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www.rblt.com 14 0 W A L L S T R E E T , N E W Y O R K , N Y
FinTech Investment Banking
Financial Technologies Monthly Market Update
May 2020
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5Index Performance1
Table of contents
4
10Market Valuations2
20Capital Raising Trends3
26M&A Trends4
29US IPO Market Update5
33The Rosenblatt Difference6
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-35%
-25%
-15%
-5%
5%
15%
25%
35%
5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20
SP50 Payment Infrastructure P2P Transfers | Remittances Card Networks
6
Cap Weighted Price Return Index Performance – Payments Technologies (LTM)
S&P 500 Paym ent Inf rastructure P2P Transfers | Rem ittances Card Networks
% ∆ YoY -0.4% 2.9% -1.0% -4.9%
% ∆ MoM 9.8% 5.3% 2.5% 2.4%
Source: Bloomberg, FactSet Updated on 5/04/2020Note: The index is made up of companies mentioned under each of the above buckets in subsequent slides except, the index doesnot adjust for any new companies added and excludes old companies delisted in last twelve months | Weight (Capped at 10%)
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-35%
-25%
-15%
-5%
5%
15%
25%
35%
5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20
SP50 Software | Back-End Solutions Financial Data | Information Providers Lending Analytics | Insights
7
Cap Weighted Price Return Index Performance – Application Software (LTM)
S&P 500 Sof tware | Back-End SolutionsF inancia l Data | Inform ation
ProvidersLending Ana lyti cs | Ins ights
% ∆ YoY -0.4% -1.0% 12.1% 5.8%
% ∆ MoM 9.8% 4.9% 8.2% 5.0%
Source: Bloomberg, FactSet Updated on 5/04/2020Note: The index is made up of companies mentioned under each of the above buckets in subsequent slides except, the index doesnot adjust for any new companies added and excludes old companies delisted in last twelve months | Weight (Capped at 10%)
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0
10
20
30
40
50
60
70
80
90
100
-35%
-25%
-15%
-5%
5%
15%
25%
35%
5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20
CBOE - VIX SP50 Global Exchanges Regional Exchanges Broker Dealers | Market Makers Retail | e-Brokers
8
Cap Weighted Price Return Index Performance – Capital Markets (LTM)
S&P 500 G lobal Exchanges Reg iona l ExchangesBroker Dea lers | Market
MakersReta i l | e-Brokers
CBOE Market Volati l i ty
Index (R)
% ∆ YoY -0.4% 8.6% 0.6% 4.0% -3.2% 3415.0%
% ∆ MoM 9.8% 6.8% 1.1% 3.2% 5.6% -40.2%
Source: Bloomberg, FactSet Updated on 5/04/2020Note: The index is made up of companies mentioned under each of the above buckets in subsequent slides except, the index doesnot adjust for any new companies added and excludes old companies delisted in last twelve months | Weight (Capped at 10%)
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-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20
SP50 Global Diversified Banks - Domestic Global Diversified Banks - Foreign Regional Diversified Banks - Domestic
9
Cap Weighted Price Return Index Performance – Lending & Credit (LTM)
S&P 500G lobal Divers i f ied Banks -
Dom estic
G loba l Divers i f ied Banks -
F oreign
Reg iona l Divers i f ied Banks -
Dom estic
% ∆ YoY -0.4% -19.7% -40.6% -31.2%
% ∆ MoM 9.8% 4.7% 3.0% 12.1%
Source: Bloomberg, FactSet Updated on 5/04/2020Note: The index is made up of companies mentioned under each of the above buckets in subsequent slides except, the index doesnot adjust for any new companies added and excludes old companies delisted in last twelve months | Weight (Capped at 10%)
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Price to Earning Estimates by Category
11.6x
13.9x
14.4x
9.3x
15.8x
21.4x
21.9x
22.8x
29.2x
31.1x
23.1x
26.9x
31.2x
0x5x10x15x20x25x30x35x
Global Diversified Banks - Foreign
Global Diversified Banks - Domestic
Alternative Lending
Broker Dealers | Market Makers
Retail | e-Brokers
Regional Exchanges
Global Exchanges
Software | Back-End Solutions
Financial Data | InformationProviders
Lending Analytics | Insights
P2P Transfer | Remittances
Payment Infrastructure
Card Networks
8.3x
9.2x
12.7x
14.4x
15.1x
19.6x
21.6x
20.6x
26.3x
26.3x
14.7x
20.5x
21.1x
0x 5x 10x 15x 20x 25x 30x 35x
Global Diversified Banks - Foreign
Global Diversified Banks - Domestic
Alternative Lending
Broker Dealers | Market Makers
Retail | e-Brokers
Regional Exchanges
Global Exchanges
Software | Back-End Solutions
Financial Data | InformationProviders
Lending Analytics | Insights
P2P Transfer | Remittances
Payment Infrastructure
Card Networks
Ap
plic
atio
n
Soft
war
ePa
ymen
t Te
chno
logi
esLe
nd
ing
& C
red
itC
apit
al
Mar
kets
2020 E Consensus P / E Ratio 2021 E
Global Diversified Banks - Foreign
Global Diversified Banks - Domestic
Alternative Lending
Retail | e-Brokers
Broker Dealers | Market Makers
Regional Exchanges
Global Exchanges
Financial Data | Information Providers
Software | Back-End Solutions
Lending Analytics | Insights
P2P Transfer | Remittances
Card Networks
Payment Infrastructure
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
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Sales Growth vs. Price to Earnings Ratio
Global Diversified Banks - Domestic, 3%, 9.2x
Global Diversified Banks - Foreign, 2%, 8.3x
