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May 2006 |
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Updata Capital® Financial Technology Mergers & Acquisitions News |
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IN THIS ISSUE: |
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Equity Market Update
While the Nasdaq Composite has made only
modest gains year-to-date 2006, Updata’s
Financial Technology Index has increased 15
percent from the beginning of the 2006 and
40 percent from year-ago levels compared to
the Nasdaq Composite’s rise of 5 percent and
16 percent, respectively. Nearly all
financial technology sectors tracked by
Updata have exceeded... read more >>
M&A Market Update
M&A activity in the financial technology
markets continued to be strong in Q1 2006
with 39 transactions tracked by Updata,
representing an uptick over the 32 deals
announced in Q1 2005, although down somewhat
from the 44 deals announced in the final
quarter of 2005. Misys, Fiserv and Private
Business all announced multiple acquisitions… read more >>
FinTech Capital Raising Transactions
Selected venture capital funding and IPO
transactions for the most recent quarter,
including deal value, when disclosed… read more >>
FinTech Public Company Valuations
Relevant financial data for publicly traded
companies organized by the following Fintech
subsectors: Banking, Liquidity, Payments,
and Financial Software… read more >>
(Please click here for PDF of Valuations)
Selected FinTech News Headlines
A brief collection of recent news
developments within the Financial Technology
space… read more >>
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Equity Market Update |
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While the Nasdaq Composite has made only modest
gains year-to-date 2006, Updata’s Financial
Technology Index has increased 15 percent from
the beginning of the 2006 and 40 percent from
year-ago levels compared to the Nasdaq
Composite’s rise of 5 percent and 16 percent,
respectively. Nearly all financial technology
sectors tracked by Updata have exceeded the
broader Nasdaq Composite’s growth rate over the
past twelve months with the Liquidity Index
leading the pack (136 percent increase),
followed by the Updata Banking Index (29
percent), the Payments Index (24 percent) and
the Financial Software Index (15 percent). All
of the financial technology sectors tracked by
Updata had neutral to positive earnings
surprises in the most recently announced quarter
with the liquidity sector posting the largest
earnings surprise over consensus estimates with
a median value of $0.07/share.
Figure 1: Updata Financial Technology Index
The IPO markets continue to be less than robust
for most private companies seeking liquidity,
leaving M&A as the predominant exit strategy.
Moreover, the benefits of being privately-held
in today’s market environment are evidenced in
the recent going-private transactions seen
across multiple technology markets, with the
financial technology sector being no exception
as illustrated by both SunGard and SS&C
Technologies opting to go private with the
backing of private equity sponsors in 2005. We
anticipate this trend to continue over the near
term in light of the high costs and challenges
faced by publicly held organizations,
particularly those with sub $500 million market
caps, with more companies pursuing M&A as the
preferred path to liquidity.
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M&A Market Update |
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M&A activity in the financial technology markets
continued to be strong in Q1 2006 with 39
transactions tracked by Updata, representing an
uptick over the 32 deals announced in Q1 2005,
although down somewhat from the 44 deals announced
in the final quarter of 2005. Misys, Fiserv and
Private Business all announced multiple acquisitions
in the first three months of the year demonstrating
a healthy appetite and capacity among buyers for
leveraging numerous acquisitions to complement
organic growth and drive expansion into new product
and market arenas. With their own acquisitions by
financial sponsors behind them, SunGard and SS&C
continue to be active as acquirers themselves. In
March, SunGard announced its acquisition of Dataware
Solutions, a provider of compliance software for
financial institutions, and SS&C announced its
acquisition of Cogent Management, Inc., a provider
of hedge fund services. Other private equity
sponsored transactions include the acquisition of
OpenLink Financial, a provider of energy and
financial trading and risk management software
solutions, led by TA Associates in a
recapitalization with deal value of $100m. A few
other transactions of note are highlighted below:
- Proposed management buyout of TNS, Inc.: In March,
the management team of TNS, Inc. offered a proposal
to acquire the outstanding shares of the Company for
$22 per share, representing a premium of 38% and 6%
to the Company’s 5 and 30-day stock price prior to
announcement, respectively. The total proposed
enterprise value is $614m, representing an LTM EV/Revenue
multiple of 2.4x and an LTM EV/EBITDA multiple of
9.2x. TNS is a provider of business critical data
communications services to processors of credit
card, debit card and ATM transactions.
