By Paul Reynolds. The 2015 ISG Advisor Relations Benchmark investigates how service providers fund and allocate their Advisor Relations budgets and how teams are changing in each region to engage with third-party advisors. Join this session and leave with the information you need to benchmark your own Advisor Relations program.
The Role of AI in CX by Sam Nelson, Sr. Director, Channels | TalkdeskSaraPia5
Artificial Intelligence (AI) will soon impact every corner of the contact center, including speech recognition, workforce optimization, and predictive analytics. It's power is felt across all customer-facing and agent-assisting technologies; but what exactly is it and how can it help the contact center?
Insights Success has come up with a distinctive issue “The 10 Most Influential Voices in Banking” which recognizes the incalculable contribution of banking enthusiasts who has revolutionized banking processes with their inventive excellence.
The landscape of digital is a demanding one. The last 5 years has seen some of the most fundamental shifts in how organisations are changing to meet the needs, demands and opportunities presented in this digital age. Transform's digital maturity index, DMI 2015, features the views of 227 digital leaders and includes insights from Matt Watkinson, author of The Ten Principles Behind Great Customer Experiences.
By Paul Reynolds. The 2015 ISG Advisor Relations Benchmark investigates how service providers fund and allocate their Advisor Relations budgets and how teams are changing in each region to engage with third-party advisors. Join this session and leave with the information you need to benchmark your own Advisor Relations program.
The Role of AI in CX by Sam Nelson, Sr. Director, Channels | TalkdeskSaraPia5
Artificial Intelligence (AI) will soon impact every corner of the contact center, including speech recognition, workforce optimization, and predictive analytics. It's power is felt across all customer-facing and agent-assisting technologies; but what exactly is it and how can it help the contact center?
Insights Success has come up with a distinctive issue “The 10 Most Influential Voices in Banking” which recognizes the incalculable contribution of banking enthusiasts who has revolutionized banking processes with their inventive excellence.
The landscape of digital is a demanding one. The last 5 years has seen some of the most fundamental shifts in how organisations are changing to meet the needs, demands and opportunities presented in this digital age. Transform's digital maturity index, DMI 2015, features the views of 227 digital leaders and includes insights from Matt Watkinson, author of The Ten Principles Behind Great Customer Experiences.
Spectrofluorimetry or fluorimetry (www.Redicals.com)Goa App
The term fluorescence comes from the mineral fluorspar (calcium fluoride) when Sir George G. Stokes observed in 1852 that fluorspar would give off visible light (fluoresce) when exposed to electromagnetic radiation in the ultraviolet wavelength.
the Fintech industry in Canada is disrupting the traditional baking industry and creating challenges for those banks that don't adopt technology as part of their business strategy. The following is an industry white paper that outlines some of the trends in the industry currently, and questions fintech companies and banks alike should ask themselves while they undertake their strategic planning process.
Using Dashboards & Analytics to Find Hidden Gems in Your DataAdaptive Insights
Adaptive Insights Senior Solution Specialist Vito Mancini discuss the new, more strategic role of CFOs within their organizations, the importance of data analytics to strategic leadership, and financial dashboards and analytics can help finance leaders fulfill their new responsibilities to drive organizational growth and better decision-making.
This year’s survey found that the global investment community in the U.S., the UK, Europe, and Asia continues to place a premium on companies that are best able to monetize the data they collect even during a period of market instability. Since 2014, data monetization’s impact on investor decision has increased by seven percent, with 41 percent of those surveyed indicating an effect. In addition, almost a fifth of analysts surveyed believe that a company’s ability to monetize data is the single most important driver of investments, a four percent increase since 2014.
Key highlights include:
• Rise in investment decisions based on the data premium
• Cybersecurity’s importance to M&A
• Data protection increasingly crucial
• Financial services at greatest cyber risk
• Data premium lags in Europe
For more information please contact:
Mark Seifert: www.brunswickgroup.com/people/directory/mark-seifert/
Sparky Zivin: www.brunswickgroup.com/people/directory/sparky-zivin/
Banking Analytics | Data Analytics in BankingRNayak3
WNS banking analytics services span the entire spectrum of the BFS industry – retail banks, commercial finance, capital markets, asset management and investment banks. Learn more at : https://www.wns.com/industries/banking-financial-services/banking-analytics
WNS' Finance and Accounting BPO services help global CFOs’ to co-create insights-led digital finance operations that drive sustainable business growth, learn more here : https://wns.com/capabilities/finance-accounting
WNS’ commercial banking services combine deep industry knowledge with strong analytics and digital expertise to realize unprecedented operational efficiencies, explore more on : https://www.wns.com/industries/banking-financial-services/commercial-banking
WNS’ commercial banking services combine deep industry knowledge with strong analytics and digital expertise to realize unprecedented operational efficiencies. Get to know more on : https://www.wns.com/industries/banking-financial-services/commercial-banking-operations
Spectrofluorimetry or fluorimetry (www.Redicals.com)Goa App
The term fluorescence comes from the mineral fluorspar (calcium fluoride) when Sir George G. Stokes observed in 1852 that fluorspar would give off visible light (fluoresce) when exposed to electromagnetic radiation in the ultraviolet wavelength.
the Fintech industry in Canada is disrupting the traditional baking industry and creating challenges for those banks that don't adopt technology as part of their business strategy. The following is an industry white paper that outlines some of the trends in the industry currently, and questions fintech companies and banks alike should ask themselves while they undertake their strategic planning process.
Using Dashboards & Analytics to Find Hidden Gems in Your DataAdaptive Insights
Adaptive Insights Senior Solution Specialist Vito Mancini discuss the new, more strategic role of CFOs within their organizations, the importance of data analytics to strategic leadership, and financial dashboards and analytics can help finance leaders fulfill their new responsibilities to drive organizational growth and better decision-making.
This year’s survey found that the global investment community in the U.S., the UK, Europe, and Asia continues to place a premium on companies that are best able to monetize the data they collect even during a period of market instability. Since 2014, data monetization’s impact on investor decision has increased by seven percent, with 41 percent of those surveyed indicating an effect. In addition, almost a fifth of analysts surveyed believe that a company’s ability to monetize data is the single most important driver of investments, a four percent increase since 2014.
Key highlights include:
• Rise in investment decisions based on the data premium
• Cybersecurity’s importance to M&A
• Data protection increasingly crucial
• Financial services at greatest cyber risk
• Data premium lags in Europe
For more information please contact:
Mark Seifert: www.brunswickgroup.com/people/directory/mark-seifert/
Sparky Zivin: www.brunswickgroup.com/people/directory/sparky-zivin/
Banking Analytics | Data Analytics in BankingRNayak3
WNS banking analytics services span the entire spectrum of the BFS industry – retail banks, commercial finance, capital markets, asset management and investment banks. Learn more at : https://www.wns.com/industries/banking-financial-services/banking-analytics
WNS' Finance and Accounting BPO services help global CFOs’ to co-create insights-led digital finance operations that drive sustainable business growth, learn more here : https://wns.com/capabilities/finance-accounting
WNS’ commercial banking services combine deep industry knowledge with strong analytics and digital expertise to realize unprecedented operational efficiencies, explore more on : https://www.wns.com/industries/banking-financial-services/commercial-banking
WNS’ commercial banking services combine deep industry knowledge with strong analytics and digital expertise to realize unprecedented operational efficiencies. Get to know more on : https://www.wns.com/industries/banking-financial-services/commercial-banking-operations
Triangle Consult delivers expert Data Consulting Services and Strategy Development for enterprises at varying stages of analytics maturity. Right from roadmaps, gap analyses, change management, and governing standards and processes. Explore more on : https://www.wns.com/capabilities/analytics/triange-consult
Strategic Capital Partners offers a multitude of funding options to small business owners across the nation. Speed, simplicity, and security are the driving factors behind everything we provide to our clients. Upon submitting your application, we review it with a dedicated funding advisor. We then search our vast network of lenders to find the best funding options available to perfectly meet the demands of your business. Small business is the backbone of America and Strategic Capital Partners is the backbone of small business.
With consumer preferences changing as quickly as technology, it's a challenge for financial institutions to keep up. Digital Insight and Cornerstone Advisors shared valuable takeaways aimed at guiding CEOs, CFOs and CIOs in approaching new channels and optimizing existing strategies to provide increased returns now and into the future.
Measuring Customer-Centric Mobile Banking & BeyondDynatrace
This webinar with Forrester Research will help you gain valuable insights into the complexity of mobile banking and how mobile can give you a competitive step up. Mobile creates new business opportunities, and customer focused banks will have the edge. To do this you’ll need to have a unified view of the user behavior and delivered user experience across Web, mobile Web and mobile apps.
In this webinar you’ll learn how the right metrics and technology can help you:
• Discover the 5 categories of metrics that are critical for mobile banking and how to align them with business goals.
• Learn about the value of measuring and optimizing customer experiences on mobile banking strategies.
• Get a 5-Step process for assessing the effectiveness of your mobile banking metrics.
• Identify opportunities for improvements, new services, new business targets and models.
The Three Things EVERY Aspiring SaaS Company Should Know!ServiceSource
This informative slide deck was the foundation of a webcast with ServiceSource and leading analyst firm IDC exploring the opportunities and challenges for companies making the transition to a SaaS or cloud-based business, including:
- The top 3 keys to success for software and hardware vendors to effectively manage the customer lifecycle and pave a shorter path to profitability
- Managing financial expectations in the marketplace
- Examples of companies that have successfully made the SaaS transition
- How usage and consumption insights are now the foundation for customer success driving successful SaaS businesses
Here is the link to the webinar!
http://corporate.servicesource.com/LP=279
Too often, banks calculate the value of software solutions on their time to market. The quicker the solution goes live, the better the ROI. But what banks keep missing, is the value of their time-to-decision. In many situations, the dreadful and highly political decision-making processes during the Request for Information (RFI) phase, takes longer than actually implementing the software. Therefore, time-to-market goes both ways.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
Fin tech monthly
1. OCTOBER 2015
IN THIS ISSUE
About Us 2
Recent Transactions & Case Studies 7
FinTech Trading Analysis 14
Recent FinTech Transaction Activity 28
2. INVESTMENT BANKING
FINTECH MONTHLY
Senior Banking Team
PREMIER FINTECH INVESTMENT BANKING TEAM
2
Chris Appaneal
Associate
Prior
Experience
Contact
Information
Education
Prior
Experience
Education
Contact
Information
Garrett DeNinno
Vice President
Paul Fricilone
Vice President
Leslie Ann B.
Curry
Vice President
Dru Rushing
Associate
Zach Sayers
Associate
Scott Green
Vice President
paul.fricilone@
raymondjames.com
617.624.7033
dru.rushing@
raymondjames.com
404.442.5809
leslieannb.curry@
raymondjames.com
404.442.5890
scott.green@
raymondjames.com
404.442.5843
garrett.deninno@
raymondjames.com
617.624.7018
zach.sayers@
raymondjames.com
404.442.5880
chris.appaneal@
raymondjames.com
617.624.7096
Ian O’Neal
Senior Vice
President
Steve Hufford
Managing Director
Jim Bunn
Senior Managing
Director, Head of
Investment Banking
Brendan Ryan
Managing Director
Chip Kelso
Managing Director
Kate Crespo
Senior Vice
President
Jon Steele
Managing Director,
Group Head
jim.bunn@
raymondjames.com
727.567.5203
jon.steele@
raymondjames.com
617.624.7020
steve.hufford@
raymondjames.com
404.442.5807
brendan.ryan@
raymondjames.com
617.624.7019
chip.kelso@
raymondjames.com
404.442.5835
kate.m.crespo@
raymondjames.com
617.624.7012
ian.oneal@
raymondjames.com
617.624.7011
3. INVESTMENT BANKING
FINTECH MONTHLY
Deep & Experienced
RJ Team
Extensive Transaction
Experience
+14 Senior
Investment Bankers
+4 Equity
Research Analysts
+4 Dedicated Equity Capital
Markets Professionals
+100 transactions since 2010
+25 public offering
transactions raising
$8+ billion since 2010
+75 M&A / private placement
transactions with $11.5+ billion
in total deal value since 2010
Raymond James has built one of the leading FinTech franchises on Wall Street.
