《華利安（Houlihan Lokey）：2025年資本市場技術領域春季更新報告（英文版）（41頁）.pdf》由會員分享，可在線閱讀，更多相關《華利安（Houlihan Lokey）：2025年資本市場技術領域春季更新報告（英文版）（41頁）.pdf（41頁珍藏版）》請在三個皮匠報告上搜索。

1、Spring 2025FinTech Group:FinTech Group:Capital Markets Technology Market UpdateCapital Markets Technology Houlihan Lokey Advisory Update:What have we been up to?What have we been up to?Capital Markets Technology Key Themes Update:What have our clients been up to?What have our clients been up to?Capi

2、tal Markets Technology Sector Update:What have the markets been up to?What have the markets been up to?We remained highly active in 2024 across the capital markets technology ecosystem,with multiple closed or announced advisory engagements.Key thematic trends across the industry:Exchanges diversify

3、into technology through M&A.Buyside transforms its decision process.Digital transformation empowers investors with more data and insight than ever before.Private markets continue to outpace the public.AI begins to permeate across the front-to back-office.Please refer to Section 2 for additional deta

4、ils on each of these themes.The index of public capital markets technology companies has traded above the S&P 500,though there is meaningful variability by the underlying subsector.Alongside this performance,we anticipate the M&A market to intensify in 2025 for both strategic and PE deals as market

5、conditions stabilize,acquirer demand intensifies,and willingness to transact grows.Executive Summary:Capital Markets Technology Report2InsurTech Market UpdateOffice of the CFO Software Market UpdateView ReportView ReportPayments Market UpdateJoin Houlihan Lokeys FinTech mailing list to receive this

6、report in the future,as well as other Houlihan Lokey transaction announcements,event invitations,and company updates.SubscribeSubscribeView ReportView ReportOther Houlihan Lokey Sector Spotlight PublicationsView ReportView ReportProperty and Insurance Technology Market UpdateView ReportView ReportSe

7、ction 3:Market MapsSection 4:ValuationSection 5:Deal ActivityRefer to:has been acquired bya portfolio company ofSellside Advisorhas received a minority investment fromSellside Advisora portfolio company ofhas received an investment fromSellside Advisorhas agreed to a majority acquisition bySellside

8、AdvisorTransaction Pendinghas restructured$1.7bn of customer claims via a Singapore Scheme of ArrangementCompany AdvisorSecurity Lending and ClearingOTC Asset Trading SoftwareCash/Savings PlatformData Management and AutomationCapital Markets Info and Trading PortalCrypto Trading and Lending010203Hou

9、lihan Lokey and Capital Markets Technology Advisory OverviewKey Themes Market Maps040506Public Market Performance and Valuation UpdateNotable Deal Activity Public Comparables Detail by SubsectorTable of ContentsHoulihan Lokey and Capital Markets Technology Advisory OverviewHoulihan Lokey is the trus

10、ted advisor to more top decision-makers than any other independent global investment bankLeading Capital Markets AdvisorNo.1Global Restructuring AdvisorNo.1Global M&A Fairness Opinion Advisor Over the Past 25 Years1,800+Transactions Completed Valued at More Than$3.8 Trillion Collectively2,000+Annual

11、 Valuation EngagementsNo.1Global M&A AdvisorLeading Independent,Global Advisory Firm5CORPORATE FINANCEFINANCIAL RESTRUCTURINGFINANCIAL AND VALUATION ADVISORY36 Locations Worldwide2,707 Global Employees(1)$12.75B Market Cap(2)No Debt25%Employee-owned$2.2B Revenue(3)2023 Most Active Investment Banks t

12、o Private Equity GloballyDealsAdvisor217Houlihan Lokey1156Lincoln International2112William Blair&Co396Lazard485Raymond James Financial5Source:PitchBook.Excludes accounting firms and brokers.No.1Global Private Equity M&A Advisor1,300+Sponsors Covered GloballyFINANCIAL SPONSORS COVERAGE(1)As of Decemb

13、er 31,2024.(2)As of January 31,2025.(3)LTM ended December 31,2024.01 Houlihan Lokey and Capital Markets Technology Advisory Overview02030405062024 Global Distressed Debt&Bankruptcy Restructuring RankingsDealsAdvisor88Houlihan Lokey159PJT Partners Inc248Rothschild&Co344Lazard440Perella Weinberg Partn

14、ers LP5Source:LSEG(formerly Refinitiv).2024 M&A Advisory RankingsAll Global TransactionsDealsAdvisor415Houlihan Lokey1406Rothschild&Co2371Goldman Sachs&Co3342JP Morgan4309Morgan Stanley5Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.20002024 Global M&A Fairness Advisory Rankin

15、gsDealsAdvisor1,243Houlihan Lokey11,045Duff&Phelps,A Kroll Business21,020JP Morgan3792UBS4698Morgan Stanley5Source:LSEG(formerly Refinitiv).Announced or completed transactions.Global,Market-Leading FinTech Group6Houlihan Lokeys dedicated FinTech Group builds on the firms leading technology and finan

16、cial services expertise and underscores its belief in and commitment to the future of FinTech.Our coverage is arranged around deep end-market expertise with dedicated senior-level financial professionals across every vertical of FinTech.Real Estate and Mortgage TechPaymentsInsurTechFinancial Info an

17、d AnalyticsAsset/Wealth Management TechBanking and Lending TechCapital Markets TechnologyCorporate Financial FunctionFinTechSectorsCoveredNote:As of December 2024.(1)Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.(2)Excludes banks.Houlihan Lokeys FinTech PracticeComplementary

18、Industry Coverage and Broad Product Capabilities2024 M&A Advisory RankingsAll Global Technology Transactions(1)AdvisorDeals1Houlihan Lokey1012Goldman Sachs 983JP Morgan932024 M&A Advisory Rankings All Global Financial Services Transactions(1)(2)AdvisorDeals1Houlihan Lokey562Goldman Sachs 463JP Morga

19、n41TechnologyFinancial Services Product CapabilitiesM&A Advisory(Sellside and Buyside)Private Capital Markets(Equity and Debt)Board and Special Committee AdvisoryFairness Opinions and Valuation ServicesFinancial Restructuring and Special SituationsFinTech Industry CoverageFinTech Industry CoverageGl

20、obal,Specialized FinTech Practice Within a Newly Dedicated Industry Group140+Total Technology Finance Professionals 125+Dedicated FinTech/Financial Services Finance Professionals100+FinTech Transactions Signed or Closed Since January 2021Fully Integrated Team Across the World Based in New York and L

21、ondon,with additional financial professionals on the ground in Frankfurt,Atlanta,Los Angeles,and San Francisco.22Countries Represented by Parties in FinTech Transactions Since 202101 HL&Capital Markets Technology Advisory Overview020304050601 Houlihan Lokey and Capital Markets Technology Advisory Ov

22、erview0203040506Houlihan Lokeys Integrated Team Built to Advise Modern FinTech Platforms701 HL&Capital Markets Technology Advisory Overview0203040506Phil AdamsGlobal Head ofTechnologyTodd CarterChairman of Global TechnologyJohn LambrosCo-Head of U.S.TechnologyRyan LundCo-Head of Global Software&U.S.