- CheckFree acquisition of PhoneCharge: In January,
CheckFree announced its acquisition of PhoneCharge,
a provider of telephone and Internet-based bill
payment services for $100m in cash, representing an
estimated 4x LTM multiple. CheckFree’s acquisition
of PhoneCharge is on the heels of Fiserv’s
acquisition of BillMatrix, a provider of expedited
electronic bill payment services which provides
billers with an outsourced payment solution, in
August of 2005 for $350m in cash.
- Sage Group Plc acquisition of Verus Financial
Management: The UK-based provider of accounting and
business management software solutions announced in
January its acquisition of Verus Financial
Management, a merchant services business
specializing in credit card and check processing for
small and medium-sized businesses. The acquisition
is expected to expand Sage’s offering for the small
and medium sized business (SME) market by adding
increased automation of SME’s business processes and
linking payment processing services with accounting
software. The $323m cash transaction represented an
LTM EV/Revenue multiple of 5.0x and an LTM EV/EBITDA
multiple of 15.4x.
Updata continues to see increased activity both from
strategic and financial buyers. We expect the robust
pace of M&A to continue throughout the year
particularly for those companies attractive to
private equity sponsors. The private equity sponsors
are clearly competing with strategics on price for
high quality platform opportunities. In the current
market, CheckFree, Fiserv, Metavante, Fidelity and
First Data not only are competing with each other
for transactions but also with the deep pockets of
Carlyle, Thoma Cressey, TA Associates and numerous
others. The private equity influence will continue
to positively the impact pace and value of M&A
transactions in the Financial Technology sector.
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FinTech Capital Raising Transactions |
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| Announce Date (2006) |
Company |
Investors |
Value($mm) |
Fintech Sector (Notes) |
| 29-Mar |
I4 Commerce |
Azure Capital Partners, GRP Partners, Crosspoint Venture Partners, Kingdom Capital |
$27 |
Payment Processing / Outsourcing, Online Payments |
| 24-Mar |
Clayton Holdings |
Initial Public Offering |
$128 |
Analytics/Consulting/Outsourcing
|
| 28-Mar |
Zopa Ltd. |
Benchmark Capital, Wellington Partners |
$15 |
Online Lending |
| 16-Mar |
OneChicago |
Interactive Brokers |
NA |
Liquidity |
| 14-Mar |
NYMEX Holdings, Inc.
|
General Atlantic LLC |
$160 |
Liquidity |
| 10-Mar |
ClaimForce Inc. |
Origin Ventures |
NA |
Finance/Insurance/Real Estate Services |
| 22-Feb |
Prosper Marketplace |
Fidelity Ventures, Accel Partners, Benchmark Capital, Omidyar Network |
$12 |
Lending / Mortgage / Real Estate Solutions, P2P Lending Solutions |
| 20-Feb |
Bolero International |
Apax Partners, Baring Private Equity Asia |
NA |
Banking Solutions, Internet Trade Finance |
| 17-Feb |
FinancialContent |
N/A - Private Placement |
$1 |
Banking Solutions, Content Solution Provider (Sale of secured convertible note) |
| 15-Feb |
Business Events |
Carmel Ventures, Gemini Capital, Individuals |
$13 |
Business Intelligence |
| 10-Feb |
NASDAQ |
Public - Secondary Offering |
$556 |
Global Securities Exchanges, Equities |
| 7-Feb |
Custom House |
Great Hill Partners |
NA |
Diversified Fis, Foreign Exchange Services (Acquisition Financing) |
| 7-Feb |
Multi Commodity Exchange of India (sub. Of Financial Technologies India) |
Fidelity International |
$49 |
Global Securities Exchanges, Commidity Futures (Acquisition of 9% interest) |
| 6-Feb |
Finance Express |
Automotive Finance Corporation (sub. of ADESA) |
NA |
Specialty Finance, Online Auto Finance Solutions (Acquisition of 15% interest) |
| 2-Feb |
Titan Trading Analytics |
Private Placement - Undisclosed |
$1 |
Investment Solutions, Trading Technology |
