January 2019 IN THIS ISSUE. About Us 2 Recent Transactions & Case Studies 7 FinTech Trading Analysis 15 Recent FinTech Transaction Activity 29

Transcription

1 January 2019 IN THIS ISSUE About Us 2 Recent Transactions & Case Studies 7 FinTech Trading Analysis 15 Recent FinTech Transaction Activity 29

2 PREMIER FINTECH TEAM SENIOR BANKING TEAM Brendan Ryan Managing Director, Group Co-Head Jon Steele Managing Director, Group Co-Head Garrett DeNinno Managing Director Chip Kelso Managing Director Ian O Neal Managing Director Prior Experience Contact Information brendan.ryan@ raymondjames.com jon.steele@ raymondjames.com garrett.deninno@ raymondjames.com chip.kelso@ raymondjames.com ian.oneal@ raymondjames.com Emmanuel Amram Senior Vice President Paul Fricilone Senior Vice President Chris Appaneal Vice President Christian Clifford Vice President Graham Hurtt Vice President Zach Sayers Vice President Prior Experience Contact Information emmanuel.amram@ raymondjames.com paul.fricilone@ raymondjames.com chris.appaneal@ raymondjames.com christian.clifford@ raymondjames.com graham.hurtt@ raymondjames.com zach.sayers@ raymondjames.com Joel Greenwood Managing Director, Raymond James Europe Harald Maehrle Managing Director, Raymond James Europe Stuart Sparkes Managing Director, Raymond James Europe Japhet Wuensch Managing Director, Raymond James Europe Laura Maddison Managing Director, Raymond James Europe Sean Martin Managing Director, Raymond James Canada Prior Experience Contact Information joel.greenwood@ raymondjames.com harald.maehrle@ raymondjames.com stuart.sparkes@ raymondjames.com japhet.wuensch@ raymondjames.com laura.madden@ raymondjames.com sean.martin@ raymondjames.ca

3 BROADEST AND DEEPEST FINTECH PRACTICE Raymond James has built the leading FinTech franchise on Wall Street. DEEP & EXPERIENCED RJ TEAM +17 Senior Bankers +4 Equity Research Analysts +4 Dedicated Equity Capital Markets Professionals EXTENSIVE TRANSACTION EXPERIENCE SECTOR COVERAGE Payments Bank Insurance Capital Markets Asset / Wealth Management Financial SaaS Transactional Marketing Services Financial Data and Information Services Outsourced Solutions BLUE-CHIP CLIENTS Advisory Equities Private Equity +170 transactions since 2010 Benefits / Payroll -Enabled Lending Platforms +120 M&A / private placement placement transactions with $12+ billion in total deal value since 2010 Real Estate Solutions BUSINESS MODEL COVERAGE Venture Capital +30 public offering transactions raising $8+ billion since 2010 SaaS / Enterprise Software Internet / Online / Mobile Transaction Processing Tech-Enabled Solutions Services 3

4 #1 FINTECH PRACTICE Our FinTech practice is the premier investment banking platform for companies seeking unmatched industry knowledge, buyer relationships and execution capabilities U.S. DEAL RANKINGS (1) U.S. DEAL RANKINGS (1) 1 27 ~170 Deals Since 2010 KEY METRICS ~120 M&A / Private Placement Deals Since Senior Bankers Across the Globe $100 Million $2 Billion Sweet Spot Year Track Record Extensive Experience Across All FinTech Sectors AWARDS AND ACCOLADES M&A Atlas Americas Deal of the Year (2017) M&A Advisor Private Equity Deal of the Year (2018) M&A Atlas Insurance Deal of the Year (2017) M&A Advisor Financials Deal of the Year (2017) M&A Atlas Financial Tech & Services Deal of the Year (2015) M&A Advisor Financial Services Deal of the Year (2015) 1) Representative of M&A deals <$1B in the United States 4

5 RECENT AWARDS AND ACCOLADES Private Equity Deal of the Year ($250mm to $500mm) Sale of Sage Payment Solutions to GTCR Information Deal of the Year (Over $100mm) Investment in DiscoverOrg by The Carlyle Group Financials Deal of the Year (Under $250mm) Cross Border Deal of the Year ($100mm to $500mm) Private Equity Deal of the Year America Insurance Deal of the Year Acquisition of Jefferson National by Nationwide Mutual Financials Deal of the Year Acquisition of AssetMark by Huatai Securities Co., Ltd Cross Border Deal of the Year (Over $500mm to $1bn) Acquisition of ebay Enterprise by Permira Private Equity Deal of the Year (Over $500mm to $1bn) M&A Advisor Awards M&A Deal of the Year (Over $500mm to $1bn) M&A Advisor Awards Corporate & Strategic Acquisition of the Year (Over $100mm to $500mm) Sale of PayChoice, Inc. to Sage Group Plc Financial Tech & Services Deal of the Year Sale of Columbus Data Services to Cardtronics Financial Services Deal of the Year Sale of Cardiff Holdings Corp. s subsidiaries Shoreline and Source One Direct to Gemalto Financial Tech & Services Deal of the Year M&A Atlas Awards Distressed M&A Deal of the Year (Over $25mm to $100mm) Sale of Phoenix Payment Systems (EPX) to North American Bancard Investment Banking Firm of the Year M&A Advisor Turnaround Awards Note: Criteria for the awards can be found at 5

6 FINTECH COVERAGE UNIVERSE FINANCIAL SAAS BANK TECHNOLOGY PAYMENTS OUTSOURCED SOLUTIONS INSURANCE TECHNOLOGY RAYMOND JAMES CAPABILITIES CAPITAL MARKETS TECHNOLOGY TRANSACTIONAL MARKETING SERVICES ADVISORY Sales / Recaps Acquisitions Divestitures Strategic Advisory Fairness Opinions CAPITAL RAISING Private Placements Initial Public Offerings Follow-On Offerings Debt Capital Restructuring INVESTMENT MGMT TECHNOLOGY BENEFITS / PAYROLL TECHNOLOGY- ENABLED LENDING PLATFORMS FINANCIAL DATA AND INFORMATION SERVICES 6

7 RECENT TRANSACTIONS & CASE STUDIES

8 MORE FINTECH TRANSACTIONS COMPLETED SINCE 2010 THAN ANY OTHER FIRM December 2018 December 2018 November 2018 October 2018 October 2018 September 2018 A Division of Majority Investment by Majority Investment by Divestiture to C$160,000,000 SaaS-based enterprise GRC solutions Alternative data-powered performance indicators Outsourced fund administration and asset servicing solutions Electronic payment network Property and casualty insurance software provider Turnkey asset management program September 2018 September 2018 August 2018 August 2018 June 2018 June 2018 A Division of $140,000,000 Divestiture to Majority Investment by Majority Investment by $400,000,000 Customized loyalty program solutions Oil and gas financial automation software Digital customer acquisition platform Online credit and sales training solutions Account opening and loan origination platform Global payment disbursement solutions May 2018 May 2018 May 2018 May 2018 May 2018 May 2018 $1,005,000,000 Initial Public Offering Majority Investment by Majority Investment by Majority Investment by Majority Investment by Co-Manager Tech-enabled point-of-sale commerce SaaS-based regulatory compliance software Advanced digital device reputation consortium Financial software and information products Tech-enabled life insurance services SaaS-based digital onboarding platform May 2018 April 2018 April 2018 April 2018 April 2018 March 2018 Majority Investment by Majority Investment by Majority Investment by Turnkey asset management program Software solutions serving financial institutions Federal tax data platform for commercial lenders Quality assurance and valuation solutions Residential and consumer loan due diligence Tech-enabled trust & custody 8

9 MORE FINTECH TRANSACTIONS COMPLETED SINCE 2010 THAN ANY OTHER FIRM March 2018 March 2018 January 2018 October 2017 October 2017 October 2017 Majority Investment by $150,000,000 $490,000,000 Asset management software & analytics Mission-critical cloud-based commerce platform Processor of payments to government agencies Fully-integrated sales and use tax software Outsourced communication and eservices solutions Payroll card solutions and platform October 2017 October 2017 October 2017 September 2017 August 2017 August 2017 Online payment services business $760,000,000 Minority Investment by Minority Investment by Majority Investment by $175,000,000 Tech-enabled payment processing SaaS money market management platform Global online payment solutions Back-office solution for financial advisors Anti-money laundering transaction monitoring Gift card commerce solution and digital gifting August 2017 July 2017 May 2017 May 2017 May 2017 May 2017 $260,000,000 Divestiture to Majority Investment by Majority Investment by Acquisition of $114,000,000 Initial Public Offering Bookrunning Manager $114,800,000 Follow-On Offering Co-Manager Bank card processing and loyalty card services Online payments and resident billing solutions Tech-enabled mortgage lending solutions Electronic billing and invoice/statement services Account management and payment processing Cloud-based finance and accounting platform April 2017 March 2017 March 2017 March 2017 February 2017 February 2017 $111,300,000 Follow-On Offering Co-Manager $205,200,000 Vintage Business $233,000,000 A portfolio company of Cloud-based spend management platform Payment processing and authentication solutions Performance measurement, attribution and risk analytics Compliance and shareholder communications services Payment processing and receivables management Rewards and incentive solutions 9

