Financial Technology July Market Analysis

Technology Services Investment Banking Group

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

2

More FinTech Transactions Completed Since 2010 Than Any Other Firm
Tech-Enabled
BPO Provider
Online Business to Mortgage / $77 Million
Banking ~$600 Million $202 Million Acquisition of $115 Million
$575 Million $72 Million Auto Lenders Sale to Sale to
Sale to Sale to
Initial Public Initial Public Sale to
Offering Offering Undisclosed
Buyer
March 2012 March 2012 February 2012 January 2012 October 2011 October 2011 September 2011 September 2011
Payment processing Commercial banking Institutional FX trading Tech-enabled BPO provider Banking / payments Benefits administration and Investment management e-Commerce platform for
solutions software technology software debit card processing technology digital goods

Subsidiary of
~$700 Million
Sale to Merger of Equals Sale to $40 Million M&A Advisory in $213 Million
Sale to $137 Million
with Sale to Connection with Follow-On
Sale to Unsolicited Offer Offering
June 2011
July 2011 July 2011 Terminated June 2011 May 2011 March 2011 March 2011 February 2011
Active trading technology Financial services Banking / payments High-frequency trading Billing and payments Community bank Banking technology and Asset / wealth
consulting software technology technology management solutions payment processing management software

$81 Million $352 Million $201 Million Sale of Retail $80 Million $340 Million
Sale to Sale to
Initial Public Initial Public Sale to FX Business to Sale to Initial Public
Offering Offering Offering

December 2010 December 2010 November 2010 October 2010 August 2010 July 2010 July 2010 June 2010

Retail FX trading services Fuel / fleet cards Asset / wealth Retail FX trading services Financial data and Card processing for Benefits administration Liquidity venue
management technology information services credit unions payments and software

Acquisition of
$124 Million $30 Million Assent Professional $28 Million $40 Million $185 Million $30 Million
Initial Public Investment Trading Business Acquisition of Sale to Initial Public Acquisition of
Offering by Offering

June 2010 June 2010 June 2010 June 2010 May 2010 March 2010 March 2010
Technology and payment Active trading technology Active trading technology Active trading technology Prepaid card services Asset / wealth Payments / banking software
solutions to higher education management software

3

RJ Underwriting Case Study: Vantiv’s $575M Initial Public Offering
Vantiv Overview:
March 2012
 Vantiv is an integrated payment processor differentiated by a single, proprietary technology platform

 The Company’s Merchant Services segment offers acquiring and processing solutions primarily for retailers, for whom it authorizes, clears and settles
electronic payment transactions
 Vantiv’s Financial Institution Services segment provides card issuer processing, payment network processing, fraud protection and prepaid program
management services to banks and credit unions
$575 Million
 Founded in 1971 and headquartered in Cincinnati, Ohio
Initial Public
Offering  Owned by Advent International and Fifth Third Bancorp

Vantiv Highlights:
Raymond James acted  Third largest merchant transaction acquirer and the largest PIN debit acquirer in the United States
as an underwriter on  Vantiv processed over 12.9 billion transactions in 2011
 Vantiv generates revenue based primarily on transaction fees paid by merchants or financial institutions
Vantiv’s initial public
 For 2011, the Company had net revenue of $866 million and pro forma adjusted EBITDA of $439 million, or 50.7% of net revenue
offering.
 Integrated business and single platform also enable Vantiv to innovate, develop and deploy new services and provide the Company with significant
economies of scale
 Revenue & EBITDA trends:
$1,000.0 $865.7
($ in MiIlions)

$750.0 $566.1
$451.4 $474.1 $438.8
$500.0 $400.5
$278.7 $298.4
$250.0
$0.0
2008A 2009A 2010A 2011A
Net Revenue Pro Forma Adjusted EBITDA
Offering Overview:
 Vantiv filed an S-1 on November 10, 2011 and completed a $575 million IPO (including the over-allotment option) on March 22, 2012
 Trades under the ticker “VNTV” on the New York Stock Exchange
 Priced at $17.00 per share, the middle of its $16.00 to $18.00 filing range
 Share price has increased 37.0% since the IPO

4

RJ Advisory Case Study: Intuit’s Online Business Banking Sale to Bottomline
Intuit Online Business Banking Overview:
March 2012
 Intuit Financial Solutions (“IFS”) provides online business and commercial banking solutions to financial institutions and credit unions
 IFS’ online business and commercial banking solutions serve approximately 600 financial institution clients and 180,000 end-user businesses
 In 2011, IFS deemed the business non-strategic, electing instead to focus its resources to providing connected services to small businesses and
Online Business Banking
consumers
 The unit is based in Norcross, Georgia and has approximately 80 employees
Sale to
Transaction Overview and Rationale:
 Upon deeming the unit non-strategic, Intuit sought a financial advisor to assist in the complicated carve-out of the assets and disposition of the
business
 Raymond James was engaged to serve as Intuit’s sole financial advisor in the transaction
 Raymond James led the carve-out, diligence and marketing processes in support of the transaction, and also led Intuit’s negotiations with
Raymond James Bottomline and several other potential buyers
 Raymond James conducted a broad marketing process that surfaced a buyer (Bottomline) that was not originally believed to be a likely bidder for
acted as the exclusive the business
financial advisor to  The business was sold by Intuit to Bottomline for an undisclosed price in a transaction that was consummated on March 12, 2012
Intuit in the
transaction. Successful Outcome:
 Intuit accomplished all of its principal objectives in the transaction, including the disposition of non-strategic assets for an attractive price and the
retention by Bottomline of all of the unit’s employees
 Bottomline acquired a SaaS-based platform on which to conduct its traditional transactional banking business. Bottomline now expects to offer
transactional banking services to a broader universe of financial institutions than the Global 50 banks that it has traditionally served.

5

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

6

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

Benefits / Payroll $5,833.2 $5,711.8 7.2% 4.3% 57.5% 18.3% 4.1x 3.8x 3.4x 11.4x 10.9x 10.0x 20.1x 17.8x 7.5% 8.0% 28.9% 29.3% 15.1% 2.0

Liquidity Venues 5,354.2 5,190.2 2.9% (5.7%) (7.7%) (25.9%) 4.9x 4.8x 4.5x 8.5x 8.9x 7.7x 15.3x 13.9x 1.4% 8.7% 56.0% 56.7% 9.2% 1.5

Information Services 3,476.3 4,034.0 6.4% (4.4%) 56.4% 4.9% 2.9x 2.7x 2.6x 11.1x 9.2x 8.4x 15.0x 14.5x 4.8% 7.6% 30.2% 30.6% 13.1% 1.3

Outsourced Solutions 2,921.4 3,412.8 9.0% (4.2%) 50.5% (25.4%) 1.3x 1.3x 1.2x 7.0x 6.5x 6.0x 12.5x 10.5x 3.0% 5.9% 18.7% 18.7% 11.9% 1.0

Investment Technology 2,384.2 3,002.0 10.7% (13.2%) 14.2% (29.9%) 2.6x 2.5x 2.3x 10.7x 9.7x 7.9x 15.5x 13.5x 5.0% 8.5% 26.8% 28.8% 12.4% 1.4

Bank Technology 1,947.1 2,509.1 12.9% 11.6% 55.8% (14.5%) 2.5x 2.4x 2.3x 8.7x 8.1x 7.4x 13.8x 11.7x 4.1% 5.3% 24.8% 25.2% 11.7% 1.2

