May 2026
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Largest Financial Services Software Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
S&P Global, Moody's, Constellation Software, Fiserv and Fair Isaac.
 | S&P Global provides data and benchmarks to capital and commodity market participants. Its ratings business is the largest credit rating agency in the world and S&P's largest segment by profitability. S&P's largest segment by revenue is market intelligence, which provides desktop, data and advisory solutions, enterprise solutions, and credit/risk solutions mostly in the financial-services industry. S&P's other segments include energy (formerly commodity insights, this segment includes Platts and other data), mobility (Carfax), and indexes. S&P plans to spin off mobility in 2026. | $418 | -19% | $124B | $136B | 8.8x | 17.3x | ||
| Moody’s, along with S&P Ratings, is a leading provider of credit ratings on fixed-income securities. The ratings segment, Moody’s Investors Service, includes corporates, structured finance, financial institutions, and public finance ratings. MIS represents a majority of the firm’s profit and often (depending on bond issuance levels) a majority of the firm's revenue. The other segment, Moody’s Analytics, consists of decision solutions, research and insights, and data and information. | $449 | -6% | $78B | $84B | 10.9x | 21.5x | ||
 | Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2025, Constellation consisted of over 1,000 individual businesses and 64,000 employees. | $1,976 | -46% | $42B | $44B | 3.8x | 13.6x | ||
| Fiserv is a leading provider of core processing and complementary services, such as electronic funds transfer, payment processing, and loan processing, for US banks and credit unions, with a focus on small and midsize banks. Following its 2019 merger with First Data, Fiserv also provides payment processing services to merchants. About 10% of the company’s revenue is generated internationally. | $57 | -65% | $30B | $59B | 2.8x | 6.4x | ||
| Founded in 1956, Fair Isaac Corporation is a leading applied analytics company. Fair Isaac is primarily known for its FICO credit scores, which is a widely used industry benchmark to determine the creditworthiness of an individual consumer. The firm’s US-centric credit scores business accounts for most of the firm’s revenue and profits and consists of business-to-business and business-to-consumer services. In addition to scores, Fair Isaac also sells software primarily to financial institutions for areas such as analytics, decision-making, customer workflows, and fraud. | $1,240 | -28% | $29B | $32B | 16.2x | 29.3x | ||
 | Hithink RoyalFlush Information Network Co Ltd is engaged in providing Internet financial information services and online financial software. The company's business includes an online market trading system, mobile financial information service, fund sales, financial big data processing, and cloud services. It serves individuals, brokers, funds, private placements, banks, insurance, government, and research Institutional clients. | $33 | -7% | $25B | $24B | 27.2x | 46.1x | ||
| Fidelity National Information Services provides core processing and ancillary services to banks, but its business has expanded over time. By acquiring SunGard in 2015, the company now provides record-keeping and other services to investment firms. With the acquisition of Worldpay in 2019, FIS was providing payment processing services for merchants and holding leading positions in the United States and United Kingdom. But the company sold off a majority interest in Worldpay and now has only a minority stake. | $44 | -45% | $23B | $43B | 4.0x | 9.9x | ||
| Verisk is a leading data, analytics, and technology provider for property-casualty insurers. Verisk traces its history to Insurance Services Office, a nonprofit advisory organization founded in 1971 by US P&C insurers. ISO was formed as an association of insurance companies to assist with a variety of insurance use cases, such as reporting to regulators, defining policies, and determining independent premium rates. As the firm expanded its use cases, it became a for-profit company, renamed Verisk, and went public in 2009. Verisk’s single segment (insurance) provides underwriting solutions, including forms, rules, loss costs, and catastrophe modeling. For claims, Verisk’s solutions include property repair estimates and antifraud tools. About 83% of Verisk’s revenue is US-based. | $171 | -46% | $22B | $27B | 8.6x | 15.4x | ||
| Broadridge Financial Solutions, which was spun off from Automatic Data Processing in 2007, is a leading provider of investor communication and technology-driven solutions to banks, broker/dealers, traditional and alternative-asset managers, wealth managers, and corporate issuers. Broadridge is composed of two operating segments: investor communication solutions and global technology and operations. | $150 | -38% | $17B | $21B | 3.0x | 12.1x | ||
| SS&C Technologies provides software products and software-enabled services to a variety of customers primarily in financial services. Acquisitions are a large part of SS&C's history. SS&C GlobeOp provides fund administration services to alternative and traditional asset managers. In addition, SS&C provides portfolio accounting, portfolio management, trading, banking/lending, and other software to asset managers, banks, and financial advisors. SS&C’s purchase of Intralinks makes it a leading player in virtual deal room solutions. With its 2018 purchase of DST Systems, SS&C gained a foothold in the healthcare industry with pharmacy health management solutions and medical claim administration services. In 2022, SS&C acquired robotic process automation software firm Blue Prism. | $67 | -17% | $16B | $23B | 3.7x | 9.6x | ||
 | Founded in Australia in 1978, Computershare has grown via acquisitions to become the world's leading provider of issuer services. Employee share plans and communications services are commonly sold together with issuer services to corporations. The company also has a business services offering and a corporate trust business, alongside a small mortgage administration business that's due to be divested. Over the medium term, around half of group EBITDA is expected to be generated from interest income on client cash balances, or margin income, which is exposed to interest-rate movements. | $24 | -16% | $14B | $14B | 4.6x | 11.6x | ||
| Guidewire Software provides cloud-based software solutions for property and casualty insurers. The flagship product, InsuranceSuite is a system of record and comprises ClaimCenter, a claims management system; PolicyCenter, a policy management system including policy definitions, quotas, issuance, maintenance, and renewal; and BillingCenter, for billing management, payment plans, and agent commissions. The company also offers InsuranceNow, a midmarket offering, as well as a variety of other add-on applications and services. | $140 | -35% | $12B | $12B | 9.7x | 51.1x | ||