Business Model Coverage
Sector Coverage
BROADEST AND DEEPEST FINTECH PRACTICE
3
Blue-Chip Corporate Clients
Leading Tech VC / PE Clients
Payments
Bank Technology
Capital Markets Technology
Transactional Marketing Services
Financial Data and Information Services
Insurance Technology
Investment Management Technology
Outsourced Solutions
Benefits / Payroll
Financial SaaS
Real Estate and Mortgage Services
SaaS and
Enterprise
Software
Internet /
Online / Mobile
Transaction
Processing
Tech-Enabled
Solutions
BPO /
Professional
Services
Technology-Enabled Lending Platforms
5. INVESTMENT BANKING
FINTECH MONTHLY
+ 2015 Financial Tech & Services Deal of the Year – Sale of Columbus Data Services to Cardtronics
+ 2015 Financial Services Deal of the Year – Sale of Cardiff Holdings Corp.’s subsidiaries Shoreline and
Source One Direct to Gemalto
+ 2015 Financial Tech & Services Deal of the Year – M&A Atlas Awards
+ 2014 Professional Services Deal of the Year (B-to-B, Up to $100mm) – Growth Equity Financing of
hyperWALLET from Primus Capital
+ 2014 International M&A Deal of the Year (Over $100mm to $500mm) – Sale of PayChoice, Inc. to Sage
Group Plc
+ 2015 Distressed M&A Deal of the Year (Over $25mm to $100mm) – Sale of Phoenix Payment Systems
(EPX) to North American Bancard
+ 2015 “40 Under 40” Dealmaker of the Year – Jon Steele
+ 2014 “40 Under 40” Dealmaker of the Year – Brendan T. Ryan
+ 2014 Investment Service Provider of the Year (United States) – Acquisition International
+ 2013 Investment Banking Team of the Year – M&A Atlas Awards
+ 2015 Investment Banking Firm of the Year – M&A Advisor Turnaround Awards
RECENT AWARDS AND ACCOLADES
5
6. INVESTMENT BANKING
FINTECH MONTHLY
ADVISORY
Sales / Recaps
Acquisitions
Divestitures
Strategic Advisory
Fairness Opinions
CAPITAL RAISING
Private Placements
Initial Public Offerings
Follow-On Offerings
Debt Capital
Restructuring
RAYMOND JAMES CAPABILITIES
FINTECH COVERAGE UNIVERSE
6
REAL ESTATE AND
MORTGAGE SERVICES
TRANSACTIONAL
MARKETING
SERVICES
INSURANCE
TECHNOLOGY
FINANCIAL SAAS
OUTSOURCED
SOLUTIONS
PAYMENTS
BANK TECHNOLOGY
BENEFITS / PAYROLL
TECHNOLOGY-
ENABLED LENDING
PLATFORMS
FINANCIAL DATA AND
INFORMATION
SERVICES
INVESTMENT MGMT
TECHNOLOGY
CAPITAL MARKETS
TECHNOLOGY
8. INVESTMENT BANKING
FINTECH MONTHLY
MORE FINTECH TRANSACTIONS COMPLETED SINCE 2010 THAN ANY OTHER FIRM
Merchant payment
processing
October 2014
Sale to
Merchant payment
processing
November 2014
Sale to
December 2014
Payment and
communication services
December 2014
Payment and Communication
Services (PCS) Business
Commercial real estate
outsourced solutions
December 2014
Tech-enabled small
business lending
December 2014
Initial Public Offering
Co-Manager
$230,000,000
Payroll / HR
software
Follow-On Offering
Co-Manager
$121,000,000
SaaS-based wealth
management solutions
January 2015
Sale to
Wealth management
technology
February 2015
Majority Recapitalization
by
Digital banking
solutions
February 2015
Follow-On Offering
Co-Manager
$116,000,000
Healthcare plan
management technology
May 2015
Follow-On Offering
Co-Manager
$115,000,000
Business services and
financial products for SMBs
June 2015
Term Loan
Financing
$38,000,000
IRA rollover and advisor
solutions
July 2015
$64,000,000
Sale to
ATM management
solutions
July 2015
$80,000,000
Sale to
July 2015
GRC software solutions
Majority Recapitalization
by
Majority Recapitalization
by
Benefits administration
software
August 2015
Follow-On Offering
Co-Manager
$73,500,000
August 2015 August 2015
$190,000,000
Sale to
Sale to
Accounts receivable
management solutions
Education payment
software and services
September 2015
Loan management and
compliance software
Baker Hill Business
$100,000,000
Sale to
Sale to
September 2015
Payroll / HR
software
Follow-On Offering
Co-Manager
$111,300,000
Digital banking
solutions
September 2015
Follow-On Offering
Co-Manager
$96,900,000
September 2015
SaaS-based loan
risk software
$122,000,000
Sale to
Payroll solutions
September 2014
$157,800,000
Sale to
Card personalization
solutions
September 2014
Sale to
Corporate and
consumer incentives
September 2014
$291,000,000
Sale to
8
9. INVESTMENT BANKING
FINTECH MONTHLY
MORE FINTECH TRANSACTIONS COMPLETED SINCE 2010 THAN ANY OTHER FIRM
9
Liquidity venue
September 2013
Sale to
Benefits administration
software
Initial Public Offering
Co-Manager
September 2013
$150,000,000
Payment integration
software
Digital personal finance
solutions
October 2013
Has received an
investment from
September 2013
Sale to
Prepaid payment
solutions
November 2013
Sale to
Digital banking
solutions
March 2014
Sale to
Digital banking
solutions
Initial Public Offering
Co-Manager
March 2014
$131,000,000
Payroll / HR
software
March 2014
Initial Public Offering
Co-Manager
$138,000,000
Benefits administration
software
April 2014
$51,000,000
Investment by
Compensation analytics
April 2014
$100,000,000
Sale to
Card personalization
solutions
Sale to
May 2014
Subsidiaries
May 2014June 2014June 2014
Tech-enabled mortgage
solutions
Merchant payment
processing
Cross-border payment
solutions
$305,000,000
Sale to
Has received growth
equity financing from Sale to
Healthcare plan
management technology
Advisor technology
July 2014
$73,000,000
Sale to
July 2014
Initial Public Offering
Senior Co-Manager
$146,510,000
Majority Recapitalization
by
June 2014
Rental payment
solutions
Benefits administration
software
July 2014
Follow-On Offering
Co-Manager
$110,000,000
Sale to
July 2014
Billing solutionsEducation software
and payments
July 2014
$375,000,000
Sale to
Specialty finance
solutions
August 2014
Sale to
Integrated merchant
processing
September 2013
Majority recapitalization
by
Banking software and
outsourced solutions
August 2013
$1,200,000,000
Acquisition of
Tech-enabled
mortgage solutions
September 2013
$70,000,000
Dividend Recapitalization
10. INVESTMENT BANKING
FINTECH MONTHLY
Key Transaction Information
• On September 14, 2015, SS&C Technologies, Inc. (“SS&C”) announced it had entered into a definitive agreement to acquire
Primatics Financial (“Primatics”) from The Carlyle Group (“Carlyle”) for $122 million
Company Background
• Primatics provides an innovative software product suite that addresses end-to-end loan risk and finance processes for financial
institutions, including accounting, forecasting, regulatory reporting, reserving and stress testing
• The Company’s unique, cloud-based platform tackles end-to-end process challenges impacting all loan lifecycle events
• Primatics’ software processes over $500 billion in loan volume monthly and serves over 50 customers
• The Company was founded in 2004 and is headquartered in McLean, VA
Investment Banking Role
• Raymond James served as the exclusive financial advisor to Primatics & Carlyle in this transaction
• Conducted a highly competitive and targeted sale process involving both strategic and financial buyers
Successful Outcome
• The transaction was announced on September 14, 2015 and is expected to close in Q4 2015
RAYMOND JAMES ADVISORY CASE STUDY: PRIMATICS FINANCIAL
10
September 2015
Raymond James acted
as the exclusive
financial advisor to
Primatics Financial in
connection with this
transaction.
$122,000,000
Sale to
11. INVESTMENT BANKING
FINTECH MONTHLY
Key Transaction Information
• On September 2, 2015, Experian’s plc’s Baker Hill business (“Baker Hill” or the “Company”) announced that it had entered into a
definitive agreement to be acquired by global private equity firm The Riverside Company (“Riverside”)
• The terms of the acquisition agreement were not released
Company Background
• Baker Hill provides a comprehensive suite of SaaS solutions used primarily by the regional and community banking segment
within the U.S.
• For more than three decades, Baker Hill products have allowed high performing organizations to streamline and manage their
portfolio risk management, customer management and lending processes
• The Company was founded in 1983 and is headquartered in Carmel, IN
Investment Banking Role
• Raymond James served as the exclusive financial advisor to Baker Hill in this transaction
• Conducted a highly competitive and targeted sale process involving strategic and financial buyers
Successful Outcome
• The transaction closed on September 21, 2015
• The Company and its management team are expected to join forces with Database Marketing Agency Corp. (“DMA”), an existing
portfolio company of Riverside
• Combining DMA’s unique business intelligence with Baker Hill’s risk analysis, origination and loan portfolio management
capabilities positions the new organization to offer a competitive advantage to progressive financial institutions
• The transaction represents a premium outcome for Experian
RAYMOND JAMES ADVISORY CASE STUDY: BAKER HILL
11
September 2015
Raymond James acted
as the exclusive
financial advisor to
Baker Hill in connection
with this transaction.
$100,000,000
Sale to
Baker Hill Business
12. INVESTMENT BANKING
FINTECH MONTHLY
Key Transaction Information
• On August 10, 2015, Smart Tuition Holdings, LLC (“Smart Tuition” or the “Company”), entered into a definitive agreement to be
acquired by Blackbaud, Inc. (NASDAQ:BLKB)
Company Background
• Smart Tuition is a leading provider of payment software and services to private, charter, and public K-12 schools throughout the
United States
• The Company provides a leading-edge, proprietary technology platform to support tuition and other school payments and
services to over 2,400 schools representing nearly 400,000 families
• Smart Tuition employs a highly-recurring transactional revenue model leading that affords strong (90%+) visibility into future
financial performance
• The Company was founded in 2006 and is headquartered in Woodbridge, NJ
Investment Banking Role
• Raymond James served as the exclusive financial advisor to Smart Tuition in this transaction
• Conducted a highly competitive and targeted sale process involving strategic and financial buyers
Successful Outcome
• The transaction closed on October 2, 2015.
• Blackbaud’s extensive footprint across the world’s philanthropic community will provide Smart Tuition a broader platform from
which to expand its tuition management and other innovative financial solutions for schools nationwide
• Smart Tuition will help Blackbaud more completely serve the private school community with innovative solutions that help them
manage and connect information, streamline internal processes and improve the family experience
• The transaction represents a premium outcome for Smart Tuition shareholders and management team
RAYMOND JAMES ADVISORY CASE STUDY: SMART TUITION
12
August 2015
Raymond James acted
as the exclusive
financial advisor to
Smart Tuition in
connection with this
transaction.