| 30-Jan |
Axentis |
Eastward Capital, JP Morgan Partners, Key Venture Partners, Sierra Ventures |
$9 |
Other, Compliance Management Solutions |
| 27-Jan |
Parcxmart Technologies |
Heartland Payment Systems |
NA |
Electronic Payments Software / Hardware, Small Value Payments (Strategic Investment) |
| 26-Jan |
ClusterSeven |
Quester |
$4 |
Operation Risk, Control and Compliance for Financial Institutions |
| 26-Jan |
Pay By Touch |
Plainfield Asset Management, Scout Capital, Quince Associates, Global Trust Partners |
$60 |
Payment Processing / Outsourcing, Merchant Processing |
| 23-Jan |
Private Business |
Bank of America (Credit Facility) |
$18 |
Banking Solutions, Core Bank Processing |
| 17-Jan |
ClariFI |
TL Ventures |
$4 |
Investment Solutions, Portfolio Strategy Solutions |
| 16-Jan |
Aconite |
The Capital Fund |
$1 |
Electronic Payments Software / Hardware, Smart Cards |
| 10-Jan |
QuIC Financial Technologies |
Ventures West, GrowthWorks, Springbank, JMI Equity |
$10 |
Investment Solutions, Enterprise Risk Management |
| 9-Jan |
Redfin |
Madrona Venture Group |
$1 |
Lending / Mortgage / Real Estate Solutions, Real Estate Solutions |
| 3-Jan |
NewRiver |
Pequot Capital, West Side Investments, Lazard Freres and William Blair New World Ventures |
$21 |
Banking Solutions, Compliance |
| 3-Jan |
Webpay International |
3i Group |
$24 |
Payment Processing / Outsourcing, Internet Payments |
Top |
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FinTech Public Company Valuations |
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($ in millions, except prices)
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Market Value |
Financial Data |
Enterprise Value as a Multiple of |
|
Company |
Price
4/26/06 |
% of 52
Week Hi |
Market
Cap |
Enterprise
Value (1) |
LTM
Revenue |
MRQ Rev.
Growth YoY |
LTM EBITDA
Margin |
Revenues |
EBITDA (2) |
|
LTM |
CY2006 |
LTM |
CY2006 |
Selected Banking Software Companies |
|
Carreker Corp. |
$6.03 |
78.8% |
$149.6 |
$125.4 |
$115.4 |
-7.3% |
10.0% |
1.1x |
1.1x |
10.8x |
NA |
|
CheckFree Corp. |
$51.82 |
90.8% |
$4,849.8 |
$4,534.5 |
$825.9 |
16.2% |
32.5% |
5.5x |
4.8x |
16.9x |
14.7x |
|
Chordiant Software Inc. |
$3.29 |
92.4% |
$270.5 |
$229.3 |
$84.6 |
4.1% |
NM |
2.7x |
2.4x |
NM |
66.5x |
|
Corillian Corp. |
$3.50 |
85.0% |
$157.1 |
$143.3 |
$49.2 |
4.6% |
6.7% |
2.9x |
2.6x |
43.6x |
23.6x |
|
Digital Insight Corp. |
$35.42 |
92.7% |
$1,271.6 |
$1,157.0 |
$214.0 |
15.9% |
24.6% |
5.4x |
4.8x |
22.0x |
16.3x |
|
Fair Isaac Corp. |
$40.40 |
83.4% |
$2,675.2 |
$2,755.4 |
$805.9 |
3.7% |
30.0% |
3.4x |
3.1x |
11.4x |
10.6x |
|
Fidelity National Information Services Inc. (4) |
$38.79 |
87.1% |
$7,416.6 |
$9,836.6 |
$3,865.0 |
NA |
25.7% |
2.5x |
2.4x |
9.9x |
8.8x |
|
Fiserv Inc. |
$45.23 |
96.5% |
$8,388.8 |
$8,799.7 |
$4,059.5 |
11.6% |
22.8% |
2.2x |
2.1x |
9.5x |
9.2x |
|
Jack Henry & Associates Inc. |
$23.09 |
97.1% |
$2,162.1 |
$2,146.2 |
$562.8 |
9.7% |
30.4% |
3.8x |
3.3x |
12.6x |
10.7x |
|
John H. Harland Co. |
$42.21 |
93.6% |
$1,181.0 |
$1,439.4 |
$982.9 |
21.9% |
22.0% |
1.5x |
1.4x |
6.7x |
6.1x |
|
Misys PLC |
$3.75 |
80.4% |
$1,842.6 |
$2,365.4 |
$1,677.6 |
10.0% |
17.1% |
1.4x |
1.4x |
8.2x |
11.2x |
|
Online Resources Corp. |
$12.54 |
89.6% |
$346.0 |
$290.1 |
$60.5 |
38.3% |
23.1% |
4.8x |
4.0x |
20.7x |
16.0x |
|
Open Solutions Inc.(5) |
$27.79 |
92.2% |
$704.4 |
$1,144.1 |
$408.2 |
216.4% |
62.7% |
2.8x |
3.0x |
NM |
13.8x |
|
S1 Corp. |
$5.04 |
86.0% |
$354.6 |
$237.3 |
$204.1 |
-65.2% |
-2.1% |
1.2x |
1.2x |
NM |
55.8x |
|
Mean |
|
89.0% |
|
|
|
26.7% |
23.5% |
3.1x |
2.7x |
13.2x |
12.8x |
|
Median |
|
90.2% |
|
|
|
12.7% |
23.1% |
2.8x |
2.5x |
11.4x |
13.8x |
|
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Market Value |
Financial Data |
Enterprise Value as a Multiple of |
|
Company |
Price
4/26/06 |
% of 52
Week Hi |
Market
Cap |
Enterprise
Value (1) |
LTM
Revenue |
MRQ Rev.
