Q4 2018 Insurance Technology Sector Summary - GCA Altium

 
Q4 2018 Insurance Technology Sector Summary - GCA Altium
Insurance Technology
   Sector Summary
     Q4 2018

                       1
Q4 2018 Insurance Technology Sector Summary - GCA Altium
GCA INSURANCE TECHNOLOGY OVERVIEW
Strong sector and product expertise across InsurTech
REPRESENTATIVE FOCUS AREAS                                                                                                                                INSURTECH TEAM

                                                     Companies that focus on customer engagement, e.g., customer acquisition, sales and                                          CHRIS GOUGH
                DISTRIBUTION &
                                                     marketing, mobile solutions and other direct-to-consumer insurance channels, or that
            CUSTOMER ENGAGEMENT                                                                                                                                                  Managing Director
                                                     offer solutions to improve distribution or facilitate contact with the end consumer.
                                                                                                                                                                                 cgough@gcaglobal.com
                                                     Companies that improve existing methodologies for pricing or underwriting risk, or                                          415.318.3658
            INNOVATIVE PRODUCTS,
                                                     actual insurance companies that bring technology to traditionally low-tech areas by
           PRICING & UNDERWRITING                    using newer or superior core systems and/or online/mobile offerings.

                                                     Insurance is behind the curve in enterprise-level core technology, and InsurTech
            POLICY ADMINISTRATION,
                                                     companies help modernize these operating systems - in particular policy, claims, and                                        KEGAN GREENE
             CLAIMS & BACK OFFICE                    billing software systems.
                                                                                                                                                                                 Director
                                                     Companies that provide analytic capabilities to insurance companies to help them                                            kgreene@gcaglobal.com
                   DATA & ANALYTICS                  operate more efficiently and/or make better underwriting and claims decisions.                                              415.318.3686

RECENT INSURTECH TRANSACTIONS

                                                                                                                                                                  Sold
        Acquired by             Preferred Financing                                                Acquired by              Sold majority stake to                                       Tender Offer for
                                                                      Acquired by
                                       from

                                                                                                                                                                   To
                                                                                                                                                                                       Asahi Fire & Marine
                                                                                                                                                                                          Insurance Co.
  We advised ATTOM Data
         Solutions                We advised GOQii               We Advised QuoteWizard          We Advised Bexio         We Advised Risk International    We Advised BlackFin           We Advised Asahi

            Sold

                               Strategic Investment                   Acquired by           Preferred Stock Investment                                                                    Acquisition of
                                                                                                                                 Acquired by                  Acquired by
                                                                                                       from
             To

 We Advised RGI Shareholders   We Advised ControlExpert             We Advised AWL              We Advised EIS Group        We Advised Finanzen.de         We Advised INS Web           We Advised INS Web

                                                                                                                                                                                                   2
Q4 2018 Insurance Technology Sector Summary - GCA Altium
Q4 2018 INSURANCE TECHNOLOGY SECTOR SUMMARY
Case Study: Sale of ATTOM Data Solutions to Lovell Minnick Partners

                           GCA acted as exclusive finanical advisor to ATTOM, a leading provider of national real estate data
                           solutions, on its sale to Lovell Minnick Partners.

                           Transaction Summary                                         Strategic Rationale
                           ▪ On January 8, 2019, Lovell Minnick Partners announced     ▪ ATTOM is a leading, scale platform investment in the real
                             that it had completed the acquisition of ATTOM Data         estate data solutions market
                             Solutions (“ATTOM” or the “Company”)
                                                                                           −   Company’s proprietary data solutions include
TRANSACTION DETAILS            −   Financial terms of the transaction were not                 property tax, deed, mortgage, foreclosure,
Closed                             disclosed                                                   environmental risk, natural hazard and
January 2019                                                                                   neighborhood data for 150+ million U.S. residential
                           ▪ Headquartered in Irvine, California, ATTOM is a leading
                             provider of comprehensive data solutions to the real              and commercial properties, covering 99% of the
SECTORS                      estate, mortgage, insurance, marketing and adjacent               nation’s population
Real Estate / Mortgage       markets                                                       −   Company serves 225+ data customers with
Technology                                                                                     multiyear contracts
Property / Insurance       ▪ Lovell Minnick Partners is a private equity firm with
                             expertise in investing in the financial technology and        −   ATTOM management has generated strong organic
Technology
                             services industry. Since its inception in 1999, Lovell            growth and successfully pursued accretive strategic
Data Licensing
                             Minnick Partners has raised $2.7 billion in committed             opportunities, including its acquisition of
                             capital and has completed investments in over 45
DEAL TYPE                                                                                      neighborhood data provider Onboard Informatics in
                             companies
M&A                                                                                            early 2018
                           ▪ GCA acted as exclusive financial advisor to ATTOM in
                                                                                       ▪ Lovell Minnick will continue to support management in
                             connection with the transaction
                                                                                         executing its strategic plan to build the leading
                                                                                         technology platform in the real estate data industry

                                                                                                                                              3
Q4 2018 Insurance Technology Sector Summary - GCA Altium
Q4 2018 INSURANCE TECHNOLOGY SECTOR SUMMARY
Case Study: GOQii Series B Preferred Financing from Mitsui & Co. Ltd

                           GCA acted as exclusive financial advisor to GOQii, a health insurance tech leader, on its financing led by
                           Mitsui.

                           Transaction Summary                                          Strategic Rationale
                           ▪ On November 30, 2018, GOQii announced that it had          ▪ GOQii is a leading data company in the preventative
                             received an investment from Mitsui & Co. Ltd (“Mitsui”)      healthcare ecosystem
                               −   Financial terms of the transaction were not              −   Uses consumer-provided health data to offer
TRANSACTION DETAILS                disclosed                                                    attractive discounts on insurance premiums through
Closed                                                                                          GOQii’s distribution partnerships with leading health
                           ▪ Founded in 2014, GOQii pairs its wearable fitness band
November 2018                                                                                   carriers
                             with a smart tech-enabled healthcare platform that
                             unites the preventive healthcare ecosystem                     −   Offers tools for real-time personalized coaching,
SECTORS                                                                                         scheduling health check-ups, as well as a behavioral
Insurance Technology       ▪ Tokyo-based Mitsui has one of the world’s largest
                             healthcare-related portfolios with investments including           rewards program complete with an online health
Healthcare Technology                                                                           store
                             hospitals, pharmaceuticals, medical devices and dialysis
                             clinics                                                    ▪ Mitsui’s investment and partnership will enable GOQii to
DEAL TYPE
Financing                  ▪ Existing investors including NEA and DSG Consumer            further expand across India and enter Japan – a country
                             Partners, and several new investors including Galaxy         with an aging population and a focus on preventative
                             Digital and Denlow Investment Trust, participated in the     healthcare
                             round                                                      ▪ GOQii will also use the funds to acquire talent and
                           ▪ GCA acted as exclusive financial advisor to GOQii in         enhance its platform
                             connection with the transaction

                                                                                                                                                4
Q4 2018 INSURANCE TECHNOLOGY SECTOR SUMMARY
Case Study: Sale of QuoteWizard.com LLC to LendingTree, Inc. (NasdaqGS: TREE)

                          GCA acted as exclusive financial advisor to QuoteWizard, provider of a customer acquisition technology
                          platform, on its sale to LendingTree.

