CEO Monthly FinTech Market Analysis - Swiss Finance · PDF fileCEO Monthly FinTech Market...
Transcript of CEO Monthly FinTech Market Analysis - Swiss Finance · PDF fileCEO Monthly FinTech Market...
CEO Monthly FinTech Market Analysis
Financial Technology Partners
555 Mission St., 23rd Floor
San Francisco, CA 94105
Tel: 415.512.8700
Steve McLaughlin
Managing Partner
Tel: 415.992.8880
October 2016
The Only Investment Bank
Focused Exclusively on Financial Technology
Highly Confidential and proprietary information. Unauthorized distribution without prior consent from Financial Technology Partners LP or FTP Securities LLC (together “FT Partners”) is strictly prohibited.
This communication should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product or service, nor is it an official confirmation of any transaction, or representative of an official position or
statement of Financial Technology Partners LP, FTP Securities LLC or any other related entity. FTP Securities LLC is a FINRA registered broker-dealer. © 2016
FT Partners Awarded
“Boutique Investment Bank of the Year”
“Deal of the Decade”
www.ftpartners.com
2
FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the
global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of
transactions in the sector combined with over 13 years of exclusive focus on Financial Technology.
Please visit our website for more proprietary FinTech Research &
Follow FT Partners on Twitter and LinkedIn for real time updates on our Research Publications
FT Partners' 248-page report provides an in-depth look at the
major waves of innovation and disruption that are beginning to
radically alter the insurance industry.
Prepare for the InsurTech Wave: Overview
of Key Insurance Technology Trends
Additional highlights of the report include:
• An analysis of specific trends across: Insurance Distribution, Sales,
Marketing and Engagement, Data and Analytics and Insurance
Administration
• The responses of incumbents to date including the innovations,
investments, partnerships and acquisitions being made to stay ahead of the
game
• Proprietary InsurTech financing and M&A statistics and a comprehensive
list of transactions in the space
• A detailed industry landscape of InsurTech providers as well as other
innovative, tangential companies and profiles of 54 companies operating in
the InsurTech ecosystem
FT Partners’ Research – InsurTech Industry Report
Insurance Technology and Services Market Analysis
3
FT Partners’ Monthly FinTech Sector Market Analysis Reports
Comprehensive Multi-Sector Focused Market Analysis Reports
FT Partners provides the broadest and most specialized coverage of FinTech with our comprehensive monthly sector-
specific reports. Our depth of research and insight is unmatched in the industry and these reports are widely recognized
and reviewed by top CEO’s and investors in the market. Please review them below or visit our site to subscribe directly.
Click any of the above to view the FinTech Sector Market Analysis
Securities / Capital
Markets Technology
Digital Wealth Management •
Trading Technology • Back-Middle
Office Technology • Brokers and E-
Brokerages • Big Data Analytics &
Data Management
Alternative
Lending
Online / Non-bank Lending •
Pawn / Asset Banked Lending •
Leasing • Mortgage Originators
• Loan Servicing • Other
Specialty Lending
Financial Management
Solutions
Enterprise Resource Management
• Accounting & Budgeting • HR /
Payroll • B2B & B2C Invoicing •
Receivables Management • Risk
Management
Payments / Cards,
Loyalty and
eCommerce Solutions
Card-Based Payments • Money
Transfer • Merchant Services •
POS • Gateways • eCommerce •
E-Rewards / Loyalty
Bank Technology /
Processing, Credit
Platforms and PFM
Enterprise Banking Tech • Core
Processors • Online / Mobile
Banking • Real Estate /
Mortgage Tech • Credit Scoring
• Lenders / Capital Providers
Insurance Technology
and Services
Financial Healthcare
Information Technology
and Services Benefits Administration • Health
Insurance Sales & Distribution •
Revenue Cycle Management &
Billing • Payer Payment Integrity •
Financial Data & Analytics
Financial BPO / IT
Services
Accounting • Finance • Staffing •
Document Management •
Collections • Call Center
Management Software
Claims Management • Billing &
Payment • Policy Administration •
Broker Agency Management • CRM
& Marketing, Software • Data /
Analytics • Online Distribution /
Platforms
4
Proven Track Record of Success Across FinTech
FT Partners’ FinTech Market Expertise
The Only Investment Bank
Focused Exclusively on Financial Technology
$ 369,000,000
for total consideration of approximately
in its cash sale to
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
$ 525,000,000for cash consideration of approximately
in its sale to
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
$ 325,000,000
for cash consideration of approximately
in its sale to
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
$ 300,000,000
for total consideration of approximately
In its acquisition of
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole debt capital advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
$ 650,000,000valuing the equity at approximately
in its
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
$177,000,000
Initial Public Offering
A$480,000,000
valuing the equity at approximately
in its
Initial Public Offering
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
in its sale to
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
$ 100,000,000+
Bank of America Merrill Lynch
Deutsche Bank
GE Capital
The Only Investment Bank
Focused Exclusively on Financial Technology
$ 675,000,000
in its debt financing co-led by
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
totaling
The Only Investment Bank
Focused Exclusively on Financial Technology
in its approximately 60% majority sale to
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
$ 900,000,000
for aggregate consideration of approx.
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its role as
strategic and financial advisor to
in its cash sale to
$1,650,000,000
for total consideration of approximately
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its role as
strategic and financial advisor to
in its cash sale to
from
$1,500,000,000
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
$ 1,300,000,000
valued at approximately
in its recapitalization by
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
$ 1,200,000,000
in its
valuing the equity at approximately
$138,000,000
Initial Public Offering
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
$ 238,000,000
of approximately
in its recapitalization by
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as
sole strategic and financial advisor to
in its sale to
$200,000,000
The Only Investment Bank
Focused Exclusively on Financial Technology
in its growth investment by
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its exclusive role as sole
strategic and financial advisor to
for a total valuation of nearly
The Only Investment Bank
Focused Exclusively on Financial Technology
in its minority investment from
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its
exclusive role as financial advisor to
$ 50,000,000
for total consideration of
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its role as
strategic and financial advisor to
$ 4,500,000,000
in its sale to
for total consideration of
5
FT Partners’ FinTech Market Expertise
FT Partners has Significant Experience Advising Large Financing Rounds and “Unicorns”
Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds
Note: FT Partners represented investors in Dynamics (CIBC) and Credit Karma (Google Capital); some transactions include a combination of equity and smaller amount of debt financing.
FT Partners has
a history of
advising on
some of the
largest financing
transactions in
the FinTech
space
Representing
numerous
FinTech
“Unicorns”
above $1 billion
valuations
$420,000,000+
300,000,000+
250,000,000
238,000,000
235,000,000
150,000,000+
135,000,000
110,000,000+
100,000,000
85,000,000
75,000,000
60,000,000
50,000,000
6
GreenSky’s $50 Million Financing
FT Partners Advises GreenSky on its $50,000,000 Minority Investment
Transaction Overview and Rationale
Financial Technology Partners LPFTP Securities LLC
is pleased to announce its
exclusive role as financial advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
in its minority investment from
Overview of Transaction
■ On September 14, 2016, GreenSky announced a minority $50 million
financing round from Fifth Third Bancorp, bringing the total capital raised by
FT Partners for GreenSky to $350 million
■ GreenSky provides an online loan platform that allows businesses to offer
flexible credit programs to their customers – promoting higher transaction
values and driving sales growth
■ Feature story in the Wall Street Journal highlighting this strategic
fundraising and the $3.6 billion valuation ascribed to Greensky in this most
recent round
Significance of Transaction
■ In addition to the financing, GreenSky and Fifth Third announced a
strategic agreement, which enables Fifth Third to originate loans and offer
financing solutions to consumers through GreenSky's existing merchant
network
■ Fifth Third anticipates financing $2 billion in loans originated through
GreenSky's system over time
■ This transaction positions GreenSky to remain a leader in the Alternative
Lending space and enables the company to continue to innovate and bring
additional products to market
FT Partners’ Role
■ FT Partners served as exclusive strategic and financial advisor to
GreenSky and its Board of Directors
■ FT Partners leveraged its deep knowledge, extensive experience and
broad industry relationships to help achieve another highly favorable
outcome for the Company
■ This transaction demonstrates FT Partners' continued success advising
top-tier financial technology companies
■ FT Partners also advised GreenSky on its previous $300 million financing
round from TPG, DST, Iconiq and Wellington Management in October 2014
for total consideration of
$ 50,000,000
7
Transaction Overview and Rationale
Financial Technology Partners LPFTP Securities LLC
is pleased to announce its
exclusive role as financial advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
in its minority investment from
Overview of Transaction
■ On September 21, 2016 Nav announced a minority $25 mm Series B equity
financing round
■ The round was led by Experian with participation from existing investors
including Kleiner Perkins Caufield & Byers and Crosslink Capital
■ Nav and Experian also announced a strategic partnership to provide SMBs
greater transparency into their business and personal credit data, along
with instant access to their most-qualified financing options
■ Nav enables SMBs to manage their entire credit and financial profile and
provides access to financing and business services through its marketplace
offerings
■ Experian is a leading global information services company, providing data
and analytical tools to help businesses manage credit risk, prevent fraud
and automate decision making
Significance of Transaction
■ The transaction capitalizes on Nav's strong growth and traction and firmly
positions the Company to expand its marketplace offerings and continue to
disrupt the credit and financing space
■ The strategic partnership allows Nav to combine Experian's deep levels of
data on consumers and businesses with its industry leading platform,
empowering SMBs with technology to improve their credit and streamline
access to funding
FT Partners’ Role
■ FT Partners served as exclusive strategic and financial advisor to Nav and
its Board of Directors
■ Transaction demonstrates FT Partners' continued success advising on
financings for leading, world class Financial Technology companies
for total consideration of
$ 25,000,000
FT Partners Advises Nav on its $25 mm Minority Financing
Nav’s $25 Million Financing
8
Palamon Capital and Corsair Capital Acquire Currencies Direct
FT Partners Advises on $310,000,000+ Sale of Currencies Direct
Transaction Overview and Rationale
Financial Technology Partners LPFTP Securities LLC
is pleased to announce its
exclusive role as financial advisor to
The Only Investment Bank
Focused Exclusively on Financial Technology
Overview of Transaction
On August 11, 2015 Currencies Direct Holdings Ltd (“CDH” or the “Company”) announced its sale for $310+mm to a buyer consortium formed by Corsair Capital and Palamon Capital Partners
– Prior to the transaction, CDH was owned by the Azibo Group
Headquartered in London, CDH is a leading, privately-owned, non-bank provider of non-cash foreign exchange and payments solutions to private and corporate clients
– Comprehensive international payment offering is available to clients both online and offline
Corsair Capital and Palamon Capital Partners are leading, global private equity firms focused on financial services and European growth services, respectively
The transaction is expected to close by the end of calendar year 2015 and is subject to applicable regulatory approvals and other conditions
Significance of Transaction
Enables CDH to continue to accelerate its growth strategy in the international payments market
Combined resources and expertise of CDH and the buyer consortium group position the Company extraordinarily well to further its leadership in the marketplace
FT Partners’ Role
FT Partners served as exclusive strategic and financial advisor to Currencies Direct and its Board
Developed extensive marketing materials and financial analyses to highlight the unique aspects of the business, and led all aspects of transaction execution
Transaction highlights FT Partners’ continued success advising leading companies and generating highly successful outcomes in the international payments space
for total consideration of
in its sale to
$ 310,000,000+
9
Overview of Transaction
■ On September 14, 2015, AvidXchange announced a minority $235mm
Series E financing round
■ Bain Capital Ventures led the equity round with additional investments
from the Foundry Group, TPG, KeyBank, and Nyca Partners
■ As part of this financing, Matt Harris of Bain Capital Ventures, Hans Morris
of Nyca Partners, and Brad Feld of the Foundry Group will be joining
AvidXchange’s Board of Directors
■ AvidXchange is a best-in-class business-to-business software company
that is revolutionizing how companies pay their bills by automating the
invoice and payment processes
■ The Company focuses on serving midmarket clients and spans multiple
industries including Real Estate, Financial Services, Energy and
Construction
Significance of Transaction
■ The transaction will further help AvidXchange expand as the leading
independent business-to-business invoice and payment solution provider
■ Firmly positions the Company to continue to grow the core business, invest
in infrastructure and product development and pursue opportunistic
acquisitions
FT Partners’ Role
■ FT Partners served as exclusive strategic and financial advisor to
AvidXchange and its Board of Directors
■ FT Partners leveraged its deep knowledge, extensive experience and
broad industry relationships to help achieve a highly favorable outcome for
the Company
■ Transaction demonstrates FT Partners’ continued success advising
$100mm+ financings
Financial Technology Partners LPFTP Securities LLC
The Only Investment Bank
Focused Exclusively on Financial Technology
AvidXchange’s $235 Million Financing
FT Partners Advises AvidXchange on its $235,000,000 Minority Financing
Transaction Overview and Rationale
is pleased to announce its exclusive role as
sole strategic and financial advisor to
in its Series E minority financing from
for total consideration of
$ 235,000,000
10
Financial Technology Partners LPFTP Securities LLC
The Only Investment Bank
Focused Exclusively on Financial Technology
is pleased to announce its role as
strategic and financial advisor to
in its cash sale to
for total consideration of
$1,650,000,000
Mercury Sale to Vantiv for $1.65 Billion
FT Partners Advises on Strategic Sale of Mercury for $1,650,000,000 bn in Cash to Vantiv
Transaction Overview and Rationale
Overview of Transaction
■ Mercury announced its sale to Vantiv for $1.65 billion in cash on May 12,
2014
■ Vantiv will fund the acquisition with committed financing, the transaction is
expected to close in the second quarter of 2014
■ This transaction is Vantiv’s largest acquisition to-date (~5x larger than its
acquisition of Litle) and one of the largest strategic merchant acquiring
M&A transactions consummated in over a decade
Significance of Transaction
■ Vantiv’s acquisition of Mercury accelerates the Company’s growth in the
integrated payment space by significantly expanding distribution channels
and technology capabilities
■ Expands Vantiv’s reach into the SMB segment through Mercury’s
distribution network, complementary verticals and ability to design
integrated, value-added POS innovations
■ Enhances Vantiv’s competitive position in the payments sector broadly on
the basis of technology differentiation, leading processing scale and omni-
channel presence while increasing penetration into high growth channels
■ Expected to add one to two percentage points to Vantiv’s net revenue
growth per year while being modestly accretive to Vantiv’s non-GAAP
earnings per share in 2014 with accelerating accretion in 2015
FT Partners’ Role
■ FT Partners served as advisor to Mercury
■ FT Partners was also Mercury’s advisor in the Company’s 60% sale to
Silver Lake in April of 2010 at a $700mm valuation
11
Heartland’s $4.5 Billion Sale to Global Payments
FT Partners Advises Heartland Payment Systems on its $4,500,000,000 Sale
Transaction Overview and Rationale
Financial Technology Partners LPFTP Securities LLC
The Only Investment Bank
Focused Exclusively on Financial Technology
■ FT Partners served as strategic and financial advisor to
Heartland Payment Systems (NYSE: HPY) in its landmark $4.5
billion sale to Global Payments (NYSE: GPN) for a
combination of cash and stock
■ Global Payments acquired Heartland for $100 per share,
representing a total transaction value of approximately $4.5 billion
at closing
■ Consideration for the transaction consisted of 0.6687 shares of
Global Payments stock and $53.28 for each share of Heartland
stock at closing
■ This transaction creates the leading global provider of integrated
payments technology solutions
■ This deal represents the largest U.S. strategic merchant acquiring
acquisition in over a decade
■ Also represents the single largest U.S. strategic payment
processing deal in the last 8 years
■ This transaction underscores FT Partners' continued leadership
position as "advisor of choice" to the highest-quality companies in
the FinTech space
in its sale to
is pleased to announce its role as
strategic and financial advisor to
$ 4,500,000,000for total consideration of
12
9.7x
10.5x
11.8x
12.5x
13.4x
13.5x
15.6x
16.7x
16.9x
16.9x
17.1x
17.9x
18.4x
18.9x
21.3x
21.8x
22.1x
22.5x
24.0x
24.8x
25.0x
26.1x
26.4x
28.2x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x
BDC / Public Investment Vehicles
Payments - POS Devices / Solutions
Selected Diversified FIs
Payments - Prepaid / Money Transfer
Specialty Finance / Consumer Lending
Trust and Services Focused FIs
Payments - Processing / Outsourcing
eBrokerage / eFinance
Outsourced Processing Solutions - Offshore…
Outsourced Processing Solutions -…
Outsourced Processing Solutions - IT…
Healthcare Solutions
Alternative Trading Systems and Market Makers
Lending / Mortgage / Real Estate Solutions
Banking Solutions
Global Securities Exchanges
Outsourced Financial Solutions Providers
Payments - Software / Hardware
Insurance Solutions
Payments - Networks / Acquiring
Large Diversified Financial Information…
Capital Markets Focused Information Providers
Payroll / HR / Benefits Solutions
Trading Software / Solutions
9.0x
9.7x
10.7x
13.0x
10.3x
12.3x
13.7x
16.8x
15.2x
16.2x
15.6x
19.4x
19.0x
20.1x
18.8x
19.7x
19.2x
26.5x
22.1x
21.4x
22.5x
23.6x
24.1x
26.3x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x
Median Price / Earnings Multiples by FT Sector
2016E Price / Earnings Multiples 2017E Price / Earnings Multiples
Source: Wall Street Research, Reuters and Capital IQ.
Note: Prices updated as of September 30, 2016.