| Beijing Compass Technology Development Co Ltd is the provider of professional financial data analysis and securities investment advisory services. The company is a securities analysis software developer and securities information service provider in China. | $14 | +71% | $9B | $7B | 22.2x | 152.0x | ||
 | Oracle Financial Services Software Ltd is an India-based provider of software systems, computer systems, and consulting services. Its flagship Flexcube offerings include universal banking, investor servicing, private banking, lending and leasing, Islamic banking, Internet and mobile banking, remit, and collateral management capabilities. Its other offerings include analytical infrastructure applications, financial crime analysis, and compliance management applications. The firm also offers support and business process outsourcing services. The company has two reportable segments Product licenses and related activities ('Products') and IT solutions and consulting services ('Services'). Geographically the company generates the majority of its revenue from the Product segment. | $99 | +8% | $9B | $8B | 9.8x | 20.6x | ||
| FactSet provides financial data and portfolio analytics to the global investment community. The company aggregates data from third-party data suppliers, news sources, exchanges, brokerages, and contributors into its workstations. In addition, it provides essential portfolio analytics that companies use to monitor portfolios and address reporting requirements. Buy-side clients (including wealth and corporate clients) account for over 80% of FactSet's annual subscription value. In 2015, the company acquired Portware, a provider of trade execution software. In 2017, it acquired BISAM, a risk management and performance measurement provider. In 2022, it completed its purchase of CUSIP Global Services. | $232 | -49% | $8B | $10B | 4.2x | 10.1x | ||
| Clearwater Analytics describes its mission as aiming to be the world’s most trusted and comprehensive technology platform for the entire investment cycle. Clearwater has historically focused on back-office functions such as investment accounting, but with acquisitions such Enfusion, Beacon, and Bistro, the firm has broadened its focus with front-office and middle-office capabilities. Clearwater primarily serves insurance companies, asset managers, hedge funds, and corporate treasuries. Pro forma for Enfusion, about 76% of Clearwater’s revenue is generated in the US. | $24 | +12% | $7B | $8B | 11.0x | 32.3x | ||
| Hundsun Technologies Inc provides financial software and network services in China. It offers integrated solutions and services to institutions in the securities, futures, funds, trust, insurance, banking, exchange, and private placement sectors. Its main businesses include wealth technology services, asset management technology services, risk and platform technology services, data services business, innovation business, corporate finance and insurance core, and financial infrastructure technology services, as well as other businesses. | $4 | -1% | $7B | $7B | 8.0x | 31.0x | ||
| Morningstar Inc is a provider of independent investment insights to financial advisers, asset managers, and investors. It provides data and research insights on various investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time market data. The company has five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. Maximum revenue is derived from the Morningstar Direct Platform, which provides investors with comprehensive data, research, insights, and investment analysis through product areas such as Morningstar Data, Morningstar Direct, and Morningstar Advisor Workstation. Geographically, it generates maximum revenue from the USA. | $180 | -42% | $7B | $8B | 3.4x | 11.3x | ||
 | PT Sinar Mas Multiartha Tbk provides an integrated and comprehensive range of financial services in Indonesia. The company is engaged in insurance underwriting, consumer financing, factoring of accounts, securities administration, securities brokerage, investment management, banking, development, Information technology, trading, and other related services. It is also involved in the auction house, property, health clinic, and workshop activities. | $1 | +10% | $7B | $7B | 4.5x | — | ||
 | Allfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France. | $10 | +58% | $6B | $6B | 8.0x | 12.9x | ||
 | Topicus com Inc is engaged in the development, installation, and customization of vertical market software and the provision of related professional services and support for customers across several diverse markets, mainly in Europe. Its revenue consists mainly of software license fees, maintenance and other recurring fees, professional service fees, and hardware sales. Geographically, the company generates maximum revenue from its business in the Netherlands, and the rest from other markets. | $70 | -47% | $6B | $6B | 3.3x | 11.8x | ||
 | Temenos is a Swiss company that provides banking software to financial institutions around the world. Its main product is core banking software that helps banks manage accounts, customer information, transaction processing, loans, security, and financial reporting. Besides core banking software, Temenos offers products for digital banking, payments, wealth management, compliance, and analytics to help banks improve customer experience and meet regulatory requirements. | $85 | +9% | $6B | $6B | 5.8x | 13.2x | ||
| State Grid Yingda Co Ltd, formerly Shanghai Zhixin Electric Co Ltd specializes in the development, production and sale of amorphous alloy transformers in China. | $1 | -- | $5B | $864M | 0.5x | 1.2x | ||
| ACI Worldwide Inc develops, markets and installs a portfolio of software products focused on facilitating electronic payments. The firm also leverages its distribution network in the Americas; Europe, the Middle East, and Africa, or EMEA; and Asia-Pacific regions to sell software developed by third parties. ACI software products process payment transactions for retail banking clients, billers such as utilities and healthcare providers, and community banks and credit unions. ACI's customers are financial institutions all over the world, but majority of the revenue is generated in the United States and EMEA regions. | $43 | -8% | $4B | $5B | 2.9x | 9.9x | ||
| Shenzhen Fortune Trend Technology Co Ltd is engaged in research and development of securities analysis systems and computer communication systems. It provides securities investment analysis system for securities institutions and investors under the brand Tongdaxin. Tongdaxin's well-known online trading products are: China Merchants Securities Zhiyuan One Account, Guoxin Securities Golden Sun Edition, CITIC Securities Zhixin All-rounder, GF Securities Financial Terminal, Galaxy Securities Neptune, Guotai Junan Securities Fuyi, among others. | $17 | +22% | $4B | $4B | 72.1x | 76.2x | ||
