INVESTMENT BANKING FOR INSTITUTIONAL USE ONLY NOVEMBER 2020

IN THIS ISSUE

FINTECH INSIGHT
About Us 2
Recent Transactions & Case Studies 8
FinTech M&A & Capital Raising Activity 20
MERGERS AND ACQUISITIONS, PUBLIC AND PRIVATE FINANCINGS Recent FinTech Transaction Activity 22
& FINANCIAL ADVISORY SERVICES
FinTech Trading Analysis 39
FINTECH INSIGHT NOVEMBER 2020

Leading FinTech Franchise on Wall Street

Deep & Experienced Team Sector Coverage Networks and Business Model Coverage

15 Senior Bankers
• Asset / Wealth Management Technology
SaaS
• Bank Technology
+4 Equity Research Analysts
• Benefits / Payroll

+4 Dedicated Equity Capital Markets

Professionals
• Capital Markets Technology
Online /
Mobile
• Financial SaaS

Extensive Transaction • Information Services

Experience Transactional
• Insurance Technology

~190 Deals Since 2010

• Outsourced Solutions

• Payments Tech-Enabled
M&A / Private Placement Solutions
~155 Transactions with $12+ Billion
in Total Deal Value Since 2010
• Real Estate / Mortgage Solutions

• Tech-Enabled Lending Platforms

Data /
+30 Public Offering Transactions
Raising $8+ Billion Since 2010
• Transactional Marketing Services Information

RAYMOND JAMES INVESTMENT BANKING 2

FINTECH INSIGHT NOVEMBER 2020

Blue-Chip Clients

Advisory Equities

Private Equity Venture Capital

RAYMOND JAMES INVESTMENT BANKING 3

FINTECH INSIGHT NOVEMBER 2020

Premier FinTech Investment Banking Team

BRENDAN RYAN JON STEELE PAUL FRICILONE
Group Co-Head Group Co-Head Managing Director
brendan.ryan@raymondjames.com jon.steele@raymondjames.com paul.fricilone@raymondjames.com
+1.617.470.5671 +1.617.519.7114 +1.708.334.3376

CHRISTIAN CLIFFORD GRAHAM HURTT NATHAN LAMBERT CONRAD REUSCH PETAR CALOV
Vice President Vice President Vice President Vice President Vice President
christian.clifford@ graham.hurtt@ nathan.lambert@ conrad.reusch@ petar.calov@
raymondjames.com raymondjames.com raymondjames.com raymondjames.com raymondjames.com
+1.508.498.0095 +1.203.887.3952 +1.603.913.5152 +1.415.583.4480 +1.617.624.7059

LAURA MADDISON SEAN MARTIN STUART SPARKES

Managing Director, Europe Managing Director, Canada Managing Director, Europe
laura.maddison@raymondjames.com sean.martin@raymondjames.ca stuart.sparkes@raymondjames.com
+44.20.3798.5705 +1.416.777.6375 +44.20.3798.5600

STUART SWEENEY JAPHET WUENSCH SEBASTIAN KNACKFUSS KAIDI KUUSK

Managing Director, Europe Managing Director, Europe Vice President, Europe Vice President, Europe
stuart.sweeney@ japhet.wuensch@ sebastian.knackfuss@ kaidi.kussk@
raymondjames.com raymondjames.com raymondjames.com raymondjames.com
+44.20.3798.5726 +49.89.2323.7738 +49.89.2323.7765 +44.20.3798.5721

RAYMOND JAMES INVESTMENT BANKING 4

FINTECH INSIGHT

#1 FinTech Investment Banking Practice ~190

Deals Since 2010
Our FinTech practice is the premier investment banking platform for companies seeking
thorough industry knowledge, buyer relationships and execution capabilities.
~155
M&A / Private Placement Deals Since 2010
2010-2019 U.S. Deal Rankings1 2019 U.S. Deal Rankings1

189 20 15
Senior Bankers Across the Globe
92 11
$100 MILLION – $2 BILLION
“Sweet Spot”2
91 11

88 10 12+
Year Track Record

87 10
EXTENSIVE EXPERIENCE
Across All FinTech Sectors 189
80 9 2019
169
74 7 2018

141
71 7 2017
124
70 6 2016

105 #1 PRACTICE
59 6 2015 in cumulative FinTech deals
completed over the last five years
1. Note: Represents transactions involving U.S.-based targets
2. General range of deal values RAYMOND JAMES INVESTMENT BANKING 5
FINTECH INSIGHT NOVEMBER 2020

Recent Awards & Accolades

The M&A Advisor
2019 PRIVATE EQUITY DEAL OF THE YEAR 2017 CROSS BORDER DEAL OF THE YEAR
(OVER $1B) ($100M TO $500M)
Sale of Millennium Trust Company to ABRY Partners Sale of BISAM Technologies to FactSet

2019 TECHNOLOGY DEAL OF THE YEAR 2017 AMERICA INSURANCE DEAL OF THE YEAR
($500M - $1B) Sale of Jefferson National to Nationwide Mutual
Majority Investment in Invoice Cloud by General Atlantic
2017 FINANCIALS DEAL OF THE YEAR
2018 PRIVATE EQUITY DEAL OF THE YEAR Sale of AssetMark to Huatai Securities Co., Ltd.
($250M TO $500M)
Sale of Sage Payment Solutions to GTCR 2016 INVESTMENT BANKING FIRM OF THE YEAR

2017 FINANCIALS DEAL OF THE YEAR 2015 FINANCIAL TECH & SERVICES DEAL OF THE YEAR
(UNDER $250M) Sale of Columbus Data Services to Cardtronics
Sale of BISAM Technologies to FactSet

M&A Atlas Awards

2017 PRIVATE EQUITY DEAL OF THE YEAR
Growth Investment in PaySimple by Providence Equity

2015 CORPORATE & STRATEGIC ACQUISITION OF THE YEAR

(OVER $100M TO $500M)
Sale of PayChoice, Inc. to Sage Group Plc

Note: Criteria for the awards can be found at www.raymondjames.com/corporations-and-institutions/accolades. RAYMOND JAMES INVESTMENT BANKING 6
FINTECH INSIGHT

FinTech Coverage Universe Advisory Capabilities

Sales / Recaps
Asset / Wealth
Management Technology
Acquisitions

Bank Technology
Divestitures

Benefits / Payroll Strategic Advisory

Capital Markets Fairness Opinions

Technology

Financial SaaS

Information Services Capital Raising Capabilities

Insurance Technology Private Placements

Outsourced Solutions
Initial Public Offerings

Follow-On Offerings
Payments
Debt Capital
Real Estate / Mortgage
Solutions
Restructuring
Tech-Enabled
Lending Platforms

Transactional
Marketing Services

RAYMOND JAMES INVESTMENT BANKING 7

FINTECH INSIGHT

RECENT TRANSACTIONS
& CASE STUDIES

RAYMOND JAMES INVESTMENT BANKING 8

FINTECH INSIGHT NOVEMBER 2020

More FinTech Transactions Completed Since 2010 Than Any Other Firm

November 2020 November 2020 November 2020 October 2020

$805,000,000
Initial Public Offering
Co-Manager

October 2020 October 2020 September 2020 September 2020

$405,000,000 $216,000,000
Initial Public Offering A subsidiary of Initial Public Offering
Co-Manager Co-Manager

September 2020 August 2020 August 2020 August 2020

$250,000,000 $1,723,000,000 $345,000,000

Initial Public Offering Initial Public Offering Initial Public Offering
Co-Manager Co-Manager Co-Manager

July 2020 July 2020 June 2020 June 2020

April 2020 April 2020 March 2020 February 2020

$112,500,000
Follow-On Offering
Co-Lead

February 2020 January 2020 December 2019 October 2019

View our full transaction history here >

RAYMOND JAMES INVESTMENT BANKING 9
FINTECH INSIGHT NOVEMBER 2020

More FinTech Transactions Completed Since 2010 Than Any Other Firm

$91,600,000
Follow-On Offering
Bookrunning Manager

October 2019 October 2019 September 2019 September 2019

$316,250,000
Initial Public Offering
Co-Manager

September 2019 August 2019 July 2019 July 2019

$117,500,000
Follow-On Offering
Bookrunning Manager

July 2019 June 2019 June 2019 June 2019

$249,500,000 $183,000,000
Follow-On Offering Follow-On Offering
Co-Manager Co-Manager

June 2019 June 2019 April 2019 March 2019

March 2019 March 2019 February 2019 February 2019

January 2019 December 2018 December 2018 November 2018

View our full transaction history here >

RAYMOND JAMES INVESTMENT BANKING 10
FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

Insurance Technologies
Corporation sale to Zywave Investment Banking Role
On November 24, 2020, Accel-KKR announced it signed a Raymond James acted as the sole financial advisor to ITC and Accel-KKR in this
definitive agreement to sell its position in Insurance transaction. Worked closely with ITC’s executive team and Accel-KKR to expeditiously
Technologies Corporation (“ITC”, or the “Company”) to execute a transaction that aligned with the Company’s strategic objectives.
Zywave, a portfolio company of Clearlake Capital

Company Background
For more than 35 years, ITC has been a trusted provider of management, rating and
marketing software and solutions to over 9,000 Property & Casualty (“P&C”) insurance
agencies and carriers. The Company’s SaaS platform and data solutions allow
independent insurance agencies and their partner carriers to automate the client
CLIENT DESCRIPTION
lifecycle, rate insurance products and drive leads through digital marketing
Management, rating and marketing solutions
automation. ITC was founded in 1983 and is headquartered in Carrollton, TX.
for the P&C insurance ecosystem

DEAL SIZE Successful Outcome

Not Announced
The acquisition will allow the Company and Zywave to accelerate their mission to
developing a comprehensive suite of agency management, rating and marketing
solutions for the growing independent P&C agency market. The transaction delivered
DATE ANNOUNCED
a premium outcome for ITC’s shareholders.
November 24, 2020

RAYMOND JAMES INVESTMENT BANKING 11

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

Significant strategic investment by
Verisk in Reward Investment Banking Role
On November 24, 2020, Sports Loyalty Card Limited Raymond James acted as the exclusive financial advisor to Reward in this transaction.
(“Reward”, or the “Company”) entered into a definitive Worked closely with the Company’s management team to execute a transaction that
agreement to receive a significant strategic investment aligned with key objectives.
from Verisk Analytics, Inc. (“Verisk”)

Company Background
Reward is a fast-growing provider of customer engagement and loyalty programs, that
connects Financial Institutions and Retailers via a plug-and-play platform that drives
engagement and incremental spend across channels and product lines along with
providing consumers with personalized card-linked offers. The platform is
CLIENT DESCRIPTION
increasingly recognized as the industry standard, used by MasterCard, Visa and
Customer engagement and loyalty programs
American Express as well as over 100 of the world’s largest Retailers. Reward was
for Retailers and Financial Institutions
founded in 2001 and is headquartered in London, England.

DEAL SIZE Successful Outcome

Not Announced
The investment will enable Reward to leverage Verisk’s global relationships to
accelerate its expansion in the UK, Europe and the Middle East. The transaction
delivered a premium outcome for Reward’s shareholders.
DATE ANNOUNCED
November 24, 2020

RAYMOND JAMES INVESTMENT BANKING 12

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

Giact sale to Refinitiv
Investment Banking Role
On November 2, 2020, Refinitiv announced it signed a
Raymond James acted as the exclusive financial advisor to GIACT in this transaction.
definitive agreement to acquire Giact Systems LLC
(“GIACT”, or the “Company”) Worked closely with the Company’s management team to execute a transaction that
aligned with key objectives.

Company Background
GIACT provides a comprehensive platform of enrollment, payment, identity, and
compliance solutions that help organizations combat fraud. The company’s platform
leverages unique data from proprietary and privileged sources that enable the most
expansive fraud coverage. GIACT serves a variety of industries including financial
CLIENT DESCRIPTION
services, retail, government, non-profit and insurance. GIACT was founded in 2004
Online risk and compliance assessment
and headquartered in Allen, TX
platform for electronic payment providers

DEAL SIZE Successful Outcome

Not Announced
The acquisition will enable GIACT and Refinitiv to offer a platform that can address
the complete customer lifecycle along with risk and compliance capabilities. A
uniquely designed process to navigate COVID-related process constraints resulted in a
DATE ANNOUNCED
premium outcome for GIACT’s shareholders.
November 2, 2020

RAYMOND JAMES INVESTMENT BANKING 13

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

Syncapay sale to Centerbridge
Investment Banking Role
On October 22, 2020, Syncapay, Inc. (“Syncapay”)
Raymond James served as the sole financial advisor to Syncapay in this transaction.
received an investment from Centerbridge Partners, L.P.
(“Centerbridge”) to merge daVinci Payments, Inc. Worked closely with Syncapay and daVinci’s management teams to facilitate and
(“daVinci Payments” or “daVinci”) and North Lane execute the investment by Centerbridge and merger with North Lane.
Technologies, Inc. (“North Lane”)
Company Background
Syncapay is an investments company focused on acquiring payments companies with
disruptive technologies and is the parent company of daVinci Payments. daVinci
Payments is the leading provider of corporate funded disbursements via a digital
engagement platform for global brands and marketing service providers. daVinci’s
CLIENT DESCRIPTION
comprehensive product offerings leverage proprietary technology to drive payment
Provides virtual and physical corporate
recipient engagement and deliver rich data intelligence to clients across the corporate
funded payments
disbursements, market research and incentive payments verticals. Syncapay was
founded in 2018 and headquartered in Plano, TX. daVinci Payments was founded in
DEAL SIZE 1996 and headquartered in Buffalo Grove, IL.
Not Announced
Successful Outcome
The merger creates the market leader in payment solutions across incentives,
DATE ANNOUNCED rewards, disbursements, compensation and global payouts while positioning the
October 22, 2020 company for further market growth and innovation. The transaction delivered a
premium outcome for Syncapay’s shareholders.