$190,000,000
Sale to
13. INVESTMENT BANKING
FINTECH MONTHLY
Key Transaction Information
• On August 5, 2015, CBV Collection Services (“CBV” or the “Company”) entered into a definitive agreement to be acquired by Eli
Global, LLC (“Eli Global”)
Company Background
• Leading Canadian-based independent provider of comprehensive accounts receivable management (“ARM”) solutions
• Embedded relationships with deep set of blue-chip clients across the financial services, telecom, government, utility and
commercial sectors
• Industry-leading compliance management systems and processes
• Highly predictable revenue driven by existing client relationships and debt portfolios
• Formed in 1921 and privately owned by Yellow Point Equity Partners and the management team
Investment Banking Role
• Raymond James served as the exclusive financial advisor to CBV in this transaction
• Conducted a highly competitive and targeted sale process involving strategic and financial buyers
Successful Outcome
• The transaction signed and closed on August 5, 2015
• CBV’s management team is partnering with Eli Global and will continue to operate the Company
• The transaction represents a premium outcome for CBV’s shareholders and management team
RAYMOND JAMES ADVISORY CASE STUDY: CBV COLLECTION SERVICES
13
August 2015
Raymond James acted
as the exclusive
financial advisor to
CBV Collection
Services in connection
with this transaction.
Sale to
16. INVESTMENT BANKING
FINTECH MONTHLY
RELATIVE STOCK PRICE PERFORMANCE BY SECTOR
Source: Capital IQ as of market close on October 30, 2015.
Data represents median performance for each sector.
(1) Market Capitalization used in place of Enterprise Value
One-Year PerformanceYear-to-Date Performance
Three-Year Performance Five-Year Performance
16
17. INVESTMENT BANKING
FINTECH MONTHLY
VALUATION MULTIPLE ANALYSIS BY SECTOR
Enterprise Value / 2015E Revenue
Enterprise Value / 2015E EBITDA
Enterprise Value / 2016E Revenue
Enterprise Value / 2016E EBITDA
17
Source: Capital IQ as of market close on October 30, 2015.
Data represents median performance for each sector.
(1) Market Capitalization used in place of Enterprise Value
18. INVESTMENT BANKING
FINTECH MONTHLY
VALUATION MULTIPLE ANALYSIS BY SECTOR (CONT’D)
2015E P / E 2016E P / E
Price / Earnings to Growth Ratio
18
Source: Capital IQ as of market close on October 30, 2015.
Data represents median performance for each sector.
(1) Market Capitalization used in place of Enterprise Value
19. INVESTMENT BANKING
FINTECH MONTHLY
GROWTH AND MARGIN ANALYSIS BY SECTOR
Source: Capital IQ as of market close on October 30, 2015.
Data represents median performance for each sector.
2015E Revenue Growth
2015E EBITDA Margin
2016E Revenue Growth
2016E EBITDA Margin
19
20. INVESTMENT BANKING
FINTECH MONTHLY
COMPANY TRADING ANALYSIS
PAYMENTS
Source: Capital IQ as of market close on October 30, 2015.
20
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
Visa Inc. $191,883.0 $185,868.0 20.3% 45.6% 128.1% 312.7% 13.4x 13.2x 11.9x 19.4x 19.2x 17.0x 30.8x 26.4x 9.6% 10.5% 68.6% 70.0% 17.2% 1.8
MasterCard Incorporated 113,312.0 109,729.0 16.2% 31.7% 121.0% 317.9% 11.4x 11.3x 10.1x 20.0x 19.3x 17.0x 29.7x 25.6x 2.9% 11.6% 58.4% 59.7% 17.8% 1.7
PayPal Holdings, Inc. 44,508.2 40,209.2 NA NA NA NA 4.5x 4.4x 3.8x 21.2x 16.5x 14.2x 28.9x 24.3x 14.6% 16.6% 26.5% 26.5% 17.8% 1.6
Discover Financial Services 24,703.5 38,836.5 (12.3%) (9.0%) 42.7% 229.2% 5.5x 4.4x 4.3x 7.2x 7.0x 6.6x 10.8x 10.1x 1.4% 3.3% 63.3% 65.1% 7.3% 1.5
First Data Corporation 13,633.8 37,539.8 NA NA NA NA 4.9x 3.3x 3.1x 13.0x 12.9x 12.8x 18.2x 10.6x NA 4.4% 25.4% 24.6% NA NA
Alliance Data Systems Corporation 18,323.8 32,878.1 4.3% 6.3% 109.1% 405.3% 5.3x 5.4x 4.5x 20.3x 17.8x 15.7x 19.8x 17.3x 14.9% 19.0% 30.2% 28.8% 14.6% 1.4
Cielo S.A. 18,603.0 22,353.1 9.9% 16.5% 125.4% 261.2% 9.4x 7.8x 6.9x 19.8x 15.9x 14.1x 19.3x 17.0x 23.6% 12.7% 49.0% 49.1% 14.4% 1.3
FleetCor Technologies, Inc. 13,326.1 16,300.5 (2.7%) 3.2% 210.3% NA 10.7x 9.5x 8.9x 20.5x 17.6x 15.6x 23.3x 20.0x 14.0% 7.6% 54.1% 56.8% 15.0% 1.6
The Western Union Company 10,018.9 11,969.0 9.4% 18.9% 9.3% 7.3% 2.2x 2.2x 2.1x 8.5x 8.5x 8.5x 11.8x 11.3x (2.5%) 2.2% 25.6% 25.1% 8.3% 1.4
Worldpay Group plc 8,401.5 11,913.7 NA NA NA NA 8.4x NA NA 21.6x NA NA NA NA NA NA NA NA NA NA
Total System Services, Inc. 10,065.7 11,066.1 61.1% 75.8% 143.6% 253.0% 4.1x 4.0x 3.8x 16.3x 13.3x 12.4x 22.4x 20.7x 13.2% 6.6% 30.3% 30.5% 9.3% 2.4
Global Payments Inc. 8,925.6 10,547.5 70.2% 71.6% 219.2% 252.3% 3.7x 3.7x 3.5x 17.2x 17.2x 15.2x 25.3x 21.9x 6.3% 5.2% 21.5% 23.1% 12.4% 2.0
Vantiv, Inc. 7,272.4 10,544.5 50.1% 56.1% 153.2% NA 7.3x 6.3x 5.8x 15.4x 13.0x 11.8x 22.9x 19.6x 19.4% 8.7% 48.6% 49.1% 14.3% 1.6
Sage Group plc 9,063.3 9,850.1 16.9% 47.5% 70.2% 91.0% 4.7x 4.6x 4.3x 16.7x 14.9x 14.3x 21.7x 20.1x 5.9% 7.0% 30.8% 29.9% 9.4% 2.3
Ingenico Group 7,001.0 7,483.5 19.8% 31.5% 157.3% 379.8% 3.6x 3.1x 2.8x 15.4x 13.6x 12.2x 22.4x 20.0x 13.7% 10.8% 23.0% 23.2% 20.7% 1.1
Wirecard AG 6,330.1 5,515.0 27.5% 64.1% 161.1% 346.0% 7.2x 6.6x 5.4x 25.8x 22.2x 17.8x 36.9x 29.4x 25.6% 22.5% 29.7% 30.3% 28.0% 1.3
Euronet Worldwide, Inc. 4,316.0 4,254.7 49.1% 56.2% 299.8% 351.3% 2.4x 2.4x 2.1x 16.2x 14.4x 11.9x 24.7x 21.3x 9.7% 12.1% 16.3% 17.6% 14.7% 1.7
VeriFone Systems, Inc. 3,527.7 4,134.1 (17.5%) (16.0%) 3.9% (7.4%) 2.1x 2.0x 1.9x 15.0x 10.1x 9.9x 16.2x 13.5x 5.5% 6.7% 20.3% 19.3% 15.0% 1.1
WEX Inc. 3,280.1 3,996.7 (14.4%) (21.6%) 17.4% 126.8% 4.7x 4.7x 4.2x 11.9x 11.1x 10.0x 17.8x 16.2x 4.0% 12.0% 42.6% 42.3% 15.0% 1.2
Heartland Payment Systems, Inc. 2,585.2 3,040.7 30.4% 33.5% 168.5% 391.9% 4.4x 4.2x 3.8x 14.6x 13.7x 12.1x 24.3x 20.9x 8.6% 10.6% 30.6% 31.4% 15.6% 1.6
Blackhawk Network Holdings, Inc. 2,367.0 2,632.4 11.6% 23.8% NA NA 1.5x 1.5x 1.3x 16.7x 13.6x 11.7x 18.8x 16.5x 23.7% 12.4% 10.7% 11.2% 18.3% 1.0
Cardtronics Inc. 1,522.8 2,135.9 (12.1%) (8.2%) 18.6% 101.0% 1.8x 1.8x 1.7x 7.9x 7.1x 6.5x 11.8x 10.5x 14.5% 6.2% 25.1% 26.1% 14.0% 0.8
EVERTEC, Inc. 1,456.3 2,079.0 (15.0%) (16.4%) NA NA 5.7x 5.6x 5.4x 13.4x 11.2x 10.6x 11.0x 10.4x 2.5% 4.1% 50.0% 50.8% 16.0% 0.7
Optimal Payments Plc 2,569.2 1,888.1 1.5% (24.6%) 222.0% 494.4% 4.4x 3.2x 2.2x 15.7x 13.3x 7.6x 20.7x 14.8x 57.9% 44.9% 24.2% 29.1% NA NA
Moneygram International Inc. 532.5 1,520.9 10.0% (21.3%) (36.8%) (48.1%) 1.1x 1.1x 1.0x 9.1x 6.4x 5.6x 13.1x 10.2x (1.2%) 7.4% 16.7% 17.5% 12.0% 1.1
Everi Holdings Inc. 323.8 1,316.7 (31.3%) (30.9%) (32.6%) 33.1% 1.9x 1.6x 1.6x 9.7x 6.5x 6.1x 6.1x 4.5x 4.4% 3.0% 24.6% 25.7% 20.0% 0.3
Bottomline Technologies (de), Inc. 1,042.2 1,076.5 8.0% (9.9%) 18.1% 52.9% 3.2x 3.2x 2.8x 17.6x 14.8x 13.5x 19.4x 16.0x 4.4% 12.4% 21.6% 21.1% 20.0% 1.0
Qiwi plc 1,119.9 900.1 (5.4%) (34.8%) NA NA 4.9x 4.7x 4.2x 11.1x 11.0x 9.3x 17.1x 14.0x 7.7% 10.5% 42.8% 45.8% 26.5% 0.6
Green Dot Corporation 949.9 762.6 (11.0%) (17.2%) 79.0% (62.9%) 1.1x 1.1x 1.0x 6.2x 4.9x 4.6x 13.8x 12.6x 16.5% 6.2% 21.9% 22.3% 14.6% 0.9
Net 1 Ueps Technologies Inc. 813.5 756.2 50.8% 40.8% 91.2% 42.1% 1.2x 1.2x 1.2x 4.5x 4.3x 4.2x 7.6x 7.1x 8.3% 1.7% 27.8% 28.1% 10.0% 0.8
Cass Information Systems, Inc. 615.2 456.6 1.2% 14.7% 41.4% 87.6% 3.7x 3.7x 3.7x 12.5x 11.4x 10.9x NA NA 4.1% 1.6% 32.8% 33.9% NA NA
Newtek Business Services Corp. 211.3 324.3 13.6% 18.8% 67.7% 137.9% 4.8x 2.3x 2.1x NM 15.4x 9.8x 8.7x 9.9x 8.5% 6.3% 14.7% 21.7% NA NA
DirectCash Payments Inc. 171.1 310.8 (33.9%) (19.6%) (46.9%) (36.9%) 1.5x 1.5x 1.5x 6.1x 5.9x 5.7x NA NA (1.2%) 0.3% 25.2% 26.1% NA NA
Earthport plc 294.4 247.8 (8.6%) (12.3%) 140.6% 81.8% 8.3x 6.5x 4.1x NM NM 49.6x NA 50.0x 63.6% 58.3% NM 8.3% NA NA
Higher One Holdings, Inc. 143.0 182.6 (29.2%) 26.3% (75.6%) (82.6%) 0.8x 0.9x 1.0x 7.9x 3.7x 5.9x 7.2x 8.6x (8.6%) (9.7%) 23.7% 16.5% 17.0% 0.4
eServGlobal Ltd. 21.8 20.8 (79.5%) (81.7%) (42.5%) (82.3%) 1.1x 1.1x 0.9x NM 8.7x 4.8x NA NA (8.1%) 15.0% 12.0% 19.2% NA NA
Payments Median $3,403.9 $4,065.4 8.0% 14.7% 85.1% 113.9% 4.4x 3.7x 3.5x 15.4x 13.1x 11.7x 19.3x 16.4x 8.4% 7.6% 26.1% 26.5% 15.0% 1.3
Capitalization
Revenue EBITDA P / ETrading Performance
21. INVESTMENT BANKING
FINTECH MONTHLY
COMPANY TRADING ANALYSIS
INVESTMENT TECHNOLOGY
INSURANCE TECHNOLOGY
21
Source: Capital IQ as of market close on October 30, 2015.
