Market Update
After a tremendous Q4 2004 the Equity markets have been down and up and overall nearly unchanged YTD. This can be regarded as impressive performance considering the unstable macroeconomic environment… Read More>>

Anti-Money Laundering – Now They Mean It, But What Does It Mean For You?
While anti-money laundering (AML) standards have been in place for decades (since the 1970 Bank Secrecy Act (BSA)), the US Patriot Act of 2001 and the recent enforcement actions have brought the issue to the forefront for Financial Institutions. The economic ramifications … Read More>>

Using Technology to Meet the Challenge of Compliance
Technology can play a vital role in an FI’s enterprise strategy to meet BSA and AML requirements. An effective AML solution is an enhanced customer resource management system, one that allows bank personnel to monitor, analyze and act – enterprise wide – on customer information… Read More>>

Fintech M&A Transactions
Financial Technology merger & acquisition deals for the most recent quarter, featuring actual deal values with corresponding revenue and EBITDA valuation multiples. Read More>>

Fintech Public Company Valuations
Relevant financial data for publicly traded companies organized by the following Fintech subsectors: Banking, Liquidity, Payments, and Financial Software. Read More>>

(Please click here for PDF of Valuations)


Selected Fintech News Headlines
A brief collection of recent news developments within the Financial Technology space. Read More>>

Recent Fintech IPOs and Filings
Noteworthy initial public offerings along with amount raised for both recent and pending capital market filings. Read More>>

Recent Updata Fintech Transactions
A sample of Updata transactions, including Fintech-related deals. Read More>>


Financial Technology Market Update

After a tremendous Q4 2004 the Equity markets have been down and up and overall nearly unchanged YTD. This can be regarded as impressive performance considering the unstable macroeconomic environment and rising interest rates. The Updata Fintech Index is up slightly for the year along with the NASDAQ and has significantly out performed the NASDAQ over the last twelve months. The IPO market has not been open except for those companies with significant critical mass, but certainly there is a continued trend of “bigger is better” which is reflected in the continued increase in M&A activity in the fintech space. The fintech M&A volume continues to strengthen with no end in sight. A few deals of particular note are highlighted below.

Fiserv, the leading provider of information management systems and services to the financial and health benefits industries, continues acquisitive expansion with the company’s $350 million purchase of BillMatrix in July—representing a rich multiple of 3.9x EV/2006 Revenue. BillMatrix, founded in 1994, provides billers with an outsourced payment solution that allows customers to get immediate credit for bills paid online or over the phone using electronic checks, debit cards or credit cards. The Company, whose clients include utilities, telecom providers, insurance companies and lenders, is expected to generate approximately $90 million in revenue in 2006. The deal is expected to be slightly accretive to earnings next year and will provide BillMatrix with access to capital and other resources to improve current offerings and grow into new market opportunities.

Another notable transaction is the September merger between Fidelity National Information Services and Certegy—a leading provider of credit, debit, check risk management and cash access services for a deal value of $3.9 billion. The businesses are complementary with cost and revenue synergies in the community bank, credit union and international markets. The new FIS will have nearly $4 billion of diversified run-rate revenue and $1 billion of run-rate EBITDA from a blue chip customer base.

Also in September 2005 BISYS Information Services Group, a leading provider of business process outsourcing solutions for the financial services sector was acquired by Open Solutions,a provider of data processing software for community banks and credit unions. The purchase price was $470 million, representing a 2.5x EV/2006 Revenue multiple. The companies were very familiar with one another due to a strategic reselling alliance since 1997.

The robust M&A activity is being driven by a combination of several factors:
  • Need to broaden customer base
  • Private Equity money needing to be invested
  • Vendors seeking to offer solutions to capture compliance spending while driving core product sales
  • Customer retention through technology differentiation
  • Vertical acquisitions enable vendors to access larger and/or faster growing segments, make higher-value strategic sales and gain domain expertise
  • Filling in product gaps and suites to provide customers with more robust, end-to-end solution
  • Provide strategic differentiation whilst facing maturing IT markets and commoditization of solutions
  • Size enhances profitability, cash flow and market resiliency
  • High costs of going public (IPOs) due to SOX 404 requirements as well as liquidity issues make M&A alternatives more attractive



These strategic, regulatory and financial themes will continue to drive M&A activity, as consolidation continues to yield results and add value.