RAYMOND JAMES INVESTMENT BANKING 14

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

Allworth Financial sale to
Lightyear Capital & Ontario Investment Banking Role
Teachers’ Pension Plan Raymond James acted as lead advisor to Allworth Financial and Parthenon Capital in
On October 20, 2020, Parthenon Capital announced it this transaction. Worked closely with Allworth’s management team and Parthenon
signed a definitive agreement to sell its position in Capital to execute a transaction that aligned with key objectives.
Allworth Financial (“Allworth”, or the “firm/company”) to
Lightyear Capital and Ontario Teachers’ Pension Plan
Board Company Background
Allworth Financial is the leading provider of comprehensive, planning-centric
retirement and wealth management solutions to mass-affluent, ‘middle-class
millionaire’ clients. The firm has grown to approximately $10 billion in AUM and
13,000 households, including 10 add-on acquisitions since 2017. Allworth continues to
CLIENT DESCRIPTION
invest in industry-leading technology and services in support of its best-in-class client
Planning-centric retirement and wealth
experience and the firm’s education-centric approach to financial planning. Allworth
management solutions
was founded in 1993 and headquartered in Sacramento, CA.

DEAL SIZE Successful Outcome

Not Announced
The acquisition will allow the company to accelerate its mission to build out a national
wealth management firm where clients can receive comprehensive, planning-centric
retirement and wealth management advice regardless of where they live. The
DATE ANNOUNCED transaction delivered a premium outcome for Allworth’s shareholders.
October 20, 2020

RAYMOND JAMES INVESTMENT BANKING 15

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

YCharts recapitalization with LLR
Investment Banking Role
On October 9, 2020, YCharts, Inc.(“YCharts”, or the
Raymond James served as exclusive financial advisor to YCharts in this transaction.
“Company”), announced a growth recapitalization with
LLR Partners (“LLR”) Worked closely with YCharts’ management team to cultivate strong investor interest
through fireside chats which ultimately lead to a targeted full-process resulting in a
premium outcome for shareholders in a challenging market environment.
Company Background
YCharts is a leading cloud-based investment analytics and communications platform
for RIAs, broker-dealers and asset managers serving as a user-friendly alternative to
terminal-based tools and other desktop applications. The Company enables its clients
to make smarter investment decisions and enhance communications with their
CLIENT DESCRIPTION
customers by leveraging the platform’s comprehensive data, powerful visualization
Financial analytics website
tools and advanced analytics for equity, mutual fund and ETFs. Founded in 2009,
YCharts is headquartered in Chicago, IL.

DEAL SIZE Successful Outcome

Not Announced
The transaction will support the Company in continuing its investment in its product
suite and pursuing complementary acquisitions. It delivered a successful outcome for
YCharts’ shareholders where certainty of close, favorable merger agreement terms
DATE ANNOUNCED and a premium valuation were critical priorities.
October 9, 2020

RAYMOND JAMES INVESTMENT BANKING 16

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

XCM Solutions sale to Wolters
Kluwer Investment Banking Role
On September 14, 2020, XCM Solutions (“XCM”, or the
Raymond James served as the exclusive financial advisor to XCM in this transaction.
“Company”), announced its sale to Wolters Kluwer (“WK”)
Worked closely with XCM’s management team to cultivate strong pre-process interest
which ultimately lead to a highly competitive full-process resulting in a premium
outcome for shareholders in a challenging market environment.
Company Background
XCM is the leading provider of a cloud-based workflow solutions. Founded in 2002,
XCM today serves public accounting and tax firms of all sizes across the U.S. and
Canada. The Company assists firms in controlling their workflow processes and
allocating their resources to achieve greater efficiency, productivity and profitability.
CLIENT DESCRIPTION
The Company’s core product is XCMworkflow, a cloud-based software that aligns with
Cloud-based workflow automation solution
a firm’s existing customer tools and helps manage all types of work across multiple
clients, projects and offices, streamlining workflows between systems and facilitating
a more open and collaborative way of working.
DEAL SIZE
$160,000,000
Successful Outcome
The acquisition enables integration opportunities with CCH Axcess, WK’s cloud-based
DATE ANNOUNCED software suite for professional firms in North America. The transaction delivered a
September 14, 2020 successful outcome for XCM’s shareholders where certainty of close, favorable merger
agreement terms and a premium valuation were critical priorities.

RAYMOND JAMES INVESTMENT BANKING 17

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study:

AML RightSource sale to Gridiron
Capital Investment Banking Role
On September 11, 2020, AML RightSource LLC (the
Raymond James served as the sole financial advisor to AML RightSource in this
“Company”) entered into a definitive agreement to be
acquired by Gridiron Capital transaction. Worked closely with AML RightSource’s management team and Clarion
Capital (sponsor) to execute a transaction that aligned with key objectives.

Company Background
AML RightSource is a leading provider of professional services focused on Anti-Money
Laundering (“AML”), Bank Secrecy Act (“BSA”) and Financial Crimes Compliance,
serving a diverse set of financial institutions and digital platforms. Comprehensive
offering includes transaction monitoring and fraud investigations, enhanced due-
CLIENT DESCRIPTION
diligence reviews and financial crimes advisory services delivered via a team of highly
Provides transaction monitoring and fraud
trained full-time employees with deep subject matter expertise. Scalable business
investigations
model powered by proprietary onboarding and utilization processes to ensure
superior efficiency and ROI. Founded in 2004, AML RightSource is headquartered in
DEAL SIZE Cleveland, OH.
Not Announced
Successful Outcome
The acquisition will allow AML RightSource to continue to strengthen its existing
DATE ANNOUNCED position in the bank and non-bank financial institution market, while building its AML
September 11, 2020 solution offering and investing in technologies to better serve its clients. The
transaction delivered a premium outcome for AML RightSource’s shareholders.

RAYMOND JAMES INVESTMENT BANKING 18

FINTECH INSIGHT NOVEMBER 2020

Advisory Case Study: A subsidiary of

BankMobile merger with Megalith
Financial Acquisition Corp Investment Banking Role
On August 6, 2020, Bank Mobile (the “Company”) entered
Raymond James served as the exclusive financial advisor to BankMobile in this
into a definitive agreement to merge with Megalith
Financial Acquisition Corp transaction. Raymond James worked closely with BankMobile and its Parent,
Customers Bank, to maximize transaction value and outcome for all stakeholders.

Company Background
BankMobile is among the largest mobile-first banking platforms in the U.S., offering
checking and savings accounts, personal loans and credit cards. BankMobile employs
a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that
enables the company to acquire customers at higher volumes and substantially lower
CLIENT DESCRIPTION
expense than traditional banks. The Company provides its BaaS platform to colleges
Banking-as-a-Service
and universities and currently serves over two million account-holders at 722
campuses. The Company is operating as the digital banking division of Customers
Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank.
DEAL SIZE
$140,000,000
Successful Outcome
The merger with Megalith Financial Acquisition Corp allows the firms to continue to
DATE ANNOUNCED execute on its innovative banking model and provide an accurate market value for its
August 6, 2020 current parent, Customers Bank. The transaction delivered a favorable outcome for
BankMobile’s parent and management team.

RAYMOND JAMES INVESTMENT BANKING 19

FINTECH INSIGHT

FINTECH M&A & CAPITAL RAISING

ACTIVITY

RAYMOND JAMES INVESTMENT BANKING 20

FINTECH INSIGHT NOVEMBER 2020

FinTech M&A & Capital Raising Activity

Quarterly Number of Deals Quarterly Dollar Volume of Deals (1)
($ in billions)

309
301

265

216 $85.9
196
191 213 182 $7.8
168
128 $51.7
111
107 $4.8 $43.7 $41.2
$36.7
$6.7 $77.8 $4.1
$8.3
$40.2
98 83 $13.8
68 73 94 $36.3 $33.5
63 $25.1
$9.2 $3.7
2 12 $6.7 $0.7 $4.6 $3.3
17 15 12 14 $0.2
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

Financial Buyer M&A Strategic Buyer M&A Growth Equity/VC Financial Buyer M&A Strategic Buyer M&A Growth Equity/VC

Q3 2020 Deals by Sub-sector Q4 2020 Deals by Sub-sector

56
54

46
44

31

24 26
22 23
20
18
16
12
10 11
8 8 7
4
3 3
1
0 0
Insurance Payments Bank Capital Asset / Real Estate / Financial Tech-Enabled Benefits / Information Transactional Outsourced
Payments Insurance Capital Bank Financial Real Estate / Asset / Tech-Enabled Information Benefits / Transactional Outsourced
Technology Technology Markets Wealth Mortgage SaaS Lending Payroll Services Marketing Solutions
Technology Markets Technology SaaS Mortgage Wealth Lending Services Payroll Marketing Solutions
Technology Management Solutions Platform Services
Technology Solutions Management Platform Services
Technology
Technology

Source: RJ proprietary database RAYMOND JAMES INVESTMENT BANKING 21

1. Comprised of deals where the $ amount of investment was disclosed
FINTECH INSIGHT

RECENT FINTECH
TRANSACTION ACTIVITY

RAYMOND JAMES INVESTMENT BANKING 22

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Strategic Buyer M&A Activity

ANNOUNCED TRANSACTION
BUYER TARGET SECTOR COMMENTS
DATE SIZE ($M)

Asset / Wealth • Silica provides third-party administration and technology to asset managers and investment product
Nov-20 Management ND providers throughout South Africa
Technology • The acquisition will expand FNZ's accessibility of wealth management services

• Verafin provides a cloud-based secure software platform for fraud detection and management, high-risk
Nov-20 Bank Technology $2,750 customer management and information sharing
• The acquisition will strengthen Nasdaq’s existing regulatory technology and anti-financial crime solutions

• Eurobits Technologies provides online account aggregation services for banking

Nov-20 Bank Technology $17 • The acquisition will enable Tink to increase its bank and financial institution connectivity in Europe and
Latin America

• TCI provides web-based software offered as software as a service (SaaS) primarily for loan origination,
Nov-20 Bank Technology ND automated underwriting, automotive indirect lending and merchant lending purposes
• The acquisition will enable MeridianLink to improve its loan origination solution technology

• Institutional Shareholder Services provides proxy advisory and corporate governance solutions to financial
Capital Markets market participants
Nov-20 $2,275
Technology • The acquisition will enable Deutsche Börse to combine ISS' detailed ESG and data expertise to its product
offering

• EBR Analytics offers infrastructure hosting and data processing services focusing on Benchmark Regulation
Capital Markets (BMR)
Nov-20 ND
Technology • The acquisition will strengthen RIMES' regulatory solutions portfolio, market presence and reach in the
financial sector

• Business Licenses offers online business licensing and permit procurement and distribution services
Nov-20 Financial SaaS $97
• The acquisition will allow Avalara to enhance its product offering and add business licensing services

RAYMOND JAMES INVESTMENT BANKING 23

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Strategic Buyer M&A Activity

ANNOUNCED TRANSACTION
BUYER TARGET SECTOR COMMENTS
DATE SIZE ($M)

• Llamasoft offers an AI-powered supply chain design and purchase price planning platform
Nov-20 Financial SaaS $1,500 • The acquisition will broaden Coupa's leadership in business spend management and enhance its supply
chain capabilities

• GoCo Group offers a website to compare the costs and features of various insurance policies, financial
Information products and energy tariffs
Nov-20 $794
Services
• The acquisition will help Future to enhance its client portfolio

Insurance • Metromile is a digital insurance platform offering real-time pay-per-mile auto insurance services
Nov-20 $956
Technology • The Company will use the proceeds to accelerate its growth and scale its operations nationwide

• Insurance Technologies Corporation offers marketing, rating and management software solutions to the
Insurance insurance industry
Nov-20 ND
Technology
• The acquisition will expand Zywave's end-market coverage to include P&C lines of business agencies

• Advisen provides data, media and technology solutions for the commercial property and casualty
Insurance insurance market
Nov-20 ND
Technology • The acquisition will enable Zywave to leverage Advisen's loss and policy data platform to enhance business
decision making for insurance customers

• RiskGenius provides a SaaS based solution for the insurance industry that enables brokers to assess,
Insurance analyze and compare policies and coverage language
Nov-20 ND
Technology • The acquisition will add RiskGenius' data and analytics products, as well as the team, to Bold Penguin’s
existing SaaS platform

Insurance • CodeObjects is a cloud-based P&C personal lines policy administration software

Nov-20 ND
Technology • The acquisition will help Insurity to broaden its market offerings through additional personal lines footprint

RAYMOND JAMES INVESTMENT BANKING 24

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Strategic Buyer M&A Activity

ANNOUNCED TRANSACTION
BUYER TARGET SECTOR COMMENTS
DATE SIZE ($M)

• ForeverCar protects vehicle owners from expensive car repairs with Mechanical Repair Coverage (MRC)
Insurance policies delivered through online channels
Nov-20 ND
Technology • The acquisition will enhance CUNA Mutual Group's lending and insurance product portfolio and its ability
to reach and protect more consumers digitally

• Tia Technology is a software company that develops digital business solutions for various insurance
Insurance products
Nov-20 $78
Technology
• The acquisition will strengthen Sapiens' presence in the Nordic insurance market

• CoverHound offers an online platform that allows consumers and businesses to compare and purchase
Insurance insurance
Nov-20 ND
Technology • The acquisition will drive digital transformation at Brown & Brown and increase partnerships, carriers and
products available to offer greater consumer choice and comparison

• Bluestone provides payment programs to merchants through referral relationships in niche markets
Nov-20 Payments ND
• The acquisition will enhance Payroc's sales network and customer offerings

• Impexium operates a cloud-based membership management platform that supports association business
and administrative activities
Nov-20 Payments ND
• The acquisition will enable Billhighway to expand solution offerings and better serve the Association
market

• Carta provides cloud-based transaction processing and payments technologies and services
Nov-20 Payments $18
• The acquisition will enable Mogo to enter the global digital payments market

• Nets offers a network, which connects merchants, enterprises, financial institutions and consumers
Nov-20 Payments $9,200 enabling them to make and receive payments, as well as offers value added services
• The acquisition will make Nexi Europe's biggest payments firm by volume

