FINANCIAL TECHNOLOGY QUARTERLY EXECUTIVE BRIEFING Q2 2025 As of June 30TH, 2025 PDF Free Download
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FINANCIAL TECHNOLOGY QUARTERLY
EXECUTIVE BRIEFING
Q2 2025
As of June 30TH, 2025
Financial Technology Quarterly Executive Briefing 2
This communication is provided for informational purposes only, is not a formal confirmation of any particular transaction, and should not be regarded as an offer to sell or solicitation to buy any financial
instrument or service. Morgan Partners LLC accepts no liability whatsoever arising directly or indirectly from the use of this document and offers no warranty in relation to the accuracy or completeness off its
contents. Unauthorized distribution without prior consent from Morgan Partners LLC is strictly prohibited.
Morgan Partners LLC is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA / SIPC member firm.
Morgan Partners Overview
– Leaders in Middle-Market FinTech M&A
3
Subsector Comparison: Q2 2025
5
FinTech Subsector Performance
6
Median Multiples by Subsector
7
Variability by Subsector
8
Subsector Valuation Multiples Relative to Growth
9
Subsector Aggregate Market Cap
10
Public & Private FinTech Transactions Spotlight
11
Subsector Analysis
14
Insurance Technology
15
Banking Technology
17
Capital Market Technology
19
Data & Analytics
21
Tech-Enabled Financial Services
23
IT Services
25
Insurance Distribution
27
Traditional Financial Institutions
29
Contact Information
32
Table of Contents
Financial Technology Quarterly Executive Briefing 3
•Founded in 2005, Morgan Partners is the leading investment bank
specializing in the middle-market insurance, capital markets, and banking
technology spaces as well as tech-enabled financial services
•Morgan Partners represents publicly traded, privately owned, and sponsor-
backed FinTech companies on sell-side and buy-side transactions, including:
oStrategic exits
oCapital raises and recapitalizations
oBuyouts
oAcquisitions
•The firm has an exceptional FinTech and Financial Services industry
reputation and possesses a track record of successful deals with satisfied,
referenceable clients
Leaders in FinTech and Financial Services M&A Advisory
Selected Deal Experience
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Financial Technology Quarterly Executive Briefing 4
Morgan Partners Deal Announcement
May 2025
Churchill Innovate Holdings (dba Neo Insurance
Solutions or “Neo”), a Miami, FL-based tech-
enabled managing general agent (MGA) and
independent marketing organization (IMO) focused
on the U.S. health insurance market, has received an
equity investment from ITOCHU Corporation, one of
Japan’s largest trading and investment companies.
Since its 2018 founding, Neo has leveraged
technology and insurance expertise to build a unique
ecosystem for providing the functions necessary for
the insurance distribution process all under one roof.
It works with over 100 agency partners as well as 20
carriers to deliver a wide range of high-quality health
insurance products to consumers.
Overview
Morgan Partners was tasked with bringing in a
strategic partner with a deep understanding of the
insurance industry to help Neo expand its distribution
network, relationships, and product offering. Morgan
Partners navigated Neo’s complex business with
numerous entities, JVs, and partnerships within a
highly-regulated industry to create a succinct
story and ultimately identified ITOCHU as a natural
partner given its alignment in the vision for Neo’s
future and a hunger to expand in the U.S. market.
Morgan Partners Approach & Results
“The Morgan Partners
team was instrumental in
helping find the right
partner for our business.
They understood the
complexity of our insurance
distribution ecosystem and
positioned the story
strongly, making it
digestible for potential
investors. We couldn’t be
happier working with the
Morgan team and hope to
work with them again in the
future.”
Jonathan Karlin
CEO
Neo Insurance Solutions
FINANCIAL ADVISOR
TO THE SELLER
HAS INVSTED IN
Subsector Comparison
Financial Technology Quarterly Executive Briefing 6
5.7%
17.7%
4.0%
5.1%
2.2%
1.3%
14.3%
10.5%
12.3%
(20%)
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
25%
S&P 500 Insurance Technology IT Services
Tech-Enabled Financial Services Capital Markets Technology Banking Technology
Insurance Distribution Data & Analytics Traditional Financial Institutions
• It’s been a volatile year for the markets, largely due to the U.S. government’s
announcement of tariffs on foreign nations.
•The start of Q2 saw a sharp market decline following the tariff announcement; however, it
has since recovered, with the S&P even hitting record highs to close out the quarter
•The Insurance sector has seen the strong performance, with Insurance Technology up
over 17% and Insurance Distribution up over 14%
•Capital Markets Technology and Banking Technology have seen the least growth as
we reach the halfway point of the year, however they are back in positive territory
These eight indices are maintained by Morgan Partners, and their constituents shown on pages 15, 17, 19, 21, 23, 25, 27, and 29-31
1 IT Services, Capital Markets Technology, Insurance Distribution, Traditional Financial Institutions, Insurance Technology, Tech-Enabled Financial Services, Banking Technology, and
Data & Analytics performance reflects the constituents in this briefing and are calculated as the market cap-weighted daily percentage price change from the base value for each
constituent. Constituents must have pricing data for the entire measurement period for inclusion in the aggregate
Source: Pitchbook, Morgan Partners
Public FinTech Subsector Performance in 20251
Financial Technology Quarterly Executive Briefing 7
8.9x
5.9x
5.9x
2.7x
2.3x
3.6x
2.6x
2.9x
3.7x
Data & Analytics
Banking Technology
Capital Markets Technology
Insurance Technology
IT Services
Tech-Enabled Financial Services
Insurance Distribution
Traditional Financial Institutions
S&P 500
Subsector Comparison (Median Multiples)
•Multiples largely stayed the same or slightly declined versus the first quarter, with only
Tech-Enabled Financial Services experiencing positive median revenue multiple growth
•IT Services and Tech-Enabled Financial Services both saw their median EBITDA multiples
increase by over 1.0x, with Data & Analytics and Banking Technology rising 0.8x
Financial Technology
Financial Technology
Enterprise Value / LTM EBITDA1Enterprise Value / LTM Revenue1
1Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 6/30/2025, where the constituents of each subsector are those in this
briefing. LTM denotes latest 12 months
Source: Pitchbook
Note: For some publicly traded Traditional Financial Institutions, market capitalization and net income have been used as a proxy for enterprise value and EBITDA respectively
24.3x
19.0x
18.7x
18.7x
13.5x
15.9x
17.0x
12.5x
14.2x
Data & Analytics
Banking Technology
Capital Markets Technology
Insurance Technology
IT Services
Tech-Enabled Financial Services
Insurance Distribution
Traditional Financial Institutions
S&P 500
Financial Technology Quarterly Executive Briefing 8
Financial Technology
Financial Technology
Enterprise Value / LTM EBITDA1Enterprise Value / LTM Revenue1
Subsector Variability (25th and 75th Percentile Multiples)1
1Variability represented by 25th and 75th percentile multiples from each subsector
2Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 6/30/2025, where the constituents of each subsector are those in this briefing.