Marketing Services 1,838.7 1,967.9 2.9% 4.5% 97.8% 26.5% 1.2x 1.1x 1.1x 7.9x 7.0x 6.6x 16.1x 14.6x 4.7% 5.7% 19.8% 20.1% 13.5% 1.4

Insurance Technology 1,480.6 1,278.8 (5.7%) 3.0% 80.4% 96.1% 4.3x 3.9x 2.9x 9.8x 10.3x 9.6x 15.7x 15.3x 5.9% 7.8% 19.5% 20.0% 13.2% 1.2

Payments 866.3 1,197.0 10.6% (4.5%) 53.2% (12.5%) 2.4x 2.3x 2.2x 9.6x 8.4x 7.9x 15.2x 13.3x 11.3% 9.3% 26.9% 27.9% 15.0% 1.0

Trading Technology (2) 975.3 975.3 (0.9%) (22.6%) (28.9%) (34.3%) 1.2x 1.2x 1.2x 8.1x 5.9x 5.5x 15.0x 9.9x (3.5%) 8.1% 21.5% 25.8% 11.0% 1.5

Overall Median $2,165.6 $2,755.5 6.8% (4.3%) 54.5% (13.5%) 2.5x 2.5x 2.3x 9.2x 8.7x 7.8x 15.3x 13.7x 4.7% 7.9% 25.8% 26.9% 12.7% 1.4

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

7

Relative Stock Price Performance by Sector
Year-to-Date Performance One-Year Performance
15.0%
15.0%
12.9% 11.6%

10.0%
10.7% 10.6%
10.0% 9.0% 4.5%
5.0% 4.3%
3.0%
7.2%
6.4%
0.0%
5.0%
2.9% 2.9%
(5.0%) (4.2%) (4.4%) (4.5%)
(5.7%)
0.0%
(10.0%)
(0.9%)

(15.0%) (13.2%)
(5.0%)
(5.7%)
(20.0%)

(22.6%)
(10.0%) (25.0%)
Bank Investment Payments Outsourced Benefits / Information Liquidity Marketing Trading Insurance Bank Marketing Benefits / Insurance Outsourced Information Payments Liquidity Investment Trading
Technology Technology Solutions Payroll Services Venues Services Technology Technology Technology Services Payroll Technology Solutions Services Venues Technology Technology

Three-Year Performance Five-Year Performance
120.0% 100.0% 96.1%

97.8%
100.0%
75.0%
80.4%
80.0%

50.0%
57.5% 56.4% 55.8%
60.0% 53.2%
50.5%
26.5%
40.0% 25.0% 18.3%

4.9%
20.0% 14.2%
(0.0%)

(0.0%)
(12.5%) (14.5%)
(7.7%) (25.0%)
(20.0%) (25.4%) (25.9%)
(29.9%) (34.3%)
(28.9%)
(40.0%) (50.0%)
Marketing Insurance Benefits / Information Bank Payments Outsourced Investment Liquidity Trading Insurance Marketing Benefits / Information Payments Bank Outsourced Liquidity Investment Trading
Services Technology Payroll Services Technology Solutions Technology Venues Technology Technology Services Payroll Services Technology Solutions Venues Technology Technology
Source: Capital IQ.
Data represent median performance for each sector.

8

Valuation Multiple Analysis by Sector
Enterprise Value / 2012E Revenue Enterprise Value / 2013E Revenue
5.0x 4.8x 5.0x

4.5x

4.0x 3.9x 4.0x
3.8x

3.4x

3.0x 2.9x
3.0x
2.7x
2.6x
2.5x
2.4x
2.3x 2.3x 2.3x
2.2x

2.0x 2.0x

1.3x 1.2x 1.2x
1.1x 1.2x
1.1x
1.0x 1.0x

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

Enterprise Value / 2012E EBITDA Enterprise Value / 2013E EBITDA
12.0x 12.0x
10.9x
10.3x
10.0x
10.0x 9.7x 10.0x 9.6x
9.2x
8.9x
8.4x 8.4x
8.1x
7.9x 7.9x 7.7x
8.0x 8.0x
7.4x
7.0x
6.5x 6.6x
5.9x 6.0x
6.0x 6.0x 5.5x

4.0x 4.0x

2.0x 2.0x

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

9

Valuation Multiple Analysis by Sector (cont’d)
2012E P / E 2013E P / E
22.0x 20.0x
20.1x
20.0x 17.8x
18.0x

18.0x
16.0x 15.3x
16.1x 14.6x 14.5x
15.7x 15.5x
16.0x 15.3x 15.2x 15.0x 13.9x
15.0x 14.0x 13.5x 13.3x
13.8x
14.0x
12.5x 12.0x 11.7x

12.0x 10.5x
9.9x
10.0x
10.0x
8.0x
8.0x
6.0x
6.0x

4.0x
4.0x

2.0x 2.0x

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

Price / Earnings to Growth Ratio
2.0 2.0

1.8

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

0.8

0.6

0.4

0.2

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

10

Growth and Margin Analysis by Sector
2012E Revenue Growth 2013E Revenue Growth
12.0% 11.3% 10.0%
9.3%
8.7%
10.0% 8.5%
8.1% 8.0%
8.0% 7.8%
7.6%
8.0% 7.5%

5.9%
6.0% 5.9%
5.0% 6.0% 5.7%
4.8% 4.7% 5.3%
4.1%
4.0%
3.0%

4.0%
2.0% 1.4%

0.0%
2.0%

(2.0%)

(4.0%) (3.5%) 0.0%
Payments Benefits / Insurance Investment Information Marketing Bank Outsourced Liquidity Trading Payments Liquidity Investment Trading Benefits / Insurance Information Outsourced Marketing Bank
Payroll Technology Technology Services Services Technology Solutions Venues Technology Venues Technology Technology Payroll Technology Services Solutions Services Technology

2012E EBITDA Margin 2013E EBITDA Margin
60.0% 60.0%
56.0% 56.7%

50.0% 50.0%

40.0% 40.0%

30.2% 30.6%
28.9% 29.3% 28.8%
30.0% 30.0% 27.9%
26.9% 26.8%
25.8% 25.2%
24.8%
21.5%
19.8% 19.5% 20.1% 20.0%
20.0% 18.7% 20.0% 18.7%