10 RAYMOND JAMES ADVISORY CASE STUDY: REGED MAJORITY INVESTMENT BY GRYPHON INVESTORS Majority Investment by Summary On December 20, 2018, RegEd, Inc. ( RegEd or the Company ) announced a majority investment by Gryphon Investors ( Gryphon ) Company Background December 2018 Raymond James served as the exclusive financial advisor to RegEd in this transaction RegEd is a leading provider of SaaS-based enterprise GRC solutions to automate and streamline critical regulatory compliance functions for broker-dealers, financial advisor firms, insurance carriers / brokers, banks, and other financial services firms The Company s platform enables financial services firms to efficiently and cost-effectively meet regulatory compliance obligations, proactively manage their compliance programs and continuously identify and mitigate risk RegEd is headquartered in Raleigh, NC Investment Banking Role Raymond James served as the exclusive financial advisor to RegEd in this transaction Raymond James worked closely with RegEd s management team to design a customized process aligned with key objectives Successful Outcome The transaction was announced on December 20, 2018 The investment by Gryphon will allow RegEd to grow through acquisitions and continue to build on its strong platform with key relationships including 80% of the top 25 financial services firms The transaction delivered a premium outcome for RegEd s shareholders 10

11 RAYMOND JAMES ADVISORY CASE STUDY: 7PARK DATA MAJORITY INVESTMENT BY VISTA EQUITY PARTNERS Majority Investment by Summary On December 3, 2018, 7Park Data, Inc. ( 7Park or the Company ) agreed to a majority investment by Vista Equity Partners ( Vista ) Company Background December 2018 Raymond James served as the exclusive financial advisor to 7Park in this transaction 7Park is a growth stage leader delivering alternative data-powered performance indicators to financial services and corporate markets The Company leverages cutting-edge machine intelligence to transform large volumes of unstructured data into useful information Founded in 2012, 7Park is headquartered in New York, NY Investment Banking Role Raymond James served as the exclusive financial advisor to 7Park in this transaction Raymond James worked closely with 7Park s management team to design a customized process aligned with key objectives Successful Outcome The transaction was announced on December 3, 2018 The investment will provide significant resources to 7Park to continue its growth trajectory, accelerate product and technology innovation, enter new customer verticals, and execute strategic acquisitions Vista will partner with 7Park to become the industry leader in data analytics, one of the most dynamic and fastest moving markets globally 11

12 RAYMOND JAMES ADVISORY CASE STUDY: NORTHSTAR DIVESTITURE OF GEMINI TO GTCR Summary A Division of On November 19, 2018, NorthStar Financial Services Group LLC ( NorthStar ) announced the divestiture of The Gemini Companies ( Gemini or the Company ) to GTCR Divestiture to November 2018 Raymond James served as the exclusive financial advisor to NorthStar in this transaction Company Background Gemini is a leading global provider of outsourced fund administration and asset servicing solutions to mutual funds, alternative fund managers, and government sponsored investment pools The Company administers over $70 billion of assets on behalf of more than 190 clients and 600 fund structures Investment Banking Role Raymond James served as the exclusive financial advisor to NorthStar in this transaction Worked closely with management team to design a customized, selective process aligned with key objectives Successful Outcome The transaction was announced on November 19, 2018 The divestiture of Gemini enables NorthStar to exclusively focus on providing investment software and tech-enabled asset management solutions to the financial advisor industry The transaction delivered a premium outcome for NorthStar s shareholders 12

13 RAYMOND JAMES ADVISORY CASE STUDY: NOVENTIS SALE TO WEX Summary On October 24, 2018, Noventis, Inc. ( Noventis or the Company ) announced a sale to WEX Inc. October 2018 Raymond James served as the exclusive financial advisor to Noventis in this transaction Company Background Noventis is a leading-edge electronic payments network focused on optimizing the payment delivery process for bills and invoices to a growing universal network of commercial entities The Company s state-of-the-art payment processing platform delivers payments to an ever-growing network of billers and suppliers Founded in 1998, Noventis is headquartered in Houston, TX Investment Banking Role Raymond James served as the exclusive financial advisor to Noventis in this transaction Raymond James worked closely with Noventis management team to design a customized process aligned with key objectives Successful Outcome The transaction was announced on October 24, 2018 WEX has a longstanding relationship with Noventis as a critical supplier of virtual cards that enable payment transactions through Noventis network The acquisition of Noventis will expand WEX s reach as a corporate payments supplier and provide more channels to billing aggregators and financial institutions 13

14 RAYMOND JAMES ADVISORY CASE STUDY: SYMBILITY SALE TO CORELOGIC Summary On October 19, 2018, Symbility Solutions, Inc. ( Symbility or the Company ) announced a sale to CoreLogic, Inc. C$160M October 2018 Raymond James served as the exclusive financial advisor to Symbility in this transaction Company Background Symbility Solutions is a global developer and marketer of software designed to improve effectiveness and reduce costs of administration of claims in the property and casualty insurance markets, and also provides strategic services to a wide range of industries The Company operates in three segments: Symbility Property, Symbility Health, and Symbility Strategic Services The Company was incorporated in 1999 and is headquartered in Toronto, Canada Investment Banking Role Raymond James served as the exclusive financial advisor to Symbility in this transaction Raymond James managed the entire sell-side process (including the negotiation of terms) and provided a Fairness Opinion to the Strategic Committee of the Board of Directors of Symbility Successful Outcome The transaction was announced on October 19, 2018 CoreLogic and Symbility are long-standing strategic partners as Symbility utilizes CoreLogic s proprietary claims database for its U.S. Property business and CoreLogic is a reseller of Symbility s software platform in Australia & New Zealand This acquisition reflects the growing InsurTech transformation trend of non-carrier institutions collaborating to secure roles in the lucrative P&C value chain while simultaneously driving improvements in user experience 14

15 FINTECH TRADING ANALYSIS

16 TRADING ANALYSIS BY SECTOR (USD in millions) Long- Price/ Enterprise Value / Enterprise Value / Revenue EBITDA Term Earnings Trading Performance Revenue EBITDA P / E Growth Margin EPS to Growth Sector (1) YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Trading 5.7% (11.4%) 60.4% 88.4% 5.4x 5.1x 11.1x 9.3x 13.3x 13.9x 15.5% 7.5% 47.8% 50.4% 22.4% 0.7 Liquidity Venues 6.9% 9.5% 47.3% 103.6% 12.8x 12.3x 16.8x 16.3x 22.4x 20.2x 9.5% 6.8% 64.3% 65.1% 10.9% 2.0 Information Services 8.5% 12.2% 62.7% 83.9% 6.4x 5.8x 16.3x 15.0x 24.2x 21.6x 7.0% 7.0% 35.0% 35.3% 10.3% 2.5 Insurance 7.6% 4.5% 66.5% 78.2% 3.5x 2.9x 13.0x 11.9x 21.1x 19.2x 10.9% 5.7% 25.2% 25.3% 10.9% 2.1 Payments 10.2% 3.9% 75.8% 60.1% 4.9x 4.4x 13.5x 12.6x 20.9x 18.1x 9.8% 9.2% 27.0% 28.2% 14.8% 1.6 Bank 13.2% 18.9% 72.3% 164.9% 5.8x 5.5x 15.9x 14.1x 33.7x 31.4x 5.7% 7.7% 36.0% 36.5% 13.7% 2.7 Benefits / Payroll 10.4% 16.3% 84.8% 70.2% 7.1x 6.1x 19.4x 17.3x 31.9x 29.1x 8.2% 11.8% 24.1% 28.1% 20.0% 2.0 Financial SaaS 13.9% 38.3% 130.7% 53.3% 9.0x 7.6x 20.6x 18.4x 28.4x 26.2x 24.6% 22.1% 20.4% 23.1% 21.7% 2.1 Real Estate / Mortgage Solutions 15.5% (11.5%) 36.3% 33.1% 2.3x 2.2x 10.5x 10.8x 16.5x 14.9x 5.7% 4.0% 15.3% 17.6% 14.6% 1.4 Outsourced Solutions 10.1% 2.8% 23.5% 50.4% 1.9x 1.8x 11.6x 10.7x 18.4x 17.3x 8.7% 7.0% 18.1% 18.5% 11.5% 1.5 Investment 6.5% (10.0%) 52.2% 59.1% 3.6x 3.0x 13.5x 12.4x 17.8x 14.9x 6.3% 7.9% 27.0% 28.2% 13.2% 1.3 Marketing Services 17.6% (17.3%) 52.7% (3.3%) 2.0x 1.7x 11.9x 9.8x 21.8x 21.4x 8.5% 7.3% 17.4% 17.9% 25.0% 1.4 Overall Median 10.2% 4.2% 61.6% 65.1% 5.1x 4.8x 13.5x 12.5x 21.4x 19.7x 8.6% 7.4% 26.1% 28.1% 14.2% 1.8 Source: Capital IQ as of market close on January 31 st, Note: Sectors sorted by Enterprise Value. (1) Denotes sector median value. 16