LTM denotes latest 12 months
Source: Pitchbook
•The spreads of EV/Revenue multiples remained largely unchanged versus Q1 for most
subsectors, with Insurance Technology seeing the biggest jump of 0.8x
•For EV/EBITDA spreads, Banking Technology widened its spread by 5.1x as its upper
band increased by 4.4x; Insurance Distribution contracted by 3.0x
Note: For some publicly traded Traditional Financial Institutions, market capitalization and net income have been used as a proxy for enterprise value and EBITDA respectively
6.4x
5.4x
4.4x
1.8x
1.2x
2.1x
0.9x
1.6x
1.9x
12.5x
6.5x
8.7x
5.7x
3.8x
4.2x
5.1x
5.5x
6.6x
0.0x 5.0x 10.0x 15.0x
Data & Analytics
Banking Technology
Capital Markets Technology
Insurance Technology
IT Services
Tech-Enabled Financial…
Insurance Distribution
Traditional Financial Institutions
S&P 500
20.4x
16.0x
13.0x
15.3x
9.8x
11.3x
13.9x
10.1x
10.1x
28.4x
24.1x
21.7x
27.1x
15.9x
18.5x
21.2x
19.5x
19.6x
0.0x 15.0x 30.0x
Data & Analytics
Banking Technology
Capital Markets Technology
Insurance Technology
IT Services
Tech-Enabled Financial Services
Insurance Distribution
Traditional Financial Institutions
S&P 500
Financial Technology Quarterly Executive Briefing 9
•All subsectors continued to exhibit strong growth in Q2, with Insurance Distribution tacking
on a 16% increase in the past year
•The Insurance subsectors led the way in EBITDA growth, as Insurance Technology grew
by 26% and Insurance Distribution saw a 21% jump
•Data & Analytics still commands the highest median multiple for both metrics
Median EBITDA Growth to EV / LTM EBITDA1Median Rev Growth to EV / LTM Revenue1
Subsector Valuation Multiples Relative to Growth
1 Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 6/30/2025, where the constituents of each subsector are those in this
briefing. LTM denotes latest 12 months
Source: Pitchbook
Note: For some publicly traded Traditional Financial Institutions, market capitalization and net income have been used as a proxy for enterprise value and EBITDA respectively
Data & Analytics
Banking
Technology
Capital Markets
Technology
Insurance
Technology
IT Services
Tech-Enabled
Financial Services
Insurance
Distribution
Traditional Financial
Institutions
-
3%
6%
9%
12%
15%
18%
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x
Data & Analytics
Banking
Technology
Capital Markets
Technology
Insurance Technology
IT Services
Tech-Enabled
Financial Services
Insurance Distribution
Traditional
Financial
Institutions
-
5%
10%
15%
20%
25%
30%
10.0x 12.0x 14.0x 16.0x 18.0x 20.0x 22.0x 24.0x
Financial Technology Quarterly Executive Briefing 10
$5,457,323
$853,150
$814,512
$474,859
$336,746
$299,022 $88,912 $75,822
Traditional Financial Institutions IT Services
Data & Analytics Insurance Distribution
Banking Technology Capital Markets Technology
Tech-Enabled Financial Services Insurance Technology
Subsector Aggregate Market Cap
Subsector Aggregate Market Cap ($M)
•Yet again, the Insurance subsectors proved to have the best Q2 performances, with both
technology and distribution logging mid-teens market cap growth
•Data & Analytics saw healthy growth of 8.8% and the market cap for Traditional
Financial Institutions grew by 7.3%
•Total growth on the quarter for the subsectors was 6.3%
Source: Pitchbook
Subsector ($M)
Market Cap
1/2/2025
Market Cap
6/30/2025
Growth %
Traditional Financial Institutions 5,084,300 5,457,323 7.3%
IT Services 857,048 853,150 (0.5%)
Data & Analytics 748,433 814,512 8.8%
Insurance Distribution 422,413 474,859 12.4%
Banking Technology 339,580 336,746 (0.8%)
Capital Markets Technology 296,169 299,022 1.0%
Tech-Enabled Financial Services 85,131 88,912 4.4%
Insurance Technology 65,899 75,822 15.1%
Total 7,898,973 8,400,346 6.3%
Public & Private
FinTech Transactions
Spotlight
Financial Technology Quarterly Executive Briefing 12
Number of Deals
2024 – 2025 = 64
2022 - 2023 = 85
2020 - 2021 = 114
2018 - 2019 = 110
2016 - 2017 = 111
Aggregated Deal Size Over Time 2Number of Transactions
Note: EBIX has been replaced with Visa in the above data set which has affected transaction volume and deal value across all years
1Deal activity may vary from previous Morgan Partners Quarterly Executive Briefings as data sources have changed and new data is continuously populated
2 2019 spike is due to the $48.2 billion Fidelity National acquisition of Worldpay and the $46.4 billion Fiserv acquisition of First Data Corporation
Total Deal Value ($M)
2024 - 2025 = $7,432
2022 - 2023 = $33,441
2020 - 2021 = $36,702
2018 - 2019 = $117,386
2016 - 2017 = $20,729
Public FinTech M&A Activity1
Source: Pitchbook
2016-2017
2018-2019
2020-2021
2022-2023
2024-2025
$6,574
$16,842
$100,544
$21,384
$15,318
$8,314
$25,127
$6,534
$898
2017 2018 2019 2020 2021 2022 2023 2024 2025
11 8 8 61
710 9657 7
16
37
15
10 513
8
53710
637
10
4
4
10
14
7
7
9
10 4
510
77
5
7
6
6
211
4
6
6
8
10 3
4
42
7
8
3
7
3
6
7
4
7
610
2
6
3
1
1
2
3
3
Financial Technology Quarterly Executive Briefing 13
Private Equity
Group
Recent
Target(s)
Other Relevant
FinTech
Investments
Latest Fund
Raised
Acquisition
$400.0 Million
June 2025
$3.9 billion
Montagu VI
Acquisition
$3.1 billion
May 2025
$14.0 billion
North America
Private Equity
Fund XIV
Acquisition
$750.8 million
May 2025
$16.5 billion
TA XV Fund
Acquisition
$2.2 billion
May 2025
$15.6 billion
TPG Partners IX
Fund
Private Equity Spotlight
* Denotes exited
Source: Pitchbook and publicly available records
Subsector Analysis
Financial Technology Quarterly Executive Briefing 15
65.0%
19.3%
29.5%
16.1%
23.0%
(0.1%)
152.9%
21.7%
6.5%
(158.3%)
29.0%
(175%)
(125%)
(75%)
(25%)
25%
75%
125%
175%
0.0x 3.0x 6.0x 9.0x 12.0x 15.0x 18.0x
Insurance Technology: Public Company Statistics
1The strong growths in Revenue and EBITDA multiples in Q2-Q4 2020 are mainly driven by the IPO of Duck Creek Technologies and Media Alpha
Note: Some data may be missing due to data limitations of the Pitchbook platform
Source: Pitchbook
LTM Rev & EBITDA Multiples1
LTM “Rule of 40” to EV / Rev Multiple2
TEV/Rev
TEV /EBITDA
2.7x
18.7x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA
“Rule of 40” is calculated as the sum of
revenue growth and EBITDA margin
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
Verisk Analytics 13.9% $46,398 $2,931 $1,695 57.8% 9.1% 7.2% 15.8x 27.4x
Guidewire Software 38.9% $19,610 $1,137 $7 0.6% 9.0% 18.6% 17.2x NM
CCC Intelligent Solutions (18.9%) $7,119 $969 $198 20.4% 11.0% 9.1% 7.3x 36.0x
LiveRamp Holdings 9.2% $1,794 $746 $23 3.0% 10.6% 13.0% 2.4x 79.0x
Sapiens International Corporation 12.1% $1,486 $544 $104 19.2% 8.8% 3.8% 2.7x 14.2x
EverQuote 19.4% $753 $576 $44 7.6% (33.0%) 113.4% 1.3x 17.2x
MediaAlpha (3.9%) $660 $1,002 $43 4.2% (5.8%) 148.6% 0.7x 15.5x
FINEOS Corporation 30.4% $498 $131 $2 1.6% 17.5% (1.7%) 3.8x NM
Msg Life 24.4% $173 $194 $17 8.6% 35.8% (2.0%) 0.9x 10.4x
Quartix Technologies 71.4% $159 $41 $9 20.5% 8.6% 8.4% 3.8x 18.7x
Roadzen (60.6%) $91 $44 ($68) NM 231.6% (5.2%) 2.1x NM
Mean 12% $7,158 $756 $188 14% 28% 28% 5.3x 27.3x
Median 14% $753 $576 $23 8% 9% 8% 2.7x 17.9x
Financial Technology Quarterly Executive Briefing 16
Insurance Technology: Select Transactions
Date Target Acquirer(s) / Lead Investor(s) Type
Transaction
Value ($M)
EV /
Revenue
EV / EBITDA
6/20/2025 Ledgebrook Insurance Agency The Stephens Group, American
Family Ventures Raise $65.0 N/A N/A
6/18/2025 Slide Insurance N/A IPO $408.0 2.3x 6.3x
6/4/2025 bolttech Dragon Fund, Assicurazioni
Generali, Baillie Gifford Raise $147.0 N/A N/A
6/4/2025 Reserv Flourish Ventures, Accenture
Ventures Raise $25.0 N/A N/A
5/22/2025 Candela Labs Sapiens International Corporation
(NAS: SPNS) M&A $22.0 2.8x N/A
5/13/2025 Bestow Life Insurance Company
Goldman Sachs Growth Equity, Smith
Point Capital Raise $125.0 N/A N/A
5/1/2025 ITEL Nearmap M&A N/A N/A N/A
4/28/2025 AdvantageGo Sapiens International Corporation
(NAS: SPNS) M&A $56.1 2.3x N/A
4/14/2025 Marshmallow Portage, Sagard, Columbia Laker
Partners, Blackrock, etc. Raise $90.0 N/A N/A
4/14/2025 Esure Group Ageas M&A $1,680.0 6.5x 13.3x
Notable TransactionNotable Transaction
Ageas reaches agreement with Bain Capital to acquire Esure Group in an all-
cash deal worth ~ $1.7B to establish a top-3 UK personal lines platform.
•The deal will form the third-largest UK personal-lines platform, aiming for
£3.25 billion in top-line revenue by 2028 across motor and home insurance
•The deal is expected to deliver significant synergies through tech
integration, scale efficiencies, and capital diversification
• The transaction accelerates Ageas UK’s diversification into the price-
comparison-website channel, balancing distribution across Direct, PCW,
brokers, and partnerships, and broaden its underwriting footprint
•Expected benefits include over £100 million in annual pre-tax cost
synergies, unlevered ROI above 12%, and around 10% holding free-cash-
flow accretion per share by 2028
Ageas to Acquire Esure Group for $1.7B1
h
April 14, 2025
$1.7 billion
To Acquire
1https://www.globenewswire.com/news-release/2025/04/14/3060616/0/en/Ageas-reaches-agreement-with-Bain-Capital-to-acquire-esure-and-establish-a-top-3-UK-personal-lines
Source: Pitchbook and publicly available records
Q2 2025 Transactions
Financial Technology Quarterly Executive Briefing 17
50.0%
68.4%
36.8% 37.7%
37.9%
40.1%
32.4%
37.7%
18.5%
18.6%
16.3%
24.9%
15.9%
(7.9%)
(15%)
(5%)
5%
15%
25%
35%
45%
55%
65%
75%
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x
LTM “Rule of 40” to EV / Rev Multiple1
Banking Technology: Public Company Statistics
1See “Rule of 40” definition on page 15
Note: Some data may be missing due to data limitations of the Pitchbook platform
Source: Pitchbook
LTM Rev & EBITDA Multiples
TEV/Rev
TEV /EBITDA
5.9x
19.1x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
Fiserv (16.3%) $124,001 $20,703 $8,993 43.4% 7.1% 6.6% 6.0x 13.8x
Intercontinental Exchange 22.9% $122,765 $12,189 $6,007 49.3% 6.0% 19.1% 10.1x 20.4x
Fidelity National Information Services 1.6% $54,058 $10,190 $3,446 33.8% (10.5%) 3.0% 5.3x 15.7x
Wolters Kluwer (0.2%) $41,719 $6,402 $2,032 31.7% 2.4% 5.9% 6.5x 20.5x
Jack Henry & Associates 4.2% $13,249 $2,320 $743 32.0% 8.1% 5.9% 5.7x 17.8x
NICE (Business/Productivity Software) (1.9%) $9,611 $2,776 $763 27.5% 10.7% 12.6% 3.5x 12.6x
Pegasystems (41.8%) $8,973 $1,643 $298 18.1% 13.4% 14.3% 5.5x 30.1x
Temenos Headquarters 5.6% $6,037 $1,046 $350 33.5% 5.0% 4.3% 5.8x 17.2x
Q2 Software (6.0%) $5,884 $721 $39 5.4% 9.0% 13.1% 8.2x NM
Alkami (18.3%) $3,423 $356 ($36) NM 28.0% 26.5% 9.6x NM
nCino (16.3%) $3,397 $557 $29 5.2% 14.8% 13.4% 6.1x NM
Intellect Design Arena 21.1% $1,724 $285 $59 20.7% 12.3% (4.8%) 6.0x 29.2x
MeridianLink (20.1%) $1,592 $320 $63 19.8% 4.1% 5.2% 5.0x 25.2x
Blend (Financial Software ) (14.1%) $896 $154 ($23) NM (28.7%) 7.3% 5.8x NM
Mean (6%) $28,381 $4,261 $1,626 27% 6% 9% 6.4x 20.3x
Median (4%) $7,505 $1,345 $324 30% 8% 7% 5.9x 19.1x
Financial Technology Quarterly Executive Briefing 18
Banking Technology: Select Transactions
Date Target Acquirer(s) / Lead Investor(s) Type
Transaction
Value ($M)
EV /
Revenue
EV / EBITDA
6/12/2025 Chime N/A IPO $864.0 5.5x N/A
6/3/2025 FISPAN Canapi Ventures Raise $30.0 N/A N/A
5/9/2025 Wingspan Undisclosed Raise $20.0 N/A N/A
5/5/2025 Altruist GIC Raise $152.0 N/A N/A
5/5/2025 HubSync Thoma Bravo Raise $100.0 N/A N/A
4/17/2025 Worldpay Global Payments M&A $24,250.0 N/A N/A
4/17/2025 Total Systems Services Fidelity M&A $12,000.0 N/A N/A
4/6/2025 Pennylane Meritech and CapitalG Raise $81.5 N/A N/A
4/3/2025 Plaid Franklin Templeton M&A $575.0 20.3x N/A
Notable TransactionNotable Transaction
Global Payments, a leading worldwide provider of payment technology and
software solutions, has announced it will acquire Worldpay while
simultaneously divesting its Issuer Solutions business to FIS for $13.5 billion.
• Worldpay will become part of Global Payments’ merchant solutions
business, expanding its ecommerce, enterprise, and payments capabilities
• The deal enhances GPN’s capabilities in ecommerce, enterprise, and SMB
markets, expanding its offerings in integrated and embedded payments for
software and platform partners.