10.0% 10.0%

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

11

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. $83,191.4 $80,234.4 21.8% 40.5% 103.3% NA 8.2x 7.6x 6.8x 12.9x 12.0x 10.7x 19.6x 16.9x 11.7% 11.6% 63.3% 64.1% 19.0% 1.0
eBay Inc. 54,244.5 50,458.5 38.5% 28.3% 150.4% 30.5% 4.1x 3.6x 3.1x 14.5x 11.1x 9.6x 17.8x 15.4x 21.1% 15.3% 32.4% 32.3% 13.6% 1.3
Mastercard Incorporated 54,357.5 49,188.5 15.4% 36.8% 159.4% 159.3% 7.1x 6.5x 5.7x 12.7x 11.5x 10.0x 19.4x 16.5x 13.3% 13.0% 56.3% 57.5% 18.1% 1.1
Discover Financial Services 17,805.7 31,633.0 44.1% 30.2% 236.7% NA 4.9x 4.2x 4.0x NA NA NA 8.3x NA 6.1% 4.4% NA NA 9.3% 0.9
Alliance Data Systems Corporation 6,797.9 13,056.3 30.0% 42.6% 226.8% 74.7% 3.9x 3.7x 3.4x 13.3x 11.2x 10.3x 15.7x 13.9x 11.9% 7.9% 32.8% 33.0% 15.4% 1.0
The Western Union Company 10,322.1 12,556.0 (7.8%) (16.8%) 1.2% (19.2%) 2.2x 2.2x 2.1x 7.7x 7.4x 6.9x 9.6x 8.7x 5.9% 4.9% 29.2% 29.7% 11.2% 0.9
Sage Group plc 5,426.7 5,237.2 (5.7%) (4.5%) 53.2% 18.3% 2.5x 2.4x 2.3x 8.7x 8.5x 8.0x 13.4x 12.3x 2.8% 4.7% 28.9% 29.3% 4.3% 3.1
VeriFone Systems, Inc. 3,567.9 4,849.6 (6.8%) (25.0%) 330.9% (6.1%) 3.0x 2.4x 2.2x 18.1x 9.1x 8.6x 11.9x 10.0x 38.8% 11.7% 26.6% 25.3% 28.3% 0.4
Total System Services, Inc. 4,524.7 4,425.1 22.3% 27.4% 74.7% (18.9%) 2.4x 2.4x 2.3x 9.6x 8.4x 7.8x 18.6x 16.8x 2.4% 6.7% 28.7% 28.9% 9.9% 1.9
FleetCor Technologies, Inc. 2,911.4 3,419.5 17.3% 18.0% NA NA 6.2x 5.5x 5.0x 12.5x 10.4x 9.2x 13.5x 12.0x 23.1% 9.8% 52.4% 54.1% 16.7% 0.8
Global Payments Inc. 3,396.1 3,415.7 (8.8%) (15.8%) 13.8% 9.0% 1.6x 1.5x 1.4x 7.0x 6.8x 6.2x 12.7x 11.6x 11.8% 9.5% 22.0% 21.9% 12.1% 1.1
Wright Express Corp. 2,398.6 2,703.7 13.7% 16.7% 131.2% 80.1% 4.7x 4.5x 4.1x 10.1x 9.1x 8.2x 14.7x 13.0x 8.2% 9.0% 49.4% 50.0% 13.8% 1.1
Wirecard AG 2,119.5 1,782.2 23.1% 22.8% 121.3% 92.1% 4.2x 3.6x 3.1x 16.3x 13.2x 11.0x 21.1x 17.9x 22.1% 17.7% 27.5% 27.9% 17.8% 1.2
Cardtronics Inc. 1,332.8 1,788.8 11.6% 27.4% 655.3% NA 2.6x 2.3x 2.2x 11.2x 9.6x 8.5x 18.6x 16.0x 24.2% 7.6% 24.2% 25.5% 15.0% 1.2
Moneygram International Inc. 844.4 1,610.4 (17.7%) (45.8%) (22.3%) (93.5%) 1.3x 1.2x 1.1x 6.1x 6.2x 5.7x 14.6x 11.2x 8.1% 8.3% 19.1% 19.4% 15.0% 1.0
Heartland Payment Systems, Inc. 1,166.1 1,197.0 23.5% 44.1% 207.3% 2.6% 2.5x 2.3x 2.1x 10.4x 8.4x 7.5x 19.4x 16.5x 9.3% 9.8% 27.0% 27.6% 15.6% 1.2
Euronet Worldwide Inc. 866.3 1,029.3 (7.6%) 8.8% (13.2%) (41.5%) 0.9x 0.8x 0.8x 7.4x 6.5x 5.8x 10.6x 9.3x 8.8% 7.8% 12.5% 13.0% 13.7% 0.8
PayPoint plc 740.6 685.4 27.5% 35.4% 37.5% 13.2% 5.3x 4.9x 4.7x 10.5x 10.1x 9.7x 16.4x 15.0x 3.7% 4.3% 48.6% 48.9% 11.0% 1.5
Netspend Holdings, Inc. 702.7 691.3 13.3% (8.3%) NA NA 2.2x 2.0x 1.8x 9.1x 7.5x 6.4x 17.4x 14.4x 12.5% 12.5% 26.8% 27.8% 19.4% 0.9
Higher One Holdings, Inc. 691.6 645.7 (33.7%) (36.3%) NA NA 3.5x 3.1x 2.7x 9.9x 8.2x 6.9x 16.3x 13.3x 10.5% 16.5% 38.5% 39.3% 22.9% 0.7
Green Dot Corporation 787.2 642.8 (29.1%) (35.3%) NA NA 1.3x 1.1x 0.9x 6.6x 4.8x 3.7x 13.1x 10.1x 22.8% 20.3% 23.2% 25.1% 24.4% 0.5
Global Cash Access Holdings, Inc. 474.2 575.6 62.0% 126.0% (11.2%) (55.0%) 1.0x 1.0x 0.9x 9.3x 7.2x NA 9.0x 8.3x 12.2% 3.9% 13.3% NA 11.3% 0.8
Bottomline Technologies Inc. 663.3 544.9 (22.1%) (27.8%) 99.2% 46.2% 2.5x 2.3x NA 15.7x 15.9x 11.6x 21.3x NA 13.0% NA 14.5% NA 17.3% 1.2
Net 1 Ueps Technologies Inc. 375.8 393.8 9.1% (4.7%) (41.4%) (65.3%) 1.0x 0.9x NA 3.0x 5.4x NA 9.8x NA 11.1% NA 17.0% NA NA NA
Digital River Inc. 613.4 266.2 10.7% (49.0%) (54.2%) (63.3%) 0.7x 0.7x 0.6x 4.6x 3.2x 2.7x 13.6x 12.2x 4.0% 6.8% 20.7% 22.7% 16.7% 0.8
Cass Information Systems Inc. 418.1 259.0 10.6% 16.0% 29.5% 34.3% 2.3x NA NA 6.4x NA NA 17.5x 16.7x NA NA NA NA NA NA
Online Resources Corp. 78.7 187.7 0.4% (25.7%) (62.0%) (77.9%) 1.2x 1.2x 1.1x 7.5x 6.2x 5.5x 11.0x NA 3.1% 5.6% 18.8% 20.1% 13.3% 0.8
Newtek Business Services Inc. 44.5 93.0 7.8% (14.5%) 188.4% (34.7%) 0.7x NA NA 5.7x NA NA NA NA NA NA NA NA NA NA
Billing Services Group Limited 12.0 37.0 (75.9%) (66.9%) (80.9%) (91.4%) 0.4x NA NA 2.1x NA NA NA NA NA NA NA NA NA NA
Official Payments Holdings, Inc. 64.9 25.8 (10.6%) (24.1%) (51.4%) (60.2%) 0.8x 0.7x 0.6x NA NA NA NA NA 11.5% 11.4% NA NA 15.0% NA
TIO Networks Corp. 22.1 19.2 0.0% (7.7%) 2.1% (69.6%) 0.5x 0.4x 0.3x 11.8x 10.4x 3.9x 80.0x NA 5.9% 36.6% 4.3% 8.3% NA NA
Payments Median $866.3 $1,197.0 10.6% (4.5%) 53.2% (12.5%) 2.4x 2.3x 2.2x 9.6x 8.4x 7.9x 15.2x 13.3x 11.3% 9.3% 26.9% 27.9% 15.0% 1.0

