Analytics MARKET - Marlin & Associates€¦ · customer experience and culture design and transformation firm that cultivates purposeful relationships between organizations and their

March 2018

M&AM A R L I N & A S S O C I A T E S

INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved

Toronto

Washington, D.C.

New York

E n t e r p r i s e D a t a & An a l y t i c sM A R K E TU P D A T E

Dear Clients and Friends,

The report found below gives our sense of the current m&a trends, values and deals in the four segments of the Enterprise Data and Analytics sector that we follow and sometimes lead.

A month ago, we noted the acquisition of 55% of Thomson Reuters by Blackstone Group – valuing the firm at $20bn. In a news cycle that includes Qualcomm‘s attempted/aborted $130bn takeover of Broadcom, the Thomson Reuters deal didn’t give rise to much press. But we noticed. In the Enterprise Data and Analytics world a $20bn transaction is huge. And this was by a PE firm! In the early 2000’s PE represented around 25% of m&a deal volume. But now PE firms make up more than 40% of deals in our world. That’s the most since 2010. And from where we sit, they are just getting started.

Thoma Bravo is raising a $10bn fund for tech deals; Vista Equity has an $11bn tech fund; Silver Lake has a $15bn tech fund; and Softbank announced that $93bn (!!) has been committed against a $100bn target. And they are not alone. Carlyle, CVC, Francisco Partners, Golden Gate, Goldman Sachs, KKR, TPG, Warburg Pincus and a dozen other PE firms have or are raising multi-billion dollar pools to chase cloud, Blockchain, SaaS, PaaS, AI, and more technologies key to the EDA space. High valuations seem to be slowing none of this. Banks are eager to lend, interest rates may be up a bit – but are still low; and there is competition – not only from other PE firms but also from strategics including Apple, IBM, Microsoft, Oracle, Salesforce and SAP– and a host of smaller firms.

We expect the strategics to remain active EDA acquirers. As profits rise, taxes decline, and some part of the $2.6 trillion in overseas cash is repatriated, they can hardly sit on the sidelines. But the absolute number of public software companies in this space is nearly half of what it was a few years ago as public companies have consolidated and been taken private; while the number of tech IPOs remains few. And now, they have to compete with some very hungry private equity players.

It’s a good time to be a seller…

A few of the more interesting deals this month include:

DEAR CLIENTS AND FRIENDS,

Private Equity is Bullish on Enterprise Data and Analytics – Our March M&A Update.

Marlin & Associates is one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, andrelated services. The firm is based in New York City, with offices in Washington, D.C., and Toronto, Canada. It has been the recipient of numerous awardsincluding “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market Financing Agent of the Year – Equity," and “TMTAdvisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions.

• Exponent Private Equity acquired the Talent Assessment business of CEB (Arlington, VA) from Gartner for $400mm,

• LogMeIn (NASDAQ:LOGM) agreed to acquire Jive Communications for $342mm with an additional $15mm based on performance over a 2-year period,

• CITIC Capital Partners (Hong Kong) and Caixin Global (Beijing, China) agreed to acquire Global Market Intelligence Division (“GMID”) from Euromoney Institutional Investor for $181mm, valuing the company at 12x LTM operating profit,

• Google (NASDAQ:GOOGL) agreed to acquire Xively from LogMeIn for $50mm,

• xMatters (San Ramon, CA) raised $40mm in a Series D funding round led by Goldman Sachs Private Capital Investing.

01

Sincerely,

Kenneth B. Marlin | Managing PartnerMarlin & Associates | www.marlinllc.com

P.S. My book: “The Marine Corps Way To Win on Wall Street” does a pretty good job of showing what we do that is different than most firms – and why. For more please visit www.marlinLLC.com.

Also, we recently welcomed a new team member to the firm, Anup Agarwal, who joins us as Senior Managing Director. Youcan learn more about Anup here.

