Financial TechnologySector Summary - GCA Global · Net 1 UEPS Technologies, Inc. $520 (14%) 5.7x...

1

Financial Technology Sector SummaryWeek of August 28, 2017

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Select Recent Financing Transactions Select Recent M&A Transactions

Company Amount ($MM) Target Acquirer EV ($MM)

$100.0Sequel

$323.0

$100.0 $60.0

$45.0 NA

$40.0 NA

$40.0 NA

$32.5Security Card Services NA

$23.5 NA

$19.0YouFirst Payments NA

Quarterly Financing Volume Quarterly M&A Volume

$13.1 Bn | 1,203 DealsLTM Financing Volume

Industry Stock Market Performance $68.3 Bn | 901 DealsLTM M&A VolumeLast Twelve Months

Payments

Online Broker Dealers

Financial Data, Content,& Analytics

Investment Services,Software, & Technology

Exchanges

Banking & LendingTechnology

Information Processors /Credit Bureaus

Healthcare / InsuranceTechnology

$12.7

$19.3

$12.9 $10.2

245 256228

210

0

50

100

150

200

250

300

$0

$5

$10

$15

$20

$25

Q3 2016 Q4 2016 Q1 2017 Q2 2017

M&A Volume ($Bn) M&A Deal Count

$2.6 $2.6$3.0

$3.5298

276316 290

050100150200250300350400

$0.0$0.5$1.0$1.5$2.0$2.5$3.0$3.5$4.0

Q3 2016 Q4 2016 Q1 2017 Q2 2017

Financing Volume ($Bn) Financing Deal Count

S&P 500

80

90

100

110

120

130

140

150

160

8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/17

Financial TechnologyDEAL DASHBOARD

Notes:Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 8/25/17.1) Refer to footnotes on page 5 for index composition.2) Represents transactions announced between 8/14/17 and 8/25/17.3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively.

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Financial Technology TeamGCA OVERVIEW

Rob FreimanDirector

Phone: (212) 999-7075Mobile: (973) 229-0436

[email protected]

Alexander BerryAssociate

Phone: (212) 999-7079Mobile: (818) [email protected]

David KruegerVice President

Phone: (212) 537-4534Mobile: (616) 822-7179

[email protected]

Saif Malik*

Vice President

Phone: +44 (0) 207 038-3216Mobile: +44 (0) 778 606-8553

[email protected]

Sean MinnihanManaging Director

Global Head of FinTechPhone: (212) 999-7077Mobile: (917) 364-6230

[email protected]

Steve FletcherManaging Director

Phone: (415) 318-3661Mobile: (415) 518-6725

[email protected]

Paul DiNardoManaging Director

Phone: (212) 999-7097Mobile: (650) 483-7246

[email protected]

Peter BangManaging Director


Derek BellManaging Director


Justin KellyAnalyst


* Michio Suzuki is a Director at GCA Corporation* Saif Malik is a Vice President at GCA Savvian Europe Limited

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111(415) 318-3600

New York640 Fifth Avenue, 10th Fl.

New York, NY 10019(212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

+81 (3) 6212-7100

Michio Suzuki*Director

Phone: +81 3-6212-7145Mobile: +81 90-7412-9411

[email protected]

London1 Southampton St.London WC2R0LRUnited Kingdom

+44 20 7484 4040

Glen KrugerDirector


Kegan GreeneVice President

Phone: (415) 318-3648 Mobile: (917) 579-4838 [email protected]

4

SECTION I: Market Summary

5

Payments(1)

Online Broker Dealers(5)

Financial Data, Content& Analytics

(3)

Investment Services,Software & Technology

(7)

Exchanges(2)

(6)Banking & Lending

Technology

Information Processors /Credit Bureaus

(4)

Healthcare / InsuranceTechnology

(8)

Industry Stock Market PerformanceMARKET SUMMARY

Notes:(1) Payments: ADS, AIM:SCH, ASX:PPT, AXP, BGC, BOVESPA:CIEL3, CATM, DFS, EEFT, ENXTPA:EDEN, FDC, FLT, GDOT, GPN, MA, PAR, PYPL, SHOP, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, WU, XTRA:WDI.(2) Exchanges: ASX:ASX, ATSE:EXAE, BME:BME, BMV:BOLSA A, BOVESPA:BVMF3, CBOE, CME, ICE, JSE:JSE, KLSE:BURSA, LSE, NDAQ, SEHK:388, SGX:S68, TSX:X, WSE:GPW, XTRA:DB1.(3) Financial Data, Content & Analytics: DNB, ENXTPA:FIM, FDS, HOSE:HHS, MCO, MORN, MSCI, RATE, SPGI, TRI.(4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN.(5) Online Broker Dealers: AMTD, ETFC, GCAP, GLBR, IBKR, SCHW.(6) Banking & Lending Technology: ACIW, BKFS, ELLI, ELVT, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN.(7) Investment Services, Software & Technology: BR, DST, ENV, FNGN, LSE:ALFA, SEIC, SSNC.(8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, MJSO, SPNS, BSE:532254, SY, VRSK.

80

90

100

110

120

130

140

150

160

8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/1775

85

95

105

115

125

135

145

155

165

8/25/14 11/24/14 2/23/15 5/25/15 8/24/15 11/23/15 2/22/16 5/23/16 8/22/16 11/21/16 2/20/17 5/22/17 8/21/17

Last 12 Months Last 3 Years

Indexed Price Performance

Sector 3 Months 1 Year 3 Years

Exchanges 9.7% 19.3% 42.7%Payments 8.9% 29.4% 48.3%Financial, Data, Content & Analytics 7.2% 16.4% 49.1%Online Broker Dealers 6.2% 34.4% 38.7%Investment Services, Software & Technology 1.8% 11.7% 46.0%Healthcare / Insurance Technology 1.6% 1.7% 29.4%Banking & Lending Technology 0.5% 19.4% 54.0%Information Processors / Credit Bureaus (3.2%) 2.5% 42.2%

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EBITDA Multiples and MarginsMARKET SUMMARY

Notes: Numbers represent medians of sub-sectors. Details available in later pages.

2017E EBITDA Multiples 2017 EBITDA Margins

10.4x

12.9x

13.5x

14.5x

14.7x

14.8x

14.9x

17.7x

0.0x 5.0x 10.0x 15.0x 20.0x


Payments

Investment Services, Software &Technology

Financial Data, Content & Analytics

Information Processors / Credit Bureaus

Exchanges

Banking and Lending Technology

Healthcare / Insurance Technology

16.8%

25.9%

29.2%

30.3%

32.7%

39.3%

46.9%

59.2%

0% 10% 20% 30% 40% 50% 60% 70%


Payments






Exchanges

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Price / Earnings Multiples and PEG RatiosMARKET SUMMARY

2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

1.3

1.3

1.9

1.9

2.0

2.1

2.2

2.6

0.0 0.5 1.0 1.5 2.0 2.5 3.0


Payments




Exchanges


Healthcare / Insurance Technology 14.0%

9.3%

14.5%

10.2%

13.8%

13.5%

16.8%

15.0%17.4x

21.7x

22.6x

24.0x

24.7x

25.2x

25.4x

30.7x

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

Payments

Exchanges







Notes: Numbers represent medians of sub-sectors. Details available in later pages.

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LTM Price Performance and 2017 P/E – Payments / BankingMARKET SUMMARY

Notes: Source: CapitalIQ and Wall Street Research. Market data as of 8/25/17.

($MM)

Prepaid Market Cap.LTM Price

Performance P/E 2017

Green Dot Corporation $2,771 104% 23.2xBlackhawk Network Holdings, Inc. $2,419 28% 25.4xNet 1 UEPS Technologies, Inc. $520 (14%) 5.7x

Sector Average $1,904 39% 18.1x

Integrated Payments Hardware / Technology Market Cap.LTM Price


Ingenico Group - GCS $6,112 (12%) 17.4xNCR Corporation $4,316 5% 10.5xVeriFone Systems, Inc. $2,149 (0%) 13.1xCardtronics plc $1,173 (43%) 9.1xEveri Holdings Inc. $502 247% 8.8xPAR Technology Corporation $175 108% NA


Banking and Lending Technology Market Cap.LTM Price


Intuit Inc. $35,191 25% 30.7xFidelity National Information Services, Inc. $30,363 15% 21.3xFiserv, Inc. $25,744 19% 24.0xJack Henry & Associates, Inc. $7,750 14% 31.9xTemenos Group AG $6,782 65% 40.1xBlack Knight Financial Services, Inc. $2,895 7% 30.6xEll ie Mae, Inc. $2,795 (16%) 54.7xACI Worldwide, Inc. $2,603 18% 44.8xLendingClub Corporation $2,530 11% NMQ2 Holdings, Inc. $1,691 41% NMCoupa Software Incorporated $1,609 NA NMBottomline Technologies (de), Inc. $1,177 40% 28.4xOn Deck Capital, Inc. $341 (24%) NMElevate Credit, Inc. $264 NA 18.6xPerformant Financial Corporation $93 (13%) NM


Information Processors / Credit Bureaus Market Cap.LTM Price

Performance P/E 20170Experian plc $18,224 (2%) 21.1xEquifax Inc. $16,936 8% 23.2xFair Isaac Corporation $4,239 8% 27.2xAcxiom Corporation $1,807 (12%) 32.1x


($MM)

Networks Market Cap.LTM Price


Visa Inc. $236,337 29% 29.1xMastercard Incorporated $141,365 39% 30.1xAmerican Express Company $75,554 31% 14.9xPayPal Holdings, Inc. $72,108 60% 32.7xDiscover Financial Services $22,226 3% 10.1x


Merchant Processing Market Cap.LTM Price


Cielo S.A. $19,247 (19%) 14.4xFirst Data Corporation $16,761 38% 11.8xGlobal Payments Inc. $14,235 22% 23.6xVantiv, Inc. $13,972 34% 21.3xTotal System Services, Inc. $12,233 38% 20.2xWirecard AG $10,240 71% 32.3xSquare, Inc. $9,589 103% NMGMO Payment Gateway, Inc. $2,320 21% 90.4xEVERTEC, Inc. $1,372 12% 11.2xSafeCharge International Group Limited $505 (2%) 15.6xPlanet Payment, Inc. $196 (4%) 21.0xJetPay Corporation $30 (12%) NM


Money Transfer Market Cap.LTM Price


The Western Union Company $8,816 (12%) 10.9xEuronet Worldwide, Inc. $5,015 23% 21.0x


Closed Loop Market Cap.LTM Price


FleetCor Technologies, Inc. $13,086 (14%) 17.0xAlliance Data Systems Corporation $12,318 11% 12.3xEdenred SA $6,091 20% 21.9xWEX Inc. $4,572 8% 20.2x


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LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & AnalyticsMARKET SUMMARY

($MM)

Exchanges - Americas Market Cap.LTM Price

Performance P/E 20170CME Group Inc. $43,203 20% 26.5xIntercontinental Exchange, Inc. $38,493 18% 22.2xB3 S.A. - Brasil , Bolsa, Balcão $14,459 27% 20.7xNasdaq, Inc. $12,635 7% 18.2xCBOE Holdings, Inc. $11,252 45% 29.6xTMX Group Limited $2,954 22% 14.0xBolsa Mexicana de Valores, S.A.B. de C.V. $1,067 (4%) 17.6x


