INSURTECH SECTOR REPORT

Transcription

1 INSURTECH SECTOR REPORT Q1 2018

2 GCA INSURANCE TECHNOLOGY OVERVIEW Strong sector and product expertise across InsurTech REPRESENTATIVE FOCUS AREAS DISTRIBUTION & CUSTOMER ENGAGEMENT INNOVATIVE PRODUCTS, PRICING & UNDERWRITING POLICY ADMINISTRATION, CLAIMS & BACK OFFICE RECENT INSURTECH TRANSACTIONS Sold To We Advised BlackFin DATA & ANALYTICS Preferred Stock Investment from Tender Offer for Asahi Fire & Marine Insurance Co. We Advised Asahi (close pending) Companies that focus on customer engagement, e.g., customer acquisition, sales and marketing, mobile solutions and other direct-to-consumer insurance channels, or other solutions that improve distribution or facilitate contact with the end consumer. This tends to mean, actual insurance companies that are tech-enabled in some way. These insurers bring technology to traditionally low-tech areas by using newer or superior core systems and/or online/ mobile offerings. Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems, in particular policy, claims, and billing software systems. This includes companies that provide analytic capabilities to insurance companies to help them operate more efficiently and/or make better underwriting decisions. Sold To We Advised RGI Shareholders Strategic Investment We Advised ControlExpert Acquisition of We Advised AWL FINTECH TEAM SEAN MINNIHAN Managing Director Head of FinTech STEVE FLETCHER Managing Director Head of Software CHRIS GOUGH Managing Director M&A/Real Estate & Mortgage Tech KEGAN GREENE Director InsurTech ROB FREIMAN Director Payments Financial Advisor We Advised Finanzen.de We Advised INS Web We Advised INS Web DAVID KRUEGER Vice President Capital Markets Tech

3 CASE STUDY: SALE OF FINANZEN GROUP TO ELI GLOBAL GCA advised the shareholders of Finanzen Group on its sale to Eli Global Sold To GCA Advised BlackFin and the founders Transaction Date February 2018 Background Headquartered in Berlin, Germany, Finanzen Group ( Finanzen or the Company ) connects lead generators, such as online price comparison sites, with lead buyers, such as independent financial advisors and insurance agents Finanzen s online marketplace allows leads to be traded in real-time, bridging the gap between online insurance consumers and the offline sales organizations of European carriers and brokers Additionally, the Company acts as an online broker for certain insurance products Transaction Rationale / Details GCA Value-Add GCA acted as exclusive financial adviser to BlackFin Capital Partners and the founders on the sale of Finanzen to Eli Global GCA advised on all aspects of the transaction, coordinating multiple highly interested strategic and financial investors and maintaining a competitive dynamic throughout the process Eli Global evolved as the most attractive partner due to a global footprint in the insurance sector Eli Global is a federation of over 100 independent technology, insurance, financial services and healthcare portfolio companies across 18 countries Deal Type M&A Industry InsurTech Finanzen and its majority shareholder, BlackFin Capital Partners, sought a strategic partner with an international footprint and relevant InsurTech experience to accelerate the Company s growth Company shareholders aimed to realize a valuation reflecting Finanzen s strong growth, significant market potential and unique competitive positioning 3

4 EXECUTIVE SUMMARY Q InsurTech wrap-up We take a deep dive into the numbers to understand what is driving deal dynamics in the InsurTech sector. In this report we cover: InsurTech key themes Market update and analysis Sector and transaction data Key Themes While incumbent M&A activity has skyrocketed InsurTechs have not been playing a major role in M&A But financings and corporate venture capital activity abound As do innovative partnerships between InsurTechs and disruptors across multiple categories Commentary So far this year, six of seven announced transactions above $1Bn in value among U.S. financial services firms involved insurers Total value of $27.4Bn in Q1 18, surpassing values for all of 16 and 17* A recent CB Insights / Willis Towers survey revealed that only 12% of insurance professionals with knowledge of their company's innovation strategy believe acquisitions are their organization's primary outlet for innovation, while 48% highlighted a build strategy and 40% highlighted a partnership strategy As the InsurTech landscape is evolving rapidly, insurers prefer to build nimble partnerships and monitor what will happen next vs. committing to technologies via M&A The investor base of a traditional insurer tends to be risk averse regarding testing the waters of new technologies Over 50 financings in Q1 18, on pace with ~200 in corporate venture deals in 17, ~30% of which happened in Q AXA and MassMutual lead the pack with 8 InsurTech investments each, followed by XL and Munich Re with 6 each - Non-insurers like Softbank, Google Ventures, Salesforce continue to invest in InsurTech Partnerships across complimentary technologies and ecosystems continue, including real estate (Hippo / Roostify), smart home (Ring / Roost), cyber risk (Cyence / Zeguro), travel (AIG / Expedia) and auto (Chubb / Grab) A number of insurers are partnering with car subscription and sharing programs in certain markets, with the goal of maximizing convenience and eliminating the need to choose and manage ancillary services like insurance Source: CB Insights. *Excludes health insurance deals. 4

5 EXECUTIVE SUMMARY InsurTech landscape/ ecosystem selected, representative companies Policy Management Tools / Software Customer Origination Legend Distribution & Customer Engagement Online Distribution Insurance Value Chain Products, Pricing & Underwriting Policy Admin, Claims & Back Office Data & Analytics Distribution / Comparison Health Insurance Carrier Affiliated / New Carriers Claims Management Tools / Software Mobile Innovative / Specialty Insurance Data / Analytics Peer-to-Peer ( P2P ) Employee Benefits Admin / Insurance Exchange Technology Auto IoT / Telematics Health Sales, Marketing & Engagement Home DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly shoot us a note at kgreene@gcaglobal.com and we would be happy to consider. 5

6 EXECUTIVE SUMMARY 2018 is off to a great start for insurance M&A Source: CB Insights. 6

7 EXECUTIVE SUMMARY Selected active investors in InsurTech Most Active Insurance Technology Investors Accelerators / Seed Venture Capital / Private Equity Corporate Investors Ventures Alternative Investors Source: CB Insights, Pitchbook. 7