Alternative Lending, 11%, 12.7x
Global Exchanges, 3%, 21.6x
Regional Exchanges, 7%, 19.6x
Broker Dealers | Market Makers, 1%, 14.4x
Software | Back-End Solutions, 8%, 20.6x
Financial Data | Information Providers, 8%, 26.3x
Lending Analytics | Insights, 5%, 26.3x
Payment Infrastructure, 14%, 20.5x
P2P Transfer | Remittances, 8%, 14.7x
6x
8x
10x
12x
14x
16x
18x
20x
22x
24x
26x
28x
0% 2% 4% 6% 8% 10% 12% 14% 16%
Pri
ce /
Ear
nin
g R
atio
(CY’
2021
)
Sales Growth (CY’2020 – CY’2021)
Note: Every bubble represents (1 Revenue Year Growth %, 2020 E Median P/E ratios of the universe.) Alternative Lending, & P2P Transfer and Remittances, Trading Technology, Global Diversified Banks excluded because of high / lowrange Source: FactSet, Bloomberg , Updated on 5/04/2020
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Market Valuations
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)
Sales
Growth
2020 - 2021 2020 2021 2020 2021 2020 2021 2020 2021
Global Diversified Banks 41% 26% 2% n/a n/a n/a n/a n/a n/a 13.2x 8.6x
Capital Markets 14% 41% 3% 7.7 7.6 13.6 13.5 56% 53% 20.0 19.5
Application Software 23% 48% 7% 6.3 6.0 18.7 16.4 27% 27% 27.8 25.5
Payments 32% 40% 9% 5.3 4.5 18.0 15.8 29% 29% 27.4 19.4
Global Diversified Banks - Domestic 39% 31% 3% n/a n/a n/a n/a n/a n/a 13.9x 9.2x
Global Diversified Banks - Foreign 43% 23% 2% n/a n/a n/a n/a n/a n/a 11.6 8.3
Alternative Lending 68% 76% 11% 1.0 0.9 7.5 7.7 15% 18% 14.4 12.7
Global Exchanges 12% 37% 3% 9.6x 9.5x 14.8x 14.5x 65% 65% 21.9x 21.6x
Regional Exchanges 26% 38% 7% 5.7 5.4 12.2 11.0 49% 49% 21.4 19.6
Broker Dealers | Market Makers 7% 63% 1% 3.4 5.2 7.0 11.7 51% 44% 9.3 14.4
Retail | e-Brokers 10% 52% -3% 4.5 4.7 9.6 10.4 45% 44% 15.8 15.1
Software | Back-End Solutions 29% 45% 8% 4.0x 3.7x 15.9x 14.5x 23% 24% 22.8x 20.6x
Financial Data | Information Providers 15% 50% 8% 7.2 6.9 20.9 18.7 38% 39% 29.2 26.3
Lending Analytics | Insights 21% 42% 5% 6.5 6.1 18.9 16.8 33% 35% 31.1 26.3
Payment Infrastructure 31% 41% 14% 6.4x 5.7x 18.9x 16.0x 32% 33% 26.9x 20.5x
P2P Transfer | Remittances 44% 46% 8% 2.1 1.9 8.9 9.6 26% 27% 23.1 14.7
Card Networks 30% 33% 11% 10.3 8.9 27.6 23.0 63% 65% 31.2 21.1
Payments
Banks | Alternative Lending
Capital Markets
Application Software
Price / EarningsTEV / Sales EBITDA MarginsTEV / EBITDA
CompanyPrice
Off 52 Wk
High / Low
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Market Valuations – Banks | Alternative LendingSales
Growth
Price Market CapEnterprise
Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021
P/B D/E
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Off 52w
High / Low
Company
JPMorgan Chase 35% 20% $ 92.14 $ 280,708 n/a n/a n/a n/a n/a n/a n/a 17.6x 10.6x 1.2x 208% 3%
Bank of America 36% 28% 22.93$ 198,932$ n/a n/a n/a n/a n/a n/a n/a 14.7 10.1 0.8 230% 2%
Wells Fargo 50% 9% 27.35$ 111,845$ n/a n/a n/a n/a n/a n/a n/a 23.8 10.1 0.7 295% 2%
Citigroup 46% 41% 45.12$ 93,940$ n/a n/a n/a n/a n/a n/a n/a 13.0 7.2 0.5 578% 1%
U.S. Bancorp 44% 21% 34.47$ 52,438$ n/a n/a n/a n/a n/a n/a n/a 15.8 11.0 1.2 150% 1%
Morgan Stanley 34% 40% 38.09$ 60,030$ n/a n/a n/a n/a n/a n/a n/a 10.5 8.3 0.8 n/a 9%
Goldman Sachs 30% 35% 176.03$ 60,849$ n/a n/a n/a n/a n/a n/a n/a 12.7 8.1 0.8 677% 8%
Capital One Financial 43% 62% 61.59$ 28,043$ n/a n/a n/a n/a n/a n/a n/a -45.5 7.5 0.5 199% 2%
Median 39% 31% 13.9x 9.2x 0.8x 230% 3%
HSBC 46% 2% $ 4.91 $ 100,069 n/a n/a n/a n/a n/a n/a n/a 13.7x 9.2x 0.5x 325% 2%
Royal Bank of Canada 27% 22% 60.46$ 86,014$ n/a n/a n/a n/a n/a n/a n/a 9.9 9.4 1.5 259% 2%
Commonwealth Bank of Australia 37% 25% 38.40$ 67,984$ n/a n/a n/a n/a n/a n/a n/a 13.3 14.3 1.5 209% -1%
BNP Paribas 51% 12% 29.59$ 36,987$ n/a n/a n/a n/a n/a n/a n/a 8.1 5.9 0.4 1691% 2%
Lloyds 61% 12% 0.38$ 26,778$ n/a n/a n/a n/a n/a n/a n/a 13.9 7.0 0.5 798% 0%
Bank of Montreal 39% 27% 48.68$ 31,140$ n/a n/a n/a n/a n/a n/a n/a 7.9 7.5 0.9 328% 3%
UBS 25% 39% 10.11$ 39,015$ n/a n/a n/a n/a n/a n/a n/a 9.7 9.0 0.7 529% 0%
Barclays 52% 45% 1.24$ 21,466$ n/a n/a n/a n/a n/a n/a n/a 27.4 6.3 0.3 892% 3%
Royal Bank of Scotland 61% 16% 1.37$ 16,547$ n/a n/a n/a n/a n/a n/a n/a n/a 9.5 0.3 282% 1%
Credit Suisse 40% 33% 8.50$ 21,718$ n/a n/a n/a n/a n/a n/a n/a 8.8 6.7 0.5 n/a 3%
Standard Chartered 50% 4% 4.85$ 15,320$ n/a n/a n/a n/a n/a n/a n/a 13.6 7.1 0.4 741% 3%
Deutsche Bank 38% 42% 7.01$ 14,498$ n/a n/a n/a n/a n/a n/a n/a n/a 49.7 0.3 1199% 2%
Median 43% 23% 11.6x 8.3x 0.5x 529% 2%
Global Diversified Banks - Domestic
Global Diversified Banks - Foreign
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)
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Market Valuations – Banks | Alternative LendingSales
Growth
Price Market CapEnterprise
Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021
P/B D/E
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Off 52w
High / Low
Company
LendingTree 44% 81% $ 245.39 $ 3,206 $ 3,191 3.1x 2.6x 17.6x 13.8x 18% 19% 104.4x 53.1x 7.8x 11% 17%
GreenSky 75% 36% 4.15$ 746$ 618$ 1.2 1.0 5.1 4.0 23% 25% 11.6 8.5 11.0 53% 17%
LendingClub 62% 11% 7.14$ 499$ 665$ 0.9 0.8 4.8 3.8 19% 21% 45.1 14.9 0.7 140% 11%
QuinStreet 42% 71% 9.87$ 510$ 449$ 0.9 0.8 9.8 7.7 9% 11% 17.1 13.9 2.2 3% 7%