Exchanges - Asia Market Cap.LTM Price

Performance P/E 20170Hong Kong Exchanges and Clearing Limited $33,607 12% 37.2xASX Limited $8,413 11% 24.3xSingapore Exchange Limited $5,846 (4%) 21.7xBursa Malaysia Berhad $1,273 7% 24.5x


Exchanges - Europe Market Cap.LTM Price

Performance P/E 20170Deutsche Börse Aktiengesellschaft $20,107 30% 19.0xLondon Stock Exchange Group plc $17,771 39% 26.8xBolsas y Mercados Españoles $3,012 13% 16.0xJSE Limited $895 (10%) 16.2xGPW $542 40% 13.7xHellenic Exchanges - Athens Stock Exch. $373 24% 49.6x


Trading Platforms Market Cap.LTM Price


MarketAxess Holdings Inc. $7,155 15% 57.7xBGC Partners, Inc. $3,706 49% 15.8xVirtu Financial, Inc. $1,619 4% 18.8xINTL FCStone Inc. $678 2% 11.8xInvestment Technology Group, Inc. $666 31% NM


($MM)

Investment Services, Software & Technology Market Cap.LTM Price


SEI Investments Co. $9,041 24% 25.0xBroadridge Financial Solutions, Inc. $8,953 11% 23.1xSS&C Technologies Holdings, Inc. $7,778 18% 19.5xDST Systems, Inc. $3,068 (16%) 16.6xFinancial Engines, Inc. $2,075 4% 24.0xEnvestnet, Inc. $1,893 10% 33.5xAlfa Financial Software Holdings PLC $1,652 NA 41.5x


Financial Data, Content & Analytics Market Cap.LTM Price


S&P Global Inc. $38,876 25% 23.9xThomson Reuters Corporation $32,698 10% 18.8xMoody's Corporation $25,286 25% 23.9xIHS Markit Ltd. $18,453 27% 22.6xVerisk Analytics, Inc. $13,110 (4%) 25.4xMSCI Inc. $10,290 29% 30.1xFactSet Research Systems Inc. $6,248 (10%) 21.3xThe Dun & Bradstreet Corporation $4,051 (20%) 15.6xMorningstar, Inc. $3,492 (1%) NABankrate, Inc. $1,231 80% 19.6x


Online Broker Dealers Market Cap.LTM Price


The Charles Schwab Corporation $53,243 30% 24.8xTD Ameritrade Holding Corporation $23,302 36% 24.7xE*TRADE Financial Corporation $11,294 61% 18.4xInteractive Brokers Group, Inc. $3,034 23% 29.3xGAIN Capital Holdings, Inc. $301 (2%) 24.5xGlobal Brokerage, Inc. $8 (86%) NA


Notes: Source: CapitalIQ and Wall Street Research. Market data as of 8/25/17.

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SECTION II: Payments / Banking

11

Public Company Valuations: Financial MetricsPAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Convertible preferred equity assumed at 2x liquidation preference.

$MM, Except Per Share Data

Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth

8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ

NetworksVisa Inc. $103.35 $75.17 $104.20 $236,337 $5,700 $250,166 13.5x 12.3x 19.3x 17.4x 29.1x 25.2x 17.0% 1.7 16.0% 25.8%Mastercard Incorporated 132.75 95.77 134.24 141,365 (1,633) 139,828 11.4x 10.3x 19.6x 17.5x 30.1x 25.9x 16.2% 1.9 13.5% 13.3%American Express Company 85.47 59.50 87.78 75,554 25,172 102,326 3.1x 3.0x NM NM 14.9x 13.6x 11.0% 1.4 10.3% (1.0%)PayPal Holdings, Inc. 59.97 36.30 61.30 72,108 (9,165) 62,943 4.9x 4.1x 18.9x 16.0x 32.7x 27.2x 17.9% 1.8 18.5% NMDiscover Financial Services 59.69 53.91 74.33 22,226 13,496 36,297 3.7x 3.5x NM NM 10.1x 9.1x 9.0% 1.1 11.9% (1.4%)

Mean 7.3x 6.6x 19.3x 17.0x 23.4x 20.2x 14.2% 1.6 14.0% 9.2% Median 4.9x 4.1x 19.3x 17.4x 29.1x 25.2x 16.2% 1.7 13.5% 6.2%

Merchant ProcessingCielo S.A. $7.10 $6.47 $8.97 $19,247 $1,663 $22,015 5.6x 5.2x 13.1x 11.8x 14.4x 13.3x 6.4% 2.2 4.0% (10.7%)First Data Corporation 18.16 12.74 19.20 16,761 17,814 37,540 3.1x 3.0x 12.3x 11.5x 11.8x 10.9x 10.7% 1.1 5.2% 3.0%Global Payments Inc. 93.35 64.63 97.99 14,235 3,502 17,891 5.2x 4.7x 15.7x 13.8x 23.6x 20.1x 15.2% 1.6 42.4% 14.2%Vantiv, Inc. 71.22 52.50 72.68 13,972 3,415 17,697 8.4x 7.6x 17.5x 15.4x 21.3x 18.8x 15.4% 1.4 25.9% 12.1%Total System Services, Inc. 66.40 46.22 67.51 12,233 2,711 14,958 3.1x 4.2x 12.7x 11.8x 20.2x 18.5x 11.3% 1.8 12.3% 47.3%Wirecard AG 82.87 45.83 83.49 10,240 (804) 9,437 5.7x 4.6x 19.6x 15.6x 32.3x 25.2x 27.7% 1.2 49.3% 45.7%Square, Inc. 24.99 10.88 27.97 9,589 (570) 9,018 5.3x 4.2x 67.9x 38.1x NM 58.5 87.8% NM 34.9% 25.8%GMO Payment Gateway, Inc. 62.99 34.88 66.93 2,320 (216) 2,113 10.1x 8.2x 36.9x 27.7x 90.4x 57.0x NM NM 77.7% 69.1%EVERTEC, Inc. 18.95 14.15 19.53 1,372 568 1,944 4.7x 4.5x 10.1x 9.7x 11.2x 10.7x 8.4% 1.3 6.3% 6.0%SafeCharge International Group Limited 3.44 2.47 3.81 505 (115) 390 3.4x 3.1x 11.1x 9.6x 15.6x 13.8x 13.0% 1.2 8.6% 3.2%Planet Payment, Inc. 3.65 2.75 4.64 196 (7) 189 3.3x 3.0x 11.0x 9.3x 21.0x 16.9x 25.0% 0.8 5.5% (4.5%)JetPay Corporation 1.90 1.45 3.19 30 8 121 1.6x 1.4x 25.1x 15.4x NM NM NM NM 34.2% 53.8%


Money TransferThe Western Union Company $19.00 $18.42 $22.70 $8,816 $2,564 $11,380 2.1x 2.1x 8.8x 8.6x 10.9x 10.6x 10.0% 1.1 0.5% 0.2%Euronet Worldwide, Inc. 95.46 70.51 97.92 5,015 (196) 4,820 2.2x 2.0x 11.8x 10.2x 21.0x 18.2x 14.5% 1.4 12.0% 12.5%


Closed LoopFleetCor Technologies, Inc. $142.43 $121.52 $176.42 $13,086 $3,273 $16,360 7.3x 6.6x 14.0x 12.3x 17.0x 14.9x 16.2% 1.1 21.7% 29.5%Alliance Data Systems Corporation 222.02 196.40 266.25 12,318 19,761 32,079 4.1x 3.7x 16.2x 14.1x 12.3x 10.4x 14.9% 0.8 9.4% 4.2%Edenred SA 26.12 21.85 29.07 6,091 1,442 7,703 4.9x 4.6x 13.2x 12.2x 21.9x 20.1x 11.9% 1.8 39.3% 28.1%WEX Inc. 106.57 97.26 122.91 4,572 2,158 6,739 5.6x 5.1x 14.4x 12.6x 20.2x 17.3x 15.3% 1.3 18.9% 29.9%


PrepaidGreen Dot Corporation $47.64 $21.45 $48.03 $2,771 NA NA NA NA NA NA 23.2x 20.1x 17.8% 1.3 20.7% 28.3%Blackhawk Network Holdings, Inc. 42.70 28.88 46.70 2,419 332 2,755 1.2x 1.1x 11.7x 10.0x 25.4x 21.0x 15.3% 1.7 18.4% 18.4%Net 1 UEPS Technologies, Inc. 9.23 8.37 13.81 520 (226) 297 0.5x 0.4x 1.9x 1.9x 5.7x 5.3 NM NM 2.7% 2.5%


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12

Public Company Valuations: Financial Metrics (Cont.)PAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.1) Revenue growth rates based on gross revenues before provision for loan losses and fundraising costs.

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Integrated Payments Hardware / TechnologyIngenico Group - GCS $98.21 $81.09 $117.87 $6,112 $193 $6,315 2.1x 1.9x 10.5x 9.4x 17.4x 15.4x 12.5% 1.4 21.1% 10.7%NCR Corporation 35.52 29.83 49.90 4,316 2,905 8,256 1.2x 1.2x 7.1x 6.8x 10.5x 9.8x NM NM 2.1% (1.7%)VeriFone Systems, Inc. 19.22 14.94 20.98 2,149 743 2,920 1.6x 1.5x 9.9x 8.7x 13.1x 12.1x 15.0% 0.9 NA (10.0%)Cardtronics plc 25.70 24.91 56.00 1,173 920 2,093 1.4x 1.5x 6.5x 7.0x 9.1x 10.0x 14.0% 0.6 17.1% 18.9%Everi Holdings Inc. 7.52 1.21 8.99 502 982 1,484 1.6x 1.5x 7.0x 6.6x 8.8x NM 20.0% 0.4 8.5% 13.2%PAR Technology Corporation 11.00 4.69 11.00 175 (2) 173 NA NA NA NA NA NA NM NA NA 18.2%


Banking and Lending TechnologyIntuit Inc. $137.35 $103.22 $143.81 $35,191 ($289) $34,902 6.5x 5.9x 17.0x 15.5x 30.7x 27.3x 15.7% 2.0 10.6% 11.7%Fidelity National Information Services, Inc. 91.34 73.25 92.78 30,363 8,926 39,403 4.3x 4.2x 12.8x 12.3x 21.3x 18.8x 12.0% 1.8 (0.9%) 1.6%Fiserv, Inc. 122.32 92.81 129.35 25,744 4,442 30,186 5.3x 5.0x 14.7x 13.8x 24.0x 21.2x 12.1% 2.0 4.0% 1.7%Jack Henry & Associates, Inc. 100.08 79.00 109.67 7,750 (65) 7,685 5.2x 5.0x 15.1x 14.2x 31.9x 29.3x 11.5% 2.8 5.2% 4.6%Temenos Group AG 97.28 59.08 100.00 6,782 300 7,082 10.0x 9.0x 28.8x 24.7x 40.1x 34.6x 14.9% 2.7 12.1% 13.5%Black Knight Financial Services, Inc. 42.05 34.00 43.70 2,895 1,462 5,426 5.0x 4.6x 10.5x 9.5x 30.6x 26.3x 14.1% 2.2 4.9% 2.6%Ellie Mae, Inc. 81.29 77.60 114.95 2,795 (334) 2,461 6.1x 5.1x 20.8x 16.1x 54.7x 44.6x 15.7% 3.5 12.3% 15.6%ACI Worldwide, Inc. 22.02 15.11 24.65 2,603 603 3,206 3.1x 3.0x 12.6x 11.7x 44.8x 37.5x 12.5% 3.6 1.8% 9.4%LendingClub Corporation 6.15 4.64 6.79 2,530 (538) 1,999 3.3x 2.7x 35.3x 15.1x NM 27.6x NM NM 19.3% 35.7%Q2 Holdings, Inc. 40.95 25.23 41.70 1,691 (79) 1,612 8.3x 6.6x NM 79.4x NM NM NM NM 29.7% 32.3%Coupa Software Incorporated 30.37 22.50 41.61 1,609 (238) 1,371 7.9x 6.3x NM NM NM NM NM NM 30.2% 41.0%Bottomline Technologies (de), Inc. 29.05 21.52 31.10 1,177 57 1,234 3.4x 3.2x 15.2x 13.7x 28.4x 25.3x 17.3% 1.6 5.2% 6.1%On Deck Capital, Inc. 4.66 3.29 6.46 341 666 1,012 2.9x 2.7x NM 30.7x NM 17.5x NM NM 19.9% 20.9%Elevate Credit, Inc. 6.32 6.50 9.48 264 368 631 0.9x 0.7x 6.3x 3.8x 18.6 5.3x NA NA NA 18.7%Performant Financial Corporation 1.83 1.50 4.07 93 22 115 0.8x 0.8x 9.4x 6.3x NM 52.3x NM NM (2.0%) (5.7%)