RAYMOND JAMES INVESTMENT BANKING 25

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Strategic Buyer M&A Activity

ANNOUNCED TRANSACTION
BUYER TARGET SECTOR COMMENTS
DATE SIZE ($M)

• 3dcart offers an eCommerce software platform to business clients in a range of industries

Nov-20 Payments ND
• The acquisition will enable Shift4 to deliver a unified commerce solution to its customers

• Shopkeep provides point of sale hardware, cloud-based software and analytics and payment processing for
Nov-20 Payments $440 small and medium-sized businesses
• The acquisition will grow Lightspeed's U.S. footprint by more than 20,000 customer locations

• Handepay offers card payment solutions; online payment gateway; portable terminals for businesses with
multiple points of sale and mobile terminals for tradesmen and market traders
Nov-20 Payments $91
• The acquisition will enhance PayPoint's end-to-end customer proposition and offering, accelerating the
Company’s strategy in the U.K. cards market and broadening its growth prospects

• Smart2Pay is an online payments solution provider offering merchants integrated payments systems
catering to various payment methods
Nov-20 Payments ND
• The acquisition will strengthen Nuvei’s presence in high-growth digital commerce verticals and further
expand its geographic footprint in additional regions

• Giact provides a risk service web platform for businesses to assess and manage risk in electronic payments
Nov-20 Payments ND
• The acquisition will enhance Refinitiv’s existing risk and compliance business

• Homesnap offers an online real estate broker platform that provides a search features for people to explore
Real Estate / homes and search real estate listings
Nov-20 $250
Mortgage Solutions
• The acquisition will enable CoStar Group to enter the real estate technology market

RAYMOND JAMES INVESTMENT BANKING 26

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Financial Buyer M&A Activity

ANNOUNCED TRANSACTION
BUYER TARGET SECTOR COMMENTS
DATE SIZE ($M)

Asset / Wealth • Aperio group is an indexing firm providing custom tax-optimized index equity separately managed
Nov-20 Management $1,050 accounts, catering to high-net-worth clients
Technology • The Company will use the proceeds to scale its client portfolio and product capabilities

Insurance • Zywave is a provider of cloud-based insurance distribution software

Nov-20 ND
Technology • The Company will use the proceeds to accelerate organic growth and make strategic acquisitions

• ECI Software Solutions provides cloud-based industry-specific ERP and payments software and services for
Nov-20 Payments ND small and medium-sized businesses
• The Company will use the proceeds to accelerate growth and enhance operations

RAYMOND JAMES INVESTMENT BANKING 27

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

Asset / Wealth • PureFacts provides global enterprise wealth management and asset management solutions
Nov-20 Management $15 • The Company will use the proceeds to accelerate product development and expand sales and marketing
Technology efforts

• Addepar is a wealth management platform that specializes in data aggregation, analytics and reporting for
Asset / Wealth complex investment portfolios
Nov-20 Management $117
Technology • The Company will use the proceeds to support the expansion of its data aggregation, analysis and reporting
platform for investors and advisors

• Truebill offers personal finance management services through an application that enables users to find,
Asset / Wealth track and cancel paid subscriptions
Nov-20 Management $17
Technology • The Company will use the proceeds to develop new products and features including net worth tracking and
automated debt payments

• Bumped offers a platform that allows publicly traded consumer brands to offer customers fractional shares
Asset / Wealth of stock as loyalty rewards
Nov-20 Management $30
Technology • The Company will use the proceeds to create a brokerage to support a broker-dealer for the stock rewards
program as well as the technology platform

• Current is a U.S. challenger bank that provides access to premium banking services through a mobile app
and card service
Nov-20 Bank Technology $133
• The Company will use the proceeds to expand operations and business reach and develop its product
offering

• HMBradley operates a digital banking platform offering a tiered incentive system rewarding those
customers who save a higher percentage of their direct deposits rather than spending the money
Nov-20 Bank Technology $18
• The Company will use the proceeds to enhance its credit program, continue expanding offerings built
around consumer needs and grow its team

• Obligo provides an open banking technology platform enabling both tenants and landlords to rent without
Nov-20 Bank Technology $16 security deposits
• The Company will use the proceeds to roll out its deposit-free technology in the U.S.

RAYMOND JAMES INVESTMENT BANKING 28

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

• Amicus.io offers a platform that integrates with consumer banks to enable their customers access to donor
Nov-20 Bank Technology $9 funds, online banking, roundups, peer-to-peer payment systems and donor advised funds
• The Company will use the proceeds to launch its DAF 2.0 (donor advised funds) platform

• Railsbank offers an API banking and compliance technology platform that connects together a global
Nov-20 Bank Technology $37 network of partner banks with companies
• The Company will use the proceeds to expand its global footprint and for product development

• LinkAja is an electronic-banking application that provides cash withdrawal and inquiry services using a
network of four Indonesian banks
Nov-20 Bank Technology $100
• The Company will use the proceeds to advance its reach to the middle class and to reach micro, small and
medium enterprises (MSMEs) in Indonesia

• Aidexa operates as a credit institution, offering loans and investment-related services to customers online
Nov-20 Bank Technology $53
• The Company will use the proceeds to expand its team and enhance operations

• Vivid is a digital banking application that offers cashback programs, sub-accounts in foreign currencies and
Nov-20 Bank Technology $18 other investment products
• The Company will use the proceeds to expand to European countries

• Reward offers customer engagement, loyalty program and marketing technology for retail and financial
Nov-20 Benefits / Payroll ND institutions
• The Company will use the proceeds to expand operations in the UK, Europe and the Middle East

• Remote offers international payroll, benefits and compliance services for distributed employees and
Nov-20 Benefits / Payroll $35 contractors
• The Company will use the proceeds to expand its global footprint

RAYMOND JAMES INVESTMENT BANKING 29

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

• Flare provides software which manages the on-boarding of new employees, other human resources
Nov-20 Benefits / Payroll $22 functions and payroll for corporates
• The Company will use the proceeds to service small and medium businesses alongside big corporates

Capital Markets • Atreyu operates an online trading platform for providing investment brokerage services
Nov-20 ND
Technology • The Company will use the proceeds to fund sales expansion and growth into new markets

• Capital Integration Systems is an alternative investment platform for financial advisors seeking access to
Capital Markets education about alternative investment funds and products
Nov-20 $50
Technology • The Company will use the proceeds to invest in innovative technologies, data and analytics, expand its
education platform and enhance the overall user experience

Capital Markets • Apex group provides online fund administration services through a range of corporate solutions
Nov-20 ND
Technology • The Company will use the proceeds to support ongoing growth and acquisition activities

• Fireblocks offers a blockchain-based security service platform for managing and streamlining digital assets
Capital Markets operations
Nov-20 $30
Technology
• The Company will use the proceeds to hire workforce and expand its global operations

• Compliance.ai engages in the design and development of regulatory change management software for
Capital Markets asset management, banking, insurance and financial technology industries
Nov-20 $3
Technology
• The Company will use the proceeds to expand operations and its business reach

• Maestro is a software platform for private equity firms to optimize and analyze operations and collaborate
Capital Markets across teams efficiently
Nov-20 $7
Technology • The Company will use the proceeds to further scale operations and invest in a targeted talent acquisition
strategy

RAYMOND JAMES INVESTMENT BANKING 30

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

• MathWallet is a multi-platform universal crypto wallet that enables storage and cross-chain exchanges of
over 50 major public blockchain tokens such as BTC, ETH and Polkadot
Capital Markets
Nov-20 $8 • The Company will use the proceeds to build out more extensive decentralized ecosystems connecting with
Technology
other major blockchains globally; aiding cooperation on products and providing a more friendly experience
for users

• 3Commas owns and operates an online crypto trading platform

Capital Markets
Nov-20 $3 • The Company will use the proceeds to accelerate the execution of innovative new products, integration
Technology
with decentralized finance and newer asset classes and drive further international expansion

• Opium provides a decentralized protocol for trade settlement, derivative trading, exchange, custom
Capital Markets options and risk management
Nov-20 $3
Technology
• The Company will use the proceeds to make crypto derivates easily accessible

• IceKredit provides risk mitigation solutions including anti-fraud and improved credit decisions services to
Insurance financial institutions
Nov-20 $33
Technology • The Company will use the proceeds for expanding the development team, investments and acquisitions
along with improving its business ecosystem

• OneShield provides SaaS and stand-alone cloud-based enterprise-class policy management, billing,
Insurance claims, rating, business intelligence and smart analytics software solutions to P&C insurers
Nov-20 ND
Technology • The Company will use the proceeds to accelerate its continued expansion within the P&C insurance
software market

• Hippo provides home insurance via an online purchase platform and a smart home device kit included with
Insurance eligible policies and more available coverage for possessions like appliances, electronics and home offices
Nov-20 $350
Technology • The Company will use the proceeds for product roll out in additional states, as well as providing additional
capital for its insurance and reinsurance companies

• Novidea provides a cloud-based agency management software solution that enables insurance agencies to
Insurance improve their productivity and profitability
Nov-20 $15
Technology
• The Company will use the proceeds to meet market demand and continue its exponential global growth

RAYMOND JAMES INVESTMENT BANKING 31

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

• Socialeads offers a platform that helps insurance and financial services companies find opportunities and
Insurance insights in their professional and personal social networks related to their fields
Nov-20 $2
Technology • The Company will use the proceeds to meet its growing product demand in both domestic and
international markets

• Turtlemint is an online insurance platform that identifies and purchases appropriate insurance policies for
Insurance consumers
Nov-20 $30
Technology • The Company will use the proceeds for product development for the micro-entrepreneurs and rising
middle class segments

• Highwing develops an open-data platform for commercial insurance brokers & carriers providing insurance
Insurance data analytics
Nov-20 $4
Technology • The Company will use the proceeds to scale its engineering team and expand its product suite by adding a
placement engine that enables users to engage, organize and submit insurance applications

• Coherent allows insurance providers to digitize their backend operations by uploading excel pricing
Insurance models and optimizing IT operations
Nov-20 $14
Technology
• The Company will use the proceeds to grow its client base in Asia

• Ushur provides a cloud-native automation platform for established insurers like Aetna, Irish Life, Tower
Insurance Insurance and Unum to improve customer communications
Nov-20 $25
Technology
• The Company will use the proceeds to accelerate its sales and marketing efforts

• Marshmallow provides online motor vehicle insurance services to residents from outside of the United
Kingdom
Insurance
Nov-20 $30 • The Company will use the proceeds to continue expanding its business with an emphasis on diversity and
Technology
inclusion, with the plan being to launch in further countries and more types of insurance, in the next 18
months

• Kover.ai leverages decentralized software to enable any business to build and distribute coverage products
Insurance to its own customers, through an API, bypassing the need to involve any insurance company
Nov-20 $2
Technology
• The Company will use the proceeds to enhance product offering

RAYMOND JAMES INVESTMENT BANKING 32

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

• Cashfree offers a payments and banking platform that enables businesses in India to collect payments
online and make payouts
Nov-20 Payments $35
• The Company will use the proceeds to support its growth plans, including launching and rolling out new
products

• Vennfi provides Charityvest, a platform which connects donors and nonprofit organizations, linking their
Nov-20 Individual Investor Payments $2 bank accounts with the fund for tax-deductible payments
• The Company will use the proceeds to expand operations and its business reach

• Boulevard provides a SaaS based business management platform for salons and spas to automate
scheduling, inventory and labor management, reporting and payment processing
Nov-20 Payments $27
• The Company will use the proceeds to hire new people, build additional products and expand its presence
nationwide

• STC Pay offers digital payment services through a mobile app including international remittances and retail
Nov-20 Payments $200 payments
• The Company will use the proceeds to support its long-term expansion plans

• Satispay offers a mobile payment application that allows user to pay stores or friends from their
smartphone
Nov-20 Payments $110
• The Company will use the proceeds to consolidate its leadership position in Italy while also accelerating its
international expansion in Luxembourg and Germany

• Credit Key offers B2B financial services solutions that allow merchants to offer an instant buy now pay later
Nov-20 Payments $34 function that is integrated at checkout
• The Company will use the proceeds to expand its presence in the B2B payments space

• Forter offers an end-to-end e-commerce fraud prevention solution for online merchants
Nov-20 Payments $125
• The Company will use the proceeds to expand its suite of solutions and global data network

RAYMOND JAMES INVESTMENT BANKING 33

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

• Chipper offers mobile-based, no fee, peer-to-peer payment services in seven African countries
Nov-20 Payments $30
• The Company will use the proceeds to expand its products and geographic scope

• E-xact payments provides online financial transaction processing services in Canada and the United States
Nov-20 Payments ND
• The Company will use the proceeds to enhance its team and invest in technology

• Inficept operates an online platform offering underwriting and online payments services to software and
banking companies
Nov-20 Payments ND
• The Company will use the proceeds to expand its product innovation, sales and marketing to meet growing
demand for embedded payment services

• Paddle is a platform that helps SaaS companies by offering payments, checkout, subscription management
and licensing services
Nov-20 Payments $68
• The Company will use the proceeds to expand globally and enhance the company’s product, engineering,
sales and marketing teams

• eCatholic provides website, livestreaming and online payment solutions to churches, schools and non-
Nov-20 Payments ND profits
• The Company will use the proceeds to accelerate company growth and enhance consumer experience

• Score & Secure Payment develops digital solutions for subscription and payment processes
Nov-20 Payments $7
• The Company will use the proceeds to enhance operations and accelerate growth

• AlphaFlow is an investment management platform which provides professionally managed portfolios of

Real Estate / real estate loans to institutional investors and allows accredited investors to organize and understand their
Nov-20 $10 peer-to-peer investment portfolio
Mortgage Solutions
• The Company will use the proceeds to enhance lender relationships and expand its business reach

RAYMOND JAMES INVESTMENT BANKING 34

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Growth Equity / Venture Capital Activity

