Financial Technology Market Analysis - March 2012

Technology Services Investment Banking Group

Financial Technology Market Analysis
March 2012

Raymond James Financial Technology Investment Banking
Raymond James — A Full-Service Investment Bank

Bank Insurance Benefits / Marketing
Payments
Technology Technology Payroll Services

FinTech Coverage
Universe

Trading Investment Liquidity Outsourced Information
Technology Technology Venues Solutions Services

SaaS & Internet &
Business Model Transaction Tech-Enabled Outsourcing
Enterprise Mobile
Expertise Processing Services Services
Software Solutions

Investment Banking Recapitalizations Corporate
M&A Public Board Private Debt Valuation /
and and Executive
Services Advisory Offerings Advisory Placements Origination Fairness Opinions
Restructurings Services

Jim Bunn Pat Curran Steve Hufford
Group Head Managing Director Managing Director
(617) 624-7011 (617) 624-7072 (404) 442-5807
Senior Banking Jim.Bunn@RaymondJames.com Pat.Curran@RaymondJames.com Steve.Hufford@RaymondJames.com
Team Jon Steele Brendan Ryan Kate Crespo
Managing Director Senior Vice President Vice President
(617) 624-7020 (617) 624-7019 (617) 624-7012
Jon.Steele@RaymondJames.com Brendan.Ryan@RaymondJames.com Kate.M.Crespo@RaymondJames.com

2

More FinTech Transactions Completed Since 2010 Than Any Other Firm
Tech-Enabled
BPO Provider
to Mortgage / $77 Million
~$600 Million $202 Million Acquisition of $115 Million
$72 Million Auto Lenders Sale to
Sale to Sale to Sale to Sale to
Initial Public Sale to
Offering Undisclosed
Buyer
February 2012 January 2012 October 2011 October 2011 September 2011 September 2011 July 2011 July 2011
Institutional FX trading Tech-enabled BPO provider Banking / payments Benefits administration and Investment management e-Commerce platform for Active trading technology Financial services
technology software debit card processing technology digital goods consulting

Subsidiary of
~$700 Million
Merger of Equals Sale to $40 Million M&A Advisory in $213 Million $81 Million $352 Million
$137 Million Sale to Connection with Initial Public
with Follow-On Initial Public
Sale to Unsolicited Offer Offering
Offering Offering
June 2011
Terminated June 2011 May 2011 March 2011 March 2011 February 2011 December 2010 December 2010
Banking / payments High-frequency trading Billing and payments Community bank Banking technology and Asset / wealth Retail FX trading services Fuel / fleet cards
software technology technology management solutions payment processing management software

$201 Million Sale of Retail $80 Million $124 Million $30 Million
Sale to Sale to $340 Million
Sale to FX Business to Sale to Initial Public Investment
Initial Public
Offering by
Offering

November 2010 October 2010 August 2010 July 2010 July 2010 June 2010 June 2010 June 2010
Asset / wealth Retail FX trading services Financial data and Card processing for Benefits administration Liquidity venue Technology and payment Active trading technology
management technology information services credit unions payments and software solutions to higher education

Acquisition of
Assent Professional $28 Million $40 Million $185 Million $30 Million
Trading Business Acquisition of Sale to Initial Public Acquisition of
Offering

June 2010 June 2010 May 2010 March 2010 March 2010
Active trading technology Active trading technology Prepaid card services Asset / wealth Payments / banking software
management software

3

Raymond James Selected Financial Technology Equity Research Coverage

Bank Technology Payments Liquidity Venues Trading Technology Investment Technology

Information Services Outsourced Solutions Benefits / Payroll Marketing Services Insurance Technology

4

RJ Underwriting Case Study: FXall’s $72M Initial Public Offering
FXall Overview:
February 2012  FXall provides leading foreign exchange liquidity and trading solutions to over 1,000 of the world’s largest hedge funds, CTAs, banks, broker-dealers,
corporate treasurers and asset managers
 FXall provides a full range of FX trading capabilities from execution to post-trade
 FXall operates as an agency-based model; does not risk own capital in facilitating customer trades
 Founded in 2000 and headquartered in New York City, with additional locations in Boston, Hong Kong, London, Mumbai, Tokyo, Singapore and
$72 Million Sydney
Initial Public
 Owned by Technology Crossover Ventures, 16 financial institutions and management
Offering
FXall Highlights:
 Trusted, independent leader in the FX market - processes more than $85 billion notional volume in FX transactions daily
Raymond James acted  Comprehensive suite of execution and workflow solutions
as an underwriter on  Diversified institutional client base
FXall’s initial public — 65% revenues generated outside of the U.S.

offering. — Minimal customer concentration
 Agency only model with no exposure to market or counterparty risk

 Transaction based revenue model with strong recurring revenue base due to:

— Recurring nature of FX transactions
— Tight integration with clients / FX operations

— Strong customer retention

 Led by industry veterans with substantial FX expertise

Offering Overview:
 FXall filed an S-1 on September 19, 2011 and completed a $72 million IPO on February 8, 2012
 Trades under the ticker “FX” on the New York Stock Exchange
 Raymond James served as the only non-shareholder, non-customer in FXall’s underwriting group
 First FinTech IPO in over a year

5

RJ Advisory Case Study: S1’s ~$600M Sale to ACI Worldwide
S1 Overview:
October 2011  S1 provides payments and financial services software solutions in the United States and internationally
 S1 operates in three segments: Payments, Large Financial Institutions and Community Financial Institutions
― The Payments segment provides ATM and retail point-of-sale driving, card management and merchant acquiring solutions
― The Large FI segment offers consumer banking, small business and corporate online banking and mobile banking solutions

~$600 Million ― The Community FI segment provides consumer and small business online and mobile banking and branch solutions

Sale to  Over 3,000 organizations worldwide depend on S1 for payments, online banking and branch banking solutions
 The Company was founded in 1994 and is headquartered in Norcross, GA

Transaction Overview and Rationale:
 Raymond James served as the sole financial advisor to S1 Corporation (the “Company” or “S1”) in its ~$600 million sale to ACI announced on October 3,
2011
Raymond James ― Represents the culmination of a long-term advisory relationship
acted as the exclusive ― Raymond James had previously served as S1’s advisor in its planned merger with Fundtech and for the Company’s acquisition of PM Systems in
financial advisor to S1 March 2010

in this transaction.  Raymond James initially advised S1 in connection with its proposed $700 million merger with Fundtech, announced June 2011. Following the
announcement of that transaction, ACI made an unsolicited offer to acquire S1. Raymond James advised S1 with respect to the offer from ACI,
successfully negotiating a transaction; S1 also received an $11.9 million termination fee from Fundtech upon Fundtech’s acquisition by GTCR
 The combined company will enhance scale and provide additional breadth and product capabilities to serve the entire spectrum of financial institutions,
processors and retailers
 ACI anticipates that with S1 it will achieve annual cost synergies of approximately $30 million
 ACI also expects the increased global scale to generate further margin expansion and for the transaction to be accretive in 2012
 For the last twelve months ending June 30, 2011, the companies generated a pro forma combined revenue of $683 million and adjusted EBITDA of $123
million
― The Company is expected to have a strong financial profile, including a solid balance sheet with substantial liquidity to support long-term growth

Successful Outcome:
 ACI announced the acquisition of S1 on October 3, 2011, for approximately $9.55 per share based on ACI’s closing price on September 30, 2011

 $9.55 represented a 34% premium over S1’s closing price the day prior to ACI’s initial announcement on July 26, 2011
 S1’s Board of Directors unanimously approved the transaction; Raymond James provided a fairness opinion
 Transaction multiples and other terms were very strong and represented a premium outcome for the Company and its shareholders
― 24.5x LTM EBITDA
― 15.1x CY EBITDA
 The transaction was completed on February 13, 2012

6

RJ Advisory Case Study: PayFlex’s $202M Sale to Aetna
Company Background:
October 2011
 PayFlex Holdings Inc. (“PayFlex”) is a leading benefits administrator within the account based health plan sector
 PayFlex provides proprietary web-based benefit administration services and specialized debit cards for plan sponsors who offer consumer-based
products such as Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs) and Flexible Spending Accounts (FSAs) and also provides
COBRA direct-billing services
$202 Million  PayFlex pioneered the first platform that combines benefit financial accounts, wellness and eligibility management all in one, branded as
Sale to “HealthHub”
― The HealthHub platform, which houses nearly one million participants and several million eligible lives, combines over two decades of tax-
advantaged account administration experience with a suite of wellness and engagement services that is integrated together to form a
powerful solution
Raymond James  PayFlex provides its solutions to over 3,330 employers, including numerous Fortune 1000 companies
acted as the exclusive  PayFlex was founded in 1987, is headquartered in Omaha, Nebraska and was owned by its founders, Oak Investment Partners, and management
financial advisor to and employees
PayFlex in this
transaction. Investment Banking Role:
 Raymond James served as the sole financial advisor to PayFlex
 The transaction represented the culmination of a long-term strategic advisory relationship
 Raymond James managed a competitive sale process targeting a limited number of strategic and financial buyers
 Raymond James led the marketing process, due diligence and negotiations with Aetna and other potential buyers

Successful Outcome:
 Transaction value of approximately $202 million represents a premium outcome for the Company and its investors
 Aetna Inc. (“Aetna”), headquartered in Hartford, CT, acquired PayFlex on October 4, 2011
 Aetna Inc. operates as a diversified health care benefits company in the United States
 Aetna is publicly-traded (NYSE: AET) with a market cap of approximately $14.4 billion
 PayFlex will allow Aetna to extend its ability to provide members with flexible, customized, easy-to-use tools and solutions to better manage their
health care expenses

7

RJ Advisory Case Study: Broadridge’s $77M Acquisition of Paladyne
Broadridge Overview:
September 2011  Headquarters: Lake Success, NY
 Employees: 5,900+
 Ticker: BR (NYSE)
 Market Capitalization: $3.0 billion
 Formed through public spin-off from ADP in 2007
$77 Million
 Provides mission critical securities processing / outsourcing and investor communications solutions
Acquisition of
Paladyne Overview:
 Paladyne is a leading provider of integrated front-, middle- and back-office solutions for the global hedge fund industry, delivered either on a fully hosted /
ASP basis or as a local client installation
 Clients include start-up funds, global fund complexes, hedge fund administrators and prime brokers:
Raymond James
acted as the exclusive
financial advisor to  Revenues derived from annual fees for Paladyne’s order and portfolio management systems, delivered primarily via an ASP model with in excess of 85%
Broadridge in this recurring revenues
transaction.  Headquartered in New York City with offices in St. Petersburg, Hong Kong and London
 Founded in 2005; Approximately 150 FTEs

 Broadridge Financial Solutions, Inc. (“Broadridge”) announced its acquisition of Paladyne Systems, Inc. (“Paladyne”) on September 8, 2011 for $77 million
 Raymond James served as the exclusive financial advisor to Broadridge on the acquisition of Paladyne
― Provided the initial introduction between the two companies and advised Broadridge on deal structuring and execution
― Prepared extensive financial and synergy analyses and valuation materials to assist in development of optimal transaction structure
― Leveraged deep industry relationships to provide Broadridge with market intelligence and perspective on Paladyne's solutions
 The acquisition of Paladyne significantly enhances Broadridge’s buy-side solutions and market presence
― Buy-side firms include mutual or pension funds and insurance groups that buy securities for money-management purposes
― Buy-side firms purchase nearly 40% of capital markets technology and services and represent a segment of virtually untapped opportunity for
Broadridge
 Provides Broadridge a comprehensive technology and outsourcing services solution to the hedge fund, asset management, fund administration, prime
brokerage and custodial industry segments
 Creates substantial cross-selling opportunities leveraging Broadridge’s existing salesforce and brokerage firm relationships

8

RJ Advisory Case Study: Plimus’ $115M Sale to Great Hill Partners
Plimus Overview:
September 2011  Plimus, Inc. (“Plimus” or the “Company”) offers a global e-commerce, marketing and payment platform for digital goods, online services and SaaS
business models
 Plimus serves a rapidly expanding client base of more than 6,500 small-to-medium sized businesses and larger enterprises:

$115 Million
Sale to
 In 2010, Plimus facilitated more than four million digital goods and content-related transactions, with total volume of approximately $200 million
 Prior to the sale, Plimus was owned by Susquehanna Growth Equity (“SGE”), Plimus founders, key management team members and employees
 Plimus is based in Fremont, California, with an additional office in Israel

Raymond James Great Hill Partners Overview:
acted as the exclusive  Great Hill Partners (“GHP”) is a Boston-based private equity firm that manages more than $2.5 billion in capital
financial advisor to  GHP provides capital to finance the expansion, recapitalization or acquisition of growth companies in a wide range of sectors within the business and
Plimus in this consumer services, media, communications and software industries
transaction.  In addition to its recent investment in Plimus, GHP has extensive experience investing in the FinTech sector:

 Plimus was sold to GHP for $115 million on September 29, 2011

 Raymond James served as the exclusive advisor to Plimus in the transaction and provided several key services:
— Prepared creative marketing materials highlighting the Company’s unique positioning and rapid growth
— Managed the due diligence process efficiently and effectively
— Drove the negotiation of the transaction alongside Company counsel
 This transaction had a number of benefits for each party:
— SGE, the Company’s private equity owner, and the Company founders gained liquidity for their ownership stakes
— Plimus will now have access to a greater amount of capital and resources, thus benefiting the Company as it continues to grow its business
— GHP has a new payments / e-commerce platform to grow organically and also use to make additional acquisitions

9

Trading Analysis by Sector
(USD in millions) Long- Price/
Capitalization Enterprise Value / Enterprise Value / Revenue EBITDA Term Earnings
Equity Enterprise Trading Performance Revenue EBITDA P /E Growth Margin EPS to Growth
Sector (1) Value Value YTD 1 Year 3 Year 5 Year LTM 2012E 2013E LTM 2012E 2013E 2012E 2013E 2012E 2013E 2012E 2013E Growth Ratio

Liquidity Venues $6,168.5 $9,737.7 8.0% (4.8)% 67.6% (10.5)% 5.6x 5.1x 4.5x 8.9x 8.5x 7.8x 14.7x 13.3x 5.2% 7.3% 58.1% 58.8% 10.1% 1.6

Benefits / Payroll 6,252.3 6,232.6 0.7% 7.5% 82.0% 20.2% 4.3x 4.0x 3.5x 11.7x 10.7x 9.7x 19.1x 17.1x 6.7% 8.0% 28.9% 29.4% 15.1% 1.9

Information Services 3,943.0 3,735.4 3.6% 5.8% 125.6% 5.9% 3.0x 2.8x 2.6x 11.3x 9.0x 8.5x 15.4x 14.2x 7.0% 7.3% 28.8% 28.9% 13.0% 1.4

Outsourced Solutions 3,563.5 3,516.5 6.3% (4.2)% 133.5% 3.7% 1.4x 1.5x 1.3x 9.2x 7.1x 6.3x 12.4x 10.9x 9.0% 9.6% 18.1% 18.1% 14.1% 1.0

Insurance Technology 2,112.3 2,491.7 (3.1)% 0.9% 130.9% 83.9% 3.5x 3.1x 1.4x 10.4x 9.8x 9.0x 15.6x 15.5x 5.5% 6.3% 31.4% 32.2% 14.1% 0.9

Investment Technology 1,938.6 2,373.0 8.1% (6.3)% 66.8% (24.0)% 2.8x 2.5x 2.2x 11.9x 10.4x 8.8x 15.4x 13.1x 5.8% 8.6% 24.2% 26.1% 12.6% 1.3

Marketing Services 1,641.6 2,044.3 5.1% (10.8)% 126.9% 50.2% 1.2x 1.1x 1.1x 8.3x 6.1x 5.7x 15.7x 14.1x 5.5% 6.9% 21.7% 20.8% 13.3% 1.5

Bank Technology 1,732.8 1,970.4 4.5% (0.7)% 92.3% 8.0% 2.4x 2.0x 2.0x 9.3x 7.8x 7.3x 15.1x 11.6x 4.6% 4.8% 25.1% 26.1% 12.3% 1.2

Payments 1,101.7 1,144.5 7.0% 10.7% 97.0% (7.4)% 2.3x 2.3x 2.2x 10.0x 8.7x 7.8x 17.2x 13.7x 10.4% 9.4% 25.9% 27.3% 15.0% 1.0

Trading Technology (2) 712.3 712.3 (0.1)% (24.4)% 20.4% (24.0)% 1.1x 1.0x 1.1x 8.2x 6.6x 4.9x 10.4x 8.8x (0.3%) 8.7% 20.7% 22.7% 11.5% 1.3

Overall Median $2,025.5 $2,432.4 4.8% (2.5%) 94.7% 4.8% 2.6x 2.4x 2.1x 9.7x 8.6x 7.8x 15.4x 13.5x 5.7% 7.7% 25.5% 26.7% 13.1% 1.3

Source: Capital IQ.
Note: Sectors sorted by Enterprise Value.
(1) Denotes sector median value.
(2) Market Capitalization used in place of Enterprise Value.

10

Relative Stock Price Performance by Sector
Year-to-Date Performance One-Year Performance
15.0%
15.0%
10.7%
10.0%
10.0% 8.1% 8.0% 7.5%
7.0% 5.8%
6.3%
5.1% 4.5%
5.0% 3.6% 5.0%
0.9%
0.7%
0.0% 0.0%
(0.1%) (0.7%)

(5.0%) (3.1%) (5.0%)
(4.2%) (4.8%)
(6.3%)
(10.0%) (10.0%)
(10.8%)

(15.0%) (15.0%)

(20.0%) (20.0%)

(25.0%) (25.0%)
(24.4%)

(30.0%) (30.0%)
Investment Liquidity Payments Outsourced Marketing Bank Information Benefits / Trading Insurance Payments Benefits / Information Insurance Bank Outsourced Liquidity Investment Marketing Trading
Technology Venues Solutions Services Technology Services Payroll Technology Technology Payroll Services Technology Technology Solutions Venues Technology Services Technology

Three-Year Performance Five-Year Performance
140.0% 133.5% 130.9% 140.0%
126.9% 125.6%

97.0%
92.3%
90.0% 82.0% 90.0% 83.9%

67.6% 66.8%

50.2%

40.0% 40.0%

20.4% 20.2%
8.0% 5.9% 3.7%

(10.0%) (10.0%)
(7.4%) (10.5%)
(24.0%)
(24.0%)

(60.0%) (60.0%)
Outsourced Insurance Marketing Information Payments Bank Benefits / Liquidity Investment Trading Insurance Marketing Benefits / Bank Information Outsourced Payments Liquidity Investment Trading
Solutions Technology Services Services Technology Payroll Venues Technology Technology Technology Services Payroll Technology Services Solutions Venues Technology Technology
Source: Capital IQ.
Data represent median performance for each sector.

11

Valuation Multiple Analysis by Sector
Enterprise Value / 2012E Revenue Enterprise Value / 2013E Revenue
5.5x 5.5x
5.1x
5.0x 5.0x

4.5x
4.5x 4.5x
4.0x
4.0x 4.0x
3.5x
3.5x 3.5x
3.1x
3.0x 2.8x 3.0x
2.5x 2.6x
2.5x 2.3x 2.5x
2.2x 2.2x
2.0x 2.0x
2.0x 2.0x

1.5x 1.4x
1.5x 1.5x 1.3x
1.1x 1.1x 1.1x
1.0x
1.0x 1.0x

0.5x 0.5x

0.0x 0.0x
Liquidity Benefits / Insurance Information Investment Payments Bank Outsourced Marketing Trading Liquidity Benefits / Information Investment Payments Bank Insurance Outsourced Trading Marketing
Venues Payroll Technology Services Technology Technology Solutions Services Technology Venues Payroll Services Technology Technology Technology Solutions Technology Services

Enterprise Value / 2012E EBITDA Enterprise Value / 2013E EBITDA
12.0x 12.0x

10.7x
10.4x
10.0x 9.8x 10.0x 9.7x
9.0x 9.0x
8.7x 8.8x
8.5x 8.5x
7.8x 7.8x 7.8x
8.0x 8.0x
7.1x 7.3x
6.6x
6.3x
6.1x
6.0x 6.0x 5.7x
4.9x

4.0x 4.0x

2.0x 2.0x

0.0x 0.0x
Benefits / Investment Insurance Information Payments Liquidity Bank Outsourced Trading Marketing Benefits / Insurance Investment Information Liquidity Payments Bank Outsourced Marketing Trading
Payroll Technology Technology Services Venues Technology Solutions Technology Services Payroll Technology Technology Services Venues Technology Solutions Services Technology
Source: Capital IQ.
Data represent median multiples for each sector.

12

Valuation Multiple Analysis by Sector (cont’d)
2012E P / E 2013E P / E
20.0x 19.1x 20.0x

18.0x 17.2x 18.0x 17.1x

15.7x 15.6x 15.5x
16.0x 15.4x 15.4x 16.0x
15.1x
14.7x
14.2x 14.1x
13.7x
14.0x 14.0x 13.3x 13.1x
12.4x
12.0x 12.0x 11.6x
10.9x
10.4x
10.0x 10.0x
8.8x

8.0x 8.0x

6.0x 6.0x

4.0x 4.0x

2.0x 2.0x

0.0x 0.0x
Benefits / Payments Marketing Insurance Investment Information Bank Liquidity Outsourced Trading Benefits / Insurance Information Marketing Payments Liquidity Investment Bank Outsourced Trading
Payroll Services Technology Technology Services Technology Venues Solutions Technology Payroll Technology Services Services Venues Technology Technology Solutions Technology

Price / Earnings to Growth Ratio
2.0
1.9
1.8

1.6 1.6
1.5
1.4
1.4
1.3 1.3
1.2
1.2
1.0 1.0
1.0
0.9

0.8

0.6

0.4

0.2

0.0
Benefits / Liquidity Marketing Information Investment Trading Bank Payments Outsourced Insurance
Payroll Venues Services Services Technology Technology Technology Solutions Technology

Source: Capital IQ.
Data represent median multiples for each sector.

13

Growth and Margin Analysis by Sector
2012E Revenue Growth 2013E Revenue Growth
12.0% 12.0%

10.4%
10.0% 10.0% 9.6% 9.4%
9.0%
8.7% 8.6%
8.0%
8.0% 8.0% 7.3% 7.3%
7.0% 6.9%
6.7%
6.3%
5.8%
6.0% 5.5% 5.5% 6.0%
5.2%
4.8%
4.6%

4.0% 4.0%

2.0% 2.0%

0.0% 0.0%
(0.3%)

-2.0% -2.0%
Payments Outsourced Information Benefits / Investment Marketing Insurance Liquidity Bank Trading Outsourced Payments Trading Investment Benefits / Information Liquidity Marketing Insurance Bank
Solutions Services Payroll Technology Services Technology Venues Technology Technology Solutions Technology Technology Payroll Services Venues Services Technology Technology

2012E EBITDA Margin 2013E EBITDA Margin
70.0% 70.0%

60.0% 58.1% 60.0% 58.8%

50.0% 50.0%

40.0% 40.0%

31.4% 32.2%
28.9% 28.8% 29.4% 28.9%
30.0% 30.0% 27.3%
25.9% 25.1% 26.1% 26.1%
24.2%
21.7% 22.7%
20.7% 20.8%
20.0% 18.1% 20.0% 18.1%

10.0% 10.0%

0.0% 0.0%
Liquidity Insurance Benefits / Information Payments Bank Investment Marketing Trading Outsourced Liquidity Insurance Benefits / Information Payments Bank Investment Trading Marketing Outsourced
Venues Technology Payroll Services Technology Technology Services Technology Solutions Venues Technology Payroll Services Technology Technology Technology Services Solutions
Source: Capital IQ.
Data represent median values for each sector.