17 RELATIVE STOCK PRICE PERFORMANCE BY SECTOR YEAR-TO-DATE PERFORMANCE ONE-YEAR PERFORMANCE THREE-YEAR PERFORMANCE FIVE-YEAR PERFORMANCE Source: Capital IQ as of market close on January 31 st, Data represents median performance for each sector. 17

18 VALUATION MULTIPLE ANALYSIS BY SECTOR ENTERPRISE VALUE / 2019E REVENUE ENTERPRISE VALUE / 2020E REVENUE ENTERPRISE VALUE / 2019E EBITDA ENTERPRISE VALUE / 2020E EBITDA Source: Capital IQ as of market close on January 31 st, Data represents median performance for each sector. 18

19 VALUATION MULTIPLE ANALYSIS BY SECTOR (CONT D) 2019E P / E 2020E P / E PRICE / EARNINGS TO GROWTH RATIO Source: Capital IQ as of market close on January 31 st, Data represents median performance for each sector. 19

20 GROWTH AND MARGIN ANALYSIS BY SECTOR 2019E REVENUE GROWTH 2020E REVENUE GROWTH 2019E EBITDA MARGIN 2020E EBITDA MARGIN Source: Capital IQ as of market close on January 31 st, Data represents median performance for each sector. 20

21 COMPANY TRADING ANALYSIS PAYMENTS (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Visa Inc. $275,899.7 $286, % 8.7% 81.5% 150.7% 12.2x 11.0x 17.3x 15.4x 28.3x 24.6x 10.7% 10.8% 70.8% 71.7% 16.4% 1.7 Mastercard Incorporated 220, , % 24.9% 138.2% 179.0% 14.6x 13.0x 24.7x 21.6x 32.7x NM 19.9% 12.0% 59.0% 60.3% NA NA PayPal Holdings, Inc. 105, , % 4.0% 139.4% NA 6.4x 5.5x 24.8x 21.0x 37.0x 30.8x 18.1% 16.4% 25.7% 26.0% 19.0% 1.9 Fiserv, Inc. 56, , % 17.8% 75.8% 195.9% 5.1x 4.8x 13.5x 12.6x 26.6x 23.8x 4.2% 5.6% 37.9% 38.6% 11.8% 2.3 Worldpay, Inc. 26, , % 3.9% 78.8% 175.1% 8.7x 8.0x 18.2x 15.8x 20.9x 18.1x 8.3% 8.8% 47.9% 50.6% 16.5% 1.3 Discover Financial Services 22, , % (15.4%) 46.6% 25.8% 3.2x 3.0x 10.2x 9.5x 8.6x 7.8x 8.2% 6.8% 31.1% 31.2% 10.2% 0.8 Square, Inc. 33, , % 52.1% 714.5% NA 14.6x 14.0x NM NM NM NM 3.3% 4.8% 11.2% 17.6% 55.2% NA Global Payments Inc. 17, , % 0.4% 88.3% 239.8% 5.5x 4.9x 15.3x 13.5x 21.7x 18.6x 15.3% 13.2% 35.9% 36.7% 16.5% 1.3 FleetCor Technologies, Inc. 18, , % (5.0%) 65.7% 89.8% 8.8x 8.3x 15.6x 14.7x 19.3x 17.3x 7.2% 6.2% 56.4% 56.4% 16.4% 1.2 Adyen N.V. 21, , % NA NA NA 14.9x 13.4x NM NM NM NM 15.2% 10.7% 13.0% 17.0% 44.8% NA Total System Services, Inc. 16, , % 0.8% 123.9% 199.9% 5.2x 4.9x 14.7x 13.8x 20.1x 18.4x 12.6% 6.2% 35.5% 35.6% 11.3% 1.8 Alliance Data Systems Corporation 9, , % (30.8%) (14.0%) (25.9%) 2.5x 2.4x 9.4x 8.7x 7.8x 7.2x 1.9% 4.8% 26.4% 27.2% 12.5% 0.6 Wirecard AG 20, , % 44.3% 210.5% 345.6% 8.2x 6.4x 29.9x 21.9x 49.0x 35.1x 28.0% 28.4% 27.3% 29.1% 34.7% 1.4 Cielo S.A. 8, , % (55.6%) (48.4%) (35.8%) 3.6x 3.5x 8.8x 10.3x 9.4x 12.5x (14.1%) 0.7% 40.6% 34.4% 2.5% 3.8 The Western Union Company 8, , % (12.2%) 3.5% 18.5% 1.9x 1.8x 7.6x 7.4x 9.5x 9.4x 1.9% 2.5% 24.8% 24.8% 4.2% 2.3 Edenred SA 9, , % 36.3% 110.3% 71.0% 6.5x 5.9x 17.1x 15.1x 32.1x 28.2x 3.1% 10.3% 38.2% 39.2% 13.0% 2.5 WEX Inc. 7, , % 4.2% 124.8% 95.9% 6.0x 5.5x 13.9x 12.8x 19.7x 18.1x 18.3% 9.3% 43.1% 43.0% 18.3% 1.1 Euronet Worldwide, Inc. 6, , % 22.5% 50.8% 168.3% 2.3x 2.0x 12.0x 9.7x 21.0x 16.8x 13.3% 14.2% 19.4% 21.0% 12.5% 1.7 Ingenico Group - GCS 3, ,413.3 (3.9%) (48.1%) (56.2%) (25.2%) 1.8x 1.6x 9.6x 8.4x 11.2x 10.1x 0.4% 11.8% 18.7% 19.1% 5.6% 2.0 Green Dot Corporation 4, ,107.5 (6.9%) 20.8% 299.7% 228.7% 3.0x 2.7x 12.4x 10.9x 23.0x 20.4x 16.7% 10.5% 24.1% 25.0% 24.1% 1.0 EVO Payments, Inc. 2, , % NA NA NA 4.6x 4.3x 18.1x 15.9x 48.4x 33.7x 11.9% 9.0% 25.6% 26.7% 29.4% 1.6 EVERTEC, Inc. 2, ,520.4 (3.6%) 76.8% 100.1% 14.7% 5.6x 5.3x 12.0x 11.3x 15.2x 14.1x 10.6% 5.2% 46.8% 47.1% 11.6% 1.3 Bottomline Technologies (de), Inc. 2, , % 41.5% 80.3% 49.2% 5.1x 4.6x 20.9x 17.9x 38.7x 36.7x 9.0% 10.9% 24.7% 26.0% 14.7% 2.6 Cardtronics plc 1, , % 10.7% (11.4%) (29.7%) 1.5x 1.5x 7.2x 7.2x 13.2x 13.4x (11.4%) 0.2% 21.5% 21.4% NA NA Everi Holdings Inc , % (14.1%) 124.7% (21.6%) 3.3x 3.1x 6.6x 6.1x 60.5x 53.9x 8.0% 6.4% 49.6% 50.2% NA NA GreenSky, Inc % NA NA NA 1.7x 1.3x 4.0x 3.3x 19.3x 15.0x 25.0% 28.4% 42.4% 40.0% 19.3% 1.0 Qiwi plc % (4.1%) 24.0% (55.7%) 1.7x 1.6x 8.0x 4.9x 16.2x 9.8x 3.2% 2.7% 21.1% 33.0% 13.0% 1.2 Newtek Business Services Corp % 12.9% 75.0% 33.5% 13.0x 10.5x NM NM 10.1x 9.4x 23.3% 23.5% 7.6% 6.4% 3.0% 3.4 Cass Information Systems, Inc (7.2%) 1.7% 28.1% 19.7% NA NA NA NA NM NM NA NA NA NA NA NA SafeCharge International Group Limited % (1.6%) 25.9% NA 3.9x 3.5x 14.8x 13.0x 21.1x 18.7x 22.9% 12.9% 26.7% 26.8% 13.0% 1.6 USA Technologies, Inc % (30.1%) 73.8% 171.1% 2.2x 1.8x 19.9x 14.2x 84.8x 31.1x 27.5% 22.0% 11.2% 12.8% NA NA i3 Verticals, Inc % NA NA NA 1.2x 1.2x 9.1x 8.1x 38.7x 28.4x (1.2%) 2.9% 13.6% 14.9% 20.0% 1.9 Net 1 UEPS Technologies, Inc (39.2%) (76.3%) (74.6%) (64.4%) 0.4x 0.4x 1.3x 1.6x 2.9x 11.9x (6.2%) 7.5% 30.0% 22.1% 15.0% 0.2 Payments Median 10.2% 3.9% 75.8% 60.1% 4.9x 4.4x 13.5x 12.6x 20.9x 18.1x 9.8% 9.2% 27.0% 28.2% 14.8% 1.6 Source: Capital IQ as of market close on January 31 st,

