Cannae SPAC Presentation Deck
optimalblue
Company Overview
Optimal Blue ("OB") is a leading SaaS mortgage marketplace supporting the industry's largest
network of residential mortgage originators and investors
- The company is a critical utility sitting in the center of mortgage originators, mortgage
investors, and mortgage servicers, and provides mission critical pricing data required to close
a loan
Ⓡ
- The company's platform connects mortgage originators with secondary investors through its
repository of searchable and actionable loan programs and loan-level price data, enabling
them to enhance workflow efficiencies and stay competitive and confidently execute profitable
lending strategies
Optimal Blue has a broad reach across commercial banks, mortgage banks, and credit unions
and mortgage brokerage companies, serving more than 77,000 active users at more than 3,000
institutions
- The company facilitates over $1 trillion of mortgage transactions annually, touching -35% of all
locked mortgages nationwide
Cannae Investment Summary
Investment Date
Total Invested Capital
Current
Ownership
Sept 2020
$289M
~20% ownership
• In 2020 Cannae invested $289M for a
20% ownership interest in the newly
formed combined entity, which
consists of Optimal Blue and Black
Knight's Compass Analytics business
Optimal Blue is a leading provider of
secondary market solutions and
actionable data services
Source: Public company filings and market data as of 8/5/2021. See page 27 for EBITDA reconciliation.
●
Investment Overview
On September 15, 2020, Black Knight announced the closing of its acquisition of Optimal
Blue, a leading provider of secondary market solutions and actionable data services
Optimal Blue was purchased for an enterprise value of $1.8 billion funded with cash on
hand, debt financing, and investments from Cannae and THL
In connection with the acquisition, Black Knight combined its Compass Analytics business with
Optimal Blue in a newly formed entity with minority co-investors Cannae and THL
Cannae and THL each have a 20% ownership interest in the new entity
Black Knight owns the remaining 60%
Three Months Ended June 30,
Three years after the closing of the Transaction, BKI will have call rights on Cannae's interests
in Optimal Blue at a call price equal to the greater of (i) the fair market value and (ii) an
amount that would result in a 2.0x multiple of Cannae's investment
Financial Overview
Revenue
$
$
2020
$
35.3M $
Net (loss) income
Adjusted EBITDA
Cannae made its investment in Optimal Blue on September 15, 2020.
Financial information for the three months ended June 30, 2020 is
presented for comparative purposes.
5.5M
17.6M
$
2021
$
CH
44.3M
CANNAE
HOLDINGS, INC.
(18.7M)
24.8M
CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 22View entire presentation