Public FinTech Sector Universe
13
YTD YTD PE Multiples YTD YTD PE Multiples YTD YTD PE Multiples
Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E
3.9 % Global Securities Exchanges (1.9)% Selected Diversified FIs (12.6)% Healthcare Solutions
Hong Kong Exchanges & Clearing 3 % 40.3 x 34.8 x Barclays (23)% 16.2 x 9.4 x Cerner 3 % 26.2 x 23.0 x
CBOE (0) 26.9 24.0 Raymond James Financial 0 15.3 13.7 Allscripts-Misys Healthcare (14) 22.2 18.8
London Stock Exchange 2 24.0 20.1 Greenhill & Co. (18) 15.2 15.7 TriNet 12 18.6 15.6
CME Group 15 23.8 22.1 Federated Investors 3 15.0 14.2 eHealth 12 17.2 20.0
Singapore Exchange (4) 22.5 19.9 AIG (4) 14.7 10.7 Computer P&S (48) 12.3 10.5
BATS Global Markets na 21.9 19.7 JMP Group 1 13.8 10.6 Express Scripts (19) 11.1 10.3
Australian Stock Exchange 13 21.8 20.9 U.S. Bancorp 1 13.3 12.6 Accretive Health (24) nm nm
Intercontinental Exchange 5 19.5 17.4 UBS (32) 12.8 10.5 athenahealth (22) nm nm
NASDAQ OMX 16 18.2 16.0 Morgan Stanley 1 12.8 10.7 Castlight Health (3) nm nm
BM&F Bovespa 55 16.7 15.1 Lazard (19) 12.5 11.4 CorVel (13) na na
Deutsche Böerse (15) 15.9 14.5 Bank of America (7) 12.4 10.1 HealthEquity 28 nm nm
Euronext (20) 14.6 13.8 J.P. Morgan Chase 1 11.8 10.8 Medidata 13 nm 44.9
Bolsas y Mercados Espanoles (15) 13.4 13.8 American Express (8) 11.8 11.5 Quality Systems (30) nm 25.2
Bank of Montreal 10 11.8 11.1
(8.5)% Alternative Trading Systems and Market Makers Toronto Dominion 7 11.7 11.2 25.2 % Insurance Solutions
Interactive Brokers Group (19)% 22.4 x 22.2 x Royal Bank of Canada 10 11.5 11.2 Verisk Analytics 6 % 27.1 x 24.4 x
ICAP (9) 18.4 15.9 Goldman Sachs (11) 11.3 9.4 Sapiens 25 26.3 23.3
Virtu Financial (34) 14.9 12.6 Wells Fargo (19) 11.1 10.7 Ebix 73 21.7 20.8
ITG 1 nm 32.5 Synchrony Financial (8) 10.7 9.4 Crawford & Company 114 16.5 13.8
VIEL et Cie 3 na na Citigroup (9) 10.1 9.2 Guidewire Software (0) nm nm
CIBC 12 10.1 10.0
14.0 % Banking Solutions Discover Financial Services 5 9.9 9.3 (3.9)% Outsourced Financial Solutions Providers
Temenos Group 18 % 30.0 x 26.3 x HSBC 8 9.7 9.1 Envestnet 22 % 36.6 x 25.6 x
Jack Henry & Associates 10 28.8 26.7 FBR & Co (33) nm 32.3 Financial Engines (12) 27.1 22.9
Intuit 14 28.4 24.4 Broadridge Financial Solutions 26 24.1 20.3
Sage Group 22 26.6 23.0 (2.9)% eBrokerage / eFinance SEI Investments (13) 23.7 20.1
Fiserv 9 22.4 20.0 Charles Schwab (4)% 25.1 x 21.3 x DST Systems 3 20.5 16.9
Fidelity National Information Services 27 20.2 17.5 TD Ameritrade 2 22.7 19.9 Computershare (11) 19.1 18.4
EPIQ 26 18.5 16.5 E*TRADE Financial (2) 17.2 16.8 CETIP 15 17.9 15.9
H&R Block (31) 15.2 13.2 Matsui Securities (26) 16.2 15.6 LPL Financial (30) 15.9 15.6
De La Rue 34 14.2 13.7 BofI Holdings 6 11.3 9.9
Polaris Consulting & Services (24) 12.8 9.4 Gain Capital (24) 7.1 6.9 20.0 % Trading Software / Solutions
Q2 Holdings 9 nm nm FXCM (48) na na SimCorp (1)% 40.6 x 37.5 x
MarketAxess 48 nm 44.1 First Derivatives 31 37.9 32.3
27.4 % Large Diversified Financial Information Providers StatPro Group 44 37.4 30.0
Acxiom 27 % 44.5 x 38.3 x 11.1 % Capital Markets Focused Information Providers Fidessa 20 28.2 26.3
Forrester 37 32.2 26.9 Fimalac 31 % 46.5 x 44.3 x IRESS Market Technology 18 25.3 22.0
Gartner (2) 31.5 27.9 MSCI 16 28.8 24.2 SS&C Technologies (6) 19.9 16.6
Fair Isaac 32 26.2 22.7 Thomson Reuters 4 26.8 23.6 Linedata Services 36 13.7 13.2
Equifax 21 25.0 22.5 Morningstar (1) 26.1 23.7
TransUnion 25 24.9 22.4 FactSet (0) 23.9 22.5
Reed Elsevier 22 21.0 19.2 Moody's 8 23.6 21.0
Dun & Bradstreet 31 18.5 17.5 IHS Markit 24 21.4 18.4
Experian 29 17.1 15.5 Value Line 14 na na
Public FinTech Sector Universe
2016E and 2017E Price / Earnings Multiples
Source: Wall Street Research, Reuters and Capital IQ.
Note: Prices updated as of September 30, 2016. YTD change for the group represents the median YTD change of all companies within each group; nm signifies negative value or value of >50.
14
YTD YTD PE Multiples YTD YTD PE Multiples YTD YTD PE Multiples
Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E
5.3 % Payments - Software / Hardware 5.6 % Payments - Networks / Acquiring 7.5 % Lending / Mortgage / Real Estate Solutions
ACI Worldwide (9)% 35.7 x 30.0 x Visa 7 % 28.7 x 23.8 x Black Knight Financial Services 24 % 35.6 x 31.2 x
NIC 19 33.0 30.9 Mastercard 5 28.1 24.3 LendingTree 9 30.9 24.5
Pegasystems 7 32.2 26.9 Worldline 13 26.8 23.7 Stewart Information Services 19 18.9 14.5
Mitek 102 32.1 26.7 Worldpay (4) 24.8 22.7 NetSol Technologies (19) 17.4 9.9
Diebold (18) 25.3 13.6 Global Payments 19 24.8 20.1 CoreLogic 16 17.2 15.7
Microgen 74 19.8 18.4 Planet Payment 22 23.2 17.1 Fidelity National Financial 6 15.0 13.9
Bottomline Technologies (22) 15.3 26.5 Vantiv 19 21.2 18.6 CoStar Group 5 nm 39.3
Gemalto 3 14.6 12.3 Total System Services (5) 16.8 14.8 Ellie Mae 75 nm nm
Cardtronics 33 13.7 14.5 First Data (18) 10.0 8.7 Reis (14) nm 33.0
Everi Holdings (44) 3.7 3.2 CardConnect Corp na nm 31.9 Ocwen Financial (47) nm nm
Shopify 66 nm nm Square (11) nm nm Zillow 48 na na
Tyler Technologies (2) nm 43.4
13.2 % Payments - Prepaid / Money Transfer
(28.7)% Payments - POS Devices / Solutions Euronet Worldwide 13 % 20.1 x 17.8 x 6.2 % Specialty Finance / Consumer Lending
Ingenico (33)% 18.2 x 16.0 x Green Dot 40 16.2 13.4 EZCorp 122 % 39.5 x na
NCR 32 10.9 9.9 Western Union 16 12.5 12.0 Cash America (1) 21.5 19.0
Verifone (44) 10.1 9.6 Blackhawk Network (32) 11.7 13.0 First Cash Financial Services 26 20.5 16.7
PAX Global Technology (29) 9.7 8.4 Moneygram International 13 9.0 7.0 Provident Financial (10) 17.7 16.7
PAR Technology (20) na na America's Car-Mart 36 15.3 12.6
13.2 % Payments - Processing / Outsourcing Aaron's 14 11.5 10.3
(3.3)% Outsourced Processing Solutions - IT Outsourcing / Consulting PayPal 13 % 27.4 x 23.7 x One Main (fka Springleaf) (25) 7.3 5.4
Accenture 17 % 22.0 x 20.1 x FleetCor Technologies 22 25.3 21.4 World Acceptance 32 5.9 7.6
Computer Sciences Corporation 60 20.7 15.8 WEX 22 25.1 20.7 Encore Capital Group (23) 4.4 4.1
Tata Consultancy Services (0) 18.5 17.1 OzForex (42) 18.4 14.6 Atlanticus Holdings (6) na na
CGI Group 13 17.5 16.4 PayPoint 12 16.8 15.7 LendingClub (44) nm nm
Infosys Technologies (6) 16.6 15.4 Paysafe 20 14.5 12.9 OnDeck (45) nm nm
HCL Technologies (7) 14.3 13.3 Deluxe 23 13.6 12.8
Cognizant (21) 14.2 13.0 Alliance Data Systems (22) 12.7 11.3
Wipro (15) 13.7 12.7 EVERTEC 0 10.1 9.7 8.8 % BDC / Public Investment Vehicles
Net 1 Ueps Technologies (37) 5.0 4.8 American Capital Strategies 23 % 18.4 x 26.4 x
(4.0)% Outsourced Processing Solutions - Offshore BPO Quotient Technology / Coupons.com 95 nm nm Ares Capital 9 10.3 9.6
WNS Holdings (4)% 26.7 x 27.0 x Gladstone Capital 11 9.7 na
Exlservice Holdings 11 21.5 19.0 12.4 % Payroll / HR / Benefits Solutions Apollo 11 8.2 8.4
Genpact (4) 16.9 15.2 WageWorks 34 % 43.6 x 36.6 x Fortress Investment Group (3) 6.5 5.8
Mphasis 5 13.9 12.3 Paychex 9 27.2 25.1 Capital Southwest 6 na na
Firstsource Solutions (6) 9.1 7.7 Automatic Data Processing 4 25.6 23.1 Harris & Harris (37) na na
Cornerstone OnDemand 33 nm nm
10.1 % Outsourced Processing Solutions - Specialized BPO Paycom 33 nm nm
Vasco Data Security 5 % 29.1 x 20.5 x Paylocity 10 nm nm
Oracle Financial Services Software (14) 20.7 18.1 The Ultimate Software Group 5 nm nm
Teletech Holdings 4 18.0 16.2 Workday 15 nm nm
Convergys 22 15.9 14.6
CSG Systems International 15 15.7 15.3 (0.7)% Trust and Services Focused FIs
Portfolio Recovery Associates (0) 11.0 9.4 UMB Financial 28 % 19.2 x 17.4 x
Performant Financial Corporation 65 nm nm Northern Trust (6) 16.0 14.9
PRGX Global 27 nm 20.5 State Street 5 13.8 12.6
Bank of New York Mellon (3) 13.2 11.9
PNC Financial (5) 12.8 12.0
Fifth Third Bancorp 2 12.2 12.0
Public FinTech Sector Universe
2016E and 2017E Price / Earnings Multiples
Source: Wall Street Research, Reuters and Capital IQ.
Note: Prices updated as of September 30, 2016. YTD change for the group represents the median YTD change of all companies within each group; nm signifies negative value or value of >50.
15
Aggregate Multiples Growth Rates Margins
% LTM Mkt Cap EV Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Comparable FT Industry Segment High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Selected Diversified FIs 88 % $ 1,586,313 $ 4,247,297 11.8 x 10.7 x na na na na 0 % 4 % 7 % na na 1.8 x
Payments - Networks / Acquiring 92 363,459 406,780 24.8 21.4 13.3 11.8 4.8 4.6 14 15 16 32 33 1.5
Trust and Services Focused FIs 92 148,817 265,446 13.5 12.3 na na na na 1 5 8 na na 1.5
Outsourced Processing Solutions - IT Outsourcing / Consulting 84 269,839 260,253 17.1 15.6 10.9 10.4 2.1 2.0 8 8 12 21 21 1.2
Global Securities Exchanges 92 174,455 173,181 21.8 19.7 13.9 12.5 8.0 7.6 4 7 8 62 63 2.2
Banking Solutions 94 106,510 122,916 21.3 18.8 12.8 12.1 4.8 4.5 8 6 12 30 29 1.8
Capital Markets Focused Information Providers 93 90,158 102,268 26.1 23.6 15.0 14.0 5.9 5.6 2 6 13 36 36 2.1
Large Diversified Financial Information Providers 97 84,173 101,210 25.0 22.5 14.4 12.8 3.7 3.6 5 6 13 29 30 2.1
Healthcare Solutions 77 83,458 99,745 17.9 19.4 11.9 10.5 2.2 2.0 11 10 18 18 19 1.2
Payroll / HR / Benefits Solutions 93 98,424 94,399 26.4 24.1 16.7 16.2 6.7 6.2 25 22 20 22 19 2.6
eBrokerage / eFinance 82 79,056 83,224 16.7 16.8 11.8 10.9 5.5 5.1 17 9 18 46 45 1.2
Payments - Processing / Outsourcing 95 91,976 78,830 15.6 13.7 11.8 10.2 3.7 3.2 10 11 13 28 30 1.6
Lending / Mortgage / Real Estate Solutions 91 38,281 50,667 18.9 20.1 14.0 13.0 4.5 5.3 14 9 14 22 25 2.0
Specialty Finance / Consumer Lending 82 18,068 37,536 13.4 10.3 10.6 7.9 2.3 2.3 4 9 11 13 16 1.2
Outsourced Financial Solutions Providers 87 33,661 36,176 22.1 19.2 13.0 11.2 3.3 3.0 6 11 14 24 25 1.8
Payments - Software / Hardware 90 27,776 31,955 22.5 26.5 12.3 11.8 2.9 2.7 13 7 18 23 24 1.0
Insurance Solutions 93 22,076 23,808 24.0 22.1 18.2 15.5 6.9 6.3 11 9 12 18 23 2.1
Payments - Prepaid / Money Transfer 94 17,909 21,023 12.5 13.0 9.2 7.9 1.5 1.4 7 7 14 18 19 1.3
Payments - POS Devices / Solutions 64 12,043 16,850 10.5 9.7 7.8 7.7 1.3 1.3 2 6 14 18 19 1.2
BDC / Public Investment Vehicles 89 11,536 16,395 9.7 9.0 na na 7.6 7.5 (12) 2 5 na na 2.1
Trading Software / Solutions 94 12,888 15,473 28.2 26.3 16.6 14.7 4.5 3.9 13 5 14 24 25 1.6
Alternative Trading Systems and Market Makers 79 9,447 14,166 18.4 19.0 9.0 7.1 3.3 3.2 (11) 7 14 38 65 1.4
Outsourced Processing Solutions - Specialized BPO 84 12,287 13,719 16.9 16.2 8.3 8.6 1.5 1.5 (2) 5 13 15 17 1.5
Outsourced Processing Solutions - Offshore BPO 84 10,295 10,056 16.9 15.2 10.5 10.8 2.1 1.9 9 9 14 17 17 1.3
Median 91 % 18.2 x 18.9 x 12.3 x 11.2 x 3.7 x 3.4 x 7 % 7 % 13 % 23 % 25 % 1.6 x
Mean 88 18.8 17.7 12.5 11.3 4.0 3.8 7 8 13 26 29 1.6
Common Stock Comparison – Summary Analysis
Source: Wall Street Research, Reuters and Capital IQ.
Note: Prices updated as of September 30, 2016.
Public FinTech Sector Universe
16
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Global Securities Exchanges
Intercontinental Exchange $ 269.36 (5)% 94 % $ 32,166 $ 38,353 19.5 x 17.4 x 13.7 x 12.7 x 8.5 x 8.1 x 35 % 5 % 14 % 62 % 64 % 1.4 x
CME Group 104.52 (4) 95 35,607 36,596 23.8 22.1 14.8 13.8 10.3 9.7 7 6 12 70 71 1.9
Hong Kong Exchanges & Clearing 26.27 7 93 31,900 19,468 40.3 34.8 18.8 16.5 13.3 11.9 (16) 12 na 71 72 na
Deutsche Böerse 77.51 (5) 81 14,473 15,822 15.9 14.5 10.7 9.7 5.8 5.5 2 7 6 55 56 2.6
NASDAQ OMX 67.54 (6) 94 11,258 14,559 18.2 16.0 12.6 11.6 6.4 5.9 10 8 10 51 51 1.8
London Stock Exchange 37.22 2 95 13,213 13,889 24.0 20.1 13.9 12.3 6.8 6.2 (35) 8 18 49 51 1.3
BM&F Bovespa 5.21 (3) 82 9,378 9,352 16.7 15.1 15.7 13.6 13.0 11.8 5 10 na 68 70 na
Australian Stock Exchange 36.35 (6) 92 7,031 6,342 21.8 20.9 14.7 14.0 11.2 10.7 4 5 5 76 77 4.7
CBOE 64.85 (6) 89 5,271 5,232 26.9 24.0 14.6 12.5 8.0 7.6 4 7 11 55 61 2.4
Singapore Exchange 5.45 (2) 92 5,832 5,194 22.5 19.9 15.5 14.6 8.8 8.2 3 6 2 57 56 nm
BATS Global Markets 29.75 21 90 2,907 3,358 21.9 19.7 12.2 11.4 7.7 7.2 13 7 na 63 63 na
Euronext 42.51 (0) 78 2,954 2,905 14.6 13.8 9.2 8.7 5.1 4.9 (1) 4 5 56 57 3.2
Bolsas y Mercados Espanoles 29.60 (6) 74 2,465 2,111 13.4 13.8 8.5 8.6 5.8 5.8 (5) (1) (4) 68 68 nm
Median (4)% 92 % 21.8 x 19.7 x 13.9 x 12.5 x 8.0 x 7.6 x 4 % 7 % 8 % 62 % 63 % 2.2 x
Mean (1) 88 21.5 19.4 13.4 12.3 8.5 8.0 2 6 8 62 63 2.4
Alternative Trading Systems and Market Makers
Interactive Brokers Group $ 35.27 0 % 79 % $ 2,373 $ 5,715 22.4 x 22.2 x 5.4 x 5.3 x 3.7 x 3.5 x 30 % 5 % 16 % 68 % 66 % 1.4 x
ICAP 6.20 (3) 90 4,008 4,651 18.4 15.9 18.7 14.1 2.9 2.8 (5) 2 13 % 15 na 1.5 x
Virtu Financial 14.97 (9) 58 2,203 2,466 14.9 12.6 9.5 7.9 5.8 5.2 (17) 12 na 61 65 na
VIEL et Cie 4.03 1 94 300 830 na na na na na na na na na na na na
ITG 17.14 12 75 564 504 nm 32.5 8.5 6.2 1.1 1.0 (25) 10 na 13 16 na
Median 0 % 79 % 18.4 x 19.0 x 9.0 x 7.1 x 3.3 x 3.2 x (11)% 7 % 14 % 38 % 65 % 1.4 x
Mean 0 79 18.6 20.8 10.5 8.4 3.3 3.1 (4) 7 14 39 49 1.4
Common Stock Comparison
Global Securities Exchanges and ATS / Market Makers
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
(1) On February 23, 2016, The London Stock Exchange and Deutsche Boerse announced that they have agreed to merge; the transaction is expected to close in the first half of 2017.
(2) On September 26, 2016, CBOE announced the acquisition of Bats Global Markets for $3.2 bn; the transaction is expected to close in the first half of 2017.