23、TechSascha PfeifferHead of European TechnologyChris GoughManaging DirectorPropTechLuiz GrecaManaging DirectorHealthcare ITShane KaiserManaging DirectorTransportation TechGeoff RhizorManaging DirectorVertical Software Keith SkirbeManaging DirectorCybersecurityAlec EllisonGlobal Head of FinTechAlec.El

24、lisonHL.comAndrew AthertonManaging DirectorAndrew.AthertonHL.comMark FisherManaging DirectorMFisherHL.comScott KirkbyManaging DirectorScott.KirkbyHL.comChris PedoneManaging DirectorCPedoneHL.comTobias SchultheissManaging DirectorTobias.SchultheissHL.comTim ShortlandManaging DirectorTShortlandHL.comK

25、artik SudeepManaging DirectorKartik.SudeepHL.comPaul TraceyManaging DirectorPTraceyHL.comMike CapocciDirectorMichael.CapocciHL.comAaron SolomonDirectorASolomonHL.comMatt CapozziSenior Vice PresidentMCapozziHL.comAlfie PikeSenior Vice PresidentAlfie.PikeHL.comCallum PirieSenior Vice PresidentCPirieHL

26、.comElliot ReaderSenior Vice PresidentEReaderHL.comJeff LevineGlobal Co-Head ofFinancial ServicesJames AndersonGlobal Co-Head of Financial ServicesBrent FerrinManaging DirectorSpecialty FinanceJennifer FullerManaging DirectorMortgageDavid HelmsManaging DirectorInsurance,Investment ServicesSteven Lev

27、ittManaging DirectorWealth ManagementMike McMahonManaging DirectorAsset ManagementJames PageManaging DirectorMortgageGagan SawhneyManaging DirectorCapital MarketsJohn WallerManaging DirectorInsuranceFinTech Leadership TeamFinancial ServicesTechnologyAdditional Senior Officers With End-Market and Bus

28、iness-Model Expertise01 Houlihan Lokey and Capital Markets Technology Advisory Overview0203040506Houlihan Lokeys Dedicated Capital Markets Technology Team8Chris PedoneManaging DirectorCPedoneHL.comMatt CapozziSenior Vice PresidentMCapozziHL.comAlec EllisonGlobal Head of FinTechAlec.EllisonHL.comTobi

29、as SchultheissManaging DirectorTobias.SchultheissHL.comTim ShortlandManaging DirectorTShortlandHL.comDurgesh PanchaniVice PresidentDurgesh.PanchaniHL.comMark FisherManaging DirectorMFisherHL.comCiara ChenAssociateCChenHL.com01 HL&Capital Markets Technology Advisory Overview020304050601 Houlihan Loke

30、y and Capital Markets Technology Advisory Overview0203040506How We Look at the FinTech Opportunity|Illustrative Companies901 HL&Capital Markets Technology Advisory Overview0203040506Adjacent SectorAdjacent SectorPrimary SectorPublic CompaniesAsset/WealthMgmt.TechBanking and Lending TechCapital Marke

31、ts TechnologyCorporate Financial FunctionFinancial Info and AnalyticsInsurTechPaymentsReal Estate and Mortgage TechPrivate/Sponsor-Backed Companies01 Houlihan Lokey and Capital Markets Technology Advisory Overview0203040506How We Cover Capital Markets Technology10Note:The scope excludes companies in

32、 wealth management technology and asset servicing/fund administration verticals.01 HL&Capital Markets Technology Advisory Overview0203040506Buyside and Sellside Workflow Software and Tech-Enabled Services(Market Map:Page 2122)Exchanges,Trading Venues,and Electronic Execution(Market Map:Page 23)Finan

33、cial Data and Analytics(Market Map:Page 24)Diversified Global ExchangesFICCPrivate Markets and Specialty Assets Venues/MarketplacesElectronic BrokerageTrading SystemsData Management and Process AutomationTrade Surveillance,TCA,and Other Reg./CompliancePost-Trade Technology and Services Information P

34、latforms/TerminalsRatings,Indices,and Credit DataSpecialty DataCapital Markets TechnologyRegional Exchanges and Alternative Trading SystemsDiversified Platforms01 Houlihan Lokey and Capital Markets Technology Advisory Overview0203040506Deep Capital Markets Technology Domain Expertise Across the Ecos

35、ystem11Note:List of transactions shown is illustrative,not exhaustive.Tombstones included herein represent transactions from 2007 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joi

36、nt venture company.01 HL&Capital Markets Technology Advisory Overview0203040506Exchanges&Electronic Executionhas invested inFinancing Advisorhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisorhas received a minority investment fromSell

37、side Advisorhas been acquired by Sellside Advisora portfolio company ofhas received an investment fromSellside Advisorhas agreed to a majority acquisition bySellside AdvisorTransaction Pendinghas been acquired bySellside AdvisorBuyside and Sellside Workflow Software and Tech-Enabled ServicesExchange

38、s,Trading Venues,and Electronic ExecutionFinancial Data and AnalyticsRegTech PlatformFund Admin and ServicesOTC Asset Trading SoftwareData Mgmt.and AutomationCash/Savings PlatformFull Stack Wealth TechData Mgmt.and AutomationSecurity Lending and Clearinghas been acquired bySellside AdvisorPrivate Ma

39、rkets Softwarehas restructured$1.7bn of customer claims via a Singapore Scheme of ArrangementCompany Advisorhas been acquired bySellside AdvisorMinneapolis Grain Exchangehas been acquired byFinancial Advisorhas received investment from a family officeSellside Advisor*has been acquired bySellside Adv

40、isorhas received strategic investment fromSellside Advisor*a portfolio company ofand minority-owned byhas been acquired bySellside Advisor*has been acquired bya subsidiary ofSellside Advisor*owned byhave been acquired bySellside Advisora portfolio company ofhas received a majority investment from Se

41、llside Advisorhas been acquired bySellside Advisora portfolio company ofhas acquiredBuyside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas been acquired bywith financial support fromandSellside Advisorhas received a minority investment fromSellside Advisor

42、Crypto Trading and LendingDigital Asset TradingCommodities and Futures ExchangePrivate Stock MarketplaceTrading/Investing Platform Fixed Income AlgosElectronic BrokerageElectronic BrokerageOptions SoftwareFund Flow and Allocation DataCredit AnalyticsData Privacy PlatformAlternative Investment DataCa

43、pital Markets Info and Trading PortalDoc Mgmt.and Loan Data Analytics Commodity Data and AnalyticsEmerging Market DataGlobal Trade Intelligence01 Houlihan Lokey and Capital Markets Technology Advisory Overview0203040506has been recapitalized and received a growth equity investment fromFinancial Advi

44、sor*has been acquired bya portfolio company ofSellside AdvisorMarquee Transaction Spotlight12Houlihan Lokey has driven exceptional outcomes for capital markets technology clients with highly curated processes.01 HL&Capital Markets Technology Advisory Overview0203040506Global Leader in Multi-Asset Tr