| Formed by a combination of JCPenney’s credit card processing unit and The Limited’s credit card bank business, Bread Financial is a provider of private-label and co-branded credit cards, loyalty programs, and marketing services. The company’s most financially significant unit is its credit card business that partners with retailers to jointly market Bread’s credit cards to their customers. The company also retains a minority interest in spun-off LoyaltyOne, which operates the largest airline miles loyalty program in Canada and offers marketing services to grocery chains in Europe and Asia. | $87 | +69% | $3B | $7B | 1.9x | — | ||
| NCR Atleos Corp is financial technology company providing self-directed banking solutions to a customer base including financial institutions, merchants, manufacturers, retailers and consumers. Self-directed banking is a rapidly growing, secular trend that allows banking customers to transact seamlessly between various channels all for the same transaction. Their comprehensive solutions enable the acceleration of self-directed banking through ATM and interactive teller machine (ITM) technology, including software, services, hardware and its proprietary Allpoint network. Atleos manage its operations in the following segments which includes Self-Service Banking, Network, and Telecommunications abd Technology. | $45 | +69% | $3B | $6B | 1.3x | 7.0x | ||
| AJ Bell PLC is an investment platform in the United Kingdom. The Group has a single operating segment, being investment services in the advised and D2C space, administering investments in SIPPs, ISAs, and General Investment / Dealing Accounts. SIPPs and ISAs, Lifetime ISA, and junior products. The company generates revenue from recurring ad valorem, which includes custody fees, interest income, and investment management fees, and transactional. The company earns its revenue from its domicile country United Kingdom. | $8 | +25% | $3B | $3B | 7.1x | 15.8x | ||
| Servyou Software Group Co Ltd is a comprehensive service provider of fiscal and taxation information in China. It offers tax system development and operation and maintenance for tax authorities, and provides comprehensive Internet financial and taxation services for taxpayers and financial and tax intermediaries with the Yiqiying brand. | $8 | +34% | $3B | $3B | 10.4x | 78.9x | ||
| CorVel Corp applies technology including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. It partners with employers, third-party administrators, insurance companies, and government agencies in managing worker's compensation and health, auto, and liability services. The company's solutions combine integrated technologies with a human touch providing services that include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care, and medicare services. | $63 | -44% | $3B | $3B | 3.1x | 17.2x | ||
| Q2 Holdings Inc provides digital solutions to financial institutions, financial technology companies, and alternative finance companies, seeking to incorporate banking into their customer engagement and servicing strategies. The company helps its clients with supervisory, consumer protection, privacy, third-party risk management requirements, and cyber threats and fraud, among other applications, by offering a portfolio of digital solutions, which comprises its digital banking offerings, digital lending and relationship pricing solutions, risk and fraud solutions, as well as Q2 Innovation Studio and Helix. Q2 derives the majority of its revenue from subscription fees for the use of its hosted solutions. | $46 | -47% | $3B | $3B | 3.6x | 15.3x | ||
 | Tieto Oyj is a software and technology consulting company. The company provides software and digital engineering services to customers across multiple industries. Its operations include specialized software businesses such as Tieto Caretech, Tieto Banktech, and Tieto Indtech, as well as a technology consulting business. The company offers services in areas including software development, design, cloud, and artificial intelligence. | $24 | +29% | $3B | $3B | 1.5x | 7.3x | ||
| CCC Intelligent Solutions Holdings Inc is a provider of cloud, mobile, AI, telematics, hyperscale technologies, and applications for the property and casualty insurance economy. The company's SaaS platform connects trading partners, facilitates commerce, and supports mission-critical, AI-enabled digital workflows. It operates in a single segment being Domestic segment, which provides SAAS platform for the P&C insurance economy and derives revenues from providing customers with software subscriptions to the platform in addition to providing professional services and non-software services. The company has its presence in the United States and China. The majority of the revenue is generated from the United States. | $5 | -48% | $3B | $4B | 3.8x | 9.2x | ||
| Diebold Nixdorf Inc is engaged in providing software and hardware services for financial and retail industries. The customer segments of the company are Banking, which offers integrated solutions for financial institutions, and Retail, which offers solutions, software, and services that improve the checkout process for retailers. A majority of its revenue is generated from the Banking segment. | $74 | +54% | $3B | $3B | 0.8x | 6.5x | ||
 | Douzone Bizon Co Ltd is a player in the software industry. Its major product is enterprise resource planning available in variants such as lite ERP, standard ERP, extended ERP and financial ERP, construction-use ERP and security solutions. It also caters to the banking industry with electronic banking software used for billing and taxation purposes. | $80 | +113% | $2B | $2B | 7.5x | 20.2x | ||
| Aisino Corp is a technology company specializing in information security. Its products and solutions are used in the fields of finance, education, customs, public security and urban services. The company provides solutions such as dedicated taxation equipment, public safety solutions, intelligent emergency, intelligent warehouse and logistics, border crossing security monitoring system, intelligent asset management solution, financial payment solutions and others. | $1 | -8% | $2B | $1B | 1.6x | (47.0x) | ||
 | iFAST Corp Ltd is an investment holding company. It is engaged in the development of software, marketing of unit trusts, exchange-traded funds, listed stocks, debt securities, and Singapore government securities through websites and acting as an investment advisor, dealer, and custodian in the securities. The company operates through geographic segments are Singapore, Hong Kong, Malaysia, United Kingdom, and China. The Singapore region generates maximum revenue for the company. iFAST receives revenue in the form of commissions and fees. | $7 | +35% | $2B | $1B | 3.2x | 8.3x | ||
| Computer Age Management Services Ltd is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions. The company provides a comprehensive portfolio of technology-based services, such as transaction origination interface, transaction execution, payment, settlement and reconciliation, dividend processing, investor interface, record keeping, report generation, intermediary empanelment and brokerage computation and compliance-related services, through its pan-India network to its mutual fund clients, distributors and investors. It also provides certain services to alternative investment funds, insurance companies, banks and non-banking finance companies. | $8 | -8% | $2B | $2B | 11.7x | 24.5x | ||