8 EXECUTIVE SUMMARY Corporate venture capital is on the rise Source: CB Insights. 8

9 EXECUTIVE SUMMARY Most active InsurTech investors corporate venture capital # * Current InsurTech Investments Healthcare Good Doctor Source: Wall Street Research, Capital IQ, Pitchbook. * Softbank rumored talks with PolicyBazaar and Swiss Re. 9

10 EXECUTIVE SUMMARY Partnerships across complimentary technologies and ecosystems Drones Retail * Property Mgmt. Smart Home Cyber Risk Travel Insurance Auto BankTech & InsurTech Source: Wall Street Research, Capital IQ, Pitchbook. * Softbank rumored talks with PolicyBazaar and Swiss Re; Walmart rumored talks with Humana. 10

11 EXECUTIVE SUMMARY InsurTech is blending into and integrating with the real estate industry Partnering with apartments, agencies Partnering with large property developers Partnering with mortgage platforms Landlord / Tenant Startups in title insurance Source: CB Insights. 11

12 EXECUTIVE SUMMARY Insurers and car subscriptions» Central to the convenience with these programs is eliminating the need to choose and manage ancillary services like insurance» These services are mostly piloting in a limited number of markets for the time being. But such experiments are worth keeping an eye on for the broader P&C insurance industry Insurers Partnering with US Car Sub and Sharing Programs US programs as of February 2, 2018* Automakers Non-automakers / Startups Source: CB Insights. *Graphic is illustrative, not exhaustive. 12

13 INSURTECH DEAL DASHBOARD Publicly traded InsurTech companies are up 20% over the LTM period, as compared to 12% for the S&P 500. Both financing volume and number of transactions for Q1 18 are up vs. Q3 & Q4 17 Insurance Technology Deal Dashboard (1) Trends in InsurTech Quarterly InsurTech Financing Activity ($MM) (1) Industry Stock Market Performance Percent Change (2) $2.5 Bn 207 Deals LTM InsurTech Financing Volume (1) Select Q1 Financing Transactions ($MM) Subsector LTM 3 Years Date Company Selected Investors Amt. Sub-Sector $ Insurance Technology Benefits Administration/Payroll Brokerage & Distribution Property & Casualty 27% 52% 15% 38% 16% 42% 11% 28% 3/28/18 $165 3/27/18 $51 $398 $230 $271 $283 $312 $521 $ Life Health 6% 7% 30% 57% 2/28/18 $110 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 $11.7 $6.1 $6.3 $7.4 $15.4 $6.5 $11.6 $ Information Services IT & BPO Services 16% 34% 11% 13% 2/20/18 $60 Average Deal Amount($MM) 9 Financial SaaS 46% 61% InsurTech Deal Volume by Stage Aggregate InsurTech Market 20% 37% 1/10/18 $30 24% 20% 23% 16% 19% 23% 15% 10% 19% 12% 8% 12% 18% 26% 36% 41% 42% 48% 50% 38% Legend S&P % 24% Insurance Segment P&C Life Health Distribution & Customer Engagement Insurance Value Chain Products, Pricing & Underwriting Policy Admin, Claims & Back Office Data & Analytics Q Seed/Angel Series A Series B Series C+ Source: CB Insights, Pitchbook. CapIq. GCA Deal Database. Market data as of 3/31/18. (1) Includes private company equity financings. (2) Represents unweighted average, except for S&P

14 INSURTECH SELECTED PUBLIC COMPANY LANDSCAPE Selected InsurTech subsectors and key operating stats ($Bn) 1 Insurance Technology 2 Benefits Administration/Payroll 3 Brokerage & Distribution Combined Market Cap.: $33 18/17 Rev. Growth: 16% 18 EBITDA Margin: 13% Combined Market Cap.: $102 18/17 Rev. Growth: 13% 18 EBITDA Margin: 21% Combined Market Cap.: $123 18/17 Rev. Growth: 9% 18 EBITDA Margin: 23% 4 Property & Casualty 5 Life 6 Health Combined Market Cap.: $414 18/17 Rev. Growth: 5% 18 EBITDA Margin: 13% Combined Market Cap.: $418 18/17 Rev. Growth: 4% 18 EBITDA Margin: 14% Combined Market Cap.: $438 18/17 Rev. Growth: 6% 18 EBITDA Margin: 7% 7 Information Services 8 IT & BPO Services 9 Financial SaaS Combined Market Cap.: $326 18/17 Rev. Growth: 7% 18 EBITDA Margin: 30% Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 3/31/18. Combined Market Cap.: $602 18/17 Rev. Growth: 9% 18 EBITDA Margin: 17% Combined Market Cap.: $117 18/17 Rev. Growth: 19% 18 EBITDA Margin: 20% 14

15 INSURTECH STOCK PRICE PERFORMANCE InsurTech shows strong performance over the last three years and the LTM period LTM Share Price Performance 3 Year Share Price Performance 1) Insurance Technology 2) Benefits Administration/Payroll 3) Brokerage & Distribution 4) Property & Casualty 5) Life 6) Health 7) Information Services 8) IT & BPO Services 9) Financial SaaS Source: CapIq. Market data as of 3/31/18. 15

16 9.0x INSURTECH PUBLIC COMPANY VALUATION InsurTech is trading at 2.2x NTM revenues, despite having a stronger growth profile than other subsectors Enterprise Value / LTM Revenue Enterprise Value / LTM Revenue 6.0x 3.0x 2.0x 2.2x 2.1x 2.2x 0.0x (LTM) Enterprise Value / NTM Revenue Median NTM Revenue Growth to EV / NTM Revenue Multiple 9.0x 20% 15% x 3.0x 0.0x 2.0x 2.1x 2.5x 2.2x (NTM) 2 10% % 4 0% 5 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x -5% 1) Insurance Technology 2) Benefits Administration/Payroll 3) Brokerage & Distribution 4) Property & Casualty 5) Life 6) Health 7) Information Services 8) IT & BPO Services 9) Financial SaaS Source: CapIq. Market data as of 3/31/18. Lines display median multiples across comp groups for given year. 16

