Fin tech monthly

OCTOBER 2015
IN THIS ISSUE
About Us 2
Recent Transactions & Case Studies 7
FinTech Trading Analysis 14
Recent FinTech Transaction Activity 28

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

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

INVESTMENT BANKING
FINTECH MONTHLY
#1 FINTECH INVESTMENT BANKING PRACTICE
4
Our FinTech practice is the premier investment banking platform for companies seeking unmatched industry knowledge, buyer
relationships and execution capabilities.
Note: Represents transactions involving U.S.-based targets
2010 – 2014 U.S. Deal Rankings 2014 U.S. Deal Rankings
All Deals Advisory Deals
Advisory Deals
<$1bn
Rank Deals Rank Deals Rank Deals
1 1 81 1 63 1 61
2 2 52 4 26 8 14
3 3 47 7 23 4 21
4 4 44 6 24 5 17
5 4 44 5 25 5 17
6 6 41 3 28 3 22
7 6 41 8 20 7 15
8 8 34 2 34 2 31
9 9 31 9 18 9 11
10 10 29 10 17 9 11
All Deals Advisory Deals
Advisory Deals
<$1bn
Rank Deals Rank Deals Rank Deals
1 1 27 1 20 1 19
2 2 22 2 14 2 13
3 3 18 8 8 7 5
4 4 17 4 11 4 10
5 5 15 2 15 3 13
6 6 14 5 8 6 5
7 7 13 5 7 5 6
8 8 10 9 5 7 3
9 9 9 5 9 7 7
10 9 9 10 7 10 3

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

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

INVESTMENT BANKING
FINTECH MONTHLY
RECENT TRANSACTIONS
& CASE STUDIES
7

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
by
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

INVESTMENT BANKING
FINTECH MONTHLY
MORE FINTECH TRANSACTIONS COMPLETED SINCE 2010 THAN ANY OTHER FIRM
9
Liquidity venue
September 2013
Sale to
software
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
Co-Manager
March 2014
$131,000,000
Payroll / HR
software
March 2014
Co-Manager
$138,000,000
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
Senior Co-Manager
$146,510,000
by
June 2014
Rental payment
solutions
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

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

INVESTMENT BANKING
FINTECH MONTHLY
• 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
• 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
Baker Hill in connection
with this transaction.
$100,000,000
Sale to
Baker Hill Business

INVESTMENT BANKING
FINTECH MONTHLY
• 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
• Raymond James served as the exclusive financial advisor to Smart Tuition in this transaction
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
Smart Tuition in
connection with this
transaction.
$190,000,000
Sale to

INVESTMENT BANKING
FINTECH MONTHLY
• 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
• Raymond James served as the exclusive financial advisor to CBV in this transaction
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
CBV Collection
Services in connection
with this transaction.
Sale to

INVESTMENT BANKING
FINTECH MONTHLY
14
FINTECH TRADING ANALYSIS

INVESTMENT BANKING
FINTECH MONTHLY
TRADING ANALYSIS BY SECTOR
(1) Denotes sector median value.
(2) Market Capitalization used in place of Enterprise Value.
Source: Capital IQ as of market close on October 30, 2015.
Note: Sectors sorted by Enterprise Value.
15
(USD in millions) Long- Price/
Term Earnings
Equity Enterprise EPS to Growth
Sector (1)
Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio
Liquidity Venues $10,014.2 $11,966.2 17.5% 20.3% 96.4% 66.6% 9.5x 9.2x 8.3x 14.8x 15.0x 14.0x 21.9x 20.7x 6.5% 7.9% 60.3% 59.1% 10.5% 2.1
Information Services 4,604.2 5,871.6 12.7% 23.1% 69.6% 86.6% 4.3x 4.2x 4.2x 14.2x 12.1x 11.9x 21.3x 19.3x 6.6% 6.7% 31.7% 32.5% 12.0% 2.0
Investment Technology 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
Bank Technology 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
Benefits / Payroll 3,301.5 3,789.0 8.5% 15.3% 76.1% 115.6% 5.2x 4.8x 4.2x 15.1x 14.6x 12.0x 23.5x 25.0x 18.4% 15.5% 21.8% 22.5% 19.5% 2.0
Real Estate / Mortgage Services 2,057.6 3,642.2 8.0% 16.2% 85.6% 104.5% 1.5x 1.5x 1.2x 10.9x 10.0x 8.9x 16.3x 13.9x 7.1% 6.2% 13.5% 13.1% 13.0% 1.2
Payments 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
Outsourced Solutions 2,583.7 2,713.5 14.9% 20.1% 84.5% 88.1% 2.0x 1.7x 1.6x 11.2x 8.9x 8.4x 16.8x 15.8x 6.9% 6.2% 17.3% 17.6% 12.8% 1.5
Financial SaaS 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
Insurance Technology 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
Marketing Services 1,479.7 1,372.0 (5.3%) 13.9% 9.5% 42.9% 1.4x 1.3x 1.2x 12.8x 10.2x 9.2x 18.9x 16.8x 3.2% 3.9% 15.2% 14.4% 20.0% 1.0
Trading Technology (2) 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 18.0x 16.6x 6.1% 6.9% 23.7% 25.2% 15.0% 1.7
Overall Median $2,785.9 $3,715.6 8.2% 15.7% 84.8% 96.3% 4.4x 3.9x 3.7x 14.7x 13.0x 11.7x 20.3x 20.0x 6.7% 7.4% 24.2% 25.3% 12.9% 1.8
Capitalization
Revenue EBITDA P / ETrading Performance
EBITDA
MarginGrowth
Enterprise Value / Enterprise Value / Revenue

INVESTMENT BANKING
FINTECH MONTHLY
RELATIVE STOCK PRICE PERFORMANCE BY SECTOR
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

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

INVESTMENT BANKING
FINTECH MONTHLY
VALUATION MULTIPLE ANALYSIS BY SECTOR (CONT’D)
2015E P / E 2016E P / E
Price / Earnings to Growth Ratio
18

INVESTMENT BANKING
FINTECH MONTHLY
GROWTH AND MARGIN ANALYSIS BY SECTOR
2015E Revenue Growth
2015E EBITDA Margin
2016E Revenue Growth
2016E EBITDA Margin
19

INVESTMENT BANKING
FINTECH MONTHLY
COMPANY TRADING ANALYSIS
PAYMENTS
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

INVESTMENT BANKING
FINTECH MONTHLY
INVESTMENT TECHNOLOGY
INSURANCE TECHNOLOGY
21
(1) Equity value used for multiples in place of enterprise value.
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
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

INVESTMENT BANKING
FINTECH MONTHLY
BENEFITS / PAYROLL
MARKETING SERVICES
22
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
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

INVESTMENT BANKING
FINTECH MONTHLY
LIQUIDITY VENUES
TRADING TECHNOLOGY
(1)
23
(1) Equity value used for multiples in place of enterprise value.
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
Capitalization
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

INVESTMENT BANKING
FINTECH MONTHLY
FINANCIAL SAAS
BANK TECHNOLOGY
24
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
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

INVESTMENT BANKING
FINTECH MONTHLY
INFORMATION SERVICES
25
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
Capitalization
Trading Performance