•The combined company will serve over 6 million customers and through 94
billion transactions totaling $3.7 trillion annually across over 175 countries
•Financial upside includes $600M in expected annual cost synergies and
$200M+ in revenue synergies, with EPS accretion expected in year one.
Global Payments Completes Purchase of Worldpay1
h
Acquires
April 17, 2025
1https://investors.globalpayments.com/news-events/press-releases/detail/469/global-payments-announces-agreements-to-acquire-worldpay
Source: Pitchbook and publicly available records
$24.3 billion
Q2 2025 Transactions
Financial Technology Quarterly Executive Briefing 19
63.4%
72.2%
37.7%
27.1%
41.4%
43.7%
36.3%
41.9%
47.3%
19.2%
58.2%
19.1%
21.5%
6.7%
30.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0.0x 3.0x 6.0x 9.0x 12.0x 15.0x 18.0x
Capital Markets Technology: Public Company Statistics
LTM Rev & EBITDA Multiples
LTM “Rule of 40” to EV / Rev Multiple1
TEV/Rev
TEV /EBITDA
5.9x
19.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA
1See “Rule of 40” definition on page 15
Note: Some data may be missing due to data limitations of the Pitchbook platform
Source: Pitchbook
($M) TTM Performance TTM Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
Moody's Investors Service 6.1% $95,348 $7,226 $3,431 47.5% 15.1% 15.9% 13.2x 27.8x
MSCI (3.4%) $48,931 $2,922 $1,770 60.6% 14.7% 11.7% 16.7x 27.6x
Wolters Kluwer (0.2%) $41,719 $6,402 $2,032 31.7% 2.4% 5.9% 6.5x 20.5x
Broadridge Financial Solutions 7.1% $31,871 $6,768 $1,450 21.4% 7.7% 5.7% 4.7x 22.0x
SS&C Technologies 9.7% $27,014 $5,961 $2,057 34.5% 4.2% 6.9% 4.5x 13.1x
Informa 9.2% $19,075 $4,540 $1,128 24.9% 41.0% 11.4% 4.2x 16.9x
FactSet Research Systems (6.1%) $18,229 $2,254 $880 39.0% 7.3% 4.7% 8.1x 20.7x
Morningstar (5.6%) $13,707 $2,314 $735 31.8% 11.0% 10.1% 5.9x 18.7x
SEI Investments 9.7% $10,473 $2,165 $800 37.0% 4.4% 10.3% 4.8x 13.1x
MarketAxess Holdings (0.9%) $7,891 $815 $415 50.9% 3.3% 7.3% 9.7x 19.0x
Clearwater Analytics Holdings (19.4%) $5,751 $476 ($19) NM 21.8% 23.2% 12.1x NM
Intapp (20.1%) $3,872 $483 $7 1.4% 23.8% 17.7% 8.0x NM
Iress (9.2%) $1,080 $396 $101 25.5% (1.3%) (4.0%) 2.7x 10.7x
FD Technologies 43.0% $682 $303 $12 3.9% (2.2%) 2.8% 2.3x 57.1x
Linedata Services 3.8% $510 $199 $60 30.0% 6.1% 0.2% 2.6x 8.6x
Mean 2% $21,744 $2,882 $991 31% 11% 9% 7.1x 21.2x
Median (0%) $13,707 $2,254 $800 32% 7% 7% 5.9x 19.0x
Financial Technology Quarterly Executive Briefing 20
Capital Markets Technology: Select Transactions
Q2 2025 Transactions
Circle Internet Group, a global financial technology company, completes IPO
north of $1 billion, issuing 34 million shares at the price of $31.0 per share.
•Circle is among the few pure-play crypto companies to go public in the
U.S., marking the largest crypto IPO since Coinbase in 2021
•The stock opened at $69.0 on the New York Stock Exchange, more than
doubling its IPO price of $31.0
•The debut signals renewed investor confidence in crypto-focused
companies despite ongoing regulatory headwinds
• This marks the company’s second attempt at going public following a failed
merger in late 2022
Notable Transaction
Date Target Acquirer(s) / Lead Investor(s) Type
Transaction
Value ($M)
EV /
Revenue
EV / EBITDA
6/11/2025 Abacum Scale Venture Partners Raise $61.0 N/A N/A
6/5/2025 Circle (NYS: CRCL) N/A IPO $1,050.0 17.5x N/A
5/13/2025 Addepar West Cap (New York), Vitruvian
Partners Raise $230.0 N/A N/A
5/12/2025 Wonderfi Technologies
(TSE: WNDR) Robinhood (NAS: HOOD) M&A $180.0 4.3x N/A
5/7/2025 SelfWealth Syfe M&A $41.0 1.8x N/A
4/23/2025 Alpaca Markets Unbound Advisors Raise $50.0 N/A N/A
4/14/2025 Global Trading Analytics ACA Group M&A N/A N/A N/A
4/10/2025 Webull (NAS: BULL) SK Growth Opportunities M&A $100.0 17.5x N/A
4/3/2025 Ethic State Street Global Advisors Raise $64.0 N/A N/A
4/3/2025 The INX Digital Company
(NEOE: INXD) Republic M&A $60.0 15.2x 7.5x
Circle Completes Largest Crypto IPO Since 20211
h
Initial Public Offering
June 5, 2025
$1.1 billion
¹https://investor.circle.com/news/news-details/2025/Circle-Announces-Pricing-of-Upsized-Initial-Public-Offering/default.aspx
Source: Pitchbook and publicly available records
Financial Technology Quarterly Executive Briefing 21
61.0%
68.4%
40.5%
63.4%
45.6%
72.2%
38.7%
60.0%
65.0%
37.5%
38.8%
43.7%
41.9%
19.2%
16.1%
72.6%
10.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x
Data & Analytics: Public Company Statistics
LTM Rev & EBITDA Multiples
LTM “Rule of 40” to EV / Rev Multiple1
TEV/Rev
TEV /EBITDA
8.9x
24.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA
1See “Rule of 40” definition on page 15
Note: Some data may be missing due to data limitations of the Pitchbook platform
Source: Pitchbook
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
S&P Global 6.4% $176,509 $14,493 $6,964 48.1% 7.3% 13.0% 12.2x 25.3x
Intercontinental Exchange 22.9% $122,765 $12,189 $6,007 49.3% 6.0% 19.1% 10.1x 20.4x
RELX (Information Technology) 17.2% $107,024 $12,054 $4,521 37.5% 7.1% 3.0% 8.9x 23.7x
Moody's Investors Service 6.1% $95,348 $7,226 $3,431 47.5% 15.1% 15.9% 13.2x 27.8x
Thomson Reuters 23.9% $91,807 $7,273 $2,970 40.8% 3.7% 4.8% 12.6x 30.9x