Please find our full Enterprise Data & Analytics March report below.

http://www.marlinllc.com/

http://www.marlinllc.com/marine-corps-way

http://www.marlinllc.com/marine-corps-way

https://www.marlinllc.com/press-releases/marlin-associates-expands-nyc-office-with-addition-of-anup-agarwal-as-senior-managing-director

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in thesector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above

03

04

04

05

06

07

08

09

Sector Comparison Snapshot

Sector Analyses

Data Analytics - Services (DAS)

Enterprise Software & Data Analytics (ESDA)

Business Intelligence Software (BIS)

Data & Analytics – Financial Services (DAFS)

02

Merger & Acquisition Activity Trends

Capital Raising Activity Trends

Enterprise Data & AnalyticsEnterprise Data & Analytics is a broad industry containing several sectors that encompass thelarge and growing data assets used and generated by businesses, along with the related analyticsthat enhance insight and drive better business decisions.

MARLIN & ASSOCIATES: MARKET UPDATE

MARCH 2018

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 2/28/18. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.

03

Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

MARCH 2018

0x 1x 2x 3x 4x 5x 6x 7x

DAS

BIS

DAFS

ESDA

2017A EV/Revenue 2018E EV/Revenue

0x 4x 8x 12x 16x 20x 24x 28x

DAS

BIS

DAFS

ESDA

2017A EV/EBITDA 2018E EV/EBITDA


Information & Market Research

Public Market Data

MARCH 2018

Recent Activity

[1] As of February 8th 2017, comScore’s shares were suspended from the NASDAQ since comScore was unable to file financial data regarding the handling of certain cash and non-cash transactions. The stock is quoted on the over-the-counter market.

04

DateAnnounced Acquirer(s) / Investor(s) Target / Issuer Description

2/6/18Talent Assessment

Exponent Private Equity acquired the Talent Assessment business of CEB (Arlington, VA) from Gartner for $400mm. CEB Talent Assessment provides talent assessment solutions, delivering a portfolio of science-based assessment tools, benchmark data, predictive technologies and consultancy services drive business results.

2/5/18

LRW (Los Angeles, CA) acquired Strativity Group for an undisclosed sum. Global customer experience and culture design and transformation firm that cultivates purposeful relationships between organizations and their stakeholders by unlocking human potential.

2/5/18

Reed Business Information (RBI), a division of RELX Group (NYSE:RELX) acquired SST Software for an undisclosed sum. SST specializes in providing geospatial data tools developed on the foundation of location, standardization, automation, centralization and communication. RBI plans to add SST Software to its Proagrica business.

10x

12x

14x

16x

18x

2.0x

2.5x

3.0x

3.5x

4.0x

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

EV /

EBIT

DA

EV /

Reve

nue

5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

Company Market Enterprise(USD millions) Cap Value CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E

Reed Elsevier (RELX Group) 41,376 47,907 4.8x 4.6x 15.7x 13.3x 11% 3% 30% 35%Wolters Kluw er 14,409 16,951 3.1x 3.2x 11.5x 11.9x 3% (3%) 27% 27%Nielsen 11,544 19,527 3.0x 2.8x 11.5x 9.5x 4% 4% 26% 30%Gartner 10,484 13,224 4.0x 3.2x 34.6x 17.0x 35% 25% 12% 19%Pearson 8,264 8,698 1.4x 1.5x 11.5x 9.1x (1%) (8%) 12% 17%Informa 8,053 9,994 4.1x 4.2x 13.6x 12.2x 31% (1%) 31% 34%UBM 5,119 5,863 4.2x 4.5x 14.2x 14.7x 17% (7%) 30% 31%Euromoney Institutional Investor 1,787 1,993 3.4x 3.4x 12.7x 12.7x 5% (1%) 27% 27%comScore 891 777 1.3x 1.1x 4.9x 4.0x 17% 13% 26% 28%Forrester Research 737 601 1.8x 1.7x 17.3x 15.0x 4% 5% 10% 11%