| Shenzhen Kingdom Sci-tech Co Ltd operates as a financial technology company in China. It offers software in the fields of securities, funds, banking, futures, insurance, trust, integrated finance, and regulatory agencies. | $2 | -13% | $2B | $2B | 4.9x | (235.2x) | ||
| Yusys Technologies Co Ltd is engaged in providing bank-oriented financial institutions with information services, such as consulting, software products, software development and implementation, operation and maintenance, and system integration. The company provides relevant products and services for the non-commercial banks, state-owned commercial banks, joint-stock banks, foreign banks and regional commercial banks and rural credit cooperatives to the People's Bank of China. | $3 | -- | $2B | $1B | 2.8x | 20.8x | ||
| Alkami Technology Inc is a cloud-based digital banking solutions provider. The company’s solution, the Alkami Digital Banking Platform, allows FIs to onboard and engage new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. | $17 | -41% | $2B | $2B | 4.7x | 35.2x | ||
| Ncino Inc is a provider of cloud-based software for financial institutions. Its software solution digitizes, automates, and streamlines inefficient and complex processes & workflows and utilizes data analytics & artificial intelligence that enables financial institutions to onboard new clients, make loans, and manage the entire loan life cycle, open deposits, and other accounts, and manage regulatory compliance. It also offers professional services, including configuration & implementation, training, and advisory services. The company generates the majority of its revenue from subscription services. The company caters to financial institutions, enterprise banks, regional banks, community banks, and credit unions. The vast majority of its revenue comes from the United States. | $16 | -39% | $2B | $2B | 3.3x | 14.3x | ||
| Intapp Inc is a provider of industry-specific, cloud-based software solutions for the professional and financial services industry. It empowers private capital,g, legal, accounting, and consulting firms with the technology needed to meet rapidly changing client, investor, and regulatory requirements. Geographically, it derives a majority of its revenue from the United States and also has a presence in the United Kingdom and the Rest of the world. | $20 | -63% | $2B | $1B | 2.9x | 16.2x | ||
| Abaxx Technologies Inc is a financial technology company engaged in developing and deploying trust-enabling internet protocols. The company operates with two distinct lines of business: Abaxx Technologies and Abaxx Exchange. Abaxx Technologies develops software tools that enable commodity traders and finance professionals to communicate, trade, and transact faster and more securely. Abaxx is building Smarter Markets - markets empowered by financial technology and market infrastructure to address challenges, including the energy transition. | $40 | +375% | $1B | $1B | — | — | ||
| Pexa is an exchange business for the digital settlement and lodgment of property transactions. Pexa holds a virtual monopoly on digital settlement and lodgment in Australia, at around 99% market share, due to the business historically being supported by government mandates. Pexa is looking to expand overseas and has entered the United Kingdom market. Pexa is also looking to expand into adjacent products and services, principally in analytics. | $8 | -7% | $1B | $2B | 5.8x | 18.5x | ||
 | E-Finance For Digital And Financial Investments SAE is developing integrated platforms in Egypt's digital revolution. It is a fintech platform and developer of digital payments infrastructures. The company invests in platforms and solutions that serve everyone from government agencies to ordinary consumers. The business has seven operating segments; Services and operation of cards, Integrated solutions, installation, and technical support services, card center services, hosting services, maintenance and network contracts, and others. It derives a majority of its revenue from the Services and operation of the cards segment. | $0 | +69% | $1B | $1B | 10.9x | 19.9x | ||
| Zigup PLC is a integrated mobility solutions provider, with a platform providing services across the vehicle lifecycle to help people keep on the move, smarter. It offers mobility solutions to businesses, fleet operators, insurers, OEMs and other customers across a broad range of areas from vehicle rental and fleet management to accident management, vehicle repairs, service and maintenance. the company has owned and leased vehicles, supporting managed vehicles across the UK, Ireland and Spain. | $6 | +26% | $1B | $3B | 1.1x | 4.1x | ||
| Shenzhen Sunline Tech Co Ltd is a banking software and technology services company in China. Some of its products include Core Business System SunLTTS, Bank Loan Business System, Smart Deposit Business System, Cash Management Business System, Digital Core System, Digital Financial Business Platform, Business Middle Office Center, Digital Loan Business System, Data Warehouse, and others. It generates the majority of its revenue from Software development followed by System integration and Maintenance business. | $2 | -20% | $1B | $1B | 4.4x | 84.2x | ||
 | Optasia is a B2B2X AI-powered fintech platform covering scoring, financial decisioning, disbursement and collection. The company operates across Africa, the Middle East, Asia, Europe, and Latin America. Its services include: Micro Lending, Airtime Advance, and Data Monetization. | $1 | -- | $1B | $1B | 4.9x | 16.5x | ||
 | Vitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health. | $29 | -37% | $1B | $1B | 3.7x | 9.3x | ||
| Pagaya Technologies Ltd is a financial technology company working to reshape the lending marketplace by using machine learning, data analytics, and sophisticated AI-driven credit and analysis technology. It was built to provide a comprehensive solution to enable the credit industry to deliver customers a positive experience while simultaneously enhancing the broader credit ecosystem. Its proprietary API seamlessly integrates into its next-gen infrastructure network of partners to deliver a premium customer user experience and greater access to credit. The company generates majority of its revenue from United States. | $13 | -22% | $1B | $727M | 0.6x | 2.0x | ||
| Porch Group Inc is a vertical software company reinventing the home services and insurance industries. It has four reportable segments: Insurance Services, Software & Data, Consumer Services, and Corporate. The majority of revenue is from the Insurance segment. The Insurance Services segment manages and operates the Reciprocal, providing services related, but not limited, to underwriting, policy renewal, risk management, insurance portfolio management, financial management, and setting investment guidelines in exchange for commissions and fees. | $10 | +5% | $1B | $1B | 2.5x | 15.6x | ||