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

12

BANK TECHNOLOGY

Intuit Inc. $17,429.3 $16,406.3 12.9% 13.6% 108.8% 97.3% 4.0x 3.7x 3.4x 11.5x 10.0x 9.2x 19.3x 17.2x 8.2% 10.0% 37.4% 37.0% 15.1% 1.3
Fidelity National Information Services, Inc. 10,046.9 14,567.8 28.2% 9.9% 67.5% (37.2%) 2.5x 2.4x 2.3x 8.7x 8.1x 7.7x 13.4x 11.9x 4.1% 5.0% 29.9% 30.3% 11.5% 1.2
Fiserv, Inc. 9,856.8 13,023.8 22.9% 13.3% 55.8% 27.1% 3.0x 2.9x 2.8x 9.8x 9.0x 8.4x 14.0x 12.5x 5.5% 4.2% 31.9% 32.6% 11.7% 1.2
Wolters Kluwer NV 4,603.4 7,363.8 (6.2%) (18.5%) 0.0% (44.7%) 1.8x 1.7x 1.6x 7.1x 6.8x 6.6x 8.1x 7.6x 4.3% 2.2% 24.7% 25.1% 5.2% 1.5
Fidelity National Financial, Inc. 4,267.5 4,798.1 20.9% 20.4% 38.3% (18.7%) 0.9x 0.9x NA 8.3x 8.2x NA 13.8x NA 2.3% NA NA NA 2.0% 6.9
Lender Processing Services, Inc. 2,136.5 3,170.2 67.8% 17.9% (9.2%) NA 1.5x 1.6x 1.5x 6.5x 6.7x 6.7x 10.4x 9.4x (4.6%) 1.7% 23.3% 23.1% 11.0% 0.9
Jack Henry & Associates Inc. 3,013.9 3,065.2 2.7% 13.4% 65.4% 34.1% 3.0x 2.9x 2.7x 9.4x 9.0x 8.2x 19.0x NA 6.4% 6.2% 32.4% 33.3% 11.8% 1.6
Deluxe Corp. 1,271.7 1,953.0 9.6% (1.0%) 83.8% (38.6%) 1.4x 1.3x 1.3x 5.3x 5.4x 5.3x 7.6x 7.4x 3.2% 1.3% 24.8% 24.8% 6.6% 1.1
ACI Worldwide, Inc. 1,757.7 1,923.5 54.4% 30.4% 211.8% 31.3% 2.7x 2.7x 2.5x 14.5x 12.1x 9.9x 26.9x NA (1.4%) 10.9% 22.7% 25.0% 15.0% 1.8
Davis + Henderson Corporation 1,012.8 1,360.5 2.8% (11.8%) 41.4% (10.3%) 1.9x 1.8x 1.8x 7.7x 7.5x 7.1x 11.3x 11.4x 3.2% 2.7% 24.6% 25.3% NA NA
Temenos Group AG 1,111.0 1,246.5 1.6% (38.9%) (15.2%) (46.8%) 2.5x 2.4x 2.3x 8.9x 7.4x 6.8x 17.7x 14.3x 4.1% 8.2% 33.1% 33.2% 17.3% 1.0
Computer Services, Inc. 473.6 459.7 13.0% 8.2% 84.0% 90.0% 2.5x NA NA 8.8x NA NA NA NA NA NA NA NA NA NA
Ellie Mae, Inc. 444.4 414.8 218.6% 211.4% NA NA 6.3x 5.9x 4.5x 40.9x 30.6x 21.8x 40.9x NA 35.6% 31.6% NA 20.5% 32.1% 1.3
Online Resources Corp. 78.7 187.7 0.4% (25.7%) (62.0%) (77.9%) 1.2x 1.2x 1.1x 7.5x 6.2x 5.5x 11.0x NA 3.1% 5.6% 18.8% 20.1% 13.3% 0.8
Bank Technology Median $1,947.1 $2,509.1 12.9% 11.6% 55.8% (14.5%) 2.5x 2.4x 2.3x 8.7x 8.1x 7.4x 13.8x 11.7x 4.1% 5.3% 24.8% 25.2% 11.7% 1.2

INSURANCE TECHNOLOGY
Verisk Analytics, Inc. $8,180.4 $9,290.3 22.8% 41.1% NA NA 6.8x 6.2x 5.6x 15.5x 13.7x 12.3x 25.1x 21.9x 14.2% 10.1% 45.0% 45.4% 13.4% 1.9
CGI Group, Inc. 6,230.8 7,031.5 27.4% 2.8% 136.7% 104.8% 1.7x 1.6x 1.5x 9.3x 8.3x 7.7x 14.4x 12.7x 3.0% 5.5% 19.5% 20.0% 9.9% 1.5
Solera Holdings Inc. 2,903.8 3,625.1 (6.2%) (30.9%) 62.9% NA 4.7x 4.6x 4.3x 10.9x 10.3x 9.6x 15.7x 14.6x 5.9% 5.5% 44.1% 45.1% 13.2% 1.2
Guidewire Software, Inc. 1,480.6 1,278.8 NM NA NA NA 5.9x 5.2x 4.3x 48.0x 42.7x 27.6x 97.4x 70.2x 22.4% 20.0% 12.1% 15.5% NA NA
Ebix Inc. 727.6 740.0 (9.7%) 3.3% 80.4% 346.6% 4.3x 3.9x NA 9.8x NA NA 12.7x NA 12.6% NA NA NA 20.0% 0.6
CorVel Corporation 556.9 550.3 (5.2%) 3.6% 101.4% 87.5% 1.3x 1.3x 1.1x 9.5x NA NA 22.0x 16.1x 4.3% 11.0% NA NA NA NA
Crawford & Company 221.9 415.4 (33.6%) (43.5%) (15.7%) (39.5%) 0.4x 0.4x 0.4x 4.4x 4.9x 4.2x 7.3x 6.0x (7.7%) 1.4% 7.5% 8.6% 12.5% 0.6
Insurance Technology Median $1,480.6 $1,278.8 (5.7%) 3.0% 80.4% 96.1% 4.3x 3.9x 2.9x 9.8x 10.3x 9.6x 15.7x 15.3x 5.9% 7.8% 19.5% 20.0% 13.2% 1.2

Source: Capital IQ.