Information Processors / Credit BureausExperian plc $19.57 $17.77 $22.00 $18,224 $3,210 $21,446 4.9x 4.6x 14.0x 13.3x 21.1x 19.1x 9.3% 2.3 NA NAEquifax Inc. 140.70 110.87 147.02 16,936 2,428 19,425 5.7x 5.3x 15.3x 14.1x 23.2x 20.8x 11.5% 2.0 8.4% 5.6%Fair Isaac Corporation 138.38 109.77 147.02 4,239 481 4,720 5.0x 4.7x 19.6x 17.2x 27.2x 23.2x 16.0% 1.7 4.7% (3.3%)Acxiom Corporation 22.69 21.80 30.40 1,807 67 1,874 2.1x 1.9x 11.2x 9.1x 32.1x 22.9x 17.7% 1.8 2.2% (1.1%)Intersections Inc. 3.07 1.70 5.75 73 11 84 NA NA NA NA NA NA NM NA NA (10.8%)

Mean 4.4x 4.1x 15.0x 13.5x 25.9x 21.5x 13.6% 2.0 5.1% (2.4%) Median 5.0x 4.6x 14.7x 13.7x 25.2x 21.9x 13.8% 1.9 4.7% (2.2%)

13

Selected Recent Acquisitions – Trailing 12 MonthsPAYMENTS / BANKING

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM.

($MM)Announced Enterprise EV / LTM

Date Acquirer Target Target Subsector Value Revenue

8/22/17 BluePay, Inc. Security Card Services, LLC Merchant Processing NA NA

8/21/17 Ebix, Inc.YouFirst Money Express Private Limited, Money Transfer Service

Remittance NA NA

8/21/17 Blockchain Global Limited BTCS Inc. Cryptocurrency NA NA

8/21/17 Innovest Systems, LLC PDS Companies, Inc. Financial Software NA NA

8/21/17 Fiserv, Inc. Dovetail Group Limited Banking Software NA NA

8/16/17 ShapeShift AG KeepKey, LLC Cryptocurrency NA NA

8/10/17 PayPal Holdings, Inc. Swift Financial Corporation Online Lending NA NA

8/10/17 SIX Payment Services Ltd Aduno SA Merchant Acquiring NA NA

8/8/17Bitcoin Crypto Currency Exchange Corporation

KaChingpay.com Inc. Token Network/Merchant Processing NA NA

8/3/17 Givex Corporation POS Canada Inc. POS NA NA

8/2/17 Thomas H. Lee Partners, L.P. Ten-X, LLC Real Estate Tech NA NA

8/2/17 Marlin Equity Partners, LLC Medius AB AP Automation NA NA

8/1/17 Fiserv, Inc. PCLender LLC Mortgage Software NA NA

7/28/17 Acana Capital Corp. Blockchain Technology Group Inc. Blockchain NA NA

7/27/17 Verisk Analytics, Inc. G2 Web Services, LLC Anti-Fraud $112 NA

7/27/17 Axis Bank LimitedAccelyst Solutions Pvt. Ltd and Freecharge Payment Technologies

Mobile Payments $60 NA

7/26/17 Stripe Payable Accounting Software NA NA

7/25/17 Worldline S.A.First Data Lietuva Uab and First Data Latvia Sia and First Data EESTI OU

Merchant Processing $85 3.2x

7/25/17 The Sage Group plc Intacct Corporation Accounting Software $850 9.7x

7/21/17 Paysafe Group Plc Delta Card Services, Inc. Merchant Processing $470 1.1x

14

Selected Recent Acquisitions – Trailing 12 Months (Cont.)PAYMENTS / BANKING




7/21/17CVC Capital Partners Limited; The Blackstone Group L.P.

Paysafe Group Plc Payment Processing $4,014 3.8x

7/20/17 Ingenico Group - GCS Bambora Merchant Processing $1,746 7.4x

7/18/17 ABILITY Network Inc. Secure Bill Pay Healthcare Payments NA NA

7/18/17 Urban FT, Inc. iParse LLC Mobile Banking NA NA

7/17/17 Worldline S.A. Digital River World Payments AB Ecommerce Payments NA NA

7/17/17 Mastercard Brighterion, Inc. Fraud Protection NA NA

7/12/17 Ceres inc. bitbank, Inc. Blockchain $29 19.3x

7/10/17 Linx Sistemas E Consultoria Ltda. Grupo Synthesys POS $26 NA

7/6/17 Blackfin Capital Partners SAS Buckaroo B.V. Gateway NA NA

7/6/17 Equiniti Group plc Nostrum Group Limited Loan Servicing NA NA

7/5/17 Vantiv, Inc. Worldpay Group plc Merchant Processing $11,453 7.5x

7/5/17 Vision Solutions Inc. Enforcive, Inc. Reg Tech NA NA

7/4/17 Blue Star Capital plc SatoshiPay Ltd Blockchain Nanopayments $7 NA

6/30/17 DBS Bank Ltd. AXS Pte. Ltd. Mobile Financial Services $60 NA

6/29/17HgCapital, Montagu Private Equity, Intermediate Capital Group, GIC Pte.

Visma AS Financial Software $5,453 5.7x

6/29/17 ScanSource, Inc. POS Portal, Inc. POS $158 NA

6/28/17 Vista Equity Partners LLC PayLease, LLC Vertical Payments NA NA

6/27/17 BlackRock, Inc. CacheMatrix Holdings LLC Enterprise Cash Management NA NA

6/20/17 LendingTree, LLC Magnify Money Lead Gen $40 NA

6/20/17 Global Blue SA EuroPass Wechat Gateway NA NA

15



6/15/17 LendingTree, LLC Deposits Online, LLC. Data / Analytics $33 NA

6/13/17 Fiserv (Europe) Limited Monitise plc Banking Technology $60 0.7x

6/12/17Otkritie Holding JSC; Otkritie Investments Cyprus Limited

Qiwi plc Networks $1,381 4.3x

6/9/17 The Bankers BankUS Dataworks, Inc., Substantially All Assets

Treasury Management $2 NA

6/8/17 ECN Capital Corp. Service Finance Company, LLC Mortgage Servicing $304 NA

6/7/17 Incenter Mortgage Solutions LLC Campus Door Holdings, Inc. Student Lending NA NA

6/7/17 Longview Solutions, Inc. Tidemark Systems, Inc. Financial Software NA NA

6/6/17 Ascensus, Inc. Kravitz, Inc. Retirement Administration NA NA

6/6/17 CoreLogic, Inc. Mercury Network, LLC Mortgage Technology NA NA

6/2/17 GTCR, LLC Sage Payment Solutions, Inc. Merchant Processing $260 NA

6/1/17 Flywire PACE Financial Group Ltd. Invoicing NA NA

6/1/17 Aquiline Capital Partners LLC Output Services Group, Inc. Bill Pay NA NA

5/31/17 KeyBank National Association HelloWallet, LLC PFM NA NA

5/30/17 Optimal Blue LLCComergence Compliance Monitoring, LLC

Mortgage Tech NA NA

5/29/17 First Data Corporation CardConnect Corp. Merchant Processing $716 1.2x

5/24/17 Ebix, Inc. Itz Cash Card Ltd. Prepaid $120 NA

5/17/17 Coupa Software Incorporated Riskopy, Inc. Risk / Data NA NA

5/17/17 North American Bancard Holdings, LLC Total Merchant Services, Inc. Merchant Acquiring NA NA

5/16/17 Mswipe Technologies Pvt Ltd PayU Payments Private Limited POS NA NA

5/15/17 Moody's Analytics, Inc.Bureau van Dijk Electronic Publishing BV

Credit Bureau $3,293 11.3x



16




5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA

5/10/17 Swedbank AB (publ) PayEx Holding AB Consumer Payments NA NA

5/10/17 Cayan LLC Card Payment Services, Inc. Merchant Acquiring NA NA

5/8/17 AltaPay A/S IPS Limited Ecommerce Payments NA NA

5/1/17 FleetCor Technologies, Inc. Cambridge Global Payments Cross-Border Payments $675 NA

4/25/17 Vantiv, Inc. Paymetric, Inc. Payment Processing NA NA

4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x

4/19/17 Ant Financial Services GroupHelloPay Singapore Pte. Ltd (nka:Alipay Singapore)

Ecommerce Payments NA NA

4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA

4/11/17Network For Electronic Transfers (Singapore) Pte Ltd.

Banking Computer Services Private Limited and BCS Information System

Clearing $27 NA

4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $455 1.5x

4/10/17 New Access SAFidelity National Information Services, Inc., Ambit Private Banking Business

Banking Software NA NA

4/7/17 Coupa Software Incorporated Trade Extensions Tradeext AB Sourcing Software $45 NA

4/5/17 Nets OyOP Financial Group, Merchant Acquiring Business

Merchant Acquiring $32 NA

4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA

4/4/17 BNP Paribas SAFinanciere Des Paiements Electroniques S.A.S.