Trim Mean 7,569 9,628 3.1x 3.1x 13.5x 12.3x 12% 2% 24% 27%Median 8,159 9,346 3.3x 3.2x 13.1x 12.4x 8% 1% 26% 28%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

100

115

130

145

160

175

190


5 Year M&A Data and Analytics Services Index vs. S&P 500, base = 100

M&A DAS Index S&P 500


Application Software

Public Market Data

05

MARCH 2018

Recent Activity

[1] Cloudera (NYSE:CLDR) added to the index as of IPO 4/27/17

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin(USD millions) Cap Value CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E

Oracle 217,020 206,548 5.3x 5.1x 11.5x 10.9x 5% 4% 46% 47%SAP 127,418 127,497 4.4x 4.2x 14.9x 12.4x 6% 4% 29% 34%Salesforce 87,125 85,103 8.1x 6.7x nm 30.2x 25% 21% 9% 22%Intuit 42,716 43,093 7.9x 7.2x 26.3x 19.7x 12% 10% 30% 37%Workday 26,716 24,939 11.6x 9.3x na 50.0x 37% 25% na 19%CA 14,496 14,451 3.5x 3.4x 11.8x 8.8x 3% 3% 29% 38%Constellation 13,574 13,416 5.4x 4.5x 28.2x 17.2x 17% 21% 19% 26%Amdocs 9,562 8,634 2.2x 2.2x 11.9x 10.6x 4% 2% 19% 21%NICE 6,112 6,167 4.6x 4.3x 20.2x 14.7x 31% 8% 23% 29%Paycom Softw are 5,821 5,811 13.4x 10.7x 63.8x 26.6x 32% 26% 21% 40%Zendesk 4,406 4,159 9.7x 7.4x na nm 38% 31% na 6%Softw are AG 3,952 3,852 3.6x 3.5x 12.0x 11.2x 1% 3% 30% 31%Xero 3,466 3,408 12.2x 9.0x nm nm 41% 35% 3% 12%Manhattan Associates 2,896 2,771 4.7x 5.0x 14.0x 19.3x (2%) (7%) 33% 26%Paylocity 2,564 2,453 7.3x 6.0x nm 29.0x 26% 22% 7% 21%Callidus 2,369 2,227 8.8x 7.4x na 42.7x 22% 19% na 17%


20x

25x

30x

35x

40x

3.0x

4.0x

5.0x

6.0x

7.0x


EV /

EBIT

DA

EV /

Reve

nue



100

125

150

175

200

225

250

275

300


5 Year M&A Application Software Index[1] vs. S&P 500, base = 100

M&A Application Software Index S&P 500


2/20/18

xMatters (San Ramon, CA) raised $40mm in a Series D funding round led by Goldman Sachs Private Capital Investing. xMatters provides an intelligent communications platform that connects insights from various systems to the people that matter in order to accelerate essential business processes.

2/15/18Google (NASDAQ:GOOGL) agreed to acquire Xively from LogMeIn for $50mm. Xively provides a platform devoted to simplifying the interconnection of devices and data with applications on the Internet of Things.

2/8/18

LogMeIn (NASDAQ:LOGM) agreed to acquire Jive Communications for $342mm with an additional $15mm based on performance over 2-year period. Jive Communications provides enterprise-grade hosted VoIP and unified communications to businesses and institutions.



Splunk 13,140 11,975 9.6x na nm 56.1x 31% na 12% naOpen Text Corporation 9,361 11,620 4.4x 4.1x 15.9x 11.0x 34% 8% 28% 37%Tableau Softw are 6,571 5,717 6.5x 5.9x na nm 6% 10% na 5%Verint Systems 2,512 2,977 2.6x 2.4x 11.5x 10.5x 7% 7% 23% 23%Alteryx 2,021 1,847 14.4x 10.3x na na 50% 39% na naMicroStrategy 1,465 790 1.6x 1.6x 9.8x 12.3x (1%) 0% 16% 13%Talend 1,372 1,286 8.7x 6.4x na na 40% 35% na naHortonw orks 1,248 1,176 4.6x 3.6x na 13.4x 39% 27% na 27%Attunity 126 97 1.6x 1.3x 25.0x 18.3x 14% 19% 6% 7%Dataw atch 115 86 2.3x 2.0x na nm 19% 12% na 2%



