PFM

platform empowers online and mobile banking users to control spending, manage budgets, and establish and pursue financial goals.

Geezeo also provides data aggregation, which allows accountholders to link data from outside accounts. In addition, the platform

analyzes consumer transactions, giving banks insights into their customers’ behavior and facilitating target marketing. Geezeo

provides its solutions via an open API, which allows integration with most financial institutions’ online and mobile banking

solutions. Approximately 500 financial institutions use Geezeo’s PFM platform. Geezeo sells both directly to financial institutions

and indirectly through channel partnerships with core software providers, online and mobile banking providers, and others.

Partners include Fiserv, Finastra (Malauzai), Jack Henry, Computer Services, Inc, Nymbus, Q2eBanking, MEA Financial Enterprises,

Access Softek, and Zenmonics.

Deal Rationale: Jack Henry will sell Geezeo’s software to its core bank and credit union customers and to non-core customers

through its ProfitStars division. Jack Henry was already a Geezeo partner. JHA Online Financial Management, which is powered by

Geezeo, integrates with transaction data from Jack Henry’s core systems through NetTeller Online Banking, goDough mobile banking

and Banno digital banking solutions.

Terms: Jack Henry & Associates, Inc. has acquired Geezeo. Terms were not disclosed.

B PFM

DATA AGG

S/SER - - - -






01-Jul-19 Buyer:Signicat AS

(Trondheim,

Norway)

-----------------------------

Target:Idfy Norge AS

(Bergen, Norway)

Buyer: Signicat AS (2007) offers the Signicat Open Identity platform, which provides verified digital identity solutions through

secure digital on-boarding, identity verification services, and regulatory compliance solutions. The heart of the Signicat offering is

the Digital Identity Hub, which connects a business to more than 20 electronic IDs, numerous social logins, registry lookups, and

other verification methods such as document scanning, facial recognition, and live video detection. The Hub is extensible, so 3rd

party technology and verification method providers can add new methods through Signicat’s APIs. In addition, the Company’s offers

the Digital Identity Service Provider (DISP), a one-stop-service for digital identity, which provides Identity-on-Demand services for

Signicat’s customers, with all identity information and agreements collected in one access point. Signicat has more than 500 clients

with concentration in the financial services vertical. Customers include DNB, Klarna Rabobank, Santander, Société Générale and

Western Union. In 2018, Signicat generated revenues of approximately NOK 180 million (EUR 19 million), primarily consisting of

recurring subscription or transaction-based revenues. The company has about 115 employees across offices in Norway, Sweden,

Finland, Denmark, UK, Germany, the Netherlands and Portugal. In April 2019, Nordic Capital acquired a majority stake in Signicat AS

from the Norwegian investment firm Secure Identity Holding AS and other shareholders.

Target: Idfy (2012) provides secure identification and electronic signature solutions. Its platform provides API-based “building

blocks” for developers to add trust services such as secure authentication, signing and sealing to web and mobile applications.

Signicat’s offers online authentication and two-factor login procedures that let businesses know whom they are interacting with; a

“Sign API” that lets users create a digital signing process that follows the European eIDAS standards; and an API and services for

generating electronic seals as defined under eIDAS that let external recipients of documents know that the documents haven’t been

faked or tampered with. Idfy has more than 300 customers in 20 industry verticals, with a strong presence in the fintech and real

estate sectors. The Company has offices in Bergen and Oslo.

Deal Rationale: The acquisition enhances Signicat’s reach and portfolio of services. In addition, Signicat picks up a strong team of

digital identity experts. It is Signicat’s first add-on acquisition since Nordic Capital acquired Signicat in April 2019.

Terms: Signicat has acquired Idfy. Active Idfy shareholders have made a significant investment in the combined entity by rolling

shares into Signicat.

B SECUR S/SER - - - -

28-Jun-19 Buyer:

Visa Inc.

(San Francisco, CA)

(NYSE: V)

---------------------

Target:

Verifi, Inc.

(Los Angeles, CA)

Buyer: Visa Inc. operates as a payments technology company worldwide. The Company facilitates commerce through the transfer of

value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities.

It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers

fraud protection for account holders and assured payment for merchants. In addition, the company offers card products, as well as

value-added services.

Target: Verifi (2005) provides technology solutions that reduce chargebacks. Verifi’s technology connects all parties in the dispute

management process (buyers, sellers, issuers and acquirers) in near real-time in an effort to resolve disputes before they become

chargebacks.

Deal Rationale: Through the transaction, Visa expands its chargeback and dispute resolution capabilities. Visa will integrate Verifi’s

chargeback tools with its own risk management services, including those delivered by Cardinal Commerce and CyberSource.

Terms: Visa Inc. has signed a definitive agreement to acquire Verifi.

B P S/SER - - - -






06-Jun-19 Buyer:American Mortgage

Consultants, Inc.

("AMC")

(New York, NY)

--------------------

Target:MBMS, Inc.

(Amherst, NY)

Buyer: AMC (1996) is a nationwide residential and consumer loan due diligence, quality control, securitization review, MSR review,

advance assessment, servicing oversight, technology, and consulting services provider. AMC’s customizable solutions are used by

Wall Street banks, regional and community banks, government agencies, REITs, hedge funds, private equity funds, mortgage and

bond insurers, originators, and mortgage servicing clients. In 2019, AMC acquired Meridian Asset Services (2019), a provider of real

estate, loan and technology services; and String Real Estate Information Services, a provider of title search outsourcing services. In

2018, AMC acquired The Barrent Group, a consulting firm specializing in forensic and credit reviews. In 2016, AMC acquired a

business unit that provides due diligence and quality control for residential mortgages from Stewart Title Company. In 2015, AMC

acquired JCII & Associates, a provider of transactional residential mortgage due diligence.

Target: MBMS (1985) develops software for document custodians and warehouse lenders. Third party document custodians hold

documents for financial assets pooled into asset-backed securities or held on balance sheet. The custodian is hired by the issuer of a

security or asset holder but is also accountable to the investor and the program guarantor. The custodian is responsible for (a)

independent verification and reporting of the existence, location, and status of all required documents to be held in order to meet

program requirements and (b) independent verification of critical information about each asset as represented by the issuer of the

security and for reporting that information to the program guarantor. MBMS’ provides custodians with three tools – the emBTRUST

System-Of-Record platform, which is the custodian’s primary source of data, rules, functionality and reports used for monitoring

each customer’s portfolio; the MBMS Electronic Mortgage Vault, an application designed to hold eNotes and to integrate with other

MBMS systems of record pertaining to the status of an eNote; and the MBMS Loading Dock, an application that provides a controlled

environment for data staging processes (acquisition, storage, search and processing). MBMS’s Pro Merit System-Of-Record platform is

used by warehouse lenders as a core information system in order to comply with risk management requirements and to manage the

functional requirements of administering their operations.

Deal Rationale: AMC will use its own character recognition and document management technologies to automate MBMS’

processes, thereby reducing transaction cycle time and costs. AMC will also look to expand integration points through the

residential ecosystem to lower friction costs associated with holding and trading residential mortgage assets.

Terms: American Mortgage Consultants, Inc. has acquired MBMS, Inc. Terms were not disclosed.

M DOC S/SER - - - -

06-Jun-19 Buyer:Serent Capital

(San Francisco, CA)

--------------

Target:Payliance, Inc.

(Columbus, OH)

Buyer: Serent Capital (2008) is a San Francisco-based private equity firm with a focus on high growth software and services

businesses. Serent has been an active investor in financial technology through platform and add-on acquisitions. Serent has been an

active investor in financial technology through platform and add-on acquisitions such as Optimal Blue (2012), Loansifter (2013),

Diamond Mind (2014), Commissions Inc. (2015), Mercury Network, LLC (2015), Platinum Data Solutions, Inc. (2016), Docutech

(2016), Appraisal Scope, Inc. (2017), GDS Link (2018), Meridianlink (2018), BirchStreet Systems (2018), and KEV Group (2018).

Target: Payliance (2008) provided payment processing, payment recovery, and risk management solutions to lenders and businesses.

The Company is merchant focused and industry specific, with expertise in the eCommerce, retail and franchising, lending, education

and government, restaurants, and collections industries. Payliance’s solutions handle ACH, eCheck, RCC, debit card, and credit card

processing.

Terms: Serent Capital has invested in Payliance, Inc. Terms were not disclosed.







04-Jun-19 Buyer:PayPal Holdings,

Inc.

(San Jose, CA)

(NasdaqGS: PYPL)

-------------------

Target:Tink AB

(Stockholm,

Sweden)

Strategic Investment

Buyer: PayPal Holdings, Inc. (1998) operates a two-sided proprietary global technology platform that links merchants and

consumers around the globe to facilitate the processing of payment transactions. PayPal enables consumers to more safely exchange

funds with merchants using a variety of funding sources, which may include a bank account, a PayPal account balance, a PayPal

Credit account, a credit or debit card or other stored value products such as coupons and gift cards. The Company’s PayPal, Venmo

and Xoom products also make it safer and simpler for friends and family to transfer funds to each other. The Company also offers

merchants gateway services, which include its Payflow Gateway services and Braintree Gateway services, which provide the

technology that links a merchant’s website to its processing network and merchant account and enable merchants to accept

payments online with credit or debit cards.

Target: Tink (2012) provides a cloud-based platform that aggregates data from banks across Europe, thereby allowing third parties,

such as fintech startups, to use the information to build products and provide services for bank customers as now allowed by PSD2.

Payment Services Directive 2 (“PSD2”), a new European Union Directive, allows bank customers, both consumers and businesses, to

authorize third parties to access their banking data to manage their funds or initiate payments on their behalf. Tink’s products

consist of Account Aggregation, Payment Initiation, Personal Finance Management, and Data Enrichment. They can be used to

develop standalone services or be integrated into existing banking applications. The company has 160 employees. Insight Venture

Partners, Sunstone, SEB, Creades, Nordea Ventures (the venture capital arm of Nordea Bank) and ABN AMRO Digital Impact Fund (the

venture capital arm of ABN Amro Group NV) have invested in Tink.

Deal Rationale: Tink will use the funding to expand its team, build new products and connect to more banks. PayPal will use Tink’s

technology to allow its customers to connect their bank accounts to their PayPal accounts.

Terms: PayPal Holdings Inc has invested 10 million euros ($11.2 million) in Tink.

B D&A

PFM

P

S/SER € 10.0 - - -

04-Jun-19 Buyer:Covius Holdings Inc.

(Glendale, CO)

----------------

Target:Certain Business

Units of Chronos

Solutions

----------------

Seller:Chronos Solutions,

LLC

(Coppell, TX)

Target: The acquired businesses include Chronos’ credit reporting and modeling business, borrower verification services, flood

determination services, appraisal review technology, lien release and tracking, HOA risk mitigation services, government services,

REO asset management and disposition services, and online foreclosure auction services. The acquisition includes certain delivery

platforms, including Funding Suite, which is software that facilitates LOS-based credit report request and delivery, among other

things; Taxdoor, an automated tax transcript solution; and RealtyBid, an auction platform for accelerated sale of distressed

properties through live auction events and real-time online auctions.