(1)
(1)
(2)
17
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Outsourced Financial Solutions Providers
Broadridge Financial Solutions $ 67.79 (3)% 94 % $ 8,267 $ 8,561 24.1 x 20.3 x 12.9 x 11.1 x 2.5 x 2.0 x 26 % 22 % 13 % 19 % 18 % 1.9 x
SEI Investments 45.61 (0) 83 7,661 6,602 23.7 20.1 13.3 11.5 4.7 4.3 4 10 14 36 38 1.7
Computershare 7.79 3 86 4,260 5,263 19.1 18.4 13.0 13.0 3.4 3.2 3 7 6 26 25 3.0
DST Systems 117.92 (3) 92 3,875 4,535 20.5 16.9 11.8 10.7 2.7 2.7 (23) (2) 10 23 25 2.0
LPL Financial 29.91 2 62 2,664 4,085 15.9 15.6 8.3 8.2 1.0 1.0 (6) 0 15 12 12 1.1
CETIP 13.24 (1) 97 3,467 3,510 17.9 15.9 12.6 10.9 8.9 7.9 8 13 13 70 72 1.3
Envestnet 36.45 (9) 88 1,632 1,884 36.6 25.6 18.8 13.9 3.2 2.7 38 18 20 17 20 1.8
Financial Engines 29.71 (7) 74 1,836 1,734 27.1 22.9 13.3 11.2 4.1 3.6 35 15 x 25 31 32 1.1
Median (2)% 87 % 22.1 x 19.2 x 13.0 x 11.2 x 3.3 x 3.0 x 6 % 11 % 14 % 24 % 25 % 1.8 x
Mean (2) 85 23.1 19.5 13.0 11.3 3.8 3.4 11 10 15 29 30 1.7
Trading Software / Solutions
SS&C Technologies $ 32.15 (4)% 83 % $ 6,785 $ 9,290 19.9 x 16.6 x 14.7 x 12.9 x 6.2 x 5.6 x 46 % 9 % 15 % 42 % 44 % 1.3 x
SimCorp 57.90 8 95 2,328 2,329 40.6 37.5 29.5 27.8 7.1 6.8 5 5 na 24 24 na
IRESS Market Technology 8.91 (5) 94 1,417 1,538 25.3 22.0 17.1 15.2 5.2 4.7 11 11 13 30 31 1.9
Fidessa 31.95 (5) 90 1,223 1,134 28.2 26.3 10.9 10.3 2.6 2.5 13 3 na 24 25 na
First Derivatives 26.19 (3) 93 677 697 37.9 32.3 20.6 18.6 4.5 3.9 41 14 na 22 21 na
Linedata Services 50.00 18 97 362 376 13.7 13.2 6.7 6.6 2.0 1.9 1 2 na 29 29 na
StatPro Group 1.48 9 96 97 109 37.4 30.0 16.6 14.7 2.3 2.2 17 4 na 14 15 na
Median (3)% 94 % 28.2 x 26.3 x 16.6 x 14.7 x 4.5 x 3.9 x 13 % 5 %na 14 % 24 % 25 % 1.6 x
Mean 3 93 29.0 25.4 16.6 15.1 4.3 4.0 19 7 14 26 27 1.6
Common Stock Comparison
Outsourced Financial Solutions Providers and Trading Software / Solutions
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
18
Banking Solutions and eBrokerage / eFinance
Common Stock Comparison
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Banking Solutions
Fidelity National Information Services $ 77.03 (3)% 94 % $ 25,721 $ 36,196 20.2 x 17.5 x 12.3 x 11.4 x 3.8 x 3.6 x 43 % 5 % 12 % 31 % 32 % 1.7 x
Intuit 110.01 (2) 94 28,555 28,475 28.4 24.4 16.3 14.0 5.9 5.5 15 9 16 36 39 1.8
Fiserv 99.47 (4) 89 22,376 26,667 22.4 20.0 13.9 12.9 4.8 4.5 6 6 12 34 35 1.9
Sage Group 9.61 1 99 10,340 10,693 26.6 23.0 17.8 16.0 5.3 4.7 12 13 13 30 29 2.0
Jack Henry & Associates 85.55 (3) 95 6,722 6,652 28.8 26.7 13.2 12.9 4.8 4.6 7 5 11 36 36 2.6
H&R Block 23.15 7 62 5,081 5,849 15.2 13.2 7.0 6.9 1.9 1.9 (1) 1 10 28 28 1.6
Temenos Group 63.12 6 98 4,819 5,114 30.0 26.3 21.0 18.5 8.0 7.3 14 10 16 38 40 1.8
Q2 Holdings 28.66 1 93 1,225 1,129 nm nm nm nm 7.6 5.9 37 28 na (3) 4 na
EPIQ 16.49 0 99 633 1,012 18.5 16.5 8.9 8.4 1.9 1.8 6 6 10 21 21 1.9
De La Rue 7.75 (2) 92 793 940 14.2 13.7 8.0 7.6 1.5 1.5 (3) 0 na 19 20 na
Polaris Consulting & Services 2.40 (12) 74 246 190 12.8 9.4 5.1 5.1 0.6 0.6 8 0 na 12 12 na
Median (2)% 94 % 21.3 x 18.8 x 12.8 x 12.1 x 4.8 x 4.5 x 8 % 6 % 12 % 30 % 29 % 1.8 x
Mean (1) 90 21.7 19.1 12.4 11.4 4.2 3.8 13 8 13 26 27 1.9
eBrokerage / eFinance
Charles Schwab $ 31.57 2 % 91 % $ 42,237 $ 39,327 25.1 x 21.3 x 12.2 x 11.2 x 5.3 x 4.8 x 17 % 11 % 19 % 44 % 43 % 1.3 x
TD Ameritrade 35.24 8 93 18,570 18,481 22.7 19.9 11.8 10.9 5.5 5.1 4 7 14 46 47 1.6
E*TRADE Financial 29.12 11 94 8,067 8,897 17.2 16.8 10.3 9.6 4.7 4.3 32 9 18 46 45 1.0
BofI Holdings 22.40 3 62 1,417 6,559 11.3 9.9 na na 18.2 15.3 32 19 10 na na 1.1
MarketAxess 165.59 (2) 93 6,364 6,101 nm 44.1 29.8 25.9 16.6 14.7 22 12 19 56 57 na
Matsui Securities 7.96 (11) 71 2,045 3,473 16.2 15.6 na na 11.6 11.4 (14) 2 na na na na
Gain Capital 6.18 (2) 73 301 347 7.1 6.9 4.5 4.9 0.8 0.9 (7) (3) na 18 18 na
FXCM 8.77 (5) 35 55 39 na na na na na na na na na na na na
Median (0)% 82 % 16.7 x 16.8 x 11.8 x 10.9 x 5.5 x 5.1 x 17 % 9 % 18 % 46 % 45 % 1.2 x
Mean 1 77 16.6 19.2 13.7 12.5 9.0 8.1 12 8 16 42 42 1.3
19
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Payments - Networks / Acquiring
Visa $ 82.70 2 % 99 % $ 196,039 $ 208,883 28.7 x 23.8 x 19.5 x 16.6 x 13.3 x 11.4 x 11 % 17 % 17 % 68 % 69 % 1.7 x
Mastercard 101.77 4 99 112,542 109,433 28.1 24.3 17.9 16.0 10.3 9.3 9 11 15 57 58 1.8
First Data 13.16 (6) 73 12,515 34,391 10.0 8.7 11.9 11.3 4.8 4.6 2 4 17 40 40 0.6
Global Payments 76.76 (0) 96 11,829 15,809 24.8 20.1 18.3 14.1 5.8 4.7 35 24 14 32 33 1.8
Vantiv 56.27 5 94 8,890 12,038 21.2 18.6 13.4 12.3 6.4 6.0 12 8 14 48 48 1.5
Total System Services 47.15 (5) 83 8,723 11,930 16.8 14.8 11.8 10.4 2.8 2.4 53 16 11 24 23 1.5
Worldpay 3.86 0 92 7,670 9,448 24.8 22.7 16.2 14.3 6.4 5.8 16 10 30 40 41 0.8
Square 11.66 (3) 73 5,251 4,847 nm nm nm nm 2.9 2.4 32 21 20 1 4 na
Worldline 30.29 (6) 92 4,025 3,536 26.8 23.7 12.0 10.1 2.4 2.0 9 15 13 20 20 2.1
CardConnect Corp 9.77 (3) 85 115 228 nm 31.9 6.0 4.8 0.4 0.3 29 25 na 6 6 na
Planet Payment 3.71 2 75 193 193 23.2 17.1 13.2 10.8 3.3 3.0 14 12 25 25 27 0.9
Median (0)% 92 % 24.8 x 21.4 x 13.3 x 11.8 x 4.8 x 4.6 x 14 % 15 % 16 % 32 % 33 % 1.5 x
Mean (1) 87 22.7 20.6 14.0 12.1 5.3 4.7 20 15 18 33 34 1.4
Payments - Prepaid / Money Transfer
Western Union $ 20.82 (3)% 96 % $ 10,185 $ 12,232 12.5 x 12.0 x 9.2 x 9.0 x 2.2 x 2.2 x (1)% 2 % 7 % 24 % 24 % 1.7 x
Euronet Worldwide 81.83 5 99 4,426 4,371 20.1 17.8 12.4 10.8 2.2 2.0 9 10 15 18 19 1.4
Blackhawk Network 30.17 (11) 62 1,718 1,987 11.7 13.0 9.4 7.9 1.0 0.9 11 14 15 11 11 0.8
Moneygram International 7.10 (1) 65 379 1,354 9.0 7.0 5.1 4.8 0.9 0.8 7 7 14 17 17 0.7
Green Dot 23.06 (1) 94 1,200 1,080 16.2 13.4 6.8 6.2 1.5 1.4 3 5 13 22 23 1.3
Median (1)% 94 % 12.5 x 13.0 x 9.2 x 7.9 x 1.5 x 1.4 x 7 % 7 % 14 % 18 % 19 % 1.3 x
Mean (2) 83 13.9 12.6 8.6 7.7 1.6 1.5 6 8 13 18 19 1.2
Payments - Processing / Outsourcing
PayPal $ 40.97 11 % 98 % $ 48,505 $ 43,548 27.4 x 23.7 x 15.6 x 13.7 x 4.0 x 3.5 x 18 % 16 % 15 % 26 % 25 % 1.8 x
Alliance Data Systems 214.53 2 71 12,568 na 12.7 11.3 nm nm nm nm 11 11 15 28 28 0.8
FleetCor Technologies 173.73 4 99 16,633 18,972 25.3 21.4 19.6 16.4 10.3 8.8 8 16 17 53 54 1.5
WEX 108.09 5 99 4,621 5,573 25.1 20.7 15.3 11.6 5.6 4.7 18 20 15 37 40 1.7
Deluxe 66.82 (2) 95 3,295 3,840 13.6 12.8 7.7 7.8 2.1 2.0 5 4 9 27 26 1.6
Paysafe 4.46 (0) 97 2,205 2,569 14.5 12.9 11.5 10.2 3.4 3.1 nm 11 na 30 30 na
EVERTEC 16.78 (2) 85 1,254 1,878 10.1 9.7 10.1 9.9 4.9 4.8 4 2 11 48 48 1.0
Quotient Technology / Coupons.com 13.31 1 93 1,163 1,006 nm nm 37.8 23.3 3.7 3.3 19 15 nm 10 14 na
PayPoint 13.44 1 96 915 810 16.8 15.7 10.6 10.2 3.0 3.0 (5) (1) 6 28 30 2.8
OzForex 1.46 (21) 54 350 336 18.4 14.6 12.1 9.7 3.7 3.1 23 19 6 30 32 3.0
Net 1 Ueps Technologies 8.56 (10) 47 468 299 5.0 4.8 2.0 1.9 0.5 0.4 (3) 10 na 24 23 na
Median 1 % 95 % 15.6 x 13.7 x 11.8 x 10.2 x 3.7 x 3.2 x 10 % 11 % 13 % 28 % 30 % 1.6 x
Mean (1) 85 16.9 14.7 14.2 11.5 4.1 3.7 10 11 12 31 32 1.8
Payments – Networks / Acquiring and Prepaid / Money Transfer and Processing / Outsourcing
Common Stock Comparison
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
20
Common Stock Comparison
Payments – Software / Hardware and Payment POS Devices / Solutions
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Payments - Software / Hardware
Tyler Technologies $ 171.23 3 % 93 % $ 6,774 $ 6,845 nm 43.4 x 31.7 x 26.8 x 8.9 x 7.9 x 31 % 13 % 17 % 28 % 29 % na
Gemalto 64.16 (9) 85 5,730 6,112 14.6 12.3 9.0 7.9 1.7 1.6 2 7 18 19 20 0.8
Shopify 42.92 6 95 3,960 3,781 nm nm nm nm 10.3 7.2 87 43 25 (0) 2 na
Diebold 24.79 (11) 65 1,616 3,591 25.3 13.6 11.9 7.5 1.0 0.7 47 48 22 8 9 1.1
ACI Worldwide 19.38 1 79 2,297 2,980 35.7 30.0 11.7 10.6 3.0 2.8 (3) 4 14 25 27 2.6
Cardtronics 44.60 1 92 2,020 2,491 13.7 14.5 7.8 7.9 2.0 2.0 6 (1) 14 25 25 1.0
Pegasystems 29.49 14 98 2,338 2,201 32.2 26.9 17.8 15.1 2.8 2.5 18 13 35 16 16 0.9
NIC 23.50 2 99 1,550 1,422 33.0 30.9 16.7 15.3 4.5 4.2 8 7 15 27 27 2.2
Everi Holdings 2.47 17 46 163 1,193 3.7 3.2 6.0 5.8 1.4 1.4 3 3 20 23 24 0.2
Bottomline Technologies 23.31 0 74 883 922 15.3 26.5 12.3 12.4 2.7 2.5 2 6 17 22 20 0.9
Mitek 8.29 5 87 285 260 32.1 26.7 30.9 22.7 7.1 5.8 34 22 25 nm 26 1.3
Microgen 2.45 4 94 159 158 19.8 18.4 12.4 11.8 3.1 3.0 25 2 na 25 26 na
Median 2 % 90 % 22.5 x 26.5 x 12.3 x 11.8 x 2.9 x 2.7 x 13 % 7 % 18 % 23 % 24 % 1.0 x
Mean 3 84 22.6 22.4 15.3 13.1 4.0 3.5 22 14 20 20 21 1.2
Payments - POS Devices / Solutions
NCR $ 32.19 (5)% 92 % $ 3,999 $ 7,961 10.9 x 9.9 x 7.6 x 7.3 x 1.2 x 1.2 x (0)% 2 % na 16 % 17 % na
Ingenico 87.42 (20) 64 5,386 5,637 18.2 16.0 10.9 9.7 2.2 2.0 4 9 10 20 21 1.9
Verifone 15.74 (22) 50 1,747 2,604 10.1 9.6 7.9 8.1 1.3 1.3 (2) (1) na 17 16 na
PAX Global Technology 0.73 (5) 53 827 567 9.7 8.4 5.9 5.1 1.3 1.1 17 14 18 22 22 0.5
PAR Technology 5.36 4 71 84 81 na na na na na na na na na na na na
Median (5)% 64 % 10.5 x 9.7 x 7.8 x 7.7 x 1.3 x 1.3 x 2 % 6 % 14 % 18 % 19 % 1.2 x
Mean (10) 66 12.2 11.0 8.1 7.5 1.5 1.4 5 6 14 19 19 1.2
21
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Payroll / HR / Benefits Solutions
Automatic Data Processing $ 88.20 (3)% 92 % $ 40,348 $ 39,141 25.6 x 23.1 x 16.6 x 16.2 x 3.2 x 3.0 x 11 % 7 % 11 % 20 % 19 % 2.4 x
Paychex 57.87 (5) 94 20,956 20,604 27.2 25.1 15.7 14.5 6.7 6.3 12 7 9 43 43 3.0
Workday 91.69 4 99 19,323 17,776 nm nm nm nm 11.4 8.7 34 31 37 8 11 na
The Ultimate Software Group 204.39 (3) 91 5,988 5,900 nm nm 31.2 24.8 7.6 6.2 27 22 26 24 25 na
Paycom 50.13 (2) 95 2,886 2,834 nm nm 33.6 26.1 8.7 6.7 48 29 30 26 26 na
Cornerstone OnDemand 45.95 3 96 2,662 2,629 nm nm nm 49.1 6.2 5.0 25 22 20 nm 10 na
Paylocity 44.46 (1) 90 2,388 2,301 nm nm nm nm 8.8 7.0 45 26 25 11 13 na
WageWorks 60.91 (3) 93 2,318 1,828 43.6 36.6 16.8 14.3 5.1 4.6 8 11 15 30 32 2.9
Insperity 72.64 10 88 1,555 1,386 20.6 17.4 9.8 8.2 0.5 0.4 13 11 17 5 5 1.2
Median (2)% 93 % 26.4 x 24.1 x 16.7 x 16.2 x 6.7 x 6.2 x 25 % 22 % 20 % 22 % 19 % 2.6 x
Mean 0 93 29.3 25.6 20.6 21.9 6.5 5.3 25 19 21 21 20 2.4
Large Diversified Financial Information Providers
Reed Elsevier $ 19.45 2 % 99 % $ 23,205 $ 29,379 21.0 x 19.2 x 9.5 x 9.1 x 3.3 x 3.2 x 10 % 5 % 8 % 35 % 35 % 2.5 x
Experian 20.10 3 97 19,016 23,049 17.1 15.5 11.1 10.5 3.9 3.7 (2) 5 11 35 35 1.6
Equifax 134.58 1 98 16,203 19,094 25.0 22.5 17.3 15.4 6.1 5.5 18 9 13 35 36 2.0
TransUnion 34.50 4 96 6,596 8,375 24.9 22.4 13.7 12.4 5.0 4.6 12 8 12 37 37 2.1
Gartner 88.45 (3) 86 7,341 7,743 31.5 27.9 16.5 14.7 3.2 2.9 13 11 16 19 19 1.9
Dun & Bradstreet 136.62 (1) 97 4,994 6,364 18.5 17.5 12.7 12.0 3.7 3.6 4 3 6 29 30 3.0
Fair Isaac 124.59 (4) 94 4,001 4,484 26.2 22.7 21.7 16.6 5.1 4.8 4 6 16 23 29 1.7
Acxiom 26.65 2 98 2,104 2,136 44.5 38.3 14.4 12.8 2.4 2.4 (14) 4 15 17 18 2.9
Forrester 38.90 (5) 93 712 586 32.2 26.9 15.4 13.2 1.8 1.7 5 7 13 12 13 2.5
Median 1 % 97 % 25.0 x 22.5 x 14.4 x 12.8 x 3.7 x 3.6 x 5 % 6 % 13 % 29 % 30 % 2.1 x
Mean (0) 95 26.8 23.7 14.7 13.0 3.8 3.6 6 6 12 27 28 2.2
Capital Markets Focused Information Providers
Thomson Reuters $ 54.25 (1)% 94 % $ 40,620 $ 49,386 26.8 x 23.6 x 15.6 x 14.8 x 4.4 x 4.3 x (8)% 2 % 8 % 28 % 29 % 3.4 x