 

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Anti-Money Laundering – Now They Mean It, But What Does It Mean For You?

While anti-money laundering (AML) standards have been in place for decades (since the 1970 Bank Secrecy Act (BSA)), the US Patriot Act of 2001 and the recent enforcement actions have brought the issue to the forefront for Financial Institutions. The economic ramifications of violating BSA regulations, coupled with the public relations fall-out and stigma associated with a breach, are becoming a very real concern for Financial Institutions. Those who have paid the price include Riggs Bank, which was fined $25 million for money-laundering violations in May 2004 and AMSouth Bancorp, which agreed to pay $40 million in penalties for its failure to file suspicious –activity reports for some customers. Recently Arab Bank PLC was fined and agreed to pay $24 million for failure to comply with the BSA. According to Financial Crimes Enforcement Network (FinCEN), “they didn’t have adequate controls and stems to identify potentially suspicious activity when they were clearing US-Dollar wire transactions through New York.” (American Banker August 18, 2005). Despite the evolving legal standards and no mention of a specific incident the fine was levied. Banks are taking notice that the lack of controls, in and of itself is basis for the fines.
The attacks of September 11th and continued terrorist threats have resulted in governments’ focusing on the financing of terrorism with an emphasis on money laundering, and in particular on the role of Financial Institutions. The requirements for FI’s are being more strictly enforced and while the cost of compliance is significant, it is dwarfed by the potential cost of non-compliance. Compliance includes:

  • Ensuring staff awareness across the organization
  • Training tailored to the role of individual staff members and their roles
  • Preparing to know the customer and conduct extensive due diligence when appropriate
  • Ensuring that those with whom the institution does business, such outsourced service providers, apply equally rigorous procedures
  • Developing an effective relationship with regulators and willingness inform them about problems early on
  • Identifying unusual transactions, which can be achieved through the use of sophisticated and effective software
  • Supporting spending on training & software;
  • Recognition that there is business that banks should walk away from because it could cause catastrophic damage to the institution
  • The full commitment of the Board to the AML policy

(GT News John Broome, Centre for Transnational Crime Prevention)

While historically there was little risk of non-compliance, in today’s environment of heightened awareness and publicity, non-compliance could prove disastrous, and not only through monetary losses, but also by irreparable damage potentially inflicted on an FI’s reputation.

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Using Technology to Meet the Challenge of Compliance

Technology can play a vital role in an FI’s enterprise strategy to meet BSA and AML requirements. An effective AML solution is an enhanced customer resource management system, one that allows bank personnel to monitor, analyze and act – enterprise wide – on customer information on a timely manner. With the stakes high, FI’s are demanding more comprehensive packages integrated across multiple lines of business to provide enterprise-wide protection, versus a single line of business focused AML solution. Banks are seeking extended capabilities that integrate with existing bank systems and applications to ensure maximum visibility and awareness of customer activity. Often, most of the required information has been gathered in other areas of the bank but the challenge is to aggregate this information and turn it into actionable intelligence. The next generation of solutions may incorporate external information, such as public court records, to create a more proactive approach to mitigating damage before damage is done. Traditionally targeting larger financial institutions, AML solutions are increasingly available to other tiers including smaller community banks with solutions increasingly offered on a hosted basis. There are a number of vendors with solutions in the marketplace including:

SAS - SAS Anti-Money Laundering automatically identifies, classifies and surfaces suspicious activities enabling FI’s to gain rapid access to critical information, detect suspicious activities with greater accuracy, better allocate resources, access an audit trail, and present investigators with accurate, relevant information.

Mantas - Based on the Mantas Behavior Detection Platform, Mantas Anti-Money Laundering™ provides automated, comprehensive and consistent surveillance of accounts, customers, and correspondents across all business lines for suspicious activities and possible money laundering.