(1) Equity value used for multiples in place of enterprise value.
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
Verisk Analytics, Inc. $12,310.7 $15,336.6 13.4% 15.1% 55.7% 145.6% 7.8x 7.4x 6.5x 16.6x 15.5x 13.9x 24.2x 22.5x 19.1% 14.0% 47.9% 46.8% 12.0% 2.0
Guidewire Software, Inc. 4,205.1 3,633.5 16.9% 19.3% 100.3% NA 9.5x 9.4x 8.5x 48.4x 47.8x 47.2x NM 89.3x 6.1% 10.4% 19.6% 18.0% 20.0% NA
HealthEquity, Inc. 1,870.0 1,721.1 28.4% 59.6% NA NA 16.1x 13.8x 10.4x NM 45.4x 31.7x NA 72.6x 19.1% 32.8% 30.3% 32.7% 32.5% NA
Ebix Inc. 963.4 1,086.1 64.6% 90.7% 25.6% 9.4% 4.5x 4.2x 4.0x 12.8x 11.6x 11.1x 13.6x 13.3x 7.9% 4.7% 36.1% 36.2% 10.0% 1.4x
CorVel Corporation 672.0 644.9 (9.4%) 1.8% 55.2% 51.8% 1.3x 1.2x 1.1x 8.8x 8.0x 7.2x NA 19.5x 11.5% 15.0% 15.2% 14.7% NA NA
Crawford & Company 349.2 553.4 (38.8%) (31.2%) 28.6% 146.7% 0.5x 0.5x 0.4x 6.7x 5.5x 4.7x 10.8x 8.2x 3.7% 3.8% 8.5% 9.5% 10.0% 1.1
eHealth, Inc. 225.6 163.6 (49.9%) (41.9%) (43.2%) (7.2%) 0.9x 0.9x 0.9x 18.2x 13.6x 11.7x 26.6x NA 1.4% 6.2% 6.6% 7.3% 10.0% 2.7
Insurance Technology Median $963.4 $1,086.1 13.4% 15.1% 41.9% 51.8% 4.5x 4.2x 4.0x 14.7x 13.6x 11.7x 18.9x 21.0x 7.9% 10.4% 19.6% 18.0% 11.0% 1.7
Capitalization
Trading Performance Revenue EBITDA P / E
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
The Bank of New York Mellon Corporation⁽¹⁾ $47,073.5 $47,073.5 6.2% 16.0% 76.7% 71.1% 3.1x 3.1x 2.9x 10.7x 10.7x 9.9x 15.2x 13.8x 0.4% 5.7% 28.8% 29.4% 7.5% 2.0
The Charles Schwab Corporation⁽¹⁾ 40,705.4 40,705.4 2.5% 14.2% 129.7% 100.4% 6.6x 5.2x 4.6x 15.3x 13.7x 13.0x 31.3x 23.0x 22.6% 13.1% 37.8% 35.0% 16.8% 1.9
State Street Corporation⁽¹⁾ 28,706.7 28,706.7 (10.4%) (3.6%) 58.5% 71.1% 2.7x 2.7x 2.6x 8.9x 8.9x 8.0x 14.5x 13.2x 0.8% 3.4% 30.2% 32.7% 6.8% 2.1
TD Ameritrade Holding Corporation⁽¹⁾ 18,951.6 18,951.6 (2.5%) 8.0% 119.7% 105.6% 5.9x 5.8x 5.3x 12.4x 12.7x 11.2x 23.7x 20.5x 1.3% 9.5% 46.0% 47.8% 15.8% 1.5
Northern Trust Corporation⁽¹⁾ 16,518.4 16,518.4 6.0% 11.3% 51.5% 42.8% 3.5x 3.5x 3.4x 13.0x 12.0x 10.7x 18.6x 16.8x 8.0% 5.3% 29.4% 31.3% 10.2% 1.8
SEI Investments Co. 8,660.0 8,012.4 31.4% 39.2% 140.1% 139.2% 6.1x 6.0x 5.6x 20.2x 16.6x 14.4x 26.5x 23.2x 5.1% 8.0% 36.2% 38.6% 13.2% 2.0
Broadridge Financial Solutions, Inc. 7,084.6 7,449.8 29.7% 38.3% 162.3% 172.0% 2.8x 2.7x 2.5x 12.9x 12.6x 11.5x 24.1x 20.6x 7.0% 7.1% 21.2% 21.8% 11.0% 2.2
SS&C Technologies Holdings, Inc. 7,140.5 6,876.3 26.2% 57.4% 209.9% 323.6% 8.5x 6.6x 4.6x 22.2x 15.5x 10.9x 28.8x 23.2x 36.5% 42.5% 42.5% 42.2% 16.3% 1.8
Computershare Limited 4,231.4 5,458.0 (9.1%) (10.9%) 24.2% 6.3% 2.8x 3.0x 2.8x 10.3x 10.1x 10.2x 13.6x 13.6x (8.7%) 4.5% 29.3% 27.9% 1.4% 9.9
DST Systems Inc. 4,244.2 4,856.9 29.2% 32.5% 116.5% 179.7% 2.4x 2.4x 2.3x 10.6x 10.6x 10.0x 20.6x 18.4x (0.4%) 6.1% 22.5% 22.5% 9.5% 2.2
Equiniti Group plc 732.6 2,108.3 NA NA NA NA 4.7x NA NA 25.5x NA NA NA NA NA NA NA NA NA NA
SimCorp A/S 1,944.5 1,919.4 100.9% 90.9% 160.6% 253.0% 6.8x 6.2x 5.7x 25.2x 21.9x 19.4x 31.6x 27.2x 16.6% 8.7% 28.5% 29.5% NA NA
Financial Engines, Inc. 1,723.9 1,406.8 (8.9%) (11.5%) 39.6% 129.1% 4.7x 4.5x 4.0x 22.9x 15.2x 13.2x 36.6x 32.1x 11.0% 12.0% 29.6% 30.5% 19.2% 1.9
IRESS Limited 1,053.9 1,144.1 (12.7%) (6.8%) 26.9% 5.3% 4.8x 4.6x 4.1x 18.4x 15.0x 13.1x 22.3x 19.2x 6.0% 11.3% 30.5% 31.3% 11.3% 2.0
Fidessa group plc 1,168.3 1,073.0 (16.9%) (10.7%) 49.9% 23.9% 2.4x 2.4x 2.3x 14.0x 11.8x 11.1x 25.8x NA 4.6% 3.1% 20.2% 20.9% NA NA
Envestnet, Inc. 1,057.1 1,006.4 (39.6%) (32.0%) 116.0% 127.1% 2.6x 2.4x 2.0x 18.3x 13.6x 9.8x 30.1x 22.6x 18.6% 24.7% 17.9% 19.9% 26.8% 1.1
First Derivatives plc 541.5 565.8 17.0% 22.1% 174.7% 308.2% 4.4x 3.6x 3.1x 37.1x 22.6x 17.1x 32.7x NA 26.7% 16.4% 16.1% 18.2% NA NA
Sanne Group plc 549.2 557.8 NA NA NA NA 9.7x 8.1x 7.0x NA 20.1x 17.4x 25.2x 21.9x NA 15.0% 40.3% 40.5% NA NA
StatPro Group plc 80.4 77.2 6.2% 8.5% (26.7%) (36.6%) 1.6x 1.6x 1.5x 12.4x 12.0x 10.7x 30.0x 26.6x 0.1% 3.8% 13.3% 14.3% NA NA
Investment Technology Median $4,231.4 $4,856.9 6.0% 11.3% 116.0% 105.6% 4.4x 3.6x 3.2x 14.6x 13.1x 11.1x 25.5x 21.2x 6.0% 8.4% 29.4% 30.0% 11.3% 2.0
Trading Performance
Capitalization
Revenue EBITDA P / E
22. INVESTMENT BANKING
FINTECH MONTHLY
BENEFITS / PAYROLL
MARKETING SERVICES
COMPANY TRADING ANALYSIS
22
Source: Capital IQ as of market close on October 30, 2015.