45、ading SoftwareMarquee 2024 Deal Sellside advisor to LMP-backed oneZero on its majority recap by GGC.oneZero provides critical software for OTC asset execution,distribution,and analytics to brokers,banks,and more.Marquee transaction in capital markets technology space for 2024.Received an Investment

46、FromGermanys Premier Financial Info and Digital Brokerage Platform Sellside advisor to KKR-backed Axel Springer and its business line,Finanzen.Finanzen is a leading German B2B2C financial info and brokerage provider.Transaction will drive future growth and strengthen position in the DACH region.Sale

47、 toTransformational Acquisition of Connectivity and Trading Tech Provider Buyside advisor to Broadridge on its$2.5 billion acquisition of Itiviti.Itiviti services the connectivity needs of the top 25 global investment banks and 2,000+brokers and asset managers.Transaction drives significant addition

48、al global scale and reach for Broadridge.Sale toCutting-Edge Private Markets Portfolio Monitoring Technology Sellside advisor to Colmore on its sale to Preqin,later acquired by BlackRock.Colmore provides software and services to asset allocators,helping them monitor underlying private markets invest

49、ments.Transaction further enhanced Preqins position as a private markets leader.Sale to01 Houlihan Lokey and Capital Markets Technology Advisory Overview0203040506Key Themes 01Exchanges Continue to DiversifyExchanges Continue to DiversifyExchanges continue to expand well beyond their traditional rol

50、e as securities marketplaces.Their progression into software,data,and technology has been accelerated through M&A.02Buyside Investment DecisionBuyside Investment Decision-Making Is EvolvingMaking Is EvolvingFrom“old school”research to todays alternative data,algorithmic trading,and AI,the buysides a

51、pproach to investing has evolved significantly.03Digital Transformation and Data Management Is Digital Transformation and Data Management Is Empowering Capital MarketsEmpowering Capital MarketsData management is revolutionizing the capital markets,empowering participants to leverage insights and rea

52、p the benefits of access to proliferating data sets.04Market Forces Are Driving Significant Growth in Private Market Forces Are Driving Significant Growth in Private Markets and Evolution in Digital AssetsMarkets and Evolution in Digital AssetsPrivate markets continue to gain on publics with persist

53、ent allocations from asset owners and after fits and starts,the environment for digital assets is structurally improving.05Increasing AI Adoption and Usage in Capital Markets Increasing AI Adoption and Usage in Capital Markets AIs ability to process vast amounts of data in real time creates use case

54、s across the front-to-back office and a variety of asset classes.Top Trends in Capital Markets Technology 140102 Capital Markets Technology|Key Themes03040506Leading Index ProviderFinancial Data and Risk AnalyticsTechnology for Multi-Asset TradingExchanges Continue to Diversify1510102 Capital Market

55、s Technology|Key Themes03040506 Exchanges are the largest creators of data in the financial services market,carving a natural path for them to also offer the subsequent analytics and information services.Workflow technology focused on data/analytics and trading capabilities has also proven to be com

56、plementary to more traditional securities transactions and clearing.Historically,exchanges have been nimbler and better positioned for new regulation than other market players like banks,who have instead been forced to separate technology and brokerage.Diversification has also been critical to findi

57、ng new areas of growth as on-exchange trading is already an oligopoly and off-exchange trading has proliferated through the rise of alternative trading systems(ATS).Exchanges have primarily expanded through M&A,growing data,analytics,and technology to 50%or more of their revenues.Financial Market Da

58、ta and AnalyticsFixed-Income Trading TechnologyMortgage Software and DataInvestment Data and Analytics PlatformFraud Detection and AML SoftwareDiversified Capital Markets Software(Risk,Reg.,etc.)Corporate Governance and Investment SolutionsDiversified Investment Management SoftwareRisk Management So

59、ftware$325M(2022)$27B(2021)$2.7B(2014)$10.5B(2023)$2.8B(2021)$705M(2017)$11.9B(2023)$685M(2018)$5.2B(2015)$4.3B(2023)$2.3B(2020)$850M(2019)Historical Expansion Areas andIllustrative M&AHistorical Expansion Areas and Illustrative M&AHistorical Expansion Areas andIllustrative M&AHistorical Expansion A

60、reas and Illustrative M&AFinancial Market Data and IndexingTrading Technology and ServicesBuyside Analytics and Trading TechnologyFinancial Crime and Regulatory ReportingTechnology Across the Mortgage EcosystemFinancial Market Data and AnalyticsInvestment Management SolutionsRelated Risk and Shareho

61、lder ServicesSources:Press releases,PitchBook.16Sources:IMF,TabbFORUM,Blackrock.(1)“Partly Integrated or Planning to”includes managers who also“use AI”for these functions but havent necessarily integrated yet.Buyside Investment Decision-Making Is Evolving2Sellside ResearchFor a long time,brokered se

62、llside research was the sole source to inform buyside investment decisions.Rise of Quantitative AnalysisAdvanced statistical methods allowed a more data-driven approach,enabling quantitative valuation models.Direct Market AccessTech advancements have since provided direct access to the market,allowi

63、ng more efficient trade execution.Alternative Data IntegrationData like social media sentiment has provided new insights into companies and trends,enhancing investment analysis.Algorithmic TradingAdvancements in computing power and algorithms have enabled faster and more precise trade executions.Art

64、ificial Intelligence(AI)Machine learning and the ability to process vast data have provided valuable insights,improving decision-making.Tech advancement is transforming investing/trading by uncovering insights from unstructured data,like earnings reports and market trends,via models that synthesize

65、large volumes of text.AI in Investment Management While AIs involvement in trading and investment decision-making is still nascent,there is widespread agreement on AI/ML benefits across efficiency and productivity,cost savings in trading algorithms,processing unstructured data,and execution in more

66、compressed bid-ask spreads.However,its important to note that data often needs to be cleaned/standardized before it can be fully utilized by AI.Prospects for creating value through AI appear to be most promising in publicly traded liquid asset classes such as equities,government bonds,and listed der

67、ivatives,which offer a wealth of real-time data and transparency.Use of AI by Investment Managers:Adoption in Decision-Making Is Still Nascent0102 Capital Markets Technology|Key Themes0304050610%11%30%33%43%31%30%44%36%29%59%59%26%31%28%Allocating AssetsExecuting Inv.DecisionsGenerating IdeasAnalyzi

68、ng Market IndicatorsIncorporating Alt.Data SetsAlready IntegratedPartly Integrated or Planning toDo Not Plan to IntegratePredictive analytics enables more accurate forecasting and informed decision-making,such as in post-earnings market reactions.Prevailing models show accuracy levels from 50%to 60%

69、+.While still a small portion of the market,AI-driven funds,including ETFs,are gaining traction by adjusting portfolios to evolving market conditions,which is improving responsiveness and returns.Automation is streamlining research analyst tasks,reducing research teams time spent on manual data revi