Searchspace – Searchspace’s AML solution reviews every transaction based on individual and constantly adapting behavioral profiles that are generated and maintained for each account and customer. The Company’s solution can be deployed into environments with transactions ranging from 10,000 to 50,000,000 per day.

Metavante - Compliance Manager enables financial services institutions to filter and review their customers and their customers' transactions for sanctioned party violations dynamically. In early 2005, Metavante expanded AML capabilities through its acquisition of Prime Associates, a provider of AML compliance software.

Experian – Experian’s Anti-Money Laundering solutions enable brokerage firms, insurance companies and other businesses to comply with federal and international regulations with a suite of software products providing suspicious activity identification, money laundering detection, risk mitigation and compliance support. Experian expanded its AML capabilities with its acquisition of Americas Software in August 2004.

Updata expects AML spending to accelerate for FI’s over the next several years. We expect more vendors to enter the space financed with private equity and anticipate consolidation among the current vendors starting with the pure play vendors. Over the longer term we expect AML functionality to be fully incorporated into broader front and back office applications.

 

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Financial Technology Market Update

Date Announced
Seller
Buyer
Deal Value
Enterprise Value (EV)
Revenues
EBITDA
EV/
Revenue
EV/
EBITDA
Seller's Sector
20-Oct Financial Network Services Tata Consultancy Services
$26.0
$26.0
$22.0
$0.0
1.2x
N/A
Core Processing
17-Oct Radius Partners Fundtech Ltd
N/A
N/A
N/A
N/A
N/A
N/A
Securities
13-Oct Prediction Analytics Inc Experian
N/A
N/A
N/A
N/A
N/A
N/A
Services and Content
10-Oct VeriSign online-payment business EBay Inc
$370.0
$370.0
N/A
N/A
N/A
N/A
Transaction Processing
7-Oct CSG Global Software & Services Division Comverse Technology, Inc
$251.0
$251.0
N/A
N/A
N/A
N/A
EBPP
4-Oct Link2GOV Metavante Corporation
N/A
N/A
N/A
N/A
N/A
N/A
Government
29-Sep JP Morgan - Brown Co E*Trade Financial Group
$1,600.0
$1,600.0
N/A
N/A
N/A
N/A
Securities
22-Sep Global Investment Systems Linedata
N/A
N/A
N/A
N/A
N/A
N/A
Financial Technology
15-Sep BISYS Information Services Group Open Solutions
$470.0
$470.0
N/A
N/A
N/A
N/A
Core Processing
15-Sep Fidelity National Information Services, Inc Certegy Inc
$3,900.0
$6,700.0
$2,265.4
N/A
3.0x
N/A
Core Processing
12-Sep DAVID Corporation HALO Technology Holdings, Inc
N/A
N/A
N/A
N/A
N/A
N/A
Risk Analytics
6-Sep Integrated Decision Systems CheckFree Corp
$18.0
$18.0
N/A
N/A
N/A
N/A
Asset Managemnt
31-Aug Baker Hill Experian
N/A
N/A
N/A
N/A
N/A
N/A
Customer Relationship Management
24-Aug MarginMan SS&C Technology Holdings, Inc
$5.6
$5.6
N/A
N/A
N/A
N/A
Trade Management
17-Aug Scrittura Interwoven Inc
$16.3
$16.3
N/A
N/A
N/A
N/A
Financial Technology
11-Aug Brasfield Corporation Metavante Corporation
$15.0
$15.0
N/A
N/A
N/A
N/A
Banking
9-Aug qbt Systems, Inc Corillian Corp
$5.3
$5.3
N/A
N/A
N/A
N/A
Financial Technology
9-Aug COWWW Software Open Solutions Inc
$8.0
$8.0
$4.0
N/A
2.0x
N/A
Content Management
8-Aug Harrisdirect E TRADE FINANCIAL
$750.0
$750.0
N/A
N/A
N/A
N/A
Securities
3-Aug E-Loan, Inc. Popular Inc.
$290.0
$227.4
$142.8
$10.7
1.6x
21.3x
Internet
2-Aug i-flex solutions (for minority interest) Oracle
$1,500
$1,356.0
$273.0
$55.7
5.0x
24.3x
Banking
28-Jul SS&C Technologies, Inc Carlyle Group
$941.0
$983.0
$120.3
$42.7
8.2x
23.0x
Financial Technology
27-Jul BillMatrix Corp Fiserv, Inc
$350.0
$350.0
N/A
N/A
N/A
N/A
Payments
20-Jul SRC Software Business Objects
$100.0
$100.0
$35.0
N/A
2.9x
N/A
Financial Technology
13-Jul Macgregor Investment Technology Group, Inc
$230.0
$230.0
N/A
N/A
N/A
N/A
Transaction Processing
8-Jul Almonde Misys plc
$18.1
$18.1
N/A
N/A
N/A
N/A
Risk Analytics