Digital Banking NA NA

4/3/17 CU Cooperative Systems, Inc. The Members Group LLC Payment Processing NA NA

4/3/17 CardConnect Corp. MertzCo, Inc. VAR $38 6.2x

4/3/17 Avangate Inc. 2Checkout.com, Inc. Payment Processing NA NA

3/31/17 M1 Limited Areeba s.a.l. Card Processing $220 NA


17




3/29/17 Mastercard Incorporated NuData Security Inc. Anti-Fraud NA NA

3/28/17 Wirecard AG MyGate Communications (Pty) Ltd Gateway $25 NA

3/27/17 Nxt-ID, Inc. FitPay, Inc. Authentication NA NA

3/21/17 Visma AS Bluegarden Holding A/S Payroll Software NA NA

3/16/17 First Data Corporation Acculynk, Inc. Ecommerce Payments $85 NA

3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA

3/13/17 Wirecard AGCitibank's Merchant Acquiring Services in Asia Pacific

Merchant Acquiring NA NA

3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x

3/13/17 Payment Data Systems, Inc. Singular Payments, LLC Vertical Payments NA NA

3/8/17 Flagship Community Bank BankMobile Mobile Payments NA NA

3/7/17 Optal Limited Invapay Payment Solutions Ltd. B2B Payments NA NA

3/6/17 TA Associates Management, L.P. Interswitch Limited Digital Payments NA NA

2/28/17 Technology Crossover Ventures Retail Merchant Services Ltd. Payment Services NA NA

2/27/17Argus Information & Advisory Services, LLC

Fintellix Solutions Private Limited Data / Analytics NA NA

2/23/17 Airbnb, Inc. Tilt.com, Inc. Crowd Funding NA NA

2/23/17 MYOB Group Limited Paycorp Holdings Pty Limited Payment Solutions Provider $37 NA

2/22/17 Bharti Airtel Services Limited Seynse Technologies Pvt. Ltd. Online Lending NA NA

2/16/17 CampusLogic, Inc. Cegment, Inc. Lending Tech NA NA

2/16/17 Volaris Group Inc. Telepin, Inc. Mobile Financial Services NA NA

2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x


18




2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $185 2.6x

2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x

2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA

2/5/17 Klarna AB (nka:Klarna Bank AB (publ)) Billpay GmbH Ecommerce Payments $75 NA

2/1/17 i3 Verticals, LLCRandall Data Systems, LLC and CSC Links, LLC

Accounting Software / Healthcare Payments

NA NA

2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA

1/31/17 Cardtronics plc Spark ATM Systems (Pty) Ltd. ATMS NA NA

1/31/17 Zoopla Hometrack Real Estate Tech $150 NA

1/30/17 Ingenico Group - GCS TechProcess Payment Services Limited Electronic Payments NA NA

1/30/17 Green Dot Corporation UniRush, LLC Prepaid NA NA

1/27/17 Ebates, Inc. Cartera Commerce Inc. Loyalty / Rewards NA NA

1/26/17 Alipay (UK) Limited MoneyGram International, Inc. Money Transfer $1,936 1.2x

1/26/17 Fusion RMS Innovantum Technologies Ltd. POS NA NA

1/25/17 McPayment Pte Ltd Genesis Payment Solutions Pte Ltd. Merchant Acquiring NA NA

1/24/17 Solera Holdings Inc. Digidentity B.V. Identity Protection NA NA

1/18/17 Clearent, LLCPayment Alliance International, Merchant Service Division

International Payments / FX NA NA

1/18/17 AnaCap Financial Partners LLP Heidelberger Payment GmbH Ecommerce Payments NA NA

1/18/17 Augeo Affinity Marketing Inc. Edo Interactive Inc. Loyalty / Rewards NA NA

1/17/17 Clarus Merchant Services North American Merchant Services, Inc. ISO NA NA

1/17/17 Clarus Merchant Services BC Technologies ISO NA NA


19





1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA

1/13/17Advent International Corporation; Bain Capital Investors, LLC

ConCardis GmbH Merchant Processing NA NA

1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA

1/10/17 Coupa Software Incorporated Spend360 International Ltd Financial Software NA NA

1/10/17 Clarus Merchant ServicesANARAQ Holdings, LLC, Payment Processing Assets

Merchant Acquiring NA NA

1/10/17 GoFundMe, Inc CrowdRise, Inc. Crowdfunding NA NA

1/6/17 Rock Holdings Inc. LowerMyBills, Inc. and Classes USA, Inc. Online Lending / Lead Gen NA NA

1/5/17 IRIS Software Group Limited PS Financials Ltd Accounting Software NA NA

1/4/17 EVO Payments International, LLC Sterling Payment Technologies, Inc. Merchant Processing NA NA

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA

12/23/16 Volkswagen Financial Services AGPayByPhone Technologies And PayByPhone And Mobile Payment

Mobile Payments $32 NA

12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

12/19/16 SENJO GROUP Pte. Ltd. Kalixa Payments Group Limited Merchant Acquiriing $30 1.3x

12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA

12/1/16 Flexpoint Ford, LLC Purchasing Power, LLC Online Consumer Lending NA NA

12/1/16 Visa Inc. CardinalCommerce Corporation eCommerce Payments NA NA

11/29/16 BluePay Canada ULC VersaPay, Merchant Services Portfolio Merchant Services Portfolio $8 NA

11/23/16 Klarna AB (nka:Klarna Bank AB (publ)) Cookies Labs GmbH Money Transfer NA NA

11/20/16 Symantec Corporation LifeLock, Inc. Anti-Fraud $2,362 3.6x

11/16/16 LendingTree, LLC Iron Horse Holdings, LLC Lead Gen $130 NA

20





11/15/16 Versara Lending, LLC Peerform, Inc. Online Lending NA NA

11/14/16 Finical, Inc. Safeguard Bankcard, LLC Merchant Services NA NA

11/10/16 Intrum Justitia AB 1st Credit Limited Collections $163 2.6x

11/10/16 MetaBank Specialty Consumer Services, LP Online Lending NA NA

11/10/16 NPC Group, Inc. Moneris Solutions, Inc. Merchant Acquiring $425 NA

11/7/16 GTCR, LLC RevSpring, Inc. Healthcare Payments NA NA

11/4/16 BC Partners; Medina Capital Easy Solutions Inc. Fraud Detection NA NA

11/4/16 Broadridge Financial Solutions, Inc. M&O Systems, Inc. Accounting Software $25 NA

11/1/16 Hansen Technologies Ltd DST Billing Solutions Limited Billing Software NA NA

10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA

10/18/16Lendingkart Technologies Private Limited

Finectar Technologies Pvt. Ltd. Online Lending NA NA

10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA

10/10/16 First American Mortgage Solutions, LLC TD Service Financial Corporation Mortgage Technology NA NA

10/10/16 Intuit Inc. MTS Global (Europe) Limited Accounting Software NA NA

10/10/16 TRGRP, Inc. Priory Solutions Limited Billing Software NA NA

10/10/16 Euronet Worldwide, Inc. YourCash Europe Limited ATMS NA NA

10/6/16 Capital One Financial Corporation Paribus Co. Ecommerce NA NA

10/6/16 Qiwi plc Plati Potom OOO Ecommerce NA NA

10/4/16Gresham Computing plc (nka:Gresham Technologies plc)

C24 Technologies Ltd. Risk / Analytics $6 2.3x

10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x

21

Selected Recent Equity Financings – Trailing 12 MonthsPAYMENTS / BANKING

($MM)Announced Target

Date Target Series Amount Investors Subsector

8/24/17 Ezetap Mobile Solutions Series D $16 Horizons Ventures, JS Capital Management, Social Capital POS

8/24/17 Blend Series D $100 Emergence Capital Partners, Greylock Partners Mortgage Tech

8/23/17 EmailAge Series B $10Anthos Capital, Mucker Capital, Radian Capital, Tallwave Capital, Wipro Ventures

Anti-Fraud

8/21/17 Prodigy Finance Series C $40 AlphaCode, Balderton Capital, Index Ventures Online Lending

8/21/17 Capital Float Series C $45 Ribbit Capital, SAIF Partners, Sequoia Capital India Online Lending

8/21/17 Emoov Series B $12Episode 1 Ventures LLP, JXC Ventures Ltd, Maxfield Capital Management Fund, Spire Ventures Ltd, Startive Ventures, Inc.

Real Estate Tech

8/18/17 Lai Yong Che Series A $15 Meili Jirong, Xingyi Capital, Zhejiang Jinke Entertainment Culture Online Leasing

8/15/17 nCino Series D $18 Aequitas Capital Management, Insight Venture Partners Banking Software

8/15/17 HomeLight Series B $40 Citi Ventures, Menlo Ventures Real Estate Tech

8/14/17 i3 Verticals NA $14 Undisclosed Integrated Payments

8/11/17 NextBlock NA $20 Undisclosed Blockchain

8/10/17 Coinbase Series D $100Battery Ventures, Draper Associates, Greylock Partners, Institutional Venture Partners, Section 32, Spark Capital

Cryptocurrency

8/10/17 Linklogis Series B $29Bertelsmann Asia Investments, China Merchants Capital, CITIC Capital Private Equity, Loyal Valley Innovation Capital, Tencent

Online Lending

8/10/17 Vyze Series C $13 Austin Ventures, Fathom Capital, Starvest Partners Consumer Lending

8/9/17 Socure Series B $14Commerce Ventures, Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, Work-Bench

Identity Verification

8/7/17 UangTeman Series A $12 Draper Associates, K2 Venture Capital, STI Financial Group Online Lending

8/3/17 Neyber Series C $21 Wadhawan Global Capital PFM

8/3/17 Kabbage Series F $250 SoftBank Group Online Lending

8/2/17 PeerIQ Series A $12Hearst Ventures, John Mack, Macquarie Group, TransUnion, Uprising

Data/Analytics

8/2/17 DianRong Series D $220 China Minsheng Investment, GIC, Simone Investment Managers Online Lending

Notes: Source: CapitalIQ and Pitchbook.

22

Selected Recent Equity Financings – Trailing 12 Months (Cont.)PAYMENTS / BANKING



8/2/17 Bread Series B $126 Bessemer Venture Partners, Menlo Ventures, RRE Ventures Online Lending

8/1/17 Juvo Series B $40 New Enterprise Associates, SignalFire, Wing Venture Capital Micro Lending

7/31/17 Flutterwave Series A $10Glynn Capital Management, Green Visor Capital, Greycroft Partners, Y Combinator

Bank/Payments Software

7/26/17 Marqeta Series D $2583North, Commerce Ventures, CommerzVentures, CreditEase, Granite Ventures, IA Capital Group, Visa

Prepaid

7/25/17 Beqom NA $35 Goldman Sachs Financial Software

7/25/17 Rimilia NA $25 Kennet Partners, Eight Roads Ventures AR Automation

7/25/17 Toast, Inc. Series C $101Bessemer Venture Partners, Generation Investment Management, Lead Edge Capital

POS

7/21/17 Devign Lab Series A $27 Undisclosed Investors Digital Currency

7/20/17 Receipt Bank Series B $50 Insight Venture Partners Accounting Software

7/19/17 Karmic Labs Series B $17Alsop-Louie Partners, Arbor Ventures, Greycroft Partners, Marketplace Funds, Startup Capital Ventures

Expense Management Cards

7/18/17 Freshbooks Series B $43 Accomplice, Georgian Partners, Oak Investment Partners Accounting Software

7/18/17 NewStore Series B $50 Activant Capital Group, General Catalyst, Stephan Schambach Mobile Commerce

7/12/17 Curve Series A $10Alessandro Hatami, Breega Capital, Connect Ventures, Emilian Popa, Gael de Boissard, Henry Ritchotte, Investec, Oxford Capital

Payment Cards

7/12/17 Revolut Series B $66 Balderton Capital, Index Ventures, Ribbit Capital Digital Banking

7/11/17 Innoviti Payment Solutions Series B $19Bessemer Venture Partners, Catamaran Ventures, SBI Jefferies Asia Fund

Gateway

7/7/17 Dashu Finance Series C $118Everbright Financial Holdings, PAG, Primavera Capital Group, Sequoia Capital China

Online Lending

7/5/17 Ohpen Series B $17 Amerborgh Core Banking Software

7/5/17 Tide Series A $14 Anthemis Group, Creandum, LocalGlobe, Passion Capital Digital Banking

7/5/17 InstaReM Series B $13Fullerton Financial Holdings, Global Founders Capital, GSR Ventures, SBI Ven Capital, Vertex Ventures China