Seller: Chronos Solutions (2004), formerly known as Matt Martin Real Estate Management LLC, provides real estate services to the

federal government, various state and local municipalities, financial institutions, and mortgage investors in the U.S. The Company

offers HOA solutions, accelerated asset liquidation marketing (auctions), asset acquisition services (find, buy, rehab, and close it),

title insurance, settlement services (closing, escrow and abstracting), valuations, REO asset management and disposition, field

services (property preservation, property services, inspections and specialty products), and advisory services. Chronos acquired UPF

Services in 2016, Commerce Title and Closing Services in February 2016, Cogent Road in December 2015 and RealtyBid International

in January 2015.

Deal Rationale: The acquired businesses complement Covius' offerings in document management, loan modification and loss

mitigation, title, compliance management, lien tracking, valuations, due diligence and business process workflow services.

Terms: Covius Holdings Inc. has entered into a definitive asset purchase agreement to acquire certain businesses, which are

described above, from Chronos Solutions. Chronos' key senior management and operating team members will be joining Covius as

part of the transaction. Financial terms were not disclosed.

M SETTLE S/SER - - - -






04-Jun-19 Buyer:Alogent

Corporation

(Peachtree Corners,

GA)

-------------------

Target:FinanceGenius Suite

of Lending Software

(Austin, TX)

-------------------

Seller:IntelliEngines, Inc.

(Austin, TX)

Buyer: Alogent provides banks and credit unions with deposit automation, item processing, enterprise information management,

and mobile banking software. Alogent offers remote deposit capture, in-branch check capture, item processing and a variety of

customer facing solutions such as digital account opening, self-service deposit capture (via kiosks, online and mobile devices), and

deposit capture solutions for ATMs and interactive teller machines (ITMs). Alogent also offers enterprise content management to

credit unions. In 2017, Alogent acquired Jwaala LLC, a provider of mobile banking software. Battery Ventures acquired Alogent

Corporation from Jack Henry & Associates in June 2016. In August 2016, Battery Ventures acquired Bluepoint Solutions, and

subsequently merged it with Alogent. Bluepoint offered check image capture and content management solutions primarily to credit

unions, which complemented Alogent’s similar offerings to banks.

Target: FinanceGenius is a cloud-based, multi-channel, end-to-end consumer lending software solution that automates consumer

lending for financial institutions. Consumers can engage through multiple channels – online, mobile, in-branch or by phone. The

software addresses the full lifecycle of a loan, from origination to decisioning to underwriting.

Seller: IntelliEngines, Inc. develops cloud-based solutions that automate repetitive processes and extract value form customer data

for rules-based decision-making. The Company offers Wakaru Decision Engines, which provide cloud-based AI tools for automate

decision-making. IntelliEngines acquired FinanceGenius, Inc. through an asset purchase transaction in October 2018.

Deal Rationale: Through the transaction, Alogent adds lending software to its product portfolio and expands its footprint in the

digital financial ecosystem. FinanceGenius follows Alogent’s acquisition of Jwaala, a provider of mobile banking software, in

November 2017. Alogent will rebrand FinanceGenius as Origins.

Terms: Alogent has acquired the FinanceGenius suite of lending software from IntelliEngines, Inc. Terms were not disclosed.







28-May-19 Buyer:Global Payments

Inc.

(Atlanta, GA)

(NYSE: GPN)

--------------------

Target:Total Systems

Services, Inc.

(“TSYS”)

(Columbus, GA)

(NYSE: TSS)

Buyer: Global Payments (1967) provides payment technology and software solutions for card, electronic, check, and digital-based

payments. It offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback

resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, and online

reporting services. The company also provides an array of enterprise software solutions that streamline business operations of its

customers in various vertical markets; and value-added services, such as analytic and engagement tools, as well as payroll services. In

addition, it offers credit and debit card transaction processing services for various international card brands, including American

Express, Discover Card, JCB, MasterCard, UnionPay International, and Visa; and non-traditional payment methods, as well as certain

domestic debit networks, such as Interac in Canada.

Target: TSYS (1982) provides payment processing, merchant, and related payment services to financial and nonfinancial institutions

worldwide. The company operates through three segments: Issuer Solutions, Merchant Solutions, and Consumer Solutions. It offers

general purpose reloadable prepaid and payroll cards, demand deposit accounts, and other financial service solutions to the

underbanked and other consumers and businesses. The company also provides third party processing and related services for credit

card issuers, merchant acquirers, independent sales organizations, and financial institutions; and issuer processing services, as well

as operates as a prepaid program manager. For the latest twelve months through March 31, 2019, revenue, EBITDA and EBIT equaled

$4.076 billion, $1.267 billion and $ 859 million, respectively.

Deal Rationale: The combined company will have a software stack and developers to better compete in omnichannel, e-commerce

and digital payments.

Terms: Global Payments and TSYS have entered into a definitive agreement to combine in an all-stock merger of equals. TSYS

shareholders will receive 0.8101 Global Payments shares for each share of TSYS common stock, representing an equity value for TSYS

of approximately $21.5 billion. The implicit price per share of $119.86 for each share of TSYS common stock represents a premium

of approximately 20% to TSYS’ common share price as of the close of business on May 23, 2019. Upon closing, Global Payments

shareholders will own 52% of the combined company, and TSYS shareholders will own 48% on a fully diluted basis. Enterprise Value

equals equity value of $21.500 billion plus debt of $4.219 billion less cash of $495 million, or $25.225 billion.

B

CORP

P S/SER $25,224.8 6.2x 19.9x 29.4x






05-May-19 Buyer:Mastercard

Incorporated

(Purchase, NY)

(NYSE: MA)

-------------

Target:Transactis, Inc.

(New York, NY)

Buyer: Mastercard Incorporated (1966), a technology company, provides transaction processing and other payment-related

products and services in the U.S. and internationally. It facilitates the processing of payment transactions, including authorization,

clearing, and settlement, as well as delivers related products and services. The company also offers value-added services, such as

loyalty and reward programs, information and consulting services, issuer and acquirer processing solutions, and payment and

mobile gateways. In addition, it provides various payment products and solutions for cardholders, merchants, financial institutions,

and governments; programs that enable issuers to provide consumers with cards to defer payments; payment products and solutions

that allow its customers to access funds in deposit and other accounts; prepaid payment programs and management services; and

commercial payment products and solutions. Further, the company provides products and services to prevent, detect, and respond

to fraud and cyber-attacks, and ensure the safety of transactions. It offers payment solutions and services under the MasterCard,

Maestro, and Cirrus brands.

Target: Transactis is a provider of SaaS-based electronic bill presentment and payment (EBPP) solutions that allow businesses to

distribute customer bills (B2B or B2C), accept and process payments, and automatically track and reconcile billing. The solutions

allow payments via ACH, credit cards, debit cards, PayPal and Amazon Pay. Transactis distributes its technology through a broad

network of bank and non-bank partners. The Company has raised $70 million from five banks (Capital One, Fifth Third Bank, PNC

Bank, TD Bank, and Wells Fargo), Safeguard Scientifics, MacAndrews & Forbes, Harland Financial Solutions, and StarVest Partners,

among others. Transactis acquired Data Impact in 2011 and OfferIQ in 2010.

Deal Rationale: There are two types of EBPP solutions: (1) the biller direct system, which allows a company to use a branded portal

to facilitate direct payments from customers and (2) the bank-aggregator system, which allows customers to make electronic

payment to multiple billers simultaneously through their banks’ online or mobile banking solutions. In 2018, Mastercard launched

Bill Pay Exchange, a bank-aggregator system that allows consumers to view, pay and manage bills within their existing banking apps.

MasterCard offers the solution to banks and credit unions through a set of APIs. The acquisition of Transactis gives MasterCard a

biller direct system, which is also distributed through banks.

Terms: Mastercard has entered into an agreement to acquire Transactis. Terms were not disclosed.







03-May-19 Buyer:Bottomline

Technologies, Inc.

(Portsmouth, NH)

(NasdaqGS: EPAY)

----------------

Target:BankSight Systems,

Inc.

(San Francisco, CA)

Buyer: Bottomline (1989) provides business payment technology for corporations and banks. Products and services include

Paymode-X, a cloud-based payment network, which allows businesses to transition to electronic integrated payables; and cloud-

based financial messaging solutions that enable banks and corporations to exchange financial information, such as payment

instructions, cash reporting, and other messages to facilitate transaction settlement. It also provides digital banking solutions that

provide payments, cash management, and online banking solutions to financial institutions; and cloud-based legal spend

management solutions and services that integrate with claims management, and time and billing systems to automate legal invoice

management processes. In addition, the Company offers cyber fraud and risk management solutions that monitor, replay, and

analyze user behavior and payment transactions to flag and stop suspicious activity in real time; and payment and document

automation solutions to automate a range of business documents and supply chain processes, as well as related Web-based delivery

and document archive. Further, it provides healthcare solutions for patient registration, electronic signature, mobile document,

and payments, among other things. The Company operates in the U.S., the U.K., Continental Europe, the Asia-Pacific, and the Middle

East.

Target: BankSight provides a customer engagement and insights platform for banks and credit unions. The platform consolidates

and analyzes the customer data that financial institutions already have on their core systems, LOSs and other financial systems to

help bankers and wealth managers generate personalized, AI-driven recommendations. BankSight runs on the Microsoft Power

Platform, including Microsoft Azure and PowerBI. BankSight raised $4.7 million in a seed round in 2015 from Bottomline

Technologies, Bloomberg Beta and Bogomil Balkansky, according to Crunchbase.

Deal Rationale: Bottomline adds to its suite of digital banking solutions.

Terms: Bottomline Technologies has agreed to acquire BankSight Software Systems, Inc. for a cash payment of $2,750,000 and the

issuance of 40,000 shares of Bottomline common stock. The shares, which have a value of about $1.8 million based on the closing

price on the announcement date, have vesting conditions tied to continued employment of certain BankSight employees and are

compensatory; accordingly, the Company will record share-based payment expense over the stock vesting period of five years. Prior

to the acquisition, the Company held a minority equity investment in BankSight preferred stock. The transaction closed on June 3,

2019.

B DIGITAL

SALES &

ONBOARD

S/SER - - - -

01-May-19 Buyer:Intercontinental

Exchange, Inc.

(“ICE”)

(Atlanta, GA)

(NYSE: ICE)

------------------

Target:Simplifile, LC

(Provo, UT)

Buyer: Intercontinental Exchange, Inc. (“ICE”) (2000), the parent company of the New York Stock Exchange, operates regulated

exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets in the U.S, the U.K,

European Union, Asia, Israel, and Canada. It also offers data services to support the trading, investment, risk management, and

connectivity needs of customers across major asset classes. In October 2018, ICE acquired MERSCORP, which operates the Mortgage

Electronic Registration Systems, or MERS, a national electronic database that tracks changes in mortgage servicing and beneficial

ownership interests in U.S. residential loans.