17 35.0x INSURTECH PUBLIC COMPANY VALUATION (CONT D) On an EBITDA basis, InsurTech has performed very well on both an EV/ LTM EBITDA and EV/ NTM EBITDA basis Enterprise Value / LTM EBITDA Enterprise Value / LTM EBITDA 28.0x 21.0x 14.0x 9.3x 11.5x 13.5x 12.7x 7.0x 0.0x (LTM) Enterprise Value / NTM EBITDA Median NTM EBITDA Growth to EV / NTM EBITDA Multiple 30.0x 25.0x 35% 30% x 15.0x 10.0x 9.2x 10.0x 12.3x 12.2x 25% 20% 15% 10% x 5% 5 0.0x (NTM) 0% 0.0x 6.0x 12.0x 18.0x 24.0x 30.0x 1) Insurance Technology 2) Benefits Administration/Payroll 3) Brokerage & Distribution 4) Property & Casualty 5) Life 6) Health 7) Information Services 8) IT & BPO Services 9) Financial SaaS Source: CapIq. Market data as of 3/31/18. Lines display median multiples across comp groups for given year. 17

18 INSURTECH PUBLIC COMPANY VALUATION (CONT D) Long-term growth is not necessarily correlated with public company P/E multiples or PEG ratios (1) 2018 P/E Multiple 2018 PEG Ratio Long-Term EPS Growth 2 Benefits Admin/Payroll 37.7x % 9 Financial SaaS 27.4x % 1 Insurance Technology 26.0x % 7 Information Services 21.2x % 3 Brokerage & Distribution 17.9x % 8 IT & BPO Services 17.4x % 6 Health 15.2x % 4 Property & Casualty 12.5x % 5 Life 9.3x % 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x (1) PEG ratio defined as 2018E price/earnings ratio divided by estimated long-term EPS growth rate. Figures represent medians of sub-sectors. Market data as of 3/31/18. Long-term EPS growth covers last 5 years. 18

19 SELECTED RECENT GROWTH EQUITY & VC ACTIVITY Date Announced Target Investors Type Amount ($MM) 3/28/18 8VC, Brian Singerman, capitalg, Fidelity Investments, Founders Fund, General Catalyst, Khosla Ventures, Thrive Capital, Verily Life Sciences Series D $ /28/18 Bank Hapoalim, D.E. Shaw & Co., Moneta Seeds, Vertex Ventures Israel Series A $5.0 3/27/18 Redpoint Ventures, Ribbit Capital, Scale Venture Partners, Silicon Valley Bank Series C $51.0 3/26/18 AMP New Ventures, OneVentures, SEEK Series B $6.2 3/23/18 3/22/18 Black Pearls VC, Concentric, London Co-Investment Fund, National Centre for Research and Development Bloomberg Beta, Fenbushi Capital, Fidelity Investments, FuturePerfect Ventures, GMP Securities, Graphene Ventures, Rakuten Ventures Series A $3.1 Series A $10.4 3/15/18 Undisclosed Series A $5.2 3/14/18 HCS Capital Partners Series B $4.0 3/11/18 ClearSky Security, MassMutual Ventures, Glilot Capital Series A $11.0 3/7/18 8VC, Barry Sternlicht, Bienville Capital, Menlo Ventures Series B $33.0 3/6/18 Aegon NV VC $7.6 3/6/18 3/1/18 2/28/18 Bain Capital Ventures, FirstMark Capital, Index Ventures, Redpoint Ventures, Thrive Capital Core Innovation Capital, Green Visor Capital, Jean Chatzky, Kairos Society Ventures, NextView Ventures Founders Fund, Google Ventures, Maverick Ventures, Mubadala Investment Co, New Enterprise Associates, Sun Life Financial Series D $40.0 Seed VC $2.8 Series D $ /28/18 Deep Nishar, Ribbit Capital, Sam Altman, Valor Equity Partners, VY Capital Series A $10.0 2/21/18 2/20/18 A Capital, Canvas Ventures, Correlation Ventures, Northwestern Mutual Future Ventures, Project A Ventures, Securian Financial Group Aflac Corporate Ventures, BlueCross BlueShield Venture Partners, MassMutual Ventures Series A $9.5 Series B $4.0 Source: CapIq. Pitchbook. Selected deals from Q

20 SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT D) Date Announced Target Investors Type Amount ($MM) 2/20/18 Lemhi Ventures Series A $60.0 2/16/18 2/14/ Startups, August Capital, Chicago Ventures, Commerce Ventures, Omidyar Network, Portag3 Ventures Aspect Ventures, Fintech71, LOUD Capital, NCT Ventures, Pete Kight, Precursor Ventures, Rev1 Ventures, Revolution, Social Capital Series A $13.1 Series A $3.0 2/14/18 HanFor Holdings Series A - II $3.2 2/13/18 Sinai Ventures Series A $5.9 2/1/18 Sound Ventures Series B $39.3 1/23/ Startups, CVC Capital Partners, Nikko Asset Management, Tokio Marine Capital Series B $13.3 1/22/18 Comcast Ventures, Fifth Wall Ventures, Plug and Play Ventures Series B $25.0 1/16/18 American Discovery Capital Series A - II $6.0 1/16/18 Elephant Venture Capital, Simon Nixon Series A $12.0 1/10/18 1/9/18 Canaan Partners, Lightspeed Venture Partners, Nyca Partners, RRE Ventures, Thomvest Ventures Hangzhou Win-Light Investment, Legend Star, Neovision Capital, Origins Capital, QF Capital, Yonyou Happiness Capital Management Series B $30.0 Series A - II $7.7 1/8/18 Andy Homer, Force Over Mass Capital, Pentech Ventures Series A $2.7 1/3/18 NextView Ventures, Plug and Play Ventures Series A $3.3 1/2/ Startups, 8VC, Compound, Merus Capital Series A $6.0 1/2/18 Oak HC/FT Partners Series A $11.5 Source: CapIq. Pitchbook. Selected deals from Q

