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 UpdateJanuary 2020
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4Index Performance1
Table of contents
3
9Market Valuations2
19Capital Raising Trends3
25M&A Trends4
28US IPO Market Update5
32The Rosenblatt Difference6
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-35%
-25%
-15%
-5%
5%
15%
25%
35%
12/31/18 2/06/19 3/14/19 4/18/19 5/24/19 7/01/19 8/06/19 9/11/19 10/16/19 11/20/19 12/27/19
S&P 500 Payment Infrastructure P2P Transfers | Remittances Card Networks
5
Cap Weighted Price Return Index Performance – Payments Technologies (LTM)
Source: Bloomberg, FactSet Updated on 1/01/2020Note: 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%)
S&P 500 Paym ent Inf rastructure P2P Transfers | Rem ittances Card Networks
% ∆ YoY 26.4% 23.8% 8.2% 15.4%
% ∆ MoM 2.7% -0.9% 0.2% 1.0%
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-35%
-25%
-15%
-5%
5%
15%
25%
35%
12/31/18 2/06/19 3/14/19 4/18/19 5/24/19 7/01/19 8/06/19 9/11/19 10/16/19 11/20/19 12/27/19
S&P 500 Software | Back-End Solutions Financial Data | Information Providers Lending Analytics | Insights
6
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 26.4% 12.7% 31.0% 17.5%
% ∆ MoM 2.7% -0.2% 1.2% 0.4%
Source: Bloomberg, FactSet Updated on 1/01/2020Note: 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%
12/31/18 2/06/19 3/14/19 4/18/19 5/24/19 7/01/19 8/06/19 9/11/19 10/16/19 11/20/19 12/27/19
S&P 500 Global Exchanges Regional Exchanges Broker Dealers | Market Makers Retail | e-Brokers CBOE Market Volatility Index (R)
7
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 26.4% 30.4% 2.7% 9.2% 9.2% -47.2%
% ∆ MoM 2.7% 2.9% 0.3% -0.9% -0.9% 14.3%
Source: Bloomberg, FactSet Updated on 1/01/2020Note: 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%
12/31/18 2/06/19 3/14/19 4/18/19 5/24/19 7/01/19 8/06/19 9/11/19 10/16/19 11/20/19 12/27/19
S&P 500 Global Diversified Banks - Domestic Global Diversified Banks - Foreign Regional Diversified Banks - Domestic
8
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 26.4% 26.4% 20.8% 34.5%
% ∆ MoM 2.7% 2.4% 4.0% 5.0%
Source: Bloomberg, FactSet Updated on 1/01/2020Note: 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
10.8x
10.7x
11.2x
12.1x
12.7x
23.6x
25.1x
29.0x
29.1x
31.4x
22.7x
25.1x
31.1x
0x5x10x15x20x25x30x35x
Alternative Lenders
Foreign Banks
Domestic Banks
Retail & e-Brokers
BD & Market Makers
Regional Exchanges
Global Exchanges
Financial Data Providers
Software Solutions
Lending Analytics & Insights
Transfer & Remittances
Card Networks
Payment Infrastructures
12.6x
10.1x
10.7x
15.4x
11.2x
22.0x
23.5x
26.5x
25.6x
28.0x
19.6x
22.1x
26.6x
0x 5x 10x 15x 20x 25x 30x 35x
Alternative Lenders
Foreign Banks
Domestic Banks
Retail & e-Brokers
BD & Market Makers
Regional Exchanges
Global Exchanges
Financial Data Providers
Software Solutions
Lending Analytics & Insights
Transfer & Remittances
Card Networks
Payment Infrastructures
Ap
plic
atio
n
Soft
war
ePa
ymen
t Te
chn
olo
gies
Len
din
g &
Cre
dit
Cap
ital
M
arke
ts2019 E Consensus P / E Ratio 2020 E
Alternative Lenders
Foreign Banks
Domestic Banks
Retail & e-Brokers
BD & Market Makers
Regional Exchanges
Global Exchanges
Financial Data Providers
Software Solutions
Lending Analytics & Insights
Transfer & Remittances
Card Networks
Payment Infrastructures
Source: Bloomberg, FactSet Updated on 1/01/2020