13

BENEFITS / PAYROLL
Automatic Data Processing, Inc. $27,222.5 $25,546.7 3.1% 3.3% 57.5% 14.8% 2.4x 2.3x 2.1x 10.9x 10.9x 10.0x 19.6x 17.8x 6.8% 8.0% 21.1% 21.4% 10.1% 2.0
Intuit Inc. 17,429.3 16,406.3 12.9% 13.6% 108.8% 97.3% 4.0x 3.7x 3.4x 11.5x 10.0x 9.2x 19.3x 17.2x 8.2% 10.0% 37.4% 37.0% 15.1% 1.3
Paychex, Inc. 11,389.3 11,073.0 4.3% 1.2% 22.7% (19.7%) 5.0x 4.9x 4.6x 11.6x 11.5x 10.7x 20.5x 19.0x 5.1% 6.1% 42.4% 42.9% 10.1% 2.0
Edenred SA 6,239.7 6,186.4 17.5% 5.2% NA NA 4.8x 4.6x 4.2x 12.9x 12.3x 10.9x 23.6x 20.2x 5.0% 9.0% 37.1% 38.6% 16.5% 1.4
Sage Group plc 5,426.7 5,237.2 (5.7%) (4.5%) 53.2% 18.3% 2.5x 2.4x 2.3x 8.7x 8.5x 8.0x 13.4x 12.3x 2.8% 4.7% 28.9% 29.3% 4.3% 3.1
The Ultimate Software Group, Inc. 2,368.1 2,308.0 36.6% 63.4% 262.1% 207.4% 8.2x 7.0x 5.7x 52.5x 37.2x 27.0x 87.7x 62.9x 23.5% 21.2% 18.7% 21.3% 25.9% 3.4
Morneau Shepell Inc. 544.3 765.1 10.2% 14.5% 32.0% (9.1%) 2.0x 1.8x 1.7x 11.2x 9.8x 9.1x 20.7x 17.1x 16.3% 6.6% 18.7% 18.9% NA NA
Ebix Inc. 727.6 740.0 (9.7%) 3.3% 80.4% 346.6% 4.3x 3.9x NA 9.8x NA NA 12.7x NA 12.6% NA NA NA 20.0% 0.6
WageWorks, Inc. 387.6 234.2 67.3% NA NA NA 1.6x 1.4x 1.3x 11.7x 6.4x 5.4x 31.4x NA 26.3% 7.5% 21.5% 23.7% 16.7% 1.9
Benefits / Payroll Median $5,833.2 $5,711.8 7.2% 4.3% 57.5% 18.3% 4.1x 3.8x 3.4x 11.4x 10.9x 10.0x 20.1x 17.8x 7.5% 8.0% 28.9% 29.3% 15.1% 2.0

MARKETING SERVICES
Experian plc $13,821.8 $15,911.8 2.9% 12.4% 97.8% 43.0% 3.5x 3.3x 3.0x 10.6x 9.7x 9.0x 16.5x 14.6x 4.7% 8.6% 34.1% 33.9% 12.0% 1.4
Alliance Data Systems Corporation 6,797.9 13,056.3 30.0% 42.6% 226.8% 74.7% 3.9x 3.7x 3.4x 13.3x 11.2x 10.3x 15.7x 13.9x 11.9% 7.9% 32.8% 33.0% 15.4% 1.0
Groupon, Inc. 6,864.8 5,708.0 (48.5%) NM NM NM 3.0x 2.4x 1.9x NM 15.8x 8.2x NA 25.7x 51.1% 26.4% 15.0% 22.9% 34.0% NA
Aimia Inc. 2,302.9 2,626.6 13.5% 1.7% 64.2% (36.2%) 1.2x 1.1x 1.1x 9.5x 7.0x 6.6x 9.8x 9.0x 5.1% 5.7% 16.2% 16.2% NA NA
Bankrate, Inc. 1,838.7 1,967.9 (14.5%) 7.4% NM NM 4.4x 3.7x 3.1x 14.7x 11.9x 9.6x 37.2x 26.3x 28.6% 19.9% 31.1% 32.2% 24.7% 1.5
Valassis Communications Inc. 930.0 1,426.9 13.1% (28.6%) 236.7% 26.5% 0.6x 0.7x 0.7x 5.0x 4.6x 4.5x 7.2x 6.4x (2.3%) 0.7% 14.1% 14.6% 11.6% 0.6
Acxiom Corporation 1,140.5 1,190.2 23.8% 15.3% 71.1% (42.9%) 1.1x 1.1x 1.0x 4.5x 4.6x 5.3x 23.6x 19.4x (6.2%) 3.3% 22.9% 19.2% 11.2% 2.1
QuinStreet, Inc. 409.0 401.8 (1.1%) (29.6%) NA NA 1.1x 1.1x 1.1x 6.2x 5.6x 5.4x 31.4x 25.4x (9.7%) 3.7% 19.8% 20.1% 13.5% 2.3
CPP Group Plc 117.4 98.7 (60.6%) (67.8%) NA NA 0.2x 0.2x 0.2x 1.1x 1.4x 1.4x 3.2x 3.0x 0.4% 2.5% 13.2% 13.3% NA NA
Marketing Services Median $1,838.7 $1,967.9 2.9% 4.5% 97.8% 26.5% 1.2x 1.1x 1.1x 7.9x 7.0x 6.6x 16.1x 14.6x 4.7% 5.7% 19.8% 20.1% 13.5% 1.4

Source: Capital IQ.

14

LIQUIDITY VENUES
CME Group Inc. $17,820.1 $18,890.2 10.0% (9.6%) (13.0%) (49.8%) 5.9x 6.0x 5.5x 8.5x 8.7x 7.9x 16.2x 14.2x (4.2%) 8.4% 69.0% 70.1% 9.3% 1.7
Hong Kong Exchanges & Clearing Limited 15,299.1 13,148.1 (11.4%) (32.6%) (8.9%) (0.5%) 13.2x 13.5x 11.8x 17.3x 18.0x 15.6x 25.7x 22.6x (5.0%) 14.7% 75.1% 75.4% 4.3% 6.0
Deutsche Boerse AG 9,937.1 11,109.8 (1.4%) (19.6%) (22.9%) (49.2%) 3.8x 3.9x 3.7x 7.7x 6.8x 6.5x 9.7x 8.7x 0.8% 4.5% 56.7% 57.1% 6.0% 1.6
IntercontinentalExchange, Inc. 9,892.4 9,834.3 12.8% 7.1% 21.7% (8.0%) 7.2x 6.9x 6.3x 10.6x 9.8x 8.8x 17.3x 15.4x 7.2% 9.0% 70.8% 72.3% 12.2% 1.4
BM&F Bovespa SA 9,755.4 9,050.5 4.6% (5.7%) (13.9%) NA 9.5x 8.7x 7.9x 14.0x 12.4x 11.2x 12.7x 10.9x 8.2% 10.3% 70.2% 70.8% 13.6% 0.9
NYSE Euronext, Inc. 6,497.3 8,597.3 (2.0%) (26.3%) (6.5%) (65.3%) 3.2x 3.5x 3.3x 7.8x 7.4x 6.5x 11.5x 9.3x (7.0%) 5.6% 46.9% 50.5% 9.2% 1.3
Nasdaq OMX Group Inc. 3,854.5 5,263.5 (7.5%) (13.2%) 9.6% (23.7%) 3.1x 3.2x 3.0x 6.0x 6.2x 5.7x 8.9x 7.7x (1.2%) 5.6% 51.0% 52.2% 8.1% 1.1
London Stock Exchange Group plc 4,207.6 5,116.9 26.3% (2.8%) 43.0% (25.9%) 4.0x 3.8x 3.6x 6.8x 6.9x 6.7x 10.3x 10.0x 4.7% 6.7% 55.4% 53.3% 4.0% 2.6
Singapore Exchange Ltd. 5,331.2 4,812.5 2.9% (16.8%) (13.0%) (35.6%) 9.3x 9.1x 8.1x 16.3x 14.8x 13.1x 22.2x 19.6x 2.2% 11.9% 61.2% 62.0% 9.9% 2.2
ASX Limited 5,377.2 4,720.6 (2.5%) (1.3%) (18.5%) (38.8%) 5.7x 7.1x 6.7x 7.2x 9.3x 8.7x 14.4x 13.6x 2.1% 6.2% 76.5% 77.1% 5.3% 2.7
TMX Group Inc. 3,421.6 3,427.3 11.3% 5.9% 37.1% 11.3% 5.2x 5.2x 4.8x 9.0x 9.5x 8.4x 14.4x 12.7x (1.5%) 9.5% 54.7% 56.3% 6.0% 2.4
CBOE Holdings, Inc. 2,420.6 2,272.0 7.0% 12.0% NA NA 4.5x 4.5x 4.1x 8.1x 8.1x 7.4x 17.4x 15.1x (0.0%) 8.0% 55.2% 56.3% 13.8% 1.3
MarketAxess Holdings Inc. 972.3 839.1 (11.5%) 5.5% 165.3% 48.1% 4.5x 4.3x 3.7x 9.2x 9.1x 7.5x 19.9x 15.4x 7.6% 15.4% 47.3% 49.5% 22.5% 0.9
FX Alliance Inc 444.8 388.8 NA NA NA NA 3.2x 3.1x 2.7x 8.4x 7.3x 5.8x 17.2x 14.8x 6.3% 13.7% 42.3% 46.8% 17.0% 1.0
Liquidity Venues Median $5,354.2 $5,190.2 2.9% (5.7%) (7.7%) (25.9%) 4.9x 4.8x 4.5x 8.5x 8.9x 7.7x 15.3x 13.9x 1.4% 8.7% 56.0% 56.7% 9.2% 1.5

Source: Capital IQ.

