FINTECH SECTOR REPORT Select May Financing Transactions Percent Change Select May M&A Transactions...

FINTECHSECTOR REPORTMay 2018

2

BUSINESS MODEL COVERAGE

GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve virtually all subsectors and business models across the FinTech market

BROAD AND DEEP FINTECH PRACTICE

DEEP & EXPERIENCED GCA TEAM SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC

& FINANCIAL CONTACTS

Banking Technology

Benefits Administration / Payroll

Insurance Technology

Investment Management Technology

Liquidity Venues

Online & P2P Lending

Payments

Real Estate & Mortgage Technology

Trading Technology

SaaS and Enterprise Software

Information Services /

Data & Analytics

IT & BPO Services

Balance Sheet Driven

Transaction Processing

+20 Senior U.S. Bankers

+5

+350 Transactions since 2015

+90M&A / private placement transactions with $12Bn+ in deal value since 2010

Strategic Acquirers

Private Equity / VC

Dedicated M&A Professionals

GCA’S EXTENSIVE TRANSACTION EXPERIENCE

+5 Private Capital Professionals

3

Strong sector and product expertise across FinTech and related sub-sectorsGCA FINTECH TEAM

Rob FreimanDirector

FinTech/PaymentsPhone: (212) 999 - 7075Mobile: (973) 229 - 0436 [email protected]

Kegan GreeneDirector

FinTech/InsurTechPhone: (415) 318 - 3686Mobile: (917) 579 - 4838 [email protected]

Paul DiNardoManaging DirectorHead of SoftwarePhone: (212) 999 - 7097Mobile: (650) 483 - [email protected]

Chris GoughManaging Director

M&A/RE & Mortgage TechPhone: (415) 318 - 3658Mobile: (415) 385 - [email protected]

Sean MinnihanManaging Director

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

[email protected]

David KruegerVice President

FinTech/WealthTechPhone: (212) 537 - 4534Mobile: (616) 822 - [email protected]

Selected Recent FinTech Experience

We Advised TSYS

Acquisition of

Financial Advisor

Growth Investment

Sale of

Financial Advisor

to

Payments

Banking & Lending Tech Payments

We Advised CHX

Acquired by

We Advised Blucora

Acquisition of

Investment Technology

Liquidity Venues

We Advised Capsilon

Growth Investmentfrom

We Advised Skyslope

Majority sale to

Real Estate Tech

Real Estate Tech Insurance TechnologyWe Advised AWL

Acquired by

We Advised Radius

Financing from

Payments

Growth InvestmentFor Blockchain Technology

Financial Advisor

Information Services

Acquired by

We Advised WorkMarket

Financial SaaS

Sold

To

We Advised RGI Shareholders


Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised Asahi (close pending)

Insurance TechnologyWe Advised BlackFin

Sold


To

Payments

Acquired by

Fairness Opinion to Clearent

We Advised Vindicia

Acquired byStrategic Investment

We Advised ControlExpert

Insurance Technology Payments

We Advised PayMetric

Acquired by

Payments

We Advised Commissions Inc

Acquired by

Real Estate Tech

Financial SaaS

Acquired by

We Advised FieldEdgeWe Advised Principal

Acquired


4

Select May Financing Transactions Percent Change Select May M&A Transactions

Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

5/30/18 $100 25% 64% 5/24/18Card Processing

$440

5/30/18 $250 27% 57% 5/21/18 $1,110

5/29/18 $10,000 34% 68% 5/19/18 $1,855

5/15/18 $110 17% 38% 5/17/18 $2,200

5/10/18 $363 34% 61% 5/15/18 $2,865

5/9/18 $50 32% 48% 5/11/18 $2,148

Quarterly Financing Activity ($Bn) 13% 12% Quarterly M&A Activity ($Bn)

15% 16%

41% 73%

14% 44%

54% 75%

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

$119 Bn | 790 DealsLTM M&A Volume

Aggregate FinTech Market 28% 51%

S&P 500 13% 31%

$26 Bn | 1,487 DealsLTM Financing Volume Industry Stock Market Performance

$24 $14

$23

$13

$32

$17

$46

$20

Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

$6 $4 $4

$9

$5 $7 $8

$3

Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Real Estate & Mortgage Tech.

Benefits Administration/Payroll



Trading Technology

Banking & Lending Technology


Financial SaaS

IT & BPO Services

Payments

Liquidity Venues

9

6 9

1

2

8

9

7

6

5

4

3

10

11

3

3

377

368

328

369

397

195201

235

222 216

378

$12.6$23.9$10.8$12.2$16.3 $18.5

223

$148$58.6$97.9$69.7$123 $76.2

9

$19.4

397

192

$240

6

9

4

3

9

189

$18.3

85

$231

1

10

FINTECH DEAL DASHBOARD

Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 5/31/18(1) Includes private company equity financings. Excludes $10Bn raise by Ant Financial in Q2-18.(2) Represents weighted average by market cap. (3) Q2-18 data includes April and May 2018.

FinTech is trading at 28% on an LTM basis vs. 13% for the S&P 500. Financing volume YTD ‘18 is on track to match or surpass volume seen during 1H ‘17. M&A volume YTD ‘18 is well above volume in 2H ‘17

(1)

(1)

(2)

(3)(3)

5

FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)


Benefits Administration/Payroll Financial SaaS



Combined Market Cap: $19318/17 Rev. Growth: 12% 18 EBITDA Margin: 26%


Combined Market Cap: $13018/17 Rev. Growth: 21%18 EBITDA Margin: 21%





Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 5/31/18.

1 2 3

4 5 6

6

FINTECH PUBLIC COMPANY LANDSCAPE (CONT’D)(3)

FinTech sub-sectors and key operating stats ($Bn)

Liquidity Venues PaymentsIT & BPO Services




Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 5/31/18.

7 8 9



Trading Technology


10 11

7

FINTECH STOCK PRICE PERFORMANCE

3 Year Share Price Performance

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 5/31/18.

Trading Technology leads the FinTech pack on both an LTM and three year basis

6) Investment Technology

11) Trading Technology

1) Banking & Lending Technology

2) Benefits Administration/Payroll

3) Financial SaaS 5) Insurance Technology

4) Information Services

7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & Mortgage Technology

8

FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS and Liquidity Venues outperform the FinTech market on both an EV / LTM revenue and EV / NTM revenue basis

Notes:Source: CapIq.Market data as of 5/31/18.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM RevenueEnterprise Value / LTM Revenue

Median NTM Revenue Growth to EV / NTM Revenue MultipleEnterprise Value / NTM Revenue

12

3

4

5

6

7

89

10

11

3.0x 3.0x

4.3x 4.5x

3.5x2.9x

4.1x 4.2x








9

FINTECH PUBLIC COMPANY VALUATION (CONT’D)Benefits Admin and Insurance Technology outperform on both an EV / LTM EBITDA and EV / NTM EBITDA basis

Notes:Source: CapIq.Market data as of 5/31/18.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM EBITDAEnterprise Value / LTM EBITDA

Median NTM EBITDA Growth to EV / NTM EBITDA MultipleEnterprise Value / NTM EBITDA

11.6x 11.9x

15.5x

17.3x

11.1x 10.9x

13.6x

15.4x








1

2

3

4

5

6

78

9 10

11

10

18.1x

18.3x

19.6x

20.6x

23.1x

23.2x

25.9x

26.7x

27.4x

28.1x

43.6x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x 45.0x 50.0x

Investment Technology6

Real Estate & Mort. Tech10

Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratiosFINTECH PUBLIC COMPANY VALUATION (CONT’D)

Notes: Figures represent medians of sub-sectors.Market data as of 5/31/18.Long-term EPS growth covers last 5 years.