Moody's 108.28 (0) 98 21,114 22,738 23.6 21.0 14.4 13.3 6.4 6.0 2 7 11 45 45 2.1
MSCI 83.94 (6) 92 7,972 9,148 28.8 24.2 16.4 14.9 8.0 7.4 7 8 14 48 50 2.0
IHS Markit 37.55 1 99 7,289 7,979 21.4 18.4 8.1 5.7 2.9 2.2 147 31 15 36 39 1.4
FactSet 162.10 (10) 88 6,727 6,774 23.9 22.5 16.5 15.4 5.9 5.6 14 6 10 36 36 2.4
Morningstar 79.27 (4) 89 3,414 3,122 26.1 23.7 12.2 11.2 3.9 3.7 1 6 14 32 33 1.9
Fimalac 114.43 0 99 2,863 2,988 46.5 44.3 nm nm 18.9 18.0 (37) 5 na 12 14 na
Value Line 16.24 (4) 82 158 133 na na na na na na na na na na na na
Median (3)% 93 % 26.1 x 23.6 x 15.0 x 14.0 x 5.9 x 5.6 x 2 % 6 % 13 % 36 % 36 % 2.1 x
Mean (3) 93 28.1 25.4 13.9 12.5 7.2 6.7 18 9 12 34 35 2.2
Common Stock Comparison
Payroll / HR / Benefits Solutions and Financial Information Providers
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
22
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Healthcare Solutions
Express Scripts $ 70.53 (2)% 79 % $ 44,692 $ 59,359 11.1 x 10.3 x 8.1 x 7.9 x 0.6 x 0.6 x (0)% 3 % 11 % 7 % 7 % 1.0 x
Cerner 61.75 (5) 90 21,482 21,436 26.2 23.0 13.3 11.7 4.4 4.0 11 10 13 33 34 2.0
athenahealth 126.12 2 74 5,036 5,196 nm nm 22.1 18.2 4.7 3.9 19 19 24 21 22 na
Allscripts-Misys Healthcare 13.17 2 83 2,457 3,942 22.2 18.8 13.6 12.1 2.5 2.3 12 10 17 18 19 1.3
Medidata 55.76 4 98 3,162 3,100 nm 44.9 29.3 23.4 6.7 5.6 16 19 21 23 24 na
HealthEquity 37.85 28 100 2,349 2,199 nm nm 35.4 27.6 12.4 9.9 41 25 33 35 36 na
TriNet 21.63 2 94 1,565 1,871 18.6 15.6 10.5 9.2 0.7 0.6 (6) 16 20 7 7 0.9
Quality Systems 11.32 (4) 65 696 758 nm 25.2 8.6 8.0 1.5 1.5 2 3 15 18 18 na
CorVel 38.40 1 72 760 724 na na na na na na na na na na na na
Computer P&S 26.06 2 44 347 499 12.3 10.5 8.6 7.4 1.8 1.7 49 4 14 21 23 0.9
Castlight Health 4.16 1 77 461 335 nm nm nm nm 3.3 2.6 nm nm 30 nm nm na
Accretive Health 2.44 25 71 246 187 nm nm nm nm 0.9 0.5 (7) 65 30 (21) (2) na
eHealth 11.21 (1) 74 205 139 17.2 20.0 8.6 7.0 0.7 0.7 8 1 10 8 10 1.7
Median 2 % 77 % 17.9 x 19.4 x 11.9 x 10.5 x 2.2 x 2.0 x 11 % 10 % 18 % 18 % 19 % 1.2 x
Mean 4 79 17.9 21.0 15.8 13.3 3.4 2.8 13 16 20 15 18 1.3
Insurance Solutions
Verisk Analytics $ 81.28 (2)% 95 % $ 14,512 $ 16,587 27.1 x 24.4 x 16.5 x 15.4 x 8.3 x 7.8 x (3)% 6 % 12 % 50 % 51 % 2.2
Guidewire Software 59.98 (3) 93 4,434 3,806 nm nm 48.5 32.9 8.6 7.5 16 15 18 18 23 na
Ebix 56.85 (2) 96 1,852 2,015 21.7 20.8 18.2 16.7 6.9 6.3 11 9 10 38 38 2.2
Crawford & Company 11.35 0 91 637 821 16.5 13.8 6.8 6.2 0.7 0.7 (7) 2 10 11 12 1.7
Sapiens 12.77 (6) 90 640 578 26.3 23.3 18.3 15.5 2.7 2.3 19 15 13 15 15 2.1
Median (2)% 93 % 24.0 x 22.1 x 18.2 x 15.5 x 6.9 x 6.3 x 11 % 9 % 12 % 18 % 23 % 2.1 x
Mean (3) 93 22.9 20.6 21.7 17.4 5.5 4.9 7 9 12 26 28 2.0
Common Stock Comparison
Healthcare / Insurance Solutions
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
23
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Outsourced Processing Solutions - IT Outsourcing / Consulting
Accenture $ 122.17 6 % 98 % $ 76,063 $ 73,170 22.0 x 20.1 x 13.0 x 12.2 x 2.2 x 2.0 x 8 % 7 % 10 % 17 % 17 % 2.1 x
Tata Consultancy Services 36.44 (3) 88 71,795 67,788 18.5 17.1 13.8 12.8 3.8 3.5 25 9 15 28 27 1.2
Infosys Technologies 15.58 0 81 35,618 35,617 16.6 15.4 12.7 11.6 3.5 3.1 18 10 13 27 27 1.2
Cognizant 47.71 (17) 68 29,158 25,585 14.2 13.0 9.1 8.2 1.9 1.7 9 11 15 21 21 0.9
HCL Technologies 12.01 2 90 17,008 16,986 14.3 13.3 11.1 10.5 2.7 2.4 5 13 9 24 23 1.5
CGI Group 47.61 (4) 95 15,080 16,355 17.5 16.4 10.8 10.3 2.0 2.0 5 2 17 19 19 1.1
Wipro 7.17 (1) 78 17,691 14,822 13.7 12.7 8.8 7.9 1.8 1.7 16 6 11 21 22 1.2
Computer Sciences Corporation 52.21 10 73 7,426 9,930 20.7 15.8 8.3 7.4 1.3 1.3 (8) 4 8 16 17 2.6
Median (1)% 84 % 17.1 x 15.6 x 10.9 x 10.4 x 2.1 x 2.0 x 8 % 8 % 12 % 21 % 21 % 1.2 x
Mean (1) 84 17.2 15.5 10.9 10.1 2.4 2.2 10 8 12 22 22 1.5
Outsourced Processing Solutions - Offshore BPO
Genpact $ 23.95 0 % 84 % $ 4,998 $ 5,413 16.9 x 15.2 x 12.4 x 11.3 x 2.1 x 1.9 x 6 % 9 % 13 % 17 % 17 % 1.3 x
Exlservice Holdings 49.84 (3) 91 1,701 1,546 21.5 19.0 12.9 10.8 2.2 2.0 12 12 14 17 18 1.5
WNS Holdings 29.95 2 87 1,527 1,380 26.7 27.0 10.5 11.2 2.6 2.5 6 6 14 25 22 1.9
Mphasis 7.83 (7) 84 1,644 1,172 13.9 12.3 8.1 7.2 1.2 1.2 9 7 13 15 16 1.1
Firstsource Solutions 0.61 (5) 75 425 545 9.1 7.7 7.8 6.9 1.0 0.9 15 12 17 13 13 0.5
Median (3)% 84 % 16.9 x 15.2 x 10.5 x 10.8 x 2.1 x 1.9 x 9 % 9 % 14 % 17 % 17 % 1.3 x
Mean (3) 84 17.6 16.2 10.3 9.5 1.8 1.7 9 9 14 17 17 1.3
Outsourced Processing Solutions - Specialized BPO
Oracle Financial Services Software $ 48.43 (6)% 79 % $ 4,172 $ 3,618 20.7 x 18.1 x 13.0 x 11.5 x 5.4 x 4.9 x 16 % 11 % 6 % 42 % 43 % 3.5 x
Portfolio Recovery Associates 34.54 12 62 1,601 3,450 11.0 9.4 10.9 9.2 3.8 3.6 (4) 6 13 35 39 0.8
Convergys 30.42 2 98 2,924 2,980 15.9 14.6 7.6 7.1 1.0 0.9 1 6 10 13 13 1.6
Teletech Holdings 28.99 2 94 1,371 1,459 18.0 16.2 8.4 8.0 1.1 1.1 (1) 4 13 13 14 1.4
CSG Systems International 41.33 (7) 89 1,269 1,402 15.7 15.3 7.6 7.7 1.9 1.8 1 4 9 25 23 1.7
Vasco Data Security 17.61 (4) 82 699 564 29.1 20.5 16.9 12.0 2.7 2.3 (12) 15 26 16 19 1.1
Performant Financial Corporation 2.95 41 85 148 161 nm nm 8.2 10.4 1.2 1.2 (12) (5) 20 14 12 na
PRGX Global 4.71 (2) 81 103 88 nm 20.5 5.7 4.5 0.6 0.6 (4) 5 na 11 14 na
Median (0)% 84 % 16.9 x 16.2 x 8.3 x 8.6 x 1.5 x 1.5 x (2)% 5 % 13 % 15 % 17 % 1.5 x
Mean 5 84 18.4 16.4 9.8 8.8 2.2 2.1 (2) 6 14 21 22 1.7
Common Stock Comparison
Outsourced Processing Solutions
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
24
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
Lending / Mortgage / Real Estate Solutions
Fidelity National Financial $ 36.91 (1)% 96 % $ 10,406 $ 13,364 15.0 x 13.9 x 9.2 x 8.6 x 1.6 x 1.6 x (11)% 1 % na 18 % 19 % na
Zillow 34.65 1 87 7,302 7,112 na na nm 31.3 8.5 6.9 30 23 na 16 22 na
CoStar Group 216.53 3 96 7,097 6,969 nm 39.3 28.0 21.3 8.3 7.3 18 14 19 30 34 na
Black Knight Financial Services 40.90 5 97 3,845 6,470 35.6 31.2 14.0 12.6 6.3 5.8 10 9 14 45 46 2.6
Ocwen Financial 3.67 9 44 455 6,307 nm nm na na 4.5 5.3 (20) (15) na na na na
CoreLogic 39.22 (5) 90 3,491 5,035 17.2 15.7 10.2 9.6 2.6 2.6 27 2 12 26 27 1.5
Ellie Mae 105.30 6 99 3,353 3,264 nm nm 31.9 23.0 9.6 7.7 36 24 22 30 33 na
LendingTree 96.91 2 74 1,293 1,134 30.9 24.5 17.3 13.4 2.9 2.4 nm 22 4 17 18 nm
Stewart Information Services 44.45 (4) 91 1,039 1,013 18.9 14.5 7.5 5.7 0.5 0.5 (6) 4 na 7 9 na
Reis 20.46 (1) 77 237 211 nm 33.0 13.9 10.6 4.2 3.8 2 11 na 30 36 na
NetSol Technologies 6.26 6 66 68 74 17.4 9.9 na 5.1 1.1 1.0 na 12 na na 19 na
Median 2 % 91 % 18.9 x 20.1 x 14.0 x 13.0 x 4.5 x 5.3 x 14 % 9 % 14 % 22 % 25 % 2.0 x
Mean 2 86 23.5 23.2 16.9 15.7 5.0 4.5 10 9 14 24 26 2.0
Specialty Finance / Consumer Lending
One Main (fka Springleaf) $ 30.95 3 % 60 % $ 4,171 $ 17,791 7.3 x 5.4 x 10.7 x 8.6 x 5.0 x 4.4 x 109 % 13 % na 46 % 51 % na
Provident Financial 39.49 (1) 83 5,720 7,625 17.7 16.7 11.4 10.9 4.9 4.5 4 9 9 43 41 1.9
Encore Capital Group 22.48 4 54 575 3,335 4.4 4.1 8.2 7.2 2.9 2.8 (1) 5 14 35 38 0.3
Aaron's 25.42 4 62 1,850 2,101 11.5 10.3 6.2 5.8 0.6 0.6 3 4 11 10 11 1.0
LendingClub 6.18 17 41 2,501 1,928 nm nm nm 35.3 4.1 3.3 12 23 2 (8) 9 na
First Cash Financial Services 47.08 (6) 88 1,331 1,531 20.5 16.7 10.8 6.5 1.7 1.1 27 59 na 16 16 na
EZCorp 11.06 9 99 755 935 39.5 na 13.5 na 1.3 na (12) na 5 9 na nm
OnDeck 5.70 (9) 44 404 888 nm nm nm nm 3.1 2.3 14 33 36 (14) (1) na
World Acceptance 49.04 (1) 88 428 778 5.9 7.6 5.6 6.6 1.5 1.5 (9) (3) na 26 23 na
America's Car-Mart 36.39 (12) 85 293 412 15.3 12.6 10.6 8.6 0.7 0.7 4 5 11 7 8 1.4
Atlanticus Holdings 3.01 (1) 82 41 212 na na na na na na na na na na na na
Cash America 22.70 6 85 190 157 21.5 19.0 10.4 9.7 1.1 1.1 3 4 na 11 11 na
Median (1)% 82 % 13.4 x 10.3 x 10.6 x 7.9 x 2.3 x 2.3 x 4 % 9 % 11 % 13 % 16 % 1.2 x
Mean 1 72 15.3 10.5 9.6 11.2 2.6 2.4 15 16 13 17 22 1.2
Common Stock Comparison
Lending / Mortgage / Real Estate Solutions and Specialty Finance
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
25
Market Multiples Growth Rates
Price % MTD % LTM Value Price / Earnings Revenue EPS P / E / G
Company Name 09/30/16 Change High ($ mm) CY 16E CY 17E CY 16E CY 17E LT CY 16E
Trust and Services Focused FIs
PNC Financial $ 90.09 0 % 92 % $ 44,641 12.8 x 12.0 x (1)% 3 % 4 % 3.1 x
Bank of New York Mellon 39.88 (4) 89 42,804 13.2 11.9 (0) 5 na na
State Street 69.63 (1) 92 27,157 13.8 12.6 0 5 na na
Fifth Third Bancorp 20.46 2 97 15,739 12.2 12.0 1 2 2 nm
Northern Trust 67.99 (3) 89 15,509 16.0 14.9 6 5 11 1.5
UMB Financial 59.45 (1) 97 2,967 19.2 17.4 10 5 18 1.0
Median (1)% 92 % 13.5 x 12.3 x 1 % 5 % 8 % 1.5 x
Mean (1) 93 14.5 13.5 3 4 9 1.9
BDC / Public Investment Vehicles
Ares Capital $ 15.50 (4)% 94 % $ 4,866 10.3 x 9.6 x (2)% 20 % 5 % 2.1 x
American Capital Strategies 16.91 (0) 99 3,830 18.4 26.4 (21) (22) na na
Apollo 5.80 (5) 91 1,305 8.2 8.4 (23) (3) 4 2.1
Fortress Investment Group 4.94 (1) 79 1,070 6.5 5.8 1 8 nm na
Capital Southwest 14.70 (1) 88 232 na na na na na na
Gladstone Capital 8.13 (6) 89 190 9.7 na na na na na
Harris & Harris 1.39 (10) 58 43 na na na na na na
Median (4)% 89 % 9.7 x 9.0 x (12)% 2 % 5 % 2.1 x
Mean (4) 85 10.6 12.6 (11) 1 5 2.1
Common Stock Comparison
Trust and Services Focused FIs and Business Development / Public Investment Vehicles
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
26
Market Multiples Growth Rates
Price % MTD % LTM Value Price / Earnings Revenue EPS P / E / G
Company Name 09/30/16 Change High ($ mm) CY 16E CY 17E CY 16E CY 17E LT CY 16E
Selected Diversified FIs
J.P. Morgan Chase $ 66.59 (1)% 96 % $ 242,637 11.8 x 10.8 x 2 % 5 % 4 % 2.7 x
Wells Fargo 44.28 (12) 79 224,033 11.1 10.7 3 3 7 1.6
Bank of America 15.65 (2) 87 160,417 12.4 10.1 (2) 5 5 2.5
Citigroup 47.23 (0) 84 137,221 10.1 9.2 (8) 3 6 1.8
HSBC 5.79 2 97 103,234 9.7 9.1 (11) (2) 2 4.8
Royal Bank of Canada 61.91 (0) 98 92,106 11.5 11.2 13 2 5 2.4
Toronto Dominion 44.37 (1) 99 82,548 11.7 11.2 3 0 7 1.8
U.S. Bancorp 42.89 (3) 96 73,744 13.3 12.6 5 3 5 2.5
Goldman Sachs 161.27 (4) 81 69,245 11.3 9.4 (13) 8 11 1.1
AIG 59.34 (0) 92 63,533 14.7 10.7 (12) (3) 11 1.4
Morgan Stanley 32.06 0 90 61,293 12.8 10.7 (5) 5 7 1.8
American Express 64.04 (1) 82 59,369 11.8 11.5 (3) 0 8 1.5
UBS 13.50 (6) 65 50,048 12.8 10.5 (10) 5 18 0.7
Bank of Montreal 65.50 (1) 98 42,343 11.8 11.1 10 1 5 2.4
Barclays 2.23 (2) 65 30,850 16.2 9.4 (21) 4 12 1.3
CIBC 77.51 (2) 97 30,662 10.1 10.0 5 5 5 2.0
Synchrony Financial 28.00 1 77 23,532 10.7 9.4 10 8 4 2.4
Discover Financial Services 56.55 (5) 94 22,828 9.9 9.3 3 4 7 1.4
Raymond James Financial 58.21 1 97 8,290 15.3 13.7 6 11 15 1.1
Lazard 36.36 (1) 73 4,517 12.5 11.4 (2) 5 na na
Federated Investors 29.63 (8) 89 2,952 15.0 14.2 24 6 11 1.4
Greenhill & Co. 23.57 5 80 698 15.2 15.7 26 (2) na na
JMP Group 5.52 (2) 82 116 13.8 10.6 (11) 24 na na
FBR & Co 13.24 (3) 59 98 nm 32.3 (11) 20 na na
Median (1)% 88 % 11.8 x 10.7 x 0 % 4 % 7 % 1.8 x
Mean (2) 86 12.4 11.9 0 5 8 1.9
Common Stock Comparison
Selected Diversified FIs
Source: Wall Street Research, Reuters and Capital IQ.