14

Company Trading Analysis
PAYMENTS
Equity Enterprise Trading Performance Revenue EBITDA P/E Growth Margin EPS to Growth
Company Value Value YTD 1 Year 3 Year 5 Year LTM 2012E 2013E LTM 2012E 2013E 2012E 2013E 2012E 2013E 2012E 2013E Growth Ratio

Visa, Inc. $78,227.1 $75,486.1 16.5% 60.1% 105.2% NA 7.9x 7.3x 6.5x 12.5x 11.5x 10.1x 18.7x 16.1x 10.4% 11.5% 63.3% 64.2% 19.3% 1.0
Mastercard Incorporated 53,134.7 48,194.7 19.3% 74.7% 165.8% 295.1% 7.2x 6.4x 5.7x 13.0x 11.4x 9.9x 19.2x 16.4x 12.4% 12.2% 56.3% 57.5% 17.9% 1.1
eBay Inc. 45,994.3 42,154.6 13.2% 10.7% 228.8% 11.9% 3.6x 3.1x 2.7x 12.7x 9.5x 8.2x 15.6x 13.4x 19.2% 14.2% 32.2% 32.5% 13.4% 1.2
Discover Financial Services 15,905.5 31,329.7 10.0% 42.1% 423.7% NA 5.2x 4.2x 4.0x NA NA NA 8.8x NA 5.8% 4.7% NA NA 9.4% 0.9
The Western Union Company 10,837.2 13,045.1 (8.4%) (18.7%) 56.5% (18.4%) 2.4x 2.3x 2.1x 8.0x 7.6x 7.2x 10.1x 9.0x 5.2% 5.0% 29.5% 30.0% 11.6% 0.9
Alliance Data Systems Corporation 6,073.2 12,692.6 10.4% 56.5% 310.0% 104.7% 4.0x 3.6x 3.3x 13.6x 11.3x 10.3x 14.3x 12.6x 10.3% 8.2% 32.0% 32.6% 15.4% 0.9
Sage Group plc 6,462.3 6,480.3 7.0% 11.1% 82.0% 20.2% 3.0x 2.9x 2.8x 10.3x 10.1x 9.6x 14.9x 13.7x 3.6% 3.3% 28.9% 29.4% 5.4% 2.8
VeriFone Systems, Inc 5,074.4 4,958.8 21.5% 7.4% 1003.5% 23.5% 3.8x 2.5x 2.2x 17.0x 11.8x 10.0x 17.3x 14.3x 39.2% 12.2% 21.1% 22.1% 25.4% 0.7
Total System Services, Inc. 4,132.7 4,095.3 2.3% 23.3% 73.9% (30.3%) 2.3x 2.3x 2.2x 9.1x 7.7x 7.3x 17.2x 15.5x 0.3% 4.9% 29.4% 29.7% 9.2% 1.9
Global Payments Inc. 4,044.9 4,078.3 3.2% 8.8% 68.3% 34.6% 2.0x 1.8x 1.6x 8.7x 7.9x 7.3x 14.9x 13.7x 12.1% 9.4% 22.7% 22.3% 12.2% 1.2
FleetCor Technologies, Inc. 3,031.3 3,444.9 9.5% 20.6% NA NA 6.6x 5.5x 5.0x 13.4x 10.3x 9.2x 14.2x 12.4x 22.9% 10.0% 53.5% 54.5% 16.4% 0.9
Wright Express Corp. 2,394.2 2,670.6 13.1% 24.3% 322.7% 114.4% 4.8x 4.5x 4.1x 9.9x 9.0x 8.2x 14.5x 12.9x 7.3% 9.6% 49.4% 49.5% 13.0% 1.1
Wirecard AG 2,014.0 1,806.6 7.3% 23.2% 216.6% 132.9% 4.3x 3.4x 2.9x 17.6x 12.4x 10.7x 19.0x 16.3x 23.4% 16.5% 27.1% 27.1% 17.8% 1.1
Moneygram International Inc. 1,027.6 1,793.6 (2.4%) (16.1%) 60.0% (92.5%) 1.4x 1.3x 1.2x 8.1x 6.7x 6.2x 17.7x 13.5x 7.3% 8.4% 20.0% 20.0% 15.0% 1.2
Cardtronics Inc. 1,171.3 1,536.7 4.9% 41.4% 1799.3% NA 2.5x 2.1x 1.9x 10.3x 8.4x 7.7x 17.5x 14.9x 20.0% 7.6% 24.5% 25.1% 15.1% 1.2
Heartland Payment Systems, Inc. 1,101.7 1,144.5 20.9% 44.3% 414.0% 14.2% 0.6x 0.5x 0.4x 10.8x 9.0x 8.0x 20.8x 17.6x 7.2% 19.0% 5.9% 5.6% 14.9% 1.4
Euronet Worldwide Inc. 970.7 1,138.8 6.5% 10.3% 97.0% (29.8%) 1.0x 0.9x 0.8x 8.2x 6.8x 6.2x 11.9x 10.7x 8.7% 6.6% 13.1% 13.5% 14.0% 0.8
Green Dot Corporation 1,131.7 927.7 12.2% (34.8%) NA NA 1.9x 1.6x 1.3x 9.7x 6.3x 5.2x 17.3x 13.8x 21.5% 21.7% 25.7% 25.7% 24.6% 0.7
Bottomline Technologies Inc. 1,018.1 886.7 3.6% 32.3% 380.3% 134.0% 4.2x 3.8x NA 25.4x 16.4x 13.5x 25.0x NA 10.9% NA 23.3% NA 17.4% 1.4
Higher One Holdings, Inc. 831.9 784.7 (12.7%) (20.4%) NA NA 4.5x 3.6x 3.0x 12.3x 8.9x 7.1x 17.8x 14.0x 17.9% 20.8% 40.3% 41.5% 25.0% 0.7
Netspend Holdings, Inc. 656.3 642.7 1.2% (30.0%) NA NA 2.1x 1.9x 1.7x 8.8x 7.2x 6.2x 19.4x 16.2x 11.1% 12.1% 26.2% 27.3% 19.1% 1.0
PayPoint plc 626.5 592.1 5.1% 70.6% 50.6% 3.6% 4.6x 4.3x 4.1x 9.1x 8.1x 7.8x 13.5x 13.0x 3.7% 4.3% 52.3% 52.1% NA NA
Global Cash Access Holdings, Inc. 360.4 501.1 2.6% 63.0% 97.9% (63.9%) 0.9x 0.9x 0.8x 10.0x 6.6x NA 8.8x 7.2x 7.6% 6.8% 13.2% NA 10.5% 0.8
Net 1 Ueps Technologies Inc. 443.2 471.1 (4.9%) (3.2%) (31.8%) (63.5%) 1.2x 1.1x NA 3.4x 9.1x NA 20.1x NA 11.9% NA 12.1% NA NA NA
Digital River Inc. 627.9 261.2 9.2% (45.9%) (26.2%) (67.8%) 0.7x 0.6x 0.6x 4.3x 3.0x 2.7x 14.3x 13.0x 3.9% 6.5% 21.5% 22.8% 16.7% 0.9
Online Resources Corp. 96.2 211.0 11.9% (54.0%) 1.4% (71.0%) 1.4x 1.3x 1.3x 10.4x 6.9x 5.8x 22.3x NA 3.4% 3.8% 19.1% 21.9% 13.3% 1.7
Newtek Business Services Inc. 46.4 86.1 6.6% (22.7%) 242.1% (48.0%) 0.7x NA NA 6.1x NA NA NA NA NA NA NA NA NA NA
Billing Services Group Limited 44.7 82.4 (2.5%) 12.4% (12.1%) (63.6%) 0.7x NA NA 4.2x NA NA NA NA NA NA NA NA NA NA
Cass Information Systems Inc. 398.7 63.9 (4.4%) 10.5% 64.0% 35.8% 0.6x NA NA 1.8x NA NA NA NA NA NA NA NA NA NA
Official Payments Holdings, Inc. 84.2 37.4 17.7% (18.9%) (8.3%) (34.3%) 0.3x 0.3x NA NA NA NA NA NA 7.5% NA NA NA 15.0% NA
TIO Networks Corp. 23.4 20.1 10.0% (2.9%) 41.4% (55.8%) 0.5x 0.4x 0.3x 11.5x 4.7x 2.8x 9.4x NA 31.1% 33.6% 7.9% 9.8% NA NA
Payments Median $1,101.7 $1,144.5 7.0% 10.7% 97.0% (7.4%) 2.3x 2.3x 2.2x 10.0x 8.7x 7.8x 17.2x 13.7x 10.4% 9.4% 25.9% 27.3% 15.0% 1.0

Source: Capital IQ.
Note: Sorted by Enterprise Value.

15

BANK TECHNOLOGY

Intuit Inc. $17,057.5 $17,097.5 2.3% 12.5% 153.8% 99.0% 4.2x 3.9x 3.5x 12.3x 10.5x 9.4x 19.2x 16.8x 8.5% 9.9% 37.2% 37.9% 15.1% 1.3
Fidelity National Information Services, Inc. 9,186.7 13,733.2 11.1% (2.0%) 81.3% (31.5%) 2.4x 2.3x 2.2x 8.3x 7.6x 7.2x 12.6x 11.1x 4.7% 5.0% 30.0% 30.4% 12.8% 1.0
Fiserv, Inc. 9,188.5 12,344.5 5.9% 6.9% 103.2% 26.0% 2.8x 2.7x 2.6x 9.4x 8.4x 7.9x 12.9x 11.6x 5.4% 4.7% 32.5% 32.9% 11.8% 1.1
Wolters Kluwer NV 5,535.1 8,513.0 1.5% (17.3%) 11.0% (37.9%) 1.9x 1.8x 1.8x 9.1x 7.3x 7.0x 9.0x 8.5x 4.4% 1.1% 24.8% 25.4% 4.0% 2.3
Fidelity National Financial, Inc. 3,824.3 4,208.5 (4.7%) 26.0% 4.2% (28.9%) 0.8x 0.8x NA 7.7x 7.8x NA 13.6x NA (2.5%) NA 10.8% NA NA NA
Jack Henry & Associates Inc. 2,927.7 2,978.5 (1.6%) 6.3% 111.8% 44.0% 3.0x 2.8x 2.7x 9.3x 8.6x 8.0x 18.5x NA 6.2% 6.3% 32.8% 33.1% 11.8% 1.6
Lender Processing Services, Inc. 1,859.8 2,931.6 31.9% (34.4%) (15.8%) NA 1.4x 1.5x 1.5x 6.0x 6.2x 6.2x 9.4x 8.7x (5.9%) 1.3% 23.6% 23.5% 10.0% 0.9
Misys plc 1,732.8 1,970.4 1.7% 0.3% 163.1% 22.9% 3.0x 2.8x 2.6x 15.5x 10.9x 10.1x 16.5x 14.1x 11.4% 5.2% 25.1% 26.0% 14.1% 1.2
Deluxe Corp. 1,256.5 1,967.5 (4.0%) (1.8%) 219.6% (20.7%) 1.4x 1.4x 1.3x 5.5x 5.6x 5.5x 7.7x 7.4x 1.8% 1.3% 24.5% 24.6% 6.6% 1.2
Davis + Henderson Corporation 1,101.0 1,476.1 3.1% (16.9%) 48.1% 14.3% 2.1x 2.0x 1.9x 8.6x 7.5x 7.2x 11.0x 12.4x 3.2% 3.9% 25.9% 26.2% NA NA
Temenos Group AG 1,354.7 1,453.5 11.3% (49.9%) 61.4% (19.9%) 3.0x 2.9x 2.6x 10.4x 8.6x 7.9x 18.6x 16.0x 4.1% 8.2% 33.1% 33.2% 10.5% 1.8
ACI Worldwide, Inc. 1,480.1 1,358.9 23.1% 21.5% 111.5% 8.0% 2.9x 1.9x 1.7x 13.4x 8.4x 7.4x 18.0x NA 54.0% 9.8% 22.7% 23.5% 15.0% 1.2
Computer Services Inc. 239.0 231.3 6.7% 21.5% 152.3% 120.2% 1.3x NA NA 4.2x NA NA NA NA NA NA NA NA NA NA
Online Resources Corp. 96.2 211.0 11.9% (54.0%) 1.4% (71.0%) 1.4x 1.3x 1.3x 10.4x 6.9x 5.8x 22.3x NA 3.4% 3.8% 19.1% 21.9% 13.3% 1.7
Ellie Mae, Inc. 175.5 149.9 NA NA NA NA 2.7x 2.1x NA 32.8x NA NA 26.5x NA 35.6% NA NA NA 22.5% 1.2
Bank Technology Median $1,732.8 $1,970.4 4.5% (0.7%) 92.3% 8.0% 2.4x 2.0x 2.0x 9.3x 7.8x 7.3x 15.1x 11.6x 4.6% 4.8% 25.1% 26.1% 12.3% 1.2

INSURANCE TECHNOLOGY

Verisk Analytics, Inc. $7,168.4 $8,077.6 8.0% 40.2% NA NA 6.1x 5.6x 5.1x 13.7x 12.4x 11.3x 23.8x 20.9x 10.1% 9.3% 44.8% 45.1% 13.4% 1.8
CGI Group, Inc. 5,533.7 6,439.8 7.8% 10.0% 127.7% 119.5% 1.5x 1.5x 1.4x 8.3x 7.8x 7.1x 12.3x 10.5x 4.9% 5.1% 18.7% 19.6% 14.1% 0.9
Solera Holdings Inc. 3,362.6 4,109.8 0.1% (3.2%) 130.9% NA 5.5x 5.2x 4.9x 12.8x 11.7x 10.8x 17.2x 15.6x 6.0% 6.3% 44.0% 44.9% 17.2% 1.0
Ebix Inc. 862.1 873.7 (6.3%) (14.8%) 234.4% 662.5% 5.5x 4.8x NA 12.4x NA NA 14.3x NA 9.2% NA NA NA 20.0% 0.7
CorVel Corporation 514.6 504.5 (13.6%) (8.4%) 140.4% 48.2% 1.2x 1.2x 1.1x 8.1x NA NA 16.9x 15.5x 4.5% 8.7% NA NA NA NA
Crawford & Company 236.6 378.0 (22.3%) 5.0% (44.7%) (26.7%) 0.3x 0.3x 0.3x 3.6x 4.2x 3.7x 7.4x 6.1x (6.3%) 2.8% 7.9% 8.7% 12.5% 0.6
Insurance Technology Median $2,112.3 $2,491.7 (3.1%) 0.9% 130.9% 83.9% 3.5x 3.1x 1.4x 10.4x 9.8x 9.0x 15.6x 15.5x 5.5% 6.3% 31.4% 32.2% 14.1% 0.9

Source: Capital IQ.