Business Intelligence Software

Public Market Data

06

[1] Tableau Software (DATA) added to the index as of IPO 5/17/13, Hortonworks (HDP) added to the index as of IPO 12/12/14, Talend (TLND) added to the index as of IPO day 7/29/16, Alteryx (AYX) added to the index as of IPO 2/24/17

Recent Activity

MARCH 2018


2/22/18Tinyclues (Paris, France) raised $18mm in a Series B funding round led by EQT Ventures. Tinyclues operates a cloud platform that offers predictive solutions and business intelligence for marketers.

2/5/18

Zignal Labs (San Francisco, CA) raised $30mm in an equity funding round led by North Atlantic Capital. Zignal provides an online platform that monitors the digital media space allowing users to gather real-time data and business intelligence insights to the financial services, corporate communications and political news industries.

1/30/18

Datawatch (NASDAQ:DWCH) acquired Angoss Software for $24.5mm, valuing the company at an implied 2.3x LTM revenue and 11.1x LTM EBITDA. Angoss provides predictive analytics software and solutions to financial services, insurance, retail, healthcare and technology companies.

10x

20x

30x

40x

50x

60x

70x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x


EV /

EBIT

DA

EV /

Reve

nue

5 Year LTM Revenue & EBITDA Multiples[1]


100

120

140

160

180

200

220


5 Year M&A BI Index[1] vs. S&P 500, base = 100

M&A BI Index S&P 500


Data & Analytics – Financial Services

Public Market Data

07

MARCH 2018

Recent Activity


S&P Global 49,293 51,478 8.5x 8.0x 17.6x 16.2x 7% 6% 48% 49%Moody's 32,441 36,912 8.8x 7.8x 18.7x 16.1x 17% 12% 47% 49%Thomson Reuters 27,968 34,799 3.1x 3.0x 13.6x 10.0x 1% 1% 23% 30%Experian 20,000 23,407 5.4x 4.8x 15.3x 14.2x (7%) 12% 36% 34%Verisk Analytics 17,202 20,065 9.4x 8.5x 20.3x 17.5x 8% 10% 46% 49%Equifax 13,696 16,128 4.8x 4.7x 14.5x 13.1x 7% 3% 33% 36%MSCI 13,086 14,275 11.2x 9.9x 21.7x 18.2x 11% 13% 52% 54%CoStar Group 12,357 11,146 11.5x 9.4x 44.5x 29.9x 15% 22% 26% 32%TransUnion 10,826 13,170 6.8x 6.2x 18.8x 15.9x 13% 10% 36% 39%FactSet Research Systems 8,062 8,383 6.6x 6.1x 19.6x 17.9x 10% 9% 34% 34%FICO 5,363 5,933 6.3x 5.8x 27.5x 21.5x 5% 7% 23% 27%Dun & Bradstreet 4,664 5,916 3.4x 3.3x 12.9x 11.3x 2% 2% 26% 29%Morningstar 4,009 3,836 4.2x 4.3x 14.7x 14.8x 14% (2%) 29% 29%CoreLogic 3,801 5,397 2.9x 2.9x 13.0x 11.3x (5%) (0%) 22% 26%



11x

13x

15x

17x

19x

3.0x

4.0x

5.0x

6.0x

7.0x


EV /

EBIT

DA

EV /

Reve

nue



100

150

200

250


5 Year M&A Data & Analytics Financials Index vs. S&P 500, base = 100

M&A D&A Financial Index S&P 500


2/20/18

S&P Global (NYSE:SPGI) acquired Panjiva for an undisclosed sum. Panjiva provides deep, sector-relevant insights on global supply chains, leveraging data science and technology to make sense of large, unstructured datasets. Panjiva will be integrated into S&P Global Market Intelligence.