Target: Simplifile provides an e-recording network to connect lenders, settlement agents and county recorders via its e-recording

service in the U.S. E-recording is the process of allowing document submitters, such as title companies, law firms, financial

institutions, to electronically record post-closing real estate documents with county recording offices. The county recording offices

then review, stamp, record and return the documents to the submitter electronically. Simplifile’s network connects 1,922 counties,

which represent over 80% of the U.S. populations.

Deal Rationale: The acquisition of Simplifile expands the ICE Mortgage Services portfolio, which includes MERSCORP Holdings, Inc.

Terms: Intercontinental Exchange, Inc. has entered into a definitive agreement to acquire Simplifile, LC for $335 million in cash,

subject to a customary adjustment for working capital of Simplifile. The consummation of the transaction is subject to the

satisfaction of customary closing conditions and the expiration or termination of the applicable waiting period under the Hart-Scott-

Rodino Antitrust Improvements Act of 1976, as amended. The Purchase Agreement contains customary representations, warranties

and covenants.

M T S/SER $335.0 - - -






01-May-19 Buyer:New Residential

Investment Corp.

(“NRZ”)

(New York, NY)

(NYSE: NRZ)

----------------

Target:Covius Holdings Inc.

(Glendale, CO)

Strategic Investment

Buyer: New Residential Investment Corp. (2011) is a publicly traded real estate investment trust (“REIT”) that focuses on investing in,

and actively managing, investments primarily related to residential real estate. NRZ aims to drive strong risk-adjusted returns

primarily through investments in (i) Excess Mortgage Servicing Rights ("MSRs"), (ii) Servicer Advances, (iii) non-Agency residential

mortgage backed securities ("RMBS") and associated call rights.

Target: Covius, formerly known as LenderLive Holdings, Inc., is a provider of technology-enabled services to the financial services

industry. The Company’s service offerings include settlement and title, document and letter fulfillment, regulatory compliance,

quality assurance, commercial and residential loan due diligence, and business process automation. In August 2018, LenderLive

Holdings, Inc. sold its mortgage fulfillment and secondary market business unit (LenderLive Network) to Computershare Loan

Services, a subsidiary of Computershare Limited. It retained LenderLive Service and reQuire Holdings and renamed itself Covius

Holdings.

Deal Rationale: Covius intends to use the investment proceeds to support strategic acquisitions and various other growth

initiatives.

Terms: New Residential Investment Corp. has entered into agreements to make a strategic investment in Covius Holdings Inc.

Following the investment, New Residential will own a minority stake in Covius, with an option to increase its ownership position

through specified future investments. Aquiline Capital Partners, a New York and London-based private equity firm investing in

financial services and technology, has been Covius’ majority shareholder since 2014 and will continue to be following the

transaction. The closing of the transaction is subject to satisfaction of certain closing conditions.

M SETTLE

DOC

C

QC

DUEDIL

SER - - - -






24-Apr-19 Buyer:Equifax Inc.

(Atlanta, GA)

(NYSE: EFX))

------------------------

Target:PayNet Inc.

(Skokie, IL)

Buyer: Equifax (EFX) (1899) is a global data, analytics and technology company. Among other things, EFX provides information

solutions for financial institutions, corporations, governments and individuals. Services are based databases of consumer and

business information derived from numerous sources. EFX uses statistical techniques, machine learning and proprietary software

tools to analyze available data to create customized insights, decision-making solutions and processing services for its clients. In

addition, EFX is a provider of payroll-related and human resource management business process outsourcing services in the U.S.

Target: PayNet, Inc. (2000) is a provider of commercial credit risk underwriting and management solutions for online and

alternative finance lenders and commercial finance and leasing companies in the U.S. and Canada. PayNet maintains a large

proprietary database of small business loans, leases and lines of credit. Using analytics, PayNet converts raw data into marketing

intelligence and predictive information for subscribing lenders. Products include the PayNet Credit History Report, which provides

small business credit data that facilitates credit review; Credit Review Express, which uses a lender’s business rules to classify

accounts into credit risk categories to assign the level and frequency of review; PayNet AbsolutePD Dataset produces probabilities of

default for business borrowers in a lender’s portfolio; PayNet AbsolutePD Portfolio Manager, an online platform that produces

customized reports that evaluate risks based on multiple parameters; PayNet AbsolutePD Stress Test Simulator for complying with

the Federal Reserve’s Comprehensive Capital Analysis and Reserve Requirements; PayNet MasterScore v2, which allows lenders to

automate credit decisions; Custom Score Variables v2, which provides credit attributes that help lenders build custom scoring

models; PayNet Advanced Score of Scores, which provides lenders who do not have the resources to build a statistical model with a

single, blended score; PayNet Absolute Expected Loss, which enables lenders to derive the Probability of Default, Exposure at Default

and Loss Given Default values to calculate Expected Loss and determine Reserves for Losses; PayNet Portfolio Risk Manager, a data-

driven risk monitoring tool; and the Strategic Business Review Service, which provides benchmarking of a lender’s Loan/lease

portfolio versus a peer group.

Deal Rationale: Through the transaction, Equifax picks up unique and valuable commercial leasing data assets that enhance

decisioning and access to credit for small and medium-sized businesses.

Terms: Equifax, Inc. has acquired PayNet Inc. Financial terms were not disclosed.

B D&A S/SER - - - -






18-Apr-19 Buyer:Appen Limited

(Chatswood,

Australia)

(APX.AX)

-------------

Target:Figure Eight Inc.

(San Francisco, CA)

Buyer: Appen Limited (1996) provides human-annotated datasets for machine learning and artificial intelligence. The data is used as

training data for machine learning in mobile devices, digital assistants, vehicles, law enforcement, search, social media, ecommerce

and consumer electronics. Data includes speech and natural languages data from 130 countries and in 180 languages, image and

video data, and relevance data. Appen’s customers include technology companies, automakers and governments. For the fiscal year

ended December 31, 2018, the Company reported revenue of $364.3 million and EBITDA of $68.1 million. At yearend 2018, the

Company had 513 full-time employees and over 1 million on-demand global crowd.

Target: Figure Eight (2009), formerly CrowdFlower, rebranded as Figure Eight in April 2018 to focus on AI and machine learning

opportunities. Figure Eight provides a “human-in-the Loop” machine learning platform that transforms text, image, audio and video

data into customized, high quality training data for a wide range of use cases including autonomous vehicles, consumer product

identification, natural language processing, search relevance, and intelligent chatbots, among other things. The Company uses a

distributed network of human annotators and cutting-edge machine learning models to annotate the data at enterprise scale. Figure

Eight has raised a total of $58 million in funding from investors, including Trinity Ventures, Industry Ventures, Canvas Ventures and

Salesforce Ventures, according to Crunchbase.

Deal Rationale: Appen and Figure Eight both focus on using crowdsourced labor pools to annotate data that is used to train artificial

intelligence and machine learning. Through the acquisition, Appen picks up a set of technologies that will enable it to deliver at

greater scale.

Terms: Appen Limited has acquired Figure Eight for $175 million at closing plus up to an additional $125 million based on

performance.

B D&A S/SER $175.0 - - -






17-Apr-19 Buyer:Stripe, Inc.

(San Francisco, CA)

--------------

Target:Touchtech

Payments Ltd.

(Dublin, Ireland)

Buyer: Stripe, Inc. (2009), a payments infrastructure company, offers a payments platform combined with various applications that

help customers manage revenue, prevent fraud and expand internationally. At the core of Stripe’s offering is a cloud-based payments

platform that enables businesses to accept, process, settle and reconcile, and manage online payments. Strip’s developer platform

makes it easy for developers to build production-ready integrations of the payments platform into other applications. Sitting on top

of the payments platform are applications consisting of Stipe Billing, an application to build and manage recurring billing; Stripe

Connect, a payout engine used by marketplaces and platforms to accept money an pay out to third parties; Stripe Sigma, a tool that

enables businesses to analyze their Stripe data and get business insights; Stripe Radar, which helps detect and block fraud; Stripe

Atlas, a tool for establishing Internet business; Stripe Issuing, an API for creating cards and new business models; and Stripe Terminal,

a programmable POS terminal that extends a business’ online presence into the physical world. The company serves web and mobile

businesses in the United States, Canada, the United Kingdom, Australia, and various European countries. According to Crunchbase,

Stripe has raised $785 million in 10 rounds from 27 investors. Investors include Tiger Global Management, DST Global, Sequoia

Capital, Kleiner Perkins, Thrive Capital, CapitalG, and General Catalyst.

Target: Touchtech Payments Ltd. (2014) is a software company that provides advanced SCA-ready authentication technology for

fintechs and challenger banks in Europe. Its 2-factor authentication products can be used by ecommerce shoppers to authenticate

themselves when using a credit card online or by a bank customer at login to access online or mobile banking. The Company

products are Touchtech Payments for authentication of online card payments; and Biometric Strong Customer Authentication (SCA),

which enables a bank’s customers to access online banking without usernames and codes. Biometric SCA is offered as a service

through an API and SDK or on-premises. The Company’s products are certified to industry standards and meet all existing regulatory

standards including the Payment Services Directive 2 (“PSD2”) and its Regulatory Technical Standards.

Deal Rationale: On September 14, 2019, Strong Customer Authentication (“SCA”) regulation under PSD2 becomes effective in the

EU. SCA requires two-factor authentication, which is based on the use of two or more elements categorized as knowledge (i.e.,

something only the user knows), possession (i.e., something only the user possesses, like a phone), and inherence (i.e., something the

user is, like a fingerprint or face ID). The acquisition will enable Stripe to accelerate SCA readiness for financial institutions.

Terms: Stripe, Inc. has acquired Touchtech Payments Ltd. Terms were not disclosed.







16-Apr-19 Buyer:Mastercard

Incorporated

(Purchase, NY)

(NYSE: MA)

-------------

Target:Vyze, Inc.

(Austin, TX

Target: Vyze, Inc. (2008) provides a technology platform that connects retailers to a network of lenders in order to enable retailers to

offer their customers a range of affordable payment options at checkout for online and in-store purchases. In-store, retail customers

submit a financing application at the POS. The retailer distributes the application to its selected group of lenders to identify the best

offer available. The matching credit offer is presented to customer via the retailer’s POS terminal for review. The customer accepts

the offer and uses it to make the purchase. A similar process is employed for ecommerce. Vyze integrates lenders and merchants with

its platform through the use of APIs and works with each retailer to identify the right lending partners. The Company’s competitors

include Affirm and Afterpay Touch. Vyze has raised $47.2 million in 5 rounds from Austin Ventures, StarVest Partners and Fathom

Capital, according to Crunchbase. Vyze, Inc. was formerly known as NewComLink, Inc. and changed its name to Vyze, Inc. in April

2016.











Deal Rationale: Through this acquisition, Mastercard enters the POS financing space and becomes a more strategic partner to both

lenders and merchants.

