Financial Technology Sector Summary · 2014. 3. 12. · ACI Worldwide, Inc. 2,360 35% 24.9 Temenos Group AG 2,451 59% 24.9 Bottomline Technologies (de), Inc. 1,364 30% 26.0 Ellie

Financial Technology Sector Summary

March 12, 2014

Table of Contents

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

I. GCA Savvian Overview

Firm Statistics

Global Advisory Firm

GCA Savvian Focus

Full spectrum of buy-side, sell-

side and strategic advisory

Public and private company

experience

Strategic early-stage growth

companies through industry

defining, multi-billion dollar

transactions

Senior level attention and focus,

extensive transaction

experience and deep domain insight

Agented private capital raiser

Equity and debt capital markets

advisory services

Core competency, with important

relationships among the venture

capital and private equity

community

Relationships and market

intelligence; a highly experienced team in

the industry

Mergers & Acquisitions Private Capital Markets Over 225 professionals today

Headquarters in San Francisco and Tokyo; offices in New

York, London, Shanghai, Mumbai, and Osaka

Provides mergers and acquisitions advisory services, private

capital & capital markets advisory services, and principal

investing

Over 490 transactions completed

Publicly traded on the Tokyo Stock Exchange (2174)

GCA Savvian Overview Highlights

Market Positioning

3

Senior Team with

Unparalleled Transaction

Experience

Highest Quality Client

Service

Broad Network Including

Global 1000 Relationships

M&A Advisory and Capital

Raising Expertise

Bulge Bracket

Transaction Expertise

Growth Company Focus

Sector Expertise / Domain

Knowledge

Private Capital Access

Late Stage Private through

Public Company Orientation

Growth Sector Focus

4

GCA Savvian divides

Financial Technology into

three broad categories

− Payments & Banking

− Securities & Capital

Markets

− Insurance &

Healthcare Payments & Banking Securities & Capital Markets

Financial Technology

Analytics

ATMs

Bill Payment

Collections

Core Processing

Financial Outsourcing

Information Processing

Issuer Processing

Marketing / Offers

Merchant Acquiring

Mobile

Money Transfer

Online Lending

P2P Lending

Prepaid

Crowd Funding

Digital Media

e-Brokerage

Exchanges

Hedge Fund Administration

Index Businesses

Mutual Fund Processing

Personal Financial Mgmt.

Risk & Analytics

Securities Brokerage

Software / SaaS

Trading Platforms

Insurance & Healthcare

BPO / IT Services

Brokerage

Claims Processing

Collections

CRM

Document Management

eCommerce

Information and Analytics

Payments

Risk Management

Software / SaaS

Title / Appraisal

GCA Savvian Overview Financial Technology Landscape

Cumulative Deal Announcements

GCA Savvian Overview Significant Transaction Momentum

5

GCA Savvian has

advised on over $125

billion of transaction

value

Approximately 500

transactions, including

a number of multi-

billion dollar industry-

defining transactions

Demonstrated ability to

complete transactions

in all market conditions

and geographies

Notes:

Current quarter represents deals announced to date.

6 11 1422

3140

5565

7686 91

99111

124135

156

171

190

205

219

239

255260273

279290

305

326

344355

367

384

401

423432

445452

468479

492 497

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TD

6

San Francisco

150 California St., Ste. 2300

San Francisco, CA 94111

United States

Phone: (415) 318-3600

New York

1330 Ave. of the Americas, 28th

Fl.

New York, NY 10019

United States

Phone: (212) 999-7090

GCA Savvian Overview Financial Technology Team

Sean Minnihan Managing Director


Phone: (212) 999-7077

Mobile: (917) 364-6230

[email protected]

Steve Fletcher Managing Director

Digital Media

Phone: (415) 318-3661

Mobile: (415) 518-6725

[email protected]

Derek Bell Director

Business Services

Phone: (212) 999-7089

Mobile: (914) 953-0689

[email protected]

Paul DiNardo Managing Director

Software

Phone: (415) 318-3665

Mobile: (650) 483-7246

[email protected]

Dick Filippini Director

Mobile

Phone: (415) 318-3688

Mobile: (415) 297-3420

[email protected]

Rob Freiman Vice President


Phone: (212) 999-7075

Mobile: (973) 229-0436

[email protected]

Zeke Navar Director

Healthcare IT

Phone: (415) 783-3276

Mobile: (917) 229-0436

[email protected]

Alexander Berry Analyst

Phone: (212) 999-7079

Mobile: (818) 851-2300

[email protected]

II. Market Summary

8

Last 12 Months

Notes:

1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, DRIV, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, TSS, UEPS, V, VNTV, WEX, WU, XOOM,

XTRA: WDI.

2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1.

3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, RATE, TRI.

4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN.

5) Trading Platforms: BGCP, GFIG, INTL, ITG, MKTX.

6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW.

7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, PFMT, SWX: TEMN.

8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX.

Last 3 Months

Market Summary Industry Stock Market Performance

Financial Data, Content,

& Analytics

(3)

Payments

(1)

Online Broker Dealers (6)

Exchanges

(2)

Investment Services,

Software, & Technology

(8)

Information Processors /

Credit Bureaus

(4)

(5)

Trading Platforms

(7) Banking & Lending

Technology

80

90

100

110

120

130

140

150

160

170

3/7/13 4/7/13 5/7/13 6/6/13 7/8/13 8/7/13 9/6/13 10/7/13 11/6/13 12/6/13 1/8/14 2/7/14

85

90

95

100

105

110

115

12/9/13 12/16/13 12/23/13 12/31/13 1/8/14 1/15/14 1/22/14 1/29/14 2/5/14 2/12/14 2/19/14 2/26/14 3/5/14

9

Market Summary Indexed Price Performance by Sector

Last 3 Months 1 Year 3 Years

Notes:

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

(1.5%)

(1.5%)

(1.4%)

1.2%

3.5%

8.3%

8.4%

12.3%

(10.0%) 0.0% 10.0% 20.0%

Exchanges

Investment Services,Software, & Technology

Information Processors /Credit Bureaus

Financial, Data, Content,& Analytics

Trading Platforms

Banking & LendingTechnology

Payments

Online Broker Dealers

6.3%

35.9%

13.1%

35.4%

51.9%

33.5%

36.5%

62.5%

0.0% 20.0% 40.0% 60.0% 80.0%

2.2%

59.0%

61.0%

36.3%

31.8%

69.5%

133.4%

48.3%

0.0% 50.0% 100.0% 150.0%

10

Market Summary Long-Term EPS Growth and EBITDA Margins

Long-Term EPS Growth EBITDA Margins

Notes:


18.7%

19.3%

20.5%

25.9%

28.9%

49.6%

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

Financial Data, Content, & Analytics

Investment Services, Software, & Technology

Payments

Information Processors / Credit Bureaus

Banking and Lending Technology

Trading Platforms

8.8%

10.0%

10.8%

11.3%

14.0%

14.6%

15.0%

20.6%

0% 5% 10% 15% 20% 25%

Exchanges

Trading Platforms



Payments




11

Market Summary Price / Earnings Multiples and PEG Ratios

2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio)

Notes:


13.4x

16.0x

17.8x

18.2x

19.1x

19.7x

22.4x

23.1x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x


Trading Platforms

Payments


Exchanges




1.0

1.2

1.3

1.5

1.6

1.6

2.2

2.6

0.0 0.5 1.0 1.5 2.0 2.5 3.0


Payments



Trading Platforms



Exchanges

12

Market Summary LTM Price Performance and 2014 P/E – Payments / Banking

Source:

CapitalIQ and Wall Street Research.

($MM)

Prepaid Market Cap.