22 COMPANY TRADING ANALYSIS INSURANCE TECHNOLOGY (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Marsh & McLennan Companies, Inc. $45,282.3 $50, % 5.6% 65.6% 92.9% 3.2x 3.0x 12.6x 12.2x 20.4x 19.1x 7.0% 5.1% 25.1% 24.6% 10.9% 1.9 Aon plc 38, , % 9.9% 78.4% 94.2% 3.9x 3.7x 14.3x 13.2x 19.2x 17.0x NA 5.0% 27.2% 28.1% 10.9% 1.8 Willis Towers Watson Public Limited Company 21, , % 1.4% 42.2% 42.7% 2.8x 2.7x 11.3x 10.5x 16.7x 14.8x NA 4.3% 25.2% 26.0% 12.3% 1.4 Verisk Analytics, Inc. 19, , % 17.4% 62.8% 83.9% 8.7x 8.1x 18.2x 16.8x 28.3x 26.2x NA 6.9% 47.8% 48.3% 11.3% 2.5 Arthur J. Gallagher & Co. 13, , % 9.4% 97.5% 61.6% 2.3x 2.2x 13.3x 11.5x 21.8x 19.4x 9.4% 7.1% 17.4% 18.8% 10.6% 2.1 Brown & Brown, Inc. 7, ,845.7 (1.5%) 3.5% 78.3% 72.5% 3.8x 3.6x 12.9x 12.0x 21.8x 20.6x 15.8% 5.6% 29.4% 29.9% 9.4% 2.3 Guidewire Software, Inc. 7, , % 9.1% 55.9% 83.6% 8.5x 7.3x 39.5x 30.4x 61.4x 67.2x 12.3% 15.6% 21.5% 24.1% 14.3% 4.3 Ebix, Inc. 1, , % (30.4%) 67.5% 320.6% 3.8x 2.7x 11.7x 9.4x 15.7x 12.7x NA 38.9% 32.3% 29.0% 15.0% 1.0 Crawford & Company % 2.3% 119.3% 19.3% 0.6x 0.6x 5.4x 5.4x 13.5x 11.3x NA 0.2% 11.4% 11.4% NA NA Sapiens International Corporation N.V % (1.9%) 24.7% 72.8% 2.1x 1.9x 13.1x 11.9x 22.1x 19.8x NA 5.9% 15.7% 16.4% 5.0% 4.4 Insurance Median 7.6% 4.5% 66.5% 78.2% 3.5x 2.9x 13.0x 11.9x 21.1x 19.2x 10.9% 5.7% 25.2% 25.3% 10.9% 2.1 INVESTMENT TECHNOLOGY (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio The Charles Schwab Corporation $64,650.3 $73, % (12.3%) 85.0% 88.4% 7.2x 6.5x 14.8x 12.9x 19.2x 16.6x 17.3% 11.1% 49.1% 50.4% 18.6% 1.0 The Bank of New York Mellon Corporation 50,647.8 NM 11.2% (7.7%) 47.4% 63.7% NA NA NA NA 12.6x 12.3x 5.7% (0.6%) NA NA 9.5% 1.3 TD Ameritrade Holding Corporation 31, , % 0.3% 103.2% 79.0% 6.1x 5.6x 13.5x 10.3x 15.7x 13.9x 13.1% 8.7% 45.2% 54.3% 23.4% 0.7 State Street Corporation 26,983.1 NM 12.4% (35.6%) 29.4% 5.9% NA NA NA NA 9.8x 10.4x 7.1% (0.1%) NA NA 13.5% 0.7 Northern Trust Corporation 19, , % (16.1%) 44.4% 46.9% 2.4x 2.4x NA NA 13.6x 13.4x 11.0% 1.5% NA NA 11.2% 1.2 SS&C Technologies Holdings, Inc. 14, , % 2.4% 60.0% 165.3% 4.5x 4.3x 12.0x 11.0x 18.3x 14.4x 6.2% 4.6% 37.7% 39.3% 19.7% 0.9 Broadridge Financial Solutions, Inc. 11, , % 4.6% 87.2% 177.8% 2.8x 2.7x 13.4x 12.8x 23.1x 21.1x 4.0% 4.3% 20.7% 20.8% 14.9% 1.6 SEI Investments Co. 7, , % (36.7%) 21.4% 39.6% 4.1x 4.1x 9.5x 9.3x 15.1x 15.3x 6.3% 1.0% 43.2% 43.6% 12.0% 1.3 Computershare Limited 7, , % 6.4% 68.4% 59.1% 3.1x 3.0x 10.5x 9.8x 19.6x 17.2x 3.8% 4.2% 30.0% 30.9% 10.5% 1.9 SimCorp A/S 3, , % 35.1% 52.2% 154.1% 7.0x 6.4x 25.7x 22.6x 36.1x 30.7x 5.0% 10.2% 27.4% 28.3% 13.2% 2.7 Envestnet, Inc. 2, , % 0.9% 130.7% 26.9% 4.5x 2.9x 16.5x 14.1x 28.4x 26.2x 14.2% 13.0% 19.9% 20.6% 16.3% 1.7 Blucora, Inc. 1, , % 20.9% 238.8% 15.2% 3.0x 2.8x 14.2x 12.4x 15.6x 13.6x 10.1% 7.7% 21.1% 22.4% NA NA IRESS Limited 1, , % (2.2%) 20.4% 30.8% 4.9x 4.4x 18.0x 15.6x 26.3x 23.6x (2.3%) 10.2% 27.0% 28.2% 6.9% 3.8 Equiniti Group plc ,408.9 (4.2%) (23.4%) 34.5% NA 2.2x 2.0x 9.0x 8.0x 12.0x 10.5x 6.2% 8.1% 24.3% 25.0% NA NA Sanne Group plc (13.9%) (32.5%) 37.0% NA 5.3x 4.5x 16.1x 13.1x 19.7x 16.7x 19.0% 17.7% 32.7% 34.3% NA NA First Derivatives plc % (46.1%) 45.8% 76.2% 2.7x 2.4x 14.9x 13.4x 28.2x 25.4x 11.6% 11.2% 17.9% 17.9% NA NA Donnelley Financial Solutions, Inc % (31.7%) NA NA 0.9x 0.9x 5.2x 5.2x 8.3x 8.7x (3.3%) (3.2%) 16.7% 17.1% 7.1% 1.2 StatPro Group plc % (26.0%) 66.0% 45.7% 1.7x 1.6x 10.6x 9.2x 17.3x 14.3x 4.9% 9.4% 16.5% 17.3% NA NA Investment Median 6.5% (10.0%) 52.2% 59.1% 3.6x 3.0x 13.5x 12.4x 17.8x 14.9x 6.3% 7.9% 27.0% 28.2% 13.2% 1.3 Source: Capital IQ as of market close on January 31 st,

