2019年第四季度金融科技报告（英文）

Q42019SectorUpdateFintechImportantdisclosuresappearatthebackofthisreportGPBullhoundLLPisauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRA2▪Wepublishthisquarterlyfintechmarketreporttoprovidequantitativeinsightsintopublicandprivatemarketvaluationsacrossthetransactionspectrumandqualitativeinsightsintocompanybusinessmodels,technologyandcustomertrends▪BasedinourLondonoffice,ClaudioAlvarezheadsupourfintechpracticewhichhascompletedover20transactionsinvolvingbothequityanddebt▪WealsofeaturesomeoftheleadingfintechcompaniesandCEOsacrosssectorswhichwefindinterestingatthemomentgiventhecontinuedgrowthinchallengerbanks,theemergenceofdifferentopenbankingbusinessmodelsandcontinuedinvestorinterestasaflurryoffintechinvestorsraisenewfunds▪SeveralofourrecentfintechadvisorytransactionsandinvestmentsareshowcasedbelowGPBullhoundisaleadingtechnologyadvisoryandinvestmentfirm,providingtransactionadviceandcapitaltocategoryleadersFintechperspectivesEXECUTIVESUMMARYMambuINVESTMENTBYBessemerVenturePartners€30millionBudgetInsightACQUIREDBYCréditMutuelArkéaUndisclosedExtendaACQUIREDBYSTGPartnersUndisclosedMoneseINVESTMENTBYPayPal,IAG,Augmentum$60millionRavenPackINVESTMENTBYGPBullhound$10million3KeysectortakeawaysRecentfintechtransactiontrendsPublicmarketfintechanalysesFintechCEO&investorcommentaryAppendixA:FintechtradingcomparablesbycategoryAppendixB:GPBullhoundfintechcredentials&team1345624Section1Keysectortakeaways5GPBullhound’sviewsoncurrenttrendsinfintechLatinAmericamakesitsmarkonthefintechstage123Tech-enabledfunding:Theriseofrevenue-basedfinancingFintechspecialistinvestorsincreasedrypowder6Currenttrendsinfintech1▪InvestorsareincreasinglybackingfinancialservicescompaniesinLatinAmericaastheylooktocapitaliseontheattractivedemographics,strongmacro-economicgrowthandgrowingdemandformoreinnovativefinancialproducts▪Mostoftheattentionduring2019wasfocusedonneobankssuchasNubank(Brazil),Albo(Mexico)orUalá(Argentina)duetothelargeamountsofcapitalraisedduringtheyear.However,we’veseeninvestorsstartingtopushintocredit.CompaniessuchasKonfio(SMElendinginMexico),MutuoFinanciera(vehiclefleetleasingcompanythatfocusesoncleanenergytransportationinMexico)andCredijusto(SMElendinginMexico)▪Accesstocreditisaconsiderablepain-pointformanyconsumersintheregionandweseethegrowingpresenceofneobanksintheregionlookingtoaddressthisgapinthemarket.ForinnovativeFintechstheLatinAmericamarketisbigenoughtoaccommodatethesegrowingstartupswithc.45%(1)ofthepopulationstillunderbanked▪WebelieveappetiteforfintechopportunitiesinLatinAmericawillcontinuetobestrongin2020asweexpectmorecreditmodelsandfinancialservicestocomeonline,andstrategicstostartcompetingwithgrowthcapitalforinvestmentopportunitiesLatinAmericamakesitsmarkonthefintechstageDEC-19PrivatePlacement$100mDEC-19PrivatePlacement$19mNOV-19PrivatePlacement$375MNOV-19PrivatePlacement$150mDEC-19PrivatePlacement$8m(1)Source:iProspect7CurrenttrendsinfintechSource:TechCrunch,WallStreetJournal,CrunchBase,Fortune2▪Revenue-basedFinancing(‘RBF’)isafastgrowingsub-sectorofB2Blendingwhichhelpscompaniesraiseworkingcapitalfinancewithouthavingtoraiseequityordebt▪TypicallyRBFamountsrangefrom$10kto$1mandaresecuredwithoutcreditchecks,personalguarantees,warrants,equity,orinterest.Moneylentisrepaidasaflatpercentageofrevenue,andrepaymentinstalmentsaremademonthly.Soifthebusinesshitsaslowerphaseorthemarketslumps,thecompanywon’texperienceacreditsqueeze▪Companiesoperatinginthee-commerce,SaaS,D2Candanythingapp-basedareinpolepositiontoobtainRBFasfunderscanconnectdirectlytothecompany’smarketing,salesandaccountingplatformsandcanget“real-time”visibilityofthecompany’sperformanceandmakefast(c.72hours)data-baseddecisions▪ThemostprominentRBFcompanies,suchasUncapped(UK)andClearbanc(US),candeployfrom$10kto$10mofcapitalasfastasin72hoursandplantolendinexcessof$1bnin2020Tech-enabledfunding:Theriseofrevenue-basedfinancingDATE:DEC-19PrivatePlacement£10MDATE:AUG-19PrivatePlacement$300M8Currenttrendsinfintech3▪Althoughslightlybelowtherecordhighsof2018,2019wasanotherextremelyactiveyearintermsofcapitalinvestedintechnologycompanies.Thisstrongavailabilityofcapitalcreatestheneedforinvestorstodifferentiateandfindexceptionalangles▪Thefintechindustryhasseveraluniqueaspectsthatcreatecomplexityandthustheneedforspecialistsectorknowledge.Notonlyisin-depthknow-howrequiredregardingfintechcompaniesbutalsounderstandingoftheregulatoryenvironmentandopportunities/threatsthatincumbentfinancialinstitutionspose▪Thistrendisreflectedinseveralinvestorsannouncingnewandincreasedfundswiththesolepurposetoinvestinthebestfintechcompanies▪Weexpectincreaseactivityfromthistypeofinvestors;oftenteamingupwithothertechnologyVCsandcorporateventurefundsFintechspecialistinvestorsincreasedrypowderDEC-19FundII$375MDEC-19FintechFundIII€985mDEC-19FundII$320mNOV-19FundI€150M9Section2Recentfintechtransactiontrends100%20%40%60%80%100%Q12017Q22017Q32017Q42017Q12018Q22018Q32018Q42018Q12019Q22019Q32019Q42019AmericasEuropeAsiaOther02505007501,0001,25001020304050Q12017Q22017Q32017Q42017Q12018Q22018Q32018Q42018Q12019Q22019Q32019Q42019Totalcapitalinvested(LHS)Volume(RHS)050100150200250300350020406080100120140Q12017Q22017Q32017Q42017Q12018Q22018Q32018Q42018Q12019Q22019Q32019Q42019Value(LHS)Volume(RHS)M&AdealvaluebyregionFundraisingdealvaluebyregion$bn,numberofdeals$bn,numberofdeals0%20%40%60%80%100%Q12017Q22017Q32017Q42017Q12018Q22018Q32018Q42018Q12019Q22019Q32019Q42019AmericasEuropeAsiaOtherGlobalfintechtransactiontrendsTransactionM&AdealvalueandvolumeFundraisingdealvalueandvolumeSource:Pitchbookasof31December2019Note:Dataincludesall“fintech”M&A&fundraisingdealsandIPOsasdefinedbyPitchbookregardlessofgeographyortransactionsize(1)SpikeintheM&AvalueinQ32019wascausedby4extraordinarilylargetransactionswithanaggregatevalueof$94bn(Worldpay/Fidelity($35.5bn),FirstData/Fiserv($22bn),TotalSystemServices/GlobalPayments($21.5bn),Refinitiv/LSE($14.8bn))(1)11DealdateTargetBuyerTargetdescriptionEV($m)ImpliedEV/LTMRev25-Dec-19Onlinetradingplatform277-13-Dec-19ProviderofaccountsreceivableSaaSsolutionandpaymentacquiringservices9516.3x25-Nov-19Onlineretailbrokerageandadvisorservices28,4094.4x21-Nov-19Onlineplatformofferingdiscountcouponsforonlineshopping4,00014.6x20-Nov-19Onlineplatformprovidinginsurancemanagementservices--18-Nov-19Financialproductsandservicesprovidertothetravelandtransportindustry1,664-06-Nov-19Digitalsolutionsandtechnologyforthebankingandfinancesectors--04-Nov-19Digitalplatformtosupportcross-borderpayments,riskmanagement,andfunding888-01-Nov-19Web-basedpricingmanagementsolutionforlenders510-01-Nov-19SecuritytradingplatformfortheUSTreasuriesmarket150-17-Oct-19Onlinemarketplaceforpersonalisedloansfrommultiple,vettedlendersinreal-time-15.5x10-Oct-19Providerofpersonalisedinsuranceadvicetogetthemostsuitableplan3,500-SelectedM&Atransactions,October–December2019Source(s):Pitchbook,CapitalIQ,MergermarketNotablefintechM&Atransactions12DateTargetLeadinvestor(s)TargetdescriptionCapitalraised($m)20-Dec-19Globalfinancialsettlementservicesprovider20012-Dec-19Mobilepaymentande-commerceplatform1,66011-Dec-19Helpscompaniesdevelopadigitally-enabledfinancialsystem25011-Dec-19Smartloanplatformforhousingsolutions10011-Dec-19Digitalinsurancemarketplace11011-Dec-19Digitalpaymentservicesprovider27009-Dec-19InsuranceSaaSsoftware12005-Dec-19US-basedchallengerbank50003-Dec-19Onlinelendingplatformofferingmicro-businessloans10026-Nov-19Personalfinancemanagementapp15019-Nov-19Providerofonlineworkingcapitalfinancingservices103DateTargetLeadinvestor(s)TargetdescriptionCapitalraised($m)19-Nov-19Brazil-basedchallengerbank9818-Nov-19MobileonlymoneyservicesinAfrica12015-Nov-19Instant-creditstart-upprovidingretailcreditproducts9031-Oct-19Commission-freeinvestmentplatform37312-Nov-19Integrateddigitalpaymentandtransactionprocessingservices20028-Oct-19Providerofstructuredworkingcapitalfinancing65517-Oct-19Providerofadvancedpaymentprocessingsolutions7707-Oct-19OnlineinsuranceplatformforSMEs25003-Oct-19No-codeappdevelopplatformforthefinancialserviceindustry8001-Oct-19PlatformtointegratefintechsolutionsviaanAPI10401-Oct-19Digitalbankforsmallbusinesses55Selectedfundraisings,October–December2019Source(s):Pitchbook,CapitalIQ,MergermarketNotablefintechfundraisings13Section3Publicmarketfintechanalyses141.51.12.22.22.14.17.916.123.215.399.1(1.1)0.71.51.83.86.58.43.730.827.90.30.41.12.93.73.97.914.424.526.946.1127.0MarketCapChangeinMarketCapCurrentMarketCapValueoftheselectedGPBullhoundfintechindexcompaniesgrewbyc.