25%

14%

17%

19%

12%

14%

10%

11%

14%

24%

10%

2.2

2.6

1.5

2.1

2.2

1.7

2.5

1.6

1.5

1.1

1.7

2018 P/E Ratio PEG Ratio Long-Term EPS Growth

Banking & Lending Tech1

Benefits Admin/Payroll2

Financial SaaS3

Information Services4

Insurance Technology5

IT & BPO Services7

Liquidity Venues8

Payments9

Trading Technology11

11

SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Notes: Source: CapIq. Pitchbook.Selected deals from last two calendar months.

Date

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

5/31/18Aspect Ventures, Cathay Innovation, Crosslink Capital, Forerunner Ventures,

Menlo Ventures, Northwestern Mutual Capital, Omidyar NetworkSeries C $70

5/31/18 General Catalyst Series A $16

5/31/18 Puneet Dalmia, Sabre Partners Series B $10

5/31/18 Cathay Capital Private Equity, Lianjie Group Series B $16

5/30/18AllegisCyber, American Express Ventures, Bain Capital Ventures, IA Ventures,

Menlo Ventures, Premji InvestSeries D $100

5/30/18 Bank Hapoalim, ConnectOne Bancorp, Viola Group Growth Equity $30

5/30/18 Creandum, Founders, Kinnevik, Seedcamp Series A $16

5/30/18 Berenson & Company, Contour Venture Partners, IA Ventures, Valar Ventures VC $13

5/30/18Goldman Sachs Principal Strategic Investments, GP BullHound Sidecar, Gray

Swan, H14, HSBC, Public Sector Pension Investment BoardSeries E $250

5/29/18 AirTree Ventures, Farquhar Family, Naomi Milgrom, Skip Capital Series B $14

5/29/18Allianz X, Cabot Square Capital, Endeavor Catalyst, Fondazione di Sardegna,

United VenturesSeries B $53

5/29/18CPP Investment Board, General Atlantic, GIC, Khazanah Nasional Berhad,

Sequoia Capital China, Silver Lake Partners, Temasek Holdings, The Carlyle Series C $10,000

5/29/18e.ventures, Frog Capital, GR Capital, Greycroft Partners, MCI Capital, Quona

Capital, Rakuten Ventures, Silicon Valley BankSeries C $20

5/28/18 Amazon, Ashish Dhawan, Catamaran Ventures Series B $12

5/24/18 Visa Series D $13

5/23/18 American Family Ventures, G20 Ventures, General Catalyst, Pillar Series A $12

5/23/18Boyu Capital, Cherubic Ventures, CITIC Capital, Danhua Capital, Harmony

Riverside Investment Management, Hillhouse Capital Management, Three Series A $70

5/23/18Benhamou Global Ventures, Hi Inov, IDInvest Partners, Partech Ventures, SNCF

Digital VenturesSeries C $34

5/21/18 DRW Venture Capital, Insight Venture Partners, Jump Capital Series B $37

5/21/188VC, Core Innovation Capital, Morpheus Ventures, New Enterprise Associates,

Valar VenturesSeries A $15




Financial SaaS

Financial SaaS


Payments


Financial SaaS

Payments



Payments


Financial SaaS


Financial SaaS

Trading Technology



12

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

Notes: Source: CapIq. Pitchbook.Selected deals from last two calendar months.

Date

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

5/18/18 Undisclosed Investors Series B $10

5/18/18 Pilipa Ant Financial Services Group, DCM Ventures, GSR Ventures Series B $16

5/16/18 Atlas Venture, Khosla Ventures, Top Tier Capital Partners Series D $27

5/16/18 Nyca Partners, Tenaya Capital Series C $12

5/15/18Accel, Bitmain, Blockchain Capital, Breyer Capital, Digital Currency Group,

General Catalyst, IDG Capital, Pantera Capital, Tusk VenturesSeries E $110

5/14/18 True Ventures VC $19

5/14/18Endeavor Catalyst, Progression Capital Africa, Satya Capital, TPG Capital,

Velocity Capital Private EquitySeries C $48

5/14/18Hearst Health Ventures, Katalyst Ventures, Sun Hung Kai Financial, The

Entrepreneurs' Fund, Tom Chavez, William CampbellSeries A $14

5/10/18capitalG, DST Global, ICONIQ Capital, Kleiner Perkins Caufield & Byers, Sequoia

Capital, Vlad TenevSeries D $363

5/9/18 BlackRock Series E $50

5/8/18Ericsson Ventures, Intel Capital, Mahindra Partners, WI Harper Group, Wipro

VenturesSeries A $14

5/8/18 Allianz X, Rakuten Ventures, Rheingau Founders Series C $24

5/7/18 Drive Capital, Kleiner Perkins Caufield & Byers, Lewis & Clark Ventures Series C $23

5/7/18Apex Capital Management, Macquarie Capital Alliance Group, Rice Warner,

Square Peg CapitalSeries A $11

5/4/18 Aaron Skonnard, Jeremy Andrus, Josh James, Pelion Venture Partners Series A $11

5/3/18 Undisclosed Investors Series C $33

5/3/18 Hercules Capital, Pinnacle Investment Group, Rho Ventures Series C $25

5/2/18Monashees Capital, Omidyar Network, Patria Investimentos, Propel Venture

Partners, Quona Capital, Tera Ventures, Yellow VenturesSeries A $22

5/1/18Investment Corporation of Dubai, Marius Nacht, Pierre Mirabaud, Ronald

CohenSeries C $27

Median $22

Payments

Financial SaaS

Payments

Financial SaaS

Payments

Payments





Financial SaaS




Payments


Financial SaaS



13

Offer

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

5/22/18 NASDAQ: EVOP IPO $224 $16.00 33%

4/12/18 NYSE: ZUO IPO $1,440 $14.00 104%

2/9/18 Nasdaq: CDLX IPO $70 $13.00 64%

1/23/18 NYSE: PAGS IPO $2,265 $21.50 53%

Financial SaaS

Payments

Financial SaaS

Payments

SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Notes: Source: CapIq. Pitchbook.Price to Date as of 6/5/18.Selected financings from last calendar month.

Offer

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

5/23/18General Corporate Purposes /

Working CapitalNA NA $396 3.95%

5/21/18Redemption/Repayment of

Debt SecuritiesNA NA $300 1.75%


Working Capital; OtherNA NA $750 0.50%


Debt SecuritiesBBB NA $399 4.25%


Working Capital; OtherBB+ NA $500 5.38%


Debt SecuritiesNA Baa3 $550 4.00%

5/8/18 Repurchase of Securities NA NA $420 -

5/8/18 - NA NA $680 -


Working Capital; OtherNA Baa1 $494 4.50%

Security Rating at Issuance



Payments



Payments

Trading Technology



14

SELECTED RECENT M&A ACTIVITY

Notes: Source: CapIq. Pitchbook.Selected deals >$30MM from last two calendar months.