15

TRADING TECHNOLOGY
Company Value Value (1) YTD 1 Year 3 Year 5 Year LTM 2012E 2013E LTM 2012E 2013E 2012E 2013E 2012E 2013E 2012E 2013E Growth Ratio
The Charles Schwab Corporation $16,460.3 $16,460.3 14.8% (22.7%) (25.0%) (37.0%) 3.5x 3.4x 3.1x 12.5x 11.6x 10.0x 19.3x 16.4x 3.8% 8.5% 29.1% 31.1% 12.4% 1.6
TD Ameritrade Holding Corporation 9,321.7 9,321.7 8.6% (14.5%) (1.3%) (15.0%) 3.5x 3.4x 3.2x 9.6x 9.7x 8.3x 15.4x 12.5x (2.5%) 8.1% 35.5% 38.2% 11.0% 1.4
ICAP plc 3,363.2 3,363.2 (2.7%) (32.1%) (26.7%) (31.7%) 1.3x 1.3x 1.2x 7.4x 5.9x 5.5x 8.6x 8.0x (0.7%) 1.8% 21.5% 22.6% 4.9% 1.8
E*TRADE Financial Corporation 2,293.9 2,293.9 1.0% (44.4%) (40.4%) (96.4%) 1.6x 1.2x 1.2x 6.4x 5.7x 4.1x 15.0x 13.0x (8.7%) 1.7% 21.5% 29.4% 20.3% 0.7
Knight Capital Group, Inc. 1,065.0 1,065.0 1.0% 6.9% (31.1%) (28.1%) 0.8x 0.8x 0.8x 4.8x 5.1x 4.1x 9.9x 7.4x (6.0%) 8.0% 16.1% 18.4% 9.1% 1.1
FXCM Inc. 885.5 885.5 20.6% 14.5% NA NA 2.1x 2.2x 1.7x 12.1x 9.6x 6.8x 14.4x 9.9x 5.1% 24.1% 22.7% 25.8% 10.9% 1.3
GFI Group Inc. 427.1 427.1 (13.6%) (22.6%) (48.9%) (80.4%) 0.4x 0.4x 0.4x 6.7x 4.0x 3.7x 14.8x 8.7x (4.5%) 9.6% 10.9% 10.7% 5.0% 3.0
INTL FCStone Inc. 370.1 370.1 (17.9%) (21.0%) 22.9% (16.8%) 1.0x 0.8x NA 10.1x NA NA NA NA 11.7% NA NA NA NA NA
Investment Technology Group Inc. 357.0 357.0 (14.9%) (34.4%) (54.4%) (78.8%) 0.6x 0.7x 0.6x 8.7x 9.5x 6.5x 16.9x 11.0x (6.1%) 5.2% 7.0% 9.6% 11.0% 1.5
GAIN Capital Holdings, Inc. 174.4 174.4 (25.5%) NA NA NA 1.0x 1.3x 1.1x 4.6x 4.5x 3.6x 24.3x 7.4x (35.6%) 22.8% 30.2% 30.3% 15.0% 1.6
Trading Technology Median $975.3 $975.3 (0.9%) (22.6%) (28.9%) (34.3%) 1.2x 1.2x 1.2x 8.1x 5.9x 5.5x 15.0x 9.9x (3.5%) 8.1% 21.5% 25.8% 11.0% 1.5

Source: Capital IQ.

16

INVESTMENT TECHNOLOGY

The Bank of New York Mellon Corporation (1) $26,180.1 $26,180.1 10.2% (15.8%) (23.5%) (47.0%) 1.8x 1.8x 1.7x 7.0x 6.9x 6.3x 9.9x 8.9x (1.2%) 4.3% 25.9% 27.2% 10.2% 1.0
State Street Corp.(1) 21,810.8 21,810.8 10.7% (2.9%) (5.7%) (34.7%) 2.3x 2.3x 2.2x 8.0x 7.9x 7.2x 11.5x 10.0x 0.8% 4.5% 28.5% 29.9% 11.2% 1.0
Charles Schwab Corp.(1) 16,460.3 16,460.3 14.8% (22.7%) (25.0%) (37.0%) 3.5x 3.4x 3.1x 12.5x 11.6x 10.0x 19.3x 16.4x 3.8% 8.5% 29.1% 31.1% 12.4% 1.6
Northern Trust Corporation(1) 11,097.7 11,097.7 16.0% (1.0%) (13.9%) (28.4%) 2.9x 2.8x 2.6x 10.7x 9.8x 8.6x 15.5x 13.5x 4.7% 6.1% 28.5% 30.5% 12.7% 1.2
TD Ameritrade Holding Corporation(1) 9,321.7 9,321.7 8.6% (14.5%) (1.3%) (15.0%) 3.5x 3.4x 3.2x 9.6x 9.7x 8.3x 15.4x 12.5x (2.5%) 8.1% 35.5% 38.2% 11.0% 1.4
Computershare Ltd. 4,239.4 5,495.7 (7.5%) (15.1%) (16.2%) (34.4%) 3.4x 2.9x 2.6x 12.5x 10.6x 9.1x 14.6x 12.3x 12.4% 9.5% 27.3% 29.2% 10.8% 1.4
DST Systems Inc. 2,384.2 3,382.9 19.3% 1.3% 45.1% (31.4%) 1.4x 1.5x 1.5x 9.2x 8.2x 7.7x 13.2x 12.2x 30.2% 0.1% 18.7% 19.7% 10.0% 1.3
SEI Investments Co. 3,491.4 3,120.1 14.6% (13.2%) 10.3% (31.5%) 3.3x 3.2x 2.9x 14.2x 8.2x 7.2x 15.9x 13.5x 4.9% 8.8% 38.7% 40.3% 15.0% 1.1
Broadridge Financial Solutions Inc. 2,656.5 3,002.0 (5.7%) (12.7%) 26.8% 11.2% 1.3x 1.3x 1.2x 7.6x 7.0x 6.2x 13.4x 11.3x 3.9% 4.5% 18.2% 19.7% 13.5% 1.0
SS&C Technologies Holdings, Inc. 1,950.0 1,993.0 38.4% 25.2% NA NA 5.3x 3.5x 3.2x 14.4x 11.0x 9.2x 18.3x 16.6x 52.3% 9.3% 32.1% 35.2% 13.3% 1.4
Advent Software, Inc. 1,373.4 1,280.0 11.3% (4.9%) 63.0% 66.6% 3.8x 3.5x 3.2x 19.6x 11.5x 10.6x 29.7x 25.7x 11.9% 9.7% 30.5% 30.2% 20.0% 1.5
Financial Engines, Inc. 986.8 840.6 (3.9%) (17.4%) NA NA 5.5x 4.6x 3.7x 30.9x 17.2x 13.0x 58.0x 34.8x 26.9% 23.0% 26.8% 28.8% 32.5% 1.8
Fidessa group plc 884.8 774.8 2.4% (21.3%) 33.6% 69.4% 1.8x 1.7x 1.6x 8.8x 8.0x 7.6x 18.7x 17.4x 3.1% 6.2% 21.4% 21.4% 7.0% 2.7
SimCorp A/S 716.2 651.6 15.1% (0.1%) 18.0% (23.6%) 2.6x 2.5x 2.3x 9.8x 10.0x 9.0x 16.5x 14.3x 8.0% 9.3% 25.3% 25.7% NA NA
Envestnet, Inc. 386.7 316.2 0.3% (18.0%) NA NA 2.5x 2.0x 1.5x 17.8x 14.7x 6.1x 36.7x 17.4x 27.5% 31.0% 13.7% 25.5% 26.7% 1.4
Linedata Services SA 163.7 161.4 38.5% 6.2% 122.3% (39.0%) 0.9x 0.9x 0.9x 4.2x 3.8x 3.7x 8.8x 8.0x 5.0% 3.8% 23.5% 23.3% 1.3% 6.7
First Derivatives plc 123.3 156.1 (1.8%) (16.4%) 128.3% 70.2% 2.2x 1.9x 1.6x 11.6x 9.6x 7.9x 12.0x 10.0x 19.8% 16.7% 19.5% 20.2% NA NA
Investment Technology Median $2,384.2 $3,002.0 10.7% (13.2%) 14.2% (29.9%) 2.6x 2.5x 2.3x 10.7x 9.7x 7.9x 15.5x 13.5x 5.0% 8.5% 26.8% 28.8% 12.4% 1.4