70、ew by up to 95%,and enabling more efficient and effective analysis.Uncovering Insights From Unstructured DataPredictive AnalyticsAI-Powered Funds Research Analysis Automation(1)57%Asset Owners Plan to Invest in the Latest Data Technology%of Asset Owners Have Expressed Plans in the Next 12 Months Dig

71、ital Transformation and Data Management Is Empowering Capital Markets17Sources:Broadridge,Firebrand Research,J.P.Morgan.(1)Group-weighted percentages.383%Firms Are Prioritizing Investments in Data Management%of Respondents Making Moderate-to-Large Tech Investments(1)BanksUpgrading systems to increas

72、e efficiency,minimize risks,and reduce cost.Navigating regulatory compliance while also adding infrastructure and technology.Managing huge data volumes and real-time reporting.Brokers and DealersMitigating operational risks across the trade lifecycle while volumes surge and regulations tighten.Seeki

73、ng to smooth the settlement and risk process with automated compliance and accurate,reliable data.ExchangesDiversifying from traditional exchange services to adjacent technology,data,and analytics.Supporting market surveillance,regulatory reporting,risk management,and more to stave off declining cor

74、e growth.Market MakersSpecialized solutions for price discovery and corresponding data pressures.Cutting-edge technology enhancing trade operations across their intermediary role is essential for market makers to succeed.Asset ManagersEnhancing integration with both upstream and downstream systems.C

75、urating solutions for their data catalog and workflows to better service clients.Automating more manual processes in risk management.Capital markets have access to more data than ever,obtaining it from various sources in multiple different formats and structurescreating significant complexity.This h

76、as made it difficult to generate insight from the data with firms attempting to solve the complexity through labor-intensive manual processes,which have resulted in error-prone analyses and scalability issues.In more recent years,capital markets players have invested in technology and digital transf

77、ormations to combat this struggle with data management and allow them to extract the most value from their data/team.0102 Capital Markets Technology|Key Themes03040506Firms See Significant Opportunity in Data Management%of Firms at Advanced Stage(1)30%Tech Shifts for Capital Markets ParticipantsRoll

78、ercoasterMarketsThe Requirement to Pass Tasks Between TeamsEscalating CostsLegacy Application RiskThe PainsPressure to AllocateDemands AppropriatelyThe RemediesInvestment in Real-Time Data SupportA Move to Data VirtualizationEliminating Duplicative Data-Related ProcessesSystem Retirement PlanningTec

79、h That Is More Agile,Flexible,and ScalableMarket Forces Are Driving Significant Growth in Private Markets and Evolution in Digital Assets184 In 2023,LPs boosted their average alternative asset allocations to 20%,up 8.7%from 2022.Over 55%of asset owners are expected to increase their exposure further

80、.Sentiment around private markets remains upbeat with investors expecting further growth from rate cuts.Sept-24 private market deal activity was up 36%YoY(by value).A record 26%of the$1.2 trillion of global buyout dry powder is now four years or older.General partners are under immense pressure to d

81、o deals and return capital.Commitment to Private Markets Sources:Bain&Company,EY,Forge,J.P.Morgan,Preqin,Citi.$4.0$4.1$4.4$4.7$5.4$6.3$7.4$9.2$11.5$13.1$14.52013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 23Global Private Market AUM($in Trillions)Record dry powder in the private markets ensures

82、 firms will have ample fuel for continued growth without going public.With this capital,companies have been able to remain private for longer periods than ever before,accumulating more and more value in the private markets.Shareholders in search for liquidity have also led to a proliferation of tech

83、-enabled marketplaces and alternative distribution platforms that seek to democratize access.9 Yrs15 Yrs20012022Median CompanyAge at IPOTotal Unicorn Count6 Yrs260120720182022950Structural Shift From Public to Private0102 Capital Markets Technology|Key Themes0304050610%CAGR20%CAGR As digital asset/c

84、rypto markets experience creative destruction through cycles,each winter lessons learned are applied.With a favorable U.S.government view on the asset class and continued evolution of much-needed regulation(two opposing concepts that can hopefully co-exist),we expect convergence in traditional and d

85、igital asset players.Maturation of Digital Assets0204060801001201401601800.00.51.01.52.02.53.03.54.0Jul-21 Dec-21May-22Oct-22Mar-23Aug-23 Jan-24 Jun-24Nov-24Total Crypto Market Cap and Bitcoin VolumesBTC Volume($in Billions)Total Crypto Mkt Cap($in Trillions)5 Capital markets generate a tremendous v

86、olume of transactions,leading to vast amounts of data,making it a prime candidate for AI applications.Advancement in AI,including large language models and natural language processing,is reshaping the market,with shifts we havent seen since high-frequency trading transformed the industry in the 2010

87、s.AIs ability to process vast amounts of data in real time creates opportunities from the front-to back-office and across a variety of asset classes,including fixed income,equities,and commodities;however,data often needs to be cleaned and standardized before fully leveraged.As AI continues to gain

88、traction,its being increasingly used in revenue generation,risk management,operations,and customer support.Increasing AI Adoption and Usage in Capital Markets 19Overview of AI UsageRevenue Generation Asset Allocation and Asset Price Forecasting Trading Insights and High-Frequency Trading Sales and M

89、arketing Leads,Tracking,etc.Better Risk Management Trade Surveillance and Monitoring Data Management and Quality Improvement Hedging Identification and ExecutionEfficiency Improvement General Process Automation Ideas and Insights From Unstructured Data Execution Quality ImprovementCustomer Service E

90、nhancement Personalized Customer Services Streamlined Reporting and Response Rate AI-Generated End-User InterfacesSources:Broadridge,TabbFORUM.0102 Capital Markets Technology|Key Themes03040506Benefits of AI Adoption Now(2024)In Two YearsPercent of Firms Prioritizing:Priority Areas for AI Investment

91、s:Now and Over the Next Two YearsFront-OfficeAI PrioritiesCustomer InteractionResearch and AnalysisPortfolio ManagementProduct/Service DevelopmentCustomer Onboarding/IDTrading,Transactions,and LoansSales and MarketingMiddle-andBack-OfficeAI PrioritiesRisk and Fraud ManagementData ManagementOperation

92、sComplianceCorporateand IT AI PrioritiesData Security and PrivacyStrategic PlanningFinance/AccountingEmployee ExperienceTrainingSoftware DevelopmentHuman Resources52%44%32%29%24%23%22%43%41%17%11%34%17%13%11%8%6%4%57%52%40%45%32%29%33%54%56%27%16%51%29%31%21%15%20%12%0%10%20%30%40%50%60%70%Market Ma

93、psBuyside and Sellside Workflow Software and Tech-Enabled Services010203 Capital Markets Technology|Market Maps 040506Illustrative Capital Markets Technology Companies(Public,Investor-Backed,and Privately Held)Capital Markets Technology Landscape|Buyside and Sellside Workflow Software and Tech-Enabl

94、ed ServicesTrading SystemsOEMS/PMS and Buyside SolutionsOTC,Derivatives,and Crypto Private MarketsRisk-RelatedTreasuryInfrastructure-RelatedNote:The market map does not include wealth tech(including TAMPS,data aggregation,reporting,retirement solutions),fund admin and distribution,and commodities.Or