16

BENEFITS / PAYROLL

Automatic Data Processing, Inc. $26,648.1 $25,328.9 (1.1%) 10.0% 59.1% 9.2% 2.4x 2.3x 2.1x 11.5x 10.7x 9.8x 19.0x 17.1x 6.6% 8.0% 21.4% 21.7% 10.2% 1.9
Intuit Inc. 17,057.5 17,097.5 2.3% 12.5% 153.8% 99.0% 4.2x 3.9x 3.5x 12.3x 10.5x 9.4x 19.2x 16.8x 8.5% 9.9% 37.2% 37.9% 15.1% 1.3
Paychex, Inc. 11,343.7 10,932.6 (0.9%) (4.7%) 41.9% (21.8%) 5.1x 4.7x 4.4x 11.8x 11.3x 10.0x 20.1x 18.3x 6.2% 7.3% 41.9% 44.1% 10.5% 1.9
Sage Group plc 6,462.3 6,480.3 7.0% 11.1% 82.0% 20.2% 3.0x 2.9x 2.8x 10.3x 10.1x 9.6x 14.9x 13.7x 3.6% 3.3% 28.9% 29.4% 5.4% 2.8
Edenred 6,042.2 5,984.8 7.7% 5.0% NA NA 4.3x 4.1x 3.7x 11.6x 10.9x 9.7x 21.1x 18.0x 6.0% 8.5% 37.2% 38.6% 15.1% 1.4
The Ultimate Software Group, Inc. 1,817.4 1,768.5 3.1% 33.1% 439.2% 165.9% 6.6x 5.4x 4.4x 40.2x 28.7x 21.1x 69.1x 49.8x 23.0% 21.0% 18.7% 20.9% 24.4% 2.8
Ebix Inc. 862.1 873.7 (6.3%) (14.8%) 234.4% 662.5% 5.5x 4.8x NA 12.4x NA NA 14.3x NA 9.2% NA NA NA 20.0% 0.7
Morneau Shepell Inc. 533.7 756.4 (1.0%) 3.7% 18.8% (7.3%) 2.1x 1.9x 1.9x 10.9x 9.6x 9.0x 17.2x 16.2x 6.9% 3.9% 20.1% 20.6% NA NA
Benefits / Payroll Median $6,252.3 $6,232.6 0.7% 7.5% 82.0% 20.2% 4.3x 4.0x 3.5x 11.7x 10.7x 9.7x 19.1x 17.1x 6.7% 8.0% 28.9% 29.4% 15.1% 1.9

MARKETING SERVICES

Experian plc $15,143.5 $17,112.5 10.1% 21.7% 126.9% 59.4% 3.8x 3.4x 3.1x 11.9x 10.4x 9.6x 17.2x 15.5x 9.5% 8.2% 32.6% 32.9% 13.0% 1.3
Alliance Data Systems Corporation 6,073.2 12,692.6 10.4% 56.5% 310.0% 104.7% 4.0x 3.6x 3.3x 13.6x 11.3x 10.3x 14.3x 12.6x 10.3% 8.2% 32.0% 32.6% 15.4% 0.9
Aimia Inc. 2,185.4 2,672.1 0.1% (1.6%) 32.8% (37.5%) 1.2x 1.1x 1.1x 10.3x 7.0x 6.4x 10.3x 8.1x 5.4% 5.0% 16.1% 16.8% NA NA
Bankrate, Inc. 2,383.8 2,521.2 0.3% NA NA NA 5.9x 4.7x 3.9x 19.4x 14.8x 12.1x 41.1x 29.5x 30.6% 18.4% 31.5% 32.5% 25.5% 1.6
Valassis Communications Inc. 1,066.9 1,567.5 6.4% (10.8%) 1750.4% 50.2% 0.7x 0.7x 0.7x 5.5x 5.0x 4.8x 8.0x 7.1x (1.0%) 1.2% 14.1% 14.5% 11.9% 0.7
Acxiom Corporation 1,097.8 1,237.7 3.8% (15.3%) 69.6% (34.6%) 1.1x 1.1x 1.0x 4.6x 4.8x 4.9x 21.8x 17.4x (6.2%) 5.6% 22.9% 21.2% 11.8% 1.8
QuinStreet, Inc. 471.8 441.4 6.9% (51.8%) NA NA 1.1x 1.1x 1.0x 6.3x 5.2x 4.7x 21.8x 18.5x 5.1% 9.2% 20.5% 20.5% 13.5% 1.6
CPP Group Plc 281.4 292.9 (13.1%) (63.3%) NA NA 0.5x 0.5x 0.5x 3.2x 3.4x 3.2x 5.7x 5.7x 5.7% (2.4%) 15.0% 16.0% NA NA
Marketing Services Median $1,641.6 $2,044.3 5.1% (10.8%) 126.9% 50.2% 1.2x 1.1x 1.1x 8.3x 6.1x 5.7x 15.7x 14.1x 5.5% 6.9% 21.7% 20.8% 13.3% 1.5

Source: Capital IQ.

17

LIQUIDITY VENUES

CME Group Inc. $19,219.6 $20,306.8 20.6% (5.5%) 58.7% (46.9%) 6.2x 6.1x 5.7x 8.9x 8.5x 7.8x 16.1x 14.2x 1.3% 7.3% 71.4% 72.5% 10.1% 1.6
Deutsche Boerse AG 12,364.8 13,201.7 11.7% (9.6%) 36.8% (34.9%) 4.2x 4.1x 4.0x 8.0x 7.2x 6.7x 10.5x 9.6x 4.1% 4.4% 57.4% 58.8% 11.4% 0.9
BM&F Bovespa SA 12,926.8 12,340.5 4.6% 3.8% 93.1% NA 11.1x 10.2x 9.0x 16.7x 14.9x 13.1x 14.7x 12.8x 6.7% 13.2% 68.5% 68.8% 15.2% 1.0
Hong Kong Exchanges & Clearing Limited 20,101.8 12,016.9 9.9% (14.8%) 131.2% 86.5% 11.4x 10.9x 10.4x 14.4x 14.6x 13.1x 27.3x 25.9x 6.9% 5.4% 74.7% 79.4% 7.5% 3.7
IntercontinentalExchange, Inc. 10,014.6 10,119.9 19.5% 8.5% 143.0% (8.4%) 7.6x 7.0x 6.5x 11.1x 9.8x 8.8x 17.2x 15.3x 8.2% 9.1% 71.8% 73.6% 12.5% 1.4
Nasdaq OMX Group Inc. 4,567.0 9,866.0 4.1% (4.8%) 26.0% (10.1%) 5.8x 5.7x 5.4x 11.2x 11.0x 10.3x 9.6x 8.5x 3.5% 5.5% 51.3% 51.9% 10.4% 0.9
NYSE Euronext, Inc. 7,799.7 9,737.7 10.1% (18.4%) 76.4% (63.6%) 3.6x 3.7x 3.5x 7.8x 7.6x 7.0x 11.6x 9.7x (2.3%) 6.7% 48.8% 50.2% 10.0% 1.2
Singapore Exchange Ltd. 6,168.5 5,658.5 11.1% (9.5%) 58.8% 6.8% 10.8x 10.2x 9.3x 18.9x 16.4x 14.6x 25.4x 22.5x 5.5% 10.0% 62.3% 63.8% 9.4% 2.7
London Stock Exchange Group plc 3,870.1 4,406.4 4.9% 0.7% 107.7% (28.5%) 3.7x 3.5x 3.3x 6.8x 6.2x 6.1x 10.3x 9.8x 11.1% 7.1% 57.1% 54.2% 5.9% 1.7
TMX Group Inc. 3,266.1 3,070.6 2.4% 6.5% 39.7% (10.5%) 4.5x 4.3x 4.0x 7.6x 7.3x 6.7x 11.6x 10.5x 5.2% 7.7% 58.1% 58.8% 6.0% 1.9
CBOE Holdings, Inc. 2,447.4 2,312.4 8.0% (1.1%) NA NA 4.6x 4.4x 4.1x 8.4x 7.9x 7.2x 16.6x 14.4x 4.1% 7.6% 55.5% 56.5% 10.6% 1.6
ASX Limited 5,838.8 1,974.4 1.8% (13.8%) 17.2% (26.8%) 2.3x 2.7x 2.6x 2.9x 3.5x 3.3x 14.2x 13.3x 4.1% 6.3% 77.2% 77.4% 7.9% 1.8
MarketAxess Holdings Inc. 1,217.9 1,016.8 7.2% 55.1% 319.8% 139.8% 5.6x 5.1x 4.5x 11.9x 10.5x 8.9x 24.4x 19.0x 10.3% 13.9% 48.7% 50.5% 22.5% 1.1
Liquidity Venues Median $6,168.5 $9,737.7 8.0% (4.8%) 67.6% (10.5%) 5.6x 5.1x 4.5x 8.9x 8.5x 7.8x 14.7x 13.3x 5.2% 7.3% 58.1% 58.8% 10.1% 1.6

Source: Capital IQ.

18

TRADING TECHNOLOGY
(1)

The Charles Schwab Corporation $17,646.2 $17,646.2 19.2% (25.6%) 9.2% (24.0%) 3.8x 3.7x 3.4x 12.6x 12.2x 10.3x 20.6x 16.8x 2.3% 9.5% 30.2% 32.7% 14.0% 1.5
TD Ameritrade Holding Corporation 10,242.2 10,242.2 16.3% (12.8%) 57.3% 16.8% 3.7x 3.7x 3.3x 9.9x 9.9x 8.0x 16.1x 12.5x (0.3%) 12.5% 37.5% 40.8% 12.1% 1.3
ICAP plc 3,962.1 3,962.1 14.5% (24.4%) 63.7% (17.4%) 1.5x 1.4x 1.4x 8.8x 6.5x 6.0x 9.9x 9.2x 2.8% 2.9% 21.6% 22.9% 8.0% 1.2
E*TRADE Financial Corporation 2,748.9 2,748.9 16.5% (38.4%) 20.4% (95.8%) 1.9x 1.5x 1.5x 7.6x 6.8x 4.9x 20.1x 14.1x (9.3%) 1.1% 21.7% 29.8% 15.5% 1.3
Knight Capital Group, Inc. 1,198.2 1,198.2 1.3% (2.8%) (24.7%) (17.5%) 0.9x 1.0x 0.9x 5.5x 5.2x 4.6x 9.4x 7.9x (8.8%) 9.7% 18.2% 19.0% 10.7% 0.9
FXCM Inc. 712.3 712.3 (10.8%) NA NA NA 1.8x 1.8x 1.5x 10.6x 6.7x 5.0x 10.5x 8.3x 8.1% 17.8% 26.5% 30.1% 1.0% 10.5
GFI Group Inc. 458.3 458.3 (15.2%) (20.3%) 71.4% (75.1%) 0.5x 0.4x 0.4x 7.2x 4.3x 4.0x 10.3x 7.6x 0.2% 8.5% 10.4% 10.3% 11.5% 0.9
Investment Technology Group Inc. 449.7 449.7 (0.1%) (39.3%) (40.9%) (71.8%) 0.8x 0.8x 0.8x 9.1x 9.7x 8.2x 16.3x 12.5x (4.8%) 3.9% 8.4% 9.7% 11.0% 1.5
INTL FCStone Inc. 429.9 429.9 (11.9%) (4.3%) 194.2% 31.7% 1.1x 0.9x NA 7.5x NA NA 9.3x 8.2x 11.7% NA NA NA NA NA
GAIN Capital Holdings, Inc. 179.3 179.3 (16.0%) NA NA NA 1.0x 0.9x 0.8x 4.7x 4.6x 3.7x 7.9x 6.6x (2.4%) 9.0% 19.9% 22.5% 15.0% 0.5
Penson Worldwide Inc 35.8 35.8 (11.7%) (80.3%) (73.3%) (95.3%) 0.1x 0.1x 0.1x NA 3.4x 1.4x NA NA (4.3%) 6.1% 4.1% 9.5% NA NA
Trading Technology Median $712.3 $712.3 (0.1%) (24.4%) 20.4% (24.0%) 1.1x 1.0x 1.1x 8.2x 6.6x 4.9x 10.4x 8.8x (0.3%) 8.7% 20.7% 22.7% 11.5% 1.3

Source: Capital IQ.