INVESTMENT BANKING
FINTECH MONTHLY
OUTSOURCED SOLUTIONS
26
Tata Consultancy Services Limited $76,228.1 $73,079.3 (0.6%) 2.0% 92.3% 140.2% 4.7x 4.6x 4.1x 18.5x 15.9x 14.3x NA 19.1x 14.0% 12.4% 28.7% 28.3% 15.7% NA
Cognizant Technology Solutions Corporation 42,517.7 40,013.7 32.5% 48.6% 109.1% 107.7% 3.5x 3.2x 2.8x 17.7x 16.0x 13.9x 23.1x 20.2x 21.7% 14.4% 20.2% 20.3% 16.3% 1.4
Infosys Limited 40,317.8 35,662.8 16.8% 21.8% 98.0% 55.3% 4.0x 4.0x 3.6x 16.2x 14.8x 13.1x NA 18.4x 11.6% 10.1% 26.8% 27.5% 12.8% NA
Wipro Ltd. 21,721.5 18,926.7 4.7% 4.4% 72.1% 35.4% 2.5x 2.5x 2.2x 11.5x 11.1x 10.1x 15.8x 14.5x 7.0% 10.4% 22.4% 22.3% 11.1% 1.4
HCL Technologies Ltd. 18,877.5 17,366.8 9.2% 16.9% 188.1% 327.7% 2.9x 2.9x 2.5x 14.5x 13.0x 11.3x NA 15.2x 15.0% 13.1% 22.0% 22.4% 15.4% NA
Xerox Corporation 9,476.1 16,641.1 (32.5%) (28.1%) 44.2% (19.9%) 0.9x 0.9x 0.8x 9.9x 7.5x 7.3x 9.8x 9.4x 3.6% 5.4% 11.5% 11.2% NA NA
CGI Group, Inc. 11,362.8 12,757.5 9.9% 26.1% 93.1% 213.9% 1.6x 1.6x 1.6x 9.6x 8.9x 8.4x 15.3x 13.8x (1.8%) 2.8% 18.3% 18.8% 8.7% 1.8
Computer Sciences Corporation 9,273.7 9,716.7 6.3% 12.2% 119.2% 35.9% 0.8x 0.8x 0.8x 9.6x 4.9x 4.7x 14.0x 13.1x 1.3% 5.5% 17.0% 17.1% 8.0% 1.7
Amdocs Limited 9,332.6 7,930.9 30.2% 29.6% 84.5% 99.6% 2.2x 2.1x 2.0x 11.3x 10.6x 9.8x 18.0x 16.5x 2.5% 6.2% 20.3% 20.6% 8.1% 2.2
Genpact Limited 5,355.1 5,732.5 31.3% 46.4% 41.2% 58.9% 2.4x 2.3x 2.1x 14.8x 13.6x 12.1x 20.9x 18.0x 9.2% 10.0% 17.0% 17.4% 14.0% 1.5
Deluxe Corp. 2,978.3 3,435.1 (2.8%) 0.2% 93.3% 213.8% 2.0x 1.9x 1.9x 8.7x 7.8x 7.3x 13.3x 12.5x 6.5% 4.2% 24.8% 25.6% 9.0% 1.5
Convergys Corporation 2,583.7 2,713.5 29.1% 34.5% 62.6% 132.7% 0.9x 0.9x 0.9x 7.3x 7.1x 6.5x 15.4x 14.0x 5.0% 3.6% 12.8% 13.4% 10.3% 1.5