Experian 18.0% $51,731 $7,523 $2,463 32.7% 7.2% 6.0% 6.9x 21.0x
MSCI (3.4%) $48,931 $2,922 $1,770 60.6% 14.7% 11.7% 16.7x 27.6x
Fair Isaac (8.4%) $46,898 $1,840 $833 45.2% 12.8% 14.7% 25.5x 56.3x
Verisk Analytics 13.9% $46,398 $2,931 $1,695 57.8% 9.1% 7.2% 15.8x 27.4x
Equifax 3.3% $37,114 $5,734 $1,742 30.4% 5.8% 7.1% 6.5x 21.3x
TransUnion (4.2%) $21,860 $4,258 $1,276 30.0% 4.9% 8.8% 5.1x 17.1x
FactSet Research Systems (6.1%) $18,229 $2,254 $880 39.0% 7.3% 4.7% 8.1x 20.7x
Morningstar (5.6%) $13,707 $2,314 $735 31.8% 11.0% 10.1% 5.9x 18.7x
Clearwater Analytics Holdings (19.4%) $5,751 $476 ($19) NM 21.8% 23.2% 12.1x NM
LiveRamp Holdings 9.2% $1,794 $746 $23 3.0% 10.6% 13.0% 2.4x 79.0x
Value Line (25.3%) $297 $36 $28 79.1% (4.7%) (6.6%) 8.3x 10.5x
Tracxn Technologies (22.8%) $63 $10 $1 8.0% 10.5% 2.1% 6.3x 79.0x
Mean 2% $52,131 $4,958 $2,078 40% 9% 9% 10.4x 31.7x
Median 3% $46,398 $2,931 $1,695 40% 7% 9% 8.9x 24.5x
Financial Technology Quarterly Executive Briefing 22
Data & Analytics: Select Transactions
1 https://www.snowflake.com/en/blog/snowflake-postgres-enterprise-ai-database/
Source: Pitchbook and publicly available records
Notable Transaction
Date Target Acquirer(s) / Lead Investor(s) Type
Transaction
Value ($M)
EV /
Revenue
EV / EBITDA
6/2/2025 Crunchy Data Snowflake (NYS: SNOW) M&A $250.0 8.3x N/A
5/29/2025 Snorkel AI Addition Raise $100.0 N/A N/A
5/28/2025 Chalk Felicis Raise $50.0 N/A N/A
4/29/2025 Kintsugi Vertex Raise $25.0 50.7x N/A
4/23/2025 Bloom Credit Crosslink Capital Raise $10.5 N/A N/A
4/22/2025 Ocient OCA Ventures Raise $132.0 N/A N/A
4/16/2025 Blue Onion Labs Viola FinTech Raise $10.0 N/A N/A
4/11/2025 Arcana Positive Sum Raise $10.4 N/A N/A
4/8/2025 Finmatics Visma M&A $108.8 N/A N/A
4/3/2025 InfoSum WPP (LON: WPP) M&A $150.0 N/A N/A
h
Q2 2025 Transactions
Snowflake (NYS: SNOW), a cloud-based data warehousing platform,
completed its acquisition of Crunchy Data, a leading provider of trusted, open-
source PostgreSQL technology.
•With its acquisition of Crunchy Data, Snowflake has positioned itself as the
ultimate platform for data-driven innovation, enhancing its capabilities in
open-source database technology
•This transaction will allow Snowflake to deliver a new kind of Postgres to
power the most demanding, mission-critical AI and transactional systems
•Snowflake is betting on this acquisition to help it benefit from corporate
spending and deliver AI agents that can complete tasks autonomously
•Crunchy Data will no longer operate as an independent entity, fully
integrating their technology into Snowflake’s Data Cloud
Snowflake Completes Purchase of Crunchy Data for $250M1
June 2, 2025
$250.0 million
Acquires
Financial Technology Quarterly Executive Briefing 23
27.1%
23.4%
38.0%
24.6%
33.5%
25.3%
11.2%
0%
10%
20%
30%
40%
50%
60%
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
Tech-Enabled Financial Services: Public Company Statistics
LTM Rev & EBITDA Multiples
LTM “Rule of 40” to EV / Rev Multiple1
TEV/Rev
TEV /EBITDA
2.9x
12.6x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
22.0x
24.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
Market Capitalization / LTM Revenue Market Capitalization / LTM EBT
1See “Rule of 40” definition on page 15
Note: Some data may be missing due to data limitations of the Pitchbook platform
Source: Pitchbook
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
Broadridge Financial Solutions 7.1% $31,871 $6,768 $1,450 21.4% 7.7% 5.7% 4.7x 22.0x
CGI Group (4.6%) $25,735 $10,866 $2,043 18.8% 5.9% 4.6% 2.4x 12.6x
Computershare 23.5% $15,765 $3,008 $986 32.8% 5.6% 5.2% 5.2x 16.0x
Genpact 2.4% $8,579 $4,851 $837 17.3% 2.9% 7.3% 1.8x 10.2x
ExlService Holdings (1.0%) $7,179 $1,903 $368 19.3% 12.3% 14.2% 3.8x 19.5x
Mphasis (1.0%) $6,155 $1,665 $333 20.0% (3.8%) 5.3% 3.7x 18.5x
Crawford & Company (6.6%) $793 $1,351 $100 7.4% 2.4% 3.8% 0.6x 7.9x
Mean 3% $13,725 $4,345 $874 20% 5% 7% 3.2x 15.2x
Median (1%) $8,579 $3,008 $837 19% 6% 5% 3.7x 16.0x
Financial Technology Quarterly Executive Briefing 24
Tech-Enabled Financial Services: Select Transactions
1https://ir.rocketcompanies.com/news-and-events/press-releases/press-release-details/2025/Mr--Cooper-Americas-Largest-Servicer-Joins-Rocket-the-Nations-Largest-Lender/default.aspx
Source: Pitchbook and publicly available records
Notable Transaction
Date Target Acquirer(s) / Lead Investor(s)
Type
Transaction
Value ($M)
EV /
Revenue
EV / EBITDA
6/1/2025 Infrasys RISC IT Solutions
M&A
N/A N/A N/A
5/28/2025 Kereis Advent International
M&A
$2,260.0 N/A N/A
5/15/2025
OneConnect Financial Technology
N/A
M&A
$309.2 1.2x N/A
5/12/2025 RenewBuy.com InsuranceDekho
M&A
$934.0 N/A N/A
4/24/2025 Fintech Band Crestline
M&A
N/A N/A N/A
4/19/2025 Agio Netrio
M&A
N/A N/A N/A
4/14/2025 R.J. O’Brien & Associates StoneX Group (NAS: SNEX)
M&A
$1,030.0 1.3x N/A
4/8/2025 Hidden Road Ripple
M&A
$1,250.0 N/A N/A
4/1/2025 Idelta Sword Group (PAR: SWP)
M&A
N/A N/A N/A
3/31/2025 Mr. Cooper Group (NAS: COOP) Rocket Mortgage
M&A
$9,400.0 3.1x 11.5x
Notable Transaction
Q2 2025 Transactions
Rocket Mortgage (NYSE: RKT), the Detroit-based fintech platform, is set to
acquire Mr. Cooper Group Inc. (NAS: COOP) in an all-stock transaction.