LTM Price

Performance P/E 2014

Blackhaw k Netw ork Holdings, Inc. $1,445 NA 22.4x

Green Dot Corporation 951 39% 16.8

Net 1 Ueps Technologies Inc. 465 69% 7.2

Higher One Holdings, Inc. 371 (11%) 12.4

Sector Average $808 32% 14.7x

ATM / Kiosks Market Cap.

LTM Price


Cardtronics Inc. $1,916 61% 18.6x

Outerw all Inc. 1,742 31% 11.8

Global Cash Access Holdings, Inc. 574 24% 10.2

Sector Average $1,410 39% 13.5x

POS Hardware / Technology Market Cap.

LTM Price


NCR Corp. $5,778 27% 11.3x

MICROS Systems, Inc. 4,197 32% 20.7

Ingenico SA 4,996 56% 21.9

VeriFone Systems, Inc. 3,222 43% 19.1

PAR Technology Corporation 80 12% 12.8


Banking and Lending Technology Market Cap.

LTM Price


Intuit Inc. $23,288 21% 21.6x

Fidelity National Information Services, Inc. 16,123 48% 17.9

Fiserv, Inc. 14,959 40% 17.6

Jack Henry & Associates Inc. 4,914 28% 23.1

ACI Worldw ide, Inc. 2,360 35% 24.9

Temenos Group AG 2,451 59% 24.9

Bottomline Technologies (de), Inc. 1,364 30% 26.0

Ellie Mae, Inc. 864 44% 28.8

Performant Financial Corporation 387 NA 19.6


Information Processors / Credit Bureaus Market Cap.

LTM Price


Experian plc $17,375 1% 18.0x

Equifax Inc. 8,636 25% 18.4

Acxiom Corporation 2,930 104% 46.7

Fair Isaac Corporation 1,873 18% 14.9

Intersections Inc. 120 (37%) NA


($MM)

Networks Market Cap.

LTM Price


Visa Inc. $142,919 41% 24.4x

MasterCard Incorporated 92,479 48% 25.4

American Express Company 99,733 45% 17.2

eBay Inc. 76,462 11% 19.7

Discover Financial Services 27,915 43% 11.4


Merchant Processing Market Cap.

LTM Price


Cielo SA $22,028 13% 16.5x

Total System Services, Inc. 5,786 27% 16.1

Global Payments Inc. 5,220 53% 16.8

Wirecard AG 5,661 19% 33.2

Vantiv, Inc. 4,519 12% 17.5

EVERTEC, Inc. 1,952 NA 14.9

Heartland Payment Systems, Inc. 1,585 (40%) 18.1

Optimal Payments Plc 1,316 194% 30.4

Digital River Inc. 592 20% 43.2

Planet Payment, Inc. 187 21% 35.1

JetPay Corporation 29 (29%) NA


Money Transfer Market Cap.

LTM Price


The Western Union Company $9,162 16% 11.6x

Euronet Worldw ide Inc. 1,840 48% 15.7

Moneygram International Inc. 1,104 10% 14.3

Xoom Corporation 945 NA NM


Closed Loop Market Cap.

LTM Price


Alliance Data Systems Corporation $15,302 82% 23.4x

FleetCor Technologies, Inc. 10,383 80% 24.8

Edenred SA 7,425 (3%) 25.6

WEX Inc. 3,686 23% 19.7


13

Market Summary LTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics

Source:

CapitalIQ and Wall Street Research.

($MM)

Exchanges - Americas Market Cap.

LTM Price


CME Group Inc. $25,839 25% 21.6x

IntercontinentalExchange Group, Inc. 24,445 34% 19.1

BM&F Bovespa SA 8,139 (37%) 13.8

The Nasdaq OMX Group, Inc. 6,911 27% 13.7

CBOE Holdings, Inc. 4,954 60% 24.9

TMX Group Limited 2,569 NA 13.9

Bolsa Mexicana de Valores SAB de CV 1,176 (21%) 20.1


Exchanges - Asia Market Cap.

LTM Price


Hong Kong Exchanges & Clearing Limited 17,864 (13%) 26.9x

ASX Limited 6,466 (9%) 17.9

Singapore Exchange Ltd. 5,769 (13%) 20.8

Bursa Malaysia Bhd 1,262 7% 21.3

Sector Average $7,840 (7%) 21.7x

Exchanges - Europe Market Cap.

LTM Price


Deutsche Boerse AG 14,555 23% 14.7x

London Stock Exchange Group plc 9,096 62% 18.6

Bolsas y Mercados Españoles 3,453 62% 16.9

JSE Limited 670 (4%) NA

Hellenic Exchanges - Athens Stock Exchange S.A. Holding807 98% 23.2

GPW 539 (3%) 12.8


Trading Platforms Market Cap.

LTM Price


MarketAxess Holdings Inc. $2,438 64% 32.1x

KCG Holdings, Inc. 1,494 NA 14.1

BGC Partners, Inc. 1,568 71% 13.5

Investment Technology Group Inc. 654 44% 16.0

GFI Group Inc. 504 21% 25.6

INTL FCStone Inc. 363 7% NA


($MM)

Investment Services, Software, &

Technology Market Cap.

LTM Price


SEI Investments Co. $5,703 17% 20.0x

Broadridge Financial Solutions, Inc. 4,631 67% 17.4

TIBCO Softw are Inc. 3,615 (4%) 19.3

DST Systems Inc. 4,047 40% 18.5

SS&C Technologies Holdings, Inc. 3,460 50% 18.0

Financial Engines, Inc. 2,991 75% 61.9

Advent Softw are, Inc. 1,639 20% 22.7

Envestnet, Inc. 1,478 181% 61.6


Financial Data, Content, & Analytics Market Cap.

LTM Price


Thomson Reuters Corporation $27,975 11% 18.3x

McGraw Hill Financial, Inc. 22,141 71% 21.6

Moody's Corporation 17,714 65% 20.9

Verisk Analytics, Inc. 10,384 5% 26.1

MSCI Inc. 5,335 37% 20.1

FactSet Research Systems Inc. 4,489 5% 18.9

Dun & Bradstreet Corp. 3,731 24% 13.4

Morningstar Inc. 3,677 19% 27.0

Bankrate, Inc. 1,968 59% 27.1


Online Broker Dealers Market Cap.

LTM Price


The Charles Schw ab Corporation $35,061 54% 28.4x

TD Ameritrade Holding Corporation 18,972 69% 23.6

E*TRADE Financial Corporation 6,723 108% 26.0

Interactive Brokers Group, Inc. 1,229 51% 21.1

FXCM Inc. 1,198 20% 19.3

GAIN Capital Holdings, Inc. 405 143% 10.5


III. Payments / Banking

Notes:

Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.

(1)

Payments / Banking Public Company Valuations: Financial Metrics

15

$MM, Except Per Share Data

Stock LTM EPS

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

3/7/14 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ

Networks

Visa Inc. $225.56 $154.79 $235.50 $142,919 ($4,090) $138,829 11.5x 10.5x 17.5x 15.7x 28.7x 24.4x 18.4% 1.3 9.6% 10.9%

MasterCard Incorporated 77.94 50.82 84.75 92,479 (6,251) 86,228 10.3 9.3 17.6 15.3 29.6 25.4 18.0% 1.4 11.4% 12.2%

American Express Company 93.86 63.43 94.35 99,733 40,978 140,711 4.3 4.0 14.0 17.4 19.1 17.2 11.6% 1.5 5.4% 6.9%

eBay Inc. 59.06 48.06 59.70 76,462 (4,902) 71,560 4.5 3.9 13.3 11.9 21.9 19.7 13.5% 1.5 13.6% 13.4%

Discover Financial Services 59.28 40.77 59.70 27,915 13,981 41,896 5.1 4.8 NA 7.5 12.0 11.4 10.5% 1.1 5.8% 79.7%