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Sales Growth vs. Price to Earnings Ratio
Domestic Banks, 1%, 10.7x
Foreign Banks, 2%, 10.1x
Alternative Lenders, 15%, 12.6x
Global Exchanges, 6%, 23.5x
Regional Exchanges, 7%, 22.0x
BD & Market Makers, 11%, 11.2x
Retail & e-Brokers, 6%, 15.4x
Software Solutions, 8%, 25.6xFinancial Data Providers, 6%, 26.5x
Lending Analytics & Insights, 7%, 28.0x
Payment Infrastructures, 12%, 26.6x
Transfer & Remittances, 5%, 19.6x
3x
8x
13x
18x
23x
28x
33x
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
Pric
e /
Earn
ing
Rat
io(C
Y’20
E)
Sales Growth (CY’19E – CY’20E)
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 1/01/2020
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Market Valuations
Global Diversified Banks 26% 2% n/a n/a n/a n/a n/a n/a 10.7x 10.1x
Capital Markets 18% 6% 8.2 7.7 15.1 14.8 54% 52% 21.3 19.9
Application Software 33% 7% 5.5 5.2 19.8 18.2 26% 28% 29.0 26.6
Payments 38% 8% 6.0 5.7 22.0 18.1 28% 29% 29.4 24.1
Global Diversified Banks - Domestic 38% 1% n/a n/a n/a n/a n/a n/a 11.2x 10.7x
Global Diversified Banks - Foreign 20% 2% n/a n/a n/a n/a n/a n/a 10.7 10.1
Alternative Lending -6% 15% 2.1 1.9 13.7 11.0 16% 16% 10.8 12.6
Global Exchanges 28% 6% 11.8x 11.1x 17.9x 16.8x 65% 66% 25.1x 23.5x
Regional Exchanges 19% 7% 7.4 6.5 15.6 14.7 45% 48% 23.6 22.0
Broker Dealers | Market Makers 10% 11% 4.6 3.8 11.5 8.4 41% 45% 12.7 11.2
Retail | e-Brokers 10% 6% 4.0 4.1 8.3 8.4 51% 47% 12.1 15.4
Software | Back-End Solutions 27% 8% 4.0x 3.7x 17.5x 16.4x 25% 25% 29.1x 25.6x
Financial Data | Information Providers 43% 6% 7.7 7.4 21.3 19.6 38% 38% 29.0 26.5
Lending Analytics | Insights 46% 7% 7.0 6.5 18.6 17.2 34% 35% 31.4 28.0
Payment Infrastructure 29% 12% 6.8x 6.1x 23.1x 18.5x 30% 30% 31.1x 26.6x
P2P Transfer | Remittances 28% 5% 2.6 2.5 10.1 9.9 25% 26% 22.7 19.6
Card Networks 43% 9% 11.1 10.0 27.5 24.0 65% 66% 25.1 22.1
Payments
Banks | Alternative Lending
Capital Markets
Application Software
PriceSales
GrowthOff
52 Wk High19 E - 20 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E
Price / EarningsTEV / Sales EBITDA MarginsTEV / EBITDA
Company
Source: FactSet, Bloomberg , Updated on 1/01/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
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Market Valuations – Banks | Alternative LendingSales
Growth
Off
52 Wk HighPrice Market Cap
Enterprise
Value2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 19 E - 20 E
P/B D/ECompany
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
JPMorgan Chase 43% $ 138.79 $ 435,281 n/a n/a n/a n/a n/a n/a n/a 13.3x 13.0x 1.7x 142% 1%
Bank of America 44% 35.21$ 316,583$ n/a n/a n/a n/a n/a n/a n/a 13.0 11.7 1.2 154% 0%
Wells Fargo 18% 53.74$ 227,265$ n/a n/a n/a n/a n/a n/a n/a 11.9 12.5 1.3 158% -5%
Citigroup 54% 79.64$ 173,979$ n/a n/a n/a n/a n/a n/a n/a 10.3 9.3 0.9 273% 2%
U.S. Bancorp 30% 59.20$ 92,431$ n/a n/a n/a n/a n/a n/a n/a 13.6 13.4 2.0 62% 1%
Morgan Stanley 28% 51.03$ 82,605$ n/a n/a n/a n/a n/a n/a n/a 10.4 9.7 1.1 336% 2%
Goldman Sachs 39% 230.10$ 81,493$ n/a n/a n/a n/a n/a n/a n/a 10.5 9.6 1.1 504% 3%
Capital One Financial 37% 102.83$ 47,885$ n/a n/a n/a n/a n/a n/a n/a 8.9 8.7 0.8 108% 5%
Median 38% 69.4x ######### n/a n/a n/a n/a n/a n/a n/a 11.2x 10.7x 1.2x 156% 1%
HSBC -5% $ 7.82 $ 158,836 n/a n/a n/a n/a n/a n/a n/a 11.1x 11.1x 0.8x 187% 1%