Note: nm signifies negative value or value of >50.
27
U.S. FinTech IPO Tracker
FT Partners’ Monthly FinTech Sector Market Analysis
09/08/16 TBD Publicly filed for its IPO FMS
09/24/15 TBD Filed confidentially according to the Company Bnkg
09/03/15 TBD Latest filing amendment dated June 6, 2016 HCIT
1/4/2016 9/29/2016 $52 mm $12.00 $14.32 $222 mm 19% HCIT
05/09/16 06/02/16 91 14.00 13.11 $1,589 -6% HCIT
04/06/16 05/25/16 238 19.00 33.24 2,997 75% HCIT
04/04/16 04/27/16 101 13.50 18.19 910 35% CapMkts
12/16/15 04/15/16 253 19.00 24.51 2,362 29% CapMkts
11/16/15 12/18/15 75 10.00 24.09 1,409 141% Banking
07/24/15 11/19/15 243 9.00 12.19 4,166 35% Payments
07/20/15 10/14/15 2,560 16.00 13.92 12,667 -13% Payments
08/10/15 10/09/15 138 10.00 5.52 305 -45% Payments
04/17/15 06/26/15 74 12.00 18.42 620 54% FMS
06/15/15 06/24/15 627 22.50 32.99 6,028 47% Banking
05/11/15 06/19/15 100 14.00 17.35 689 24% Payments
05/05/15 06/10/15 196 17.00 24.87 1,497 46% HCIT
04/14/15 05/20/15 131 17.00 41.36 3,595 143% Payments
12/23/14 05/19/15 441 24.50 39.02 2,696 59% Banking
Source: FT Partners’ Proprietary Transaction Database.
Note: Prices updated as of September 30, 2016.
= Click star / logo for detailed FT Partners’ IPO Profile
CompanyAmount
Raised
IPO
Price
Current
Price
Current
Market Cap
Total
ReturnSector
For more details on
FinTech IPO activity,
please view our in-depth
IPO Infographic
2016 YTD
4# of IPOs
$683 mm Amount Raised
2015
12# of IPOs
$5,498 mm Amount Raised
Filing
Date
IPO
Date
Pending IPOs
28
Date
Highlighted Transactions
Value ($ mm) CommentsAcquirer / Target
09/14/16 $130
• Citrus Payment Solutions, a provider of consumer payment and mobile banking services, is working to
revolutionize mobile and digital payments
• PayU is an online provider of payment solutions for individuals, business and developers, providing
APIs, alternative payments and web checkout solutions
• This acquisition will increase PayU’s India-based customers to over 30 million with an expected 150
million transactions to be processed
• At the completion of the transaction, Citrus Pay will be wholly owned by Naspers, PayU’s parent
company
• The acquisition is expected to close in the third quarter of 2016
09/13/16 na
• Repay (a.k.a. Realtime Electronic Payments) provides electronic transaction processing services for
merchants and offers a comprehensive line of solutions
• The Company provides an integrated technology platform and multiple payment channels
• Repay currently processes for more than 8,000 merchant locations across all product lines
• The buyer was not disclosed and the seller was New Capital Partners, a private equity firm focused on
healthcare and financial services, who acquired a majority interest in the Company in 2013
09/12/16 na
• BlueSquare Resolutions offers a variety of services, including mobile, prepaid and loyalty solutions, to
merchants across a wide range of verticals
• Applied Merchant Systems (AMS) is a leader in payment processing services for small and medium
sized businesses and also provides mobile payment solutions and cash advance for merchants
• AMS has an annual run rate of over $4 billion in processing volume
• As a result of the merger, BlueSquare’s founder, Sabin Burrell, has become a significant shareholder
and Senior Executive of AMS
• The merger also allows AMS to expand its senior credit facility with Goldman Sachs Specialty Lending
Group and Business Development Corporation of America
Source: FT Partners’ Proprietary Transaction Database.
Payments
Selected FinTech M&A Transactions
Click for in-depth
profile
Undisclosed Buyer
29
Date
Highlighted Transactions (cont.)
Value ($ mm) CommentsAcquirer / Target
09/08/16 $36
• Wolters Kluwer is a provider of information services and solutions for professionals in the health, tax and
accounting, risk and compliance, finance and legal sectors
• Reynolds & Reynolds is a provider of automobile dealership software, services and forms serving
automotive dealers in North America and Europe
• On September 8, 2016, Reynolds & Reynolds announced it acquired Wolters Kluwer’s indirect loan
origination solutions, including its AppOne software platform
• The Company will use the acquisition to expand its existing documents product portfolio and to serve a
broader set of markets and customers
09/06/16 na
• LaunchKey provides a multifactor authentication and real-time authorization mobile platform
• iovation is a provider of fraud prevention and customer authentication solutions for businesses
• On September 6, 2016, iovation announced it acquired LaunchKey
• The Company launched a new iovation LaunchKey MFA solution, combining technologies to provide a
flexible authentication solution for businesses
Source: FT Partners’ Proprietary Transaction Database.
Banking / Lending Technology
Selected FinTech M&A Transactions
Lending Origination Solutions
30
Date Value ($ mm) CommentsAcquirer / Target
09/26/16 $3,200
• Bats Global Market is a global operator of exchanges and services provider, supporting traders,
investors and issuers
• CBOE is the largest US options exchange, offering equity, index and ETF options
• On September 26, 2016, CBOE announced that it had agreed to acquire Bats Global Markets for $3.2
bn in cash and stock
• The acquisition gives CBOE access to new asset classes, technology and global markets; underscores
the rise of electronic trading and decline of “open outcry” floor trading
09/22/16 na
• REDI provides an end-to-end trade management platform, enabling users to execute various
transactions, from simple stock trades to complex strategies that span across markets and asset classes
• Thomson Reuters is an information and technology solutions provider to the global financial industry
• On September 22, 2016, Thomson Reuters announced that it had agreed to acquire REDI for an
undisclosed amount
• The acquisition will allow Thomson Reuters to boost its buy-side offerings
09/14/16 na
• Wells Fargo Global Fund Services provides comprehensive fund administration, offering middle- and
back-office operations along with reporting services for hedge funds, private equity funds and investors
• SS&C Technologies provides software and software-enabled services to the financial services industry
• On September 14, 2016, SS&C Technologies announced that it had agreed to acquire Wells Fargo
Global Fund services for an undisclosed amount
• SS&C Technologies plans to expand its fund services offerings, adding 250 employees to serve more
than 130 fund relationships
Source: FT Partners’ Proprietary Transaction Database.
Securities / Capital Markets Technology
Selected FinTech M&A Transactions
Highlighted Transactions (cont.)
Click for in-depth
profile
Click for in-depth
profile
31
Date Value ($ mm) CommentsAcquirer / Target
09/21/16 na
• Mosaic Insurance (fka Axa Re Property & Casualty Insurance Co) is an insurance carrier; Through the
acquisition, Metromile will now be able to underwrite its own insurance policies
• Metromile is a offers mileage-based insurance coverage along with a smart driving app that utilizes the
Metromile Pulse – a plug-in device for your car
• Metromile plans to use Mosaic’s platform to expand underwriting capabilities to all 50 states and
increase operations
• In the interim, Metromile has acquired licenses to operate in all 50 states, although it currently only
underwrites policies in four; Statewide roll out will start accelerating at the beginning of 2017
Source: FT Partners’ Proprietary Transaction Database.
Insurance Technology
Selected FinTech M&A Transactions
Highlighted Transactions (cont.)
Click for in-depth
profile
32
Date Value ($ mm) CommentsAcquirer / Target
09/12/16 $275
• Anthelio Healthcare Solutions is a provider of information technology and business process outsourcing
services to hospitals, healthcare providers and other businesses
• Atos is a provider of information technology services, offering digital services, consulting, systems
integration and managed services to deliver business outcomes globally
• The acquisition uniquely positions Atos to reach a broader customer base in the US healthcare market
by strengthening the scale and scope of its services
• Following the acquisition, Atos is expected to add 1,700 additional Anthelio employees and generate
approximately $2.5 bn in revenue in North America
• The newly formed US healthcare practice expects to reach double digit organic growth in 2018
Source: FT Partners’ Proprietary Transaction Database.
Financial HCIT
Selected FinTech M&A Transactions
Highlighted Transactions (cont.)
Click for in-depth
profile
33
Date Value ($ mm) CommentsAcquirer / Target
09/06/16 na
• RDC operates in the Government Risk and Compliance industry providing counterparty risk and financial
regulatory compliance data and software to financial institutions and technology companies
• On September 6, 2016, RDC announced that it has been acquired by Bain Capital Partners and Vista
Equity Partners
• RDC plans to use the capital to increase its investment in risk and compliance software and data
solutions
Source: FT Partners’ Proprietary Transaction Database.
Financial BPO
Selected FinTech M&A Transactions
Highlighted Transactions (cont.)
34
Selected FinTech M&A Transactions
Selected Recent M&A Transactions
09/29/16Direct Pay Online Group Acquires a Majority Stake in PayGate for $7.3
mmPayGate Direct Pay Online Group $7 Details
09/26/16 Big Bus Tours Acquires Smart Destinations Smart Destinations Big Bus Tours na Details
09/19/16Digital Check Corporation has Agreed to Acquire Burroughs' SmartSource
Check Scanner and Receipt Printer Business
Burroughs' SmartSource Check Scanner
and Receipt Printer BusinessDigital Check Corporation na Details
09/16/16 CashFlows Acquires iCheque Network iCheque Network CashFlows na Details
09/14/16 Naspers' PayU Agrees to Acquire Citrus Payment Solutions Citrus Payment Solutions Naspers 130 Details
09/13/16 New Capital Partners Sells Repay Repay Undisclosed Investors na Details
09/12/16 Applied Merchant Systems and BlueSquare Resolutions Merge BlueSquare Resolutions Applied Merchant Systems na Details
09/08/16Alliance Data Systems has Agreed to Acquire Williams-Sonoma's Credit
Card PortfolioWilliams-Sonoma's Credit Card Portfolio Alliance Data Systems na Details
09/06/16 iZettle Acquires intelligentpos Intelligent Point of Sale iZettle na Details
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Payments
09/28/16 Link Financial Group Acquires Everyday Finance Everyday Finance LCH European Portfolio Holdings na Details
09/19/16 Atradius Acquires Graydon Graydon Holding Atradius na Details
09/15/16Financeit and Concentra Acquire TD Bank's Indirect Home Improvement
Financing Assets
TD Bank Group's Indirect Home
Improvement Financing AssetsConcentra; Financeit na Details
09/12/16 VersaBank has Agreed to Acquire PWC Capital PWC Capital VersaBank na Details
09/08/16
Reynolds & Reynolds has Agreed to Acquire Wolters Kluwer' Indirect
Loan Origination Solutions and AppOne Software Platform for
Approximately $36 mm in Cash
AppOne Reynolds & Reynolds $36 Details
09/06/16 iovation Acquires LaunchKey LaunchKey iovation na Details
09/06/16 First American Financial Acquires RedVision RedVision First American Financial na Details
09/02/16 Tieto Acquires Emric Emric Tieto na Details
09/01/16 E Mortgage Management Acquires Fortren Funding Fortren Funding E Mortgage Management na Details
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Banking / Lending Technology
35
Selected FinTech M&A Transactions
Selected Recent M&A Transactions
09/30/16 IG Group has Agreed to Acquire DailyFX for Approximately $40 mm DailyFX IG Group $40 Details
09/26/16Chicago Board Options Exchange has Agreed to Acquire Bats Global
Markets for $3200 mm in Cash and StocksBats Global Markets Chicago Board Options Exchange (CBOE) 3,200 Details
09/26/16IRESS has Agreed to Acquire Financial Synergy for Approximately $68.8
mmFinancial Synergy IRESS 69 Details
09/22/16 Thomson Reuters has Agreed to Acquire REDI REDI Thomson Reuters na Details
09/21/16 LexisNexis Legal & Professional has Agreed to Acquire Intelligize Intelligize LexisNexis Legal & Professional na Details
09/14/16 IRESS has Agreed to Acquire INET BFA for Approximately $10.5 mm INET BFA IRESS 11 Details
09/14/16SS&C Technologies has Agreed to Acquire Wells Fargo Global Fund
ServicesWells Fargo's Global Fund Services SS&C Technologies Holdings na Details
09/13/16 TD Securities Acquires Albert Fried & Company Albert Fried & Company TD Securities na Details
09/09/16 CRIF Acquires China Credit Information Service China Credit Information Service CRIF na Details
09/08/16 INTL FCStone has Agreed to Acquire ICAP's EMEA Oils Business ICAP's EMEA Oils Business INTL FCStone na Details
09/07/16CFRA has Agreed to Acquire S&P Global Market Intelligence's Equity and
Fund Research
S&P Global Market Intelligence’s Equity
and Fund ResearchCFRA na Details
09/07/16 McKinsey & Company Acquires PriceMetrix PriceMetrix McKinsey & Company na Details
09/02/16Kennedy Cabot Acquisition has Agreed to Acquire 90% Stake in Siebert
FinancialSiebert Financial Kennedy Cabot Acquisition na Details
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Securities / Capital Markets Technology
09/29/16 Applied Systems Acquires IS2 eTrading IS2 eTrading Applied Systems na Details
09/29/16 RGI Group Acquires Kapia Solutions Kapia Solutions RGI Group na Details
09/27/16 Recipero Acquires Callcredit Recipero Callcredit na Details
09/27/16 OneDigital Acquired MRCT MRCT OneDigital na Details
09/21/16 Metromile has Agreed to Acquire Mosaic Insurance Co. Mosaic Insurance Co. Metromile na Details
09/13/16 Esure Group Agrees to the Spin-off of Gocompare.com in its IPO Gocompare.com N/A na Details
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Insurance Technology
36
Selected FinTech M&A Transactions
Selected Recent M&A Transactions
09/29/16Falfurrias Capital Partners Acquires Majority Stake in Marquis Software
SolutionsMarquis Software Solutions Falfurrias Capital Partners na Details
09/26/16 Accenture has Agreed to Acquire DayNine DayNine Consulting Accenture na Details
09/16/16Pioneer Square Labs Completes the Spin-off of LumaTax into an
Independent EntityLuma Tax na na Details
09/14/16 Amdocs Acquires Vindicia Vindicia Amdocs na Details
09/01/16 Blackline Systems Acquires Runbook Runbook Blackline Systems na Details
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Financial Management Solutions
09/23/16Constellation Healthcare Technologies Acquires VEGA Medical
Professionals for $24 mm in Cash and StockVEGA Medical Professionals Constellation Healthcare Technologies $24 Details
09/12/16Atos Acquires Anthelio Healthcare Solutions for approximately $275
mmAnthelio Healthcare Solutions Atos 275 Details
09/08/16Streamline Health Acquires Opportune IT Healthcare Solutions for $1.4
mmOpportune IT Healthcare Solutions Streamline Health 1 Details
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Financial HCIT
09/29/16 IBM has Agreed to Acquire Promontory Financial Group Promontory Financial Group IBM na Details
09/28/16 SourceHOV Acquires TransCentra TransCentra SourceHOV na Details
09/19/16 HgCapital Acquires Visma BPO Visma BPO HgCapital na Details
09/13/16 Ant Financial Acquires EyeVerify EyeVerify Ant Financial na Details
09/06/16 Vista Equity Partners Acquires RDC RDC Vista Equity Partners na Details
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Financial BPO
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
37
Date
Highlighted Transactions
Value ($ mm) Comments
Source: FT Partners’ Proprietary Transaction Database.
Payments
Selected FinTech Financings
09/23/16 $2,400
• Nets is a leading provider of digital payment services and related technology solutions across the Nordic
region
• In 2015, Nets processed approximately 7.3 billion card transactions through its business relationships
with more than 300,000 merchants and 240 banks
• On September 23, 2016, the Company announced that it had raised a total of DKK 15.75 bn
(approximately $2.4 bn) in its IPO, with DKK 5.5 bn (approximately $830 mm) going to the Company and
the remaining to existing shareholders
• The proceeds will be used to repay and refinance existing debt facilities
09/14/16 14
• Tipalti offers a payment automation solution to streamline all phases of the payment management
workflow into one cloud platform
• On September 14, 2016, the Company announced that it has raised $14 mm in a financing round led by
SGVC
• The financing will be used to accelerate growth by investing further in product development, R&D and
customer support, as well as grow the sales and marketing team
• As a result of the transaction, Dovi Frances, a Managing Partner at SGVC, will be joining Tipalti’s board
of directors
09/02/16 19
• Signifyd provides a full-service cloud platform that automates fraud prevention and offers a financial
guarantee to protect online retailers from chargebacks
• At the end of 2015, Signifyd announced that it has an annual run rate of $5.6 bn in transaction volume
and it now serves over 5,000 e-commerce companies
• On September 2, 2016, the Company announced that it had raised $19 mm in a financing round from
Menlo Ventures, TriplePoint Capital and American Express Ventures
• Signifyd will use the funding to scale its infrastructure and further optimize its best-in-class machine
learning technology
Target / Investor(s)
Investor(s): SGVC
Investor(s): Menlo
Ventures; TriplePoint
Capital; American
Express Ventures
Click for in-depth
profile
38
Date Value ($ mm) Comments
09/01/16 $14
• Boku is the largest carrier billing mobile payment company and has integrated with hundreds of mobile
operators globally and partnered with leading digital marketplaces
• On September 1, 2016, the Company announced that it received $14 million in financing from existing
investors Khosla Ventures, Benchmark Capital, NEA, Index Ventures and DAG Ventures, among others
• This funding will allow Boku to build and activate new waves of carrier connections around the world to
reach millions of new cell phone subscribers
Source: FT Partners’ Proprietary Transaction Database.
Payments (cont.)