Oportun Financial 72% 39% 7.29$ 198$ 1,834$ 3.6 2.9 30.0 17.3 12% 17% 4.6 2.7 0.4 827% 25%
Funding Circle 70% 309% 1.06$ 369$ 59$ 0.3 0.2 n/a n/a -11% -1% n/a n/a 0.9 235% 13%
On Deck Capital 81% 100% 1.08$ 63$ 971$ 2.9 3.2 n/a 33.4 -18% 9% n/a 12.7 0.3 1655% -9%
Elevate Credit 67% 125% 2.00$ 86$ 564$ 0.8 0.7 4.4 3.7 17% 19% 2.7 2.0 0.5 662% 8%
Median 68% 76% 1.0x 0.9x 7.5x 7.7x 15% 18% 14.4x 12.7x 0.8x 187% 11%
Experian 23% 39% $ 29.15 $ 26,479 $ 30,470 5.8x 5.4x 16.8x 15.2x 34% 35% 27.7x 24.8x 11.3x 16% 8%
Equifax 14% 38% 141.71$ 17,201$ 20,500$ 5.9 5.6 18.6 16.6 32% 34% 30.6 26.3 7.0 20% 5%
TransUnion 24% 46% 76.46$ 14,512$ 17,878$ 7.1 6.6 19.3 17.0 37% 39% 31.5 26.3 7.1 26% 8%
Fair Isaac 21% 95% 345.83$ 10,030$ 10,975$ 9.1 8.7 29.7 27.9 31% 31% 43.0 39.4 45.7 11% 4%
Black Knight 9% 39% 69.60$ 10,434$ 11,694$ 9.8 9.2 19.6 18.2 50% 50% 34.9 31.3 5.5 15% 7%
CoreLogic 22% 64% 40.59$ 3,223$ 4,856$ 2.8 2.9 9.5 9.5 30% 30% 13.9 14.0 3.5 55% 0%
Median 21% 42% 6.5x 6.1x 18.9x 16.8x 33% 35% 31.1x 26.3x 7.0x 18% 5%
Lending Analytics | Insights
Alternative Lending
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)
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Market Valuations – Capital MarketsSales
Growth
Price Market CapEnterprise
Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021
P/B D/E
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Off 52w
High / Low
Company
CME 23% 31% $ 172.56 $ 61,859 $ 64,461 12.0x 12.4x 17.6x 18.7x 68% 66% 22.7x 23.2x 2.4x 6% -3%
Intercontinental Exchange 12% 41% 89.67$ 49,069$ 56,213$ 9.7 9.7 15.0 14.8 65% 65% 20.0 19.5 2.9 18% 1%
Hong Kong Exchanges & Clearing 13% 20% 31.78$ 40,289$ 36,935$ 16.2 14.8 21.3 19.4 76% 76% 30.1 27.4 7.2 1% 9%
London Stock Exchange 17% 48% 92.24$ 32,417$ 33,693$ 11.6 11.0 17.9 18.8 65% 59% 34.9 28.3 7.6 9% 5%
Deutsche Boerse 11% 51% 152.34$ 28,945$ 31,116$ 8.5 8.3 14.2 13.8 60% 60% 21.0 20.6 4.5 9% 3%
B3 45% 21% 6.87$ 14,137$ 12,865$ 10.6 9.8 14.5 13.6 73% 72% 21.5 19.8 3.1 8% 8%
Nasdaq 12% 48% 106.13$ 17,513$ 20,668$ 7.7 7.6 14.5 14.2 53% 53% 19.1 18.7 3.1 25% 2%
Cboe Global Markets 26% 31% 94.45$ 10,363$ 11,137$ 8.9 8.9 13.0 13.5 68% 66% 18.1 18.5 3.1 10% 0%
ASX Limited 14% 41% 52.91$ 10,243$ 10,008$ 16.8 16.2 22.4 21.6 75% 75% 31.5 30.8 4.2 0% 4%
Japan Exchange 6% 32% 18.97$ 10,175$ 9,944$ 8.5 8.3 13.4 12.9 64% 64% 23.5 22.8 3.6 5% 2%
Singapore Exchange 11% 27% 6.72$ 7,200$ 6,800$ 9.4 9.4 15.5 15.8 61% 59% 22.3 22.6 9.5 4% 0%
Euronext 7% 49% 84.33$ 5,903$ 6,701$ 7.4 7.3 13.2 12.7 56% 58% 17.6 17.1 5.8 20% 1%
Median 12% 37% $ 87.00 ######### 1676658% 9.6x 9.5x 14.8x 14.5x 65% 65% 21.9x 21.6x 3.9x 8% 3%
TMX 10% 49% $ 86.83 $ 4,885 $ 5,415 8.9x 8.5x 14.9x 14.3x 60% 60% 20.6x 19.5x 1.9x 17% 4%
Bolsas y Mercados Espanoles 9% 59% 36.33$ 3,038$ 2,719$ 8.4 8.2 13.9 13.7 60% 60% 21.4 21.2 6.7 0% 2%
Dubai Financial Market 30% 39% 0.19$ 1,514$ 727$ 9.9 8.7 n/a n/a n/a n/a 34.7 34.7 0.8 1% 15%
Bolsa Mexicana de Valores 29% 55% 1.74$ 1,033$ 887$ 5.7 5.4 9.1 8.6 62% 62% 17.0 16.3 3.8 1% 6%
Bursa Malaysia 20% 41% 1.38$ 1,115$ 1,026$ 8.6 8.4 15.2 15.0 56% 56% 23.4 23.1 6.6 0% 2%
Multi Commodity Exchange of India 29% 35% 14.33$ 731$ n/a n/a n/a n/a n/a 50% 51% 23.6 19.7 4.4 n/a 16%
JSE 49% 12% 5.37$ 466$ n/a n/a n/a n/a n/a 42% 43% 11.3 10.2 2.3 5% 7%
Warsaw Stock Exchange 20% 27% 9.46$ 397$ 266$ 3.4 3.3 6.8 6.7 49% 49% 14.7 14.5 2.0 17% 3%
OTC Markets 26% 29% 28.49$ 321$ 310$ 5.0 4.7 14.0 12.4 36% 38% 21.4 18.9 19.9 5% 6%
BSE 46% 38% 5.00$ 259$ n/a n/a n/a n/a n/a 10% 14% 9.8 8.2 0.7 n/a 12%
Hellenic Exchanges 38% 30% 3.62$ 218$ 137$ 3.9 3.5 10.3 8.5 38% 41% 32.1 24.8 1.9 0% 9%
Philippine Stock Exchange 13% 29% 3.34$ 272$ 199$ n/a n/a n/a n/a n/a n/a n/a n/a 2.9 1% n/a
NZX 20% 42% 0.76$ 211$ 210$ 4.8 4.4 10.5 9.6 45% 46% 21.8 20.0 5.5 15% 8%
Median 26% 38% 5.7x 5.4x 12.2x 11.0x 49% 49% 21.4x 19.6x 2.9x 1% 7%
Global Exchanges
Regional Exchanges
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)
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Market Valuations – Capital MarketsSales
Growth
Price Market CapEnterprise
Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021
P/B D/E
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Off 52w
High / Low
Company
Charles Schwab 31% 27% $ 35.63 $ 45,866 $ 54,837 5.5x 5.7x 12.4x 13.6x 45% 42% 17.4x 19.8x 2.5x 19% -3%
TD Ameritrade 31% 34% 37.25$ 20,139$ 21,354$ 4.1 4.7 9.0 11.8 46% 40% 12.8 17.8 2.3 25% -13%
Interactive Brokers 32% 20% 40.59$ 19,977$ 27,595$ 15.4 16.1 22.8 23.5 67% 69% 23.0 24.7 2.2 20% -5%
MarketAxess 2% 66% 457.07$ 17,142$ 16,873$ 25.9 24.1 44.5 41.9 58% 57% 64.4 61.2 21.4 1% 8%
LPL Financial 38% 93% 61.74$ 4,884$ 5,898$ 1.1 1.0 7.0 7.3 15% 14% 10.7 10.7 4.8 56% 5%
IG Group 5% 60% 9.56$ 3,533$ 3,072$ 4.4 4.1 10.2 9.0 43% 45% 15.8 14.0 3.4 5% 7%
Matsui Securities 25% 24% 7.21$ 1,870$ 1,893$ 7.0 7.0 n/a n/a n/a n/a 21.4 21.3 2.5 39% 0%
Comdirect Bank 10% 44% 14.32$ 2,023$ 2,130$ 4.7 4.7 n/a n/a n/a n/a 19.1 21.4 2.3 5% -1%
Plus500 3% 149% 15.97$ 1,703$ 1,416$ 2.2 3.6 3.5 7.1 63% 51% 5.6 11.1 6.1 0% -38%
Swissquote 7% 81% 63.24$ 969$ n/a n/a n/a n/a n/a n/a n/a 17.3 15.1 2.5 15% 6%
Monex 44% 45% 1.98$ 514$ n/a n/a n/a n/a n/a n/a n/a 10.7 14.0 0.7 267% -2%
CMC Markets 10% 165% 2.57$ 743$ 665$ 2.6 2.6 7.7 7.8 34% 33% 13.0 13.1 2.5 4% 1%