Date Enterprise EV / Revenue EV / EBITDA

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

5/30/2018 $100 NA NA

5/30/2018 $44 NA NA

5/30/2018 NA NA NA

5/29/2018 $685 NA NA

5/29/2018 NA NA NA

5/24/2018 Card Processingin 7 Countries $440 3.8x NA

5/21/2018 $1,110 NA NA

5/19/2018 $1,855 NA NA

5/17/2018 $2,200 19.8x NA

5/15/2018 $2,865 NA NA

5/11/2018 $2,148 8.8x 25.3x

5/7/2018 $786 NA NA

5/1/2018 $65 NA NA

Median 8.8x 25.3x

Trading Technology

Financial SaaS


Trading Technology

Financial SaaS

Payments

Financial SaaS


Payments

Payments


Payments

Financial SaaS

15

($MM, except per share data)Stock EPS Operating Metrics Trading MetricsPrice Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS

Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E

PUBLIC COMPANY VALUATIONS

Bene

fits

Adm

in/P

ayro

llBa

nkin

g &

Len

ding

Tec

hnol

ogy

Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.

Banking & Lending TechnologyIntuit Inc. $201.60 $51,728 $50,242 17% 2.1 12% 14% 8% 13% 36% 9.2x 8.1x 25.2x 22.4x 44.3x 35.7xFidelity National Information Services, Inc. $102.22 $33,836 $42,187 13% 1.5 (3%) (6%) 4% 3% 37% 4.6x 4.9x 13.8x 13.4x 23.2x 19.5xFirst Data Corporation $19.00 $17,651 $36,077 11% 1.9 4% 5% 5% 7% 26% 3.0x 2.8x 11.8x 11.0x 23.8x 20.7xFiserv, Inc. $72.60 $29,725 $33,947 11% 2.1 3% 3% 6% 6% 37% 6.0x 5.8x 16.5x 15.6x 28.6x 23.2xWolters Kluwer N.V. $56.01 $15,453 $17,938 8% 2.6 17% (5%) 23% (7%) 27% 3.4x 3.6x 12.3x 13.2x 20.7x 20.4xTemenos AG $148.25 $10,240 $10,495 16% 3.2 16% 15% 17% 20% 37% 14.3x 12.4x 39.9x 33.2x 60.0x 50.3xJack Henry & Associates, Inc. $125.06 $9,666 $9,714 11% 3.0 6% 7% 1% 5% 35% 6.6x 6.2x 18.8x 17.8x 38.9x 32.6xBlack Knight, Inc. $50.60 $7,560 $9,053 15% 1.9 2% 6% 9% 7% 48% 8.6x 8.1x 17.9x 16.7x 36.8x 28.1xACI Worldwide, Inc. $24.15 $2,812 $3,420 12% 3.0 2% 1% 51% (1%) 25% 3.3x 3.3x 13.1x 13.2x 39.2x 37.4xEll ie Mae, Inc. $106.29 $3,651 $3,419 18% 3.4 16% 20% 8% 7% 26% 8.2x 6.9x 27.9x 26.1x 68.8x 60.2xCoupa Software Incorporated $53.38 $3,023 $2,759 NA NA 40% 23% NA NA NM 14.8x 12.0x NM NM NM NMQ2 Holdings, Inc. $57.15 $2,427 $2,308 20% NA 29% 23% NA NM 10% 11.9x 9.7x NM NM NM NMBottomline Technologies (de), Inc. $47.56 $1,942 $1,989 16% 2.6 6% 6% 17% 2% 22% 5.5x 5.1x 23.3x 23.0x 44.4x 42.1xEnova International, Inc. $33.60 $1,138 $1,826 NA NA 13% 21% 11% 30% 20% 2.2x 1.8x 11.6x 8.9x 25.3x 13.9xLendingClub Corporation $3.29 $1,381 $1,331 NA NA 11% 28% NA 91% 12% 2.5x 1.9x 31.0x 16.2x NM 36.6xOn Deck Capital, Inc. $6.64 $493 $1,161 NA NA 20% 10% NA NM 9% 3.3x 3.0x NM 35.0x NM 26.6xElevate Credit, Inc. $7.66 $324 $756 NA NA 16% 23% 58% 66% 19% 1.1x 0.9x 7.9x 4.7x NM 23.2xPerformant Financial Corporation $2.22 $114 $146 NA NA (7%) 20% NA 32% 1% 1.1x 0.9x NM 73.0x NM NM

Median 14% 2.6 11% 12% 9% 7% 26% 5.0x 5.0x 17.2x 16.5x 37.9x 28.1x

Benefits Administration/PayrollAutomatic Data Processing, Inc. $130.02 $57,277 $56,986 14% 2.0 6% 7% (3%) 14% 22% 4.5x 4.2x 22.0x 19.3x 34.4x 28.1xPaychex, Inc. $65.58 $23,561 $23,198 9% 2.7 6% 8% 8% 1% 41% 7.2x 6.6x 16.4x 16.2x 28.5x 24.8xThe Ultimate Software Group, Inc. $262.15 $8,025 $7,887 26% 2.3 20% 19% 16% 28% 25% 8.4x 7.1x 36.7x 28.8x 72.5x 57.8xPaycom Software, Inc. $105.47 $6,229 $6,197 24% 2.8 31% 26% 41% 25% 31% 14.3x 11.4x 46.7x 37.2x 83.7x 68.4xHealthEquity, Inc. $74.31 $4,592 $4,322 33% 2.2 29% 23% 35% 29% 39% 18.8x 15.3x 51.0x 39.5x 112.3x 73.2xTriNet Group, Inc. $53.64 $3,771 $3,854 NA NA 7% 10% (15%) 18% 6% 1.2x 1.1x 20.3x 17.3x 55.9x 43.6xInsperity, Inc. $92.00 $3,865 $3,612 16% 1.7 12% 14% 26% 23% 6% 1.1x 1.0x 20.3x 16.6x 39.0x 27.0xPaylocity Holding Corporation $59.75 $3,146 $3,016 26% 2.7 30% 23% 98% 32% 20% 10.1x 8.1x 53.7x 40.6x 89.2x 70.3xWageWorks, Inc. $47.45 $1,881 $1,233 15% 1.5 32% 7% 35% 12% 32% 2.6x 2.4x 8.4x 7.6x 26.7x 22.9xBenefitfocus, Inc. $33.55 $1,066 $1,134 30% NA 10% 8% NA 46% 10% 4.4x 4.1x 62.4x 42.6x NM NMCastlight Health, Inc. $3.60 $490 $421 25% NA 28% 24% NA NA (7%) 3.2x 2.6x NM NM NM NM

Median 25% 2.2 20% 14% 26% 24% 22% 4.5x 4.2x 29.4x 24.0x 55.9x 43.6x

16

PUBLIC COMPANY VALUATIONS (CONT’D)