EV/Revenue
Mean
3.4x
Median
2.9x
Minimum
1.2x
Maximum
8.2x

(1) Enterprise value is equal to market capitalization plus debt and pfd stock minus cash and cash equivalents

 

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Selected Publicly Traded Fintech Company Valuations

(Please click here for PDF of Valuations)

($ in Millions)
Market Value
Financial Data
Enterprise Value as a Multiple of
Company
Price
% of 52
Week Hi
Market
Cap
Enterprise
Value (1)
LTM
Revenue

MRQ
Rev.

Growth YoY

LTM Gross
Margin
LTM EBITDA
Margin
Revenues
EBITDA (2)
LTM
CY 05
LTM
CY 05
Selected Banking Companies
Carreker Corp.
$5.93
64.1%
$144.8
$118.5
$117.6
1.0%
49.1%
10.8%
1.0x
1.0x
9.3x
NA
CheckFree Corp.
$37.86
89.9%
$3,517.7
$3,171.9
$757.8
26.9%
60.8%
32.8%
4.2x
4.0x
12.8x
12.5x
Chordiant Software Inc.
$2.64
80.0%
$212.6
$174.4
$86.2
28.5%
62.4%
NM
2.0x
1.8x
NM
NA
Corillian Corp.
$3.04
50.2%
$121.8
$83.5
$50.2
-1.1%
65.8%
22.1%
1.7x
1.6x
7.5x
10.7x
Digital Insight Corp.
$25.97
92.7%
$928.8
$846.6
$200.4
11.7%
53.1%
23.5%
4.2x
4.0x
18.0x
13.8x
Fair Isaac Corp.
$41.07
90.8%
$2,814.6
$2,906.4
$785.8
17.7%
64.9%
29.5%
3.7x
3.5x
12.6x
11.7x
Fidelity National Financial Inc.
$36.50
86.2%
$6,455.9
$7,982.5
$8,961.5
10.5%
NA
20.5%
0.9x
0.9x
4.3x
4.5x
Fiserv Inc.
$45.35
96.8%
$8,762.8
$6,635.0
$3,894.0
5.3%
49.9%
22.5%
1.7x
1.8x
7.6x
7.3x
Jack Henry & Associates Inc.
$17.29
78.7%
$1,615.2
$1,647.6
$535.9
12.2%
41.5%
29.5%
3.1x
2.9x
10.4x
NA
John H. Harland Co.
$42.90
95.1%
$1,206.0
$1,479.6
$870.2
24.1%
50.0%
20.2%
1.7x
1.5x
8.4x
6.7x
Misys PLC
$3.81
0.8%
$1,928.2
$2,734.4
$1,701.9
5.3%
27.4%
59.9%
1.6x
NA
13.7x
NA
Online Resources Corp.
$11.26
93.4%
$298.5
$247.6
$51.9
42.3%
62.0%
22.7%
4.8x
4.1x
21.0x
17.8x
Open Solutions Inc.
$19.70
69.2%
$500.4
$491.0
$149.2
115.8%
57.6%
20.5%
3.3x
2.6x
16.1x
11.9x
S1 Corp.
$4.16
41.3%
$294.8
$203.4
$251.9
1.9%
59.5%
11.6%
0.8x
0.8x
7.0x
32.8x
 