Viel & Cie 6% 19% 5.46$ 391$ n/a n/a n/a n/a n/a n/a n/a 11.1 10.8 0.9 n/a n/a
Bourse Direct 7% 72% 1.63$ 91$ 84$ n/a n/a n/a n/a n/a n/a n/a n/a 1.4 178% n/a
Median 10% 52% 4.5x 4.7x 9.6x 10.4x 45% 44% 15.8x 15.1x 2.5x 19% -3%
Retail | e-Brokers
MarketAxess 23% 56% $ 326.20 $ 12,401 $ 12,171 23.8x 20.6x 43.0x 37.7x 55% 55% 60.4x 54.0x 21.7x 1% 15%
Tradeweb Markets 3% 46% 49.05$ 10,975$ 12,255$ 15.8 14.3 35.3 30.7 45% 47% 49.1 41.2 2.2 1% 10%
Virtu Financial 30% 29% 19.27$ 3,696$ 5,634$ 5.8 5.1 15.8 11.0 37% 46% 20.1 12.5 1.9 55% 13%
TP ICAP 18% 45% 4.64$ 2,617$ 2,587$ 1.1 1.1 6.6 6.0 17% 18% 11.2 10.3 1.2 43% 2%
BGC Partners 27% 4% 4.65$ 1,649$ 2,389$ 1.1 1.1 5.4 4.9 21% 22% 7.6 7.6 2.6 80% 5%
Flow Traders 23% 8% 24.15$ 1,119$ 1,130$ 4.4 3.5 12.5 8.5 35% 42% 18.3 12.2 3.0 2% 25%
Compagnie Financiere Tradition 6% 7% 107.07$ 795$ 742$ n/a n/a n/a n/a n/a n/a n/a n/a 1.9 47% n/a
INTL FCStone 14% 31% 44.71$ 872$ n/a n/a n/a n/a n/a n/a n/a 10.2 n/a 1.4 58% n/a
Median 20% 30% $ 34.43 213270% 258738% 5.1x 4.3x 14.1x 9.8x 36% 44% 18.3x 12.4x 2.1x 45% 12%
Broker Dealers | Market Makers
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)
www.rblt.com 18
Market Valuations – Application SoftwareSales
Growth
Price Market CapEnterprise
Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021
P/B D/E
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Off 52w
High / Low
Company
S&P Global 9% 54% $ 285.77 $ 68,842 $ 73,855 10.8x 10.2x 20.6x 19.3x 53% 53% 28.6x 26.2x n/a 7% 6%
Moody's 15% 49% 245.39$ 46,011$ 51,416$ 11.0 10.1 23.3 20.8 47% 49% 29.7 26.4 77.9 16% 8%
Thomson Reuters 15% 34% 69.99$ 34,690$ 36,432$ 6.1 5.8 19.3 18.1 32% 32% 38.3 34.3 3.9 10% 4%
IHS Markit 20% 45% 65.13$ 25,981$ 31,485$ 7.3 6.9 17.5 15.9 42% 43% 23.6 20.8 3.1 22% 6%
MSCI 7% 55% 321.46$ 27,329$ 29,430$ 17.7 16.3 32.0 29.2 55% 56% 46.3 41.4 n/a 12% 8%
Gartner 32% 51% 116.30$ 10,371$ 13,212$ 3.2 2.8 21.9 17.2 14% 16% 38.9 28.7 10.9 30% 14%
FactSet 13% 38% 269.03$ 10,189$ 10,681$ 7.2 6.9 21.1 20.2 34% 34% 26.9 25.9 14.2 8% 4%
Morningstar 11% 45% 148.47$ 6,378$ 6,672$ n/a n/a n/a n/a n/a n/a n/a n/a 6.3 11% n/a
Forrester Research 35% 50% 33.68$ 632$ 770$ 1.7 1.5 15.7 11.9 11% 12% 23.0 16.9 4.0 33% 12%
Value Line 22% 56% 28.70$ 276$ 200$ n/a n/a n/a n/a n/a n/a n/a n/a 5.0 3% n/a
Median 15% 50% 7.2x 6.9x 20.9x 18.7x 38% 39% 29.2x 26.3x 5.6x 12% 8%
Broadridge Financial Solutions 17% 39% $ 113.85 $ 13,070 $ 14,994 3.3x 3.2x 15.5x 14.5x 22% 22% 22.8x 20.6x 11.5x 16% 5%
Coupa Software 2% 82% 177.21$ 11,809$ 10,807$ 22.1 17.6 n/a n/a 10% 14% n/a n/a 24.8 7% 26%
SEI Investments 28% 41% 49.97$ 7,392$ 6,611$ 4.1 3.9 9.8 9.1 42% 43% 18.1 16.2 4.2 1% 4%
Guidewire Software 29% 24% 88.77$ 7,358$ 6,738$ 9.7 8.6 89.7 53.0 11% 16% n/a n/a 4.5 6% 12%
Computershare 44% 53% 7.29$ 3,941$ 5,670$ 2.5 2.6 8.9 9.6 28% 27% 13.1 13.8 2.8 59% -3%
SimCorp 25% 37% 90.84$ 3,679$ 3,728$ 7.4 6.5 27.6 21.4 27% 31% 38.5 28.8 14.5 2% 14%
Envestnet 30% 34% 61.17$ 3,254$ 3,838$ 4.0 3.6 18.4 16.1 22% 22% 29.4 25.5 3.7 21% 10%
BlackLine 23% 49% 57.16$ 3,223$ 3,019$ 8.9 7.5 n/a n/a 11% 13% n/a n/a 8.4 13% 19%
IRESS Limited 32% 48% 7.07$ 1,244$ 1,420$ 4.0 3.7 15.9 14.1 25% 26% 24.7 21.5 4.4 16% 7%
Ebix 63% 126% 19.76$ 602$ 1,297$ 2.3 2.5 7.8 5.4 30% 46% 6.2 4.1 1.1 127% -6%
First Derivatives 33% 59% 31.05$ 849$ 947$ 2.9 2.6 16.8 14.5 17% 18% 30.2 25.5 4.5 15% 11%
Linedata Services 29% 29% 24.78$ 164$ n/a n/a n/a n/a n/a 27% 27% 9.2 8.5 1.4 n/a 0%
Median 29% 45% 4.0x 3.7x 15.9x 14.5x 23% 24% 22.8x 20.6x 4.4x 15% 8%
Software | Back-End Solutions
Financial Data | Information Providers
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)
www.rblt.com 19
Market Valuations – PaymentsSales
Growth
Price Market CapEnterprise
Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021
P/B D/E
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Off 52w
High / Low
Company
Visa 18% 32% $ 176.15 $ 376,132 $ 375,595 17.0x 15.4x 24.8x 22.1x 69% 70% 34.8x 29.9x 12.7x 4% 11%
Mastercard 22% 35% 269.26$ 270,348$ 271,374$ 17.3 14.4 30.4 23.9 57% 60% 40.7 30.7 50.0 5% 20%
American Express 37% 29% 86.38$ 69,533$ 90,957$ 2.4 2.2 n/a n/a n/a n/a 27.5 12.3 3.4 81% 11%
Discover 56% 78% 41.37$ 12,672$ 39,029$ 3.6 3.5 n/a n/a n/a n/a 18.1 6.6 1.4 206% 3%
Median 30% 33% 10.3x 8.9x 27.6x 23.0x 63% 65% 31.2x 21.1x 8.0x 43% 11%
PayPal 1% 51% $ 123.66 $ 145,040 $ 139,288 7.0x 5.9x 25.4x 20.9x 27% 28% 38.0x 30.9x 8.4x 3% 17%
Western Union 34% 8% 18.85$ 7,745$ 9,738$ 2.0 1.9 7.7 7.1 26% 27% 11.2 9.8 n/a 45% 4%
Euronet Worldwide 48% 46% 89.68$ 4,681$ 4,858$ 2.1 1.8 17.5 9.6 12% 19% 33.1 15.6 3.1 31% 14%
OFX 44% 53% 7.29$ 3,941$ 5,670$ 2.5 2.6 8.9 9.6 28% 27% 13.1 13.8 2.8 59% -3%
MoneyGram International 78% 28% 1.47$ 106$ 930$ 0.8 0.8 5.0 4.6 17% 17% n/a n/a n/a 825% 5%
Median 44% 46% 2.1x 1.9x 8.9x 9.6x 26% 27% 23.1x 14.7x 3.1x 45% 8%
Fidelity National Information Services 19% 40% $ 128.58 $ 79,429 $ 99,080 7.6x 7.1x 18.0x 15.6x 42% 45% 22.6x 18.8x 1.6x 26% 8%
Fiserv 19% 38% 101.54$ 68,675$ 89,452$ 6.2 5.8 16.5 14.6 38% 40% 22.7 18.7 2.1 33% 8%
Global Payments 23% 54% 162.41$ 48,744$ 57,340$ 8.6 7.7 19.7 16.5 44% 47% 26.5 21.0 1.7 21% 12%
Square 27% 97% 63.69$ 27,995$ 27,172$ 11.4 8.6 81.5 46.7 14% 18% 116.2 64.2 15.9 4% 32%