19

INVESTMENT TECHNOLOGY

The Bank of New York Mellon Corporation(1) $26,638.0 $26,638.0 10.4% (26.7%) (0.3%) (45.4%) 1.8x 1.8x 1.7x 7.0x 6.7x 6.1x 9.7x 8.9x 0.4% 4.7% 26.8% 27.8% 11.1% 0.9
State Street Corp. (1) 20,601.9 20,601.9 8.8% (4.8%) 67.1% (35.8%) 2.1x 2.1x 2.0x 7.3x 7.3x 6.7x 10.8x 9.5x 0.7% 6.3% 29.2% 30.0% 12.6% 0.9
Charles Schwab Corp. (1) 17,646.2 17,646.2 19.2% (25.6%) 9.2% (24.0%) 3.8x 3.7x 3.4x 12.6x 12.2x 10.3x 20.6x 16.8x 2.3% 9.5% 30.2% 32.7% 14.0% 1.5
Northern Trust Corporation(1) 10,707.9 10,707.9 7.4% (13.1%) (20.1%) (26.1%) 2.9x 2.7x 2.5x 10.5x 9.4x 8.3x 15.0x 13.1x 5.1% 6.4% 28.4% 30.2% 14.8% 1.0
TD Ameritrade Holding Corporation(1) 10,242.2 10,242.2 16.3% (12.8%) 57.3% 16.8% 3.7x 3.7x 3.3x 9.9x 9.9x 8.0x 16.1x 12.5x (0.3%) 12.5% 37.5% 40.8% 12.1% 1.3
Computershare Ltd. 4,628.3 5,884.7 0.8% (20.5%) 9.8% (22.7%) 3.6x 3.1x 2.8x 18.0x 12.2x 10.2x 15.1x 12.3x 13.8% 10.2% 25.0% 27.2% 11.7% 1.3
Broadridge Financial Solutions Inc. 3,019.0 3,375.1 1.3% 6.6% 52.3% NA 1.5x 1.4x 1.3x 11.8x 9.9x 8.2x 14.8x 12.2x 5.3% 4.5% 14.2% 16.4% 13.8% 1.1
DST Systems Inc. 2,273.7 3,204.1 9.4% 5.9% 80.1% (25.3%) 1.3x 1.7x 1.6x 11.9x 11.7x 10.9x 13.0x 11.8x 13.1% 3.4% 14.2% 14.7% 10.0% 1.3
SEI Investments Co. 3,487.7 3,082.8 10.1% (12.2%) 66.8% (34.1%) 3.3x 3.1x 2.9x 9.8x 12.2x 10.6x 15.6x 13.7x 4.9% 7.5% 25.6% 27.5% 12.5% 1.2
SS&C Technologies Holdings, Inc. 1,603.5 1,663.2 10.0% 6.3% NA NA 4.5x 4.1x 3.8x 21.1x 10.4x 9.6x 17.1x 16.3x 8.7% 7.6% 39.8% 40.0% 13.3% 1.3
Advent Software, Inc. 1,312.6 1,227.1 (3.5%) (8.2%) 88.9% 44.2% 3.8x 3.4x 3.1x 15.0x 14.4x 12.3x 27.9x 24.1x 12.1% 9.7% 23.4% 24.9% 21.0% 1.3
Financial Engines, Inc. 1,060.4 915.4 (3.1%) (7.8%) NA NA 6.4x 5.1x 4.1x 39.7x 31.7x 24.2x 49.6x 35.5x 24.7% 25.6% 16.1% 16.8% 33.3% 1.5
Fidessa group plc 971.5 858.5 (0.5%) 1.2% 113.4% 47.4% 1.9x 1.8x 1.7x 12.7x 12.4x 11.6x 19.5x 18.6x 4.3% 5.2% 14.8% 15.0% 12.0% 1.6
GlobeOp Financial Services S.A 778.4 671.5 24.5% 14.6% 479.7% NA 3.0x 2.7x 2.3x 12.0x 9.3x 7.7x 17.8x 14.7x 13.7% 17.6% 28.4% 29.4% NA NA
SimCorp A/S 711.3 658.8 6.0% 0.9% 55.2% (23.7%) 2.6x 2.4x 2.2x 10.3x 10.4x 9.0x 15.2x 13.1x 5.0% 12.2% 23.5% 24.0% NA NA
Envestnet, Inc. 396.0 331.3 6.0% 0.9% NA NA 2.7x 2.1x 1.7x 30.1x 16.7x 8.5x 28.1x 16.6x 25.5% 27.9% 12.9% 19.7% 34.5% 0.8
First Derivatives plc 125.9 158.3 (4.7%) 13.0% 239.1% 67.2% 2.4x 1.9x 1.7x 14.8x 10.0x 8.4x 12.8x 10.7x 18.8% 14.0% 18.9% 19.7% NA NA
Linedata Services SA 158.9 159.4 25.3% (12.1%) 195.6% (41.4%) 0.9x 0.8x 0.8x 5.7x 5.3x 5.1x 8.8x 8.0x 6.4% 3.1% 15.3% 15.4% 1.3% 6.8
Investment Technology Median $1,938.6 $2,373.0 8.1% (6.3%) 66.8% (24.0%) 2.8x 2.5x 2.2x 11.9x 10.4x 8.8x 15.4x 13.1x 5.8% 8.6% 24.2% 26.1% 12.6% 1.3

Source: Capital IQ.

20

INFORMATION SERVICES

Thomson Reuters Corporation $24,086.0 $31,503.0 3.3% (24.5%) (9.0%) (39.3%) 2.3x 2.4x 2.3x 9.4x 8.7x 8.4x 13.9x 12.6x 1.9% 3.3% 27.7% 27.8% 11.5% 1.2
Experian plc 15,143.5 17,112.5 10.1% 21.7% 126.9% 59.4% 3.8x 3.4x 3.1x 11.9x 10.4x 9.6x 17.2x 15.5x 9.5% 8.2% 32.6% 32.9% 13.0% 1.3
The McGraw-Hill Companies, Inc. 12,938.1 13,239.1 0.5% 23.6% 135.9% (28.1%) 2.1x 2.0x 1.9x 7.9x 7.5x 7.0x 14.1x 12.8x 3.4% 5.6% 27.0% 27.4% 10.5% 1.3
Reed Elsevier plc 10,675.7 10,675.7 5.3% 2.0% 5.0% (6.6%) 1.1x 1.1x 1.0x 3.7x 3.4x 3.4x 11.2x 10.7x 4.3% 2.2% 31.1% 31.2% 6.1% 1.8
Moody's Corp. 8,606.2 9,135.7 4.2% 23.2% 115.1% (41.6%) 4.0x 3.7x 3.5x 9.5x 8.6x 8.1x 14.5x 13.2x 8.6% 6.9% 42.9% 42.6% 12.5% 1.2
Wolters Kluwer NV 5,535.1 8,513.0 1.5% (17.3%) 11.0% (37.9%) 1.9x 1.8x 1.8x 9.1x 7.3x 7.0x 9.0x 8.5x 4.4% 1.1% 24.8% 25.4% 4.0% 2.3
Verisk Analytics, Inc. 7,168.4 8,077.6 8.0% 40.2% NA NA 6.1x 5.6x 5.1x 13.7x 12.4x 11.3x 23.8x 20.9x 10.1% 9.3% 44.8% 45.1% 13.4% 1.8
IHS Inc. 6,216.4 6,788.3 5.6% 14.7% 132.2% 152.1% 5.1x 4.4x 4.0x 16.9x 15.4x 12.9x 23.8x 19.6x 16.1% 10.0% 28.7% 31.2% 16.8% 1.4
Equifax Inc. 5,038.3 5,943.5 7.2% 18.2% 95.5% 8.9% 3.0x 2.8x 2.7x 9.3x 8.6x 8.0x 15.0x 13.5x 7.2% 7.3% 33.0% 33.2% 10.4% 1.4
Informa plc 4,152.4 5,399.2 12.8% 0.4% 103.7% (22.7%) 2.7x 2.6x 2.5x 9.9x 9.0x 8.5x 10.5x 9.7x 4.0% 4.2% 28.5% 28.9% 8.4% 1.2
MSCI Inc. 4,265.7 5,018.8 8.5% 1.7% 124.5% NA 5.6x 5.2x 4.8x 12.0x 11.3x 10.3x 18.0x 16.1x 6.4% 8.3% 46.4% 46.8% 13.0% 1.4
Dun & Bradstreet Corp. 3,944.2 4,743.7 (0.1%) 3.6% 11.7% (7.5%) 2.7x 2.7x 2.6x 9.0x 8.2x 7.5x 12.4x 11.4x (0.6%) 4.4% 33.1% 34.8% 9.1% 1.4
FactSet Research Systems Inc. 3,943.0 3,735.4 (1.9%) (14.6%) 126.8% 45.7% 5.0x 4.5x 4.1x 13.3x 11.7x 10.6x 20.8x NA 9.6% 11.1% 38.8% 38.6% 15.5% 1.3
Morningstar Inc. 3,001.5 2,534.6 0.6% 4.3% 114.6% 19.5% 4.0x NA NA 13.7x NA NA NA NA NA NA NA NA NA NA
Bankrate, Inc. 2,383.8 2,521.2 NA NA NA NA 5.9x 4.7x 3.9x 19.4x 14.8x 12.1x 41.1x 29.5x 30.6% 18.4% 31.5% 32.5% 25.5% 1.6
CoreLogic, Inc. 1,638.6 2,269.1 7.4% (16.1%) NA NA 1.7x 1.5x 1.5x 11.3x 6.8x 6.3x 16.3x 14.2x 5.0% 1.0% 22.6% 24.4% 9.5% 1.7
NICE Systems Ltd. 2,169.5 1,821.1 (4.3%) 4.1% 52.4% (9.2%) 2.3x 1.9x 1.7x 13.1x 8.0x 7.4x 14.1x 12.4x 17.8% 11.3% 24.2% 23.5% 20.0% 0.7
Fair Isaac Corp. 1,458.6 1,739.0 10.9% 48.3% 269.7% 3.2% 2.7x 2.7x 2.6x 9.4x 9.4x 9.4x 15.8x 14.3x 2.8% NA 28.8% 27.5% 16.5% 1.0
DealerTrack Holdings, Inc. 1,168.2 1,089.8 3.8% 43.5% 163.7% (14.6%) 3.1x 2.9x 2.6x 14.6x 13.7x 10.7x 26.9x 22.6x 6.8% 11.1% 21.4% 24.7% 14.5% 1.9
CoStar Group Inc. 1,526.3 977.5 (0.1%) 7.4% 135.2% 30.0% 3.9x 3.5x 3.2x 17.1x 14.9x 13.0x 44.1x 37.0x 10.0% 10.1% 23.7% 24.7% 22.7% 1.9
LoopNet, Inc. 785.4 674.3 12.6% 59.6% 214.0% 12.3% 7.8x 7.0x 6.4x 45.0x 24.2x 30.9x 61.8x 65.7x 12.7% 9.7% 28.9% 20.6% NA NA
The Dolan Company 270.9 473.1 (5.1%) (28.1%) 48.4% NA 1.6x 1.5x 1.4x 8.4x 6.6x 5.4x 14.0x 10.6x 7.4% 7.1% 22.9% 26.1% 14.3% 1.0
Intersections Inc. 201.3 195.8 (7.0%) 15.4% 147.2% 8.7% 0.5x 0.6x 0.6x 4.2x NA NA 12.8x 14.2x (7.9%) (5.9%) NA NA 8.0% 1.6
Reis, Inc. 107.6 92.4 (1.1%) 38.1% 154.1% 32.3% 3.1x NA NA 17.4x NA NA NA NA NA NA NA NA NA NA
Creditriskmonitor.com Inc. 19.8 11.5 (16.7%) (64.3%) 142.7% 31.6% 1.1x NA NA 8.3x NA NA NA NA NA NA NA NA NA NA
Information Services Median $3,943.0 $3,735.4 3.6% 5.8% 125.6% 5.9% 3.0x 2.8x 2.6x 11.3x 9.0x 8.5x 15.4x 14.2x 7.0% 7.3% 28.8% 28.9% 13.0% 1.4

Source: Capital IQ.