Growth YoY |
LTM EBITDA
Margin |
Revenues |
EBITDA (2) |
|
LTM |
CY2006 |
LTM |
CY2006 |
Selected Liquidity Companies |
|
Chicago Mercantile Exchange Holdings Inc. |
$468.75 |
93.0% |
$16,394.1 |
$15,490.3 |
$977.3 |
28.3% |
60.7% |
15.9x |
13.9x |
26.1x |
NA |
|
Investment Technology Group Inc. |
$53.38 |
93.6% |
$2,291.0 |
$2,030.0 |
$408.2 |
25.1% |
31.7% |
5.0x |
3.7x |
15.7x |
NA |
|
Knight Capital Group Inc. |
$16.96 |
97.4% |
$1,740.7 |
$1,510.1 |
$634.6 |
8.5% |
19.8% |
2.4x |
2.0x |
12.0x |
12.7x |
|
LaBranche & Co. Inc. |
$15.13 |
84.5% |
$924.5 |
$981.7 |
$340.2 |
33.0% |
18.6% |
2.9x |
2.2x |
15.5x |
8.0x |
|
Nasdaq Stock Market Inc. |
$38.83 |
83.1% |
$4,756.7 |
$5,699.5 |
$879.9 |
54.4% |
14.4% |
6.5x |
3.9x |
45.0x |
NA |
|
NYFIX Inc. |
$6.75 |
83.9% |
$227.2 |
$218.6 |
$81.7 |
38.2% |
7.6% |
2.7x |
2.6x |
35.3x |
NA |
|
Mean |
|
89.3% |
|
|
|
31.2% |
25.5% |
3.9x |
2.9x |
20.9x |
10.4x |
|
Median |
|
88.8% |
|
|
|
30.7% |
19.2% |
3.9x |
3.2x |
20.9x |
10.4x |
|
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Market Value |
Financial Data |
Enterprise Value as a Multiple of |
|
Company |
Price
4/26/06 |
% of 52
Week Hi |
Market
Cap |
Enterprise
Value (1) |
LTM
Revenue |
MRQ Rev.