                          Transaction Summary                                          Strategic Rationale
                          ▪ On October 4, 2018, QuoteWizard.com LLC                    ▪ QuoteWizard will immediately establish LendingTree as a
                            (“QuoteWizard”) announced it had entered into a              leader in the high growth online insurance market
                            definitive agreement to be acquired by LendingTree, Inc.       −   Since its founding in 2006, QuoteWizard has helped
                            (NasdaqGS:TREE) (“LendingTree”) for up to $370MM                   over 40 million consumers compare and find
TRANSACTION DETAILS
Closed                        −   $300MM in up-front consideration at close, payable           insurance policies online
October 2018                      in cash
                                                                                       ▪ QuoteWizard’s customer acquisition technology platform
                              −   $70MM in potential earn-out consideration based        and network of over 30 top tier carriers and 10,000
SECTORS                           on achievement of certain growth milestones in the     insurance agents across the country create a scale and
Insurance Technology              first three years following transaction close          network advantage for high-quality insurance lead
Digital Media                                                                            distribution
                          ▪ The QuoteWizard management team, led by CEO Scott
                            Peyree, will continue as QuoteWizard leadership                −   Will significantly expand LendingTree’s relationships
DEAL TYPE
                            following closing                                                  with insurance carriers and agents  enable cross
M&A
                          ▪ QuoteWizard generated $75.6MM in revenue and                       selling of mortgage / home related products that
                            $12.8MM in EBITDA for the six months ending June 30,               are core to LendingTree’s market
                            2018
                                                                                       ▪ Numerous product and traffic synergies as part of the
                          ▪ GCA acted as exclusive financial advisor to QuoteWizard      MyLendingTree platform and overall LendingTree
                            in connection with the transaction                           consumer experience

                                                                                                                                               5
EXECUTIVE SUMMARY
Q4 2018 InsurTech wrap-up
» InsurTech continues to be a highly active category, with ~$1.6Bn in financing volume and ~$600MM in M&A volume during Q4 ’18
        - 61 financings in Q4 ‘18 is ~24% higher than the same period in ’17, but 216 total financings in ‘18 is on par with 206 total financings in ’17
        - 17 M&A transactions in Q4 ‘18 is on par with the same period in ’17, but 73 total deals in ‘18 is behind pace with 88 total deals in ’17
        - ‘18 M&A volume of $8.7Bn driven by Carlyle’s $6.7Bn acquisition of Sedgwick in Q3. Even adjusting for that deal, Q4 volume lagged
          behind Q3 levels: $579MM in Q4 M&A volume vs. $689MM in Q3
» Increase in larger financings as category leaders begin to differentiate themselves and investors look to back established players
        - Lots of Q4 financing activity in the health insurance space, including Bessemer’s investment in Bright Health, Andreessen’s investment
          in DevotedHealth and Mitsui’s investment in GOQii (we represented GOQii)
        - Corporate venture deals continued in Q4 including SoftBank’s investment in Cambridge Telematics and AIG’s investment in Azur
» Corporate M&A continues to be active across InsurTech categories
        - Examples include Verisk’s acquisition of Rulebook, Majesco’s acquisition of Exaxe and Corelogic’s acquisition of Symbility
» Insurance software and online distribution companies lead the public company pack, trading at 26.3x and 16.3x EV/ ‘18 EBITDA, respectively

                    Select Q4 Active Investors                                                       Select Q4 Active Buyers

                      Notes:                                                                                                                          6
                      Source: CB Insights.
TABLE OF CONTENTS

I.     Q4 InsurTech Activity

II.    Emerging Themes Across Insurance Categories

III.   Appendix

                                                     7
SECTION I:
Q4 INSURTECH ACTIVITY

                        8
RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR
’18 financing volume grew 25% over ’17 levels, with only a slight increase in the number of transactions

                                                                Selected Major InsurTech Financings
                                                                                                                           216
     = Number of Transactions                                                                                      206
     = Financing Volume ($USD MM)                                                                        163

                                                                                                 127

                                                               88

                             55                                                                                           $3,989
     42
                                                                                                                 $3,185
                                                                                               $2,773   $2,694

    $603                                                      $702
                           $351

    2012                   2013                               2014                              2015     2016     2017     2018

   $100MM                 $52MM                             $60MM                             $500MM    $103MM   $130MM   $500MM

   $50MM                                                    $65MM                             $931MM    $400MM   $160MM   $165MM

                                                           $110MM        *                    $38MM     $160MM   $120MM   $200MM

                                                            $38MM                             $50MM                       $300MM

                     Notes:
                     Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.
                     Market data as of 12/31/18.
                     *Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM.
                                                                                                                          $200MM   9
INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY
Nearly 40% of ’18 financing volume happened in Q4
Quarterly Financing Activity ($MM)(1)                                                                            Select Q4 2018 Financing Transactions ($MM)
      LTM financing volume:
                                                                                                                                                                                                    Post-                Segment /
     $4.0Bn across 216 Deals                                                                                      Ann.                              Selected                  Amt.
                                                                                                                               Company                                                             Money                   Value
                                                                                                                  Date                             Investor(s)              Invested
                                                                                                                                                                                                  Valuation                Chain

                                                                                                                  12/19                                                     $500.0                     NA
                        62
                                                                                      61
                                                                                                                  11/29                                                      $26.2                     NA
                                                57

                                                                          55                                      11/29                                                     $200.0                   $950
                50
                                    49
                                                                                                                  11/28                                                      $13.9                     NA
                                 $1,581                                             $1,586
     45
                                                             43
                                                                                                                  11/26                                                         NA                     NA

                                                                                                                  11/14                                                      $70.0                   $385
                                               $899                     $883
               $731
                                                           $621                                                   10/30                                                      $35.0                   $132
                       $534

   $339                                                                                                           10/24                                                      $17.1                    $40

                                                                                                                  10/16                                                     $300.0                 $1,800
  Q1-17       Q2-17    Q3-17     Q4-17        Q1-18       Q2-18        Q3-18        Q4-18
  Average Deal Size