21

OUTSOURCED SOLUTIONS

Tata Consultancy Services Limited $48,737.9 $47,530.5 10.0% 8.6% 408.1% 94.5% 5.0x 4.1x 3.6x 16.1x 14.2x 12.6x 19.1x 17.1x 24.9% 14.4% 28.8% 28.3% 18.5% 1.0
Infosys Ltd. 33,505.9 29,786.9 6.3% (6.9%) 133.5% 33.5% 4.4x 3.8x 3.4x 13.9x 12.1x 11.2x 17.2x 15.7x 20.0% 11.3% 31.2% 30.1% 16.5% 1.0
Dell Inc. 31,079.6 25,515.6 1.9% 12.3% 102.8% (24.8%) 0.4x 0.4x 0.4x 4.7x 4.6x 4.5x 8.2x 7.8x 0.9% 2.0% 9.0% 8.8% 5.1% 1.6
Wipro Ltd. 21,511.3 20,460.8 5.4% (2.6%) 247.0% 22.1% 2.8x 2.4x 2.1x 14.6x 11.7x 11.1x 16.8x 15.8x 18.2% 12.7% 20.5% 19.1% 14.5% 1.2
Xerox Corp. 10,961.4 19,190.4 6.5% (22.5%) 58.9% (52.1%) 0.8x 0.8x 0.8x 6.1x 5.7x 5.3x 7.3x 6.7x 0.6% 2.1% 14.7% 15.5% 7.5% 1.0
Cognizant Technology Solutions Corporation 21,524.5 19,092.3 (0.1%) (4.8%) 285.6% 58.8% 3.1x 2.5x 2.1x 15.1x 12.5x 10.4x 20.6x 17.4x 23.1% 19.3% 20.3% 20.4% 20.5% 1.0
HCL Technologies Ltd. 6,837.1 6,923.7 13.1% 3.5% 384.8% 53.4% 1.8x 1.5x 1.3x 11.5x 8.2x 8.2x 13.9x 12.2x 25.6% 12.3% 18.1% 16.2% 23.0% 0.6
Computer Sciences Corporation 4,925.2 6,806.2 22.5% (32.9%) (8.6%) (39.1%) 0.4x 0.4x 0.4x 20.9x 3.3x 2.9x 10.2x 7.9x (1.8%) 2.1% 12.9% 14.2% 9.0% 1.1
CGI Group, Inc. 5,533.7 6,439.8 7.8% 10.0% 127.7% 119.5% 1.5x 1.5x 1.4x 8.3x 7.8x 7.1x 12.3x 10.5x 4.9% 5.1% 18.7% 19.6% 14.1% 0.9
Amdocs Limited 5,249.1 4,324.1 3.6% 1.9% 83.1% (11.4%) 1.3x 1.3x 1.2x 7.2x 6.2x 6.2x 12.5x 10.9x 4.8% 4.9% 20.8% 19.9% 9.8% 1.3
Genpact Ltd. 3,563.5 3,516.5 8.9% 18.6% 102.3% NA 2.2x 1.9x 1.7x 11.9x 10.7x 9.4x 18.8x 16.0x 17.8% 13.5% 17.6% 17.5% 16.5% 1.1
Lender Processing Services, Inc. 1,859.8 2,931.6 31.9% (34.4%) (15.8%) NA 1.4x 1.5x 1.5x 6.0x 6.2x 6.2x 9.4x 8.7x (5.9%) 1.3% 23.6% 23.5% 10.0% 0.9
Deluxe Corp. 1,256.5 1,967.5 (4.0%) (1.8%) 219.6% (20.7%) 1.4x 1.4x 1.3x 5.5x 5.6x 5.5x 7.7x 7.4x 1.8% 1.3% 24.5% 24.6% 6.6% 1.2
iGATE Corporation 988.4 1,954.9 (1.9%) (4.2%) 481.0% 143.1% 2.5x 1.7x 1.5x 12.4x 6.4x 6.3x 12.4x 10.3x NA 11.2% 26.4% 24.3% 17.4% 0.7
Mphasis Limited 1,857.2 1,498.3 16.6% (4.4%) 157.6% 55.5% 1.4x 1.2x 1.2x 7.5x 7.1x 6.6x 12.0x 11.2x 13.0% 5.9% 17.3% 17.7% 10.1% 1.2
Convergys Corporation 1,492.7 1,175.4 (2.9%) (7.5%) 99.7% (49.3%) 0.5x 0.5x 0.5x 4.5x 4.3x 4.0x 12.8x 11.4x 2.6% 3.3% 11.8% 12.2% 9.5% 1.3
TeleTech Holdings Inc. 864.5 783.4 (10.0%) (29.6%) 76.3% (56.2%) 0.7x 0.6x 0.6x 5.5x 4.8x 4.4x 11.2x 9.3x 1.3% 9.6% 13.5% 13.5% 13.6% 0.8
Exlservice Holdings, Inc. 867.9 783.6 16.0% 33.0% 244.1% 18.8% 2.2x 1.7x 1.5x 12.4x 9.6x 8.3x 18.6x 15.5x 25.9% 18.0% 18.1% 17.9% 20.3% 0.9
CSG International, Inc. 516.8 667.7 (1.1%) (16.7%) 18.4% (35.3%) 0.9x 0.9x 0.9x 3.9x 4.1x 3.9x 9.4x 9.6x 0.0% 1.7% 22.2% 22.9% 8.3% 1.1
WNS (Holdings) Ltd. 551.3 622.9 14.1% 5.9% 159.1% (65.0%) 1.2x 1.5x 1.3x 9.2x 8.3x 7.3x 8.8x 9.9x 13.8% 12.2% 17.9% 18.1% 20.7% 0.4
Virtusa Corp. 400.9 327.1 (1.1%) (6.7%) 155.0% NA 1.2x 1.0x 0.9x 10.8x 8.1x 6.3x 16.1x 13.0x 20.2% 13.9% 12.8% 14.4% 23.5% 0.7
Outsourced Solutions Median $3,563.5 $3,516.5 6.3% (4.2%) 133.5% 3.7% 1.4x 1.5x 1.3x 9.2x 7.1x 6.3x 12.4x 10.9x 9.0% 9.6% 18.1% 18.1% 14.1% 1.0

Source: Capital IQ.

22

Selected Recent Strategic Buyer M&A Activity
Announced Date Buyer Target Sector Transaction Size Comments

 PORTIA provides a broad set of middle-to-back office capabilities that allow investment managers to
track and manage the day-to-day activity in their investment portfolios
Investment  The solution supports a range of functions including corporate action processing, internal, client and
Feb-12 $170mm
Technology regulatory reporting, performance measurement and attribution and post trade compliance
PORTIA
 PORTIA’s offering will complement SS&C’s existing investment management solutions portfolio and
build upon SS&C’s financial technology development capabilities

 Beacon Software provides web-based technology solutions to community financial institutions
 Solutions offered include bill pay, treasury management, telephone banking, personal financial
Feb-12 Bank Technology NA management and mobile banking
 Beacon’s singular focus on community financial institutions enables Integrated Bank Technology to
continue its expansion into the community banking segment

 BANKS.com provides access to thousands of pages of current financial content, including: articles,
stock quotes, audio, video, blogs and much more
Information  The Company provides Internet search services through a combination of traffic aggregation and
Feb-12 $5mm
Services proprietary Websites
 The merger of BANKS.com’s portfolio of assets and Remark Media’s technology platform will expand
client product offerings while enhancing customer experience

 MoreMagic Solutions offers mobile payment solutions to mobile operators, financial institutions,
content providers and distributors, enabling consumers to purchase goods and services on demand
using a web-enabled mobile device
Feb-12 Payments NA  Combined, the technological capabilities of Oberthur Technologies and MoreMagic will create a
comprehensive mobile money services suite including secured end-to-end payment and money
transfer services, helping mobile operators and financial institutions to offer financial services in
mobility such as proximity, remote payment and mobile banking

 Sub1 is a Latin American payment service provider with 70% market share in Argentina
Feb-12 Sub1 Payments NA  The acquisition of Sub1 facilitates GlobalCollect’s strategic intention to expand in Latin America and
further contributes to the growth and ambition of GlobalCollect to be the leading electronic payment
service provider in the region

23

Selected Recent Strategic Buyer M&A Activity (cont’d)

 Kima Labs provides online shopping community solutions for mobile devices for in-store shopping
requirements
Feb-12 Payments NA  Its solutions enable users to scan and recommend items, see recommendations from people in the
community, get ideas for what to buy, and compare prices with other stores, as well as provide
suggestions for similar products and buy products in physical stores

 WHI Solutions provides web-based eBusiness solutions to automotive and heavy-duty parts sellers
and service providers
 With the acquisition of WHI, eBay plans to expand its catalog of auto replacement parts to specialty
Information
Feb-12 NA equipment to meet the needs of its customers
Services
 In addition to the catalog benefits for eBay Motors buyers, sellers will also enjoy a better experience
with an easier way to list inventory, with automatically populating listing fields including description,
image and vehicle application data using WHI’s catalog of millions of SKUs

 Insurers world provides strategic analytics and claims software to the property insurance industry
 Together, Enservio and Insurers World will be able to offer property insurers a full range of solutions
Insurance
Feb-12 NA from strategic analytics to claims software and services nationally
Technology
 As a combined entity, Enservio provides solutions to 12 of the largest property insurers in the nation,
has over 300 insurer customers and over 450 employees nationally

 NYSE acquired 25% of Fixnetix with an option to acquire the remaining portion of the business at any
time in the next three years
 Fixnetix is a service provider of ultra-low latency data provision, co-location, trading services and risk
controls for more than 50 markets worldwide
Trading
Feb-12 NA  The transaction positions NYSE Technologies’ global reach and technology solutions alongside
Technology
Fixnetix’s low latency market data and trading infrastructure services to present customers a
combined offering of core managed services delivered to markets and participants around the world
 The strategic investment will allow both companies to offer their trading and market information
services to global customers with greater integration and scale

 SEI acquired the assets of NorthStar Systems International
 The transaction expands SEI’s front-office capabilities across its Global Wealth Platform
Trading
Feb-12 NA  The acquired technology will enable SEI to deliver more sophisticated levels of front-office automation
Technology
and functionality to its wealth management clients in critical business areas such as client acquisition
and client management

24


 Tamarac provides an integrated, web-based suite of portfolio and client management software for
independent advisors and wealth managers
Investment  The company currently has relationships with approximately 500 Register Investment Advisor firms ,
Feb-12 $54mm
Technology collectively managing over $250 billion in assets
 The combination of Envestnet and Tamarac will enhance the way advisors support investors through
the Advisor Xi technology suite

 Intuitive Group International implements multi-channel, multi-touch marketing programs in Europe
 The acquisition will allow Parago to provide clients full-service programs designed to increase
Marketing customer acquisition, enhance channel sales performance and reward and recognize employee
Feb-12 NA
Services performance
 The combination of the two incentives providers will result in a greater reach and suite of total
engagement offerings, plus a client roster that includes many of the world’s leading companies

 Medagate powers OTCNetwork™, the only national closed loop over-the-counter (OTC) healthcare
benefits payments platform
Feb-12 Payments NA  Medagate's technology platform supports several applications that enable retail and healthcare to
intersect at the point of sale, enabling insured health plan members as well as Medicare and Medicaid
members to access and spend their monthly healthcare benefits in a user-friendly manner

 Integral Computers is a provider of secure payment services and products to the retail, hospitality and
petroleum industries
 Integral supports over 28,000 points of sale across Ireland and the U.K. and its hosted and offsite
Feb-12 Payments $26mm
payment solutions currently process over 5 billion transactions annually
 The acquisition of Integral accelerates Sage Pay’s existing strategy of offering connected payment
services to the cardholder present market

 Prima Capital is a provider of investment manager due diligence, research applications, asset
allocation modeling and multi-manager portfolios to the wealth management and retirement
industries
Investment  The acquisition of Prima extends Envestnet’s ability to deliver an expanded set of premium research-
Feb-12 $14mm
Technology based solutions to financial advisors
 Envestnet plans to enhance its wealth management solutions with Prima’s objective advice, analytics
and data on managed account strategies, mutual funds, ETFs and alternative investments, delivered
through powerful web-based technology

25


 R2 Financial Technologies is a provider of advanced risk and scenario-based analytics to traders,
portfolio and risk managers for pricing, hedging and capital management across asset classes
Information  The Company offers NxR², a front-office pricing, portfolio construction, and risk management
Feb-12 NA
Services software solution and R² Capital, a middle-office risk and capital management software solution
 The acquisition will enable S&P Capital IQ to give clients an integrated view of market and credit risks
across asset classes in a unique solution

 Navita is a provider of software and services to the global energy and commodity trading industry
 This acquisition will further extend Brady's footprint in the energy market as Navita's solutions support
trading and risk management in a number of segments already familiar to Brady, including electric
Trading
Feb-12 $27mm power, gas, emissions / carbon and related commodities
Technology
 Brady will gain an extended functional footprint in the areas of physical power and gas, as well as data
management, scheduling and nominations, which will enhance its current product offering to the
energy markets

 e-VERIFILE specializes in developing and delivering web-powered employee screening solutions and
Information support systems
Feb-12 NA
Services  Products and services include background checks, credit history reports and criminal background
investigations