FTI Consulting, Inc. 1,836.8 2,251.8 13.6% 14.5% 76.0% 23.7% 1.3x 1.3x 1.2x 11.2x 10.7x 9.7x 23.5x 18.1x 1.0% 4.6% 11.9% 12.5% 14.3% 1.6
WNS (Holdings) Ltd. 1,703.0 1,573.9 61.0% 63.5% 215.4% 212.4% 2.9x 3.0x 2.7x 16.1x 13.9x 12.4x 30.5x 27.6x 4.2% 8.8% 21.4% 22.1% 15.9% 1.9
Virtusa Corporation 1,707.3 1,526.7 38.0% 55.2% 234.6% 323.6% 3.0x 2.7x 2.3x 23.0x 19.2x 14.9x 28.2x 23.4x 18.2% 17.6% 14.3% 15.6% 20.6% 1.4
TeleTech Holdings Inc. 1,424.9 1,458.1 24.6% 18.5% 74.8% 93.6% 1.1x 1.1x 1.0x 8.8x 8.5x 7.8x 18.5x 15.9x 6.9% 5.7% 13.0% 13.5% 11.5% 1.6
Exlservice Holdings, Inc. 1,386.9 1,273.8 45.7% 51.7% 40.3% 115.7% 2.1x 2.0x 1.8x 14.8x 11.8x 10.3x 21.0x 18.6x 9.7% 11.1% 17.2% 17.7% 14.3% 1.5
CSG Systems International Inc. 1,096.9 1,188.0 33.8% 28.4% 58.5% 72.4% 1.6x 1.6x 1.5x 9.7x 7.1x 6.7x 14.2x 12.9x 0.6% 3.8% 22.0% 22.4% 7.2% 2.0
Sykes Enterprises, Incorporated 1,300.0 1,142.6 27.3% 40.1% 120.6% 77.6% 0.9x 0.9x 0.9x 7.5x 7.8x 7.2x 18.6x 16.9x (3.2%) 4.3% 11.4% 11.9% 10.7% 1.7
MphasiS Limited 1,447.5 1,140.9 14.9% 10.7% 17.0% (26.0%) 1.3x 1.2x 1.2x 9.0x 8.6x 7.5x 13.1x 11.7x 10.1% 5.2% 14.5% 15.7% 12.8% 1.0
Navigant Consulting Inc. 827.9 970.7 13.2% 20.1% 64.3% 88.1% 1.2x 1.2x 1.1x 8.0x 8.3x 7.7x 17.5x 15.8x 8.6% 5.2% 14.1% 14.5% 13.7% 1.3
Epiq Systems, Inc. 523.2 914.9 (18.0%) (28.4%) 15.4% 20.5% 2.0x 1.7x 1.6x 14.9x 8.5x 7.9x 16.1x 14.5x 12.6% 9.6% 20.1% 19.9% 10.0% 1.6
Firstsource Solutions Limited 341.4 341.4 (4.7%) (13.7%) 169.9% 20.0% 0.7x 0.7x 0.6x 6.0x 5.4x 4.7x 8.5x 7.2x 1.2% 9.0% 12.9% 13.5% 18.0% 0.5
Outsourced Solutions Median $2,583.7 $2,713.5 14.9% 20.1% 84.5% 88.1% 2.0x 1.7x 1.6x 11.2x 8.9x 8.4x 16.8x 15.8x 6.9% 6.2% 17.2% 17.7% 12.8% 1.5
Capitalization