2/12/18

Global Market Intelligence

CITIC Capital Partners (Hong Kong) and Caixin Global (Beijing, China) agreed to acquire Global Market Intelligence Division (“GMID”) from Euromoney Institutional Investor for $181mm, valuing the company at 12x LTM operating profit. GMID covers financial information and business data on emerging markets including China, India and Brazil.

1/30/18

Financial & Risk Division

Private equity funds managed by The Blackstone Group (NYSE:BX), Canada Pension Plan Investment Board and GIC Pte agreed to acquire a 55% stake in the Financial & Risk business of Thomson Reuters, valuing the business unit at $20bn. The business unit provides data, analytics and trading to Wall Street and financial professionals around the world.


RECENT CAPITAL RAISESBelow is a selection of recent capital raises in the Enterprise Data & AnalyticsIndustry.

MARCH 2018

08

DateAnnounced Investor Issuer Description

2/22/18Tinyclues (Paris, France) raised $18mm in a Series B funding round led by EQT Ventures. Tinyclues operates a cloud platform that offers predictive solutions and business intelligence for marketers.

2/20/18

xMatters (San Ramon, CA) raised $40mm in a Series D funding round led by Goldman Sachs Private Capital Investing. xMatters provides an intelligent communications platform that connects insights from various systems to the people that matter in order to accelerate essential business processes.

2/5/18

Zignal Labs (San Francisco, CA) raised $30mm in an equity funding round led by North Atlantic Capital. Zignal provides an online platform that monitors the digital media space allowing users to gather real-time data and business intelligence insights to the financial services, corporate communications and political news industries.

1/18/18

Visible Alpha raised $38mm in an equity funding round led by new investor Goldman Sachs. The transaction included a consortium of other new and existing investors such as Bank of America, Citi, Morgan Stanley, Wells Fargo, among others. Visible Alpha provides discovery, analysis and valuation tools designed to help Wall Street firms collaborate on research, financial models and corporate access events.

1/18/18

Eyeota (New York, NY) raised $12mm in a venture funding round led by Jolt Capital. Eyeota’s data empowers marketers, advertisers and agencies to deliver targeted campaigns and engage with the right audiences, while enabling publishers and data suppliers to monetize their audiences more widely.

1/18/18

Usermind (Seattle, WA) raised $23.5mm in a Series C funding round led by Northgate Capital. Usermind offers solutions for entity mapping, automation of complex customer journeys, customer data storage, and end-to-end business processes analytics.

1/9/18

Igloo (Ontario, Canada) raised $47mm in a Growth Equity funding round led by Frontier Capital. Igloo provides digital workplace solutions that address challenges related to communication, collaboration, knowledge management and employee management.

1/3/18

Rubikloud Technologies (Toronto, Canada) raised $36.7mm in a Series B funding round led by Intel Capital. Rubikloud operates a cloud-based enterprise data platform that allows consumer retailers to utilize automated business intelligence reports across the entire data set of an organization.

12/19/17

ACL (Vancouver, Canada) raised $50mm in an equity funding round led by Norwest Venture Partners. ACL provides cloud-based software solutions for governance, risk management and compliance (GRC) professionals. Additionally, the Company offers ACL Direct Link which allows users to secure business intelligence from SAP ERP and SAP CRM running on database platforms.

12/14/17

Instana (Redwood City, CA) raised $20mm in a Series B funding round led by Accel Partners. Instana provides software for identifying, analyzing, recording and suggesting solutions for problems with business computer software applications running in data centers.


09

RECENT MERGERS & ACQUISITIONSBelow is a selection of recent mergers & acquisitions in the Enterprise Data &Analytics Industry.