95、igination/Primary Markets/Issuer Services/Research/CRM21Diversified PlatformsTo view the full market map,please contact Chris PedoneCPedoneHL.comBuyside and Sellside Workflow Software and Tech-Enabled ServicesIllustrative Capital Markets Technology Companies(Public,Investor-Backed,and Privately Held

96、)Capital Markets Technology Landscape|Buyside and Sellside Workflow Software and Tech-Enabled Services(cont.)Data Management and Process AutomationPost-Trade Technology and ServicesTrade Surveillance,TCA,and Other Reg./ComplianceNote:The market map does not include wealth tech(including TAMPS,data a

97、ggregation,reporting,retirement solutions),fund admin and distribution,and commodities.010203 Capital Markets Technology|Market Maps 04050622To view the full market map,please contact Chris PedoneCPedoneHL.comExchanges,Trading Venues,and Electronic Execution Illustrative Capital Markets Technology C

98、ompanies(Public,Investor-Backed,and Privately Held)Capital Markets Technology Landscape|Exchanges,Trading Venues,and Electronic Execution Diversified Global ExchangesRegional Exchanges and ATSFICCElectronic BrokeragePrivate Markets and Specialty Asset Venues/MarketplacesHedgingNote:The market map do

99、es not include wealth tech(including TAMPS,data aggregation,reporting,retirement solutions),fund admin and distribution,and commodities.010203 Capital Markets Technology|Market Maps 04050623To view the full market map,please contact Chris PedoneCPedoneHL.comFinancial Data and Analytics24Illustrative

100、 Capital Markets Technology Companies(Public,Investor-Backed,and Privately Held)Capital Markets Technology Landscape|Financial Data and AnalyticsInformation Platforms/TerminalsRatings,Indices,and Credit DataSpecialty DataNote:The market map does not include wealth tech(including TAMPS,data aggregati

101、on,reporting,retirement solutions),fund admin and distribution,and commodities.010203 Capital Markets Technology|Market Maps 040506To view the full market map,please contact Chris PedoneCPedoneHL.comIllustrative Investors:Capital Markets Technology Portfolio CompaniesCapital Markets Technology Spons

102、orScape(Current and Prior)|Investor Field Is Broad and Diversified25Key:CurrentPrior010203 Capital Markets Technology|Market Maps 040506To view the full SponsorScape,please contact Chris PedoneCPedoneHL.comIllustrative Investors:Capital Markets Technology Portfolio CompaniesCapital Markets Technolog

103、y SponsorScape(Current and Prior)|Investor Field Is Broad and Diversified(cont.)26Key:CurrentPrior010203 Capital Markets Technology|Market Maps 040506To view the full SponsorScape,please contact Chris PedoneCPedoneHL.comPublic Market Performance and Valuation UpdateTarget:Buyer:Source:S&P Capital IQ

104、,PitchBook.Note:Trading multiples are based on share price,other market data,and broker consensus future estimates as of January 31,2025;deal counts are non-exhaustive but highly representative of market trends.Public Valuation and M&A Activity Continue to Rise While Financing Activity Sees a Slight

105、 Decline28Public Company TradingMergers and Acquisitions Capital markets technology experienced gradually increasing M&A deal activity throughout 2024.We anticipate the M&A market intensifying in 2025 for both strategic and PE deals as market conditions stabilize,acquirer demand intensifies,and will

106、ingness to transact grows.Featured control deals and acquisitions in 2024 include:Growth and Venture Capital Activity within capital markets technology growth and venture deals slowed,with volume down 15%year-over-year in 2024.We expect interest to rebound,particularly for high-growth companies that

107、 can demonstrate profitability.Attention has continuously shifted to“Tier A”assets since post-COVID-19 days.Featured growth and venture deals in 2024 include:Quarterly Deal Count01020304 Capital Markets Technology|Public Market Performance and Valuation Update0506Median Valuation Multiples Overall,t

108、he Capital Markets Technology Index has traded above the S&P 500,but recent performance has varied across the underlying type of company and business model.Financial data and analytics and exchange and trading venues continue to trade at sector highs given their size,scalability,recurring revenues,p

109、roprietary data angles,and more.While electronic brokerage has demonstrated strong stock performance with a 129%increase since Q1 2023,its valuation multiples remain lower than peers,largely due to lower revenue visibility and a greater reliance on volumes.4.4x14.1x7.9x16.2x3.4x12.6x7.8x19.1xEV/Reve

110、nue 2025EEV/EBITDA 2025EBuyside and Sellside Workflow Software/Tech-Enabled ServicesElectronic BrokerageFinancial DataExchanges and Trading VenuesQuarterly Deal Count1716101410121819Q12023Q22023Q32023Q42023Q12024Q22024Q32024Q420247959676673635047Q12023Q22023Q32023Q42023Q12024Q22024Q32024Q42024Target

111、:Lead Investor:Index Performance:Capital Markets Technology Versus Broad Market29Significant variability of performance by capital markets tech subsector.Indexed Share Price Performance Since January 2023IndexSinceJan.23Since Jan.24S&P 50057%27%Capital Markets Technology(1)81%39%Buyside and Sellside

112、 Workflow Software and Tech-Enabled Services42%37%Exchanges and Trading Venues84%29%Electronic Brokerage129%79%Financial Data and Analytics41%9%Notes:Indices shown are equal-weighted with all share prices rebased to 100.Data derived from S&P Capital IQ as of January 31,2025.(1)Total Capital Markets

113、Technology Index includes all companies depicted across all segments of capital markets technology as shown at the bottom of this page.Individual company performance details are shown on pages 38 and 39.Buyside and Sellside Workflow Software and Tech-Enabled ServicesElectronic BrokerageFinancial Dat

114、a and AnalyticsExchanges and Trading Venues01020304 Capital Markets Technology|Public Market Performance&Valuation Update0506Jan-23Mar-23May-23Aug-23Oct-23Jan-24Mar-24Jun-24Aug-24Nov-24Jan-2501020304 Capital Markets Technology|Public Market Performance and Valuation Update0506Capital Markets Technol

115、ogy Public Company Valuation Multiples30Valuation multiples vary by business model and underlying operating metrics.01020304 Capital Markets Technology|Public Market Performance&Valuation Update0506Source:S&P Capital IQ.Note:Trading multiples are based on share price,other market data,and broker con

116、sensus future estimates as of January 31,2025.4.4x7.9x3.4x7.8x5.1x7.9x5.3x8.7xBuyside and SellsideWorkflow SoftwareExchanges and TradingVenuesElectronic BrokerageFinancial Data andAnalyticsEV/Revenue(2025E)14.1x16.2x12.6x19.1x15.7x15.5x13.7x19.5xBuyside and SellsideWorkflow SoftwareExchanges and Tra

117、dingVenuesElectronic BrokerageFinancial Data andAnalyticsEV/EBITDA(2025E)MeanMedianBuyside and Sellside Workflow Software and Tech-Enabled ServicesElectronic BrokerageFinancial Data and AnalyticsExchanges and Trading Venues01020304 Capital Markets Technology|Public Market Performance and Valuation U