$84bnovertheLTM,representingstrengthofthefintechsectorSource:CapitalIQNote:PayPal,Shopify,Square,AdyenandMarketAxessbarsarenotatscalefordisplayingpurposesOpeningmarketcapitalisationasof1January2019;Currentmarketcapitalisationasof31December2019GPBullhound’sselected2019fintechindexmarketcapitalisation152019valuationsoftheGPBfintechindexoutperformedthe3-yearaverageSource:CapitalIQasof31December2019.1EV/RevmultiplesexceptforonlinelenderswhicharecomputedasMarketCap/Revmultiples.Note:fintechIndexconstituentsare:Paypal,Shopify,Square,Adyen,MarketAxess,Xero,Envestnet,Q2,Blackline,LendingClub,FundingCircle,OndeckAnalysisofGPBullhoundfintechindexvaluations4x5x6x7x8x9x10x11x12x13x14xDec-16Apr-17Aug-17Dec-17Apr-18Aug-18Dec-18Apr-19Aug-19Dec-19GPBFintechIndex-TEV/LTMRevenuesGPBFintechIndex-TEV/NTMRevenuesMean:9.8xMean:9.4xAsof31Dec:11.1xAsof31Dec:11.5x16HR&Payroll52.5%SelectedfintechindexesoutperformedtheNasdaqovertheLTMSource:CapitalIQasof31December2019Note:DetailoncompaniesincludedshowninAppendixSharepriceperformance–LTMPayments48.3%FinancialData&Analytics47.7%BankingTechnology42.9%Nasdaq35.2%LTMperformance708090100110120130140150160170Dec-18Feb-19Apr-19Jun-19Aug-19Oct-19Dec-19Performance1Month3Months6Months1YearHR&Payroll(1.1)%11.7%5.5%52.5%Payments(0.6%)1.7%2.6%48.3%FinancialData&Analytics0.7%8.9%8.3%47.7%BankingTechnology(1.7%)7.9%10.4%42.9%Nasdaq3.5%12.2%12.1%35.2%178.7x25.8x29.9%HR&Payroll14.1%IndicativetradingvaluationbenchmarksEV/2020Erevenue(1)EV/2020EEBITDA(1)2020EEBITDAmargin(1)SelectedcompaniesVerticals2020Erevenuegrowth(1)7.8x23.4x35.3%FinancialData&Analytics8.9%10.5x23.4x37.2%Payments19.6%10.3x25.5x32.6%BankingTechnology14.9%Source:CapitalIQasof31December2019(1)Mean18Section4FintechCEO&investorcommentary19CEOprofileMoneseataglance▪Moneseisre-imaginingthewayretailbankingworksforaglobalcommunitywhichtraditionalbankshavebeenslowtoserveduetooutdatedapproachandlegacyinfrastructure▪MostcustomersuseMoneseasatrustedprimaryaccountasitprovidesthemwiththefreedomtothrivewherevertheychoosetolive,save,borrow,investorsendmoneyto▪Morethan2mpeoplehavesignedupasMonesecontinuestogrow3xannuallyacross31countries▪MonesehasformedstrategicpartnershipswithitsinvestorsPayPalandAvios“OurmissionistomakeMonesetheeasiestandmostaccessiblebankingserviceintheworld.Moneseiswithyoueverystepoftheway,regardlessofwhichcycleyouaregoingthroughinyourlife.Ifyouliveaglobally-connectedlife,we’llgiveyouflexible,personalisedproductsthatmeetyourspecificneedsastheyemerge.Youwon’tloseaccesstoyourmoneyyouneedjustbecauseyoucrossedaborderonamap.Ifyouarelivingclosertohome,youcanenjoytheunrivalledvaluecreatedbyourplatformandpartnernetwork.”NorrisKoppelFOUNDER&CEO20CEOprofilePlumataglance▪PlumistheAIassistantthatboostsyourbankbalance▪Oncelinkedwithabankaccount,Plumautomaticallysaveseveryfewdays,findsbetterdealsforregularbillsandinvestssavingsforthefuture,helpingover650,000usersintheUKtobefinanciallybetteroff▪Foundedin2016byVictorTrokoudes(ex-TransferWise)andAlexMichael(ex-TicTail),Plumisbuiltbyateamof35splitbetweenLondonandAthens“Thesystemfeelsbrokenforordinarypeoplerightnow.Lotsofuswanttomaketherightfinancialdecisions,butthesystemisnotdesignedtoallowustodothis.Webelievethatit'snowthetimeandroleoftechtorevolutioniseeveryone'spersonalfinance.Automatedsaving,continuousinvestinganddetectingandeliminatingbillsthatpeopleareover-payingon,asPlumdoes,cansignificantlyimprovethefinanciallifeofmillionsofpeople.Weaimtoseeusers20%betteroffintheirlifetimewithanaveragesavingof£186kwiththehelpofPlum.”VictorTrokoudesFOUNDER&CEO21FintechinvestorprofileBlackFinCapitalPartnersataglance▪Establishedin2009,BlackFinCapitalPartnersisanindependentfinancialservicesinvestmentfund,runbyits4foundingpartners,withatotalof30professionals.IthasofficesinParis,BrusselsandFrankfurt▪BlackFinexecutesflexiblemandatesthankstobothitsbuyoutandventureinvestmentsfundswhichlatestsizesarerespectively€985mand€178m▪Thefirm'sstrategyfocusesprimarilyonasset-lightbusinessesinthefinancialservice,withanin-depthknowledgeoftheecosystem▪Itoperatesasanactiveandinfluentialinvestor,supportingsuccessfulmanagementteamstotaketheirbusinessestothenextlevel“ThechangesinregulationhavecompletelytransformedtheEuropeanfinancialindustry,drivinginnovationandinvestment.Regulationistosomeextentaconstraint,butalsoopensupimmenseopportunitiesforagileandservicefocusedfinancialservicescompanies.”“Financialandregulatoryconstraintshaveforcedincumbentfinancialplayerstooutsourcesomeoftheirtechnologyandprocessingcapabilities,openingupanewspaceforcompanies.”“Thewayfinancialproductsarebeingdistributedtoconsumersandcorporationsisbeingcompletelytransformed.”PaulMizrahiFoundingPartnerFinancialanalyticssoftwareDescription:Developerofanalyticssoftwareforfraud,riskandcompliancetoP&CinsurersLocation:Utrecht,NetherlandsInvestment:Dec-17SelectedinvestmentsSavingsplatformDescription:OperatorofonlineplatformthatofferssavingsschemesandretirementplansLocation:Paris,FranceInvestment:Jul-1922AppendixA:Fintechtradingcomparablesbycategory23MarketCap(USDm)EV(USDm)RevenueGrowthEBITDAGrowthEBITDAMarginEV/RevenueEV/EBITDAP/ECompany31/Dec/1931/Dec/1919/2020/2119/2020/21CY2019CY2020CY2021CY2019CY2020CY2021CY2019CY2020CY2021CY2019CY2020CY2021Source:CapitalIQasof31December2019Note:EV/Revenuemultiplesinexcessof50.0x,EV/EBITDAmultiplesinexcessof100.0xandP/Emultiplesinexcessof150.0xareconsiderednot-material(“NM”)andarenotincludedinaveragecalculationTradingcomparables–HR&PayrollADP73,77575,2556.5%7.0%13.1%9.1%24.8%26.4%26.9%5.2x4.9x4.5x20.9x18.4x16.9x29.9x26.2x23.2xIntuit68,18266,70210.1%11.5%12.5%11.5%35.3%36.1%36.1%9.4x8.5x7.6x26.5x23