    $7.5       $14.6   $8.6       $32.3       $15.8        $14.4        $16.0        $26.0                        10/2                                                       $16.0                    $91

                                                                                                                          Insurance Segment                                     Insurance Value Chain
                         Notes:
                         Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.             GCA Transaction
                         Market data as of 12/31/18.
                         (1)    Includes private company equity financings, and Everquote IPO in Q2 2018.          P&C          Life          Health
                                                                                                                                                                                                                                 10
                                                                                                                                                        Distribution & Customer Products, Pricing & Policy Admin, Claims Data & Analytics
                                                                                                                                                              Engagement           Underwriting         & Back Office
INSURTECH LEADERS IN PRIVATE FUNDING
Top 10
Company    Headquarters         Founded      Amt. Raised ($MM)            Company Description

           New York, NY         2012             $904                     Provider of an online health insurance network

                                2012                                      Provider of cloud-based SaaS for HR and benefits
          San Francisco, CA                      $598
                                                                          management

                                                                          Mobile application using data and analytics to
          Cambridge, MA         2010             $503
                                                                          make roads safer by making drivers better

                                2015                                      Partners with health systems and care partners to
          Minneapolis, MN                        $442
                                                                          provide health plans

                                2012                                      Operator of PPO using data analysis and preventive
          San Francisco, CA                      $425
                                                                          care to improve health insurance

                                                                          Health insurance provider aiming to improve
          Waltham, MA           2017             $369
                                                                          patient care with personalized plans

                                2008                                      Provider of an online life insurance and general
          Haryana, India                         $355
                                                                          insurance comparison portal

          San Francisco, CA     2011             $295                     Provider of pay-per-mile car insurance

          San Francisco, CA     2013             $259                     Provider of cloud-based self-insurance platform

                                2014                                      Provider of a web-based service platform to
          Zurich, Switzerland                    $254
                                                                          handle insurance contracts

                                          Round of financing in Q4 2018
           Notes:
                                                                                                                             11
           Source: Pitchbook.
HEALTHY M&A DEAL ACTIVITY
     M&A activity in ’18 was bolstered by Carlyle’s $6.7Bn acquisition of Sedgwick; discounting this transaction, ’18 M&A volume lagged behind
     ’15-’17 levels
                                                                 Selected Major InsurTech M&A Transactions

            = Number of Transactions
            = M&A Volume ($USD MM)

                                                                                                                  88
                                                                           85
                                                                                                                                       73
                                                                                                    71
                                                                                          67

                                     58

                                                                                        $18,547

             48

                                                                                                                                     $8,693
                                                                       $7,444
                                  $5,266                                                          $5,052        $5,559
           $2,851

            2012                   2013                                 2014             2015      2016          2017                 2018
Acquirer logo on top

           $1.3Bn                 $1.8Bn                               $2.4Bn           $8.7Bn    $1.4Bn        $2.5Bn              $155MM

         $553MM                   $1.1Bn                             $400MM             $760MM    $174MM       $919MM              Undisclosed

                                                                                                  $160MM       $490MM              Undisclosed

                            Notes:
                            Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.                          $322MM                $6.7Bn      12
                            Market data as of 12/31/18.
INSURTECH DEAL DASHBOARD – M&A ACTIVITY
Q4 volume lagged behind Q3 levels, even discounting for the Carlyle / Sedgwick transaction

Quarterly M&A Activity ($MM)                                                                                      Select Q4 2018 M&A Transactions ($MM)
           LTM M&A volume:                                                                                          Ann.
                                                                                                                                                                                             Transaction                Segment /
         $8.7Bn across 73 deals                                                  (2)                                Date                Buyer                     Target
                                                                       $7,389                                                                                                                   Value                  Value Chain

                                                                                                                    12/3                                                                          $87

                                                                                                                   11/27                                                                           NA

                 25
    24                                                                                                             11/21                                                                           NA

                        20                        21                      20
                                    19                                                                             11/13                                                                           NA
                                                                                        17
                                                             15
                                                                                                                    11/5                                                                           NA

                                                                                                                   10/25                                                                           NA

                                 $2,967                                                                            10/22                                                                         $122

              $1,381                                                                                               10/17                                                                           NA
   $784                                         $225
                                                            $500         $689          $579
                       $426
                                          (1)                                    (2)                               10/17                                                                           NA
   Q1-17      Q2-17    Q3-17     Q4-17          Q1-18      Q2-18       Q3-18           Q4-18
  Average Deal Size

   $58.8       $32.7   $55.3     $21.3          $156.2     $10.7        $33.3          $369.5                       10/4                                                                         $370

                                                                                                                           Insurance Segment                                     Insurance Value Chain
                         Notes:
                         Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.              GCA Transaction
                         Market data as of 12/31/18.
                         (1)    Q4-17 includes Assurant’s $2.5Bn acquisition of Warranty Group.                     P&C          Life           Health
                                                                                                                                                                                                                                  13
                                                                                                                                                         Distribution & Customer Products, Pricing & Policy Admin, Claims Data & Analytics
                         (2)    Q3-18 includes Carlyle’s $6.7Bn acquisition of Sedgwick Claims Management.                                                     Engagement           Underwriting         & Back Office
INSURTECH PUBLIC COMPANY VALUATION
  Selected InsurTech subsectors and key operating stats
 LTM Share Price Performance
                                                                                                                                                                                       141%
 135%
 115%
   95%
   75%
   55%
                                                                                                                                                                                        37%
   35%
                                                                                                                                                                                        11%
   15%                                                                                                                                                                                   5%
   (5%)                                                                                                                                                                                  3%
                                                                                                                                                                                        (4%)
  (25%)
      Dec-17                      Feb-18                                Apr-18                           Jun-18                        Aug-18                  Oct-18              Dec-18

     Benefits Admin. / Payroll       Brokerage                                  Data & Analytics                   Insurance Software           IT & BPO Services       Online Distribution

 Public InsurTech Ecosystem
Benefits Admin. / Payroll               Brokerage                              Data & Analytics                   Insurance Software            IT & BPO Services       Online Distribution

          11%                               3%                                         5%                               (4%)                         37%                     141%

                                                                                                  LTM Share Price
                                                                                                   Performance
                             Notes:
                             Source: CapIq.
                             Revenue growth and EBITDA margins shown are median values for comp group.
                             Market data as of 12/31/18.
                                                                                                                                                                                      14
INSURTECH PUBLIC COMPANY VALUATION
  Selected InsurTech subsectors and key operating stats
 Enterprise Value / 2018E Revenue                                                                                    Enterprise Value / 2018E EBITDA
 6.0x                                                                                                                30.0x
                                                                                                                                26.3x
             5.1x
 5.0x                                                                                                                25.0x
                               4.2x
 4.0x                                                                                                                20.0x
                                                                                                                                             16.3x           16.2x
                                                 3.1x                                                                                                                      15.3x
                                                                   2.8x                                                                                                                 13.9x
 3.0x                                                                                                                15.0x                                                                           12.4x
                                                                                     2.1x              2.0x
 2.0x                                                                                                                10.0x