Mean 7.1x 6.5x 15.6x 13.6x 22.3x 19.6x 14.4% 1.4 9.2% 24.6%

Median 5.1 4.8 15.8 15.3 21.9 19.7 13.5% 1.4 9.6% 12.2%

Merchant Processing

Cielo SA $28.05 $20.04 $29.50 $22,028 $875 $22,902 7.4x 6.7x 15.0x 11.9x 19.4x 16.5x 9.6% 1.7 11.2% (0.9%)

Total System Services, Inc. 30.80 22.58 33.44 5,786 1,215 7,001 3.3 2.8 11.2 9.6 17.9 16.1 11.5% 1.4 17.6% 25.4%

Global Payments Inc. 72.58 43.73 72.83 5,220 345 5,565 2.3 2.1 10.9 10.0 18.5 16.8 11.1% 1.5 7.0% 7.7%

Wirecard AG 45.84 26.79 47.64 5,661 (350) 5,311 8.0 6.5 31.1 22.9 44.7 33.2 25.4% 1.3 23.8% 33.1%

Vantiv, Inc. 31.88 21.73 34.42 4,519 1,660 6,179 5.3 4.9 10.6 9.8 20.6 17.5 14.2% 1.2 8.9% 13.0%

EVERTEC, Inc. 24.93 19.11 26.33 1,952 713 2,665 7.4 7.1 15.2 14.1 17.2 14.9 14.0% 1.1 5.4% 2.6%

Heartland Payment Systems, Inc. 43.19 29.35 50.44 1,585 74 1,659 2.8 2.6 11.4 10.5 19.1 18.1 16.0% 1.1 7.6% 6.1%

Optimal Payments Plc 8.15 2.12 8.69 1,316 (117) 1,199 4.9 4.2 23.3 19.2 34.1 30.4 170.6% 0.2 17.2% 51.4%

Digital River Inc. 17.90 12.80 20.29 592 (294) 299 0.8 0.8 9.2 5.9 30.8 43.2 10.0% 4.3 (4.1%) 3.2%

Planet Payment, Inc. 3.51 2.27 4.00 187 (6) 182 3.9 3.3 45.5 21.1 NA 35.1 NM NM 20.1% 3.3%

JetPay Corporation 2.48 1.35 5.00 29 22 50 NA NA NA NA NA NA NM NA NA 64.9%

Mean 4.6x 4.1x 18.3x 13.5x 24.7x 24.2x 31.4% 1.5 11.5% 19.1%

Median 4.4 3.7 13.2 11.2 19.4 17.8 14.0% 1.3 10.1% 7.7%

Money Transfer

The Western Union Company $16.72 $14.24 $19.50 $9,162 $2,036 $11,198 2.0x 2.0x 8.1x 8.1x 11.6x 11.6x 7.9% 1.5 2.3% (0.2%)

Euronet Worldwide Inc. 36.29 23.72 50.00 1,840 (5) 1,835 1.3 1.2 9.3 8.3 18.2 15.7 14.3% 1.1 7.8% 6.9%

Moneygram International Inc. 19.04 15.79 24.88 1,104 843 1,947 1.3 1.2 6.7 6.2 15.2 14.3 14.8% 1.0 8.2% 8.9%

Xoom Corporation 25.08 17.68 36.46 945 (216) 729 6.0 4.6 61.5 75.0 NM NM NM NM 29.4% 44.9%

Mean 2.7x 2.3x 21.4x 24.4x 15.0x 13.9x 12.3% 1.2 11.9% 15.1%

Median 1.7 1.6 8.7 8.2 15.2 14.3 14.3% 1.1 8.0% 7.9%

Closed Loop

Alliance Data Systems Corporation $287.78 $152.80 $289.78 $15,302 $9,239 $24,541 5.7x 4.7x 17.9x 15.6x 28.9x 23.4x 15.0% 1.6 20.3% 17.4%

FleetCor Technologies, Inc. 125.88 67.33 132.22 10,383 1,148 11,531 13.1 10.4 22.7 17.7 31.3 24.8 17.6% 1.4 26.1% 26.1%

Edenred SA 32.87 28.48 37.58 7,425 394 7,819 5.3 5.1 14.7 13.9 27.3 25.6 12.0% 2.1 4.2% (4.5%)

WEX Inc. 94.77 66.43 101.58 3,686 326 4,012 5.6 5.2 12.3 11.5 21.4 19.7 14.2% 1.4 7.3% 7.9%

Mean 7.4x 6.4x 16.9x 14.7x 27.2x 23.4x 14.7% 1.6 14.5% 11.7%

Median 5.7 5.2 16.3 14.8 28.1 24.1 14.6% 1.5 13.8% 12.6%

16 Notes:


Payments / Banking Public Company Valuations: Financial Metrics (Cont.)


Stock LTM EPS



Prepaid

Blackhawk Network Holdings, Inc. $27.53 $20.25 $29.73 $1,445 ($550) $895 0.8x 0.6x 7.7x 6.4x 24.5x 22.4x 18.2% 1.2 24.5% 15.1%

Green Dot Corporation 21.29 14.70 26.87 951 (59) 892 1.6 1.4 8.4 7.7 17.8 16.8 20.0% 0.8 10.8% 4.6%

Net 1 Ueps Technologies Inc. 10.15 5.69 13.00 465 73 538 1.1 1.0 6.1 4.6 9.2 7.2 10.0% 0.7 NA 23.2%

Higher One Holdings, Inc. 8.00 6.97 11.93 371 92 463 2.2 2.0 9.7 7.9 14.6 12.4 20.3% 0.6 9.5% 13.7%

Mean 1.4x 1.3x 8.0x 6.6x 16.5x 14.7x 17.1% 0.9 14.9% 14.1%

Median 1.3 1.2 8.1 7.0 16.2 14.6 19.1% 0.8 10.8% 14.4%

ATM / Kiosks

Cardtronics Inc. $43.07 $25.90 $44.46 $1,916 $471 $2,387 2.7x 2.4x 10.8x 9.6x 22.5x 18.6x 14.7% 1.3 16.2% 22.0%

Outerwall Inc. 68.55 46.25 74.30 1,742 394 2,136 0.9 0.9 4.6 4.4 13.2 11.8 10.2% 1.2 4.2% NA

Global Cash Access Holdings, Inc. 8.76 5.71 10.42 574 (36) 537 0.9 0.9 7.5 7.3 11.3 10.2 13.3% 0.8 2.8% (2.5%)

Mean 1.5x 1.4x 7.7x 7.1x 15.7x 13.5x 12.7% 1.1 7.7% 9.7%

Median 0.9 0.9 7.5 7.3 13.2 11.8 13.3% 1.2 4.2% 9.7%

POS Hardware / Technology

NCR Corp. $34.66 $25.64 $41.63 $5,778 $2,836 $8,614 1.4x 1.3x 9.8x 8.0x 12.4x 11.3x 13.3% 0.9 10.1% 1.7%

MICROS Systems, Inc. 55.78 40.25 59.46 4,197 (627) 3,570 2.7 2.6 12.9 11.5 23.5 20.7 15.3% 1.3 5.5% 6.5%

Ingenico SA 94.61 60.64 98.07 4,996 399 5,395 2.8 2.7 14.4 12.7 26.0 21.9 19.5% 1.1 5.0% 12.4%

VeriFone Systems, Inc. 29.50 15.34 30.72 3,222 768 3,990 2.3 2.2 12.9 12.2 24.6 19.1 3.0% 6.5 7.0% (11.2%)

PAR Technology Corporation 5.13 3.80 5.92 80 (9) 71 0.3 0.3 NA NA 42.8 12.8 11.0% 1.2 11.9% (9.0%)

Mean 1.9x 1.8x 12.5x 11.1x 25.9x 17.1x 12.4% 2.2 7.9% 0.1%

Median 2.3 2.2 12.9 11.8 24.6 19.1 13.3% 1.2 7.0% 1.7%


Intuit Inc. $82.20 $55.54 $82.38 $23,288 ($832) $22,456 5.3x 4.8x 14.6x 11.7x 28.1x 21.6x 13.0% 1.7 11.3% (11.5%)