ANNOUNCED TRANSACTION
INVESTOR TARGET SECTOR COMMENTS
DATE SIZE ($M)

Real Estate / • Better.com provides mortgage, real estate, title and homeowners insurance services
Nov-20 $200
Mortgage Solutions • The Company will use to proceeds to expand the team and build out technology features

• Endpoint is a digital title and escrow company that provides real-estate closing services
Real Estate /
Nov-20 $40 • The Company will use the proceeds to accelerate strategic hiring plans, proprietary technology
Mortgage Solutions
development and expansion

• Oaknorth offers an online platform that assists financial institutions with credit analysis and monitoring
Tech-Enabled solutions
Nov-20 $30
Lending Platform
• The Company will use the proceeds to enhance business alliances with its partners

Tech-Enabled • Livfin provides invoice finance solutions for SME businesses

Nov-20 $5
Lending Platform • The Company will use the proceeds for expansion purposes

RAYMOND JAMES INVESTMENT BANKING 35

FINTECH INSIGHT NOVEMBER 2020

Selected Recent PIPE Activity

CLOSED OFFERING
INVESTOR COMPANY SECTOR OFFER PRICE
DATE SIZE ($M)

Jul-20 Payments $389 $155.91

Jun-20 Benefits / Payroll 80 15.00

May-20 Asset / Wealth Management Technology 100 NA

Apr-20 Payments 152 1,000.00

Apr-20 Bank Technology 100 NA

Mar-20 Multiple Investors Insurance Technology 82 13.26

Feb-20 Multiple Investors Capital Markets Technology (Trading) 101 8.78

Dec-19 Insurance Technology 252 7.61

Nov-19 Payments 135 225.03

RAYMOND JAMES INVESTMENT BANKING 36

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Public Equity Activity OFFER PRICE TO:

OFFER OFFERING NOV

PRICING DATE COMPANY SECTOR OFFER PRICE ONE-DAY ONE-WEEK
TYPE SIZE ($M) 30, 2020

Nov-20 Capital Markets Technology (Trading) IPO $1,059 $11.3 9.4% NA 6.9%

Nov-20 Payments Follow-On 116 25.7 5.2% (2.1%) (2.1%)

Nov-20 Tech-Enabled Lending Platform Follow-On 872 295.0 9.9% (13.4%) (13.4%)

Nov-20 Financial SaaS Follow-On 340 68.0 (1.8%) (0.5%) 18.6%

Nov-20 Insurance Technology Follow-On 328 41.0 (2.4%) (3.4%) (3.0%)

Capital Markets Technology (Liquidity
Nov-20 Follow-On 900 98.0 3.0% 0.3% 7.7%
Venues)
Nov-20 Financial SaaS Follow-On 516 240.0 3.0% 19.0% 37.0%

Oct-20 Insurance Technology IPO 724 27.0 0.0% NA (34.4%)

Oct-20 Insurance Technology Follow-On 100 29.5 4.4% (3.3%) 1.2%

Oct-20 Bank Technology Follow-On 870 33.8 23.0% 24.4% 51.1%

Oct-20 Bank Technology Follow-On 483 72.0 6.0% 6.2% 13.2%

Sept-20 Payments IPO 805 26.0 31.3% 49.1% 79.4%

Sept-20 Payments Follow-On 86 13.0 95.6% 78.5% 114.6%

Sept-20 Payments Follow-On 345 23.0 117.5% 93.8% 168.0%

Aug-20 Bank Technology IPO 173 3.1 260.2% 162.0% 127.1%

Aug-20 Information Services Follow-On 553 37.0 2.5% 2.8% 38.5%

Aug-20 Bank Technology Follow-On 500 100.0 2.7% (1.8%) 15.2%

Aug-20 Insurance Technology IPO 405 27.0 48.1% 51.9% 47.3%

Aug-20 Bank Technology Follow-On 324 18.0 1.9% 15.3% 12.3%

Aug-20 Financial SaaS IPO 216 24 201.1% 232.5% 236.1%

RAYMOND JAMES INVESTMENT BANKING 37

FINTECH INSIGHT NOVEMBER 2020

Selected Recent Debt Financings RATINGS

ANNOUNCEMENT
COMPANY SECTOR PURPOSE MOODY’S S&P SIZE ($M) COUPON
DATE

Nov-20 Financial SaaS Corporate Purposes NA NA $96 NA

Nov-20 Payments Corporate Purposes NA NA 493 NA

Oct-20 Payments Corporate Purposes B2 B 450 NA

Sept-20 Payments Corporate Purposes Baa2 BBB- 867 NA

Sept-20 Benefits / Payroll Corporate Purposes NA NA 500 NA

Sept-20 Financial SaaS Corporate Purposes NA NA 150 NA

Aug-20 Bank Technology Corporate Purposes Ba3 BB- 1,100 NA

Aug-20 Real Estate / Mortgage Solutions Corporate Purposes B1 B+ 1,000 NA

Aug-20 Payments Corporate Purposes Aa3 AA- 1,750 T+82

Aug-20 Payments Corporate Purposes Aa3 AA- 1,000 T+57

Aug-20 Asset / Wealth Management Technology Corporate Purposes NA NA 450 NA

Jul-20 Asset / Wealth Management Technology Corporate Purposes Ba3 BB- 780 L+400

Jul-20 Payments Corporate Purposes NA NA 777 NA

Jun-20 Payments Corporate Purposes Baa2 BBB 563 NA

Jun-20 Financial SaaS Corporate Purposes NA NA 1,200 NA

May-20 Real Estate / Mortgage Solutions Corporate Purposes NA NA 345 NA

May-20 Bank Technology Corporate Purposes Baa2 BBB 2,000 T+170

May-20 Payments Corporate Purposes Baa1 BBB+ 4,000 T+115

May-20 Payments Corporate Purposes Baa3 BBB- 750 T+230

Apr-20 Bank Technology Corporate Purposes B3 B- 400 T+762

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.
RAYMOND JAMES INVESTMENT BANKING 38
FINTECH INSIGHT

FINTECH TRADING
ANALYSIS

RAYMOND JAMES INVESTMENT BANKING 39

FINTECH INSIGHT NOVEMBER 2020

Trading Analysis

Sector Summary
(USD in millions)

Enterprise Value / Enterprise Value /

Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
EPS PEG
Sector1 YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio

Payments (4.8%) (9.0%) 41.4% 124.7% 5.5x 5.4x 18.2x 15.7x 27.8x 24.2x 4.4% 9.8% 32.3% 32.3% 16.4% 2.0

Insurance Technology 9.6% 6.1% 70.0% 140.0% 4.4x 4.0x 16.1x 15.0x 24.3x 21.6x 8.8% 7.2% 22.8% 23.6% 10.0% 2.5

Asset / Wealth Management Technology (15.4%) (8.3%) (13.3%) 57.9% 4.2x 3.9x 15.9x 14.3x 23.7x 20.6x 3.7% 6.7% 28.7% 29.4% 10.7% 2.8

Benefits / Payroll 4.0% 8.2% 49.0% 116.8% 8.5x 8.3x 18.8x 17.9x 32.5x 32.6x 1.6% 6.0% 25.7% 26.1% 11.2% 3.8

Transactional Marketing Services (22.9%) (28.8%) (26.4%) 8.8% 1.8x 1.6x 18.3x 13.4x 20.9x 30.1x 3.3% 5.6% 12.6% 15.1% 20.0% 1.1

Capital Markets Technology (Liquidity Venues) 13.8% 17.8% 61.7% 90.8% 10.5x 9.8x 16.0x 15.7x 24.7x 23.6x 11.2% 4.5% 58.8% 58.9% 8.7% 3.0

Capital Markets Technology (Trading) 13.2% 9.0% (0.0%) 21.7% 3.2x 4.3x 8.9x 10.6x 11.8x 11.3x 6.5% (0.5%) 42.9% 40.7% 10.0% 2.3

Bank Technology 8.6% 5.9% 57.3% 131.3% 10.1x 9.2x 22.6x 19.5x 32.5x 28.5x 5.2% 7.2% 36.5% 39.9% 13.0% 3.1

Financial SaaS 35.5% 30.7% 123.9% 168.5% 10.8x 10.5x 15.2x 18.2x 27.3x 30.6x 13.1% 14.6% 24.7% 25.4% 22.5% 2.3

Information Services 23.1% 27.4% 86.0% 151.7% 8.6x 8.0x 22.4x 21.7x 35.7x 29.9x 7.1% 6.1% 35.3% 35.4% 10.7% 3.3

Outsourced Solutions 15.2% 15.7% 38.3% 65.0% 2.2x 2.1x 12.7x 11.4x 19.5x 17.7x 2.2% 5.5% 19.3% 19.5% 8.8% 2.1

Real Estate / Mortgage Solutions (0.8%) (0.6%) (2.1%) 25.4% 2.8x 2.5x 10.1x 10.3x 18.6x 16.2x 3.4% 7.6% 18.9% 20.6% 10.0% 2.6

Overall Median 9.1% 7.1% 45.2% 103.8% 5.0x 4.8x 16.1x 15.3x 24.5x 23.9x 4.8% 6.4% 27.2% 27.7% 10.7% 2.5

Source: Capital IQ as of market close on Nov 30, 2020.

1. Denotes sector median value.
RAYMOND JAMES INVESTMENT BANKING 40
 FINTECH INSIGHT NOVEMBER 2020

Relative Stock Price Performance by Sector

Year-to-Date Performance One-Year Performance

40.0% 35.5% 40.0%
30.7%
27.4%
30.0% 23.1% 30.0%
17.8%
20.0% 15.2% 20.0% 15.7%
13.8% 13.2%
9.6% 8.6% 9.0% 8.2%
10.0% 10.0% 6.1% 5.9%
4.0%

0.0% 0.0%
(0.8%) (0.6%)
(10.0%) (4.8%) (10.0%)
(8.3%) (9.0%)
(20.0%) (15.4%) (20.0%)

(30.0%) (22.9%) (30.0%)

(28.8%)
(40.0%) (40.0%)

(50.0%) (50.0%)
Financial SaaS Information Outsourced Capital Capital Insurance Bank Benefits / Real Estate / Payments Asset / Wealth Transactional Financial SaaS Information Capital Outsourced Capital Benefits / Insurance Bank Real Estate / Asset / Wealth Payments Transactional
Services Solutions Markets Markets Technology Technology Payroll Mortgage Management Marketing Services Markets Solutions Markets Payroll Technology Technology Mortgage Management Marketing
Technology Technology Solutions Technology Services Technology Technology Solutions Technology Services
(Liquidity (Trading) (Liquidity (Trading)
Venues) Venues)

Three-Year Performance Five-Year Performance

230.0% 230.0%

190.0% 190.0% 168.5%

151.7%
140.0%
150.0% 150.0% 131.3%
123.9% 124.7%
116.8%

110.0% 110.0% 90.8%

86.0%
70.0% 65.0%
61.7% 57.3% 57.9%
70.0% 49.0% 70.0%
41.4% 38.3%
25.4% 21.7%
30.0% 30.0% 8.8%

(10.0%) (10.0%)
(0.0%) (2.1%)
(13.3%)
(26.4%)
(50.0%) (50.0%)
Financial SaaS Information Insurance Capital Bank Benefits / Payments Outsourced Capital Real Estate / Asset / Wealth Transactional Financial SaaS Information Insurance Bank Payments Benefits / Capital Outsourced Asset / Wealth Real Estate / Capital Transactional
Services Technology Markets Technology Payroll Solutions Markets Mortgage Management Marketing Services Technology Technology Payroll Markets Solutions Management Mortgage Markets Marketing
Technology Technology Solutions Technology Services Technology Technology Solutions Technology Services
(Liquidity (Trading) (Liquidity (Trading)
Venues) Venues)

Source: Capital IQ as of market close on Nov 30, 2020.

Data represents median performance for each sector. RAYMOND JAMES INVESTMENT BANKING 41
FINTECH INSIGHT NOVEMBER 2020

Valuation Multiple Analysis by Sector

Enterprise Value / 2020E Revenue Enterprise Value / 2021E Revenue

14.0x 14.0x

12.0x 10.8x 12.0x

10.5x 10.5x
10.1x 9.8x
10.0x 10.0x 9.2x
8.6x 8.5x 8.3x
8.0x
8.0x 8.0x

5.5x 5.4x
6.0x 6.0x
4.4x 4.2x 4.3x 4.0x 3.9x
4.0x 3.2x 4.0x
2.8x
2.2x 2.5x 2.1x
1.8x 1.6x
2.0x 2.0x

0.0x 0.0x
Financial SaaS Capital Bank Information Benefits / Payments Insurance Asset / Wealth Capital Real Estate / Outsourced Transactional Financial SaaS Capital Bank Benefits / Information Payments Capital Insurance Asset / Wealth Real Estate / Outsourced Transactional
Markets Technology Services Payroll Technology Management Markets Mortgage Solutions Marketing Markets Technology Payroll services Markets Technology Management Mortgage Solutions Marketing
Technology Technology Technology Solutions Services Technology Technology Technology Solutions Services
(Liquidity (Trading) (Liquidity (Trading)
Venues) Venues)

Enterprise Value / 2020E EBITDA Enterprise Value / 2021E EBITDA

30.0x 30.0x

25.0x 22.6x 25.0x

22.4x 21.7x
19.5x
18.8x 18.3x 18.2x 18.2x
20.0x 20.0x 17.9x
16.1x 16.0x 15.9x 15.7x 15.7x
15.2x 15.0x
14.3x
15.0x 15.0x 13.4x
12.7x
11.4x 10.6x
10.1x 10.3x
8.9x
10.0x 10.0x

5.0x 5.0x

0.0x 0.0x
Bank Information Benefits / Transactional Payments Insurance Capital Asset / Wealth Financial SaaS Outsourced Real Estate / Capital Information Bank Financial SaaS Benefits / Capital Payments Insurance Asset / Wealth Transactional Outsourced Capital Real Estate /
Technology Services Payroll Marketing Technology Markets Management Solutions Mortgage Markets Services Technology Payroll Markets Technology Management Marketing Solutions Markets Mortgage
Services Technology Technology Solutions Technology Technology Technology Services Technology Solutions
(Liquidity (Trading) (Liquidity (Trading)
Venues) Venues)

Source: Capital IQ as of market close on Nov 30, 2020.