•With this acquisition, Rocket Mortgage will apply its industry-leading
mortgage recapture capabilities to a combined servicing portfolio of $2.1
trillion, covering nearly 10 million clients — representing approximately one
in every six U.S. mortgages
•The transaction is expected to generate approximately $500 million in ARR
and cost synergies, supporting organic revenue growth, enhancing
operating leverage, and preserving strong capital and liquidity positions
•If the deal closes as expected in Q4, it will mark the second-largest
transaction in the history of the mortgage industry
Rocket Mortgage to Acquire Mr. Cooper Group for $9.4B1
h
March 31, 2025
$9.4 billion
Acquires
Financial Technology Quarterly Executive Briefing 25
19.7%
23.2%
32.7%
27.3%
21.1%
30.4%
18.7%
11.8%
18.2%
9.8%
1.8%
3.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
IT Services: Public Company Statistics
LTM Rev & EBITDA Multiples
LTM “Rule of 40” to EV / Rev Multiple1
TEV/Rev
TEV /EBITDA
2.4x
13.6x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
22.0x
24.0x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA
1See “Rule of 40” definition on page 15
Note: Some data may be missing due to data limitations of the Pitchbook platform
Source: Pitchbook
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
International Business Machines 34.0% $323,410 $62,830 $11,601 18.5% 2.4% 1.2% 5.1x 27.9x
Accenture (14.3%) $185,687 $68,483 $11,609 17.0% 1.5% 6.2% 2.7x 16.0x
Tata Consultancy Services (16.4%) $142,914 $30,197 $8,051 26.7% 6.8% 6.0% 4.7x 17.8x
Infosys (17.5%) $74,091 $19,112 $4,646 24.3% 1.9% 3.0% 3.9x 15.9x
NTT Data Group 44.2% $61,141 $30,421 $4,521 14.9% 25.1% 6.2% 2.0x 13.5x
HCL Technologies (11.7%) $51,983 $13,844 $3,310 23.9% 10.8% 6.5% 3.8x 15.7x
Capgemini 4.9% $32,072 $23,910 $3,277 13.7% 2.4% (1.9%) 1.3x 9.8x
Wipro (11.7%) $28,638 $10,536 $2,207 20.9% (0.8%) (0.7%) 2.7x 13.0x
EPAM Systems (22.8%) $9,002 $4,864 $654 13.5% (4.5%) 4.7% 1.9x 13.8x
DXC Technology (22.6%) $5,792 $12,871 $2,009 15.6% (5.3%) (5.8%) 0.4x 2.9x
GFT Technologies (18.8%) $2,490 $945 $94 9.9% 28.8% (8.2%) 2.6x 26.5x
Alithya 59.2% $249 $340 $26 7.5% (6.0%) (3.6%) 0.7x 9.7x
Mean 1% $76,456 $23,196 $4,334 17% 5% 1% 2.7x 15.2x
Median (13%) $42,028 $16,478 $3,293 16% 2% 2% 2.7x 14.7x
Financial Technology Quarterly Executive Briefing 26
Date Target Acquirer(s) / Lead Investor(s)
Type
Transaction
Value ($M)
EV /
Revenue
EV / EBITDA
6/16/2025 TechMD Integris
M&A
N/A N/A N/A
6/2/2025 eVerge Group Alithya (TSE: ALYA)
M&A
$23.5 3.6x N/A
6/1/2025 Burroughs Loomis Holding
IPO
$72.0 0.7x N/A
5/2/2025 The Missing Link Infosys (NSE: INFY)
M&A
$61.5 2.2x N/A
4/30/2025 MRE Consulting Infosys Nova Holdings
M&A
$36.0 0.6x N/A
4/22/2025 Converge Technology Solutions Mainline Information Systems
M&A
$916.5 N/A N/A
4/21/2025 THIQAH Elm (SAU: 7203)
IPO
$905.8 N/A N/A
4/16/2025 SolarWinds Turn/River Capital
M&A
$4,440.0 5.6x 15.7x
IT Services: Select Transactions
1https://www.solarwinds.com/company/newsroom/press-releases/turnriver-completes-acquisition-of-solarwinds
Source: Pitchbook and publicly available records
Notable Transaction
h
Q2 2025 Transactions
SolarWinds Corporation (NYSE:SWI), a leading provider of secure
observability and IT management software, has been acquired by Turn/River
Capital in an all-cash transaction.
• The partnership is expected to enhance SolarWinds’ ability to deliver
secure, scalable solutions across monitoring and IT service management.
•The transaction is valued at $4.4 billion, with SolarWinds shareholders
receiving $18.50 per share in cash
•Following the close, SolarWinds common stock has ceased trading, and
the Company is no longer listed on the New York Stock Exchange
•This transaction marks the latest point in a series of enterprise software
companies being taken private by PE firms in 2025
•The deal was initially announced February 7, 2025
Notable Transaction
Turn/River Capital Completes Purchase SolarWinds for $4.4B1
April 16, 2025
$4.4 billion
Acquires
Financial Technology Quarterly Executive Briefing 27
18.0%
35.3%
50.8%
40.7%
11.3%
49.1%
47.3%
24.5%
(12.8%)
56.2%
14.1%
106.9%
28.9% 35.3%
29.4%
45.7%
35.2%
(20%)
0%
20%
40%
60%
80%
100%
120%
0.0x 3.0x 6.0x 9.0x
Insurance Distribution: Public Company Statistics
LTM Rev & EBITDA Multiples
1See “Rule of 40” definition on page 15
Note: Some data may be missing due to data limitations of the Pitchbook platform
Source: Pitchbook
LTM “Rule of 40” to EV / Rev Multiple1
TEV/Rev
TEV /EBITDA
2.6x
17.7x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
AXA 37.1% $169,971 $97,197 $11,454 11.8% 22.5% 6.2% 1.7x 14.8x
Marsh & Mclennan Companies 3.5% $128,748 $25,046 $6,941 27.7% 10.4% 7.6% 5.1x 18.5x
Aon 0.5% $87,427 $16,357 $4,965 30.4% 7.1% 20.5% 5.3x 17.6x
Arthur J. Gallagher & Company 16.0% $78,723 $12,026 $3,310 27.5% 20.4% 13.2% 6.5x 23.8x
Brown & Brown 10.3% $39,910 $4,814 $1,801 37.4% 14.5% 11.7% 8.3x 22.2x
Willis Towers Watson (0.9%) $34,891 $9,812 $868 8.8% 7.0% 2.4% 3.6x 40.2x
Ryan Specialty Holdings 8.6% $12,789 $2,654 $665 25.1% 20.9% 22.2% 4.8x 19.2x
The Baldwin Insurance Group 14.9% $5,007 $1,407 $179 12.7% 19.2% 11.8% 3.6x 28.0x
Oscar Health 58.2% $3,527 $10,082 $198 2.0% 42.6% 54.2% 0.3x 17.8x
Lemonade ( Property and Casualty Insurance)
20.4% $3,249 $559 ($201) NM 47.5% 23.1% 5.8x NM
Root Insurance 74.3% $1,669 $1,271 $105 8.3% 116.5% 98.7% 1.3x 15.8x
Clover Health (10.9%) $1,260 $1,487 ($23) NM (36.5%) 15.6% 0.8x NM
SelectQuote (38.5%) $961 $1,489 $127 8.5% 34.3% 20.4% 0.6x 7.6x
GoHealth (60.1%) $773 $834 $185 22.1% 35.4% 13.2% 0.9x 4.2x
Hippo Insurance 8.9% $574 $397 ($40) NM 88.9% 55.8% 1.4x NM
TWFG 16.7% $540 $201 $39 19.2% NA 16.0% 2.7x 14.0x
ehealth (51.2%) $420 $553 $68 12.3% 26.3% 17.0% 0.8x 6.2x
Mean 6% $33,555 $10,952 $1,802 18% 30% 24% 3.2x 17.9x
Median 9% $3,527 $1,489 $185 16% 22% 16% 2.7x 17.7x
Financial Technology Quarterly Executive Briefing 28
Date Target Acquirer(s) / Lead Investor(s)
Type
Transaction
Value ($M)
EV /
Revenue
EV / EBITDA
6/11/2025 Ategrity Specialty (NYS: ASIC) N/A
IPO
$113.3 2.3x 11.8x
6/10/2025
Accession Risk Management Group
(dba Risk Strategies) Brown & Brown (NYS: BRO)
M&A
$9,830.0 N/A N/A
5/28/2025 Neo Insurance Solutions ITOCHU Corporation
Raise
N/A N/A N/A
5/20/2025 Acrisure Bain Capital, Apollo Global
Management, Gallatin Point Capital
Raise
$2,100.0 7.0x N/A
5/13/2025 JMG Group Synova Capital, GTCR
M&A
N/A N/A N/A
5/1/2025 Pacific Crest Services Long Ridge Equity Partners
Raise
N/A N/A N/A
5/1/2025 ARC Excess & Surplus TIH
M&A
$500.0 N/A N/A
4/17/2025 PolicyMe
Blue Cross Canassurance, Securian
Canada
Raise
$30.0 N/A N/A
Insurance Distribution: Select Transactions
1https://www.globenewswire.com/news-release/2025/06/10/3096453/0/en/Brown-Brown-Inc-enters-into-agreement-to-acquire-Accession-Risk-Management-Group.html
Source: Pitchbook and publicly available records
Notable Transaction
h
Q2 2025 Transactions
Brown & Brown, Inc. (NYSE: BRO), a leading insurance brokerage firm, has
entered into an agreement to acquire rival Accession Risk Management
Group, Inc., in a $9.83 billion cash-and-stock deal.