23 COMPANY TRADING ANALYSIS BENEFITS / PAYROLL (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Automatic Data Processing, Inc. $60,918.5 $61, % 13.1% 68.5% 82.6% 4.6x 4.3x 21.5x 18.2x 29.0x 24.9x 7.2% 7.3% 21.4% 23.6% 14.7% 2.0 Aon plc 38, , % 9.9% 78.4% 94.2% 3.9x 3.7x 14.3x 13.2x 19.2x 17.0x NA 5.0% 27.2% 28.1% 10.9% 1.8 Paychex, Inc. 25, , % 3.7% 46.4% 69.3% 7.4x 6.6x 17.4x 16.5x 27.8x 24.0x 7.2% 11.8% 42.7% 40.3% 8.9% 3.1 Edenred SA 9, , % 36.3% 110.3% 71.0% 6.5x 5.9x 17.1x 15.1x 32.1x 28.2x 3.1% 10.3% 38.2% 39.2% 13.0% 2.5 Paycom Software, Inc. 8, , % 61.8% 373.0% NA 15.5x 12.5x 37.1x 29.9x 56.6x 46.0x 29.3% 24.3% 41.8% 41.7% 26.9% 2.1 The Ultimate Software Group, Inc. 8, , % 17.3% 52.7% 67.3% 7.4x 6.2x 30.6x 25.8x 50.6x 44.2x 20.8% 19.9% 24.1% 23.8% 24.8% 2.0 Ceridian HCM Holding Inc. 5, , % NA NA NA 9.3x 8.5x 46.0x 39.3x NM 92.4x 10.7% 8.9% 20.2% 21.7% 44.0% NA HealthEquity, Inc. 3, , % 23.2% 193.1% NA 16.1x 12.9x 44.6x 32.4x 55.2x 47.3x 27.5% 24.9% 36.1% 39.8% 30.9% 1.8 Paylocity Holding Corporation 3, , % 35.8% 120.9% NA 9.7x 8.0x 45.4x 28.4x 50.4x 49.6x 24.7% 21.6% 21.4% 28.1% 23.7% 2.1 TriNet Group, Inc. 3, , % 4.1% 211.7% NA 0.9x 0.9x 9.9x 9.3x 15.5x 14.7x 8.2% 7.1% 9.3% 9.2% NA NA Benefitfocus, Inc. 1, , % 122.0% 89.7% (14.1%) 7.1x 6.1x NA NA NM NM 0.1% 15.8% 3.4% 7.4% 20.0% NA Morneau Shepell Inc. 1, , % 15.3% 80.0% 81.2% 2.8x 2.4x 14.8x 11.3x 31.9x 30.0x 4.9% 20.8% 19.2% 20.8% NA NA WageWorks, Inc. 1, % (47.9%) (29.4%) (49.3%) 1.2x 1.2x 4.1x 3.9x 16.1x 15.2x NA 2.3% 30.0% 30.6% 15.0% 1.1 Benefits / Payroll Median 10.4% 16.3% 84.8% 70.2% 7.1x 6.1x 19.4x 17.3x 31.9x 29.1x 8.2% 11.8% 24.1% 28.1% 20.0% 2.0 MARKETING SERVICES (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Experian plc $22,634.7 $26, % 17.8% 62.6% 83.8% 5.1x 4.7x 14.7x 13.7x 24.2x 23.5x 6.9% 7.1% 34.4% 34.6% 9.4% 2.6 Alliance Data Systems Corporation 9, , % (30.8%) (14.0%) (25.9%) 2.5x 2.4x 9.4x 8.7x 7.8x 7.2x 1.9% 4.8% 26.4% 27.2% 12.5% 0.6 LendingTree, Inc. 4, , % (19.4%) 301.1% 813.2% 5.6x 4.3x 28.2x 21.3x 50.0x 37.9x 24.7% 32.1% 20.0% 20.0% 30.6% 1.6 Deluxe Corporation 2, , % (36.8%) (13.6%) (3.3%) 1.5x 1.4x 5.8x 5.8x 8.3x 8.6x 1.5% 2.9% 25.4% 24.7% 6.8% 1.2 Groupon, Inc. 2, , % (28.7%) 42.8% (64.0%) 0.7x 0.7x 6.4x 5.8x 17.3x 15.7x (8.0%) 4.1% 10.9% 11.5% 25.8% 0.7 QuinStreet, Inc. 1, % 104.1% 403.7% 130.2% 1.9x 1.7x 17.3x 13.4x 46.4x 32.7x 15.8% 13.5% 11.0% 12.6% 25.0% 1.9 Quotient Inc. 1, (6.4%) (15.3%) 66.9% NA 2.1x 1.7x 14.4x 10.8x NM 32.8x 20.1% 24.8% 14.9% 15.8% 26.2% NA Points International Ltd % (2.3%) 32.4% (47.5%) 0.3x 0.3x 5.7x 5.2x 21.8x 19.3x 10.1% 7.4% 4.8% 4.9% NA NA Marketing Services Median 17.6% (17.3%) 52.7% (3.3%) 2.0x 1.7x 11.9x 9.8x 21.8x 21.4x 8.5% 7.3% 17.4% 17.9% 25.0% 1.4 Source: Capital IQ as of market close on January 31 st,

24 COMPANY TRADING ANALYSIS LIQUIDITY VENUES (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio CME Group Inc. $65,807.6 $67,738.1 (3.1%) 18.8% 103.8% 143.8% 15.9x 13.2x 22.9x 19.5x 26.9x 24.9x 17.1% 19.8% 69.2% 68.0% 13.8% 2.0 Intercontinental Exchange, Inc. 44, , % 4.0% 43.8% 83.8% 9.7x 9.1x 15.1x 14.0x 21.4x 19.8x 7.1% 6.6% 64.3% 65.1% 10.3% 2.1 Deutsche Börse Aktiengesellschaft 24, , % 12.5% 47.3% 103.6% 13.9x 12.9x 23.7x 21.3x 21.4x 19.3x 9.5% 7.8% 58.6% 60.5% 12.3% 1.7 Hong Kong Exchanges and Clearing Limited 38, , % (17.7%) 45.2% 100.2% 18.3x 17.1x 24.5x 22.5x 32.3x 29.7x 20.9% 6.8% 74.6% 76.2% 10.4% 3.1 London Stock Exchange Group plc 20, , % 16.6% 86.1% 148.9% 8.0x 7.4x 15.6x 13.7x 26.8x 23.2x 2.3% 8.9% 51.4% 53.6% 13.9% 1.9 B3 S.A. - Brasil, Bolsa, Balcão 17, , % 20.7% 200.6% 228.2% 15.1x 12.9x 21.2x 17.8x 25.3x 21.6x 11.5% 17.3% 71.4% 72.2% 14.3% 1.8 Nasdaq, Inc. 14, , % 8.8% 42.6% 130.8% 6.8x 6.6x 13.1x 12.6x 18.2x 17.2x 4.0% 3.2% 51.8% 52.0% 8.3% 2.2 Cboe Global Markets, Inc. 10, ,370.1 (4.7%) (30.6%) 41.0% 79.3% 9.4x 9.3x 13.8x 13.3x 19.2x 18.5x 12.6% 1.6% 68.3% 69.9% 11.4% 1.7 ASX Limited 9, , % 16.4% 50.0% 78.9% 12.8x 12.3x 16.8x 16.3x 21.9x 19.2x 7.2% 4.0% 75.9% 75.2% 4.3% 5.2 MarketAxess Holdings Inc. 8, , % 9.5% 85.5% 242.3% 17.7x 15.9x 32.1x 28.6x 47.3x 42.1x 9.6% 11.7% 55.2% 55.6% NA NA Singapore Exchange Limited 6, , % (6.8%) 9.9% 11.5% 8.0x 7.6x 13.9x 13.1x 22.4x 20.2x 6.0% 5.0% 57.7% 58.1% 5.4% 4.1 Euronext N.V. 4, , % (1.4%) 22.3% NA 6.0x 5.7x 10.2x 9.7x 15.8x 14.8x 9.9% 4.9% 58.6% 59.3% 8.4% 1.9 TMX Group Limited 3, , % 2.3% 93.8% 56.5% 6.2x 5.7x 11.0x 10.1x 15.3x 14.3x (0.3%) 8.3% 56.0% 56.5% NA NA Liquidity Venues Median 6.9% 9.5% 47.3% 103.6% 12.8x 12.3x 16.8x 16.3x 22.4x 20.2x 9.5% 6.8% 64.3% 65.1% 10.9% 2.0 TRADING TECHNOLOGY (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio The Charles Schwab Corporation $64,650.3 $73, % (12.3%) 85.0% 88.4% 7.2x 6.5x 14.8x 12.9x 19.2x 16.6x 17.3% 11.1% 49.1% 50.4% 18.4% 1.0 TD Ameritrade Holding Corporation 31, , % 0.3% 103.2% 79.0% 6.1x 5.6x 13.5x 10.3x 15.7x 13.9x 13.1% 8.7% 45.2% 54.3% 23.4% 0.7 E*TRADE Financial Corporation 11, , % (11.5%) 97.1% 133.1% 4.7x 4.6x 8.7x 8.3x 12.1x 11.3x 13.7% 3.8% 54.5% 55.1% 22.4% 0.5 Virtu Financial, Inc. 5, ,256.4 (0.8%) 33.8% 12.8% NA 2.3x 2.2x 4.9x 4.5x 13.3x 14.2x 11.9% 6.3% 47.8% 48.5% NA NA INTL FCStone Inc NM 4.5% (12.1%) 35.9% 116.7% NA NA NA NA NA NA 17.9% 13.6% NA NA NA NA GAIN Capital Holdings, Inc NM 5.0% (11.4%) (5.1%) (27.2%) NA NA NA NA 8.4x 11.0x 24.4% 3.1% 25.1% 24.2% NA NA Trading Median 5.7% (11.4%) 60.4% 88.4% 5.4x 5.1x 11.1x 9.3x 13.3x 13.9x 15.5% 7.5% 47.8% 50.4% 22.4% 0.7 Source: Capital IQ as of market close on January 31 st, On November 7, 2018, Virtu Financial, Inc. announced it would acquire ITG in an all-cash transaction at $30.30 per share. 24