Info

rmat

ion

Serv

ices


Fina

ncia

l Saa

S

Financial SaaSIntuit Inc. $201.60 $51,728 $50,242 17% 2.1 12% 14% 8% 13% 36% 9.2x 8.1x 25.2x 22.4x 44.3x 35.7xWorkday, Inc. $130.96 $28,173 $26,317 36% 3.4 35% 25% 91% 24% 16% 12.3x 9.9x 78.7x 63.5x 135.0x 122.4xSS&C Technologies Holdings, Inc. $50.91 $12,121 $14,034 14% 1.6 10% 101% 14% 53% 32% 8.3x 4.2x 20.2x 13.2x 26.4x 21.9xThe Sage Group plc $8.80 $9,538 $10,459 8% 2.4 20% 6% 15% 4% 29% 4.5x 4.3x 15.2x 14.5x 21.7x 20.4xPaycom Software, Inc. $105.47 $6,229 $6,197 24% 2.8 31% 26% 41% 25% 31% 14.3x 11.4x 46.7x 37.2x 83.7x 68.4xXero Limited $30.98 $4,281 $4,224 62% NA 33% 48% NA NA 15% 16.7x 11.3x NM 77.3x NM NMPaylocity Holding Corporation $59.75 $3,146 $3,016 26% 2.7 30% 23% 98% 32% 20% 10.1x 8.1x 53.7x 40.6x 89.2x 70.3xEnvestnet, Inc. $52.90 $2,392 $2,770 14% 2.1 18% 19% 30% 18% 19% 4.1x 3.4x 21.5x 18.1x 40.6x 29.3xCoupa Software Incorporated $53.38 $3,023 $2,759 NA NA 36% 23% NA NA NM 15.2x 12.4x NM NM NM NMFinancial Engines, Inc. $44.65 $2,844 $2,605 13% 1.9 13% 7% 20% 7% 33% 5.4x 5.1x 16.2x 15.2x 32.4x 24.1xQ2 Holdings, Inc. $57.15 $2,427 $2,308 20% NA 29% 23% NA NA 10% 11.9x 9.7x NM NM NM NMBlucora, Inc. $37.95 $1,783 $2,005 19% 1.1 12% 9% 7% 15% 21% 3.9x 3.6x 19.9x 17.3x 27.4x 20.4xAlfa Financial Software Holdings PLC $4.19 $1,256 $1,214 NA NA 18% 17% 15% 18% 48% 10.2x 8.7x 21.5x 18.2x 0.3x 0.2xBenefitfocus, Inc. $33.55 $1,066 $1,134 30% NA 10% 8% NA 46% 10% 4.4x 4.1x 62.4x 42.6x NM NM

Median 19% 2.1 19% 21% 17% 18% 21% 9.7x 8.1x 21.5x 20.3x 36.5x 26.7x

Information ServicesS&P Global Inc. $197.50 $49,632 $51,446 13% 1.9 7% 7% 17% 8% 49% 8.5x 8.0x 17.5x 16.2x 29.6x 23.1xRELX PLC $21.96 $43,326 $49,780 7% 2.7 17% 0% 18% 0% 35% 5.0x 5.0x 14.4x 14.4x 20.2x 19.8xMoody's Corporation $170.57 $32,732 $36,862 12% 1.9 17% 12% 21% 14% 48% 8.8x 7.9x 18.5x 16.2x 28.5x 22.0xThomson Reuters Corporation $38.83 $27,586 $34,411 6% 8.7 NA 2% NA (19%) 36% 9.9x 9.7x 21.7x 26.7x 43.1x 52.5xExperian plc $24.47 $22,177 $25,582 9% 2.5 (6%) 12% (2%) 13% 35% 6.0x 5.3x 16.9x 15.0x 27.3x 23.8xIHS Markit Ltd. $49.28 $19,284 $23,408 11% 1.9 32% 8% 41% 10% 39% 6.5x 6.0x 16.8x 15.4x 24.0x 21.7xVerisk Analytics, Inc. $106.24 $17,557 $20,186 14% 1.8 8% 11% 4% 8% 47% 9.4x 8.5x 19.3x 17.9x 33.4x 25.9xNielsen Holdings plc $30.17 $10,747 $18,931 6% 1.9 4% 4% 5% 1% 30% 2.9x 2.8x 9.3x 9.2x 11.5x 11.6xWolters Kluwer N.V. $56.01 $15,453 $17,938 8% 2.6 17% (5%) 23% (7%) 27% 3.4x 3.6x 12.3x 13.2x 20.7x 20.4xEquifax Inc. $113.96 $13,708 $16,086 8% 2.4 7% 4% 10% (5%) 34% 4.8x 4.6x 13.0x 13.7x 19.2x 19.2xMSCI Inc. $162.57 $14,473 $15,702 NA NA 11% 13% 16% 19% 55% 12.3x 10.9x 23.8x 20.0x 42.4x 30.6xGartner, Inc. $132.74 $12,111 $14,897 14% 2.5 35% 21% 45% 12% 19% 4.5x 3.7x 22.5x 20.1x 38.4x 35.4xTransUnion $68.60 $12,622 $14,867 10% 2.8 13% 13% 17% 14% 39% 7.7x 6.8x 19.9x 17.5x 36.8x 28.4xInforma plc $10.42 $8,586 $10,442 2% 6.7 43% (3%) 45% (1%) 34% 4.4x 4.5x 13.2x 13.4x 16.7x 16.6xFactSet Research Systems Inc. $201.01 $7,814 $8,124 11% 2.1 10% 9% 15% (0%) 34% 6.4x 5.9x 17.3x 17.3x 26.7x 23.0xNews Corporation $15.03 $8,765 $6,929 9% 3.9 1% 7% 6% 1% 11% 0.8x 0.8x 7.1x 7.0x 34.1x 35.1xFair Isaac Corporation $184.03 $5,492 $6,088 16% 1.7 5% 10% 7% 19% 25% 6.4x 5.8x 27.5x 23.0x 37.1x 27.4xCoreLogic, Inc. $52.43 $4,280 $5,866 11% 1.8 (5%) 1% (4%) 2% 26% 3.2x 3.1x 12.2x 12.0x 22.5x 19.3xThe Dun & Bradstreet Corporation $122.81 $4,554 $5,695 6% 2.5 3% 1% 4% 3% 30% 3.3x 3.2x 11.2x 10.8x 17.1x 14.5xMorningstar, Inc. $120.01 $5,103 $4,897 NA NA 7% 4% (7%) 12% 29% 5.7x 5.5x 21.0x 18.7x 51.1x 42.3xAcxiom Corporation $29.29 $2,257 $2,344 13% 4.5 6% 12% 15% 18% 21% 2.5x 2.2x 12.4x 10.5x NM 56.3xEuromoney Institutional Investor PLC $16.93 $1,818 $1,884 NA NA 13% (5%) 16% (4%) 27% 3.3x 3.5x 12.3x 12.7x 16.4x 16.9xcomScore, Inc. $25.00 $1,341 $1,406 5% 2.0 11% 11% 35% 32% 16% 3.0x 2.7x 21.6x 16.3x 12.7x 10.1xNational Research Corporation $34.45 $848 $812 NA NA 7% 9% 10% 10% 33% 6.9x 6.4x 20.9x 19.0x 39.1x 36.3xForrester Research, Inc. $42.25 $760 $623 12% 2.5 4% 5% (11%) 28% 13% 1.8x 1.8x 17.8x 13.9x 34.9x 30.2x