Cross-Border Payments

7/3/17 Qonto Series A $11 Alven Capital, Valar Ventures Digital Banking


23




6/29/17 Spruce Finance NA $25 HPS Investment Partners Consumer Lending

6/27/17 Riskified NA $33 C4 Ventures, Capital One Growth Ventures, Pitango Growth Fraud Protection

6/26/17 Yoyo Wallet Series B $15Metro Group, Touchstone Innovations, Woodford Investment Management

Mobile Payments

6/22/17 Blockchain Series B $40Digital Currency Group, Google Ventures, Lakestar, Lightspeed Venture Partners, Mosaic Venture Partners, Virgin Group

Blockchain

6/21/17 Mswipe Technologies Series D $31DSG Consumer Partners, Falcon Edge Capital, Matrix Partners India, UC-RNT Fund

POS

6/21/17 FloQast Series B $25 Insight Venture Partners, Polaris Partners, Toba Capital Accounting Software

6/21/17 Soldo Series A $11Accel Partners, Connect Ventures, InReach Ventures, R204 Partners, U-Start Ventures

Expense Management Software

6/20/17 Sequent Software Series C $16JADO Investments, MoneyTime Ventures, Opus Capital, TIS INTEC Group

Tokenization

6/15/17 PayBreak (Afford It Now) NA $31 Undisclosed Consumer / POS Lending

6/9/17 Cardlytics NA $12 Undisclosed Loyalty / Rewards

6/8/17 AvidXchange Series F $300Caisse de depot et placement du Quebec, MasterCard Worldwide, Peter Thiel, Temasek Holdings

AP Automation

6/7/17 Plynk Series A $28 Swiss Privee Money Transfer

6/3/17 Max Series A $23 Credit Mutuel Arkea PFM

6/1/17 Zopa Series F $41 Northzone Ventures, Wadhawan Global Capital Digital Banking

5/31/17 TouchBistro Series C $12Napier Park Financial Partners, Recruit Holdings, BDC IT Venture Fund, Relay Ventures, Kensington Capital Partners

POS

5/30/17 Wave Accounting Series E $24BDC Venture Capital, CRV, Exhibition Capital, HarbourVest Partners, National Australia Bank

Accounting Software

5/26/17 RateSetter Series C $17 Clean Energy Finance Corporation Online Lending

5/25/17 BillTrust Series D $50 Riverwood Capital AR / Invoicing

5/24/17 Zibby Series C $14Blumberg Capital, CURO Financial Technologies, MissionOG, Tribeca Venture Partners

Consumer Lending

5/23/17 R3 Series A $107Banco Bradesco, Bangkok Bank, Bank of America, Bank of Montreal, Barclays

Blockchain


24




5/22/17 LedgerX Series B $11 Huiyin Blockchain Venture, Miami International Holdings Cryptocurrency

5/17/17 Additiv Series A $5 BZ Bank Aktiengesellschaft Financial Software

5/16/17 Neighborly Series B $258VC, Abstract Ventures, Bee Partners, Emerson Collective, FinTech Collective, Govtech Fund, Maven Ventures

Marketplace Lending

5/16/17 LevelUp NA $37 CentroCredit Bank, JP Morgan Chase, U.S. Boston POS / Loyalty

5/15/17 Wacai Series C $42Ally Bridge Group, China Broadband Capital, China Development Bank Capital, New Horizon Capital

PFM

5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments

5/10/17 Kreditech NA $120 PayU Consumer Credit

5/9/17 Finxact NA $12 Live Oak Ventures Banking Software

5/9/17 Broadway Technology NA $42 Long Ridge Equity Partners Banking Software

5/4/17 Signifyd Series C $56 American Express, Bain Capital Ventures, Menlo Ventures Ecommerce Fraud Protection

5/4/17 MPP Global Series B $15 Albion Ventures, Grafton Capital Ecommerce

5/3/17 Nav Series B $13Clocktower Ventures, CreditEase Fintech Investment Fund, Goldman Sachs, Point72 Ventures

Credit Scoring

5/2/17 Aicai Series C $32 Zhongshunyi Financial Student Logistics / Payments

5/2/17 ServiceChannel NA $54 Acce Vertical Payments

5/1/17 Airwallex Series A $13 Gobi Ventures, MasterCard, Sequoia China, Tencent Cross-Border Payments

4/29/17 Satispay NA $15 Iccrea Banca Mobile Payments

4/26/17 Ivalua NA $70 KKRSpend Management

Software

4/26/17 Robinhood Series C $110 DST Global, Index Ventures, NEA, Ribbit Capital Online Brokerage

4/24/17 Token Series A $16 EQT Ventures, Octopus Ventures, OP Financial Group Banking Software

4/19/17 IceKredit Series A $16 China Creation Ventures, Lingfeng Capital Underwriting Technology


25




4/18/17 Factom Series A $8 Harvest Equity, Peeli Ventures Blockchain

4/13/17 College Avenue Student Loans NA $30 Comcast Ventures, Leading Edge Ventures Student Loan Marketplace

4/11/17 Mswipe Technologies Series D $21 DSG Consumer Partners, Falcon Edge Capital, Fosun Capital Mobile Payments

4/10/17 MintQuantum Series A $15 Undisclosed Online Lending

4/6/27 Upgrade Series A $60Union Square Ventures, Credit Ease, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures

Online Lending

4/6/17 WeCash Series C $80China Merchants Innovation Investment Management, Forebright Capital Management, SIG

Credit Scoring

4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments

4/5/17 Jucaicat Series A $15 TIZA Online Lending

4/5/17 Savedroid NA $22 Rhineland-Palatinate, Angel Investors PFM / Digital Banking

3/31/17 Fiilament Series B $15 Bullpen Capital, Verizon Ventures Blockchain

3/30/17 Yongqianbao NA $67 Golden Brick Capital Management, CICC Alpha Online Lending

3/29/17 ShapeShift AG Series A $10Access Venture Partners, Earlybird Venture Capital, Pantera Capital, Lakestar, Blockchain Capital

Digital Currency

3/27/17 cloudvirga Series B $15 Incenter Mortgage POS

3/27/17 Creamfinance Series B $22 Capitec Bank Holdings Limited Online Lending

3/23/17 Dadao Financial Series B $29China Renaissance Private Equity Fund, PAG, Sequoia Capital China

Real Estate Tech

3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM

3/23/17 Qtum NA $15 Undisclosed Blockchain

3/22/17 figo NA $12 Berliner Volksbank Ventures, DB1 Ventures Bank API

3/22/17 Avaloq NA $300 Warburg Pincus Banking Software

3/20/17 Nested NA $10 GFC, Passion Capital Real Estate Tech


26




3/15/17 Flow Series A $13 Bain Capital Ventures Ecommerce

3/14/17 solarisBank NA $28 Arvato Financial Solutions, SBI Group Digital Banking

3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software

3/13/17 Viva Republica Series C $48Altos Ventures, Bessemer Venture Partners, Goodwater Capital, Partech Ventures, PayPal Holdings

Money Transfer

3/9/17 Currencycloud Series D $25Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire Ventures

Cross-Border Payments

3/8/17 Veem Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments

3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM

3/6/17 Atom Bank NA $102BBVA, Toscafund Asset Management, Woodford Investment Management

Digital Banking

3/3/17 UpStart NA $33First Round Capital, Khosla Ventures, Rakuten, Third Point Ventures

Online Lending

3/2/17 Sensibill Series A $12 Information Capital, OTEAF Expense Mgmt Software

3/1/17 Clearbank NA $31 CFFI Ventures, PPF Group Banking Software

2/24/17 Social Finance Series F $500 GPI Capital, Silver Lake, Softbank Group Online Lending

2/23/17 Nymbus NA $16 Home Credit Group Bank Software

2/23/17 Tala Series B $30 IVP, Ribbit Capital Credit Scoring

2/22/17 Monzo NA $25 Orange Digital Ventures, Passion Capital, Thrive Capital Digital Banking

2/22/17 Prospa NA $19 AirTree Ventures Online Lending

2/22/17 Ecrebo NA $15 Joseph Schull, Octopus Ventures, Sir Keith Mills Offers / Marketing

2/22/17 Creditas Series B $19Nasper's FinTech Arm, Redpoint Ventures, World Bank's International Finance Corp

Online Lending

2/20/17 True Balance Series B $15 SoftBank VenturesMobile Balance

Management

2/20/17 Kakao Pay NA $200 Ant Financial Mobile Payments


27




2/13/17 CrediFi Corp Series B $1331Ventures, Battery Ventures, Carmel Ventures, Liberty Israel Venture Fund, OurCrowd, Stax

Data / Analytics

2/9/17 Better Mortgage Inc. Series B $15Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook Partners

Mortgage Origination

2/8/17 Exactuals LLC Series A $10 City National Bank, TTV Capital Vertical Payments

2/2/17 Paytm E-Commerce NA $200 Alibaba, SAIF Partners eCommerce

1/31/17 Feedvisor Ltd. Series B $20General Catalyst Partners, JAL Ventures, Oryzn Capital, Square Peg Capital, Titanium Investments

eCommerce

1/31/17 Knock Series A $33Correlation Ventures, FJ Labs, Great Oaks Venture Capital, Greycroft, Redpoint, RRE Ventures

Real Estate Tech

1/30/17 Earnix NA $14Jerusalem Venture Partners, Israel Growth Partners, Vintage Investment Partners

Data / Analytics

1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management

1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain

1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments

1/13/17 HouseCanary Series A $33 Alpha Edison, Europlay Capital Advisors, Raven Ventures Real Estate Data / Analytics

1/12/17 Funding Circle Series F $82Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union Square Ventures

Online Lending

1/11/17 CompareEuropeGroup Ltd. Series A $20ACE & Company, Nova Founders Capital, Pacific Century Group, SBI Holdings Inc.

Lead Gen

1/11/17 iZettle AB NA $60American Express Co, Creandum, Index Ventures, Intel Capital, MasterCard Inc., Northzone Ventures

POS

1/10/17 Advanon AG Series A $14 b-to-v Partners, Swisscom Ltd., VI Partners Online Lending

1/10/17 MobileCause Inc. Series B $15 Level Equity Management LLC Crowdfunding

1/9/17 Activehours Inc. NA $22Felices Ventures, March Capital Partners, Matrix Management Corp., Ribbit Capital LP

Online Lending

1/9/17 FreeCharge NA $57 SnapDeal Mobile Payments

1/5/17 CloudCraze LLC Series B $20 Insight Venture Partners, Salesforce Ventures B2B Commerce

1/5/17 Payfone Series E $24American Express Ventures, BlueCross BlueShield Venture Partners, Relay Ventures, Verizon Ventures

Fraud Protection


28




1/4/17 Credible Labs NA $10 Undisclosed Online Lending

1/4/17 Magento Commerce NA $250 Hillhouse Capital Management eCommerce

1/3/17 Monese Series A $10 Exponential Ventures, Korea Investment Partners, STE Capital Digital Banking

1/3/17 Tandem Bank NA $43 House of Fraser Digital Banking

12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS

12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending

12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending

12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards

12/7/16 Nubank Series D $80Digital Sky Technologies, Founders Fund, QED Investors, Sequoia Capital, Tiger Global Management

Online Banking

12/5/16 MoneyLion Inc. Series A $11Citizen VC, Clocktower Technology Ventures, Edison Partners, FinTech Collective, Montage Ventures

Online Lending

11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments

11/24/16 Ximu Financial Information Services Series A $15China Merchants Venture Capital Management Co., Ltd., Zhixin Capital

Rating Agency

11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS

11/23/16 Udaan.com Series A $10 Lightspeed Venture Partners India, Lightspeed U.S. Trading Platform

11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software

11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc.Electronic Transaction

Software

11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software

11/10/16 Teamleader NV Series B $10 Fortino Capital CRM / Invoicing Software

11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software


29





11/1/16 StayClassy Productions Inc. Series C $30Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril Capital Management, Salesforce Ventures

Crowdfunding

10/26/16 nanoPay Corporation Series A $10APAGM Services, Goldman Sachs Merchant Banking Division, Jarnac Capital Management, Rohatton

Digital Currency

10/25/16 Lendio Inc. Series D $20Blumberg Capital, Comcast Ventures, Napier Park Global Capital, North Hill Ventures, Stereo Capital, Tribeca Venture Partners

Online Lending

10/24/16 AEVI NA $11 Adveq Management POS

10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring

10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway

10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software

10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments

10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software

10/18/16 SecureKey Technologies Inc. Series D $21Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank Financial Group

Identity / Authentication

10/13/16 TouchBistro Series B $13BDC Capital, Huff Capital, Kensington Capital Partners, Relay Ventures, Round 13 Holdings Inc.