Source: Capital IQ.

17

INFORMATION SERVICES
Thomson Reuters Corporation $23,641.7 $30,986.7 6.4% (20.0%) (14.4%) (33.4%) 2.2x 2.4x 2.3x 9.3x 8.6x 8.2x 14.1x 13.0x 1.2% 2.6% 27.7% 28.2% 10.5% 1.3
Reed Elsevier plc 9,665.3 22,273.8 (1.4%) (10.7%) 12.1% (31.5%) 2.4x 2.3x 2.3x 7.8x 7.5x 7.2x 10.5x 10.0x 3.4% 2.0% 30.9% 31.5% 5.9% 1.8
Experian plc 13,821.8 15,911.8 2.9% 12.4% 97.8% 43.0% 3.5x 3.3x 3.0x 10.6x 9.7x 9.0x 16.5x 14.6x 4.7% 8.6% 34.1% 33.9% 12.0% 1.4
The McGraw-Hill Companies, Inc. 12,586.5 12,932.5 0.1% 6.1% 46.9% (33.9%) 2.0x 2.0x 1.9x 7.6x 7.4x 7.0x 13.6x 12.2x 3.1% 5.3% 27.0% 27.2% 11.2% 1.2
Verisk Analytics, Inc. 8,180.4 9,290.3 22.8% 41.1% NA NA 6.8x 6.2x 5.6x 15.5x 13.7x 12.3x 25.1x 21.9x 14.2% 10.1% 45.0% 45.4% 13.4% 1.9
Moody's Corp. 8,212.8 8,699.5 8.5% (6.3%) 35.8% (41.2%) 3.7x 3.4x 3.2x 8.7x 8.2x 7.6x 13.6x 12.4x 10.9% 6.5% 42.3% 42.5% 14.1% 1.0
IHS Inc. 7,087.0 7,666.2 25.0% 28.4% 119.1% 134.2% 5.3x 4.9x 4.5x 19.1x 15.3x 13.0x 27.1x 22.1x 17.5% 10.6% 32.1% 34.3% 18.2% 1.5
Wolters Kluwer NV 4,603.4 7,363.8 (6.2%) (18.5%) 0.0% (44.7%) 1.8x 1.7x 1.6x 7.1x 6.8x 6.6x 8.1x 7.6x 4.3% 2.2% 24.7% 25.1% 5.2% 1.5
Equifax Inc. 5,609.9 6,481.6 20.3% 32.6% 76.4% 4.9% 3.2x 3.0x 2.8x 9.9x 9.1x 8.5x 16.2x 14.6x 9.7% 7.5% 33.2% 33.3% 12.1% 1.3
Informa plc 3,546.0 4,768.0 5.2% (12.9%) 67.3% (31.8%) 2.4x 2.3x 2.3x 8.6x 8.3x 7.9x 9.4x 8.8x 3.3% 3.8% 28.3% 28.7% 7.9% 1.2
MSCI Inc. 4,135.0 4,751.6 3.3% (10.3%) 41.3% NA 5.2x 4.9x 4.6x 11.6x 10.9x 9.8x 16.9x 15.0x 6.4% 7.7% 45.4% 47.0% 13.0% 1.3
Dun & Bradstreet Corp. 3,406.5 4,135.6 (4.9%) (6.6%) (12.6%) (30.9%) 2.4x 2.4x 2.4x 8.0x 7.3x 6.9x 10.6x 9.9x (3.9%) 2.9% 33.5% 34.6% 9.6% 1.1
FactSet Research Systems Inc. 4,174.6 3,932.5 6.5% (9.9%) 84.6% 36.0% 5.0x 4.8x 4.4x 13.3x 12.5x 11.3x 21.0x NA 9.5% 9.1% 38.2% 38.7% 14.5% 1.4
CoreLogic, Inc. 1,926.8 2,508.4 41.6% 8.5% NA NA 1.8x 1.7x 1.7x 12.2x 6.5x 6.5x 15.0x 14.7x 4.8% 1.3% 26.5% 26.1% 13.1% 1.2
Morningstar Inc. 2,859.3 2,417.2 (2.7%) (6.6%) 38.5% 23.0% 3.8x NA NA 13.4x NA NA NA NA NA NA NA NA NA NA
NICE Systems Ltd. 2,343.5 2,024.9 7.9% 15.7% 56.4% (5.8%) 2.5x 2.2x 1.9x 15.8x 9.6x 8.4x 14.8x 12.9x 17.8% 11.3% 22.5% 23.1% 20.0% 0.7
Bankrate, Inc. 1,838.7 1,967.9 (14.5%) 7.4% NM NM 4.4x 3.7x 3.1x 14.7x 11.9x 9.6x 37.2x 26.3x 28.6% 19.9% 31.1% 32.2% 24.7% 1.5
Fair Isaac Corp. 1,449.5 1,770.4 18.0% 38.7% 167.1% 5.4% 2.8x 2.7x 2.6x 9.3x 9.3x 8.8x 17.1x 14.4x 3.3% NA 29.5% 29.8% 20.8% 0.8
CoStar Group Inc. 2,095.4 1,544.1 21.7% 37.0% 99.6% 53.6% 5.9x 5.6x 5.1x 27.1x 23.6x 20.5x 59.7x 50.1x 10.0% 10.1% 23.7% 24.7% 21.0% 2.8
DealerTrack Holdings, Inc. 1,277.9 1,177.1 10.5% 28.5% 77.1% (18.3%) 3.2x 3.1x 2.7x 15.7x 14.8x 10.3x 28.0x 23.5x 9.7% 12.8% 20.9% 26.6% 15.3% 1.8
The Dolan Company 203.1 386.3 (21.0%) (19.9%) (50.2%) NA 1.4x 1.3x 1.2x 8.2x 7.3x 5.3x 9.7x 6.7x (1.2%) 9.0% 18.3% 23.0% 16.4% 0.6
Intersections Inc. 280.4 263.0 42.9% (17.4%) 251.4% 58.5% 0.7x 0.8x 0.8x 5.3x NA NA 14.1x 15.8x (3.4%) (3.2%) NA NA 8.0% 1.8
Reis, Inc. 102.6 85.1 5.3% (2.5%) 145.0% 5.8% 3.1x NA NA 16.3x NA NA NA NA NA NA NA NA NA NA
Creditriskmonitor.com Inc. 26.3 17.6 12.2% (33.8%) 47.1% 42.7% 1.7x NA NA 14.3x NA NA NA NA NA NA NA NA NA NA
Information Services Median $3,476.3 $4,034.0 6.4% (4.4%) 56.4% 4.9% 2.9x 2.7x 2.6x 11.1x 9.2x 8.4x 15.0x 14.5x 4.8% 7.6% 30.2% 30.6% 13.1% 1.3