Royal Bank of Canada 16% 79.15$ 113,210$ n/a n/a n/a n/a n/a n/a n/a 12.0 11.2 2.0 176% 1%
Commonwealth Bank of Australia 15% 56.74$ 100,446$ n/a n/a n/a n/a n/a n/a n/a 18.4 16.9 2.1 160% 4%
BNP Paribas 30% 59.08$ 73,833$ n/a n/a n/a n/a n/a n/a n/a 8.7 8.4 0.7 1124% 2%
Lloyds 27% 0.83$ 57,977$ n/a n/a n/a n/a n/a n/a n/a 8.9 9.1 1.0 344% -2%
Bank of Montreal 19% 77.22$ 49,358$ n/a n/a n/a n/a n/a n/a n/a 10.9 10.3 1.4 181% 6%
UBS 6% 12.61$ 48,679$ n/a n/a n/a n/a n/a n/a n/a 10.5 10.0 0.8 433% 2%
Barclays 25% 2.36$ 40,924$ n/a n/a n/a n/a n/a n/a n/a 8.8 7.7 0.5 408% 3%
Royal Bank of Scotland 26% 3.17$ 38,364$ n/a n/a n/a n/a n/a n/a n/a 10.4 9.8 0.6 n/a 1%
Credit Suisse 22% 13.52$ 34,563$ n/a n/a n/a n/a n/a n/a n/a 11.0 8.8 0.7 777% 4%
Standard Chartered 26% 9.41$ 30,086$ n/a n/a n/a n/a n/a n/a n/a 12.3 10.6 0.7 370% 4%
Deutsche Bank -5% 7.75$ 16,016$ n/a n/a n/a n/a n/a n/a n/a -8.9 46.0 0.2 1162% -4%
Median 20% 11.0x 49018.6x n/a n/a n/a n/a n/a n/a n/a 10.7x 10.1x 0.7x 370% 2%
Global Diversified Banks - Domestic
Global Diversified Banks - Foreign
Source: FactSet, Bloomberg , Updated on 1/01/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
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Market Valuations – Banks | Alternative Lending
LendingTree 38% 304.13$ 3,953$ 3,979$ 3.6 3.1 19.7 17.0 18% 18% 114.9 68.8 12.5 10% 16%
GreenSky -4% $ 9.16 $ 1,633 $ 1,521 2.9x 2.4x 9.1x 8.0x 31% 31% 16.4x 14.6x 38.3x 24% 17%
LendingClub -10% 12.33$ 1,087$ 776$ 1.0 0.9 5.8 4.2 17% 21% -489.7 32.4 1.3 20% 13%
QuinStreet -6% $ 15.41 $ 789 $ 734 1.6x 1.4x 18.2x 14.1x 9% 10% 32.8x 23.0x 3.6x 2% 13%
Oportun Financial n/a 23.97$ 647$ 2,211$ 4.4 3.7 30.4 24.2 14% 15% 10.9 10.5 5.2 242% 19%
Funding Circle -69% $ 1.17 $ 407 $ 274 1.2x 1.0x -6.9x -9.7x -18% -11% -6.5x -7.5x 0.9x 53% 19%
On Deck Capital -34% 4.11$ 295$ 1,113$ 2.5 2.4 28.9 26.1 9% 9% 10.6 9.0 0.9 308% 5%
Elevate Credit 3% $ 4.50 $ 199 $ 683 0.9x 0.9x 4.9x 4.9x 18% 18% 6.4x 5.1x 1.3x 284% 4%
Median -6% $ 10.74 71830% 94453% 2.1x 1.9x 13.7x 11.0x 16% 16% 10.8x 12.6x 2.4x 39% 15%
Equifax 48% $ 138.91 $ 16,820 $ 20,034 5.7x 5.4x 17.0x 15.7x 34% 34% 24.9x 24.0x 6.7x 19% 6%
Experian 41% 33.70$ 30,609$ 34,600$ 6.7 6.2 19.2 17.5 35% 35% 32.3 28.9 12.2 14% 8%
Fair Isaac 104% 375.24$ 10,868$ 11,592$ 10.0 9.3 31.6 28.4 32% 33% 50.0 44.5 38.8 8% 8%
TransUnion 51% 84.67$ 15,943$ 19,437$ 7.3 6.8 18.6 16.8 39% 40% 30.6 27.0 7.9 24% 9%
CoreLogic 29% 43.44$ 3,452$ 5,178$ 3.0 3.0 10.6 10.1 28% 30% 15.9 14.8 3.5 52% -2%
Black Knight 44% 64.13$ 9,591$ 10,901$ 9.2 9.0 18.7 18.1 49% 50% 33.2 31.6 5.1 17% 3%
Median 46% $ 74.40 ######### 1551466% 7.0x 6.5x 18.6x 17.2x 34% 35% 31.4x 28.0x 7.3x 18% 7%
Lending Analytics | Insights
Alternative Lending
Sales
Growth
Off
52 Wk HighPrice Market Cap
Enterprise
Value2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 19 E - 20 E
P/B D/ECompany
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Source: FactSet, Bloomberg , Updated on 1/01/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
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Market Valuations – Capital Markets
CME 8% $ 199.37 $ 71,443 $ 74,548 15.2x 14.5x 23.2x 21.4x 65% 68% 28.9x 27.0x 2.7x 6% 5%
Intercontinental Exchange 24% 92.44$ 51,470$ 59,113$ 11.3 10.7 17.8 16.7 64% 64% 23.7 21.9 3.0 16% 6%
Hong Kong Exchanges & Clearing 11% 32.90$ 41,494$ 38,232$ 18.2 16.6 24.3 22.2 75% 75% 33.7 30.5 7.3 1% 9%