| Intellect Design Arena Ltd is an Indian IT software services company. It is engaged in the business of software and financial technology development for banking, insurance, and other financial services. The company operates under the primary business segment of Software Product Licence and related services. It derives revenue from the operations comprising income from its four business verticals, Global Consumer Banking, Global Transaction Banking, IntellectAI, and Digital Technology for Commerce. The company products include Digital cards, Digital lending, Capital cube, Xponent, Digital core, Payments, Wealth Qube, and others. Geographically, the company derives a majority of its revenue from outside India. | $7 | -43% | $1B | $853M | 2.7x | 12.1x | ||
| Fujian Apex Software Co Ltd is a China based professional platform-based software company and application solutions provider. It offers software services like business process management (BPM) for different areas including financial securities, including securities and futures and funds, banks and trusts, electronic trading and private equity fund, and business and education. | $5 | -14% | $990M | $810M | 9.5x | 29.4x | ||
| Sinodata Co Ltd is a software and information service company. The firm is mainly engaged in the design and development of the software applications and platforms for banking and other financial institutions. The company focuses on the internet banking cloud platform, financial asset trading platform, supply chain financial service platform, an e-commerce platform, and mobile payment operations. | $3 | -10% | $976M | $903M | 7.2x | (130.8x) | ||
| Donnelley Financial Solutions Inc is a risk and compliance software solutions and related services provider. The company provides regulatory filing and deal solutions via its software-as-a-service, technology-enabled services, and print and distribution solutions to public and private companies, mutual funds, and other regulated investment firms. It operates in four reportable segments: Capital Markets - Software Solutions, Capital Markets - Compliance and Communications Management (its key revenue-generating segment), Investment Companies - Software Solutions, and Investment Companies - Compliance and Communications Management. Its geographical segments are the United States (USA), Europe, Asia, Canada, and Others, of which the USA accounts for the vast majority of its total revenue. | $39 | -28% | $974M | $1B | 1.5x | 4.9x | ||
| Global Infotech Co Ltd is one of the leading financial information software product and integrated service provider in China. The products and solutions include - EasyLoan Credit Management System, EasyIBS new core business system, Credit asset classification system, Fund transfer pricing overall plan, Point management system, EasyCard Bank Card System, and others. | $2 | +1% | $919M | $924M | 6.1x | 131.6x | ||
| Sunyard Technology Co Ltd provides end-to-end professional solutions and products for financial institutions mainly in the banking industry. It specializes in financial payment terminals and financial card machines. It is engaged in the research and development, production and sales of financial information security products and payment and information security solutions. | $2 | -22% | $816M | $741M | 2.5x | 73.2x | ||
| Iress develops software for the financial-services industry, operating in multiple regions and servicing clients ranging from small retail to large institutional businesses. Its core business unit, mainly in Australia, generates most of the company's earnings and free cash flows. Iress expanded into noncore markets through acquisitions, ultimately eroding returns and margins, with free cash flows from the core business invested in the noncore businesses. Its recent strategy includes reprioritizing growth in the core Trading and Market Data and Wealth businesses, and divesting/monetizing noncore assets. We view this renewed focus on its core business as a positive, as it will help maintain Iress' economic moat. | $4 | -33% | $765M | $843M | 2.1x | 8.2x | ||
| Quantgroup Holding Ltd is an investment holding company. The company and its subsidiaries are principally engaged in the operation of online marketplaces and other businesses including advertisement placement and provision of matching services for financial institutions. Its consumer E-commerce marketplaces include: i) Yangxiaomie: It carries a wide spectrum of retail goods ranging from consumer electronics, food and beverages, home appliances, cosmetics, jewelry to clothing and personal daily care provided by third-party marketplace suppliers. ii) Consumption Guide: It matches end customers who purchase automobiles and, to a small extent, local lifestyle services, which are sold/provided by the marketplace suppliers in offline stores. The company derives maximum revenue from Yangxiaomie. | $1 | -- | $763M | $691M | 4.5x | 17.5x | ||
| Bravura Solutions Ltd is engaged in the development, licensing and maintenance of specialized administration and management software applications as well as the provision of professional consulting services. It has two operating segments: Wealth Management and Funds Administration. The company generates maximum revenue from the Wealth Management segment. Wealth Management segment platforms provide end-to-end processing to support all back-office functions relating to the daily management of superannuation, pensions, life insurance, investment, private wealth and portfolio administration. Geographically, it derives a majority of revenue from Australia and also has a presence in the UK, New Zealand, and Other Countries. | $2 | -10% | $731M | $690M | 3.8x | 8.9x | ||
| Mitek Systems Inc is engaged in the development, sale, and service of proprietary software solutions related to mobile imaging. The firm is a software development company with expertise in artificial intelligence, and machine learning. It serves more than 7,900 financial services organizations, financial technology (fintech) brands, telecommunications companies, and marketplace brands across the globe. The company's Mobile Deposit solution is used by consumers for mobile check deposits. The company's Mobile Verify verifies a user's identity online, enabling organizations to build safer digital communities, whereas CheckReader enables financial institutions to automatically extract data from a check image received across any deposit channel - branch, ATM, RDC, and mobile. | $16 | +71% | $724M | $699M | 3.9x | 13.0x | ||
| Shanghai Amarsoft Information & Technology Co Ltd is engaged in the providing credit risk business management consulting, software development, and services to bank based customers. The solutions offered by the company include designing, software development, and system upgrade and maintenance. | $5 | -20% | $718M | $739M | 4.9x | 95.6x | ||