Terms: Mastercard Incorporated has acquired Vyze, Inc. Terms of the agreement were not disclosed.







11-Apr-19 Buyer:Nordic Capital

Limited

(St. Helier, Jersey,

Channel Islands)

-----------------------------

Target:Signicat AS

(Trondheim,

Norway)

Buyer: Nordic Capital (1989) is a private equity investor in the Nordic region with a focus on Healthcare, Technology & Payments,

Financial Services, Industrial Goods & Services and Consumer & Retail. Nordic Capital has invested EUR 14 billion in over 100

investments. The most recent fund, Nordic Capital Fund IX has EUR 4.3 billion in committed capital principally provided by

international institutional investors. The Nordic Capital Funds and vehicles are based in Jersey and are advised by advisory entities,

which are based in Sweden, Denmark, Finland, Norway, Germany and the UK.

Target: Signicat AS (2007) offers the Signicat Open Identity platform, which provides verified digital identity solutions through

secure digital on-boarding, identity verification services, and regulatory compliance solutions. The heart of the Signicat offering is

the Digital Identity Hub, which connects a business to more than 20 electronic IDs, numerous social logins, registry lookups, and

other verification methods such as document scanning, facial recognition, and live video detection. The Hub is extensible, so 3rd

party technology and verification method providers can add new methods through Signicat’s APIs. In addition, the Company’s offers

the Digital Identity Service Provider (DISP), a one-stop-service for digital identity, which provides Identity-on-Demand services for

Signicat’s customers, with all identity information and agreements collected in one access point. Signicat has more than 500 clients

with concentration in the financial services vertical. Customers include DNB, Klarna Rabobank, Santander, Société Générale and

Western Union. In 2018, Signicat generated revenues of approximately NOK 180 million (EUR 19 million), primarily consisting of

recurring subscription or transaction-based revenues. The company has about 115 employees across offices in Norway, Sweden,

Finland, Denmark, UK, Germany, the Netherlands and Portugal. According to Crunchbase, Signicat had raised $8.8 million in 7

rounds from Viking Venture Management, Secure Identity Holding and Horizon 2020. Signicat AS was formerly known as Kantega

Secure Identity AS and changed its name in August 2007.

Deal Rationale: The acquisition of Signicat is the ninth investment by Nordic Capital's latest fund, Nordic Capital Fund IX, which

closed in May 2018 with EUR 4.3 billion in committed capital.

Terms: Nordic Capital Fund IX has acquired Signicat AS from the Norwegian investment firm Secure Identity Holding AS and other

shareholders. Viking Venture III AS, an existing investor, will re-invest all proceeds and continue as a minority owner together with

employee shareholders.







10-Apr-19 Buyer:Sopra Banking

Software SA

(Annecy-le-Vieux)

A subsidiary of:

Sopra Steria

(Paris, France)

(Paris: SOP)

---------------

Target:SAB Ingenierie

Informatique SA

(Fontenay-sous-

Bois, France)

Buyer: Sopra Steria was formed through the merger of Sopra and Steria in 2014. Sopra Steria engages in the consulting, systems

integration, IT infrastructure management, cybersecurity, business solutions, and business process service businesses primarily in

France, the U.K., and internationally. Its business solutions segment provides packaged solutions in three areas: Banking via Sopra

Banking Software, Human Resources via Sopra HR Software, and Property Management. Sopra Banking Software, a wholly-owned

subsidiary, produces software solutions for a wide range of banking operations. The Sopra Banking Suite meets general needs by

offering integrated systems, but also more specific vertical market needs such as loan services, payment transactions, management of

bank cards and accounts, banking distribution, cash management and regulatory compliance via a wide range of business

components which may be linked together. Sopra Banking Software’s two flagship offerings are Sopra Banking Amplitude, an

integrated solution designed to provide a broad business offering in emerging markets and among mid-sized banks; and Sopra

Banking Platform, designed to provide a comprehensive and robust solution in mature markets through a blend of components

based on a service-oriented architecture. The Company serves the following vertical markets: banking; public sector; aerospace,

defense and homeland security; energy and utilities, insurance, transport, telecoms, media and games; and retail. With over 44,000

employees in more than 25 countries, Sopra Steria generated revenue of €4.1 billion in 2018.

Target: SAB (1989), a provider of core banking software, SAB AT. SAB has more than two hundred references, mostly mid-sized retail

banks. The company generated revenue of €64.4 million in 2018. Recurring revenue from maintenance services and ASP services

accounted for 30% and 12%, respectively. SAB generates more than three-quarters of its revenue in France.

Deal Rationale: This transaction strengthens Sopra Banking Software’s position in France in core banking software and expands its

reach in Europe and Africa. The transaction also expand its ability to provide core banking services in ASP mode. Sopra did not

specify how it would position its core solution (Sopra Banking Amplitude) versus SAB’s SAB AT. In the past, Sopra has maintained all

acquired products, recently with a common digital front-end branded as Digital eXperience Platform (DxP). Sopra has acquired

other core system providers, including Callataÿ and Wouters (2012) with its Thaler system (now Sopra Banking Platform) and UK-

based Sword Apak (2018).

Terms: Sopra Steria has agreed to acquire SAB through its subsidiary Sopra Banking Software. Sopra Banking Software would initially

acquire a majority stake in SAB and the balance in one year.

B CORE S/SER - - - -






01-Apr-19 Buyer:Constellation

Software Inc.

(Toronto, Ontario,

Canada)

(CSU.TO)

-------------------

Target:Mortgage Builder

(Southfield, MI)

---------------------

Seller:Altisource Portfolio

Solutions S.A.

(Luxembourg City,

Luxembourg)

(NasdaqGS: ASPS)

Buyer: Constellation Software Inc. (1995), together with its subsidiaries, acquires, manages and builds vertical market software

businesses in the U.S., Canada, the U.K., Europe, and internationally. Generally, these businesses provide mission critical software

solutions that address specific needs of customers in particular markets. Constellation has a buy-and-hold investment strategy,

investing in companies to manage and grow for the long-haul. Constellation reported revenue and net income of $3.1 billion and

$485.4 million, respectively, in the fiscal year ended December 31, 2018.

Target: Mortgage Builder (1999) provides loan origination software, loan servicing software (Colonnade) and related products to

mortgage banks, community banks, credit unions and other financial institutions. A pricing and product eligibility engine (PPE) and

electronic document management (EDM) are built into the LOS and available on demand. Altisource acquired Mortgage Builder for

$15 million in July 2014.

Seller: Altisource Portfolio Solutions S.A. operates as an integrated service provider and marketplace for the real estate and

mortgage industries in the U.S. and internationally. The Company provides services and solutions for (a) mortgage servicers to

manage delinquencies and preserve, maintain, market and sell homes; (b) real estate investors to buy, manage, renovate, lease and

sell investment homes; (c) loan originators to grow their businesses and underwrite and sell loans; and (d) for consumers to purchase

and sell homes.

Deal Rationale: The acquisition fits Constellation’s investment focus on point solutions aimed at vertical markets. Constellation

will hold Mortgage Builder in its Perseus Operating group, which acquires and invests in real estate software. Past acquisitions for

this group include Market Leader, Sharper Agent, Zurple, Z57, and Diverse Solutions.

Terms: Constellation Software Inc. has acquired Mortgage Builder from Altisource Portfolio Solutions S.A. Terms were not

disclosed.

M LEND S/SER - - - -






18-Mar-19 Buyer:Fidelity National

Information

Services, Inc. (“FIS”)

(Jacksonville, FL)

(NYSE: FIS)

----------------

Target:Worldpay, Inc.

(Cincinnati, OH)

(NYSE: WP)

Buyer: FIS (1968) is a global provider of financial services technology. Its Integrated Financial Solutions segment offers core

processing and ancillary applications; digital solutions, including Internet, mobile, and e-banking; fraud, risk management, and

compliance solutions; electronic funds transfer and network services; card and retail solutions; and other solutions. Its Global

Financial Solutions segment provides capital markets, asset management, and insurance solutions, such as securities processing and

finance, global trading, asset management and insurance, and retail banking and payment services, to financial institutions.

Target: Worldpay, Inc. ("WP") provides electronic payment processing services to merchants and financial institutions in the United

States, Europe, and Asia. It operates in two segments, Merchant Services and Financial Institution Services. The Merchant Services

segment offers merchant acquiring and payment processing services, such as authorization and settlement, customer service,

chargeback and retrieval processing, and interchange management to national merchants, and regional and small-to-mid sized

businesses. The Financial Institution Services segment offers card issuer processing, payment network processing, fraud protection,

card production, prepaid program management, automated teller machine driving, portfolio optimization, data analytics, and card

program marketing, as well as network gateway and switching services to regional and community banks and credit unions. The

Company operated as a business unit of Fifth Third Bank until June 2009, when it was separated as a standalone company. In March

2012, the Company, now named Vantiv, completed its IPO. In 2018, Vantiv acquired Worldpay Group, Plc and changed its own

name to Worldpay, Inc. For the fiscal year ended December 31, 2019, WP reported $3.925 billion in revenue, $1.392 billion in

EBITDA and $296.8 million in EBIT.

Deal Rationale: Through the transaction, FIS gains scale and scope. The deal expands FIS’ capabilities by enhancing its acquiring and

payment offerings and increases WP’s distribution footprint. FIS anticipates $500 million in revenue synergies and $400 million of

run-rate expense synergies in three years.

Terms: FIS and WP have entered into a definitive merger agreement. Pursuant to the agreement, WP shareholders will be entitled to

receive 0.9287 FIS shares and $11.00 in cash for each share of WP, or approximately $35.5 billion. The purchase price represents a

premium of 14% to WP’s closing price on March 15 and a 21% premium to its 30-day VWAP. Upon closing, FIS and WP shareholders

will own approximately 53% and 47% of the combined company, respectively. EV equals equity value ($35.5 billion) plus debt ($7.9

billion) less cash ($196.5 million), or about $43.2 million, using balance sheet figures as of December 31, 2019.

CORP

B

P S/SER $43,200.0 11.0x 31.0x 145.6x






14-Mar-19 Buyer:Envestnet, Inc.

(Chicago, IL)

(NYSE: ENV)

---------------

Target:PIEtech, Inc.

(Powhatan, VA)

Buyer: Envestnet, Inc. (1999) operates through Envestnet and Envestnet|Yodlee business segments. The Envestnet segment provides

financial advisors at broker-dealers, banks, and RIAs with all the tools they require to deliver wealth management to their end clients.

Envestnet offers Envestnet / Enterprise, an end-to-end open architecture wealth management platform, which is used by advisors to

construct portfolios for clients and which provides access to more than 18,000 investment products; Envestnet/Tamarac, a trading,

rebalancing, portfolio accounting, performance reporting and CRM software to high-end RIAs; Envestnet/Retirement Solutions, a

suite of services for advisor-sold retirement plans; and Envestnet/Portfolio Management Consultants, which provides research, due

diligence, and consulting services to assist advisors in creating investment solutions for their clients. The Envestnet/Yodlee Segment

provides a data aggregation and data intelligence platform. Financial institutions and financial technology companies subscribe to

the Envestnet / Yodlee platform to underpin personalized financial apps.