INVESTMENT BANKING
FINTECH MONTHLY
REAL ESTATE AND MORTGAGE SERVICES
27
CBRE Group, Inc. $12,517.6 $15,835.9 9.7% 21.0% 105.9% 105.1% 1.6x 1.5x 1.2x 13.5x 11.2x 10.4x 18.7x 16.3x 21.0% 20.7% 13.1% 11.7% 12.5% 1.5
Nationstar Mortgage Holdings Inc. 1,535.2 15,046.1 (50.4%) (59.3%) (59.1%) NA 10.2x 7.3x 6.3x 24.1x 23.0x 19.3x 15.5x 6.7x 0.7% 16.7% 31.8% 32.4% 15.0% 1.0
Fidelity National Financial, Inc. 12,593.9 10,857.9 2.7% 20.5% 65.6% 168.0% 1.2x 1.5x 1.4x 7.3x 7.3x 7.1x 16.4x 13.8x 8.2% 5.1% 19.9% 19.5% NA NA
Realogy Holdings Corp. 5,859.1 9,842.1 (10.2%) (1.0%) 15.3% NA 1.8x 1.7x 1.6x 13.5x 12.1x 10.9x 25.8x 18.5x 7.3% 7.2% 14.2% 14.6% 22.5% 1.1
Assurant Inc. 5,439.0 6,610.3 19.0% 22.0% 115.1% 104.0% 0.6x 0.8x 0.9x 3.0x NA NA 11.8x 12.2x (18.9%) (15.0%) NA NA 6.5% 1.8
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
Jones Lang LaSalle Incorporated 7,363.6 4,452.9 9.2% 25.3% 117.9% 112.0% 0.8x 0.7x 0.7x 6.7x 6.5x 6.3x 16.1x 15.9x 10.4% 7.1% 11.6% 11.1% 13.0% 1.2
Radian Group Inc. 2,958.2 4,119.5 (14.5%) (8.3%) 225.0% 86.9% 3.5x 3.4x 3.4x 3.4x NA NA 10.2x 8.6x (6.4%) 0.4% NA NA 10.0% 1.0
MGIC Investment Corp. 3,148.6 4,060.5 (0.5%) 6.7% 395.7% 0.7% 3.9x 3.9x 3.7x 7.1x NA NA 8.5x 9.5x 10.8% 4.1% NA NA 12.7% 0.7
First American Financial Corporation 4,297.6 3,991.1 16.6% 32.0% 77.6% 183.9% 0.8x 0.2x 0.2x 7.1x 6.9x 6.7x 15.4x 14.2x 3.6% 5.4% 3.0% 2.9% NA NA
BGC Partners, Inc. 2,278.0 3,293.3 (0.8%) 13.8% 93.6% 26.1% 1.6x 1.5x 1.3x 10.9x 9.4x 6.5x 12.3x 10.7x 12.5% 12.9% 15.8% 20.2% 16.7% 0.7
ABM Industries Incorporated 1,622.4 1,876.4 0.8% 6.6% 53.0% 28.0% 0.4x 0.4x 0.4x 12.6x 8.9x 8.2x 17.5x 18.0x 3.0% 1.0% 4.0% 4.3% 9.7% 1.8
Savills plc 1,837.1 1,875.9 32.1% 45.6% 123.6% 179.1% 1.0x 1.0x 0.9x 11.0x 10.7x 9.4x 15.2x 13.7x 14.5% 5.1% 9.3% 10.1% 13.0% 1.2
HFF, Inc. 1,318.6 1,599.3 (3.0%) 16.2% 151.1% 254.9% 3.4x 3.2x 2.8x 14.2x 12.1x 10.8x 16.9x 15.5x 7.4% 12.1% 26.3% 26.1% 16.7% 1.0
Marcus & Millichap, Inc. 1,626.1 1,501.4 31.8% 43.6% NA NA 2.3x 2.1x 1.9x 14.0x 12.1x 10.7x 25.2x 22.1x 23.4% 10.5% 17.6% 18.0% 22.0% 1.1
FirstService Corporation 1,168.6 1,391.9 NA NA NA NA 1.1x 1.1x 1.0x 19.1x 13.5x 11.7x 27.3x 22.9x NA 8.2% 8.2% 8.7% 18.1% 1.5
Altisource Portfolio Solutions S.A. 535.7 948.7 (17.8%) (61.4%) (75.9%) 9.9% 0.9x 0.9x 1.0x 6.8x 5.1x 4.9x 5.3x 6.8x (4.0%) (7.2%) 18.4% 20.7% NA NA
Stewart Information Services Corporation 961.2 818.3 11.4% 16.9% 99.7% 289.8% 0.4x 0.1x 0.1x 6.7x 5.8x 4.7x 27.5x 13.6x 1.3% 5.5% 1.2% 1.4% NA NA
UGL Limited 281.4 261.9 9.6% (62.6%) (77.2%) (83.7%) 0.2x 0.2x 0.2x NM 4.5x 3.4x 20.7x 9.2x 0.4% 10.3% 3.8% 4.6% 11.6% 1.8
Brookfield Real Estate Services Inc. 136.2 181.8 8.0% 1.4% 13.8% 8.4% 6.3x NA NA 2.1x NA NA NA NA NA NA NA NA NA NA
Real Estate / Mortgage Services Median $2,057.6 $3,642.2 8.0% 16.2% 85.6% 104.5% 1.4x 1.5x 1.2x 10.9x 10.1x 8.8x 16.4x 13.8x 7.1% 5.5% 13.6% 13.1% 13.0% 1.2
Capitalization
Trading Performance

INVESTMENT BANKING
FINTECH MONTHLY
28
RECENT FINTECH TRANSACTION
ACTIVITY

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

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

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

INVESTMENT BANKING
FINTECH MONTHLY
32
Announced
Date
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

INVESTMENT BANKING
FINTECH MONTHLY
33
Announced
Date
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

INVESTMENT BANKING
FINTECH MONTHLY
34
Announced
Date
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

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

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

INVESTMENT BANKING
FINTECH MONTHLY
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but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James & Associates’
Investment Banking Department and is for information purposes only. This report is not a product of Raymond James & Associates’ Research
Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other
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Ent. Value = Enterprise Value
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EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization
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