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): Khosla
Ventures; Benchmark
Capital; NEA; Index
Ventures; DAG Ventures
39
09/21/16 $25
• Nav provides personal and business credit monitoring services, financial self-help tools and a financing
marketplace for small business owners
• On September 21, 2016, Nav announced it raised $25 mm in a Series B financing round led by
Experian, with participation from existing investors including Kleiner Perkins Caufield & Byers and
Crosslink Capital
• The Company also announced a strategic partnership with Experian which will give small businesses
greater transparency and access to their credit data and financing options
• FT Partners served as exclusive strategic advisor to Nav in the transaction
09/15/16 150
• Hero FinCorp is an Indian non-bank financial company that offers two-wheeler loans, property-backed
loans and SME & commercial loans
• On September 15, 2016, Hero FinCorp raised approximately $150 mm in funding from ChrysCapital,
Hero MotoCorp and Credit Suisse
• The Company will use the funding to expand its product portfolio and asset size to meet increasing
demand from rural India
09/15/16 55
• Ripple is a provider of blockchain-based cross-border payment solutions for financial institutions
• On September 15, 2016, Ripple raised $55 mm in funding from Standard Chartered, Accenture
Ventures, SCB Digital Ventures, SBI Holdings, Santander Innoventures, CME Ventures, Seagate
Technology, Venture51 and Siam Commercial Bank
• The Company will use the funding to accelerate its customer growth, pursue strategic partnerships and
grow its team internationally
Investor(s): Standard Chartered,
Accenture Ventures, SCB Digital
Ventures, SBI Holdings,
Santander Innoventures, CME
Ventures, Seagate Technology,
Venture51, Siam Commercial
Bank
Date Value ($ mm) Comments
Source: FT Partners’ Proprietary Transaction Database.
Banking / Lending Technology
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): Experian,
Kleiner Perkins Caufield &
Byers, Crosslink Capital
Investor(s): ChrysCapital,
Hero MotoCorp, Credit
Suisse
Click for in-depth
profile
Click for in-depth
profile
Click for in-depth
profile
40
Date Value ($ mm) Comments
09/14/16 $50
• GreenSky provides an online loan platform that allows merchants to offer flexible credit programs to
small businesses and consumers
• The Company specializes in home improvement and retail financing
• On September 14, 2016, GreenSky announced it raised $50 mm in financing from Fifth Third Bank
• The Company also announced an agreement which allows Fifth Third to originate loans through
GreenSky’s merchant network, and offer GreenSky’s financing solutions to its own merchants
• FT Partners served as exclusive financial advisor to GreenSky in the transaction
Source: FT Partners’ Proprietary Transaction Database.
Banking / Lending Technology
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): Fifth Third
Bank
41
09/21/16 $72
• OurCrowd is an equity-based crowdfunding platform for accredited investors to provide venture capital to
Israeli startups
• OurCrowd allows minimum investments as low as $10,000 and has platform usage fees that are
significantly lower than traditional venture capital
• On September 21, 2016, OurCrowd announced that it had secured $72 mm in Series C financing from
United Overseas Bank and other undisclosed sources
• OurCrowd intends to use the proceeds to build out the Company’s global offices, further develop its
platform and match investments made on the Company’s platform
09/20/16 25
• InvestCloud delivers cloud-based solutions to the investment management community, transforming the
way the financial industry processes and interacts with data
• InvestCloud is recognized for its proprietary PWP (“Programs Writing Programs”) that generates
customized solutions for each client
• On September 20, 2016, InvestCloud announced that it had secured $25 mm in financing from JP
Morgan Chase
• Along with its investment, JP Morgan entered into a strategic partnership with InvestCloud, which will
accelerate the launch of its new online investing capabilities
09/12/16 12
• Quandl consolidates financial, economic and alternative data from hundreds of sources and generates a
report in various formats
• Quandl offers a suite of alpha-generating, alternative data sets, enabling clients to make informed
decisions
• On September 12, 2016, Quandl announced that it had secured $12 mm in Series B financing from
Nexus Venture Partners and August Capital
• Quandl plans to use the proceeds to expand its alternative data coverage
Date Value ($ mm) Comments
Source: FT Partners’ Proprietary Transaction Database.
Securities / Capital Markets Technology
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): United
Overseas Bank
Investor(s): JP
Morgan Chase
Investor(s): Nexus Venture
Partners, August Capital
Investor(s): IMC Group
Click for in-depth
profile
42
Date Value ($ mm) Comments
09/01/16 na
• McKay Brothers designs, engineers, builds and operates low latency networks that connect financial
markets
• McKay Brothers uses microwave bandwidth to “level the playing field” by reducing latency, improving
reliability and offering equal access to all of its subscribers
• On September 1, 2016, McKay Brothers announced that it had secured an undisclosed amount of
financing from IMC Group
• McKay Brothers will use the funding to improve its network speed, reach, data coverage and quality
Source: FT Partners’ Proprietary Transaction Database.
Securities / Capital Markets Technology
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): IMC Group
43
Date Value ($ mm) Comments
09/28/16 $500
• Sedgwick provides technology solutions for risk management, data analytics and risk modeling for
insurance claims and policies
• On September 28, 2016, Sedgwick secured $500 mm in financing from Caisse de dépôt et placement du
Québec (CDPQ)
• CDPQ is a money management firm based in Quebec, Canada responsible for managing the Quebec
Pension Plan through various investments
• CDPQ joins KKR (majority shareholder), Stone Point Capital and managing employees as a significant
minority shareholder
09/21/16 28
• FinanceFox is an app and online insurance platform that utilizes the latest digital technology and allows
for more efficiently managed insurance products and polices by consumers, brokers and insurance
companies alilke
• On September 21, 2016, FinanceFox raised $28 mm in financing from Horizon Ventures and Target
Global
• FinanceFox plans to use the funding to continue to expand its products, marketing and sales in
Switzerland and Germany, as well as extend operations into Austria by the end of Q4 2016.
• Target Ventures and Horizon Ventures join a list of current investors that include Idinvest, Salesforce
Ventures, Speedinvest, Seedcamp, AngelList and more
09/21/16 50
• Metromile is a offers mileage-based insurance coverage along with a smart driving app that utilizes the
Metromile Pulse – a plug-in device for your car
• On September 21, 2016, Metromile secured $50 mm in a strategic investment from China Pacific
Insurance
• On the same day Metromile announced its previously undisclosed Series D financing round of $103.1
mm; Along with the latest strategic investment, Metromile’s total financing is approximately $206 mm
• Metromile used this funding to acquire an insurance carrier called Mosaic Insurance to handle the
underwriting of its policies itself; as well as to expand to new states in the U.S. and continue building its
platform
Source: FT Partners’ Proprietary Transaction Database.
Insurance Technology
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): Horizons
Ventures; Target
Ventures
Investor(s): China
Pacific Insurance
Investor(s): Caisse de
dépôt et placement du
Québec
Click for in-depth
profile
Click for in-depth
profile
44
Date Value ($ mm) CommentsTarget / Investor(s)
09/20/16 $50
• Designed for the insurance and communication / media industries, Vlocity delivers a streamlined and
integrated product to enhance customer experience
• On September 20, 2016, Vlocity closed a funding round of $50 mm led by Sutter Hill and including
Salesforce Ventures, Accenture, New York Life Investment Management LLC, Kennet Partners, TDF
Ventures and Wildcat Venture Partners
• Vlocity plans to use this round of financing to continue expansion of operations outside the US
• With the completion of this round, Vlocity reports a total of over $100 mm raised to date including their
previous round of $42.8 mm led by Salesforce Ventures and Accenture
Source: FT Partners’ Proprietary Transaction Database.
Insurance Technology
Selected FinTech Financings
Highlighted Transactions (cont.)
Investor(s): Sutter Hill Ventures;
Salesforce Ventures; Accenture;
New York Life Investment
Management LLC; Kennet
Partners; TDF Ventures; Wildcat
Venture Partners
Click for in-depth
profile
45
Date Value ($ mm) Comments
09/26/16 $50
• InstaMed is a provider of a payments network and solutions, connecting providers, payers and
consumers on one platform
• On September 26, 2016, InstaMed announced a $50 mm investment from Carrick Capital Partners
• The investment will be used to drive the growth of the InstaMed Network, accelerate go-to-market
strategy and drive further innovation in healthcare payments technology
• Jim Madden, Co-Founder and Managing Director of Carrick Capital Partners will join the InstaMed board
of directors, and Chris Wenner, a Vice President at Carrick Capital Partners, will become an observer to
the board of directors
09/22/16 na
• Sharecare is a health and wellness engagement platform that provides people with personalized
resources to help them live their healthiest lives
• On September 22, 2016, Sharecare announced it has secured financing from Swiss Re
• Swiss Re’s strategic investment in Sharecare marks the close of its latest round of funding, bringing its
total funding to more than $220 mm
• Beginning in early 2017, users will have access to actionable tools and solutions to help strengthen their
financial standing, reduce their money-related stress, and ultimately improve their health
• Swiss Re will help interested Sharecare users identify additional resources to take control of their
financial health, thereby improving their overall health and well-being
Source: FT Partners’ Proprietary Transaction Database.
Financial HCIT
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): Carrick
Capital Partners
Click for in-depth
profile
Investor(s): Swiss Re
Click for in-depth
profile
46
Date Value ($ mm) Comments
09/29/16 $88
• Apttus provides SaaS, Quote-to-Cash solutions for enterprise applications with the goal to automate
business functions and facilitate the needs of organizations
• The Company’s solutions are built on the Salesforce1 platform and it is a partner / participant in the
Salesforce ecosystem
• On September 29, 2016, Apttus announced it raised $88 mm from Gulf Islamic Investments, K1
Investment Management, Iconiq Capital and Kuwait Investment Authority
• The funds will allows Apttus to continue delivering transformative business solutions around the world,
and run its operations profitably, while continuing to grow rapidly
09/22/16 96
• Avalara is cloud-based software that provides a variety of compliance solutions in the sales tax and
transactional tax space
• Avalara integrates into leading ERP and e-commerce software systems
• On September 22, 2016, Avalara announced it raised $96 mm from existing investors Sageview Capital,
Technology Crossover Ventures and Warburg Pincus
• Approximately $50 mm will be used as growth and acquisition capital and the remaining capital will be
used to repurchase shares from early investors
09/12/16 6
• Fusebill is a subscription and billing management platform that automates manual accounting and
financial processes and workflows
• On September 12, 2016, Fusebill announced that it has raises $6 mm in funding led by ScaleUp
Ventures and Langdell Investments
• As a part of the transaction Kent Thexton, General Partner ScaleUp Ventures, and Pratik Budhdev,
Principal at Langdell Investments, will join Fusebill’s Board of Directors
Source: FT Partners’ Proprietary Transaction Database.
Financial Management Solutions
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): Sageview Capital;
Technology Crossover
Ventures and Warburg Pincus
Investor(s): ScaleUp Ventures;
Langdell Investments; OMERS
Ventures; BDC Capital
Click for in-depth
profile
Investor(s): Gulf Islamic
Investments; K1 Investment
Management; Iconiq Capital
and Kuwait Investment
Authority
Click for in-depth
profile
47
Date Value ($ mm) Comments
09/08/16 na
• Coupa provides a cloud-based solutions to control and streamline the purchase and expense lifecycle
within large and small organizations globally
• Solutions are designed specifically for the financial services, food & beverage, healthcare, oil & gas,
retail and technology industries
• On September 8, 2016, Coupa filed a S-1 with the Securities and Exchange Commission for its initial
public offering
• The Company expects to use the net proceeds from this offering for working capital and other general
corporate purposes
Source: FT Partners’ Proprietary Transaction Database.
Financial Management Solutions
Selected FinTech Financings
Target / Investor(s)
Highlighted Transactions (cont.)
Investor(s): Undisclosed
Investors
Click for in-depth
profile
48
Selected Recent Financing Transactions
09/30/16 Remitly Secures $38 mm in Debt and Equity Financing RemitlyInternational Finance Corporation; Silicon Valley
Bank; Undisclosed Investors$38 Details
09/29/16 Unocoin Secures $1.5 mm in Financing Unocoin
Blume Ventures; Mumbai Angels; ah! Ventures;
Digital Currency Group; Boost VC; Bank To The
Future; Bitcoin Capital; FundersClub
2 Details
09/29/16 Payzer Secures $4.3 mm in Financing PayzerIDEA Fund Partners; Route 66 Ventures; Grotech
Ventures4 Details
09/29/16 LYDIA Secures Approximately $7.8 mm in Financing LYDIA NewAlpha Asset Management; Oddo et Cie 8 Details
09/28/16 AnyPerk Secures $11.5 mm in Series A Financing AnyPerk
DCM; CyberAgent; Itochu Technology; GMO
Venture Partners; Nissay Capital; Undisclosed
Investors
12 Details
09/28/16 Paddle Secures $3.2 mm in Series A Financing Led by BGF Ventures Paddle BGF Ventures; Spring Partners 3 Details
09/28/16Bitso Secures $2.5 mm in Financing from MONEXgroup and VARIV
CapitalBitso MONEXgroup; Variv Capital 3 Details
09/26/16 Direct Pay Online Group Secures Financing From Apis Partners Direct Pay Online Group Apis Partners na Details
09/23/16 Nets Raises Approximately $2.4 bn in its IPO Nets Holding Undisclosed Investors 2,370 Details
09/20/16 Curve Secures $3 mm in Financing Curve Samos Investments; Connect Ventures 3 Details
09/20/16 Allset Secures $2.4 mm in Seed Financing Led by Metamorphic Ventures AllsetAndreessen Horowitz; FJ Labs; Metamorphic
Ventures; SMRK VC Fund; Undisclosed Investors2 Details
09/15/16 Pleo Secures $3 mm in Seed Financing Led by Founders Pleo Founders 3 Details
09/14/16 Tipalti Secures $14 mm in Financing Led by SGVC Tipalti SGVC 14 Details
09/12/16 AceitaFacil Secures Financing from Vindi AceitaFacil Vindi <1 Details
09/07/16 UQUID Secures Seed Financing UQUID Undisclosed Investors <1 Details
09/07/16 MOVO Secures $1.8 mm in Financing Led by Tech Coast Angels MOVO Tech Coast Angels 2 Details
09/06/16 payworks Secures $4.5 mm in Financing payworks Rumford; HW Capital; Speedinvest 5 Details
09/06/16Afrimarket Secures Approximately $11.2 mm in Financing Led by Global
Innovation FundAfrimarket Global Innovation Fund; Proparco 11 Details
09/04/16 Localweb Acquires 40% Stake in CheBuoni.it for Approximately $3.1 mm CheBuoni.it Local Web 3 Details
09/02/16 Transfer Galaxy Secures Financing Transfer Galaxy Undisclosed Investors <1 Details
09/02/16 Signifyd Secures $19 mm in Financing SignifydMenlo Ventures; Triplepoint Capital; American
Express Ventures19 Details
09/01/16 BOKU Secures $13.8 mm in Financing BOKU
Khosla Ventures; Benchmark Capital; Index
Ventures; DAG Ventures; New Enterprise
Associates
14 Details
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Payments
Selected FinTech Financing Transactions
49
Selected FinTech Financings
Selected Recent Financing Transactions
09/29/16 WikiRe Secures Approximately $0.3 mm in Financing from Ligurcapital WikiRe LigurCapital; Undisclosed Investors <$1 Details
09/28/16Trunomi Secures $3 mm in Seed Financing Led by Saturn Asset
Management and FintoniaTrunomi
Saturn Asset Management; Fintonia; WorldQuant;
Undisclosed Investors3 Details
09/26/16Praetura Asset Finance Secures Approximately $23.3 mm in Financing
from British Business Bank InvestmentsPraetura Asset Finance British Business Bank Investments 23 Details
09/26/16 SocietyOne Secures $1.5 mm in Financing from Beyond Bank SocietyOne Beyond Bank 2 Details
09/23/16 FinLocker Secures $0.9 mm in Financing FinLocker Undisclosed Investors <1 Details
09/23/16 SavvyMoney Secures Series D Financing Led by TransUnion SavvyMoney TransUnion; TB Capital; Tugboat Ventures na Details
09/23/16 PrecisionLender Secures Series B Financing Led by Georgian Partners PrecisionLender Georgian Partners na Details
09/22/16 TenantCloud Secures $2 mm in Financing Led by User Friendly Media TenantCloud User Friendly Media; Undisclosed Investors 2 Details
09/22/16Hangzhou En Niu Network Technology Secures $310 mm in Series C
Financing51Credit
Tiantu Capital; Xinhu Zhongbao; Shenzhen Qianhe
Capital Management; HgCapital; Undisclosed
Investors
310 Details
09/21/16 Nav Secures $25 mm in Financing Led by Experian NavExperian; Kleiner Perkins Caufield & Byers;
Crosslink Capital25 Details
09/21/16 Zero Secures $2.5 mm in Seed Financing Led by ENIAC Ventures ZeroENIAC Ventures; New Enterprise Associates;
NYCA Partners; Lightbank; Middleland Capital3 Details
09/21/16 Nested Secures Approximately $1.6 mm in Financing NestedPassion Capital; Global Founders Capital;
Undisclosed Investors2 Details
09/21/16 FirstP2P Secures $70 mm in Series C Financing FirstP2P CCB International; San Shan Capital Partners 70 Details
09/20/16 BankGo Secures Financing BankGo Undisclosed Investors na Details
09/19/16 Jojonomic Secures $1.5 mm in Financing Led by Maloekoe Ventures JojonomicMaloekoe Ventures; Golden Gate Ventures; Fenox
Venture Capital; East Ventures2 Details
09/15/16Hero FinCorp Secures Approximately $150 mm in Financing Led by
ChrysCapitalHero FinCorp Credit Suisse; ChrysCapital; Hero Group 150 Details
09/15/16 Ripple Secures $55 mm in Series B Financing Ripple
Standard Chartered PLC; Accenture Ventures;
SCB Digital Ventures; SBI Holdings; Santander
Innoventures; CME Ventures; Seagate
Technology; Venture51; Siam Commercial Bank
55 Details
09/14/16 GreenSky Secures $50 mm in Financing from Fifth Third Bank GreenSky Credit Undisclosed Investors 50 Details
09/13/16 uno Secures $16.5 mm in Financing from Westpac uno Westpac 17 Details
09/13/16 Point Secures $8.4 mm in Series A Led by Andreessen Horowitz PointAndreessen Horowitz; Ribbit Capital; Bloomberg
Beta; Undisclosed Investors8 Details
09/09/16 Cermati Secures $1.9 mm in Financing Led by East Ventures Cermati East Ventures; Beenos 2 Details
09/09/16 Juvo Raises $14 mm in Financing JuvoFreestyle Capital; Wing Venture Partners; Seed-
Resolute; Undisclosed Investors14 Details
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Banking / Lending Technology
50
Selected Recent Financing Transactions
09/09/16Unilend Secures Approximately $2.8 mm in Financing from NewAlpha
Asset ManagementUnilend NewAlpha Asset Management $3 Details
09/08/16 SmartAsset Secures $12 mm in Series B Financing Led IA Capital Group SmartAsset
IA Capital Group; TTV Capital; Contour Venture
Partners; New York Life Insurance Co; Javelin
Venture Partners; Transamerica Ventures; Fitz
Gate Ventures
12 Details
09/08/16 NoBroker Secures Financing NoBroker Undisclosed Investors na Details
09/08/16 Tradico AG Secures Approximately $2.8 mm in Financing TradicoDvH Ventures; Earlybird Venture Capital;
Speedinvest3 Details
09/07/16 DoorKeys Secures $2 mm in Seed Financing DoorKeys Undisclosed Investors 2 Details
09/06/16Divido Secures Approximately $3.3 mm in Seed Financing Led by
Mangrove Capital PartnersDivido DN Capital; Mangrove Capital Partners 3 Details
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Banking / Lending Technology (cont.)