Median 10% 2.5 7% 7% 15% 8% 33% 5.0x 5.0x 17.3x 15.4x 27.9x 23.1x



17


Inve

stm

ent T

echn

olog

y


Insu

ranc

e Te

chno

logy

Insurance TechnologyVerisk Analytics, Inc. $106.24 $17,557 $20,186 14% 1.8 8% 11% 4% 8% 47% 9.4x 8.5x 19.3x 17.9x 33.4x 25.9xGuidewire Software, Inc. $92.84 $7,419 $6,914 8% 12.2 26% 19% 30% 11% 20% 12.2x 10.2x 58.4x 52.5x 105.1x 97.3xHealthEquity, Inc. $74.31 $4,592 $4,322 33% 2.2 29% 23% 35% 29% 39% 18.8x 15.3x 51.0x 39.5x 112.3x 73.2xEbix, Inc. $74.60 $2,347 $2,650 10% 2.0 22% 25% 12% 32% 37% 7.3x 5.8x 20.8x 15.7x 23.9x 20.0xBenefitfocus, Inc. $33.55 $1,066 $1,134 30% NA 10% 8% NA 46% 10% 4.4x 4.1x 62.4x 42.6x NM NMCorVel Corporation $50.50 $953 $898 NA NA 3% NA 4% NA NA 1.7x NM 12.6x NM 30.1x NMCrawford & Company $7.96 $438 $641 NA NA (0%) 0% 4% (4%) 11% 0.6x 0.6x 4.9x 5.0x 10.2x 10.3xSapiens International Corporation N.V. $9.29 $462 $479 5% 4.8 26% 10% (14%) 60% 15% 1.8x 1.6x 17.0x 10.7x NM 23.8xeHealth, Inc. $21.31 $405 $370 NA NA (9%) 29% NM NA 3% 2.2x 1.7x NM 48.6x NM NMMajesco $5.70 $209 $213 NA NA (0%) 19% NA 126% 8% 1.8x 1.5x 39.9x 17.7x NM 57.0xSymbility Solutions Inc. $0.37 $89 $80 NA NA 19% 14% NM 14% 6% 2.0x 1.7x 31.0x 27.1x NM NM

Median 12% 2.2 10% 16% 4% 29% 13% 2.2x 2.9x 25.9x 22.5x 31.7x 25.9x

Investment TechnologyThe Charles Schwab Corporation $55.62 $75,042 $52,502 24% 1.1 15% 18% 20% 24% 49% 6.1x 5.2x 13.0x 10.5x 34.3x 25.9xTD Ameritrade Holding Corporation $59.20 $33,593 $27,795 29% 0.6 21% 36% 14% 41% 43% 6.8x 5.0x 16.3x 11.5x 32.3x 17.9xNorthern Trust Corporation $102.52 $23,066 $21,514 14% 1.1 9% 11% NA NA NA 4.0x 3.6x NM NM 21.6x 15.9xBroadridge Financial Solutions, Inc. $115.45 $13,614 $14,465 10% 2.7 24% (0%) 23% NA 19% 3.4x 3.4x 16.9x 17.8x 33.1x 27.4xSS&C Technologies Holdings, Inc. $50.91 $12,121 $14,034 14% 1.6 10% NM 14% 53% 32% 8.3x 4.2x 20.2x 13.2x 26.4x 21.9xSEI Investments Co. $63.78 $10,083 $9,354 12% 1.7 9% 7% 6% 33% 38% 6.1x 5.7x 19.8x 14.9x 27.2x 20.2xComputershare Limited $13.11 $7,120 $8,227 14% 1.4 9% 2% 11% 11% 29% 3.7x 3.6x 14.0x 12.6x 23.0x 19.4xSimCorp A/S $80.75 $3,182 $3,185 13% 2.8 32% 8% 48% 14% 28% 7.7x 7.1x 28.6x 25.2x 42.5x 35.4xEnvestnet, Inc. $52.90 $2,392 $2,770 14% 2.1 18% 19% 30% 18% 19% 4.1x 3.4x 21.5x 18.1x 40.6x 29.3xFinancial Engines, Inc. $44.65 $2,844 $2,605 13% 1.9 13% 7% 20% 7% 33% 5.4x 5.1x 16.2x 15.2x 32.4x 24.1xBlucora, Inc. $37.95 $1,783 $2,005 19% 1.1 12% 9% 7% 15% 21% 3.9x 3.6x 19.9x 17.3x 27.4x 20.4xFidessa group plc $51.16 $1,972 $1,847 8% 4.6 17% (3%) 10% NA 22% 3.9x 4.0x 15.3x 18.3x 41.3x 38.2xFirst Derivatives plc $61.93 $1,590 $1,612 NA NA 34% 13% 29% 12% 18% 6.7x 5.9x 36.4x 32.6x 72.7x 59.9xIRESS Limited $7.83 $1,340 $1,468 8% 2.9 19% 4% 11% 6% 27% 4.4x 4.2x 16.2x 15.3x 24.2x 23.2xEquiniti Group plc $3.46 $1,262 $1,443 NA NA 16% 18% 17% 20% 25% 2.6x 2.2x 10.8x 9.0x 16.9x 15.4xSanne Group plc $8.48 $1,194 $1,212 NA NA NM 18% 68% 17% 36% 7.9x 6.7x 22.1x 18.9x 26.7x 24.7xStatPro Group plc $2.37 $156 $183 NA NA 44% 12% 49% 25% 16% 2.7x 2.4x 19.5x 15.6x 35.3x 26.0xThe Bank of New York Mellon Corporation $54.75 $55,335 ($14,906) 8% 1.7 4% 6% NA NA NA NM NM NM NM 15.4x 12.9xState Street Corporation $96.11 $35,119 ($27,601) 18% 0.7 9% 5% NA NA NA NM NM NM NM 15.4x 12.4x