 SBC Systems designs, supports and implements employee benefits management software
 The Company’s products are designed to help outsourcers, plan sponsors and associations deal with
Benefits / complex benefit plan provisions, communicate those provisions and manage the data and processes
Jan-12 NA
Payroll associated with administering their plans
 Morneau Shepell is headquartered in Canada and the acquisition expands its presence in the U.S.
benefits management market

 Green Dot Corporation has acquired certain processing and hardware assets of eCommLink (ECL) for
$2.5 million in cash
 This asset purchase will allow Green Dot to continue its strategy of vertical integration by bringing key
remaining elements of transaction processing in house, thereby reducing reliance on third parties
Jan-12 Payments $3mm
Processing  Green Dot recently renewed its outsourced processing agreement with TSYS for an additional two-
Assets year term
 During this period, Green Dot expects to transition those services from TSYS to its in-house processing
solution built on the assets acquired from ECL

26


 Cardstar is a Boston-based developer of mobile applications that extend the use of loyalty cards and
mobile coupons among consumers
Marketing
Jan-12 NA  The CardStar application consolidates membership and rewards cards on smartphones, letting
Services
consumers use a single application rather than a series of physical cards and enabling merchants to
tailor mobile deals and information to their customers

 Algorithmic Trading Management is a provider of global, multi-asset class algorithmic execution
Trading trading models
Jan-12 NA
Technology  Following the closing of the transaction, ATM will continue to operate as a separate financial
technology business offering broker neutral services to existing and future clients

 Mark Altman & Associates (MA&A) is a provider of comprehensive billing solutions serving municipal,
utility and private sector customers
 The merger will allow customers to benefit from a broad range of operating synergies and enables
Jan-12 Payments NA Billtrust to accelerate its growth in key municipal and utility markets
 Current print, eBilling and archiving platforms will be consolidated into a single, more powerful
platform that will enable new capabilities to automate services, drive usage of online payment
channels and monitor quality

 ADP announced its acquisition of the Indian payroll business of Randstad Holding nv from its Indian
subsidiary Ma Foi Randstad
 Ma Foi Consulting Solutions Ltd., the Indian company acquired by ADP from Ma Foi Randstad, offers
Jan-12 Benefits / Payroll NA
Indian Payroll managed payroll services and social benefits administration to clients across India through a fully
Business customized payroll engine
 Ma Foi Consulting Solutions serves over 350 brand-name multinational and domestic clients

 QUOSA is a content management and workflow productivity solutions provider for researchers and
information managers
Information
Jan-12 NA  QUOSA ‘s technological capabilities will be developed into Elsevier-branded solutions and will allow
Services
researchers and information professionals to manage information more efficiently at the various
stages of the research workflow including organizing, archiving and sharing

27


 Crivo, through its service offerings, provides its Brazilian customers highly sophisticated and versatile
decision-making capabilities
 The combination of Crivo and TransUnion will create significant value for the Brazilian market,
Information
Jan-12 NA providing a unique source of actionable data that will enable clients to adapt and maximize
Services
relationships and business processes at every stage in a customer's lifecycle
 Crivo's proprietary technologies are currently employed in growth industries such as credit,
telecommunications, insurance and retail

 The Pilot solution, built and used by TOBAM as its decision support solution for the fund’s principals, is
complementary to SunGard’s Asset Arena solution suite, which supports the core functions of the
asset management industry including investment management, investment operations and investor
Trading servicing
Jan-12 NA
Technology
Pilot  SunGard’s asset management solutions help institutional investors, hedge funds, private equity firms,
Software fund administrators and securities transfer agents improve both investment decision-making and
operational efficiency, while managing risk and increasing transparency

 Tender Retail is a Toronto-based payments company with a substantial North American distribution
network
 GFI Solutions intends to expand its product line, and it will be introducing a semi-integrated payment
Jan-12 Payments NA
solution complementary to Tender Retail's offering
 With this expansion, GFI Solutions will become the largest point-of-sale payment solutions provider in
Canada

 Icon Time Systems serves small businesses with PC-based and web-enabled time and attendance
products
 Paychex initially partnered with Icon Time Systems in February 2011 for the successful launch of the
Jan-12 Benefits / Payroll NA
Paychex PST 1000 time clock, an easy-to-use system that delivers progressive time and attendance
technology to small businesses
 Customers include restaurants, medical offices and manufacturing and retail companies

 Fortigent delivers a fully integrated and customizable business-to-business outsourced wealth
management solution to banks, trust companies, and independent advisory firms
Investment  Services include an open architecture investment platform with particular expertise in alternative
Jan-12 NA
Technology investments, a flexible unified managed account program and consolidated wealth reporting
 Upon completion of this transaction, Fortigent will remain solely focused on supporting practices
serving high-net-worth clients

28


 TaxACT is a provider of tax preparation software
 TaxACT’s offerings are available through a secure online delivery system, complemented by available
desktop downloads and extensive tax and IRS expertise
Outsourced
Jan-12 $288mm  The transaction is expected to be immediately accretive to InfoSpace earnings per share and year one
Solutions
return on shareholder capital is expected to exceed 16%
 For the twelve months ending September 30, 2011, TaxACT had revenues of $78.1 million and
adjusted EBITDA of $37.8 million

 WikiPay is a low-cost, cash-based payment and marketing platform solution for Peer-to-Peer,
Business-to-Consumer (B2C), Consumer-to-Business (C2B), and Business-to-Business (B2B)
transactions
Jan-12 Payments NA  WikiPay's mobile marketing application, WikiBlast, enables merchants to reach their client base
instantly with a variety of customizable SMS marketing programs
 The merger between WikiLoan and WikiPay will allow the new Company to market both robust
platforms to the same prospective clients and affiliate relationships

 Cover-All Technologies announced the acquisition of the assets of BlueWave Technology, including its
insurance claims software
 The Cover-All/BlueWave browser-based claims administration software solution will be marketed
Insurance both as a standalone solution as well as a fully integrated component within Cover-All's existing Policy
Jan-12 NA
Technology and Business Intelligence products
 BlueWave’s flagship product, PipelineClaims™, was designed and developed with an in-depth
knowledge of the claims process and utilizes the latest technologies to create a flexible, easy-to-use,
functionally rich and efficient claims solution

 Legent Clearing is a FINRA member firm providing securities clearing and other services to FINRA
member firms
Trading  Legent’s current client correspondent roster includes more than 75 broker / dealers
Jan-12 $20mm
Technology  The Company’s new relationship with COR Securities will enable it to improve and expand its product
and service offerings and continue to build on its network of fully-disclosed broker-dealer
correspondents

 Global Payments announced that HSBC Bank Malta PLC has agreed to sell its card acquiring business to
HSBC Bank HSBC Merchant Services Ltd, a Maltese subsidiary of Global Payments Inc
Malta, Card  HSBC Bank Malta plc, together with its subsidiaries, provides banking and financial related services in
Dec-11 Payments $14mm
Acquiring Malta
Business  HSBC Merchant Services provides card processing services to corporations, financial institutions, and
government agencies primarily in the United Kingdom

29


 BillSafe is a German-based provider of purchase-on-invoice technology
 The acquisition extends Ebay’s leadership in payments by combining BillSafe with PayPal
Dec-11 Payments NA
 PayPal, which serves more than 15 million accounts in Germany, believes the addition of BILLSAFE will
provide a comprehensive payment service for merchants and consumers

 VaultWare provides consumer-centric apartment marketing and leasing solutions focused on
delivering an ideal online shopping experience that results in streamlined operations, highly qualified
Outsourced leads and more leases
Dec-11 NA
Solutions
 The acquisition will provide MRI’s customers with a complete, fully automated lease management
solution that will be tightly integrated into MRI’s property management and accounting systems

 RapiData is a provider of machine-readable economic news to trading firms and financial institutions
Trading
Dec-11 NA  With this acquisition, NASDAQ OMX will deliver U.S. government and other economic news directly
Technology
from the source to customers interested in receiving information in an electronic feed

 Barrie & Hibbert is a provider of risk management and modeling tools for insurance companies
worldwide
 With more than 150 customers around the world, Barrie & Hibbert's Economic Scenario Generator
(ESG) is widely used for valuing and projecting assets and liabilities and assessing risk and capital
Information
Dec-11 $78mm positions
Services
 Barrie & Hibbert's offerings and expertise in understanding the risks in long-term asset and liability
management will enhance Moody's data management, capital calculation and regulatory reporting
platform to further meet the needs of institutions as they undertake risk management and regulatory
compliance activities

 Wolters Kluwer Financial Services announced its acquisition of the regulatory compliance content of
PRINGLE® Policy and Procedure Solutions (PRINGLE) from PRINGLE Publications Corporation
PRINGLE  Wolters Kluwer will integrate PRINGLE’s compliance and safety and soundness policies and
Compliance Information procedures, worksheets, forms, and regulatory checklists and tests into the Policies and Procedures
Dec-11 NA
Policies & Services module of the company’s ARC Logics for Financial Services enterprise risk management (ERM) solution
Procedures  The integration of PRINGLE content within ARC Logics further strengthens the continuum of control
that compliance professionals require to ensure their primary regulatory obligations are met within
the operational units

30


 DocuTech announced its acquisition of the assets of Lender Support Systems’ (LSSI) Docs3D mortgage
document software
 The acquisition of LSSI’s Docs3D software and customer base enables DocuTech to continue growing
Banking
Dec-11 NA its existing presence among regional banks and credit unions
Technology
 Current LSSI customers will benefit from the expanded compliance services offered by DocuTech,
including dedicated legal staff tracking all regulatory changes and monthly updates to ensure all
systems are up-to-date

 AllStar’s fuel cards permit fleet operators to provide their company drivers with a payment card to fuel
AllStar Business their vehicles securely without having the need to pay with cash or personal credit cards
Solutions Ltd.  At present, AllStar has approximately 40,000 customers and about one million cardholders, a large
portion of whom are small and medium sized enterprises in the U.K.

 DepotPoint operates as a default management workflow vendor
 By incorporating the DepotPoint technology, MRN Cubed's outsourcing unit will have a centralized
Outsourced
Dec-11 NA hub to process short sales and foreclosures
Solutions
 MRN Cubed will reconfigure DepotPoint to be used for origination, beginning with its due diligence
outsourcing and expanding to include its underwriting technology

 Bonneville Bancorp is the holding company of Bonneville Bank, a single-office, FDIC-insured
commercial bank located in Provo, Utah with approximately $37 million in assets
 The acquisition of Bonneville Bank will give Green Dot the ability to serve broader segments of
consumers with innovative banking and payment solutions

 ASAP Advisor Services provides investment marketing services and database management solutions
for institutional money managers, hedge fund managers and other financial advisors
 eVestment will phase in a new brand name, eVestment Omni, to cover its full suite of database
Investment population offerings, with three versions to match the spectrum of solutions available from the
Dec-11 NA
Technology combined organization
 Collectively, the eVestment Omni offerings will automate and manage data population for over 300
clients representing over $24.5 trillion in assets under management and over 4,600 unique investment
strategies

31

Selected Recent Financial Buyer Activity
Announced Date Investor(s) Target Sector Transaction Size Comments

 TransUnion provides information and risk management solutions, including credit and data reports,
credit scores, analytical services and decisioning technologies
Information
Feb-12 $3.3bn  Its decision services are used to evaluate business risks and opportunities associated with new
Services
consumer credit and checking accounts, insurance applications, account collection, patient
registrations and apartment rental requests

 GlobeOp Financial Services is an independent administrator of middle and back office services,
integrated risk reporting and portfolio analytics for hedge funds, managed accounts and fund of funds
Investment  By outsourcing to GlobeOp, clients can reduce their technology investments and operational risks,
Feb-12 $727mm
Technology while increasing their focus on asset generation and portfolio management
 GlobeOp serves approximately 200 clients worldwide, representing $173 billion in assets under
administration

 Orc is a provider of technology and services to the global financial industry with a focus on advanced
trading, market making and brokerage
Trading
Jan-12 $293mm  It provides solutions for trading and market access for buy and sell-side professionals, such as
Technology
investment banks, market making and trading firms, stock exchanges, brokers, institutional investors
and hedge funds

32

Selected Recent Growth Equity / Venture Capital Activity
Announced Date Investor(s) Target Sector Investment Size Comments

 Karma provides a mobile platform which gives users the option to give friends gifts via iOS and Android
Marketing applications
Feb-12 $5mm
Services  Gift recipients receive a notification message and are able to customize their gift choices by color or
style prior to shipping or exchange the gift for an entirely different product