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
Alliance Data Systems Corporation $18,323.8 $32,878.1 4.3% 6.3% 109.1% 405.3% 5.3x 5.4x 4.5x 20.3x 17.8x 15.7x 19.8x 17.3x 14.9% 19.0% 30.2% 28.8% 14.6% 1.4
Experian plc 16,506.1 19,787.1 3.6% 21.9% 5.8% 55.2% 4.1x 4.1x 4.1x 12.8x 11.0x 11.7x 18.9x 18.1x (1.9%) (0.7%) 37.3% 35.2% 11.0% 1.7
Blackhawk Network Holdings, Inc. 2,367.0 2,632.4 11.6% 23.8% NA NA 1.5x 1.5x 1.3x 16.7x 13.6x 11.7x 18.8x 16.5x 23.7% 12.4% 10.7% 11.2% 18.3% 1.0
Acxiom Corporation 1,780.2 1,929.2 12.7% 26.2% 24.2% 30.6% 1.9x 1.8x 1.8x 12.8x 12.8x 13.8x 40.6x 38.8x 1.7% 2.9% 14.3% 12.8% 12.5% 3.2
Aimia Inc. 1,481.0 1,582.2 (16.2%) (21.3%) (17.7%) (1.2%) 0.8x 0.8x 0.8x 10.3x 9.1x 8.3x 14.8x 13.7x 3.2% 3.0% 9.2% 9.8% NA NA
Bankrate, Inc. 1,221.9 1,381.3 (2.6%) 13.9% 13.2% NA 2.5x 2.6x 2.5x 14.2x 9.4x 9.0x 18.0x 17.0x (3.0%) 2.9% 27.8% 28.0% 20.0% 0.9
LendingTree, Inc. 1,469.0 1,362.7 163.3% 248.7% 787.7% 1655.7% 8.2x 5.7x 4.2x NM 35.0x 26.0x 47.5x 37.1x 45.2% 35.4% 16.2% 16.1% NA NA
Groupon, Inc. 2,349.0 1,272.8 (56.5%) (40.2%) (19.7%) NA 0.4x 0.4x 0.4x 5.0x 4.4x 3.8x 25.4x 19.3x 0.5% 9.9% 9.2% 9.6% 26.3% 1.0
RetailMeNot, Inc. 489.2 286.9 (37.6%) (54.0%) NA NA 1.3x 1.2x 1.2x 5.2x 4.8x 4.5x 15.2x 15.5x 15.4% 2.1% 25.5% 26.3% 20.0% 0.8
Quotient Technology Inc. 476.1 273.6 (67.8%) (58.3%) NA NA 1.2x 1.2x 1.0x 7.2x 7.0x 4.3x NA NA 1.0% 16.0% 17.1% 24.3% 20.0% NA
QuinStreet, Inc. 258.8 213.4 (5.3%) 35.9% (16.7%) (63.0%) 0.8x 0.7x 0.7x 17.8x 11.2x 9.3x NA NA 6.6% 3.5% 6.5% 7.6% NA NA
Points International Ltd. 153.4 112.9 (13.0%) (24.0%) 39.8% 62.5% 0.4x 0.4x 0.3x 10.1x 9.3x 6.2x 29.5x 16.5x 17.1% 16.4% 4.1% 5.2% NA NA
Marketing Services Median $1,475.0 $1,372.0 (3.9%) 10.1% 13.2% 55.2% 1.4x 1.3x 1.2x 12.8x 10.2x 9.2x 19.4x 17.2x 4.9% 6.7% 15.2% 14.4% 19.1% 1.0
Capitalization
Revenue EBITDA P / ETrading Performance
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
Automatic Data Processing, Inc. $40,902.2 $39,685.5 5.4% 13.8% 51.1% 98.1% 3.6x 3.5x 3.2x 17.2x 17.5x 15.2x 29.0x 25.3x (3.4%) 8.5% 20.2% 21.3% 11.1% 2.6
Aon plc 26,545.3 31,930.3 (0.0%) 13.5% 76.1% 133.1% 2.7x 2.7x 2.6x 12.6x 12.5x 11.6x 15.7x 14.3x (0.8%) 3.2% 21.2% 22.2% 11.6% 1.4
Paychex, Inc. 18,834.6 18,296.9 13.1% 13.6% 58.6% 88.6% 6.5x 6.4x 6.0x 15.4x 15.2x 14.3x 27.0x 24.7x 8.7% 6.9% 42.4% 42.2% 9.8% 2.7
The Ultimate Software Group, Inc. 5,798.0 5,677.3 38.1% 39.7% 109.2% 394.6% 9.7x 9.2x 7.5x 47.7x 38.2x 30.4x 79.3x 64.5x 21.9% 23.0% 24.1% 24.6% 24.4% 3.3
Edenred SA 4,276.2 5,262.0 (26.4%) (22.0%) (25.6%) 10.8% 4.7x 4.5x 4.4x 14.7x 12.4x 11.8x 19.1x 18.3x 2.9% 3.0% 36.6% 37.3% 9.3% 2.1
Paycom Software, Inc. 2,302.8 2,286.4 48.0% 130.4% NA NA 12.4x 10.8x 8.3x NM NM NM NM 85.0x 14.8% 28.9% 16.0% 15.7% 42.5% NA
HealthEquity, Inc. 1,870.0 1,721.1 28.4% 59.6% NA NA 16.1x 13.8x 10.4x NM 45.4x 31.7x NA 72.6x 44.4% 32.8% 30.3% 32.7% 32.5% NA
TriNet Group, Inc. 1,326.5 1,707.9 (39.9%) (35.1%) NA NA 0.7x 0.6x 0.5x 11.5x 10.9x 9.1x 17.9x 14.2x 23.5% 16.7% 5.9% 6.1% 17.3% 1.0
Paylocity Holding Corporation 1,721.2 1,639.9 29.7% 48.2% NA NA 10.7x 9.4x 7.3x NM NM NM NA NA 39.1% 28.7% 3.7% 0.4% 30.0% NA
WageWorks, Inc. 1,735.3 1,318.0 (25.0%) (11.9%) 153.1% NA 4.2x 3.9x 3.4x 18.3x 14.6x 12.0x 43.0x 34.2x 25.8% 14.3% 27.0% 28.8% 21.8% 2.0
Benefitfocus, Inc. 937.2 889.4 (0.6%) 30.6% NA NA 5.6x 5.1x 4.1x NM NM NM NA NA 29.8% 24.5% NM NM 25.0% NA
Morneau Shepell Inc. 563.2 817.6 (11.6%) (5.7%) 19.7% 65.7% 2.0x 1.9x 1.7x 13.1x 10.3x 9.3x 20.2x 16.0x 5.0% 9.3% 18.6% 18.8% NA NA
Benefits / Payroll Median $3,289.5 $3,774.2 8.5% 15.3% 76.1% 115.6% 5.2x 4.8x 4.2x 15.1x 14.6x 12.0x 23.7x 25.0x 18.4% 15.5% 21.2% 22.2% 19.5% 2.0
Capitalization
Revenue EBITDA P / ETrading Performance
23. INVESTMENT BANKING
FINTECH MONTHLY
LIQUIDITY VENUES
TRADING TECHNOLOGY
(1)
COMPANY TRADING ANALYSIS
23
Source: Capital IQ as of market close on October 30, 2015.
(1) Equity value used for multiples in place of enterprise value.
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
The Charles Schwab Corporation $40,705.4 $40,705.4 2.5% 14.2% 129.7% 100.4% 6.6x 6.5x 5.5x 18.5x 16.5x 12.7x 31.3x 22.9x 6.7% 16.9% 39.3% 43.6% 16.8% 1.9
TD Ameritrade Holding Corporation 18,951.6 18,951.6 (2.5%) 8.0% 119.7% 105.6% 5.9x 5.8x 5.4x 12.4x 12.7x 11.2x 23.7x 20.5x 1.3% 7.9% 46.0% 48.5% 15.8% 1.5
E*TRADE Financial Corporation 8359.0 8359.0 18.7% 34.4% 248.7% 102.2% 4.6x 4.4x 4.2x NM 13.9x 9.7x 24.5x 18.4x 5.6% 5.7% 31.6% 43.0% 14.1% 1.7
ICAP plc 4,319.0 4,319.0 (3.4%) 6.7% 34.8% (3.6%) 2.3x 2.2x 2.2x 9.5x 9.4x 8.6x 14.8x 13.6x (2.7%) 2.5% 23.7% 25.2% 8.6% 1.7
KCG Holdings, Inc. 1,172.1 1,172.1 7.2% 15.5% NA NA 1.0x 1.0x 1.0x 15.6x 14.1x 12.3x 23.7x 15.5x (7.7%) (3.3%) 6.8% 8.1% 10.0% 2.4
Virtu Financial, Inc. 858.3 858.3 NA NA NA NA 1.9x 1.7x 1.6x 3.7x 2.5x 2.3x 18.8x 17.6x 13.7% 7.2% 68.3% 68.7% NA NA
INTL FCStone Inc. 626.9 626.9 60.2% 83.6% 79.0% 48.7% 1.2x 1.1x 1.0x 26.1x 24.1x 25.1x 12.2x NA 9.3% 6.6% 4.4% 4.0% NA NA
Investment Technology Group Inc. 553.3 553.3 (21.8%) (10.1%) 97.2% 14.4% 1.0x 1.0x 1.0x 4.6x 4.4x 4.1x 18.0x 13.3x (4.7%) 2.5% 23.6% 24.7% NA NA
GAIN Capital Holdings, Inc. 374.0 374.0 (15.6%) 6.1% 63.3% NA 0.9x 0.8x 0.8x 5.6x 5.3x 4.1x 12.3x 8.6x 24.4% 8.9% 15.3% 18.3% 16.0% 0.8
FXCM Inc. 46.2 46.2 (94.7%) (94.4%) (90.3%) NA 0.2x 0.1x 0.1x 0.5x NA NA NM NA 19.6% 18.0% NA NA NA NA
Trading Technology Median $1,015.2 $1,015.2 (2.5%) 8.0% 88.1% 74.6% 1.5x 1.4x 1.3x 9.5x 12.7x 9.7x 18.8x 16.6x 6.1% 6.9% 23.7% 25.2% 15.0% 1.7
Revenue EBITDA P / ETrading Performance
Capitalization
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
CME Group Inc. $32,404.6 $33,139.1 8.2% 18.0% 73.1% 65.8% 9.9x 9.7x 9.0x 14.7x 14.3x 13.4x 25.0x 22.2x 9.8% 7.9% 67.9% 67.2% 12.0% 2.1
Intercontinental Exchange, Inc. 28,277.5 31,139.5 17.5% 25.4% 96.4% 124.9% 9.5x 9.5x 7.9x 14.7x 14.6x 12.1x 21.9x 18.4x 6.0% 19.9% 64.9% 65.3% 15.0% 1.5
Hong Kong Exchanges & Clearing Limited 31,382.9 30,048.4 18.6% 20.3% 61.7% 19.3% 19.3x 17.2x 15.9x 27.1x 23.0x 21.0x 30.4x 26.5x 12.4% 8.2% 74.8% 75.5% 10.5% 2.9
Deutsche Boerse AG 17,040.2 17,679.3 42.5% 55.9% 102.1% 66.6% 6.8x 6.8x 6.3x 18.6x 16.0x 15.5x 20.1x 17.9x 1.7% 8.0% 42.5% 40.8% 9.4% 2.1
London Stock Exchange Group plc 13,629.6 15,516.7 15.2% 32.1% 164.2% 256.2% 7.8x 5.9x 5.4x 14.2x 13.3x 12.9x 21.3x 20.7x 7.6% 9.3% 44.3% 41.7% 13.0% 1.6
Nasdaq, Inc. 10,014.2 11,966.2 23.6% 41.8% 149.4% 183.6% 5.8x 5.7x 5.5x 11.4x 11.4x 10.8x 17.4x 16.0x 0.6% 4.3% 50.4% 51.1% 8.8% 2.0
BM&FBOVESPA S.A. 5,456.6 5,828.5 19.9% 8.4% (11.0%) (16.4%) 10.5x 10.3x 9.7x 17.2x 15.2x 14.5x 13.8x 12.9x 6.5% 5.7% 67.9% 67.3% 7.0% 2.0
CBOE Holdings, Inc. 5,695.7 5,606.0 8.5% 19.1% 136.0% 186.7% 9.2x 8.9x 8.3x 15.9x 15.2x 14.1x 29.0x 26.3x 2.5% 6.6% 58.3% 59.1% 12.2% 2.4
Singapore Exchange Limited 5,784.6 5,153.5 (2.9%) 9.2% 11.6% (14.6%) 10.1x 9.2x 8.3x 16.1x 15.2x 16.3x 22.7x 23.5x 10.2% 10.3% 60.2% 51.0% 6.9% 3.3
ASX Limited 5,633.9 4,981.6 12.0% 15.5% 38.4% 8.7% 8.1x 7.1x 6.8x 9.9x 9.2x 8.8x 19.3x 18.4x 6.5% 4.4% 77.2% 77.0% 4.7% 4.1
MarketAxess Holdings Inc. 3,736.4 3,534.0 39.7% 56.5% 223.2% 448.1% 11.9x 11.7x 10.7x 22.0x 21.4x 19.0x 39.8x 34.3x 15.6% 9.9% 54.7% 56.3% 19.0% 2.1
Euronext N.V. 3,053.8 3,031.3 48.5% 100.1% NA NA 5.4x 5.4x 5.3x 11.1x 10.3x 9.6x 16.5x 15.3x (1.8%) 2.8% 52.5% 55.1% 13.1% 1.3
Liquidity Venues Median $10,014.2 $11,966.2 17.5% 20.3% 96.4% 66.6% 9.5x 9.2x 8.3x 15.9x 15.2x 14.1x 21.9x 20.7x 6.5% 8.0% 60.2% 59.1% 10.5% 2.1
Capitalization
P / ETrading Performance Revenue EBITDA
24. INVESTMENT BANKING
FINTECH MONTHLY
COMPANY TRADING ANALYSIS
FINANCIAL SAAS
BANK TECHNOLOGY
24
Source: Capital IQ as of market close on October 30, 2015.