 1.0x                                                                                                                 5.0x

 0.0x                                                                                                                 0.0x
        Data & Analytics     Benefits         Brokerage          Insurance          Online           IT & BPO                 Insurance       Online        Benefits        Data &     Brokerage    IT & BPO
                           Admin./Payroll                         Software       Distribution         Services                 Software    Distribution   Admin./Payroll   Analytics                 Services

 Public InsurTech Ecosystem
Benefits Admin. / Payroll                        Brokerage                              Data & Analytics              Insurance Software                  IT & BPO Services                Online Distribution

     4.0x / 15.2x                             2.9x / 12.4x                               5.0x / 13.8x                   2.4x / 18.7x                       1.9x / 10.7x                      1.9x / 10.4x

                                                                                                        2019E Rev. / 2019E
                                                                                                         EBITDA Multiple
                                      Notes:
                                      Source: CapIq.
                                      Revenue growth and EBITDA margins shown are median values for comp group.
                                      Market data as of 12/31/18.
                                                                                                                                                                                                          15
SECTION II:
EMERGING THEMES ACROSS INSURANCE
           CATEGORIES

                                   16
INSURANCE VALUE CHAIN:
     INSURTECH LANDSCAPE                                                                                       Distribution &                      Innovative                      Policy Admin,
                                                                                                                                                                                                                    Data &
                                                                                                               Customer                            Products, Pricing               Claims &
                                                                                                                                                                                                                    Analytics
                                                                                                               Engagement                          & Underwriting                  Back Office

`Online Distribution & Comparison                                                            `Sales, Marketing & Engagement                                                                             Customer Origination

                                                                                                                                                                                                        Mobile

Peer-to-Peer (P2P)                                                              Innovative & Specialty Insurance                                            Health Insurance                            Carrier Affiliated
`                                                                              `                                                                           `                                           `

Benefits Administration & Payroll                                                       Policy Management Tools & Software                                                      Claims Management Tools & Software
`                                                                                      `                                                                                       `

Insurance Data & Analytics                                                              IoT & Telematics: Auto                                                                         IoT & Telematics: Home
`                                                                                      `                                                                                              `

                                                                                                                                                                                       IoT & Telematics: Health
                                                                                                                                                                                      `

                              DISCLAIMER: This is a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly        17
                              shoot us a note at kgreene@gcaglobal.com and we would be happy to consider.
INNOVATION ACROSS INSURANCE CATEGORIES
Home renting/ownership is driving technology innovation across a variety of insurance categories

                                              Selected Insurance Categories and
                                                  Representative Companies

             Home and Renters                                                                          Title
                       Provides lease                                                                   Provides a real estate
                       guarantor services                                                               transaction platform to
                       for renters through                                                              handle title, escrow, and
                       an online portal                                                                 closing

                                                         The Home is the
                  Specialty                               center driving                               Auto
                                                        multiple insurance
                                                                                                   Offers auto insurance quotes
                 Offers on-demand                           use cases                              on your mobile device with a
                 personal item insurance                                                           picture of your license

          Small Commercial (SMB)                                                                      Health
                                                                                                            Operates a healthcare
                Operates an online business                                                                 platform to help
                insurance agency to                            Life
                                                                                                            compare and choose
                connect business owners                                                                     health plans
                with industry specialists                    Connects consumers
                                                             to life insurance
                                                             products from major
                                                             insurers

                                                                                                                                    18
HOME AND RENTERS

                                                     Market Overview                                                                                             Emerging Themes
» Homeowners insurance is a ~$75Bn premium market
                                                                                                                                                » As home buying goes digital, mobile homeowners / title
» Renters / condo insurance is a ~$5Bn premium market                                                                               Digital       insurance and mortgage solutions will become the norm
                     – ~60% of renters are uninsured                                                                              insurance
                                                                                                                                                » Digitally fluent home buyers will expect a connected,
                                                                                                                                   bundling
                     – ~43% of millennials are renters                                                                                            seamless insurance and mortgage experience

                                                        Key Stats
                                                                                                                                                » Advances in machine learning combined with cheaper
                                      % Insured in Homeowners vs. Renters                                                                         aerial imagery have created a unique cost-saving
                                                                                                                                 Geospatial       opportunity in property insurance
                                5%                                                                                                analytics
                                                                                                                                                » Providers are using geospatial analytics to extract data on
   Homeowners

                                                                                                                                                  property features to inform policy pricing

                                                                                                                       Renters
                                                                                                             41%
                                     95%                      Insured                     59%                                                   » 31% of millennials say that the process of buying home
                                                              Uninsured                                                           Millennial      and renters insurance is too complicated
                                                                                                                                 opportunity » 33% of millennials say it has never occurred to them to
                                                2017 Top Home Insurers                                                                         buy renters insurance

                   $17.6
                                                                                                                                                                     Disruptors
                                                                  Top 10 = $56Bn in Premiums
 Premiums ($Bn)
  Direct Written

                                $8.0
                                           $6.5                                                                                    Digital platform       Leverages geospatial    Provides an online     Partners with A-
                                                      $4.7   $4.6        $3.5         $3.3        $3.0       $2.8                  simplifies mortgage    imagery to enable       portal to connect      rated carriers to
                                                                                                                      $1.6         lending; recently      insurance carriers to   consumers and          provide home
                                                                                                                                   launched a home        access property data    mortgage lenders as    insurance quotes in
                   State Farm   Allstate   liberty    USAA    Farmers    Travelers   Nationwide   American    Chubb    Erie
                                           Mutual            Insurance                             Family
                                                                                                                                   insurance offering     and analytics           well as compare        ~60 seconds
                                                                                                                                                                                  insurance quotes

                                                     Legacy Players
                                                                                                                                  Allows consumers to     Provides lease          Integrates directly with Offers on-demand
                                                                                                                                  meet requirements of    guarantor services      lenders and insurance    pay-per-use rental
                                                        Disruptors                                                                security deposits and   for renters through     carriers, enabling       insurance coverage
                                                                                                                                  other home buying /     an online portal        homeowners to analyze
                                                                                                                                  renting commitments                             property data