21 SELECTED M&A ACTIVITY Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value ($MM) LTM LTM 4/4/2018 NA NA NA Cynosure Software 3/22/2018 $33 1.7x NA 3/5/2018 $15, x 13.8x 2/7/2018 $22 NA NA 1/29/2018 $18 ~5.0x NA 1/29/2018 $37 NA NA 1/29/2018 $414 NA NA 1/22/2018 $155 NA NA 1/16/2018 $51 NA NA 1/9/2018 NA NA NA 12/11/2017 $2, x NA 11/30/2017 $280 NA NA 10/18/2017 $2,488 NA NA 10/6/2017 $275 NA NA 10/2/2017 $63 NA NA 9/28/2017 $1, x NA 9/21/2017 $3,031 NA NA 9/6/2017 $60 NA NA Source: CapIq. Pitchbook. 21

22 SELECTED M&A ACTIVITY (CONT D) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value ($MM) LTM LTM 8/24/2017 $151 NA NA 8/21/2017 Sequel $ x 21.3x 8/4/2017 $ x 49.3x 7/27/2017 $107 NA NA 7/27/2017 $919 NA NA 6/8/2017 NA NA NA 5/24/2017 $95 2.4x NA 5/15/2017 NA NA NA 5/8/2017 $560 NA NA 4/27/2017 $115 NA NA 4/6/2017 $50 NA NA 4/4/2017 $ x NA 3/31/2017 $ x NA 2/16/2017 $ x NA 2/9/2017 $50 NA NA 1/9/2017 $ x NA Median 2.4x 21.3x Source: CapIq. Pitchbook. 22

23 SELECTED PUBLIC COMPANY DETAIL Bnfts Admin./Payroll Insurance Tech. ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 3/31/18 Value Value Growth PEG 17E/16A 18E/17E 17E/16A 18E/17E 18E 17E 18E 17E 18E 17E 18E Insurance Technology Verisk Analytics, Inc. $ $17,162 $20,025 12% 2.2 7% 11% 4% 10% 49% 9.4x 8.5x 19.2x 17.5x 32.7x 26.0x Guidewire Software, Inc. $80.83 $6,459 $5,954 8% % 19% 30% 11% 20% 10.5x 8.8x 50.3x 45.2x 91.5x 84.7x HealthEquity, Inc. $60.54 $3,690 $3,450 33% % 24% 31% 33% 39% 15.2x 12.3x 42.0x 31.6x 91.5x 59.8x Ebix, Inc. $74.50 $2,346 $2,665 15% % 24% 10% 33% 37% 7.5x 6.0x 21.7x 16.3x 23.8x 19.8x CorVel Corporation $50.55 $954 $901 NA NA 3% NA 4% NA NA 1.7x NM 12.6x NM 30.1x NM Benefitfocus, Inc. $24.40 $764 $824 25% NA 10% 8% NA 46% 10% 3.2x 3.0x 45.4x 31.0x NM NM Crawford & Company $8.22 $460 $631 NA NA 2% (1%) (6%) 8% 11% 0.6x 0.6x 5.3x 4.9x 10.6x 10.2x Sapiens International Corporation N.V. $8.53 $424 $431 5% % 10% (14%) 60% 15% 1.6x 1.4x 15.3x 9.6x NM 21.9x ehealth, Inc. $14.31 $271 $231 NA NA (9%) 29% NM NA 3% 1.4x 1.1x NM 30.3x NM NM Majesco $5.06 $185 $187 NA NA (0%) 19% (12%) 126% 8% 1.5x 1.3x 34.9x 15.4x NM 50.6x Symbility Solutions Inc. $0.31 $75 $69 NA NA 19% 14% NM 14% 6% 1.7x 1.5x 26.7x 23.3x NM NM Median 14% % 16% 4% 33% 13% 1.7x 2.2x 24.2x 20.4x 31.4x 26.0x Benefits Administration/Payroll Automatic Data Processing, Inc. $ $50,302 $50,528 14% 1.9 6% 8% (3%) 12% 21% 4.0x 3.7x 19.4x 17.4x 30.1x 25.5x Paychex, Inc. $61.59 $22,128 $21,764 9% 2.6 6% 8% 8% 2% 41% 6.7x 6.2x 15.4x 15.2x 26.8x 23.3x The Ultimate Software Group, Inc. $ $7,451 $7,296 26% % 19% 16% 28% 25% 7.8x 6.6x 34.0x 26.6x 67.4x 53.7x Paycom Software, Inc. $ $6,343 $6,333 26% % 26% 41% 25% 31% 14.7x 11.7x 47.7x 38.0x 85.2x 69.6x HealthEquity, Inc. $60.54 $3,690 $3,450 33% % 24% 31% 33% 39% 15.2x 12.3x 42.0x 31.6x 91.5x 59.8x TriNet Group, Inc. $46.32 $3,245 $3,332 20% 1.9 7% 10% (15%) 18% 6% 1.0x 0.9x 17.6x 14.9x 48.3x 37.7x Insperity, Inc. $69.55 $2,921 $2,670 17% % 13% 23% 13% 5% 0.8x 0.7x 15.3x 13.5x 29.5x 22.9x Paylocity Holding Corporation $51.23 $2,695 $2,584 27% % 23% 98% 32% 20% 8.6x 7.0x 46.0x 34.8x 76.5x 60.3x WageWorks, Inc. $45.20 $1,792 $1,144 15% % 9% 35% 14% 32% 2.4x 2.2x 7.8x 6.9x 25.4x 22.2x Benefitfocus, Inc. $24.40 $764 $824 25% NA 10% 8% NA 46% 10% 3.2x 3.0x 45.4x 31.0x NM NM Castlight Health, Inc. $3.65 $494 $406 25% NA 28% 24% NA NA (7%) 3.1x 2.5x NM NM NM NM Median 25% % 13% 23% 22% 21% 4.0x 3.7x 26.7x 22.0x 48.3x 37.7x Brokerage & Distrib. Brokerage & Distribution Marsh & McLennan Companies, Inc. $82.59 $41,924 $46,206 12% 1.6 5% 7% 9% 6% 24% 3.3x 3.1x 13.5x 12.7x 21.8x 19.0x Aon plc $ $34,564 $39,341 13% 1.3 (15%) 8% (5%) 13% 27% 4.0x 3.7x 15.6x 13.8x 21.5x 17.5x Willis Towers Watson Public Limited Company $ $20,122 $23,627 11% 1.4 3% 5% 9% 11% 25% 2.9x 2.8x 12.2x 11.0x 18.1x 15.5x Arthur J. Gallagher & Co. $68.73 $12,512 $14,964 15% 1.3 8% 10% 9% 12% 17% 2.5x 2.2x 14.6x 13.1x 23.0x 19.2x Brown & Brown, Inc. $25.44 $7,025 $7,403 (11%) NA 4% 5% 1% 2% 31% 4.0x 3.8x 12.7x 12.4x 27.4x 21.4x Jardine Lloyd Thompson Group plc $17.99 $3,805 $4,334 13% % 12% NA 9% 21% 2.4x 2.1x 11.0x 10.1x 22.7x 18.2x Moneysupermarket.com Group PLC $4.03 $2,158 $2,111 6% % 5% 17% 2% 37% 4.7x 4.4x 12.1x 11.9x 18.0x 17.4x QuinStreet, Inc. $12.77 $590 $548 25% 2.0 8% 17% NM 57% 8% 1.7x 1.4x 26.7x 17.0x NM 49.7x ehealth, Inc. $14.31 $271 $231 NA NA (7%) 27% NA NA 9% 1.3x 1.0x NM 11.2x NM 14.8x iselect Limited $0.78 $168 $142 NA NA 18% 9% 27% 14% 16% 0.9x 0.9x 5.9x 5.2x 13.0x 10.8x Median 13% 1.4 7% 9% 9% 11% 23% 2.7x 2.5x 12.7x 12.2x 21.6x 17.9x Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. 23