POS

10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software

10/7/16 FlexiLoans NA $15 Angel Investors Online Lending

10/5/16 Money Forward Series D $11Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank

Accounting Software

10/4/16 Iwoca Ltd. Series C $27Prime Ventures, Acton Capital Partners, Commerz Ventures, Global Founders Capital, Redline Capital

Online Lending

9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer

9/30/16 Financeit NA $17 DNS Capital LLC, The Pritzker Organization Consumer Finance

9/30/16 Payoneer NA $180 Technology Crossover Ventures, Susquehanna Growth Equity Cross-Border Payments

9/29/16 Kyriba Corp. NA $23 Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC Treasury Software

9/29/16 Apttus Corporation NA $88Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment Management LLC, Kuwait Investment Authority

Quote-To-Cash

30





9/26/16 Juzhen Financials Series A $23 Fenbushi Capital, Wanxiang Blockchain

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software

9/22/16 51Credit Series C $310Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe Capital Management

Online Lending

9/22/16 Avalara Inc. Series D $96Sageview Capital, Technology Crossover Ventures, Warburg Pincus

Tax Software

9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending

9/21/16 Nav, Inc Series B $25Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Peak Venture Partners, Tencent Holdings Ltd.

Business Lending

9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies

9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending

9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation

9/13/16 Uno Home Loans NA $17 Westpac Mortage Software

9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics

9/8/16 SmartAsset Series B $12Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin Venture Partners, New York Life, Peterson Ventures, TTV Capital,

Financial Education

9/1/16 Boku Series E $14Benchmark, DAG Ventures, GMO Payment Gateway, Index Ventures, Khosla Ventures, New Enterprise Associates

Mobile Payments

8/30/16 Paytm NA $60 MediaTek Mobile Commerce

8/30/16 Behalf Series C $27Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity, Vintage Ventures Management Ltd.

SMB Lending

31

SECTION III: Securities / Capital Markets /Data & Analytics

32

(1)

Public Company Valuations: Financial MetricsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.




Exchanges - AmericasCME Group Inc. $127.10 $98.95 $127.96 $43,203 $786 $43,988 12.0x 11.3x 16.8x 15.6x 26.5x 24.1x 10.0% 2.7 2.4% 2.0%Intercontinental Exchange, Inc. 65.41 52.27 67.48 38,493 5,482 44,010 9.5x 9.0x 14.8x 13.6x 22.2x 19.6x 11.0% 2.0 3.2% 4.3%B3 S.A. - Brasil, Bolsa, Balcão 7.09 4.74 7.30 14,459 1,269 15,732 12.6x 11.4x 19.1x 16.6x 20.7x 20.2x NM NM 74.5% 63.6%Nasdaq, Inc. 75.75 63.30 77.75 12,635 3,056 15,691 6.5x 6.3x 12.8x 12.1x 18.2x 16.7x 8.5% 2.1 14.9% 11.5%CBOE Holdings, Inc. 99.77 61.58 99.99 11,252 1,152 12,417 12.6x 11.0x 19.3x 16.1x 29.6x 25.8x 21.5% 1.4 50.3% 270.2%TMX Group Limited 53.38 45.06 63.92 2,954 422 3,377 5.6x 5.5x 10.4x 9.9x 14.0x 13.3x NM NM (0.1%) (2.2%)Bolsa Mexicana de Valores, S.A.B. de C.V. 1.80 1.49 2.02 1,067 (87) 988 5.7x 5.3x 10.3x 9.7x 17.6x 16.0x 12.2% 1.4 25.9% 9.9%


Exchanges - AsiaHong Kong Exchanges and Clearing Limited $27.36 $22.70 $29.81 $33,607 ($1,570) $32,055 19.8x 18.0x 27.6x 24.8x 37.2x 33.3x 6.4% 5.8 13.2% 9.5%ASX Limited 43.50 35.35 43.62 8,413 (713) 7,700 12.4x 11.9x 16.4x 15.6x 24.3x 23.3x 4.7% 5.2 (6.5%) 6.1%Singapore Exchange Limited 5.46 5.13 5.77 5,846 (579) 5,267 8.6x 8.1x 15.1x 13.3x 21.7x 19.4x 6.9% 3.1 11.2% 2.6%Bursa Malaysia Berhad 2.37 1.92 2.61 1,273 (114) 1,162 9.1x 8.7x 15.3x 14.7x 24.5x 23.7x 5.7% 4.3 15.2% 3.1%


Exchanges - EuropeDeutsche Börse Aktiengesellschaft $107.64 $78.52 $116.89 $20,107 $609 $20,861 7.0x 6.6x 11.9x 11.0x 19.0x 16.7x 11.0% 1.7 (0.6%) 12.2%London Stock Exchange Group plc 51.20 33.62 51.58 17,771 (1,265) 17,202 7.3x 6.6x 14.1x 12.5x 26.8x 23.2x 15.9% 1.7 16.0% 17.6%Bolsas y Mercados Españoles 36.22 30.88 39.90 3,012 (367) 2,645 6.8x 6.8x 10.1x 10.3x 16.0x 16.1x NM NM 13.9% 1.1%JSE Limited 10.47 9.31 12.80 895 (152) 744 4.5x 4.1x 11.8x 9.5x 16.2x 14.0x 4.6% 3.5 (4.6%) 4.3%GPW 12.92 9.74 13.82 542 (60) 483 5.0x 5.1x 8.4x 8.2x 13.7x 13.1x NM NM 28.9% 25.8%Hellenic Exchanges - Athens Stock Exch. 6.18 4.73 7.43 373 (113) 260 7.2x 5.9x 19.0x 12.2x 49.6x 30.0x 93.5% 0.5 36.1% 4.9%


33

Public Company Valuations: Financial Metrics (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.(1) Financial metrics pro-forma for Yodlee acquisition.(2) Financial metrics reflect IHS / Markit merger.(3) Enterprise Value and Net Debt exclude Cash.




Investment Services, Software, & TechnologySEI Investments Co. $57.18 $42.90 $57.50 $9,041 ($660) $8,380 5.6x 5.1x 13.5x 12.6x 25.0x 21.6x 13.5% 1.9 7.6% 8.3%Broadridge Financial Solutions, Inc. 76.87 59.86 78.00 8,953 831 9,784 2.3x 2.3x 12.2x 11.6x 23.1x 20.2x 10.0% 2.3 22.0% 38.1%SS&C Technologies Holdings, Inc. 37.86 28.43 40.21 7,778 2,209 9,986 5.9x 5.6x 14.6x 13.1x 19.5x 17.3x 13.0% 1.5 13.5% 10.2%DST Systems, Inc. 50.71 47.26 62.95 3,068 506 3,575 1.8x 1.6x 8.3x 7.5x 16.6x 14.2x 10.0% 1.7 31.1% 68.0%Financial Engines, Inc. 32.85 25.00 45.75 2,075 (170) 1,905 3.9x 3.5x 12.0x 10.4x 24.0x 20.9x 20.0% 1.2 14.2% 11.5%Envestnet, Inc. 43.00 30.80 45.18 1,893 232 2,125 3.2x 2.8x 16.7x 13.5x 33.5x 27.0x 17.5% 1.9 16.4% 18.1%Alfa Financial Software Holdings PLC 5.51 4.19 6.36 1,652 0 1,652 15.1x 13.2x 31.7x 27.7x 41.5x 36.2x 14.0% 3.0 21.0% NA


Financial Data, Content, & AnalyticsS&P Global Inc. $151.27 $107.21 $158.35 $38,876 $1,182 $40,058 6.8x 6.4x 14.5x 13.6x 23.9x 21.6x 13.2% 1.8 3.8% 1.8%Thomson Reuters Corporation 45.75 39.23 48.57 32,698 6,526 39,224 3.4x 3.3x 11.4x 11.0x 18.8x 17.6x 9.9% 1.9 1.9% 0.5%Moody's Corporation 132.39 93.51 135.20 25,286 1,520 26,806 6.8x 6.3x 14.3x 13.2x 23.9x 21.9x 10.2% 2.3 9.9% 7.7%IHS Markit Ltd. 46.52 34.13 47.92 18,453 3,837 22,291 6.3x 6.0x 16.0x 14.8x 22.6x 19.6x 14.0% 1.6 29.6% 54.1%Verisk Analytics, Inc. 79.67 75.60 88.17 13,110 2,259 15,369 7.3x 6.9x 15.1x 14.0x 25.4x 23.3x 9.8% 2.6 4.9% 5.0%MSCI Inc. 114.26 76.52 114.78 10,290 1,326 11,616 9.2x 8.4x 17.7x 15.8x 30.1x 25.8x 14.3% 2.1 10.1% 8.8%FactSet Research Systems Inc. 159.27 150.95 183.64 6,248 381 6,629 5.3x 4.9x 15.4x 14.3x 21.3x 19.5x 10.6% 2.0 10.2% 8.6%The Dun & Bradstreet Corporation 109.61 100.46 139.70 4,051 1,300 5,351 3.0x 2.9x 10.8x 10.2x 15.6x 14.8x 8.0% 1.9 3.7% 1.7%Morningstar, Inc. 82.11 67.74 84.68 3,492 (110) 3,383 NA NA NA NA NA NA NM NA NA 15.6%Bankrate, Inc. 13.85 7.10 14.25 1,231 108 1,340 2.7x 2.4x 10.5x 9.5x 19.6x 16.7x 10.0% 2.0 16.1% 17.9%


Online Broker DealersThe Charles Schwab Corporation $39.76 $29.86 $44.10 $53,243 $3,504 $56,747 6.6x 5.8x 13.8x 12.0x 24.8x 20.6x 19.0% 1.3 15.8% 16.5%TD Ameritrade Holding Corporation 43.15 31.65 47.41 23,302 2,561 25,863 6.8x 5.9x 14.7x 12.3x 24.7x 20.2x 18.9% 1.3 15.0% 10.6%E*TRADE Financial Corporation 41.07 25.59 42.19 11,294 3,459 14,753 6.3x 5.9x NA NA 18.4x 16.7x 14.7% 1.3 12.1% 32.8%Interactive Brokers Group, Inc. 42.45 31.97 42.57 3,034 4,001 7,035 4.7x 4.3x 7.1x 6.2x 29.3x 27.0x 13.5% 2.2 4.6% 1.7%GAIN Capital Holdings, Inc. 6.38 4.54 8.75 301 (110) 191 0.6x 0.5x 3.3x 2.1x 24.5x 8.8x NM NM (16.2%) (9.8%)Global Brokerage, Inc. 1.30 1.20 9.80 8 0 8 NA NA NA NA NA NA NM NA NA (11.8%)


(3)

(3)

(3)

(3)

(3)

(1)

(2)

34



8/25/17 Sportstradex Limited Algorbet and Global Sports Exchange Trading Platform NA NA

8/16/17 DRW Holdings, LLC RGM Advisors, LLC Trading Platform $60 NA

8/10/17 Lend Academy Investments Algorithmic, Inc. Robo Advisors NA NA

8/9/17 dough, Inc. Seed CX Ltd. Trading Platform NA NA

8/7/17 PlanPlus Inc. (nka:PlanPlus Global) FinaMetrica Pty Ltd Risk / Analytics NA NA

7/13/17 Vela Trading Technologies, LLC Object Trading UK Limited Trading Platform NA NA

7/12/17 Equiniti Group plc Wells Fargo Shareowner Services Investor Services NA NA

7/11/17 Broadridge Financial Solutions, Inc. Spence Johnson Data / Analytics NA NA

7/6/17 The Philippine Stock Exchange, Inc.Philippine Dealing System Holdings Corp.