118、pdate0506Capital Markets Technology Public Company Operating Metrics312025E median growths are largely similar across subsectors,but 2025E median EBITDA margins vary by business model.01020304 Capital Markets Technology|Public Market Performance&Valuation Update05065%6%6%7%Buyside andSellside Workfl

119、owSoftwareExchanges andTrading VenuesElectronicBrokerageFinancial Data andAnalytics5%6%4%10%Buyside andSellside WorkflowSoftwareExchanges andTrading VenuesElectronicBrokerageFinancial Data andAnalytics30%56%46%37%Buyside andSellside WorkflowSoftwareExchanges andTrading VenuesElectronicBrokerageFinan

120、cial Data andAnalyticsEBITDA Margin Revenue GrowthEBITDA Growth Source:S&P Capital IQ.Note:Metrics are based on market data and broker consensus future estimates as of January 31,2025;all figures shown are 2025E medians.Buyside and Sellside Workflow Software and Tech-Enabled ServicesElectronic Broke

121、rageFinancial Data and AnalyticsExchanges and Trading Venues01020304 Capital Markets Technology|Public Market Performance and Valuation Update0506Notable Deal Activity1716101410121819Q12023Q22023Q32023Q42023Q12024Q22024Q32024Q42024M&A and Financing Transaction Activity33Quarterly Deal Count:M&A/Cont

122、rol TransactionsSource:PitchBook.Note:Deal counts are non-exhaustive but highly representative of market trends.0102030405 Capital Markets Technology|Notable Deal Activity 067959676673635047Q12023Q22023Q32023Q42023Q12024Q22024Q32024Q42024Quarterly Deal Count:Financing/Minority TransactionsKey Takeaw

123、aysM&A/Control Transactions Capital markets technology M&A activity remained steady from 2023 to 2024.The sector experienced gradually increasing deal activity throughout 2024.We anticipate the market to intensify into 2025 for both strategic and PE deals alike,as conditions stabilize,acquirer deman

124、d intensifies,and willingness to transact grows.Financing/Minority Transactions Activity within capital markets tech growth and venture deals slowed,with volume down 15%year-over-year in 2024.Both valuations and capital raised were lower in 2024 as firms in need of cash increasingly came to terms wi

125、th flat and down rounds.We expect activity to rebound,particularly among high-growth companies that can demonstrate profitability or a path to breakeven.Attention has continuously shifted to these“Tier A”assets.Month TargetAcquirerEnt.Value($M)Target HQJuneAlphaSense$930JuneEngelhart Commodities-Jun

126、eRobinhood$200JuneInsightsoftware-JuneToposware-MayBroadridge-Apr.FINSIGHT-Apr.Tradeweb$785Mar.Abrigo-Mar.Van Eck Associates-Mar.FX InstitutionsWonderFi-Mar.Neovest-Feb.FIS-Feb.Magic Square-Feb.S&P Global-Month TargetSponsorEnt.Value($M)Target HQNov.Golden Gate Capital-Oct.Vitruvian-Apr.Five Arrows$

127、2,166Apr.STG$179Feb.Nordic Capital-Jan.WCAS-Month TargetAcquirerEnt.Value($M)Target HQOct.Euronext-Sept.eToro$55Sept.SS&C Tech$670Sept.BNY Mellon-Sept.Spectral Capital-Sept.Enmacc-Sept.NeoXam-Aug.PEXX-Aug.Trading 212-Aug.Alchemy-Aug.STS Digital-JuneGeneration Development$197JuneAva Labs-JuneCorpay-J

128、uneEigenLayer-Sources:PitchBook,S&P Capital IQ,Mergermarket,company filings,industry news reports.Note:Deal dates listed are based on transaction announcement.Month TargetAcquirerEnt.Value($M)Target HQNov.Star Compliance-Nov.Hanwha Life-Nov.GFF Brokers-Nov.Kaiko-Nov.SIX Group$287Nov.FE Fund Info-Nov

129、.Neologica-Nov.TS Imagine-Oct.Carta-Oct.FACTSET-Oct.Options Technology-Oct.Komainu-Oct.BGC Group-Oct.Numerix-Oct.Regnology-Rio NetworkIndustries Services Businesscrwdunit0102030405 Capital Markets Technology|Notable Deal Activity 06Featured 2024 Notable Deal Activity|Strategic M&A and Private Equity

130、 InvestmentsStrategic M&APrivate Equity Investments34Matterhorn Reporting ServicesMonth TargetLead InvestorAmount($M)Post-Val.($M)Target HQApr.SevenX Ventures,Fenbushi Capital$11-Apr.Paradigm$225-Apr.Pantera Capital$21-Mar.a16z Crypto$28-Mar.Paradigm$55-Mar.Trive$12-Mar.Binance Labs-Mar.Abaxx Techno

131、logies$23-Feb.Kenetic,Aves Lair$35-Feb.Tusk Venture$17-Feb.Nasdaq$63-Feb.Centana$15$60Jan.Vistara Growth$30-Jan.Azimut$40-Jan.Cathay Innovation$50$25035Sources:PitchBook,S&P Capital IQ,Mergermarket,company filings,industry news reports.Note:Deal dates listed are based on transaction announcement.Mon

132、th TargetLead InvestorAmount($M)Post-Val.($M)Target HQDec.CPP Investments$483-Dec.Upfront Ventures$29-Nov.Peak XV Partners$80-Nov.Citigroup$20-Nov.Canapi Ventures$7-Nov.Addition$32$570Nov.Truffle Capital$17-Oct.Greycroft,IBKR$30$120Oct.Macquarie Asset Management$27-Oct.Garuda Ventures$2-Oct.Consorti

133、um$33-Oct.Fulgur Ventures$210-Sept.MPMR$50-Sept.Internet Initiative Japan$42-Sept.Livsquare$186-Month TargetLead InvestorAmount($M)Post-Val.($M)Target HQSept.Bain Capital$100$3,500Aug.Haun Ventures$55-JulyTheory Ventures$17$72JuneCoatue Management$150-JuneViking Global;BDT&MSD$650$4,000JuneBlackrock

134、;Citadel Securities$120-JuneBain Capital Crypto$35-JuneFounders Fund,Dragonfly$43-MayTether$150-MayMandatum$325$1,650Apr.Lightspeed Faction;Galaxy$15-Apr.Sopris Capital-Apr.Portage$45-Apr.SIX Group$21-Apr.Brevan Howard Digital;Framework$100-Featured 2024 Notable Deal Activity|Growth Capital Raises01

135、02030405 Capital Markets Technology|Notable Deal Activity 06Growth Capital RaisesPublic ComparablesDetail by SubsectorEnterprise Value to 2025E RevenueEnterprise Value to 2025E EBITDABuyside and Sellside Workflow Software and Tech-Enabled ServicesExchanges and Trading VenuesElectronic BrokerageFinan