24 SELECTED PUBLIC COMPANY DETAIL (CONT D) Property & Casualty ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 3/31/18 Value Value Growth PEG 17E/16A 18E/17E 17E/16A 18E/17E 18E 17E 18E 17E 18E 17E 18E Property & Casualty Allianz SE $ $99,653 $116,849 5% % 6% NA 11% 10% 0.8x 0.7x 8.4x 7.6x 12.2x 10.7x Chubb Limited $ $63,474 $74,874 8% 1.7 5% 3% (18%) 36% 24% 2.7x 2.7x 15.1x 11.1x 19.1x 12.7x American International Group, Inc. $54.42 $49,145 $68,037 11% 0.9 (6%) (2%) NM 44% 25% 1.4x 1.4x 8.2x 5.7x 21.3x 9.9x The Travelers Companies, Inc. $ $37,690 $39,022 10% 1.3 4% 5% NM 17% 17% 1.5x 1.5x 10.0x 8.5x 21.3x 12.9x The Allstate Corporation $94.80 $33,478 $37,266 10% 1.2 3% 2% 56% (11%) 13% 1.2x 1.1x 7.5x 8.5x 15.5x 11.4x The Progressive Corporation $60.93 $35,486 $35,658 12% % 16% 37% 8% 9% 1.3x 1.1x 14.1x 13.1x 25.0x 16.4x The Hartford Financial Services Group, Inc. $51.52 $18,392 $21,113 16% 0.8 1% 2% NA 21% 13% 1.1x 1.1x 10.3x 8.5x 18.6x 11.8x Markel Corporation $1, $16,264 $15,004 NA NA 6% 12% NM 75% 12% 2.5x 2.2x 33.0x 18.8x NM 32.5x CNA Financial Corporation $49.35 $13,385 $14,449 6% 2.1 8% 2% 14% 0% 21% 2.1x 2.0x 9.6x 9.6x 15.7x 12.5x Cincinnati Financial Corporation $74.26 $12,185 $12,379 8% 2.8 5% 2% (16%) 22% 14% 2.2x 2.1x 18.6x 15.2x 27.9x 22.3x W. R. Berkley Corporation $72.70 $8,836 $9,765 13% 1.6 1% 6% (11%) 0% 15% 1.5x 1.4x 9.8x 9.8x 30.5x 20.1x American Financial Group, Inc. $ $9,923 $9,378 15% 0.9 6% 3% (0%) 8% 24% 2.1x 2.0x 9.1x 8.4x 18.7x 13.8x RSA Insurance Group plc $8.84 $8,946 $8,268 13% % 7% (3%) 11% 10% 0.9x 0.8x 9.2x 8.3x 15.7x 12.5x Assurant, Inc. $91.41 $4,803 $4,590 NA NA (16%) 5% NM 63% 11% 0.7x 0.7x 10.4x 6.4x 24.7x 11.4x AmTrust Financial Services, Inc. $12.31 $2,416 $2,775 NA NA 5% 11% (10%) 46% 0% 0.5x 0.5x NM NM 10.0x 9.8x Median 11% 1.3 5% 5% (3%) 17% 13% 1.4x 1.4x 9.9x 8.5x 18.9x 12.5x Life Life MetLife, Inc. $45.89 $47,572 $106,663 13% 0.7 (8%) (1%) (14%) 4% 12% 1.7x 1.7x 15.2x 14.6x 11.2x 9.3x AXA SA $26.61 $63,425 $88,804 4% % (1%) 12% (0%) 8% 0.7x 0.7x 8.9x 9.0x 8.8x 8.0x Zurich Insurance Group AG $ $49,362 $44,668 10% 1.3 (1%) 1% (16%) 18% 13% 0.9x 0.9x 8.3x 7.0x 17.6x 13.2x Aflac Incorporated $43.76 $34,105 $36,452 8% 1.4 (4%) 0% NA 10% 21% 1.7x 1.7x 8.8x 8.1x 13.0x 11.4x Manulife Financial Corporation $18.55 $36,784 $28,985 12% % (15%) NM (7%) 14% 0.6x 0.7x 4.9x 5.3x 10.4x 9.2x Prudential Financial, Inc. $ $43,686 $27,396 10% 0.9 (1%) 4% 2% 7% 14% 0.5x 0.5x 3.8x 3.6x 9.8x 8.5x Ameriprise Financial, Inc. $ $21,613 $23,604 NA NA 3% 8% NA 9% 30% 2.0x 1.9x 6.8x 6.2x 14.9x 10.2x Lincoln National Corporation $73.06 $15,946 $18,703 14% 0.6 4% 9% NA NA NA 1.3x 1.2x 9.0x NM 9.5x 8.5x Principal Financial Group, Inc. $60.91 $17,643 $15,935 10% % 2% NA NA NA 1.2x 1.1x 6.0x NM 11.6x 10.6x Aegon N.V. $6.75 $13,791 $7,134 3% % 4% NA NA NA 0.3x 0.3x 1.9x NM 7.9x 7.9x Legal & General Group Plc $3.62 $21,481 $1,312 6% 1.7 4% 7% 24% (4%) 22% 0.1x 0.1x 0.5x 0.5x 10.6x 10.0x Aviva plc $6.96 $27,964 ($24,155) 7% 1.3 (11%) 7% 22% 27% 7% NM NM NM NM 9.7x 8.6x Sun Life Financial Inc. $41.03 $24,951 ($28,058) NA NA 3% 14% NA NA NA NM NM NM NM 12.5x 11.4x Median 10% 1.3 3% 4% 7% 7% 14% 0.9x 0.9x 6.8x 6.6x 10.6x 9.3x Health Health UnitedHealth Group Incorporated $ $207,080 $223,282 15% 1.2 9% 12% 13% 13% 9% 1.1x 1.0x 12.9x 11.4x 21.4x 17.1x Aetna Inc. $ $55,253 $58,222 10% 1.5 (4%) 1% 8% 2% 10% 1.0x 0.9x 9.5x 9.3x 17.3x 15.4x Anthem, Inc. $ $56,182 $51,966 15% 1.0 5% 3% 23% 13% 7% 0.6x 0.6x 8.6x 7.6x 18.4x 14.5x Cigna Corporation $ $40,801 $43,069 13% 1.0 4% 7% 16% 7% 11% 1.0x 1.0x 9.2x 8.6x 16.1x 13.0x Humana Inc. $ $37,122 $28,584 14% 1.4 (2%) 4% 15% (8%) 6% 0.5x 0.5x 7.5x 8.2x 23.1x 19.4x Centene Corporation $ $18,703 $18,871 17% % 27% 4% 44% 4% 0.4x 0.3x 11.2x 7.7x 21.4x 14.9x Aegon N.V. $6.75 $13,791 $7,134 3% % 4% NA NA NA 0.3x 0.3x 1.9x NM 7.9x 7.9x WellCare Health Plans, Inc. $ $8,622 $5,136 16% % 10% (3%) 19% 4% 0.3x 0.3x 7.5x 6.3x 23.0x 19.7x Median 14% 1.2 7% 6% 13% 13% 7% 0.6x 0.5x 8.9x 8.2x 19.9x 15.2x Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. 24

