金融科技集团：资本市场技术市场更新

Spring 2025 InsurTech Market UpdateOffice of the CFO SoftwareMarket UpdateView ReportPayments Market UpdateJoin Houlihan Lokey’s FinTech mailing list to receivethis report in the future, as well as other HoulihanLokey transaction announcements, event invitations,and company updates.SubscribeView ReportOther Houlihan Lokey SectorSpotlight PublicationsView ReportProperty and InsuranceTechnology Market UpdateView Report Capital Markets Technology HoulihanLokey Advisory Update:What have we been up to?Capital Markets Technology KeyThemes Update:What have our clients been up to?Capital Markets Technology SectorUpdate:What have the markets been up to?We remained highly active in 2024across the capital marketstechnology ecosystem, with multipleclosed or announced advisoryengagements.Key thematic trends across theindustry:Exchanges diversify intotechnology through M&A.Buyside transforms itsdecision process.Digital transformationempowers investors withmore data and insightthan ever before.Private markets continueto outpace the public.AI begins to permeate acrossthe front-to back-office.Please refer toSection 2for additionaldetails on each of these themes.Theindex of public capital marketstechnology companies has tradedabove the S&P 500, though there ismeaningful variability by theunderlying subsector.Alongside this performance, weanticipate the M&A market tointensifyin 2025 for both strategicand PE deals as market conditionsstabilize, acquirer demand intensifies,and willingness to transact grows.Executive Summary:Capital Markets Technology Report2Section 3: Market MapsSection 4: ValuationSection 5: Deal ActivityRefer to:Sellside AdvisorSellside AdvisorSellside AdvisorbySellside AdvisorCompany AdvisorSecurity Lendingand ClearingOTC AssetTrading SoftwareCash/SavingsPlatformData Managementand AutomationCapital MarketsInfo and TradingPortalCrypto Tradingand Lending 01Houlihan Lokey andCapital Markets TechnologyAdvisory Overview04Public Market Performanceand Valuation UpdateTable of Contents 02Key Themes05Notable Deal Activity 03Market Maps06Public ComparablesDetail by Subsector Houlihan Lokey andCapital Markets TechnologyAdvisory Overview Houlihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bankLeadingCapital Markets AdvisorNo. 1Global Restructuring Advisor1,800+Transactions Completed Valued atMore Than$3.8 TrillionCollectivelyNo. 1Global M&A AdvisorLeading Independent, Global Advisory Firm5CORPORATE FINANCEFINANCIAL RESTRUCTURING36LocationsWorldwide2,707GlobalEmployees(1)$12.75BMarketCap(2)(1)As of December 31, 2024.(2)As of January 31, 2025.(3)LTM ended December 31, 2024.2024 Global Distressed Debt &Bankruptcy Restructuring RankingsAdvisorSource: LSEG (formerly Refinitiv).2024 M&A Advisory RankingsAll Global TransactionsDealsAdvisor415HoulihanLokey1406Rothschild & Co2371Goldman Sachs & Co3342JP Morgan4309Morgan Stanley5Source: LSEG (formerly Refinitiv).Excludes accounting firms and brokers. No. 1Global M&A Fairness OpinionAdvisor Over the Past25 Years2,000+Annual Valuation EngagementsFINANCIAL AND VALUATION ADVISORYNoDebt~25%Employee-owned$2.2BRevenue(3)2023 Most Active Investment Banks toPrivate Equity–GloballyAdvisorSource:PitchBook. Excludes accounting firms and brokers.No. 1Global Private Equity M&AAdvisor1,300+Sponsors Covered GloballyFINANCIAL SPONSORS COVERAGEDeals88HoulihanLokey159PJT Partners Inc248Rothschild & Co344Lazard440Perella Weinberg Partners LP52000–2024 Global M&AFairness Advisory RankingsDealsAdvisor1,243HoulihanLokey11,045Duff & Phelps, A Kroll Business21,020JP Morgan3792UBS4698Morgan Stanley5Source:LSEG (formerly Refinitiv).Announced or completed transactions. Global, Market-Leading FinTech Group6Houlihan Lokey’s dedicated FinTech Group builds on the firm’sleading technology and financial services expertise and underscoresits belief in and commitment to the future of FinTech. Our coverage isarranged around deep end-market expertise with dedicated senior-level financial professionals across every vertical of FinTech.Asset/WealthManagement TechBanking andLending TechCapital MarketsTechnologyCorporateFinancial FunctionFinTechSectorsCoveredNote: As of December 2024.(1) Source: LSEG (formerly Refinitiv). Excludes accounting firms and brokers.(2) Excludes banks. Complementary Industry Coverageand Broad Product Capabilities2024 M&A Advisory RankingsAll Global Technology Transactions(1)AdvisorDeals1Houlihan Lokey1012Goldman Sachs983JP Morgan932024 M&A Advisory RankingsAll Global Financial Services Transactions(1)(2)AdvisorDeals1Houlihan Lokey562Goldman Sachs463JP Morgan41TechnologyFinancial ServicesProduct Capabilities‒M&A Advisory (Sellsideand Buyside)‒Private Capital Markets (Equity and Debt)‒Board and Special Committee Advisory‒Fairness Opinions and Valuation Services‒Financial Restructuring and Special SituationsFinTech IndustryCoverage Houlihan Lokey’s FinTech PracticeGlobal, Specialized FinTechPractice Within a NewlyDedicated Indus