136、cial Data and AnalyticsKey Valuation Metrics by Subsector37Metrics reflect first quartile,median,and upper quartile,respectively.010203040506 Capital Markets Technology|Public Comparables Detail by Subsector10.2x11.3x6.0 xSource:S&P Capital IQ.Note:Trading multiples are based on share price,other ma

137、rket data,and broker consensus future estimates as of January 31,2025.3.9x6.0 x2.3x6.1x4.4x7.9x3.4x7.8x5.2x8.9x12.2x13.1x16.6x14.1x16.2x12.6x19.1x18.9x17.5x17.2x23.1xBuyside and Sellside Workflow Software and Tech-Enabled ServicesExchanges and Trading VenuesSource:S&P Capital IQ.Note:Trading multipl

138、es and other data are based on share price,other market data,and broker consensus future estimates in each case as of January 31,2025;Rule of 40 calculated as%revenue growth plus%FCF margin.Valuation Metrics by Subsector38010203040506 Capital Markets Technology|Public Comparables Detail by Subsector

139、All$USD in MillionsCapitalizationStock PerformanceValuation MetricsCalendar Year 2025E Operating MetricsMarketEnterpriseYTD%of 52-EV/RevenueEV/EBITDARevenueEBITDAEBITDAFCFRuleCompany NameCap($M)Value($M)ReturnWeek HighCY 2025ECY 2026ECY 2025ECY 2026EGrowthGrowthMarginMarginof 40Buyside and Sellside

140、Workflow Software and Tech-Enabled ServicesFIS Global$43,860$53,54036%89%5.1x4.8x12.3x11.6x4%5%41%32%36%Broadridge$27,876$31,45316%99%4.4x4.2x18.6x17.1x6%2%24%23%29%SS&C Technologies$20,050$26,80732%99%4.3x4.2x10.9x10.2x6%8%40%35%41%FactSet$18,042$19,305(1%)95%8.3x7.8x21.0 x19.4x5%1%39%35%40%Clearwa

141、ter Analytics$6,644$6,54041%79%12.3x10.2xn.a.28.4x20%27%34%33%52%Altus Group$1,884$2,11029%97%5.4x5.0 x26.8x20.3x(16%)(3%)20%19%3%Iress$1,058$1,2876%85%3.5x3.4x14.5x13.3x(1%)9%24%21%20%Enfusion$1,058$1,05715%98%4.4x3.8x19.1x14.5x17%30%23%19%36%Linedata$417$48637%93%2.5x2.4x8.5x8.2x2%2%30%24%25%FD Te

142、chnologies$512$28358%87%1.9x2.2x13.7x9.7x(43%)(14%)14%(11%)(54%)Beeks Group$237$231180%93%4.4xn.a.12.1xn.a.24%21%36%16%40%Median32%93%4.4x4.2x14.1x13.9x5%5%30%23%27%Average41%92%5.1x4.8x15.7x15.3x2%8%30%22%24%Exchanges and Trading VenuesIntercontinental Exchange$91,771$112,57424%95%11.5x10.8x17.6x16

143、.5x5%6%65%59%65%LSEG$79,326$91,34727%99%7.8x7.2x16.2x14.7x7%10%48%38%45%CME Group$85,233$86,75412%95%13.9x13.2x19.7x18.7x3%3%70%69%71%Coinbase$72,935$69,70768%83%11.3x10.6x24.6x21.0 x4%(1%)46%44%48%Nasdaq$47,326$56,61142%98%11.2x10.4x19.6x17.9x8%9%57%53%62%Deutsche Brse$45,448$55,43020%99%8.8x8.4x15

144、.3x14.4x4%4%58%52%56%Tradeweb$27,050$26,49240%90%13.2x11.9x24.8x22.0 x16%17%53%50%66%Cboe Global Markets$21,390$22,23814%92%10.3x9.8x16.1x15.4x4%3%64%61%65%HKEX$49,010$19,99813%76%6.7x6.4x9.1x8.7x5%5%73%67%71%Euronext$12,079$13,88334%99%7.9x7.5x12.9x12.3x5%4%61%56%61%B3$10,333$12,461(36%)83%7.2x6.7x

145、10.2x9.3x12%11%71%68%80%Japan Exchange Group$11,085$11,0201%76%10.2x9.9x15.4x14.7x4%5%66%56%60%TMX Group$8,634$10,08228%97%9.3x8.8x16.7x15.7x8%11%56%52%60%Singapore Exchange$9,691$9,49222%94%9.5x9.0 x16.5x15.7x4%7%57%52%56%MarketAxess$8,319$7,948(25%)74%8.9x8.0 x17.3x15.2x9%11%51%44%54%BSE(formerly

146、Bombay Stock Exchange)$8,417$7,811130%87%n.a.16.4xn.a.29.7x25%28%54%48%74%ASX$7,675$7,068(8%)91%10.1x9.7x16.3x15.7x6%4%62%47%52%Bursa Malaysia$1,516$1,37124%83%7.9x7.6x13.9x13.4x(1%)(1%)57%52%51%Tel Aviv Stock Exchange$1,037$963114%88%7.3x6.5x16.7x14.6x12%14%44%44%55%Bolsa Mexicana de Valores$865$72

147、5(26%)83%3.5x3.3x6.3x5.8x6%4%56%53%58%OTC Markets$613$592(7%)87%5.2x5.0 x13.3x12.4x3%5%39%38%40%Johannesburg Stock Exchange$542$44825%90%2.6x2.5xn.a.n.a.8%n.a.n.a.n.a.n.a.Warsaw Stock Exchange$430$389(5%)85%3.2x3.1x8.5x7.8x5%17%38%28%33%Hellenic Exchanges-Athens$299$226(12%)84%3.7x3.5x7.8x7.5x7%9%47

148、%40%46%Aquis Exchange$230$21587%99%6.0 x5.3x21.7x17.0 x15%29%28%14%29%Bakkt$114$161(69%)47%n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.Forge Global$142$40(78%)22%0.4x0.3xn.a.n.a.35%n.a.(5%)(6%)28%Median20%88%7.9x7.8x16.2x15.0 x6%6%56%52%57%Average17%85%7.9x7.8x15.5x14.8x8%9%53%47%56%Electronic BrokerageFina

149、ncial Data and AnalyticsValuation Metrics by Subsector(cont.)39010203040506 Capital Markets Technology|Public Comparables Detail by SubsectorSource:S&P Capital IQ.Note:Trading multiples and other data are based on share price,other market data,and broker consensus future estimates in each case as of

150、 January 31,2025;Rule of 40 calculated as%revenue growth plus%FCF margin.All$USD in MillionsCapitalizationStock PerformanceValuation MetricsCalendar Year 2025E Operating MetricsMarketEnterpriseYTD%of 52-EV/RevenueEV/EBITDARevenueEBITDAEBITDAFCFRuleCompany NameCap($M)Value($M)ReturnWeek HighCY 2025EC

