2020年春季保險技術市場更新報告 - Marlin & Associates（英文版）（28頁）.pdf

1、 Copyright Marlin Coverage Based on an Individual Risk Compliant Wired Software Copyright Marlin NasdaqCM:SPNS; NasdaqGS:EBIX; ASX:FCL; NasdaqGM:BFYT; NasdaqGM:MJCO Data and Analytics Companies: LSE:REL; LSE:EXPN; NYSE:INFO; NasdaqGS:VRSK; NYSE:EFX; NYSE:TRU; NYSE:FICO; NYSE:CLGX; XTRA:DFV; AIM:QTX

2、Digital Distributors Companies: NasdaqGS:EHTH; LSE:MONY; NasdaqGM:EVER; LSE:GOCO; NasdaqGM:HUIZ Data NasdaqCM:SPNS; NasdaqGS:EBIX; ASX:FCL; NasdaqGM:BFYT; NasdaqGM:MJCO Data and Analytics Companies: LSE:REL; LSE:EXPN; NYSE:INFO; NasdaqGS:VRSK; NYSE:EFX; NYSE:TRU; NYSE:FICO; NYSE:CLGX; XTRA:DFV; AIM:

3、QTX Digital Distributors Companies: SEHK:6060; NasdaqGS:EHTH; LSE:MONY; NasdaqGM:EVER; LSE:GOCO; NasdaqGM:HUIZ 8.7% (3.2%) 8.2% 8.7% (1.5%) (11.8%) EV/2020E Revenue as of 5/20/20EV/2020E Revenue as of 1/1/20EV/2020E EBITDA as of 5/20/20EV/2020E EBITDA as of 1/1/20 Copyright Marlin & Associates Holdi

4、ng LLC 2020 9 While Data and Analytics / IoT Companies Are Commanding Higher Valuations Source: Capital IQ, as of market close on May 20th, 2020. (USD millions)MarketEnterprise EV / RevenueEV / EBITDARevenue GrowthEBITDA Margin CompanyCountry CapValue CY2019ACY2020ECY2019ACY2020ECY2019ACY2020ECY2019

5、ACY2020E Policy, Claims and Payment Automation GuidewireUSA8,166$ 7,537$ 10.5x10.3xn.m.n.m.10%2%6%13% SapiensIsrael1,259 1,307 4.0 x3.4x25.5x19.2x12%17%16%18% EbixUSA640 1,349 2.3x2.4x8.8xn.a.17%n.a.26%n.a. FineosIreland551 522 7.3x5.2xn.m.29.6x14%n.m.2%18% Benefytt TechnologiesUSA315 535 1.4x1.7x8.

6、9x7.9x9%n.a.16%21% MajescoUSA296 255 1.8xn.a.17.8xn.a.14%n.a.10%n.a. Median3.2x3.4x13.3x19.2x13.1%9.6%13.0%17.7% Data & Analytics / IoT RelxUK44,731$ 52,470$ 5.0 x5.4x16.5x15.3x9%n.a.30%35% ExperianIreland29,926 33,994 7.0 x6.8x22.5x20.2x6%3%31%34% IHS MarkitUK27,206 32,684 7.4x7.6x21.1x17.6x10%n.a.

7、35%43% VeriskUSA25,887 29,013 11.1x10.4x27.5x22.0 x9%7%40%47% EquifaxUSA18,148 21,330 6.1x6.3x26.5x20.3x3%n.a.23%31% TransUnionUSA15,526 19,120 7.2x7.7x19.7x22.6x15%n.a.37%34% FICOUSA11,126 12,071 10.4x9.9xn.m.30.9x16%5%24%32% CoreLogicUSA3,596 5,262 3.0 x3.1x14.2x10.5xn.a.n.a.21%29% Deutsche Famili

8、enversicherungGermany272 270 4.1x2.1xn.a.n.a.n.m.n.m.n.a.n.a. QuartixUK222 214 6.3x6.7x24.5x26.0 x4%n.a.26%26% Median6.7x6.7x21.8x20.3x9.0%5.1%30.5%33.7% Distribution / Marketing Solutions ZhongAn Online P&C InsuranceChina5,633$ 6,084$ 2.8x2.4xn.a.n.a.n.m.18%n.a.n.a. eHealthUSA3,283 3,111 6.1x4.8x28