25 SELECTED PUBLIC COMPANY DETAIL (CONT D) Information Services ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 3/31/18 Value Value Growth PEG 17E/16A 18E/17E 17E/16A 18E/17E 18E 17E 18E 17E 18E 17E 18E Information Services S&P Global Inc. $ $47,643 $48,421 15% 1.5 6% 8% 14% 11% 49% 8.1x 7.5x 16.8x 15.2x 28.7x 22.4x RELX PLC $20.56 $40,771 $47,225 7% % 4% 19% 5% 35% 4.7x 4.5x 13.5x 12.9x 18.9x 17.5x Moody's Corporation $ $30,826 $35,183 12% % 14% 19% 17% 49% 8.6x 7.5x 18.0x 15.4x 27.0x 20.9x Thomson Reuters Corporation $38.61 $27,397 $33,697 8% 1.9 1% 1% 8% 1% 30% 3.0x 2.9x 9.9x 9.7x 15.8x 14.9x Experian plc $21.58 $19,556 $23,021 9% 2.3 (5%) 12% (1%) 8% 34% 5.4x 4.8x 15.1x 14.0x 24.1x 20.6x IHS Markit Ltd. $48.24 $18,441 $22,565 12% % 9% 40% 10% 39% 6.3x 5.8x 16.3x 14.8x 23.5x 21.2x Verisk Analytics, Inc. $ $17,162 $20,025 12% 2.2 7% 11% 4% 10% 49% 9.4x 8.5x 19.2x 17.5x 32.7x 26.0x Nielsen Holdings plc $31.79 $11,338 $19,123 8% 1.6 4% 4% 5% 1% 30% 2.9x 2.8x 9.4x 9.3x 12.1x 12.1x Wolters Kluwer N.V. $53.21 $14,803 $17,287 8% % 0% 21% (0%) 27% 3.2x 3.2x 12.0x 12.0x 19.7x 18.2x Equifax Inc. $ $14,152 $16,520 9% 2.1 6% 4% 9% (4%) 34% 4.9x 4.7x 13.4x 13.9x 19.9x 19.9x MSCI Inc. $ $13,434 $14,622 14% % 13% 16% 19% 55% 11.5x 10.2x 22.1x 18.7x 39.0x 28.5x Gartner, Inc. $ $10,684 $13,424 16% % 26% 53% 11% 19% 4.1x 3.2x 19.2x 17.3x 34.1x 30.2x TransUnion $56.78 $10,441 $12,768 12% % 11% 17% 12% 39% 6.7x 6.0x 17.1x 15.4x 30.5x 24.6x Informa plc $10.09 $8,307 $10,163 4% % 5% 44% 6% 34% 4.3x 4.1x 13.0x 12.3x 16.1x 14.9x FactSet Research Systems Inc. $ $7,782 $8,092 11% % 8% 14% (1%) 34% 6.4x 5.9x 17.2x 17.5x 26.5x 22.9x News Corporation $15.80 $9,212 $7,637 14% 2.0 1% 1% 0% 4% 12% 0.9x 0.9x 8.2x 7.8x 35.8x 28.2x Fair Isaac Corporation $ $5,093 $5,663 16% 1.7 5% 7% 10% 21% 27% 6.0x 5.6x 24.8x 20.6x 34.2x 26.7x The Dun & Bradstreet Corporation $ $4,339 $5,575 8% 1.8 3% 1% 2% 4% 29% 3.2x 3.1x 11.1x 10.7x 16.3x 14.3x CoreLogic, Inc. $45.23 $3,688 $5,323 8% 2.2 (5%) 0% (6%) 1% 26% 2.9x 2.9x 11.4x 11.2x 19.4x 17.4x Morningstar, Inc. $95.52 $4,059 $3,886 NA NA 7% 4% (7%) 12% 29% 4.5x 4.3x 16.7x 14.9x 40.6x 33.6x Euromoney Institutional Investor PLC $17.18 $1,844 $2,065 NA NA 14% 3% 17% 4% 27% 3.6x 3.5x 13.4x 12.9x 16.7x 16.0x Acxiom Corporation $22.71 $1,787 $1,839 13% 3.5 6% 12% 15% 18% 21% 2.0x 1.8x 9.7x 8.2x NM 43.7x comscore, Inc. $24.07 $1,316 $1,287 5% % 11% 35% 32% 16% 2.7x 2.4x 19.8x 15.0x 12.2x 9.7x National Research Corporation $49.83 $1,221 $1,188 NA NA 8% 8% 10% 10% 33% 10.0x 9.3x 30.6x 27.8x 56.6x 52.5x Forrester Research, Inc. $41.45 $749 $615 14% 2.2 2% 7% (3%) 5% 11% 1.9x 1.7x 16.1x 15.3x 34.3x 29.3x Median 11% 2.1 7% 7% 14% 8% 30% 4.5x 4.3x 16.1x 14.8x 25.3x 21.2x Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. 25