Fidelity National Information Services, Inc. 55.47 37.52 56.68 16,123 3,923 20,046 3.3 3.1 10.9 10.4 19.5 17.9 12.0% 1.5 5.3% 5.2%

Fiserv, Inc. 58.78 42.01 59.29 14,959 3,448 18,407 3.8 3.7 11.9 11.1 19.6 17.6 11.9% 1.5 3.6% NA

Jack Henry & Associates Inc. 57.49 37.90 60.34 4,914 (146) 4,769 4.0 3.7 11.9 11.0 25.3 23.1 11.8% 2.0 8.3% 8.6%

ACI Worldwide, Inc. 62.91 42.74 65.94 2,360 673 3,034 3.5 2.8 12.8 10.3 29.1 24.9 16.0% 1.6 22.4% 26.4%

Temenos Group AG 35.45 21.57 36.02 2,451 97 2,548 5.4 5.0 18.2 15.0 30.9 24.9 20.4% 1.2 8.2% 7.8%

Bottomline Technologies (de), Inc. 36.56 24.62 37.41 1,364 (62) 1,302 4.8 4.1 21.9 18.8 30.5 26.0 18.8% 1.4 18.9% 15.4%

Ellie Mae, Inc. 31.26 20.82 33.24 864 (80) 784 6.1 5.2 20.1 16.8 31.7 28.8 23.0% 1.3 18.1% 1.5%

Performant Financial Corporation 8.00 7.11 13.85 387 51 438 1.7 2.1 5.1 8.6 9.8 19.6 15.0% 1.3 (16.0%) 7.1%

Mean 4.2x 3.8x 14.2x 12.6x 24.9x 22.7x 15.7% 1.5 8.9% 7.5%

Median 4.0 3.7 12.8 11.1 28.1 23.1 15.0% 1.5 8.3% 7.5%


Experian plc $17.50 $17.26 $21.58 $17,375 $3,286 $20,661 4.3x 4.0x 12.3x 11.6x 19.7x 18.0x 10.2% 1.8 7.1% 2.4%

Equifax Inc. 70.76 55.39 71.93 8,636 1,206 9,842 4.3 4.0 12.2 11.5 19.6 18.4 7.0% 2.6 6.2% 8.4%

Acxiom Corporation 38.36 18.41 39.30 2,930 (58) 2,872 2.6 2.6 13.9 12.9 47.4 46.7 11.4% 4.1 (0.7%) 1.7%

Fair Isaac Corporation 53.65 41.33 63.48 1,873 382 2,255 3.1 2.9 11.8 10.8 16.8 14.9 12.0% 1.2 5.1% (3.0%)

Intersections Inc. 6.61 5.62 11.10 120 (19) 101 NA NA NA NA NA NA NA NA NA (12.0%)

Mean 3.6x 3.4x 12.6x 11.7x 25.9x 24.5x 10.1% 2.4 4.5% (0.5%)

Median 3.7 3.4 12.3 11.5 19.7 18.2 10.8% 2.2 5.7% 1.7%

17

Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

Notes:


($MM)

Announced Enterprise EV / LTM

Date Acquirer Target Target Sub-Sector Value Revenue

3/4/14 Jack Henry & Associates Inc. Banno, LLC FI Technology NA NA

3/4/14 Mozido, LLC StickyStreet Inc. Loyalty NA NA

2/24/14 MasterCard Incorporated C-SAM, Inc. Mobile NA NA

2/20/14 BBVA Compass Bancshares Simple Finance Technology Online Banking Solutions $117 NA

2/19/14 L2 Capital Partners; Farragut Capital Partners, LLC reQuire, LLC Real Estate Softw are NA NA

2/16/14 GTCR LLC, Management Callcredit Information Group Limited Data & Analytics $586 NA

2/10/14 Misys Limited IND Group Online Banking Solutions NA NA

2/6/14 NBS Payment Solutions Inc. Equinox Payments, LLC POS NA NA

2/6/14 First American Financial Corporation Interthinx, Inc. Risk Analytics $155 NA

2/4/14 Xoom Corporation BlueKite, Ltd. Money Transfer $15 NA

2/3/14 Monitise plc Pozitron Yazilim A.S. Mobile $98 NA

1/24/14 Global Payments Inc. Payment Processing, Inc. Payments Technology $420 NA

1/18/14 Allied Wallet, Ltd. Cloudasia Limited Gatew ay NA NA

1/17/14 HID Global Corporation IdenTrust, Inc. Identity Security NA NA

1/16/14 arvato infoscore GmbH AfterPay B.V. eCommerce NA NA

1/13/14 Oki Electric Industry Co. Ltd. Grupo Itautec, Automation and Services Division ATMs $71 NA

1/13/14 DataCard Corporation Entrust, Inc. Identity Security NA NA

1/7/14 Deluxe Corp. Destination Rew ards, Inc. Loyalty NA NA

1/7/14 Total Merchant Services Registroid POS NA NA

1/6/14 Coupons.com Incorporated Yub, Inc. Loyalty / Coupons NA NA

18

Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

Notes:


($MM)



12/20/13 DoubleBeam Inc. GoPago, Inc. POS NA NA

12/18/13 Klarna AB Sofort AG Gatew ay $199 NA

12/18/13 Payment Source Now Prepay Corp. Prepaid $4 NA

12/13/13 I Love Velvet WeXpay Mobile NA NA

12/12/13 LifeLock Lemon Mobile $43 NA

12/11/13 Square, Inc. Evenly P2P Payments NA NA

12/10/13 Management Trunkbow International Holdings, Ltd. Mobile $70 2.6x

12/9/13 Edenred SA Nets Prepaid Prepaid NA NA

12/9/13 PaySquare BV Montrada Card Processing NA NA

12/5/13 accesso Technology Group plc Siriusw are, Inc. POS $13 1.6x

12/4/13 American Capital Mortgage Investment Corp. Residential Credit Solutions, Inc. Mortgage Services NA NA

12/3/13 RetailNext, Inc. Nearbuy Systems, Inc. Marketing / Offers NA NA

12/2/13 Fondi Italiani; Orizzonte; Fondo Strategico Italiano SIA S.p.A. Technology Infrastructure NA NA

12/2/13 NCR Limited Alaric Systems Limited Fraud Prevention $78 NA

12/2/13 NCR Corp. Digital Insight Corporation Banking Softw are $1,650 5.0x

12/2/13 Blackhaw k Netw ork Holdings, Inc. Retailo AG Prepaid NA NA

11/27/13 Wirecard AG PT. Aprisma Indonesia Banking Softw are $120 NA

11/26/13 Hitachi Ltd. Prizm Payment Services Private Limited ATM / POS NA NA

11/21/13 Boku Inc. Qubecell Mobile NA NA

11/19/13 Utiba Mobility, Inc. Alternet Transaction Systems Inc. Mobile $10 8.2x

19


Notes:


($MM)



11/18/13 EVO Payments International, LLC Encore Payment Systems LLC Merchant Processing NA NA

11/7/13 EVO Payments International, LLC Centrum Elektronicznych Uslug Platniczych eService SA Merchant Processing $172 NA

11/7/13 Groupon Ticket Monster eCommerce NA NA

11/5/13 RetailMeNot, Inc. YSL Ventures, Inc. Marketing / Offers $18 NA

11/5/13 LoyaltyOne, Inc. Brand Loyalty International B.V. Marketing / Offers $360 0.9x

10/29/13 First Data Corporation Perka, Inc. Marketing / Offers NA NA

10/28/13 DirectCash Payments Inc. Threshold Financial Technologies Inc. ATMs $48 NA