                                                                                                                                                                                                                      19
                                            Source: CB Insights, NAIC, Insurance Information Institute, NAR.
TITLE

                                  Market Overview                                                                                    Emerging Themes
 » Title insurance represents a $14Bn+ market opportunity
                                                                                                  Millennials » Millennial entrance into the housing market poses the
 » Traditional relationships between local mortgage lenders and title                            entering the   largest threat to the traditional title insurance model, as
   agents dominate the title insurance market, leading to                                          housing      they will expect digital and tech-enabled real estate
   fragmentation and lack of widespread adoption of a single carrier                               market       solutions

                                        Key Stats                                                               » Digitization of the home buying process will lead to
                              Title Insurance Market Size                                                         digitization and consolidation of the title insurance
                                                                                                                  market
Premiums ($Bn)

                                                                     $13.9               $14.0                        % Who Used Internet in                                    % Who Used Mobile in
 Direct Written

                                                 $12.9                                                                    Home Search                                              Home Search
                             $12.0                                                               Digitization     99%

                  $10.3                                                                             of the                                                          58%
                                                                                                    home
                                                                                                                                89%
                                                                                                   buying
                  2014       2015                2016                2017               2018P      process
                                 Market Share Analysis
                                                                                                                                                 77%
                                                                                                                                                                                       10%
                                                                                                                                                                                                        7%
            Market share owned by:                                       Other Providers
                                                   13%                                                             Millenial    Baby Boomer     Silent Generation   Millenial          Baby Boomer   Silent Generation

                                                                         (NAT, TRG, WFG,                                Millennial               Older Boomers                   Silent Generation
                                                                         Westcor)

                                                                                                                                              Disruptors
                                         87%

                                  Legacy Players                                                   Developer of a cloud-               Operates a predictive                       Provides a real estate
                                                                                                   based real estate                   analytics platform to                       transaction platform
                                                                                                   transaction                         determine risk and                          to handle title, escrow,
                                        Disruptors                                                 management                          severity of title                           and closing
                                                                                                   software                            defects

                                                                                                                                                                                                               20
                             Source: CB Insights, NAIC, Insurance Information Institute, NAR.
AUTO

                                                         Market Overview                                                                                             Emerging Themes
 » Personal auto insurance is a ~$260Bn+ premium market annually                                                                                      » Data penetration remains low in auto insurance 
 » Auto insurance accounts for 40%+ of the broader $640Bn P&C market                                                                                    number of connected drivers in North America is ~5%
                                                                                                                                           Usage-
                                                                    Key Stats                                                                         » Opportunity to use mobile apps to track driver behavior
                                                                                                                                        based auto
                                           Personal Auto Insurance Market Size                                                           insurance    » Proliferation of the sharing economy with the likes of
                                                                                                                                                        Uber, Airbnb, and Getaround is driving the need for
                                                                                                                                                        innovative insurance products

                                                                                                $247                     $267                         » Increasingly, the use of software and smartphone
Premiums ($Bn)

                                                                         $230
 Direct Written

                       $207                      $218
                                                                                                                                                        cameras help insurers automate claims for vehicles
                                                                                                                                         Virtual        damaged in accidents
                                                                                                                                         claims       » Allstate has phased out 900+ drive-in inspection
                                                                                                                                                        stations where customers could previously take a
                       2013                      2014                    2015                   2016                     2017                           damaged car for assessment

                                     2017 Top Private Passenger Auto Insurers                                                                                          Disruptors
                  $41.8                                                      Top 10 = $167Bn in Premiums                                  Offers affordable car       Provider of an online     Pay as you go car
Premiums ($Bn)
 Direct Written

                               $29.6                                                                                                      insurance by eliminating    insurance                 insurance that can be
                                           $22.8 $21.4                                                                                    the traditional broker      marketplace to            paid by the hour, day,
                                                                     $13.2 $11.6 $10.4                                                    model                       compare rates             week, or month
                                                                                                      $7.3       $4.4        $4.4

                  State Farm   Berkshire   Progressive   Allstate     USAA      Liberty     Farmers Nationwide   Travelers   American     Offers auto insurance      Offers car                 Provides auto insurance
                               Hathwaay                                         Mutual     Insurance                          Family
                                                                                            Group of
                                                                                                                                          quotes on your mobile      insurance plans            that lets you pick the
                                                                                          Companies                                       device with a picture of   for young and              people you want included
                                                                                                                                          your license               learning drivers           in your insurance pool
                                                         Legacy Players

                                                                    Disruptors                                                             Provider of pay-per-      Gives drivers customized   Provider of virtual claims
                                                                                                                                           mile car insurance        quotes based on actual     technology to the auto
                                                                                                                                           platform                  driving behaviors          insurance market

                                                                                                                                                                                                                   21
                                                  Source: CB Insights, NAIC, Insurance Information Institute, NAR.
HEALTH

                                          Market Overview                                                                                 Emerging Themes
» Health insurance is a ~$1Tn+ premium market annually
                                                                                                                              » Innovations are emerging for doctors and hospitals to
» Comparison platforms have taken off due to their ability to allow
                                                                                                                                implement real-time patient monitoring
  consumers to reduce costs  next step is customizable, tailored                                              Wearables
  supplemental plans that can be processed and purchased in minutes                                                           » Insurers have expressed interest in using the same data
                                                                                                                                to evaluate health risk
                                                Key Stats
                                     Health Insurance Market Size
                                                                                                                              » Insurers increasingly harness new technologies in
                                                                                                               Data-driven
                                                                                                                                genome sequencing and genetic data collection to
                                                                                                               patient care
                                                                                                                                determine potential risks and price policies accordingly
                                                                                               $1,030
 Premiums ($Bn)

                                                                             $974
  Direct Written

                                      $824               $910
                      $745
                                                                                                                              » Communication between doctors and patients will
                                                                                                                                increasingly become digitized
                                                                                                                Remote
                                                                                                               healthcare     » Remote diagnoses with artificial intelligence eventually
                                                                                                                                replacing non-urgent healthcare visits
                      2013            2014               2015                2016               2017
                                       2017 Top Health Insurers
                   $52.2                                                                                                                      Disruptors
 Premiums ($Bn)
  Direct Written

                                                         Top 10 = $141Bn in Premiums
                           $30.1
                                                                                                                        Partners with health             Operates health insurance
                                   $17.8 $15.0                                                                          systems and care partners        portal and comparison site,
                                                     $7.6                                                               to provide low cost,             offering a variety of health
                                                               $5.9     $4.0      $3.8     $2.7         $2.0            customizable health plans        insurance plans

                                                                                                                       Operates a platform intended to   Uses data and machine
                                          Legacy Players                                                               help users research prices on     intelligence to give customers tips
                                                                                                                       doctors, hospitals, health        and insights regarding health
                                                Disruptors                                                             insurance plans, dentists and     insurance policies and
                                                                                                                       medical procedures                recommendations based on their
                                                                                                                                                         needs