Exchanges $39 2.3x

7/5/17 SEI Investments Co. Archway Technology Partners, LLC Fund Mgmt Software $88 4.9x

6/20/17 Vela Trading Technologies, LLC OptionsCity Software, Inc. Trading Analytics NA NA

6/13/17 Lending Science DM, Inc. Scoring Solutions, Inc. Risk / Analytics NA NA

6/7/17Thoma Bravo, LLC; Thoma Bravo Discover Fund Partnership

Riskonnect, Inc. Risk / Compliance NA NA

6/1/17 Intercontinental Exchange, Inc.BofA Merrill Lynch, Research Division, Index Platform

Indices NA NA

5/31/17 HealthEquity, Inc. BenefitGuard, LLC 401k Solutions NA NA

5/30/17 London Stock Exchange GrouopThe Yield Book, Citi Fixed Income Indices

Analytics NA NA

5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA

5/10/17Cinnober Financial Technology AB (publ)

Ancoa Software Ltd. Analytics NA NA

5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA

5/9/17 Apex Fund Services (Bermuda) ltdEquinoxe Alternative Investment Services

Fund Administration NA NA

Selected Recent Acquisitions – Trailing 12 MonthsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS


35

Selected Recent Acquisitions – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS



5/3/17 ETF Securities Ltd.ANZ ETFS Management (AUS) Limited (nka:ETFS Management (AUS) Limited)

Exchange Traded Products NA NA

5/2/17 Ncontracts LLC Supernal Software, LLC Risk Management NA NA

4/27/17 Invesco Ltd. Source UK Services Limited Exchange Traded Products NA NA

4/27/17 AdvisorEngine, Inc. Kredible Technologies, Inc. Broker Software NA NA

4/26/17 Virtus Partners Holdings, LLC Alphakinetic Limited Fund Management Software NA NA

4/20/17 Brelion, LLC Peer Realty, LLC Crowdfunding NA NA

4/18/17 Investment Grade Technologies LLC TradeWarrior Inc. Broker Software NA NA

4/18/17 Investoo Group 100ForexBrokers.com FX Lead Gen NA NA

4/7/17 StatPro Group plc UBS Delta AG Risk / Analytics $14 0.8x

4/3/17 Cowen Group, Inc. (nka:Cowen Inc.)ConvergEx Group, LLC (nka:Cowen Execution Services LLC)

Trading Platform NA NA

3/27/17 DST Systems, Inc.International Financial Data Services Ltd.

Shareholder Servicing $350 NA

3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA

3/21/17 Sterling Trading Tech CBOE Livevol, LLC, Livevol X Trading Platform NA NA

3/20/17 FactSet Research Systems Inc. BI-SAM Technologies S.A. Risk / Analytics NA NA

3/17/17 BinckBank N.V. Pritle N.V. Robo Advisors NA NA

3/16/17 Horizon21; H21 Macro Ltd. Leonteq AG Investment Platform NA NA

3/15/17 Virtu Financial, Inc. KCG Holdings, Inc. Trading Services $1,268 0.9x

3/9/17 Broadridge Financial Solutions, Inc. Message Automation Limited Trade Processing NA NA

3/8/17 Numerix LLC TFG Financial Systems Risk NA NA

3/7/17 Hellman & Friedman LLC; GIC Pte. Ltd. Allfunds Bank S.A. Mutual Fund Platform NA NA


36




3/3/17 European Energy Exchange AG Nodal Exchange, LLC Exchanges NA NA

3/1/17 Payward, Inc. Cryptowatch Analytics NA NA

2/21/17 Covisum, LLC PrairieSmarts, LLC Risk Platform NA NA

2/15/17 Moody's CorporationSCDM Germany GmbH, Structured Finance Data and Analytics Business

Data / Analytics NA NA

2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA

2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA

2/6/17 Thomson Reuters Corporation Clarient Global LLC Regulatory Data NA NA

2/1/17 BT Group plc IP Trade SA Trading Technology NA NA

2/1/17 StoneCastle Insured Cash Sweep, LLC Intermedium Financial LLC Broker Software NA NA

1/30/17 Compliance Solutions StrategiesAdvise Technologies, Ascendant Compliance Management, The

Regulatory Tech NA NA

1/27/17 Linedata Services S.A. Gravitas Technology Services, LLC Fund Management Software NA NA

1/25/17 IS Prime Risk Services Inc. Think Liquidity LLC Risk / Analytics NA NA

1/23/17 Visible Alpha, LLC ONEaccess Data / Analytics NA NA

1/19/17 FairFX Group Plc Q Money Limited Online Brokerage $2 NA

1/18/17North Capital Investment Technology Inc.

Access Investors Network, Inc. Investing Platform NA NA

1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA

1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing NA NA

1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA

1/4/17NewSpring Capital; NewSpring Holdings L.P.

Vertical Management Systems, Inc. Capital Markets Software NA NA

1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA


37




12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA

12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA

12/9/16 comdirect bank Aktiengesellschaft OnVista AG Online Broker NA NA

12/5/16Benefit Plans Administrative Services, Inc.

Northeast Retirement Services, LLC (nka:Cohiba Merger Sub, LLC)

Fund Administration NA NA

12/1/16 Ascensus, Inc. National Retirement Services, Inc. Fund Administration NA NA

11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA

11/28/16 Virtu Financial, Inc.Teza Technologies, Select Strategic Telecommunications Assets

Trading Platform NA NA

11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA

11/28/16 Insurance Services Office, Inc. IntelliStance, LLC Data / Analytics NA NA

11/21/16 London Stock Exchange Group plc Mergent, Inc. Data / Analytics $144 NA

11/21/16 AcadiaSoft, Inc. ProtoColl Collateral Management NA NA

11/14/16 Playtech plc CFH Group A/S Foreign Exchange NA NA

11/8/16 Preqin Ltd. Baxon Solutions Limited Broker Software NA NA

11/2/16 Folio Dynamics Inc. SAS Capital Management, LLC Broker Software NA NA

10/24/16 TD Ameritrade Holding Corporation Scottrade Financial Services, Inc. Online Brokerage NA NA

10/24/16 SS&C Technologies Holdings, Inc. Salentica Inc. Broker Software NA NA

10/20/16 Forum Trading Solutions Ltd GMEX Technologies Limited Trading Technology NA NA

10/14/16 Morningstar, Inc. PitchBook Data, Inc. Data / Analytics $225 7.2x

10/13/16Investview, Inc., Prior to Reverse Merger with Wealth Generators, LLC

RoboVest, Inc. Trading Platform NA NA

10/11/16 Drillinginfo, Inc. GlobalView Software, Inc. Trading Platform NA NA


38





10/10/16 Yodlee, Inc. Wheelhouse Analytics, LLC Data / Analytics NA NA

10/6/16 Ion Investment Group Limited Reval Holdings, Inc. Treasury Software NA NA

9/28/16SourceHOV LLC (nka:Exela Technologies, Inc.)

TransCentra, Inc. Treasury Software NA NA

9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,680 1.9x

9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA

9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA

9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA

9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA

9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA

9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA

39

Selected Recent Equity Financings – Trailing 12 MonthsSECURITIES / CAPITAL MARKETS / DATA & ANALYTICS



8/23/17 Ellevest Series C $32 Mohamed El-Erian, Rethink Impact, Venus Williams Robo Advisor

8/16/17 Options Technology NA $100 Bregal Sagemount Capital Markets Software

8/8/17 Guideline Series B $15 Felicis Ventures 401k Provider

8/1/17 Personal Capital Series E $40 IGM Financial PFM

8/1/17 ETC Global Group NA $68 Cerberus Capital Management, Quantlab Investments Brokerage/Clearing

7/26/17 Qiancheng Technology Series B $30 51Xinyongka, Tiantu Capital Risk Management

7/21/17 Betterment Series E $70Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo Ventures

Robo Advisor

7/18/17 Capital.com NA $25 Larnabel Enterprises, VP Capital Trading Platform

7/13/17 Stash Invest Series C $40Breyer Capital, Coatue Management, Goodwater Capital, Valar Ventures

PFM

7/12/17 Quantitative Brokers NA $24 Centana Growth Partners Data / Analytics

7/11/17 CompareAsiaGroup Series B $50ACE & Company, Alibaba Group, Goldman Sachs, H&Q Asia Pacific, International Finance Corporation, Nova Founders

PFM

7/10/17 Trumid NA $10 Deutsche Börse Trading Platform

6/23/17 Fintonic Series B $28Atresmedia, Inception Capital, ING, Onza Capital, Prevision Sanitaria Nacional

PFM

6/19/17 Scalable Capital Series B $33 BlackRock Robo Advisor

6/27/17 Resolver Inc. NA $20 Klass Capital Risk / Compliance

6/13/17 Futu Securities Series C $146 Matrix Partners China, Sequoia Capital China, Tencent Holdings Online Brokerage

6/9/17 Singapore Diamond Investment Excg. Series B $10Alain Vandenborre, Richard Ji, Simon Murray, Vertex Venture Holdings

Exchanges

6/8/17 Addepar Series D $140 8VC, Harald McPike, Valor Equity Partners Broker Software

6/7/17 MoneySmart Series B $10 Golden Gate Ventures, Kakaku.com, SPH Media Fund Lead Gen

6/6/17 Cadre Series C $65Andreessen Horowitz, Breyer Capital, Ford Foundation, General Catalyst, Goldman Sachs, Khosla Ventures

Investment Platform


40

Selected Recent Equity Financings – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS




5/25/17 Prumentum Grouop Series A $25 Fremont Group, The Cynosure Group Robo Advisor

5/16/17 Symphony Communication Services Series C $63 BNP Paribas, Goldman Sachs, Google Messaging

5/11/17 Wealthsimple NA $37 Power Financial Corp. Robo Advisor

5/4/17 Fumi Technology Series A $15 Hongdao Fund, Mobai Capital, Shunwei Capital Trading Platform

4/26/17 Quovo NA $10 F-Prime Capital, Napier Park Global API Manager

4/13/17 55 Capital Series A $10 Calibrate Management, Point72Ventures, Tectonic Ventures Advisor Software