London Stock Exchange 100% 101.18$ 35,388$ 36,842$ 12.6 11.5 22.1 19.8 57% 58% 38.6 34.1 6.8 8% 10%
Deutsche Boerse 29% 157.02$ 29,833$ 31,933$ 9.5 9.0 16.0 14.8 60% 61% 23.5 21.9 4.5 9% 6%
B3 59% 10.69$ 22,008$ 20,873$ 14.2 12.5 20.1 16.9 70% 74% 27.2 24.0 3.9 7% 13%
Nasdaq 33% 106.98$ 17,534$ 20,676$ 8.2 7.8 15.8 14.8 52% 53% 21.5 19.9 3.2 22% 4%
Cboe Global Markets 24% 118.86$ 13,166$ 13,908$ 12.2 11.5 18.0 17.0 68% 68% 25.5 24.0 4.0 7% 6%
ASX Limited 35% 56.52$ 10,943$ 10,632$ 18.2 16.7 24.2 22.2 75% 75% 32.8 31.0 4.0 0% 9%
Japan Exchange 8% 17.71$ 9,498$ 8,331$ 7.8 7.4 12.0 11.1 65% 67% 24.1 23.0 3.5 5% 5%
Singapore Exchange 26% 6.60$ 7,074$ 6,501$ 9.8 9.2 17.3 15.8 57% 58% 24.8 22.9 8.5 1% 6%
Euronext 46% 81.90$ 5,733$ 6,508$ 8.6 7.7 14.5 13.0 59% 60% 19.5 17.3 5.4 21% 11%
Median 28% $ 87.17 ######### 2077461% 11.8x 11.1x 17.9x 16.8x 65% 66% 25.1x 23.5x 4.0x 7% 6%
TMX 65% 86.30$ 4,849$ 5,401$ 8.8 8.2 15.1 13.8 58% 60% 21.2 19.0 1.7 18% 7%
Bolsas y Mercados Espanoles 33% 38.41$ 3,211$ 6,047$ 18.9 18.4 31.2 30.0 61% 61% 22.9 22.2 7.3 275% 3%
Dubai Financial Market 15% $ 0.25 $ 2,026 $ 1,227 13.5x 10.7x n/a n/a n/a n/a 46.5x 37.2x 0.9x 1% 26%
Bolsa Mexicana de Valores 29% 2.22$ 1,318$ 1,197$ 6.2 5.8 10.8 10.1 57% 58% 17.8 16.5 3.8 1% 7%
Bursa Malaysia -9% $ 1.50 $ 1,211 $ 1,091 9.1x 8.8x 16.2x 15.5x 56% 57% 26.2x 24.8x 5.5x 0% 3%
Multi Commodity Exchange of India 60% 16.59$ 846$ 703$ 12.2 10.7 27.0 22.3 45% 48% 29.1 26.3 4.7 0% 14%
JSE -26% $ 8.66 $ 753 $ 613 4.0x 3.8x 10.9x 9.8x 37% 39% 15.0x 13.5x 2.9x 3% 6%
Warsaw Stock Exchange 6% 10.35$ 434$ 303$ 3.4 3.5 5.9 7.2 58% 49% 12.5 14.4 1.8 15% -3%
OTC Markets 23% $ 34.47 $ 388 $ 380 6.2x 5.8x 18.2x 16.0x 34% 36% 27.2x 23.7x 19.9x 5% 7%
BSE -18% 6.86$ 355$ n/a n/a n/a n/a n/a 2% 7% 14.9 13.4 0.9 0% 10%
Hellenic Exchanges 19% $ 5.19 $ 313 $ 237 7.4x 6.5x 21.3x 16.6x 35% 39% 58.7x 41.0x 2.5x 0% 13%
Philippine Stock Exchange 2% 3.46$ 283$ 200$ n/a n/a n/a n/a n/a n/a n/a n/a 2.8 0% n/a
NZX 35% $ 0.90 $ 249 $ 257 5.6x 5.3x 12.6x 11.5x 45% 47% 24.3x 21.8x 5.5x 13% 6%
Median 19% $ 6.86 75278% 65798% 7.4x 6.5x 15.6x 14.7x 45% 48% 23.6x 22.0x 2.9x 1% 7%
Large Exchanges
Regional Exchanges
Sales
Growth
Off
52 Wk HighPrice Market Cap
Enterprise
Value2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 19 E - 20 E
P/B D/ECompany
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Source: FactSet, Bloomberg , Updated on 1/01/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
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Market Valuations – Capital Markets
Charles Schwab 17% $ 48.01 $ 61,666 $ 67,708 6.3x 6.4x 12.8x 13.7x 50% 47% 17.9x 19.0x 3.5x 13% -1%
TD Ameritrade 2% 50.16$ 27,109$ 19,667$ 3.3 3.9 6.0 8.4 54% 47% 12.1 17.0 3.2 13% -16%
Interactive Brokers -14% 46.74$ 23,019$ 26,098$ 13.5 12.7 14.2 15.6 95% 81% 21.8 19.7 2.6 0% 6%
MarketAxess 81% 374.58$ 14,230$ 14,001$ 27.5 24.2 49.6 43.1 55% 56% 69.1 60.8 21.7 1% 14%
E*TRADE 5% 45.59$ 10,288$ 9,840$ 3.4 3.8 6.5 7.6 53% 50% 11.5 12.8 1.7 14% -10%
LPL Financial 54% 92.70$ 7,490$ 8,588$ 1.5 1.4 8.3 8.3 18% 17% 13.0 12.8 7.4 35% 7%
IG Group 25% 9.18$ 3,391$ 3,002$ 4.6 4.3 11.4 10.3 40% 42% 17.9 16.2 3.0 4% 6%
Matsui Securities -25% 7.95$ 2,060$ 2,456$ n/a n/a n/a n/a n/a n/a n/a n/a 2.8 42% n/a
Comdirect Bank 27% 14.56$ 2,057$ 2,064$ 4.8 4.9 n/a n/a n/a n/a 11.2 24.9 2.7 0% -1%