10/23/13 Funding Circle Ltd. Endurance Lending Netw ork Online Lending NA NA

10/21/13 Blackhaw k Netw ork Holdings, Inc. InteliSpend Prepaid Solutions, LLC Prepaid NA NA

10/18/13 Wonga Billpay GmbH Consumer Lending NA NA

10/10/13 MasterCard Europe S.P.R.L. Provus Bilisim Hizmetleri A.S. Processing NA NA

9/26/13 PayPal, Inc. Braintree Payment Solutions, LLC Online Payments $800 NA

9/23/13 ACI Worldw ide, Inc. (Nasdaq:ACIW) Official Payments Holdings (Nasdaq:OPAY) Government Payments $108 0.8x

9/19/13 Moneygram International Inc.Advanced Chrono Cash Services SA And MoneyGlobe

Payment Institution S.A.Money Transfer NA NA

9/12/13 Wirecard AG PaymentLink Prepaid $41 NA

8/31/13Falcon Investment Advisors, LLC; Rockbridge

Grow th Equity, LLCRapid Financial Services, LLC Online Lending NA NA

8/28/13 Francisco Partners Management LLC Paymetric, Inc. Payments Softw are NA NA

8/20/13 Charge Payment, LLC U.S. Data Capture, Inc. Merchant Processing NA NA

8/16/13 TA Associates BluePay, Inc. Merchant Processing NA NA

8/15/13 CVC Capital Partners Limited Skrill Holdings Limited Online Payments $801 3.0x

20


Notes:


($MM)



8/15/13 Silver Lake Sumeru BlackLine Systems, Inc. SaaS / Financial Management NA NA

8/14/13 Advantech Co. Ltd. AdvanPOS Technology Co.,Ltd POS $15 NA

8/7/13 Cardtronics Cardpoint Limited ATM $167 1.6x

8/1/13 Higher One Holdings, Inc. PayDivvy, Inc. Money Transfer NA NA

7/29/13 Zotec Partners, LLC Medical Management Professionals, Inc. Healthcare Payments $202 1.6x

7/25/13 Vantiv, Inc. Element Payment Services, Inc. Merchant Acquiring $163 NA

7/23/13 Kareo, Inc. ECCO Health, LLC Healthcare Analytics NA NA

7/23/13 Davis + Henderson Corporation Harland Financial Solutions, Inc. Banking Softw are $1,629 5.8x

7/15/13 Accenture plc Mortgage Cadence, LLC Mortgage Softw are NA NA

7/8/13 Equifax Inc. TrustedID, Inc. Risk / Fraud NA NA

7/8/13 Moneygram International Inc. Latino Services LLC Remittance NA NA

7/2/13 Outerw all Inc. ecoATM, Inc. ATMs $350 NA

7/1/13 Thoma Bravo Intuit Financial Services (nka:Digital Insight Corporation) Banking Softw are $1,025 3.4x

6/26/13 TestLink Ltd. Airis ATM Technologies, LLC (nka:TestLink USA inc.) ATMs NA NA

6/18/13 Payformance Corporation mPay Gatew ay, Inc. Health Care Payments NA NA

6/17/13 Vitera Healthcare Solutions, LLC SuccessEHS, Inc. Health Care Payments NA NA

6/10/13 Parallon The Outsource Group Collections - Healthcare NA NA

6/10/13 First Data Merchant Solutions Merchant Acquiring NA NA

6/3/13 Cardtronics USA, Inc. Merrimak ATM Group, LLC ATMs NA NA

5/28/13 Fidelity National FinancialLender Processing Services, Inc. (nka:Black Knight

InfoServ, LLC)Mortgage Processing $3,881 2.1x

21


Notes:


($MM)



5/22/13 TOT Group, Inc. Aptito.com, Inc. (nka:Aptito, Inc.) POS NA NA

5/22/13 GiftCards.com, LLC GoLocal, Inc. Prepaid NA NA

5/21/13 Healthland, Inc. American HealthTech, Inc. Healthcare Information Processing NA NA

5/8/13 Trulia, Inc. Market Leader, Inc. CRM $314 6.6x

5/7/13 Higher One, Inc. Sallie Mae, Inc., Campus Solutions Division Refund Processing $47 NA

4/18/13 Financial Debt Recovery Limited Takhar Collection Services Limited Collections NA NA

4/10/13 Posera-HDX Limited Zomaron Inc. Merchant Processing $3 NA

4/4/13 Billpin BillMonk Bill Payment NA NA

3/22/13 Temenos Group AG TriNovus, LLC Financial Softw are NA NA

3/13/13 PayPal, Inc. Duff Research, LLC Mobile NA NA

3/12/13 RetailMeNot, Inc. Actiepagina BV Marketing/Offers NA NA

3/12/13 TOT Group, Inc. Unif ied Payments, LLC Merchant Processing NA NA

3/7/13 Spindle, Inc. MeNetw ork, Inc. Mobile $11 NA

3/7/13 SAP AG Camilion Solutions, Inc. Insurance Processing NA NA

3/7/13 ABILITY Netw ork Inc. Ivans, Inc. Information Processing NA NA

22

Payments / Banking Selected Recent Equity Financings

Notes:

Source: CapitalIQ, DowJones Venture Source.

($MM)

Announced

DateTarget Series Amount Investors Target Sub-Sector

3/6/14 OnDeck NA $77.0Tiger Global, First Round, Google Ventures, Industry

Ventures, Institutional Venture Partners, RRE, SAP VenturesOnline Lending

3/5/14 Payoneer, Inc. Series D $25.0Susquehanna Grow th Equity, Vintage, Greylock Israel,

CarmelInternational Payments

3/4/14 Auction.com, LLC NA $50.0 Google Capital Real Estate Commerce

3/4/14 Borro Limited NA $111.7 Victory Park Capital Advisors Online Lending (Paw n)

2/25/14 Tradeshift Inc. Series C $75.0 Scentan Ventures Supply Chain Softw are

2/21/14 Ezetap Series B $8.0 Berggruen Holdings, Helion, The Social+Capital Partnership POS

2/19/14 mCash Series A $7.0 Entrée Capital, Northzone Ventures Mobile

2/19/14 ZenPayroll Series A $20.0 General Catalyst, Kleiner Perkins Caufeld & Byers Payroll

2/11/14 nCino, LLC NA $11.0 Wellington Management Company Banking Softw are

2/6/14 PayNearMe Inc. Series E $20.0 GSV, Khosla, Maveron, True Ventures, August Cash Netw ork

2/5/14 Tapingo Ltd. Series B $10.5 Carmel, Khosla eCommerce

2/3/14 Klarna AB 6.8% Stake $71.7 Undisclosed Mobile Commerce

1/30/14 Pow a Technologies Ltd. Series A $76.0 Wellington Management Company eCommerce

1/29/14 Zopa Ltd. Series C $24.7 Arrow grass Capital Partners P2P

1/28/14 GoCardless Ltd. Series B $7.0 Accel, Balderton, Passion Capital Direct Debit

1/23/14 Stripe, Inc. Series C $80.0 Allen & Company, Khosla, Sequoia, Founders Fund Mobile

1/22/14 QFPay Series B $16.5 Undisclosed Merchant Processing

1/16/14 WePay, Inc. Series C $15.0 August, Continental, Highland, Ignition Crow dfunding

1/14/14 Bank Bazaar Series B $13.0 Sequoia India, Walden Online Lending

23

Payments / Banking Selected Recent Equity Financings (Cont.)