• The deal expands Brown & Brown’s specialty, wholesale, and program
capabilities, combining complementary strengths across retail and
distribution channels
• Risk Strategies will join Brown & Brown’s Retail segment, while One80
Intermediaries will lead a newly created Specialty Distribution segment,
combining Brown & Brown’s Programs and Wholesale businesses
•The deal enhances customer and carrier relationships, broadens access to
niche insurance solutions
•The deal is expected to close in the third quarter of 2025
Notable Transaction
Brown & Brown to Acquire Accession Risk Management1
June 10, 2025
$9.8 billion
To Acquire
Morgan Partners Advised
Financial Technology Quarterly Executive Briefing 29
LTM Rev & EBITDA Multiples
Traditional Financial Institutions
Notable Transaction
h
May 18, 2025
$35.3 billion
To Acquire
1https://investor.capitalone.com/news-releases/news-release-details/capital-one-acquire-discover
Source: Pitchbook and publicly available records
Note: For some publicly traded Traditional Financial Institutions, market capitalization and net income have been used as a proxy for enterprise value and EBITDA respectively
Market Cap / Rev
Market Cap /EBITDA
TBU - HSBC
Capital One, one of the largest U.S. credit card issuers, has completed its all-
stock acquisition of Discover Financial Services combining two of the largest
players in the consumer credit and digital banking space.
•Discover shareholders received 1.0192 Capital One shares for each
Discover share, valuing the transaction at roughly $35.3 billion at the time
of the announcement in February 2024
•The combined company becomes the largest U.S. credit card issuer by
loan volume and the eighth-largest U.S. bank overall, with more than $638
billion in total assets
•The deal is expected to generate long-term cost synergies and broaden
Capital One’s reach across consumer banking, lending, and payments
Capital One Completes Purchase of Discover for $35.3B1
2.9x
12.6x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
Market Capitalization / LTM Revenue Market Capitalization / LTM EBT
Financial Technology Quarterly Executive Briefing 30
Note: Some data may be missing due to data limitations of the Pitchbook platform
Note: For some publicly traded Traditional Financial Institutions, market capitalization and net income have been used as a proxy for enterprise value and EBITDA respectively
Source: Pitchbook and publicly available records
Traditional Financial Institutions by Segment (1/2)
TBU
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
Banks
JP Morgan Chase 20.8% $805,687 $172,842 $55,132 31.9% 17.4% 8.8% 4.7x 14.6x
Bank of America 6.8% $356,408 $103,435 $31,154 30.1% 0.2% 5.4% 3.4x 11.4x
Wells Fargo 14.1% $260,725 $81,582 $20,643 25.3% 6.9% (1.4%) 3.2x 12.6x
Morgan Stanley 12.9% $225,984 $59,923 $15,942 26.6% 2.6% 16.9% 3.8x 14.2x
The Goldman Sachs Group 23.1% $217,167 $54,361 $17,684 32.5% 3.4% 12.7% 4.0x 12.3x
HSBC Holdings 24.9% $211,321 $72,002 $24,728 34.3% 18.3% 6.0% 2.9x 8.5x
Citigroup 21.7% $158,981 $81,596 $13,977 17.1% 2.6% 5.1% 1.9x 11.4x
Mitsubishi UFJ Financial Group 17.3% $157,467 $44,846 $17,506 39.0% (2.9%) 16.3% 3.5x 9.0x
UBS Group 9.4% $107,194 $45,760 $7,658 16.7% 30.0% 7.6% 2.3x 14.0x
BNP Paribas 45.9% $101,138 $80,724 $13,226 16.4% 3.1% 13.8% 1.3x 7.6x
PNC (2.6%) $73,742 $21,110 $5,899 27.9% (4.3%) 0.3% 3.5x 12.5x
U.S. Bank (5.5%) $70,501 $27,578 $6,915 25.1% 7.0% 0.1% 2.6x 10.2x
Mean 16% $228,860 $70,480 $19,205 27% 7% 8% 3.1x 11.5x
Median 16% $185,151 $65,963 $16,724 27% 3% 7% 3.3x 11.9x
Securities Broker Dealers
The Charles Schwab 23.6% $165,780 $20,465 $6,506 31.8% (12.9%) 10.8% 8.1x 25.5x
Ameriprise Financial 0.7% $50,823 $17,472 $3,607 20.6% 10.9% 9.6% 2.9x 14.1x
LPL Financial Holdings 14.3% $34,595 $13,223 $2,219 16.8% 16.9% 26.3% 2.6x 15.6x
Raymond James Financial (1.1%) $30,943 $13,425 $2,250 16.8% 7.8% 12.6% 2.3x 13.8x
Voya Financial 3.5% $12,423 $7,825 $994 12.7% 19.1% 5.7% 1.6x 12.5x
Virtu Financial 24.2% $11,223 $3,072 $1,481 48.2% 1.4% 32.7% 3.7x 7.6x
MarketAxess Holdings (0.9%) $8,376 $815 $236 29.0% 3.3% 7.3% 10.3x 35.4x
BGC Group 9.6% $5,895 $2,290 $302 13.2% 12.4% 13.3% 2.6x 19.5x
TP ICAP 15.3% $2,530 $2,879 $442 15.4% 3.6% 2.8% 0.9x 5.7x
Compagnie Financière Tradition 33.5% $1,963 $1,194 $197 16.5% 3.7% 7.0% 1.6x 10.0x
Monex Group (19.6%) $1,471 $509 $47 9.3% 44.8% (6.9%) 2.9x 31.2x
Mean 9% $29,638 $7,561 $1,662 21% 10% 11% 3.6x 17.3x
Median 10% $11,223 $3,072 $994 17% 8% 10% 2.6x 14.1x
Investment Managers
BlackRock 3.1% $169,258 $20,955 $8,570 40.9% 5.3% 14.2% 8.1x 19.8x
Blackstone (13.9%) $137,284 $12,997 $5,051 38.9% 117.2% 27.6% 10.6x 27.2x