                                                                                                                                                                                         22
                                     Source: CB Insights, NAIC, Insurance Information Institute, NAR.
LIFE

                                          Market Overview                                                                                 Emerging Themes
 » Life Insurance is a ~$850Bn premium market annually                                                                    » Policyholders often fail to review and update their life
 » Top 10 Insurers account for ~25% of the market share                                                                     insurance policies to account for major events such as
                                                                                                           Customer         getting married, having children or changing jobs
                                                Key Stats                                                   centric
                                                                                                                          » Disruptors are focused on building products to help
                                      Life Insurance Market Size                                           products
                                                                                                                            customers better navigate the life purchasing process
                                                                                                                            and make effortless policy adjustments
                                                                                                $848
                                                         $815               $824                                          » Carriers are partnering with wellness companies to
Premiums ($Bn)
 Direct Written

                     $771            $777                                                                                   provide policyholders with discounts and perks for
                                                                                                           Interactive      meeting exercise targets
                                                                                                               life       » Companies focused on wearables, sensors, and analytics
                                                                                                            insurance       around consumer data have become central to the life
                     2013            2014                2015               2016                2017
                                                                                                                            insurance landscape

                                         2017 Top Life Insurers                                                                             Disruptors
                  $86.6
                                                         Top 10 = $212Bn in Premiums                         Provides on-demand life      Connects consumers        Offers product guides and
Premiums ($Bn)
 Direct Written

                                                                                                             insurance platform using a   to life insurance         resources, to give consumers
                                                                                                             proprietary algorithmic      products from major       better knowledge about life
                          $29.6                                                                              underwriting engine          insurers                  and health insurance products
                                  $22.8 $21.4
                                                   $13.2 $11.6 $10.4 $7.3
                                                                                          $4.4      $4.4
                                                                                                             Originates simplified life   Scores users on           Instant insurance platform
                                                                                                             insurance products           current health and        streamlines life insurance
                                                                                                             through its online portal    lifestyle to help lower   process by eliminating the
                                                                                                             for Vantis Life              insurance premiums        commissioned sales agents
                                          Legacy Players
                                                                                                             Operates a platform          Provides a platform to    Provides platform designed
                                                Disruptors                                                   designed to compare free     help compare quotes       to manage relationships
                                                                                                             quotes from top life         for a variety of life     between life insurers,
                                                                                                             insurers                     insurance products        agents, policyholders

                                                                                                                                                                                         23
                                     Source: CB Insights, NAIC, Insurance Information Institute, NAR.
SMALL COMMERCIAL (SMB)

                                                       Market Overview                                                                                                         Emerging Themes
    » Small commercial insurance is a $100Bn market
                                                                                                                                          Digital            » 25%+ of small commercial insurance premiums are
    » Highly fragmented market  no single insurer has more than 5-6%                                                                                          expected to be digitally underwritten by 2020
                                                                                                                                          policies
      market share
    » 24% of small businesses purchased their most recent insurance
      online                                                                                                                                                 » 60% of small businesses in the U.S. will be owned by
                                                                                                                                                               millennials and generation Xers by 2020
                                                                                                                                                             » Freelancers Union = 375,000 members  large SMB
                                                              Key Stats                                                                                        insurance opportunity for the gig economy
                                            Commercial Insurance Market Share                                                                                » 33% of US small businesses would prefer purchasing
                                                                                                                                         Millennials           commercial insurance online
                        5.5%    5.5%
                                                                                                                                         becoming
Market Share of Total

                                             5.1%
                                                                                                                                                             » For millennial small business owners, this number
 Direct Premiums

                                                       4.2%     4.2%                                                                       small
                                                                                                                                          business             climbs to 75%
                                                                            3.3%
                                                                                        2.8%         2.7%        2.6%                     owners                                Online SMB Insurance Purchasing
                                                                                                                            2.1%
                                                                                                                                                            Regular
                                                                                                                                                                       Overall SMB Market      33%

                        Chubb   Travelers    Liberty    AIG       Zurich
                                                                insurance
                                                                              CNAs
                                                                            Financial
                                                                                        Berkshire
                                                                                        hathaway
                                                                                                    Nationwide
                                                                                                      mutual
                                                                                                                 Hartford Tokio Marine
                                                                                                                 Financial   Group
                                                                                                                                                     Millenial owned
                                                                                                                                                                       Millennial SMB Market                                     75%
                                                                  group       Corp                    group      Services

                                                                                                                                                                                  Disruptors

                                                       Legacy Players

                                                              Disruptors
                                                                                                                                             Offers a mobile                     Operates an online     Provides a platform
                                                                                                                                             insurance marketplace               business insurance     for general and
                                                                                                                                             for freelancers and the             agency to connect      professional liability
                                                                                                                                             gig economy                         business owners with   insurance
                                                                                                                                                                                 industry specialists

                                                                                                                                                                                                                             24
                                                Source: CB Insights, NAIC, Insurance Information Institute, NAR.
SPECIALTY INSURANCE

          Personal Item                                                  Peer-To-Peer                         Travelers

  » Offers on-demand single                                     » Members can seek out            » Provides daily health/travel
    item insurance                                                groups with similar interests     insurance on the go
                                                                  who want similar products
  » Allows customers to insure                                                                    » Fully mobile, designed to
                                                                  to be covered, e.g., pet
    everyday tech, sports                                                                           offer insurance for travelers
                                                                  insurance
    equipment, music                                                                                doing activities like skiing
    equipment, and more,                                        » Claims are paid out from          and diving
    instantly, from their mobile                                  peer groups with like
    device                                                        interests

  » Offers insurance quotes on                                  » Customers are able to           » Offers real-time travel and
    personal items just by                                        insure their belongings           medical insurance
    sending in a picture                                          based on pools made up of
                                                                                                  » Instant claims payouts go
                                                                  individuals with similar
  » Customers can purchase                                                                          straight to a customer’s
                                                                  interests
    auto, homeowners, jewelry,                                                                      TravelCard debit card
    phone or pet insurance                                      » Takes on no underwriting
                                                                  risk – purely peer driven