Notes:


($MM)

Announced


1/13/14 Lending Works Ltd NA $5.8 David Kyte P2P

1/9/14 Iw oca Ltd NA $8.2 Redline, Global Founders Online Lending

1/8/14 CAN Capital, Inc. Series C $33.0 MeriTech Capital, Accel, Ribbit, QED Online Lending

1/7/14 RENREN DAI Business Consulting Series A $130.0 TrustBridge Partners Card Manufacturing

12/31/13 Festival Transaction Services, Inc. NA $8.5 Reverence Capital Partners Merchant Processing

12/23/13 Shanghai DianRong Financial Services NA $12.0 Northern Light Venture P2P Lending

12/23/13 Thames Card Technology Ltd. NA $5.2 Business Grow th Fund plc Card Manufacturing

12/20/13 Remitly, Inc. Series A $5.5Bezos Expeditions, Founder's Co-op, QED,

Tomorrow Ventures, TrilogyRemittance

12/13/13 peerTransfer Education Corporation NA $6.3 Maveron, QED, Spark Capital Partners Money Transfer

12/13/13 QuickPay Corp. NA $5.5 Ecomobilite, Fontinalis, IncWell Mobile

12/12/13 Coinbase, Inc. Series B $25.0 Andreessen Horow itz, Ribbit, Union Square Bitcoin

12/12/13 Zafin Labs Technologies Ltd NA $5.0 Beedie Capital Partners Banking Softw are

12/12/13 Loop Series A $10.0 Undisclosed Mobile

12/10/13 PaeDae, Inc NA $11.6 Silicon Valley Bank Marketing / Offers

12/9/13 Citrus Payment Solutions Series B $5.5 Beenos Asia, econtext Asia, Sequoia Cap India eCommerce

12/4/13 Proxama NA $14.1 Undisclosed Mobile

12/3/13 Tradeshift Inc. NA $57.4 Undisclosed Invoicing Softw are

11/27/13 Mozido, LLC NA $70.0Atlanticus Holdings, Brentw ood Investments,

Tomorrow VenturesMobile

11/25/13 Norse Corporation Series A $10.0 Oak Investment Partners Fraud Prevention

24


Notes:


($MM)

Announced


11/19/13 Index Inc. Series A $7.0 819, Alberta Investment, Innovation Endeavors, Khosla Loyalty

11/19/13 FinanceIt Series A $13.0 Inter-Atlantic Group, Second City Capital, TTV Capital Consumer Lending

11/18/13 Yub, Inc. NA $12.0Battery, DAG, Draper Fisher Jurvetson, Greylock, Index,

QuestionMark, T. Row e Price, VisaLoyalty

11/12/13 LoanLogics, Inc. NA $11.2 Volition Capital Mortgage Technology

11/12/13 LendingClub Corporation NA $57.0 Coatue Management, L.L.C. ; DST Global Online Lending

11/12/13 LendUp Series A $14.0 Data Collective, Google Ventures Online Lending

11/7/13 CardCash Inc. NA $6.0 Guggenheim Partners Gift Cards

11/6/13 Loop Commerce, Inc. Series A $7.0 Novel TMT Ventures Limited eCommerce

10/31/13 Circle Internet Financial, Inc. Series A $9.0 Accel Partners, General Catalyst Partners Bitcoin

10/25/13 Flint Mobile, Inc. Series B $6.0Digicel Group Limited, Storm Ventures, SVG Partners, True

VenturesMobile POS

10/18/13 Funding Circle Ltd. Series C $37.0Accel Partners, Index Ventures, Ribbit Capital, Union Square

VenturesOnline Lending

10/3/13 TabbedOut Series B $7.8Heartland Payment Systems, Morgan Creek Capital

Management, New Enterprise AssociatesPOS

10/1/13 Ingo Money, Inc. NA $8.4 Camden Partners Prepaid

9/27/13 Cozy Services Ltd. NA $5.0 General Catalyst Partners, The Social+Capital Partnership Issuer

9/19/13 Deem NA $98.2 NA eCommerce / Offers

9/9/13 MokiMobility, Inc. NA $7.1Allegis Capital, EPIC Ventures, Pelion Venture Partners,

Plus550Mobile

9/4/13 CommonBond, Inc. NA $100.0 The Social+Capital Partnership, Tribeca Venture Partners P2P

8/31/13 Gyft, Inc. Series A $5.0Grade-A Investments, Karlin Ventures, The Social+Capital

PartnershipMobile Gift Cards

8/27/13 Credorax Inc. NA $40.0 FTV Capital Merchant Acquiring

25


Notes:


($MM)

Announced


8/26/13 Paydiant, Inc. NA $20.5General Catalyst Partners, North Bridge Venture Partners,

Stage 1 VenturesMobile

8/25/13 Yellow pepper Holding Corp. Series C $15.0 International Finance Corporation, LatinIdea Ventures Mobile Banking

8/22/13 JetPay Corporation Series A $40.0 Flexpoint Ford Merchant Processing

8/15/13 Belly Inc. Series B $15.07 Ventures, Andreessen Horow itz, Cisco Systems, DAG

Ventures, Lightbank, New Enterprise AssociatesMarketing / Offers

8/9/13 Genesis Financial Solutions, Inc. NA $40.0 NA Lending

8/8/13 Taulia Inc. Series C $18.0DAG Ventures, Klaus Hommels Capital, Matrix Partners,

TELUS Ventures, Trinity VenturesAR Solutions

8/5/13 Clutch Holdings, LLC Series B $5.3 Atomico, GSR, SMIT Corp Mobile

7/26/13 Avant Credit Corporation Series B $40.0 August Capital, Victory Park Capital Advisors Online Lending

7/26/13 Tradescape, Inc. NA $11.4 NA SaaS / Billing

7/25/13 iBoxpay International Inc Series B $9.8 Atomico, GSR, SMIT Corp Merchant Acquiring

7/24/13 LendKey Technologies, Inc. NA $12.7Draper Fisher, Gotham Ventures, TTV Capital, Updata

PartnersLending Technology

7/23/13 Viablew are, Inc. Series B $6.5 Sw iftsure Capital POS

7/15/13 JudoPay Seed $5.0 NA Mobile

7/8/13 Sequent Softw are, Inc. Series B $12.0 Jado Investments, Opus Capital, SBT Venture Capital Mobile

7/1/13 PayVeris, LLC NA $5.2 Connecticut Innovations, Ironw ood Capital Bill Payment

6/26/13 Clinkle Corporation Seed $25.0 Accel Management, Andreesen Horow itz, Intel Capital, Intuit Mobile

6/24/13 E la Carte Inc. Series B $13.5 Intel Capital, Romulus Capital POS

6/18/13 CareCloud Corporation Series B $29.0Adams Street Partners, Intel Capital, Norw est Venture

Partners, Tenaya CapitalHealthcare Payments

6/17/13 RetailMeNot IPO $230.0Morgan Stanley, Goldman Sachs, Credit Suisse, Jefferies,

Stifel, RBC, William BlairMarketing / Offers

26


Notes:


($MM)

Announced


6/13/13 Wrapp Series B $15.0American Express, Atomico, Creadum, Greylock, Qualcomm,

SEBSocial Gifting

6/11/13 nCino, LLC Series A $9.0 Individual Investors Banking Optimization

6/10/13 iZettle AB NA $6.6 Banco Santander Merchant Services

5/30/13 iVantage Health Analytics, Inc. NA $10.9 Great Point Partners Healthcare Analytics

5/29/13 Earthport NA $10.0 International Finance Corporation Cross-Border Payments

5/28/13 SumUp Limited NA NA American Express Ventures, Groupon POS

5/28/13 Easy Solutions Inc. Series B $11.0 Medina Capital Fraud Prevention

5/23/13 peerTransfer Education Corporation NA $6.4Cygnus Asset Management, Fides - Europa, IPConcept Fund,

Maveron, QED Investors, Spark CapitalP2P

5/17/13 Cardlytics, Inc. NA $40.0 Undisclosed Marketing / Offers

5/14/13 TransferWire NA $6.0 Valar Ventures Money Transfer

5/14/13 Ripple Labs Inc. Series A NA Google Ventures; IDG Capital Partners Bitcoins