Plus500 -35% 11.58$ 1,263$ 941$ 2.6 2.4 4.8 4.7 54% 52% 8.8 8.2 4.3 0% 6%
Swissquote 11% 50.06$ 767$ n/a n/a n/a n/a n/a n/a n/a 17.6 15.4 2.0 25% 11%
Monex -30% 2.46$ 655$ n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.0 246% n/a
CMC Markets 46% 1.94$ 561$ 482$ 2.0 2.1 7.3 8.1 28% 26% 11.9 15.1 1.8 5% -4%
Viel & Cie 13% 5.36$ 384$ 434$ n/a n/a n/a n/a n/a n/a 11.1 10.8 0.9 146% n/a
GAIN Capital -36% 4.07$ 153$ n/a n/a n/a n/a n/a 4% 25% -5.4 8.2 0.6 96% 24%
Bourse Direct 9% 1.27$ 71$ 64$ n/a n/a n/a n/a n/a n/a n/a n/a 1.0 228% n/a
Median 10% $ 13.07 205847% 300184% 4.0x 4.1x 8.3x 8.4x 51% 47% 12.1x 15.4x 2.7x 13% 6%
Retail | e-Brokers
MarketAxess 81% 374.58$ 14,230$ 14,001$ 27.5 24.2 49.6 43.1 55% 56% 69.1 60.8 21.7 1% 14%
Tradeweb Markets n/a 46.67$ 10,397$ 11,678$ 15.1 13.8 33.7 29.6 45% 47% 46.9 41.4 2.2 1% 9%
Virtu Financial -39% $ 15.84 $ 3,022 $ 4,960 5.1x 4.4x 13.9x 10.0x 37% 44% 16.7x 10.8x 1.9x 67% 16%
TP ICAP 41% 5.36$ 3,022$ 2,993$ 1.3 1.2 7.5 6.8 17% 18% 12.7 11.7 1.2 37% 2%
BGC Partners 10% $ 5.90 $ 2,057 $ 2,797 1.3x 1.3x 6.2x 5.5x 22% 23% 9.7x 8.7x 2.6x 64% 7%
Flow Traders -25% 23.75$ 1,105$ 1,114$ 4.1 3.2 9.2 6.8 45% 47% 12.6 9.1 3.0 2% 31%
Compagnie Financiere Tradition 10% $ 108.86 $ 807 $ 754 n/a n/a n/a n/a n/a n/a n/a n/a 1.9x 47% n/a
INTL FCStone 30% 49.30$ 942$ n/a n/a n/a n/a n/a n/a n/a 11.2 n/a 1.4 54% n/a
Median 10% $ 35.21 253957% 299283% 4.6x 3.8x 11.5x 8.4x 41% 45% 12.7x 11.2x 2.1x 42% 11%
Broker Dealers | Market Makers
Sales
Growth
Off
52 Wk HighPrice Market Cap
Enterprise
Value2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 19 E - 20 E
P/B D/ECompany
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Source: FactSet, Bloomberg , Updated on 1/01/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
www.rblt.com 17
Market Valuations – Application Software
S&P Global 61% 271.92$ 66,447$ 70,990$ 10.7 10.0 20.5 19.1 52% 52% 28.9 26.2 126.1 7% 7%
Moody's 70% 237.62$ 44,848$ 49,673$ 10.4 9.8 21.7 20.1 48% 49% 29.0 26.3 120.7 13% 6%
Thomson Reuters 49% 71.60$ 35,794$ 37,264$ 6.3 6.0 24.7 19.0 25% 31% 56.6 36.5 4.1 10% 5%
IHS Markit 57% 74.86$ 30,010$ 34,972$ 7.9 7.6 19.8 18.6 40% 41% 29.0 26.2 3.5 17% 4%
MSCI 77% 256.48$ 21,705$ 23,586$ 15.2 13.9 28.0 25.0 54% 56% 40.2 35.4 n/a 13% 10%
Gartner 20% 153.07$ 13,693$ 16,450$ 3.9 3.5 24.0 21.7 16% 16% 43.1 38.3 14.7 22% 11%
FactSet 33% 266.83$ 10,130$ 10,608$ 7.4 7.1 21.0 20.7 35% 34% 26.7 26.6 14.8 8% 4%
Morningstar 36% 149.79$ 6,413$ 6,711$ n/a n/a n/a n/a n/a n/a n/a n/a 6.6 11% n/a
Forrester Research -4% 42.05$ 783$ 927$ 2.0 1.8 19.0 14.5 10% 13% 26.7 21.7 4.9 27% 8%
Value Line 23% 28.48$ 275$ 202$ n/a n/a n/a n/a n/a n/a n/a n/a 5.3 4% n/a
Median 43% $ 151.43 ######### 2001813% 7.7x 7.4x 21.3x 19.6x 38% 38% 29.0x 26.5x 6.6x 12% 6%
Broadridge Financial Solutions 28% 122.66$ 14,057$ 15,768$ 3.6 3.5 16.4 16.1 22% 22% 26.3 23.9 12.2 14% 4%
Guidewire Software -13% 29.91$ 215$ 324$ 1.7 1.7 6.7 6.6 25% 25% 9.9 9.9 6.2 n/a 1%
SEI Investments 45% 65.75$ 9,875$ 9,075$ 5.5 5.2 13.8 12.8 40% 41% 20.3 18.3 5.9 0% 6%
Coupa Software 133% 146.09$ 9,314$ 9,012$ 23.7 18.5 230.1 148.0 10% 13% 408.0 307.5 20.6 8% 28%
Computershare 1% 11.96$ 6,471$ 7,907$ 3.4 3.4 11.7 12.0 29% 28% 17.0 17.9 4.2 31% 0%
SimCorp 63% 113.60$ 4,601$ 4,648$ 9.2 8.5 29.4 27.5 31% 31% 40.6 38.1 18.8 2% 8%