25 COMPANY TRADING ANALYSIS BANK TECHNOLOGY (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Fiserv, Inc. $56,154.4 $77, % 17.8% 75.8% 195.9% 5.1x 4.8x 13.5x 12.6x 26.6x 23.8x 4.2% 5.6% 37.9% 38.6% 11.8% 2.3 Fidelity National Information Services, Inc. 35, , % 2.1% 72.3% 106.2% 5.2x 5.1x 13.5x 12.9x 20.0x 18.2x 1.8% 3.4% 38.8% 39.3% 12.8% 1.6 Jack Henry & Associates, Inc. 10, , % 7.1% 64.2% 139.4% 6.3x 5.9x 18.6x 17.2x 33.7x 34.9x 5.3% 7.3% 34.1% 34.4% 11.3% 3.0 Temenos AG 9, , % 4.1% 173.5% 425.1% 10.4x 9.3x 27.3x 23.6x 45.2x 38.9x 14.5% 12.2% 38.1% 39.2% 16.6% 2.7 Black Knight, Inc. 7, , % 29.1% NA NA 7.3x 6.7x 14.7x 13.3x 26.7x 24.1x 7.9% 8.2% 49.5% 50.4% 14.6% 1.8 ACI Worldwide, Inc. 3, , % 26.1% 63.4% 46.3% 3.7x 3.6x 13.4x 12.4x 36.0x 31.4x 3.5% 3.4% 27.8% 29.1% 13.5% 2.7 Q2 Holdings, Inc. 2, , % 19.9% 169.9% NA 8.7x 7.0x 115.2x 59.1x NM NM 27.4% 22.8% 7.5% 11.9% 20.0% NA Ellie Mae, Inc. 2, , % 99.0% 1.4% 190.4% 4.8x 4.4x 17.0x 14.9x 40.0x 38.7x 6.0% 8.6% 28.3% 29.9% 13.9% 2.9 Bank Median $6,718.5 $8, % 18.9% 72.3% 164.9% 5.8x 5.5x 15.9x 14.1x 33.7x 31.4x 5.7% 7.7% 36.0% 36.5% 13.7% 2.7 FINANCIAL SAAS (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Intuit Inc. $56,359.5 $54, % 28.5% 123.9% 194.6% 8.8x 7.9x 24.0x 21.6x 34.3x 32.5x 13.3% 11.1% 36.7% 36.8% 15.1% 2.3 Workday, Inc. 42, , % 51.4% 180.0% 102.7% 11.7x 9.5x NM NM NM NM 25.7% 22.7% 18.0% 20.2% 37.8% NA SS&C Technologies Holdings, Inc. 14, , % 2.4% 60.0% 165.3% 5.0x 4.6x 14.7x 12.9x 18.3x 14.4x (0.2%) 7.8% 36.3% 37.7% 19.7% 0.9 Paycom Software, Inc. 8, , % 61.8% 373.0% NA 15.5x 12.5x 37.1x 29.9x 56.6x 46.0x 29.3% 24.3% 41.8% 41.7% 26.9% 2.1 The Sage Group plc 6, , % (16.4%) 0.1% 53.3% 4.0x 3.8x 14.2x 14.8x 19.2x 20.4x 8.2% 4.8% 28.1% 25.7% 3.8% 5.1 Coupa Software Incorporated 5, , % 127.5% NA NA 17.8x 14.3x NM NM NM NM 24.6% 24.7% 7.2% 11.2% NA NA Xero Limited 4, , % 38.3% 189.4% 13.4% 9.2x 7.3x 46.7x 30.6x NM NM 30.9% 27.0% 19.7% 23.7% NA NA Paylocity Holding Corporation 3, , % 35.8% 120.9% NA 9.7x 8.0x 45.4x 28.4x 50.4x 49.6x 24.7% 21.6% 21.4% 28.1% 23.7% 2.1 Envestnet, Inc. 2, , % 287.5% 130.7% 26.9% 4.8x 4.2x 17.2x 15.3x 28.4x 26.2x 16.1% 14.2% 19.3% 19.9% 16.3% 1.7 BlackLine, Inc. 2, , % 43.2% NA NA 10.9x 8.9x NM NM NM NM 28.3% 22.9% 5.7% 6.8% 100.0% NA Zuora, Inc. 2, , % NA NA NA 8.9x 7.1x NM NM NM NM 29.4% 24.4% (14.4%) (5.9%) 35.0% NA Blucora, Inc. 1, , % 20.9% 238.8% 15.2% 3.0x 2.8x 14.2x 12.4x 15.6x 13.6x 10.1% 7.7% 21.1% 22.4% 17.5% 0.9 Financial SaaS Median 13.9% 38.3% 130.7% 53.3% 9.0x 7.6x 20.6x 18.4x 28.4x 26.2x 24.6% 22.1% 20.4% 23.1% 21.7% 2.1 Source: Capital IQ as of market close on January 31 st,