Selected FinTech Financings
51
Selected Recent Financing Transactions
09/29/16South Street Securities Secures $30 mm in Financing from Atlas Merchant
CapitalSouth Street Securities Atlas Merchant Capital $30 Details
09/29/16 Benzinga Secures $3 mm in Financing led by WorldQuant Ventures Benzinga WorldQuant; Undisclosed Investors 3 Details
09/26/16 Iconomi Secures $5.8 mm in Financing Iconomi Undisclosed Investors 6 Details
09/26/16 Allianz SE has Agreed to Acquire Minority Stake in MoneyFarm Moneyfarm Allianz SE na Details
09/21/16 OurCrowd Secures $72 mm in Series C Financing OurCrowd Undisclosed Investors 72 Details
09/20/16 InvestCloud Secures $25 mm in Financing from JP Morgan Chase InvestCloud JP Morgan Chase 25 Details
09/20/16 WorkingGroupLink Secures Seed Financing from Inspiration Ventures WorkingGroupLink Inspiration Ventures na Details
09/20/16 Capshare Secures Financing from Standish Management Capshare Standish Management na Details
09/20/16 Vestwell Secures $4.5 mm in Seed Financing VestwellFinTech Collective; Commerce Ventures; F-Prime
Capital; Primary Venture Partners5 Details
09/19/16 Spiking Secures $0.8 mm in Seed Financing Spiking Undisclosed Investors <1 Details
09/15/16 Ellevest Secures $9 mm in Financing EllevestAspect Ventures; Uluventures; Astia Angels; Khosla
Ventures; Morningstar; Undisclosed Investors9 Details
09/14/16 CBRS Aps Acquires 10.14% stake in EuroInvestor.com EuroInvestor.com CBRS Aps na Details
09/14/16Fairr.de Secures Financing from Transamerica Ventures and IBB
BeteiligungsgesellschaftFairr.de
Transamerica Ventures; IBB
Beteiligungsgesellschaft; Undisclosed Investorsna Details
09/12/16Quandl Secures $12 mm in Series B Financing Led by Nexus Venture
PartnersQuandl Nexus Venture Partners; August Capital 12 Details
09/12/16 Huddlestock Secures $1.5 mm in Financing Huddlestock Undisclosed Investors 2 Details
09/09/16 M1 Finance Secures $9 mm in Financing M1 Finance Undisclosed Investors 9 Details
09/09/16 Motivate Secures $1.5 mm in Financing Led by NFX Guild Motivate NFX Guild 2 Details
09/08/16 Zoomdata Secures Financing from In-Q-Tel Zoomdata In-Q-Tel na Details
09/08/16 Ulule Secures Approximately $5.6 mm in Financing Ulule MAIF; BNP Paribas 6 Details
09/07/16 Kyckr Secures $5.2 mm in Financing Kyckr Undisclosed Investors 5 Details
09/05/16Crypto Facilities Secures $1.5 mm in Financing from Playfair Capital,
String Ventures and Digital Currency GroupCrypto Facilities
Playfair Capital; String Ventures; Digital Currency
Group; Undisclosed Investors2 Details
09/01/16 Nova Credit Secures $0.1 mm in Financing from Pear Nova Credit Pear <1 Details
09/01/16 Northholders Secures Financing Northholders Undisclosed Investors na Details
09/01/16 IMC Group has Agreed to Acquire Minority Stake in McKay Brothers McKay Brothers IMC Group na Details
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Securities / Capital Markets Technology
Selected FinTech Financings
52
Selected Recent Financing Transactions
09/28/16Sedgwick Secures $500 mm in Financing from Caisse de Depot et
Placement du QuebecSedgwick Caisse de Depot et Placement du Quebec $500 Details
09/21/16FinanceFox Secures $28 mm in Series A Financing Led by Target
Ventures and Horizons VenturesFinanceFox Horizons Ventures; Target Ventures 28 Details
09/21/16MetroMile Secures $50 mm in Financing from China Pacific
InsuranceMetroMile China Pacific Insurance 50 Details
09/20/16 Vlocity Secures $50 mm in Financing Led by Sutter Hill Ventures Vlocity
Sutter Hill Ventures; Salesforce Ventures;
Accenture; New York Life Investment
Management LLC; Kennet Partners; TDF
Ventures; Wildcat Venture Partners
50 Details
09/08/16 Gewerbeversicherung24 Secures Financing from German Startups Group Gewerbeversicherung24 German Startups Group na Details
09/02/16 QBIS Insurance Solutions Secures $3 mm in Series A Financing QBIS Insurance SolutionsHeffernan Insurance Brokers; Undisclosed
Investors3 Details
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Insurance Technology
Selected FinTech Financings
09/28/16 Tabula Rasa Healthcare Raises Approximately $52 mm in its IPO Tabula Rasa Healthcare Undisclosed Investors $52 Details
09/28/16 HealthMyne Secures $2.4 mm in Series A Financing HealthMyne Undisclosed Investors 2 Details
09/26/16 InstaMed Secures $50 mm in Financing from Carrick Capital Partners InstaMed Carrick Capital Partners 50 Details
09/22/16 Sharecare Secures Financing from Swiss Re Sharecare Swiss Re na Details
09/21/16Catalyze Raises $6.5 mm in Series B Financing Led by Lewis & Clark
VenturesCatalyze
Lewis & Clark Ventures; Arthur Ventures; Baird
Venture Capital; Chicago Venture Partners6 Details
09/01/16 IATAI Enterprises Secures $5 mm in Financing from CASEIF III L.P. IATAI Enterprises CASEIF III L.P. 5 Details
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Financial HCIT
53
09/29/16 Apttus Secures $88 mm in Series D Financing Apttus
Gulf Islamic Investments; K1 Investment
Management; Iconiq Capital; Kuwait Investment
Authority
$88 Details
09/29/16 Kyriba Secures $23 mm in Series D Financing Led by Bpifrance KyribaUndisclosed Investors; Bpifrance; HSBC Holdings
plc; Daher Capital23 Details
09/28/16 Dooer Secures $4.6 mm in Financing Dooer Undisclosed Investors 5 Details
09/28/16 DaySmart Software Secures Financing from SFW Capital Partners DaySmart Software SFW Capital Partners na Details
09/28/16 BigchainDB Secures Approximately $3.4 mm in Series A Financing BigchainDBEarlybird Venture Capital; Anthemis Group; Digital
Currency Group; innogy SE3 Details
09/27/16 IDnow Secures Financing from BayBG and Seventure IDnow BayBG; Seventure na Details
09/22/16 Collaborative Solutions Secures Financing from WestView Collaborative Solutions WestView Capital na Details
09/22/16 Avalara Secures $96 mm in Financing AvalaraWarburg Pincus; Sageview Capital; Technology
Crossover Ventures; Undisclosed Investors96 Details
09/19/16 Billogram Secures $1.2 mm in Financing Billogram Edstra Venture Capital; Undisclosed Investors 1 Details
09/19/16 DueCourse Secures Approximately $1.6 mm in Equity Financing DueCourse Undisclosed Investors 2 Details
09/16/16 Connective Secures Approximately $5 mm in Financing Connective Undisclosed Investors 5 Details
09/14/16 LumaTax Secures $2 mm in Financing Luma TaxMadrona Venture Group; Greycroft Partners;
Undisclosed Investors2 Details
09/13/16 Sourcery Secures $5 mm in Financing Led by Marker LLC SourceryMarker LLC; Steadfast Venture Capital; Palantir
Technologies; Undisclosed Investors5 Details
09/12/16Fusebill Secures $6 mm in Financing Led by ScaleUp Ventures and
Langdell InvestmentsFusebill Scale-Up Venture Capital; Langdell Investments 6 Details
09/08/16 Cyence Secures $40 mm in Financing Led by New Enterprise Associates Cyence New Enterprise Associates 40 Details
09/08/16 Coupa Files for its IPO Coupa Undisclosed Investors na Details
09/08/16 SALIDO Secures $2 mm in Financing SALIDO Undisclosed Investors 2 Details
09/07/16kWh Analytics Secures $5 mm in Series A Financing Led by Anthemis
GroupkWh Analytics Anthemis Group; ENGIE 5 Details
09/07/16 InstaSupply Secures $1.5 mm in Seed Financing InstaSupply Undisclosed Investors 2 Details
Selected Recent Financing Transactions
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Financial Management Systems
Selected FinTech Financings
54
Selected Recent Financing Transactions
Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars.
Note: Bolded transactions are profiled on the previous pages.
CompanyTransaction Overview Selected Buyers / InvestorsAmount
($MM)
FinTech
Database
Announced
Date
Financial BPO
Selected FinTech Financings
Financial BPO
09/23/16 Captio Secures $1.1 mm in Financing Led by Sabadell Venture Capital CaptioSabadell Venture Capital; Venturcap; Telegraph
Hill Capital; Kibo Ventures$1 Details
09/09/16 Hanse Orga Secures Financing from Waterland Hanse OrgaWaterland Private Equity Investments; Undisclosed
Investorsna Details
55
Oct. 03, 2016 InsTech London Meetup
The event is centered around the leading insurance-focused accelerators from both
London and Europe who will be presenting their varying business models to an audience
packed with start-ups and young talent.
London, UK Detail
Oct. 03, 2016 Dreamforce InsurTech Summit
With speakers from Trov, Embroker, PolicyGenius, Zenefits and many more, Dreamforce
InsurTech Summit delivers a one day event focused on the digital transformation and
innovative strides in the insurtech world. Including incumbent insurers, VC’s and
startups, this event has something for anybody interested in the space at any level.
San Francisco, CA, USA Detail
Oct. 04 - 06, 2016 MENA New Age Banking Summit 2016
The MENA New Age Banking Summit aims to highlight the challenges and opportunities
and provide a knowledge and networking platform that will bring the MENA banking
industry at par with its counter parts across the globe. The summit will empower the
banks to devise strategies that will help them keep pace with the evolving financial eco-
system in this digital age.
Doha, Qatar Detail
Oct. 05 - 06, 2016 BAI Beacon 2016
BAI Beacon is an all-new immersive two-day conference that provides new perspectives
in a more focused and meaningful way with 360-degree views on the most important
issues impacting the financial services industry.
Chicago, IL, USA Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
56
Oct. 05 - 06, 2016 MobeyDay 2016
MobeyDay is the annual flagship event by Mobey Forum that brings together decision
makers from the financial services and FinTech industries. It is two day event with
opportunities for companies to make strategic business contacts and hear eye-opening
presentations from industry leaders.
Barcelona, Spain Detail
Oct. 05 – 06, 2016 InsureTech Connect 2016
InsureTech Connect offers unparalleled access to the largest and most comprehensive
gathering of tech entrepreneurs, investors, builders, and forward thinking carriers. More
than 150 speakers will chair two days of insights across four distinct tracks, all designed
to increase success in today’s mobile first, digital world while helping prepare for the
ever-changing future.
Las Vegas, NV, USA Detail
Oct. 05 - 07, 2016 Lend360 2016
LEND360 2016 focuses on lenders conducting business in many verticals in consumer
and small business lending will be in search of innovative solutions to maximize profits.
Vendors will be ready to showcase their solutions to streamline the online lending
process.
Chicago, IL, USA Detail
Oct. 05 - 07, 2016 SAP TechEd Bangalore 2016
At SAP TechEd, attendees will gain insight into SAP strategy and product direction from
the executive leadership team,get advice, best practices, and how-to tips from the SAP
technology experts, delve into current product road maps and get answers to your
questions as well as discuss – and influence – future product functionality.
Bangalore, India Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
57
Oct. 06 - 07, 2016 CCG Catalyst Summit ‘16
The Catalyst Summit is an exclusive two day summit for banks. Day One inspires
transformation, new forms of strategic planning using design thinking. Day Two, banks
will meet early stage FinTech companies, to review and validate the merits of the
business. The Summit provides bankers with an opportunity to learn different forms of
strategic thinking to transform the traditional banking business model.
Phoenix, AZ, USA Detail
Oct. 10 – 12, 2016 Tiburon CEO Summit XXXI 2016
Tiburon’s CEO Summit allows a select cross-industry group of senior executives to
examine a variety of issues associated with the future of banking, brokerage,
investments, insurance, advice and wealth management. This summit provides a unique
opportunity for CEOs throughout the financial services industry to discuss business
opportunities. Tiburon’s CEO Summit includes guest presentations, panel discussions
and break-out sessions.
San Francisco, CA, USA Detail
Oct. 11 - 12, 2016 LendIt Europe 2016
LendIt is the largest conference series dedicated to connecting the global online lending
community. Financial innovators, investors and pioneers from all over the world attend
LendIt for an opportunity to learn from market leaders, form key business alliances, and
showcase and launch industry-moving products and services. LendIt hosts three
conferences per year in the USA, Europe and China.
London, UK Detail
Oct. 12 – 13, 2016 Global Payment Summit 2016
The Global Payment Summit is a platform for and by professionals in the transaction
space. Developments in the payments and transaction space are a focus of the
conference, which offers global state-of-the-art expertise on the space.
Singapore, Singapore Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
58
Oct. 16 - 18, 2016 ABA Annual Convention
The American Bankers Association (ABA) Annual Convention is the industry's premier
event for CEOs, presidents and other senior executives from financial services firms
across the nation. At the Convention, bank executives can network and learn about
strategies, tactics and new products that will make their institutions more successful.
Nashville, TN, USA Detail
Oct. 16 - 20, 2016 Gartner Symposium IT Xpo 2016
Gartner Symposium IT Xpo 2016 is a significant gathering of CIOs and Senior IT
Executives. This year’s theme, Lead 360. Drive Digital to the Core, will attendees see
further, explore deeper and discover how to make digital a core competence for the
attendee and their organization
Orlando, FL, USA Detail
Oct. 18 - 19, 2016 Next Edge Health Experience Summit
The age of telemedicine, wearables, remote data capture, and sophisticated wellness
programs has advanced patient-centered care to the next edge. Patients as individuals
are, more than ever before, the primary stakeholders in their own care. This year’s Next
Edge Summit will hone in on the patient journey, the path healthcare professionals have
to pave to fully empower the patient. It’s time to iron out the edges and work together to
make the patient journey a smooth, connected path from start to finish. The future of the
patient-led experience will require constant collaboration from care providers, payers,
pharma and most importantly, the patients themselves. Join leaders, experts and
innovators from all corners of the healthcare ecosystem, as we chart a course for the
future of connected care.
Boston, MA, USA Detail
Oct. 18 – 20, 2016 FIA Futures and Options Expo
FIA Futures and Options Expo provides breaking news, valuable insights and innovative
solutions for the industry of listed derivatives and cleared swaps. The Expo is an
opportunity to connect with business leaders, stakeholders and top regulators within the
industry.
Chicago, IL, USA Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
59
Oct. 19 – 20, 2016 TradeTech Asia 2016
TradeTech is the only conference dedicated to the buy-side, offering content that
address equity trading’s biggest technology pain points. With 300 influential buy-side
Heads of Equities Trading and Heads of Trading Technology under one roof, TradeTech
offers a unique opportunity to benchmark businesses with those that are at the forefront
of the industry and new financial landscape.
Singapore, Singapore Detail
Oct. 19 – 21, 2016 ETA Strategic Leadership Forum
The ETA Strategic Leadership Forum features executives at the nexus of technology,
mobile and e-commerce who are advancing the payments industry. The event covers all
aspects of payments and is designed to create an optimal setting for networking with and
learning from the top individuals in the space.
Palm Beach, FL, USA Detail
Oct. 20 - 21, 2016 CFO Rising West Summit 2016
CFO Rising West Summit 2016 provides a platform for leading finance professionals to
discuss, engage and question the processes that are fundamental for CFO Innovation,
Corporate Finance Tech and Compliance & Risk.
San Francisco, CA, USA Detail
Oct. 20 - 21, 2016 Connected Health Symposium
The Connected Health Symposium is a change-agent conference that promotes
innovative thinking and the application of personal consumer health technologies to
support new models of care delivery. Over its 12 year history, the Symposium has
become an important venue for health care providers, hospitals, payers, government
agencies, investors and technology developers to convene, share ideas and establish
partnerships that are changing health care delivery for the future.
Boston, MA, USA Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
60
Oct. 23 - 26, 2016 Money20/20
Money20/20 is the world's biggest, boldest and best event covering payments and
financial services innovation for connected commerce at the intersection of mobile, retail,
marketing services, data and technology. With 10,000+ attendees, including more than
1,000 CEOs, from 3,000 companies and 75 countries, expected at our 2016 U.S. event,
Money20/20 is critical to realizing the vision of disruptive ways in which consumers and
businesses manage, spend and borrow money.
Las Vegas, NV, USA Detail
Oct. 23 - 27, 2016 Insight 2016
From IBM Information on Demand to IBM Insight to the brand new IBM World of Watson,
the IBM Insight conference continues to be the premier industry event for data and
analytics professionals, delivering unmatched value and exciting on-site opportunities to
connect with peers, hear from thought leaders, experience engaging content and receive
training and certification
Las Vegas, NV, USA Detail
Nov. 02, 2016 Digital Healthcare Innovation Summit
Digital Healthcare Innovation Summit 2016 emphasizes disruptive solutions to the health
care conundrum. Leading stakeholders from hospitals, insurers, and critical regulatory
bodies sit down with the technology industry’s top innovators, investors, and
entrepreneurs to discuss how technology can unwrap the inefficiencies of the massive
healthcare sector.
Boston, MA, USA Detail
Nov. 02 – 03, 2016 FIMA 2016
FIMA 2016 focuses on the CDOs and senior-level data professionals from top banks and
asset management companies striving to meet regulatory requirements, to provide a
best-in-class service to internal customers and determine which cutting-edge
technologies to implement.
London, UK Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
61
Nov. 07, 2016 Empire Startups FinTech Conference SF 2016
Hear from those forging new trails in payments, real-estate, lending, insurance tech, and
more. In addition to attracting hundreds of FinTech entrepreneurs, this New York
conference also plays host to the investors and service providers that help accelerate
startups. The audience can also look forward to keynotes, panels and demo updates
from some of the top FinTech startups in the world.