StoneCo 43% 49% 26.40$ 7,349$ 8,048$ 15.3 11.2 28.7 19.3 53% 58% 45.6 30.6 4.7 23% 37%
Jack Henry & Associates 7% 31% 162.03$ 12,431$ 12,429$ 7.4 6.9 22.8 20.8 32% 33% 44.3 39.9 8.2 1% 6%
ACI Worldwide 32% 33% 26.58$ 3,080$ 4,399$ 3.0 2.8 10.4 9.6 29% 29% 19.9 18.0 2.7 47% 6%
EVERTEC 32% 40% 25.56$ 1,837$ 2,267$ 4.7 4.4 10.4 9.4 45% 47% 14.3 12.2 6.8 31% 6%
EVO Payments 41% 85% 18.68$ 1,536$ 2,922$ 6.7 5.7 21.4 17.3 31% 33% 41.2 26.8 n/a 51% 17%
Bottomline Technologies 31% 42% 39.46$ 1,737$ 1,793$ 4.0 3.7 18.0 16.1 22% 23% 30.0 26.4 4.2 7% 9%
Cardtronics 56% 32% 20.72$ 921$ 1,633$ 1.3 1.2 6.2 5.2 21% 23% 13.1 9.1 2.4 90% 8%
i3 Verticals 43% 67% 21.72$ 597$ 794$ 5.3 4.5 19.9 15.8 27% 29% 27.2 20.0 4.0 22% 16%
Median 31% 41% 6.4x 5.7x 18.9x 16.0x 32% 33% 26.9x 20.5x 4.0x 24% 14%
Card Networks
P2P Transfers | Remittances
Payment Infrastructure
Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)
www.rblt.com 21
Fintech Continues To Attract Significant Funding
$8.2B
$17.0B$19.7B $18.8B
$40.6B
$34.0B
$0B
$5B
$10B
$15B
$20B
$25B
$30B
$35B
$40B
$45B
2014 2015 2016 2017 2018 2019
Dea
l Val
ue
Select Large Capital Raise
Company
SelectInvestor
838
$250MSeries B
$1.3B Pre-Money
1,235
$1,000MSeries F
$2.6B Pre-Money
1,400
$1,200MPE Growth
$17B Pre-Money
1,699
$1,400MLater Stage VC
$6.6B Pre-Money
1,967
$14,000MSeries C
$136B Pre-Money
1,839
$318MSeries E
$1.3B Pre-Money
Deal Count(w/ Reported $ Value)
# of Deals(w/ Reported $ Value)
(CY’14 – CY’19)
> 8,500
Total Deal Value(w/ Reported $ Value)
(CY’14 – CY’19)
> $135B
Unicorns Created(CY’14 – CY’19)
> 55
↑ 112% ↑ 18% ↓ 5% ↑ 116% ↓ 16%($) % ∆ YoY
F i n Te c h C a p i t a l R a i s e( C Y ’ 1 4 – C Y ’ 1 9 | V e n t u r e C a p i t a l , P E G r o w t h E q u i t y )
1: Represents Equity Capital only (All VC rounds and PE(Growth Equity))Source: RBLT analysis, Pitchbook, CB Insights, other industry sources
www.rblt.com 22
Select Last 6 Months Capital Raise Trends
4 4 4 4
1
5
8
7
13
6
7
6
8
11
12
5
4
8
5
2
11
8 8
5
8
5
7
10
8
13
4 4
3 3
8
5
Capital Markets Institutional Software
Solutions for Corporates
Insurance Tech Lending & Credit Payments Personal Finance and
Investment Management
November / 2019 December / 2019 January / 2020 February / 2020 March / 2020 April / 2020
C o u n t O f C o m p a n i e s R a i s i n g F u n d i n g B y C a t e g o r y
Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, PitchbookAll Capital Raises In This Report Are U.S. Based Companies | Deal Size $1M Excluded From Analysis
37 33 50 36 36 42
www.rblt.com 23
Select Last 6 Months Capital Raise Trends
$21
$61
$107
$168
$75
$166
$284
$68
$844
$141
$325
$558
136
733
295
22 57 60 48
13
161 131
637
81
483
102 85
305
53
907
9 24 9
614
878
125
Capital Markets Institutional Software
Solutions for Corporates
Insurance Tech Lending & Credit Payments Personal Finance and
Investment Management
November / 2019 December / 2019 January / 2020 February / 2020 March / 2020 April / 2020
F u n d i n g I n v e s t m e n t s I n F i n t e c h C o m p a n i e s B y C a t e g o r y
Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, PitchbookAll Capital Raises In This Report Are U.S. Based Companies | Deal Size $1M Excluded From Analysis
$981 M $1,001 M $1,500 M $1,382 M $2,024 M $1,897 M
www.rblt.com 24
Select Last 6 Months Capital Raise Trends
11 9
15
4
11
16
13
12
19
11
13
11
10 12
13
15
10
14 3
3
5
2
1
Capital Markets Institutional Software
Solutions for Corporates
Insurance Tech Lending & Credit Payments Personal Finance and
Investment Management
Angel | Seed Early Stage Late Stage PE Growth
F u n d i n g R o u n d T y p e B y C a t e g o r y
Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, PitchbookAll Capital Raises In This Report Are U.S. Based Companies | Deal Size $1M Excluded From Analysis
37 33 50 36 36 42
www.rblt.com 25
FinTech Unicorns - Market Map
C a p i t a l M a r k e t s P a y m e n t s
P e r s o n a l F i n a n c e & W e a l t h M g m t . I n s t i t u t i o n a l S W S o l u t i o n s
L e n d i n g & C r e d i t I n s u r T e c h
Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, Pitchbook
www.rblt.com
$73B$90B
$79B $78B
$141B
$203B
233275 268
290317
243
-350
-250
-150
-50
50
150
250
350
$0B
$50B
$100B
$150B
$200B
$250B
2014 2015 2016 2017 2018 2019
Dea
l Vo
lum
e
Deal Volume (W/ Announced $ Value)
Deal Count (W/ Announced $ Value)
27
Buyer Interest Remains Strong, Led By Strategic
Select Large Transactions
Target
Select Investors
$4.4BLBO
↑ 40 %
$9.8BM&A
↓ 12 %
$3.9BM&A
↓ 1 %
$3.9BLBO
↑ 80 %
$17.0BLBO
↓ 44 %
70% 75% 71% 72% 71% 69%
$6.9BLBO
($) % ∆ YoY
% Strategic Transaction
F i n Te c h M & A A c t i v i t y( C Y ’ 1 4 – C Y ’ 1 9 | P r i v a t e E q u i t y ( B u y o u t / L B O ) , S t r a t e g i c M & A )
Deal Countw/ Announced $ Value
(CY’14 – CY’19)
1,629
Deal Volumew/ Announced $ Value
(CY’14 – CY’19)
> $664B
Deal Countw/ Undisclosed $ Value
(CY’14 – CY’19)
4,326
Note: Chart Represents Private Equity (Buyout/LBO), Strategic M&A Transactions OnlySource: RBLT analysis, Pitchbook, FactSet, CrunchBase, CB Insights, other industry sources
www.rblt.com 28
Select Last 6 Months - M&A Transactions Trend
7
3
2
4 4
2
4 4
5
1
2
5
4
3
1
3
5
2 2
5
4
1
4
5
1
5
1
2
1
4
5
2 2
4