.6x21.2x38.0x33.8x29.5xWorkday37,82437,27120.4%19.6%24.1%16.8%20.7%21.4%20.9%10.3x8.6x7.2x49.7x40.1x34.3x91.3x75.2x58.6xPaychex30,48430,8355.7%6.1%7.1%6.6%40.7%41.3%41.5%7.6x7.2x6.8x18.8x17.5x16.4x29.2x26.6x24.6xSS&C15,51623,3953.3%3.3%6.2%6.1%38.9%40.0%41.1%5.1x4.9x4.7x13.0x12.2x11.5x16.5x15.1x13.9xPaycom15,26515,21723.6%22.5%23.7%24.3%42.4%42.5%43.1%20.7x16.8x13.7x48.8x39.4x31.7x77.5x61.8x50.1xTheSageGroup10,82411,3451.9%5.2%4.3%6.3%25.0%25.6%25.8%4.4x4.3x4.1x17.7x17.0x16.0x26.5x24.1x22.8xCoupaSoftware9,3319,25927.8%27.5%51.8%59.0%12.9%15.4%19.2%24.3x19.0x14.9xn.m.n.m.77.8xn.mn.mn.mXero7,9277,91428.2%23.3%52.6%41.5%19.5%23.2%26.6%17.4x13.6x11.0x89.6x58.7x41.5xn.mn.m112.4xPaylocity6,4656,42019.6%19.7%22.2%23.0%28.3%28.9%29.7%12.4x10.4x8.7x43.9x35.9x29.2x75.7x65.6x52.9xTriNet3,9544,1377.8%8.8%9.4%15.0%39.3%39.9%42.1%4.5x4.1x3.8x11.3x10.4x9.0x17.0x15.2x13.1xBlucora1,2791,57514.6%4.9%12.9%n.a.18.7%18.5%n.a.2.2x1.9x1.8x11.7x10.4xn.a.13.3x11.4x10.6xMean14.1%13.3%20.0%19.9%28.9%29.9%32.1%10.3x8.7x7.4x32.0x25.8x27.8x41.5x35.5x37.4xMedian12.4%10.2%13.0%15.0%26.6%27.6%29.7%8.5x7.9x7.0x20.9x18.4x21.2x29.5x26.4x24.6x24Source:CapitalIQasof31December2019Note:EV/Revenuemultiplesinexcessof50.0x,EV/EBITDAmultiplesinexcessof100.0xandP/Emultiplesinexcessof150.0xareconsiderednot-material(“NM”)andarenotincludedinaveragecalculationTradingcomparables–PaymentsHighGrowthOmnichannelPaymentsPayPal127,012122,02716.9%17.4%15.2%18.2%27.3%26.9%27.1%6.9x5.9x5.0x25.2x21.8x18.5x35.4x31.0x25.6xShopify46,08643,53036.1%33.1%59.9%100.4%4.3%5.0%7.6%28.0x20.6x15.5xn.m.n.m.n.m.n.mn.mn.mSquare26,88126,77627.6%28.6%28.3%43.5%18.5%18.6%20.8%12.0x9.4x7.3x64.7x50.4x35.1x80.3x65.1x46.8xAdyen24,52523,07537.8%37.2%40.0%39.8%57.1%58.0%59.1%41.8x30.4x22.1x73.3x52.3x37.4x108.4x77.1x55.0xPageseguro11,21610,71927.9%20.5%32.8%24.8%37.6%39.0%40.4%7.7x6.0x5.0x20.4x15.3x12.3x30.3x23.1x18.2xMean29.2%27.4%35.2%45.3%29.0%29.5%31.0%19.3x14.4x11.0x45.9x35.0x25.8x63.6x49.1x36.4xMedian27.9%28.6%32.8%39.8%27.3%26.9%27.1%12.0x9.4x7.3x44.9x36.1x26.8x57.8x48.0x36.2xGeneralPayments&ServicesGlobalPayments54,86863,04662.2%8.3%70.0%13.2%36.8%38.6%40.3%11.2x6.9x6.4x30.5x17.9x15.8x29.6x24.2x20.2xWorldline12,89313,1827.2%7.7%14.0%12.6%24.8%26.4%27.6%5.0x4.7x4.3x20.1x17.6x15.7x38.4x31.1x27.4xNexi8,72211,6906.3%6.5%14.0%10.2%50.2%53.8%55.7%10.7x10.0x9.4x21.3x18.6x16.9x36.2x30.3x26.5xIngenico6,7738,8925.9%7.1%10.0%8.8%17.8%18.5%18.8%2.4x2.2x2.1x13.3x12.1x11.1x19.2x17.5x15.7xCielo5,6498,7780.7%4.7%(10.1%)5.1%26.5%23.7%23.7%3.2x3.2x3.0x12.0x13.3x12.7x12.4x14.0x13.4xNetworkInternational4,2454,62913.3%13.8%17.7%15.7%49.2%51.1%52.0%13.9x12.3x10.8x28.3x24.1x20.8x43.6x35.6x29.3xEVOPayments1,0892,1297.4%11.4%11.1%10.7%27.6%28.6%28.4%3.7x3.4x3.1x13.4x12.1x10.9x42.9x36.8x30.7xMean14.7%8.5%18.1%10.9%33.3%34.4%35.2%7.2x6.1x5.6x19.8x16.5x