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
First Data Corporation $13,633.8 $37,539.8 NA NA NA NA 4.9x 3.3x 3.1x 13.0x 12.9x 12.8x 18.2x 10.6x NA 4.4% 25.4% 24.6% NA NA
Fiserv, Inc. 22,074.6 26,000.6 36.1% 43.6% 156.7% 256.8% 5.0x 4.9x 4.6x 16.2x 14.5x 13.6x 25.0x 22.3x 4.7% 5.7% 34.0% 34.3% 11.3% 2.2
Fidelity National Information Services, Inc. 20,496.4 25,184.1 17.0% 28.7% 123.1% 169.5% 3.9x 2.7x 2.6x 15.6x 12.8x 10.2x 22.1x 19.1x 1.2% 3.6% 20.9% 25.3% 11.5% 1.9
Wolters Kluwer NV 9,915.4 12,203.6 21.6% 50.2% 109.3% 87.4% 2.8x 2.7x 2.6x 11.2x 10.7x 10.2x 16.6x 15.5x 2.8% 2.1% 25.1% 25.5% 8.4% 2.0
Jack Henry & Associates Inc. 6,201.5 6,105.9 24.7% 31.5% 104.3% 186.6% 4.9x 4.8x 4.5x 14.0x 13.6x 12.8x 28.9x 26.3x 4.2% 7.3% 35.7% 35.2% 11.7% 2.5
Black Knight Financial Services, Inc. 2,449.5 4,998.2 NA NA NA NA 6.2x 5.8x 5.5x 15.6x 12.0x 11.1x NA NA 7.9% 7.0% 48.5% 49.0% NA NA
DH Corporation 2,815.9 4,334.5 (4.8%) 2.5% 66.6% 70.2% 4.1x 3.7x 3.3x 11.7x 9.7x 8.6x 14.8x 13.7x 16.6% 13.8% 38.6% 38.4% NA NA
ACI Worldwide, Inc. 2,869.5 3,654.7 20.8% 28.1% 85.9% 204.5% 3.5x 3.5x 3.3x 17.4x 13.2x 12.0x 30.1x 28.7x 1.4% 5.0% 26.4% 27.6% 16.0% 1.9
Temenos Group AG 3,106.8 3,524.3 29.6% 42.0% 210.8% 44.7% 6.9x 6.5x 5.9x 20.6x 17.5x 16.0x 27.3x 23.9x 11.6% 10.0% 37.2% 37.1% 17.7% 1.5
Ellie Mae, Inc. 2,164.7 2,055.6 81.4% 90.0% 188.6% NA 8.7x 8.2x 5.5x 42.1x 42.0x 26.7x 50.0x 41.4x 55.0% 48.5% 19.6% 20.7% 21.7% 2.3
Q2 Holdings, Inc. 957.7 839.5 36.2% 76.2% NA NA 9.0x 7.8x 5.9x NM NM NM NA NA 36.7% 31.3% NM NM NA NA
Computer Services, Inc. 553.8 537.0 (2.1%) (2.3%) 36.6% 78.1% 2.4x 2.3x 2.1x 9.2x 7.9x 7.0x 21.2x 19.5x 6.1% 9.7% 29.1% 30.1% NA NA
Bank Technology Median $2,988.1 $4,666.4 23.1% 36.7% 109.3% 128.4% 4.9x 4.3x 3.9x 15.6x 12.9x 12.0x 23.5x 20.9x 6.1% 7.2% 29.1% 30.1% 11.7% 2.0
Trading Performance
Capitalization
Revenue EBITDA P / E
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
Intuit Inc. $27,173.3 $25,976.3 6.3% 13.5% 65.0% 103.2% 5.8x 5.2x 4.6x 23.9x 18.7x 14.9x 34.9x 27.1x 15.2% 14.0% 27.8% 30.5% 17.3% 2.0
Workday, Inc. 15,129.6 13,725.5 (3.4%) (16.0%) 57.6% NA 14.1x 11.9x 8.7x NM NM NM NA NA 47.5% 37.1% 6.0% 8.1% 36.0% NA
Sage Group plc 9,063.3 9,850.1 16.9% 47.5% 70.2% 91.0% 4.7x 4.6x 4.3x 16.7x 14.9x 14.3x 21.7x 20.1x 5.9% 7.0% 30.8% 29.9% 9.4% 2.3
SS&C Technologies Holdings, Inc. 7,140.5 9,616.7 26.2% 57.4% 209.9% 323.6% 7.8x 7.5x 7.1x 18.0x 16.8x 15.8x 28.1x 22.8x 3.8% 5.7% 44.9% 45.1% 16.3% 1.7
Paycom Software, Inc. 2,302.8 2,286.4 48.0% 130.4% NA NA 12.4x 10.8x 8.3x NM NM 40.1x NA 85.0x 44.2% 28.9% 21.5% 20.8% 42.5% NA
Paylocity Holding Corporation 1,721.2 1,639.9 29.7% 48.2% NA NA 10.7x 9.4x 7.3x NM NM NM NA NA 39.1% 28.7% 3.7% 7.2% 30.0% NA
Financial Engines, Inc. 1,723.9 1,406.8 (8.9%) (11.5%) 39.6% 129.1% 4.7x 4.5x 4.0x 22.9x 15.2x 13.2x 36.6x 32.1x 11.0% 12.0% 29.6% 30.5% 19.2% 1.9
Xero Limited. 1,441.1 1,259.7 (2.5%) (2.5%) 181.2% 837.5% 14.7x 10.0x 6.3x NM NM NM NA NA 67.3% 57.7% NM NM 7.1% NA
Envestnet, Inc. 1,057.1 1,006.4 (39.6%) (32.0%) 116.0% 127.1% 2.6x 2.4x 2.0x 18.3x 13.6x 10.2x 30.1x 22.6x 19.6% 19.7% 17.8% 19.8% 26.8% 1.1
Benefitfocus, Inc. 937.2 889.4 (0.6%) 30.6% NA NA 5.6x 5.1x 4.1x NM NM NM NA NA 29.8% 24.5% NM NM 25.0% NA
Financial SaaS Median $2,013.4 $1,963.2 2.8% 22.0% 70.2% 128.1% 6.8x 6.4x 5.4x 18.3x 15.2x 14.6x 30.1x 25.0x 24.7% 22.1% 24.7% 25.4% 22.1% 1.9
EBITDA P / E
Capitalization
Trading Performance Revenue
25. INVESTMENT BANKING
FINTECH MONTHLY
COMPANY TRADING ANALYSIS
INFORMATION SERVICES
25
Source: Capital IQ as of market close on October 30, 2015.
(USD in millions) Long-
Enterprise Value / Enterprise Value / Revenue EBITDA Term
Equity Enterprise Growth Margin EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
Thomson Reuters Corporation $31,446.6 $39,910.6 15.1% 28.5% 90.6% 38.9% 3.3x 3.3x 3.2x 15.4x 11.7x 10.9x 19.9x 17.8x (3.0%) 2.2% 27.9% 29.1% 10.5% 1.9
McGraw Hill Financial, Inc. 25,609.6 26,245.6 5.6% 9.7% 67.7% 150.4% 5.1x 4.9x 4.4x 12.5x 11.8x 10.5x 21.3x 19.0x 6.4% 10.8% 41.5% 42.1% 13.0% 1.6
Moody's Corporation 20,108.1 21,394.5 4.8% 2.6% 109.6% 277.8% 6.2x 6.1x 5.6x 13.4x 13.1x 12.0x 21.8x 19.3x 6.8% 7.5% 46.4% 47.0% 13.5% 1.6
Experian plc 16,506.1 19,787.1 3.6% 21.9% 5.8% 55.2% 4.3x 4.2x 4.1x 12.8x 11.0x 11.7x 18.9x 18.1x (4.0%) 1.5% 38.1% 35.2% 11.0% 1.7
RELX PLC 19,639.7 19,639.7 5.5% 16.1% 93.2% 116.0% NA 3.5x 3.4x 11.7x 11.6x 11.3x 19.0x 17.7x 4.3% 3.7% 34.6% 35.0% 7.1% 2.7
Verisk Analytics, Inc. 12,310.7 15,336.6 13.4% 15.1% 55.7% 145.6% 7.8x 7.4x 6.5x 16.6x 15.5x 13.9x 24.2x 22.5x 19.1% 14.0% 47.8% 46.8% 11.8% 2.0
Equifax Inc. 12,659.1 13,922.9 32.1% 41.0% 114.8% 226.9% 5.3x 5.2x 4.9x 15.3x 15.1x 13.7x 23.9x 21.7x 9.5% 7.2% 34.7% 35.6% 11.3% 2.1
Wolters Kluwer NV 9,860.0 12,135.3 21.6% 50.2% 109.3% 87.4% 2.8x 2.7x 2.6x 11.2x 10.7x 10.2x 16.6x 15.5x 2.8% 2.1% 25.1% 25.5% 8.4% 2.0
IHS Inc. 8,199.8 10,021.3 5.6% (7.6%) 40.9% 67.9% 4.3x 4.3x 4.2x 17.2x 13.6x 12.8x 20.1x 18.6x 4.0% 3.8% 31.7% 32.5% 12.6% 1.6
MSCI Inc. 6,914.1 7,259.1 32.9% 34.8% 128.9% 76.3% 6.9x 6.8x 6.3x 15.8x 15.9x 14.4x 29.3x 24.7x 7.2% 7.9% 42.4% 43.6% 11.3% 2.6
FactSet Research Systems Inc. 7,249.8 7,102.4 24.7% 35.7% 93.2% 99.7% 7.1x 6.9x 6.1x 19.6x 18.7x 16.8x 28.3x 24.7x 10.1% 11.9% 36.7% 36.5% 10.3% 2.7
Informa plc 5,657.0 7,054.9 21.2% 21.2% 44.8% 31.6% 3.9x 3.8x 3.7x 12.6x 12.0x 11.6x 13.9x 13.5x 8.1% 2.4% 31.5% 31.9% 4.8% 2.9
TransUnion 4,604.2 6,858.9 NA NA NA NA 4.7x 4.6x 4.3x 15.1x 13.3x 12.1x 26.1x 21.2x NA 6.7% 34.7% 35.7% 11.0% 2.4
CoStar Group Inc. 6,243.1 6,237.6 4.7% 27.3% 127.6% 284.8% 9.2x 8.8x 7.3x NM NM 27.2x NA 50.8x 23.6% 20.1% 16.7% 26.9% 17.8% NA
Markit Ltd. 5,412.7 5,871.6 15.9% 30.7% NA NA 5.4x 5.3x 4.9x 14.2x 12.1x 11.3x 20.9x 19.6x 4.2% 8.7% 43.8% 43.0% 3.4% 6.2
Dun & Bradstreet Corp. 4,051.7 5,710.9 (7.2%) (7.6%) 37.5% 50.8% 3.4x 3.4x 3.2x 13.1x 11.5x 10.8x 15.6x 14.7x 0.2% 5.7% 29.6% 29.7% 6.2% 2.5
Black Knight Financial Services, Inc. 2,444.8 4,993.5 NA NA NA NA 5.5x 5.3x 5.0x 15.6x 12.0x 11.1x 38.0x 33.5x NA 7.2% 44.2% 44.6% 16.4% 2.3
CoreLogic, Inc. 3,494.2 4,738.8 25.5% 29.0% 71.5% 125.9% 3.2x 3.2x 3.0x 14.1x 11.2x 10.5x 21.3x 19.1x 6.9% 5.0% 28.1% 28.7% 11.4% 1.9
Fair Isaac Corporation 2,906.7 3,470.4 29.1% 57.2% 103.7% 289.9% 4.2x 4.1x 3.8x 18.8x 16.4x 13.7x 21.8x 18.2x 6.6% 6.0% 24.9% 28.1% 16.0% 1.4
Morningstar Inc. 3,620.0 3,357.0 26.6% 23.1% 30.9% 68.4% 4.3x 4.2x 3.9x 13.5x 13.2x 11.9x 27.9x 24.3x 4.2% 7.5% 32.2% 33.3% 16.0% 1.7
NICE Systems Ltd. 3,424.9 2,993.4 12.0% 45.6% 82.9% 85.9% 3.5x 3.2x 3.0x 13.4x 12.0x 11.2x 18.2x 16.6x 8.9% 6.2% 27.0% 27.1% 12.0% 1.5
Acxiom Corporation 1,780.2 1,929.2 12.7% 26.2% 24.2% 30.6% 2.0x 2.2x 2.2x 12.8x 12.8x 13.8x 40.6x 38.8x (15.9%) (1.3%) 17.3% 16.2% 12.5% 3.2
Bankrate, Inc. 1,221.9 1,381.3 (2.6%) 13.9% 13.2% NA 2.5x 2.6x 2.5x 14.2x 9.4x 9.0x 18.0x 17.0x (3.0%) 2.9% 27.8% 28.0% 20.0% 0.9
F. Marc de Lacharrière (Fimalac) S.A. 2,403.3 1,253.8 30.6% 56.8% 138.0% 168.0% 10.5x 8.5x 8.1x NM NM NM 1.4x 37.3x 18.1% 4.8% 10.7% 12.0% NA NA
LifeLock, Inc. 923.6 591.3 (47.6%) (39.8%) 38.4% NA 1.1x 1.0x 0.9x 13.3x 8.3x 6.1x 15.8x 13.0x 10.1% 14.9% 12.1% 14.3% 22.3% 0.7
Reis, Inc. 271.1 245.1 (7.8%) 3.8% 121.3% 274.3% 5.2x 5.0x 4.6x 17.4x 13.5x 13.0x 38.9x 45.5x 20.2% 8.8% 37.0% 35.1% 15.0% 2.6
Value Line, Inc. 157.3 141.5 (1.4%) 2.5% 62.1% (1.1%) 4.0x 3.7x 3.5x NM 28.3x 23.6x NA NA 8.6% 7.9% 13.2% 14.6% NA NA
Intersections Inc. 42.8 34.8 (45.8%) (45.4%) (77.5%) (78.0%) 0.2x NA NA NM NA NA NA NA NA NA NA NA NA NA
Creditriskmonitor.com Inc. 41.0 31.8 100.0% 88.7% 33.3% (9.1%) 2.6x NA NA 29.4x NA NA NA NA NA NA NA NA NA NA
Information Services Median $4,604.2 $5,871.6 12.7% 23.1% 69.6% 86.6% 4.3x 4.2x 4.1x 14.2x 12.1x 11.8x 21.3x 19.2x 6.8% 6.7% 31.7% 32.5% 11.8% 2.0
Revenue EBITDA P / E
Capitalization
Trading Performance
29. INVESTMENT BANKING
FINTECH MONTHLY
SELECTED RECENT STRATEGIC BUYER M&A ACTIVITY
29
Announced
Date
Buyer Target Sector
Transaction
Size ($MM)
Comments
Oct-15 Payments NA
• FlowPay is a comprehensive cloud-based mobile payment platform designed
specifically for the tax exempt non-profit market
• The acquisition will help AppTech respond to the rapid growth seen in mobile
payments by bringing more powerful payment capabilities to new markets
Oct-15
Outsourced
Solutions
NA
• DocuSign provides a Digital Transaction Management platform and eSignature
solution used by more than 100,000 companies and 50 million users
• The strategic investment will allow Deutsche Telekom to accelerate business
results while further improving customer experience
Oct-15
Trading
Technology
NA
• Molten Markets is a foreign exchange technology provider for asset managers and
pension funds
• The acquisition will enable EBS BrokerTec to provide asset managers with a
sophisticated execution management system and innovative trade cost analysis
Oct-15
Marketing
Services
NA
• Mortgage Returns provides a database-driven automated marketing solution to
help mortgage originators maximize profitability from clients and prospects
• The acquisition will allow Ellie Mae to deliver a more complete solution to