Data represents median performance for each sector. RAYMOND JAMES INVESTMENT BANKING 42
FINTECH INSIGHT NOVEMBER 2020

Valuation Multiple Analysis by Sector (cont’d)

2020E Price / Earnings 2021E Price / Earnings

45.0x 45.0x

40.0x 40.0x
35.7x
35.0x 32.5x 32.5x 35.0x 32.6x
30.6x 30.1x 29.9x
27.8x 28.5x
30.0x 27.3x 30.0x
24.7x 24.3x 24.2x
23.7x 23.6x
25.0x 25.0x 21.6x
20.9x 20.6x
19.5x 18.6x
20.0x 20.0x 17.7x
16.2x

15.0x 11.8x 15.0x 11.3x

10.0x 10.0x

5.0x 5.0x

0.0x 0.0x
Information Bank Benefits / Payments Financial SaaS Capital Insurance Asset / Wealth Transactional Outsourced Real Estate / Capital Benefits / Financial SaaS Transactional Information Bank Payments Capital Insurance Asset / Wealth Outsourced Real Estate / Capital
Services Technology Payroll Markets Technology Management Marketing Solutions Mortgage Markets Payroll Marketing Services Technology Markets Technology Management Solutions Mortgage Markets
Technology Technology Services Solutions Technology Services Technology Technology Solutions Technology
(Liquidity (Trading) (Liquidity (Trading)
Venues) Venues)

Price / Earnings to Growth Ratio

4.0 3.8

3.5 3.3
3.1 3.0
3.0 2.8
2.6 2.5
2.5 2.3 2.3
2.1 2.0
2.0

1.5
1.1
1.0

0.5

0.0
Benefits / Information Bank Capital Asset / Wealth Real Estate / Insurance Capital Financial SaaS Outsourced Payments Transactional
Payroll Services Technology Markets Management Mortgage Technology Markets Solutions Marketing
Technology Technology Solutions Technology Services
(Liquidity (Trading)
Venues)

Source: Capital IQ as of market close on Nov 30, 2020.

Data represents median performance for each sector. RAYMOND JAMES INVESTMENT BANKING 43
FINTECH INSIGHT NOVEMBER 2020

Growth and Margin Analysis by Sector

2020E Revenue Growth 2021E Revenue Growth

16.0% 14.6%
16.0%

13.1% 14.0%
14.0%

11.2% 12.0%
12.0%
9.8%
10.0%
10.0% 8.8%
7.6% 7.2%
8.0% 7.2%
8.0% 7.1% 6.7%
6.5% 6.1% 6.0%
5.6% 5.5%
6.0% 5.2% 6.0%
4.4% 4.5%
3.7% 3.4% 3.3% 4.0%
4.0%
2.2%
1.6%
2.0% 2.0%

0.0% 0.0%

(0.5%)
(2.0%) (2.0%)
Financial SaaS Capital Insurance Information Capital Bank Payments Asset / Wealth Real Estate / Transactional Outsourced Benefits / Financial Saas Payments Real Estate / Insurance Bank Asset / Wealth Information Benefits / Transactional Outsourced Capital Capital
Markets Technology Services Markets Technology Management Mortgage Marketing Solutions Payroll Mortgage Technology Technology Management Services Payroll Marketing Solutions Markets Markets
Technology Technology Technology Solutions Services Solutions Technology Services Technology Technology
(Liquidity (Trading) (Liquidity (Trading)
Venues) Venues)

2020E EBITDA Margin 2021E EBITDA Margin

70.0% 70.0%
58.8% 58.9%
60.0% 60.0%

50.0% 50.0%
42.9%
40.7% 39.9%
40.0% 36.5% 35.3% 40.0% 35.4%
32.3% 32.3%
28.7% 29.4%
30.0% 25.7% 24.7% 30.0% 26.1% 25.4%
22.8% 23.6%
19.3% 18.9% 20.6% 19.5%
20.0% 20.0% 15.1%
12.6%

10.0% 10.0%

0.0% 0.0%
Capital Capital Bank Information Payments Asset / Wealth Benefits / Financial SaaS Insurance Outsourced Real Estate / Transactional Capital Capital Bank Information Payments Asset / Wealth Benefits / Financial SaaS Insurance Real Estate / Outsourced Transactional
Markets Markets Technology Services Management Payroll Technology Solutions Mortgage Marketing Markets Markets Technology Services Management Payroll Technology Mortgage Solutions Marketing
Technology Technology Technology Solutions Services Technology Technology Technology Solutions Services
(Liquidity (Trading) (Liquidity (Trading)
Venues) Venues)

Source: Capital IQ as of market close on Nov 30, 2020.

Data represents median performance for each sector. RAYMOND JAMES INVESTMENT BANKING 44
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Payments
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Visa Inc. $449,964.7 $464,549.7 11.9% 14.0% 86.8% 166.2% 21.0x 19.2x 30.8x 27.9x 43.4x 36.4x (6.0%) 9.1% 68.1% 69.1% 15.0% 2.9
Mastercard Incorporated 337,562.8 339,596.8 12.7% 15.2% 123.6% 243.7% 22.3x 18.9x 39.8x 31.8x 52.9x 40.9x (9.9%) 18.4% 56.1% 59.3% 17.5% 3.0
PayPal Holdings, Inc. 255,308.9 254,858.9 97.9% 98.2% 182.7% 507.3% 11.6x 9.7x 41.3x 34.5x 56.5x 47.4x 21.7% 19.7% 28.1% 28.1% 21.7% 2.6
Fidelity National Information Services 93,638.4 111,651.4 6.7% 7.4% 57.3% 133.1% 8.8x 8.1x 21.1x 18.0x 27.1x 22.3x (0.6%) 8.3% 41.8% 45.2% 14.0% 1.9
Square, Inc. 102,513.4 102,300.5 237.2% 205.2% 437.9% 1652.2% 18.3x 14.3x NM NM NM NM 18.7% 28.0% 6.8% 8.5% 40.4% NA
Fiserv, Inc. 79,205.2 1,00,524.2 (0.4%) (0.9%) 75.2% 139.4% 6.7x 6.4x 18.3x 15.9x 26.1x 21.4x 4.1% 5.1% 36.5% 39.9% 15.7% 1.7
Global Payments Inc. 58,947.6 66,729.6 6.9% 7.8% 94.1% 175.5% 8.6x 7.8x 21.8x 18.4x 30.5x 24.3x 9.0% 10.3% 39.4% 42.3% 17.2% 1.8
Adyen N.V. 58,028.9 55,822.5 119.2% 130.1% NA NA NM 48.9x NM NM NM NM 47.2% 41.7% 55.6% 57.8% 38.1% NA
Discover Financial Services 23,564.5 47,650.5 (10.2%) (10.3%) 7.9% 34.2% 4.3x 4.2x 12.4x 12.6x 25.0x 10.7x (3.3%) 3.3% 34.7% 33.1% 35.0% 0.7
FLEETCOR Technologies, Inc. 22,183.4 25,887.1 (7.8%) (13.6%) 45.8% 72.5% 10.9x 9.7x 21.4x 17.5x 24.2x 20.9x (10.1%) 12.0% 50.9% 55.4% 11.5% 2.1
StoneCo Ltd. 22,929.5 22,147.3 83.6% 78.7% NA NA 35.8x 25.2x NM 43.7x NM 74.7x 125.5% 41.9% 52.9% 57.8% 30.1% NA
Alliance Data Systems Corporation 3,527.9 18,043.2 (34.8%) (31.6%) (69.4%) (74.5%) 4.0x 4.1x 18.2x 15.4x 8.5x 5.9x (2.3%) (1.2%) 22.2% 26.5% 32.0% 0.3
Edenred SA 14,081.8 16,088.3 4.0% 6.4% 99.4% 144.4% 9.3x 8.4x 23.5x 20.5x 43.0x 36.1x (1.4%) 10.3% 39.4% 41.0% 4.0% 10.7
The Western Union Company 9,449.5 11,471.5 (15.8%) (16.1%) 14.6% 19.6% 2.4x 2.3x 9.4x 8.7x 12.2x 11.2x (8.9%) 4.0% 25.3% 26.3% 6.8% 1.8
WEX Inc. 8,100.8 11,030.1 (17.3%) (13.9%) 34.6% 83.8% 6.4x 5.7x 17.0x 13.4x 28.5x 21.7x (8.0%) 11.5% 37.5% 42.6% 10.1% 2.8
Bill.com Holdings, Inc. 10,348.8 9,706.2 222.5% NA NA NA NM 43.5x NM NM NM NM 33.3% 27.9% NM NM 30.0% NA
Euronet Worldwide, Inc. 7,245.2 7,126.0 (14.7%) (14.5%) 47.2% 73.0% 2.5x 2.5x 24.7x 13.4x 55.1x 24.0x 4.4% (1.8%) 10.0% 18.8% 10.0% 5.5
EVERTEC, Inc. 2,757.5 3,170.6 9.2% 14.7% 167.4% 116.4% 6.2x 5.9x 13.3x 12.7x 18.2x 16.2x 4.6% 5.3% 46.7% 46.4% 8.5% 2.2
Shift4 Payments, Inc. 2,782.7 3,140.8 168.0% NA NA NA 4.9x 3.0x 34.3x 20.0x NM 96.9x (11.9%) 65.1% 14.2% 14.7% NA NA
Cielo S.A. 1,785.7 2,973.1 (57.6%) (54.5%) (84.5%) (85.4%) 1.0x 0.9x 8.7x 7.0x 22.6x 11.5x 8.3% 5.7% 11.2% 13.1% NA NA
EVO Payments, Inc. 1,068.6 2,211.3 (4.8%) (10.4%) NA NA 4.3x 4.0x 12.6x 11.6x 39.8x 30.6x 6.8% 7.5% 33.7% 34.1% 12.4% 3.2
Bottomline Technologies (de), Inc. 2,167.4 2,183.0 (14.9%) (7.8%) 36.9% 47.7% 4.8x 4.4x 22.2x 19.9x 40.7x 34.6x 4.9% 9.2% 21.7% 22.2% 18.5% 2.2
Repay Holdings Corporation 2,017.4 2,143.6 64.7% 74.5% NA NA 9.8x 8.3x 32.3x 26.4x 45.6x 39.7x 34.2% 17.8% 30.3% 31.5% NA NA
Everi Holdings Inc. 997.9 1,908.0 (20.8%) (21.0%) 30.6% 178.5% 3.9x 3.7x 10.0x 7.4x NM 41.3x (9.2%) 5.7% 39.6% 50.0% 23.0% NA
Cardtronics plc 1,102.2 1,809.4 (45.6%) (42.5%) 29.6% (35.4%) 1.6x 1.4x 8.0x 6.0x 15.2x 13.2x (16.6%) 15.6% 20.0% 23.1% 1.0% 15.2
Paya Holdings Inc. 1,303.9 1,494.8 (6.0%) NA NA NA 7.3x 6.3x 28.2x 22.6x 48.0x 32.5x 0.8% 16.1% 25.9% 27.8% NA NA
GreenSky, Inc. 317.1 926.3 (52.1%) (42.7%) NA NA 1.8x 1.6x 7.6x 6.5x 23.8x 13.5x (2.1%) 13.1% 23.6% 24.2% NA NA
Green Dot Corporation 2,963.7 854.4 129.9% 125.4% (13.3%) 218.4% 0.7x 0.7x 4.3x 3.7x 27.0x 23.8x 6.8% 3.5% 16.8% 18.7% 8.3% 3.3
Newtek Business Services Corp. 415.7 805.6 (20.4%) (22.8%) 1.9% 28.4% 11.7x 12.9x NA NA 8.4x 9.0x 16.4% (9.7%) NA NA NA NA
i3 Verticals, Inc. 527.9 687.7 (1.2%) 2.1% NA NA 4.2x 3.8x 14.3x 12.9x 37.2x 26.3x 14.9% 9.5% 29.1% 29.4% NA NA
EML Payments Limited 991.7 562.7 (17.8%) (21.1%) 103.8% 319.1% 3.7x 3.3x 11.4x 9.9x 64.8x 32.3x NA 10.1% 32.3% 33.9% NA NA
USA Technologies, Inc. 558.6 550.6 14.9% 18.9% (2.3%) 161.5% 2.7x 2.5x NM 27.5x NM NM 25.2% 7.6% 4.9% 9.2% NA NA
Qiwi plc 934.9 377.1 (24.8%) (26.5%) (1.2%) (23.7%) 1.1x 1.1x 2.1x 1.9x 7.0x 6.5x 13.3% 3.9% 51.9% 55.4% 26.0% 0.3
PaySign, Inc. 242.3 239.2 (51.8%) (52.3%) 569.9% 1938.3% 9.9x 5.0x NM 21.7x NM 48.9x (30.0%) 96.6% NM 23.1% NA NA
Cass Information Systems, Inc. 615.0 182.1 (26.5%) (24.9%) (17.8%) 4.0% NA NA NA NA NA NA NA NA NA NA NA NA
Payments Median (4.8%) (9.0%) 41.4% 124.7% 5.5x 5.4x 18.2x 15.7x 27.8x 24.2x 4.4% 9.8% 32.3% 32.3% 16.4% 2.0
Note: Comparables are pro forma for acquisitions and divestitures.
Source: Capital IQ as of market close on Nov 30, 2020.
RAYMOND JAMES INVESTMENT BANKING 45
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Insurance Technology
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Aon Plc $73,939.5 $81,777.5 (1.6%) 0.6% 46.1% 116.3% 3.9x 3.7x 13.9x 13.0x 21.2x 19.2x 2.2% 4.9% 28.0% 28.5% 8.6% 2.5
Marsh & McLennan Companies, Inc. 59,221.6 71,979.6 2.9% 6.1% 36.6% 107.3% 4.2x 4.0x 16.1x 15.3x 23.4x 22.0x 2.6% 4.5% 26.1% 26.4% 9.4% 2.5
Verisk Analytics, Inc. 32,832.2 36,045.4 32.8% 34.5% 105.7% 164.6% 12.9x 12.1x 25.7x 24.5x 39.1x 36.5x 6.9% 6.5% 50.3% 49.5% 11.7% 3.3
Arthur J. Gallagher & Co. 22,414.2 26,784.8 21.2% 23.7% 75.3% 163.8% 3.5x 3.2x 16.2x 15.0x 25.1x 24.7x 8.3% 6.6% 21.4% 21.6% 10.1% 2.5
Brown & Brown, Inc. 13,362.8 14,598.7 14.1% 19.3% 75.7% 177.4% 5.6x 5.2x 18.4x 17.4x 27.1x 26.5x 8.8% 7.2% 30.6% 30.2% 10.0% 2.7
Guidewire Software, Inc. 10,569.5 9,885.5 11.6% 0.5% 64.6% 106.4% 13.4x 13.1x NM NM NM NM 1.1% 2.7% 11.0% 4.0% NA NA
Root, Inc. 4,534.8 5,037.2 (34.4%) NA NA NA 14.5x 20.2x NM NM NM NM 19.6% (28.2%) NM NM 8.6% NA
Duck Creek Technologies, Inc. 5,201.9 4,837.4 47.3% NA NA NA 21.9x 18.3x NM NM NM NM 20.5% 19.8% 3.1% 2.1% 44.2% NA
SelectQuote, Inc. 3,552.7 3,602.4 7.3% NA NA NA 5.3x 3.6x 19.8x 13.2x 31.7x 21.3x 61.6% 46.6% 26.5% 27.2% NA NA
Lemonade, Inc. 4,022.9 3,432.5 138.9% NA NA NA 37.1x 31.3x NM NM NM NM 37.6% 18.5% NM NM NA NA
eHealth, Inc. 2,135.2 1,986.2 (20.8%) (17.5%) 231.7% 487.6% 3.0x 2.3x 13.2x 9.7x 17.9x 14.0x 30.7% 27.8% 22.8% 24.1% 23.7% 0.8
Sapiens International Corporation N.V. 1,635.8 1,697.1 29.8% 32.6% 149.6% 174.4% 4.4x 4.0x 21.6x 19.9x 30.9x 29.1x 17.2% 10.5% 20.5% 20.2% 5.0% 6.2
Ebix, Inc. 1,053.3 1,695.3 1.8% (2.2%) (56.0%) (9.3%) 3.0x 2.4x 11.5x 10.3x 10.5x 8.0x (3.3%) 23.7% 26.3% 23.6% 10.0% 1.1
EverQuote, Inc. 1,172.9 1,127.0 9.6% 7.0% NA NA 3.3x 2.7x NM 42.6x NM NM 37.2% 21.6% 5.2% 6.4% NA NA
Crawford & Company 395.7 597.9 (28.1%) (27.8%) (27.1%) 22.1% 0.6x 0.6x 5.7x 5.7x 11.3x 11.9x (2.6%) 1.6% 10.7% 10.5% NA NA
Insurance Technology Median 9.6% 6.1% 70.0% 140.0% 4.4x 4.0x 16.1x 15.0x 24.3x 21.6x 8.8% 7.2% 22.8% 23.6% 10.0% 2.5