26 COMPANY TRADING ANALYSIS INFORMATION SERVICES (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio RELX PLC $43,606.8 $51, % 8.2% 37.3% 90.1% 5.4x 5.0x 15.4x 14.1x 20.1x 18.6x 2.3% 8.4% 35.1% 35.3% 7.4% 2.7 S&P Global Inc. 48, , % 5.8% 127.8% 152.0% 8.2x 7.8x 16.4x 15.6x 22.6x 20.9x 4.4% 4.9% 49.6% 49.7% 12.8% 1.8 Moody's Corporation 31, , % (2.0%) 80.1% 112.5% 7.8x 7.5x 16.3x 15.6x 21.3x 20.1x 7.4% 4.4% 47.7% 47.9% 10.3% 2.1 Thomson Reuters Corporation 26, , % 9.7% 26.8% 31.8% 6.2x 5.7x 26.3x 24.2x 80.8x 39.4x 5.3% 7.8% 23.4% 23.7% 10.0% 8.1 IHS Markit Ltd. 21, , % 8.8% NA NA 6.7x 6.1x 17.3x 15.4x 22.9x 20.3x 11.5% 10.7% 38.8% 39.3% 10.3% 2.2 Experian plc 22, , % 17.8% 62.6% 83.8% 5.1x 4.7x 14.7x 13.7x 24.2x 23.5x 6.9% 7.1% 34.4% 34.6% 9.4% 2.6 Verisk Analytics, Inc. 19, , % 17.4% 62.8% 83.9% 8.7x 8.1x 18.2x 16.8x 28.3x 26.2x NA 6.9% 47.8% 48.3% 11.3% 2.5 Wolters Kluwer N.V. 16, , % 27.6% 71.9% 165.6% 3.9x 3.7x 14.3x 13.4x 22.5x 20.5x (1.2%) 5.2% 27.6% 28.0% 8.6% 2.6 MSCI Inc. 15, , % 22.3% 151.4% 298.6% 11.5x 10.8x 21.2x 19.8x 32.4x 28.3x 12.5% 6.5% 54.0% 54.2% 10.0% 3.2 TransUnion 11, , % 2.5% 146.7% NA 6.7x 5.9x 17.3x 15.0x 24.6x 21.6x 21.0% 13.7% 38.8% 39.3% 14.6% 1.7 Informa plc 11, , % (2.8%) 5.5% 30.8% 4.3x 4.1x 13.2x 12.1x 13.9x 13.1x (1.5%) 3.5% 32.6% 34.2% 6.0% 2.3 Equifax Inc. 13, , % (14.3%) 0.1% 52.8% 4.5x 4.4x 13.4x 12.8x 18.7x 18.2x 1.7% 3.5% 33.7% 34.3% 7.3% 2.6 CoStar Group, Inc. 14, , % 12.9% 120.4% 127.1% 11.3x 9.7x 33.0x 27.0x 48.8x 39.9x 22.9% 16.1% 34.2% 36.0% 16.8% 2.9 FactSet Research Systems Inc. 8, , % 473.8% 45.9% 106.7% 6.1x 5.8x 17.4x 16.3x 24.9x 22.4x 6.2% 5.6% 35.0% 35.3% 11.3% 2.2 Black Knight, Inc. 7, , % 29.1% NA NA 7.3x 6.7x 14.7x 13.3x 26.7x 24.1x 7.9% 8.2% 49.5% 50.4% 14.6% 1.8 Fair Isaac Corporation 7, , % 30.4% 135.7% 314.3% 7.4x 6.8x 38.4x 29.8x 35.4x 31.3x 9.9% 9.1% 19.2% 22.7% 10.0% 3.5 NICE Ltd. 7, ,125.3 (1.4%) 28.2% 65.0% 190.6% 4.9x 4.5x 16.3x 15.0x NM NM 9.4% 8.7% 29.9% 30.0% NA NA Morningstar, Inc. 5, , % 29.2% 55.8% 60.8% 5.2x 4.9x 14.9x 14.0x NM NM 7.0% 7.0% 35.0% 35.0% NA NA CoreLogic, Inc. 3, , % (23.4%) 2.9% 14.0% 2.6x 2.6x 9.6x 9.5x 13.3x 13.1x (2.9%) (1.6%) 27.1% 27.8% 10.5% 1.3 LiveRamp Holdings, Inc. 3, , % 60.5% 134.8% 20.8% 7.4x 9.4x NM NM NM NM NM NM NM NM 25.0% NA Value Line, Inc (17.5%) 11.5% 27.4% 71.9% NA NA NA NA NA NA NA NA NA NA NA NA CreditRiskMonitor.com, Inc % 0.0% (44.6%) (11.2%) NA NA NA NA NA NA NA NA NA NA NA NA Information Services Median 8.5% 12.2% 62.7% 83.9% 6.4x 5.8x 16.3x 15.0x 24.2x 21.6x 7.0% 7.0% 35.0% 35.3% 10.3% 2.5 Source: Capital IQ as of market close on January 31 st,

27 COMPANY TRADING ANALYSIS OUTSOURCED SOLUTIONS (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio Tata Consultancy Services Limited $106,513.7 $101, % 29.4% 67.7% 79.7% 4.5x 4.1x 16.7x 15.1x 25.3x 23.0x 10.5% 10.4% 27.2% 27.2% 14.0% 1.8 Infosys Limited 46, , % 30.3% 27.8% 62.0% 3.4x 3.0x 13.1x 11.9x 20.9x 19.9x 9.0% 10.1% 25.7% 25.7% 10.6% 2.0 Cognizant Solutions Corporation 40, , % (10.6%) 11.8% 43.8% 2.3x 2.1x 11.0x 9.8x 15.4x 14.5x 8.8% 8.0% 20.9% 21.7% 11.4% 1.4 Wipro Limited 25, , % 3.6% (3.9%) (12.1%) 2.5x 2.4x 12.5x 11.7x 21.9x 18.4x 5.9% 6.8% 20.2% 20.3% 8.0% 2.7 CGI Inc. 19, , % 23.4% 43.9% 154.2% 2.2x 2.2x 12.1x 11.6x 20.1x 18.3x 2.6% 3.2% 18.5% 18.7% 11.0% 1.8 HCL Technologies Limited 19, , % 1.9% 14.2% 37.5% 2.1x 1.9x 8.9x 8.0x 14.2x 13.3x 10.9% 10.7% 23.3% 23.3% 10.9% 1.3 Xerox Corporation 6, , % (17.3%) (25.2%) (35.0%) 1.1x 1.2x 6.3x 6.3x 8.3x 7.5x (3.9%) (5.6%) 17.6% 18.4% 6.0% 1.4 Amdocs Limited 7, ,323.5 (4.6%) (18.3%) 1.0% 29.2% 1.8x 1.7x 8.5x 8.2x 14.1x 12.9x 3.2% 3.5% 20.8% 20.9% 7.7% 1.8 Genpact Limited 5, , % (12.1%) 21.8% 75.8% 2.2x 2.0x 13.5x 11.7x 16.9x 15.2x 8.8% 10.7% 16.1% 16.8% 11.6% 1.5 Deluxe Corporation 2, , % (36.8%) (13.6%) (3.3%) 1.5x 1.4x 5.8x 5.8x 8.3x 8.6x 1.5% 2.9% 25.4% 24.7% 6.8% 1.2 FTI Consulting, Inc. 2, , % 57.2% 100.9% 84.3% 1.4x 1.4x 11.1x 11.3x 18.2x 18.4x 10.2% 2.3% 12.8% 12.3% 14.0% 1.3 Mphasis Limited 2, ,575.5 (0.4%) 11.2% 121.0% 170.2% 2.1x 1.9x 12.1x 10.7x 18.6x 16.8x 12.7% 12.6% 17.5% 17.7% 19.0% 1.0 WNS (Holdings) Limited 2, , % 9.7% 67.2% 126.6% 2.8x 2.6x 14.2x 13.4x 26.9x 25.1x 6.1% 8.9% 19.9% 19.4% 12.5% 2.1 ExlService Holdings, Inc. 1, , % (5.3%) 30.0% 128.6% 2.3x 2.0x 13.8x 11.7x 20.9x 19.1x 15.7% 13.2% 16.8% 17.5% 14.1% 1.5 Virtusa Corporation 1, , % 8.7% 7.6% 41.5% 1.3x 1.1x 13.9x 12.5x 22.3x 18.3x 14.0% 15.8% 9.3% 9.0% 21.3% 1.0 TTEC Holdings, Inc. 1, , % (15.8%) 25.3% 53.2% 1.2x 1.1x 8.8x 8.0x 20.8x 17.8x 1.5% 4.2% 13.2% 13.9% 14.0% 1.5 CSG Systems International, Inc. 1, , % (19.9%) 3.3% 20.8% 1.6x 1.5x 7.0x 6.7x 12.6x 11.6x 8.4% 5.9% 22.9% 22.5% 7.8% 1.6 Sykes Enterprises, Incorporated 1, , % (11.1%) (8.2%) 31.5% 0.7x 0.7x 7.1x 6.3x 13.1x 12.3x 2.6% 4.0% 10.0% 10.9% 10.8% 1.2 Navigant Consulting, Inc. 1, % 26.3% 62.9% 47.5% 1.3x 1.2x 13.8x 10.6x 57.6x 27.7x 10.0% 5.6% 9.3% 11.5% 14.8% 3.9 Firstsource Solutions Limited % 19.2% 32.8% 101.9% 0.9x 0.8x 6.8x 6.7x 9.1x 8.3x 8.7% 7.3% 13.1% 12.4% 12.9% 0.7 Outsourced Solutions Median 10.1% 2.8% 23.5% 50.4% 1.9x 1.8x 11.6x 10.7x 18.4x 17.3x 8.7% 7.0% 18.1% 18.5% 11.5% 1.5 Source: Capital IQ as of market close on January 31 st,