Target: PIEtech, Inc. (1997) provides software that helps financial advisors use financial planning to motivate clients to create,

implement and maintain an investment strategy that meets their lifetime financial goals. The Company offers MoneyGuide software

(MoneyGuideOne, MoneyGuidePro and MoneyGuideElite), which is collaborative, Web-based financial planning software used by

financial advisors. MoneyGuide software is integrated with more than 150 wealth management data and technology providers.

PIEtech’s also offers a Client Portal & Aggregation option that allows an advisor’s client to link all of their accounts within their

financial plan. MoneyGuide offers advisors two options for data aggregation – MX or Yodlee.

Deal Rationale: The acquisition of PIEtech complements and extends Envestnet’s existing capabilities (Logix and Apprise) in

providing advisors with financial planning capabilities. In addition, the deal allows deeper integration of MoneyGuide software with

Envestnet’s integrated technology platform, thereby reducing friction and enhancing productivity for advisors. Envestnet also

expects multiple opportunities for cross-selling.

Terms: Envestnet has agreed to acquire PIEtech for consideration consisting of $295 million in cash, subject to certain adjustments,

and approximately 3.185 million shares of Envestnet common stock. Based on the closing price of Envestnet’s common stock on

March 13, 2019, the total value of the consideration is equal to approximately $500 million. The transaction is subject to

customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-

Rodino.

B

S

W S/SER $500.0 - - -






08-Mar-19 Buyer:Mastercard

Incorporated

(Purchase, NY)

(NYSE: MA)

-------------

Target:Transfast

(New York, NY)











Target: Transfast (1988) is a global cross-border, account-to-account money transfer network provider that covers over 125

countries across Asia, Europe, Africa, Americas and Australia. The Company’s proprietary payment network, consisting of direct

integrations with 300+ banks and other financial institutions, enables person-to-person, business-to-person and business-to-

business payments services to Transfast’s partners via APIs, SFTP, web and mobile product applications. Tranfast’s applications

deliver compliance, risk management, currency conversion, liquidity management and multi-format messaging solutions.

Customers include banks, financial institutions, e-commerce companies, and service marketplaces, as well as small businesses and

individual consumers. Transfast is backed by to private equity firms - GCP Capital Partners and Apis Partners.

Deal Rationale: The acquisition enhances Mastercard’s cross-border capabilities. Transfast complements Mastercard’s payment

solutions by increasing worldwide connectivity in the account-to-account space, enhancing compliance capabilities and offering

more robust foreign exchange tools.

Terms: Mastercard has entered into an agreement to acquire Transfast. Terms were not disclosed.

B P S/SER - - - -






08-Mar-18 Buyer:Raisin GmbH

(Berlin, Germany)

-----------------

Target:MHB-Bank AG

(Frankfurt,

Germany)

-----------------

Seller:Lone Star Funds

(Dallas, TX)

Buyer: Raisin GmbH (2013) operates an online marketplace for term deposits in Europe. Raisin enables retail bank customers to

make deposits at Raisin’s panel of more than 80 partner banks across Europe through a single Raisin online transaction account.

Conversely, Raisin offers partner banks a digital solution to expand deposit taking into new markets. To date, more than 200,000

European customers have invested over EUR 15.5 billion in 31 European countries at partner banks. In February 2019, Raisin closed

a $114 million Series D funding with existing investors consisting of Index Ventures, Paypal Ventures, Ribbit Capital, Thrive Capital,

and btov partners, and a new investor, Orange Digital Ventures. Raisin has raised $206 million in 6 rounds with 13 investors, all-in-

all, according to Crunchbase. Raisin GmbH was formerly known as SavingGlobal GmbH. In September 2017, Raisin acquired PBF

Solutions, which provides customer acquisition, onboarding, and marketing services to U.K. challenger banks and overseas banks

entering the U.K. market.

Target: MHB-Bank AG (1973) is a commercial bank that operates a Banking-as-a-Service model, enabling its partners to implement

business models that require a banking license. MHB services include transaction banking, lending, loan fronting, loan servicing,

leasing, and white-label banking. Since 2005, MHB-Bank has been owned by Lone Star Funds and has focused on loan portfolio

servicing.

Seller: Lone Star Funds (1995) is a private equity firm focused on distressed assets. In 2019, Lone Star closed its eleventh fund at

about $8.2 billion.

Deal Rationale: Since Raisin launched in 2013, MHB-Bank has been Raisin’s servicing bank in Germany and Austria. Through

acquisition, Raisin now possesses a full banking license.

Terms: Financial terms were not disclosed. The transaction closed on August 28, 2019, and Raisin AG rebranded the bank as Raisin

Bank AG.

B DEPOSIT S/SER - - - -

05-Mar-19 Buyer:Abrigo

(Austin, TX)

------------

Target:Farin Financial Risk

Management

(Fitchburg, WI)

Buyer: Abrigo (formerly Banker’s Toolbox) provides compliance, credit risk, and lending solutions to community financial

institutions. Accel-KKR acquired a majority-stake in Banker’s Toolbox in July 2015. Subsequently, in April 2018, Banker’s Toolbox

acquired MainStreet Technologies, a developer of loan portfolio risk management software for banks and credit unions. Almost

immediately thereafter, in May 2018, Accel-KKR acquired Sageworks, a developer of lending, credit risk and portfolio solutions for

financial institutions. Accel-KKR then placed Sageworks under Banker’s Toolbox and rebranded the combined company as Abrigo.

Target: Farin Financial Risk Management (1985) provides asset liability management (ALM) software, retail deposit and loan pricing

software, and advisory services to financial institutions. The Company’s flagship ALM software is offered as an in-house solution

(Farin Foresight) or as an outsourced solution (Farin Insight). Other software offers consist of Farin Advisor and iPrice, a deposit

pricing solution that is designed to help banks attract and retain deposits; and LoanEDGE, a loan pricing tool that enables banks to

price specific loans and value each business and consumer relationship. Farin’s provides advisory services in the areas of core deposit

analysis, capital planning, credit risk management, and CECL. In addition, Farin offers CPE-approved education webinars and

workshops.

Deal Rationale: The transaction, which supports Abrigo’s strategy of accelerating growth through acquisition, is a fit with Abrigo’s

focus on compliance, credit risk management and lending solutions.

Terms: Abrigo has acquired Farin Financial Risk Management. Terms were not disclosed.

B C

RISK

S/SER - - - -






28-Feb-19 Buyer:ACI Worldwide, Inc.

("WU")

(Naples, FL)

(NASDAQ: ACIW)

--------------------

Target:Speedpay, Inc.

(Engelwood, CO)

--------------------

Seller:The Western Union

Company

(Denver, CO)

(NYSE: WU)

Buyer: ACI (1975) provides software products and services for facilitating electronic payments to banks, financial intermediaries,

merchants, and corporates worldwide. Its payment solutions are marketed under the brand name Universal Payments (“UP”). These

products and services are used globally by banks, third-party electronic payment processors, payment associations, switch

interchanges, merchants, and corporates and a wide range of transaction-generating endpoints, including ATMs, merchant POS

terminals, bank branches, mobile phones, tablets, corporations, and internet commerce sites. Further, the Company provides UP

Bill Payment solutions, which enable customers to present bills and collect payments from consumers electronically through a

single and integrated platform that controls bill payments operation.

Target: SpeedPay provides electronic bill payment services for the auto finance, consumer finance, government finance, insurance,

mortgage, telecommunications and utilities industries. The Company offers bill presentment, including mobile billing, email billing

and web billing; bill payment solutions through multiple payment channels (web, mobile, eBill, IVR or CSR) and via multiple

payment types (credit card, debit, PIN-less ATM, and ACH); and consumer communications solutions via email and SMS and via

customizable IVR Calling. The Company, which has 270 biller customers, recorded $350 million in revenue and $90 million in

adjusted EBITDA in 2018.

Seller: WU provides money movement and payment services worldwide. The Company's Consumer-to-Consumer segment facilitates

money transfers between two consumers, primarily through a network of third-party agents. This segment offers cross-border

transfers and intra-country transfers, as well as money transfer transactions through Websites and mobile devices. Its Business

Solutions segment provides payment and foreign exchange solutions, primarily cross-border and cross-currency transactions for

small and medium size enterprises, other organizations, and individuals; and foreign currency forward and option contracts.

Deal Rationale: The acquisition, which combines two leading bill payment portfolios, will increase the scale of ACI’s On Demand

platform business. ACI will bring together the Speedpay and UP Bill Payment platforms into a unified bill payment platform that will

support billions of transactions. For WU, the divestiture will monetize a non-core asset and enable the company to focus on its cross-

border money movement strategies.

Terms: ACI and WU have entered into a definitive agreement for ACI to acquire Speedpay for $750 million in an all-cash transaction.

B

CORP

P S/SER $750.0 2.1x 8.3x N/A






21-Feb-19 Buyer:Temenos Group AG

(Geneva,

Switzerland)

(SIX: TEMN)

---------------------------

Target:hTrunk Software

Solutions Pvt Ltd.

(Bangalore, India)

Buyer: Temenos (1993) offers software that manages financial institutions’ front, middle and back office activities, including retail,

private, corporate and commercial banking (including e-banking), treasury and investment, fund and asset management, trade

finance and risk management. Among other things, Temenos offers Temenos T24 Transact, a cloud-native and cloud-agnostic core

banking platform; and Transaction Infinity, an independent, omni-channel digital front office product that helps banks orchestrate

all customer interactions and provides multi-country onboarding capabilities. Both products leverage the common Temenos

Platform architecture. Temenos has 64 offices in 41 countries and more than 2,000 customers in more than 150 countries.

Target: hTrunk (2015) provides a rapid application development platform that enables customers to implement modern data lake

architecture. A data lake is a centralized repository that allows users to store structured and unstructured data at any scale. Users

can store data “as is”, without having to first structure the data. This enables users to do new types of analytics (like machine

learning) on new data sources such as log files, data from click-streams, social media and Internet-connected devices. A data lake

differs from a data warehouse. A data warehouse is a database optimized to analyze relational data, where the data structure and

data schema are defined in advance to optimize SQL queries. hTrunk has 30 employees. Customers are primarily banks, including a

number of Temenos’ T24 Transact customers.

Deal Rationale: Through the integration of hTrunk, Temenos will strengthen its own Analytics product. Furthermore, in the near-

term, Temenos will use hTrunk’ data lake product to integrate big data capabilities directly into T24 Transact and Temenos Infinity.

Over time, Temenos will use the data lake product to create next-generation, analytically-driven banking applications.

Terms: Temenos Group AG has agreed to acquire hTrunk Software Solutions Pty Ltd. Terms were not disclosed.