Envestnet 42% 70.49$ 3,698$ 3,950$ 4.4 3.8 20.6 16.9 21% 23% 32.9 27.3 4.3 18% 14%
BlackLine 27% 51.51$ 2,865$ 2,668$ 9.3 7.7 85.7 60.4 11% 13% 136.6 99.2 8.9 14% 21%
IRESS Limited 21% 9.31$ 1,628$ 1,806$ 5.1 4.7 19.8 18.2 26% 26% 31.8 28.0 5.6 12% 9%
Ebix -26% 32.60$ 992$ 1,662$ 2.8 2.3 9.2 7.8 31% 30% 8.9 7.5 1.9 78% 21%
First Derivatives 33% 36.13$ 974$ 1,072$ 3.4 3.1 18.6 16.7 18% 19% 31.8 28.6 4.5 13% 10%
Linedata Services -13% 29.91$ 215$ 324$ 1.7 1.7 6.7 6.6 25% 25% 9.9 9.9 1.5 60% 1%
Median 27% $ 43.82 328144% 330905% 4.0x 3.7x 17.5x 16.4x 25% 25% 29.1x 25.6x 5.7x 14% 8%
Software | Back-End Solutions
Financial Data | Information Providers
Sales
Growth
Off
52 Wk HighPrice Market Cap
Enterprise
Value2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 19 E - 20 E
P/B D/ECompany
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Source: FactSet, Bloomberg , Updated on 1/01/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
www.rblt.com 18
Market Valuations – Payments
Visa 42% $ 187.93 $ 404,896 $ 406,354 17.7x 16.0x 25.4x 22.7x 70% 70% 34.5x 30.3x 13.4x 4% 11%
Mastercard 58% 297.85$ 300,326$ 301,767$ 17.9 15.7 29.5 25.3 61% 62% 38.8 32.9 58.5 3% 14%
American Express 32% 124.53$ 101,879$ 141,075$ 3.2 3.0 n/a n/a n/a n/a 15.6 13.9 4.2 60% 7%
Discover 44% 84.60$ 26,516$ 51,345$ 4.5 4.3 n/a n/a n/a n/a 9.3 8.9 2.5 92% 5%
Median 43% $ 156.23 ######### ######### 11.1x 10.0x 27.5x 24.0x 65% 66% 25.1x 22.1x 8.8x 32% 9%
PayPal 28% $ 108.16 $ 126,954 $ 121,456 6.8x 5.9x 25.7x 22.0x 27% 27% 35.4x 31.0x 8.1x 4% 17%
Western Union 57% 26.88$ 11,270$ 13,385$ 2.5 2.5 10.1 9.9 25% 26% 15.2 13.6 n/a 31% 0%
Euronet Worldwide 56% 158.68$ 8,571$ 8,221$ 3.0 2.7 13.6 11.7 22% 23% 22.7 19.6 6.5 17% 11%
OFX -22% 0.98$ 243$ 219$ 2.6 2.5 9.3 8.8 29% 29% 17.5 16.4 #Calc 4% 5%
MoneyGram International 9% 2.15$ 153$ 1,001$ 0.8 0.8 4.9 4.8 16% 16% 41.1 42.7 n/a 585% 0%
Median 28% $ 26.88 857100% 822100% 2.6x 2.5x 10.1x 9.9x 25% 26% 22.7x 19.6x 7.3x 17% 5%
Fidelity National Information Services 38% $ 138.78 $ 85,313 $ 104,826 10.2x 7.7x 24.9x 17.3x 41% 45% 25.1x 21.9x 1.7x 24% 31%
Fiserv 58% 115.57$ 78,555$ 99,306$ 6.8 6.4 21.3 16.2 32% 40% 29.0 23.3 17.6 30% 7%
Global Payments 77% 181.48$ 54,519$ 62,643$ 11.3 7.0 28.7 19.0 39% 37% 29.4 24.1 7.0 18% 61%
Square 10% 61.80$ 26,283$ 25,910$ 11.6 9.1 62.6 48.6 19% 19% 79.3 64.7 24.1 4% 28%
Jack Henry & Associates 15% 145.52$ 11,196$ 11,173$ 7.2 6.7 22.0 21.0 33% 32% 41.3 40.2 8.1 1% 7%
StoneCo 120% 38.43$ 10,660$ 11,185$ 18.1 13.0 33.1 22.2 55% 59% 54.4 38.1 7.8 12% 40%
ACI Worldwide 38% 37.88$ 4,379$ 5,750$ 4.4 3.8 15.7 13.4 28% 28% 22.8 19.1 4.1 34% 15%
EVERTEC 19% 33.84$ 2,434$ 2,870$ 6.0 5.7 12.8 12.1 47% 47% 17.2 15.6 9.4 23% 5%
EVO Payments 11% 26.28$ 2,157$ 3,195$ 5.3 4.9 20.1 18.1 27% 27% 42.7 36.6 n/a 34% 8%
Bottomline Technologies 14% 53.51$ 2,353$ 2,415$ 5.7 5.4 24.1 23.2 24% 23% 39.6 38.5 5.3 6% 6%
Cardtronics 67% 43.87$ 1,957$ 2,599$ 1.9 1.9 8.5 7.9 23% 23% 18.2 16.4 5.2 43% 4%
i3 Verticals 20% 27.17$ 744$ 945$ 6.9 5.8 24.4 20.1 28% 29% 32.7 29.0 4.9 19% 18%
Median 29% $ 48.69 751967% 846192% 6.8x 6.1x 23.1x 18.5x 30% 30% 31.1x 26.6x 7.0x 21% 12%
Card Networks
P2P Transfers | Remittances
Payment Infrastructure
Sales
Growth
Off
52 Wk HighPrice Market Cap
Enterprise
Value2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 2019 E 2020 E 19 E - 20 E
P/B D/ECompany
Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings
Source: FactSet, Bloomberg , Updated on 1/01/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available
www.rblt.com 20
Fintech Continues To Attract Significant Funding
$8B
$17B$20B $19B
$41B
$0B
$5B
$10B
$15B
$20B
$25B
$30B
$35B
$40B
$45B
2014 2015 2016 2017 2018 2019
Dea
l Val
ue
Capital Invested (Annualized)
Capital Invested (W/ Disclosed $ Value)
$33BE
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
1,850E
$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)
> $120B
Unicorns Created(CY’14 – CY’19)
> 55
↑ 112% ↑ 18% ↓ 5% ↑ 116% ↓ 19%($) % ∆ 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))E: Q3’19 - Actual Deal Value ($24.6B) | Q3’19 Actual Deal Count (1,387)Source: RBLT analysis, Pitchbook, FactSet, CrunchBase, CB Insights, other industry sources
www.rblt.com 21
Select Last 6 Months Capital Raise Trends
4
5
3 3
4
6
2 2
6
7
3 3
5
9
3
7
5
2
4
2
8
6 6
2
4 4 4 4
1
5
8
7
14
7
8
6
Capital Markets Institutional Software
Solutions for Corporates
Insurance Tech Lending & Credit Payments Personal Finance and
Investment Management
July / 2019 August / 2019 September / 2019 October / 2019 November / 2019 December / 2019
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
27 29 38 34 27 24
www.rblt.com 22
Select Last 6 Months Capital Raise Trends
$101
$354
$162$182
$319
$501
$50$74
$494
$543
$201
$48$67
$277
$85
$756
$429
$90
$141
$6
$414
$35
$183
$34$21
$61
$107
$168
$75
$166
$284
$66
$948
$152
$331
$512
Capital Markets Institutional Software
Solutions for Corporates
Insurance Tech Lending & Credit Payments Personal Finance and
Investment Management
July / 2019 August / 2019 September / 2019 October / 2019 November / 2019 December / 2019
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
$664 M $837 M $2,210 M $1,836 M $1,539 M $1,351 M
www.rblt.com 23
Select Last 6 Months Capital Raise Trends
7 4
6 5 6 5
11
12
19
14 12 12
9 12
11
12
7 7
1
2
3
2
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
27 29 38 34 27 24
www.rblt.com 24
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)
26
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 27
Select Last 6 Months - M&A Transactions Trend
1
10
2 2
4
3
4
8
4
3 3
2 2
4
2
33
7
2
7
4
1
7
3
2
4 4
2
5
3
5
1
2
Capital Markets Institutional Software
Solutions for Corporates
Insurance Tech Lending & Credit Payments Personal Finance and
Investment Management
July / 2019 August / 2019 September / 2019 October / 2019 November / 2019 December / 2019
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
19 35 17 18 18 12
www.rblt.com 28
US IPO Market Update
www.rblt.com 29
State of Capital Markets – US IPO Market Update
$7B
$1B
$6B $6B$7B
$10B$11B
$4B
$11B
$16B
$13B
$11B
$7B
$5B
$25B
$11B
$6B
32
8
34 3330
25
52
29
54
44
60
52
34
18
62
39 41
-70
-50
-30
-10
10
30
50
70
$0B
$5B
$10B
$15B
$20B
$25B
$30B
Q4'15 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
US IPO's # IPO's
Source: PWC, Renaissance Capital
CY 2015 CY 2016 CY 2017 CY 2018 CY 2019
US IPO Proceeds $30,200M $18,800M $35,600M $46,800M $46,300M
% ∆ YoY - ↓ 38% ↑ 89% ↑ 31% ↓ 1%
www.rblt.com 30
Recent US Public Offerings - Select FinTechs
Offering Date Company Sector Ticker Gross Proceeds ($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 31
US FinTech Unicorns That Could Get On The IPO Ramp
Company Post Valuation* Raised to Date Last Raise
$5,800M $807M December-19