Capital Markets Institutional Software
Solutions for Corporates
Insurance Tech Lending & Credit Payments Personal Finance and
Investment
Management
November / 2019 December / 2019 January / 2020 February / 2020 March / 2020 April / 2020
C o u n t O f M & A Tr a n s a c t i o n s B y C a t e g o r y
Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, PitchbookAll M&A transactions In This Report Are U.S. Based Companies | Deal Size $1M Excluded From Analysis
24 22 17 22 15 9
www.rblt.com 29
US I PO Market Update
www.rblt.com 30
State of Capital Markets – US IPO Market Update
Source: PWC, Renaissance Capital
$1B
$6B
$6B$7B
$10B$11B
$4B
$11B
$16B
$13B
$11B
$7B
$5B
$25B
$11B
$6B$7B
8
3 3330
25
52
29
54
44
60
52
34
18
62
39 41
25
-70
-50
-30
-10
10
30
50
70
$0B
$5B
$10B
$15B
$20B
$25B
$30B
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
US IPO's # IPO's
CY 2016 CY 2017 CY 2018 CY 2019 Q1 2020
US IPO Proceeds $18,800M $35,600M $46,800M $46,300M $6,800M
% ∆ YoY - ↑ 89% ↑ 31% ↓ 1% -
www.rblt.com 31
Recent US Public Offerings - Select FinTechs
Offering Date Company Sector Ticker Gross Proceeds ($M) Offer Price 1 WK Return
12/12/2019 Bill.com Institutional Software & Solutions NYSE:BILL $ 223 $ 22.00 2.7%
9/26/2019 Oportun Financial Lending & Credit NASDAQ:OPRT $ 93 $ 15.00 -10.0%
8/15/2019 9F Bank Lending & Credit NASDAQ:JFU $ 85 $ 9.50 19.0%
7/22/2019 AssetMark Financial Personal Finance & Investment Mgt. NYSE:AMK $ 275 $ 22.00 -2.0%
3/3/2019 Tradeweb Capital Markets NASDAQ:TW $ 1,240 $ 27.00 17.0%
3/19/2019 Tiger Brokers Capital Markets NASDAQ:TIGR $ 104 $ 8.00 18.0%
3/8/2019 FUTU Capital Markets NASDAQ:FHL $ 90 $ 12.00 17.5%
12/13/2018 360 Finance, Inc Lending & Credit NASDAQ: QFIN $ 51 $ 16.50 0.0%
10/25/2018 StoneCo Ltd Payments NASDAQ: STNE $ 1,400 $ 24.00 -4.1%
6/15/2018 Avalara Institutional Software & Solutions NYSE: AVLR $ 180 $ 35.00 10.4%
10/25/2018 Pintec Technology Lending & Credit NASDAQ: PT $ 44 $ 11.88 -6.7%
10/12/2018 Anaplan, Inc Institutional Software & Solutions NYSE: PLAN $ 264 $ 17.00 0.0%
6/24/2018 I3 Vertical. Payments NASDAQ: IIIV $ 87 $ 18.00 -17.8%
5/24/2018 Greensky, Inc Lending & Credit NASDAQ: GSKY $ 874 $ 23.00 14.7%
5/23/2018 EVO Payments Payments NASDAQ: EVOP $ 224 $ 16.00 11.2%
3/26/2018 Ceridian HCM Institutional Software & Solutions NYSE: CDAY $ 462 $ 22.00 8.9%
4/27/2018 Docusign Inc Institutional Software & Solutions NYSE: DOCU $ 629 $ 29.00 3.4%
3/16/2018 Zuora, Inc Institutional Software & Solutions NYSE: ZUO $ 154 $ 14.00 -5.0%
2/9/2018 Cardlytics Payments NASDAQ: CDLX $ 70 $ 13.00 37.0%
11/10/2017 PPDAI Group Inc. Alternative lending NYSE: PPDF $ 221 $ 13.00 0.0%
12/26/2017 PagSeguro Digital Ltd Payments NYSE: PAGS $ 2,300 $ 21.50 -4.3%
Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, Pitchbook
www.rblt.com 32
US FinTech Unicorns That Could Get On The IPO Ramp
Company Post Valuation* Raised to Date Last Raise
$6,000M $1.01B March-20
$2,600M $316M December-19
$7,600M $911M October-19
$2,000M $732M October-19
$35,250ME $1,290M September-19
$3,800M $521M September-19
$3,650M $628M August-19
$1,180M $989M July-19
$2,130M $416M June-19
$4,800M $2,420M May-19
$2,900M $1,100M April-19
$2,100M $478M April-19
Company Post Valuation* Raised to Date Last Raise
$1,800M $482M November-19
$1,200M $925M January-19
$5,300M (M&A) $309M January-20 (M&A)
$8,050M $525M October-18
$7,100M (M&A) $645M February-20 (M&A)
$3,500ME $1,280M August-18
> $1,500ME $600ME January-20
$3,000M $246M May-18
$2,000M $1,360M May-16
$5,500M $845M February-20
$1,010ME $305M May-18
$1,000ME $573M March-18
Note: Raised To Date Figures Includes Equity And Private Debt*: Last Reported Valuation | E: PitchBook EstimatesSource: RBLT analysis, Pitchbook, FactSet, CrunchBase, CB Insights, other industry sources
www.rblt.com 33
T he Rosenblatt D i fferenceR o s e n b l a t t ’ s F i n Te c h I n v e s t m e n t B a n k i n g
www.rblt.com 34
Rosenblatt’s Advisory and Execution Services
We provide conflict-free, agency-only equity execution
services to leading institutional investors across US and international markets
As the biggest broker on the NYSE floor, we provide clients access to unique advantages
available to only through floor brokers
With one of the most experienced team of high-touch traders, we deliver
highest quality execution in any market conditions
Trading
Rosenblatt Securities helped pioneer the field of market-structure analysis more than
15 years ago
We give clients the conflict-free intelligence they need to
navigate and thrive in complex, fragmented capital
markets
Market Structure
Our team of veteran equity research analysts provide
expert insights and corporate-access opportunities for
investors in the TMT and FinTech sectors
In addition to our inhouse research capabilities, we also have exclusive relationships
with brokers from over a dozen emerging- and frontier-
markets
Fundamental Research
Our analytics team, led by a veteran former buy-side
quant, approaches execution with a practitioner’s
perspective and applies world-class data science
Our team has developed tools that are used for pre-trade,
trade and post-trade analysis by our internal trading team
as well as by leading investment banks and asset
managers