Mean
73.5%
21.6%
54.2%
25.1%
2.5x
2.3x
11.4x
13.0x
Median
83.1%
11.9%
57.6%
22.5%
1.9x
1.8x
10.4x
11.8x




Market Value
Financial Data
Enterprise Value as a Multiple of
Company
Price
% of 52
Week Hi
Market
Cap
Enterprise
Value (1)
LTM
Revenue

MRQ
Rev.

Growth YoY

LTM Gross
Margin
LTM EBITDA
Margin
Revenues
EBITDA (2)
LTM
CY2005
LTM
CY2005
Selected Liquidity Companies
Chicago Mercantile Exchange Holdings Inc.
$334.00
96.4%
$11,613.7
$10,758.3
$868.8
32.4%
76.1%
58.5%
12.4x
11.7x
21.2x
18.9x
Investment Technology Group Inc.
$29.32
95.6%
$1,237.4
$1,038.5
$369.8
26.2%
46.3%
28.6%
2.8x
2.7x
9.8x
8.2x
Nasdaq Stock Market Inc.
$28.86
93.3%
$3,171.7
$3,182.6
$691.9
83.1%
79.3%
8.6%
4.6x
3.8x
53.4x
15.5x
NYFIX Inc.
$4.15
51.6%
$137.3
$128.8
$81.7
38.2%
46.1%
7.6%
1.6x
1.3x
20.8x
NA
LaBranche & Co. Inc.
$9.19
86.2%
$557.7
$492.1
$293.5
-14.3%
67.4%
2.8%
1.7x
1.7x
59.8x
NA
Knight Capital Group Inc.
$9.10
74.7%
$970.5
$734.0
$548.9
-20.3%
57.9%
10.6%
1.3x
1.3x
12.6x
NA
 
Mean
83.0%
24.2%
62.2%
19.4%
4.1x
3.7x
16.1x
14.2x
Median
89.8%
29.3%
62.6%
9.6%
2.2x
2.2x
16.7x
15.5x




Market Value
Financial Data
Enterprise Value as a Multiple of
Company
Price
% of 52
Week Hi
Market
Cap
Enterprise
Value (1)
LTM
Revenue

MRQ
Rev.

Growth YoY

LTM Gross
Margin
LTM EBITDA
Margin
Revenues
EBITDA (2)
LTM
CY2005
LTM
CY2005
Selected Payments Companies
Alliance Data Systems Corp.
$37.14
76.5%
$3,179.2
$3,360.5
$1,391.4
23.3%
27.1%
22.3%
2.4x
2.2x
10.8x
9.8x
Bottomline Technologies Inc.
$14.60
78.4%
$279.1
$243.2
$96.5
17.3%
57.6%
11.9%
2.5x
2.4x
21.1x
18.8x
Certegy Inc.
$37.21
90.7%
$2,345.3
$2,571.3
$1,083.0
8.0%
29.3%
21.9%
2.4x
2.3x
10.9x
10.4x
CheckFree Corp.
$37.86
89.9%
$3,517.7
$3,171.9
$757.8
26.9%
60.8%
32.8%
4.2x
4.0x
12.8x
12.5x
eFunds Corp.
$19.91
81.6%
$937.7
$738.9
$501.1
-17.4%
68.3%
21.1%
1.5x
1.4x
7.0x
7.0x
First Data Corp.
$40.50
93.3%
$31,703.4
$31,703.4
$10,317.1
3.3%
44.8%
30.3%
3.1x
3.0x
10.1x
9.7x
Global Payments Inc.
$83.65
96.6%
$3,371.6
$3,385.0
$784.3
3.3%
57.0%
26.2%
4.3x
4.0x
16.5x
14.7x
Fundtech Ltd.
$9.96
86.8%
$157.5
$109.3
$67.4
33.7%
54.6%
13.1%
1.6x
1.5x
12.3x
NA
iPayment Inc.
$36.32
70.5%
$661.5
$811.7
$539.3
102.7%
12.3%
15.2%
1.5x
1.2x
9.9x
7.8x
Online Resources Corp.
$11.26
93.4%
$298.5
$247.6
$51.9
42.3%
62.0%
22.7%
4.8x
4.1x
21.0x
17.8x
Tier Technologies Inc.
$7.69
78.3%
$150.6
$93.7
$147.6
21.9%
32.1%
9.1%
0.6x
0.6x
7.0x
9.8x
Total System Services Inc.
$20.65
77.5%
$4,074.1
$3,936.1
$1,372.4
41.6%
100.0%
27.6%
2.9x
2.6x
10.4x
9.5x
Transaction Systems Architects Inc.
$29.71
98.4%
$1,138.2
$953.0
$303.9
7.5%
73.7%
23.3%
3.1x
3.0x
13.5x
12.4x
Trintech Group PLC
$3.63
53.2%
$118.4
$80.5
$56.6
6.2%
59.7%
5.6%
1.4x
NA
25.3x
NA
 
Mean
83.2%
22.9%
52.8%
20.2%
2.6x
2.5x
13.5x
11.7x
Median
84.2%
19.6%
57.3%
22.1%
2.5x
2.4x
11.6x
10.1x


 

Market Value
Financial Data
Enterprise Value as a Multiple of
Company
Price
% of 52
Week Hi
Market
Cap
Enterprise
Value (1)
LTM
Revenue

MRQ
Rev.

Growth YoY

LTM Gross
Margin
LTM EBITDA
Margin
Revenues
EBITDA (2)
LTM
CY2005
LTM
CY2005
Selected Financial Software Companies
Advent Software Inc.
$27.90
97.0%
$873.0
$739.1
$159.1
14.5%
67.0%
9.3%
4.6x
4.5x
50.1x
34.7x
Automatic Data Processing Inc.
$42.86
92.6%
$25,226.5
$23,631.2
$8,499.1
15.5%
51.6%
20.5%
2.8x
2.7x
12.3x
11.7x
BISYS Group Inc.
$13.04
77.1%
$1,572.1
$1,827.5
$1,081.1
4.9%
36.3%
20.3%
1.7x
1.7x
8.3x
8.6x
Corillian Corp.
$3.04
50.2%
$121.8
$83.5
$50.2
-1.1%
65.8%
22.1%
1.7x
1.6x
7.5x
10.7x
Digital Insight Corp.
$25.97
92.7%
$928.8
$846.6
$200.4
11.7%
53.1%
23.5%
4.2x
4.0x
18.0x
13.8x
DST Systems Inc.
$53.35
96.2%
$4,316.0
$5,165.5
$1,924.9
11.8%
NA
13.8%
2.7x
3.0x
19.5x
10.6x
Fair Isaac Corp.
$41.07
90.8%
$2,814.6
$2,906.4
$785.8
17.7%
64.9%
29.5%
3.7x
3.5x
12.6x
11.7x
Fiserv Inc.
$45.35
96.8%
$8,762.8
$6,635.0
$3,894.0
5.3%
49.9%
22.5%
1.7x
1.8x
7.6x
7.3x
Jack Henry & Associates Inc.
$17.29
78.7%
$1,615.2
$1,647.6
$535.9
12.2%
41.5%
29.5%
3.1x
2.9x
10.4x
NA
Linedata Services
$23.12
89.3%
$264.3
$268.1
$141.8
7.8%
36.7%
20.8%
1.9x
NA
7.6x
NA
Misys PLC
$3.81
0.8%
$1,928.2
$2,734.4
$1,701.9
5.3%
27.4%
59.9%
1.6x
NA
13.7x
NA
Online Resources Corp.
$11.26
93.4%
$298.5
$247.6
$51.9
42.3%
62.0%
22.7%
4.8x
4.1x
21.0x
17.8x
Open Solutions Inc.
$19.70
69.2%
$500.4
$491.0
$149.2
115.8%
57.6%
20.5%
3.3x
2.6x
16.1x
11.9x
S1 Corp.
$4.16
41.3%
$294.8
$203.4
$251.9
1.9%
59.5%
11.6%
0.8x
0.8x
7.0x
32.8x
SEI Investments Co.
$39.47
90.9%
$4,080.8
$3,971.4
$731.7
12.4%
50.9%
30.9%
5.4x
5.2x
17.5x
17.4x
SimCorp A/S
$91.81
87.8%
$450.1
$383.8
$113.0
13.8%
64.4%
22.2%
3.4x
NA
15.3x
NA
 