Asset / Wealth Management Technology

(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
SS&C Technologies Holdings, Inc. $18,421.1 $25,408.1 12.2% 14.7% 66.8% 91.6% 5.4x 5.3x 13.7x 13.4x 16.3x 15.5x 0.1% 1.3% 39.3% 39.9% 9.4% 1.7
Broadridge Financial Solutions, Inc. 17,259.7 18,988.2 18.9% 18.7% 62.7% 167.2% 4.1x 4.0x 18.8x 17.9x 26.9x 26.4x 3.7% 4.2% 21.9% 22.0% NA NA
Computershare Limited 5,694.1 7,457.3 (14.9%) (19.5%) (13.3%) 22.6% 3.3x 3.3x 12.8x 12.2x 21.4x 19.3x NA 0.3% 25.7% 27.0% 1.9% 11.1
SEI Investments Company 7,733.7 7,009.2 (19.4%) (18.3%) (25.0%) (3.0%) 4.2x 3.9x 12.7x 11.3x 18.0x 15.5x 1.6% 6.1% 33.0% 34.8% 12.0% 1.5
SimCorp A/S 5,311.1 5,326.4 8.1% 12.8% 117.8% 115.2% 12.0x 10.9x 32.0x 28.0x 47.7x 40.2x (13.2%) 10.2% 37.6% 39.0% 12.7% 3.8
Envestnet, Inc. (1) 4,496.6 4,979.9 15.3% 12.7% 63.3% 147.2% 7.1x 6.5x 22.3x 20.4x 31.9x 30.6x 3.9% 9.1% 31.6% 31.7% NA NA
AssetMark Financial Holdings, Inc. (1) 1,725.6 1,762.0 (18.1%) (5.0%) NA NA 6.2x 5.9x 15.5x 14.0x 24.7x 21.5x (1.0%) 4.6% 40.1% 42.5% NA NA
IRESS Limited 1,459.3 1,528.3 (20.2%) (20.0%) (4.3%) 7.9% 3.8x 3.4x 16.4x 15.1x 26.9x 25.4x 13.1% 11.3% 23.0% 22.5% 3.3% 8.2
Sanne Group plc 1,106.8 1,264.0 (15.8%) (11.6%) (21.9%) 57.9% 5.4x 4.8x 16.7x 14.6x 22.7x 19.8x 13.7% 11.3% 32.3% 33.1% NA NA
Blucora, Inc. 644.2 1,250.7 (50.1%) (44.6%) (36.5%) 22.7% 1.6x 1.5x 12.1x 9.1x 12.9x 7.9x 4.1% 7.4% 13.2% 16.3% 15.0% 0.9
First Derivatives plc 1,110.6 1,188.6 6.6% 17.7% (21.9%) 90.2% 3.8x 3.5x 23.6x 19.9x 47.9x 42.6x 4.2% 8.5% 16.1% 17.5% NA NA
Equiniti Group plc 533.4 981.0 (46.8%) (43.5%) (62.6%) (36.8%) 1.5x 1.4x 7.6x 6.8x 12.1x 9.0x (11.3%) 4.1% 19.7% 21.3% NA NA
Asset / Wealth Management Technology Median (15.4%) (8.3%) (13.3%) 57.9% 4.2x 3.9x 15.9x 14.3x 23.7x 20.6x 3.7% 6.7% 28.7% 29.4% 10.7% 2.7

Note: (1) ENV and AMK revenue calculated on a net revenue basis excluding pass-through asset-based cost of revenues; EBITDA margin calculated as a percentage of net revenue.
Comparables are pro forma for acquisitions and divestitures.
Source: Capital IQ as of market close on Nov 30, 2020. RAYMOND JAMES INVESTMENT BANKING 46
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Benefits / Payroll
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Aon Plc $73,939.5 $81,777.5 (1.6%) 0.6% 46.1% 116.3% 3.9x 3.7x 13.9x 13.0x 21.2x 19.2x 2.2% 4.9% 28.0% 28.5% 8.6% 2.5
Automatic Data Processing, Inc. 74,927.3 75,731.6 2.0% 1.8% 51.9% 101.6% 5.2x 5.0x 20.2x 20.2x 30.2x 29.4x 0.4% 3.2% 25.7% 24.9% 10.4% 2.9
Paychex, Inc. 33,810.4 33,842.2 9.5% 8.2% 38.4% 71.7% 8.5x 8.3x 20.7x 20.6x 32.5x 31.6x 1.3% 2.4% 41.1% 40.3% 6.1% 5.3
Paycom Software, Inc. 24,272.8 24,169.2 57.5% 50.7% 408.6% 856.6% 29.0x 24.0x NM NM NM 99.2x 13.1% 20.6% 38.8% 39.2% 25.0% NA
Edenred SA 14,081.8 16,088.3 4.0% 6.4% 99.4% 144.4% 9.3x 8.4x 23.5x 20.5x 42.6x 35.8x (1.4%) 10.3% 39.4% 41.0% 4.0% 10.5
Ceridian HCM Holding Inc. 14,638.8 15,093.5 42.0% 59.7% NA NA 18.0x 15.7x NM NM NM NM 1.6% 14.9% 19.0% 20.3% 20.0% NA
Paylocity Holding Corporation 11,162.6 11,101.9 62.7% 60.7% 326.1% 347.4% 18.7x 15.9x NM NM NM NM 15.5% 17.5% 24.7% 26.1% 20.0% NA
HealthEquity, Inc. 5,682.0 6,513.5 (3.2%) 14.0% 38.2% 117.2% 8.9x 8.4x 27.7x 25.4x 45.9x 41.7x (5.3%) 6.0% 32.2% 33.1% 12.0% 3.8
TriNet Group, Inc. 5,109.8 5,147.8 32.5% 37.0% 67.6% 279.7% 1.2x 1.2x 11.4x 12.9x 17.6x 20.2x 10.8% (1.1%) 10.6% 9.5% NA NA
Morneau Shepell Inc. 1,624.2 2,053.5 (12.0%) (9.8%) 36.6% 96.6% 2.7x 2.6x 13.4x 12.8x 41.2x 33.4x 9.9% 4.1% 20.4% 20.5% NA NA
Benefitfocus, Inc. 495.5 668.0 (34.4%) (40.0%) (46.9%) (64.5%) 2.5x 2.3x 17.4x 15.6x NM NM (9.6%) 6.8% 14.4% 15.0% NA NA
Benefits/Payroll Median 4.0% 8.2% 49.0% 116.8% 8.5x 8.3x 18.8x 17.9x 32.5x 32.5x 1.6% 6.0% 25.7% 26.1% 11.2% 3.8

Transactional Marketing Services

(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Experian plc $32,669.2 $36,894.2 3.7% 3.2% 72.0% 114.9% 7.1x 6.6x 20.9x 19.2x 36.1x 30.1x 2.5% 6.1% 33.8% 34.7% 9.4% 3.9
Alliance Data Systems Corporation 3,527.9 18,043.2 (34.8%) (31.6%) (69.4%) (74.5%) 4.0x 4.1x 18.2x 15.4x 8.5x 5.9x (2.3%) (1.2%) 22.2% 26.5% 32.0% 0.3
LendingTree, Inc. 3,605.0 4,114.7 (15.9%) (29.2%) (15.5%) 150.4% 3.3x 2.9x 23.8x 17.7x NM 80.0x 14.0% 12.8% 13.7% 16.3% 47.1% NA
Deluxe Corporation 1,108.6 1,890.0 (48.4%) (49.6%) (63.8%) (56.1%) 1.1x 1.1x 5.3x 4.3x 5.3x 5.5x (12.1%) (5.8%) 20.1% 26.6% 6.8% 0.8
QuinStreet, Inc. 1,013.5 929.0 16.6% 13.4% 66.9% 264.9% 1.8x 1.7x 24.2x 18.4x 33.3x NM 7.5% 9.3% 7.6% 9.2% 25.0% 1.3
Quotient Technology Inc. 715.4 767.7 (24.4%) (28.6%) (37.4%) 7.3% 1.8x 1.6x 18.4x 11.4x NM 27.1x (2.3%) 14.7% 9.8% 13.8% 20.0% NA
Groupon, Inc. 869.0 649.0 (36.9%) (48.0%) (73.3%) (47.8%) 0.2x 0.2x 2.1x 1.9x NM 65.5x 4.1% 3.6% 11.5% 12.0% 13.8% NA
Points International Ltd. 159.0 127.5 (21.3%) (9.8%) 4.0% 10.2% 0.3x 0.3x 4.7x 4.4x NM 98.0x 8.4% 5.1% 6.2% 6.4% NA NA
Transactional Marketing Services Median (22.9%) (28.9%) (26.5%) 8.8% 1.8x 1.6x 18.3x 13.4x 20.9x 30.1x 3.3% 5.6% 12.6% 15.1% 20.0% 1.1

Note: Comparables are pro forma for acquisitions and divestitures.