MARCH 2018

DateAnnounced Acquirer Target Description

2/20/18

S&P Global (NYSE:SPGI) acquired Panjiva for an undisclosed sum. Panjiva provides deep, sector-relevant insights on global supply chains, leveraging data science and technology to make sense of large, unstructured datasets. Panjiva will be integrated into S&P Global Market Intelligence.

2/15/18Google (NASDAQ:GOOGL) agreed to acquire Xively from LogMeIn for $50mm. Xively provides a platform devoted to simplifying the interconnection of devices and data with applications on the Internet of Things.

2/12/18

Global Market Intelligence

CITIC Capital Partners (Hong Kong) and Caixin Global (Beijing, China)agreed to acquire Global Market Intelligence Division (“GMID”) from Euromoney Institutional Investor for $181mm, valuing the company at 12x LTM operating profit. GMID covers financial information and business data on emerging markets including China, India and Brazil.

2/6/18LogMeIn (NASDAQ:LOGM) agreed to acquire Jive Communications for $342mm with an additional $15mm based on performance over 2-year period. Jive Communications provides enterprise-grade hosted VoIP and unified communications to businesses and institutions.

2/6/18Talent Assessment

Exponent Private Equity acquired the Talent Assessment business of CEB (Arlington, VA) from Gartner for $400mm. CEB Talent Assessment provides talent assessment solutions, delivering a portfolio of science-based assessment tools, benchmark data, predictive technologies and consultancy services drive business results

2/5/18

LRW (Los Angeles, CA) acquired Strativity Group for an undisclosed sum. Global customer experience and culture design and transformation firm that cultivates purposeful relationships between organizations and their stakeholders by unlocking human potential.

2/5/18

Reed Business Information (RBI), a division of RELX Group (NYSE:RELX) acquired SST Software for an undisclosed sum. SST specializes in providing geospatial data tools developed on the foundation of location, standardization, automation, centralization and communication. RBI plans to add SST Software to its Proagrica business.

1/31/18PeopleAdmin (Austin, TX) acquired Performance Matters for an undisclosed sum. Performance Matters provides a data warehousing and business intelligence platform for the education industry.

1/29/18Financial & Risk Division

Private equity funds managed by The Blackstone Group (NYSE:BX), Canada Pension Plan Investment Board and GIC Pte agreed to acquire a 55% stake in the Financial & Risk business of Thomson Reuters, valuing the businessunit at $20bn. The business unit provides data, analytics and trading to Wall Street and financial professionals around the world.

1/29/18SAP (DB:SAP) agreed to acquire Callidus for $2.4bn, valuing the company at an implied 10x LTM revenue. Callidus provides cloud-based sales, marketing, learning, and customer experience solutions.

Note: Not a complete list

CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES

10

MARCH 2018

“The team at Marlin & Associates was critical to our completion of this important strategic transaction, providing invaluable guidance throughout every step of the process. Their expertise in financial technology, SaaS, and the Salesforce ecosystem helped us to prepare effectively and best position Tier1CRM to potential investors. Their knowledge of the market helped us to identify the ideal investors as we move into the next phase of growth at Tier1. We could not have closed this transaction without their steady hand throughout,” Mark Notten, CEO, Tier1CRM

has received an equity investment from

Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics

has been acquired by

Marlin & Associates acted as exclusive strategic and financial advisor to OptionsCity Software

Toronto, Canada

Atlanta, GA

Marlin & Associates acted as exclusive strategic and financial

advisor to TMX Group

has sold the Atrium wireless and extranet infrastructure

businesses to

a portfolio company of

Hamilton, Bermuda

Marlin & Associates acted as exclusive strategic and financial advisor to QuoVadis and ABRY


London, UKreceived an investment

from


advisor to OpenGamma

New York City, NY




advisor to Advise Technologies, LLC

New York City, NY

Lake Success, NY

Marlin & Associates acted as exclusive strategic and financial advisor to M&O Systems, Inc.