Trading Solutions
Rosenblatt’s Investment Banking division has a strong track record of
helping innovative FinTechs and increasingly a broader universe of technology, media, and telecom
companies raise private capital, go public, and pursue M&A
Rosenblatt is a thought leader and trusted advisor, uniquely positioned
to connect disruptors and incumbents with customers,
channel partners, and investors
Deep domain expertise and relationships with some of the most
sophisticated and demanding market participants globally are
hallmarks of a team that has been recognized on Institutional
Investor’s FinTech Finance 40 ranking for two years running
Investment Banking
Click For A List Of Recent Transactions
Click To Visit Our Insight Page
www.rblt.com 35
Full Service Advisory Offering
• Mergers & Acquisitions
• Divestitures
• Restructuring
• Fairness Opinion
• Due Diligence
• Valuation
• Transaction Structuring
• Negotiations
• Market Entry
• Exit Strategies
• Peer Group Benchmarking
• Competitive Analysis
• Product Validation
• Channel Partner Development
• Customer Introduction
• Private Equity
• Venture Capital
• Private Debt
• Initial Public Offering (IPO)
• Follow-On Offering
• Private Placement
• Secondary Offering
• Buybacks
Strategic Management Consulting
Capital Raising
Advisory Services
www.rblt.com 36
Strong Value Proposition
Our FinTech Summit on panel with Virtu Financial, XTX Markets, Jane Street,and DRWHoldings
Our Market Structure Summit inconversation with SEC ChairmanJay Clayton
• We pride ourselves in creating solutions that address individual client'sneeds; always shying away from cookie-cutter solutions
• Focused coverage of capital markets and financial technology firms acrossasset classes to address their corporate finance needs
• Trusted advisers on dozens of deals and we go beyond just executing – withour annual Financial Technologies Summit (FTS) and Global Exchange LeaderConference (GELC) we’re committed to advising and educating our clients
• Our deep domain expertise and attention to details uncovers oftenoverlooked complexities and nuances
• Our investment banking, research, and consulting efforts have fostereddeep ties with many of the largest financial services and private equity firmsacross North America, EMEA, and Asia-Pacific
• Our brokerage operations have allowed us to develop extensiverelationships with leading institutional investors and portfolio managers
• Strong relationships with a roster of global bank partners for offerings thatrequire balance sheet commitment and institutional underwriting
Unparalleled Domain Expertise
Deep Strategic & Financial Relationships
Tailored Execution Experience
Our FinTech Summit on panel with R3, Ripple, Noble, Symbiont, and PeerNova
Rosenblatt’s, Vikas Shah namedto FinTech Finance 40 list
Clients call on us for deep-domain expertise in FinTech, close dialogues with an extensive roster of strategic and financial institutional investors and proven execution experience. We have the track record of working on exclusive engagements as well co-managers with other well-respected industry underwriters
www.rblt.com 37
Vikas Shah – Institutional Investor’s Fintech Finance 40 (2018 & 2019)
Click Here To Read The Full Coverage
Vikas ShahManaging DirectorInvestment Banking vshah@rblt.com
Vikas leads Rosenblatt’s FinTech investment banking initiative.With over two decades of experience in financial services, he hasextensive experience as a banker as well as a principal investor.Institutional Investor’s recently ranked Vikas on the FinTechFinance 40 list for second year in a row. Vikas was formerly aninvestment banker with Credit Suisse and VP of principal strategicinvestments with AIG. He holds an MBA degree from NYU’s SternSchool of business
www.rblt.com 38
Seasoned FinTech Advisory Board
Akbar PoonawalaPivot Investment PartnersCo-Founder
Neeraj SahaiDun & Bradstreet InternationalPresident
Bill StephensonAIR Summit HoldingsFounder
Raymond TierneyStrategic Advisor & Non-Executive Board Member
Greg TusarTagomiCo-Founder
Comprised of a distinguished group of veterans from financial services, Rosenblatt's FinTech Advisory Board helps the bankingteam stay on top of cutting-edge industry developments, expand its network and deliver powerful insights
Vivian MaeseCadwaladerPartner
Tom AscherQuantitative BrokersExecutive Chairman
Peter ChirlianArmanta (IBM Company)Chief Executive Officer
Christian KatzSCXExecutive Chairman
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Rosenblatt Serving as Exclusive Advisor to Exablaze
Rosenblatt’s Investment Banking division has a strong track record of helping innovative FinTechs and increasingly a broader universe of technology, media, and telecom companies raise private capital, go public, and pursue M&A. Rosenblatt is a thought leader and trusted advisor, uniquely positioned to connect disruptors and incumbents with customers, channel partners, and investors
• December 2019 – Rosenblatt Securities is pleased to be serving as the exclusive strategic andfinancial advisor to Exablaze in its agreement to be acquired by Cisco Systems (NASDAQ: CSCO), asynergistic deal between two world-class companies with a track record of developing anddeploying cutting-edge solutions in networking and communications. Founded in 2013, Exablazeis an Australian designer and manufacturer of advanced network devices aimed at reducinglatency and improving network performance