Median 14% 1.7 16% 9% 18% 18% 28% 4.4x 4.2x 18.2x 15.4x 27.4x 23.2x



18



IT &

BPO

Ser

vice

s

IT & BPO ServicesInternational Business Machines Corporation $141.31 $129,718 $163,341 (2%) NM (1%) 2% (2%) (1%) 23% 2.1x 2.0x 8.7x 8.8x 10.2x 10.2xAccenture plc $155.74 $100,154 $96,585 11% 2.2 7% 11% 4% 16% 17% 2.7x 2.4x 16.5x 14.2x 26.0x 23.1xTata Consultancy Services Limited $25.81 $98,825 $92,386 10% 2.4 10% 6% 6% 6% 27% 4.9x 4.6x 18.4x 17.3x 25.0x 23.4xCognizant Technology Solutions Corporation $75.35 $44,147 $40,090 14% 1.2 10% 10% 9% 18% 21% 2.7x 2.5x 13.9x 11.7x 20.3x 16.8xInfosys Limited $18.26 $39,690 $35,667 8% 2.2 9% 3% 7% 1% 26% 3.3x 3.2x 12.1x 12.1x 18.4x 18.1xDXC Technology Company $92.11 $26,232 $31,963 10% 1.1 NM 12% NM 29% 22% 1.6x 1.4x 8.4x 6.6x 13.9x 11.4xCapgemini SE $131.34 $22,008 $23,678 7% 2.8 16% (2%) 17% (1%) 14% 1.5x 1.6x 11.0x 11.1x 18.5x 18.7xNTT Data Corporation $11.19 $15,694 $19,135 10% 2.1 31% 3% 9% 16% 15% 1.0x 1.0x 7.7x 6.6x 29.5x 21.3xCGI Group Inc. $61.40 $17,270 $18,484 10% 1.9 10% 3% 8% 4% 18% 2.1x 2.1x 11.7x 11.3x 20.6x 18.7xHCL Technologies Limited $13.50 $18,793 $17,360 10% 1.5 19% 4% 16% 9% 23% 2.2x 2.1x 9.8x 9.0x 13.6x 14.1xWipro Limited $3.88 $17,476 $15,083 9% 1.8 6% NM 7% (10%) 19% 1.8x 1.8x 8.5x 9.4x 13.8x 15.2xAtos SE $135.48 $14,241 $13,872 8% 1.7 23% (6%) 36% (1%) 14% 0.9x 1.0x 6.6x 6.7x 13.5x 13.5xNomura Research Institute, Ltd. $50.39 $11,992 $11,237 9% 3.2 14% 13% 11% 11% 20% 2.8x 2.4x 13.4x 12.1x 29.8x 28.5xTech Mahindra Limited $10.56 $10,349 $9,165 12% 1.3 13% 6% 1% 34% 18% 1.9x 1.8x 13.9x 10.4x 19.9x 15.4xGenpact Limited $30.03 $5,717 $6,601 10% 1.7 6% 9% 15% 1% 17% 2.4x 2.2x 13.5x 13.4x 18.8x 17.2xEPAM Systems, Inc. $123.18 $6,578 $6,067 20% 1.5 25% 27% 23% 28% 18% 4.2x 3.3x 23.7x 18.6x 36.0x 29.6xConduent Incorporated $19.25 $4,052 $5,552 NA NA (6%) (3%) 5% 9% 13% 0.9x 1.0x 8.3x 7.7x 23.8x 17.8xCapita plc $1.80 $2,979 $4,631 (0%) NM (5%) (7%) (8%) (22%) 11% 0.8x 0.9x 6.4x 8.2x 2.9x 8.8xMphasis Limited $16.31 $3,152 $2,878 11% 1.9 9% 8% (3%) 21% 18% 2.9x 2.7x 18.5x 15.3x 26.9x 21.1xSyntel, Inc. $31.50 $2,613 $2,813 9% 1.9 (4%) 3% (10%) (3%) 25% 3.0x 3.0x 11.3x 11.6x 16.9x 16.2xWNS (Holdings) Limited $51.14 $2,579 $2,448 13% 2.5 25% 15% 16% 34% 21% 3.5x 3.1x 19.3x 14.4x 55.0x 31.2xMindtree Limited $14.94 $2,449 $2,334 16% 1.5 8% 9% (5%) 26% 15% 2.8x 2.6x 21.5x 17.1x 35.1x 24.5xPresidio, Inc. $13.38 $1,240 $2,100 5% 2.0 NA 5% NA (4%) 8% 0.8x 0.7x 9.1x 9.5x 10.6x 9.9xHexaware Technologies Limited $6.51 $1,932 $1,841 13% 1.7 19% 8% 21% 7% 17% 3.0x 2.8x 17.9x 16.7x 24.7x 22.7xGlobant S.A. $51.50 $1,840 $1,800 NA NA 28% 23% 12% 18% 17% 4.4x 3.5x 24.7x 20.9x 39.5x 32.0xExlService Holdings, Inc. $56.69 $1,950 $1,779 14% 1.5 11% 11% 13% 12% 18% 2.3x 2.1x 13.3x 11.8x 21.6x 20.5xVirtusa Corporation $48.55 $1,441 $1,500 21% 1.1 20% 25% 80% 53% 9% 1.6x 1.2x 22.2x 14.5x 32.8x 22.9xLuxoft Holding, Inc. $36.00 $1,224 $1,121 17% 0.9 17% 6% 2% (14%) 12% 1.3x 1.2x 8.4x 9.7x 13.0x 16.0xPerficient, Inc. $26.11 $915 $966 NA NA (0%) 3% 10% (2%) 14% 2.0x 1.9x 13.6x 14.0x 21.6x 17.3xPersistent Systems Limited $11.68 $934 $764 13% 1.4 13% 3% 18% (2%) 15% 1.6x 1.6x 10.0x 10.2x 18.4x 18.1x

Median 10% 1.7 11% 6% 9% 8% 17% 2.2x 2.1x 12.7x 11.7x 20.5x 18.1x



19



Liqu

idity

Ven

ues

Liquidity VenuesCME Group Inc. $162.90 $55,470 $56,828 15% 1.6 1% 14% (4%) 24% 73% 15.6x 13.7x 23.3x 18.9x 34.3x 24.1xIntercontinental Exchange, Inc. $70.89 $41,061 $47,430 13% 1.6 3% 6% 4% 5% 64% 10.2x 9.7x 16.0x 15.2x 24.0x 20.1xLondon Stock Exchange Group plc $59.50 $20,648 $21,460 15% 1.7 28% 19% 31% 17% 51% 9.0x 7.5x 17.4x 14.9x 30.0x 26.1xNasdaq, Inc. $91.86 $15,337 $18,980 11% 1.6 6% 5% 9% 6% 32% 4.8x 4.6x 15.2x 14.4x 21.9x 18.6xCboe Global Markets, Inc. $97.56 $10,975 $11,958 19% 1.1 76% 13% NM 19% 70% 12.0x 10.6x 18.0x 15.2x 28.4x 20.7xB3 S.A. - Brasil , Bolsa, Balcão $5.84 $11,930 $11,674 11% 0.5 9% 10% (4%) 51% 70% 3.0x 2.7x 5.8x 3.9x 6.4x 5.5xDeutsche Börse Aktiengesellschaft $133.38 $24,864 $8,116 14% 1.6 17% 5% 21% 8% 59% 2.7x 2.6x 4.7x 4.4x 24.2x 21.5xASX Limited $45.85 $8,873 $7,792 5% 4.8 12% 3% 11% 4% 77% 12.7x 12.3x 16.6x 16.0x 25.7x 24.8xMarketAxess Holdings Inc. $213.65 $8,035 $7,790 NA NA 7% 12% 6% 11% 55% 19.6x 17.6x 35.2x 31.8x 54.9x 47.3xHong Kong Exchanges and Clearing Limited $32.35 $40,016 $6,569 9% 3.9 18% 22% 25% 26% 75% 3.9x 3.2x 5.3x 4.2x 42.0x 33.0xSingapore Exchange Limited $5.41 $5,813 $5,203 5% 4.0 12% 5% NA 4% 58% 8.5x 8.1x 14.6x 14.0x 21.9x 20.6xEuronext N.V. $63.43 $4,414 $4,459 4% 4.4 22% 11% 19% 13% 57% 7.0x 6.3x 12.5x 11.0x 18.1x 16.3xTMX Group Limited $62.63 $3,478 $4,327 NA NA (3%) 18% 16% 8% 56% 8.1x 6.9x 13.2x 12.2x 17.3x 15.4xBolsas y Mercados Españoles, Sociedad Holding de $33.69 $2,801 $2,378 2% 8.1 12% (5%) 10% (6%) 65% 6.2x 6.5x 9.4x 10.1x 15.2x 16.2xJSE Limited $14.30 $2,248 $2,055 5% 3.2 6% 11% 3% 38% 56% 11.4x 10.3x 25.6x 18.5x 19.6x 14.6xBursa Malaysia Berhad $1.89 $1,526 $1,423 NA NA 21% 6% 24% 9% 61% 10.4x 9.8x 17.5x 16.1x 27.8x 25.3xBolsa Mexicana de Valores, S.A.B. de C.V. $1.63 $964 $810 11% 1.4 17% 8% 20% 9% 55% 5.0x 4.6x 9.2x 8.4x 16.9x 15.3xGielda Papierów Wartosciowych w Warszawie S.A. $9.81 $412 $333 NA NA 36% (9%) 39% (6%) 62% 3.3x 3.6x 5.5x 5.8x 9.1x 10.7xHellenic Exchanges - Athens Stock Exchange SA $5.78 $349 $240 74% 0.5 19% 14% 57% 29% 48% 7.4x 6.5x 17.4x 13.5x 48.2x 36.1x