Mean
77.8%
18.2%
52.6%
23.7%
3.0x
3.0x
13.0x
15.8x
Median
90.0%
12.0%
53.1%
22.2%
2.9x
2.9x
13.1x
11.8x


(1) Enterprise value is equal to market capitalization plus debt and pfd stock minus cash and cash equivalents
(2) EBITDA excludes all one-time charges and expenses
(3) Outliers, if any and as indicated by a shaded box, are excluded from mean calculations

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Selected Financial Technology News Headlines


20-Oct James D. Aramanda Joins Automatic Data Processing (ADP) as a Group President and Executive Vice President (http://biz.yahoo.com...)
20-Oct First Data Corp (FDC) agreed to acquire Korea Mobile Payment Services (http://money.cnn.com...)
17-Oct EFG Companies Announces Strategic Training Alliance with ADP Dealer Services (http://biz.yahoo.com...)
17-Oct Online Resources Corp. (ORCC), signed new agreements with two financial institutions for Internet banking and bill payment services: Lockheed Federal Credit Union, MacDill Federal Credit Union (http://biz.yahoo.com...)
17-Oct Fundtech Ltd (FNDT) agreed to acquire Radius Partners, a provider of straight-through processing sytems to the global securities industry (http://www.informationweek.com...)
11-Oct TSYS Prepaid Names Payments Veteran as COO; Holman Focuses on System Quality, Availability and Client Service (http://www.tsys.com...)
6-Oct Fiserv Credit Union (FISV) Core Processors Developing Health Savings Account Functionality (http://biz.yahoo.com...)
5-Oct First Data, Chase Agree to Integrate Chase Merchant Services, Paymentech (http://news.firstdata.com...)
5-Oct Bottomline Technologies (EPAY) Introduces Pan-European Payments and Reporting Capabilities for WebSeries(R) Platform (http://biz.yahoo.com...)
5-Oct eFunds (EFD) Corporation Offers Complete Online Account Opening Solution Banks and Credit Unions Now Have Access to Instant Account Opening and Funding (http://www.msnbc.msn.com...)
5-Oct Knox County, Tennessee Has Chosen Official Payments (TIER) to Provide Electronic Payment Services for Tax Collections
(http://www.tier.com...)
3-Oct North Island Credit Union Selects Corillian (CORI) to Enhance Online Banking Services for Consumer and Business Banking (http://www.corillian.com...)




Recent Financial Technology IPO's and Filings

(in millions, except Offering Price)
Date Company Filing Shares Sold Offering Price Raised/Filed
Pending Mastercard Incorporated IPO NA NA $2,450.0
Pending Penson International IPO NA NA NA
September 23, 2005 Global Cash Access Holdings Inc. IPO 16.06 $14.00 $224.8
August 11, 2005 Heartland Payment Systems Inc. IPO 6.75 $18.00 $121.5
May 3, 2005 Morningstar Inc. IPO 7.61 $18.50 $140.8
March 15, 2005 BofI Holding Inc. IPO 2.25 $11.50 $25.9


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Financial Technology Team

Joel Kallett: jkallett@updata.com
Greg Treger: gtreger@updata.com
Erin Lucien: elucien@updata.com
Brandon Boey: bboey@updata.com

Updata Capital, Inc. Disclaimer
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