28 COMPANY TRADING ANALYSIS REAL ESTATE AND MORTGAGE SOLUTIONS (USD in millions) Long- Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Equity Enterprise Trading Performance Revenue EBITDA P / E Growth Margin EPS PEG Company Value Value YTD 1 Year 3 Year 5 Year 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E Growth Ratio CoStar Group, Inc. $14,479.7 $13, % 12.9% 120.4% 127.1% 11.3x 9.7x 33.0x 27.0x 48.8x 39.9x 22.9% 16.1% 34.2% 36.0% 16.8% 2.9 Fidelity National Financial, Inc. 10, , % (7.2%) 11.3% 14.6% 1.3x 1.3x 8.8x 8.8x 13.2x 12.5x 1.8% (1.7%) 14.6% 14.8% NA NA Black Knight, Inc. 7, , % (0.6%) NA NA 7.3x 6.7x 14.7x 13.3x 26.7x 24.1x 7.9% 8.2% 49.5% 50.4% 14.6% 1.8 Jones Lang LaSalle Incorporated 6, , % (8.3%) 3.9% 25.5% 0.9x 0.9x 8.8x 8.8x 12.9x 13.0x 13.1% 2.1% 10.1% 9.9% 13.5% 1.0 Realogy Holdings Corp. 2, , % (35.5%) (46.7%) (61.0%) 0.9x 0.9x 8.6x 8.7x 11.2x 9.6x 0.3% 0.5% 10.9% 10.7% NA NA RealPage, Inc. 5, , % 12.1% 188.2% 148.1% 6.4x 5.6x 24.2x 19.5x 37.5x 31.6x 30.1% 15.0% 26.4% 28.5% NA NA MGIC Investment Corporation 4, , % (15.8%) 85.2% 47.0% 4.5x 4.3x NA NA 7.2x 7.7x 5.4% 3.1% NA NA 4.0% 1.8 CoreLogic, Inc. 3, , % (23.4%) 2.9% 14.0% 2.6x 2.6x 9.6x 9.5x 13.3x 13.1x (2.9%) (1.6%) 27.1% 27.8% 10.5% 1.3 Radian Group Inc. 4, , % (12.8%) 84.3% 29.3% 3.5x 3.2x NA NA 7.3x 6.9x 6.2% 9.2% NA NA 20.1% 0.4 Close Brothers Group plc 3, , % (5.7%) 15.3% 12.0% 3.8x 3.7x NA 16.5x 10.7x 10.6x 4.2% 5.4% NA 22.6% 7.0% 1.5 First American Financial Corporation 5, , % (15.2%) 44.6% 93.2% 0.7x 0.7x 5.1x 5.1x 11.2x 11.0x 0.3% (0.1%) 14.4% 14.6% NA NA Newmark Group, Inc. 1, , % (37.1%) NA NA 2.1x 1.9x 7.9x 7.9x 7.0x 6.4x 25.8% 9.2% 26.7% 24.7% 10.0% 0.7 FirstService Corporation 2, , % 22.2% 115.4% NA 1.8x 1.6x 18.0x 16.1x 31.0x 27.1x 11.9% 8.3% 9.8% 10.0% 21.4% 1.4 ABM Industries Incorporated 2, , % (10.1%) 13.9% 28.2% 0.5x 0.5x 9.3x 9.0x 18.3x 17.0x 3.2% 2.8% 5.1% 5.2% 16.0% 1.1 Ellie Mae, Inc. 2, , % 99.0% 1.4% 190.4% 4.8x 4.4x 17.0x 14.9x 40.0x 38.7x 6.0% 8.6% 28.3% 29.9% 13.9% 2.9 AppFolio, Inc. 2, , % 49.5% 382.2% NA 12.0x 9.5x 50.9x 35.3x 78.5x 52.5x 30.5% 26.6% 23.6% 26.8% 18.0% 4.4 HFF, Inc. 1, , % (15.8%) 42.8% 40.0% 3.2x 3.2x 13.0x 12.8x 14.7x 15.7x 11.2% 0.8% 24.8% 25.0% NA NA Savills plc 1, , % (18.8%) 10.6% 33.1% 0.8x 0.7x 8.0x 7.7x 11.2x 11.4x 2.6% 4.7% 9.5% 9.5% NA NA Marcus & Millichap, Inc. 1, , % 21.3% 64.5% 137.6% 1.6x 1.6x 10.5x 9.9x 19.1x 18.1x 10.4% 3.3% 15.4% 15.7% 6.0% 3.2 Altus Group Limited % (28.1%) 36.3% 49.8% 2.2x 1.9x 14.4x 10.8x 20.3x 14.9x 4.1% 15.1% 15.3% 17.6% 18.3% 1.1 Altisource Portfolio Solutions S.A % (15.4%) (19.2%) (81.9%) 0.8x 0.9x 10.1x NA 64.0x NM (14.1%) (10.7%) 8.0% NA NA NA Real Matters Inc % (58.1%) NA NA 2.4x 2.4x 28.4x 30.4x 38.5x 30.0x (4.2%) (3.0%) 8.3% 8.0% 58.7% 0.7 Real Estate / Mortgage Solutions Median 15.5% (11.5%) 36.3% 33.1% 2.3x 2.2x 10.5x 10.8x 16.5x 14.9x 5.7% 4.0% 15.3% 17.6% 14.6% 1.4 Source: Capital IQ as of market close on January 31 st,

29 RECENT FINTECH TRANSACTION ACTIVITY

30 SELECTED RECENT STRATEGIC BUYER M&A ACTIVITY Announced Date Buyer Target Sector Transaction Size ($MM) Comments Benefits / Payroll ND Benefits / Payroll $425 Payroll Maxx delivers enterprise class workforce management services and technology to small- to mid-sized employers The acquisition increases Asure s Software national presence throughout the United States DBI plays a key role in the consumer-directed healthcare ecosystem by offering account administration technology and services The acquisition is expected to accelerate WEX s growth rate and provide partners and customers with a more comprehensive suite of products and services Information Services ND Blockspring allows a company s business users to quickly and easily connect spreadsheets and other applications to web services without any coding experience The Company will continue to operate as an independent company post acquisition and its products will still continue to operate as normal for their customers Insurance ND Dinghy is an online provider of insurance services, offering equipment cover, public liability, legal expenses and cyber liability The acquisition will help expand Kingsbridge s distribution, products, services and geographic reach Insurance ND E-Risk Services is an insurance program business management software-as-aservice provider The acquisition of E-Risk enhances Nationwide s excess and surplus lines business by expanding its distribution relationships via E-Risk s wholesale network Insurance $105 ValuePenguin is a personal finance website that offers consumers objective analysis on a variety of financial topics from insurance to credit cards ValuePenguin s high-quality content and SEO capability will bolster QuoteWizard/LendingTree s proprietary technology and carrier network Investment ND CressCap Investment Research is a platform providing next-generation quantitative analytics and data for investment professionals The acquisition will add advanced quantitative analytics and data to Seeking Alpha s robust investment analysis platform Investment ND Mariana Systems is a developer and provider of cloud-based credit and portfolio management technology solutions for the asset management industry The acquisition will accelerate Black Mountain s presence in core markets and strengthen its software platform with front office capabilities Investment ND NEXT Financial Group is an independent wealth management firm which serves over 500 independent advisors The acquisition is the fourth broker dealer acquired by Atria since 2017 as they continue to invest in their service model and grow their client base 30

31 SELECTED RECENT STRATEGIC BUYER M&A ACTIVITY Announced Date Buyer Target Sector Transaction Size ($MM) Comments Corporate / Client Services Outsourced Solutions ND The Corporate and Private Client Services and Throgmorton businesses of Link Asset Services provide corporate, regulatory and trust based services The acquisition substantially bolsters Apex s corporate services capabilities adding specialist hubs across Europe Outsourced Solutions ND NCS Regulatory Compliance is a provider of outsourced compliance and regulatory solutions to the registered investment adviser and broker-dealer markets The acquisition will add to Foreside s comprehensive offering as they help NCS expand to new customer segments, investment products and geographies Outsourced Solutions ND Orbium is a Switzerland-based management consultancy and technology services provider focused on the financial services industry The acquisition will further strengthen Accenture s ability to provide innovative services to clients in the private-banking and wealth-management space globally Outsourced Solutions ND Prime Clerk provides tailored, practical and client collaborative claims administration services through its proprietary software The acquisition helps Duff & Phelps create a world-class suite of dispute, investigation and claims administration services for the legal channel Algorfin Outsourced Solutions ND Algorfin is a specialized IT and administrative outsourcing service through the Archimede, Diogene and Archimede Governance software platforms The acquisition consolidates Objectway s position as the leader in the Italian market for banks, asset managers, brokers and custodian banks Payments ND Payments $305 Payments $58 Payments $41,942 CenPOS offers integrated payment software solutions to large enterprises with a focus on automotive, travel and entertainment Elavon s suite of payment products gives CenPOS an unparalleled competitive edge in the market Earthport offers cross-border payment services through the combination of a network of segregated bank accounts in various geographies Mastercard's rival bid comes at a ten percent premium to Visa's valuation, moving Earthport to withdraw its recommendation of the Visa Offer First Billing Services provides comprehensive electronic bill presentment and payment solutions to utility and municipal government clients Paya plans to integrate FBS s online billing and software applications into the Paya Connect platform, enhancing the robust suite of integration tools First Data Corporation provides electronic commerce solutions for merchants, financial institutions and card issuers worldwide The combined Company will have increased scale and a more extensive range of high-value client solutions 31