9、.1x22.7xn.m.29%22%21% MoneysupermarketUK2,133 2,145 4.2x4.5x13.0 x13.1x13%n.a.32%34% EverQuoteUSA1,295 1,244 5.0 x3.6xn.a.n.m.n.m.n.m.n.a.5% GoCompareUK411 504 2.5x2.5x14.3x11.3x4%n.a.17%22% HuizeChina340 398 2.8xn.a.n.m.n.a.n.m.n.a.1%n.a. Median3.5x3.6x14.3x13.1x8.6%23.1%19.7%21.7% Copyright Marlin

10、 & Associates Holding LLC 2020 InsurTech M&A and Financing Transactions Continue to Get Done 10 Copyright Marlin & Associates Holding LLC 2020 $180 $1,865 $376 $300 $825 $412 $233 $272 $328 $1,000 $314 $633 $725 $592 $1,258 $1,592 $1,443 $1,414 $1,504 $1,987 $912 Q1 2015 Q2Q3Q4Q1 2016 Q2Q3Q4Q1 2017

11、Q2Q3Q4Q1 2018 Q2Q3Q4Q1 2019 Q2Q3Q4Q1 2020 11 Financing Volume Dropped Significantly in Q1 2020 vs. Q4 2019, Due to Covid-19, However the Number of Transactions Increased Source: Willis Towers Watson, Quarterly InsurTech Briefing Q1 2020. Tracxn. Selected Transactions $80mm $931mm $97mm $120mm $650mm

12、 $200mm $635mm $500mm $100mm $89mm$153mm $400mm $513mm $81mm $63mm $62mm $500mm $400mm $360mm $300mm $84mm $54mm$33mm $50mm 201520192016201720182020 Q1 Financing Volume ($mm) Number of Transactions 2 8 28 2 8 32 2 8 31 2 8 41 2 8 60 2 8 35 2 8 39 2 8 42 2 8 43 2 8 69 2 8 50 2 8 56 2 8 68 2 8 73 2 8

13、57 2 8 64 2 8 87 2 8 69 2 8 83 2 8 75 2 8 96 Copyright Marlin & Associates Holding LLC 2020 12 After a Strong January and February, Financing Volume Dropped Significantly in March and April (1/2) DateLead Investor(s)TargetTarget LocationTarget Company Description Funding Amount ($mm) 5/20/20 San Fra

14、ncisco, CAInsurance coverage and risk management tools for managing and mitigating cyber risk $90 5/19/20 London, UK Online home contents insurance platform for people who rent and share in city on- demand $3 5/4/20 London, UKDigital pet insurance provider $98 4/28/20 Jakarta, IndonesiaDigital P&C i

15、nsurance provider $14 4/24/20 SingaporeProvides internet first insurance platform $8 4/23/20 Dallas, TXDigital life insurance platform $50 4/20/20 Paris, FranceOperates as an internet first health insurer $54 3/20/20 Cincinnati, OHAPI-based commercial insurance solutions $9 3/19/20 Boston, MAAI-base

16、d conversational platform specifically for the insurance industry $8 3/12/20Paris, France AI-based insurance pricing solutions $9 3/10/20 London, UK Software for underwriting and managing insurance products online$20 3/4/20 Santa Monica, CA Insurance and claim management software for clinics and hos

17、pitals$9 Sources: Tracxn. Copyright Marlin & Associates Holding LLC 2020 13 After a Strong January and February, Financing Volume Dropped Significantly in March and April (2/2) DateLead Investor(s)TargetTarget LocationTarget Company Description Funding Amount ($mm) 3/4/20 Cambridge, MA Car insurance

18、 comparison platform$23 3/4/20 Eldersburg, MDCustomized healthcare with rewards for reaching personal health goals $16 3/4/20 London, UKAI-led visual analysis solutions $25 3/3/20 San Francisco, CADigital life insurance products $38 2/26/20 New York , NYSaaS platform for insurance sales management $

19、51 2/20/20 Mountain View, CAEnterprises cyber insurance $34 1/30/20 New York , NYOnline insurance shopping platform primarily for life and renters insurance $100 1/29/20 San Francisco, CAComparison platform for personal insurance products $27 1/28/20 New York, NYHuman resource management solution $5

20、0 1/23/20San Francisco, CA Data analytics platform focused on claims, regulatory compliance and customer acquisition $15 1/21/20 Bangalore, India App-based insurance platform for individuals$84 1/13/20 Brooklyn, NY Platform to enhance customer experience$23 Sources: Tracxn. Copyright Marlin & Associ