Median 11% 1.6 12% 10% 16% 9% 59% 8.1x 6.9x 15.2x 14.0x 24.0x 20.6x



20



Paym

ents



PaymentsVisa Inc. $130.72 $292,786 $297,691 18% 1.6 17% 12% 16% 14% 71% 15.9x 14.1x 22.7x 20.0x 36.3x 27.9xMastercard Incorporated $190.12 $198,480 $196,681 21% 1.4 16% 20% 16% 23% 59% 15.7x 13.1x 27.2x 22.2x 41.7x 30.1xAmerican Express Company $98.30 $84,574 $107,929 10% 1.4 4% 20% NA (10%) 30% 3.2x 2.7x 7.9x 8.8x 16.8x 13.6xPayPal Holdings, Inc. $82.07 $97,449 $87,938 20% 1.7 21% 18% 24% 17% 26% 6.7x 5.7x 25.6x 21.9x 43.8x 35.1xFirst Data Corporation $19.00 $17,651 $36,077 11% 1.2 4% (27%) 6% 8% 38% 3.0x 4.1x 11.7x 10.8x 12.6x 13.1xDiscover Financial Services $73.86 $25,775 $34,999 11% 0.9 8% 7% 3% 5% 53% 3.5x 3.3x 6.6x 6.3x 12.4x 9.3xAlliance Data Systems Corporation $210.82 $11,679 $32,826 13% 0.7 8% 6% (8%) 12% 27% 4.3x 4.0x 17.0x 15.1x 11.6x 9.3xWorldpay, Inc. $79.47 $23,636 $31,506 16% 1.3 11% 83% 12% 81% 48% 14.8x 8.1x 30.9x 17.1x 23.7x 21.0xSquare, Inc. $58.25 $23,340 $22,765 73% NA 29% 33% NA NA 3% 10.4x 7.8x NM NM NM NMGlobal Payments Inc. $111.16 $17,735 $21,458 17% 1.3 24% 12% 9% 19% 35% 6.1x 5.5x 18.4x 15.5x 27.8x 21.7xFleetCor Technologies, Inc. $199.35 $17,869 $21,379 17% 1.2 23% 8% 20% 19% 56% 9.5x 8.8x 18.6x 15.6x 23.6x 19.1xTotal System Services, Inc. $85.19 $15,531 $19,180 14% 1.4 (18%) 11% 15% 11% 35% 5.6x 5.1x 16.0x 14.5x 25.5x 19.6xWirecard AG $154.07 $19,038 $17,804 30% 1.5 65% 28% 53% 28% 28% 10.0x 7.8x 35.9x 28.1x 62.0x 45.8xCielo S.A. $4.55 $12,346 $13,265 5% 2.4 (7%) (9%) (6%) (10%) 45% 3.8x 4.1x 8.3x 9.3x 9.8x 11.5xThe Western Union Company $19.89 $9,164 $11,371 4% 2.5 2% 4% (0%) 3% 24% 2.1x 2.0x 8.3x 8.1x 10.9x 10.7xThe Sage Group plc $8.80 $9,538 $10,459 8% 2.4 20% 6% 15% 4% 29% 4.5x 4.3x 15.2x 14.5x 21.7x 20.4xWEX Inc. $175.81 $7,574 $9,634 15% 1.5 23% 17% 32% 40% 42% 7.7x 6.6x 21.7x 15.5x 32.7x 21.8xEdenred SA $31.98 $7,472 $8,330 11% 2.2 34% 1% 39% (1%) 38% 5.2x 5.1x 13.3x 13.4x 26.7x 24.6xIngenico Group - GCS $79.75 $4,964 $6,763 9% 1.5 23% 6% 26% (1%) 20% 2.2x 2.1x 10.7x 10.8x 14.1x 14.0xNCR Corporation $30.10 $3,561 $6,285 4% 2.3 (0%) 1% 3% 5% 17% 1.0x 1.0x 5.8x 5.5x 9.5x 9.1xEuronet Worldwide, Inc. $83.81 $4,298 $4,048 16% 1.0 15% 14% 20% 16% 19% 1.8x 1.6x 9.7x 8.4x 18.4x 15.8xGMO Payment Gateway, Inc. $106.85 $3,937 $3,700 30% 3.0 NM NA NM NA 30% NM 14.3x NM 47.5x NM 90.2xVeriFone Systems, Inc. $22.74 $2,518 $3,207 16% 0.9 (5%) NA (13%) 10% 17% 1.7x 1.8x 11.3x 10.3x 17.2x 14.2xBlackhawk Network Holdings, Inc. $45.00 $2,457 $2,827 15% 1.5 17% 7% 19% 10% 10% 1.3x 1.2x 12.6x 11.4x 27.7x 23.0xGreen Dot Corporation $71.27 $3,701 $2,492 NA NA 24% 14% 32% 19% 24% 2.8x 2.5x 12.1x 10.2x 33.4x 23.7xEVERTEC, Inc. $21.80 $1,579 $2,125 9% 1.5 5% 7% (5%) 7% 44% 5.2x 4.9x 11.9x 11.2x 15.0x 13.3xCardtronics plc $25.66 $1,178 $2,044 12% 1.3 19% NM 9% NM 20% 1.4x 1.6x 5.9x 7.8x 8.9x 16.2xEveri Holdings Inc. $7.49 $517 $1,543 NA NA 13% NA 7% 8% 52% 1.6x 3.5x 7.2x 6.7x NM 76.8xMoneyGram International, Inc. $6.63 $369 $1,075 NA NA (2%) (4%) 4% (8%) 16% 0.7x 0.7x 3.9x 4.3x 6.7x 10.2xCass Information Systems, Inc. $62.17 $764 $564 NA NA 6% NA 9% NA NA 4.2x NM 13.7x NM 29.6x NMSafeCharge International Group Limited $4.52 $669 $560 12% 2.0 7% 15% 1% 11% 29% 5.0x 4.4x 16.6x 15.0x 23.3x 22.9xNet 1 UEPS Technologies, Inc. $9.76 $555 $547 NA NA 2% NA (24%) NM NA 0.9x NM 4.6x NM 5.9x NMCardlytics, Inc. $20.42 $414 $383 20% NA NA 19% NA NA (10%) 2.9x 2.5x NM NM NM NMPAR Technology Corporation $14.01 $225 $224 NA NA 3% NA 9% NA NA 0.9x NM 36.1x NM 73.7x NMeServGlobal Limited $0.12 $106 $98 NA NA NA 32% NA NA 10% 6.4x 4.9x NM 48.8x NM NMJetPay Corporation $2.05 $32 $41 NA NA 35% (13%) 107% 77% 11% 0.5x 0.6x 10.0x 5.7x NM NMEarthport plc $0.12 $72 $31 NA NA 33% 13% NA NA NM 1.0x 0.9x NM NM NM NM