5/14/13 Numbrs AG NA $7.9 Centralw ay Holding Personal Financial Management

5/10/13 Sw ipely Inc. Series B $12.0First Round Capital, Greylock Partners, Index Ventures,

Shasta VenturesMerchant Processing

5/8/13 Avant Credit Corporation Series A $9.0 August Capital, Victory Park Capital Online Lending

5/6/13 LoyalBlocks Ltd. Series A $9.0Founder Collective, Gemini Israel Funds, General Catalyst

PartnersLoyalty

5/6/13 QIWI Wallet IPO $212.5 JP Morgan, Credit Suisse Alternative Payments

5/3/13 Saftypay NA $7.0 IFC Netw ork

5/1/13 LendingClub Corporation NA $125.0 Foundation Capital, Google P2P

4/30/13 Dw olla Corp. Series C $16.5Andressen Horow itz, Thrive Capital, Union Square, Village

VenturesNetw ork

27


Notes:


($MM)

Announced


4/30/13 Alpha Payments Cloud Pte. Ltd. Angel $12.0 NA Merchant Processing

4/26/13 Coinbase, Inc. Series A $5.0 Union Square Ventures Bitcoins

4/4/13 Jusp NA $6.0 Principia, Vertis SGR Mobile

4/2/13 Credit Karma, Inc. Series B $30.0 Ribbit Capital, Susquehanna Grow th Equity Credit Scoring

3/29/13 SavingStar, Inc. Series D $9.1American Express Ventures, DCM, Edenred, First Round

Capital, Flybridge Capital, Founder Collective; IA CapitalP2P

3/20/13 Wealthfront Inc. NA $20.0DAG Ventures, Greylock Partners, Index Ventures, The

Social+Capital PartnershipOnline Broker

3/18/13 Blackhaw k Netw ork IPO $230.0 Safew ay Prepaid

3/12/13 auxmoney GmbH Series A $12.0 Index Ventures, Union Square Ventures P2P

3/11/13 Nipendo Ltd. Series B $8.0 Horizons Ventures Limited, Magma Venture Partners Trading Platform

IV. Securities / Capital Markets / Data & Analytics

Notes:


(1)

Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics

29


Stock LTM EPS



Exchanges - Americas

CME Group Inc. $76.97 $58.36 $84.71 $25,839 $319 $26,158 8.9x 8.1x 13.9x 12.3x 24.9x 21.6x 13.5% 1.6 10.1% 3.9%

IntercontinentalExchange Group, Inc. 212.64 150.12 229.50 24,445 4,023 28,468 17.0 7.5 26.0 12.8 25.9 19.1 19.7% 1.0 124.8% 89.4%

BM&F Bovespa SA 4.39 3.89 6.25 8,139 (128) 8,010 8.7 8.8 12.4 12.6 13.8 13.8 15.8% 0.9 (1.3%) (17.4%)

The Nasdaq OMX Group, Inc. 40.79 27.47 41.25 6,911 2,187 9,098 4.8 4.1 10.6 9.1 15.8 13.7 13.2% 1.0 18.0% 12.5%

CBOE Holdings, Inc. 57.28 35.57 58.24 4,954 (221) 4,732 8.3 7.5 14.7 12.9 28.9 24.9 13.0% 1.9 10.1% 9.0%

TMX Group Limited 47.43 38.36 51.39 2,569 994 3,563 5.5 5.4 11.7 10.8 16.0 13.9 0.0% NA 1.0% (4.1%)

Bolsa Mexicana de Valores SAB de CV 1.98 1.74 2.82 1,176 (157) 1,019 5.9 5.6 12.3 11.5 20.6 20.1 10.5% 1.9 6.1% 4.8%

Mean 8.4x 6.7x 14.5x 11.7x 20.9x 18.2x 12.2% 1.4 24.1% 14.0%

Median 8.3 7.5 12.4 12.3 20.6 19.1 13.2% 1.3 10.1% 4.8%

Exchanges - Asia

Hong Kong Exchanges & Clearing Limited $15.40 $14.46 $18.21 $17,864 ($389) $17,475 15.5x 14.0x 22.3x 20.1x 29.6x 26.9x 8.3% 3.2 10.7% 22.9%

ASX Limited 33.40 28.98 36.32 6,466 (4,536) 1,930 3.4 3.1 4.4 4.1 18.9 17.9 6.1% 2.9 8.4% (10.0%)

Singapore Exchange Ltd. 5.39 5.27 6.19 5,769 (556) 5,213 8.9 8.7 13.9 14.1 21.2 20.8 9.3% 2.2 2.0% (1.5%)

Bursa Malaysia Bhd 2.37 2.02 2.60 1,262 (368) 894 6.4 5.9 10.5 9.7 22.8 21.3 11.9% 1.8 8.3% 1.9%

Mean 8.5x 7.9x 12.8x 12.0x 23.1x 21.7x 8.9% 2.5 7.4% 3.3%

Median 7.6 7.3 12.2 11.9 22.0 21.1 8.8% 2.6 8.4% 0.2%

Exchanges - Europe

Deutsche Boerse AG $79.05 $61.73 $87.77 $14,555 $1,096 $15,651 5.5x 5.1x 11.7x 9.8x 17.2x 14.7x 7.0% 2.1 8.0% 7.1%

London Stock Exchange Group plc 33.65 20.71 34.16 9,096 493 9,590 5.4 4.9 10.7 10.3 19.7 18.6 5.4% 3.4 11.0% 33.9%

Bolsas y Mercados Españoles 41.47 25.38 43.13 3,453 (360) 3,093 7.4 7.1 10.9 10.5 17.7 16.9 0.1% 129.8 3.7% 27.0%

JSE Limited 7.82 6.35 8.46 670 (109) 561 NA NA NA NA NA NA NA NA NA (1.2%)

Hellenic Exchanges - Athens Stock Exchange S.A. Holding12.34 5.20 12.47 807 (223) 584 5.2 7.9 6.9 12.7 18.4 23.2 37.1% 0.6 (33.8%) 46.7%

GPW 12.84 11.47 14.88 539 (64) 475 5.0 4.6 9.5 9.1 13.9 12.8 NA NA 7.8% (1.8%)

Mean 5.7x 5.9x 9.9x 10.5x 17.4x 17.2x 12.4% 34.0 (0.7%) 18.6%

Median 5.4 5.1 10.7 10.3 17.7 16.9 6.2% 2.8 7.8% 17.1%

Notes:


(1) Enterprise Value and Net Debt exclude Short Term Debt and Cash.

Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics (Cont.)

30


Stock LTM EPS




SEI Investments Co. $33.65 $26.84 $35.59 $5,703 ($578) $5,125 4.6x 4.1x 13.2x 10.9x 24.5x 20.0x 14.9% 1.3 12.8% 14.3%

Broadridge Financial Solutions, Inc. 38.77 23.26 40.36 4,631 284 4,915 2.0 1.9 9.7 9.1 17.8 17.4 10.5% 1.7 4.6% 5.6%

TIBCO Software Inc. 22.34 18.18 27.15 3,615 (206) 3,409 3.2 3.0 12.8 11.6 21.8 19.3 14.5% 1.3 8.1% 6.4%

DST Systems Inc. 96.67 64.01 97.63 4,047 304 4,352 2.2 2.0 9.6 8.9 21.4 18.5 10.0% 1.8 8.4% 1.3%

SS&C Technologies Holdings, Inc. 40.75 26.93 46.61 3,460 690 4,150 5.8 5.4 14.3 13.0 20.8 18.0 14.8% 1.2 7.6% 6.3%

Financial Engines, Inc. 58.65 32.58 71.08 2,991 (246) 2,746 11.4 9.5 34.2 28.1 77.4 61.9 35.0% 1.8 20.2% 27.0%