B D&A S/SER - - - -

19-Feb-19 Buyer:Ncontracts LLC

(Brentwood, TN)

-------------------

Target:Trupoint Partners,

Inc.

(Charlotte, NC)

Buyer: Ncontracts LLC (2009) provides risk management software and data management services for financial institutions in the U.S.

Its flagship product is Nvendor, a vendor management software and services solution that helps banks manage third-party risk. Banks

use Nvendor to conduct policy and procedure reviews and to classify vendors with respect to risk. The Company also offers

Ncontinuity, a software solution that simplifies the process of creating, testing and maintaining an effective business continuity

plan; Ncyber, which provides the FFIEC’s Cybersecurity Assessment Tool in a secure and easy-to-navigate format; Nrisk, an enterprise

risk management solution; Nfindings, a software solution that helps banks manage exam and audit findings; and Ncontracts

Manager, a contract management solution that provides secure storage of a banks contracts with vendors, paralegal reviews and

summaries of contracts, and automated email notices of key contract terms and dates. In May 2015, Mainsail Partners made a

growth equity investment in Ncontracts. The Company has made two acquisitions. In May 2017, Ncontracts acquired Supernal

Software, the developer of Scout, a risk management dashboard for financial institutions. In September 2015, Ncontracts acquired

Strohl Risk Solutions, a developer of risk management software for financial institutions.

Target: TruPoint Partners, Inc. (1989) provides compliance solutions for financial institutions. , The Company’s flagship business

intelligence platform, TRUPOINT Analytics, enables lenders to manage compliance risk in the areas of Fair Lending, Community

Reinvestment Act (CRA), Home Mortgage Disclosure Act (HMDA), and Gramm Leach Bliley Act (GLBA). In addition, the Company

offers branch strategy solutions in four areas - branch network optimization, site location analysis, residential needs assessment and

M&A due diligence. TRUPOINT has more than 500 customers. The Company was formerly known as The ATTUS Group Inc. and

changed its name to TRUPOINT Partners, Inc. in February 2008.

Deal Rationale: The acquisition supports Ncontracts’ strategic growth plan to provide a unified risk management solution for

financial institutions.

Terms: Ncontracts LLC has acquired TRUPOINT Solutions, Inc. Terms were not disclosed.

B C S/SER - - - -






13-Feb-19 Buyer:Thoma Bravo

(San Francisco, CA)

----------------

Target:Ellie Mae, Inc.

(Pleasanton, CA)

(NYSE: ELLI)

Buyer: Thoma Bravo is a SF-based private equity firm that currently manages a series of private equity funds representing more than

$30 billion in equity commitments.

Target: Ellie Mae (“ELLI”) (1997) is a SaaS platform provider for the mortgage finance industry. Its technology solutions are used by

lenders to originate and close residential mortgage loans. ELLI’s Encompass software is an end-to-end enterprise solution that

handles most of the functions involved in running the business of originating mortgages including: marketing; lead management;

loan origination; loan processing; underwriting; preparation of mortgage applications, disclosure agreements, and closing

documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements and overall

enterprise management that provides one system of record for loans. ELLI also hosts the Ellie Mae Network, a proprietary electronic

platform that allows Encompass users to conduct electronic business transactions with the mortgage investors and service providers

they work with in order to process and fund loans. ELLI also offers Encompass users a variety of other on-demand software services.

Mortgage originators pay for Encompass in one of two models: recurring monthly subscription fees or fees based on the number of

loans closed, subject to base fees, which ELLI refers to as Success-Based Pricing. Lenders, investors and service providers participating

in the Ellie Mae Network also pay Ellie fees, generally on a per transaction basis, for transactions processed through the Ellie Mae

Network with Encompass users. In the fiscal year ended December 31, 2018, ELLI generated revenues of $480.266 million, EBITDA of

$82.544 million and EBIT of 10.880 million.

Deal Rationale: The acquisition of Ellie Mae is a platform acquisition for Thoma Bravo Fund XIII, its current flagship fund. In June

2018, Thoma Bravo acquired and merged Meridianlink and CRIF Lending Solutions for Thoma Bravo Discover Fund II, its latest

middle market fund, which focuses on investments too small for its flagship fund.

Terms: On February 11, 2019, Ellie Mae, Inc. entered into an Agreement and Plan of Merger with EM Eagle Purchaser, LLC (“Parent”),

and EM Eagle Merger Sub, Inc., a wholly-owned subsidiary of Parent (“Merger Sub”), providing for the merger of Merger Sub with and

into ELLI, with ELLI surviving the merger as a wholly-owned subsidiary of Parent. Parent and Merger Sub were formed by affiliates of

Thoma Bravo Fund XIII, L.P. Ellie Mae shareholders will receive $99.00 in cash per share or approximately $3.7 billion in equity

value. The price per share represents a 47% premium to the 30-day average closing share price. EV equals equity value of $3.7 billion

less cash and equivalents of $182 million, or $3.5 billion. ELLI has no debt. The Agreement calls for a 35 day “go-shop” period.

M LEND S/SER $3,518.3 7.3x 42.6x 323.4x

24-Jan-19 Buyer:Envestnet, Inc.

(Chicago, IL)

(NYSE: ENV)

---------------

Target:Abe AI Inc.

(Orlando, FL)

Buyer: Envestnet, Inc. (1999) operates through Envestnet and Envestnet | Yodlee business segments. The Envestnet segment

provides financial advisors at broker-dealers, banks, and RIAs with all the tools they require to deliver wealth management to their

end clients. Envestnet offers Envestnet / Enterprise, an end-to-end open architecture wealth management platform, which is used by

advisors to construct portfolios for clients and which provides access to more than 18,000 investment products; Envestnet /

Tamarac, a trading, rebalancing, portfolio accounting, performance reporting and CRM software to high-end RIAs; Envestnet

/Retirement Solutions, a suite of services for advisor-sold retirement plans; and Envestnet / Portfolio Management Consultants,

which provides research, due diligence, and consulting services to assist advisors in creating investment solutions for their clients.

The Envestnet / Yodlee Segment provides a data aggregation and data intelligence platform. Financial institutions and financial

technology companies subscribe to the Envestnet / Yodlee platform to underpin personalized financial apps.

Target: Abe AI (2016) provides conversational banking solutions. The Company offers a product suite that covers major use cases for

proactively engaging and supporting retail customers in voice and messaging channels such as Google Home, Amazon Alexa,

Facebook, SMS, Web, Mobile and IVR. Its products deeply integrate with core, online and mobile banking software, data aggregators

and their party providers. Abe Ai also offers a full-stack conversational banking platform for banks that prefer to build their own

solutions. The Abe AI Conversate platform provides the developer tools that Abe AI engineers use to build products.

Deal Rationale: Abe AI powers Yodlee’s new Conversational AI product, which is available for integration with Yodlee’s financial

wellness APIs, other apps, and other retail banking solutions. In the future, Envestnet plans to integrate the product with its wealth

management offerings.

Terms: Envestnet, Inc. has acquired Abe AI Inc. Terms were not disclosed.

B CRM

ENGAGE

S/SER - - - -






23-Jan-19 Buyer:Cognizant

Technology

Solutions

Corporation

(Teaneck, NJ)

(Nasdaq: CTSH)

-----------------

Target:Oy Samlink Ab

(Espoo, Finland)

------------------

Sellers:Savings Bank Group

(Helsinki, Finland)

Oma Savings Bank

Plc

(Lappeenranta,

Finland)

POP Band Group

(Espoo, Finland) and

Other banks and

investors.

Buyer: Cognizant (1994) is a professional services company. Cognizant helps its customers adapt, compete and grow by partnering

with them to apply technology to transform their business, operating, and technology models, allowing them to achieve the full

value of digitizing their entire enterprises. The Company’s core competencies are business, process, operations and technology

consulting, application development and systems integration, enterprise information management, application testing, application

maintenance, information technology, infrastructure services, and business process services. Services and solutions are tailored to

specific industries and use an integrated global delivery model that employs customer service teams based at customer locations and

delivery teams located at dedicated global and regional delivery centers. It serves banking, insurance and other industry verticals.

Target: Oy Samlink Ab (1994) develops solutions and provides services for the financial sector. The Company has strong competence

in the development of multi-channel financial services. Oy Samlink Ab employs 390 professionals with deep expertise in the Finnish

banking market in areas that include the design of mobile and online services, mainframe environments, various project

management and product development duties as well as financial management. Oy Samlink Ab has two delivery centers in Finland.

Sellers: Savings Banks Group (42%), Aktia Bank PLC (22.56%), Oma Savings Bank Plc (15.45%), Handelsbanken (7.53%), Posti Group

PLC (5.88%), POP Bank Group (5.24%) and several other minority shareholders.

Deal Rationale: The acquisition will strengthen Cognizant's banking capabilities and expand its network of delivery centers in the

Nordics. Cognizant plans to establish banking and financial services centers of excellence at Oy Samlink Ab’s facilities in order to

improve Cognizant's ability to serve clients across the Nordics especially and in Europe as a whole.

Terms: Three Finnish banks – Savings Banks Group, Oma Savings Bank Plc and POP Bank Group – have selected Cognizant to help

them build and operate a shared core banking platform to enable their digital transformation. Under a multi-year agreement,

Cognizant will transform and operate the banks' common core banking systems and support each individual bank's enterprise digital

strategy. The new core banking platform will be based on Temenos T24 and Temenos Payment Hub (TPH). As part of the agreement,

Cognizant has agreed to acquire Oy Samlink Ab, a technology services provider owned by Savings Banks Group (42%), Aktia Bank PLC

(22.56%), Oma Savings Bank Plc (15.45%), Handelsbanken (7.53%), Posti Group PLC (5.88%), POP Bank Group (5.24%) and several

other minority shareholders.

B ITS SER - - - -






23-Jan-19 Buyer:Kyriba Corp.

(New York, NY)

------------------

Target:FiREapps, Inc.

(Scottsdale, AZ)

Buyer: Kyriba provides SaaS treasury solutions to CFOs, treasurers and financial professionals. The Company offers Treasury

Management solutions that address cash management & forecasting, bank account management, multilateral netting, EBAM and

bank fee analysis, investments and debt, and intercompany loans; Payment solutions which handle treasury payments, supplier

payments, direct debit and format transformation; Risk Management solutions, which cover FX and interest rate hedging; mark-to-

market, hedge accounting, lease accounting, exposure management, credit risk and value-at risk; Working Capital solutions, which

consist of supply chain finance, reverse factoring, and dynamic discounting; and Control & Compliance solutions such as Fraud

Detection, Sanctions List Screening, Login Protection, and Digital Signatures. Kyriba also offers Kyriba Business Intelligence which

enables data visualization and interactive dashboarding to transform financial data into actionable information. The Company’s

software is deployed as multi-tenant SAAS. Kyriba has more than 2,000 treasury clients which include both mid-sized and large

organizations. Kyriba has raised $152.5 million in 11 funding rounds according to Crunchbase.