21、ates Holding LLC 2020 14 Similarly, M&A Activity Has Slowed Recently (1/2) DateAcquirer(s)TargetTarget LocationCommentsEnterprise Value 4/22/20 San Francisco, CA Leap is an online insurance distribution platform focused on life insurance The acquisition allows Even to immediately commence its insura

22、nce capabilities n/a 3/24/20 Oakland, CA Captricity provides a SaaS solution that converts info from paper to digital data The acquisition will complement SS&Cs business process outsourcing (BPO) services and AWD business process management solution n/a 3/17/20 Singapore PolicyPal is a mobile first

23、insurance distribution platform The transaction will help AMTD expand in the Southeast Asia n/a 3/3/20 London, UK Homelyfe is an online platform for home insurance The acquisition allows Freedom Services Group to move into the home insurance space using best of breed, not antiquated, technology n/a

24、2/26/20 San Francisco, CA Vlocity is an omni-channel cloud software, delivering industry-specific experiences Vlocitys feature set will enhance and complement Salesforces industry capabilities and product knowledge, open up new industry capabilities on Salesforce platform $1.3bn 2/20/20 Folsom, CA O

25、ne Inc. is an insurance policy management software for carriers Great Hills investment allows One Inc. to accelerate its digital payments strategy n/a 2/19/20 San Francisco, CA Allay is a cloud-based HRMS software for SMBs The acquisition of Allay will make quoting and modeling health plans easier a

26、nd more cost-effective for benefit consultants n/a 2/6/20Sonoma, CA RMS is a catastrophic risk modelling solutions provider George Hills provides an attentive level of service the big firms cant provide after the acquisition n/a 2/4/20 Duluth, GA Agency Matrix is a cloud-based agency management soft

27、ware After the transaction, clients of ITC will benefit from the extensive features available in the Agency Matrix agency management system n/a 1/30/20 Philadelphia, PA InsPro Technologies is an insurance policy administration software for insurers The acquisition will strengthen and expand Majescos

28、 domain depth in voluntary, group, voluntary benefits, and worksite markets $12mm 1/23/20 London, UK ThreatInformer provides cloud-based platform for cyber risk underwriting By integrating ThreatInformer, CFC will improve key activities in the underwriting process and uncover patterns in claims data

29、 to help predict and prevent losses n/a Source: Tracxn. Copyright Marlin & Associates Holding LLC 2020 15 Similarly, M&A Activity Has Slowed Recently (2/2) DateAcquirer(s)TargetTarget LocationCommentsEnterprise Value 1/22/20Mark Solomon Wellington, New Zealand LifeDirect is an insurance comparison p

30、ortal Trade Me has announced that it has sold its LifeDirect insurance operation back to its previous owner, Mark Solomon n/a 1/8/20 Golden, CO SpatialKey is an insurance platform for underwriting and risk analysis The acquisition of SpatialKey will enable Insurity to extend overall market leadershi

31、p as well as strengthen and expand its industry-leading data solutions n/a 1/8/20 Pcs, Hungary Netrisk is a Hungary-based aggregator for financial products Netrisk is the first Hungarian company offering a platform for comparing and distributing insurance products via the internet $61mm 1/6/20 Houst

32、on, TX Ontellus provides records retrieval and data management service for carriers Acquiline will provide growth capital to help Ontellus bring additional services and capabilities to their clients n/a 1/2/20 Gurgaon, India Coco provides a platform for health, travel, home, and motor insurance plan

33、s DHFL General Insurance Limited is an India-based insurance company engaged in undertaking general insurance coverage $14mm 1/2/20 Reston, VA Xagent is an online quoting and binding platform for commercial products Xagent will help Bold Penguin better serve insurance carriers, brokers and agents th

34、rough increased scale and a single choice in the market n/a Source: Tracxn. Copyright Marlin & Associates Holding LLC 2020 We Have Been Here Before 16 Copyright Marlin & Associates Holding LLC 2020 400 600 800 1,000 1,200 1,400 1,600 100 150 200 250 300 350 400 S&P 500U.S. M&A Deal Volume 17 Within

35、a Year after the 1987 “Black Monday” Crash, Markets and M&A had Begun to Recover Sources: IMAA, FRED and Capital IQ 1987 Crisis Copyright Marlin & Associates Holding LLC 2020 18 The Dot-Com Bubble Burst in 2000, Followed by a Tech Crash and Terrorist Attacks in September 2001. By Mid-2002, the Marke