• Established in Australia in 2013, Exablaze is a global provider of ultra-low latency networkingequipment with offices in Sydney (Australia), New York (USA), London (UK) and Shanghai (China).Exablaze primarily builds FPGA-based network devices which are targeted at a wide range ofapplications in financial trading, big data analytics, high-performance computing,telecommunications and datacenters. For more information on Exablaze, please visitwww.exablaze.com.
Overview of Transaction
Overview of Exablaze
“We are extremely excited to be a part of Cisco, a proven global leader who will help push our low-latency technology into new markets. Rosenblatt’s insights and advice throughout a tightly runprocess were instrumental in Identifying the perfect strategic partner and structuring the righttransaction for the next chapter of the Company’s growth,…”
– Greg Robinson, Chairman and Co-Founder of Exablaze
Click here for Exablaze’s announcement of the transaction, as well as Cisco’s announcement here
“We’re simply thrilled to have advised Exablaze on its combination with Cisco. Exablaze’s market-leading technology will benefit from Cisco’s larger product and sales platform helping Exablaze’sproducts penetrate financial services more deeply and expand into other industry verticals,…”
– Vikas Shah, Rosenblatt’s Head of FinTech Investment Banking
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Demonstrated Ability to Execute Marque M&A Mandates
S e l e c t M e r g e r s & A c q u i s i t i o n s Tr a n s a c t i o n s
Exclusive Advisor
Acquisition of Minority Stakes in
Advisor
Acquisition of
ETF and Wholesale Market Making Business
Advisor
Acquisition of Acquisition of
Advisor
Designated Market Maker (DMM) Trading Business
Exclusive Advisor to receiver of the
AlphaMetrix Estate
Sale of Technology Assets to
Introducing Agent
Acquisition of Acquisition of
Exclusive Advisor
Acquisition of
Exclusive Advisor
Acquisition of
Exclusive Advisor
Exclusive Advisor to Exablaze
Definitive Agreement to Acquire
Our solid track record of executing a wide range of private and public M&A mandates highlights our deep understanding of the FinTech ecosystem and our ability to capture nuances in client stories that are often overlooked by investors
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Proven Track Record In Private Capital Raise…
S e l e c t P r i v a t e M a r k e t F i n a n c i n g M a n d a t e s
Receives Series-D Growth
Investment From
Advisor
Receives Debt Financing From
Advisor
Receives Series-B Growth Investment From
Advisor
Receives Series-B Growth Investment
From
Advisor
Lead Investor
Receives Growth Investment & Merges With
Placement Agent
Receives Growth
Investment From
Advisor
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And Provide Liquidity Via Public Markets
S e l e c t P u b l i c M a r k e t F i n a n c i n g M a n d a t e s
Initial Public Offering
Co-Manager
$290,605,000
Initial Public Offering
Co-Manager
$361,000,000
Initial Public Offering
Co-Manager
$390,000,000
Secondary Offering
Co-Manager
$20,002,500
Secondary American Depositary Shares
Offering
Co-Manager
$116,000,000
Share Repurchase Program
Execution Specialist
Secondary Offering
Co-Manager
$235,000,000
Follow-On Offering
Co-Manager
$ 726,090,876
Execution Specialist
Share Repurchase Program
144A Offering Of 0.75% Convertible Senior Note
Co-Manager
$ 600,000,000
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Select Companies From Rosenblatt’s Annual FinTech Summit
Rosenblatt’s annual Financial Technology Summit has showcased more than 150 fast-growing FinTech companies in the past decade attracting senior executives from the financial services and the institutional investment community
Capital Markets
Payments
Lending & CreditPersonal Finance & Invest. Mgmt.
InsurTech Institutional Software
Blockchain AI / ML Cyber Security
Click to visit our event page!
www.rblt.com
Contact:
V i ka s S h a hI n v e s t m e n t B a n k i n g
2 1 2 - 6 0 7 - 3 1 0 0v s h a h @ r b l t . c o m
Copyright 2020. Rosenblatt Securities Inc. All rights reserved.
Rosenblatt Securities Inc. seeks to provide and receive remuneration for Agency Brokerage, Market Structure Analysis, Macro and otherSector Analysis and Investment Banking Advisory Services. Rosenblatt Securities Inc. may, from time to time, provide these services tocompanies mentioned in this analysis. This material is not a research report and should not be construed as such, and does not containenough information to support an investment decision. Neither the information contained herein, nor any opinion expressed herein,constitutes the recommendation or solicitation of the purchase or sale of any securities or commodities. The information herein wasobtained from sources which Rosenblatt Securities Inc. believes reliable, but we do not guarantee its accuracy. No part of this material maybe duplicated in any form by any means. Member NYSE, FINRA, SIPC.
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