                                                                                                                                    25
                 Source: Company Websites, Crunchbase, Pitchbook.
SECTION III:
 APPENDIX

               26
SELECTED PUBLIC COMPANY DETAIL
($MM, except per share data)
                                                 Stock                                                             Operating Metrics                                                 Trading Metrics
                                                 Price          Equity          Enterprise                 Revenue Growth              EBITDA Margin           EV / Revenue                                  EV / EBITDA
 Company                                       12/31/18         Value             Value            18E/17A              19E/18E            18E          18E                   19E                      18E                  19E
Benefits Administration/Payroll
Automatic Data Processing, Inc.                 $131.12        $57,395           $58,233              8%                  6%               22%         4.2x                   4.0x                 19.0x                   16.2x
Paychex, Inc.                                   $65.15         $23,395           $22,693              7%                  15%              41%         6.6x                   5.7x                 16.2x                   14.2x
Insperity, Inc.                                 $93.36          $3,903           $3,642              16%                  12%              6%          1.0x                   0.8x                 15.4x                   13.3x
HealthEquity, Inc.                              $59.65          $3,721           $3,391              24%                  21%              40%         11.9x                  9.8x                 30.0x                   24.3x
TriNet Group, Inc.                              $41.95          $2,955           $3,098               9%                  7%               39%         3.5x                   3.3x                 9.1x                    8.7x
Paylocity Holding Corporation                   $60.21          $3,179           $3,094              25%                  22%              21%         8.3x                   6.8x                 38.6x                   30.2x
Benefitfocus, Inc.                              $45.72          $1,461           $1,540               9%                  12%              4%          6.0x                   5.3x                     NM                  80.6x
WageWorks, Inc.                                 $27.16          $1,077            $429                2%                  3%               30%         0.9x                   0.8x                 2.9x                    2.7x
Castlight Health, Inc.                           $2.17          $303              $240               16%                  2%               (9%)        1.6x                   1.5x                     NM                  NM

                                                                            Median                    9%                  12%              22%         4.2x                   4.0x                 16.2x                   15.2x

Brokerage
Marsh & McLennan Companies, Inc.                $79.75         $40,171           $45,370              7%                  6%               24%         3.0x                   2.9x                 12.7x                   11.5x
Aon plc                                         $145.36        $35,009           $40,764              8%                  6%               26%         3.8x                   3.6x                 14.4x                   13.2x
Willis Towers Watson Public Limited Company     $151.86        $19,732           $23,485              4%                  4%               25%         2.8x                   2.6x                 11.1x                   10.5x
Arthur J. Gallagher & Co.                       $73.70         $13,535           $16,461             10%                  8%               17%         2.4x                   2.2x                 14.2x                   12.4x
Brown & Brown, Inc.                             $27.56          $7,788           $8,215               7%                  16%              30%         4.1x                   3.5x                 13.5x                   11.7x
Jardine Lloyd Thompson Group plc                $24.11          $5,119           $5,719              (1%)                 7%               22%         3.1x                   2.9x                 13.9x                   12.4x
Goosehead Insurance, Inc                        $26.29          $356              $387               43%                  40%              26%         6.4x                   4.5x                 24.5x                   16.6x

                                                                            Median                    7%                  7%               25%         3.1x                   2.9x                 13.9x                   12.4x

Data & Analytics
RELX PLC                                        $20.60         $40,492           $48,770             (3%)                 5%               35%         5.1x                   4.9x                 14.5x                   13.8x
Experian plc                                    $24.28         $21,804           $25,234             13%                  3%               34%         5.2x                   5.0x                 15.3x                   14.7x
Verisk Analytics, Inc.                          $109.04        $17,950           $20,386             12%                  7%               47%         8.5x                   8.0x                 18.0x                   16.7x
TransUnion                                      $56.80         $10,525           $14,396             21%                  14%              39%         6.2x                   5.4x                 15.7x                   13.7x
Equifax Inc.                                    $93.13         $11,229           $13,608              2%                  4%               34%         4.0x                   3.8x                 11.8x                   11.2x
The Dun & Bradstreet Corporation                $142.74         $5,300           $6,403              (1%)                 4%               29%         3.7x                   3.6x                 12.5x                   11.8x
Fair Isaac Corporation                          $187.00         $5,415           $6,089              12%                  8%               23%         5.7x                   5.3x                 25.3x                   23.5x
CoreLogic, Inc.                                 $33.42          $2,692           $4,359              (3%)                 (1%)             27%         2.4x                   2.4x                 9.0x                    8.9x
LiveRamp Holdings, Inc.                         $38.63          $2,627           $2,767              (13%)                (55%)            15%         3.5x                   8.0x                 23.7x                   NM

                                                                            Median                    2%                  4%               34%         5.1x                   5.0x                 15.3x                   13.8x

                                     Notes:
                                     Source: CapIq. Pitchbook.                                                                                                                                                                     27
                                     Multiples based on CapIq Consensus Estimates. Multiples 100 considered NM.
SELECTED PUBLIC COMPANY DETAIL
($MM, except per share data)
                                                     Stock                                                             Operating Metrics                                                Trading Metrics
                                                     Price          Equity          Enterprise                 Revenue Growth              EBITDA Margin          EV / Revenue                                  EV / EBITDA
 Company                                           12/31/18         Value             Value            18E/17A              19E/18E            18E         18E                   19E                      18E                  19E
Insurance Software
Guidewire Software, Inc.                            $80.23          $6,501           $5,718              29%                  10%              22%         8.7x                  7.9x                 39.4x                   37.9x
Ebix, Inc.                                          $42.56          $1,331           $1,828              35%                  22%              33%         3.7x                  3.0x                 11.1x                   9.3x
Sapiens International Corporation N.V.              $11.03          $550              $565                7%                  6%               15%         2.0x                  1.9x                 13.2x                   11.8x
Majesco                                              $7.09          $260              $257               37%                  19%              3%          1.6x                  1.3x                 48.7x                   25.7x

                                                                                Median                   32%                  14%              18%         2.8x                  2.4x                 26.3x                   18.7x