Median 14% 1.5 14% 11% 9% 10% 29% 3.7x 4.1x 12.3x 11.4x 22.5x 19.6x

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Real Estate & Mortgage TechnologyBooking Holdings Inc. $2,108.92 $101,597 $103,719 17% 1.4 18% 15% 18% 17% 39% 8.2x 7.1x 21.3x 18.2x 28.3x 23.9xExpedia Group, Inc. $121.03 $18,172 $17,989 16% 1.5 15% 13% 6% 8% 16% 1.8x 1.6x 10.5x 9.7x 26.3x 23.5xNationstar Mortgage Holdings Inc. $17.92 $1,760 $16,277 NA NA (15%) 17% (23%) NA NA 9.9x 8.4x 38.6x NM 53.2x 6.3xCoStar Group, Inc. $381.22 $13,873 $12,942 19% 2.7 15% 23% 9% 38% 33% 13.4x 10.9x 46.3x 33.4x 83.0x 50.4xZil low Group, Inc. $58.24 $11,261 $10,827 5% 17.4 27% 38% 63% 17% 19% 10.1x 7.3x 45.8x 39.1x 109.8x 87.0xFidelity National Financial, Inc. $36.96 $10,149 $10,013 NA NA (7%) 3% (27%) 2% 14% 1.3x 1.3x 9.1x 9.0x 15.7x 13.3xBlack Knight, Inc. $50.60 $7,560 $9,053 15% 1.9 2% 6% 9% 7% 48% 8.6x 8.1x 17.9x 16.7x 36.8x 28.1xREA Group Limited $64.89 $8,547 $8,673 20% 1.8 15% 13% 26% 14% 58% 15.0x 13.2x 25.9x 22.7x 43.1x 36.2xJones Lang LaSalle Incorporated $163.76 $7,450 $8,671 14% 1.2 17% 31% 16% 10% 8% 1.1x 0.8x 11.4x 10.4x 19.4x 16.0xOcwen Financial Corporation $4.37 $585 $7,512 NA NA (15%) NM NA NA 6% 6.4x 8.7x 46.9x NM NM NMRealogy Holdings Corp. $23.79 $3,034 $6,637 20% 0.6 5% 3% (5%) (3%) 11% 1.1x 1.1x 9.1x 9.3x 14.9x 12.6xTripAdvisor, Inc. $52.14 $7,164 $6,521 11% 3.4 5% 5% (6%) 8% 22% 4.2x 4.0x 19.7x 18.3x 46.8x 38.5xRightmove plc $65.28 $5,901 $5,867 11% 2.5 21% 8% 25% 7% 76% 17.8x 16.6x 23.3x 21.8x 30.4x 27.6xCoreLogic, Inc. $52.43 $4,280 $5,866 11% 1.8 (5%) NM (4%) 2% 26% 3.2x 3.1x 12.2x 12.0x 22.5x 19.3xFirst American Financial Corporation $52.08 $5,809 $5,364 13% 0.9 4% 1% 0% 33% 14% 0.9x 0.9x 8.8x 6.6x 14.8x 11.8xRealPage, Inc. $58.75 $4,743 $5,291 NA NA 19% 28% 28% 39% 26% 7.8x 6.1x 32.4x 23.4x 63.6x 39.2xRadian Group Inc. $15.90 $3,412 $3,422 17% 0.5 (1%) 8% (4%) (4%) 50% 2.8x 2.6x 5.0x 5.2x 9.0x 7.8xEll ie Mae, Inc. $106.29 $3,651 $3,419 18% 3.4 16% 20% 8% 7% 26% 8.2x 6.9x 27.9x 26.1x 68.8x 60.2xZPG Plc $6.51 $2,827 $3,272 17% 1.6 35% 27% 13% 44% 39% 9.9x 7.8x 28.7x 19.9x 33.6x 27.4xColliers International Group Inc. $72.06 $2,821 $3,145 25% 0.8 20% 21% 19% 26% 11% 1.4x 1.1x 13.0x 10.3x 24.9x 19.2xLendingTree, Inc. $258.90 $3,234 $3,129 34% 1.4 61% 28% 65% 30% 19% 5.1x 4.0x 27.2x 21.0x 67.8x 48.0xMoneysupermarket.com Group PLC $4.21 $2,258 $2,211 6% 3.4 14% 2% 15% (2%) 37% 5.0x 4.8x 12.9x 13.1x 18.8x 19.2xAppFolio, Inc. $59.20 $2,023 $1,977 NA NA 36% 27% NM 45% 22% 13.7x 10.9x 70.3x 48.4x 143.2x 79.5xRedfin Corporation $22.10 $1,833 $1,643 NA NA 38% 30% NA NM 0% 4.4x 3.4x NM NM NM NMMarcus & Mill ichap, Inc. $37.46 $1,445 $1,160 6% 3.0 0% 6% (6%) 9% 16% 1.6x 1.5x 10.4x 9.5x 25.3x 18.2xRE/MAX Holdings, Inc. $52.10 $925 $1,123 203% 0.1 11% 9% 7% 5% 49% 5.7x 5.2x 11.1x 10.6x 27.5x 23.1xStewart Information Services Corporation $42.19 $1,001 $1,004 NA NA (3%) 3% (9%) 18% 7% 0.5x 0.5x 8.9x 7.5x 20.9x 14.3xLifull Co., Ltd. $7.15 $849 $810 23% 1.2 6% 25% 8% 17% 17% 2.8x 2.3x 15.5x 13.2x 83.2x 27.7xAltisource Portfolio Solutions S.A. $29.38 $505 $790 NA NA (6%) NA (25%) NA NA 0.8x NM 5.9x NM 19.9x 139.9xQuinStreet, Inc. $13.71 $646 $599 26% 1.5 12% 30% NM 50% 8% 1.8x 1.4x 24.6x 16.4x NM 37.6xAgilysys, Inc. $14.22 $330 $291 NA NA (2%) 8% 1% NM 9% 2.3x 2.1x 50.2x 24.5x NM NMReal Matters Inc. $3.71 $329 $250 105% 0.3 22% 22% NM NM 5% 0.8x 0.7x 45.5x 14.6x NM 30.9xReis, Inc. $21.60 $250 $234 NA NA 1% 2% (5%) 3% 27% 4.8x 4.8x 18.2x 17.7x 127.1x NM

Median 17% 1.5 12% 14% 7% 10% 19% 4.4x 4.0x 19.0x 16.4x 29.4x 27.4x

Trading TechnologyThe Charles Schwab Corporation $55.62 $75,042 $52,502 24% 1.1 15% 18% 20% 24% 49% 6.1x 5.2x 13.0x 10.5x 34.3x 25.9xTD Ameritrade Holding Corporation $59.20 $33,593 $27,795 29% 0.6 21% 36% 14% 41% 43% 6.8x 5.0x 16.3x 11.5x 32.3x 17.9xE*TRADE Financial Corporation $63.35 $16,715 $20,269 28% 0.6 22% 22% 7% 21% 52% 8.6x 7.0x 16.3x 13.5x 27.1x 17.7xVirtu Financial, Inc. $31.05 $6,427 $1,152 5% 6.7 24% 65% (25%) 94% 45% 2.2x 1.3x 5.7x 2.9x 71.9x 33.5xInvestment Technology Group, Inc. $21.94 $724 $547 NA NA 4% 5% NA NA NA 1.1x 1.1x 8.9x NM 64.5x 18.7xGAIN Capital Holdings, Inc. $8.23 $368 ($701) NA NA (25%) 22% NM NM 24% NM NM NM NM NM 10.2xINTL FCStone Inc. $50.00 $944 ($1,019) NA NA 27% (0%) 14% 11% NA NM NM NM NM 17.0x 15.2xInteractive Brokers Group, Inc. $72.78 $5,202 ($18,776) 19% 1.7 22% 15% 1% 66% 94% NM NM NM NM 46.4x 32.0x

Median 24% 1.1 21% 20% 10% 33% 47% 6.1x 5.0x 13.0x 11.0x 34.3x 18.3x

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A leading, independent and global investment bankGCA ADVISORS

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