| JinXianDai Information Industry Co Ltd is engaged in research, development, application and promotion of informatization software in the power industry and other energy industries. The company provides data visualization, mobile application software, testing software, UED software, and artificial intelligence software. | $2 | +31% | $715M | $661M | 14.4x | (68.4x) | ||
| Linkage Software Co Ltd is a financial software solution provider. The company is committed to the application of emerging technologies in the financial industry, providing customers with a full range of software services such as consulting, design, development, and maintenance. It provides software services in the fields of securities, insurance, banking, trust, and asset management. It uses various technologies such as cloud computing, big data, and artificial intelligence. | $2 | -10% | $703M | $618M | 4.0x | 25.7x | ||
 | Fineos Corp Holdings PLC is an Irish company engaged in providing software solutions that include management and administration of policies and claims to the life, accident, and health insurance industry. The company's platform, Fineos AdminSuite, comprises Fineos Absence, Fineos Billing, Fineos Claims, Fineos Payments, and Fineos Provider, among other solutions. | $2 | +17% | $666M | $636M | 3.9x | 17.7x | ||
| Brilliance Technology Co Ltd provides software development, computer system integration, consulting and project management services. The company's software solutions include international business, corporate settlement system, bank settlement system, and bank intermediary business platform solutions; channel integration cloud platform, total cooperation cloud platform, television banking system, online banking system, and call center application platform solutions; and data exchange applications and service products. It also provides IT infrastructure solutions comprising an information security system, enterprise network construction, and data center infrastructure solutions and IT services. | $2 | -27% | $651M | $680M | 4.3x | 386.9x | ||
| Forge Global Holdings Inc is a financial service platform created to serve the needs of the private market. It provides marketplace infrastructure, data services, and technology solutions for private market participants. The company offers a trusted trading platform, proprietary data and insights to inform investment strategies, along with custody services to help companies, shareholders, institutions and accredited investors confidently navigate and transact in the private market. | $45 | +224% | $623M | $576M | — | — | ||
| Alfa Financial Software Holdings PLC provides software and services to the auto and equipment finance industries. Alfa Systems, its technology platform, supports both retail and corporate business for auto, equipment, wholesale, and dealer finance on a multijurisdictional basis, including leases/loans, originations, and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, it provides compelling solutions to asset finance companies. The company generates a majority of its revenue from the United Kingdom and the rest from the United States and other regions. | $2 | -35% | $619M | $596M | 3.5x | 10.1x | ||
| Client Service International Inc is a Chinese high tech company engaged in providing software product application development and consulting services in the field of Bank IT. It offers products and solutions in the field of Internet finance series, E-banking series, Core business series and Online banking security series. In internet finance series, the company offers direct banking and financial open platform. Through e-banking series, the company offers solutions such as mobile banking system, online banking, and online mall system, among others. | $1 | -52% | $590M | $704M | 8.1x | (15.4x) | ||
 | AMTD Digital Inc along with its subsidiaries, is mainly involved in the provision of digital solutions services. Its reportable segments are digital solutions services segment, hotel operations, hospitality and VIP services segment and media and entertainment services. The company generates maximum revenue by providing financial digital solutions through its insurance brokerage services and other digital solutions services. Geographically, the company generates maximum revenue from Hong Kong and Singapore. | $2 | -20% | $525M | $795M | 13.5x | 6.7x | ||
 | Hightech Payment Systems SA is the group that provides solutions and services involving electronic payment. The group offers are structured in the following business units - HPS Solutions, HPS Processing, HPS Services, Safety, and Other Products. HPS Solutions designs, develops, markets, installs, and supports a suite of multi-channel electronic payment solutions. PowerCARD software suite offers comprehensive, configurable and scalable solutions to meet the user needs. The company's software and services are sold covering many geographical areas such as Europe, Americas, Africa and the Middle East and Asia. The group's majority revenue is generated from the sale of HPS solutions. | $67 | +13% | $493M | $509M | 3.1x | 16.6x | ||
| Aurionpro Solutions Ltd is a technology company that provides enterprise solutions focused on banking, payments, smart city, and smart transportation sectors. The company offers software products and services such as transaction banking platforms, credit risk management systems, digital signage, queue management, self-service kiosks, and customer feedback systems. Aurionpro generates revenue through the sale of software services and licensed technology solutions to various countries, serving a diverse client base including banks, airports, government entities, and various other industries. It operates through multiple business segments, predominantly focusing on Banking & Fintech and Technology Innovation. | $8 | -41% | $468M | $421M | 2.8x | 13.1x | ||
 | Qualco Group SA is a software and technology solutions provider, specializing in operational platforms, data-driven insights and customized digital experiences. Its portfolio includes technology and technology-enabled solutions across receivables management, credit/lending management, analytics, digital transformation and real estate. The company provides credit and lending management software solutions, including debt management, loan origination and administration, supply chain finance, asset-backed securities solutions and E2E platforms that automate and enable digital financial services. Its offerings include technology-driven credit portfolio underwriting and innovative debt collection and recovery strategies. | $7 | -3% | $467M | $505M | 2.0x | 10.6x | ||
| i3 Verticals Inc provides mission-critical enterprise software solutions to public sector entities. These comprehensive cloud-native solutions address a broad range of government functions, including courts and public safety, public administration, utilities, transportation and schools. The company generates the majority of revenue from software and related services, including the sale of subscriptions, recurring services, ongoing support, licenses, and installation and implementation services specific to software. | $20 | -19% | $391M | $470M | 2.2x | 8.2x | ||