IT & BPO Services
Tata Consultancy Services Limited                   $27.20        $102,061           $97,471              7%                  13%              27%         4.8x                  4.3x                 17.5x                   15.5x
Accenture plc                                       $141.01        $89,887           $85,544             13%                  7%               17%         2.1x                  2.0x                 12.4x                   11.7x
Infosys Limited                                      $9.47         $41,163           $37,655              4%                  12%              26%         3.3x                  2.9x                 12.7x                   11.7x
Cognizant Technology Solutions Corporation          $63.48         $36,757           $32,718              9%                  8%               21%         2.0x                  1.9x                 9.8x                    8.7x
DXC Technology Company                              $53.17         $14,894           $19,141              8%                  (4%)             22%         0.9x                  0.9x                 3.9x                    4.1x
HCL Technologies Limited                            $13.86         $19,296           $18,898              6%                  14%              23%         2.3x                  2.0x                 9.8x                    8.5x
Wipro Limited                                        $4.74         $21,353           $18,378             (3%)                 8%               18%         2.2x                  2.0x                 12.0x                   10.8x
CGI Group Inc.                                      $61.19         $16,915           $18,223             (3%)                 3%               18%         2.1x                  2.1x                 11.6x                   11.1x
Genpact Limited                                     $26.99          $5,130           $6,073               9%                  10%              16%         2.0x                  1.9x                 12.6x                   11.0x
Capita plc                                           $1.43          $2,370           $3,484              (11%)                (4%)             10%         0.7x                  0.7x                 6.8x                    6.3x
Mphasis Limited                                     $14.57          $2,818           $2,538               9%                  15%              17%         2.4x                  2.0x                 13.7x                   11.5x
WNS (Holdings) Limited                              $41.26          $2,060           $2,053              13%                  8%               19%         2.6x                  2.4x                 13.9x                   13.3x
Mindtree Limited                                    $12.42          $2,040           $1,930              15%                  17%              15%         2.0x                  1.7x                 13.1x                   10.8x
ExlService Holdings, Inc.                           $52.62          $1,803           $1,861              16%                  13%              17%         2.1x                  1.9x                 12.5x                   10.6x
Virtusa Corporation                                 $42.59          $1,274           $1,369              24%                  14%              8%          1.1x                  1.0x                 14.7x                   10.2x
Hexaware Technologies Limited                        $4.78          $1,422           $1,324               8%                  17%              16%         2.0x                  1.7x                 12.2x                   10.2x
CorVel Corporation                                  $61.72          $1,157           $1,067               8%                  NA               12%         1.8x                  NM                   15.0x                   NM
Crawford & Company                                   $9.00          $496              $656               (0%)                 2%               10%         0.6x                  0.6x                 5.8x                    5.1x
Firstsource Solutions Limited                        $0.67          $465              $520               (2%)                 12%              14%         1.0x                  0.9x                 6.8x                    6.5x

                                                                                Median                    8%                  11%              17%         2.0x                  1.9x                 12.4x                   10.7x

Online Distribution
Moneysupermarket.com Group PLC                       $3.51          $1,883           $1,851               0%                  8%               37%         4.1x                  3.8x                 11.3x                   10.4x
QuinStreet, Inc.                                    $16.23          $800              $729               35%                  17%              8%          1.8x                  1.5x                 21.3x                   15.1x
eHealth, Inc.                                       $38.42          $746              $725               20%                  20%              10%         3.2x                  2.7x                 33.0x                   17.0x
GoCompare.com Group plc                              $0.87          $365              $462               (1%)                 7%               30%         2.3x                  2.2x                 7.8x                    7.0x
iSelect Limited                                      $0.54          $117                 $93             (2%)                 5%               (3%)        0.5x                  0.5x                     NM                  4.4x
EverQuote, Inc.                                      $4.18          $105                 $66             28%                  17%              (4%)        0.4x                  0.3x                     NM                  NM

                                                                                Median                   10%                  13%              9%          2.1x                  1.9x                 16.3x                   10.4x

                                         Notes:
                                         Source: CapIq. Pitchbook.                                                                                                                                                                    28
                                         Multiples based on CapIq Consensus Estimates. Multiples 100 considered NM.
GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
   Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market
   leaders

                                                                                  MANCHESTER                                                   OSAKA
                                                                                                      FRANKFURT                                               NAGOYA
                                                       NEW YORK
                                                                                                       MUNICH
                                                                                                                                                                TOKYO
                                                                       LONDON
                                                                                                                                      SHANGHAI
                                                                          PARIS

                                                                                                                       NEW DELHI
                                                                                           MILAN
    SAN FRANCISCO
                                                                      ZURICH                       TEL AVIV
                                                                                                                                                  TAIPEI

                                                                                                                     MUMBAI
                                                                                                                                               HO CHI MINH CITY

                                                                                                                              SINGAPORE

                        Geographically
Globally integrated                                                                                                     Strong cross-border
                           balanced,                            Strong in key
 platform with 19                                                                                                         capabilities and
                        synergistic and                        growth sectors                            400+                                      350+ deals closed
   offices across                                                                                                        deal flow: ~35% of
                        complementary                        such as Technology                      professionals                                 in the last 3 years
America, Asia and                                                                                                       all transactions are
                       sector focus areas                      and Industrials
       Europe                                                                                                               cross-border
                        across the firm

                                                                                                                                                                  29
                      GCA operates as GCA in America and Asia, and GCA Altium in Europe.
GCA OVERVIEW
Selected FinTech experience

                            Preferred Financing                   Acquired                      Acquired by                    Received an                     Acquired by
       Acquired by                                                                                                           investment from                                           Sold majority stake to
                                   from

  We advised ATTOM Data                                        We Advised Silver                                             We Advised Liqid’s
         Solutions            We advised GOQii               Investment Partners           We Advised QuoteWizard           shareholder HQ Trust              We Advised Bexio       We Advised Risk International
    Property Tech         Insurance Technology                   Payments                Insurance Technology           Investment Technology            Insurance Technology         Insurance Technology

                                                                                                    Sold                                                                                         Sold
                                Acquired
                                Acquired by
                                         by                      Acquired by                                                 Tender Offer for                  Acquired by
        Acquired
                                                                                                     To
                                                                                                                           Asahi Fire & Marine                                                    To
                                                                                                                              Insurance Co.

   We Advised Principal        We Advised CHX             Fairness Opinion to Clearent       We Advised BlackFin              We Advised Asahi             We Advised WorkMarket     We Advised RGI Shareholders
Investment Technology        Liquidity Venues                    Payments                Insurance Technology            Insurance Technology                Financial SaaS           Insurance Technology

                                                                    Sale of
                              Majority sale to                                              Growth Investment              Strategic Investment                Acquired by              Growth Investment
     Financing from
                                                                      to

    We Advised Radius        We Advised Skyslope               Financial Advisor              Financial Advisor           We Advised ControlExpert            We Advised Edo               Financial Advisor
       Payments              Real Estate Tech           Banking & Lending Tech                  Payments                 Insurance Technology                   Payments                     Payments

                                                            Growth Investment
       Acquired by              Acquired by                       from                         Acquisition of                 Acquisition of                   Acquired by           Preferred Stock Investment
                                                                                                                                                                                                from

    We Advised Vindicia   We Advised Commissions Inc         We Advised Capsilon              We Advised TSYS                We Advised Blucora               We Advised AWL               Financial Advisor
       Payments              Real Estate Tech                Real Estate Tech                   Payments                Investment Technology            Insurance Technology         Insurance Technology

                          Notes:
                                                                                                                                                 Insurance Technology Transaction                               30
                          The above transactions represent a compilation of deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.
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