Target: FiREapps, Inc. (2005) develops foreign exchange (FX) exposure management software solutions. It offers cloud-based

software-as-a-service (SaaS) for identifying, quantifying, and managing exposure across enterprise resource planning (ERP), trade

management, and liquidity provider systems. The company provides FX Analytics Pro, a web-based FX exposure and risk analytics

solution; Brexit Rapid Response Exposure Analytics solution that enables multinational companies to deploy comprehensive

currency exposure analytics; FP&A Currency Analytics, a currency, FX rate impact, and what-if scenario analysis solution; and hedge

performance analysis toolkit that automates period-end hedge attribution/performance analysis for corporate finance professionals.

Deal Rationale: The acquisition expands Kyriba’s portfolio of products for risk management.

Terms: Kyriba Corp. has agreed to acquire FiREapps, Inc. Terms were not disclosed.

CORP TREAS S/SER - - - -






16-Jan-19 Buyer:Fiserv, Inc.

(Brookfield, WI)

(NASDAQ: FISV)

----------------

Target:First Data

Corporation

(“FDC”)

(New York, NY)

(NYSE: FDC)

Buyer: Fiserv, Inc. (1984) is a global provider of financial services technology. Its Payments and Industry Products segment primarily

provides debit, credit and prepaid card processing and services, electronic bill payment and presentment services, Internet and

mobile banking software and services, P2P payment services, and other electronic payments software and services. Its Financial

Institution Services business segment provides account processing services, item processing and source capture services, loan

origination and servicing products, cash management and consulting services.

Target: FDC (1989) provides electronic commerce solutions for merchants, financial institutions, and card issuers worldwide. It

operates through three segments: Global Business Solutions (GBS), Global Financial Solutions (GFS), and Network & Security

Solutions (NSS). The GBS segment offers retail POS merchant acquiring and e-commerce services; mobile payment services, and the

cloud-based Clover POS operating system. The GFS segment provides technology solutions for bank and non-bank issuers consisting

of credit, retail private label, commercial card, and loan processing, among other things. The NSS segment offers electronic funds

transfer network solutions; stored value network solutions; and gift, and security and fraud solutions. FDC recorded revenue of

$10.249 billion, EBITDA of $3.931 billion and EBIT of $2.919 billion, respectively for the LTM ended September 30, 2018. FDC

recorded revenue of $10.249 billion, EBITDA of $3.931 billion and EBIT of $2.919 billion, respectively for the LTM ended 9/30/18.

Deal Rationale: The combined company will have increased scale, an expanded footprint and a wider range of solutions. The

transaction is expected generate about $900 million in run-rate cost savings and at least $500 million of revenue synergies and will

be accretive to Adjusted EPS by more than 20% in the first year.

Terms: FISV and FDC have signed a definitive merger agreement under which FISV will acquire FDC in an all-stock transaction. FDC

shareholders will receive a fixed exchange ratio of 0.303 FISV shares for each share of FDC common stock they own, for an equity

value of $22 billion. This equates to $22.74 per FDC share based on FISV’s closing price of $75.04 as of January 15 and represents a

premium of 29% to the 5-day volume weighted average price of FDC stock as of that date. FISV shareholders will own 57.5% of the

combined company, and FDC shareholders will own 42.5%, on a fully diluted basis. The transaction is intended to be tax-free to FDC

shareholders. EV equals Equity Value ($22.000 billion) plus Debt ($17.558 billion) plus Minority Interest ($2.808 billion) plus

Preferred Stock ($6 million) less Cash ($601 million), or $47.771 billion, based on the BS at 9/30/18.

CORP

B

P S/SER $47,771.0 4.7x 12.2x 16.4x






16-Jan-19 Buyer: Radian Group Inc.

(Philadelphia, PA)

(NYSE: RDN)

-----------------

Target:Five Bridges

(Bethesda, MD)

Buyer: Radian Group Inc. (“RDN”) (1977) provides mortgage and real estate products and services. The Mortgage Insurance segment

provides credit-related insurance coverage, principally through private mortgage insurance, as well as other credit risk management

solutions to mortgage lending institutions nationwide. The Company provides its mortgage insurance products mainly through its

wholly-owned subsidiary, Radian Guaranty. The Services segment is a fee-for-service business that offers a broad array of services to

market participants across the mortgage and real estate value chain. These services are comprised of mortgage services and real estate

services that provide mortgage lenders, financial institutions, mortgage and real estate investors and government entities, among

others, with information and other resources and services that are used to originate, evaluate, acquire, securitize, service and

monitor residential real estate and loans secured by residential real estate. Mortgage services include transaction management

services such as loan review, RMBS securitization and distressed asset reviews, servicer and loan surveillance and underwriting. Real

estate services include REO asset management; review and valuation services related to single family rental properties; real estate

valuation services; real estate brokerage services; and title and settlement services that include title search, settlement and closing

services. RDN provides its Services products and services primarily through Clayton and its subsidiaries, including Green River

Capital, Red Bell, ValuAmerica and Entitle Direct Group.

Target: Five Bridges Advisors, LLC (2008) offers mortgage analytics and advisory services to market participants. The Company offers

the Javelin for Whole Loans analytics platform, a SaaS platform used by lenders, servicers, investors and risk managers to perform

loan and portfolio valuations, risk management and cash flow analysis; the Javelin for Structured Products analytics platform, a SaaS

platform used by securities analysts, traders, portfolio managers regulators and risk managers to perform structured products

valuations and cash flow analysis; and the Market Assessed Price automated valuation system, which provides underwriters,

originators, servicers, default managers and risk managers with timely data in regard to real properties. Five Bridges was founded by

Steve Gaenzler and Michael Youngblood.

Deal Rationale: The acquisition is consistent with Radian’s growth and diversification strategy, as well as its focus on its core

product offerings - title, mortgage and real estate services.

Terms: Radian Group Inc. has acquired Five Bridges Advisors, LLC. Terms were not disclosed.

M D&A S/SER - - - -






16-Jan-19 Buyer:KeyBank N.A.

(Cleveland, OH)

A subsidiary of:

KeyCorp(Cleveland, OH)

(NYSE: KEY)

---------------

Seller:Laurel Road Bank

(Darien, CT)

---------------

Target:Laurel Road digital

lending business

(Darien, CT)

Buyer: KeyCorp (1958) is a bank holding company with assets of approximately $137.0 billion at March 31, 2018. KeyCorp is the

parent company of KeyBank National Association (“KeyBank”), its principal subsidiary through which most of its banking services are

provided.

Target: Laurel Road Bank’s digital lending business, which operates as Laurel Road, targets super-prime millennials consisting

primarily of advanced degree medical professionals. Borrowers have been comprised of doctors and dentists (70%) and lawyers and

MBAs (20%). Borrowers have had an average age of 33, an average FICO score of 760 and average income of approximately $185,000.

The business is built upon a proprietary, digital first, end-to-end consumer lending platform that can handle student loan refinance,

personal unsecured loans and digital mortgage origination. Laurel Road Bank launched the platform primarily for student loan

refinance in 2013. Since then Laurel Road has helped professionals refinance or consolidate more than $4 billion in student loans.

In addition, Laurel Road has built a network of more than 150 affinity partners through which it offers its products as a preferred

provider. The network consists of trade associations, member groups and employers. In 2018, the Bank introduced a lending

platform for mortgages based on the same technology. The business was built inside an FDIC-insured bank and consequently has a

strong risk and compliance culture.

Seller: Laurel Road Bank (2006) is a Connecticut state-chartered bank that maintains bank branches in Darien, Rowayton and

Southport, Connecticut.

Deal Rationale: The acquisition supports KeyBank’s interest in building targeted lending at scale against discrete client segments

through distinctive platforms. The transaction also aligns with KeyBank’s enterprise healthcare focus. This deal follows KeyBank’s

acquisition in June 2018 of a digital lending platform for small businesses from Bolstr, the developer of an online marketplace.

KeyBank will use Bolstr’s technology to transform its small business lending process, enabling the bank to more efficiently serve small

businesses for their SBA and traditional lending needs.

Terms: KeyBank has entered into a definitive agreement to acquire Laurel Road Bank’s digital lending business. Financial terms were

not disclosed.

B LEND SER - - - -






10-Jan-19 Buyer:Meniga hf.

(Reykjavik, Iceland)

-----------------

Target:Wrapp

(Stockholm,

Sweden)

Buyer: Meniga (2009) develops white label digital banking technology. The Company offers a PFM solution that provides consumers

with a consolidated view across multiple banks of all cards and accounts with a balance history and forecast; a unified transactions

list with categorization and search functionality; contextual expense reporting; budgeting and financial planning; the ability to set

savings goals and track progress; peer comparisons in regard to expenses income and savings; net worth calculations; cash flow

projections; and a financial activity feed that delivers insights, advice, offers and recommendations. Meniga also offers Card-Linked

Marketing, a data driven card-linked marketing platform that allows financial institutions to provide merchant-funded offers to their

online customers; and a Consumer Data Analytics platform, that provides business customers with real-time market trends based on

anonymous and aggregated consumer spending data. Meniga’s product portfolio is powered by a data aggregation and enrichment

engine. The Company has more than 75 banking clients and hundreds of retail partners across the Nordics. For the fiscal year ended

March 31, 2018, Meniga recorded revenue of €12.6 million. Meniga has raised $34.1 million in 12 funding rounds.

Target: Wrapp (2011) provides a rewards platform that enables businesses to target market based on a consumer’s credit card

transaction data. Consumers connect their payment cards to the Wrapp platform and consequently receive automatic cash rewards

when they make purchases with their cards at more than 350 brands in the Wrapp network. Businesses pay a fee to Wrapp only

when consumers actually make a purchase. Wrap offers banks an opportunity to make the rewards platform available to its

cardholders, thereby boosting customer engagement and loyalty, driving card spending and establishing a new revenue stream.

Wrapp raised more than $36 million in funding.

Deal Rationale: Meniga and Wrapp, which are both active in the transaction-driven marketing, will offer a single solution under the

Meniga brand. Meniga believes that offering a rewards program in the context of personal finance and digital banking improves

engagement and enhances conversion. In addition, Meniga picks up approximately €3 million in annual recurring revenues from

rewards.

Terms: Meniga has acquired Wrapp. The purchase price has not been disclosed. Consideration is newly issued shares of Meniga

stock. Wrapp shareholders may receive additional shares based on success metrics that would take their stake in Meniga to a

maximum of 25%.

CORP

B

CRM

REWARDS

S/SER - - - -






10-Jan-19 Buyer:American Mortgage

Consultants, Inc.

("AMC")

(New York, NY)

-------------------------------

Target:Meridian Asset

Services, LLC

(St. Petersburg, FL)

Buyer: AMC (1996) is a nationwide residential and consumer loan due diligence, quality control, securitization review, MSR review,

advance assessment, servicing oversight, technology, and consulting services provider. AMC’s customizable solutions are used by

clients of all sizes and many types including Wall Street banks, regional and community banks, government agencies, REITs, hedge

funds, private equity funds, mortgage and bond insurers, originators, and mortgage servicing clients nationwide. In January 2017,

AMC acquired a business unit that provides due diligence and quality control for residential mortgages from Stewart Title Company.