Source: Capital IQ as of market close on Nov 30, 2020.
RAYMOND JAMES INVESTMENT BANKING 47
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Capital Markets Technology (Liquidity Venues)
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Intercontinental Exchange, Inc. $59,742.5 $86,154.5 14.0% 12.0% 47.7% 103.0% 11.1x 9.8x 23.1x 20.7x 23.7x 22.2x 19.1% 12.2% 47.9% 47.5% 11.3% 2.1
CME Group Inc. 63,093.4 65,774.0 (12.8%) (13.7%) 17.0% 79.2% 12.2x 12.0x 17.9x 17.5x 25.8x 26.1x 10.7% 1.9% 68.3% 68.5% 6.4% 4.0
London Stock Exchange Group plc 50,281.8 64,073.2 4.6% 18.0% 114.5% 205.9% 7.4x 7.1x 16.0x 15.4x 38.0x 34.8x 4.4% 3.4% 46.3% 46.4% 6.7% 5.7
Deutsche Börse AG 30,637.3 35,228.2 (0.3%) 0.4% 46.7% 72.1% 9.2x 8.9x 15.3x 14.8x 21.8x 21.2x 4.0% 3.3% 60.1% 60.1% 7.5% 2.9
Hong Kong Exchanges and Clearing 63,089.2 29,884.0 52.3% 55.9% 63.9% 90.8% 12.4x 11.0x 16.2x 14.0x 43.9x 38.1x 15.5% 13.0% 76.4% 78.2% 19.8% 2.2
Nasdaq, Inc. 21,347.6 24,756.6 19.5% 22.1% 61.7% 118.3% 8.8x 8.6x 16.0x 16.0x NA NA 11.6% 2.0% 54.6% 53.6% 10.7% NA
MarketAxess Holdings Inc. 20,731.7 20,491.8 42.2% 33.5% 176.1% 404.9% 30.0x 27.3x NM 46.2x 70.0x 65.3x 33.6% 9.9% 59.2% 59.1% 17.8% 3.9
B3 S.A. - Brasil, Bolsa, Balcão 21,294.2 20,002.3 30.6% 17.6% 141.5% 393.7% 13.7x 12.8x 17.2x 16.2x 25.3x 24.1x 38.8% 6.3% 79.2% 79.4% 9.6% 2.6
Tradeweb Markets Inc. 11,223.7 11,401.9 28.7% 33.4% NA NA 13.0x 12.2x 27.1x 25.0x NA NA 12.9% 7.0% 48.0% 48.6% 14.9% NA
Cboe Global Markets, Inc. 9,918.3 10,769.5 (23.9%) (23.2%) (26.0%) 26.5% 8.5x 8.8x 12.5x 13.5x 17.5x 18.3x 10.8% (2.4%) 68.2% 64.8% 5.5% 3.2
ASX Limited 10,975.2 10,216.8 (1.7%) (5.6%) 34.9% 86.3% 11.0x 10.4x 14.7x 13.9x 29.8x 30.3x 5.3% 5.5% 74.8% 75.1% 2.4% 12.3
Euronext N.V. 7,437.1 8,266.0 22.5% 29.8% 73.6% 89.0% 10.0x 9.7x 17.8x 16.7x 18.6x 18.8x 8.0% 3.5% 56.4% 58.2% 7.7% 2.4
Singapore Exchange Limited 7,129.7 6,728.9 0.3% 0.5% 18.5% 17.9% 8.7x 8.5x 15.1x 14.6x 19.4x 22.4x 7.8% 3.4% 57.8% 57.9% 3.5% 5.5
TMX Group Limited 5,607.7 6,141.4 13.6% 19.7% 83.9% 174.3% 9.3x 8.8x 15.9x 14.9x 21.8x 20.6x 19.1% 6.2% 58.4% 58.7% 10.1% 2.2
Capital Markets Technology (Liquidity Venues) Median 13.8% 17.8% 61.7% 90.8% 10.5x 9.8x 16.0x 15.7x 24.5x 23.3x 11.2% 4.5% 58.8% 58.9% 8.7% 3.1

Capital Markets Technology (Trading)

(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
The Charles Schwab Corporation $111,795.4 $124,894.4 2.6% (1.5%) (0.0%) 44.7% 8.4x 8.4x 19.6x 13.4x 20.8x 20.5x (9.8%) (0.5%) 42.9% 63.0% 5.3% 3.9
Interactive Brokers Group, Inc. 5,059.4 12,112.4 13.2% 9.0% (7.5%) 21.7% 5.4x 6.3x 7.7x 8.6x 23.0x 25.7x 12.4% (14.8%) 69.9% 73.8% 10.0% 2.3
Virtu Financial, Inc. 4,486.8 5,943.8 42.5% 37.3% 39.8% 2.4% 2.8x 4.3x 4.6x 10.6x 4.3x 9.7x 78.9% (36.1%) 59.3% 40.7% NA NA
BGC Partners, Inc. 2,232.0 3,826.7 (30.3%) (28.6%) (74.6%) (54.4%) 1.9x 1.7x 8.9x 7.1x 7.4x 6.0x (0.4%) 7.7% 21.1% 24.6% NA NA
goeasy Ltd.* 996.7 1,613.2 22.2% 21.7% 141.3% 310.5% 3.2x 2.8x 14.3x 11.6x 11.8x 11.3x 6.5% 13.6% 22.6% 24.5% 21.7% 0.5
Capital Markets Technology (Trading) Median 13.2% 9.0% (0.0%) 21.7% 3.2x 4.3x 8.9x 10.6x 11.8x 11.3x 6.5% (0.5%) 42.9% 40.7% 10.0% 2.3

Note: Comparables are pro forma for acquisitions and divestitures.

Source: Capital IQ as of market close on Nov 30, 2020.
• goeasy includes EBIT multiples and margins. RAYMOND JAMES INVESTMENT BANKING 48
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Bank Technology
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Fidelity National Information Services $93,638.4 $111,651.4 6.7% 7.4% 57.3% 133.1% 8.8x 8.1x 21.1x 18.0x 27.1x 22.3x (0.6%) 8.3% 41.8% 45.2% 14.0% 1.9
Fiserv, Inc. 79,205.2 100,524.2 (0.4%) (0.9%) 75.2% 139.4% 6.7x 6.4x 18.3x 15.9x 26.1x 21.4x 4.1% 5.1% 36.5% 39.9% 15.7% 1.7
Black Knight, Inc. 14,425.7 16,095.7 42.1% 45.4% 107.5% NA 11.9x 11.4x 24.2x 22.8x 44.5x 39.0x 14.9% 4.0% 49.2% 50.3% 9.2% 4.8
Jack Henry & Associates, Inc. 12,317.2 12,192.1 10.4% 5.8% 39.4% 102.5% 7.1x 6.7x 24.1x 21.0x 42.0x 39.0x 6.4% 5.6% 29.2% 31.8% 8.5% 5.0
Temenos AG 9,162.6 10,163.2 (25.1%) (24.3%) (5.4%) 129.6% 11.3x 10.3x 25.8x 23.4x 37.6x 34.3x (13.9%) 10.4% 43.9% 43.8% 9.1% 4.1
nCino, Inc. 7,687.4 7,303.6 162.9% NA NA NA 40.6x 28.8x NM NM NM NM 34.0% 41.1% NM NM 30.0% NA
Q2 Holdings, Inc. 6,487.2 6,575.1 39.8% 34.3% 170.9% 312.6% 16.3x 13.5x NM NM NM NM 27.7% 21.2% 5.6% 7.0% 27.2% NA
ACI Worldwide, Inc. 3,943.6 5,147.3 (14.0%) (13.1%) 42.4% 38.5% 4.1x 3.8x 16.6x 14.7x 24.8x 19.7x (8.8%) 6.1% 24.6% 26.1% 12.0% 2.1
Bank Technology Median 8.5% 5.8% 57.3% 131.3% 10.1x 9.2x 22.6x 19.5x 32.3x 28.3x 5.2% 7.2% 36.5% 39.9% 13.0% 3.1

Financial SaaS
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Intuit Inc. $98,947.2 $99,338.2 34.4% 36.0% 123.9% 251.3% 10.8x 9.6x 33.6x 29.7x 41.1x 40.1x 13.2% 12.2% 32.1% 32.3% 13.8% 3.0
Workday, Inc. 57,138.4 56,420.2 36.7% 25.5% 118.2% 168.5% 13.3x 11.4x NM 45.9x 83.5x 77.3x 19.3% 17.1% 25.5% 24.7% 29.8% 2.8
SS&C Technologies Holdings, Inc. 18,421.1 25,408.1 12.2% 14.7% 66.8% 91.6% 5.4x 5.3x 13.7x 13.4x 16.3x 15.5x 0.1% 1.3% 39.3% 39.9% 9.4% 1.7
Coupa Software Incorporated 25,246.3 25,394.5 124.9% 114.3% 828.3% NA NM 41.0x NM NM NM NM 29.3% 26.3% 16.2% 18.9% 30.0% NA
Paycom Software, Inc. 24,272.8 24,169.2 57.5% 50.7% 408.6% 856.6% 29.0x 24.0x NM NM NM 99.2x 13.1% 20.6% 38.8% 39.2% 25.0% NA
Xero Limited 13,907.5 13,858.8 65.6% 63.0% 369.0% 655.0% 24.9x 20.3x NM NM NM NM 34.1% 23.0% 24.7% 26.6% NA NA
Paylocity Holding Corporation 11,162.6 11,101.9 62.7% 60.7% 326.1% 347.4% 18.7x 15.9x NM NM NM NM 15.5% 17.5% 24.7% 26.1% 20.0% NA
The Sage Group plc 8,819.7 9,025.4 (19.2%) (19.7%) (21.9%) 3.2% 3.7x 3.6x 15.2x 16.0x 22.7x 25.7x 2.2% 3.6% 24.3% 22.2% NA NA
BlackLine, Inc. 7,504.3 7,400.3 138.4% 128.4% 235.2% NA 21.3x 18.0x NM NM NM NM 20.4% 18.2% 13.7% 12.1% 25.0% NA
Envestnet, Inc.(1) 4,496.6 4,979.9 15.3% 12.7% 63.3% 147.2% 7.1x 6.5x 22.3x 20.4x 31.9x 30.6x 3.9% 9.1% 31.6% 31.7% NA NA
Zuora, Inc. 1,441.2 1,336.3 (20.5%) (28.5%) NA NA 4.5x 4.1x NM NM NM NM 8.2% 9.9% NM 2.0% NA NA
Blucora, Inc. 644.2 1,250.7 (50.1%) (44.6%) (36.5%) 22.7% 1.6x 1.5x 12.1x 9.1x 12.9x 7.9x 4.1% 7.4% 13.2% 16.3% 15.0% 0.9
Financial SaaS Median 35.5% 30.7% 123.9% 168.5% 10.8x 10.5x 15.2x 18.2x 27.3x 30.6x 13.1% 14.6% 24.7% 25.4% 22.5% 2.3

Note: (1) ENV revenue calculated on a net revenue basis excluding pass-through asset-based cost of revenues; EBITDA margin calculated as a percentage of net revenue.
Comparables are pro forma for acquisitions and divestitures.
Source: Capital IQ as of market close on Nov 30, 2020. RAYMOND JAMES INVESTMENT BANKING 49
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Information Services
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
S&P Global Inc. $85,092.2 $89,286.2 28.8% 32.9% 112.6% 264.7% 12.2x 11.9x 22.4x 21.9x 30.7x 29.8x 9.2% 2.9% 54.6% 54.1% 10.0% 3.1
Moody's Corporation 53,915.4 59,117.4 18.9% 24.6% 86.0% 173.8% 11.2x 11.0x 22.1x 21.9x 28.0x 27.6x 9.4% 2.2% 50.5% 50.0% 10.8% 2.6
RELX PLC 44,880.1 53,230.5 (8.3%) (6.7%) 1.1% 45.9% 4.9x 4.7x 16.5x 14.3x 22.7x 19.3x 4.0% 3.7% 29.7% 33.1% 5.6% 4.0
IHS Markit Ltd. 40,486.5 45,680.0 32.0% 36.9% 122.9% 186.9% 10.6x 9.9x 24.7x 22.6x 35.7x NA (2.0%) 6.7% 42.8% 43.9% 10.7% 3.3
Thomson Reuters Corporation 39,731.9 42,068.9 10.8% 10.8% 64.5% 73.0% 7.0x 6.8x 21.7x 20.5x 44.9x 38.4x 1.3% 4.0% 32.4% 32.9% 37.0% 1.2
Experian plc 32,669.2 36,894.2 3.7% 3.2% 72.0% 114.9% 7.1x 6.6x 20.9x 19.2x 36.1x 30.1x 2.5% 6.1% 33.8% 34.7% 9.4% 3.9
MSCI Inc. 34,248.8 36,486.0 58.6% 58.0% 218.1% 483.9% 21.6x 19.5x 37.6x 33.8x 52.8x 48.5x 8.7% 10.3% 57.3% 57.9% 14.0% 3.8
Verisk Analytics, Inc. 32,832.2 36,181.9 32.8% 34.5% 105.7% 164.6% 13.0x 12.2x 25.8x 24.6x 39.1x 36.5x 6.9% 6.5% 50.3% 49.5% 11.7% 3.3
CoStar Group, Inc. 36,320.8 34,163.4 52.2% 48.6% 198.6% 335.2% 20.1x 17.9x NM NM 96.3x 79.2x 16.7% 12.1% 30.8% 34.8% 17.2% 5.6
Wolters Kluwer N.V. 22,123.0 24,659.6 8.1% 7.9% 61.5% 115.0% 4.4x 4.4x 15.1x 14.7x NA NA 7.4% 1.5% 29.4% 29.7% 6.4% NA
Equifax Inc. 20,515.8 23,395.4 19.1% 19.5% 46.2% 49.7% 5.8x 5.7x 16.7x 16.1x 26.2x 26.0x 14.0% 2.5% 35.0% 35.5% 10.0% 2.6
TransUnion 17,670.0 20,957.6 6.4% 5.5% 64.1% 256.2% 7.7x 7.3x 20.2x 18.5x 30.4x 27.6x 2.1% 6.5% 38.2% 39.2% 12.6% 2.4
Black Knight, Inc. 14,425.7 16,095.7 42.1% 45.4% 107.5% NA 11.9x 11.4x 24.2x 22.8x 44.5x 39.0x 14.9% 4.0% 49.2% 50.3% 9.2% 4.8
Fair Isaac Corporation 14,581.0 15,359.2 26.2% 28.6% 201.0% 396.4% 12.2x 11.2x 36.2x 32.2x 46.0x 42.6x 7.1% 8.3% 33.6% 34.9% 15.0% 3.1
NICE Ltd. 15,545.6 15,038.5 47.3% 50.9% 163.0% 238.1% 9.1x 8.3x 27.3x 25.4x 42.7x 37.7x 4.9% 9.2% 33.4% 32.8% 11.0% 3.9
Dun & Bradstreet Holdings, Inc. 11,336.2 14,461.2 21.9% NA NA NA 8.3x 8.0x 20.1x 18.6x 28.8x 26.5x 23.0% 4.5% 41.4% 42.7% 6.1% 4.7
Informa plc 10,619.2 13,269.8 (38.1%) (33.0%) (29.3%) (15.0%) 6.0x 4.7x 29.1x 15.2x 53.7x 20.4x (38.6%) 28.5% 20.7% 30.9% 21.0% 2.6
FactSet Research Systems Inc. 12,891.6 13,167.7 24.4% 28.5% 67.0% 96.9% 8.7x 8.2x 24.4x 23.2x 30.3x 29.9x 4.5% 5.5% 35.6% 35.4% 8.0% 3.8
Morningstar, Inc. 8,668.1 8,955.1 32.2% 27.4% 116.8% 147.8% NA NA NA NA NA NA NA NA NA NA NA NA
CoreLogic, Inc. 6,157.1 7,548.0 77.3% 87.1% 77.7% 110.3% 4.8x 4.8x 13.2x 13.1x 20.8x 19.2x (10.7%) 0.9% 36.3% 36.1% 9.5% 2.2
LiveRamp Holdings, Inc. 4,222.9 3,589.0 21.7% 16.8% 114.7% 155.5% 8.6x 7.2x NM NM NM NM 17.3% 18.9% NM 5.7% NA NA
Value Line, Inc. 264.2 237.2 (4.9%) 0.3% 55.4% 81.1% 5.5x 5.0x 24.0x 21.7x NA NA 10.8% 10.8% 22.9% 22.9% NA NA
Information Services Median 22.4% 22.8% 86.9% 161.0% 8.5x 7.9x 22.7x 21.1x 33.1x 28.8x 6.9% 5.9% 35.3% 35.4% 10.0% 3.4

Note: Comparables are pro forma for acquisitions and divestitures.