Growth YoY |
LTM EBITDA
Margin |
Revenues |
EBITDA (2) |
|
LTM |
CY2006 |
LTM |
CY2006 |
Selected Payments Companies |
|
Alliance Data Systems Corp. |
$55.90 |
98.1% |
$4,606.2 |
$4,920.8 |
$1,552.5 |
21.7% |
23.3% |
3.2x |
2.7x |
13.6x |
10.9x |
|
Bottomline Technologies Inc. |
$11.96 |
64.2% |
$274.8 |
$185.9 |
$101.6 |
9.0% |
9.9% |
1.8x |
1.7x |
18.5x |
13.6x |
|
CheckFree Corp. |
$51.82 |
90.8% |
$4,849.8 |
$4,534.5 |
$825.9 |
16.2% |
32.5% |
5.5x |
4.8x |
16.9x |
14.7x |
|
Ebix Inc. |
$21.00 |
93.3% |
$65.5 |
$61.6 |
$24.1 |
7.9% |
24.8% |
2.6x |
NA |
10.3x |
NA |
|
eFunds Corp. |
$26.45 |
96.3% |
$1,263.1 |
$1,289.1 |
$501.7 |
5.8% |
22.9% |
2.6x |
2.2x |
11.2x |
9.4x |
|
Fidelity National Information Services Inc. |
$38.79 |
87.1% |
$7,416.6 |
$9,836.6 |
$3,865.0 |
NA |
25.7% |
2.5x |
2.4x |
9.9x |
8.8x |
|
First Data Corp. |
$46.99 |
96.1% |
$36,295.1 |
$40,212.6 |
$10,537.6 |
2.9% |
28.3% |
3.8x |
3.4x |
13.5x |
11.6x |
|
Fundtech Ltd. |
$12.58 |
96.0% |
$199.4 |
$158.9 |
$74.5 |
11.8% |
13.8% |
2.1x |
1.9x |
15.5x |
NA |
|
Global Payments Inc. |
$48.62 |
88.8% |
$4,020.3 |
$3,890.3 |
$847.3 |
16.5% |
26.4% |
4.6x |
4.0x |
17.4x |
14.9x |
|
iPayment Inc. |
$43.17 |
99.6% |
$788.2 |
$887.4 |
$702.7 |
80.4% |
14.9% |
1.3x |
1.2x |
8.5x |
8.2x |
|
Online Resources Corp. |
$12.54 |
89.6% |
$346.0 |
$290.1 |
$60.5 |
38.3% |
23.1% |
4.8x |
4.0x |
20.7x |
16.0x |
|
Tier Technologies Inc. |
$7.00 |
71.3% |
$137.0 |
$80.2 |
$147.6 |
21.9% |
9.1% |
0.5x |
0.5x |
6.0x |
8.9x |
|
Total System Services Inc. |
$20.33 |
80.7% |
$4,011.0 |
$3,779.1 |
$1,602.9 |
37.0% |
27.3% |
2.4x |
2.3x |
8.6x |
8.1x |
|
Transaction Systems Architects Inc. |
$39.18 |
98.6% |
$1,489.9 |
$1,333.1 |
$317.7 |
5.5% |
19.7% |
4.2x |
3.7x |
21.3x |
NA |
|
Trintech Group PLC |
$3.85 |
70.0% |
$59.7 |
$24.3 |
$52.2 |
-24.7% |
NM |
0.5x |
NA |
NM |
NA |
|
Mean |
|
88.0% |
|
|
|
17.9% |
21.6% |
2.8x |
2.7x |
13.7x |
11.4x |
|
Median |
|
90.8% |
|
|
|
14.0% |
23.2% |
2.6x |
2.4x |
13.5x |
10.9x |
|
|
|
Market Value |
Financial Data |
Enterprise Value as a Multiple of |
|
Company |
Price
4/26/06 |
% of 52
Week Hi |
Market
Cap |
Enterprise
Value (1) |
LTM
Revenue |
MRQ Rev.
Growth YoY |
LTM EBITDA
Margin |
Revenues |
EBITDA (2) |
|
LTM |
CY2006 |
LTM |
CY2006 |
Selected Financial Software Companies |
|
Advent Software Inc. |
$30.46 |
91.8% |
$1,010.2 |
$846.8 |
$169.0 |
10.2% |
14.5% |
5.0x |
4.8x |
34.7x |
26.9x |
|
Automatic Data Processing Inc. |
$45.40 |
94.4% |
$26,436.4 |
$24,939.7 |
$8,725.8 |
13.2% |
22.1% |
2.9x |
2.6x |
12.9x |
11.3x |
|
BISYS Group Inc. (5) |
$14.87 |
92.4% |
$1,792.7 |
$2,030.0 |
$851.3 |
NA |
NM |
2.4x |
2.1x |
NM |
10.8x |
|
Corillian Corp. |
$3.50 |
85.0% |
$157.1 |
$143.3 |
$49.2 |
4.6% |
6.7% |
2.9x |
2.6x |
43.6x |
23.6x |
|
Digital Insight Corp. |
$35.42 |
92.7% |
$1,271.6 |
$1,157.0 |
$214.0 |
15.9% |
24.6% |
5.4x |
4.8x |
22.0x |
16.3x |
|
DST Systems Inc. |
$61.96 |
99.0% |
$4,622.2 |
$5,932.2 |
$2,515.1 |
-2.0% |
20.2% |
2.4x |
3.7x |
12.0x |
12.4x |
|
Fair Isaac Corp. |
$40.40 |
83.4% |
$2,675.2 |
$2,755.4 |
$805.9 |
3.7% |
30.0% |
3.4x |
3.1x |
11.4x |
10.6x |
|
Fiserv Inc. |
$45.23 |
96.5% |
$8,388.8 |
$8,799.7 |
$4,059.5 |
11.6% |
22.8% |
2.2x |
2.1x |
9.5x |
9.2x |
|