Advent Software, Inc. 31.92 25.45 36.21 1,639 271 1,910 5.0 4.8 15.5 13.7 24.6 22.7 14.0% 1.6 4.9% 6.0%

Envestnet, Inc. 43.73 15.34 48.54 1,478 (50) 1,428 5.9 4.3 37.3 26.7 79.8 61.6 28.4% 2.2 38.0% 67.6%

Mean 5.0x 4.4x 18.3x 15.3x 36.0x 29.9x 17.8% 1.6 13.1% 16.8%

Median 4.8 4.2 13.7 12.3 23.2 19.7 14.6% 1.6 8.3% 6.3%


Thomson Reuters Corporation $34.17 $30.51 $38.73 $27,975 $6,567 $34,542 2.7x 2.7x 10.3x 10.1x 18.4x 18.3x 8.4% 2.2 0.2% (3.6%)

McGraw Hill Financial, Inc. 81.70 47.37 82.09 22,141 (761) 21,380 4.4 4.1 12.1 11.1 24.7 21.6 14.7% 1.5 6.2% 2.0%

Moody's Corporation 82.78 49.60 85.70 17,714 (5) 17,709 6.0 5.5 13.2 12.0 23.2 20.9 13.1% 1.6 9.6% 3.3%

Verisk Analytics, Inc. 62.24 54.68 69.09 10,384 1,106 11,490 6.7 6.5 15.1 14.1 27.7 26.1 0.0% NA 4.0% NA

MSCI Inc. 45.75 31.63 46.02 5,335 449 5,784 5.6 5.2 12.5 12.4 20.8 20.1 11.3% 1.8 7.6% 8.3%

FactSet Research Systems Inc. 104.92 88.67 119.08 4,489 (188) 4,301 4.9 4.6 13.0 12.2 20.4 18.9 11.2% 1.7 6.6% 5.6%

Dun & Bradstreet Corp. 99.24 79.81 124.59 3,731 1,280 5,011 3.0 3.0 8.9 9.5 12.9 13.4 7.3% 1.8 2.1% 2.9%

Morningstar Inc. 82.25 63.01 85.97 3,677 (297) 3,380 4.8 4.4 15.2 13.3 30.0 27.0 NA NA 8.4% NA

Bankrate, Inc. 19.14 11.52 23.14 1,968 67 2,035 4.5 3.8 17.3 13.7 37.2 27.1 20.7% 1.3 16.6% 31.1%

Mean 4.8x 4.4x 13.1x 12.0x 23.9x 21.5x 10.8% 1.7 6.8% 7.1%

Median 4.8 4.4 13.0 12.2 23.2 20.9 11.3% 1.7 6.6% 3.3%


The Charles Schwab Corporation $27.00 $16.05 $27.31 $35,061 $1,814 $36,875 6.8x 6.1x 19.8x 15.9x 35.7x 28.4x 21.0% 1.4 12.0% 21.2%

TD Ameritrade Holding Corporation 34.40 18.66 35.16 18,972 1,041 20,168 7.0 6.4 14.9 13.3 26.5 23.6 20.2% 1.2 10.3% 15.7%

E*TRADE Financial Corporation 23.50 9.52 23.73 6,723 4,010 11,952 7.1 6.8 29.8 17.8 34.1 26.0 31.3% 0.8 4.2% 14.9%

Interactive Brokers Group, Inc. 22.48 13.72 25.03 1,229 146 1,354 1.2 1.1 2.2 1.8 27.9 21.1 10.0% 2.1 16.1% 1.1%

FXCM Inc. 16.21 12.75 19.97 1,198 0 5,611 11.6 11.3 35.0 33.2 21.4 19.3 21.5% 0.9 2.8% 4.9%

GAIN Capital Holdings, Inc. 10.23 3.97 14.62 405 (158) 247 1.0 0.8 4.4 3.3 13.2 10.5 17.0% 0.6 25.7% 161.5%

Mean 5.8x 5.4x 17.7x 14.2x 26.5x 21.5x 20.2% 1.2 11.8% 36.5%

Median 6.9 6.2 17.3 14.6 27.2 22.4 20.6% 1.0 11.1% 15.3%

(1)

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31

Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months

Notes:


($MM)



3/6/14 London Stock Exchange (LSE:LSE) Bonds.com Group, Inc. Exchanges NA NA

3/4/14 HgCapital Ullink SAS Trading Softw are NA NA

2/24/14 The Bank of New York Mellon Corporation Hedgemark International, LLC Hedge Fund Analytics NA NA

2/17/14 FEXCO InterCash Bureau de Change Foreign Exchange NA NA

2/3/14 The Conifer Group, LLC Vastardis Fund Services LLC Fund Administration NA NA

1/21/14 Fabrikant.ru Ltd. CJSC MICEX-Information Technologies Exchanges $13 NA

1/16/14 RCS Capital Corporation Cetera Financial Group, Inc. Personal Financial Management $1,150 NA

1/14/14 Financial Machineries Data Contributions Data & Analytics NA NA

1/13/14 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges $24 NA

1/3/14 Eurex Zürich AG Taiw an Futures Exchange Corporation Exchanges $940 NA

1/3/14 Wolters Kluw er Financial Services, Inc. Financial Tools, Inc. Risk & Analytics NA NA

12/24/13 Qkos Services Ltd. ZeroBlock, LLC Data & Analytics NA NA

12/18/13 Optimal Blue, LLC LoanSifter, Inc. Risk & Analytics NA NA

12/11/13 Moody's Amba Investment Services Risk & Analytics NA NA

12/2/13 Wipro Ltd. Opus Capital Markets Consultants, LLC Risk & Analytics $75 NA

11/20/13 U.S. Bancorp Fund Services, LLC Quintillion Limited Fund Administration NA NA

11/19/13 ICE Singapore Holdings Pte. Ltd. Singapore Mercantile Exchange Pte Ltd. Exchanges $150 NA

10/24/13 Deutsche Boerse AG Global Markets Exchange Group International LLP Trading Platform NA NA

10/15/13 TransUnion Corp. TLO, LLC Risk & Analytics $154 NA

10/8/13 eFront Société Anonyme AnalytX, Inc. Exchanges NA NA

32

Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)

Notes:


($MM)



9/12/13 Tradew eb Markets LLC BondDesk Group LLC Softw are NA NA

8/26/13 BATS Global Markets, Inc. Direct Edge Holdings LLC Exchange NA NA

8/8/13 Intuit Inc. GoodApril, Inc. Personal Financial Management $20 NA

8/6/13 IRESS Limited Avelo FS Holdings Limited Financial Softw are $320 3.8x

7/19/13 HgCapital; HgCapital Technology Fund IntelliFlo, Ltd. Risk & Analytics NA NA

7/18/13 Ipreo Holdings LLC Discovery Data Risk & Analytics NA NA

6/17/13 Dataw atch Corporation Panopticon Softw are AB Risk & Analytics $31 6.3x

6/17/13 Innovative Market Analysis, LLC Equis International LLC Risk & Analytics NA NA

6/12/13 RCAP Holdings, LLC FAS Holdings, Inc. Personal Financial Management NA NA

6/6/13 Thomson Reuters Corporation Pricing Partners SAS Risk & Analytics NA NA

5/21/13 Temasek Holdings (Private) Limited Markit Group Limited Risk & Analytics $5,000 NA

5/8/13 TPG Advent Softw are (14.9% of Shares Outstanding) Investor Softw are $1,473 3.3x

4/25/13 GAIN Capital Holdings, Inc. Global Futures & Forex, Ltd. Online Broker-Dealers $108 NA

4/6/13 Silverfleet Capital Partners Ipes (Guernsey) Limited Fund Administration $77 NA

4/1/13 NASDAQ OMX eSpeed Trading Platform $750 NA

3/14/13 EuroCCP EMCF Exchanges NA NA

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