 ROAM Data is an mCommerce Platform-as-a-Service (PaaS) provider extending physical Point of Sales
and eCommerce to the mobile environment to help merchants find and keep customers
Feb-12 Payments NA
 ROAM’s solutions allow merchants to accept card payments on mobile devices, and allow consumers to
easily make purchases in mobile shopping applications and advertisements

 The GoPago service would allow consumers to use their mobile phones to order and pay for local goods
or services and then show the merchant a receipt on the phone screen when picking up a purchase
Feb-12 Payments NA
 In exchange for the investment of an undisclosed sum, JPMorgan Chase will be the first financial services
company to partner with GoPago, which will also open its service to other bank partners

 FNZ is a provider of technology, transaction and custody services to the wealth management industry
Investment  FNZ’s technology, transaction and custody services enable these institutions to provide wealth
Feb-12 NA
Technology management solutions to financial advisers, end-investors and the workplace that are efficient, flexible
and scalable, supporting market, demographic and regulatory trends worldwide

 Lumesis offers data, visualization and analytical tools and time-sensitive notifications for the fixed
Information income marketplace
Feb-12 $3mm
Services  Its DIVER product brings its clients more than 130 data sets from over 30 distinct sources regarding data
that impact the fiscal well-being of states, counties and other municipalities

 Correlix offers RaceTeam™, a latency management service providing real-time latency visibility for buy-
Trading side, sell-side and liquidity venues
Feb-12 NA
Technology  The company's global client base encompasses the world's largest high frequency trading sell-side, buy-
side and market centers as well as low-latency service providers

33

Selected Recent Growth Equity / Venture Capital Activity (cont’d)

 360T Group is a provider of web-based trading technology for OTC financial instruments, particularly
currency exchange, short term money market loan/deposits and interest rate derivatives
Trading  The Company’s multi-bank platform provides the liquidity of more than 100 global and regional market
Feb-12 NA
Technology makers used by over 1000 client organizations worldwide
 360T Group also offers a professional white-label trading technology for electronic trading services to a
closed group of users on a proprietary branded platform

 Flattr provides a social micro-payment system which facilitates small donations
 Users establish a monthly donation amount that is divided equally over sites or causes they choose to
Feb-12 Payments $2m
like or “flattr” over the course of the month
 The monthly fee remains constant without regard for how many times the donation is divided

 GoCardless provides an interface which allows smaller merchants and companies to integrate ACH
transfers into their sites for one-time and recurring payments
Feb-12 Payments $2mm  The Company offers transfer services for one-third to one-fourth the cost of most network-based
payment options
 GoCardless is currently integrated with over 300 merchants

 Dwolla provides a free web-based software platform which allows users to send, receive and request
funds from any other user
Feb-12 Payments $5mm
 Dwolla allows users to send money at no charge and levies a 25 cent fee on users to receive funds in
excess of $10

 Capital Access Network, Inc. (CAN) is a provider of daily remittance-powered financial products and
services for small and mid-sized businesses
Outsourced  Daily remittance financial products combine behavioral risk scoring and data driven risk management to
Feb-12 $30mm
Solutions enable the delivery of more capital to the right small businesses while decreasing provider risk
 The Company’s wholly-owned subsidiaries have provided over $2 billion in more than 80,000
transactions

 Xero provides SaaS-based accounting products to small and medium-sized business in New Zealand and
Valar Outsourced internationally
Feb-12 $17mm
Ventures Solutions  Specific subscription services for clients include invoicing / billing, accounts payable, bank reconciliation
and bookkeeping

34


 PlanSource provides SaaS-based outsourced solutions including payroll, benefits administration,
Outsourced decision support and HRMS technology
Feb-12 $12mm
Solutions  PlanSource unites brokers, insurance providers, employers and employees by unifying HR data,
managing HR transactions and educating employees

 Veracity Payment Solutions is a provider of credit card, debit card and ACH processing solutions
 The Company employs a channel-driven strategy targeting community banks, trade associations and
Feb-12 Payments $80mm affinity partners
 Veracity annually processes over one billion dollars in transaction volume for more than 10,000
businesses

Payments /  CardSpring provides an interface that lets developers add coupons, loyalty programs and digital
Feb-12 Marketing $10mm receipts to payment cards
Services  The interface eliminates the need for business specific mobile device applications

 MOGL offers customer loyalty rewards programs for restaurants
 MOGL’s secure technology platform tracks credit and debit card transactions and activity so that
Marketing
Feb-12 $10mm consumers earn rewards without the need for presenting coupons or membership cards
Services
 The platform leverages game mechanics and human psychology to offer multiple incentives that
motivate consumers to repeatedly return to member restaurant venues

 TrialPay's transaction advertising platform for online merchants places targeted promotions around
purchase transactions
Payments /
 TrialPay works with leading companies across many industries, including software, social apps, retail,
Jan-12 Marketing $40mm
online services and more
Services
 Over the past five years, the Company has provided more than 150 million users with compelling
payment options at more than 10,000 sites including Facebook, Gap, Trend Micro and Fandango

 Vodafone Ventures invested $11.3mm in Finsphere, a provider of identity analytics technology
Payments /  Finsphere’s technology enables wireless carriers to protect their customers through identity
Jan-12 Information $11mm authentication services
Services  Finsphere also provides a platform for the development of non-intrusive, privacy enhancing services to
protect individuals and data across all industry segments

35


 HelloWallet is a provider of personalized financial guidance
Investment  The company has sold more than 300,000 subscriptions since it launched its enterprise application in
Technology/ mid-2011, and is now working with some of the largest companies in the country
Jan-12 $12mm
Information  During this same period, HelloWallet’s personalized financial guidance has helped its average members
Services increase their monthly savings contributions by more than 80%, creating about $350 in extra savings
contributions every month per person

 Recurly, Inc. provides enterprise-class recurring billing management for subscription-based SaaS, Web
2.0, Mobile, content and publishing businesses worldwide
 Businesses like Fox News Radio, JibJab Media and Weather Underground depend on Recurly’s ability to
Jan-12 Payments $6mm deliver recurring billing automation that is set up in days, and offered as a month-to-month service,
without setup fees or contractual commitments
 Since it’s launch in January of 2010, Recurly has deployed subscription billing for over six hundred
companies throughout North America and the European Union

 ZestCash is a provider of online payday loans
 The company takes an entirely different approach to underwriting by combining machine learning
techniques and data analysis, coupled with traditional credit scoring
Jan-12 Bank Technology $23mm
 As a result, the company can offer credit to many people who historically would have been turned away
 The new funding will be used towards further innovations in underwriting, expansion into additional
states and company growth

 iPipeline provides a suite of sales distribution software to the insurance and financial services markets
through its on-demand service
 iPipeline's channel solutions for carriers, distributors, and producers automate activities for CRM, forms
Insurance distribution and processing, quotes and illustrations, in Good Order e-Applications, agency
Jan-12 NA
Technology management, data services, policy delivery and related services, enabling the insurance industry to
market, sell, and process faster
 iPipeline’s on-demand platform is accessed by a customer network of 120 carriers, 1,200 distributors,
and 400,000 financial professionals and advisors

 Plastic Jungle operates as an online gift card marketplace
Marketing  Plastic Jungle allows people to sell unredeemed gift cards for up to 92 percent of the gift card value, or
Jan-12 NA
Services purchase gift cards at a significant discount
 The Company exchange hundred of thousands of gift cards for over 400 brands in 2011

36


 Mu Sigma is a pure-play provider of analytics and decision support services for global enterprise
customers
Information
Dec-11 $108mm  The company provides clients with a competitive edge by helping them institutionalize decision support
Services
and analytics within their organizations in a sustainable manner using a global delivery model
 This investment follows a $25mm financing round in April 2011

 Space Curve is a Seattle-based developer of a real-time analytics platform for big data
Information
Dec-11 $2mm  The company’s platform provides for enhanced analysis and scrutiny of massive forms of data for
Services
consumer and business needs

Financial Partners
 Bill.com is an on-demand accounts payable and accounts receivable application for businesses of all
sizes and has a tailored product for accountants and bookkeepers
 The company will use the additional capital to scale operations in support of continued customer
growth and for product development and marketing purposes

 Klarna offers secure payment solutions to e-stores in Europe
 At the core of Klarna’s services is the concept of after delivery payment, which lets buyers receive
ordered goods before any payment is due
Dec-11 Payments $155mm  At the same time, Klarna assumes all credit and fraud risk for e-stores so that sellers can rest assured
that they will always receive their money
 Today, Klarna’s payment solutions are integrated by more than 14,000 online shops in Sweden, Norway,
Denmark, Finland, Germany and the Netherlands

37

Selected Recent Public Equity Activity
One-Day/ One-Week / Feb. 29, 2012 /
Pricing
Company Sector Offer Type Offering Size Offer Price Offer Price
Date

Feb-12 Trading Technology Follow-On  $110 MM  $30.50  9.7%  8.6%  8.6%

Feb-12 Liquidity Venues IPO  $72 MM  $12.00  14.5%  12.0%  12.8%

Jan-12 Insurance Technology IPO  $115 MM  $13.00  31.7%  38.7%  74.0%

Dec-11 Information Services Follow-On  $219 MM  $17.50  9.8%  7.7%  36.2%

Nov-11 Payments Follow-On  $150 MM  $16.25  0.0%  4.0%  10.3%

Sept-11 Outsourced Solutions Follow-On  $92 MM  $23.00  (0.9)%  (1.1)%  21.0%

Jul-11 Information Services IPO  $500 MM  $15.00  2.3%  2.0%  58.9%

May-11 Information Services Follow-On  $259 MM  $60.00  4.6%  0.4%  0.0%

Apr-11 Information Services IPO  $51 MM  $6.00  12.8%  19.0%  39.2%

Feb-11 Investment Technology Follow-On  $194 MM  $17.60  8.0%  7.5%  17.7%

38

Selected Recent Debt Financings
Ratings
Announced
Company Sector Purpose Moody’s S&P Size Coupon
Date
Dec-11 Bank Technology Refinancing  Ba1  BB  $150 MM  7.625%

Dec-11 Information Services General Corporate  Ba1  BBB-  $250 MM  Floating

Nov-11 Liquidity Venue Refinancing  NA  NA  $200 MM  4.13%

Nov-11 Liquidity Venue Refinancing  NA  NA  $200 MM  4.69%

Oct-11 Payments Acquisition  B2  B  $400 MM  10.25%

Aug-11 Payments General Corporate  NA  A-  $400 MM  3.65%

Jul-11 Information Services LBO  B2  B+  $205 MM  L + 600

Jul-11 Information Services LBO  NA  B+  $150 MM  L + 650

Jul-11 Information Services Refinancing  Caa1  B-  $700 MM  10.25%

 RC: L + 225
Jul-11 Bank Technology Refinancing  Baa3  BBB  $1.3 BN  TLA: L + 350
 TLB: L + 325-350

Jun-11 Payments Acquisition  NA  NA  $900 MM  L + 175

Jun-11 Bank Technology Refinancing  Baa2  BBB-  $600 MM  L + 155

Jun-11 Bank Technology General Corporate  Baa2  BBB-  $400MM  L + 180

Jun-11 Payments Dividend / Recapitalization  B2  BB-  $200 MM  L + 475

Jun -11 Trading Technology Acquisition  NA  NA  $320 MM  L + 600

Jun-11 Bank Technology Acquisition  NA  NA  $575 MM  L + 500

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.
Source: SNL Financial.

39

Disclosures
The information transmitted is intended only for the person to whom or entity to which it is addressed and may contain confidential and/or privileged material. Any
review, retransmission, dissemination or other use of, or taking of any action in reliance upon this information by persons or entities other than the intended recipient,
or an employee of agent responsible for delivering this message to the intended recipient, is prohibited. If you received this in error, please contact the sender and
then delete and destroy all copies of the material.

Sources of data include Capital IQ, FactSet and other news organizations. Information obtained from third-party sources is considered reliable, but we do not
guarantee that the information herein is accurate or complete. This report was prepared within Raymond James & Associates’ Investment Banking Department and is
for information purposes only. This report is not a product of Raymond James & Associates’ Research Department; recipients of this report should not interpret the
information herein as sufficient grounds for an investment decision or any other decision. The 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 guarantee future results.

Ent. Value = Enterprise Value
LTM = Last Twelve Months
EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.

Additional information is available upon request.

40

Financial Technology Market Analysis - March 2012

More Related Content

What's hot (20)

Similar to Financial Technology Market Analysis - March 2012 (20)

More from MMMTechLaw (20)

Recently uploaded (20)

Financial Technology Market Analysis - March 2012