| Blend Labs Inc is a cloud-based platform software platform that powers the digital interface between financial services firms and consumers. It supports and simplifies applications for mortgages, consumer loans, and deposit accounts. Its operating segments are; Blend Platform segment which comprises a suite of products that power the entire origination process from back-end workflows to consumer experience, and the Title segment enables customers to streamline the title, settlement, and closing process at scale for mortgages, home equity lines of credit, and home equity loans. The majority of the revenue for the company is generated from the Blend Platform segment. | $1 | -60% | $356M | $298M | 2.4x | 22.8x | ||
| Leonteq AG is a Swiss fintech company with a marketplace for structured investment solutions. Based on proprietary modern technology, the company offers derivative investment products and services. Leonteq acts as both a direct issuer of its products and as a partner to other financial institutions. Leonteq further enables life insurance companies and banks to produce capital-efficient, unit-linked pension products with guarantees. The company has a presence in its home market of Switzerland and other parts of Europe, as well as an established footprint in Asia and other regions. | $19 | -17% | $340M | ($4B) | (19.7x) | (245.2x) | ||
 | Automated Bank Services Ltd is an Israel-based company involved in providing technological services to the financial system. The company serves as a central junction and a national infrastructure for clearing credit cards. It also works with credit card companies as both a clearing and issuing company. | $8 | +25% | $338M | $293M | 5.4x | 11.5x | ||
| Unit Corp is an oil and natural gas contract drilling company. The company is also in exploration and production and mid-stream areas. There are two segments which include Oil and Natural gas and Contract Drilling. The oil and natural gas segment is engaged in the development, acquisition, and production of oil, NGLs, and natural gas properties. The contract drilling segment contracts to drill onshore oil and natural gas wells for a wide range of other oil and natural gas companies. Majority of the revenue is generated from the Contract Drilling segment. | $34 | -- | $334M | $154M | — | — | ||
| 63 Moons Technologies Ltd is a company that is involved in the business of offering technology, intellectual property, and domain expertise to create and trade on next-generation financial markets across all asset classes, including equities, commodities, currencies, and bonds, among others. Its products and solutions portfolio includes exchange technology solutions, brokerage technology solutions, and risk solutions. The company's business segments include the Software services/solutions segment and Others. | $7 | -24% | $325M | $110M | 5.0x | (374.7x) | ||
| Praemium Ltd is a provider of portfolio administration, investment platforms, and financial planning tools to the wealth management industry. Its clients are predominantly firms that provide financial advice to investors, namely financial advisers, brokers, accountants, investment managers, banks, and other financial providers such as superannuation administrators. | $0 | -6% | $239M | $219M | 3.0x | 12.1x | ||
 | Linedata Services SA provides software and service solutions. It caters to the requirements of investment, employee savings, insurance and savings, leasing and credit, and Software as a Service. The company publishes and integrates software packages for the finance sector. It also offers consulting, outsourcing, and maintenance services. | $46 | -53% | $225M | $315M | 1.6x | 7.1x | ||
| Network People Services Technologies Ltd is a banking technology service provider that offers software and mobility solutions to the banking and finance sector. It offers digital transformation solutions such as IMPS, Digital Wallet, UPI, and other smart art solutions. The company further offers software designing, consulting, development, and manpower provisioning services. | $11 | -53% | $222M | $186M | 10.3x | 26.5x | ||
| Nucleus Software Exports Ltd is a provider of lending and transaction banking products to the financial services industry. Its products are used by retail banking, corporate banking, cash management, internet banking, automotive finance, and other business areas. The company's key products include Finnone and Finnaxia. Geographical segments include India, Far East, South East Asia, Europe, the Middle East, Africa, Australia, and Others. The company derives the majority of its revenue from India. Its services include Professional Services, Application Services, and Managed Infrastructure Services. | $8 | -40% | $219M | $181M | 2.1x | 7.4x | ||
 | Datawalk SA is a high-tech company, develops DataWalk analytical platform which allows combining large data volumes in dispersed sets. The DataWalk platform is used in the financial and insurance sector, among others for detecting frauds, counteracting money laundering or analyzing and monitoring business processes. | $34 | +24% | $215M | $172M | 16.6x | (9.2x) | ||
| Profile Systems & Software SA is a software company developing solutions for the international financial sector, business sector and the public sector. Its products include Axia, IMSplus, FMS.next, FMS.next Payments, RiskAvert, Native Wealth Management Mobile App, GS Market Suite, Plexus, Registry and Nowen-net. The company offers services in the field of Investment Management, Banking, Risk and Compliance, Capital Markets and Marketplace Lending in Europe, Middle East Asia, America and Africa. | $9 | +22% | $213M | $196M | 3.5x | 13.1x | ||
 | Densan System Holdings Co Ltd is engaged in providing comprehensive information technology services. Its Payment Acceptance Service offers a wide variety of innovative settlement services. | $19 | -- | $199M | $74M | 0.2x | 2.5x | ||
 | Msg Life AG is a Germany-based company. It is a consultant and software company for the insurance and retirement savings market. It is a provider of software, advice, and cloud solutions for life insurance companies and pension fund institutions in Europe and, in particular, health insurance companies in the United States. The company's products and services include msg. Life Factory, msg.Insurance Suite, msg.Migration System, msg.Health Factory, msg.The commission, msg.Business Partner, msg.Billing, and others. Geographically, the company exports its services to the United States of America, Austria, Switzerland, Slovenia, Portugal, Spain, and Benelux. | -- | -- | $180M | $132M | 0.6x | 6.7x | ||
| WonderFi Technologies Inc is a technology company with the mission of creating digital access through its platforms. It operates in three segments: Trading, Payments, and Corporate. The Trading segment, comprising Bitbuy, Coinsquare, and CoinSmart crypto exchange platforms, generates the majority of the company’s revenue. | $0 | -2% | $162M | $144M | 4.3x | (5.8x) | ||