36、ts Had Begun to Recover Sources: IMAA, FRED and Capital IQ 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 S&P 500U.S. M&A Deal Volume Dot-Com Burst Copyright Marlin & Associates Holding LLC 2020 19 Within a Year after the 2007/8 Financial Crisis

37、, the Markets and M&A Had Begun to Return Sources: IMAA, FRED and Capital IQ 1,000 1,500 2,000 2,500 3,000 3,500 4,000 400 600 800 1,000 1,200 1,400 1,600 S&P 500U.S. M&A Deal Volume Financial Crisis Copyright Marlin & Associates Holding LLC 2020 20Proprietary & Confidential The Covid-19 Crisis Is A

38、lready Starting to Show Some Early Signs of Stabilizing. Once Employment Starts Coming Back, We Expect M&A Deal Volume to Follow Source: Capital IQ. 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 U.S. M&A Deal Volume S&P 500 S&P 500U.S. M&A Deal V

39、olume Copyright Marlin & Associates Holding LLC 2020 Leading Advisor to FinTech, Digital Tech, Data and Analytics Companies and Investors Worldwide 21 Copyright Marlin & Associates Holding LLC 2020 22 Leading Advisor to FinTech, Digital Tech, Data and Analytics Companies and Investors Worldwide Doma

40、in expert advised on 200+ relevant transactions over 18 years. Marlin & Associates (“M&A”) is the domain expert in providing independent and unbiased strategic counsel and advisory services to middle-market FinTech, Digital Tech, Data and Analytics companies Local yet global successfully advised buy

41、ers and sellers from 27 countries to date Well recognized “Middle-Market IB of the Year,” “TMT Advisory Firm of the Year,” and “Cross-Border Boutique IB of the Year,” and more than 20 “Deals-of-the-Year” Full Range of Transaction ServicesIndustry Recognition and AwardsSector Coverage Sell-side & Buy

42、-side M&A Joint Ventures & Partnerships Fairness Opinions Equity & Debt Capital Raise RegTech Digital Tech InsurTech Data & Analytics Capital Markets Tech Digital Lending Wealth Tech Payments Bank Tech TMT Advisory Firm of the Year Middle-Market IB of the Year Cross-Border Boutique IB of the Year Ad

43、visory Firm of the Year FinTech Deal of the Year Corporate M&A Deal of the Year Middle-Market IB of the Year Middle Market Tech Deal of the Year Business Intelligence Copyright Marlin & Associates Holding LLC 2020 FOCUS TEAM EXPERTISE GLOBAL PARTNERS TRACK RECORD 23 We Have an “Unfair” Competitive A

44、dvantage Unrelenting focus on the financial technology sector with deep expertise in InsurTech, digital tech and data and analytics Deep understanding of industry structure and drivers of value Extensive contacts at multiple levels among industry participants and financial investor firms Diverse tea

45、m based across New York, Washington DC, and Toronto Execution experience from some of the most highly regarded firms in the industry Real world and relevant operating experience 18+ years of transaction success Our partners have worked at leading firms in FinTech The industry we serve is not defined

46、 geographically, nor are we Half of our transactions are cross-border 1/3rdof our clients are international We are long-term thinkers and believe in partnering with our clients through their entire evolution We are domain experts and offer independent and unbiased strategic counsel and advisory serv

47、ices to our clients We stay with you until the end 200+ closed transactions Numerous awards and accolades Recognized as an industry leader and expert by our peers and clients Copyright Marlin & Associates Holding LLC 2020 “Bringing on the Marlin & Associates team remains one of our great decisions.

48、The dedication of the team was on full display as we approached this latest chapter for ClearStructure. The guidance, creativity and true value-add that they brought to the table helped ClearStructure achieve goals we didnt think were possible.“ -Scott Turley, CEO of ClearStructure 24 We Deliver Exc

49、eptional Results Advisory Firm of the Year (US) Gamechanger of the Year (US), Ken Marlin Middle-Market Investment Bank of the Year (US) Capital Raising Advisory Firm of the Year Boutique Investment Banking Firm of the Year Gamechanger of the Year (US), Ken Marlin Middle-Market Investment Bank of the Year TMT Advisory Firm of the Year (US) Deal of the Year (Parthenon / BillingTree) Boutiqu