Phoenix, AZ

Boston, MA and San Francisco, CA


advisor to BillingTree

has completed a majority recapitalization with

Salt Lake City, UT

Chicago, IL

Marlin & Associates acted as exclusive strategic and financial advisor to iTransact Group, LLC

has been acquired byreceived an investment from

Port Talbot, United Kingdom

London, United Kingdom

Marlin & Associates acted as exclusive strategic and

financial advisor to Vizolution.

San Mateo, CA

Marlin & Associates acted asexclusive strategic and

financial advisor to Xignite.

received a strategicinvestment from

Tokyo, Japan


advisor to Tier1CRM

has received an equityinvestment from


CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES

11

MARCH 2018

“Throughout this process, the team at Marlin & Associates provided great financial and strategic advice. They served as a true strategic partner and integral part of the team as they guided the complex cross-border carve-out project. Marlin & Associates unique industry expertise played a critical role in bringing this project to a successful conclusion for all stakeholders." Eric SinclairPresident, TMX Datalinx



financial advisor to Alacra, Inc.

Palo Alto, CA

New York, NY Paris, France

Palo Alto, CA


financial advisor to Everteam.

has acquired the Business Process Management

business from

Campbell, CA

received an investment from


advisor to Trunomi.

Boston, MA

Windsor, CT

Marlin & Associates acted as exclusive strategic and financial advisor to Varden Technologies.

has been acquired byNew York, NY

Dublin, Ireland

Marlin & Associates acted as financial advisor to Aquiline

Capital Partners.

has invested in

has sold the assets of

to

Marlin & Associates acted as exclusive strategic and financial advisor to CNO Financial Group.

Dublin, Ireland

London, United KingdomMarlin & Associates acted as

exclusive strategic and financial advisor to Information Mosaic.


San Francisco, CA

has led a $60 millioninvestment in

New York, NY

Marlin & Associates acted as exclusive financial advisor

Francisco Partners.

Vienna, Austria

received a majority investment from

New York, NY


advisor to AIM Software.

Campbell, CA


Englewood, CO


financial advisor to Infonetics Research, Inc.

New York, NY

has entered into a strategic alliance with

New York, NY


advisor to Alacra, Inc.

Brentwood, TN


Marlin & Associates acted as strategic and financial advisor to Agilum Healthcare Intelligence


M&A Award USA TMT Advisory Firm of the Year (2012, 2015, 2017) – Acquisition International

• Financial Technology Deal of the Year (2012, 2011)• North America Small Mid Markets Corporate Deal of the Year (2013)• Corporate M&A Deal of the Year (2010)• Technologies Deal of the Year (2010)* Firm-wide Awards

• Professional Services B-to-B Deal of the Year (2017)*• TMT Advisory Firm of the Year (2017)*• Cross-Border Deal of the Year (2016)*• Cross-Border Boutique Investment Banking Firm of the Year (2016)*• Boutique Investment Banking Firm of the Year (2014, 2015, 2016, 2017)*• Advisory Firm of they Year (2015)*• Middle Market International Professional Services (B-to-B) Deal of the Year (2013)• Financial Services Deal of the Year (2013, 2012 and 2011)• Information Technology Deal of the Year (2011)• Middle Market Deal of the Year <$25M (2011)• Corporate and Strategic Acquisition of the Year (2011)• Middle Market Financial Services Deal of the Year (2011 and 2010)• Middle Market Information Technology Deal of the Year (2011 and 2010)• Middle Market International Financial Services Deal of the Year (2013 and 2010)• Middle Market International Information Technology Deal of the Year (2010)• Middle Market Financial Services Turnaround Deal of the Year (2009)• Middle Market Information Technology Turnaround Deal of the Year (2009)• Middle Market International Deal of the Year(2008)• Middle Market Financial Services Deal of the Year (2008)• Middle Market Technology Deal of the Year (2008)• Middle Market Investment Banking Firm of the Year (2008 and 2007)*• Middle Market International/Cross Border Deal of the Year (2007, Below $100M)