$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
$1,620M $482M April-19
$1,200M $925M January-19
$2,650M $309M December-18
$8,050M $525M October-18
$4,000ME $645M August-18
$3,500ME $1,280M August-18
$1,100M $439M August-18
$3,000M $246M May-18
$2,000M $1,360M May-16
$1,700M $345M April-16
$1,010ME $305M May-18
$1,000ME $573M March-18
There are 20 US Fintech Unicorns Ripe To Go Public, Of Which Five Are Newly Minted. Fintech IPOs in 2019 will be affected by public market conditions, and the success of general unicorns lining up to go public (Uber, Airbnb, Lyft, Palantir, Slack)
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 32
The Rosenblatt Di 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
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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
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Rosenblatt Securities helped pioneer the field of market-structure analysis more than
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We give clients the conflict-free intelligence they need to
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Market Structure
Our team of veteran equity research analysts provide
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Our analytics team, led by a veteran former buy-side
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Rosenblatt’s Investment Banking division has a strong track record of
helping innovative FinTechs and increasingly a broader universe of technology, media, and telecom
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Rosenblatt is a thought leader and trusted advisor, uniquely positioned
to connect disruptors and incumbents with customers,
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Deep domain expertise and relationships with some of the most
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hallmarks of a team that has been recognized on Institutional
Investor’s FinTech Finance 40 ranking for two years running
Investment Banking
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Full Service Advisory Offering
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Strong Value Proposition
Our FinTech Summit on panel with Virtu Financial, XTX Markets, Jane Street,and DRW Holdings
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
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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
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Vikas Shah – Institutional Investor’s Fintech Finance 40 (2018 & 2019)
Click Here To Read The Full Coverage
Vikas ShahManaging DirectorInvestment Banking [email protected]
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 37
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
www.rblt.com 38
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 Growth
Investment From
Advisor
Receives Debt Financing From
Advisor
Receives Series-B Growth Investment From
Advisor
Receives Series-B Growth Investment
From
Advisor
Receives Growth Investment & Merges With
Placement Agent
Lead Investor
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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
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
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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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