26 SELECTED PUBLIC COMPANY DETAIL (CONT D) IT & BPO Services ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 3/31/18 Value Value Growth PEG 17E/16A 18E/17E 17E/16A 18E/17E 18E 17E 18E 17E 18E 17E 18E IT & BPO Services International Business Machines Corporation $ $141,335 $175,611 (0%) NA (2%) 2% 0% 2% 24% 2.2x 2.2x 9.2x 9.0x 11.1x 11.1x Accenture plc $ $98,714 $95,144 11% 2.1 7% 12% 4% 16% 17% 2.7x 2.4x 16.3x 14.0x 25.6x 22.7x Tata Consultancy Services Limited $43.78 $83,812 $78,095 10% % 5% 6% 5% 26% 4.1x 3.9x 15.6x 14.8x 21.2x 19.9x Cognizant Technology Solutions Corporation $80.50 $47,338 $43,155 15% % 10% 9% 20% 21% 2.9x 2.7x 15.0x 12.5x 21.7x 17.7x DXC Technology Company $ $28,720 $34,334 8% 1.4 NM 20% NM 30% 21% 1.7x 1.4x 8.8x 6.8x 15.1x 11.3x Infosys Limited $17.39 $37,799 $34,184 8% 2.0 9% 4% 7% 2% 26% 3.1x 3.0x 11.7x 11.5x 17.5x 16.6x Capgemini SE $ $20,891 $22,561 7% % 4% 17% 4% 14% 1.5x 1.4x 10.5x 10.1x 17.5x 16.6x HCL Technologies Limited $14.88 $20,723 $19,972 12% % 4% 15% 6% 23% 2.5x 2.4x 11.4x 10.8x 15.0x 15.3x NTT Data Corporation $10.66 $14,949 $18,320 8% % 11% 17% 12% 15% 1.0x 0.9x 6.9x 6.2x 28.1x 22.9x CGI Group Inc. $57.62 $16,367 $17,698 10% % 2% 8% 3% 18% 2.0x 2.0x 11.2x 10.9x 19.3x 17.5x Wipro Limited $4.33 $19,461 $16,996 9% 1.7 6% 2% 10% (3%) 21% 2.0x 2.0x 9.3x 9.5x 15.3x 14.9x Atos SE $ $14,387 $14,018 7% % 1% 38% 3% 14% 0.9x 0.9x 6.6x 6.4x 13.7x 12.7x Nomura Research Institute, Ltd. $47.46 $10,663 $10,146 9% % 14% 9% 13% 20% 2.5x 2.2x 12.3x 10.9x 28.1x 24.6x Tech Mahindra Limited $9.81 $9,615 $8,460 11% % 5% (1%) 24% 16% 1.8x 1.7x 13.1x 10.6x 18.5x 16.0x Genpact Limited $31.99 $6,189 $6,900 10% 1.9 6% 9% 7% 10% 17% 2.5x 2.3x 15.2x 13.8x 20.0x 18.5x EPAM Systems, Inc. $ $6,074 $5,517 19% % 25% 23% 25% 18% 3.8x 3.0x 21.6x 17.2x 33.5x 27.9x Conduent Incorporated $18.64 $3,923 $5,326 NA NA (6%) (3%) 5% 9% 13% 0.9x 0.9x 8.0x 7.3x 23.0x 17.3x Capita plc $2.02 $1,346 $4,215 (0%) NA (6%) 1% (7%) (18%) 10% 0.7x 0.7x 5.7x 7.0x 3.2x 4.9x Syntel, Inc. $25.53 $2,118 $2,354 8% 1.8 (7%) 4% (18%) 3% 25% 2.6x 2.5x 10.4x 10.1x 13.7x 13.7x Presidio, Inc. $15.64 $1,438 $2,301 7% 1.6 NA 4% NA (2%) 8% 0.8x 0.8x 9.6x 9.8x 12.4x 11.0x WNS (Holdings) Limited $45.33 $2,280 $2,175 14% % 13% 16% 39% 23% 3.2x 2.8x 17.2x 12.3x 48.8x 29.8x MphasiS Limited $12.97 $2,506 $2,122 8% 2.3 9% 9% (5%) 16% 16% 2.2x 2.0x 14.0x 12.1x 21.4x 17.7x Mindtree Limited $11.89 $1,950 $1,853 16% 1.4 8% 10% (10%) 31% 15% 2.2x 2.0x 18.1x 13.8x 27.9x 22.1x Globant S.A. $51.54 $1,814 $1,759 NA NA 26% 23% (0%) 32% 17% 4.3x 3.5x 27.0x 20.6x 39.6x 32.5x ExlService Holdings, Inc. $55.77 $1,907 $1,703 15% % 11% 10% 15% 18% 2.2x 2.0x 13.1x 11.4x 21.2x 20.2x Hexaware Technologies Limited $5.79 $1,719 $1,635 12% % 10% 24% 8% 17% 2.6x 2.4x 15.6x 14.4x 22.0x 20.0x Luxoft Holding, Inc. $40.95 $1,385 $1,316 NA NA 17% 12% 2% 13% 15% 1.5x 1.3x 9.8x 8.7x 14.8x 13.5x Virtusa Corporation $48.46 $1,426 $1,263 21% % 25% 82% 39% 8% 1.3x 1.0x 18.5x 13.4x 32.8x 22.6x Perficient, Inc. $22.92 $798 $847 NA NA (7%) 6% 9% 10% 16% 1.9x 1.8x 12.1x 11.0x 18.9x 15.4x Persistent Systems Limited $10.61 $849 $715 13% % 10% 14% 17% 17% 1.5x 1.4x 9.6x 8.3x 16.7x 14.4x Median 10% % 9% 9% 11% 17% 2.2x 2.0x 11.9x 10.9x 19.7x 17.4x Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. 26