14.8x31.8x27.0x23.3xMedian7.2%7.7%14.0%10.7%27.6%28.6%28.4%5.0x4.7x4.3x20.1x17.6x15.7x36.2x30.3x26.5xPaymentNetworksVisa404,885415,00211.2%10.9%15.1%12.7%68.1%70.5%71.7%17.6x15.9x14.3x25.9x22.5x19.9x33.5x29.1x25.1xMastercard301,237303,70413.5%13.2%16.2%15.2%60.7%62.1%63.2%18.0x15.9x14.0x29.7x25.5x22.2x38.9x33.0x27.9xMean12.3%12.0%15.6%13.9%64.4%66.3%67.4%17.8x15.9x14.2x27.8x24.0x21.1x36.1631.0x26.5xMedian12.3%12.0%15.6%13.9%64.4%66.3%67.4%17.8x15.9x14.2x27.8x24.0x21.1x36.1631.0x26.5xMean(ALL)19.6%15.7%23.9%23.6%36.2%37.2%38.3%13.0x10.5x8.7x29.1x23.4x19.2x42.2x34.4x27.8xMedian(ALL)13.4%12.3%15.7%14.2%32.2%33.6%34.4%10.9x8.2x6.8x25.2x18.6x16.9x36.2x31.0x26.5xMarketCap(USDm)EV(USDm)RevenueGrowthEBITDAGrowthEBITDAMarginEV/RevenueEV/EBITDAP/ECompany31/Dec/1931/Dec/1919/2020/2119/2020/21CY2019CY2020CY2021CY2019CY2020CY2021CY2019CY2020CY2021CY2019CY2020CY202125S&PGlobal66,73371,2106.6%6.3%6.2%7.7%51.6%51.3%52.0%10.7x10.1x9.5x20.8x19.6x18.2x29.0x26.5x23.9xMoody's44,81149,5916.0%6.7%7.1%6.8%48.2%48.7%48.7%10.4x9.8x9.2x21.6x20.2x18.9x29.0x26.3x23.9xThomsonReuters35,79938,2225.0%4.2%30.0%6.5%25.3%31.3%32.0%6.5x6.2x5.9x25.6x19.7x18.5x57.1x36.5x33.3xExperian30,69835,2417.3%9.4%13.7%8.8%33.8%35.9%35.7%7.0x6.6x6.0x20.8x18.3x16.8x33.8x29.8x27.1xIHSMarkit30,21435,1593.6%5.7%6.2%7.7%40.0%41.1%41.8%8.0x7.7x7.3x19.9x18.7x17.4x29.2x26.4x23.5xVeriskAnalytics24,47227,1029.0%6.6%10.3%8.3%46.6%47.1%47.9%10.4x9.6x9.0x22.4x20.3x18.7x34.2x30.8x27.6xMSCI21,87023,7519.6%8.8%12.3%10.2%54.1%55.5%56.2%15.3x14.0x12.8x28.2x25.2x22.8x40.5x35.7x31.2xTransUnion16,12019,8008.5%8.1%9.9%9.4%39.1%39.6%40.1%7.5x6.9x6.4x19.1x17.4x15.9x31.2x27.5x24.2xFICO10,85111,5767.4%7.9%10.7%13.1%32.0%33.0%34.6%9.8x9.1x8.4x30.6x27.6x24.4x47.5x42.7x36.7xFactSet10,18110,6594.0%4.0%0.7%4.9%35.5%34.4%34.7%7.3x7.1x6.8x20.7x20.5x19.6x26.6x26.8x24.8xBlackKnight9,52211,1992.8%6.1%3.4%7.5%49.5%49.8%50.4%9.5x9.2x8.7x19.2x18.6x17.3x33.4x31.7x28.6xMorningstar6,4786,836n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.an.an.aEnvestnet3,6544,25114.2%13.0%21.6%15.8%21.3%22.6%23.2%4.7x4.1x3.6x22.1x18.2x15.7x32.5x26.8x23.3xCoreLogic3,4765,252(1.8%)1.1%4.3%2.5%27.9%29.7%30.0%3.0x3.0x3.0x10.7x10.3x10.0x16.0x14.9x14.1xLiveRamp3,2542,49930.4%32.0%n.a.n.a.(17.0%)(0.3%)13.2%7.1x5.4x4.1xn.m.n.m.31.2xn.mn.m44.7xBlackLine2,8692,67221.0%20.1%31.4%45.5%9.8%10.6%12.9%9.3x7.7x6.4x95.1x72.4x49.8x136.9x99.3x77.1xMean8.9%9.3%12.0%11.1%33.2%35.3%36.9%8.4x7.8x7.1x26.9x23.4x21.0x41.2x34.4x30.9xMedian7.3%6.7%10.1%8.0%35.5%35.9%35.7%8.0x7.7x6.8x21.2x19.6x18.5x32.9x28.7x27.1xSource:CapitalIQasof31December2019Note:EV/Revenuemultiplesinexcessof50.0x,EV/EBITDAmultiplesinexcessof100.0xandP/Emultiplesinexcessof150.0xareconsiderednot-material(“NM”)andarenotincludedinaveragecalculationTradingcomparables–FinancialData&AnalyticsMarketCap(USDm)EV(USDm)