PEER AND INDUSTRY GROUP RECOGNITION

12

Boutique Investment Banking Firm of the Year(2014, 2015, 2016) - The M&A Advisor

The M&A Advisor and The M&A Forum have recognized Marlin & Associates for excellence in multiple deal categories including:

The Global M&A Network has recognized Marlin & Associates for excellence in multiple deal categories through its M&A Atlas Awards:

TMT Advisory Firm of the Year (2017)

Boutique Investment Banking Firm of the

Year(2017)

– ACQ5 (Acquisition Finance

Magazine)

“We are always grateful to be recognized for our hard work, but we are more pleased that we areable to help our clients achieve the results that they seek.”

Ken MarlinFounder and Managing Partner

MARCH 2018

Note: Not a complete list.


Ken Marlin

Founder and Managing Partner of M&A• Twice named to II’s Tech 50• Member Market Data Hall of Fame• MD Veronis Suhler Stevenson• CEO of Telesphere Corporation • CEO of Telekurs (NA)• EVP Bridge Information systems• SVP at Dun & Bradstreet• BA from the University of California (Irvine)• MBA from UCLA, post-MBA from New

York University Jason Panzer

Chief Operating Officer of M&A• 20+ years of M&A experience advising

technology and PE firms, globally• VP Business Development at FactSet• M&A attorney of Skadden, Arps, Slate,Meagher and Flom

• CFO of JCF Group• MBA from Columbia Business School• J.D. from Fordham Law School• CFA Charterholder

Paul Friday

• 20+ years of investment banking experience

• Experience working with both large corporations and entrepreneurial technology-based companies

• Formerly at Robertson Stephens and PaineWebber (UBS)

• BS, Finance from Pennsylvania State University

• 18+ years of investment banking andprivate equity experience

• Named twice to Dealer’s Digest and recently M&A Advisor’s “40-Under-40”

• Founded Marlin & Associates with Ken Marlin

• Formerly at Veronis Suhler Stevenson, Morgan Stanley, and American International Group

• BS from Binghamton University

Louis DeRose

• 8+ years of M&A experience• Formerly a corporate finance &

strategy consultant at Pöyry and Huron Consulting

• CFA Charterholder• BS, Finance & Accounting from

Villanova University

MARLIN AND ASSOCIATES: WHO WE ARE

OUR SENIOR TEAM BRINGS EXTENSIVE DEPTH, BREADTH AND INDUSTRY EXPERTISE TO OUR CLIENTS

Michael Maxworthy

13

MARCH 2018

"The Marlin & Associates team was a highly valued player in completing our transaction. Their professional expertise and commitment to the process, preparation, positioning, presentation, and leadership got us to the finish line. They’re smart, available whenever needed, and bring the work ethic to get the deal done.”

Roman BrunnerCEO, QuoVadis

Tom Selby

• 18+ years of M&A experience • VP of Business Development at SunGard• Founder of software company sold to

SunGard • Started career designing trading software

for TD Bank• BaSC, Engineering from University of

Toronto

Sam Levy

• 10+ years of technology investment banking experience

• Experience working with both large corporations and entrepreneurial technology-based companies

• Formerly at BNPParibas,• MBA, NYU Stern, MS from

CentraleSupelec

Anup Agarwal

• 18+ years of investment banking experience

• Formerly at Lehman Brothers, Bear Stearns and Houlihan Lokey

• MBA, University of Virginia (Darden); BS, Birla Institute of Technology & Science

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in thesector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above 14

New York | Washington, D.C. | Toronto

www.MarlinLLC.com

INVESTMENT BANKING AND STRATEGIC ADVISORY TOTHE TECHNOLOGY, INFORMATION AND HEALTHCAREINDUSTRIES

Documents

Analytics MARKET - Marlin & Associates€¦ · customer experience and culture design and transformation firm that cultivates purposeful relationships between organizations and their