San Francisco, CA, USA Detail
Nov. 08, 2016 FinovateAsia 2016
Finovate is the only conference series focused exclusively on showcasing the best and
most innovative new financial and banking technologies. Finovate conferences
consistently attract large, high-impact audiences of senior financial and banking
executives, venture capitalists, press, industry analysts, bloggers, regulators, and
entrepreneurs.
Hong Kong, China Detail
Nov. 14 - 15, 2016 Clearing and Settlement World 2016
Clearing and Settlement World 2016 brings together operations leaders from top buy
and sell side institutions to benchmark their post-trade function with those who were
identified as best in class.
London, UK Detail
Nov. 14 – 16, 2016 InsurTech Rising 2016
The InsurTech Rising conference unifies insurers & insurtechs around the industry's
biggest challenges & most innovative solutions. Hear from industry leaders on how they
are harnessing the power of InsurTech to accelerate their digital transformation
strategies and deliver customer-centric solutions. Meet the innovators driving this
change, from insurers and entrepreneurs to VCs and solution providers. Hear from
experts on how distributed ledger technology can fundamentally transform the industry
through a deep dive focused exclusively on blockchain and insurance. Learn the
fundamentals and explore the use cases that can deliver value, from automating claims
to tackling fraud.
London, UK Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
62
Nov. 15, 2016 CIO Finance 2016
CIO Finance 2016 Europe is an opportunity for technology executives to have in-depth
discussions on the best practices and strategies necessary to build customer centric
organizations. The event includes interactive educational sessions as well as formal and
informal networking opportunities that will allow attendees to make new business
contacts and exchange ideas.
London, UK Detail
Nov. 15 – 16, 2016 Insurance IoT USA 2016
Insurance IoT USA 2016 is the only customer built event created specifically to discuss
the applications of connected devices in the insurance industry in North America. The
conference will evaluate business-critical topics on how to devise a business plan as
real-time data and usage-based insurance models will completely overhaul the way that
insurers evaluate risk and connect to their customers.
Chicago, IL, USA Detail
Nov. 15 - 18, 2016 Accountex 2016
Technology drives the future of accounting and staying informed is imperative to a
successful future. Accountex is a leading annual accounting event where attendees can
discover all of the leading innovations, not just one technology, and get insights on what
disruptions will change what your job means.
Las Vegas, NV, USA Detail
Nov. 15 – 18, 2016 Payments International
Payments International is a leading payments event in Europe that attracts senior
executives from banks, corporations, technology and infrastructure providers and
regulators and service providers. The conference will focus on four different trends:
blockchain, payments regulation, the future of payments and PSD2.
London, UK Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
63
Nov. 16 - 17, 2016 Big Data & Analytics Innovation Summit 2016, London
This summit will bring together the worlds industry leading experts, providing the perfect
platform for thought-sharing and innovative discussion. Hear from industry leading
experts and gain insight into the strategies and processes implemented by some of the
worlds most successful organizations. The summit will provide a platform to meet,
discuss and learn from fellow experts working within the Big Data and Analytics fields.
London, UK Detail
Nov. 29 - 30, 2016 Predictive Analytics Innovation Summit, Chicago 2016
Predictive Analytics Innovation Summit, Chicago 2016 provides a platform for leading
executives to share unique insight into the innovations that are driving success in the
worlds most successful organizations.
Chicago, IL, USA Detail
Nov. 29 - 30, 2016 Business Intelligence Innovation Summit 2016
Business Intelligence is playing a key role in modern business and is considered central
to identifying new opportunities within an organization. Making use of new opportunities
and implementing an effective strategy can provide a competitive market advantage and
long-term stability for a business.
Chicago, IL, USA Detail
Nov. 30 – Dec. 02, 2016 Forbes Healthcare Summit 2016
Healthcare is transforming itself, both slowly (see: the creeping adoption of electronic
health records) and instantly (we can now cure hepatitis C!). We'll once again gather the
top executives from insurance, pharma, and the hospital industry to take on medicine's
toughest problems. And we'll throw in a mix of patients, technologies, and big ideas.
Don't miss this opportunity to change the way you think about the future of health.
New York, NY, USA Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
64
Nov. 30 – Dec. 02, 2016 TEDMED 2016
TEDMED bridges the gap between science and the public by finding and sharing stories
that inform, inspire, engage and provoke action across a broad, passionate community
both inside and outside of health and medicine. TEDMED values inclusiveness, multi-
disciplinary collaboration and diversity in its mission to catalyze a healthier world. Our
annual event brings the world together to focus on what’s new and important in health
and medicine. We forge partnerships with industry leaders, medical research institutions,
think tanks, government agencies and foundations, to ensure that cutting-edge
biomedical thinking is shared across disciplines and made accessible to the public at
large.
Palm Springs, CA, USA Detail
Dec. 05, 2016 InsTech 20/20
Chief Operating Officers, Chief Innovation Officers, Chief Marketing Officers, Chief Data
Officers and Chief Technologists from the top 250 insurance and re-insurance
companies form the advisory board and the panel of speakers and participants. Dozens
of innovators will be joining the panels and debates, with some of the most senior C-level
executives from the world’s largest insurance giants, as well as medium size
underwriters, brokers and small companies, to explore the future impact of this
technology on your business. In short, all of your competitors, partners and future
employers will be at this event.
London, UK Detail
Dec. 06 - 07, 2016 FinTech Connect Live 2016
An exhibition featuring over 150 exhibitors, FinTech Connect Live also plays host to a
keynote auditorium with inspirational case studies from around the world, a series of
sub-sector oriented micro-conferences, a showcase theatre of product demos,
educational workshops for start up leaders, micro-mentoring clinics and much more.
London, UK Detail
Dec. 07, 2016 Health IT Leadership Summit 2016
Created in 2010 by the Georgia Department of Economic Development, the Metro
Atlanta Chamber and the Technology Association of Georgia’s Health Society, the
Health IT Leadership Summit brings together leaders from across the healthcare
continuum to discuss how the industry can drive innovation to enable better healthcare
delivery at lower costs to more people.
Las Vegas, NV, USA Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
65
Dec. 07, 2016 Health IT Leadership Summit 2016
Created in 2010 by the Georgia Department of Economic Development, the Metro
Atlanta Chamber and the Technology Association of Georgia’s Health Society, the
Health IT Leadership Summit brings together leaders from across the healthcare
continuum to discuss how the industry can drive innovation to enable better healthcare
delivery at lower costs to more people.
Las Vegas, NV, USA Detail
Dec. 08 – 09, 2016 Inside FinTech Conference & Expo
Inside FinTech Conference & Expo explores a variety of topics, including blockchain
technology and other decentralized solutions for financial processes. The conference
brings together leaders from throughout the FinTech ecosystem, from entrepreneurs to
industry analysts to policy makers.
Seoul, South Korea Detail
Jan. 05 – 08, 2017 The Digital Money Forum 2017
The Digital Money Forum looks at the role of new payment systems from borderless e-
commerce to biometrics and authentication systems to virtual currencies and blockchain.
The forum explores how the industry will come to together to transform to a cashless,
safe and global economy.
Las Vegas, NV, USA Detail
Selected FinTech Events
Key Industry Conferences
Date Conference Location Website
66
FT Partners Research
FT Partners Research – U.S. FinTech IPO Analysis
FT Partners' IPO Infographic provides an in-depth analysis of U.S.
FinTech IPOs over the past decade
Highlights of the Infographic include:
• Yearly breakdowns by capital raised and FinTech sector
• Rankings of largest IPOs by capital raised, best and worst performing and
most recent FinTech IPO transactions
• Insight into pending IPOs, spin-offs and companies acquired while on file
for an IPO
• Details on the most active investors in FinTech IPOs and a list of the most
well funded private FinTech companies
FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial
Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with
over 13 years of exclusive focus on Financial Technology.
Please visit our website for more proprietary FinTech Research &
Follow FT Partners on Twitter and LinkedIn for real time updates on our Research Publications
67
FT Partners Research – Digital Wealth Management Report
FT Partners' 145-page report provides a comprehensive overview of key
industry trends driving innovation in the wealth management space and
how the industry is reacting to the emergence of Robo Advisors and
other Digital Wealth Management disruptors.
Additional highlights of the report include:
• A discussion of the different Automated Digital Wealth Management
platforms and business models
• The responses of incumbents in the wealth management space, including
the innovations, partnerships and acquisitions being made to stay ahead
of the game
• Interviews with eight CEOs of leading Digital Wealth pioneers including
Betterment, Link Pacific Advisors, MyVest, NextCapital, Nutmeg,
Riskalyze, SigFig and Vanare
• A detailed industry landscape of Digital Wealth Management providers as
well as other innovative, tangential companies, profiles of 33 companies
and a comprehensive list of private equity financing and M&A transactions
in the space
Are the Robots Taking Over?
The Emergence of Automated Digital
Wealth Management Solutions
FT Partners Research
FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial
Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with
over 13 years of exclusive focus on Financial Technology.
Please visit our website for more proprietary FinTech Research &
Follow FT Partners on Twitter and LinkedIn for real time updates on our Research Publications
68
Overview of FT Partners
The FT Partners Senior Banker Team
Name / Position Prior Background Experience / Education Years of Experience
Steve McLaughlin
Founder, CEO and
Managing Partner
■ Formerly with Goldman, Sachs & Co. in New York and
San Francisco from 1995-2002
■ Formerly Co-Head of Goldman Sachs’ Financial
Technology Group (#1 market share)
■ Wharton M.B.A.
21
Larry Furlong
Managing Director
■ Formerly with Goldman, Sachs & Co. in New York, London
and Los Angeles beginning in 1995
■ Wharton M.B.A.
21
Greg Smith
Managing Director
■ Formerly award winning Equity Research Analyst at Merrill
Lynch / J.P. Morgan / Sterne Agee
■ Recent coverage included V, MA, TSS, GPN, HPY, WU,
EEFT, DST, ENV, FISV, FIS & JKHY among others
20
Steve Stout
Managing Director■ Formerly with J.P. Morgan and UBS
■ Formerly Global Head of Strategy at First Data18
Tim Wolfe
Managing Director
■ Formerly with Goldman, Sachs & Co. beginning in 2000
■ Started at FT Partners beginning in 2002
■ 40 Under 40 M&A Advisor Award Winner 2013
■ Harvard M.B.A.
14
Andrew McLaughlin
Managing Director, Research &
Business Development
■ Leads FT Partners’ Research and Business Development
Team
■ Formerly with Deloitte Consulting10
69
Avg Years of Director / MD Experience
6 7 8 9 10 11 12 13 14 15 16 13 15 16 17 19
12
4 5 6
1314
17
21
27
31
3538
46
58
67
3 35 5 6 6 611 12 13 14
4548
6772
95
101
116
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Employees Number of Directors / MDs Total Exp. Of Directors / MDs (Years)
~5x Number of resources
~9x Total senior banker experience
~2x Average senior banker experience
~6x Number of senior bankers
FT Partners’ Last Decade
Overview of FT Partners
Platform of Choice for Clients and Bankers Alike
70
Overview of FT Partners
FT Partners’ Press / Client Testimonials
“One of the most sought after investment banks working the acquiring side of the payment card industry is Financial
Technology Partners.” – Nilson Report Feature on FT Partners
“The FT Partners team truly partnered with Chrome River as we approached this latest round of financing for future
growth. FT Partners connected us with leading investors in the space and ultimately helped us find a true partner for
our next chapter.” – Alan Rich, Co-Founder and CEO of Chrome River
“FT Partners is a top choice in investment banking for CEOs in the financial technology space.”
– Matt Golis, Co-Founder and CEO and Tom Villante, Co-Founder and Chairman, Yapstone
“The FT Partners team was instrumental in achieving a successful outcome for our Company. They clearly
demonstrated a deep understanding of our business and industry and delivered excellent advice throughout every step
of the process.” – Andy Roberts, CEO, FleetOne
“FT Partners more than lived up to our expectations through the creation of both substantial value for our shareholders
and a transaction that ensures an optimal future for our company.” – Matt Taylor, CEO, Mercury
“Steve and the FT Partners team have been a trusted partner for Tora through this entire process. Their guidance on
structuring this transaction and helping to connect us with a premier investor was critical to making this transaction an
overwhelming success for all involved.” Robert Dykes, CEO, Tora
“FT Partners’ support throughout this process was unwavering and they provided the highest level of expertise and
top-notch advice at every step of the process.” – Peter Gustavson, Chairman, Custom House
“We could not be more pleased with the level of professionalism, tenacity, industry experience, advice and passion…”
– Jim McKenzie, Chief Executive Officer, Network Merchants
“I enjoyed working with the team at FT Partners…Their knowledge of the insurance and financial technology industry
dynamics and potential buyer landscape proved invaluable.” – Dan Smith, CEO, Aplifi
71
Overview of FT Partners
FT Partners’ Recent Awards and Recognition
The 2015 FinTech Finance 35:
#4 Steve McLaughlin, Financing Technology Partners
(excerpt from article published in Institutional Investor)
“Steve personifies the combination of talent, vision, energy and
experience that add up to the unprecedented level of leadership
and influence in FinTech.”
– Jeff Kutler, Feature Editor Click to view
M&A Advisor Awards
Investment Banking Dealmaker of the Year (2015) – Steve McLaughlin, CEO & Managing
Partner of FT Partners
Technology Deal of the Year $1.5 Billion (2015) – TransFirst’s $1.5 Billion Sale to Vista
Equity PartnersClick to view
The Information’s “Silicon Valley’s Most Popular Dealmakers” (2016)
Ranked as the #2 top Technology Investment Banker by The Information subscribers
Only FinTech focused investment banking firm and banker on the list
Click to view
72
Awards Overview
Dealmaker of the Year
Investment Bank of the Year
Deal of the Decade
■ FT Partners consistently receives top honors and recognition from
national association:
– Cross Border Deal of the Year (2016)
– Technology Deal of the Year (2015)
– Dealmaker of the Year (2007, 2008, 2009, 2012 and 2015)
– Professional Services Deal of the Year (2012)
– Equity Financing Deal of the Year (2014)
– Boutique Investment Bank of the Year (2011)
– Deal of the Decade (2011)
– Middle Market Deal of the Year, Cross-Border Deal of the Year
and IT Services Deal of the Year (2010)
– Investment Banking Firm of the Year (2004, 2006 and 2016)
– Financing Professional of the Year (2006)
– Product of the Year – IPO Advisory (2006)
– Deals of the Year (2005, 2006 and 2007)
■ 2015 ranked 4th on Institutional Investor’s 2015 “FinTech Finance 35”
■ 2008’s top ranked investment banker named on Institutional Investors
annual “Online Finance 40” ranking
– Consecutively ranked for 3 years (2008, 2007, 2006)
■ Founder and Managing Partner, Steve McLaughlin, lauded highest
honors as both “Dealmaker of the Year” and “Financing Professional of
the Year”
■ Top award winning Investment Bank collecting more than 12 separate
awards for outstanding performance and client results
– FT Partners has received over 75 award nominations across an
unprecedented array of categories
■ FT Partners’ ”IPO Advisory” service – as demonstrated in one of the
most successful Payments IPOs in history, Verifone – received its third
industry award in 12 months for Product of the Year
– Previously recognized in our 2006 Financing Professional of the
Year award and 2005 Deal of the Year
“M&A Advisor” Selects FT Partners for M&A Industry-Wide Awards
Selected Transactions:
■ $4.50 billion Heartland’s Sale to Global Payments
■ $1.65 billion Mercury Payments Systems’ sale to Vantiv
■ $1.50 billion TransFirst’s sale to Vista Equity Partners
■ $900 million Mercury Payments Systems’ 60% strategic investment by Silver Lake
■ $525 million Sale of Lynk Systems to RBS
■ $370 million Sale of Custom House to Western Union
■ $369 million Sale of Fleet One to Wright Express
■ $325 million Sale of Verus to Sage Group
■ $300 million Sale of Currencies Direct to Palamon and Corsair Capital
■ $300 million Minority Capital Raise for GreenSky
■ $300 million Jack Henry’s acquisition of iPay Technologies
■ $238 million Growth Equity Investment in SquareTrade by Bain Capital and Bain Capital Ventures
■ $235 million AvidXchange’s Series E financing
■ $177 million Financial advisory role on Verifone’s IPO
■ $135 million Minority Capital Raise for Kabbage
■ $100 million Growth Equity Investment in Chrome River
FT Partners Named “Dealmaker” and “Investment Bank” of the Year
73
In Financial Technology’s Most Important Strategic Transactions,
CEOs’ Advisor of Choice is FT Partners
FT Partners is focused on the flawless execution of our industry’s most
important, mission critical transactions
Dealmaker of the Year
Boutique Investment Bank of the Year
Deal of the Decade
10 Deal of the Year Nominations
Sole strategic and financial
advisor to Yapstone in its
minority investment led by
Accel Partners
Sole strategic advisor and
provided fairness opinion
to ATD and its Board of
Directors in its sale to
Citigroup
Sole advisor to Mercury
Payment Systems and its
Board of Directors in its
60% strategic growth
investment by Silver Lake
Sole advisor in the sale of
the largest private
transaction processor in
North America
Financial and strategic
advisor to the largest
provider of electronic
payment solutions globally
The Only Investment Bank
Focused Exclusively on Financial Technology
Financial Technology Partners LP
FTP Securities LLC
is pleased to announce its role as sole
strategic and financial advisor to
in its approximately 60% majority sale to
$900,000,000
for aggregate consideration of approx.
74
FT Partners’ Focused Universe
At the Convergence of Financial Services and Technology
P&C / Life / Health Insurance
Securities / Clearing
Payments
Banking
Insurance
Risk Management
Wealth Management
Investment Advice
Financial Supply Chain
Global Custody
POS Hardware / ATM
Brokerage
Credit Cards
Title / Appraisal
Remittance
Mortgage / Lending
FX / Treasury
Compliance
Loan Servicing
Payroll
Processing
Straight-Through Processing
T + 1 / Settlement
Financial Media / Data
Aggregation
Software
Exchanges / ECNs
EBPP
Wireless
Internet
IT Services
Data
Business Intelligence
CRM
Fraud Detection
ACH / ATM Networks
Decisioning/ Analytics
Imaging
Outsourcing / BPO
Security
Technology and
Services SolutionsFinancial Services
Financial
BPO
Insurance
IT &
Services
Healthcare IT &
Services /
Revenue Cycle
Mgt.
Payments /
Transaction
Processing
Banking /
Lending / Credit
Financial
Management
Solutions
Securities /
Capital Markets
Strategic Advisory Financial Advisory
Fairness Opinions Valuation
Mergers
Anti-Raid Advice
Acquisitions Divestitures
Services
Capital Raising Private Equity Restructuring
IPO Advisory