3/31/17 The Naga Group AG Series A $13 Fosun Trading Platform

2/19/17 One Tap Buy NA $13Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho Securities

Trading Platform

2/16/17 OpenFin Series B $15Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca Partners, Pivot Investment Partners

Trading Platform

2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform

1/31/17 Wealthsimple NA $15 Power Financial Corp. Robo Advisor

12/24/16 Pakistan Stock Exchange NA $84 Chinese Consortium Exchanges

12/23/16 Nutmeg Savings and Investment Ltd. NA $15 Taipei Fubon Commercial Bank Robo Advisor

12/22/16 Axoni Series A $18Andreessen Horowitz, Digital Currency Group, Euclid Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson

Distributed Ledger

12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo Advisor

12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo Advisor

11/17/16 Peer Street Inc. Series A $15Andreessen Horowitz, Felicis Ventures, The Kaiser Family Foundation, Montage Ventures, Rembrandt Venture Partners

Crowdfunding

11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics

11/14/16 Quantopian Series C $25Andreessen Horowitz, Bessemer Venture Partners, Khosla Ventures, Point72 Asset Management, Spark Capital

Trading Technology

11/14/16 Nutmeg Saving and Investment Ltd. NA $32Amanda Investment Group, Balderton Capital Management, Pentech Ventures, Schroders

Robo Advisor

41

Selected Recent Equity Financings – Trailing 12 Months (Cont.)SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS




11/14/16 Roofstock Inc. Series B $20Bain Capital Ventures, Khosla Ventures, Lightspeed Venture Partners, Nyca Partners, QED Investors, SV Angel

Crowdfunding

11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells FargoTrading / Regulatory

Software

10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software

10/26/16 AX Trading Group NA $20 Undisclosed Trading Platform

10/17/16 InnoTREE Network Tech Co. Series B $15 Baoli (Hengqin) Capital Management Data / Analytics

10/12/16 Cloud9 Technologies NA $30JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson Ridge Asset Management

Trading Technology

9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics

9/21/16 OurCrowd Ltd. Series C $72 Undisclosed Investors Crowdfunding

9/14/16 InvestCloud NA $25 Undisclosed Investors Broker Software

9/12/16 Quandl Series B $12 August Capital, Nexus Venture Partners Data / Analytics

42

SECTION IV: Insurance / Benefits

43

Public Company Valuations: Financial MetricsINSURANCE / BENEFITS

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM.




Healthcare / Insurance TechnologyQuintiles IMS Holdings, Inc. $98.82 $70.10 $99.95 $21,397 $8,021 $29,418 3.7x 3.5x 14.7x 13.5x 21.6x 18.7x 14.0% 1.5 49.7% 68.7%Verisk Analytics, Inc. 79.67 75.60 88.17 13,110 2,259 15,369 7.3x 6.9x 15.1x 14.0x 25.4x 23.3x 9.8% 2.6 4.9% 5.0%athenahealth, Inc. 139.55 90.11 158.66 5,572 209 5,781 4.7x 4.2x 21.7x 18.4x 72.9x 56.7x 27.0% 2.7 13.2% 15.0%Guidewire Software, Inc. 72.31 49.18 73.36 5,378 (477) 4,901 9.0x 7.7x 41.9x 33.3x 84.2x 63.7x 18.3% 4.6 21.0% 24.9%Ebix, Inc. 57.40 52.38 65.10 1,805 245 2,050 5.9x 5.2x 17.1x 14.7x 19.1x 17.7x 15.0% 1.3 17.3% 20.4%Sapiens International Corporation N.V. 10.80 10.57 15.98 530 (8) 521 1.9x 1.7x 17.7 11.2x 30.6x 17.3x 10.0% 3.1 NA 30.2%Crawford & Company 9.38 8.22 14.37 524 187 711 0.6x 0.6x 5.3x 4.8x 12.2x 10.8x 10.0% 1.2 (0.2%) (4.6%)Polaris Consulting & Services Limited 3.78 2.21 4.08 387 (82) 305 NA NA NA NA NA NA NM NA NA 17.1%Majesco 4.70 4.35 6.29 172 8 180 1.5x 1.3x 35.3 18.5x NM 33.6x NM NM NA (14.2%)Symbility Solutions Inc. 0.34 0.31 0.45 81 (5) 76 2.3x 2.1 45.2 35.4 NM NA NM NM 27.4% 12.9%


44

Selected Recent Acquisitions – Trailing 12 MonthsINSURANCE / BENEFITS




8/21/17 Verisk Analytics, Inc. Sequel Business Solutions Limited Risk $323 9.6x

7/10/17 Cotiviti Rowdmap, Inc. Data / Analytics NA NA

5/17/17 Advanced Solutions International, Inc. Innovative Software Solutions, Inc. Benefits Software NA NA

5/3/17 Genpact Limited BrightClaim, Inc. Claims Management NA NA

4/27/17 Disruptive Capital Finance LLP REG UK Ltd. Insurance Risk Management $10 NA

4/25/17 Vertafore, Inc. RiskMatch, LLC Insurance Analytics NA NA

4/6/17 Open GI Limited Transactor Global Solutions Limited Insurance Software $50 NA

3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech NA NA

2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA

2/21/17 CareCredit, LLCCitibank, N.A., Citi Health Card Portfolio

Healthcare Payments NA NA

2/15/17 Sapiens International Corporation N.V. StoneRiver, Inc. Insurance Tech $102 1.3x

2/14/17 Riverside Partners LLCMedical Reimbursements of America, Inc.

Revenue Cycle Management NA NA

2/10/17 The Blackstone Group L.P.Aon plc, Benefits Administration and HR Business Process Outsourcing

Benefits Platform $4,800 2.1x

2/9/17 Charles Taylor InsureTech Limited Otak Limited Insurance Tech NA NA

2/8/17 Compare Africa Group TopCheck UG (haftungsbeschränkt) Lead Gen NA NA

2/7/17 Centauri Health Solutions, Inc. Human Arc Corporation Revenue Cycle Management NA NA

1/26/17 Insurity, Inc. Valen Technologies, Inc. Insurance Data / Analytics NA NA

1/25/17PlanSource Benefits Administration, Inc.

Next Generation Enrollment, Inc. Benefits Software NA NA

1/19/17Inflexion Private Equity Partners LLP; Inflexion Enterprise Fund IV

My Policy Limited Telematics NA NA

1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA

45

Selected Recent Acquisitions – Trailing 12 Months (Cont’d)INSURANCE / BENEFITS




12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA

12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA

12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA

12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA

11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA

11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance NA NA

11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA

11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA

10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA

10/6/16New Mountain Capital, LLC; New Mountain Partners IV, L.P.; Eir Partners

Convey Health Solutions, Inc. Healthcare Insurance Administration NA NA

10/5/16Shenzhen Investment Holdings Co., Ltd.; Shenzhen Qianhai Financial

ACR Capital Holdings Pte. Ltd. Reinsurance NA NA

9/29/16 Applied Systems, Inc.IS2, eTrading Platform for Personal Lines

Insurance Trading NA NA

9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA

9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA

46

Selected Recent Equity Financings – Trailing 12 MonthsINSURANCE / BENEFITS



8/23/17 Lumity Series B $19 Draper Fisher Jurvetson, Social Capital, True Ventures Benefits Software

8/23/17 Baozhunniu Series B $14Denise Peng, Marathon Venture Partners, Matrix Partners China, Xinyi Capital, Zhongguancun Development Group

Insurance Tech

8/22/17 Stride Health Series B $24F-Prime Capital, New Enterprise Associates, Portag3 Ventures, Venrock

Benefits Software

8/8/17 Jetty Series A $12BoxGroup, Red Swan Ventures, Ribbit Capital, SV Angel, Valar Ventures

Insurance Tech

7/26/17 SyncHR NA $16National Enterprise Associates, Boulder Ventures, Grayhawk Capital, EPIC Ventures, Acadia Woods, Peninsula Ventures

HR Software

7/19/17 Gravie Series C $14Aberdare Ventures, FirstMark Capital, GE Ventures, Split Rock Partners

Benefits Marketplace

7/17/17 Impact Health Series A $13 Techstars Venture Capital Fund Insurance Tech

7/4/17 Ottonova Series C $11Debeka, Holtzbrinck Ventures, Tengelmann Ventures, Vorwerk Ventures

Insurance Tech

6/13/17 Snapsheet Series D $12 Tola Capital Insurance Tech

6/1/17 Bright Health Series B $160Bessemer Venture Partners, Cross Creek Advisors, Flare Capital Partners, Greenspring Associates, Greycroft

Insurance Innovator

5/24/17 PolicyGenius Series C $30AXA Strategic Ventures, Fika Ventures, Karlin Ventures, MassMutual Ventures, Norwest Ventures

Insurance Lead Gen

5/12/17 Vet+a NA $27 Kartesia Advisor Insurance Software

5/10/17 Clover Health Series D $130First Round Capital, Google Ventures, Greenoaks Capital Management, Palm Drive Capital, Sequoia Capital

Insurance Admin

5/2/17 One Inc. NA $16American Family Ventures, AXA Strategic Ventures, Centana Growth Partners, MassMutual Ventures

Insurance Software

4/27/17 Singapore Life Series A $50 Impact Capital Holdings, IPGL Insurance Software

4/25/17 Hibob Series A $18Arbor Ventures, Battery Ventures, Bessemer Venture Partners, Eight Roads Ventures

HR Software

4/20/17 Lemonade Inc. NA NA Allianz Insurance

4/10/17 Next Insurance Series A $25Munich Re/HSB Ventures, Ribbit Capital, TLV Partners, , Zeev Ventures

Insurance Tech

4/10/17 BIMA NA $17 Axiata Digital Insurance Tech

4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech


47

Selected Recent Equity Financings – Trailing 12 Months (Cont’d)INSURANCE / BENEFITS




4/4/17 Amino Series C $25Highland Capital Management, Accel, Aspect Ventures, CRV, Northwestern Mutual Future Ventures, Pilot Wall Group

Benefits Software

3/30/17 Decisely NA $60Two Sigma Private Investments, EPIC Insurance Brokers and Consultants

Benefits Software

3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech

3/21/17 Jellyvision Series B $20 Updata Partners HR Software

3/17/17 simplesurance NA $21Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66 Ventures

Insurance Tech

2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace

2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software

1/5/17 Namely Inc. Series D $50Altimeter Capital, Four Rivers Group, Greenspring Associates, Matrix Partners, Scale Venture Partners, Sequoia Capital

HR / Benefits Software

12/5/16 Lemonade Inc. Series B $34Aleph, General Catalyst, Google Ventures, Sequoia Capital, Thrive Capital, Tusk Ventures, XL Innovate

Insurance

11/15/16 CareCloud Series C $32Adams Street Partners, Blue Cloud Ventures, First Data, Intel Capital, Norwest Venture Partners, PNC Financial Services Group,

Revenue Cycle Management

11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen

10/20/16 EverQuote, Inc. Series B $23BrownSavano Direct Capital Partners, Oceanic Partners, Stratim Capital LLC, T Capital Management LLC

Insurance Lead Gen

10/19/16 Ladder Financial Inc. Series A $148VC, Canaan Partners, Lightspeed Venture Partners, Nyca Partners LLC

Life Insurance

10/4/16 Hixme Inc. Series B $14Kleiner Perkins Caufield & Byers, Propel Venture Partners, Rosemark Capital Group, Transamerica Ventures Fund

HR Software

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