| Roadzen Inc is an insurance technology company on a mission to transform auto insurance powered by AI. Its clients comprise insurers, fleets, and carmakers to small fleets, brokers, and insurance agents that use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. The company's work in telematics and computer vision has earned recognition as an AI innovator by publications such as Forbes, Fortune, and Financial Express. | $2 | +92% | $160M | $184M | 4.2x | (21.9x) | ||
| Intelligent Wave Inc is engaged in sales of system development services and system products, including hardware and software. It operates in two business segments including the Financial Systems Solutions business, and the Product Solutions business. In the Financial Systems Solutions business, it offers value-added system development, through software and hardware integration, and maintenance services for customers operating primarily in the financial services industry. In the Product Solutions business, it deploys and maintains high value-added systems for data security and other solutions based on the in-house developed product as well as system software procured from third parties for customers operating in a range of industries and fields. | $6 | -17% | $155M | $114M | 1.1x | 5.5x | ||
 | CSU Digital SA operations comprise the provision of credit card processing and multiple-use services, management and operationalization of telemarketing and telesales (contact centers), telebilling, credit analysis, development and operational management relationship, loyalty, and customer acquisition programs. It has two operating segments: CSU Pays and CSU DX and the majority of the revenue comes from CSU Pays. | $4 | +1% | $146M | $156M | 1.3x | 4.4x | ||
| Beeks Financial Cloud Group PLC is a technology company that provides services like Trading Infrastructure, Managed Cloud, On Demand compute, Connectivity, Analytics and Open Finance to enterprises functioning in capital markets and financial services industry. The operating segments of the company are Public/Private Cloud and Proximity Cloud/Exchange Cloud with the majority of the revenue being generated from the Public/Private Cloud segment. Geographically, the company operates in United Kingdom, Europe, United States and Rest of the world. A substantial portion of its overall revenue is generated from its business in United States. | $2 | -28% | $140M | $142M | 2.9x | 7.7x | ||
| wrkr Ltd, formerly Integrated Payment Technologies Ltd develops technology to facilitate the secure storage and transmission of data concerning payments. Its services include ClickSuper Service, Payment Adviser Service, and Bill Exchange Service. The company's only operating segment is engaged in the provision of services that enable its customers to meet their regulatory compliance across the hire-to-retire life cycle. It does that by facilitating the transfer of data and payments between regulated authorities and participants of the ecosystem (HR/payrolls, Accountants, Banks, APRA, SMSF Funds, and federal departments like the ATO). It operates in the one geographical segment of Australia. | $0 | +65% | $135M | $124M | 17.9x | 2404.2x | ||
| Formpipe Software AB is a Swedish software company within the Content Services market. The business relies on two cornerstones with strong offerings to customers in both the public and private sectors. With the mission to build valuable relationship between data and people, the company is providing Software as a Service (SaaS), specializing in customer communication, cases and documents, and the automation of information-intense business processes. Formpipe has offices in Sweden, Denmark, the UK, the U.S. and Germany. | $2 | -19% | $125M | $37M | 1.1x | 12.4x | ||
| Spectra Systems Corp manufactures, and markets technology-based products used to authenticate and process banknotes and also offers secure software products for gaming. The company has divided its business into Authentication Systems, Security Printing, and Banknote Cleaning. The company derives maximum revenue from Authentication Systems that involve the hardware, software, and materials related to the authentication of banknotes, tax stamps, and other high-value goods. | $2 | -21% | $104M | $98M | 2.0x | 6.7x | ||
| Xp Industrial Fundo Investimento Imobiliario is a closed-end fund with an indefinite term. The fund's investment objective is to generate income and capital gains through the operation of one or more real estate ventures, by acquiring industrial and/or logistics real estate assets, including properties for later construction, properties under construction, or completed properties, for subsequent sale, lease, or rental. | $13 | -1% | $95M | $95M | 11.5x | — | ||
| Veefin Solutions Ltd is a Digital Lending and Supply Chain Finance (SCF) technology product solutions company based in Mumbai. Supply Chain Finance is a financial tool used to help businesses manage their cash flows and improve their working capital. The company provides its product solutions to a wide range of clients globally, including Banks, Non-Banking Financial Institutions, FinTech, Marketplaces, and Corporates. Its technology product solutions are offerings, which are designed with a user-led approach, data, and analytics, and built by experienced bankers for bankers. | $4 | +3% | $91M | $99M | 2.8x | 11.6x | ||
 | RS2 PLC is engaged in providing Payments Software and Managed Services. It is involved in the development, installation, implementation, and marketing of computer software for financial institutions under the trademark of BankWORKS and the processing of payment transactions with the use of BankWORKS. Its segments include Licensing of the company's BankWORKS software to banks and Service providers, including maintenance and enhanced services thereto; Processing of payment transactions utilizing the group's BankWORKS software; and Merchant Solutions, which include issuing and acquiring payment solutions directly to merchants, including terminal and PSP gateway services. Its geographic segments include Malta, the United Kingdom and Ireland, the United States, and Other countries. | -- | -- | $86M | $96M | 2.1x | 19.8x | ||
 | Matica Fintec SpA designs, develops and sells technological solutions for Banking and Government Institutions. The company specializes in the design, development, and marketing of software and integrated security equipment for credit cards, identity cards, passports, driving licenses, access control badges, etc. Geographically, the company generates maximum revenue from its business in Europe and the rest from South America, Asia, the United States, Africa, United Arab Emirates, India, the Middle East, Italy, and other regions. | $2 | +13% | $76M | $124M | 2.5x | 29.6x | ||
| Median | $9 | -10% | $1B | $1B | 3.8x | 12.3x |
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