customers that will fuel change and enable massive efficiencies
Oct-15
Information
Services
NA
• PacerMonitor provides research tools that enable professionals to stay current on
important cases across federal bankruptcy, district, and appellate court jurisdictions
• The acquisition will allow Covenant to expand their solution set for investors,
lawyers, and other market participants who need to track restructurings
Oct-15
Marketing
Services
$160
• Datamyx’s marketing analytics solution aims to help grow users’ revenue through
strategic targeting, lead optimization, retention and cross-selling services
• Deluxe believes the acquisition will create a tremendous strategic opportunity by
helping to grow their marketing solutions and other service offerings
Oct-15
Liquidity
Venues
NA
• Second Market provides products and services that help private companies and
funds manage liquidity, raise capital, and communicate with their stakeholders
• The acquisition establishes a leading provider for innovative and efficient solutions
to deliver secondary liquidity and equity management services
Oct-15
Real Estate &
Mortgage Services
NA
• IDS is a nationwide provider of mortgage documents and compliance, and offers
services that include electronic signatures, closing documents and eClosing
platforms
• The acquisition allows Reynolds and Reynolds to diversify their product portfolio
and will help them to accelerate growth
Oct-15 Payments $1,470
• Electronic Funds Source provides payment solutions in the areas of fleet, corporate
payments, emerging markets, and alliances
• The acquisition will enable WEX to scale operations and will enable further cash
flow generation
30. INVESTMENT BANKING
FINTECH MONTHLY
SELECTED RECENT STRATEGIC BUYER M&A ACTIVITY
30
Announced
Date
Buyer Target Sector
Transaction
Size ($MM)
Comments
Oct-15
Information
Services
$70
• Noah Consulting provides oil and gas companies with a platform to plan, architect
and deploy information solutions to surface the value of their oil and gas assets
• The acquisition adds Noah’s industry knowledge and capabilities to Infosys’ ability to
provide technology and outsourcing services on a global scale to oil and gas clients
Oct-15
Financial
SaaS
$1
• Surecom is a software development company that helps eliminate inefficiencies and
reduce complexities in communications so businesses can be more productive
• The deal will help facilitate the further development and enhancement of London
Capital Group’s dealing platforms and new advanced technologies
Oct-15
Information
Services
$1,991
• Wincor provides information technology solutions and services primarily to retail
banks and retailers worldwide
• Diebold hopes by acquiring Wincor that it will be able to gain new technology and
retail relationships vital to its success in an evolving market
Oct-15 Payments $254
• GI’s Payments business is Southeast Asia-based and provides those without bank
accounts the ability to use cash for online payments or money remittance
• Wirecard hopes the acquisition of the payments division secures them a strong
position in one of the world’s most rapidly growing electronic payment markets
Oct-15
Information
Services
$5,200
• Interactive Data provides financial market data, analytics, and related solutions to
financial institutions, active traders, mutual and investment funds and other investors
• ICE hopes that the acquisition of IDC will help them to further their expansion into
meeting the financial information needs of market participants globally
Oct-15 Payments NA
• Digital Dining offers restaurants the convenience of a handheld POS on an iPad,
iPhone, iPod and iPad Mini in a hybrid environment with conventional fixed terminals
• With the acquisition of Digital Dining, Heartland advances its strategy of growing its
commerce segment
Oct-15
Trading
Technology
NA
• TKS Solutions is a specialty software provider of shareholder and partnership
accounting tools
• TKS Solutions will add partnership and shareholder reporting capabilities to Eze’s
existing portfolio accounting and portfolio management tools
Oct-15
Investment
Technology
$580
• HD Vest is a leading broker-dealer providing wealth management and advisory
solutions specifically for tax professionals
• The acquisition will allow Blucora to enter the financial advisory business and plans
to align HD Vest with one of its current businesses, TaxACT
Oct-15
Investment
Technology
NA
• Total Rebalance Expert is an automated, tax-efficient investment portfolio
rebalancing platform for financial advisors
• Morningstar hopes to take the Company to the next level by combining it with their
own proprietary research and data
Payments Business
TKS Solutions, LLC
31. INVESTMENT BANKING
FINTECH MONTHLY
SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY
31
Announced
Date
Investor Target Sector
Transaction
Size ($MM)
Comments
Oct-15
Tech-Enabled
Lending Platform
$1,000
• SoFi provides a marketplace lending platform focused on both federal and private
student loans, MBA loans, mortgages and personal loans
• The company intends to use the funds to accelerate growth in terms of product
innovation, delivery, community value and team
Oct-15
Tech-Enabled
Lending Platform
$8
• Cloud Lending Solutions provides a suite of SaaS applications to manage loan
portfolios, increase transaction volume and rapidly bring new products to market
• The company intends to use the funds for market expansion and further
development of its engineering and innovation capabilities
Oct-15 Payments $8
• CampusLogic provides a platform that simplifies the entire financial aid process in
order to allow colleges and universities to reduce financial aid processing time
• The company intends to use the funds to grow software engineering and product
support, and expects to hire 20 new employees in the next 6 to 9 months
Oct-15
Tech-Enabled
Lending Platform
$12
• Fundera is an online marketplace that connects small business owners with funding
providers
• Proceeds will help increase hiring efforts and product development, as well as help
to refine the borrower experience
Oct-15
Liquidity
Venues
NA
• Arxis operates a technology-driven trading platform that provides liquidity in
financial markets by offering to buy and sell securities on an automated basis
• The investment will be used to expand across geographies and asset classes and
launch a client-focused wholesale market making division
Oct-15 Payments NA
• ClickPay provides the multi-family and commercial real estate industry with
integrated billing, payment processing and software services
• Funding will be used to accelerate the company’s growth, pursue potential
acquisition targets, invest in the product and expand the team
Oct-15
Information
Services
$8
• RunTitle provides oil and gas data, software and mineral title research to oil and
gas professionals nationwide
• Proceeds will help accelerate hiring for its engineering, sales, and marketing teams,
as well as to continue growing its proprietary dataset of mineral title information
Oct-15 Payments $3
• HonkMobile provides cloud-based technology that streamlines parking by allowing
users to search and pay for parking from their mobile phone or tablet
• The company intends to use the funds to scale sales, marketing and technology
infrastructure to support its growth across North America
Oct-15
Bank
Technology
NA
• Symphony provides a platform for communities of financial services professionals to
communicate securely using compliant standards and end-to-end encryption
• Funding will be used to help expand market reach and scale engineering,
operations and the sales team
Private Investors
32. INVESTMENT BANKING
FINTECH MONTHLY
SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY
32
Announced
Date
Investor Target Sector
Transaction
Size ($MM)
Comments
Oct-15
Tech-Enabled
Lending Platform
$150
• ZestFinance has developed a credit-decisioning technology platform which
analyzes tens of thousands of data points to effectively evaluate creditworthiness
• The company intends to use the funds to extend the reach of Basix loans in the
near-prime market
Oct-15 Payments $4
• Ripple provides bank-grade solutions that enable the world’s disparate financial
networks to securely transfer funds in any currency in real time
• Ripple plans to use the funds to continue the development of the Ripple ecosystem
and expand their customer base
Oct-15 Payments NA
• AffiniPay is a full-service merchant account and online payment gateway provider
for associations and their members
• AffiniPay expects to use the proceeds to drive growth in sales & marketing and
product development, as well as to expand into new professional services verticals
Oct-15 Payments $4
• CardFlight is a provider of tools and technology to help merchants accept in-person
credit card payments on iOS and Android devices
• The company intends to use the funds to continue to grow its engineering team and
accelerate the rollout of their mobile payment acceptance solutions in the U.S.