Source: Capital IQ as of market close on Nov 30, 2020.
RAYMOND JAMES INVESTMENT BANKING 50
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Outsourced Solutions
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
Tata Consultancy Services Limited $135,833.4 $130,601.3 23.6% 30.5% 103.2% 126.6% 6.1x 5.5x 22.4x 19.8x 32.6x 28.2x 3.1% 10.0% 27.0% 27.8% 9.4% 3.5
Infosys Limited 63,046.4 60,384.4 49.3% 58.0% 125.4% 102.2% 4.6x 4.2x 17.3x 15.6x 25.4x 22.6x 5.2% 9.3% 26.4% 26.8% 8.8% 2.9
Cognizant Technology Solutions 42,380.9 41,288.9 26.0% 21.9% 8.1% 21.0% 2.5x 2.4x 13.6x 12.5x 21.4x 19.7x (0.4%) 5.0% 18.2% 18.8% 7.2% 3.0
HCL Technologies Limited 30,149.4 29,525.8 43.7% 45.8% 93.9% 88.8% 2.9x 2.7x 11.6x 10.6x 17.9x 16.7x 5.0% 8.8% 25.2% 25.5% 9.0% 2.0
Wipro Limited 29,330.7 25,106.2 41.5% 47.5% 60.2% 63.2% 3.0x 2.9x 14.3x 13.2x 20.5x 19.7x 0.8% 6.0% 21.3% 21.7% 7.0% 2.9
CGI Inc. 19,303.8 21,414.1 (11.7%) (12.9%) 40.9% 65.0% 2.3x 2.2x 11.7x 10.9x 19.5x 17.8x 1.6% 4.2% 19.8% 20.3% 6.3% 3.1
Genpact Limited 8,028.1 9,229.9 (3.6%) (0.1%) 26.1% 61.3% 2.5x 2.4x 14.0x 13.1x 19.3x 17.9x 4.9% 5.7% 17.9% 18.1% 9.1% 2.1
Amdocs Limited 8,859.7 9,131.5 (8.8%) (5.0%) 0.8% 16.3% 2.2x 2.1x 10.2x 9.4x 14.6x 13.6x 2.7% 5.6% 21.3% 21.9% 8.5% 1.7
Xerox Holdings Corporation 4,342.6 6,731.6 (40.6%) (43.8%) (26.2%) (48.1%) 1.0x 1.0x 8.3x 6.8x 15.0x 9.6x (22.9%) (0.2%) 11.6% 14.3% NA NM
FTI Consulting, Inc. 3,754.9 3,962.5 (5.1%) (3.6%) 144.2% 181.0% 1.6x 1.5x 12.5x 11.0x 19.0x 16.8x 4.4% 5.4% 13.0% 13.9% 18.0% 1.1
TTEC Holdings, Inc. 3,214.1 3,633.4 70.8% 47.3% 67.1% 133.1% 1.9x 1.9x 13.0x 12.5x 22.5x 23.0x 14.8% 3.6% 14.8% 14.8% 21.5% 1.0
WNS (Holdings) Limited 3,697.9 3,621.9 6.4% 11.5% 71.2% 129.0% 4.2x 3.9x 18.4x 16.5x 38.7x 35.2x (3.3%) 5.6% 22.7% 23.9% 6.7% 5.8
Mphasis Limited 3,334.7 3,195.4 42.5% 49.8% 80.4% 163.7% 2.5x 2.2x 13.7x 11.7x 19.8x 17.5x 11.1% 11.8% 18.2% 18.9% 13.6% 1.5
ExlService Holdings, Inc. 2,896.5 2,869.6 19.9% 19.3% 35.6% 78.0% 3.0x 2.8x 15.4x 14.0x 24.1x 22.2x (3.6%) 8.4% 19.5% 19.8% 9.9% 2.4
Deluxe Corporation 1,108.6 1,890.0 (48.4%) (49.6%) (63.8%) (56.1%) 1.1x 1.1x 5.3x 4.3x 5.3x 5.5x (12.1%) (5.8%) 20.1% 26.6% 6.8% 0.8
Virtusa Corporation 1,590.3 1,858.8 10.5% 12.1% 8.0% 1.7% 1.5x 1.5x 14.6x 14.8x 28.7x 20.1x (1.6%) (0.4%) 10.0% 9.9% NA NA
CSG Systems International, Inc. 1,422.9 1,697.5 (16.2%) (24.1%) (5.5%) 21.4% 1.9x 1.8x 8.3x 8.0x 14.4x 13.2x (8.6%) 2.9% 22.5% 22.6% 8.0% 1.8
Sykes Enterprises, Incorporated 1,527.0 1,602.8 1.7% 7.1% 18.3% 18.3% 0.9x 0.9x 8.3x 7.8x 14.1x 12.8x 5.4% 3.5% 11.4% 11.7% 11.3% 1.2
Donnelley Financial Solutions, Inc. 566.6 893.4 55.6% 62.3% (20.1%) NA 1.0x 1.2x 5.4x 6.3x 8.8x 12.6x (1.2%) (14.4%) 19.2% 19.2% 4.3% 2.1
Firstsource Solutions Limited 746.8 838.3 92.3% 90.4% 86.6% 78.3% 1.4x 1.2x 9.3x 7.7x 14.0x 11.9x 13.3% 10.6% 14.6% 15.8% NA NA
Outsourced Solutions Median 15.2% 15.7% 38.3% 65.0% 2.2x 2.1x 12.7x 11.4x 19.4x 17.6x 2.2% 5.5% 19.3% 19.5% 8.8% 2.1

Note: Comparables are pro forma for acquisitions and divestitures.

Source: Capital IQ as of market close on Nov 30, 2020.
RAYMOND JAMES INVESTMENT BANKING 51
FINTECH INSIGHT NOVEMBER 2020

Trading Analysis by Sector

Real Estate / Mortgage Solutions
(USD in millions) Enterprise Value/ Enterprise Value/
Capitalization Trading Performance Revenue EBITDA P/E Revenue Growth EBITDA Margin Long
Term
Equity Enterprise EPS PEG
Company Value Value YTD 1 Year 3 Year 5 Year 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E Growth Ratio
CoStar Group, Inc. $36,320.8 $34,163.4 52.2% 48.6% 198.6% 335.2% 20.1x 17.9x NM NM 96.3x 79.2x 16.7% 12.1% 30.8% 34.8% 17.2% 5.6
Black Knight, Inc. 14,425.7 16,095.7 42.1% 45.4% 107.5% NA 11.9x 11.4x 24.2x 22.8x 44.5x 39.0x 14.9% 4.0% 49.2% 50.3% 9.2% 4.8
Fidelity National Financial, Inc. 11,571.2 13,610.5 (20.6%) (24.4%) (11.0%) 0.4% 1.3x 1.2x 7.1x 5.9x 8.1x 8.5x (9.9%) 10.3% 18.9% 20.4% NA NA
Jones Lang LaSalle Incorporated 6,989.6 10,412.6 (24.0%) (20.5%) (13.2%) (20.4%) 0.6x 0.6x 13.8x 11.3x 16.3x 13.2x (7.3%) 8.4% 4.5% 5.1% 9.0% 1.8
RealPage, Inc. 7,008.1 8,367.8 28.4% 25.4% 52.1% 210.6% 6.8x 6.6x 27.4x 24.6x 36.0x 32.0x 4.3% 3.4% 25.0% 26.9% 10.0% 3.6
CoreLogic, Inc. 6,184.9 7,575.7 77.3% 87.1% 77.7% 110.3% 4.8x 4.8x 13.3x 13.2x 20.8x 19.2x (10.7%) 0.9% 36.3% 36.1% 9.5% 2.2
FirstService Corporation 5,994.1 6,767.5 46.5% 39.4% 101.6% 225.7% 2.6x 2.3x 29.4x 23.7x 41.9x 37.9x 8.8% 11.1% 8.8% 9.8% 16.5% 2.5
First American Financial Corporation 5,463.9 6,111.0 (16.9%) (23.9%) (12.9%) 22.8% 0.9x 0.9x 5.7x 5.8x 9.1x 10.2x 10.1% (5.5%) 15.6% 16.1% NA NA
AppFolio, Inc. 5,876.4 5,734.5 48.2% 44.3% 277.6% 894.1% 18.4x 16.4x NM NM NM NM 21.6% 12.6% 17.0% 18.3% NA NA
MGIC Investment Corporation* 4,069.3 4,933.2 (15.6%) (17.0%) (18.2%) 25.4% 4.2x 4.0x 8.2x 6.2x 9.6x 7.4x 35.7% 4.9% 51.0% 64.2% NA NA
Realogy Holdings Corp. 1,491.4 4,766.4 27.2% 17.6% (55.9%) (70.2%) 0.8x 0.7x 6.6x 6.0x 6.8x 5.6x 2.6% 13.9% 12.6% 12.1% NA NA
Radian Group Inc.* 3,683.8 4,377.2 (25.0%) (26.9%) (7.9%) 32.5% 3.0x 2.9x 8.1x 5.1x 11.8x 7.1x (4.6%) 1.8% 37.1% 58.2% NA NA
Newmark Group, Inc. 1,302.4 3,807.1 (47.8%) (46.2%) NA NA 2.2x 1.8x 10.1x 7.6x 8.0x 5.8x (23.2%) 20.9% 22.1% 24.3% 10.0% 0.8
Close Brothers Group plc* 2,570.4 3,606.0 (19.0%) (13.0%) (9.1%) (9.1%) 3.2x 3.2x 8.6x 8.6x 16.4x 12.9x 6.8% 2.1% 37.4% 37.6% 5.0% 3.3
ABM Industries Incorporated 2,625.2 3,349.6 2.1% 1.3% (10.0%) 29.8% 0.6x 0.6x 9.2x 9.9x 15.1x 17.1x (7.3%) (0.1%) 6.2% 5.7% 16.0% 0.9
Savills plc 1,778.8 2,110.0 (18.9%) (7.1%) (2.1%) 2.4% 0.9x 0.8x 9.9x 8.5x 21.8x 15.3x (8.7%) 6.8% 9.1% 10.0% NA NA
Altus Group Limited 1,556.1 1,651.9 29.7% 33.5% 36.7% 143.8% 3.0x 2.6x 17.4x 12.5x 30.5x 26.0x 26.5% 15.5% 17.1% 20.7% 21.9% 1.4
Marcus & Millichap, Inc. 1,443.9 1,155.5 (3.8%) (2.5%) 12.2% 9.3% 1.9x 1.6x 22.7x 13.7x 59.8x 27.5x (23.5%) 18.3% 8.3% 11.6% 6.0% 10.0
Real Matters Inc. 1,259.1 1,141.1 55.5% 40.9% 116.0% NA 6.6x 5.0x 14.7x 11.0x 24.4x 18.5x 48.0% 33.0% 45.0% 45.0% NA NA
Altisource Portfolio Solutions S.A. 214.6 429.4 (31.8%) (26.9%) (50.6%) (54.2%) 1.2x 1.6x NM 10.8x NM NM (44.3%) (24.2%) NM 14.5% NA NA
Real Estate / Mortgage Solutions Median (0.8%) (0.6%) (2.1%) 25.4% 2.8x 2.5x 10.1x 10.3x 18.6x 16.2x 3.4% 7.6% 18.9% 20.6% 10.0% 2.5

Note: Comparables are pro forma for acquisitions and divestitures.

Source: Capital IQ as of market close on Nov 30, 2020.
• MGIC, Close Brothers and Radian Group includes EBIT multiples and margins. RAYMOND JAMES INVESTMENT BANKING 52
FINTECH INSIGHT NOVEMBER 2020

Disclosures
Sources of data include Capital IQ, FactSet and other news organizations. This presentation includes logos or other words or devices that may be
Information obtained from third-party sources is considered reliable, but registered trademarks of their respective owners. Such use is solely for
we do not guarantee that the information herein is accurate or complete. purposes of convenience in referring to the trademark owners and their
This report was prepared within Raymond James & Associates’ Investment products/services. This presentation and its contents are not endorsed,
Banking Department and is for information purposes only. This report is sponsored or affiliated with any trademark owner. Raymond James &
not a product of Raymond James & Associates’ Research Department; Associates, Inc. and its affiliates are not affiliated with any trademark
recipients of this report should not interpret the information herein as owner but may provide certain financial services to one or more
sufficient grounds for an investment decision or any other decision. The trademark owners or their affiliates.
report shall not constitute an offer to sell or the solicitation of an offer to
buy any of the securities mentioned herein; past performance does not Additional information is available upon request.
guarantee future results.

LTM = Last Twelve Months

EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization

INVESTMENT BANKING

© 2020 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Raymond James® is a registered trademark of Raymond James Financial, Inc.