The business unit was comprised two companies that STC had acquired – Allon Hill, a due diligence firm, and Wetzel Trott, a provider

of origination and servicing quality control. In December 2015, AMC acquired JCII & Associates, which provided transactional

residential mortgage due diligence, among other things. In April 2018, Stone Point Capital acquired a majority interest in AMC.

Target: Meridian (2000) is a provider of REO management services, which includes repairs, inspections, title and closing, and auction

management; valuation services, which consist of broker price opinions, property value reconciliations, appraisals and appraisal

reviews; loan services, including due diligence services such as credit underwriting, quality control, regulatory compliance, data

verification, contractual breach and claim reviews and pre-acquisition analytic services; and portfolio management and oversight

review. In addition, Meridian provides technology services, consisting of data management and loan and REO oversight management

software. Meridian has more than 250 employees in the Tampa area.

Deal Rationale: The transaction enhances AMC’s service offerings and supports AMC’s commitment to becoming a “one-stop shop”

for mortgage due diligence, consulting, advisory services and technology.

Terms: American Mortgage Consultants, Inc. has acquired Meridian Asset Services, LLC. Meridian will operate as a subsidiary of AMC

and will retain its branding and senior management. Financial terms were not disclosed.

M DUEDIL SER - - - -

09-Jan-19 Buyer:Accenture plc

(Dublin, Ireland)

(NYSE: CAN)

------------------

Target:Orbium AG

(Zug, Switzerland)

Buyer: Accenture plc (1989) provides consulting, technology, and outsourcing services in Ireland and internationally. The

Company's Financial Services segment offers services that address profitability pressures, industry consolidation, regulatory changes,

and the need to continually adapt to new digital technologies for banking, capital markets, and insurance industries.

Target: Orbium AG (2004) offers technology consulting services for financial services companies. The company provides system

implementation, software development, testing, and release management services. Orbium is the official Avaloq Premium

Implementation Partner and is involved in all the major Avaloq Implementation projects worldwide. Avaloq is a Swiss-based

provider of digital and core banking software for the banking and wealth management industry. Other implementation partners

include software providers NetGuardians, a developer of a machine learning technology platform used to prevent fraud; BRP

Indigita, which specializes in cross-border banking compliance; EdgeLab, which focuses on investment risk software; Backbase, a

provider of an omnichannel digital banking platform; and Swiss venture-capital firm Polytech Ventures. Additionally, Orbium offers

business strategy, technology partnership, and consulting services. Orbium’s customers include global tier-one banks, premium

wealth managers and private banks. The Company has 500 employees, offices in 11 countries across Europe, Asia-Pacific and the U.S.

Deal Rationale: As the leader in Avaloq implementation, Orbium has a combination of management consultancy, technology and

program-management resources and capabilities that will enable Accenture to accelerate and scale its services to the wealth

management industry globally.

Terms: Accenture plc has agreed to acquire Orbium AG. Terms were not disclosed.

B D&A SER - - - -






09-Jan-19 Buyer:Elavon, Inc.

(Atlanta, GA)

A subsidiary of:

U.S. Bancorp

(“USB”)

(Minneapolis, MN)

(NYSE: USB)

--------------------

Target:CenPOS

(Miami, FL)

Buyer: Elavon, Inc. (1991) provides merchant processing services directly to merchants and through a network of banking

affiliations. Wholly-owned subsidiaries of Elavon provide similar merchant services in Canada, Mexico and segments of Europe. The

Company focuses on the hospitality, healthcare, retail and public sector/education industry verticals. U.S. Bancorp, with 74,000

employees and $465 billion in assets as of September 30, 2018, is the parent company of U.S. Bank, the fifth-largest commercial bank

in the United States.

Target: CenPOS offers integrated merchant payment acceptance software tools for large enterprises, including mobile and virtual

terminals and recurring billing. The CenPOS platform integrates with other software, catering to businesses that expect the software

packages they use to run their businesses to come with embedded payment acceptance and processing. The Company focuses on the

automotive, travel and entertainment industry verticals.

Deal Rationale: CennPOS’ focus on automotive, travel and entertainment verticals, and general B2B transactions, aligns with

Elavon’s strengths. In addition, CenPOS’ distribution strategy and product capability complement Elavon’s assets.

Terms: Elavon, Inc. has acquired CenPOS. The transaction closed on January 8, 2019. Terms were not disclosed.


08-Jan-19 Buyer:Plaid Inc.

(San Francisco, CA)

-------------------

Target:Quovo Inc.

(New York, NY)

Buyer: Plaid Inc. (2012) offers a suite of technical infrastructure APIs that enable developers to connect consumers to their financial

institutions to access their financial data through third party applications like Venmo, Robinhood and LendingClub. The Company’s

products include Transactions to access detailed transaction history and balance data; Auth to instantly authenticate bank accounts

for ACH and EFT payments; Identity to verify users’ identities and reduce fraud; Balance to verify real-time account balances; Assets to

verify borrowers’ assets straight from the source; and Income to understand income and verify employment. In December 2018,

Plaid raised $250 million at a valuation of $2.65 billion from investors including Kleiner Perkins (lead), Index Ventures, Andreessen

Horowitz and existing investors Goldman Sachs, NEA and Spark Capital. Investors from earlier rounds include American Express and

Citigroup. The Company has raised a total of $309.3 million over 4 rounds, according to Crunchbase.

Target: Quovo Inc. (2009) develops and markets account aggregation technology that fetches, normalizes, and reconciles portfolio

data from consumer accounts at more than 14,000 financial institutions to provide a comprehensive picture of each consumers

financial identity. The Company focuses on the investment and brokerage vertical. Quovo’s customers include Betterment,

Wealthfront, SoFi, Vanguard, Stifel and John Hancock. Quovo has raised $20 million from investors including Salesforce Ventures,

Portag3 Ventures, IGM Financial, Great West Lifeco, Napier Park Global Capital and F-Prime Capital Partners.

Deal Rationale: Plaid is used by fintech companies to interact with financial institutions to access checking and savings account

information. Through the acquisition of Quovo, Plaid expands into the investment and brokerage vertical, extending its net over a

wider class of assets.

Terms: Plaid Inc. has acquired Quovo Inc. Terms were not disclosed.

B D&A

AGGREGATE

S/SER - - - -






08-Jan-19 Buyer:Lovell Minnick

Partners LLC

(Radnor, PA)

---------------

Sellers:Renovo Capital LLC

(Dallas, TX)

and

Rosewood Private

Investments

(Dallas, TX)

--------------

Target:Attom Data

Solutions

(Irvine, CA)

Buyer: Lovell Minnick Partners is a private equity firm targeting asset management, wealth management, investment product

distribution, specialty finance, insurance brokerage and services, financial and insurance technology and business services.

Sellers: Renovo Capital, LLC is a special situations private equity fund focused on businesses undergoing varying degrees of

operational, financial or market-drive change. Rosewood Private Investments is the private equity arm of The Rosewood

Corporation, which is wholly-owned by the Caroline Hunt Trust Estate. Rosewood has a generalist investment approach and makes

investments across a broad set of industries.

Target: Attom Data Solutions provides national real estate data and analytics. ATTOM manages a data platform that draws upon a

wide range of sources to provide property tax, deed, mortgage, foreclosure, environmental risk, natural hazard and neighborhood

data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. ATTOM

licenses its data to companies in the real estate, mortgage, insurance, marketing and adjacent industries. ATTOM's property database

is also used to power the Company’s consumer-facing websites such as RealtyTrac.com, Homefacts.com and HomeDisclosure.com.

Renovo acquired the assets of RealtyTrac, Inc. in November 2011 and subsequently changed the Company’s name to ATTOM Data

Solutions.

Terms: Lovell Minnick Partners has acquired ATTOM Data Solutions. Financial terms were not disclosed.

M D&A S/SER - - - -

07-Jan-19 Buyer:Linedata Services

S.A.

(Euronext Paris

FR0004156297-

LIN)

(Neuilly-sur-Seine,

France)

--------------------

Target:Loansquare SAS

(Paris, France)

Buyer: Linedata Services S.A. (1998) provides software solutions and integration services to the investment management and credit

industries worldwide. The Company’s solutions include its flagship, Linedata Ekip, a software solution to manage front, middle, and

back office operations of retail and commercial finance activities. In addition, Linedata offers ProFinance, a consumer finance,

leasing and car finance solution, which it acquired as part of its acquisition of Fimasys in July 2011. Further, Linedata offers

CapitalStream, which is front office automation technology used by banks and finance companies to automate paper-based

commercial lending operations from account origination through credit management. Linedata acquired CapitalStream from HCL

Technologies Ltd. for $45 million in 2013. Linedata has more than 700 clients operating in 50 countries and more approximately

1,300 employees.

Target: The Loansquare SAS (2016) provides a Web-based platform for originating and managing commercial loans and online

portals that streamline exchanges between borrowers and financial institutions. The software provides digitized loan origination,

online contract management and portfolio monitoring.

Deal Rationale: Linedata enhances the end-to-end capabilities of its platforms and services for lenders.

Terms: Linedata has acquired Loansquare. Terms were not disclosed.


Sources: Company press releases and SEC filings.Classification CodesIndustry Vertical: AUTO=Automobile, B=Banking, CORP=Corporations, GOV=Government, M = Mortgage, RE=Real Estate, and S=Securities Dealers and Asset Managers. Solutions Vertical: A=Appraisal, ACCT=Accounting, BI=Business Intelligence, BPM=Business Process Management, C=Compliance, CORE=Core Processing, CRM=Customer Relationship Management, Customer Experience, Customer Engagement and Rewards,D&A=Data & Analytics, DATA AGG=Data Aggregation, DB=Database, DEFAULT=Default Technologies, DOC=Document Preparation, Document Management and Document Processing, DRS=Disaster Recovery Services, DUE=Due Diligence, FRAUD=Fraud Detection, GIS=Geographic Information Systems, IB=Internet and Mobile Banking, ITS=IT Services, LEAD=Lead Generation, Lead Management and Online Marketing, LEND=Lending Solutions, PFM=Personal Financial Management, PORT=Portfolio Management, PP=Property Preservation, RISK=Risk Managemen, SECUR=Security, SERV=Mortgage Servicing, SETTLE=Settlement Services, TAX=Real Estate Property Tax Services, TREAS=Treasury Management, VENDOR-Vendor Management, W=Wealth Management, WEB=Website Design and hosting.Business Model Vertical: S = Software, SaaS=Software-as-a-Service and SER = Services.

Date post:	29-Jul-2020
Category:	Documents
Upload:	others
View:	3 times
Download:	0 times

Financial Technology M&A Report · SELECTED M&A TRANSACTIONS Financial Technology Companies ......

Documents