Oct-15
Tech-Enabled
Lending Platform
$75
• National Funding is a financial service provider for small and medium-sized
businesses, providing working capital loans and credit card processing
• The increase in its line of credit from Wells Fargo Capital Finance will help fund
small business, working capital and equipment leasing loans across its platform
Oct-15
Information
Services
NA
• GoodRx provides a price transparency platform, in a mobile and web experience,
which gathers up-to-date prices, co-pays, and discounts on medications
• The company intends to use the funding to help expand operations and hiring
efforts, and to accelerate product development
Oct-15
Information
Services
$10
• FilmTrack provides a cloud-based platform that streamlines the intellectual property
management lifecycle and is available from any connected computer or device
• Funding will help to increase production innovation, expand into new markets and
to acquire strategic technologies and services
Oct-15
Information
Services
$5
• Zwipe is a biometric identity protection platform that allows users to authenticate
themselves through pin code and fingerprint
• Funding will be used to both expand the sales organization for the access control
market, as well increase investment in technology development and application
Oct-15
Tech-Enabled
Lending Platform
$135
• Kabbage leverages data generated through business activity to understand
performance and deliver flexible funding in real time
• The company intends to use the funds for product innovation, new partnerships and
geographic expansion
Photon Future Limited
33. INVESTMENT BANKING
FINTECH MONTHLY
SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY
33
Announced
Date
Investor Target Sector
Transaction
Size ($MM)
Comments
Oct-15 Payments $12
• Moven provides a free debit card and app that tracks users’ money as they spend it
and allows users to see all accounts in one place
• The company intends to use the funds for international expansion and recruitment
of new people in NYC and Philadelphia
Oct-15 Payments NA
• HealthiPASS is a digital check-in and patient payments platform helping ambulatory
care providers optimize patient collections
• The company intends to use the funds to grow market share and expand its
marketing, sales, client service, and product teams
Oct-15 Payments NA
• Financeit leverages mobile and cloud-based technologies to enable merchants to
offer real-time consumer financing through monthly payment options
• The company intends to use the use the funds to accelerate its growth strategy
across Canada and the U.S.
Oct-15 Payments $28
• Poynt provides a smart payment terminal and open commerce platform for
merchants to get access to the tools and technology to manage their business
• The company intends to use the funds to accelerate manufacturing, grow the team,
and scale operations
Oct-15
Investment
Technology
NA
• LetsVenture enables startups looking to raise seed and angel money to create
investment ready profiles online, and connect to accredited Investors
• The company intends to use the round of funding to expand operations and attract
global investors
Oct-15 Payments $14
• WaveCrest provides payment solutions to corporations and governments
worldwide, focusing on corporate payments markets and cross-border remittances
• The company intends to use the funds to make new investments in its payments
platform and accelerate product development
Oct-15
Tech-Enabled
Lending Platform
$1
• Equinvest is a Consob-authorized online equity crowdfunding platform which allows
institutional and retail investors to invest in startups
• The company intends to use the funds to launch operations in Rome and Milan,
and to help accelerate platform development growth
Oct-15 Payments $4
• inMediata is a healtchare payments and EDI company , providing billing services,
payment reconciliation, and implementation and support services
• The company intends to use the capital to expand the ongoing development of their
healthcare product platforms
Oct-15
Tech-Enabled
Lending Platform
$1
• LoanBook operates a marketplace focusing on the provision of working capital
loans and other types of working capital finance to Spanish SMEs
• The company intends to use the funds to support growth in 2016, and help support
the development of new channels to market
Merchant Banking
Division
Vesuvius
Ventures
Private
Investors
Private
Investors
34. INVESTMENT BANKING
FINTECH MONTHLY
SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY
34
Announced
Date
Investor Target Sector
Transaction
Size ($MM)
Comments
Oct-15
Insurance
Technology
$31
• Insureon provides an online marketplace platform that enable small companies to
research, buy and manage policies directly with U.S. carriers
• The financing will enable Insureon to increase its technology development and
enhance its sales and marketing activities targeting small businesses
Oct-15
Tech-Enabled
Lending Platform
$10
• Zebit has developed a payment system that provides credit at zero percent interest,
without fees, penalties or credit checks
• The company intends to use the funds to support the expansion of its payment and
ecommerce platforms
Oct-15 Payments $25
• Marqeta provides an open API issuer processor platform that allows companies to
build, issue and deploy innovative payment, finance and commerce solutions
• Funding will be used to expand its market reach in the US, to invest in its Open API
platform and initiate international expansion in North America and Europe in 2016
Oct-15 Payments $1
• Splittable is a London, U.K.-based shared living app, delivered via web, iOS and
Android, for young renters to manage their shared expenses
• The company intends to use the funds to expand hiring efforts, support further
marketing initiatives and fund the delivery of an integrated payments platform
Oct-15
Trading
Technology
$27
• TruMid is a FINRA-approved broker dealer and SEC registered ATS operator of an
electronic trading platform for round lots of corporate bonds and CDS
• The capital will allow the company to advance its e-trading platform’s ability to
improve liquidity for all market participants
Oct-15
Investment
Technology
$45
• InvestCloud is a proprietary technology platform that offers the investment
community the ability to build and customize an end-to-end digital experience
• The company intends to use the funds to further invest in the platform and
functionality, enhance customer service, and expand its global presence
Oct-15 Payments $15
• Stockpile allows people to purchase stock via gift cards, available at grocery stores
and retailers, which can be redeemed for stock in favorite companies
• The round of funding will allow the Company to expand hiring efforts, invest in the
product and scale operations
Oct-15
Investment
Technology
$4
• Blooom provides an online tool that assesses a consumer’s 401(k) in a few minutes
and provides ongoing professional management
• The company intends to use the funds to expand its operations and to accelerate
the platform’s growth
Oct-15
Information
Services
$3
• Concord is a platform to create, negotiate, sign and manage contracts allowing
users to collaborate online, track changes and receive legally binding e-signatures
• The financing will enable the company to continue investing in product innovation,
sales and client success
Peter Thiel
35. INVESTMENT BANKING
FINTECH MONTHLY
SELECTED RECENT PUBLIC EQUITY ACTIVITY
Offer price to:
Pricing Date Company Sector Offer Type Offering Size Offer Price One-Day One-Week October 30, 2015
Oct-15 Investment Technology IPO $485 MM $2.53 (8.6)% (4.1)% (4.1)%
Oct-15 Payments IPO $2,560MM $16.00 (1.6)% 0.1% (1.0)%
Oct-15 Information Services IPO $557MM $17.23 2.2% 6.2% 15.5%
Oct-15 Payments IPO $3,341MM $3.71 8.6% 6.9% 13.4%
Sep-15 Benefits / Payroll Follow-On $111 MM $29.75 3.0% 0.1% 11.7%
Sep-15 Bank Technology Follow-On $97 MM $25.50 12.9% (3.1%) (2.6%)
Aug-15 Benefits / Payroll Follow-On $74 MM $36.75 1.0% 5.7% (10.5%)
Jun-15 Information Services IPO $645 MM $22.50 12.9% 11.1% 13.4%
Jun-15 Investment Technology Follow-On $743 MM $61.50 2.9% 4.1% 20.4%
May-15 Bank Technology IPO $441 MM $24.50 13.2% 14.3% 45.1%
May-15 Benefits / Payroll Follow-On $115 MM $25.90 2.7% 1.4% 28.5%
Apr-15 Trading Technology IPO $314 MM $19.00 16.7% 18.9% 28.1%
Mar-15 Investment Technology IPO $210 MM $2.97 11.6% 18.1% 58.8%
Feb-15 Bank Technology Follow-On $116 MM $19.75 6.4% 5.4% 25.7%
Jan-15 Benefits / Payroll Follow-On $125 MM $22.50 4.9% 16.8% 72.8%
Dec-14 Tech-Enabled Lending IPO $230 MM $20.00 15.0% 12.2% (53.3%)
Dec-14 Benefits / Payroll Follow-On $121 MM $26.25 1.6% 0.2% 26.6%
Dec-14 Tech-Enabled Lending IPO $866 MM $15.00 56.2% 79.6% (9.2%)
Oct-14 Bank Technology IPO $75 MM $12.00 3.0% 2.1% 39.5%
Aug-14 Investment Technology Bought Deal $121 MM $32.32 NA NA NA
Jul-14 Benefits / Payroll IPO $147 MM $14.00 25.7% 24.9% 137.6%
Jul-14 Financial SaaS Follow-On $111 MM $38.50 3.3% 1.5% (14.6%)
35
36. INVESTMENT BANKING
FINTECH MONTHLY
A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revisions, suspension, reduction or withdrawal at any time by the assigning rating agency.
Ratings
Announced Date Company Sector Purpose Moody’s S&P Size Coupon
Oct-15 Bank Technology Acquisition Baa3 BBB $750 MM 2.85%
Oct-15 Payments Acquisition B1 BB- $1,210 MM L+750
Sep-15 Bank Technology Acquisition Baa3 BBB $1,210 MM L+100
Aug-15 Payments Refinancing B1 BB- $1,210 MM T+325
Aug-15 Investment Technology Refinancing B3 B $60 MM L+300
Aug-15 Information Services Acquisition Baa1 BBB+ $400 MM T+150
Aug-15 Information Services General Corporate Purposes Ba2 BB+ $800 MM T+352
Jul-15 Outsourced Solutions Refinancing Ba1 BBB- $1,150 MM L+150
Jun-15 Financial SaaS Acquisition B+ BBB $500 MM L+325
Jun-15 Information Services General Corporate Purposes NA BBB- $300 MM T+250
May-15 Payments Refinancing B1 BB- $750 MM L+375
May-15 Bank Technology General Corporate Purposes BB- NA $1,200 MM NA
May-15 Payments Refinancing B / B2 NA $130 MM L+600
May-15 Outsourced Solutions Refinancing BB- / B2 NA $510 MM L+475
Mar-15 Information Services Acquisitions Baa3 NA $1,250 MM T+200
Mar-15 Trading Technology General Corporate Purposes NA A $750 MM 2.95%
Dec-14 Trading Technology Refinancing Ba2 BB- $460 MM 4.75%
Dec-14 Investment Technology Acquisition NA NA $150 MM 1.75%
Nov-14 Information Services Acquisition NA NA $775 MM NA
Nov-14 Outsourced Solutions Acquisition NA NA $1,750 MM L+100
Jul-14 Information Services Acquisition NA NA $335 MM L+400
Jul-14 Payments Share Repurchase NA BB+ $350 MM 1.50%
Jul-14 Payments Refinancing Ba3 BB+ $250 MM NA
SELECTED RECENT DEBT FINANCINGS
36
37. INVESTMENT BANKING
FINTECH MONTHLY
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Additional information is available upon request.
37