BNY Mellon 17.7% $65,183 $18,514 $4,678 25.3% 5.8% 5.3% 3.5x 13.9x
State Street 8.6% $30,326 $13,065 $2,703 20.7% (1.3%) 9.0% 2.3x 11.2x
Franklin Templeton (San Mateo) 18.4% $25,019 $8,697 $1,217 14.0% 3.0% 7.4% 2.9x 20.6x
Northern Trust 23.1% $24,666 $8,584 $2,333 27.2% (1.6%) 28.6% 2.9x 10.6x
T. Rowe Price Group (14.9%) $21,261 $7,107 $2,086 29.4% 8.3% 6.5% 3.0x 10.2x
Amundi 20.8% $16,391 $6,701 $1,495 22.3% (4.3%) 10.2% 2.4x 11.0x
Invesco (10.7%) $11,249 $6,121 $1,241 20.3% (1.1%) 6.0% 1.8x 9.1x
Affiliated Managers Group 5.3% $8,675 $2,038 $1,051 51.6% (8.9%) (0.1%) 4.3x 8.3x
Oppenheimer & Company 1.5% $1,547 $1,447 $236 16.3% 9.7% 13.0% 1.1x 6.6x
Mean 5% $46,442 $9,657 $2,787 28% 12% 12% 3.9x 13.5x
Median 5% $24,666 $8,584 $2,086 25% 3% 9% 2.9x 11.0x
Financial Technology Quarterly Executive Briefing 31
Traditional Financial Institutions by Segment (2/2)
Note: Some data may be missing due to data limitations of the Pitchbook platform
Note: For some publicly traded Traditional Financial Institutions, market capitalization and net income have been used as a proxy for enterprise value and EBITDA respectively
Source: Pitchbook and publicly available records
($M) TTM Performance Revenue Growth EV / Rev EV / EBITDA
Company
YTD Price
Change
Enterprise
Value
Revenue EBITDA
EBITDA
Margin Q2 2024 Q2 2025 2025 2025
Exchanges
Deutsche Börse Group 40.0% $123,948 $7,701 $3,662 47.5% 16.2% 13.2% 16.1x 33.9x
Intercontinental Exchange 22.9% $122,765 $12,189 $6,007 49.3% 6.0% 19.1% 10.1x 20.4x
CME Group 18.4% $101,222 $6,285 $5,170 82.3% 10.0% 11.7% 16.1x 19.6x
Nasdaq 15.5% $58,512 $7,814 $2,591 33.2% (0.3%) 25.9% 7.5x 22.6x
Hong Kong Exchanges & Clearing 44.4% $35,949 $2,437 $1,682 69.0% (8.8%) 24.3% 14.7x 21.4x
Cboe Global Markets 18.7% $24,871 $4,332 $1,288 29.7% (5.8%) 15.8% 5.7x 19.3x
Euronext 52.5% $19,233 $1,805 $1,148 63.6% (38.4%) 47.2% 10.7x 16.7x
B3(Brazil) 64.4% $14,007 $1,712 $1,554 90.8% (1.1%) 7.8% 8.2x 9.0x
TMX Group 36.3% $13,118 $1,100 $648 58.9% 10.1% 23.6% 11.9x 20.3x
Japan Exchange Group (9.9%) $9,209 $1,077 $711 66.1% 17.3% 4.0% 8.6x 12.9x
Mean 30% $52,283 $4,645 $2,446 59% 1% 19% 11.0x 19.6x
Median 30% $30,410 $3,385 $1,618 61% 3% 17% 10.4x 19.9x
Insurance Brokers
Marsh & Mclennan Companies 3.5% $128,748 $25,046 $6,941 27.7% 10.4% 7.6% 5.1x 18.5x
Aon 0.5% $87,427 $16,357 $4,965 30.4% 7.1% 20.5% 5.3x 17.6x
Arthur J. Gallagher & Company 16.0% $78,723 $12,026 $3,310 27.5% 20.4% 13.2% 6.5x 23.8x
Brown & Brown 10.3% $39,910 $4,814 $1,801 37.4% 14.5% 11.7% 8.3x 22.2x
Goosehead Insurance Agency 0.3% $2,869 $326 $77 23.8% 18.5% 21.6% 8.8x 37.1x
ehealth (51.2%) $420 $553 $68 12.3% 26.3% 17.0% 0.8x 6.2x
Huize.com (34.7%) $8 $170 NA NA 4.3% 1.3% 0.0x NM
Mean (8%) $48,301 $8,470 $2,860 27% 14% 13% 5.0x 20.9x
Median 1% $39,910 $4,814 $2,556 28% 14% 13% 5.3x 20.4x
P&C Insurance Carriers
The Progressive 10.9% $163,139 $78,508 $11,573 14.7% 24.9% 20.7% 2.1x 14.1x
Chubb 6.3% $139,122 $56,694 $11,545 20.4% 16.4% 9.3% 2.5x 12.1x
Travelers Companies 11.1% $67,925 $47,010 $6,378 13.6% 13.5% 9.6% 1.4x 10.6x
Allstate 4.9% $62,554 $65,321 $5,974 9.1% 10.7% 11.5% 1.0x 10.5x
The Hartford Insurance Group 16.4% $41,219 $26,755 $4,241 15.9% 10.6% 7.7% 1.5x 9.7x
The Hanover Insurance Group 11.4% $6,570 $6,271 $587 9.4% 9.2% 3.4% 1.0x 11.2x
ZhongAn 61.4% $5,279 $4,675 $227 4.9% 32.1% 14.7% 1.1x 23.2x
Mercury General 2.4% $3,037 $5,595 $447 8.0% 21.6% 16.6% 0.5x 6.8x
Mean 16% $61,106 $36,354 $5,121 12% 17% 12% 1.4x 12.3x
Median 11% $51,887 $36,883 $5,108 11% 15% 11% 1.3x 10.9x
Health / Life Insurance Carriers
UnitedHealth Group (38.2%) $340,112 $410,057 $36,399 8.9% 13.0% 8.1% 0.8x 9.3x
The Cigna Group 20.4% $116,865 $254,465 $11,021 4.3% 11.7% 24.6% 0.5x 10.6x
Elevance Health 6.3% $110,500 $183,124 $10,461 5.7% 6.9% 6.6% 0.6x 10.6x
MetLife (1.7%) $69,591 $72,400 $6,962 9.6% (3.0%) 8.1% 1.0x 10.0x
Aflac 3.0% $68,541 $17,143 $4,591 26.8% 3.2% (11.8%) 4.0x 14.9x
Humana (3.2%) $38,631 $120,262 $4,000 3.3% 14.2% 10.1% 0.3x 9.7x
Sun Life Financial 12.1% $37,877 $23,699 $3,609 15.2% (7.1%) 28.2% 1.6x 10.5x
Prudential UK 56.1% $35,909 $8,139 $3,513 43.2% (32.0%) (32.0%) 4.4x 10.2x
Lincoln Financial Group 8.7% $25,315 $18,594 $1,879 10.1% (4.0%) 55.0% 1.4x 13.5x
Mean 7% $93,705 $123,098 $9,159 14% 0% 11% 1.6x 11.0x
Median 6% $68,541 $72,400 $4,591 10% 3% 8% 1.0x 10.5x
Total Traditional Financial Institutions
Mean 12% $84,946 $37,347 $6,633 27% 8% 12% 4.3x 14.9x
Median 11% $40,564 $13,031 $3,607 25% 7% 10% 2.9x 12.5x
Hugh Keefe
Managing Director
P: (617) 863-2126
E: hugh.keefe@morganpartners.com
Ames Tardio
Director
P: (617) 862-0629
E: ames.tardio@morganpartners.com
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