27 SELECTED PUBLIC COMPANY DETAIL (CONT D) Financial SaaS ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 3/31/18 Value Value Growth PEG 17E/16A 18E/17E 17E/16A 18E/17E 18E 17E 18E 17E 18E 17E 18E Financial SaaS Intuit Inc. $ $44,397 $44,774 16% % 10% 8% 10% 37% 8.2x 7.5x 22.4x 20.4x 38.1x 31.6x Workday, Inc. $ $26,947 $25,171 35% % 25% 91% 24% 16% 11.8x 9.4x 75.3x 60.8x 131.0x 118.8x SS&C Technologies Holdings, Inc. $53.64 $11,084 $13,065 11% % 6% 13% 9% 43% 7.8x 7.4x 18.9x 17.3x 27.8x 23.6x The Sage Group plc $8.97 $9,714 $10,704 10% % 14% 16% 12% 30% 4.6x 4.1x 15.4x 13.7x 22.2x 18.9x Paycom Software, Inc. $ $6,343 $6,333 26% % 26% 41% 25% 31% 14.7x 11.7x 47.7x 38.0x 85.2x 69.6x Xero Limited $25.71 $3,531 $3,473 NA NA 33% 48% NA NA 15% 13.7x 9.3x NM 63.6x NM NM Envestnet, Inc. $57.30 $2,563 $2,743 15% % 21% 22% 26% 19% 4.0x 3.3x 22.5x 17.9x 44.0x 31.2x Paylocity Holding Corporation $51.23 $2,695 $2,584 27% % 23% 98% 32% 20% 8.6x 7.0x 46.0x 34.8x 76.5x 60.3x Coupa Software Incorporated $45.62 $2,583 $2,333 NA NA 36% 23% NA NA (5%) 12.8x 10.5x NM NM NM NM Financial Engines, Inc. $35.00 $2,207 $1,983 15% % 8% 18% 8% 33% 4.1x 3.8x 12.5x 11.6x 25.4x 19.2x Q2 Holdings, Inc. $45.55 $1,914 $1,815 20% NA 29% 21% NA 108% 9% 9.4x 7.7x NM NM NM NM Blucora, Inc. $24.60 $1,149 $1,427 19% % 8% 6% 7% 20% 2.8x 2.6x 14.3x 13.3x 17.7x 14.8x Alfa Financial Software Holdings PLC $4.82 $1,446 $1,404 NA NA 18% 17% 15% 18% 48% 11.8x 10.0x 24.8x 21.0x 0.4x 0.3x Benefitfocus, Inc. $24.40 $764 $824 25% NA 10% 8% NA 46% 10% 3.2x 3.0x 45.4x 31.0x NM NM Median 19% % 19% 17% 21% 20% 8.4x 7.4x 22.5x 20.7x 33.0x 27.4x Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. 27

28 GCA OVERVIEW A leading, independent global investment bank GLOBAL TECH FOCUS GROWTH COMPANIES CROSS-BORDER Global reach with 18 offices in 10 key markets, with deep local roots to ensure hands-on support for our clients Leading technology advisor with strong networks in key tech hubs globally Strong expertise in advising growth companies and leading corporations in capital raising and M&A Expert advisor for cross-border transactions ~33% of our deals involve cross-border outcomes Over 400 M&A bankers and growth company experts in the U.S., Europe, and Asia Over 350 deals closed over the last 3 years San Francisco I New York I Manchester I London I Milan I Zurich I Frankfurt I Munich I Tel Aviv Mumbai I New Delhi I Singapore I Shanghai I Osaka I Tokyo I Ho Chi Minh City I Taipei I Nagoya 28

29 GCA OVERVIEW Selected FinTech experience Sold Sold Tender Offer for Financing from To Asahi Fire & Marine Insurance Co. To We Advised CHX Fairness Opinion to Clearent We Advised BlackFin We Advised Asahi (close pending) We Advised WorkMarket We Advised RGI Shareholders We Advised Radius Liquidity Venues Payments Insurance Technology Insurance Technology Financial SaaS Insurance Technology Payments Sale of Majority sale to Growth Investment Strategic Investment Growth Investment to We Advised Skyslope Financial Advisor Financial Advisor We Advised ControlExpert We Advised Edo Financial Advisor We Advised Vindicia Real Estate Tech Banking & Lending Tech Payments Insurance Technology Payments Payments Payments Growth Investment from Acquisition of Acquisition of Growth Investment For Blockchain Technology We Advised Commissions Inc We Advised Capsilon We Advised TSYS We Advised Blucora We Advised Market Leader We Advised AWL Financial Advisor Real Estate Tech Real Estate Tech Payments Investment Technology Real Estate Tech Insurance Technology Information Services Preferred Stock Investment from Acquisition of Acquisition of Financial Advisor We Advised GP Net We Advised Simple We Advised TSYS We Advised Finanzen.de We Advised INS Web We Advised INS Web Insurance Technology Payments Banking & Lending Tech Payments Insurance Technology Insurance Technology Insurance Technology The above transactions represent a compilation of deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. 29