Source: Capital IQ.

18

OUTSOURCED SOLUTIONS
Tata Consultancy Services Limited $45,491.6 $44,401.7 10.0% 7.7% 225.6% 122.3% 5.0x 4.2x 3.7x 16.9x 14.5x 13.1x 20.1x 17.8x 26.8% 13.8% 29.2% 28.2% 17.4% 1.2
Xerox Corp. 10,606.8 19,201.8 (1.1%) (26.5%) 19.1% (57.4%) 0.8x 0.8x 0.8x 6.1x 6.0x 5.9x 7.0x 6.5x 0.6% 2.1% 14.1% 13.9% 7.1% 1.0
Dell Inc. 21,880.1 17,166.1 (14.5%) (26.3%) (6.6%) (56.2%) 0.3x 0.3x 0.3x 3.4x 3.3x 3.2x 6.5x 6.1x (3.2%) 2.0% 8.6% 8.7% 9.3% 0.7
Wipro Ltd. 17,758.2 16,511.9 0.1% (5.4%) 75.8% 28.4% 2.4x 2.1x 1.9x 12.8x 10.9x 9.8x 15.5x 14.3x 19.8% 11.9% 19.6% 19.5% 14.5% 1.1
Cognizant Technology Solutions Corporation 18,269.4 15,778.2 (6.7%) (19.8%) 120.5% 60.0% 2.4x 2.1x 1.8x 11.9x 10.5x 8.9x 17.8x 15.1x 20.0% 18.2% 20.5% 20.4% 19.2% 0.9
CGI Group, Inc. 6,230.8 7,031.5 27.4% 2.8% 136.7% 104.8% 1.7x 1.6x 1.5x 9.3x 8.3x 7.7x 14.4x 12.7x 3.0% 5.5% 19.5% 20.0% 9.9% 1.5
HCL Technologies Ltd. 6,006.4 6,042.2 22.7% (4.0%) 150.9% 38.4% 1.7x 1.4x 1.3x 10.5x 7.8x 7.4x 12.6x 11.3x 26.9% 13.1% 18.4% 17.2% 20.1% 0.6
Computer Sciences Corporation 3,854.6 5,556.6 4.7% (35.3%) (44.5%) (58.0%) 0.3x 0.4x 0.4x 4.1x 3.6x 3.2x 21.5x 9.0x (3.0%) (0.1%) 9.8% 11.1% 8.7% 2.5
Amdocs Limited 5,014.3 4,118.7 4.2% (2.4%) 38.8% (25.4%) 1.3x 1.2x 1.2x 6.9x 6.1x 5.9x 10.9x 10.1x 2.7% 4.6% 20.6% 20.0% 10.3% 1.1
Genpact Ltd. 3,706.4 3,655.4 11.2% (4.4%) 40.2% NA 2.1x 1.9x 1.7x 11.8x 11.1x 9.7x 17.7x 15.1x 18.8% 13.0% 17.4% 17.6% 15.8% 1.1
Lender Processing Services, Inc. 2,136.5 3,170.2 67.8% 17.9% (9.2%) NA 1.5x 1.6x 1.5x 6.5x 6.7x 6.7x 10.4x 9.4x (4.6%) 1.7% 23.3% 23.1% 11.0% 0.9
Deluxe Corp. 1,271.7 1,953.0 9.6% (1.0%) 83.8% (38.6%) 1.4x 1.3x 1.3x 5.3x 5.4x 5.3x 7.6x 7.4x 3.2% 1.3% 24.8% 24.8% 6.6% 1.1
iGATE Corporation 973.5 1,878.4 8.2% 1.8% 146.0% 112.2% 1.9x 1.7x 1.5x 11.9x 6.2x 6.2x 11.8x 9.8x NA 10.0% 27.1% 24.7% 17.0% 0.7
Convergys Corporation 1,723.3 1,414.1 15.7% 6.6% 60.7% (39.1%) 0.6x 0.7x 0.7x 5.3x 6.4x 5.9x 18.8x 16.2x (11.4%) 3.7% 11.1% 11.6% 10.8% 1.7
Mphasis Limited 1,420.4 1,052.5 23.8% (16.0%) 0.5% 13.2% 1.1x 1.1x 1.0x 5.9x 5.6x 5.2x 10.4x 9.5x (5.4%) NA NA 18.5% 7.8% 1.3
TeleTech Holdings Inc. 887.4 815.1 (1.2%) (24.0%) 2.7% (50.7%) 0.7x 0.7x 0.7x 5.8x 6.0x 5.1x 12.3x 10.8x (2.0%) 5.9% 11.7% 12.8% 12.9% 1.0
Exlservice Holdings, Inc. 786.2 702.5 10.1% 4.5% 115.6% 31.5% 1.8x 1.6x 1.4x 10.0x 8.4x 7.2x 16.2x 13.8x 24.8% 16.6% 18.7% 18.8% 20.0% 0.8
CSG Systems International Inc. 554.5 671.2 17.5% (7.5%) 24.2% (34.8%) 0.9x 0.9x 0.9x 4.1x 4.0x 4.0x 8.9x 8.6x (0.9%) 2.8% 23.1% 22.4% 8.0% 1.1
WNS (Holdings) Ltd. 487.3 500.8 8.4% 7.9% 6.0% (65.8%) 1.1x 1.2x 1.1x 7.0x 6.6x 6.0x 7.8x 8.8x 11.8% 9.0% 18.5% 18.5% 15.3% 0.5
Virtusa Corp. 342.4 262.2 (7.8%) (30.8%) 65.0% NA 0.9x 0.8x 0.7x 8.2x 6.8x 5.4x 14.0x 11.2x 18.6% 14.7% 12.5% 13.6% 24.1% 0.6
Outsourced Solutions Median $2,921.4 $3,412.8 9.0% (4.2%) 50.5% (25.4%) 1.3x 1.3x 1.2x 7.0x 6.5x 6.0x 12.5x 10.5x 3.0% 5.9% 18.7% 18.7% 11.9% 1.0

Source: Capital IQ.

19

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