Jack Henry & Associates Inc. |
$23.09 |
97.1% |
$2,162.1 |
$2,146.2 |
$562.8 |
9.7% |
30.4% |
3.8x |
3.3x |
12.6x |
10.7x |
|
Linedata Services |
$28.48 |
96.0% |
$325.6 |
$360.6 |
$147.0 |
4.3% |
23.3% |
2.5x |
1.9x |
10.5x |
9.0x |
|
Misys PLC |
$3.75 |
80.4% |
$1,842.6 |
$2,365.4 |
$1,677.6 |
10.0% |
17.1% |
1.4x |
1.4x |
8.2x |
11.2x |
|
Online Resources Corp. |
$12.54 |
89.6% |
$346.0 |
$290.1 |
$60.5 |
38.3% |
23.1% |
4.8x |
4.0x |
20.7x |
16.0x |
|
Open Solutions Inc. |
$27.79 |
92.2% |
$704.4 |
$1,144.1 |
$408.2 |
216.4% |
62.7% |
2.8x |
3.0x |
4.5x |
13.8x |
|
S1 Corp. |
$5.04 |
86.0% |
$354.6 |
$237.3 |
$204.1 |
-65.2% |
-2.1% |
1.2x |
1.2x |
NM |
55.8x |
|
SEI Investments Co. |
$42.77 |
99.9% |
$4,357.1 |
$4,235.7 |
$773.0 |
11.3% |
29.8% |
5.5x |
5.0x |
18.4x |
NA |
|
SimCorp A/S |
$160.84 |
97.8% |
$777.5 |
$771.3 |
$126.8 |
13.2% |
26.9% |
6.1x |
5.3x |
22.6x |
22.4x |
|
State Street Corp. |
$63.61 |
97.2% |
$21,440.5 |
$22,630.5 |
$5,473.0 |
22.3% |
33.9% |
4.1x |
3.7x |
12.2x |
12.9x |
|
Mean |
|
92.4% |
|
|
|
19.8% |
24.1% |
3.5x |
3.2x |
13.7x |
13.6x |
|
Median |
|
92.7% |
|
|
|
10.7% |
23.2% |
2.9x |
3.1x |
12.3x |
12.6x |
|
(1) |
Enterprise value is equal to market capitalization plus debt and pfd
stock minus cash and cash equivalents
|
|
(2) |
EBITDA excludes all one-time charges and expenses
|
|
(3) |
Outliers, as indicated by a shaded box, are excluded from mean calculations |
|
(4)
|
Fidelity National Information Services Inc. (FIS) is the combined entity of Fidelity National Information Services and Certegy Inc.
|
|
(5)
|
Open Solutions Inc. is the combined entity of Open Solutions Inc. and Bisys Information Services; values pertaining to Enterprise value calculation obtained from Open Solutions 10K; Bisys Group adjusted accordingly according to Company Annual Report
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Selected FinTech News Headlines |
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For more information, contact:
Ira Cohen:
icohen@updata.com
John MacDonald:
jmacdonald@updata.com
Updata Capital, Inc. Disclaimer
The information and opinions in this report were prepared by Updata Capital, Inc. ("Updata"). The information herein is believed by Updata to be reliable and has been obtained from and based upon public sources believed to be reliable, but Updata makes no representation as to the accuracy or completeness of such information. Updata may provide, may have provided or may seek to provide M&A advisory services to one or more companies mentioned herein. In addition, employees of Updata may have purchased or may purchase securities in one or more companies mentioned in this report. Opinions, estimates and analyses in this report constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Updata and are subject to change without notice. Updata has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, estimate, forecast or analysis set forth herein, changes or subsequently becomes inaccurate. This report is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction.
Data cited herein is sourced from Updata’s database and derived from publicly available sources – additional information is available on request.
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