151、Y 2026ECY 2025ECY 2026EGrowthGrowthMarginMarginof 40Electronic BrokerageCharles Schwab$151,424$219,52820%99%9.8x8.7x17.2x14.8x15%30%57%53%68%Robinhood$45,923$48,718308%97%14.7x13.1x29.8x25.7x17%24%49%48%65%Interactive Brokers$23,675$48,621162%98%8.8x8.2x13.2x12.8x5%(5%)67%65%70%XP Inc.$7,330$30,969(

152、48%)52%9.4x8.3x26.9x23.8x17%17%35%33%50%StoneX$3,509$13,78048%98%n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.Virtu Financial$3,443$8,28398%98%4.9x4.8x8.6x8.7x6%5%57%53%59%TP ICAP$2,532$6,08236%98%2.1x2.0 x12.6x11.9x3%3%17%15%17%BGC Partners$4,578$5,79232%81%2.3x2.1xn.a.n.a.10%n.a.n.a.n.a.n.a.Flow Traders$1,

153、082$4,06026%99%9.6x9.0 x26.5x23.7x(1%)(5%)36%33%32%IG Group$4,474$3,75430%92%2.9x2.7x6.0 x5.8x10%2%48%45%55%Galaxy Digital$2,510$2,509152%81%2.7x2.1xn.a.n.a.36%n.a.n.a.(4%)32%AJ Bell$2,281$2,03539%84%5.4x5.0 x13.6x12.6x8%6%40%39%47%Monex Group$1,507$1,69516%75%3.8x3.8xn.a.n.a.(6%)n.a.n.a.n.a.n.a.Tra

154、dition$1,653$1,62952%97%n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.Plus500$2,594$1,60366%96%2.2x2.1x4.8x4.6x(5%)(1%)46%46%41%Swissquote$6,509$1,23680%99%1.7x1.5x2.8x2.5x3%4%61%51%54%Tiger Brokers(UP)$1,318$1,06560%49%2.6x2.4x11.2x9.3x7%37%24%23%30%CMC Markets$777$609109%64%1.4x1.4x4.4x4.3x0%2%32%28%29%Medi

155、an50%97%3.4x3.3x12.6x11.9x6%4%46%42%48%Average71%87%5.3x4.8x13.7x12.3x8%9%44%38%46%Financial Data and AnalyticsS&P Global$161,619$176,36218%98%11.8x11.0 x23.8x22.0 x6%6%49%48%55%Moodys$90,514$96,08428%99%12.7x11.8x26.3x23.9x6%7%48%44%50%LSEG$79,326$91,34727%99%7.8x7.2x16.2x14.7x7%10%48%38%45%MSCI$46

156、,369$50,5956%93%16.3x14.9x26.9x24.5x9%9%60%57%65%Experian$45,582$50,57522%100%6.5x5.9x17.7x16.2x7%10%37%28%35%FICO$45,795$47,89761%78%n.a.19.9xn.a.33.6x16%22%56%55%70%Equifax$34,060$39,20111%89%6.2x5.6x18.2x15.5x10%17%34%27%37%TransUnion$19,344$24,07344%88%5.4x4.9x14.7x13.0 x7%10%37%29%36%FactSet$18

157、,042$19,305(1%)95%8.3x7.8x21.0 x19.4x5%1%39%35%40%Morningstar$14,093$14,58315%90%5.9x5.5x20.0 x17.8x8%12%30%23%32%CRISIL$4,590$4,59520%78%10.8x9.6xn.a.34.3x9%11%27%26%35%Enento Group$429$582(16%)87%3.6x3.4x9.9x9.2x3%8%36%29%32%Value Line$370$363(19%)68%n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.Tracxn Tech

158、nologies$87$87(37%)66%n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.MarketWise$25($292)(80%)23%n.a.n.a.n.a.n.a.(21%)(33%)16%15%(6%)Median15%89%7.8x7.5x19.1x18.6x7%10%37%29%36%Average7%83%8.7x9.0 x19.5x20.3x6%7%40%35%40%Overall Sector Median25%90%6.5x6.5x16.2x14.7x6%7%46%39%45%Overall Sector Average32%86%6.9x6

159、.8x15.8x15.5x7%9%47%41%48%Disclaimer40 2025 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written consent of Houlihan Lokey.Houlihan Lokey is a trade name for Houlihan Lokey,Inc.,and its subsidiaries and affiliate

160、s,which include the following licensed(or,in the case of Singapore,exempt)entities:in(i)the United States:Houlihan Lokey Capital,Inc.,Houlihan Lokey Advisory,Inc.,and Waller Helms Securities,LLC,each an SEC-registered broker-dealer and members of FINRA(www.finra.org)and SIPC(www.sipc.org)(investment

161、 banking services);(ii)Europe:Houlihan Lokey UK Limited(FRN 792919),authorized and regulated by the U.K.Financial Conduct Authority;Houlihan Lokey(Europe)GmbH,authorized and regulated by the German Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht);Houlihan Lokey

162、 Private Funds Advisory S.A.,a member of CNCEF Patrimoine and registered with the ORIAS(#14002730);(iii)the United Arab Emirates,Dubai International Financial Centre(Dubai):Houlihan Lokey(MEA Financial Advisory)Ltd.,regulated by the Dubai Financial Services Authority;(iv)Singapore:Houlihan Lokey(Sin

163、gapore)Private Limited an“exempt corporate finance adviser”able to provide exempt corporate finance advisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kong by the Securities and Futures Commission to conduct Type 1,4,and 6 regulated activiti

164、es to professional investors only;(vi)India:Houlihan Lokey Advisory(India)Private Limited,registered as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(vii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN 74 601 825 227),a company incorpo

165、rated in Australia and licensed by the Australian Securities and Investments Commission(AFSL number 474953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economic Area(EEA),Dubai,Singapore,Hong Kong,India,and Australia,this communication is directe

166、d to intended recipients,including actual or potential professional clients(UK,EEA,and Dubai),accredited investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.No entity affiliated with Houlihan Lokey,Inc.,provides banking or securities brokerage service

167、s,nor is any such affiliate subject to FINMA supervision in Switzerland or similar regulatory authorities regarding such activities in other jurisdictions.Other persons,such as retail clients,are NOT the intended recipients of our communications or services and should not act upon this communication

168、.Houlihan Lokey gathers its data from sources it considers reliable;however,it does not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to the authors at the time this presentation was written,and this info

169、rmation is subject to change.Any forward-looking information and statements contained herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to differ materially from those expressed in,or implied or projected by,

170、the forward-looking information and statements.In addition,past performance should not be taken as an indication or guarantee of future performance,and information contained herein may be subject to variation as a result of currency fluctuations.Houlihan Lokey makes no representations or warranties,

171、expressed or implied,regarding the accuracy of this material.The views expressed in this material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,directors,and partners in the Houl

172、ihan Lokey group of companies may have positions in the securities of the companies discussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discussed herein,is not intended to provide information upon which to bas

173、e an investment decision,and should not be construed as such.Houlihan Lokey or its affiliates may from time to time provide financial or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.Corporate Finance Financial Restructuring Financial and Valuation AdvisoryHL.comCorporate Finance Financial Restructuring Financial and Valuation AdvisoryHL.com